邁威爾科技 (MRVL) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q4 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 年第四季度。

Earnings Conference Call.

收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我想介紹今天會議的主持人之一，彼得·安德魯。

Mr. Andrew, you may begin.

安德魯先生，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 Fourth Quarter and Fiscal Year 2018 Earnings Call.

歡迎參加 Marvell 2018 年第四季度和財年財報電話會議。

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 risks and uncertainties and which could cause our actual results to differ materially from management's current quotations.

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報價存在重大差異。

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 turn the call over to Marvell's President and CEO, Matt Murphy.

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

Thank you, Peter, and good afternoon to everyone on the call.

謝謝你，彼得，祝所有參加電話會議的人下午好。

The completion of fiscal 2018 marks my first full fiscal year as the CEO of Marvell, and our performance over this period demonstrates that Marvell is successfully transforming itself into a much more capable and competitive company, one that delivers much greater value to customers, employees and shareholders.

2018 財年的結束標誌著我作為 Marvell 首席執行官的第一個完整財年，我們在此期間的業績表明 Marvell 正在成功轉型為一家更有能力、更有競爭力的公司，為客戶、員工和客戶創造更大的價值。股東。

Since I joined Marvell 19 months ago, we have increased our focus on our 3 core markets, storage, networking and connectivity.

自從我 19 個月前加入 Marvell 以來，我們更加關注 3 個核心市場：存儲、網絡和連接。

We've also added greater discipline into our product development process, retooled and reinvested in our sales force and go-to-market strategies and continue to drive efficiencies in our new business model.

我們還在產品開發流程中增加了更嚴格的紀律，對我們的銷售隊伍和進入市場策略進行了重組和再投資，並繼續提高新業務模式的效率。

Our fiscal 2018 results clearly show that these actions are paying off.

我們 2018 財年的業績清楚地表明，這些行動正在取得成效。

Fiscal 2018 year-over-year revenue from our core businesses grew 7%.

2018財年核心業務收入同比增長7%。

You may recall from our Investor Day a year ago that our stated goal was to grow faster than our core end markets, which at that time were estimated to grow 6%.

您可能還記得一年前的投資者日，我們的既定目標是增長速度快於我們的核心終端市場，當時預計核心終端市場的增長速度為 6%。

I'm proud to report that we exceeded that goal.

我很自豪地報告我們已經超越了這一目標。

I'm also pleased that this growth was broad-based, with storage growing 8%, networking growing 1% and connectivity growing 14%.

我還很高興看到這種增長的基礎廣泛，存儲增長了 8%，網絡增長了 1%，連接增長了 14%。

It is worth noting that our networking business, excluding legacy, grew 7%, and I'll talk about that in a minute.

值得注意的是，我們的網絡業務（不包括遺留業務）增長了 7%，我稍後會談到這一點。

For fiscal 2018, non-GAAP gross margins increased over 5 percentage points from a year ago to 61.4%, exceeding our target of 60%.

2018 財年，非 GAAP 毛利率較上年同期增長超過 5 個百分點，達到 61.4%，超出了我們 60% 的目標。

Non-GAAP operating margin increased to 25.9%, up over 11 percentage points from a year ago, and we're making steady progress towards our long-term target of 30%.

非 GAAP 運營利潤率增至 25.9%，比一年前提高了 11 個百分點以上，並且我們正在朝著 30% 的長期目標穩步前進。

Finally, in the 10 months leading up to the Cavium announcement, Marvell returned $647 million to shareholders, which is 130% of our full year FY 2018 free cash flow.

最後，在 Cavium 公告發布之前的 10 個月內，Marvell 向股東返還了 6.47 億美元，這是我們 2018 財年全年自由現金流的 130%。

By all measures, our results were impressive.

從所有方面來看，我們的結果都令人印象深刻。

Now turning to our Q4 results.

現在轉向我們的第四季度業績。

Revenue in the fourth quarter was $615 million, above the midpoint of the guidance we provided back in November.

第四季度的收入為 6.15 億美元，高於我們 11 月份提供的指導的中值。

Non-GAAP gross margin reached another all-time high of 62.3%, which reflects both the value we deliver to customers and the great work our team has done to drive down cost.

非 GAAP 毛利率再創歷史新高 62.3%，這既反映了我們為客戶提供的價值，也反映了我們的團隊為降低成本所做的出色工作。

We see continued tailwinds through our gross margin due to a richer mix of storage and networking, new product ramps that are accretive to gross margins and continued improvement in optimizing our manufacturing cost structure.

由於存儲和網絡的組合更加豐富、新產品的增加增加了毛利率，以及優化我們的製造成本結構的持續改進，我們的毛利率持續上升。

Our non-GAAP operating margin for the quarter was 27% and our non-GAAP EPS grew 45% year-over-year to $0.32 per share.

本季度我們的非 GAAP 營業利潤率為 27%，非 GAAP 每股收益同比增長 45% 至 0.32 美元。

Moving to our core businesses.

轉向我們的核心業務。

Storage continued its strong performance, exceeding our expectations and growing 3% sequentially.

存儲繼續保持強勁的表現，超出了我們的預期，環比增長了 3%。

As I've mentioned earlier, storage grew 8% for the full year, driven by strong growth in SSD and continued traction of products targeting the enterprise and data center markets.

正如我之前提到的，在 SSD 的強勁增長以及針對企業和數據中心市場的產品的持續吸引力的推動下，全年存儲增長了 8%。

Q4 was a record quarter for our SSD business as we continue to see strong demand for our broad family of SSD controller solutions.

第四季度是我們 SSD 業務創紀錄的季度，因為我們繼續看到對我們廣泛的 SSD 控制器解決方案系列的強勁需求。

During the quarter, we ramped NVMe-based products for new Tier 1 client and cloud customers.

本季度，我們為新的一級客戶端和雲客戶推出了基於 NVMe 的產品。

These engagements, while early in their life cycle, demonstrates that our continued traction in the NVMe transition, and we look forward to sharing more details on our progress in the coming quarters.

這些參與雖然還處於生命週期的早期，但表明我們在 NVMe 轉型方面的持續牽引力，我們期待在未來幾個季度分享有關我們進展的更多細節。

Our HDD business also experienced stronger-than-expected results in the fourth quarter, driven by growth in the enterprise and data center markets.

在企業和數據中心市場增長的推動下，我們的硬盤業務第四季度的業績也強於預期。

We remain excited about this business as customers implement new cutting-edge technologies that Marvell SoC's help to enable.

隨著客戶實施 Marvell SoC 幫助實現的新尖端技術，我們對這項業務仍然感到興奮。

These new technologies are driving significant aerial density gains, which continue to make HDDs a very attractive solution for nearline storage in the data center market.

這些新技術正在推動航空密度的顯著提高，這將繼續使 HDD 成為數據中心市場中近線存儲非常有吸引力的解決方案。

Overall, we're happy with the performance of our storage business, and our Q4 and fiscal 2018 results demonstrates this business aspiring on all cylinders.

總體而言，我們對存儲業務的表現感到滿意，我們第四季度和 2018 財年的業績表明該業務正全力以赴。

Moving to networking.

轉向網絡。

Our networking business grew both sequentially and year-over-year.

我們的網絡業務連續增長且同比增長。

We saw strong demand for our refreshed switch, PHY and embedded processor products, which grew largely in line with our expectations during the quarter.

我們看到對更新後的交換機、PHY 和嵌入式處理器產品的強勁需求，其增長在本季度基本符合我們的預期。

However, this growth was partially offset by our legacy networking products declining more than expected as we saw forecasted demand for legacy in Q4 push out into the first half of fiscal year 2019.

然而，這一增長被我們的傳統網絡產品下降幅度超過預期所部分抵消，因為我們看到第四季度對傳統網絡產品的預測需求將推遲到 2019 財年上半年。

Looking into the first quarter of fiscal 2019, we expect our overall networking business to grow in the mid- to high-single-digit range year-over-year, driven by growth of our new products.

展望 2019 財年第一季度，在新產品增長的推動下，我們預計整體網絡業務將同比實現中高個位數增長。

For those of you attending the upcoming OCP Summit, we will be showcasing our end-to-end storage and networking solutions for the data center market.

對於參加即將舉行的 OCP 峰會的人們，我們將展示我們面向數據中心市場的端到端存儲和網絡解決方案。

We will be highlighting our brand-new PHY product we announced this early.

我們將重點介紹我們早些時候宣布的全新 PHY 產品。

A high-density transceiver supporting 16 ports of 15-gig PAM4 signaling for gearbox and re-timer applications, aiding in the transition in hyperscale data centers from 25-gig ethernet up to 400-gig ethernet.

高密度收發器支持 16 個端口的 15-gig PAM4 信號傳輸，適用於變速箱和重定時器應用，有助於超大規模數據中心從 25-gig 以太網過渡到 400-gig 以太網。

In addition, we will also be showcasing our data center switch portfolio, including our newest product, a 1 terabit switch fully optimized for 10 gigabit data center applications, providing the lowest power of any such product on the market today.

此外，我們還將展示我們的數據中心交換機產品組合，包括我們的最新產品，即針對 10 Gb 數據中心應用全面優化的 1 太比特交換機，提供當今市場上任何此類產品中功耗最低的產品。

Overall, our networking business continues to gain traction in the marketplace with strong design win momentum in the enterprise campus, data center and 4.5 and 5G base station markets with our refreshed portfolio.

總體而言，我們的網絡業務憑藉更新的產品組合在企業園區、數據中心以及 4.5 和 5G 基站市場的強勁設計贏得動力，繼續在市場上獲得吸引力。

With the upcoming addition of Cavium's processing solutions to our portfolio, we have a unique opportunity to bring truly differentiated solutions to our combined customer base.

隨著 Cavium 的處理解決方案即將添加到我們的產品組合中，我們有一個獨特的機會為我們的聯合客戶群帶來真正差異化的解決方案。

Finally, our connectivity business delivered strong results for the fiscal year, growing revenue 14% year-over-year.

最後，我們的連接業務在本財年取得了強勁的業績，收入同比增長 14%。

We've been working to refocus this business on the high-performance market.

我們一直在努力將這項業務的重點重新放在高性能市場上。

In this past quarter, we announced our leading 802.11ax family of products.

在上個季度，我們發布了領先的 802.11ax 系列產品。

This innovative technology delivers an industry-best implementation of the new 11.ax standard, bringing customers up to 4x greater capacity, support for the greatest number of users, symmetrical uplink and downlink performance and greater coverage in all deployments.

這項創新技術實現了新 11.ax 標準的業界最佳實施，為客戶帶來高達 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。

Marvell has a strong 16-year track record in this business.

Marvell 在該行業擁有 16 年的良好業績記錄。

Because we deliver superior performance and reliability, we are a top choice for enterprise access points and automotive customers and are already gaining design win momentum with our ax solutions.

由於我們提供卓越的性能和可靠性，因此我們成為企業接入點和汽車客戶的首選，並且已經通過我們的 axe 解決方案獲得了設計勝利的動力。

Overall, we've repositioned this business for success, and I'm very proud of the engineering and management teams for their focus and perseverance.

總的來說，我們已經重新定位了這項業務，以取得成功，我為工程和管理團隊的專注和堅持感到非常自豪。

Before I close, I want to give a quick update on the Cavium acquisition.

在結束之前，我想快速介紹一下 Cavium 收購的最新情況。

Since announcing the Marvell-Cavium transaction on November 20, both companies have been actively working on integration planning.

自11月20日宣布Marvell-Cavium交易以來，兩家公司一直在積極進行整合規劃。

We've launched an integration team comprised of representatives from both companies, set up a steering team to ensure strong governance, implemented a robust project management process and kept employees of both companies updated on our progress.

我們成立了一個由兩家公司代表組成的整合團隊，成立了一個指導團隊以確保強有力的治理，實施了健全的項目管理流程，並向兩家公司的員工通報我們的最新進展。

Regulatory approval is progressing with the HSR antitrust process complete, and MOFCOM and CFIUS reviews underway.

隨著高鐵反壟斷程序的完成，監管審批正在取得進展，商務部和美國外國投資委員會的審查正在進行中。

Shareholder meetings for both companies were scheduled for March 16.

兩家公司的股東大會定於 3 月 16 日舉行。

We continue to anticipate this transaction will close in mid-calendar 2018.

我們仍然預計該交易將於 2018 年中旬完成。

Our planning progress to date has been laser-focused on developing detailed plans on synergies, both COGS and OpEx.

迄今為止，我們的規劃進展主要集中在製定關於 COGS 和 OpEx 協同效應的詳細計劃。

I'm extremely confident we can achieve our previously announced synergy targets of $150 million to $175 million within 18 months of closing, and $200 million beyond 18 months.

我非常有信心，我們能夠在交易完成後 18 個月內實現之前宣布的 1.5 億至 1.75 億美元的協同目標，並在 18 個月後實現 2 億美元的協同目標。

Since the transaction was announced, I've had the opportunity to spend time with the Cavium team in customer meetings, business plan reviews, organizational strategy meetings and integration planning.

自從交易宣布以來，我有機會與 Cavium 團隊一起參加客戶會議、業務計劃審查、組織戰略會議和整合規劃。

The feedback from the customer base, in particular from the leading companies in cloud computing, wireless infrastructure for 4 and 5G and enterprise has been overwhelmingly positive.

客戶群，特別是雲計算、4G 和 5G 無線基礎設施以及企業領域領先公司的反饋非常積極。

The quality of the people inside Cavium in BUs, engineering, sales and other corporate functions have been truly impressive.

Cavium 內部業務部門、工程、銷售和其他公司職能人員的素質確實令人印象深刻。

And I'm very proud of how the collaborative leaders from both sides have been in integration planning with the mindset being how do we truly create a best-in-class new company from the combination.

我對雙方的協作領導者在整合規劃中的表現感到非常自豪，他們的思維方式是我們如何通過合併真正創建一家一流的新公司。

Overall, I want to thank the team for their commitment and contributions, both this past quarter and over the entire year.

總的來說，我要感謝團隊在上個季度和全年的承諾和貢獻。

We've made amazing progress, and I look forward to what we're going to accomplish together in the new fiscal year.

我們已經取得了驚人的進展，我期待著我們在新的財政年度將共同取得的成就。

Now I'll turn the call over to our CFO, Jean Hu.

現在我將把電話轉給我們的首席財務官 Jean Hu。

Thanks, Matt, and good afternoon, everyone.

謝謝馬特，大家下午好。

I'll discuss the highlights for our fourth quarter and the fiscal year 2018 and provide our current outlook for the first quarter of fiscal 2019.

我將討論我們第四季度和 2018 財年的亮點，並提供我們對 2019 財年第一季度的當前展望。

Revenue in the fourth quarter was $615 million, above midpoint of our guidance we provided in November.

第四季度的收入為 6.15 億美元，高於我們 11 月份提供的指引的中值。

Our core business of storage, networking and connectivity grew 8% year-over-year.

我們的存儲、網絡和連接核心業務同比增長 8%。

Storage accounted for 53% of revenue and grew 4% year-over-year, driven by the success of our SSD products and continued growth in enterprise and the data center segments with both our SSD and HDD solutions.

存儲佔收入的 53%，同比增長 4%，這得益於我們的 SSD 產品的成功以及我們的 SSD 和 HDD 解決方案在企業和數據中心領域的持續增長。

Networking accounted for 25% of revenue and grew 5% year-over-year, driven by our new switch, PHY and embedded processor product.

在我們新的交換機、PHY 和嵌入式處理器產品的推動下，網絡業務佔收入的 25%，同比增長 5%。

Connectivity had a solid quarter and accounted for 14% of revenue and grew 31% year-over-year, driven primarily by growth in high-end voice-enabled and home streaming devices.

連接業務季度表現強勁，佔收入的 14%，同比增長 31%，這主要是由高端語音和家庭流媒體設備的增長推動的。

Finally, other product accounted for 8% of revenue, which was about $2 million better than we expected due to last time buy activities.

最後，其他產品佔收入的 8%，由於上次購買活動，這比我們的預期高出約 200 萬美元。

GAAP gross margin for the fourth quarter was 60.7%, and the non-GAAP gross margin was 62.3%, a record level for Marvell and an increase of 4.5 percentage points from last year.

第四季度 GAAP 毛利率為 60.7%，非 GAAP 毛利率為 62.3%，創 Marvell 歷史最高水平，較去年增長 4.5 個百分點。

GAAP operating expenses were $319 million, higher than our guidance, primarily due to the segment of 2015 security class action claims for $72.5 million during the quarter.

GAAP 運營費用為 3.19 億美元，高於我們的指導，主要是由於本季度 2015 年安全集體訴訟索賠部分為 7250 萬美元。

Non-GAAP operating expenses was $217.6 million, consistent with our expectations.

非 GAAP 運營費用為 2.176 億美元，符合我們的預期。

GAAP operating margin was 9%, and the non-GAAP operating margin was 27% versus 20% a year ago as we were successful in driving (inaudible) in our model.

GAAP 營業利潤率為 9%，非 GAAP 營業利潤率為 27%，而一年前為 20%，因為我們成功地推動了（聽不清）我們的模型。

GAAP earnings per diluted share were $0.10, and the non-GAAP earnings per diluted share was $0.32.

GAAP 每股攤薄收益為 0.10 美元，非 GAAP 每股攤薄收益為 0.32 美元。

For fiscal 2018, we delivered non-GAAP EPS of $1.19, up 80% versus the fiscal 2017.

2018 財年，我們的非 GAAP 每股收益為 1.19 美元，比 2017 財年增長 80%。

Let's now turn to our balance sheet.

現在讓我們看看我們的資產負債表。

We ended the quarter with over $1.8 million in cash on hand and no debt.

本季度結束時，我們手頭現金超過 180 萬美元，沒有債務。

Cash flow from operations was $120 million.

運營現金流為 1.2 億美元。

Excluding one-time payment of $72.5 million to settle the security class action claim, we generated approximately $193 million cash from operations.

不包括為解決安全集體訴訟索賠而一次性支付的 7,250 萬美元，我們從運營中產生了大約 1.93 億美元的現金。

In Q4, we distributed $30 million to shareholders in dividend.

第四季度，我們向股東派發了 3000 萬美元的股息。

For fiscal 2018, we returned approximately 130% of free cash flow to shareholders.

2018 財年，我們向股東返還了約 130% 的自由現金流。

As a reminder, we have not been in the market repurchasing shares due to the pending Cavium transaction.

提醒一下，由於 Cavium 交易懸而未決，我們尚未在市場上回購股票。

I want to now take a minute to talk about our capital allocation philosophy, in light of the announced merger with Cavium.

鑑於與 Cavium 宣布的合併，我現在想花一點時間談談我們的資本配置理念。

As we mentioned when we announced the deal, we expect the combined company would generate a strong and consistent cash flow.

正如我們在宣布交易時提到的，我們預計合併後的公司將產生強勁且穩定的現金流。

After deal close, our growth leverage ratio, excluding synergies, is expected to be 1.7x.

交易完成後，我們的增長槓桿率（不包括協同效應）預計為 1.7 倍。

We plan to use our combined cash generation to rapidly pay down the debt associated with the transaction to get to a gross debt to EBITDA leverage ratio in 1x to 1.5x strength.

我們計劃利用合併產生的現金來快速償還與交易相關的債務，以達到 1 倍至 1.5 倍的總債務與 EBITDA 槓桿率。

Our board and the management structured this transaction in a way to provide a high-level for financial flexibility and to maintain investment-grade financial profile, while also allowing an opportunity to return cash to shareholders.

我們的董事會和管理層設計此次交易的方式是為了提供高水平的財務靈活性並保持投資級的財務狀況，同時也提供向股東返還現金的機會。

Returning capital to shareholder is a very key element of our financial policy.

向股東返還資本是我們財務政策的一個非常關鍵的要素。

Based on strong and consistent cash flow generation for the combined company, we expect to revert back to returning 50% of our free cash flow to shareholders 1 or 2 quarters post the closing.

基於合併後公司強勁且持續的現金流生成，我們預計將在交易結束後 1 或 2 個季度恢復向股東返還 50% 的自由現金流。

So in summary, fiscal year 2018 was an important year for Marvell.

綜上所述，2018 財年對於 Marvell 來說是重要的一年。

We executed well to deliver both top line revenue growth and a significantly higher profitability.

我們執行得很好，實現了營收增長和顯著提高的盈利能力。

Before we turn to guidance, I want to highlight a new revenue accounting rule change.

在我們轉向指導之前，我想強調一下新的收入會計規則變化。

We have adopted a new revenue recognition accounting standard effective at the beginning of Q1 fiscal 2019.

我們採用了新的收入確認會計準則，於 2019 財年第一季度初生效。

This changes our revenue recognition criteria for distribution customer sales from sell-through to sell-in accounting.

這改變了我們對分銷客戶銷售的收入確認標準，從直銷會計改為銷貨會計。

This change does not impact how we conduct our business, and we don't expect this change to have a meaningful impact on our revenue.

這一變化不會影響我們開展業務的方式，我們預計這一變化不會對我們的收入產生有意義的影響。

In addition, we have evaluated the major provisions of the Tax Cuts and the Jobs Act.

此外，我們還評估了減稅和就業法案的主要條款。

We do not expect the Tax Act materially impact Marvell's effective tax rate currently.

我們預計稅法目前不會對 Marvell 的有效稅率產生重大影響。

As a reminder, we are working on the integration plan of Marvell and Cavium.

提醒一下，我們正在製定 Marvell 和 Cavium 的整合計劃。

We'll provide our update over the combined company tax rate after close of the transaction.

我們將在交易結束後提供合併公司稅率的最新信息。

Now turning to our first fiscal quarter of 2019 guidance.

現在轉向我們 2019 年第一財季的指導。

As a reminder, the first quarter is a normal 13-week quarter versus the prior quarter, which had 14 weeks.

提醒一下，第一季度是一個正常的 13 周季度，而上一季度有 14 週。

We expect our total revenue in the range of $585 million to $615 million.

我們預計總收入在 5.85 億美元至 6.15 億美元之間。

At the midpoint of our guidance, it would represent a 2% decline sequentially and a 5% year-over-year increase for the whole company.

在我們指導的中點，整個公司將環比下降 2%，同比增長 5%。

Our core business of storage, networking and connectivity is expected to 6% year-over-year.

我們的存儲、網絡和連接核心業務預計同比增長 6%。

We expect our storage revenue to decline 6% to 8% sequentially due to normal HDD seasonality.

由於硬盤季節性正常，我們預計存儲收入將環比下降 6% 至 8%。

This would represent a slight decline year-over-year.

這將意味著同比略有下降。

We expect our networking revenue to grow sequentially in the mid to high single digits range year-over-year, driven by continued momentum in our new product ramp.

我們預計，在新產品持續增長勢頭的推動下，我們的網絡收入將同比在中高個位數範圍內連續增長。

We expect our connectivity revenue to grow in the mid-teens sequentially.

我們預計我們的連接收入將持續增長。

Stronger than normal seasonality, primarily due to a customer early than normal product viewed, which would typically occur over Q2 and Q3 period.

季節性強於正常情況，主要是由於客戶查看產品的時間早於正常情況，這通常發生在第二季度和第三季度。

We expect other revenue to decline high single digits year-over-year.

我們預計其他收入將同比大幅下降個位數。

We are pleased that our expected gross margin will be in the range of 62% to 63%, despite an unfavorable product mix with a larger contribution from connectivity and the revenue seasonality in Q1.

我們很高興我們的預期毛利率將在 62% 至 63% 之間，儘管產品結構不利，第一季度連接性和收入季節性的貢獻較大。

We expect our GAAP operating expenses to be approximately $250 million to $260 million, and non-GAAP operating expense to be approximately $215 million.

我們預計 GAAP 運營費用約為 2.5 億至 2.6 億美元，非 GAAP 運營費用約為 2.15 億美元。

We anticipate GAAP income per diluted share in the range of $0.22 to $0.26, 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 0.22 美元至 0.26 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'll now open the line for 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 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。

Matt, maybe the first question from me, just going back to the legacy networking business.

馬特，也許是我問的第一個問題，回到傳統網絡業務。

Can you help us understand what percent of networking that now represents?

您能幫助我們了解目前網絡所佔的百分比嗎？

And given that you saw pushouts from fiscal fourth quarter into the fiscal first half, can you just give us a little bit more color what drove those pushouts and why you have confidence that they're now going to fall in the first half of the new fiscal year?

考慮到您看到了從第四財季到上半財季的推出，您能否給我們提供更多信息，推動這些推出的原因以及為什麼您有信心它們現在將在新財年上半年下降財政年度？

Sure.

當然。

Yes.

是的。

Thanks, John, happy to answer the question.

謝謝約翰，很高興回答這個問題。

So the answer to the first part, which is the percentage of networking today that's in legacy is around 15%.

因此，第一部分的答案是，當今的網絡中遺留的百分比約為 15%。

It was in -- last year, it was in the 20% range.

去年，這個比例在 20% 的範圍內。

As new products have ramped up, that percentage, that legacy continues to go down, but it's about 15%.

隨著新產品的增加，傳統產品的百分比繼續下降，但約為 15%。

And as I mentioned in my remarks, the core portion where we have our new product ramps occurring came in pretty much in line with what we thought.

正如我在發言中提到的，我們新產品的核心部分與我們的想法非常一致。

So we saw very strong year-over-year growth there.

因此，我們看到了非常強勁的同比增長。

That was on track.

那是在正軌上。

Within legacy and the pushout, it was kind of interesting, it was really driven by really one product area, which was our NPU product area.

在遺留和推出中，這很有趣，它實際上是由一個產品領域驅動的，那就是我們的 NPU 產品領域。

It was pretty specific and it moved out from Q4 and it'll be consumed within the first 2 quarters of fiscal '19.

它非常具體，並且從第四季度移出，並將在 19 財年的前兩個季度內使用。

And my understanding of the pushout is it's related not so much to in-demand weakness as much as some issues around component supply within that particular customer and that particular box.

我對推出的理解是，與其說與需求疲軟有關，不如說與特定客戶和特定盒子內的組件供應問題有關。

So it happened during the quarter.

所以這發生在本季度。

We see it selling through or resuming production, but sort of absent that, I'd say, overall, that was pretty close to what we thought.

我們看到它銷售完畢或恢復生產，但我想說，總體而言，這與我們的想法非常接近。

I will say, as a lot of companies have reported, communications has been a bit choppy for everybody.

我想說的是，正如許多公司所報告的那樣，每個人的溝通都有點不穩定。

We would sort of give some color that enterprise and wireline has held up pretty well, things that are exposed to carrier and telco and others have been more choppy.

我們會給一些企業和有線業務表現良好的顏色，而運營商和電信公司和其他公司面臨的情況則更加不穩定。

But in aggregate, just so everybody understand, I'd say it's primarily driven by kind of one product, one issue.

但總的來說，正如每個人都理解的那樣，我想說這主要是由一種產品、一個問題驅動的。

And we certainly see demand recovering on that one.

我們當然看到這一需求正在復蘇。

That's helpful.

這很有幫助。

And then, maybe as my follow-up, on the SSD controller business, I think, one of the questions that I get asked often by investors is the HDD controller market ended up being mostly a merchant-supplied market.

然後，也許作為我的後續行動，關於 SSD 控制器業務，我認為投資者經常問我的問題之一是 HDD 控制器市場最終主要是一個商家提供的市場。

When you look at the SSD controller market, guys that are providing NAND or clearly trying to move up the value chain.

當你觀察 SSD 控制器市場時，你會發現那些提供 NAND 或明顯試圖向價值鏈上游移動的公司。

I think, last week, Western Dig launched a family of SSD products with their own internal controller.

我想，上週，Western Dig 推出了一系列帶有自己的內部控制器的 SSD 產品。

Our work would suggest that hyperscale customers don't want to move in that vertically integrated direction, but I'd be curious on your thoughts on how you think the merchant versus the in-house market plays out in the SSD controller market over time?

我們的工作表明，超大規模客戶不想朝垂直整合的方向發展，但我很好奇您對您認為隨著時間的推移，商家與內部市場在 SSD 控制器市場上的表現有何看法？

Okay.

好的。

No, got it.

不，明白了。

And I'll give you my perspective.

我會給你我的觀點。

So I'd say, even going back 1.5 years plus ago when I joined, I think, this same issue was top of mind as we started talking to investors about SSD and our plans there.

所以我想說，即使回到 1.5 多年前我加入時，我認為當我們開始與投資者談論 SSD 和我們的計劃時，同樣的問題也是我們最關心的問題。

And I think, there's been an effort across a number of the producers of NAND to have their own internal solutions.

我認為，許多 NAND 生產商都在努力擁有自己的內部解決方案。

Some of those have been successful, some of those haven't.

其中一些已經成功，另一些則沒有。

We've been operating in this world for some time now, so I think, you should expect, at least for the time being, that you'll see a mix of Marvell solutions in the market as well as some of our customers doing some other programs internally.

我們已經在這個世界上運營了一段時間，所以我認為，您應該期望，至少目前，您會在市場上看到 Marvell 解決方案的組合，以及我們的一些客戶在做一些事情其他內部程序。

And I'd say that's not necessarily a change.

我想說這不一定是改變。

It's how we've been operating and we've been able to, I think, execute and grow really well through this cycle.

這就是我們一直以來的運作方式，我認為，我們能夠在這個週期中很好地執行和成長。

And we certainly still feel very good about our outlook over the coming year.

當然，我們對來年的前景仍然感到非常滿意。

I think, you would sort of would take the words out of my mouth, I think, you're right on where the puck is going, in particular trends we see within the data center is that one of the models is for more control over that design by the cloud hyperscale companies.

我想，你可能會從我嘴裡拿走這些話，我想，你對冰球的去向是正確的，特別是我們在數據中心內看到的趨勢是，其中一個模型是為了更好地控制由超大規模雲公司設計。

That's a great partnership opportunity for Marvell to step in and get much closer to the development of the end equipment and then work with NAND partners to enable the whole solution.

對於 Marvell 來說，這是一個絕佳的合作機會，可以介入並進一步推動終端設備的開發，然後與 NAND 合作夥伴合作實現整個解決方案。

So that business model is very much alive and well along with our merchant efforts.

因此，隨著我們商家的努力，這種商業模式非常活躍且良好。

And I'd end by saying, my job and the team's job is really to continue to innovate in this area, invest ahead of the curve and really eliminate reasons why our customers might even want to think about doing these things internally.

最後我要說的是，我和團隊的工作實際上是繼續在這一領域進行創新，超前投資，並真正消除我們的客戶可能想要考慮在內部做這些事情的原因。

And I think, our team is doing a good job at that.

我認為，我們的團隊在這方面做得很好。

So I think that's -- it'll be my comments around SSD.

所以我認為這將是我對 SSD 的評論。

And to add to what Matt just said, yes, the design cycle of SSD product is quite long, right?

補充一下Matt剛才所說的，是的，SSD產品的設計週期相當長，對吧？

Really long cycle.

週期確實很長。

So we're actually very encouraged and pleased with all the design wins we're working on.

因此，我們實際上對我們正在努力的所有設計成果感到非常鼓舞和高興。

So we don't see any issues there.

所以我們沒有看到任何問題。

We are -- our team is really focused on the design wins and working on those wins to ramp up in the next several years.

我們的團隊真正專注於設計勝利，並致力於在未來幾年內擴大這些勝利。

And then, just maybe as a housekeeping.

然後，也許只是作為家政服務。

On the accounting change from sell-through to sell-in, what percent of your revenue does that cover?

在從售出到售入的會計變更中，這佔您收入的百分之多少？

And you made the comment you don't expect a material impact to revenue, was that a fiscal year comment?

您發表了預計不會對收入產生重大影響的評論，這是財政年度的評論嗎？

Or is that also true for the fiscal first quarter?

或者第一財季也是如此嗎？

Because we've seen other companies in the quarter where they make that change have a positive revenue impact.

因為我們已經看到其他公司在本季度做出的改變對收入產生了積極的影響。

I'm just trying to make sure your comment was not just a fiscal year comment, but also for the fiscal first quarter?

我只是想確保您的評論不僅僅是財政年度的評論，而且還包括第一財季的評論？

Yes.

是的。

So first, you're right.

所以首先，你是對的。

Marvell's distribution revenue is about 20% of our total revenue.

Marvell 的發行收入約占我們總收入的 20%。

Volume (inaudible) very significant portion of that revenue actually is demand fulfillment.

數量（聽不清）收入的很大一部分實際上是需求滿足。

So when you think about Marvell's revenue really generated from distributors is a very small, probably below 10% of revenue.

因此，當你想到 Marvell 真正從分銷商獲得的收入非常少，可能低於收入的 10%。

And typically, our inventory in the distribution channel is about demand fulfillment and to keep the operational flexibility.

通常，我們在分銷渠道中的庫存是為了滿足需求並保持運營靈活性。

That's why we don't see much change on our revenue, either for Q1 or going forward.

這就是為什麼我們沒有看到我們的收入發生太大變化，無論是第一季度還是未來。

And 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托弗·羅蘭。

On networking, so a key customer of yours has been talking up their new campus switch product.

在網絡方面，您的一位重要客戶一直在談論他們的新園區交換機產品。

I think they described it as being the fastest-growing product line in their company history.

我認為他們將其描述為公司歷史上增長最快的產品線。

Perhaps you can talk about what that means for Marvell and that opportunity there?

也許您可以談談這對 Marvell 意味著什麼以及那裡的機會？

And as you guys size up networking, what do you think the biggest opportunities for fiscal '19 are?

當你們評估網絡時，你們認為 19 財年最大的機會是什麼？

Sure.

當然。

Thanks, Chris.

謝謝，克里斯。

Yes, a couple of comments.

是的，有幾點評論。

So I think that particular announcement was really good for that company.

所以我認為這個特別的公告對該公司來說確實有好處。

It's going to be good for Marvell.

這對 Marvell 來說是件好事。

And I think, even maybe on a broader scale, it really, I think, lit a fire within the industry to drive this upgrade cycle in the campus area, which as you've heard over our commentary for the last year, 1.5 years, that's really been an area where we've been very focused on a global basis to drive all of our new products that were refreshed into that segment.

我認為，甚至可能在更廣泛的範圍內，我認為它確實在行業內點燃了一把火，推動了校園區域的升級週期，正如您在我們去年（1.5 年）的評論中聽到的那樣，這確實是我們在全球範圍內非常關注的一個領域，以推動我們在該領域更新的所有新產品。

So we do think that the enterprise and the campus has a nice tailwinds to it from that point of view, and we do think that, that's going to be certainly positive for us.

因此，我們確實認為，從這個角度來看，企業和校園有一個很好的順風車，而且我們確實認為，這對我們來說肯定是積極的。

And so I think, that's going to be one factor as we look into '19 per your question.

所以我認為，這將是我們根據你的問題調查“19”時的一個因素。

I think the other one really, I would say, in terms of design win activity, that appears to have really picked up, and it sort of comes on the heels of a lot of the announcements that people were making at MWC.

我認為，就設計獲勝活動而言，我認為另一項活動似乎確實有所回升，而且是在人們在 MWC 上發布的許多公告之後出現的。

And with, I think, the sort of view that 5G is really alive and well and probably happening earlier than people thought, there's a tremendous amount of design activity going on there.

我認為，鑑於 5G 確實存在且發展良好，並且可能比人們想像的更早發生，因此有大量的設計活動正在進行。

And in our networking product line, in particular, we're seeing very strong demand in our higher capacity switches, including our 10 gig switches as well as our 25 gig switches that we had initially targeted for the enterprise data center.

特別是在我們的網絡產品線中，我們看到對更高容量交換機的需求非常強勁，包括我們最初針對企業數據中心的 10 GB 交換機以及 25 GB 交換機。

Those are now seeing very good design win momentum across that market as well.

現在，這些人也看到了非常好的設計在整個市場上贏得了動力。

And so when we look out to '19, we see a mix of some resurgence in enterprise and campus, along with some new opportunities and new boxes being built to support the next-generation wireless technologies that are coming.

因此，當我們展望 19 年時，我們會看到企業和校園的一些復甦，以及一些新的機會和新的盒子的建立，以支持即將到來的下一代無線技術。

Great.

偉大的。

And on the SSD side of things perhaps.

也許是在 SSD 方面。

You talked a little bit in your prepared remarks about some hyperscale engagements.

您在準備好的發言中談到了一些超大規模的活動。

Just any progress or detail there?

有什麼進展或細節嗎？

And then, for SSD overall, I think, you said that, that would be exiting this year about 30% of storage.

然後，對於整體 SSD，我認為，您說過，今年將退出約 30% 的存儲。

Did you track to that 30%?

你追踪到那30%了嗎？

And how do you see this as a percentage exiting fiscal 2019?

您如何看待 2019 財年的這一百分比？

Okay.

好的。

So on the first one, I would not get very specific other than to say we've had a lot of positive engagement in this hyperscale area for some time.

因此，對於第一個問題，我不會說得非常具體，只是說我們在這個超大規模領域已經進行了很多積極的參與一段時間了。

That's continued.

就這樣繼續下去。

I would probably also say that in the meetings I've had now with the Cavium folks, with those types of customers, the level of engagement we're having is even at higher levels, probably within those companies than we've been engaged, and I think it just presents an additional opportunity and validates the fact that, that's going to be a key part of our comprehensive solution sell when we look at engaging deeply in the cloud.

我可能還會說，在我現在與 Cavium 人員舉行的會議中，對於這些類型的客戶，我們的參與程度甚至更高，可能在這些公司內部比我們參與的程度更高，我認為這只是提供了一個額外的機會，並驗證了這樣一個事實：當我們考慮深入參與雲時，這將成為我們全面解決方案銷售的關鍵部分。

With respect to how did we do on SSD as a percent of storage, we set this bogey out there of 30%.

關於 SSD 佔存儲百分比的表現，我們將這個忌諱定為 30%。

We did have a record quarter in SSD, so we are very pleased.

我們的 SSD 確實創下了季度記錄，所以我們非常高興。

We came very close to our 30%.

我們非常接近 30%。

I wouldn't say it was 30.0%, but it was really darn close.

我不會說是 30.0%，但確實非常接近了。

And quite frankly, as we noted in our comments, because HDD also had a very strong quarter for us and performed above our expectations, probably the fact that HDD did a little bit better caused us to come in just slightly below our 30% target.

坦率地說，正如我們在評論中指出的那樣，由於 HDD 的季度業績也非常強勁，並且表現超出了我們的預期，因此 HDD 的表現可能稍好一點，導致我們的業績略低於 30% 的目標。

So that's one I really can't complain about because both businesses did better.

所以我真的不能抱怨這一點，因為兩家公司都做得更好。

And we're not setting an official target at this point for ending fiscal '19 at this time, but we absolutely expect that this will continue in terms of the mix shifting from HDD to SSD in an environment where even HDD we can hold flat.

目前我們還沒有設定結束 19 財年的官方目標，但我們絕對預計，在我們甚至可以保持 HDD 不變的環境中，從 HDD 到 SSD 的混合轉變將繼續下去。

So any growth we see in SSD will, as a percentage, will be because of top line, not because we anticipate HDD decline to make up the difference.

因此，我們看到 SSD 的任何增長（以百分比計）都將是因為營收，而不是因為我們預計 HDD 會下降以彌補差異。

Hope that's helpful.

希望這有幫助。

And our next question comes from Craig Ellis with B. Riley FBR.

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

Matt, I just wanted to turn it to a longer-term matter.

馬特，我只是想把它變成一個更長期的問題。

So first, congratulations on the very strong fiscal '18.

首先，祝賀 18 財年的強勁表現。

Great job for the year.

今年的工作非常出色。

Looking at some of the growth rate benchmarks that you talked about, storage up 8%, networking, I think you said 7%.

看看你談到的一些增長率基準，存儲增長了 8%，網絡增長了 7%。

As you look at 2018, what are the gives and takes to growth in the business that would be in that mid to high single-digit range for a second consecutive year?

展望 2018 年，連續第二年保持中高個位數增長的業務增長需要哪些因素？

Sure, Craig.

當然，克雷格。

So I think, again, we were happy with the performance, as you know.

所以我想，正如你所知，我們對錶演再次感到滿意。

I think that -- and we do see the momentum continuing.

我認為——而且我們確實看到這種勢頭仍在繼續。

While we're not giving fiscal year '19 guidance, we do believe that our thesis on storage remains intact and very sound, which is really continue to remix our HDD business and add incremental enterprise and nearline type of revenue as client has a secular decline in it due the remix in SSDs.

雖然我們沒有給出 19 財年的指導，但我們確實相信我們關於存儲的理論仍然完整且非常合理，這實際上是繼續重新組合我們的 HDD 業務，並隨著客戶的長期下降而增加增量企業和近線類型的收入由於 SSD 中的混音。

So net-net, we're still sticking to our strategy, along with preamps, by the way, of keeping HDD flat as a goal.

因此，順便說一下，我們仍然堅持我們的策略以及前置放大器，以保持 HDD 平坦為目標。

And then, we're coming off a great Q4 in terms of SSD being a record quarter.

然後，就 SSD 而言，我們第四季度表現出色，創下了創紀錄的季度記錄。

And we certainly hope and anticipate that, that kind of growth will -- that we'll see growth in that business again in fiscal '19.

我們當然希望並預計，這種增長將在 19 財年再次看到該業務的增長。

So when you add those 2, clearly, you get something that's above flat when you look at growth rates.

因此，當您將這兩者相加時，很明顯，當您查看增長率時，您會得到高於持平的值。

And we're optimistic we can keep growing that business.

我們對能夠繼續發展該業務感到樂觀。

In networking, especially as legacy has come down and is a much more manageable portion of the total, I think that gives us more comfort that the strong momentum we see in our new products will have some runway, and the headwind from legacy will be a little bit more diminished than we've had before.

在網絡領域，特別是當傳統產品已經下降並且在總體中佔據更容易管理的部分時，我認為這讓我們更加放心，我們在新產品中看到的強勁勢頭將有一些跑道，而來自傳統產品的逆風將是比我們以前減少了一點點。

And we think we can manage both of those.

我們認為我們可以管理這兩個問題。

And so I think, in summary, what I'd say is we see these 2 businesses for Marvell standalone as well as even when we combine the 2 companies, is really being a strong growth engine in terms of both top line contribution as well as gross margin accretion.

因此，我認為，總而言之，我們認為 Marvell 的這兩項業務是獨立的，甚至當我們將這兩家公司合併時，無論是在營收貢獻還是在營收方面，都確實是一個強大的增長引擎。毛利率增加。

And again, it's on the heels of new products and really important secular trends that are driving the need for more storage, higher bandwidth, data traffic management, more processing of data and more security of data.

再次強調，新產品和真正重要的長期趨勢的出現推動了對更多存儲、更高帶寬、數據流量管理、更多數據處理和更高數據安全性的需求。

And I think all these things, we see that thesis playing out and benefiting those 2 businesses that you mentioned.

我認為所有這些事情，我們看到這篇論文正在發揮作用，並使您提到的兩家企業受益。

That's very helpful.

這非常有幫助。

Then the follow-up would be, you made 2 comments, I thought, were interesting with respect to Cavium.

然後後續行動是，我認為您對 Cavium 發表了 2 條評論，這些評論很有趣。

One, the feedback that you're getting from customers.

第一，您從客戶那裡得到的反饋。

And then, your high confidence in hitting prior -- previously stated synergies targets.

然後，您對實現之前設定的協同目標充滿信心。

I'm just wondering if you could elaborate on those a little bit further to help us understand what you're seeing as you get closer to closing that deal?

我只是想知道您是否可以進一步詳細說明這些內容，以幫助我們了解您在接近完成交易時所看到的情況？

Sure.

當然。

So I'll comment on the customers, I'll give a point-of-view on synergies and I also have Jean chime in on synergies as well since we've been joined at the hip on this one to make sure that we execute to everything that we've committed.

因此，我將對客戶發表評論，我將就協同效應提出自己的觀點，而且我也請吉恩插話協同效應，因為我們在這方面一直密切配合，以確保我們執行我們所承諾的一切。

So on the customer side, I've had the good fortune to spend a lot of time with Syed and the team since, really, we got this thing announced.

因此，在客戶方面，自從我們宣布這件事以來，我很幸運與 Syed 和團隊一起度過了很多時間。

And I'd say, what's really resonating are a couple of points, and this would be, I'd say, across a wide range of end customers, including top cloud hyperscale companies, top companies leading in the wireless infrastructure race and also some of these companies that are leading the resurgence in enterprise and campus demand, both wireless and wired.

我想說，真正引起共鳴的是幾點，我想說，這將是廣泛的最終客戶，包括頂級雲超大規模公司、在無線基礎設施競賽中領先的頂級公司以及一些這些公司正在引領企業和園區無線和有線需求的複蘇。

And that is we're able to come in and basically say, look, we are a scaled up innovation-oriented, fully focused on infrastructure supplier to you.

這就是我們能夠進來並基本上說，看，我們是一家規模化的創新導向型、完全專注於基礎設施的供應商。

So our primary focus in life as a company is to focus on being an infrastructure solutions provider.

因此，作為一家公司，我們的首要重點是成為基礎設施解決方案提供商。

And so this scaled up R&D budget that we now have, much more bulked up market cap and revenue provides a lot of assurance to those companies that we have the scale and the strength to invest.

因此，我們現在擴大的研發預算、更大的市值和收入為那些我們擁有投資規模和實力的公司提供了很大的保證。

We also have the technology, the technical capabilities, the people, the know-how and trusted relationships coming in from both sides.

我們還擁有來自雙方的技術、技術能力、人才、專業知識和值得信賴的關係。

And so it's resonating really well because we don't look like a company that's going through distraction right now.

所以它引起了很好的共鳴，因為我們看起來不像一家正在經歷分心的公司。

Even though we're going through an integration, it looks like, to our customers, because this has been so positively received by both sides, it's really been a joint effort.

儘管我們正在經歷整合，但對於我們的客戶來說，因為雙方都對此非常積極地接受，所以這確實是共同努力的結果。

So I think, when the customers look out, they see a really new, unique supplier to meet their needs.

所以我認為，當客戶向外看時，他們會看到一個真正新的、獨特的供應商來滿足他們的需求。

And I'd say that, that's hit kind of a home run across all the customers that I've met with.

我想說的是，這對我見過的所有客戶來說都是一次全壘打。

On synergies, just to give you a sense, we take this very seriously.

關於協同效應，只是為了讓您有一個感覺，我們非常重視這一點。

It was -- of course, the strategic rationale for this transaction, we think, makes a ton of sense.

當然，我們認為這次交易的戰略理由非常有道理。

I told you that the customer reaction was very good, but we also are just very focused on making sure that everything we've committed from a synergy point of view happens and is executed as well as we did as a standalone company when we did our own transformation.

我告訴過你，客戶的反應非常好，但我們也非常專注於確保我們從協同的角度所做的一切承諾都發生並得到執行，就像我們作為一家獨立公司所做的那樣自己的轉變。

And I'm pleased to say, the level of detail that we have now on the different value drivers across almost every operation between the 2 companies on how synergy can be captured, I think, it's very well-understood.

我很高興地說，我們現在對兩家公司之間幾乎每項​​業務的不同價值驅動因素以及如何發揮協同作用的詳細程度，我認為這是很好理解的。

There's strong ownership from the leaders of both companies at kind of the VP level and up to go make it happen.

兩家公司副總裁級別的領導者都擁有強大的主人翁精神，以實現這一目標。

And because of the way we're managing it, there's really, I think, just top-notch governance around the process.

我認為，由於我們管理它的方式，整個流程確實是一流的治理。

And so I make myself and Jean and others feel very good, but maybe, Jean, you want to give some color on how you think the synergies are going to be realized and how the process is going.

因此，我讓自己、Jean 和其他人感覺非常好，但也許，Jean，您想就您認為如何實現協同效應以及該過程如何進行進行一些說明。

Yes, I think, it's really 2 things.

是的，我認為，這確實是兩件事。

Matt mentioned the one, very detailed planning.

馬特提到了一個，非常詳細的計劃。

Second is really accountability of the team to take responsibility.

二是切實落實團隊責任。

Of course, when you look at the synergy, we're very comfortable with the range of the synergy within 18 months.

當然，當你考慮協同效應時，我們對 18 個月內協同效應的範圍感到非常滿意。

But bear in mind, a lot of the synergy will rely on system integration and the ERPs.

但請記住，很多協同效應將依賴於系統集成和 ERP。

So from the shape of the synergy, you're not going to see much in the first 6 months.

因此，從協同效應的形式來看，前 6 個月你不會看到太多。

But then, once you get to the integration of the system and the ERP, a lot of the synergy will happen between 9 to 12 months.

但是，一旦實現系統和 ERP 的集成，很多協同效應將在 9 到 12 個月內發生。

So I would say, we have a very detailed planning and the timeline over the synergy, that's really the comfort level we have about the synergy realization in the next 18 months.

所以我想說，我們對協同效應有非常詳細的規劃和時間表，這確實是我們對未來 18 個月內實現協同效應的信心程度。

And 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'm wondering if you could -- you talked about the SSD business in the context of NAND supply.

我想知道您是否可以——您在 NAND 供應的背景下談到了 SSD 業務。

Obviously, very tight last year.

顯然，去年非常緊張。

It seems like it's more balanced now, but still pretty healthy.

現在看起來更加平衡了，但仍然相當健康。

How does that change the mix of hard disk drive versus SSD?

這對硬盤驅動器與 SSD 的組合有何影響？

And does that have any effect on your market share and your opportunities in that market?

這對您的市場份額和在該市場的機會有任何影響嗎？

Sure.

當然。

Yes.

是的。

Thanks, Joe, and I'll make some high-level commentary.

謝謝喬，我將發表一些高水平的評論。

I think, clearly, happy to share some thoughts, but don't want to be the bellwether or the canary in the coal mine on calling NAND supply and demand.

我認為，顯然，我很樂意分享一些想法，但不想成為 NAND 供需方面的領頭羊或煤礦裡的金絲雀。

I think, even some comments last quarter may have gotten construed that way.

我認為，甚至上個季度的一些評論也可能被這樣解釋。

It wasn't intentional.

這不是故意的。

Just trying to be helpful.

只是想幫忙。

So with that in mind, what I'd say is probably continued trends and -- in terms of what's widely publicized, which is that supply coming online, I think.

因此，考慮到這一點，我想說的可能是持續的趨勢——就廣泛宣傳的內容而言，我認為這就是在線供應。

What I said last quarter sort of ended up coming through and then probably will continue.

我上個季度所說的最終實現了，然後可能會繼續下去。

And we think that's a good opportunity for us, certainly, as some of the SSD customers we had last year who were supply constrained can now produce and probably get some or all of what they need.

我們認為這對我們來說當然是一個很好的機會，因為我們去年供應有限的一些 SSD 客戶現在可以生產並可能獲得他們需要的部分或全部產品。

As far as the outlook and the impact on HDD, it's something we monitor.

至於前景和對 HDD 的影響，這是我們所關注的。

That business so far has performed quite well for us, not only because our end customers have done well but our sort of increased presence in some of these newer areas for us like enterprise and nearline have given us a bit of a tailwind there.

到目前為止，這項業務對我們來說表現得相當不錯，不僅因為我們的最終客戶表現良好，而且我們在企業和近線等一些較新領域的業務增加給我們帶來了一些順風。

So I guess, I'm not in a position or ready to call a bigger picture what's going to happening to HDD, SDD for the year, other than, we think, we see strong growth drivers for us because of our own unique design wins and positioning in both.

所以我想，我還沒有能力或準備好展望今年 HDD、SDD 將會發生什麼，除了我們認為，由於我們自己獨特的設計勝利，我們看到了強勁的增長動力以及兩者的定位。

And we'll, for the time being, stick to our thesis around keep dollars flat in HDD, albeit certain quarters will be a little higher, a little lower.

我們暫時將堅持我們的論點，即保持 HDD 的美元持平，儘管某些季度會稍高、稍低。

And then, keep really executing well on the SSD growth that's out there, and try to make it happen.

然後，繼續在 SSD 增長方面保持良好執行力，並努力實現這一目標。

So that's the landscape of what I can share at this time.

這就是我現在可以分享的情況。

Okay.

好的。

That's helpful.

這很有幫助。

And then, I wonder also if you could just touch on your gross margins keep going up.

然後，我還想知道你是否可以談談你的毛利率繼續上升。

I think it's been a couple of quarters now you said sort of mix is going against you because margins continue to rise.

我想現在已經有幾個季度了，你說某種組合對你不利，因為利潤率持續上升。

How should we think about that?

我們應該如何思考這個問題？

Is it sort of -- is that just simply mix within each of the segments?

是不是只是簡單地混合在每個部分中？

And is there anything kind of formulaic we can look at as to how much gross margin falls through as you continue to grow revenues?

我們可以用什麼公式來計算隨著收入的持續增長毛利率會下降多少嗎？

Sure.

當然。

I actually do think -- and it's not intentional, obviously, to sound like a broken record on this one, which is, hey, gross margins did better than we thought, gross margin outlook is better than we thought, but we also have this sort of mix issue going against us.

我實際上確實認為 - 顯然，這不是故意的，聽起來像是打破了這一紀錄，也就是說，嘿，毛利率比我們想像的要好，毛利率前景比我們想像的要好，但我們也有這個某種混合問題對我們不利。

And it has been true.

這確實是事實。

Really, what's happened is connectivity was just a really strong performer for us last year, and it's sort of been that way every quarter.

事實上，去年我們的連接性表現非常強勁，而且每個季度都是如此。

It's done a little bit better than we thought.

做得比我們想像的要好一些。

So that being said, we do think, because of in the sort of what's been realized so far, absolutely has been improved mix within each of the segments.

話雖這麼說，我們確實認為，由於迄今為止所實現的情況，每個細分市場中的組合絕對得到了改進。

Meaning you've gotten higher value, design wins or new product ramps in storage and networking or in connectivity.

這意味著您在存儲和網絡或連接方面獲得了更高的價值、設計勝利或新產品的增長。

Despite the fact that, that business did grow year-over-year, we have been actively remixing quite a bit in that business in terms of letting applications just sort of go away and really focusing on areas where we could make a gross margin impact and really focusing on profitability versus top line.

儘管事實上，該業務確實逐年增長，但我們一直在積極地重新混合該業務，讓應用程序消失，真正專注於我們可以對毛利率產生影響的領域，真正關注的是盈利能力而不是營收。

But top line also worked well there.

但頂線在那裡也運作良好。

So what I'd say is I'd stick to my same story, which is we do think we certainly -- we gave, I think, a solid guide for Q1, which was 62 to 63 on the GM.

所以我想說的是，我會堅持我的同樣的故事，那就是我們確實認為我們當然 - 我認為我們為第一季度提供了可靠的指導，通用汽車的比分是 62 比 63。

I don't think anybody a year ago would have been sitting here thinking, when we are at Analyst Day 2017, that we'd be talking about guiding 62 to 63 a year later, so we're really happy with that because of the way we've managed the company.

我認為一年前沒有人會坐在這裡思考，當我們在 2017 年分析師日時，我們會討論一年後將 62 引導至 63，所以我們對此非常滿意，因為我們管理公司的方式。

But beyond that, while we don't give specific ranges, our seasonally strong quarters and storage begin in Q2 and Q3.

但除此之外，雖然我們沒有給出具體範圍，但我們的季節性強勁季度和存儲始於第二季度和第三季度。

And overall, kind of bigger segment mix should help us there.

總的來說，更大的細分市場組合應該對我們有幫助。

So we'll see.

所以我們拭目以待。

We take it 1 quarter at a time, but directionally, certainly, we're very pleased.

我們每次只進行一個季度，但從方向上來說，當然，我們非常高興。

And I would also just give a quick shout out as well to our manufacturing and operations team who continue to do an outstanding job really working with our supply chain partners and really optimizing our cost structure, so we can both grow revenue, reduce cost and make us more competitive with -- in the market.

我還要快速讚揚我們的製造和運營團隊，他們繼續出色地工作，真正與我們的供應鏈合作夥伴合作，真正優化我們的成本結構，因此我們既可以增加收入，降低成本，我們在市場上更具競爭力。

And then, of course, when we combine with Cavium, it will further expand our gross margin.

當然，當我們與 Cavium 合併時，它會進一步擴大我們的毛利率。

And as you recall, when we announced the deal, we did say the combined company target gross margin will be 65%.

正如您所記得的，當我們宣布這項交易時，我們確實說過合併後公司的目標毛利率將為 65%。

And our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just wanted to follow up on connectivity.

我只是想跟進連接情況。

Maybe if you could just talk about why the fall in seasonality?

也許您能談談為什麼季節性下降？

Is it inventory issue or just an earlier build?

是庫存問題還是只是早期版本？

And then, you've telegraphed that mix away from some nonstrategic business.

然後，你就將這種組合從一些非戰略性業務中剔除。

Just kind of as you look at this year, is there any kind of lump in that?

就像你看看今年，有什麼腫塊嗎？

Or is that kind of a gradual thing as you get new products in, you let some walk out the door.

或者說，當你推出新產品時，這是一個漸進的過程，你會讓一些產品退出市場。

I just want to understand, as this year develops, new business coming in versus the consumer you're walking away from?

我只是想了解，隨著今年的發展，新業務的進入與您正在離開的消費者之間的關係如何？

Blayne, this is Jean.

布萊恩，這是吉恩。

I'll take the first question about the Q1 guidance.

我將回答有關第一季度指導的第一個問題。

Yes, when we guided mid-teens sequential increase, it's better than normal seasonality, largely because of the one particular customer, they are actually building product in Q1 versus typical building Q2, Q3 for holiday season.

是的，當我們指導十幾歲左右的連續增長時，它比正常的季節性增長要好，這主要是因為一個特定的客戶，他們實際上是在第一季度生產產品，而不是假期季節的典型生產第二季度、第三季度。

So it's very unusual situation.

所以這是非常不尋常的情況。

So I do think Q1 revenue for wireless is unusually high.

因此，我確實認為第一季度無線業務的收入異常高。

And Q2, Q3, you're actually going to see some kind of a decline more than typical for this particular customer, and they -- which is a large customer.

第二季度、第三季度，您實際上會看到某種特定客戶（他們是大客戶）的下降幅度超過典型情況。

So that's the dynamics of Q1 versus Q2 and Q3.

這就是 Q1 與 Q2 和 Q3 的動態對比。

As far as the strategy wise, overall, we are really trying to focus on profitability of the Wi-Fi business.

就戰略而言，總體而言，我們確實在努力關注Wi-Fi業務的盈利能力。

So we're certainly trying to get out some of the low-margin applications more in the consumer side of the business.

因此，我們當然會努力在消費者業務方面更多地淘汰一些低利潤應用程序。

Matt, you probably can add more on the strategy side.

馬特，你可能可以在策略方面添加更多內容。

Sure.

當然。

I think, we've -- just to reiterate it for all the investors on the call, we've -- as I said, we've focused on, really, profitability in that segment to make sure it's a contributor on certainly gross and an operating margin.

我認為，我們只是向所有參加電話會議的投資者重申這一點，正如我所說，我們實際上專注於該領域的盈利能力，以確保它對總毛利率做出貢獻和營業利潤率。

And we've made huge strides in our wireless business.

我們在無線業務方面取得了巨大進步。

I think, this question you got, Blayne, about what does that look like as consumer, maybe lower margin or lower value add business rolls off.

我想，布萊恩，你提出的這個問題是關於消費者是什麼樣子的，也許利潤率較低或附加值較低的業務會消失。

I mean, that's why, even in the last year, we've been very judicious every quarter about how we think about that business and guide it because there has been a big remix that's been ongoing and will continue to be ongoing probably over the next year.

我的意思是，這就是為什麼，即使在去年，我們每個季度都非常明智地考慮如何看待該業務並對其進行指導，因為已經進行了一次大規模的混音，並且可能會在接下來的時間內繼續進行年。

And as Jean mentioned, because of one of our customers, I think, doing a ramp that has some of what would probably be in Q2 and a little bit of Q3 in Q1, that probably linearizes moreover, let's say, 2.5 quarters versus 2 quarters.

正如 Jean 提到的，我認為，由於我們的一位客戶，做了一個斜坡，其中可能包含第二季度的一些內容和第一季度的一些第三季度的內容，這可能會進一步線性化，比方說，2.5 個季度與 2 個季度相比。

But overall, I mean, there's been enough sort of new stuff coming in and old stuff rolling off.

但總的來說，我的意思是，有足夠多的新東西進來，舊東西滾落。

And we're not -- beyond that, I think, that's as much as I can be helpful other than we're not -- we just can't guide Q2, Q3 and beyond in detail just yet.

我認為，除此之外，我們還不能提供更多幫助，但我們只是還無法詳細指導第二季度、第三季度及以後的工作。

And then, just on the gross margin, you -- I would think that the wireless would be a headwind to gross margin, you're still growing it, so maybe just talk about the drivers to gross margin.

然後，就毛利率而言，我認為無線業務將成為毛利率的阻力，但你仍在增長它，所以也許只談談毛利率的驅動因素。

Sure.

當然。

So again, I think, we have the headwind issue.

我認為，我們再次面臨逆風問題。

We actually guided to seasonality, obviously.

顯然，我們實際上以季節性為導向。

Slightly lower revenue.

收入略有下降。

Of course, it was, I think, still a solid guide.

當然，我認為它仍然是一個可靠的指南。

But again, very pleased to see on the GM.

但同樣，很高興看到通用汽車。

And I think, as I said, I think, we see new products ramping up.

我認為，正如我所說，我們看到新產品正在增加。

I mean -- so if you think about networking, which has been a story we saw in Q4, and we certainly said we're going to see it in Q1, those new products have been much higher value and much better margin than historical Marvell legacy -- or Marvell networking.

我的意思是 - 所以如果你考慮網絡，這是我們在第四季度看到的一個故事，我們當然說過我們將在第一季度看到它，這些新產品比歷史上的 Marvell 具有更高的價值和更高的利潤率傳統網絡或 Marvell 網絡。

Also legacy is lower than the new stuff, so as that mix shifts within networking, that's helpful.

此外，遺留的東西比新的東西要低，因此當這種混合在網絡中發生變化時，這是有幫助的。

And again, I'd say, it's continued execution on the cost reduction side as well, which has been a benefit to the entire company, to the entire enterprise.

我想說，這也是在降低成本方面的持續執行，這對整個公司、整個企業都有好處。

And I'd just reiterate back to what Jean said when we think about integrating Cavium, all these fundamental improvements with how we manage our supply chain and operations and manufacturing overhead, all that benefit we see is just translating right over as we think about synergies in integrating Cavium.

我只想重申 Jean 所說的，當我們考慮整合 Cavium 時，所有這些根本性的改進以及我們管理供應鏈、運營和製造費用的方式，我們看到的所有好處都在我們考慮協同效應時得到了體現整合 Cavium。

So to the extent we're getting improvements in our own margin, not only does that help what will be the blended margin of the combined company, but those structural improvements, we think -- we very much think, we can pass on to the Cavium side.

因此，就我們自己的利潤率而言，這不僅有助於合併後公司的混合利潤率，而且我們認為，我們非常認為，這些結構性改進可以傳遞給魚鰭側。

So I'd just say it's a mix of things, Blayne.

所以我只想說這是多種因素的結合，Blayne。

There's no one trick pony on it in terms of why it's going up, other than we've been really focused on it.

除了我們一直非常關注它之外，沒有人能解釋它為什麼會上漲。

And ultimately, the only way you really do this over time is we believe strongly, gross margin is the key indicator of the innovation and the value you're delivering.

最終，隨著時間的推移，您真正做到這一點的唯一方法是我們堅信，毛利率是創新和您所提供的價值的關鍵指標。

And the fact that our new products have been ramping strongly across our different segments, it's helping our GMs.

事實上，我們的新產品在不同細分市場中強勁增長，這對我們的總經理很有幫助。

And that's sort of the -- that's the story.

這就是——這就是故事。

(Operator Instructions) Next is Vivek Arya with Bank of America Merrill Lynch.

（操作員指示）下一位是美國銀行美林銀行的 Vivek Arya。

Matt, one more on the storage outlook for Q1, so down year-on-year.

馬特（Matt）再次介紹了第一季度的存儲前景，同比下降。

Conceptually, SSD growth should be more sustainably offsetting HDD declines by now.

從概念上講，SSD 的增長目前應該能夠更可持續地抵消 HDD 的下降。

Is there something specific in Q1 that is preventing that?

Q1 中是否存在某些特定的因素可以阻止這種情況發生？

And should we assume that storage starts to regrow year-on-year from Q2 onwards?

我們是否應該假設存儲從第二季度開始逐年增長？

Vivek, this is Jean.

維韋克，這是吉恩。

So when you look at Q1 from a seasonal perspective, HDD typically decline actually 7% to 10% sequentially.

因此，當你從季節性角度來看第一季度時，HDD 通常會比上一季度下降 7% 到 10%。

So that's really HDDs decline much more in Q1.

因此，第一季度硬盤驅動器確實下降了很多。

And in SSD, we're actually going to see year-over-year growth in Q1.

在 SSD 領域，我們實際上將在第一季度看到同比增長。

It's just that we have a very large base on HDD business.

只是我們的硬盤業務基礎非常大。

That's why we're not offsetting Q1 particularly this decline.

這就是為什麼我們沒有抵消第一季度的下降，特別是這種下降。

As I said, quarter-over-quarter may be different.

正如我所說，季度與季度之間可能會有所不同。

We do expect going forward, especially for the fiscal year, SSD growth is going to be faster than SSD market, which is the market is -- everybody's consensus now is over 20%.

我們確實預計，尤其是在本財年，SSD 的增長將快於 SSD 市場，這是市場——現在每個人的共識是超過 20%。

So from that angle, you can see what Matt mentioned earlier is, for the fiscal year, we'll largely keep the HDD revenue to be more consistent to flattish for the year, and SSD growing much faster than market.

所以從這個角度來看，你可以看到馬特之前提到的，在本財年，我們將在很大程度上保持硬盤驅動器收入在今年更加穩定，而SSD的增長速度比市場快得多。

So I think, quarter-over-quarter, there may be some volatility.

所以我認為，季度環比可能會出現一些波動。

But overall, we feel pretty good about the prospect of the future.

但總體而言，我們對未來的前景感到非常樂觀。

And anything on SSD controller competition?

還有關於 SSD 控制器競爭的事情嗎？

I know you mentioned that if you set aside competition or in-sourcing from the customer side, has the competitive landscape with other merchant suppliers changed in any way?

我知道您提到，如果拋開競爭或客戶方面的內包，與其他商業供應商的競爭格局是否會發生任何變化？

Or do you think you still have pretty strong competitive moat in that area?

或者您認為您在該領域仍然擁有相當強大的競爭護城河？

Sure.

當然。

No, I think, we've certainly had competition in this area for some time.

不，我認為，我們在這個領域的競爭肯定已經有一段時間了。

It's -- we take nothing for granted.

我們不認為任何事情都是理所當然的。

And the competitors traditionally we've had over the last couple of years, we still have them.

過去幾年我們一直面臨的競爭對手現在仍然存在。

We're still on those, battling out on these opportunities.

我們仍在努力爭取這些機會。

So I think, the competitive landscape, I wouldn't say, has changed, but I would say that as our scale has increased in terms of just the breadth of customers we're supplying, the types of end applications that we're in, which range all the way from consumer end client all the way up to the most advanced hyperscale and enterprise applications in the world, that scale has allowed us to continue to invest in that business, I mean, in terms of adding R&D resources and expanding our abilities to develop more products and more IT.

所以我認為，我不會說競爭格局已經改變，但我會說，隨著我們的規模不斷擴大，我們所提供的客戶範圍、我們所處的最終應用類型都變得更加廣泛。 ，其範圍從消費者終端客戶端一直到世界上最先進的超大規模和企業應用程序，這種規模使我們能夠繼續投資於該業務，我的意思是，在增加研發資源和擴大規模方面我們開發更多產品和更多 IT 的能力。

So we're becoming, I'd say, increasingly more relevant than we were 1.5 years ago just because that business scale is now at a point where we can really -- we have a very comprehensive set of solutions.

因此，我想說，與 1.5 年前相比，我們變得越來越重要，因為業務規模現在已經達到了我們能夠真正擁有一套非常全面的解決方案的程度。

And as I pointed out in my prepared remarks, despite the fact that we've had all this great run, we're still ramping new customers.

正如我在準備好的發言中指出的那樣，儘管我們已經取得瞭如此出色的業績，但我們仍在不斷增加新客戶。

This past quarter, we ramped a brand-new Tier 1 NAND company that we hadn't had before.

上個季度，我們成立了一家全新的一級 NAND 公司，這是我們以前從未有過的。

We ramped also in a new cloud hyperscale application that we weren't in before.

我們還推出了以前從未使用過的新雲超大規模應用程序。

So that's all new and incremental on top of what we've done.

因此，這在我們所做的事情之上都是全新的、增量的。

So that's what I'd say.

這就是我要說的。

I think, it's never going to be a pushover between internal competition, merchant, ASIC, which we compete in as well as some other folks.

我認為，這永遠不會成為內部競爭、商家、ASIC 之間的較量，我們和其他一些人都參與競爭。

But again, from having a breadth of portfolio, scale of revenue and R&D investment, we do believe we have a significant competitive moat there, and we're head and shoulders above the others in the market just because of that scale.

但同樣，從產品組合的廣度、收入規模和研發投資來看，我們確實相信我們在那裡擁有顯著的競爭護城河，並且正是因為這種規模，我們才遠遠領先於市場上的其他公司。

(Operator Instructions) Our next question comes from Ross Seymore with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Ross Seymore。

I wanted to go back to the networking side.

我想回到網絡方面。

Matt, I know you said what the issue was in the fiscal fourth quarter about the pushout.

馬特，我知道你說過第四財季關於退出的問題是什麼。

But I wanted to think, as you think about it for this year as a whole, I would have thought you'd be a little better than flat in the near term guide, or flat to slightly up if that pushout from last quarter started to help this quarter, given the strength in the end market and some of your big customers.

但我想，當你考慮今年的整體情況時，我認為你的近期指導會比持平好一點，或者如果上個季度的推出開始轉向持平到小幅上升。考慮到終端市場和一些大客戶的實力，本季度會有所幫助。

So in the near term, can you just talk about what the puts and takes are for the April quarter?

那麼，在短期內，您能談談四月份季度的看跌期權和賣出期權是多少嗎？

And as we think through the year, where do you think that legacy business will exit this fiscal '19 versus where we just exited the prior year?

當我們回顧這一年時，您認為傳統業務將在 19 財年退出，與我們上一年剛剛退出的情況相比？

Sure.

當然。

Maybe I'll take the second part first, and Jean, I don't know if you want to comment, or we can both do this one together.

也許我會先看第二部分，Jean，我不知道你是否想發表評論，或者我們可以一起做這一部分。

But on the second part, we don't have an exact number, Ross.

但在第二部分，我們沒有確切的數字，羅斯。

But I'd say, it sort of went from 20% down to 15%, probably normalizes in that area, right?

但我想說，它從 20% 下降到 15%，可能在該領域趨於正常化，對嗎？

The 15 percentage that's left is really pretty long life cycle stuff.

剩下的 15% 確實是生命週期相當長的東西。

So while it will decline over time, it's not -- I think, the slope on the downside has kind of moderated.

因此，雖然它會隨著時間的推移而下降，但我認為，下行的斜率並沒有有所緩和。

So 15% or a little bit lower is kind of the range.

所以 15% 或稍微低一點是這個範圍。

In the near term, Jean, I don't know if you want to comment or?

近期，Jean，我不知道你是否想發表評論？

I think, if you're talking about Q1, right, our guidance actually is mid-single digits or high-single digit year-over-year growth.

我認為，如果你談論的是第一季度，對吧，我們的指導實際上是中個位數或高個位數的同比增長。

So it's really primarily driven or led by the switch processor and the PHY portfolio, the refresh portfolio.

因此，它實際上主要由交換機處理器和 PHY 產品組合（刷新產品組合）驅動或主導。

The legacy is more likely -- we're actually cautious because the component has shortage challenge we had last quarter.

遺留問題更有可能發生——我們實際上很謹慎，因為該組件面臨著上季度我們遇到的短缺挑戰。

We're actually very cautious about the legacy side and kept it really at kind of sequentially decline kind of way.

實際上，我們對傳統方面非常謹慎，並使其保持在某種連續下降的方式。

We'll see how the legacy perform.

我們將看看遺產的表現如何。

But as Matt said, because the shortage is really not because end market demand, but it's just because of some memory component shortage.

但正如馬特所說，因為短缺實際上並不是因為終端市場需求，而只是因為某些內存組件短缺。

We do think later on that the year will recover, largely keep the legacy business flattish.

我們確實認為今年晚些時候將會復蘇，大部分傳統業務將保持平穩。

It has a long tail.

它有一條長尾巴。

And I would add, too, if you look at the way we phrased it, and clearly, Ross, I was certainly disappointed just because, I think, overall, that networking business really did well for us in Q4, absent this issue.

我還要補充一點，如果你看看我們的措辭方式，顯然，羅斯，我當然感到失望，因為我認為，總的來說，網絡業務在第四季度確實為我們帶來了良好的表現，沒有這個問題。

And that's why we're being very sort of specific about calling it out, but it is what it is.

這就是為什麼我們非常具體地指出它，但事實就是如此。

But if you noticed, what I really said was we expected a recovery in the first half, and that's exactly, to backup Jean's point, just being pretty cautious on that one and just not assuming that there's really about -- normally, every pushout is going to have -- is it one quarter, or pushed to the other quarter, and that's when it comes back.

但如果你注意到的話，我真正說的是我們預計上半場會出現復甦，這正是為了支持吉恩的觀點，只是對此非常謹慎，只是不要假設真的有 - 通常，每次推出都是將會有——是一個季度，還是推到另一個季度，然後它就會回來。

So I think, we've sort of been very thoughtful about that piece of it.

所以我認為，我們對這一部分進行了非常深思熟慮。

But absent that, I think, the rest of it is still working pretty good for us.

但我認為，如果沒有這一點，其餘部分對我們來說仍然非常有效。

Yes.

是的。

And the other one, certainly, is our PHY business is actually quite significant.

當然，另一個問題是我們的 PHY 業務實際上非常重要。

And most of you guys probably know, PHY business is actually declining high single digit typically.

大多數人可能都知道，PHY 業務實際上通常會出現高個位數的下降。

So we actually will be able to offset that seasonal decline for PHY business in Q1.

因此，我們實際上將能夠抵消第一季度 PHY 業務的季節性下降。

That's another factor.

這是另一個因素。

It's a little bit long getting to the details now, but that's the dynamics of our networking.

現在討論細節有點長，但這就是我們網絡的動態。

We actually have a portfolio of business.

我們實際上有一個業務組合。

And 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。

The Marvell team has had great success with Google.

Marvell 團隊在 Google 方面取得了巨大成功。

I think, your ARMADA multi-core processor and your Wi-Fi/Bluetooth combo chip powers every Google Home, every Google Home Mini and Home Max product.

我認為，你們的 ARMADA 多核處理器和 Wi-Fi/藍牙組合芯片為每個 Google Home、每個 Google Home Mini 和 Home Max 產品提供動力。

And as we all know, these products have been doing pretty well in the connected home market, and it's a pretty important initiative for Google.

眾所周知，這些產品在互聯家庭市場表現相當不錯，這對谷歌來說是一個非常重要的舉措。

So the question is, does this help driving the strong connectivity growth in the April quarter?

那麼問題是，這是否有助於推動四月份季度的強勁連接增長？

And then, how can -- or how is the team going to leverage its dominance in the connected home part of this customer to potentially getting more silicon content within the data center segment of their business?

然後，團隊如何或如何利用其在該客戶的互聯家庭部分的主導地位，在其業務的數據中心部分獲得更多的芯片內容？

Sure.

當然。

Well, Harlan, I give you credit for asking a very specific question.

好吧，哈倫，我讚揚你提出了一個非常具體的問題。

But as you can probably imagine, and as you've seen sort from our MO, we prefer to not really get into specific customers and specific content and kind of talk at that level of granular detail.

但正如您可能想像的那樣，正如您從我們的 MO 中看到的那樣，我們寧願不真正深入了解特定的客戶、特定的內容以及那種細緻程度的談話。

From my days as the Sales VP when I was at Maxim, I just learned that customers really don't appreciate it when you start talking about their business, in particular, with seasonality things and other things that you're asking.

從我在 Maxim 擔任銷售副總裁開始，我就了解到，當您開始談論他們的業務時，客戶真的不喜歡，特別是涉及季節性問題和您詢問的其他問題。

So can't really comment on it other than to say that, that particular company is obviously of strategic importance to us, both in that particular product lineup as well as, I would say, even of equal or more strategic relevance is obviously becoming a bigger supplier to them in the data center side of their business.

因此，除了說，該特定公司顯然對我們具有戰略重要性，無論是在該特定產品陣容中，還是在我看來，甚至具有同等或更高的戰略相關性，顯然都正在成為一個在其業務的數據中心方面為他們提供更大的供應商。

But I'll leave it at that.

但我就這樣吧。

Happy to answer another question, but can't talk about individual customers.

很高興回答另一個問題，但不能談論個人客戶。

Great.

偉大的。

Well, then, maybe I'll just follow it up with just a very quick question.

好吧，那麼，也許我會用一個非常簡短的問題來跟進。

Great job on driving the OpEx lower in fiscal year '18, Jean.

Jean，在降低 18 財年的運營支出方面做得非常出色。

How should we think about the OpEx trend beyond the April quarter here in fiscal '19?

我們應該如何看待 19 財年 4 月份季度之後的運營支出趨勢？

Yes, that's a good question.

是的，這是一個好問題。

I would say, the way to think about OpEx is if you look at it toward the end of fiscal '18, our OpEx run rate is around the $208 million per quarter.

我想說，考慮運營支出的方式是，如果你在 18 財年末查看，我們的運營支出約為每季度 2.08 億美元。

So when you think about 2019, it's really you have to factor into about 3% to 4% inflation, including merit increase, right?

因此，當你考慮 2019 年時，你確實必須考慮約 3% 至 4% 的通貨膨脹，包括績效增長，對嗎？

So $250 million for Q1, that includes the payroll tax, but then Q2 will have merit increases.

因此，第一季度為 2.5 億美元，其中包括工資稅，但第二季度將會有績效增長。

So I will say it's around this level for fiscal '19.

所以我想說 19 財年的水平大約是這個水平。

And our next question comes from Karl Ackerman with Cowen.

我們的下一個問題來自卡爾·阿克曼和考恩。

Clearly, hyperscale CapEx is driving not only higher demand for networking, but also storage.

顯然，超大規模資本支出不僅推動了對網絡和存儲的更高需求。

I'm curious, do you embrace the view that nearline hard disk drives remain capacity constrained in the first half of 2018?

我很好奇，您是否接受近線硬盤驅動器在 2018 年上半年仍然容量有限的觀點？

And if so, how is that impacting your ability to both service the hard drive or the HDD vendors as well as receive premium ASPs in this environment?

如果是這樣，這對您在這種環境中為硬盤驅動器或 HDD 供應商提供服務以及獲得優質 ASP 的能力有何影響？

Okay.

好的。

So appreciate the question.

所以很欣賞這個問題。

I think, though, the best guy to ask would be the company that we're supplying to.

不過，我認為最好的詢問者是我們供貨的公司。

I think that, that one, they clearly have much more insight than I do, and there's only 3 of them to ask, so I would probably err on that side.

我認為，那個人，他們顯然比我有更多的洞察力，而且只有他們三個要問，所以我可能會在這一方面犯錯。

So -- and then, with respect to specifics around ASPs and things like that, I mean, all we have said historically is, at a high level, as we penetrated into enterprise and nearline in HDD, we certainly have a higher ASP per drive than, say, client.

因此，關於 ASP 等細節，我的意思是，我們在歷史上所說的只是，在高水平上，隨著我們滲透到企業級和 HDD 近線領域，我們每個驅動器的 ASP 肯定更高比如說，比客戶。

But that's about it.

但僅此而已。

So I don't really -- not in a position to get into specifics about that one or kind of what my end customer dynamics are going to be in that sort of very specific situation you mentioned, Karl.

所以，卡爾，我真的不知道在你提到的那種非常具體的情況下，我的最終客戶動態會是什麼樣子。

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

我們的下一個問題來自高盛的馬克·德萊尼。

I was hoping to follow up on the comments about distribution.

我希望跟進有關分發的評論。

Jean, I think, you said it's about 20% of Marvell's revenue currently.

Jean，我想，您說過這大約佔 Marvell 目前收入的 20%。

I believe that at the end of last year, Marvell announced a global distribution agreement with Avnet, so maybe you can help us better understand what you're hoping to achieve in distribution and the reason for the new agreement?

我相信去年年底，Marvell 宣布了與安富利的全球分銷協議，那麼也許您可以幫助我們更好地了解您希望在分銷方面實現什麼以及達成新協議的原因？

And once -- or if Cavium closes, how are you thinking about using distribution going forward as a combined entity?

一旦——或者如果 Cavium 關閉，您如何考慮將分銷作為一個合併實體繼續發展？

So I'll clarify the percentage of revenue and Matt can answer that other question.

所以我將澄清收入的百分比，馬特可以回答其他問題。

So we have about 20% of our revenue into distribution revenue, but Marvell's distribution revenue, a very large percentage is demand fulfillment.

因此，我們大約有 20% 的收入轉化為發行收入，但 Marvell 的發行收入，很大一部分是需求滿足。

And of course, we're trying to get more demand creation from distributors, but I just want to make sure we understand the numbers first.

當然，我們正在努力從分銷商那裡創造更多的需求，但我只是想確保我們首先了解這些數字。

Yes.

是的。

And then, yes, you're right, Mark, to note that we did make a change in our distribution network, not only with Avnet, but we've made a number of other changes.

然後，是的，你是對的，馬克，注意到我們確實對我們的分銷網絡進行了更改，不僅是與安富利，而且我們還進行了許多其他更改。

And really, I would put this one in the bucket of sales force and go-to-market transformation that, really, Tom Lagatta has been driving since he joined.

事實上，我會​​把這個歸入銷售隊伍和進入市場轉型的範疇，這實際上是湯姆·拉加塔(Tom Lagatta)自加入以來一直在推動的。

Soon after he joined, he and I both sat down and just took a look at the global landscape.

他加入後不久，我和他就坐下來看看全球格局。

And given that it's 20% of our business, we quite frankly just had way too many distributors scattered all over the globe.

鑑於它占我們業務的 20%，坦率地說，我們有太多的經銷商分散在全球各地。

There was not a comprehensive global distribution program, design registration management was all over the map.

沒有一個全面的全球分銷計劃，設計註冊管理遍布各地。

The way we were incentivizing those distributors from a margin point of view was not consistent.

我們從利潤角度激勵這些分銷商的方式並不一致。

And I would say we basically had a whole bunch of distributors without a program.

我想說的是，我們基本上有一大群沒有計劃的分銷商。

And that's why, as Jean points out, it's only 20% of our revenue, and of that, maybe half of it's actually been created for distribution.

這就是為什麼，正如 Jean 指出的那樣，它只占我們收入的 20%，而其中，也許有一半實際上是為了發行而創造的。

So that to me seemed way too low.

所以對我來說這似乎太低了。

Tom's reaction was the same.

湯姆的反應是一樣的。

We subsequently added an executive to run distribution in last fall.

隨後，我們於去年秋天增加了一名高管來負責分銷。

And then, toward the end the year, we announced a series of changes, one of which was pointing Avnet as our global distributor and really expanding that franchise worldwide.

然後，到了年底，我們宣布了一系列變化，其中之一是指定安富利為我們的全球分銷商，並真正在全球範圍內擴大該特許經營權。

We terminated a number of others and really got a much more focused channel strategy in place that, I think, for both sides, both distribution and Marvell, actually optimized the incentive structure, and certainly made it much more simple for us from a go-to-market standpoint.

我們終止了其他一些公司，並確實制定了更加集中的渠道策略，我認為，對於分銷和 Marvell 雙方來說，實際上優化了激勵結構，並且肯定讓我們從一開始就變得更加簡單-以市場的角度來看。

And you should expect the same playbook that we've implemented on Marvell, we're going to take a very close look and already have with Cavium's distribution network and the activities that they have going on there.

您應該期待我們在 Marvell 上實施的相同策略，我們將非常仔細地研究並已經了解 Cavium 的分銷網絡以及他們在那裡進行的活動。

By the way, they have some very nice activities going on within distribution and with Cavium, so I think there are some, probably, some top line synergy there to take advantage of that.

順便說一句，他們在發行範圍內以及與 Cavium 進行了一些非常好的活動，所以我認為可能有一些頂級的協同作用可以利用這一點。

So we're going to put those 2 together and you should expect we'll have a very professionally managed, efficient global distribution plan implemented as part of our sales track when we think about integrating Cavium.

因此，我們將把這兩者放在一起，當我們考慮整合 Cavium 時，您應該期望我們將實施一個非常專業管理、高效的全球分銷計劃，作為我們銷售渠道的一部分。

And we have time for one more question.

我們還有時間再問一個問題。

Our next question comes from Harsh Kumar with Piper Jaffray.

我們的下一個問題來自 Harsh Kumar 和 Piper Jaffray。

So first question for you, Matt, is would you be able to give us some sense of how much the preamp revenues are?

所以，馬特，你的第一個問題是，你能否讓我們了解一下前置放大器的收入是多少？

When they become significant?

它們何時變得重要？

And given that you're hopefully going to get that revenue to be significant, hopefully, this year, why -- is it fair to assume that the HDD business could potentially grow in absolute dollars versus your commentary of flattish?

考慮到今年你希望獲得可觀的收入，為什麼——假設 HDD 業務可能會以絕對美元增長，而不是你對持平的評論，這是否公平？

Sure.

當然。

So just to give you a sense of where that business is at, while we're not dollarizing it at this time, think of it as 2 years ago, we had no revenue, products and design.

因此，只是為了讓您了解該業務的現狀，雖然我們目前沒有將其美元化，但可以將其視為兩年前，我們沒有收入、產品和設計。

Last year, we started shipping in some kind of low volume preproduction drives that were out there.

去年，我們開始運送某種小批量預生產驅動器。

We see this year as a year where we're going to probably see some of those drives go into full volume production, but that would be in the back half.

我們認為今年我們可能會看到其中一些驅動器進入全面量產，但這將是在下半年。

And you should assume that, that level of revenue is not significant.

你應該假設，這個收入水平並不重要。

It's going to take time because the way that these preamps work is you really design them fairly specifically for an individual customer and an individual drive program.

這需要時間，因為這些前置放大器的工作方式是您真正為個別客戶和個別驅動程序專門設計它們。

And those -- our strategy has been obviously is try to get those pair up in applications where we have our own SoC.

我們的策略顯然是嘗試在我們擁有自己的 SoC 的應用中將它們配對。

So that's going to be just kind of an ongoing journey that we'll be on.

因此，這將是我們持續不斷的旅程。

And we're not breaking out the amounts.

我們不會透露具體金額。

And certainly, if you talk to my team that runs that entire HDD business, they're obviously -- their strategy and plan is to try to -- when I say flat, that's how we're modeling it as a company.

當然，如果你與我負責整個 HDD 業務的團隊交談，他們顯然 - 他們的戰略和計劃是嘗試 - 當我說持平時，這就是我們將其建模為一家公司的方式。

Obviously, their plan is to try to grow that business by getting more share, getting more ASP, getting preamps to ramp.

顯然，他們的計劃是通過獲得更多份額、獲得更多平均售價、提升前置放大器來嘗試發展該業務。

And so it's not like we're trying to limit ourselves there, but we will kind of stick by our modeling, our models that we indicated earlier on the call, which is preamp ramping is one of the aspects that allows us to keep HDD "flat" over the year.

因此，我們並不是想限制自己，但我們會堅持我們的建模，我們之前在電話會議中指出的模型，前置放大器斜坡是允許我們保持 HDD 的方面之一。”全年持平”。

But we're not really able to get into the numbers.

但我們無法真正了解這些數字。

But as we make progress, you should assume, just like everything we've been doing, we'll be more transparent, we'll give you more details.

但隨著我們取得進展，你應該假設，就像我們一直在做的一切一樣，我們會更加透明，我們會給你更多細節。

Once it's more in front of us, and I think I've been served well by not trying to project too far out on new ramps, I think, at the end of the day, it's very hard to do that accurately.

一旦它出現在我們面前，而且我認為我沒有試圖在新坡道上投射太遠，我認為，最終，很難準確地做到這一點。

And I wouldn't want you to over or underestimate too much.

我也不希望你過高或過低估計。

So I think HDD flat is probably a good way to think of it with preamps being part of the equation.

因此，我認為 HDD Flat 可能是考慮它的好方法，前置放大器是等式的一部分。

And I would like to turn the call back over to Peter Andrew for further remarks.

我想將電話轉回給彼得·安德魯（Peter Andrew）以供進一步評論。

Okay.

好的。

Well, thank you, everyone, for joining us today.

好的，謝謝大家今天加入我們。

And we look forward to talking again next quarter.

我們期待下個季度再次交談。

Thank you.

謝謝。

Good evening.

晚上好。

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

女士們、先生們，感謝你們參加今天的會議。

This concludes the program, and you may now disconnect.

程序到此結束，您現在可以斷開連接。

Everyone, have a great day.

大家，祝你有美好的一天。