http://www.morningstar.com/earnings/19241803-marvell-technology-group-ltd-mrvl-q3-2011.aspx

Marvell Technology Group, Ltd. MRVL
Q3 2011 Earnings Call Transcript

Transcript Call Date 11/18/2010

Operator: Good day, ladies and gentlemen and welcome to the Third Quarter 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 your host for today, Mr. Jeff Palmer, Vice President of Investor Relations. Please proceed, sir.

Jeff Palmer - VP, IR: Thank you, Amanda and good afternoon, everyone. Welcome to Marvell Technology Group's third quarter of fiscal 2011 earnings call. With me on the call today is Dr. Sehat Sutardja, Marvell's, Chairman, President and CEO; and 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 at our Company website 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, uncertainties that could cause Marvell's results to differ materially from management's current expectations. The risks and uncertainties include statements regarding revenue trends within our end markets, our expectations about the sale of new and existing products, the sustainability of our long-term business model, general market trends, and specific statements regarding our financial projections for the fourth 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 third quarter of 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.

I'd like to now turn the call over to Sehat.

Dr. Sehat Sutardja - Chairman, President and CEO: Thanks, Jeff and good afternoon, everyone. During our fiscal third quarter, we generated revenue of approximately $959 million, a 7% sequential increase and a 20% increase over the same period a year ago. We delivered non-GAAP gross margin of 59.5% and an operating margin of 32.4%, resulting in non-GAAP earnings per share of $0.45.

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