邁威爾科技 (MRVL) 2018 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q3 2018 Marvell Technology Group Ltd.

女士們、先生們，美好的一天，歡迎來到 Marvell 科技集團有限公司 2018 年第三季度。

Earnings Conference Call.

收益電話會議。

(Operator Instructions) And as a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Peter Andrew.

現在我想介紹一下今天會議的主持人彼得·安德魯先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Marvell's Third Quarter of Fiscal Year 2018 Earnings Call.

歡迎參加 Marvell 2018 財年第三季度財報電話會議。

Joining me on the call today is Marvell's President and CEO, Matt Murphy; and CFO, Jean Hu.

今天與我一起參加電話會議的是 Marvell 總裁兼首席執行官 Matt Murphy；和首席財務官胡錦濤。

Before I turn the call over to Matt, I wanted to remind everyone that certain comments today may include forward-looking statements, which are subject to significant risk and uncertainties and which could cause our actual results to differ materially from management's current expectations.

在我把電話轉給馬特之前，我想提醒大家，今天的某些評論可能包括前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致我們的實際結果與管理層當前的預期存在重大差異。

Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today, and posted on our website as well as our most recent 10-K and 10-Q filings.

請查看我們今天向 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。

We do not intend to update our forward-looking statements.

我們不打算更新我們的前瞻性陳述。

During our call today, we will make reference to certain non-GAAP financial measures.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。

A reconciliation between our GAAP and non-GAAP financial measures is available on our website in the Investor Relations section.

我們的 GAAP 和非 GAAP 財務指標之間的調節可在我們網站的投資者關係部分找到。

With that, let me now turn the call over to Marvell's President and CEO, Matt Murphy.

現在，讓我將電話轉給 Marvell 總裁兼首席執行官 Matt Murphy。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

It has been a very busy past 8 days for Marvell.

對於 Marvell 來說，過去 8 天非常忙碌。

Last Monday, we signed a definitive agreement to combine with Cavium, uniting 2 great companies that, together, will deliver unmatched innovation and end-to-end communications infrastructure solutions.

上週一，我們簽署了與 Cavium 合併的最終協議，兩家偉大的公司將聯合起來，共同提供無與倫比的創新和端到端通信基礎設施解決方案。

I'm very excited about our combined future.

我對我們共同的未來感到非常興奮。

But today, we're here to review Marvell's strong third quarter performance, which was the result of improved execution across the company and growth in our core businesses of storage, networking and connectivity.

但今天，我們在這裡回顧 Marvell 第三季度的強勁業績，這是整個公司執行力提高以及存儲、網絡和連接核心業務增長的結果。

From a financial perspective, revenue in the quarter was $616 million, above the midpoint of our guidance.

從財務角度來看，本季度收入為 6.16 億美元，高於我們指導的中值。

Our core businesses grew on a sequential basis and have, together, grown 7% year-to-date.

我們的核心業務環比增長，今年迄今總計增長了 7%。

This exceeds the target we set in March during our Investor Day.

這超出了我們在三月份投資者日設定的目標。

Our non-GAAP gross margin grew 400 basis points from a year ago to 61.6% today as our world-class engineering and improved execution continued to deliver tremendous value.

由於我們世界一流的工程設計和改進的執行力繼續創造巨大的價值，我們的非 GAAP 毛利率比一年前增長了 400 個基點，達到今天的 61.6%。

Operating expenses on a non-GAAP basis came in better than expected, below the low end of our target range we set last November.

按非公認會計準則計算的運營費用好於預期，低於我們去年 11 月設定的目標範圍的下限。

As a result, non-GAAP operating margin grew nearly 900 basis points from a year ago to 28.4%.

結果，非 GAAP 運營利潤率比一年前增長了近 900 個基點，達到 28.4%。

This demonstrates the power of our business model, and we are making solid progress towards our target of 30%.

這證明了我們商業模式的力量，我們正在朝著 30% 的目標穩步前進。

Finally, free cash flow grew nearly 90% from last year to $194 million.

最後，自由現金流較去年增長近 90%，達到 1.94 億美元。

Over the past 5 quarters, we have returned $860 million to shareholders, more than 140% of free cash flow.

過去 5 個季度，我們向股東返還 8.6 億美元，超過自由現金流的 140%。

On the operational front, last quarter, Tom Lagatta, EVP of Sales and Marketing, brought together more than 400 sales professionals, field application engineers and partners from around the world for Marvell's first-ever sales conference.

在運營方面，上季度，銷售和營銷執行副總裁 Tom Lagatta 召集了來自世界各地的 400 多名銷售專業人士、現場應用工程師和合作夥伴，召開了 Marvell 有史以來的首次銷售會議。

This featured a week of intense product and sales training and laid the groundwork for the year ahead.

其中包括為期一周的密集產品和銷售培訓，並為來年奠定了基礎。

Since joining the company less than a year ago, Tom has transformed our sales management, go-to-market strategies, compensation programs and customer support.

自從加入公司不到一年以來，Tom 改變了我們的銷售管理、進入市場策略、薪酬計劃和客戶支持。

Customers, partners and employees alike say they are experiencing a new and a renewed Marvell, one that is beginning to live up to its true potential.

客戶、合作夥伴和員工都表示，他們正在體驗一個煥然一新的 Marvell，一個開始發揮其真正潛力的公司。

Now turning to our business performance.

現在轉向我們的業務績效。

I'm pleased to report that, in Q3, our storage business performed slightly above expectations, growing roughly 1% sequentially.

我很高興地報告，在第三季度，我們的存儲業務表現略高於預期，環比增長約 1%。

Year-to-date, our storage business has grown 10%, driven primarily by the strong performance of our SSD portfolio.

今年迄今為止，我們的存儲業務增長了 10%，這主要得益於 SSD 產品組合的強勁表現。

We continue to ramp our new NVMe-based solutions, and we are well positioned as the SSD market transitions to this high-performance interface.

我們繼續推出基於 NVMe 的新解決方案，隨著 SSD 市場向這種高性能接口過渡，我們處於有利地位。

Overall, we see continued traction of our SSD products, particularly in the enterprise and cloud data center, as our customers adopt our industry-leading solutions.

總體而言，隨著我們的客戶採用我們行業領先的解決方案，我們看到我們的 SSD 產品持續受到關注，特別是在企業和雲數據中心。

Our HDD revenue came in higher than originally expected, fueled by the ramp of our 1 terabyte per platter HDD controller solutions.

在每盤 1 TB HDD 控制器解決方案的推動下，我們的 HDD 收入高於最初預期。

These platforms enable many more of our customers to offer higher capacity and lower power solutions to their customers.

這些平台使我們更多的客戶能夠為其客戶提供更高容量和更低功耗的解決方案。

The transition to 1 terabyte solutions per platter is progressing well and highlights the value that Marvell solutions offer customers.

向每盤 1 TB 解決方案的過渡進展順利，凸顯了 Marvell 解決方案為客戶提供的價值。

The bottom line is that as overall demand for storage grows and as capacity migrates towards the enterprise and data center, we remain well positioned in the storage market across both HDD and SSD.

最重要的是，隨著存儲整體需求的增長以及容量向企業和數據中心的遷移，我們在 HDD 和 SSD 的存儲市場中仍然處於有利地位。

Moving on to networking.

繼續討論網絡。

Our networking business was up 2% sequentially and 3% year-over-year.

我們的網絡業務環比增長 2%，同比增長 3%。

Our success in Q3 was driven by our refreshed portfolio of switches, PHYs and embedded processors for the enterprise market.

我們在第三季度的成功得益於我們針對企業市場更新的交換機、PHY 和嵌入式處理器產品組合。

This growth more than offsets declines in our legacy portfolio.

這種增長足以抵消我們傳統投資組合的下降。

We are very pleased by the performance of our new products, which target the enterprise campus and data center.

我們對針對企業園區和數據中心的新產品的性能感到非常滿意。

Marvell is well positioned to capitalize as end customers upgrade their switching platforms to deliver multi-gigabit enhanced security, traffic analytics and greater support for mobility.

隨著最終客戶升級其交換平台，Marvell 處於有利地位，可以提供數千兆位增強的安全性、流量分析和對移動性的更大支持。

We also continue to see strong customer interest in our secure automotive Ethernet products.

我們還繼續看到客戶對我們的安全汽車以太網產品產生濃厚的興趣。

While it's still early, we have established active engagements with the leading automotive OEM and Tier 1 suppliers.

雖然現在還為時尚早，但我們已經與領先的汽車原始設備製造商和一級供應商建立了積極的合作關係。

This technology is a foundational building block for the next-generation, high-speed in-car networks that are vital for driver assist and autonomous driving.

該技術是下一代高速車載網絡的基礎構建模塊，對於駕駛員輔助和自動駕駛至關重要。

This is a trend we not only enable but have the potential to accelerate.

我們不僅推動這一趨勢，而且有可能加速這一趨勢。

Overall, we remain excited about the position of our networking business and its traction in the enterprise, campus and automotive markets.

總體而言，我們對網絡業務的地位及其在企業、園區和汽車市場的吸引力仍然感到興奮。

As we look toward our next fiscal year, we expect continued growth in our networking business on a year-over-year basis.

當我們展望下一個財年時，我們預計我們的網絡業務將同比持續增長。

Moving to connectivity.

轉向連接。

This business enjoyed a strong quarter driven by strength in automotive, enterprise access and smart voice-connected devices.

受汽車、企業訪問和智能語音連接設備實力的推動，該業務季度表現強勁。

We continue to shift our strategy towards this market's high-performance segments, focusing on applications that value the innovation that Marvell delivers.

我們繼續將戰略轉向該市場的高性能細分市場，重點關注重視 Marvell 提供的創新的應用。

In the coming weeks, we will announce our next-generation 11ax portfolio, which will deliver best-in-class features and performance for enterprise access points, carrier gateways, set-top box and automotive applications.

在接下來的幾週內，我們將發布下一代 11ax 產品組合，該產品組合將為企業接入點、運營商網關、機頂盒和汽車應用提供一流的功能和性能。

Today, Wi-Fi networks are supporting more users and more devices than ever before.

如今，Wi-Fi 網絡支持的用戶和設備比以往任何時候都多。

Marvell's implementation of the new 11ax standard will bring our customers 4x greater capacity, support for the greatest number of users, symmetrical uplink and downlink performance and greater coverage in all deployments.

Marvell 實施新的 11ax 標準將為我們的客戶帶來 4 倍的容量、對最大數量用戶的支持、對稱的上行鏈路和下行鏈路性能以及所有部署中更大的覆蓋範圍。

We started sampling these products more than 6 months ago and are now starting to see strong customer traction.

我們在 6 個多月前開始對這些產品進行採樣，現在開始看到強大的客戶吸引力。

In summary, our strong performance in the third quarter highlights our momentum in transforming Marvell into a leader in providing higher-end infrastructure solutions in storage, networking and connectivity.

總而言之，我們第三季度的強勁表現凸顯了我們將 Marvell 轉型為存儲、網絡和連接領域高端基礎設施解決方案領導者的勢頭。

Looking forward, we anticipate that storage and networking will represent a growing percentage of our business and expect to see continued expansion of our gross margins in Q4 and continuing on into FY '19.

展望未來，我們預計存儲和網絡將在我們的業務中所佔的比例不斷增長，並預計我們的毛利率將在第四季度持續擴大，並持續到 19 財年。

Let me close by saying Marvell has made outstanding improvements as a company, and I'm very proud of our team's performance.

最後我要說的是，Marvell 作為一家公司已經取得了顯著的進步，我對我們團隊的表現感到非常自豪。

I want to thank Marvell's employees around the world for their part in making our success possible and look forward to even greater success in the future.

我要感謝 Marvell 世界各地的員工為我們的成功做出的貢獻，並期待未來取得更大的成功。

Now let me turn the call over to Jean.

現在讓我把電話轉給吉恩。

Thanks, Matt, and good afternoon, everyone.

謝謝馬特，大家下午好。

I will discuss the highlights for our third quarter of fiscal 2018 and provide our current outlook for the fourth quarter of fiscal 2018.

我將討論 2018 財年第三季度的亮點，並提供我們對 2018 財年第四季度的當前展望。

Revenue in the third quarter was $616 million, above the midpoint of the guidance provided in August.

第三季度收入為 6.16 億美元，高於 8 月份提供的指導中值。

Our core business of storage, networking and connectivity grew 1% year-over-year, and they were up 7% year-to-date.

我們的存儲、網絡和連接核心業務同比增長 1%，今年迄今增長了 7%。

Storage accounted for 51% of revenue, grew 1% sequentially and declined 4% year-over-year.

存儲佔收入的 51%，環比增長 1%，同比下降 4%。

As Matt stated earlier, our storage in fiscal '18 year-to-date revenue grew 10%, driven by the ramp of our SSD business and increased presence in the cloud and enterprise segment with our HDD and SSD solutions.

正如 Matt 早些時候所說，我們的 18 財年迄今為止的存儲收入增長了 10%，這得益於我們的 SSD 業務的增長以及我們的 HDD 和 SSD 解決方案在雲和企業領域的影響力的增加。

Networking accounted for 24% of revenue and grew 3% year-over-year.

網絡業務佔收入的 24%，同比增長 3%。

Connectivity had a solid quarter and accounted for 17% of revenue and grew 19% year-over-year.

連接性季度表現強勁，佔收入的 17%，同比增長 19%。

Finally, other products accounted for 8% of revenue and it declined 22% year-over-year, consistent with our expectations.

最後，其他產品佔收入的8%，同比下降22%，與我們的預期一致。

GAAP gross margin for the third quarter was 61.3%, and the non-GAAP gross margin was 61.6%, a record level for Marvell and an increase of 4 percentage points from last year.

第三季度 GAAP 毛利率為 61.3%，非 GAAP 毛利率為 61.6%，創 Marvell 歷史最高水平，較去年增長 4 個百分點。

GAAP operating expenses were $228 million, and the non-GAAP operating expenses were $205 million, both below the guidance range we provided in August.

GAAP 運營費用為 2.28 億美元，非 GAAP 運營費用為 2.05 億美元，均低於我們 8 月份提供的指導範圍。

These results mark an important milestone in our restructuring effort as we beat our operating expense reduction target set out a year ago.

這些結果標誌著我們重組工作的一個重要里程碑，我們超越了一年前設定的運營費用削減目標。

GAAP operating margin was 24.3%.

GAAP 運營利潤率為 24.3%。

Non-GAAP operating margin was 28.4% versus 19.5% a year ago, highlighting the strength of our financial model and the continued progress toward our target non-GAAP operating margin of approximately 30%.

非 GAAP 運營利潤率為 28.4%，而一年前為 19.5%，凸顯了我們財務模式的優勢以及我們在實現約 30% 的非 GAAP 運營利潤率目標方面的持續進展。

GAAP earnings per diluted share were $0.30, and the non-GAAP earnings per diluted share were $0.34, an increase of 62% year-over-year.

GAAP 每股攤薄收益為 0.30 美元，非 GAAP 攤薄每股收益為 0.34 美元，同比增長 62%。

Let's now turn to our balance sheet.

現在讓我們看看我們的資產負債表。

In the end of the third quarter, our cash and marketable securities were $1.7 billion or roughly $3.40 per non-GAAP diluted share.

第三季度末，我們的現金和有價證券為 17 億美元，即每股非 GAAP 攤薄後每股約 3.40 美元。

Our free cash flow generation was $194 million.

我們產生的自由現金流為 1.94 億美元。

Moving to returning capital to shareholders.

轉向向股東返還資本。

In the quarter, we returned approximately $170 million to shareholders: $140 million in share repurchase and $30 million in dividends.

本季度，我們向股東返還了約 1.7 億美元：其中 1.4 億美元用於股票回購，3000 萬美元用於股息。

Now turning to our fiscal fourth quarter for 2018 guidance.

現在轉向我們的 2018 年第四財季指引。

As a reminder, this is a 14-week quarter.

提醒一下，這是一個為期 14 週的季度。

We expect our total revenue to be in the range of $595 million to $625 million.

我們預計我們的總收入將在 5.95 億美元至 6.25 億美元之間。

At the midpoint of our guidance, we expect our storage revenue to be approximately flat sequentially, in line with seasonal trends.

在我們指導的中點，我們預計我們的存儲收入將環比持平，與季節性趨勢一致。

We expect our networking revenue to continue its growth momentum in the fourth quarter and grow in the high single digits sequentially and double digits year-over-year as new platforms with our refreshed enterprise access solutions ramp into production with our leading OEMs in both China and North America.

我們預計，隨著採用我們更新的企業訪問解決方案的新平台與我們在中國和印度的領先 OEM 廠商投入生產，我們的網絡收入將在第四季度繼續保持增長勢頭，並以高個位數連續增長和同比兩位數增長。北美。

We expect our connectivity revenue to decline in the mid-teens sequentially in Q4, largely in line with seasonal trends.

我們預計第四季度的連接收入將環比下降百分之十左右，這在很大程度上與季節性趨勢一致。

We expect other revenue to be flattish sequentially.

我們預計其他收入將環比持平。

We expect our GAAP and the non-GAAP gross margin to be approximately 62%.

我們預計 GAAP 和非 GAAP 毛利率約為 62%。

We expect our GAAP operating expense to be in the range of $240 million and $246 million and the non-GAAP operating expense to be in the range of $215 million to $220 million.

我們預計 GAAP 運營費用將在 2.4 億美元至 2.46 億美元之間，非 GAAP 運營費用將在 2.15 億美元至 2.2 億美元之間。

We anticipate GAAP income per diluted share in the range of $0.23 to $0.29 and the non-GAAP income per diluted share in the range of $0.29 to $0.33.

我們預計 GAAP 每股攤薄收益在 0.23 美元至 0.29 美元之間，非 GAAP 每股攤薄收益在 0.29 美元至 0.33 美元之間。

With that, we will now open the line to Q&A.

現在，我們將開通問答熱線。

Operator, we'll take the first question, please.

接線員，我們將回答第一個問題。

(Operator Instructions) And our first question comes from the line of John Pitzer with Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 John Pitzer。

This is Charles Kazarian on behalf of John Pitzer.

我是查爾斯·卡扎里安 (Charles Kazarian)，代表約翰·皮策 (John Pitzer)。

See, I'm looking at your cash return.

看，我在看你的現金回報。

You've now bought back about, I believe, $700 million of shares over, call it, the last 5 quarters or so and reduced your sales by about 5%.

我相信，在過去 5 個季度左右的時間裡，您已經回購了大約 7 億美元的股票，並且您的銷售額減少了大約 5%。

Given the recently announced acquisition, could you perhaps speak to kind of your expectations for capital return, i.e.

鑑於最近宣布的收購，您能否談談您對資本回報的期望，即

how should we think about potential slowdowns in buybacks around the timing of M&A?

我們應該如何考慮併購時機前後回購可能放緩的情況？

Yes, this is Jean.

是的，這是吉恩。

So we have stopped share repurchase in conjunction with the current acquisition announcement because, as many of you know, in conjunction with this transaction, we're actually going to issue shares.

因此，我們在當前的收購公告中停止了股票回購，因為正如你們許多人所知，在這次交易中，我們實際上將發行股票。

So we are not allowed to do buyback until the closing.

所以我們在收盤前不能進行回購。

We are continuing with our dividend payment each quarter.

我們每個季度都會繼續支付股息。

So our plan after we close the transaction, certainly, restart of the buyback initially maybe in a slower pace.

因此，我們在完成交易後的計劃當然是，最初重新啟動回購的速度可能會較慢。

But right when we get to our debt-to-EBITDA ratio to our target range, we'll continue to commit to return 50% of free cash flow to shareholders.

但當我們的債務與 EBITDA 比率達到目標範圍時，我們將繼續承諾將 50% 的自由現金流返還給股東。

And then, I guess, just possibly as a quick follow-up.

然後，我想，這可能只是一個快速的後續行動。

For the auto Ethernet business, I believe it was excluded in kind of your long-term revenue growth guidance at your Analyst Day.

對於汽車以太網業務，我認為它被排除在分析師日的長期收入增長指導中。

It seems like your commentary is kind of becoming incrementally more positive on (inaudible).

看來你的評論變得越來越積極（聽不清）。

Could you just kind of talk about the trends you've seen through this year?

您能談談今年您看到的趨勢嗎？

(inaudible) at what point you might become comfortable around kind of including that as a part of your long-term revenue guidance.

（聽不清）在什麼時候您可能會習慣將其納入長期收入指導的一部分。

Yes.

是的。

Great question.

很好的問題。

And you're right, when we gave our long-term model at our first Analyst Day we did earlier this year, we intentionally didn't include automotive, such that we wanted to give a kind of a very clear picture of the current business and portfolio of Marvell.

你是對的，當我們在今年早些時候的第一個分析師日提供長期模型時，我們故意不包括汽車行業，這樣我們就想對當前業務有一個非常清晰的了解以及 Marvell 的產品組合。

Since that time, over the last 6 months, we've continued to make great progress in the automotive area.

從那時起，在過去的 6 個月裡，我們在汽車領域不斷取得巨大進展。

We've hired a general manager.

我們聘請了一位總經理。

We've assigned a dedicated team to this effort, and we've made great progress with customers in our traction.

我們已經指派了一個專門的團隊來開展這項工作，並且在客戶的支持下我們取得了巨大的進步。

So felt it was appropriate to at least start giving some color around our progress there.

因此，我認為至少開始為我們的進展提供一些色彩是適當的。

We do think that this revenue is going to be very modest in its ramp.

我們確實認為這一收入的增長將非常溫和。

And I would say you should expect us to start including that as a model update sometime next year when we probably do our next Analyst Day would be sort of how I would think about that from a long-term modeling point of view.

我想說，您應該期望我們在明年某個時候開始將其作為模型更新，屆時我們可能會舉辦下一個分析師日，這將是我從長期建模角度考慮的方式。

But for the investors out there, I think as we sort of make progress towards that date, we'll give color as it's meaningful to people.

但對於那裡的投資者來說，我認為隨著我們在該日期方面取得進展，我們將賦予色彩，因為它對人們有意義。

And our next question comes from the line of 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 (Blayne Curtis)。

Matt, maybe you could just talk about in the storage business.

馬特，也許你可以談談存儲業務。

SSD has had a huge ramp this year.

SSD今年出現了巨大的增長。

I think you talked about maybe 25% to 30% of that bucket in the second half.

我想你談到的下半年可能有 25% 到 30%。

Just curious if that's on track.

只是好奇這是否步入正軌。

And then, can you just talk about your visibility into next year?

然後，您能談談您對明年的展望嗎？

You mentioned enterprise.

你提到了企業。

Maybe if you -- just thoughts on the size of that market and your positioning there.

也許如果您——只是考慮一下該市場的規模以及您在那裡的定位。

Sure.

當然。

Yes.

是的。

Hey, Blayne, so a couple of things.

嘿，布萊恩，有幾件事。

So one is I'd say, we've been pleased with the ramp, and it's certainly continued.

所以我想說的是，我們對坡道感到滿意，而且它肯定會繼續下去。

And I what I would say is we're still on track to get towards, I'd say, the high end of the range that we mentioned earlier in terms of the 25% to 30% contribution from SSD in the fourth quarter.

我想說的是，我們仍然有望達到我們之前提到的高端範圍，即第四季度 SSD 的貢獻為 25% 到 30%。

So again, I think we're pleased with that performance and that trajectory.

再說一次，我認為我們對這樣的表現和軌跡感到滿意。

As far as the enterprise side and also the solutions that are going into the cloud, that continues to become a more and more meaningful piece of our business.

就企業方面以及進入雲的解決方案而言，這將繼續成為我們業務中越來越有意義的一部分。

I don't have the exact breakout here.

我這裡沒有確切的突破。

I don't know if, Jean, you want to comment, but that continues to be more and more important to us.

我不知道，Jean，您是否想發表評論，但這對我們來說仍然越來越重要。

And I think from a visibility point of view, we only see that continuing in calendar -- or in fiscal '19.

我認為從可見性的角度來看，我們只看到這種情況在日曆中或在 19 財年繼續。

I'd say that, plus increased growth in the enterprise and cloud HDD drives as well, I think, will also be a growth driver.

我想說的是，加上企業和雲硬盤驅動器的增長，我認為也將成為增長動力。

So I think between the 2, SSD and HDD, from an end-market pull perspective, we see growth there, which is one of the reasons why we're continuing to be excited about our storage business in the near term as well as through the next year in terms of the growth potential that exists.

因此，我認為，從終端市場拉動的角度來看，在 SSD 和 HDD 之間，我們看到了增長，這也是我們在短期內以及整個過程中繼續對存儲業務感到興奮的原因之一。就存在的增長潛力而言，明年。

(Operator Instructions) And our next question comes from the line of Karl Ackerman with Cowen and Company.

（操作員說明）我們的下一個問題來自考恩公司的卡爾·阿克曼 (Karl Ackerman)。

Matt, I wanted to focus on the networking business.

馬特，我想專注於網絡業務。

Based on your results and outlook, it appears you have a much stronger-than-anticipated traction within your networking business for the 25 new products you recently introduced.

根據您的結果和前景，您最近推出的 25 種新產品在您的網絡業務中的吸引力似乎比預期的要強得多。

But how should investors think about the ramp-up of that business over the next 4 quarters, particularly given some of these design wins are now just starting to see traction this quarter?

但投資者應該如何看待該業務在未來 4 個季度的增長，特別是考慮到其中一些設計成果在本季度剛剛開始受到關注？

I mean, why wouldn't the year-over-year growth you're seeing today continue for all of calendar 2018?

我的意思是，為什麼您今天看到的同比增長不會在 2018 年全年持續下去？

And I have a follow-up, please.

我有一個後續行動，請。

Okay.

好的。

Yes.

是的。

No, great, Karl.

不，太好了，卡爾。

And I'd say we're very pleased with how the networking business evolved throughout the year.

我想說，我們對網絡業務全年的發展感到非常滿意。

And I think there was a crossover quarter where this legacy business was declining, and our message to investors was, hey, just wait till the back half because we did have some visibility into ramps of these new products that you mentioned, and it's actually happening.

我認為有一個交叉季度，這個傳統業務正在下降，我們向投資者傳達的信息是，嘿，等到下半年，因為我們確實對你提到的這些新產品的增長有一定的了解，而且它實際上正在發生。

So I think we were -- we're very pleased with sort of the outlook we have for the fourth quarter.

所以我認為我們對第四季度的前景非常滿意。

That clearly has contributed to the strength of the guide in terms of it relative to consensus.

這顯然增強了指南相對於共識的強度。

So that's all positive and tracking.

所以這都是積極的和跟踪的。

It's about 10% year-over-year.

同比增長約10%。

If you just look at it -- maybe a little bit higher, I think, 11% year-over-year is sort of the implied, if you just take the midpoint of our guidance.

如果你看一下——我認為，如果你只考慮我們指導的中點，那麼同比 11% 可能會更高一些。

So we do think that, that growth will continue because it is driven by new product ramps and new programs by our customers.

因此，我們確實認為，這種增長將持續下去，因為它是由我們的客戶的新產品和新計劃推動的。

And we do think that, that's going to continue through fiscal '19.

我們確實認為，這種情況將持續到 19 財年。

I can't model it for you on a quarterly basis, but we do think that, that growth rate that we're on, we should be able to continue if you just think about a year-over-year perspective.

我無法按季度為您建模，但我們確實認為，如果您只考慮同比的角度，我們應該能夠繼續保持目前的增長率。

That's very helpful.

這非常有幫助。

And if I may, during your Cavium call about a week ago, there were several questions on your appetite for M&A beyond Cavium.

如果可以的話，在大約一周前的 Cavium 電話會議上，有幾個關於您對 Cavium 之外的併購的興趣的問題。

But I think what was missed is your inclination toward further pruning of your overall portfolio.

但我認為你忽略了進一步削減整體投資組合的傾向。

Specifically, is your connectivity business or any of your other businesses sacrosanct in the sense of we're acknowledging that competition in connectivity is fierce but we have this 802.11ax wave that should be significant in a semi-autonomous vehicle and connected home world.

具體來說，您的連接業務或您的任何其他業務是否神聖不可侵犯，因為我們承認連接方面的競爭非常激烈，但我們擁有這股 802.11ax 浪潮，這在半自動駕駛汽車和互聯家庭世界中應該具有重要意義。

Your thoughts there will be appreciated.

您的想法將不勝感激。

Sure.

當然。

Yes.

是的。

No, I'm glad we'll pivot to the portfolio question, not the M&A question, because, as everybody knows, we've just announced 8 days ago we're entering into an transaction.

不，我很高興我們將重點討論投資組合問題，而不是併購問題，因為眾所周知，我們 8 天前剛剛宣布我們將進行一項交易。

So to talk about the next one is way too premature.

所以談論下一個還為時過早。

From a portfolio point of view, what we said on the call was, with respect to Cavium, that there was no planned divestitures of that business.

從投資組合的角度來看，我們在電話會議上表示，對於 Cavium，沒有計劃剝離該業務。

On our own business, we continue to look at that very pragmatically.

就我們自己的業務而言，我們繼續以務實的態度看待這一問題。

And we'll do the same, by the way.

順便說一句，我們也會這樣做。

You should expect this from this management team that we'll always take a very full view of the entire portfolio of all of our businesses on a regular basis to make sure that we're tracking.

您應該期望這個管理團隊做到這一點，我們將始終定期全面了解我們所有業務的整個投資組合，以確保我們進行跟踪。

With respect to connectivity, you're correct.

關於連接性，你是對的。

There is actually a pretty exciting new wave of capability that you're going to get with ax.

實際上，您將通過 axe 獲得相當令人興奮的新一波功能。

We, by design, have been a little bit reserved in sort of our promotion of this.

我們在設計上對這一點的推廣有所保留。

We sort of prefer at Marvell, here, to make progress with customers, get the products to where they're much further along before we start talking about them.

在 Marvell，我們更喜歡與客戶一起取得進展，在我們開始談論產品之前將產品推向更遠的高度。

So as I indicated, you will see some announcements probably before the end of the year here on what our portfolio will look like.

正如我所指出的，您可能會在今年年底之前看到一些關於我們的投資組合的公告。

But we do think that, certainly, that wave for ax does play into the end-market focus we have, whether it's upgrading of enterprise access points in corporate campuses or whether it's, as you mentioned, in semiautonomous vehicles, connected home, clearly, has got tremendous bandwidth requirements that are going to be enabled by ax.

但我們確實認為，斧頭浪潮確實會影響我們所關注的終端市場，無論是企業園區中企業接入點的升級，還是正如您提到的，在半自動駕駛汽車、聯網家庭中，顯然， ax 將滿足巨大的帶寬需求。

So I think there's a number of applications there.

所以我認為那裡有很多應用程序。

But as you mentioned, connectivity is a more challenging business because it is standards driven.

但正如您所提到的，連接是一項更具挑戰性的業務，因為它是標準驅動的。

But we're hopeful that with our portfolio, repositioning of our current connectivity business to the higher performance end, we think that, that will -- that that's the right way to go, and ax certainly plays into it.

但我們希望通過我們的產品組合，將我們當前的連接業務重新定位到更高的性能端，我們認為，這將是正確的道路，而 axe 肯定會參與其中。

And our next question comes from the line of Vivek Arya with Bank of America Merrill Lynch.

我們的下一個問題來自 Vivek Arya 與美銀美林的關係。

Just a quick clarification and a question maybe for Jean.

只是簡單地澄清一下，然後向吉恩提出一個問題。

Jean, how should we think about April in terms of seasonality on revenue and cost given the extra week in January?

Jean，考慮到 1 月份多了一周，我們應該如何看待 4 月份收入和成本的季節性？

And then maybe, Matt, just to push you a little bit more on the connectivity side, is it -- how do we gage your consumer versus enterprise mix within connectivity?

然後，馬特，也許只是為了讓你在連接方面多做一點，是嗎——我們如何衡量你的消費者與企業在連接方面的組合？

Because I can understand the rationale for being engaged with enterprise because that's what Cavium also strengthens.

因為我能理解參與企業的理由，因為這也是 Cavium 所加強的。

But what is the rationale for staying engaged on the consumer side in connectivity?

但在連接方面繼續參與消費者方面的理由是什麼？

Yes.

是的。

So the question, we guide 1 quarter at a time.

所以這個問題，我們一次指導一個季度。

So April quarter, maybe I can give you some color on the operating expense side.

所以四月季度，也許我可以給你一些關於運營費用方面的信息。

The Q4 is the quarter we have 14 weeks, but in than Q3, we do go back to the normal 13 weeks.

第四季度是我們有 14 週的季度，但在第三季度，我們確實回到了正常的 13 週。

However, as you know, that's the quarter the payroll tax start to come back.

然而，如您所知，這是工資稅開始回歸的季度。

So I would say, on balance, because it's a 13-week quarter but you add the $3 million to $5 million for payroll tax.

所以我想說，總的來說，因為這是一個為期 13 週的季度，但你加上了 300 萬到 500 萬美元的工資稅。

So it's probably, from OpEx modeling perspective, it's largely flattish with the Q4 OpEx.

因此，從運營支出建模的角度來看，它可能與第四季度的運營支出基本持平。

That's the color I can give to you.

這就是我能給你的顏色。

Okay.

好的。

And then, Vivek, let me drill down a little bit into connectivity to try to answer your question more fully.

然後，Vivek，讓我深入研究一下連接性，以嘗試更全面地回答您的問題。

So just as a backdrop maybe to sort of take you from where we were to where we are, when I came into the company and we all got involved, the connectivity business was very challenged in the company.

因此，作為一個背景，也許可以帶您從我們原來的位置走到現在的位置，當我進入公司並且我們都參與其中時，公司的連接業務面臨著很大的挑戰。

And the mix, even if you go back like 18 months ago, was a lot more consumer oriented.

即使你回到 18 個月前，這種組合也更加以消費者為導向。

Gross margins were dramatically lower and it was not a business that I think looked like the model that we were developing.

毛利率大幅下降，而且我認為這並不像我們正在開發的模式。

If you fast forward to now, I think we've made tremendous progress with that product line.

如果你快進到現在，我認為我們已經在該產品線方面取得了巨大進步。

We've, first of all, improved the overall cost structure of the company across every business we have.

首先，我們改善了公司每項業務的整體成本結構。

And so that's contributed to improvement in margins.

這有助於提高利潤率。

As we said maybe 3 or 4 calls ago, we exited some low-margin module business that we had and some lower-end segments.

正如我們在 3 或 4 個電話前所說，我們退出了一些低利潤模塊業務和一些低端細分市場。

I mean, things like we were in toys, as an example, which really was not where the profitability was.

我的意思是，以我們在玩具行業為例，這確實不是盈利能力所在。

And so this journey we've been on to focus not just, by the way, on enterprise access points, but automotive has done well for us and, also, high-end consumer, which is, you could say that, that's high-end connected home, more value added, high-end consumer devices where we can add value.

因此，順便說一句，我們的這一旅程不僅關注企業接入點，而且汽車為我們以及高端消費者帶來了良好的表現，也就是說，你可以說，這是高端的——終端互聯家庭、更多增值、我們可以增加價值的高端消費設備。

And so that is part of the portfolio, and that is part of the portfolio that we're going to support going forward.

因此，這是產品組合的一部分，也是我們未來將支持的產品組合的一部分。

But we've clearly elected to not go as broad as we were and chase some of the real low-end applications that I just didn't think added value.

但我們顯然選擇不再像以前那樣廣泛，而是追逐一些我認為沒有附加值的真正的低端應用程序。

So from a go-forward standpoint, we're more focused on delivering value and managing around profitability in that business and not necessarily driving top line as hard but making sure that we add value there.

因此，從未來的角度來看，我們更專注於提供價值並圍繞該業務的盈利能力進行管理，不一定要努力提高收入，但要確保我們在那裡增加價值。

So you should expect, getting into next year, we'll still have a mix that's got some consumer in it.

所以你應該預料到，進入明年，我們仍然會有一些消費者參與其中。

I would say it's high-end consumer.

我想說的是高端消費者。

But ideally, it's going to see a continued growing portion of more enterprise, automotive and high-end connected home applications.

但理想情況下，更多企業、汽車和高端互聯家庭應用的比例將會持續增長。

And I think that, that mix will be more favorable to us, but we're not going to chase growth at the expense of margin.

我認為，這種組合將對我們更有利，但我們不會以犧牲利潤為代價來追求增長。

Hope that's helpful.

希望這有幫助。

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

我們的下一個問題來自 Quinn Bolton 與 Needham & Company 的對話。

Matt, just wanted to come back.

馬特，只是想回來。

Last quarter, you talked about seeing some headwinds in terms of inventory in the HDD market as some of your customers were going through factory transitions.

上個季度，您談到了硬盤市場庫存方面的一些不利因素，因為您的一些客戶正在經歷工廠轉型。

Is that mostly wound up?

大部分都已經結束了嗎？

Or do you still see some inventory in the channel that's impacting the HDD segment?

或者您是否仍然看到渠道中的一些庫存影響了 HDD 細分市場？

Yes.

是的。

Thanks, Quinn.

謝謝，奎因。

And as you point out, there were -- for different reasons, there were inventory challenges over the last few quarters in the HDD customer base.

正如您所指出的，由於不同的原因，過去幾個季度 HDD 客戶群面臨庫存挑戰。

It's hard to know for -- precisely on when it's going to burn and normalize.

很難準確地知道它何時會燃燒並恢復正常。

But the readout from the team and from the customers who we have pretty close collaboration with is that we believe by the end of this quarter that inventory levels in aggregate for the HDD customers will normalize to where they want to run them.

但從團隊和與我們密切合作的客戶那裡得到的信息是，我們相信到本季度末，HDD 客戶的總體庫存水平將正常化到他們想要運行的水平。

Within that mix, there'll probably be some where they want to keep a little bit more inventory and some of them where they're a little bit leaner.

在這種組合中，可能會有一些地方他們希望保留更多的庫存，而有些地方則希望減少一些庫存。

But on the whole, the high-level readout is, based on our current projections, we think that inventories exiting the quarter will be in line and rebalanced to where our customers want them.

但總體而言，根據我們當前的預測，高級數據顯示，我們認為本季度的庫存將保持一致並重新平衡到客戶想要的水平。

And then if that's the case, then we can sort of go from there.

如果是這樣的話，我們就可以從那裡開始。

Great.

偉大的。

And then if I could just squeeze a quick question on the networking.

然後我能否簡單地問一個有關網絡的問題。

You talked about some nice design win traction for the new Ethernet switch and PHYs.

您談到了一些出色的設計為新的以太網交換機和 PHY 贏得了關注。

Just curious in the enterprise, what you're seeing in terms of adoption for 2.5- and 5-GB Ethernet?

只是好奇在企業中，您對 2.5 GB 和 5 GB 以太網的採用有何看法？

Is that starting to gain traction in terms of the design wins?

就設計勝利而言，這是否開始受到關注？

Or is pricing still keeping the enterprise market mostly at 1 gigabit?

或者企業市場的定價仍主要保持在 1 GB？

Sure.

當然。

Yes.

是的。

I'd say the near-term strength is not from multi-GB, although there is just a little bit of it.

我想說，近期的優勢並非來自多 GB，儘管只有一點點。

We see that as more of a fiscal '19 driver.

我們認為這更多地是 19 財年的驅動因素。

Actually, the wins that we're seeing and the ramps we're seeing are either on platforms that our customers have where they've adopted Marvell.

事實上，我們所看到的勝利和我們所看到的進步要么是在我們的客戶採用 Marvell 的平台上。

And so some of those are happening from -- by the way, both in our Chinese customers as well as North America customers.

順便說一下，其中一些問題發生在我們的中國客戶和北美客戶身上。

So it's multi-customer, multi-geo.

所以它是多客戶、多地理位置的。

And it's not multi-GB.

而且它不是多GB。

It's either new higher density gigabit Ethernet switches and PHYs or some of our 10-GB products.

它要么是新的更高密度的千兆位以太網交換機和 PHY，要么是我們的一些 10 GB 產品。

But we see those continuing through fiscal '19 as well as multi-GB starting to ramp as well.

但我們看到這些持續到 19 財年以及多 GB 也開始增加。

And that, again, kind of going back to the question, I believe, Karl had, that -- those are the sort of some of the trends that we see that lead us to feel very good about our networking business and this kind of refreshed effort from the customer base to introduce new campus and enterprise boxes into the market where we're attached to those.

再次回到這個問題，我相信卡爾曾經說過，這些是我們看到的一些趨勢，這些趨勢使我們對我們的網絡業務感覺非常好，並且這種刷新客戶群努力將新的園區和企業盒子引入我們所關注的市場。

We've been thinking this is going to happen for some time, and it looks like it is.

一段時間以來，我們一直認為這將會發生，而且看起來確實如此。

And our next question comes from the line of Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley 的對話。

Matt, I wanted to just follow up on the comments in your prepared remarks about the rebuilt sales team under Tom Lagatta.

馬特，我想跟進您在湯姆·拉加塔 (Tom Lagatta) 領導下重建銷售團隊的準備好的評論中的評論。

Since so much of what's happened at the company over the last 12 to 18 months has been significant operational changes that have then unleashed very significant inflections in different parts of the business financially.

由於過去 12 到 18 個月裡公司發生的大部分事情都是重大的運營變化，這些變化隨後在業務的不同部分帶來了非常重大的財務變化。

As we look at that rebuilt sales team, where should we expect to see the greatest impact in the income statement next year?

當我們審視重建的銷售團隊時，我們預計明年損益表中的哪些部分會受到最大影響？

Is it with an acceleration in growth in some of the segments?

是不是某些細分市場的增長加速了？

Or is it something different with gross margins, given how they may or may not be comped differently versus the prior sales team?

或者考慮到毛利率與以前的銷售團隊可能會或可能不會有所不同，毛利率是否有所不同？

Sure.

當然。

Yes.

是的。

Thanks Craig.

謝謝克雷格。

And yes, I think that -- I definitely called that out in my prepared remarks because we do think as we head out of -- this is -- this quarter is -- that we just announced the results for is sort of the quarter in which we've finished the restructuring actions and now we're looking at growth.

是的，我認為——我在準備好的發言中肯定指出了這一點，因為我們確實認為，當我們走出——這是——這個季度——我們剛剛宣布了該季度的結果。我們已經完成了重組行動，現在我們正在考慮增長。

And so that pivot and the sales conference we had, which, again, I also called out because, interestingly enough, for a company of this size to have never had a worldwide sales conference, I think was something that probably, looking back, could have helped.

因此，我們舉行的這次樞軸會議和銷售會議，我也再次強調，因為有趣的是，對於這樣規模的公司來說，從來沒有舉行過全球銷售會議，我認為回顧過去，可能可以有幫助。

I mean, this was a tremendous effort to get the entire team together.

我的意思是，這是讓整個團隊團結起來的巨大努力。

And coming out of that, I think that our mantra and our message to these guys was, from Jean and I and the whole management team, was really, "Look, it's time to pivot from this mode we've been in to growth mode." And that means driving higher revenue growth.

由此看來，我認為吉恩和我以及整個管理團隊向這些人傳達的口號和信息實際上是：“看，是時候從我們所處的這種模式轉向增長模式了”。這意味著推動更高的收入增長。

Now we don't have a gross margin bogey on the sales team.

現在我們的銷售團隊中沒有毛利率的忌諱。

That's sort of, from my point of view, that's the business unit's responsibility.

從我的角度來看，這就是業務部門的責任。

So they're out there chartered with pretty aggressive design win targets and goals.

因此，他們制定了非常激進的設計目標和目標。

And given the dynamics and the customer base and the reception of this sort of renewed Marvell, and I would say also, incrementally, this is still pretty new but we -- the outpouring of customer support from the announcement of the Cavium acquisition.

考慮到這種更新的 Marvell 的動態、客戶群和接受度，我還要說，逐漸地，這仍然是相當新的，但我們 - 從 Cavium 收購的公告中獲得了大量的客戶支持。

That combination has been viewed extremely positively by our existing customers who just like the fact that we're going to be bigger, more viable, have a broader product line as well as the Cavium side.

我們現有的客戶對這種合併給予了非常積極的評價，他們喜歡我們將變得更大、更可行、擁有更廣泛的產品線以及 Cavium 方面的事實。

So on the whole, Craig, just to bring it back, it's really about driving incremental revenue growth and the top line, and it's really driven through design wins.

所以總的來說，克雷格，我要說回來，這實際上是為了推動增量收入增長和營收，而且它確實是通過設計勝利來驅動的。

I mean, the product set that we have isn't typically a -- it's not a catalog product line.

我的意思是，我們擁有的產品集通常不是——它不是目錄產品線。

And so typically, those are new wins on new platforms that we drive.

通常，這些都是我們推動的新平台上的新勝利。

But having a very competent sales force with great relationships and great management can move the needle.

但擁有一支非常有能力的銷售隊伍、良好的關係和出色的管理可以起到推動作用。

So we've got some stretch goals on them and we're hopeful that they'll start delivering in the next year and certainly beyond that, we can start expecting to see some impact.

因此，我們對它們設定了一些延伸目標，我們希望它們能夠在明年開始實現，當然除此之外，我們可以開始期待看到一些影響。

And our next question comes from the line of Gary Mobley with Benchmark.

我們的下一個問題來自 Benchmark 的 Gary Mobley。

Jean, I think you've mentioned in the past an expectation that the other revenue, which is like primarily printer engines, will decline over time.

吉恩，我想你過去曾提到過，其他收入（主要是打印機引擎）將隨著時間的推移而下降。

But based on your guidance for the fourth quarter, that business should trend basically flat sequentially throughout the year.

但根據您對第四季度的指導，該業務全年的趨勢應該基本持平。

How should we think about the long-term expectation or rate of decline for that other category?

我們應該如何考慮其他類別的長期預期或下降率？

And then just one follow-up relating to the debt covenants.

然後是與債務契約有關的一項後續行動。

Now that you've had 8 days to finalize the financing for the Cavium acquisition, can you tell me specifically whether or not there's any covenants precluding Marvell from making additional acquisitions?

現在您已經有 8 天的時間來完成 Cavium 收購的融資，您能具體告訴我是否有任何契約阻止 Marvell 進行額外的收購嗎？

Okay, so the first question on the other product line.

好的，第一個問題是關於其他產品線的。

So first, our other product line is primarily comprised of customer ASIC and the printer business.

首先，我們的其他產品線主要由客戶 ASIC 和打印機業務組成。

So in the past, during our Analyst Day, we guided for fiscal '18, this business would decline about more than 25%, which is largely right now, look -- if you look at is consistent, it's probably between 20% to 25%.

因此，在過去，在我們的分析師日期間，我們對 18 財年的預測是，這項業務將下降約 25% 以上，這在很大程度上是現在的情況，如果你觀察一致的話，可能會下降 20% 到 25% 之間。 %。

And going forward, we actually said during our Investor Day that our printer business actually is quite stable going forward.

展望未來，我們實際上在投資者日期間表示，我們的打印機業務實際上相當穩定。

It's slightly declined, but relatively stable.

雖然略有下降，但相對穩定。

So we actually see fiscal '19 and beyond, this other category is going to decline more like 10% to 15% year-over-year.

因此，我們實際上看到 19 財年及以後，這一其他類別將同比下降 10% 至 15%。

So Q4 certainly is a little bit unusual, it's actually flat.

所以第四季度肯定有點不尋常，它實際上是持平的。

But it's consistent with some of the printer business tend to be stable quarter-over-quarter and going forward.

但這與一些打印機業務季度環比和未來趨於穩定的情況是一致的。

So that -- hopefully, that will help you to model other category going forward.

因此，希望這將幫助您為未來的其他類別建模。

And the second question, on the debt side, it's really early.

第二個問題，在債務方面，現在還為時過早。

We literally just closed the transaction and with the Thanksgiving holiday, so we are not negotiating the debt covenants yet, but we'll update you when we get there.

實際上，我們剛剛在感恩節假期結束了交易，因此我們還沒有就債務契約進行談判，但我們會在到達那裡時向您通報最新情況。

This is too early.

這還為時過早。

And our next question comes from the line of Kevin Cassidy with Stifel.

我們的下一個問題來自凱文·卡西迪和斯蒂菲爾的對話。

Your SSD business is doing very well.

你們的SSD業務做得很好。

Can you just comment at all on what you're seeing as far as availability of the NAND flash devices just for the broad market?

您能否簡單評論一下您所看到的 NAND 閃存設備在廣闊市場上的可用性？

Sure.

當然。

Hey, Kevin.

嘿，凱文。

Yes, that's an interesting one and we monitor that as closely as we can through our partners.

是的，這是一件有趣的事情，我們通過合作夥伴盡可能密切地監控這一情況。

I think it really -- there's different points of view.

我認為確實如此——有不同的觀點。

But I'd say, in general, since the last time we updated everybody, we see that supply loosening up a little bit earlier than, I think, sort of where people thought.

但我想說，總的來說，自從我們上次向大家通報情況以來，我們發現供應放鬆的時間比人們想像的要早一些。

There was a view -- this thing has kind of been sliding every quarter, but there was a view at one point that this wouldn't be until second half of '18, people were saying, and it seems like now our read-through is probably in the beginning part of '18 is when supply starts to loosen.

有一種觀點——這件事每個季度都在下滑，但有人認為，直到 18 年下半年才會出現這種情況，人們說，現在看來我們的通讀可能是在 18 年初，供應開始放鬆。

So I just say that very qualitatively, that's a mix of inputs.

所以我只是非常定性地說，這是各種投入的結合。

But it seems like on -- in the limit, it's probably moved up from its sort of most bearish outlook of when supply was going to free up.

但在極限範圍內，供應將釋放的最悲觀前景似乎有所上升。

And so we obviously think that's a good thing for Marvell.

因此，我們顯然認為這對 Marvell 來說是一件好事。

We have had -- although our current customer base is, generally speaking, the folks that control demand, we do have a number of our customers where we're designed in where they've been supply limited.

我們有——雖然我們目前的客戶群一般來說是控制需求的人，但我們確實有一些客戶，我們的設計是在供應有限的情況下進行的。

And so I think it's just good for the overall market, us in the industry, if supply loosens and NAND can make progress because of our competitive positioning there.

因此，我認為，如果供應放鬆並且 NAND 能夠因我們在那裡的競爭地位而取得進展，這對整個市場以及我們這個行業都是有利的。

So anyway, I think it's probably early '18, but we'll certainly keep updating folks as we hear more.

所以無論如何，我認為這可能是 18 年初，但當我們聽到更多消息時，我們肯定會不斷向人們通報最新情況。

And our next question comes from the line of Joe Moore with Morgan Stanley.

我們的下一個問題來自喬摩爾與摩根士丹利的對話。

I wanted to ask about the 14-week quarter in the context of revenue.

我想詢問 14 周季度的收入情況。

I think I heard you talk about the OpEx implications, but is there any revenue ramifications of that extra week as we think about January and April?

我想我聽到你談論了運營支出的影響，但是當我們考慮一月和四月時，這額外的一周是否會對收入產生任何影響？

So from the revenue perspective, right, when you look at the 14-week, we actually have the whole holiday during December.

所以從收入的角度來看，對吧，當你看這 14 週時，我們實際上在 12 月有整個假期。

And as a company, we actually have a holiday shutdown for that week.

作為一家公司，我們實際上在那周放假了。

So when we look at the revenue side, this guidance, it's actually -- it's a balance of when we look at the 14-week, look at the holiday week.

因此，當我們關注收入方面時，這個指導實際上是我們關注 14 周和假日週時的平衡。

So overall, seasonally, it's quite consistent from what we see.

因此，總體而言，從季節性來看，我們所看到的情況非常一致。

Of course, once the quarter progresses, we'll see if there's additional information we can incorporate into our view for the revenue.

當然，一旦季度進展，我們將看看是否有其他信息可以納入我們的收入觀點中。

But right now, that's how we see the quarter.

但現在，這就是我們對本季度的看法。

Okay.

好的。

Great.

偉大的。

And then since you mentioned 11ax, I wonder if you could just talk about the timing of actual deployment?

那麼既然你提到了11ax，不知道你能否簡單談談實際部署的時間點？

And what are the gating factors we need to see 11ax devices before we see infrastructure?

在我們看到基礎設施之前，我們需要哪些限制因素才能看到 11ax 設備？

Does infrastructure lead the way?

基礎設施是否引領潮流？

And is there still standards definition that has to take place before we can see that roll out more broadly?

在我們看到更廣泛的推廣之前，是否還需要定義標準？

Sure.

當然。

Yes.

是的。

Thanks, Joe.

謝謝，喬。

And just on the first point, I would say it's kind of interesting on your 14-week quarter question because for sure, the OpEx is there.

就第一點而言，我想說，您的 14 周季度問題很有趣，因為可以肯定的是，運營支出就在那裡。

You're paying people for 14 weeks, so then you get into this revenue thing.

你要向員工支付 14 週的工資，然後你就開始考慮收入問題了。

And as Jean mentioned, it's a little tricky.

正如吉恩所說，這有點棘手。

But anyway, on the -- on ax, I think there -- it is quite fluid still.

但無論如何，在——我認為在斧頭上——它仍然相當流暢。

I mean, that's a little bit of why we've held back in sort of all these proclamations because there is some of the standards that still need to come together, which is, I think, why waiting probably has helped us.

我的意思是，這就是為什麼我們在所有這些聲明中猶豫不決的原因，因為有些標準仍然需要統一，我認為這就是為什麼等待可能對我們有幫助。

And as far as how it's going to roll out, I don't have a real clear view yet of sort of what's the chicken and egg of when you see devices versus the access side versus the client side.

至於它將如何推出，我還沒有一個真正清晰的觀點，當你看到設備、訪問端和客戶端時，先有雞還是先有蛋。

But that's something, certainly, I can get back to you on.

但這是我可以回复你的事情。

I just don't have a good feel for it intuitively.

我只是沒有直觀的感覺。

Maybe, Jean, if you have a view?

也許吧，瓊，如果你有意見的話？

Otherwise, Joe, it's something that I can certainly circle back with you on after I talk to my guys.

否則，喬，在我和我的人交談之後，我當然可以和你一起討論這個問題。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Matt, I wanted to focus on the storage side of things.

馬特，我想專注於存儲方面的事情。

You started the year with really strong growth year-over-year and then you had some tougher comps now.

今年年初，您的同比增長非常強勁，但現在您的業績卻變得更加艱難。

But it seems like it's going to reaccelerate, not just in the fourth quarter but next year.

但它似乎將重新加速，不僅是在第四季度，而且是明年。

Can you just talk about the moving parts and what sort of growth rate do you think is sustainable in that business as the SSD and the enterprise side appear to be rapidly getting bigger than the traditional client side of the HDD business?

您能談談移動部分嗎？隨著 SSD 和企業端似乎比 HDD 業務的傳統客戶端迅速擴大，您認為該業務的可持續增長率是多少？

Yes, sure.

是的，當然。

Sure, Ross.

當然，羅斯。

And you're right, we started the year strong and then I think a couple of things went on.

你是對的，我們今年開局強勁，然後我認為發生了一些事情。

The one was the inventory situation, which resulted from all kinds of different factors, which I think we belabored in multiple calls.

一是庫存狀況，這是由各種不同因素造成的，我認為我們在多次電話中對此進行了詳細闡述。

And so there's been a little bit of a slowdown on the HDD side year-over-year, obviously, offset by storage, which has really had tremendous growth.

因此，硬盤驅動器方面的同比增長明顯有所放緩，這被存儲確實實現了巨大增長所抵消。

And it's interesting because when we look at it from our point of view, calendar '18, maybe even early '19, but just sort of think of it in the next year or so, the HDD and SSD controller SAM basically converges, which is interesting.

這很有趣，因為當我們從我們的角度來看時，18 年日曆，甚至可能是 19 年初，但只要想想在明年左右，HDD 和 SSD 控制器 SAM 基本上會趨同，即有趣的。

So at some point, the -- soon, the SSD opportunity will be as big as the HDD opportunity.

因此，在某個時候，SSD 的機會​​將與 HDD 的機會​​一樣大。

So market is clearly developing.

所以市場顯然正在發展。

We've been growing at a rate that's faster than that.

我們一直在以比這更快的速度增長。

And so when we look at the moving pieces and, certainly, I think through a scenario in which inventory is now normalized and we head into '19, I think that on the HDD side, we have several tailwinds going on.

因此，當我們看到移動的部分時，當然，我認為通過庫存現在正常化並且我們進入 19 年的情況，我認為在 HDD 方面，我們有幾個順風車。

The first as we have this transition, as I called out, from 500 gigabyte per platter to 1 terabyte per platter.

正如我所指出的，我們的第一個轉變是從每盤 500 GB 到每盤 1 TB。

That gives us some incremental ASP uplift when that transition happens.

當這種轉變發生時，這會給我們帶來一些增量的平均售價提升。

Second is that, as we've continued to make progress in the enterprise and nearline side, those designs have some incremental growth left in them.

其次，隨著我們在企業和近線方面不斷取得進展，這些設計還剩下一些增量增長。

We also have preamplifiers, which we didn't talk about in the prepared remarks.

我們還有前置放大器，但我們在準備好的評論中沒有談論它。

And again, that's a smaller business, but we do have design wins that are going to be ramping next year.

再說一遍，這是一個規模較小的業務，但我們確實取得了設計成果，這些成果將在明年不斷增加。

And we haven't sized those yet, but I think you should expect in future calls, as that the revenue starts to come in, we would be able to size it.

我們還沒有確定這些規模，但我認為您應該期望在未來的電話會議中，隨著收入開始增加，我們將能夠確定其規模。

And so it sort of paints a picture where ideally we stick to our goal of trying to manage the HDD portion with all of those moving pieces to a flattish level, if possible.

因此，它描繪了一幅理想的圖景，理想情況下，我們堅持我們的目標，如果可能的話，嘗試將所有這些移動部件的 HDD 部分管理到平坦的水平。

And then when you layer on top SSD growth, we do continue to see SSD as being a kind of mid- to high single-digit grower if we're successful.

然後，當你對 SSD 的頂級增長進行分層時，如果我們成功的話，我們確實會繼續將 SSD 視為中高個位數增長者。

Now that's not been the -- generally, the market view and consensus that we can do that, but that's been our plan.

一般來說，市場觀點和共識並不是我們可以做到這一點，但這就是我們的計劃。

And I would say, just final point, is incrementally since we had our Analyst Day and we called out that growth rate of that SAM and what our opportunity was, if you go sort of now we're 6, 8 months beyond that, we feel incrementally better that our revenue outlook is probably a bit higher than we thought on the storage side.

我想說，最後一點，是自我們的分析師日以來逐步增加的，我們指出了 SAM 的增長率以及我們的機會是什麼，如果你現在就去，我們已經超出了 6、8 個月，我們我們對存儲方面的收入前景可能比我們想像的要高一點感到越來越好。

And so again, we like our prospects for that reason.

因此，我們再次看好我們的前景。

We'll have to see how the next year plays out.

我們必須看看明年的情況如何。

We're not doing our fiscal '19-year plan, but just to give you some qualitative updates as we sort of bridge from the end of the year here and the outlook, those are some of the things that you might want to think about in your model and how you sort of measure us going forward.

我們不是在製定 19 年財政計劃，而是為了給您提供一些定性更新，因為我們在今年年底和展望之間架起橋樑，這些是您可能需要考慮的一些事情在你的模型中以及你如何衡量我們的未來。

Just to just add to what Matt said, right, if we base down the middle point of our guidance for Q4, our fiscal '18 storage revenue actually will grow like 8% year-over-year.

只是補充一下馬特所說的，如果我們以第四季度指導的中點為基礎，我們 18 財年的存儲收入實際上將同比增長 8%。

It's better than what we said during our Analyst Day.

這比我們在分析師日所說的要好。

And our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自 Harlan Sur 與摩根大通的對話。

If I look at the SSD market, enterprise is the fastest-growing segment.

如果我看看 SSD 市場，企業級是增長最快的細分市場。

That's roughly about a 15% CAGR if I look out over the next kind of 3 years.

如果我展望未來 3 年，複合年增長率大約為 15%。

Here you guys have been locking up a pretty solid lineup of customers in this segment.

你們已經在這一領域鎖定了相當穩定的客戶陣容。

I think you guys have captured Western Digital, both the WD and the SanDisk product lines.

我想你們已經掌握了西部數據，包括 WD 和 SanDisk 產品線。

Also Seagate.

還有希捷。

So my sense is that enterprise SSD as a percent of your total SSD business is now a pretty big part of the mix.

所以我的感覺是，企業級 SSD 在整個 SSD 業務中所佔的比例現在是其中相當大的一部分。

Is it approaching 30% to 40% of your total SSD revenues?

它是否接近您 SSD 總收入的 30% 到 40%？

And then if you can just help us understand where you're winning here?

那麼您能否幫助我們了解您在這裡獲勝的地方？

Is it more enterprise or more cloud-based SSDs?

是更多企業級SSD還是更多基於雲的SSD？

Okay.

好的。

So I think the -- your question on the enterprise of SSD portion, yes, you're in the ballpark.

所以我認為，您關於 SSD 部分企業的問題，是的，您是在大致範圍內。

It's actually growing significantly.

它實際上正在顯著增長。

So I would say the change has been really rapid, but you're in the ballpark.

所以我想說，變化確實很快，但你還在大概範圍內。

And going forward, it's certainly, we continue to see the revenue ramp overall SSD business and, also, specifically on the enterprise side.

展望未來，我們肯定會繼續看到整個 SSD 業務的收入不斷增長，特別是在企業方面。

So we do expect it's going to be an increasing larger percentage of our SSD revenue going forward.

因此，我們確實預計未來它在我們的 SSD 收入中所佔的比例將會越來越大。

Great.

偉大的。

And then, if I could, just a follow-up.

然後，如果可以的話，只是跟進。

How much is the team benefiting Intel's Purley server CPU launch, which commenced in the September quarter?

英特爾於 9 月份季度開始推出的 Purley 服務器 CPU 使團隊受益匪淺？

I know that you guys have a good partnership with Intel on both 10-gig and 25-gig Ethernet.

我知道你們在 10G 和 25G 以太網方面與英特爾有著良好的合作夥伴關係。

Did this contribute to the growth in the networking business in the third quarter?

這是否對第三季度網絡業務的增長做出了貢獻？

And will it be contributing to the growth here in the fourth quarter?

它會對第四季度的增長做出貢獻嗎？

It certainly helped but, to be really frank, that's a very small portion of our business.

這當然有幫助，但坦率地說，這只是我們業務的一小部分。

As we said in the past, our networking business is more focused on the access side -- enterprise access side.

正如我們過去所說，我們的網絡業務更專注於接入側——企業接入側。

The overall data center exposure is relatively small.

數據中心整體暴露程度相對較小。

But it does, quarter-over-quarter, if it was a very lower base, it does help a little bit.

但確實如此，季度環比，如果基數非常低，確實會有所幫助。

And our next question comes from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼 (Mark Delaney)。

Just a couple of follow-up questions from me on some of the prior topics.

我就之前的一些主題提出了幾個後續問題。

The first one is to follow up on connectivity.

第一個是跟進連通性。

Matt, I understand your increased focus on higher-performance areas within connectivity.

馬特，我理解您越來越關注連接中的更高性能領域。

I was curious if you could talk specifically around game consoles.

我很好奇你是否能具體談談遊戲機。

I may have missed it, but I didn't hear you talk about that.

我可能錯過了，但我沒有聽到你談論這個。

And I'm curious if that factors into any of the areas that Marvell may deemphasize?

我很好奇這是否會影響 Marvell 可能不再強調的任何領域？

And if so, maybe you can help us to quantify how much exposure there may be to that product area?

如果是這樣，也許您可以幫助我們量化該產品領域的曝光程度？

Sure.

當然。

Yes, as I said, I think there is, what we call, the higher performance segments and then there are segments that are more challenging.

是的，正如我所說，我認為存在我們所說的更高性能的細分市場，還有更具挑戰性的細分市場。

And gaming is probably somewhere in the middle, depending on the application.

遊戲可能介於兩者之間，具體取決於應用程序。

We're not going to get into individual kind of subparts of connectivity and their trajectory and momentum because, at some point, it just becomes too small.

我們不會深入探討連通性的各個子部分及其軌跡和動量，因為在某些時候，它變得太小了。

And especially when we look at connectivity and we kind of pro forma that business with respect to when we end up combining with Cavium, it becomes a portion of our business where, I think, we just -- to call out individual pieces on their direction is probably -- it's probably not big enough.

特別是當我們考慮連接性時，當我們最終與 Cavium 合併時，我們會進行形式上的業務，它會成為我們業務的一部分，我認為，我們只是 - 根據他們的方向呼出各個部分可能——它可能不夠大。

But that's one where, in that segment and other consumer segments, we just need to stay agile and figure out what makes the most sense for us from a profitability point of view.

但在這個細分市場和其他消費者細分市場中，我們只需要保持敏捷性，並從盈利的角度找出對我們最有意義的東西。

And again, can we add value to our customers who want us in there or not?

再說一遍，我們能否為那些想要或不想要我們的客戶增加價值？

And if we can't add value, then we won't participate because that just may not be our business.

如果我們不能增加價值，那麼我們就不會參與，因為這可能不是我們的事。

But -- and that applies across a number of connected devices that are out there.

但是——這適用於許多現有的連接設備。

Some are -- some care and some don't about the technology we bring to the table.

有些人關心我們帶來的技術，有些人則不關心。

And our next question comes from the line of Srini Pajjuri with Macquarie Capital.

我們的下一個問題來自 Srini Pajjuri 與麥格理資本的關係。

A question on the SSD side, Matt.

關於 SSD 方面的問題，Matt。

Obviously, the units are growing nicely there, and you said you're pretty optimistic about next year as well.

顯然，那裡的單位增長得很好，你也說過你對明年也非常樂觀。

I'm just curious as to where we are in the PCIe transition within client as well as in enterprise?

我只是好奇我們在客戶端和企業的 PCIe 過渡中處於什麼位置？

And then as we go through the transition, do you anticipate your ASPs to also benefit?

然後，當我們經歷過渡時，您預計您的 ASP 也會受益嗎？

Sure.

當然。

So I'll give my comments and maybe Jean wants to add, too.

所以我會發表我的評論，也許吉恩也想補充。

In general, when you look at our revenue today, PCIe or NVMe solutions are still pretty, pretty, pretty small as a percentage of the total.

總的來說，當你看看我們今天的收入時，PCIe 或 NVMe 解決方案在總收入中所佔的比例仍然非常非常小。

Now again, our total is getting bigger, so don't want to discount the fact that we're shipping real revenue.

現在，我們的總數越來越大，所以不要低估我們正在交付的實際收入這一事實。

But between SATA and SaaS, and by the way, some of our SaaS solutions also enable NVMe, but the bulk of the revenue today is not in that area.

但在 SATA 和 SaaS 之間，順便說一句，我們的一些 SaaS 解決方案也支持 NVMe，但今天的大部分收入並不在該領域。

We do see that progressing into next year in that transition.

我們確實看到這種轉變將持續到明年。

We think we're well positioned.

我們認為我們處於有利位置。

Normally, when we go through an interface change, we can typically get some incremental ASP upgrade.

通常，當我們進行界面更改時，我們通常可以獲得一些增量 ASP 升級。

I wouldn't say it's massive.

我不會說它很大。

But certainly, every time you go through those transitions, even within interfaces from different speeds, we typically add more value and we can sort of price that into the whole solution.

但當然，每次您經歷這些轉換時，即使在不同速度的接口中，我們通常都會增加更多價值，並且我們可以將其定價到整個解決方案中。

So I think there's some incremental there.

所以我認為那裡有一些增量。

And I think we're -- again, we're prepared for it and we're prepared to support the entire range of latest interfaces and SSD to really go after the whole market.

我認為我們再次做好了準備，我們準備支持整個系列的最新接口和 SSD，以真正佔領整個市場。

And our next question comes from the line of Christopher Rolland with Susquehanna International Group.

我們的下一個問題來自薩斯奎哈納國際集團的克里斯托弗·羅蘭。

So one of your chief competitors here has really strong ASIC business.

所以你們的主要競爭對手之一擁有非常強大的 ASIC 業務。

And perhaps you can talk about some of your capabilities that you're going to get with Cavium, some technologies that you're going to be able to add into that business.

也許您可以談談您將通過 Cavium 獲得的一些功能，以及您將能夠添加到該業務中的一些技術。

Can that become a much more meaningful business for Marvell in a few years, call it?

幾年後，這能成為 Marvell 更有意義的業務嗎？

Sure.

當然。

So yes, I think we're still early days in thinking about that.

所以，是的，我認為我們對此的思考還處於早期階段。

Clearly, there's a competitor out there that's got very strong capability in ASIC offering for an IP point of view and just having an established business model and a successful one.

顯然，有一個競爭對手在從 IP 角度提供 ASIC 方面擁有非常強大的能力，並且擁有成熟的商業模式並且是成功的。

So when -- that's probably a question that needs to be addressed and answered down the road, and that's a longer-term strategic question about whether when we combine with Cavium and we get all the IP rationalized and in place is there an opportunity to do more broad custom ASICs?

因此，這可能是一個需要在未來解決和回答的問題，這是一個長期戰略問題，即當我們與 Cavium 合併並且我們將所有知識產權合理化並到位時，是否有機會做更廣泛的定制 ASIC？

Today, we do actually engage in ASIC opportunities on our own, but we don't run it as a standalone business.

今天，我們確實自己參與了 ASIC 機會，但我們並不將其作為獨立業務來運營。

And so that decision, I would defer till sometime later and after we get the 2 teams combined.

所以這個決定，我會推遲到稍後的某個時間，在我們將兩支球隊合併之後。

But clearly, it's a capability that we will have.

但顯然，這是我們將擁有的能力。

But whether it makes sense or not, that's to be determined.

但是否有意義，還有待確定。

And our next question comes from the line of Tom Sepenzis with Northland.

我們的下一個問題來自 Tom Sepenzis 與 Northland 的關係。

I was wondering if you could give us a little color on what you're seeing in the carrier networking business.

我想知道您能否給我們介紹一下您在運營商網絡業務中所看到的情況。

It's been a little bit, I think, weaker than enterprise over the last year.

我認為，去年它比企業弱一些。

So just what are you expecting or what should we be expecting here over the next couple of quarters from that?

那麼，您對此有何期待，或者我們在接下來的幾個季度中應該對此有何期待？

Sure, sure.

一定一定。

No, and that's, I think, very, very well known, the issues out there with the operators, with the base station providers, with the infrastructure companies supporting the carrier network.

不，我認為這是眾所周知的運營商、基站提供商、支持運營商網絡的基礎設施公司的問題。

We're not as exposed to that business, which is why I think you're seeing our networking -- our networking business perform really well through the cycle because of where we're exposed.

我們沒有接觸到該業務，這就是為什麼我認為你會看到我們的網絡——我們的網絡業務在整個週期中表現非常好，因為我們接觸到了哪些領域。

We do have carrier business, it's very lumpy.

我們確實有運營商業務，但非常不穩定。

We've had a few of our customers this year, as an example, really not sort of do what they thought they could do, and it's not that they tried to overstate their numbers, there really has been weakness.

舉個例子，今年我們的一些客戶確實沒有做他們認為自己能做的事情，並不是他們試圖誇大他們的數字，而是確實存在弱點。

We do see that continuing.

我們確實看到這種情況仍在繼續。

I think carrier, in general, has just always been a very lumpy business and very hard to predict.

我認為，總的來說，運營商一直是一個非常不穩定且很難預測的行業。

We -- and typically, those same customers for carrier are our same customers for enterprise, so we try to leverage the design wins to the extent we can across both of those segments.

通常情況下，運營商的相同客戶也是我們企業的相同客戶，因此我們嘗試在這兩個細分市場中盡可能利用設計成果。

But for us, it's not as meaningful a number, so it doesn't really move the needle for us on a quarterly basis.

但對我們來說，這並不是一個有意義的數字，因此它並不能真正為我們帶來季度性的推動。

But I would sort of echo what you're signaling which is it's been weak, it's probably going to be weak through 2018 and it's probably going to be a little bit lumpy.

但我有點同意你所暗示的，那就是它一直很弱，可能會在 2018 年一直很弱，而且可能會有點不穩定。

And our final question comes from the line of Atif Malik with Citi.

我們的最後一個問題來自花旗銀行的阿提夫·馬利克 (Atif Malik)。

Matt, I want to go back to the comment that you made about a NAND supplier starting to loosen up earlier than you expected.

Matt，我想回到您關於 NAND 供應商比您預期更早開始放鬆政策的評論。

And assuming that supply continues to loosen into next year, how will it impact your storage business, particularly on the pricing side?

假設明年供應繼續放鬆，這將如何影響您的存儲業務，特別是在定價方面？

I assume you guys benefited from pricing on the controller side as the market was tight this year.

我認為由於今年市場緊張，你們從控制器方面的定價中受益。

And can you just talk about how the dynamics reverse, if at all, next year with the NAND supply loosening?

您能否談談明年隨著 NAND 供應的放鬆，這種動態將如何逆轉（如果有的話）？

Sure.

當然。

No, understood.

不，明白了。

And I think, clearly, from a NAND cost-per-gigabit point of view, more supply obviously is going to drive the pricing down for the NAND.

我認為，顯然，從 NAND 每千兆位成本的角度來看，更多的供應顯然會壓低 NAND 的價格。

From a controller point of view, even though the supply has been tight, it's a competitive business, right?

從控制者的角度來看，儘管供應緊張，但這仍然是一項競爭激烈的業務，對吧？

Each of those sockets we compete for, they're contested and we've got to sharpen our pencils and be competitive.

我們爭奪的每一個插座都充滿競爭，我們必須削尖鉛筆並保持競爭力。

So I wouldn't say that the environment has really -- even though NAND supply has been tight, I wouldn't say that we sort of gotten the pass as a supplier.

因此，我不會說環境確實如此——儘管 NAND 供應一直很緊張，但我不會說我們已經獲得了作為供應商的通行證。

I think we've had to be aggressive and be on top of it to win business.

我認為我們必須積極進取並處於領先地位才能贏得業務。

So I anticipate that's going continue into the next year.

所以我預計這種情況將持續到明年。

I think to the extent that our customers can really ramp higher volumes and then they can come back to us and say, "Hey, look, you quoted us 1 million pieces and you gave us some pricing, now we can actually ship 5 million pieces and we want a discount." Then we would probably go ahead and do that.

我認為我們的客戶確實可以提高產量，然後他們可以回來對我們說：“嘿，看，你給我們報價了 100 萬件，並且給了我們一些定價，現在我們實際上可以運送 500 萬件我們想要折扣。”然後我們可能會繼續這樣做。

And then we would also benefit from higher revenue than we're projecting and probably be able to get the supply chain cost to come down commensurate.

然後我們還將受益於比我們預計的更高的收入，並且可能能夠使供應鏈成本相應下降。

So I guess, the long story short, I don't see, with the kind of business we have today, that there is going to be downward ASP pressure that's going to be more than normal, given that supply is loosening.

所以我想，長話短說，鑑於供應正在放鬆，就我們今天的業務而言，我認為平均售價的下降壓力不會超過正常水平。

But we'll have to see how the dynamics play out.

但我們必須看看動態如何發揮作用。

But we're already preparing for, if there is higher volume, we want to make sure we're competitive.

但我們已經做好了準備，如果產量更高，我們希望確保我們具有競爭力。

So I hope that answers your question and, typically, the businesses that we're in and the kind of solutions that we provide, we win them early on, we give some kind of longer-term price quote, we give sort of a matrix of volume versus price, and then that's what customers buy to.

因此，我希望這能回答您的問題，通常是我們所處的業務以及我們提供的解決方案類型，我們很早就贏得了它們，我們給出了某種長期報價，我們給出了某種矩陣數量與價格的關係，然後這就是客戶購買的目的。

So I don't -- it doesn't quite -- we don't have the spot pricing effect that maybe the NAND companies themselves go through.

所以我不——不完全是——我們沒有 NAND 公司本身可能經歷的現貨定價效應。

Thank you.

謝謝。

And with that, I have no more questions.

至此，我沒有其他問題了。

With that, we will draw the call to a close.

至此，我們的通話就結束了。

Thank you all for listening.

感謝大家的聆聽。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，祝你有美好的一天。