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 Technologies 第四季和 2022 財年財報電話會議。 （操作員說明）請注意此事件正在被記錄。

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

我現在將會議交給投資者關係副總裁 Ashish Saran 先生主持。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 年第四季和財政年度財報電話會議。今天與我一起出席的有 Marvell 總裁兼執行長 Matt Murphy；和我們的財務長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階層目前的預期有重大差異。請查看我們今天向 SEC 提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近的 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 財務指標之間的調整表。

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

這樣，我會將電話轉給馬特，請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.

謝謝阿什什，大家下午好。首先讓我回顧一下 Marvell 在 2022 財年所取得的卓越業績，這對公司來說絕對是關鍵的一年。我們看到設計勝利大幅增加，完成了兩項重大收購，收入強勁增長，所有業務勢頭強勁。

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 奈米技術平台以及其他以數據為中心的 IP 產品組合是在我們所有重點市場贏得新機會的關鍵推動因素。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 財年取得了創紀錄的設計勝利，比前一年邁出了一大步。

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 財年也是我們的雲端優化晶片平台突破的一年，贏得了大量重要的插槽，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.

我們仍然致力於擴大我們在製程技術和先進封裝方面的領先地位。我們的工程團隊正在將複雜模擬和混合訊號 IP 的架構和設計推向 3 奈米。他們還正在推進小晶片和 3D 封裝技術，以支援在單一封裝內整合多個先進製程節點。

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，這是一場轉型性收購，大大提高了我們對快速成長的雲端資料中心市場的參與度。 Marvell 和 Inphi 團隊有著非常相似的價值觀，這些價值觀都建立在卓越工程、創新和對客戶成功的熱情之上。這些團隊在整個公司內整合得非常好，並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在雲端資料中心的核心地位賦予了團隊對下一代網路架構的獨特見解。 Inphi 團隊與一級雲端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，包括我們在雲端優化晶片平台的成功。該交易在交易完成後的第一個完整季度內增加了非 GAAP 收益，取得了巨大成功，2022 財年的收入高於我們的交易模型。

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.

我們透過收購 Innovium 進一步完善了我們的雲端業務，將其領先的雲端優化交換器添加到 Marvell 功能豐富的企業和營運商交換器產品組合中。 Innovium 團隊完全集成，並利用 Marvell 的 5 奈米技術平台和廣泛的 SerDes IP 來加速我們下一代 51.2T 交換器的路線圖。這項開發與我們的電光 DSP 路線圖緊密結合，為客戶提供針對功耗和效能進行最佳化的完整解決方案。

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 乙太網路交換器組合對資料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端客戶的青睞。我們也與多個其他客戶合作，並期待進一步擴大我們在這個快速成長的市場的足跡。

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.

轉向收入。 2022 財年，由於對我們產品的強勁需求，營收年增 50% 至 44.6 億美元。有機 Marvell 業務和收購的 Inphi 業務均對成長做出了強勁貢獻。我們的業績反映了我們在雲端、5G 和汽車終端市場的成功，這些市場的收入比去年增長了一倍。我們的企業網路終端市場也經歷了非凡的一年，營收年增 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，您將聽到有關企業市場基礎設施​​長期更新的更多詳細資訊。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成長。不僅如此，您還將聽到我談論企業網路市場收入成長的新驅動力。

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.

轉向第四季。我們實現了創紀錄的 13.4 億美元收入，季增 11%，年增 68%。收入超過了指導中點，所有終端市場均連續增長且同比增長。特別值得注意的是，雲端和企業網路的貢獻強於預期。第四季度，雲端、5G 和汽車合計佔總收入的 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.

2022 財年結束時，我們的預訂量創歷史新高，未來我們的業務將有加速成長的機會。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。我們的營運團隊繼續確保產能，並且我們與策略供應商密切合作。

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.

需求的成長持續超過供應的成長。結果，我們的違法行為持續增加。我們正在與供應商密切合作，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.

現在讓我從資料中心開始討論我們的 5 個終端市場。在我們的資料中心終端市場，第四季營收為 5.74 億美元，季增 15%，年增 113%，超出了我們的指導。大部分成長來自超大規模客戶強勁需求推動的雲端運算。

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.

我要指出的是，我們的本地資料中心業務也逐年成長。第四季度，營收環比和年增長廣泛，多條產品線促成了出色的業績。我們預計雲端客戶的需求前景將保持強勁，我們也期待新設計的成功。

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.

在投資者日，我們討論了新的雲端優化成果將在2024 財年帶來4 億美元增量收入貢獻的預期，並在2025 財年翻一番，達到8 億美元。 ，多種產品預計將在今年稍後投入生產。

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.

自從更新以來，我們贏得了多個額外的雲端優化設計。與前幾季的勝利類似，這些晶片適用於雲端資料中心的各種網路和運算卸載或加速功能。我們預計這些新勝利的收入貢獻最早將於 2024 財年開始，然後隨著時間的推移將大幅增加。這兩場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端客戶的十多個雲端優化計畫。其中大量設計用於客製化 DPU 實現，反映出雲端資料中心內 DPU 附加率的增加。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，憑藉我們領先的運算、網路、安全、儲存和高速電光 IP 產品組合，我們擁有獨特的優勢來贏得這些機會，所有這些產品組合均在我們的雲端優化 5 奈米平台上提供。

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，透過下一代產品提高領先技術節點的電源效能。我們已經開始批量發貨 800G PAM4 DSP，使客戶能夠開始在雲端資料中心和人工智慧網路應用中部署 800G 光模組。我們有信心成為業界第一家實現此生產里程碑的 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宣布的針對新興有源電纜市場的新產品線。這為我們在資料中心領域開闢了另一條成長途徑，利用我們的核心 DSP 專業知識。如今，我們的 PAM4 產品主要部署在雲端資料中心使用的光模組中，用於長距離交換器到交換器連接。在同一資料中心中，交換器之間、伺服器與架頂交換器之間以及 AI 互連之間的短距離連接傳統上使用被動電纜，每個通道的速度高達 50 GB。

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訊號處理。然而，在下一代雲端資料中心中，人工智慧、機器學習和其他資料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 GB 吞吐量。在這些速度下，被動電纜具有顯著的覆蓋範圍和效能限制。

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，業界正在轉向主動電纜（稱為 ADC），這需要先進的 DSP。為了滿足這項需求，Marvell 基於我們領先的 PAM4 服務技術，為 ADC 市場推出了業界首款 400g 和 800g DSP。我們獨特的商業模式使我們能夠與雲端客戶以及所有領先的電纜製造商合作，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.

我們業界領先的 DSP 使主要電纜供應商能夠完成其首款 ADC 解決方案的開發。我們也與多家雲端營運商合作，以利用這項新的成長機會。

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.

在儲存方面，我們領先的製程技術平台和 PCIe 路線圖執行繼續推動我們的資料中心 SSD 控制器獲得新的設計勝利。本季度，我們在另外 2 家 NAND OEM 中獲得了 PCIe Gen 5 控制器的設計，總共 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，我們的團隊也將推進 PCIe Gen 6 的開發，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.

從我們的資料中心終端市場轉向我們對 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，並且比去年同期增長一倍以上。我們預計雲端客戶在廣泛的產品領域將再次表現強勁。

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.

我們也預計我們的 400 GB ZR 資料中心互連產品將開始強勁成長。事實上，我們預計這一成長將推動我們第一季的 DCI 收入創下新紀錄，超越我們在 100 場演出週期中實現的峰值。即使在行業採用的早期階段，我們也很高興看到 400 ZR 的快速成長，並且隨著時間的推移，我們預計會看到更多的成長。

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，我們看到資料中心的持續成長，包括從新的雲端優化產品開始的營收貢獻，將推動我們的資料中心收入在本財年下半年及以後進一步提升。

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.

轉向我們的營運商基礎設施終端市場。第四季營收為 2.41 億美元，季增 12%，年增 45%。這些業績是由我們的 5G 業務推動的，該業務的收入環比大幅增長超過 30%，超出了我們的指導。我們受益於 5G 技術的更廣泛推廣以及多個基地台客戶的產品升級。

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 最近宣布與戴爾合作開發新的電信解決方案套件，以協助服務供應商實現開放雲端原生網路的轉型。該產品包括共同開發的 Open RAN 加速卡，使用我們經過驗證的 OCTEON Fusion 基頻晶片來提供內嵌 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，從而為一級基地台客戶的無線電 ASIC 贏得了另一個關鍵的 5 奈米設計勝利。

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%.

繼第四季的強勁成長之後，我們預期營運商端市場的營收將在 2023 財年第一季持續成長。以上的強勁勢頭。

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.

繼續我們的企業網路和終端市場。第四季營收為 2.63 億美元，環比成長 6%，年成長 64%，這是 Marvell 這一龐大且不斷成長的業務的又一強勁表現。正如您在開場白中聽到的那樣，這個終端市場正在經歷一個轉折點。

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，但當前的網路基礎設施從未被設計來支援這種靈活、無縫的連接、沉浸式和高視訊使用環境。該公司現在正開始在較長一段時間內更新其基礎設施，實現無國界化，啟用新的數位功能，大幅增加頻寬，建立冗餘並增強安全性。

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，我們多年來一直在這個終端市場上憑藉更新的產品贏得設計。這些勝利通常伴隨著由多千兆位元乙太網路和 MACsec 等新功能驅動的更高的 Marvell 內容。隨著企業網路市場升級週期的勢頭增強，我們開始看到我們的客戶開始發布他們的新平台，我們在這些平台上擁有更高的份額和更多的內容。

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，我們預期企業將繼續實現網路現代化。因此，我們預計該終端市場將持續成長。

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成長來源：客製化晶片。我們在營運商終端市場擁有非常成功的客製化業務，並且還透過我們的雲端優化產品從超大規模供應商建立了龐大的收入流。我們現在正在使企業網路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.

我想指出的是，這些設計經常在我們的許多產品線上引入額外的 Marvell 內容。我們的機會管道正在成長，我們看到客製化晶片成為企業網路平台的另一條腿，促進了我們商業產品的持續成長。

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，到2023 財年，客製化產品和企業網路的營收將大幅成長，遠超1 億美元。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，我們預期企業網路終端市場將加速成長。我們預計營收百分比將持續成長 10%左右，年增超過 70%。這一成長前景反映了我們對增加供應以支持我們的產品成長和持續的企業基礎設施更新周期的期望。

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.

轉向我們的汽車和工業終端市場，第四季營收為 7,900 萬美元，季增 19%，年增 134%。越來越多的 OEM 製造商越來越多地採用我們的 Brightlane 乙太網路解決方案，推動了該終端市場收入的強勁成長。

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，我們預期汽車業務將持續強勁的環比成長，而工業業務的前景則黯淡。因此，對於汽車和工業終端市場，我們預計收入將按百​​分比計算連續成長高個位數，而年成長率預計將超過 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.

轉向我們的消費終端市場。第四季營收為 1.85 億美元，季增 2%，年增 11%。我們的 SSD 控制器推動了這個終端市場的成長，並進入了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，我們預計營收將環比持平，並繼續同比增長，按百分比計算約為兩位數。

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，我們在第四季和 2022 財年取得了創紀錄的業績，營收成長遠高於我們的長期目標模式。我們預計這種勢頭將持續下去。

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 處於獨特的地位，可以從半導體領域最重要的 3 個成長機會中受益：雲端、5G 和汽車。企業端市場的轉型也正成為Marvell的另一個持續成長動力。我們預計所有終端市場將繼續實現長期成長，這將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，這將推動收入增量。

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.

我們也努力確保我們以負責任和永續的方式發展。在過去的一年裡，Marvell 在製定我們的環境、社會和治理策略、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，並正在製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.

建立一支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，我們加強了對傳統上代表性不足的人才的接觸力度。我鼓勵投資者訪問我們新的 ESG 網站，查看我們概述的目標以及迄今為止的進展。

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.

我謹代表 Marvell 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 財年取得的出色業績。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.

對於我們公司來說，這是一個激動人心的時刻，因為我們已經達到了成長週期的轉折點，並且看到我們業務的全面強勁勢頭。我期待著繼續與我們傑出的 Marvell 團隊合作，抓住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.

接下來，我會將電話轉給 Jean，以了解有關我們最近的業績和前景的更多詳細資訊。

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。我先總結 2022 財年的業績。我們對 2022 財年的業績非常滿意，實現了創紀錄的收入和獲利能力，同時繼續積極投資，推動數據基礎設施市場的強勁長期成長。

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.

營收年增50%至44.6億美元。 GAAP 毛利率為 46.3%，GAAP 稀釋後每股虧損為 0.53 美元。我們的非 GAAP 毛利率為 64.9%，成長了 160 個基點，反映了我們為客戶提供的價值和差異化的增加。營收成長和毛利率擴張，加上我們業務模式的強大營運槓桿，推動了今年獲利的強勁成長。

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 GAAP 營運利潤率成長 860 個基點，從 24.2% 增至 32.8%。非 GAAP 每股盈餘年增 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.

接下來是我們第一季的財務表現。第四季營收為 13.43 億美元，超過了我們指導的中位數，環比成長 11%，年增 68%。資料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.

企業網路則位居第二，佔總收入的 19%，其次是營運商基礎設施，佔 18%，消費者佔 14%，汽車工業佔 6%。 GAAP 毛利率為 51.1%。非 GAAP 毛利為 8.77 億美元，佔收入的 65.3%，這是由豐富的產品組合推動的另一個記錄，反映了我們強大的智慧財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.

公認會計準則營運費用為 6.52 億美元，其中包括基於股份的補償費用、收購的無形資產攤銷、法律和解以及收購和剝離相關成本。非 GAAP 營運費用為 3.9 億美元，處於我們指引範圍的下限。 GAAP 營業收入為 3,500 萬美元。非 GAAP 營業利潤為 4.87 億美元，較去年同期成長 115%，成長速度明顯快於營收成長。

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 GAAP 營運利潤率，比前一年提高了 790 個基點，反映了我們業務模式中強大的營運槓桿。

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 攤薄後每股收益為 0.01 美元。非 GAAP 攤薄每股收益為 0.50 美元，年增 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。本季營運現金流為 3.46 億美元。我對我們強勁的現金流產生感到滿意，同時大力投資營運資本以支持強勁的收入成長。我們透過現金股利向股東返還 5,100 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，長期債務為 45 億美元。我們的總負債與 EBITDA 比率為 2.6 倍，淨負債與 EBITDA 比率為 2.3 倍。我們相信，到 2023 財年第二季末，我們預計將實現 2 倍的總負債與 EBITDA 比率的目標，屆時我們預計將重新啟動股票回購。

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.

第四季末的庫存為 7.2 億美元。由於採購價格核算，該庫存餘額中的 3,900 萬美元來自 Innovium。我們預計在接下來的兩個季度內攤提這一增量。我們還增加了工作流程庫存，以支持我們預測的收入快速成長。

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

總而言之，Marvell 團隊執行得非常出色，實現了營收加速成長和強勁獲利擴張，其速度明顯快於營收成長。

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 財年第四季的指導。我們預計 GAAP 毛利率將在 49.6% 至 50.6% 之間。我們預計非 GAAP 毛利率將在 65% 至 66% 之間。我們預計 GAAP 營運費用約為 6.72 億美元。我們預計我們的非 GAAP 營運費用將在 4.3 億至 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.

我們預計第一季的非 GAAP 稅率為 6%。我們預計我們已發行的基本加權平均股數將為 8.48 億股。我們的稀釋後加權平均流通股將為8.63億股。因此，我們預計 GAAP 每股收益範圍為每股虧損 0.03 美元（低端）到稀釋後每股收益 0.05 美元（高端）。我們預計非 GAAP 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，請開通線路並公佈問答指示。謝謝。

(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集團的 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，您似乎超出了計劃，我想知道您是否可以向我們介紹您 23 財年增長預測的最新情況。然後，當您展望 24 財年時，我知道您說過今年的成長率將超過 30%。但似乎你可以做得更好，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，我認為您已經暗示，也許您在 24 財年也可以在該範圍內實現增長，因為 23 財年的指導不包括任何拖欠方面的工作。所以我想知道您是否可以向我們通報最新情況。聽起來您會越來越有信心，認為今年的成長可能會超過 30%，甚至 24 財年的成長可能會超過 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。太棒了，提姆。謝謝你的提問。是的，我只是回答一下，很高興基於我們對第一季的強勁前景，我們現在提前了計劃。其次，我們確實繼續獲得更多供應。您在我們的第四季度以及第一季的前景中看到了這一點，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.

我也認為訂單勢頭持續強勁。我們第四季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，當你展望'24時，我們也感覺非常好。

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非常好。我們對所取得的成果以及我們的前景和長期願景感到非常滿意。

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，我可以偷偷溜進第二個嗎？我想知道您是否可以—您能否確定客製化 ASIC 業務的規模？我知道不同細分市場都有報導，但您能否將所有客製化 ASIC 收入加起來，讓我們了解今天的總收入有多大。

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。提姆，這是一個有趣的問題。事實上，多年來我們一直斷斷續續地這樣做。只是為了讓線上投資者耳目一新，很難準確地定義這一點，因為當您考慮客製化時，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.

例如我們有世界傳統意義上的全客製化業務。那將是我們從 Avera 獲得的 ASIC 業務。但我們也做了很多半客製化工作或雲端優化工作，例如，我們與大型超大規模企業合作，或者在電信 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.

坦白說，即使在我們的商家產品中，我們最終也會推出一些 SKU 和衍生性商品，以滿足客戶的特殊需求。所以我想說，一般來說，這甚至不是我們可以在內部精確量化的東西。我想說的是，這是一個絕對的趨勢。這就是市場的運作方式。您必須能夠擁有豐富的智慧財產權，並在與客戶互動的業務模式中保持靈活性。

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.

Tim，這不僅適用於超大規模雲，也適用於 5G。也適用於企業。未來，我認為這將成為我們在汽車領域的關鍵差異化因素，這也是我們所謂的靈活的商業模式。

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。這就是市場的運作方式。我們可能是最有能力利用這項優勢的公司。

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，鑑於供應如此有限，您如何確保需求品質和積壓，並確保客戶不只是囤積產品？

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水平，但你似乎越來越積極。所以只考慮企業的整體素質和實力的可持續性。

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，維韋克。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，而且是在我們經歷大流行期間供需失衡開始時。

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.

我們有非常嚴格的內部審查流程。我們擁有非常好的終端市場數據，包括從運送的基地台數量到營運商正在部署的基地台數量，這就是 5G 的例子。然後我們的內容是什麼，因為它與此相關，我們提供了有關雲端部署的非常好的數據。我們知道有多少伺服器正在發貨。然後我們可以計算出我們附加到哪些產品的各種資訊。企業也是如此。因此，我們關注的是終端市場。

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.

我們也 - 因為我們實際上是一家非常專注的公司，Vivek，我們有一些我們非常深入的主要客戶。考慮到我們所做工作的系統級性質，我們對他們正在做什麼以及需求是什麼有很好的洞察力。

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，我想，我們也與客戶建立了一個非常嚴格的互動模型，其中積壓的訂單很強。我們對這些訂單有不可取消的條件。重新安排的時間有限。因此，我們經歷了一個流程，以確保當我們安排積壓訂單並獲得預訂時，這實際上是人們想要的。然後我們圍繞這個確定優先順序。

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，這場危機拉近了晶片產業領導者和原始設備製造商領導者的距離。因此，我與主要客戶執行長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.

由於與企業相關，Vivek 坦率地說，這裡的大部分成長是重要內容增益的組合，因為企業基礎設施的各個部分中的電子設備已經遷移到多千兆位元乙太網路等設備。他們添加了安全性和 MACSec 等內容。我們也 - 並且每個連接埠有更多的 ASP 作為範例。

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.

我們也一直關注這個領域。因此，如果您看看企業交換器和 PHY 領域的傳統 Marvell 業務，您會發現，我們透過更新產品組合、從技術角度保持競爭力並專注於該市場，透過我們的產品贏得了市場份額。

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不斷發展，例如企業中的客製化晶片，基本上，如果你看看我們一年前在客製化領域的情況，我的意思是，業務逐年大幅成長，而且我們的23 財年成長非常迅速。

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.

所以有很多層次感。我的意思是，如果你看看 Marvell 和其他大公司所經歷的情況，當你讓人們重返工作崗位時，你會發現過去兩年情況發生了變化。因此，隨著公司花錢對其基礎設施進行現代化改造，企業升級週期也隨之啟動。

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因素的結合。就成長而言，數字是驚人的。我們對此感到興奮，我們看到該業務在 23 財年及以後繼續成長，而我們已經實現了更高的收入基礎。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

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，祝賀你取得了可喜的成果。很多事情要強調。我想知道您是否可以花幾分鐘討論週期性和長期的毛利率，顯然，您看到供應鏈中的投入成本增加。我假設考慮到毛利率有多高，你傳遞這種毛利率的能力相當高。

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.

但我問題的真正關鍵在於，當你們談到將 ARM 伺服器業務重組為更多的客製化晶片業務時，你們談到了該客戶的利潤率——定制晶片方面的毛利率可能會是多少。稍微低一些，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?

但自從你重新設定了這個標準後，你在毛利率上就做得更好了。所以我想我的問題實際上是，當您進入這些定制業務時，您是否發現盈利能力可能比您最初想像的要好？

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。謝謝約翰提出的問題。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所推動的。我們很高興上個季度創下了 65.3% 的毛利率紀錄。我們也將毛利率指導在 65% 至 66% 的範圍內，即中間位置。然後我們一路上升到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，儘管投入成本增加且團隊面臨各種挑戰，但我認為我們的工程品質和產品品質最終使我們能夠將毛利率維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加——嗯，首先，它們已經開始增加，對嗎？我們正在深入研究雲端優化晶片的大批量生產。如果你看看我們的資料中心收入，它顯然是我們資料中心內最大的部分。其中大部分是雲。雲端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.

所以已經有了這樣的貢獻。如果您還記得我們的投資者日活動，Jean 有一張很棒的圖表，顯示了我們按終端市場劃分的毛利率。如果你還記得的話，資料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成長最快的兩個業務。

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，我認為，如果你願意的話，這裡或那裡的單一產品的毛利率較低，但營運利潤率較高。說實話，這個業務已經這麼大了，而且成長得這麼快。我們能夠處理任何毛利率可能略低於平均水平的產品，因為我們也有 Inphi 等產品，它們的成長甚至更快，毛利率更高，成長更快。

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型的美妙之處，約翰。我們實際上可以發展這項業務。我們可以積極採用大型、高容量的套接字，尤其是在運算領域。我們可以做到這一點，同時仍維持公司的長期利潤目標模型，我認為這證明了我們所建立的商業模式以及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 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，您談到了今年及以後推出的許多新產品以及新的設計成果。很好奇，分為兩部分的問題。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 59 億美元的資金時是否將這兩者都包括在內？然後，當您考慮模型中的這些設計勝利時，是否有一種方法可以對您認為與 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，我認為這與設計獲勝者和新產品有關，我認為有幾件事需要考慮。首先，正如我在發言中所說的那樣，我只想大聲疾呼。今年，我們的銷售現場應用團隊和業務部門在設計方面取得了巨大的成功。

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。他們做得很好。就我們面前的機會而言，我們的漏斗一如既往地大。

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.

我們已經取得的增量勝利，其中一些確實取得了——正如我們所提到的，它們將在 24 財年和 25 財年逐步實現。其中一些可能會提前一點開始。但通常情況下，當你在新產品上獲得新的設計勝利時，通常不會在現有的財政年度內發生。但請記住，我們的收入也將達到 4 億美元，甚至 8 億美元。這看起來非常好，並且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，我認為思考這個問題的方法是，我們在雲端領域不斷獲得的增量勝利，特別是對 24 財年和 25 財年的增量勝利。從時間的角度來看，今年不會捕獲很多這樣的數據。但我想說，同時，我們已經贏得的那些比賽進展得很好。

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布萊恩‧柯蒂斯。

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.

我只想跟進約翰關於邊距的問題。我們看到的一件事是，上個月你們的收入是——定價有點取代了未來的晶圓成本。很多人在第一季看到了收益，但利潤率卻下降了。

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.

所以我很好奇你是否能談談毛利率的實力。然後我想確保這是一個你可以建立的水平，並且與許多其他公司透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。所以我們長期以來一直在處理過去的上漲，供應鏈的價格上漲。對我們來說，我們的團隊將與供應商和客戶密切合作，並真正努力抵消整個​​過程中增加的成本。

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。我們的毛利率主要是由馬特之前談到的終端市場組合所推動的。如果你看看第四季和第一季的指導，我們對毛利率非常滿意，但很大程度上是因為資料中心的成長非常快。汽車，他們是成長非常快的企業市場，市場毛利率也非常強勁，持續呈上升趨勢。

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.

總的來說，如果你看看我們的組合，這確實提高了我們的毛利率。在今年剩餘時間裡，任何特定季度都會出現類似的情況。這很大程度上取決於混合。

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?

我不知道你能否再談談供需情況。您說拖欠率仍在上升，但供應量正在增加。在縮短交貨時間方面有什麼進展嗎？你看得出來──在很多這樣的情況下，你仍然是瓶頸嗎？或者您的產品是否有可能等待其他晶片到達？

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。你和我一樣已經這樣做很久了。令人震驚的是，我從未想過我們會處於這個週期的這個階段。但是，是的，供需之間的差距實際上已經擴大了。讓我們看看我們的——一些公司稱之為未履行的積壓。我們——我是在舊學校長大的，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.

但這個數字每季都在持續上升。第四季上漲，第一季也會上漲。所以需求非常旺盛。現在我認為我們——所以——但是，是的，我們得到了更多的供應。您會看到，我們實際上超出了上季度的指導，並且我們的第一季指導非常強勁，無論是環比還是同比。

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.

但我們仍然需要與供應商努力合作，以獲得更多我們需要的東西。我們已經改變了——儘管我想說，我們在供應鏈中的地位是戲劇性的，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。向克里斯·庫普曼斯 (Chris Koopmans) 領導的營運團隊以及我們的業務部門，甚至我自己親自參與的供應鏈上下游致敬。

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，我認為這對我們有幫助。我們只是繼續確定優先順序，喬。這是——我非常接近。我親自參與了所有主要帳戶的工作。我們設法不再成為帳篷裡的長桿，即使我們是，也不會持續很長時間。因此，我們勉強保持領先地位，但我們正在讓客戶滿意。據我所知，目前我們還沒有任何人躺下，但隨著我們繼續發展，客戶已經設計了我們，情況會變得緊張。

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採取非常戰術性的策略，以獲得我們需要的供應，使其與正確的需求相匹配，確保我們不會建立庫存並做好我們的工作最好地度過我們所處的這個前所未有的周期。

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，這是一個我們從未見過的周期，至少在強度和持續時間方面是如此。我認為最重要的是，對於Marvell，鑑於我們的市場份額不斷增加，我們擁有的長期增長驅動力所擁有的終端市場敞口，這使得情況變得更加平衡- 考慮到這些動態，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.

但我們已做好迎接挑戰的準備。我認為我們的團隊做得很好，我們將繼續與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，我認為本季至少對我來說最大的亮點是您所說的客製化企業業務。如果你看看你的運營商和雲端業務，我認為這是非常明顯的，對吧？我的意思是有幾家公司。

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。能詳細說明一下嗎？我的意思是，在客製化企業方面，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，就像所有事情一樣，Tore，最終，儘管企業市場中肯定有比製造基地台的人更廣泛的 OEM 和多樣化的應用程序，我們可以稱之為企業市場。現實情況是，能夠負擔得起或想要進行完整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.

話雖這麼說，我認為我們有能力進行這種優化，如果你願意的話，也許不必進行完整的客製化設計，這是我們帶來的優勢之一。這是一種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，包括我們所有的高效能 IP。他們希望從 5 奈米過渡到 3 奈米。實際上，我們的運算能力非常有吸引力，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。人們正在尋求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出售還是定制晶片，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 產品在市場上非常有競爭力。這是我們在 5 奈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，托雷，顯然，比我們以前擁有的機會更廣泛。但回到你的評論，是的，在客製化企業方面，我們對收入的成長感到非常滿意。我們也對我們在那裡的管道感到滿意，因為這些產品的使用壽命很長。 Marvell 企業業務的整體獲利能力和毛利率狀況是，jean 在投資者日上展示了這一點，但這與企業平均值有關。

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.

因此，非常健康的毛利率、廣泛的客戶群、廣泛的應用程式和非常長的產品生命週期，一旦你設計進去，這些都是非常黏的。我的意思是，以基於乙太網路的設計為例，您可以渡過難關。因此，企業界正在發生很多偉大的事情。

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。你說它會在第一季成長，但你也說了一些更有趣的話，那就是它會很高——我猜你說收入將高於之前的峰值。我知道我們正處於這個週期非常非常早期的階段。那麼您能否談談是什麼推動了這種力量？而且，如果你能從某個角度來考慮你認為 SAM 與之前的 SAM 相比有多大，我猜是 100ZR，我認為這會非常有幫助。

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，當我們談論峰值時，我包括了最初的 100 GB 產品，即 COLORZ，對，它是由 Inphi 開發的，現在我們有 COLORZ 2，即 400 GB。因此，當 COLORZ 處於鼎盛時期時，Inphi 的營運費約為 1 億美元，然後又進入 Marvell。所以我們現在要說的是，COLORZ、COLORZ 2 的總貢獻，正處於收入高峰。

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 產品線將在第一季達到收入峰值，然後從那裡開始成長。

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驅動的，這幾乎是一種半客製化的參與。在 400ZR 中，我們正在與多個超大規模客戶合作。我們將有多個客戶。這是我們產品令人興奮的成長的開始。這是我們一直在等待的轉變，但它已經到來，並且正在為第一季的收入做出貢獻。

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.

祝賀您所取得的強勁成果和執行力。在您的雲端優化 ASIC 和一些 DIY 設計贏得管道上，24 財年的目標是 4 億美元。我想，馬特，你說過你預計在 25 財年和 26 財年將這一數字翻倍。

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?

現在你們已經深入了解許多 5 奈米產品的設計階段，你們能否讓我們了解一下你們正在為雲端客戶開發的晶片類型？主要是人工智慧和機器學習加速嗎？是視訊轉碼嗎？是客製化的 DPU、剩餘的 CPU 等等？

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?

然後這一點上的任何顏色都會很棒。同樣重要的是，團隊是否已經開始與雲端客戶的下一代 ASIC 程式合作開發早期 3 奈米程式？

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。我認為您非常了解我們對與超大規模企業的此類接觸的敏感度。

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，在我們贏得的成果和我們正在追求的管道之間，幾乎是您正在討論的所有應用程式。主要是加速度。它可能適用於視頻之類的東西。它可能用於安全或存儲等目的。我們正在開發一些非常客製化的網路 ASIC。有計算。如果你願意的話，還有客製化的 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——然後順便說一句，我們說了一些這樣的事情。我的意思是——當你看到某種 SmartNIC 機會時——我們已經這麼說了一段時間了。該領域也正在進行大量客製化。所以範圍很廣，哈倫。這裡不存在一竅不通的小馬——總的來說，它們的追蹤能力都非常好。

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，我們給出了非常有判斷力的觀點。很明顯 - 也許不明顯，但我們客戶的預測實際上高於我們給您的預測，但這就是我們的基準。但我們現在已經贏得了增量設計，這將是在此之上的。所以我認為這都是正面的，但我們在沒有客戶公告的情況下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──你們已經開始研究早期的 3 奈米技術了嗎？

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。抱歉，是的。所以我們非常關注 3 奈米，Harlan。我的意思是，老實說，這實際上是我們在 5 奈米領域獲勝的關鍵部分，因為我們正在開發非常堅定、非常豐富的 3 奈米 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.

順便說一下，我們現在正在就多種產品和多個終端市場進行深入的架構討論，從雲端到 5G 再到企業，討論如何使用我們的 3 奈米平台。因此，我們正處於奈米列車上，我們全力以赴，並且在路線圖上執行得很好，客戶感到很興奮。

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薩斯奎哈納的克里斯多福羅蘭。

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——或用於 AEC 的 DSP。基本上，我想我的問題是，該產品上市的時間是什麼？您認為這個市場有多大？最終，你們能佔多數份額嗎？

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，我們對市場的這種轉變感到非常興奮，我在準備好的發言中也說了其中的一些內容。但傳統上，這種類型的主動電纜並不被需要，或至少在上一代中，需要的是基於 NRZ 技術的主動電纜。有點像我們所做的——我說的我們，指的是我們和 Inphi，我們利用基於 PAM4 的 6 奈米技術，在 400 和 800 的成長中佔據了市場。

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.

所以這就是——在利用我們已經擁有的東西，然後針對特定應用程式優化產品方面，我們認為這是正確的。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。您可能已經在即將到來的 OFC 周圍看到過它們。但我們正在與所有向超大規模供應商供貨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.

這些電纜可用。他們現在正在向客戶提供樣品。我們正在直接與雲端客戶合作，對路線圖進行其他增強。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，因為當你考慮擁有所有部件時，如果你願意的話，擁有開關、光學器件、現在的 AEC 產品、DPU 以及對…的洞察力ASIC 在接口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客戶真正合作來優化完整的解決方案。而這可能是那些只掌握了一塊拼圖的公司。不太明白到底發生了什麼事。

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，有些人說市場規模超過 10 億美元。我想——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。我們仍在評估這對 Marvell 的意義，但我們今天已經進入市場了。

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加里·莫布里。

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?

我知道您還沒有提交 10-K。但與此相關的是，關於代表您與代工合作夥伴的購買承諾，是否有什麼值得注意的地方，特別是可量化的，以及對您的客戶的購買承諾和 CNR？

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，這是吉恩。是的，我們還沒有提交 10-K。但就採購協議而言，如您所知，上季末，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、明年以及更長期的產能。

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.

正如您可能注意到的那樣，一年前，這只是 2 億美元。因此，我們大大增加了我們的承諾。未來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.

蓋瑞，我想補充一點，正如吉恩所指出的，你可以遵循趨勢線。正如我們所討論的，現在的參與實際上可以直接將它們與我們之前關於 24 財年和 25 財年雲端優化升級的一些問題聯繫起來。我們正在規劃我們的業務，甚至超越了我們所需的關鍵技術、基材和供應鏈各個其他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，當我們在未來幾年實際規劃我們的業務時，您會看到這種趨勢仍在繼續，無論是與我們的最終原始設備製造商還是我們的主要供應鏈合作夥伴，以確保我們都步調一致，以滿足這些非常非常陡峭的產品成長未來幾年將需要這些。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自馬特·拉姆齊和考恩。

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，鑑於雲端是您業務的重要組成部分，我想問一個簡短的問題。我自己的觀察是，在接下來的12 個月裡，資料中心領域將會出現很多東西，包括英特爾的Sapphire、AMD 的Genoa、PAM4 400-gig 光學元件以及其他一些對我來說真的很重要的東西。

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.

我想知道當你與客戶互動時，你的感受如何——你同意這一點嗎？鑑於英特爾的路線圖可能因缺乏清晰度而阻礙了某些事情，您是否認為被壓抑的支出出現了變化？我只是想知道你們會如何描述你們今天所看到的未來​​一兩年的超大規模支出環境。

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討論的趨勢絕對是正確的。我認為，隨著我們有新的處理器更新、新的伺服器更新，然後還有各種晶片，順便說一句，這些晶片也將流入方程式，不僅僅是伺服器本身的類型，還有隨之而來的加速需要的、新的工作負載、不同的人工智慧、GPU 叢集。我的意思是你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.

這最終支撐著矽類架構，從根本上支撐著雲端資本支出和需求。因此，隨著這些新周期的到來並出現變化，這對 Marvell 來說確實是一件好事。 PAM4 400g 機會就是一個很好的例子。但我們的設計在新系統上贏得了地位，對，在即將到來的新架構中，內容要高得多，無論是每個資料中心、每個伺服器，凡是你能想到的。

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是令人興奮的。是的，各地的某些供應商確實出現了一些延誤。但隨著路線圖的執行和過渡的發生，Marvell 得到了很大的提升。這是我們在預測中看到的一些成長的另一種方式。

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。您現在可以斷開連線。