邁威爾科技 (MRVL) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Marvell's First Quarter Fiscal Year 2021 Earnings Call.

女士們，先生們，感謝您的支持，歡迎參加 Marvell 2021 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker, Vice President of Investor Relations, Ashish Saran.

我現在想把會議交給你的演講者，投資者關係副總裁 Ashish Saran。

Sir, please go ahead.

先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Marvell's First Quarter Fiscal Year 2021 Earnings Call.

歡迎參加 Marvell 2021 財年第一季度財報電話會議。

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

今天加入的有 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 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.

我想提醒大家，今天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。

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.

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

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

我們不打算更新我們的前瞻性陳述。

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

在我們今天的電話會議中，我們將提及某些非公認會計準則財務指標。

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

我們的 GAAP 和非 GAAP 財務指標之間的對賬可在我們網站的“投資者關係”部分找到。

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

有了這個，我會把電話轉給馬特，讓他對我們的表現發表評論。

Matt?

馬特?

Thanks, Ashish, and good afternoon, everyone.

謝謝，Ashish，大家下午好。

During the first quarter of fiscal 2021, we delivered strong financial results and achieved $694 million in revenue, $14 million above the midpoint of guidance.

在 2021 財年第一季度，我們實現了強勁的財務業績，實現了 6.94 億美元的收入，比指導中點高出 1400 萬美元。

As you may recall, our revenue guidance for the first quarter included an assumption for a 5% headwind from COVID-19.

您可能還記得，我們第一季度的收入指導包括假設 COVID-19 帶來 5% 的阻力。

We did, in fact, experience some impact on revenue from COVID-19-related issues, but stronger-than-expected demand from our data center and 5G infrastructure end markets in our networking business drove consolidated company revenue above the midpoint.

事實上，我們確實經歷了 COVID-19 相關問題對收入的一些影響，但我們網絡業務中數據中心和 5G 基礎設施終端市場的需求強於預期，推動公司合併收入高於中點。

Compared to our assumptions when we provided our revenue guidance for the first quarter, the impact of COVID-19 turned out to be greater-than-expected in our storage business and lower than expected in our networking business.

與我們提供第一季度收入指導時的假設相比，COVID-19 的影響在我們的存儲業務中大於預期，而在我們的網絡業務中則低於預期。

Our GAAP loss per share was $0.17.

我們的 GAAP 每股虧損為 0.17 美元。

Our non-GAAP earnings per share was $0.18, above the high end of our guidance range, driven by higher revenue and tight OpEx control.

我們的非公認會計準則每股收益為 0.18 美元，高於我們指導範圍的高端，這是由於收入增加和嚴格的運營支出控制。

On a sequential basis, revenue declined by 3%.

在連續的基礎上，收入下降了 3%。

However, compared to fourth quarter results, adjusted for the divestiture of Wi-Fi, revenue for the ongoing business was actually flat on a sequential basis, a very solid result under current conditions and in what is typically a seasonally weak quarter.

然而，與根據 Wi-Fi 剝離調整後的第四季度業績相比，持續業務的收入實際上環比持平，在當前條件下和通常是季節性疲軟的季度，這是一個非常穩健的結果。

I'm extremely pleased with our team's ability to deliver great results despite the massive disruption from the COVID-19 pandemic.

儘管 COVID-19 大流行造成了巨大破壞，但我對我們的團隊仍能取得出色成果的能力感到非常滿意。

The vast majority of our employees have been working from home since early March, earlier than most official shelter-in-place orders were announced as the health and welfare of our employees and their families was our first priority.

自 3 月初以來，我們的絕大多數員工一直在家工作，早於大多數官方就地庇護令宣布，因為我們的員工及其家人的健康和福利是我們的首要任務。

Our IT team quickly jumped into action to provide secure remote access for our 5,000-plus employees.

我們的 IT 團隊迅速採取行動，為我們的 5,000 多名員工提供安全的遠程訪問。

Our worldwide operations group battled through a number of supply chain challenges and met the upside in demand in our networking business.

我們的全球運營團隊克服了許多供應鏈挑戰，並滿足了我們網絡業務的需求增長。

Since the start of work-from-home, our engineering team has taped out 8 new chips, an extremely high level of engineering output in this time frame, on schedule to meet our customers' critical time lines.

自從開始在家工作以來，我們的工程團隊已經按時完成了 8 個新芯片的流片，在這個時間範圍內的工程輸出水平極高，以滿足客戶的關鍵時間線。

Our sales team maintained a strong focus on customer communication through this critical time period and continue to drive our growing design win funnel.

在這個關鍵時期，我們的銷售團隊一直非常關注客戶溝通，並繼續推動我們不斷增長的設計贏漏斗。

I have personally experienced a much higher level of direct engagement with the leadership at multiple key customers at the CEO level.

我個人在 CEO 級別與多個關鍵客戶的領導層進行了更高水平的直接接觸。

Normally, I fly out and meet my counterparts in person a few times a year.

通常，我每年都會飛出幾次親自與同行會面。

But during this crisis, we have quickly adopted virtual meetings over video to increase the frequency of communication.

但在這場危機中，我們迅速採用了視頻虛擬會議來增加溝通頻率。

We believe the change in cadence reflects our customers' desire to involve us deeply as a trusted partner in solving the need for higher bandwidth and storage in the post-COVID-19 world.

我們相信，節奏的變化反映了我們的客戶希望我們作為值得信賴的合作夥伴深入參與，以解決 COVID-19 後世界對更高帶寬和存儲的需求。

Our mission as an infrastructure semiconductor solution provider to move, store, process and secure the world's data has never been more relevant, and we are seeing strong demand drivers for our products and technology.

作為基礎設施半導體解決方案提供商，我們在移動、存儲、處理和保護世界數據方面的使命從未如此重要，我們看到了對我們產品和技術的強勁需求驅動力。

I truly believe that the culture we have created at Marvell is enabling our success and has earned us the trust of our employees, customers and partners, and our new brand reflects these values.

我堅信，我們在 Marvell 創造的文化使我們取得了成功，並為我們贏得了員工、客戶和合作夥伴的信任，我們的新品牌反映了這些價值觀。

Celebrating the company's 25-year anniversary, we recently launched Marvell's new brand identity, marking a milestone in our transformation to focus on semiconductor solutions for data infrastructure.

為慶祝公司成立 25 週年，我們最近推出了 Marvell 的新品牌標識，標誌著我們轉型為專注於數據基礎設施的半導體解決方案的里程碑。

This was something we had considered doing soon after we started to pivot the company in the fall of 2016.

這是我們在 2016 年秋季開始對公司進行轉型後不久就考慮做的事情。

But as you know, the company's brand is their reputation and a reputation is earned.

但如您所知，公司的品牌就是他們的聲譽，並且贏得了聲譽。

So instead, we focused first on creating our new strategy, revamping our culture, building operational excellence and delivering business results.

因此，我們首先專注於製定新戰略、改造文化、打造卓越運營和交付業務成果。

After 4 years of hard work, we were ready to reveal a new brand that mirrors our culture, which focuses on the substance first.

經過4年的努力，我們準備展示一個反映我們文化的新品牌，它首先關注的是物質。

Our brand is built on a foundation of collaboration and partnership with our customers, and we are driven by the belief that doing things the right way matters.

我們的品牌建立在與客戶合作和夥伴關係的基礎之上，我們堅信以正確的方式做事很重要。

Essential technology done right reflects our customer-centric approach to high-quality tailored solutions.

正確完成基本技術反映了我們以客戶為中心的高質量定制解決方案方法。

None of this would be possible without our dedicated employees who have been putting in a lot of extra hours through this unusual period, which is likely to persist for a while.

如果沒有我們敬業的員工在這個不尋常的時期（可能會持續一段時間）付出大量額外的時間，這一切都不可能實現。

Recognizing this challenge, we are giving all employees a few extra days off, and we are shutting down for a 4-day recharge weekend in mid-June.

認識到這一挑戰，我們為所有員工額外放了幾天假，我們將在 6 月中旬關閉一個為期 4 天的充電週末。

Similarly, we have taken steps to help our contractors and the local community.

同樣，我們已採取措施幫助我們的承包商和當地社區。

We are continuing to pay our hourly workers in full as well as the service providers that support our facilities regardless of whether they can fully perform their duties.

我們將繼續全額支付我們的小時工以及支持我們設施的服務提供商，無論他們是否能夠充分履行職責。

In addition, Marvell has started the COVID-19 relief fund to support our global communities and provide financial relief to those in need.

此外，Marvell 還啟動了 COVID-19 救濟基金，以支持我們的全球社區並為有需要的人提供經濟救濟。

A portion of the fund is dedicated to matching employee donations so that employees will also have the opportunity to participate.

該基金的一部分專門用於匹配員工捐款，以便員工也有機會參與。

Until we are able to return to the office in Santa Clara, we plan to donate our entire cafeteria grocery budget to the Second Harvest Food Bank in support of those in need.

在我們能夠返回聖克拉拉的辦公室之前，我們計劃將我們的整個自助餐廳雜貨預算捐贈給 Second Harvest Food Bank，以支持有需要的人。

It is in times of crisis that our values and leadership principles are truly tested.

在危機時期，我們的價值觀和領導原則受到了真正的考驗。

I'm proud of our team and the company we have built.

我為我們的團隊和我們建立的公司感到自豪。

We are in the fortunate position of being able to take care of our people and give back to our communities when it really counts.

我們很幸運能夠照顧我們的員工並在真正重要的時候回饋我們的社區。

During and after this crisis, we expect the demand for bandwidth to continue to grow stronger.

在這場危機期間和之後，我們預計對帶寬的需求將繼續增長。

Major cloud and service providers are facing unprecedented demand for their services as a result of so many people working from home and are scrambling to add capacity to their networks.

由於如此多的人在家工作並爭先恐後地增加網絡容量，主要的雲和服務提供商正面臨著對其服務前所未有的需求。

5G has become a strategic priority for many nations and also an economic growth driver for economies worldwide.

5G已成為許多國家的戰略重點，也是全球經濟增長的動力。

Enterprises are rapidly upgrading their networking infrastructure to support their workforce with remote access to critical business applications and advanced collaboration tools in a secure and scalable environment.

企業正在快速升級其網絡基礎設施，以支持其員工在安全且可擴展的環境中遠程訪問關鍵業務應用程序和高級協作工具。

We are in the midst of enabling all the key megatrends in 5G, data center cloud, enterprise and automotive as a leading supplier of data infrastructure semiconductors.

作為數據基礎設施半導體的領先供應商，我們正在推動 5G、數據中心雲、企業和汽車領域的所有關鍵大趨勢。

Over the last few quarters, we have discussed in detail our progress in the carrier market tied to the transition to 5G.

在過去幾個季度中，我們詳細討論了與向 5G 過渡相關的運營商市場的進展。

Investor focus has been high in this area, and I'll provide color on this opportunity in a few moments.

投資者對這一領域的關注度很高，我將在稍後對這個機會進行說明。

For now, I'd like to draw your attention to the cloud data center market, which represents an opportunity for our storage and networking products, similar in magnitude to 5G.

現在，我想提請您注意云數據中心市場，這代表了我們的存儲和網絡產品的機會，其規模類似於 5G。

This is in addition to our ARM server opportunity, which we have previously outlined as a large multibillion-dollar market for us.

這是對 ARM 服務器機會的補充，我們之前已將其概述為一個價值數十億美元的大型市場。

We've been working on building our business through organic investments over the past 4 years as well as through products and engagements via the Cavium and Avera acquisitions.

在過去的 4 年裡，我們一直致力於通過有機投資以及通過 Cavium 和 Avera 收購的產品和參與來建立我們的業務。

We are now starting to see the benefits from these efforts, and I'm excited to share them with you.

我們現在開始看到這些努力的好處，我很高興與您分享。

In our storage business, over the last few years, we have been transitioning our HDD business to focus on nearline drives, which are primarily consumed by cloud data centers, and this business has been growing nicely for us through both our storage controllers and preamplifiers.

在我們的存儲業務中，在過去的幾年裡，我們一直在將我們的 HDD 業務轉變為專注於主要由雲數據中心消費的近線驅動器，並且通過我們的存儲控制器和前置放大器，這項業務對我們來說發展良好。

We expect that the 16-terabyte transition this year will drive strong growth for us.

我們預計今年 16 TB 的過渡將為我們帶來強勁增長。

Our custom flash controllers are very well suited for cloud customers, who have unique storage applications and are looking to disaggregate their SSDs to optimize performance, and we pioneered the do-it-yourself model.

我們的定制閃存控制器非常適合擁有獨特存儲應用程序並希望分解其 SSD 以優化性能的雲客戶，我們開創了自己動手模型。

We also have storage accelerators in evaluation at multiple cloud customers.

我們還在多個雲客戶中評估存儲加速器。

In virtualized environments and cloud data centers, multiple customers can be accessing the same physical storage resources simultaneously.

在虛擬化環境和雲數據中心中，多個客戶可以同時訪問相同的物理存儲資源。

To ensure quality of service, expensive CPU cycles are consumed in managing workloads to ensure that all clients get uninterrupted access to their stored data.

為了確保服務質量，管理工作負載會消耗昂貴的 CPU 週期，以確保所有客戶端都能不間斷地訪問其存儲的數據。

Our NVMe storage accelerators enable a better solution by offloading storage IO and freeing up CPU cycles, provisioning bandwidth and ensuring low latency to satisfy service level agreements, which are difficult to achieve with software-only solutions.

我們的 NVMe 存儲加速器通過卸載存儲 IO 和釋放 CPU 週期、配置帶寬和確保低延遲來滿足服務級別協議，從而實現更好的解決方案，這些都是純軟件解決方案難以實現的。

We expect to see initial production ramps for our storage accelerators starting later this year.

我們預計將從今年晚些時候開始看到我們的存儲加速器的初始生產量。

In our networking business, our OCTEON compute platform is ideally suited for a variety of offload and acceleration applications in hyperscale data centers.

在我們的網絡業務中，我們的 OCTEON 計算平台非常適合超大規模數據中心中的各種卸載和加速應用程序。

At GTC 2020 last week, Jensen Huang referred to this category of computing as the DPU, or data processing unit, and indicated it would represent the third major pillar of computing in hyperscale data centers after the CPU and GPU.

在上週的 GTC 2020 上，Jensen Huang 將這類計算稱為 DPU 或數據處理單元，並表示它將代表超大規模數據中心計算的第三大支柱，僅次於 CPU 和 GPU。

We couldn't agree more.

我們完全同意。

OCTEON is an ideal DPU platform as it is an SoC that combines a scalable multi-core ARM processor, high-performance networking and a variety of hardened acceleration engines.

OCTEON 是一個理想的 DPU 平台，因為它是一個 SoC，它結合了可擴展的多核 ARM 處理器、高性能網絡和各種強化加速引擎。

As many of you know, Cavium was a pioneer in this area.

眾所周知，Cavium 是該領域的先驅。

We have continued investing in this segment since the acquisition.

自收購以來，我們一直在這一領域進行投資。

Our recently announced OCTEON TX2 was specifically designed for cloud applications, such as our LiquidIO programmable smartNIC and LiquidSecurity HSM or hardware security module product lines.

我們最近發布的 OCTEON TX2 專為雲應用而設計，例如我們的 LiquidIO 可編程 smartNIC 和 LiquidSecurity HSM 或硬件安全模塊產品線。

Cloud infrastructure requires optimized hardware for performance, cost and power at scale.

雲基礎架構需要針對性能、成本和功率進行大規模優化的硬件。

Data center operators can achieve these goals by moving specific workloads on to highly optimized offload engines, leaving the host server to run more efficiently.

數據中心運營商可以通過將特定工作負載轉移到高度優化的卸載引擎來實現這些目標，從而讓主機服務器更高效地運行。

Our LiquidIO smartNICs offload network virtualization, storage protocols, security, distributed firewall, software-defined networks and network overlay for various cloud data center models.

我們的 LiquidIO smartNIC 為各種雲數據中心模型卸載了網絡虛擬化、存儲協議、安全性、分佈式防火牆、軟件定義網絡和網絡覆蓋。

Our latest LiquidIO smartNIC incorporating OCTEON TX2 is ramping now as cloud provider demand is surging.

隨著雲提供商需求的激增，我們最新的包含 OCTEON TX2 的 LiquidIO smartNIC 現在正在加速發展。

Our LiquidSecurity HSM, which have been adopted by multiple leading cloud providers to provide fully managed cloud-hosted protection for cryptographic keys and crypto-as-a-service are also ramping.

我們的 LiquidSecurity HSM 已被多家領先的雲提供商採用，為加密密鑰和加密即服務提供完全託管的雲託管保護，它也正在逐步普及。

Last year, we announced deployments with Amazon, Google and Oracle, and I am pleased that we have recently added another large Tier 1 cloud customer.

去年，我們宣布與亞馬遜、谷歌和甲骨文進行部署，我很高興我們最近增加了另一個大型一級雲客戶。

Our ARM-based server processors have been qualified at Microsoft for internal Azure development workloads, and we are looking forward to broader adoption in production environments.

我們基於 ARM 的服務器處理器已在 Microsoft 獲得用於內部 Azure 開發工作負載的資格，我們期待在生產環境中得到更廣泛的採用。

Our ThunderX3 processor will become available later this year, and we continue to engage with additional cloud providers on our solutions.

我們的 ThunderX3 處理器將於今年晚些時候上市，我們將繼續與其他雲提供商合作開發我們的解決方案。

The Avera acquisition brings to us leading edge custom chip design capability, which continues to become more relevant as hyperscalers seek to differentiate and control their own key pieces of silicon.

收購 Avera 為我們帶來了領先的定制芯片設計能力，隨著超大規模企業尋求區分和控制自己的關鍵芯片，這種能力繼續變得更加重要。

They have very specific needs, and we can combine our leading intellectual property with their own unique IP to most efficiently solve the most complex system design challenges.

他們有非常具體的需求，我們可以將我們領先的知識產權與他們自己的獨特 IP 相結合，以最有效地解決最複雜的系統設計挑戰。

As these customers continue to design their own silicon, they need a reliable ASIC partner that they can count on for the long haul.

隨著這些客戶繼續設計自己的芯片，他們需要一個可以長期信賴的可靠 ASIC 合作夥伴。

Avera were already shipping into the cloud market when we acquired them, and they brought over additional cloud design wins, which have yet to go into production.

當我們收購 Avera 時，他們已經進入雲市場，他們帶來了更多的雲設計勝利，這些勝利尚未投入生產。

The level of engagement with hyperscalers has also continued to grow after we completed the acquisition, and we are seen as a very attractive choice for next-generation design decisions.

在我們完成收購後，與超大規模企業的合作水平也繼續增長，我們被視為下一代設計決策的非常有吸引力的選擇。

Collectively, we are now building a strong cloud franchise, combining our storage, networking and processor technology and have the unique ability to deliver products with standard, custom and semi-custom solutions.

總的來說，我們現在正在建立一個強大的雲特許經營權，將我們的存儲、網絡和處理器技術相結合，並擁有通過標準、定制和半定制解決方案交付產品的獨特能力。

I'm pleased to report that for the first time, we estimate that our revenue from the cloud market exceeded 10% of total company revenue, growing from a fairly small position at the same time last year.

我很高興地報告，我們首次估計我們來自云市場的收入超過了公司總收入的 10%，從去年同期的一個相當小的位置增長。

We expect that this business will continue to grow with that end market and our own unique product cycles and become another key growth driver for Marvell.

我們預計這項業務將隨著該終端市場和我們自己獨特的產品週期而繼續增長，並成為 Marvell 的另一個關鍵增長動力。

Let me now move on to discussing our 2 businesses in more detail.

現在讓我繼續更詳細地討論我們的兩項業務。

First, in our networking business, revenue during the quarter was $394 million and grew 5% sequentially, significantly above our expectations for a low to mid-single-digit decline.

首先，在我們的網絡業務中，本季度的收入為 3.94 億美元，環比增長 5%，大大高於我們對中低個位數下降的預期。

Compared to fourth quarter results adjusted for the divestiture of Wi-Fi, growth for the continuing networking business in the first quarter was in the double digits sequentially, and I'm thrilled with this result.

與 Wi-Fi 剝離調整後的第四季度業績相比，第一季度持續網絡業務的增長連續兩位數，我對這一結果感到興奮。

Excellent supply chain execution allowed us to meet strong demand from cloud data centers for our smartNICs and security adapters that I discussed earlier.

出色的供應鏈執行使我們能夠滿足雲數據中心對我之前討論過的 smartNIC 和安全適配器的強烈需求。

Our 1-gig and 10-gig PHY products experienced robust demand from enterprise data centers as companies continue to upgrade the core of their network operations to deal with higher security and throughput demands.

隨著公司不斷升級其網絡運營的核心以應對更高的安全性和吞吐量需求，我們的 1-gig 和 10-gig PHY 產品經歷了來自企業數據中心的強勁需求。

Our wireless infrastructure business grew sequentially and performed better than our expectations of a flattish quarter, in strong contrast to the pause or slowdown in 5G deployments, mentioned by a number of industry peers for the same time period.

我們的無線基礎設施業務連續增長，表現好於我們對一個持平季度的預期，這與許多同行在同一時期提到的 5G 部署的暫停或放緩形成鮮明對比。

We are benefiting from the start of the 5G build-out in China, where we have [contents] through 2 of our key customers, who collectively have been awarded about 50% of the share of recently announced contracts.

我們受益於中國 5G 建設的開始，我們通過 2 個主要客戶擁有 [內容]，這些客戶總共獲得了最近宣布的合同約 50% 的份額。

We are currently supplying custom ASICs and standard connectivity products to these customers and are working with them on additional opportunities.

我們目前正在為這些客戶提供定制 ASIC 和標準連接產品，並正在與他們合作尋找更多機會。

In addition, we have a very strong position at Samsung, where we have just started to ship our full suite of solutions and expect that their success in Korea, Japan and the U.S. to drive growth in the coming year.

此外，我們在三星擁有非常強大的地位，我們剛剛開始推出全套解決方案，並期望他們在韓國、日本和美國的成功能夠推動來年的增長。

Our custom baseband solution for Nokia is progressing very well through qualification, and we expect to start production later this year.

我們為諾基亞定制的基帶解決方案通過認證進展順利，我們預計將於今年晚些時候開始生產。

Collectively, we are designed into the latest generation of base stations into multiple OEMs, which are expected to be powering all key geographies over several years.

總的來說，我們被設計成多個 OEM 的最新一代基站，預計將在幾年內為所有關鍵地區提供動力。

We are still at the very beginning of the industry transition from 4G to 5G and look forward to driving significant revenue growth from this end market.

我們仍處於行業從 4G 向 5G 過渡的初期，並期待推動這一終端市場的顯著收入增長。

Demand from the enterprise campus end market remained stable on a sequential basis, a good outcome under current market conditions.

企業園區終端市場需求環比保持穩定，在當前市場環境下表現良好。

When we start to come out of the COVID-19 crisis, we are looking forward to the deployment of Wi-Fi 6, which requires higher speed Ethernet connections.

當我們開始擺脫 COVID-19 危機時，我們期待部署 Wi-Fi 6，這需要更高速度的以太網連接。

We expect this adoption will drive growth for our multi-gig Ethernet products as we have a very strong design win position across most leading OEMs for enterprise Wi-Fi access points.

我們預計這種採用將推動我們的多千兆以太網產品的增長，因為我們在企業 Wi-Fi 接入點的大多數領先 OEM 中擁有非常強大的設計優勢。

And we also have a strong position on-campus switches, which aggregate traffic from these access points.

而且我們在校園交換機上也有很強的地位，可以聚合來自這些接入點的流量。

We recently taped out additional products from our recently announced OCTEON TX2 family of ARM-based infrastructure processors, including our flagship, highest performance solution, featuring 36 cores, which can deliver up to 200 gigabits per second of packet processing for the most demanding applications.

我們最近推出了基於 ARM 基礎架構處理器的 OCTEON TX2 系列的其他產品，包括我們的旗艦級最高性能解決方案，具有 36 個內核，可為最苛刻的應用程序提供高達 200 Gb/秒的數據包處理。

We also taped out our Fusion-based processor customized for massive MIMO applications for our leading wireless customer, ahead of schedule.

我們還提前為我們領先的無線客戶推出了為大規模 MIMO 應用定制的基於 Fusion 的處理器。

Our customer will be using this solution in their high-volume massive MIMO SKUs, and we expect to be ramping into production in the fall.

我們的客戶將在他們的大容量大規模 MIMO SKU 中使用該解決方案，我們預計將在秋季投入生產。

The design win funnel for OCTEON processors is continuing to expand with a broad set of Tier 1 networking and high-end security firewall OEMs.

OCTEON 處理器的設計獲勝漏斗正在繼續擴大，並與廣泛的第 1 層網絡和高端安全防火牆 OEM 合作。

The OCTEON platform is an extensive ARM-based embedded processor product family, which can scale from 4 cores at the low end to 36 cores on the high end, all on a common software framework.

OCTEON 平台是一個廣泛的基於 ARM 的嵌入式處理器產品系列，可以從低端的 4 個內核擴展到高端的 36 個內核，所有這些都在一個通用的軟件框架上。

This is a critical advantage for Marvell when engaging with Tier 1 networking OEMs who want to partner with solution providers able to support their broad range of products, allowing massive software reuse.

這是 Marvell 在與希望與能夠支持其廣泛產品範圍的解決方案提供商合作並允許大量軟件重用的 1 級網絡 OEM 合作時的關鍵優勢。

We are deep into the development already of our next-generation OCTEON family based on advanced node process technology.

我們已經深入開發基於先進節點工藝技術的下一代 OCTEON 系列。

The combined strength of our recent OCTEON announcements and aggressive road map is resonating very well with key OEMs.

我們最近發布的 OCTEON 公告和積極的路線圖的綜合實力在主要 OEM 中產生了很好的共鳴。

In our emerging automotive business, there are encouraging signs that auto production is restarting in multiple geographies.

在我們新興的汽車業務中，有令人鼓舞的跡象表明，多個地區的汽車生產正在重啟。

And as this happens, we expect to start ramping Ethernet switches and PHYs in the second half of our fiscal year for the designs we had won in model year 2021 vehicles.

在這種情況下，我們預計將在本財年下半年開始為我們在 2021 年車型中贏得的設計增加以太網交換機和 PHY。

We expect to grow our automotive footprint over the next few years through our Ethernet connectivity products, but we see an even bigger opportunity for Marvell as cars continue to evolve towards becoming truly connected platforms.

我們希望通過我們的以太網連接產品在未來幾年擴大我們的汽車足跡，但隨著汽車繼續向真正的連接平台發展，我們看到 Marvell 的機會更大。

Traditional point-to-point solutions in cars are heading towards zonal architectures, very similar to modern enterprise networking, where end points connect to centralized compute and storage resources over a secure Ethernet backbone.

汽車中的傳統點對點解決方案正朝著區域架構發展，這與現代企業網絡非常相似，在現代企業網絡中，端點通過安全的以太網主干連接到集中式計算和存儲資源。

We believe that we have all the pieces in place to be a leader in the market for this evolution.

我們相信，我們已經具備了成為這一演變市場領導者的所有條件。

Low-power and high-performance ARM-based embedded processors, proven security IP, automotive-grade gigabit and multi-gigabit ethernet connectivity, advanced storage technology and a solution delivery model, which can span from standard products to full custom.

基於 ARM 的低功耗和高性能嵌入式處理器、經過驗證的安全 IP、汽車級千兆和多千兆以太網連接、先進的存儲技術和解決方案交付模型，可以從標準產品到完全定制的產品。

We will discuss this broader initiative in more detail at our Investor Day in October.

我們將在 10 月的投資者日更詳細地討論這一更廣泛的舉措。

Let me now discuss the outlook for our networking business.

現在讓我討論一下我們網絡業務的前景。

After a very strong first quarter, we expect our networking business to continue to grow in the second quarter of fiscal 2021 and project revenue to increase in the low single digits sequentially.

在經歷了非常強勁的第一季度之後，我們預計我們的網絡業務將在 2021 財年第二季度繼續增長，項目收入將連續以低個位數增長。

We expect this growth to be driven by 5G wireless infrastructure deployments in our carrier end market.

我們預計這一增長將受到運營商終端市場 5G 無線基礎設施部署的推動。

Looking out to the third quarter, based on our recent bookings and firm backlog position, we expect our 5G business to continue to ramp strongly.

展望第三季度，根據我們最近的預訂和堅定的積壓情況，我們預計我們的 5G 業務將繼續強勁增長。

Turning now to our storage business.

現在轉向我們的存儲業務。

Storage revenue for the first quarter was $259 million, a double-digit sequential decline, worse than our expectations for a mid-single-digit decline.

第一季度的存儲收入為 2.59 億美元，環比下降兩位數，差於我們預期的中個位數下降。

This was due to multiple manufacturing facilities in Southeast Asia coming under new shelter-in-place orders in connection with COVID-19 as the quarter progressed, impacting production of fiber channel adapters and hard disk drives.

這是因為隨著本季度的進展，東南亞的多個製造工廠收到了與 COVID-19 相關的新的就地庇護訂單，影響了光纖通道適配器和硬盤驅動器的生產。

Our SSD controller business in contrast remained resilient and grew sequentially, driven by higher shipments into data center applications.

相比之下，在數據中心應用出貨量增加的推動下，我們的 SSD 控制器業務保持彈性並連續增長。

Looking to the second quarter, we expect our storage business to start to recover from COVID-19 impacts on the supply chain, although a full recovery is more likely in our third quarter.

展望第二季度，我們預計我們的存儲業務將開始從 COVID-19 對供應鏈的影響中恢復過來，儘管我們第三季度更有可能全面復甦。

We have started initial shipments of our custom SSD controllers for system-level applications in our second fiscal quarter.

我們已經在第二財季開始為系統級應用程序定制 SSD 控制器的初始出貨。

As a result, we are projecting storage revenue growth of approximately 10% sequentially for the second quarter.

因此，我們預計第二季度的存儲收入將環比增長約 10%。

This custom SSD controller is based on our new PCIe Gen4 architecture and was developed in close collaboration with our customer to create a storage controller uniquely tailored to their application.

這款定制 SSD 控制器基於我們新的 PCIe Gen4 架構，是與我們的客戶密切合作開發的，旨在創建一個專為他們的應用量身定制的存儲控制器。

I'm very pleased with our strong engineering and operations execution, which has enabled us to start early shipments to meet our customers' production schedule.

我對我們強大的工程和運營執行力感到非常滿意，這使我們能夠儘早開始發貨以滿足客戶的生產計劃。

We expect the storage controller to ramp into high volume in our third fiscal quarter.

我們預計存儲控制器將在第三財季大批量生產。

In closing, we have a strategy focused on semiconductor solutions for data infrastructure.

最後，我們的戰略專注於數據基礎設施的半導體解決方案。

The critical nature of that infrastructure became even more evident during the current crisis as it keeps people connected, business is running and information flowing.

在當前危機期間，該基礎設施的關鍵性質變得更加明顯，因為它使人們保持聯繫、業務正常運行和信息流動。

Our pivot to data infrastructure wasn't an accident and is a direct result of our decisive strategic portfolio actions over the last 4 years.

我們轉向數據基礎設施並非偶然，而是我們在過去 4 年中果斷的戰略組合行動的直接結果。

Our strategy is in place.

我們的戰略已經到位。

We are executing well, and we have the right team and technology to exceed our customers' expectations.

我們執行良好，我們擁有合適的團隊和技術來超越客戶的期望。

Our booking and backlog trends are very healthy, especially in 5G, cloud and custom SSD and support our expectations of driving overall company growth beyond the second quarter.

我們的預訂和積壓趨勢非常健康，尤其是在 5G、雲和定制 SSD 方面，支持我們對推動公司整體增長超過第二季度的預期。

We, of course, will continue to closely monitor demand signals from our customers in this uncertain environment.

當然，在這種不確定的環境中，我們將繼續密切關注客戶的需求信號。

We remain confident in our ability to continue to benefit over the long-term from the macro trends I outlined during this call.

我們仍然相信我們有能力繼續從我在本次電話會議中概述的宏觀趨勢中長期受益。

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.

謝謝，馬特，大家下午好。

I'll start with a review of our financial results for the first quarter and then provide our current outlook for the second quarter of fiscal 2021.

我將從回顧我們第一季度的財務業績開始，然後提供我們對 2021 財年第二季度的當前展望。

Revenue in the fourth quarter was $694 million, above the middle point of our guidance.

第四季度的收入為 6.94 億美元，高於我們指導的中點。

Networking represented 57% of our revenue in the first quarter, with storage contributing 37%.

網絡在第一季度占我們收入的 57%，其中存儲貢獻了 37%。

Revenue from other accounted for 6% of our revenue.

其他收入占我們收入的 6%。

As a reminder, this business consists of products such as printer solutions and application processors that we have stopped investing, so we expect they will continue to decline over time.

提醒一下，該業務包括我們已停止投資的打印機解決方案和應用處理器等產品，因此我們預計它們將隨著時間的推移繼續下降。

Our guidance for the second quarter anticipates an approximately 20% sequential decline in revenue for these products.

我們對第二季度的指導預計這些產品的收入將連續下降約 20%。

GAAP gross margin was 47.1%, which includes the amortization of both Aquantia and Avera inventory step-up costs.

GAAP 毛利率為 47.1%，其中包括 Aquantia 和 Avera 庫存增加成本的攤銷。

Non-GAAP gross margin was 62.8% of revenue and it reflects the change in product mix compared to our expectations, as Matt discussed earlier.

正如馬特之前所討論的，非美國通用會計準則毛利率為收入的 62.8%，它反映了與我們預期相比產品組合的變化。

GAAP operating expenses were $423 million.

GAAP 運營費用為 4.23 億美元。

Non-GAAP operating expenses were $300 million, lower than expected, primarily because of our continued focus on OpEx management and the lower travel expenses due to the COVID-19 impact.

非 GAAP 運營費用為 3 億美元，低於預期，這主要是因為我們繼續關注運營支出管理以及由於 COVID-19 影響而降低的差旅費用。

I'm pleased that we were able to get to our target for non-GAAP operating expenses 3 quarters earlier than expected, and we currently intend to manage OpEx at this level through the rest of the fiscal year.

我很高興我們能夠比預期提前 3 個季度達到我們的非 GAAP 運營費用目標，我們目前打算在本財年的剩餘時間裡管理這個水平的運營支出。

GAAP operating loss was $96 million.

GAAP 經營虧損為 9600 萬美元。

Non-GAAP operating profit was $136 million or 19.6% of revenue.

非美國通用會計準則營業利潤為 1.36 億美元，佔收入的 19.6%。

For the first quarter, GAAP loss per diluted share was $0.17.

第一季度，GAAP每股攤薄虧損為0.17美元。

Non-GAAP income per diluted share was $0.18, above the high end of our guidance range.

非公認會計原則每股攤薄收益為 0.18 美元，高於我們指導範圍的高端。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

During the quarter, cash flow from operations was $176 million.

本季度，運營現金流為 1.76 億美元。

We returned $65 million to shareholders through $25 million in share repurchases and $40 million in dividends.

我們通過 2500 萬美元的股票回購和 4000 萬美元的股息向股東返還了 6500 萬美元。

We temporarily suspended our share repurchase program midway through the first quarter as we believe it's prudent to further strengthen our liquidity and increase our cash balance during the uncertain environment.

我們在第一季度中期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。

We'll continue to evaluate business conditions to decide when to restart the share repurchase program.

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 $660 million in cash and short-term investments.

我們以 6.6 億美元的現金和短期投資退出了本季度。

And we have $500 million liquidity available from our undrawn revolver.

我們從未動用的左輪手槍中獲得了 5 億美元的流動性。

Our net debt-to-EBITDA ratio was 1.2x on a trailing 12-month basis.

在過去 12 個月的基礎上，我們的淨債務與 EBITDA 比率為 1.2 倍。

I'm very pleased with our solid financial performance in the first quarter and the current environment.

我對我們第一季度穩健的財務表現和當前環境感到非常滿意。

We achieved this result by building a strong business model to focus on the growing opportunities in the infrastructure market and continuing to be very disciplined in operating our business to focus on return on investment while keeping ample liquidity and low debt leverage ratio.

我們通過建立強大的商業模式以專注於基礎設施市場不斷增長的機會，並繼續非常嚴格地經營我們的業務以專注於投資回報，同時保持充足的流動性和低債務槓桿率，從而取得了這一成果。

Our performance also underpins our strong investment-grade credit profile, which provides us with significant financial flexibility to invest in our long-term growth initiatives, so we can emerge from this uncertain time even stronger.

我們的表現也鞏固了我們強大的投資級信用狀況，這為我們提供了顯著的財務靈活性來投資於我們的長期增長計劃，因此我們可以在這個不確定的時期變得更加強大。

Now moving on to our current outlook for the second quarter of fiscal 2021.

現在繼續我們目前對 2021 財年第二季度的展望。

We are forecasting revenue to be in the range of $720 million, plus or minus 5%.

我們預計收入將在 7.2 億美元的範圍內，上下浮動 5%。

We anticipate our GAAP gross margin will be approximately 50.6%, and our non-GAAP gross margin will be approximately 63%.

我們預計我們的 GAAP 毛利率將約為 50.6%，我們的非 GAAP 毛利率將約為 63%。

We project our GAAP operating expenses to be approximately $393 million.

我們預計我們的 GAAP 運營費用約為 3.93 億美元。

We anticipate our non-GAAP operating expenses to be approximately $300 million.

我們預計我們的非公認會計原則運營費用約為 3 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 loss per diluted share in the range of $0.02 to $0.10 and non-GAAP income per diluted share in the range of $0.17 to $0.23.

因此，我們預計 GAAP 每股攤薄虧損在 0.02 美元至 0.10 美元之間，非 GAAP 每股攤薄收益在 0.17 美元至 0.23 美元之間。

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

接線員，請打開線路並宣布問答說明。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from the line of Timothy Arcuri of UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Timothy Arcuri。

In the release, you had mentioned that you had some impact for the trade, for what's happening in trade.

在新聞稿中，您曾提到您對交易產生了一些影響，對交易中發生的事情產生了影響。

So Jean, can you just talk about that and talk about maybe what the impact is?

那麼Jean，你能不能談談那個，談談影響是什麼？

And maybe whether there is a longer term opportunity, maybe now that high silicon is going to be quite restricted in sort of what they can build?

也許是否有更長期的機會，也許現在高矽在他們可以建造的東西上會受到很大的限制？

Will there be an opportunity for you there?

那裡會有機會嗎？

And I guess also, I just wanted to ask whether you have an update on the $600 million incremental 5G opportunity.

而且我想，我只是想問一下你是否有關於 6 億美元增量 5G 機會的最新信息。

It sounds like it's going to be quite a bit bigger than that, maybe as big as $1 billion.

聽起來它會比這更大，可能高達 10 億美元。

So I'm wondering if you can comment on that.

所以我想知道你是否可以對此發表評論。

Yes.

是的。

Tim, thank you.

蒂姆，謝謝。

Yes, on the trade impact, I think the impact from Huawei, it has happened in the past.

是的，關於貿易影響，我認為來自華為的影響，過去發生過。

So we -- it's already impacted our revenue last year.

所以我們 - 它已經影響了我們去年的收入。

We actually almost have non-Huawei revenue anymore going forward.

我們實際上幾乎不再有非華為的收入了。

On the other customers right now, based on our assessment, we don't see additional impact.

根據我們的評估，目前對於其他客戶，我們沒有看到額外的影響。

And I think the way to think about it is it's uncertain.

我認為思考它的方式是不確定的。

But right now, we don't see other impact.

但現在，我們沒有看到其他影響。

I'll let Matt answer the 5G question.

我會讓馬特回答 5G 問題。

Sure, yes.

當然，是的。

And, Tim, just to clarify on the trade side.

而且，蒂姆，只是為了澄清貿易方面的問題。

Yes, as Jean mentioned, we felt primarily the brunt of that impact about a year ago when the initial restrictions were put in place, and so we've worked through that issue.

是的，正如 Jean 所提到的，大約一年前，當最初的限制措施到位時，我們主要感受到了這種影響的衝擊，因此我們已經解決了這個問題。

I think the other thing you may be asking is what's the kind of overall picture if there's an impact to that particular customer in the 5G space and will other vendors take share?

我認為您可能會問的另一件事是，如果 5G 領域對特定客戶產生影響，那麼整體情況如何，其他供應商會分一杯羹嗎？

Will that be a tailwind for Marvell?

這對 Marvell 來說會是順風嗎？

And the answer to that is in our current base case assumption, we're assuming no share shifts.

答案是在我們當前的基本情況假設中，我們假設沒有份額轉移。

We have strong position at the other 4. But certainly to the extent that there are share movements within the 5G players, that would be to the benefit of the customers that we supply, that would be a good thing for us.

我們在其他 4 個方面處於強勢地位。但肯定的是，在 5G 參與者內部存在份額變動的情況下，這將有利於我們提供的客戶，這對我們來說是一件好事。

Related to that was your second part of the question, which was on the long-term opportunity.

與此相關的是您問題的第二部分，即長期機會。

Yes, it's actually a little bit larger.

是的，它實際上有點大。

It was $600 million when we stand-alone Marvell.

當我們獨立的 Marvell 時，它是 6 億美元。

And then when we did the acquisition of Avera, we added another $150 million of run rate business coming over.

然後，當我們收購 Avera 時，我們又增加了 1.5 億美元的運行率業務。

So that really framed the whole opportunity at $750 million.

因此，這確實將整個機會定為 7.5 億美元。

We still feel very good about that.

我們仍然對此感覺很好。

As you heard in my prepared remarks as well as even some of the comments from last quarter.

正如您在我準備好的評論以及上個季度的一些評論中所聽到的那樣。

We continue to have very strong design win momentum there and content increase at a number of the key players.

我們在那裡繼續擁有非常強大的設計獲胜勢頭，並且一些關鍵參與者的內容增加了。

And we continue to be heavily engaged.

我們繼續積極參與。

And we're still in the early stages of this, and we hope to update that figure at some point in the future.

我們仍處於早期階段，我們希望在未來的某個時候更新這個數字。

But just clearly, based on what we've won already, there's $750 million that's in the pipeline, probably a little bit more if you look at the Nokia partnership that we announced last quarter.

但很明顯，根據我們已經贏得的情況，有 7.5 億美元正在籌備中，如果你看看我們上個季度宣布的諾基亞合作夥伴關係，可能會多一點。

So that's very much on track.

所以這是非常正常的。

Thanks for the question, by the way.

順便說一句，謝謝你的問題。

Our next question comes from the line of Gary Mobley of Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的 Gary Mobley。

Congrats on a good start to the fiscal year.

祝賀本財年有一個良好的開端。

I want to start out by asking about the strength that you've been seeing on the networking side, in particular, 5G and cloud as well.

我想首先詢問您在網絡方面看到的優勢，特別是 5G 和雲。

And so clearly, we've seen some good demand trends there, and I'm just curious to hear your perspective on where we might sit with respect to some of those customers, maybe adding some capacity ahead of demand?

很明顯，我們在那裡看到了一些良好的需求趨勢，我只是想听聽您對我們可能對其中一些客戶的看法，也許在需求之前增加一些容量？

Or are they playing catch up?

還是他們在追趕？

And just trying to get a sense of whether or not there might be some carry through on the strength into the second half of the year?

只是想了解下半年的實力是否會有所延續？

Sure.

當然。

Yes, Gary, this is Matt.

是的，加里，這是馬特。

I'll take that.

我會接受的。

So yes, we're off to a great start in our first quarter.

所以是的，我們在第一季度有了一個良好的開端。

As I indicated, last quarter, there was -- we had a lot of momentum in our business exiting the year.

正如我所指出的，上個季度，我們的業務在今年退出時有很大的動力。

I would also give you a higher level framework to start with, which is remember that the overall semiconductor industry in 2019 went through the third largest down cycle we've seen in the last 25 years, primarily on the back of the trade tensions.

我還將為您提供一個更高層次的框架，即請記住，2019 年整個半導體行業經歷了過去 25 年來我們看到的第三大下行週期，主要是在貿易緊張局勢的背景下。

And so coming into calendar '20, just kind of broadly speaking, inventories were low in the customer base and supply chain.

因此進入 20 年日曆，從廣義上講，客戶群和供應鏈中的庫存很低。

Certainly, even at Marvell, our own inventories through our channel and our customers were low, and so the demand that we had seen exiting the year even before COVID-19 has continued.

當然，即使在 Marvell，我們通過我們的渠道和客戶的庫存也很低，因此我們在 COVID-19 之前就已經看到的需求仍在繼續。

And the drivers we see in our business are, we think, very sustainable, certainly in the 2 areas that you mentioned.

我們認為，我們在業務中看到的驅動因素是非常可持續的，當然在您提到的兩個領域。

We're at the early stages of 5G, and you've got the China market that is expecting to have very robust demand this year.

我們正處於 5G 的早期階段，而中國市場預計今年的需求將非常強勁。

That's all very sort of publicly announced, and we're at the beginning stages of that.

這一切都是公開宣布的，我們正處於起步階段。

We expect other regions to continue to follow, which would be very good for our customers.

我們預計其他地區將繼續跟進，這對我們的客戶非常有利。

On the cloud side, I think that demand trend is certainly here to stay.

在雲端，我認為需求趨勢肯定會持續下去。

And while there has been some talk about potential digestion and things of that nature, at least from our lenses, Marvell, we have very unique product cycles that we mentioned, both on our smartNICs, our brand-new LiquidIO 3 smartNIC product, which is ramping very strongly; our LiquidSecurity products; storage, I think there's a strong view on the nearline side that, that will be a very good year.

雖然有一些關於潛在消化和這種性質的事情的討論，至少從我們的鏡頭來看，Marvell，我們有非常獨特的產品週期，我們提到了我們的 smartNIC，我們全新的 LiquidIO 3 smartNIC 產品，它是非常強烈地傾斜；我們的 LiquidSecurity 產品；存儲，我認為近線方面有強烈的看法，那將是非常好的一年。

So overall, at least from Marvell, we think those are very sustainable.

所以總的來說，至少從 Marvell 來看，我們認為這些都是非常可持續的。

Last comment I would make is in Q1, we had the additional benefit of some very good enterprise strength, primarily in enterprise data center.

我要說的最後一條評論是在第一季度，我們獲得了一些非常好的企業實力的額外好處，主要是在企業數據中心。

And that helped us as well.

這也幫助了我們。

So I think we've got a nice setup of various moving pieces.

所以我認為我們已經對各種移動部件進行了很好的設置。

But certainly from a sustainability standpoint, we see 5G and cloud really driving our business this year through the remainder of the year.

但可以肯定的是，從可持續性的角度來看，我們看到 5G 和雲在今年剩餘時間內真正推動了我們的業務。

Okay.

好的。

Just a follow-up question.

只是一個後續問題。

I wanted to ask about China and 5G.

我想問一下中國和5G。

You mentioned some success in market share gains for some of your customers in that region based on their tender activity and whatnot.

您提到根據他們的招標活動等，您在該地區的一些客戶在市場份額增加方面取得了一些成功。

What would you anticipate a more meaningful contribution from that specific region?

您預計該特定地區會做出哪些更有意義的貢獻？

Well, it's in -- a little bit started and helped us even in the first quarter as that began.

好吧，它已經開始了——甚至在第一季度開始時就幫助了我們。

We'll see more in Q2 with -- really, we see a very, very strong Q3, our Q3, for that particular business.

我們將在第二季度看到更多 - 真的，我們看到一個非常非常強勁的第三季度，我們的第三季度，對於那個特定的業務。

And I would say that's really when the volume starts.

我會說那真的是音量開始的時候。

So we're still in the early stages of that build with some of that comprehended in our Q2 but a much stronger outlook for Q3 and beyond.

因此，我們仍處於構建的早期階段，其中一些在我們的第二季度得到了理解，但對第三季度及以後的前景更加樂觀。

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

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess another question on China.

我想關於中國的另一個問題。

Could you walk through your infrastructure exposure there, both direct and through Avera and potentially additional opportunities outside of Huawei?

您能否介紹一下您在那裡的基礎設施暴露，包括直接和通過 Avera 以及華為以外的潛在其他機會？

Sure.

當然。

C.J., I'll start with that, and then I'll ask Jean to add if she'd like to.

C.J.，我先從這個開始，然後如果她願意，我會讓 Jean 添加。

So a couple of things to note.

所以有幾點需要注意。

We definitely have indigenous China revenue.

我們肯定有中國本土的收入。

We -- prior to the entity list issues, Huawei was our #1 customer in China.

我們——在實體清單問題之前，華為是我們在中國的第一大客戶。

And I think that's been very well telegraphed, what's going on there.

我認為這已經很好地傳達了，那裡發生了什麼。

As you heard my commentary, we've ended up gaining some share at their biggest competitor in China.

正如您聽到我的評論一樣，我們最終在他們在中國的最大競爭對手中獲得了一些份額。

And so that's going to serve us really well in the 5G ramp.

因此，這將在 5G 斜坡上為我們提供非常好的服務。

And then additionally, we supply a number of other OEMs.

此外，我們還提供許多其他 OEM。

We haven't broken that number out.

我們還沒有打破這個數字。

But what I'd say is if you look at our historical Qs, they just have shipped 2 numbers, like 50%, 40%-something.

但我想說的是，如果你看看我們的歷史 Q，他們只發布了 2 個數字，比如 50%、40% 之類的。

And that's obviously way overstated because that reflects primarily contract manufacturing activity in the region.

這顯然被誇大了，因為這主要反映了該地區的合同製造活動。

So we've got, I think, exposure in the right places there, both in 5G as well as some of the key enterprise OEMs there.

因此，我認為，我們在 5G 以及那裡的一些關鍵企業 OEM 中都在正確的地方進行了曝光。

And then we have some distribution as well.

然後我們也有一些分佈。

So I think our business is reasonably diversified outside of the first customer I mentioned.

所以我認為除了我提到的第一個客戶之外，我們的業務相當多元化。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Congratulations on the improving growth and the execution.

祝賀改進的增長和執行。

Matt, just a clarification.

馬特，只是一個澄清。

I think you started to mention something about networking continuing growth in Q3.

我想你開始提到第三季度網絡持續增長的一些事情。

I was wondering if you could elaborate on that.

我想知道你是否可以詳細說明。

And then the question really is, have you seen any double ordering or excess inventory or any abnormal orders from any of your customers in cloud or data center or the China markets?

然後真正的問題是，您是否在雲或數據中心或中國市場上看到任何客戶的重複訂購或庫存過剩或任何異常訂單？

Because I think we conceptually get that certain parts of your customer base are strong.

因為我認為從概念上講，您的客戶群的某些部分很強大。

But just given all the macro issues, I think investors are naturally worried about anything abnormal that might be going on because of all the trade concerns that are ongoing.

但考慮到所有宏觀問題，我認為投資者自然會擔心由於所有持續存在的貿易問題而可能發生的任何異常情況。

So any color in terms of actual consumption of your products, I think, would be very helpful.

因此，我認為，就您的產品的實際消費而言，任何顏色都會非常有幫助。

Yes, great.

對，很好。

Let me start with Q3, and then I'll move to the over-ordering question as well.

讓我從 Q3 開始，然後我也會轉向過度訂購問題。

So on Q3, just to be clear, at the highest level, what I said in my prepared remarks was that we see -- we do see overall company revenue increasing from Q2 to Q3 at this point given the visibility we have.

因此，在第三季度，為了明確起見，在最高級別，我在準備好的講話中所說的是我們看到 - 鑑於我們的可見性，我們確實看到公司整體收入從第二季度到第三季度有所增長。

That's overall company.

那是整個公司。

And that's driven by primarily our networking business, which is 5G and cloud, but also by this custom SSD opportunity I mentioned.

這主要是由我們的網絡業務推動的，即 5G 和雲，但也受到我提到的這個定制 SSD 機會的推動。

And so we see strength actually beyond Q2, both in our networking business and in our storage business.

因此，我們看到了第二季度之後的實力，無論是在我們的網絡業務還是在我們的存儲業務中。

On the subject of double ordering and the concerns out there, look, I've been on this rodeo for a while.

關於雙重訂購和那裡的擔憂，看，我參加這個牛仔競技表演已經有一段時間了。

I've seen various shocks to the system and then the resultant supply demand imbalances, and I'm very acutely sensitive to those and watching those like a hawk.

我已經看到了對系統的各種衝擊，然後是由此導致的供需失衡，我對這些非常敏感，並且像鷹派一樣觀察那些。

From our point of view, I think the interesting dynamic on this one, Vivek, as I mentioned earlier, is that the industry exiting '19 was coming out of a very severe downturn where customer inventory levels were low.

從我們的角度來看，我認為 Vivek 這個有趣的動態，正如我之前提到的那樣，退出 19 年的行業正在擺脫客戶庫存水平低的非常嚴重的低迷時期。

And so certainly, there's been a -- they probably overdid it.

所以當然，有一個 - 他們可能做得過火了。

And I think even -- certainly without COVID-19, I think we were going to see even probably stronger demand as we indicated for last quarter.

而且我認為即使 - 當然沒有 COVID-19，我認為我們將看到更強勁的需求，正如我們在上個季度所指出的那樣。

So that's 1 part of the setup.

這是設置的 1 部分。

And the second is, we've -- I mean we've -- at least in Marvell, we've really over-indexed on this in terms of spending time on this matter and trying to look at all the customer ordering patterns.

第二個是，我們已經 - 我的意思是我們已經 - 至少在 Marvell 中，我們在這件事上花費時間並試圖查看所有客戶訂購模式方面確實高估了這一點。

Does their market share add up to more than 100%?

他們的市場份額加起來是否超過 100%？

How much do we think is for versus not?

我們認為是多少？

And the end conclusion is I'm very comfortable with the current forecast we have and also backlog and order position that we've got.

最後的結論是，我對我們目前的預測以及我們所擁有的積壓和訂單狀況感到非常滿意。

And I just make another note, which is as well, just to hedge it a little bit, I mean, we've been running our distribution inventory well below kind of our target levels.

我只是再做一個說明，這也是為了對沖一點，我的意思是，我們的分銷庫存遠低於我們的目標水平。

And part of that is just ensure that we maintain integrity in the demand side and make sure what we're shipping is needed.

其中一部分只是確保我們在需求方面保持完整性，並確保需要我們運送的東西。

But all things point to, in aggregate, we don't see a double ordering issue.

但總的來說，我們沒有看到雙重排序問題。

Final point I'd make is we haven't been afraid to call those out.

我要說的最後一點是，我們並不害怕把這些叫出來。

I mean, if you look at the third quarter of 2018 calendar, this was right when the trade war, the tariffs were being announced.

我的意思是，如果你看一下 2018 年第三季度的日曆，這正是貿易戰宣布關稅的時候。

And I don't know if you probably remember this, we had a 29% year-over-year growth in that quarter in our Marvell networking business, and we were actually the first company to kind of point out, we think that this is not normal, right?

我不知道你是否還記得這一點，我們在那個季度的 Marvell 網絡業務實現了 29% 的同比增長，我們實際上是第一家指出這一點的公司，我們認為這是不正常，對吧？

And that we shouldn't expect this to continue, and we try to plan our business around that.

而且我們不應該期望這種情況會持續下去，我們會嘗試圍繞它來規劃我們的業務。

So we've been forthcoming when we see it.

因此，當我們看到它時，我們一直在接受。

At this point, we see the supply-demand balance, at least in our view to be pretty much in line, but we are paying close attention to it.

在這一點上，我們看到供需平衡，至少在我們看來幾乎是一致的，但我們正在密切關注它。

Our next question comes from Atif Malik of Citi.

我們的下一個問題來自花旗的 Atif Malik。

Good job on results and guide.

在結果和指導方面做得很好。

Jean, I have a question that you have talked about Avera plus Aquantia minus wireless, adding about $100 million to fiscal '21 sales in the past.

瓊，我有一個問題，你談到了 Avera 加上 Aquantia 減去無線，在過去的 21 財年銷售額中增加了大約 1 億美元。

I don't expect you to break out these acquisitions anymore.

我不指望你再打破這些收購。

But can you just talk about if you're running above this run rate currently with Aquantia and Avera?

但是，您能否談談您目前使用 Aquantia 和 Avera 的運行速度是否高於此運行速度？

Yes.

是的。

So we're very pleased with both acquisitions.

所以我們對這兩項收購都非常滿意。

I think last earnings call, we said both Aquantia and Avera, they have been on track with our expectations.

我認為上次財報電話會議上，我們都說過 Aquantia 和 Avera，他們一直在符合我們的預期。

Definitely through this year, we think they are going to perform better than our expectations just based on the backlog, the order pattern, everything.

毫無疑問，到今年，僅基於積壓、訂單模式等所有內容，我們認為它們的表現將好於我們的預期。

So overall, very, very pleased with the 2 acquisitions.

所以總的來說，對這兩次收購非常非常滿意。

Yes.

是的。

And I'll just add to back that up, we had a very, very -- we had a very strong Q4 and Q1.

我將補充支持這一點，我們有一個非常非常 - 我們有一個非常強勁的第四季度和第一季度。

And so the 6 months that we've owned both of them, we've gained a lot of confidence that not only were those the right acquisitions to do, but the level of top line contribution was going to be not only right where we thought.

因此，在我們擁有這兩家公司的 6 個月裡，我們獲得了很大的信心，相信這些不僅是正確的收購，而且頂線貢獻的水平也將不僅僅是我們認為的正確.

But probably given all the dynamics I mentioned, with strength in cloud and strength in 5G, that is benefiting certainly Avera.

但可能考慮到我提到的所有動態，在雲計算方面的實力和 5G 方面的實力，這肯定會使 Avera 受益。

And then on Aquantia, as I mentioned, we've had very good enterprise strength in some of these segments.

然後在 Aquantia 上，正如我所提到的，我們在其中一些領域擁有非常好的企業實力。

So we do see both of those probably performing better than we had indicated back at the time of announcement for calendar '20.

因此，我們確實看到這兩者的表現可能比我們在 20 年日曆發佈時所指出的要好。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution.

在季度執行方面做得很好。

On your DIY SSD controller with your lead customer, good to see the initial ramp this quarter.

在您與主要客戶的 DIY SSD 控制器上，很高興看到本季度的初始增長。

Given that this is a semi-custom chip utilizing a vast majority of your IP, I assume that you're the sole supplier of this SSD controller.

鑑於這是一個使用了絕大多數 IP 的半定制芯片，我假設您是這款 SSD 控制器的唯一供應商。

So in other words, your customer may be using different NAND memory suppliers, but they will be using your controller solution irrespective.

換句話說，您的客戶可能使用不同的 NAND 內存供應商，但他們將使用您的控制器解決方案，而不管。

Is my assumption correct?

我的假設正確嗎？

Because I'm just trying to size the opportunity because your customers' platforms here has a historical cadence of ramping anywhere from 5 million to 7 million units in the first year to around 16 million to 20 million units by year 3. So pretty substantial opportunity if you guys are the sole supplier.

因為我只是想確定機會的大小，因為您的客戶平台的歷史節奏是從第一年的 500 萬到 700 萬個單位增加到第三年的 1600 萬到 2000 萬個單位。所以相當大的機會如果你們是唯一的供應商。

Yes.

是的。

Harlan, you're right.

哈蘭，你是對的。

Yes.

是的。

I'll take this, Jean, and then you can add.

我會接受這個，Jean，然後你可以添加。

So yes.

所以是的。

No, you're right.

不，你是對的。

And in fact, the way to think about it is any -- all of these DIY opportunities are by design proprietary and sole sourced in nature.

事實上，考慮它的方式是任意的——所有這些 DIY 機會都是設計專有的，並且在本質上是唯一來源的。

And they -- to your point, they typically incorporate pretty substantial and rich IP from Marvell.

它們——就你的觀點而言，它們通常包含來自 Marvell 的相當大量和豐富的 IP。

And then as a result of that, we're able to command better ASPs and also add an additional functionality above and beyond what you would sort of normally think of a standard SSD controller is being valued at.

因此，我們能夠控制更好的 ASP，並在您通常認為標準 SSD 控制器的價值之外添加額外的功能。

So I think it's a great combination of -- in any of these DIY efforts that we have going on, and there are several of them, where we have very close collaboration with the OEM to find really something that's very special and unique for what they need.

所以我認為這是一個很好的組合——在我們正在進行的任何這些 DIY 工作中，其中有幾個，我們與 OEM 進行了非常密切的合作，為他們找到真正非常特別和獨特的東西需要。

And then the result of that is they can get pretty significant performance benefits across a wide variety of applications when it comes to flash-based storage.

結果是，當涉及基於閃存的存儲時，它們可以在各種應用程序中獲得相當顯著的性能優勢。

So yes, proprietary, sole source and on track to ramp. .

所以，是的，專有的、唯一的來源，並有望實現增長。 .

I would just add, right, Matt said earlier, we already start production in Q2, which is much earlier than we expected.

我想補充一下，對，馬特早些時候說，我們已經在第二季度開始生產，這比我們預期的要早得多。

Then Q3, certainly, that's the major ramp it's going to happen.

然後是第三季度，當然，這是它將會發生的主要斜坡。

Our next question comes from Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Matt, I want to go back to the cloud theme that you talked about in your script and kind of a clarification on a question.

馬特，我想回到你在腳本中談到的雲主題，並澄清一個問題。

That greater than 10% number that you talked about, which is up a lot year-over-year.

你談到的超過 10% 的數字，同比增長了很多。

Just roughly, how is that split between the 2 segments, storage and networking?

粗略地說，存儲和網絡這兩個部分是如何劃分的？

And more importantly, going forward, how do you expect that to grow?

更重要的是，展望未來，您希望它如何增長？

Customers can be very, very lumpy, especially on what I would assume would be your networking side of the business.

客戶可能非常非常不穩定，尤其是在我認為您的業務網絡方面。

It could be a little bit more steady on the storage side.

在存儲方面可能會更穩定一些。

But give us an idea of how we should think about monitoring the growth and kind of the lumpiness of that going forward.

但是，請讓我們了解我們應該如何考慮監控增長以及未來的波動性。

Sure.

當然。

Yes.

是的。

Thanks for the question, Ross, and I'm glad you brought it up.

謝謝你的問題，羅斯，很高興你提出來。

I mean we definitely wanted to spend time on it.

我的意思是我們肯定想花時間在這上面。

I think if you look at the last year or so, we've been very focused.

我想如果你看看過去一年左右，我們一直非常專注。

And certainly, from an investor point of view, the demand for questions and information and the opportunity for Marvell at least has really been framed around 5G.

當然，從投資者的角度來看，對問題和信息的需求以及 Marvell 的機會至少確實是圍繞 5G 構建的。

As I mentioned, that continues to be not only a great opportunity.

正如我所提到的，這不僅是一個很好的機會。

We're actually starting to ship.

我們實際上開始發貨了。

And so it's nice to see the results now catching up with the thesis.

所以很高興看到現在的結果趕上了論文。

So very pleased about that.

對此非常高興。

And so the thing that's really come together, though, in parallel, as we did the various portfolio moves last year, and even going back further, kind of the Marvell organic investments that we've made, we have been very focused on cloud and hyperscale.

因此，真正融合在一起的東西，同時，正如我們去年所做的各種投資組合變動一樣，甚至可以追溯到更遠的地方，我們所做的 Marvell 有機投資，我們一直非常專注於雲和超大規模。

We do see that as a big SAM and a big opportunity.

我們確實認為這是一個巨大的 SAM 和一個巨大的機會。

And so what's -- we thought it was an appropriate time to talk about that and break it out because a lot of things have come together, and that business is now ramping.

那是什麼 - 我們認為現在是討論這個問題並打破它的合適時機，因為很多事情已經走到了一起，而且這項業務現在正在蓬勃發展。

And it's actually strong in both our networking and storage side, and we see both of those opportunities as being quite significant.

它實際上在我們的網絡和存儲方面都很強大，我們認為這兩個機會都非常重要。

That's excluding ARM server.

這不包括ARM服務器。

I mean ARM server, just -- you just dumped that one on top of it.

我的意思是 ARM 服務器，只是 - 你只是把那個放在它上面。

But even ex ARM server, we see the SAM for our networking and storage products and now the combined company with all the moves we've made as being an equivalently large opportunity as 5G.

但即使是以前的 ARM 服務器，我們也看到了 SAM 用於我們的網絡和存儲產品，現在合併後的公司與我們所做的所有舉措一樣，是一個與 5G 同等大的機會。

And while cloud spend can be lumpy, we certainly have that in other markets.

雖然雲支出可能不固定，但我們在其他市場肯定也有這種情況。

The carrier market isn't exactly the hallmark of stability.

運營商市場並不完全是穩定的標誌。

That thing certainly can move around as everybody that's been involved in base stations knows.

正如每個參與基站的人都知道的那樣，這件事肯定可以四處移動。

So there can be some lumpiness to the business.

因此，業務可能會有些混亂。

But at the same time, because of the breadth of the products we sell into that market in cloud, and even if you look at 5G, it's the same thing.

但與此同時，由於我們在雲中向那個市場銷售的產品的廣度，即使你看看 5G，它也是一回事。

Well, because we sold to a wide range of OEMs with the right suite of technology, we do -- we are able to smooth out some of the lumpiness.

好吧，因為我們向具有正確技術套件的各種原始設備製造商出售了產品，所以我們做到了——我們能夠消除一些笨拙的問題。

But I think the key thing I would point to is both businesses now are becoming significant for Marvell.

但我認為我要指出的關鍵是這兩項業務現在對 Marvell 來說都變得重要。

Both businesses we expect to grow this year and beyond.

我們預計這兩項業務今年及以後都會增長。

And I think it's a horse race between the 2 on which one can be bigger if you look out over several years.

而且我認為這是兩者之間的賽馬，如果您仔細觀察幾年，其中一個可能會更大。

And so that's really, Ross, why we wanted to spend the time on it.

羅斯，這就是我們想要花時間在這上面的原因。

We think it's a pretty major opportunity.

我們認為這是一個非常重要的機會。

But when it was still small a year ago before we did Aquantia -- I'm sorry, before we did -- we had Avera plus some of our own designs hadn't kicked in, we didn't want to do that.

但是，在一年前，在我們做 Aquantia 之前它還很小——我很抱歉，在我們做之前——我們有 Avera 加上我們自己的一些設計還沒有開始，我們不想這樣做。

But it reminds me of when I was at Maxim and we had a very nascent emerging automotive business, and then there was a point where we had an Analyst Day, and we decided to break it out because it had crested over 10%, and then it was off to the races.

但這讓我想起了我在 Maxim 的時候，我們有一個非常新興的新興汽車業務，然後我們有一個分析師日，我們決定打破它，因為它已經超過 10%，然後比賽開始了。

So I think those are some of the -- some additional considerations for you to think about on our cloud business beyond my prepared remarks.

因此，我認為除了我準備好的評論之外，這些是您在我們的雲業務上需要考慮的一些額外考慮因素。

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

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just curious, Matt, you provided a wider range.

我只是好奇，馬特，你提供的範圍更廣。

And I'm kind of just curious how you're thinking about that.

我有點好奇你是怎麼想的。

Clearly, the factory shutdown that impact you in storage.

顯然，工廠停工會影響您的存儲。

It seems like most factories are kind of back online.

似乎大多數工廠都恢復了在線狀態。

So it seems like some of the headwinds or tailwinds, I'm kind of curious what you're thinking about on the other side of the coin there as you look out into Q2 as well at the end of the year.

所以看起來有些逆風或順風，我有點好奇你在硬幣的另一面在想什麼，當你在年底看到第二季度時。

Yes.

是的。

Sure.

當然。

I'll give you both sides of the coin.

我會給你硬幣的兩面。

I think on the one hand, you could take the argument you just said, which is what we see today, by the way.

順便說一下，我認為一方面，你可以接受你剛才所說的論點，這就是我們今天所看到的。

That things appear to be stabilizing and factories are coming online and countries are reopening and so forth.

情況似乎正在穩定下來，工廠正在上線，國家正在重新開放等等。

At the same time, though, I mean, let's just take a big step back, right, so it's the whole world and environment is highly uncertain and the rate at which this thing hit us, I think, everybody off guard.

但與此同時，我的意思是，讓我們退後一步，對，所以整個世界和環境都是高度不確定的，我認為這件事對我們的打擊速度，每個人都措手不及。

And so I wouldn't read too much into it other than we widened the range last quarter.

因此，除了我們在上個季度擴大範圍之外，我不會對其進行過多解讀。

And just out of the abundance of caution, there's no reason to tighten it at this point, but we don't see anything differently than you mentioned at the beginning.

出於謹慎考慮，目前沒有理由收緊它，但我們認為與您在開始時提到的沒有什麼不同。

I mean we -- it seems like we've got our demand drivers.

我的意思是我們 - 似乎我們有我們的需求驅動因素。

We've seen strong orders.

我們看到了強勁的訂單。

We've got good backlog position, those types of things.

我們有很好的積壓職位，這些類型的事情。

So we have confidence in our business.

因此，我們對我們的業務充滿信心。

But it's really just around the broader level of uncertainty.

但這實際上只是圍繞更廣泛的不確定性。

And I think our range, by the way, is very consistent, actually, with a lot of other semi peers [alike].

順便說一句，我認為我們的範圍非常一致，實際上，與許多其他半同行[類似]。

So we'll probably leave it a little bit wider until we -- the world seems to stabilize.

所以我們可能會把它放得更寬一些，直到我們——世界似乎穩定下來。

Our next question comes from John Pitzer of Crédit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Congratulations on your results.

祝賀你的結果。

Matt, maybe another way to ask Blayne's question.

馬特，也許是另一種方式來問 Blayne 的問題。

You guys clearly have a different go-to-market model than a lot of other semis, more direct, less distribution.

與許多其他半成品相比，你們顯然有不同的上市模式，更直接，更少分銷。

And at least relative to some of the broad-based semis, you have a lot fewer customers.

至少相對於一些基礎廣泛的半成品，你的客戶要少得多。

But I'm just kind of curious, as I look towards the guide for July, it seems like a lot of your peers significantly discounted their bookings and backlog trends when they gave guidance for June, July.

但我只是有點好奇，當我查看 7 月的指南時，似乎很多同行在提供 6 月和 7 月的指導時大大降低了他們的預訂和積壓趨勢。

Just trying to take a level of conservatism.

只是想採取一定程度的保守主義。

I'm just wondering if you can give us any color on how you constructed this guide relative just to all the backdrop of the macro uncertainty.

我只是想知道您是否可以就宏觀不確定性的所有背景如何構建本指南給我們任何顏色。

And as an example, some companies that guided to 100% backlog coverage where they normally guide to 75% to 80% backlog coverage.

例如，一些公司將積壓覆蓋率引導至 100%，而他們通常引導至 75% 至 80% 的積壓覆蓋率。

Yes.

是的。

Sure, John.

當然，約翰。

Yes, happy to answer that.

是的，很高興回答這個問題。

And I have seen that commentary.

我已經看到了那個評論。

And I think it does have a lot to do with what you mentioned, in particular, probably the analog mixed-signal guys who have a much broader customer set, highly distribution-oriented consumer and industrial type of exposure in automotive as well, where those types of markets seem to have been hit very, very hard.

而且我認為這確實與你提到的有很大關係，特別是可能有模擬混合信號的人，他們擁有更廣泛的客戶群、高度面向分銷的消費者和汽車行業的曝光類型，其中那些各類市場似乎受到了非常非常嚴重的打擊。

I think our market mix is clearly benefiting us at this point in our strategy that we really have been driving for the last several years, I think, has become extremely pertinent in this new world.

我認為我們的市場組合顯然使我們在過去幾年一直在推動的戰略中受益，我認為，在這個新世界中變得非常相關。

And so I think we're quite different than maybe some of the other broader-based folks, who I don't blame them for being extremely conservative, and I understand those dynamics that they may face.

所以我認為我們可能與其他一些基礎廣泛的人完全不同，我不怪他們過於保守，我理解他們可能面臨的那些動態。

But I'd say with us heading in, I mean, we also, through the mix changes because we're not selling as much into consumer anymore as an example, the lead times that we get are solid.

但我想說的是，隨著我們進入，我的意思是，我們也通過組合變化，因為我們不再像例子那樣向消費者銷售那麼多，我們得到的交貨時間是可靠的。

Our terms and conditions are quite solid.

我們的條款和條件非常可靠。

The backlog coverage we get is, especially with Avera coming in and think of it as Avera coming in and Aquantia and Wi-Fi going out and you swapped that sort of consumer for infrastructure, you're just getting a much better backlog position.

我們得到的積壓覆蓋率是，特別是隨著 Avera 進來並將其視為 Avera 進來，Aquantia 和 Wi-Fi 出去，並且您將這種消費者換成基礎設施，您只會獲得更好的積壓位置。

And on top of that, we've got the channel quite lean.

最重要的是，我們的頻道非常精簡。

And we're also carrying some delinquency higher than we normally do.

而且我們的犯罪率也比平時高。

And so that gives -- which means we've got backlog that's out in Q3 that customers would like us to ship into Q2, and that has increased relative to where we normally run it.

所以這給出了 - 這意味著我們在第三季度有積壓，客戶希望我們將其運送到第二季度，並且相對於我們通常運行它的地方有所增加。

And so I think that those are some of the other data points, John, that give us comfort in the guide as well as just our starting backlog position has been higher than most quarters since we've been here.

所以我認為這些是其他一些數據點，約翰，這讓我們在指南中感到安慰，而且我們的起始積壓職位比我們來到這里以來的大多數季度都要高。

Our next question comes from Christopher Rolland of Susquehanna.

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

Matt, in your prepared comments, you spoke about Jensen and the DPU.

Matt，在您準備好的評論中，您談到了 Jensen 和 DPU。

And you guys were really pioneers in smartNIC technology with LiquidIO and Cavium there.

你們真的是 smartNIC 技術的先驅，LiquidIO 和 Cavium 在那裡。

And you called that out specifically as a driver this quarter.

你在本季度作為一名車手特別提到了這一點。

I know Cavium used to have 1 key partner there that eventually went internal with their own development.

我知道 Cavium 曾經在那裡有 1 個關鍵合作夥伴，他們最終在內部進行了自己的開發。

But perhaps you can talk about this renewed interest.

但也許你可以談談這種新的興趣。

How broad is it?

它有多廣泛？

What kind of levels are we at?

我們處於什麼樣的水平？

Are we close to old levels?

我們是否接近舊水平？

And is it going to be sustainable in your opinion this time?

在你看來，這一次會是可持續的嗎？

Yes.

是的。

Great.

偉大的。

Thanks, Chris.

謝謝，克里斯。

Great question.

好問題。

So first point on DPU, I thought that was really, really well done by our colleagues over at NVIDIA and it certainly resonated.

所以關於 DPU 的第一點，我認為我們在 NVIDIA 的同事做得非常非常好，它確實引起了共鳴。

I think that was the clearest way that I've seen anybody explain what these products do.

我認為這是我見過的最清楚的方式來解釋這些產品的作用。

And I think the market in general has gotten confused over what's a smartNIC?

而且我認為整個市場對什麼是智能網卡感到困惑？

Isn't a NIC kind of a commodity thing?

網卡不是一種商品嗎？

And it's terms like fungible and liquid, and it just -- I think this is a much crisper way to describe it so -- and it certainly fits, as you point out, kind of a key IP in a key area that Cavium really pioneered.

它是可替代和流動的術語，它只是 - 我認為這是一種更清晰的描述方式 - 正如你所指出的，它肯定適合 Cavium 真正開創的關鍵領域的關鍵 IP .

And so with respect to our smartNIC offerings, I think kind of it's consistent with the question that Ross asked.

因此，關於我們的 smartNIC 產品，我認為這與羅斯提出的問題是一致的。

We spent a lot of time talking about 5G last year, but very quietly, we've been continuing those road maps.

去年我們花了很多時間談論 5G，但非常安靜地，我們一直在繼續這些路線圖。

And so that is ramping.

所以這正在加速。

It's highly sustainable.

這是高度可持續的。

We -- and it's -- and we're engaged with multiple OEMs between the ramps that we're getting plus new opportunities and engagements.

我們——而且是——我們正在與多個原始設備製造商合作，在我們獲得的坡道之間加上新的機會和參與。

And I actually think we're in probably one of the best positions of any semiconductor company to truly tailor and optimize solutions based around a smartNIC type of architecture because we have all the pieces, right?

實際上，我認為我們可能是所有半導體公司中真正基於 smartNIC 類型架構定制和優化解決方案的最佳位置之一，因為我們擁有所有的部分，對吧？

We have the latest generation OCTEON core, which is highly programmable.

我們擁有高度可編程的最新一代 OCTEON 內核。

We have network connectivity in Ethernet.

我們在以太網中有網絡連接。

We have security.

我們有安全感。

We have access to and development and investment in the most advanced node process technologies.

我們可以接觸、開發和投資最先進的節點工藝技術。

And we have ASIC capability, which is a trend that we see as well, where some of the large hyperscalers are just saying, let's go skip over a LiquidIO type of solution.

我們擁有 ASIC 能力，這也是我們看到的一種趨勢，一些大型超大規模企業只是說，讓我們跳過 LiquidIO 類型的解決方案。

Let's go directly to our very special thing that we want and we think we can provide a similar type of solution there, just like we do in our "partner model" on baseband, where we contribute a big chunk of the IP.

讓我們直接討論我們想要的非常特殊的東西，我們認為我們可以在那裡提供類似類型的解決方案，就像我們在基帶上的“合作夥伴模型”中所做的那樣，我們貢獻了很大一部分 IP。

The customer can also contribute.

客戶也可以做出貢獻。

We stitch it together.

我們把它縫合在一起。

They get exactly what they want, and we can do it very quickly without the customer having to hire a gigantic design team that take 3 years.

他們得到了他們想要的東西，我們可以很快地做到這一點，而客戶不必僱傭一個需要 3 年的龐大設計團隊。

So I think it's a very compelling opportunity, Chris, both on the current ramps we're seeing, on the latest generation products as well as our road map and the ability to customize and drive this product area forward.

所以我認為這是一個非常有吸引力的機會，克里斯，無論是在我們目前看到的坡道上，在最新一代產品上，還是在我們的路線圖上，以及定制和推動這個產品領域向前發展的能力上。

Thanks for the question.

謝謝你的問題。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

You talked about Thunder and the enthusiasm that you have there.

你談到了雷霆隊和你在那裡的熱情。

Can you talk a little bit about some -- like what are the key workloads that you're addressing?

你能談談一些——比如你正在解決的關鍵工作負載是什麼？

And is this -- I think at one point, there was the thought that this sort of is a replacement for Intel and a broad base of applications and -- versus something that's kind of an accelerant for a few key workloads?

這是 - 我認為在某一時刻，有人認為這種是英特爾和廣泛的應用程序基礎的替代品，並且 - 相對於一些關鍵工作負載的促進劑？

Like, what's just the framework of how you're thinking of that now over the next 3 to 5 years?

比如，在接下來的 3 到 5 年裡，你現在的想法框架是什麼？

Sure, Joe.

當然，喬。

Yes.

是的。

And I think the world -- the whole Thunder investment that we're making has continued to be really focused down.

而且我認為世界——我們正在進行的整個雷霆投資一直非常關注。

I mean if you went back to sort of pre-acquisition of Cavium, I think there was a view that said there's a very large market for this.

我的意思是，如果你回到某種對 Cavium 的收購前，我認為有一種觀點認為這有一個非常大的市場。

We can sell it to a whole ton of customers across a whole bunch of different applications and serve a number of workloads and go head-to-head with more general purpose type x86.

我們可以將它出售給大量不同應用程序的大量客戶，並服務於大量工作負載，並與更通用的 x86 類型進行正面交鋒。

And really, the direction that we've taken is to really focus the product down and tailor it really around a handful of key vendor, key customers in the cloud area.

實際上，我們採取的方向是真正專注於產品，並真正圍繞少數關鍵供應商、雲領域的關鍵客戶進行定制。

And within that, as an example in our announcement publicly we had with Microsoft, we're the first property that we're in -- is in Azure storage.

其中，作為我們與微軟公開宣布的一個例子，我們是我們的第一個財產——在 Azure 存儲中。

And the way we develop and define the part was really ideal for that application, but we can certainly do a high level of customization for these hyperscalers because they know exactly what they need.

我們開發和定義部件的方式非常適合該應用程序，但我們當然可以為這些超大規模器進行高水平的定制，因為它們確切地知道自己需要什麼。

And so we do see opportunities in expanding into more compute-oriented applications and workloads, but that's sort of in the future.

因此，我們確實看到了擴展到更多面向計算的應用程序和工作負載的機會，但那是在未來。

But again, I'd sort of transition the Thunder story just to bridge everybody from, hey, it's broad-based.

但同樣，我會轉換一下雷霆的故事，只是為了架起所有人的橋樑，嘿，它的基礎廣泛。

It's going to go take on x86 and take on the world across all kinds of applications to really the evolution over the last few years under a more focused effort to really focus around the hyperscale opportunity and tailor it specifically to those customers and what they need.

它將採用 x86 並在世界範圍內跨越各種應用程序，在過去幾年中真正發展，更加專注於真正關注超大規模機會並專門針對這些客戶和他們的需求進行定制。

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

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Yes.

是的。

Congratulations on the results and the new branding.

祝賀結果和新品牌。

I really like the logo.

我真的很喜歡這個標誌。

Matt, not to sort of steal your thunder from the Analyst Day in October, but you talked about in the automotive space, you kind of see this zonal architecture that's very similar in the sort of enterprise networking world.

馬特，不是要從 10 月份的分析師日搶走你的風頭，而是你在汽車領域談到的，你會看到這種區域架構在企業網絡世界中非常相似。

I was just wondering how that's going to play out.

我只是想知道這將如何發揮作用。

Will you be working with networking companies here?

你會在這裡與網絡公司合作嗎？

Or will you be working with the hyperscale guys or the auto companies?

或者你會與超大規模公司或汽車公司合作嗎？

So just trying to get a head start on how that whole world is going to look like.

所以只是試圖搶先了解整個世界的樣子。

Yes, great question.

是的，很好的問題。

Here's the way I'd say it.

這就是我要說的方式。

It's very much with the automotive customers themselves, and it's very much with the OEMs themselves.

汽車客戶本身非常重要，原始設備製造商本身也非常重要。

And a little bit like if you go back in time, the automotive OEMs probably in the mid-2000s to kind of 2010 era started taking a lot more control over their semiconductor strategies, and that was really generally around things like infotainment, EV, ADAS.

有點像如果你回到過去，汽車原始設備製造商可能在 2000 年代中期到 2010 年代開始對他們的半導體戰略進行更多控制，這通常是圍繞信息娛樂、電動汽車、ADAS .

And you also started seeing these gigantic automotive OEMs with full semiconductor teams.

您還開始看到這些擁有完整半導體團隊的大型汽車原始設備製造商。

First, it was sort of purchasing and quality, then they started adding design capability and resources and they've built up over the years quite a capability.

首先，這是一種採購和質量，然後他們開始增加設計能力和資源，多年來他們已經建立了相當的能力。

So they take very seriously -- they want to control their own destiny when it comes to their future car architecture.

所以他們非常重視——他們希望在未來的汽車架構方面掌握自己的命運。

So we have a huge head start because of our Ethernet opportunity where we're designed in -- we've talked about this a couple of times.

因此，由於我們設計的以太網機會，我們有一個巨大的領先優勢——我們已經討論過幾次了。

We're in 16 different OEMs.

我們在 16 個不同的 OEM 中。

They're going to use -- are using or are going to use our Ethernet solutions to provide in-car networking, and that provided a nice beachhead to go in and also show them all these other types of IPs we have, and now we're getting traction there.

他們將使用 - 正在使用或將使用我們的以太網解決方案來提供車載網絡，這提供了一個很好的灘頭陣地，並向他們展示我們擁有的所有其他類型的 IP，現在我們'在那裡獲得牽引力。

And so this is a longer term opportunity, but it can be quite significant in nature because I would -- the analogy I would give you would be I think the sea tide shift we saw in automotive in the kind of mid-2000s in sort of the infotainment revolution that benefited all kinds of companies, all kinds of semiconductor companies, the new wave of automotive suppliers came out of that.

所以這是一個長期的機會，但它在本質上可能非常重要，因為我會 - 我給你的類比是我認為我們在 2000 年代中期在汽車行業看到的海潮轉變讓各種公司、各種半導體公司受益的信息娛樂革命，新一波汽車供應商的浪潮由此而來。

One was my prior company, but also many others had a huge benefit on the infotainment revolution.

一個是我以前的公司，但還有許多其他公司在信息娛樂革命中受益匪淺。

I think this data-centric evolution in automotive is going to be just as substantial and really plays to our strengths.

我認為這種以數據為中心的汽車發展將同樣重要，並真正發揮我們的優勢。

And so we look forward to articulating this in more detail at our Investor Day.

因此，我們期待在我們的投資者日更詳細地闡明這一點。

This is a long-haul type of opportunity.

這是一種長期的機會。

But we've got enough traction now that it's going to be worth calling out and explaining to investors and the analyst community what we're up to and what the opportunity could look like, especially for our long-term investors who want to -- who are now asking me, hey, this is all great with what you're doing in 5G and what you're doing in cloud.

但是我們現在已經有了足夠的吸引力，值得向投資者和分析師社區呼籲並向投資者和分析師社區解釋我們在做什麼以及機會看起來像什麼，特別是對於我們想要的長期投資者 -現在誰在問我，嘿，這對你在 5G 中所做的事情以及在雲中所做的事情來說都很棒。

What's next?

下一步是什麼？

And so we think there's a nice story to be told there about what's beyond these other cycles that can drive the company for a long time in the future.

因此，我們認為有一個很好的故事可以講述，這些其他週期之外的東西可以在未來很長一段時間內推動公司發展。

Our next question comes from Srini Pajjuri of SMBC.

我們的下一個問題來自 SMBC 的 Srini Pajjuri。

Matt, I just want to go back to the 5G topic.

馬特，我只想回到 5G 話題。

You alluded to Q3 being potentially up.

您提到第三季度可能會上漲。

I'm just curious, I mean, are you getting better visibility as some of these regions roll out 5G?

我只是好奇，我的意思是，隨著其中一些地區推出 5G，您是否獲得了更好的知名度？

Is that what's giving you confidence?

這就是給你信心的原因嗎？

And it looks like it's mostly coming from China, in your Q3 commentary.

在您的第三季度評論中，它看起來主要來自中國。

Could you also talk about what's going on in some of the other regions like U.S. or Japan and Korea?

您能否也談談美國或日本和韓國等其他一些地區的情況？

And also touch upon India because that's been a big market for Samsung historically.

並且還談到印度，因為從歷史上看，這一直是三星的一個大市場。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

So a couple of things.

所以有幾件事。

I think one is, given the ramp that's coming and the lead times associated with these products, we have strong backlog today, and we have strong bookings in this area, both in Q4 as well as in Q1.

我認為一個原因是，鑑於即將到來的斜坡和與這些產品相關的交貨時間，我們今天有大量的積壓，我們在這個領域的預訂量很大，無論是在第四季度還是在第一季度。

That certainly give us confidence that Q2 and Q3 are going to look very, very, very good in this area.

這當然讓我們相信第二季度和第三季度在這個領域看起來會非常、非常、非常好。

And the reason, at least that we're hearing and that we can infer both from looking at the outside market, outside in as well as from our customers is that primarily, it's primarily driven by China.

至少我們聽到並且我們可以從外部市場、外部市場以及我們的客戶中推斷出的原因是，它主要是由中國驅動的。

But I think the OEMs are all gearing up, to your point, for the other markets.

但我認為原始設備製造商都在為其他市場做準備。

We see that Japan will start to roll out later this year.

我們看到日本將在今年晚些時候開始推出。

There was a concern that, that would get pushed or pause completely due to the Olympics moving out and then COVID-19, but it looks like that -- well, it may not be as robust, and we don't know yet on any of these things, whether -- what the slope will look like, but Japan is certainly talking about rollout starting later this year.

有人擔心，由於奧運會退出，然後是 COVID-19，這將被完全推遲或暫停，但看起來是這樣的——好吧，它可能沒有那麼強大，我們還不知道任何在這些事情中，是否 - 斜坡會是什麼樣子，但日本肯定在談論從今年晚些時候開始推出。

The U.S. carriers, once they can start putting people back out in selling things, they're planning on second half in more robust deployments.

美國運營商一旦開始讓人們重新開始銷售商品，他們計劃在下半年進行更強大的部署。

And then India, they've got -- and the U.S., by the way, both have pretty important spectrum options that need to get completed, we think, to really drive 5G.

然後是印度，順便說一下，美國都有非常重要的頻譜選擇，我們認為，它們需要完成才能真正推動 5G。

As you know, in India, we still have a strong 4G presence through our lead customer, but really, it's 5G that's going to drive the growth.

如您所知，在印度，我們仍然通過我們的主要客戶擁有強大的 4G 業務，但實際上，推動增長的是 5G。

So we -- these things may be moving around a little bit.

所以我們——這些事情可能會發生一些變化。

They may be moving out, but it's definitely a when, not an if.

他們可能會搬出去，但這絕對是一個時間，而不是如果。

And I think what's nice is it's hard to handicap these.

我認為很好的是很難阻礙這些。

But what I'd say is, even though some of the other ones, if you looked at where we started the year, some regions are probably pushing out a little bit more than what we thought.

但我想說的是，即使其他一些地區，如果你看看我們今年開始的地方，一些地區的推出可能比我們想像的要多一點。

But then the China opportunity actually sort of dwarfs that and offsets it.

但隨後中國的機會實際上使這一點相形見絀並抵消了它。

So I think net-net, we do see countries that are going to roll this out.

所以我認為net-net，我們確實看到了將推出這個的國家。

It's going to take time but it's encouraging to see at least a large geo really driving this forward.

這需要時間，但令人鼓舞的是，至少有一個大型地理區域真正推動了這一進程。

And then ultimately, that's rippled back to orders on our books that we need to go fulfill.

然後最終，這又回到了我們需要履行的訂單上。

So I appreciate the question.

所以我很欣賞這個問題。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。