Operator: Good day, ladies and gentlemen, and welcome to the Q1 2011 Marvell Technology Group Limited Earnings Conference Call. I'll be your coordinator for today. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to our host, Mr. Jeff Palmer, Vice President of Investor Relations. Please proceed, sir.
Jeff Palmer - VP, IR: Thank you, Kiara, and good afternoon, everyone. Welcome to Marvell Technology Group's first quarter fiscal 2011 earnings call. With me on the call today is Dr. Sehat Sutardja, Marvell's Chairman, President and CEO; and Mr. Clyde Hosein, Marvell's CFO. All of us will be available during the Q&A portion of the call today.
If you have not obtained a copy of our current press release, it can found on our Company site under the Investor Relations section at www.marvell.com. Additionally, this call is being recorded and will be available for replay from our corporate website.
Please be reminded that this call will include forward-looking statements that involve risks and uncertainties that could cause Marvell's results to differ materially from management's current expectations. The risks and uncertainties include our expectations about sales of new and existing product, general market trends and statements regarding our financial projections for the second quarter of fiscal 2011.
To fully understand the risks and uncertainties that may cause results to differ from our outlook, please refer to Marvell's latest Annual Report on Form 10-K and subsequent SEC filings for a detailed description of our business and associated risks. Please be reminded that Marvell undertakes no obligation to revise or update publicly any forward-looking statement.
During our call today, we will make reference to certain non-GAAP financial measures, which exclude stock-based compensation expense, as well as charges related to acquisitions, restructuring, gains and other charges that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core operating performance.
Pursuant to Regulation G, Marvell has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our first quarter fiscal 2011 earnings press release, which has been furnished to the SEC on Form 8-K and is available on Marvell's website in the Investor Relations section at www.marvell.com.
Now, I would like to turn the call over to Sehat.
Dr. Sehat Sutardja - Chairman, President and CEO: Thank you, Jeff and good afternoon, everyone. Today we reported fiscal first quarter 2011 revenues of approximately $856 million, reflecting a 2% sequential increase and a 64% increase of the same period a year ago.
For the first quarter we delivered non-GAAP gross margin of more than 60% with non-GAAP operating margin of 31%, and manage our working capital closely to drive free cash flow to $237 million or 28% of revenue.