邁威爾科技 (MRVL) 2022 Q1 法說會逐字稿

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

下午好，歡迎參加 Marvell Technologies 2022 年第一季財報電話會議。

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

（操作員說明）請注意，該事件正在被記錄。

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

我現在將會議交給投資者關係副總裁 Ashish Saran 先生主持。

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

歡迎參加 Marvell 2022 財年第一季財報電話會議。

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

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

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

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

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

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

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

我們不打算更新我們的前瞻性陳述。

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

在今天的電話會議中，我們將提及某些非公認會計準則財務指標。

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

我們的 GAAP 和非 GAAP 財務指標之間的調整可在我們網站的投資者關係部分找到。

We closed the acquisition of Inphi on April 20, 2021.

我們於 2021 年 4 月 20 日完成了對 Inphi 的收購。

Therefore, the results we reported today for the first quarter of fiscal 2022 include the results from the Inphi business for 10 days of the fiscal quarter.

因此，我們今天報告的 2022 財年第一季的業績包括該財季 10 天的 Inphi 業務業績。

Revenue from the acquired Inphi business is reported within our networking product group.

收購的 Inphi 業務的收入在我們的網路產品組中報告。

To provide a direct comparison to the first fiscal quarter business outlook we provided in our earnings call on March 3, we have provided a table in our earnings press release, which breaks out Marvell stand-alone non-GAAP results for the first quarter, excluding partial quarter results from the acquired Inphi business.

為了與我們在3 月3 日的財報電話會議中提供的第一財季業務前景進行直接比較，我們在財報新聞稿中提供了一個表格，其中列出了Marvell 第一季的獨立非GAAP 業績，不包括部分季度業績來自收購的 Inphi 業務。

We are providing Marvell's stand-alone non-GAAP results on a one-time basis.

我們一次提供 Marvell 的獨立非 GAAP 業績。

As a reminder, there are no GAAP results for standalone Marvell.

提醒一下，獨立 Marvell 沒有 GAAP 業績。

Matt and Jean's first quarter commentary will primarily focus on the non-GAAP results from the stand-alone Marvell business as it relates to the guidance we provided on our March 3 call under stated otherwise.

Matt 和 Jean 的第一季評論將主要關注獨立 Marvell 業務的非 GAAP 業績，因為它與我們在 3 月 3 日電話會議上提供的指導（另有說明）相關。

Please note that the financial outlook for the second quarter of fiscal year 2022 includes expected results from the acquired Inphi business for the full quarter.

請注意，2022 財年第二季的財務前景包括所收購的 Inphi 業務整個季度的預期業績。

On the subject of revue reporting, as you know, we currently report revenue in 3 broad product groups: networking, storage and other.

關於收入報告，如您所知，我們目前報告三大產品組的收入：網路、儲存和其他。

However, as you may recall, during our Investor Day presentations, we also describe our addressable opportunities by end market.

然而，您可能還記得，在我們的投資者日演講中，我們也描述了終端市場的可尋址機會。

This market focus will provide more information and transparency about the key growth drivers of our business and was received positively by the investment community.

這個市場焦點將為我們業務的主要成長動力提供更多資訊和透明度，並受到投資界的積極回應。

We are now taking steps to align our external revenue reporting to our end markets.

我們現在正在採取措施，使我們的外部收入報告與我們的終端市場保持一致。

We believe this will provide investors with a better and more granular understanding of our business.

我們相信這將使投資者對我們的業務有更好、更細緻的了解。

Accordingly, we will discontinue reporting revenue by product group and instead, we will report revenue from the following 5 end markets: data center, carrier, enterprise networking, auto industrial and consumer.

因此，我們將不再按產品組報告收入，而是報告以下 5 個終端市場的收入：資料中心、營運商、企業網路、汽車工業和消費者。

Please note, we will implement this change starting next quarter when we report results for our second quarter of fiscal 2022.

請注意，我們將在下個季度報告 2022 財年第二季業績時實施此變更。

In that earnings release, we will report revenue by end market for the second quarter and provide historical end market revenue data for the preceding 7 quarters.

在此財報中，我們將報告第二季度終端市場的收入，並提供前 7 個季度的歷史終端市場收入數據。

Mass discussion of business results and expectations are also transitioned to this end market view.

對業務成果和預期的大規模討論也轉變為這種終端市場觀點。

In our second quarter earnings results, on a onetime basis, we will provide revenue results under both the current product group process and the new end market process.

在我們的第二季收益結果中，我們將一次性提供當前產品組流程和新終端市場流程下的收入結果。

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

這樣，我會將電話轉給馬特，請他對我們的表現發表評論。

Matt?

馬特？

Thanks, Ashish, and good afternoon, everyone.

謝謝阿什什，大家下午好。

I'll start with a summary of our first quarter GAAP results for the combined company.

我將首先總結合併後公司第一季的 GAAP 業績。

Revenue for the combined company was $832 million.

合併後公司的收入為 8.32 億美元。

GAAP gross margin was 50.2% and loss per diluted share was $0.13.

GAAP 毛利率為 50.2%，攤薄後每股虧損為 0.13 美元。

I'm now going to review stand-alone Marvell non-GAAP results, excluding those of Inphi.

我現在將回顧獨立的 Marvell 非 GAAP 業績，不包括 Inphi 的業績。

We began fiscal 2022 on a strong note, delivering solid results in the first quarter, driven by the strength of our core businesses and continued operational excellence.

2022 財年伊始，我們表現強勁，在核心業務實力和持續卓越營運的推動下，第一季取得了穩健的業績。

Marvell stand-alone revenue for the first quarter was $810 million, exceeding the midpoint of our guidance.

Marvell 第一季的獨立收入為 8.1 億美元，超過了我們指導的中位數。

Revenue grew 17% year-on-year, driven by robust growth in both our networking and storage businesses.

在網路和儲存業務強勁成長的推動下，營收年增 17%。

Higher revenue, coupled with stronger gross margin and lower operating expenses drove non-GAAP earnings per share of $0.02 above the midpoint of guidance to $0.29.

更高的收入，加上更高的毛利率和更低的營運費用，使得非公認會計準則每股收益比指導中位數高出 0.02 美元，達到 0.29 美元。

Non-GAAP EPS grew 61% year-on-year, demonstrating the significant operating leverage in our business model.

非 GAAP 每股盈餘年增 61%，反映了我們業務模式中的巨大營運槓桿。

I'm pleased that Marvell delivered the fourth straight quarter of double-digit year-on-year revenue growth despite industry-wide supply constraints that have tightened considerably over the same time period.

我很高興 Marvell 連續第四個季度實現兩位數的年收入成長，儘管同期全行業的供應限制大幅收緊。

In fact, our year-on-year growth rate accelerated in the first quarter on strong and growing demand across all our end markets, and I'm pleased that our operations team rose to the challenge in a difficult environment.

事實上，由於所有終端市場的需求強勁且不斷成長，我們的年成長率在第一季有所加快，我很高興我們的營運團隊在困難的環境中迎接挑戰。

But we have more work to do.

但我們還有更多工作要做。

The majority of our products are proprietary and sole-sourced, and demand for our solutions continues to grow.

我們的大多數產品都是專有且獨家採購的，並且對我們解決方案的需求持續增長。

We need to support our customers with a flexible supply chain capable of delivering the upside demand within a reasonable lead time, something that has not been feasible this year.

我們需要透過靈活的供應鏈來支援我們的客戶，該供應鏈能夠在合理的交貨時間內滿足上行需求，而這在今年是不可行的。

To further improve our supply, Chris Koopmans, who has played an instrumental role in Marvell's ongoing transformation, has been appointed as our Chief Operations Officer to lead our global operations and supply chain organization, in addition to his current role leading marketing and business operations.

為了進一步改善我們的供應，在 Marvell 持續轉型中發揮重要作用的 Chris Koopmans 被任命為我們的首席營運官，除了目前負責領導行銷和業務運營外，還負責領導我們的全球營運和供應鏈組織。

Chris is leveraging his deep understanding of our markets and customers to prioritize and align supply to our key growth initiatives.

克里斯正在利用他對我們市場和客戶的深入了解來確定供應的優先順序並使其與我們的關鍵成長計劃保持一致。

We are extending our planning horizons, strengthening strategic supplier partnerships and using our balance sheet where appropriate, to build more flexibility.

我們正在擴大我們的規劃範圍，加強策略供應商合作夥伴關係，並在適當的情況下利用我們的資產負債表來建立更大的靈活性。

Our suppliers value Marvell's focus on data infrastructure as a source of sustainable growth, driven by favorable secular trends compared to other cyclical end markets.

我們的供應商認為 Marvell 對資料基礎設施的關注是永續成長的源泉，與其他週期性終端市場相比，受到有利的長期趨勢的推動。

And as a result, they are excited to partner with us.

因此，他們很高興與我們合作。

Looking to the second half of this fiscal year, we are confident that we have secured sufficient supply to enable accelerating year-on-year revenue growth for stand-alone Marvell, above that of the first half.

展望本財年下半年，我們有信心獲得充足的供應，使 Marvell 獨立營收年增率加速成長，高於上半年。

We expect supply to further improve next fiscal year.

我們預計下一財年供應將進一步改善。

In a few moments, I'll discuss Inphi's business, where we also expect strong revenue growth throughout the year.

稍後我將討論 Inphi 的業務，我們也預計全年營收將強勁成長。

Moving on to our merger with Inphi and related organizational changes.

接下來是我們與 Inphi 的合併以及相關的組織變革。

We received regulatory approval to merge with Inphi in April, earlier than originally anticipated, and began integrating the talented Inphi team.

我們於 4 月獲得了與 Inphi 合併的監管批准，比最初預期的要早，並開始整合才華橫溢的 Inphi 團隊。

We have emerged from this transaction as a U.S. corporation, which we believe better positions the combined company for long-term success.

透過這筆交易，我們成為一家美國公司，我們相信這將使合併後的公司更能取得長期成功。

Reflecting the larger scale and broader scope of Marvell, several key Inphi executives have my direct staff.

Inphi 的幾位重要主管都是我的直接下屬，反映出 Marvell 的規模更大、範圍更廣。

Loi Nguyen and Nariman Yousefi will manage the Inphi businesses and have also increased their scope to include additional Marvell businesses.

Loi Nguyen 和 Nariman Yousefi 將管理 Inphi 業務，並擴大其業務範圍，納入其他 Marvell 業務。

Laurence Tse, Inphi's central engineering leader, will manage Marvell's analog and mixed signal organization.

Inphi 的中央工程主管 Laurence Tse 將管理 Marvell 的模擬和混合訊號部門。

In addition, Raghib Hussain has taken on a broader elevated role as President, Products and Technologies, to drive strategy alignment and growth across the company.

此外，拉吉布·侯賽因 (Raghib Hussain) 還擔任產品和技術部門總裁，擔任更廣泛的職務，以推動整個公司的策略調整和成長。

Similar to our prior acquisitions, we expect the infusion of Inphi talent will add scale and further strengthen the capabilities of the combined company.

與我們先前的收購類似，我們預計 Inphi 人才的注入將擴大合併後公司的規模並進一步增強其能力。

We have built a world-class management team with deep technical expertise, vast industry experience and a proven track record in driving growth and value creation.

我們建立了一支世界一流的管理團隊，擁有深厚的技術專長、豐富的行業經驗以及在推動成長和價值創造方面的良好記錄。

Let me move on now to discussing our 2 businesses in more detail.

現在讓我更詳細地討論我們的兩項業務。

Networking.

聯網。

First for Marvell standalone networking, revenue grew during the first -- revenue during the first quarter was $476 million, consistent with our outlook for strong growth.

首先，Marvell 獨立網路的營收在第一季實現了成長——第一季的營收為 4.76 億美元，這與我們對強勁成長的預期一致。

On a sequential basis, revenue grew 9%, underpinned by growth in all key product lines with the exception of 5G ASICs.

營收季增 9%，這得益於 5G ASIC 之外的所有關鍵產品線的成長。

However, overall 5G revenue continued to grow, marking our seventh straight consecutive quarter of growth.

然而，整體 5G 收入持續成長，標誌著我們連續第七個季度成長。

Year-on-year growth was a very robust 21% in networking with solid contributions from multiple end markets.

在多個終端市場的堅實貢獻下，網路領域的年成長非常強勁，達 21%。

In 5G, growth was driven by standard and semi-custom product shipments to Samsung and Nokia, partially offset by a decline in ASICs as deployments in China paused.

在 5G 領域，成長是由三星和諾基亞的標準和半客製化產品出貨量推動的，但由於中國部署暫停而導致 ASIC 的下降，部分抵消了這一增長。

In cloud networking, we continue to benefit from strong customer demand for our smartNIC DPUs.

在雲端網路領域，我們持續受益於客戶對 smartNIC DPU 的強勁需求。

In automotive, we are growing rapidly with our Ethernet product shipping into multiple model year 2021 vehicles.

在汽車領域，我們正在快速發展，我們的乙太網路產品已應用於多種 2021 年車型。

Our Enterprise Networking business also delivered solid results, extending the double digit growth trend established last year despite a soft end market.

我們的企業網路業務也取得了穩健的業績，儘管處於軟終端市場，但仍延續了去年建立的兩位數成長趨勢。

This performance is a result of our expanding market position, driven by our refreshed Ethernet switches and multi-gigabit PHYs.

這種性能是我們不斷擴大的市場地位的結果，在我們更新的乙太網路交換器和多千兆位元 PHY 的推動下。

To the extent the enterprise spending recovers later this year, that would be another tailwind to our business.

如果今年稍後企業支出恢復，這將是我們業務的另一個推動力。

Not only are we winning and ramping in the access, aggregation and core switching markets, we are also making in-roads in the data center with our feature rich and scalable multi-terabit family of switches.

我們不僅在存取、聚合和核心交換市場上取得了勝利並不斷發展，而且還憑藉著功能豐富且可擴展的多太比特交換器系列進軍資料中心。

As a reminder, these products leverage a modular architecture to deliver multiple capacity points from 3.2 terabits per second to 12.8 terabits for a broad range of data center applications.

需要提醒的是，這些產品利用模組化架構為廣泛的資料中心應用提供從每秒 3.2 太比特到 12.8 太比特的多個容量點。

We have been winning new sockets and expect these design wins to start contributing meaningfully of higher levels of revenue next fiscal year.

我們一直在贏得新的插座，並期望這些設計勝利將開始為下一財年更高水準的收入做出有意義的貢獻。

Let me now discuss the outlook for the second quarter of fiscal 2022 for our networking business.

現在讓我討論一下我們的網路業務 2022 財年第二季的前景。

This outlook includes revenue from Inphi's complete electro-optics platform comprised of their industry-leading PAM and coherent DSPs, high-performance broadband analog drivers and TIAs highly integrated silicon photonics and data center interconnect modules.

這一前景包括來自 Inphi 完整電光平台的收入，該平台由業界領先的 PAM 和相干 DSP、高性能寬頻類比驅動器以及 TIA 高度整合的矽光子和資料中心互連模組組成。

For the second quarter, we anticipate networking revenue to grow just over 70% year-on-year.

我們預計第二季度網路收入將年增至 70%。

Let me walk you through the growth expectations from the Marvell and Inphi businesses implicit in this guidance.

讓我向您介紹本指南中隱含的 Marvell 和 Inphi 業務的成長預期。

We expect Marvell's stand-alone networking to drive strong year-on-year revenue growth in the high teens on a percentage basis and be up slightly on a sequential basis.

我們預計 Marvell 的獨立網路將推動營收年增（以百分比計算），並環比小幅成長。

Similar to the prior quarter, we expect broad growth from multiple products offset a pause in China 5G.

與上一季類似，我們預計多種產品的廣泛成長將抵消中國 5G 的暫停。

This outlook reflects ongoing supply constraints, which have been more acute for our networking products.

這一前景反映了持續的供應限制，這對我們的網路產品來說更為嚴重。

However, as I discussed earlier, we believe we have line of sight to supply improvements later this year and next year to support our growth plans.

然而，正如我之前討論的那樣，我們相信我們有能力在今年晚些時候和明年提供改進，以支持我們的成長計劃。

As we look forward, we expect a strong second half ramp compared to the first half in stand-alone Marvell's networking business, including an acceleration in our 5G business from both our own product ramps and an increase in 5G adoption in the U.S. and other regions.

展望未來，我們預計，與上半年相比，獨立 Marvell 的網路業務下半年將出現強勁成長，包括我們自己的產品成長帶來的 5G 業務加速以及美國和其他地區 5G 採用率的增加。

From the acquired Inphi business, we expect approximately $215 million in revenue in our second fiscal quarter.

我們預計第二財季收購的 Inphi 業務營收約為 2.15 億美元。

I am very pleased that at this level of revenue, we expect the Inphi business will be accretive to our non-GAAP earnings in the first full quarter as a combined company.

我非常高興的是，在這樣的收入水平上，我們預計 Inphi 業務將在合併後的第一個完整季度為我們的非 GAAP 收益帶來增量。

We expect this business to drive strong growth above Marvell's growth rate benefiting from the demand for high-speed connectivity inside and between data centers and in the carrier market.

我們預計，受惠於資料中心內部、資料中心之間以及營運商市場對高速連線的需求，該業務將強勁成長，高於 Marvell 的成長率。

Let me briefly discuss Inphi's data center growth drivers.

讓我簡單討論一下 Inphi 的資料中心成長動力。

Inside data centers, as demand for bandwidth continues to increase, a generational shift is underway from traditional NRZ signaling to more advanced Pulse Amplitude Modulation, or PAM, which enables a significant increase in bandwidth.

在資料中心內部，隨著對頻寬的需求不斷增加，從傳統的 NRZ 訊號到更先進的脈衝幅度調變 (PAM) 的世代轉變正在進行，從而使頻寬顯著增加。

This is one of the biggest changes in data center connectivity, and Inphi is leading this industry transition.

這是資料中心連接方面最大的變化之一，Inphi 正在引領這項產業轉型。

Inphi is the largest provider of PAM4 DSPs to the optical connectivity market, having shipped millions of devices.

Inphi 是光連接市場最大的 PAM4 DSP 供應商，已售出數百萬台設備。

As the market continues to transition to higher speeds, 400 gig adoption has been accelerating.

隨著市場不斷向更高速度過渡，400 兆瓦的採用速度一直在加速。

And last year, we started sampling our next-generation 800-gig solution, which is seeing strong traction with customers.

去年，我們開始對下一代 800 Gb 解決方案進行採樣，該解決方案受到了客戶的強烈關注。

In collaboration with Microsoft, Inphi pioneered pluggable transceiver technology to directly interconnect regional cloud data centers at lower cost, complexity and power compared to traditional optical transport solutions.

Inphi 與 Microsoft 合作，率先推出可插拔收發器技術，與傳統光傳輸解決方案相比，能夠以更低的成本、複雜性和功耗直接互連區域雲端資料中心。

The first product, COLORZ, use PAM4 technology to enable 100 gig per wavelength, which could be multiplexed to support up to 4 terabits per second of bandwidth over a single fiber for data center interconnect or DCI applications.

第一款產品 COLORZ 使用 PAM4 技術，每波長可實現 100 GB，可進行複用，透過單一光纖支援高達每秒 4 太比特的頻寬，用於資料中心互連或 DCI 應用。

This product has been shipping in volume and established Inphi's leadership in this category.

該產品已批量發貨，並確立了 Inphi 在該類別中的領導地位。

Building on the success of COLORZ, which was deployed primarily by one hyperscaler last year, Inphi introduced COLORZ 2, the industry's first pluggable transceiver compatible with the 400ZR industry standard, which enables 400 gig per wavelength using coherent technology.

去年主要由一家超大規模企業部署的COLORZ 取得了成功，在此基礎上，Inphi 推出了COLORZ 2，這是業界首款與400ZR 行業標準兼容的可插拔收發器，可使用相干技術實現每波長400 GB。

We expect to maintain our leadership position in the DCI market and project that COLORZ 2 deployments will start this year.

我們希望保持在 DCI 市場的領導地位，並預計 COLORZ 2 部署將於今年開始。

With an industry standard now in place, we see multiple hyperscalers and additional customers adopting pluggable ZR technology, which creates a significantly larger revenue opportunity for our DCI platform.

業界標準現已到位，我們看到多個超大規模供應商和更多客戶採用可插拔 ZR 技術，這為我們的 DCI 平台創造了更大的收入機會。

Turning now to our storage business.

現在轉向我們的儲存業務。

Storage revenue for the first quarter was $303 million, growing 17% year-on-year and declining 7% sequentially.

第一季儲存營收為3.03億美元，年增17%，季減7%。

Results were better than our expectations as we benefited from stronger demand for SSD controllers.

結果優於我們的預期，因為我們受益於對 SSD 控制器的強勁需求。

The stellar year-on-year results were driven by ramps in our custom DIY SSD controller programs and ongoing growth in cloud demand for nearline drives, which benefited from -- benefited our HDD controllers and pre-amplifiers.

出色的同比業績得益於我們的客製化 DIY SSD 控制器計劃的成長以及近線驅動器雲端需求的持續成長，這得益於我們的 HDD 控制器和前級擴大機。

The sequential decline was primarily due to our Fiber Channel business.

環比下降主要是由於我們的光纖通道業務。

Looking to the second quarter of fiscal 2022, we expect storage to deliver another strong performance driven by the nearline HDD and data center SSD markets.

展望 2022 財年第二季度，我們預計在近線 HDD 和資料中心 SSD 市場的推動下，儲存將再次呈現強勁表現。

We are projecting revenue to grow year-on-year in the mid-teens and in the double digits sequentially on a percentage basis.

我們預計，以百分比計算，收入將比去年同期成長兩位數。

Our recent results and expectations for ongoing growth reflect the significant transformation of our storage business.

我們最近的業績和對持續成長的預期反映了我們儲存業務的重大轉型。

In our HDD business, data center has become the largest revenue contributor relative to other markets.

在我們的硬碟業務中，相對於其他市場，資料中心已成為最大的收入貢獻者。

Our preampflier business is now ramped up to an annualized run rate of over $50 million, and we believe that we can more than double this run rate.

我們的前級擴大機業務現已提升至年化運行率超過 5000 萬美元，我們相信我們可以將這一運行率增加一倍以上。

We are continuing to step up the technology cadence for our SSD controllers, and we recently introduced the industry's first PCIe Gen5 SSD controller family designed to address the data movement and security challenges in cloud infrastructure.

我們不斷加快 SSD 控制器的技術節奏，最近推出了業界首款 PCIe Gen5 SSD 控制器系列，旨在解決雲端基礎架構中的資料移動和安全挑戰。

We are excited to collaborate directly with hyperscalers and NAND vendors to bring this leading solution to market.

我們很高興能夠與超大規模廠商和 NAND 供應商直接合作，將這項領先的解決方案推向市場。

In addition, I'm pleased to announce that a key NAND OEM has chosen to partner with Marvell to develop custom PCIe Gen 5 and Gen 6 SSD controllers for their enterprise and cloud solutions.

此外，我很高興地宣布，一個重要的 NAND OEM 已選擇與 Marvell 合作，為其企業和雲端解決方案開發客製化 PCIe Gen 5 和 Gen 6 SSD 控制器。

The Gen 6 product will be built on our 5-nanometer process.

第 6 代產品將基於我們的 5 奈米製程建構。

In the storage market, this is a quantum leap and process node cadence and is a testament to Marvell's advanced technology platform.

在儲存市場上，這是一個巨大的飛躍和製程節點節奏，也是 Marvell 先進技術平台的證明。

We expect to leverage the leading edge IP we are developing to be deployed in additional advanced node storage solutions.

我們希望利用我們正在開發的領先IP來部署在其他先進的節點儲存解決方案中。

Our strategy to refocus this business on the data center market has been a huge success.

我們將業務重新聚焦於資料中心市場的策略取得了巨大成功。

Data center has grown to over 60% of storage revenue from less than 20% in fiscal 2017.

資料中心佔儲存收入的比例已從 2017 財年的不到 20% 成長到 60% 以上。

In closing, we had a great start to fiscal 2022, and I'm very excited about the growth prospects in front of us as a combined company.

最後，我們在 2022 財政年度有了一個良好的開端，我對合併後的公司所面臨的成長前景感到非常興奮。

When we announced the acquisition of Inphi, we increased our long-term target model for revenue growth to 12% to 16% annually.

當我們宣布收購 Inphi 時，我們將營收成長的長期目標模式提高到每年 12% 至 16%。

I'm pleased that our recent results and near-term expectations are, in fact, currently trending above the high end of this target range.

我很高興我們最近的結果和近期預期實際上目前趨勢高於該目標範圍的高端。

This is primarily due to our own product cycles, combined with sustainable secular growth trends in our data infrastructure markets.

這主要是由於我們自己的產品週期，以及我們資料基礎設施市場的可持續長期成長趨勢。

The acquisition of Inphi has increased our exposure to the data center, which is our largest end market.

收購 Inphi 增加了我們在資料中心的曝光度，這是我們最大的終端市場。

And within that, cloud is the largest growth opportunity across Marvell, significantly bigger than our 5G opportunity.

其中，雲端是 Marvell 最大的成長機會，遠大於我們的 5G 機會。

Inphi has already established a strong position within cloud, addressing an opportunity growing at a 60% plus CAGR.

Inphi 已經在雲端領域建立了強大的地位，抓住了複合年增長率超過 60% 的成長機會。

The Marvell organic opportunity in cloud is also substantial, which we are addressing with our merchant, semi-custom and flexible ASIC model for compute, networking, acceleration, security and storage applications.

Marvell 在雲端領域的有機機會也很巨大，我們正在透過以運算、網路、加速、安全和儲存應用的商業、半客製化和靈活 ASIC 模型來解決這個問題。

At our Analyst Day last year, we discussed this opportunity growing at an expected 19% CAGR to over $5 billion by calendar 2023.

在去年的分析師日上，我們討論了這個機會，預計複合年增長率為 19%，到 2023 年將達到超過 50 億美元。

The adoption of ARM processors in servers continues to gain traction, and this further increases our cloud opportunity.

伺服器中 ARM 處理器的採用繼續受到關注，這進一步增加了我們的雲端機會。

We expect cloud revenue for the combined company to grow rapidly.

我們預計合併後公司的雲端收入將快速成長。

As Marvell's 5-nanometer products come to market, we expect a substantial step-up in our cloud revenue.

隨著 Marvell 的 5 奈米產品上市，我們預計雲端收入將大幅成長。

I'm very pleased to report that we have been recently awarded a number of significant design wins, leveraging our advanced technology platform.

我很高興地報告，我們最近利用我們先進的技術平台贏得了許多重大設計勝利。

Respecting customer confidentiality, we will not be in a position to discuss any specific win.

尊重客戶的機密，我們無法討論任何具體的勝利。

They are with multiple customers across a variety of applications and business models.

他們擁有跨各種應用程式和業務模型的多個客戶。

We expect these products to start ramping into production in calendar 2023, achieving peak revenue in the calendar 2024 to 2025 time frame.

我們預計這些產品將於 2023 年開始投入生產，並在 2024 年至 2025 年期間實現收入高峰。

As I approach my 5-year anniversary at Marvell, I've never felt stronger about our growth prospects, and I'm grateful to all our employees who have worked hard to transform the company to position us for what we believe will be a very exciting future.

當我在 Marvell 工作 5 週年之際，我對我們的發展前景感到前所未有的強烈，我感謝所有為公司轉型而努力工作的員工，使我們能夠實現我們相信將取得的輝煌成就。 。

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

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

Thanks, Matt.

謝謝，馬特。

Good afternoon, everyone.

大家下午好。

I'll start with our GAAP results for the first quarter for the combined company followed by Marvell's stand-alone non-GAAP performance and conclude with our outlook.

我將從合併後公司第一季的 GAAP 業績開始，然後是 Marvell 的獨立非 GAAP 業績，最後以我們的展望結束。

Please note, our GAAP financials include 10 days of results from the Inphi business and the impact of purchase price comping items, share-based compensation expenses, amortization of acquired intangible assets, vehicle segment and acquisition-related costs.

請注意，我們的 GAAP 財務數據包括 Inphi 業務 10 天的業績以及購買價格比較項目、股權激勵費用、收購無形資產攤銷、車輛部門和收購相關成本的影響。

Revenue was $832 million.

收入為 8.32 億美元。

GAAP gross margin was 50.2%.

GAAP 毛利率為 50.2%。

GAAP operating expenses were $500 million.

GAAP 營運費用為 5 億美元。

GAAP operating loss was $82 million.

GAAP 營運虧損為 8,200 萬美元。

GAAP loss per diluted share was $0.13.

GAAP 稀釋後每股虧損為 0.13 美元。

Turning to the balance sheet.

轉向資產負債表。

Inventory at the end of the first quarter was $538 million, which include the impact of setting up Inphi's inventory by $187 million due to purchase price accounting.

第一季末的庫存為 5.38 億美元，其中包括因採購價格會計而設立 Inphi 庫存的影響 1.87 億美元。

We amortized the $40 million of this step-up into cost of goods sold in the first quarter, and we anticipate amortizing the remaining balance by the end of the third quarter of fiscal 2022.

我們在第一季攤銷了 4,000 萬美元的銷售成本，預計在 2022 財年第三季末攤銷剩餘餘額。

During the quarter, we paid $140 million in cash for fees related to the Inphi transaction.

本季度，我們支付了 1.4 億美元現金，用於支付與 Inphi 交易相關的費用。

Excluding those onetime payments, our cash flow generation from operations would have been $100 million.

除去這些一次性付款，我們的營運產生的現金流將為 1 億美元。

As a reminder, our cash flow generation has seasonality and tend to be lower in our first fiscal quarter due to the payment for annual cash bonus to employees.

提醒一下，我們的現金流產生具有季節性，由於向員工支付年度現金獎金，我們的第一個財政季度的現金流量往往較低。

In the first quarter, we distributed $41 million to shareholders in dividends.

第一季度，我們向股東派發了 4,100 萬美元的股息。

We exited the quarter with $523 million in cash and short-term investments.

本季結束時，我們擁有 5.23 億美元的現金和短期投資。

Our long-term debt was $4.7 billion and currently carries the blended interest rate of approximately 2.5%.

我們的長期債務為 47 億美元，目前的混合利率約為 2.5%。

Our gross debt-to-EBITDA ratio was 3.9, and net debt-to-EBITDA ratio was 3.4, based on combined pro forma EBITDA.

根據合併預期 EBITDA，我們的總負債與 EBITDA 比率為 3.9，淨負債與 EBITDA 比率為 3.4。

We continue to have a strong investment-grade credit profile.

我們持續擁有強勁的投資等級信用狀況。

Our capital allocation priorities over the next 12 months are to maintain our current dividend level and utilize our free cash flow to pay down debt used for the acquisition for Inphi.

我們未來 12 個月的資本配置優先事項是維持目前的股息水平，並利用我們的自由現金流來償還用於收購 Inphi 的債務。

We believe we can drive strong revenue growth and free cash flow generation to quickly achieve our target ratio of 2x gross debt-to-EBITDA.

我們相信，我們能夠推動強勁的收入成長和自由現金流的產生，從而快速實現總債務與 EBITDA 比率 2 倍的目標。

I'll now move on to stand-alone Marvell non-GAAP results.

我現在將繼續討論獨立的 Marvell 非 GAAP 業績。

As Ashish had noted earlier, we are providing stand-alone Marvell results on a onetime basis this quarter because our previously provided financial outlook for the first quarter excluded any impact of the Inphi acquisition.

正如 Ashish 早些時候指出的那樣，我們在本季度一次性提供獨立的 Marvell 業績，因為我們之前提供的第一季財務前景排除了 Inphi 收購的任何影響。

Reconciliation of our stand-alone and combined performance as well as GAAP to non-GAAP results available in our press release.

我們的新聞稿中提供了我們的獨立和綜合業績以及 GAAP 與非 GAAP 業績的核對錶。

Stand-alone Marvell revenue in the first quarter was $810 million, exceeding the midpoint of our guidance.

第一季 Marvell 獨立營收為 8.1 億美元，超過了我們指引的中位數。

Networking represented 60% of our revenue with storage contributing 36%.

網路收入占我們收入的 60%，儲存收入佔 36%。

Revenue from other accounted for 4%.

其他收入佔4%。

Non-GAAP gross margin was 64.3%, above our guidance and the 150 basis point improvement from a year ago, primarily due to better product mix and our team's continued effort to drive operational excellence.

非 GAAP 毛利率為 64.3%，高於我們的指導，比一年前提高了 150 個基點，這主要歸功於更好的產品組合以及我們團隊持續努力推動卓越營運。

Non-GAAP operating expenses were $297 million as we continue to tightly manage our expenses while investing for growth.

非 GAAP 營運支出為 2.97 億美元，因為我們在投資成長的同時繼續嚴格管理支出。

Non-GAAP operating margin was 27.7%, an 810 basis point increase from a year ago, demonstrating the strong operating leverage in our business model.

非 GAAP 營運利潤率為 27.7%，較上年同期成長 810 個基點，體現了我們業務模式中強大的營運槓桿。

Non-GAAP earnings per diluted share was $0.29, exceeding the midpoint of our guidance range by $0.02 and is up more than 60% year-over-year.

非 GAAP 攤薄每股收益為 0.29 美元，比我們指導範圍的中位數高出 0.02 美元，年成長超過 60%。

Let me now comment on our plan for operating expenses going forward.

現在讓我評論一下我們未來的營運費用計劃。

After closing the Inphi acquisition, the starting pro forma operating expense trend rate for the combined company was approximately $375 million per quarter.

Inphi 收購完成後，合併後公司的起始營運費用趨勢率為每季約 3.75 億美元。

We expect our operating expenses to grow annually in the range of 4% to 5% as we continue to invest to support our long-term growth, including incremental R&D spending for Inphi.

我們預計，隨著我們繼續投資以支持我們的長期成長，包括 Inphi 增量研發支出，我們的營運支出將每年成長 4% 至 5%。

However, we expect to more than offset this operating expense growth through deal-related synergies.

然而，我們預計透過交易相關的綜效將足以抵銷營運費用的成長。

We expect total cost of synergies for $125 million from the Inphi acquisition with approximately $100 million coming from operating expenses.

我們預計收購 Inphi 的協同效應總成本為 1.25 億美元，其中約 1 億美元來自營運費用。

The midpoint of our second quarter OpEx guidance of $372.5 million includes $10 million of synergy achievement on a run rate basis.

我們第二季營運支出指引的中點為 3.725 億美元，其中包括以運行率計算的 1,000 萬美元的綜效成果。

We expect to achieve half of our targeted OpEx synergy exiting fiscal 2022 and the full synergy realization by the third quarter of fiscal 2023.

我們預計在 2022 財年實現營運支出綜效目標的一半，並在 2023 財年第三季實現全部綜效。

We'll continue to be disciplined in allocating resources and expect to drive revenue growth significantly higher than OpEx growth to deliver strong earnings expansion.

我們將繼續嚴格分配資源，並期望推動收入成長顯著高於營運支出成長，從而實現強勁的獲利擴張。

The remaining $25 million of cost synergies will come from cost goods sold, which we expect to start to take effect in the fourth quarter of fiscal 2023 and be fully realized by the third quarter of the same year.

剩餘的 2,500 萬美元成本綜效將來自銷售的成本商品，我們預計成本綜效將於 2023 財年第四季開始生效，並於同年第三季完全實現。

Our team has a strong track record of integration execution from prior acquisitions.

我們的團隊在先前收購的整合執行方面擁有良好的記錄。

I'm very confident about our synergy achievement plan.

我對我們的協同效應計劃非常有信心。

Now turning to our guidance for the second quarter of fiscal 2022, which included a full quarter of Inphi.

現在轉向我們對 2022 財年第二季的指導，其中包括 Inphi 的整個季度。

We are forecasting revenue to be in the range of $1.065 billion, plus or minus 3%.

我們預計收入將在 10.65 億美元左右，上下浮動 3%。

At the middle point of this outlook, we expect approximately $250 million of revenue contribution from the Inphi business.

在這一前景的中間點，我們預計 Inphi 業務的營收貢獻約為 2.5 億美元。

As Matt mentioned earlier, at this level of revenue, we expect the Inphi business will be accretive to our non-GAAP earnings.

正如 Matt 之前提到的，在這個收入水平上，我們預計 Inphi 業務將增加我們的非 GAAP 收益。

We expect our GAAP gross margin in the range of 34.8% to 37.5%.

我們預計 GAAP 毛利率在 34.8% 至 37.5% 之間。

We project our non-GAAP gross margin to be approximately 64%.

我們預計非 GAAP 毛利率約為 64%。

In a tight supply environment, we expect our non-GAAP gross margin in the near future to remain around this level, subject to product mix change in any given quarter.

在供應緊張的環境下，我們預計在不久的將來我們的非公認會計準則毛利率將保持在這一水平附近，具體取決於任何特定季度的產品組合變化。

We project our GAAP operating expense to be in the range of $633 million to $643 million.

我們預計 GAAP 營運費用將在 6.33 億美元至 6.43 億美元之間。

We anticipate our non-GAAP operating expenses to be in the range of $370 million to $375 million.

我們預計我們的非 GAAP 營運費用將在 3.7 億至 3.75 億美元之間。

Following the Inphi acquisition, the company domicile changed from Bermuda to Delaware.

收購 Inphi 後，公司註冊地從百慕達變更為德拉瓦。

Based on tax deductions and credits we have, we expect our non-GAAP tax rate to remain at 5% for the remainder of the fiscal year.

根據我們擁有的稅收減免和抵免，我們預計在本財年剩餘時間內我們的非公認會計準則稅率將保持在 5%。

And the current tax laws, we expect our non-GAAP tax rate to increase by approximately 100 basis points each year for the next couple of years.

根據現行稅法，我們預計未來幾年我們的非 GAAP 稅率將每年增加約 100 個基點。

We expect other expenses will be approximately $34.5 million, which include interest expense of $33 million.

我們預計其他費用約為 3,450 萬美元，其中包括 3,300 萬美元的利息費用。

We expect our basic weighted average shares outstanding will be 822 million.

我們預計我們已發行的基本加權平均股數將為 8.22 億股。

And our diluted weighted average share outstanding will be $835 million.

我們的稀釋後加權平均流通股將為 8.35 億美元。

As a result, we anticipate GAAP loss per share to be $0.37, plus or minus $0.04.

因此，我們預計 GAAP 每股虧損為 0.37 美元，上下浮動 0.04 美元。

We expect non-GAAP income per diluted share to be $0.31, plus or minus $0.03.

我們預計非 GAAP 攤薄每股收益為 0.31 美元，上下浮動 0.03 美元。

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

接線員，請開通線路並公佈問答指示。

Thank you.

謝謝。

(Operator Instructions) And our first question today will come from John Pitzer with Credit Suisse.

（操作員說明）今天我們的第一個問題將來自瑞士信貸銀行的 John Pitzer。

Congratulations on the results.

祝賀結果。

Matt, I'm just sort of curious, when you look at sort of this quarter and the guide, can you help us better understand relative to your ability to capture supply?

馬特，我只是有點好奇，當您查看本季和指南時，您能否幫助我們更好地了解您獲取供應的能力？

Did deficiencies grow this quarter?

本季度缺陷是否有增加？

You did a nice job in the core networking business growing almost 9% sequentially, but I'm trying to get a sense as to whether or not demand continues to outstrip supply.

你們在核心網路業務方面做得很好，連續成長了近 9%，但我正在嘗試了解需求是否繼續超過供應。

And if you could help us understand, is this a wafer issue?

如果您能幫助我們理解，這是晶圓問題嗎？

Or are there other issues?

或是有其他問題嗎？

And as you think about resolving them in the back half of the year, why so confident?

當你考慮在下半年解決這些問題時，為什麼如此有信心？

Yes.

是的。

Great, John.

太棒了，約翰。

Thanks for the question.

謝謝你的提問。

Yes, we're very happy with the results in networking.

是的，我們對網路方面的結果非常滿意。

I mean, as you pointed out, that was a sequential number.

我的意思是，正如您所指出的，這是一個連續的數字。

So clearly, business has been very, very good for us in networking.

很明顯，我們在網路方面的業務非常非常好。

And certainly, year-over-year, to do 20% plus is great.

當然，年成長 20% 以上就很棒了。

The demand, John, continues in Q2 and beyond.

約翰，這種需求在第二季及以後仍在繼續。

We're continuing to work on improving the supply on our networking products.

我們將繼續致力於改善網路產品的供應。

As it turns out, and as you've probably seen, the complexity on our networking business in terms of the manufacturing, cycle time supply chain is much more complex and challenging than on the storage side.

事實證明，正如您可能已經看到的那樣，我們的網路業務在製造、週期時間供應鏈方面的複雜性比儲存方面要複雜得多，也更具挑戰性。

So we've been able to meet some more of the upsides on storage than we have networking.

因此，我們已經能夠滿足儲存比網路更多的優勢。

But no, John, business continues to be strong.

但不，約翰，生意仍然強勁。

We do have line of sight to the supply improving in the second half, which is encouraging.

我們確實預計下半年供應會有所改善，這是令人鼓舞的。

And that's why we're continuing to be very bullish about the outlook for our overall networking business because the demand is clearly there, and we've now got supply coming online in the back half as well as into next year.

這就是為什麼我們繼續對整體網路業務的前景非常樂觀，因為需求顯然是存在的，而且我們現在已經在下半年和明年實現了供應。

So things are improving for sure.

所以事情肯定正在改善。

And our next question will come from David Arya with Bank of America Securities.

我們的下一個問題將來自美國銀行證券公司的 David Arya。

Matt, I had one more and to kind of extend that question into the second half visibility from 2 aspects.

馬特，我還有一個問題，想從兩個方面將這個問題擴展到下半場的可見性。

One is the supply aspect, that is supply coming online gradually.

一是供給方面，供給逐步上線。

Or are you planning to see perhaps a faster improvement on the supply side?

或者您計劃看到供應方面的更快改善？

And the other perspective on this is how much of your second half growth, fiscal year growth is dependent on enterprise and China 5G recovery, which have tended to be quite volatile?

另一個角度是，下半年成長、財年成長有多少取決於企業和中國 5G 的復甦，而這些復甦往往相當不穩定？

Sure, Vivek.

當然，維韋克。

Yes.

是的。

I think -- look, in this environment, in general, supply is coming in, not in large chunks.

我認為，在這種環境下，總體而言，供應正在增加，但不是大量供應。

Although I would say given the ramp we had been planning for some time, in our case, we do see more significant amount of supply coming in, in the second half.

儘管我想說，考慮到我們已經計劃了一段時間的增產，但就我們而言，我們確實看到下半年會有更多的供應量進入。

So that will improve, and we have visibility of that, both on the wafer side as well as on the back-end side.

因此，這將會有所改善，而且我們在晶圓側和後端側都可以看到這一點。

And at the same time, as we ramp our supply position, as I mentioned to John, the demand side continues to outstrip our ability to supply at all, but we're making good progress there.

同時，正如我向約翰提到的那樣，隨著我們增加供應頭寸，需求方面繼續超出我們的供應能力，但我們在這方面取得了良好進展。

On your second question.

關於你的第二個問題。

In both cases, both in enterprise as well as China 5G, those are not comprehended to have market-related comebacks in that time frame.

在這兩種情況下，無論是企業還是中國 5G，人們都認為在這段時間內不會出現與市場相關的復甦。

On enterprise, as you've seen, I mean, we've been growing that business well above double digit for some time, including in our Q1, and we do anticipate that to continue.

在企業方面，正如您所看到的，我的意思是，一段時間以來，我們的業務成長遠高於兩位數，包括第一季度，我們確實預計這種情況將繼續下去。

Now that's mostly on the back of our own product cycles, okay?

現在這主要是在我們自己的產品週期的後面，好嗎？

And we've been very successful, I think, in our enterprise and campus switching, also in our PHY business.

我認為，我們在企業和園區交換以及 PHY 業務方面都非常成功。

And so that continues.

就這樣繼續下去。

So that's -- and by the way, and what's been viewed as a very soft market, both by the OEMs as well as other semiconductor peers.

順便說一句，原始設備製造商和其他半導體同行都認為這是一個非常疲軟的市場。

So if that end market improves with return to work and vaccinations improving, that would be a pretty significant tailwind on our business.

因此，如果終端市場隨著重返工作崗位和疫苗接種的改善而改善，那將是我們業務的一個相當大的推動力。

As it relates to 5G in China, maybe just to kind of frame it in the bigger picture, I think, first, our own team internally, I want to give them credit, they did a good job for, in the first half, telling us last year that the mapping out the digestion phase, which is what's happened, so that's actually been in line with our plan.

因為它與中國的 5G 相關，也許只是為了從更大的角度來看待它，我認為，首先，我們自己的內部團隊，我想給他們讚揚，他們在上半場做得很好，告訴我們我們去年就規劃了消化階段，這就是發生的事情，所以這實際上符合我們的計劃。

And we're not necessarily counting on a big recovery in that in the second half.

我們不一定指望下半年會大幅復甦。

If it does, that would be great.

如果真是這樣，那就太好了。

But just to frame it, Vivek, in the bigger picture, the -- our 5G business and exposure in China is actually less than 20% of our overall 5G business, both now and even going forward.

但維韋克，從更大的角度來看，我們的 5G 業務和在中國的業務實際上只占我們整體 5G 業務的 20%，無論是現在還是未來。

And in fact, it probably slowly becomes a smaller percentage over time as our new OEMs ramp up and some of these other initiatives kick in.

事實上，隨著時間的推移，隨著我們新的原始設備製造商的增加以及其他一些舉措的啟動，這個比例可能會慢慢變得更小。

So again, either of those 2 came back very strong, that would also be a tailwind on our business.

因此，這兩者中的任何一個都非常強勁地回歸，這也將成為我們業務的順風車。

And our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀集團的提摩西·阿庫裡。

Matt, I know it's probably early to ask this question, but can you give us a sense of sort of what kind of synergies you might see on the revenue side?

馬特，我知道現在問這個問題可能還為時過早，但是您能否讓我們了解您在收入方面可能會看到什麼樣的協同效應？

I know you're not putting any of those into the model, but can you talk about that?

我知道您沒有將其中任何一個放入模型中，但是您能談談嗎？

And then I guess also, Jean, I was just wondering if you can talk about what the normalized gross margin is.

然後我想，Jean，我只是想知道你是否可以談談標準化毛利率是多少。

I know you're guiding to 64%, but it sounds like that's still being hampered by some constraints.

我知道您的指導目標是 64%，但聽起來這仍然受到一些限制的阻礙。

So I'm kind of wondering what is the right normalized number if you didn't have those.

所以我有點想知道如果你沒有這些，正確的標準化數字是多少。

Yes, Tim, I'll take the first part, and then we'll hand it to Jean.

是的，提姆，我將承擔第一部分，然後我們將其交給吉恩。

So yes, as you noted, historically, we've -- just by practice, not tried to articulate or size revenue synergies when we announced the deal.

所以，是的，正如您所指出的，從歷史上看，我們只是透過實踐，在宣布這項交易時並沒有試圖闡明或確定收入協同效應的規模。

It's just very hard to do.

這很難做到。

And quite frankly, it's very hard to even measure in the rearview mirror.

坦白說，即使在後視鏡中進行測量都非常困難。

But that being said, on all of these transactions we've done, we can look back and we can actually point to cases where 1 plus 1 was way over 2. And it kind of comes in 2 pieces.

但話雖這麼說，在我們完成的所有這些交易中，我們可以回顧一下，我們實際上可以指出 1 加 1 遠遠超過 2 的情況。

The first is really what I would call the customer revenue synergy, Tim, which would be we have products that we can sell, for example, into 5G or the cloud and Inphi, in this case, would as well.

第一個是我所說的客戶收入協同效應，Tim，這就是我們可以銷售的產品，例如 5G 或雲，在這種情況下，Inphi 也可以。

And in those discussions, the notion that we can be a better supplier together really comes together.

在這些討論中，我們真正團結起來，共同成為更好的供應商。

I mean if you remember back in the -- after the Cavium transaction, I think that was very significant, what happened with -- in 5G and with Samsung, where together, we were able to get effectively the whole platform, where a part we had actually very little content.

我的意思是，如果你還記得——在 Cavium 交易之後，我認為這非常重要，在 5G 和三星方面，我們一起能夠有效地獲得整個平台，我們的一部分實際上內容很少。

So I do -- I'm very encouraged by what we see.

所以我確實這麼做了——我們所看到的讓我深受鼓舞。

I think customers really like the combination to a person, and those are very strong.

我認為客戶真的很喜歡一個人的組合，而且這些組合非常強大。

And I believe we will see cases we can point to.

我相信我們會看到可以指出的案例。

It's already underway.

它已經在進行中。

The second part of it is really more of a technical one, which is how do we actually incorporate the intellectual property of the 2 companies, put it together and deliver better solutions.

第二部分實際上更多的是技術部分，即我們如何實際整合兩家公司的智慧財產權，將其組合在一起並提供更好的解決方案。

Those discussions are also going well, in particular with the Inphi SerDes, IP as it relates to our ASIC business, our road map into co-packaged optics and our vision of optics everywhere and not just co-packaging and with the switch, but also in things like AI and ML ASICs and DPUs.

這些討論也進展順利，特別是Inphi SerDes、IP，因為它關係到我們的ASIC 業務、我們的共同封裝光學器件路線圖以及我們對無處不在的光學器件的願景，而不僅僅是共同封裝和交換機，也涉及在 AI 和 ML ASIC 以及 DPU 等領域。

So that's going to be a very critical piece of the puzzle as we enter these complex markets and more and more the connectivity moves to electro optic solution.

因此，當我們進入這些複雜的市場並且越來越多的連接轉向光電解決方案時，這將成為難題中非常關鍵的一部分。

So that, I think, Tim, is -- we're very, very excited about all that.

所以，我認為，提姆，我們對這一切感到非常非常興奮。

I think it's going to work out very well on both of those fronts I mentioned.

我認為它在我提到的這兩方面都會取得很好的效果。

Let me hand it over to Jean to cover the second question.

讓我把第二個問題交給 Jean 來回答。

Tim, on your gross margin question, as you remember, when we announced the Inphi deal, we actually guided the combined company gross margin to be in the range of 64% to 66%.

Tim，關於你的毛利率問題，你還記得，當我們宣布 Inphi 交易時，我們實際上指導合併後的公司毛利率在 64% 到 66% 的範圍內。

We are actually very pleased with our Q1 gross margin performance.

事實上，我們對第一季的毛利率表現非常滿意。

Marvell stand-alone actually achieved 64.3% under a very tight supply chain environment.

Marvell單機在供應鏈非常緊張的環境下實際上達到了64.3%。

As we said before, Inphi actually is accretive to our gross margin.

正如我們之前所說，Inphi 實際上增加了我們的毛利率。

I think the dynamics, as all you know, is supply chain is very tight.

我認為，眾所周知，供應鏈非常緊張。

And we are trying to really manage it through the supply chain challenge, but we do think the combined company with the Inphi margin higher than 65%, we're going to trend higher going forward when we combine both companies, drive the top line revenue growth.

我們正在努力真正應對供應鏈挑戰，但我們確實認為合併後的公司 Inphi 利潤率高於 65%，當我們合併兩家公司時，我們的未來趨勢將會更高，推動營收成長成長。

And 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布萊恩柯蒂斯。

Just curious on the storage outlook, I heard you say nearline in SSD.

只是對儲存前景感到好奇，我聽到你說 SSD 近線。

Is that kind of the seasonal ramp of DIY and any other drivers to point out?

這就是 DIY 和其他驅動因素的季節性成長嗎？

And I'm just curious on fiber channel spend kind of yoyo.

我只是對光纖通道支出有點好奇。

Is that going back in July as well?

七月也這樣嗎？

Yes.

是的。

Great question, Blayne, on storage.

布萊恩，關於儲存的問題問得好。

So a couple of things.

有幾件事。

So on the SSD side, yes, that's actually multiple DIY programs now.

所以在SSD方面，是的，現在實際上有多個DIY程式。

Those are kicking in, in various end markets, and we see that trend being obviously way up year-over-year this year, but growing strongly into next year.

這些正在各個終端市場開始發揮作用，我們看到這一趨勢今年明顯同比上升，但到明年仍將強勁增長。

So I think that strategy to really work closely with some of these system-level OEMs, whether it be in the cloud or other applications, it's a pretty compelling business model.

因此，我認為與這些系統級 OEM 中的一些真正密切合作的策略，無論是在雲端還是在其他應用程式中，都是一個非常引人注目的商業模式。

So that one is going well.

所以那件事進展順利。

On the cloud or on the nearline side, yes, I mean, I think if you just look at the performance of these large cloud properties and how they're performing in terms of their own revenue growth, there's certainly a scaling that goes on with storage.

在雲端或近線方面，是的，我的意思是，我認為如果你只看這些大型雲端資產的性能以及它們在自身收入成長方面的表現，那麼肯定會出現擴展貯存。

So the need for increased capacity in cold storage continues.

因此，對增加冷藏容量的需求仍然存在。

We're well positioned with that with our controllers and our preamplifers actually, which is a new revenue stream for us as well.

事實上，我們的控制器和前級擴大機在這方面處於有利地位，這對我們來說也是一個新的收入來源。

So that's still continuing, and that's very strong.

所以這種情況仍在持續，而且非常強勁。

And then finally, the fiber channel, it was one of our most stable businesses, Blayne, going back even when Cavium owned it, even when it was QLogic, it.

最後，光纖通道，它是我們最穩定的業務之一，Blayne，即使在 Cavium 擁有它的時候，即使它是 QLogic 的時候，它也是如此。

Certainly have a lot of choppiness this year with manufacturing supply disruptions in Southeast Asia.

由於東南亞製造業供應中斷，今年肯定會出現許多波動。

That's been -- that's started to stabilize.

這已經開始穩定下來。

Actually, fiber channel grew quarter-over-quarter and will continue to get better.

事實上，光纖通道逐季成長，並將繼續變得更好。

And we hope that, that will -- just by design, that should be a much more stable business.

我們希望，從設計上來說，這應該是一項更穩定的業務。

So yes, overall, just I think you've heard in my remarks, I mean, we're just -- it's been a journey on the storage side, and I've just got to thank our entire team for fundamentally transforming a business, which, if you go back 5 years ago when I showed up, and this wasn't just me, the whole management team, this was a business that was highly concentrated, HDD controllers only, selling all into 2.5-inch notebooks, okay?

所以，是的，總的來說，我想你已經在我的演講中聽到了，我的意思是，我們只是——這是存儲方面的一段旅程，我要感謝我們的整個團隊從根本上改變了業務，如果你回到5年前我出現的時候，這不僅僅是我，整個管理團隊，這是一個高度集中的業務，只有HDD控制器，全部賣給2.5英寸筆記本，好吧？

And that was sort of the story and the melting ice cube people were worried about.

這就是人們擔心的故事和融化的冰塊。

And so I'm very proud of the team when I fast forward 5 years, and we've now got greater than 60% of our storage business in data center and these high-performance applications and then really the bulk of the balance being in very sticky, stable markets.

因此，當我快進 5 年時，我為我們的團隊感到非常自豪，我們現在已經在資料中心和這些高效能應用程式中獲得了超過 60% 的儲存業務，然後實際上大部分餘額都在非常有黏性、穩定的市場。

And the exposure to things like notebooks being de minimis, I think it's been a great transformation story.

接觸筆記本之類的東西是微不足道的，我認為這是一個偉大的轉變故事。

And the fact that we're having calls talking about our storage business growing double digits and continuing to do that is a great effort.

事實上，我們接到電話談論我們的儲存業務以兩位數成長並繼續這樣做是一項巨大的努力。

And by the way, we're not milking this business either.

順便說一句，我們也不會從這項業務中榨取利潤。

I mean, we've been very aggressive to move our platform to 5 nanometer, which effectively jumped at least a node for most people, probably for most people with 2 or 3 nodes.

我的意思是，我們一直非常積極地將我們的平台轉移到 5 奈米，這對大多數人來說至少有效地跳躍了一個節點，可能對於大多數擁有 2 或 3 個節點的人來說。

But for these high-performance applications, Blayne, especially in the data center, you get tremendous power savings by doing this.

但對於這些高效能應用程序，Blayne，尤其是在資料中心，您可以透過這樣​​做獲得巨大的節能效果。

So that's going to be a first step into a broader platform of products in storage as well as in our traditional networking businesses like processors and switch chips.

因此，這將是邁向更廣泛的儲存產品平台以及處理器和交換晶片等傳統網路業務的第一步。

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。

Looking forward to hearing the end market split last quarter, so thanks proactively for doing that.

期待聽到上個季度終端市場的分裂，所以主動感謝您這樣做。

Matt, I want to go to the networking business again.

馬特，我想再次從事網路業務。

And the last 4 quarters has kind of been up 10% then flat, up 10% and now guided flat again.

過去 4 個季度上漲 10%，然後持平，上漲 10%，現在再次持平。

Overall, year-over-year growth is really, really strong.

總體而言，年成長非常非常強勁。

So no complaints, but is that lumpiness something that's just inherent to the markets that you're addressing?

所以沒有什麼好抱怨的，但是這種不穩定性是你所面對的市場所固有的嗎？

Was it supply driven?

是供應驅動的嗎？

And perhaps more importantly, you talked about an acceleration in the back half of the year.

也許更重要的是，您談到了下半年的加速。

Can you just talk about a few of the Marvell-specific drivers that will allow that acceleration?

您能否談談一些可以實現加速的 Marvell 特定驅動程式？

And do you expect that lumpiness to go away as the breadth of the business improves internally and with the addition of Inphi?

隨著內部業務範圍的擴大以及 Inphi 的加入，您是否預期這種混亂現象會消失？

Yes.

是的。

Great questions.

很好的問題。

So just quickly on the first one.

所以很快就第一個。

Actually, we're -- I'm pretty excited about moving to the end market reporting.

事實上，我們—我對轉向終端市場報告感到非常興奮。

I think it's going to give investors a much clearer view of our growth drivers.

我認為這將使投資者更清楚地了解我們的成長動力。

It actually reflects how we think about allocating the capital of the company.

它實際上反映了我們如何考慮配置公司的資本。

I mean I've actually managed the company from a market-based philosophy from the very beginning.

我的意思是，我實際上從一開始就以市場為基礎的理念來管理公司。

And so to now be able to show you our data center business, there's also peers that report those numbers, so it will give investors a sense of our relative growth rates.

現在能夠向您展示我們的資料中心業務，也有同業報告這些數字，因此這將使投資者了解我們的相對成長率。

And then carrier, you can capture our 5G anyway.

然後運營商，無論如何你都可以捕獲我們的5G。

So I think that will be a real positive thing for everybody.

所以我認為這對每個人來說都是一件真正積極的事情。

On the networking side, it's interesting, Ross, that individually, some of these businesses are inherently lumpy.

羅斯，在網路方面，有趣的是，就個體而言，其中一些業務本質上是不穩定的。

I mean I think we all know that the carrier telecom-type businesses tend to be lumpier than others.

我的意思是，我想我們都知道營運商電信類型的業務往往比其他業務更不穩定。

That being said, when you blend actually our combined networking businesses across things like enterprise and carrier and even right now, automotive is reported in our networking, actually, from an end demand standpoint, you do get a smoother profile, which has all been up into the right by the way.

話雖這麼說，當你實際上將我們的聯合網路業務整合到企業和運營商等領域時，甚至現在，我們的網路中也報告了汽車，實際上，從最終需求的角度來看，你確實得到了一個更平滑的配置文件，這一切都已經上升順便進入右邊。

I think in the last year, the dynamic on the quarterly moves has been more supply related than it has been just, hey, networking was up and then everybody kind of slowed down together and everybody is up.

我認為去年，季度變動的動態更多地與供應相關，而不是僅僅，嘿，網絡上升，然後每個人都一起放慢速度，然後每個人都上升。

Actually, business has been very strong, Ross since last year.

事實上，羅斯從去年開始生意就一直很強勁。

If you recall, we started growing the company double digits year-over-year in Q2 of last year.

如果您還記得的話，我們從去年第二季度開始使公司實現兩位數的同比增長。

So we've been on this double-digit growth rate.

所以我們一直保持著兩位數的成長率。

Now we're -- it's actually accelerating.

現在我們——它實際上正在加速。

And during this time frame, if we could get more supply, it would probably look a lot -- look smoother, if you will.

在這段時間內，如果我們能夠獲得更多供應，情況可能會看起來很多——如果你願意的話，看起來會更順利。

But I think you're right to integrate it over maybe a few quarter period, first half, second half or even 1-year period to get the full view just because the manufacturing cycle times of some of these products can be several quarters.

但我認為你將其整合到可能幾個季度、上半年、下半年甚至一年的時間段以獲得完整的視圖是正確的，因為其中一些產品的製造週期時間可能是幾個季度。

So if you get upside, there's a time to react.

因此，如果你的情況有所好轉，就有時間做出反應。

But no, if you just sort of blended end demand, Ross, you'd see a very steady increase.

但不，如果你只是混合最終需求，羅斯，你會看到非常穩定的成長。

And the nice thing is we have a very diversified business in networking.

令人高興的是我們在網路領域擁有非常多元化的業務。

So it's spread across all these end markets, as I mentioned.

正如我所提到的，它遍布所有這些終端市場。

And our next question will come from Ambrish Srivastava with BMO Capital Markets.

我們的下一個問題將來自 BMO 資本市場的 Ambrish Srivastava。

Matt, I wanted to ask about a comment you made at the top of the call, which was you're feeling really confident about just starting a new phase of a multiyear growth.

馬特，我想問您在電話會議開頭發表的評論，即您對開始多年增長的新階段感到非常有信心。

I just wanted to double-click on that.

我只是想雙擊它。

What are the underpinnings of that confidence?

這種信心的基礎是什麼？

Can you talk a little bit about the design wins you have on the cloud side?

能談談您在雲端的設計成果嗎？

And then you also gave a bit of a hint when you talked about cloud being a much larger opportunity than 5G.

當您談到雲端是比 5G 更大的機會時，您也給了一些暗示。

Just kind of frame that discussion in -- with that in mind as well.

只是將討論框架化——也牢記這一點。

Sure, Ambrish.

當然，安布里什。

I mean I would say both in the relative near term, okay, and over the next several years.

我的意思是，我想說的是，在相對近期內，以及在未來幾年內。

I actually break it into 3 phases.

我實際上把它分為三個階段。

There's the sort of second half of this year, looking into next year and the year after, and then I would say, out a few years beyond that.

今年下半年，我們會展望明年和後年，然後我會說，再過幾年。

I think -- and I didn't quite answer Ross' question, but I'll weave it in here.

我想——我沒有完全回答羅斯的問題，但我會把它編在這裡。

His last one was what do you see in the second half?

他的最後一個是你在下半場看到了什麼？

So in networking, for example, I mean, we have the 5G ramp for us will pick up, will accelerate.

例如，在網路領域，我的意思是，我們的 5G 發展將會加速。

That's primarily due to increased adoption in the United States and deployments there plus design wins that we have won several years ago ramping into production.

這主要是由於在美國的採用和部署的增加以及我們幾年前贏得的設計勝利並投入生產。

You've got a very strong Marvell business in the cloud with our SmartNIC product line, that's been growing very, very nicely and will continue in the second half.

透過我們的 SmartNIC 產品線，您在雲端領域擁有非常強大的 Marvell 業務，該業務的成長非常非常快，並將在下半年繼續成長。

I'm surprised no one asked the question about Inphi yet, but we're very pleased to guide 2 15 for Inphi in Q2, which is, I think, well above what anybody thought.

我很驚訝還沒有人問過有關 Inphi 的問題，但我們很高興在第二季為 Inphi 提供 2 15 的指導，我認為這遠遠超出了任何人的想像。

That business is also going to continue to accelerate in the second half, both on the intra-data center business in PAM4 as well as the 400 ZR ramp, which we think will be meaningful next year, but also starting this year.

該業務也將在下半年繼續加速，無論是 PAM4 中的資料中心內業務還是 400 ZR 坡道，我們認為這在明年將很有意義，但也將從今年開始。

And then finally, as I mentioned, the Ethernet switch and PHY business, you could also throw automotive in there.

最後，正如我所提到的，乙太網路交換器和 PHY 業務，你也可以把汽車也放在那裡。

I mean we got almost all of these growth drivers we mentioned continue.

我的意思是，我們提到的幾乎所有成長動力仍在繼續。

So that's right in front of us.

這就是我們面前的情況。

I think what I get very excited about, as you alluded to, is the design win momentum in the company has been extremely strong.

正如您所提到的，我認為令我感到非常興奮的是公司的設計獲勝勢頭非常強勁。

And probably -- not probably, as strong as I've ever seen it in the past 5 years I've been here and any kind of prior record I could find.

可能——不可能，就像我在過去五年裡見過的那樣強烈，以及我能找到的任何類型的先前記錄。

And those are things that, as we noted in my remarks, would be designs we win now that would ramp up starting probably in calendar '23, '24 and then go beyond that.

正如我們在評論中指出的那樣，這些都是我們現在贏得的設計，這些設計可能會在 23、24 日曆年開始增加，然後會超出這個範圍。

And that's also -- you should kind of tie it together with that was when our 5-nanometer platform will be really in full production across multiple end customers, end markets and end applications.

而且，您應該將其與我們的 5 奈米平台真正在多個最終客戶、最終市場和最終應用程式中全面投入生產的時間聯繫起來。

So that's one that kind of layers on top of all of this and candidly, would extend beyond what we talked about at the last Investor Day.

因此，坦白說，這是所有這一切之上的一層，將超出我們在上一次投資者日討論的範圍。

So I think if you draw a line between here and there, there's all kinds of goodness in different areas, Ambrish, but I think we're feeling really good about the investments we made.

所以我認為，如果你在這裡和那裡劃一條界線，不同的領域都有各種各樣的好處，安布里什，但我認為我們對我們所做的投資感覺非常好。

I think the acquisitions that we did positioned us really well and they fit together in their own way.

我認為我們所做的收購對我們的定位非常好，而且它們以自己的方式結合在一起。

And I think -- and finally, I would say that the customer go-to-market, our brand promise to our customers, the way we engage, the way we partner resonates really well in this environment.

我認為，最後，我想說的是，客戶進入市場、我們對客戶的品牌承諾、我們的參與方式、我們的合作夥伴方式在這種環境下確實能產生很好的共鳴。

And we're just -- we're viewed as a very credible and reliable partner with scale now, especially with Inphi and to really deliver the most complex critical products that our customers need.

我們現在被視為一個非常可信和可靠的規模合作夥伴，特別是與 Inphi 合作，並真正提供客戶所需的最複雜的關鍵產品。

Matt, I'm sorry, just a clarification.

馬特，對不起，我只是想澄清一下。

This design win momentum does not include Inphi.

這種設計獲勝動力不包括 Inphi。

So that would be on top of this, right?

那麼這就是最重要的，對吧？

So this is what you're talking about, the organic business has been working on, right?

這就是你所說的，有機業務一直在努力，對嗎？

Yes.

是的。

This is just Marvell, stand-alone.

這只是 Marvell，獨立的。

So all those comments on largest sort of design win type achievement we've seen plus the funnel, that's all from the organic Marvell business, okay?

因此，所有這些關於我們所見過的最大型設計勝利型成就的評論加上漏斗，都來自 Marvell 有機業務，好嗎？

Starting next quarter, we're going to have the Inphi team in our results and in our internal results in terms of our design win funnel and momentum.

從下個季度開始，我們將在我們的結果和內部結果中納入 Inphi 團隊的設計獲勝漏斗和動力。

But yes, they've done a great job, too.

但是，是的，他們也做得很好。

I mean that's the whole other story.

我的意思是，這就是另外一個故事了。

But I'm just saying stand-alone Marvell with our 5-nanometer platform and our 5G cloud strategy, automotive, all the things we articulated at the Investor Day, pre-Inphi, that's all tracking the in line or better than we thought.

但我只是說獨立的 Marvell 以及我們的 5 奈米平台和 5G 雲端策略、汽車以及我們在 Inphi 之前的投資者日上闡述的所有內容，這些都符合或比我們想像的更好。

And 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。

Congratulations on the results and outlook.

祝賀結果和前景。

On the newly acquired Inphi business unit, it looks like inside cloud data center upgrade to 200- and 400-gig PAM4 optical connectivity is accelerating as we move into the second half with 2 more cloud titans just starting to upgrade cycle.

在新收購的 Inphi 業務部門中，隨著我們進入下半年，又有 2 家雲端巨頭剛開始升級週期，內部雲端資料中心向 200 和 400 G PAM4 光纖連接的升級似乎正在加速。

And then on top of that, it looks like the first 1 or 2 cloud titans are starting to fire on the data center to data center DCI optical upgrade, the new 400-gig ZR standard.

除此之外，看起來首批 1 或 2 個雲端巨頭開始進行資料中心到資料中心 DCI 光纖升級，即新的 400 G ZR 標準。

As you mentioned, the team has a strong leadership position in both of these areas.

正如您所提到的，該團隊在這兩個領域都擁有強大的領導地位。

Are you guys already starting to see this ramp in your bookings or backlog for the second half or maybe even some of these already starting to fire here in the July quarter?

你們是否已經開始在下半年的預訂或積壓中看到這種增長，或者甚至其中一些已經在七月季度開始火爆？

And it seems like we're still in the very early innings of both of these upgrade cycles, but just wanted to get your views.

看起來我們仍處於這兩個升級週期的早期階段，但只是想了解您的看法。

Yes.

是的。

Thanks, Harlan.

謝謝，哈倫。

No, I think we are -- to start maybe at the end first.

不，我想我們是——也許先從最後開始。

We're in the early innings of both these upgrade cycles.

我們正處於這兩個升級週期的早期階段。

I think your commentary overall is right.

我認為您的評論總體上是正確的。

Both of those are accelerating.

兩者都在加速。

On the PAM side, I would say probably by the end of '23, certainly between -- if you draw a line between now and the end of -- I'm sorry, calendar '22, our fiscal '23, you'll see most of this conversion from these legacy NRZ solutions move over.

在 PAM 方面，我想說可能到 23 年底，當然是在——如果你在現在和年底之間劃一條線——對不起，日曆 22，我們的財政 23，你會看到這些傳統NRZ 解決方案的大部分轉換都已轉移。

And that's still a decent amount of the connections today.

時至今日，這仍然是相當多的連結。

So there's a big lift between now and then.

所以從現在到那時之間有一個很大的提升。

That's pretty exciting.

這非常令人興奮。

And then, of course, you've got other hyperscalers around the world outside the U.S. On 400 ZR, that is also just at the beginning phases.

當然，除了美國之外，世界各地還有其他超大規模企業。

I think that's going to be much more broad, obviously, than COLORZ was, which was 100 gig, and it was really for one customer.

我認為這顯然比 COLORZ 的範圍要廣泛得多，COLORZ 的規模為 100 場，而且實際上是針對一位客戶的。

And that is -- both of those, we have strong backlog, bookings, visibility, heads down to plan the supply and to plan the ramp.

也就是說，我們有大量的積壓、預訂、可見性，正在認真規劃供應並規劃坡道。

So those are very much intact, which was really part of our deal thesis for doing it in the first place.

所以這些都非常完整，這確實是我們最初這樣做的交易論文的一部分。

And our next question will come from Christopher Rolland with Susquehanna.

我們的下一個問題將來自薩斯奎哈納的克里斯多福羅蘭。

Matt, you did mention the pause in spending -- 5G spending, and you also did talk about China as well.

馬特，你確實提到了支出暫停——5G 支出​​，你也確實談到了中國。

But I was wondering if maybe we could talk about some of the other geographies, how they're ramping.

但我想知道我們是否可以談談其他一些地區，以及它們的發展。

And then in terms of your 5G lead customers, how close do you think we are to a full run rate in terms of their ramps?

然後，就您的 5G 主要客戶而言，您認為我們距離全面運作率有多近？

Sure.

當然。

Yes.

是的。

No, I think in general, the 5G momentum is quite strong.

不，我認為總體而言，5G勢頭相當強勁。

I think, obviously, you saw the impact on people last year with China, which was very meaningful.

我認為，顯然，去年你看到了中國對人們的影響，這是非常有意義的。

And that will, by the way, over time, we're debating, is it second half or when is it?

順便說一句，隨著時間的推移，我們正在爭論，是下半場還是什麼時候？

But those deployments will obviously continue.

但這些部署顯然將持續下去。

They're not done.

他們還沒有完成。

Then the U.S. is really, I think, where we're going to see a lot of traction this year.

那麼我認為，今年我們將在美國看到很大的吸引力。

India is a little more unclear.

印度的情況就更不清楚了。

I think the latest is certainly trials will be conducted at the end of this year.

我認為最新的肯定是在今年年底進行試驗。

Candidly, I think, with impact of COVID-19 in the country that's probably delayed things.

坦白說，我認為，由於 COVID-19 在該國的影響，事情可能會被推遲。

We saw that last year.

我們去年就看到了這一點。

If you remember, there was supposed to be a much larger U.S. build-out and COVID delayed that.

如果你還記得的話，美國本來應該有更大規模的擴建，但新冠疫情推遲了這項計畫。

We're watching that.

我們正在關注這一點。

But no, I think, overall, it's been a very meaningful technology transition.

但我認為，總體而言，這是一次非常有意義的技術轉型。

And so we were -- we think that's going to be very broad.

所以我們——我們認為這將是非常廣泛的。

We've still got a ways to go, to be honest with you.

老實說，我們還有很長的路要走。

There's a lot in front of us relative to getting to full run rate with the full platform at our 2 lead OEMs.

與我們的兩家領先 OEM 廠商的完整平台實現完全運行率相比，我們還有很多工作要做。

In one case, we have the platform, but they're really ramping their business based on their geographies that they participate in.

在一種情況下，我們擁有平台，但他們實際上是根據他們參與的地理位置來擴大他們的業務。

And then with our second customer, those chips are still -- a lot of those are in development, although our first products are ramping very nicely, and we're pleased to see that both those companies are participating very actively in the global 5G rollouts.

然後，對於我們的第二個客戶，這些晶片仍然在開發中，儘管我們的第一批產品進展非常順利，而且我們很高興看到這兩家公司都非常積極地參與全球 5G 的推出。

So that was all positive.

所以這都是正面的。

And yes -- and by the way, I mean, even with China stays flat, as I mentioned, it's -- we do see a very strong second half for our 5G business.

是的，順便說一句，我的意思是，即使中國保持平穩，正如我所提到的，我們確實看到我們的 5G 業務下半年非常強勁。

And we just came off our seventh quarter in a row of growing that business sequentially.

我們剛剛完成了連續第七個季度的業務成長。

So it's been a real tailwind for us.

所以這對我們來說是真正的順風車。

I did want to just make one comment before we move to the next question.

在我們討論下一個問題之前，我確實想發表一點評論。

I actually misspoke earlier, there was a question about fiber channel.

其實我剛才說錯了，有一個關於光纖通道的問題。

And I think it was Ross about it being lumpy.

我認為這是羅斯說的，因為它是凹凸不平的。

So I had my quarters off.

所以我就離開宿捨了。

So it was down -- fiber was down in Q1.

所以它下降了——第一季光纖下降了。

That was part of the lumpy down.

那是塊狀絨毛的一部分。

It's going to be up in Q2, and then we anticipate it -- unless there's some other disruptions, that should be a generally flat business going forward.

它會在第二季度上升，然後我們預計它會出現——除非出現其他一些幹擾，否則未來的業務應該會總體持平。

And obviously, in the scheme of things in the combined company, I don't -- and reported by end market, I don't anticipate we're going to be having lots of discussions about fiber channel anymore.

顯然，在合併後的公司的計劃中，我不會這樣做——並且根據終端市場的報告，我預計我們不會再對光纖通道進行大量討論。

But if something happens, we'll let you guys know.

但如果發生什麼事，我們會通知大家。

And 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公司的加里·莫布里。

On the topic of COVID spreading in different geographies, I guess we get a little tick-up in Taiwan.

關於新冠病毒在不同地區傳播的話題，我想我們在台灣得到了一些關注。

I'm wondering if you can share with us based on your conversations with your supply chain, whether or not you're possibly facing any production interruptions out of that region.

我想知道您是否可以根據您與供應鏈的對話與我們分享，無論您是否可能面臨該地區的任何生產中斷。

And then, Jean, given the different moving parts in the OpEx, the 5% growth as you articulated over the long term and then the leaving in at the $125 million of synergies, when would you expect the quarterly OpEx to bottom, whether in absolute terms or relative terms that $372.5 million Q2 guide?

然後，Jean，考慮到營運支出中的不同活動部分，您所闡述的長期成長 5%，然後保留 1.25 億美元的協同效應，您預計季度營運支出何時會觸底，無論是絕對值還是第二季度3.725 億美元指引的條款或相對條款？

Yes.

是的。

Gary, I'll take the first one.

加里，我選第一個。

I think it's -- I think you're just highlighting a very important reminder for everybody on this call, who I believe probably everybody here is calling in from the United States, where things are opening up and things are feeling like they're getting back to normal.

我認為你只是向這次電話會議中的每個人強調了一個非常重要的提醒，我相信這裡的每個人可能都是從美國打來電話的，那裡的事情正在開放，而且感覺事情正在變得越來越嚴重。

And as you point out, we're monitoring very closely the situation, not only in Taiwan.

正如你所指出的，我們正在非常密切地監視局勢，不僅是在台灣。

Obviously, we don't have production in India, but many chip companies have significant India operations in terms of R&D.

顯然，我們在印度沒有生產，但許多晶片公司在研發方面在印度擁有重要的業務。

You've got other countries in Southeast Asia that are having outbreaks.

東南亞其他國家也爆發了疫情。

Malaysia would be one.

馬來西亞就是其中之一。

So we're watching this very, very closely.

所以我們正在非常非常密切地關注這一點。

It's been just an unprecedented year between weather and the virus on the supply chain.

今年是供應鏈上天氣和病毒之間史無前例的一年。

But we're watching it, and that's -- we've comprehended as much as we could on any of these things into our guidance.

但我們正在觀察它，那就是——我們已經盡可能地理解了這些事情，並將其納入我們的指導中。

We do that every quarter.

我們每季都會這樣做。

But certainly, it's a dynamic situation.

但可以肯定的是，這是一個動態的情況。

I mean we had a water issue in Taiwan recently.

我的意思是我們台灣最近遇到了水問題。

I guess, with the recent improvement there, some of that's backed off.

我想，隨著最近的改善，其中一些已經有所緩解。

So yes, it's something we've got to watch and manage very dynamically, Gary, but we've comprehended all of that in our outlook.

所以，是的，這是我們必須非常動態地觀察和管理的事情，加里，但我們已經在我們的展望中了解所有這些。

Jean, do you want to answer the second question?

Jean，你想回答第二個問題嗎？

Yes.

是的。

Okay.

好的。

Gary, on the OpEx side, given the opportunities and the revenue momentum we have been seeing in front of us, we definitely want to continue to invest.

加里（Gary），在營運支出方面，考慮到我們所看到的機會和收入勢頭，我們肯定希望繼續投資。

The 5% increase for next year, really, it's incorporated the Marvell side, for regular increase, we typically at the 2% to 3%.

明年的 5% 漲幅，確實是 Marvell 方面的，對於定期漲幅，我們通常是 2% 到 3%。

But on the Inphi side, there are tremendous opportunities, so the R&D investment is higher.

但Inphi這邊，機會龐大，所以研發投入更高。

So we are looking really just the next year.

所以我們真的只關註明年。

And on the synergy side, we talk about the $100 million OpEx synergy achievement.

在協同方面，我們談論 1 億美元的營運支出協同成就。

The way to think about it is exiting fiscal '22, we should be able to achieve 50% of that $100 million run rate synergy.

考慮這個問題的方式是在 22 財年退出時，我們應該能夠達到 1 億美元運行率綜效的 50%。

And then as you know, Q1 always seasonally OpEx is a little bit higher because of payroll increase in Q1 than Q2, Q3.

如您所知，由於第一季的工資成長比第二季和第三季的薪資增加，第一季的營運支出總是季節性地高一些。

By the Q3 time, we should get the to the run rate, which achieved the full synergy at the same time, contemplated the increase, offset the increase of the year-over-year.

到第三季度，我們應該得到運行率，同時實現了充分的協同效應，預期增長，抵消了同比的增長。

In the longer term, you should expect us to continue to focus on to grow revenue significantly faster than OpEx so we can expand the earnings quickly.

從長遠來看，您應該期望我們繼續專注於以比營運支出快得多的速度成長收入，以便我們可以快速擴大收益。

And our next question will come from Quinn Bolton with Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Quinn Bolton。

Two for Matt.

兩個給馬特。

First, sort of near term, Matt, with supply, line of sight to supply increases in the second half of the year, have you been able to stabilize lead times to customers?

首先，從近期來看，馬特，隨著下半年供應量的增加，你們是否能夠穩定提供給客戶的交貨時間？

And then my second question is kind of a longer term.

我的第二個問題是一個更長期的問題。

With the ramp of 400- and 800-gig modules in the data center, that business potentially being even bigger than 5G for you, are you starting to get questions from customers about Marvell developing its own internal switch fabric?

隨著資料中心 400 和 800 G 模組的不斷增加，該業務對您來說可能比 5G 還要大，您是否開始收到客戶關於 Marvell 開發自己的內部交換結構的疑問？

Or are customers happy for you to partner on SerDes and optical co-packaging and other opportunities without owning the switch fiber?

或者，客戶是否樂意在不擁有交換機光纖的情況下與您在 SerDes 和光學聯合封裝以及其他機會方面進行合作？

Yes.

是的。

Great.

偉大的。

Thanks, Quinn.

謝謝，奎因。

Yes, on the first one, yes, certainly, we have, as I mentioned, line of sight on our supply through the end of the year and encouraged by what we're seeing also for next year as well.

是的，關於第一個問題，是的，當然，正如我所提到的，我們對今年年底的供應有展望，並對明年的情況感到鼓舞。

Look, lead times are very extended for everybody at this point.

看，此時每個人的交貨時間都非常長。

We've asked our customers for significant backlog to -- and not only the backlog, but really the detailed sort of discussion behind the backlog relative to what are the drivers, how much of it is for buffer or how much do you have now?

我們已經要求客戶提供大量的積壓，不僅僅是積壓，而是積壓背後的詳細討論，涉及驅動因素是什麼，其中有多少用於緩衝區，或者您現在有多少？

What are your plans so we can get better line of sight to allocate the material.

您有什麼計劃，以便我們能夠更好地分配材料。

And we've also worked with many of them and are in the process of doing that to really firm up those orders relative to their ability to reschedule and cancel them, but we're giving them time to sort of figure that out.

我們也與他們中的許多人合作，並正在這樣做，以真正確定這些訂單相對於他們重新安排和取消訂單的能力，但我們給他們時間來解決這個問題。

So I think that's been a healthy exercise, but lead times are not coming down.

所以我認為這是一項健康的做法，但交貨時間並沒有縮短。

They're extended, not because we want to keep them extended, but the supply chain given the -- just the volume on it, there's just queues and you just have to make sure you plan for that.

它們被延長，不是因為我們想讓它們延長，而是因為供應鏈的數量，只有隊列，你只需要確保為此做好計劃。

And then on the data center side, we certainly have many of the key pieces, if not almost all the key pieces to really be a big player in the cloud infrastructure side with our ASICs, with the PAM products you mentioned, I mean, O-RAN, all kinds of things.

然後在資料中心方面，我們當然擁有許多關鍵部分，即使不是幾乎所有關鍵部分，也可以透過我們的 ASIC 和您提到的 PAM 產品真正成為雲端基礎設施的重要參與者，我的意思是，O -RAN，各種各樣的事情。

On the switch side, it's an interesting discussion because we're very aggressively promoting and developing a co-packaged optics solution that will be very much open source for the industry.

在交換器方面，這是一個有趣的討論，因為我們正在非常積極地推廣和開發一種聯合封裝的光學解決方案，該解決方案對於行業來說將是非常開源的。

So we want to be an enabler of that.

所以我們希望成為這方面的推動者。

We think that's going to be a good thing, whether somebody wants to do their own ASIC or co-package it with a partner.

我們認為這將是一件好事，無論有人想要做自己的 ASIC 還是與合作夥伴共同包裝它。

And that's a discussion that we're having.

這就是我們正在進行的討論。

I think we're encouraged because when you look at our -- and I noted in my comments, we introduced about 18 months ago, our multi-terabit Switch family, where just as -- for a reminder, these are at 3.2, 6.4 and 12.8 terabits per second.

我認為我們受到了鼓舞，因為當你看到我們的——我在評論中指出，我們大約 18 個月前推出了我們的多太比特 Switch 系列，提醒一下，這些產品的版本為 3.2、6.4每秒12.8 太比特。

It's a modular design architecture.

它是一個模組化的設計架構。

Now it's fully featured, which has its advantages in many applications because that's really what customers want.

現在它功能齊全，在許多應用中都有其優勢，因為這正是客戶想要的。

On the other hand, there's a lot of optimization you can do if you really want to do a high-end switch for just speeds and feeds.

另一方面，如果您真的想只針對速度和進給進行高端切換，則可以進行很多優化。

And I think everything is on the table in terms of looking at all that in the context of Inphi coming in, in particular.

我認為，特別是在 Inphi 進來的背景下，一切都已擺在桌面上。

And those are just some very active discussions we're having.

這些只是我們正在進行的一些非常活躍的討論。

But the road map notwithstanding, we're extremely pleased with this high-end platform that we announced, it's done really well in the market.

但儘管有路線圖，我們對我們宣布的這個高端平台非常滿意，它在市場上做得非常好。

Revenues ramping significantly, and it's going to have a very good year next year and beyond.

收入大幅成長，明年及以後的業績將會非常好。

So I think that was a good investment that we made.

所以我認為這是我們所做的一項很好的投資。

And that really positioned us, Quinn, as a full provider from SMB switches to enterprise and campus, which is core in aggregation, all the way into the fully featured data center-type applications.

這確實使我們 Quinn 成為從 SMB 交換機到企業和園區的全面提供者，這是聚合的核心，一直到功能齊全的資料中心類型應用程式。

So it would be logical for us to consider broadening the portfolio there.

因此，我們考慮擴大那裡的投資組合是合乎邏輯的。

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

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

That's SMBC Nikko.

那是SMBC日興。

I have a clarification question.

我有一個澄清問題。

Matt, first, on the outlook for the networking segment, if my math is correct here, I think you're guiding Inphi to be up at least mid-teens sequentially.

Matt，首先，關於網路領域的前景，如果我的數學是正確的，我認為你正在引導 Inphi 至少連續上升到十幾歲左右。

And your core networking business, you said it's going to be up slightly.

您說您的核心網路業務將會略有成長。

So I'm just trying to understand, is the difference primarily on the supply side?

所以我只是想了解，差異主要是在供應方面嗎？

Or is it the demand, if you can clarify that?

或者這是需求，如果你能澄清一下嗎？

And then my second question, more of a longer-term question.

然後是我的第二個問題，更多的是一個長期問題。

You mentioned ARM servers and obviously, you've been the leader in that market for a long time.

您提到了 ARM 伺服器，顯然，您長期以來一直是該市場的領導者。

And there's been a lot of buzz, as you mentioned lately, and some of your peers are also announcing design wins.

正如您最近提到的，有很多議論，您的一些同行也宣布了設計勝利。

So my question is, when can we expect to hear from Marvell in terms of the design wins and revenue contribution from that market?

所以我的問題是，我們什麼時候可以收到 Marvell 關於該市場的設計勝利和收入貢獻的消息？

Srini, maybe I'll answer your first question on the Inphi guide, right?

Srini，也許我會回答你關於 Inphi 指南的第一個問題，對嗎？

So what we guide for Q2 combined company Inphi revenue, we said, is about $215 million.

因此，我們預計 Inphi 公司第二季合併收入約為 2.15 億美元。

So in Q1, we only had $22 million of Inphi business.

因此，在第一季度，我們的 Inphi 業務只有 2,200 萬美元。

So you really cannot compare sequentially year-over-year, if you look at $215 million Inphi revenue, it means almost 24% year-over-year increase.

因此，你真的無法逐年比較，如果你看看 Inphi 2.15 億美元的收入，這意味著同比增長近 24%。

On the Marvell side, I would say we guided basically, as Matt has said earlier, slightly up sequentially for the Marvell networking.

在 Marvell 方面，我想說，正如 Matt 之前所說，我們基本上對 Marvell 網路進行了略微上調。

So if you add Marvell networking plus Inphi's $215 million, that's what our guide for Q2 networking business.

因此，如果加上 Marvell 網路加上 Inphi 的 2.15 億美元，這就是我們第二季度網路業務的指南。

I'll let Matt answer the -- your second question.

我會讓馬特回答你的第二個問題。

Yes, that's right, Jean.

是的，沒錯，吉恩。

And I mean I think the bigger picture, Srini, on the first one is just the blend of these 2 businesses are growing around 20% a year on networking kind of plus, right?

我的意思是，我認為，Srini，第一個方面的大局是，這兩家企業的混合體在網路方面每年增長 20% 左右，對吧？

So it's a very strong performance.

所以這是一個非常強大的表現。

And I noted the issues earlier on our side.

我早些時候注意到了我們這邊的問題。

On ARM, it really is a trend that's been happening.

在 ARM 上，這確實是一種正在發生的趨勢。

We certainly have a lot of capability in this area.

我們在這方面當然有很多能力。

There's a lot of confidentiality around this market.

這個市場有很多機密。

I can't really comment on us or the other people because I think it's also a little dangerous at times to talk about things.

我無法真正評論我們或其他人，因為我認為有時談論事情也有點危險。

Is it a development type of opportunity?

這是一種發展機會嗎？

Is it a real production thing?

是真正量產的東西嗎？

So I think we -- and our pivot and our business model last year was really to move this business from being one where, in a lot of ways, our Thunder product line really was a prototype type of capability that we enabled the whole industry on.

所以我認為我們去年的重點和業務模式實際上是為了使這項業務從一個在很多方面來說我們的 Thunder 產品線實際上是我們為整個行業提供支援的原型類型的功能。

But in the end, what we found is nobody actually wanted to buy the standard products.

但最終我們發現沒有人真正願意購買標準產品。

So we're very pleased with the pivot we made.

所以我們對我們所做的轉變非常滿意。

We have -- we believe, the best set of IP true ability to stitch together these very large, high-end complex processors.

我們相信，我們擁有將這些超大型、高階複雜處理器拼接在一起的最佳 IP 集。

I mean if you think about the things that we're doing for 5G or for networking or even what we built on Thunder, we have a second to none capability there.

我的意思是，如果你考慮我們為 5G 或網路所做的事情，甚至我們在 Thunder 上建立的事情，我們在這方面擁有首屈一指的能力。

And you should just assume that we're very active in this market, but in a different kind of a business model where we engage directly with these customers, there's an NRE type of arrangement.

你應該假設我們在這個市場上非常活躍，但是在我們直接與這些客戶接觸的另一種商業模式中，有一種 NRE 類型的安排。

We build them exactly what they want.

我們完全按照他們想要的方式來建構他們。

And the use cases and the benefits of moving to ARM are significant.

遷移到 ARM 的用例和好處是顯著的。

And I think publicly, it's out there, the instances that are being moved more and more with an AWS platform to Graviton, which is their own, we obviously don't participate in that, but it's just a great proof point for the industry.

我認為公開地，越來越多的實例透過 AWS 平台轉移到 Graviton，這是他們自己的，我們顯然不參與其中，但這只是行業的一個很好的證明點。

It's real and it's happening, ARM and infrastructure, and we're -- our view is we would be the leading company for anyone to talk to about not only be able to design the chip and productize it, but then to supply it in the kind of volumes that's required.

這是真實的，而且正在發生，ARM 和基礎設施，我們的觀點是，我們將成為任何人談論的領先公司，不僅能夠設計晶片並將其產品化，而且能夠在全球範圍內提供晶片。的捲數。

It's -- that's a key part of the equation now.

這是現在方程式的關鍵部分。

And our next question will come from Chris Caso with Raymond James.

我們的下一個問題將由克里斯·卡索和雷蒙德·詹姆斯提出。

Yes.

是的。

Just some clarification regarding the additional supply.

只是關於額外供應的一些澄清。

And with that additional supply coming on, at what point do you expect to be back at the level where you're shipping all your customers' orders?

隨著額外供應的增加，您預計什麼時候能夠恢復到運送所有客戶訂單的水平？

Do you think you get there by the end of the second half?

你認為你能在下半場結束時到達那裡嗎？

Or is that going to take longer?

或者這需要更長的時間？

Just following on from that, we've heard from a lot of others, obviously, with the tight supply conditions, order visibilities stretching out customers or placing orders for in advance.

緊隨其後，我們顯然聽到了許多其他人的聲音，供應狀況緊張，訂單可見性延長了客戶或提前下訂單。

It sounds like from your prior comments that you're not forcing those customer orders to be noncancelable at this point.

從您先前的評論來看，您目前並沒有強制這些客戶訂單無法取消。

Maybe just clarify that a little more and talk about what additional visibility that gives you going forward.

也許只是再澄清一點，並談談哪些額外的可見性可以讓您繼續前進。

Sure.

當然。

Yes, Chris.

是的，克里斯。

Thanks for the question.

謝謝你的提問。

As I noted earlier, we've been growing this company double digits since a year ago, and it's only accelerating.

正如我之前指出的，自一年前以來，我們公司一直在以兩位數的速度成長，而且還在加速。

And as we've done that, that's been great.

正如我們所做的那樣，這真是太棒了。

But candidly, we haven't made a real dent in the delinquency.

但坦白說，我們並沒有真正減少犯罪行為。

And in fact, I think our business momentum is growing, but I think the demands on us are growing even faster than our supply.

事實上，我認為我們的業務動能正在成長，但我認為對我們的需求成長速度甚至超過了我們的供應成長速度。

So we're working hard on it.

所以我們正在努力。

But I would say anybody that tells you in this industry that they know when this is going to get better, like, hey, it's going to happen in a quarter.

但我想說的是，這個行業的任何人告訴你，他們知道情況什麼時候會變得更好，例如，嘿，這將在一個季度內發生。

It's going to -- I don't think that you're probably getting a realistic answer is my view.

我認為，我認為你可能不會得到現實的答案。

I think it's very dynamic.

我認為這是非常有活力的。

It's unprecedented.

這是前所未有的。

And at this point, there are so many industries that are up and to the right and everybody is clamoring for product that -- but we're working on it.

在這一點上，有很多行業都在朝著好的方向發展，每個人都在強烈要求這樣的產品——但我們正在努力解決這個問題。

And like I said, we're the type of company, Chris, that I think we're more focused on the long term, slow and steady, keep cranking it out every quarter, keep blocking and tackling through this time period.

就像我說的，克里斯，我們是這樣的公司，我認為我們更注重長期發展，緩慢而穩定，每個季度都不斷努力，在這段時間內不斷阻止和解決問題。

and keep making sure our customer are up.

並繼續確保我們的客戶已起床。

And then on your second question, no, we are ensuring that we have protection and not only protection, but I would say mutual commitment with our customers around the supply.

關於你的第二個問題，不，我們正在確保我們擁有保護，而不僅僅是保護，而且我想說的是與我們的客戶圍繞供應的相互承諾。

So we do have a large portion of our backlog, which is only getting more, to be honest, that is noncancelable.

因此，我們確實有很大一部分積壓，而且說實話，積壓只會越來越多，這是不可取消的。

We are being somewhat flexible around building in some reschedule capability.

我們在建立某些重新安排功能方面採取了一定的彈性。

Maybe you can do it once.

也許你可以做一次。

And we're trying to work with our customers on this, but we're having to make commitments, especially with the growth that we see in front of us, which I'm very comfortable doing, but I also want to have the backstop of my customers.

我們正在努力與客戶合作解決這個問題，但我們必須做出承諾，尤其是我們看到的成長，我對此感到很舒服，但我也希望有後盾我的客戶。

And this environment has created a dynamic where pretty much the CEO level at all of our major accounts, they're willing to engage in this type of discussion, activate their materials teams and get everybody together so that we can plan this thing as a combined team, a Marvell team and a customer team versus 2 independent entities off doing their own thing and the era of customers being secretive about their volumes or hiding the ball or not one you're doing just in time, that's kind of all out the window at this point.

這種環境創造了一種動態，我們所有主要客戶的執行長級別幾乎都願意參與此類討論，激活他們的材料團隊並將每個人聚集在一起，以便我們可以將這件事作為一個綜合計劃團隊、Marvell 團隊和客戶團隊與2 個獨立實體做自己的事情，以及客戶對其數量保密或隱藏球或不及時做的時代，這一切都在窗外在此刻。

And so the visibility is pretty good that we're getting, but we are ensuring that we -- when we're making commitments, we've got some backstop from the customers that want the product.

因此，我們獲得的可見性非常好，但我們要確保，當我們做出承諾時，我們會得到需要該產品的客戶的一些支持。

And our next question will come from Harsh Kumar with Piper Sandler.

我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler。

First of all, congratulation on solid results and also being so clear about all the numbers.

首先，恭喜取得了紮實的成果，並且對所有數字都非常清楚。

It really helps us out.

它確實對我們有幫助。

I had a question, Matt.

我有一個問題，馬特。

I was wondering if you could break down your networking business.

我想知道你是否可以分解你的網路業務。

Let's say, just even for core Marvell organically, the split or rough color between 5G, cloud and enterprise.

比方說，即使對於核心 Marvell 而言，5G、雲端和企業之間的分割或粗糙色彩也是如此。

And also if Nokia is -- is it running at ramp?

而且，如果諾基亞是——它是否正在加速運行？

Or has it got still room to run from here?

或者它還有空間逃離這裡嗎？

Yes.

是的。

Well, Harsh, all of your wishes are going to come true next quarter because we're going to break out for you in detail the data center business of Marvell, which is going to have the cloud data.

好吧，Harsh，您所有的願望都將在下個季度實現，因為我們將為您詳細介紹 Marvell 的資料中心業務，其中將包含雲端資料。

We're going to break up the carrier, which you'll be able -- we'll build it.

我們將拆散這艘航母，你可以－我們將建造它。

And we'll talk to all of these, by the way, right?

順便說一下，我們會討論所有這些，對吧？

So you'll be able to get a sense of the moving pieces of 5G.

因此，您將能夠了解 5G 的動態。

We're going to have an auto industrial, which is -- obviously, the big growth there is going to come from the automotive.

我們將擁有一個汽車工業，顯然，那裡的巨大成長將來自汽車。

And then our enterprise networking, which I think is a great proxy as well.

然後是我們的企業網絡，我認為這也是一個很好的代理商。

So I think we're going to give you what you want, and we're going to give you 7 quarters of history, and we're going to guide it.

所以我認為我們會給你你想要的，我們會給你 7 個季度的歷史，我們會指導它。

So you'll be like a kid in a candy store.

所以你會像糖果店裡的孩子一樣。

And then on the second question on Nokia, yes, that's still ramping.

關於諾基亞的第二個問題，是的，這個數字仍在增加。

You've heard their commentary.

你聽過他們的評論。

They're ramping up.

他們正在加速。

We're kind of replacing their legacy solutions within their -- they have their recharge portfolio.

我們正在用他們的充電產品組合替換他們的遺留解決方案。

We're part of that.

我們是其中的一部分。

They talk openly about sort of replacing FPGAs with recharge.

他們公開談論透過充電來取代 FPGA。

So we're just part of that growth.

所以我們只是這種成長的一部分。

And then, of course, we've got future opportunities where we're going to intersect with them with new sockets over time.

當然，隨著時間的推移，我們將有機會透過新的套接字與它們相交。

So that's still in a ramp phase though.

所以這仍處於斜坡階段。

It's still early.

現在還早。

Ladies and gentlemen, this will conclude the question-and-answer session, also concluding today's call.

女士們、先生們，問答環節到此結束，今天的電話會議也結束。

We'd like to thank you for attending today's presentation.

我們要感謝您參加今天的示範。

And at this time, you may now disconnect your lines.

此時，您可以斷開線路。