邁威爾科技 (MRVL) 2020 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q2 2020 Marvell Technology Group Earnings Conference Call.

女士們，先生們，美好的一天，歡迎參加 2020 年第二季度 Marvell 技術集團收益電話會議。

(Operator Instructions) As a reminder, today's conference call is being recorded for replay purposes.

（操作員說明）作為提醒，今天的電話會議正在錄音以供重播。

It is now my pleasure to turn the conference over to Mr. Ashish Saran, Head of Investor Relations at Marvell.

現在我很高興將會議轉交給 Marvell 投資者關係主管 Ashish Saran 先生。

You may begin.

你可以開始了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

歡迎參加 Marvell 2020 財年第二季度財報電話會議。

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。

Thanks, Ashish, and good afternoon, everyone.

謝謝，Ashish，大家下午好。

During the second quarter of fiscal 2020, Marvell delivered solid results with revenue above the midpoint of guidance despite the challenging macroeconomic environment creating weakness across several end markets and the impact from the current export restrictions on Huawei.

在 2020 財年第二季度，儘管充滿挑戰的宏觀經濟環境導致多個終端市場疲軟以及當前出口限制對華為的影響，Marvell 仍實現了穩健的業績，收入高於指導的中點。

We expect both of these factors to continue to impact us in the third quarter, but as we'll discuss, we remain well positioned to capitalize on infrastructure opportunities spanning 5G, data center, enterprise and automotive applications as we look forward to our next fiscal year.

我們預計這兩個因素將在第三季度繼續影響我們，但正如我們將討論的那樣，我們仍然有能力利用跨越 5G、數據中心、企業和汽車應用的基礎設施機會，因為我們期待下一個財政年度年。

Specifically, revenue for the quarter was $657 million, with a GAAP loss per share of $0.09.

具體來說，該季度的收入為 6.57 億美元，每股 GAAP 虧損為 0.09 美元。

Non-GAAP earnings per share was $0.16, slightly above the midpoint of our guidance driven by the higher revenue level and lower operating expenses.

非 GAAP 每股收益為 0.16 美元，略高於我們指引的中點，這是由於更高的收入水平和更低的運營費用。

GAAP operating expenses were $397 million, $22 million above the midpoint of guidance.

GAAP 運營費用為 3.97 億美元，比指導中點高 2200 萬美元。

Non-GAAP operating expenses were $280 million, $8 million below the midpoint of guidance.

非美國通用會計準則運營費用為 2.8 億美元，比指導中點低 800 萬美元。

We are continuing to prudently manage expenses as we navigate the industry downturn.

在行業低迷時期，我們將繼續審慎管理開支。

Keep in mind, this expense level reflects the complete realization of synergies we sought to capture from the Cavium acquisition, plus the incremental cost savings we outlined in December of last year.

請記住，這一費用水平反映了我們試圖從收購 Cavium 中獲得的協同效應的完全實現，以及我們在去年 12 月概述的增量成本節約。

I'm pleased to report that we delivered these expense reductions 2 quarters ahead of schedule.

我很高興地報告，我們提前兩個季度實現了這些費用削減。

This achievement is a testament to the operational platform we have established within Marvell and the disciplined approach we have implemented as part of our transformation, enabling us to aggressively invest in high-growth areas even within a smaller expense envelope.

這一成就證明了我們在 Marvell 內部建立的運營平台以及我們在轉型過程中實施的嚴格方法，使我們能夠在較小的支出範圍內積極投資於高增長領域。

Our integration track record will serve us well for the upcoming acquisitions of Aquantia and Avera as well as the divestiture of our Wi-Fi business to NXP.

我們的整合記錄將為我們即將收購 Aquantia 和 Avera 以及將我們的 Wi-Fi 業務剝離給 NXP 提供良好的服務。

As we look forward, we are preparing for significant new product ramps within our infrastructure markets, particularly 5G, providing strong growth catalysts and secular positive offsets to the weakness across the broader semiconductor industry.

展望未來，我們正在為基礎設施市場（尤其是 5G）中的重要新產品量產做準備，為整個半導體行業的疲軟提供強勁的增長催化劑和長期的積極抵消。

Before I discuss our core businesses, I would like to provide an update on Marvell's executive team.

在討論我們的核心業務之前，我想先介紹一下 Marvell 執行團隊的最新情況。

Recall that back in May, Tom Lagatta, our current Head of Global Sales, announced his decision to retire later this year.

回想一下，5 月份，我們現任全球銷售主管 Tom Lagatta 宣布了他今年晚些時候退休的決定。

I'm very pleased to announce that we are promoting Dean Jarnac to Senior Vice President and Head of Global Sales for Marvell.

我很高興地宣布，我們將提拔 Dean Jarnac 為 Marvell 高級副總裁兼全球銷售主管。

Dean joined us in 2017 as our VP of North America Sales and Global Distribution and previously held positions of increasing sales responsibilities at Samsung, Broadcom, Freescale, Altera and AMD.

Dean 於 2017 年加入我們，擔任北美銷售和全球分銷副總裁，此前曾在三星、博通、飛思卡爾、Altera 和 AMD 擔任越來越多的銷售職務。

Dean is an ideal candidate to assume the strategic leadership role given his demonstrated success in building strong customer partnerships and managing global organizations.

Dean 是擔任戰略領導角色的理想人選，因為他在建立強大的客戶合作夥伴關係和管理全球組織方面取得了成功。

He will be an invaluable addition to our executive team.

他將成為我們執行團隊的寶貴補充。

I would also like to recognize Tom for the enormous contributions he made in the transformation of Marvell.

我還要感謝 Tom 在 Marvell 轉型過程中做出的巨大貢獻。

Tom joined us at a critical juncture and built a strong global sales team, including the recruitment and mentoring of Dean.

Tom 在關鍵時刻加入了我們，並建立了一支強大的全球銷售團隊，包括 Dean 的招聘和指導。

We wish Tom all the best as he returns to retirement.

我們祝愿湯姆在退休後一切順利。

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, down 3% sequentially, with seasonal growth in Wi-Fi products more than offset by the U.S. government's export restrictions on Huawei and the pause in demand from our base station OEMs as they transition from 4G to 5G.

首先，在我們的網絡業務中，本季度收入為 3.3 億美元，環比下降 3%，Wi-Fi 產品的季節性增長被美國政府對華為的出口限制以及我們基站 OEM 的需求暫停所抵消。他們從 4G 過渡到 5G。

More importantly, I'm very pleased to report that strong execution by our engineering and operations teams, coupled with a very close relationship with our lead customer, is enabling us to launch our first 5G products, which include our fusion baseband and OCTEON-embedded processors and our Ethernet switches and PHYs into production in the third quarter ahead of plan.

更重要的是，我很高興地報告說，我們的工程和運營團隊的強大執行力，加上與我們的主要客戶的非常密切的關係，使我們能夠推出我們的第一批 5G 產品，其中包括我們的融合基帶和 OCTEON 嵌入式處理器以及我們的以太網交換機和 PHY 提前在第三季度投入生產。

This early production start gives us and our customer further confidence in ramping up in the fourth quarter.

這種早期的生產開始使我們和我們的客戶對第四季度的產量更有信心。

In fact, our 5G silicon is enabling our lead customer to deploy trial base stations this quarter in Tokyo to light up their Olympic Village in preparation for next summer's Games.

事實上，我們的 5G 芯片使我們的主要客戶能夠在本季度在東京部署試驗基站，以照亮他們的奧運村，為明年夏天的奧運會做準備。

Additionally, we are on track for our customer to start deploying fusion processors for massive MIMO offload in remote radio heads in the fourth fiscal quarter.

此外，我們的客戶有望在第四財季開始在遠程無線電頭端部署融合處理器以實現大規模 MIMO 卸載。

Even more exciting, we have secured another strategic design win at our lead customer with our follow-on baseband solution in the next technology process node to provide additional processing capacity within a smaller power envelope for their next-generation 5G base stations.

更令人興奮的是，我們通過我們在下一個技術工藝節點中的後續基帶解決方案在我們的主要客戶那裡獲得了另一項戰略設計勝利，以便在更小的功率範圍內為他們的下一代 5G 基站提供額外的處理能力。

This win builds upon our very successful multiyear partnership, where we provide advanced baseband processors, enabling our customer to drive higher performance, lower power and faster time-to-market.

這一勝利建立在我們非常成功的多年合作夥伴關係之上，我們提供先進的基帶處理器，使我們的客戶能夠推動更高的性能、更低的功耗和更快的上市時間。

In addition, fusion baseband development for our second Tier 1 base station OEM is also proceeding on schedule, and we remain on track to sample early next fiscal year and ramp production at the end of next fiscal year.

此外，我們第二個一級基站 OEM 的融合基帶開發也在按計劃進行，我們將繼續按計劃在下個財年初進行樣品測試，並在下個財年末開始量產。

Based on the design wins we have secured so far in using industry analyst forecasts for base station units while holding our customers' market share at their current positions, we estimate that in a few years, our 5G revenue potential can exceed $600 million per year.

根據我們迄今為止在使用行業分析師對基站單元的預測同時將客戶的市場份額保持在當前位置上所獲得的設計勝利，我們估計在幾年內，我們的 5G 收入潛力每年可超過 6 億美元。

Of course, our revenue potential can flex above this if our lead customer is able to gain share as they drive towards their long-term goals and from additional design wins, which we are currently pursuing within our comprehensive 5G platform to address baseband, transport, switching, fronthaul and massive MIMO opportunities at multiple base station OEMs.

當然，如果我們的主要客戶能夠在實現其長期目標的過程中獲得份額，並從額外的設計勝利中獲得份額，我們的收入潛力可以超過這一點，我們目前正在我們的綜合 5G 平台中尋求解決基帶、傳輸、多個基站 OEM 的交換、前傳和大規模 MIMO 機會。

Further, next calendar year is expected to be the inflection point for 5G adoption, with industry analysts such as Dell'Oro projecting 5G macro base station penetration to grow from about 10% this year, to rapidly increase to 38% next year and then on to 55% in calendar year 2021.

此外，預計下一個日曆年將成為 5G 採用的拐點，Dell'Oro 等行業分析師預計 5G 宏基站滲透率將從今年的 10% 左右增長到明年的 38%，然後再增長在 2021 日曆年達到 55%。

Moving on from base stations to our enterprise and data center markets, our revenue grew sequentially driven by stronger-than-expected demand from our Chinese customers who have not been impacted by export restrictions.

從基站轉向我們的企業和數據中心市場，我們的收入連續增長，這是由於我們的中國客戶的需求強於預期，這些客戶沒有受到出口限制的影響。

However, these markets have remained generally soft.

然而，這些市場總體上仍然疲軟。

Therefore, we believe that some of our relative strength could be due to these customers building inventory to guard against any future supply chain disruptions.

因此，我們認為我們的一些相對優勢可能是由於這些客戶建立庫存以防止任何未來的供應鏈中斷。

Nevertheless, on the new product front, our refreshed Ethernet products continue to win new designs, which will drive multiyear growth.

儘管如此，在新產品方面，我們更新的以太網產品繼續贏得新設計，這將推動多年增長。

Our PHY team had a very strong quarter, with multiple design wins in 3 separate platforms at a Tier 1 U.S. networking OEM.

我們的 PHY 團隊有一個非常強勁的季度，在美國一級網絡 OEM 的 3 個獨立平台上獲得了多項設計勝利。

These include gigabit and 10-gigabit copper PHYs for a very high-volume enterprise access switch, 25-gigabit optical PHYs for a high-capacity enterprise access switch and 56-gigabit PAM4 optical PHYs for an enterprise aggregation switch.

其中包括用於超大容量企業接入交換機的千兆和 10 吉比特銅纜 PHY、用於大容量企業接入交換機的 25 吉比特光物理層和用於企業聚合交換機的 56 吉比特 PAM4 光物理層。

Equally exciting, I'm happy to announce the first strategic design wins for our 12.8-terabit switch platform which we had introduced earlier this year.

同樣令人興奮的是，我很高興地宣布我們今年早些時候推出的 12.8 太比特交換機平台的第一個戰略設計勝利。

The switch will be powering a next-generation firewall appliance from a Tier 1 networking OEM, and we have also secured an enterprise aggregation switch at a large Asian networking OEM.

該交換機將為來自一級網絡 OEM 的下一代防火牆設備供電，我們還為一家大型亞洲網絡 OEM 提供了企業聚合交換機。

These PHY and switch wins will go into production late next fiscal year, with the bulk of the ramp starting in fiscal year 2022.

這些 PHY 和交換機產品將在下個財年末投入生產，大部分產能將從 2022 財年開始。

In our automotive product line, as you may recall, earlier this year, we'd announced design wins with 16 automotive OEMs spanning Europe, North America and Asia.

您可能還記得，在我們的汽車產品線中，今年早些時候，我們宣布與橫跨歐洲、北美和亞洲的 16 家汽車原始設備製造商合作贏得設計大獎。

We have now started the initial ramp of our gigabit Ethernet secure switches and PHYs at some of these OEMs for their upcoming model year 2020 rollouts and expect to grow more substantially next fiscal year when we ramp the remaining majority of these design wins in support of model year 2021 launches.

我們現在已經在其中一些 OEM 開始了我們的千兆以太網安全交換機和 PHY 的初始階段，以便他們即將推出的 2020 車型年推出，並預計在下個財年我們會增加剩餘的大部分設計勝利以支持模型。 2021 年推出。

These multiple design wins were secured across a variety of applications, including infotainment, ADAS, telematics, central gateway and body domain controllers.

這些多項設計勝利在各種應用中得到保障，包括信息娛樂、ADAS、遠程信息處理、中央網關和車身域控制器。

The investments we made to establish in-house automotive-grade capabilities are now starting to pay off, and we recently achieved a key qualification, ASPICE level 2, an important software process development certification tailored specifically to the auto industry for developing high-quality embedded systems.

我們為建立內部汽車級能力所做的投資現在開始得到回報，我們最近獲得了一項關鍵資格，即 ASPICE 2 級，這是一項專門為汽車行業量身定制的重要軟件流程開發認證，用於開發高質量的嵌入式系統。

This represents a key differentiator versus our primary automotive Ethernet competitors.

這是與我們的主要汽車以太網競爭對手相比的關鍵區別。

We believe that our technology investments, which will be further enhanced by the multi-gig capabilities from the upcoming acquisition of Aquantia to have positioned us to become the leader in the automotive Ethernet connectivity market.

我們相信，我們的技術投資將通過即將收購 Aquantia 的多千兆能力進一步增強，使我們成為汽車以太網連接市場的領導者。

This market is projected to grow rapidly from a low base today to well over $0.5 billion over the next several years.

預計該市場將從今天的低基數迅速增長到未來幾年超過 5 億美元。

The steep trajectory is not driven by automotive unit growth but rather by the growing proliferation of high-speed in-vehicle networks, connecting the increasing number of sensors in cameras for driver assist and higher levels of autonomy as well as richer infotainment and more advanced telematic offerings.

陡峭的軌跡不是由汽車單元的增長驅動，而是由高速車載網絡的日益普及驅動，連接攝像頭中越來越多的傳感器以提供駕駛員輔助和更高水平的自主性，以及更豐富的信息娛樂和更先進的遠程信息處理供品。

The coming increase in bandwidth and the sheer number of endpoints, which need to be connected and shared, will require secure standards-based Ethernet fabric designed for speed and scalability.

即將到來的帶寬增加和需要連接和共享的大量端點將需要為速度和可擴展性而設計的基於安全標準的以太網結構。

In a few years, we believe that the overall automotive market can become another substantial growth engine for Marvell.

幾年後，我們相信整體汽車市場能夠成為 Marvell 的又一實質性增長引擎。

In addition to Ethernet connectivity, we see opportunity to leverage additional technologies such as our processing, security and custom design capabilities in the automotive market.

除了以太網連接之外，我們還看到了利用其他技術的機會，例如我們在汽車市場的處理、安全和定制設計能力。

Moving on to our outlook for the third quarter.

繼續我們對第三季度的展望。

We expect a low single-digit sequential decline in networking revenue.

我們預計網絡收入將出現低個位數的連續下降。

This outlook reflects softness in demand from the enterprise networking end market due to current macroeconomic conditions and in particular, a recent significant forecast production from a key enterprise networking customer as well as the seasonal decline in Wi-Fi, partially offset by growth from our base station products driven by the start of our 5G production shipments.

這一前景反映了企業網絡終端市場的需求疲軟，原因是當前的宏觀經濟狀況，特別是最近一個關鍵企業網絡客戶的重大預測產量以及 Wi-Fi 的季節性下降，部分被我們基數的增長所抵消站產品由我們的 5G 生產出貨量開始推動。

Turning to our storage business.

轉向我們的存儲業務。

Storage revenue for the second quarter came in above our expectations at $275 million, declining 1% sequentially, better than our guidance for mid-single-digit sequential decline.

第二季度的存儲收入為 2.75 億美元，高於我們的預期，環比下降 1%，好於我們對中個位數環比下降的預期。

As expected, our storage business was impacted by the export restriction on Huawei, but we benefited from stronger-than-expected demand from a broad set of storage controller customers in the HDD, SSD and fiber channel end markets.

正如預期的那樣，我們的存儲業務受到華為出口限制的影響，但我們受益於 HDD、SSD 和光纖通道終端市場的廣泛存儲控制器客戶的強於預期的需求。

It appears that previously elevated inventory levels have slowly started to subside at some of our storage controller customers.

在我們的一些存儲控制器客戶中，之前較高的庫存水平似乎已經開始緩慢下降。

We also believe that PC builds picked up in the second quarter with better CPU availability and that demand for high-capacity nearline drives also stabilized.

我們還認為，隨著 CPU 可用性的提高，第二季度 PC 生產量有所回升，並且對大容量近線驅動器的需求也趨於穩定。

Growing our revenue from the enterprise and data center market is a key strategic objective for Marvell, and to that end, we are now shipping in multiple nearline platforms, with capacities up to 16 terabytes.

增加來自企業和數據中心市場的收入是 Marvell 的一個關鍵戰略目標，為此，我們現在在多個近線平台上發貨，容量高達 16 TB。

In addition, I'm also pleased to announce that we now have a design win in the next-generation platform, targeting even higher capacity points well into the 20-plus terabyte range.

此外，我還很高興地宣布，我們現在在下一代平台上取得了設計勝利，目標是更高的容量點，達到 20 多 TB 的範圍。

Our storage controller team had a very strong showing at the recently concluded Flash Memory Summit, or FMS, where we introduced 2 breakthrough products, an NVMe over Fabric Ethernet SSD controller and a family of PCIe Gen 4 NVMe SSD controllers.

我們的存儲控制器團隊在最近結束的閃存峰會 (FMS) 上表現出色，我們推出了 2 款突破性產品，一個 NVMe over Fabric 以太網 SSD 控制器和一個 PCIe Gen 4 NVMe SSD 控制器系列。

We demonstrated both of these products as well as additional technology solutions, including artificial intelligence, SSDs, Fiber Channel over NVMe and centralized automotive storage at this premier industry event.

我們在這場重要的行業盛會上展示了這兩種產品以及其他技術解決方案，包括人工智能、SSD、基於 NVMe 的光纖通道和集中式汽車存儲。

Our Ethernet SSD controller enables an SSD to directly connect to an Ethernet network without the need to go through a host, such as a server.

我們的以太網 SSD 控制器使 SSD 能夠直接連接到以太網網絡，而無需通過服務器等主機。

Disruptive new data center architecture significantly reduces cost by eliminating power-hungry CPUs, smartNICs, DRAM, and PCIe switches, while also reducing latency, increasing throughput and lowering downtime due to SSD failures.

顛覆性的新數據中心架構通過消除耗電的 CPU、smartNIC、DRAM 和 PCIe 交換機顯著降低了成本，同時還減少了延遲、增加了吞吐量並減少了由於 SSD 故障而導致的停機時間。

These controllers fully integrate with Marvell's data center Ethernet switches, and their introduction marks a key milestone in advancing our end-to-end Ethernet storage strategy.

這些控制器與 Marvell 的數據中心以太網交換機完全集成，它們的推出標誌著我們推進端到端以太網存儲戰略的一個重要里程碑。

Also, at FMS, Toshiba Memory showcased the world's first direct-to-Ethernet SSD, their dual-ported 25-gigabit Ethernet solution, leveraging Marvell's Ethernet SSD controller technology.

此外，在 FMS 上，東芝內存展示了世界上第一款直接連接到以太網的 SSD，這是他們的雙端口 25 Gb 以太網解決方案，利用了 Marvell 的以太網 SSD 控制器技術。

Our new NVMe SSD controllers represent the industry's first PCIe Gen 4 SSD controllers to be fabricated on a 12-nanometer process, which consumes lower power while delivering better performance.

我們的新型 NVMe SSD 控制器代表了業界首款採用 12 納米工藝製造的 PCIe Gen 4 SSD 控制器，該控制器功耗更低，性能更佳。

Multiple ecosystem partners, including AMD, Lenovo, Micron and Toshiba Memory, have expressed very strong support for these new products.

包括 AMD、聯想、美光和東芝內存在內的多個生態系統合作夥伴都對這些新產品表示了非常強烈的支持。

More importantly, these controllers provide the core architecture for our upcoming embedded and do-it-yourself custom SoC flash controllers, which we expect will start ramping late next fiscal year.

更重要的是，這些控制器為我們即將推出的嵌入式和自己動手定制的 SoC 閃存控制器提供了核心架構，我們預計這些控制器將在下個財年末開始增長。

Moving on to our outlook for our storage business in the third quarter of fiscal 2020.

繼續我們對 2020 財年第三季度存儲業務的展望。

We expect an increase in demand for our storage controllers from the data center and enterprise markets, especially from high-capacity nearline drives, and some additional catching up in the SSD market from the undershipment in prior quarters.

我們預計數據中心和企業市場對我們的存儲控制器的需求將會增加，尤其是大容量近線驅動器，並且 SSD 市場會因前幾個季度的出貨不足而有所追趕。

Demand for fiber channel adapters should also trend up in the third quarter.

第三季度對光纖通道適配器的需求也應呈上升趨勢。

In contrast, demand for HDDs from PCs and gaming is expected to remain soft with sub-seasonal growth for this part of the fiscal year.

相比之下，PC 和遊戲對 HDD 的需求預計將保持疲軟，並在本財年的這個部分出現次季增長。

As a result, we expect an approximate high single-digit sequential growth in our third quarter storage revenue.

因此，我們預計第三季度存儲收入將出現近似高個位數的連續增長。

In closing, while we remain very -- while we remain in a very challenging macroeconomic environment, which has certainly worsened recently and has impacted our guidance for the third quarter, we continue to focus on things we can control.

最後，雖然我們仍然非常 - 雖然我們仍然處於一個非常具有挑戰性的宏觀經濟環境中，但最近肯定惡化並影響了我們對第三季度的指導，但我們繼續關注我們可以控制的事情。

We're winning new designs, optimizing operating expenses, introducing new products on or ahead of schedule and expanding our product pipeline.

我們正在贏得新設計，優化運營費用，按時或提前推出新產品，並擴大我們的產品線。

It is particularly exciting to see the production of our first 5G products accelerated into the third quarter, faster than prior expectations.

看到我們首批 5G 產品的生產加速到第三季度，比之前的預期更快，尤其令人興奮。

Of course, we expect our 5G business to ramp more substantially in the fourth quarter and well into our next fiscal year from new 5G base station deployments in multiple geographies.

當然，我們預計我們的 5G 業務將在第四季度大幅增長，並從多個地區的新 5G 基站部署進入下一個財年。

In addition, we also expect to benefit from our customers starting to replace FPGAs with our purpose-built 5G solutions in the [pre-5G] base stations we have already shipped.

此外，我們還希望客戶開始在我們已經發貨的 [pre-5G] 基站中用我們專門構建的 5G 解決方案替換 FPGA，從而從中受益。

At the same time, our storage business is starting to recover, and we are increasingly pivoting this business towards enterprise and data center applications.

與此同時，我們的存儲業務開始復蘇，我們越來越多地將這項業務轉向企業和數據中心應用程序。

Further, with the Aquantia and Avera acquisitions, Marvell is well positioned to capitalize on a broader set of opportunities, leveraging our unique standard, semi-custom and full ASIC design capabilities towards realizing our vision of becoming one of the world's leading suppliers of infrastructure semiconductor solutions.

此外，通過對 Aquantia 和 Avera 的收購，Marvell 能夠充分利用更廣泛的機會，利用我們獨特的標準、半定制和完整 ASIC 設計能力來實現我們成為世界領先的基礎設施半導體供應商之一的願景解決方案。

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 second quarter and then provide our current outlook for the third quarter of fiscal 2020.

我將從回顧我們第二季度的財務業績開始，然後提供我們目前對 2020 財年第三季度的展望。

Revenue in the second quarter was $657 million versus our guidance of $650 million at midpoint.

第二季度的收入為 6.57 億美元，而我們在中點的指導為 6.5 億美元。

Networking represented 50% of our revenue in the second quarter, with storage contributing 42%.

第二季度，網絡占我們收入的 50%，存儲佔 42%。

Other products revenue was $52 million and accounted for 8% of total company revenue.

其他產品收入為 5200 萬美元，占公司總收入的 8%。

After a strong second quarter, we expect other products revenue to decline sequentially in the third quarter.

在經歷了強勁的第二季度之後，我們預計其他產品收入將在第三季度環比下降。

GAAP gross margin was 53.4%.

GAAP 毛利率為 53.4%。

Non-GAAP gross profit was $415 million or 63.3% of revenue, reflecting the change in mix within the quarter.

非美國通用會計準則毛利潤為 4.15 億美元，佔收入的 63.3%，反映了本季度的組合變化。

GAAP operating expenses were $397 million, $22 million above midpoint of guidance driven by acquisition and divestiture-related expenses.

GAAP 運營費用為 3.97 億美元，比收購和剝離相關費用推動的指導中點高出 2200 萬美元。

Non-GAAP operating expenses were $280 million, below the guidance range provided in May.

非美國通用會計準則運營費用為 2.8 億美元，低於 5 月份提供的指導範圍。

As Matt discussed earlier, we were very successful in achieving our planned expense reductions 2 quarters ahead of schedule.

正如馬特之前討論的那樣，我們非常成功地提前兩個季度實現了計劃的開支削減。

Non-GAAP operating profit was $136 million or 21% of revenue.

非美國通用會計準則營業利潤為 1.36 億美元，佔收入的 21%。

GAAP loss per diluted share was $0.09.

GAAP每股攤薄虧損為0.09美元。

Non-GAAP earnings per diluted share was $0.15, slightly above midpoint of our guidance driven by higher revenue and the lower operating expenses.

非美國通用會計準則每股攤薄收益為 0.15 美元，略高於我們指引的中點，這是由更高的收入和更低的運營費用推動的。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

In the second quarter, we returned $56 million to shareholders through $16 million in share repurchases and $40 million in dividends.

在第二季度，我們通過 1600 萬美元的股票回購和 4000 萬美元的股息向股東返還了 5600 萬美元。

We exited the quarter with $573 million in cash and cash equivalents and a long-term debt of $1.7 billion.

我們在本季度結束時擁有 5.73 億美元的現金和現金等價物以及 17 億美元的長期債務。

We have paused share repurchases and debt reduction while we work toward closing the acquisitions of Aquantia, Avera as well as the sale of Wi-Fi business to NXP, and that we currently anticipate all of these transactions to be completed within our previously communicated time frame.

在我們努力完成對 Aquantia、Avera 的收購以及向 NXP 出售 Wi-Fi 業務的同時，我們已經暫停了股票回購和減債，我們目前預計所有這些交易都將在我們之前溝通的時間範圍內完成.

Given the ongoing uncertainty in the market, we actively reduced the China inventory in the second quarter and plan on doing the same again in the third quarter, with the aim of reducing channel DOI 2 weeks below our target level.

鑑於市場的持續不確定性，我們在第二季度積極減少中國庫存，併計劃在第三季度再次這樣做，目的是將渠道 DOI 降低至低於我們的目標水平 2 週。

Let me now move on to our current outlook for the third quarter of fiscal 2020.

現在讓我談談我們目前對 2020 財年第三季度的展望。

Please note that this guidance does not include any contributions from the pending acquisitions of Aquantia and Avera as well as the divestiture of Wi-Fi business.

請注意，本指南不包括未決收購 Aquantia 和 Avera 以及剝離 Wi-Fi 業務的任何貢獻。

Similar to last quarter's outlook, we expect our revenue in the current period to remain impacted by the U.S. government's export restriction on Huawei.

與上一季度的展望相似，我們預計本期收入仍將受到美國政府對華為出口限制的影響。

Specifically, we are forecasting revenue to be in the range of $660 million, plus or minus 3%.

具體來說，我們預計收入將在 6.6 億美元左右，上下浮動 3%。

We anticipate our GAAP gross margin will be approximately between 53.5% and 54.5%.

我們預計我們的 GAAP 毛利率將在 53.5% 至 54.5% 之間。

Our non-GAAP gross margin will be between 63% and 64%.

我們的非公認會計原則毛利率將在 63% 至 64% 之間。

We project our GAAP operating expense to be in the range of $385 million, plus or minus $5 million.

我們預計我們的 GAAP 運營費用在 3.85 億美元之間，上下浮動 500 萬美元。

We anticipate our non-GAAP operating expenses to be in the range of $280 million, plus or minus $2.5 million, which at the midpoint will be similar to the prior quarter.

我們預計我們的非 GAAP 運營費用將在 2.8 億美元左右，正負 250 萬美元，中點將與上一季度相似。

We continue to maintain tight control for discretionary expenses given the current uncertain macroeconomic environment.

鑑於當前不確定的宏觀經濟環境，我們繼續嚴格控制可自由支配的開支。

We expect interest expense to be $20 million.

我們預計利息支出為 2000 萬美元。

As a result, we anticipate GAAP loss per diluted share in the range of $0.09 to $0.05 and non-GAAP earnings per diluted share in the range of $0.15 to $0.19.

因此，我們預計 GAAP 每股攤薄虧損在 0.09 美元至 0.05 美元之間，非 GAAP 每股攤薄收益在 0.15 美元至 0.19 美元之間。

Operator, we are now ready for Q&A.

接線員，我們現在準備好進行問答了。

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

（操作員說明）我們的第一個問題將來自美國銀行的 Vivek Arya。

And thank you for all the updates on 5G.

感謝您提供有關 5G 的所有更新。

Matt, I had 2 questions.

馬特，我有兩個問題。

First, on 5G.

首先，關於 5G。

I think you mentioned you're starting to ship to your lead customer a quarter ahead.

我認為您提到您將提前四分之一開始向您的主要客戶發貨。

I assume that's just a partial quarter ramp, and then the real ramp should be in January.

我假設這只是部分四分之一的斜坡，然後真正的斜坡應該在一月份。

And longer-term, I think you gave a $600 million-or-so opportunity.

從長遠來看，我認為你提供了 6 億美元左右的機會。

Is that just with the lead customer?

只是與主要客戶有關嗎？

Or does that include your entire 5G opportunity with multiple customers?

或者這是否包括您擁有多個客戶的整個 5G 機會？

Great.

偉大的。

Thanks Vivek.

謝謝維維克。

Yes, I'll answer both of those.

是的，我會回答這兩個問題。

So I think you're right, Q3 is definitely a partial quarter and it's the initial production.

所以我認為你是對的，第三季度肯定是部分季度，它是最初的生產。

Originally, we had been signaling going back some time that we would have this initial production in the fourth quarter, so we were able to pull some in, which is I think a great achievement, where our operations team and design teams have done a fantastic job.

最初，我們一直在暗示我們將在第四季度進行初始生產，因此我們能夠參與其中，我認為這是一項了不起的成就，我們的運營團隊和設計團隊已經完成了出色的工作工作。

So we'll get some shipments in Q3, with the ramp, a full quarter's worth of contribution in Q4.

因此，我們將在第三季度獲得一些出貨量，隨著斜坡的增加，第四季度貢獻了整整一個季度的價值。

And then on your second question, the $600 million is the all-in number.

然後關於你的第二個問題，6 億美元是全押數字。

That's with -- think of it as our lead customer plus our second customer, plus factoring in other opportunities that we see in the pipeline.

那就是 - 將其視為我們的主要客戶加上我們的第二個客戶，再加上我們在管道中看到的其他機會。

And of course, we said, depending on base station units and percentages of share of our customers, it could go higher.

當然，我們說，根據基站單元和客戶份額的百分比，它可能會更高。

But again, the way to think of it is the $600 million is what we can -- what we've won so far.

但同樣，考慮它的方式是 6 億美元是我們能做到的——我們迄今為止贏得的。

And then anything that we can get that's above and beyond that on some of these new opportunities we're pursuing would be incremental.

然後，在我們正在追求的一些新機會中，我們所能獲得的任何東西都將是增量的。

And again, just to be clear, this is a run rate number we believe is achievable over time.

再說一次，為了清楚起見，這是一個我們認為隨著時間的推移可以實現的運行率數字。

So this isn't something that's going to start like next quarter as an example, but over time, we believe once these all roll into production, it will be a substantial revenue driver for the company.

因此，這不會像下個季度那樣開始，但隨著時間的推移，我們相信一旦這些都投入生產，它將成為公司的重要收入驅動力。

Got it.

知道了。

And for my follow-up, on the storage side, sales are down about 30% from their peak quarterly level.

在我的後續行動中，在存儲方面，銷售額從季度峰值水平下降了約 30%。

I realize that there is a Huawei effect in there.

我意識到那裡有華為效應。

But what does recovery look like for storage?

但是存儲的恢復是什麼樣的呢？

Do you think revenues get somewhere in between where you were at the peak versus where you are right now?

您認為收入是否介於巔峰時期和現在的水平之間？

And what would be the catalyst for recovery?

什麼是複甦的催化劑？

And let's say, if you don't see the recovery path in storage, are there other strategic alternatives that need to be considered?

比方說，如果您沒有看到存儲中的恢復路徑，是否還有其他需要考慮的戰略替代方案？

Okay.

好的。

Got it.

知道了。

Yes, so I think at a high level, it's difficult to give you a precise answer, so I think it's probably what you said, which is it's somewhere in between.

是的，所以我認為在高層次上，很難給你一個準確的答案，所以我認為這可能是你所說的，介於兩者之間。

I mean obviously, we're taking this 1 quarter at a time.

我的意思是很明顯，我們一次只拿這 1 個季度。

I think the positives we see certainly in the short term is that this business appears to have stabilized after having dropped fairly precipitously for us as well as the rest of the industry, and obviously, guiding up sequentially in Q3 is a positive sign.

我認為我們在短期內肯定看到的積極因素是，該業務在對我們以及該行業的其他人而言急劇下降之後似乎已經穩定下來，顯然，在第三季度連續上升是一個積極的信號。

So I think I'd limit my commentary to probably the short term, which is, at least, we're seeing some positive signs, but -- and we do expect, by the way, that as we look into next year when you sort of asked for catalysts, I think one is obviously we're going through this inventory rationalization at the customer base.

因此，我認為我的評論可能僅限於短期，也就是說，至少，我們看到了一些積極的跡象，但是 - 順便說一下，我們確實希望明年當你有點需要催化劑，我認為一個顯然是我們正在對客戶群進行庫存合理化。

But we also have new design wins and new programs that we're in.

但我們也有新的設計勝利和我們參與的新計劃。

I alluded to the traction in nearline as an example, which are programs that are currently in production as well as next-generation, I think that's going to benefit us heading into next year as well as the new opportunities in SSD that come out of this do-it-yourself framework that we've discussed as well.

我以近線的牽引力為例，這是目前正在生產的程序以及下一代程序，我認為這將有利於我們進入明年以及由此產生的 SSD 的新機遇我們也討論過的自己動手的框架。

So I think there's some sort of just general recovery, plus we do have new design wins and traction.

所以我認為有某種普遍的複蘇，而且我們確實有新的設計勝利和牽引力。

And as a result, I think on your third question, the -- storage remains to be an extremely important business for us.

因此，我認為關於你的第三個問題，存儲對我們來說仍然是一項極其重要的業務。

It's a profitable business.

這是一項有利可圖的業務。

It's one where we have strong technology leadership and market position, and we have a lot of customers that are counting on us to keep delivering the solutions that we are.

這是我們擁有強大技術領先地位和市場地位的地方，我們有很多客戶指望我們繼續提供我們所提供的解決方案。

So we're investing in this area, and we do see it as an important part of the Marvell story, having really compelling offering of storage, networking and compute or processor assets that, from a system point of view, are very important to our customer and offers a breadth that really very few to none of our competitors can provide.

所以我們在這個領域進行投資，我們確實將其視為 Marvell 故事的重要組成部分，提供非常引人注目的存儲、網絡和計算或處理器資產，從系統的角度來看，這些資產對我們非常重要客戶並提供我們的競爭對手幾乎沒有甚至無法提供的廣度。

And our next question will come from the line of Karl Ackerman with Cowen.

我們的下一個問題將來自 Karl Ackerman 和 Cowen 的觀點。

Two questions for me as well, please.

請給我兩個問題。

First, you indicated in your prepared remarks that you received some earlier shipments of 5G products in the October quarter or in the upcoming October quarter.

首先，您在準備好的評論中表示，您在 10 月季度或即將到來的 10 月季度收到了一些較早的 5G 產品發貨。

How much 5G revenue do you expect in the October quarter?

您預計 10 月季度的 5G 收入是多少？

And what is the expected ramp within the January quarter?

一月季度的預期增長是多少？

And I guess, from a qualitative perspective, what's the right way to think about your 5G opportunity over the next few quarters?

我想，從定性的角度來看，在接下來的幾個季度裡，如何看待您的 5G 機會的正確方法是什麼？

Karl, I'll answer the near-term question.

卡爾，我會回答近期的問題。

Matt can add about the future of 5G.

Matt 可以補充一下 5G 的未來。

So we just started first [two] production shipment, so you shouldn't expect -- it's a very -- it's a small revenue in Q3.

所以我們剛剛開始了第一[兩個]生產出貨，所以你不應該期望 - 這是一個非常 - 這是第三季度的一小筆收入。

Certainly, we expect that Q4, you will see the sequential ramp from the 5G product line.

當然，我們預計第四季度，您將看到 5G 產品線的連續增長。

In the longer-term, and Matt, you probably can give more longer-term, we talk about $600 million, in a few years, opportunity.

從長遠來看，馬特，你可能可以給更多的長期，我們談論 6 億美元，在幾年內，機會。

Of course, it would take time from the initial ramp to get to that, the $600 million annual run rate.

當然，從最初的爬坡到達到每年 6 億美元的運行速度需要時間。

So that's -- hopefully, that gives you some color about the near-term and the longer-term view.

這就是 - 希望這能給你一些關於近期和長期觀點的色彩。

Yes.

是的。

Sure.

當然。

And maybe I'll add to that, Karl, as you think about -- as you said qualitatively, how do you think about this business heading into next year.

也許我會補充一點，卡爾，正如你所想的 - 正如你定性地所說，你如何看待這項業務進入明年。

I think the first is the base station per percentage of shipments, as I highlighted, even the external analysts who have got a range of estimates, but they're all kind of converging, that's going to grow significantly next year.

我認為首先是每出貨百分比的基站，正如我強調的那樣，即使是外部分析師也得到了一系列估計，但它們都在趨同，明年將顯著增長。

It's probably 10% of base stations this year.

這可能是今年基站的 10%。

It will be north of 30%, maybe 40% next year.

明年將超過 30%，也許是 40%。

So that's one positive.

這是一個積極的方面。

Deployments for us with our lead customer are going to really be for new base station shipments deployed in Korea.

我們與主要客戶的部署將真正用於在韓國部署的新基站出貨量。

Obviously, Japan's going to deploy.

顯然，日本要部署。

There's a lot of activity there, the Olympics being one of those catalysts, and also the United States.

那裡有很多活動，奧運會是其中的催化劑之一，美國也是。

Second, there are shipments that are going to ramp up as well, where there's going to be a replacement of existing line cards that are installed today that are based on discrete solutions that are going to get replaced [with their] optimized solutions.

其次，出貨量也將增加，將替換現有的基於離散解決方案的現有線路卡，這些線路卡將被[用他們的]優化解決方案取代。

So that's also going to be kicking in.

所以這也將開始。

And then, of course, you have starting at the end of next year our second customer coming online.

然後，當然，您將在明年年底開始我們的第二個客戶上線。

So we see it as a layering effect.

因此，我們將其視為分層效果。

And the timing of all of these pieces, really hard to nail them down exactly.

所有這些作品的時間安排，真的很難準確確定。

This is a fast-moving and dynamic market, but you should expect that in the calendar year -- next calendar year, this business should ramp up very quickly.

這是一個快速發展且充滿活力的市場，但您應該期望在日曆年 - 下一個日曆年，這項業務應該會迅速增長。

That's helpful.

這很有幫助。

For a last question, if I may.

最後一個問題，如果可以的話。

I'm curious what your own view is on the campus networking upgrade cycle for your core switch and PHY business.

我很好奇您對核心交換機和 PHY 業務的園區網絡升級週期有何看法。

I mean should we assume that the growth opportunity is more nascent?

我的意思是我們是否應該假設增長機會更加新生？

Or is the October quarter lull a transitory event?

還是 10 月季度的平靜只是短暫的事件？

Yes.

是的。

I think we should separate it into 2 pieces.

我認為我們應該把它分成兩部分。

I think one is what's the business conditions today, and there's clearly a pause and a slowdown going on driven by a lot of effects, which we've seen both from the effects that -- with -- of Huawei, obviously, as well as recent announcements from large U.S. networking OEMs as well.

我認為一個是今天的商業狀況，顯然有很多影響正在推動暫停和放緩，我們已經從華為的影響中看到了這一點，顯然，以及美國大型網絡原始設備製造商最近也發布了公告。

So I think that's sort of out there.

所以我認為這有點像。

That's the current environment.

這就是現在的環境。

We remain very bullish on our design win capture that we've had, that business.

我們仍然非常看好我們已經擁有的設計贏取業務，即業務。

And again, prior to the downturn, we were growing that enterprise and campus switching and PHY business fairly robustly.

再一次，在經濟低迷之前，我們的企業和園區交換以及 PHY 業務增長相當強勁。

So while we see a short-term pause mostly driven by the macro issues, the pipeline and the design win momentum has actually continued to accelerate.

因此，雖然我們看到主要由宏觀問題驅動的短期停頓，但管道和設計獲胜勢頭實際上仍在繼續加速。

And whether it's our new 12.8 switch platform, which is a brand-new market that we're servicing, the fact that we've gone from basically announcing that product earlier this year to now being able to say we've actually secured design wins that are going to go into production, I think that's very positive.

無論是我們新的 12.8 交換機平台，這是一個我們正在服務的全新市場，事實上我們已經從今年早些時候基本上宣布該產品到現在能夠說我們實際上已經獲得了設計勝利即將投入生產，我認為這是非常積極的。

On the switch side and on the PHY side, I highlighted a number of examples in my prepared remarks.

在交換機端和 PHY 端，我在準備好的評論中強調了一些示例。

So I would just kind of separate the 2. Currently, there's clearly a lot of weakness in the market and a lot of choppiness, but we believe when that settles down, our design win position is going to be -- continue to be very strong and drive longer-term growth once we're back to a normal situation.

所以我想把兩者分開一旦我們恢復正常，就會推動長期增長。

And our next question will come from the line of Quinn Bolton with Needham & Company.

我們的下一個問題將來自 Quinn Bolton 與 Needham & Company 的觀點。

I just wanted to ask first on the 5G market.

我只是想先問問5G市場。

When you announced your second customer win, you've talked about the possibility of winning at additional customers beyond that.

當您宣布第二次贏得客戶時，您已經談到了贏得更多客戶的可能性。

And just wondering if you could give us any update on wins beyond your first 2 customers.

只是想知道您是否可以向我們提供關於您的前 2 位客戶以外的贏取情況的任何更新。

Is that opportunity still out there?

那個機會還在嗎？

Has it gone away?

它消失了嗎？

Just any update you could provide on sort of options beyond your first 2 customers.

除了您的前 2 個客戶之外，您可以提供的任何更新選項都可以。

Sure.

當然。

So nothing formal to announce today or I would have called it out in my prepared remarks.

所以今天沒有正式的宣布，否則我會在我準備好的發言中說出來。

But what I would say is the activity level, not only with our 2 kind of lead customers, but also beyond that, is quite robust right now.

但我要說的是活動水平，不僅是我們的兩種主要客戶，而且除此之外，現在都非常強勁。

I mean the fact that we've got strong offerings now in baseband, in transport, in massive MIMO, which was something that really wasn't there sort of earlier this year, fronthaul solutions.

我的意思是，我們現在在基帶、傳輸、大規模 MIMO 方面提供了強大的產品，這是今年早些時候真正沒有的前傳解決方案。

And then obviously, with Avera coming in, the DFE capability and radio solutions, I think are -- and then, add on top of that, request to continue to improve and kind of optimize our Ethernet switch products is that part of the base station.

然後很明顯，隨著 Avera 的加入，DFE 功能和無線電解決方案，我認為是 - 然後，除此之外，要求繼續改進和優化我們的以太網交換機產品是基站的一部分.

The connectivity continues to evolve.

連通性不斷發展。

We have a lot of design activity, and it's not limited just to 1 or 2 customers.

我們有很多設計活動，不僅限於 1 或 2 個客戶。

It's really limited -- I mean it's really much broader than that across a lot of different technologies.

它真的很有限——我的意思是它比許多不同的技術要廣泛得多。

So design win opportunity is -- the pipeline is very large right now and there's a lot of activity, and that's how we would characterize it.

所以設計獲勝的機會是——現在管道非常大，有很多活動，這就是我們描述它的方式。

So hopefully, we continue to be successful here, and we can announce sort of the realization of some of these wins as we go forward.

因此，希望我們在這裡繼續取得成功，並且隨著我們的前進，我們可以宣布實現其中一些勝利。

But it's -- we're pretty excited about our technology lineup because we really have all the key pieces that our customers are looking for.

但它 - 我們對我們的技術陣容感到非常興奮，因為我們確實擁有客戶正在尋找的所有關鍵部件。

Great.

偉大的。

And then just on the storage side at Flash Memory Summit a few weeks back, you guys announced your new, I think, Gen 4 PCIe controller that was DRAM-less and allowed a fewer number of channels, so smaller die size.

然後就在幾週前的閃存峰會的存儲方面，你們宣布了你們的新的，我認為，第 4 代 PCIe 控制器，它是無 DRAM 的，允許的通道數量更少，因此芯片尺寸更小。

And I'm just kind of wondering, as you look at the launch of that new controller, does that have a negative ASP effect or negative margin effect as we're thinking about the SSD business going forward.

我只是想知道，當您看到新控制器的推出時，當我們考慮 SSD 業務的未來發展時，這是否會產生負面的 ASP 效應或負面的利潤率效應。

Or do you think that that new product comes in at similar margins to the business historically?

或者你認為新產品的利潤與歷史上的業務相似嗎？

Hi.

你好。

This is Jean.

這是讓。

So the new product launch we're very excited about.

所以我們對新產品的發布感到非常興奮。

The gross margin, it's actually very similar.

毛利率，實際上非常相似。

Our team has done tremendous work to really try to design, to optimize the design, the performance, to make sure we continue to drive to get to the value of our IP for our design, for our expertise.

我們的團隊為真正嘗試設計、優化設計和性能做了大量工作，以確保我們繼續努力為我們的設計和我們的專業知識實現我們的 IP 價值。

So I would say, in general, you should expect us to have a very similar gross margin in our SSD, HDD market.

所以我想說，總的來說，你應該期望我們在 SSD、HDD 市場的毛利率非常相似。

Yes.

是的。

And I'd just add, I mean, we actually highlighted that this product is in 12 nanometer, so we actually are leveraging both of our -- both our architectural experience as well as process technology leadership, which we've had for some time in the SSD area, and we kind of continue to push the envelope there.

我想補充一下，我的意思是，我們實際上強調了這個產品是 12 納米的，所以我們實際上正在利用我們的 - 我們的架構經驗以及我們已經擁有一段時間的工藝技術領先地位在 SSD 領域，我們會繼續在那裡挑戰極限。

So that obviously, coupled with time-to-market advantage, ends up being a good situation with respect to margins and the kind of value you can deliver.

因此，顯然，再加上上市時間優勢，最終在利潤率和您可以提供的價值方面處於良好狀態。

So...

所以...

And our next question will come from the line of John Pitzer with Crédit Suisse.

我們的下一個問題將來自瑞士信貸的 John Pitzer。

Matt, my first question is on the networking side.

馬特，我的第一個問題是關於網絡方面的。

In your prepared comments, you kind of called out 2 things, one, China's strength in the data center that you might think is inventory-related, which I think is reasonable if we try to stay on the right side of conservative.

在你準備好的評論中，你提到了兩件事，第一，你可能認為與庫存有關的中國在數據中心的實力，如果我們試圖保持在保守的右側，我認為這是合理的。

I'm just kind of curious if you could kind of size what you think that might be and as you looked out to the fiscal third quarter guidance, whether or not you're still embedding strength there.

我只是有點好奇你是否可以確定你認為可能的規模，並且當你查看第三財季的指導時，你是否仍然在那裡嵌入力量。

And then secondly, you also mentioned within the guide a single networking customer where you saw sort of a downward revision in their orders.

其次，您在指南中還提到了一個網絡客戶，您看到他們的訂單有所下調。

I think you don't want to get too specific about the customer's name, but any more color you can give around what's going on there?

我認為您不想對客戶的姓名過於具體，但是您可以為那裡發生的事情提供更多顏色嗎？

Is that something that you feel is pretty transitory?

你覺得那是短暫的嗎？

Is it a reflection of just macro uncertainty, or is there something else going on?

它只是宏觀不確定性的反映，還是有其他事情發生？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

No problem, John.

沒問題，約翰。

So I think, yes, I think you captured it right on the dynamics in networking.

所以我認為，是的，我認為你在網絡動態中抓住了它。

High level, obviously very choppy here.

高水平，這裡顯然很波濤洶湧。

On the first part of the question, on the China strength, I mean, we're fairly detailed in how we look at our demand, and in particular, a lot of the China business gets realized through distribution.

關於問題的第一部分，關於中國實力，我的意思是，我們在如何看待我們的需求方面相當詳細，特別是，很多中國業務都是通過分銷實現的。

So we did see very strong POS.

所以我們確實看到了非常強大的 POS。

And as we've double-clicked through it, a number of these customers seem to be ordering a lot more than they normally would.

當我們雙擊它時，這些客戶中的一些似乎比平時訂購的要多得多。

And so a couple of things there.

那裡有幾件事。

One is it's not a huge number, so just to size it, it's not an enormous number, but still, we felt it was appropriate to call that out.

一個是它不是一個巨大的數字，所以只是為了確定它的大小，它不是一個巨大的數字，但我們仍然覺得把它說出來是合適的。

I would say also, the way we're managing our channel is very much with that in mind.

我還要說，我們管理頻道的方式非常考慮到這一點。

So just to give you a sense, I mean, we've -- actually, we're running our distribution days of inventory about 2 weeks below our target levels right now, just bearing in mind that if there is some inflation in the POS, that we're going to be on the right side of that.

所以只是為了給你一個感覺，我的意思是，我們已經 - 實際上，我們現在的庫存分配天數比我們的目標水平低了大約 2 週，只要記住，如果 POS 出現一些通貨膨脹，我們將在右邊。

So that's happening there.

所以那裡正在發生這種情況。

Again, hard to pinpoint, but we think that's what's going on.

同樣，很難確定，但我們認為這就是正在發生的事情。

And then on the second one, that -- the situation we called out, I mean, it's definitely something that's kind of evolved recently, so we've seen this sort of situation develop over the last several weeks.

然後在第二個問題上，我們所說的情況，我的意思是，這絕對是最近發生的變化，所以我們已經看到這種情況在過去幾週內發生了變化。

And obviously preparing for our guidance, we've had to really assess that situation.

顯然，為我們的指導做準備，我們必須真正評估這種情況。

So it's hard to say.

所以很難說。

I mean I think you have to look at the broader commentary out there in the market from what our end customers are saying.

我的意思是，我認為您必須從我們的最終客戶所說的內容中查看市場上更廣泛的評論。

But if you look back, I'll just make one final comment, when -- if you go back to the beginning of this downcycle, we were fairly early there because of the way we reported and also, our exposure to storage to see a lot of this weakness fairly early.

但是，如果您回頭看，我將發表最後一條評論，當-如果您回到這個下行週期的開始，由於我們報告的方式以及我們對存儲的暴露，我們很早就到了那裡。很多這種弱點相當早。

And so that first leg down, if you remember earlier this year, was in storage.

因此，如果您還記得今年早些時候，那麼第一站是在存儲中。

That was followed by a compute leg down, I'm talking about industry-wide, where servers have weakened.

緊隨其後的是計算能力下降，我說的是整個行業，服務器已經被削弱了。

And I think a lot of investors had asked us are we going to see that in networking, and while we don't predict that far out, we definitely see, from our lens, the networking business also now being weak.

而且我認為很多投資者都問我們，我們是否會在網絡中看到這一點，雖然我們並沒有預測到那麼遠，但從我們的角度來看，我們肯定會看到，網絡業務現在也很弱。

So that's sort of the deal.

所以這就是交易。

I think, yes, I think I've answered the China and the large customer one.

我想，是的，我想我已經回答了中國和大客戶的問題。

That's really helpful, Matt.

這真的很有幫助，馬特。

And then just as my follow-up.

然後就像我的後續行動一樣。

I was a little confused by your answer to Vivek about the recovery in storage.

你對 Vivek 關於存儲恢復的回答讓我有點困惑。

Not predicting when you get back to next cycle peak, but if you exclude the vagrancies of what goes -- typical vagrancies of the storage market, especially given some of your new product launches and repositioning, refocusing of the business, is there any reason why, at some point, you don't get back to where you were in the last cycle peak?

不預測您何時回到下一個週期峰值，但如果您排除發生的不確定性——存儲市場的典型不確定性，特別是考慮到您的一些新產品發布和重新定位、重新定位業務，是否有任何理由，在某些時候，您不會回到上一個週期高峰時的位置嗎？

And has your view of the growth rate of this business longer-term changed at all?

您對這項業務長期增長率的看法是否發生了變化？

Yes.

是的。

Sure.

當然。

No, look -- yes, I think it's worth clarifying then, John.

不，看——是的，我認為這值得澄清，約翰。

So the simple way to think about it is, and again, understanding we have momentum in that business from a new design win point of view on the markets I mentioned, but if you look at the PC exposed portion, we did a pretty good job on the kind of the first transition, I would say, when HDD was converting to SSD.

因此，考慮它的簡單方法是，再次，從我提到的市場上的新設計獲勝的角度了解我們在該業務中的發展勢頭，但如果你看一下 PC 暴露部分，我們做得很好關於第一次過渡，我想說，當 HDD 轉換為 SSD 時。

And if you remember, over the last few years, we've sort of managed that HDD going down by winning new designs in SSD.

如果您還記得，在過去的幾年裡，我們通過贏得 SSD 的新設計，在某種程度上控制了 HDD 的下降。

We've said, even going back to our Analyst Day that that remaining HDD to SSD conversion in notebooks, which is typically at the lower end, when that conversion happens, we're probably not going to benefit from that.

我們已經說過，即使回到我們的分析師日，筆記本電腦中剩餘的 HDD 到 SSD 的轉換，通常處於低端，當這種轉換發生時，我們可能不會從中受益。

We really haven't put a lot of R&D into that area.

我們確實沒有在該領域投入大量研發。

That's kind of a lower-end client opportunity, and our mission has really been around enterprise and data center.

這是一種低端客戶機會，我們的使命實際上是圍繞企業和數據中心。

So I think that's -- when I look at sort of the gap of it, hey, can you get back to peak and when, I think we've got that headwind and that's sort of we've been very transparent about that one.

所以我認為這是 - 當我看到它的差距時，嘿，你能回到巔峰嗎？我認為我們遇到了逆風，我們對此非常透明。

Again though, being offset by even next year, where we're very confident in our ability to ramp up our new do-it-yourself solutions in SSD, some of those will be forthcoming.

不過，即使到明年，我們也非常有信心在 SSD 中提升我們新的 DIY 解決方案的能力，但其中一些即將推出。

And then in the nearline programs we won, which we believe we're well positioned on both at 16 terabyte and then even going to 20 and beyond, our design win footprint is actually quite strong.

然後在我們贏得的近線計劃中，我們相信我們在 16 TB 甚至超過 20 TB 上都處於有利位置，我們的設計贏得足跡實際上非常強大。

So that's the puts and takes.

這就是投入和投入。

Where -- and again, I am being very careful to not call a complete sort of trough to peak on this one or peak to trough, but we do see that business clearly recovering.

在哪裡 - 再一次，我非常小心，不要將一個完整的低谷稱為這個峰值或峰值到低谷，但我們確實看到該業務正在明顯復甦。

How high it gets back up to, we need to kind of take this 1 quarter at a time.

它恢復到多高，我們需要一次拿這 1 個季度。

And our next question will come from the line of Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

Maybe just 2 on 5G actually.

實際上，5G 上可能只有 2 個。

You mentioned that you sampled your chip, and it's actually in trials now.

你提到你對你的芯片進行了採樣，它現在實際上正在試驗中。

I was wondering if you could just walk us through that time line.

我想知道你能不能帶我們走過那條時間線。

Is there anything else you have to do from -- on your side from a silicon perspective?

從矽的角度來看，您還有什麼需要做的嗎？

And then you mentioned a follow-on generation, if you could just -- when would that start to kick in?

然後你提到了下一代，如果可以的話——什麼時候開始？

And then I just wanted to revisit, you said greater than $600 million.

然後我只是想重溫一下，你說超過 6 億美元。

I think most people kind of thought about a 4x of content, like you talked about, and if you just take the 2 customers to kind of get there and you've talked about some incremental wins.

我認為大多數人都想過 4 倍的內容，就像你所說的那樣，如果你只是讓 2 個客戶到達那裡，你已經談到了一些增量的勝利。

So maybe just kind of walk through that $600 million.

所以也許只是走過那 6 億美元。

And I know you said greater than $600 million, but I was just kind of curious, it seems like you're getting every call, added wins, and there are still opportunities [with] incremental customers.

而且我知道你說超過 6 億美元，但我只是有點好奇，看起來你接到了每一個電話，增加了勝利，而且仍然有機會增加客戶。

So if you could just comment on opportunities above that $600 million, it would be helpful.

因此，如果您可以對超過 6 億美元的機會發表評論，那將會很有幫助。

Sure.

當然。

So on the first one, which is really 2 parts, with respect to ramping on 5G and what's still needed there, yes, those products are -- they're done.

所以在第一個方面，這實際上是兩個部分，關於 5G 的加速以及那裡仍然需要的東西，是的，這些產品已經完成了。

We're going to be able to ship them this quarter.

我們將能夠在本季度發貨。

There is certainty a lot of work there with respect to getting the yields where we want them, the production ramp.

在獲得我們想要的產量，即生產斜坡方面，肯定有很多工作要做。

I mean, I'm saying this because I don't want my team to come back to me and say you made it sound so easy.

我的意思是，我這樣說是因為我不希望我的團隊回到我身邊並說你讓它聽起來很容易。

This is a very challenging ramp for our company.

這對我們公司來說是一個非常具有挑戰性的坡道。

But from a silicon perspective, for the first shipments, we're -- that part's done.

但是從芯片的角度來看，對於第一批出貨，我們已經完成了那部分。

So now, it comes down to execution and how fast we can ramp and matching the demand signals from our customer.

所以現在，它歸結為執行以及我們能夠以多快的速度提升和匹配來自客戶的需求信號。

So that's positive.

所以這是積極的。

The second one is we did win the next-generation product, which we're very pleased about.

第二個是我們確實贏得了下一代產品，我們對此感到非常高興。

That takes us down into the advanced node process area, which is a very big positive, I think, for our customer as well as just for us.

這將我們帶入了高級節點工藝領域，我認為這對我們的客戶以及我們自己都是一個非常大的積極因素。

But that's a design that's going to be kicking off now.

但這是一個即將開始的設計。

So think of it as we've got very sort of solid runway on our current generation of products to last us at least for the next several years.

因此，請考慮一下，因為我們在當前這一代產品上擁有非常穩固的跑道，至少可以在未來幾年內持續使用。

And so again, this is just really a testament to the fact that we've continued to engage well with our lead customer, and we've got the road map in place with them.

再說一次，這真的證明了我們繼續與我們的主要客戶保持良好互動，並且我們已經與他們一起制定了路線圖。

The $600 million, just to kind of set the stage, I think on -- first, we felt it was appropriate to just talk about it because we get a lot of questions from investors on this.

6 億美元，只是為了搭建一個舞台，我想——首先，我們覺得談論它是合適的，因為我們收到了很多投資者關於這方面的問題。

And so I think the baseline case is really you can sort of take the lead customer, you can use the 4x increase in content, right, and that would get you to roughly, call it, $400 million-or-so.

所以我認為基線案例是你真的可以帶頭客戶，你可以使用 4 倍的內容增長，對，這會讓你大約，稱之為，4 億美元左右。

You would add the potential contribution from our second customer onto that, and then obviously, there's more that could come later.

您可以將我們第二位客戶的潛在貢獻添加到其中，然後顯然，以後可能會有更多貢獻。

And then the timing of all these things are still to be determined.

然後所有這些事情的時間還有待確定。

So we're trying to establish what a base case would look like, Blayne, but certainly, for the broader investor community, we get this question all the time, and we felt it would be better to just get that out now.

因此，我們正在嘗試確定基本案例的樣子，Blayne，但可以肯定的是，對於更廣泛的投資者社區，我們一直都在問這個問題，我們覺得現在就解決這個問題會更好。

But you should assume these other wins that were -- if we achieve them, would layer on top of that number.

但是你應該假設這些其他的勝利——如果我們實現了它們，將在這個數字之上。

And our next question will come from the line of Gary Mobley with Wells Fargo.

我們的下一個問題將來自富國銀行的 Gary Mobley。

I have a question about Aquantia.

我有一個關於 Aquantia 的問題。

Jean, I think you mentioned Aquantia's revenue run rate normalized at the time of the acquisition announcement.

Jean，我想你提到了 Aquantia 在收購公告時的收入運行率正常化。

It was around $100 million.

大約是1億美元。

Most recently, per the 10-Q filing from Aquantia, that revenue was around $9 million.

最近，根據 Aquantia 提交的 10-Q 文件，該收入約為 900 萬美元。

Is that just inventory digestion?

這只是庫存消化嗎？

Or do you feel any differently about that business being above or below or at the $100 million mark?

或者你對那家企業高於或低於或達到 1 億美元大關有什麼不同的看法？

Hey.

嘿。

Thanks, Gary, for the question.

謝謝，加里，這個問題。

So as you probably have seen from Aquantia's 10-Q filing, they are key customers of Aquantia's.

因此，正如您可能從 Aquantia 的 10-Q 文件中看到的那樣，他們是 Aquantia 的主要客戶。

They have been reducing inventory, so that's why it has a significant impact on Aquantia's revenue.

他們一直在減少庫存，因此這對 Aquantia 的收入產生了重大影響。

Frankly, we think it's a great operational discipline to really balance the inventory and the supply demand to make sure you're really [lean] on the inventory at the customers.

坦率地說，我們認為真正平衡庫存和供應需求以確保您真正[精益]客戶的庫存是一項很好的運營紀律。

So that has always been Marvell's practice.

這一直是 Marvell 的做法。

We typically really don't have inventory at the customers unless they need it.

除非客戶需要，否則我們通常真的沒有庫存。

So that process is ongoing.

所以這個過程正在進行中。

I would say, the Aquantia team continues to win designs, and also, they had been ramping up new designs with the key networking customers.

我想說，Aquantia 團隊繼續贏得設計，而且，他們一直在與主要網絡客戶一起增加新設計。

So we actually really are quite comfortable.

所以我們實際上真的很舒服。

Once this inventory adjustment period ends and going into next fiscal year, which is our fiscal '21, they should be able to ramp back to the $100 million per year run rate we articulated during the deal announcement.

一旦這個庫存調整期結束並進入下一個財政年度，也就是我們的 21 財政年度，他們應該能夠恢復到我們在交易公告中闡明的每年 1 億美元的運行速度。

And so we feel pretty good about that.

所以我們對此感覺很好。

And our team, they're doing the integration planning, and everything we have seen is quite consistent with what our deal assumption has been.

而我們的團隊，他們正在做整合計劃，我們所看到的一切都與我們的交易假設非常一致。

So we'll give you more updates when we get close to the deal closure.

因此，當我們接近交易結束時，我們會為您提供更多更新。

Okay.

好的。

And in the other category, the products within that, I believe you've communicated are in a long-term decline, but it certainly had a good first half of fiscal year 2020.

在另一個類別中，我相信你所傳達的產品處於長期下滑狀態，但它肯定在 2020 財年上半年表現良好。

And so can you speak about the strength and what's driving the growth and maybe any sort of update on your long-term expectations for that business?

那麼您能否談談實力以及推動增長的因素以及您對該業務的長期期望的任何更新？

Oh, yes.

哦是的。

So it's about our other revenue category.

所以這是關於我們的其他收入類別。

So let me start by saying, right, this product category includes our printer business and some of the other consumer-related business.

所以讓我首先說，對，這個產品類別包括我們的打印機業務和其他一些與消費者相關的業務。

Those businesses actually have a very long tail.

這些企業實際上有一條很長的尾巴。

It will last for multiple years, but it could be very lumpy because sometimes, the customer wants to have a long-term buy, so that's what happened in Q2.

它將持續多年，但可能會非常不穩定，因為有時客戶想要長期購買，所以這就是第二季度發生的事情。

You actually saw that product increase in revenue.

您實際上看到該產品的收入增加了。

That's because of a long-term buy.

那是因為長期購買。

In general, the way you should think about it or model it is, in the longer-term, you should see the high single-digit year-over-year decline last for many years going forward.

一般來說，從長遠來看，你應該考慮它或建模它的方式，你應該看到高個位數的同比下降持續多年。

So that's how you should think about modeling this business going forward.

因此，這就是您應該如何考慮為未來的業務建模。

And our next question will come from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題將來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

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

我們的下一個問題將來自摩根大通的 Harlan Sur。

Good to see the quarter-on-quarter resumption in your storage business, but it still looks like you guys are shipping about 13% to 15% below normal consumption levels.

很高興看到您的存儲業務環比恢復，但看起來你們的出貨量仍然比正常消費水平低 13% 到 15%。

I know that more of the headwind for Q3 is client storage.

我知道第三季度的更多不利因素是客戶端存儲。

But on nearline, it also seems that the mix shift in the second half of this year is more towards 14-terabyte platforms, where your competitor has more controller share and less so maybe to the 16-terabyte platforms, where you guys have a strong position.

但在近線上，今年下半年的混合轉變似乎更多地轉向 14 TB 平台，你的競爭對手擁有更多的控制器份額，而可能轉向 16 TB 平台，你們擁有強大的位置。

So has the slight mix shift also moderated your view on the slope of the recovery of the storage business kind of second half of this year?

那麼，輕微的混合變化是否也緩和了您對今年下半年存儲業務復甦斜率的看法？

Yes.

是的。

So I appreciate your question.

所以我很欣賞你的問題。

So the way to think about our storage business, you're right, is from a -- we have been undershipping the market.

因此，考慮我們的存儲業務的方式，你是對的，是從 - 我們一直在供應不足的市場。

And our storage business, when you look at it overall, I appreciate the question about the 14 terabyte versus 16 terabyte, and our position going forward on 16 terabyte and above, certainly, is much stronger.

而我們的存儲業務，當你從整體上看時，我很欣賞關於 14 TB 與 16 TB 的問題，我們在 16 TB 及以上的地位當然要強得多。

But overall, when you look at the dynamics of our storage business, it's actually we continue to see just a stabilization, not like a significant pickup.

但總體而言，當您查看我們存儲業務的動態時，實際上我們繼續看到的只是穩定，而不是顯著的回升。

So we are looking at it quarter-by-quarter, like Matt said earlier.

因此，就像馬特之前所說的那樣，我們正在逐季度查看它。

And overall, the way to look at it is, actually, the data center, which -- and the enterprise, which include both HDD and SSD solutions, you should see that revenue continue to go up in the second half and also going into next year.

總體而言，實際上是數據中心，以及包括 HDD 和 SSD 解決方案的企業，你應該看到收入在下半年繼續增長，並且還將進入下一個年。

But as far as the dynamics of 16 terabyte, 14 terabyte, actually, right now, at this point, it's -- the revenue is relatively lower percentage.

但就 16 TB、14 TB 的動態而言，實際上，現在，在這一點上，它的收入百分比相對較低。

So it's actually not impacting the overall revenue dynamics.

所以它實際上並沒有影響整體收入動態。

Okay.

好的。

And then a question for you, Matt.

然後問你一個問題，馬特。

Can you just give us an update on the cloud hyperscale qualifications on ThunderX2, your ARM-based server platform?

您能否向我們介紹一下您基於 ARM 的服務器平台 ThunderX2 上的雲超大規模資格的最新情況？

And are you still on track to ramp some of these customers in the first half of next calendar year?

您是否仍有望在明年上半年增加其中一些客戶？

And then on ThunderX3, your 7-nanometer platform, I know you guys taped this chip out.

然後在你們的 7 納米平台 ThunderX3 上，我知道你們已經把這個芯片用膠帶錄下來了。

Is it back from the fab?

是從工廠回來的嗎？

Have you started sampling this product?

您是否已開始對該產品進行採樣？

Any early performance metrics you can share with us?

您可以與我們分享任何早期性能指標嗎？

Yes.

是的。

Great.

偉大的。

Thanks for the question.

謝謝你的問題。

So yes, no update on X2 from what we've said before other than those quals that we referenced before are proceeding, as we had outlined before, right?

所以是的，除了我們之前提到的那些資格之外，我們之前所說的 X2 沒有更新，正如我們之前概述的那樣，對吧？

So that's something that we do expect to ramp up next year.

所以這是我們預計明年會增加的東西。

And with regards to X3 and performance data, these products actually have quite a long fab cycle time, and it's going to take us some time to really provide that information.

而關於 X3 和性能數據，這些產品實際上有相當長的製造週期，我們需要一些時間才能真正提供這些信息。

So I don't have an update there for you at this time.

所以我現在沒有更新給你。

And our next question will come from the line of Tim Arcuri with United Bank of Switzerland.

我們的下一個問題將來自瑞士聯合銀行的 Tim Arcuri。

This is John on -- calling in for Tim.

我是約翰-- 打電話給蒂姆。

That's UBS Securities.

那是瑞銀證券。

Just kind of wondering about the China strength that you see from customers not being Huawei.

只是想知道您從不是華為的客戶那裡看到的中國實力。

Kind of wondering, was that isolated to this past quarter, or when did you start seeing that?

有點想知道，這是上個季度孤立的，還是你什麼時候開始看到的？

I'm just trying to gain some kind of knowledge on when that might have started.

我只是想獲得一些關於什麼時候開始的知識。

Were they starting to pull in orders a lot earlier than last quarter?

他們是否比上一季度更早地開始接受訂單？

Yes.

是的。

Hey, John.

嘿，約翰。

So yes, it's kind of interesting.

所以是的，這很有趣。

I mean if you actually go all the way back and you look at even the end of last year, when the tariffs were announced, there was unusual customer behavior in China that even started then, right?

我的意思是，如果你真的一路回溯，甚至在去年年底宣布關稅時，中國的客戶行為甚至從那時開始就出現了不尋常的行為，對嗎？

And you may remember this, but we had 1 quarter in our Q3 a year ago where we said our networking business was up like -- Marvell core networking was up like 29% year-over-year, which we had said basically looks like there's people pulling in.

你可能還記得這一點，但是我們一年前的第三季度有一個季度，我們說我們的網絡業務增長了——Marvell 核心網絡同比增長了 29%，我們說過基本上看起來有人們拉進來。

So there's been a lot of disruptive activity going on given all the trade tensions and macro issues in China.

因此，鑑於中國的所有貿易緊張局勢和宏觀問題，發生了許多破壞性活動。

Specifically, this latest go-around, I would say, we saw that during the second quarter.

具體來說，我想說的是，我們在第二季度看到了這一最新的轉機。

I'd say we saw the POS accelerate and the customer pulls.

我想說我們看到 POS 加速並且客戶拉動。

But you should just kind of assume right around the time that Huawei was put on the entity list, I think that triggered some additional ordering from the customer base there in terms of being worried about supply chain disruptions.

但是你應該假設在華為被列入實體名單的時候，我認為這引發了那裡客戶群的一些額外訂單，因為他們擔心供應鏈中斷。

So that's probably the time frame, but I just wanted to bound it.

所以這可能是時間框架，但我只是想限制它。

It wasn't like, hey, it just sort of showed up out of -- there's just been a lot of noise in the China market as a result of the trade tensions that are going on, which are obviously widely publicized and documented on a daily basis.

這並不是說，嘿，它只是出現了——由於正在發生的貿易緊張局勢，中國市場出現了很多噪音，這顯然被廣泛宣傳和記錄在每日基礎。

So John, just as Matt mentioned earlier, right, is the firstly the exposure for us, this is a channel business and a China channel business, and so it's a very small percentage of our revenue.

所以約翰，正如馬特之前提到的，對，對我們來說是第一個曝光，這是一個渠道業務和一個中國渠道業務，所以它占我們收入的一小部分。

And also, as Matt mentioned earlier, we have been really prudent to manage the channel inventory and took down channel inventory significantly, really to think through this kind of end-market behavior.

而且，正如馬特之前提到的，我們一直非常謹慎地管理渠道庫存並顯著降低渠道庫存，真正思考這種終端市場行為。

So I think it's a small exposure for us, but it is an interesting phenomenon.

所以我認為這對我們來說是一個小曝光，但這是一個有趣的現象。

Okay.

好的。

Great.

偉大的。

My follow-up.

我的跟進。

Going back to the 5G business or what you expect coming into 2020.

回到 5G 業務或您對 2020 年的預期。

I know in the last 4G generation, I mean, order rates were always pretty lumpy.

我知道在上一代 4G 中，我的意思是，訂單率總是很不穩定。

I'm sure it's going to be like that for the 5G.

我敢肯定 5G 會是這樣。

But in the initial ramp into 2020, what are you guys seeing, or what can you guys guess going into 2020?

但是在進入 2020 年的最初階段，你們看到了什麼，或者你們猜到 2020 年會發生什麼？

Yes.

是的。

It's -- I mean, John, it's too early to call that slope.

這是 - 我的意思是，約翰，現在說這個斜坡還為時過早。

I think the -- another caller was asking sort of the same thing.

我認為 - 另一個來電者也在問同樣的事情。

At this point, we just need to stick to more qualitative because, as I mentioned, there's a dynamic where there's multiple countries deploying.

在這一點上，我們只需要堅持更多的定性，因為正如我所提到的，有多個國家部署的動態。

There's our customer's ability to get share in those countries.

我們的客戶有能力在這些國家獲得份額。

There's some replacement opportunity we're going to get.

我們將獲得一些替代機會。

We got a second customer coming in.

我們有第二個客戶進來。

And you're right, I mean, that the carrier business historically for all suppliers is a lumpier business.

你是對的，我的意思是，從歷史上看，所有供應商的運營商業務都是一個比較笨重的業務。

So you have to layer some increased volatility on top of that.

因此，您必須在此之上增加一些波動性。

So as a result, it's difficult to give you this ramp at this point, John.

因此，約翰，目前很難給你這個坡道。

But certainly, as we get through Q4 and we're looking out into the next fiscal year, I think we'll be in a better position certainly lining up with our customer and the market on what's happening.

但可以肯定的是，隨著我們度過第四季度並且我們正在展望下一個財政年度，我認為我們將處於更好的位置，肯定會與我們的客戶和市場就正在發生的事情保持一致。

But just to be clear, I mean, calendar '20 for us is going to be a very strong year.

但要明確一點，我的意思是，20 年日曆對我們來說將是非常強勁的一年。

There's no question.

沒有問題。

When it fully ramps and what quarter it -- by quarter, I think we're too early to call that one.

當它完全傾斜時，它在哪個季度 - 按季度計算，我認為我們現在稱之為這個還為時過早。

And our next question will come from the line of Ambrish Srivastava with Bank of Montreal.

我們的下一個問題將來自蒙特利爾銀行的 Ambrish Srivastava。

I apologize for any background noise.

對於任何背景噪音，我深表歉意。

I had a question on the networking business on the reported quarter.

我對報告季度的網絡業務有疑問。

You talked about the 4G pause as customers transition to 5G.

您談到了隨著客戶過渡到 5G 的 4G 暫停。

So the question really is, is there a bottom to that 4G that we should be thinking about?

所以真正的問題是，我們應該考慮 4G 的底部嗎？

What is the mix of the 4G within the networking?

4G 在網絡中的組合是什麼？

And so we're all focused on the $600 million, but is there cannibalization going on, off the 4G, so the net-net is not really $600 million and it's $600 million minus whatever that business is, which has yet to stabilize?

所以我們都專注於 6 億美元，但是 4G 是否存在蠶食，所以網絡並不是真正的 6 億美元，而是 6 億美元減去尚未穩定的業務？

And then I had a follow-up.

然後我進行了跟進。

Sure.

當然。

Yes.

是的。

So I think the way to think about it is kind of point one is, and we sort of called this out at the Analyst Day last year, today, the current 4G carrier business for us is not a big business, right, and that's one reason we're excited about 5G because obviously we have a big content growth and then all the dynamics associated with that.

所以我認為考慮它的方式是第一個問題，我們在去年的分析師日上提到了這一點，今天，目前的 4G 運營商業務對我們來說並不是一項大業務，對，這是一個我們對 5G 感到興奮的原因是因為顯然我們有很大的內容增長以及與之相關的所有動態。

So today, that's not a terribly large business, and I don't think the way to do it is try to figure out how much 4G we're still shipping versus how much 5G because the 4G is almost gone if you think about it because all the new systems we're in at our lead customer -- pretty much all their new shipments once they're ready to go, even if they're not ready to light up 5G yet, they will ship as a 4G base station.

所以今天，這不是一個非常大的業務，我認為這樣做的方法不是試圖弄清楚我們仍在運送多少 4G 與多少 5G，因為如果你考慮一下，4G 幾乎消失了，因為我們在我們的主要客戶那裡使用的所有新系統——幾乎所有他們準備好發貨的新系統，即使他們還沒有準備好點亮 5G，它們也會作為 4G 基站發貨。

So that's why we've just sort of gone to this model to say, look, the business run rate was x amount before, at kind of its normal 4-quarter average, let's call it, and then you just take the average content increase and that's where you get the $400 million from.

所以這就是為什麼我們只是用這個模型說，看，以前的業務運行率是 x 數量，在正常的 4 個季度平均水平，我們稱之為，然後你只需要平均內容增長這就是你獲得4億美元的地方。

So I don't know if that's helpful, but it's not one that I don't think we spend a lot of time on in terms of -- because, one, it wasn't a big business for us, and two, most of that has really slowed down in anticipation of this new ramp-up, which will cover 4G and 5G in the next year.

所以我不知道這是否有幫助，但我認為我們不會在這方面花費大量時間 - 因為，一，這對我們來說不是一項大生意，二，大多數由於預計明年將涵蓋 4G 和 5G 的新增長，其中的增長速度確實放緩了。

Got it.

知道了。

No, that's helpful.

不，這很有幫助。

And I asked because you brought it up again about the slowdown for the reported quarter.

我問是因為你再次提到了報告季度的放緩。

But it's clear.

但很清楚。

I understand.

我明白。

And then my follow-up is a little bit more architectural maybe.

然後我的後續行動可能更具架構性。

If you could just maybe share your insights.

如果你能分享你的見解。

So you talked about FPGA replacement.

所以你談到了FPGA替換。

Can you just help us understand what exactly you meant and what exactly -- what is going on on the architectural side?

你能不能幫助我們理解你到底是什麼意思以及究竟是什麼——在架構方面發生了什麼？

Is it as simple as these products are now going into production, so the prototyping was in FPGA and now we are moving to standard products created by you?

是否像這些產品現在投入生產一樣簡單，所以原型設計是在 FPGA 中，現在我們正在轉向您創建的標準產品？

No.

不。

I think, yes, I think you just said it.

我想，是的，我想你剛剛說過。

I think that what we meant by that really was that in -- and this isn't just for 5G.

我認為我們真正的意思是在——這不僅僅是為了 5G。

I mean if you go dust it off and go all the way back to the 2 to 3G transition and the 3 to 4G transition, there's always been this wave of very strong FPGA deployments that, in some cases, cover baseband and cover the radio head and they cover all the major applications because the standards are changing and the OEMs are focused on time-to-market.

我的意思是，如果你把它塵埃落定，一路回到 2 到 3G 的過渡和 3 到 4G 的過渡，總是會有這波非常強大的 FPGA 部署，在某些情況下，覆蓋基帶並覆蓋無線電頭它們涵蓋了所有主要應用，因為標準正在發生變化，並且 OEM 專注於上市時間。

And then obviously, once optimized solutions become available and the standards are set, then ASICs take over.

然後很明顯，一旦優化的解決方案可用並設定了標準，那麼 ASIC 就會接管。

And so what we've seen is just simply that I think one is kind of qualitatively, from 2 to 3G, 3 to 4G and 4 to 5G, the percentage of conversion from FPGA to ASIC appears to be increasing, certainly because the processing density is increasing a lot and therefore, just to optimize on power and capacity and all the things that the customers and the operators care about are optimized, there's clearly a need to move to these custom solutions.

所以我們所看到的只是我認為一種定性的，從 2 到 3G、3 到 4G 和 4 到 5G，從 FPGA 到 ASIC 的轉換百分比似乎在增加，當然是因為處理密度正在增加很多，因此，僅僅為了優化功率和容量以及優化客戶和運營商關心的所有事情，顯然需要轉向這些定制解決方案。

But that being said, FPGAs have always been an important part of the wireless communications network design, but we are seeing very robust activity where anybody can to basically leverage the IP set, we've got to go target, not just the baseband, but these remote radio head applications.

但話雖如此，FPGA 一直是無線通信網絡設計的重要組成部分，但我們看到了非常強大的活動，任何人都可以基本上利用 IP 集，我們必須瞄準目標，不僅僅是基帶，而是這些遠程無線電頭應用。

And obviously, we have a very strong transport business, which is just our embedded processor.

顯然，我們有一個非常強大的運輸業務，這只是我們的嵌入式處理器。

So I hope that's helpful.

所以我希望這會有所幫助。

It's not anything that's terribly different from the prior generations.

這與前幾代人並沒有太大的不同。

It's just that Marvell today has a very strong offering in this area and therefore, we think we can capture a lot more share than we had, say, in 4G.

只是 Marvell 今天在該領域提供了非常強大的產品，因此，我們認為我們可以獲得比我們在 4G 方面更多的份額。

And our last question will come from the line of Ross Seymore with Deutsche Bank.

我們的最後一個問題將來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

Can you hear me this time?

這次你能聽到我的聲音嗎？

We got you, Ross.

我們找到你了，羅斯。

Yes.

是的。

Sorry about that last time.

對不起上次那個。

Lots of great questions have been asked and answered already.

已經提出並回答了許多重要的問題。

So I'll try to hit on 2 that haven't.

所以我會嘗試找到沒有的2。

The enterprise weakness, the networking side that you talked about, is that localized to one customer, or is it something broader?

企業的弱點，你談到的網絡方面，是針對一個客戶的，還是更廣泛的？

And Matt, do you believe it's something that's just beginning, or is this kind of a macro trend that is generally along the same timing we've seen across the weakness in most of the sectors?

馬特，你認為這是剛剛開始的事情，還是這種宏觀趨勢通常與我們在大多數行業的疲軟中看到的時間相同？

Yes.

是的。

So I would say, point one is it is broader, and broader means, obviously, a number of customers, some of which are either flat or they're slightly down or they're just not sort of meeting their forecast.

所以我想說，第一點是更廣泛，更廣泛意味著，顯然，許多客戶，其中一些要么持平，要么略有下降，或者他們只是沒有達到他們的預測。

And then we did also call out that one large customer.

然後我們也確實召集了一位大客戶。

It was quite pronounced in terms of the change in the demand signals and the outlook that we saw heading into this call we had today.

就需求信號的變化和我們今天看到的這次電話會議的前景而言，這一點非常明顯。

So it's not -- we're not signaling it's just one customer, we're saying there's broader weakness certainly from our lens.

所以它不是 - 我們並不是在暗示它只是一個客戶，我們說從我們的角度來看肯定存在更廣泛的弱點。

But clearly, our results and our guidance are driven mostly by the large customer, just given their contribution to our overall revenue.

但很明顯，我們的業績和我們的指導主要是由大客戶推動的，只是考慮到他們對我們整體收入的貢獻。

Got it.

知道了。

That's helpful.

這很有幫助。

And then maybe one for either you or Jean.

然後也許一個給你或讓。

You guys have been busy in this last quarter, lots of moving parts, acquisitions, divestitures, et cetera.

你們在上個季度一直很忙，有很多活動部件、收購、剝離等等。

If we look forward, whether it's a year or 2 years down the road, you guys before had a long-term target, I think, of the gross margin to be at above 66% and operating margin, I think, both of those on a pro forma basis, about 35%.

如果我們向前看，無論是一年還是兩年，你們之前都有一個長期目標，我認為毛利率和營業利潤率都在 66% 以上以備考為基礎，約 35%。

If we think about the Marvell of tomorrow after these 3 deals, are those targets still in the right ballpark?

如果我們在這三筆交易之後考慮明天的 Marvell，這些目標是否仍然在正確的範圍內？

Does it expedite or delay the ability to achieve those?

它會加速還是延遲實現這些目標的能力？

I just kind of wanted to see longer-term what the company's going to look like after these deals versus at the time that you gave those long-term targets at the last analyst meeting.

我只是想看看公司在這些交易之後的長期情況，而不是你在上次分析師會議上給出這些長期目標時的情況。

Hi, Ross.

嗨，羅斯。

And thanks for the question.

感謝您的提問。

I think if you take a level higher to think about how we think about our business model, it continued to be the same driving principle is we really want to maximize the returns for our stakeholders, which means generate a strong free cash flow, strong earnings and strong operating profit.

我認為，如果你更高層次地思考我們如何看待我們的商業模式，它仍然是相同的驅動原則，我們真的希望為我們的利益相關者最大化回報，這意味著產生強大的自由現金流，強勁的收益和強勁的營業利潤。

So when we think about our long-term target model, which was set up like almost like more than a year ago, what we said is, hey, the top line revenue growth will be in the range of 6% to 8%.

因此，當我們考慮我們的長期目標模型時，幾乎就像一年多前一樣，我們所說的是，嘿，收入增長將在 6% 到 8% 的範圍內。

Gross margin is going to be around 66% and the operating margin, 35%, as you mentioned.

正如你所提到的，毛利率將在 66% 左右，營業利潤率將達到 35%。

So right now, when we look at the progress the company has made during the last year or more than a year, we have gained tremendous more momentum than the Analyst Day in 5G in the infrastructure market.

所以現在，當我們回顧公司在過去一年或一年多的時間裡取得的進展時，我們在基礎設施市場獲得了比 5G 分析師日更大的動力。

Matt talked about the opportunity and the upside, which was not part of the original Analyst Day.

馬特談到了機會和好處，這不是最初的分析師日的一部分。

And of course, both Aquantia, Avera and the Wi-Fi divestiture were not part of the original business model.

當然，Aquantia、Avera 和 Wi-Fi 剝離都不是最初商業模式的一部分。

So the way we're thinking about it, we can give you some perspective, but we're not updating the model.

因此，按照我們的思考方式，我們可以為您提供一些觀點，但我們不會更新模型。

The perspective is basically, on the top line, if we can drive the opportunity where we have design wins and everything else, in a normalized macro environment, we should see our revenue growing more toward the high-end range of our model.

基本上，從最重要的角度來看，如果我們能夠在正常化的宏觀環境中推動我們獲得設計勝利和其他一切的機會，我們應該會看到我們的收入更多地向我們模型的高端範圍增長。

On the gross margin side, I think the way -- first, I want to say, as a company, we are laser-focused on gross margin improvement and that you have seen us, we have had a really strong track record to improve gross margin.

在毛利率方面，我認為——首先，我想說，作為一家公司，我們非常關注毛利率的提高，而且你已經看到了我們，我們在提高毛利率方面有著非常出色的記錄利潤。

Going forward, there are a few takes and puts of this gross margin dynamic.

展望未來，這種毛利率動態有一些取捨。

I think that, certainly, the storage business is stabilizing.

我認為，當然，存儲業務正在穩定下來。

The nearline, the data center will help us increase the gross margin.

近線，數據中心將幫助我們提高毛利率。

And also, secondly, on the networking side, our automotive business, our switch, PHY refreshed portfolio, they're all going to help to contribute positively to the gross margin.

其次，在網絡方面，我們的汽車業務、交換機、PHY 更新的產品組合，它們都將有助於為毛利率做出積極貢獻。

On the 5G side, it's going to be a significant revenue driver, but some of our 5G products, actually right now, currently, have a lower than corporate average gross margin.

在 5G 方面，它將成為重要的收入驅動因素，但我們的一些 5G 產品，實際上目前，目前的毛利率低於企業平均毛利率。

So the way you should expect us to do is, going forward, we're going to focus on improving the yield, the test time because it's the early ramp.

因此，您應該期望我們做的方式是，展望未來，我們將專注於提高產量和測試時間，因為這是早期的斜坡。

There's certainly a maturity of production, and on the yield side and test time side, which will improve gross margin.

肯定有成熟的生產，在產量方面和測試時間方面，這將提高毛利率。

So we continue to think when we balance everything, our gross margin should be still very high, maybe in the 63% to 65% range.

所以我們繼續認為，當我們平衡一切時，我們的毛利率應該仍然很高，可能在 63% 到 65% 的範圍內。

But overall, the way to think about it is because our top line revenue growing is going to be much faster, the gross margin dollars are actually going to be much higher, which on the operating margin side, we definitely are very committed to the 35% operating margin.

但總體而言，考慮它的方式是因為我們的收入增長將會更快，毛利率實際上會更高，在營業利潤率方面，我們肯定非常致力於 35 % 營業利潤率。

We do think, structurally, if we can grow the revenue, our model would leverage quickly to deliver that kind of operating model.

我們確實認為，從結構上講，如果我們能夠增加收入，我們的模式將迅速利用來提供這種運營模式。

So hopefully, that helps you to think through the longer-term model.

因此，希望這可以幫助您思考長期模型。

Ladies and gentlemen, this concludes our question-and-answer session for today.

女士們，先生們，今天的問答環節到此結束。

So now it is my pleasure to hand the conference back over to Ashish Saran, Head of Investor Relations at Marvell, for any closing comments or remarks.

因此，現在我很高興將會議交還給 Marvell 投資者關係主管 Ashish Saran，以聽取任何結束意見或評論。

Thank you, everyone, for joining us today, and we look forward to seeing you at the upcoming Citi Technology Conference in New York City and the Deutsche Bank Technology Conference in Las Vegas.

謝謝大家今天加入我們，我們期待在即將在紐約市舉行的花旗科技大會和在拉斯維加斯舉行的德意志銀行科技大會上見到您。

Thanks.

謝謝。

Bye.

再見。

Ladies and gentlemen, thank you for your participation on today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude our program, and we may all disconnect.

這確實結束了我們的程序，我們可能都會斷開連接。

Everybody have a wonderful day.

每個人都有美好的一天。