邁威爾科技 (MRVL) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Marvell Technology's Fiscal Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Vice President of Investor Relations. Please go ahead.

下午好，歡迎參加 Marvell Technology 的 2022 財年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係副總裁 Ashish Saran 先生。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's Second Quarter Fiscal Year 2022 Earnings Call. Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2022 財年第二季度財報電話會議。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. 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. We do not intend to update our forward-looking statements.

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

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。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。

As discussed during the prior quarter's earnings call, we have implemented a change in how we report revenue. Starting with the second quarter of fiscal 2022, we have started to report revenue by our 5 end markets. In our earnings press release we issued earlier today, we have provided historical end market revenue data by quarter, starting with the second quarter of fiscal 2020. In this press release, we have also provided revenue results by product group. Going forward, we intend to only report revenue by end market.

正如上一季度財報電話會議所討論的，我們已經改變了我們報告收入的方式。從 2022 財年第二季度開始，我們開始按 5 個終端市場報告收入。在我們今天早些時候發布的收益新聞稿中，我們按季度提供了歷史終端市場收入數據，從 2020 財年第二季度開始。在本新聞稿中，我們還按產品組提供了收入結果。展望未來，我們打算僅按終端市場報告收入。

In today's call, Matt will comment briefly on our revenue performance by product group for the second quarter, before transitioning most of his discussion to our results and expectations for each of our 5 end markets.

在今天的電話會議中，馬特將簡要評論我們第二季度按產品組劃分的收入表現，然後將他的大部分討論轉移到我們對 5 個終端市場中的每一個的結果和預期上。

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

有了這個，我將把電話轉給馬特，讓他對我們的表現發表評論。馬特?

Thanks, Ashish, and good afternoon, everyone. I'll start with a summary of our second quarter GAAP results. Revenue was $1.076 billion. GAAP gross margin was 34.6%. GAAP operating loss was $267 million. And loss per diluted share was $0.34.

謝謝，Ashish，大家下午好。我將從對我們第二季度 GAAP 業績的總結開始。收入為 10.76 億美元。 GAAP 毛利率為 34.6%。 GAAP 經營虧損為 2.67 億美元。攤薄後每股虧損為 0.34 美元。

Building on the strong results we delivered in Q1, our second quarter results, which include a full quarter of Inphi, were equally robust driven by strength in our diversified end markets and continued focus on operational excellence. Revenue for the second quarter exceeded the midpoint of our guidance and grew 29% sequentially and 48% year-over-year.

基於我們在第一季度取得的強勁業績，我們的第二季度業績（包括整個季度的 Inphi）同樣強勁，這得益於我們多元化終端市場的實力以及對卓越運營的持續關注。第二季度的收入超過了我們預期的中點，環比增長 29%，同比增長 48%。

I'm now going to review our non-GAAP results for the quarter. Non-GAAP gross margin was 64.8%, 80 basis points better than expectations. Non-GAAP operating expenses were lower than expected, and we delivered $331 million in non-GAAP operating income. Revenue, non-GAAP gross margin and non-GAAP operating income were all record achievements for Marvell.

我現在要回顧一下我們本季度的非公認會計原則結果。 Non-GAAP 毛利率為 64.8%，好於預期 80 個基點。非 GAAP 運營費用低於預期，我們實現了 3.31 億美元的非 GAAP 運營收入。收入、非美國通用會計準則毛利率和非美國通用會計準則營業收入都是 Marvell 的創紀錄成就。

Higher revenue, coupled with stronger non-GAAP gross margin and lower OpEx, drove non-GAAP earnings per share to $0.34, $0.03 above the midpoint of guidance. Non-GAAP EPS grew 62% year-over-year. Our non-GAAP operating margin climbed above 30%, demonstrating significant operating leverage in our business model.

更高的收入，加上更強的非公認會計準則毛利率和更低的運營支出，推動非公認會計準則每股收益達到 0.34 美元，比指導中點高 0.03 美元。非美國通用會計準則每股收益同比增長 62%。我們的非公認會計原則營業利潤率攀升至 30% 以上，表明我們的業務模式具有顯著的經營槓桿作用。

In the second quarter, the stand-alone Marvell business delivered solid year-over-year revenue growth in the high teens on a percentage basis, similar to the growth rate we saw in Q1. I'm also pleased with the strength of our Inphi business, which delivered revenue above expectations and was accretive to our non-GAAP earnings in its first full quarter within Marvell.

在第二季度，獨立的 Marvell 業務實現了穩定的同比收入增長，按百分比計算，與我們在第一季度看到的增長率相似。我也對我們 Inphi 業務的實力感到滿意，該業務的收入高於預期，並在 Marvell 的第一個完整季度增加了我們的非公認會計準則收益。

On a product group basis, networking revenue was $702 million, above the midpoint of expectations, and grew 41% sequentially and 73% year-over-year. Storage revenue was $342 million, also above the midpoint of expectations, and grew 13% sequentially and 18% year-over-year. Our storage business, which I would note does not include any contributions from Inphi, is now running at an annualized revenue run rate of approximately $1.4 billion. This business has been growing double digits year-over-year in recent quarters, reflecting its remarkable transformation, from significant PC exposure, to now being focused largely on the data center.

在產品組的基礎上，網絡收入為 7.02 億美元，高於預期中點，環比增長 41%，同比增長 73%。存儲收入為 3.42 億美元，也高於預期中點，環比增長 13%，同比增長 18%。我們的存儲業務（我要注意不包括來自 Inphi 的任何貢獻）現在的年收入運行速度約為 14 億美元。該業務最近幾個季度同比增長兩位數，反映了其顯著的轉變，從大量的 PC 業務到現在主要專注於數據中心。

Based on the significant improvement in the mix of end markets, combined with design wins we have secured for our SSD controllers, HDD controllers and preamps, we expect our storage business to continue to grow strongly over the next several years. Let me now move on to discussing our 5 end markets.

基於終端市場組合的顯著改善，再加上我們為 SSD 控制器、HDD 控制器和前置放大器獲得的設計勝利，我們預計我們的存儲業務將在未來幾年繼續強勁增長。現在讓我繼續討論我們的 5 個終端市場。

I'll start with the recap of the substantial improvements we have driven over the last few years in focusing the company on data infrastructure, which is evident in the historical data we have provided today. As a result of our strategic multiyear transformation, we have significantly increased our exposure to the data center and carrier end markets, which are characterized by long product life cycles, sticky design wins and multigenerational engagements. At the same time, we have substantially reduced our dependence on the consumer market, which tends to be more volatile, with shorter product life cycles.

我將首先回顧一下我們在過去幾年中推動公司專注於數據基礎設施的重大改進，這在我們今天提供的歷史數據中很明顯。由於我們多年的戰略轉型，我們顯著增加了我們在數據中心和運營商終端市場的曝光率，這些市場的特點是產品生命週期長、設計成功和多代參與。與此同時，我們大幅降低了對消費市場的依賴，消費市場往往更加波動，產品生命週期更短。

The consumer market is now only 15% of our total revenue. Factors contributing to this change include significantly higher growth we have driven from the other end markets, our deemphasis on PC, HDD and SSD controllers, and the sale of our Wi-Fi business. In sharp contrast, data center is now our largest end market and at 40% of total revenue, is about twice as large as any of our other end markets. We believe that data center is positioned to become an even bigger part of Marvell over time when we combine our growing market share with the numerous secular growth drivers in this end market.

消費市場現在僅占我們總收入的 15%。促成這一變化的因素包括我們從其他終端市場推動的顯著增長、我們對 PC、HDD 和 SSD 控制器的重視，以及我們的 Wi-Fi 業務的出售。與之形成鮮明對比的是，數據中心現在是我們最大的終端市場，佔總收入的 40%，大約是我們其他終端市場的兩倍。我們相信，當我們將不斷增長的市場份額與該終端市場的眾多長期增長動力相結合時，隨著時間的推移，數據中心將成為 Marvell 更大的一部分。

Over the last few years, data center has become our most diversified end market, with revenue contribution from nearly every Marvell product line. Cloud is the primary growth driver in this end market, and it's exciting to note that cloud now represents more than half of our data center revenue, making cloud, on its own, larger than any of our other 4 end markets.

在過去幾年中，數據中心已成為我們最多元化的終端市場，幾乎所有 Marvell 產品線都為我們貢獻了收入。雲是這個終端市場的主要增長動力，令人興奮的是，雲現在占我們數據中心收入的一半以上，這使得云本身就比我們其他 4 個終端市場中的任何一個都要大。

We have grown our data center business through organic investment in our nearline HDD controllers and preamps, SSD controllers as well as significant M&A. We added Cavium's LiquidIO and LiquidSecurity DPUs, which have been adopted by multiple cloud customers. The Avera acquisition added a custom ASIC platform, which we coupled with Marvell's leading standard product IP. This has proven to be extremely compelling to hyperscale customers who are building custom hardware to deploy incredibly efficient and optimized infrastructure. We recently added Inphi's market-leading electro-optics portfolio for high-speed connectivity, both within and between cloud data centers. Finally, the proposed acquisition of Innovium will add their cloud-optimized Ethernet switches to our data center portfolio of products.

我們通過對近線 HDD 控制器和前置放大器、SSD 控制器以及重大併購的有機投資，發展了我們的數據中心業務。我們添加了 Cavium 的 LiquidIO 和 LiquidSecurity DPU，已被多個雲客戶採用。對 Avera 的收購增加了一個定制的 ASIC 平台，我們將其與 Marvell 領先的標準產品 IP 相結合。事實證明，這對於構建定制硬件以部署極其高效和優化的基礎架構的超大規模客戶極具吸引力。我們最近添加了 Inphi 市場領先的電光產品組合，用於雲數據中心內部和雲數據中心之間的高速連接。最後，對 Innovium 的擬議收購將把他們的雲優化以太網交換機添加到我們的數據中心產品組合中。

With the broadest technology platform in the industry, we believe Marvell is well positioned to become a semiconductor leader in data center and expect this end market will be the most important growth opportunity for the company over the next several years.

憑藉業內最廣泛的技術平台，我們相信 Marvell 完全有能力成為數據中心的半導體領導者，並預計該終端市場將成為公司未來幾年最重要的增長機會。

In carrier infrastructure, we have been significantly growing our dollar content in base stations, winning new customers and growing our overall market share in the 5G market. Just over the last 2 years, our carrier revenue has nearly tripled, representing approximately 20% of our total revenue. We expect a sustained period of strong revenue growth from this end market driven by an increase in 5G deployments, which are still on the early stage of worldwide adoption and the ramp of our full platform of 5G products at multiple customers in their current generation of base stations.

在運營商基礎設施方面，我們一直在顯著增加我們在基站中的美元含量，贏得新客戶並增加我們在 5G 市場的整體市場份額。僅在過去 2 年中，我們的運營商收入增長了近兩倍，約占我們總收入的 20%。我們預計，受 5G 部署增加的推動，該終端市場的收入將持續強勁增長，而 5G 部署仍處於全球採用的早期階段，並且我們的全平台 5G 產品在其當前一代基礎中的多個客戶中逐漸普及車站。

We have also won additional sockets in 5 nanometer, which will go into production next -- in next-generation base station launches over the next several years, extending the growth from our carrier end market over a long time period.

我們還贏得了額外的 5 納米插座，這些插座將在接下來的幾年內投入生產——在下一代基站推出中，在很長一段時間內擴展我們運營商終端市場的增長。

The enterprise networking end market comprises approximately 20% of our total revenue. The revenue contribution from this end market has grown rapidly and kept pace with the strong growth in Marvell's total revenue over the last few years. This is a solid accomplishment against the backdrop of challenging end market dynamics.

企業網絡終端市場約占我們總收入的 20%。該終端市場的收入貢獻增長迅速，與過去幾年 Marvell 總收入的強勁增長保持同步。在充滿挑戰的終端市場動態的背景下，這是一項堅實的成就。

In fact, over the last 2 years, our enterprise revenue has grown at a 23% annual CAGR, with the majority of the growth coming from stand-alone Marvell Ethernet switch and PHY products. These refreshed platforms have been instrumental in driving outsized revenue growth, a testament to the competitiveness of our products and technology. We believe that we are well positioned to continue outperforming the market and are looking forward to a recovery in enterprise spending that would serve as an incremental tailwind to this business.

事實上，在過去 2 年中，我們的企業收入以 23% 的年復合增長率增長，其中大部分增長來自獨立的 Marvell 以太網交換機和 PHY 產品。這些更新後的平台在推動收入大幅增長方面發揮了重要作用，這證明了我們產品和技術的競爭力。我們相信，我們有能力繼續跑贏市場，並期待企業支出的複蘇，這將成為該業務的增量順風。

Our revenue from the automotive and industrial end market has begun to accelerate in recent quarters, benefiting from the ramp in our auto Ethernet connectivity business. Our automotive business is in its early stages of growth, but given our design win traction and the growth expected in the adoption of Ethernet technology in cars, we expect the revenue contribution from this end market will become a larger portion of our total revenue over time.

得益於我們汽車以太網連接業務的增長，我們在汽車和工業終端市場的收入在最近幾個季度開始加速增長。我們的汽車業務處於早期增長階段，但鑑於我們的設計贏得牽引力以及汽車採用以太網技術的預期增長，我們預計隨著時間的推移，該終端市場的收入貢獻將成為我們總收入的更大比例.

Let me now move on to discussing our second quarter results and third quarter expectations for each of our end markets, starting with data center. In our data center end market, revenue for the second quarter was $434 million, growing 57% sequentially and 62% year-over-year. Strong growth was driven by contributions from the acquired Inphi business and ongoing growth from the stand-alone Marvell business. Cloud customers drove the vast majority of the growth in our data center end market.

現在讓我繼續討論我們對每個終端市場的第二季度業績和第三季度預期，從數據中心開始。在我們的數據中心終端市場，第二季度的收入為 4.34 億美元，環比增長 57%，同比增長 62%。收購的 Inphi 業務的貢獻以及獨立 Marvell 業務的持續增長推動了強勁的增長。雲客戶推動了我們數據中心終端市場的絕大部分增長。

Our electro-optics products continue to benefit from the adoption of PAM-based connectivity inside cloud data centers as well as the adoption of DCI or data center interconnect between regional locations. Marvell's DPUs and storage products also contributed to growth in this end market.

我們的光電產品繼續受益於在雲數據中心內採用基於 PAM 的連接以及在區域位置之間採用 DCI 或數據中心互連。 Marvell 的 DPU 和存儲產品也促進了這一終端市場的增長。

Last quarter, we discussed a number of significant design wins, leveraging our advanced technology platform with multiple cloud customers across a variety of applications and business models. These are expected to drive a substantial step-up in our cloud revenue in the calendar 2024 to 2025 time frame. Development is in full swing on these projects, and I am pleased to report that our cloud design win momentum continues this quarter, with an additional custom ASIC design secured for a cloud networking application.

上個季度，我們利用我們先進的技術平台與跨各種應用程序和業務模型的多個雲客戶討論了一些重要的設計勝利。預計這些將在 2024 年至 2025 年的時間範圍內推動我們的雲收入大幅增長。這些項目的開發正在如火如荼地進行，我很高興地報告，我們的雲設計獲胜勢頭在本季度繼續保持，並為云網絡應用程序獲得了額外的定制 ASIC 設計。

We expect to continue to win sockets and gain share in this market, leveraging the strength of our portfolio and growing engagements with key cloud customers.

我們預計將繼續贏得套接字並在這個市場中獲得份額，利用我們的產品組合的實力和與關鍵雲客戶的不斷增長的合作。

In our third fiscal quarter, we are expecting another strong performance from data center, projecting robust sequential revenue growth in the double digits on a percentage basis. We expect year-over-year growth will be considerably higher and project data center revenue to just over double from a year ago. We expect the sequential growth to be driven by cloud, with virtually all of our product lines contributing to growth.

在我們的第三財季，我們預計數據中心將再次強勁表現，預計收入將實現兩位數的強勁連續百分比增長。我們預計同比增長將大大提高，項目數據中心收入將比一年前增加一倍多。我們預計連續增長將由雲驅動，我們幾乎所有的產品線都對增長做出了貢獻。

I am also pleased to note that in the third quarter, we expect to start ramping our second generation of COLORZ DCI products, 400-gig ZR, into volume production.

我還很高興地註意到，我們預計在第三季度開始將我們的第二代 COLORZ DCI 產品 400-gig ZR 投入批量生產。

With our proposed acquisition of Innovium, we are looking forward to adding their cloud-optimized switches to Marvell's broad data center portfolio. We received very positive feedback from multiple key customers following our announcement of the planned combination. We are excited about the prospect of collaborating more closely with us once the acquisition closes, to address their need for high-performance switches going forward.

通過我們提議的對 Innovium 的收購，我們期待將他們的雲優化交換機添加到 Marvell 廣泛的數據中心產品組合中。在我們宣布計劃合併後，我們收到了來自多個主要客戶的非常積極的反饋。我們對收購完成後與我們更密切合作的前景感到興奮，以滿足他們對高性能交換機的未來需求。

Turning to our carrier infrastructure end market. Revenue for the second quarter was $197 million, growing 17% sequentially and 38% year-over-year. In addition to the contribution from Inphi, year-on-year growth was enabled by a stand-alone Marvell's wireless business. Our wireless revenue growth was driven by ongoing deployments of 5G as well as product ramps at Samsung and Nokia, partially offset by an expected decline in custom ASICs shipping into China.

轉向我們的運營商基礎設施終端市場。第二季度收入為 1.97 億美元，環比增長 17%，同比增長 38%。除了 Inphi 的貢獻之外，獨立的 Marvell 無線業務也實現了同比增長。我們的無線收入增長是由 5G 的持續部署以及三星和諾基亞的產品量產推動的，部分被中國定制 ASIC 出貨量的預期下降所抵消。

Design win progress continues in 5G, and I'm pleased to report that we have won a next-generation ASIC design, leveraging our 5 nanometer technology platform within the radio unit at a key base station customer. With this win, we have now secured 5 nanometer designs at 3 Tier 1 base station customers. Our ORAN and DRAM platform, which includes our card-based layer 1 accelerator, also continues to be adopted by multiple cloud customers in wireless base station OEMs.

在 5G 中，設計獲勝的進展仍在繼續，我很高興地報告，我們已經贏得了下一代 ASIC 設計，在一個關鍵基站客戶的無線電單元中利用了我們的 5 納米技術平台。憑藉這次勝利，我們現在已經為 3 個一級基站客戶獲得了 5 納米設計。我們的 ORAN 和 DRAM 平台（包括基於卡的第 1 層加速器）也繼續被無線基站 OEM 的多個雲客戶採用。

In the third fiscal quarter, we expect sequential revenue growth from the carrier end market driven by strong growth from wireless, partially offset by a decline from wired. We project the strong growth in wireless in the double digits sequentially and on a percentage basis to come from an increase in 5G deployments in multiple regions. In addition, we expect growth from 5G to significantly accelerate in the fourth quarter.

在第三財季，我們預計在無線業務強勁增長的推動下，運營商終端市場的收入將連續增長，但部分被有線業務的下滑所抵消。我們預計無線領域的兩位數的強勁增長將在多個地區實現 5G 部署的增長，並按百分比計算。此外，我們預計 5G 的增長將在第四季度顯著加速。

On a year-over-year basis for our carrier end market, we project strong revenue growth to continue above 20% in the third quarter.

對於我們的運營商終端市場，我們預計第三季度收入將繼續強勁增長 20% 以上。

Moving on to our enterprise networking end market. Revenue for the second quarter was $223 million, growing 27% sequentially and 41% year-over-year, with the majority of the growth coming from stand-alone Marvell products. This remarkable level of organic growth in the enterprise end market was made possible in part by a strong effort from our operations team to address pent-up customer demand. While we expect strong demand to continue for the foreseeable future, we expect supply constraints will impact our ability to sustain this level of revenue attainment in the third quarter.

繼續我們的企業網絡終端市場。第二季度收入為 2.23 億美元，環比增長 27%，同比增長 41%，其中大部分增長來自獨立的 Marvell 產品。企業終端市場的這種顯著水平的有機增長部分歸功於我們的運營團隊為解決被壓抑的客戶需求而做出的巨大努力。雖然我們預計在可預見的未來將繼續強勁需求，但我們預計供應限制將影響我們在第三季度維持這一收入水平的能力。

From a product perspective, growth in the second quarter was driven by our Ethernet networking portfolio, benefiting from ongoing share gains and the beginning of multi-gig adoption. We are also encouraged by strong demand for our products from customers that we believe indicate a recovery is underway in this end market.

從產品的角度來看，第二季度的增長是由我們的以太網網絡產品組合推動的，受益於持續的份額增長和多千兆採用的開始。我們也對客戶對我們產品的強勁需求感到鼓舞，我們認為這表明該終端市場正在復蘇。

Looking ahead to the third quarter, while we expect a sequential decline in revenue due to supply constraints, we anticipate strong year-over-year growth, approaching 30%.

展望第三季度，雖然我們預計由於供應限制，收入將連續下降，但我們預計將實現強勁的同比增長，接近 30%。

Turning to our automotive and industrial end markets. Revenue for the second quarter was $57 million, growing 24% sequentially and 125% year-over-year driven by the ongoing ramps in our auto business. Marvell continues to gain recognition from customers for its commitment to automotive-grade quality and reliability. During the quarter, we received a prestigious Global Supplier Award from the Bosch Group in recognition of Marvell's outstanding performance in quality in the manufacture and supply of leading-edge data infrastructure semiconductors. We are looking forward to our continued partnership and long-term collaboration with Bosch on our broad and growing group of automotive customers and partners.

轉向我們的汽車和工業終端市場。第二季度收入為 5700 萬美元，在我們汽車業務持續增長的推動下，環比增長 24%，同比增長 125%。 Marvell 對汽車級質量和可靠性的承諾不斷贏得客戶的認可。在本季度，我們獲得了博世集團頒發的享有盛譽的全球供應商獎，以表彰 Marvell 在領先的數據基礎設施半導體製造和供應方面的卓越品質表現。我們期待著與博世在我們廣泛且不斷增長的汽車客戶和合作夥伴群體中繼續建立夥伴關係和長期合作。

Turning to the third fiscal quarter. We expect our revenue from the auto and industrial end market to grow sequentially. Year-over-year, we project growth will continue to be very strong and expect revenue to nearly double in the third quarter. We also expect to attain an important milestone in the third quarter. Our automotive business is projected to cross over $100 million annualized revenue run rate earlier than prior expectations.

轉向第三財季。我們預計我們來自汽車和工業終端市場的收入將連續增長。與去年同期相比，我們預計增長將繼續非常強勁，並預計第三季度收入將增長近一倍。我們還期望在第三季度達到一個重要的里程碑。我們的汽車業務預計將比之前的預期提前超過 1 億美元的年化收入運行率。

Moving on to our consumer end market. Revenue for the second quarter was $165 million, declining 1% sequentially and growing 23% year-over-year. Most of the revenue in this end market is from stand-alone Marvell, and the strong annual growth was driven primarily by our custom DIY SSD controllers. Looking ahead to the third quarter, we expect revenue to grow sequentially, while year-over-year revenue growth will remain strong, in the double digits, on a percentage basis.

繼續我們的消費端市場。第二季度收入為 1.65 億美元，環比下降 1%，同比增長 23%。這個終端市場的大部分收入來自獨立的 Marvell，強勁的年度增長主要是由我們的定制 DIY SSD 控制器推動的。展望第三季度，我們預計收入將環比增長，而同比收入增長將保持強勁，以百分比計算兩位數。

In closing, we expect our business momentum to gather strength in the second half of fiscal year 2022. Our recent results and near-term expectations for revenue growth continue to trend above the high end of our target model. Demand for our products continues to significantly outpace supply, and our global operations team is aggressively securing more capacity. We are working closely with our supply partners, leveraging our scale and balance sheet to improve our ability to meet the strong secular growth in demand we expect for our data infrastructure products, both in the short and the long term.

最後，我們預計我們的業務勢頭將在 2022 財年下半年增強。我們最近的業績和對收入增長的近期預期繼續高於我們目標模型的高端。對我們產品的需求繼續顯著超過供應，我們的全球運營團隊正在積極確保更多產能。我們正在與我們的供應合作夥伴密切合作，利用我們的規模和資產負債表來提高我們滿足我們對數據基礎設施產品的短期和長期需求強勁的長期增長的能力。

For our third fiscal quarter, at the midpoint of guidance, we expect revenue to grow 6% sequentially and 53% year-over-year. We expect growth from the stand-alone Marvell business to accelerate to over 20% year-over-year in the third quarter compared to the high teens we achieved in the first half. Additionally, we expect the Inphi business to continue to perform well and grow faster than stand-alone Marvell.

對於我們的第三財季，在指引的中點，我們預計收入將環比增長 6%，同比增長 53%。我們預計獨立 Marvell 業務在第三季度的同比增長將超過 20%，而我們在上半年實現了十幾歲的增長。此外，我們預計 Inphi 業務將繼續表現良好並比獨立的 Marvell 增長更快。

Our integration of Inphi is proceeding very well, and we successfully achieved our one ERP milestone ahead of schedule. Leveraging the larger scale and broader set of key technologies, the combined teams are working closely together on winning new opportunities at multiple Tier 1 customers. We are also looking forward to completing the proposed acquisition of Innovium, which will broaden our Ethernet Switch platform and further increase our exposure to the fast-growing cloud data center market.

我們與 Inphi 的集成進展順利，我們提前成功實現了我們的一個 ERP 里程碑。利用更大規模和更廣泛的關鍵技術，合併後的團隊正在密切合作，以贏得多個一級客戶的新機會。我們也期待完成對 Innovium 的擬議收購，這將拓寬我們的以太網交換機平台，並進一步增加我們在快速增長的雲數據中心市場中的曝光率。

I'm also pleased to announce that we will be hosting our Investor Day this year on Wednesday, October 6, 2021, at 8 a.m. Pacific. Similar to last year, this will be a virtual event, webcasted live on our website. We will provide more event details in a press release shortly.

我也很高興地宣布，我們將於 2021 年 10 月 6 日星期三太平洋時間上午 8 點舉辦今年的投資者日。與去年類似，這將是一個虛擬活動，在我們的網站上進行網絡直播。我們將很快在新聞稿中提供更多活動詳情。

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

謝謝，馬特，大家下午好。我將從回顧我們第二季度的財務業績開始，然後提供我們對 2022 財年第三季度的當前展望。

Revenue in the second quarter was $1.076 billion, $11 million above the midpoint of guidance. Networking represented 65% of our revenue, with storage contributing 32%. Revenue from other accounted for 3% of our revenue.

第二季度收入為 10.76 億美元，比指導中點高出 1100 萬美元。網絡占我們收入的 65%，存儲貢獻了 32%。其他收入占我們收入的3%。

As Ashish mentioned earlier, starting with the third quarter, we'll only report revenue by our 5 end markets to provide more transparency about the key growth drivers of our business.

正如 Ashish 之前提到的，從第三季度開始，我們將僅報告 5 個終端市場的收入，以提高我們業務關鍵增長動力的透明度。

GAAP gross margin was 34.6%, which included amortization of Inphi inventory step-up costs. Non-GAAP gross margin was 64.8% of revenue, 80 basis points above the midpoint of guidance, primarily due to a better mix. GAAP operating expenses were $638 million. Non-GAAP operating expenses were $366 million, approximately $6 million below the midpoint of guidance, primarily due to faster-than-expected Inphi synergy achievement and a disciplined OpEx management. I'm confident that our team will achieve the remaining Inphi integration synergies based on the plan we discussed last quarter.

GAAP 毛利率為 34.6%，其中包括 Inphi 庫存增加成本的攤銷。非美國通用會計準則毛利率為收入的 64.8%，比指導中點高 80 個基點，主要是由於更好的組合。 GAAP 運營費用為 6.38 億美元。非 GAAP 運營費用為 3.66 億美元，比指導中點低約 600 萬美元，這主要是由於 Inphi 協同效應的實現快於預期和紀律嚴明的運營支出管理。我相信我們的團隊將根據我們上個季度討論的計劃實現剩餘的 Inphi 集成協同效應。

Given the significant growth opportunities ahead of us, we are turning our focus to ensuring continued investment to support our long-term profitable growth. As a reminder, our operating expenses can vary quarter-to-quarter, affected by factors such as the number of the tape-outs within a particular quarter. And these tape-outs are becoming more expensive in newer process geometry. The cadence of an NRE payment, which we treat as contra-OpEx, can also add variability.

鑑於擺在我們面前的重大增長機會，我們正將重點轉向確保持續投資以支持我們的長期盈利增長。提醒一下，我們的運營費用可能會因季度而異，受特定季度流片數量等因素的影響。這些流片在較新的工藝幾何形狀中變得越來越昂貴。 NRE 支付的節奏（我們將其視為對等 OpEx）也會增加可變性。

Our GAAP operating loss was $267 million. Non-GAAP operating profit was $331 million or 30.8% of revenue. For the second quarter, GAAP loss per diluted share was $0.34. Non-GAAP income per diluted share was $0.34.

我們的 GAAP 經營虧損為 2.67 億美元。非美國通用會計準則營業利潤為 3.31 億美元，佔收入的 30.8%。第二季度，GAAP每股攤薄虧損為0.34美元。非公認會計原則每股攤薄收益為 0.34 美元。

Now turning to our balance sheet. During the quarter, cash flow from operations was $222 million. We returned $49 million to shareholders through dividend-paying. Our long-term debt was $4.7 billion. Our gross debt-to-EBITDA ratio was 3.4x, and net debt-to-EBITDA ratio was 3x. Inventory at the end of second quarter was $460 million. We amortized $156 million of the Inphi inventory step-up costs in the second quarter due to purchase price accounting. And we anticipate amortizing the remaining balance of $17 million by the end of the third quarter of fiscal 2022.

現在轉向我們的資產負債表。本季度，運營現金流為 2.22 億美元。我們通過支付股息向股東返還了 4900 萬美元。我們的長期債務為 47 億美元。我們的總債務與 EBITDA 比率為 3.4 倍，淨債務與 EBITDA 比率為 3 倍。第二季度末的庫存為 4.6 億美元。由於採購價格核算，我們在第二季度攤銷了 1.56 億美元的 Inphi 庫存增量成本。我們預計到 2022 財年第三季度末將攤銷剩餘的 1700 萬美元。

Now turning to our guidance for the third quarter of fiscal 2022. Please note, this guidance does not include any contributions from the pending acquisition of Innovium. We are forecasting revenue to be in the range of $1.145 billion, plus or minus 3%. We expect our GAAP gross margin in the range of 46.3% to 48.3%. We project our non-GAAP gross margin will be in the range of 64% to 65%. We project our GAAP operating expenses to be in the range of $584 million to $594 million. We anticipate our non-GAAP operating expenses to be in the range of $365 million to $370 million. We expect non-GAAP tax rate of 5%. We expect our basic weighted average shares outstanding will be 824 million. And our diluted weighted average shares outstanding will be $841 million. As a result, we anticipate GAAP loss per share in the range of $0.10, plus or minus $0.04. We expect non-GAAP income per diluted share in the range of $0.38, plus or minus $0.03.

現在轉向我們對 2022 財年第三季度的指導。請注意，該指導不包括來自待定收購 Innovium 的任何貢獻。我們預計收入將在 11.45 億美元的範圍內，上下浮動 3%。我們預計我們的 GAAP 毛利率在 46.3% 至 48.3% 之間。我們預計我們的非公認會計原則毛利率將在 64% 至 65% 之間。我們預計我們的 GAAP 運營費用在 5.84 億美元至 5.94 億美元之間。我們預計我們的非公認會計原則運營費用將在 3.65 億美元至 3.7 億美元之間。我們預計非 GAAP 稅率為 5%。我們預計我們的基本加權平均流通股為 8.24 億股。我們的稀釋加權平均流通股將是 8.41 億美元。因此，我們預計 GAAP 每股虧損為 0.10 美元，上下浮動 0.04 美元。我們預計非公認會計原則每股攤薄收益在 0.38 美元上下 0.03 美元的範圍內。

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

接線員，請打開線路並宣布問答說明。謝謝你。

(Operator Instructions) Our first question will come from John Pitzer with Crédit Suisse.

（操作員說明）我們的第一個問題將來自 Crédit Suisse 的 John Pitzer。

And congratulations on the solid results. Matt, relative to your enterprise commentary, you talked about supply constraints impacting the October quarter. I'm wondering, when you look at the overall business holistically, where are things relative to the supply side of the equation. Are you still unable to ship to full demand by sort of what amount?

並祝賀取得了堅實的成果。馬特，關於您的企業評論，您談到了影響 10 月季度的供應限制。我想知道，當您從整體上看待整體業務時，與等式的供應方相關的事情在哪裡。您仍然無法按多少數量發貨以滿足全部需求？

And earlier this week, there were some rumors in the popular press of the foundry guys raising pricing. I'm just kind of curious if you guys have embedded that into your gross margin guidance and how you're thinking about kind of the current inflationary pricing environment. Can you pass that on? Or is that something that you can't pass on?

本週早些時候，大眾媒體上有一些關於代工人員提高價格的傳言。我只是有點好奇你們是否已將其嵌入到您的毛利率指導中，以及您如何考慮當前的通脹定價環境。你能把它傳下去嗎？或者那是你不能傳遞的東西？

Yes. Great. Thanks, John. So with respect to enterprise, let me just frame it at the whole company level. We are still carrying pretty meaningful levels of delinquency across all of the end markets as our business has accelerated in terms of top line growth, which we've been very pleased at. I guess the downside is that the demand has continued to grow. Well, I guess it's a good thing the demand is growing faster than supply, but we need to catch up. So enterprise is impacted, but so are the other end markets.

是的。偉大的。謝謝，約翰。所以關於企業，讓我把它放在整個公司層面。隨著我們的業務在收入增長方面加速增長，我們仍然在所有終端市場上保持著相當可觀的拖欠水平，對此我們感到非常高興。我想不利的一面是需求持續增長。嗯，我想這是一件好事，需求增長快於供應，但我們需要趕上。因此，企業受到影響，但其他終端市場也受到影響。

Although I would say, given the complex nature of our networking products, there's -- we're carrying relatively more. We're relatively farther behind there. We were pleased that we were able to have a strong performance in Q2 and catch up because as you can see, there was a fairly meaningful step-up in revenue. Most of that is coming from organic stand-alone Marvell. There is some contribution from Inphi, but it's not as -- it wasn't large for Inphi. So this is all Marvell.

雖然我想說，鑑於我們網絡產品的複雜性，我們攜帶的產品相對更多。我們相對落後。我們很高興我們能夠在第二季度取得強勁表現並迎頭趕上，因為如您所見，收入有了相當大的增長。其中大部分來自有機獨立的 Marvell。 Inphi 做出了一些貢獻，但並不像——對於 Inphi 來說並不大。這就是 Marvell 的全部。

In fact, when you look into Q3, in our guidance, it still implies a 30% year-over-year growth rate in enterprise. So we could ship a lot more for you to get the products. And I think you could also view this as another sign that the enterprise business, which we had been saying a quarter or 2 ago, could be a real tailwind for the company.

實際上，當您查看第三季度時，在我們的指導中，它仍然意味著企業的同比增長率為 30%。因此，我們可以為您運送更多產品以獲取產品。而且我認為您也可以將此視為另一個跡象，表明我們在一個季度或兩個季度前所說的企業業務可能對公司來說是一個真正的順風。

It's -- this business is definitely picking up, both at the end market and demand level as well as our own design wins, layering in. So we're going to be working hard to increase our revenues here and catch up on the delinquency.

這是 - 這項業務肯定在終端市場和需求層面以及我們自己的設計獲勝，分層。所以我們將努力增加我們的收入並趕上拖欠。

On the foundry side, and just in general, with the pricing environment, I mean, as you recall, there was a lot of commentary at the end of last year and early this year from all the major semiconductor companies relative to the supply chain cost increases that have been occurring on an ongoing basis, and that's everything from foundry, to back end, to substrates. We said earlier this year, we were able to work with our customers on that. And so as you can see in our margin performance, we've been able to work with them to pass that on. We've done that pretty fairly and in a neutral manner.

在代工方面，就定價環境而言，我的意思是，你還記得，去年年底和今年年初，所有主要半導體公司都對供應鏈成本發表了很多評論持續發生的增長，從鑄造到後端，再到基板，無所不包。我們今年早些時候說過，我們能夠與我們的客戶合作。正如您在我們的利潤率表現中看到的那樣，我們已經能夠與他們合作將其傳遞下去。我們以非常公平和中立的方式做到了這一點。

I anticipate, as we head into calendar '22, that there will be additional increases across the industry and input cost. And I'm confident, as part of Marvell, we're able to work with our customers to again neutralize that impact. But the key focus we have right now, John, is planning our business together, focusing on long-term supply and making sure that not only can we meet the short term, but also engage in multiple long-term agreements where we really have much stronger visibility to long-term supply. So that's been the priority for us. That's been the priority for our customers. And I think the pricing has been second at this point.

我預計，當我們進入 22 年日曆時，整個行業和投入成本將會增加。我相信，作為 Marvell 的一部分，我們能夠與客戶合作，再次消除這種影響。但是，約翰，我們現在的重點是共同規劃我們的業務，專注於長期供應，並確保我們不僅能夠滿足短期需求，而且還能參與多項我們真正擁有的長期協議對長期供應的可見性更強。所以這是我們的首要任務。這一直是我們客戶的首要任務。我認為此時定價已經排在第二位。

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

我們的下一個問題將來自德意志銀行的羅斯·西莫爾。

And I echo the congrats on the results. Matt, I want to go a little bit into the carrier business. You talked in your press release about the 5G business accelerating in the third quarter and then taking -- I think you called it a significant step-up again in the fourth quarter. Can you give us just a little bit of a ballpark how much of your carrier business is that? What's driving that 5G step-up? And I guess, as kind of the deductive logic, what's driving the step-down on the wired side implicit in your fiscal third quarter guide?

我對結果表示祝賀。馬特，我想涉足運營商業務。您在新聞稿中談到了 5G 業務在第三季度加速然後採取——我認為您稱其在第四季度再次取得了重大進展。你能告訴我們你的運營商業務有多少嗎？是什麼推動了 5G 的發展？而且我想，作為一種演繹邏輯，是什麼推動了你們第三季度財報指南中隱含的有線方面的降級？

Yes. Great. Thanks, Ross. Yes. So wireless has performed very well for us historically. As you recall, we had 7 straight quarters of sequential growth in our 5G business. That took a pause this past quarter, which we had signaled, with the China 5G digestion. And then on the positive side, we see that business reaccelerating and growing in Q3 and then even more in Q4. That's primarily on the back of new design wins that we had achieved several years ago ramping into production, and those geographies that are being serviced through those are primarily non-China. So that's really part of the -- now the global rollout, which we're well positioned with, with our key customers there. So it's a combination of global rollout plus new content kicking in, which we had been signaling for some time. So that's all going well.

是的。偉大的。謝謝，羅斯。是的。所以無線在歷史上對我們來說表現非常好。您還記得，我們的 5G 業務連續 7 個季度連續增長。在上個季度，隨著中國 5G 的消化，我們已經發出信號，這暫停了。然後從積極的方面來看，我們看到該業務在第三季度重新加速和增長，然後在第四季度甚至更多。這主要是基於我們幾年前在投入生產中取得的新設計勝利，而那些通過這些設計服務的地區主要是非中國。因此，這確實是我們在全球推出的一部分，我們的主要客戶在那裡。所以這是全球推廣和新內容的結合，我們已經發出了一段時間的信號。所以一切都很順利。

The balance, as you mentioned, is wired. That business historically wasn't terribly large for Marvell. We picked up some wired revenue from Inphi really in the Coherent franchise, which does link, in some ways, to the growth of global data traffic. So we feel good going forward about the wired portion, that's the Inphi piece. But in general, that business is lumpier. That business also has pretty significant supply constraints around it as well. And so I would say the traditional Marvell wired business isn't necessarily a growth business. The carrier business, over time, will be driven by the wireless portion as well as some of the Inphi business.

正如你所提到的，天平是有線的。從歷史上看，這項業務對 Marvell 來說並不是很大。我們確實在 Coherent 特許經營中從 Inphi 那裡獲得了一些有線收入，這在某些方面確實與全球數據流量的增長有關。所以我們對有線部分感覺很好，那就是 Inphi 部分。但總的來說，這項業務更加笨拙。該業務也有相當大的供應限制。所以我想說傳統的 Marvell 有線業務不一定是增長業務。隨著時間的推移，運營商業務將受到無線部分以及部分 Inphi 業務的推動。

And just big round numbers, the wireless portion is roughly half the carrier number, and that will grow over time, obviously, as wired probably stays flattish without Inphi. Inphi will grow. And then, obviously, the 5G rollouts will really be what's going to drive the carrier growth over the next few years.

只是大整數，無線部分大約是運營商數量的一半，而且顯然會隨著時間的推移而增長，因為如果沒有 Inphi，有線可能會保持平緩。英菲會成長。然後，很明顯，5G 的推出將真正成為未來幾年推動運營商增長的動力。

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

我們的下一個問題將來自美國銀行的 Vivek Arya。

Matt, you're guiding Q3 sales up by, I think, $69 million, $70 million, 6% or so. Is that really the absolute dollars of supply equivalent that is becoming available? And if that is the case, is that the range of supply dollars that could be available for the next several quarters? So I know you're not guiding more than a quarter out. I'm just trying to get a better sense for how many supply dollars are kind of becoming available for the next handful of quarters because it seems like that is really what's going to gate what we assume from a growth perspective for you over the next several quarters.

馬特，我認為你正在引導第三季度的銷售額增長 6900 萬美元、7000 萬美元、6% 左右。這真的是可用的絕對美元供應量嗎？如果是這樣的話，這是否是未來幾個季度可用的美元供應範圍？所以我知道你沒有指導超過四分之一。我只是想更好地了解在接下來的幾個季度中會有多少供應美元可用，因為這似乎真的會限制我們從增長的角度為你在接下來的幾個季度所做的假設宿舍。

And I think part B of that, on the 5G side, you alluded to that 5G ramp in Q4. Would that be incremental to that kind of supply available? Or do you think that is kind of captured in those dollars? So I'm just trying to get a better sense for what the flex is on the supply side over the next handful of quarters.

我認為其中的 B 部分，在 5G 方面，你提到了第四季度的 5G 斜坡。這會增加這種可用供應嗎？或者你認為這在那些美元中有所體現？因此，我只是想更好地了解未來幾個季度供應方面的彈性。

Sure. Yes. I mean I think it's fairly straightforward in terms of how we think about the guidance and just the broader commentary that we gave, which very much comprehends the supply that we see available, and were obviously been pushing hard to increase that. And I would note, we have increased that. If you look, even going back to a year ago or more, even at the beginning of calendar 2020, we started growing the company double digits, and that growth rate for the stand-alone Marvell has actually accelerated, right? It was in the double-digit range.

當然。是的。我的意思是我認為就我們如何看待指導和我們給出的更廣泛的評論而言，這相當簡單，這非常理解我們看到的可用供應，並且顯然一直在努力增加供應。我要指出，我們已經增加了這一點。如果你看一下，甚至可以追溯到一年前或更早，甚至在 2020 年初，我們開始以兩位數的速度增長公司，而獨立 Marvell 的增長率實際上已經加快了，對吧？它在兩位數範圍內。

Now you get to the first half of this year. We had 17% kind of growth, both in Q1 and Q2, in the stand-alone Marvell business. We said that that's going to pick up in Q3, right, more like 20% year-over-year. And we expect that we can continue going at that kind of rate. So we've been actually accelerating our ability to get supply. And then on top of that, we've got Inphi kicking in, which has also been able to grow their business meaningfully.

現在你到了今年上半年。在第一季度和第二季度，獨立的 Marvell 業務實現了 17% 的增長。我們說這將在第三季度回升，對，同比增長 20%。我們希望我們可以繼續以這種速度前進。所以我們實際上一直在加快我們獲得供應的能力。然後最重要的是，我們讓 Inphi 加入進來，這也能夠有意義地發展他們的業務。

So that's -- we've been signaling for quite some time to our supply chain that -- and our suppliers that we have needs, and here they are. And so you should expect we're going to keep working on that and we're going to keep driving the supply higher as available. We've had, I think, a lot of productive discussions and negotiations with our key suppliers, not only for this quarter, next quarter, but next year and even beyond in terms of really lining up where we see our business heading.

所以這就是 - 我們已經向我們的供應鍊和我們的供應商發出了我們有需求的信號很長一段時間，他們就在這裡。因此，您應該期望我們將繼續努力，並且我們將繼續提高供應量。我認為，我們已經與我們的主要供應商進行了很多富有成效的討論和談判，不僅是在本季度、下一季度，而且是在明年甚至以後，就我們看到的業務發展方向而言。

The advantage, I think, we have over some of the other industry peers, perhaps, is that our product life cycles, Vivek, in the data -- in data infrastructure are very long. These are typically 5, sometimes 7-year life cycles. So we've got very good visibility. And so we're in those discussions right now, both this quarter, next quarter, blocking and tackling as well as planning our calendar '22 and then even planning out even farther with some long-term agreements we're putting in place.

我認為，與其他一些行業同行相比，我們的優勢可能在於我們的產品生命週期，Vivek，在數據中——在數據基礎設施中非常長。這些通常是 5 年，有時是 7 年的生命週期。所以我們有很好的能見度。因此，我們現在正在進行這些討論，無論是本季度還是下個季度，阻止和解決以及計劃我們的 22 年日曆，然後甚至通過我們正在實施的一些長期協議進行更遠的計劃。

But just to circle back to your -- to the main question, yes, everything we give you is centered around what we can actually supply. There's -- like I said, every one of our end markets, we could ship more right now if we could get the parts.

但是，回到您的主要問題，是的，我們為您提供的所有內容都以我們實際可以提供的內容為中心。就像我說的那樣，我們的每個終端市場，如果我們能得到零件，我們現在就可以出貨更多。

Our next question will come from Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

Just curious on -- you mentioned another cloud ASIC win and that, that can span a lot, storage or DPUs, CPUs, networking and now, maybe opticals. I was wondering if you could give any color on that one or maybe just in general, all these wins that you've had, where you're seeing the most traction across that whole ASIC capability, would be helpful.

只是好奇——你提到了另一個雲 ASIC 勝利，它可以跨越很多，存儲或 DPU、CPU、網絡，現在，也許是光學。我想知道您是否可以在那個上給出任何顏色，或者只是一般地，您所獲得的所有這些勝利，您在整個 ASIC 功能中看到最大牽引力的地方，將會有所幫助。

Yes. Sure, Blayne. Thanks. Yes, I would say, just if I frame it more broadly, as you mentioned, the dynamic is that the ASIC and semi-custom wins that we're getting are across a broad range of applications. So it's all of the above. They're everything from compute, ML, AI, networking, storage. And I'm pleased with the breadth, and it's across multiple customers, multiple applications. I believe, in my prepared remarks, on the one that we just secured, was actually in the networking area. So it's in a bunch of different applications. But it's all leveraging fundamentally, Blayne, the 5 nanometer technology platform that we introduced in the summer of 2020, which is leveraging all of the high-performance standard Marvell IPs. That's all going very well.

是的。當然，布萊恩。謝謝。是的，我會說，如果我更廣泛地構建它，正如你所提到的，動態是我們獲得的 ASIC 和半定制勝利涵蓋了廣泛的應用程序。所以以上都是。它們是計算、機器學習、人工智能、網絡、存儲的一切。我對它的廣度感到滿意，它涉及多個客戶、多個應用程序。我相信，在我準備好的評論中，我們剛剛獲得的評論實際上是在網絡領域。所以它存在於許多不同的應用程序中。但這一切都從根本上利用了我們在 2020 年夏天推出的 5 納米技術平台 Blayne，它利用了所有高性能標準 Marvell IP。這一切都很順利。

And just as a side note on our 5 nanometer programs, our -- we have multiple products now that have taped out this year. We actually have first silicon on 5 nanometer coming back now imminently. And we're very happy with all the benchmarking performance, et cetera.

就像我們的 5 納米計劃的旁註一樣，我們的 - 我們現在有多種產品，今年已經流片。實際上，我們現在即將推出第一個 5 納米矽。我們對所有基準測試性能等感到非常滿意。

I would also say that we're in a strong period of design win momentum, primarily because we introduced the platform in 2020. There's a whole range now of RFQs that we've been successful on closing on. And that's not just in the cloud, by the way. We also noted we won an important 5G ASIC just recently. And even across some of our other end markets, we've also secured some very important programs on 5 nanometer. So yes, so I think the -- over time, what you'll see is a very diverse offering of cloud, of custom and semi-custom sockets across multiple end markets and multiple applications.

我還要說，我們正處於設計獲胜勢頭強勁的時期，主要是因為我們在 2020 年推出了該平台。現在我們已經成功完成了一系列 RFQ。順便說一句，這不僅僅是在雲端。我們還注意到我們最近贏得了一個重要的 5G ASIC。甚至在我們的一些其他終端市場，我們也獲得了一些非常重要的 5 納米項目。所以是的，所以我認為——隨著時間的推移，你會看到一個非常多樣化的雲產品，跨多個終端市場和多個應用程序的定制和半定制套接字。

Our next question will come from Tore Svanberg with Stifel.

我們的下一個問題將來自 Tore Svanberg 和 Stifel。

And congrats on the record results. Matt, you mentioned that 400ZR is going to be ramping now. Is that with sort of Inphi's anchor customer? Or are you starting to see ramps with multiple hyperscalers for that particular product?

並祝賀創紀錄的結果。馬特，你提到 400ZR 現在要開始了。是與 Inphi 的主要客戶有關嗎？或者您是否開始看到針對該特定產品的多個超大規模器的斜坡？

Yes. What I would say, Tore, is on 400ZR, unlike the initial COLORZ product, which was primarily at one hyperscaler, the engagements are much more broad with 400ZR. And so there, I would say, there are a number of different design opportunities and wins that are at various stages of trials, qualifications and production ramps. But we anticipate that 400ZR will be multicustomer, multiyear and a very important product cycle for Marvell. But there's probably -- there's one primary customer ramping now, but it's going to continue beyond that.

是的。我想說的是，Tore，在 400ZR 上，與最初的 COLORZ 產品不同，最初的 COLORZ 產品主要是在一個超大規模上，400ZR 的參與範圍更廣。因此，我想說，有許多不同的設計機會和勝利處於試驗、資格和生產坡道的不同階段。但我們預計 400ZR 將是多客戶、多年和 Marvell 非常重要的產品週期。但可能 - 現在有一個主要客戶正在增加，但它會繼續超出此範圍。

Our next question will come from Harlan Sur with JPMorgan.

我們的下一個問題將來自摩根大通的 Harlan Sur。

And congratulations on the strong result and execution. As I look beyond Q3 and the growing demand profile for your products, right, combined with strong product upgrade cycles, you've got 400-gig in your PAM for optical business. As you just mentioned, you're ramping a new data center interconnect business on 400ZR, 5G wireless, as you mentioned, and continued strong demand for your nearline HDD and enterprise SSD controllers.

並祝賀您取得了出色的成績和執行力。當我看到第三季度和您產品不斷增長的需求概況時，正確的，再加上強大的產品升級週期，您的 PAM 中有 400 gig 用於光學業務。正如您剛才提到的，您正在推動一項基於 400ZR、5G 無線的新數據中心互連業務，並且對您的近線 HDD 和企業 SSD 控制器的持續強勁需求。

This would suggest then a high-level sequential growth into Q4. Does the team have the supply commitments, both wafers and packaging substrates, to drive quarter-on-quarter growth in Q4 if the backlog supports it?

這將暗示第四季度將出現高水平的連續增長。如果積壓支持，團隊是否有供應承諾，包括晶圓和封裝基板，以推動第四季度的季度環比增長？

Yes. Thanks for the question, Harlan. We do. We see increasing supply each quarter. Our backlog today and firm purchase orders firmly supports that, plus the supply that comes with it. So we do expect sequential growth in Q4. And as you mentioned, you outlined a number of growth opportunities. This isn't just going to be a Q3, Q4 type of phenomena. Each one of these really carries into calendar '22 and in many cases, accelerates.

是的。謝謝你的問題，哈蘭。我們的確是。我們看到每個季度的供應量都在增加。我們今天的積壓訂單和堅定的採購訂單堅定地支持這一點，以及隨之而來的供應。因此，我們確實預計第四季度會出現連續增長。正如你所提到的，你概述了一些增長機會。這不僅僅是 Q3、Q4 類型的現象。這些中的每一個都真正進入日曆'22，並且在許多情況下，加速。

So that's why I said earlier, in one of the prior questions, it's -- there's blocking and tackling in Q3 and Q4, but we've been really working for the last 6 months, in detail even longer, on how do we line up continued strong growth in calendar '22, '23, '24 because this is going to be multiyear. And many of these engagements, by the way, are also multigenerational. So we tend to transition from one platform to another, and we're going to see that in our 5G business as an example. So yes, bottom line is we do have supply lined up, and we're going to keep working hard to make sure we can chunk away at that delinquency.

所以這就是為什麼我之前說過，在之前的一個問題中，它是 - 在第三季度和第四季度有阻止和解決，但我們在過去 6 個月裡一直在努力，更詳細地說，我們如何排隊'22、'23、'24 日曆繼續強勁增長，因為這將是多年的。順便說一句，其中許多參與也是多代人的。因此，我們傾向於從一個平台過渡到另一個平台，我們將以 5G 業務為例。所以，是的，底線是我們確實有供應，我們將繼續努力確保我們能夠消除這種拖欠。

And we're very focused on customer sat at this point. I think that's the main driving force of what we do right now, Harlan, is just make sure that we're not the long pole in the tent, that we're meeting what our customers need and that we're also planning our business together. And I'm quite pleased with how that cooperation is going. And I think we have a very, very clear outlook for what we need to go get done in the next few quarters and through next year.

在這一點上，我們非常關注客戶。我認為這是我們現在所做的主要驅動力，哈蘭，只是確保我們不是帳篷裡的長桿，我們正在滿足客戶的需求，並且我們也在規劃我們的業務一起。我對這種合作的進展情況感到非常滿意。我認為我們對未來幾個季度和明年需要完成的工作有非常非常明確的展望。

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

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

Matt, I have a question on the hyperscale business. Obviously, you have several product cycles in the 400-gig, 400ZR, and you also mentioned DPUs. What I'm trying to figure out is that many of your peers are also reporting very strong demand from hyperscale. So trying to understand to what extent your business is mostly structural versus also benefiting from some of the spending increase and the cyclical factors.

馬特，我有一個關於超大規模業務的問題。顯然，您在 400-gig、400ZR 中有幾個產品週期，並且您還提到了 DPU。我想弄清楚的是，您的許多同行也報告說超大規模的需求非常強勁。因此，試圖了解您的業務在多大程度上是結構性的，而不是從一些支出增加和周期性因素中受益。

So as we go through the next few quarters as, I guess, some of the cyclical factors slow down, I'm just trying to figure out how we should think about your core business that goes into the hyperscale customers?

因此，當我們經歷接下來的幾個季度時，我想，一些週期性因素會放緩，我只是想弄清楚我們應該如何看待您進入超大規模客戶的核心業務？

Yes. I think, Srini, it's both. So clearly, the peer companies are -- I mean there's probably one notable exception. But in general, the peer companies are reporting very strong growth in hyperscale. So I think that is secular, and I think that's very much happening. If you just look at our organic growth, and you can do the math because you know sort of where Inphi was a year ago, it's very, very strong. And in fact, as I look to Q3, it's both growth from Inphi. But as you pointed out, that it's not just DPUs from Marvell, it's also our networking products, it's our storage products.

是的。我認為，斯里尼，兩者兼而有之。很明顯，同行公司是——我的意思是可能有一個值得注意的例外。但總的來說，同行公司報告的超大規模增長非常強勁。所以我認為這是世俗的，而且我認為這種情況非常普遍。如果你只看我們的有機增長，你可以算一下，因為你知道一年前 Inphi 的情況，它非常非常強大。事實上，當我展望第三季度時，這都是來自 Inphi 的增長。但正如您所指出的，這不僅是 Marvell 的 DPU，也是我們的網絡產品，也是我們的存儲產品。

I mean we sell a number of product lines, let's call it, 10, maybe 10-plus product lines. Just going into cloud alone, almost each one of those is up even sequentially in Q3, almost all of them are up. And then if you look at year-over-year, the growth in our data center business, actually in cloud business from Marvell stand-alone, would actually be even growing faster than the Inphi business. So -- and that's all on the basis of new designs and new ramps contributing to that.

我的意思是我們銷售許多產品線，我們稱之為 10 條，也許 10 多個產品線。僅進入雲計算，幾乎每一個都在第三季度甚至依次上升，幾乎所有這些都在上升。然後，如果您逐年查看，我們的數據中心業務（實際上是 Marvell 獨立的雲業務）的增長實際上甚至比 Inphi 業務增長得更快。所以——這都是基於新設計和新坡道的貢獻。

So I think we've got both. We've got strong secular demand happening in the hyperscale, but it's our own unique cycles. As you mentioned, the transition from NRZ to PAM and 400-gig and 200-gig intra data center, the ramp now of 400ZR, the attach rate of DPUs, attaching more and more as a percentage to CPUs. And then you've got our own product cycles, whether they're new design wins in DIY storage for Flash. I mean I could go through the whole list, but it's -- I think that's the exciting thing about our portfolio, that's very differentiated in the semiconductor industry relative to the hyperscale accounts, is we have so many product lines very unique and very differentiated both in the silicon and the software and firmware we provide.

所以我認為我們兩者都有。我們在超大規模中出現了強勁的長期需求，但這是我們自己獨特的周期。正如您所提到的，從 NRZ 到 PAM 以及 400-gig 和 200-gig 內部數據中心的過渡，現在 400ZR 的斜坡，DPU 的附加率，以百分比形式附加到 CPU 的比例越來越高。然後您就擁有了我們自己的產品週期，無論它們是 Flash DIY 存儲中的新設計勝利。我的意思是我可以瀏覽整個列表，但這是 - 我認為這是我們產品組合中令人興奮的事情，相對於超大規模客戶，這在半導體行業中非常差異化，我們有這麼多非常獨特且非常差異化的產品線在我們提供的芯片以及軟件和固件中。

And we're just at the early stages in some of these, quite frankly, in terms of the ramp cycle. So when you look at the guide, we're going to be -- obviously, our guide for data center is about 2x the rate of growth for the whole company, just from Q2 to Q3. And certainly, we have very strong expectations heading into next year on the data center.

坦率地說，就斜坡週期而言，我們還處於其中一些的早期階段。因此，當您查看指南時，我們將成為 - 顯然，我們的數據中心指南大約是整個公司增長率的 2 倍，僅從第二季度到第三季度。當然，我們對明年的數據中心抱有非常強烈的期望。

Our next question will come from Ambrish Srivastava with BMO.

我們的下一個問題將來自 BMO 的 Ambrish Srivastava。

Matt and Jean, on gross margin, despite all the input costs, you have been able to keep it to the higher end of the long term. And Matt, you made a comment about next year kind of expecting additional input -- not additional, ongoing input cost increase. So should we expect gross margin to kind of stay in the higher end of the range like you're guiding to? Or is there an offset? And I do realize that there is a product mix impact as well. So just please help us understand how we should think about the overall gross margin.

Matt 和 Jean，就毛利率而言，儘管存在所有投入成本，但從長期來看，您已經能夠將其保持在較高端。馬特，你對明年的預期額外投入發表了評論——而不是額外的、持續的投入成本增加。那麼我們是否應該期望毛利率像您所指導的那樣保持在較高的範圍內？還是有偏移量？我確實意識到產品組合也會產生影響。所以請幫助我們了解我們應該如何考慮整體毛利率。

Hey, Ambrish, this is Jean. Yes. So first, we're very pleased with our strong Q2 gross margin performance. And I think one of the things we discussed in the past is the primary driver of our gross margin is really product mix. And what we have been doing with the customers, as Matt mentioned, is we're working with the customers really to try to minimize the impact from all the input cost increase. But overall, if you think about the product portfolio we have in data center, as Matt just mentioned earlier, and also enterprise in Q2, we see our enterprise business, networking business growing 27% sequentially.

嘿，Ambrish，這是讓。是的。因此，首先，我們對第二季度強勁的毛利率表現感到非常滿意。而且我認為我們過去討論的一件事是我們毛利率的主要驅動力實際上是產品組合。正如馬特所提到的，我們一直在與客戶一起做的是，我們正在與客戶合作，以盡量減少所有投入成本增加的影響。但總體而言，如果您考慮一下我們在數據中心的產品組合，如馬特剛才提到的，以及第二季度的企業，我們看到我們的企業業務、網絡業務連續增長 27%。

All those significant performance on the product portfolio and the revenue side actually are very favorable to our gross margin. Fundamentally, it's a reflection of our investment and IP. So I don't think that will change because we continue to innovate, continue to invest, to drive the portfolio and the top line revenue growth. So we're going to be in the range, and we'll continue to work with the customers to set priorities and to make sure we meet the customer's need first, and then definitely, we want to make sure our operating model continues to leverage to expand operating profit going forward.

產品組合和收入方面的所有這些顯著表現實際上對我們的毛利率非常有利。從根本上說，它反映了我們的投資和知識產權。所以我認為這不會改變，因為我們繼續創新，繼續投資，推動投資組合和收入增長。所以我們將在這個範圍內，我們將繼續與客戶合作，確定優先事項並確保我們首先滿足客戶的需求，然後肯定地，我們希望確保我們的運營模式繼續發揮作用以擴大未來的營業利潤。

Got it, Jean. So we should assume at the higher end of the long-term range then, right? Given how the product mix is shifting more towards...

明白了，簡。所以我們應該假設在長期範圍的高端，對吧？鑑於產品組合如何更多地轉向……

The range is the product mix because we have 5 end markets. Quarter-over-quarter, you're going to see the variability of the mix change. Frankly, it's what we discussed, the 64% to 65%, that range is potentially you are going to see in the long term.

範圍是產品組合，因為我們有 5 個終端市場。季度環比，您將看到混合變化的可變性。坦率地說，這就是我們所討論的，從 64% 到 65%，從長遠來看，你可能會看到這個範圍。

Our next question will come from Joe Moore with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的喬摩爾。

I appreciate the additional revenue classifications and the color there. I'm curious how you're thinking about building the development team. Are you going to focus on these end markets more? Or I noticed their are storage controllers, I think, going into 4 of the 5 segments. So are you going to maintain vertical market focus on storage and then have kind of a go-to-market with needs? Just how should we think about this impacting not just the way we see your business, but how you're seeing it internally?

我很欣賞額外的收入分類和那裡的顏色。我很好奇你是如何考慮建立開發團隊的。你會更多地關注這些終端市場嗎？或者我注意到他們是存儲控制器，我認為，進入 5 個部分中的 4 個。那麼，您是否要保持垂直市場對存儲的關注，然後根據需求進入市場？我們應該如何看待這不僅會影響我們看待您的業務的方式，還會影響您在內部的看法？

Yes. Thanks for the question, Joe. Actually, it's pretty insightful. So we're a product company. We're a technology company. We're organized by business units. We have divisions, business units and product lines. And each of those is really responsible for driving technical excellence in everything they do, product differentiation, road map, and that's going to continue.

是的。謝謝你的問題，喬。其實，還蠻有見地的。所以我們是一家產品公司。我們是一家科技公司。我們是按業務部門組織的。我們有部門、業務部門和產品線。他們每個人都真正有責任在他們所做的一切、產品差異化、路線圖上推動技術卓越，而且這種情況將繼續下去。

What I would say though is when I look at my level and when we look at -- when I -- and this has been consistent for 5 years. I had a philosophy when I became CEO, which was that the semiconductor companies that adopted a market-based approach relative to looking at the R&D investment profile across its portfolio, those companies that made that shift were going to have the biggest lever going forward.

不過，我想說的是，當我看我的水平時，當我們看——當我——時，這已經持續了 5 年。當我成為 CEO 時，我有一個理念，那就是那些採用基於市場的方法來審視其投資組合中的研發投資概況的半導體公司，那些做出這種轉變的公司將在未來擁有最大的槓桿。

I mean I'm just -- I preach it internally all the time, which is the market always wins. And so we had an era, when I started in the industry, which was you just did parts, as many parts as you can, put them out in the data books, so you provide the parts, the best part wins.

我的意思是我只是——我一直在內部宣揚它，這就是市場總是贏的。所以我們有一個時代，當我開始從事這個行業時，你只是做零件，盡可能多的零件，把它們放在數據手冊中，所以你提供零件，最好的零件就贏了。

There was a shift to, hey, go focus on customers, find a customer, sell a basket of products. But in the end, it's really the end market orientation and concentration which ultimately drives your business. And those -- the shifting that mix is like one of the hardest things to do in business, okay? You can sort of shift your product line, you can move some investment around. But to get it to flow through to the P&L is really tough.

有一個轉變，嘿，專注於客戶，尋找客戶，銷售一籃子產品。但歸根結底，最終驅動您的業務的是終端市場導向和集中度。而那些——這種組合的轉變就像是商業中最難做的事情之一，好嗎？你可以改變你的產品線，你可以轉移一些投資。但是要讓它流入損益表真的很難。

And so I think one of the things, when you just take a 30,000-foot view, Joe, of what we've accomplished in the last 5 years, consumer, when I joined, was probably 70% to 80% of the revenue, right? It's 15. I think the total contribution from cloud and 5G and auto was -- if it was $75 million a year, we would be lucky, okay? It's like doing -- it's in the billions range today. So that's really where I've been taking the firm over the last 5 years, through the M&A, through all the investments, through the R&D changes we've made, so that we can achieve an end market mix that really meets our long-term strategy.

所以我認為其中一件事，當你從 30,000 英尺的高度觀察我們在過去 5 年所取得的成就時，當我加入時，消費者可能佔收入的 70% 到 80%，正確的？現在是 15。我認為雲計算、5G 和汽車的總貢獻是——如果每年 7500 萬美元，我們會很幸運，好嗎？這就像在做——今天已經達到了數十億。所以這就是我在過去 5 年裡一直在帶領公司的地方，通過併購，通過所有投資，通過我們所做的研髮變革，以便我們能夠實現真正滿足我們長期需求的終端市場組合——期限策略。

And we're not there yet. I think we're pleased. We've sort of unveiled this thing. We're 40% in data center. We're 20% in carrier. We're 20% in enterprise. We've got this automotive thing that's growing really fast. So that concentration now in where we want to be is very high. But the key focus areas, like cloud, 5G and auto, those are going to continue to increase as a percentage of our total.

我們還沒有。我想我們很高興。我們已經揭開了這件事的面紗。我們在數據中心佔 40%。我們在運營商中佔 20%。我們在企業中佔 20%。我們有這個發展非常迅速的汽車產品。所以現在在我們想要的地方的專注度非常高。但關鍵的重點領域，如雲、5G 和汽車，將繼續增加占我們總數的百分比。

So maybe a longer answer, Joe. We organize by business unit, but we run the company and ultimately, the capital allocation framework ultimately around the end market and even where is the R&D going, and it's a very rigorous process we have internally. And you could see the results over the last 5 years of what we've been able to accomplish with that framework.

所以也許是一個更長的答案，喬。我們按業務部門組織，但我們經營公司，最終，資本配置框架最終圍繞終端市場，甚至是研發的去向，這是我們內部非常嚴格的流程。您可以看到過去 5 年我們使用該框架所取得的成果。

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

我們的下一個問題將來自高盛的 Toshiya Hari。

Hello?

你好？

Yes. We're here.

是的。我們在這裡。

Congrats on the solid results. Matt, I realize it's still a relatively small portion of your business, but you talked about your automotive business exceeding $100 million in annualized run rate in Q3. I was hoping you could speak to the breadth of that business today in terms of product, technology, customer mix. And I guess, more importantly, based on the design win pipeline you have in front of you today, how are you thinking about the growth rate going forward in that business?

恭喜您取得了可靠的結果。馬特，我意識到這仍然是您業務的一小部分，但您談到您的汽車業務在第三季度的年化運行率超過 1 億美元。我希望你能在產品、技術、客戶組合方面談論今天該業務的廣度。而且我想，更重要的是，根據您今天擺在您面前的設計獲勝管道，您如何看待該業務的未來增長率？

Yes. Great. Thanks for the question. So the business today has been squarely focused in this pretty radical change that's happened over the last few years with the internal networks of the car moving to Ethernet-based products and packet-based networking. And that's for a number of reasons. The design wins we have today are extremely broad, and we've got something like 24 -- 20 to 24 car OEMs, not models, not individual products, but the actual OEMs themselves who are adopting Marvell Ethernet technology.

是的。偉大的。謝謝你的問題。因此，今天的業務一直專注於過去幾年發生的這種相當激進的變化，汽車內部網絡正在轉向基於以太網的產品和基於數據包的網絡。這有很多原因。我們今天獲得的設計勝利非常廣泛，我們有 24 到 20 到 24 家汽車 OEM，不是模型，不是單個產品，而是採用 Marvell 以太網技術的實際 OEM。

In many cases, they have elected to go sole-source with us in those engagements primarily to ensure interoperability because as you add more and more ECUs and modules inside the car, that you want to hook up via Ethernet, you actually want to make sure that the link is highly reliable.

在許多情況下，他們選擇與我們合作，主要是為了確保互操作性，因為隨著您在車內添加越來越多的 ECU 和模塊，您希望通過以太網連接，您實際上想確保該鏈接是高度可靠的。

We have wins both with the established-leading Tier 1, call it, top 10 car OEMs, but also a very strong position in the emerging challengers, all the EV start-ups, which when you add it all up, and of course, Tesla is a big portion -- a big part of the number but there's like $700 billion, $800 billion worth of market cap tied up, and new emerging EV entrants. So we've got sort of the new guys that are designing our stuff in. That's a call option on growth, and then we have the established players as well.

我們既贏得了領先的 1 級汽車製造商（稱之為前 10 名汽車 OEM）的勝利，也贏得了新興挑戰者（所有電動汽車初創公司）的強大地位，當您將其全部加起來時，當然，特斯拉是很大一部分——這個數字的很大一部分，但有大約 7000 億美元、價值 8000 億美元的市值被捆綁，以及新興的電動汽車進入者。所以我們有一些新人正在設計我們的東西。這是增長的看漲期權，然後我們也有老牌球員。

Relative to the financial -- the potential, we've said that we believe it's going to be about a $1 billion market over the next few years. And at our Analyst Day, we gave line of sight to this being a multi-hundred million-dollar type of business. That -- the business has accelerated. We had signaled last year that we were hoping to get to $25 million a quarter exiting the year. We guided now that we're going to get there in Q3. And this business has got tremendous momentum, and you can look at the data we provided now to see how far that business has come over the last 7, 8 quarters. Most of that growth that you see has been driven by the automotive contribution.

相對於金融——潛力，我們已經說過，我們相信未來幾年這將是一個大約 10 億美元的市場。在我們的分析師日，我們看到這是一項價值數億美元的業務。那——業務加速了。我們去年曾表示，我們希望在今年結束時每季度達到 2500 萬美元。我們現在指導我們將在第三季度到達那裡。而且這項業務發展勢頭強勁，您可以查看我們現在提供的數據，了解該業務在過去 7、8 個季度中取得了多大進展。您看到的大部分增長都是由汽車貢獻推動的。

So it's a big opportunity. And I think that, ultimately, that $1 billion market, you go out 10 years, it will be probably $2 billion. And we obviously hope we can get a big share of that. So it's a big opportunity. And I think the last point I would make is that it's really an entry now because it's such a key part of the car architecture, that we're very, very focused now on applications outside of Ethernet, so compute applications, additional networking products, security and storage. And we've really proven ourselves.

所以這是一個很大的機會。而且我認為，最終，那個 10 億美元的市場，你出去 10 年，它可能會是 20 億美元。我們顯然希望我們能從中分得一杯羹。所以這是一個很大的機會。我想我要說的最後一點是，它現在真的是一個入口，因為它是汽車架構的關鍵部分，我們現在非常非常專注於以太網之外的應用程序，所以計算應用程序，額外的網絡產品，安全和存儲。我們真的證明了自己。

A final point. We've shipped millions and millions of units now into cars. They are on the road. We're running at an astonishing 1 DPPM type of quality rate or actually less. In fact, the most recent update I got is we were in the 800, 900 PPB, which I can tell you having a lot of experience in the automotive market, it's really hard to get under 1. And so these products have been engineered extremely well. We put in place like a world-class automotive flow. So we can leverage that, Toshi, for many other Marvell technologies and products outside of Ethernet. And you should expect to hear more from us on this in the future.

最後一點。我們現在已經向汽車運送了數百萬個單位。他們在路上。我們以驚人的 1 DPPM 類型的質量速率運行，甚至更低。事實上，我最近得到的更新是我們在 800、900 PPB，我可以告訴你在汽車市場有很多經驗，很難低於 1。所以這些產品經過精心設計好吧。我們像世界級的汽車流一樣到位。因此，Toshi，我們可以將這一點用於以太網以外的許多其他 Marvell 技術和產品。你應該期待在未來聽到我們更多關於這方面的信息。

Our next question will come from Gary Mobley with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券的 Gary Mobley。

I had a couple of questions for Jean. Jean, I would assume that you're in sort of the sweet spot of the OpEx synergy realization from the Inphi acquisition. You're guiding for roughly $1 million sequential growth in non-GAAP OpEx for the third quarter. And so just given all the different moving pieces in your investments and the synergies to be realized from Inphi, is it realistic to think that you could see fourth quarter OpEx drop sequentially and then eventually tick back up in the first quarter per your usual first year increases?

我有幾個問題要問瓊。 Jean，我認為您正處於從 Inphi 收購中實現 OpEx 協同效應的最佳位置。您正在指導第三季度非 GAAP 運營支出連續增長約 100 萬美元。因此，考慮到您投資中的所有不同移動部分以及 Inphi 將實現的協同效應，認為您可能會看到第四季度 OpEx 連續下降，然後最終在第一季度按您通常的第一年回升是現實的嗎？增加？

And then for the non-GAAP tax rate, if I'm not mistaken, your expectation is for it to increase going forward. Should we think about that maybe 100 to 200 basis point annual increases going forward?

然後對於非公認會計原則稅率，如果我沒記錯的話，你的期望是它會在未來增加。我們是否應該考慮未來可能每年增加 100 到 200 個基點？

Maybe the easy one first here. On the non-GAAP tax rate for next year, you probably can just model about 6% because we do have a lot of tax deductions as part of our merger with Inphi. So that's the assumption you can model.

也許這裡是最簡單的。對於明年的非 GAAP 稅率，您可能只能模擬 6% 左右，因為作為與 Inphi 合併的一部分，我們確實有很多稅收減免。這就是您可以建模的假設。

On the OpEx, right, is our team did a great job to integrate the one ERP 1 quarter ahead of time. So if you look at the synergy achievement we outlined last quarter, we basically achieved the one ERP 1 quarter earlier. So the OpEx came off in Q2. And then Q3 guidance, frankly, as I said earlier, we do see the pattern of synergy achievement just exactly the same as we outlined last quarter. So Q4, typically, there are variabilities of OpEx. I think I will leave it to you to model it. But from our perspective, we are quite confident to achieve the Inphi synergy. At the same time, the seasonality of OpEx in Q1, you're absolutely right. Typically, Q1, because of the payroll tax, the OpEx will step up.

在運營支出方面，我們的團隊在提前 1 個季度集成一個 ERP 方面做得很好。因此，如果您查看我們上個季度概述的協同成就，我們基本上在 1 個季度之前就實現了一個 ERP。因此，運營支出在第二季度下降。然後是第三季度的指導，坦率地說，正如我之前所說，我們確實看到協同成就的模式與我們上個季度概述的完全相同。所以第四季度，通常情況下，OpEx 存在差異。我想我會把它留給你來建模。但從我們的角度來看，我們很有信心實現 Inphi 協同效應。同時，第一季度運營支出的季節性，你是絕對正確的。通常，第一季度，由於工資稅，OpEx 會增加。

I just want to make sure, right? The team at Marvell is very thoughtful in managing OpEx, but at the same time, increases investment to drive the long-term revenue growth. Especially given the tremendous opportunities we have ahead of us, we are going to make sure we invest. But at the same time, we're always going to drive revenue growth significantly higher than the OpEx growth.

我只是想確認一下，對嗎？ Marvell 團隊在管理 OpEx 方面非常周到，但同時增加投資以推動長期收入增長。特別是考慮到我們面前的巨大機會，我們將確保我們進行投資。但與此同時，我們總是會推動收入增長顯著高於運營支出增長。

Our next question will come from Chris Caso with Raymond James.

我們的下一個問題將來自 Chris Caso 和 Raymond James。

The question is just a clarification of what's included in the new segmentation, specifically for data center. And I think your comment is that half of -- more than half of that business was cloud-based. What's the other half? Is that more in the area of campus networking? If you can clarify that. And maybe you could talk to the relative growth rates of cloud versus the noncloud that you're expecting within the data center segment going forward.

這個問題只是對新細分中包含的內容的澄清，特別是針對數據中心。而且我認為您的評論是一半以上的業務是基於雲的。另一半是什麼？這更多是在校園網絡領域嗎？如果你能澄清這一點。也許你可以談談你在數據中心領域未來所期望的雲與非雲的相對增長率。

Maybe I'll try to give -- yes, I'll give you the definition, then Matt can add. On the on-premise data center, that's part of the data center. It's really, frankly, it's our -- some of the HDD business, the fiber channel business and the networking business. It's on-premise data center. But more than half is actually cloud data center. Matt can add more.

也許我會嘗試給出--是的，我會給你定義，然後Matt 可以添加。在本地數據中心，這是數據中心的一部分。坦率地說，這真的是我們的——一些硬盤業務、光纖通道業務和網絡業務。它是本地數據中心。但超過一半實際上是雲數據中心。馬特可以添加更多。

Yes. Sure. So think of this as our traditional industry standard servers, host bus adapter cards, enterprise mix, things like that. So that business historically has been pretty flat. And just to clarify, the campus networking products, that's in enterprise networking. So that moves to the enterprise line.

是的。當然。因此，可以將其視為我們傳統的行業標準服務器、主機總線適配器卡、企業組合等。因此，從歷史上看，該業務一直相當平淡。只是澄清一下，校園網絡產品，即企業網絡。這樣就轉移到了企業線。

So we've gone through pretty carefully and just figured out which -- what our revenue concentration is, specifically in the enterprise on-prem side. So that, we assume, is going to be a flattish business. It's been a flattish business. It will have its ups and downs here and there. All the growth is going to come from cloud.

因此，我們已經非常仔細地進行了研究，並且剛剛弄清楚了我們的收入集中度是什麼，特別是在企業內部部署方面。因此，我們認為，這將是一個平淡無奇的業務。這是一個平淡無奇的生意。它會在這里和那裡起起落落。所有的增長都將來自云。

And so this is -- we mentioned it's over half of the revenue today. And even if you look to Q3, the acceleration in growth you see is coming from that portion. And we expect the cloud to be probably one of the biggest growth drivers of the whole company over the next few years. I mean cloud alone is larger than carrier, larger than enterprise, larger than consumer. It's larger than anything else, just on its own, if you had it as its own line item, and that should continue to see very outsized growth for the foreseeable future.

所以這是 - 我們提到它是今天收入的一半以上。即使您查看第三季度，您看到的增長加速也來自該部分。我們預計雲可能會成為未來幾年整個公司最大的增長動力之一。我的意思是，僅雲就比運營商大，比企業大，比消費者大。它比其他任何東西都要大，如果你把它作為自己的產品線，它本身就更大，在可預見的未來，它應該會繼續看到非常大的增長。

Our final question will come from Quinn Bolton with Needham & Company. (Operator Instructions)

我們的最後一個問題將來自 Needham & Company 的 Quinn Bolton。 （操作員說明）

Can you hear me?

你能聽到我嗎？

Barely, Quinn.

幾乎沒有，奎因。

Sorry. Can you hear me now?

對不起。你能聽到我嗎？

Yes, there you go.

是的，你去。

Okay. Sorry about that. Matt, I was just going to ask on the 400ZR ramp, how much of that business from Marvell would be optical modules, complete modules versus just selling DSPs to other module vendors? And the reason I ask is if you look at your market share sort of by DSP, what share do you think you may ultimately achieve in the ZR market if you're just kind of counting DSPs?

好的。對於那個很抱歉。馬特，我只是想在 400ZR 斜坡上問，Marvell 的業務中有多少是光學模塊、完整模塊，而不是僅僅向其他模塊供應商銷售 DSP？我問的原因是，如果你按 DSP 來看待你的市場份額，如果你只是計算 DSP，你認為你最終會在 ZR 市場獲得多少份額？

Yes. And I think you're asking some great questions. Like let me give you maybe a higher-level view. And then we've got, as we mentioned, our Analyst Day coming up in October, where you're going to be able to hear actually from the various executives running these groups. And we'll talk in a lot more detail about sort of the questions you're asking because that's fairly specific.

是的。我認為你問了一些很好的問題。就像讓我給你一個更高層次的觀點。然後，正如我們所提到的，我們的分析師日即將在 10 月舉行，屆時您將能夠真正聽到運營這些小組的各種高管的意見。我們將更詳細地討論您提出的問題，因為這是相當具體的。

But at the highest level, 400ZR is going to be a combination, okay, of both modules as well as stand-alone DSPs. We've -- the team has lined up a number of partners, both for the ZR application, ZR+. There's an open version of that. And then there's also applications for this that are not DCI, right, that are actually in the carrier market.

但在最高級別，400ZR 將是兩個模塊以及獨立 DSP 的組合，好吧。我們已經 - 團隊已經為 ZR 應用程序 ZR+ 安排了許多合作夥伴。有一個開放版本。然後還有一些不是 DCI 的應用程序，對，實際上是在運營商市場。

And so there's a broad opportunity here, Quinn, besides just, hey, we take the one hyperscaler we had, we move into 400ZR, and then it's done. It's not that at all. It's -- and the initial ramp, we are seeing, is based on modules. We're continuing to be committed to that. That's a good business for us. But the Inphi team, I think, have done a great job of lining up a broader ecosystem set of partners to drive DSP sales as well. So we can -- we'll give more color on those dynamics when we get into the Investor Day and we start talking more about our products and our technologies.

所以這裡有一個廣泛的機會，奎因，除了，嘿，我們採用我們擁有的一個超大規模，我們進入 400ZR，然後就完成了。根本不是這樣。它是——我們看到的最初的斜坡是基於模塊的。我們將繼續致力於此。這對我們來說是一筆好生意。但我認為，Inphi 團隊在組建更廣泛的生態系統合作夥伴以推動 DSP 銷售方面做得很好。所以我們可以——當我們進入投資者日時，我們會為這些動態提供更多色彩，我們開始更多地談論我們的產品和技術。

This concludes our question-and-answer session. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。感謝您參加今天的演講。您現在可以斷開連接。