Marvell Technology 8-K Marvell Technology Group Ltd. Files Financial Report for Q1 Fiscal 2008

Exhibit 99.2

Marvell Technology Group Ltd.
Unaudited GAAP Consolidated Statements of Operations
(In thousands, except per share amounts)

	Q1’06		Q2’06		Q3’06		Q4’06		Q1’07		Q2’07		Q3’07		Q4’07			Q1’08
	(restated)		(restated)		(restated)		(restated)		(restated)
Net revenue	$	364,770	$	390,454	$	426,026	$	489,016	$	521,196	$	573,985	$	520,398	$	621,974		$	635,050
Operating costs and expenses:
Cost of goods sold	175,785		185,451		197,580		224,428		240,233		279,075		256,090		324,843			327,417
Research and development and other	77,950		88,105		83,043		117,642		129,228		152,645		152,939		223,399			234,133
Selling and marketing	22,022		26,139		23,129		33,428		38,862		39,267		37,875		60,099			50,392
General and administrative	9,568		17,450		11,833		24,193		18,558		19,689		40,427		35,480			23,988
Amortization of acquired intangible assets	19,759		19,753		19,746		32,480		17,351		27,405		27,405		37,826			37,320
Acquired in-process research and development	—		—		—		4,300		—		—		—		77,800
Total operating costs and expenses	305,084		336,898		335,331		436,471		444,232		518,081		514,736		759,447			673,250
Operating income (loss)	59,686		53,556		90,695		52,545		76,964		55,904		5,662		(137,473		)	(38,200		)
Interest and other income (expense), net	3,612		4,384		5,244		6,129		7,616		1,091		6,845		(2,003		)	(8,656		)
Income (loss) before income taxes	63,298		57,940		95,939		58,674		84,580		56,995		12,507		(139,476		)	(46,856		)
Provision for income taxes	9,351		10,841		12,584		43,585		15,863		12,114		6,461		1,109			5,972
Income (loss) before change in accounting principle	53,947		47,099		83,355		15,089		68,717		44,881		6,046		(140,585		)	(52,828		)
Cumulative effect of change in accounting principle, net of tax effect	—		—		—		—		8,846		—		—		—			—
Net income (loss)	$	53,947	$	47,099	$	83,355	$	15,089	$	77,563	$	44,881	$	6,046	$	(140,585	)	$	(52,828	)
Basic income (loss) per share:
Income (loss) before change in accounting principle	$	0.10	$	0.08	$	0.15	$	0.03	$	0.12	$	0.08	$	0.01	$	(0.24	)	$	(0.09	)
Cumulative effect of change in accounting principle	—		—		—		—		0.01		—		—		—			—
Basic net income (loss) per share	$	0.10	$	0.08	$	0.15	$	0.03	$	0.13	$	0.08	$	0.01	$	(0.24	)	$	(0.09	)
Weighted average shares — basic	557,586		561,832		567,310		576,752		583,702		586,133		587,348		587,424			587,426
Diluted income (loss) per share:
Income (loss) before change in accounting principle	$	0.09	$	0.08	$	0.13	$	0.02	$	0.11	$	0.07	$	0.01	$	(0.24	)	$	(0.09	)
Cumulative effect of change in accounting principle	—		—		—		—		0.01		—		—		—			—
Diluted net income (loss) per share	$	0.09	$	0.08	$	0.13	$	0.02	$	0.12	$	0.07	$	0.01	$	(0.24	)	$	(0.09	)
Weighted average shares — diluted	621,472		626,205		632,424		645,137		639,516		633,533		628,104		587,424			587,426

Certain prior period adjustments have been reclassified to conform to the current period adjustments.

Marvell Technology Group Ltd.
Unaudited Reconciliation of Non-GAAP Adjustments
(In thousands, except per share amounts)

	Q1’06		Q2’06		Q3’06		Q4’06		Q1’07			Q2’07		Q3’07		Q4’07			Q1’08
	(restated)		(restated)		(restated)		(restated)		(restated)
Reconciliation of GAAP net income to non-GAAP net income:
GAAP net income (loss)	$	53,947	$	47,099	$	83,355	$	15,089	$	77,563		$	44,881	$	6,046	$	(140,585	)	$	(52,828	)
Acquisition related and other special charges:
Stock-based compensation included in:
Cost of goods sold	541		1,805		503		3,763		2,434			3,461		2,602		2,842			3,018
Research and development and other	5,497		14,307		4,878		27,610		30,437			36,244		26,322		28,478			32,042
Selling and marketing	770		4,470		1,415		8,107		8,234			8,462		6,502		7,254			7,151
General and administrative	2,782		9,055		2,771		12,738		7,657			7,437		6,702		7,053			4,557
Amortization of acquired intangible assets	19,759		19,753		19,746		32,480		17,351			27,405		27,405		37,826			37,320
Acquired in-process research and development	—		—		—		4,300		—			—		—		77,800			—
Cumulative effect of change in accounting principle	—		—		—		—		(8,846		)	—		—		—			—
Non-GAAP net income (see note below)	$	83,296	$	96,489	$	112,668	$	104,087	$	134,830		$	127,890	$	75,579	$	20,668		$	31,260
GAAP weighted average shares - diluted	621,472		626,205		632,424		645,137		639,516			633,533		628,104		630,934			631,356
Non-GAAP adjustment (b)	—		—		—		—		7,556			4,606		3,393		2,996			2,405
Non-GAAP weighted average shares - diluted	621,472		626,205		632,424		645,137		647,072			638,139		631,497		633,930			633,761
GAAP diluted net income (loss) per share	$	0.09	$	0.08	$	0.13	$	0.02	$	0.12		$	0.07	$	0.01	$	(0.24	)	$	(0.09	)
Effect of non-GAAP adjustments	0.04		0.07		0.05		0.14		0.09			0.13		0.11		0.27			0.14
Non-GAAP diluted earnings per share (a)	$	0.13	$	0.15	$	0.18	$	0.16	$	0.21		$	0.20	$	0.12	$	0.03		$	0.05

(a)Non-GAAP net income per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares - diluted.

(b)For purposes of calculating non-GAAP net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of SFAS 123R compensation costs attributable to future services and not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchased shares under the GAAP treasury stock method.

Note: Included in unaudited non-GAAP net income are the following items:

(1)Employer’s portion of payroll tax on certain stock option exercises included in the respective operating costs and expenses recorded in the quarter exercises occurred;

(2)Employee’s Internal Revenue Code Section 409A liability on certain stock option exercises included in the respective operating costs and expenses recorded in Q4 2007 of $24.2 million; and

(3)Provision for income taxes of $21.6 million relating to Internal Revenue Code Section 162(m) relating to deductibility limitations of certain compensation expenses recorded in Q4 2006.

Certain prior period adjustments have been reclassified to conform to the current period adjustments.