Marvell Technology Group Ltd.

 Outlook for the First Quarter of Fiscal Year 2021

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)

Outlook for Three Months Ended
May 2, 2020

GAAP revenue

 $680 +/- 5%

Special items:

—

Non-GAAP revenue

$680 +/- 5%

GAAP gross margin

47.5%

Special items:

Share-based compensation

0.3%

Amortization of acquired intangible assets

15.2%

Non-GAAP gross margin

63%

Total GAAP operating expenses

 $410 +/- 3

Special items:

Share-based compensation

57

Restructuring related charges

10

Amortization of acquired intangible assets

26

Other operating expenses

7

Total non-GAAP operating expenses

$310 +/- 2.5

GAAP diluted net income per share

 $(0.20) - $(0.12)

Special items:

Share-based compensation

0.09

Amortization of acquired intangible assets

0.19

Restructuring related charges in operating expenses

0.01

Other operating expenses

0.01

Non-GAAP diluted net income per share

$0.11 - $0.17

Quarterly Revenue Trend (Unaudited)

(In thousands)

Three Months Ended

% Change

February 1,
2020

November 2,
2019

February 2,
2019

YoY

QoQ

Networking (1)

$

376,724

$

329,962

$

387,457

(3)

%

14

%

Storage (2)

296,486

287,708

317,042

(6)

%

3

%

   Total Core

673,210

617,670

704,499

(4)

%

9

%

Other (3)

44,461

44,800

40,300

10

%

(1)

%

Total Revenue

$

717,671

$

662,470

$

744,799

(4)

%

8

%