邁威爾科技 (MRVL) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們先生們，美好的一天，感謝你們的支持。

Welcome to the Q1 2019 Marvell Technology Group Ltd.

歡迎來到 2019 年第一季度 Marvell Technology Group Ltd.

Earnings Conference Call.

收益電話會議。

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

（操作員說明）謹此提醒，本次電話會議正在錄音以供重播之用。

It is now my pleasure to turn the conference over to Mr. Peter Andrew, Vice President of Treasury and Investor Relations.

現在我很高興將會議交給財務和投資者關係副總裁彼得·安德魯先生主持。

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 first quarter and fiscal year 2019 earnings call.

歡迎參加 Marvell 2019 年第一季度和財年財報電話會議。

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

今天與我一起出席的是 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 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，並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 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。

Great.

偉大的。

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

謝謝你，彼得，祝所有加入我們電話會議的人下午好。

We are here today to talk about Marvell and our strong Q1 performance and Q2 outlook.

今天我們在這裡討論 Marvell 以及我們強勁的第一季度業績和第二季度前景。

And although I will touch on the status of the Cavium acquisition, a reminder as Cavium is an independent publicly traded company, and we will not be able to comment on their financial results.

雖然我會談到 Cavium 收購的狀況，但提醒一下，由於 Cavium 是一家獨立的上市公司，我們無法對其財務業績發表評論。

Marvell delivered a strong first fiscal quarter for 2019 driven by the growth of our core businesses and continued improvement in operational efficiency.

在核心業務增長和運營效率持續提高的推動下，Marvell 2019 年第一財季表現強勁。

Total revenue for Q1 came in above the midpoint of our guidance at $605 million, up 6% from a year ago.

第一季度總收入達到 6.05 億美元，高於我們指導值的中值，比去年同期增長 6%。

Our non-GAAP gross margin continued its positive momentum and reached a record high of 62.5%.

我們的非 GAAP 毛利率繼續保持積極勢頭，達到 62.5% 的歷史新高。

As a comparison, our revenue has grown 18% compared to Q1 2017, 2 years ago, while growing gross margin dollars by more than twice that rate.

相比之下，與兩年前的 2017 年第一季度相比，我們的收入增長了 18%，而毛利率增長了兩倍多。

Looking ahead, we expect to continue expanding our gross margin in Q2 to 63% to 64% as we capture more value from an improving product mix and other margin expansion initiatives.

展望未來，隨著我們從改善產品組合和其他利潤擴張舉措中獲取更多價值，我們預計第二季度的毛利率將繼續擴大至 63% 至 64%。

Gross margin is a key indicator of the innovation and quality of engineering in a company, and Marvell has quickly moved into an elite level of companies within the semiconductor industry.

毛利率是衡量公司創新和工程質量的關鍵指標，Marvell 已迅速躋身半導體行業的精英水平。

Our non-GAAP operating margin for Q1 was 27.4%, up over 5 percentage points from a year ago.

我們第一季度的非 GAAP 營業利潤率為 27.4%，比去年同期增長了 5 個百分點以上。

You may recall at our Investor Day in March of 2017, we set a non-GAAP operating margin target of 30% by the end of fiscal 2020.

您可能還記得，在 2017 年 3 月的投資者日上，我們設定了到 2020 財年末非 GAAP 運營利潤率目標為 30%。

I'm pleased to report that we expect to achieve this target in Q2, 6 quarters earlier than we had initially projected.

我很高興地報告，我們預計在第二季度實現這一目標，比我們最初預計的提前 6 個季度。

To be clear, we expect to achieve this on a stand-alone company basis.

需要明確的是，我們希望在獨立公司的基礎上實現這一目標。

Non-GAAP earnings per share was $0.32 above the midpoint of our guidance and up 33% year-over-year.

非 GAAP 每股收益比我們指引的中點高出 0.32 美元，同比增長 33%。

The bottom line is that quarter-by-quarter, we continue to unlock Marvell's earnings potential and in the process, we're delivering tremendous value to our customers and our shareholders.

最重要的是，我們每個季度都會繼續釋放 Marvell 的盈利潛力，在此過程中，我們為客戶和股東帶來巨大的價值。

So let's move on to the performance of our core businesses.

那麼，讓我們繼續關注我們核心業務的業績。

Start with storage.

從存儲開始。

Our storage business exceeded expectations, growing 4% year-over-year.

我們的存儲業務超出預期，同比增長 4%。

This growth was driven by 2 factors.

這一增長由兩個因素推動。

First was record SSD revenue, which contributed more than 30% of total storage revenue.

首先是SSD收入創紀錄，佔存儲總收入的30%以上。

Second was the shifting mix of our HDD and SSD storage solutions as we expand in the enterprise and data center markets.

其次，隨著我們在企業和數據中心市場的擴張，我們的 HDD 和 SSD 存儲解決方案的組合發生了變化。

The segment of our storage business grew 50% year-over-year, and overall demand continues to grow.

我們的存儲業務板塊同比增長50%，整體需求持續增長。

The storage market shift to the enterprise and data center has been a key contributor to the recent strength in our HDD business.

存儲市場向企業和數據中心的轉移是我們硬盤驅動器業務近期強勁增長的關鍵因素。

We continue to expand our presence in this market segment and anticipate a multiyear tailwind for our HDD business as we facilitate new storage technology transition such as HAMR, MAMR and multi-actuator drives to increase aerial density and performance, coupled with the ramp of our preamp business.

我們將繼續擴大在這一細分市場的影響力，並預計我們的硬盤業務將在多年內受益，因為我們將促進新的存儲技術轉型，例如 HAMR、MAMR 和多執行器驅動器，以提高天線密度和性能，再加上我們的前置放大器的發展商業。

We believe this strength will continue to largely offset secular declines in client HDDs.

我們相信這種優勢將繼續在很大程度上抵消客戶端硬盤的長期下降。

Meanwhile, at the Open Compute Project Summit in March, we announced the industry's first NVMe SSD chipsets that address emerging cloud and enterprise data center SSD requirements.

與此同時，在 3 月份的開放計算項目峰會上，我們宣布推出業界首款 NVMe SSD 芯片組，可滿足新興雲和企業數據中心 SSD 需求。

These chipsets include the industry's first NVMe switch and 2 data center optimized SSD controllers.

這些芯片組包括業界首款 NVMe 交換機和 2 個數據中心優化的 SSD 控制器。

These key building blocks powers the largest EDSFF and F1 and customized cloud data center form factors, new architectures that enable customers to better meet the rigorous demands of application such as machine learning, deep learning, and advanced analytics.

這些關鍵構建模塊為最大的 EDSFF 和 F1 以及定制雲數據中心外形尺寸和新架構提供支持，使客戶能夠更好地滿足機器學習、深度學習和高級分析等應用的嚴格要求。

The NVMe switch allows operators to virtualize cloud data centers to aggregate and manage multiple SSDs to deliver high-performance storage to their end customers.

NVMe 交換機允許運營商虛擬化雲數據中心以聚合和管理多個 SSD，從而為最終客戶提供高性能存儲。

The NVMe controllers support single and dual-port functionality, as well as open-channel architectures, which are powered by Marvell's fourth generation of NANDEdge LDPC error correction technology.

NVMe 控制器支持單端口和雙端口功能以及開放通道架構，這些架構由 Marvell 第四代 NANDEdge LDPC 糾錯技術提供支持。

This technology supports the latest 3D NAND TLC and QLC technologies and extends overall SSD lifetimes, all while maintaining best-in-class latency and performance consistency.

該技術支持最新的 3D NAND TLC 和 QLC 技術，延長 SSD 的整體使用壽命，同時保持一流的延遲和性能一致性。

Also, these chipsets align to the recently announced OCP Microsoft Project Denali, of which Marvell is a founding member.

此外，這些芯片組還與最近宣布的 OCP Microsoft Project Denali 保持一致，Marvell 是該項目的創始成員。

All right.

好的。

Moving on to networking.

繼續討論網絡。

Our networking business grew 6% year-over-year, in line with our guidance of mid- to high single-digit growth.

我們的網絡業務同比增長 6%，符合我們中高個位數增長的指引。

This was driven by new product momentum, particularly and with our switch and PHY solutions for the enterprise campus market.

這是由新產品勢頭推動的，特別是我們針對企業園區市場的交換機和 PHY 解決方案。

In addition, we're seeing early momentum for our data center products, particularly our 100-gig PHY portfolio, which showed strong year-over-year growth.

此外，我們還看到了數據中心產品的早期勢頭，特別是我們的 100 Gb PHY 產品組合，顯示出強勁的同比增長。

We also sampled our first 400-gig PHY for the data center during the quarter, and are seeing strong interest for the product.

我們還在本季度對數據中心的第一個 400-g PHY 進行了採樣，並且看到了對該產品的濃厚興趣。

Overall, our core portfolio of switch, PHY, and embedded processors, grew greater than 10% year-over-year.

總體而言，我們的交換機、PHY 和嵌入式處理器核心產品組合同比增長超過 10%。

And I'm pleased with the performance in future prospects of this business.

我對這項業務未來前景的表現感到滿意。

Our automotive Ethernet business also continues to gain traction.

我們的汽車以太網業務也繼續受到關注。

As I've mentioned in past calls, this business is still in its early stages, but we're already achieving switch and PHY design wins across multiple Tier 1s and OEMs in the U.S., Asia and across Europe.

正如我在過去的電話會議中提到的，這項業務仍處於早期階段，但我們已經在美國、亞洲和歐洲的多個一級供應商和 OEM 中取得了交換機和 PHY 設計的勝利。

Recently, NVIDIA selected our secure automotive Ethernet switch for their Pegasus platform.

最近，NVIDIA 為其 Pegasus 平台選擇了我們的安全汽車以太網交換機。

This makes it the first commercially available solution with embedded security built into the core.

這使其成為第一個在核心中內置嵌入式安全性的商用解決方案。

The Pegasus computing platform has been designed to handle Level 5 driverless vehicles.

Pegasus 計算平台旨在處理 5 級無人駕駛車輛。

Our secure switch powers an in-car network that enables sensor fusion, cameras, safety and diagnostics, while preventing cyberattacks that could compromise a safe and seamless driving experience.

我們的安全開關為車內網絡提供支持，支持傳感器融合、攝像頭、安全和診斷，同時防止可能損害安全、無縫駕駛體驗的網絡攻擊。

Marvell's leadership position is the result of our extensive OEM and Tier 1 relationships, leading IP, and engineering excellence.

Marvell 的領導地位得益於我們廣泛的 OEM 和一級關係、領先的 IP 和卓越的工程設計。

While automotive Ethernet is an emerging market, we are already the leading company with proven Ethernet in switch PHY products, offering solutions that meet or exceed customers' EMC, EMI, security, and overall performance requirements.

雖然汽車以太網是一個新興市場，但我們已經是在交換機 PHY 產品中擁有經過驗證的以太網的領先公司，提供滿足或超越客戶的 EMC、EMI、安全性和整體性能要求的解決方案。

Automotive is a good example of edge computing as cars are essentially becoming data centers on wheels.

汽車是邊緣計算的一個很好的例子，因為汽車本質上正在成為車輪上的數據中心。

And looking ahead, we see numerous opportunities to promote and grow Marvell's Ethernet, WiFi and storage.

展望未來，我們看到了眾多推廣和發展 Marvell 以太網、WiFi 和存儲的機會。

HD today, SSD in the future.

今天是高清，未來是固態硬盤。

Finally, moving on to connectivity.

最後，繼續討論連接性。

Marvell's connectivity business grew 19% year-over-year, driven by our broad-based demand for our solutions across all of our targeted market and segments, particularly performance, client, and enterprise access.

Marvell 的連接業務同比增長 19%，這得益於我們所有目標市場和細分市場對解決方案的廣泛需求，特別是性能、客戶端和企業訪問。

Our success in these high-performance market segments is the result of a shift in our strategy over the past 2 years.

我們在這些高性能細分市場的成功是過去兩年我們戰略轉變的結果。

We're focusing primarily on markets that value the differentiation we deliver through our system-level solutions.

我們主要關注那些重視我們通過系統級解決方案提供的差異化的市場。

In these high-performance end markets, we are able to offer solutions comprised of processor, RF, switch, PHY, security and software IP, which together helps customers accelerate their time-to-market.

在這些高性能終端市場中，我們能夠提供由處理器、射頻、交換機、PHY、安全和軟件 IP 組成的解決方案，共同幫助客戶加快上市時間。

This solution-focused approach continues to be embraced by the market.

這種以解決方案為中心的方法繼續受到市場的歡迎。

Great example is our recently announced 802.11ax products, which have generated a very strong design win pipeline with leading Tier 1 customers.

一個很好的例子是我們最近發布的 802.11ax 產品，該產品已經為領先的一級客戶提供了非常強大的設計贏得渠道。

Overall, I'm pleased with the performance of our core business, I'm proud of our teams for their continued efforts to position Marvell for success, both now and into the future.

總體而言，我對我們核心業務的表現感到滿意，我為我們的團隊不斷努力讓 Marvell 在現在和未來取得成功而感到自豪。

Moving on to an update on the Cavium acquisition.

接下來是有關 Cavium 收購的最新情況。

First, on March 16, Marvell and Cavium shareholders voted overwhelmingly in favor of the proposed merger.

首先，3 月 16 日，Marvell 和 Cavium 股東以壓倒性多數投票支持擬議的合併。

Second, the HSR antitrust process is complete, and we recently obtained CFIUS Approval.

其次，HSR反壟斷程序已經完成，我們最近獲得了CFIUS的批准。

The final regulatory review approval we are waiting for is from China's state administration for market regulation, that's AMR, also known as the new MOFCOM.

我們正在等待的最終監管審查批准來自中國國家市場監管總局，即市場監管總局，也稱為新的商務部。

We continue to currently believe the transaction will close in mid-calendar year 2018.

目前我們仍然認為該交易將於 2018 年中旬完成。

Third, while the deal isn't closed yet, integration planning is going extremely well.

第三，雖然交易尚未完成，但整合計劃進展非常順利。

This will enable us to hit the ground running once the transaction closes, and I'm confident in the synergies we projected.

這將使我們能夠在交易完成後立即開始運作，而且我對我們預計的協同效應充滿信心。

$150 million to $175 million within the first 18 months, and expect to achieve $200 million over the long term.

前 18 個月內將達到 1.5 億至 1.75 億美元，長期預計將達到 2 億美元。

Finally, the strategic rationale of this combination is compelling.

最後，這種合併的戰略理由是令人信服的。

It's financially accretive, technically accretive from the addition of new product lines and IP, increases our scale, significantly diversifies Marvell, doubles our TAM, accelerates our presence in the cloud and data center market, and with synergy capture, creates a best-in-class financial model.

通過增加新的產品線和 IP，它可以在財務上和技術上增值，擴大我們的規模，顯著實現 Marvell 的多元化，使我們的 TAM 翻倍，加速我們在雲和數據中心市場的佔有率，並通過協同效應，創造一個最佳的類財務模型。

Now before wrapping up my remarks, I want to mention 2 other things.

在結束我的發言之前，我想提另外兩件事。

First, Forbes recently named Marvell as one of America's best employers for 2018.

首先，《福布斯》最近將 Marvell 評為 2018 年美國最佳雇主之一。

Notably, this award is based on employee feedback and is not something a company can apply for.

值得注意的是，該獎項是基於員工反饋，並非公司可以申請。

To me this validates the hard work we've been doing over the past 18 months to create a new company culture, built on integrity and transparency, one that empowers and inspires innovation, customer focus, and rewards high-performance.

對我來說，這證明了我們在過去 18 個月里為創造一種新的公司文化所做的努力，這種文化建立在誠信和透明度的基礎上，這種文化能夠增強和激發創新、以客戶為中心並獎勵高績效。

While tangible benefits can sometimes be hard to quantify, I do believe that most people make an extra effort when they are treated fairly and rewarded for their hard work.

雖然有形的好處有時很難量化，但我確實相信，當大多數人受到公平對待並因辛勤工作而得到回報時，他們會付出額外的努力。

And while our work here is never done, I'm very proud that Marvell made the Forbes' list, and I'm proud to be part of this team.

雖然我們的工作從未完成，但我對 Marvell 進入福布斯榜單感到非常自豪，並且我很自豪能夠成為這個團隊的一員。

Second, we recently announced changes to our Board of Directors.

其次，我們最近宣布了董事會的變動。

Gerri Elliott and Peter Feld have decided to not stand for reelection to Marvell's Board when their terms are up at the end of June.

Gerri Elliott 和 Peter Feld 決定在 6 月底任期屆滿後不再競選 Marvell 董事會的連任。

Gerri has joined Cisco.

Gerri 已加入思科。

She's their Chief Sales and Marketing Officer; and Peter decided it was the appropriate time for him to step down from the board to free up capacity to serve on other Starboard portfolio company boards.

她是他們的首席銷售和營銷官；彼得認為現在是他辭去董事會職務的適當時機，以釋放在其他 Starboard 投資組合公司董事會任職的能力。

Candidly, I do not think Marvell would be nearly as well positioned to succeed today and in the future, if Peter had not helped drive some hard, but very necessary changes 2 years ago.

坦率地說，如果彼得沒有在 2 年前幫助推動一些艱難但非常必要的變革，我認為 Marvell 在今天和未來都不會取得成功。

And Gerri's unique point of view has helped us progress over the last year too.

Gerri 獨特的觀點也幫助我們在過去的一年裡取得了進步。

While I'm sorry see such talented directors leave, along with Dr. Randhir Thakur who previously announced he was not standing for reelection due to his new position at Intel, I wish them all the best.

雖然我很遺憾看到如此才華橫溢的董事以及之前宣布因在英特爾擔任新職位而不再競選連任的 Randhir Thakur 博士離開，但我祝愿他們一切順利。

I'm happy to welcome new directors, Donna Morris and Bethany Mayer, as they're going to bring great insights from their leading roles at companies such as Ixia, HP, Cisco and Adobe.

我很高興歡迎新董事 Donna Morris 和 Bethany Mayer，因為他們將通過在 Ixia、HP、Cisco 和 Adob​​e 等公司的領導角色帶來深刻的見解。

All together, we have a great board, and I'm excited about our future.

總之，我們擁有一個偉大的董事會，我對我們的未來感到興奮。

As a team, we're working very hard to build the world's next great semiconductor company, one that provides highly differentiated infrastructure solutions that help megatrends such as cloud niche computing, AI, and the explosion of data, realize their full potential.

作為一個團隊，我們正在努力打造世界上下一個偉大的半導體公司，該公司提供高度差異化的基礎設施解決方案，幫助雲利基計算、人工智能和數據爆炸等大趨勢充分發揮其潛力。

It takes many talented people to achieve this vision, and we are making great progress in developing a culture that will attract the best and brightest among them.

實現這一願景需要許多人才，而我們在發展一種能夠吸引最優秀、最聰明人才的文化方面正在取得巨大進展。

With that, I will turn the call over to our CFO, Jean Hu.

接下來，我會將電話轉給我們的首席財務官 Jean Hu。

Jean, go ahead.

吉恩，繼續吧。

Thanks, Matt, and good afternoon, everyone.

謝謝馬特，大家下午好。

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

我將討論 2019 財年第四季度的亮點，並提供我們對 2019 財年第二季度的當前展望。

Revenue in the first quarter was $605 million, above the middle point of our guidance provided in March.

第一季度的收入為 6.05 億美元，高於我們 3 月份提供的指導的中點。

Due to the timing of the ZTE ban, there was not an impact to Marvell's forecasted Q1 revenue.

由於中興禁令的時間安排，Marvell 的第一季度營收預測並未受到影響。

Our core business of storage, networking and connectivity, accounted for 93% of revenue and grew 7% year-over-year, slightly ahead of our expectations.

我們的核心業務存儲、網絡和連接佔收入的 93%，同比增長 7%，略高於我們的預期。

Storage accounted for 52% of revenue and grew 4% year-over-year, well above our guidance due to record SSD revenue and continued growth in Enterprise and the data center revenue for both our HDD and SSD solutions.

存儲佔收入的 52%，同比增長 4%，遠高於我們的指導，這是由於創紀錄的 SSD 收入以及我們的 HDD 和 SSD 解決方案的企業和數據中心收入的持續增長。

Networking accounted for 26% of revenue and grew 6% year-over-year, in line with expectations, driven primarily by growth in our core switch, PHY and processor solution.

網絡業務佔收入的 26%，同比增長 6%，符合預期，這主要是由我們的核心交換機、PHY 和處理器解決方案的增長推動的。

Connectivity accounted for 15% of revenue and grew 19% year-over-year, it was below our expectations as some of the expected demand got pushed into Q2.

連接性佔收入的 15%，同比增長 19%，低於我們的預期，因為部分預期需求被推到了第二季度。

Finally, other product accounted for 7% of revenue and declined 10% year-over-year, largely consistent with our expectation.

最後，其他產品佔收入的7%，同比下降10%，與我們的預期基本一致。

GAAP gross margin for the first quarter was 62.1%, and non-GAAP gross margin was 62.5%, a record level for Marvell, and an increase of almost 2 percentage points from last year.

第一季度 GAAP 毛利率為 62.1%，非 GAAP 毛利率為 62.5%，創 Marvell 歷史最高水平，較去年增長近 2 個百分點。

GAAP operating expenses were $251 million, and the non-GAAP operating expenses were $212 million, better than expected due to disciplined operating expense management and our team's continued effort to improve efficiencies.

GAAP 運營費用為 2.51 億美元，非 GAAP 運營費用為 2.12 億美元，好於預期，這要歸功於嚴格的運營費用管理以及我​​們團隊不斷努力提高效率。

GAAP operating margin was 20.7%, non-GAAP operating margin was 27.4%, up over 5 percentage points from a year ago as we were successful in continuing to drive leverage in our model.

GAAP 營業利潤率為 20.7%，非 GAAP 營業利潤率為 27.4%，比一年前增長了 5 個百分點以上，因為我們成功地繼續提高了模型中的槓桿率。

GAAP earnings per diluted share was $0.25, and non-GAAP earnings per diluted share were $0.32.

GAAP 每股攤薄收益為 0.25 美元，非 GAAP 攤薄每股收益為 0.32 美元。

Let's now turn to our balance sheet.

現在讓我們看看我們的資產負債表。

We exit the quarter with $1.9 billion in cash on hand of $3.64 per share based on non-GAAP share count, and we currently have no debt.

本季度結束時，我們手頭有 19 億美元現金，根據非 GAAP 股票數量計算，每股現金為 3.64 美元，而且我們目前沒有債務。

In Q1, we distributed $30 million to shareholders in dividends.

第一季度，我們向股東派發了 3000 萬美元的股息。

As a reminder, we have [not been] in the market and [repurchased] shares due to the pending Cavium transaction.

提醒一下，由於 Cavium 交易懸而未決，我們[未]進入市場並[回購]股票。

Now moving to our Q2 outlook.

現在轉向我們對第二季度的展望。

We expect our total revenue to be in the range of $600 million to $630 million.

我們預計我們的總收入將在 6 億至 6.3 億美元之間。

At the midpoint of our guidance, it would represent a 2% year-over-year growth.

在我們指導的中點，這將代表 2% 的同比增長。

Please note that our Q2 revenue guidance reflects the loss of approximately $7 million in ZTE networking revenue, due to the current trade restrictions imposed by the U.S. government.

請注意，我們第二季度的收入指引反映了由於美國政府當前實施的貿易限制，中興通訊網絡收入損失了約 700 萬美元。

For comparison purpose, including ZTE revenue, our Q2 2019 revenue guidance would represent 3% year-over-year growth.

出於比較目的，包括中興通訊收入在內，我們 2019 年第二季度的收入指引將同比增長 3%。

We expect our storage revenue to be up low to mid-single digit year-over-year.

我們預計我們的存儲收入將同比增長低至中個位數。

We expect our networking revenue to be up high single-digit year-over-year.

我們預計我們的網絡收入將同比增長個位數。

If we were to include the $7 million in ZTE revenue, networking would be double-digit up year-over-year.

如果我們將中興通訊 700 萬美元的收入計入在內，網絡業務將同比實現兩位數增長。

We expect our connectivity revenue to decline in the mid-teens year-over-year as we will not experience the normal consumer gaming ramp that would typically start in Q2.

我們預計我們的連接收入將同比下降百分之十幾，因為我們不會經歷通常在第二季度開始的正常消費者遊戲增長。

As Matt mentioned earlier, over the last 2 years, we have been shifting our strategy in the business to focus on the high-performance segment of the market, while customers value the differentiation we deliver.

正如馬特之前提到的，在過去的兩年裡，我們一直在改變我們的業務戰略，專注於市場的高性能部分，而客戶也看重我們提供的差異化服務。

Part of the shift in strategy involves accessing low-margin, consumer-based platforms.

戰略轉變的一部分涉及進入低利潤、基於消費者的平台。

The result is an increase in design win traction with gross margin improvement, despite the revenue headwinds as some consumer products ramped up.

其結果是，儘管一些消費品的增長帶來了收入逆風，但設計贏得吸引力的增加和毛利率的提高。

As an example, gaming in Q2 will be accounted for 8% of connectivity revenue compared to a year ago, when each represented roughly 22% of the revenue.

例如，與去年同期相比，第二季度的遊戲將佔連接收入的 8%，當時每個遊戲約佔收入的 22%。

This transition is by design, and that we expect gaming revenue to continue to ramp down in Q3.

這種轉變是有意為之，我們預計遊戲收入將在第三季度繼續下降。

Overall, we continue to be excited by the long-term prospects of our connectivity business.

總體而言，我們繼續對連接業務的長期前景感到興奮。

We expect other revenue to decline in the mid- to high single digit year-over-year.

我們預計其他收入同比下降幅度為中高個位數。

We expect gross margin to be in the range of 63% to 64%, driven by richer product mix, continued focus on margin expansion initiatives and the manufacturing cost discipline.

我們預計，在更豐富的產品組合、持續關注利潤擴張計劃和製造成本控制的推動下，毛利率將在 63% 至 64% 之間。

We expect our GAAP operating expenses to be between $260 million and $270 million, and the non-GAAP operating expenses to be approximately $210 million.

我們預計 GAAP 運營費用將在 2.6 億至 2.7 億美元之間，非 GAAP 運營費用約為 2.1 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 $0.32 to $0.36.

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 0.32 美元至 0.36 美元之間。

Before I turn the call over to operator to take questions, I did want to ask that you please keep your questions focused on Marvell and our financial results.

在我將電話轉給接線員回答問題之前，我確實想請您將問題集中在 Marvell 和我們的財務業績上。

We are quite limited, from legal perspective, what we can comment about Cavium's financial result.

從法律角度來看，我們對 Cavium 財務業績的評論非常有限。

With that, we'll 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 will come from the line of Tim Arcuri with UBS.

（操作員說明）我們的第一個問題將來自瑞銀集團的蒂姆·阿庫裡（Tim Arcuri）。

The first question.

第一個問題。

I know that you don't want to talk too much about the Cavium results, but can you confirm or comment on whether you've merged the ERP systems or you've aligned them?

我知道您不想過多談論 Cavium 的結果，但是您能否確認或評論一下您是否合併了 ERP 系統或對齊了它們？

Oh, I'll take that question.

哦，我會回答這個問題。

So on the ERP system, especially after we closed the transaction, we'll have a plan to merge the ERP system.

所以在 ERP 系統上，特別是在我們完成交易之後，我們將有一個合併 ERP 系統的計劃。

Typically, it will take us 9 to 12 months.

通常，我們需要 9 到 12 個月的時間。

From the integration planning perspective, we're actually actively planning the merger of ERP system, but that's as a lot of you know, that item, typically, takes 9 to 12 months after we close the transaction.

從整合規劃的角度來看，我們實際上正在積極規劃 ERP 系統的合併，但正如你們很多人所知，該項目通常需要我們完成交易後 9 到 12 個月的時間。

And then, can you give us a sense also on the SSD?

那麼，您能給我們介紹一下SSD嗎？

Is that in the low-30s as a percent of the storage revenue?

佔存儲收入的百分比是否在 30 左右？

Or is it more like mid-30s?

還是更像30多歲？

Tim, thank you for the question.

蒂姆，謝謝你的提問。

I'm not going to give you that detailed answer.

我不會給你那麼詳細的答案。

I think we said more than 30%.

我想我們說的是超過30%。

That's right.

這是正確的。

And just to add the perspective, Tim, I think you weren't on the last call, but as we have sort of followed this continuum over the last 6, 7 quarters, it's just in constant progress each quarter.

只是補充一下觀點，蒂姆，我認為你不是最後一次打電話的人，但由於我們在過去的 6、7 個季度中一直在遵循這個連續體，所以每個季度都在不斷進步。

So I just sort of view the quarter we just had, which was record revenue for us in SSD, as now crossing the 30% threshold.

所以我只是回顧了我們剛剛經歷的這個季度，SSD 領域的收入創歷史新高，現在已經突破了 30% 的門檻。

But as Jean said, we're not -- never provided that level of precision, but you should just view it as another positive data point that our mix and storage continues to improve, both in SSD as well as the content of enterprise and data center percent of revenue.

但正如 Jean 所說，我們從未提供過這種精確度，但您應該將其視為另一個積極的數據點，即我們的組合和存儲在 SSD 以及企業和數據內容方面不斷改進收入的中心百分比。

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

我們的下一個問題將來自 Vivek Arya 與美銀美林的關係。

For the first one, good to see the strong growth in networking, Matt.

首先，很高興看到網絡領域的強勁增長，馬特。

I think, if I look at the Q2 guidance, sort of like the fourth quarter of accelerating revenue.

我認為，如果我看看第二季度的指導，有點像第四季度的收入加速增長。

I'm curious, what's driving this acceleration?

我很好奇，是什麼推動了這種加速？

And how much legacy business is still left in networking?

網絡領域還剩下多少遺留業務？

Sure.

當然。

Yes.

是的。

Vivek, thanks for the question.

維韋克，謝謝你的提問。

So no, it's really -- the new products continue to have a strong ramp, as we indicated.

所以不，正如我們所指出的，新產品繼續強勁增長。

A number of new products that target not only the enterprise in the campus area, but as well as the data center in switch, in PHY, and in our embedded processor area.

許多新產品不僅針對園區企業，還針對交換機、PHY 和嵌入式處理器領域的數據中心。

All 3 of those are doing extremely well and have been driving kind of double-digit growth on their own.

所有這三個公司都表現得非常好，並且一直在靠自己推動兩位數的增長。

Legacy continues to shrink as a portion of our total, and we had some lumpiness in it last quarter.

傳統業務在我們總業務中所佔的比例繼續縮小，上個季度我們的業務也出現了一些波動。

I think, Jean, do you want to give the exact number, it's in the...

我想，Jean，你想給出確切的數字嗎？它在......

It's still around the 15%.

仍然在15%左右。

Yes.

是的。

So it's sort of maintaining in that area, but the new products are a bigger scale and are growing faster.

因此，這在某種程度上是在維持該領域，但新產品的規模更大，增長速度更快。

Got it.

知道了。

And then, in the storage business, I think we have gone sort of back and forth between assuming sort of a flat trajectory for that business over the longer term, versus some amount of growth, given the growth in SSD controllers and the shift to enterprise and data center.

然後，在存儲業務中，考慮到 SSD 控制器的增長和向企業級的轉變，我認為我們在假設該業務長期保持平穩軌跡與一定程度的增長之間搖擺不定。和數據中心。

What is the right way to think about it?

正確的思考方式是什麼？

For example, what is the mix of the growth parts of storage now?

比如現在存儲的增長部分是怎樣的組合？

So we can think of this as a somewhat growth business rather than just flatlining from here?

那麼我們是否可以將其視為一項有所增長的業務，而不是從此開始持平？

Sure.

當然。

So I'll give you my view, and Jean can add.

所以我會告訴你我的觀點，讓可以補充。

But we've been -- when we've had conviction that storage for us is a grower, and we've had that conviction for some time, the model, really, to think about is the HDD portion, which is larger.

但我們一直 - 當我們確信存儲對於我們來說是一個增長者，並且我們已經有這種信念有一段時間了，實際上，要考慮的模型是 HDD 部分，它更大。

We've been able to manage that, largely flat, despite the kind of well-known secular decline and the client portion.

儘管眾所周知的長期下降和客戶部分，但我們已經能夠做到這一點，基本持平。

We've more than offset that with increases in what we consider to be the higher-value segment and the growing segment, which is the enterprise and nearline-type of drives that's been going on, and that trend, we think, is going to continue.

我們已經通過我們認為的高價值細分市場和不斷增長的細分市場（即一直在發生的企業和近線類型驅動器）的增長來抵消這一點，我們認為這種趨勢將繼續。

As client declines, we're going to see continued growth in solutions that really enable higher levels of capacity for cold storage.

隨著客戶數量的減少，我們將看到真正能夠實現更高水平的冷存儲容量的解決方案的持續增長。

And then we have this preamp product line that we believe will continue to kick in over time.

然後我們就有了這個前置放大器產品線，我們相信隨著時間的推移，它會繼續發揮作用。

So that keeps HDD in a flat-type of area.

這樣硬盤就保持在平坦的區域。

Some quarters it grows a little bit, some quarters it's down.

有些季度略有增長，有些季度有所下降。

But generally speaking, it's flat.

但總體來說還是平的。

And then, SSD, if you go back over the past 4 to 6 quarters, has been -- the strongest growth driver in the company, as evidenced even by this past quarter where it exceeded 30% of our storage revenue.

然後，如果你回顧過去 4 到 6 個季度，SSD 一直是公司最強勁的增長動力，甚至上個季度就證明了這一點，它超過了我們存儲收入的 30%。

So we see the combination of those as HDD being flattish, although we're doing our best to grow it a little bit.

因此，我們認為 HDD 的組合是扁平的，儘管我們正在盡最大努力將其增長一點。

And then having SSD layer on top with kind of the fundamental end market of data center and cloud pulling through on both segments.

然後將 SSD 層置於頂層，數據中心和雲的基本終端市場在這兩個領域都發揮著重要作用。

We continue to see it as a growth market.

我們繼續將其視為一個增長市場。

It's been growing for us, and we see that going forward.

它對我們來說一直在增長，我們也看到了這一點。

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

我們的下一個問題將來自巴克萊銀行的布萊恩·柯蒂斯 (Blayne Curtis)。

Just curious on the strength in SSD's record, maybe you could talk about between client and enterprise in April?

只是對 SSD 的記錄感到好奇，也許您可以在 4 月份在客戶和企業之間討論一下？

And then, maybe, just talk about that transition?

然後，也許，只是談談這個轉變？

I know you have a lot of different growth areas in hard drives, but just that transition from client hard drives to SSDs, if you could just talk about your competitive position as that transition happened?

我知道您在硬盤驅動器方面有很多不同的增長領域，但只是從客戶端硬盤驅動器到 SSD 的過渡，您是否可以談談您在過渡發生時的競爭地位？

Yes.

是的。

I'll take this question.

我來回答這個問題。

So when we look at your enterprise data center versus the client, as Matt mentioned during the call, is we have seen the revenue of enterprise data center grow 50% at the overall storage.

因此，當我們比較您的企業數據中心與客戶端時，正如 Matt 在電話中提到的那樣，我們看到企業數據中心的整體存儲收入增長了 50%。

That's how we look at the business.

這就是我們看待業務的方式。

And frankly, during the last several quarters, that growth rate, we have delivered either higher or same level growth rate.

坦率地說，在過去的幾個季度中，我們實現了更高或相同水平的增長率。

So overall, when you look at, it is our enterprise data center business have been growing significantly.

所以總的來說，當你看時，我們的企業數據中心業務一直在顯著增長。

Of course, when you're looking to both SSD side and HDD side; SSD side, both our client and enterprise data center business are growing.

當然，當您同時考慮SSD端和HDD端時； SSD方面，我們的客戶和企業數據中心業務都在增長。

It's just enterprise data center growing even faster.

只是企業數據中心的增長速度更快。

On the client -- on the HDD side, that Matt has just mentioned, the trade-off there, right?

在客戶端 - 在 HDD 方面，馬特剛剛提到，那裡的權衡，對吧？

Is we do see our data center and enterprise nearline business growing much faster, which offsets the decline on the client side.

我們確實看到我們的數據中心和企業近線業務增長得更快，這抵消了客戶端的下降。

I think if you look at the market on the client side, everybody is predicting like 7% to 10% of decline rate.

我認為如果你看看客戶端市場，每個人都預測下降率約為 7% 到 10%。

I would say our business is quite consistent with that, but we have been able to offset that with our data center and our enterprise side of the business.

我想說我們的業務與此非常一致，但我們已經能夠通過我們的數據中心和企業方面的業務來抵消這一點。

I think that's how we look at the overall dynamics of our storage market and storage business.

我認為這就是我們看待存儲市場和存儲業務整體動態的方式。

Okay.

好的。

And Jean, if I could just ask on the gross margin, you're seeing a nice uplift.

吉恩，如果我能問一下毛利率的話，你會看到一個很好的提升。

I'm assuming the wireless LAN helps with the mix.

我假設無線局域網有助於混合。

I was wondering if there was anything else contributing to that uplift?

我想知道是否還有其他因素有助於這種提升？

Yes.

是的。

We're really pleased with the gross margin improvement.

我們對毛利率的改善感到非常滿意。

The team has done an excellent job in execution.

該團隊在執行方面做得非常出色。

So when we look at Q2 guidance, Q2 gross margin versus Q1, about half of that increase is from the mix.

因此，當我們查看第二季度的指導意見時，第二季度的毛利率與第一季度相比，大約一半的增長來自混合。

The other half actually is coming from continued margin improvement initiatives.

另一半實際上來自持續的利潤改善舉措。

So overall, the increase, it's really exciting.

總的來說，這種增長確實令人興奮。

Yes.

是的。

And Blayne, this is Matt.

布萊恩，這是馬特。

I would just add that we've been fighting mix for the last several quarters as connectivities outperformed our expectations in many of those quarters.

我想補充一點，過去幾個季度我們一直在努力實現混合，因為其中許多季度的連接性超出了我們的預期。

And so we've -- although we've been able to grow gross margin every quarter, we've sort of kept saying, "Hey, when mix really moves our way, it should have an uplift." And it certainly did.

因此，儘管我們每個季度的毛利率都能增長，但我們一直在說，“嘿，當混合真正朝著我們的方向發展時，它應該會有所提升。”確實如此。

I think that was validation that, that mix worked our way -- in our favor.

我認為這證明了這種組合對我們有利——對我們有利。

Clearly, new products are kicking in.

顯然，新產品正在發揮作用。

And then, as Jean mentioned, we've got an outstanding ops team that continues to drive manufacturing cost reductions and efficiencies on top of that, and that's how we continue to get leverage in our gross margins.

然後，正如吉恩提到的，我們擁有一支出色的運營團隊，他們將繼續推動製造成本的降低和效率的提高，這就是我們繼續提高毛利率的方式。

And we think we're extremely pleased with the progress there.

我們認為我們對那裡的進展非常滿意。

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

我們的下一個問題將來自瑞士信貸銀行的約翰·皮策 (John Pitzer)。

This is Charlie Kazarian asking a question on behalf of John Pitzer.

我是查理·卡扎里安 (Charlie Kazarian) 代表約翰·皮策 (John Pitzer) 提問。

At your Analyst Day, you kind of outlined a storage SAM CAGR of about 3% with 4% declines in HDDs and about 15% growth in SSDs.

在分析師日，您概述了存儲 SAM 複合年增長率約為 3%，其中 HDD 下降 4%，SSD 增長約 15%。

As you now kind of gain conviction in HDDs being a little flatter to potentially up, and that's before your kind of comment on factoring in the HDD preamps, and it looks like SSDs are kind of growing above that target as well, is it fair to assume there's kind of potential for the storage market to be more of like a mid- to a little bit above a mid-single digit grower for you?

由於您現在對 HDD 的潛在上升趨勢更加確信，而且這是在您對 HDD 前置放大器的評論之前，而且看起來 SSD 的增長也超過了該目標，這公平嗎？假設存儲市場有可能對您來說更像是中個位數增長者中到稍高一點的潛力嗎？

And then, in that same vein, how would you kind of think about kind of the blended growth rate for the company relative to the 6% to 8% target you outlined at your Analyst Day?

然後，以同樣的方式，相對於您在分析師日概述的 6% 至 8% 的目標，您如何看待公司的混合增長率？

Okay.

好的。

Yes.

是的。

Great, Charlie.

太棒了，查理。

Thanks for the question.

謝謝你的提問。

There's a few pieces to it.

它有幾部分。

So the first I'd say is that, since the Analyst Day, we have given some qualitative updates to that model.

因此，我首先要說的是，自分析師日以來，我們對該模型進行了一些定性更新。

Obviously, when we have another Analyst Day, we'll give a formal update.

顯然，當我們有另一個分析師日時，我們將提供正式的更新。

But what we said so far is that SSD as a market has actually increased in velocity since that time.

但到目前為止我們所說的是，從那時起，SSD 作為一個市場實際上已經在加速增長。

We said 15, and then we sort of said it's probably more like 20-plus.

我們說是 15，然後又說可能更像是 20 多個。

And then, depending on which portion of HDD you look like -- you look at, the market, at least, is still in decline and it's probably at the range we set, or maybe even a little bit more, depending on the trajectory of clients.

然後，根據您所關注的 HDD 的哪一部分 - 您會發現，市場至少仍在下降，並且可能在我們設定的範圍內，甚至可能更多一點，具體取決於硬盤的發展軌跡客戶。

So from a market standpoint, it's probably around where it was, with maybe SSD having a little bit more of an uplift.

因此，從市場的角度來看，它可能處於原來的水平，也許 SSD 的提升更大一些。

Clearly, for our business, we're tracking very well to our commitments we made at the Analyst Day, which was to, in spite of a declining HDD market, manage it to flat, which we've been able to do.

顯然，對於我們的業務來說，我們正在很好地履行我們在分析師日做出的承諾，即儘管硬盤驅動器市場不斷下滑，但我們仍能夠做到這一點。

In some quarters, it's actually been up a little bit and outperformed.

在某些方面，它實際上有所上漲並且表現優於大盤。

And then SSDs, based on that 15% market estimate we made, Marvell as a company, has grown much faster than that.

然後，根據我們做出的 15% 市場預測，Marvell 作為一家公司，SSD 的增長速度比這要快得多。

So you can create your model based around that, but we continue to see storage, as I mentioned earlier, when Vivek asked this question, as a growth market for Marvell.

因此，您可以基於此創建模型，但正如我之前在 Vivek 提出這個問題時提到的那樣，我們仍然將存儲視為 Marvell 的增長市場。

And when we say 6% to 8% for the combined company, with the Cavium portion layered in, we're not breaking that down specifically by product line, but clearly, the core Marvell we've always thought we could grow it and we set a target.

當我們說合併後的公司佔 6% 到 8% 的比例（其中包含 Cavium 部分）時，我們並沒有專門按產品線細分，但顯然，我們一直認為可以發展核心 Marvell，並且我們設定一個目標。

We've been doing 6% kind of an aggregate on that, which includes networking and connectivity in the blend.

我們一直在做 6% 的匯總，其中包括混合網絡和連接。

And so we've got an Analyst Day coming in October, and that will be a chance where we can reset some of these models and give a better view.

因此，我們將在 10 月份舉辦分析師日，這將是我們重置其中一些模型並提供更好觀點的機會。

But I hope that color is helpful to walk you through the trajectory of where we are versus where we are -- where we were versus where we are today.

但我希望顏色能幫助你了解我們現在的處境與現在的處境——過去的處境與今天的處境。

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

我們的下一個問題將來自卡爾·阿克曼（Karl Ackerman）和考恩（Cowen）的對話。

I guess, I just kind of want to circle back on the SSD controller business.

我想，我只是想回顧一下 SSD 控制器業務。

I think one of your competitors has been pretty vocal on winning the lion's share of new design wins for PCIe controllers, but your implicit results for your SSD business this quarter suggest you're still growing over 30% a year or well above the market.

我認為你們的一個競爭對手一直在大力爭取 PCIe 控制器新設計的勝利，但你們本季度 SSD 業務的隱含結果表明你們的年增長率仍超過 30%，或遠高於市場水平。

So, a, could talk about the revenue opportunity in fiscal '19 and how do you see, maybe your SSD business growing as a portion of your total storage business?

那麼，a，可以談談 19 財年的收入機會嗎？您如何看待您的 SSD 業務作為總存儲業務的一部分而增長？

And b, how do you think about the competitive landscape in SSD controllers?

b、您如何看待SSD控制器的競爭格局？

There also appears to be some -- several Chinese Controller players trying to disrupt the SATA portion of the market.

似乎還有一些中國控制器廠商試圖擾亂 SATA 市場。

So your thoughts there, kind of longer term, would be helpful.

所以從長遠來看，你的想法會有所幫助。

Sure.

當然。

I'll give you a couple of comments there.

我將在那裡給你一些評論。

One, with respect to the competitive discussions, this is something that was maybe around 2 years ago, with a certain competitor that was making a lot of noise, and then, obviously, last year, that noise did not materialize.

第一，關於競爭性討論，這可能是大約兩年前的事情，某個競爭對手發出了很大的噪音，然後，顯然，去年，這種噪音並沒有成為現實。

So we don't comment on our competition there.

所以我們不會對我們的競爭發表評論。

We tend to look at our own business.

我們傾向於關注我們自己的業務。

And as you point out, it's grown very nicely and in line or above our own aggressive plan.

正如您所指出的，它的增長非常好，符合或高於我們自己的積極計劃。

So we're very well positioned in SSD.

所以我們在 SSD 領域處於非常有利的位置。

With respect to new and emerging competitors, look, it's a lucrative market, it's a large and growing market, but it also requires tremendous engineering IP, scale, firmware, software.

就新出現的競爭對手而言，這是一個利潤豐厚的市場，是一個龐大且不斷增長的市場，但它也需要巨大的工程IP、規模、固件和軟件。

There's an ecosystem aspect to it as well, and there's -- in particular, in the cloud and the data center portion, there's a large barrier to entry just to get qualified.

它還涉及生態系統方面，特別是在雲和數據中心部分，要獲得資格就存在很大的進入壁壘。

So when we look at our business as really the #1 or #2 player, with respect to market share, our other competitor being an internally sourced company, we think our scale really matters in this case and it allows us to invest in next-generation IP to handle all of these different technologies that I mentioned in my prepared remarks.

因此，當我們將我們的業務視為真正的第一或第二名參與者時，就市場份額而言，我們的另一個競爭對手是一家內部採購的公司，我們認為我們的規模在這種情況下確實很重要，它使我們能夠投資於下一個-一代 IP 來處理我在準備好的發言中提到的所有這些不同技術。

And so we're going to continue to focus on our road map and continue to make sure that we stay ahead, and that's been our strategy from Day 1 here.

因此，我們將繼續關注我們的路線圖，並繼續確保我們保持領先，這就是我們從第一天開始的策略。

Yes.

是的。

to just add to what Matt has said, right, data point, I remember 6 quarters ago, we said our SSD revenue would be more than 20%.

補充一下 Matt 所說的，對吧，數據點，我記得 6 個季度前，我們說我們的 SSD 收入將超過 20%。

Then, we said we're going to march toward 30% of the overall storage revenue.

然後，我們說我們將向整體存儲收入的 30% 邁進。

So that's exactly what we have done, right, despite what competitors are saying, is you have seen our revenue growing significantly quarter-by-quarter, year-over-year, our expansion literally doing about 6 quarters from 20% of storage revenue to 30% -- more than 30%.

所以這正是我們所做的，對吧，不管競爭對手怎麼說，你已經看到我們的收入逐季度、逐年顯著增長，我們的擴張實際上用了大約 6 個季度的時間，從存儲收入的 20% 增加到30%——超過30%。

And now storage business are growing.

現在存儲業務正在增長。

So that's basically a representation of how we are -- have been growing our business.

這基本上代表了我們的業務發展情況。

Perfect.

完美的。

And if I may just squeeze one more in.

如果我可以再擠一根的話。

I'm curious if you could discuss how sustainable you think the $210 million OpEx level is beyond the July quarter.

我很好奇您是否可以討論一下您認為 2.1 億美元的運營支出水平在 7 月份季度之後的可持續性如何。

Clearly, you're working on some supply chain initiatives, but revenue should grow, I think, quite a bit from here.

顯然，您正在開展一些供應鏈計劃，但我認為，收入應該會從這裡開始大幅增長。

So how do I think about the OpEx level beyond the July quarter for that level?

那麼我如何看待 7 月份季度之後的運營支出水平呢？

Yes, on the operating expense, I really want to emphasize this, since last -- during last 2 years, right, we're laser-focused to build a very efficient operating model.

是的，關於運營費用，我真的想強調這一點，從去年開始——在過去的兩年裡，對吧，我們專注於建立一個非常高效的運營模式。

The team really have been increasing efficiency across R&D functions and SG&A functions.

該團隊確實一直在提高研發職能和銷售、管理及管理職能的效率。

So this operating expense level, when you compare to a year ago, we grew revenue, but we actually reduced our operating expense level.

因此，與一年前相比，我們的營業費用水平有所增長，但我們實際上降低了營業費用水平。

The whole company is much more efficient today compared to 2 years ago.

與兩年前相比，今天整個公司的效率要高得多。

I think, going forward, we actually see we're going to continue to keep at this operating expense level.

我認為，展望未來，我們實際上看到我們將繼續保持在這個運營費用水平。

We are investing R&D and the talent, but we are making the company more efficient.

我們正在投資研發和人才，但我們正在提高公司的效率。

So this is the level we are comfortable right now.

所以這是我們現在感到舒服的水平。

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

我們的下一個問題將來自德意志銀行的 Ross Seymore。

On the connectivity side, Matt, you talked about some of the pushout from what you expected in the April quarter to now be in the July quarter.

在連接方面，馬特，您談到了從您預期的 4 月季度到現在 7 月季度的一些推出。

Can you just talk about it, is that still benefiting things?

你能不能講一下，這還有好處嗎？

But the decline year-over-year, and it seems like sequentially, is just that gaming business going away.

但逐年下降，而且似乎是連續下降，只是遊戲業務消失了。

Just wanted to know some of the puts and takes in the guidance there, please?

只是想知道指南中的一些內容，好嗎？

Yes.

是的。

This is Jean.

這是讓.

I'll take this question.

我來回答這個問題。

So yes.

所以是的。

So when you look at the wireless revenue, there are a lot of puts and takes.

因此，當您查看無線收入時，會發現有很多變化。

I remember last quarter, we did say one of our large customers that had a really unusual high forecast, some of the forecast did not materialize, so it pushed into Q2.

我記得上個季度，我們確實說過我們的一個大客戶有一個非常不尋常的高預測，有些預測沒有實現，所以它被推遲到第二季度。

And then, Q2, we do have the gaming revenue coming down quite significantly, continue to go down in Q3.

然後，第二季度，我們的遊戲收入確實大幅下降，第三季度繼續下降。

So that's just the different trade-offs over the quarter.

這就是本季度的不同權衡。

But overall, I think we gave you an idea about the gaming ramping down and as a percentage of connectivity revenue.

但總的來說，我認為我們讓您了解了遊戲業務的下降及其占連接收入的百分比。

But put gaming and the low-margin consumer business aside, we do see our enterprise access, automotive, and the other business continue to grow going forward.

但拋開遊戲和低利潤的消費者業務不談，我們確實看到我們的企業訪問、汽車和其他業務在未來繼續增長。

Yes, I would just add, Ross, that this is a business where we've been able to significantly improve the margins in this business.

是的，我想補充一點，羅斯，我們能夠顯著提高這項業務的利潤率。

And as I mentioned, it's been part of a strategy that we've been -- it's been playing out here for some time.

正如我所提到的，這是我們一直以來戰略的一部分——它已經在這裡實施了一段時間了。

And as you think about some of the puts and takes in the -- in particular, the ramp down of the gaming business also keep in mind that, that margin profile was significantly lower than even the average margin profile of our overall connectivity business such that sort of gross margin contribution, in terms of dollars in Q2, and even in Q1, was quite minimal.

當您考慮一些投入和支出時，特別是遊戲業務的下滑時，請記住，該利潤率遠低於我們整體連接業務的平均利潤率，因此以美元計算，第二季度乃至第一季度的毛利率貢獻相當小。

So as Blayne mentioned earlier, that's one reason why we're seeing -- as the mix has shifted, we're seeing margin expansion.

正如布萊恩之前提到的，這就是我們看到的原因之一——隨著組合的變化，我們看到利潤率擴大。

But we're very comfortable with this mix shift from consumer to high performance, and this trajectory that we've been on, and we're going to continue to do that and drive value where we can.

但我們對從消費者到高性能的這種混合轉變以及我們一直走的這條軌跡感到非常滿意，我們將繼續這樣做，並儘我們所能推動價值。

Perfect.

完美的。

I guess for my quick follow-up, you've mentioned a couple of times about the enterprise side of your storage business growing.

我想在我的快速跟進中，您已經多次提到了存儲業務的企業方面的增長。

Specifically, on the HDD portion of that, is there any sizing you could do about that?

具體來說，在硬盤部分，您可以調整大小嗎？

And just kind of describe how you expect the growth on that side of the business to go, going forward, admittedly as an offset to what would be happening on the client side?

只是描述一下您預計業務方面的增長將如何發展，不可否認，作為對客戶端方面將發生的事情的抵消？

Yes.

是的。

Thank you for the question.

感謝你的提問。

So we're not going to get into all those detailed percentage of storage, HDD, SSD, but to directionally, right, is when we had our Analyst Day, our Enterprise Data Center business, as a part of HDD revenue, was really low.

因此，我們不會詳細討論存儲、HDD、SSD 的所有詳細百分比，但從方向上來說，正確的是，當我們進行分析師日時，我們的企業數據中心業務作為 HDD 收入的一部分，非常低。

So over the last 6 quarters that we have seen significant growth of that business, it become very meaningful.

因此，在過去的 6 個季度中，我們看到該業務的顯著增長，這變得非常有意義。

But bear in mind, it's still a small portion of our HDD business.

但請記住，這仍然只是我們硬盤業務的一小部分。

Going forward, we'll continue to see the growth, but I think we're going to give you, directionally, where it's going when we have another Analyst Day.

展望未來，我們將繼續看到增長，但我認為當我們再次舉辦分析師日時，我們將向您提供方向性的發展方向。

Quarter-over-quarter, we're not going to get into the details of the percentage.

按季度計算，我們不會詳細介紹百分比。

Is it fair to assume that, that transition is also accretive to gross margins?

假設這種轉變也會增加毛利率是否公平？

Oh, absolutely.

哦，絕對是。

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

我們的下一個問題將來自 Benchmark 的 Gary Mobley。

I guess, implicit in your second quarter guidance is that the consumer-related -- the game comps-related, WiFi connectivity business is going to be $7 million in the second quarter.

我想，第二季度指導中隱含的是，與消費者相關的——與遊戲相關的、WiFi 連接業務在第二季度將達到 700 萬美元。

And so just to get a sense of the revenue headwind that presents in just the second half of the year, could you give us a sense of the rate of decline in that business will go to nothing by the time you get into the second half of the year?

因此，為了了解今年下半年出現的收入逆風，您能否告訴我們，當您進入下半年時，該業務的下降速度將消失殆盡？那一年？

And then also implicit in your second quarter guidance is that, perhaps, other revenue increases year-over-year and sequentially at the time when that's suppose to decline.

第二季度指導中還隱含的是，也許其他收入在同比和環比增長的情況下預計會下降。

Am I reading that right?

我讀得對嗎？

And can explain the movements there?

並能解釋一下那裡的動向嗎？

Sure.

當然。

I'll give you my take, Gary.

我會告訴你我的看法，加里。

Thanks for the question.

謝謝你的提問。

I'll let Jean add.

我會讓讓補充一下。

So I think the way you should think about it is that -- and again, we're not -- there's a portion that I can give you some color on, and a portion of it that, obviously, we're not guiding out into Q3 and Q4.

所以我認為你應該考慮的方式是——再說一次，我們不是——有一部分我可以給你一些顏色，而其中一部分顯然我們不會指導。進入 Q3 和 Q4。

But for the purposes of a gaming trajectory, you should assume that in Q3, the revenue on this is very low, probably $1 million, and then, it's -- and just assume it's not there.

但就遊戲軌跡而言，你應該假設在第三季度，這方面的收入非常低，可能是 100 萬美元，然後，它就存在了——假設它不存在。

I would say though that I wouldn't assume it's just a net drop.

但我想說的是，我不會認為這只是淨下降。

We obviously have other programs in other end markets that our wireless business continues to remix, but for the purposes of if you want to model the gaming, I think that's probably the safest way to do it.

顯然，我們在其他終端市場上還有其他計劃，我們的無線業務繼續重新混合這些計劃，但如果你想對遊戲進行建模，我認為這可能是最安全的方法。

Jean, did you want to add anything?

吉恩，你想補充什麼嗎？

Yes.

是的。

I think, on the other -- your question about the other revenue, it's flattish sequentially.

我認為，另一方面，你關於其他收入的問題，它連續持平。

I think, and year-over-year, actually, continue to decline, right?

我認為，實際上，同比繼續下降，對嗎？

The other revenue category is a little bit lumpy quarter-over-quarter.

其他收入類別的季度環比略有波動。

Sometimes, you will have a last-time buy for certain products.

有時，您會對某些產品進行最後一次購買。

So -- but directionally, in the longer term, we think the other categories, mid- to high-single digits year-over-year decline.

因此，但從長遠來看，我們認為其他類別的中高個位數同比下降。

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

我們的下一個問題將來自李約瑟的奎因·博爾頓。

Just first, a clarification on the connectivity business.

首先，對連接業務進行澄清。

The large OEM that you had expected to ship in April, that's not a gaming customer, correct?

您預計在 4 月份發貨的大型 OEM 並不是遊戲客戶，對嗎？

No.

不。

That's not.

事實並非如此。

It's what we call the higher-performance, like voice-assisted solutions.

這就是我們所說的更高性能，例如語音輔助解決方案。

Got it.

知道了。

Okay.

好的。

Great.

偉大的。

And then, just on the SSD business, about this time last year, I think you guys gave us some projection that said the business would go from the low 20% of storage to 25% to 30%, and you hit that.

然後，就 SSD 業務而言，大約去年這個時候，我想你們給了我們一些預測，稱業務將從存儲的 20% 低到 25% 到 30%，你們做到了。

I'm just wondering, as we look at fiscal '19, is it reasonable to assume SSDs can get to say, 35% to 40% of storage by the end of the fiscal year?

我只是想知道，當我們審視 19 財年時，假設 SSD 到本財年末可以佔存儲的 35% 到 40% 是否合理？

Sure, Quinn.

當然，奎因。

Yes.

是的。

we haven't set a target, but you should assume that, that trajectory that we've been on, is going to continue.

我們還沒有設定目標，但你應該假設，我們一直沿著的軌跡將會繼續下去。

We'll update the model at another time.

我們將在其他時間更新模型。

But you should assume that -- and it may vary quarter by quarter, but that direction isn't changing, that mix between SSD and HDD.

但您應該假設，SSD 和 HDD 之間的混合可能每個季度都會有所不同，但這個方向不會改變。

Okay.

好的。

Great.

偉大的。

And then a last question, Matt, just on the automotive Ethernet side, I was just wondering, for the gigabit ethernet, can you kind of give us a sense of what you see on the competitive landscape?

最後一個問題，馬特，就汽車以太網方面而言，我只是想知道，對於千兆位以太網，您能否讓我們了解一下您在競爭格局中看到的情況？

And then, are you seeing any demand from customers for faster than 1 gigabit speeds in the autonomous vehicles going forward?

那麼，您是否看到客戶對未來自動駕駛汽車速度超過 1 GB 的需求？

Sure, Quinn.

當然，奎因。

Yes.

是的。

So we feel very good about our competitive position in gigabit ethernet.

因此，我們對自己在千兆以太網領域的競爭地位感到非常滿意。

This was a very challenging product to take to production.

這是一款生產起來非常具有挑戰性的產品。

We announced it a few years ago, but to go from sort of product announcement sample to passing all of the stringent EMC and EMI requirements was a real challenge, and it was a testament, actually, to our team here that's got tremendous expertise in this area.

我們幾年前就宣布了這一點，但從產品發布樣本到通過所有嚴格的 EMC 和 EMI 要求是一個真正的挑戰，實際上，這證明了我們的團隊在這方面擁有豐富的專業知識。區域。

And so that product, we think, in the context of your other question, at the sort of 1 gig node, is really where a lot of the volume is going to come.

因此，我們認為，在您的另一個問題的背景下，在 1 gig 節點上，該產品確實是大量容量的來源。

Also, by the way, still on 100-megabit as well.

另外，順便說一句，仍然是 100 兆位。

Certainly, there are requirements for multi-gig and even out to 10 gig in automotive, and we're very aware of those.

當然，汽車行業存在多千兆甚至 10 千兆的要求，我們非常清楚這些要求。

We're working on those.

我們正在研究這些。

But we think the bulk of the market and the activity we see today is on the current solutions, both for our PHY as well as our integrated switch.

但我們認為，我們今天看到的大部分市場和活動都集中在當前的解決方案上，包括我們的 PHY 和集成交換機。

And we've got the -- obviously, the core IP to do all of these solutions, given the scale of Marvell as the #2 ethernet supplier in the world, and the dedication and focus we have on automotive, we think we're extremely well positioned across all of the various technology nodes, including multi-gig, as you mentioned.

顯然，我們擁有實現所有這些解決方案的核心 IP，考慮到 Marvell 作為全球第二大以太網供應商的規模，以及我們對汽車的奉獻和關注，我們認為我們正如您提到的，在所有各種技術節點（包括多演出）中都處於非常有利的位置。

And our next question will come from the line of Srini Pajjuri with Macquarie.

我們的下一個問題將來自 Srini Pajjuri 與 Macquarie 的合作。

Matt, just a couple of questions here.

馬特，這裡只有幾個問題。

First, on the China MOFCOM approval.

第一，關於中國商務部的批准。

I'm just wondering what kind of feedback, if any, you've been getting?

我只是想知道您收到了什麼樣的反饋（如果有的話）？

And what gives you the confidence that it will close, I guess midyear is what you're expecting?

是什麼讓你有信心它會關閉，我想年中就是你所期待的？

And also if you can maybe talk about the process once you get the approval, how long do you expect it to take for you to close the deal?

另外，如果您可以在獲得批准後談論流程，那麼您預計需要多長時間才能完成交易？

Sure.

當然。

So I'll just start off by saying on regulatory we've gone through, CFIUS, obviously, and there was a process we went through there, and back and forth, and active discussion and ultimately, we received the outcome that we were looking for.

因此，我首先要說的是我們經歷過的監管，顯然是 CFIUS，我們經歷了一個過程，來來回回，積極討論，最終，我們收到了我們正在尋找的結果為了。

There's also a process ongoing with MOFCOM.

商務部也在進行相關流程。

As everybody can read in the paper every day, right, there are other events going on at the geopolitical level, right, that are certainly factoring into MOFCOM at a high level.

正如每個人每天都可以在報紙上看到的那樣，對吧，地緣政治層面上正在發生其他事件，對吧，這些事件肯定會受到商務部高層的考慮。

We focus on our deal in providing the information that's required.

我們專注於提供所需信息的交易。

We continue to believe that the -- and we know, that the overlap between the 2 companies is very minimal and the strategic rationale makes a lot of sense, and we're being very cooperative with everybody involved in the regulatory world.

我們仍然相信——而且我們知道，兩家公司之間的重疊非常小，戰略原理很有意義，而且我們與監管領域的每個人都非常合作。

So that one, we're just continuing to be responsive and work through the process.

因此，我們只是繼續響應並完成整個過程。

And then with respect to closing, we have basically, from when we receive approval, it's about 2 weeks, we have to close.

然後關於關閉，我們基本上，從我們收到批准後，大約有兩週的時間，我們必須關閉。

And so think of it as whenever we announce that we've got MOFCOM, assuming we get that, then within 2 weeks, we would close the transaction.

因此，可以想像一下，每當我們宣布商務部已經批准我們的消息時，假設我們得到了商務部的批准，那麼我們將在兩週內完成交易。

Great.

偉大的。

And then, on networking, obviously, you're guiding for a fairly strong quarter despite the ZTE headwind.

然後，在網絡方面，顯然，儘管中興通訊面臨逆風，但您仍將迎來一個相當強勁的季度。

But my question is more about the quarter that you just printed.

但我的問題更多是關於您剛剛打印的季度。

I was hoping to see a bit more upside there, given the environment and given your new product ramps, I'm just curious as to why we are not seeing a bit more upside in the current quarter?

考慮到環境和新產品的增長，我希望看到更多的上漲空間，我只是好奇為什麼我們在本季度沒有看到更多的上漲空間？

Are there any puts and takes that prevented you from seeing that upside?

是否有任何看跌期權和看跌期權讓您看不到這種好處？

Yes, there's nothing specific, other than we were obviously happy to see the 6% year-over-year, the next quarter, you can sort of imply.

是的，沒有什麼具體的，除了我們顯然很高興看到下個季度同比增長 6%，你可以這麼暗示。

Obviously, with ZTE, it would have been over double digits, and we don't know what's exactly going to happen there.

顯然，對於中興通訊來說，這個數字將超過兩位數，而且我們不知道那裡到底會發生什麼。

So this one's been hard, I think, for us, to nail the exact timing on, in terms of some of these ramps that we're seeing.

因此，我認為，對於我們來說，根據我們所看到的一些斜坡來確定確切的時間是很困難的。

But directionally, certainly over the last 3, 4 quarters, we've been pretty happy with the progress on our core business and those ramps.

但從方向上看，在過去的三、四個季度裡，我們對核心業務的進展和這些增長感到非常滿意。

And so we feel good about our Q2 outlook, and obviously, we see that continuing.

因此，我們對第二季度的前景感到滿意，顯然，我們認為這種情況會持續下去。

So I can't -- I mean, Jean, maybe you have something.

所以我不能——我的意思是，Jean，也許你有一些東西。

But my view is it was a good quarter.

但我認為這是一個不錯的季度。

Yes, agreed.

是的，同意。

As Matt mentioned, our switch processor and the PHY actually grew 10% year-over-year.

正如 Matt 提到的，我們的交換機處理器和 PHY 實際上同比增長了 10%。

So legacy did decline double-digit year-over-year.

因此，遺產確實同比下降了兩位數。

But it's -- we feel like it's a good quarter.

但我們覺得這是一個不錯的季度。

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

我們的下一個問題將來自 Harlan Sur 與摩根大通的聯繫。

We had Western Digital's CEO at our tech conference a couple of weeks back, and given the normalization in flash pricing, he talked about already seeing price elasticity in NAND driving higher attach rates of SSDs to notebook PCs.

幾週前，西部數據公司的首席執行官出席了我們的技術會議，考慮到閃存定價的正常化，他談到已經看到 NAND 的價格彈性推動了 SSD 與筆記本電腦的更高附加率。

And then, last week, we heard a similar thing from Micron at their Analyst Day, and I believe that these 2 companies are your largest client SSD customers, is that what is helping to drive your strong SSD controller growth?

然後，上週，我們在美光分析師日聽到了類似的事情，我相信這兩家公司是你們最大的 SSD 客戶，這是否有助於推動你們 SSD 控制器的強勁增長？

Well, Harlan, so nice to hear from you, and thanks for the question.

哈倫，很高興收到你的來信，謝謝你的提問。

So we've had a number of growth factors in our SSD business, even as Jean, I think, mentioned, across clients, across enterprise and data center.

因此，我們的 SSD 業務有許多增長因素，我想，正如 Jean 提到的那樣，跨客戶、跨企業和數據中心。

Even on, when we've taken a look at the companies that are also our customers that don't even make the NANDs, that are procuring NAND to build their own SSD drives, we see that set of customers also starting to really grow this year because of the increased availability.

即使如此，當我們查看那些甚至不生產 NAND 的客戶公司，他們採購 NAND 來構建自己的 SSD 驅動器時，我們發現這組客戶也開始真正增長這一點年，因為可用性增加。

And so, I think, certainly, those comments, out of WD and micron, clearly, they're our customers, so we're benefiting.

因此，我認為，當然，這些評論來自 WD 和微米，顯然，他們是我們的客戶，所以我們受益。

But I think the other broader theme is that we've seen really nice growth, ex the companies that actually make the NAND, which was a big driver for us in calendar 2017, and we see some tailwind in 2018 as NAND loosens and other people can build SSD drives.

但我認為另一個更廣泛的主題是，我們看到了非常好的增長，除了那些真正製造 NAND 的公司，這對我們 2017 年來說是一個很大的推動力，隨著 NAND 的鬆動和其他人的關注，我們在 2018 年看到了一些順風車可以構建SSD驅動器。

So it's a combination, Harlan, of better market availability and our customers doing well.

哈倫，這是更好的市場可用性和我們的客戶表現良好的結合。

Great.

偉大的。

And you guys have been benefiting, obviously, from the campus and enterprise segments of the networking market and the nice upgrade cycle that is going there -- going on there.

顯然，你們已經從網絡市場的園區和企業領域以及那裡正在進行的良好升級週期中受益。

And so one of the faster-growing switch vendors -- Arista, seems to have sort of a similar view, and they recently announced their intentions to enter the campus market with a few new switching platforms.

因此，增長較快的交換機供應商之一——Arista，似乎也有類似的觀點，他們最近宣布打算通過一些新的交換平台進入園區市場。

I think Juniper also recently announced a focus on this market as well.

我認為瞻博網絡最近也宣布了對這個市場的關注。

So I'm just wondering, if you can discuss switching design wins with other OEM customers in addition to the solid traction with your large networking customer?

所以我只是想知道，除了與大型網絡客戶的穩固吸引力之外，您是否還可以與其他 OEM 客戶討論交換設計的成功？

Yes, we can't get into the details by customer, but what we can say is that our engagements on our switches, and obviously our PHYs that attach, have been broad in nature, right, with U.S. OEMs as well as with Chinese OEMs.

是的，我們無法詳細了解客戶的情況，但我們可以說的是，我們在交換機以及所連接的 PHY 上的合作本質上是廣泛的，對吧，與美國 OEM 廠商以及中國 OEM 廠商都有合作。

And you've got to remember too, in all of these OEMs in the various geographies, they have multiple platforms, multiple SKUs, and then based on our product offerings across switch, PHY, processor and other, we've got a wide range of products we sell.

您還必須記住，在各個地區的所有這些 OEM 中，他們擁有多個平台、多個 SKU，然後根據我們在交換機、PHY、處理器等方面提供的產品，我們擁有廣泛的產品範圍我們銷售的產品。

So notwithstanding the question about sort of Arista and Juniper, I won't go into that specifically, but I will say that our penetration has broadened, and we continue to see ourselves as a broad-based global supplier.

因此，儘管有關於 Arista 和 Juniper 的問題，我不會具體討論這一點，但我會說我們的滲透率已經擴大，並且我們繼續將自己視為基礎廣泛的全球供應商。

And we've been saying for a while we think that the campus and enterprise networks of the world were due for an upgrade.

一段時間以來，我們一直在說，我們認為世界各地的園區和企業網絡應該進行升級。

I think large OEMs have followed suit, and we think we're -- we continue to think we're well positioned, as that trend starts to materialize this year.

我認為大型原始設備製造商也紛紛效仿，我們認為我們——我們仍然認為我們處於有利地位，因為這種趨勢今年開始成為現實。

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

我們的下一個問題將來自凱文·卡西迪和斯蒂菲爾的對話。

This is John Donnelly on for Kevin.

我是約翰·唐納利 (John Donnelly) 替凱文 (Kevin) 發言。

If the trade restrictions continue for ZTE, do you expect to be able to make up that $7 million per quarter by shifting sales to their competitor?

如果中興通訊的貿易限制繼續存在，您是否期望能夠通過將銷售轉移給競爭對手來彌補每季度 700 萬美元的收入？

Or is it kind of being viewed as lost revenue?

或者這是否被視為收入損失？

Yes, we're not counting on it, which is why we called it out the way we did.

是的，我們並不指望它，這就是為什麼我們這樣稱呼它。

We just decided to be super clear that this is the amount.

我們只是決定非常清楚地表明這就是金額。

This is the amount we took out.

這是我們取出來的金額。

To the extent that it comes back, it's approximately that amount of revenue that would come back, but timing plays a big role.

就其恢復而言，大約是恢復的收入金額，但時機起著重要作用。

And then, to the extent that it delays and other vendors get share, and we're in those boxes, and we may or may not benefit.

然後，在延遲和其他供應商獲得份額的情況下，我們就在這些盒子裡，我們可能會也可能不會受益。

But it's hard to model, so we were just very clear about guiding without it.

但它很難建模，所以我們非常清楚如何在沒有它的情況下進行指導。

And our next question will come from the line of Craig Ellis with B. Riley FBR.

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

I just have a couple of follow-ups, and then a question.

我只有幾個後續行動，然後是一個問題。

So, the first clarification, Jean.

所以，第一個澄清，吉恩。

With regard to the gross margin guidance and the portion of the increase that's really cost management and self-help in nature, is that more onetime in nature or are those initiatives things that can continue to bear fruit beyond the fiscal second quarter?

關於毛利率指導以及本質上真正屬於成本管理和自助的增長部分，這本質上是一次性的還是這些舉措可以在第二財季之後繼續取得成果？

Yes, that's a great question.

是的，這是一個很好的問題。

I think, certainly, in Q2, typically, the cost improvement initiative, you see a step up because it gets included into the standard.

我認為，當然，在第二季度，通常是成本改進計劃，您會看到一個進步，因為它被納入標準中。

But as a company, I think we continue to do everything we can to improve gross margin.

但作為一家公司，我認為我們將繼續盡一切努力提高毛利率。

So certainly, in Q3, Q4, you will not see the step up like we just had in Q2.

因此，當然，在第三季度、第四季度，您不會看到像我們在第二季度那樣的進步。

But you would -- you should expect us to continue to improve the gross margin just from a cost and supply chain management perspective going forward.

但你會——你應該期望我們從成本和供應鏈管理的角度繼續提高毛利率。

That's helpful.

這很有幫助。

And then, my next follow-up is regarding comments on the repositioning with the connectivity business.

然後，我的下一個後續行動是關於對連接業務重新定位的評論。

Matt, as that portfolio falls to one that's seemingly more sounding enterprise-centric than consumer-centric, what does the longer-term growth rate of that business look like?

馬特，隨著該投資組合看起來更像以企業為中心而不是以消費者為中心，該業務的長期增長率是什麼樣的？

I would expect that it would be somewhere above storage, but potentially below networking.

我預計它會位於存儲之上，但可能位於網絡之下。

But if you can put any quantitative color on that, it would be helpful?

但如果你能在上面加上任何定量的顏色，會有幫助嗎？

Sure.

當然。

Well, Craig, I think the way to think of it is when we did our Analyst Day and we outlined the different growth rates, wireless as a market, including consumer and these other types of applications, has a pretty healthy growth rate.

好吧，克雷格，我認為思考這個問題的方法是當我們進行分析師日時，我們概述了不同的增長率，無線作為一個市場，包括消費者和其他類型的應用程序，具有相當健康的增長率。

Our strategy has been -- and by the way, we have consumer business, we have no problem with consumer business.

我們的戰略是——順便說一句，我們有消費者業務，我們對消費者業務沒有任何問題。

A lot of the consumer business we have is in platforms where we can really add value, and work closely with the customer on the dimensions that I outlined.

我們擁有的許多消費者業務都位於我們可以真正增加價值的平台上，並在我概述的維度上與客戶密切合作。

So consumer will always be a part of that portfolio, albeit as you said, the pivot has been more to enterprise and automotive and things like that.

因此，消費者將永遠是該投資組合的一部分，儘管正如您所說，重點更多地轉向企業和汽車等領域。

But our focus has been -- although the top line has grown, actually, in connectivity, if you'd looked at it, it's been during a period where we've actively managed this transition, which is really focusing on profit margin improvement, not so much on the top line improvements.

但我們的重點一直是——儘管收入實際上在連接方面有所增長，但如果你仔細觀察的話，你會發現，這是在我們積極管理這一轉型的時期，這實際上是專注於利潤率的提高，營收方面的改進並沒有那麼多。

So as we look going forward, you should expect that, that's going to continue, that we want to make sure that this thing is a solid contributor to the company, and that we're being selective in where we engage and develop products.

因此，當我們展望未來時，你應該期望這種情況會繼續下去，我們希望確保這個東西對公司有堅實的貢獻，並且我們在參與和開發產品的地方是有選擇性的。

And so from a growth rate perspective, although the market may be healthy, you should think of this as a slower grower, but with improving profitability along the way, such that the profit dollars grow at least as fast or faster than the market.

因此，從增長率的角度來看，儘管市場可能是健康的，但您應該將其視為增長較慢的企業，但盈利能力會不斷提高，因此利潤增長至少與市場一樣快或更快。

That makes sense.

這就說得通了。

And then, if I could just ask one question related to the deal, and it's not related to Cavium's numbers.

然後，我是否可以問一個與這筆交易相關的問題，而且這個問題與 Cavium 的數據無關。

But in your prepared remarks, you've indicated that integration planning was going very well.

但在您準備好的發言中，您表示整合計劃進展順利。

I was just hoping you could elaborate on that, given that, that has a significant impact on the way integration actually comes through when you get to that point?

我只是希望您能詳細說明這一點，因為當您達到這一點時，這會對集成的實際實現方式產生重大影響？

Sure.

當然。

Yes, happy to comment on the integration, Craig and thanks for the question.

是的，很高興對集成發表評論，克雷格，並感謝您提出問題。

So, the way that we've been running this, first of all, the leadership has been outstanding in this.

因此，我們的運作方式首先是領導層在這方面表現出色。

We've got a leader from Cavium, their COO, our Head of Operations co-leading the integration.

我們有一位來自 Cavium 的領導者、他們的首席運營官、我們的運營主管共同領導整合工作。

It's extremely thorough and systematically managed.

它的管理非常徹底和系統。

The level of detail and planning that's gone on across our IT systems, sales force planning, operations and manufacturing, and one that's been challenging, and we got to make sure we get it right, is the R&D integration.

我們的 IT 系統、銷售人員規劃、運營和製造的詳細程度和規划水平一直具有挑戰性，而且我們必須確保做到正確，那就是研發整合。

And what I can tell you is on all of those various tracks, the executives from the merged company have put together extremely detailed plans, which includes synergy capture, include time frames and timetables with commitments, and I'm obviously very involved in this whole process.

我可以告訴你的是，在所有這些不同的軌道上，合併後公司的高管已經制定了非常詳細的計劃，其中包括協同效應捕獲，包括時間表和承諾的時間表，我顯然非常參與這整個過程過程。

And so from where we were back when we announced it and saying, "Look, here's the range that we think and here's what we expect we can achieve." Having been through this now for the last many months, we're extremely confident in our numbers and our ability to execute those in the manner that we said due to the detailed planning and the buy-in from the senior leaders of both companies who are going to be involved in making all this happen.

因此，當我們宣布這一消息時，我們說：“看，這是我們認為的範圍，這是我們期望能夠實現的目標。”經過過去幾個月的經歷，我們對我們的數字以及我們按照我們所說的方式執行這些計劃的能力非常有信心，這要歸功於詳細的規劃和兩家公司高級領導的支持。將參與使這一切發生。

Ladies and gentlemen, we only have time for one more question.

女士們先生們，我們只剩下一個問題了。

So our last question will come from the line of Mark Delaney with Goldman Sachs.

所以我們的最後一個問題將來自高盛的馬克·德萊尼（Mark Delaney）。

I had a question of the networking segment.

我有一個關於網絡部分的問題。

I think on the last earnings call, the company had talked about some of the legacy networking products getting pushed into the first half of fiscal '19.

我認為在上次財報電話會議上，該公司談到了一些傳統網絡產品將被推到 19 財年上半年。

Can you talk about to what extent you were able to ship those into the April quarter?

您能談談您能在多大程度上將這些產品運送到四月份的季度嗎？

Or assuming that they will ship those in July, and if those are coming through in the first half, is there any step down in those more mature products that we need to be cognizant of in the second half of fiscal '19 when we're doing our modeling?

或者假設他們將在 7 月份發貨，如果這些產品在上半年完成，那麼我們需要在 19 財年下半年我們需要意識到那些更成熟的產品是否會有所下降。做我們的建模？

Sure, Mark.

當然，馬克。

Thanks for the question.

謝謝你的提問。

So on -- you're right, we talked about last quarter that we had some specific pushouts in this NPU area.

等等——你是對的，我們上個季度談到了我們在這個 NPU 領域進行了一些具體的推出。

And those pushouts we said would materialize or return back to their run rate in the first half of fiscal '19.

我們所說的這些退出將在 19 財年上半年實現或恢復到運行速度。

That did come back somewhat in Q1, and we expect it to be back at its old run rate, roughly in Q2.

這確實在第一季度有所回升，我們預計它會恢復到原來的運行速度，大約在第二季度。

So think of it as bottoming in Q1, we didn't get the full recovery in Q2, we got a little bit.

因此，可以將其視為在第一季度觸底，我們在第二季度沒有完全復甦，我們得到了一點。

And then, we'll get a little bit more in -- sorry, Q4 was the low point, Q1 came back a little bit, and then, we'll get some more in Q2, such that sort of the Q3 to Q2 compare is about the same.

然後，我們會在 - 抱歉，第四季度是最低點，第一季度有所回升，然後，我們會在第二季度獲得更多信息，這樣就可以比較第三季度和第二季度大約是一樣的。

That's helpful.

這很有幫助。

My follow-up question is on preamps.

我的後續問題是關於前置放大器的。

Matt and Jean, you have talked about that as an opportunity.

馬特和瓊，你們談到這是一個機會。

Can you just give us a rough sense of the size of the preamp business at this point?

您能否讓我們粗略地了解目前前置放大器業務的規模？

Yes.

是的。

It's very small today.

今天的規模非常小。

There's a number of engagements that we have on a number of different drive programs at multiple OEMs.

我們與多家原始設備製造商 (OEM) 就許多不同的驅動程序進行了合作。

But those really are going to -- the way that, that business works is there's typically a dedicated preamp product per drive, per program, and each of those is going to ramp at its own pace.

但這些確實會發生——業務運作的方式通常是每個驅動器、每個程序都有一個專用的前置放大器產品，並且每個產品都會以自己的速度增長。

So I would model very small revenue today.

所以我今天會模擬非常小的收入。

That's something that will be growing throughout the calendar year.

這將在整個日曆年中不斷增長。

And ideally, we have an Analyst Day, and we can give a little bit more of an update at that point.

理想情況下，我們有一個分析師日，屆時我們可以提供更多更新信息。

But it continues to make progress, and we do think that it, incrementally, will help us as it grows, to offset some of this secular decline we see on the controller side in client.

但它繼續取得進展，我們確實認為，隨著它的發展，它會逐漸幫助我們，抵消我們在客戶端控制器端看到的一些長期衰退。

And by the way, those preamps that we have are targeted both for client and for enterprise and nearline applications.

順便說一句，我們擁有的這些前置放大器既針對客戶，也針對企業和近線應用。

In many cases, they're paired directly with our next chipsets that are coming out.

在許多情況下，它們直接與我們即將推出的下一代芯片組配對。

So we have decent line of sight on a number of these programs, on the timing.

因此，我們對其中一些計劃的時間安排有很好的了解。

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

女士們、先生們，今天的問答環節到此結束。

So now, I'll hand the call back over to Mr. Peter Andrew, Vice President of Treasury, Investor Relations, for some closing comments or remarks.

現在，我將把電話轉回給投資者關係部財務副總裁 Peter Andrew 先生，讓其發表一些結束語或評論。

Please proceed.

請繼續。

Okay.

好的。

Well thank you, everyone, for joining us today.

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, and goodbye.

謝謝，再見。

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

女士們、先生們，感謝你們參加今天的會議。

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

這確實結束了我們的計劃，我們可能都會斷開連接。

Everybody, have a wonderful day.

祝大家度過美好的一天。