Operator: Good day, ladies and gentlemen, and welcome to the First Quarter 2014 Marvell Technology Group Ltd Earnings Conference Call. My name is Caris, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this call is being recorded for replay purposes.
I would now like to hand the call over to your host for today Sukhi Nagesh, Vice President. Please proceed.
Sukhi Nagesh - VP, IR: Thank you, Caris, and good afternoon, everyone. Welcome to Marvell Technology Group's first quarter fiscal 2014 earnings call. With me on the call today are Sehat Sutardja, Marvell's Chairman and CEO; and Brad Feller, Marvell's Corporate Controller and Interim CFO. We will all 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 be found on our company website under the Investor Relations section at marvell.com. We have also posted a slide deck summarizing our quarterly results in the IR section of our website for investors. Additionally, this call is being recorded and will be available for replay from our website.
Please be reminded that today's discussion will include forward-looking statements that involve risks and uncertainties that could cause our results to differ materially from management's current expectations. The risks and uncertainties include our expectations about our overall business, our product and market strategy, statements about market acceptance of our products, statements about general trends and the end markets we serve and future growth opportunities, statements about market share, and statements regarding our financial outlook for the second quarter of fiscal '14.
To fully understand the risks and uncertainties that may cause results to differ from our expectations and outlook, please refer to today's earnings release, our latest annual report on Form 10-K, and subsequent SEC filings for a detailed description of our business and associated risk. Please be reminded that all of our statements are made as of today and Marvell undertakes no obligation to revise or update publicly any forward-looking statements.
During our call today, we will make reference to certain non-GAAP financial measures, which exclude the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related costs, restructuring costs and certain one-time expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to our core operating performance.
Pursuant to Regulation G, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our first quarter earnings press release, which has been furnished to the SEC on Form 8-K, and is available on our website in the Investor Relations section.
With that, I'd now like to turn the call over to Sehat.
Dr. Sehat Sutardja - Chairman, President and CEO: Thank you, Sukhi and good afternoon, everyone. Today, we reported first quarter revenues of approximately $734 million, a decline of 5% from the prior quarter and at the high end of our guidance range. During the quarter, we experienced better demand in our storage and networking end market while mobile and wireless was slightly below our expectations. We delivered the following non-GAAP results for Q1, gross margin of 54.6%, operating margin of 12% and earnings per share of $0.19. In addition, we continue to return cash to our shareholders as we repurchased roughly 20 million shares totaling about $200 million and paid approximately $30 million in dividends during the quarter.