邁威爾科技 (MRVL) 2023 Q3 法說會逐字稿

Welcome to Marvell Technologies Fiscal Third Quarter 2023 Earnings Conference Call. (Operator Instructions). note this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.

歡迎參加 Marvell Technologies 2023 財年第三季度收益電話會議。 （操作員說明）。請注意正在記錄此事件。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。

Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

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含前瞻性陳述，這些陳述存在重大風險和不確定性，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。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以及我們最近的 10-K 和 10-Q 文件中包含的警示性聲明和風險因素。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 GAAP 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，聽取他對我們表現的評論。馬特？

Thanks, Ashish, and good afternoon, everyone. In the third quarter of fiscal 2023, the Marvell team drove revenue to $1.54 billion, a record for the company, growing 27% year-over-year and 1% sequentially. This year-over-year growth was driven by our cloud, 5G and auto business as well as share and content gains in our enterprise networking end market.

謝謝，Ashish，大家下午好。在 2023 財年第三季度，Marvell 團隊將收入推高至 15.4 億美元，創公司歷史新高，同比增長 27%，環比增長 1%。這一同比增長是由我們的雲、5G 和汽車業務以及我們企業網絡終端市場的份額和內容收益推動的。

Our third quarter revenue came in towards the lower end of our guidance range, and we are forecasting a sequential decline in our fourth quarter. Early in the third quarter, we were still dealing with supply installations. Late in the quarter, customers started requesting to push out shipments and reschedule orders to manage their inventory in a changing demand environment. In the third quarter, these inventory reductions started to manifest and we are expecting an even greater impact in the fourth quarter.

我們第三季度的收入接近我們指導範圍的低端，我們預計第四季度將連續下降。在第三季度初，我們仍在處理供應設施。本季度末，客戶開始要求推遲發貨並重新安排訂單，以便在不斷變化的需求環境中管理庫存。在第三季度，這些庫存減少開始顯現，我們預計第四季度的影響會更大。

The largest impact is from our storage customers as has been widely communicated by that set of OEMs. In addition, as our Chinese customers deal with a changing macroeconomic situation, their demand for our products has come down significantly. Just to give you a sense of the magnitude of that change, we estimate that our revenue in the fourth quarter from our OEM customers based in China will decrease by over 1/3 compared to the second quarter. We expect revenue from China OEMs will account for less than 10% of our total company revenue in the fourth quarter.

正如那組 OEM 廣泛傳達的那樣，最大的影響來自我們的存儲客戶。此外，隨著我們的中國客戶應對不斷變化的宏觀經濟形勢，他們對我們產品的需求已大幅下降。為了讓您了解這種變化的幅度，我們估計第四季度來自中國 OEM 客戶的收入將比第二季度減少 1/3 以上。我們預計第四季度來自中國 OEM 的收入將占我們公司總收入的不到 10%。

I would note that to date, the restrictions of the U.S. Department of Commerce announced in October on shipments of U.S. chip technology to China has not meaningfully impacted our revenue. While the inventory correction at our customers is challenging in the near term, we believe it's prudent to work closely with them to manage the change in an orderly fashion and clear the path to a resumption of growth.

我要指出的是，迄今為止，美國商務部 10 月份宣布的對美國芯片技術向中國出口的限制並未對我們的收入產生重大影響。雖然我們客戶的庫存調整在短期內具有挑戰性，但我們認為與他們密切合作以有序的方式管理變化並為恢復增長掃清道路是謹慎的做法。

Let me now move on to discussing our end markets, starting with data center. In our data center end market, revenue for the third quarter was $627 million, exceeding guidance with better-than-expected results from our cloud business. On a year-on-year basis, our data center revenue grew 26% with our cloud business driving all the growth with multiple product lines contributing to strong results.

現在讓我繼續討論我們的終端市場，從數據中心開始。在我們的數據中心終端市場，第三季度收入為 6.27 億美元，超過預期，我們的雲業務業績好於預期。與去年同期相比，我們的數據中心收入增長了 26%，我們的雲業務推動了所有增長，多個產品線帶來了強勁的業績。

On a sequential basis, our data center revenue declined by 3% due to softness in our on-premise business. Our storage products, including fiber channel, HDD and SSD, all saw demand decline during the quarter. However, our cloud business continued to grow sequentially, driven by strength in our electro-optics and switch products. We are seeing the growth rate of the data center end market decelerate and customers have started adjusting their inventory to address the changing demand picture. As a result, for the fourth quarter of fiscal 2023, we are expecting our data center revenue to decline year-over-year approximately in the mid- to high teens on a percentage basis and sequentially decline in the mid-20% range.

由於我們的本地業務疲軟，我們的數據中心收入環比下降了 3%。我們的存儲產品，包括光纖通道、HDD 和 SSD，在本季度都出現了需求下降。然而，在我們的光電和開關產品實力的推動下，我們的雲業務繼續連續增長。我們看到數據中心終端市場的增長率正在放緩，客戶已經開始調整庫存以應對不斷變化的需求情況。因此，對於 2023 財年第四季度，我們預計我們的數據中心收入將同比下降大約中高十幾歲的百分比，並連續下降 20% 左右。

The biggest change in demand is in product lines where we are one step removed from the end customer. So when demand changes quickly, we are more exposed in the supply chain full with the fact. As a result, we expect the impact to be the most pronounced in our storage business, which we project will be responsible for the bulk of the overall sequential decline in our data center revenue. In particular, we are projecting a very large reduction in shipments of our HDD controllers and preamps, as HDD OEMs deal with a broad-based inventory correction.

需求變化最大的是產品線，我們離最終客戶只有一步之遙。因此，當需求快速變化時，我們更容易暴露在充滿事實的供應鏈中。因此，我們預計我們的存儲業務受到的影響最為明顯，我們預計這將是我們數據中心收入整體連續下降的主要原因。特別是，我們預計 HDD 控制器和前置放大器的出貨量將大幅減少，因為 HDD OEM 需要處理廣泛的庫存調整。

The rest of our data center business is also expected to deal with inventory adjustments by our customers but to a much lesser extent compared to our storage business. While we work through the near-term situation in the data center end market, we remain confident in our multiple long-term growth drivers.

我們的其他數據中心業務預計也將處理客戶的庫存調整，但與我們的存儲業務相比，程度要小得多。在我們應對數據中心終端市場的近期形勢的同時，我們對我們的多個長期增長動力仍然充滿信心。

In the third quarter, we started ramping our cloud optimized silicon design wins into production and are planning to launch multiple additional products in fiscal year 2024 and 2025. Our successful execution on the first group of projects, coupled with our ongoing investments in data infrastructure, silicon IP and advanced process and packaging technologies is opening up an even larger set of opportunities for the cloud customers.

在第三季度，我們開始將我們的雲優化矽設計勝利投入生產，併計劃在 2024 和 2025 財年推出多個額外的產品。我們成功執行了第一組項目，再加上我們對數據基礎設施的持續投資，矽 IP 和先進的工藝和封裝技術正在為雲客戶帶來更多機會。

In the third quarter, we launched our next-generation cloud security solution, Marvell's LiquidSecurity HSM adapter, the industry's most advanced solution for enabling encryption, key management and authentication in the cloud. Powered by Marvell's cloud optimized OCTEON DPU, LS 2 is a converged security platform for payment, privacy compliance and general purpose applications.

第三季度，我們推出了下一代云安全解決方案 Marvell 的 LiquidSecurity HSM 適配器，這是業界最先進的雲加密、密鑰管理和身份驗證解決方案。 LS 2 由 Marvell 的雲優化 OCTEON DPU 提供支持，是一個用於支付、隱私合規和通用應用程序的融合安全平台。

We are also making progress on two of our longer-term growth initiatives in the cloud, CXL and ADCs. In the third quarter, we announced availability of our CXL development platform for cloud data center operators and server OEMs, enabling 2 key use cases, memory expansion and memory pooling. The platform pairs Marvell's advanced CXL technology with the latest CXL capable CPUs, including the new fourth-gen AMD EPYC processors demonstrating multi-host memory pooling. With this platform, cloud operators can begin to advance their infrastructure and enable their applications to take advantage of this cutting-edge technology.

我們還在雲中的兩項長期增長計劃 CXL 和 ADC 方面取得了進展。在第三季度，我們宣佈為雲數據中心運營商和服務器 OEM 提供 CXL 開發平台，支持 2 個關鍵用例，即內存擴展和內存池。該平台將 Marvell 先進的 CXL 技術與支持 CXL 的最新 CPU 相結合，包括展示多主機內存池的全新第四代 AMD EPYC 處理器。借助這個平台，雲運營商可以開始改進他們的基礎設施，並使他們的應用程序能夠利用這一尖端技術。

I'm very excited to announce that we have recently won a significant design at a Tier 1 hyperscaler projected to drive a substantial amount of revenue in aggregate over the program's lifetime. Product development activities are in full swing, and our team is driving a large and growing pipeline of CXL opportunities.

我很高興地宣布，我們最近贏得了一個 1 級超大規模器的重要設計，預計將在該項目的生命週期內帶來可觀的總收入。產品開發活動如火如荼，我們的團隊正在推動大量不斷增長的 CXL 機會。

In the AC market, multiple cable manufacturers have started sampling 100-gig per lane active electrical cables powered by Marvell, PAM4 DSPs to cloud data center operators, which we expect to pave the way to broader adoption and expand our addressable market.

在 AC 市場，多家電纜製造商已開始向雲數據中心運營商提供由 Marvell 和 PAM4 DSP 供電的每通道 100 gig 有源電纜樣品，我們希望這將為更廣泛的採用鋪平道路並擴大我們的潛在市場。

Turning to our carrier infrastructure end market. Revenue was $271 million, growing 26% year-over-year and declining 5% sequentially. On a year-on-year basis, the vast majority of our growth was driven by our wireless business, which continued to benefit from the growth in 5G adoption. As you recall, the annualized revenue run rate for our wireless business crossed $600 million in the second quarter of this fiscal year. We are excited to see growth continue from that milestone.

轉向我們的運營商基礎設施終端市場。收入為 2.71 億美元，同比增長 26%，環比下降 5%。與去年同期相比，我們的絕大部分增長是由我們的無線業務推動的，該業務繼續受益於 5G 採用率的增長。您還記得嗎，我們無線業務的年化收入運行率在本財年第二季度超過了 6 億美元。我們很高興看到從那個里程碑開始繼續增長。

Our wired business also grew year-on-year in the third quarter driven by solid demand from metro and long-haul carrier for our market-leading coherent DSPs and accompanying TIAs and drivers. On a sequential basis, our wired business came down as expected from a very strong second quarter and more than offset growth from our wireless business.

由於地鐵和長途運營商對我們市場領先的相干 DSP 以及隨附的 TIA 和驅動器的強勁需求，我們的有線業務在第三季度也實現了同比增長。在連續的基礎上，我們的有線業務如預期的那樣從非常強勁的第二季度下降，並且抵消了我們無線業務的增長。

We are excited to see our 5G business continuing to flourish and are looking forward to broader deployment of 5G in multiple geographies, including the U.S., Europe and India. In addition, we anticipate significant share in content growth ahead and new opportunities in ORAN and DRAM architectures. As you will recall, in March 2020, Nokia and Marvell announced that our companies have started working together to develop a leading 5G silicon including multiple generations of custom silicon and infrastructure processors to further expand the range of Nokia's reach sharp chipsets.

我們很高興看到我們的 5G 業務繼續蓬勃發展，並期待在包括美國、歐洲和印度在內的多個地區更廣泛地部署 5G。此外，我們預計未來的內容增長和 ORAN 和 DRAM 架構中的新機遇將佔據重要份額。您會記得，2020 年 3 月，諾基亞和 Marvell 宣布我們的公司已開始合作開發領先的 5G 芯片，包括多代定制芯片和基礎設施處理器，以進一步擴大諾基亞 Reach Sharp 芯片組的範圍。

Earlier this week, we announced an extension of our collaboration with Nokia to further advance their 5G chipset portfolio. Nokia will be using our new OCTEON 10 DPU, the industry's leading 5G transport processor built on Marvell's cutting-edge 5-nanometer platform and hardware acceleration technology. These high-performance and highly efficient processors will allow operators to scale rapidly and manage the dramatic increase in data traffic and performance demanded by 5G's innovated -- innovative service-based architecture while reducing cost and energy consumption.

本週早些時候，我們宣布延長與諾基亞的合作，以進一步推進其 5G 芯片組產品組合。諾基亞將使用我們全新的 OCTEON 10 DPU，這是業界領先的 5G 傳輸處理器，基於 Marvell 的尖端 5 納米平台和硬件加速技術構建。這些高性能和高效率的處理器將使運營商能夠快速擴展並管理 5G 創新的基於服務的創新架構所需的數據流量和性能的急劇增加，同時降低成本和能源消耗。

We continue to expand our collaboration with Nokia and look forward to enabling their next-generation 5G platforms.

我們繼續擴大與諾基亞的合作，並期待支持他們的下一代 5G 平台。

There are also 2 key announcements from the Open RAN ecosystem. Vodafone and Nokia announced that they have agreed to work on a fully compliant Open RAN solution with Marvell, developing cooperation with us, Nokia's ReefShark SSD boost Layer 1 processing capability to enable Open RAN systems to reach full functionality and performance parity with traditional mobile radio networks.

Open RAN 生態系統還有 2 個重要公告。沃達丰和諾基亞宣布，他們已同意與 Marvell 合作開發完全兼容的 Open RAN 解決方案，與我們開展合作，諾基亞的 ReefShark SSD 提升第 1 層處理能力，使 Open RAN 系統能夠實現與傳統移動無線電網絡相當的完整功能和性能.

In another development, Vodafone and Samsung recently announced that they are jointly cooperating with Marvell to accelerate the performance and adoption of 5G Open RAN across Europe. They plan on incorporating Marvell's advanced OCTEON Fusion processor specifically designed for Open RAN into the latest off-the-shelf servers. The specialized accelerator chip also enables massive MIMO technology developed to serve many subscribers in denser ban areas.

另一方面，沃達丰和三星最近宣布他們將與 Marvell 共同合作，以加速 5G Open RAN 在歐洲的性能和採用。他們計劃將 Marvell 專門為 Open RAN 設計的高級 OCTEON Fusion 處理器整合到最新的現成服務器中。專用加速器芯片還支持大規模 MIMO 技術，該技術旨在為更密集的禁區內的許多用戶提供服務。

Moving on to our outlook for next quarter. For the fourth quarter of fiscal 2023, we are expecting revenue from our carrier end market to grow slightly on a sequential basis and grow year-over-year approximately in the mid-teens on a percentage basis.

繼續我們對下一季度的展望。對於 2023 財年第四季度，我們預計我們的運營商終端市場的收入將環比小幅增長，並且按百分比計算大約在十幾歲左右同比增長。

Moving on to our enterprise networking end market. Revenue for the third quarter was $376 million, growing 52% year-over-year and 10% sequentially. As the quarter progressed, our Chinese customers started to turn cautious due to an evolving macroeconomic environment. In response, we work with customers realigning shipments to reflect their reduced demand. As a result, despite the strong sequential and year-over-year growth, revenue was lower than our guidance.

繼續我們的企業網絡終端市場。第三季度收入為 3.76 億美元，同比增長 52%，環比增長 10%。隨著本季度的進展，我們的中國客戶由於不斷變化的宏觀經濟環境開始變得謹慎。作為回應，我們與客戶合作調整髮貨以反映他們減少的需求。因此，儘管環比和同比增長強勁，但收入仍低於我們的指導。

In the fourth quarter of fiscal 2023, we are expecting revenue from the enterprise networking end market to decline sequentially in the low single digits on a percentage basis. However, we expect growth to continue year-over-year at close to 40%, reflecting our higher content and growing share.

在 2023 財年第四季度，我們預計企業網絡終端市場的收入將以百分比的低個位數連續下降。然而，我們預計同比增長將接近 40%，反映出我們更高的內容和不斷增長的份額。

Turning to our automotive and industrial end market. Revenue for the third quarter was $84 million, growing 26% year-over-year and 1% sequentially. Revenue was lower than our forecast in industrial as well as automotive where we continue to experience supply challenges in certain legacy notes. We expect these supply challenges to start to improve in our fourth quarter.

轉向我們的汽車和工業終端市場。第三季度收入為 8400 萬美元，同比增長 26%，環比增長 1%。收入低於我們在工業和汽車領域的預測，我們繼續在某些遺留票據中遇到供應挑戰。我們預計這些供應挑戰將在第四季度開始改善。

On a sequential basis, our auto business continued to grow, partially offset by a decline in our industrial business. On a year-over-year basis in this end market, Marvell's growth was primarily from our auto business, driven by continuing adoption of our Ethernet technology. Our auto business achieved another milestone in the third quarter with annualized revenues exceeding $200 million. As you recall, we have been accumulating platform design wins across a broad spectrum of auto OEMs. And we have generated a substantial pipeline of lifetime revenue that will benefit us over many years.

從環比來看，我們的汽車業務繼續增長，部分被我們工業業務的下滑所抵消。與去年同期相比，在這個終端市場，Marvell 的增長主要來自我們的汽車業務，這主要得益於我們以太網技術的持續採用。我們的汽車業務在第三季度實現了另一個里程碑，年化收入超過 2 億美元。您還記得，我們一直在廣泛的汽車原始設備製造商中積累平台設計勝利。我們已經產生了大量的終生收入，這將使我們受益多年。

Looking to the fourth quarter of fiscal 2023, we are projecting strong growth for our overall auto and industrial end market, expecting revenue to grow approximately 30% year-over-year and in the mid-20% range sequentially.

展望 2023 財年第四季度，我們預計整個汽車和工業終端市場將實現強勁增長，預計收入將同比增長約 30%，環比增長在 20% 左右。

Moving to our consumer end market. Revenue for the third quarter was $178 million, declining 2% year-over-year and growing 9% sequentially. Looking ahead to the fourth quarter of fiscal 2023, we are forecasting revenue to be flat sequentially and declined in the low to mid-single digits year-over-year on a percentage basis.

轉向我們的消費者終端市場。第三季度收入為 1.78 億美元，同比下降 2%，環比增長 9%。展望 2023 財年第四季度，我們預計收入將環比持平，同比下降中低個位數百分比。

In summary, Marvell delivered record results in the third quarter despite the macroeconomic uncertainty in the world and inventory corrections in some of our end markets. Taking stock of our progress this fiscal year, at the midpoint of our fourth quarter guidance, we are projecting full fiscal year revenue growth in the low 30% range. While we are not immune to the global slowdown impacting the semiconductor sector, we expect to finish this year growing revenue well above the industry and our long-term model, reflecting our continued focus on data infrastructure.

總而言之，儘管全球宏觀經濟存在不確定性且我們的一些終端市場存在庫存調整，但 Marvell 在第三季度取得了創紀錄的業績。評估我們本財年的進展，在我們第四季度指導的中點，我們預計整個財年的收入增長將在 30% 的低範圍內。雖然我們不能倖免於影響半導體行業的全球經濟放緩，但我們預計今年結束時收入增長將遠高於行業和我們的長期模式，這反映了我們對數據基礎設施的持續關注。

Looking forward to the next fiscal year, we remain confident in our key growth drivers of cloud, 5G and auto. We expect that our cloud optimized silicon programs will build from the initial ramp that started in the second half of this fiscal year and continue to grow approximately $400 million in aggregate revenue in fiscal 2024 and $800 million in fiscal 2025. Our cloud customers are relying on these chips to build incredibly efficient and optimized custom hardware to enable their key growth drivers.

展望下一財年，我們對雲、5G 和汽車的主要增長動力充滿信心。我們預計我們的雲優化矽計劃將從本財年下半年開始的初始增長開始，並在 2024 財年和 2025 財年繼續增長約 4 億美元的總收入。我們的雲客戶依賴於這些芯片用於構建極其高效和優化的定制硬件，以實現其關鍵的增長動力。

In addition to our cloud optimized programs, we expect that our 5G products in our automotive business will drive strong year-over-year revenue growth in fiscal 2024. Offsetting this growth to an extent, we expect a few quarters of inventory adjustments in some of our businesses as customers realign their demand. We continue to be disciplined on operating expenses. We have tightened spending and slowed our pace of hiring, focusing on critical hires for future success.

除了我們的雲優化計劃外，我們預計我們汽車業務中的 5G 產品將在 2024 財年推動收入同比強勁增長。在一定程度上抵消了這種增長，我們預計一些季度的庫存調整我們作為客戶的業務重新調整他們的需求。我們繼續在運營費用方面受到紀律處分。我們收緊了支出並放慢了招聘步伐，專注於未來成功的關鍵人才。

At the same time, we continue to invest in our long-term growth initiatives including our 3-nanometer silicon platform, which is now available for new product designs. In addition, we are committed to executing on a number of new products, which our customers have designed into their mission-critical applications.

與此同時，我們繼續投資於我們的長期增長計劃，包括我們的 3 納米矽平台，該平台現在可用於新產品設計。此外，我們致力於執行許多新產品，我們的客戶已將這些產品設計到他們的關鍵任務應用程序中。

Over the last few years, we have significantly transformed the company, creating a diversified business with growing exposure to multiple infrastructure end markets with strong secular growth drivers. Our business is at scale, we have a growing design win funnel, leadership products and strong customer engagement. We've built an extraordinary team at Marvell with a track record of execution excellence, and we believe we are well positioned to navigate the current environment to continue to deliver strong top and bottom line results over the long term.

在過去的幾年裡，我們對公司進行了重大改造，創建了多元化的業務，越來越多地涉足具有強大長期增長動力的多個基礎設施終端市場。我們的業務規模龐大，我們擁有不斷增長的設計製勝渠道、領先的產品和強大的客戶參與度。我們在 Marvell 建立了一支擁有卓越執行記錄的非凡團隊，我們相信我們有能力駕馭當前環境，繼續在長期內實現強勁的頂線和底線結果。

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

有了這個，我會把電話轉給讓，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 third quarter and then provide our current outlook for the fourth quarter of fiscal 2023.

謝謝，馬特，大家下午好。我將首先回顧我們第三季度的財務業績，然後提供我們目前對 2023 財年第四季度的展望。

Revenue in the third quarter was $1.537 billion, within our guidance range, growing 1% sequentially and 27% year-over-year, driven by growth from our data infrastructure and the market. Data center accounted for 41% of revenue. Enterprise networking was 24% of revenue, carrier infrastructure at 18%, consumer at 12% and auto industrial at 5%. GAAP gross margin was 50.6%. Non-GAAP gross margin was 64% of revenue, below our guidance range primarily due to product mix.

第三季度收入為 15.37 億美元，在我們的指導範圍內，環比增長 1%，同比增長 27%，這主要受數據基礎設施和市場增長的推動。數據中心佔收入的41%。企業網絡佔收入的 24%，運營商基礎設施佔 18%，消費者佔 12%，汽車工業佔 5%。 GAAP 毛利率為 50.6%。非 GAAP 毛利率為收入的 64%，低於我們的指導範圍，這主要是由於產品組合。

Our enterprise and auto industrial end market revenue was lower than expected, and the consumer revenue was higher than our forecast. GAAP operating expenses were $672 million. Non-GAAP operating expenses were $420 million, declining by 3% sequentially. Year-over-year, OpEx increased by 13%, growing at less than half the rate of the top line revenue growth. OpEx was lower than guidance due to lower bonus growth and better-than-expected NRE.

我們的企業和汽車工業終端市場收入低於預期，消費者收入高於我們的預期。 GAAP 運營費用為 6.72 億美元。非 GAAP 運營費用為 4.2 億美元，環比下降 3%。與去年同期相比，運營支出增長了 13%，增長速度不到收入增長率的一半。由於較低的獎金增長和好於預期的 NRE，運營支出低於指導。

Our GAAP operating income was $106 million. Non-GAAP operating profit was $564 million or 36.7% of revenue, another all-time record, demonstrating the strong leverage in our operating model. Other income expense, including interest on our debt was $41 million, higher guidance primarily due to higher interest rates on our outstanding debt.

我們的 GAAP 營業收入為 1.06 億美元。非 GAAP 營業利潤為 5.64 億美元，佔收入的 36.7%，再創歷史新高，表明我們的運營模式具有強大的槓桿作用。包括債務利息在內的其他收入支出為 4100 萬美元，高於預期主要是由於未償還債務的利率較高。

For the third quarter, GAAP income per diluted share was $0.02. Non-GAAP income per diluted share was $0.57 within our guidance range. Earnings per share grew 33% year-over-year faster than top line revenue growth.

第三季度，GAAP 每股攤薄收益為 0.02 美元。非 GAAP 每股攤薄收益為 0.57 美元，處於我們的指導範圍內。每股收益同比增長 33%，高於營收增長。

Now turning to our balance sheet and the cash flow. During the quarter, we generated $411 million in cash from operations, reflecting our strong earnings offset by continued working capital investments to support our top line revenue growth including $94 million in payments for long-term back-end and substrate capacity agreements. These agreements are critical to ramping our complex products in data infrastructure market including the call to optimize the silicon solutions Matt discussed earlier.

現在轉向我們的資產負債表和現金流量。本季度，我們從運營中產生了 4.11 億美元的現金，反映出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，包括 9400 萬美元的長期後端和基板容量協議付款。這些協議對於我們在數據基礎設施市場推出複雜產品至關重要，包括呼籲優化 Matt 之前討論的矽解決方案。

In the third quarter, we increased our inventory by $44 million or 5% sequentially. Looking at the change in demand we are forecasting in the fourth quarter, we expect our inventory level to continue to be elevated. We are focused on prioritizing new product ramps to support our customers. These multiple products have a long product cycles of 3 to 5 years or even longer, we are comfortable carrying higher inventory in a dynamic supply chain environment and we plan on reducing inventory starting next fiscal year.

第三季度，我們的庫存增加了 4400 萬美元，環比增加了 5%。從我們預測的第四季度需求變化來看，我們預計我們的庫存水平將繼續升高。我們專注於確定新產品坡道的優先級以支持我們的客戶。這些多種產品的產品週期長達 3 到 5 年甚至更長，我們可以在動態的供應鏈環境中承受更高的庫存，我們計劃從下一個財政年度開始減少庫存。

As of the end of the third fiscal quarter, our cash and cash equivalent was $723 million increasing by $106 million from the prior quarter. Our total debt was $4.5 million. Our gross debt-to-EBITDA ratio was 1.9x and net debt-to-EBITDA ratio was 1.6x. During the third quarter, we returned $101 million to shareholders to $51 million in cash dividends and $50 million of share repurchases.

截至第三財季末，我們的現金和現金等價物為 7.23 億美元，比上一季度增加 1.06 億美元。我們的總債務為 450 萬美元。我們的總債務與 EBITDA 比率為 1.9 倍，淨債務與 EBITDA 比率為 1.6 倍。第三季度，我們向股東返還了 1.01 億美元，包括 5100 萬美元的現金股息和 5000 萬美元的股票回購。

In summary, an uncertain macroeconomic environment, the Marvell team executed very well, delivering top line revenue growth and earnings expansion much faster than revenue growth.

總而言之，在不確定的宏觀經濟環境下，Marvell 團隊執行得非常好，實現了收入增長和盈利擴張，遠快於收入增長。

Now turning to our guidance for the fourth quarter of fiscal 2023. We are forecasting revenue to be in the range of $1.4 billion, plus or minus 5%. We expect our GAAP gross margin in the range of 48.2% to 50.2%. We project our non-GAAP gross margin will be approximately 64%. We project our GAAP operating expenses to be approximately $646 million. We anticipate our non-GAAP operating expenses to be approximately $430 million. As Matt mentioned earlier, we have proactively slowed down our pace of hiring and tighten the discretionary spending to manage our operating expenses.

現在轉向我們對 2023 財年第四季度的指導。我們預測收入將在 14 億美元的範圍內，上下浮動 5%。我們預計我們的 GAAP 毛利率在 48.2% 至 50.2% 之間。我們預計我們的非 GAAP 毛利率約為 64%。我們預計我們的 GAAP 運營費用約為 6.46 億美元。我們預計我們的非 GAAP 運營費用約為 4.3 億美元。正如馬特之前提到的，我們已經主動放慢了招聘步伐，並收緊了可自由支配的支出來管理我們的運營費用。

We have a proven track record of executing through economic and the market cycles to maintain strong profitability while we continue to invest in long-term growth initiatives. As a reminder, looking ahead to the first fiscal quarter of 2024, due to the typical seasonality in payroll taxes and employee merit increase, our OpEx tends to increase from the fourth fiscal quarter in the high single digits sequentially on a percentage basis.

在我們繼續投資於長期增長計劃的同時，我們在執行經濟和市場週期以保持強勁盈利能力方面擁有良好的記錄。提醒一下，展望 2024 年第一財季，由於工資稅和員工績效增長的典型季節性，我們的 OpEx 往往會從第四財季開始按百分比連續增長高個位數。

Following the step-up in the first fiscal quarter, we are currently planning on holding our OpEx approximately flat at that level for the next few quarters. Other income and expense, including interest on our debt is expected to be approximately $44 million. We expect a non-GAAP tax rate of 6% for the fourth quarter and currently expect this to increase slightly to 7% next fiscal year. We expect our basic weighted average share outstanding will be 855 million. And our diluted weighted average share outstanding will be 861 million. As a result, we anticipate GAAP earnings per share in the range of breakeven to $0.05 per diluted share. We expect non-GAAP income per diluted share in the range of $0.46 plus or minus $0.05.

繼第一財季的增長之後，我們目前計劃在接下來的幾個季度將我們的 OpEx 大致保持在該水平。其他收入和支出，包括我們債務的利息，預計約為 4400 萬美元。我們預計第四季度的非美國通用會計準則稅率為 6%，目前預計下一財年將小幅上升至 7%。我們預計我們的基本加權平均流通股將為 8.55 億股。我們的稀釋後加權平均流通股將為 8.61 億股。因此，我們預計 GAAP 每股收益在盈虧平衡至每股攤薄 0.05 美元之間。我們預計非 GAAP 每股攤薄收益在 0.46 美元上下 0.05 美元之間。

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

接線員，請開通線路並發布問答說明。謝謝你。

(Operator Instructions) Our first question comes from Blayne Curtis with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Blayne Curtis。

Matt, maybe just on the data center, I want to understand the moving pieces a little bit better. I think storage has been weak for a bit. I think nearline, I think you've been pretty open that, that was weak. I guess it's implied a big move in storage. And I guess what I'm struggling with is trying to figure out how to put the comment on the Chinese weakness as well because that's a big number. And I guess maybe that overlaps. So can you just parse those 2 pieces a little bit more for me? What -- when you say China is weak, what kind of products are we talking about? Is there a way you kind of give any better color on that within the data center for January?

馬特，也許就數據中心而言，我想更好地了解移動部分。我認為存儲已經有點薄弱了。我認為近線，我認為你一直很開放，那很弱。我想這意味著存儲方面的重大舉措。而且我想我正在努力的是試圖弄清楚如何對中國的弱點發表評論，因為這是一個很大的數字。我想這可能是重疊的。那麼你能幫我多分析一下這兩部分嗎？什麼——當你說中國很弱時，我們在談論什麼樣的產品？有沒有一種方法可以在 1 月份的數據中心內提供更好的顏色？

Yes. Got you, Blayne. Yes. So on the first one on nearline, as you mentioned, there's been a lot of reports out there about the weakness there. We really hadn't seen that when we guided the quarter. In Q3, we started to see some weakness, but the impact is very pronounced in the fourth quarter, and that nearline weakness obviously flows into the data center end market into that bucket.

是的。明白了，布萊恩。是的。所以在第一個關於近線的問題上，正如你提到的，那裡有很多關於那裡弱點的報導。當我們指導這個季度時，我們真的沒有看到這一點。在第三季度，我們開始看到一些疲軟，但影響在第四季度非常明顯，而且近線疲軟顯然流入了數據中心終端市場。

When you go to China and the weakness we've seen there, that's really in the enterprise area. So while overall enterprise is hanging in there, it was slightly below in Q3. We've had some offsets to that from strength elsewhere. But the main impact of the Chinese customers has really been an enterprise for the most part.

當你去中國和我們在那裡看到的弱點時，那確實是在企業領域。因此，雖然整個企業都在那裡，但在第三季度略低於。我們已經從其他地方的力量中得到了一些抵消。但中國客戶的主要影響在很大程度上實際上是一家企業。

And then if I could just follow up. You mentioned in terms of the cloud, you said it was actually strong in October, both optical as well as switching. I'm kind of -- but you also made a comment that I think data center is decelerating. So can you just put those two together? Are you still seeing strength in U.S. cloud and weakness elsewhere? Does the comment on data center weakening just on-prem? What did you mean by that?

然後，如果我可以跟進。你在雲方面提到過，你說它在 10 月份實際上很強勁，無論是光學還是交換。我有點 - 但你也發表評論說我認為數據中心正在減速。那你能把這兩個放在一起嗎？您是否仍然看到美國雲的優勢和其他地方的弱點？對數據中心的評論是否只是在本地削弱？你這是什麼意思？

Yes. Great question. So let me take it from the top. So first point would be that if you look over the last few years, cloud CapEx has been on fire. It's been growing 30% kind of plus for the last few years. This year, if you look at reports and kind of what we see is probably something in the 15% range for '22 and then it depends on who you talk to, but probably down in the low to mid-single digits or maybe mid-single digits for next year. So that's the deceleration that we're talking about. And as the macro has started to catch up even with these large cloud companies, you see them very publicly tightening their CapEx, tightening their OpEx. And they've had this supply chain built in the data center, which was geared up for a lot of growth. And so as they reset those expectations, it's not a real smooth process.

是的。很好的問題。所以讓我從頭開始。所以第一點是，如果你回顧過去幾年，雲資本支出一直在火上澆油。在過去的幾年裡，它一直在增長 30% 以上。今年，如果你看一下報告，我們看到的情況可能在 22 年的 15% 範圍內，然後這取決於你與誰交談，但可能下降到中低個位數或中等個位數。明年個位數。這就是我們所說的減速。隨著宏觀經濟甚至開始追趕這些大型雲公司，你會看到他們非常公開地收緊資本支出，收緊運營支出。他們在數據中心建立了這條供應鏈，為大量增長做好了準備。因此，當他們重新設定這些期望時，這並不是一個真正順利的過程。

Storage is the most pronounced, as I mentioned earlier. That's the majority reason code for the sequential decline. But we are seeing inventory adjustment as well to a much lesser extent, and I'd say the broader set of product lines outside of storage that we sell into data center.

正如我之前提到的，存儲是最明顯的。這是連續下降的主要原因代碼。但我們也看到庫存調整的程度要小得多，我想說的是我們向數據中心銷售的存儲以外的更廣泛的產品線。

And so that is not a China-specific thing. That is a global comment, including U.S. cloud, seeing inventory adjustment a bit more broadly. And that's a change, certainly from where we were, say, a quarter ago when we were mired in supply escalations and expedites to an environment where it's now how do we work together to manage the inventory and manage the new reality. And so that's what you see in the guide for Q4. Hopefully, that was helpful to give you the perspective you're looking for.

所以這不是中國特有的事情。這是一個全球評論，包括美國雲，看到庫存調整範圍更廣。這是一個變化，當然是從一個季度前我們陷入供應升級和加速到現在我們如何共同管理庫存和管理新現實的環境。這就是您在第四季度指南中看到的內容。希望這有助於為您提供您正在尋找的觀點。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Matt, I'm trying to see what is the range of kind of scenarios for fiscal '24 sales growth? I understand you're not giving a specific number. It would be helpful if you give us at least kind of a range. Can Marvell grow next year? Because when I look at the 3 areas, cloud and 5G and autos, I believe it's about 35%, 40% of business. Can those 3 areas collectively grow fast enough to offset the inventory correction in other areas? Like, so should we be thinking about flat or mid-single digit? What's the kind of range of scenarios of growth that we should be thinking about for fiscal '24?

馬特，我想看看 24 財年銷售增長的情景範圍是什麼？我知道你沒有給出具體數字。如果您至少給我們一個範圍，那將很有幫助。 Marvell 明年能否增長？因為當我查看雲、5G 和汽車這 3 個領域時，我相信它大約佔業務的 35%、40%。這三個領域的共同增長速度能否足以抵消其他領域的庫存調整？就像，我們應該考慮持平還是中個位數？我們應該為 24 財年考慮什麼樣的增長情景？

Yes. Great question, Vivek. And certainly, I'd frame all this by saying it's still a very dynamic environment. So we'll give you the best view we can. I'd say the first point is we feel very good about the new products that are ramping up and the growth drivers that we've articulated, whether it's cloud optimized silicon, switching, electrooptics, things like that in the data center, 5G, obviously, continued momentum there with additional regions like India ramping next year plus content gain rolling through and then automotive continuing to grow. So those are all the positives.

是的。好問題，維維克。當然，我會說它仍然是一個非常動態的環境來構建所有這一切。因此，我們將為您提供最好的視野。我要說的第一點是，我們對正在增加的新產品和我們已經闡明的增長動力感到非常滿意，無論是雲優化矽、交換、光電，還是數據中心、5G 之類的東西，顯然，明年印度等其他地區的發展勢頭將繼續保持增長，加上內容不斷增加，然後汽車繼續增長。所以這些都是積極的。

What we don't know completely, but I'll give you the best color I can is on the base business and how much of the inventory correction we're going to be dealing with and the magnitude of that. We anticipate, first of all, that that's like typical cycles. It's probably a couple of quarters to work its way through. And the 3 areas I would call out that probably are some offsets next year are, one, would be in consumer. That's an area where we just haven't put a lot of investment. We've been typically running that business for cash. You'll probably see some decline there.

我們不完全知道什麼，但我會給你我能提供的最好的顏色是關於基礎業務的，以及我們將要處理的庫存調整量及其幅度。首先，我們預計這就像典型的周期。可能需要幾個季度才能完成。我要指出的 3 個領域可能是明年的一些抵消，其中一個是消費者。這是我們還沒有投入大量投資的領域。我們通常以現金經營該業務。你可能會在那裡看到一些下降。

I think on-premise data center is another area. The on-prem stuff probably has work to do next year. And then maybe a little bit in our wired infrastructure business. If you look, actually, it's kind of interesting, if you go back to our fiscal '22 and you look at those 3 areas, they all grew pretty dramatically in fiscal '23, the current year we're in. And so at a high level, I think some of those are probably going to trend back to where they were before this big up cycle. And again, from a sort of a timing perspective, think of it as a lot of that headwind or weakness more in the first half, inventory works itself through, and then you have growth back off of that, plus you have the growth drivers kicking in.

我認為本地數據中心是另一個領域。本地的東西明年可能還有工作要做。然後可能在我們的有線基礎設施業務中有所作為。如果你看，實際上，這有點有趣，如果你回到我們的 22 財年，看看這 3 個領域，它們在 23 財年，也就是我們所在的今年，都取得了相當大的增長。所以在高水平，我認為其中一些可能會回到這個大上升週期之前的水平。再一次，從某種時間的角度來看，將其視為上半年更多的逆風或弱點，庫存會自行解決，然後你會從中恢復增長，而且你有增長動力在。

So I think it's a very different story, most likely first half versus second half. But those are some of the moving pieces in terms of how you think about the growth drivers versus some of the offsets. But we do see -- we still believe we can drive positive year-over-year growth. It just certainly isn't going to be as high as we had been hoping for if you went back even 3 months ago, just given the magnitude of some of the inventory adjustments.

所以我認為這是一個非常不同的故事，很可能是上半場和下半場。但就您如何看待增長驅動因素與某些抵消因素而言，這些是一些變化的部分。但我們確實看到了——我們仍然相信我們可以推動同比正增長。如果你回到 3 個月前，它肯定不會像我們希望的那樣高，只是考慮到一些庫存調整的幅度。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Matt, just along the same lines of that question. I'm just kind of wondering if you can help us figure out what a reasonable baseline is in the data center business headed into next year? If you look at storage, I mean, it must be down about 50% sequentially in January, and you were obviously over shipping the past few quarters and you're really under shipping now. But it seems like if you net all that out, maybe it's kind of the $600 million per quarter baseline in data center and then you can add the $400 million for the cloud optimized silicon next year. Can you sort of help us handicap what a normalized run rate might be in that business?

馬特，與該問題的思路相同。我只是想知道您是否可以幫助我們弄清楚明年數據中心業務的合理基線是什麼？如果你看看存儲，我的意思是，它在 1 月份必須連續下降約 50%，而且你顯然在過去幾個季度出貨過多，而你現在確實出貨不足。但似乎如果你把所有這些都算出來，也許這是數據中心每季度 6 億美元的基線，然後你可以在明年為雲優化矽增加 4 億美元。您能否幫助我們了解該業務的標準化運行率？

Yes. First, I think you're in the ballpark on storage. And just for a little context, the magnitude of that decline, we can't find a data point that shows it declining that quickly. Even when we looked back to the reset in 2019, this is down a lot more than that in the same time frame. So you're right, a lot has come out, and so that needs to normalize. I think you've probably got the math about right if you think about sort of where is the base business at. But just to be clear, we're still in a little bit of a dynamic environment figuring out where this is going to bottom out.

是的。首先，我認為您在存儲方面處於領先地位。就一點背景而言，這種下降的幅度，我們找不到一個數據點來表明它下降得那麼快。即使我們回顧 2019 年的重置，這也比同期下降了很多。所以你是對的，已經出現了很多，所以需要正常化。如果您考慮一下基礎業務在哪裡，我認為您可能已經掌握了正確的數學知識。但需要明確的是，我們仍處於一個動態環境中，以確定這將在何處觸底。

But if you look at how fast it's coming down, and that's kind of what we're doing, by the way, we're effectively working with our customers to make sure we deal with this quickly and efficiently and minimize any risk of building excess inventory. And that's the path we're on. So sometime in the Q4, Q1 time frame, we think that works itself through, and then you start to kind of grow from there. But that's probably reasonable. Probably is an annualized type of run rate, maybe a little bit lower in the first half and certainly higher in the second half as the new designs really ramp up.

但是，如果你看看它下降的速度有多快，這就是我們正在做的事情，順便說一句，我們正在有效地與我們的客戶合作，以確保我們快速有效地處理這個問題，並最大限度地減少任何建設過剩的風險存貨。這就是我們正在走的路。因此，在第四季度、第一季度的某個時候，我們認為這會自行解決，然後你就會從那裡開始增長。但這可能是合理的。可能是一種年化的運行率，上半年可能會低一點，下半年肯定會更高，因為新設計確實在增加。

Yes, got it. I guess just maybe trying to -- I was just trying to get -- to hold people's hands a little bit on the nonstorage stuff because people will say, well, the issue is not just storage. The issue is the other stuff, too, but it sounds like it's not.

是的，明白了。我想也許只是想——我只是想——讓人們對非存儲的東西有一點了解，因為人們會說，好吧，問題不僅僅是存儲。問題也出在其他方面，但聽起來好像不是。

It's -- there is some. I mean, just to be very, very clear, right? The major reason code for the sequential decline from Q3 to Q4 in the data center line is storage, but there is inventory adjustment going on in digestion given that slope of the CapEx curve has just come down. There is some realignment. But that is not as pronounced, and it's very manageable. But I just -- I want to be very clear, it's not 100% storage issue. There's just a broader digestion.

這是 - 有一些。我的意思是，只是非常非常清楚，對嗎？數據中心線從第三季度到第四季度連續下降的主要原因代碼是存儲，但考慮到資本支出曲線的斜率剛剛下降，庫存調整正在進行消化。有一些調整。但這並不那麼明顯，而且非常易於管理。但我只是——我想非常清楚，這不是 100% 的存儲問題。只有更廣泛的消化。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Matt, if we take your guidance for the carrier infrastructure business in Q4, I think you'll be doing about $1.1 billion in revenue in the full year, maybe a little bit below that. To level set us, how much of that is wireless? How much of that is wired? And as you look forward into fiscal year '24, how are you thinking about the 5G business? I think the market, overall, you're seeing some spots of softness potentially, but obviously, you've got idiosyncratic design wins. So how are you thinking about your business there? And then on the wired side, just given the cyclical dynamics, what sort of decline should we be expecting into fiscal '24?

馬特，如果我們在第四季度接受您對運營商基礎設施業務的指導，我認為您全年的收入將達到約 11 億美元，可能略低於此。為了讓我們保持水平，其中有多少是無線的？其中有多少是有線的？當您展望 24 財年時，您如何看待 5G 業務？我認為市場，總體而言，你可能會看到一些疲軟的地方，但顯然，你已經獲得了獨特的設計勝利。那麼，您如何看待您在那裡的業務？然後在有線方面，考慮到週期性動態，我們應該期待什麼樣的衰退進入 24 財年？

Toshiya, this is Jean. I'll start to answer this question, and then Matt can add. So first, on the carrier infrastructure, wireless is already more than half. We talk about the wireless revenues already running, had more than $600 million annualized run rate. So wireless is definitely more than half. Going into next year, as Matt mentioned earlier, we continue to see strong 5G adoption and our customers continue to do very well in the marketplace. So we do expect the wireless part of the business will continue to have a very strong growth into next year.

Toshiya，這是讓。我將開始回答這個問題，然後 Matt 可以補充。所以首先，在運營商基礎設施上，無線已經佔了一半以上。我們談論已經運行的無線收入，年化運行率超過 6 億美元。所以無線肯定超過一半。進入明年，正如 Matt 之前提到的，我們將繼續看到 5G 的強勁採用，我們的客戶將繼續在市場上表現出色。因此，我們確實預計該業務的無線部分將在明年繼續有非常強勁的增長。

Of course, the wireless side is what Matt discussed, we are going to see some headwinds on wireless side. But overall, we do expect the carrier infrastructure to continue to grow. Matt, anything you want to add?

當然，無線方面是 Matt 討論的內容，我們將在無線方面看到一些不利因素。但總的來說，我們確實預計運營商基礎設施將繼續增長。馬特，你有什麼要補充的嗎？

No, I think that was perfect. I mean I just put a pin on it that the wireless opportunity continues to be very exciting, and I think it's going to be a very good year for wireless next year.

不，我認為那是完美的。我的意思是我只是強調無線機會仍然非常令人興奮，我認為明年對無線來說將是非常好的一年。

Our next question comes from Karl Ackerman with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的卡爾阿克曼。

Two questions, if I may. Matt or Jean, I wanted to first discuss enterprise networking. You spoke about how China impacts that a little bit. But ex-China, are you still seeing growth? And I know some of your networking OEMs have spoken about some moderating orders. But I think last quarter, you said that this segment was an area that was most constrained. And so I want to get -- clarify with you if that's still true. And if you could kind of tie in the amount of inventory that some of those customers have to get a better sense of the demand dynamic of enterprise networking going into fiscal '24?

兩個問題，如果可以的話。 Matt 或 Jean，我想首先討論企業網絡。你談到了中國如何影響這一點。但除中國外，您仍然看到增長嗎？我知道你們的一些網絡 OEM 已經談到了一些緩和命令。但我認為上個季度，你說這個部分是一個最受限制的領域。所以我想得到 - 與你澄清這是否仍然正確。如果您可以將其中一些客戶必須的庫存量聯繫起來，以便更好地了解進入 24 財年的企業網絡需求動態？

Sure. I'll make a few comments. And then, Jean, why don't you add as well. Yes, a couple of things are going on. One is the supply environment has definitely improved. Now some of that is because of the weakness in the China market that's opened up supply, we can give to other customers. Because generally, outside of a few select cases, our enterprise business is mostly merchant products. These would be Ethernet switches, gigabit, multi-gigabit PHYs, embedded processors, Karl, things like that. So when you would have a demand softness in 1 region, that helps thing. So the supply situation has improved, which is a good thing.

當然。我會發表一些評論。然後，Jean，你為什麼不也添加。是的，有幾件事正在發生。一是供給環境明顯改善。現在部分是因為中國市場的疲軟開放了供應，我們可以提供給其他客戶。因為一般來說，除了少數精選案例，我們的企業業務主要是商家產品。這些將是以太網交換機、千兆位、多千兆位 PHY、嵌入式處理器、Karl 之類的東西。因此，當一個地區的需求疲軟時，這會有所幫助。所以供應情況有所改善，這是一件好事。

We do have some of our own growth drivers as well. We've highlighted this over the last few quarters. We have some new custom silicon wins that are ramping up. That's offsetting some of that weakness as well. But in general, the non-China piece has done okay. It probably -- we're being cautious about how we think about it for next year. So I think the run rate that we've guided to in Q4 is probably a safe run rate to think about for next year. Even if there's a little bit of weakness or there is some inventory digestion that goes on. We do have content gains still rolling through. And so those are some of the moving pieces. You basically have China going down, U.S. customers where we've got either new design wins or share gain or content gain. And so it sort of all aligns to the numbers where we've guided for Q4. Jean, anything you want to add?

我們也有一些自己的增長動力。我們在過去幾個季度強調了這一點。我們獲得了一些新的定制芯片勝利，這些勝利正在增加。這也抵消了一些弱點。但總的來說，非中國作品做得還不錯。可能——我們對明年的看法持謹慎態度。所以我認為我們在第四季度指導的運行率可能是明年考慮的安全運行率。即使有一點點疲軟，或者有一些庫存消化仍在繼續。我們確實有內容收益仍在滾動。所以這些是一些移動的部分。你基本上讓中國走下坡路，美國客戶在那裡我們獲得了新的設計勝利或份額收益或內容收益。因此，它與我們為第四季度指導的數字完全一致。 Jean，你有什麼要補充的嗎？

No.

不。

Got it. No, that's helpful, Matt. Maybe just as a quick follow-up. I was wondering as you think about some of the inventory digestion that needs to occur across some end markets, as you contemplate that and plan with your foundry suppliers for next year, is there -- could you just maybe just talk about some of the discussions you're having in terms of the ability to perhaps limit some of the cost inflation from the foundry side and whether that they can share that cost with you going forward such that perhaps less of an onerous task for you to pass it along to your end customers.

知道了。不，這很有幫助，馬特。也許只是作為快速跟進。我想知道，當你考慮一些終端市場需要進行的一些庫存消化時，當你考慮到這一點並與你的代工供應商計劃明年時，你能不能談談一些討論你有能力從代工方面限制一些成本膨脹，以及他們是否可以與你一起分擔這些成本，這樣你就可以輕鬆地將它傳遞到你的終點顧客。

Yes. I would say if you -- without getting into the specifics of each of the input costs that we deal with, I would say that in general, with supply loosening up, that's going to be a positive. I'd say that being said, we have -- there are areas that are still constrained. There's still inflationary aspects inside our supply chain that sort of are coming towards us. We're doing what we can to mitigate those. And to the extent we can't mitigate those. We're going to continue to do what we've been doing for the last few years, which is basically pass it on in a generally margin-neutral type of manner. And we found a way to do that, and we'll continue to do that. But certainly, the Marvell team and the operations team has worked aggressively over the last few years, particularly on the packaging back end, et cetera, to enable more sources to set up more strategic agreements.

是的。我會說，如果你 - 沒有深入了解我們處理的每項投入成本的具體細節，我會說一般來說，隨著供應放鬆，這將是積極的。我想說的是，我們有 - 有些領域仍然受到限制。我們的供應鏈中仍然存在通貨膨脹方面的問題，這種情況正在向我們襲來。我們正在盡我們所能來減輕這些。在某種程度上，我們無法減輕這些。我們將繼續做過去幾年我們一直在做的事情，這基本上是以一種通常保證金中性的方式傳遞它。我們找到了一種方法來做到這一點，我們將繼續這樣做。但可以肯定的是，Marvell 團隊和運營團隊在過去幾年中一直在積極工作，特別是在包裝後端等方面，以使更多來源能夠建立更多戰略協議。

And so we're kind of working on both sides. One is to just do our job as a good supplier and manage the cost base. But to the extent we can't, there will be probably a little bit of inflation still in the system. That's sort of how we're looking at it. We formed really strategic partnerships with these companies. We have a very transparent communication with them on the demand environment. And I'd say that we're counting on them to work with us as partners as we manage through what looks like an overall semiconductor down cycle.

所以我們在雙方都在努力。一是做好我們作為優秀供應商的工作並管理成本基礎。但就我們不能做到的程度而言，系統中可能仍會存在一點通貨膨脹。這就是我們看待它的方式。我們與這些公司建立了真正的戰略合作夥伴關係。我們與他們就需求環境進行了非常透明的溝通。我要說的是，在我們管理整個半導體下行週期時，我們指望他們作為合作夥伴與我們合作。

Our next question comes from Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

I had a question that kind of picks up on the last topic, and that is your purchase obligations. I know you haven't filed your 10-Q yet, but as I looked at the last your purchase obligations are expected to be about 25% of your cost of goods sold next year. And so given the current market softness, do you anticipate being able to utilize all that? Do you anticipate the possibility of any sort of inventory write-down?

我有一個關於最後一個話題的問題，那就是你的購買義務。我知道你還沒有提交你的 10-Q，但正如我最後看到的那樣，你的採購義務預計將佔明年銷售商品成本的 25% 左右。因此，鑑於當前市場疲軟，您是否預計能夠利用所有這些？您是否預計會出現任何形式的庫存減記？

Gary, this is Jean. Thank you for the question. So yes, the purchasing obligation we have this quarter will not change much from the last 10-Q we filed. It's about $3.2 billion. But just remember, those purchase agreement, it's really for long term. On average, it's between 4 to 10 years. And also, our products are very complex and a lot of them have a very long manufacturing cycle. So we actually need a dedicated capacity for those complex products to support our customers, single cells, the customer, large volume, last long time. Regardless of the economic environment, we need those dedicated capacity. And frankly, our team has been very thoughtful. We only secure the capacity largely in back end and the substrate for portion of what we need. So we feel quite comfortable. We don't have the issues on the purchase agreement obligations or have to write off any capacity. That's not something we anticipate at all.

加里，這是簡。感謝你的提問。所以是的，我們本季度的採購義務與我們提交的上一個 10-Q 相比不會有太大變化。大約是32億美元。但請記住，那些購買協議是長期的。平均而言，它在 4 到 10 年之間。而且，我們的產品非常複雜，其中很多產品的製造週期很長。所以我們實際上需要一個專門的能力來處理那些複雜的產品來支持我們的客戶，單細胞，客戶，大容量，持續很長時間。無論經濟環境如何，我們都需要那些專門的能力。坦率地說，我們的團隊考慮周到。我們只確保主要在後端的容量和我們需要的部分基板。所以我們覺得很舒服。我們沒有關於採購協議義務的問題或必須註銷任何能力。這根本不是我們預期的。

Yes. Gary, I would just add, I'd say that if you look at the bundle of the different obligations we have, some of them are in the shorter term, which are in the form of things like prepays and others where as we take the capacity, we actually get it back. The LTA take-or-pay portion is actually not very large relative to the total. And as Jean said, the most strategic aspect of this is really in the most advanced technologies, especially in complex substrates and high-end packaging, which we absolutely need to secure because of the volume that we're going to be ramping in the next few years.

是的。加里，我想補充一點，我想說的是，如果你看看我們承擔的一系列不同義務，其中一些是短期的，以預付款等形式存在，而其他形式是我們承擔容量，我們實際上把它拿回來了。 LTA 照付不議的部分實際上相對於總數來說並不是很大。正如 Jean 所說，這方面最具戰略意義的方面實際上是最先進的技術，特別是在復雜的基板和高端封裝中，我們絕對需要確保這些技術的安全，因為我們將在接下來的時間裡增加數量幾年。

I mean just take the -- as one example, the $800 million of incremental cloud-optimized silicon wins. That all is 5-nanometer technology using advanced ABS substrates, very customized packaging. Those agreements to get that capacity from really the best vendors, you need to put that in place literally years in advance. And so we've done those types of things, and we feel good about that because they're tied directly to committed programs.

我的意思是，舉個例子，8 億美元的增量雲優化芯片獲勝。這一切都是 5 納米技術，使用先進的 ABS 基板，非常定制化的封裝。那些從真正最好的供應商那裡獲得這種能力的協議，你需要提前幾年就把它落實到位。所以我們做了這些類型的事情，我們對此感覺很好，因為它們與承諾的程序直接相關。

So as Jean said, overall, while we have obligations, we think they're actually a benefit to us, and it certainly helps us underwrite our future success. And we're able to send a strong message to our customers about how we're able to provide the necessary capacity and supply chain for them -- for their future.

因此，正如 Jean 所說，總的來說，雖然我們有義務，但我們認為它們實際上對我們有利，而且它肯定有助於我們為未來的成功做擔保。我們能夠向我們的客戶發出一個強烈的信息，即我們如何能夠為他們提供必要的能力和供應鏈——為了他們的未來。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

I guess kind of a 2-part or going back to the data center side, Matt. Could you just level set us. What percentage of the third quarter data center business was storage? And then looking forward on the more kind of constructive side of things, what's your confidence level on that $400 million in incremental cloud optimized revenue growth next year? Given the fact that you talked about a deceleration in what's happening at the cloud customers themselves, are you at all worried about that $400 million being something less than that or being pushed out? Is that at all a level of conservatism that we should consider?

我想有點像兩部分或回到數據中心方面，馬特。你能不能讓我們保持水平。第三季度數據中心業務中存儲的百分比是多少？然後展望更具建設性的一面，您對明年 4 億美元的增量雲優化收入增長有何信心？鑑於您談到了雲客戶自身發生的事情減速，您是否擔心 4 億美元會少於這個數字或被推出？這是我們應該考慮的保守主義水平嗎？

Sure. Yes. Let me answer the second one first. The answer is we feel very good about that revenue stream. Part of it is, if you remember, Ross, we went from talking about the $400 million and $800 million to actually talking about, call it, $400-plus million $800-plus million because we had gotten additional design wins that created a little bit of a buffer as well because I think even if we hedge it for next year and the volumes don't quite achieve what we would have thought, we actually had one additional business that gives us some comfort around that.

當然。是的。我先回答第二個。答案是我們對該收入流感到非常滿意。部分原因是，羅斯，如果你還記得的話，我們從談論 4 億美元和 8 億美元變成了實際談論，稱之為 400 多萬美元 800 多萬美元，因為我們獲得了額外的設計勝利，創造了一點點也是一個緩衝區，因為我認為即使我們明年對沖它並且交易量沒有達到我們的預期，我們實際上還有一項額外的業務讓我們對此感到安慰。

So -- but I would say all the programs are on track. We are fortunate that despite the changing environment, I would say we are absolutely head down in trying to take out multiple new products right now that need to ramp up in very significant volume next year. And I'm personally involved in these with our customers to ensure we're meeting their schedule, and we're doing everything possible to get there. So that's the good news that the programs are still on track. And I think that's a good thing.

所以 - 但我會說所有計劃都在進行中。我們很幸運，儘管環境不斷變化，但我想說我們現在絕對會低頭嘗試推出多種新產品，這些新產品明年需要大量增加。我親自與我們的客戶一起參與其中，以確保我們符合他們的時間表，並且我們正在盡一切可能實現這一目標。因此，計劃仍在進行中是個好消息。我認為這是一件好事。

The percentage -- I think your other question was what was the percentage of data center revenue that's in storage?

百分比——我想你的另一個問題是存儲數據中心收入的百分比是多少？

Other way around, if storage falling is the headwind for data center, just to level set people -- roughly of your business in storage or in data center?

換句話說，如果存儲下降是數據中心的逆風，只是為了讓人們保持水平——大致是你在存儲或數據中心的業務？

Yes, Ross, maybe I can help you. Yes, I can help you with that. In general, the way to think about this -- our storage business, it's probably about 1/3 of the data center -- total data center business. Average, right, not a particular quarter. But of course, when we go through the inventory correction, as Matt mentioned earlier, that's going to be the largest drop piece for the inventory correction.

是的，羅斯，也許我可以幫你。是的，我可以幫你。一般來說，考慮這一點的方式——我們的存儲業務，可能大約佔數據中心的 1/3——整個數據中心業務。平均，對，不是特定的季度。但是，當然，當我們進行庫存修正時，正如馬特之前提到的那樣，這將是庫存修正的最大跌幅。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Matt, you talked about the impact on a more muted cloud CapEx spend on your overall data center business. Most pronounced in storage, but you do have compute, you've got networking, you've got optical products as well. And looking specifically at your cloud optical connectivity segment, which obviously is PAM4 DSP, your color solution. If I look back at the last cloud spending slowdown, which was in 2019, both of these segments combined grew about 35%, 40%, right? Granted, this was still in the early innings of the 200, 400 gig upgrade cycle. But part of it is also very strategic in nature because your customers are still trying to enable better performance through higher networking speeds.

馬特，你談到了對整體數據中心業務的更溫和的雲資本支出的影響。最明顯的是存儲，但你有計算，你有網絡，你也有光學產品。並特別關注您的雲光連接部分，這顯然是 PAM4 DSP，您的顏色解決方案。如果我回顧上一次雲支出放緩是在 2019 年，這兩個細分市場加起來增長了大約 35%、40%，對嗎？誠然，這仍處於 200、400 gig 升級週期的早期階段。但它的一部分在本質上也是非常具有戰略意義的，因為您的客戶仍在嘗試通過更高的網絡速度來實現更好的性能。

So I guess kind of 2 questions. Near term, is the team dealing with inventory issues in these particular optical products? And then looking into next year and the team see continued growth in cloud optical?

所以我想有兩個問題。近期，該團隊是否正在處理這些特定光學產品的庫存問題？然後展望明年，團隊會看到雲光學的持續增長嗎？

Yes. Great. Thanks, Harlan, for the question. And you're right, it is a little bit of a different situation than a few years ago where that was fairly nascent technology, really ramping up hard in an inflection curve. That being said, we still see strong adoption of 800 gig. We've seen strong momentum in 400ZR in the new platform. We -- and we expect that overall optics is going to grow next year.

是的。偉大的。謝謝哈倫提出這個問題。你是對的，這與幾年前的情況有點不同，那是相當新生的技術，確實在拐點曲線中急劇上升。話雖如此，我們仍然看到 800 gig 的廣泛採用。我們在新平台上看到了 400ZR 的強勁勢頭。我們 - 我們預計明年整體光學將會增長。

That being said, I would say in the fourth quarter, part of the adjustment would be in that area. But I think that's a shorter-term thing. And again, because to your point, it's so strategic, we anticipate that optics is going to continue to grow. And by the way, we're heads down on new product development there as well because for the next generation of high-end 51.2 T switches, you're going to need the associated optics with that, which then moves from 800 gigabits per second to 1.6 terabits per second. And so that's an ongoing new product development activity we have.

話雖如此，我會說在第四季度，部分調整將在該領域進行。但我認為這是短期的事情。再一次，因為就你的觀點而言，它是如此具有戰略意義，我們預計光學將繼續增長。順便說一句，我們也正在那裡開發新產品，因為對於下一代高端 51.2 T 交換機，您將需要與之相關的光學器件，然後從每秒 800 吉位移動每秒 1.6 太比特。因此，這是我們正在進行的新產品開發活動。

So lots of activity in that area. Super exciting, but it's a little bit of a different environment than 2019 just because there has been more broad adoption, but we do feel good about it.

那個地區有很多活動。超級令人興奮，但它與 2019 年的環境有點不同，只是因為採用範圍更廣，但我們確實對此感覺良好。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess, Matt, I was hoping to spend a little bit of time on the enterprise networking side of the house, roughly $1.4 billion business for the fiscal year. And you talked about a China slowdown. Is there a way to kind of parse between China and non-China and how you're thinking about the trajectory into January and all of calendar '23?

我想，馬特，我希望能花一點時間在公司的企業網絡方面，本財年的業務約為 14 億美元。你談到了中國經濟放緩。有沒有一種方法可以在中國和非中國之間進行解析，以及您如何看待進入 1 月和整個 23 年日曆的軌跡？

Yes, that's a good question. The -- as we indicated, china is down a lot, right, in Q4 from where it was just 2 quarters ago. That may end up being a little bit a little bit of an overcorrection. It's hard to tell, quite frankly, on what's going on there and how long that's going to last and how that ripples through. The non-China has been holding up very well. Again, I'd say based on the content gains we have as well as the -- just the new products that are ramping up with higher ASPs. And so that's sort of offsetting it to some extent.

是的，這是個好問題。正如我們指出的那樣，中國在第四季度比兩個季度前的水平下降了很多。這可能最終會有點矯枉過正。坦率地說，很難說那裡發生了什麼，會持續多久，以及會產生怎樣的影響。非中國一直表現良好。同樣，我要說的是基於我們擁有的內容收益以及 - 新產品正在以更高的 ASP 增加。所以這在某種程度上抵消了它。

What we are guiding for Q4, enterprise networking overall, it's still down just because of the China factor. But I'd say if I had to handicap it for next year, non-China will be a bigger percentage of the total in fiscal '24 than China. But I don't have the exact numbers at the tip of my fingers here. A lot of this goes through the channel and other -- it's -- yes, I just don't have those numbers in front of me.

我們對第四季度的指導，整體企業網絡，它仍然因為中國因素而下降。但我想說，如果我不得不為明年設置障礙，非中國在 24 財年的總數中所佔的比例將高於中國。但我這裡沒有確切的數字。很多都是通過渠道和其他 - 它 - 是的，我只是沒有這些數字在我面前。

Our next question comes from Christopher Rolland with Susquehanna.

我們的下一個問題來自 Christopher Rolland 和 Susquehanna。

I wanted to follow up on carrier infrastructure as well. So a couple of things. I guess, first of all, your agreement with Nokia and the extension there. I was wondering if there's any economics associated with that? And then secondly, looking out into next year, there's a lot more talk about India, 5G, Nokia winning, Samsung winning there as well. What does the opportunity look like there for growth? Is this going to be sizable overall?

我也想跟進運營商基礎設施。所以有幾件事。我想，首先，您與諾基亞的協議以及那裡的延期。我想知道是否有任何與此相關的經濟學？其次，展望明年，關於印度、5G、諾基亞獲勝、三星也在那裡獲勝的討論更多。那裡的增長機會是什麼樣的？這總體上會很大嗎？

Yes. Thanks, Chris. On the Nokia front, again, it was great to see us being able to announce with them our layer 2 transport processor. Recall the initial engagement with them, which was very successful, and it's great to see how well they did was on the layer 1 baseband processor. And that -- I think that partnership has led to now a broader engagement. And so as you probably know, you followed the space, the layer 2 transport or CPU is a critical component, right, with fairly meaningful content as you sort of roll forward. So I think that's all very positive.

是的。謝謝，克里斯。在諾基亞方面，再次很高興看到我們能夠與他們一起宣布我們的第 2 層傳輸處理器。回想一下與他們的最初合作，那是非常成功的，很高興看到他們在第 1 層基帶處理器上的表現如何。而且 - 我認為這種夥伴關係現在導致了更廣泛的參與。因此，正如您可能知道的那樣，您關注了空間，第 2 層傳輸或 CPU 是一個關鍵組件，對，在您向前滾動時具有相當有意義的內容。所以我認為這一切都非常積極。

And on India, that -- they seem to be gearing up for a very aggressive rollout next year. And I think, to your point, a few of our key customers are well positioned to take advantage of that ramp. And so that's why we said earlier, we feel really good about wireless next year, I think both on sort of our content gains as well as our -- but probably even more the regional deployments. And I think India probably will be sizable would be my guess.

在印度，他們似乎正在為明年非常積極的推出做準備。而且我認為，就您的觀點而言，我們的一些主要客戶處於有利地位，可以利用這一優勢。所以這就是為什麼我們早些時候說，我們對明年的無線感覺非常好，我認為既有我們的內容收益，也有我們——但可能更多的是區域部署。而且我認為印度可能會相當大，這是我的猜測。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Yes. And if you don't mind, I'm going to ask a question that's not related to the next 2 quarters. So -- and it does have 2 parts. So first of all, the UCI Express standard, is that something that could potentially accelerate the adoption of CXL. The reason I'm asking is because last time on the call, you talked about maybe CXL not contributing to revenues probably for the few years, but there does seem to be a lot of activity here that could potentially pull that time line in a little bit.

是的。如果您不介意，我將問一個與接下來的兩個季度無關的問題。所以 - 它確實有 2 個部分。因此，首先，UCI Express 標準可能會加速 CXL 的採用。我問的原因是因為上次在電話會議上，你談到 CXL 可能在幾年內沒有為收入做出貢獻，但這裡似乎確實有很多活動可能會稍微縮短時間線少量。

Yes. I think the CXL timing, a lot of that is going to be gated tory by the server CPU cycle. And I think companies are gearing up for that. It may have gotten lost in the noise, but we did call out and I called out in my prepared remarks that we had received a pretty significant design win in this area, which we're now well underway in terms of product development. So -- and then I'd say there's a very large pipeline of semi-custom products behind that as well as a merchant product. So I think that activity is still -- level of activity is very high with our customers. But I wouldn't -- I don't have visibility to any sort of change in terms of when those products would ramp necessarily. But it's a very strategic new area for us. And I'd say we continue to be focused on building a leadership position there.

是的。我認為 CXL 時間，其中很多將受服務器 CPU 週期的限制。我認為公司正在為此做好準備。它可能在噪音中迷失了方向，但我們確實大聲疾呼，我在準備好的發言中大聲疾呼，我們在這一領域取得了非常重要的設計勝利，我們現在在產品開發方面進展順利。所以 - 然後我會說背後有大量的半定制產品以及商業產品。所以我認為我們的客戶的活動仍然非常活躍。但我不會——我看不到這些產品何時必然會出現任何變化。但對我們來說，這是一個非常具有戰略意義的新領域。我想說的是，我們將繼續專注於在那裡建立領導地位。

A lot of these products, especially as you get into the larger pooling devices, accelerators, these are, in some cases, have multicore CPU. They're in 5-nanometer. They have security features. There's quite a few things that we're adding. And so these are looking more and more like very customized SoCs, which then enable these customers to really take advantage of completely new architectures relative to how they interface their CPU, GPU, XPU whatever you want to call it, ASIC with memory. And so I think that's going to continue to be a very strategic area of focus. And getting a large win committed and underway is a really good thing.

很多這樣的產品，尤其是當你進入更大的池化設備、加速器時，在某些情況下，這些產品都具有多核 CPU。它們是 5 納米的。它們具有安全功能。我們正在添加很多東西。因此，這些看起來越來越像非常定制的 SoC，然後使這些客戶能夠真正利用全新的架構，與他們如何連接他們的 CPU、GPU、XPU，無論你怎麼稱呼它，ASIC 和內存。因此，我認為這將繼續成為一個非常具有戰略意義的重點領域。取得巨大的勝利並正在進行中是一件非常好的事情。

Great. And the second part of the question was related to your new product, and you did mention this earlier. So AEC, when should we expect Marvell to get some revenue contribution from AEC? Is that also sort of a few years out? Or could you already start to see some revenues next year?

偉大的。問題的第二部分與您的新產品有關，您之前確實提到了這一點。那麼 AEC，我們什麼時候應該期望 Marvell 從 AEC 獲得一些收入貢獻？那也是幾年後的事嗎？或者您明年是否已經開始看到一些收入？

I think we need to let that one play out a little bit, Tore. We're taking that one step at a time. I think the milestone really was lining over the last year, really getting our solution designed in across a broad array of high-volume proven cable suppliers to the largest hyperscale companies, and we've done a great job there. And we've now started sampling those, and we have a very high level of interest. But at this juncture, we haven't really sized exactly our opportunity and the timing. But we'll do that in due course as we get better visibility to the take up of our customers that are competing in this market. But that trend is very real. The AEC trend is anyway. And we hope to be an important part of it.

我認為我們需要讓那個發揮一點點，Tore。我們一步一個腳印。我認為里程碑真的在去年到來，真正讓我們的解決方案在眾多經過驗證的大容量電纜供應商中為最大的超大規模公司設計，我們在這方面做得很好。我們現在已經開始對這些進行抽樣，我們對此非常感興趣。但在這個關頭，我們還沒有真正確定我們的機會和時機。但我們會在適當的時候這樣做，因為我們可以更好地了解在這個市場上競爭的客戶的佔有率。但這種趨勢是非常真實的。 AEC 趨勢是無論如何。我們希望成為其中的重要組成部分。

Our next question comes from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to come back to the clarification for Jean. Looking at the data center business and the storage component in the last quarter that you reported that segment before changing the reporting, I see $300 million without Inphi and then you had given a number of $340 million with Inphi. And the number you just cited 1/3 of the recent quarter, it seems really low. I would mean $190 million, $200 million number rounding up. Is there something I'm missing there or a large chunk of that is now in some other business?

我只是想回到 Jean 的澄清。看看上個季度的數據中心業務和存儲組件，你在更改報告之前報告了該部分，我看到沒有 Inphi 的 3 億美元，然後你給了 3.4 億美元的 Inphi。而你剛才提到的最近一個季度的 1/3 的數字，似乎真的很低。我的意思是 1.9 億美元，2 億美元的數字四捨五入。是不是我遺漏了什麼，或者其中很大一部分現在在其他業務中？

Yes. Yes. Maybe let me just recap and clarify. I think before we change the reporting, our storage business annualized run rate is about $1.4 billion. So that's what you are mentioning before we change the reporting by end market. That's what our overall storage business. Just as a reminder, it includes flash controller preamp and also fiber channel. So it's all the different storage product lines included there. And over time, the storage has come down. The number I mentioned, 1/3 is not a particular last quarter. It's more generally, when you look at several quarters, on average, it's 1/3.

是的。是的。也許讓我回顧一下並澄清一下。我認為在我們更改報告之前，我們的存儲業務年化運行率約為 14 億美元。這就是您在我們按終端市場更改報告之前提到的內容。這就是我們的整體存儲業務。提醒一下，它包括閃存控制器前置放大器和光纖通道。所以它包含了所有不同的存儲產品線。隨著時間的推移，存儲量下降了。我提到的數字，1/3 不是特定的上個季度。更一般地說，當你看幾個季度時，平均來說，它是 1/3。

The first half definitely is much higher and now it's much lower, right? When you think about $1.4 billion storage revenue I'm talking about, about 60% is in data center. That's what we told investors during our Investor Day. So hope that's how you clarify different pieces.

上半年肯定高很多，現在低很多，對吧？當你想到我所說的 14 億美元的存儲收入時，大約 60% 是在數據中心。這就是我們在投資者日告訴投資者的。所以希望這就是你澄清不同部分的方式。

Yes. No, it does. So that means it's come down from $1.4 billion annual run rate to $800 million, right?

是的。不，確實如此。所以這意味著它從每年 14 億美元的運行率下降到 8 億美元，對嗎？

I don't think the way you can think about that. It's $1.4 billion. The first half of this year, it probably was much higher than $1.4 billion annualized run rate. And now it's dropping much lower, right? The second half of the run rate probably is very low. Yes.

我不認為你可以這樣想。這是14億美元。今年上半年，它可能遠高於 14 億美元的年化運行率。現在它降得更低了，對吧？下半年的運行率可能很低。是的。

Got it. Okay. Okay. That is very helpful. Then I had a follow-up for you, Matt. Looking at storage, and I don't follow the distri guys, but Seagate consensus has been down 3 quarters in a row. WD 2 quarters for the Masters business. And then you throw in the billet effect. So you're seeing a much bigger impact than consensus has those guys modeled. Is that the right way in terms of timing a couple of quarters before this business comes back? And then the other businesses within data center that with thanks for the clarification earlier when it is not just storage. When do those businesses -- because that magnitude is less, right, in terms of no real bullet effect yet. So if you combine all that, should we be modeling past December, a couple of quarters of sequential declines?

知道了。好的。好的。這很有幫助。然後我跟進了你，馬特。在存儲方面，我不關注分銷商，但希捷的共識已經連續三個季度下降。碩士業務的 WD 2 個季度。然後你投入方坯效果。所以你看到的影響比那些人模仿的共識要大得多。就在該業務恢復之前的幾個季度的時間安排而言，這是正確的方法嗎？然後是數據中心內的其他業務，感謝您早些時候的澄清，這不僅僅是存儲。這些業務什麼時候開始——因為就還沒有真正的子彈效應而言，規模較小，對吧。因此，如果您將所有這些結合起來，我們是否應該對過去 12 月的幾個季度的連續下降進行建模？

Yes. So let me break that into 2 pieces. I think you absolutely nailed it when you talked about the end customer kind of dynamics and their trajectory versus ours, that is exactly the bullet effect. I mean you could actually just draw the bull whip and you can kind of slap where we would be on that. And that's why -- and we've seen this historically in any business where you're kind of one additional step removed, you tend to have more volatility, right? It's just the way it works.

是的。所以讓我把它分成兩部分。我認為當你談到最終客戶的動態及其軌跡與我們的軌跡時，你絕對搞定了，這正是子彈效應。我的意思是，你實際上可以只抽出公牛鞭子，你可以在我們想要的地方拍打。這就是為什麼——我們在歷史上已經在任何企業中看到了這一點，在這些企業中，你被移除了一個額外的步驟，你往往會有更大的波動性，對吧？這就是它的工作方式。

So that, I think, you can expect. And again, we don't know exactly, but we anticipate just on past experience, it's probably a couple of quarters to work through that. And then on the other piece, which was the nonstorage piece, yes, it's inventory digestion. I mean we've kind of taken a view, Ambrish, which is -- and I've been through different scenarios in my career here on how you manage when volume -- when demand drops and you can kind of work with people and manage a soft landing or you can keep shipping and then you pay the price later in a very hard way. And so our view has been, let's get through this and get it behind us. And also get to a point where as you can -- as you get your visibility up and inventory goes down and lead times turn to normal, your forecast accuracy improves.

所以，我想，你可以期待。再說一遍，我們並不確切知道，但我們僅根據過去的經驗預計，可能需要幾個季度才能完成。然後在另一部分，即非存儲部分，是的，它是庫存消化。我的意思是，我們已經採取了一種觀點，Ambrish，這是——我在我的職業生涯中經歷過不同的場景，關於當需求下降時你如何管理——當需求下降時，你可以與人合作並管理軟著陸，或者你可以繼續發貨，然後你會以非常艱難的方式付出代價。所以我們的觀點是，讓我們度過難關，把它拋在腦後。並且盡可能地達到一個點——當你提高可見性、庫存下降和交貨時間恢復正常時，你的預測準確性就會提高。

I mean I think you know that old adage as well. The worst forecast you're going to get is if somebody gives you 52 weeks of orders, you're actually better off having a more normalized environment. So that's really what we're striving to do there. And so while there is some inventory adjustment, it's fairly normal given the shift in slope in the CapEx trajectory. And we have new products ramping. And so that probably works its way through fairly quickly as well. But we'll have to see the exact time frame. Like I said, it's still a little bit of a dynamic environment.

我的意思是我認為你也知道那句古老的格言。您將得到的最壞預測是，如果有人給您 52 週的訂單，您實際上最好擁有一個更加規範化的環境。所以這真的是我們正在努力做的事情。因此，儘管存在一些庫存調整，但考慮到資本支出軌蹟的斜率變化，這是相當正常的。我們有新產品。因此，這可能也會很快完成。但我們必須看到確切的時間框架。就像我說的，它仍然是一個動態環境。

Ashish, do we have time for one more? Should I just wrap it up with some closing comments.

Ashish，我們還有時間再來一次嗎？我應該用一些結束語來結束它嗎？

Yes. Go ahead, wrap it up, Matt.

是的。繼續，把它包起來，馬特。

Perfect. Yes. Well, thanks, everybody, for all the questions. Just a little bit of a few comments as we close here. Look, first, I think Q3 was a great quarter for us. I mean we're in the middle of a pretty severe macroeconomic environment. A lot of other companies have obviously seen some of this inventory digestion and impact earlier. But in Q3, we delivered record revenue, very strong operating margins. Even if you look at the fourth quarter guide and you kind of compare our second half of this year to a year ago, we're up about 15%. And when you look at sort of the rest of the market, take sort of large digital peers, that peer group is down about 5%.

完美的。是的。嗯，謝謝大家，所有的問題。我們在這裡結束時只是一些評論。看，首先，我認為第三季度對我們來說是一個很好的季度。我的意思是我們正處於一個相當嚴峻的宏觀經濟環境之中。許多其他公司顯然更早地看到了這種庫存消化和影響。但在第三季度，我們實現了創紀錄的收入和非常強勁的營業利潤率。即使您查看第四季度指南並將今年下半年與一年前進行比較，我們也上漲了約 15%。當你觀察市場的其他部分時，以大型數字同行為例，該同行群體下跌了約 5%。

So we still think even with a softer Q4 guide, we continue to perform very well from a top line perspective. I'd say also we've been disciplined on managing expenses. The pro forma FY '23 will grow about 28%. And if you look at our OpEx increase, it's about 14%. So we've been basically growing operating expenses at about half the rate of revenue growth. And we've been able to put together a world-class team as a result to execute on these massive design wins we've gotten over the last few years.

因此，我們仍然認為，即使 Q4 指南更為溫和，從頂線的角度來看，我們的表現仍然非常好。我還要說我們在管理費用方面受到了紀律處分。 23 財年的備考將增長約 28%。如果你看看我們的運營支出增長，大約是 14%。因此，我們基本上一直在以收入增長率的一半左右的速度增長運營費用。因此，我們已經能夠組建一支世界級的團隊來執行我們在過去幾年中獲得的這些巨大的設計勝利。

And so while we're going to be disciplined in our spending, and Jean sort of gave you the model on OpEx. We feel very good about the size of the team, the resources we have and the ability to execute, which our customers are counting on. And I believe if we do that, there's even more to come.

因此，雖然我們將在支出方面受到紀律處分，但 Jean 給了你 OpEx 模型。我們對團隊的規模、我們擁有的資源和執行能力感到非常滿意，這是我們的客戶所依賴的。而且我相信，如果我們這樣做，還會有更多的事情發生。

So in conclusion, we continue to have the right strategy with really strong partnerships with key customers. We think we're in the right markets. And the growth drivers of cloud, 5G wireless communications and automotive continue to be 3 of the largest growth opportunities in the semiconductor industry, and Marvell is extremely well positioned there.

因此，總而言之，我們繼續擁有正確的戰略，與主要客戶建立真正牢固的合作夥伴關係。我們認為我們在正確的市場。雲、5G 無線通信和汽車的增長動力仍然是半導體行業中最大的三個增長機會，而 Marvell 在這方面處於非常有利的地位。

So thanks for all the questions. I'm sure we can be more helpful in the callbacks as well. There's a lot of moving pieces. But thank you so much for your time today.

謝謝你提出的所有問題。我相信我們也可以在回調中提供更多幫助。有很多動人的作品。但是非常感謝你今天抽出時間來。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。