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，感謝大家的支持，歡迎參加 Marvell 科技集團 2021 年第四季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹一下今天節目的主持人，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 年第四季和財政年度財報電話會議。今天與我一起出席的有 Marvell 總裁兼執行長 Matt Murphy；和我們的財務長Jean Hu。

I would like to remind everyone that certain comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's 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階層目前的預期有重大差異。請查看我們今天向 SEC 提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近的 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 財務指標之間的調整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?

這樣，我會將電話轉給馬特，請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.

謝謝阿什什，大家下午好。首先讓我回顧一下 Marvell 2021 財年的亮點。以非 GAAP 計算，我們的毛利率為 63.3%，非 GAAP 稀釋每股盈餘為 0.92 美元。我們的綜合收入年增 10%，其中網路業務年增 22%。營收成長，加上我們業務模式的強大營運槓桿，使非 GAAP 每股收益年增 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、雲端和汽車領域的成長舉措推動了這些關鍵終端市場的業績成長，這些市場的收入比上一年增長了一倍多，佔 2021 財年收入的 25% 以上。我們對 Avera 和 Aquantia 的表現非常滿意，他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，超額達成了協同目標。

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，宣佈躍升至 5 奈米，並隨之推出業界首款用於雲端資料中心基礎設施的 112 GB SerDes。這項舉措是我們多年戰略轉變的直接結果，重點關注數據基礎設施，並將我們的流程節點節奏帶到了最前沿。我們的機會漏斗中顯而易見的是我們 5 奈米平台的強大功能及其為客戶提供的優勢，自從我們採用這個新節點以來，該漏斗已顯著增長。 5 奈米的活動水準持續加速，我們已經獲得了許多領先的設計勝利，從收入的角度來看，每一項都意義重大。

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客製化 ASIC 產品的關鍵推動因素，該產品不斷獲得發展勢頭，尤其是在雲端領域。繼我們上季度宣布的設計勝利之後，活動水平繼續增加，我們現在正在與多個超大規模資料中心客戶進行高級討論。事實證明，我們提供客製化的能力，加上 Marvell 領先的標準產品 IP，對雲端客戶極具吸引力。

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 模型演變的更多詳細信息，揭示使該機會如此引人注目的一些關鍵趨勢。傳統上，客製化 ASIC 的主要客戶群是大型系統 OEM，其核心業務是開發硬體並作為產品進行銷售。這些客戶設計自己的系統硬件，並透過客製化晶片開發將獨特的技術建置到硬體本身中，以使其產品脫穎而出。我們直接進行大部分晶片設計，並與半導體合作夥伴合作授權 IP 並管理前端和後端製造中的實體佈局。

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，除了這些系統客戶之外，超大規模資料中心營運商也在設計自己的晶片。我常被問到這個趨勢對 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幫助他們解決獨特挑戰的理想位置。他們的核心業務是他們提供的雲端服務，而不是硬體本身。他們正在建立客製化硬件，因為他們需要極其高效和優化的基礎設施。因此，他們正在尋求一種遠遠超出傳統定制 ASIC 模型的半導體合作，並允許他們利用晶片合作夥伴已有的 IP。

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.

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運算、安全性、網路和儲存 IP 帶到桌面上。因此，最終解決方案是半客製化設計，它代表了兩全其美的優點，並提供了更快的上市時間。由於這些業務使用我們的智慧財產權，我們相信這會導致與這些關鍵客戶建立更具戰略意義和更有價值的關係。

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，運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 伺服器並將基於 ARM 的客製化運算解決方案整合到其架構中。隨著這一趨勢的加速，Marvell 應該成為更重要的合作夥伴。我們在成功開發和提供多代高度複雜的基於 ARM 的多核心處理器（包括伺服器處理器）方面有著悠久的歷史，這在業界是獨一無二的。

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，我們最近的雲端合作涉及設計的所有關鍵方面的深入工程協作，包括晶片架構、記憶體密度、高速 SerDes 整合、先進封裝、功耗優化和靈活的處理器實作。

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.

現在讓我談談我們的季度業績和預期。 2021 財年第四季的營收為 7.98 億美元，比指導中點高出 1,300 萬美元，季增 6%，較去年同期成長 11%。經過 Wi-Fi 剝離的調整後，營收年增甚至更高，達到 15%。我們的 GAAP 稀釋每股收益為 0.02 美元。我們的非 GAAP 攤薄每股收益為 0.29 美元，較上季成長 16%，較去年同期成長 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充分滿足網路產品不斷增長的需求的能力。我們也看到對我們的儲存產品的強勁需求，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已眾所周知，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，考慮到您可能會提出的問題，現在讓我為您提供盡可能多的詳細資訊。

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，儘管或更準確地說是由於受到了 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大幅增長。然而，供應鏈尚未完全做好應對需求激增的準備，需要時間來增加產能。雖然我們相信該行業將應對這些挑戰，但我們預計至少到 2022 財年都會出現供應缺口。

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。我們看到多層複雜基板、IC 封裝產能的短缺以及對我們產品重要的某些技術節點的晶圓廠限制。從我們的角度來看，我們對 5G、雲端和汽車產品的需求成長似乎與這些終端市場的長期長期成長動力密切相關。再加上我們大多數設計成果的唯一來源性質，顯示我們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 正在與我們的客戶更加密切地合作，以管理較長時間範圍內的需求預測，我們的營運團隊將繼續推動我們的供應商適當匹配供應，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產能。我們正在與客戶合作，尋求他們的幫助，以幫助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，在我們的網路業務中，第四季的營收為 4.39 億美元，與我們對上一季持平的預期一致。年成長依然強勁，經 Wi-Fi 剝離調整後，營收較 2020 財年第四季業績成長 24%。網路業務的年成長由我們的5G和雲端業務所帶動。此外，隨著新設計的成功開始增多，我們的乙太網路交換器和 PHY 產品組合的收入也大幅成長。

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.

讓我對網路領域的連續收入變動提供一些說明。在 5G 領域，我們實現了連續第六個季度的收入連續成長。這一增長是由三星和諾基亞的標準和半定制產品出貨量推動的，但由於中國部署暫停而導致 5G ASIC 的下降部分抵消了這一增長。縱觀各個地區部署的典型特點，5G 基礎設施部署預計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，美國最近結束了第一階段的 C 頻段頻譜拍賣。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。創紀錄的興趣程度清楚地表明了營運商期望從 5G 技術中獲得潛在收入機會。全球其他地區也在開放 5G 服務頻譜，無線產業專家預計今年稍後的部署將更加強勁。

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 月推出了開放 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 RAN 分散式單元設計。該設計將基於我們領先的 OCTEON Fusion 基頻處理器和基於 ARM 的 OCTEON 多核心 DPU。 Evenstar DU 設計將使新一代 RAN 供應商能夠為快速擴展的開放 RAN 生態系統提供高效能、成本優化、可互通的 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 基地台中使用我們業界領先的 OCTEON Fusion 基頻處理器，並計劃與我們合作開發開放式 RAN 分散式單元產品。他們是我上季提到的第二個 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.

在雲端網路方面，我們受惠於第四季客戶對 smartNIC DPU 的強勁需求，而雲端 ASIC 的下降符合預期。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端資本支出的長期成長。

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。在 2021 年車型中贏得多項乙太網路設計的推動下，季度收入突破了兩百萬運行率。其他大型原始設備製造商的參與度不斷擴大，預訂量持續增加。我們相信 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.

第四季我們的乙太網路交換器和 PHY 業務表現強勁，多個客戶的產品不斷增加。我們在過去幾年中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，這些將貢獻更高水準的收入。

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的網路業務 2022 財年第一季的前景。儘管供應持續受到限制，但由於需求強勁，我們預計營收將環比增長近 10%，並繼續強勁同比增長超過 20%。我們預計這種成長將是廣泛的，由我們的雲端 DPU、標準和半客製化 5G 解決方案、汽車產品和乙太網路解決方案引領，但部分被 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.

現在轉向我們的儲存業務。所有產品線第四季的儲存收入均優於預期，季增 18%，達到 3.26 億美元。對於我們的儲存業務來說，這是一個非常強勁的季度，在我們的客製化 SSD 控制器和雲端 HDD 產品的推動下，同比增長了 10%。我對過去幾年我們在支援高容量近線 HDD 方面取得的巨大進步感到非常高興，這對於雲端客戶至關重要。我們擴展了與東芝的長期合作關係，並且最近宣布我們的控制器和前級正在為他們的新型 18 TB 雲級 HDD 提供支援。

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 產品利用與 Marvell 密切合作開發的 MAMR 技術和先進訊號處理技術，提供業界領先的資料儲存容量。 Marvell 的再通道和前級擴大機 IP 緊密結合，可實現領先的功能和 HDD 容量，從而擴大東芝在雲端資料中心市場的地位。

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有關儲存收入的一些額外資訊。在第四季度，我們的客製化 SSD 控制器收入受益於一級 OEM 的持續成長以及主要雲端客戶的初始成長。在 HDD 方面，多個終端市場的需求強勁，包括企業、智慧視訊、零售和客戶端，我們的業務受益於 HDD 單位 TAM 環比增長約 10%。我們的雲端硬碟收入也因客戶對我們產品的強勁需求而成長。

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，需求從今年稍早的 COVID-19 影響中顯著恢復。我們的營運團隊能夠增加供應，幫助我們的原始設備製造商補充庫存並向客戶提供更多產品。

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，我們預期儲存控制器需求將出現季節性下降。此外，在上季客戶補充庫存後，我們預期光纖通道需求的下降幅度將超過季節性。因此，在經歷了非常強勁的第四季度之後，我們預計我們的儲存收入將按百​​分比連續下降。不過，我們預計第一季年增速將持續超過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。幾乎就在一年前的今天，就地避難政策開始生效，我們正在採取行動保護我們 5,000 多名員工以及由承包商和供應商組成的擴展支援團隊。我們都不知道這一年會如何發展，也不知道這場流行病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，我可以回顧並讚揚 Marvell 團隊在逆境中的強勁表現：令人難以置信的項目執行、創紀錄的設計勝利成就、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，讓 Marvell 在疫情中變得更強大。

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，並以穩健的增長預期拉開了 2022 財年的序幕，儘管供應挑戰持續存在，但仍引導第一季中期收入同比增長 15%。我們預計第一季網路和儲存業務將實現強勁的同比增長。目前，第一季的非公認會計原則每股收益預計將年增 50%，這證明了我們業務模式中的營運槓桿。

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.

到 2022 財年，除了我們不斷擴大的 5G 和雲端業務（仍處於成長週期的早期）之外，我們預計客製化 SSD 控制器、前級擴大機、汽車乙太網路和企業網路的收入將實現成長。我們的團隊也專注於從我之前討論過的 5 奈米和雲端參與的大漏斗中獲得關鍵設計成果。

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.

我們越來越接近完成 Inphi 交易，作為整合規劃的一部分，我們最近結束了一系列聯合策略規劃會議。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 的加入拓寬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。需要提醒的是，Inphi 交易的完成仍需獲得股東和監管機構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.

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

Thanks, Matt, 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。我將首先回顧我們第四季度的財務業績，然後提供我們對 2022 財年第一季的當前展望。

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.

第四季營收為 7.98 億美元，比我們指引的中點高出 [1,300 萬美元]。網路收入占我們收入的 55%，儲存收入佔 41%。其他收入占我們收入的4%。 GAAP 毛利率為 52.8%。非 GAAP 毛利率為營收的 63.9%，皆符合我們的指引。

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 營運費用為 4.23 億美元，包括股權激勵費用、收購無形資產攤銷、法律部門以及收購和剝離相關成本。由於專案成本略高，非 GAAP 營運費用為 2.83 億美元，略高於中位數。 GAAP 營運虧損為 200 萬美元。非 GAAP 營業利潤為 2.26 億美元，佔營收的 28.4%。第四季度，GAAP 攤薄後每股收益為 0.02 美元。非 GAAP 稀釋每股收益為 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。本季營運現金流為 1.58 億美元。我們透過股息支付向股東返還 4,000 萬美元。本季度，我們償還了 1.5 億美元的定期貸款，本季結束時，我們擁有 7.48 億美元的現金和現金等價物，未償債務總額為 12 億美元。過去 12 個月我們的淨負債與 EBITDA 比率為 0.5 倍。由於 Inphi 的收購尚未完成，我們已暫停股票回購計畫。

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.

2021 年整個財年，我們透過 1.61 億美元的股利和 2,500 萬美元的股票回購向股東總共返還了 1.86 億美元。此外，我們還清了 2.5 億美元的定期貸款。 2021 財年，我們也從營運中產生了 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。我們預計 2022 財年第一季的營收將在 8 億美元左右，上下浮動 5%。我們預計 GAAP 毛利率約為 52.5%。我們預計非 GAAP 毛利率約為 63.5%。我們預計 GAAP 營運費用約為 3.91 億美元。我們預計非 GAAP 營運費用約為 3 億美元。我們預期非 GAAP 稅率為 5%。我們預計基本加權平均流通股將為 6.77 億股，稀釋加權平均流通股將為 6.19 億股。因此，我們預計 GAAP 每股收益範圍為每股虧損 0.05 美元（低端）到稀釋後每股收益 0.05 美元（高端）。我們預計非 GAAP 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個家政點。提醒一下，我們的 GAAP 每股盈餘是在存在 GAAP 淨虧損時使用基本加權平均已發行股票計算的，而在存在 GAAP 淨利潤時使用稀釋加權平均已發行股票計算的。非公認會計原則的每股盈餘是使用稀釋後加權平均流通股計算。在費用方面，您應該期望我們透過嚴格的資源配置繼續投資於我們的長期成長。我們預計我們的營運費用成長將遠低於收入成長。我們的營運支出年增主要是由於員工績效的增加以及 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.

我們對第一季營運費用的展望反映了工資稅的季節性成長。這種季節性影響預計將在第二季消失，並被部分季度業績成長所抵消。績效增加的全部影響將在第三季顯現。到本財年結束時，我們預計第四季度的非 GAAP 營運費用將年增 3% 至 4%。

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

接線員，請打開線路並公佈問答問題。謝謝。

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

（操作員指示）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?

感謝對供應限制的評論。我並不是要求團隊支持下半年更高的收入，但我預計中國 5G 支出​​將在下半年回升。中國以外的 5G 依然強勁。索尼今年的 PS5 出貨量將增加一倍，然後雲端業務將繼續保持強勁勢頭。但是，如果積壓訂單支持下半年收入增加，比方說，比 4 月份的 8 億美元增長 10%，那麼團隊是否有信心支持下半年的季度收入增長？或者您認為，考慮到晶圓基板以及組裝和測試能力的嚴格限制，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，哈倫。是的。不，我認為您強調了一些成長動力。所以只有一些評論。我認為首先是我們 - 我們一直在計劃 22 財年的成長。我認為今年我們有一個好的開始。如果您單獨查看我們的第一季指引，您會發現該數字將比去年同期成長 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成長動力。你提到了5G，確實有一些正面的跡象，特別是下半年。我們擁有雲端業務，該業務也在長期成長，新產品也不斷增加。事實上，我們還有汽車產業，今年確實有了一個好的開端，而且我們看到這種情況會持續下去。所以我們把它當作我們身後的順風。

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.

我想說，即使你看看 21 財年，我們仍然能夠持續推動成長。我們每季、季比和年比都在成長。第四季度，我們實際上能夠超越指導並彌補 - 服務於那裡的一些需求。所以這是正面的一面。

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——所以我認為傳達的訊息是我們一直在很好地履行職責。出現了一種新的成長激增，這確實是我們關注的重點，即與我們的供應鏈合作夥伴合作，以便能夠捕捉到超越我們已經實現的成長率的上升趨勢。因此，對你問題的底線回答是，我非常有信心，基於我們已經確保並與供應鏈合作夥伴共同努力到位的產能，我們可以在下半年增加收入。我們也將看看是否還有實現這一目標的上行機會。

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.

這不僅是今年的情況，而且當我展望 23 財年時，我們也開始與那裡的供應鏈合作夥伴合作，真正提前通知他們，因為我們看到了 5G、雲和汽車等趨勢隨著新產品的增加、新客戶的上線，我們在過去的幾年變得更加強大，我們對我們的未來感到非常興奮。所以，是的，我認為我們將在各個方面努力工作。

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指導的趨勢遠遠超出預期，對，以至於投資者經常抱怨出貨量過剩或訂單拉入。但當我將第四季度和第一季與預期進行比較時，我發現它更加謹慎。我很好奇，您將其中有多少歸因於不同的終端市場組合，對嗎？其中有多少是由於供應限製造成的？更重要的是，今年剩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成長？

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，有幾件事。我認為，首先，這與我們所處的終端市場有很大關係。因此，我們的消費者需求波動不大，可能第一季表現良好，可能第二季表現不佳。我們沒有太多來來去去的需求。順便說一句，我們傾向於——這是設計使然的，順便說一句，我們整合的業務模型是將這些不同的終端應用程式整合在一起，並推動一致且理想的可預測成長。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，並繼續執行和增長我們的公司季度 -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，有機會獲得一些好處，我們正在為此努力。但我認為，即使你在第四季度看到，對我們來說，我們對收入的超額成就感到非常滿意，而且我們對第一季的指導也非常滿意。因此，我認為這更多是因為我們是過去幾季成長最快的企業之一，也與我們的終端市場動態有關。理想情況下，我們將實現更具可重複性和可持續性的長期成長，季度間變化可能更小。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?

與過去兩個季度相比，下半年有什麼變化嗎？從這裡開始什麼會變得更好？

In terms of the demand or the supply?

從需求角度還是從供給角度？

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

是的，取決於需求和市場——終端市場的組合。

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 Harlan 的評論中所指出的那樣，我們當然有——下半年 5G 將繼續加速。我們有－有新的地區上線。我們相信美國下半年將展現出非常好的前景。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頻譜拍賣。所以這都是正面的。所以我們預計這種情況會持續下去。

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.

我們的雲端業務持續成長，我們看到這種持續成長，無論是在長期基礎上還是在新產品上，包括我們的 ASIC 儲存和 DPU，它們在智慧網卡方面表現得相當不錯。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。我們將在 '22 車型年推出更多產品，更多 OEM 廠商將上線並擴展內容。甚至一些新型汽車，我稱之為新一代汽車原始設備製造商，專注於電動車的公司，也非常積極地採用我們的解決方案。所以我們對此持正面態度。

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.

然後我們還有客製化的 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，我們的企業業務做得非常好，如果你看看——這令人驚訝，但如果你看看我們去年的業績，我們的交換器和PHY 產品業務顯著增長，主要是在我們自己的產品週期，我們對此也非常樂觀。因此，從終端市場和產品週期的角度來看，Vivek，我們的業務正在發生許多好事。因此，正如哈倫所指出的那樣，我們必須繼續前進，繼續確保我們擁有合適的供應狀況來滿足這一要求，但我們正在為此努力。

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

我們的下一個問題來自瑞銀集團 (UBS) 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，我剛剛有一個關於儲存業務的問題。它遠高於第四季的季節性，略低於第一季的季節性。我想我有點驚訝的是，當您所有的客戶都在談論控制器分配時，第一個財季的價格將低於季節性。所以我想我只想談談這個。然後我想知道您是否可以談談您認為第二財季的正常季節是怎樣的。我認為，通常情況下，它會像中單打一樣上升。你也有扁平尾巴嗎？那麼您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，吉恩，我會讓你回答關於儲存的第一部分。然後，提姆，我會讓你重複你的問題，你在第二部分有點分裂。但是 Jean，為什麼不繼續給我們一些有關存儲的評論呢？

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。在儲存方面，我們確實在第四季度經歷了一個非常強勁的季度，其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，我們當然看到了近線的需求，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.

在光纖通道方面，我們確實看到需求反彈，而且客戶正在補充庫存，因為去年的供應挑戰導致光纖通道出現了許多問題。所以光纖通道有點不穩定。

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，如果你看第一季度，坦白說，儲存控制器業務，當你看HDD和SSD時，它們實際上是相當季節性的。它逐季下降，與大盤非常一致。光纖通道是真正變得混亂的地方。第四季的表現相當不錯且強勁，但客戶也在補貨。因此，我們確實再次看到第一季光纖通道的下降幅度遠大於季節性。但如果從整體來看，從長遠來看，光纖通道業務其實是相當穩定的。因此，由於供應鏈的限制，去年的季度環比波動肯定被誇大了。我認為你需要重複你的第二個問題，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考慮到所有這些變化，你如何看待第二財季的正常季節性，就像它通常是中等單打一樣。這是第二財季的正確思考方式嗎？

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，我想我們——我們有一個——我什至不知道任何地方的存儲新常態是什麼——但肯定有這是季節性影響，但目前我們還沒有真正指導到這一點。不過，我想強調的是，即使是光纖通道的這種混亂，我認為，隨著 2020 年初生效的就地避難令，這種情況肯定已經開始，但也只是——它的業務比平時更加不穩定，因此第四季的表現非常好。然後，顯然，我們已經將第一季的業績下調。

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.

但如果您退後一步，我們預計第一季 Marvell 的整體儲存量將年增 10%。所以——儘管有些塊狀。這是比我們其他業務更高的測試業務。我們對這項業務的發展軌跡仍然非常滿意。我們確實預期光纖通道部分將在今年實現正常化，假設供應鏈不再出現意外。

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銀行的約翰‧皮策 (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 月所在季度的網路業務預計將實現 10% 的環比成長。但我有點好奇，當你回顧一月份的季度時，我對網路連續下降感到有點驚訝。我的意思是，它基本上與您的指南持平，但考慮到拖欠水平，供應問題是否變得更糟？或者，當您查看網路業務時，這可能是與校園和企業相關的部分嗎？然後是你的業務中一些成長的部分。我猜想，成長的部分會依次成長，並且存在企業懸而未決的情況。展望今年剩下的時間，您如何看待圍繞企業的重新開放貿易及其對您的網路業務的影響？

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，我們所看到的供應影響在網路業務中更為明顯。因此，這限制了我們實現預期目標的能力。即便如此，你也必須記住，我們的比較有點困難，因為我們確實有一個非常強大的第三季。我的意思是，你現在必須回到你將其與什麼進行比較。如果您還記得的話，第三季比第二季成長非常顯著。然後逐年增加了很多。因此，相較之下，雖然我們希望能做得更好一點，但從每年的角度來看，它仍然成長得非常好。

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.

我不會真正揭露其中一方有某種弱點。我認為我們正在經歷一個重要的第三季度，然後 5G 崛起，企業繼續崛起，我們實際上已經看到，從一年前開始，一切都在成長。所以我認為這更多的是一個順序問題。當然，我們對第一季成長 10% 感到滿意，而且該業務對我們來說繼續表現良好。

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，您吸收了多少與能夠傳遞的多少？它對毛利率重要嗎？這種情況在本財年的大部分時間都會持續嗎？或者說這會在下半場扭轉局面嗎？

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，這是吉恩。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。我們看待這個問題的方式是，我們的首要任務是真正滿足客戶的需求，特別是隨著對我們產品的需求不斷增加。就毛利率而言，我們對第四季的表現和第一季的指導感到非常滿意。第一季指南，如果你看一下，它主要是由混合驅動的，我們將繼續將毛利率提高到我們的目標水平。我們在投資者日討論過，這個比例是 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有所不同，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。因此，步伐會有點不同，不像我們在上一個投資者日所預期的那樣。

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.

我只是想問一下，我知道你在庫存方面回答了很多，並說全年都會短缺。您確實錯過了一月份的一些發貨。我當時就想你會考慮在四月趕上。因此，當您關注 10% 的網路指導時，我只是想知道，您是否正在趕上 10% 以內的部分 1 月份出貨量。然後我想我聽到你說基本上除了 5G ASIC 之外的所有東西都會出現。我想知道您是否能為我們提供更多關於這種增長的主要驅動力的信息。

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，它主要與中國的 5G 部署有關，而 5G 在 20 世紀表現得非常強勁。我們現在正在看到這種消化。是的，其餘部分都在上升，但第一季本身並不一定會迎頭趕上。我的意思是，我們看到需求增加。我認為我們已經——我們看到收入在增加，我們看到——所以我想說，這更多是由需求驅動的，而不僅僅是，哦，好吧，我們已經趕上了，現在需求持平。事實上，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，我們仍然存在類似的違法行為，對嗎？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，您是否暗示 22 財年的營運支出成長了約 2.5%？然後我想對於主要問題，馬特，你能討論一下你與超大規模客戶的互動嗎？您能否向我們介紹一下離散 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客製化解決方案？

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，這是我們的年比營運支出，你可以想一下，大約是 3%，典型的年比通貨膨脹率。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成長平台。這就是您可以對其進行建模的方式。

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.，我來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 的時候，你會發現確實有 2 個 - 我們在兩個方面都有一篇論文。一是在 5G 市場中更具相關性，並且能夠提供完整的客製化設計能力以及我們與主要客戶開發的半客製化設計能力。正如您所看到的，一切進展順利。第二個是人們認識到，在超大規模雲端市場中，越來越多的解決方案（尤其是基於運算的解決方案）將轉向完全客製化甚至半定制，但需要真正擁有完整的 ASIC 功能。

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.

順便說一句，這些有一系列的應用程式。這些東西可以是任何東西，從人工智慧或機器學習晶片到伺服器級CPU再到網路產品、智慧網卡，所以有各種各樣的應用。正如我在準備好的演講中所說，這種趨勢將持續存在，我們認為這對我們有利。我認為存在一個後 x86 的世界，或者肯定與之共存的世界，越來越多的計算和越來越多的解決方案正在轉向非常非常客製化的產品。我們擁有所有理想的零件來支援這一點，包括我們的製程技術、我們的內部 IP（例如我們的 SerDes），適用於最高頻率（包括 112 gig）的短距離和中長距離。我們有能力真正緊密、深入地合作，並在我們的業務模式中保持靈活性。

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 ASIC，也就是你想到的傳統模型。但我越來越發現，與雲端公司的合作實際上更加重視合作關係，共同解決問題，提出架構並提出 4 種不同的做事方法，然後提出一個真正適合他們需求的模型。因此，我認為我們的市場推廣加上我們的技術路線圖，然後擁有所有這些關鍵部分，無論是網路 IP、非常非常強大的運算產品組合以及我們來自 Cavium 方面和基於 ARM 的處理器的所有歷史記錄為了安全，為了存儲。然後，顯然，在 PHY 中引入了光學連接。所以我認為我們可以成為這裡理想的合作夥伴，我們認為這將是一個非常大的機會，而且它將一直存在。

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.

只是澄清一下，然後提出問題。澄清一下，Jean，通常情況下，你會對其他部分將要做什麼進行一些說明。但 Matt 面臨的主要問題是 5G 方面。我想每個人都知道中國現在正在經歷的消化階段，一些地理上正在發生的轉變以及人們在下半年的樂觀情緒，但在我們現在的過渡時期，你們的表現確實比這更好。繼續在後半場。

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，當你考慮公司特定的驅動因素時，與整個市場分開，在後半段有所改善，你認為你現在提供的卓越表現是加速還是減速？除了終端市場本身的表現之外，驅動這種表現的因素是什麼？

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。我為什麼不回答5G問題，然後Jean，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，我們在周期中表現得非常好。我們在 5G 領域的營收連續 6 個季度實現成長，隨著新產品的推出，我們能夠順利渡過難關。當其他一些人可能感受到不同的消化速度時，新客戶就上網了。所以我認為我們對那次的優異表現感到滿意。

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，去年的部署規模非常大。正如您所指出的，我認為許多公司正在經歷類似的消化，但我們確實預計該業務將加速並繼續跑贏大盤，原因有幾個。我認為其中之一是我們的主要客戶在一些市場中肯定獲得了動力，我們將在下半年及 22 日曆年擴大這些市場。所以這是一個正面的訊號。而且，在它們內部，還有一些程序，我們有新的套接字，其中也有內容，這對我們來說是新內容。

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——甚至還不是全年。今年我們的基帶產品將投入量產。 22年將是整整一年。然後我們向該客戶提供了更多內容，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，是的，有許多 Marvell 非常具體的 Marvell 驅動程序，其中包括該領域一些最重要的公司。即使超越這個視野，我們的 ORAN 計畫也獲得了非常好的吸引力。我們在所有原始設備製造商中提供了許多非常重要的插座，這些插座將繼續推動這裡的成長。因此，我們對 5G 的地位感到非常滿意，它可以繼續跑贏大盤並加速前進。

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，其他問題主要是針對我們今天的印表機業務。與上一季相比，它實際上只會連續增加幾百萬美元。

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。我將只討論一個問題。 Matt，您提到了與 Inphi 的一些策略會議。我知道這筆交易還要幾個月才能完成。但從這些會議中，您能否給我們舉幾個例子，說明兩家公司如何結合智慧財產權來走出去並瞄準一些新的機會？

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，讓我向您介紹我們所做的事情、我們如何思考它以及可能對機會進行一些粗略的描述。當然，我們不是——我們仍然是兩家獨立的公司。所以我認為在這方面還有更多的內容，托爾。還有一些機會，有些是明顯的，有些是微妙的，但最重要的是，福特和 N5 的創始人勞埃德組成了一支令人難以置信的團隊。我的意思是，我們現在已經透過這個過程獲得了曝光，這很棒。他們的關鍵工程領導、關鍵產品行銷人員、業務部門領導，我們這邊也是如此。因此，我想說，這確實是一次非常非常強大的聯席會議，我們審查了我們所有的各種業務，並且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，技術顯然是非常互補的，但我們確實處於相同的系統中。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。所以我想說的是，網路——以及我們的方式——我們這樣做的原因是我們真正將其視為與 Inphi 團隊的合併。因此，我們將把它們引入，我們將真正考慮公司的綜合支出，並共同確定獲得最高投資回報率並推動最佳營收成長的最佳機會。

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.

因此，我們發現，我們相信這將給我們一個機會，在 Inphi 團隊內的一些非常有針對性的領域中分配一些額外的支出，以真正加速他們的一些雄心和成長。我可以從我們這邊告訴你，我的整個管理團隊（多層）對團隊的到來以及他們的產品線和前景感到非常興奮。我期待在未來的會議中真正開始更詳細地闡述其中的一些內容。但我想最後從主題上說，綜合起來，我認為我們在超大規模雲端市場中比任何一家公司獨立時都變得更加重要和更加相關。

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.

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、他們正在尋求的深入的真正技術和戰略合作夥伴關係，我們相信這同樣重要戰略性市場，加起來可能比5G 更大。所以我認為我們在投資者日制定了我們的策略，這是在 Inphi 之前一點，但肯定是在我們的腦海中，這實際上是把 5G 視為我們所看到的這一波增長浪潮現在，雲緊跟其後。當然，Inphi 的加入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可以分享，首先是以太網，但現在已經擴展到 Marvell 的其他方面，包括儲存和安全、運算、ASIC 以及其他一些附加功能網路類型的解決方案。總而言之，我認為合併後的公司在這個雲端市場將非常非常重要。

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

我們的下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

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，也許會借用一些已經被問到的問題，但也許你可以談談這個新的設計流程來自哪裡？是儲存嗎？是連網嗎？是計算嗎？你在哪裡獲得最大的吸引力？然後，當我們展望未來時，假設 5 年，Matt，您認為或期望或希望 ASIC 佔您業務的比例是多少？

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——讓我來幫你介紹一下背景。因此，我認為我們的 ASIC 機會中令人興奮的部分，我甚至可以將其擴展為更廣泛的（我稱之為）先進技術機會，其中 ASIC 無疑是一個重要的部分。這就是我所說的「5」——只需將我們的 5 奈米平台視為其自身的潛在成長機會。我們在2020 年8 月公開宣布了這一點，但我們早在2019 年底、2020 年初就已經確保了該技術的設計 因此，自該時間範圍以來，我們已經將這一設計機會漏斗發展得非常快。

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.

克里斯，它的範圍非常廣泛。我想這就是我想要表達的觀點。我認為，如果你從市場角度來看，當然，我們已經贏得了 5G 設計並獲得了安全保障，並且隨著人們從 12 到 14 移動，我們面前有一個巨大的管道。 ，而且他們要一路走下去。超大規模雲端存在巨大機會。其中一些是我之前提到的。而且在企業領域，我們在將基於 OCTEON 的 CPU 推向該市場方面也取得了巨大成功。順便說一下，這更像是標準產品，而不是客製化產品。

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.

即使在儲存領域，我們也看到儲存市場中的一些非常重要的客戶發揮了領導作用，並直接與我們合作，使用我們的5- 技術為資料中心和企業應用程式等開發最先進的快閃記憶體控制器.奈米科技.所以，克里斯，這範圍更廣，不僅僅是，哦，好吧，Marvell 已經有了 5 奈米的東西，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 ASIC。但我們越來越發現，人們向我們詢問的這些客製化機會，其中一些現在已經轉化為 Marvell 產品，我們根據規格設計整個產品。為他們設計產品，而不是——然後，當然，可以在那裡捕獲更多的價值。這是一種更具黏性的參與。這些都是非常重要的機會，特別是在雲端市場。

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.

所以我希望這是有助於擴大它的背景，因為當然，我們可能會回到購買 Avera 時的觀點。嘿，這會很棒的。我們可以擁有一個不錯的大型 ASIC 業務，但它的用途遠不止於此。是的，我們很高興在未來幾季討論這一點，因為我們將完成設計，並利用我們的銷售團隊和業務部門開發的非常強大的管道。

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

您認為 5 年後這個比例會是多少？

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。我認為這取決於你的意思，例如 ASIC 佔多少，半客製化佔多少，5G 佔多少，但這顯然是公司未來的成長。所以你應該假設這些事情對於整個平台的未來來說是數十億美元的機會，對嗎？我的意思是，這就是我們將成為公司成長引擎的地方。所以這是非常有意義的。這些不是我們贏得的一次性設計，它們將成為一種不錯的頭條新聞產品，這將真正成為公司收入成長的驅動力。因此總的來說，所有這些都將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，我想知道您是否可以談談 - 您提到基板可能是最大的因素，然後是某些幾何形狀的晶圓，這些幾何形狀是什麼？然後，從更大的角度來看，從 Marchex 看來，網路晶片總體上比其他東西更緊密，儘管圖形方面很緊張，而且你必須能夠增長相當多。基材和類似的東西是否有什麼不同，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。我認為對於第一個問題，喬，很難說。我的意思是這是一個充滿活力的環境，對吧？幾個月來，我們作為一個團隊一直在審查供應鏈的每個部分，對嗎？我們發現我們解決了一個問題，然後另一個問題似乎又出現了。如果你回顧我們上次的財報電話會議，我記得那裡有一些問題，例如，告訴我有關供應鏈的問題，然後快進 3 個月，美國汽車行業陷入混亂，因為他們無法獲得晶片，正確的？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.

我要指出的是，我們的汽車產品實際上供應得很好，所以不要對 Marvell 發表這樣的評論。那就更通用了。但我們確實看到了複雜基板的點容量應力，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 奈米、7 奈米類型的東西。這些更多的是28歲及以上的人，對吧，他們有公司正在解決的不同痛點。我認為，這就是許多汽車的所在地。

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，沒有靈丹妙藥。這只是需要付出很多努力。甚至像是——我想我在上次電話會議中註意到，像焊線機這樣的東西——交貨時間也延長了。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?

現在他們在花錢，他們肯定在增加容量，我們正在參與規劃過程以確保我們沒事，但這方面可能有更多細節。那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，有什麼不同嗎......

Oh, on the networking chips, yes.

哦，在網路晶片上，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，圖形晶片供應短缺，但人們的成長速度比他們想像的要快 20%，然後就受到限制，網路短缺似乎也同樣嚴重。我們從您的客戶那裡聽說了它們，但需求似乎並沒有達到那種瘋狂的軌道。

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。我很難進行基準測試，因為我們不從事圖形業務。我知道這有點不同。但當然，當你只考慮基板的複雜性時，這些產品的複雜程度，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 奈米、16 奈米和下面，就基材的複雜性而言，可能增加了一倍。而且它們只是非常大的晶片。這些是數千個 IO，其中一些晶片實際上有信用卡大小。因此，每個晶圓的晶片數量非常少，但需求卻很大。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...

還有測試限制，由於產品的複雜性，這些東西的測試時間非常長。所以也許這就是原因。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.

（聽不清楚）關於那個。是的。

Just comparing and contrasting. That's very helpful.

只是比較和對比。這非常有幫助。

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，我有一個關於營運支出和利潤的問題。我想，當您升級一些 5 奈米設計並更多地參與 5 奈米設計時，我只是想知道您如何看待營運支出，隨著我們的前進，是否會出現更大的波動？而且，我想，隨著今年下半年及以後的時間，5G 和 ASIC 將成為您收入的更大一部分，您是否認為還有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。在營運支出（右）方面，我們的團隊在管理營運費用方面做得非常出色。但你是對的，由於專案成本的原因，季度與季度之間存在一些變化，而且我們正在與客戶合作，有時客戶部分可能會加速或推出。所以雖然有一些變化，但我感覺很舒服。從22財年的整體情況來看，我們可以在投資的同時管理營運支出。例如，我們的第四季度，由於專案成本的原因，我們的營運支出略高，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，我認為我們的第一個目標確實是滿足需求。我們為公司提供了巨大的機會，並且我們增加了所有成長平台的需求，正如馬特所提到的，5G、雲端和汽車。因此，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.

問答環節和今天的節目到此結束。女士們、先生們，感謝你們參加今天的會議。您現在可以斷開連線。再會。