邁威爾科技 (MRVL) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to Marvell's Technologies Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Marvell 技術公司 2022 年第四季度和 2022 財年收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Mr. Ashish Saran, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Ashish Saran 先生。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's Fourth Quarter and Fiscal Year 2022 Earnings Call. Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2022 財年第四季度和財報電話會議。今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官Jean Hu。

I would like to remind everyone that certain comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings. We do not intend to update our forward-looking statements.

我想提醒大家，今天發表的某些評論可能包括前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致我們的實際結果與管理層目前的預期存在重大差異。請查看我們今天向美國證券交易委員會提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近提交的 10-K 和 10-Q 文件。我們不打算更新我們的前瞻性陳述。

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in the Investor Relations section of our website.

在我們今天的電話會議中，我們將提及某些非公認會計準則財務指標。我們網站的投資者關係部分提供了我們的 GAAP 和非 GAAP 財務指標之間的對賬。

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

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。馬特?

Thanks, Ashish, and good afternoon, everyone. Let me start with a recap of the exceptional results Marvell delivered in fiscal 2022, an absolutely pivotal year for the company. We saw a substantial increase in design wins, the completion of 2 significant acquisitions and strong revenue growth with great momentum in all our businesses.

謝謝，Ashish，大家下午好。讓我先回顧一下 Marvell 在 2022 財年取得的非凡成果，這對公司來說絕對是關鍵的一年。我們看到設計勝出的數量大幅增加，完成了 2 次重大收購，收入增長強勁，我們所有業務的發展勢頭都非常強勁。

Our 5-nanometer technology platform, along with the rest of our data-centric IP portfolio, proved to be a key enabler for winning new opportunities in all of our focus markets. Our sales and product teams did a tremendous job securing new sockets and drove a record level of design wins in fiscal 2022, a big step up from the prior year.

事實證明，我們的 5 納米技術平台以及其他以數據為中心的 IP 產品組合是我們在所有重點市場贏得新機遇的關鍵推動力。我們的銷售和產品團隊在確保新插座方面做了大量工作，並在 2022 財年推動了創紀錄的設計勝利，比上一年有了很大進步。

Fiscal 2022 was also a breakout year for our cloud optimized silicon platform, winning a sizable number of important sockets, which we expect will drive significant revenue for the company going forward.

2022 財年也是我們的雲優化矽平台突破性的一年，贏得了相當數量的重要套接字，我們預計這將為公司未來帶來可觀的收入。

We remain focused on extending our leadership in process technology and advanced packaging. Our engineering teams are driving the architecture and design of our complex analog and mixed-signal IP to 3 nanometers. They are also advancing chiplet and 3D packaging technologies to support the integration of multiple advanced process nodes inside a single package.

我們仍然專注於擴大我們在工藝技術和先進封裝方面的領先地位。我們的工程團隊正在將我們複雜的模擬和混合信號 IP 的架構和設計推進到 3 納米。他們還在推進小芯片和 3D 封裝技術，以支持在單個封裝內集成多個先進工藝節點。

During the year, we completed the integration of Inphi, a transformational acquisition that substantially increased our participation in the fast-growing cloud data center market. The Marvell and Inphi team share very similar values founded on engineering excellence, innovation and a passion for our customers' success. The teams have integrated exceptionally well across the company and are jointly taking our capabilities to new heights.

年內，我們完成了對 Inphi 的整合，這是一次轉型收購，大大增加了我們在快速增長的雲數據中心市場中的參與度。 Marvell 和 Inphi 團隊在工程卓越、創新和對客戶成功的熱情上有著非常相似的價值觀。這些團隊在整個公司內整合得非常好，並且正在共同將我們的能力提升到新的高度。

Inphi's position at the core of cloud data centers has given the team unique insights into next-generation network architectures. The Inphi team has developed deep relationships with Tier 1 cloud customers, which has been instrumental in unlocking additional opportunities for the combined company, including the success of our cloud optimized silicon platform. The transaction, which was accretive to non-GAAP earnings within the first full quarter after close has been a resounding success, delivering revenue in fiscal 2022 above our deal model.

Inphi 在雲數據中心的核心地位為團隊提供了對下一代網絡架構的獨特見解。 Inphi 團隊與一級雲客戶建立了深厚的關係，這有助於為合併後的公司釋放更多機會，包括我們的雲優化矽平台的成功。該交易在收盤後的第一個完整季度內增加了非公認會計原則的收益，取得了巨大的成功，在 2022 財年實現了高於我們交易模式的收入。

We further complemented our cloud business with the Innovium acquisition, adding their leading cloud optimized switches to Marvell's feature-rich enterprise and carrier switch portfolio. The Innovium team is fully integrated and are leveraging Marvell's 5-nanometer technology platform and extensive SerDes IP to accelerate the road map for our next-generation 51.2T switches. This development is closely aligned with our electrooptics DSP road map to provide customers with a complete solution optimized for power and performance.

我們通過收購 Innovium 進一步補充了我們的雲業務，將他們領先的雲優化交換機添加到 Marvell 功能豐富的企業和運營商交換機產品組合中。 Innovium 團隊已完全集成，並正在利用 Marvell 的 5 納米技術平台和廣泛的 SerDes IP 來加速我們下一代 51.2T 交換機的路線圖。這一發展與我們的電光 DSP 路線圖緊密結合，為客戶提供針對功率和性能進行優化的完整解決方案。

The combined Marvell and Innovium Ethernet switch portfolios are proving very attractive to data center customers, among them, a new design win at a Tier 1 cloud customer in Asia. We are also engaged with multiple additional customers and are looking forward to further expanding our footprint in this fast-growing market.

事實證明，Marvell 和 Innovium 以太網交換機組合組合對數據中心客戶非常有吸引力，其中一項新設計贏得了亞洲一級雲客戶的青睞。我們還與多個其他客戶進行了接觸，並期待在這個快速增長的市場中進一步擴大我們的足跡。

Moving on to revenue. In fiscal 2022, revenue grew 50% year-on-year to $4.46 billion driven by robust demand for our products. The organic Marvell business and the acquired Inphi business were both strong contributors to growth. Our results reflect our success in the cloud, 5G and automotive end markets, which collectively doubled in revenue from the prior year. Our enterprise networking end market also had a phenomenal year with revenue growing 43% year-over-year.

繼續收入。在對我們產品的強勁需求的推動下，2022 財年的收入同比增長 50% 至 44.6 億美元。有機 Marvell 業務和收購的 Inphi 業務都是增長的重要貢獻者。我們的業績反映了我們在雲、5G 和汽車終端市場的成功，這些市場的收入比上一年翻了一番。我們的企業網絡終端市場也經歷了非凡的一年，收入同比增長 43%。

Later in the call today, you will hear more details about the start of an extended period of infrastructure refreshes in the enterprise market. We expect that these, combined with share and content gains from our merchant products, will produce enduring growth in our enterprise business. And not only that, you will also hear me talk about a new driver of revenue growth in the enterprise networking market.

在今天稍後的電話會議中，您將聽到更多關於企業市場基礎設施更新周期開始的詳細信息。我們預計，這些與我們的商業產品的份額和內容收益相結合，將為我們的企業業務帶來持久的增長。不僅如此，您還將聽到我談論企業網絡市場收入增長的新動力。

Shifting gears to our fourth quarter. We delivered a record $1.34 billion in revenue, growing 11% sequentially and 68% year-over-year. Revenue exceeded the midpoint of guidance with all end markets growing sequentially and year-over-year. A particular note, cloud and enterprise networking delivered stronger than projected contributions. Cloud, 5G and auto collectively increased to 40% of total revenue in the fourth quarter.

換檔到我們的第四季度。我們實現了創紀錄的 13.4 億美元收入，環比增長 11%，同比增長 68%。收入超過了指導的中點，所有終端市場都連續和同比增長。特別值得注意的是，雲和企業網絡的貢獻比預期的要強。雲計算、5G 和汽車在第四季度合計佔總收入的 40%。

We exited fiscal 2022 with record bookings momentum and opportunities for accelerated growth across our business going forward. We continue to win in the market as our customers look to expand the scope of their engagements with Marvell. Our operations team continues to secure capacity, and we are tightly engaged with our strategic suppliers.

我們以創紀錄的預訂勢頭和未來業務加速增長的機會退出了 2022 財年。隨著我們的客戶希望擴大與 Marvell 的合作範圍，我們將繼續贏得市場。我們的運營團隊繼續確保產能，我們與戰略供應商緊密合作。

Growth in demand continues to outstrip increases in supply. And as a result, our delinquency has continued to grow. We are working closely with our suppliers to secure additional capacity wherever possible.

需求增長繼續超過供應增長。結果，我們的犯罪率繼續增長。我們正在與供應商密切合作，以盡可能確保額外的產能。

Let me now move on to discussing our 5 end markets, starting with data center. In our data center end market, revenue for the fourth quarter was $574 million, growing 15% sequentially and 113% year-over-year, exceeding our guidance. The majority of the growth was from cloud driven by robust demand from hyperscale customers.

現在讓我繼續討論我們的 5 個終端市場，從數據中心開始。在我們的數據中心終端市場，第四季度的收入為 5.74 億美元，環比增長 15%，同比增長 113%，超出了我們的預期。大部分增長來自超大規模客戶的強勁需求推動的雲計算。

Let me note that our on-premise data center business also grew sequentially and year-over-year. In the fourth quarter, sequential and year-over-year revenue growth was broad-based with multiple product lines contributing to the excellent results. We expect the demand outlook from cloud customers to remain strong, and we are also looking forward to the ramp of new design wins.

讓我注意到，我們的本地數據中心業務也連續和同比增長。在第四季度，收入環比和同比增長基礎廣泛，多個產品線促成了出色的業績。我們預計雲客戶的需求前景將保持強勁，我們也期待新設計的勝利。

At our Investor Day, we discussed our expectations for $400 million in incremental revenue contributions in fiscal 2024 from new cloud optimized wins, doubling to $800 million in fiscal 2025. Development of these programs is well on track with several products slated to enter production later this year and start contributing meaningful revenue.

在我們的投資者日上，我們討論了我們對 2024 財年新的雲優化勝利帶來的 4 億美元增量收入貢獻的預期，到 2025 財年將翻一番，達到 8 億美元。這些計劃的開發進展順利，一些產品計劃在今年晚些時候投入生產年並開始貢獻有意義的收入。

Since that update, we have won multiple additional cloud optimized designs. Similar to the wins in prior quarters, these chips are for a variety of networking and compute offload or acceleration functions in cloud data centers. We are expecting revenue contributions from these new wins to start as early as fiscal 2024 and then ramp more substantially over time. Both of these wins are incremental to what we had discussed at our Investor Day.

自那次更新以來，我們贏得了多項額外的雲優化設計。與前幾個季度的勝利類似，這些芯片用於雲數據中心的各種網絡和計算卸載或加速功能。我們預計這些新勝利的收入貢獻最早將在 2024 財年開始，然後隨著時間的推移而大幅增加。這兩項勝利都是我們在投資者日討論的內容的增量。

In aggregate, in fiscal 2022, we have won over a dozen cloud optimized programs across multiple Tier 1 cloud customers. A significant number of these designs are for custom DPU implementations, reflecting the increase in the attach rate of DPUs inside cloud data centers. We expect this trend to accelerate in next-generation architectures.

總的來說，在 2022 財年，我們贏得了多個一級雲客戶的十幾個雲優化計劃。這些設計中有很大一部分是針對自定義 DPU 實施的，這反映了雲數據中心內 DPU 連接率的提高。我們預計這一趨勢將在下一代架構中加速。

We are confident that we are uniquely positioned to win these opportunities with our leading portfolio of compute, networking, security, storage and high-speed electro-optics IP, all of them delivered on our cloud optimized 5-nanometer platform.

我們相信，憑藉我們領先的計算、網絡、安全、存儲和高速電光 IP 產品組合，我們擁有獨特的優勢來贏得這些機會，所有這些都在我們的雲優化 5 納米平台上提供。

In our electro-optics business, we are continuing to innovate. We are aggressively driving the road map to improve power performance in leading-edge technology nodes with our next-generation products. We have begun volume shipments of our 800-gig PAM4 DSPs, enabling customers to start deployment of 800-gig optical modules in cloud data center and AI network applications. We are confident that we are the industry's first PAM4 DSP supplier to achieve this production milestone.

在我們的電光業務中，我們不斷創新。我們正在積極推動路線圖，以通過我們的下一代產品提高領先技術節點的功率性能。我們已經開始批量出貨我們的 800-gig PAM4 DSP，使客戶能夠開始在雲數據中心和 AI 網絡應用中部署 800-gig 光模塊。我們有信心成為業界首家實現這一生產里程碑的 PAM4 DSP 供應商。

Let me now discuss a new product line we just announced for the emerging active electrical cable market. This opens up another avenue of growth for us in the data center, leveraging our core DSP expertise. Today, our PAM4 products are primarily deployed in optical modules used in cloud data centers for long-reach switch-to-switch connections. In the same data centers, short-reach connections between switches, between server to top of rack switches and in AI interconnects have traditionally used passive electrical cables for speeds of up to 50 gig per lane.

現在讓我討論一下我們剛剛為新興的有源電纜市場宣布的新產品線。利用我們的核心 DSP 專業知識，這為我們在數據中心開闢了另一條增長途徑。今天，我們的 PAM4 產品主要部署在雲數據中心中用於長距離交換機到交換機連接的光模塊中。在同一數據中心中，交換機之間、服務器與架頂式交換機之間以及 AI 互連之間的短距離連接傳統上使用無源電纜，以實現每通道高達 50 gig 的速度。

None of these requires advanced signal processing today. However, in next-generation cloud data centers, AI, ML and other data-intensive workloads are pushing these short-reach connections to higher 100 gig per lane throughput. At these speeds, passive electrical cables have significant reach and performance limitations.

如今，這些都不需要先進的信號處理。然而，在下一代云數據中心，人工智能、機器學習和其他數據密集型工作負載正在將這些短距離連接推向更高的每通道 100 gig 吞吐量。在這些速度下，無源電纜具有很大的範圍和性能限制。

To overcome these challenges, the industry is turning to active electrical cables, referred to as ADCs, which require advanced DSPs. To meet that demand, Marvell has introduced the industry's first 400-gig and 800-gig DSPs for the ADC market based on our leading PAM4 service technology. Our unique business model allows us to work with both cloud customers as well as all leading cable manufacturers to drive an open ecosystem.

為了克服這些挑戰，業界正在轉向有源電纜，稱為 ADC，它需要先進的 DSP。為滿足這一需求，Marvell 基於我們領先的 PAM4 服務技術，為 ADC 市場推出了業界首款 400-gig 和 800-gig DSP。我們獨特的商業模式使我們能夠與雲客戶以及所有領先的電纜製造商合作，共同推動開放的生態系統。

Our industry-leading DSPs have enabled major cable vendors to complete development of their first ADC solutions. We are also working with multiple cloud operators to take advantage of this new growth opportunity.

我們行業領先的 DSP 使主要的電纜供應商能夠完成他們第一個 ADC 解決方案的開發。我們還與多家云運營商合作，以利用這一新的增長機會。

On the storage side, our leading process technology platform and PCIe road map execution continues to drive new design wins for our data center SSD controllers. During the quarter, we secured designs with our PCIe Gen 5 controllers at 2 additional NAND OEMs, making a total of 3 who are adopting the Marvell solution.

在存儲方面，我們領先的工藝技術平台和 PCIe 路線圖執行繼續為我們的數據中心 SSD 控制器帶來新的設計勝利。在本季度，我們為另外 2 家 NAND OEM 確保了使用我們的 PCIe Gen 5 控制器的設計，使共有 3 家採用 Marvell 解決方案。

Looking ahead, our team is also pushing forward with our PCIe Gen 6 development, and our customers are very excited about our road map.

展望未來，我們的團隊也在推進我們的 PCIe Gen 6 開發，我們的客戶對我們的路線圖感到非常興奮。

Moving on to our expectations for the first fiscal quarter of fiscal 2023 from our data center end market. We project revenue to grow sequentially in the mid-single digits on a percentage basis and more than double year-over-year. We are expecting another strong performance led by cloud customers across a broad range of products.

從我們的數據中心終端市場繼續我們對 2023 財年第一財季的預期。我們預計收入將按百分比連續增長中個位數，同比增長一倍以上。我們期待雲客戶在廣泛的產品中引領另一個強勁的表現。

We are also projecting the start of a strong ramp of our 400-gig ZR data center interconnect products. In fact, we are expecting this ramp to drive our DCI revenue to a new record in the first quarter, eclipsing the peak we had achieved in the 100 gig cycle. Even at this very early stage of industry adoption, we are excited to see the rapid growth of 400 ZR, and we expect to see a lot more growth over time.

我們還預計我們的 400-gig ZR 數據中心互連產品將開始強勁增長。事實上，我們預計這一增長將推動我們的 DCI 收入在第一季度創下新紀錄，超過我們在 100 gig 週期中達到的峰值。即使在這個行業採用的早期階段，我們也很高興看到 400 ZR 的快速增長，並且我們預計隨著時間的推移會看到更多的增長。

Looking forward, we see ongoing growth in the data center, including revenue contribution starting from the new cloud-optimized product ramps to drive another step-up in our data center revenue in the second half of this fiscal year and beyond.

展望未來，我們看到數據中心的持續增長，包括從新的雲優化產品開始的收入貢獻推動本財年下半年及以後數據中心收入的進一步增長。

Turning to our carrier infrastructure end market. Revenue for the fourth quarter was $241 million, growing 12% sequentially and 45% year-over-year. These results were driven by our 5G business, which delivered substantial revenue growth of over 30% sequentially, exceeding our guidance. We benefited from the broader rollout of 5G technology and product ramps at multiple base station customers.

轉向我們的運營商基礎設施終端市場。第四季度收入為 2.41 億美元，環比增長 12%，同比增長 45%。這些業績是由我們的 5G 業務推動的，該業務實現了超過 30% 的連續收入大幅增長，超出了我們的預期。我們受益於多個基站客戶更廣泛地推出 5G 技術和產品升級。

Marvell recently announced a collaboration with Dell on their new suite of telecom solutions to help service providers enable their transformation to open cloud-native networks. This offering includes a codeveloped Open RAN accelerator card using our proven OCTEON Fusion baseband silicon to deliver in-line 5G layer 1 processing. We continue to see strong traction on our 5G technology platform, resulting in another key 5-nanometer design win for a radio ASIC at a Tier 1 base station customer.

Marvell 最近宣布與戴爾就其新的電信解決方案套件展開合作，以幫助服務提供商實現向開放雲原生網絡的轉型。該產品包括使用我們經過驗證的 OCTEON Fusion 基帶芯片共同開發的 Open RAN 加速器卡，以提供在線 5G 第 1 層處理。我們繼續看到我們的 5G 技術平台具有強大的吸引力，從而為一級基站客戶的無線電 ASIC 帶來了另一個關鍵的 5 納米設計勝利。

Following the strong step-up in the fourth quarter, we expect revenue from the carrier end market to continue to grow in the first quarter of fiscal 2023. We are projecting revenue to grow in the low single digits sequentially, while year-over-year growth is expected to remain strong at over 40%.

繼第四季度的強勁增長之後，我們預計運營商終端市場的收入將在 2023 財年第一季度繼續增長。我們預計收入將環比增長低個位數，而同比增長預計增長將保持強勁，超過 40%。

Moving on to our enterprise networking and end market. Revenue for the fourth quarter was $263 million, growing 6% sequentially and 64% year-over-year, another strong performance from this large and growing Marvell business. As you heard in the opening remarks, this end market is going through an inflection.

繼續我們的企業網絡和終端市場。第四季度收入為 2.63 億美元，環比增長 6%，同比增長 64%，這是 Marvell 這一龐大且不斷增長的業務的又一強勁表現。正如你在開場白中聽到的那樣，這個終端市場正在經歷一個拐點。

Hybrid work is here to stay, but the current networking infrastructure was never designed to support this flexible, seamless connect from anywhere, immersive and high video usage environment. Companies are now embarking upon an extended period of refreshing their infrastructure, becoming borderless, enabling new digital capabilities, massively increasing bandwidth, building redundancy and beefing up security.

混合工作將繼續存在，但當前的網絡基礎設施從未設計為支持這種靈活、無縫的隨時隨地連接、身臨其境的高視頻使用環境。公司現在正著手更新其基礎設施，實現無國界，啟用新的數字功能，大幅增加帶寬，建立冗餘並加強安全性。

You will also remember from our prior discussions that we have been winning designs with our refreshed products over several years in this end market. These wins have typically come with higher Marvell content driven by new features such as multi-gig Ethernet and MACsec. As the upgrade cycle in the enterprise networking market gains momentum, we are beginning to see our customers starting to ship their new platforms where we have higher share and increased content.

您還會記得，從我們之前的討論中，我們已經用我們更新的產品在這個終端市場上贏得了幾年的設計。這些勝利通常伴隨著更高的 Marvell 內容，這些內容由多千兆以太網和 MACsec 等新功能驅動。隨著企業網絡市場的升級週期獲得動力，我們開始看到我們的客戶開始發布他們擁有更高份額和更多內容的新平台。

Looking forward, we expect enterprises will continue to modernize their networks. And as a result, we project ongoing growth to continue from this end market.

展望未來，我們預計企業將繼續對其網絡進行現代化改造。因此，我們預計該終端市場將持續增長。

Let me now discuss a new source of growth for Marvell in this end market, custom silicon. We have a very successful custom business in the carrier end market and are also building a large revenue stream from hyperscalers with our cloud optimized products. We are now enabling the enterprise networking market to take advantage of our advanced technology platform.

現在讓我討論一下 Marvell 在這個終端市場的新增長源，即定制芯片。我們在運營商終端市場擁有非常成功的定制業務，並且還通過我們的雲優化產品從超大規模用戶那裡獲得了巨大的收入來源。我們現在使企業網絡市場能夠利用我們先進的技術平台。

I would like to point out that these designs frequently pull through additional Marvell content across a number of our product lines. Our pipeline of opportunities is growing, and we see custom silicon becoming another leg to the enterprise networking stool, adding to the ongoing growth from our merchant products.

我想指出，這些設計經常在我們的許多產品線中引入額外的 Marvell 內容。我們的機會管道正在增長，我們看到定制芯片成為企業網絡凳子的另一條腿，增加了我們商業產品的持續增長。

We expect revenue from custom products and enterprise networking to grow sharply to well over $100 million in fiscal 2023. In aggregate, we expect a very durable period of high growth from enterprise networking to strongly complement our cloud, 5G and auto pillars.

我們預計，定制產品和企業網絡的收入將在 2023 財年大幅增長至超過 1 億美元。總體而言，我們預計企業網絡將在一段非常持久的高增長時期有力地補充我們的雲、5G 和汽車支柱。

Looking ahead to the first quarter of fiscal 2023, we expect growth to accelerate in our enterprise networking end market. We are projecting revenue to be up sequentially in the mid-teens on a percentage basis and year-over-year to grow over 70%. This growth outlook reflects our expectations of higher supply to support our product ramps and the ongoing enterprise infrastructure refresh cycle.

展望 2023 財年第一季度，我們預計我們的企業網絡終端市場將加速增長。我們預計收入將按百分比在十幾歲左右連續增長，同比增長超過 70%。這一增長前景反映了我們對增加供應以支持我們的產品提升和正在進行的企業基礎設施更新周期的預期。

Turning to our automotive and industrial end market, revenue for the fourth quarter was $79 million, growing 19% sequentially and 134% year-over-year. Strong revenue growth in this end market is being driven by higher adoption of our Brightlane Ethernet solutions in a growing number of vehicles from multiple OEMs.

談到我們的汽車和工業終端市場，第四季度的收入為 7900 萬美元，環比增長 19%，同比增長 134%。來自多個 OEM 的越來越多的車輛採用了我們的 Brightlane 以太網解決方案，推動了這一終端市場的強勁收入增長。

Looking ahead to the first quarter of fiscal 2023, we are expecting strong sequential growth to continue from auto and a flattish outlook for our Industrial business. As a result, for the auto and industrial end market, we are projecting sequential revenue growth in the high single digits on a percentage basis, while year-over-year growth is expected above 80%.

展望 2023 財年第一季度，我們預計汽車業務將繼續強勁的連續增長，而我們的工業業務前景將持平。因此，對於汽車和工業終端市場，我們預計收入環比增長將達到高個位數，而同比增長預計將超過 80%。

Moving on to our consumer end market. Revenue for the fourth quarter was $185 million, growing 2% sequentially and 11% year-over-year. Growth in this end market is being driven by our SSD controllers, shipping into consumer-oriented platforms such as game consoles.

繼續我們的消費端市場。第四季度收入為 1.85 億美元，環比增長 2%，同比增長 11%。我們的 SSD 控制器推動了這一終端市場的增長，並將其運往遊戲機等面向消費者的平台。

Looking ahead to the first quarter of fiscal 2023, we expect revenue to be flattish on a sequential basis and continue to grow year-over-year, approximately in the double digits on a percentage basis.

展望 2023 財年第一季度，我們預計收入將環比持平，並繼續同比增長，百分比約為兩位數。

In closing, we delivered record results for the fourth quarter and fiscal year 2022, growing revenue well above our long-term target model. We expect this momentum to continue.

最後，我們在第四季度和 2022 財年實現了創紀錄的業績，收入增長遠高於我們的長期目標模型。我們預計這種勢頭將繼續下去。

Marvell is uniquely positioned to benefit from the 3 most important growth opportunities in semiconductors: cloud, 5G and automotive. The transformation in the enterprise end market is also becoming another continuing growth driver for Marvell. We expect secular growth to continue from all our end markets, further supported by our large and growing pipeline of secured design wins, which will drive incremental revenue.

Marvell 擁有得天獨厚的優勢，可以從半導體領域的 3 個最重要的增長機會中受益：雲、5G 和汽車。企業終端市場的轉型也正在成為 Marvell 的另一個持續增長動力。我們預計我們所有終端市場的長期增長將繼續得到我們龐大且不斷增長的安全設計勝利管道的進一步支持，這將推動收入增加。

We are also working to make sure that we grow in a responsible and sustainable manner. Over the past year, Marvell has taken meaningful action on evolving our environmental, social and governance strategy, setting new goals and increasing transparency. We've committed to achieving net zero emissions as a company and are setting a science-based target to put us on track to reach this goal.

我們也在努力確保我們以負責任和可持續的方式發展。在過去的一年裡，Marvell 在發展我們的環境、社會和治理戰略、設定新目標和提高透明度方面採取了有意義的行動。作為一家公司，我們致力於實現淨零排放，並正在設定一個基於科學的目標，以使我們走上實現這一目標的軌道。

Building a more inclusive and diverse workforce is another important area of focus, and we have increased our outreach to traditionally underrepresented talent. I would encourage investors to visit our new ESG website to review the goals we've outlined and our progress to date.

建立更具包容性和多元化的員工隊伍是另一個重要的重點領域，我們增加了對傳統上代表性不足的人才的外展。我鼓勵投資者訪問我們新的 ESG 網站，查看我們概述的目標和迄今為止的進展。

On behalf of Marvell's Board and leadership team, I thank our valued employees for the outstanding results they've helped deliver in the fourth quarter and throughout fiscal year 2022. Ours is a highly resilient team that has stayed focused and outperformed through an extended period of challenges and uncertainty.

我代表 Marvell 的董事會和領導團隊，感謝我們尊貴的員工在第四季度和整個 2022 財年幫助取得的傑出成果。我們的團隊是一支極具韌性的團隊，在很長一段時間內保持專注並表現出色。挑戰和不確定性。

This is an exciting time for our company as we've hit an inflection point in our growth cycle and are seeing strong momentum in our businesses across the board. I look forward to continuing to work alongside our exceptional Marvell team to address the numerous opportunities in front of us.

這對我們公司來說是一個激動人心的時刻，因為我們已經達到了增長周期的拐點，並且我們的業務全面發展勢頭強勁。我期待繼續與我們卓越的 Marvell 團隊合作，以應對擺在我們面前的眾多機會。

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

有了這個，我將把電話轉給讓，以了解我們最近的結果和前景的更多細節。

Thanks, Matt, and good afternoon, everyone. I'll start with a summary of our fiscal year 2022 results. We are very pleased with our performance in fiscal 2022, delivering record revenue and profitability while continuing to aggressively invest to drive strong long-term growth from the data infrastructure market.

謝謝，馬特，大家下午好。我將從總結我們 2022 財年的業績開始。我們對我們在 2022 財年的表現感到非常滿意，創造了創紀錄的收入和盈利能力，同時繼續積極投資以推動數據基礎設施市場的強勁長期增長。

Revenue grew significantly by 50% year-on-year to $4.46 billion. GAAP gross margin was 46.3% and the GAAP loss per diluted share was $0.53. Our non-GAAP gross margin was 64.9%, expanding by 160 basis points, reflecting the increase in value and differentiation we provide to our customers. Revenue growth and gross margin expansion, combined with strong operating leverage from our business model, drove robust growth in earnings for the year.

收入同比大幅增長 50% 至 44.6 億美元。 GAAP 毛利率為 46.3%，稀釋後每股 GAAP 虧損為 0.53 美元。我們的非公認會計原則毛利率為 64.9%，增長了 160 個基點，反映了我們為客戶提供的價值和差異化的增加。收入增長和毛利率擴張，加上我們業務模式的強大經營槓桿，推動了本年度盈利的強勁增長。

Non-GAAP operating margin expanded by 860 basis points from 24.2% to 32.8%. And non-GAAP earnings per share grew 71% year-on-year to $1.57.

非美國通用會計準則營業利潤率從 24.2% 增長 860 個基點至 32.8%。非美國通用會計準則每股收益同比增長 71% 至 1.57 美元。

Moving on to our financial results for the first quarter. Revenue in the fourth quarter was $1.343 billion, exceeding the middle point of our guidance, growing 11% sequentially and 68% year-over-year. Data center was our largest end market, driving 43% of consolidated revenue.

繼續我們第一季度的財務業績。第四季度收入為 13.43 億美元，超過了我們預期的中點，環比增長 11%，同比增長 68%。數據中心是我們最大的終端市場，佔綜合收入的 43%。

Enterprise networking was next largest with 19% of total revenue, followed by carrier infrastructure at 18%, consumer at 14% and auto industrial at 6%. GAAP gross margin was 51.1%. Non-GAAP gross profit was $877 million or 65.3% of revenue, another record driven by rich product mix, reflecting our strong IP position and leading product portfolio.

企業網絡緊隨其後，佔總收入的 19%，其次是運營商基礎設施，佔 18%，消費者佔 14%，汽車工業佔 6%。 GAAP 毛利率為 51.1%。非美國通用會計準則毛利潤為 8.77 億美元，佔收入的 65.3%，這是由豐富的產品組合推動的又一記錄，反映了我們強大的知識產權地位和領先的產品組合。

GAAP operating expenses were $652 million and they include the cost of share-based compensation expenses, amortization of acquired intangible assets, legal settlements and acquisition and divestiture-related costs. Non-GAAP operating expenses were $390 million, at the low end of our guidance range. GAAP operating income was $35 million. Non-GAAP operating profit was $487 million, up 115% from a year ago, growing significantly faster than revenue.

GAAP 運營費用為 6.52 億美元，其中包括股權補償費用、所購無形資產攤銷、法律和解以及收購和剝離相關成本。非 GAAP 運營費用為 3.9 億美元，處於我們指導範圍的低端。 GAAP 營業收入為 3500 萬美元。非美國通用會計準則營業利潤為 4.87 億美元，比一年前增長 115%，增長速度明顯快於收入。

We achieved a record of 36.3% non-GAAP operating margin, an improvement of 790 basis points from the prior year, reflect the strong operating leverage in our business model.

我們實現了創紀錄的 36.3% 的非公認會計原則營業利潤率，比上一年提高了 790 個基點，反映了我們業務模式中強大的經營槓桿。

For the fourth quarter, GAAP income per diluted share was $0.01. Non-GAAP income per diluted share was $0.50, up 72% year-over-year, exceeding the middle point of our guidance.

第四季度，GAAP每股攤薄收益為0.01美元。非公認會計準則每股攤薄收益為 0.50 美元，同比增長 72%，超過了我們指引的中點。

Now turning to our balance sheet and the cash flow. During the quarter, cash flow from operations was $346 million. I'm pleased with our strong cash flow generation while investing significantly in working capital to support strong revenue growth. We returned $51 million to shareholders through cash dividends.

現在轉向我們的資產負債表和現金流。本季度，運營現金流為 3.46 億美元。我對我們強勁的現金流產生感到滿意，同時大量投資於營運資金以支持強勁的收入增長。我們通過現金股息向股東返還了 5100 萬美元。

As of the end of the fourth fiscal quarter, our cash and cash equivalents were $614 million, and our long-term debt was $4.5 billion. Our gross debt-to-EBITDA ratio was 2.6x and net debt-to-EBITDA ratio was 2.3x. We are confident that we are on track to achieve our targeted gross debt-to-EBITDA ratio of 2x by the end of the second quarter of fiscal 2023, at which time we expect to restart share repurchase.

截至第四財季末，我們的現金和現金等價物為 6.14 億美元，我們的長期債務為 45 億美元。我們的總債務與 EBITDA 比率為 2.6 倍，淨債務與 EBITDA 比率為 2.3 倍。我們有信心，我們有望在 2023 財年第二季度末實現 2 倍的目標總債務與 EBITDA 比率，屆時我們預計將重啟股票回購。

Inventory at the end of the fourth quarter was $720 million. $39 million of this inventory balance is from Innovium due to purchase price accounting. We anticipate amortizing this step-up over the next 2 quarters. We have also increased our working process inventory to support the rapid growth in revenue we are forecasting.

第四季度末的庫存為 7.2 億美元。由於採購價格核算，該庫存餘額中有 3900 萬美元來自 Innovium。我們預計在接下來的兩個季度中攤銷這一增長。我們還增加了我們的工作流程庫存，以支持我們預測的收入的快速增長。

In summary, the Marvell team executed exceptionally well, delivering accelerated top line growth and strong earnings expansion significantly faster than revenue growth.

總之，Marvell 團隊的執行非常出色，實現了加速的收入增長和強勁的盈利增長，明顯快於收入增長。

Turning to our guidance for the fourth quarter of fiscal 2023. We are forecasting revenue to be in the range of $1.425 billion, plus or minus 3%. We expect our GAAP gross margin will be in the range of 49.6% to 50.6%. We project our non-GAAP gross margin will be in the range of 65% to 66%. We project our GAAP operating expenses to be approximately $672 million. We anticipate our non-GAAP operating expenses to be in the range of $430 million to $435 million.

轉向我們對 2023 財年第四季度的指導。我們預計收入將在 14.25 億美元的範圍內，正負 3%。我們預計我們的 GAAP 毛利率將在 49.6% 至 50.6% 之間。我們預計我們的非公認會計原則毛利率將在 65% 至 66% 之間。我們預計我們的 GAAP 運營費用約為 6.72 億美元。我們預計我們的非公認會計原則運營費用將在 4.3 億美元至 4.35 億美元之間。

For the first quarter, we expect non-GAAP tax rate of 6%. We expect our basic weighted average shares outstanding will be 848 million. And our diluted weighted average share outstanding will be 863 million. As a result, we anticipate GAAP earnings per share in the range of a loss of $0.03 per share on the low end to an income of $0.05 per diluted share on the high end. We expect non-GAAP income per diluted share in the range of $0.48 to $0.54.

對於第一季度，我們預計非 GAAP 稅率為 6%。我們預計我們的基本加權平均流通股為 8.48 億股。我們的稀釋加權平均流通股將是8.63億股。因此，我們預計 GAAP 每股收益在低端每股虧損 0.03 美元到高端每股攤薄收益 0.05 美元的範圍內。我們預計非公認會計準則每股攤薄收益在 0.48 美元至 0.54 美元之間。

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

接線員，請打開線路並宣布問答說明。謝謝你。

(Operator Instructions) Our first question comes from Timothy Arcuri with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Timothy Arcuri。

Matt, it seems like you're ahead of plan, and I'm wondering if you could update us on your fiscal '23 growth forecast. And then also, as you look to fiscal '24, I know you said you're going to grow more than 30% this year. But it seems like you can do better than that, now it seems like you're getting a little more supply.

馬特，您似乎超前了，我想知道您是否可以向我們更新您的 23 財年增長預測。然後，當您展望 24 財年時，我知道您說過今年的增長率將超過 30%。但看起來你可以做得更好，現在你似乎得到了更多的供應。

And then also, I think you had hinted that, well, maybe you can grow somewhere in that range also for fiscal '24 because the fiscal '23 guidance didn't include any work on -- in delinquencies. So I'm just kind of wondering if you can update us on those. It sounds like you'd be incrementally more confident that you can grow quite a bit higher possibly than 30% this year and maybe even 30% in fiscal '24?

然後，我認為你已經暗示過，也許你可以在 24 財年的某個範圍內增長，因為 23 財年的指導不包括任何關於拖欠的工作。所以我只是想知道你是否可以向我們更新這些信息。聽起來你會越來越有信心，你今年的增長率可能會超過 30%，甚至可能在 24 財年達到 30%？

Yes. Great, Tim. Thanks for the question. And yes, just to answer, very happy that we're ahead of plan right now based on our strong outlook for Q1. Second, we do continue to get more supply. You saw that in our fourth quarter as well as in our first quarter outlook, which is very positive.

是的。太好了，蒂姆。謝謝你的問題。是的，只是為了回答，非常高興我們現在提前計劃，基於我們對第一季度的強勁前景。其次，我們確實繼續獲得更多供應。你在我們的第四季度和第一季度的展望中都看到了這一點，這是非常積極的。

I think as well, the order momentum continues to be strong. We had very, very strong bookings in our fourth quarter, which give us a lot of confidence in our '23 outlook and beyond. And then, of course, new design wins, when you look out to '24, also have us feeling very good.

我也認為，訂單勢頭繼續強勁。我們在第四季度的預訂量非常非常強勁，這讓我們對 23 年及以後的前景充滿信心。然後，當然，新設計獲勝，當您展望 24 年時，我們也會感覺非常好。

So I think we're tracking really well across the board. And we're very pleased with the results we've got plus our outlook plus the long-term view.

所以我認為我們在全面跟踪方面做得很好。我們對我們得到的結果以及我們的前景和長期觀點感到非常滿意。

Matt, can I sneak in a quick second one? I was wondering if you can maybe -- can you sort of size the custom ASIC business? I know it's reported across different segments, but can you maybe add up all of the custom ASIC revenue and just give us a sense for sort of how big it is in aggregate today.

馬特，我可以快速溜進去嗎？我想知道你是否可以——你能確定定制 ASIC 業務的規模嗎？我知道它是在不同的細分市場上報告的，但是您能否將所有定制的 ASIC 收入加起來，讓我們了解一下它今天的總體規模有多大。

Yes. Tim, this is an interesting question. We've actually gotten this on and off over the years. And just to kind of refresh the investors on the line, it's really hard to define this precisely because when you think about customization, you have a range of products and business models that we offer.

是的。蒂姆，這是一個有趣的問題。多年來，我們實際上已經開啟和關閉了這一點。只是為了讓在線投資者耳目一新，很難準確定義這一點，因為當您考慮定制時，您擁有我們提供的一系列產品和商業模式。

For example, we have a full custom business in the traditional sense of the world. That would be an ASIC business that we picked up from Avera. But we also do a lot of semi-custom work or cloud optimized work as an example, where we work either with large hyperscalers or in the case of telecom with 5G to take the customer's IP and our IP and put it together.

例如，我們擁有世界傳統意義上的全定制業務。那將是我們從 Avera 獲得的 ASIC 業務。但我們也做了很多半定制工作或云優化工作，例如，我們與大型超大規模企業合作，或者在電信使用 5G 的情況下，將客戶的 IP 和我們的 IP 放在一起。

And then even in our merchant offerings, candidly, we end up doing SKUs and derivatives that have something special for what our customers want. So I'd say that generally, it's not something we can even exactly quantify internally. What I would say is it's an absolute trend. It's the way the market is moving. You have to be able to have a rich set of intellectual property and flexibility in your business model in how you engage with your customers.

然後，坦率地說，即使在我們的商家產品中，我們最終也會製作 SKU 和衍生品，這些產品對我們的客戶想要的東西有一些特別的東西。所以我想說的是，一般來說，這不是我們甚至可以在內部準確量化的東西。我想說的是，這是一個絕對的趨勢。這是市場發展的方式。您必須能夠在與客戶互動的商業模式中擁有豐富的知識產權和靈活性。

And that's not just for the hyperscale cloud, Tim, it's also for 5G. It's for enterprise as well. And then in the future, I think this is going to be a key differentiator for us in automotive as well is what we call our flexible business model.

這不僅適用於超大規模雲，蒂姆，它也適用於 5G。它也適用於企業。然後在未來，我認為這將成為我們在汽車領域的一個關鍵差異化因素，也是我們所謂的靈活商業模式。

But anyway, I think that's as much as I can say. It's a hot trend. It's the way the market is moving. And we're probably the best positioned company to take advantage of it.

但無論如何，我想我能說的就這麼多了。這是一個熱門趨勢。這是市場發展的方式。我們可能是利用它的最佳定位公司。

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

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

Matt, given that conditions are so supply constrained, how are you ensuring the quality of demand and the backlog and making sure customers are not just stocking up in product?

馬特，鑑於條件如此受供應限制，您如何確保需求和積壓的質量，並確保客戶不只是在囤積產品？

And related to that is the strength in the enterprise market, which seems to be well above what conventional wisdom and history would suggest, but you seem to be incrementally even more positive. So just thoughts on just demand quality overall and sustainability of the strength in enterprise.

與此相關的是企業市場的實力，這似乎遠高於傳統智慧和歷史所暗示的，但你似乎逐漸變得更加積極。因此，只是對企業實力的整體需求和可持續性的思考。

Sure, Vivek. Yes, this is something we've been paying extremely close attention to, not just even in the fourth quarter but really at the onset of this supply and demand imbalance as we were going through the pandemic.

當然，維維克。是的，這是我們一直非常密切關注的事情，不僅是在第四季度，而且在我們經歷大流行病的供需失衡開始時也是如此。

We have a very rigorous internal review process. We have very good end market data in terms of everything from how many base stations ship to the number of -- to which carriers are deploying, that would be a 5G example. And then what is our content as it relates to that, we gave very good data on the cloud deployments. We know how many servers are shipping. We can then calculate all kinds of things about which products that we have attaching to those. Same with enterprise, et cetera. So we have an end market focus that we look at.

我們有一個非常嚴格的內部審查程序。我們擁有非常好的終端市場數據，從發貨數量到運營商正在部署的數量，這將是一個 5G 示例。然後我們的內容是什麼，因為它與此相關，我們提供了關於雲部署的非常好的數據。我們知道有多少台服務器正在發貨。然後，我們可以計算出我們附加了哪些產品的各種事情。與企業相同，等等。所以我們有一個我們關注的終端市場。

We also -- because we're actually a very focused company, Vivek, we have a handful of major accounts that we go very deep with. And given the system-level nature of what we do, we have very good insight into what they're doing and what the needs are.

我們還 - 因為我們實際上是一家非常專注的公司，Vivek，我們有一些我們深入了解的主要客戶。鑑於我們所做工作的系統級性質，我們非常了解他們正在做什麼以及需求是什麼。

On top of that, we've also put in place a very rigorous, I guess, engagement model with our customers, where the backlog is firm. We do have noncancelable conditions on those orders. Reschedules are limited. And so we've gone through a process to make sure that as we schedule the backlog and we get bookings, it's actually what people want. And then we prioritize around that.

最重要的是，我們還與我們的客戶建立了一個非常嚴格的、我猜的參與模式，其中積壓的訂單很牢固。我們確實對這些訂單有不可取消的條件。重新安排是有限的。因此，我們已經完成了一個流程，以確保當我們安排積壓工作並獲得預訂時，這實際上是人們想要的。然後我們優先考慮這一點。

And then finally, I would say that this crisis has brought, I'd say, the leaders of the chip industry and the leaders of the OEMs even closer. And so my interactions all the way to the CEO level of our major customers is another way that we triangulate.

最後，我想說，這場危機拉近了，我想說，芯片行業的領導者和 OEM 的領導者更加接近了。因此，我與主要客戶的 CEO 級別的互動是我們進行三角測量的另一種方式。

As it relates to enterprise, most of the growth here,,Vivek, candidly is a combination of significant content gain as the electronics inside these various pieces of enterprise infrastructure have migrated to things like multi-gigabit Ethernet. They've added things like security and MACSec. We've also -- and there's just more ASP per port as an example there.

就企業而言，這裡的大部分增長，坦率地說，Vivek 是顯著內容增益的組合，因為這些不同的企業基礎設施內的電子設備已經遷移到諸如多千兆以太網之類的東西。他們添加了諸如安全性和 MACSec 之類的東西。我們也有 - 每個端口的 ASP 更多，作為示例。

We've also been focused on this area. So if you look at traditional Marvell business in enterprise switch and PHY, we've gained market share through our offerings by refreshing the portfolio and staying competitive from a technical standpoint and staying focused on that market.

我們也一直專注於這個領域。因此，如果您查看企業交換機和 PHY 中的傳統 Marvell 業務，我們通過更新產品組合併從技術角度保持競爭力並專注於該市場，通過我們的產品獲得了市場份額。

And then we also have new product areas ramping, like custom silicon in enterprise, which basically, if you look at where we were a year ago in that custom area, I mean, that business is up dramatically year-over-year, and it's ramping very sharply in our fiscal '23.

然後我們也有新的產品領域，比如企業定制芯片，基本上，如果你看看我們一年前在那個定制領域的情況，我的意思是，這個業務同比大幅增長，而且在我們的 23 財年急劇增長。

So there's a lot layering in. And the trends are real, too. I mean if you just look at what we even go through at Marvell and other major companies, as you bring people back to work, things have changed over the last 2 years. And so there's an enterprise upgrade cycle that's also kicking in as companies spend to modernize their infrastructure.

所以有很多分層。趨勢也是真實的。我的意思是，如果你看看我們在 Marvell 和其他大公司所經歷的事情，當你讓人們重返工作崗位時，過去 2 年情況發生了變化。因此，隨著公司花費大量資金來實現其基礎架構的現代化，企業升級週期也開始了。

So we think it's a combination of those things. The numbers are dramatic in terms of the growth. We're excited by that, and we see this business continuing to grow in fiscal '23 and beyond off of this already higher base of revenue that we're achieving.

所以我們認為這是這些東西的結合。就增長而言，這些數字是驚人的。我們對此感到興奮，我們看到這項業務在 23 財年及以後繼續增長，而我們正在實現的收入基礎已經更高。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Matt, congratulations on the solid results. A lot of things to highlight. I was wondering if you could spend a few minutes just talking about gross margins, both cyclically and secularly, Clearly, you're seeing some input cost increases in your supply chain. I'm assuming given how strong gross margins are, your ability to pass that on is pretty high.

馬特，祝賀你取得了可靠的結果。很多東西要強調。我想知道您是否可以花幾分鐘時間談論毛利率，包括週期性和長期性，顯然，您看到供應鏈中的投入成本有所增加。我假設考慮到毛利率有多高，你傳遞它的能力是相當高的。

But the real crux of my question is, when you guys talked about sort of restructuring the ARM server business as more of a custom silicon business, you kind of talked about how margins on that customer -- gross margins on that custom silicon side could be a little bit lower op margins kind of neutral to the overall model.

但我的問題的真正癥結在於，當你們談到將 ARM 服務器業務重組為更多的定制芯片業務時，你們談到了該客戶的利潤率——定制芯片方面的毛利率可能是稍微低一點的運營利潤率對整體模型來說是中性的。

But ever since you kind of reset that bar, you've done a better job on the gross margin line. So I guess my question really is as you're getting into these custom engagements, are you finding out that the profitability is perhaps better than you originally thought?

但是自從你重新設置了那個標准後，你在毛利率上做得更好了。所以我想我的問題真的是當你進入這些定制活動時，你是否發現盈利能力可能比你最初想像的要好？

Yes. Thanks, John, for the questions. And certainly, the solid results, in a large part, were driven by the very durable gross margin performance of the company. We're pleased to have set a record gross margin of 65.3% this past quarter. We also guided gross margins to be in the 65% to 66% range, which is, call it, at the mid. Then we went all the way up to the high-end range of our long-term model.

是的。謝謝，約翰，你的問題。當然，穩健的業績在很大程度上是由公司非常持久的毛利率表現推動的。我們很高興在上個季度創下了 65.3% 的創紀錄毛利率。我們還指導毛利率在 65% 到 66% 的範圍內，也就是中間值。然後我們一路上升到我們長期模型的高端範圍。

So despite input cost increases and all kinds of challenges the teams faced, I think the quality of our engineering and the quality of the products is ultimately what's enabling us to maintain our gross margin in a range that allows us to invest back in the business.

因此，儘管投入成本增加並且團隊面臨各種挑戰，但我認為我們的工程質量和產品質量最終使我們能夠將毛利率保持在允許我們重新投資業務的範圍內。

On your question about what happens with some of these custom products and when they start ramping and -- well, first of all, they've already started ramping, right? We're deep into high volume in cloud optimized silicon. If you look at our data center revenue, it's obviously our biggest segment within data center. The majority of that is cloud. Cloud on its own would be larger than any of our other segments.

關於您的問題，其中一些定制產品會發生什麼，以及它們何時開始增長，首先，他們已經開始增長，對嗎？我們深入研究雲優化芯片的大容量。如果您查看我們的數據中心收入，這顯然是我們在數據中心中最大的部分。其中大部分是雲。雲本身將比我們的任何其他細分市場都要大。

So there's already that contribution. And if you remember from our Investor Day, Jean had a great chart of our gross margins by end market. And if you recall, data center and automotive actually were the two highest ones, and those are also -- happen to be 2 of our highest growth businesses.

所以已經有了這個貢獻。如果你還記得我們的投資者日，Jean 有一張很棒的終端市場毛利率圖表。如果你回想一下，數據中心和汽車實際上是兩個最高的業務，而且它們也恰好是我們增長最快的兩個業務。

So look, I think an individual product here or there that's lower gross margin, if you will, but higher op margin. To be honest, this business is already so large and it's growing so fast. We're able to deal with anything that might be slightly less gross margin than the average because we also have products like from Inphi, as an example, that are growing even -- that are higher gross margin and are growing even faster.

所以看，我認為這里或那裡的單個產品的毛利率較低，如果你願意的話，但運營利潤率較高。老實說，這項業務已經如此龐大，而且增長如此之快。我們能夠處理毛利率可能略低於平均水平的任何事情，因為我們也有像 Inphi 這樣的產品，例如，它們甚至在增長 - 毛利率更高並且增長更快。

So I think that's the beauty of our model, John. We can actually grow this business. We can be aggressive to take large, high-volume sockets, especially in compute. And we could do that and still maintain the company's long-term target model on margins, which I think is a testament to the business model we've put together and the rich mix of products we have.

所以我認為這就是我們模特的魅力，約翰。我們實際上可以發展這項業務。我們可以積極地採用大容量、大容量的套接字，尤其是在計算方面。我們可以做到這一點，並且仍然保持公司在利潤率上的長期目標模型，我認為這證明了我們整合的商業模式和我們擁有的豐富產品組合。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自於 Evercore 的 C.J. Muse。

Matt, on the call, you talked about a number of new products that are ramping this year and beyond as well as new design wins. So curious, 2-part question. First, are you including both of those -- or did you include both of those when you originally guided the $5.9 billion for fiscal '23? And then as you think about these design wins coming into the model, is there a way to kind of rank order or highlight kind of the 1, 2 or 3 that you think are most relevant to the model into fiscal '24 and beyond?

馬特，在電話會議上，你談到了今年及以後推出的一些新產品以及新的設計勝利。如此好奇，兩部分的問題。首先，您是否將這兩者都包括在內 - 或者您在最初指導 23 財年的 59 億美元時是否包括這兩者？然後，當您考慮這些設計勝利進入模型時，有沒有辦法對您認為與 24 財年及以後的模型最相關的 1、2 或 3 進行排序或突出顯示？

Sure. Yes, CJ, I think as it relates to the design win side and new products, I think a couple of things to think about. First of all, as I've said in my remarks -- and I just want to give a shout-out. Our sales field applications team and our business units absolutely knocked it out of the park this year on design wins.

當然。是的，CJ，我認為因為它與設計贏面和新產品有關，我認為有幾件事需要考慮。首先，正如我在講話中所說的那樣——我只想大聲疾呼。我們的銷售現場應用團隊和我們的業務部門在今年贏得了設計勝利，絕對將其淘汰出局。

It was a significant step-up in achievement. We just went through our process to review kind of the final numbers. They did a great job. Our funnel is as large as ever with respect to the opportunities in front of us.

這是成就的重大進步。我們剛剛完成了審查最終數字的過程。他們做的不錯。就擺在我們面前的機會而言，我們的漏斗與以往一樣大。

The incremental wins that we've got, some of them do -- as we mentioned, they will layer in, in fiscal '24 and '25. Some of them may start a little bit earlier. But typically, when you get a new design win on a new product, it's typically not in the existing fiscal year. But remember, we've also got the revenue that's going to feed the $400 million, going to $800 million. That's looking really good, and that's also planned to start ramping in the second half of this year.

我們已經獲得的增量勝利，其中一些確實 - 正如我們所提到的，它們將在 24 財年和 25 財年分層。其中一些可能會更早開始。但通常情況下，當您在新產品上獲得新設計勝利時，通常不會發生在現有財政年度。但請記住，我們也獲得了將滿足 4 億美元的收入，達到 8 億美元。這看起來真的很好，而且還計劃在今年下半年開始增加。

So I think just the way to think about it is the incremental wins we keep getting in the cloud area specifically really sort of are additive to the fiscal '24 and '25. There's not -- that you see just wouldn't from a timing perspective, capture a lot of it this year. But I would say, at the same time, the ones that we already won are tracking very well.

因此，我認為思考它的方式是我們在雲領域不斷獲得的增量勝利，特別是實際上是對 24 財年和 25 財年的補充。沒有——從時間的角度來看，你不會看到，今年會捕捉到很多。但我會說，與此同時，我們已經贏得的那些追得很好。

Our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to follow up on John's question on margins. And one thing we saw, last month your earnings was -- that pricing kind of superseded future wafer costs. A lot of people saw a benefit in the first quarter and margins come down.

我只是想跟進約翰關於頁邊距的問題。我們看到的一件事是，上個月你的收入是——這種定價取代了未來的晶圓成本。很多人在第一季度看到了好處，利潤率下降了。

So I'm just kind of curious if you can talk about the kind of the strength in gross margin. And then just I wanted to make sure that this is a level that you kind of build off of and it wasn't that same dynamic a lot of other companies saw through earnings.

所以我只是有點好奇你是否可以談談毛利率的實力。然後我只是想確保這是一個你可以建立的水平，並且與許多其他公司通過收益看到的動態不同。

Blayne, thanks for the question. I think we have been in a very tight supply chain environment. So we have been dealing with the past increase, the price increase on the supply chain side for a long time now. For us, our team will work with the suppliers and customers closely and really try to just offset the cost for increase during the whole thing.

布萊恩，謝謝你的提問。我認為我們一直處於非常緊張的供應鏈環境中。所以我們一直在處理過去的上漲，供應鏈方面的價格上漲很長一段時間。對我們來說，我們的團隊將與供應商和客戶密切合作，並真正嘗試在整個過程中抵消增加的成本。

We have a very long product cycle. So we can plan ahead. Our gross margin is primarily driven by the end market mix that Matt talked about earlier. If you look at this Q4 and Q1, the guidance, we are very pleased with the gross margin but largely because the data center is growing really fast. Automotive, they are growing really fast Enterprise market and market gross margin is also very strong, continue to trend up.

我們的產品週期很長。所以我們可以提前計劃。我們的毛利率主要受馬特之前談到的終端市場組合驅動。如果您查看第四季度和第一季度的指導，我們對毛利率非常滿意，但主要是因為數據中心的增長非常快。汽車，它們增長非常快 企業市場和市場毛利率也非常強勁，繼續呈上升趨勢。

So overall, if you look at our mix, that really drive our gross margin. For the rest of the year, it will be the similar situation in any given quarter. It largely depends on the mix.

所以總的來說，如果你看看我們的組合，那真的會推動我們的毛利率。在今年餘下的時間裡，任何一個季度都會出現類似的情況。這在很大程度上取決於組合。

Our next question comes from Joe Moore with 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 touch on the supply-demand situation a little bit more. You said delinquencies are still kind of rising, but you are getting more supply. Any progress on getting lead times down? And can you tell -- in a lot of these cases, are you still kind of the bottleneck, is your product constrained? Or is there any possibility of your product kind of waiting for other chips to arrive?

我想知道你是否可以多談談供需情況。你說拖欠率仍在上升，但你得到了更多的供應。在縮短交貨時間方面有什麼進展嗎？你能告訴 - 在很多這些情況下，你是否仍然是瓶頸，你的產品是否受到限制？或者你的產品有沒有可能等待其他芯片到貨？

Yes. Joe, great question. And you've been doing this a long time like me. It's shocking to say, I never thought we would be at this point in this cycle. But yes, the gap between supply and demand has actually grown. And we look at our -- some companies call it unfulfilled backlog. We -- I was raised in the old school, which is calling it delinquency.

是的。喬，好問題。你和我一樣已經做了很長時間了。令人震驚的是，我從沒想過我們會在這個週期的這一點上。但是，是的，供需之間的差距實際上已經擴大了。我們看看我們的 - 一些公司稱之為未完成的積壓。我們——我在老學校長大，這被稱為犯罪。

But that number continues to rise each quarter. It rose in the fourth quarter and it will also rise in the first quarter. So demand is very strong. Now I think we're -- so -- but yes, we're getting more supply. And you see we're actually exceeding our guidance from last quarter and our Q1 guide is very strong, both sequentially and year-over-year.

但這個數字每個季度都在繼續上升。第四季度上漲，第一季度也將上漲。所以需求非常旺盛。現在我認為我們 - 所以 - 但是是的，我們正在獲得更多供應。而且您會看到我們實際上超出了上一季度的指導，並且我們的第一季度指導非常強勁，無論是連續還是同比。

But we're still having to grind hard with our suppliers to get more of what we need. We've moved -- although I'd say, dramatically, we've -- our position within the supply chain, I think, relative to the key suppliers we engage with, understanding our opportunity, I mean that has been a big transformation over the last year. And hats off to our team in operations, led by Chris Koopmans and also our business units and even myself personally engaging up and down the supply chain.

但是我們仍然需要與我們的供應商一起努力，以獲得更多我們需要的東西。我們已經改變了——儘管我會說，我們已經——我們在供應鏈中的位置，我認為，相對於我們接觸的主要供應商，了解我們的機會，我的意思是這是一個巨大的轉變在過去的一年裡。向我們的運營團隊致敬，由 Chris Koopmans 和我們的業務部門領導，甚至我本人親自參與供應鏈的上下。

So they understand our opportunity, which is, I think, helping us. And we just continue to prioritize, Joe. It's -- I'm very close. I'm personally involved with all the major accounts. We've managed to not be the long pole in the tent or if we were, it wasn't for very long. So we've been able to sort of stay barely ahead but -- and we're satisfying customers. We don't have anybody lying down that I know of right now, but it gets tight as we continue to ramp and customers have designed us in.

所以他們了解我們的機會，我認為，這就是幫助我們。我們只是繼續優先考慮，喬。這是 - 我非常接近。我個人參與了所有主要賬戶。我們已經設法不成為帳篷裡的長桿，或者如果我們是，也不會持續很長時間。所以我們已經能夠勉強保持領先，但是 - 我們正在滿足客戶。據我所知，我們現在沒有任何人躺下，但隨著我們繼續增加和客戶設計我們，它變得緊張起來。

But I think we're managing it very well, and we'll continue to just be very tactical in the short term to get the supply we need to match it to the right demand, make sure we're not building inventory and do our best to manage through this unprecedented cycle we're in.

但我認為我們管理得很好，我們將在短期內繼續非常有策略地獲得我們需要的供應以使其與正確的需求相匹配，確保我們沒有建立庫存並做我們的最好通過我們所處的這個前所未有的周期來管理。

And I think the final thing I would say is it's a cycle that we haven't seen at least in terms of the strength and the duration. And I think on top of that, with Marvell, given our increased market share, the end market exposure we have with the secular growth drivers we have, that's making it even -- creating even more pressure on us given those dynamics.

我認為我要說的最後一件事是，這是一個至少在強度和持續時間方面我們還沒有看到的周期。而且我認為最重要的是，鑑於我們增加的市場份額，以及我們擁有的長期增長驅動因素，我們擁有的終端市場敞口，這使得它變得平衡 - 鑑於這些動態，給我們帶來了更大的壓力。

But we're up for the challenge. And I think our team is doing a great job, and we'll continue to work closely with our customers to make it happen.

但我們已準備好迎接挑戰。我認為我們的團隊做得很好，我們將繼續與我們的客戶密切合作，以實現這一目標。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Yes. Congratulations on the record results. Matt, I think the big highlight at least for me this quarter is what you said about kind of custom enterprise business. And if you look at your carrier and your cloud business, I think it's pretty obvious, right? I mean there's like a handful of companies.

是的。祝賀創紀錄的結果。馬特，我認為本季度至少對我來說最大的亮點是你所說的定制企業業務。如果你看看你的運營商和你的雲業務，我認為這很明顯，對吧？我的意思是有一些公司。

But enterprise is probably a much bigger group of companies. Could you just elaborate a little bit on that? I mean, on the custom enterprise side, are you actually going to be working with more than perhaps a half dozen companies?

但企業可能是一個更大的公司集團。你能詳細說明一下嗎？我的意思是，在定制企業方面，您實際上會與超過六家公司合作嗎？

Well, like everything, Tore, ultimately, even though there's certainly a broader set of OEMs and diversity of applications in, let's call it, the enterprise market than maybe people that make base stations. The reality is the folks that can afford or want to do a full custom design is a narrower subset.

好吧，就像一切一樣，Tore，最終，儘管在企業市場中肯定有更廣泛的 OEM 和多樣化的應用程序，我們稱之為企業市場，而不是製造基站的人。現實情況是，能夠負擔或想要進行完全定制設計的人是一個較小的子集。

That being said, I think our ability to do this kind of optimization, if you will, without maybe having to do a full custom design, that's one advantage we bring to the table. That's a little bit of a different business model.

話雖如此，我認為我們進行這種優化的能力，如果你願意的話，也許不必進行完全的定制設計，這是我們帶來的一個優勢。這有點不同的商業模式。

And then -- but yes, it's multiple customers that we're engaged with. And they want a lot of the same things, including all of our high-performance IP. They want 5-nanometer going to 3-nanometer. Actually, our capability in compute is very attractive, especially as a lot of the trends in the hyperscale now, Tore, are starting to manifest themselves in the enterprise. And people are looking to do acceleration in an offload fashion. In our DPU OCTEON DPU capability, whether we sell it as a card or we customize a chip and then somebody else puts the solution together, there's a lot of really interesting things going on in the enterprise.

然後 - 但是，是的，我們接觸的是多個客戶。他們想要很多相同的東西，包括我們所有的高性能 IP。他們希望 5 納米到 3 納米。實際上，我們在計算方面的能力非常有吸引力，尤其是現在超大規模的許多趨勢，Tore，開始在企業中體現出來。人們希望以卸載的方式進行加速。在我們的 DPU OCTEON DPU 功能中，無論我們將其作為卡銷售還是定制芯片然後其他人將解決方案組合在一起，企業中都會發生很多非常有趣的事情。

And then finally, even on the core processing opportunity as well. Our latest OCTEON 10 product is very competitive in the market. It's the most competitive one we've had in 5-nanometer.

最後，即使在核心處理機會上也是如此。我們最新的 OCTEON 10 產品在市場上極具競爭力。這是我們在 5 納米技術中最具競爭力的產品。

So anyway, much broader, obviously, set of opportunities than we had before, Tore. But going back to your comment, yes, on custom enterprise, we're really pleased with the uplift in revenue. And we're also pleased with the pipeline we have there because these products last a long time. And the overall profitability and gross margin profile of the enterprise business in Marvell is, and jean showed this at the Investor Day, but it's about where the corporate average is.

所以無論如何，顯然，比我們以前擁有的機會要廣泛得多，Tore。但是回到您的評論，是的，關於定制企業，我們對收入的提升感到非常滿意。我們也對我們在那裡的管道感到滿意，因為這些產品可以使用很長時間。 Marvell 企業業務的整體盈利能力和毛利率是，Jean 在投資者日展示了這一點，但它與企業平均水平有關。

So very healthy gross margins, broad set of customers, broad set of applications and very long product life cycles that are very sticky once you get designed in. And we're able to pull through other sockets. I mean there are -- in Ethernet-based designs as an example, you can pull through the fight. So there's a lot of great things going on in enterprise.

所以非常健康的毛利率、廣泛的客戶群、廣泛的應用程序和非常長的產品生命週期，一旦你被設計出來，這些都是非常粘的。而且我們能夠通過其他插座。我的意思是——以基於以太網的設計為例，你可以挺過去。因此，企業中有很多偉大的事情正在發生。

Our next question comes from Srini Pajjuri with SMBC Nikko Securities.

我們的下一個問題來自 SMBC Nikko Securities 的 Srini Pajjuri。

A question on the 400 ZR cycle. You said it's going to grow in Q1, but you also said something even more interesting, that it's going to be high -- I guess you said the revenue is going to be higher than the previous peak. I know we are in very, very early days in this cycle. So if you could just talk about what's driving that strength? And also, if you could put into some perspective how big you think the SAM is going to be versus the previous, I guess, 100ZR, I think that would be very helpful.

關於 400 ZR 循環的問題。你說它會在第一季度增長，但你也說了一些更有趣的話，它會很高——我猜你說收入將高於之前的峰值。我知道我們處於這個週期的非常非常早期。所以，如果你能談談是什麼推動了這種力量？而且，如果您可以從某種角度來看，您認為 SAM 與以前的 SAM 相比有多大，我猜是 100ZR，我認為這將非常有幫助。

Yes, sure. And just to clarify, when we talk about the peak, I'm including the original 100-gig products, which is COLORZ, right, which was developed by Inphi, and now we have COLORZ 2, which is 400 gig. So COLORZ, when it was sort of at its peak, was about $100 million run rate for Inphi and then as -- into Marvell. And so what we're saying now is that COLORZ, COLORZ 2 total contribution, it's at a peak revenue.

是的，當然。澄清一下，當我們談到峰值時，我包括了最初的 100 gig 產品，即 COLORZ，對，它是由 Inphi 開發的，現在我們有 COLORZ 2，即 400 gig。因此，當 COLORZ 處於巔峰時期時，Inphi 的運營成本約為 1 億美元，然後進入 Marvell。所以我們現在要說的是 COLORZ，COLORZ 2 的總貢獻，它的收入處於峰值。

The DCI contribution, the DCI revenue of that -- the DCI product line, if you will, is going to be at peak revenues in Q1 and then grow from there.

DCI 的貢獻，DCI 的收入——如果你願意的話，DCI 產品線將在第一季度達到最高收入，然後從那裡增長。

In the past, on 100 gig, it was really driven by one customer, and that was almost a semi-custom like engagement. In 400ZR, there are multiple hyperscale customers that we're working with. We'll have multiple customers. And it's the start of a very exciting ramp on our products. And this is a transition that we've all been waiting for, but it's here, and it's contributing to revenue now in Q1.

過去，在 100 場演出中，它實際上是由一位客戶推動的，這幾乎是一種半定制的參與。在 400ZR 中，我們正在與多個超大規模客戶合作。我們會有多個客戶。這是我們產品上一個非常令人興奮的斜坡的開始。這是我們一直在等待的轉變，但它就在這裡，它正在為第一季度的收入做出貢獻。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong results and execution. On your cloud optimized ASIC and some of your DIY design win pipeline, $400 million target in fiscal '24. I think, Matt, you said that you're on track for doubling that in fiscal '25, fiscal '26.

祝賀您取得了驕人的成績和執行力。在您的雲優化 ASIC 和您的一些 DIY 設計贏得管道上，24 財年目標為 4 億美元。我想，馬特，你說過你有望在 25 財年和 26 財年翻一番。

So now that you guys are deep in the design phase for many of these products at 5 nanometers, can you guys just give us a sense of the types of chips you're developing for your cloud customers? Is it primarily AI and machine learning acceleration? Is it video transcode? Is it custom DPUs, surplus CPUs, et cetera?

既然你們已經深入到這些 5 納米產品的設計階段，你們能否讓我們了解一下你們正在為雲客戶開發的芯片類型？主要是人工智能和機器學習加速嗎？是視頻轉碼嗎？是定制的 DPU、多餘的 CPU 等等嗎？

And then any color on this point would be great. And then just as important, is the team already starting to engage on early 3-nanometer programs with your cloud customers on their next-generation ASIC programs?

然後在這一點上的任何顏色都會很棒。同樣重要的是，該團隊是否已經開始與您的雲客戶就他們的下一代 ASIC 程序進行早期 3 納米程序？

Yes. Well, it's a great question. And I think you understand quite well the sensitivities we have with respect to these types of engagement with the hyperscalers.

是的。嗯，這是一個很好的問題。而且我認為您非常了解我們對這些類型的超大規模參與的敏感性。

I would say, it's -- between what we've won and the pipeline that we're pursuing, it's pretty much all of those applications that you're discussing. It's acceleration primarily. And it could be for things like video. It could be for things like security or storage. There are networking ASICs that we're doing that are very customized. There's compute. There's custom DPUs, if you will.

我想說的是，在我們已經贏得的東西和我們正在追求的管道之間，它幾乎是你正在討論的所有這些應用程序。主要是加速。它可能適用於視頻之類的東西。它可能用於安全或存儲等方面。我們正在做的一些網絡 ASIC 是非常定制的。有計算。如果您願意，可以使用自定義 DPU。

Think of it as -- and then by the way, we said some of this. I mean the -- as you look at sort of the SmartNIC opportunity -- and we've been saying this for a while. There is a lot of customization going on in that segment as well. So it's a wide range, Harlan. There's no sort of 1 trick pony in here -- and in aggregate, they're all tracking extremely well.

把它想像成——然後順便說一下，我們說了一些。我的意思是——當你看到 SmartNIC 的機會時——我們已經說了一段時間了。該細分市場也正在進行大量定制。所以範圍很廣，哈倫。這裡沒有一招一式的小馬——總的來說，它們都跟踪得非常好。

And we gave a very judged view, by the way, when we gave those numbers. So obviously -- maybe not obviously, but our customers' forecasts are actually higher than what we gave you, but that's sort of our baseline. But we've now won incremental designs, which would layer on top of that. So I think it's all positive, but our ability to get super precise at this point without a customer announcement would be a little bit tough.

順便說一下，當我們給出這些數字時，我們給出了一個非常有判斷力的觀點。很明顯 - 也許不是很明顯，但我們客戶的預測實際上比我們給你的要高，但這是我們的基準。但我們現在已經贏得了增量設計，這將在此之上疊加。所以我認為這一切都是積極的，但在沒有客戶公告的情況下，我們在這一點上獲得超級精確的能力會有點困難。

And you guys -- are you guys already engaged on early 3-nanometer?

你們——你們已經從事早期的 3 納米了嗎？

Yes. Sorry, yes. So we're very engaged on 3-nanometer, Harlan. I mean that's actually a key part of -- to be honest, why we've been winning in 5-nanometer is having that very committed, very rich 3-nanometer IP portfolio underway.

是的。對不起，是的。所以我們非常關注 3 納米，Harlan。我的意思是，這實際上是一個關鍵部分——老實說，為什麼我們一直在 5 納米領域獲勝，因為我們正在開發非常投入、非常豐富的 3 納米 IP 產品組合。

And we're in deep architecture discussion now on multiple products and in multiple end markets, by the way, from cloud to 5G to enterprise about using our 3-nanometer platform. So we're on the nanometer train, and we're fully committed and we're executing quite well on our road map and customers are excited.

我們現在正在就使用我們的 3 納米平台的多種產品和多個終端市場進行深入的架構討論，從雲到 5G 再到企業。所以我們在納米列車上，我們全力以赴，我們在路線圖上執行得很好，客戶很興奮。

Yes. Strong momentum.

是的。勢頭強勁。

Yes.

是的。

Our next question comes from Christopher Rolland with Susquehanna.

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

I also want to echo my congrats. You mentioned a new opportunity here, Matt. AEC -- or DSP for AEC. Basically, I guess my questions are, what's the timing on this product when it comes to market? How big do you think this market could be here? And ultimately, are you guys in a position to take majority share?

我也想表達我的祝賀。你在這裡提到了一個新的機會，馬特。 AEC - 或 AEC 的 DSP。基本上，我想我的問題是，這個產品的上市時間是什麼時候？你認為這個市場能有多大？最終，你們是否能夠獲得多數份額？

Yes. We're pretty excited about this transition in the market, Chris, as you -- and I said some of this in my prepared remarks. But traditionally, this type of active cable hasn't been needed or at least the last generation that -- where it was needed was based on NRZ technology. So a little bit like we did -- and I say we, meaning us and Inphi, we intercepted the market as it's about to take off in growth at 400 and 800 with PAM4-based technology in 6-nanometer.

是的。克里斯，就像你一樣，我們對市場的這種轉變感到非常興奮——我在準備好的講話中說了一些。但傳統上，不需要這種類型的有源電纜，或者至少在上一代需要它的地方是基於 NRZ 技術的。所以有點像我們所做的——我說我們，也就是我們和 Inphi，我們攔截了市場，因為它即將在 400 和 800 的增長中起飛，採用基於 PAM4 的 6 納米技術。

So this is -- think of this as just right in our wheelhouse in terms of leveraging what we've already got but then optimizing the products for the specific application. Our partners -- and we've done some announcements. We've done a whole flurry of them. You've probably seen them around OFC coming up. but we're engaged with all the major cable manufacturers that supply to the hyperscalers.

所以這是 - 認為這在我們的駕駛室中恰到好處，可以利用我們已經擁有的東西，然後針對特定應用優化產品。我們的合作夥伴——我們已經發布了一些公告。我們已經完成了一大堆。您可能已經在 OFC 附近看到了它們的出現。但我們正在與所有為超大規模生產商提供產品的主要電纜製造商合作。

Are -- those cables are available. They're sampling to customers now. We're working directly with the cloud customers on additional enhancements to the road map. But we are going to be a force to be reckoned with in this market. And it's a perfect fit for us because when you think about sort of having all the pieces, if you will, having the switch, having the optics, having now the AEC products, having the DPUs and that insight into the -- and then also ASICs that sort of hang around all these things in interface.

是——這些電纜是可用的。他們現在正在向客戶提供樣品。我們正在直接與雲客戶合作，以進一步增強路線圖。但我們將成為這個市場上不可忽視的力量。它非常適合我們，因為當您考慮擁有所有部件時，如果您願意的話，擁有開關、擁有光學器件、現在擁有 AEC 產品、擁有 DPU 以及對 - 然後還有ASIC 在界面中圍繞著所有這些東西。

We have a unique opportunity to really work with our customers to optimize the full solution. And that's something that maybe companies that only have one piece of the puzzle. Don't quite see what's exactly happening.

我們有一個獨特的機會與我們的客戶真正合作以優化完整的解決方案。這也許是只有一塊拼圖的公司。不太清楚到底發生了什麼。

So very excited about this. This is an incremental opportunity for us. Market size, depending on who you talk to, some are saying it's $1 billion-plus. I think -- but we'll see. We're optimistic that it's a big opportunity for us. We're still sizing what we think it means for Marvell, but we're in the market today.

對此非常興奮。這對我們來說是一個增量機會。市場規模，取決於你與誰交談，有人說它超過 10 億美元。我認為——但我們拭目以待。我們樂觀地認為這對我們來說是一個巨大的機會。我們仍在評估我們認為這對 Marvell 意味著什麼，但我們今天在市場上。

Our next question comes from Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的 Gary Mobley。

I know you haven't filed your 10-K yet. But as it relates to that, is there anything notable with respect to purchase commitments on your behalf with your foundry partners, specifically, that's quantifiable and then as well, purchase commitments and CNRs, they're called, with respect to your customers?

我知道你還沒有提交你的 10-K。但是，與此相關的是，在代表您與代工合作夥伴的採購承諾方面，有什麼值得注意的地方嗎？具體來說，這是可以量化的，然後是採購承諾和 CNR，它們被稱為與您的客戶相關的？

Gary, this is Jean. Yes, we have not filed 10-K yet. But as far as the purchase agreement, as you know, last quarter end, we have about $3 billion commitment we are engaging with our suppliers to ensure we have the capacity not only for this year, next year and for longer term.

加里，這是瓊。是的，我們還沒有提交 10-K。但就採購協議而言，如您所知，上個季度末，我們承諾與供應商合作約 30 億美元，以確保我們不僅擁有今年、明年和更長期的產能。

So as you probably noticed, a year ago, this is just $200 million. So we have increased our commitment significantly. You're going to see going forward, the same trend because that's really the driving focus of the company to make sure we have the capacity to support our customers.

因此，您可能已經註意到，一年前，這只是 2 億美元。因此，我們大大增加了我們的承諾。你會看到同樣的趨勢，因為這確實是公司的驅動重點，以確保我們有能力支持我們的客戶。

And Gary, I would add, as Jean indicated, you can kind of follow the trend line. The engagements now, as we talked about -- you can actually directly relate them to some of the prior questions we had about our cloud optimized ramps in fiscal '24 and '25. We're planning our business out even beyond that with respect to some of the key capacity we need on the critical technologies that are required, substrates and various other pieces of the supply chain.

加里，我想補充一點，正如瓊所說，你可以追隨趨勢線。正如我們所談到的，現在的約定——實際上，您可以將它們與我們之前對 24 財年和 25 財年雲優化坡道的一些問題直接聯繫起來。我們正在計劃我們的業務，甚至超出我們所需的關鍵技術、基板和供應鏈的其他各個部分所需的一些關鍵能力。

So you'll see that trend continue as we plan our business actually multiple years in the future, both with our end OEMs and then our key supply chain partners to make sure we're all in lockstep to meet these very, very steep product ramps that are going to be required over the next few years.

因此，隨著我們計劃未來多年的業務，您會看到這種趨勢繼續下去，無論是與我們的最終 OEM 還是我們的主要供應鏈合作夥伴，以確保我們都在同步滿足這些非常非常陡峭的產品坡道這將是未來幾年所需要的。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Matt, I wanted to ask a quick question about the -- given that cloud is such an important part of your business. My own observation is that a lot of things are coming in the data center space in the next 12 months with Sapphire from Intel, with Genoa from AMD, with PAM4 400-gig optics and a bunch of other things that are really, to me, that's -- have a pretty big upgrade cycle in the data center spending space.

馬特，我想問一個關於雲的快速問題 - 鑑於雲是您業務的重要組成部分。我自己的觀察是，在接下來的 12 個月內，數據中心領域將會出現很多事情，包括來自英特爾的 Sapphire、來自 AMD 的 Genoa、PAM4 400-gig 光學器件以及其他一些對我來說真的很重要的東西，那就是——在數據中心支出領域有一個相當大的升級週期。

And I wonder as you engage with your customers, how you're -- do you agree with that? Do you see an inflection in sort of pent-up spending given maybe Intel's road map has held back some things on lack of clarity? I just wonder how you would characterize over the next year or 2 the hyperscale spending environment as you guys see it today.

我想知道當您與客戶互動時，您的情況如何——您同意嗎？鑑於英特爾的路線圖可能因缺乏明確性而阻礙了一些事情，您是否看到某種被壓抑的支出出現拐點？我只是想知道你們將如何描述未來一兩年的超大規模消費環境，正如你們今天所看到的那樣。

Yes. Thanks, Matt, and welcome to the call. So I think you're absolutely right on the trends that we're talking about here. I think as we have new processor refreshes, new server refreshes and then there's all kinds of chips, by the way, that are going to flow into the equation as well, not just the sort of the server itself, but then the acceleration that's going to be required, the new workloads, different AI, GPU clusters. I mean you just start going through all of the trends.

是的。謝謝，馬特，歡迎來電。所以我認為你對我們在這裡談論的趨勢是完全正確的。我認為隨著我們有新的處理器更新，新的服務器更新，然後有各種各樣的芯片，順便說一下，它們也將流入等式，不僅僅是服務器本身，還有加速需要新的工作負載、不同的 AI、GPU 集群。我的意思是你剛剛開始了解所有的趨勢。

And that is underpinning the ultimately, the silicon sort of architectures are underpinning fundamentally, the cloud CapEx and what's needed. So we -- as these new cycles come in and there's an inflection, it's really good for Marvell. And the PAM4 400-gig opportunity is one just great example. But our design win position on the new systems, right, in the new architectures that are coming, the content is just much higher, whether it's per data center, per server, you name it.

這是最終的基礎，矽類架構從根本上支持雲資本支出和所需的東西。所以我們——隨著這些新周期的到來並且出現拐點，這對 Marvell 來說真的很好。 PAM4 400 演出機會就是一個很好的例子。但是我們的設計在新系統上贏得了位置，對，在即將到來的新架構中，內容要高得多，無論是每個數據中心，每個服務器，你都能想到。

And so I think that's exciting to us. And yes, there's been some delays from certain suppliers here and there. But as those as that road map gets executed and that transition happens, there's a lot of uplift for Marvell. And that is kind of another way to back into some of the growth that we're seeing in projecting that.

所以我認為這對我們來說很令人興奮。是的，某些供應商在這里和那裡都有一些延誤。但隨著路線圖的執行和過渡的發生，Marvell 獲得了很大的提升。這是另一種方式來支持我們在預測中看到的一些增長。

This concludes our question-and-answer session. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。感謝您參加今天的演講。您現在可以斷開連接。