邁威爾科技 (MRVL) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 Fiscal 2021 Marvell Technology Group Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們先生們，感謝您的支持，歡迎參加 Marvell 2021 財年第三季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker, Mr. Ashish Saran, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給您的發言人，投資者關係副總裁 Ashish Saran 先生。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's Third Quarter 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 財年第三季度財報電話會議。今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官Jean Hu。

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

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

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available 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.

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。

Great. Thanks, Ashish, and good afternoon, everyone. The third quarter was an exciting and exceptionally busy time for the Marvell team as we hosted our 2020 Investor Day and soon after, announced plans for our transformational acquisition of Inphi. These were both significant events, which continue to generate strong interest from the financial community.

偉大的。謝謝，Ashish，大家下午好。對於 Marvell 團隊來說，第三季度是一個激動人心且異常忙碌的時期，我們舉辦了 2020 年投資者日，不久之後，我們宣布了轉型收購 Inphi 的計劃。這些都是重大事件，繼續引起金融界的強烈興趣。

So before I discuss our quarterly results, let me summarize the growth strategy we articulated at our Investor Day and the benefits we expect to drive from the combination with Inphi.

因此，在我討論我們的季度業績之前，讓我總結一下我們在投資者日闡述的增長戰略，以及我們期望與 Inphi 的結合帶來的好處。

During our virtual Investor Day, we discussed the importance of choosing the right end market, building a larger base of key customers and driving technology platform leadership, aligned with the most exciting growth drivers in the industry. We discussed our focus on the data infrastructure market, a $110 billion total semiconductor opportunity for Marvell, of which we are currently servicing $16 billion and that we expect to grow 50% faster than the TAM over the next few years. We showcased the expansion we expect to drive in our base of Tier 1 $100 million plus customers to a total of 13 over the next couple of years. We outlined the evolution of our technology road map to being first to market with a 5-nanometer platform for portfolio-wide leadership. We concluded with our compelling long-term growth vision focused on the 5G, cloud and automotive end markets. At the event, we also disclosed a number of new design wins, which we believe will contribute meaningfully towards revenue growth over the next several years. In 5G, we announced a second customer for OCTEON in the radio head as well as 2 additional base station customers for our Ethernet products.

在我們的虛擬投資者日期間，我們討論了選擇正確的終端市場、建立更大的關鍵客戶群和推動技術平台領導地位的重要性，與行業中最令人興奮的增長動力保持一致。我們討論了我們對數據基礎設施市場的關注，這為 Marvell 帶來了 1100 億美元的總半導體機會，我們目前為其中 160 億美元提供服務，並且我們預計未來幾年的增長速度將比 TAM 快 50%。我們展示了我們預計將在未來幾年內將我們的 1 級 1 億美元以及客戶總數增加到 13 個的擴展。我們概述了我們的技術路線圖的演變，以成為第一個以 5 納米平台進入市場的產品組合範圍內的領導者。最後，我們提出了令人信服的長期增長願景，專注於 5G、雲和汽車終端市場。在此次活動中，我們還披露了一些新的設計勝利，我們相信這將對未來幾年的收入增長做出有意義的貢獻。在 5G 中，我們宣布了 OCTEON 在無線電頭中的第二個客戶以及我們以太網產品的另外兩個基站客戶。

In the enterprise market, we announced a broader footprint for our Ethernet switches and PHYs at 2 Tier 1 North American networking OEMs. One of these OEMs also selected our next-generation 5-nanometer OCTEON processors to replace their current x86 solutions across their entire enterprise router platforms.

在企業市場，我們宣佈在 2 家北美 1 級網絡 OEM 中擴大我們的以太網交換機和 PHY 的覆蓋範圍。其中一家 OEM 還選擇了我們的下一代 5 納米 OCTEON 處理器，以取代他們當前在整個企業路由器平台上的 x86 解決方案。

In our storage business, we won a cloud data center DIY SSD controller and announced a new Tier 1 NAND OEM for merchant SSD controllers. Consistent with the strategy we discussed at Investor Day, on October 29, we announced our plans to combine with Inphi in a highly complementary and strategic transaction, and expected to accelerate our growth and leadership in the fast-growing cloud and 5G markets. We discussed multiple benefits expected to result from this merger, including a larger and faster-growing addressable market, a broadening of our Tier 1 cloud customer base, greater scale for our 5- and 3-nanometer platforms, an exceptionally talented SerDes team and an even stronger long-term financial model. We also discussed significant opportunities for cross selling, which would represent upside to the target operating model.

在我們的存儲業務中，我們贏得了雲數據中心 DIY SSD 控制器，並宣佈為商用 SSD 控制器提供新的 Tier 1 NAND OEM。與我們在 10 月 29 日投資者日討論的戰略一致，我們宣布了與 Inphi 進行高度互補和戰略性交易的計劃，並有望加速我們在快速增長的雲和 5G 市場中的增長和領導地位。我們討論了此次合併預計將帶來的多項好處，包括更大、增長更快的潛在市場、擴大我們的一級雲客戶群、擴大我們的 5 納米和 3 納米平台的規模、非常有才華的 SerDes 團隊以及更強大的長期財務模型。我們還討論了交叉銷售的重要機會，這將代表目標運營模式的優勢。

Since the announcement, we have been able to discuss the benefits of this merger with employees, customers, partners and shareholders of both companies. These discussions have further strengthened our conviction in all the key strategic elements of this exciting transaction. We've had the opportunity to meet with the broadest cross-section of Inphi employees and continue to be highly impressed with their depth of technical capability, focus on innovation and seamless program execution. The Marvell and Inphi teams are well aligned from a cultural perspective with many shared values and core beliefs. Similar to the approach we have taken on our prior acquisitions, we are looking forward to integrating Inphi employees across all levels of the combined company. I can already sense that the sales, product management and engineering teams on both sides are chomping at the bit so they can start driving new revenue growth opportunities.

自宣布以來，我們已經能夠與兩家公司的員工、客戶、合作夥伴和股東討論此次合併的好處。這些討論進一步加強了我們對這項激動人心的交易的所有關鍵戰略要素的信念。我們有機會與最廣泛的 Inphi 員工會面，並繼續對他們深厚的技術能力、對創新的專注和無縫的項目執行印象深刻。從文化角度來看，Marvell 和 Inphi 團隊具有許多共同的價值觀和核心信念。與我們之前收購所採取的方法類似，我們期待將 Inphi 員工整合到合併後公司的各個層面。我已經能感覺到雙方的銷售、產品管理和工程團隊都在爭分奪秒，以便他們能夠開始推動新的收入增長機會。

Let's dig a little deeper into these opportunities, which we expect will result from the strong positions established by Marvell in 5G and Inphi in cloud. We believe that having a leading product at the heart of the customer's architecture is critical, as it sets the cadence of technology adoption and pulls along additional products into the full solution. We saw this play out effectively following the Cavium acquisition and you are all now familiar with the significant increase in content and customer expansion we were able to drive in 5G as a combined company.

讓我們更深入地挖掘這些機會，我們預計這些機會將來自 Marvell 在 5G 和 Inphi 在雲中建立的強勢地位。我們認為，將領先產品置於客戶架構的核心至關重要，因為它設定了技術採用的節奏，並將其他產品引入完整的解決方案。我們在收購 Cavium 後看到了這一點，你們現在都熟悉我們作為一家合併後的公司能夠在 5G 中推動內容和客戶擴展的顯著增長。

In base stations, the front, mid and backhaul connectivity is primarily optical. With the emergence of 5G, the speed and bandwidth of these lengths needs to increase substantially. Inphi's high-performance PAM4 and coherent DSP-based electrooptic solutions are perfectly aligned to the line to deliver these higher speeds. We believe that Marvell's leadership in embedded processors for 5G infrastructure will better position Inphi to participate in the optical connectivity opportunity.

在基站中，前部、中部和回程連接主要是光學的。隨著5G的出現，這些長度的速度和帶寬需要大幅提升。 Inphi 的高性能 PAM4 和基於 DSP 的相干電光解決方案與生產線完美匹配，以提供這些更高的速度。我們相信，Marvell 在 5G 基礎設施嵌入式處理器方面的領先地位將使 Inphi 更好地參與光連接機會。

In cloud, Inphi's electrooptics platform is critical to data center architecture, and they have established direct relationships with the industry's largest cloud infrastructure providers. Inphi's recent results and guidance illustrate the benefits of having a strong presence in the cloud market. For the third quarter of fiscal 2020, they reported revenue growth of 92% year-over-year, and the organic portion of their business grew 57% year-over-year. We are excited to see that they expect to grow -- growth to continue in the fourth quarter, with Inphi revenue guided to grow 82% year-over-year at the midpoint.

在雲方面，Inphi 的電光平台對數據中心架構至關重要，他們與業界最大的雲基礎設施提供商建立了直接關係。 Inphi 最近的結果和指導說明了在雲市場擁有強大影響力的好處。在 2020 財年第三季度，他們報告收入同比增長 92%，其業務的有機部分同比增長 57%。我們很高興看到他們預計會增長——第四季度將繼續增長，Inphi 收入在中點指導下同比增長 82%。

Marvell also has a growing presence in the cloud market, and merging with Inphi is expected to create multiple 100 million-dollar-plus cloud customers for the combined company. We expect to drive numerous revenue growth opportunities for ASICs and DPUs at these large cloud customers.

Marvell 在雲市場的影響力也在不斷增長，與 Inphi 的合併有望為合併後的公司創造多個價值超過 1 億美元的雲客戶。我們預計將為這些大型雲客戶的 ASIC 和 DPU 帶來大量收入增長機會。

Within cloud data centers, we expect compute for AI and other use cases to increasingly require tailored solutions, resulting in an expansion of custom and ASIC opportunities for the combined company. In cloud, custom compute engines in ASICs are often connected directly to external optics, such as in a machine learning cluster. This presents a unique opportunity for the combined company to tightly integrate optics inside ASICs and custom compute processors through onboard and co-packaged optics solutions. Cloud customers are particularly excited about this capability.

在雲數據中心內，我們預計人工智能和其他用例的計算將越來越需要量身定制的解決方案，從而為合併後的公司帶來更多定制和 ASIC 機會。在雲中，ASIC 中的自定義計算引擎通常直接連接到外部光學器件，例如在機器學習集群中。這為合併後的公司提供了一個獨特的機會，可以通過板載和共同封裝的光學解決方案將光學器件緊密集成到 ASIC 和定制計算處理器中。雲客戶對這種能力特別興奮。

In addition to the ASIC opportunities I just discussed, we expect similar benefits to Marvell's cloud DPU business. Today, Marvell sells DPUs or smartNICs as standard product to cloud customers. In the short term, we see a greater opportunity to win more business for our existing products. In the longer term, we can provide higher value DPU solutions with tightly integrated onboard and co-packaged optics.

除了我剛才討論的 ASIC 機會外，我們預計 Marvell 的雲 DPU 業務也會獲得類似的好處。如今，Marvell 將 DPU 或 smartNIC 作為標準產品銷售給雲客戶。在短期內，我們看到了為現有產品贏得更多業務的更大機會。從長遠來看，我們可以通過緊密集成的板載和共同封裝的光學器件提供更高價值的 DPU 解決方案。

Since announcing the deal, we have completed a number of initial meetings with key customers. While any detailed joint road map discussions will need to wait until receipt of all regulatory approvals, customer reactions from the meeting so far have been extremely positive, and they have already identified multiple new opportunities for Marvell. In fact, I've been personally involved in a number of these discussions. And I am now even more confident in the potential for new revenue growth opportunities.

自宣布交易以來，我們已經完成了與主要客戶的多次初步會議。雖然任何詳細的聯合路線圖討論都需要等到收到所有監管部門的批准，但到目前為止，客戶對會議的反應非常積極，他們已經為 Marvell 確定了多個新機會。事實上，我親自參與了許多這樣的討論。我現在對新的收入增長機會的潛力更有信心。

Let me move on now to our quarterly results and expectations. Revenue for the third quarter of fiscal 2021 was $750 million, growing 3% sequentially and 13% year-over-year. Stronger-than-expected revenue growth from our networking business offset weaker-than-anticipated results from storage. Our GAAP loss per share was $0.03. Our non-GAAP earnings per share was $0.25, growing 19% sequentially and 47% year-over-year. I am pleased with the growth in revenue and earnings we have been able to drive in the third quarter. We are projecting strong growth in the fourth quarter as demand from customers continues to increase.

現在讓我談談我們的季度業績和預期。 2021財年第三季度收入為7.5億美元，環比增長3%，同比增長13%。我們的網絡業務強於預期的收入增長抵消了存儲的弱於預期的結果。我們的 GAAP 每股虧損為 0.03 美元。我們的非公認會計準則每股收益為 0.25 美元，環比增長 19%，同比增長 47%。我對我們在第三季度能夠推動的收入和收益增長感到高興。隨著客戶需求的持續增加，我們預計第四季度將出現強勁增長。

Our operations team is continuing to ramp production with our global supply chain partners. However, we have begun to experience a number of industry-wide supply constraints affecting the type of high complexity products we provide for data infrastructure. The rapid recovery this year in the semiconductor industry appears to be stressing significant portions of the supply chain. These supply challenges are currently limiting our ability to fully satisfy the increase in demand for some of our networking products.

我們的運營團隊將繼續與我們的全球供應鏈合作夥伴一起提高產量。但是，我們已經開始遇到一些行業範圍內的供應限制，這些限制影響了我們為數據基礎設施提供的高複雜性產品的類型。今年半導體行業的快速復蘇似乎對供應鏈的重要部分造成了壓力。這些供應挑戰目前限制了我們完全滿足對我們的某些網絡產品不斷增長的需求的能力。

Let's now discuss our 2 businesses in more detail. First, in our networking business. Revenue during the quarter was $445 million and grew 10% sequentially and 35% year-over-year. Revenue growth was stronger than our expectations of mid- to high single-digit sequential growth. And overall, this was a very strong quarter across a broad base of our products and end markets, including 5G, cloud, automotive and enterprise. In 5G, we delivered our fifth straight quarter of sequential revenue growth. In the first half of this year, 5G growth was driven primarily from our ASIC business, benefiting from the rapid deployments in China. In the third quarter, while the wireless infrastructure ASIC business remained strong, the sequential growth was driven primarily by standard and semi-custom product shipments to Samsung. The rollout of 5G outside of China is starting to pick up. And we expect consumer demand for 5G services will continue to grow worldwide, following the launch of new 5G phones from Apple. As we look forward, we expect 5G momentum to accelerate through next year in multiple regions, including the U.S. and Japan.

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。本季度收入為 4.45 億美元，環比增長 10%，同比增長 35%。收入增長強於我們對中高個位數連續增長的預期。總體而言，這是一個非常強勁的季度，涵蓋了我們廣泛的產品和終端市場，包括 5G、雲、汽車和企業。在 5G 領域，我們實現了連續第五個季度的收入連續增長。今年上半年，5G 增長主要來自我們的 ASIC 業務，受益於中國的快速部署。在第三季度，雖然無線基礎設施 ASIC 業務保持強勁，但環比增長主要是由向三星的標準和半定制產品出貨量推動的。中國以外地區的 5G 部署開始加速。我們預計，隨著 Apple 推出新的 5G 手機，全球消費者對 5G 服務的需求將繼續增長。展望未來，我們預計 5G 勢頭將在明年加速在包括美國和日本在內的多個地區。

Our 5G customer base continues to expand, and a second regional customer has selected Marvell's industry-leading OCTEON fusion baseband processors to power their new 5G base stations. They plan to engage with Marvell on a variety of RAN architectures, including emerging ORAN initiatives, enabling them to flexibly address the needs of network operators, regardless of the network topology being deployed.

我們的 5G 客戶群繼續擴大，第二個區域客戶選擇 Marvell 業界領先的 OCTEON 融合基帶處理器為其新的 5G 基站供電。他們計劃在各種 RAN 架構上與 Marvell 合作，包括新興的 ORAN 計劃，使他們能夠靈活地滿足網絡運營商的需求，而不管部署的網絡拓撲如何。

Let me take a moment to preview Marvell's efforts in the emerging open RAN and virtualized RAN architectures. These are commonly referred to as ORAN and vRAN, respectively. Global operators are driving toward open standards-based interfaces with the RAN to enable multi-vendor interoperability. In addition, the use of virtualization to separate hardware and software has begun making its way into the radio access network.

讓我花一點時間來預覽一下 Marvell 在新興的開放式 RAN 和虛擬化 RAN 架構方面所做的努力。這些通常分別稱為 ORAN 和 vRAN。全球運營商正在推動與 RAN 建立基於開放標準的接口，以實現多供應商互操作性。此外，使用虛擬化來分離硬件和軟件已經開始進入無線接入網絡。

Now whether virtual or physical, the complexity of 5G processing, real-time latency requirements and a tight power envelope necessitate optimized hardware acceleration to be deployed at scale. We address this need with our OCTEON fusion processors, the industry's leading silicon platform for 5G baseband and radio processing. We are adding more capabilities to this proven technology to further optimize it for open virtual environments. We will soon unveil details of our new vRAN accelerator, which is based on OCTEON Fusion, designed to support an open and interoperable ecosystem with a full set of ORAN standards-based interfaces. By adding ORAN and vRAN capabilities to our existing 5G offerings, Marvell will be the ideal semiconductor partner with a complete 5G platform, capable of supporting all RAN architectures on common hardware in software framework.

現在，無論是虛擬的還是物理的，5G 處理的複雜性、實時延遲要求和緊湊的功率包絡都需要大規模部署優化的硬件加速。我們通過 OCTEON Fusion 處理器來滿足這一需求，這是業界領先的 5G 基帶和無線電處理矽平台。我們正在為這項經過驗證的技術添加更多功能，以進一步優化它以適應開放的虛擬環境。我們將很快公佈基於 OCTEON Fusion 的新 vRAN 加速器的詳細信息，該加速器旨在通過一整套基於 ORAN 標準的接口來支持開放且可互操作的生態系統。通過將 ORAN 和 vRAN 功能添加到我們現有的 5G 產品中，Marvell 將成為擁有完整 5G 平台的理想半導體合作夥伴，能夠在軟件框架中支持通用硬件上的所有 RAN 架構。

This is a critical differentiator for Marvell, given that beyond a few greenfield deployments, most 5G networks will have a complex hybrid architecture to support a diverse set of deployment scenarios. I look forward to discussing the continued evolution of our 5G platform.

這是 Marvell 的一個關鍵差異化因素，因為除了一些新建部署之外，大多數 5G 網絡將具有復雜的混合架構來支持各種部署場景。我期待討論我們 5G 平台的持續發展。

Moving on to our ASIC business. We benefited from a strong ramp in a new cloud program, and we are excited about this opportunity. I would note that similar to other cloud programs, we expect purchasing patterns for the new ASIC to be somewhat lumpy with demand fluctuations in any given quarter. We recently announced our 112 gig, 5-nanometer SerDes solution that has been fully validated in hardware and is ready for adoption by customers. We believe that this technology, with industry-leading performance, power and area, will help drive 100-gig as the interconnect of choice for next-generation data infrastructure.

繼續我們的 ASIC 業務。我們受益於新雲計劃的強勁增長，我們對這個機會感到興奮。我會注意到，與其他雲程序類似，我們預計新 ASIC 的購買模式會隨著任何給定季度的需求波動而出現波動。我們最近發布了我們的 112 gig、5 納米 SerDes 解決方案，該解決方案已經過硬件全面驗證，可供客戶採用。我們相信，這項技術具有行業領先的性能、功耗和麵積，將有助於推動 100-gig 作為下一代數據基礎設施的首選互連。

Our ASIC business is the first beneficiary of this leading edge IP, and I am very pleased that we have secured a new custom ASIC design win that will embed our 112-gig SerDes in next generation, top of rack and spine switches for leading hyperscale data centers.

我們的 ASIC 業務是這一領先 IP 的第一個受益者，我很高興我們獲得了一項新的定制 ASIC 設計勝利，它將我們的 112-gig SerDes 嵌入用於領先的超大規模數據的下一代機架頂部和主幹交換機中心。

Turning to our automotive business. Industry production appears to be recovering from COVID-19 impacts earlier in the year. We are also seeing record bookings and have started ramping multiple Ethernet design wins in model year 2021 vehicles. These ramps drove strong revenue growth in the third quarter, and we expect growth to continue in the fourth quarter and into fiscal 2022.

轉向我們的汽車業務。今年早些時候，工業生產似乎正在從 COVID-19 的影響中恢復過來。我們還看到了創紀錄的預訂量，並已開始在 2021 年車型中贏得多項以太網設計。這些增長推動了第三季度收入的強勁增長，我們預計增長將在第四季度持續到 2022 財年。

In our enterprise end market, we continue to refresh our Ethernet products and recently introduced the second-generation of our Octal multi-gig PHY family. These are the newest additions to Marvell's borderless enterprise portfolio, a comprehensive set of switches and PHYs architected to address the specific requirements of emerging mobility and cloud applications that are extending the boundaries of the traditional campus environment. The new PHY family offers a clear upgrade path to multi-gigabit technology. We believe that an increase in customer interest for our multi-gig products and our recent design win momentum are strong leading indicators that the industry is getting ready for a much broader multi-gig adoption.

在我們的企業終端市場，我們不斷更新我們的以太網產品，最近推出了我們的第二代八通道多千兆 PHY 系列。這些是 Marvell 無邊界企業產品組合的最新成員，這是一套全面的交換機和 PHY，旨在滿足新興移動和雲應用程序的特定要求，這些應用程序正在擴展傳統園區環境的邊界。新的 PHY 系列為多千兆技術提供了清晰的升級途徑。我們認為，客戶對我們的多千兆產品的興趣增加以及我們最近的設計獲胜勢頭是強有力的領先指標，表明該行業正在為更廣泛的多千兆採用做好準備。

During the quarter, we closed multi-gig PHY design wins with 6 customers across access points, gateway, switches and firewalls. We are also getting very strong traction with our refresh switches in PHYs with multiple security hardware customers.

在本季度，我們與 6 家客戶在接入點、網關、交換機和防火牆方面贏得了多千兆 PHY 設計勝利。我們在 PHY 中的刷新開關也獲得了非常強大的吸引力，我們擁有多個安全硬件客戶。

Now let me discuss the outlook for the fourth fiscal quarter for our networking business. We expect growth from 5G to continue with Samsung and the start of ramp into Nokia, partially offset by a decline in 5G ASICs, as deployments in China take a pause. We project a strong quarter for our automotive business with quarterly revenue expected to cross in double digit millions. We expect enterprise switching to continue to improve as we ramp new products. We also expect growth from our LiquidSecurity DPU shipping to cloud customers. Offsetting this growth, we project a sequential decline in revenue from a cloud ASIC.

現在讓我討論一下我們網絡業務第四財季的前景。我們預計 5G 的增長將隨著三星和諾基亞的開始而繼續增長，部分被 5G ASIC 的下降所抵消，因為在中國的部署暫停。我們預計我們的汽車業務將迎來一個強勁的季度，季度收入預計將達到數百萬。隨著我們推出新產品，我們預計企業轉換將繼續改善。我們還預計，我們的 LiquidSecurity DPU 向雲客戶發貨會有所增長。為了抵消這一增長，我們預計雲 ASIC 的收入將連續下降。

As a result, after a very strong third quarter, we expect networking revenue in the fourth quarter to be approximately flat on a sequential basis. And on a year-over-year basis, projected to grow approximately 25% compared to the fourth quarter fiscal 2020 results adjusted for the divestiture of WiFi.

因此，在經歷了非常強勁的第三季度之後，我們預計第四季度的網絡收入環比基本持平。與 2020 財年第四季度業績相比，經 WiFi 剝離調整後，預計同比增長約 25%。

As I mentioned in my opening remarks, we are currently supply-constrained on some of our networking products.

正如我在開場白中提到的，我們目前的一些網絡產品供應受限。

Now turning to our storage business. Storage revenue for the third quarter was $276 million, declining 5% sequentially, below our expectations of being flat. During the quarter, demand for our fiber channel products from our enterprise server and storage customers was impacted more heavily than anticipated, although we expect this level of weakness to be temporary. On the other hand, the sequential revenue growth we had expected from our storage controller business did materialize, led by a ramp in our custom SSD controllers. Our cloud HDD business also grew sequentially.

現在轉向我們的存儲業務。第三季度的存儲收入為 2.76 億美元，環比下降 5%，低於我們持平的預期。在本季度，我們的企業服務器和存儲客戶對我們的光纖通道產品的需求受到的影響比預期的要嚴重，儘管我們預計這種疲軟程度是暫時的。另一方面，我們對存儲控制器業務的預期收入連續增長確實實現了，這得益於我們定制 SSD 控制器的增長。我們的雲硬盤業務也隨之增長。

At this year's Virtual Flash Memory Summit, our storage team had another strong show, and alongside HPE, we were named a Best of Show Award winner for the Marvell-based NVMe RAID Boot SSD. HPE is the first of Marvell's partners to support this new accelerator. The product lowers data center total cost of ownership by offloading RAID 1 processing from costly server CPU resources, maximizing application performance. In addition, we demonstrated our latest data center flash controller for building large capacity, ultra-low latency, high-performance SSDs and our low-power 12-nanometer PCIe Gen4 controller for client SSDs.

在今年的虛擬閃存峰會上，我們的存儲團隊再次展示了出色的表現，與慧與一起，我們憑藉基於 Marvell 的 NVMe RAID Boot SSD 被評為最佳展示獎獲得者。 HPE 是 Marvell 的第一個支持這一新加速器的合作夥伴。該產品通過從昂貴的服務器 CPU 資源中卸載 RAID 1 處理，最大限度地提高應用程序性能，從而降低了數據中心的總擁有成本。此外，我們還展示了我們用於構建大容量、超低延遲、高性能 SSD 的最新數據中心閃存控制器以及用於客戶端 SSD 的低功耗 12 納米 PCIe Gen4 控制器。

Looking to the fourth quarter, we expect our storage business to rebound strongly and project sequential revenue growth in the low teens on a percentage basis. We expect this growth to be driven from multiple products. We project a strong recovery in our fiber channel business towards a more normalized run rate. We also expect our cloud storage revenue to continue to grow, which includes more meaningful contribution from our preamplifiers. In addition, we are projecting the start of a product ramp of a cloud DIY SSD controller design win I mentioned in my opening remarks.

展望第四季度，我們預計我們的存儲業務將強勁反彈，並預計按百分比計算的連續收入增長將在十幾歲以下。我們預計這種增長將來自多種產品。我們預計我們的光纖通道業務將強勁復甦，以實現更正常的運行率。我們還預計我們的雲存儲收入將繼續增長，其中包括來自我們的前置放大器的更有意義的貢獻。此外，我們計劃開始我在開場白中提到的雲 DIY SSD 控制器設計勝利的產品斜坡。

In closing, our results and guidance continue to progress in the right direction. We are projecting fiscal 2021 fourth quarter revenue at the midpoint of guidance to grow approximately 9% year-over-year and grow 13% year-over-year for the ongoing business as compared to last year's fourth quarter results adjusted for the divestiture of WiFi. We continue to work closely with our supply chain partners to alleviate constraints and meet the growing demand from our customers.

最後，我們的結果和指導繼續朝著正確的方向發展。我們預計 2021 財年第四季度收入在指引中點將同比增長約 9%，與去年第四季度因剝離 WiFi 進行調整的結果相比，持續業務同比增長 13% .我們將繼續與供應鏈合作夥伴密切合作，以減輕限制並滿足客戶不斷增長的需求。

Through this fiscal year, which has certainly had its share of COVID-19-related challenges, I'm very pleased with the growth we have driven from 5G and cloud, and it is still early days for us in these 2 critical end markets. In addition, our automotive and preamplifier businesses are now starting to contribute more meaningfully. Our custom SSD controller programs have recently started to ramp, and we will benefit from a full year of shipments in fiscal 2022. We also expect that our refreshed Ethernet switch and PHY products will enable us to take share in the enterprise and carrier end markets.

在本財年，當然也有與 COVID-19 相關的挑戰，我對我們從 5G 和雲計算推動的增長感到非常高興，而且在這兩個關鍵的終端市場中，我們仍處於早期階段。此外，我們的汽車和前置放大器業務現在開始做出更有意義的貢獻。我們的定制 SSD 控制器計劃最近開始增加，我們將受益於 2022 財年全年的出貨量。我們還期望我們更新的以太網交換機和 PHY 產品將使我們能夠在企業和運營商終端市場中佔有一席之地。

From a broader perspective, there has been encouraging news on the vaccine front, which bodes well for a macroeconomic recovery next year. Overall, the setup for fiscal year 2022 looks very promising. Equally exciting, we are looking forward to combining with Inphi to accelerate our joint vision to lead the ongoing transformation in the fast-growing cloud and 5G markets.

從更廣泛的角度來看，疫苗方面的消息令人鼓舞，這預示著明年宏觀經濟將出現復甦。總體而言，2022 財年的設置看起來非常有希望。同樣令人興奮的是，我們期待與 Inphi 合併以加速我們的共同願景，以引領快速增長的雲和 5G 市場的持續轉型。

And 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。

Thank you, Matt, and good afternoon, everyone. I'll start with a review of our financial results for the third quarter and then provide our current outlook for the fourth quarter of fiscal 2021.

謝謝你，馬特，大家下午好。我將首先回顧我們第三季度的財務業績，然後提供我們目前對 2021 財年第四季度的展望。

Revenue in the third quarter was $750 million. Networking represented 59% of our revenue with storage contributing 37%. Driven by growth in 5G and the cloud and the relative revenue contribution from our networking business of nearly 60%, reached a new record in the third quarter. Revenue from other accounted for 4% of our revenue, declining 5% sequentially and 35% year-on-year. As a reminder, this business consists of product we have stopped investing in. So we expect they will continue to decline over time.

第三季度的收入為 7.5 億美元。網絡占我們收入的 59%，存儲佔 37%。在 5G 和雲的增長以及我們網絡業務近 60% 的相對收入貢獻的推動下，在第三季度創下新紀錄。其他收入占我們收入的 4%，環比下降 5%，同比下降 35%。提醒一下，這項業務由我們停止投資的產品組成。因此，我們預計它們將隨著時間的推移繼續下降。

Our guidance for the fourth quarter anticipated sequential growth from other as we expect some customers to complete last-time buys on certain components.

我們對第四季度的指導預計其他方面的連續增長，因為我們預計一些客戶將完成對某些組件的最後購買。

GAAP gross margin was 50.8%. Non-GAAP gross margin was 63% of revenue, consistent with our guidance. GAAP operating expenses were $390 million and include the cost for share-based compensation expenses, amortization of acquired intangible assets and acquisition and the divestiture-related costs. Non-GAAP operating expenses were $280 million. GAAP operating loss was $9 million. Non-GAAP operating profit was $193 million or 25.7% of revenue. For the third quarter, GAAP loss per diluted share was $0.03. Non-GAAP income per diluted share was $0.25.

GAAP 毛利率為 50.8%。非美國通用會計準則毛利率為收入的 63%，與我們的指導一致。 GAAP 運營費用為 3.9 億美元，包括股權補償費用、所購無形資產攤銷和收購以及與資產剝離相關的成本。非美國通用會計準則運營費用為 2.8 億美元。 GAAP 經營虧損為 900 萬美元。非美國通用會計準則營業利潤為 1.93 億美元，佔收入的 25.7%。第三季度，GAAP每股攤薄虧損為0.03美元。非公認會計原則每股攤薄收益為 0.25 美元。

Now turning to our balance sheet. During the quarter, cash flow from operations was $258 million. In fiscal 2021, we have driven strong free cash flow conversion of 114% of non-GAAP net income on a year-to-date basis. We returned $40 million to shareholders through dividend payments. During the quarter, we paid down $100 million of our term loan and exit the quarter with $832 million in cash and short-term investment and a total debt outstanding of $1.35 billion.

現在轉向我們的資產負債表。本季度，運營現金流為 2.58 億美元。在 2021 財年，年初至今，我們推動了 114% 的非 GAAP 淨收入的強勁自由現金流轉換。我們通過股息支付向股東返還了 4000 萬美元。在本季度，我們償還了 1 億美元的定期貸款，並以 8.32 億美元的現金和短期投資以及 13.5 億美元的未償債務總額退出本季度。

We continue to have $500 million of liquidity available from our undrawn revolver. Our net debt-to-EBITDA ratio was 0.6x on a trailing 12-month basis. We have temporarily suspended our share repurchase program due to the pending acquisition of Inphi.

我們繼續從我們未動用的左輪手槍中獲得 5 億美元的流動資金。我們過去 12 個月的淨債務與 EBITDA 比率為 0.6 倍。由於即將收購 Inphi，我們暫時暫停了股票回購計劃。

Before I provide our outlook for the fourth quarter, a reminder on our OpEx items. Please note that due to the typical seasonality in payroll taxes, our OpEx in the first fiscal quarter tends to increase mid-single digits sequentially on a percentage basis, and this effect then dissipates in the rest of the fiscal year.

在我提供第四季度的展望之前，先提醒一下我們的運營支出項目。請注意，由於工資稅的典型季節性，我們在第一財季的運營支出往往會按百分比順序增加中個位數，然後這種影響會在本財年的剩餘時間消散。

Here's the specific guidance for the fourth quarter of fiscal 2021. We're forecasting revenue to be in the range of $785 million, plus or minus 5%. We expect our GAAP gross margin will be approximately 52.8%. We project our non-GAAP gross margin will be approximately 64%, which anticipates a favorable product mix during the fourth quarter. As we discussed during our Investor Day, we expect our non-GAAP gross margin in the near future to be in the range of 63% to 64%, depending upon the relative mix of certain 5G and cloud products in any given quarter. We project our GAAP operating expenses to be approximately $379 million. We anticipate our non-GAAP operating expenses to be approximately $280 million. We expect net interest expense to be approximately $15 million and non-GAAP tax rate of 5%. We expect our basic weighted average shares outstanding will be 673 million, and our diluted weighted average share outstanding will be 686 million. As a result, we anticipate GAAP earnings per share in the range of a loss of $0.03 per share on the low end to an income of $0.07 per diluted share on the high end. We expect non-GAAP income diluted share in the range of $0.25 to $0.33. Please note that our GAAP diluted EPS is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and then calculated using diluted weighted average share outstanding when there's GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted average shares outstanding.

這是 2021 財年第四季度的具體指導。我們預測收入將在 7.85 億美元的範圍內，正負 5%。我們預計我們的 GAAP 毛利率將約為 52.8%。我們預計我們的非公認會計原則毛利率將約為 64%，這預計第四季度的產品組合將是有利的。正如我們在投資者日期間所討論的那樣，我們預計我們在不久的將來的非公認會計原則毛利率將在 63% 至 64% 之間，具體取決於任何特定季度某些 5G 和雲產品的相對組合。我們預計我們的 GAAP 運營費用約為 3.79 億美元。我們預計我們的非公認會計原則運營費用約為 2.8 億美元。我們預計淨利息支出約為 1500 萬美元，非 GAAP 稅率為 5%。我們預計基本加權平均流通股為 6.73 億股，稀釋加權平均流通股為 6.86 億股。因此，我們預計 GAAP 每股收益在低端每股虧損 0.03 美元到高端每股攤薄收益 0.07 美元的範圍內。我們預計非 GAAP 收入稀釋份額在 0.25 美元至 0.33 美元之間。請注意，當存在 GAAP 淨虧損時，我們的 GAAP 攤薄後每股收益是使用基本加權平均流通股計算的，然後在存在 GAAP 淨收入時使用攤薄加權平均流通股計算。非公認會計原則攤薄每股收益是使用攤薄加權平均流通股計算的。

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

接線員，請打開線路並宣布問答說明。謝謝你。

(Operator Instructions) Our first question will come from Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的 Toshiya Hari。

Matt, you talked about supply constraints having some impact on your business in the quarter. Can you help us quantify how big the impact was in the quarter? And what sort of assumptions are embedded in your guide? And then I've got a quick follow-up.

馬特，您談到了供應限制對您本季度的業務產生了一些影響。您能否幫助我們量化該季度的影響有多大？您的指南中包含了哪些假設？然後我有一個快速跟進。

Sure. Yes. As we noted, we have seen a number of constraints, I would say, over the last few quarters, by the way, in certain process node bottlenecks as well as I think it's fairly widely known, there's significant increase in demand this year for complex substrates as well. And so we've seen this tightness. We're managing through it. The way I would think about it is, we've had a, historically a fairly steady level of delinquency that we enter every quarter with, with delinquency being defined as the amount of product that we have got request dates for in the current quarter we're in, that we can't supply within the quarter. And that's something that we track on a regular basis.

當然。是的。正如我們所指出的，我們已經看到了一些限制，我想說，在過去的幾個季度中，順便說一下，在某些流程節點瓶頸以及我認為這是眾所周知的，今年復雜的需求顯著增加基板也是如此。所以我們已經看到了這種緊張。我們正在通過它進行管理。我的想法是，從歷史上看，我們每個季度都有相當穩定的拖欠水平，拖欠被定義為我們在本季度獲得請求日期的產品數量'在，我們不能在本季度內供應。這是我們定期跟踪的內容。

Heading into Q4, that number is significantly larger than we've had. And we've -- part of that is customers, due to the constraints out there have also placed longer lead times on us. So I think we're pleased to be able to guide up sequentially. And certainly, if you look year-over-year, the business is up quite strongly overall and especially in our networking business. So we're happy about that. But I guess what I -- all I would say is you should think about it as we're, like many other companies, I think, carrying a significantly higher level of delinquency than we have historically.

進入第四季度，這個數字比我們的數字要大得多。而且我們 - 其中一部分是客戶，由於那裡的限制也給我們帶來了更長的交貨時間。所以我認為我們很高興能夠按順序向上引導。當然，如果您逐年查看，整體業務增長非常強勁，尤其是在我們的網絡業務中。所以我們對此感到高興。但我想我——我想說的是，你應該像我們一樣思考它，就像我認為的許多其他公司一樣，拖欠率比歷史上要高得多。

Got it. And then as my follow-up, on the storage side of the business, the quarter came in a little bit below expectations, and you spoke to the decline in the fiber channel business. Going forward, it's good to see that you're guiding the business up low teens in the current quarter. But beyond that, should we assume kind of growth to be in the low single-digit range, consistent with what you talked about at your Analyst Day with some of the drivers like the DIY, SSD controller and the preamps? Or should we expect it to remain pretty lumpy as it relates to storage?

知道了。然後作為我的後續行動，在業務的存儲方面，該季度的業績略低於預期，您談到了光纖通道業務的下滑。展望未來，很高興看到您在本季度引導業務發展。但除此之外，我們是否應該假設某種增長處於低個位數範圍內，與您在分析師日談到的一些驅動因素（如 DIY、SSD 控制器和前置放大器）一致？還是我們應該期望它在與存儲相關時保持相當粗糙？

Sure. Yes. No, I think the thesis from Investor Day is certainly still intact, and we are pleased to see a nice upswing in the fourth quarter, understanding that Q3 was a little bit weaker. And we did have this somewhat unusual lumpiness in fiber channel, which, I think as you know, historically, has been a relatively stable business. But given some of the impacts earlier this year with supply chain on boards and some of the COVID-19-related impacts on enterprise, that business did have a lot more volatility to it than we've normally experienced. Offsetting that, obviously, has been very, very strong growth in our traditional Marvell storage controller business, which is, by the way, the business that normally has been historically a little bit more lumpy. That one's performing extremely well due to this DIY flash controller you mentioned and also our shipments of controllers that end up in cloud applications. And so I think the fourth quarter is a strong increase, and we certainly see all those growth drivers intact. Next year, we get the full benefit of that full year of the DIY shipments to our lead customer there. We certainly see cloud computing growing. And then we've also got share gains in preamplifiers.

當然。是的。不，我認為投資者日的論點肯定仍然完好無損，我們很高興看到第四季度出現了不錯的上漲，因為我們理解第三季度的表現稍弱。我們確實在光纖通道中存在這種不尋常的塊狀，我認為如你所知，從歷史上看，它一直是一個相對穩定的業務。但鑑於今年早些時候供應鏈對董事會的一些影響以及與 COVID-19 相關的對企業的一些影響，該業務的波動性確實比我們通常經歷的要大得多。顯然，我們傳統的 Marvell 存儲控制器業務的增長非常非常強勁，這抵消了這一點，順便說一下，該業務在歷史上通常比較不穩定。由於您提到的這個 DIY 閃存控制器以及我們最終用於雲應用程序的控制器出貨量，該控制器的性能非常好。所以我認為第四季度增長強勁，我們當然看到所有這些增長動力都完好無損。明年，我們將充分受益於全年向我們的主要客戶發貨的 DIY 產品。我們當然看到雲計算正在增長。然後我們在前置放大器中也獲得了份額收益。

So I think -- and by the way, I think from a fiber channel standpoint, we do expect that in Q4 and beyond, that, that business trends to a more normal run rate. And I would expect it would not have the same level of volatility we saw earlier this year, just given that, that was primarily caused by some external shocks relative to COVID 19.

所以我認為 - 順便說一句，我認為從光纖渠道的角度來看，我們確實預計在第四季度及以後，該業務將趨向於更正常的運行速度。我預計它不會像今年早些時候看到的那樣波動，因為這主要是由與 COVID 19 相關的一些外部衝擊引起的。

(Operator Instructions) Our next question will come from Vivek Arya with Bank of America Securities.

（操作員說明）我們的下一個問題將來自美國銀行證券公司的 Vivek Arya。

Matt, let me press you a little more on the supply constraint issue, but I -- just to get a sense of whether it's like $5 million, $10 million, $15 million? Just some ballpark would help. And then importantly, what does that say about your visibility heading into April? When I look at the current kind of expectations around April, therefore, sort of flattish trends versus January. But given this visibility, how should we -- and these unsolicited orders, what you're referring to as delinquency, how should we think about seasonality heading into April? So just some quantification and just some color around trends heading into April would be really helpful.

馬特，讓我在供應限制問題上再向你施壓，但我只是想知道是 500 萬美元、1000 萬美元還是 1500 萬美元？只是一些球場會有所幫助。然後重要的是，這對您進入四月的知名度有何影響？因此，當我查看 4 月左右的當前預期時，與 1 月相比，趨勢趨於平緩。但是鑑於這種可見性，我們應該如何 - 以及這些未經請求的訂單，你所說的拖欠，我們應該如何考慮進入四月的季節性？因此，僅對進入 4 月的趨勢進行一些量化和一些顏色將非常有幫助。

Sure. Well, let me first comment. I think we're certainly pleased that Q4 -- Q4 is up. And that's a positive. I think if I just go back up more to 30,000 feet, we're very encouraged about our fiscal '22. The -- as I mentioned earlier, we've got the full year of DIY storage controller. We've got 5G kicking in. There's obviously more growth in cloud and a number of growth drivers. So I think that we feel very good about for next year. And then I think the slope of that and how that all rolls in, some of that is going to be related to demand, and some of it's going to also be related to supply and how much progress we can make. At this point, it's a little bit difficult to quantify exactly the amount. But what I would say is that directionally, the way the business is heading and the growth drivers we outlined at our Investor Day would certainly support the type of growth that we're anticipating next year. So I think all that's positive in terms of heading into the fourth quarter and beyond. But where Q1 lands, we'll have to get to that when we go ahead and guide that quarter. I think we'll have much better visibility on the supply dynamics. But certainly, in the short term, you can see from our Q4 guide, demand has been strong, and that's also backed up by strong bookings that we've seen as well as, as I mentioned, we've got a lot of orders sitting out there that we're working very hard to go fulfill.

當然。好吧，讓我先評論一下。我認為我們當然很高興第四季度 - 第四季度上升。這是一個積極的方面。我想如果我回到 30,000 英尺以上，我們對 22 財年感到非常鼓舞。 - 正如我之前提到的，我們已經完成了一年的 DIY 存儲控制器。我們已經啟動了 5G。雲計算和許多增長驅動因素顯然有更多的增長。所以我認為我們對明年感覺很好。然後我認為它的斜率以及所有這些如何滾動，其中一些將與需求有關，其中一些也將與供應以及我們可以取得多少進展有關。在這一點上，要準確量化數量有點困難。但我要說的是，我們在投資者日概述的業務發展方式和增長動力肯定會支持我們明年預期的增長類型。所以我認為所有這些對於進入第四季度及以後都是積極的。但是，當我們繼續指導該季度時，我們必須在第一季度著陸時做到這一點。我認為我們將對供應動態有更好的了解。但可以肯定的是，在短期內，您可以從我們的第四季度指南中看到，需求一直很強勁，這也得到了我們所看到的強勁預訂的支持，正如我所提到的，我們有很多訂單坐在那裡，我們正在努力工作以實現。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

Matt, I guess I also wanted to ask about the same topic. And I guess my question is more on timing. And really, when you think you'll be able to ship to demand, it sounds like maybe you're getting a little bit of a trade off here, that you're getting a little more longer term visibility. But I guess my question is really, when do you think you'll be able to ship to demand? And in the fiscal Q4 guidance, does that assume that delinquencies go up versus fiscal Q3? Or does it assume that they stay about the same?

馬特，我想我也想問同樣的話題。我想我的問題更多是關於時間的。真的，當你認為你能夠按需求發貨時，聽起來你可能在這裡得到了一些權衡，你得到了更長期的可見性。但我想我的問題是真的，你認為你什麼時候可以發貨？在第四財季的指引中，這是否假設拖欠率比第三財季上升？還是假設它們保持不變？

Yes. No. Look, Tim, I -- trust me, I wish I could be a little bit more precise. But I think the way to think about it is on the supply side, at least when we -- when we talk to our supply chain partners, there is an anticipation that certainly within the first quarter or 2 in calendar '21, that we will see some improvements there. I think a lot of that, though, is -- depends on how strong the demand environment is. Certainly, it's not just us, I think, signaling that demand is good. I think other companies as well are indicating that. So I'd just say it's a fluid situation. But certainly, we hope within the first quarter or 2 in next year that we would be able to get up to that run rate. We take our customer satisfaction very seriously, and we're all hands on deck in terms of how to meet the ramp. And I'm confident we will meet the ramp ultimately. It's -- we've just got a -- and I've been through a few of these since I've been in this industry. And ultimately, these things work themselves out, and we've got a world-class operations team and pretty tight communication with our customers at this point. So it will get there, and I think we'll start seeing improvements in the first half.

是的。不。聽著，蒂姆，我——相信我，我希望我能更準確一點。但我認為考慮它的方式是在供應方面，至少當我們 - 當我們與我們的供應鏈合作夥伴交談時，我們預計肯定會在 21 年的第一季度或第二季度，我們將在那裡看到一些改進。不過，我認為這在很大程度上取決於需求環境的強勁程度。當然，我認為，表明需求良好的不僅僅是我們。我認為其他公司也表明了這一點。所以我只想說這是一個不穩定的情況。但可以肯定的是，我們希望在明年的第一季度或第二季度內，我們能夠達到這個運行速度。我們非常重視我們的客戶滿意度，並且在如何滿足坡道方面我們都在甲板上。我有信心我們最終會遇到坡道。這是 - 我們剛剛得到了一個 - 自從我進入這個行業以來，我已經經歷了其中的一些。最終，這些事情自己解決了，我們擁有世界一流的運營團隊，並且在這一點上與我們的客戶進行了非常密切的溝通。所以它會到達那裡，我認為我們將在上半年開始看到改進。

And just to be clear, Tim, just to be clear, in Q4, I mean and maybe for Vivek as well. I mean, we would have guided higher in Q4, obviously, had we had better access to the supply that we needed.

為了清楚起見，蒂姆，為了清楚起見，在第四季度，我的意思是，也許對 Vivek 也是如此。我的意思是，如果我們能夠更好地獲得所需的供應，我們顯然會在第四季度獲得更高的指引。

Our next question will come from C.J. Muse with Evercore.

我們的下一個問題將來自 C.J. Muse 和 Evercore。

Sorry to beat a dead horse, Matt. But just curious on the supply constraint side, are there any particular products within networking that are tighter than others? And then I guess, if we can get off of this subject, perhaps you could speak to, now that Inphi is expected to be in the fold at Marvell, what are your conversations trending to now with your lead customers?

抱歉打死馬了，馬特。但只是對供應限制方面感到好奇，網絡中是否有任何特定產品比其他產品更緊密？然後我想，如果我們能擺脫這個話題，也許你可以談談，既然預計 Inphi 將加入 Marvell，那麼你現在與主要客戶的對話趨勢如何？

Sure. Yes. Happy to finish the meeting, C.J. But really, what -- if you think about it, in our networking business and whether that's -- whether that's in ASICs or in some of our switches or even some of our PHYs, some of these products are extremely high pin count devices in very complex packages. And as you go to more and more complex substrates, especially, you could say with 5G products or processor products, there's just been a number of constraints as these substrate factories try to ramp up production on boards and PCBs that are multiples more complex in terms of number of layers and number of pins than in previous generations. So I think that's putting some constraint. Additionally, the large fabs, the large foundries out there are full. And in some cases, you have legacy nodes where there's constraints that are a little bit unique. It might be because of who knows last time buys, I'm not sure from other vendors, but you also have some legacy nodes that actually have some impact which are a little bit acute right now. So it's across the board. But again, the trend is more on the complex products and more around substrates.

當然。是的。很高興結束會議，CJ 但實際上，如果你想一想，在我們的網絡業務中，無論是在 ASIC 中還是在我們的某些交換機甚至是我們的某些 PHY 中，其中一些產品是非常複雜的封裝中的極高引腳數器件。隨著您使用越來越複雜的基板，尤其是 5G 產品或處理器產品，由於這些基板工廠試圖提高電路板和 PCB 的產量，這些基板和 PCB 的產量要復雜得多。層數和引腳數比前幾代。所以我認為這會帶來一些限制。此外，那裡的大型晶圓廠、大型代工廠都爆滿。在某些情況下，您有遺留節點，其中有一些獨特的約束。可能是因為誰知道最後一次購買，我不確定其他供應商的情況，但你也有一些遺留節點實際上有一些影響，現在有點嚴重。所以它是全面的。但同樣，趨勢更多地集中在復雜產品上，更多地圍繞基板。

And then your second question, C.J., was on Inphi?

然後你的第二個問題，C.J.，是關於 Inphi 的嗎？

Yes, that's right. In terms of your conversations with your leading customers post the deal announcement, similar to what you discussed, I guess, a few years back with Cavium, would love to hear the reception and whether engagements are accelerating because of bringing this asset into the fold?

是的，這是對的。就您與主要客戶的對話發布交易公告而言，類似於您在幾年前與 Cavium 討論的內容，很想听聽接收情況以及是否因為將這項資產納入其中而加速了參與？

Yes. No, thanks. Yes. We've had, I think, very strong joint engagements since we announced the combination. And what I would say is, is pretty much across the board, there's very strong support from the customer base for this combination. I think one is, certainly in the 5G area, they're very happy to have another strong product line to consider and we've already got some introductions made there. And then on the cloud side, which is really where Inphi was -- is very deep with a number of the large OEMs. I think there's very constructive discussions right now about a number of opportunities. A number of those are around ASICs. And I think the timing of our 5-nanometer platform and the traction we're seeing there, actually, that resonates really well. And in many cases, some of these high-performance custom ASICs for the cloud, they have direct interfaces to Inphi optical modules. And so there's actually a fairly tight synergy there between the dense digital logic type of solutions we can provide, connecting to these high-performance optical modules that Inphi is enabling. So it's going very well. And I think, certainly, as we clear the various regulatory approvals, we can engage even more deeply, but that's all going extremely well. And it does remind me a lot of the synergy that we saw very early on when we did Cavium in terms of the customer reception and the ability to go sell a very joint solution. So I'm pretty excited about it. And I think it's meeting all expectations or better than what I anticipated that reaction would be like.

是的。不用了，謝謝。是的。我認為，自從我們宣布合併以來，我們已經有了非常強大的聯合參與。我要說的是，幾乎是全面的，客戶群對這種組合非常支持。我認為一個是，當然在 5G 領域，他們很高興有另一個強大的產品線可供考慮，我們已經在那裡進行了一些介紹。然後在雲方面，這就是 Inphi 真正所在的地方 - 與許多大型 OEM 的關係非常密切。我認為現在就一些機會進行了非常有建設性的討論。其中一些是圍繞 ASIC 的。我認為我們的 5 納米平台的時機和我們在那裡看到的牽引力，實際上，產生了很好的共鳴。在許多情況下，其中一些用於雲的高性能定制 ASIC，它們具有與 Inphi 光學模塊的直接接口。因此，我們可以提供的密集數字邏輯類型的解決方案之間實際上存在相當緊密的協同作用，連接到 Inphi 支持的這些高性能光學模塊。所以進展非常順利。而且我認為，當然，隨著我們獲得各種監管批准，我們可以更深入地參與，但這一切都非常順利。它確實讓我想起了我們很早就在做 Cavium 時在客戶接待和銷售非常聯合的解決方案的能力方面看到的很多協同作用。所以我很興奮。而且我認為它滿足了所有期望，或者比我預期的反應更好。

Our next question will come from Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

Just kind of curious, Matt, on the outlook on the enterprise side, it was up, and I'm kind of just curious, in your conversations as you look into next year, whether we could see a bit better cycle on the enterprise side.

有點好奇，馬特，關於企業方面的前景，它已經上升了，我有點好奇，在你展望明年的談話中，我們是否可以在企業方面看到更好的周期.

Yes. Sure, Blayne. Yes, I think a couple of things. I mean, certainly, there has been a lot of concern about the enterprise market in general. I think we have started to see some positive -- more positive commentary out of some of the large OEMs. So I think that's good. But really for us, it's sort of a continued story of our own new product introductions and share gain. And so we recently announced an addition to our borderless enterprise portfolio with our Octal multi-gig PHYs. We had strong design wins on PHYs in the most recent quarter. Our new switches have got great traction as well. And even in our traditional enterprise NIC and fiber channel business, we're also seeing strong design activity. So I think all of that bodes well for us. And it's certainly, even in the short term, helping offset what many might consider to be a more challenging overall enterprise environment. We actually we see positive trends into Q4, and we anticipate that's going to continue next year. And then as we even highlighted at the Analyst Day with some new, more strategic wins, 1 example would be in our Octeon processor area, there's even growth beyond that. So I think we're very excited about the enterprise business as a key part of our portfolio to drive growth and also be overall accretive to the gross margins of the company. So it's a good business for us. We're investing there, and we're very focused on product leadership in that area.

是的。當然，布萊恩。是的，我認為有幾件事。我的意思是，當然，總體上對企業市場有很多擔憂。我認為我們已經開始從一些大型 OEM 中看到一些積極的——更積極的評論。所以我認為這很好。但對我們來說，這實際上是一個關於我們自己的新產品介紹和分享收益的持續故事。因此，我們最近宣佈在我們的無邊界企業產品組合中增加了 Octal 多千兆 PHY。在最近一個季度，我們在 PHY 方面取得了強大的設計勝利。我們的新開關也具有很大的吸引力。即使在我們傳統的企業 NIC 和光纖通道業務中，我們也看到了強大的設計活動。所以我認為所有這些對我們來說都是好兆頭。當然，即使在短期內，它也有助於抵消許多人可能認為更具挑戰性的整體企業環境。實際上，我們看到了第四季度的積極趨勢，我們預計明年這種情況將繼續下去。然後我們甚至在分析師日強調了一些新的、更具戰略意義的勝利，其中一個例子就是我們的 Octeon 處理器領域，甚至還有增長。因此，我認為我們對企業業務感到非常興奮，因為它是我們投資組合的關鍵部分，可以推動增長並整體增加公司的毛利率。所以這對我們來說是一筆好生意。我們正在那裡投資，我們非常專注於該領域的產品領導力。

Our next question will come from John Pitzer with Crédit Suisse.

我們的下一個問題將來自瑞士信貸的 John Pitzer。

Matt, clearly, the strength of the story here are all the bottoms-up product cycles. And you mentioned a new win in your preamble, and I'd love to get a little bit more color. The 5-nanometer Octeon win against x86. Help us understand why you think you won that socket, when it starts to ramp, and kind of what the revenue potential there is? And given all of the product ramps you have, those ramps still live in the real world, and we're still kind of in a macro environment that's kind of just crawling along. I'm kind of curious, as we get into calendar year '21, if we do see that sort of cyclical recovery in the macro, how much of an accelerant to growth to some of these product cycles do you think that can be?

馬特，顯然，這裡的故事的力量是所有自下而上的產品週期。你在序言中提到了一個新的勝利，我很想得到更多的色彩。 5 納米 Octeon 戰勝 x86。幫助我們了解您為什麼認為您贏得了該插座，何時開始增加，以及有什麼樣的收入潛力？考慮到您擁有的所有產品坡道，這些坡道仍然存在於現實世界中，我們仍然處於一種只是在爬行的宏觀環境中。我有點好奇，當我們進入 21 日曆年時，如果我們確實看到宏觀經濟出現這種週期性複蘇，那麼您認為這些產品週期的增長能起到多大的促進作用？

Sure. Yes. So look, I think if you go back and you look at -- and let's even go back all the way to Cavium days, there's been this ongoing -- first, it was MIPs and then transition to ARM battle in the networking processor area. And Cavium and Marvell has had a strong position there, great products, but not the share leader. And even in this sort of embedded world, x86 has always been very strong. We're very encouraged by where we sit from a product positioning as we look at our next generation, our tenth generation OCTEON platform that's going to be coming out in 5-nanometer. And I think that their -- I think it's well understood, beyond well understood, some of the challenges, the largest player in that market has in terms of their process road map. So I think we line up very well from that point of view, certainly. And -- but on top of that, we have leadership and architecture for these types of applications, for data playing processing and very deep relationships with our customers. And so the win that we highlighted, I talked about today, but we had actually talked about it at Investor Day as well, was for one of the leading OEMs, not only in the United States, but the world who typically makes these types of platform decisions much earlier than others, in terms of how they plan. So we're -- I would say this is sort of a very positive leading indicator that we got selected after very extensive benchmarking, by the way. And we said at the Investor Day, I think it was in Raghib's presentation, that this piece of business alone would be an incremental $100 million a year type of annual socket for us, which is huge for a company like ours. We don't have that many, many sockets of that nature. But I think that, that's a very strong leading indicator, John, that in this next cycle with 5-nanometer ramping, and again, this is going to take -- this is going to manifest itself over the next several years, we think we're in a very strong position there. So I think that -- and I think there's a chance Octeon could have a much stronger place in the market than it has historically.

當然。是的。所以看，我想如果你回過頭來看看——甚至讓我們一直回到 Cavium 時代，這種情況一直在進行——首先是 MIP，然後是網絡處理器領域的 ARM 戰鬥。 Cavium 和 Marvell 在那裡擁有強大的地位，出色的產品，但不是份額領導者。即使在這種嵌入式世界中，x86 也一直非常強大。當我們著眼於下一代，我們的第十代 OCTEON 平台將採用 5 納米技術時，我們從產品定位中所處的位置感到非常鼓舞。而且我認為他們的 - 我認為這是很好理解的，超出了很好的理解，一些挑戰，該市場中最大的參與者在他們的流程路線圖方面。所以我認為從這個角度來看，我們的陣容非常好，當然。而且——但最重要的是，我們在這些類型的應用程序、數據播放處理以及與客戶的深厚關係方面擁有領先地位和架構。所以我們強調的勝利，我今天談到了，但我們實際上也在投資者日談到了它，它是為領先的原始設備製造商之一，不僅在美國，而且在世界上通常製造這些類型的就他們如何計劃而言，平台決策比其他人更早。所以我們 - 順便說一句，我會說這是一個非常積極的領先指標，我們是在非常廣泛的基準測試後選擇的。我們在投資者日說過，我認為這是在 Raghib 的演講中，單是這項業務對我們來說就是每年增加 1 億美元的年度收入，這對於像我們這樣的公司來說是巨大的。我們沒有那麼多、很多那種性質的插座。但我認為，這是一個非常強大的領先指標，約翰，在下一個 5 納米增長的周期中，這將需要 - 這將在未來幾年內顯現出來，我們認為我們'在那里處於非常有利的地位。所以我認為——而且我認為 Octeon 有可能在市場上擁有比歷史上更強大的地位。

And then you're right on the -- even in this environment, at least many of the chip companies are performing well. We think we are. And certainly, if we get the economy on a macro level moving in the right direction next year, that's really not in our assumptions today. I mean we sort of assume that, at least as we planned, we're planning that there's still going to be some turbulence. But certainly, if the macro improves and there's strength in enterprise spending as an example, our businesses are spending again, people are going back to work, et cetera, then I do think it's going to be a lift for companies like us. But I think it's a little bit early to tell, given all the transitions happening in the world today.

然後你是對的 - 即使在這種環境下，至少許多芯片公司表現良好。我們認為我們是。當然，如果明年我們在宏觀層面上讓經濟朝著正確的方向發展，那真的不在我們今天的假設中。我的意思是我們有點假設，至少按照我們的計劃，我們計劃仍然會有一些動盪。但可以肯定的是，如果宏觀改善並且以企業支出為例，我們的企業再次支出，人們將重返工作崗位等等，那麼我確實認為這對像我們這樣的公司來說將是一個提振。但鑑於當今世界正在發生的所有轉變，我認為現在下結論還為時過早。

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

我們的下一個問題將來自德意志銀行的羅斯·西莫爾。

Hey Matt, I wanted to dive a little bit into the networking guidance for the quarter and then some longer-term implications for it. It sounds like pretty much everything is going to be up sequentially except for 2 ASIC sides, ASIC on the wireless infrastructure as well as the cloud ASIC side. So are those ASIC pauses? Are those things that are due to the end market weakening, just taking a pause? Is it the -- I know it's not end of life, but have we already hit kind of a plateau in those businesses? And then the other side, where everything else is up, how much of that do you think is macro getting better, sort of a systematic increase versus Marvell-specific product cycles driving that sequential growth?

嘿，馬特，我想深入了解一下本季度的網絡指導，然後再深入了解一些長期影響。聽起來除了 2 個 ASIC 端、無線基礎設施上的 ASIC 以及雲 ASIC 端之外，幾乎所有東西都將依次上升。那麼那些 ASIC 暫停了嗎？那些因終端市場走弱而導致的事情，是否只是暫停一下？是不是——我知道這不是生命的終結，但我們是否已經在這些業務中達到了某種平台期？然後另一方面，其他一切都在上升，您認為其中有多少是宏觀變得更好，與推動連續增長的 Marvell 特定產品週期相比，這是一種系統性增長？

Sure. Yes. Thanks, Ross. So on the first part of it, I actually think it's very consistent with the question you've asked me in the past. I think you -- during one of our -- one of the investor road shows you hosted, where I did a call with a broad set of investors, you said, hey, with some of these markets you're getting into, like carrier or like cloud, how do you expect the volatility of those markets to be in, and those lend themselves to be somewhat lumpier? And so that is the case. I mean, you did nail that in that -- in the case of the cloud side, it had nothing to do with demand, but the pattern in which new products ramp and you've probably seen this with other semiconductor vendors, it isn't exactly a linear process. They tend to buy a larger quantity early, then there might be a quarter of sort of digestion and then they come back again. So this is actually, the strength we saw in Q3 was the beginning of a ramp on this program. And it just -- they took a large quantity in Q3. Some deployments, they're going to do in their own data centers through Q4. But certainly, we expect that overall program to be up quite a bit in next year because that's a brand-new program, and that's just ramping.

當然。是的。謝謝，羅斯。所以在第一部分，我實際上認為這與你過去問我的問題非常一致。我認為你——在我們的一次——你主持的一次投資者路演中，我與廣泛的投資者進行了電話交談，你說，嘿，你正在進入其中一些市場，比如運營商或者像雲一樣，您如何看待這些市場的波動性，而這些市場的波動性會更大一些？就是這樣。我的意思是，你確實指出了這一點——在雲端的情況下，它與需求無關，但新產品激增的模式，你可能已經在其他半導體供應商那裡看到過，它不是t 完全是一個線性過程。他們傾向於提前購買更多數量，然後可能會有四分之一的消化，然後他們會再次回來。所以這實際上是，我們在第三季度看到的實力是這個計劃的開始。它只是 - 他們在第三季度大量購買。一些部署，他們將在第四季度在自己的數據中心進行。但可以肯定的是，我們預計明年的整體計劃會大幅增加，因為這是一個全新的計劃，而且還在逐步增加。

And then on the 5G side, China has been the most aggressive in terms of 5G rollouts globally, and we've seen that strength actually in China for the last 2 or 3 quarters, including Q3 being a strong quarter. And I think it's pretty natural for them to do some absorption as well. And that commentary is, I think, been out there somewhat broadly. We certainly think, again, overall, next year, that China 5G deployments should continue. There's still a whole bunch to go. And we'll benefit when that happens.

然後在 5G 方面，就全球 5G 部署而言，中國一直是最積極的，我們已經在過去 2 或 3 個季度看到了中國的實力，其中第三季度是一個強勁的季度。而且我認為他們也很自然地進行一些吸收。我認為，該評論的範圍很廣。我們當然再次認為，總體而言，明年中國的 5G 部署應該會繼續。還有一大堆要走。當這種情況發生時，我們將受益。

So yes, I think in those cases, Ross, it's really more just new products ramping, in the case of cloud. And in the case of 5G, it's just, I think, a normal fluctuation in how the carrier demand lines in.

所以是的，我認為在這些情況下，羅斯，就雲計算而言，這實際上只是新產品的興起。在 5G 的情況下，我認為這只是運營商需求線的正常波動。

And then I'd say for our Q4, you're right, pretty much across the board, all of our product lines are up. And I would say it's mostly product driven for us. I mean, let's take automotive as an example. We indicated it was crossing over into double digit millions. We've seen car production pick up. We had noted we were in a whole bunch of model year '21 vehicles. That's all now booking. And that's, again, a very unique Marvell product cycle in terms of automotive Ethernet that continues, not only through our fiscal '22, but certainly beyond that, as these programs go into high volume. So I would attribute this to be more our own product cycles. But certainly, I think if you just talk to other people in the chip industry right now, the sentiment is quite bullish in terms of other CEOs and other companies feeling like it is an overall stronger demand environment out there. But I think we're guiding up maybe a little bit more than others just because we do have some unique product cycles that we're a part of.

然後我會說，對於我們的第四季度，您是對的，幾乎全面，我們所有的產品線都已上線。我會說這主要是對我們的產品驅動。我的意思是，讓我們以汽車為例。我們表示它正在跨越數百萬。我們已經看到汽車產量回升。我們注意到我們在一大堆 21 年的車型中。現在預訂就這些了。這又是一個非常獨特的 Marvell 產品週期，就汽車以太網而言，它不僅會持續到我們的 22 財年，而且隨著這些計劃的大量投入使用，肯定會超出此範圍。所以我認為這更多是我們自己的產品週期。但可以肯定的是，我認為如果你現在只是與芯片行業的其他人交談，就其他 CEO 和其他公司而言，這種情緒是相當樂觀的，他們認為這是一個整體更強勁的需求環境。但我認為我們的指導可能比其他人多一點，只是因為我們確實有一些獨特的產品週期，我們是其中的一部分。

Our next question will come from Tore Svanberg with Stifel.

我們的下一個問題將來自 Tore Svanberg 和 Stifel。

Yes. And congratulations on the results. And Matt, thank you for the sort of preview on ORAN, vRAN. I was hoping you could elaborate a little bit more on the company's positioning there, maybe not as much on the technology side, but kind of more on the business model and how that supply chain works. My understanding, it's going to be more of a white box market. So any color you could share with us there on the positioning would be great.

是的。並祝賀結果。還有 Matt，感謝您提供關於 ORAN、vRAN 的預覽。我希望你能詳細說明公司在那裡的定位，可能不是在技術方面，而是在商業模式和供應鏈如何運作方面更多。我的理解是，這將更像是一個白盒市場。因此，您可以在定位上與我們分享的任何顏色都會很棒。

Sure. Yes. I'll continue a little bit of my mini preview, but I think, Tore, you should expect relatively soon, we'll be doing a pretty comprehensive release on ORAN and vRAN, by the way, in terms of how we're going to play, how we fit in the market, and it will be a combination of technology and also segmentation. But I think to keep it at a higher level, it is an interesting potential disruption that's out there, and it's certainly gained momentum in terms of the conversations we're having over the last 6 to 9 months. I do think there will be -- I think it will get deployed in some areas. And I view it in a couple of ways.

當然。是的。我將繼續我的一些迷你預覽，但我認為，Tore，你應該相對較早地期待，我們將在 ORAN 和 vRAN 上進行相當全面的發布，順便說一下，就我們的進展而言玩，我們如何適應市場，這將是技術和細分的結合。但我認為將其保持在更高的水平，這是一個有趣的潛在破壞，就我們在過去 6 到 9 個月進行的對話而言，它肯定獲得了動力。我確實認為會有——我認為它會在某些領域得到部署。我從幾個方面來看待它。

One, I think, I think there are smaller emerging players who would be more in the white box model. And there, we -- you should assume we're going to have more of a standard offering that leverages all of the IP that we've already developed and is a fairly efficient way to get merchant products out into the market. And that's available today. As you know, we're shipping macro class 5G baseband processors today. So I think we're in the best position of any company quickly to go do that.

一，我認為，我認為有更小的新興玩家會更多地採用白盒模型。在那裡，我們 - 你應該假設我們將擁有更多的標準產品，利用我們已經開發的所有 IP，並且是一種將商業產品推向市場的相當有效的方式。這就是今天可用的。如您所知，我們今天正在發貨宏級 5G 基帶處理器。所以我認為我們在任何公司中處於最佳位置，可以迅速做到這一點。

At the same time, the large incumbent players in RAN are not asleep at the wheel. And I think each of them will have their own go-to-market strategy around oRAN and vRAN. And many of those customers were also a key provider to them already for the macro. And so I think we have an ability to support the traditional players who probably have to grapple with some level of innovator's dilemma on this market, in terms of how they go about it and how they play and how they manage it. And then there's a set of upstarts that we can also address.

與此同時，RAN 中的大型現有玩家並沒有在方向盤上睡著了。而且我認為他們每個人都會圍繞 oRAN 和 vRAN 制定自己的市場推廣戰略。這些客戶中的許多人也已經是他們宏觀的關鍵提供者。因此，我認為我們有能力支持傳統玩家，他們可能不得不在這個市場上解決某種程度的創新者困境，包括他們如何進行、如何玩以及如何管理它。還有一組我們也可以解決的新貴。

So more on that later, but I think it won't be just white box and sort of startup companies. I think it will be a combination of the 2, and I think it'll take some time to play out, Tore. I don't think this is an overnight sensation, and probably we'll go -- could sort of map the hype cycle curve on it, like we've seen with a lot of other emerging technologies, ORAN probably goes a lot like that. And so you can pick your place on the hype cycle. It's probably on the way up, and there'll be a point where it's probably got to pause, and then at some point, it'll make an impact.

稍後會詳細介紹，但我認為這不僅僅是白盒和初創公司。我認為這將是兩者的結合，我認為這需要一些時間才能發揮出來，Tore。我不認為這是一夜之間的轟動，我們可能會去——可以在上面繪製炒作週期曲線，就像我們在許多其他新興技術中看到的那樣，ORAN 可能很像那樣.因此，您可以在炒作週期中選擇自己的位置。它可能正在上升，並且可能會在某個時候暫停，然後在某個時候，它會產生影響。

But we certainly plan to be there, but in a way that enables the broader market and leverages all the development we've already done. I think that's the key part, is doing this in an R&D efficient way, which enables us to participate in it.

但我們當然計劃在那裡，但以一種能夠擴大市場並利用我們已經完成的所有開發的方式。我認為這是關鍵部分，是以一種高效的研發方式來做這件事，這使我們能夠參與其中。

Our next question will come from Harlan Sur with JPMorgan.

我們的下一個問題將來自摩根大通的 Harlan Sur。

It looks like capacity optimized our nearline HDD shipments are looking or starting to pick up this quarter, ahead of what looks to be a reacceleration in cloud spending, starting kind of first half of next year? I think your 2 lead HDD customers are well into the ramp of 16 terabytes, but they're also starting to qualify 18 as well. And as we progress through next year, it sort of looks like 18 is going to be the sweet spot for volume. So what's Marvell's dollar content opportunity on 18 versus 16, with your 2 lead customers? And is the team starting to get visibility on continued strength in your nearline business over the next several quarters?

看起來容量優化了我們的近線硬盤出貨量在本季度正在尋找或開始回升，在明年上半年開始的雲支出重新加速之前？我認為您的 2 位領先的 HDD 客戶已經進入 16 TB 的階段，但他們也開始符合 18 位的要求。隨著我們明年的進展，看起來 18 歲將成為銷量的最佳點。那麼 Marvell 在 18 與 16 的美元內容機會是什麼，您的 2 個主要客戶？在接下來的幾個季度中，團隊是否開始了解您的近線業務的持續實力？

Sure. I think, Harlan, I think the corollary around cloud demand and cloud strength certainly ripples back in the nearline. So we do see that in the short term. As you probably know, the big move for us is really the ability to get preamplifiers in terms of the content. And so we have certainly 1 account that we're shipping with today along with controllers.

當然。我認為，哈蘭，我認為圍繞雲需求和雲強度的必然結果肯定會在近線上產生漣漪。所以我們確實在短期內看到了這一點。正如您可能知道的那樣，對我們來說，真正的大動作是能夠在內容方面獲得前置放大器。因此，我們今天肯定有 1 個帳戶與控制器一起發貨。

So beyond that, the content from a controller and even plus preamplifier standpoint doesn't change all that much from these generations. I think the big mover for us is if we can get more preamp engagements in the nearline side, we certainly have 1 that's already publicly announced, and we're working on more. But I think ASP's content, as you get to these high capacity drives, is going to be fairly similar from generation to generation. And that goes for 18, it goes for 20, it goes for -- and beyond.

因此，除此之外，從控制器甚至加上前置放大器的角度來看，這些世代的內容並沒有太大變化。我認為對我們來說最大的推動力是，如果我們能夠在近線方面獲得更多的前置放大器參與，我們當然已經公開宣布了 1 個，並且我們正在努力進行更多。但我認為 ASP 的內容，當你得到這些大容量驅動器時，一代又一代將非常相似。這適用於 18，適用於 20，適用於 - 甚至更遠。

Unfortunately, and that's always the challenge is, there's just tremendous exabyte growth and tremendous data storage growth happening. The controllers, unfortunately, don't get the same type of ASP uplift to them, although we've managed to get a little bit more value generation to generation, but it's very incremental relative to the bang for the buck, the cloud customers get by going from a 16 to an 18 or an 18 to a 20. We don't see that in our ASPs. But it's good business, and we certainly have a lot of value there.

不幸的是，挑戰始終是，正在發生巨大的艾字節增長和巨大的數據存儲增長。不幸的是，控制器並沒有得到相同類型的 ASP 提升，儘管我們已經設法一代又一代地獲得了更多的價值，但相對於物有所值而言，它是非常增量的，雲客戶得到從 16 到 18 或從 18 到 20。我們在 ASP 中看不到這一點。但這是一門好生意，我們當然有很多價值。

Our next question will come from Christopher Rolland with Susquehanna.

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

I also thought the top-of-rack switch announcement at a hyperscaler was interesting as well. You've previously focused on the enterprise market rather than the market where we're really talking about speeds and feeds. But it looks like there could be more of a shift there. And I was wondering if that is the case. And perhaps you can describe your capabilities there? Is this all coming out of Israel right now? And what else would you have to do to try to catch up with the incumbent here?

我還認為超大規模機上的架頂式交換機公告也很有趣。您以前專注於企業市場，而不是我們真正談論速度和饋送的市場。但看起來那裡可能會有更多的轉變。我想知道是不是這樣。也許你可以在那裡描述你的能力？這一切現在都來自以色列嗎？你還需要做什麼才能趕上這裡的現任者？

Yes. So let me be really clear, Chris. For the Marvell-designed business, that has been classically focused on enterprise switching, campus switching, Soho, core and aggregation switching, and that's been our sweet spot, that's where we've been growing. When you go to the speeds and feeds and cloud side, we don't have a development internally on that. So the reference, I think, that you're pointing to is an ASIC win that we have. And we actually have a number of these that we're working on from the Avera business, okay? And now it's Marvell business because in some cases, we won these since we joined forces.

是的。所以讓我說清楚，克里斯。對於 Marvell 設計的業務，傳統上一直專注於企業交換、校園交換、Soho、核心和聚合交換，這一直是我們的最佳選擇，也是我們一直在發展的地方。當您進入速度、提要和雲端時，我們內部沒有這方面的開發。因此，我認為您所指的參考是我們擁有的 ASIC 勝利。實際上，我們正在從 Avera 業務中著手處理其中的一些問題，好嗎？現在是 Marvell 的業務，因為在某些情況下，自從我們聯手以來，我們就贏得了這些。

So the way that we think about accessing that kind of high-end top-of-rack switch market, actually, we think we're probably better served at this point supplying custom ASICs to people who want to compete in that market. And I would say that for global usage, whether it's across the Super 7. And that also gives us a nice strategic entrée as well as we think about when we can join forces with Inphi, and the road map really looking more and more to go to copackage optics, our ability to be, I would call, more open source there and really support the ecosystem and support the broader set of companies that are doing these that aren't the market leader, I think is good for us. I think we sort of think the returns to do that are probably better than if we just tried to go head-to-head, which we've said for many years, it's just not our strategy.

因此，我們考慮進入這種高端架頂式交換機市場的方式，實際上，我們認為在這一點上為想要在該市場競爭的人們提供定制 ASIC 可能會得到更好的服務。我想說的是，對於全球範圍內的使用，無論是在 Super 7 上。這也為我們提供了一個很好的戰略入口，以及我們考慮何時可以與 Inphi 聯手，並且路線圖確實看起來越來越多為了共同封裝光學，我認為我們有能力在那裡更加開源，並真正支持生態系統並支持更廣泛的公司，這些公司不是市場領導者，我認為這對我們有好處。我認為我們有點認為這樣做的回報可能比我們只是試圖正面交鋒要好，我們多年來一直在說，這不是我們的策略。

I do think the large competitor there who is the market leader, they just announced a new product. I think that's actually good, because it's showing from a, from an optic standpoint that, that -- it's going to continue to drive the need for optics, and that's going to be a tailwind ultimately for people like Inphi.

我確實認為是市場領導者的大型競爭對手，他們剛剛宣布了一種新產品。我認為這實際上很好，因為從光學的角度來看，它表明——它將繼續推動對光學的需求，這最終將成為像 Inphi 這樣的人的順風。

So we have to think it through, Chris, in terms of how we go in there. But today, just to be very clear, the win that we announced was a custom ASIC with another company who we're doing a high-end switch for.

所以我們必須考慮清楚，克里斯，我們如何進入那裡。但是今天，為了非常清楚，我們宣布的勝利是與我們正在為其做高端交換機的另一家公司合作的定制 ASIC。

And today's final question will come from Srini Pajjuri with SMBC Nikko Securities.

今天的最後一個問題將來自 SMBC Nikko Securities 的 Srini Pajjuri。

Hi Matt. I have a follow up to one of the previous questions. Matt, if I look at your networking guidance, you said Samsung will be up, Nokia will be up in 5G, but the ASIC business is down. So if you could please clarify if 5G in total is growing or declining or flattish? And then as we kind of head into the next year, first half of next year, if you could qualitatively talk about what you're thinking -- or how are you looking at Samsung and Nokia continuing ramps in the first half. And also, as far as ASIC is concerned, is the rebound of recovery in ASIC, is that pretty much a function of China coming back? Or do you see any other regions helping that market to recover?

嗨，馬特。我對先前的問題之一進行了跟進。馬特，如果我看一下你的網絡指南，你說三星會崛起，諾基亞會在 5G 方面崛起，但 ASIC 業務下滑。因此，如果您能澄清一下 5G 總體上是在增長、下降還是持平？然後當我們進入明年，明年上半年，如果你能定性地談論你在想什麼 - 或者你如何看待三星和諾基亞在上半年繼續增長。而且，就ASIC而言，ASIC復甦的反彈，這在很大程度上是中國回歸的一個功能嗎？或者您是否看到任何其他地區幫助該市場復甦？

Sure. Yes. So I think -- and kind of starting at the high level first. The nice thing about our portfolio, Srini, is we have both these ASIC opportunities that are -- have now materialized, mostly driving China, and then we have our other 2 lead customers for the Marvell stuff. And this is a great example of where we had a lot of strength early on, through the China ramp on our ASIC business. That's somewhat moderated. And now the good news is we see -- we see Samsung showing a lot of strength, which is great. We invested a lot there. And I think it's very encouraging to see that really start to go. And then we've got new wins at Nokia that are, I think, well understood. And so that's just starting.

當然。是的。所以我認為——首先從高層開始。我們的投資組合 Srini 的好處是，我們擁有這兩個 ASIC 機會——現在已經實現，主要推動中國，然後我們還有另外兩個 Marvell 產品的主要客戶。這是一個很好的例子，說明我們早期在中國擁有強大的實力，通過我們的 ASIC 業務在中國的發展。這有點緩和了。現在我們看到了好消息——我們看到三星表現出了很大的實力，這很棒。我們在那裡投資了很多。我認為看到這種情況真正開始是非常令人鼓舞的。然後我們在諾基亞獲得了新的勝利，我認為這些勝利是眾所周知的。所以這才剛剛開始。

If you look at Q4, it will be our -- we're guiding it to be our sixth straight sequential quarter-over-quarter growth quarter for 5G. So while in aggregate -- so in aggregate, it's going to continue to grow, and it has been growing. And I think others in this communications market have seen a little bit more volatility during different parts of the last, call it, 4 to 6 quarters because, in general, the other players are more established. They were bigger in 4G. And so our play is really -- we're emerging. We're gaining share in 5G. We have new programs ramping. We have new customers ramping. And we've got this nice mix now and diversity such that, even if 1 region or geography has a digestion quarter, we've got the others just kicking in. And certainly, we anticipate that next year, we'll see growth across the board. We think China should resume. And we see our lead customer continuing to ramp, especially as the U.S. starts to deploy, I think there's going to be a lot of need to go do that, especially with the 5G iPhone selling as well as they appear to be. And also, even if you look at Qualcomm's forecast next year of 500 million 5G-enabled phones, I think that's going to drive a lot of demand for networks. And between the design win positions we have with the leading players who will supply the leading early geographies, we think we're in very good shape for our fiscal '22 next year.

如果你看第四季度，這將是我們的 - 我們正在引導它成為 5G 連續第六個季度環比增長季度。因此，儘管總體而言 - 總體而言，它將繼續增長，並且一直在增長。而且我認為這個通信市場中的其他人在上個季度的不同部分看到了更多的波動，稱之為 4 到 6 個季度，因為總的來說，其他參與者更加成熟。它們在 4G 中更大。所以我們的比賽真的是——我們正在崛起。我們在 5G 中獲得份額。我們有新的計劃正在增加。我們有越來越多的新客戶。而且我們現在有了很好的組合和多樣性，即使一個地區或地理區域有一個消化季度，我們也會讓其他地區開始發揮作用。當然，我們預計明年，我們將看到增長董事會。我們認為中國應該恢復。而且我們看到我們的主要客戶繼續增加，特別是隨著美國開始部署，我認為有很多需要去做，特別是在 5G iPhone 的銷售情況和它們看起來一樣的情況下。而且，即使你看一下高通公司對明年 5 億部支持 5G 的手機的預測，我認為這將推動對網絡的大量需求。在我們與將提供領先的早期地區的領先廠商之間的設計獲勝位置之間，我們認為我們在明年的 22 財年處於非常好的狀態。

Ladies and gentlemen, thank you for participating in today's question-and-answer session. I would now like to turn the call back over to management for any closing remarks.

女士們，先生們，感謝你們參加今天的問答環節。我現在想將電話轉回給管理層，以獲取任何結束語。

Thanks, guys, as we look forward to talking to all of you again next quarter.

謝謝，伙計們，我們期待著下個季度再次與大家交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接，度過美好的一天。