MRVL
$45.62
Marvell Tech Group
($1.02)
(2.19%)
Earnings Details
2nd Quarter July 2020
Thursday, August 27, 2020 4:05:00 PM
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Summary

Marvell Tech Group Reports In-line

Marvell Tech Group (MRVL) reported 2nd Quarter July 2020 earnings of $0.22 per share on revenue of $727.3 million. The consensus earnings estimate was $0.20 per share on revenue of $720.5 million. The Earnings Whisper number was $0.22 per share. Revenue grew 10.8% on a year-over-year basis.

The company said it expects third quarter non-GAAP earnings of $0.22 to $0.28 per share on revenue of $712.5 million to $787.5 million. The current consensus earnings estimate is $0.25 per share on revenue of $777.6 million for the quarter ending October 31, 2020.

Marvell Technology Group Ltd is a fabless semiconductor provider of analog, mixed-signal, digital signal processing and embedded microprocessor integrated circuits.

Results
Reported Earnings
$0.22
Earnings Whisper
$0.22
Consensus Estimate
$0.20
Reported Revenue
$727.3 Mil
Revenue Estimate
$720.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Marvell Technology Group Ltd. Reports Second Quarter of Fiscal Year 2021 Financial Results

SANTA CLARA, Calif., Aug. 27, 2020 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the second quarter of fiscal year 2021.

Revenue for the second quarter of fiscal 2021 was $727 million, which exceeded the midpoint of the Company's guidance provided on May 28, 2020. GAAP net loss for the second quarter of fiscal 2021 was $(158) million, or $(0.24) per diluted share. Non-GAAP net income for the second quarter of fiscal 2021 was $140 million, or $0.21 per diluted share. Cash flow from operations for the second quarter was $226 million.

"Marvell delivered strong second quarter financial results with revenue above the mid-point of guidance, growing 11% year on year and 5% sequentially. We are expecting revenue growth to continue in the third quarter, driven primarily from 5G wireless infrastructure and cloud datacenter end markets" said Matt Murphy, Marvell's President and CEO. "We also announced the extension of our long-term collaboration with TSMC to deliver a comprehensive silicon portfolio for the data infrastructure market leveraging the industry's most advanced 5 nanometer (nm) process technology. While we continue to invest in advanced technologies for future growth, our team also remains focused on driving operational excellence. Through successful integration execution and continued operational discipline, we expect to drive earnings expansion in the third quarter."

Marvell's third quarter guidance takes into account the U.S. Government's export restrictions on certain Chinese customers. Given the ongoing uncertainty associated with COVID-19 and related public health measures, we also have temporarily widened the guidance range on revenue.

Third Quarter of Fiscal 2021 Financial Outlook

  • Revenue is expected to be $750 million +/- 5%.
  • GAAP gross margin is expected to be approximately 51.4%.
  • Non-GAAP gross margin is expected to be approximately 63%.
  • GAAP operating expenses are expected to be approximately $368 million.
  • Non-GAAP operating expenses are expected to be approximately $280 million.
  • GAAP diluted income (loss) per share is expected to be $(0.04) to $0.04 per share.
  • Non-GAAP diluted income per share is expected to be $0.22 to $0.28 per share.

Conference Call
Marvell will conduct a conference call on Thursday, August 27, 2020 at 1:45 p.m. Pacific Time to discuss results for the second quarter of fiscal 2021. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 9776144. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until Thursday, September 3, 2020.

Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization of the inventory fair value adjustment associated with the Aquantia and Avera acquisitions, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business.

Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from GAAP income in calculating Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the second quarter of fiscal 2021, a non-GAAP tax rate of 5.0% has been applied to the non-GAAP financial results.

Marvell believes that the presentation of non-GAAP financial measures provides 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, financial measures calculated in accordance with GAAP. 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.

Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas:

  • Management's evaluation of Marvell's operating performance;
  • Management's establishment of internal operating budgets;
  • Management's performance comparisons with internal forecasts and targeted business models; and
  • Management's determination of the achievement and measurement of certain performance-based equity awards (adjustments may vary from award to award).

Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would" and similar expressions identify such forward-looking statements. 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 press release due to a number of risks and uncertainties, including, but not limited to: risks related to the impact on our business of the novel coronavirus (COVID-19) pandemic which have impacted, and may continue to impact, our workforce and operations and the transportation and manufacturing of our products; risks related to the impact of the COVID-19 pandemic which have impacted, and may continue to impact the operations of our customers, distributors, vendors, suppliers, and partners; increased disruption and volatility in the capital markets and credit markets as a result of COVID-19, which could adversely affect our liquidity and capital resources; the impact of COVID-19, or other future pandemics, on the U.S. and global economies; disruptions caused by COVID-19 resulting in worker absenteeism, quarantines and restrictions on our employees' ability to work, innovate, collaborate, and travel; the effects that the current credit and market conditions caused by, or resulting from, COVID-19 could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, regulations, and tariffs, including but not limited to, restrictions imposed on our Chinese customers; the risks associated with manufacturing and selling products and customers' products outside of the United States; Marvell's ability to define, design and develop products for the 5G market; Marvell's ability to market its 5G products to Tier 1 infrastructure customers; extension of lead time due to supply chain disruptions or component shortages that may impact the production of our products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; Marvell's reliance on independent foundries and subcontractors for the manufacture, assembly and testing of our products; cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where Marvell operates and the loss of any beneficial tax treatment that Marvell currently enjoys; the risk of downturns in the highly cyclical semiconductor industry; the risk that the company may not realize the anticipated benefits of the acquisitions of Aquantia Corp. and the Application Specific Integrated Circuit (ASIC) business of GLOBALFOUNDRIES and the divestiture to NXP (collectively, the "Transactions"); the effect of the consummation of the Transactions on the company's business relationships, operating results, and business generally; potential difficulties in employee retention as a result of the Transactions; the ability of Marvell to implement its plans, forecasts, and other expectations with respect to the Transactions and realize the anticipated synergies and cost savings in the time frame anticipated; Marvell's dependence upon the storage and networking markets, which are highly cyclical and intensely competitive; the outcome of pending or future litigation and legal and regulatory proceedings; Marvell's dependence on a small number of customers; the impact and costs associated with changes in international financial and regulatory conditions; Marvell's ability and the ability of its customers to successfully compete in the markets in which it serves; Marvell's ability and its customers' ability to develop new and enhanced products and the adoption of those products in the market; decreases in gross margin and results of operations in the future due to a number of factors; Marvell's ability to estimate customer demand and future sales accurately; Marvell's ability to scale its operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry; the effects of any other potential acquisitions, divestitures or investments; Marvell's ability to protect its intellectual property;  Marvell's maintenance of an effective system of internal controls; severe financial hardship or bankruptcy of one or more of Marvell's major customers; and other risks detailed in Marvell's SEC filings from time to time. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in Marvell's Annual Report on Form 10-K for the fiscal year ended February 1, 2020 as filed with the SEC on March 23, 2020, Marvell's Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2020 as filed with the SEC on May 29, 2020, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or publicly update any forward-looking statements.

About Marvell
Marvell first revolutionized the digital storage industry by moving information at speeds never thought possible. Today, that same breakthrough innovation remains at the heart of the Company's storage, processing, networking, security and connectivity solutions. With leading intellectual property and deep system-level knowledge, Marvell's semiconductor solutions continue to transform the enterprise, cloud, automotive, industrial, and consumer markets. To learn more, visit: www.marvell.com.

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

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)




Three Months Ended


Six Months Ended



August 1,
2020


May 2,
2020


August 3,
2019


August 1,
2020


August 3,
2019

Net revenue


$

727,297



$

693,641



$

656,568



$

1,420,938



$

1,319,020


Cost of goods sold


368,041



366,739



305,866



734,780



606,890


Gross profit


359,256



326,902



350,702



686,158



712,130













Operating expenses:











Research and development


277,139



279,584



266,354



556,723



533,221


Selling, general and administrative


112,794



122,027



113,990



234,821



223,995


Restructuring related charges


120,590



21,287



16,586



141,877



22,268


Total operating expenses


510,523



422,898



396,930



933,421



779,484


Operating loss


(151,267)



(95,996)



(46,228)



(247,263)



(67,354)


Interest income


577



1,058



1,077



1,635



2,345


Interest expense


(15,635)



(16,830)



(20,531)



(32,465)



(41,734)


Other income (loss), net


(440)



3,754



(2,197)



3,314



(2,313)


Interest and other income (loss), net


(15,498)



(12,018)



(21,651)



(27,516)



(41,702)


Loss before income taxes


(166,765)



(108,014)



(67,879)



(274,779)



(109,056)


Provision (benefit) for income taxes


(8,872)



5,019



(10,548)



(3,853)



(3,275)


Net loss


$

(157,893)



$

(113,033)



$

(57,331)



$

(270,926)



$

(105,781)













Net loss per share — basic:


$

(0.24)



$

(0.17)



$

(0.09)



$

(0.41)



$

(0.16)













Net loss per share — diluted:


$

(0.24)



$

(0.17)



$

(0.09)



$

(0.41)



$

(0.16)













Weighted average shares:











Basic


667,574



663,547



663,603



665,541



661,280


Diluted


667,574



663,547



663,603



665,541



661,280


 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)




August 1,

2020


February 1,

2020

Assets





Current assets:





Cash and cash equivalents


$

831,534



$

647,604


Accounts receivable, net


483,542



492,346


Inventories


262,875



322,980


Prepaid expenses and other current assets


54,136



74,567


Total current assets


1,632,087



1,537,497


Property and equipment, net


335,035



357,092


Goodwill


5,337,405



5,337,405


Acquired intangible assets, net


2,489,815



2,764,600


Deferred tax assets


645,633



639,791


Other non-current assets


486,507



496,850


Total assets


$

10,926,482



$

11,133,235







Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable


$

238,537



$

213,747


Accrued liabilities


406,804



346,639


Accrued employee compensation


131,241



149,780


Short-term debt


448,248




Total current liabilities


1,224,830



710,166


Long-term debt


992,436



1,439,024


Other non-current liabilities


291,679



305,465


Total liabilities


2,508,945



2,454,655







Shareholders' equity:





Common shares


1,340



1,328


Additional paid-in capital


6,225,242



6,135,939


Accumulated other comprehensive income


450




Retained earnings


2,190,505



2,541,313


Total shareholders' equity


8,417,537



8,678,580


Total liabilities and shareholders' equity


$

10,926,482



$

11,133,235


 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)




Three Months Ended


Six Months Ended



August 1,
2020


August 3,
2019


August 1,
2020


August 3,
2019

Cash flows from operating activities:









Net loss


$

(157,893)



$

(57,331)



$

(270,926)



$

(105,781)


Adjustments to reconcile net loss to net cash provided by operating activities:









Depreciation and amortization


51,605



37,926



102,088



76,580


Share-based compensation


62,586



63,676



122,273



122,274


Amortization of acquired intangible assets


111,579



80,967



224,501



160,707


Amortization of inventory fair value adjustment associated with acquisitions






17,284




Restructuring related impairment charges


114,723



6,281



117,546



10,097


Other expense, net


6,282



5,773



14,910



14,534


Deferred income taxes


(2,816)



(1,982)



(444)



2,374


Changes in assets and liabilities:









Accounts receivable


(14,782)



17,601



8,804



40,376


Inventories


(33)



(7,174)



35,801



8,674


Prepaid expenses and other assets


3,679



(15,997)



(3,015)



(7,993)


Accounts payable


33,204



24,370



29,647



22,497


Accrued liabilities and other non-current liabilities


10,732



(49,188)



21,528



(80,117)


Accrued employee compensation


6,964



(31,782)



(18,539)



(25,266)


Net cash provided by operating activities


225,830



73,140



401,458



238,956


Cash flows from investing activities:









Purchases of technology licenses


(3,080)



(38)



(6,764)



(1,522)


Purchases of property and equipment


(17,540)



(23,010)



(52,883)



(42,193)


Other, net


34



(47)



699



(389)


Net cash used in investing activities


(20,586)



(23,095)



(58,948)



(44,104)


Cash flows from financing activities:









Repurchases of common stock




(16,250)



(25,202)



(64,272)


Proceeds from employee stock plans


42,776



50,230



48,234



81,314


Tax withholding paid on behalf of employees for net share settlement


(25,213)



(32,884)



(56,714)



(61,642)


Dividend payments to shareholders


(40,119)



(39,889)



(79,882)



(79,356)


Payments on technology license obligations


(18,702)



(13,056)



(42,509)



(28,324)


Principal payments of debt








(50,000)


Other, net




3,407



(2,507)



(1,486)


Net cash used in financing activities


(41,258)



(48,442)



(158,580)



(203,766)


Net increase (decrease) in cash and cash equivalents


163,986



1,603



183,930



(8,914)


Cash and cash equivalents at beginning of period


667,548



571,893



647,604



582,410


Cash and cash equivalents at end of period


$

831,534



$

573,496



$

831,534



$

573,496


 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Six Months Ended



August 1,
2020


May 2,
2020


August 3,
2019


August 1,
2020


August 3,
2019












GAAP gross profit:


$

359,256



$

326,902



$

350,702



$

686,158



$

712,130


Special items:











Share-based compensation


4,082



3,538



3,662



7,620



6,588


Amortization of acquired intangible assets


85,225



86,567



61,132



171,792



121,038


Other cost of goods sold (a)


11,630



18,562





30,192



450


Total special items


100,937



108,667



64,794



209,604



128,076


Non-GAAP gross profit


$

460,193



$

435,569



$

415,496



$

895,762



$

840,206













GAAP gross margin


49.4

%


47.1

%


53.4

%


48.3

%


54.0

%

Non-GAAP gross margin


63.3

%


62.8

%


63.3

%


63.0

%


63.7

%


































Total GAAP operating expenses


$

510,523



$

422,898



$

396,930



$

933,421



$

779,484


Special items:











Share-based compensation


(58,504)



(56,149)



(60,014)



(114,653)



(115,686)


Restructuring related charges (b)


(120,590)



(21,287)



(16,586)



(141,877)



(22,268)


Amortization of acquired intangible assets


(26,354)



(26,355)



(19,835)



(52,709)



(39,669)


Other operating expenses (c)


(8,125)



(19,403)



(20,676)



(27,528)



(27,245)


Total special items


(213,573)



(123,194)



(117,111)



(336,767)



(204,868)


Total non-GAAP operating expenses


$

296,950



$

299,704



$

279,819



$

596,654



$

574,616



































GAAP operating margin


(20.8)

%


(13.8)

%


(7.0)

%


(17.4)

%


(5.1)

%

Other cost of goods sold (a)


1.6

%


2.7

%


%


2.1

%


%

Share-based compensation


8.6

%


8.6

%


9.7

%


8.6

%


9.3

%

Restructuring related charges (b)


16.6

%


3.1

%


2.5

%


10.0

%


1.7

%

Amortization of acquired intangible assets


15.3

%


16.3

%


12.3

%


15.8

%


12.2

%

Other operating expenses (c)


1.1

%


2.7

%


3.2

%


2.0

%


2.0

%

Non-GAAP operating margin 


22.4

%


19.6

%


20.7

%


21.1

%


20.1

%












GAAP interest and other income (loss), net


$

(15,498)



$

(12,018)



$

(21,651)



$

(27,516)



$

(41,702)


Special items:











Restructuring and other related items (d)




434



75



434



(263)


Write-off of debt issuance costs (e)










458


Deal costs (f)






1,009





1,009


Total special items




434



1,084



434



1,204


Total non-GAAP interest and other income (loss), net


$

(15,498)



$

(11,584)



$

(20,567)



$

(27,082)



$

(40,498)



































GAAP net loss


$

(157,893)



$

(113,033)



$

(57,331)



$

(270,926)



$

(105,781)


Special items:











Other cost of goods sold (a)


11,630



18,562





30,192



450


Share-based compensation


62,586



59,687



63,676



122,273



122,274


Restructuring related charges in operating expenses (b)


120,590



21,287



16,586



141,877



22,268


Other operating expenses (c)


8,125



19,403



20,676



27,528



27,245


Restructuring and other related items in interest and other income, net (d)




434



75



434



(263)


Amortization of acquired intangible assets


111,579



112,922



80,967



224,501



160,707


Write-off of debt issuance costs (e)










458


Transaction costs included in interest and other income, net (f)






1,009





1,009


Pre-tax total special items


314,510



232,295



182,989



546,805



334,148


Other income tax effects and adjustments (g)


(16,226)



(1,229)



(15,728)



(17,455)



(13,404)


Non-GAAP net income


$

140,391



$

118,033



$

109,930



$

258,424



$

214,963



































GAAP weighted average shares — basic


667,574



663,547



663,603



665,541



661,280


GAAP weighted average shares — diluted


667,574



663,547



663,603



665,541



661,280


Non-GAAP weighted average shares — diluted (h)


678,304



670,841



675,755



674,553



673,399













GAAP diluted net loss per share


$

(0.24)



$

(0.17)



$

(0.09)



$

(0.41)



$

(0.16)


Non-GAAP diluted net income per share


$

0.21



$

0.18



$

0.16



$

0.38



$

0.32




(a)

Other costs of goods sold includes inventory write-downs and amortization of acquired inventory fair value adjustments.

(b)

Restructuring related charges include asset impairment charges (including asset impairment charges due to changes to the scope of the server processor product line), employee severance costs, facilities related charges, and other.

(c)

Other operating expenses include integration costs associated with recent acquisitions.

(d)

Interest and other income (loss), net, includes restructuring and other related items such as foreign currency remeasurement associated with restructuring related accruals.

(e)

Write-off of debt issuance costs is associated with partial term loan repayment.

(f)

Deal costs include transaction costs incurred in connection with divestiture of the Wi-Fi Connectivity business.

(g)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 5.0% for the three and six months ended August 1, 2020 and three months ended May 2, 2020. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4.5% for the three and six months ended August 3, 2019.

(h)

Non-GAAP diluted weighted average shares differs from GAAP diluted weighted average shares due to the non-GAAP net income reported.

 

Marvell Technology Group Ltd.

 Outlook for the Third Quarter of Fiscal Year 2021

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)






Outlook for Three Months Ended
October 31, 2020

GAAP revenue

$750 +/- 5%

Special items:

Non-GAAP revenue

$750 +/- 5%



GAAP gross margin

~51.4%

Special items:


Share-based compensation

0.5%

Amortization of acquired intangible assets

11.1%

Non-GAAP gross margin

~63%



Total GAAP operating expenses

~$368

Special items:


Share-based compensation

56

Amortization of acquired intangible assets

26

Restructuring related charges

2

Other operating expenses

4

Total non-GAAP operating expenses

~$280





GAAP diluted net income (loss) per share

 $(0.04) - $0.04

Special items:


Share-based compensation

0.09

Amortization of acquired intangible assets

0.16

Other operating expenses

0.01

Other income tax effects and adjustments

(0.01)

Non-GAAP diluted net income per share

$0.22 - $0.28

Quarterly Revenue Trend (Unaudited)

(In thousands)



Three Months Ended


% Change


August 1,

2020


May 2,

2020


August 3,

2019


YoY


QoQ

Networking (1)

$

406,008



$

393,920



$

329,605



23

%


3

%

Storage (2)

290,495



258,688



274,905



6

%


12

%

   Total Core

696,503



652,608



604,510



15

%


7

%

Other (3)

30,794



41,033



52,058



(41)

%


(25)

%

Total Revenue

$

727,297



$

693,641



$

656,568



11

%


5

%

 


Three Months Ended

% of Total

August 1,
2020


May 2,
2020


August 3,
2019

Networking (1)

56

%


57

%


50

%

Storage (2)

40

%


37

%


42

%

   Total Core

96

%


94

%


92

%

Other (3)

4

%


6

%


8

%

Total Revenue

100

%


100

%


100

%


(1) Networking products are comprised primarily of Ethernet Solutions, Embedded Processors and Custom ASICs.

(2) Storage products are comprised primarily of Storage Controllers and Fibre Channel Adapters.

(3) Other products are comprised primarily of Printer Solutions.

For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com

Marvell is a leading provider of infrastructure semiconductor solutions. (PRNewsfoto/Marvell Technology Group Ltd.)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-second-quarter-of-fiscal-year-2021-financial-results-301120025.html

SOURCE Marvell