Marvell Technology Group Ltd.

Outlook for the First Quarter of Fiscal Year 2022

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)

Outlook for Three Months Ended
May 1, 2021

GAAP net revenue

 $800 +/- 5%

Special items:

Non-GAAP net revenue

$800 +/- 5%

GAAP gross margin

~52.5%

Special items:

Share-based compensation

0.5%

Amortization of acquired intangible assets

10.5%

Non-GAAP gross margin

~63.5%

Total GAAP operating expenses

~ $391

Special items:

Share-based compensation

55

Amortization of acquired intangible assets

25

Restructuring related charges

4

Other operating expenses

7

Total non-GAAP operating expenses

~$300

GAAP diluted net income (loss) per share

 $(0.05) - $0.05

Special items:

Share-based compensation

0.08

Amortization of acquired intangible assets

0.16

Restructuring related charges

0.01

Other operating expenses

0.01

Other expense

0.01

Non-GAAP diluted net income per share

$0.23 - $0.31

Quarterly Revenue Trend (Unaudited)

(In thousands)

Three Months Ended

% Change

January 30,
2021

October 31,
2020

February 1,
2020

YoY

QoQ

Networking (1)

$

438,610

$

444,756

$

376,724

16

%

(1)

%

Storage (2)

326,412

276,279

296,486

10

%

18

%

   Total Core

765,022

721,035

673,210

14

%

6

%

Other (3)

32,797

29,108

44,461

(26)

%

13

%

Total Net Revenue

$

797,819

$

750,143

$

717,671

11

%

6

%