Marvell Technology (MRVL) FY2020 results: revenue $2.7 billion, down 5.8% on the year
Marvell Technology, Inc. (MRVL) reported revenue of $2.7 billion for fiscal 2020, the year ended 1 February 2020, down 5.8% on the year before. Net income was $1.6 billion, and diluted earnings per share $2.34. The figures are the company's own, from the 10-K it filed with the SEC on 23 March 2020.
Revenue
$2.7 billion
-5.8% on the year
FY2013FY2020
Operating margin
-9.0%
1.5% a year earlier
FY2013FY2020
Net income
$1.6 billion
FY2013FY2020
Diluted EPS
$2.34
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,699
2,866
2,409
-5.8%
Cost of revenue
1,342
1,407
947
-4.6%
Gross profit
1,357
1,458
1,462
-7.0%
Gross margin
50.3%
50.9%
60.7%
Research and development
1,080
914
714
+18.2%
Operating income
-243
43.3
430
Operating margin
-9.0%
1.5%
17.8%
Interest expense
85.6
60.4
0.7
+41.9%
Pre-tax income
798
-4.6
451
Income tax
-786
174
18.1
Effective tax rate
-98.5%
n/a
4.0%
Net income
1,584
-179
521
Net margin
58.7%
-6.2%
21.6%
Diluted EPS
$2.34
-$0.30
$1.02
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
360
597
571
-39.6%
Capital expenditure
81.9
75.9
38.6
+7.9%
Free cash flow
278
521
533
-46.6%
Free cash flow margin
10.3%
18.2%
22.1%
Cash from investing
559
-1,753
39.5
Cash from financing
-854
850
-536
Depreciation and amortisation
157
124
83.5
+26.4%
Share-based compensation
242
184
86.7
+31.6%
Buybacks
364
104
528
+250.3%
Dividends paid
160
148
119
+7.8%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
676m
591m
510m
+14.4%
Shares outstanding at period end
663m
659m
496m
+0.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,679
7,306
4,141
+18.8%
Short-term borrowings
0.0
n/a
n/a
Debt
1,439
1,733
0.0
-16.9%
Operating lease liabilities
116
n/a
n/a
Other liabilities
900
978
567
-8.0%
Total liabilities and equity
11,133
10,017
4,708
+11.1%
Fixed assets
357
319
202
+11.9%
Goodwill
5,337
5,495
1,993
-2.9%
Intangible assets
2,765
2,561
0.0
+8.0%
Investments
n/a
0.0
953
Cash and equivalents
648
582
888
+11.2%
Receivables
492
493
280
-0.2%
Inventory
323
276
170
+17.0%
Other assets
1,211
291
221
+316.2%
Total assets
11,133
10,017
4,708
+11.1%
10-K for the year ended 1 February 2020, filed 23 March 2020: the filing.