邁威爾科技 (MRVL) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Marvell Technologies Fiscal Third Quarter 2022 Earnings Conference Call.

下午好，歡迎參加 Marvell Technologies 2022 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Mr. Ashish Saran, Vice President of Investor Relations.

我現在將會議交給投資者關係副總裁 Ashish Saran 先生主持。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Marvell's Third Quarter Fiscal Year 2022 Earnings Call.

歡迎參加 Marvell 2022 財年第三季財報電話會議。

Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

今天與我一起出席的有 Marvell 總裁兼執行長 Matt Murphy；和我們的財務長Jean Hu。

I would like to remind everyone that certain comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations.

我想提醒大家，今天發表的某些評論可能包括前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致我們的實際結果與管理階層目前的預期有重大差異。

Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings.

請查看我們今天向 SEC 提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近的 10-K 和 10-Q 文件。

We do not intend to update our forward-looking statements.

我們不打算更新我們的前瞻性陳述。

During our call today, we will refer to certain non-GAAP financial measures.

在今天的電話會議中，我們將提及某些非公認會計準則財務指標。

A reconciliation between our GAAP and non-GAAP financial measures is available in the Investor Relations section of our website.

我們網站的投資者關係部分提供了我們的 GAAP 和非 GAAP 財務指標之間的調整表。

We closed the acquisition of Innovium on October 5, 2021.

我們於 2021 年 10 月 5 日完成了對 Innovium 的收購。

Therefore, the results we reported today for the third quarter of fiscal 2022 include the results from the Innovium business for 25 days of the fiscal quarter.

因此，我們今天報告的 2022 財年第三季業績包括該財季 25 天 Innovium 業務的業績。

Revenue from the acquired Innovium business is reported entirely within our data center end market.

收購的 Innovium 業務的收入完全在我們的資料中心終端市場中報告。

Please note that the guidance we have provided for the third quarter of fiscal 2022 on August 26, 2021, has not included in any expectations of (inaudible).

請注意，我們於 2021 年 8 月 26 日提供的 2022 財年第三季指引並未包含在（聽不清楚）的任何預期中。

The financial outlook for the fourth quarter of fiscal year 2020 to be provided today includes expected results from the acquired Innovium business for the fourth quarter.

今天發布的 2020 財年第四季財務展望包括所收購的 Innovium 業務第四季的預期業績。

With that, I'll turn the call over to Matt for his comments on our performance.

這樣，我會將電話轉給馬特，請他對我們的表現發表評論。

Matt?

馬特？

Thanks, Ashish, and good afternoon, everyone.

謝謝阿什什，大家下午好。

I'll start with a summary of our third quarter GAAP results.

我將首先總結我們第三季的 GAAP 結果。

Revenue was $1.21 billion, which was above the high end of our guidance and represents another record achievement for Marvell.

收入為 12.1 億美元，高於我們指導的上限，代表 Marvell 又一項創紀錄的成就。

GAAP Gross margin was 48.5%, GAAP operating loss was $33 million and loss per diluted share was $0.08.

GAAP 毛利率為 48.5%，GAAP 營業虧損為 3,300 萬美元，攤薄後每股虧損為 0.08 美元。

Revenue grew 13% sequentially and 61% year-over-year, an acceleration from the first half of this fiscal year.

營收季增 13%，年增 61%，較本財年上半年加速。

We saw great momentum in all 5 of our end markets, with revenue growing both sequentially and year-on-year.

我們在所有 5 個終端市場都看到了強勁的勢頭，營收環比和同比增長。

Our data center, carrier, enterprise networking and auto industrial end markets all achieved record revenue and performed above guidance.

我們的資料中心、營運商、企業網路和汽車工業終端市場均實現了創紀錄的收入並高於預期。

Excellent operational and financial execution resulted in revenue 6% above the midpoint of our guidance.

出色的營運和財務執行力使收入比我們指導的中點高出 6%。

Our operations team continues to do a great job in sourcing incremental supply, and we are starting to see the fruits of their labor.

我們的營運團隊在採購增量供應方面繼續做得很好，我們開始看到他們的勞動成果。

Supply was better than expected in the third quarter, and we expect continued improvements as we move into the fourth quarter and next year.

第三季的供應好於預期，我們預計隨著進入第四季和明年，供應將繼續改善。

The additional capacity has better positioned us to catch up to the growth in demand, which so far has outpaced increases in supply.

額外的產能使我們能夠更好地趕上需求的成長，到目前為止，需求的成長已經超過了供應的成長。

Moving on to our non-GAAP results for the quarter.

接下來是我們本季的非公認會計準則業績。

Non-GAAP gross margin was a record 65.1%, and we delivered $418 million in non-GAAP operating income.

非 GAAP 毛利率達到創紀錄的 65.1%，我們實現了 4.18 億美元的非 GAAP 營業收入。

Non-GAAP operating margin was also a record at 34.5%.

非 GAAP 營業利潤率也創下歷史新高，達 34.5%。

Higher revenue, coupled with stronger gross margin drove non-GAAP earnings per share to $0.43, 13% above the midpoint of guidance, growing 72% year-over-year, which represents phenomenal growth in earnings.

更高的收入，加上更強的毛利率，推動非公認會計準則每股收益達到 0.43 美元，比指導中位數高出 13%，同比增長 72%，這代表著收益的驚人增長。

These are tremendous accomplishments, and I am very proud of the outstanding execution by our entire Marvell team in driving such strong results.

這些都是巨大的成就，我對整個 Marvell 團隊在推動如此強勁的成果方面的出色執行力感到非常自豪。

Let me now move on to discussing our 5 end markets, starting with data center.

現在讓我從資料中心開始討論我們的 5 個終端市場。

In our data center end market, revenue for the third quarter was $500 million, growing 15% sequentially and 109% year-over-year, exceeding our guidance.

在我們的資料中心終端市場，第三季營收為 5 億美元，季增 15%，年增 109%，超出了我們的指導。

Both the standalone Marvell business and the acquired Inphi business delivered strong growth, driven by robust demand from cloud customers.

在雲端客戶強勁需求的推動下，獨立的 Marvell 業務和收購的 Inphi 業務均實現了強勁成長。

I would note that our on-premise data center business also grew sequentially and year-over-year.

我要指出的是，我們的本地資料中心業務也逐年成長。

Data center is our most diverse end market with multiple product lines contributing to sequential revenue growth.

資料中心是我們最多元化的終端市場，多個產品線有助於收入持續成長。

These include 200- and 400-gig PAM4 electro-optics, data center interconnect ZR modules, SSD and HDD controllers, cloud-optimized SoCs and Ethernet switches.

其中包括 200 和 400 g PAM4 電光、資料中心互連 ZR 模組、SSD 和 HDD 控制器、雲端最佳化 SoC 和乙太網路交換器。

In addition to strong end market demand, the majority of these product lines are also benefiting from the start of new product ramps, which we expect will continue to drive sustained growth.

除了強勁的終端市場需求外，大多數產品線還受益於新產品的啟動，我們預計這將繼續推動持續成長。

As an example, in our SSD business, we benefited from a strong ramp of DIY controllers directly to a Tier 1 cloud customer.

例如，在我們的 SSD 業務中，我們受益於直接向一級雲端客戶提供 DIY 控制器的強勁成長。

Remember, you heard at Investor Day, Marvell has been winning a large number of incremental cloud optimized silicon designs, and these are now in development.

請記住，您在投資者日聽說，Marvell 贏得了大量增量雲端優化晶片設計，這些設計目前正在開發中。

In addition, the design win funnel and level of activity on cloud optimized silicon engagements continues to accelerate, and we have recently won another socket with our storage accelerator.

此外，設計獲勝漏斗和雲端優化晶片的活動水平繼續加速，我們最近透過我們的儲存加速器贏得了另一個插槽。

At our Investor Day, we discussed this new $500 million market for our storage business and cloud storage accelerators and disclosed our first design win with the cloud customer.

在投資者日，我們討論了我們的儲存業務和雲端儲存加速器這個價值 5 億美元的新市場，並揭露了我們與雲端客戶的第一個設計勝利。

Now a key storage partner, KIOXIA, recently announced production availability of their NVMe over Fabric SSDs, which will also use our storage accelerators.

現在，關鍵儲存合作夥伴 KIOXIA 最近宣布其 NVMe over Fabric SSD 已投入生產，該產品也將使用我們的儲存加速器。

These SSDs are for Ethernet Bunch of Flash systems designed for applications such as artificial intelligence, machine learning and high-performance computing.

這些 SSD 適用於乙太網路快閃記憶體系統，專為人工智慧、機器學習和高效能運算等應用而設計。

The KIOXIA SSDs connect to the network fabric natively using Ethernet by integrating a Marvell storage accelerator, which converts NVMe into 25 gigabit Ethernet.

KIOXIA SSD 透過整合 Marvell 儲存加速器，使用乙太網路本地連接到網路結構，將 NVMe 轉換為 25 GB 乙太網路。

We are excited to see this new opportunity take shape with multiple customers starting to adopt our storage accelerators.

我們很高興看到這個新機會的形成，多個客戶開始採用我們的儲存加速器。

Turning now to Innovium.

現在轉向 Innovium。

During the quarter, we closed the acquisition, adding their cloud optimized switches to our broad data center portfolio.

在本季度，我們完成了收購，將他們的雲端優化交換器添加到我們廣泛的資料中心產品組合中。

We're pleased that company Co-founder and CTO, Punit Argawal, and the R&D team have become a part of Marvell.

我們很高興公司聯合創辦人兼技術長 Punit Argawal 和研發團隊已成為 Marvell 的一部分。

We are confident that our combined switch businesses are now well positioned to be a strong provider of Ethernet switches to data centers, and we see an incredible opportunity ahead for Marvell in this high-growth market.

我們相信，我們的組合交換器業務現在已做好充分準備，成為資料中心乙太網路交換器的強大供應商，我們看到 Marvell 在這個高成長市場中面臨著難以置信的機會。

We expect the acquisition of Innovium will result in $150 million in incremental revenue next fiscal year as we ramp switches into a large Tier 1 cloud customer they had won prior to the acquisition.

我們預計收購 Innovium 將在下一個財年帶來 1.5 億美元的增量收入，因為我們將逐步轉向他們在收購之​​前贏得的大型一級雲端客戶。

We are also looking forward to supporting additional cloud customers such as LinkedIn, who are deploying Innovium's Terralink-based switches in production across multiple data centers with the Sonic network OS.

我們也期待為 LinkedIn 等其他雲端客戶提供支持，他們正在使用 Sonic 網路作業系統在多個資料中心的生產環境中部署 Innovium 基於 Terralink 的交換器。

Sonic is an open network operating system, which provides cloud customers with more choice and interoperability as well as the ability to scale.

Sonic 是一個開放的網路作業系統，為雲端客戶提供了更多的選擇和互通性以及擴展能力。

We recently announced our commitment to supporting Sonic across both our Prestera and Terralink products.

我們最近宣布承諾在 Prestera 和 Terralink 產品中支援 Sonic。

Moving on to our expectations for revenue from our data center end market in our fourth fiscal quarter.

接下來是我們對第四財季資料中心終端市場營收的預期。

Similar to the third quarter, we are expecting another strong performance led by cloud customers across a broad range of products.

與第三季類似，我們預計雲端客戶在廣泛的產品中將再次表現強勁。

We expect data center revenue to more than double from a year ago, and we project sequential growth in the double digits on a percentage basis in the fourth quarter.

我們預計資料中心收入將比一年前增加一倍以上，並且我們預計第四季度的百分比連續成長將達到兩位數。

We are pleased with the strength we are seeing from the cloud end market, which we expect will remain a strong driver of sustained growth for Marvell.

我們對雲端市場的強勁表現感到滿意，預計雲端市場仍將是 Marvell 持續成長的強勁驅動力。

Looking out further in time, we are also excited by the immense potential for another phase of growth as large-scale virtual environments, such as Facebook is doing with their metaverse start to gain traction.

展望未來，我們也對另一階段成長的巨大潛力感到興奮，因為大規模虛擬環境（例如 Facebook 正在透過其元宇宙開始獲得關注）。

For simplicity, while I will use the metaverse as a general descriptor for this discussion, we expect many different implementations of virtual environments enabled by a broad set of companies and ecosystem.

為簡單起見，雖然我將使用元節作為本次討論的一般描述符，但我們期望由廣泛的公司和生態系統支援的虛擬環境的許多不同實現。

Regardless of the form these environments take, the data sets will be exponentially larger compared to the current Internet, which is largely 2-dimensional and latency will need to be extremely low to realistically simulate a real-world environment.

無論這些環境採取何種形式，與當前的互聯網相比，數據集都將呈指數級增長，而當前的互聯網主要是二維的，並且延遲需要極低才能真實地模擬現實世界的環境。

As a result, we expect the metaverse will significantly accelerate a number of key trends, which are already occurring in the cloud today, including the need to store huge amounts of data in a secure environment, connected by high-speed electro-optic links to custom compute engines.

因此，我們預計元宇宙將顯著加速當今雲端中已經出現的許多關鍵趨勢，包括需要在安全環境中儲存大量數據，並透過高速光電鏈路連接到客製化運算引擎。

This next level of massive scaling makes the metaverse an even stronger candidate for cloud optimized silicon solutions that Marvell is currently enabling.

這種大規模擴展的新水平使 Metaverse 成為 Marvell 目前支援的雲端優化晶片解決方案的更強大候選者。

This meshes perfectly with the core competencies we have already developed across compute, storage, security, networking, high-speed electro-optics and customization, which are driving our current success.

這與我們在運算、儲存、安全、網路、高速電光和客製化方面已經開發的核心能力完美契合，而正是這些能力推動了我們當前的成功。

And these are equally applicable to the variety of virtual environments, which will develop over time.

這些同樣適用於隨著時間的推移而發展的各種虛擬環境。

The metaverse also has the potential to be a killer app for 5G, another area of strength for Marvell.

Metaverse 還有潛力成為 5G 殺手級應用，這是 Marvell 的另一個優勢領域。

Multiple cloud customers have already engaged with us as they start designing the architecture of their next generation of data infrastructure to enable a significantly richer set of virtual applications and experiences.

多個雲端客戶已經與我們合作，開始設計下一代資料基礎架構的架構，以實現更豐富的虛擬應用程式和體驗。

Turning now to our carrier infrastructure end market.

現在轉向我們的營運商基礎設施終端市場。

Revenue for the third quarter was $215 million, growing 9% sequentially and 28% year-over-year, exceeding our guidance.

第三季營收為 2.15 億美元，季增 9%，年增 28%，超出了我們的預期。

Growth was driven by our 5G products ramping at multiple customers.

我們的 5G 產品在多個客戶中的普及推動了成長。

We are also able to improve supply for our wired business to enable sequential growth.

我們也能夠改善有線業務的供應，以實現連續成長。

Looking at the fourth quarter, we expect a strong ramp in our 5G business of approximately 30% sequentially.

展望第四季度，我們預計 5G 業務將較上季強勁成長約 30%。

And as a result, we project our combined carrier infrastructure revenue across our wireless and wired end markets to grow sequentially in the low-teens on a percentage basis while year-on-year growth is expected to accelerate to over 40%.

因此，我們預計無線和有線終端市場的營運商基礎設施綜合收入將按百​​分比連續增長，而同比增長預計將加速至 40% 以上。

It's exciting to see the step-up in our 5G business, and we expect significant additional growth over the next several years as 5G adoption continues to grow around the globe, combined with Marvell content gains from designs we have won but not yet begun to ramp.

看到我們5G 業務的進步令人興奮，隨著5G 在全球範圍內的採用持續增長，加上我們已贏得但尚未開始增加的設計帶來的Marvell 內容收益，我們預計未來幾年將出現顯著的額外增長。

Moving on to our enterprise networking end market.

轉向我們的企業網路終端市場。

Revenue for the third quarter was $247 million, growing 11% sequentially and 56% year-over-year, with the majority of the growth coming from stand-alone Marvell products.

第三季營收為 2.47 億美元，季增 11%，年增 56%，其中大部分成長來自獨立的 Marvell 產品。

This performance was significantly better than our expectations as our operations team did an excellent job securing additional supply to better address the increase in demand for our products.

這項業績明顯好於我們的預期，因為我們的營運團隊在確保額外供應方面做得非常出色，以更好地滿足我們產品需求的成長。

From a product perspective, in the third quarter, the continuation of strong year-on-year growth was driven primarily by Marvell's Ethernet networking portfolio.

從產品角度來看，第三季同比強勁成長的持續主要是由 Marvell 的乙太網路產品組合所推動的。

We have been gaining share and benefiting from the very deliberate investments we have made in our enterprise Ethernet switch platform as well as the combined Marvell and the Quantify portfolio.

我們在企業乙太網路交換器平台以及 Marvell 和 Quantify 組合產品組合中進行的精心投資，不斷獲得市場份額並從中受益。

In addition, our content has been growing driven by increase in multi-gig Ethernet adoption.

此外，由於多千兆乙太網路採用率的增加，我們的內容也不斷成長。

Looking ahead to the fourth quarter for our enterprise networking end market, we project revenue sequentially to be up in the low to mid-single digits on a percentage basis and year-over-year growth is expected to remain very strong at approximately 60%.

展望第四季度我們的企業網路終端市場，我們預計營收將以百分比連續成長在中低個位數，同比成長預計將保持在 60% 左右的強勁水平。

We expect this strong growth to be driven by continued share gains from Marvell products combined with ongoing recovery in the enterprise networking end market.

我們預計，Marvell 產品份額的持續成長以及企業網路終端市場的持續復甦將推動這一強勁成長。

Turning to our automotive and industrial end market, which is served primarily by stand-alone Marvell businesses.

轉向我們的汽車和工業終端市場，該市場主要由獨立的 Marvell 業務提供服務。

Revenue for the third quarter was $67 million, growing 16% sequentially and 114% year-over-year, driven by ongoing ramps in our auto business.

在汽車業務持續成長的推動下，第三季營收為 6,700 萬美元，季增 16%，年增 114%。

I'm pleased to report that our team has now driven our auto business to over $140 million annualized revenue run rate in the third quarter, ahead of our prior expectations.

我很高興地向大家報告，我們的團隊現在已將我們的汽車業務第三季的年化收入運行率推向了超過 1.4 億美元，超出了我們先前的預期。

We are benefiting from a faster pace of adoption of our Ethernet solutions by auto OEMs who are prioritizing the production of their latest models, which tend to have higher semiconductor content.

我們受益於汽車原始設備製造商更快地採用我們的乙太網路解決方案，他們優先生產最新車型，這些車型往往具有更高的半導體含量。

We are confident that we are well on our way to driving a multi-hundred million dollar revenue stream from our auto Ethernet business over the next few years.

我們相信，未來幾年我們的汽車乙太網路業務將有望帶來數億美元的收入來源。

Looking beyond connectivity.

超越連結性。

Our next multibillion-dollar market opportunity for Marvell is in automotive compute.

Marvell 的下一個價值數十億美元的市場機會是汽車運算領域。

A future of technology in cars is all about electrification and intelligence with embedded security and onboard storage in a fully networked environment.

汽車技術的未來是電氣化和智慧化，並在完全網路化的環境中提供嵌入式安全性和車載儲存。

Similar to the rise of optimized silicon and cloud, automotive OEMs are realizing that to differentiate their products and deliver the most value to their customers, they need unique technology and IP to be embedded in compute silicon optimized to their specific platforms.

與優化晶片和雲端的興起類似，汽車原始設備製造商也意識到，為了使他們的產品脫穎而出並為客戶提供最大價值，他們需要將獨特的技術和IP 嵌入到針對其特定平台優化的運算晶片中。

You don't need to look too far to see evidence for the [sea] change.

你不需要看得太遠就能看到[大海]變化的證據。

Recent industry commentary, including from Ford and Volkswagen, talks about their focus on developing internal silicon design expertise, desire to customize off-the-shelf compute and their intentions to design and develop their own shifts for autonomous vehicles.

最近的行業評論，包括來自福特和大眾的評論，談到了他們對開發內部晶片設計專業知識的關注、定制現成計算的願望以及他們設計和開發自己的自動駕駛汽車換檔的意圖。

Similar to our successful strategy of partnering with hyperscale customers for cloud-optimized silicon, we are confident that our co-development business model and rich IP portfolio is equally attractive to automotive OEMs.

與我們與超大規模客戶合作開發雲端優化晶片的成功策略類似，我們相信我們的共同開發業務模式和豐富的智慧財產權組合對汽車原始設備製造商同樣具有吸引力。

In this model, the design is done in true partnership with the customer focusing on the portions proprietary to their platform and Marvell bringing our own unique compute, security, Ethernet networking and storage silicon IP to the table.

在這個模型中，設計是與客戶真正合作完成的，重點關注其平台專有的部分，而 Marvell 則將我們自己獨特的運算、安全、乙太網路和儲存晶片 IP 帶到桌面上。

The end solution is a semi-custom design, which represents the best of both worlds, allowing our customers to achieve their ambitions and retain control of their road map.

最終解決方案是半客製化設計，它代表了兩全其美的優點，使我們的客戶能夠實現他們的抱負並保持對路線圖的控制。

In doing so, they can not only preserve their differentiation with a faster time to market, but it will also enable a lower level of investment, thanks to Marvell.

透過這樣做，他們不僅可以透過更快的上市時間來保持自己的差異化，而且還可以降低投資水平，這要歸功於 Marvell。

We see compute becoming an increasingly important part of our growing automotive business, adding to our very successful Ethernet connectivity solutions.

我們看到計算成為我們不斷成長的汽車業務中越來越重要的一部分，為我們非常成功的乙太網路連接解決方案增添了色彩。

Reflecting this broadening of our portfolio, I'm very pleased to introduce Marvell's new brand for Automotive Solutions, Bright Lane, which includes our gigabit and multi-gigabit Ethernet switches and PHYs for connectivity and our OCTEON processors for compute.

為了反映我們產品組合的不斷擴大，我非常高興地介紹Marvell 的汽車解決方案新品牌Bright Lane，其中包括用於連接的千兆位元和多千兆位元乙太網路交換器和PHY，以及用於計算的OCTEON處理器。

At our Investor Day, we had discussed our first major auto compute win based on our OCTEON Bright Line platform.

在投資者日，我們討論了基於 OCTEON Bright Line 平台的第一個重大汽車計算勝利。

The semi-custom design is now in development.

半客製化設計目前正在開發中。

We are seeing a significant increase in compute related activity with additional auto OEMs, both traditional and new market entrants.

我們看到更多的汽車原始設備製造商（包括傳統的和新的市場進入者）與計算相關的活動顯著增加。

And I look forward to updating you on our progress in this exciting new long-term growth pillar for Marvell.

我期待向您通報 Marvell 在這令人興奮的新長期成長支柱方面取得的最新進展。

Turning to the outlook for the fourth fiscal quarter for our auto and industrial end market.

轉向我們的汽車和工業終端市場第四財季的前景。

We expect strong revenue growth to continue.

我們預計營收將持續強勁成長。

We project sequential growth in the double digits on a percentage basis and year-over-year growth to remain above 100%.

我們預計以百分比計算，環比成長率將達到兩位數，年成長率將保持在 100% 以上。

Moving on to our consumer end market.

轉向我們的消費終端市場。

Revenue for the third quarter was $183 million, growing 10% sequentially and 20% year-over-year.

第三季營收為 1.83 億美元，季增 10%，年增 20%。

Looking ahead to the fourth quarter, we expect revenue to grow sequentially in the low single digits on a percentage basis and year-on-year growth in the double digits on a percentage basis.

展望第四季度，我們預期營收將以百分比持續成長，並以百分比計算呈現低個位數成長，以百分比計算，年成長將以兩位數計算。

We are benefiting from strong growth driven by our SSD controllers that we have targeted a differentiated, sticky, long-lived and high ROI applications such as game consoles.

我們受益於SSD控制器驅動的強勁成長，我們瞄準了差異化、黏性、長壽命和高投資回報率的應用，例如遊戲機。

In closing, we delivered very strong results for our third quarter, and we expect this momentum to continue in our fourth quarter and next year.

最後，我們在第三季取得了非常強勁的業績，我們預計這種勢頭將在第四季和明年繼續下去。

Both the acquired Inphi business and the standalone Marvell business are firing on all cylinders.

收購的 Inphi 業務和獨立的 Marvell 業務都在全速運轉。

In the third quarter, the stand-alone Marvell business delivered strong year-over-year revenue growth close to 30%.

第三季度，獨立的 Marvell 業務收入較去年同期強勁成長接近 30%。

The Inphi business performed even better.

Inphi 業務的表現甚至更好。

The midpoint of our guidance for revenue in the fourth quarter implies a similar approximately 30% year-over-year growth rate for each of these businesses.

我們第四季營收指引的中點意味著這些業務的年成長率約為 30%。

We are proud of these results and our outlook for growth in the fourth quarter, which is well above the high end of our long-term revenue growth target of a 15% to 20% CAGR.

我們對這些業績和第四季的成長前景感到自豪，這遠高於我們 15% 至 20% 複合年增長率的長期收入成長目標的上限。

Securing capacity for growth remains the highest priority for our operations team even as the supply expansion comes with an increase in input costs.

即使供應擴張伴隨著投入成本的增加，確保成長能力仍是我們營運團隊的首要任務。

As we have done throughout the supply crunch, we are working with our customers to adjust prices to offset the impact of these cost increases, which led us jointly benefit from sustained growth.

正如我們在整個供應緊縮期間所做的那樣，我們正在與客戶合作調整價格，以抵消這些成本增加的影響，這使我們共同受益於持續成長。

As we look at next fiscal year, we will continue to drive supply improvements, and we expect demand to remain above the high end of our long-term target model.

展望下一財年，我們將繼續推動供應改善，預計需求將保持在長期目標模式的高端之上。

As a result, we anticipate a sustained period of strong revenue growth for Marvell.

因此，我們預計 Marvell 的營收將持續強勁成長。

From a base of approximately $4.4 billion in fiscal 2022, we expect the combined Marvell and Inphi business to continue growing in fiscal 2023 at the 30% year-on-year rate we are currently achieving.

從 2022 財年約 44 億美元的基礎來看，我們預計 Marvell 和 Inphi 合併後的業務將在 2023 財年繼續以我們目前實現的 30% 的同比增長率增長。

On top of this, we expect an additional $150 million of revenue in fiscal 2023, resulting from the Innovium acquisition.

除此之外，我們預期 2023 財年因收購 Innovium 將帶來 1.5 億美元的額外收入。

We are also excited about the setup for growth beyond fiscal 2023.

我們也對 2023 財年以後的成長安排感到興奮。

At our Investor Day, you heard us describe our participation in end markets collectively expected to grow at a 13% CAGR.

在我們的投資者日，您聽到我們描述了我們對終端市場的參與，預計複合年增長率將達到 13%。

In addition, we have a number of growth drivers, which we expect will result in our revenue growing faster than our end markets.

此外，我們還有許多成長動力，我們預計這將導致我們的收入成長速度快於終端市場。

We discussed our expectations for a step-up in incremental revenue from the start of new design win ramps.

我們討論了從新設計獲勝斜坡開始後增加收入的預期。

We updated our expectations for revenue from cloud optimized silicon design wins to ramp to $400 million in fiscal 2024, a year earlier than prior projections.

我們更新了對雲端優化晶片設計收入的預期，將 2024 財年的收入增至 4 億美元，比之前的預測提前了一年。

These wins are further projected to double to $800 million in revenue in fiscal 2025.

預計到 2025 財年，這些勝利的收入將增加一倍，達到 8 億美元。

In 5G, starting in fiscal 2024, we expect to benefit from an increase in content at Nokia when we start ramping our 5-nanometer OCTEON embedded processors into their 5G base station.

在 5G 領域，從 2024 財年開始，當我們開始將 5 納米 OCTEON 嵌入式處理器引入諾基亞的 5G 基地台時，我們預計將從諾基亞內容的增加中受益。

Over the same time frame, our auto Ethernet connectivity business is expected to make significant progress towards driving revenue over $500 million annually and our electrooptics PAM, Coherent and ZR portfolio is also projected to remain on a high-growth trajectory.

同時，我們的汽車乙太網路連接業務預計將取得重大進展，年收入將超過 5 億美元，而我們的電光 PAM、Coherent 和 ZR 產品組合也預計將保持高速成長。

In summary, while we have been delivering strong results for multiple quarters, we are confident that we are still in the early stages of a sustained high-growth period for Marvell, and we are looking forward to reaping the benefits of the investments we have made in our business over the last few years.

總而言之，雖然我們在多個季度取得了強勁的業績，但我們有信心 Marvell 仍處於持續高成長期的早期階段，我們期待從我們所做的投資中獲益在我們過去幾年的業務中。

With that, I'll turn the call over to Jean for more detail on our recent results and outlook.

接下來，我會將電話轉給 Jean，以了解有關我們最近的業績和前景的更多詳細資訊。

Thanks, Matt, and good afternoon, everyone.

謝謝馬特，大家下午好。

I'll start with a review of our financial results for the third quarter and then provide our current outlook for the fourth quarter of fiscal 2022.

我將首先回顧我們第三季的財務業績，然後提供我們對 2022 財年第四季的當前展望。

Revenue in the third quarter was $1.211 billion, exceeding the high end of our guidance range, growing 13% sequentially and 61% year-over-year.

第三季營收為 12.11 億美元，超出了我們指引範圍的上限，季增 13%，年增 61%。

Please note the acquisition of Innovium added approximately $5 million in revenue, which was not contemplated in our original guidance for the third quarter.

請注意，收購 Innovium 增加了約 500 萬美元的收入，這在我們最初的第三季指導中沒有考慮到。

Revenue growth was robust from all 5 of our end markets.

我們所有 5 個終端市場的營收成長強勁。

Data center remained our largest end market, driving 41% of consolidated revenue.

資料中心仍然是我們最大的終端市場，佔綜合收入的 41%。

Enterprise networking was the next largest with 20% of total revenue, followed by carrier infrastructure at 18%, consumer at 15% and auto industrial at 6%.

企業網路則位居第二，佔總收入的 20%，其次是營運商基礎設施，佔 18%，消費者佔 15%，汽車工業佔 6%。

GAAP gross margin was 48.5%, which includes the remaining end position of Inphi inventory step-up costs.

GAAP 毛利率為 48.5%，其中包括 Inphi 剩餘的庫存增加成本。

Non-GAAP gross margin was 65.1% of revenue, exceeding the high end of our guidance range primarily due to better-than-expected end market revenue mix.

非 GAAP 毛利率為收入的 65.1%，超出了我們指導範圍的上限，這主要是由於終端市場收入組合優於預期。

In particular, revenue from our enterprise networking end market was significantly better than our guidance.

特別是，我們的企業網路終端市場的收入明顯優於我們的指導。

GAAP operating expenses were $621 million.

GAAP 營運費用為 6.21 億美元。

Non-GAAP operating expenses were $371 million, which included 25 days of Innovium operating expenses of approximately $5 million.

非 GAAP 營運費用為 3.71 億美元，其中包括約 500 萬美元的 Innovium 25 天營運費用。

Our GAAP operating loss was $33 million.

我們的 GAAP 營運虧損為 3,300 萬美元。

Non-GAAP operating profit was $480 million or 34.5% of revenue, an all-time record demonstrating the strong leverage in our operating model while we continue to invest for long-term revenue growth.

非 GAAP 營業利潤為 4.8 億美元，佔收入的 34.5%，這一歷史記錄表明，在我們繼續投資以實現長期收入增長的同時，我們的營運模式具有強大的槓桿作用。

For the third quarter, GAAP loss per diluted share was $0.08.

第三季度，GAAP 稀釋後每股虧損為 0.08 美元。

Non-GAAP income per diluted share was $0.43, $0.02 above the high end of our guidance.

非 GAAP 攤薄每股收益為 0.43 美元，比我們指引的上限高出 0.02 美元。

Earnings per share grew 26% sequentially and 72% year-over-year driven by strong top line revenue momentum and execution on both gross and operating margins.

得益於強勁的營收動能以及毛利率和營業利潤率的執行，每股盈餘環比成長 26%，較去年同期成長 72%。

Now turning to our balance sheet and cash flow.

現在轉向我們的資產負債表和現金流。

During the quarter, cash flow from operations was $265 million.

本季營運現金流為 2.65 億美元。

We returned $50 million to shareholders through cash dividends.

我們透過現金股利向股東返還 5,000 萬美元。

We paid down $151 million of our long-term debt during the third quarter.

第三季我們償還了 1.51 億美元的長期債務。

As of the end of the third fiscal quarter, our long-term debt was $4.5 billion.

截至第三財季末，我們的長期債務為 45 億美元。

Our gross debt-to-EBITDA ratio was 3x and net debt-to-EBITDA ratio was 2.7x.

我們的總負債與 EBITDA 比率為 3 倍，淨負債與 EBITDA 比率為 2.7 倍。

Inventory at the end of the third quarter was $629 million.

第三季末的庫存為 6.29 億美元。

$71 million of this inventory balance is from Innovium, including $42 million in step-up cost due to purchase price accounting.

庫存餘額中的 7,100 萬美元來自 Innovium，其中包括因採購價格會計而產生的 4,200 萬美元的增量成本。

We anticipate amortizing this step-up cost over the next 2 quarters.

我們預計在接下來的兩個季度內攤提這筆增加的成本。

We have also increased our work in process inventory to support the revenue growth in revenue we are forecasting.

我們還增加了在製品庫存，以支持我們預測的收入成長。

In summary, the Marvell team executed exceptionally well, delivering accelerated top line growth and earnings expansion much faster than revenue growth.

總而言之，Marvell 團隊執行得非常出色，實現了營收加速成長和獲利擴張，其速度遠遠快於營收成長。

Now turning to our guidance for the fourth quarter of fiscal 2022.

現在轉向我們對 2022 財年第四季的指導。

Please note this guidance includes the expected results from the Innovium business for the full quarter.

請注意，本指引包括 Innovium 業務整個季度的預期業績。

We are forecasting revenue to be in the range of $1.32 billion, plus or minus 3%.

我們預計收入將在 13.2 億美元左右，上下浮動 3%。

We expect our GAAP gross margin in the range of 47.9% to 49.8%.

我們預計 GAAP 毛利率在 47.9% 至 49.8% 之間。

We project our non-GAAP gross margin will be approximately 65%.

我們預計非 GAAP 毛利率約為 65%。

We project our GAAP operating expenses to be in the range of $630 million to $640 million.

我們預計 GAAP 營運費用將在 6.3 億美元至 6.4 億美元之間。

We anticipate our non-GAAP operating expenses to be in the range of $390 to $395 million, which include approximately $15 million of OpEx for the acquired Innovium business for the full quarter.

我們預計我們的非 GAAP 營運費用將在 390 至 3.95 億美元之間，其中包括整個季度收購的 Innovium 業務的約 1500 萬美元的營運支出。

This outlook also reflects the increase in investment to support the accelerated revenue growth we are driving across the business, including the launch of multiple new projects tied to the design wins we have discussed in prior quarters.

這一前景也反映出投資的增加，以支持我們在整個業務中推動的收入加速成長，包括啟動與我們在前幾個季度討論的設計勝利相關的多個新項目。

In addition, we're including a higher amount of bonus crew given our strong operating performance well above our plan.

此外，鑑於我們強勁的營運業績遠高於我們的計劃，我們還增加了更多的獎金人員。

As a reminder, looking ahead to the first fiscal quarter of 2023, due to the typical seasonality in payroll taxes, our OpEx tends to increase from Q4 of fiscal year by high single digits sequentially on a percentage basis.

提醒一下，展望 2023 年第一財季，由於工資稅的典型季節性，我們的營運支出往往比財年第四季按百分比連續增長高個位數。

We expect non-GAAP tax rate of 5%.

我們預期非 GAAP 稅率為 5%。

We expect our basic weighted average share outstanding will be 844 million and our diluted weighted average share outstanding will be 861 million.

我們預計基本加權平均流通股將為 8.44 億股，稀釋加權平均流通股將為 8.61 億股。

As a result, we anticipate GAAP earnings per share in the range of a loss of $0.03 per share on the lower end to an income of $0.04 per diluted share on the high end.

因此，我們預計 GAAP 每股收益範圍為每股虧損 0.03 美元（低端）到稀釋後每股收益 0.04 美元（高端）。

We expect non-GAAP income per diluted share in the range of $0.48, plus or minus $0.03.

我們預計非 GAAP 每股攤薄收益將在 0.48 美元上下浮動 0.03 美元之間。

Let me now close with some directional comments on our investment plan for the next fiscal year.

現在讓我對我們下一財年的投資計畫進行一些定向評論。

As Matt mentioned earlier, we see continued strong demand across our end markets and improvement in supply to drive our top line revenue growth above 30% in fiscal 2023.

正如馬特先前提到的，我們看到終端市場的持續強勁需求和供應的改善將推動我們在 2023 財年的營收成長超過 30%。

To support both near-term and long-term revenue growth, we are planning to increase our investment levels appropriately, annualize the midpoint of our OpEx guidance for Q4 for fiscal 2022, which includes both Inphi and Innovium for the full period implies a $1.57 billion baseline OpEx run rate.

為了支持近期和長期收入成長，我們計劃適當提高投資水平，將 2022 財年第四季度營運支出指引中位數年化，其中包括 Inphi 和 Innovium，整個期間意味著 15.7 億美元基準營運支出運行率。

From this baseline, we are planning for OpEx to grow in the high single digits on a percentage basis in fiscal 2023, substantially lower than our top line revenue growth.

以此基準為基礎，我們規劃 2023 財年營運支出以高個位數百分比成長，遠低於我們的營收成長。

We increased our spending to execute on significant design wins and continue to drive process technology leadership as well as aggressive pursue a growing funnel of new design win opportunities within the large $30 billion we discussed at our Investor Day.

我們增加了支出來執行重大設計勝利，並繼續推動工藝技術領先地位，並在我們在投資者日討論的 300 億美元巨額中積極追求新設計勝利機會的不斷增長。

We are confident we'll continue to drive strong and sustainable long-term revenue growth and deliver earnings expansion much faster than revenue growth in fiscal 2023 and beyond.

我們相信，我們將繼續推動強勁且可持續的長期收入成長，並在 2023 財年及以後實現比營收成長快得多的獲利擴張。

Operator, please open line and announce Q&A instructions.

接線員，請開通線路並公佈問答說明。

Thank you.

謝謝。

(Operator Instructions) And our first question will come from Blayne Curtis with Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的 Blayne Curtis。

Great results.

很好的結果。

Maybe just a question.

也許只是一個問題。

I know you're going to get a bunch on supply, but obviously, that seems like the biggest swing factor into the upside.

我知道你會得到大量供應，但顯然，這似乎是上行的最大波動因素。

So can you talk about that and maybe also just address the enterprise segment?

那麼您能談談這個問題嗎？

Because I think that was your biggest beat and you were thinking it would be down.

因為我認為那是你最大的節奏，而你認為它會下降。

So just refresh my memory in terms of why you thought it would be down.

因此，請刷新我的記憶，了解您認為它會下降的原因。

And maybe just a perspective on just supply in general.

也許只是對一般供應的看法。

You said that you're signing long-term agreements.

你說你們正在簽長期協議。

At what point do you think you'll kind of get out from under this supply constraint?

您認為什麼時候可以擺脫這種供應限制？

Yes.

是的。

Thanks, Blayne.

謝謝，布萊恩。

And what I would lead off by saying is I think the 2 questions you asked are interrelated, meaning the enterprise strength we saw was really as a result of a pretty big catch-up in supply.

我首先要說的是，我認為你問的兩個問題是相互關聯的，這意味著我們看到的企業實力實際上是供應大幅追趕的結果。

So on the topic of supply, we're really pleased with the progress.

因此，在供應方面，我們對進展感到非常滿意。

We, like a lot of other companies, have been challenged to meet this unprecedented demand.

與許多其他公司一樣，我們面臨著滿足這項前所未有的需求的挑戰。

And I'm very proud to say that our team has responded really well.

我非常自豪地說我們的團隊反應非常好。

And so a couple of factors: one, is we've driven pretty big transformation of our operations group.

有幾個因素：第一，我們推動了營運團隊的重大轉型。

Part of that was signing long-term supply agreement.

其中一部分是簽署長期供應協議。

I'd say equally meaningful, though, was the strategic nature in which we've really engaged over the last 9 months with our supply chain.

不過，我想說同樣有意義的是我們在過去 9 個月裡真正參與供應鏈的策略性。

They -- our partners understand our opportunity as well as anybody now, and they're really betting on us and they're betting on Marvell.

他們——我們的合作夥伴現在和任何人一樣了解我們的機會，他們真的把賭注押在我們身上，他們押注在 Marvell 身上。

That's helped a lot.

這很有幫助。

And it's just been strong execution by the team.

這只是團隊強而有力的執行力。

And so when you add it all up, really what's happened, Blayne, is the demand has continued to be very, very strong, and that's continued even until now.

所以，當你把這一切加起來時，真正發生的事情，布萊恩，是需求仍然非常非常強勁，而且這種情況甚至一直持續到現在。

It's really been a story of supply catching up.

這確實是一個供應迎頭趕上的故事。

And what I would note is supply has caught up a lot, obviously.

我要指出的是，供應顯然已經趕上了很多。

But to be honest, we still aren't really making a dent yet in the unfulfilled backlog that's out there.

但說實話，我們仍然沒有真正減少未完成的積壓工作。

So it's a 2-edged sword.

所以它是一把雙面刃。

On the one hand, it's great.

一方面，它很棒。

We're getting more supply.

我們正在獲得更多供應。

On the other hand, demand continues to be very strong, and we see that going into next year.

另一方面，需求仍然非常強勁，我們預計這種情況會持續到明年。

But certainly, we'll take the win in Q3 and also the Q4 guide relative to the great job our team has done.

但當然，我們將在第三季度取得勝利，並且相對於我們團隊所做的出色工作，我們也會在第四季度取得勝利。

And enterprise, as we noted the last time, was really -- we had a very nice Q2 on enterprise.

正如我們上次提到的，企業確實是——我們在企業方面有一個非常好的第二季。

And we were able to actually do just again -- the team has done a great job to get the supply wind up to meet the strong demand.

我們實際上能夠再次做到這一點 - 該團隊在增加供應以滿足強勁需求方面做得非常出色。

And then if you actually look into Q4, you've got enterprise up again.

然後，如果你真正研究第四季度，你會發現企業再次崛起。

And really, the year-over-year story is what's, I think, most impressive.

事實上，我認為，逐年的故事是最令人印象深刻的。

I mean we're talking about 60% year-over-year growth projected in our Enterprise segment.

我的意思是，我們談論的是我們的企業部門預計將實現 60% 的同比增長。

Almost all of that is organic, Blayne, and that will continue to grow next year.

布萊恩，幾乎所有這些都是有機的，而且明年將繼續成長。

Thanks.

謝謝。

The next question will come from Ross Seymore with Deutsche Bank.

下一個問題將由德意志銀行的羅斯·西莫爾提出。

Matt, I wanted to dive a little bit into the guidance you gave for fiscal '23.

馬特，我想深入了解您為 23 財年提供的指導。

That was a little more detailed than I had expected.

這比我預期的要詳細一些。

And it seems like you're exceedingly confident about the revenue growth side of it.

看來你對它的收入成長方面非常有信心。

So can you just talk a little bit more detail on -- it looks like about $5.6 billion in revenue, given the math that you said.

那麼，您能否更詳細地談談——根據您所說的數學計算，收入看起來約為 56 億美元。

If we took the Innovium side out because we all have a decent idea of what's happening there, can you just talk about what the biggest drivers of that growth is going to be year-over-year?

如果我們把 Innovium 方面排除在外，因為我們都對那裡發生的事情有一個很好的了解，那麼您能談談逐年增長的最大驅動力是什麼嗎？

And if something happened that's increased your confidence in your ability to deliver that, whether it be the supply side coming or if you're just willing to talk more about design wins that you have kind of dropped breadcrumbs to us about over the last few calls?

如果發生了一些事情，這會增加你對自己實現這一目標的能力的信心，無論是供應方的到來，還是你只是願意更多地談論設計勝利，你在過去的幾次電話中向我們透露了一些麵包屑？

Sure.

當然。

I think there's a few factors, Ross.

我認為有幾個因素，羅斯。

The first is we did lay out our strategic narrative at the Investor Day.

首先，我們確實在投資者日闡述了我們的策略敘述。

So that was one setup we tried to give investors relative to where the business was heading.

因此，這是我們試圖為投資者提供的一種與業務發展方向相關的設定。

Second is when we look into next year, where we certainly see the demand strength continuing really across all segments.

其次，當我們展望明年時，我們肯定會看到所有細分市場的需求強勁仍在持續。

So that gives us a lot of confidence.

所以這給了我們很大的信心。

That's data center, that's 5G, that's automotive.

這就是資料中心、5G、汽車。

It's also enterprise and consumer.

這也是企業和消費者。

Those are backed up with purchase orders that are in place today.

這些都得到了今天生效的採購訂單的支持。

So the backlog we have is very strong.

所以我們的積壓非常多。

And I think the other point is we really want -- and I really wanted to contextualize the growth that we're seeing in Q3 and Q4 on an organic basis with Marvell growing 30%, Inphi growing 30-ish and that effectively continuing so that the investment community understood that this wasn't a short-term bump but rather part of a longer period of sustained growth, which we believe actually has legs even beyond next year.

我認為另一點是我們真正想要的- 我真的很想將我們在第三季度和第四季度看到的增長有機地結合起來，Marvell 增長了30％，Inphi 增長了30％左右，並且這種情況有效地持續下去，以便投資界明白，這不是短期的成長，而是長期持續成長的一部分，我們相信這種成長實際上甚至會持續到明年之後。

And then the simple math, and I'll let Jean chime in.

然後是簡單的數學，我會讓瓊插嘴。

But basically, what we said is just take the pro forma $4.4 billion-ish we'll do this year, if you take our Q4 guide.

但基本上，我們所說的只是今年預計的 44 億美元左右，如果你看看我們的第四季指南的話。

We believe we'll grow that 30% next year.

我們相信明年我們將成長 30%。

And then on top of that, you would add Innovium.

除此之外，您還可以加入 Innovium。

So I think your number would be actually a little bit higher when we look out to next year.

所以我認為當我們展望明年時，你的數字實際上會更高一些。

The next question will come from Vivek Arya with Bank of America.

下一個問題將由美國銀行的 Vivek Arya 提出。

Congratulations on the very strong growth and the execution.

祝賀您的強勁成長和執行力。

I actually wanted to talk about the OpEx side.

我實際上想談談營運支出方面。

If I look in the last year, you basically added almost $500 million in sales and OpEx has just grown about $100 million.

如果我回顧去年，您的銷售額基本上增加了近 5 億美元，而營運支出剛剛成長了約 1 億美元。

And when I look at the guidance you are providing for next year also, that also suggests very strong leverage in the model and EBIT margins that can get into the high 30s.

當我查看你們為明年提供的指導時，這也表明該模型的槓桿率非常高，息稅前利潤率可以達到 30 多美元。

So I'm curious, Matt or Jean, what's helping drive the leverage?

所以我很好奇，馬特或吉恩，是什麼有助於推動槓桿？

How are you adding almost $1.5 billion plus in sales while keeping OpEx at these levels?

您如何在將營運支出保持在這樣的水平的同時增加近 15 億美元以上的銷售額？

How sustainable is this trajectory of expanding margins?

這種利潤率擴大的軌跡有多可持續？

Sure.

當然。

Maybe I'll start -- actually, why don't you start, Jean?

也許我會開始——實際上，你為什麼不開始呢，吉恩？

Go ahead.

前進。

Yes, I'll start.

是的，我要開始了。

So if you look at our investment level, as we discussed during the Investor Day, we have a strong leverage because not only our central engineering team really leverage across all the different end markets, we also focused on the cloud optimized silicon solutions and work with the customers.

因此，如果您看看我們的投資水平，正如我們在投資者日期間討論的那樣，我們擁有強大的影響力，因為我們的中央工程團隊不僅真正在所有不同的終端市場上發揮影響力，我們還專注於雲端優化的晶片解決方案並與客戶。

So we do partner with the customers to get the customer funding, too.

因此，我們也與客戶合作以獲得客戶資金。

Overall, if you look at the R&D investment, we have been doing plus the NRE we get from customer actually is significantly larger.

總的來說，如果你看看我們一直在做的研發投資，再加上我們從客戶那裡得到的 NRE 實際上要大得多。

So I would say our team significantly leveraged the investment across all different advanced process node and also across different end markets.

因此，我想說，我們的團隊在所有不同的先進製程節點以及不同的終端市場中充分利用了投資。

That helps us tremendously.

這對我們有很大幫助。

And if you look at the OpEx increase, of course, we acquired both Inphi and Innovium.

如果你看看營運支出的成長，當然，我們收購了 Inphi 和 Innovium。

Year-over-year, it actually is going to get to almost $1.7 billion.

與去年同期相比，這一數字實際上將達到近 17 億美元。

That's very much within the target model we are focusing on as our long-term business model.

這在很大程度上符合我們長期業務模式所關注的目標模式。

So it's the leverage that helps us tremendously.

因此，這種槓桿作用對我們有很大幫助。

Yes.

是的。

I think that was well said by Jean.

我覺得Jean說得很好。

The next question will come from Timothy Arcuri with UBS.

下一個問題將由瑞銀集團的提摩西·阿庫裡提出。

Jean, inventory was up about $100 million, if I exclude Innovium.

Jean，如果我排除 Innovium，庫存增加了約 1 億美元。

And you did talk a lot about this being WIP and the fact that you're taking WIP up given how much you think you can grow.

您確實談論了很多關於這是 WIP 的問題，以及考慮到您認為自己可以成長多少，您正在接受 WIP 的事實。

But I guess the question is really on your visibility on revenue.

但我想問題其實在於你對收入的能見度。

And I guess I'm surprised that you were able to build that much inventory and maybe you can talk about whether delinquencies got any better.

我想我很驚訝你們能夠建立這麼多的庫存，也許你們可以談談拖欠情況是否有所改善。

Yes.

是的。

Actually, we have improved the supply significantly.

事實上，我們已經顯著改善了供應。

However, demand continued to outpace the supply.

然而，需求持續超過供應。

So we have not made a dent on the delinquency we have as a company.

因此，我們並沒有減少公司的拖欠行為。

As Matt discussed earlier, if you look at the fiscal '23, we see strong demand, a significant revenue ramp across all our end markets with our unique product cycles.

正如馬特之前討論的那樣，如果你看看 23 財年，我們會看到強勁的需求，以及我們獨特的產品週期在我們所有終端市場的顯著收入增長。

So 30% -- over 30% year-over-year growth literally.

所以 30%——字面上的同比增長超過 30%。

As a matter of fact, if we look into Q1 sequentially, seasonally, it will be a down quarter.

事實上，如果我們按順序、按季節查看第一季度，這將是一個下降的季度。

But for the coming Q1 fiscal '23, we actually see sequentially revenue increase, approaching mid-single digit on the basis of a very strong guide for Q4.

但對於即將到來的 23 財年第一季度，我們實際上看到收入連續成長，在第四季度非常強勁的指導基礎上接近個位數中位數。

So the inventory build primarily they are all work-in-process inventory to support not only Q1 revenue growth and beyond the Q1 for the sequential quarter-over-quarter increase in the next year to support the over 30% top line revenue growth.

因此，庫存建設主要是在製品庫存，不僅支持第一季的收入成長，而且支持明年第一季之後的環比成長，以支持超過 30% 的營收成長。

The next question will come from John Pitzer with Credit Suisse.

下一個問題將由瑞士信貸銀行的約翰·皮策提出。

Congrats.

恭喜。

Matt, one of the key strengths of your businesses is that the design cycles for a lot of your products are fairly long and fairly visible.

馬特，您企業的主要優勢之一是您的許多產品的設計週期相當長且相當明顯。

And I would argue that revenue growth that you have confidence in next year, notwithstanding some of the supply constraints, was based upon design wins that you've had for a while.

我認為，儘管存在一些供應限制，但您對明年的收入成長充滿信心，這是基於您已經有一段時間的設計勝利。

I'm just kind of curious, can you talk about the design pipeline and the momentum in the design pipeline today and how you expect it to progress through next year?

我只是有點好奇，您能談談今天的設計流程和設計流程的勢頭，以及您預計明年的進展嗎？

And my guess is it's going to continue to be strong, if not accelerate.

我的猜測是，即使不是加速，它也會繼續強勁。

And if that's the case, not wanting to get too far out in front of you, the long-term growth rate you put out in the Analyst Day, why wouldn't that just move up structurally higher?

如果是這樣的話，不想在你面前走得太遠，你在分析師日公佈的長期增長率，為什麼不會在結構上走高呢？

I know it's less than quarter since you did that.

我知道距離你這樣做還不到四分之一。

But if you could give us some sense of how you're feeling around the design pipeline?

但您能否告訴我們您對設計流程的感受？

Yes.

是的。

John, it's a great question.

約翰，這是一個很好的問題。

I think the way I would answer it is, you are correct in that the design cycles for our products are quite long actually, and -- but they also come with very long visibility as well.

我想我的回答是，你是對的，我們產品的設計週期實際上很長，而且 - 但它們也具有很長的可見性。

So the revenue that we've got for next year, those designs are done.

所以我們明年的收入，這些設計已經完成了。

I mean they've been done for, in some cases, for a year, as an example, like in automotive.

我的意思是，在某些情況下，它們已經完成了一年，例如在汽車領域。

So then you got to go back a couple of years and say, well, what do the design win funnel and pipeline and closure rate look like, say, 2 years ago or 3 years ago?

那麼你必須回顧幾年，然後說，設計獲勝漏斗、管道和閉合率是什麼樣子的，例如 2 年前或 3 年前？

And then what is that translating to?

那麼這翻譯成什麼呢？

What I would comment on is our design win funnel and close rate in the last 3 years has gone up dramatically each year.

我要評論的是，我們的設計獲勝漏斗和成交率在過去三年中每年都在大幅上升。

And this current year, we're on track for -- our sales team is on track for a beyond record design win capture.

今年，我們的銷售團隊有望取得超越紀錄的設計勝利。

So the design wins are growing each year.

因此，設計勝利每年都在成長。

That is a great leading indicator for us, for sure.

當然，這對我們來說是一個很好的領先指標。

And I think to your other question about the long term, look, we did our Analyst Day, we put on a long-term model.

我認為對於你關於長期的另一個問題，看，我們舉辦了分析師日，我們建立了一個長期模型。

There will be ups and downs if you take a long-term view.

如果你放眼長遠，就會有起起落落。

But I think what we're saying is at least in the short term, i.e., Q3, Q4, also FY '23 and we believe even beyond, we can run above that model, and we're very bullish on our business.

但我認為我們所說的至少是短期內的，即第三季度、第四季度，以及 23 財年，我們相信甚至更遠，我們可以超越該模型，而且我們非常看好我們的業務。

The next question will come from Tore Svanberg with Stifel.

下一個問題將由 Tore Svanberg 和 Stifel 提出。

Let me echo congratulations.

讓我也表示祝賀。

I had a question on 5G.

我有一個關於 5G 的問題。

You're expecting 30% sequential growth in the January quarter.

您預計一月份季度的環比成長率為 30%。

Could you just elaborate a little bit on what's driving that?

您能否詳細說明一下是什麼推動了這個趨勢？

I do know you have some new customer design wins that are ramping and content growth, but especially as we think of it from a sort of regional deployment perspective.

我確實知道您贏得了一些新的客戶設計勝利，這些設計和內容正在不斷增長，但特別是當我們從區域部署的角度考慮時。

Any more color you could share with us would be great.

如果您能與我們分享更多顏色，那就太好了。

Sure, Tore.

當然，托雷。

To your point, yes, we had, last quarter, said and signaled that we anticipated a step-up from Q3 to Q4 in our 5G business.

就你的觀點而言，是的，我們在上個季度曾表示並表示，我們預計 5G 業務將從第三季到第四季有所提升。

Now we've quantified it, which we see it growing 30% sequential.

現在我們已經對其進行了量化，我們看到它連續增長了 30%。

So great step-up, great validation of the thesis in that business.

如此巨大的進步，對該行業論文的巨大驗證。

And what's exciting, I guess, is it's primarily driven by new product ramps at some of the key customers, particularly in the baseband area and then also geographies ex China deploying 5G.

我想，令人興奮的是，這主要是由一些關鍵客戶的新產品增加所推動的，特別是在基帶領域，以及中國以外部署 5G 的地區。

So -- and we see that growing pretty strongly throughout FY '23, our 5G business as we're highly diversified, both by customer, by geographies that those customer service and then by the content which we have, most of which is still in front of us.

因此，我們看到，在整個23 財年，我們的5G 業務成長相當強勁，因為我們高度多元化，無論是按客戶、按客戶服務的地理位置，還是按我們擁有的內容（其中大部分仍在使用）。

If you think about one of our biggest opportunities is really the transport processor area where we've won an additional customer we outlined a few years ago.

如果您考慮我們最大的機會之一實際上是運輸處理器領域，我們已經贏得了我們幾年前概述的額外客戶。

That's going to ramp in 2023 calendar.

到 2023 年，這一數字將會增加。

So there's a nice layering effect, Tore, but I would say it's certainly nice to see a 1 quarter step-up, but we certainly see growth from here.

所以，Tore，這是一個很好的分層效應，但我想說，看到 1 季的提升當然很好，但我們肯定會看到這裡的成長。

You've got U.S., you've got Europe and there's a lot of optimism around India as well next year.

美國、歐洲以及印度明年也充滿樂觀情緒。

So I think the geographic mix is in our favor as well.

所以我認為地理組合也對我們有利。

The next question will come from Harlan Sur with JPMorgan.

下一個問題將由摩根大通的 Harlan Sur 提出。

Congratulations on the strong results and execution.

祝賀您所取得的強勁成果和執行力。

I would assume that 16-nanometer is sort of the workhorse volume technology now.

我認為 16 奈米是現在的主力體積技術。

The team's 7-nanometer products are ramping strongly, where you've got 200 and 400-gig Polaris and Porrima PAM4 products.

該團隊的 7 奈米產品正在強勁成長，其中包括 200 和 400 g Polaris 和 Porrima PAM4 產品。

You've got your Canopus 7-nanometer DSP for data center interconnect ramping.

您已擁有用於資料中心互連升級的 Canopus 7 奈米 DSP。

And then on top of that, your 5-nanometer pipeline is quite strong.

最重要的是，你的 5 奈米管道非常強大。

What I think you guys said at the Analyst Day, you have 20 tape-ups over the next 18 months.

我想你們在分析師日上說過，在接下來的 18 個月裡你們有 20 個錄音帶。

And I think the team has already been sampling a number of different 5-nanometer products.

我認為該團隊已經對多種不同的 5 奈米產品進行了採樣。

So when does the team expect 5-nanometer revenues to become a material part as the revenue mix?

那麼，團隊預期 5 奈米收入何時會成為收入組合的重要組成部分呢？

Is it calendar year '22?

是公曆 22 年嗎？

Is it more likely '23?

23年的可能性更大嗎？

And are the first meaningful 5-nanometer revenues going to be more cloud focused or carrier focused?

第一個有意義的 5 奈米收入將更多地集中在雲端還是營運商？

Sure, Harlan.

當然，哈倫。

Yes, I think what I frame your question around the process technology road map, where is Marvell today, you right.

是的，我認為我圍繞工藝技術路線圖提出了您的問題，Marvell 今天在哪裡，您是對的。

Some of those examples are spot on relative to some of the optical components, et cetera.

其中一些範例與某些光學組件等相關。

But we've got a diversity of process technologies that we use.

但我們使用的製程技術多種多樣。

Some of those came from different acquisitions.

其中一些來自不同的收購。

But you're in the ballpark.

但你在球場上。

I think where it leads to is really 5-nanometer, where in the case of the kind of classic Marvell business, we effectively skipped 7, right?

我認為它最終會導向 5 奈米，在經典的 Marvell 業務中，我們實際上跳過了 7 奈米，對嗎？

So there was a big investment in 5. That is going to be led by carrier in 5G.

因此，對 5 進行了大量投資。

That's where the initial ramps will occur.

這就是最初的斜坡發生的地方。

Those products are getting ready to go to production.

這些產品正準備投入生產。

So we'll see revenue in calendar '22 on 5-nanometer for our OCTEON products.

因此，我們將在 22 日曆年看到 OCTEON 產品在 5 奈米技術上的收入。

But that's the initial ramp phase.

但這是最初的斜坡階段。

It will really kick in more in '23 and '24.

它確實會在 23 年和 24 年發揮更多作用。

And then you'll see some of the DPU products and then a whole host of other 5-nanometer products really hit the market kind of in that '22-'23 time frame.

然後您會看到一些 DPU 產品，然後一大堆其他 5 奈米產品在「22-」23 年時間範圍內真正推出市場。

Effectively, the entire company road map has converged on this 5 platform from storage to networking to -- even the Inphi business is going to move there and take advantage.

實際上，整個公司的路線圖已經集中在這 5 個平台上，從儲存到網絡，甚至 Inphi 業務也將轉移到那裡並利用。

And so a little bit pursuant to Vivek's question earlier, we just -- we get tremendous leverage out of this process and technology platform that we put together that we actually articulated even a couple of years ago at our 2020 Investor Day.

因此，根據 Vivek 先前的問題，我們從這個流程和技術平台中獲得了巨大的影響力，我們在幾年前的 2020 年投資者日上實際上已經闡明了這些流程和技術平台。

And that's really paying dividends relative to managing the OpEx efficiently and being able to tape out a significant number of designs in 5-nanometer that are going to last for a very, very long time.

相對於有效管理營運支出以及能夠在 5 奈米製程中流片大量能夠持續很長時間的設計，這確實帶來了紅利。

But certainly, it will be 5G first, then carrier.

但可以肯定的是，首先是 5G，然後是營運商。

And then you're going to see all the other markets, enterprise, automotive, optical, you name it.

然後你會看到所有其他市場，企業、汽車、光學，凡是你能想到的市場。

So this has got a lot of legs behind it.

所以背後有很多支持。

The next question will come from C.J. Muse with Evercore.

下一個問題將由 Evercore 的 C.J. Muse 提出。

I guess I wanted to clarify on the supply side and then ask a question on auto.

我想我想澄清供應方面，然後問一個關於汽車的問題。

So on the supply side, as you indicated in terms of roughly $5.9-plus billion for fiscal '23, are you saying that you secured that and then some?

因此，在供應方面，正如您所指出的，23 財年的供應量約為 59 億美元以上，您是說您已經確保了這一點，然後又獲得了一些嗎？

Or can you give us some clarity there?

或者你能給我們一些澄清嗎？

And then your commentary on the auto compute side, very intriguing.

然後你對汽車計算方面的評論非常有趣。

I would love to hear more, Matt, in terms of how we should be thinking about the timing of sort of initial design wins and when that should start to materially hit the model?

馬特，我很想聽聽更多關於我們應該如何考慮初始設計獲勝的時間以及何時開始對模型產生實質影響？

Sure.

當然。

Yes.

是的。

On the first question on supply, yes, we feel good about that range we gave for next year.

關於供應的第一個問題，是的，我們對明年給出的範圍感到滿意。

Certainly, there's still a lot of moving pieces, and we've got a lot of execution in front of us.

當然，還有很多可動的部分，我們面前還有很多執行任務。

This is not a layup.

這不是上籃。

Things have not eased up.

事情並沒有緩和。

It's not like all of a sudden supply has loosened.

供應並不是突然放鬆的。

And what I would say is that the growth next year really just comprehends kind of keeping up with demand.

我想說的是，明年的成長其實只是滿足需求。

There's still going to be some unsupported backlog probably that we can't quite get to.

仍然會有一些不受支援的積壓，我們可能無法完全處理。

So we're working on that as a potential as well.

因此，我們也正在將其視為一種潛力。

But we certainly feel good about the 30% growth and that growth rate continuing, which is really where we were in Q3.

但我們確實對 30% 的成長以及持續的成長率感到滿意，這確實是我們在第三季的情況。

That's where we're going to be in Q4.

這就是我們第四季的情況。

And what we're saying is we anticipate we can keep growing our revenues at that rate when you look out to next year.

我們想說的是，預計明年我們的收入可以繼續以這個速度成長。

But obviously, we're going to try to do even better.

但顯然，我們會努力做得更好。

On the automotive compute side, yes, it's pretty new.

在汽車計算方面，是的，它是相當新的。

It's a little bit like some of our other markets where we gave some initial indications as we were gaining traction and then the story evolves from there.

這有點像我們的其他一些市場，當我們獲得關注時，我們給出了一些初步跡象，然後故事就從那裡發展。

But yes, I'd say we're well underway on our first design and the level of activity going on with the automotive OEMs around this topic is kind of off the charts at this point.

但是，是的，我想說我們的第一個設計正在順利進行，並且汽車原始設備製造商圍繞這個主題進行的活動水平目前有點超出預期。

I think there's such a -- it's almost like a -- there's a renaissance, C.J., I think, in what I would call the infotainment age, when automotive OEMs really embrace these consumer technologies and all of a sudden, you've got things like USB chargers in your car.

我認為，這幾乎就像是一種文藝復興，C.J.，我認為，在我所說的資訊娛樂時代，當汽車原始設備製造商真正擁抱這些消費技術時，突然之間，你就擁有了一些東西就像汽車上的USB 充電器一樣。

You've got state-of-the-art audio.

您擁有最先進的音訊。

You got touchscreens.

你有觸控螢幕。

All this consumer tech went in.

所有這些消費科技都投入其中。

That had a big benefit to semiconductor companies.

這對半導體公司來說有很大的好處。

What we've been saying for a while, and it's coming true now, is that the data-centric semiconductor products and IPs will be the next wave of growth.

我們一直在說，以資料為中心的半導體產品和 IP 將成為下一波成長浪潮，現在它正在成為現實。

We're seeing that in our networking products now, but it's very much moving to a compute-centric discussion.

我們現在在我們的網路產品中看到了這一點，但它正在很大程度上轉向以計算為中心的討論。

And there's a whole bunch of ways to skin that cat, but our model will be unique in that we're approaching it very similarly, C.J., to what we do in the cloud market, which is coming in with a broad IP portfolio, partnership-oriented model, build what somebody wants, let them put their stamp on it if they want to and really customize and optimize for their particular system and use case and bring all the goodness of all the Marvell IPs with it.

剝皮的方法有很多，但我們的模式將是獨一無二的，C.J.，我們的做法與我們在雲端市場的做法非常相似，雲端市場將擁有廣泛的智慧財產權組合、合作夥伴關係面向模型，建構某人想要的東西，如果他們願意，就讓他們在上面留下自己的印記，並真正針對他們的特定係統和用例進行定制和優化，並帶來所有Marvell IP 的所有優點。

So it's pretty interesting discussions.

所以這是非常有趣的討論。

There'll be more to come there, but we think this is going to be a very large long-term opportunity for the company.

還會有更多的事情發生，但我們認為這對公司來說將是一個非常大的長期機會。

The next question will come from Mark Lipacis with Jefferies.

下一個問題將由傑弗里斯的馬克·利帕西斯提出。

Matt, if I think about the kind of portfolio of assets that you kind of pulled together here, I think about you have interconnect capabilities with Inphi, processing capabilities with Cavium, networking capabilities from Innovium and native Marvell.

Matt，如果我考慮您在這裡整合的資產組合，我會想到您擁有 Inphi 的互連功能、Cavium 的處理功能、Innovium 和本地 Marvell 的網路功能。

And I'm wondering to what extent as your customers are coming to you for semi-custom solutions, are they asking you to deliver solutions to them that are a mix of 2 or more of those kind of different capabilities.

我想知道當您的客戶向您尋求半客製化解決方案時，他們是否要求您向他們提供混合了兩種或多種不同功能的解決方案。

And so that would be the question for your customers as well as like how you're thinking about delivering a complete optimized computing solution on the merchant side.

因此，這將是您的客戶面臨的問題，以及您如何考慮在商家方面提供完整的最佳化計算解決方案。

And maybe as part of that, could you just -- as you have embraced the semi-custom model, can you share with us your view, like what does Marvell look like, pick the time, 3, 5, 10 years down the line?

也許作為其中的一部分，當您已經接受了半定制模式時，您能否與我們分享您的觀點，例如 Marvell 是什麼樣子，選擇一個時間，3 年、5 年、10 年以後？

What is a merchant model versus a semi-custom model?

什麼是商家模式與半客製化模式？

What -- how do your revenues split along those dimensions?

你的收入如何在這些維度上分配？

Sure.

當然。

Yes, Mark, I think you highlighted it well.

是的，馬克，我認為你很好地強調了這一點。

There's a pretty incredible set of assets inside the company now that I would argue is very unique in terms of all of these being under one roof.

現在公司內部有一套非常令人難以置信的資產，我認為就所有這些資產都在一個屋簷下而言，它們是非常獨特的。

I would actually add, there's even more.

我實際上想補充一點，還有更多。

I think you gave 3 great examples.

我認為你舉了 3 個很好的例子。

I would say our security IP, storage and I/O.

我想說的是我們的安全 IP、儲存和 I/O。

And you're absolutely right, when we engage in our various business models, whether it's a full custom design or, call it, a semi-custom partnership design with a mix of IP from the customer and ours, every one of those IPs gets put on the table.

你說得完全正確，當我們從事各種業務模式時，無論是完全客製化設計，還是混合了客戶和我們的 IP 的半客製化合作夥伴設計，這些 IP 中的每一個都會獲得放在桌子上。

And we gave an example actually in the prepared remarks about the storage accelerator opportunity, where it's not just a storage product, it's got CPUs, it's got security and it's got some pretty advanced network interfaces, especially when you talk about things like going from NVMe to Ethernet as an example.

我們在關於存儲加速器機會的準備好的評論中實際上給出了一個例子，它不僅僅是一個存儲產品，它有CPU，它有安全性，它有一些非常先進的網絡接口，特別是當你談論像從NVMe 那樣的事情時以乙太網路為例。

So very unique, and it's part of our value prop and the fact also that we can do this under one roof.

非常獨特，這是我們價值支柱的一部分，我們可以在同一個屋簷下做到這一點。

And despite the fact that a lot of these IPs we have or these people we have came from other companies, it's a one Marvell culture in our company.

儘管我們擁有許多 IP 或我們的人員來自其他公司，但這是我們公司的一種 Marvell 文化。

And so when we go and engage, this doesn't look like 12 business units or, oh, there's the Cavium team.

因此，當我們參與時，這看起來不像 12 個業務部門，或者，哦，還有 Cavium 團隊。

I don't know if somebody has to go work with them and there's the Innovium team.

我不知道是否需要有人和他們一起工作，還有 Innovium 團隊。

There's one integrated go-to-market strategy and technology platform, and it's very powerful.

有一個整合的上市策略和技術平台，而且功能非常強大。

And I think it's going to become even more and more relevant.

我認為它會變得越來越重要。

And I would say we don't really think about our business, Mark, at this point between pure merchant, pure semi-custom, pure custom.

我想說，馬克，我們目前並沒有真正考慮我們的業務，介於純商人、純半定制和純定制之間。

I mean there's all these different business models in between.

我的意思是，兩者之間存在著所有這些不同的商業模式。

And even our merchant products, what we're finding, like let me give you an example in storage.

甚至我們的商業產品，我們所發現的，讓我給你一個儲存方面的例子。

We end up doing a fair degree, for example, on our high-end data center class SSD controllers now.

例如，我們現在在高階資料中心級 SSD 控制器上完成了相當程度的工作。

We're doing a fair amount of customization, particularly on the firmware and the software, as an example, for each individual customer that makes it very, very sticky.

我們正在為每個客戶進行大量的定制，特別是在韌體和軟體方面，這使得它非常非常黏。

And occasionally, we'll spend a metal option off and we'll give them a certain feature that they want or need.

有時，我們會放棄金屬選項，並為他們提供他們想要或需要的某些功能。

But yes, in a way, a lot of our business already today is effectively customized in the standpoint that we've really optimized it for the application.

但是，是的，在某種程度上，我們今天的許多業務已經是從我們真正針對應用程式優化的角度來看進行了有效的客製化。

And that could be in the hardware or it could be in the software and the firmware.

這可能是在硬體中，也可能是在軟體和韌體中。

So I think that those lines are fairly blurred now is what I would say, Mark, and I think it's good.

所以我認為這些界線現在相當模糊，馬克，我認為這很好。

I think it enables us to stay flexible, and it's enabling us to win new accounts.

我認為它使我們能夠保持靈活性，並使我們能夠贏得新客戶。

The next question will come from Srini Pajjuri with SMBC Nikko Securities.

下一個問題將由 SMBC Nikko Securities 的 Srini Pajjuri 提出。

Matt, a couple of clarifications actually.

馬特，實際上有一些澄清。

First, on the pricing, I think you mentioned that you've implemented some pricing actions to offset the higher input costs.

首先，關於定價，我想你提到你已經實施了一些定價措施來抵銷更高的投入成本。

I'm just curious where we are in that process and how broadly you're implementing those and to what extent that might be helping the top line as we go into next year.

我只是好奇我們在這個過程中處於什麼位置，以及你們實施這些措施的範圍有多大，以及在我們進入明年時這可能在多大程度上幫助我們實現營收。

And then the second part of the question is obviously a very strong outlook for next year.

問題的第二部分顯然是對明年的非常強勁的前景。

I'm just curious, given your breadth of products and end markets that you participate in, I'm guessing there's probably not going to be much seasonality, but I'd love to hear your thoughts on first half versus second half in terms of how you view the top line playing out next year.

我只是好奇，考慮到您參與的產品和終端市場的廣度，我猜可能不會有太多季節性，但我很想聽聽您對上半年和下半年的看法您如何看待明年的營收情況？

Sure.

當然。

How about this?

這個怎麼樣？

I'll take the first one, and then I'll let Jean talk about the second one.

我先講第一個，然後讓吉恩談第二個。

Yes.

是的。

So on the first one, so let me take you back on pricing.

關於第一個問題，讓我帶您回顧一下定價。

It was about this time a year ago when I got a call from our ops team that said we have some serious issues because we're getting a number of price cost increases from a whole bunch of our different suppliers overseas and what are we going to do?

大約在一年前的這個時候，我接到我們營運團隊的電話，說我們遇到了一些嚴重的問題，因為我們的海外不同供應商的價格成本大幅上漲，我們該怎麼辦？

And this is like, what.

這就像，什麼。

And I spent the month of December negotiating higher cost increases by my supply chain a year ago.

一年前，我花了 12 月的時間來談判我的供應鏈增加的成本。

And we then worked and managed to pass those through earlier than the year.

然後我們努力並設法在今年之前通過了這些項目。

Each time we've secured additional capacities, Srini, we end up, in a lot of cases, having to bear a higher input cost.

斯里尼，每次我們獲得額外的產能時，在許多情況下，我們最終都必須承擔更高的投入成本。

That's been part of the drill as supply has come available.

隨著供應到位，這已成為演習的一部分。

And so I would say that this has been a gradual process.

所以我想說這是一個漸進的過程。

It's gone on throughout the year.

這樣的情況一整年都在持續。

It continues to go on.

它還在繼續。

I think there continues to be inflation in the supply chain.

我認為供應鏈中的通貨膨脹仍在繼續。

And our philosophy has been to be real fair about that, be very partner-oriented, not take advantage of it.

我們的理念是真正公平地對待這一點，以合作夥伴為導向，而不是利用它。

And so while it has flowed through the top line throughout the year, the biggest benefit of the growth we're seeing, it's just the raw demand, the design wins, the value that we're capturing.

因此，雖然它貫穿全年營收，但我們看到的成長的最大好處，只是原始需求、設計獲勝以及我們正在捕獲的價值。

And certainly, there's a slight tailwind on the top line, but it's almost all from demand.

當然，營收略有成長，但這幾乎全部來自需求。

And we certainly see that trend continuing through next year.

我們當然會看到這種趨勢將持續到明年。

Jean, do you want to cover the view of '23?

Jean，你想報道 '23 的觀點嗎？

Yes.

是的。

To just follow what Matt just said, right, next year, we see strong demand across all our end markets.

正如馬特剛才所說，明年，我們將看到所有終端市場的強勁需求。

Frankly, it's a supply constraint when we talk about over 30% revenue growth.

坦白說，當我們談論超過 30% 的收入成長時，這就是供應限制。

That's a supply-constrained outlook of what we're looking at.

這是我們所看到的供應受限的前景。

So the normal seasonality definitely does not apply here.

所以正常的季節性絕對不適用這裡。

We see Q1 sequentially on a very strong Q4 base to increase approaching mid-single digit.

我們預計第一季將在第四季非常強勁的基礎上繼續成長，接近中個位數。

And after Q1, we will see continuous sequential increase.

在第一季之後，我們將看到持續的環比成長。

Supply dynamics is certainly something our team will continue to drive.

供應動態肯定是我們團隊將繼續推動的事情。

But absolutely, if we have more supply, we definitely have more demand.

但絕對的是，如果我們有更多的供應，我們肯定會有更多的需求。

We can ship more products to customers.

我們可以向客戶運送更多產品。

So you should expect we see sequential increase each quarter for the rest of the next year.

因此，您應該預計我們會在明年剩餘時間內看到每個季度的連續成長。

The next question will come from Christopher Rolland with Susquehanna.

下一個問題將由克里斯多福羅蘭和薩斯奎哈納提出。

Fantastic update and quarter.

很棒的更新和季度。

I was going to dig in on the hyperscale custom silicon side as well.

我還打算深入研究超大規模客製化矽方面。

Maybe if you guys could talk about -- in terms of your outlook, your big outlook there, how many of, let's say, the top 7 big hyperscalers are you guys engaging?

也許你們可以談談——就你們的前景而言，你們的遠景，比如說，你們參與了前 7 名大型超大規模企業中的多少家？

And it was kind of touched on, but storage versus networking and optics, where are you guys getting the most interest?

這有點被觸及，但儲存與網路和光學相比，你們最感興趣的是哪裡？

I think you kind of covered that.

我想你已經涵蓋了這一點。

But -- and then finally, this is probably too much to ask for.

但是——最後，這可能是個過度的要求。

But in the past, we've had some NREs associated with these hyperscalers.

但在過去，我們有一些與這些超大規模相關的 NRE。

Are those NREs still coming in?

那些 NRE 還會進來嗎？

Or are you guys on your own?

還是你們自己一個人？

Sure.

當然。

I think on the first question, I would say we're engaged broadly.

我認為關於第一個問題，我想說我們進行了廣泛的接觸。

The opportunity and the activity, though, is primarily centered around the big 4 in the U.S. That's where the technology leadership is.

不過，機會和活動主要集中在美國四大科技公司，而這正是技術領先地位所在。

That's where the thought leadership is.

這就是思想領導力所在。

But we are -- and I think that's where the biggest drivers of our growth are going to come from.

但我們是——而且我認為這就是我們成長的最大推動力。

I think a lot of the others will follow.

我認為其他很多人也會跟著做。

And so I think there's leverage we're going to be able to get from that, but we're very well engaged across the board.

因此，我認為我們能夠從中獲得影響力，但我們在各個方面都非常積極地參與。

And when we say custom, you're right, it's certainly custom compute silicon for different types of workloads and applications but also storage, networking, optics.

當我們說客製化時，你是對的，它肯定是針對不同類型的工作負載和應用程式以及儲存、網路、光學的客製化運算晶片。

It's quite a broad range of technologies that we engage with and security as well.

我們涉及的技術非常廣泛，安全性也是如此。

On the NRE front, that continues to be healthy.

在 NRE 方面，情況仍然健康。

And that's not just a hyperscale story, that's really broad-based across all of our businesses.

這不僅僅是一個超大規模的故事，它在我們所有的業務中都有廣泛的基礎。

And we get actually really good visibility because when we start developing these products, custom, semi-custom, whatever the model is, there's a development agreement that comes with that.

我們實際上獲得了非常好的可見性，因為當我們開始開發這些產品時，無論是客製化的、半客製化的，無論模型是什麼，都會有一個隨之而來的開發協議。

They're milestone-based.

它們是基於里程碑的。

Customer wants to have teeth.

顧客想要有牙齒。

They want to have skin in the game, so do we.

他們希望參與其中，我們也是如此。

So that's typically where the NRE then gets mapped out over a fairly long period in some cases.

因此，在某些情況下，這通常是在相當長的一段時間內制定 NRE 的地方。

So we have a nice road map and a view.

所以我們有一個很好的路線圖和視圖。

And Jean's team actually does a great job of being able to forecast the NRE and manage it, and it continues to grow.

事實上，Jean 的團隊在預測 NRE 和管理 NRE 方面做得非常出色，而且它還在持續成長。

That's part of the leverage that we're getting into next year, is the OpEx is going to grow, but also the NRE is going to grow.

這是我們明年要利用的槓桿的一部分，營運支出將會成長，而且 NRE 也會成長。

So that's enabling us to -- we get kind of a double whammy, right, because while we're growing our OpEx and we're hiring people and we're staffing up, we're growing the NRE as well.

因此，這使我們能夠——我們受到雙重打擊，對吧，因為在我們增加營運支出、招募人員和配備人員的同時，我們也在增加 NRE。

And so think of that as this incremental spend we've got that's not completely visible but yet contains very important engineering resource and R&D resource that gets deployed towards high ROI projects that spit out several years later.

因此，我們所獲得的增量支出並不完全可見，但包含非常重要的工程資源和研發資源，這些資源被部署到幾年後推出的高投資報酬率項目。

And so it's a really -- I think it's a virtuous cycle.

所以我認為這是一個真正的良性循環。

And our team has done a really good job of managing that as part of the business model.

作為商業模式的一部分，我們的團隊在管理這一點方面做得非常好。

I would -- on the final kind of example, on the automotive compute design win we talked about, it is heavily funded by R&D -- by NRE, excuse me.

我想——就最後一種例子來說，我們談到的汽車計算設計勝利，它是由研發部門大量資助的——NRE，請原諒。

And again, that's a multiyear project.

再說一次，這是一個多年的專案。

And it's so critical.

這非常關鍵。

I mean you basically can't build a car without it.

我的意思是，沒有它，你基本上無法製造汽車。

So you got to imagine it's going to be really important to have a real significant contract around that and for us to have a significant co-funding to make it happen.

所以你必須想像，圍繞這個問題簽訂一份真正重要的合約是非常重要的，我們需要大量的共同資助來實現這一目標。

So it's a pretty important part of the business model, Chris, and it continues to be healthy.

所以這是商業模式中非常重要的一部分，克里斯，而且它仍然是健康的。

The next question will come from Quinn Bolton with Needham.

下一個問題將由奎因·博爾頓和李約瑟提出。

Matt, you gave us a great outlook through fiscal '23.

馬特，您給了我們 23 財年的美好前景。

But as you looked out beyond fiscal '23, I think you mentioned you see another big step-up in the 5G business at Nokia as the 5-nanometer platform starts to ramp.

但當你展望 23 財年之後的情況時，我想你提到過，隨著 5 奈米平台的開始發展，諾基亞的 5G 業務將出現另一個重大進展。

And I'm just wondering, can you give us a sense, is that step-up really Marvell capturing even greater content on your current share of base station to that customer?

我只是想知道，您能否讓我們了解一下，這一舉措是否真的讓 Marvell 在您當前的基地台份額上為該客戶捕獲了更多內容？

Or do you think your 5-nanometer platform is allowing you to grab greater share at that customer as the 5-nanometer platforms ramp?

或者，您認為隨著 5 奈米平台的發展，您的 5 奈米平台能讓您在該客戶中獲得更大的份額嗎？

Okay.

好的。

Let me give you a broader answer and then I'll dive into the 5G.

讓我給你一個更廣泛的答案，然後我將深入探討 5G。

So just as you think about the growth from fiscal '23 next year to fiscal '24, the biggest overall growth actually in step-up is in the cloud.

因此，正如您考慮明年 23 財年到 24 財年的成長一樣，實際上最大的整體成長是在雲端運算中。

And you remember, Quinn, at the Investor Day, we outlined this sort of very strong design win activity we had, which was going to result in the $400 million incremental revenue in fiscal '24 from cloud and then going to doubling again the year after.

你還記得嗎，Quinn，在投資者日，我們概述了我們進行的這種非常強大的設計獲勝活動，這將導致24 財年來自雲端的4 億美元增量收入，然後在第二年再次翻倍。

So that -- when you think of a step-up, that's where that's coming from.

所以，當你想到升級時，這就是它的來源。

5G is also kind of right behind, and that's going to be very strong as well.

5G 也緊隨其後，而且也將非常強勁。

And to your point, one of our key partners and customers there is Nokia, as you mentioned.

就您而言，正如您所提到的，我們的主要合作夥伴和客戶之一是諾基亞。

That in 5-nanometer is where we not only support them on their ambitions around baseband but also on the CPU side and transport processing side.

在 5 奈米領域，我們不僅支持他們在基帶方面的雄心壯志，而且還在 CPU 方面和傳輸處理方面提供支援。

And so that is content gain.

這就是內容增益。

That is new for us that starts at that time.

這對我們來說是新的，從那時開始。

That's all been planned.

這一切都是計劃好的。

That's been all kind of going well and tracking to what we thought.

一切進展順利，並符合我們的想法。

But I thought it was important to note that the timing around that and highlight that we have more legs even in 5G beyond next year because that will just really be the first full year of production there.

但我認為重要的是要注意這一點，並強調即使在明年之後的 5G 領域我們也有更多的優勢，因為那將是真正的第一個完整的生產年。

So actually, we won't even peak for years after.

所以實際上，我們甚至在幾年後都不會達到頂峰。

So really strong outlook on cloud and 5G in fiscal '24 and beyond.

因此，24 財年及以後的雲和 5G 前景非常強勁。

And then, of course, you got the automotive story layering in and all that drives a lot of goodness in the model.

然後，當然，你會得到汽車故事的分層，以及所有推動模型中許多優點的東西。

The next question will come from Toshiya Hari with Goldman Sachs.

下一個問題將由高盛的 Toshiya Hari 提出。

Congratulations on the very strong results.

祝賀取得了非常強勁的成果。

Matt, I wanted to ask about the enterprise networking business.

馬特，我想問企業網路業務。

You talked a little bit about your share growth in Ethernet, I believe.

我相信，您談到了您在乙太網路領域的份額成長。

I was hoping you could elaborate on that a little bit.

我希望你能詳細說明一下。

What's driving the success?

是什麼推動了成功？

And if you can speak to sustainability there.

如果你能談談那裡的可持續性。

And then as my second part, again, sticking to enterprise networking.

然後，作為我的第二部分，再次強調企業網絡。

I think all of us appreciate the secular nature of your business in data center and 5G and auto and industrial.

我想我們所有人都欣賞你們在資料中心、5G、汽車和工業領域的業務的世俗性。

I guess enterprise networking is perhaps at least on a relative basis, a little bit more cyclical in nature.

我想企業網路至少在相對基礎上可能是週期性的。

With the business growing kind of in the 50% to 60% range year-over-year, how should we think about sustainability of growth as we transition into 2022?

隨著業務年增 50% 至 60%，我們在過渡到 2022 年時應該如何考慮成長的可持續性？

Sure.

當然。

Yes.

是的。

So maybe I'll answer it in 2 pieces.

所以也許我會分成兩個部分來回答。

The first is you're probably asking is, well, what happened?

您可能會問的第一個問題是，發生了什麼事？

Why?

為什麼？

How did you guys do this?

你們是怎麼做到的？

And I think if you look back, we've had a commitment to enterprise, okay, from day 1 when I became CEO.

我認為，如果你回顧過去，從我成為執行長的第一天起，我們就對企業做出了承諾。

We never milked the cow.

我們從來沒有擠過乳牛的奶。

We never took this market for granted.

我們從來沒有認為這個市場是理所當然的。

We -- and most of this growth, as you noted, is organic Marvell, right?

正如您所指出的，我們以及大部分成長都是 Marvell 的有機成長，對吧？

So this comes from our Ethernet switch team, which really focused on leadership products, latest process node, very strong software capability from our switch business unit and a real focus on the enterprise market, in new products and new product development, product definition.

這來自我們的乙太網路交換器團隊，他們真正專注於領先產品、最新的製程節點、我們交換器業務部門非常強大的軟體能力，以及真正專注於企業市場、新產品和新產品開發、產品定義。

So that had a huge benefit that started 3 or 4 years ago and now those designs are ramping.

因此，從三、四年前開始，這帶來了巨大的好處，現在這些設計正在加速發展。

The second is in our Ethernet PHY transceiver business.

第二個是我們的乙太網路 PHY 收發器業務。

We've also moved that from being a technology laggard to a technology leader in Ethernet PHY.

我們也從乙太網路 PHY 領域的技術落後者轉變為技術領導者。

And we also did an acquisition of Aquantia, which was a relatively small company when we bought it.

我們也收購了 Aquantia，我們收購時它是一家相對較小的公司。

But when we put the 2 teams together, the combined share that we've been able to drive has been very significant.

但當我們將兩支團隊放在一起時，我們能夠推動的綜合份額非常可觀。

And the road map, we were able to accelerate dramatically.

就路線圖而言，我們能夠大幅加速。

That's one of our product areas as an example that we're driving to 5-nanometer, okay?

這是我們的產品領域之一，我們正在推動 5 奈米技術的發展，好嗎？

And then that has all kinds of integration opportunities.

然後就有各種整合機會。

So customers like the road map.

所以客戶喜歡路線圖。

They like the team.

他們喜歡團隊。

They like the story.

他們喜歡這個故事。

And that's now showing up.

現在這一點已經顯現出來了。

And certainly, the enterprise market is not growing at 50% a year.

當然，企業市場的年增率不會達到 50%。

So you have to draw your conclusion.

所以你必須得出你的結論。

There's been certainly a share shift as customers have adopted our solutions.

隨著客戶採用我們的解決方案，份額肯定會發生變化。

And we do believe that this business is going to continue to grow.

我們確實相信這項業務將繼續成長。

It will grow next year.

明年它會成長。

It may not grow on the annualized basis at 50% because you're going to start lapping at some point and we're coming off of a relatively low point from last year.

它可能不會以 50% 的年化成長率成長，因為你將在某個時刻開始圈速，而我們正從去年的相對低點走出來。

But also remember, our content has gone up on each of these generations as multi-gig Ethernet becomes much more prevalent and especially as enterprises are spending again and implementing WiFi 6, which requires high-speed wired Ethernet connections at multi-gigabit we're seeing switch ports go up on multi-gig, which has our 5 attached to it plus our switches.

但也要記住，隨著多千兆位元乙太網路變得更加普遍，特別是當企業再次投入資金並實施WiFi 6 時，我們的內容在每一代中都有所增加，這需要多千兆位的高速有線乙太網路連接，我們看到交換器連接埠在多千兆位元上增加，其中連接了我們的 5 個連接埠以及我們的交換器。

So there's also a content story here, Toshi.

所以這裡還有一個內容故事，Toshi。

So I wouldn't exactly say, well, enterprise is like a low single-digit grower and eventually, will trend back there.

所以我不會確切地說，企業就像一個低個位數的成長者，最終會回到那裡。

I think between product leadership, share gain and then content increase, enterprise can continue to be a winning business for Marvell.

我認為，在產品領先、份額成長和內容增加之間，企業可以繼續成為 Marvell 的勝利業務。

This concludes our question-and-answer session as well as our conference call for today.

我們今天的問答環節和電話會議到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。