邁威爾科技 (MRVL) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Marvell Technology's Fiscal Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Marvell Technology 的 2023 財年第二季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

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

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

Thank you, and good afternoon, everyone. Welcome to Marvell's Second Quarter Fiscal Year 2023 Earnings Call. Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2023 財年第二季度財報電話會議。今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官Jean Hu。

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

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

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

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

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

有了這個，我會把電話轉給馬特，讓他對我們的表現發表評論。馬特?

Thanks, Ashish, and good afternoon, everyone. In the second quarter of fiscal 2023, the Marvell team drove another record level of revenue at $1.52 billion, growing 41% year-over-year and 5% sequentially. Revenue on an annualized run rate exceeded $6 billion, a significant achievement for Marvell.

謝謝，Ashish，大家下午好。在 2023 財年第二季度，Marvell 團隊的收入再創歷史新高，達到 15.2 億美元，同比增長 41%，環比增長 5%。年化運營收入超過 60 億美元，這對 Marvell 來說是一項重大成就。

Revenue collectively from our 4 data infrastructure focused end markets grew 49% year-over-year and 7% sequentially, reaching a new high of 89% of our total revenue.

我們以數據基礎設施為重點的 4 個終端市場的總收入同比增長 49%，環比增長 7%，達到總收入 89% 的新高。

Moving on to the rest of the income statement. Our GAAP gross margin was 51.8%, GAAP operating margin was 2.6%, and GAAP EPS was $0.01. Our non-GAAP gross margin was 65%, and our non-GAAP operating margin hit a new record at 36.5% of revenue. Disciplined OpEx management helped drive our non-GAAP earnings per share to $0.57, above the midpoint of guidance. Earnings per share grew 68% year-over-year, much faster than our revenue growth as we continue to drive operating leverage.

轉到損益表的其餘部分。我們的 GAAP 毛利率為 51.8%，GAAP 營業利潤率為 2.6%，GAAP 每股收益為 0.01 美元。我們的非美國通用會計準則毛利率為 65%，我們的非美國通用會計準則營業利潤率創下收入的 36.5% 的新紀錄。紀律嚴明的運營支出管理幫助我們將非 GAAP 每股收益提高至 0.57 美元，高於指導的中點。由於我們繼續提高經營槓桿，每股收益同比增長 68%，遠快於我們的收入增長。

Now let me provide a brief update on the outlook for demand and supply. We continue to see healthy demand for our products with the exception of consumer HDD, and our overall demand is outpacing supply. The very successful adoption of our new products and strong end market demand has enabled Marvell to grow revenue significantly above our long-term target model.

現在讓我簡要介紹一下供需前景。我們繼續看到對我們產品的健康需求，但消費類硬盤除外，我們的整體需求正在超過供應。我們新產品的成功採用和強勁的終端市場需求使 Marvell 的收入增長顯著高於我們的長期目標模型。

As a reminder, at our last Investor Day in October 2021, we had updated our long-term model for revenue growth to a target range of 15% to 20% from an annualized revenue run rate at that time of $4.3 billion. At the midpoint of the target, it would have taken us 2 years to achieve $6 billion in annualized revenue run rate.

提醒一下，在 2021 年 10 月的最後一個投資者日，我們已將收入增長的長期模型從當時 43 億美元的年化收入運行率更新至 15% 至 20% 的目標範圍。在目標的中點，我們需要 2 年才能實現 60 億美元的年化收入運行率。

We are very pleased that we were able to cross this milestone this quarter, a full year ahead of our target. As we look forward, we are confident that our long-term growth opportunity is consistent with our target model even off this higher base of revenue.

我們很高興本季度能夠跨越這一里程碑，比我們的目標提前整整一年。展望未來，我們相信即使在收入基礎較高的情況下，我們的長期增長機會也符合我們的目標模式。

Let me now turn to supply. Despite a choppy supply environment, the strength of our business model and diversity in end markets enabled us to achieve our overall revenue guidance in the second quarter. We expect our revenue mix by end market will continue to be influenced more by supply than demand in the near term.

現在讓我談談供應。儘管供應環境動盪，但我們業務模式的優勢和終端市場的多樣性使我們能夠在第二季度實現我們的整體收入指導。我們預計，我們按終端市場劃分的收入組合在短期內將繼續受到供應而非需求的影響。

As we continue to secure capacity to support our long-term growth, we are encouraged to see some pockets of additional supply starting to open up on certain nodes and simple package technologies. In contrast, for our high complexity products with long manufacturing cycle times, such as in our data center end market, the supply chain for leading-edge technology and advanced packaging remains very tight.

隨著我們繼續確保容量以支持我們的長期增長，我們很高興看到一些額外的供應開始在某些節點和簡單的封裝技術上開放。相比之下，對於我們的製造週期長的高複雜性產品，例如我們的數據中心終端市場，領先技術和先進封裝的供應鏈仍然非常緊張。

Our operations team continues to execute our strategy to deeply engage with partners to support our long-term growth.

我們的運營團隊繼續執行我們的戰略，與合作夥伴深入互動，以支持我們的長期增長。

Let me now move on to discussing our 5 end markets, starting with data center. In our data center end market, revenue for the second quarter was $643 million. On a year-on-year basis, our data center revenue grew 48%, with our cloud business growing significantly faster. The year-over-year growth was very broad-based with multiple product lines contributing to strong results.

現在讓我繼續討論我們的 5 個終端市場，從數據中心開始。在我們的數據中心終端市場，第二季度的收入為 6.43 億美元。數據中心收入同比增長48%，雲業務增長明顯加快。同比增長非常廣泛，多個產品線促成了強勁的業績。

On a sequential basis, the continued growth from our cloud business was offset by a decline in our on-premise business flattening our data center revenue. In the on-premise business, the sequential decline was driven primarily from our fiber channel and Ethernet adapters. We believe the overall demand picture in cloud data centers remains healthy, and that this market represents the single biggest long-term growth driver for Marvell.

在連續的基礎上，我們的雲業務的持續增長被我們的本地業務的下降所抵消，從而使我們的數據中心收入趨於平緩。在本地業務中，連續下降主要是由於我們的光纖通道和以太網適配器。我們認為雲數據中心的整體需求狀況仍然健康，該市場是 Marvell 的最大長期增長動力。

We expect growth to continue from a number of exciting areas, including electrooptics, cloud-optimized custom solutions, cloud switching and our broad data center storage portfolio.

我們預計許多令人興奮的領域將繼續增長，包括電光、雲優化定制解決方案、雲交換和我們廣泛的數據中心存儲產品組合。

At the Flash Memory Summit earlier this month, Marvell showcased many state-of-the-art data center storage solutions, including our Brevera PCIe Gen 5 SSD controller, and Ethernet Bunch of Flash solution for AI and ML, and CXL. As you recall from our discussion last quarter, we see CXL as the next big evolution in cloud data centers that will enable us to increase our reach into the memory ecosystem and presents a multibillion-dollar SAM expansion opportunity for Marvell. This includes a host of new products such as CXL expanders, cooling devices, switches and accelerators and the potential to embed CXL IP and a broad range of our data center products.

在本月早些時候的閃存峰會上，Marvell 展示了許多最先進的數據中心存儲解決方案，包括我們的 Brevera PCIe Gen 5 SSD 控制器，以及用於 AI 和 ML 以及 CXL 的 Ethernet Bunch of Flash 解決方案。正如您在上個季度的討論中所記得的那樣，我們將 CXL 視為雲數據中心的下一個重大發展，這將使我們能夠擴大對內存生態系統的影響，並為 Marvell 提供數十億美元的 SAM 擴展機會。這包括一系列新產品，例如 CXL 擴展器、冷卻設備、交換機和加速器，以及嵌入 CXL IP 和我們廣泛的數據中心產品的潛力。

Events and presentations at FMS strongly validated our excitement around CXL. This is the hottest topic at FMS with standing room-only presentations by many leading industry participants. The Marvell booth, we demonstrated the industry's first CXL memory pooling solution, addressing the challenges related to memory scaling and cloud data centers.

FMS 的活動和演講有力地證明了我們對 CXL 的興奮。這是 FMS 最熱門的話題，許多領先的行業參與者僅在房間內進行演講。在 Marvell 展台上，我們展示了業界首個 CXL 內存池解決方案，解決了與內存擴展和雲數據中心相關的挑戰。

While the industry is still in the early stages of CXL adoption, we are working on closing significant opportunities right in front of us at key customers and envision a strong design win pipeline.

雖然該行業仍處於採用 CXL 的早期階段，但我們正在努力為關鍵客戶關閉擺在我們面前的重要機會，並設想一個強大的設計獲勝管道。

Turning now to the third quarter of fiscal 2023. In data center, year-over-year, we are expecting revenue growth of over 20%, driven by our cloud end market. Due to the complex nature of products for this end market, we expect supply challenges in the third quarter to impact our ability to fully meet the demand on a sequential basis. As a result, we expect revenue from cloud customers to be flat sequentially and revenue in the on-premise market to decline.

現在轉到 2023 財年第三季度。在我們的雲終端市場的推動下，我們預計數據中心的收入將同比增長 20% 以上。由於該終端市場產品的複雜性，我們預計第三季度的供應挑戰將影響我們全面滿足連續需求的能力。因此，我們預計來自云客戶的收入將環比持平，而本地市場的收入將下降。

Therefore, for our overall data center end market, we project revenue in the third quarter to decline sequentially in the mid-single digits on a percentage basis. However, we expect our data center revenue in the fourth quarter to increase on a sequential basis, anticipating an improvement in supply and new product ramps in cloud.

因此，對於我們的整個數據中心終端市場，我們預計第三季度的收入將按百分比連續下降中個位數。然而，我們預計第四季度我們的數據中心收入將環比增長，預計雲計算供應和新產品將有所改善。

Turning to our carrier infrastructure end market. Revenue for the second quarter was well above our forecast at $285 million and growing 45% year-over-year and 13% sequentially. We benefited from a strong performance from both our wireless and wired end markets. Our wireless business continued to advance in the second quarter, benefiting from the growth in 5G adoption.

轉向我們的運營商基礎設施終端市場。第二季度的收入遠高於我們的預期，為 2.85 億美元，同比增長 45%，環比增長 13%。我們受益於無線和有線終端市場的強勁表現。得益於 5G 採用率的增長，我們的無線業務在第二季度繼續發展。

With an annualized revenue run rate crossing $600 million, we are thrilled to have achieved an important milestone. We expect to see an extended period of growth for our 5G business with multiple regions such as Europe and India yet to launch 5G in a meaningful fashion. We expect to see further growth in other large geographies such as the U.S., which are only in their first year of mainstream deployment. In addition, we have significant content growth in the next generation of base stations still in front of us.

我們的年收入運行率超過 6 億美元，我們很高興實現了一個重要的里程碑。我們預計我們的 5G 業務將出現較長時期的增長，歐洲和印度等多個地區尚未以有意義的方式推出 5G。我們預計美國等其他大型地區將進一步增長，這些地區僅處於主流部署的第一年。此外，我們仍然在我們面前的下一代基站的內容增長顯著。

In wired, we saw stronger-than-expected shipments of our coherent DSPs and accompanying TIAs and drivers to wired customers. We are seeing strong demand in the metro and long-haul carrier markets driven by a rapid adoption of our 400-gig coherent electro-optics portfolio. We are pleased with the strong launch of these products.

在有線方面，我們看到我們的相干 DSP 以及隨附的 TIA 和驅動程序向有線客戶的出貨量強於預期。由於我們的 400 千兆位相干電光產品組合的快速採用，我們看到了城域和長途運營商市場的強勁需求。我們對這些產品的強勢推出感到高興。

Looking ahead to the third quarter of fiscal 2023 for our carrier end market. We are expecting year-over-year revenue growth in the mid-20% range, driven primarily by our wireless end market. On a sequential basis, we expect wireless revenue to continue to grow, driven by 5G deployments. However, after a very strong second quarter, we expect a sequential decline in revenue from wire to more than offset the growth from wireless. As a result, we project revenue from the overall carrier end market to decline in the mid-single digits sequentially on a percentage basis.

展望 2023 財年第三季度我們的運營商終端市場。我們預計收入同比增長在 20% 左右，主要受我們的無線終端市場的推動。在 5G 部署的推動下，我們預計無線收入將繼續增長。然而，在經歷了非常強勁的第二季度之後，我們預計有線收入的連續下降將超過無線的增長。因此，我們預計整個運營商終端市場的收入將按百分比連續下降中個位數。

Moving on to our enterprise networking end market. Revenue for the second quarter was $340 million, growing 53% year-over-year and 19% sequentially, better than our guidance driven by improvements in supply. Our strong growth in enterprise networking is primarily a result of our own unique product cycles. Our revenue growth has accelerated as our customers have started shipping their new platforms where we have the dual benefits of share gains and an increase in content, driven by the adoption of higher-value products such as our multi-gigabit Fis.

繼續我們的企業網絡終端市場。第二季度收入為 3.4 億美元，同比增長 53%，環比增長 19%，好於我們在供應改善推動下的預期。我們在企業網絡方面的強勁增長主要是我們自己獨特的產品週期的結果。隨著我們的客戶開始交付他們的新平台，我們的收入增長加速，在這些平台上，由於採用了更高價值的產品，例如我們的多千兆位 Fis，我們獲得了份額收益和內容增加的雙重好處。

In the second quarter, we see ongoing growth from our refreshed Ethernet switch and Fi portfolio. We also benefited from a ramp in our custom silicon products for Enterprise Networking, which is a new growth vector in this end market for Marvell.

在第二季度，我們看到我們更新後的以太網交換機和 Fi 產品組合的持續增長。我們還受益於我們用於企業網絡的定制矽產品的增加，這是 Marvell 在這個終端市場的新增長載體。

In the third quarter of fiscal 2023, we expect a continuation of strong demand for our products from the enterprise networking end market. As you heard earlier, we are seeing pockets of supply opening up, which should enable us to begin to catch up to demand. As a result, we are projecting revenue from enterprise networking to grow approximately 70% year-over-year and over 20% sequentially.

在 2023 財年第三季度，我們預計企業網絡終端市場對我們產品的需求將持續強勁。正如您之前所聽到的，我們看到一些供應正在開放，這應該使我們能夠開始趕上需求。因此，我們預計企業網絡的收入將同比增長約 70%，環比增長超過 20%。

Turning to our automotive and industrial end market. Revenue for the second quarter was $84 million, growing 46% year-over-year. Our auto business continued to grow sequentially, but this was more than offset by a supply impacted industrial business. As a result, overall revenue from the combined end market declined 6% quarter-over-quarter.

轉向我們的汽車和工業終端市場。第二季度收入為 8400 萬美元，同比增長 46%。我們的汽車業務繼續連續增長，但這被供應影響的工業業務所抵消。因此，綜合終端市場的總收入環比下降 6%。

Year-over-year, our auto business, driven by higher adoption of Marvell's Ethernet technology continued its strong growth trajectory with revenue doubling. Last quarter, I discussed our growing list of Ethernet design wins in our auto business, which expanded to 8 of the 10 largest OEMs worldwide and 36 OEMs in total. I would highlight that the lifetime revenue from these new design wins is substantially larger than prior wins.

與去年同期相比，在 Marvell 以太網技術的更高采用率的推動下，我們的汽車業務繼續保持強勁的增長軌跡，收入翻了一番。上個季度，我討論了我們在汽車業務中不斷增長的以太網設計勝利名單，該名單擴大到全球 10 家最大的 OEM 中的 8 家，總共有 36 家 OEM。我要強調的是，這些新設計勝利帶來的終生收入遠高於之前的勝利。

At large auto OEMs, we are winning in their highest volume internal combustion engine segments, along with their higher content in their EVs and hybrids. These wins tend to be multi-platform in nature, covering many models simultaneously. Overall, content is continuing to grow, driven by an increase in the number of Ethernet connected end points, coupled with the need for more bandwidth.

在大型汽車原始設備製造商中，我們在他們最大容量的內燃機細分市場中獲勝，同時他們在電動汽車和混合動力汽車中的含量更高。這些勝利本質上往往是多平台的，同時涵蓋了許多模型。總體而言，由於以太網連接端點數量的增加以及對更多帶寬的需求，內容正在持續增長。

Looking to the third quarter of fiscal 2023. We are projecting revenue growth to remain over 40% year-over-year and grow in the mid-teens sequentially on a percentage basis for the combined auto and industrial end market. We project all of the sequential growth to be driven by our automotive products where we are experiencing strong demand and continuing improvements in supply.

展望 2023 財年第三季度。我們預計汽車和工業終端市場的收入同比增長將保持在 40% 以上，並按百分比連續增長。我們預計所有的連續增長都將由我們的汽車產品推動，我們正在經歷強勁的需求和供應的持續改善。

Moving on to our consumer end market. Revenue for the second quarter was $164 million, declining 1% year-over-year and 8% sequentially. Results were below guidance as demand from the HDD market weakened. In contrast to Consumer HDD products, revenue in the second quarter from our consumer SSD controllers continue to grow both sequentially and year-over-year.

繼續我們的消費端市場。第二季度收入為 1.64 億美元，同比下降 1%，環比下降 8%。由於 HDD 市場的需求減弱，結果低於預期。與消費類 HDD 產品相比，我們消費類 SSD 控制器的第二季度收入繼續環比和同比增長。

Looking ahead to the third quarter of fiscal 2023 for our consumer end market, we are forecasting revenue to be flattish sequentially. On a year-over-year basis, we expect revenue from the consumer end market to decline by approximately 10% due to softness in consumer HDD demand, partially offset by continued growth in our SSD business.

展望我們的消費者終端市場的 2023 財年第三季度，我們預計收入將環比持平。由於消費者硬盤需求疲軟，我們預計消費者終端市場的收入將同比下降約 10%，部分被我們 SSD 業務的持續增長所抵消。

In closing, we delivered record results for the second quarter and are guiding for continued growth in the third quarter. Our strategy to focus on a diversified portfolio and data infrastructure is playing out very well as we continue to deliver strong results. We have limited exposure to the headwinds that consumer-exposed companies are now facing.

最後，我們在第二季度取得了創紀錄的業績，並為第三季度的持續增長提供了指導。隨著我們繼續取得強勁的業績，我們專注於多元化投資組合和數據基礎設施的戰略正在取得很好的效果。我們對消費者風險公司現在面臨的不利因素的影響有限。

In the third quarter, at the midpoint of the range, we are guiding our revenue to grow by 29% year-over-year, and we expect operating leverage in our business model to drive non-GAAP EPS at the midpoint of guidance to grow by 37% year-over-year. Looking forward, we are projecting our revenue growth to accelerate on a sequential basis in the fourth quarter on the back of more supply and new product ramps.

在第三季度，在該區間的中點，我們引導我們的收入同比增長 29%，我們預計我們的商業模式中的運營槓桿將推動非 GAAP 每股收益在指引的中點增長同比增長 37%。展望未來，由於供應增加和新產品增加，我們預計第四季度的收入增長將連續加速。

As we wrap up the first half of fiscal 2023, I'm very pleased with the trajectory for full year revenue, which is well above the target we established last December. At that time, we had discussed our target for fiscal 2023 annual revenue growth in the low 30% range. I'm very pleased to note that we are running well ahead of that target with full year revenue growth now tracking towards the high 30% range.

當我們結束 2023 財年上半年時，我對全年收入的軌跡感到非常滿意，這遠高於我們去年 12 月設定的目標。當時，我們討論了 2023 財年年收入增長在 30% 左右的目標。我很高興地註意到，我們遠遠超過了這一目標，全年收入增長現在接近 30% 的高位。

Over the last 6 years, through organic investments and strategic M&A, we have significantly transformed the company pivoting to data infrastructure, accelerating our technology road map and driving a tremendous increase in design wins. We are now seeing the benefits of these efforts in our revenue growth, operating margin expansion and increased exposure to the critical cloud, 5G and auto end markets.

在過去的 6 年中，通過有機投資和戰略併購，我們顯著改變了公司向數據基礎設施的轉型，加速了我們的技術路線圖，並推動了設計勝利的巨大增長。我們現在看到了這些努力在我們的收入增長、營業利潤率擴張以及增加對關鍵雲、5G 和汽車終端市場的曝光率方面的好處。

As we look at next fiscal year, despite economic and semiconductor cycle concerns, we are optimistic about our prospects. We expect to benefit from our favorable end market exposure and significant revenue contributions from a number of Marvell-specific product cycles, which we have discussed in detail over the last several quarters.

在我們展望下一個財政年度時，儘管存在經濟和半導體週期問題，但我們對我們的前景持樂觀態度。我們預計將受益於我們有利的終端市場敞口以及來自多個 Marvell 特定產品週期的顯著收入貢獻，我們在過去幾個季度對此進行了詳細討論。

Before I hand off to Jean, let me provide an update on our Board and ESG. Earlier this week, we announced the addition of Rebecca House to the Marvell Board of Directors. She currently serves as Senior Vice President, Chief People and Legal Officer and Corporate Secretary at Rockwell Automation, a global leader in industrial automation with 25,000 employees worldwide. She was selected for her extensive background in the areas of talent management, legal, ethics and compliance, public affairs, security and sustainability. I'm excited to have Becky join our already strong group of directors and I am looking forward to working with her.

在我交給 Jean 之前，讓我介紹一下我們董事會和 ESG 的最新情況。本週早些時候，我們宣布將 Rebecca House 添加到 Marvell 董事會。她目前擔任羅克韋爾自動化的高級副總裁、首席人力和法律官兼公司秘書，該公司是工業自動化領域的全球領導者，在全球擁有 25,000 名員工。她因其在人才管理、法律、道德與合規、公共事務、安全和可持續發展領域的廣泛背景而被選中。我很高興 Becky 加入我們已經很強大的導演團隊，我期待與她合作。

Finally, I'm pleased to announce the publication of Marvell's inaugural sustainability report. I encourage you to review the report on our website to learn more about our ESG performance and future goals.

最後，我很高興地宣布 Marvell 發布了首份可持續發展報告。我鼓勵您查看我們網站上的報告，以了解有關我們 ESG 表現和未來目標的更多信息。

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

有了這個，我將把電話轉給讓，以了解我們最近的結果和前景的更多細節。

Thanks, Matt, and good afternoon, everyone. I'll start with a review of our financial results for the second quarter and then provide our current outlook for the third quarter of fiscal 2023.

謝謝，馬特，大家下午好。我將從回顧我們第二季度的財務業績開始，然後提供我們對 2023 財年第三季度的當前展望。

Revenue in the second quarter was $1.517 billion, growing 5% sequentially and 41% year-over-year. Data center was our largest end market, accounting for 42% of consolidated revenue. Enterprise networking was next largest with 22% of total revenue, followed by carrier infrastructure at 19%. Consumer at 11%, and auto industrial at 6%.

第二季度收入為 15.17 億美元，環比增長 5%，同比增長 41%。數據中心是我們最大的終端市場，佔綜合收入的 42%。企業網絡位居第二，佔總收入的 22%，其次是運營商基礎設施，佔 19%。消費者佔 11%，汽車工業佔 6%。

GAAP gross margin was 51.8%. Non-GAAP gross profit was $986 million, increasing 41% year-over-year. Non-GAAP gross margin was 65% of revenue, slightly below the middle point due to product mix.

GAAP 毛利率為 51.8%。非美國通用會計準則毛利潤為 9.86 億美元，同比增長 41%。非美國通用會計準則毛利率為收入的 65%，略低於產品組合的中間值。

GAAP operating expenses were $747 million, and included the cost of share-based compensation expenses of $135 million, amortization of acquired intangible assets of $88 million, and $85 million charge of contractual legal disputes segment and $7 million in other acquisition and divestiture-related costs.

GAAP 運營費用為 7.47 億美元，其中包括 1.35 億美元的股權補償費用、8800 萬美元收購的無形資產攤銷、8500 萬美元的合同法律糾紛部分費用以及 700 萬美元的其他收購和剝離相關成本.

Non-GAAP operating expenses were $432 million, below the midpoint of our guidance. OpEx increased by 18% year-over-year as we added headcount to deliver the marketable new design we have won with key customers. We continue to drive strong operating leverage to grow OpEx to significantly less than top line revenue growth.

非美國通用會計準則運營費用為 4.32 億美元，低於我們指引的中點。運營支出同比增長 18%，因為我們增加了員工人數以提供我們贏得主要客戶的適銷對路的新設計。我們繼續推動強大的運營槓桿，以將 OpEx 增長到顯著低於收入增長。

GAAP operating income was $39 million. Our non-GAAP operating profit was $554 million, increasing by 67% from a year ago and non-GAAP operating margin was 36.5%, a record for Marvell.

GAAP 營業收入為 3900 萬美元。我們的非美國通用會計準則營業利潤為 5.54 億美元，同比增長 67%，非美國通用會計準則營業利潤率為 36.5%，創下 Marvell 的紀錄。

For the second quarter, GAAP income per diluted share was $0.01. Non-GAAP income per diluted share was $0.57, increasing by 68% year-over-year.

第二季度，GAAP每股攤薄收益為0.01美元。非公認會計原則每股攤薄收益為 0.57 美元，同比增長 68%。

Now turning to our balance sheet and cash flow. During the quarter, we generated $332 million in cash from operations, reflecting our strong earnings offset by continued working capital investments to support our top line revenue growth. We have increased our inventory by $78 million to better address demand from our customers in a very tight supply chain environment and to help ensure a smooth ramp for a number of new design wins that we expect to start shipping in the next few quarters.

現在轉向我們的資產負債表和現金流。在本季度，我們從運營中產生了 3.32 億美元的現金，這反映了我們強勁的收益被持續的營運資本投資所抵消，以支持我們的收入增長。我們將庫存增加了 7800 萬美元，以更好地滿足客戶在非常緊張的供應鏈環境中的需求，並幫助確保我們預計將在未來幾個季度開始發貨的一些新設計勝利的平穩增長。

The majority of this increase was in raw materials and with -- looking longer term, as the supply chain start to show improvement, we expect our DOI will start to decline. Consistent with our strategy to secure longer-term supply, we have increased our long-term purchase commitment for capacity to support the number of high-volume [source] of the design wins. Purchase commitments increased by $447 million in the second quarter to a total of approximately $3.4 billion. Please note, this commitment are over a multiyear time period.

這種增長的大部分來自原材料，從長遠來看，隨著供應鏈開始出現改善，我們預計我們的 DOI 將開始下降。與我們確保長期供應的戰略一致，我們增加了長期採購承諾，以支持設計中標的大批量 [來源] 數量。第二季度的採購承諾增加了 4.47 億美元，總額約為 34 億美元。請注意，此承諾是在多年的時間段內完成的。

At the end of the second fiscal quarter, our cash and cash equivalents was $617 million. We intend to maintain a higher cash balance compared to the last few years as our business has significantly increased in scale.

在第二財季末，我們的現金和現金等價物為 6.17 億美元。由於我們的業務規模顯著增加，我們打算與過去幾年相比保持較高的現金餘額。

Our total debt was $4.6 billion. Our gross debt-to-EBITDA ratio was 2x and net debt-to-EBITDA ratio was 1.8x. We returned $101 million to shareholders through $51 million in cash dividends and $50 million of share repurchase.

我們的總債務為 46 億美元。我們的總債務與 EBITDA 比率為 2 倍，淨債務與 EBITDA 比率為 1.8 倍。我們通過 5100 萬美元的現金股息和 5000 萬美元的股票回購向股東返還了 1.01 億美元。

Now turning to our guidance for the third quarter of fiscal 2023. We expect the following: revenue will be in the range of $1.56 billion, plus or minus 3%. GAAP to gross margin will be in the range of 51.1%, plus or minus 1.1%. Non-GAAP gross margin will be in the range of 65%, plus or minus 0.25%. GAAP operating expenses will be in the range of $667 million to $677 million. Non-GAAP operating expenses will be in the range of $435 million to $440 million. At the middle point of our guidance, we expect to deliver 37% non-GAAP operating margin. We continue to make significant progress toward our long-term target of 38% to 40% non-GAAP operating margin.

現在轉向我們對 2023 財年第三季度的指導。我們預計如下：收入將在 15.6 億美元的範圍內，正負 3%。 GAAP 與毛利率的比率將在 51.1% 的範圍內，正負 1.1%。非美國通用會計準則毛利率將在 65% 的範圍內，正負 0.25%。 GAAP 運營費用將在 6.67 億美元至 6.77 億美元之間。非美國通用會計準則運營費用將在 4.35 億美元至 4.4 億美元之間。在我們指導的中間點，我們預計將提供 37% 的非公認會計原則營業利潤率。我們繼續在實現非 GAAP 營業利潤率 38% 至 40% 的長期目標方面取得重大進展。

Other income and expense, including interest expense, will be approximately $38 million. For the third quarter, we expect a non-GAAP tax rate of 6%. We expect our basic weighted average shares outstanding will be 854 million. And our diluted weighted shares outstanding will be 862 million. As a result, we expect GAAP earnings per share in the range of $0.05 to $0.13. We expect non-GAAP income per diluted share in the range of $0.56 to $0.62.

包括利息支出在內的其他收入和支出將約為 3800 萬美元。對於第三季度，我們預計非 GAAP 稅率為 6%。我們預計我們的基本加權平均流通股為 8.54 億股。我們的稀釋加權流通股將是8.62億股。因此，我們預計 GAAP 每股收益在 0.05 美元至 0.13 美元之間。我們預計非公認會計準則每股攤薄收益在 0.56 美元至 0.62 美元之間。

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

接線員，請打開線路並宣布問答說明。謝謝你。

(Operator Instructions) Our first question comes from Toshiya Hari of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

Matt, I wanted to ask a question on calendar '23 or fiscal '24. You gave some brief comments as it pertains to some of the big growth drivers that you've talked about in the past. I was hoping you could remind us perhaps the top 3 drivers that are idiosyncratic to Marvell as you look out into fiscal '24. And how you're thinking about the supply side of the equation. Do you think by fiscal '24, you'll be shipping to demand or you'll still be constrained, whether it be wafers or substrates?

馬特，我想問一個關於 23 年日曆或 24 財政年的問題。您就您過去談到的一些主要增長驅動因素發表了一些簡短的評論。當您展望 24 財年時，我希望您能提醒我們也許是 Marvell 特有的前 3 名驅動程序。以及您如何考慮等式的供應方面。您認為到 24 財年，您會按需求發貨還是仍會受到限制，無論是晶圓還是基板？

And the third part of my question, I think consensus has you growing top line by about 17%. Is that a fair number to start off with? Or is that too high, too low? Any comments on where Street consensus is today would be helpful.

我的問題的第三部分，我認為共識讓你的收入增長了約 17%。這是一個公平的數字開始嗎？還是太高太低了？任何關於今天街頭共識在哪裡的評論都會有所幫助。

Yes. Thanks, Toshi. We'll go ahead and do the trifecta of questions here. No problem. So on the first one, for next year, as you point out, there are a number of Marvell-specific growth drivers, which we're very excited about. I'll cover 3 of them. And then, of course, there's other things going on as well. So the 3 biggest buckets and then the #1 of all 3 is our cloud-optimized silicon ramp. What we've talked about in the last few quarters and even year is a number of new design wins that we achieved over the last couple of years in this cloud-optimized silicon area. And we sized it, for those of you on the call that haven't been following it, at about $400 million of incremental revenue for next year and then $800 million the year after. And that's still tracking extremely well. We have good line of sight on those programs. They're quite diverse in nature, by the way. So there's a number of them that are going to have to ramp, and that's all tracking well.

是的。謝謝，東芝。我們將繼續在這裡做三個問題。沒問題。因此，在第一個方面，正如您所指出的，明年有許多 Marvell 特有的增長驅動力，我們對此感到非常興奮。我將介紹其中的 3 個。然後，當然，還有其他事情正在發生。因此，最大的 3 個存儲桶，然後是所有 3 個存儲桶中的 #1 是我們的雲優化矽坡道。在過去幾個季度甚至一年中，我們談論的是我們在過去幾年在這個雲優化矽領域取得的一些新設計勝利。對於那些在電話會議中沒有關注它的人，我們將其規模估計為明年的增量收入約為 4 億美元，然後是後年的 8 億美元。這仍然跟踪得非常好。我們對這些計劃有很好的了解。順便說一句，它們的性質非常多樣化。所以他們中的一些人將不得不增加，這一切都很好。

The second is, and you saw even in the most current quarter, again, another strong performance out of our 5G business in wireless, and the adoption of 5G will absolutely continue next year. And really, on top of that, which is more specific to Marvell is we have incremental content gains and SAM expansion coming as well. So that's also in front of us.

第二個是，即使在最近一個季度，您也再次看到我們的 5G 業務在無線方面的又一次強勁表現，明年 5G 的採用絕對會繼續。實際上，最重要的是，Marvell 更具體的是我們有增量內容增益和 SAM 擴展。所以這也擺在我們面前。

And then on the third, our automotive business, which in general, has been about doubling on a year-on-year basis, if you go back over the last few quarters. This is automotive Ethernet. That also has a very strong outlook as well for next year. And again, this is really based on the breadth of design wins, Toshiya, we have across almost all the major top OEMs as well as virtually all the emerging next-generation car companies. And by the way, it's proliferating both in the ICE vehicles as well as electric vehicles.

然後是第三個，如果你回顧過去幾個季度，我們的汽車業務總體上已經同比翻了一番。這是汽車以太網。明年的前景也非常強勁。再一次，這真的是基於設計勝利的廣度，Toshiya，我們幾乎涵蓋了所有主要的頂級 OEM 以及幾乎所有新興的下一代汽車公司。順便說一句，它在內燃機汽車和電動汽車中都在激增。

So those 3, I think, are good buckets to think about.

因此，我認為這三個是值得考慮的好方法。

On the follow-up on the constraint side, we are seeing some loosening of supply, as I said in my prepared remarks, which we believe will begin to benefit us, some of which will be in Q4. When you -- as you think about next year, when you look at the broader supply chain and you actually focus in on the bleeding edge technology types of components that are required, whether that's advanced packaging and substrates, some of the advanced node process technology and just some of the complex nature of the products we're dealing with, those we have to manage very carefully. They have long manufacturing cycle times, and we need to plan appropriately. But currently, we feel very good about our line of sight to be able to ramp up these programs in line with what our customers need, and we're having those discussions as we speak.

在約束方面的後續行動中，正如我在準備好的評論中所說，我們看到供應有所放鬆，我們相信這將開始使我們受益，其中一些將在第四季度出現。當您考慮明年時，當您查看更廣泛的供應鏈並且您實際上專注於所需的尖端技術類型的組件時，無論是先進的封裝和基板，還是一些先進的節點工藝技術以及我們正在處理的產品的一些複雜性質，我們必須非常小心地管理這些產品。它們的製造週期很長，我們需要進行適當的計劃。但是目前，我們對能夠根據客戶的需求增加這些計劃感到非常滿意，我們正在討論這些問題。

And then the final part is with respect to the outlook next year, I think the biggest thing to take away really is at the highest level, we're ahead of plan on where we thought we were. If I went back to our Analyst Day back at the end of 2021, we're on the $6 billion annualized revenue run rate. Now our current year looks like it's going to be above where we thought it would be back at the end of last year. So that's all positive. And as we look forward, we do see the long-term target model being achievable even off this higher revenue run rate. So that's more of a long-term comment. But certainly, if you add up our growth drivers and you look at where we are today, we feel very good about fiscal '24 or calendar '23 next year.

最後一部分是關於明年的展望，我認為最重要的事情是在最高水平上，我們在我們認為的位置上超前了。如果我回到 2021 年底的分析師日，我們的年收入運行率為 60 億美元。現在我們今年看起來會高於我們認為它會在去年年底回到的地方。所以這都是積極的。正如我們所期待的那樣，我們確實看到即使在這種更高的收入運行率下也可以實現長期目標模型。所以這更像是一個長期的評論。但可以肯定的是，如果你把我們的增長動力加起來，看看我們今天的情況，我們對明年的 24 財年或 23 年日曆感覺非常好。

The next question comes from C.J. Muse from Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

I guess a question around data center, particularly as it relates to the October quarter guide. I'm surprised that cloud is tracking only flat. And I guess, is that kind of a supply constraint that caught you by surprise? Or otherwise, less than 3% sequential growth seems a little bit light. I would love to hear your thoughts around that.

我猜是關於數據中心的問題，尤其是與 10 月季度指南有關的問題。我很驚訝雲只跟踪平坦。我想，這種供應限制是否讓你感到意外？否則，低於 3% 的連續增長似乎有點輕。我很想听聽你對此的想法。

Yes, no problem, C.J. Yes, a couple of things. One is, I said some of this in the prepared remarks. As we've battled through on the supply side, like a lot of other companies this year, it's been quite lumpy in terms of when the supply comes in and by what end market. And so on an average quarter, we're not exactly even over the last few quarters, able to perfectly forecast how much we can deliver.

是的，沒問題，C.J. 是的，有幾件事。一個是，我在準備好的評論中說了一些。由於我們在供應方面一直在努力，就像今年的許多其他公司一樣，就供應何時進入以及最終市場而言，情況相當不穩定。因此，在平均每個季度，我們甚至在過去幾個季度都無法完美預測我們可以交付多少。

Now that said, in data center just for perspective, we had a huge step up starting in our Q1 of this year. We were constrained last year. We made a lot of great progress. Our Q1, I believe, was up something like 12% sequentially from our Q4 with -- and then we've sort of held at that level, maybe slightly increased a little bit through that time frame. And on a year-over-year basis, cloud has been absolutely on fire.

話雖如此，僅出於透視目的，在數據中心方面，我們從今年第一季度開始有了巨大的進步。去年我們受到了限制。我們取得了很大的進步。我相信，我們的第一季度比第四季度環比增長了大約 12%——然後我們有點保持在那個水平，在那個時間框架內可能會略有增加。與去年同期相比，雲一直非常火爆。

And the final point would be in the fourth quarter, we see a step up again both on a sequential basis. So I wouldn't say it necessarily surprised us. I think we've known these programs, and we're doing our best. But at this -- and we're going to try to do better for this quarter, by the way. But at this point, this is how we see it. The cloud business for us has been extremely strong and overall for Marvell remains healthy. I would say it's more of a supply timing issue, and our operations team is all over it to try to obviously make sure we meet what our customers need and ramp when they want to ramp.

最後一點將在第四季度，我們看到兩者都在連續的基礎上再次上升。所以我不會說這一定會讓我們感到驚訝。我認為我們已經知道這些程序，並且我們正在盡力而為。但在這一點上——順便說一句，我們將努力在本季度做得更好。但在這一點上，這就是我們的看法。我們的雲業務一直非常強勁，Marvell 總體上保持健康。我想說這更多的是供應時間問題，我們的運營團隊正在全力以赴，努力確保我們滿足客戶的需求，並在他們想要增加產量時增加產量。

The next question is from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的 Ross Seymore。

Matt, I want to talk about the cloud optimized side. I know you answered to a previous question that, that should be an idiosyncratic driver for you next year. But how do I blend together, frankly, the answers to the first and the second question that was already asked where the cloud side is lumpy, have ups and downs, but the good part is it's idiosyncratic, and you expect it to grow?

Matt，我想談談雲優化方面。我知道你回答了之前的一個問題，那就是明年對你來說應該是一個特殊的驅動程序。但是，坦率地說，我如何將第一個和第二個問題的答案融合在一起，這已經被問到雲在哪裡是塊狀的，有起伏，但好的部分是它是特殊的，你期望它會增長？

So I guess the net of it all is, do you see risk to that $400 million over the next year and then another $400 million the year after there if macro and/or supply stays lumpy? Or do you think the customer-specific very customized aspect of those businesses will allow that to grow and deliver those numbers even in a more choppy environment?

所以我想這一切的最終結果是，如果宏觀和/或供應保持不穩定，你是否認為明年這 4 億美元的風險以及之後一年的另外 4 億美元有風險？或者您是否認為這些業務的客戶特定的非常定制的方面將允許其增長並提供這些數字，即使在更加動蕩的環境中？

Yes. Sure, Ross. Great question. Maybe just before I answer it, I'll just give a higher level view. And your question is cloud-specific, but if I just frame the overall Marvell strategy that we've put together and the business model we've put together, it's been one where diversification and breadth of product offering and technology and obviously, the financial model to go with it has been our North Star, right, since I joined the company and since this management team has driven this transformation. So you can even see it in the short term where like, for example, we've got constraints in cloud this quarter, but enterprise and automotive, when you look out to next quarter are doing extremely well, and that's because of our diversification of our model, all focused around data infrastructure, by the way.

是的。當然，羅斯。好問題。也許就在我回答之前，我只是給出一個更高層次的觀點。你的問題是特定於雲的，但如果我只是製定我們制定的整體 Marvell 戰略和我們制定的商業模式，它就是產品供應和技術的多樣化和廣度，顯然，財務與之相匹配的模式一直是我們的北極星，對，自從我加入公司以來，自從這個管理團隊推動了這種轉變。因此，您甚至可以在短期內看到它，例如，我們在本季度的雲計算方面受到限制，但是當您展望下個季度時，企業和汽車行業表現非常好，這是因為我們的多元化順便說一句，我們的模型都集中在數據基礎設施上。

So while there may be lumpy "parts" of our business from time to time, that is by design, how we've architected the business model of Marvell. And it's taken a long time to get here. And I think it's actually proving to be very resilient when you look at our Q3 being up and then our Q4 actually accelerating. So that's the bigger picture around how we think about it and managing lumpiness.

因此，儘管我們的業務中可能不時出現不規則的“部分”，即設計上，我們是如何構建 Marvell 的業務模型的。而且花了很長時間才到這裡。而且我認為當你看到我們的第三季度上升然後我們的第四季度實際加速時，它實際上被證明是非常有彈性的。所以這就是我們如何思考它和管理塊狀問題的大局。

Now with respect to the cloud, I might want to put a little asterisk by the 400, 800 and that we've actually talked about it being 400-plus and 800-plus in prior calls, which means the 400, 800 was identified last year. And then subsequently, in our communications with investors, including earnings calls, we've said we've actually won more business since then with incremental revenue both in fiscal '24 and fiscal '25. So next year and the year after. So think of it as kind of 400-plus, 800-plus diversified across a number of programs.

現在關於雲，我可能想在 400、800 旁邊加上一點星號，我們實際上在之前的電話中談到過它是 400+ 和 800+，這意味著 400、800 是最後確定的年。隨後，在我們與投資者的溝通中，包括財報電話會議，我們已經表示，從那時起，我們實際上已經贏得了更多的業務，在 24 財年和 25 財年的收入都增加了。所以明年和後年。因此，可以將其視為 400 多個、800 多個多樣化的項目。

So the bottom line is we feel very good about that ramp. Some of them, I'm sure, will require a lot more than we're planning for at this point. And I'm sure a few of them will require less than we're planning. But in aggregate, when we judge the outlook, and we just did a refresh of this just very recently, not only internally, but even with my key customers in terms of planning for next year, that ramp looks very solid in both of those years.

所以底線是我們對這個斜坡感覺非常好。我敢肯定，其中一些需要比我們目前計劃的更多的東西。我敢肯定，其中一些需要的比我們計劃的要少。但總的來說，當我們判斷前景時，我們只是在最近進行了更新，不僅在內部，而且即使在我的主要客戶計劃明年的情況下，這兩年的增長看起來都非常穩固.

The next question is from Timothy Arcuri with UBS.

下一個問題來自瑞銀的 Timothy Arcuri。

I also wanted to ask about data center. And last quarter, I think the expectation was that you were going to see some reacceleration as the supply was going to improve into the back half of the fiscal year. So I know that the enterprise portion of that business is weak. But maybe can you help us understand sort of what's going on there? Maybe tell us how much cloud is as a portion of the total data center business?

我也想問一下數據中心。上個季度，我認為隨著供應在本財年後半段的改善，您會看到一些重新加速。所以我知道該業務的企業部分很薄弱。但也許你能幫助我們了解那裡發生了什麼？也許告訴我們雲在整個數據中心業務中佔多少？

And then also into fiscal Q4, it sounds like total revenue is going to be close to $1.7 billion for you to be up high 30s, and that's up nearly 10% Q-on-Q. But I'm wondering how much data center will be up. I mean you said it's going to be up Q-on-Q, but I would think it should easily be up double digits with more supply, you have the 5-nanometer products ramping. So I wonder if you can help with that.

然後進入第四財季，聽起來總收入將接近 17 億美元，以達到 30 多歲的水平，環比增長近 10%。但我想知道有多少數據中心會啟動。我的意思是你說它會 Q-on-Q 上升，但我認為隨著供應量的增加，它應該很容易上升兩位數，你有 5 納米產品正在增加。所以我想知道你是否可以提供幫助。

Sure. Yes, a couple of things. So on the first part on the data center, what we've said is that our -- the larger portion of the total is in cloud. So the exact number, we haven't quite disclosed it, but call it closer to 60%, 60-plus percent versus 40%. So that's been -- and that's why we said even in this prior quarter on the year-on-year, cloud grew much faster than the total just because of the enterprise of the mix.

當然。是的，有幾件事。所以關於數據中心的第一部分，我們所說的是我們的 - 總數的較大部分在雲中。所以確切的數字，我們還沒有完全披露，但稱其接近 60%、60% 以上和 40%。所以這就是 - 這就是為什麼我們說即使在上一季度的同比增長中，雲的增長速度也比整體快得多，這僅僅是因為企業的組合。

Now reminder, a little bit on the enterprise side. It's not a great proxy of what I would call enterprise data center from the standpoint that those products we sell into that market are fiber channel and Ethernet adapters, which are somewhat of a legacy type of business for Marvell. So that one we feel we've been pretty upfront about this. That doesn't have a lot of growth per se ahead. And so really, it's been all about the cloud.

現在提醒一下，在企業方面。從我們銷售到該市場的那些產品是光纖通道和以太網適配器的角度來看，這並不是我所說的企業數據中心的一個很好的代理，這在某種程度上是 Marvell 的傳統業務類型。所以我們覺得我們對此非常坦率。這本身並沒有很大的增長。真的，這都是關於雲的。

The -- in Q4, as we said, the overall company revenue, we expect to accelerate off of Q3. We haven't pegged the number. I think the range you're discussing looks a little on the high side. But if you just back in to the high 30s comment we made and you take the 2 quarters we've already produced, we take our Q3 guide and look at Q4, you'll get to a range that seems to make sense.

正如我們所說，在第四季度，公司的整體收入預計將在第三季度之後加速。我們沒有確定這個數字。我認為你正在討論的範圍看起來有點偏高。但是，如果您剛剛回到我們所做的 30 年代高評論，並且您採用我們已經製作的 2 個季度，我們採用我們的 Q3 指南並查看 Q4，您會得到一個似乎有意義的範圍。

So yes, I guess bottom line is we do -- and I think the acceleration we thought we would get in the second half on cloud is more a Q4 type of story than Q3, and that's how it's playing out primarily on the basis of supply.

所以是的，我想底線是我們做到了——我認為我們認為我們將在下半年在雲上獲得的加速更像是第四季度而不是第三季度的故事，這就是它主要在供應基礎上發揮作用的方式.

The next question is from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

I just wanted to go back to the demand part of the equation. I thought you said in the beginning, consumer HDDs were the only thing weak, but you have 2 segments that are down. So just maybe just revisit that even in the areas like enterprise that are up a bit, it sounds like supply. So I just wondered if you could revisit the demand outlook and I think you said data center is kind of lumpy, but I mean is it all lumping in timing and supply even for the businesses that are down? Or have you seen any broader downticks on that demand side?

我只是想回到等式的需求部分。我以為你在一開始就說過，消費級硬盤是唯一薄弱的東西，但是你有 2 個部分出現故障。因此，也許只是重新審視一下，即使在企業等領域有所上升，聽起來也像是供應。所以我只是想知道你是否可以重新審視需求前景，我認為你說數據中心有點不穩定，但我的意思是，即使對於倒閉的企業，時間和供應也是如此？或者您是否看到需求方面出現更廣泛的下滑？

Yes, Blayne, I think when I look at your question there, the enterprise side and particularly the on-prem, I do think that, that has been more lumpy in terms of the supply we've gotten and how we've delivered it. We haven't really seen a lot of demand changes there per se. But we certainly, in our first quarter and a little bit of our second quarter, we're able to produce more supply than we had hoped. So when we talk to customers, the demand signals there don't look anything out of the ordinary versus what we have seen historically. This because it kind of feels like we're going back to a little bit of where we were before this huge up cycle. But it's all within the normal range.

是的，Blayne，我認為當我在那裡看到您的問題時，企業方面，尤其是內部部署，我確實認為，就我們獲得的供應和交付方式而言，這更加不穩定.我們還沒有真正看到那裡的需求變化本身。但我們可以肯定的是，在第一季度和第二季度的一小部分時間裡，我們能夠生產比我們希望的更多的供應。因此，當我們與客戶交談時，那裡的需求信號與我們過去看到的相比並沒有什麼不尋常的地方。這是因為感覺就像我們要回到這個巨大的上升週期之前的一點點。但這一切都在正常範圍內。

I think the comment on Consumer HDD was really -- it's down, it's pronounced. We can quantify it. But the other part you mentioned is it's more around the lumpiness of our supply delivery rather than demand being down.

我認為對消費者硬盤的評論真的是——它已經下降，它很明顯。我們可以量化它。但你提到的另一部分是它更多地圍繞著我們的供應交付而不是需求下降。

The next question is from Matt Ramsay with Cowen.

下一個問題來自 Matt Ramsay 和 Cowen。

I don't know, just for a change of pace, maybe something not in data center.

我不知道，只是為了改變節奏，也許不是數據中心的東西。

You can go there, Matt, no problem.

你可以去那裡，馬特，沒問題。

I wanted to ask about the Enterprise Networking segment. The big upside there and guiding for almost 25% growth or 70% year-over-year. Is that -- maybe you could talk about the specific product cycles that are going on there? Or is it, in fact, that's where you're able to upside in supply and just sort of disaggregate what's driving that to be the fastest-growing segment right now?

我想問一下企業網絡部分。那裡有很大的上漲空間，並指導了近 25% 的同比增長或 70% 的同比增長。是嗎——也許你可以談談那裡正在進行的具體產品週期？或者，事實上，這就是你能夠增加供應的地方，並且只是分解是什麼推動它成為目前增長最快的部分？

Yes. Thanks. Yes. Actually, it's a combination of both where we have very strong demand for our products. I'll cover that in a second on why that's a little bit unique to us. But then also, I would say, we're -- we have been -- we called this out a couple of quarters ago. This had been one of our more pronounced areas of delinquency, and we're starting to finally catch up. So it's a combination of both, Matt, which I think is producing a very strong result, obviously, as we guide out not only in the Q3 guide, but also the quarter we just finished.

是的。謝謝。是的。實際上，這是兩者的結合，我們對我們的產品有非常強烈的需求。我將在稍後介紹為什麼這對我們來說有點獨特。但是，我還要說，我們是——我們曾經是——我們在幾個季度前就提出了這個問題。這是我們更明顯的犯罪領域之一，我們終於開始迎頭趕上。所以這是兩者的結合，馬特，我認為這顯然產生了非常好的結果，因為我們不僅在第三季度指南中進行了指導，而且在我們剛剛完成的季度中也進行了指導。

So on the demand side, I mean, we've -- I think a couple of things, right? In our sort of classic Marvell portfolio we've had very consistent share gains and new product introductions with a lot of success in the enterprise class Ethernet switch and Fi area. In some of those cases, we sell the 2 products together as part of a total solution. And one trend that I think we had talked about for quite a while, and it's actually here, and it's right in front of us, and it's showing up in our numbers is the adoption of multi-gig PHY technology.

所以在需求方面，我的意思是，我們已經 - 我認為有幾件事，對吧？在我們經典的 Marvell 產品組合中，我們在企業級以太網交換機和 Fi 領域取得了非常穩定的份額增長和新產品推出，並取得了巨大成功。在某些情況下，我們將這兩種產品作為整體解決方案的一部分一起銷售。我認為我們已經討論了很長一段時間的一個趨勢，它實際上就在這裡，它就在我們面前，並且它出現在我們的數字中是採用多千兆物理層技術。

The large enterprise OEMs, and you can listen to their commentary, they're seeing a big uptick. A lot of that is driven by Wi-Fi 6, which at some point, the wireless rate, line rate was going faster than the wired rate. So that's driven a pretty big adoption. And the content and the per port has gone up dramatically as you switch to multi-gig. And it's not like 10%, 20%, 30%. It's sort of multiples on a per port basis of where it was before. And that's hitting, okay? So you've got increased PHY content, new products ramping. We've won new customers over the last few years and we've gained share. So that's been a good story, and it's been pretty consistent, by the way, although it's accelerated in the last few quarters.

大型企業原始設備製造商，你可以聽聽他們的評論，他們看到了很大的增長。其中很大一部分是由 Wi-Fi 6 驅動的，在某些時候，無線速率、線路速率比有線速率更快。所以這推動了相當大的採用。當您切換到多演出時，內容和每個端口的數量急劇增加。它不像 10%、20%、30%。在每個端口的基礎上，它是以前位置的倍數。這很擊中，好嗎？因此，您的 PHY 內容增加了，新產品也在增加。在過去的幾年裡，我們贏得了新客戶，我們也獲得了份額。所以這是一個很好的故事，順便說一句，它一直很穩定，儘管在過去幾個季度它加速了。

And then on top of that, a lot of the constraints we had, had in this area, we finally started seeing the supply improvements based on our own partnerships that we've struck with our various suppliers. And so that's starting to benefit as well. And we're finally sort of getting more caught up here. So all in all, I think a great performance, obviously, out of enterprise. It's at a much higher run rate than I think certainly, people were planning or we were even thinking back at our Investor Day a year ago, but we're pleased that I think the designs we won actually have ramped up, and we still have a bright outlook from here.

最重要的是，我們在這個領域遇到了很多限制，我們終於開始看到基於我們與各種供應商達成的合作夥伴關係的供應改善。所以這也開始受益。我們終於在這裡更加關注了。所以總而言之，我認為這是一場偉大的表演，顯然，在企業之外。它的運行速度肯定比我想像的要高得多，人們正在計劃，或者我們甚至在一年前的投資者日回想起來，但我們很高興我認為我們贏得的設計實際上已經增加了，我們仍然有從這裡可以看到光明的前景。

The final one I would say, Matt, is that we also had some new incremental business on custom-silicon and ASIC in the enterprise, which was not an area where we historically played. And those are also going to production as well, both starting this year, but even reaching full volume or not -- let's call it, run rate volume next year. So I think a lot of new product stuff and good supply improvements.

最後我要說的是，馬特，我們在企業中也有一些關於定制矽和 ASIC 的新增量業務，這不是我們歷史上涉足的領域。這些也將投入生產，都從今年開始，但無論是否達到滿量 - 讓我們稱之為明年的運行速度量。所以我認為很多新產品的東西和良好的供應改進。

The next question is from Gary Mobley from Wells Fargo.

下一個問題來自富國銀行的 Gary Mobley。

I had a couple of questions on the -- some of your foundry relationships. Jean, I believe you mentioned that you're purchase obligations with your foundry partners ticked up about 15% sequentially. It sits in about a half year's worth of revenue. I'm wondering if given that capacity seems to be freeing up a bit, might we see that those purchase obligations level off? And what are the risks there of maybe not being able to take all that commitment in the future? And then as well, have you -- or do you anticipate any additional price increases from your foundry partners that you may eventually have to pass on to customers?

我對你們的一些代工關係有幾個問題。 Jean，我相信您提到您與代工合作夥伴的採購義務連續增加了約 15%。它坐落在大約半年的收入中。我想知道是否考慮到產能似乎有所釋放，我們是否會看到這些購買義務趨於平穩？未來可能無法承擔所有承諾的風險是什麼？然後，您是否 - 或者您是否預計您的代工合作夥伴最終可能不得不轉嫁給客戶的任何額外價格上漲？

Yes. Gary, thanks for the question. First, on the long-term purchase commitment. As Matt mentioned, right, we focus on data infrastructure. Our products tend to have a very long product cycle and most of our products were so soft. So based on the design wins we have and the product ramp and the business planning, we struck strategic relationships with our suppliers to ensure we can secure the capacity in the longer term. So when you look at the purchase commitment, those are very long-term commitments like 2, 3, 5 to 7 or even beyond the year. Our team has done a great job to really analyze what we need and what we should strike as a long-term purchase agreement.

是的。加里，謝謝你的問題。一是關於長期採購承諾。正如馬特所說，對，我們專注於數據基礎設施。我們的產品往往有一個很長的產品週期，我們的大多數產品都非常柔軟。因此，根據我們獲得的設計勝利、產品量產和業務規劃，我們與供應商建立了戰略關係，以確保我們能夠長期確保產能。因此，當您查看購買承諾時，這些都是非常長期的承諾，例如 2、3、5 到 7 甚至超過一年。我們的團隊在真正分析我們需要什麼以及我們應該作為長期購買協議達成什麼方面做得非常出色。

Typically, it's only a very small portion of our overall supply needs. So we actually feel very comfortable by analyzing the need, the product ramp or the customer relationship and what we are committing. If you look at it each year, it's actually very small month, right, it's spread into 7 years and beyond. So we feel pretty good about that.

通常，這只是我們整體供應需求的一小部分。因此，通過分析需求、產品升級或客戶關係以及我們的承諾，我們實際上感到非常自在。如果你每年看，它實際上是很小的一個月，對，它蔓延到7年甚至更長的時間。所以我們對此感覺很好。

On your second question about supply chain input cost. It's still very tight supply chain environment. We continue to believe in the next year we are going to continue to face challenges in complex substrate and some of the component and even older generation wafer side. So for us, we definitely -- if there's input cost increase because of supply/demand imbalance, our strategy and our approach has been really working with our suppliers and the customers to make sure we share the cost to increase overall. So that's our current expectation.

關於供應鏈投入成本的第二個問題。它仍然是非常緊張的供應鏈環境。我們繼續相信，明年我們將繼續面臨複雜基板和一些組件甚至老一代晶圓方面的挑戰。所以對我們來說，我們肯定 - 如果由於供需不平衡而導致投入成本增加，我們的戰略和方法一直在與我們的供應商和客戶合作，以確保我們分擔成本以整體增加。這就是我們目前的期望。

The next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

On the cloud optical connectivity business, this is both inside and between data centers, the upgrade cycles have been this really great multiyear tailwind for the team. And if I look into next year, I believe that there's still at least 1 of the top 4 U.S. hyperscale titans that's going to start the 400-gig PAM4 transition. You still have China CSPs that need to fire. You've got multiple customers on DR that's going to fire as well. Historically, like these transitions, I don't think have been impacted by a slowing macro demand environment. They're viewed as, I think, very strategic. But is that how your cloud customers are thinking about these upgrades and your views on continued upgrade momentum in this segment for next year? And just relatedly, is the Innovium team on track to drive $150 million in revenues this year?

在雲光連接業務上，無論是在數據中心內部還是在數據中心之間，升級週期對團隊來說都是非常好的多年順風。如果我展望明年，我相信美國 4 大超大規模巨頭中至少有 1 家將開始 400 gig PAM4 過渡。您仍然有需要解僱的中國 CSP。您在 DR 上有多個客戶也會被解僱。從歷史上看，就像這些轉變一樣，我不認為受到宏觀需求環境放緩的影響。我認為，它們被視為非常具有戰略意義。但是，這就是您的雲客戶對這些升級的看法以及您對明年該領域持續升級勢頭的看法嗎？與此相關的是，Innovium 團隊今年是否有望實現 1.5 億美元的收入？

Thanks, Harlan. Yes, I think the first part of it, you got pretty well in terms of the transition on 200 and 400 gig PAM4 inside the data center. And then the new ramps we're seeing in 400 gig ZR for DCI between data centers. What I'd add on top of that is -- which has been extremely strong and also, in some ways, a little bit of a constraint we've seen in terms of being able to keep up is the demand on 800 gig, which is happening right now really around, obviously, very advanced AI workloads. That is an area where if we could obviously produce more material, we would be shipping it in Q3. So that's also a positive trend. So you've got sort of the transition going on all the way up to 800 gig, and that continues to look pretty good.

謝謝，哈蘭。是的，我認為它的第一部分，您在數據中心內的 200 和 400 gig PAM4 的過渡方面做得很好。然後是我們在數據中心之間的 DCI 的 400 gig ZR 中看到的新斜坡。我要補充的是——它非常強大，而且在某些方面，我們在能夠跟上的方面看到了一點限制，那就是對 800 gig 的需求，這顯然，非常先進的人工智能工作負載正在發生。在這個領域，如果我們顯然可以生產更多材料，我們將在第三季度發貨。所以這也是一個積極的趨勢。所以你已經有一種過渡一直持續到 800 演出，而且看起來仍然很不錯。

On the data center switching side, we are on track for the $150 million of data center switching this year. And we see very good traction in the market to -- in the solutions we're talking about now at 51 2 with our PAM4 DSPs as kind of a total solution. So that's also going well. The team has been integrated very well into the company. Road map looks very strong. It's pretty exciting. So that was another growth vector that I did not mention upfront, but I guess you could lump -- it's not part of our 400, 800 cloud, the $1 million ramp. But that's also incremental opportunity for us in cloud switching.

在數據中心交換方面，我們今年有望實現 1.5 億美元的數據中心交換。我們在市場上看到了非常好的吸引力——在我們現在在 51 2 談論的解決方案中，我們的 PAM4 DSP 作為一種整體解決方案。所以這也進展順利。該團隊已經很好地融入了公司。路線圖看起來很強大。這很令人興奮。所以這是我沒有預先提到的另一個增長向量，但我想你可以把它混為一談——它不是我們 400、800 雲的一部分，即 100 萬美元的斜坡。但這也是我們在雲交換方面的增量機會。

The next question comes from Tore Svanberg with Stifel.

下一個問題來自 Tore Svanberg 和 Stifel。

Congrats on another record quarter. Just kind of staying a little bit on what's to come, especially in the next few years. You talked quite a bit about CXL. I was just wondering when will that business start to ramp? I mean we're talking about more than $1 billion SAM here. And when could that business sort of become bigger than the Consumer HDD business. Just to kind of put into perspective, unique growth drivers versus market drivers?

祝賀另一個創紀錄的季度。只是對即將發生的事情稍作停留，尤其是在接下來的幾年中。你談了很多關於 CXL 的事情。我只是想知道這項業務什麼時候開始增長？我的意思是我們在這裡談論超過 10 億美元的 SAM。什麼時候該業務會變得比消費者硬盤業務更大。只是為了透視一下，獨特的增長動力與市場動力？

Yes. Well, Tore, that would be a great day. We can crack the champagne if we can get CXL up to where the consumer -- or the HDD business used to be. But in all seriousness, this is new. This is a new technology transition that's happening. It's actually very exciting for the team to look at now really enabling these solutions to -- in the memory ecosystem. The -- we have a full road map that's well underway in terms of product development but it's still early. So we're still a couple of years out. And by the way, just to be clear on the opportunity, that's the SAM we said was over time. The $1 billion-plus or multibillion.

是的。好吧，托雷，那將是美好的一天。如果我們能讓 CXL 達到消費者的水平——或者 HDD 業務曾經的水平，我們就可以開香檳了。但說真的，這是新的。這是一種正在發生的新技術轉變。對於團隊來說，現在看到真正使這些解決方案能夠在內存生態系統中實現，實際上是非常令人興奮的。 - 我們有一個完整的路線圖，在產品開發方面正在順利進行，但還為時過早。所以我們還有幾年的時間。順便說一句，為了明確機會，這就是我們所說的隨著時間的推移而出現的 SAM。超過 10 億美元或數十億美元。

So it's still a ways out. We're not ready to sort of talk about when the timing exactly of that, but we're very encouraged. It's an absolute real trend. We intend to be a leader here. We're investing ahead of the curve. Tremendous traction on our road map and the breadth of what we can do in CXL. So it's an exciting one, and we just thought it was appropriate to flag that for investors is yet another opportunity to leverage a lot of the great technology we have into the same set of accounts. And in the case of CXL actually helped enable them, right, to architect these solutions for the future.

所以還是有出路的。我們還沒有準備好談論確切的時間，但我們非常鼓舞。這是絕對真實的趨勢。我們打算成為這裡的領導者。我們正在提前投資。我們的路線圖和我們在 CXL 中可以做的事情的廣度具有巨大的吸引力。所以這是一個令人興奮的事情，我們只是認為應該指出，對於投資者來說，這是另一個將我們擁有的許多偉大技術用於同一組賬戶的機會。就 CXL 而言，實際上幫助他們為未來構建了這些解決方案。

So I think it's going to be a pretty exciting one, but it's a little ways out. And none of that is sort of in the -- like the $400 million next year, as an example. That's not part of it. That would all be incremental a few years out.

所以我認為這將是一個非常令人興奮的事情，但它還有一點路要走。而且這些都不是 - 例如明年的 4 億美元。那不是它的一部分。這一切都將在幾年後逐漸增加。

The next question is from Srini Pajjuri from SMBC Nikko.

下一個問題來自 SMBC Nikko 的 Srini Pajjuri。

My question is on 5G, in particular. Now that India 5G auctions are behind us, I'm just curious as to how we should think about that opportunity, Matt? I think you have a pretty strong position there, but could you put that into perspective versus a U.S. opportunity or Europe opportunity? And then the second half strength, is that what's driving it? I think you're guiding 5G to be up even in the third quarter. So I'm just curious if you're seeing any action from India as yet.

我的問題特別是關於 5G。現在印度 5G 拍賣已經過去，我只是好奇我們應該如何看待這個機會，馬特？我認為你在那裡有一個相當強大的地位，但你能把它與美國機會或歐洲機會相比較嗎？然後是下半場的實力，這就是它的動力嗎？我認為即使在第三季度你也在引導 5G 上升。所以我很好奇你是否看到印度的任何行動。

Yes. And Jean, you can chime in, but I think India for us is still -- I think that's still a next year type of event, although the -- as you mentioned, the tenders have gone through. We're well positioned for that. I think we've historically through our partners, had a strong position there. But I would say it's -- the way to think about our 5G business now is more broader, diversified and kind of a consistent performer. So I don't think you're going to see it take some enormous leap in a given quarter as an example. I mean it's been performing extremely well.

是的。 Jean，你可以插話，但我認為印度對我們來說仍然是——我認為這仍然是明年的活動，儘管——正如你所提到的，招標已經通過。我們為此做好了充分準備。我認為我們在歷史上通過我們的合作夥伴，在那裡擁有強大的地位。但我想說的是——現在思考我們的 5G 業務的方式更廣泛、更多樣化，而且表現更穩定。因此，我認為您不會看到它在特定季度發生巨大飛躍作為示例。我的意思是它的表現非常好。

If you go all the way back to kind of the initial ramps 2-plus years ago, we basically had sequential growth, I think about every quarter, except one, maybe, I don't know, 7 quarters ago where we were flat or something, right? So it's -- I think, again, it's a good example maybe at a smaller scale of the diversification strategy we've tried to drive whereas we go into these markets, we do try to find a number of key partners to line up with such that we're -- we try to reduce volatility and perform well in any environment.

如果你一直回到 2 多年前的初始斜坡，我們基本上有連續增長，我想每個季度，除了一個，也許，我不知道，7 個季度前我們持平或對的東西？所以它 - 我認為，再一次，這可能是一個很好的例子，可能是我們試圖推動的多元化戰略的一個小規模，而我們進入這些市場時，我們確實試圖找到一些關鍵合作夥伴來與這些市場保持一致我們 - 我們試圖減少波動性並在任何環境中表現良好。

So I think India is just another example. But I think there's also other geographies that are going to be laying in as well. And I think maybe even the bigger tailwind is just sort of increased content as new systems roll out with more and more Marvell silicon per base station. I think that's really where we'll be a bigger impact than a particular geography ramping up in a given quarter. But Jean, any thoughts on that to add?

所以我認為印度只是另一個例子。但我認為還有其他地區也會出現。而且我認為，隨著新系統的推出，每個基站的 Marvell 芯片越來越多，甚至更大的順風可能只是增加了內容。我認為這確實是我們將產生比特定地區在特定季度增加的影響更大的地方。但是讓，對此有什麼想法要補充嗎？

Yes. Matt, to just add to what you just said is this year, we have seen significant growth, and the run rate is already over $600 million now. And that's actually largely benefited by North America, right? And the North American adoption of 5G has been really strong this year. Going forward, India definitely maybe next year or beyond. But Matt is right, is our 5G business will continue to be a very significant growth driver next year for us. It has a really long product cycle and the visibility actually is pretty good in this market.

是的。馬特，補充一下你剛才所說的，今年我們看到了顯著的增長，現在的運行率已經超過 6 億美元。這實際上很大程度上得益於北美，對吧？今年北美對 5G 的採用非常強勁。展望未來，印度肯定會在明年或以後。但馬特是對的，明年我們的 5G 業務將繼續成為我們非常重要的增長動力。它的產品週期很長，在這個市場上的知名度實際上相當不錯。

The next question comes from Harsh Kumar with Piper Sandler.

下一個問題來自 Harsh Kumar 和 Piper Sandler。

Matt, I had a question for you. So if I layer in your thoughts on the $400 million odd of custom cloud silicon, that's about 15% growth by itself to your cloud business. And then I assume your business will grow at least that much, if not more, organically. So is it fair for us to think for January 2024 for that data center business to be somewhere in the 30-something odd percent range or even better than that? Yes.

馬特，我有一個問題要問你。因此，如果我將您的想法放在 4 億美元的定制雲芯片上，那麼這對您的雲業務本身來說就是大約 15% 的增長。然後我假設你的業務至少會有機地增長，如果不是更多的話。那麼我們認為 2024 年 1 月數據中心業務在 30% 左右甚至更好的範圍內是否公平？是的。

Yes, I think I'd have to probably get out a spreadsheet to go figure that one out, Harsh. But I think directionally, I think you're right in that. You have an estimate of what our cloud revenues are and certainly layering in the $400 million would get you to a certain number. And then you're absolutely right, what I didn't bring up is that the base business, right, which doesn't include the new wins is also ramping up. So we haven't sized that piece of it exactly, but clearly, that's going to grow as well next year, the kind of existing run rate portfolio because some of those programs whether it's in cloud switching, whether it's in electro optics, some of the things we've already talked about today that are already in the run rate are certainly going to grow. So yes, I think that's -- I think from there, you'll have to kind of -- I think when you say 2024, I got a -- I don't know that exact number off the top of my head, so...

是的，我想我可能得拿出一個電子表格才能弄清楚，Harsh。但我認為有方向性，我認為你是對的。你對我們的雲收入有一個估計，當然，4 億美元的分層會讓你達到一定的數字。然後你是絕對正確的，我沒有提到的是基礎業務，對，不包括新的勝利也在增加。所以我們還沒有確切地確定這部分的規模，但很明顯，明年也會增長，現有的運行率組合，因為其中一些程序，無論是在雲交換中，無論是在電子光學中，還是在一些我們今天已經討論過的已經在運行中的事情肯定會增長。所以是的，我認為那是-我認為從那裡開始，您將不得不... ...

The next question comes from Quinn Bolton with Needham.

下一個問題來自 Quinn Bolton 和 Needham。

I wanted to follow up on Matt Ramsay's question on Enterprise Networking. If I look at the business in the October quarter, it looks like you'll be over $400 million, and that's up probably 2.5x over 2 years. So phenomenal growth, but clearly well ahead of the market. I know some of that is content gains, some of its market share. But if you look at inventory in the networking space, OEM inventory levels are probably up 2x over that 2-year period. And so do you guys have any way of knowing whether there's any inventory that's accumulated in that channel? Do you think you can sort of sustain this $400 million quarterly run rate into next year? Or do you think you may see some ebb and flows especially after a very strong October levels looking beyond October?

我想跟進 Matt Ramsay 關於企業網絡的問題。如果我看一下 10 月季度的業務，您的收入似乎將超過 4 億美元，並且在 2 年內可能增長 2.5 倍。如此驚人的增長，但顯然遠遠領先於市場。我知道其中一些是內容收益，一些是市場份額。但是，如果您查看網絡空間中的庫存，那麼 OEM 庫存水平可能在 2 年期間增加了 2 倍。那麼你們有什麼辦法知道該渠道中是否有任何庫存積累嗎？你認為你可以將這個 4 億美元的季度運行率維持到明年嗎？或者你認為你可能會看到一些潮起潮落，尤其是在 10 月之後的非常強勁的 10 月水平之後？

Yes, Quinn, it's a great question. And certainly, we're very aware of kind of the broader inventory growth that's gone on in a number of the end markets that we serve. And this one, in particular, I think a couple of things give us a lot of comfort.

是的，奎因，這是一個很好的問題。當然，我們非常清楚在我們服務的許多終端市場中出現的更廣泛的庫存增長。特別是這一點，我認為有幾件事給了我們很多安慰。

The first is we've still been ramping into some of these new designs. So they're not -- it's not business we had 2 years ago and it was at x run rate, and now it's at x time 2 run rate. I mean almost all of this is effectively new programs that have ramped up. I guess the silver lining is on the supply constraint so far is that we haven't been able to get over our skis on over shipping. And so -- and we continue to have escalations by the way, even within enterprise networking today, in terms of trying to meet the demand.

首先是我們仍然在嘗試這些新設計。所以他們不是——這不是我們 2 年前的業務，它是 x 運行率，現在是 x time 2 運行率。我的意思是，幾乎所有這些都是有效的新程序，並且已經增加了。我想到目前為止，供應限制方面的一線希望是我們無法克服過度運輸的問題。所以——順便說一句，我們繼續升級，即使在今天的企業網絡中，在試圖滿足需求方面也是如此。

And again, as I said, because we're in the new systems and the new programs, those are the ones typically our OEMs are the most short on, and they're trying to sell. So I think it's a very fair question. And certainly, for somebody that's got a lot of market share in a given end market that had a run rate business, that had been going on for a while and it got inflated because of inventory growth over the last few years, one would get concerned. But that's not as much of a concern for us overall in enterprise networking today. And so I think we feel pretty good about the run rate we're on and the fact that we're running a lot farther ahead than we thought, and we still have some growth ahead of us, but we're watching it closely for sure, Quinn. No question.

同樣，正如我所說，因為我們處於新系統和新程序中，這些通常是我們的原始設備製造商最缺乏的，他們正在努力銷售。所以我認為這是一個非常公平的問題。當然，對於那些在給定終端市場擁有大量市場份額的人來說，這種業務已經持續了一段時間，並且由於過去幾年的庫存增長而膨脹，人們會擔心.但這對於我們今天在企業網絡中的整體來說並不是那麼重要。所以我認為我們對我們的運行速度感覺很好，而且我們的運行速度比我們想像的要遠得多，而且我們仍然有一些增長，但我們正在密切關注它當然，奎因。沒有問題。

Great. And just as a quick follow-up, can you comment about how much of your cloud business or hyperscale business may be driven by the Chinese hyperscalers? I know some of the -- your peers in the industry have commented that they've seen a recent weakening demand out of the China hyperscalers.

偉大的。作為快速跟進，您能否評論一下您的雲業務或超大規模業務有多少是由中國超大規模企業推動的？我知道一些 - 你的業內同行評論說，他們已經看到中國超大規模企業的需求最近在減弱。

This is Jean. I'll answer. Matt can add. Our cloud business are primarily U.S. hyperscale data centers. So we actually have a very limited revenue exposure with the Chinese hyperscale data centers today.

這是讓。我會回答的。馬特可以補充。我們的雲業務主要是美國的超大規模數據中心。因此，我們今天在中國超大規模數據中心的收入敞口實際上非常有限。

The next question comes from Joe Moore from Morgan Stanley.

下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could talk about the supply constraints. I think a quarter or so ago, probably your biggest problem was analog parts. I know substrates have also been an issue, trailing-edge wafers. Are those priorities shifting? You talked about a little bit at the sort of more complicated parts that are giving you trouble. Can you just talk a little bit about where is supply getting better? What supply chain is getting better and what's getting worse?

我想知道你是否可以談談供應限制。我認為大約四分之一之前，您最大的問題可能是模擬部分。我知道基板也是一個問題，後緣晶圓。這些優先事項是否發生了變化？你談到了一些給你帶來麻煩的更複雜的部分。你能談談供應在哪裡變得更好嗎？哪些供應鏈變得更好，哪些變得更糟？

Yes. Great. Thanks, Joe. No, I think you're right. I think certainly, I mean, there's -- independent of us, right, there's been broader constraints within the analog peer group that have caused sort of golden screw issues and things like that with -- and remains to be seen when all those sort themselves out. For our purposes -- and again, some of those constraints overlap because we do -- in some of our mixed signal technology, we do have a pretty broad usage of some of the older nodes relative to CMOS or by CMOS technology, which would be 28-nanometer, 40-nanometer, 55/65. Those have been historically over the last 2 years, very constrained. They continue to be constrained.

是的。偉大的。謝謝，喬。不，我認為你是對的。我認為當然，我的意思是，有 - 獨立於我們，對，在模擬同行群體中存在更廣泛的限制，導致了一些金螺絲問題和類似的事情 - 當所有這些都自行排序時還有待觀察出去。出於我們的目的——同樣，這些約束中的一些重疊是因為我們這樣做了——在我們的一些混合信號技術中，相對於 CMOS 或 CMOS 技術，我們確實對一些較舊的節點進行了相當廣泛的使用，這將是28 納米、40 納米、55/65。從歷史上看，這些都是在過去 2 年中，非常受限制。他們繼續受到限制。

We've -- but it's gotten better for sure. It's gotten better. And some of that -- some of those older nodes have been where the lumpiness of our supply has come in. You can see actually even when you look at our guide for the automotive business, those -- the 5 portion of that business uses some of this older technology. And you can see we're very strong sequential guide there. So that is starting to work itself out. There's still constraints. Where we're having a little bit more trouble, and I think some of the peers are, too, is just when you get into these larger, more complex packages, Joe, that use flip-chip BGAs and large complex substrates, that's still in very rough shape. And you have to plan way in advance even now for the capacity that's going to be required there. That trend on ABF especially is only going to go up. And so I think the more complex products is where it continues to be a pain point.

我們已經 - 但它肯定會變得更好。它變得更好了。其中一些——那些較舊的節點中的一些是我們供應的塊狀出現的地方。即使你查看我們的汽車業務指南，你實際上也可以看到，那些——該業務的 5 部分使用了一些這項較舊的技術。你可以看到我們在那裡是非常強大的順序指南。所以這開始自己解決了。還是有限制的。我們遇到更多麻煩的地方，我認為一些同行也有，只是當你進入這些更大、更複雜的封裝時，喬，使用倒裝芯片 BGA 和大型複雜基板，那仍然是在非常粗糙的形狀。即使是現在，您也必須提前計劃那裡所需的容量。尤其是 ABF 的這種趨勢只會上升。所以我認為更複雜的產品仍然是一個痛點。

And I do think over time, as the cycle plays itself out, probably some of the legacy nodes and the analog stuff probably lightens up. But I think for high complexity, there's just such a move in the industry, companies like Marvell and a lot of our large peers who more and more are just producing tremendous amounts of compute power and high-performance computing broadly, whether it's in networking or custom-silicon or CPUs or GPUs, you name it, it's all going to this complex technology, and that's where we have to just continue to be tactical and keep our heads down and match supply and demand and get what we need.

而且我確實認為，隨著時間的推移，隨著周期的結束，可能一些遺留節點和模擬的東西可能會變亮。但我認為，對於高度複雜性，行業中就有這樣的舉動，像 Marvell 這樣的公司以及我們的許多大型同行越來越多地產生巨大的計算能力和廣泛的高性能計算，無論是在網絡還是定制矽或 CPU 或 GPU，你能說出它的名字，這一切都將用於這項複雜的技術，這就是我們必須繼續保持戰術並保持低調並匹配供需並獲得我們需要的地方。

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

我們的問答環節以及我們的會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。