邁威爾科技 (MRVL) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2020 Marvell Technology Group Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加 2020 年第三季度 Marvell 技術集團收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）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, Ashish Saran, Vice President, Investor Relations.

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 begin.

先生，請開始。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

歡迎參加 Marvell 2020 財年第三季度財報電話會議。

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 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.

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

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 to everyone on the call.

謝謝，Ashish，大家下午好。

As a reminder, we closed the acquisition of Aquantia in our third fiscal quarter, so our consolidated results include a partial quarter of results from their operations as well.

提醒一下，我們在第三財季完成了對 Aquantia 的收購，因此我們的綜合業績也包括其運營業績的部分季度。

During the third quarter of fiscal 2020, we delivered solid results and achieved $662 million in revenue.

在 2020 財年第三季度，我們取得了可觀的業績，實現了 6.62 億美元的收入。

Our GAAP loss per share was $0.12.

我們的 GAAP 每股虧損為 0.12 美元。

Our non-GAAP earnings per share was $0.17, at the midpoint of guidance.

在指導的中點，我們的非公認會計原則每股收益為 0.17 美元。

Our storage business grew sequentially, and we had better-than-expected results from our networking [business].

我們的存儲業務連續增長，我們的網絡[業務]取得了好於預期的結果。

While we cannot influence the macroeconomic environment, I am very happy with our execution on the things we do control.

雖然我們無法影響宏觀經濟環境，但我對我們在我們控制的事情上的執行感到非常滿意。

Earlier this year, we discussed a number of significant design wins for our products in 5G base stations, enterprise switches, automotive Ethernet and data center storage.

今年早些時候，我們討論了我們產品在 5G 基站、企業交換機、汽車以太網和數據中心存儲方面的多項重大設計勝利。

In the third quarter, we continued to add to this growing list with more wins, which I will discuss later in the call.

在第三季度，我們繼續在這個不斷增長的列表中添加更多的勝利，我將在電話會議的後面討論。

Our engagement with customers continues to strengthen, which is becoming evident in our success in winning high-value sockets in all our target markets, which we expect to drive sustainable growth over many years.

我們與客戶的互動不斷加強，這一點在我們成功贏得所有目標市場的高價值插座方面表現得淋漓盡致，我們預計這將推動多年的可持續增長。

In fact, one of our important growth drivers has already started to benefit us.

事實上，我們重要的增長動力之一已經開始使我們受益。

And I'm very pleased that we shipped a significant amount of our 5G products in the third quarter, helping our key customer rapidly roll out base stations for the initial wave of 5G deployments in Korea.

我很高興我們在第三季度出貨了大量的 5G 產品，幫助我們的主要客戶為韓國的第一波 5G 部署快速推出基站。

Of course, this is just the start of 5G deployments, and we are looking forward to a lot more growth from 5G in the longer term.

當然，這只是 5G 部署的開始，從長遠來看，我們期待 5G 帶來更多的增長。

More recently, we closed the acquisition of Avera on the first day of our fourth quarter.

最近，我們在第四季度的第一天完成了對 Avera 的收購。

The acquisitions of Aquantia and Avera are very strategic to broadening our semiconductor solutions portfolio for our infrastructure customers.

對 Aquantia 和 Avera 的收購對於為我們的基礎設施客戶拓寬我們的半導體解決方案組合非常具有戰略意義。

We are well on our way to integrating both teams within our networking business, and I would like to extend a warm welcome to all the new employees who have joined the Marvell team.

我們正在順利地將兩個團隊整合到我們的網絡業務中，我要熱烈歡迎所有加入 Marvell 團隊的新員工。

We also expect to complete the divestiture of the Wi-Fi connectivity business to NXP in the first half of this month.

我們還預計在本月上半月完成將 Wi-Fi 連接業務剝離給 NXP。

However, as we currently still own the Wi-Fi business, my comments today on revenue expectations for the fourth quarter include a full quarter of expected results from that business.

然而，由於我們目前仍擁有 Wi-Fi 業務，我今天對第四季度收入預期的評論包括該業務的整個季度預期結果。

I'd like to take this opportunity to personally thank the 600 dedicated employees in that business for their years of service to Marvell and for staying focused through this transition.

我想藉此機會親自感謝該業務的 600 名敬業員工多年來為 Marvell 提供的服務，並在此次過渡期間保持專注。

We wish them all best.

我們祝他們一切順利。

Now moving on to the performance of our 2 core businesses.

現在繼續討論我們兩個核心業務的表現。

First, in our networking business, revenue during the quarter was $330 million, flat sequentially as compared to our expectations of a low single-digit decline.

首先，在我們的網絡業務中，本季度的收入為 3.3 億美元，與我們預期的低個位數下降相比，環比持平。

This improvement was split between partial quarter contributions from the Aquantia acquisition and organic Marvell businesses.

這一改進分為來自 Aquantia 收購和有機 Marvell 業務的部分季度貢獻。

During the quarter, macroeconomic uncertainty continued to impact demand from the enterprise end market.

本季度，宏觀經濟的不確定性繼續影響企業終端市場的需求。

Additionally, as expected, demand for our Wi-Fi products declined seasonally.

此外，正如預期的那樣，對我們 Wi-Fi 產品的需求季節性下降。

In contrast, our embedded processors delivered double-digit sequential revenue growth, driven by strong 5G shipments.

相比之下，在強勁的 5G 出貨量的推動下，我們的嵌入式處理器實現了兩位數的連續收入增長。

As you may recall, in the early part of this year, we had anticipated the start of initial production for our 5G products in the fourth quarter of this fiscal year.

您可能還記得，在今年年初，我們預計我們的 5G 產品將在本財年第四季度開始初步生產。

However, last quarter, we announced that we were able to start production in the third quarter.

然而，上個季度，我們宣布我們能夠在第三季度開始生產。

A key customer requested very aggressive delivery timelines to meet their commitments, supporting 5G rollouts in Korea.

一位關鍵客戶要求非常積極的交付時間表來履行他們的承諾，以支持在韓國推出 5G。

Outstanding execution by our engineering and operations team allowed us to rapidly ramp production and successfully deliver 5G products in volume within the third quarter itself.

我們的工程和運營團隊的出色執行使我們能夠在第三季度內迅速提高產量並成功交付 5G 產品。

This was also a very impressive demonstration of the maturity of our platform and quality of our NPI process that enabled us to transition from sampling our new 5G processors in the first quarter to driving a production ramp shortly thereafter.

這也是我們平台成熟度和 NPI 流程質量的一個非常令人印象深刻的證明，這使我們能夠從第一季度的新 5G 處理器樣品過渡到此後不久推動生產斜坡。

The third quarter was just the start of the 5G ramp for us and was driven primarily by a single region.

第三季度對我們來說只是 5G 斜坡的開始，主要由一個地區推動。

We expect these initial deployments in Korea to continue to be the main driver for 5G revenue for another couple of quarters, and we should start to see the benefit from other geographies later in fiscal 2021.

我們預計這些在韓國的初步部署將繼續成為未來幾個季度 5G 收入的主要驅動力，我們應該會在 2021 財年晚些時候開始看到其他地區的收益。

By the time we approach the second half of next fiscal year, we expect a strong increase in our 5G-related revenue, driven by continued Korean deployment and the start of 5G adoption in Japan and other countries such as the U.S. as they start to install 5G base stations in higher volumes.

到下一財年下半年時，我們預計與 5G 相關的收入將強勁增長，這得益於韓國的持續部署以及日本和美國等其他國家開始安裝 5G更大容量的 5G 基站。

In addition, we expect to start production of baseband processors for our second Tier 1 base station customer in the fourth quarter of fiscal 2021, further adding to our overall 5G revenue ramp.

此外，我們預計將在 2021 財年第四季度開始為我們的第二個一級基站客戶生產基帶處理器，進一步增加我們的整體 5G 收入增長。

Our progress to date has also enabled us to engage with them in longer-term technology roadmap discussions.

迄今為止，我們取得的進展也使我們能夠與他們進行長期的技術路線圖討論。

The broadening adoption of our 5G platform is a testament to the advanced capabilities of our multi-core embedded processor portfolio, further complemented by our Ethernet switch and PHY products.

我們的 5G 平台的廣泛採用證明了我們的多核嵌入式處理器產品組合的先進功能，我們的以太網交換機和 PHY 產品進一步補充了我們的產品。

And we now have added Avera's full custom ASIC capabilities, enabling us to offer an industry-leading 5G suite of technology.

現在，我們添加了 Avera 的完整定制 ASIC 功能，使我們能夠提供行業領先的 5G 技術套件。

But before I move on to the Avera acquisition, let me spend a couple of minutes on the unique capabilities of our OCTEON embedded processor platform.

但在繼續收購 Avera 之前，讓我花幾分鐘時間了解一下我們 OCTEON 嵌入式處理器平台的獨特功能。

As you may recall, OCTEON was the first multi-core processor architecture with a complete set of on-chip hardware accelerators for networking applications.

您可能還記得，OCTEON 是第一個具有一整套用於網絡應用的片上硬件加速器的多核處理器架構。

Since then, the OCTEON platform has been widely adopted for control and data plane processing across a broad range of networking applications, including base stations, switches, routers, broadband access and firewall appliances.

從那時起，OCTEON 平台已被廣泛用於各種網絡應用的控制和數據平面處理，包括基站、交換機、路由器、寬帶接入和防火牆設備。

This platform now scales up to 48 optimized ARM cores and includes hardware-optimized packet processors, crypto engines, virtualization support and a wide variety of network interfaces.

該平台現在可擴展到 48 個優化的 ARM 內核，並包括硬件優化的數據包處理器、加密引擎、虛擬化支持和各種網絡接口。

Our Fusion baseband processors are built on the same proven OCTEON architecture, adding baseband-specific hardware accelerators and DSP cores.

我們的 Fusion 基帶處理器基於經過驗證的 OCTEON 架構，增加了特定於基帶的硬件加速器和 DSP 內核。

An important benefit for OCTEON and Fusion customers is the ability to reuse the entirety of their sizable control and data plane software investment as they design [in our] products across their portfolio.

OCTEON 和 Fusion 客戶的一個重要優勢是能夠在他們在整個產品組合中設計 [我們的] 產品時重用其全部可觀的控制和數據平面軟件投資。

The software reuse not only speeds our customers' development cycles but also creates very sticky designs for Marvell.

軟件重用不僅加快了我們客戶的開發週期，而且還為 Marvell 創建了非常具有粘性的設計。

Our OCTEON and Fusion family includes fully programmable ARM and DSP cores, enabling an extremely flexible and scalable architecture, further optimized by implementing certain fixed functions and hardware acceleration blocks.

我們的 OCTEON 和 Fusion 系列包括完全可編程的 ARM 和 DSP 內核，可實現極其靈活和可擴展的架構，並通過實施某些固定功能和硬件加速塊進一步優化。

The speed, simplicity and scalability of the OCTEON programming model has been a key differentiator and an important driver for the adoption of our processors in multiple applications.

OCTEON 編程模型的速度、簡單性和可擴展性一直是我們的處理器在多種應用中採用的關鍵差異化因素和重要驅動力。

In addition, as processing spreads into new domains and base stations, such as the radio head, customers are also turning to our processors for new functions.

此外，隨著處理擴展到新的領域和基站，例如無線電頭，客戶也轉向我們的處理器以獲得新功能。

As an example, as we discussed earlier this year, one of our customers adopted our existing Fusion baseband solution for massive MIMO processing.

例如，正如我們今年早些時候所討論的，我們的一位客戶採用我們現有的 Fusion 基帶解決方案進行大規模 MIMO 處理。

This represented their fastest route to market as their software was already up and running on the OCTEON architecture and the Fusion implementation was flexible enough to extend to their massive MIMO application.

這代表了他們最快的上市途徑，因為他們的軟件已經在 OCTEON 架構上啟動並運行，並且 Fusion 實施足夠靈活，可以擴展到他們的大規模 MIMO 應用程序。

Longer term, customers will often require customized OCTEON or Fusion processor optimized for specific applications, such as the complex beamforming needed for massive MIMO.

從長遠來看，客戶通常需要針對特定應用優化的定制 OCTEON 或 Fusion 處理器，例如大規模 MIMO 所需的複雜波束成形。

I'm pleased to announce that we now have been awarded such a design win by a key customer for a Fusion-based solution customized for massive MIMO processing a radio head.

我很高興地宣布，我們現在已經贏得了一個關鍵客戶的設計大獎，該解決方案是為大規模 MIMO 處理無線電頭而定制的基於 Fusion 的解決方案。

The additional complexity in this solution is also enabling a higher ASP than our existing baseband product.

該解決方案的額外複雜性還實現了比我們現有的基帶產品更高的 ASP。

In addition, we are driving a fast time-to-market by leveraging the flexibility in our processor platform and expect to complete development in under 1 year, allowing us to start ramping this product into production by the beginning of calendar 2021.

此外，我們通過利用我們處理器平台的靈活性來加快上市時間，並預計在 1 年內完成開發，使我們能夠在 2021 年初開始將該產品投入生產。

We are also in advanced discussions with a second customer for processing solutions for massive MIMO.

我們還在與第二個客戶就大規模 MIMO 的處理解決方案進行深入討論。

Moving on to Avera.

繼續前往阿維拉。

The combination of Avera and Marvell creates an infrastructure ASIC powerhouse with the scale and design flexibility leading wireline and wireless OEMs are looking for from their semiconductor partners.

Avera 和 Marvell 的結合創建了一個基礎設施 ASIC 強國，具有領先的有線和無線 OEM 正在從其半導體合作夥伴那裡尋找的規模和設計靈活性。

Kevin O'Buckley, who was Avera's General Manager, has joined Raghib's team and will be leading the ASIC business for Marvell.

Avera 的總經理 Kevin O'Buckley 已加入 Raghib 的團隊，並將領導 Marvell 的 ASIC 業務。

In addition to Kevin, we are fortunate to be adding multiple key leaders from Avera, who along with the talented global Avera team, bring a tremendous amount of industry experience and technical capability.

除了 Kevin，我們很幸運地從 Avera 引進了多位關鍵領導者，他們與才華橫溢的全球 Avera 團隊一起，帶來了大量的行業經驗和技術能力。

This team, originally part of IBM's Microelectronics business brings a proven track record of delivering a large number of highly complex ASICs to very demanding customers.

這個團隊最初是 IBM 微電子業務的一部分，在為要求非常苛刻的客戶提供大量高度複雜的 ASIC 方面擁有良好的業績記錄。

In terms of revenue, we continue to expect that Avera will contribute approximately $300 million in annual revenue next fiscal year.

在收入方面，我們繼續預計 Avera 將在下一財年貢獻約 3 億美元的年收入。

A significant amount of Avera's revenue is from the wireless infrastructure market, primarily for digital front end ASICs and radio heads, which aligns extremely well with Marvell's expanding presence in base stations.

Avera 的大部分收入來自無線基礎設施市場，主要用於數字前端 ASIC 和無線電頭端，這與 Marvell 在基站領域的擴張非常吻合。

The base station revenue from Avera will be in addition to the organic Marvell opportunities I discussed earlier.

來自 Avera 的基站收入將是我之前討論的 Marvell 有機機會的補充。

We estimate that Avera brings an incremental $4 billion to Marvell's addressable market across the data center, carrier, enterprise and automotive end markets.

我們估計，Avera 為 Marvell 在數據中心、運營商、企業和汽車終端市場的潛在市場帶來了 40 億美元的增量。

Avera's design capabilities, coupled with our broad technology platform, will allow us to leverage our combined IP portfolio across the full spectrum of custom, standard and semi-custom solutions.

Avera 的設計能力與我們廣泛的技術平台相結合，將使我們能夠在定制、標準和半定制解決方案的全部範圍內利用我們的組合 IP 產品組合。

We also expect to benefit from a broader combined customer base.

我們還期望從更廣泛的綜合客戶群中受益。

As I mentioned earlier, we have now added Aquantia's leading multi-gig Ethernet products to Marvell's broad switch and PHY portfolio, extending our reach in both the network, infrastructure and the rapidly growing automotive Ethernet market.

正如我之前提到的，我們現在已將 Aquantia 領先的多千兆以太網產品添加到 Marvell 廣泛的交換機和 PHY 產品組合中，從而擴大了我們在網絡、基礎設施和快速增長的汽車以太網市場的覆蓋範圍。

Faraj Aalaei, who was Aquantia's CEO, has joined Marvell and taken on a broader role as the General Manager for all our Ethernet products, including automotive.

Faraj Aalaei 曾是 Aquantia 的首席執行官，他已加入 Marvell，並擔任更廣泛的職務，擔任我們所有以太網產品（包括汽車）的總經理。

Faraj brings a tremendous amount of industry experience, and we are looking forward to working with him and his team.

Faraj 帶來了豐富的行業經驗，我們期待與他和他的團隊合作。

We have already integrated roadmaps to create a very compelling end-to-end Ethernet connectivity portfolio.

我們已經整合了路線圖，以創建非常引人注目的端到端以太網連接產品組合。

And in fact, the combined Marvell and Aquantia team have already secured their first major design win together.

事實上，Marvell 和 Aquantia 合併後的團隊已經共同贏得了他們的第一個重大設計勝利。

This win was for a multi-gig Ethernet PHY in a Tier 1 networking OEM's campus switch platform, and we expect to start ramping production in the second half of next fiscal year.

這場胜利是為一級網絡 OEM 的園區交換機平台中的多千兆以太網 PHY 贏得的，我們預計將在下一財年下半年開始增加生產。

In addition, the response from multiple automotive customers to the combined company roadmap has been very strong, and we are jointly working on additional opportunities to add to the 16 design wins Marvell has already won across a broad range of OEMs.

此外，多個汽車客戶對合併後的公司路線圖的反應非常強烈，我們正在共同尋找更多機會，以增加 Marvell 已經在廣泛的 OEM 中贏得的 16 項設計勝利。

From a revenue perspective, macroeconomic uncertainty impacted Aquantia's revenue in the first half of Aquantia's fiscal year as their key customers reduced purchases to better match their inventory with demand.

從收入的角度來看，宏觀經濟的不確定性影響了 Aquantia 在本財年上半年的收入，因為他們的主要客戶減少了採購以更好地使庫存與需求相匹配。

With the acquisition now complete, we expect to grow this business to approximately $100 million in annualized revenue in fiscal 2021.

隨著收購的完成，我們預計該業務在 2021 財年的年收入將增長到約 1 億美元。

In fact, Aquantia's revenue has already started to recover from their June quarter on a run rate basis.

事實上，Aquantia 的收入已經開始從 6 月份的季度開始恢復。

Turning now to the growing ecosystem for ARM-based compute in the data center.

現在轉向數據中心中基於 ARM 計算的不斷增長的生態系統。

At the Supercomputing Conference in Denver, we announced the availability of NVIDIA GPU support for ThunDERX2 based server platforms to provide HPC and cloud customers with a powerful solution for exascale computing.

在丹佛舉行的超級計算大會上，我們宣佈為基於 ThunDERX2 的服務器平台提供 NVIDIA GPU 支持，從而為 HPC 和雲客戶提供強大的百億億次計算解決方案。

In addition, we recently announced that Microsoft has started to deploy servers based on Marvell's ThunderX2 server processors for internal Azure development workloads.

此外，我們最近宣布，微軟已開始部署基於 Marvell 的 ThunderX2 服務器處理器的服務器，用於內部 Azure 開發工作負載。

We believe that this is an important milestone on the path to the broader adoption of ARM-based servers across the Azure platform.

我們相信這是在 Azure 平台上更廣泛地採用基於 ARM 的服務器的一個重要里程碑。

The progress of ThunderX adoption at our cloud and HPC customers gives us confidence in expecting revenue growth next fiscal year from our server processors, starting from a base of low initial volumes and then continuing to ramp in the second half.

我們的雲和 HPC 客戶採用 ThunderX 的進展使我們有信心預計下一個財政年度我們的服務器處理器的收入增長，從初始數量較低的基礎開始，然後在下半年繼續增長。

As we look beyond the data center server market, we are also seeing multiple opportunities to leverage our ThunderX processor cores in SoC or ASIC solutions, for applications requiring embedded high-performance compute engines.

隨著我們超越數據中心服務器市場，我們也看到了在 SoC 或 ASIC 解決方案中利用我們的 ThunderX 處理器內核的多種機會，用於需要嵌入式高性能計算引擎的應用程序。

Moving on to our outlook for the fourth quarter for our networking business.

繼續我們對網絡業務第四季度的展望。

Driven by -- primarily by full quarter contributions from Avera and Aquantia, we expect an approximate 25% sequential increase in networking revenue.

主要受 Avera 和 Aquantia 整個季度貢獻的推動，我們預計網絡收入將連續增長約 25%。

We are expecting revenue from Aquantia products to continue to recover from the low point they reported earlier this year.

我們預計 Aquantia 產品的收入將繼續從他們今年早些時候報告的低點恢復。

For the rest of Marvell's networking business, we expect 5G shipments to remain strong, while demand from the enterprise end market remains weak, including a decline from a number of Chinese customers.

對於 Marvell 的其他網絡業務，我們預計 5G 出貨量將保持強勁，而企業終端市場的需求仍然疲軟，包括一些中國客戶的需求下降。

As you may recall, in prior quarters, we had indicated that these customers appear to be building inventory to guard against any future potential supply chain disruptions.

您可能還記得，在之前的幾個季度中，我們曾表示這些客戶似乎正在建立庫存以防止未來任何潛在的供應鏈中斷。

As a result, in the fourth quarter of fiscal 2020, we are anticipating a sequential decline from that elevated run rate in addition to general end market softness.

因此，在 2020 財年第四季度，除了終端市場普遍疲軟外，我們預計運行率將連續下降。

We are also projecting the Wi-Fi business to decline seasonally in the fourth quarter.

我們還預計 Wi-Fi 業務將在第四季度出現季節性下滑。

Turning to our storage business.

轉向我們的存儲業務。

Storage revenue for the third quarter was $288 million, growing 5% sequentially.

第三季度的存儲收入為 2.88 億美元，環比增長 5%。

As expected, this growth was driven primarily from the enterprise and data center market.

正如預期的那樣，這種增長主要來自企業和數據中心市場。

However, we did experience weaker-than-expected revenue from the edge market, with a softening in demand from gaming and video surveillance.

然而，我們確實經歷了來自邊緣市場的收入弱於預期，遊戲和視頻監控的需求疲軟。

We also continue to see a rapid conversion from HDDs to SSDs in the PC market, which presents a headwind for our client business.

我們還繼續看到 PC 市場從 HDD 快速轉換為 SSD，這給我們的客戶業務帶來了不利影響。

Despite challenges from current trends in the client and edge markets, our strategy to focus on the enterprise and data center market, including a strong position in high-capacity cloud drives, continues to pay off to drive growth for the overall storage business.

儘管來自客戶端和邊緣市場當前趨勢的挑戰，但我們專注於企業和數據中心市場的戰略，包括在大容量雲驅動器方面的強勢地位，繼續為推動整體存儲業務的增長帶來回報。

Last quarter, we introduced the industry's first PCIe gen 4 SSD controller based on a 12-nanometer process.

上個季度，我們推出了業界首款基於 12 納米工藝的 PCIe 第 4 代 SSD 控制器。

This product delivers higher performance within a lower power envelope in a space-optimized package to enable our customers to develop smaller form factor solutions.

該產品在空間優化的封裝中以更低的功耗提供更高的性能，使我們的客戶能夠開發更小尺寸的解決方案。

In addition, our solution also allows customers to eliminate DRAM from their SSDs which also reduces size and power while lowering their bill of material.

此外，我們的解決方案還允許客戶從他們的 SSD 中消除 DRAM，這也減少了尺寸和功耗，同時降低了他們的材料清單。

Multiple customers, including several NAND OEMs are deeply engaged in evaluating our product as it uniquely addresses a number of their emerging mainstream SKUs where they need to balance performance and power in a small form factor solution.

包括多家 NAND OEM 在內的多個客戶都在深入評估我們的產品，因為它獨特地解決了他們需要在小尺寸解決方案中平衡性能和功率的許多新興主流 SKU。

This PCI gen 4 architecture is also the basis for our customized SoC flash controllers for embedded and do-it-yourself applications.

這種 PCI 第 4 代架構也是我們為嵌入式和 DIY 應用定制的 SoC 閃存控制器的基礎。

Our first major DIY design at a Tier 1 system-level OEM is in the final stages of development.

我們在 1 級系統級 OEM 的第一個主要 DIY 設計正處於開發的最後階段。

We expect a sharp ramp in revenue from this product in the third quarter of next fiscal year when our customer begins mass production of their system.

我們預計，當我們的客戶開始大規模生產他們的系統時，該產品的收入將在下一財年第三季度大幅增長。

Turning to the fourth quarter for our storage business.

轉向我們的存儲業務的第四季度。

We project revenue to be flat to up slightly on a sequential basis.

我們預計收入將環比持平或略有上升。

We expect our revenue from the data center and enterprise end markets to continue to grow from a strong third quarter and offset weaker trends in the edge and client markets.

我們預計我們來自數據中心和企業終端市場的收入將繼續從強勁的第三季度增長，並抵消邊緣和客戶市場的疲軟趨勢。

In closing, we continue to win new designs and position ourselves for solid growth with strong execution on new product introductions.

最後，我們繼續贏得新設計，並通過對新產品推出的強有力執行來實現穩健增長。

Our 5G products have started shipping in volume, helping us offset macro weakness in other end markets such as enterprise.

我們的 5G 產品已開始批量出貨，幫助我們抵消了企業等其他終端市場的宏觀疲軟。

We expect 5G base station deployments to expand into multiple geographies later next fiscal year, which we anticipate will drive a substantial increase in revenue.

我們預計 5G 基站部署將在下個財年晚些時候擴展到多個地區，我們預計這將推動收入大幅增長。

In addition, we continue to expand our engagement with a broad set of Tier 1 5G customers.

此外，我們繼續擴大與廣泛的 1 級 5G 客戶的合作。

Our storage business has stabilized, benefiting from our growing exposure to enterprise and data center applications and grew appreciably in the third quarter.

我們的存儲業務已經穩定下來，這得益於我們對企業和數據中心應用程序的不斷增長，並在第三季度顯著增長。

The acquisitions of Aquantia and Avera meaningfully increased our addressable market opportunity and add to Marvell's infrastructure capabilities to create a very unique technology platform.

收購 Aquantia 和 Avera 顯著增加了我們的潛在市場機會，並增強了 Marvell 的基礎設施能力，以創建一個非常獨特的技術平台。

I'm looking forward to an exciting fiscal 2021.

我期待著令人興奮的 2021 財年。

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

有了這個，我將把電話轉給讓，以了解更多關於我們的結果和前景的細節。

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 third quarter, which include a partial quarter of results from the Aquantia acquisition, which we closed on the 19th of September.

我將首先回顧我們第三季度的財務業績，其中包括我們於 9 月 19 日結束的 Aquantia 收購的部分季度業績。

As a reminder, the guidance provided on the 29 of August for the third quarter did not include any contribution from the pending Aquantia acquisition.

提醒一下，8 月 29 日提供的第三季度指導不包括未決的 Aquantia 收購的任何貢獻。

Revenue in the third quarter was $662 million versus our guidance of $660 million at midpoint.

第三季度的收入為 6.62 億美元，而我們在中點的指導為 6.6 億美元。

Networking represented 50% of our revenue in the third quarter, with storage contributing 43%.

第三季度，網絡占我們收入的 50%，存儲佔 43%。

Revenue from our other business was $45 million in the third quarter, below expectations and declined 14% sequentially.

第三季度我們其他業務的收入為 4500 萬美元，低於預期，環比下降 14%。

Other products accounted for 7% of revenue.

其他產品佔收入的7%。

GAAP gross margin was 51.3%.

GAAP 毛利率為 51.3%。

Non-GAAP gross profit was $421 million or 63.5% of revenue, at the midpoint of our guidance range.

非美國通用會計準則毛利為 4.21 億美元，佔收入的 63.5%，處於我們指導範圍的中點。

GAAP operating expenses were $402 million.

GAAP 運營費用為 4.02 億美元。

Non-GAAP operating expenses were $283 million, slightly above the midpoint of guidance due to the closure of our Aquantia acquisition within the quarter.

由於我們在本季度完成對 Aquantia 的收購，非 GAAP 運營費用為 2.83 億美元，略高於指導中點。

Without the impact from the Aquantia, acquisition, non-GAAP operating expenses would have been below the low end of guidance.

如果沒有 Aquantia 的影響，收購、非 GAAP 運營費用將低於指導的低端。

Our current level of OpEx reflects a lower level of [bonus accrued.] GAAP operating loss was $62 million.

我們目前的運營支出水平反映了較低水平的[應計獎金]。GAAP 運營虧損為 6200 萬美元。

Non-GAAP operating profit was $138 million or 21% of revenue.

非美國通用會計準則營業利潤為 1.38 億美元，佔收入的 21%。

GAAP loss per diluted share was $0.12.

GAAP每股攤薄虧損為0.12美元。

Non-GAAP earnings per diluted share was $0.17, at midpoint of guidance.

非公認會計準則每股攤薄收益為 0.17 美元，處於指導值的中點。

Now turning to the balance sheet.

現在轉向資產負債表。

In the third quarter, we returned $40 million to shareholders through dividend, and then we exited the quarter with $438 million in cash and cash equivalents.

在第三季度，我們通過股息向股東返還了 4000 萬美元，然後我們以 4.38 億美元的現金和現金等價物退出了本季度。

Long-term debt was $2 billion, an increase of approximately $350 million from prior quarter.

長期債務為 20 億美元，比上一季度增加約 3.5 億美元。

The increase was from drawing down on our revolving credit facility for funding the acquisition of Aquantia.

增加的原因是提取了我們為收購 Aquantia 提供資金的循環信貸額度。

Inventory increased to $68 million from the prior quarter.

庫存比上一季度增加至 6800 萬美元。

$31 million of the increase was from the Aquantia acquisition, including accounting fair value step-up.

增加的 3100 萬美元來自對 Aquantia 的收購，包括會計公允價值的提升。

The balance of the increase was to support the expected growth of our 5G business.

增加的餘額是為了支持我們 5G 業務的預期增長。

Let me now move on to our current outlook for the fourth quarter of fiscal 2020, which include expected results from the Aquantia and Avera acquisitions for the full quarter.

現在讓我談談我們對 2020 財年第四季度的當前展望，其中包括整個季度 Aquantia 和 Avera 收購的預期結果。

This guidance also includes expected results for the full quarter from the Wi-Fi business.

該指南還包括 Wi-Fi 業務整個季度的預期結果。

Once the sale of the Wi-Fi business is completed, we'll update the revenue portion for our guidance for the fourth quarter.

一旦 Wi-Fi 業務的銷售完成，我們將更新第四季度的收入部分指導。

We continue to expect our revenue in the current quarter to remain impacted by the U.S. government's export restrictions on certain Chinese customers.

我們繼續預計本季度的收入將繼續受到美國政府對某些中國客戶的出口限制的影響。

Specifically, we expect revenue to be in the range of $750 million plus or minus 3%.

具體來說，我們預計收入將在 7.5 億美元上下 3% 的範圍內。

We anticipate our GAAP gross margin will be approximately 45.5%, and our non-GAAP gross margin will be approximately 62%.

我們預計我們的 GAAP 毛利率將約為 45.5%，我們的非 GAAP 毛利率將約為 62%。

Avera is a carve out from GlobalFoundries.

Avera 是從 GlobalFoundries 中剝離出來的。

And we have such onetime transition costs that are expected to negatively impact our gross margin in the fourth quarter.

而且我們有這樣的一次性過渡成本，預計將對我們第四季度的毛利率產生負面影響。

We expect gross margin return to more than 63% once we complete the divestiture of Wi-Fi business and fully integrate Aquantia and Avera into Marvell supply chain.

一旦我們完成 Wi-Fi 業務的剝離並將 Aquantia 和 Avera 完全整合到 Marvell 供應鏈中，我們預計毛利率將恢復到 63% 以上。

We project our GAAP operating expenses to be in the range of $445 million to $455 million.

我們預計我們的 GAAP 運營費用在 4.45 億美元至 4.55 億美元之間。

We anticipate our non-GAAP operating expenses to be in the range of $315 million to $320 million.

我們預計我們的非公認會計原則運營費用將在 3.15 億美元至 3.2 億美元之間。

We expect net interest expense to be approximately $26 million.

我們預計淨利息支出約為 2600 萬美元。

As a reminder, at the beginning of our fourth quarter, we financed the acquisition of Avera with $600 million bridge loan.

提醒一下，在第四季度初，我們以 6 億美元的過橋貸款為收購 Avera 提供了資金。

And this increase in debt is reflected in our guidance for interest expense.

這種債務增加反映在我們對利息費用的指導中。

We anticipate GAAP loss per diluted share in the range of $0.17 to $0.23 and the non-GAAP income per diluted share in the range of $0.15 to $0.19.

我們預計 GAAP 每股攤薄虧損在 0.17 美元至 0.23 美元之間，非 GAAP 每股攤薄收益在 0.15 美元至 0.19 美元之間。

Before we open the line for questions, let me make a couple of longer-term comments on operating expense expectations given we have a few moving parts from 3 transactions: First, due to the typical seasonality in payroll taxes, merit increases and the reset of bonus accruals from the current low level, we expect our non-GAAP OpEx in the first quarter of the next fiscal year to grow by approximately 5% on a sequential basis.

在我們開始提問之前，讓我對運營費用預期做一些長期評論，因為我們有 3 筆交易中的一些活動部分：首先，由於工資稅的典型季節性，績效增長和重置從目前的低水平應計獎金，我們預計我們在下一財年第一季度的非公認會計原則運營支出將環比增長約 5%。

Second, we have quickly started to integrate both Aquantia and Avera and the ERP integration had been largely completed, enabling a faster start toward the synergy achievement.

二是加快了Aquantia和Avera的整合，ERP整合已經基本完成，加速實現協同效應。

We'll continue to drive the remaining synergy achievement and the operating efficiency improvement through fiscal 2021 while investing in growth initiatives to position us to deliver long-term profitable growth.

我們將在 2021 財年繼續推動剩餘的協同效應和運營效率的提高，同時投資於增長計劃，以實現長期盈利增長。

Once we complete the divestment of our Wi-Fi business and fully integrate Aquantia and Avera, we expect OpEx to decline through the rest of fiscal 2021 from the Q1 high point I just outlined.

一旦我們完成 Wi-Fi 業務的剝離並完全整合 Aquantia 和 Avera，我們預計 OpEx 將在 2021 財年剩餘時間內從我剛剛概述的第一季度高點下降。

As a result, we project our non-GAAP operating expense in Q4 next fiscal year will be approximately $300 million.

因此，我們預計下一財年第四季度的非公認會計原則運營費用將約為 3 億美元。

Operator, please open the line for Q&A.

接線員，請打開問答線路。

(Operator Instructions) Our first question comes from the line of Vivek Arya of Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Vivek Arya。

Matt, a few quarters ago, you gave a $600 million long-term opportunity in 5G.

馬特，幾個季度前，你在 5G 領域提供了 6 億美元的長期機會。

What is the confidence in achieving that?

實現這一目標的信心是什麼？

And just what does that number look like now that Avera is in the mix?

現在，Avera 加入了這個數字，這個數字看起來像什麼？

And I think you highlighted some additional opportunities also in massive MIMO.

我認為您還強調了大規模 MIMO 中的一些額外機會。

Yes.

是的。

Great.

偉大的。

Thanks, Vivek.

謝謝，維維克。

So I think to answer your first question, we -- you're right, a couple of quarters ago, we articulated the $600 million number, which was really the business that we had already secured design wins for.

所以我想回答你的第一個問題，我們 - 你是對的，幾個季度前，我們明確表達了 6 億美元的數字，這確實是我們已經獲得設計勝利的業務。

We still feel very good about that opportunity.

我們仍然對這個機會感到非常高興。

And in fact, as we indicated in the prepared remarks, there's even been some incremental change to that on the positive side as we transition at least one of our customers to a higher ASP product in the massive MIMO area.

事實上，正如我們在準備好的評論中指出的那樣，在我們將至少一個客戶過渡到大規模 MIMO 領域中更高 ASP 的產品時，甚至在積極方面也發生了一些增量變化。

So that tends to be tracking well in terms of the design opportunities and our customer positioning.

因此，就設計機會和我們的客戶定位而言，這往往可以很好地跟踪。

So we're quite confident there.

所以我們對那裡很有信心。

On Avera, what we said was about half their revenue was from the wireless infrastructure market and base stations, of which a portion of that is tied to 5G.

在 Avera，我們所說的大約一半的收入來自無線基礎設施市場和基站，其中一部分與 5G 相關。

And certainly, we see that contributing as well.

當然，我們也看到了這一點。

And that would be on top of the $600 million.

這將超過 6 億美元。

And I look forward to completing a full quarter with Avera under our belt and then articulating the combined opportunity in the future, but it's definitely above $600 million, just given the fact that Avera is bringing in pretty significant revenue in the base station market.

我期待在 Avera 的帶領下完成一個完整的季度，然後在未來闡明合併的機會，但它肯定超過 6 億美元，因為 Avera 在基站市場帶來了相當可觀的收入。

All right.

好的。

And for my follow-up, Jean, thanks for giving us the gross margin and the OpEx puts and takes.

對於我的後續行動，Jean，感謝您為我們提供了毛利率和 OpEx 看跌期權。

I was hoping you could -- just for clarification, give us just contributions of the different M&A moving pieces in your Q3 and Q4, so that we can align the models accordingly?

我希望你能——只是為了澄清，給我們在你的第三季度和第四季度不同併購活動的貢獻，以便我們可以相應地調整模型？

Yes.

是的。

Vivek, it's actually quite straightforward if you think about our operating expense guidance for Q4, which include both Aquantia and Avera for the full quarter, which also include the Wi-Fi business.

Vivek，如果您考慮我們對第四季度的運營費用指導，這實際上非常簡單，其中包括整個季度的 Aquantia 和 Avera，其中還包括 Wi-Fi 業務。

So moving forward, if we end up closing the WiFi sale in our Q4, the way -- the best way to think about it is I also guided you Q4 next year, that OpEx is going to be $300 million without Wi-Fi business.

因此，展望未來，如果我們最終在第四季度完成 WiFi 銷售，那麼考慮這一點的最佳方式是我還指導您明年第四季度，如果沒有 Wi-Fi 業務，OpEx 將達到 3 億美元。

So a simple way to think about it is that how we are going to migrate.

因此，一種簡單的思考方式是我們將如何遷移。

We're going to have a merit and bonus increase reset in Q1, but we're going to absorb those increases by improving efficiency and achieving additional synergies.

我們將在第一季度重置功績和獎金增加，但我們將通過提高效率和實現額外的協同效應來吸收這些增加。

So you can actually view the difference between Q4 this year and the Q4 next year is the difference is the WiFi business getting out.

所以你實際上可以看到今年第四季度和明年第四季度的區別在於 WiFi 業務退出。

I meant on the sales side, Jean, if you could give us the puts and takes in Q3, Q4 from -- you completed Aquantia in Q3, which added probably some small amount.

我的意思是在銷售方面，Jean，如果你能給我們提供第三季度和第四季度的看跌期權 - 你在第三季度完成了 Aquantia，這可能增加了一些金額。

And then in Q4, right, you have the 2 acquisitions, but then WiFi goes out, but it's down seasonally.

然後在第四季度，對，你有 2 次收購，但隨後 WiFi 消失了，但季節性下降。

I think just -- I'm just trying to contrast the outlook that you gave versus what people's expectations were going into the quarter.

我想只是-我只是想將您給出的前景與人們對該季度的預期進行對比。

Okay.

好的。

Great.

偉大的。

So Q3, Q4 is actually -- when you think about Q3, our OpEx is about $280 million without any acquisitions.

所以第三季度，第四季度實際上是 - 當你考慮第三季度時，我們的運營支出約為 2.8 億美元，沒有任何收購。

We actually achieved a significant amount of the synergies right at the beginning of the 2 acquisitions.

實際上，我們在 2 次收購開始時就實現了顯著的協同效應。

So the 2 acquisitions probably add about $37 million of OpEx.

因此，這 2 次收購可能會增加約 3700 萬美元的運營支出。

That's why the Q4 midpoint for OpEx guidance is the current level.

這就是為什麼第四季度運營支出指導的中點是當前水平的原因。

So the way to think about it is the $280 million step-up because of the 2 acquisitions.

因此，考慮它的方式是由於兩次收購而增加了 2.8 億美元。

And then when you get into Q1 next year, of course, we're going to have the Wi-Fi business coming out if we close the transaction, but at the same time, the OpEx will stay around the same level because that 5% sequential increase from the merits and the bonus reset.

然後當你進入明年第一季度時，當然，如果我們完成交易，我們將推出 Wi-Fi 業務，但與此同時，OpEx 將保持在同一水平，因為那 5%從優點和獎金重置順序增加。

Vivek, this is Ashish.

維維克，這是艾希什。

So I think from -- I think your question was also on the top line side.

所以我認為——我認為你的問題也是最重要的。

So I think for Q3, again, Aquantia was there for a fairly small period, and it's a fairly small number.

所以我認為對於第三季度，Aquantia 存在的時間相當短，而且數量相當少。

So the Q3 revenue is pretty much -- you should assume it's really Marvell with a very small help from the Aquantia side.

所以第三季度的收入非常多——你應該假設它真的是 Marvell，Aquantia 方面的幫助很小。

I think on Q4, again, I think what we can do is remind you of kind of what we expect on a full year basis.

我認為在第四季度，我認為我們能做的就是提醒您我們全年的預期。

So as we said, Avera is a $300 million business, right, for next year.

所以正如我們所說，Avera 是一個 3 億美元的業務，對，明年。

Aquantia, next year, we believe, is about $100 million.

我們相信，明年的 Aquantia 約為 1 億美元。

But as we said, it's still recovering towards that number, right, as you remember, from where they were originally.

但正如我們所說，它仍在向那個數字恢復，對，正如你所記得的，從最初的位置開始。

Wi-Fi, again, if you remember, when we said the divestment, it's a $300 million business, right.

Wi-Fi，如果你還記得的話，當我們說撤資時，它是一項價值 3 億美元的業務，對吧。

So you can do the quarterly number, and it's on the low end of that number, given we're at a seasonally low point.

所以你可以做季度數字，它處於該數字的低端，因為我們處於季節性低點。

I think that's how you can think about revenue for Q4.

我認為這就是您可以考慮第四季度收入的方式。

Our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I was just kind of curious.

我只是有點好奇。

I mean, you've obviously had, you've talked about more opportunities on the wireless side, you can deal with.

我的意思是，你顯然已經，你已經談到了無線方面的更多機會，你可以處理。

You haven't had ASIC capabilities.

您還沒有 ASIC 功能。

Just kind of curious of the timeline to kind of combine these roadmaps and scale of Avera and kind of if you just talk about the pipeline as you look forward, opportunities that you've looked at with your customers that you could potentially move over with those capabilities?

只是有點好奇將這些路線圖和 Avera 的規模結合起來的時間線能力？

Sure.

當然。

Great question.

好問題。

So a couple of things.

所以有幾件事。

So one is -- I talk about in 2 dimensions.

所以一個是 - 我在二維中談論。

The first is we've already had hit the ground running on the customer side.

首先是我們已經在客戶方面取得了成功。

So there's been a pretty extensive global roadshow with the combined Marvell and Avera team to articulate our strategy for both 7 and 5-nanometer in our technology platform.

因此，Marvell 和 Avera 的聯合團隊進行了一場相當廣泛的全球路演，以闡明我們在技術平台中的 7 納米和 5 納米戰略。

We're doing this in a very targeted manner and really think about it as we're going to address -- we're going to line up our IP roadmap that we've had inside the company with the end customer orientation.

我們正在以一種非常有針對性的方式來做這件事，並在我們要解決的問題時認真考慮它——我們將把我們在公司內部擁有的 IP 路線圖與最終客戶導向相結合。

So we're going to go more narrow and go much bigger with a handful of large customers across those end markets, I mentioned, which is cloud, enterprise, automotive and also base stations, and that's gone extremely well.

因此，我們將在這些終端市場的少數大客戶中走得更窄，規模更大，我提到過，這包括雲、企業、汽車以及基站，而且進展非常順利。

The second is we've done already a very good job of the team, integrating the IP team from Avera and also the back-end teams into one consolidated central engineering effort.

第二個是我們已經在團隊方面做得非常好，將 Avera 的 IP 團隊以及後端團隊整合到一個統一的中央工程工作中。

So when we hit the ground running on our next-generation process technology platform, we're going to have one platform that we can leverage for our ASIC business, for our semi-custom business and for our standard product business.

因此，當我們在下一代工藝技術平台上開始運行時，我們將擁有一個平台，我們可以利用該平台來支持我們的 ASIC 業務、半定制業務和標準產品業務。

And that's resonating very well with the customer base.

這與客戶群產生了很好的共鳴。

I think they wanted to see us actually bring the team together quickly and have one integrated offering.

我認為他們希望看到我們真正快速地將團隊聚集在一起並提供一個集成的產品。

And I would say the feedback has been phenomenal from the roadshow in terms of interest from all those end markets that I mentioned.

我想說，就我提到的所有終端市場的興趣而言，路演的反饋是驚人的。

And then maybe if you could just talk about the ramp of your lead base station customer, you said you shipped it early, you've been hitting these aggressive timelines.

然後，也許如果您可以談論您的主要基站客戶的增長，您說您提前發貨了，您一直在趕上這些激進的時間表。

Obviously, they need to deploy those, get them quality carriers and ramp.

顯然，他們需要部署這些，讓他們獲得優質的運營商和斜坡。

I think you were looking for a contribution in January.

我認為您在一月份正在尋找捐款。

Can you speak to whether that's still on track in your guidance?

你能談談你的指導是否還在軌道上嗎？

And then if there's any visibility, you mentioned some regions.

然後，如果有任何可見性，你提到了一些地區。

But in terms of the traction, they're getting and your visibility into getting those targets for that customer?

但就牽引力而言，他們正在獲得以及您為該客戶獲得這些目標的可見性？

Sure.

當然。

Yes.

是的。

No.

不。

It ramped up and it ramped up fairly steeply, which was positive.

它上升並且相當陡峭地上升，這是積極的。

It's going to probably remain -- certainly from a Korea standpoint, it will keep deploying at that level.

它可能會保留——當然從韓國的角度來看，它會繼續在那個水平上部署。

And then we see continued momentum as our customer deploys in other regions and within those other regions, other carriers within those regions.

然後，隨著我們的客戶在其他地區和其他地區以及這些地區的其他運營商部署，我們看到了持續的勢頭。

And certainly, even in the Korea market, I think the best is still in front of us if you look at subscriber penetration which has been very fast in Korea.

當然，即使在韓國市場，如果你看看韓國的用戶滲透率非常快，我認為最好的仍然在我們面前。

I think to date, it's around 15% of total subscribers around 5G.

我認為迄今為止，它約佔 5G 用戶總數的 15%。

And certainly, that's going to trend significantly higher next year.

當然，明年這一數字將顯著上升。

So I think -- think of it as sort of the first step as Korea has ramped, and it's going to stay strong for the next few quarters, and then we anticipate additional regions kicking in in the outer quarters with what looks to be a very strong second half as 5G really picks up momentum and our design position should enable us to participate in that.

所以我認為 - 把它看作是韓國已經邁出的第一步，它會在接下來的幾個季度保持強勁，然後我們預計會有更多的地區進入外圍地區，看起來非常下半年強勁，因為 5G 確實勢頭強勁，我們的設計地位應該使我們能夠參與其中。

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 focus more on the enterprise side of things.

馬特，我想更多地關注企業方面的事情。

In your preamble, you talked a little bit about the China inventory digestion.

在你的序言中，你談到了中國的庫存消化。

But last quarter, you also talked about some of the big customers that hit you with some order cancellations relatively close to your call.

但是上個季度，您還談到了一些大客戶，他們在與您聯繫的時間相對接近的情況下取消了一些訂單。

So overall, I just wanted to see, how long do you think that inventory burn in China is going to last?

所以總的來說，我只是想看看，你認為中國的庫存燃燒會持續多久？

And did the weakness that you saw from that large customer continue into the fourth quarter guidance?

您從那個大客戶那裡看到的弱點是否持續到第四季度的指導？

Or is that kind of plateaued?

或者是那種平台期？

Sure.

當然。

Thanks, Ross.

謝謝，羅斯。

Let me talk about them in 2 distinct pieces because they're a little bit different.

讓我分兩個不同的部分來討論它們，因為它們有點不同。

I think on the China side, what we signaled was we did see inventory being built, I think, primarily due to concerns about restrictions from an entity list point of view, and we had signaled that over the last couple of quarters, we saw it happen, and we called out that we now see the -- we see that reflected in our Q4 outlook, which is that inventory had been built in Q3 and that was not going to continue into Q4.

我認為在中國方面，我們發出的信號是，我們確實看到了庫存的建立，我認為，主要是出於對實體列表角度限制的擔憂，我們已經發出信號，在過去的幾個季度中，我們看到了它發生了，我們呼籲我們現在看到 - 我們看到這反映在我們的第四季度展望中，即庫存已經在第三季度建立，並且不會持續到第四季度。

So that's sort of a separate geopolitical issue on the enterprise market relative to the broader enterprise market.

因此，相對於更廣泛的企業市場，這在企業市場上是一個單獨的地緣政治問題。

We certainly were impacted last quarter.

我們肯定在上個季度受到了影響。

We did signal that we had a slowdown in the outlook fairly close to the call.

我們確實發出信號，表明我們在接近電話會議時的前景放緩。

That's continued.

這是繼續。

And I think if you just look at the commentary in general, out of the market, I think most of the large companies selling into the enterprise, are continuing to have a weaker outlook, primarily due to the macro.

而且我認為，如果您從總體上看評論，我認為大多數向企業出售的大公司的前景繼續疲軟，這主要是由於宏觀。

And I think the way we look at it is -- certainly, there's some -- well, the -- looking at the United States while the consumer is strong, I think the business environment tends to be fairly cautious.

而且我認為我們看待它的方式是 - 當然，有一些 - 嗯， - 在消費者強勁的情況下看美國，我認為商業環境往往相當謹慎。

And until there's maybe more clarity on some of the trade-related issues or there's some conclusion, it's going to continue to remain choppy.

在某些與貿易相關的問題可能更加清晰或得出一些結論之前，它將繼續保持波動。

And so that's what we're seeing currently.

這就是我們目前所看到的。

I'd say -- I'd end this whole thing by saying, at the same time, because of our -- the investments we've made in some of these new emerging areas and candidly, the team's very strong execution on our new product development, we've been able to offset some of this weakness.

我會說 - 我會同時說，因為我們在這些新興領域中所做的投資，並且坦率地說，團隊在我們新的產品開發，我們已經能夠抵消一些這種弱點。

And 5G was one example this past quarter, which we expect to continue.

5G 是上個季度的一個例子，我們預計這種情況會繼續下去。

But we also -- as we said in our prepared remarks, we see multiple growth drivers heading into next year, which even with a weaker macro, we think our product cycles will carry us through.

但我們也 - 正如我們在準備好的評論中所說，我們看到明年將有多種增長驅動因素，即使宏觀經濟疲軟，我們認為我們的產品週期也會讓我們度過難關。

That's great.

那太棒了。

And as my follow-up one for you, Jean.

作為我的後續工作，Jean。

I guess, maybe a clarification then the question.

我想，也許是對問題的澄清。

The clarification.

澄清。

On the OpEx, does it go up 5% sequentially in the first quarter for all the reasons you described before, but then comes back down when the Wi-Fi comes out?

在運營支出方面，第一季度是否由於您之前描述的所有原因而環比增長 5%，但當 Wi-Fi 出現時又回落？

So that nets out kind of flat?

所以，網出來的那種平坦？

And then the question behind that would be on the gross margin side, I think you gave great color about what it would do once you get the integration done.

然後背後的問題將是毛利率方面，我認為你對一旦完成整合會做什麼給出了很好的說明。

Would you care to give us any idea on exit rates?

你願意給我們關於退出率的任何想法嗎？

Like you said, on OpEx being $300 million next fiscal year.

就像你說的那樣，下一個財政年度的運營支出為 3 億美元。

What the gross margin might be?

毛利率可能是多少？

Is that about when you get over the 63% again?

那是關於當你再次超過 63% 的時候嗎？

Or is there some different timetable we're talking about?

還是我們在談論一些不同的時間表？

So if you think about gross margin, right, the 2 major drivers are revenue level and product mix.

因此，如果您考慮毛利率，對，兩個主要驅動因素是收入水平和產品組合。

We are quite confident once we complete the Wi-Fi divestiture and fully integrate the 2 acquisitions that we should get to about 63% very quickly.

一旦我們完成 Wi-Fi 剝離並完全整合兩次收購，我們很有信心，我們應該很快達到 63% 左右。

But then beyond that, really, it's going to be driven by revenue level.

但除此之外，實際上，它將受到收入水平的驅動。

When our revenue level recover it helps to improve our gross margin further above that level.

當我們的收入水平恢復時，它有助於將我們的毛利率進一步提高到該水平之上。

And of course, your product mix is another one.

當然，您的產品組合是另一種。

Typically, we'll see how the product mix goes each quarter.

通常，我們會看到每個季度的產品組合如何。

But we are quite confident we'll be able to drive the gross margin above 63% quickly, probably in Q1 next quarter -- next fiscal year and then go beyond that.

但我們非常有信心，我們將能夠迅速將毛利率提高到 63% 以上，可能在下個季度的第一季度——下一個財政年度，然後再超越。

And the OpEx side?

運營支出方面呢？

On the OpEx side, I think, really -- you're absolutely right, is when you look at the bonus reset and the merit increase, the payroll tax, all added together in Q1, that's the 5% sequential increase that we discussed.

在運營支出方面，我認為，真的 - 你是絕對正確的，當你查看獎金重置和績效增加，工資稅，所有這些在第一季度加在一起，這就是我們討論的 5% 的連續增長。

But then we'll take down that OpEx to the $300 million level exiting Q4 fiscal '21.

但隨後我們會將運營支出降低到 21 財年第四季度退出的 3 億美元水平。

Our next question comes from Gary Mobley of Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

Let me apologize in advance if there's any background noise.

如果有任何背景噪音，請讓我提前道歉。

I wanted to ask about sort of the revenue breakdown post sale of the Wi-Fi and Bluetooth business.

我想問一下 Wi-Fi 和藍牙業務售後的收入明細。

It sounds like the baseline there for that business in the fourth quarter is -- excluding that business is $675 million.

聽起來該業務在第四季度的基線是 - 不包括該業務是 6.75 億美元。

And how should we think about the seasonality off of that as we start out fiscal year '21 and progress through that fiscal year?

當我們從 21 財年開始並在該財年取得進展時，我們應該如何考慮其季節性？

Yes.

是的。

Okay.

好的。

Gary, I'll try to give you some color.

加里，我會試著給你一些顏色。

We're certainly not guiding next fiscal year.

我們當然不會指導下一個財政年度。

But typically, the way to think about our revenue seasonality without Wi-Fi business is Q1 sequentially versus Q4, there will be slightly low single-digit decline.

但通常情況下，考慮我們在沒有 Wi-Fi 業務的情況下的收入季節性的方式是 Q1 與 Q4 相比，會有略低的個位數下降。

That's just regular seasonality.

這只是正常的季節性。

And then when you migrate into Q2 will increase slightly.

然後當你遷移到 Q2 時會略有增加。

I think that's the most important thing in the second half, as Matt mentioned, we have some very significant revenue drivers.

我認為這是下半年最重要的事情，正如馬特所說，我們有一些非常重要的收入驅動因素。

That's related to our old product cycle [despite] normal seasonality or macroeconomic situation.

這與我們的舊產品週期（儘管）正常的季節性或宏觀經濟形勢有關。

Those drivers are coming from 5G, from DIY, SSD solutions.

這些驅動來自 5G、DIY、SSD 解決方案。

So those things are probably to drive our revenue significantly higher in second half.

因此，這些事情可能會在下半年推動我們的收入顯著提高。

So that's the only color I can give you right now.

所以這是我現在可以給你的唯一顏色。

Okay.

好的。

Well, that's helpful.

嗯，這很有幫助。

And just to confirm some of the stats for the connectivity business, with it being down seasonally in the fourth fiscal quarter, presumably somewhere in the ballpark of $65 million, can you confirm that this business is still 50% gross margin business and more than likely operating breakeven in the current quarter?

並且只是為了確認連接業務的一些統計數據，它在第四財季出現季節性下降，大概在 6500 萬美元左右，您能否確認該業務仍然是 50% 的毛利率業務，而且很可能本季度經營盈虧平衡？

I think the right way to think about this what we give to you guys before, right.

我認為正確的方式來思考我們之前給你們的東西，對。

This business operated around the $300 million revenue with some seasonality and gross margin around 50%.

該業務的營業收入約為 3 億美元，具有一定的季節性，毛利率約為 50%。

So that's what we've provided in the past.

這就是我們過去提供的。

Your next question comes from C.J. Muse of Evercore.

您的下一個問題來自 Evercore 的 C.J. Muse。

I guess as you learn more about the plans for your lead customer on the 5G side and you gain a better understanding of kind of geographically outside of Korea, the build plans, can you speak to how you think about your market share there as well as content as we push forward?

我想隨著您更多地了解您的主要客戶在 5G 方面的計劃，並且您對韓國以外的地理位置、構建計劃有更好的了解，您能否談談您如何看待您的市場份額以及我們前進的內容？

Yes.

是的。

Just to make sure I got this.

只是為了確保我得到了這個。

You're really saying, hey, beyond Korea for our lead customer, what is the deployment look like?

你真的是在說，嘿，我們的主要客戶在韓國以外的地方，部署是什麼樣的？

And then what is our content relative to maybe some of those different regions?

那麼我們的內容相對於其中一些不同的地區是什麼？

Did I get that right, C.J.?

我說對了嗎，C.J.？

Yes.

是的。

Exactly.

確切地。

Yes.

是的。

So I think the way to think about it is, first, just on the content side, this tends to be one platform.

所以我認為考慮它的方式是，首先，只是在內容方面，這往往是一個平台。

The only difference is I would note is, to the extent that in certain regions that massive MIMO is deployed more extensively, then that's certainly a positive thing for us because we have more content in those radio heads.

唯一的區別是，我要注意的是，在某些地區，大規模 MIMO 部署得更廣泛，這對我們來說肯定是一件好事，因為我們在這些無線電頭中擁有更多內容。

And as I mentioned, we already have some content today in radio heads.

正如我所提到的，我們今天已經在電台負責人中獲得了一些內容。

And in the future, we would have more customized purpose-built solutions.

未來，我們將擁有更多定制的專用解決方案。

Beyond Korea, we see, certainly, Japan deploying next year.

除了韓國，我們肯定會看到日本明年進行部署。

A lot of that's driven by the country hosting the Olympic Games.

其中很大一部分是由舉辦奧運會的國家推動的。

Certainly, for those of us here in the United States, you can see the pretty strong momentum among the various carriers of their plans to deploy 5G, that's probably more robust later in 2020.

當然，對於我們這些在美國的人來說，您可以看到各個運營商部署 5G 計劃的強勁勢頭，這可能在 2020 年晚些時候更加強勁。

I think there's certainly with respect to the device side, there's a slew of devices out there, but sort of the holy grail that people have in mind is when there's an iPhone 5G.

我認為在設備方面肯定有，那裡有很多設備，但人們心目中的聖杯是當有 iPhone 5G 時。

And to the extent of that, the timing of that product becomes clear.

在某種程度上，該產品的時機變得清晰。

I think we certainly think that will help overall adoption of 5G and drive demand for the service, probably very similar to when the product initially came out and made the transition to 3G, that drove a big cycle.

我認為我們當然認為這將有助於 5G 的整體採用並推動對服務的需求，這可能與產品最初問世並過渡到 3G 時非常相似，從而推動了一個大周期。

And we've seen cycles subsequently from 3G to LTE to 5G.

我們隨後看到了從 3G 到 LTE 再到 5G 的周期。

So I think there's a number of positive data points.

所以我認為有許多積極的數據點。

Certainly, we get more and more encouraged about the adoption of the technology.

當然，我們越來越受到採用該技術的鼓勵。

And then there are other things going on.

然後還有其他事情發生。

There is spectrum licenses in India and other countries.

印度和其他國家有頻譜許可證。

And I think we're just going to see a continued sort of evolution of various countries around the world deploying.

而且我認為我們只會看到世界各國部署的持續演變。

But for us, it's really Korea, Japan, United States and then to some extent, depending on when India decides to kick in, our lead customer has always had a strong presence in that region.

但對我們來說，實際上是韓國、日本、美國，然後在某種程度上，取決於印度何時決定加入，我們的主要客戶在該地區一直有很強的影響力。

But again, content, you should assume, unless there's some very high adoption of massive MIMO in a particular region, should be very similar to the numbers we've been talking about.

但是，內容，你應該假設，除非在特定地區有非常高的大規模 MIMO 採用率，否則應該與我們一直在談論的數字非常相似。

Okay.

好的。

Very helpful.

非常有幫助。

I guess as my follow-up, now that Avera is closed, can you talk a bit about the strategy to try to bring their -- I guess, your #1 customer there in-house on the ASP side?

我想作為我的後續行動，現在 Avera 已經關閉，您能否談談嘗試帶來他們的策略 - 我想，您的第一大客戶在 ASP 方面是內部的？

Well, what I'd say is in what's resonating well is that the -- across all of, quite frankly, our combined Tier 1 5G customers and base station customers is that our end-to-end portfolio, our offering is second to none, okay.

好吧，我要說的是引起共鳴的是，坦率地說，我們的 1 級 5G 客戶和基站客戶的總和是我們的端到端產品組合，我們的產品是首屈一指的， 好的。

I mean, there's not another company that has all of these various pieces under one roof, right, from baseband IP to transport processing IP, fronthaul connectivity, obviously, DET and now we're getting very strong DFE experience and capability from Avera and plus some of the massive MIMO efforts we're putting in.

我的意思是，沒有另一家公司將所有這些不同的部分都集中在一個屋簷下，對，從基帶 IP 到傳輸處理 IP，前傳連接，很明顯，DET，現在我們從 Avera 和 plus 那裡獲得了非常強大的 DFE 經驗和能力我們正在投入的一些大規模 MIMO 工作。

So that I would say, across the board, has resonated extremely well, that entire data chain being able to be provided by Marvell.

所以我想說，整個數據鏈都產生了非常好的共鳴，Marvell 能夠提供整個數據鏈。

And so certainly, we're engaged both with the Avera customer base as well as the Marvell customer base and presenting it as one unified strategy.

當然，我們同時與 Avera 客戶群和 Marvell 客戶群合作，並將其作為一個統一的戰略呈現。

There's no specific update on an existing customer.

現有客戶沒有具體更新。

But I will say, just having brought Avera on board recently, I mean, we've already gotten RFQs from several customers that were new customers for Avera, right, and we're bringing those Marvell relationships in.

但我要說的是，最近剛剛加入了 Avera，我的意思是，我們已經從幾個客戶那裡獲得了 RFQ，這些客戶是 Avera 的新客戶，對，我們正在引入這些 Marvell 關係。

So we're still early days, but certainly, to be effectively a month in and be already engaged in these types of discussions is very encouraging to me.

所以我們還處於早期階段，但可以肯定的是，有效地參與一個月並已經參與這些類型的討論對我來說非常鼓舞人心。

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。

I wonder if you could talk a little bit about the Thunder opportunity.

我想知道你能否談談雷霆隊的機會。

You talked in the main remarks about the update for Microsoft, which was good to see.

你在主要評論中談到了微軟的更新，很高興看到。

How do you size that potential?

你如何衡量這種潛力？

And what are the prospects for other customers, both with domestic cloud and also in China for that.

其他客戶的前景如何，無論是在國內還是在中國。

Sure.

當然。

So let me give a big picture first, and then we can frame our opportunity.

所以讓我先給出一個大圖，然後我們可以構築我們的機會。

So I think one positive thing, certainly out of the supercomputing conference [this year], and you can even look as recently as the last couple of days with Amazon's events.

所以我認為一件積極的事情，肯定是 [今年] 超級計算會議，你甚至可以看看最近幾天亞馬遜的活動。

It's pretty clear that the ecosystem for ARM-based server-class CPUs continues to grow.

很明顯，基於 ARM 的服務器級 CPU 的生態系統繼續增長。

I mean, certainly, in the couple of years we've had the business or even less, there's been tremendous progress there.

我的意思是，當然，在我們開展業務的幾年甚至更少的時間裡，那裡取得了巨大的進步。

And so we look at it, one, as a positive that there's a number of different solutions now that are coming to market.

因此，我們將其視為一個積極因素，即現在有許多不同的解決方案即將上市。

The partnership with NVIDIA.

與 NVIDIA 的合作夥伴關係。

It's been significant.

這很重要。

And I think the ability to go work, interoperate with them, certainly in the exascale type of opportunities is a big deal.

而且我認為能夠去工作，與他們進行互操作，當然在百億億級的機會中是很重要的。

We were pleased to announce that we -- progress on the Microsoft front and that we put out the joint press release.

我們很高興地宣布，我們在微軟方面取得了進展，並且我們發布了聯合新聞稿。

And we certainly see that -- those deployments starting initially in the early part of next year and ramping in the second half.

我們當然看到了——這些部署最初在明年年初開始，並在下半年逐漸增加。

I think it's a little bit early to call the size and the slope.

我認為現在說尺寸和斜率有點早。

But clearly, we're encouraged that we've gone through the gauntlet of qualifications and joint development there over the last couple of years, it's been a great partnership, and we're looking forward to this ramping into production in the second half.

但很明顯，我們感到鼓舞的是，在過去的幾年裡，我們在那裡經歷了資格認證和聯合開發的考驗，這是一個很好的合作夥伴關係，我們期待著在下半年投入生產。

And I think everybody knows the sort of size of the server CPU market is deca billions of dollars.

我想每個人都知道服務器 CPU 市場的規模有數十億美元。

I mean, at our own Analyst Day, we said the subset of that, that we were going after was probably in the range of $4 billion or so of SAM just as a subset.

我的意思是，在我們自己的分析師日，我們說過我們所追求的那一部分可能是 SAM 的 40 億美元左右，只是作為一個子集。

So still remains a big opportunity, still lucrative, but we'll probably give more color as we approach production ramps to be able to give you a sense of what that should look like.

所以仍然是一個巨大的機會，仍然有利可圖，但隨著我們接近生產坡道，我們可能會提供更多顏色，以便讓您了解它應該是什麼樣子。

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。

On your second Fusion customer for 5G base stations, they've made some commentary in wanting to pull in their development schedules and accelerate their time to market with their 5G platforms.

在您的第二個 5G 基站 Fusion 客戶中，他們發表了一些評論，希望縮短開發計劃並加快 5G 平台的上市時間。

The Fusion program is a semi-custom program.

Fusion 程序是一個半定製程序。

So I think that there's only so much that you guys can do to kind of pull in these type of products.

所以我認為你們只能做很多事情來吸引這類產品。

But do you see the potential for possibly pulling in the production ramp into fiscal Q3?

但是您是否認為第三季度有可能將產量提升到第三季度？

And then on future programs with this customer, which you already seem to be engaged with, what's the potential of increasing your dollar content to include things like OCTEON embedded for control and data plane, your Ethernet products, your radio head content from both core Marvell and Avera.

然後在您似乎已經參與的與該客戶的未來計劃中，增加您的美元內容以包括諸如用於控制和數據平面的嵌入式 OCTEON、您的以太網產品、來自 Marvell 核心的無線電頭內容的潛力是什麼和阿維拉。

Sure.

當然。

Well, thanks for the question.

嗯，謝謝你的問題。

So I think the way I'd frame it at a high level is, if you look at our lead customer, and I noted some of the statistics about how fast we were able to bring them to production and just the overall development cycle time.

所以我認為我在高層次上構建它的方式是，如果你看看我們的主要客戶，我注意到一些關於我們能夠以多快的速度將它們投入生產以及整個開發週期時間的統計數據。

I think that was one compelling reason why we were chosen.

我認為這是我們被選中的一個令人信服的原因。

And the second opportunity was really the confidence in the team's ability to dramatically improve the historical cycle times of getting types of ASICs out in general in the base station market.

第二個機會實際上是對團隊能夠顯著改善在基站市場上普遍推出各種 ASIC 的歷史週期時間的信心。

And so we've got some really strong proof points.

所以我們有一些非常有力的證據。

I think -- and we're executing extremely well to the aggressive schedule that we had committed to upfront for the second customer.

我認為 - 我們在為第二個客戶預先承諾的積極時間表上執行得非常好。

We certainly have proved our team's capability to the extent that if people want to try to go earlier then we would certainly do everything we could.

我們當然已經證明了我們團隊的能力，如果人們想早點去，那麼我們肯定會盡我們所能。

We're currently on track to sample the product, tape-out sample production in line with what we've been saying and that's currently the plan of record.

我們目前正在按計劃對產品進行抽樣，按照我們一直在說的進行流片生產，這是目前的記錄計劃。

But we're always very sensitive when our customers want to go faster and the extent that they -- we could mutually align on that we would.

但是，當我們的客戶想要更快的速度以及他們想要的程度時，我們總是非常敏感——我們可以相互協調一致。

But at this point, we are committed -- we already committed a pretty aggressive schedule, to begin with.

但在這一點上，我們已經承諾了——我們已經承諾了一個非常激進的時間表，首先。

And so that's what we're sticking to.

這就是我們所堅持的。

On the second part of the question, at least so far, because the partnership has been strong and the engagement -- and we've been delivering to what we said.

關於問題的第二部分，至少到目前為止，因為合作夥伴關係和參與度一直很強，而且我們一直在兌現我們所說的。

Any time you do that with a customer, it opens up opportunities.

每當您與客戶這樣做時，都會帶來機會。

And so again, you kind of nailed it between OCTEON for the transport, full ASIC capability for DFE and the ability to add even some Marvell IP in there massive MIMO, Ethernet, fronthaul connectivity, it's a pretty compelling portfolio.

再一次，您在 OCTEON 傳輸、DFE 的完整 ASIC 功能以及在大規模 MIMO、以太網、前傳連接中添加甚至一些 Marvell IP 的能力之間找到了它，這是一個非常引人注目的產品組合。

So we're hopeful to continue to win more business across the board.

因此，我們希望繼續全面贏得更多業務。

And certainly, the best way we can do that is live up to our promises and execute really thoroughly to what we commit to, and that's what we're intending on doing, at least with this current opportunity.

當然，我們能做到這一點的最好方法是兌現我們的承諾並真正徹底地執行我們的承諾，這就是我們打算做的事情，至少在目前的機會下。

And then on storage.

然後在存儲上。

Last quarter, I believe you guys were still shipping under consumption in the storage business.

上個季度，我相信你們在存儲業務中仍然處於消耗狀態。

And so still some room to get back to normal consumption levels.

所以仍有一些空間可以恢復到正常的消費水平。

On top of that, I think that you're ramping pretty strongly into your 2 customers, nearline 16-terabyte HDD programs, and that's looking to be a pretty strong tailwind for them in the first half of next year.

最重要的是，我認為您正在大力發展您的 2 個客戶，即近線 16 TB 硬盤程序，這對他們來說將是明年上半年的強勁動力。

Your enterprise SSD platforms are doing well.

您的企業 SSD 平台運行良好。

Cloud spending is accelerating.

雲支出正在加速。

So help us understand why the business on a sequential basis, doesn't seem to be growing in the January quarter?

因此，請幫助我們了解為什麼按順序計算的業務在 1 月季度似乎沒有增長？

Sure.

當然。

Yes, I think you nailed the growth drivers pretty well.

是的，我認為你很好地抓住了增長動力。

And certainly, I think the effort, candidly, that we put in over the last 3 years to really repivot this storage business and focus on the cloud and enterprise and get those design wins and get the products developed and get them ramped, that's all starting to play out, and that's helping offset what we see as pretty continued weakness both in the client side, I think there's been some pretty well-telegraphed challenges on the CPU front in terms of ability to build enough notebooks.

當然，坦率地說，我認為我們在過去 3 年中為真正重振存儲業務、專注於雲計算和企業、獲得設計勝利、開發產品和提升產品而付出的努力，這一切都開始了發揮作用，這有助於抵消我們認為在客戶端方面相當持續的弱點，我認為在構建足夠筆記本電腦的能力方面，CPU 方面存在一些相當明顯的挑戰。

That hasn't helped anybody.

這對任何人都沒有幫助。

Certainly, the drive companies and the end OEMs.

當然，驅動器公司和終端 OEM。

I think also the export restrictions in the bands relative to some of the Chinese OEMs in the video surveillance area.

我認為還有一些中國 OEM 在視頻監控領域的出口限制。

Clearly, those video surveillance cameras and devices have a tremendous amount of storage attached to them and that's [-- although] it got some impact.

顯然，這些視頻監控攝像頭和設備附有大量存儲空間，這 [-- 儘管] 它產生了一些影響。

That's a derivative impact.

那是衍生的影響。

We don't sell directly into those companies, but we sell to drive companies that may or may not have business there, and that's certainly a weakness, too.

我們不直接向這些公司出售產品，但我們出售產品是為了推動那些可能在那裡開展業務或沒有業務的公司，這當然也是一個弱點。

So I think we see these edge and client markets being fairly soft and then offsetting it or even in the case of Q3 more than offset it was strong growth on these product cycles and the tailwinds that you mentioned.

所以我認為我們看到這些優勢和客戶市場相當疲軟，然後抵消了它，甚至在第三季度的情況下，抵消了這些產品週期的強勁增長和你提到的順風。

And so what we're going to continue to do is continue to execute our strategy.

因此，我們將繼續做的是繼續執行我們的戰略。

We've been putting all of our R&D efforts into the markets that are growing today.

我們一直在將我們所有的研發努力投入到當今正在增長的市場中。

And where we can control our destiny on research and development and product execution, we will.

在我們可以控制研發和產品執行的命運的地方，我們會的。

Some of these other things like PC CPU shortages or government bans on -- it's hard for us to influence those.

其中一些其他事情，例如 PC CPU 短缺或政府禁令——我們很難影響這些事情。

All we can do is manage around it and where we can control our destiny.

我們所能做的就是圍繞它進行管理以及我們可以控制自己命運的地方。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡。

I guess the first question, Jean, is maybe, if not, some qualitative, at least some quantitative commentary around what the long-term financial model will look like for the new company.

我想第一個問題，Jean，如果不是的話，可能是一些定性的，至少是一些關於新公司的長期財務模型的定量評論。

You were saying before you could get about 66% gross margin and sort of 30% to 32% OpEx target.

你之前說過你可以獲得大約 66% 的毛利率和大約 30% 到 32% 的運營支出目標。

I know gross margin, you said it will be back above 63% exiting fiscal 2021.

我知道毛利率，你說它會在 2021 財年退出 63% 以上。

But where should we kind of think about sort of the upside beyond the 63% and sort of where OpEx can go in with sort of the new company here?

但是，我們應該在哪裡考慮超過 63% 的上行空間以及 OpEx 可以與這裡的新公司一起進入的地方？

Yes, Tim, thanks for the question.

是的，蒂姆，謝謝你的提問。

I think in the longer term, we're quite confident it will continue to drive the gross margin expansion with the combined portfolio, especially, we are very much focusing infrastructure market, as Matt mentioned, we have a very broad portfolio.

我認為從長遠來看，我們非常有信心它將繼續通過合併的產品組合推動毛利率的增長，特別是，我們非常關注基礎設施市場，正如馬特所說，我們擁有非常廣泛的產品組合。

Overall, as I said earlier, gross margin are impacted by both level of revenue and product mix.

總體而言，正如我之前所說，毛利率受到收入水平和產品組合的影響。

When we recover from the current revenue level and continue to expand, especially with the 5G ramp and other new product cycles unique to Marvell in the second half next year, we do see with the revenue level going up, that will help improve our gross margin and the progress is [toward] that target level.

當我們從目前的收入水平恢復並繼續擴張時，尤其是明年下半年 Marvell 的 5G 斜坡和其他新產品週期，我們確實看到收入水平上升，這將有助於提高我們的毛利率並且進展是[朝著]那個目標水平。

On the operating margin side, we continue to focus on operating margin expansion.

在營業利潤率方面，我們繼續關注營業利潤率的擴大。

So our focus is definitely is the same operating margin target like before.

所以我們的重點絕對是和以前一樣的營業利潤率目標。

We continue to manage the SG&A cost to make sure it's below 7% of revenue.

我們繼續管理 SG&A 成本，以確保其低於收入的 7%。

And R&D, that's -- the investment is very important for us to drive the longer-term profitable growth.

研發，那是 - 投資對於我們推動長期盈利增長非常重要。

And so we continue to invest in our business.

因此，我們繼續投資於我們的業務。

So once our revenue level going up, our model is highly leverageable, we'll get to our operating model quickly.

因此，一旦我們的收入水平上升，我們的模式具有高度的槓桿作用，我們將迅速進入我們的運營模式。

Got it, Jean.

明白了，簡。

And then, I guess, Matt, maybe can you give us some sense, I know maybe you don't want to give us a number.

然後，我想，馬特，也許你能給我們一些感覺，我知道你可能不想給我們一個數字。

But of the $288 million in storage, can you give us a sense of how much is SSD sort of on a relative basis?

但是，在 2.88 億美元的存儲空間中，您能否讓我們了解一下 SSD 的相對價值是多少？

And maybe from a competitive point of view, how much do you worry about the threat of your customers who continue to try to actively displace you there?

也許從競爭的角度來看，您對繼續試圖積極取代您的客戶的威脅有多大擔憂？

I mean, how real is that?

我的意思是，這有多真實？

Sure.

當然。

Yes, Tim, I think the way to think about our storage business is, in we actually -- I think you've followed this.

是的，蒂姆，我認為考慮我們的存儲業務的方式實際上是——我認為你已經遵循了這一點。

We made the pivot, which we thought was more appropriate.

我們做了支點，我們認為這更合適。

Back when we closed Cavium, we added fiber channel in.

當我們關閉 Cavium 時，我們添加了光纖通道。

We did our Analyst Day, and we really decided to talk about the business more in terms of end market orientation, enterprise and data center versus client just because from an R&D standpoint, that's where we invest.

我們舉辦了分析師日，我們真的決定更多地從終端市場導向、企業和數據中心與客戶的角度來討論業務，因為從研發的角度來看，這就是我們投資的地方。

We look at it from an end market application point of view, not so much how much do we want to spend in x, y, z product line.

我們從終端市場應用的角度來看，與其說我們想在 x、y、z 產品線上花多少錢。

So again, I think the commentary I gave to Harlan, a few questions ago was probably the way you should think about it, which is we're executing well to our strategy on the enterprise and the data center, so -- and that continues to grow as a percentage of our total storage which is encouraging.

再說一次，我認為我在幾個問題之前給 Harlan 的評論可能是您應該考慮的方式，即我們在企業和數據中心的戰略上執行得很好，所以 - 並且繼續增長占我們總存儲量的百分比，這是令人鼓舞的。

On the competitive threat side, I'd say a couple of things.

在競爭威脅方面，我想說幾件事。

One is, at the Analyst Day, we did about a year ago, what we said was look, we acknowledged that verticalization is occurring, in particular, in client area, and in particular, in the -- we believe that the low end portion of the PC market was probably the place where we would see the most traction from our NAND customers who wanted to go vertical.

一個是，在分析師日，我們大約一年前做了，我們說的是看，我們承認垂直化正在發生，特別是在客戶領域，特別是在 - 我們認為低端部分PC 市場可能是我們從想要走向垂直市場的 NAND 客戶那裡看到最大吸引力的地方。

And we've seen that play out.

我們已經看到了這種情況。

Now we weren't necessarily putting much, if any, R&D in that area.

現在，我們不一定會在該領域投入太多（如果有的話）研發。

And so we've just been managing that trend.

所以我們一直在管理這一趨勢。

What we're encouraged by, and that's actually why we purposely called out, the product we just introduced our first 12-nanometer product is it's a standalone controller, and I would call it, for the higher end of the market.

我們感到鼓舞的是，這實際上就是為什麼我們特意指出，我們剛剛推出的第一個 12 納米產品是一個獨立的控制器，我稱之為高端市場。

But really, what we are able to leverage is for the DIY opportunities.

但實際上，我們能夠利用的是 DIY 機會。

It's the same process nodes, same IP set just customized very specifically for an application.

它是相同的流程節點，相同的 IP 集，只是為應用程序專門定制的。

And that market, that business, that -- this DIY concept, which was really more of a concept actually when we first talked about it in 2017, that's become real.

那個市場，那個業務，那個——這個 DIY 概念，實際上當我們在 2017 年第一次談論它時，它實際上更像是一個概念，這已經成為現實。

And now we're even saying in Q3 of next year, we expect a sharp revenue ramp as a result of that business model catching on in the cloud and beyond.

現在我們甚至在明年第三季度說，由於這種商業模式在雲及其他領域的流行，我們預計收入將大幅增長。

And I think that trend, we're going to continue to see.

我認為這種趨勢，我們將繼續看到。

And we look like a really good choice there because the end customers want a supplier who actually has deep experience working with other people's NAND.

而且我們在那裡看起來是一個非常好的選擇，因為最終客戶想要一個真正具有與其他人的 NAND 合作的豐富經驗的供應商。

And so when you -- if you were an end OEM, and you wanted to get a NAND supplier with their own controller team to go start working with everybody else's NAND, that probably isn't going to happen because nobody really wants to share their inner workings of how their product interoperates.

因此，如果您是最終 OEM，並且您希望擁有自己的控制器團隊的 NAND 供應商開始與其他人的 NAND 合作，那可能不會發生，因為沒有人真的想分享他們的他們的產品如何互操作的內部運作。

So we think the DIY trend is real, it's growing in importance to us, and so we're going to take a standard product approach that gets us the IP we need, so we can go do that.

所以我們認為 DIY 趨勢是真實存在的，它對我們越來越重要，所以我們將採用標準產品方法來獲得我們需要的 IP，這樣我們就可以去做。

But to the extent we can produce a standard product out of it, that's got broad market appeal that can fit certain swimlanes or SKUs of our end customers, where they don't have the capability or the capacity of the design team internally to do it, then we would be a good supplier.

但就我們可以用它生產標準產品而言，它具有廣泛的市場吸引力，可以適合我們最終客戶的某些泳道或 SKU，而他們內部沒有設計團隊的能力或能力來做到這一點，那麼我們將是一個很好的供應商。

So the bottom line is we see our SSD business growing through DIY and others on an ongoing basis from starting at this point going out through next year and beyond, driven by some of these trends that I articulated.

因此，底線是我們看到我們的 SSD 業務通過 DIY 和其他業務持續增長，從現在開始到明年及以後，受我所闡述的其中一些趨勢的推動。

Our last question comes from Chris Caso of Raymond James.

我們的最後一個問題來自 Raymond James 的 Chris Caso。

The first question is regarding the Fusion radio headwind that you talked about.

第一個問題是關於你談到的 Fusion 無線電逆風。

If you could give a little more color on that?

如果你能給它更多的顏色？

And assuming that's incremental to the revenue run rates you're running in 5G right now?

並假設這是您現在在 5G 中運行的收入運行率的增量？

And perhaps talk about some timing and magnitude of when that ramp occurs?

或許可以談談斜坡發生的時間和幅度？

Yes.

是的。

Sure, Chris.

當然，克里斯。

So the way to think of it is we have a customer take our prior generation fusion and because of the architecture and the scalability of the programmability, right?

所以考慮它的方式是我們有一個客戶採用我們的上一代融合，並且因為架構和可編程性的可擴展性，對嗎？

They were actually able to implement it and go into production fairly quickly.

他們實際上能夠實施它並相當快地投入生產。

And so that's in our current run rate model today.

這就是我們今天當前的運行率模型。

Just to clarify, the next-gen that we won adds more functionality.

澄清一下，我們贏得的下一代增加了更多功能。

And so as a result, actually, the higher ASP -- so when that product kicks in, which would be in the early part of 2021 in production, I mean we're going to get the whole development done in calendar '20.

因此，實際上，更高的 ASP - 所以當該產品開始生產時，也就是在 2021 年初投入生產時，我的意思是我們將在 20 年日曆上完成整個開發。

So when that ramps in calendar '21, certainly, that's some incremental revenue to us.

因此，當這在 21 年日曆中增加時，當然，這對我們來說是一些增量收入。

What I would say is that the dark horse is what's the adoption of massive MIMO going to be.

我想說的是，大規模 MIMO 的採用將成為黑馬。

And I think to the extent that massive MIMO does better, that's certainly going to be an opportunity.

我認為如果大規模 MIMO 做得更好，那肯定是一個機會。

And then beyond that, this is a trend we see.

除此之外，這是我們看到的趨勢。

So this wasn't just one customer who has their own kind of concept about how to do this.

因此，這不僅僅是一位對如何做到這一點有自己的概念的客戶。

We very much see the trend of purpose-built optimized silicon in the radio head, not only at the customer that we're engaged with today.

我們非常看到無線電頭中專用優化矽的趨勢，不僅在我們今天接觸的客戶中。

But at multiple other customers and including a very strong engagement we have already with a second customer today to do something very similar.

但是在其他多個客戶中，包括非常強大的參與度，我們今天已經與第二個客戶進行了非常相似的事情。

So it's a trend, we see it, and we think we're very well positioned to take advantage of it with future design wins beyond our lead customer with this type of architecture.

所以這是一種趨勢，我們看到了，我們認為我們已經做好了充分的準備，可以利用這種架構在未來的設計中贏得超越我們主要客戶的勝利。

And as a follow-up on the Aquantia business, you talked about getting back to $100 million revenue run rate in that business.

作為 Aquantia 業務的後續行動，您談到該業務的收入運行率恢復到 1 億美元。

Is that just a function of customers burning off inventory and getting back to normal shipments?

這僅僅是客戶燒掉庫存並恢復正常出貨的功能嗎？

And what are the prospects of growing that business beyond the $100 million level?

將該業務發展到 1 億美元以上的前景如何？

Yes.

是的。

Yes, Chris, I think it's a combination.

是的，克里斯，我認為這是一個組合。

One is inventory digestion and getting back to a normalized run rate.

一是消化庫存並恢復正常運行率。

And then the second is, new design wins that Aquantia had already secured prior to us -- prior to the acquisition, their pipeline was pretty strong when we acquired them and certainly, I think it goes without saying what the reception for the combination has been very strong, both by the enterprise customer base as well as the automotive customer base.

第二個是，Aquantia 在我們之前已經獲得了新設計的勝利——在收購之前，當我們收購它們時，他們的管道非常強大，當然，我認為不言而喻對組合的接收非常強大，無論是企業客戶群還是汽車客戶群。

I mean on the enterprise side, the view is it creates a much stronger scaled up Fi team with best-in-class technology from both Marvell and Aquantia, and we've got that team fully integrated now under Faraj's leadership.

我的意思是在企業方面，它的觀點是它使用 Marvell 和 Aquantia 的一流技術創建了一個更強大的擴展 Fi 團隊，我們現在已經讓這個團隊在 Faraj 的領導下完全整合。

And on the automotive side, where we have really, by far, the most compelling end-to-end portfolio from all the way from 100 megabit Fis to roadmap at 10-gig and beyond over copper with switches and multiple configurations, port counts and a substantially scaled up R&D team to go deliver to what that market needs.

在汽車方面，到目前為止，我們確實擁有最引人注目的端到端產品組合，從 100 兆位 Fis 到 10 千兆位及更高的銅纜路線圖，具有開關和多種配置、端口數和一個大幅擴大的研發團隊，以滿足市場的需求。

So I think I'd just say it's a combination of wins that they already had, new wins we're getting.

所以我想我只想說這是他們已經獲得的勝利的組合，我們正在獲得新的勝利。

And then certainly, the inventory correction that a lot of folks went through from the first half to the second half.

當然，還有很多人從上半年到下半年經歷的庫存調整。

That's starting to play itself out as well as we head into the end of the year here.

隨著我們進入今年年底，這開始發揮作用。

At this time, I'd like to turn the call back over to Ashish Saran for closing remarks.

在這個時候，我想把電話轉回給 Ashish Saran 做閉幕詞。

Sir?

先生？

Thank you, everyone, for joining us today, and we look forward to seeing you at the upcoming Barclays Technology Conference in San Francisco.

謝謝大家今天加入我們，我們期待在即將在舊金山舉行的巴克萊技術大會上見到您。

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。