Marvell Technology (MRVL) FY2014 results: revenue $3.4 billion, up 7.4% on the year
Marvell Technology, Inc. (MRVL) reported revenue of $3.4 billion for fiscal 2014, the year ended 1 February 2014, up 7.4% on the year before. Net income was $315 million, up 2.8%, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 27 March 2014.
Revenue
$3.4 billion
+7.4% on the year
FY2008FY2014
Operating margin
8.2%
9.3% a year earlier
FY2008FY2014
Net income
$315 million
+2.8% on the year
FY2008FY2014
Diluted EPS
$0.63
+16.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,404
3,169
3,393
+7.4%
Cost of revenue
1,664
1,493
1,466
+11.4%
Gross profit
1,741
1,675
1,927
+3.9%
Gross margin
51.1%
52.9%
56.8%
Research and development
1,154
1,057
1,014
+9.1%
Operating income
281
295
604
-4.7%
Operating margin
8.2%
9.3%
17.8%
Interest expense
1.9
0.6
n/a
+233.2%
Pre-tax income
306
310
619
-1.3%
Income tax
-9.1
3.6
4.0
Effective tax rate
-3.0%
1.2%
0.6%
Net income
315
307
615
+2.8%
Net margin
9.3%
9.7%
18.1%
Diluted EPS
$0.63
$0.54
$0.99
+16.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
448
729
771
-38.5%
Capital expenditure
66.6
68.2
88.8
-2.3%
Free cash flow
381
661
682
-42.3%
Free cash flow margin
11.2%
20.9%
20.1%
Cash from investing
74.8
179
-590
-58.2%
Cash from financing
-309
-941
-1,243
Depreciation and amortisation
103
91.0
88.5
+12.9%
Share-based compensation
156
127
120
+22.5%
Buybacks
376
937
1,341
-59.8%
Dividends paid
119
98.8
n/a
+20.9%
Dividend per share
$0.24
$0.18
n/a
+33.3%
Diluted shares, weighted
504m
563m
623m
-10.4%
Shares outstanding at period end
502m
508m
584m
-1.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,676
4,485
5,014
+4.3%
Other liabilities
775
777
754
-0.3%
Total liabilities and equity
5,451
5,262
5,768
+3.6%
Fixed assets
356
373
384
-4.5%
Goodwill
2,030
2,032
2,032
-0.1%
Intangible assets
49.0
89.7
142
-45.3%
Investments
1,020
1,184
1,485
-13.8%
Cash and equivalents
966
752
785
+28.4%
Receivables
453
330
407
+37.3%
Inventory
348
250
354
+38.9%
Other assets
229
251
179
-8.7%
Total assets
5,451
5,262
5,768
+3.6%
10-K for the year ended 1 February 2014, filed 27 March 2014: the filing.