邁威爾科技 (MRVL) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2020 Marvell Technology Group Ltd.

女士們，先生們，感謝您的支持，歡迎來到 Marvell Technology Group Ltd. 2020 年第四季度。

Earnings Conference Call.

收益電話會議。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員說明）提醒一下，今天的節目正在錄製中。

I would now like to introduce your host for today's program, Ashish Saran, Vice President, Investor Relations.

我現在想介紹一下今天的節目主持人，投資者關係副總裁 Ashish Saran。

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Marvell's Fourth Quarter and Fiscal Year 2020 Earnings Call.

歡迎參加 Marvell 2020 年第四季度和財年財報電話會議。

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

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 today may include forward-looking statements, which are subject to significant risks and uncertainties and which 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 these 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以及我們最近提交的 10-K 和 10-Q 文件中包含的這些警示性聲明和風險因素。

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。

Great.

偉大的。

Thanks, Ashish, and good afternoon, everyone.

謝謝，Ashish，大家下午好。

Let me start with a quick recap of Marvell's financial highlights for fiscal year 2020.

讓我先快速回顧一下 Marvell 2020 財年的財務亮點。

Our GAAP revenue was $2.7 billion, GAAP gross margin was 50.3%, and GAAP income per diluted share was $2.34.

我們的 GAAP 收入為 27 億美元，GAAP 毛利率為 50.3%，GAAP 每股攤薄收益為 2.34 美元。

On a non-GAAP basis, our gross margin was 63.3% and non-GAAP earnings per share was $0.66.

在非公認會計原則基礎上，我們的毛利率為 63.3%，非公認會計原則每股收益為 0.66 美元。

Fiscal 2020 was clearly a challenging year for the semiconductor industry.

對於半導體行業來說，2020 財年顯然是充滿挑戰的一年。

But against this backdrop of macroeconomic uncertainty, Marvell continued to take bold steps towards becoming a leader in infrastructure solutions.

但在宏觀經濟不確定的背景下，Marvell 繼續採取大膽措施，努力成為基礎設施解決方案的領導者。

Not only did we achieve the complete realization of synergies from the integration of Cavium in the first quarter of fiscal 2020, 2 quarters ahead of schedule, we announced and closed 3 additional strategic transactions within the year.

我們不僅在 2020 財年第一季度，提前 2 個季度實現了 Cavium 整合的協同效應的完全實現，而且我們在年內宣布並完成了 3 筆額外的戰略交易。

We acquired Aquantia and Avera and divested our Wi-Fi business.

我們收購了 Aquantia 和 Avera，並剝離了我們的 Wi-Fi 業務。

In fact, the integration of Aquantia and Avera is well ahead of plan and this is reflected in our lower OpEx expectations for the first quarter of fiscal 2021, which Jean will discuss in her section.

事實上，Aquantia 和 Avera 的整合遠遠超出了計劃，這反映在我們對 2021 財年第一季度較低的運營支出預期中，Jean 將在她的部分中對此進行討論。

Implementing all the key learnings from the Cavium acquisition, our IT and operations team did an amazing job in completing the ERP integration of Aquantia in 1 day and Avera within 5 days of closing the transactions.

實施從收購 Cavium 中學到的所有關鍵知識，我們的 IT 和運營團隊在完成交易後的 1 天內完成了 Aquantia 和 Avera 的 ERP 集成，做得非常出色。

In addition to the portfolio transformation, we won a number of key designs in fiscal 2020, which we expect will fuel multiple years of revenue growth for the company.

除了投資組合轉型外，我們在 2020 財年贏得了多項關鍵設計，我們預計這將推動公司多年的收入增長。

In wireless infrastructure, we started ramping our first generation of 5G processors at Samsung, won their next-generation 5G baseband processor; and yesterday, we announced an even deeper collaboration with them.

在無線基礎設施方面，我們開始在三星推出第一代 5G 處理器，贏得了他們的下一代 5G 基帶處理器；昨天，我們宣布與他們進行更深入的合作。

During the last year, we also won a fronthaul interface chip and entered into the radio head with processors from massive MIMO.

去年，我們還獲得了前傳接口芯片，並以massive MIMO的處理器進入無線電頭。

Equally exciting, earlier today, Nokia announced an expanded relationship with Marvell on 5G infrastructure solutions, which I will discuss later in the call.

同樣令人興奮的是，今天早些時候，諾基亞宣布與 Marvell 在 5G 基礎設施解決方案方面擴大合作關係，我將在電話會議的後面部分討論。

In Ethernet connectivity, we won a number of designs at leading networking OEMs with our switch and PHY solutions.

在以太網連接方面，我們憑藉我們的交換機和 PHY 解決方案贏得了領先網絡 OEM 的多項設計。

In storage, we started to ship and ramp preamps and controllers into high capacity 16-terabyte near line drives and secured the follow-on controller for the next-generation platform, targeting higher capacity points, well into the 20-plus terabyte range.

在存儲方面，我們開始將前置放大器和控制器裝運到高容量 16 TB 近線驅動器中，並為下一代平台確保後續控制器的安全，目標是更高容量點，並進入 20 多 TB 範圍。

We released our NVMe over Fabric Ethernet SSD controller and a family of PCIe Gen 4 NVMe SSD controllers, which are also powering our first major DIY win.

我們發布了 NVMe over Fabric 以太網 SSD 控制器和一系列 PCIe Gen 4 NVMe SSD 控制器，它們也為我們的第一次重大 DIY 勝利提供了動力。

As we start fiscal 2021, we are excited about a number of product ramps, but are also trying to assess the near-term impact from the coronavirus.

在我們開始 2021 財年之際，我們對一些產品的提升感到興奮，但也在嘗試評估冠狀病毒的近期影響。

Clearly, the safety and well-being of our employees is our highest concern, and I want to express my sincere support for all our people in China who have been the most impacted.

顯然，我們員工的安全和福祉是我們最關心的問題，我想向所有受災最嚴重的中國人民表示誠摯的支持。

Prior to the outbreak gaining intensity, our bookings and backlog were getting stronger going into fiscal year 2021, driven by our own product cycles, such as the start of our 5G product ramp, our success in nearline drives and a recovery in our core business.

在爆發加劇之前，我們的預訂和積壓訂單在進入 2021 財年時變得越來越強，這是由我們自己的產品週期推動的，例如我們的 5G 產品斜坡的開始、我們在近線驅動方面的成功以及我們核心業務的複蘇。

In addition, the signing of the Phase 1 trade deal between the U.S. and China was helpful in erasing trade tensions, which had affected our business last year.

此外，中美第一階段貿易協議的簽署有助於緩解去年影響我們業務的貿易緊張局勢。

But recently, as the virus impact has become broader, we have started to see supply chain-related impacts to our business.

但最近，隨著病毒影響的範圍越來越廣，我們開始看到供應鏈對我們業務的影響。

It is impossible for us to fully quantify the effect of the situation as our business -- on our business as it remains fluid.

我們不可能完全量化這種情況作為我們的業務對我們業務的影響，因為它仍然不穩定。

However, our revenue guidance for the first quarter includes a 5% reduction based on what we know so far.

但是，根據我們目前所知，我們對第一季度的收入指導包括減少 5%。

In addition, given the ongoing uncertainty, we have also temporarily widened our guidance range on revenue from plus or minus 3% to plus or minus 5%.

此外，鑑於持續的不確定性，我們還暫時將收入的指導範圍從正負 3% 擴大到正負 5%。

Let's move on to our quarterly performance.

讓我們繼續我們的季度業績。

During the fourth quarter of fiscal 2020, we delivered solid results and achieved $718 million in revenue, above the midpoint of the revised guidance we had provided on December 6, after we completed the divestiture of our Wi-Fi business.

在 2020 財年第四季度，我們取得了穩健的業績並實現了 7.18 億美元的收入，高於我們在完成 Wi-Fi 業務剝離後於 12 月 6 日提供的修訂指導的中點。

Our GAAP income per share was $2.62, and our non-GAAP earnings per share was $0.17.

我們的 GAAP 每股收益為 2.62 美元，我們的非 GAAP 每股收益為 0.17 美元。

First, in our networking business, revenue during the quarter was $377 million and grew 14% sequentially.

首先，在我們的網絡業務中，本季度收入為 3.77 億美元，環比增長 14%。

The double-digit growth was primarily due to full quarter contributions from the Avera and Aquantia acquisitions, partially offset by the divestiture of Wi-Fi.

兩位數的增長主要是由於收購 Avera 和 Aquantia 的整個季度貢獻，部分被 Wi-Fi 的剝離所抵消。

Both of our recent acquisitions were off to a running start with the Avera ASIC business delivering a solid quarter, and Aquantia's revenue trajectory continuing to improve as those customers completed inventory digestion.

我們最近的兩項收購都以 Avera ASIC 業務的季度業績穩健開局，隨著這些客戶完成庫存消化，Aquantia 的收入軌跡繼續改善。

The bookings trends for both of these acquisitions support the full year expectations we had communicated last year.

這兩項收購的預訂趨勢支持我們去年傳達的全年預期。

While the Avera design team continues to work on completing designs they had won prior to the acquisition, they are also engaging with existing Marvell customers who had not worked with them in recent years.

雖然 Avera 設計團隊繼續致力於完成他們在收購之前贏得的設計，但他們也在與近年來未與他們合作過的現有 Marvell 客戶進行接觸。

The overall opportunity pipeline for Avera is very healthy and continues to broaden.

Avera 的整體機會渠道非常健康，並繼續擴大。

Outside of the 2 acquisitions, wireless infrastructure shipments remain strong and enterprise performed as expected.

除了兩次收購之外，無線基礎設施出貨量依然強勁，企業表現符合預期。

In addition, we experienced strong booking trends in networking before the recent coronavirus impact clouded the outlook.

此外，在最近的冠狀病毒影響給前景蒙上陰影之前，我們在網絡方面經歷了強勁的預訂趨勢。

While we assess the impact from this event, we continue to make progress on securing additional design wins in a number of key end markets.

在評估此事件的影響的同時，我們繼續在確保在許多關鍵終端市場獲得更多設計勝利方面取得進展。

I'll start with the wireless infrastructure market.

我將從無線基礎設施市場開始。

Yesterday, we announced an extension of our long-term collaboration with Samsung across additional segments of the radio access network.

昨天，我們宣布將與三星的長期合作擴大到無線接入網絡的其他部分。

We have been working with Samsung closely to deliver multiple generations of baseband and Control Plane solutions for both 4G and now 5G base stations, incorporating their intellectual property with Marvell's OCTEON and Fusion processors.

我們一直與三星密切合作，為 4G 和現在的 5G 基站提供多代基帶和控制平面解決方案，並將其知識產權與 Marvell 的 OCTEON 和 Fusion 處理器相結合。

More recently, we have also been partnering with them on innovative radio unit architectures designed to meet the dramatic increase in compute power required for the complex beamforming algorithms inherent to massive MIMO deployments.

最近，我們還與他們合作開發創新的無線電單元架構，旨在滿足大規模 MIMO 部署所固有的複雜波束成形算法所需的計算能力的急劇增加。

Equally exciting, earlier today, Nokia announced that we are broadening our relationship for the development of multiple generations of custom and multi-core ARM-based infrastructure processors for 5G.

同樣令人興奮的是，今天早些時候，諾基亞宣布，我們正在擴大我們的合作關係，以開發多代定制和多核基於 ARM 的 5G 基礎架構處理器。

This is another example of the partnership model we offer, which enables our customers such as Nokia to integrate their unique technology into our programmable processor platform to develop customized products.

這是我們提供的合作模式的另一個例子，它使我們的客戶（例如諾基亞）能夠將他們的獨特技術集成到我們的可編程處理器平台中，以開發定制產品。

It's really the best of both worlds, as our customers can focus their internal resources on their differentiated technology and embed that IP into the chipset.

這確實是兩全其美，因為我們的客戶可以將他們的內部資源集中在他們的差異化技術上，並將該 IP 嵌入到芯片組中。

This significantly accelerates their time-to-market by utilizing other parts of the SoC subsystem from Marvell, such as the processor complex which we have already developed and hardened for base stations.

這通過利用 Marvell SoC 子系統的其他部分（例如我們已經為基站開發和強化的處理器複合體）顯著加快了它們的上市時間。

We are able to deliver this degree of customization with our field-proven, flexible SoC architecture in our Fusion products comprised of ARM cores, a variety of DSP cores tailored to our customers' requirements and customer-developed IP blocks stitched together very efficiently by our unique interconnect to maximize performance.

我們能夠通過我們經過現場驗證的靈活 SoC 架構在我們的 Fusion 產品中提供這種程度的定制，該架構由 ARM 內核、根據客戶要求量身定制的各種 DSP 內核以及客戶開發的 IP 塊非常有效地拼接在一起。獨特的互連，以最大限度地提高性能。

This programming model enables our customers to differentiate their solutions through their own IP and algorithms.

這種編程模型使我們的客戶能夠通過他們自己的 IP 和算法來區分他們的解決方案。

In addition to providing the underlying architecture for our customized Fusion solutions, our OCTEON multi-core ARM-based infrastructure processors also provide control and data plane processing.

除了為我們定制的 Fusion 解決方案提供底層架構外，我們的 OCTEON 基於 ARM 的多核基礎架構處理器還提供控制和數據平面處理。

We are looking forward to growing our business with Nokia as they benefit from the growing 5G wireless infrastructure market.

我們期待著與諾基亞一起發展我們的業務，因為他們受益於不斷增長的 5G 無線基礎設施市場。

We expect to start shipping the first custom product later this fiscal year, and we are also starting development of the next generation of infrastructure processors and custom SoCs.

我們預計將在本財年晚些時候開始交付第一款定制產品，並且我們還將開始開發下一代基礎設施處理器和定制 SoC。

In addition to the progress we are making at multiple Tier 1 wireless customers with our existing platforms, we are continuing to innovate in this market and are working with Analog Devices to pair their world-class RF transceiver technology with our broad digital 5G platform.

除了我們利用現有平台在多個 1 級無線客戶中取得的進展外，我們還在這個市場上繼續創新，並與 ADI 公司合作，將他們的世界級射頻收發器技術與我們廣泛的數字 5G 平台相結合。

We both recognized the growing complexity in 5G radio units with the proliferation of technologies, such as massive MIMO, which is driving an increased need for the very close collaboration between the RF and mixed-signal portion with the compute domain.

我們都認識到，隨著大規模 MIMO 等技術的普及，5G 無線電單元越來越複雜，這推動了對 RF 和混合信號部分與計算域之間非常密切協作的需求增加。

This unique collaboration between the 2 best-of-breed suppliers will provide customers with significant improvements in size, power and performance within the increasingly complex radio unit.

兩家最佳供應商之間的這種獨特合作將為客戶提供在日益複雜的無線電單元中的尺寸、功率和性能方面的顯著改進。

Before I move on from the wireless infrastructure market, let me spend a couple of minutes going over our perspective on the rollout of 5G, including the key drivers, the frequency bands in play such as sub-6 gigahertz versus millimeter wave, and the pace of deployment.

在我離開無線基礎設施市場之前，讓我花幾分鐘時間回顧一下我們對 5G 推出的看法，包括關鍵驅動因素、正在發揮作用的頻段（例如 6 GHz 以下與毫米波）以及步伐的部署。

First, Why 5G?

首先，為什麼是 5G？

Very simply, it significantly lowers the cost per bit of wirelessly transporting data, which benefits both carriers from an OpEx perspective and consumers by enabling a better user experience.

很簡單，它顯著降低了無線傳輸數據的每比特成本，從運營支出的角度來看，這對運營商和消費者都有好處，因為它可以提供更好的用戶體驗。

Our base assumption is that for the next few years the overall wireless CapEx envelope will remain similar to historical patterns, but the better economics of 5G will inevitably transition wireless CapEx away from legacy 4G technologies.

我們的基本假設是，在未來幾年內，整體無線資本支出範圍將保持與歷史模式相似，但 5G 更好的經濟性將不可避免地將無線資本支出從傳統的 4G 技術轉移。

Even under this flattish CapEx assumption, we expect to drive significant revenue growth as our content and share in 5G is considerably higher than what we had in 4G.

即使在這種持平的資本支出假設下，我們預計將推動顯著的收入增長，因為我們在 5G 中的內容和份額遠高於我們在 4G 中的份額。

Over time, we expect that 5G will also create newer opportunities beyond the handset, which could drive an upward inflection in CapEx, and that would represent an upside to our base case.

隨著時間的推移，我們預計 5G 還將在手機之外創造新的機會，這可能會推動資本支出的上升，這將代表我們的基本案例的上行空間。

On the subject of sub-6 gigahertz versus millimeter wave, while we believe that both modes of deployment will see significant activity over the next few years, our view is that the vast majority of 5G base station CapEx will be spent on sub-6 deployment.

關於 sub-6 GHz 與毫米波的主題，雖然我們認為這兩種部署模式在未來幾年都將出現重大活動，但我們認為絕大多數 5G 基站資本支出將用於 sub-6 部署.

A leading industry analyst has a similar forecast projecting that over 95% of the spend to go towards sub-6 deployment.

一位領先的行業分析師也有類似的預測，預計超過 95% 的支出將用於 sub-6 部署。

Accordingly, we expect our wireless infrastructure revenue to follow a similar pattern and primarily derive from macro base stations.

因此，我們預計我們的無線基礎設施收入將遵循類似的模式，主要來自宏基站。

Having said that, as the small cell market develops in 5G, especially for millimeter wave applications, we are ideally situated to address these opportunities with our multi-core processor architecture, which can easily be scaled down to the relatively lower power and performance footprint needed in small cells.

話雖如此，隨著小型蜂窩市場在 5G 中的發展，特別是對於毫米波應用，我們的多核處理器架構可以很好地利用這些機會，該架構可以輕鬆縮小到所需的相對較低的功率和性能足跡在小細胞中。

Our platform also enables significant software reuse for our customers as they scale down their macro solutions.

我們的平台還為我們的客戶提供了重要的軟件重用，因為他們縮小了他們的宏觀解決方案。

We have a full set of capabilities for the wireless infrastructure market, including baseband, transport, Ethernet connectivity and DFE ASICs, making us the ideal chip provider for small cells, which are likely to require the integration of multiple functions in a single chip or package for power and space considerations.

我們擁有針對無線基礎設施市場的全套能力，包括基帶、傳輸、以太網連接和 DFE ASIC，使我們成為可能需要在單個芯片或封裝中集成多種功能的小型基站的理想芯片供應商出於電源和空間的考慮。

In terms of timing, this is an infrastructure business where shifts from one technology to another are typically over a multi-year period, with the rate of adoption constrained by flattish CapEx budgets.

就時間而言，這是一項基礎設施業務，從一種技術轉換到另一種技術通常需要多年時間，採用率受到資本支出預算持平的限制。

We're at the very beginning of a multiyear transition to 5G, and the vast majority of this opportunity is in front of us.

我們正處於向 5G 過渡多年的初期，而這個機會的絕大部分就在我們面前。

As you are aware, Korea is the only major geography which started 5G deployments in earnest in calendar 2019.

如您所知，韓國是唯一一個在 2019 年認真開始部署 5G 的主要地區。

And while Korea is an important region for our lead customer, most of their base station shipments in 2019 used FPGAs for processing, and they only started to transition to our solutions late in the year.

雖然韓國對我們的主要客戶來說是一個重要地區，但他們在 2019 年的大部分基站出貨量都使用 FPGA 進行處理，而且他們只是在今年晚些時候才開始過渡到我們的解決方案。

As a result, we expect significant revenue growth this fiscal year from deployments by Korean operators, and these deployments will continue for a number of years.

因此，我們預計本財年韓國運營商的部署將帶來顯著的收入增長，並且這些部署將持續數年。

Additional growth opportunities are also in front of us from geographies such as Japan and the U.S., when they start to deploy 5G later this year.

當日本和美國等地在今年晚些時候開始部署 5G 時，其他增長機會也擺在我們面前。

With respect to China, Marvell historically had very limited exposure to their wireless infrastructure market; however, with the Avera acquisition, and our own organic efforts, we are now better positioned to also participate in China's 5G deployments.

就中國而言，Marvell 歷來對其無線基礎設施市場的敞口非常有限。但是，通過收購 Avera 以及我們自己的有機努力，我們現在可以更好地參與中國的 5G 部署。

In summary, the wireless industry is starting to see a convergence of factors important for 5G adoption, including a more mature supply ecosystem, both on handsets and base stations, and the opening up of additional spectrum, especially in the important sub-6 gigahertz bands.

總而言之，無線行業開始看到對 5G 採用很重要的因素趨同，包括手機和基站更成熟的供應生態系統，以及額外頻譜的開放，尤其是在重要的 sub-6 GHz 頻段.

This combined with the better economics of the newer technology is increasingly driving carriers to shift their CapEx to 5G base stations, especially in regions where they are considering turning on 5G services in the near future.

再加上新技術帶來的更好的經濟性，越來越多的運營商將其資本支出轉移到 5G 基站，尤其是在他們考慮在不久的將來啟用 5G 服務的地區。

New 5G base stations are, of course, backward compatible with 4G and allow carriers to future-proof their networks rather than continue spending on legacy technologies.

當然，新的 5G 基站向後兼容 4G，讓運營商能夠面向未來發展他們的網絡，而不是繼續在傳統技術上花錢。

So as a result, we expect that wireless CapEx will continue to accelerate to 5G on the infrastructure side.

因此，我們預計無線資本支出將繼續加速到基礎設施方面的 5G。

Now let me shift gears from the 5G deep dive.

現在讓我從 5G 深潛中換檔。

We just announced our next-generation of ARM-based infrastructure processors, our OCTEON TX2 family, targeting a wide variety of networking equipment, including switches, routers, secure gateways, firewalls, network monitoring, smart NICs and base stations.

我們剛剛發布了基於 ARM 的下一代基礎架構處理器，即我們的 OCTEON TX2 系列，針對各種網絡設備，包括交換機、路由器、安全網關、防火牆、網絡監控、智能 NIC 和基站。

This portfolio delivers 2.5x performance improvement over the prior generation and can scale up to 200 gigabits per second of packet processing, scaling from 4 cores at the low end to 36 cores for the most demanding applications.

與上一代產品相比，該產品組合的性能提高了 2.5 倍，並且可以擴展到每秒 200 Gb 的數據包處理，從低端的 4 個內核擴展到最苛刻的應用程序的 36 個內核。

Compared to solutions processing data only on CPU cores, OCTEON's configurable and programmable hardware accelerator blocks, which include security, packet processing, traffic management functions, provide a much better balance between power and performance in networking applications.

與僅在 CPU 內核上處理數據的解決方案相比，OCTEON 的可配置和可編程硬件加速器模塊（包括安全、數據包處理、流量管理功能）在網絡應用程序中提供了更好的功率和性能平衡。

In fact, we have already started shipping production -- we started production shipments of our OCTEON TX2 processors into our lead wireless infrastructure customer.

事實上，我們已經開始生產出貨——我們開始向我們的主要無線基礎設施客戶生產我們的 OCTEON TX2 處理器。

Our Ethernet switch and PHY products continue to win new designs in their target markets.

我們的以太網交換機和 PHY 產品繼續在其目標市場贏得新設計。

As a reminder, our Ethernet switch strategy has been to expand beyond our enterprise campus position into the enterprise core and aggregation layers and into service providers.

提醒一下，我們的以太網交換機戰略已經從我們的企業園區擴展到企業核心和聚合層以及服務提供商。

We play to our strengths in offering feature-rich products and do not target the pure speeds and feed sockets in the hyperscale data center market where there is already strong incumbency and a large networking OEM that announced their plan to offer internal ASICs directly to cloud customers.

我們在提供功能豐富的產品方面發揮我們的優勢，並且不針對超大規模數據中心市場中的純速度和饋電插座，那裡已經有強大的在職人員和大型網絡 OEM 宣布他們計劃直接向雲客戶提供內部 ASIC 的計劃.

Our ARM server products and our automotive products also remain well positioned for growth later this year.

我們的 ARM 服務器產品和汽車產品也將在今年晚些時候保持良好的增長勢頭。

Now let me discuss our projection for our networking business in the first quarter of fiscal 2021, as compared to fourth quarter results.

現在讓我討論一下我們對 2021 財年第一季度網絡業務的預測，與第四季度的結果相比。

Please keep in mind that our fourth quarter results included approximately 5 weeks of revenue from the now divested Wi-Fi business.

請記住，我們第四季度的業績包括從現已剝離的 Wi-Fi 業務中獲得的大約 5 週的收入。

Therefore, I'll first provide you with our revenue expectation for the continuing networking business, which we project to grow sequentially by approximately low single digits on a percentage basis from fourth quarter results adjusted for the divestiture of Wi-Fi.

因此，我將首先向您提供我們對持續網絡業務的收入預期，我們預計該業務將在根據 Wi-Fi 剝離調整後的第四季度業績的百分比基礎上連續增長約低個位數。

We expect this growth to be led by new product ramps in enterprise and cloud data center applications while we project flattish revenue from the wireless infrastructure market.

我們預計這一增長將由企業和雲數據中心應用的新產品增長帶動，而我們預計無線基礎設施市場的收入將持平。

Please note that this growth outlook includes the negative impacts currently known from coronavirus-related issues.

請注意，這種增長前景包括目前已知的冠狀病毒相關問題的負面影響。

To help you clearly model this outlook, let me also provide you with a projection for first quarter results as compared to our reported fourth quarter networking revenue of $377 million, which included the 5 weeks of Wi-Fi.

為了幫助您清楚地模擬這一前景，讓我還為您提供第一季度業績的預測，與我們報告的第四季度網絡收入 3.77 億美元相比，其中包括 5 週的 Wi-Fi。

Compared to this reported result, we expect networking revenue in our first quarter to decline in the low to mid-single digits sequentially on a percentage basis.

與報告的結果相比，我們預計第一季度的網絡收入將按百分比順序下降中低個位數。

Now let me turn to our storage business.

現在讓我談談我們的存儲業務。

Storage revenue for the fourth quarter was $296 million and grew 3% sequentially, stronger than our expectations.

第四季度的存儲收入為 2.96 億美元，環比增長 3%，強於我們的預期。

The sequential growth was driven by an increase in demand for both of our storage controller product lines.

連續增長是由對我們兩個存儲控制器產品線的需求增長推動的。

Specifically, our HDD business continued to benefit from our growing position in the nearline market and our enterprise and data center SSD business continued to recover in the fourth quarter.

具體而言，我們的 HDD 業務繼續受益於我們在近線市場中不斷增長的地位，我們的企業和數據中心 SSD 業務在第四季度繼續復甦。

These data center-led growth drivers more than offset the expected decline in the client market.

這些以數據中心為主導的增長動力足以抵消客戶市場的預期下滑。

Our fiber channel business remains strong and stable from the third quarter.

從第三季度開始，我們的光纖通道業務保持強勁和穩定。

As you may recall, at our prior investor days in 2017 and then again in 2018, we had articulated a storage strategy to focus on the enterprise and data center market and become less reliant on the client market.

您可能還記得，在我們之前的 2017 年和 2018 年投資者日，我們制定了一項存儲戰略，專注於企業和數據中心市場，並減少對客戶市場的依賴。

In our HDD business, we projected the client business to secularly decline as the shift towards SSDs and PCs accelerated, and that we plan to focus on the growing nearline market.

在我們的 HDD 業務中，我們預計客戶端業務將隨著向 SSD 和 PC 的加速轉變而長期下滑，並且我們計劃專注於不斷增長的近線市場。

In addition, we shifted investment in our SSD business towards higher performance and stickier enterprise and data center solutions and DIY opportunities, and away from the commodity client market where margins were less attractive, and some of our customers were increasingly in-sourcing controllers.

此外，我們將對 SSD 業務的投資轉向更高性能和更具粘性的企業和數據中心解決方案以及 DIY 機會，並遠離利潤率不那麼有吸引力的商品客戶市場，我們的一些客戶越來越多地內購控制器。

At this point in time, we believe that the bulk of the decline in exposure to the client market, including the impact of client SSD controller in-sourcing at some customers, is mostly behind us.

目前，我們認為客戶市場曝光率下降的大部分，包括客戶 SSD 控制器內購對一些客戶的影響，大部分都已經過去了。

We estimate that our total client revenue exposure collectively across both HDD and SSD controllers, starting fiscal 2021, is only 5% of the entire company's revenue.

我們估計，從 2021 財年開始，我們在 HDD 和 SSD 控制器上的總客戶收入敞口僅佔整個公司收入的 5%。

For context, at our Investor Day in October 2018, client storage was approximately 14% of total company revenue.

就背景而言，在 2018 年 10 月的投資者日，客戶存儲約占公司總收入的 14%。

In fact, sequential storage revenue growth in both the third and fourth quarter of fiscal 2020 was driven by our enterprise and data center products.

事實上，2020 財年第三和第四季度的存儲收入連續增長是由我們的企業和數據中心產品推動的。

The next phase of our storage growth strategy we had outlined was the emergence of the DIY market for custom SSD controllers, and we are now a couple of quarters away from mass production of our first major design win.

我們概述的存儲增長戰略的下一階段是定制 SSD 控制器的 DIY 市場的出現，我們現在距離我們的第一個主要設計勝利的量產還有幾個季度的時間。

We also expect to continue to ramp our preamplifiers for HDDs over the next couple of years.

我們還希望在未來幾年內繼續提升我們用於 HDD 的前置放大器。

Our recently introduced 12-nanometer PCIe Gen 4 SSD controller continues to receive strong interest from multiple customers, including several NAND OEMs for its optimized blend of high-performance and low power in a small form factor.

我們最近推出的 12 納米 PCIe 第 4 代 SSD 控制器繼續受到多個客戶的強烈興趣，其中包括幾家 NAND OEM，因為它在小尺寸中優化了高性能和低功耗的組合。

Our Ethernet-based storage solutions are gaining momentum, and we just announced we are partnering with leading ODMs, Accton and Foxconn to bring our Ethernet Bunch of Flash or EBOF technology solutions to market.

我們基於以太網的存儲解決方案勢頭強勁，我們剛剛宣布與領先的 ODM、Accton 和富士康合作，將我們的以太網束閃存或 EBOF 技術解決方案推向市場。

As you may recall, at FMS 2019, we demonstrated our NVMe over Fabric Ethernet SSD controller.

您可能還記得，在 FMS 2019 上，我們展示了我們的 NVMe over Fabric 以太網 SSD 控制器。

This product enables a disruptive new data center architecture by directly connecting SSDs through a switch to an Ethernet network, without the need to go through a host, such as a server.

該產品通過交換機直接將 SSD 連接到以太網網絡，無需通過服務器等主機，從而實現了顛覆性的新數據中心架構。

These EBOF platforms will start sampling this spring and incorporate Marvell's NVMe over Fabric SSD controllers, Prestera Ethernet switches and up to 48 SSDs in a single chassis.

這些 EBOF 平台將於今年春季開始提供樣品，並將 Marvell 的 NVMe over Fabric SSD 控制器、Prestera 以太網交換機和多達 48 個 SSD 整合到一個機箱中。

In aggregate, we believe the growing footprint of our enterprise and data center storage controllers and preamps, upcoming ramp of our SSD DIY controllers and progress of our Ethernet-based storage initiatives, collectively positions our storage business for long-term success.

總的來說，我們相信我們的企業和數據中心存儲控制器和前置放大器的足跡不斷擴大，SSD DIY 控制器的即將推出以及我們基於以太網的存儲計劃的進展，共同為我們的存儲業務取得長期成功奠定了基礎。

Looking to the first quarter for our storage business, which is generally a seasonally down quarter for this end market, coupled with virus-related impacts to this business, we expect revenue to decline sequentially in the mid-single digits on a percentage basis.

展望我們存儲業務的第一季度，這通常是該終端市場的季節性下降季度，加上病毒相關對該業務的影響，我們預計收入將按百分比連續下降中個位數。

Let me close by thanking the more than 5,500 Marvell employees around the world for executing extremely well under difficult macroeconomic conditions.

最後，我要感謝全球 5,500 多名 Marvell 員工在困難的宏觀經濟條件下表現出色。

I am looking forward to an exciting fiscal 2021 to capitalize on the multiple growth initiatives we have been investing in over the last few years.

我期待著一個令人興奮的 2021 財年，以利用我們在過去幾年中一直投資的多項增長計劃。

Fiscal 2021 also marks an important milestone for Marvell, as we celebrate our 25th year anniversary.

2021 財年也標誌著 Marvell 的一個重要里程碑，因為我們慶祝了我們的 25 週年紀念日。

It has been a long and eventful journey, most recently punctuated with the company's transformation as we pivoted towards the infrastructure market.

這是一段漫長而多事的旅程，最近一次是公司轉型，因為我們轉向基礎設施市場。

The financial community has been well aware of our journey, and we have now started to share our story with a broader audience.

金融界已經很清楚我們的旅程，我們現在已經開始與更廣泛的受眾分享我們的故事。

We held our first industry Analyst Day in early December, and the reception was outstanding.

我們在 12 月初舉辦了第一個行業分析師日，接待情況非常好。

We received clear feedback that our story needs to be told more broadly as they see Marvell in the midst of multiple major trends, including 5G, AI, cloud and connected autos.

我們收到了明確的反饋，認為我們的故事需要更廣泛地講述，因為他們認為 Marvell 處於多個主要趨勢之中，包括 5G、人工智能、雲和聯網汽車。

We will continue to spread the message and are scheduling our next Investor Day for October 6 in New York, where we will provide an update on our progress towards our long-term goals.

我們將繼續傳播這一信息，併計劃於 10 月 6 日在紐約舉行下一個投資者日，屆時我們將提供我們實現長期目標的最新進展。

I look forward to seeing many of you at that event.

我期待在那個活動中見到你們中的許多人。

And with that, I will turn over the call 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。

As a reminder, our guidance for the fourth quarter provided on December 3, 2019 assumed a full quarter of results from the Wi-Fi business.

提醒一下，我們在 2019 年 12 月 3 日提供的第四季度指引假設了 Wi-Fi 業務的整個季度業績。

Subsequently, we completed divestiture of our Wi-Fi business on December 6, approximately 5 weeks into the fourth quarter.

隨後，我們於 12 月 6 日完成了對 Wi-Fi 業務的剝離，距第四季度大約 5 週。

So our results reflect the partial quarter contributions from the Wi-Fi business.

因此，我們的結果反映了 Wi-Fi 業務的部分季度貢獻。

We then updated only our revenue guidance to reflect the closing of the Wi-Fi sale.

然後，我們僅更新了收入指引以反映 Wi-Fi 銷售的結束。

Revenue in the fourth quarter was $718 million, better than our updated guidance of $710 million at the middle point.

第四季度的收入為 7.18 億美元，好於我們更新後的中期指引 7.1 億美元。

Networking represented 52% of our revenue in the fourth quarter and the storage contributing 41%.

網絡占我們第四季度收入的 52%，存儲佔 41%。

Revenue from our other business was $44 million in the fourth quarter, below expectations, and accounted for 7% of our revenue.

第四季度我們其他業務的收入為 4400 萬美元，低於預期，占我們收入的 7%。

As a reminder, this business consist of products such as the printer solutions and application processes, we have stopped investing, so they will continue to decline over time.

提醒一下，這項業務包括打印機解決方案和應用程序等產品，我們已經停止投資，因此隨著時間的推移它們將繼續下降。

In fact, our guidance for the first quarter for fiscal 2021 anticipate sequential decline in revenue in the high teens on a percentage basis from the other business.

事實上，我們對 2021 財年第一季度的指導預計，高青少年的收入將在其他業務的百分比基礎上連續下降。

GAAP gross margin was 42.5%, which included the amortization of both Aquantia and Avera inventory step-up costs.

GAAP 毛利率為 42.5%，其中包括 Aquantia 和 Avera 庫存增加成本的攤銷。

Non-GAAP gross margin was 62.3% of revenue.

非美國通用會計準則毛利率為收入的 62.3%。

Our gross margin results in the fourth quarter reflect the negative impact from certain onetime transition costs related to the Avera acquisition, as we discussed last quarter.

正如我們上個季度所討論的，我們第四季度的毛利率結果反映了與收購 Avera 相關的某些一次性過渡成本的負面影響。

GAAP operating expenses were $419 million.

GAAP 運營費用為 4.19 億美元。

Non-GAAP operating expenses were $306 million.

非美國通用會計準則運營費用為 3.06 億美元。

GAAP operating loss was $114 million.

GAAP 經營虧損為 1.14 億美元。

Non-GAAP operating profit was $141 million or 19.6% of revenue.

非美國通用會計準則營業利潤為 1.41 億美元，佔收入的 19.6%。

During the quarter, to better align the global economic ownership of our intellectual property rights with our current and future business operations, we transferred certain intellectual property to our subsidiary in Singapore.

在本季度，為了更好地使我們知識產權的全球經濟所有權與我們當前和未來的業務運營保持一致，我們將某些知識產權轉讓給了我們在新加坡的子公司。

This internal IP transfer resulted in an income tax benefit of approximately $763 million for the fourth quarter, which primarily capture the tax effect for future deductions in Singapore.

這種內部知識產權轉讓為第四季度帶來了約 7.63 億美元的所得稅收益，主要反映了新加坡未來扣除的稅收影響。

In addition, the change in the tax structure will result in a small 50 basis point increase to our non-GAAP tax rate from 4.5% to 5%.

此外，稅收結構的變化將導致我們的非公認會計原則稅率從 4.5% 小幅提高 50 個基點至 5%。

For the fourth quarter, GAAP income per diluted share was $2.62, which included a gain from the sale of the Wi-Fi business and the income tax benefits related to the IP transfer.

第四季度，GAAP 每股攤薄收益為 2.62 美元，其中包括出售 Wi-Fi 業務的收益以及與 IP 轉讓相關的所得稅優惠。

Non-GAAP income per diluted share was $0.17.

非公認會計原則每股攤薄收益為 0.17 美元。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

Our long-term debt was $1.45 billion, declining from the prior quarter.

我們的長期債務為 14.5 億美元，比上一季度有所下降。

During the quarter, we completed divestiture of Wi-Fi business and used the sale proceeds to pay off the $600 million bridge loan we entered into in connection with the Avera acquisition.

在本季度，我們完成了 Wi-Fi 業務的剝離，並利用出售所得償還了我們為收購 Avera 而簽訂的 6 億美元過橋貸款。

And also, we paid off $350 million revolver we drawn to fund the Aquantia acquisition as well as $250 million of our term loan.

此外，我們還清了為收購 Aquantia 提供資金的 3.5 億美元左輪手槍以及 2.5 億美元的定期貸款。

We also resumed our share repurchase program and returned $340 million to shareholders through $300 million in share repurchases and $40 million in dividends.

我們還恢復了股票回購計劃，並通過 3 億美元的股票回購和 4,000 萬美元的股息向股東返還了 3.4 億美元。

In fiscal 2020, we returned a total of $524 million in cash to shareholders.

在 2020 財年，我們向股東返還了總計 5.24 億美元的現金。

We exit the quarter with $648 million in cash and cash equivalents, an increase of $209 million from the prior quarter.

我們以 6.48 億美元的現金和現金等價物退出本季度，比上一季度增加了 2.09 億美元。

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

現在繼續我們目前對 2021 財年第一季度的展望。

Please note, we have built into the guidance a 5% reduction in revenue due to the risks associated with the coronavirus.

請注意，由於與冠狀病毒相關的風險，我們已將收入減少 5% 納入指南。

Although the situation remains fluid, and the ultimate impact is still unknown and assessing the magnitude at this point is not feasible.

儘管情況仍然不穩定，最終影響仍然未知，目前評估規模是不可行的。

Given the ongoing uncertainty, we have also temporarily widened the guidance range on revenue.

鑑於持續存在的不確定性，我們還暫時擴大了收入的指導範圍。

Specifically, we are forecasting revenue to be in the range of $680 million, plus or minus 5%.

具體來說，我們預計收入將在 6.8 億美元的範圍內，上下浮動 5%。

We anticipate our GAAP gross margin will be approximately 47.5%, and the non-GAAP gross margin will be approximately 63%.

我們預計我們的 GAAP 毛利率約為 47.5%，非 GAAP 毛利率約為 63%。

We project our GAAP operating expenses to be in the range of $410 million, plus or minus $3 million.

我們預計我們的 GAAP 運營費用在 4.1 億美元左右，上下浮動 300 萬美元。

We anticipate our non-GAAP operating expenses to be in the range of $310 million plus or minus $2.5 million.

我們預計我們的非公認會計原則運營費用將在 3.1 億美元上下 250 萬美元之間。

The sequential seasonal increase in payroll taxes and the reset of bonus accruals have been significantly offset by earlier-than-expected synergy achievement and the disciplined OpEx management.

工資稅的連續季節性增長和應計獎金的重置已被早於預期的協同效應和紀律嚴明的運營支出管理所抵消。

From this high point in the fiscal year, we continue to expect our non-GAAP operating expenses will come down to approximately $300 million by the fourth quarter of fiscal 2021.

從本財年的這一高點開始，我們繼續預計到 2021 財年第四季度，我們的非公認會計原則運營費用將降至約 3 億美元。

We expect net interest expenses to be approximately $16 million and expect non-GAAP tax rate of 5%.

我們預計淨利息支出約為 1600 萬美元，預計非 GAAP 稅率為 5%。

As a result, we anticipate a GAAP loss per diluted share in the range of $0.12 to $0.20 and the non-GAAP earnings per diluted share in the range of $0.11 to $0.17.

因此，我們預計 GAAP 每股攤薄虧損在 0.12 美元至 0.20 美元之間，非 GAAP 每股攤薄收益在 0.11 美元至 0.17 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。

(Operator Instructions) Our first question comes from the line of Atif Malik from Citi.

（操作員說明）我們的第一個問題來自花旗的 Atif Malik。

(Operator Instructions)

（操作員說明）

A nice job on the results and guide.

在結果和指南方面做得很好。

And congratulations on the expanded Nokia relationship.

並祝賀諾基亞擴大合作關係。

Matt, the team has talked about $750 million pipeline of site 5G infrastructure sales; $600 million across Samsung, Nokia and then $150 million from Avera, about 20% of the $4 billion opportunity.

Matt，該團隊談到了 7.5 億美元的站點 5G 基礎設施銷售管道；三星、諾基亞 6 億美元，然後是 Avera 1.5 億美元，約佔 40 億美元機會的 20%。

Can you just talk about with the new expanded Nokia relationship and then the Samsung collaboration, how is the team tracking to those numbers?

您能否談談新擴展的諾基亞關係以及與三星的合作，團隊如何跟踪這些數字？

Sure.

當然。

Great.

偉大的。

Thanks, Atif.

謝謝，阿提夫。

Yes, I think you got it exactly right.

是的，我認為你完全正確。

Just for everybody on the phone, we started off with a base case that we outlined pre-Avera, which was $600 million, which included the pipeline that we had identified of one business at that point.

僅針對電話中的每個人，我們從一個基本案例開始，我們在 Avera 之前概述了 6 億美元，其中包括我們當時確定的一項業務的管道。

We successfully closed Avera, which brought in numbers in that approximate range you mentioned; about roughly half of that business was 5G exposed.

我們成功關閉了 Avera，它帶來了您提到的大致範圍內的數字；該業務中大約有一半是 5G 業務。

And so the way I would think about it is that the announcements that you've seen clearly add additional revenue on top of that.

所以我的想法是，你看到的公告清楚地增加了額外的收入。

I think what we're excited about is, we really have now multiple customers for our 5G solutions, multiple products that we're selling to those customers, and that actually layer in over multiple generations, including existing business we're shipping today, new product ramps happening this year.

我認為我們感到興奮的是，我們現在確實有多個客戶使用我們的 5G 解決方案，我們向這些客戶銷售的多種產品，實際上是多層的，包括我們今天交付的現有業務，今年發生的新產品坡道。

And then as you referenced, even on our announcement with Nokia, a multigenerational agreement where we have products ramping later this year, but then even ongoing partnership to do more in the coming years on a spectrum of products.

然後正如你所提到的，即使在我們與諾基亞的公告中，我們也將在今年晚些時候推出一項多代協議，我們將在該協議中推出產品，但隨後甚至會繼續合作，以在未來幾年在一系列產品上做更多的事情。

So I think, overall, it's very positive and clearly represents the announcements we've made, certainly a substantially higher number to what we've already communicated.

所以我認為，總的來說，這是非常積極的，並且清楚地代表了我們已經發布的公告，當然比我們已經傳達的信息要高得多。

And as a follow-up, Jean, the 5% reduction from the virus, can you just talk about storage versus networking?

作為後續行動，Jean，從病毒中減少了 5%，你能談談存儲與網絡嗎？

Is it more storage-related than networking?

它比網絡更與存儲相關嗎？

Yes.

是的。

So very high level, a lot of things are unknown.

這麼高的層次，很多東西都是未知數。

So our estimate right now is more like 40% is related to storage side, 60% is related to networking side.

所以我們現在的估計更像是 40% 與存儲端有關，60% 與網絡端有關。

Matt can give you more color on the networking side.

Matt 可以在網絡方面為您提供更多色彩。

We have some part of business, which there's a component shortage that impacted our networking business.

我們有部分業務，組件短缺影響了我們的網絡業務。

And storage side, a similar thing.

和存儲方面，類似的事情。

Our customers, they have some supply chain disruption, so that's what we know right now.

我們的客戶，他們有一些供應鏈中斷，這就是我們現在所知道的。

Yes.

是的。

I think, just to conclude, we've tried to size the impact as best we can.

我想，總結一下，我們已經盡我們所能來衡量影響。

And as Jean mentioned, from our side, there's really 2 types of supply chain disruptions: There's disruption to some of our products, which are -- the bulk of the products that we ship every quarter are integrated circuits, but we do have some board business, both in Ethernet NICs and host bus adapters for fiber channel as well as some of the board-level products for smart NICs.

正如 Jean 所提到的，從我們的角度來看，供應鏈中斷確實有兩種類型： 我們的一些產品出現了中斷，這些產品是 - 我們每季度出貨的大部分產品都是集成電路，但我們確實有一些電路板業務，包括以太網 NIC 和用於光纖通道的主機總線適配器以及一些用於智能 NIC 的板級產品。

And so even though our supplier base is actually outside of China and some of the impacted regions, they're having some challenges in sourcing some of the components.

因此，即使我們的供應商基地實際上不在中國和一些受影響的地區，他們在採購一些組件方面也面臨一些挑戰。

So that's one dynamic we see, but we're working through that.

所以這是我們看到的一種動態，但我們正在努力解決這個問題。

And then the second is, obviously, many of our end customers' factories or subcons are not at full capacity.

其次，很明顯，我們的許多終端客戶的工廠或分公司都沒有滿負荷運轉。

So it's a fluid situation.

所以這是一個流動的情況。

But right now, what we're sizing is really what we see as supply chain-related impacts, both to us as well as our customers.

但現在，我們衡量的實際上是我們認為與供應鏈相關的影響，對我們和我們的客戶都是如此。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Matt, my first question is on 5G.

馬特，我的第一個問題是關於 5G。

So the opportunity on the base station side, I think, has been clear, and you've articulated that very well.

所以我認為，基站方面的機會已經很明顯了，你已經很好地表達了這一點。

I wanted to ask on the radio side.

我想在廣播那邊問。

What's the opportunity to leverage this kind of beachhead you have with Avera?

有什麼機會可以利用您與 Avera 的這種灘頭陣地？

And I think recently, you also announced a partnership with Analog Devices for some integrated radio solutions, and there's obviously a lot more radios, heightened complexity on that side and perhaps the chance to displace more FPGAs.

而且我認為最近，你們還宣布與 ADI 公司合作開發一些集成無線電解決方案，顯然有更多的無線電，這方面的複雜性更高，也許有機會取代更多的 FPGA。

So talk to us about the radio opportunity for Marvell in 5G.

因此，請與我們談談 Marvell 在 5G 中的無線電機會。

Sure.

當然。

Thanks.

謝謝。

And I think we very much see our opportunity.

我認為我們非常看到我們的機會。

It's both in the base station or the base BBU as well as the radio head, and we started to indicate that in the last few calls and even in some of my comments today, where, as an example, with Samsung, we're doing some very customized things with them in the radio head itself, which is really bringing our processing capability up from the base station unit into the radio head.

它在基站或基站 BBU 以及無線電頭中，我們開始在最近幾次通話中甚至在我今天的一些評論中指出，例如，三星，我們正在做無線電頭本身中帶有一些非常定制的東西，這確實將我們的處理能力從基站單元提升到無線電頭。

And on top of that, so you sort of pick up one trend is being processing power, processing, compute, moving up closer to the antenna.

最重要的是，你會發現一個趨勢是處理能力、處理能力、計算能力、向天線靠攏。

But the second is that, at least in some of the initial deployments of 5G, Korea is one example, but there's others.

但第二個是，至少在一些 5G 的初始部署中，韓國是一個例子，但還有其他例子。

There's quite a high-density of massive MIMO radio heads attached to each base station.

每個基站都有相當高密度的大規模 MIMO 無線電頭。

And so you sort of think about the idea that there's more processing power moving to the radio head, and then there's more radio heads attached per base station.

所以你有點想，有更多的處理能力轉移到無線電頭上，然後每個基站連接了更多的無線電頭。

It does create a significant opportunity.

它確實創造了一個重要的機會。

And that's a trend, by the way, that we see more broadly and not just as limited to one customer.

順便說一句，這是一種趨勢，我們可以看到更廣泛的趨勢，而不僅僅局限於一個客戶。

So I think that's certainly exciting.

所以我認為這當然令人興奮。

I think the second is with respect to Analog Devices, we're sort of seeing each other now in these types of applications, starting with our DFE business that we have, but also in some of these applications where we're being asked to do more customized things in massive MIMO.

我認為第二個是關於 ADI 公司，我們現在在這些類型的應用程序中看到了彼此，從我們擁有的 DFE 業務開始，而且在我們被要求做的一些應用程序中大規模 MIMO 中更多定制的東西。

And if you think about the architecture, where they have one of the leading positions, obviously, in the RF transceiver market and data converter market and us having a very strong position in the DFE, which is basically the digital chip that interfaces with the analog and mixed-signal functions.

如果你考慮架構，他們顯然在射頻收發器市場和數據轉換器市場擁有領先地位之一，而我們在 DFE 中擁有非常強大的地位，這基本上是與模擬接口的數字芯片和混合信號功能。

The coupling of those 2 is becoming even more and more important and so how do -- there's questions from how do we do things like co-packaging products together?

這兩者的結合變得越來越重要，那麼如何做——問題在於我們如何將產品共同包裝在一起？

How do we align on what the most ideal interfaces are for the chips to communicate with each other?

我們如何確定芯片之間最理想的接口是什麼？

What are the best architectures that we can pursue?

我們可以追求的最佳架構是什麼？

And since the 2 companies are extremely complementary in their offerings, we see it as a great opportunity to actually innovate together and provide optimized solutions for our customers who really want to differentiate their products.

由於這兩家公司的產品互補性很強，我們認為這是一個很好的機會，可以共同創新，為真正想要讓他們的產品與眾不同的客戶提供優化的解決方案。

And so the ADI team has got tremendous experience in this area.

因此，ADI 團隊在這一領域擁有豐富的經驗。

We, obviously, have a very experienced team of architects and technologists.

顯然，我們擁有一支經驗豐富的建築師和技術專家團隊。

And so really, the basis of the collaboration is to be able to address customers jointly and do that in a coordinated manner.

確實，協作的基礎是能夠共同解決客戶問題並以協調的方式做到這一點。

So that's what we're doing.

這就是我們正在做的事情。

So I think the bottom line is we're as excited about the radio head opportunities as we are in the rest of the entire base station system.

所以我認為底線是我們對無線電頭的機會感到興奮，就像我們對整個基站系統的其餘部分一樣。

Got it.

知道了。

And for my follow-up, Matt, thanks for the color on the storage side.

對於我的後續行動，Matt，感謝存儲方面的顏色。

I think you mentioned client is now only about 5% of that business.

我想你提到的客戶現在只佔該業務的 5% 左右。

I forgot whether you mentioned it just for storage or of the entire company.

我忘了你提到它是為了存儲還是整個公司。

But my question really is, what is the right way to think about your storage business on a 2- to 3-year basis?

但我的問題確實是，在 2 到 3 年的基礎上考慮存儲業務的正確方法是什麼？

Is it still kind of a flattish business?

它仍然是一種平淡的業務嗎？

Is it a low single-digit growth business?

它是一個低個位數增長的業務嗎？

What is the right conceptual way to think about the storage business for Marvell?

思考 Marvell 存儲業務的正確概念方式是什麼？

Yes.

是的。

So yes, just to clarify.

所以是的，只是為了澄清。

So yes, I was pretty explicit, but I'll say it again.

所以是的，我很明確，但我會再說一遍。

The 5% number I gave you was for entire company.

我給你的 5% 的數字是針對整個公司的。

And so -- and for those of you who that have followed us from the beginning of our journey, I mean, I don't know exactly what this number was, Jean, but it was probably 30%, 40% of company back in 2016, so we've really worked on this one.

所以——對於那些從我們旅程開始就跟隨我們的人，我的意思是，我不知道這個數字到底是多少，Jean，但它可能是公司的 30%，40% 2016 年，所以我們真的在這方面工作。

And certainly, 2019 probably accelerated some of this transition that we already saw happening.

當然，2019 年可能會加速我們已經看到的這種轉變。

So as we look forward, I think a couple of things: One is, we're very excited about our growth drivers.

因此，當我們展望未來時，我認為有幾點：一是，我們對我們的增長動力感到非常興奮。

We did pivot the engineering 2 or 3 years ago to this nearline and enterprise-type of market for cloud capacity.

2 或 3 年前，我們確實將工程轉向了這種近線和企業類型的雲容量市場。

I think there's a view that, that's going to continue to grow in terms of demand for those types of drives and we've increased our position both on the controller side as well as the addition of preamps.

我認為有一種觀點認為，就這些類型的驅動器的需求而言，這將繼續增長，我們已經增加了我們在控制器方面的地位以及增加前置放大器。

So that's a nice growth driver for us.

所以這對我們來說是一個很好的增長動力。

The second is in SSD, as we've made the pivot from sort of supplying commodity client controllers to NAND OEMs to doing very sophisticated products that are doing things like Ethernet-attached storage or into certainly this trend of this do-it-yourself model, where we partner directly with the end OEM to define really an SSD, SOC, if you will.

第二個是 SSD，因為我們已經從向 NAND OEM 提供商品客戶端控制器到做非常複雜的產品，比如以太網連接存儲，或者當然是這種自己動手模型的趨勢，如果您願意，我們直接與最終 OEM 合作，定義真正的 SSD、SOC。

That trend is going very well and that we expect revenue growth from that.

這一趨勢進展順利，我們預計收入將由此增長。

And so there's a number of exciting growth initiatives.

因此，有許多令人興奮的增長計劃。

And so I think, although a lot of the decline in client has occurred, clearly, on the HDD side, there will still be more to go as PCs transition.

所以我認為，儘管客戶端數量已經出現了很多下降，但很明顯，在 HDD 方面，隨著 PC 的過渡，還有更多的事情要做。

So the way we think about this business is we do think about it as certainly looking forward, given the exposure we have to client, it's something that can grow, it would be very modest.

因此，我們對這項業務的看法是，我們確實認為它是向前看的，考慮到我們對客戶的曝光率，它是可以增長的，它會非常溫和。

And we think keeping this in the low single-digit range is a very achievable goal.

我們認為將其保持在低個位數範圍內是一個非常可實現的目標。

And given the strategic nature of this business to Marvell and the profitability profile, it's -- I think we got the right balance of investment and growth for this particular segment of our company.

考慮到這項業務對 Marvell 的戰略性質和盈利能力，我認為我們在公司的這個特定領域取得了投資和增長的正確平衡。

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

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Yes.

是的。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

First of all, coming back to the radio head opportunity.

首先，回到無線電頭的機會。

Obviously, it depends a lot on the kind of MIMO architecture, but should we think of content here kind of being in the several hundred dollars range?

顯然，這在很大程度上取決於 MIMO 架構的類型，但我們應該認為這裡的內容在幾百美元範圍內嗎？

If you could add some color there, that would be great.

如果你可以在那裡添加一些顏色，那就太好了。

Well, look, I think, as was indicated in the prior questions, we do have a footprint today in radio head in a number of the applications.

好吧，我認為，正如前面的問題中所指出的那樣，我們今天確實在許多應用程序中的無線電頭中佔有一席之地。

Some of those are from DFE or some of those are -- or actually, we indicated this also that certain customers have started using our fusion-based products to do massive MIMO processing while transitioning to more customized solutions.

其中一些來自 DFE，或者其中一些來自 - 或者實際上，我們也表示某些客戶已經開始使用我們基於融合的產品進行大規模 MIMO 處理，同時過渡到更多定制的解決方案。

So those are there, and you should assume that these are large, advanced node digital chips.

所以那些就在那裡，你應該假設這些是大型的、先進的節點數字芯片。

And so we're not calling out ASP specifically, but they're clearly high-ASP devices in that, I don't know, call it, $100-ish plus range, and you can go -- you can sort of go multiples of that depending on the complexity and how many units, et cetera.

所以我們沒有特別提到 ASP，但它們顯然是高 ASP 設備，我不知道，稱之為，100 美元左右加上範圍，你可以去 - 你可以去倍數這取決於復雜性和單位數量等。

So yes, these are normal large digital chips.

所以是的，這些是普通的大型數字芯片。

And then, obviously, I know from your past, you're quite -- even today, you're still very knowledgeable about the analog market.

然後，很明顯，我從你的過去知道，你很——即使在今天，你仍然對模擬市場非常了解。

So I think you know what that TAM looks like.

所以我想你知道 TAM 的樣子。

And I think you also understand the interdependencies of the 2 and how critical that is to system design.

而且我認為您還了解 2 的相互依賴關係以及這對系統設計的重要性。

So yes, it's really about the 2 companies working together and helping pull each other into mutually beneficial opportunities where we can work together.

所以，是的，這真的是兩家公司一起工作，幫助彼此進入互惠互利的機會，我們可以一起工作。

But yes, as far as ASPs goes, they're bigger digital chips.

但是，是的，就 ASP 而言，它們是更大的數字芯片。

Very good.

很好。

And as my follow-up, you've talked in the past about the programmable approach really creating a lot of stickiness for you in your design wins.

作為我的後續，您過去曾談到可編程方法確實在您的設計勝利中為您創造了很多粘性。

As we look at these next partnerships that you've announced, especially the additional one with Samsung and also with Nokia, should we think about that, that stickiness still prevailing in a pretty meaningful way?

當我們看到你宣布的這些下一個合作夥伴關係時，尤其是與三星和諾基亞的額外合作夥伴關係，我們是否應該考慮一下，這種粘性仍然以一種非常有意義的方式盛行？

Very much so, and I would argue that was one of the key technical value props that we've been able to deliver.

非常如此，我認為這是我們能夠提供的關鍵技術價值道具之一。

I think if you sort of think about this OCTEON-based architecture based on ARM present at all hops within the base station, whether it's massive MIMO processing in the radio head, whether it's the transport processing for layer 2, whether it's the baseband processing, it's very efficient when a customer actually goes all in with us.

我想如果你考慮一下這種基於 ARM 的基於 OCTEON 的架構存在於基站內的所有躍點中，無論是無線電頭中的大規模 MIMO 處理，還是第 2 層的傳輸處理，還是基帶處理，當客戶真正與我們全力以赴時，這是非常有效的。

And certainly, these designs by nature are quite sticky because these base station designs are quite complex.

當然，這些設計本質上是非常有粘性的，因為這些基站設計非常複雜。

It's not a second source business.

這不是第二來源業務。

Once you get in, they last a long time.

一旦你進入，它們會持續很長時間。

But clearly, that's one of the key differentiators that our processor team has delivered consistently for 5 generations now of product.

但顯然，這是我們的處理器團隊在 5 代產品中始終如一地提供的關鍵差異化因素之一。

So that's absolutely how you should think about it.

所以這絕對是你應該考慮的方式。

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

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Nice result.

不錯的結果。

I'm just kind of curious, a lot of questions on 5G.

我只是有點好奇，有很多關於 5G 的問題。

Maybe in networking and everything, but 5G, just curious an update on kind of the enterprise channel and that business returning to sequential and year-over-year growth, do you have any thoughts on the -- for the rest of the year?

也許在網絡和一切方面，但 5G，只是好奇企業渠道的更新以及該業務恢復連續和同比增長，你對今年剩餘時間有什麼想法嗎？

Sure.

當然。

Yes, no, thanks.

是的，不，謝謝。

And I think -- thanks, Blayne.

我想——謝謝，Blayne。

So in 2019 and certainly in the midst of the dynamics around the trade war, we saw a number of the enterprise OEMs, our customers get whipped around a little bit.

因此，在 2019 年，當然是在貿易戰的動態中，我們看到了許多企業 OEM，我們的客戶受到了一點打擊。

And we certainly felt that in our results in a couple of different quarters.

我們當然在幾個不同季度的結果中感受到了這一點。

We were certainly encouraged after the signing of the Phase I deal that things seemed to stabilize.

在簽署第一階段交易後，事情似乎趨於穩定，我們當然受到鼓舞。

And in fact, we had very strong order momentum, certainly, and bookings momentum in Q4 I think as that situation stabilized and we started to see a very strong recovery in our core business, which I think, as you know, is a very healthy business for us, and it's one that, prior to the trade war, we had actually been growing at a pretty significant rate.

事實上，我們當然有非常強勁的訂單勢頭，而且我認為第四季度的預訂勢頭已經穩定，我們的核心業務開始出現非常強勁的複蘇，正如你所知，我認為這是非常健康的對我們來說，這是一項業務，在貿易戰之前，我們實際上一直在以相當顯著的速度增長。

I think we had 6 quarters of double-digit growth in that business before we had the pause in 2019.

我認為在 2019 年暫停之前，我們在該業務中實現了 6 個季度的兩位數增長。

So we were encouraged to see that return to growth, which was more of a, I call it a restabilizing, but also actually growth.

因此，我們很高興看到恢復增長，我稱之為重新穩定，但實際上也是增長。

And then certainly, understanding now we're dealing with the coronavirus situation, but it certainly hasn't diminished at all our longer-term outlook, especially as we look through later this year with continued new product ramps.

然後可以肯定的是，現在我們正在處理冠狀病毒的情況，但它肯定並沒有削弱我們的長期前景，尤其是當我們在今年晚些時候看到新產品的持續增長時。

And what we brought in Aquantia, as an example, we paired up their multi-gate technology with our Prestera switches.

例如，我們引入 Aquantia 時，我們將他們的多門技術與我們的 Prestera 開關配對。

We see multi-gig as a very clear trend that's happening.

我們將多演出視為正在發生的非常明顯的趨勢。

Our design win position has been very good there.

我們的設計獲勝位置在那裡非常好。

We've actually brought in new customers, both on the PHY and the switch side in the last few years, which we believe will start bearing fruit.

在過去的幾年裡，我們實際上已經在 PHY 和交換機方面引入了新客戶，我們相信這將開始結出碩果。

And then finally, what's embedded today in our networking number is also our automotive business, which is our automotive Ethernet.

最後，今天嵌入我們網絡號碼的也是我們的汽車業務，即我們的汽車以太網。

And while those are still smaller numbers today on a relative basis, they're growing every quarter and they're incrementally adding revenue, and we anticipate seeing acceleration in that business as we exit calendar '20, heading into model year '21 where a number of the vehicles we were designed into going back 1 and 2 years ago will start to ramp.

雖然這些數字在今天相對而言仍然較小，但它們每個季度都在增長，而且收入也在逐步增加，我們預計隨著我們退出日曆 '20，進入 '21 車型年，該業務將加速增長，其中我們在 1 年和 2 年前設計的車輛數量將開始增加。

So we actually have -- I'm glad you asked the networking question because it's a very large and important part of our business with some very exciting growth drivers to, I think, complement our also equally exciting 5G opportunities.

所以我們實際上有 - 我很高興你問了網絡問題，因為它是我們業務的一個非常重要和重要的部分，我認為它具有一些非常令人興奮的增長動力，可以補充我們同樣令人興奮的 5G 機會。

So I think both of those are still in front of us.

所以我認為這兩個仍然在我們面前。

And then just maybe a quick one for Jean.

然後也許對 Jean 來說是一個快速的。

It looks like you did a combination of buybacks and retiring debt.

看起來你做了回購和償還債務的組合。

Just how are you thinking about use of cash?

您如何看待現金的使用？

And are you going to retire any more debt going forward?

你打算在未來還清更多的債務嗎？

Any help there will be great.

任何幫助都會很棒。

Yes.

是的。

I think, certainly, our number one objective is to invest in the business after we close all 3 acquisitions -- 2 acquisitions and 1 divestiture.

我認為，當然，我們的首要目標是在完成所有 3 次收購後投資該業務——2 次收購和 1 次資產剝離。

Right now, we really shifted our focus to return excess cash to shareholders through buybacks.

現在，我們確實將重點轉移到通過回購將多餘的現金返還給股東。

Of course, we are very focused on our investment-grade rating, but we think we can generate sufficient cash flow to do both.

當然，我們非常關注我們的投資級評級，但我們認為我們可以產生足夠的現金流來做到這兩點。

So priority is to return cash to shareholders and then we'll return -- pay down the debt over time.

因此，優先事項是將現金返還給股東，然後我們會回報——隨著時間的推移償還債務。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

Congrats, especially, on the guide.

恭喜，尤其是指南。

Going back to the 5G side of things, Matt, maybe a clarification before a question.

回到 5G 方面，Matt，也許是在提問之前進行澄清。

The Nokia announcement from today, there's been a lot of investors debating whether that's just a formalization of the formerly unnamed second customer or an expansion.

從今天諾基亞宣布，有很多投資者爭論這是否只是以前未命名的第二個客戶的正式化或擴張。

And I guess the question is, if it is the latter side in an expansion, can you just go a little bit into what's the incremental aspect to it?

我想問題是，如果它是擴展中的後者，你能稍微了解一下它的增量方面是什麼嗎？

And forgive me if you captured that in your 5G discussion earlier.

如果您在之前的 5G 討論中抓住了這一點，請原諒我。

Yes, got it, Ross, and that's not a problem to clarify on Nokia.

是的，羅斯，明白了，這不是在諾基亞上澄清的問題。

So first, we're obviously thrilled to have a public announcement about something like this.

因此，首先，我們顯然很高興能公開宣布這樣的事情。

It clearly makes it a little bit easier to talk about this.

這顯然讓談論這個變得更容易一些。

And what I would say is, we've had a very good experience in the partnership so far with Nokia.

我想說的是，到目前為止，我們在與諾基亞的合作中擁有非常好的經驗。

We're very impressed by the team.

我們對團隊印象深刻。

And I think together, we've really executed well on this first product.

而且我認為，我們在第一個產品上確實執行得很好。

And so as you think about what this means, what I would say is kind of 2 things: One is, I would think of it as a broadening of the opportunity and the relationship on the existing program we have, which means, obviously, multiple generation and then broadening our exposure within their products.

因此，當您考慮這意味著什麼時，我想說的是兩件事：一是，我認為這是擴大我們現有計劃的機會和關係，這顯然意味著多個一代，然後擴大我們在他們產品中的曝光率。

And then, what the announcement also references is partnering around embedded processing and multi-core -- with our multi-core OCTEON family.

然後，該公告還提到圍繞嵌入式處理和多核 - 與我們的多核 OCTEON 系列合作。

So it's really a broadening of one and an expansion as well.

所以它實際上是一個擴展和擴展。

So we're -- it's a big deal for us.

所以我們 - 這對我們來說很重要。

We're fully committed to execute with them to make them successful.

我們完全致力於與他們一起執行以使他們成功。

And we think it's a great validation of the strategy we put in place a few years ago and the investments we've made.

我們認為這是對我們幾年前製定的戰略和我們所做投資的一個很好的驗證。

It's very rewarding to see this.

看到這一點非常值得。

We still have a lot of hard work in front of us because these are extremely complex chips and extremely demanding applications, but we're honored to be working with them and, certainly, to have an expanded opportunity set with them is a very good thing.

我們面前還有很多艱苦的工作，因為這些都是極其複雜的芯片和極其苛刻的應用，但我們很榮幸能與他們合作，當然，與他們有更多的機會是一件非常好的事情.

Thanks a ton for that clarification.

非常感謝您的澄清。

And then my follow-up would be one for Jean and it would be on the gross margin side of things.

然後我的後續行動將是 Jean 的後續行動，這將是毛利率方面的事情。

You're very helpful on the OpEx side talking about where that would end the fiscal year.

您在運營支出方面非常有幫助，您可以談論本財年將在哪裡結束。

Tons of puts and takes on mix businesses that you sold coming out, et cetera.

您出售的大量混合業務出現了，等等。

On the gross margin side of things, how do you think about that progressing over time, especially as the mix of the wireless infrastructure side seemingly would grow as a percentage of the company?

在毛利率方面，你如何看待隨著時間的推移，尤其是無線基礎設施方面的組合似乎會隨著公司的百分比增長？

Yes, Ross, thanks for the question.

是的，羅斯，謝謝你的提問。

I think to just take it from a very high level, right?

我認為只是從一個非常高的層次來看待它，對吧？

If you go back to Q3 fiscal '20, our gross margin was 63.5%, which included Wi-Fi, but not Avera.

如果您回到 20 財年第三季度，我們的毛利率為 63.5%，其中包括 Wi-Fi，但不包括 Avera。

Then, of course, at that time, the revenue is at almost the trough of the company's revenue level.

然後，當然，那個時候，收入幾乎處於公司收入水平的低谷。

So our gross margin, if we think about it is 2 factors: one is product mix; one is revenue level.

所以我們的毛利率，如果我們考慮是兩個因素：一是產品組合；一是收入水平。

Once we close all the transaction, when you look at both Aquantia, Avera and also the Wi-Fi business, the way to think about it is Avera and the Wi-Fi business, they have a very similar financial profile, right?

一旦我們完成了所有交易，當您查看 Aquantia、Avera 以及 Wi-Fi 業務時，您會認為 Avera 和 Wi-Fi 業務的財務狀況非常相似，對吧？

Revenue level, gross margins around 50%.

收入水平，毛利率在50%左右。

I would say right now that's the major product mix driver for the near term is, when you think about these -- our gross margin should be go back to 63% to 64% level.

我現在想說的是，短期內主要的產品組合驅動因素是，當你考慮這些時——我們的毛利率應該回到 63% 到 64% 的水平。

Going forward, we actually are quite confident about sustaining our strong gross margin, especially with wireless infrastructure side because fundamentally, right, gross margin is a reflection of the IP value you provide to customers and we have a very unique value proposition to our customers across all our product lines and platforms.

展望未來，我們實際上對維持強勁的毛利率非常有信心，尤其是在無線基礎設施方面，因為從根本上說，毛利率反映了您為客戶提供的 IP 價值，我們對全球客戶有非常獨特的價值主張我們所有的產品線和平台。

So once the revenue level is going up, we also get leverage from the revenue level of the company.

因此，一旦收入水平上升，我們也會從公司的收入水平中獲得槓桿作用。

So overall, of course, we think in the near term it's going to be 63% to 64%.

所以總的來說，當然，我們認為在短期內它將達到 63% 到 64%。

But in the longer term, we are quite confident about sustaining strong gross margin going forward.

但從長遠來看，我們對未來保持強勁的毛利率充滿信心。

Yes and, maybe I'll just add, I think that was captured to Jean, but I would just add, with respect to Avera, there's a couple of additional things to point out.

是的，也許我會補充一下，我認為這是被 Jean 捕捉到的，但我只想補充一下，關於 Avera，還有一些額外的事情需要指出。

I think one is the team is laser-focused on that particular segment.

我認為一個是團隊專注於那個特定的細分市場。

And we even highlighted it last quarter that there were some margin-related transition impact when we brought the business over.

我們甚至在上個季度強調，當我們把業務帶過來時，會產生一些與利潤相關的過渡影響。

So there's a lot of specific work going on to improve that gross margin.

因此，有很多具體的工作正在進行以提高毛利率。

What I would say, just to add to what Jean said on the relative trade we made between Avera and Wi-Fi, while the revenue levels, you call them similar, and margins were similar from a gross margin standpoint, the operating margin profile is quite different because with -- and that's something that we consciously got our heads around and we're okay with, is Avera and the nature of that business comes with NRE funding for the projects, which offsets R&D.

我想說的是，只是補充一下 Jean 關於我們在 Avera 和 Wi-Fi 之間進行的相對交易的說法，而收入水平，你稱之為相似，從毛利率的角度來看，利潤率相似，營業利潤率概況是完全不同，因為 Avera 是我們有意識地考慮並且我們同意的事情，該業務的性質來自於項目的 NRE 資金，這抵消了研發。

So it's a fundamentally higher operating margin business.

因此，這是一項從根本上更高的營業利潤率業務。

And I would say, on top of that, it addresses a much larger SAM than we were going after with Wi-Fi, and we think that business has a much higher potential to grow in line with the company over time.

而且我想說，最重要的是，它解決了比我們使用 Wi-Fi 所追求的更大的 SAM，我們認為隨著時間的推移，該業務具有更高的與公司同步增長的潛力。

And so yes, that was just my few extra comments on Avera.

所以是的，這只是我對 Avera 的一些額外評論。

Yes.

是的。

Our long-term objective, of course, is to drive profitable growth, right, [into the] margin pool expansion in the longer term.

當然，我們的長期目標是推動利潤增長，對，從長遠來看[進入]保證金池擴張。

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

我們的下一個問題來自富國銀行證券的 Gary Mobley。

Wanted to go back to the Nokia topic and delve a little bit deeper into Ross' question.

想回到諾基亞的話題，更深入地研究羅斯的問題。

When you're sizing up the opportunity for 5G, you were roughly citing $600 million in potential peak opportunity, I think what perhaps was underpinning the Nokia assumption was that you will split that ASIC business and their implementation in the ReefShark architecture 3 ways, maybe 2 other ASIC suppliers as well.

當您評估 5G 的機會時，您大約引用了 6 億美元的潛在高峰機會，我認為支持諾基亞假設的可能是您將 ASIC 業務及其在 ReefShark 架構中的實施拆分為 3 種方式，也許還有 2 家其他 ASIC 供應商。

The way I read today's press release is that maybe you have some exclusivity with Nokia and perhaps better-than-expected market share at Nokia.

我閱讀今天新聞稿的方式是，也許你對諾基亞有一些排他性，也許在諾基亞的市場份額好於預期。

Am I reading that correctly?

我讀對了嗎？

I think the right way to read it is kind of for what it says, which is the companies have entered into a multi-generation, multi-product collaboration and partnership, where we're going to be working together.

我認為閱讀它的正確方式有點像它所說的那樣，即公司已經進入了多代、多產品的合作和夥伴關係，我們將在其中一起工作。

We think, as I said earlier, we think that's good for Marvell.

正如我之前所說，我們認為這對 Marvell 有利。

We think that's going to mean more business for us over time, if we execute and prove ourselves, then we think it's good for them because of the nature of the solutions we're providing.

我們認為，隨著時間的推移，這對我們來說意味著更多的業務，如果我們執行並證明自己，那麼我們認為這對他們有好處，因為我們提供的解決方案的性質。

So I mean, if you think about -- as more and more of Nokia's business shifts to 5G and that becomes more important for them and, certainly, we hope to be part of the equation and helping them achieve their goals, we'll then benefit from the content gain that we have.

所以我的意思是，如果你想一想——隨著諾基亞越來越多的業務轉向 5G，這對他們來說變得越來越重要，當然，我們希望成為等式的一部分並幫助他們實現目標，然後我們將從我們擁有的內容收益中受益。

And so I think that's the best way to think about it is, it's an extended relationship.

所以我認為這是考慮它的最佳方式，這是一種延伸的關係。

There's new products we're working on.

我們正在開發新產品。

Teams are working really well together.

團隊合作得非常好。

This is a multiyear thing.

這是多年的事情。

And certainly, as 5G takes off for the industry and for Nokia, we'll -- we should be a big beneficiary of that with this rollout.

當然，隨著 5G 為行業和諾基亞騰飛，我們將——我們應該成為此次推出的一大受益者。

For my follow-up, I don't think there was any mention about ThunderX2 in the prepared remarks or in the Q&A.

對於我的後續，我認為在準備好的評論或問答中沒有提到任何關於 ThunderX2 的內容。

So maybe you can just give us an update on where you stand with respect to timing and perhaps magnitude of your first big marquee design win there for ThunderX2?

所以也許你可以告訴我們你在時間方面的最新情況，也許你在 ThunderX2 那裡贏得的第一個大型選框設計的規模？

Sure.

當然。

Yes.

是的。

No, it was -- I did have in my prepared remarks, but these were a little bit longer than normal just given all the challenges with corona and the various 5G things.

不，是的——我在準備好的評論中確實有，但考慮到電暈和各種 5G 事物的所有挑戰，這些比正常的要長一點。

So I apologize for that, but it was in there.

所以我為此道歉，但它就在那裡。

What we said was that we -- our ARM server program was on track to ramp in the second half, as we've been indicating before.

我們所說的是我們——我們的 ARM 服務器程序有望在下半年加速增長，正如我們之前所指出的那樣。

So we didn't really have a big change there.

所以我們在那裡並沒有真正的改變。

I think it's pretty consistent with what we've been saying so far.

我認為這與我們迄今為止所說的非常一致。

And I think that's the only update I've got on that, that program.

我認為這是我對該程序的唯一更新。

We'll -- we continue to work closely with the lead customer, and we're hoping that they ramp us in the second half.

我們將 - 我們將繼續與主要客戶密切合作，我們希望他們在下半年讓我們大放異彩。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

Nice job on the quarterly execution.

在季度執行方面做得很好。

As NAND storage kind of finds its way into new applications such as gaming, I think you guys have good exposure to this upcoming game console refresh cycle, partnered up with one of the leading SSD suppliers.

隨著 NAND 存儲進入遊戲等新應用，我認為你們對即將到來的遊戲機更新周期有很好的了解，與領先的 SSD 供應商之一合作。

Does the ramp for you here on the SSD controller side start here in the April quarter?

SSD 控制器方面的斜坡是否從 4 月季度開始？

Or is it more likely the July quarter?

還是更有可能是七月季度？

And if you can just give us some color on the performance differentiators that enabled you to win with your controller solution for this high-volume design win?

如果您能給我們一些關於性能差異化的顏色，使您能夠通過您的控制器解決方案贏得這場大批量設計的勝利？

Yes, Harlan, I think the way I think about it is, you're right.

是的，哈倫，我認為我的想法是，你是對的。

I think NAND flash is very much making its way into new use cases and it's replacing conventional or traditional storage media.

我認為 NAND 閃存在很大程度上進入了新的用例，它正在取代傳統或傳統的存儲介質。

And certainly, that is one example that you mentioned.

當然，這是你提到的一個例子。

I think all we've said so far is we think that that transition in that market is going to be positive for Marvell.

我認為到目前為止我們所說的只是我們認為該市場的這種轉變將對 Marvell 產生積極影響。

We -- and I think that's probably it.

我們——我認為可能就是這樣。

As you can imagine, there's -- on that particular market, there's sort of tremendous confidentiality and sensitivity around that.

正如你可以想像的那樣，在那個特定的市場上，有一種巨大的機密性和敏感性。

So all I'd say is net-net, in that particular transition, I think that -- I know Marvell will do.

所以我要說的是net-net，在那個特定的過渡中，我認為——我知道Marvell會這樣做。

It will be a net positive for Marvell.

這將是 Marvell 的淨利好。

Absolutely.

絕對地。

And then on the networking side, on the strength of the networking business outside of 5G, specifically on the server side, your lead customer partner here, Intel has seen strong growth in their server business into data centers.

然後在網絡方面，憑藉 5G 以外的網絡業務，特別是在服務器方面，您的主要客戶合作夥伴，英特爾已經看到其服務器業務在數據中心方面的強勁增長。

And I believe that Aquantia had a strong partnership with Intel on the server side.

而且我相信 Aquantia 在服務器端與英特爾建立了強有力的合作夥伴關係。

And I think that core Marvell side, you guys also have some strong PHY and NIC partnerships with Intel as well on servers.

我認為 Marvell 核心方面，你們也與英特爾在服務器以及服務器上建立了強大的 PHY 和 NIC 合作夥伴關係。

Is this server exposure driving some of the networking strength here in the April quarter, just given the strong demand outlook for this part of the market?

鑑於這部分市場的強勁需求前景，這種服務器曝光是否推動了 4 月季度的一些網絡實力？

Yes.

是的。

I think you're right.

我想你是正確的。

We've -- both companies, Aquantia and Marvell have been -- had partnerships with Intel for some time.

我們——Aquantia 和 Marvell 這兩家公司——與英特爾合作已有一段時間了。

And what I would say is that the networking strength that we saw with bookings in Q4 and certainly our Q1 outlook was broad-based, but I would say for sure that the dynamics you mentioned, and that the server recovery and growth was quite strong, and that's certainly benefiting those particular businesses for us, both the Aquantia piece as well as us on the NIC side.

我想說的是，我們在第四季度的預訂中看到的網絡實力，當然我們的第一季度前景是廣泛的，但我會肯定你提到的動態，服務器恢復和增長非常強勁，這對我們來說肯定有利於那些特定的業務，包括 Aquantia 部分以及我們在 NIC 方面。

Our final question for today comes from the line of John Pitzer from Crédit Suisse.

我們今天的最後一個問題來自 Crédit Suisse 的 John Pitzer。

Thanks for sneaking me in.

謝謝你偷偷帶我進去。

Matt, I guess my first question is just on the radio opportunity.

馬特，我想我的第一個問題只是關於廣播機會。

I'm just kind of curious, how do we think about kind of the timing to sort of meaningful revenue?

我只是有點好奇，我們如何考慮獲得有意義收入的時機？

And you guys have been doing stuff pre the collaboration with ADI or at least the announcement.

在與 ADI 合作之前，或者至少在發佈公告之前，你們一直在做一些事情。

Is the ADI stuff later on as we think about the radio opportunity?

當我們考慮廣播機會時，ADI 的東西是不是稍後會出現？

And of the $750 million kind of outlined for 5G, how do we think base station versus radio head?

在為 5G 概述的 7.5 億美元中，我們如何看待基站與無線電頭？

And then I have a follow-up.

然後我有一個跟進。

Yes, I think the way to think about it is the announcement with ADI was really a desire for us to just make the market aware, all the stakeholders in the ecosystem, that the 2 companies, the teams were working together.

是的，我認為考慮它的方式是與 ADI 的公告，我們真的希望讓市場、生態系統中的所有利益相關者意識到這兩家公司、團隊正在合作。

We are already sort of jointly getting pulled into things, so I wouldn't sort of tie an ADI engagement to a new design win per se.

我們已經在某種程度上共同參與了一些事情，所以我不會將 ADI 的參與與新的設計勝利本身聯繫起來。

I would say that we're pursuing opportunities, they're pursuing opportunities.

我會說我們在追求機會，他們在追求機會。

We tend to show up in the same place.

我們傾向於出現在同一個地方。

So this is a way for us to add value to our customers.

因此，這是我們為客戶增加價值的一種方式。

But as I mentioned, as far as silicon for radio head, we have Fusion-based processors, right, that are shipping today.

但正如我所提到的，至於無線電頭的矽，我們有基於 Fusion 的處理器，對，今天正在發貨。

We have next-generation parts, which we've done a bunch of customization on with our customer IP.

我們擁有下一代部件，我們已經使用我們的客戶 IP 對其進行了一系列定制。

We see that trend continuing.

我們看到這種趨勢仍在繼續。

We also have digital front-end ASIC-related content.

我們還有數字前端 ASIC 相關的內容。

So there's actually quite a bit that's going on there.

所以實際上有很多事情正在發生。

So I would just think of it as an ongoing trend that we will see both growth in the digital unit as well as the radio heads.

所以我認為這是一個持續的趨勢，我們將看到數字單元和無線電頭的增長。

And to the extent that massive MIMO inflects and it becomes a major trend globally, and you think about the out years as our content grows both in the DUs and the radio heads, we think it just adds to the opportunity for Marvell.

就大規模 MIMO 轉變並成為全球主要趨勢的程度而言，隨著我們的內容在 DU 和無線電頭端中的增長，你想想過去幾年，我們認為它只會增加 Marvell 的機會。

Certainly, more attach of massive MIMO means more capacity, more users, more silicon and more chips, and that's all the positive for us.

當然，大規模 MIMO 的更多附加意味著更多的容量、更多的用戶、更多的矽片和更多的芯片，這對我們來說都是積極的。

So I don't think we have a split right now of like how do we think about how much is in where.

所以我不認為我們現在有分歧，比如我們如何考慮在哪裡有多少。

And quite frankly, those lines, John, are blurring because a lot of the new standards from 3GPP in terms of the splits and where does the processing and the files actually sit, in what part of the network, in what part of the base station unit, it's fairly dynamic.

坦率地說，約翰，這些界限是模糊的，因為 3GPP 的許多新標准在拆分方面以及處理和文件實際位於何處、在網絡的哪個部分、在基站的哪個部分單位，它是相當動態的。

And they have things like O-RAN coming, which is also defining a new way of doing processing.

他們有像 O-RAN 這樣的東西，這也定義了一種新的處理方式。

So a lot of diversity in the applications.

因此，應用程序有很多多樣性。

We think we're well suited for all of them.

我們認為我們非常適合所有人。

But probably more to come on that as we go forward with our different engagements we're pursuing.

但隨著我們推進我們正在追求的不同參與，可能會有更多的事情發生。

That's helpful.

這很有幫助。

And then, just to have my follow-up, I want to go back to kind of your guidance around the coronavirus and caveat it by saying, I appreciate the fact it's very fluid and any question I ask is going to be best guess.

然後，為了跟進，我想回到你對冠狀病毒的指導，並警告說，我很欣賞它非常流暢的事實，我提出的任何問題都是最好的猜測。

But I just want to make sure I understand: the 5% cushion in the April quarter is what you've already seen.

但我只是想確保我理解：4 月季度的 5% 緩衝是您已經看到的。

The wider range is the uncertainty and you've characterized it as more of a supply issue than a demand issue, and a lot of your peers have as well.

更廣泛的範圍是不確定性，您將其描述為更多的是供應問題而不是需求問題，您的許多同行也有。

I'm just curious, it feels like the peak of the supply disruption was right after Chinese New Year, and week on week things are getting better.

我只是好奇，感覺供應中斷的高峰就在農曆新年之後，而且每週情況都在好轉。

Is that -- not putting words in your mouth, but is that how you would sort of describe the situation to date?

是不是 - 不是把話放在嘴裡，而是你會如何描述迄今為止的情況？

Yes, great.

對，很好。

Let me take in 2 pieces.

讓我分兩塊。

So I think the first is you got it right.

所以我認為第一個是你做對了。

So the -- and again, sorry for so many 5s.

所以——再一次，對這麼多 5 表示抱歉。

So the first 5% number was our estimate of how much we -- now that we've guided to $680 million, we basically backed that down about 5% from where we were prior to corona hitting, where we saw Q4 -- sorry, Q1 lining up.

所以第一個 5% 的數字是我們對我們的估計——現在我們已經指導到 6.8 億美元，我們基本上支持這個數字比我們在電暈襲擊之前的水平下降了大約 5%，我們看到了第四季度——對不起， Q1 排隊。

So we did that in a fairly detailed way, just looking at the bridge from where we were to where we're guiding and the moving pieces.

所以我們以相當詳細的方式做到了這一點，只看從我們所在的地方到我們正在引導的地方的橋和移動的部分。

And as you mentioned, today they're all supply chain-related.

正如你所提到的，今天它們都與供應鏈相關。

We have really no way to know if there's been any demand disruption.

我們真的無法知道是否有任何需求中斷。

Where it would occur?

它會發生在哪裡？

What's actually happening?

究竟發生了什麼？

I think that's to come.

我認為那會到來。

Certainly -- and then on the -- by the way, on the plus or minus 5%, that's independent.

當然 - 然後 - 順便說一下，在正負 5% 上，這是獨立的。

That's just saying, hey, at the midpoint, we normally guide plus or minus 3%.

這只是說，嘿，在中點，我們通常指導正負3％。

Given just how volatile this thing is, we don't know; does it come back?

鑑於這件事有多不穩定，我們不知道；它回來了嗎？

Does this thing become more of a nonissue?

這件事變得不再是問題了嗎？

Does it become quite serious, even more serious today?

是不是變得很嚴重，今天更嚴重了？

So that's why we widened the range.

所以這就是我們擴大範圍的原因。

And so yes, I think I just conclude by saying, I read the same probably reports you do, and we certainly see the activity that says factories are gradually coming back online.

所以是的，我想我只是總結說，我讀到的可能和你一樣的報導，我們當然看到了工廠正在逐漸恢復生產的活動。

People in China are gradually going back to work.

中國人正在逐步復工。

But we don't really know what the ripple effect is through the global economy candidly from this disruption.

但坦率地說，我們並不真正知道這種破壞對全球經濟的連鎖反應是什麼。

So we just don't know.

所以我們只是不知道。

And so that's why I think probably ourselves and peers are not hesitant to call the demand change; we just don't know.

所以這就是為什麼我認為我們自己和同行可能會毫不猶豫地稱需求變化；我們只是不知道。

And so I think that's what's going to probably play itself out here over the coming quarter.

所以我認為這可能會在下個季度在這裡發揮作用。

Thank you.

謝謝你。

This does conclude the question-and-answer session of today's program.

這確實結束了今天節目的問答環節。

I'd like to hand the program back to Ashish Saran for any further remarks.

我想把程序交還給 Ashish Saran 以作進一步的評論。

Thank you, everyone, for joining us today, and we look forward to speaking with you next quarter.

謝謝大家今天加入我們，我們期待在下個季度與您交談。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了程序。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。