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Marvell Technology Group Ltd. Reports Third Fiscal Quarter 2013 Financial Results

Revenue: $781 Million, a 4 percent sequential decrease

SANTA CLARA, Calif., Nov. 15, 2012 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a global leader in integrated silicon solutions, today reported financial results for the third quarter of fiscal 2013, ended October 27, 2012.

(Logo: http://photos.prnewswire.com/prnh/20100719/SF36559LOGO-b)

Revenue for the third quarter of fiscal 2013 was $781 million, a 4 percent sequential decrease from $816 million in the second quarter of fiscal 2013, ended July 28, 2012, and a decrease of 18 percent from $950 million in the third quarter of fiscal 2012, ended October 29, 2011.  

GAAP net income for the third quarter of fiscal 2013 was $69 million, or $0.12 per share (diluted), compared with GAAP net income of $93 million, or $0.16 per share (diluted), for the second quarter of fiscal 2013, and $195 million, or $0.32 per share (diluted), for the third quarter of fiscal 2012.   

Non-GAAP net income was $113 million, or $0.20 per share (diluted), for the third quarter of fiscal 2013, compared with non-GAAP net income of $142 million, or $0.24 per share (diluted), for the second quarter of fiscal 2013 and $244 million, or $0.40 per share (diluted), for the third quarter of fiscal 2012.

"Our results in the third quarter were affected primarily by the slowdown in PC demand. Despite the near-term softness in PCs, we are focused on growing our overall storage business through share gains in HDDs and growth in SSDs," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "We remain confident in our investments and multiple long-term growth opportunities. We also remain committed to returning cash to our shareholders through our share repurchase and dividend programs."

Marvell reports net income, basic and diluted net income per share, in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis as outlined below. Reconciliations of GAAP net income to non-GAAP net income for the three months ended October 27, 2012, July 28, 2012 and October 29, 2011 appear in the financial statements below. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related costs, restructuring costs, and certain one-time expenses and benefits. 

GAAP gross margin for the third quarter of fiscal 2013 was 52 percent, compared to 53.2 percent for the second quarter of fiscal 2013 and 56.6 percent for the third quarter of fiscal 2012. 

Non-GAAP gross margin for the third quarter of fiscal 2013 was 52.3 percent, compared to 53.6 percent for the second quarter of fiscal 2013 and 56.8 percent for the third quarter of fiscal 2012.

Shares used to compute GAAP net income per diluted share for the third quarter of fiscal 2013 were 559 million shares, compared with 570 million shares in the second quarter of fiscal 2013 and 613 million shares in the third quarter of fiscal 2012. Shares used to compute non-GAAP net income per diluted share for the third quarter of fiscal 2013 were 578 million shares, compared with 587 million shares for the second quarter of fiscal 2013 and 615 million shares for the third quarter of fiscal 2012.

Cash flow from operations for the third quarter of fiscal 2013 was $137 million, compared to the $189 million reported in the second quarter of fiscal 2013 and the $262 million reported in the third quarter of fiscal 2012. Free cash flow for the third quarter of fiscal 2013 was $113 million, compared to the $174 million reported in the second quarter of fiscal 2013 and the $239 million reported in the third quarter of fiscal 2012. Free cash flow as presented above is defined as cash flow from operations, less capital expenditures and purchases of IP licenses.  

Under the share repurchase program, Marvell repurchased approximately 23 million shares for a total of $203 million in the third quarter of fiscal 2013. Over the past nine quarters, Marvell has repurchased and retired approximately 150 million shares, or about 22 percent, of its outstanding shares.

Marvell also paid a quarterly dividend of $0.06 per share on October 4, 2012 to all shareholders of record as of September 13, 2012. Marvell intends to pay its next quarterly dividend of $0.06 per share on December 21, 2012 to all shareholders of record as of December 13, 2012.

Marvell intends to pay a regular quarterly cash dividend on its common shares subject to, among other things, the best interests of its shareholders, its results of operations, cash balances and future cash requirements, financial condition, statutory requirements of Bermuda law, and other factors that the board of directors may deem relevant.

Conference Call
Marvell will be conducting a conference call on November 15, 2012 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal 2013. Interested parties may join the conference call by dialing 1- 866-578-5771 or 1-617-213-8055, pass-code 32388248. The call will be webcast by Thomson Reuters and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until December 14, 2012. 

Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of stock-based compensation expense, 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 Marvell's core operating performance. Non-GAAP net income per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP net income per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of stock-based compensation expected to be incurred in future periods but not yet recognized in the financial statements. The expected compensation costs are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method and also include the dilutive/anti-dilutive effects of common stock options and restricted stock units. 

Marvell believes that the presentation of non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. For further information regarding why Marvell believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to Marvell's Current Report on Form 8-K filed today with the SEC. The Form 8-K is available on the SEC's website at www.sec.gov as well as on the Marvell website in the Investor Relations section at www.marvell.com.

About Marvell 
Marvell is a global leader in the development of storage, communications and consumer silicon solutions. Marvell's diverse product portfolio includes switching, transceiver, communications controller, wireless and storage solutions that power the entire communications infrastructure, including enterprise, metro, home and storage networking. As used in this release, the term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries. For more information please visit www.marvell.com.   

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Marvell's investments and long-term growth opportunities; share repurchase and dividend programs; relating to the declaration of, timing of, funding of and quarterly amount of dividends; and statements concerning Marvell's use of non-GAAP net income and net income per share as important supplemental information. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties, including, among others, Marvell's reliance on a few customers for a significant portion of its revenue; any costs relating to current and future litigation; Marvell's ability to develop and introduce new and enhanced products in a timely and cost effective manner; uncertainty in the worldwide economic conditions; seasonality in sales of consumer devices in which our products are incorporated; Marvell's ability to compete in products and prices in an intensely competitive industry; Marvell's ability to recruit and retain skilled personnel; ability to generate cash flows; and other risks detailed in Marvell's SEC filings from time to time. When Marvell files its Form 10-Q for the quarter ended October 27, 2012, the financial statements may differ from the results disclosed in this press release because judgments and estimates that management used in preparing the financial results reported in this press release may need to be updated to the date of the filing. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in the Marvell's latest Quarterly Report on Form 10-Q for the quarter ended July 28, 2012 as filed with the SEC, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

For further information, contact:


Sukhi Nagesh

Daniel Yoo

Investor Relations

Media Relations

408-222-8373

408-222-2187

[email protected]

[email protected]

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)
















Three Months Ended


Nine Months Ended




October 27,


July 28,


October 29,


October 27,


October 29,




2012


2012


2011


2012


2011













Net revenue

$     780,881


$ 816,104


$     950,417


$  2,393,336


$  2,650,339

Cost of goods sold

374,503


381,839


412,100


1,122,664


1,124,692

Gross profit

406,378


434,265


538,317


1,270,672


1,525,647

Operating expenses:











Research and development

263,615


264,175


266,255


783,760


758,396


Selling and marketing

38,398


41,034


40,500


119,498


119,042


General and administrative

24,514


25,718


29,021


75,937


77,436


Amortization of acquired intangible assets

13,054


13,023


11,155


40,432


36,634



Total operating expenses

339,581


343,950


346,931


1,019,627


991,508

Operating income

66,797


90,315


191,386


251,045


534,139

Interest and other income, net

2,387


5,864


7,729


9,308


9,575

Income before income taxes

69,184


96,179


199,115


260,353


543,714

Provision for income taxes

368


3,105


3,994


3,920


9,340

Net income

$       68,816


$   93,074


$     195,121


$     256,433


$     534,374













Basic net income per share

$           0.12


$       0.17


$           0.32


$           0.45


$           0.87

Diluted net income per share

$           0.12


$       0.16


$           0.32


$           0.45


$           0.85













Shares used in computing basic earnings per share

553,049


562,362


600,504


565,145


615,987

Shares used in computing diluted earnings per share

559,348


570,325


613,499


574,804


631,257

 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP

(Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Nine Months Ended



October 27,


July 28,


October 29,


October 27,


October 29,



2012


2012


2011


2012


2011












GAAP net income

$      68,816


$   93,074


$      195,121


$     256,433


$     534,374

Stock-based compensation

30,374


33,228


30,611


90,794


88,446

Amortization of acquired intangible assets

13,054


13,023


11,155


40,432


36,634

Acquisition-related costs (a)

523


1,577


-


4,556


-

Restructuring

129


859


105


1,103


1,291

Legal/Tax related matters

-


250


7,459


250


7,459

Non-GAAP net income

$    112,896


$ 142,011


$      244,451


$     393,568


$     668,204












GAAP weighted average shares - diluted

559,348


570,325


613,499


574,804


631,257


Non-GAAP adjustment

18,452


16,302


1,558


15,190


2,983

Non-GAAP weighted average shares diluted (b)

577,800


586,627


615,057


589,994


634,240












GAAP diluted net income per share

$          0.12


$       0.16


$            0.32


$           0.45


$           0.85

Non-GAAP diluted net income per share 

$          0.20


$       0.24


$            0.40


$           0.67


$           1.05












GAAP gross profit:

$    406,378


$ 434,265


$      538,317


$  1,270,672


$  1,525,647


Stock-based compensation

1,944


1,775


1,940


5,842


5,551


Acquisition-related costs (a)

-


1,054


-


2,983


-

Non-GAAP gross profit

$    408,322


$ 437,094


$      540,257


$  1,279,497


$  1,531,198












GAAP gross margin

52.0%


53.2%


56.6%


53.1%


57.6%


Stock-based compensation

0.3%


0.2%


0.2%


0.2%


0.2%


Acquisition-related costs (a)

-


0.2%


-


0.2%


-

Non-GAAP gross margin

52.3%


53.6%


56.8%


53.5%


57.8%












GAAP research and development:

$    263,615


$ 264,175


$      266,255


$     783,760


$     758,396


Stock-based compensation

(22,565)


(22,413)


(21,905)


(62,152)


(63,626)


Acquisition-related costs (a)

(458)


(466)




(1,366)


-


Restructuring

(2)


(42)


(1)


(46)


(308)


Legal/Tax related matters

-


-


(3,137)


-


(3,137)

Non-GAAP research and development

$    240,590


$ 241,254


$      241,212


$     720,196


$     691,325












GAAP selling and marketing:

$      38,398


$   41,034


$        40,500


$     119,498


$     119,042


Stock-based compensation

(3,101)


(3,458)


(3,402)


(9,595)


(9,263)


Acquisition-related costs (a)

(57)


(50)


-


(153)


-


Restructuring

3


(7)


-


3


-

Non-GAAP selling and marketing

$      35,243


$   37,519


$        37,098


$     109,753


$     109,779












GAAP general and administrative:

$      24,514


$   25,718


$        29,021


$       75,937


$       77,436


Stock-based compensation

(2,764)


(5,582)


(3,364)


(13,205)


(10,006)


Acquisition-related costs (a)

(8)


(7)


-


(54)


-


Restructuring

(130)


(810)


(104)


(1,060)


(983)


Legal/Tax related matters

-


(250)


(4,322)


(250)


(4,322)

Non-GAAP general and administrative

$      21,612


$   19,069


$        21,231


$       61,368


$       62,125












(a) 

Acquisition-related costs include the step-up in fair value of acquired inventory that was sold during the period, and the amortization of retention bonuses required by the terms of the acquisition. Restructuring costs related to recently completed acquisitions are included within "Restructuring" in the table above.












(b) 

For purposes of calculating non-GAAP diluted net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the potential benefits of stock-based compensation costs expected to be incurred in future periods but not yet recognized in the financial statements.

 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)






















October 27,


January 28,

Assets

2012


2012

Current assets:





Cash, cash equivalents, and short-term investments

$  2,016,799


$  2,246,498


Accounts receivable, net

374,770


407,263


Inventories

323,997


354,119


Prepaid expenses and other current assets

62,264


71,081



Total current assets

2,777,830


3,078,961

Property and equipment, net

376,437


383,801

Long-term investments

18,103


23,215

Goodwill and acquired intangible assets, net

2,134,061


2,173,496

Other non-current assets

119,523


108,146



Total assets

$  5,425,954


$  5,767,619







Liabilities and Shareholders' Equity




Current liabilities:





Accounts payable

$     291,366


$     304,695


Accrued liabilities

249,645


224,900


Deferred income

59,458


59,959



Total current liabilities

600,469


589,554

Other long-term liabilities

149,191


164,047



Total liabilities

749,660


753,601







Shareholders' equity:





Common stock

1,073


1,167


Additional paid-in capital

3,153,463


3,683,112


Accumulated other comprehensive income

3,375


776


Retained earnings

1,518,383


1,328,963



Total shareholders' equity

4,676,294


5,014,018



Total liabilities and shareholders' equity

$  5,425,954


$  5,767,619

 

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)
















Three Months Ended


Nine Months Ended





October 27,


October 29,


October 27,


October 29,





2012


2011


2012


2011

Cash flows from operating activities:








Net income

$       68,816


$     195,121


$     256,433


$     534,374

Adjustments to reconcile net income to net cash provided








  by operating activities:









Depreciation and amortization

22,317


20,179


64,801


66,653


Stock-based compensation

30,374


30,611


90,794


88,446


Amortization of acquired intangible assets

13,054


11,155


40,432


36,634


Other expense, net

1,260


4,266


6,435


11,411


Excess tax benefits from stock-based compensation

(5)


(85)


(49)


(99)


Changes in assets and liabilities:









   Accounts receivable

16,002


(45,351)


32,493


8,298


   Inventories

21,601


12,037


29,634


(63,967)


   Prepaid expenses and
   other assets

358


16,791


15,993


34,229


   Accounts payable

(54,674)


(2,806)


(27,137)


4,193


   Accrued liabilities and
   other

(3,653)


(17,939)


10,286


(18,030)


   Accrued employee
   compensation

29,509


36,191


4,828


6,924


   Deferred income

(8,382)


1,417


(501)


(6,917)


      Net cash provided by
      operating activities

136,577


261,587


524,442


702,149

Cash flows from investing activities:









Purchases of marketable securities

(558,457)


(443,008)


(1,205,364)


(1,582,892)


Purchases of strategic investments


(1,250)


(5,750)


(3,503)


Sales and maturities of investments

436,435


402,145


1,317,744


1,083,214


Cash paid for acquisitions, net

(1,000)


(2,000)


(1,000)


(18,760)


Purchases of technology licenses

(4,235)


(2,978)


(10,687)


(9,593)


Purchases of property and equipment

(19,356)


(20,085)


(49,090)


(62,330)


      Net cash provided by
      (used in) investing
      activities

(146,613)


(67,176)


45,853


(593,864)

Cash flows from financing activities:




















Repurchase of common stock

(202,987)


(215,155)


(676,471)


(1,154,396)


Proceeds from employee stock plans

8,915


8,942


66,244


55,565


Minimum tax withholding paid on behalf of employees 









 for net share settlement

(345)


(304)


(9,822)


(5,172)


Dividend payment to shareholders


(33,476)



(67,013)



Principal payments on capital lease obligations




(511)


Excess tax benefits from stock-based compensation

5


85


49


99


      Net cash used in
      financing activities

(227,888)


(206,432)


(687,013)


(1,104,415)

Net decrease in cash and cash equivalents

(237,924)


(12,021)


(116,718)


(996,130)

Cash and cash equivalents at beginning of period

906,108


862,965


784,902


1,847,074

Cash and cash equivalents at end of period

$     668,184


$     850,944


$     668,184


$     850,944

 

 

 

SOURCE Marvell Technology Group Ltd.

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Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...