Marvell Technology (MRVL) FY2013 results: revenue $3.2 billion, down 6.6% on the year
Marvell Technology, Inc. (MRVL) reported revenue of $3.2 billion for fiscal 2013, the year ended 2 February 2013, down 6.6% on the year before. Net income was $307 million, down 50.2%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 29 March 2013.
Revenue
$3.2 billion
-6.6% on the year
FY2008FY2013
Operating margin
9.3%
17.8% a year earlier
FY2008FY2013
Net income
$307 million
-50.2% on the year
FY2008FY2013
Diluted EPS
$0.54
-45.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,169
3,393
3,612
-6.6%
Cost of revenue
1,493
1,466
1,473
+1.9%
Gross profit
1,675
1,927
2,139
-13.1%
Gross margin
52.9%
56.8%
59.2%
Research and development
1,057
1,014
898
+4.3%
Operating income
295
604
901
-51.2%
Operating margin
9.3%
17.8%
25.0%
Interest expense
0.6
n/a
0.1
Pre-tax income
310
619
910
-49.9%
Income tax
3.6
4.0
6.3
-9.1%
Effective tax rate
1.2%
0.6%
0.7%
Net income
307
615
904
-50.2%
Net margin
9.7%
18.1%
25.0%
Diluted EPS
$0.54
$0.99
$1.34
-45.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
729
771
1,194
-5.5%
Capital expenditure
68.2
88.8
90.2
-23.2%
Free cash flow
661
682
1,103
-3.2%
Free cash flow margin
20.9%
20.1%
30.5%
Cash from investing
179
-590
-529
Cash from financing
-941
-1,243
77.4
Depreciation and amortisation
91.0
88.5
93.2
+2.9%
Share-based compensation
127
120
118
+6.2%
Buybacks
937
1,341
87.5
-30.1%
Dividends paid
98.8
n/a
n/a
Dividend per share
$0.18
n/a
n/a
Diluted shares, weighted
563m
623m
677m
-9.6%
Shares outstanding at period end
508m
584m
659m
-12.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,485
5,014
5,522
-10.6%
Other liabilities
777
754
816
+3.1%
Total liabilities and equity
5,262
5,768
6,338
-8.8%
Fixed assets
373
384
358
-2.8%
Goodwill
2,032
2,032
2,005
+0.0%
Intangible assets
89.7
142
125
-36.6%
Investments
1,184
1,485
1,109
-20.3%
Cash and equivalents
752
785
1,847
-4.2%
Receivables
330
407
459
-18.9%
Inventory
250
354
245
-29.3%
Other assets
251
179
189
+39.8%
Total assets
5,262
5,768
6,338
-8.8%
10-K for the year ended 2 February 2013, filed 29 March 2013: the filing.