邁威爾科技 (MRVL) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Second Quarter Fiscal 2021 Marvell Technology Group Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) It is now my pleasure to introduce Vice President of Investor Relations, Ashish Saran.

女士們，先生們，感謝你們的支持，歡迎參加 Marvell 2021 財年第二季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）現在我很高興介紹投資者關係副總裁 Ashish Saran。

Thank you, and good afternoon, everyone. Welcome to Marvell's Second 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 財年第二季度財報電話會議。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當前的預期存在重大差異。請查看我們今天向美國證券交易委員會提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近提交的 10-K 和 10-Q 文件，我們不打算更新我們的前瞻外觀聲明。

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

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。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。

Thanks, Ashish, and good afternoon, everyone. During the second quarter of fiscal 2021, we delivered strong financial results and achieved $727 million in revenue, $7 million above the midpoint of guidance. Revenue grew 5% sequentially and 11% year-over-year. Our GAAP loss per share was $0.24. Our non-GAAP earnings per share was $0.21, above the midpoint of guidance, driven by higher revenue, better gross margins and lower operating expenses.

謝謝，Ashish，大家下午好。在 2021 財年第二季度，我們實現了強勁的財務業績，實現了 7.27 億美元的收入，比指導中點高出 700 萬美元。收入環比增長 5%，同比增長 11%。我們的 GAAP 每股虧損為 0.24 美元。我們的非公認會計原則每股收益為 0.21 美元，高於指導中點，這得益於更高的收入、更高的毛利率和更低的運營費用。

We are now halfway through our fiscal year, a time period which has turned out to be very different than we had all imagined, impacted by a global crisis that has significantly disrupted our daily lives and altered our work environment. The Marvell team has met these challenges head on and has been executing at a very high level. I'm continually impressed by the relentless determination of our engineering teams in the face of a multitude of unprecedented circumstances, like having to manage a chip bring-up remotely.

我們的財政年度已過半，這一時期與我們所有人的想像大相徑庭，受到全球危機的影響，這場危機嚴重擾亂了我們的日常生活並改變了我們的工作環境。 Marvell 團隊直面這些挑戰，並一直在高水平執行。面對大量前所未有的情況，例如必須遠程管理芯片啟動，我們的工程團隊的不懈決心給我留下了深刻的印象。

I have proudly watched our sales, marketing and support teams embrace Marvell's new brand identity and use current circumstances to increase customer engagement. In times of uncertainty, I believe that we benefit significantly in building upon our existing deep-rooted engagements.

我自豪地看到我們的銷售、營銷和支持團隊接受 Marvell 的新品牌標識並利用當前情況來提高客戶參與度。在充滿不確定性的時期，我相信在現有根深蒂固的合作基礎上，我們會受益匪淺。

When customers make forward-looking platform decisions, their experience with our products and trust and our team works to our advantage and we have continued to close design wins at an impressive rate. While getting a design win is a critical milestone, getting our customers to production and volume ramp is the ultimate goal.

當客戶做出前瞻性的平台決策時，他們對我們產品的體驗和信任以及我們的團隊對我們有利，我們繼續以驚人的速度贏得設計勝利。雖然贏得設計是一個重要的里程碑，但讓我們的客戶投入生產和量產是最終目標。

To that end, over the last few months, we have received customer approval to move into production several key programs, including a critical SSD controller and a cloud ASIC, which are both ramping now, and a 5G baseband processor for Nokia that is expected to start ramping later this fiscal year.

為此，在過去的幾個月裡，我們已獲得客戶批准將幾個關鍵項目投入生產，包括一個關鍵的 SSD 控制器和一個雲 ASIC，這兩個項目現在都在加速生產，還有一個用於諾基亞的 5G 基帶處理器，預計將在本財年晚些時候開始增加。

Let me now provide an update on our process technology platform and our custom ASIC chip strategy. Underpinning the development of all our high-performance storage, networking, compute and security products is our industry-leading IP portfolio developed on the leading edge of process technology. Earlier this week, we announced an extension of our long-term collaboration with TSMC, the world's largest dedicated semiconductor foundry, to deliver a comprehensive silicon portfolio, leveraging the industry's most advanced 5-nanometer process technology. This joint development positions Marvell for multigenerational leadership in data infrastructure technology.

現在讓我來介紹一下我們的工藝技術平台和我們的定制 ASIC 芯片戰略。支持我們所有高性能存儲、網絡、計算和安全產品開發的是我們在工藝技術前沿開發的行業領先的 IP 產品組合。本週早些時候，我們宣布延長與全球最大的專用半導體代工廠台積電的長期合作，利用業界最先進的 5 納米工藝技術提供全面的矽產品組合。這一聯合開發使 Marvell 在數據基礎設施技術領域處於多代領先地位。

This accelerated cadence in driving to the latest process node and jumping to 5 nanometers is the outcome of our multiyear evolution to focus on data infrastructure.

這種加速推進到最新工藝節點並躍升至 5 納米的節奏是我們多年來專注於數據基礎設施的結果。

In the infrastructure market, 5G, cloud, enterprise and automotive customers are migrating to silicon partners who can solve their most challenging problems, requiring the highest performance to be delivered within a very tight power budget. This requires access to the latest process technology. The acquisition of Cavium, with their processing and compute-heavy portfolio, further crystallize the need to change our strategy from a fast follower to a technology leader.

在基礎設施市場，5G、雲、企業和汽車客戶正在向能夠解決他們最具挑戰性問題的芯片合作夥伴遷移，要求在非常緊張的功率預算內提供最高性能。這需要使用最新的工藝技術。收購 Cavium 及其處理和計算密集型產品組合，進一步明確了將我們的戰略從快速追隨者轉變為技術領導者的需求。

The later acquisition of Avera was done with the recognition that our advanced process road map would be a significant step-up for Avera's ASIC technology platform and would also increase the volume of projects in advanced geometries with the subsequent benefits of scale across all of Marvell.

後來對 Avera 的收購是在認識到我們的先進工藝路線圖將是 Avera 的 ASIC 技術平台的重要一步，並且還將增加先進幾何形狀的項目數量以及隨後在整個 Marvell 中獲得的規模優勢。

The leadership position we have established for our process technology platform is the culmination of the last 2 years of hard work by our central engineering team. This has been a key driver of our recent success in winning sockets in multiple upcoming platforms such as next-generation 5G base stations. Marvell's 5-nanometer platform solution covers the full spectrum of infrastructure requirements, including high speed 112-gigabit per second long-reach SerDes, processor subsystems, encryption engines, system-on-chip fabrics, chip-to-chip interconnects and a variety of physical layer interfaces.

我們為工藝技術平台確立的領導地位是我們中央工程團隊過去 2 年辛勤工作的結晶。這是我們最近在多個即將推出的平台（例如下一代 5G 基站）中成功贏得插座的關鍵驅動力。 Marvell 的 5 納米平台解決方案涵蓋了所有基礎設施要求，包括每秒 112 Gb 的高速長距離 SerDes、處理器子系統、加密引擎、片上系統結構、芯片到芯片互連以及各種物理層接口。

We have multiple 5-nanometer products in development now on TSMC's N5P process. An enhanced version of TSMC's 5-nanometer technology, which delivers higher performance and up to approximately 40% lower power compared to the previous 7-nanometer generation. We expect to start sampling these products by the end of '21 with volume production soon thereafter.

我們現在有多個基於台積電 N5P 工藝的 5 納米產品正在開發中。台積電 5 納米技術的增強版，與上一代 7 納米技術相比，可提供更高的性能和高達約 40% 的低功耗。我們預計將在 21 年底之前開始對這些產品進行採樣，此後不久將進行量產。

Our advanced technology is a key enabler of our new custom ASIC platform, which builds upon the Avera acquisition. While customizing silicon is not new to Marvell, this acquisition significantly expanded our capabilities to become a much broader custom silicon supplier. We benefit from Avera's decades of experience in developing over 2,000 complex full custom ASICs as part of IBM and GLOBALFOUNDRIES.

我們的先進技術是我們新的定制 ASIC 平台的關鍵推動力，該平台以收購 Avera 為基礎。雖然定制芯片對 Marvell 來說並不新鮮，但此次收購顯著擴展了我們的能力，使其成為更廣泛的定制芯片供應商。作為 IBM 和 GLOBALFOUNDRIES 的一部分，我們受益於 Avera 在開發 2,000 多種複雜的全定制 ASIC 方面的數十年經驗。

We believe that access to our more advanced process platform, combined with exposure to Marvell's large customer base, opens up a host of new opportunities for the Avera team.

我們相信，使用我們更先進的工藝平台，加上接觸 Marvell 的龐大客戶群，將為 Avera 團隊開闢大量新機遇。

Equally important, we are evolving the traditional ASIC model by including all of Marvell's leading standard product IP into Avera's custom platform. The breadth of IP we're offering for customization is what sets us apart. We aren't just providing high-speed SerDes and other foundational IP, we are also providing highly scalable multi-core ARM processors, Ethernet switches and controllers, storage controllers and more.

同樣重要的是，我們正在通過將 Marvell 的所有領先標準產品 IP 納入 Avera 的定制平台來發展傳統的 ASIC 模型。我們為定制提供的 IP 廣度使我們與眾不同。我們不僅提供高速 SerDes 和其他基礎 IP，我們還提供高度可擴展的多核 ARM 處理器、以太網交換機和控制器、存儲控制器等。

This IP can be integrated on chip or as a companion chip, tightly coupled with advanced system and package solutions. Customers can reuse Marvell's hardened and widely deployed IP and focus their engineering teams on only the unique aspects of their application, benefiting from faster time to market and lower program risk by using our proven technology.

該 IP 可以集成在芯片上或作為配套芯片，與先進的系統和封裝解決方案緊密結合。客戶可以重複使用 Marvell 經強化且廣泛部署的 IP，並將其工程團隊專注於其應用的獨特方面，通過使用我們經過驗證的技術，從更快的上市時間和更低的項目風險中受益。

I'm very pleased to announce that our ASIC team has recently won a major design win under the Marvell umbrella with a Tier 1 hyperscaler. This is a new ASIC account for the Avera team, and we hope that this is the first in a series of design wins with this important customer.

我很高興地宣布，我們的 ASIC 團隊最近在 Marvell 的保護傘下憑藉 1 級超大規模處理器贏得了一項重大設計勝利。這是 Avera 團隊的新 ASIC 帳戶，我們希望這是與這個重要客戶的一系列設計勝利中的第一個。

Let me now provide an update on our server processor strategy. Very much aligned with our growing emphasis on custom solutions, we are evolving our ARM-based server processor efforts towards a custom engagement model. Over the last few years, we have developed multiple generations of ARM server processors and have been working with customers to qualify our products for volume adoption.

現在讓我提供有關我們服務器處理器策略的更新。非常符合我們對定制解決方案的日益重視，我們正在將基於 ARM 的服務器處理器努力發展為定制參與模型。在過去幾年中，我們開發了多代 ARM 服務器處理器，並一直在與客戶合作，以使我們的產品能夠批量採用。

Our ThunderX2 processor was the industry's first ARM-based processor capable of powering dual socket servers, which can go toe-to-toe with x86-based solutions and had established the performance credentials for ARM in the server market.

我們的 ThunderX2 處理器是業界第一個能夠為雙插槽服務器供電的基於 ARM 的處理器，它可以與基於 x86 的解決方案並駕齊驅，並為 ARM 在服務器市場上建立了性能憑證。

Hyperscale data center customers represent the largest opportunity for ARM server processors. Having worked with them for multiple generations, it has become apparent that the long-term opportunity is for ARM server processors customized to their specific use cases rather than the standard off-the-shelf products. The power of the ARM architecture has always been in its ability to be integrated into highly customized designs optimized for specific use cases. And we see hyperscale data center applications is no different.

超大規模數據中心客戶代表了 ARM 服務器處理器的最大機會。在與他們合作了多代之後，很明顯，長期機會是針對其特定用例定制的 ARM 服務器處理器，而不是標準的現成產品。 ARM 架構的強大之處始終在於它能夠集成到針對特定用例優化的高度定制化設計中。我們看到超大規模數據中心應用程序也不例外。

With our breadth of processor know-how and now our custom ASIC capability, Marvell is uniquely positioned to address this opportunity. The significant amount of unique ARM server processor IP and technology we have developed over the last few years is ideal to create the custom processors hyperscalers are requesting. Therefore, we have decided to target future investments in the ARM server market exclusively on custom solutions. The business model will be similar to our ASIC and custom programs where customers contribute engineering and mask expenses through NRE for us to develop and produce products specifically for them.

憑藉我們廣泛的處理器專業知識和現在我們的定制 ASIC 能力，Marvell 具有獨特的優勢來抓住這個機會。我們在過去幾年開發的大量獨特的 ARM 服務器處理器 IP 和技術非常適合創建超大規模用戶所需的定制處理器。因此，我們決定將 ARM 服務器市場的未來投資專門用於定制解決方案。商業模式將類似於我們的 ASIC 和定制計劃，客戶通過 NRE 貢獻工程和掩膜費用，以便我們專門為他們開發和生產產品。

We believe that this is the best way for us to continue to drive the growing adoption of ARM-based compute within the server market.

我們相信這是我們繼續推動服務器市場越來越多地採用基於 ARM 的計算的最佳方式。

While we continue to invest in a number of initiatives to drive long-term growth, such as advanced process technology, new markets such as automotive and the launch of our new brand, our team has also remained focused on driving operational excellence. The successful integration of Aquantia and Avera continued operational discipline and the change in scope of the ARM server project are collectively driving a significant reduction in our quarterly operating expenses from the current $300 million non-GAAP run rate to the $280 million we are guiding for the third quarter.

雖然我們繼續投資於推動長期增長的多項舉措，例如先進工藝技術、汽車等新市場以及我們新品牌的推出，但我們的團隊也一直專注於推動卓越運營。 Aquantia 和 Avera 的成功整合持續的運營紀律和 ARM 服務器項目範圍的變化共同推動我們的季度運營費用從目前的 3 億美元非 GAAP 運行率顯著降低到我們指導的 2.8 億美元第三季度。

Our success in custom engagements, where we do not need to bear the cost and risk of new product development completely on our own, has also enabled us to manage OpEx tightly while continuing to invest in advanced technology. The increased willingness of our customers to co-invest with us is truly a testament to the trust and belief they have in our capabilities to provide them with differentiated solutions.

我們在定制業務方面的成功，我們不需要完全靠自己承擔新產品開發的成本和風險，這也使我們能夠在繼續投資先進技術的同時嚴格管理運營支出。我們的客戶越來越願意與我們共同投資，這確實證明了他們對我們為他們提供差異化解決方案的能力的信任和信念。

The improvements in efficiency and the cost structure of the company allow us to improve our earnings power while we continue to invest more in R&D as a percentage of revenue than any other semiconductor company our size. We are investing heavily because we believe we can grow faster than the industry, and we have the conviction in our strategy to drive long-term growth. However, we remain extremely diligent about how we allocate the company's resources.

公司效率和成本結構的改善使我們能夠提高我們的盈利能力，同時我們繼續在研發方面的投資佔收入的百分比超過我們規模的任何其他半導體公司。我們正在大力投資，因為我們相信我們可以比行業增長得更快，並且我們對推動長期增長的戰略充滿信心。但是，我們對如何分配公司的資源仍然非常勤奮。

Last week, we held our annual strategic portfolio review, where we deep dive into each of our product lines, evaluate end market dynamics and review progress against our goals. This review is the cornerstone of our annual business planning process and lays the strategic foundation for everything else. This was our fifth review since I joined Marvell in 2016 and it was by far the best one.

上週，我們舉行了年度戰略投資組合審查，深入探討了我們的每條產品線，評估終端市場動態並根據我們的目標審查進展情況。此次審查是我們年度業務規劃流程的基石，並為其他一切奠定了戰略基礎。這是我自 2016 年加入 Marvell 以來的第五次評價，是迄今為止最好的評價。

It is clear how far we have come over that time period, and I could not be more impressed by the quality of our leaders and their depth of experience and technical capabilities.

很明顯，我們在這段時間裡取得了多大的進步，我們的領導者的素質以及他們豐富的經驗和技術能力給我留下了深刻的印象。

Every year, this process informs our capital allocation decisions and has driven a significant improvement in the quality of our businesses over time. I expect this cycle will be no different, as we continue to drive long-term success for our employees, customers and investors.

每年，這個過程都會影響我們的資本分配決策，並隨著時間的推移推動我們業務質量的顯著提高。我預計這個週期不會有什麼不同，因為我們將繼續為我們的員工、客戶和投資者推動長期成功。

Let me now move on to discussing our 2 businesses in more detail. First, in our networking business. Revenue grew during the quarter was $406 million, and grew 3% sequentially and 23% year-over-year. Growth was driven primarily by ongoing 5G deployments in China. In the cloud data center end market, we started ramping a new custom chip at a Tier 1 hyperscaler. Our LiquidIO programmable smartNICs and LiquidSecurity HSMs continue to gain traction at cloud customers and revenue for these 2 products more than doubled from the same quarter last year.

現在讓我繼續更詳細地討論我們的兩項業務。首先，在我們的網絡業務中。本季度收入增長 4.06 億美元，環比增長 3%，同比增長 23%。增長主要是由中國正在進行的 5G 部署推動的。在雲數據中心終端市場，我們開始在 1 級超大規模處理器上推出新的定制芯片。我們的 LiquidIO 可編程 smartNIC 和 LiquidSecurity HSM 繼續受到雲客戶的青睞，這兩種產品的收入比去年同期增加了一倍多。

We are very pleased with these results, which came on the heels of the very strong growth we had delivered in the prior quarter. This was also the fourth consecutive quarter of sequential revenue growth from the wireless infrastructure market, as we benefited from the start of the 5G transition and our diversified design win position at 4 of the top 5 Tier 1 base station OEMs.

我們對這些結果感到非常滿意，這是在我們上一季度實現非常強勁的增長之後出現的。這也是無線基礎設施市場連續第四個季度收入連續增長，因為我們受益於 5G 過渡的開始以及我們在前 5 大一級基站 OEM 中的 4 家的多元化設計贏得位置。

In addition to the top 5 global OEMs there's also a very active next tier of more regionally-focused OEMs who are developing their own 5G base station equipment. We believe that our full suite of production-ready 5G silicon solutions, including the industry's only merchant baseband processor, provide a very compelling path to market for this set of customers.

除了全球前 5 大 OEM 之外，還有一個非常活躍的下一層更專注於區域的 OEM，他們正在開發自己的 5G 基站設備。我們相信，我們的全套生產就緒 5G 芯片解決方案，包括業界唯一的商用基帶處理器，為這組客戶提供了一條極具吸引力的市場途徑。

I'm excited to announce we have now secured design wins for our OCTEON embedded processor and our OCTEON Fusion baseband processor with a new 5G customer in this next tier of base station OEMS.

我很高興地宣布，我們現在已經為我們的 OCTEON 嵌入式處理器和我們的 OCTEON Fusion 基帶處理器贏得了設計勝利，並在下一代基站 OEMS 中與一個新的 5G 客戶合作。

We expect this design to start ramping towards the end of next fiscal year. We continue to engage with this group of customers and look forward to updating you on our progress. We remain on track to start shipping basebands to Nokia and processors customized for massive MIMO applications to Samsung later this year. We believe that OCTEON can continue to improve its position within the large $4 billion market for embedded processors in infrastructure applications.

我們預計這種設計將在下一財年末開始逐步推廣。我們將繼續與這群客戶互動，並期待向您通報我們的最新進展。我們仍有望在今年晚些時候開始向諾基亞提供基帶，並向三星提供為大規模 MIMO 應用定制的處理器。我們相信，OCTEON 可以繼續提高其在價值 40 億美元的基礎設施應用嵌入式處理器市場中的地位。

OCTEON has a number of very compelling advantages, including our process technology platform, multicore ARM architecture, optimized hardware accelerators, flexible programming model and our ability to customize solutions. Compared to alternative products, our next-generation processors designed by the industry's most advanced 5-nanometer process using TSMC's proven technology platform, have become a very attractive solution for customers. We believe that our competitive differentiators will enable us to continue to take share in this large market.

OCTEON 具有許多非常引人注目的優勢，包括我們的工藝技術平台、多核 ARM 架構、優化的硬件加速器、靈活的編程模型以及我們定制解決方案的能力。與替代產品相比，我們採用業界最先進的 5 納米工藝設計的下一代處理器，使用台積電經過驗證的技術平台，已成為對客戶極具吸引力的解決方案。我們相信，我們的競爭優勢將使我們能夠繼續在這個龐大的市場中佔有一席之地。

Now shifting gears to our Ethernet portfolio. We've been working closely with our customers to design the next-generation of Ethernet products tailored to meet the new requirements being placed on networks by mobility and cloud applications, which are extending the boundaries of the traditional enterprise. This quarter, we announced our latest Ethernet solutions for the emerging world of the borderless enterprise. And the borderless enterprise is not just about the transformation of on-campus corporate environments, such as Marvell's own infrastructure, but also includes new use cases in the rapidly evolving retail, manufacturing, hospitality, finance and education verticals.

現在轉向我們的以太網產品組合。我們一直與客戶密切合作，設計定制的下一代以太網產品，以滿足移動和雲應用對網絡提出的新要求，這些要求正在擴展傳統企業的邊界。本季度，我們為新興的無邊界企業世界發布了最新的以太網解決方案。無邊界企業不僅涉及校園內企業環境的轉型，例如 Marvell 自己的基礎設施，還包括快速發展的零售、製造、酒店、金融和教育垂直領域的新用例。

The number of devices connecting to the network is expanding rapidly and no matter where the users are physically located, enterprise IT organizations are being asked to deliver a secure high bandwidth experience. Increasing amount of cloud access and remote work needs switches with more intelligence, visibility, security and bandwidth, and these requirements are driving the next refresh cycle.

連接到網絡的設備數量正在迅速增加，無論用戶身在何處，企業 IT 組織都被要求提供安全的高帶寬體驗。越來越多的雲訪問和遠程工作需要具有更高智能、可見性、安全性和帶寬的交換機，而這些要求正在推動下一個更新周期。

Access switches need to apply intelligent processing right at the edge and offload data to influence engines. The data needs to be encrypted and secured end-to-end with enhanced network visibility for a seamless experience. The adoption of Wi-Fi 6 is increasing the bandwidth requirements of wired networks.

接入交換機需要在邊緣應用智能處理並卸載數據以影響引擎。需要通過增強的網絡可見性對數據進行端到端加密和保護，以獲得無縫體驗。 Wi-Fi 6 的採用正在增加有線網絡的帶寬需求。

Marvell's unified Prestera Ethernet switch and Alaska PHY solution set is architected from the ground up to manage this complex and evolving environment. Our advanced telemetry capabilities facilitate network automation and our switches have embedded cryptography-based security for Ethernet traffic. Intelligent workload management enables optimized data processing at or near the network access edge, improving the performance of hybrid cloud architectures.

Marvell 的統一 Prestera 以太網交換機和 Alaska PHY 解決方案集從頭開始構建，以管理這種複雜且不斷發展的環境。我們先進的遙測功能促進了網絡自動化，我們的交換機為以太網流量嵌入了基於加密的安全性。智能工作負載管理可在網絡訪問邊緣或其附近優化數據處理，從而提高混合雲架構的性能。

Our multi-gig capable switches and PHYs facilitate the transition to 2.5 and 5-gig connectivity, which is essential for Wi-Fi 6 enabled access points and high-performance end devices.

我們的多千兆交換機和 PHY 有助於過渡到 2.5 和 5 千兆連接，這對於支持 Wi-Fi 6 的接入點和高性能終端設備至關重要。

Our software development kit enables networking system vendors to easily develop new and differentiated products quickly on our silicon platform.

我們的軟件開發套件使網絡系統供應商能夠在我們的矽平台上輕鬆快速地開發新的差異化產品。

As you may recall, we refreshed our Ethernet portfolio soon after I joined Marvell in 2016, and that led to a sustained period of growth for our switch and PHY businesses, as we took share with our differentiated products that commanded higher gross margins and outgrew the market. This year's refresh adds an even more impressive set of capabilities and addresses a larger part of the enterprise market, further expanding in the access, core and aggregation layers, and we believe that we will continue to drive share gains.

您可能還記得，在我於 2016 年加入 Marvell 後不久，我們就更新了以太網產品組合，這導致我們的交換機和 PHY 業務持續增長，因為我們與我們的差異化產品分享了更高的毛利率並超過了市場。今年的更新增加了一組更令人印象深刻的功能，並解決了更大的企業市場，進一步擴大了接入層、核心層和聚合層，我們相信我們將繼續推動份額增長。

In our emerging automotive business, we continue to make progress in expanding the customer base for our Ethernet switch and PHY connectivity products. We have recently closed design wins with 8 new customers, adding to the 16 I have discussed in prior calls. We also continue to see a larger opportunity for us in automotive. Leveraging our growing Ethernet position, we are front and center in discussions around future architectures and have the opportunity to extend into the adjacent compute, security and storage domains within the connected car.

在我們新興的汽車業務中，我們繼續在擴大以太網交換機和 PHY 連接產品的客戶群方面取得進展。我們最近贏得了 8 位新客戶的設計勝利，增加了我在之前電話會議中討論的 16 位客戶。我們還繼續看到我們在汽車領域的更大機會。利用我們不斷增長的以太網地位，我們在圍繞未來架構的討論中處於前沿和中心地位，並有機會擴展到聯網汽車內的相鄰計算、安全和存儲領域。

Let me now discuss the outlook for the third fiscal quarter for our networking business. We expect strong growth from the wireless infrastructure end market driven by multiple customers. We also project growth from the cloud data center market, and we expect our automotive Ethernet products to start shipping into model year 2021 vehicles, which are starting production now.

現在讓我討論一下我們網絡業務第三財季的前景。我們預計在多個客戶的推動下，無線基礎設施終端市場將出現強勁增長。我們還預測雲數據中心市場的增長，我們預計我們的汽車以太網產品將開始出貨到現在開始生產的 2021 年車型中。

However, given the softness in the enterprise market, driven by COVID-19 and recently telegraphed by multiple customers and peers, not surprisingly, we project demand for our networking products selling into enterprise applications to be weak. The net result is that we expect our overall networking revenue in the third quarter of fiscal 2021 to increase sequentially in the mid to high single digits on a percentage basis.

然而，考慮到企業市場疲軟，受 COVID-19 驅動，最近由多個客戶和同行電報，我們預計對我們銷售到企業應用程序的網絡產品的需求將疲軟。最終結果是，我們預計 2021 財年第三季度的整體網絡收入將按百分比連續增長中高個位數。

Turning now to our storage business. Storage revenue for the second quarter was $290 million, growing 12% sequentially and 6% year-on-year. Strong growth was driven by the start of a ramp of a customized SSD controller for a do-it-yourself or DIY program. And easing of COVID-19 production challenges, we and our customers, experienced in the first quarter.

現在轉向我們的存儲業務。第二季度存儲收入為 2.9 億美元，環比增長 12%，同比增長 6%。為自己動手或 DIY 計劃定制 SSD 控制器的開始推動了強勁的增長。我們和我們的客戶在第一季度經歷了 COVID-19 生產挑戰的緩解。

Supply chain improvements benefited both our storage controller and fiber channel products. Controller demand from nearline 16-terabyte HDDs was particularly strong. The combination of our product cycles and supply recovery drove our outperformance as compared to the drive market, where demand was starting to get impacted from COVID-19.

供應鏈改進使我們的存儲控制器和光纖通道產品都受益。近線 16 TB HDD 的控制器需求特別強勁。與需求開始受到 COVID-19 影響的驅動市場相比，我們的產品週期和供應恢復的結合推動了我們的出色表現。

Our pipeline of SSD controller engagement continues to grow, driven by our commitment to deliver the most responsive and best user experience at the lowest power using the most advanced process technology. I'm very pleased that we have won the next-generation of SSD controllers for data center applications at one of our key Tier 1 NAND OEMS, extending the multiyear relationship we have with them. This controller features our leadership PCIe Gen5 technology, and we expect to continue to drive long-term growth for our storage business.

在我們致力於使用最先進的工藝技術以最低的功耗提供響應速度最快和最佳用戶體驗的承諾的推動下，我們的 SSD 控制器參與渠道繼續增長。我很高興我們在我們的主要一級 NAND OEMS 中贏得了用於數據中心應用的下一代 SSD 控制器，從而延長了我們與他們的多年合作關係。該控制器採用我們領先的 PCIe Gen5 技術，我們預計將繼續推動我們的存儲業務的長期增長。

Looking to the third quarter, we are expecting very different trends between our storage controller and fiber channel businesses. We project our storage controller business, which addresses both hard disk drive and solid-state drive applications to continue to grow sequentially. We expect this growth from the continuation of a ramp of a custom SSD controller, partially offset by weaker drive demand from enterprise data centers and some edge applications, such as retail.

展望第三季度，我們預計我們的存儲控制器和光纖通道業務之間會有非常不同的趨勢。我們計劃我們的存儲控制器業務，該業務解決硬盤驅動器和固態驅動器應用程序將繼續按順序增長。我們預計這一增長將來自定制 SSD 控制器的持續增長，但部分被企業數據中心和一些邊緣應用（如零售）的驅動器需求疲軟所抵消。

Storage controllers shipping into cloud applications are also expected to continue to trend up in the third quarter. Conversely, in our fiber channel business, we project a significant sequential decline in revenue, resulting from COVID-19-related weakness in enterprise server and storage system demand. The weakness in fiber channel is expected to offset the growth from storage controllers. And as a result, we project third quarter consolidated storage revenue to be approximately flat on a sequential basis.

預計進入雲應用程序的存儲控制器也將在第三季度繼續呈上升趨勢。相反，在我們的光纖通道業務中，由於與 COVID-19 相關的企業服務器和存儲系統需求疲軟，我們預計收入將連續大幅下降。光纖通道的疲軟預計將抵消存儲控制器的增長。因此，我們預計第三季度綜合存儲收入環比基本持平。

In closing, our results continue to validate our strategy to focus on developing the most advanced silicon for data infrastructure. Our portfolio actions have also significantly diversified our end market exposure, and we have a much larger share of revenue today from fast-growing 5G wireless and cloud end markets. In 5G, we have wrapped up an impressive set of design wins, which we expect will drive significant revenue growth for us over a number of years. The product ramps at Samsung and particularly Nokia, are largely in front of us.

最後，我們的結果繼續驗證我們專注於開發最先進的數據基礎架構芯片的戰略。我們的投資組合行動也使我們的終端市場敞口顯著多樣化，我們今天在快速增長的 5G 無線和雲終端市場的收入中佔有更大的份額。在 5G 方面，我們已經完成了一系列令人印象深刻的設計勝利，我們預計這將在幾年內為我們帶來顯著的收入增長。三星，尤其是諾基亞的產品升級基本上就擺在我們面前。

In addition to the strong momentum expected from our own product cycles, we are also turning increasingly positive on the likelihood of our diversified customer base to gain share in light of recent geopolitical events and market dynamics.

除了我們自己的產品週期預期的強勁勢頭外，鑑於最近的地緣政治事件和市場動態，我們也越來越看好我們多元化的客戶群獲得份額的可能性。

Cloud has only recently become a larger part of our business, crossing over 10% of our total revenue. In this market with long-term secular growth, we have multiple drivers through our OCTEON processor platform, our security products, full custom ASICs, merchant and DIY data center SSD controllers and nearline HDD controllers and preamps. In enterprise, while there are near-term headwinds from COVID-19, it's important to keep a longer-term perspective that this is a large and diversified worldwide market spread across a number of industry verticals.

雲最近才成為我們業務的重要組成部分，占我們總收入的 10% 以上。在這個長期增長的市場中，我們通過我們的 OCTEON 處理器平台、我們的安全產品、完全定制的 ASIC、商業和 DIY 數據中心 SSD 控制器以及近線 HDD 控制器和前置放大器擁有多種驅動力。在企業中，雖然 COVID-19 存在近期不利因素，但重要的是要保持長遠的眼光，即這是一個遍布多個垂直行業的龐大且多元化的全球市場。

The need for secure and intelligent access to bandwidth is not going away, and the number of endpoints trying to connect to a network are only expanding. We've introduced new solutions specifically designed to address these challenges and we believe that we can gain share and drive revenue growth from our own product cycles.

對帶寬的安全和智能訪問的需求不會消失，嘗試連接到網絡的端點數量只會增加。我們推出了專門為應對這些挑戰而設計的新解決方案，我們相信我們可以從我們自己的產品週期中獲得份額並推動收入增長。

In our edge end market, we have barely scratched the surface of the current Ethernet and future compute opportunity in autos, which we believe will become another key driver for long-term revenue growth. We have assembled under one roof, a critical mass of scarce and unique IP with a very flexible and customized engagement model, which is proving very attractive to our customers. We are accelerating our adoption of advanced process technology, which has already started to pay dividends in the form of design wins in new sockets and customers. Our borderless enterprise and ASIC announcements received strong validation from the industry, and we have seen an increase in inbound request for collaboration from customers as they become more aware of the depth and breadth of technology at Marvell.

在我們的邊緣終端市場，我們幾乎沒有觸及當前以太網和未來汽車計算機會的表面，我們相信這將成為長期收入增長的另一個關鍵驅動力。我們在一個屋簷下聚集了大量稀缺和獨特的 IP，具有非常靈活和定制的參與模式，事實證明這對我們的客戶非常有吸引力。我們正在加速採用先進的工藝技術，這已經開始以贏得新插座和客戶的設計勝利的形式獲得紅利。我們的無國界企業和 ASIC 公告得到了業界的強烈認可，隨著客戶越來越意識到 Marvell 技術的深度和廣度，我們看到客戶對合作的入站請求有所增加。

We believe that we have built a business for the long haul and are confident in driving revenue growth and managing through any transitional challenges in some of our end markets. We continue to invest in technology while reducing overall operating expenses by driving higher levels of efficiency with our platform. This operational excellence enhances our ability to deliver operating leverage and drive earnings growth.

我們相信，我們已經建立了長期業務，並且有信心推動收入增長並應對我們一些終端市場的任何過渡挑戰。我們繼續投資於技術，同時通過我們的平台提高效率來降低整體運營費用。這種卓越的運營增強了我們提供運營槓桿和推動盈利增長的能力。

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

有了這個，我將把電話轉給讓，以了解我們最近的結果和前景的更多細節。

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

謝謝，馬特，大家下午好。我將從回顧我們第二季度的財務業績開始，然後提供我們目前對 2021 財年第三季度的展望。

Revenue in the second quarter was $727 million, above middle point of our guidance. Networking represents 56% of our revenue in the second quarter, with storage contributing 40%.

第二季度收入為 7.27 億美元，高於我們預期的中點。網絡占我們第二季度收入的 56%，其中存儲貢獻了 40%。

Revenue from other accounted for 4% of revenue, declining 25% sequentially and 41% 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.

其他收入佔收入的 4%，環比下降 25%，同比下降 41%。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 third quarter anticipated a small sequential decline in revenue from these products. GAAP gross margin was 49.4%. Non-GAAP gross margin was 63.3% of revenue. Better-than-expectations, reflecting the hard work from our operations team to drive operational efficiency to improve our product costs.

我們對第三季度的指導預計這些產品的收入將連續小幅下降。 GAAP 毛利率為 49.4%。非美國通用會計準則毛利率為收入的 63.3%。好於預期，反映了我們的運營團隊為提高運營效率以降低我們的產品成本所做的辛勤工作。

GAAP operating expenses were $511 million, and they include the cost of share-based compensation expenses, amortization of acquired intangible assets, acquisition and divestiture-related costs as well as the impairment and other related restructuring charges as a result of the changing scope of the similar processing program Matt discussed earlier in the call.

GAAP 運營費用為 5.11 億美元，其中包括股權補償費用、收購無形資產攤銷、收購和剝離相關成本以及因資產負債範圍變化而產生的減值和其他相關重組費用類似的處理程序馬特在前面討論的調用。

Non-GAAP operating expenses were $297 million, $3 million lower than expected, primarily because of our continued focus on OpEx management. GAAP operating loss was $151 million. Non-GAAP operating profit was $163 million or 22.4% of revenue.

非 GAAP 運營費用為 2.97 億美元，比預期低 300 萬美元，主要是因為我們繼續關注運營支出管理。 GAAP 經營虧損為 1.51 億美元。非美國通用會計準則營業利潤為 1.63 億美元，佔收入的 22.4%。

For the second quarter, GAAP loss per diluted share was $0.24. Non-GAAP income per diluted share was $0.21, above the midpoint of the guidance.

第二季度，GAAP每股攤薄虧損為0.24美元。非公認會計準則每股攤薄收益為 0.21 美元，高於指引的中點。

Now turning to our balance sheet. During the quarter, cash flow from operations was $226 million. Our team continues to drive the improvement of working capital metrics in the second quarter. We included our days of sales outstanding to 61 days and days of inventory to 90 days.

現在轉向我們的資產負債表。本季度，運營現金流為 2.26 億美元。我們的團隊繼續推動第二季度營運資金指標的改善。我們將未完成銷售天數計入 61 天，將庫存天數計入 90 天。

We returned the $40 million to shareholders through dividend payments. We have temporarily suspended our share repurchase program as we believe it is prudent to further strengthen our liquidity and increase our cash balance during the uncertain environment. We'll continue to evaluate the business conditions to decide when to restart share repurchase program.

我們通過股息支付將 4000 萬美元返還給股東。我們暫時暫停了我們的股票回購計劃，因為我們認為在不確定的環境中進一步加強我們的流動性並增加我們的現金餘額是審慎的。我們將繼續評估業務狀況，以決定何時重啟股票回購計劃。

We exited the quarter with $832 million in cash and short-term investments, an increase of $164 million from the prior quarter. We continue to have $500 million of liquidity available from our undrawn revolver.

我們以 8.32 億美元的現金和短期投資退出了本季度，比上一季度增加了 1.64 億美元。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。

Our net debt-to-EBITDA ratio was 0.8x on a trailing 12-month basis. As of 4th of August 2020, the $450 million term loan is still within 12 months. And has been classified as a short-term debt on the balance sheet. We expect our business to continue to generate a strong cash flow, and we intend to repay this amount with the cash flow from operations.

在過去 12 個月的基礎上，我們的淨債務與 EBITDA 比率為 0.8 倍。截至 2020 年 8 月 4 日，4.5 億美元的定期貸款仍在 12 個月內。並已在資產負債表上歸類為短期債務。我們預計我們的業務將繼續產生強勁的現金流，我們打算用運營現金流來償還這筆款項。

I'm pleased that revenue growth, combined with our strong business model and operating expense discipline continue to drive improvement in operating results and strengthening our balance sheet.

我很高興收入增長，加上我們強大的商業模式和運營費用紀律，繼續推動經營業績的改善和加強我們的資產負債表。

Now moving on to our current outlook for the third quarter of fiscal 2021. Please note that compared to second quarter results, our outlook for operating expenses reflect the significant improvement Matt discussed earlier from the successful integration of Aquantia and Avera, continued operational discipline and the change in scope of the ARM server project.

現在繼續我們對 2021 財年第三季度的當前展望。請注意，與第二季度的結果相比，我們的運營費用前景反映了 Matt 之前討論的 Aquantia 和 Avera 的成功整合、持續的運營紀律和ARM 服務器項目範圍的變化。

As a reminder, our operating expenses can vary quarter-to-quarter, affected by factors such as the number of tapeout within a particular quarter. And these tapeout are becoming more expensive in your process geometry. The cadence of an NRE payment, which are primarily treated as contra OpEx can also add variability. And we now have a higher level of NREs following the acquisition of Avera with their customer ASIC model.

提醒一下，我們的運營費用可能會因季度而異，受特定季度內流片數量等因素的影響。這些流片在您的工藝幾何中變得越來越昂貴。 NRE 支付的節奏（主要被視為對等 OpEx）也會增加可變性。在收購 Avera 及其客戶 ASIC 模型後，我們現在擁有更高水平的 NRE。

Due to the typical seasonality in payroll taxes, our OpEx in the first fiscal quarter tends to increase sequentially, and this effects then dissipates in the rest of the fiscal year.

由於工資稅具有典型的季節性，我們在第一財季的運營支出往往會依次增加，然後這種影響會在本財年的剩餘時間內消散。

Here is the specific guidance for the third quarter. We are forecasting revenue to be in the range of $750 million, plus or minus 5%. We anticipate our GAAP gross margin will be approximately 51.4%, and the non-GAAP gross margin will be approximately 63%. We project our GAAP operating expenses to be approximately $368 million. We anticipate our non-GAAP operating expenses to be approximately $280 million.

這是第三季度的具體指導。我們預計收入將在 7.5 億美元的範圍內，上下浮動 5%。我們預計我們的 GAAP 毛利率約為 51.4%，非 GAAP 毛利率約為 63%。我們預計我們的 GAAP 運營費用約為 3.68 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。

We expect net interest expense to be approximately $15 million and expect non-GAAP tax rate of 5%.

我們預計淨利息支出約為 1500 萬美元，非 GAAP 稅率為 5%。

As a result, we anticipate GAAP results in the range of a loss of $0.04 per diluted share on the low end to an income of $0.04 per diluted share on the high end. We expect non-GAAP income per diluted share in the range of $0.22 to $0.28.

因此，我們預計 GAAP 的結果會在低端每股攤薄收益 0.04 美元到高端每股攤薄收益 0.04 美元的範圍內。我們預計非公認會計準則每股攤薄收益在 0.22 美元至 0.28 美元之間。

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

接線員，請打開線路並宣布問答說明。謝謝。

(Operator Instructions) Our first question comes from the line of Blayne Curtis with Barclays.

（操作員說明）我們的第一個問題來自 Blayne Curtis 與 Barclays 的系列。

Nice results, obviously, given the backdrop in enterprise. Matt, I'm just kind of curious, you mentioned as you're walking through, you spent a lot of time on ASICs. You mentioned new design win with the hyperscaler. I don't know if you'd give any color with that, but maybe just thinking broader if you can kind of just give us a flavor as the types of wins that you mentioned you're picking up in types of segments, and I think both across wireless and networking, that would be helpful.

顯然，考慮到企業的背景，結果很好。馬特，我只是有點好奇，你在走過時提到，你花了很多時間在 ASIC 上。你提到了超大規模的新設計勝利。我不知道你是否會給它任何顏色，但也許只是想更廣泛一點，如果你能給我們一種你提到的勝利類型的味道，你在細分類型中得到了，我考慮無線和網絡，這將是有幫助的。

Sure, Blayne. Thanks for the question. So on the hyperscale win, as I said, we're pretty excited about that. I think the -- bringing the Avera team into Marvell has created a much more relevant portfolio and broader portfolio for all the hyperscale accounts. And I think it was a great testament to the capability of the team to actually break into a new one.

當然，布萊恩。謝謝你的問題。因此，正如我所說，在超大規模的勝利中，我們對此感到非常興奮。我認為 - 將 Avera 團隊帶入 Marvell 為所有超大規模客戶創建了一個更相關的產品組合和更廣泛的產品組合。而且我認為這很好地證明了團隊有能力真正闖入一個新的團隊。

As you know, due to the nature of the ASIC business, these are highly confidential type of engagements that we have, so we can't go into a ton of detail. But what I would say is that, broadly speaking, our 5-nanometer platform is being extremely well received, both from an ASIC as well as a standard product offering. And what I mean is when you go out into not only hyperscale, but also the 5G market and enterprise, we're migrating the entire Marvell platform across multiple product lines jumping into 5.

如您所知，由於 ASIC 業務的性質，這些是我們擁有的高度機密的業務類型，因此我們無法詳細說明。但我想說的是，從廣義上講，我們的 5 納米平台非常受歡迎，無論是來自 ASIC 還是標準產品。我的意思是，當您不僅涉足超大規模，而且涉足 5G 市場和企業時，我們正在將整個 Marvell 平台遷移到多個產品線，躍升至 5 個。

So it's much broader than just an ASIC engagement, in fact. It's -- you should assume that our Ethernet business, our OCTEON platform and others are all going to migrate. And so it's just created a very rich and compelling set of IPs and engagement model that's being well received. And so this is one example of that, where we're actually gaining new customers for new types of technologies. And hopefully, there'll be more to come on that as we head towards the Investor Day that we just announced in early October to give even more details around our technology platform and the various engagements that we have and talk about them in as much detail as we can at that time, Blayne.

因此，事實上，它不僅僅是 ASIC 的參與。這是——您應該假設我們的以太網業務、我們的 OCTEON 平台和其他業務都將遷移。因此，它剛剛創建了一套非常豐富且引人注目的 IP 和參與模式，並廣受好評。這就是其中一個例子，我們實際上正在為新型技術贏得新客戶。希望在我們即將於 10 月初宣布的投資者日之前，會有更多關於我們的技術平台和我們擁有的各種參與的詳細信息，並儘可能詳細地討論它們那時我們可以，Blayne。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Congrats on the good outlook despite all the headwinds. Matt, I'm just curious, you mentioned 2 kind of headwinds. One, because of all the restrictions in terms of shipping to customers in China. And I think separately, you also mentioned some headwinds because of COVID and fiber channel. I was hoping if you could address and maybe quantify how much of those headwinds? And I think specifically on the China customer headwinds, do they just -- do those sales just go away? Are some of that recoverable with some license? I'm just curious, what is that China exposure now in terms of kind of wired, wireless and enterprise mix?

儘管有所有不利因素，但仍恭喜前景良好。馬特，我只是好奇，你提到了兩種逆風。一，因為在運送給中國客戶方面的所有限制。而且我認為，由於 COVID 和光纖通道，您還提到了一些不利因素。我希望你能解決並量化這些逆風中有多少？我特別考慮了中國客戶的不利因素，他們只是 - 這些銷售會消失嗎？有一些許可證可以恢復嗎？我只是好奇，現在中國在有線、無線和企業組合方面的曝光度如何？

Sure. Yes, I'll answer it separately because I think there are 2 different dynamics. I think the China situation, obviously, is broadly impacting people. And certainly, in our -- all of our disclosures, we always call it out as a risk factor, just in general. But just to be very clear, in terms of our guidance for the third quarter, there are no China headwinds included in that.

當然。是的，我會分開回答，因為我認為有兩種不同的動態。我認為中國的情況顯然正在廣泛地影響著人們。當然，在我們所有的披露中，我們總是將其稱為風險因素，只是一般而言。但需要非常清楚的是，就我們對第三季度的指導而言，其中不包含中國的不利因素。

So that was not something that we're saying is a big part of any headwind we're seeing there. I mean it could be minor, but it's not really -- it's not material, but really the central issue in terms of just the growth sequentially, which is still up quarter-over-quarter, certainly would have been better if enterprise had performed, maybe where we thought they would have been a few months back.

因此，我們所說的並不是我們在那裡看到的任何逆風的重要組成部分。我的意思是它可能是次要的，但它不是真的 - 它不是重要的，但就環比增長而言，它確實是核心問題，如果企業表現良好，肯定會更好，也許我們認為他們幾個月前會在哪裡。

It was really around the enterprise market. We saw it in both of our -- both in our networking business, really where we sell Ethernet solutions into things like enterprise campus and SMB and then also our fiber channel business, which is pretty broadly deployed in a number of enterprise applications, including storage. And that also is projected to be down in the third quarter. And that business, just to note, is generally pretty stable. It doesn't fluctuate around a whole lot and so we definitely are noting it for Q3.

它確實圍繞著企業市場。我們在我們的網絡業務中都看到了這一點，實際上是我們將以太網解決方案銷售到企業園區和 SMB 等領域，然後是我們的光纖通道業務，該業務相當廣泛地部署在許多企業應用程序中，包括存儲.預計第三季度也將下降。需要注意的是，該業務通常相當穩定。它不會在很大範圍內波動，因此我們肯定會在第三季度注意到它。

So I would say ex those trends in the enterprise, very specifically, the rest of the business is, obviously, performing very well in terms of the strong growth we're seeing sequentially in our 5G customers, which, if you look out to Q3, assuming we achieve what we believe, that would be 5 quarters in a row of quarter-over-quarter growth in that market. And then in cloud data center, again, another up quarter after a really strong Q1 and Q2. So that's really the nature of the headwinds that we're calling out. They're very, very focused on the enterprise set of issues that are out there.

因此，我想說的是，除了企業中的這些趨勢，非常具體地說，就我們在 5G 客戶中連續看到的強勁增長而言，其他業務顯然表現非常出色，如果你期待第三季度，假設我們實現了我們認為的目標，那將是該市場連續 5 個季度的季度環比增長。然後在雲數據中心，在經歷了非常強勁的第一季度和第二季度之後，又是一個季度的上漲。這就是我們所呼籲的逆風的本質。他們非常非常關注企業的一系列問題。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Matt, Jean, congratulations on the solid results. Matt, I was wondering if you could just spend a little bit more time on the 5G drivers. I mean, clearly, there's been some of your peers after several quarters of very strong growth that are kind of characterizing September, October as sort of a digestion period for the 5G wireless CapEx. And I know you've got a lot of company-specific drivers, but I was hoping you can help me understand what percent of revenue is 5G today?

Matt，Jean，祝賀您取得了可靠的結果。馬特，我想知道您是否可以在 5G 驅動程序上多花一點時間。我的意思是，很明顯，在經歷了幾個季度的強勁增長之後，你們的一些同行將 9 月和 10 月描述為 5G 無線資本支出的消化期。我知道你們有很多特定於公司的驅動因素，但我希望你們能幫助我了解今天 5G 佔收入的百分比是多少？

And as you look out into October, what percent might it be? And I guess, importantly, how much runway do you have of company-specific drivers before you become a little bit more dependent upon the overall macro backdrop for spending?

當你展望 10 月份時，它可能是百分之幾？而且我想，重要的是，在您變得更加依賴整體宏觀背景的支出之前，您有多少公司特定的驅動程序？

Sure. Yes, great question, John. And you're right to note that the performance we're seeing in that business is really very, very specific to us. And because we didn't have very large share in 4G, we're not really seeing that counterbalance that maybe others were that are more broadly exposed to both. And then as you've seen, we have new products ramping. We have new OEMs. They're going into production. We have, certainly, regionally, there are regions like China is one example, we called out, that's obviously very aggressive in deployment.

當然。是的，很好的問題，約翰。你說得對，我們在該業務中看到的表現對我們來說非常非常具體。而且因為我們在 4G 中沒有很大的份額，我們並沒有真正看到可能其他人更廣泛地接觸這兩者的平衡。然後正如您所見，我們推出了新產品。我們有新的原始設備製造商。他們正在投入生產。當然，在區域上，我們有像中國這樣的地區就是一個例子，我們呼籲，這顯然在部署方面非常激進。

So we have a lot of wind at our back in terms of the 5G business. And then, of course, in front of us really is still all the other major geographies, which are projected at various stages to roll out 5G. And then we have new content with new customers also in front of us with Nokia being an example. So I think the longer view is it's going to take us a while, which I think is a good thing to be at a point where we'll kind of represent the market.

因此，在 5G 業務方面，我們有很多支持。然後，當然，擺在我們面前的仍然是所有其他主要地區，它們預計將在不同階段推出 5G。然後我們還有新客戶的新內容擺在我們面前，諾基亞就是一個例子。所以我認為從長遠來看，這需要我們一段時間，我認為這是一件好事，我們可以代表市場。

I think the market needs to develop and 5G would need to be a bigger portion of the total wireless CapEx out there, and then our design wins would have to ramp.

我認為市場需要發展，5G 需要在無線資本支出總額中佔據更大的份額，然後我們的設計勝利將不得不增加。

So I think that's something that we're -- well, it is a choppy market. We certainly feel like, at least at this point, based on our own product cycles and our own design wins that we achieved, that's why the business is performing that way. And it continues to grow every quarter in terms of revenue as a percent of total and just as a net amount and we'll -- when you think out to the Investor Day, we typically take that opportunity to frame the various markets and our sizes and our shares. And so sort of look forward to the Investor Day to get a more comprehensive view from a market standpoint of where we are.

所以我認為這就是我們 - 嗯，這是一個波濤洶湧的市場。我們當然覺得，至少在這一點上，基於我們自己的產品週期和我們自己取得的設計勝利，這就是為什麼業務以這種方式表現的原因。它在收入佔總收入的百分比和淨額方面每個季度都在繼續增長，當您考慮到投資者日時，我們通常會利用這個機會來確定各種市場和我們的規模和我們的股份。所以有點期待投資者日，從市場的角度更全面地了解我們所處的位置。

But we're very pleased at the growth rate of that business, similarly to where we were happy with the growth rate of our cloud business and its representation inside the company. Both of those are working really well for us right now.

但我們對該業務的增長率感到非常滿意，就像我們對雲業務的增長率及其在公司內部的代表性感到滿意一樣。這兩個現在對我們來說都很好。

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

我們的下一個問題來自與 Evercore 的 C.J. Muse。

C. J. Are you there? Why don't we go to next question, please?

C.J. 你在嗎？我們為什麼不去下一個問題，好嗎？

Let's just go to the next question.

讓我們直接進入下一個問題。

Operator, do you want to just move us to the next question, please?

接線員，你想把我們轉到下一個問題嗎？

Operator, can you just move to the next person's question?

接線員，您可以直接轉到下一個人的問題嗎？

I just got a message. I think the operator is having technical issues. So just hang on for a second.

我剛收到一條消息。我認為運營商有技術問題。所以請稍等片刻。

This is the conference coordinator. I do show our next question comes from the line of Tore Svanberg from Stifel.

這是會議協調員。我確實表明我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the results. Matt, I had a bit of a broader question for you. You talked a lot about 5-nanometer, you talked about custom ASICs. I know recently you talked a lot about edge processing. It just seems like the world is changing right in front of us. And I'm just wondering what that means for Marvell as a company, but perhaps more importantly, for the whole business model because it does seem like we are a bit at an inflection point on all those fronts.

祝賀結果。馬特，我有一個更廣泛的問題要問你。你談了很多關於 5 納米的話題，你談到了定制的 ASIC。我知道你最近談論了很多關於邊緣處理的話題。似乎世界就在我們面前發生了變化。我只是想知道這對 Marvell 作為一家公司意味著什麼，但也許更重要的是，對於整個商業模式來說，因為看起來我們在所有這些方面都處於一個轉折點。

Well, I think you're right. And you certainly look downstream, Tore, in the design chain all the way to the OEMs and I think the level of digital transformation that's occurring certainly in companies and in the equipment that needs to get designed to service these new needs is quite dramatic. And so we're aware of that. And I think that really is playing to our advantage, to be honest with you.

嗯，我認為你是對的。 Tore，您肯定會在設計鏈中一直到原始設備製造商尋找下游，我認為在需要設計以滿足這些新需求的公司和設備中肯定發生的數字化轉型水平非常引人注目。所以我們意識到了這一點。老實說，我認為這確實對我們有利。

I think when you look at what our customer base wants, it's a unique blend. They want access to the leading edge IP. And maybe that sounds like table stakes, but they have their own very critical applications that they're trying to serve, and they're trying to do that in a lot of cases with much higher performance than they ever had to deal with before or much lower power, especially as applications move closer and closer to the edge.

我認為當您查看我們的客戶群想要什麼時，這是一種獨特的融合。他們想要訪問領先的 IP。也許這聽起來像是賭注，但他們有自己的非常關鍵的應用程序，他們正在嘗試服務，並且他們試圖在很多情況下以比他們以前必須處理的更高的性能來做到這一點，或者功耗要低得多，尤其是當應用程序越來越接近邊緣時。

And so increasingly as well, the other trend I would note is that the intersection of computing, of networking, security and even storage, these key IPs for the data infrastructure, they're all tending to blend together in a lot of ways in terms of what customers want to go do. And what that really speaks to is you need to have flexibility in your model in order to service these opportunities.

越來越多，我要注意的另一個趨勢是計算、網絡、安全甚至存儲的交叉點，這些數據基礎設施的關鍵 IP，它們都傾向於以多種方式融合在一起客戶想去做什麼。真正說明的是，您需要在模型中具有靈活性，以便為這些機會提供服務。

And I think when advantage we have, Tore, at Marvell is that we've, by design, developed this extremely flexible business model from merchant offerings where customers can prove about our IP because they can just go buy the part to this partner model we innovated, where it's a combination of our intellectual property and our customers to drive time to market as well as just being able to service this huge opportunity for custom silicon.

我認為，Tore 在 Marvell 的優勢在於，我們通過設計開發了這種極其靈活的商業模式，從商家產品中客戶可以證明我們的 IP，因為他們可以直接購買我們的合作夥伴模式的零件。創新，它結合了我們的知識產權和我們的客戶，以加快上市時間，並且能夠為定制矽的這個巨大機會提供服務。

And so I think when I look forward, we're very enthusiastic about all the opportunities in front of us. And also the way that the platform we are really able to leverage. And when I mean platform, I mean, our design win platform, our technology platform, where we don't have a lot of random adjacent businesses. What we do for a living is we do this data infrastructure silicon really, really well, and we do that in a very concentrated manner.

所以我認為，當我展望未來時，我們對擺在我們面前的所有機會都充滿熱情。還有我們真正能夠利用的平台的方式。當我指的是平台時，我的意思是，我們的設計贏平台，我們的技術平台，我們沒有很多隨機相鄰的業務。我們的謀生是我們將數據基礎設施芯片做得非常非常好，而且我們以非常集中的方式做到這一點。

And you see that both in our -- now our 5-nanometer platform, which we announced this week with TSMC and the translation of all that investment and the focus we have actually, surprisingly, even driving lower operating expenses than we had before. So I think it's a unique combination. And Tore, I would just say you nailed it. There's a big opportunity for Marvell on the go-forward here.

您會在我們的 - 現在我們的 5 納米平台中看到這一點，我們本週與台積電宣布了這一點，以及所有投資的轉化以及我們實際上所擁有的重點，令人驚訝的是，甚至推動了比以前更低的運營費用。所以我認為這是一個獨特的組合。還有Tore，我只想說你做到了。在這裡，Marvell 有很大的發展機會。

I show our next question comes from Karl Ackerman from Cowen.

我展示了我們的下一個問題來自 Cowen 的 Karl Ackerman。

Jean, it's great to see the solid execution on OpEx. I'm curious, though, what's the argument for OpEx to not trend toward 30%, even if we assume flattish revenue from here, particularly given the maturity of the storage TAM and the co-investment from customers for processors?

Jean，很高興看到 OpEx 的穩健執行。不過，我很好奇，即使我們假設這裡的收入持平，特別是考慮到存儲 TAM 的成熟度和客戶對處理器的共同投資，OpEx 不趨向 30% 的理由是什麼？

Yes. First, we're really pleased that our team has done a great job to reduce the OpEx to $280 million quarterly run rate versus our original expectation, it's more like a $300 million when we entered into fiscal '21. So that's just a tremendous effort by realizing more synergies from Avera and Aquantia integration and also just operational efficiency across the board.

是的。首先，我們真的很高興我們的團隊在將運營支出降低到 2.8 億美元的季度運行率方面做得很好，而我們最初的預期是，當我們進入 21 財年時，這更像是 3 億美元。因此，通過實現 Avera 和 Aquantia 集成的更多協同效應以及全面的運營效率，這只是一項巨大的努力。

So if you think about that, we're investing in the right level and with our portfolio adjustment, the portfolio optimization, we constantly review as a company. We do see actually driving the revenue ramp. If you look at our Q3 guide, it implies revenue year-over-year growth for double digit.

因此，如果您考慮到這一點，我們正在對正確的水平進行投資，並且通過我們的投資組合調整，投資組合優化，我們作為一家公司不斷進行審查。我們確實看到實際上推動了收入增長。如果您查看我們的第三季度指南，它意味著兩位數的收入同比增長。

And the continued revenue ramp with the current operating expense level, we do think our model are going to show tremendous leverage and continue to drive the earnings expansion. If you look at our Q3 guide, the operating margin at the middle point of our guidance actually is close to 26%. So I think we are setting up a great business model with the OpEx level to invest and to continue to expand.

隨著當前運營費用水平的持續收入增長，我們確實認為我們的模型將顯示出巨大的槓桿作用並繼續推動盈利增長。如果您查看我們的第三季度指南，我們指南中點的營業利潤率實際上接近 26%。因此，我認為我們正在建立一個具有運營支出水平的出色商業模式，以進行投資並繼續擴展。

I show our next question comes from Quinn Bolton from Needham.

我展示了我們的下一個問題來自 Needham 的 Quinn Bolton。

This is Michelle on for Quinn. And congrats on the results. So my question is on the storage business. I know you guys don't break out the storage controllers from fiber channel. But I was wondering if you can give some color on how the 2 segments are broken up within that bucket. So I'm just trying to figure out like the puts and takes for the fiber channel decline and trying to determine kind of like the magnitude.

這是奎因的米歇爾。並祝賀結果。所以我的問題是關於存儲業務。我知道你們不會從光纖通道中斷開存儲控制器。但是我想知道您是否可以就該桶中的 2 段如何分解提供一些顏色。所以我只是想弄清楚光纖通道下降的看跌期權，並試圖確定類似的幅度。

Michelle, I'll help you give you some color. We typically don't give all the details and report all the details. But to help you out, the way to think about it is fiber channel business, the overall market opportunity of SAM is about $500 million each year. It's quite a stable market. Actually, it's a split between Marvell and Broadcom. So largely, we are very much similar size. And so if you think about our fiber channel business, it's all selling into the enterprise data center on-premise. So current weakness certainly impact it tremendously.

米歇爾，我幫你給你點顏色。我們通常不會提供所有詳細信息並報告所有詳細信息。但是為了幫助你，考慮它的方式是光纖通道業務，SAM的整體市場機會每年約為5億美元。這是一個相當穩定的市場。實際上，這是 Marvell 和 Broadcom 之間的分裂。所以在很大程度上，我們的規模非常相似。因此，如果您考慮一下我們的光纖通道業務，您會發現它全都在內部部署的企業數據中心中銷售。因此，目前的弱點肯定會對其產生巨大影響。

Sequentially, the revenue decline actually to 20% quarter-over-quarter, so it's quite significant. Hopefully, that will give you some color. But we don't break down the details within the storage category generally.

隨後，收入實際上環比下降了 20%，因此非常重要。希望這會給你一些顏色。但我們一般不會分解存儲類別中的細節。

I show our next question comes from Gary Mobley from Wells Fargo Securities.

我展示了我們的下一個問題來自富國銀行證券的 Gary Mobley。

I wanted to dig a little bit deeper into the ThunderX ARM-based service development. And so to what extent was that $121 million charge related to the restructuring development of Thunder?

我想深入挖掘一下基於 ThunderX ARM 的服務開發。那麼，這 1.21 億美元的費用在多大程度上與迅雷的重組發展有關？

And how does it impact your joint development, I guess, cost-sharing relationship with ARM and as well the related option for them to take some Marvell equity? And then the ThunderX3 that you highlighted at Hot Chips last week, is that -- should we think about that as being funded by maybe 1 or 2 specific customers?

我猜，這對你們的聯合開發、與 ARM 的成本分攤關係以及他們獲得一些 Marvell 股權的相關選擇有何影響？然後你上週在 Hot Chips 上強調的 ThunderX3 是——我們應該認為它是由 1 或 2 個特定客戶資助的嗎？

So Gary, we'll divide this question in 2 pieces. I'll answer the impairment part, then Matt can talk about the strategic side of the ARM business.

所以加里，我們將把這個問題分成兩部分。我將回答減值部分，然後馬特可以談談 ARM 業務的戰略方面。

So the impairment actually is quite straightforward. As you recall, we acquired Cavium, and we closed the transaction 2 years ago. So there's a very small piece of developed technology intangible related to all the TX2 Cavium developed before the acquisition of Marvell acquired Cavium.

因此，減值實際上非常簡單。您還記得，我們收購了 Cavium，並在 2 年前完成了交易。因此，在收購 Marvell 收購 Cavium 之前開發的所有 TX2 Cavium 都有一小部分無形的已開發技術。

So that's primarily, if you look at the impairment, the primary impairment lease-related the intangible developed technology of TX2 how Cavium did that business in the past. With our new focus going forward, definitely, those all the development technology intangible is going to be impaired. That's the impairment part of it. I'll let Matt answer the strategic side of the ARM server business.

所以這主要是，如果你看一下減值，主要的減值租賃與 TX2 的無形開發技術有關 Cavium 過去如何開展這項業務。隨著我們新的重點向前發展，毫無疑問，所有無形的開發技術都將受到損害。這就是它的減值部分。我將讓 Matt 回答 ARM 服務器業務的戰略方面。

Sure. Yes, Gary. So I think at the highest level, and you know this well, we've had a long-term history with ARM. They're used in almost all of our products, and we cooperate on a number of different applications, like the ARM server opportunity to 5G, automotive, et cetera. So 2 companies work together, and the way you should think about, again, what we're doing with the Thunder product line is really just focusing it.

當然。是的，加里。所以我認為在最高級別上，你很清楚這一點，我們與 ARM 有著長期的合作歷史。它們幾乎用於我們所有的產品中，我們在許多不同的應用上進行合作，例如 ARM 服務器機會到 5G、汽車等。所以 2 家公司一起工作，你應該再次思考的方式是，我們對 Thunder 產品線所做的事情實際上只是專注於它。

The market that we've always called out for this has always been the hyperscale customers. And so what we're basically doing is just really acknowledging that and also acknowledging the fact that it turns out they seem to really want their own thing, their own special chip. And this notion of maybe if you go back a few years to where you would have a broad-based ARM server platform that you would drive and you could sell to everybody and maybe put it on like a TikTok type of cadence and sort of run it like a normal CPU business.

我們一直為此呼籲的市場一直是超大規模客戶。所以我們基本上所做的只是真正承認這一點，也承認事實證明他們似乎真的想要他們自己的東西，他們自己的特殊芯片。如果你回到幾年前，你可能會擁有一個基礎廣泛的 ARM 服務器平台，你可以驅動它，你可以賣給每個人，也許把它像 TikTok 類型的節奏和運行它就像普通的 CPU 業務一樣。

I think just so much has changed since we acquired Cavium and this market's developed. ARM in the data center and ARM in servers has actually continued to get traction in the market, whether that's with us or that's with customers doing their own developments themselves in-house with partners. And so we expect that to continue. We're just going to do this in a much more focused and targeted manner and with a business model that looks more like our traditional customer semi-custom model versus funding the whole thing on our own kind of in perpetuity.

我認為自從我們收購了 Cavium 並且這個市場得到了發展之後，發生了很大的變化。數據中心中的 ARM 和服務器中的 ARM 實際上繼續在市場上獲得牽引力，無論是與我們合作還是與客戶在內部與合作夥伴一起進行自己的開發。因此，我們預計這種情況會繼續下去。我們將以更加專注和有針對性的方式來做這件事，並使用一種看起來更像我們傳統的客戶半定制模式的商業模式，而不是像我們自己那樣永久地為整個事情提供資金。

We've said basically, it's -- we think it's more -- it's better for us and better for the customers actually to do this in a more focused manner. I hope that helps.

我們基本上說過，它 - 我們認為它更多 - 這對我們更好，對客戶來說更好，實際上以更專注的方式來做這件事。我希望這會有所幫助。

Our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Good job on the quarterly execution. Good to see the diversification in the storage business driving flattish growth in what I would consider to be a very tough storage environment. You guys have been talking about the ramp of your DIY SSD controller into the large gaming opportunity. That's starting to fire and looks to be pretty strong here in the second half. But even on the HDD side, I believe that your second nearline HDD customer just got qualified on its 16-terabyte platform and is ramping here in the September quarter.

在季度執行方面做得很好。很高興看到存儲業務的多樣化推動了我認為非常艱難的存儲環境中的平穩增長。你們一直在談論將 DIY SSD 控制器帶入大型遊戲機會。這開始火了，下半場看起來很強大。但即使在 HDD 方面，我相信您的第二個近線 HDD 客戶剛剛獲得了其 16 TB 平台的資格，並在 9 月季度開始在這裡增長。

Are you guys benefiting from this ramp here in Q3? And maybe mid to longer term, you guys also have some DIY SSD controller wins with Tier 1 hyperscalers. When do you guys expect these programs to ramp?

你們在第三季度從這個斜坡中受益嗎？也許從中長期來看，你們也有一些 DIY SSD 控制器與第 1 級超大規模器的勝利。你們預計這些程序什麼時候會增加？

Yes. Great question, Harlan. And I think, yes, if you think about the storage business, the storage controller portion is performing quite well into Q3, as Jean sort of laid the breadcrumbs earlier on the fiber channel business, how to think about that market size, our share of it, how much it was down.

是的。好問題，哈蘭。而且我認為，是的，如果您考慮存儲業務，存儲控制器部分在第三季度的表現相當不錯，因為 Jean 早些時候在光纖通道業務上奠定了基礎，如何考慮市場規模，我們的份額它，它下降了多少。

We're basically offsetting that by growth in the -- both the SSD side, and to your point, in our custom SSD engagement as well as in both of our nearline customers that continue to ramp with our solutions of SOCs and then one also using our preamplifier solution as well.

我們基本上通過 SSD 方面的增長來抵消這一點，就您而言，我們的定制 SSD 參與以及我們的兩個近線客戶繼續使用我們的 SOC 解決方案，然後一個也使用我們的前置放大器解決方案也是如此。

So yes, the traditional, call it, Marvell storage controller business is performing quite well in the near-term here coming off of the lows through the COVID-19 supply issues that were going on. So that's doing well. It's really this very targeted slowdown in enterprise we're seeing within the storage areas offsetting that growth. So the growth drivers are very much working in storage is what I would say, the areas where we put a lot of R&D and investment in cloud applications as well as in DIY.

所以，是的，傳統的，稱之為 Marvell 存儲控制器業務在短期內表現相當不錯，由於正在發生的 COVID-19 供應問題，這裡已經擺脫了低谷。所以這很好。我們在存儲領域看到的這種非常有針對性的企業放緩抵消了這種增長。因此，增長驅動力在存儲方面發揮了很大作用，我想說的是，我們在雲應用程序以及 DIY 方面投入了大量研發和投資。

It's nice to see the revenue coming in. And I think there's more to come on discussions of future DIY engagements, which we're very active in right now. Some of those have already turned into design wins with hyperscalers, and that is also part of our future growth strategy. To continue to keep storage growing is expanding with additional customers that we didn't have before. Some more on that later.

很高興看到收入的到來。而且我認為關於未來 DIY 活動的討論還有更多，我們現在非常活躍。其中一些已經轉化為超大規模的設計勝利，這也是我們未來增長戰略的一部分。為了繼續保持存儲增長，我們正在擴大我們以前沒有的更多客戶。稍後再談。

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

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

Matt, I think you alluded to a design win with another 5G base station customer beyond the 2 that we already know about. Can you talk a little more about that and maybe help size the content for that win maybe versus the 2 that you've already talked about?

馬特，我認為您提到了與我們已經知道的 2 個 5G 基站客戶之外的另一個 5G 基站客戶的設計勝利。你能多談一點，也許有助於確定這場胜利的內容與你已經談到的 2 相比嗎？

Sure. Yes. I think -- yes, so there was a lot of content we went through today. But the main point was that while there's a lot made certainly of the top 5 vendors, in the base station market. And typically, those 5 are, call it, 90% of the total. So it's a big number historically. But there's also a -- the remainder is currently quite active in this 5G transition. And I would say in almost every region, whether it's in parts of Asia, certainly, North America and other geos, there's a lot of activity there in what we would call the second tier.

當然。是的。我想——是的，所以我們今天經歷了很多內容。但主要的一點是，雖然前 5 名供應商肯定在基站市場上做出了很多貢獻。通常，這 5 個佔總數的 90%。所以從歷史上看，這是一個很大的數字。但還有一個——其餘的目前在這個 5G 過渡中非常活躍。我會說幾乎在每個地區，無論是在亞洲部分地區，當然，在北美和其他地區，我們稱之為二線的地方都有很多活動。

And the nice thing is, is that the products that we develop for the top -- all the top guys, those are all going to be available as standard products for the rest of the market. And so for example, the win that we got that's in the second tier, it's using the existing parts we already have. So obviously, a lot of leverage from that because we didn't have to go and design a brand-new chip and spend a bunch of money on it, and they're able to leverage the investment that we already made.

好消息是，我們為頂級公司開發的產品——所有頂級公司，都將作為標準產品提供給其他市場。例如，我們在第二層獲得的勝利，它使用了我們已經擁有的現有部件。很明顯，這有很大的影響力，因為我們不必去設計一個全新的芯片並在上面花一大筆錢，他們就可以利用我們已經進行的投資。

And without getting into dollars, what we did say is that the content is both the Fusion baseband, and you guys have a sense of what those go for as well as our OCTEON embedded processor for the transport and layer 2 processing. So we have very solid content from a processing perspective there.

在不花錢的情況下，我們所說的是內容既是 Fusion 基帶，你們也知道它們的用途以及用於傳輸和第 2 層處理的 OCTEON 嵌入式處理器。所以從處理的角度來看，我們有非常紮實的內容。

And I would say is, with the last thing, Tim, is with all the disruption going on in all the geopolitical events, I think there's an opportunity for the second tier to actually become more relevant in 5G whether it's taking share from traditional incumbents or even with new standards like ORAN, where you might see new people come in and actually the meaningful participants in some of the regions. So that's -- again, that's one that we're watching, but it's nice that we're able to take kind of benefit from all the hard work we've done to put these IP platforms together, to be able to then go in and sell those and enable other customers of ours to participate in the 5G market.

我想說的是，蒂姆，最後一件事是在所有地緣政治事件中都發生了所有的破壞，我認為第二層有機會在 5G 中變得更加相關，無論它是從傳統的老牌企業那裡獲得份額還是即使使用像 ORAN 這樣的新標準，您也可能會看到新的人進來，實際上是某些地區的有意義的參與者。所以這就是 - 再次，這是我們正在關注的一個，但很高興我們能夠從我們為將這些 IP 平台整合在一起所做的所有辛勤工作中受益，然後能夠進入並出售這些產品，使我們的其他客戶能夠參與 5G 市場。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

Matt, I want to go back to the enterprise side. I think everybody understands that the demand is weak right now. It's nothing Marvell specific.

馬特，我想回到企業方面。我想每個人都明白現在需求疲軟。這不是 Marvell 特有的。

But I wanted to dig a little bit into your views of the duration of that weakness and some of the sub causes of it.

但我想深入了解您對這種弱點持續時間及其一些次要原因的看法。

So in the past, we've seen the macro demand weaken, and there also be some significant inventory burn that exacerbated that for a period of time. So I guess the 2 parts of this question would be is your fiscal third quarter enterprise guidance being weak, exacerbated by that inventory digestion? And do you think that continues into your fiscal fourth quarter? And similarly, are there company-specific offsets either share gains or losses within enterprise that would be either offset or magnify that weakness?

因此，在過去，我們已經看到宏觀需求減弱，並且在一段時間內也有一些顯著的庫存消耗加劇了這種情況。所以我想這個問題的兩個部分是你的第三財季企業指導是否薄弱，因庫存消化而加劇？您認為這種情況會持續到您的第四財季嗎？同樣，是否存在特定於公司的抵消企業內部的股票收益或損失，以抵消或放大這種弱點？

Sure, Ross. Yes. I'd say, certainly, in the short term, we're seeing the impacts you said. And I think some of this may be certainly inventory related. I do think that when we had the supply crunch and countries we're shutting down left and right. I think certainly, OEMs wanted to make sure that they have some inventory. But I would say that is also very much coupled depending on the segment you're talking about with just straight up demand weakness just given that certain segments of enterprise companies aren't spending on. And I think those are very well known.

當然，羅斯。是的。我會說，當然，在短期內，我們看到了你所說的影響。而且我認為其中一些可能肯定與庫存有關。我確實認為，當我們遇到供應緊縮和國家時，我們正在左右關閉。我想當然，原始設備製造商想要確保他們有一些庫存。但我想說的是，這也取決於您所談論的細分市場與直接需求疲軟的關係，因為企業公司的某些細分市場沒有支出。我認為這些都是眾所周知的。

So -- but I'd say that the inventory part, unlike sort of, I'd say, prior cycles, which I've been through. I'd say this one is just more on the demand side at this point. So that's really in the short term, and we just have to deal with that. We're still very encouraged, okay, and bullish about our enterprise offerings, once we're through this cycle we're in, especially as we look out to calendar '21.

所以 - 但我會說庫存部分，不像我會說的之前的周期，我已經經歷過。我會說這個在這一點上更多的是在需求方面。所以這真的是短期的，我們只需要處理它。一旦我們度過了這個週期，我們仍然對我們的企業產品感到非常鼓舞、好的和看好，尤其是當我們期待 21 年日曆時。

And I referenced in my remarks as well as you probably saw some of the announcements we made around our borderless enterprise. I mean, that whole thing is really code for Marvell just refreshed its entire Ethernet switching and PHY portfolio. And the last time we did that, which was a few years ago, we jumped a process node or 2 at that time. We added a whole bunch of features. We optimized the products. And we had great success. It was part of the kind of the initial Marvell turnaround story was that networking growth. And so we see the same type of opportunity starting really next year with some of our new products, which are, again, in the latest process nodes that are relevant for those markets, the latest sets of features.

我在我的發言中提到了，您可能也看到了我們圍繞我們的無國界企業發布的一些公告。我的意思是，這整件事實際上是 Marvell 剛剛更新其整個以太網交換和 PHY 產品組合的代碼。上一次我們這樣做是在幾年前，當時我們跳過了一個或 2 個流程節點。我們添加了一大堆功能。我們優化了產品。我們取得了巨大的成功。這是 Marvell 最初的轉型故事的一部分，即網絡增長。因此，從明年開始，我們的一些新產品將出現同樣的機會，這些新產品再次出現在與這些市場相關的最新工藝節點中，具有最新的功能集。

And then even beyond that, as we look out, I'd say, beyond next year and you start looking at our 5-nanometer portfolio, which we're sampling our first products next year on, but all the design wins that we're in the hunt on right now are really in that node for the large sockets. We're extremely well positioned. And I would say that even goes beyond Ethernet, and also looking out to our next-generation OCTEON products, which have got a lot of press because of their success in base stations recently.

甚至除此之外，正如我們所期待的那樣，我會說，明年之後，您將開始關注我們的 5 納米產品組合，我們將於明年對我們的第一批產品進行抽樣，但我們所有的設計都獲勝re in the hunt on right now are really in that node for the large sockets。我們處於非常有利的位置。我想說的是，它甚至超越了以太網，也期待我們的下一代 OCTEON 產品，因為它們最近在基站方面取得了成功，因此受到了很多媒體的關注。

But don't forget about the wired market, and the wired market, I think, if you look at all the networking OEMs and communication OEMs and what they're going to need in the future and you look at us with a best-in-class infrastructure processor in 5-nanometer, which would be the tenth generation Cavium processor, we're very excited about that business between -- on a number of fronts. So I think the shorter term, we certainly have some chop. Fortunately, it's being offset by cloud and 5G. But we're still very optimistic on enterprise, which drives great margins for the company, great stickiness. And I think we'll benefit from the hard work the team has put in to really refresh the portfolio. We're seeing great traction on those products.

但是不要忘記有線市場和有線市場，我認為，如果你看看所有的網絡 OEM 和通信 OEM 以及他們未來的需求，你會用最好的方式看待我們- 5 納米級基礎架構處理器，這將是第十代 Cavium 處理器，我們對這項業務感到非常興奮——在許多方面。所以我認為從短期來看，我們肯定有一些印記。幸運的是，它正在被雲和 5G 所抵消。但我們仍然對企業非常樂觀，這為公司帶來了巨大的利潤和粘性。我認為我們將受益於團隊為真正更新產品組合所做的辛勤工作。我們看到這些產品的吸引力很大。

And the last question we'll take comes from Srini Pajjuri with SMB.

我們要回答的最後一個問題來自 SMB 的 Srini Pajjuri。

Jean, I have a question on the cash usage. I saw that the share count has perked up a little bit in the quarter. Just wondering how you're thinking about the cash usage as we go into the next few quarters.

珍，我有一個關於現金使用的問題。我看到本季度的股票數量有所增加。只是想知道在我們進入接下來的幾個季度時您是如何考慮現金使用的。

And maybe along the same lines, Matt, you guys have done a great job with M&A, integrating some of the acquisitions and now that the cash flow is improving, the balance sheet is pretty strong. I'm just curious as to how you're thinking about M&A for the next 12 months, what do you see out there in the market? What kind of opportunities you're seeing and how you're thinking about it?

也許沿著同樣的思路，馬特，你們在併購方面做得很好，整合了一些收購，現在現金流正在改善，資產負債表相當強勁。我很好奇您對未來 12 個月的併購有何看法，您對市場有何看法？你看到了什麼樣的機會，你是怎麼想的？

Yes. So on the cash usage for the next few quarters, certainly, our business will continue to generate a very strong free cash flow. If you look at the first half of fiscal year 2021, our cash flow conversion is very significantly higher than the -- more than 100% of our net income. So I think certainly, we're going to be able to pay down our short-term debt, which is $450 million. And the additional excess cash, we have always been quite committed to return cash to shareholders.

是的。因此，就未來幾個季度的現金使用而言，我們的業務將繼續產生非常強勁的自由現金流。如果您查看 2021 財年上半年，我們的現金流轉換率非常顯著高於 - 超過我們淨收入的 100%。所以我認為，我們肯定能夠償還 4.5 億美元的短期債務。而額外的超額現金，我們一直相當致力於將現金返還給股東。

Certainly, the macro environment is still uncertain, but we definitely will monitor and assess, if we should restart the share repurchase program. So that's definitely what we are considering.

當然，宏觀環境仍然不確定，但我們肯定會監測和評估，是否重啟股票回購計劃。所以這絕對是我們正在考慮的。

Yes. And I'll just conclude on the second topic, you mentioned about M&A. So yes. I think we're -- first of all, we're very pleased with how all the effort we put in, in 2019. We bid off a lot, as you remember. We sold our Wi-Fi business to NXP. And then we purchased Aquantia and Avera.

是的。我將在第二個主題上結束，你提到了併購。所以是的。我認為我們——首先，我們對我們在 2019 年付出的所有努力感到非常滿意。正如你所記得的，我們出價很多。我們將 Wi-Fi 業務出售給了 NXP。然後我們購買了 Aquantia 和 Avera。

And we made those decisions, candidly, right kind of in the midst of trade war and a lot of uncertainty. And I think reflecting back, we're thrilled, right, that we made those decisions. I think both of those acquisitions we did last year were performing better than we had anticipated when we announced them. As you saw from our results, I think the benefit of the Marvell platform from a cost standpoint has really enabled us to run these 2 businesses that we acquired very efficiently, while keeping key technical talent and key management talent, which we were thrilled to get.

坦率地說，我們在貿易戰和很多不確定性中做出了這些決定。我想回想起來，我們很高興，對，我們做出了這些決定。我認為我們去年進行的這兩項收購的表現都比我們宣布它們時的預期要好。正如您從我們的結果中看到的那樣，我認為從成本的角度來看，Marvell 平台的優勢確實使我們能夠非常有效地運營這兩項業務，同時保留我們很高興獲得的關鍵技術人才和關鍵管理人才.

And so we like those kind of deals. I think the prices paid were very reasonable. And certainly, they've really helped our company. And so look, we're in execution mode at this point. We got a lot of design wins in front of us. We're executing a 5-nanometer platform, but we're always going to keep a look out and certainly very encouraged by the guidance we gave in terms of revenue growth. But also, if you even look at last quarter, it was the cash flow generation of the company. I think you're starting to see that the company has got a tremendous leverage in its operating model and can generate significant free cash flow as we grow, and that certainly sets us up well if we were to find opportunities to go after.

所以我們喜歡這種交易。我認為支付的價格非常合理。當然，他們確實幫助了我們公司。所以看，我們現在處於執行模式。我們在我們面前贏得了很多設計勝利。我們正在執行一個 5 納米平台，但我們總是會密切關注，並且肯定對我們在收入增長方面給出的指導感到非常鼓舞。而且，如果你看一下上個季度，那就是公司的現金流量。我認為您開始看到該公司在其運營模式中擁有巨大的影響力，並且隨著我們的成長可以產生大量的自由現金流，如果我們要尋找機會去追求，這肯定會讓我們很好。

But as you know, we've been very disciplined on this front. Multiples are definitely high at this point. We've got a lot going on. So of course, we'll look around. But right now, I know myself and the team are plenty busy with executing our current initiatives that we've worked really hard to put together. But we will see. Thanks, Srini.

但如你所知，我們在這方面非常自律。在這一點上，倍數肯定很高。我們有很多事情要做。所以當然，我們會環顧四周。但是現在，我知道我自己和團隊正忙於執行我們目前非常努力地制定的計劃。但我們會看到的。謝謝，斯里尼。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

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。