Marvell Technology Group Ltd


Q3 2014 Earnings Call Transcript

Transcript Call Date 11/21/2013

Operator: Good day, ladies and gentlemen, welcome to the Third Quarter 2014 Marvell Technology Group Earnings Conference Call. My name is Sylvia, and I will be your operator for today. At this time all participants are in listen-only mode. Later we will conduct a question-and-answer session. As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Sukhi Nagesh, Vice President of Investor Relations. Please proceed.

Sukhi Nagesh - VP, IR: Thank you, Sylvia, and good afternoon, everyone. Welcome to Marvell Technology Group's third quarter fiscal 2014 earnings call. With me on the call today are Sehat Sutardja, Marvel's Chairman and CEO; and Brad Feller, Marvell's 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 at our company website under the Investor Relations section at 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 risk 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 in the end markets we serve including future growth opportunities, statements about market share and statements regarding our financial outlook for the fourth quarter of fiscal 2014.

To fully understand the risks and uncertainties that may cause results to differ from our expectations and outlook, please refer to today's earnings press release, our latest quarterly report on Form 10-Q and subsequent SEC filings for a detailed description of our business and associated risks.

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 non-GAAP financial measures to the most directly comparable GAAP measures in our third earnings press release, which has been furnished to the SEC on Form 8-K, and is also 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: Thanks Sukhi and good afternoon everyone. Today, we reported third quarter revenues of approximately $931 million, an increase of 15% around the prior quarter and above the high end of our guidance range. During the quarter, we experienced better than expected demand from our mobile, wireless and storage customers. We delivered the following non-GAAP results for Q3 gross margin of 50%, operating margin of 17% and earnings per share of $0.32.

Read our Earnings Call Transcript disclaimer.
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