邁威爾科技 (MRVL) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Marvell Technology Group Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. I would now like to introduce your host for today's program, Ashish Saran, Vice President, Investor Relations. Please go ahead.

女士們，先生們，感謝您的支持，歡迎參加 Marvell Technology Group 2021 年第四季度收益電話會議。 （操作員說明）提醒一下，今天的節目正在錄製中。我現在想介紹一下今天的節目主持人，投資者關係副總裁 Ashish Saran。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's Fourth Quarter and Fiscal Year 2021 Earnings Call. Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2021 財年第四季度和財報電話會議。今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官Jean Hu。

I would like to remind everyone that certain comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings. We do not intend to update our forward-looking statements.

我想提醒大家，今天發表的某些評論可能包括前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致我們的實際結果與管理層當前的預期存在重大差異。請查看我們今天向美國證券交易委員會提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近提交的 10-K 和 10-Q 文件。我們不打算更新我們的前瞻性陳述。

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available on our website in the Investor Relations section.

在我們今天的電話會議中，我們將提及某些非公認會計準則財務指標。我們的 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。

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

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。馬特?

Thanks, Ashish, and good afternoon, everyone. Let me start with a recap of Marvell's highlights for fiscal year 2021. Our GAAP revenue was $2.97 billion, GAAP gross margin was 50.1% and GAAP loss per diluted share was $0.41. On a non-GAAP basis, our gross margin was 63.3% and non-GAAP earnings per diluted share was $0.92. Our consolidated revenue grew 10% year-on-year, led by our networking business, which grew 22% year-on-year. Revenue growth, combined with strong operating leverage from our business model, enabled non-GAAP EPS to grow 39% year-on-year. I am very pleased with our outstanding performance during what has been an otherwise challenging year.

謝謝，Ashish，大家下午好。讓我先回顧一下 Marvell 2021 財年的亮點。我們的 GAAP 收入為 29.7 億美元，GAAP 毛利率為 50.1%，GAAP 每股攤薄虧損為 0.41 美元。在非公認會計準則基礎上，我們的毛利率為 63.3%，非公認會計準則每股攤薄收益為 0.92 美元。我們的綜合收入同比增長 10%，其中網絡業務同比增長 22%。收入增長，加上我們業務模式的強大運營槓桿，使非公認會計準則每股收益同比增長 39%。我對我們在充滿挑戰的一年中的出色表現感到非常滿意。

Our growth initiatives in 5G, cloud and automotive drove results in these key end markets, which collectively more than doubled in revenue from the prior year to represent more than 25% of fiscal year 2021 revenue. We are really pleased with the performance of Avera and Aquantia, who both delivered revenue above our expectations. We successfully completed the integration of both businesses and overachieved on our synergy targets.

我們在 5G、雲和汽車領域的增長舉措推動了這些關鍵終端市場的業績，這些市場的收入總計比上一年增加了一倍以上，佔 2021 財年收入的 25% 以上。我們對 Avera 和 Aquantia 的表現感到非常滿意，它們的收入都超出了我們的預期。我們成功完成了兩項業務的整合，超額完成了我們的協同目標。

We also made great strides with our technology platform, announcing the jump to 5-nanometer and along with it, the industry's first 112 gig SerDes for cloud data center infrastructure. This move was a direct result of our multiyear strategic shift to focus on data infrastructure and brings our process node cadence to the cutting edge. The power of our 5-nanometer platform and the benefits it provides for customers is evident in our opportunity funnel, which has grown significantly since we adopted this new node. The activity level on 5-nanometer continues to accelerate, and we have already secured multiple leading edge design wins, each meaningful from a revenue perspective.

我們的技術平台也取得了長足的進步，宣布躍升至 5 納米，隨之而來的是業界首個用於雲數據中心基礎設施的 112 gig SerDes。這一舉措是我們多年戰略轉變以專注於數據基礎設施並將我們的流程節點節奏帶到最前沿的直接結果。我們的 5 納米平台的強大功能及其為客戶提供的好處在我們的機會漏斗中顯而易見，自從我們採用這個新節點以來，機會漏斗已經顯著增長。 5 納米的活動水平繼續加速，我們已經獲得了多項領先的設計勝利，從收入的角度來看，每一次都是有意義的。

Our advanced technology is also a key enabler of our custom ASIC offering, which has continued to gain momentum, particularly in cloud. Following on from the design win we announced last quarter, activity levels continue to increase, and we are now involved in advanced discussions with multiple hyperscale data center customers. Our ability to offer customization, coupled with Marvell's leading standard product IP, has proven to be highly compelling to cloud customers.

我們的先進技術也是我們定制 ASIC 產品的關鍵推動因素，該產品繼續獲得發展勢頭，尤其是在雲領域。繼我們上個季度宣布的設計勝利之後，活動水平繼續增加，我們現在參與了與多個超大規模數據中心客戶的高級討論。我們提供定制的能力，再加上 Marvell 領先的標準產品 IP，已證明對雲客戶極具吸引力。

Given its strategic importance, let me provide some more detail on the evolution of the custom ASIC model, bringing to light some of the key trends that make the opportunity so compelling. Traditionally, the primary customer base for custom ASICs has been large system OEMs whose core business is developing hardware to sell as a product. These customers design their own system hardware and build unique technology into the hardware itself through custom chip development to differentiate their products. We do much of the chip design directly and work with a semiconductor partner to license IP and manage the physical layout in front and back-end manufacturing.

鑑於其戰略重要性，讓我提供有關定制 ASIC 模型演變的更多細節，揭示一些使機會如此引人注目的關鍵趨勢。傳統上，定制 ASIC 的主要客戶群是大型系統 OEM，其核心業務是開發硬件以作為產品銷售。這些客戶設計自己的系統硬件，並通過定制芯片開發將獨特的技術融入硬件本身，以使他們的產品與眾不同。我們直接進行大部分芯片設計，並與半導體合作夥伴合作，以授權 IP 並管理前端和後端製造中的物理佈局。

Today, in addition to these system customers, hyperscale data center operators are also designing their own silicon. And I'm often asked if this trend is good or bad for Marvell. We believe this trend is very good for us as we believe we are ideally positioned to help them solve their unique challenges. Their core business is the cloud service they provide, not the hardware itself. They are building custom hardware because they need incredibly efficient and optimized infrastructure. As a result, they are looking for a semiconductor collaboration that goes well beyond the traditional custom ASIC model and allows them to leverage IP that the silicon partner already has available.

如今，除了這些系統客戶外，超大規模數據中心運營商也在設計自己的芯片。我經常被問到這種趨勢對 Marvell 是好是壞。我們相信這種趨勢對我們非常有利，因為我們相信我們處於理想的位置，可以幫助他們解決獨特的挑戰。他們的核心業務是他們提供的雲服務，而不是硬件本身。他們正在構建定制硬件，因為他們需要極其高效和優化的基礎設施。因此，他們正在尋找一種超越傳統定制 ASIC 模型並允許他們利用芯片合作夥伴已經可用的 IP 的半導體合作。

The design is typically done in true partnership, with the customer focusing on the portions proprietary to their use cases and Marvell bringing our own unique compute, security, networking and storage IP to the table. Therefore, the end solution is a semi-custom design, which represents the best of both worlds and provides a faster time to market. Because these engagements use our IP, we believe this leads to a more strategic and valuable relationship with these key customers.

該設計通常是在真正的合作夥伴關係中完成的，客戶專注於其用例專有的部分，而 Marvell 則將我們自己獨特的計算、安全、網絡和存儲 IP 帶到桌面上。因此，最終解決方案是半定制設計，它代表了兩全其美，並提供了更快的上市時間。由於這些活動使用了我們的知識產權，我們相信這會導致與這些關鍵客戶建立更具戰略性和價值的關係。

In addition, compute is becoming increasingly important in this market as hyperscalers are looking to move beyond standard x86 servers and integrate custom ARM-based compute solutions into their architecture. As this trend accelerates, Marvell should be an even more important partner. Our long history in successfully developing and delivering multiple generations of highly complex, multi-core ARM-based processors, including server processors, is unique in the industry.

此外，計算在這個市場中變得越來越重要，因為超大規模企業正在尋求超越標準 x86 服務器並將基於 ARM 的定制計算解決方案集成到他們的架構中。隨著這一趨勢的加速，Marvell 應該是一個更加重要的合作夥伴。我們在成功開發和交付多代高度複雜、基於 ARM 的多核處理器（包括服務器處理器）方面的悠久歷史在業內是獨一無二的。

Marvell is emerging as an ideal partner for these customers, and our recent cloud engagements involve deep engineering collaboration on all key aspects of design, including chip architecture, memory density, high-speed SerDes integration, advanced packaging, power optimization and flexible processor implementation.

Marvell 正在成為這些客戶的理想合作夥伴，我們最近的雲合作涉及設計的所有關鍵方面的深度工程協作，包括芯片架構、內存密度、高速 SerDes 集成、高級封裝、功率優化和靈活的處理器實施。

Now let me move on to our quarterly results and expectations. Revenue for the fourth quarter of fiscal 2021 was $798 million, $13 million above the midpoint of guidance, growing 6% sequentially and 11% year-over-year. Adjusted for the divestiture of Wi-Fi, year-on-year revenue growth was even greater at 15%. Our GAAP income per diluted share was $0.02. Our non-GAAP earnings per diluted share was $0.29, growing 16% sequentially and 71% year-over-year.

現在讓我繼續討論我們的季度業績和預期。 2021財年第四季度的收入為7.98億美元，比指導中點高出1300萬美元，環比增長6%，同比增長11%。經 Wi-Fi 剝離調整後，收入同比增長甚至更高，達到 15%。我們的 GAAP 每股攤薄收益為 0.02 美元。我們的非公認會計原則每股攤薄收益為 0.29 美元，環比增長 16%，同比增長 71%。

As expected, supply constraints limited our ability to fully meet the growing demand for our networking products. We also saw strong demand for our storage products, which drove the upside in revenue relative to the midpoint of our guidance. Although these industry-wide supply shortages are now well known, I expect that they may still be a topic of particular interest during our Q&A session. So in anticipation of your questions, let me provide as much detail as I can for you now.

正如預期的那樣，供應限制限制了我們完全滿足對我們的網絡產品不斷增長的需求的能力。我們還看到對我們的存儲產品的強勁需求，這推動了收入相對於我們指導的中點的上升。儘管這些全行業的供應短缺現在眾所周知，但我預計它們可能仍然是我們問答環節中特別感興趣的話題。因此，鑑於您的問題，讓我現在為您提供盡可能多的細節。

As you are aware, despite or perhaps more accurately due to the impact from COVID-19, demand has grown significantly across a range of semiconductor end markets as data infrastructure has become even more critical to the world's economy. However, the supply chain was not completely prepared for the surge in demand and needs time to increase capacity. While we are confident that the industry will respond to these challenges, we anticipate a supply gap for at least through fiscal 2022.

如您所知，儘管或可能更準確地說是由於 COVID-19 的影響，隨著數據基礎設施對世界經濟變得更加重要，一系列半導體終端市場的需求已顯著增長。然而，供應鏈並沒有為需求激增做好充分準備，需要時間來增加產能。雖然我們有信心該行業將應對這些挑戰，但我們預計至少到 2022 財年將出現供應缺口。

Lead times have extended across the board. We are seeing shortages for multilayer complex substrates, IC packaging capacity and fab constraints in certain technology nodes important for our products. From our vantage point, the increase in demand we are experiencing for our 5G, cloud and auto products appears closely tied to the long-term secular growth drivers present in these end markets. This, combined with the sole source nature of most of our design wins, would suggest that most of the demand we are not able to satisfy in the near-term is not perishable.

交貨時間全面延長。在對我們的產品很重要的某些技術節點中，我們看到多層複雜基板、IC 封裝能力和晶圓廠限制的短缺。從我們的角度來看，我們對 5G、雲和汽車產品的需求增長似乎與這些終端市場的長期長期增長動力密切相關。再加上我們大部分設計獲勝的唯一來源性質，這表明我們在短期內無法滿足的大部分需求都不會消失。

Marvell is collaborating even more closely with our customers to manage demand forecast over an extended time horizon, and our operations team is continuing to drive our suppliers to match supply appropriately to mitigate impacts and minimize disruptions. In addition, we are taking extraordinary measures, including securing capacity in advance over much longer than typical time periods. And we are working with customers to get their assistance in helping absorb some of the incremental costs associated with prioritizing their continuity of supply.

Marvell 正在與我們的客戶進行更密切的合作，以管理更長時間內的需求預測，我們的運營團隊將繼續推動我們的供應商適當地匹配供應，以減輕影響並最大限度地減少中斷。此外，我們正在採取非常措施，包括在比典型時間段更長的時間內提前確保容量。我們正在與客戶合作，以幫助他們吸收與優先考慮供應連續性相關的一些增量成本。

Let's now discuss our 2 businesses in more detail. First, in our networking business, revenue during the fourth quarter was $439 million, consistent with our outlook of being flattish to the prior quarter. Year-on-year growth remained robust, with revenue growing 24% compared to the fourth quarter fiscal 2020 results, adjusted for the divestiture of Wi-Fi. The year-on-year growth in networking was led by our 5G and cloud businesses. In addition, revenue from our Ethernet switch and PHY portfolio grew significantly as new design wins started to ramp.

現在讓我們更詳細地討論我們的兩項業務。首先，在我們的網絡業務中，第四季度的收入為 4.39 億美元，與我們對上一季度持平的預期一致。同比增長保持強勁，與 2020 財年第四季度的結果相比，收入增長了 24%，並針對 Wi-Fi 的剝離進行了調整。網絡業務的同比增長由我們的 5G 和雲業務引領。此外，隨著新設計的成功開始增加，我們的以太網交換機和 PHY 產品組合的收入顯著增長。

Let me provide some color on sequential revenue movements in networking. In 5G, we delivered our sixth straight quarter of sequential revenue growth. This growth was driven by standard and semi-custom product shipments to Samsung and Nokia, partially offset by a decline in 5G ASICs as deployments in China take a pause. Looking past the typical lumpy nature of individual regional rollouts, 5G infrastructure deployments are expected to continue to strengthen worldwide.

讓我為網絡中的連續收入變動提供一些顏色。在 5G 領域，我們實現了連續第六個季度的收入連續增長。這一增長是由向三星和諾基亞的標準和半定制產品出貨量推動的，但由於在中國的部署暫停，5G ASIC 的下降部分抵消了這一增長。縱觀各個區域部署的典型塊狀性質，預計 5G 基礎設施部署將在全球範圍內繼續加強。

As an example, the U.S. recently concluded the first phase of the C-band spectrum auction. This was the highest grossing spectrum auction ever held in the U.S. with gross proceeds exceeding $80 billion. A record level of interest is a clear indicator of the potential revenue opportunities carriers expect from 5G technology. Other regions around the world are also opening up spectrum for 5G services and wireless industry experts expect deployments to gather strength later this year.

例如，美國最近完成了第一階段的 C 波段頻譜拍賣。這是美國有史以來收入最高的頻譜拍賣，總收益超過 800 億美元。創紀錄的興趣水平清楚地表明了運營商期望從 5G 技術中獲得的潛在收入機會。世界其他地區也在為 5G 服務開放頻譜，無線行業專家預計，今年晚些時候部署將集中力量。

We launched our open RAN platform in December 2020 and are gaining traction in the marketplace. For example, we recently announced that we are joining the Evenstar program, and we'll be working with Facebook connectivity to provide a 5G open RAN distributed unit design. This design will be based on our leading OCTEON Fusion baseband processors and ARM-based OCTEON multi-core DPUs. Evenstar DU design will enable a new generation of RAN suppliers to deliver high-performance, cost-optimized, interoperable DU products to the rapidly expanding open RAN ecosystem.

我們於 2020 年 12 月推出了我們的開放式 RAN 平台，並在市場上獲得了關注。例如，我們最近宣布加入 Evenstar 計劃，我們將與 Facebook 連接合作，提供 5G 開放式 RAN 分佈式單元設計。該設計將基於我們領先的 OCTEON Fusion 基帶處理器和基於 ARM 的 OCTEON 多核 DPU。 Evenstar DU 設計將使新一代 RAN 供應商能夠為快速擴展的開放式 RAN 生態系統提供高性能、成本優化、可互操作的 DU 產品。

We recently announced that Fujitsu will be using our industry-leading OCTEON Fusion baseband processors in its new 5G base stations and also plan to engage with us on open RAN distributed unit products. They are the second 5G regional customer I referenced last quarter.

我們最近宣布，富士通將在其新的 5G 基站中使用我們行業領先的 OCTEON Fusion 基帶處理器，併計劃與我們合作開發開放式 RAN 分佈式單元產品。他們是我上個季度提到的第二個 5G 區域客戶。

In cloud networking, we benefited from strong customer demand in the fourth quarter for our smartNIC DPUs, while the cloud ASIC declined as expected. Looking forward, we expect to continue benefiting from the secular growth in cloud CapEx on semiconductor solutions for data processing.

在云網絡方面，我們受益於第四季度客戶對我們的 smartNIC DPU 的強勁需求，而云 ASIC 則如預期下降。展望未來，我們預計將繼續受益於數據處理半導體解決方案雲資本支出的長期增長。

Turning to our automotive business. Quarterly revenues crossed into the double-digit million run rate, driven by the ramp of multiple Ethernet design wins in model year 2021 vehicles. Engagements are expanding at additional large OEMs and bookings have continued to strengthen. We believe that fiscal 2022 is shaping up to be a breakout year for this business.

轉向我們的汽車業務。受 2021 年車型中多個以太網設計勝利的推動，季度收入突破了兩位數的百萬運行率。更多大型原始設備製造商的參與度正在擴大，預訂量繼續增加。我們認為，2022 財年將成為該業務突破的一年。

The fourth quarter was robust for our Ethernet switch and PHY business with product ramps at multiple customers. The design wins we won over the last couple of years are now starting to ramp, and we expect these will contribute higher levels of revenue as we progress into fiscal 2022.

第四季度我們的以太網交換機和 PHY 業務表現強勁，多個客戶的產品增加。我們在過去幾年贏得的設計勝利現在開始增加，我們預計隨著我們進入 2022 財年，這些將貢獻更高水平的收入。

Let me now discuss the outlook for the first quarter of fiscal 2022 for our networking business. Reflecting strong demand, despite continued supply constraints, we project revenues to grow close to 10% on a sequential basis and continued strong year-on-year growth exceeding 20%. We expect this growth to be broad-based, led by our cloud DPUs, standard and semi-custom 5G solutions, automotive products and Ethernet networking solutions, partially offset by softness in 5G ASICs.

現在讓我討論一下我們網絡業務在 2022 財年第一季度的前景。反映強勁的需求，儘管供應持續受限，我們預計收入將環比增長接近 10%，並繼續強勁的同比增長超過 20%。我們預計這種增長將是廣泛的，由我們的雲 DPU、標準和半定制 5G 解決方案、汽車產品和以太網網絡解決方案引領，部分被 5G ASIC 的疲軟所抵消。

Turning now to our storage business. Storage revenue for the fourth quarter was better than expected across all product lines, growing 18% sequentially to $326 million. This was a very strong quarter for our storage business with 10% year-on-year growth, driven by our custom SSD controller and cloud HDD products. I'm very pleased with the tremendous progress we have made over the last few years in enabling high-capacity nearline HDDs, which are critical for cloud customers. We have extended our long-standing relationship with Toshiba, and we recently announced that our controllers and preamps are powering their new 18-terabyte cloud scale HDDs.

現在轉向我們的存儲業務。第四季度所有產品線的存儲收入都好於預期，環比增長 18% 至 3.26 億美元。在我們的定制 SSD 控制器和雲硬盤產品的推動下，這對我們的存儲業務來說是一個非常強勁的季度，同比增長 10%。我對過去幾年我們在啟用高容量近線 HDD 方面取得的巨大進步感到非常高興，這對雲客戶來說至關重要。我們擴展了與東芝的長期合作關係，我們最近宣布我們的控制器和前置放大器正在為其新的 18 TB 雲級 HDD 提供動力。

Toshiba's 18-terabyte products deliver industry-leading data storage capacity by utilizing MAMR technology and advanced signal processing developed in close partnership with Marvell. The close coupling of Marvell's rechannel and preamplifier IP enables leading edge features and HDD capacity to extend Toshiba's position in the cloud data center market.

東芝的 18 TB 產品利用 MAMR 技術和與 Marvell 密切合作開發的先進信號處理技術，提供行業領先的數據存儲容量。 Marvell 的再通道和前置放大器 IP 的緊密結合實現了領先的功能和 HDD 容量，從而擴展了東芝在雲數據中心市場的地位。

Let me now provide some additional color on storage revenue on a sequential basis. In the fourth quarter, our custom SSD controller revenue benefited from the ongoing ramp at a Tier 1 OEM as well as the initial ramp at a major cloud customer. In HDDs, demand was strong across multiple end markets, including enterprise, smart video, retail and client, and our business benefited from aggregate HDD unit TAM growth of about 10% sequentially. Our revenue from cloud HDDs also grew on strong customer demand for our products.

現在讓我按順序提供一些關於存儲收入的額外顏色。在第四季度，我們的定制 SSD 控制器收入受益於一級 OEM 的持續增長以及主要雲客戶的初始增長。在 HDD 方面，多個終端市場的需求強勁，包括企業、智能視頻、零售和客戶端，我們的業務受益於 HDD 單位 TAM 環比增長約 10%。我們來自云硬盤的收入也因客戶對我們產品的強勁需求而增長。

In our fiber channel business, demand recovered significantly from the COVID-19 impacts earlier in the year. Our operations team was able to increase supply to help our OEMs restock and deliver more product to their customers.

在我們的光纖通道業務中，需求從今年早些時候的 COVID-19 影響中顯著恢復。我們的運營團隊能夠增加供應，以幫助我們的 OEM 補貨並向他們的客戶交付更多產品。

Looking to the first quarter of fiscal 2022, we project a seasonal decline in storage controller demand. In addition, after last quarter's inventory replenishment by customers, we expect a more than seasonal decline in fiber channel demand. As a result, after a very strong fourth quarter, we expect our storage revenue to decline in the low teens sequentially on a percentage basis. However, we expect a continued year-on-year growth of over 10% in the first quarter.

展望 2022 財年第一季度，我們預計存儲控制器需求將出現季節性下降。此外，在上季度客戶補充庫存後，我們預計光纖通道需求的降幅將超過季節性。因此，在經歷了非常強勁的第四季度之後，我們預計我們的存儲收入將按百分比連續下降。但是，我們預計第一季度將繼續同比增長超過 10%。

In closing, needless to say, last year was a very challenging period as we adjusted to operating in the presence of a pandemic. It was almost exactly a year ago today when shelter-in-place policies were coming into effect and we're in the midst of taking action to protect our 5,000-plus employees and an extended support team of contractors and suppliers. None of us really knew how the year would evolve or how the pandemic would impact our productivity or the demand for our products and technology. I can now look back and applaud a strong performance by the Marvell team in the face of adversity: incredible program execution, record design win achievement, stronger customer relationships, double-digit revenue growth and significant margin expansion. I'm very proud of our employees, and I would like to thank them for their collective efforts in positioning Marvell to emerge even stronger from the pandemic.

最後，不用說，去年是一個非常具有挑戰性的時期，因為我們在大流行的情況下進行了調整以適應運營。幾乎一年前的今天，就地庇護政策開始生效，我們正在採取行動保護我們的 5,000 多名員工以及由承包商和供應商組成的擴展支持團隊。我們沒有人真正知道這一年將如何演變，或者大流行將如何影響我們的生產力或對我們產品和技術的需求。現在，我可以回顧並為 Marvell 團隊在逆境中的出色表現鼓掌：令人難以置信的項目執行、創紀錄的設計獲勝成就、更牢固的客戶關係、兩位數的收入增長和顯著的利潤增長。我為我們的員工感到非常自豪，我要感謝他們的集體努力，使 Marvell 在大流行中變得更加強大。

We ended fiscal 2021 on a strong note, and we are kicking off fiscal 2022 with solid growth expectations, guiding revenue at the midpoint for the first quarter to grow 15% year-on-year despite ongoing supply challenges. We expect strong year-on-year growth from both our networking and storage businesses in the first quarter. Non-GAAP EPS at the midpoint for the first quarter is now -- is projected to grow by 50% year-on-year, demonstrating the operating leverage in our business model.

我們以強勁的勢頭結束了 2021 財年，我們以穩健的增長預期開始了 2022 財年，儘管供應面臨持續挑戰，但第一季度中點的收入仍將同比增長 15%。我們預計第一季度我們的網絡和存儲業務將實現強勁的同比增長。第一季度中點的非公認會計原則每股收益現在 - 預計將同比增長 50%，顯示了我們業務模式的運營槓桿。

In fiscal 2022, we expect revenue growth from custom SSD controllers, preamplifiers, automotive Ethernet and enterprise networking, in addition to our expanding 5G and cloud businesses, which is still early in their growth cycles. Our team is also focused on closing key design wins from the large funnel of 5-nanometer and cloud engagements I discussed earlier.

在 2022 財年，我們預計定制 SSD 控制器、前置放大器、汽車以太網和企業網絡的收入將增長，此外還有我們不斷擴大的 5G 和雲業務，這些業務仍處於增長周期的早期階段。我們的團隊還專注於從我之前討論的 5 納米和雲參與的大漏斗中獲得關鍵設計勝利。

We are getting closer to completing the Inphi transaction and as part of integration planning, we recently concluded a series of joint strategic planning sessions. The conclusion of these meetings, our teams walked away more excited than ever about the depth of technology and the level of talent across the combined company. The addition of Inphi broadens the opportunity set for the combined company, and this will be a key factor in setting future investment priorities. As a reminder, the closing of the Inphi transaction remains subject to obtaining shareholder and regulatory approvals and satisfying other closing conditions.

我們離完成 Inphi 交易越來越近，作為整合規劃的一部分，我們最近完成了一系列聯合戰略規劃會議。這些會議結束後，我們的團隊對合併後公司的技術深度和人才水平比以往任何時候都更加興奮。 Inphi 的加入擴大了合併後公司的機會，這將是確定未來投資重點的關鍵因素。提醒一下，Inphi 交易的完成仍需獲得股東和監管部門的批准並滿足其他完成條件。

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

有了這個，我將把電話轉給讓，以了解我們最近的結果和前景的更多細節。

Thanks, Matt, and good afternoon, everyone. I'll start with a review of our financial results for the fourth quarter and then provide our current outlook for the first quarter of fiscal 2022.

謝謝，馬特，大家下午好。我將從回顧我們第四季度的財務業績開始，然後提供我們目前對 2022 財年第一季度的展望。

Revenue in the fourth quarter was $798 million, [$13 million] above the midpoint of our guidance. Networking represented 55% of our revenue, and storage contributing 41%. Revenue from other accounted for 4% of our revenue. GAAP gross margin was 52.8%. Non-GAAP gross margin was 63.9% of revenue, both consistent with our guidance.

第四季度的收入為 7.98 億美元，高於我們指導的中點 [1300 萬美元]。網絡占我們收入的 55%，存儲佔 41%。其他收入占我們收入的4%。 GAAP 毛利率為 52.8%。非美國通用會計準則毛利率為收入的 63.9%，均符合我們的預期。

GAAP operating expenses were $423 million and include the cost of share-based compensation expenses, amortization of acquired intangible assets, legal segments and acquisition and divestiture-related costs. Non-GAAP operating expense were $283 million, just above midpoint due to slightly higher project costs. GAAP operating loss was $2 million. Non-GAAP operating profit was $226 million or 28.4% of revenue. For the fourth quarter, GAAP income per diluted share was $0.02. Non-GAAP income per diluted share was $0.29.

GAAP 運營費用為 4.23 億美元，包括股權補償費用、收購無形資產攤銷、法律部門以及收購和剝離相關成本。由於項目成本略高，非 GAAP 運營費用為 2.83 億美元，略高於中點。 GAAP 經營虧損為 200 萬美元。非美國通用會計準則營業利潤為 2.26 億美元，佔收入的 28.4%。第四季度，GAAP每股攤薄收益為0.02美元。非公認會計原則每股攤薄收益為 0.29 美元。

Now turning to our balance sheet. During the quarter, cash flow from operations was $158 million. We returned $40 million to shareholders through dividend payment. During the quarter, we paid down $150 million of our term loan and exit the quarter with $748 million in cash and cash equivalents and total debt outstanding of $1.2 billion. Our net debt-to-EBITDA ratio was 0.5x on a trailing 12-month basis. We have temporarily suspended our share repurchase program due to the pending acquisition of Inphi.

現在轉向我們的資產負債表。本季度，運營現金流為 1.58 億美元。我們通過派發股息向股東返還了 4000 萬美元。在本季度，我們償還了 1.5 億美元的定期貸款，並以 7.48 億美元的現金和現金等價物以及 12 億美元的未償債務總額退出本季度。我們過去 12 個月的淨債務與 EBITDA 比率為 0.5 倍。由於即將收購 Inphi，我們暫時暫停了股票回購計劃。

For the full fiscal year of 2021, we returned a total of $186 million to shareholders through $161 million in dividends and $25 million in share repurchases. In addition, we paid down $250 million of our term loan. During fiscal 2021, we also generated strong cash flow from operations of $817 million.

在整個 2021 財年，我們通過 1.61 億美元的股息和 2500 萬美元的股票回購向股東返還了 1.86 億美元。此外，我們還清了 2.5 億美元的定期貸款。在 2021 財年，我們還從運營中產生了 8.17 億美元的強勁現金流。

Turning to our guidance. For the first quarter of fiscal 2022, we are forecasting revenue to be in the range of $800 million, plus or minus 5%. We expect our GAAP gross margin will be approximately 52.5%. We project our non-GAAP gross margin will be approximately 63.5%. We project our GAAP operating expense to be approximately $391 million. We anticipate our non-GAAP operating expenses to be approximately $300 million. We expect our non-GAAP tax rate of 5%. We expect our basic weighted average share outstanding will be 677 million, and our diluted weighted average share outstanding will be 619 million. As a result, we anticipate GAAP earnings per share in the range of a loss of $0.05 per share on the low end to an income of $0.05 per diluted share on the high end. We expect non-GAAP income per diluted share in the range of $0.23 to $0.31.

轉向我們的指導。對於 2022 財年第一季度，我們預計收入將在 8 億美元的範圍內，正負 5%。我們預計我們的 GAAP 毛利率將約為 52.5%。我們預計我們的非公認會計原則毛利率將約為 63.5%。我們預計我們的 GAAP 運營費用約為 3.91 億美元。我們預計我們的非公認會計原則運營費用約為 3 億美元。我們預計我們的非公認會計原則稅率為 5%。我們預計基本加權平均流通股為 6.77 億股，稀釋加權平均流通股為 6.19 億股。因此，我們預計 GAAP 每股收益在低端每股虧損 0.05 美元到高端每股攤薄收益 0.05 美元之間。我們預計非公認會計原則每股攤薄收益在 0.23 美元至 0.31 美元之間。

Finally, 2 housekeeping points. As a reminder, our GAAP EPS is calculated using basic weighted average shares outstanding when there's GAAP net loss, and they're calculated using diluted weighted average shares outstanding when there is GAAP net income. Non-GAAP EPS is calculated using diluted weighted average shares outstanding. In terms of expenses, you should expect us to continue to invest in our long-term growth with disciplined resource allocation. We expect our operating expense growth to be well below our revenue growth. Our OpEx increase year-over-year will be primarily due to employee merit increase and the normal inflation on items such as EDA 2.

最後，2個管家點。提醒一下，當存在 GAAP 淨虧損時，我們的 GAAP 每股收益是使用基本加權平均流通股計算的，而當存在 GAAP 淨收入時，它們是使用攤薄加權平均流通股計算的。非公認會計原則每股收益是使用稀釋後的加權平均流通股計算的。在費用方面，您應該期望我們通過嚴格的資源分配繼續投資於我們的長期增長。我們預計我們的運營費用增長將遠低於我們的收入增長。我們的運營支出同比增長主要是由於員工績效增加和 EDA 2 等項目的正常通貨膨脹。

Our outlook for operating expense in the first quarter reflects the seasonal increase in payroll taxes. This seasonal effect is expected to dissipate in the second quarter, offset by a partial quarter of merit increase. The full impact from merit increase will be present in the third quarter. By the time we exit the fiscal year, we estimate our non-GAAP operating expense in the fourth quarter will increase in the range of 3% to 4% on a year-over-year basis.

我們對第一季度運營費用的展望反映了工資稅的季節性增長。這種季節性影響預計將在第二季度消散，被部分季度的業績增長所抵消。績效提升的全部影響將在第三季度顯現。到本財年結束時，我們估計第四季度的非公認會計原則運營費用將同比增長 3% 至 4%。

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

接線員，請打開線路並宣布問答問題。謝謝你。

(Operator Instructions) Our first question comes from the line of Harlan Sur from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Harlan Sur。

Appreciate the commentary on supply constraints. And I'm not asking the team to endorse higher revenues in the second half of the year, but I would expect China 5G spend to come back in the second half. 5G outside of China remains strong. Sony is going to double their PS5 shipments this year, and then you have continued momentum in cloud. But if the backlog supported higher revenues in the second half, let's say, 10% higher versus the $800 million in April, is the team confident that you can support quarter-on-quarter revenue growth through the second half? Or do you think that, that will be a challenge just given the tight wafer substrate and assembly and test capacity constraints?

欣賞有關供應限制的評論。而且我並不是要求團隊在下半年支持更高的收入，但我預計中國的 5G 支出將在下半年恢復。中國以外的5G依然強勁。索尼今年的 PS5 出貨量將翻一番，然後你將繼續在雲計算方面保持勢頭。但是，如果積壓訂單支持下半年更高的收入，比方說，比 4 月份的 8 億美元高出 10%，那麼團隊是否有信心支持下半年的季度收入增長？或者您是否認為，僅考慮到晶圓基板和組裝和測試能力的限制，這將是一個挑戰？

Sure. Thanks, Harlan. Yes. No, I think you highlighted some of the growth drivers. So just a few comments. I think the first is we are -- we have been planning for growth in our FY '22. I think we're off to a good start for the year. If you look at our Q1 guidance alone, it's going to be up 15% year-over-year versus a year ago.

當然。謝謝，哈蘭。是的。不，我認為您強調了一些增長動力。所以只是一些評論。我認為首先是我們 - 我們一直在計劃在 22 財年實現增長。我認為我們今年有一個良好的開端。如果您僅查看我們的第一季度指導，它將與一年前相比同比增長 15%。

We've got some very strong secular growth drivers. You mentioned 5G, and there's certainly some positive signs, especially for the second half there. We have our cloud business, which is also growing on a secular basis as well as our new product ramps. And actually, we also have automotive, which is really off to a good start this year, and we see that continuing. So we've got that as a tailwind behind us.

我們有一些非常強大的長期增長動力。你提到了5G，肯定有一些積極的跡象，尤其是下半年。我們的雲業務也在長期增長，我們的新產品也在不斷增加。實際上，我們也有汽車，今年開局不錯，我們看到這種情況還在繼續。所以我們把它作為我們身後的順風。

I'd say we've been able to drive growth, even if you look at FY '21, pretty consistently. We've been growing each quarter, quarter-over-quarter and year-over-year. Q4, we were able to actually exceed guidance and make up -- service some of the demand that was there. So that was a positive side.

我會說我們已經能夠推動增長，即使你看 21 財年，相當一致。我們每個季度、季度環比和同比都在增長。第四季度，我們實際上能夠超出指導並彌補 - 服務於那裡的一些需求。所以這是積極的一面。

I think -- so I think the message is we've been delivering well. There's been a new sort of increased surge, and that's really where we're focused is working with our supply chain partners to be able to capture that upside above and beyond the growth rate that we've already been achieving. So bottom line answer to your question is I'm very confident that we can grow revenue in the second half based on the capacity that we've secured and worked hard with our supply chain partners to put in place. And we're also going to look to see if there's upside opportunity to pursue that as well.

我認為 - 所以我認為信息是我們一直在很好地交付。出現了一種新的增長激增，而這正是我們真正關注的地方，即與我們的供應鏈合作夥伴合作，以便能夠在我們已經實現的增長率之上捕捉到這種增長。因此，對您的問題的底線回答是，我非常有信心，基於我們已經獲得併與供應鏈合作夥伴一起努力落實到位的能力，我們可以在下半年增加收入。我們還將看看是否有上行機會來追求這一點。

And that's not only for this year, but as I look even into our FY '23, we're starting to work with our supply chain partners there as well to really give them advanced notice because we see those trends like 5G, cloud and automotive being even stronger in the out years with new products ramping, new customers coming online, and we're pretty excited about our future there. So yes, I think we'll be in -- we're working hard on the -- on all fronts.

這不僅適用於今年，而且當我回顧我們的 23 財年時，我們也開始與我們的供應鏈合作夥伴合作，以便提前通知他們，因為我們看到了 5G、雲和汽車等趨勢隨著新產品的推出，新客戶的上線，我們在過去幾年變得更加強大，我們對我們在那裡的未來感到非常興奮。所以是的，我認為我們會在 - 我們正在努力工作 - 在所有方面。

Our next question comes from the line of Vivek Arya from Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Matt, when I look back at this earnings season, most semiconductor companies reported and guided to trends well ahead of expectation, right, so much so that investors, right, have often complained about overshipments or pull-in of orders. But when I compare your Q4 and Q1 against expectations, it's been more measured. I'm curious, how much of this would you attribute to a different end market mix, right? How much of this is due to supply constraints? And then more importantly, what changes or gets better the rest of the year so you can start to accelerate your sales growth?

馬特，當我回顧這個財報季時，大多數半導體公司報告和引導趨勢遠遠超出預期，對，以至於投資者，對，經常抱怨出貨過剩或訂單拉入。但是，當我將您的 Q4 和 Q1 與預期進行比較時，它會更加衡量。我很好奇，您會在多大程度上歸因於不同的終端市場組合，對吧？其中有多少是由於供應限制？然後更重要的是，在今年餘下的時間裡有哪些變化或變得更好，以便您可以開始加速銷售增長？

Sure. Yes. I think, Vivek, it's a couple of things. I think, first, it has a lot to do with the end markets that we're in. I mean, fundamentally, remember, we're one of the only pure-play infrastructure companies. So we don't have consumer demand that's sort of very volatile, maybe good 1 quarter, maybe not so good in 2 quarters. We don't have a lot of demand that sort of comes and goes. We tend to -- and this is sort of by design, by the way, the business model that we've put together is to bring together these various end applications and drive consistent and ideally predictable growth. So while we may not be as flashy in some quarters as certain companies that really have some explosive demand, but then maybe it abates later, we're focused on slow and steady wins today and continuing to execute and grow our company quarter-over-quarter and year-over-year.

當然。是的。我認為，Vivek，這是幾件事。我認為，首先，這與我們所處的終端市場有很大關係。我的意思是，從根本上說，請記住，我們是僅有的純粹的基礎設施公司之一。因此，我們沒有非常不穩定的消費者需求，第一季度可能不錯，第二季度可能不太好。我們沒有太多來來去去的需求。我們傾向於——順便說一句，這在某種程度上是設計使然，我們整合的商業模式是將這些不同的終端應用程序整合在一起，並推動一致且理想的可預測增長。因此，雖然我們在某些季度可能不像某些確實有爆炸性需求的公司那樣浮華，但後來可能會減弱，但我們今天專注於緩慢而穩定的勝利，並繼續執行和發展我們的公司。季度和同比。

Certainly, there's opportunities out there to secure some upside, and we're working on that. But I think even if you saw in Q4, for us, we were quite pleased with the overachievement on revenue, and we're very comfortable with the first quarter guide as well. So I think it's more around we've been one of the faster growers in the last few quarters and also our end-market dynamics. Ideally, we'll deliver more repeatable and sustainable long-term growth with maybe less quarter-to-quarter variation. That's been the strategy.

當然，有機會獲得一些上漲空間，我們正在努力。但我認為，即使您在第四季度看到，對我們而言，我們對收入的超額成就感到非常滿意，我們也對第一季度的指導感到非常滿意。因此，我認為更多的是我們在過去幾個季度中一直是增長較快的公司之一，也是我們的終端市場動態。理想情況下，我們將提供更可重複和可持續的長期增長，可能會減少季度間的變化。這就是策略。

And anything changed in the second half versus what you have seen in the last 2 quarters? What gets better from here?

與你在過去兩個季度看到的相比，下半場有什麼變化嗎？什麼從這裡變得更好？

In terms of the demand or the supply?

在需求或供應方面？

Yes, on the demand and the market -- end market mix.

是的，關於需求和市場——終端市場組合。

Sure. Yes. Well, I think a couple of things are going on. If you -- as I indicated in my comments earlier with Harlan, we certainly have -- 5G in the second half will continue to accelerate. We have -- there are new geographies coming online. We believe that the U.S. will -- shows very good prospects for the second half. We believe that China as well will go through their digestion phase, and then you have Japan and you have new countries, even India is talking about potentially pulling in their spectrum auction. So that's all positive. So we expect that to continue.

當然。是的。嗯，我認為有幾件事正在發生。如果你——正如我之前在哈蘭的評論中所指出的那樣，我們當然有——下半年的 5G 將繼續加速。我們有 - 有新的地區上線。我們相信美國將在下半年表現出非常好的前景。我們相信中國也將經歷消化階段，然後是日本和新的國家，甚至印度也在談論可能參與他們的頻譜拍賣。所以這都是積極的。所以我們預計這種情況會繼續下去。

Our cloud business continues to grow, and we see that continuing, both on a secular basis as well as new products, including our ASIC storage and our DPUs, which are doing quite well in terms of smartNICs. Automotive, the same thing. We've got a good ramp going with our calendar -- our model year, sorry, '21 ramps. We've got more to come in model year '22 with additional OEMs coming online as well as expanded content. And even some of the new automotive, I call it, the new breed of automotive OEMs, the EV-only focused companies, really aggressively adopting our solutions. So we're positive there.

我們的雲業務持續增長，我們看到這種持續增長，無論是長期的還是新產品，包括我們的 ASIC 存儲和我們的 DPU，它們在 smartNIC 方面都做得很好。汽車，同樣的事情。我們的日曆有一個很好的坡道——我們的車型年，對不起，'21 坡道。隨著更多 OEM 上線以及擴展內容，我們將在 22 年車型中推出更多產品。甚至一些新的汽車，我稱之為新一代的汽車原始設備製造商，專注於電動汽車的公司，真正積極地採用我們的解決方案。所以我們對此持肯定態度。

And then we've got custom SSD controllers, both for cloud as well as for our system OEM. And finally, on top of that, our enterprise business has done extremely well if you look at -- which was surprising, but if you look at even our results in last year, that business with our switch and PHY products grew significantly, primarily on our own product cycle, and we also are very optimistic about that as well. So there's a number of good things that are happening in our business, Vivek, both from an end market as well as a product cycle standpoint. And so as Harlan pointed out, we've got to go, just continue to make sure we've got the right supply profile to meet that, but we're working hard on that.

然後我們有定制的 SSD 控制器，既適用於雲，也適用於我們的系統 OEM。最後，最重要的是，如果你看一下，我們的企業業務做得非常好——這令人驚訝，但如果你看看我們去年的業績，我們的交換機和 PHY 產品的業務顯著增長，主要是我們自己的產品週期，我們也對此非常樂觀。因此，從終端市場和產品週期的角度來看，我們的業務 Vivek 正在發生許多好事。正如哈倫指出的那樣，我們必須繼續前進，繼續確保我們有合適的供應概況來滿足這一要求，但我們正在努力實現這一目標。

Our next question comes from the line of Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Matt, I just had a question on the storage business. It was well above seasonal Q4 and a little below seasonal for fiscal Q1. I guess I'm a little surprised that it will be below seasonal for fiscal Q1 while all your customers are talking about controllers being on allocation. So I guess I wanted to just talk about that. And then I was wondering if maybe you can talk about what sort of you see as normal season in fiscal Q2. I think, typically, it's up like mid-singles. Do you also have flatter tail happening as well? So can you just sort of talk about those 2 factors?

馬特，我剛剛有一個關於存儲業務的問題。它遠高於第四季度的季節性，略低於第一財季的季節性。我想我有點驚訝，因為您所有的客戶都在談論控制器正在分配中，而第一財季將低於季節性。所以我想我只想談談這個。然後我想知道你是否可以談談你認為第二財季的正常季節。我認為，通常情況下，它就像中單。你也有更扁平的尾巴嗎？那麼你能談談這兩個因素嗎？

Sure. Maybe, Jean, I'll have you answer the first part on storage. And then, Tim, I'll have you repeat your question, you broke up a little bit on the second part of it. But Jean, why don't you go ahead and give us some comments around storage?

當然。也許，Jean，我會讓你回答關於存儲的第一部分。然後，蒂姆，我會讓你重複你的問題，你在第二部分分手了一點。但是Jean，你為什麼不繼續給我們一些關於存儲的評論呢？

Yes. On storage side, in Q4, we really had a really strong quarter, and the performance really is a combination of our own product cycle and also strong end-market demand across the board. So in HDD and the fiber channel, certainly, we see the demand in nearline, which our business performed really well, and also just broad demand for -- on the client side, too.

是的。在存儲方面，在第四季度，我們確實有一個非常強勁的季度，表現確實是我們自己的產品週期和全面強勁的終端市場需求的結合。因此，在 HDD 和光纖通道中，當然，我們看到了近線需求，我們的業務表現非常好，而且在客戶端也有廣泛的需求。

On fiber channel, we do see the demand bouncing back and also the customers are restocking because of the supply challenge in the last year has caused a lot of problems in fiber channel. So fiber channel is a little bit lumpy.

在光纖通道上，我們確實看到需求反彈，而且由於去年的供應挑戰導致光纖通道出現很多問題，客戶也在補貨。所以光纖通道有點粗糙。

And then if you look at the Q1, frankly, the storage controller business, when you look at HDD and SSD, they are actually quite seasonal. It's declining quarter-over-quarter, very consistent with the broad market. The fiber channel is where it becomes really lumpy. The Q4 performance is pretty good and strong, but the customers also are restocking. So we do see Q1 fiber channel, again, is declining much more than seasonal. But if you look at the overall, in the longer term, fiber channel business actually is quite stable. So the quarter-over-quarter lumpiness is definitely exaggerated last year by the supply chain constraints. I think you need to repeat your second question because we did not hear it clearly.

然後，如果您查看第一季度，坦率地說，存儲控制器業務，當您查看 HDD 和 SSD 時，它們實際上是相當季節性的。它環比下降，與大盤非常一致。纖維通道是它變得非常粗糙的地方。第四季度的表現相當不錯且強勁，但客戶也在補貨。因此，我們確實看到第一季度光纖渠道的下降幅度遠大於季節性。但是從整體上看，從長期來看，光纖通道業務其實還是比較穩定的。因此，去年供應鏈的限制肯定誇大了季度環比的波動性。我認為您需要重複您的第二個問題，因為我們沒有聽清楚。

Okay. You can hear me now. So I guess the question was just given all that movement, how you think about what normal seasonal is for fiscal Q2, like it's typically up sort of mid-singles. Is that the right way to think about it into fiscal Q2?

好的。你現在可以聽到我的聲音了。所以我想這個問題只是給出了所有的運動，你如何看待第二財季的正常季節性，就像它通常是中期單曲一樣。這是在第二財季考慮它的正確方法嗎？

Yes. I think we'll -- I think, Tim, so first of all, I think we're -- we have a -- I don't even know what the new normal is in storage anywhere -- anymore, but there certainly is a seasonality effect to that, but we're not really guiding out that far at this point. What I want to emphasize, though, is that even on the sort of lumpiness of fiber channel, which has definitely started, I think, with the shelter-in-place orders that went into effect earlier in 2020, there's just been a -- it's been a lumpier business than normal, and so it had a very good Q4. And then, obviously, we've guided it down for Q1.

是的。我想我們會——我想，蒂姆，所以首先，我認為我們——我們有一個——我什至不知道任何地方的新常態是什麼——不再存在，但肯定有是一個季節性的影響，但我們現在並沒有真正指導那麼遠。不過，我想強調的是，即使在光纖通道的那種塊狀上，我認為，隨著 2020 年初生效的就地避難令，這肯定已經開始了，也只是——這是一個比平常更笨重的業務，所以它有一個非常好的第四季度。然後，顯然，我們已經在第一季度將其引導下來。

But if you just sort of step back, storage overall for Marvell is up 10% year-over-year in Q1 is what we're guiding. So -- despite some of the lumpiness. And this is a higher sort of beta business than the rest of our businesses. We're still pretty pleased with the trajectory of this business. And we do expect the fiber channel portion to normalize throughout this year, assuming that there's no more supply chain surprises.

但是，如果您稍微退後一步，Marvell 的整體存儲量在第一季度同比增長 10% 就是我們的指導方針。所以 - 儘管有些笨拙。與我們的其他業務相比，這是一種更高級別的測試業務。我們仍然對這項業務的發展軌跡感到非常滿意。假設沒有更多的供應鏈意外，我們確實預計光纖通道部分將在今年全年正常化。

Our next question comes from the line of John Pitzer from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Matt, glad to see the 10% sequential growth expected in networking in the April quarter. But I'm kind of curious, when you look back at the January quarter, I'm a little surprised that networking was down sequential. I mean, it was essentially flat in line with your guide, but just given the level of delinquencies, did the supply problem get worse? Or is this maybe a function that when you look at the networking business, there's portions that are just tied to campus and enterprise? And then there's sort of the growthy parts of your business. I guess, that the growthy parts grow sequentially and there was an enterprise overhang. As you look out throughout the balance of the year, how do you think about just a reopening trade around enterprise and the impact it's going to have on your networking business?

Matt，很高興看到 4 月季度的網絡預期環比增長 10%。但我有點好奇，當你回顧 1 月季度時，我有點驚訝於網絡連續下降。我的意思是，它與您的指南基本持平，但僅考慮到拖欠水平，供應問題是否變得更糟？或者這可能是一個功能，當您查看網絡業務時，有些部分僅與校園和企業相關聯？然後是您的業務中正在增長的部分。我想，增長的部分會依次增長，並且存在企業懸垂。當您在今年餘下的時間裡觀察時，您如何看待圍繞企業重新開放的交易以及它將對您的網絡業務產生的影響？

Yes. No, I think as we've said, the supply impacts we've seen have been more pronounced in the networking business. So that has limited our ability to deliver upside, like we want to. Even then, you got to remember, too, our -- the compare is a little bit tough because we did have a very strong Q3. I mean, you've got to now go back to sort of what are you comparing it to. If you remember, Q3 was up very significantly from our Q2. And then year-over-year, it was up a ton. So the flat compare, while we wish we could have done a little better, it's still, on an annual basis, still growing really well.

是的。不，我認為正如我們所說，我們看到的供應影響在網絡業務中更為明顯。因此，這限制了我們提供上行空間的能力，就像我們想要的那樣。即便如此，您也必須記住，我們的比較有點困難，因為我們確實有一個非常強勁的第三季度。我的意思是，你現在必須回到你正在比較的東西上。如果您還記得的話，第三季度與第二季度相比增長非常顯著。然後年復一年，它增加了一噸。因此，與單位相比，雖然我們希望我們能做得更好一點，但它仍然每年都在增長。

I wouldn't really break out that there was sort of weakness in one or the other. I think we're coming off a big Q3 and then also the 5G was up and enterprise has continued to be up, and we've actually seen, from a year ago, everything growing. So I think it's more of a sequential issue. And certainly, we're pleased with the Q1, 10% up, and that business continues to do very well for us.

我不會真的爆發出其中一個或另一個存在某種弱點。我認為我們正在經歷一個大的第三季度，然後 5G 也開始了，企業也在繼續增長，從一年前開始，我們實際上已經看到一切都在增長。所以我認為這更像是一個順序問題。當然，我們對第一季度增長 10% 感到滿意，而且該業務繼續為我們做得很好。

And then, Matt, just on the cost side, how much are you absorbing versus being able to pass on? Is it material to gross margins? And is that something that sticks around for most of this fiscal year? Or is that something that could reverse itself in the second half?

然後，馬特，就成本而言，你吸收了多少，而不是能夠傳遞多少？它對毛利率很重要嗎？這是本財年大部分時間都存在的東西嗎？或者這可能會在下半場逆轉？

John, this is Jean. Yes, I'll take this question. So definitely, as Matt mentioned earlier, we are working with the customers to share the increased cost. And the way we're looking at it is our first priority is to really meet customer demand, especially with the increased demand for our product. As far as the gross margin, we are very pleased with our Q4 performance and the Q1 guide. And the Q1 guide, if you look at it, it's primarily driven by mix and we'll continue to improve our gross margin to our target level. We discussed during our Investor Day, which is 65%. I think the pace of that improvement is probably different in today's supply-constrained environment versus a normal environment because we do want to make sure we meet customers' demand, increase the demand on this current supply-constraint situation. So the pace will be a little bit different, not as we expected during our last Investor Day.

約翰，這是瓊。是的，我會回答這個問題。因此，正如馬特之前提到的，我們正在與客戶合作分擔增加的成本。我們看待它的方式是我們的首要任務是真正滿足客戶需求，特別是隨著對我們產品的需求增加。就毛利率而言，我們對第四季度的業績和第一季度的指導感到非常滿意。第一季度指南，如果你看一下，它主要是由混合驅動的，我們將繼續將我們的毛利率提高到我們的目標水平。我們在投資者日討論了 65%。我認為，在當今供應受限的環境中，這種改進的速度可能與正常環境不同，因為我們確實希望確保滿足客戶的需求，在當前供應受限的情況下增加需求。所以步伐會有點不同，不像我們在上一個投資者日時所預期的那樣。

Our next question comes from the line of Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just I just want to ask, I know you answered a lot on the storages and said it would be short all year. You did miss some shipments in January. And I thought at the time you were thinking of catching up in April. So as you look to the guidance of 10% for networking, one, I just wanted to know, you're catching up on some of those January shipments within that 10%. And then I think I heard you say basically everything but 5G ASICs would be up. I was wondering if you could give us any more color as to what the primary drivers of that growth is.

只是我想問一下，我知道您在存儲方面回答了很多，並說全年都會短缺。一月份你確實錯過了一些貨物。我當時認為你正在考慮在四月趕上。因此，當您查看 10% 的網絡指導時，我只是想知道，您正在趕上 10% 內的一些 1 月份出貨量。然後我想我聽到你說除了 5G ASIC 之外的所有東西都會出現。我想知道你是否可以給我們更多的顏色來說明這種增長的主要驅動力是什麼。

Well, yes, on the second part, you're right, other than 5G ASICs, which were mostly tied to the China deployments in 5G, which were extremely strong in calendar '20. And we're seeing that digestion now. Yes, the rest of it is up, but there's not necessarily a catch-up per se, in Q1. I mean, we are seeing demand increase. And I think we've -- we see revenue going up and we see -- so I'd say it's more demand-driven than just, oh, well, we've caught up and now the demand is flat. We actually have a pretty robust demand picture for that particular business, both year-on-year and sequentially.

嗯，是的，在第二部分，你是對的，除了 5G ASIC，它主要與 5G 的中國部署相關，在 20 年日曆中非常強大。我們現在看到了這種消化。是的，其餘的都在上升，但在第一季度本身並不一定會追趕。我的意思是，我們看到需求增加。而且我認為我們已經 - 我們看到收入增長並且我們看到 - 所以我會說它更多的是需求驅動，而不僅僅是，哦，好吧，我們已經趕上了，現在需求持平。實際上，我們對該特定業務的需求情況非常強勁，無論是同比還是環比。

And overall, to just add to what Matt said, overall, we continue to have a similar delinquency, right? So it's certainly supply chain constraint.

總的來說，補充一下馬特所說的，總的來說，我們繼續有類似的犯罪，對吧？所以這肯定是供應鏈的限制。

Our next question comes from the line of C.J. Muse from Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess to clarify, Jean, are you implying OpEx in fiscal '22 is growing roughly 2.5%? And then I guess for the primary question, Matt, can you discuss your engagement with hyperscale customers? Can you kind of walk us through the initial work on perhaps discrete ASICs and how that kind of relationship is evolving to perhaps more custom solutions across increased areas of processing?

我想澄清一下，Jean，你是否暗示 22 財年的 OpEx 增長了大約 2.5%？然後我想主要的問題是，馬特，你能談談你與超大規模客戶的接觸嗎？您能否向我們介紹一下關於離散 ASIC 的初步工作，以及這種關係如何演變為跨越更多處理領域的更多定制解決方案？

Yes, it's our OpEx year-over-year, you can think about, it's around 3%, the typical inflation year-over-year. We are managing our resource allocation to ensure we continue to invest in all the growth platforms we have. So that's how you can model it.

是的，這是我們的 OpEx 同比，你可以想一想，大約是 3%，典型的同比通脹。我們正在管理我們的資源分配，以確保我們繼續投資於我們擁有的所有增長平台。所以這就是你可以建模的方式。

Yes. C.J., I'll take your other question. So I think the -- if you even go back to our purchase of Avera, there was really 2 -- we had a thesis there on 2 fronts. One was to be more relevant in the 5G market and be able to offer full custom design capability along with the semi-custom that we had developed with our lead customer. And as you've seen, that's gone really well. The second was that the recognition that in the cloud hyperscale market that more and more of the -- particularly compute-based solutions, were going to go to full custom or even semi-custom, but a need to really have a full ASIC capability.

是的。 C.J.，我會回答你的另一個問題。所以我認為 - 如果你甚至回到我們購買 Avera，真的有 2 - 我們在那裡有兩個方面的論文。一是在 5G 市場中更具相關性，能夠提供完整的定制設計能力以及我們與主要客戶開發的半定制功能。正如你所看到的，一切都很順利。第二個是認識到，在雲超大規模市場中，越來越多的——尤其是基於計算的解決方案，將轉向完全定制甚至半定制，但需要真正擁有完整的 ASIC 能力。

And these are -- there's a range of applications, by the way. These things could be anything from AI or ML chips to server-class CPUs to networking products, smartNICs, so there's a variety of applications. And as I said in my prepared remarks, this trend is here to stay, and we think it's good for us. I think there is a world that, that's post x86 or certainly coexist with it where more and more of the compute and more and more of these solutions are moving to very, very customized products. And we have all the ideal pieces to support that in terms of our process technology, our in-house IPs, like our SerDes, both for short reach and medium and long-reach at the highest frequencies, including 112 gig. And our ability to really partner closely and deeply and be flexible in our business model as well.

順便說一下，這些是 - 有一系列應用程序。這些東西可以是任何東西，從 AI 或 ML 芯片到服務器級 CPU，再到網絡產品、smartNIC，因此有各種各樣的應用程序。正如我在準備好的講話中所說，這種趨勢將持續存在，我們認為這對我們有好處。我認為有一個世界在 x86 之後或者肯定與它共存，越來越多的計算和越來越多的這些解決方案正在轉向非常非常定制的產品。我們擁有所有理想的部件來支持我們的工藝技術，我們的內部 IP，如我們的 SerDes，在最高頻率下適用於短距離和中長距離，包括 112 gig。我們有能力真正緊密而深入地合作，並且在我們的商業模式中也很靈活。

And what I mean by that is we can do standard ASICs that are the traditional model you think of. But increasingly, what I'm seeing is the engagements with the cloud companies are really more partnership-oriented where it's solutioning together and it's proposing architectures and proposing 4 different ways to do something and then coming up with a model that really suits their needs. And so I think sort of our go-to-market plus our technology road map and then having all these key pieces, whether it's networking IP, very, very strong compute portfolio with all of our history from the Cavium side and ARM-based processors to security, to storage. And then within PHY coming in, obviously, the optical connectivity. So I think we're going to -- we can be an ideal partner here, and we think this is going to be a very big opportunity, and it's going to be one that's here to stay.

我的意思是我們可以做標準的 ASIC，這是你想到的傳統模型。但是，我越來越多地看到，與雲公司的合作實際上更加註重合作夥伴關係，他們一起解決問題，提出架構並提出 4 種不同的做事方式，然後提出真正適合他們需求的模型。所以我認為我們的上市加上我們的技術路線圖，然後擁有所有這些關鍵部分，無論是網絡 IP，非常非常強大的計算產品組合，以及我們從 Cavium 端和基於 ARM 的處理器的所有歷史到安全，到存儲。然後在 PHY 中，顯然是光學連接。所以我認為我們將——我們可以成為這裡的理想合作夥伴，我們認為這將是一個非常大的機會，而且會一直存在。

Our next question comes from the line of Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Just a clarification, then a question. The clarification, just, Jean, usually, you give a little color on what the other segment is going to do. But the main question for Matt is on the 5G side of things. I think everybody knows the digestion period that's going on in China now, some of the transitions going on geographically and the optimism people have in the second half, but you're really outperforming that -- during that transition period that we have right now and it sounds like you'll continue to in the back half.

只是一個澄清，然後是一個問題。澄清一下，Jean，通常情況下，您會稍微說明一下其他部分將要做什麼。但馬特的主要問題是關於 5G 方面的問題。我想每個人都知道中國現在正在經歷的消化期，一些地理上正在發生的轉變以及人們對下半年的樂觀情緒，但你真的表現得更好——在我們現在所處的那個過渡時期，聽起來你會繼續在後半部分。

So I guess what I'm getting at is when you think about your company-specific drivers, separated from the market as a whole, improving in the back half, do you think that outperformance you're delivering now accelerates or decelerates? And what are the drivers of that performance above and beyond what the end market itself is going to do?

所以我想我的意思是當你考慮到你公司特定的驅動因素，從整體市場中分離出來，在後半部分有所改善，你認為你現在提供的出色表現是加速還是減速？除了終端市場本身將要做什麼之外，這種表現的驅動因素是什麼？

Sure. Why don't I take the 5G question, then Jean, you can comment on other. So yes, Ross, I think you're right. I mean, we've we performed really well on the cycle. We had 6 quarters of sequential revenue growth in 5G, and we were able to power through as new products ramped. And new customers came online when some others maybe felt different paces of digestion. So I think we're pleased with that outperformance in that run.

當然。為什麼我不接受 5G 的問題，然後讓，你可以評論其他的。所以是的，羅斯，我認為你是對的。我的意思是，我們在這個循環中表現得非常好。我們在 5G 領域實現了 6 個季度的連續收入增長，並且隨著新產品的推出，我們能夠度過難關。當其他一些人可能感覺到不同的消化速度時，新客戶上線了。因此，我認為我們對在那次運行中的出色表現感到滿意。

The China, in particular, deployments last year were very large. And so as you pointed out, I think a number of companies are going through a similar digestion, but we do expect this business to accelerate and continue to outperform for a couple of reasons. I think one is our lead customer has certainly gained momentum in some of the markets that we'll be ramping in the second half plus in calendar '22. So that's a positive sign. And there's also -- within them, there's programs where we have new sockets where content is also -- it's new content for us.

尤其是中國，去年的部署非常龐大。正如你所指出的，我認為許多公司正在經歷類似的消化，但我們確實預計這項業務會加速並繼續表現出色，原因有幾個。我認為一個是我們的主要客戶肯定在一些市場中獲得了動力，我們將在下半年以及 22 年日曆中增加。所以這是一個積極的信號。還有——在其中，有一些程序，我們有新的套接字，內容也有——這對我們來說是新的內容。

And then we have our second customer, Nokia, which this year will be our first full year -- not even a full year. It's ramping this year into production with our baseband product. It will be a full year in '22. And then we have additional content with that customer, which was all publicly announced last year that will start to phase in after that.

然後我們有了第二個客戶諾基亞，今年將是我們的第一個全年——甚至不是一整年。它今年將與我們的基帶產品一起投入生產。 22 年將是一整年。然後我們與該客戶有額外的內容，這些內容都是去年公開宣布的，之後將開始逐步實施。

So I think there's -- yes, there's a number of Marvell -- very specific Marvell drivers with some of the most important companies in this space. And then even looking beyond that horizon, we've got really good traction with our ORAN initiatives. And we're in the mix on a number of very important sockets across all the OEMs that will keep driving growth here. So we feel very good about our 5G position that it can continue to outperform and accelerate going forward.

所以我認為有 - 是的，有許多 Marvell - 非常具體的 Marvell 驅動程序，其中一些是該領域最重要的公司。然後，即使超越這個視野，我們的 ORAN 計劃也獲得了非常好的牽引力。我們正在為所有原始設備製造商提供許多非常重要的插座，這些插座將繼續推動這裡的增長。因此，我們對我們的 5G 定位感到非常滿意，它可以繼續超越並加速向前發展。

Yes, Ross, on the other question, just a reminder, other is largely for our printer business today. And quarter-over-quarter, it's actually going to be just up a couple of million dollars sequentially.

是的，羅斯，關於另一個問題，只是提醒一下，其他主要是針對我們今天的打印機業務。與季度相比，它實際上只會增加幾百萬美元。

Our next question comes from the line of Tore Svanberg from Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Yes. And I'll keep it to the one question. So Matt, you referenced some strategic meetings with Inphi. I know the deal is not going to close for a few more months. But from those meetings, could you perhaps give us a few examples on how the 2 companies are combining the IP to go out and target some new opportunities?

是的。我會保留一個問題。所以，馬特，你提到了與 Inphi 的一些戰略會議。我知道這筆交易要再過幾個月才能完成。但是從這些會議中，您能否給我們舉幾個例子，說明兩家公司如何結合 IP 走出去尋找一些新的機會？

Yes. So yes, let me give you a little background on what we did, how we're thinking about it and maybe some broad brush strokes on the opportunities. Certainly, we're not -- we're still 2 separate companies. So I think more to come on that, Tore. And some of the opportunities as well, some are pronounced and some are nuanced, but the bottom line is first of all, Ford and Lloyd, the founder of N5, put together just an incredible team. I mean we've now gotten exposure through this process, which was great. Their key engineering leadership, their key product marketing people, their business unit leaders and also same on our side. So it was really a very, very powerful, I'd say, joint meeting where we reviewed all of our various businesses, and we were able to identify a number of exciting areas where we certainly can work together.

是的。所以是的，讓我給你一些關於我們做了什麼的背景，我們是如何考慮它的，也許還有一些關於機會的粗略的筆觸。當然，我們不是——我們仍然是兩家獨立的公司。所以我認為還有更多的事情要做，Tore。還有一些機會，有些是明顯的，有些是細微的，但歸根結底，福特和 N5 的創始人勞埃德組成了一支不可思議的團隊。我的意思是我們現在已經通過這個過程獲得了曝光，這很棒。他們的關鍵工程領導，他們的關鍵產品營銷人員，他們的業務部門領導，在我們這邊也是如此。所以這真的是一個非常非常強大的聯合會議，我們審查了我們所有的各種業務，我們能夠確定一些我們當然可以合作的令人興奮的領域。

In general, the technology is obviously very complementary, but we do sit in the same systems. And certainly, there's things like process road map and customers where we can go in together. So I'd say the net -- and the way we -- the reason we did this is we're really approaching this as a merger with the Inphi team. And so we're going to bring them in, and we're going to look at really the combined company spending and identify jointly the best opportunities to get the highest ROI and drive the best top line growth.

總的來說，這項技術顯然是非常互補的，但我們確實坐在同一個系統中。當然，我們可以一起參與諸如流程路線圖和客戶之類的事情。所以我會說網絡 - 以及我們的方式 - 我們這樣做的原因是我們真的正在接近這作為與 Inphi 團隊的合併。因此，我們將把他們引入，我們將真正關注公司的總支出，並共同確定獲得最高投資回報率和推動最佳收入增長的最佳機會。

And so what we found is we believe this is going to give us an opportunity to allocate some additional spending in some very targeted areas within the Inphi team to actually accelerate some of their ambitions and growth. And I can tell you from our side and my entire management team, multiple layers down, is very excited about the team coming over and their product lines and their prospects. And I look forward in future meetings to actually start articulating some of these in a lot more detail. But I'd just end it by saying thematically, combined, I think we've become much more important and much more relevant in the cloud hyperscale market than either company would have been independently.

所以我們發現，我們相信這將使我們有機會在 Inphi 團隊的一些非常有針對性的領域分配一些額外的支出，以實際加速他們的一些雄心壯志和增長。我可以從我們這邊告訴你，我的整個管理團隊，多層，對即將到來的團隊及其產品線和前景感到非常興奮。我期待在未來的會議上真正開始更詳細地闡述其中的一些內容。但我只是從主題上說，結合起來，我認為我們在雲超大規模市場中變得比任何一家公司獨立時都更重要和更相關。

And I think, together, given the system-level complexity that these companies are dealing with, the cutting-edge performance they need, the deep sort of real technical and strategic partnerships they're looking for, we believe that this can be as important and strategic a market and probably larger market combined than 5G. And so I think we're -- our strategy we laid out at the Investor Day, which was a little bit before Inphi, but certainly was on our mind, which was really think about 5G as this wave of growth that we're seeing right now, the cloud then following that. And certainly, Inphi layering in will accelerate our opportunity there. And then we have a lot more to share at a later date as well on our automotive opportunities, which is starting with Ethernet, but it's now branching out into other aspects of Marvell, including storage and security, compute, ASICs, and some other additional networking type of solutions. So all in all, I think the combined company is going to be very, very relevant in this cloud market, especially.

而且我認為，考慮到這些公司正在處理的系統級複雜性、他們需要的尖端性能、他們正在尋找的深層真正的技術和戰略合作夥伴關係，我們相信這可能同樣重要戰略性市場和可能比 5G 更大的市場加起來。所以我認為我們是——我們在投資者日制定的戰略，那是在 Inphi 之前一點點，但肯定在我們的腦海中，這真的是把 5G 看作是我們看到的這一波增長浪潮現在，雲則緊隨其後。當然，Inphi 分層將加速我們在那裡的機會。稍後我們還有更多關於汽車機會的內容要分享，從以太網開始，但現在它擴展到 Marvell 的其他方面，包括存儲和安全、計算、ASIC 和其他一些附加功能網絡類型的解決方案。所以總而言之，我認為合併後的公司將在這個雲市場非常非常重要，尤其是。

Our next question comes from the line of Christopher Rolland from Susquehanna.

我們的下一個問題來自 Susquehanna 的 Christopher Rolland。

Going to the ASIC side of the business, maybe piggybacking on some that have already been asked, but maybe you can talk about where this new design pipeline is coming from? Is it storage? Is it networking? Is it compute? Where are you getting the most traction there? And then as we look out, let's say, 5 years, Matt, what percent of your business do you think or expect or would like ASICs to be?

談到業務的 ASIC 方面，也許會捎帶一些已經被問到的問題，但也許你可以談談這個新設計管道的來源？是存儲嗎？是網絡嗎？是計算嗎？你在哪裡獲得最大的牽引力？然後當我們觀察時，假設 5 年，Matt，您認為或期望或希望 ASIC 佔您業務的百分比是多少？

Yes. I think -- let me give you the backdrop. So I think the exciting part of our ASIC opportunity, and I would even broaden that to say our broader, I'd call it, advanced technology opportunity, of which ASIC is certainly an important piece. This would be what I would call our 5 -- just think about our 5-nanometer platform as its own potential growth opportunity. We publicly announced this in August of 2020, but we have been securing designs in this technology as early as end of 2019 type of time frame, early 2020. And so since that time frame, we've grown this design opportunity funnel to be very significant size relative to anything we've seen before on a single sort of process node.

是的。我想 - 讓我給你背景。所以我認為我們的 ASIC 機會令人興奮的部分，我什至會擴大範圍，說我們更廣泛的，我稱之為先進技術機會，其中 ASIC 肯定是重要的一部分。這就是我所說的我們的 5 - 只需將我們的 5 納米平台視為其自身的潛在增長機會。我們在 2020 年 8 月公開宣布了這一點，但我們早在 2019 年底類型的時間框架（即 2020 年初）就一直在確保採用這項技術的設計。因此，從那個時間框架開始，我們已經將這個設計機會漏斗擴大到非常相對於我們之前在單一類型的流程節點上看到的任何東西來說，它的大小都很大。

And it's very broad, Chris. I think that's sort of the point I want to make. I think there are -- if you go by market, certainly, there are 5G designs that we've already won and secured as an example there, and there's a large pipeline in front of us as people move from sort of 12-, 14-, 16-nanometer type of products, and they want to go all the way down. There are significant cloud hyperscale opportunities. Some of those I mentioned earlier. But also in enterprise, we've had good success in promoting our OCTEON-based CPUs into that market. That would be more of a standard product, by the way, not a custom.

它非常廣泛，克里斯。我想這就是我想要表達的觀點。我認為有——如果你從市場來看，當然，我們已經贏得併獲得了 5G 設計作為一個例子，隨著人們從 12、14 -，16納米類型的產品，他們想一路往下走。有重要的雲超大規模機會。我前面提到的一些。但在企業方面，我們在將基於 OCTEON 的 CPU 推廣到該市場方面取得了巨大成功。順便說一句，這將更像是一種標準產品，而不是一種習慣。

And then even in storage, we've seen some very important customers in the storage market take a leadership role and work directly with us to develop state-of-the-art flash controllers for things like data center and enterprise applications using our 5-nanometer technology. So it's -- this is much broader, Chris, than just, oh, well, Marvell has got a 5-nanometer thing and they can go offer ASICs with a standard sort of model, and that will generate some revenue. It's really a transformational platform for us, which we're -- we could use for traditional ASICs. But increasingly, we're finding that these custom opportunities that people come and ask us for, several of them have now converted into Marvell products where we're designing the entire product based on a spec. And designing the product for them rather than -- and then, of course, there's more value that can be captured there. It's a more stickier engagement. And these are all very significant type of opportunities, in particular, in the cloud market.

甚至在存儲領域，我們也看到存儲市場中一些非常重要的客戶發揮領導作用，並直接與我們合作，使用我們的 5-納米技術。所以，克里斯，這要廣泛得多，哦，好吧，Marvell 有一個 5 納米的東西，他們可以提供具有標準模型的 ASIC，這將產生一些收入。這對我們來說確實是一個轉型平台，我們可以將其用於傳統的 ASIC。但我們越來越多地發現，人們來找我們的這些定制機會，其中一些現在已經轉化為 Marvell 產品，我們正在根據規範設計整個產品。為他們設計產品，而不是——當然，在那裡可以捕捉到更多的價值。這是一種更具粘性的參與。這些都是非常重要的機會類型，尤其是在雲市場。

So I hope that's helpful context to sort of broaden it because certainly, we had a view maybe going back to when we bought Avera. Hey, this will be great. We can have a nice big ASIC business, but it's turned into much more than that. And yes, and we're excited to talk about that in the coming quarters as we close designs and we take advantage of the pipeline that our sales team and our business units have developed, which is extremely strong.

所以我希望這有助於擴大它，因為當然，我們有一個觀點可能可以追溯到我們購買 Avera 的時候。嘿，這會很棒。我們可以擁有一個不錯的大型 ASIC 業務，但它的發展遠不止於此。是的，我們很高興在接下來的幾個季度裡談論這個，因為我們關閉了設計，我們利用了我們的銷售團隊和我們的業務部門開發的管道，這是非常強大的。

And what percent do you think it could be in 5 years?

您認為 5 年內可能達到多少百分比？

That's hard to say. And I think it depends on what you mean, like is it -- how much is ASIC versus how much is semi-custom versus how much is in 5G, but this is clearly a -- this is the future growth of the company. So you should assume these things are multibillion type of opportunities for the whole platform going forward, right? I mean, this is where we're going to be the growth engine of the company. So it's very significant. These are not nichey one-off designs that we're winning that will kind of be a nice sort of headline news product, this is going to be really the driver of the company's revenue growth. So in aggregate, all of this becomes a very significant portion of our future company revenue.

這很難說。而且我認為這取決於你的意思，就像它 - ASIC 有多少，半定制有多少，5G 有多少，但這顯然是 - 這是公司未來的增長。所以你應該假設這些事情對於整個平台的發展來說都是數十億類型的機會，對吧？我的意思是，這就是我們將成為公司增長引擎的地方。所以這是非常重要的。這些不是我們贏得的小眾一次性設計，它將成為一種不錯的頭條新聞產品，這將成為公司收入增長的真正驅動力。所以總的來說，所有這些都成為我們未來公司收入的一個非常重要的部分。

Our next question comes from the line of Joe Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

In terms of the constraints, I wonder if you could talk to -- you mentioned substrates as being maybe the biggest factor and then certain geometry wafers, which geometries are those? And then just as a bigger picture aspect to this, it seems like from Marchex, that networking chips in general are tighter than other things, even though there's tightness in graphics and that you have to be able to grow quite a bit. Is there something different with substrates and things like that, where this is affecting the infrastructure businesses more than it's affecting other areas?

就限製而言，我想知道你是否可以談談 - 你提到基板可能是最大的因素，然後是某些幾何形狀的晶圓，那些幾何形狀是什麼？然後從更大的角度來看，從 Marchex 看來，網絡芯片通常比其他東西更緊密，即使圖形很緊密，而且你必須能夠增長很多。基板和類似的東西有什麼不同嗎？這對基礎設施業務的影響大於對其他領域的影響？

Yes. I think on the first question, Joe, it's hard to say. I mean this is such a dynamic environment, right? We've been reviewing every part of the supply chain as a team for months, right? And we're finding that we solve one issue and then another one seems to appear. And if you even go back to our last earnings call, I remember there were some questions there like, tell me about the supply chain issue and you fast forward 3 months and the U.S. automotive industry is in disarray because they can't get chips, right? So things are moving at a very rapid pace.

是的。我認為關於第一個問題，喬，很難說。我的意思是這是一個動態的環境，對吧？幾個月來，我們一直作為一個團隊審查供應鏈的每個部分，對吧？我們發現我們解決了一個問題，然後似乎又出現了另一個問題。如果你甚至回到我們上次的財報電話會議，我記得那裡有一些問題，比如告訴我供應鏈問題，然後你快進 3 個月，美國汽車行業陷入混亂，因為他們無法獲得芯片，對？所以事情正在以非常快的速度發展。

I will note that we're supplying quite well actually on our automotive products, so don't make that comment with Marvell. That's more of a general one. But we do see point capacity stress with complex substrates, for sure. We see some of the "older nodes" and what I would mean by that is this isn't sort of 5-, 7-nanometer type of things. These are more going back to, call it, 28- and above, right, that have different pain points that companies are working with. And that's where a lot of this automotive, I think, tends to sit.

我會注意到我們的汽車產品實際上供應得很好，所以不要對 Marvell 發表評論。這更像是一個通用的。但我們確實看到了複雜基板的點容量壓力，這是肯定的。我們看到了一些“較舊的節點”，我的意思是這不是 5 納米、7 納米類型的東西。這些更多地追溯到，稱之為 28 歲及以上，對，公司正在處理不同的痛點。我認為，這就是很多這種汽車的位置。

So it's -- there's not a silver bullet. It's just going to take a lot of hard work. And even things like -- I think I noted in the last call, things like wire bonders have -- those lead times have stretched. So our OSATs are just having a hard time keeping up.

所以它 - 沒有靈丹妙藥。只是需要付出很多努力。甚至像 - 我想我在上次電話會議中提到的，像銲線機這樣的東西 - 那些交貨時間已經延長了。所以我們的 OSAT 很難跟上。

Now they're spending money, and they're certainly adding capacity, and we're engaged in that planning process to make sure we're okay, but that's maybe a little bit more detail on that side. And then what was your second question?

現在他們正在花錢，他們肯定在增加容量，我們正在參與計劃過程以確保我們沒事，但這可能是那方面的更多細節。然後你的第二個問題是什麼？

Yes. No, that was basically the question is just, is there something different...

是的。不，這基本上是問題只是，有什麼不同的......

Oh, on the networking chips, yes.

哦，在網絡芯片上，是的。

Yes. I mean, graphics chips are in short supply, but people are kind of growing 20% faster than they thought and then constrained at that level where it seems like the networking shortages are just as severe. We're hearing about them from your customers, but demand doesn't seem to be on that kind of crazy trajectory.

是的。我的意思是，圖形芯片供不應求，但人們的增長速度比他們想像的要快 20%，然後限制在那個水平，看起來網絡短缺同樣嚴重。我們從您的客戶那裡聽說過它們，但需求似乎並沒有走上那種瘋狂的軌跡。

Yes. It's hard for me to benchmark since we're not in the graphics business. I know that's a little bit of a different scale. But certainly, the complexity level of these products when you look at just the complexity of the substrates alone, I mean, I think the number of layers, if you go to these advanced products in, call it, 14-, 16-nanometer and below, have probably doubled in terms of the complexity of the substrates. And they're just extremely large die. These are thousands of IOs and some of these die are virtually the size of a credit card. So you've just got very low die per wafer, and you got a lot of demand. And it's been difficult for people to keep up.

是的。由於我們不從事圖形業務，因此我很難進行基準測試。我知道這有點不同。但可以肯定的是，這些產品的複雜程度，當你只看基板的複雜性時，我的意思是，我認為層數，如果你去這些先進的產品，稱之為 14 納米、16 納米和下面，就底物的複雜性而言，可能翻了一番。而且它們只是非常大的芯片。這些是數以千計的 IO，其中一些芯片幾乎只有信用卡那麼大。因此，每個晶圓的裸片非常少，需求量很大。人們很難跟上。

There's also test constraints that the test times on these things are very long because of the complexity of the product. So there's just -- maybe that's the reason. But I run an analog business and now I run Marvell, but I've never run a graphics business. I don't...

由於產品的複雜性，還有測試限制，這些東西的測試時間很長。所以只是 - 也許這就是原因。但我經營模擬業務，現在我經營 Marvell，但我從未經營過圖形業務。我不...

Yes. No I'm just trying to compare and contrast.

是的。不，我只是想比較和對比。

(inaudible) about that. Yes.

（聽不清）關於那個。是的。

Just comparing and contrasting. That's very helpful.

只是比較和對比。這很有幫助。

And our final question for today comes from the line of Srini Pajjuri from SMBC Nikko.

我們今天的最後一個問題來自 SMBC Nikko 的 Srini Pajjuri。

Jean, I have a question on OpEx and also on the margins. I guess as you ramp some of this 5-nanometer designs and as you engage more in 5-nanometer, I'm just wondering how you're thinking about OpEx, if there's going to be more volatility as we go forward? And also, I guess, as we go to second half of this year and beyond, and 5G and ASICs become a bigger portion of your revenue, do you see any further opportunity to improve your gross margins from these levels?

Jean，我有一個關於 OpEx 和邊緣的問題。我想隨著您推出一些 5 納米設計，並且隨著您更多地參與 5 納米，我只是想知道您如何看待 OpEx，如果我們前進的過程中會有更多的波動？而且，我猜想，隨著我們進入今年下半年及以後，5G 和 ASIC 將成為您收入的更大一部分，您是否看到任何進一步提高毛利率的機會？

Yes. On OpEx, right, our team has done excellent job to manage operating expense. But you're right, there are some variabilities quarter-over-quarter due to the project cost and also we are working with our customer together, sometimes the customer portion of it may accelerate or push out. So there are variations, but I feel quite comfortable. Look at the overall for fiscal '22, we can manage the OpEx at the same time investing. So for instance, our Q4, our OpEx is slightly higher because of project cost, but we'll manage it overall.

是的。在運營支出方面，我們的團隊在管理運營費用方面做得非常出色。但是您是對的，由於項目成本，季度環比存在一些差異，而且我們正在與我們的客戶一起工作，有時客戶部分可能會加速或推出。所以有變化，但我覺得很舒服。看看 22 財年的整體情況，我們可以在投資的同時管理運營支出。因此，例如，我們的第四季度，我們的運營支出由於項目成本而略高，但我們將對其進行整體管理。

On the margin side, I think our #1 objective is really to meet the demand. We have significant opportunities for the company, and we have increased the demand across all the growth platforms, as Matt mentioned, the 5G, cloud and also automotive. So that's actually our #1 objective, and we certainly will continue to improve gross margin and make sure we get the most margin dollars out of our business.

在利潤方面，我認為我們的第一目標是真正滿足需求。正如馬特所說，我們為公司提供了重要的機會，並且我們增加了所有增長平台的需求，包括 5G、雲和汽車。所以這實際上是我們的第一目標，我們當然會繼續提高毛利率，並確保我們從業務中獲得最大的利潤。

This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation in today's conference. You may now disconnect. Good day.

這確實結束了問答環節以及今天的節目。女士們，先生們，感謝你們參加今天的會議。您現在可以斷開連接。再會。