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 財年第三季度收益電話會議。

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

（操作員說明）請注意正在記錄此事件。

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

我現在想將會議轉交給投資者關係副總裁 Ashish Saran 先生。

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 財年第三季度財報電話會議。

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

今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官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層目前的預期存在重大差異。

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.

請查看我們今天向美國證券交易委員會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，以及我們最近提交的 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.

在我們今天的電話會議中，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 財務指標之間的對賬。

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 財年第三季度業績包括 Innovium 業務在該財季 25 天內的業績。

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數據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，我們在 2021 年 8 月 26 日為 2022 財年第三季度提供的指導並未包含在（聽不清）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.

今天提供的 2020 財年第四季度財務展望包括第四季度收購的 Innovium 業務的預期結果。

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

有了這個，我會把電話轉給馬特，讓他對我們的表現發表評論。

Matt?

馬特?

Thanks, Ashish, and good afternoon, everyone.

謝謝，Ashish，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度的公認會計原則結果。

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，高於我們指引的高端，是 Marvell 的又一創紀錄成就。

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 經營虧損為 3300 萬美元，每股攤薄虧損為 0.08 美元。

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

收入環比增長 13%，同比增長 61%，較本財年上半年有所加速。

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發展勢頭，收入環比增長和同比增長。

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

我們的數據中心、運營商、企業網絡和汽車工業終端市場均實現了創紀錄的收入，表現高於預期。

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

出色的運營和財務執行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.

我們的運營團隊繼續在採購增量供應方面做得很好，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.

第三季度的供應好於預期，我們預計隨著我們進入第四季度和明年，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增長，到目前為止，需求的增長已經超過了供應的增長。

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

繼續我們本季度的非公認會計原則結果。

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%.

非美國通用會計準則營業利潤率也達到創紀錄的 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.

更高的收入加上更高的毛利率推動非公認會計準則每股收益達到 0.43 美元，比指導中點高出 13%，同比增長 72%，這代表了收益的驚人增長。

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，我為我們整個 Marvell 團隊在推動如此強勁的業績方面的出色執行感到非常自豪。

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

現在讓我繼續討論我們的 5 個終端市場，從數據中心開始。

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.

在我們的數據中心終端市場，第三季度的收入為 5 億美元，環比增長 15%，同比增長 109%，超出了我們的預期。

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

在雲客戶強勁需求的推動下，獨立的 Marvell 業務和收購的 Inphi 業務均實現了強勁增長。

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

我會注意到，我們的本地數據中心業務也連續和同比增長。

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

數據中心是我們最多樣化的終端市場，擁有多個產品線，有助於收入連續增長。

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 千兆位 PAM4 光電器件、數據中心互連 ZR 模塊、SSD 和 HDD 控制器、雲優化 SoC 和以太網交換機。

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，這些產品線中的大多數也受益於新產品的啟動，我們預計這將繼續推動持續增長。

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 DIY 控制器直接面向一級雲客戶的強勁增長。

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，您在投資者日聽說過，Marvell 已經贏得了大量增量雲優化芯片設計，這些設計現在正在開發中。

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，雲優化矽參與的設計獲勝漏斗和活動水平繼續加速，我們最近通過我們的存儲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.

在我們的投資者日，我們為我們的存儲業務和雲存儲加速器討論了這個價值 5 億美元的新市場，並披露了我們與雲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，重要的存儲合作夥伴鎧俠最近宣布其 NVMe over Fabric SSD 的生產可用性，該產品也將使用我們的存儲加速器。

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 用於為人工智能、機器學習和高性能計算等應用設計的以太網束閃存系統。

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

鎧俠固態硬盤通過集成 Marvell 存儲加速器使用以太網本地連接到網絡結構，將 NVMe 轉換為 25 Gb 以太網。

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逐漸成形，多個客戶開始採用我們的存儲加速器。

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，將他們的雲優化交換機添加到我們廣泛的數據中心產品組合中。

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始人兼首席技術官 Punit Argawal 和研發團隊成為 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，我們合併的交換機業務現在已做好準備，成為數據中心以太網交換機的強大供應商，我們看到 Marvell 在這個高速增長的市場中擁有難以置信的機遇。

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.

我們預計對 Innovium 的收購將在下一財年帶來 1.5 億美元的增量收入，因為我們將轉向他們在收購之前贏得的大型一級雲客戶。

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.

我們還期待支持更多的雲客戶，例如 LinkedIn，他們正在使用 Sonic 網絡操作系統在多個數據中心部署 Innovium 基於 Terralink 的交換機。

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

Sonic 是一個開放的網絡操作系統，它為雲客戶提供了更多的選擇和互操作性以及擴展能力。

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

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

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

繼續我們對第四財季數據中心終端市場收入的預期。

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

與第三季度類似，我們預計雲客戶將在廣泛的產品中再次表現強勁。

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.

我們預計數據中心收入將比一年前增加一倍以上，我們預計第四季度的連續增長率將達到兩位數。

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.

我們對從雲終端市場看到的實力感到滿意，我們預計這仍將是 Marvell 持續增長的強大驅動力。

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.

隨著時間的推移，我們也對另一個增長階段的巨大潛力感到興奮，因為 Facebook 等大型虛擬環境正在使用他們的元宇宙開始獲得牽引力。

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，雖然我將使用元宇宙作為本次討論的一般描述，但我們期望由廣泛的公司和生態系統支持許多不同的虛擬環境實現。

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，與當前主要是二維的互聯網相比，數據集都將呈指數級增長，並且延遲需要極低才能真實地模擬真實世界的環境。

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，我們預計元界將顯著加速一些關鍵趨勢，這些趨勢今天已經在雲中出現，包括需要在安全環境中存儲大量數據，通過高速光電鏈路連接到自定義計算引擎。

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

這一下一級的大規模擴展使元界成為 Marvell 目前啟用的雲優化矽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.

這與我們已經在計算、存儲、安全、網絡、高速電光和定制方面開發的核心能力完美契合，這些能力推動了我們目前的成功。

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 也有可能成為 5G 的殺手級應用，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.

多個雲客戶已經與我們合作，他們開始設計下一代數據基礎架構的架構，以實現更豐富的虛擬應用程序和體驗。

Turning now to our carrier infrastructure end market.

現在轉向我們的運營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.

第三季度收入為 2.15 億美元，環比增長 9%，同比增長 28%，超出我們的預期。

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

我們的 5G 產品在多個客戶中的推廣推動了增長。

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

我們還能夠改善有線業務的供應，以實現連續增長。

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

展望第四季度，我們預計我們的 5G 業務將連續增長約 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，我們預計我們在無線和有線終端市場的綜合運營商基礎設施收入將按百分比在低位連續增長，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 業務的發展令人興奮，我們預計隨著全球 5G 採用率持續增長，以及我們已經贏得但尚未開始加速的設計帶來的 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.

繼續我們的企業網絡終端市場。

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.

第三季度收入為 2.47 億美元，環比增長 11%，同比增長 56%，其中大部分增長來自獨立的 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.

這一表現明顯好於我們的預期，因為我們的運營團隊在確保額外供應方面做得非常出色，以更好地滿足對我們產品需求的增長。

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.

從產品的角度來看，第三季度繼續強勁的同比增長主要是由 Marvell 的以太網網絡產品組合推動的。

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.

我們在企業以太網交換機平台以及合併的 Marvell 和 Quantify 產品組合中進行了非常慎重的投資，從而獲得了份額並從中受益。

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

此外，由於多千兆以太網採用率的增加，我們的內容一直在增長。

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%.

展望我們的企業網絡終端市場的第四季度，我們預計收入將按百分比連續增長在中低個位數，預計同比增長將保持在 60% 左右的強勁勢頭。

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.

我們預計這一強勁增長將由 Marvell 產品的持續份額增長以及企業網絡終端市場的持續復甦推動。

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.

在我們汽車業務持續增長的推動下，第三季度的收入為 6700 萬美元，環比增長 16%，同比增長 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.

我很高興地報告，我們的團隊現在已經推動我們的汽車業務在第三季度達到超過 1.4 億美元的年化收入運行率，超出了我們之前的預期。

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 OEM 更快地採用我們的以太網解決方案，他們優先生產其最新車型，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.

我們有信心在未來幾年內從我們的汽車以太網業務中獲得數億美元的收入流。

Looking beyond connectivity.

超越連接性。

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計算。

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能化，在完全網絡化的環境中具有嵌入式安全和車載存儲。

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.

與優化芯片和雲的興起類似，汽車原始設備製造商意識到，為了使他們的產品與眾不同並為客戶提供最大的價值，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計算芯片中。

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[海洋]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，包括福特和大眾汽車，談到了他們專注於開發內部芯片設計專業知識、定制現成計算的願望以及他們為自動駕駛汽車設計和開發自己的轉變的意圖。

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優化芯片的成功戰略類似，我們相信我們的共同開發業務模式和豐富的 IP 組合同樣對汽車 OEM 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，專注於他們平台的專有部分，Marvell 將我們自己獨特的計算、安全、以太網網絡和存儲矽 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.

最終解決方案是一種半定制設計，它代表了兩全其美，使我們的客戶能夠實現他們的抱負並保持對他們的路線圖的控制。

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.

通過這樣做，他們不僅可以通過更快的上市時間來保持差異化，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增長的汽車業務中越來越重要的一部分，為我們非常成功的以太網連接解決方案增添了新的元素。

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.

鑑於我們產品組合的擴大，我很高興地介紹 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和數千兆位以太網交換機和 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.

在我們的投資者日，我們討論了基於我們的 OCTEON Bright Line 平台的第一次重大汽車計算勝利。

The semi-custom design is now in development.

半定制設計現在正在開發中。

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

我們看到與其他汽車原始設備製造商（包括傳統和新市場進入者）的計算相關活動顯著增加。

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

我期待著向您介紹我們在 Marvell 這一令人興奮的新長期增長支柱方面取得的進展。

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.

我們預計強勁的收入增長將繼續。

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

我們預計兩位數的連續增長百分比和同比增長將保持在 100% 以上。

Moving on to our consumer end market.

繼續我們的消費端市場。

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

第三季度收入為 1.83 億美元，環比增長 10%，同比增長 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，我們預計收入將在百分比基礎上以低個位數連續增長，在百分比基礎上實現兩位數的同比增長。

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 控制器推動的強勁增長，我們的目標是差異化、粘性、長壽命和高 ROI 應用，例如游戲機。

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，我們在第三季度取得了非常強勁的業績，我們預計這種勢頭將在第四季度和明年繼續。

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 業務都在全力以赴。

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 業務實現了接近 30% 的強勁同比收入增長。

The Inphi business performed even better.

Inphi 業務表現更好。

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.

我們第四季度收入指導的中點意味著這些業務中的每一個都具有類似的約 30% 的同比增長率。

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.

我們為這些結果和第四季度的增長前景感到自豪，這遠高於我們 15% 至 20% 複合年增長率的長期收入增長目標的高端。

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，確保增長能力仍然是我們運營團隊的重中之重。

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，我們正在與客戶一起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增長。

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，我們預計需求將保持在我們長期目標模型的高端之上。

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

因此，我們預計 Marvell 的收入將持續強勁增長。

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 億美元的基數來看，我們預計 Marvell 和 Inphi 的合併業務將在 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，我們預計 2023 財年將額外增加 1.5 億美元的收入，這將來自對 Innovium 的收購。

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

我們也對 2023 財年以後的增長設置感到興奮。

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，這些市場總體預計將以 13% 的複合年增長率增長。

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，我們有許多增長動力，我們預計這將導致我們的收入增長快於我們的終端市場。

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

我們討論了我們對從新設計獲勝斜坡開始增加收入的預期。

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.

我們更新了對雲優化芯片設計獲勝收入的預期，到 2024 財年將增至 4 億美元，比之前的預測提前一年。

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

預計這些勝利將在 2025 財年進一步增加一倍至 8 億美元的收入。

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 方面，從 2024 財年開始，當我們開始將 5 納米 OCTEON 嵌入式處理器加入諾基亞的 5G 基站時，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.

在同一時間範圍內，我們的汽車以太網連接業務預計將在每年推動收入超過 5 億美元方面取得重大進展，我們的電光 PAM、相干和 ZR 產品組合也預計將保持高增長軌跡。

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都取得了強勁的業績，但我們相信我們仍處於 Marvell 持續高增長期的早期階段，我們期待著從我們所做的投資中獲益在過去的幾年裡，在我們的業務中。

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

有了這個，我將把電話轉給讓，以了解我們最近的結果和前景的更多細節。

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.

我將從回顧我們第三季度的財務業績開始，然後提供我們對 2022 財年第四季度的當前展望。

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.

第三季度收入為 12.11 億美元，超過了我們指導範圍的高端，環比增長 13%，同比增長 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 增加了大約 500 萬美元的收入，這在我們第三季度的原始指導中沒有考慮到。

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

我們所有 5 個終端市場的收入增長強勁。

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

數據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%.

企業網絡位居第二，佔總收入的 20%，其次是運營商基礎設施，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 庫存增加成本的剩餘最終頭寸。

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.

非美國通用會計準則毛利率為收入的 65.1%，超過了我們指導範圍的高端，主要是由於終端市場收入組合好於預期。

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

特別是，我們企業網絡終端市場的收入明顯好於我們的指引。

GAAP operating expenses were $621 million.

GAAP 運營費用為 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 運營費用為 3.71 億美元，其中包括 25 天的 Innovium 運營費用約 500 萬美元。

Our GAAP operating loss was $33 million.

我們的 GAAP 經營虧損為 3300 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.

非美國通用會計準則營業利潤為 4.8 億美元，佔收入的 34.5%，創歷史新高，表明我們的運營模式具有強大的槓桿作用，同時我們繼續投資以實現長期收入增長。

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

第三季度，GAAP每股攤薄虧損為0.08美元。

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

攤薄後每股非 GAAP 收入為 0.43 美元，比我們指引的高端高 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.

在強勁的收入增長勢頭以及毛利率和營業利潤率的執行推動下，每股收益環比增長 26%，同比增長 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.

本季度，運營現金流為 2.65 億美元。

We returned $50 million to shareholders through cash dividends.

我們通過現金股息向股東返還了 5000 萬美元。

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

我們在第三季度償還了 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.

我們的總債務與 EBITDA 比率為 3 倍，淨債務與 EBITDA 比率為 2.7 倍。

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

第三季度末的庫存為 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.

7,100 萬美元的庫存餘額來自 Innovium，其中包括 4,200 萬美元的採購價格核算成本。

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中攤銷這一增加成本。

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增長。

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 團隊的執行異常出色，實現了加速的收入增長和盈利增長，遠快於收入增長。

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

現在轉向我們對 2022 財年第四季度的指導。

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

請注意，本指南包括整個季度 Innovium 業務的預期結果。

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 億美元的範圍內，正負 3%。

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

我們預計我們的 GAAP 毛利率在 47.9% 至 49.8% 之間。

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

我們預計我們的非公認會計原則毛利率將約為 65%。

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

我們預計我們的 GAAP 運營費用在 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.

我們預計我們的非公認會計準則運營費用將在 390 美元至 3.95 億美元之間，其中包括整個季度收購的 Innovium 業務的約 1500 萬美元的運營支出。

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.

這一前景還反映了投資的增加，以支持我們推動整個業務的收入加速增長，包括推出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，鑑於我們強勁的運營業績遠高於我們的計劃，我們將增加更多的獎金工作人員。

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 OpEx 往往會從本財年第四季度開始按百分比順序增長高個位數。

We expect non-GAAP tax rate of 5%.

我們預計非 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.

我們預計我們的基本加權平均流通股為 8.44 億股，我們的稀釋加權平均流通股為 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 每股收益在低端每股虧損 0.03 美元到高端每股攤薄收益 0.04 美元的範圍內。

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

我們預計非公認會計準則每股攤薄收益在 0.48 美元上下 0.03 美元的範圍內。

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劃發表一些方向性的評論。

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.

正如馬特之前提到的，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 財年的收入增長超過 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增長，我們計劃適當提高投資水平，將 2022 財年第四季度運營支出指導的中點年化，其中包括整個期間的 Inphi 和 Innovium，這意味著 15.7 億美元基準運營支出運行率。

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.

從這個基線開始，我們計劃在 2023 財年實現運營支出的高個位數百分比增長，大大低於我們的收入增長。

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.

我們增加了支出以執行重大的設計勝利，並繼續推動工藝技術的領先地位，並在我們在投資者日討論的 300 億美元的巨額資金中積極尋求不斷增長的新設計獲勝機會。

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和可持續的長期收入增長，並在 2023 財年及以後實現比收入增長更快的盈利增長。

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

接線員，請開線並公佈問答說明。

Thank you.

謝謝你。

(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的 Blayne Curtis。

Great results.

偉大的結果。

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.

我知道您將獲得大量供應，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?

那麼你能談談這個，也許也只是針對企業領域嗎？

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拍，而你認為它會失敗。

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

因此，就您認為它會失敗的原因而言，請刷新我的記憶。

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.

你說你正在簽署長期協議。

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

你認為你會在什麼時候擺脫這種供應限制？

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，我認為您提出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量大幅赶超的結果。

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

所以在供應方面，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，我們面臨著滿足這一前所未有的需求的挑戰。

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

我很自豪地說，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.

所以有幾個因素：第一，我們已經推動了我們運營團隊的相當大的轉型。

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 個月中真正參與供應鏈的戰略性質。

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，他們真的在押注我們，他們押注在 Marvell 身上。

That's helped a lot.

這有很大幫助。

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

這只是團隊的強大執行力。

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.

所以當你把所有的東西加起來時，真正發生的事情是，Blayne，需求一直非常非常強勁，甚至一直持續到現在。

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

這真的是一個供應追趕的故事。

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.

但老實說，我們還沒有真正解決那些未完成的積壓工作。

So it's a 2-edged sword.

所以它是一把兩刃劍。

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，需求繼續非常強勁，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.

但可以肯定的是，我們將在第三季度和第四季度取得勝利，這與我們團隊所做的出色工作有關。

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那樣，企業真的是——我們在企業方面有一個非常好的第二季度。

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.

而且我們實際上能夠再次做到這一點-團隊在使供應結束以滿足強勁需求方面做得很好。

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

然後，如果您真正研究第四季度，您就會重新振作起來。

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

實際上，我認為最令人印象深刻的是逐年增長的故事。

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.

幾乎所有這些都是有機的，Blayne，明年還會繼續增長。

Thanks.

謝謝。

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

下一個問題將來自德意志銀行的羅斯·西莫爾。

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

馬特，我想深入了解一下您為 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點。

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

而且您似乎對它的收入增長方面非常有信心。

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.

所以你能不能再詳細談談 - 考慮到你所說的數學，它看起來大約有 56 億美元的收入。

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?

如果我們因為我們都對那裡發生的事情有一個不錯的了解而將 Innovium 排除在外，那麼您能否談談這種增長的最大驅動力將是什麼？

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?

如果發生的事情增加了您對交付能力的信心，無論是供應方即將到來，還是您只是願意更多地談論設計勝利，您在過去的幾次電話中向我們放棄了麵包屑?

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.

首先是我們確實在投資者日闡述了我們的戰略敘述。

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置。

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

其次是當我們展望明年時，我們肯定會看到所有細分市場的需求強度都在持續。

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.

那是數據中心，那是 5G，那是汽車。

It's also enterprise and consumer.

它也是企業和消費者。

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

這些都得到了今天到位的採購訂單的支持。

So the backlog we have is very strong.

所以我們的積壓工作非常強大。

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有機增長背景化，Marvell 增長 30%，Inphi 增長 30-ish 並且有效地繼續這樣投資界明白，這不是短期的衝擊，而是長期持續增長的一部分，我們認為這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 Jean 插話。

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，我們所說的只是採用我們今年將做的 44 億美元的備考，如果您採用我們的第四季度指南的話。

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

我們相信明年我們將增長 30%。

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

然後最重要的是，您將添加 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.

下一個問題將來自美國銀行的 Vivek Arya。

Congratulations on the very strong growth and the execution.

祝賀非常強勁的增長和執行。

I actually wanted to talk about the OpEx side.

我實際上想談談運營支出方面。

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

如果我回顧一下去年，您基本上增加了近 5 億美元的銷售額，而運營支出剛剛增長了約 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.

當我查看您為明年提供的指導時，這也表明該模型的槓桿作用非常強大，息稅前利潤率可以達到 30 多歲。

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

所以我很好奇，Matt 或 Jean，是什麼幫助推動了槓桿作用？

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

您如何在將 OpEx 保持在這些水平的同時增加近 15 億美元的銷售額？

How sustainable is this trajectory of expanding margins?

這種利潤增長軌蹟的可持續性如何？

Sure.

當然。

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

也許我會開始——事實上，你為什麼不開始呢，Jean？

Go ahead.

前進。

Yes, I'll start.

是的，我會開始的。

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所討論的那樣，我們擁有強大的影響力，因為不僅我們的中央工程團隊真正利用了所有不同的終端市場，我們還專注於雲優化的矽解決方案，並與顧客們。

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，如果你看一下研發投資，我們一直在做，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.

所以我想說我們的團隊極大地利用了所有不同先進工藝節點以及不同終端市場的投資。

That helps us tremendously.

這對我們幫助很大。

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

如果你看一下 OpEx 的增長，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，它實際上將達到近 17 億美元。

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

這在很大程度上屬於我們作為長期業務模型所關注的目標模型。

So it's the leverage that helps us tremendously.

所以它是極大地幫助我們的槓桿。

Yes.

是的。

I think that was well said by Jean.

我認為Jean 說得很好。

The next question will come from Timothy Arcuri with UBS.

下一個問題將來自瑞銀的 Timothy Arcuri。

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

瓊，如果不包括 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.

而且你確實談到了很多關於這是 WIP 以及你正在接受 WIP 的事實，因為你認為你可以增長多少。

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

但我想問題實際上在於您對收入的可見性。

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.

我想我很驚訝你能夠建立這麼多的庫存，也許你可以談談拖欠情況是否有所改善。

Yes.

是的。

Actually, we have improved the supply significantly.

實際上，我們已經顯著改善了供應。

However, demand continued to outpace the supply.

然而，需求繼續超過供應。

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

因此，我們並沒有減少我們作為一家公司的拖欠情況。

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，如果您查看 23 財年，我們會看到強勁的需求，我們獨特的產品週期在我們所有的終端市場上實現了顯著的收入增長。

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

所以 30% - 逐年增長超過 30%。

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

事實上，如果我們按季度、季節性地觀察第一季度，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增長，在第四季度非常強勁的指導下接近中個位數。

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，庫存主要是在製品庫存，不僅支持第一季度的收入增長，而且支持第一季度之後的第二季度環比增長，以支持超過 30% 的收入增長。

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

下一個問題將來自瑞士信貸的約翰·皮策。

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.

Matt，您的業務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.

而且我認為，儘管存在一些供應限制，但您對明年的收入增長充滿信心，這是基於您已經獲得了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，你能談談今天的設計流程和設計流程的勢頭，以及你預計明年會如何進展嗎？

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

我的猜測是它會繼續保持強勁，如果不是加速的話。

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，為什麼不只是在結構上提高呢？

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?

但是，您能否讓我們了解一下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.

我認為我的回答是，您是正確的，因為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。

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，設計獲勝漏斗和管道以及關閉率是什麼樣的，比如說，2 年前或 3 年前？

And then what is that translating to?

然後翻譯成什麼？

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，過去 3 年我們的設計獲勝漏斗和關閉率每年都在急劇上升。

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

而今年，我們正步入正軌——我們的銷售團隊正朝著超越創紀錄的設計勝利目標邁進。

So the design wins are growing each year.

因此，設計勝利每年都在增長。

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.

我認為你關於長期的另一個問題，看，我們做了分析師日，我們建立了一個長期模型。

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

從長遠來看，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在短期內，即第三季度、第四季度，以及 23 財年，我們相信甚至超過這個模型，我們可以超越這個模型，我們非常看好我們的業務。

The next question will come from Tore Svanberg with Stifel.

下一個問題將來自 Tore Svanberg 和 Stifel。

Let me echo congratulations.

讓我再次表示祝賀。

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 1 月季度環比增長 30%。

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

你能詳細說明一下是什麼推動了這一點嗎？

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.

我確實知道您有一些新的客戶設計勝利正在加速和內容增長，但特別是當我們從某種區域部署的角度考慮時。

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

您可以與我們分享更多顏色會很棒。

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.

就您的觀點而言，是的，我們在上個季度曾表示並表示我們預計我們的 5G 業務將從第三季度提升到第四季度。

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，對該行業的論文進行了很好的驗證。

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，它主要是由一些主要客戶推出的新產品推動的，特別是在基帶領域，然後是中國以外的地區部署 5G。

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.

所以——我們看到在整個 23 財年，我們的 5G 業務增長非常強勁，因為我們高度多樣化，無論是客戶、客戶服務的地理位置，還是我們擁有的內容，其中大部分仍在我們面前。

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.

如果您考慮一下我們最大的機會之一，那就是運輸處理器領域，我們在幾年前概述了我們贏得的額外客戶。

That's going to ramp in 2023 calendar.

這將在 2023 年日曆中增加。

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.

所以有一個很好的分層效果，Tore，但我會說看到 1 個季度的提升當然很好，但我們肯定會看到從這裡開始的增長。

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

你有美國，你有歐洲，明年印度也有很多樂觀情緒。

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.

下一個問題將來自摩根大通的 Harlan Sur。

Congratulations on the strong results and execution.

祝賀您取得了驕人的成績和執行力。

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

我認為 16 納米現在是一種主力體積技術。

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 納米產品正在強勁增長，您擁有 200 和 400 吉格的 Polaris 和 Porrima PAM4 產品。

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

您擁有用於數據中心互連加速的 Canopus 7 納米 DSP。

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

最重要的是，您的 5 納米管道非常強大。

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

我認為你們在分析師日所說的話，在接下來的 18 個月裡，你們有 20 次錄音。

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

而且我認為該團隊已經對許多不同的 5 納米產品進行了採樣。

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

那麼團隊預計 5 納米收入何時會成為收入組合的重要組成部分？

Is it calendar year '22?

是日曆年'22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?

並且第一個有意義的 5 納米收入將更加專注於雲還是專注於運營商？

Sure, Harlan.

當然，哈蘭。

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你的問題，Marvell 今天在哪裡，你說得對。

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

其中一些示例與某些光學組件等相關。

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

但是我們使用了多種工藝技術。

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?

我認為它通往真正的 5 納米，在那種經典的 Marvell 業務的情況下，我們實際上跳過了 7，對吧？

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

所以對 5 進行了大量投資。這將由運營商在 5G 方面領先。

That's where the initial ramps will occur.

這就是初始斜坡將發生的地方。

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 年日曆上看到 OCTEON 產品在 5 納米上的收入。

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.

它會在 23 和 24 年真正發揮作用。

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.

然後你會看到一些 DPU 產品，然後一大堆其他 5 納米產品在 22-23 時間框架內真正進入市場。

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融合在這 5 個平台上，從存儲到網絡，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 早些時候的問題，我們只是 - 我們從這個流程和技術平台中獲得了巨大的影響力，我們甚至在幾年前的 2020 年投資者日實際上已經闡明了這個流程和技術平台。

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.

相對於有效地管理 OpEx 和能夠流片大量的 5 納米設計，這些設計將持續非常非常長的時間，這確實帶來了好處。

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

但可以肯定的是，它將首先是 5G，然後是運營商。

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，你說的。

So this has got a lot of legs behind it.

所以這背後有很多腿。

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

下一個問題將來自 C.J. Muse 和 Evercore。

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

我想我想在供應方面澄清一下，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，正如您在 23 財年大約 59 億美元以上所指出的那樣，您是說您確保了這一點，然後是一些？

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.

然後您對自動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?

我很想听聽更多，馬特，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性影響？

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，仍然有很多動態的部分，我們面前有很多執行。

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.

這不像是突然供應放鬆了。

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，明年的增長真的只是理解跟上需求。

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持的積壓工作，我們可能無法完全解決。

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

因此，我們也在努力將其作為一種潛力。

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

但我們當然對 30% 的增長感到滿意，而且這種增長率仍在繼續，這確實是我們在第三季度的情況。

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

這就是我們在第四季度的目標。

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

我們要說的是，當您展望明年時，我們預計我們可以繼續以這種速度增長我們的收入。

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

但顯然，我們將努力做得更好。

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

在汽車計算方面，是的，它很新。

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，當我們獲得牽引力時，我們給出了一些初步跡象，然後故事從那裡演變。

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，汽車原始設備製造商圍繞這個主題進行的活動水平在這一點上有點離譜。

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.

我認為有這樣一個 - 幾乎就像 - 有一個複興，CJ，我認為，在我所說的信息娛樂時代，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，你就有了東西就像你車裡的 USB 充電器一樣。

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

您擁有最先進的音頻。

You got touchscreens.

你有觸摸屏。

All this consumer tech went in.

所有這些消費技術都進入了。

That had a big benefit to semiconductor companies.

這對半導體公司有很大好處。

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.

一段時間以來，我們一直在說，現在正在實現的是，以數據為中心的半導體產品和 IP 將成為下一波增長浪潮。

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絡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.

有很多方法可以給貓剝皮，但我們的模型將是獨一無二的，因為我們正在接近它，CJ，與我們在雲市場中所做的非常相似，雲市場正在推出廣泛的 IP 組合，合作夥伴關係面向模型，構建某人想要的東西，如果他們願意，讓他們在上面打上自己的印記，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，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.

下一個問題將來自 Jefferies 的 Mark Lipacis。

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，如果我考慮一下您在這裡匯總的那種資產組合，我認為您具有與 Inphi 的互連能力、與 Cavium 的處理能力、來自 Innovium 的網絡能力和原生 Marvell。

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.

我想知道您的客戶在多大程度上向您尋求半定制解決方案，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.

所以這將是您的客戶以及您如何考慮在商家方面提供完整的優化計算解決方案的問題。

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，您能否 - 當您接受半定制模型時，您能否與我們分享您的觀點，例如 Marvell 的外觀，選擇 3、5、10 年後的時間?

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

什麼是商家模型與半定制模型？

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

什麼——你的收入是如何沿著這些維度分配的？

Sure.

當然。

Yes, Mark, I think you highlighted it well.

是的，馬克，我認為你強調得很好。

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.

現在公司內部有一組非常令人難以置信的資產，我認為這些資產在一個屋簷下是非常獨特的。

I would actually add, there's even more.

我實際上會補充，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.

我會說我們的安全 IP、存儲和 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.

你是絕對正確的，當我們從事各種商業模式時，無論是完全定制設計，還是稱之為半定制合作設計，混合了來自客戶和我們的 IP，這些 IP 中的每一個都得到放在桌子上。

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.

我們在準備好的關於存儲加速器機會的評論中舉了一個例子，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 離開這樣的事情時以以太網為例。

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，它是我們價值支柱的一部分，也是我們可以在一個屋簷下做到這一點的事實。

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.

儘管我們擁有許多這些 IP 或我們的這些人來自其他公司，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，當我們參與進來時，這看起來不像是 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.

我不知道是否有人必須和他們一起工作，還有 Innovium 團隊。

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

有一個集成的上市戰略和技術平台，而且非常強大。

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.

我想說我們並沒有真正考慮我們的業務，馬克，在這一點上，在純商人、純半定制、純定制之間。

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

我的意思是介於兩者之間的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，我們正在尋找的東西，比如讓我給你舉個存儲的例子。

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

例如，我們現在在高端數據中心級 SSD 控制器上最終取得了不錯的成績。

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.

我們正在做大量的定制，特別是在固件和軟件上，例如，為每個客戶進行定制，這使得它變得非常非常具有粘性。

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

有時，我們會取消金屬選項，並為他們提供他們想要或需要的特定功能。

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有效地定制了，因為我們已經為應用程序真正優化了它。

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

這可能在硬件中，也可能在軟件和固件中。

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

所以我認為這些界限現在相當模糊，這就是我要說的，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，並且使我們能夠贏得新客戶。

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

下一個問題將來自 SMBC Nikko Securities 的 Srini Pajjuri。

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，我認為您提到您已經實施了一些定價措施來抵消較高的投入成本。

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，你在多大程度上實施了這些，以及在我們進入明年時，這可能在多大程度上幫助了頂線。

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

然後問題的第二部分顯然是明年的前景非常強勁。

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，鑑於您參與的產品和終端市場的廣度，我猜可能不會有太多的季節性，但我很想听聽您對上半年和下半年的看法您如何看待明年的業績。

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.

我會拿第一個，然後讓 Jean 談談第二個。

Yes.

是的。

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

所以在第一個，所以讓我帶你回去定價。

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?

大約一年前的這個時候，我接到我們運營團隊的電話，說我們遇到了一些嚴重的問題，因為我們從大量不同的海外供應商那裡獲得了一些價格成本上漲，我們將如何應對做？

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，我在 12 月份就我的供應鏈增加了更高的成本進行了談判。

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

然後我們工作並設法在今年早些時候通過了這些。

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

每次我們獲得額外的產能，斯里尼，在很多情況下，我們最終不得不承擔更高的投入成本。

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

這是演習的一部分，因為供應已經到位。

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.

它全年都在進行。

It continues to go on.

它繼續進行。

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

我認為供應鏈中繼續存在通貨膨脹。

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

我們的理念是對此保持真正的公平，非常以合作夥伴為導向，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，雖然它全年都流經頂線，但我們看到的增長的最大好處是原始需求，設計獲勝，我們正在捕捉的價值。

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

當然，頂線有輕微的順風，但這幾乎全部來自需求。

And we certainly see that trend continuing through next year.

我們肯定會看到這種趨勢持續到明年。

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

瓊，你想報導 23 年的觀點嗎？

Yes.

是的。

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

按照馬特剛才所說的，對，明年，我們看到所有終端市場的需求都非常強勁。

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

坦率地說，當我們談論超過 30% 的收入增長時，這是一個供應限制。

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

這是我們正在研究的供應受限的前景。

So the normal seasonality definitely does not apply here.

所以正常的季節性絕對不適用於這裡。

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

我們看到第一季度在一個非常強勁的第四季度基礎上連續增長，接近中個位數。

And after Q1, we will see continuous sequential increase.

而在第一季度之後，我們將看到持續的連續增長。

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，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，您應該期望我們看到明年剩餘時間每個季度的連續增長。

The next question will come from Christopher Rolland with Susquehanna.

下一個問題將來自 Christopher Rolland 和 Susquehanna。

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.

我也打算深入研究超大規模定制矽方面。

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?

也許如果你們可以談談 - 就你們的前景而言，你們在那裡的大前景，比方說，你們參與了多少，比如說，前 7 大超大規模企業？

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

它有點被觸及，但是存儲與網絡和光學，你們最感興趣的是哪裡？

I think you kind of covered that.

我認為你涵蓋了這一點。

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

但是——最後，這可能要求太多了。

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 還進來嗎？

Or are you guys on your own?

還是你們一個人？

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，我想說我們的參與範圍很廣。

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

然而，機會和活動主要集中在美國的四大。這就是技術領先的地方。

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——我認為這就是我們增長的最大驅動力的來源。

I think a lot of the others will follow.

我想很多其他人都會效仿。

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，我認為我們將能夠從中獲得影響力，但我們的參與度非常高。

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.

當我們說定制時，你是對的，它當然是針對不同類型的工作負載和應用程序的定制計算芯片，還包括存儲、網絡、光學。

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

我們參與的技術範圍非常廣泛，安全性也是如此。

On the NRE front, that continues to be healthy.

在 NRE 方面，這仍然是健康的。

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非常廣泛。

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.

而且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，定制的，半定制的，無論模型是什麼，都有一個開發協議。

They're milestone-based.

它們是基於里程碑的。

Customer wants to have teeth.

客戶想要牙齒。

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

他們想在遊戲中佔有一席之地，我們也是。

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 NRE 在相當長的一段時間內被繪製出來的地方。

So we have a nice road map and a view.

所以我們有一個很好的路線圖和一個視圖。

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

Jean 的團隊實際上在預測和管理 NRE 方面做得很好，而且它還在繼續增長。

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，即 OpEx 會增長，但 NRE 也會增長。

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，因為在我們增加運營支出、招聘人員和增加人員的同時，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，將其視為我們所獲得的增量支出，雖然不完全可見，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出現的高投資回報率項目中。

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

所以這真的是——我認為這是一個良性循環。

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

我們的團隊在將其作為商業模式的一部分進行管理方面做得非常好。

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.

我會 - 在最後一個例子中，關於我們談到的汽車計算設計勝利，它由研發提供大量資金 - 由 NRE 提供，對不起。

And again, that's a multiyear project.

再說一次，這是一個多年的項目。

And it's so critical.

它是如此關鍵。

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

我的意思是，沒有它，您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.

因此，您必須想像，圍繞它簽訂一份真正重要的合同以及為我們提供大量共同資助來實現這一點將非常重要。

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

所以它是商業模式的一個非常重要的部分，克里斯，它繼續保持健康。

The next question will come from Quinn Bolton with Needham.

下一個問題將來自 Quinn Bolton 和 Needham。

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

馬特，你在 23 財年給了我們一個很好的前景。

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.

但是，當您展望 23 財年之後，我認為您提到隨著 5 納米平台開始加速發展，諾基亞 5G 業務又出現了一大步。

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，您能否給我們一個感覺，Marvell 是否真的在您當前的基站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?

還是您認為隨著 5 納米平台的興起，您的 5 納米平台可以讓您從該客戶那裡獲得更大的份額？

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，正如您考慮從明年的 23 財年到 24 財年的增長一樣，實際上最大的整體增長是在雲端。

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，奎因，在投資者日，我們概述了我們擁有的這種非常強大的設計獲勝活動，這將導致 24 財年來自云的 4 億美元增量收入，然後在第二年再次翻番.

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，而且也將非常強大。

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

正如您所提到的，就您而言，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 納米製程中，我們不僅支持他們在基帶方面的雄心，還支持他們在 CPU 方面和傳輸處理方面的雄心。

And so that is content gain.

這就是內容增益。

That is new for us that starts at that time.

從那時開始，這對我們來說是新的。

That's all been planned.

這都是計劃好的。

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

這一切進展順利，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圍繞這一點的時間安排，並強調即使在明年之後的 5G 領域我們也有更多的腿，因為那將是那裡真正投入生產的第一年。

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

所以實際上，我們甚至不會在幾年後達到頂峰。

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

因此，在 24 財年及以後，雲和 5G 的前景非常強勁。

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，你得到了汽車故事的分層，所有這些都在模型中帶來了很多好處。

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

下一個問題將來自高盛的 Toshiya Hari。

Congratulations on the very strong results.

祝賀你取得了非常好的結果。

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

馬特，我想問一下企業網絡業務。

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

我相信您談到了您在以太網中的份額增長。

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.

如果你能在那裡談論可持續性。

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

然後作為我的第二部分，再次堅持企業網絡。

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

我認為我們所有人都欣賞您在數據中心和 5G 以及汽車和工業領域的業務的長期性。

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

我想企業網絡可能至少在相對的基礎上，在本質上更具週期性。

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?

隨著業務同比增長 50% 到 60%，我們應該如何考慮在過渡到 2022 年時增長的可持續性？

Sure.

當然。

Yes.

是的。

So maybe I'll answer it in 2 pieces.

所以也許我會分兩部分回答。

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

首先你可能會問，嗯，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，如果你回頭看，我們從我成為 CEO 的第一天起就對企業做出了承諾。

We never milked the cow.

我們從來沒有擠過奶牛。

We never took this market for granted.

我們從不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——而且大部分增長是有機的 Marvell，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.

所以這來自我們的以太網交換機團隊，他們真正專注於領先的產品、最新的工藝節點、我們交換機業務部門非常強大的軟件能力以及真正關注企業市場、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 3 或 4 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.

第二個是我們的以太網 PHY 收發器業務。

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

我們還將其從技術落後者轉變為以太網 PHY 的技術領導者。

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

我們還收購了 Aquantia，當我們收購它時，它還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.

但是，當我們將 2 個團隊放在一起時，我們能夠推動的合併份額非常重要。

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

路線圖，我們能夠顯著加速。

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 納米，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.

他們喜歡這個團隊。

They like the story.

他們喜歡這個故事。

And that's now showing up.

現在出現了。

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

當然，企業市場並沒有以每年 50% 的速度增長。

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，份額肯定發生了變化。

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增長。

It will grow next year.

明年會增長。

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% 的年化增長率增長，因為您將在某個時候開始研磨，而我們正在擺脫去年的相對低點。

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.

但也請記住，隨著多千兆以太網變得更加普遍，尤其是隨著企業再次支出並實施 WiFi 6，我們的每一代內容都在增加，這需要高速有線以太網連接。看到交換機端口在 multi-gig 上增加，其中連接了我們的 5 個以及我們的交換機。

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增長者，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、份額增加和內容增加之間，企業可以繼續成為 Marvell 的贏家。

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

我們的問答環節以及今天的電話會議到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。