SANTA CLARA, Calif., Sept. 6, 2018 — (PRNewswire) —  Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the second fiscal quarter of fiscal year 2019.

Marvell completed the acquisition of Cavium Inc. ("Cavium") on July 6, 2018 ("the acquisition date"), approximately four weeks before the end of the second quarter of fiscal year 2019. Marvell's results for the second quarter of fiscal 2019 include the results of Cavium from the acquisition date, while the prior periods presented do not.

Financial highlights presented below are for the combined company and Marvell stand-alone (excluding Cavium results) for the second quarter of fiscal year 2019 (in thousands, except percentages and per share amounts). We are providing the Marvell stand-alone non-GAAP results on a one time basis this quarter in light of the fact that our previously provided financial outlook for the second quarter excluded any impact of the Cavium acquisition.

The financial outlook for the third quarter of fiscal year 2019 includes expected results of Cavium for the full quarter.

Revenue for the second quarter of fiscal 2019 was $665 million.

GAAP net income from continuing operations for the second quarter of fiscal 2019 was $7 million, or $0.01 per diluted share. Non-GAAP net income from continuing operations for the second quarter of fiscal 2019 was $162 million, or $0.28 per diluted share. Cash flow from operations for the second quarter was $62 million.

"Marvell standalone delivered strong second-quarter financial results. We achieved our operating margin target 18 months ahead of plan," said Matt Murphy, Marvell's President and Chief Executive Officer. "During the quarter, we also took another major step in our transformation by closing the acquisition of Cavium, on schedule with our original plan. Our combined talent and portfolio now positions Marvell to lead some of the most exciting trends driving growth in the infrastructure market, including Cloud and Edge computing, 5G and automotive."

Third Quarter of Fiscal 2019 Financial Outlook

• Revenue is expected to be $825 million to $865 million.
• GAAP gross margin is expected to be in the range of 44% to 45%.
• Non-GAAP gross margin is expected to be in the range of 64% to 65%.
• GAAP operating expenses are expected to be $390 million to $400 million.
• Non-GAAP operating expenses are expected to be $300 million to $305 million.
• GAAP diluted EPS from continuing operations is expected to be in the range of $(0.08) to $(0.04) per share.
• Non-GAAP diluted EPS from continuing operations is expected to be in the range of $0.30 to $0.34 per share.