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 財年第一季度收益電話會議。

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

（操作員說明）請注意，此事件正在記錄中。

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

我現在想將會議轉交給投資者關係副總裁 Ashish Saran 先生。

Please go ahead, 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 財年第一季度財報電話會議。

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

今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官Jean Hu。

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

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

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

請查看我們今天向美國證券交易委員會提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近提交的 10-K 和 10-Q 文件。

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

我們不打算更新我們的前瞻性陳述。

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

在我們今天的電話會議中，我們將提及某些非公認會計準則財務指標。

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

我們的 GAAP 和非 GAAP 財務指標之間的對賬可在我們網站的“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 財年第一季度業績包括 Inphi 業務在該財季 10 天內的業績。

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絡產品組中報告。

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展望進行直接比較，我們在財報新聞稿中提供了一張表格，其中列出了 Marvell 第一季度的獨立非 GAAP 業績，不包括收購的 Inphi 業務的部分季度業績。

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

我們一次性提供 Marvell 的獨立非公認會計原則結果。

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

提醒一下，獨立 Marvell 沒有 GAAP 結果。

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 的第一季度評論將主要關注獨立 Marvell 業務的非公認會計原則結果，因為它與我們在 3 月 3 日電話會議上提供的指導相關，另有說明。

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 財年第二季度的財務前景包括整個季度收購的 Inphi 業務的預期結果。

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

如您所知，關於評論報告的主題，我們目前報告了 3 個廣泛的產品組的收入：網絡、存儲和其他。

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

但是，您可能還記得，在我們的投資者日演講中，我們還描述了終端市場的潛在機會。

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.

這一市場焦點將為我們業務的主要增長動力提供更多信息和透明度，並受到投資界的積極歡迎。

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：數據中心、運營商、企業網絡、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，當我們報告 2022 財年第二季度的業績時，我們將從下個季度開始實施此更改。

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.

在該財報中，我們將按終端市場報告第二季度的收入，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.

對業務結果和期望的大規模討論也轉變為最終市場觀點。

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.

在我們的第二季度收益結果中，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益結果。

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

有了這個，我會把電話轉給馬特，讓他對我們的表現發表評論。

Matt?

馬特?

Thanks, Ashish, and good afternoon, everyone.

謝謝，Ashish，大家下午好。

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

我將從對合併後公司第一季度 GAAP 業績的總結開始。

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 結果，不包括 Inphi 的結果。

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.

在我們的核心業務實力和持續卓越運營的推動下，我們以強勁的勢頭開始了 2022 財年，在第一季度取得了可觀的業績。

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

Marvell 第一季度的獨立收入為 8.1 億美元，超過了我們預期的中點。

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

在我們的網絡和存儲業務強勁增長的推動下，收入同比增長 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運營費用，推動非公認會計準則每股收益高於指導中點 0.02 美元至 0.29 美元。

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

非美國通用會計準則每股收益同比增長 61%，表明我們的業務模式具有顯著的運營槓桿。

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了兩位數的同比收入增長，儘管同期全行業的供應限制已大大收緊。

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，由於我們所有終端市場的強勁且不斷增長的需求，我們的同比增長率在第一季度有所加快，我很高興我們的運營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.

我們的大部分產品都是專有和獨家採購的，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.

我們需要通過靈活的供應鏈來支持我們的客戶，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 的持續轉型中發揮了重要作用的 Chris Koopmans 除了目前領導營銷和業務運營外，還被任命為我們的首席運營官，負責領導我們的全球運營和供應鏈組織。

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

Chris 正在利用他對我們的市場和客戶的深刻理解來優先考慮和調整我們的關鍵增長計劃的供應。

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視野，加強戰略供應商合作夥伴關係，並在適當的情況下使用我們的資產負債表，以建立更大的靈活性。

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.

我們的供應商將 Marvell 對數據基礎設施的關注視為可持續增長的源泉，這得益於與其他週期性終端市場相比有利的長期趨勢。

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，我們有信心確保充足的供應，以使獨立 Marvell 的收入同比增長加快，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，我們還預計全年收入將強勁增長。

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

繼續我們與 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.

我們在 4 月份獲得了與 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.

我們已經從這次交易中脫穎而出，成為一家美國公司，我們相信這將使合併後的公司能夠更好地取得長期成功。

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

反映 Marvell 規模更大、範圍更廣的幾個關鍵 Inphi 高管有我的直接員工。

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，並擴大其範圍以包括其他 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 的模擬和混合信號組織。

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，Raghib Hussain 擔任產品和技術總裁的更廣泛的提升角色，以推動整個公司的戰略調整和增長。

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

與我們之前的收購類似，我們預計 Inphi 人才的注入將擴大規模並進一步增強合併後公司的能力。

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級的管理團隊，他們擁有深厚的技術專長、豐富的行業經驗以及在推動增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.

現在讓我繼續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.

首先是 Marvell 獨立網絡，第一季度的收入增長——第一季度的收入為 4.76 億美元，與我們對強勁增長的展望一致。

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

收入環比增長 9%，這得益於除 5G ASIC 之外的所有關鍵產品線的增長。

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

然而，整體 5G 收入繼續增長，標誌著我們連續第七個季度實現增長。

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

在來自多個終端市場的堅實貢獻下，網絡的同比增長非常強勁，達到了 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 方面，向三星和諾基亞的標準和半定制產品出貨量推動了增長，但部分被中國部署暫停導致 ASIC 的下降所抵消。

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

在云網絡方面，我們繼續受益於客戶對我們的 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，我們正在快速增長，我們的以太網產品可用於 2021 年的多款車型。

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

儘管終端市場疲軟，我們的企業網絡業務也取得了穩健的業績，延續了去年確立的兩位數增長趨勢。

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，由我們更新的以太網交換機和多千兆位 PHY 推動。

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

如果企業支出在今年晚些時候恢復，那將是我們業務的另一個順風。

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.

我們不僅在接入、聚合和核心交換市場上取得了勝利並取得了進步，而且我們還通過我們功能豐富且可擴展的多 TB 系列交換機在數據中心取得了進展。

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.

提醒一下，這些產品利用模塊化架構為廣泛的數據中心應用提供從每秒 3.2 TB 到 12.8 TB 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，並預計這些設計勝利將在下個財政年度開始對更高水平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網絡業務在 2022 財年第二季度的前景。

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，該平台由其行業領先的 PAM 和相干 DSP、高性能寬帶模擬驅動器和 TIA 高度集成的矽光子和數據中心互連模塊組成。

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

對於第二季度，我們預計網絡收入將同比增長 70% 以上。

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

讓我帶您了解本指南中隱含的 Marvell 和 Inphi 業務的增長預期。

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 的獨立網絡將推動青少年收入的強勁同比增長，並環比略有增長。

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

與上一季度類似，我們預計多種產品的廣泛增長將抵消中國 5G 的停頓。

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，這對我們的網絡產品來說更為嚴重。

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，正如我之前所討論的，我們相信今年晚些時候和明年我們可以改善供應，以支持我們的增長計劃。

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，與上半年相比，我們預計獨立 Marvell 的網絡業務下半年將強勁增長，包括我們自己的產品斜坡加速我們的 5G 業務以及美國和其他地區的 5G 採用率增加.

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

從收購的 Inphi 業務中，我們預計第二財季的收入約為 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.

我很高興在這個收入水平上，我們預計 Inphi 業務將在第一個完整季度作為合併後的公司增加我們的非公認會計準則收益。

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，受益於數據中心內部和之間以及運營商市場對高速連接的需求，該業務將推動超過 Marvell 增長率的強勁增長。

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

讓我簡要討論一下 Inphi 的數據中心增長動力。

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.

在數據中心內部，隨著對帶寬的需求不斷增加，正在從傳統的 NRZ 信號向更先進的脈衝幅度調製 (PAM) 轉變，從而顯著增加帶寬。

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

這是數據中心連接的最大變化之一，Inphi 正在引領這一行業轉型。

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

Inphi 是向光連接市場提供 PAM4 DSP 的最大供應商，已出貨數百萬台設備。

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

隨著市場繼續向更高速度過渡，400 gig 的採用一直在加速。

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

去年，我們開始對我們的下一代 800 gig 解決方案進行採樣，該解決方案在客戶中具有強大的吸引力。

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.

與微軟合作，Inphi 開創了可插拔收發器技術，與傳統的光傳輸解決方案相比，以更低的成本、複雜性和功耗直接互連區域雲數據中心。

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.

第一個產品 COLORZ 使用 PAM4 技術實現每波長 100 gig，可以多路復用以通過單根光纖支持高達每秒 4 TB 的帶寬，用於數據中心互連或 DCI 應用。

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

該產品已大量出貨，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.

在去年主要由一家超大規模設備部署的 COLORZ 取得成功的基礎上，Inphi 推出了 COLORZ 2，這是業界首款兼容 400ZR 行業標準的可插拔收發器，使用相干技術可實現每波長 400 gig。

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

我們希望保持我們在 DCI 市場的領先地位，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.

現在有了行業標準，我們看到多個超大規模生產商和其他客戶採用可插拔 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.

現在轉向我們的存儲業務。

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

第一季度存儲收入為 3.03 億美元，同比增長 17%，環比下降 7%。

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

結果好於我們的預期，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.

出色的同比業績是由我們定制的 DIY SSD 控制器程序的增長和對近線驅動器的雲需求的持續增長推動的，這得益於我們的 HDD 控制器和前置放大器。

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，我們預計存儲將在近線 HDD 和數據中心 SSD 市場的推動下再次表現強勁。

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

我們預計收入將同比增長在十幾歲左右，並按百分比連續兩位數增長。

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增長的預期反映了我們存儲業務的重大轉變。

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

在我們的硬盤業務中，數據中心已成為相對於其他市場最大的收入來源。

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.

現在，我們的前置放大器業務的年化運行率已超過 5000 萬美元，我們相信我們可以將這一運行率提高一倍以上。

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.

我們將繼續加快 SSD 控制器的技術節奏，我們最近推出了業界首個 PCIe Gen5 SSD 控制器系列，旨在解決雲基礎架構中的數據移動和安全挑戰。

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

我們很高興與超大規模廠商和 NAND 供應商直接合作，將這一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，一家主要的 NAND OEM 選擇與 Marvell 合作，為其企業和雲解決方案開發定制的 PCIe Gen 5 和 Gen 6 SSD 控制器。

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

第 6 代產品將建立在我們的 5 納米工藝之上。

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

在存儲市場，這是一個巨大的飛躍和工藝節點節奏，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前沿 IP 部署在其他高級節點存儲解決方案中。

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

我們將這項業務重新聚焦於數據中心市場的戰略取得了巨大成功。

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

數據中心已從 2017 財年的不到 20% 增長到佔存儲收入的 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 財年有了一個良好的開端，作為一家合併後的公司，我對我們面前的增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，我們將收入增長的長期目標模型提高到每年 12% 到 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，以及我們數據基礎設施市場的可持續長期增長趨勢。

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

收購 Inphi 增加了我們在數據中心的曝光率，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，雲是 Marvell 最大的增長機會，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 已經在雲中建立了強大的地位，抓住了以 60% 以上的複合年增長率增長的機會。

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 在雲中的有機機會也很大，我們正在通過我們的商業、半定制和靈活的 ASIC 模型來解決這個問題，用於計算、網絡、加速、安全和存儲應用程序。

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，預計到 2023 年，這個機會將以 19% 的複合年增長率增長到超過 50 億美元。

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

在服務器中採用 ARM 處理器繼續受到關注，這進一步增加了我們的雲機會。

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

我們預計合併後公司的雲收入將快速增長。

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

隨著 Marvell 的 5 納米產品上市，我們預計我們的雲收入將大幅增長。

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，利用我們先進的技術平台，我們最近獲得了許多重要的設計勝利。

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

尊重客戶機密，我們不會討論任何具體的勝利。

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

他們在各種應用程序和業務模型中擁有多個客戶。

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在 2023 年開始投入生產，並在 2024 年至 2025 年的時間範圍內實現收入峰值。

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.

隨著我在 Marvell 的 5 週年紀念日即將到來，我從未對我們的增長前景感到如此強烈，我感謝所有為公司轉型而努力工作的員工，我們相信這將是一個非常令人興奮的未來。

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.

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度的 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 財務包括 Inphi 業務的 10 天業績以及購買價格補償項目、股權補償費用、所購無形資產攤銷、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 運營費用為 5 億美元。

GAAP operating loss was $82 million.

GAAP 經營虧損為 8200 萬美元。

GAAP loss per diluted share was $0.13.

GAAP每股攤薄虧損為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.

第一季度末庫存為5.38億美元，其中包括因採購價格核算而設置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.

我們將此次增加的 4000 萬美元攤銷到第一季度的銷售成本中，我們預計將在 2022 財年第三季度末攤銷剩餘餘額。

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

在本季度，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.

不包括那些一次性付款，我們從運營中產生的現金流量將達到 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，並且由於向員工支付年度現金獎金，我們的第一財季往往會較低。

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

第一季度，我們向股東派發了 4100 萬美元的股息。

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

我們以 5.23 億美元的現金和短期投資退出了本季度。

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.

根據合併的備考 EBITDA，我們的總債務與 EBITDA 比率為 3.9，淨債務與 EBITDA 比率為 3.4。

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

我們繼續擁有強大的投資級信用狀況。

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我們目前的股息水平，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.

我們相信我們可以推動強勁的收入增長和自由現金流的產生，以快速實現我們 2 倍總債務與 EBITDA 的目標比率。

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 結果。

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 之前指出的，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度財務展望排除了收購 Inphi 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.

我們的獨立和綜合業績以及 GAAP 與我們的新聞稿中提供的非 GAAP 結果的對賬。

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

第一季度獨立的 Marvell 收入為 8.1 億美元，超過了我們預期的中點。

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

網絡占我們收入的 60%，存儲貢獻了 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.

非美國通用會計準則毛利率為 64.3%，高於我們的指引，比一年前提高了 150 個基點，這主要是由於更好的產品組合和我們團隊不斷努力推動卓越運營。

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

非 GAAP 運營費用為 2.97 億美元，因為我們在投資增長的同時繼續嚴格管理費用。

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.

非美國通用會計準則營業利潤率為 27.7%，比一年前增加 810 個基點，表明我們的業務模式具有強大的經營槓桿作用。

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.

非公認會計準則每股攤薄收益為 0.29 美元，超出我們指導範圍的中點 0.02 美元，同比增長超過 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運營費用計劃。

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

在完成對 Inphi 的收購後，合併後公司的初始備考運營費用趨勢率約為每季度 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.

隨著我們繼續投資以支持我們的長期增長，包括增加 Inphi 的研發支出，我們預計我們的運營費用每年將增長 4% 至 5%。

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

然而，我們預計將通過與交易相關的協同效應來抵消這一運營費用增長。

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 億美元來自運營費用。

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

我們第二季度運營支出指導的中點為 3.725 億美元，其中包括按運行率計算的 1000 萬美元的協同效應。

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.

我們預計將在 2022 財年實現目標運營支出協同效應的一半，並在 2023 財年第三季度實現全部協同效應。

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，並期望推動收入增長顯著高於運營支出增長，以實現強勁的盈利增長。

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 2500 萬美元成本協同效應將來自成本貨物銷售，我們預計將在 2023 財年第四季度開始生效，並在同年第三季度完全實現。

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

我們的團隊在之前收購的整合執行方面有著良好的記錄。

I'm very confident about our synergy achievement plan.

我對我們的協同成就計劃很有信心。

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 財年第二季度的指導，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 億美元的範圍內，上下浮動 3%。

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

在這一展望的中點，我們預計 Inphi 業務的收入貢獻約為 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.

正如馬特之前提到的，在這個收入水平上，我們預計 Inphi 業務將增加我們的非公認會計準則收益。

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

我們預計我們的 GAAP 毛利率在 34.8% 至 37.5% 之間。

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

我們預計我們的非公認會計原則毛利率約為 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，我們預計我們的非公認會計原則毛利率在不久的將來將保持在這一水平，這取決於任何給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.

我們預計我們的 GAAP 運營費用在 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.

我們預計我們的非公認會計原則運營費用將在 3.7 億美元至 3.75 億美元之間。

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

收購 Inphi 後，公司所在地從百慕大改為特拉華。

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，我們預計我們的非公認會計原則稅率在本財年剩餘時間內將保持在 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 稅率每年將增加約 100 個基點。

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

我們預計其他費用將約為 3450 萬美元，其中包括 3300 萬美元的利息費用。

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

我們預計我們的基本加權平均流通股為 8.22 億股。

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

我們的稀釋加權平均流通股將是 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.

我們預計非公認會計準則每股攤薄收益為 0.31 美元，正負 0.03 美元。

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

接線員，請打開線路並宣布問答說明。

Thank you.

謝謝你。

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

（操作員說明）我們今天的第一個問題將來自瑞士信貸的 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，當您查看本季度的內容和指南時，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?

本季度的缺陷是否增加？

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.

您在核心網絡業務方面做得很好，環比增長近 9%，但我試圖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?

還是有其他問題？

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，為什麼這麼有信心？

Yes.

是的。

Great, John.

太好了，約翰。

Thanks for the question.

謝謝你的問題。

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

是的，我們對聯網的結果非常滿意。

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

我的意思是，正如你所指出的，這是一個序列號。

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

很明顯，在網絡方面，業務對我們來說非常非常好。

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

當然，同比增長 20% 以上是很棒的。

The demand, John, continues in Q2 and beyond.

John 的需求在第二季度及以後繼續存在。

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

我們將繼續努力改善我們網絡產品的供應。

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，我們的網絡業務在製造、週期時間供應鏈方面的複雜性比存儲方面要復雜得多，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，我們已經能夠在存儲方面遇到比網絡更多的優勢。

But no, John, business continues to be strong.

但是不，約翰，業務繼續強勁。

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

我們確實看到下半年供應改善，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非常看好我們整體網絡業務的前景，因為需求明顯存在，而且我們現在已經在下半年和明年開始供應。

So things are improving for sure.

所以情況肯定會好轉。

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，我想從兩個方面將這個問題擴展到下半年的知名度。

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

一是供給方面，即供給逐步上線。

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

或者您是否打算在供應方面看到更快的改善？

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?

另一個觀點是，您下半年的增長、財政年度的增長在多大程度上取決於企業和中國 5G 的複蘇，而這往往是相當不穩定的？

Sure, Vivek.

當然，維維克。

Yes.

是的。

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

我認為 - 看，在這種環境下，一般來說，供應是進來的，而不是大塊的。

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.

雖然我會說考慮到我們已經計劃了一段時間的斜坡，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.

所以這將得到改善，我們在晶圓端和後端都可以看到這一點。

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.

與此同時，正如我向約翰提到的那樣，隨著我們增加供應頭寸，需求方面繼續超過我們的供應能力，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，無論是在企業還是中國 5G 中，都沒有被認為在那個時間範圍內會出現與市場相關的捲土重來。

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，我們的業務一直在遠高於兩位數，包括在我們的第一季度，我們確實預計這種情況會繼續下去。

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

現在這主要取決於我們自己的產品週期，好嗎？

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

我認為，我們在企業和校園交換以及物理層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.

所以這就是——順便說一句，OEM 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，如果最終市場隨著重返工作崗位和疫苗接種的改善而有所改善，那將對我們的業務產生相當大的推動作用。

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，也許只是為了把它放在更大的圖景中，我認為，首先，我們自己的團隊在內部，我想給他們榮譽，他們在上半年做得很好，告訴我們去年制定了消化階段的規劃，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.

而且我們不一定指望下半年會出現大幅復甦。

If it does, that would be great.

如果是這樣，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.

但就它而言，Vivek 從更大的角度來看，我們的 5G 業務和在中國的曝光實際上不到我們整體 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中一些其他舉措的啟動，它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.

所以再一次，這兩個中的任何一個都非常強勢地回歸，這也將是我們業務的順風。

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

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

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一下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?

我知道您沒有將任何這些放入模型中，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.

我知道你正在指導 64%，但聽起來這仍然受到一些限制。

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那些正確的標準化數字是什麼。

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

是的，蒂姆，我會拿第一部分，然後我們會把它交給瓊。

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，正如你所指出的，從歷史上看，我們 - 只是通過實踐，在我們宣布交易時沒有試圖表達或調整收入協同效應。

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.

坦率地說，甚至在後視鏡中都很難測量。

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.

但話雖如此，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 遠超過 2 的情況。它有點分為兩部分。

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，蒂姆，這就是我們可以銷售的產品，例如，5G 或云，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，我們可以成為一個更好的供應商的想法真的融合在一起。

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 和三星中發生的事情，我們能夠有效地獲得整個平台，其中一部分我們實際上內容很少。

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

所以我這樣做 - 我對我們所看到的感到非常鼓舞。

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.

我相信我們會看到我們可以指出的案例。

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.

它的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知識產權，將它們放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，特別是與 Inphi SerDes、與我們的 ASIC 業務相關的 IP、我們在共同封裝光學器件方面的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開關，而且在 AI 和 ML ASIC 和 DPU 等方面。

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，隨著我們進入這些複雜的市場，並且越來越多的連接轉向電光解決方案，這將成為難題中非常關鍵的部分。

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

所以，我認為，蒂姆，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.

我認為這在我提到的這兩個方面都會非常有效。

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

讓我把它交給讓來回答第二個問題。

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%.

蒂姆，關於您的毛利率問題，您還記得，當我們宣布與 Inphi 交易時，我們實際上指導合併後的公司毛利率在 64% 至 66% 的範圍內。

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

實際上，我們對第一季度的毛利率表現非常滿意。

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

在非常緊張的供應鏈環境下，Marvell 單機實際上達到了 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.

正如你所知，我認為動態是供應鏈非常緊張。

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.

我們正試圖通過供應鏈挑戰真正管理它，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，我們將繼續走高，推動收入增長生長。

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的 Blayne Curtis。

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

只是對存儲前景感到好奇，我聽說你說 SSD 中的近線。

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

是那種季節性的 DIY 和其他需要指出的驅動因素嗎？

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

我只是對光纖頻道花費那種悠悠球感到好奇。

Is that going back in July as well?

七月也是這樣嗎？

Yes.

是的。

Great question, Blayne, on storage.

很好的問題，Blayne，關於存儲。

So a couple of things.

所以有幾件事。

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

所以在 SSD 方面，是的，現在實際上是多個 DIY 程序。

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增長，但到明年將強勁增長。

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，我認為與其中一些系統級 OEM 密切合作的策略，無論是在雲中還是在其他應用程序中，這是一個非常引人注目的商業模式。

So that one is going well.

所以那個進展順利。

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資產的性能以及它們在自身收入增長方面的表現，肯定會出現擴展貯存。

So the need for increased capacity in cold storage continues.

因此，增加冷庫容量的需求仍在繼續。

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

實際上，我們的控制器和前置放大器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.

所以這種情況仍在繼續，而且非常強大。

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.

最後是光纖通道，它是我們最穩定的業務之一，Blayne，即使在 Cavium 擁有它的時候，甚至在它是 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，今年肯定會有很多波動。

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

那是 - 已經開始穩定下來。

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

實際上，光纖渠道環比增長，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，這將 - 只是通過設計，這應該是一個更加穩定的業務。

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，我想你已經在我的發言中聽到了，我的意思是，我們只是 - 這是存儲方面的一段旅程，我必須感謝我們整個團隊從根本上改變了業務, 哪個, 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, 全部賣到 2.5 英寸筆記本電腦, 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，我為團隊感到非常自豪，我們現在已經將超過 60% 的存儲業務放在數據中心和這些高性能應用程序中，然後真的大部分平衡都在非常粘，穩定的市場。

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

並且接觸到諸如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型故事。

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，我們正在打電話談論我們的存儲業務增長兩位數並繼續這樣做，這是一項巨大的努力。

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

順便說一句，我們也不是在榨取這項業務。

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移動到 5 納米，這對於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.

但是對於這些高性能應用程序，Blayne，尤其是在數據中心，您可以通過這樣做獲得巨大的電力節省。

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存儲產品平台以及我們的傳統網絡業務（如處理器和交換芯片）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，所以主動感謝你這樣做。

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

馬特，我想再次從事網絡業務。

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，同比增長非常非常強勁。

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

所以沒有抱怨，但這種塊狀是否只是您正在解決的市場固有的東西？

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，你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?

您能談談一些允許加速的 Marvell 特定驅動程序嗎？

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

您是否期望隨著業務範圍的內部改善和 Inphi 的加入，這種笨拙的現象會消失？

Yes.

是的。

Great questions.

好問題。

So just quickly on the first one.

所以很快就上第一個。

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

實際上，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增長動力。

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

它實際上反映了我們對分配公司資本的看法。

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基於市場的理念管理公司。

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.

因此，現在能夠向您展示我們的數據中心業務，還有同行報告了這些數字，因此它將讓投資者了解我們的相對增長率。

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

然後運營商，你無論如何都可以捕獲我們的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.

在網絡方面，有趣的是，羅斯，其中一些業務本身就是塊狀的。

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運營商電信類業務往往比其他業務更笨重。

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.

話雖如此，當您實際上將我們的綜合網絡業務融合到企業和運營商等領域時，甚至現在，我們的網絡中也報告了汽車，實際上，從最終需求的角度來看，您確實會得到一個更平滑的配置文件，這一切都在上升順便說一句到右邊。

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.

我認為在過去的一年裡，季度變動的動態比以前更多地與供應相關，嘿，網絡上升了，然後每個人都放慢了速度，每個人都在上升。

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

實際上，自去年以來，羅斯的生意一直很強勁。

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

如果您還記得，我們在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增長率。

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，如果我們能獲得更多供應，它可能會看起來很多——如果你願意的話，看起來會更順暢。

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.

但我認為你可以在幾個季度、上半年、下半年甚至 1 年的時間段內整合它以獲得完整的視圖，因為其中一些產品的製造週期可能是幾個季度。

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

因此，如果您上漲，則有時間做出反應。

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，你會看到一個非常穩定的增長。

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

好消息是我們在網絡方面擁有非常多元化的業務。

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

因此，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，我想問一下你在電話會議開始時發表的評論，你對剛剛開始多年增長的新階段感到非常自信。

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?

你能談談你在雲端獲得的設計勝利嗎？

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

然後，當您談到雲是比 5G 更大的機會時，您也給出了一些暗示。

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

只是將討論納入框架 - 也考慮到這一點。

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.

我的意思是我會在相對近期內說，好吧，在接下來的幾年裡。

I actually break it into 3 phases.

我實際上將它分為三個階段。

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，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.

因此，例如，在網絡方面，我的意思是，我們有 5G 坡道，我們將加速，將加速。

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率增加以及在那裡的部署以及我們幾年前贏得的設計勝利投入生產。

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.

憑藉我們的 SmartNIC 產品線，您在雲中擁有非常強大的 Marvell 業務，該業務的增長非常非常好，並將在下半年繼續。

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度為 Inphi 提供 2 15 指導，我認為這遠高於任何人的想法。

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，包括 PAM4 的數據中心內部業務以及 400 ZR 斜坡，我們認為這將在明年有意義，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，正如我提到的，以太網交換機和 PHY 業務，您也可以將汽車投入其中。

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這些增長動力都在繼續。

So that's right in front of us.

所以它就在我們面前。

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

正如你所提到的，我認為我感到非常興奮的是，公司的設計獲胜勢頭非常強勁。

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.

並且可能 - 不太可能，就像我在過去 5 年中所見過的那樣強大，我一直在這里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，這些就是我們現在贏得的設計，可能會從 23 年、24 年日曆開始增加，然後超越。

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.

這也是——你應該把它與我們的 5 納米平台真正全面投入生產的時候聯繫在一起，跨多個終端客戶、終端市場和終端應用程序。

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，這是所有這一切之上的一種層次，坦率地說，將超出我們在上一個投資者日所討論的範圍。

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，如果你在這里和那裡劃清界線，不同領域都有各種各樣的好處，Ambrish，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非常適合我們，並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、我們參與的方式、我們合作夥伴的方式在這種環境中產生了很好的共鳴。

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.

而且我們只是 - 我們現在被視為一個非常可信和可靠的合作夥伴，特別是與 Inphi 合作，並真正提供我們客戶需要的最複雜的關鍵產品。

Matt, I'm sorry, just a clarification.

馬特，對不起，只是澄清一下。

This design win momentum does not include Inphi.

這種設計獲胜勢頭不包括Inphi。

So that would be on top of this, right?

所以這將是最重要的，對吧？

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

所以這就是你所說的，有機業務一直在努力，對吧？

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?

所以所有這些關於我們所見過的最大的設計勝利類型成就以及漏斗的評論，都來自有機的 Marvell 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加入 Inphi 團隊，以體現我們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一回事了。

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 與我們的 5 納米平台和我們的 5G 雲戰略、汽車，以及我們在 Inphi 之前的投資者日闡明的所有內容，這一切都在跟踪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.

祝賀結果和展望。

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，看起來雲數據中心內部升級到 200 和 400 千兆位 PAM4 光連接的速度正在加快，因為我們進入下半年，又有 2 家云巨頭剛剛開始升級週期。

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.

最重要的是，前 1 或 2 個雲巨頭似乎開始對數據中心到數據中心的 DCI 光學升級，即新的 400 千兆位 ZR 標准開火。

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具有強大的領導地位。

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開始在 7 月季度在這裡開火？

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.

似乎我們仍處於這兩個升級週期的早期階段，但只是想獲得您的意見。

Yes.

是的。

Thanks, Harlan.

謝謝，哈蘭。

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

不，我認為我們是——也許首先從最後開始。

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，我會說可能在 23 年底之前，當然在 - 如果你在現在和年底之間劃清界線 - 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轉移了。

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

這在今天仍然是相當數量的連接。

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

所以現在和那時之間有很大的提升。

That's pretty exciting.

這很令人興奮。

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.

然後，當然，你在美國以外的世界各地都有其他超大規模生產商在 400 ZR 上，這也只是處於起步階段。

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.

顯然，我認為這將比 COLORZ 更廣泛，COLORZ 是 100 gig，而且它真的是針對一位客戶的。

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

那就是——這兩個方面，我們都有強大的積壓、預訂、可見性，可以低頭計劃供應和計劃坡道。

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，這確實是我們首先要做的交易論點的一部分。

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

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

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

馬特，你確實提到了支出的暫停——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，它們是如何發展的。

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，您認為我們在他們的坡道方面與全面運行率有多接近？

Sure.

當然。

Yes.

是的。

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

不，我認為總的來說，5G 的勢頭相當強勁。

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

我認為，很明顯，去年你看到了中國對人們的影響，這非常有意義。

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，我們正在辯論，是下半場還是什麼時候？

But those deployments will obviously continue.

但這些部署顯然會繼續下去。

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.

然後，我認為美國確實是今年我們將看到很多牽引力的地方。

India is a little more unclear.

印度有點不清楚。

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

我認為最新的試驗肯定會在今年年底進行。

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

坦率地說，我認為 COVID-19 在該國的影響可能會推遲事情的發生。

We saw that last year.

我們去年就看到了。

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，應該有一個更大的美國擴建，而 COVID 推遲了這一點。

We're watching that.

我們正在關注那個。

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

但不，我認為，總的來說，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 - 我們認為這將非常廣泛。

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.

相對於在我們的 2 個主要 OEM 處使用全平台實現全速運行，我們面前還有很多事情要做。

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，但他們確實根據他們參與的地理位置來擴大業務。

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.

然後與我們的第二個客戶一起，這些芯片仍然——其中很多都在開發中，儘管我們的第一款產品正在迅速發展，我們很高興看到這兩家公司都非常積極地參與了全球 5G 部署.

So that was all positive.

所以這一切都是積極的。

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.

我們剛剛結束了連續第七個季度的業務增長。

So it's been a real tailwind for us.

所以這對我們來說是一個真正的順風。

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

在我們轉到下一個問題之前，我確實只想發表一條評論。

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

實際上我之前說錯了，有一個關於光纖通道的問題。

And I think it was Ross about it being lumpy.

我認為是羅斯說它是塊狀的。

So I had my quarters off.

所以我有我的宿舍。

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

所以它下降了——第一季度光纖下降了。

That was part of the lumpy down.

那是顛簸的一部分。

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，然後我們預計會出現 - 除非有其他一些中斷，否則這應該是一個基本持平的業務。

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，我沒有——根據終端市場的報導，我預計我們不會再有很多關於光纖通道的討論。

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

但如果有什麼事情發生，我們會通知你們的。

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的 Gary Mobley。

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，您是否可能面臨該地區以外的任何生產中斷。

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，考慮到運營支出中的不同活動部分，如您所說的長期增長 5%，然後以 1.25 億美元的協同效應離開，您預計季度運營支出何時觸底，無論是絕對值2 季度 3.725 億美元指導的條款還是相對條款？

Yes.

是的。

Gary, I'll take the first one.

加里，我要第一個。

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.

我認為是-我認為您只是在向參加此次電話會議的每個人強調一個非常重要的提醒，我相信這裡的每個人都可能從美國打來電話，那裡的事情正在開放，而且感覺正在變得越來越好恢復正常。

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

正如你所指出的，我們正在密切關注局勢，不僅僅是在台灣。

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，但許多芯片公司在研發方面都有重要的印度業務。

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

東南亞其他國家也在爆發疫情。

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.

在天氣和供應鏈上的病毒之間，這是前所未有的一年。

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

但我們正在關注它，那就是——我們已經盡可能多地將這些事情理解到我們的指導中。

We do that every quarter.

我們每個季度都這樣做。

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.

我的意思是我們最近在台灣遇到了水問題。

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

我想，隨著最近那裡的改進，其中一些已經退縮了。

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理解了所有這些。

Jean, do you want to answer the second question?

讓，你要回答第二個問題嗎？

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，在運營支出方面，鑑於我們已經看到擺在我們面前的機會和收入勢頭，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 5% 的增長，實際上，它包含了 Marvell 方面，對於定期增長，我們通常在 2% 到 3% 之間。

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

但在Inphi方面，機會巨大，因此研發投入更高。

So we are looking really just the next year.

所以我們真的只是在尋找明年。

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

在協同效應方面，我們談到了 1 億美元的 OpEx 協同效應成就。

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

考慮它的方式是退出 22 財年，我們應該能夠實現 1 億美元運行率協同效應的 50%。

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

然後如您所知，由於第一季度的工資增長，第一季度的運營支出總是比第二季度和第三季度高一些。

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Q3的時候，我們應該達到開工率，同時實現了充分的協同效應，預期增長，抵消了同比增長。

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顯著快於運營支出的速度增長收入，以便我們能夠快速擴大收入。

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，從短期來看，Matt，隨著下半年供應的增加，您是否能夠穩定向客戶提供的交貨時間？

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

然後我的第二個問題是一個長期的問題。

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?

隨著數據中心 400 和 800 千兆模塊的增加，該業務對您來說可能比 5G 更大，您是否開始收到客戶關於 Marvell 開發自己的內部交換矩陣的問題？

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

或者客戶是否願意讓您在不擁有交換光纖的情況下與 SerDes 和光學聯合封裝以及其他機會合作？

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，在第一個問題上，是的，當然，正如我所提到的，我們已經看到了我們到年底的供應情況，並且我們對明年的情況也感到鼓舞。

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

看，在這一點上，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?

我們已經向我們的客戶詢問了重要的積壓工作——不僅是積壓工作，而且實際上是積壓工作背後的詳細討論，與驅動因素有關，其中有多少用於緩衝，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.

我們還與他們中的許多人合作，並且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，但我們正在給他們時間來弄清楚這一點。

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鍛煉，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.

它們被擴展，不是因為我們想讓它們保持擴展，而是因為供應鏈——只是數量，只有隊列，你只需要確保你為此做好計劃。

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.

然後在數據中心方面，我們當然有很多關鍵部分，如果不是幾乎所有的關鍵部分，我們的 ASIC 和你提到的 PAM 產品真的是雲基礎設施方面的重要參與者，我的意思是，O -RAN，各種東西。

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.

在交換機方面，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個共同封裝的光學解決方案，該解決方案將對行業非常開放。

So we want to be an enabler of that.

因此，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，無論是有人想要做自己的 ASIC 還是與合作夥伴共同打包它。

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.

我認為我們很受鼓舞，因為當您查看我們的 - 我在評論中指出，我們在大約 18 個月前推出了我們的多 TB Switch 系列，就像 - 提醒一下，這些是 3.2、6.4和每秒 12.8 TB。

It's a modular design architecture.

它是一種模塊化設計架構。

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，如果你真的想為速度和進給做一個高端切換，你可以做很多優化。

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

而且我認為，特別是在 Inphi 進入的背景下，一切都在桌面上。

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積極的討論。

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.

收入顯著增加，明年及以後將有一個非常好的一年。

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

所以我認為這是我們做出的一項很好的投資。

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.

這確實將我們 Quinn 定位為從 SMB 交換機到企業和園區的完整供應商，這是聚合的核心，一直到功能齊全的數據中心類型的應用程序。

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 日光。

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.

馬特，首先，關於網絡領域的前景，如果我的數學在這裡是正確的，我認為你正在指導 Inphi 至少連續十幾歲。

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

你的核心網絡業務，你說它會略有上升。

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

所以我只是想了解，差異主要在供應方面嗎？

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

或者是需求，如果你能澄清一下？

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 服務器，很明顯，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.

正如你最近提到的，有很多嗡嗡聲，你的一些同行也宣佈設計獲勝。

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，我們什麼時候可以從 Marvell 那裡聽到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，對吧？

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

因此，我們對第二季度合併公司 Inphi 收入的指導約為 2.15 億美元。

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

所以在第一季度，我們只有 2200 萬美元的 Inphi 業務。

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，您真的無法按年進行比較，如果您查看 2.15 億美元的 Inphi 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，正如馬特之前所說，我們基本上引導了 Marvell 網絡的順序略微上升。

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 網絡和 Inphi 的 2.15 億美元，這就是我們的第二季度網絡業務指南。

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，讓。

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，我認為更大的圖景，斯里尼，第一個是這兩項業務的融合，在網絡方面每年增長約 20%，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.

我在我們這邊早些時候注意到了這些問題。

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性。

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.

我不能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?

它是一種發展類型的機會嗎？

Is it a real production thing?

這是真正的生產嗎？

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——我們去年的支點和我們的商業模式真的是把這項業務從一個在很多方面，我們的 Thunder 產品線確實是我們支持整個行業的原型能力的地方.

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想購買標準產品。

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

所以我們對我們做出的轉變感到非常滿意。

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

我們擁有——我們相信，將這些非常大的高端複雜處理器拼接在一起的最佳 IP 真正能力。

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，如果你想想我們為 5G 或網絡所做的事情，甚至是我們在 Thunder 上構建的東西，我們在這方面的能力是首屈一指的。

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建造它們。

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

遷移到 ARM 的用例和優勢非常顯著。

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.

而且我認為公開地，它就在那裡，越來越多的實例通過 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，它正在發生，ARM 和基礎設施，我們是——我們的觀點是，我們將成為任何人談論的領先公司，不僅能夠設計芯片並將其產品化，而且能夠在需要的那種卷。

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

這是 - 這是現在等式的關鍵部分。

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

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

Yes.

是的。

Just some clarification regarding the additional supply.

只是對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，您希望在什麼時候恢復到您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前到達那裡嗎？

Or is that going to take longer?

或者這將需要更長的時間？

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.

緊接著，我們聽到很多其他人的消息，顯然，由於供應條件緊張，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.

從您之前的評論看來，您此時並沒有強迫這些客戶訂單不可取消。

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，然後談談讓你前進的額外可見性。

Sure.

當然。

Yes, Chris.

是的，克里斯。

Thanks for the question.

謝謝你的問題。

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

正如我之前提到的，自一年前以來，我們一直在以兩位數的速度增長這家公司，而且還在加速。

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

當我們這樣做時，這很棒。

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

但坦率地說，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，我認為我們的業務勢頭正在增長，但我認為對我們的需求增長速度甚至超過了我們的供應。

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，在這個行業中任何告訴你他們知道什麼時候會好轉的人，就像，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.

它將——我認為您可能不會得到一個現實的答案，這是我的觀點。

I think it's very dynamic.

我認為這是非常動態的。

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，有很多行業正在上升和向右，每個人都在要求產品——但我們正在努力。

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.

就像我說的那樣，克里斯，我們是那種公司，我認為我們更關注長期，緩慢而穩定，每個季度都保持運轉，在這段時間裡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正常運行。

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.

然後關於你的第二個問題，不，我們確保我們有保護，而不僅僅是保護，但我想說的是與我們的客戶在供應方面的共同承諾。

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工作，而且只會越來越多，老實說，這是不可取消的。

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

我們在構建一些重新調度功能方面有些靈活。

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.

我們正在努力與我們的客戶合作，但我們必須做出承諾，尤其是我們看到的增長，我很樂意這樣做，但我也想得到支持我的客戶。

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，幾乎我們所有主要客戶的 CEO 級別，他們都願意參與這種類型的討論，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整體來計劃團隊、一個 Marvell 團隊和一個客戶團隊與 2 個獨立實體做自己的事情以及客戶對他們的交易量保密或隱藏球或不是你及時做的事情的時代，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，但我們確保我們 - 當我們做出承諾時，我們得到了想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，祝賀您取得了可靠的結果，並且對所有數字也非常清楚。

It really helps us out.

它真的幫助了我們。

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絡業務。

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 來說，5G、雲和企業之間的分裂或粗略的顏色。

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

而且，如果諾基亞是——它是在坡道上運行嗎？

Or has it got still room to run from here?

或者它還有空間從這裡逃跑嗎？

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，你所有的願望都將在下個季度實現，因為我們將為你詳細介紹 Marvell 的數據中心業務，它將擁有云數據。

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

我們將分解航母，你可以——我們將建造它。

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

順便說一句，我們會和所有這些人談談，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，這顯然是來自汽車的巨大增長。

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。

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.

所以我想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.

然後關於諾基亞的第二個問題，是的，這仍在增加。

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.

我們正在取代他們的傳統解決方案——他們有自己的充值組合。

We're part of that.

我們是其中的一部分。

They talk openly about sort of replacing FPGAs with recharge.

他們公開談論用充電替代FPGA。

So we're just part of that growth.

所以我們只是這種增長的一部分。

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

然後，當然，我們有未來的機會，隨著時間的推移，我們將用新的插座與它們相交。

So that's still in a ramp phase though.

所以這仍然處於斜坡階段。

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了。

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

我們要感謝您參加今天的演講。

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

此時，您現在可以斷開線路。