邁威爾科技 (MRVL) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Marvell Technology Inc. Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) Please 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, sir.

下午好，歡迎參加 Marvell Technology Inc. 第四季和 2024 財年財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在將會議交給投資者關係資深副總裁 Ashish Saran 先生主持。請繼續，先生。

Thank you, and good afternoon, everyone. Welcome to Marvell's Fourth Quarter and Fiscal Year 2024 Earnings Call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2024 年第四季和財政年度財報電話會議。今天與我一起出席的有 Marvell 董事長兼執行長 Matt Murphy；以及我們的財務長 Willem Meintjes。

Let me remind everyone that certain comments made today 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. 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.

讓我提醒大家，今天發表的某些評論包括前瞻性陳述，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階層目前的預期有重大差異。請查看我們今天向 SEC 提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近的 10-K 和 10-Q 文件。我們不打算更新我們的前瞻性陳述。在今天的電話會議中，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 財務指標之間的調整表。

Earlier today, we announced our accelerated infrastructure for the AI Era investor event, which will be held in New York on April 11. Please refer to our press release for more details. We look forward to updating investors on the exciting opportunities we see in front of us from the growth and accelerated infrastructure. Let me now turn the call over to Matt for his comments on the quarter. Matt?

今天早些時候，我們宣布了 AI 時代投資者活動的加速基礎設施，該活動將於 4 月 11 日在紐約舉行。請參閱我們的新聞稿以了解更多詳細資訊。我們期待向投資者通報我們在成長和加速的基礎設施中看到的令人興奮的機會。現在讓我將電話轉給馬特，請他對本季發表評論。馬特？

Thanks, Ashish, and good afternoon, everyone. For the fourth quarter of fiscal 2024, Marvell delivered revenue of $1.43 billion, growing 1% sequentially above the midpoint of guidance. In addition, on a non-GAAP basis, the Marvell team drove a substantial 330 basis point sequential increase in gross margin; completed execution on the OpEx reduction plan we outlined earlier in the year; and delivered earnings per share of $0.46, growing 12% sequentially. As Willem will tell you in greater detail, we also drove another strong quarter of operating cash and increased share repurchases. We are pleased to report these results to you in what remains a challenging macro environment.

謝謝阿什什，大家下午好。 2024 財年第四季度，Marvell 實現營收 14.3 億美元，比指導中位數環比成長 1%。此外，在非 GAAP 基礎上，Marvell 團隊的毛利率較上季大幅成長 330 個基點；完成了我們今年早些時候概述的營運支出削減計劃的執行；每股收益為 0.46 美元，環比增長 12%。正如威廉將更詳細地告訴您的那樣，我們還推動了另一個強勁的季度營運現金和增加的股票回購。我們很高興在仍然充滿挑戰的宏觀環境中向您報告這些結果。

In our data center end market for the fourth quarter, we drove record revenue of $765 million, above our guidance, growing 54% year-over-year and 38% sequentially. The strong revenue growth in the quarter was driven by the cloud portion of our data center end market. While AI has been a key growth driver, I am pleased that our standard cloud infrastructure revenue has also grown every quarter, and we see that continuing next year. Our 800-gig PAM solutions led our growth in the fourth quarter. We also benefited from higher sequential demand for our storage products as that portion of our data center end market continues its recovery. Revenue from our Teralynx Ethernet switches also grew sequentially in the quarter.

在第四季的資料中心終端市場，我們的營收達到創紀錄的 7.65 億美元，高於我們的指導，年增 54%，季增 38%。本季營收的強勁成長是由我們資料中心終端市場的雲端部分所推動的。雖然人工智慧一直是關鍵的成長驅動力，但我很高興我們的標準雲端基礎設施收入每季都在成長，我們預計這種情況明年將繼續下去。我們的 800 Gb PAM 解決方案引領了我們第四季的成長。隨著我們資料中心終端市場的這一部分持續復甦，我們也受益於對儲存產品的連續需求增加。我們的 Teralynx 乙太網路交換器的營收在本季也較上季成長。

Turning to the first quarter of fiscal 2025. We expect our overall data center revenue to grow in the low single digits sequentially on a percentage basis. We expect revenue from both AI and standard cloud data centers to continue to grow sequentially. We project our electro-optics revenue to continue to be strong, and we also expect to benefit from the initial shipments of our cloud optimized AI silicon programs. Partially offsetting this growth, we are projecting a more than seasonal sequential decline in revenue from enterprise on-premise data centers.

轉向 2025 財年第一季。我們預計我們的整體資料中心營收將以百分比連續低個位數成長。我們預計人工智慧和標準雲端資料中心的收入將繼續環比成長。我們預計我們的電光收入將繼續強勁，我們也預計將從我們的雲端優化人工智慧晶片專案的初始出貨中受益。我們預計企業本地資料中心的營收將出現季節性環比下降，這在一定程度上抵消了這一成長。

Over the past several years, Marvell has strategically invested in technology, both organically and through acquisitions to become a critical enabler of accelerated infrastructure. The seismic shift driven by AI in the data center market is creating new opportunities, and we are actively investing to lead the next wave of innovation. We have in place a full suite of solutions across data center interconnect, switching and compute, and the ability to uniquely stitch these together into a unified platform, a true one-stop shop for our data center customers.

在過去的幾年中，Marvell 透過有機方式和收購對技術進行了策略性投資，成為加速基礎設施的關鍵推動者。人工智慧在資料中心市場推動的巨大轉變正在創造新的機遇，我們正在積極投資以引領下一波創新浪潮。我們擁有涵蓋資料中心互連、交換和運算的全套解決方案，並且能夠將這些解決方案以獨特的方式整合到一個統一的平台中，為我們的資料中心客戶提供真正的一站式服務。

While our 100-gig per lane 800-gig PAM products are currently the workhorse for interconnect inside AI data centers, customers have begun qualifying our next-generation 200-gig per lane 1.6T PAM solutions. We expect first deployments to start towards the end of this year. Complementing our optical interconnect solutions, we expect to start ramping our PAM DSPs for active electrical cables. This is a new and completely additive market for Marvell and we expect to be shipping products to multiple Tier 1 cloud customers this year.

雖然我們的每通道 100 GB 800 GB PAM 產品目前是 AI 資料中心內互連的主力，但客戶已開始驗證我們的下一代每通道 200 GB 1.6T PAM 解決方案。我們預計首批部署將於今年底開始。為了補充我們的光互連解決方案，我們預計將開始提升用於主動電纜的 PAM DSP。對於 Marvell 來說，這是一個全新且完全附加的市場，我們預計今年將向多個一級雲端客戶交付產品。

Our DCI products, which provide connectivity between data centers, are critical to our customers' success and continue to do very well. We see exciting new opportunities ahead of us from growth in generative AI applications, driving cloud customers to build new data centers. We also expect a positive uplift from increased investment in inferencing, which will drive more bandwidth between data centers. We are shipping our 400-gig DCI products in high volume today and are seeing strong interest for our next-generation 800-gig products. I'm also very pleased to report to you that in fiscal 2024, we significantly expanded our DCI customer base with design wins at multiple data center customers. We expect these design wins to begin ramping next year.

我們的 DCI 產品提供資料中心之間的連接，對於我們客戶的成功至關重要，並將繼續表現出色。我們看到，生成型人工智慧應用程式的成長將帶來令人興奮的新機遇，推動雲端客戶建立新的資料中心。我們也預期推理投資的增加將帶來正面的提升，這將推動資料中心之間的頻寬增加。今天，我們正在大批量發貨 400 吉位 DCI 產品，並且看到人們對我們的下一代 800 吉位產品表現出濃厚的興趣。我還很高興地向您報告，在 2024 財年，我們在多個資料中心客戶中贏得了設計，顯著擴大了 DCI 客戶群。我們預計這些設計勝利將於明年開始增加。

As you will remember from prior calls, Marvell silicon photonics technology has been a critical enabler of our DCI modules. You will hear more at OFC and our upcoming AI event about how we plan to deploy our field-proven silicon photonics technology to enable next-generation higher density, lower power interconnects.

正如您在之前的通話中所記得的那樣，Marvell 矽光子技術一直是我們 DCI 模組的關鍵推動者。您將在 OFC 和我們即將舉行的人工智慧活動中聽到更多有關我們計劃如何部署經過現場驗證的矽光子技術以實現下一代更高密度、更低功耗互連的信息。

In data center switching, our Teralynx 12.8T products continue to ship in high volume and we are on track for production shipments of our next-generation 51.2T switch later this year. The Teralynx product line, you will recall, came from our Innovium acquisition. Combine the Innovium team with Marvell's very successful enterprise and carrier switching organization. This larger scale now enables Marvell to accelerate our development to address new cloud opportunities, particularly in switching for AI deployments. We are encouraged by the traction we are seeing with both existing and new customers, which has expanded our opportunity funnel for cloud switching dramatically over the past year.

在資料中心交換領域，我們的 Teralynx 12.8T 產品繼續大量出貨，並且我們預計在今年稍後實現下一代 51.2T 交換器的量產出貨。您可能還記得，Teralynx 產品線來自我們對 Innovium 的收購。將 Innovium 團隊與 Marvell 非常成功的企業和營運商交換組織結合。現在，更大的規模使 Marvell 能夠加速我們的開發，以應對新的雲端機遇，特別是在轉向 AI 部署方面。我們對現有客戶和新客戶的吸引力感到鼓舞，這在過去一年中大大擴大了我們雲端轉換的機會管道。

Turning to our cloud optimized silicon platform. We're seeing significant progress with the first set of design wins outlined during our last Investor Day. We expect initial shipments for our 2 AI compute programs to start in the first quarter and are on track for a very substantial ramp in the second half of the fiscal year. Customer bring-up of these programs is going extremely well, and we are tightly aligned with them on volume expectations and working in lockstep to enable the production.

轉向我們的雲端優化矽平台。我們看到上屆投資者日概述的第一批設計勝利取得了重大進展。我們預計我們的 2 個人工智慧運算項目的初始出貨將於第一季開始，並預計在本財年下半年大幅成長。這些專案的客戶啟動進展非常順利，我們在數量預期上與他們緊密一致，並同步工作以實現生產。

We now have a clear view of demand for both this fiscal year as well as fiscal 2026. We have been working closely with our suppliers and are confident that we have secured capacity for the ramp. With the visibility we now have for these programs, along with many new opportunities, we are very excited about the potential scale of long-term revenue for Marvell from this business. As the initial set of design wins reach its full run rate, we expect annual revenue from cloud optimized silicon has the potential to rival our fast-growing data center optics business, which, for reference, grew to over $1 billion in fiscal 2024.

現在，我們對本財年和 2026 財年的需求有了清晰的認識。我們一直在與供應商密切合作，並相信我們已經獲得了產能提升的能力。憑藉我們現在對這些計劃的知名度以及許多新機會，我們對 Marvell 從這項業務中獲得的長期收入的潛在規模感到非常興奮。隨著最初的設計勝利達到其全部運行率，我們預計雲端優化晶片的年收入有可能與我們快速成長的資料中心光學業務相媲美，作為參考，該業務在 2024 財年增長至超過 10 億美元。

With the exploding investment in AI and accelerated computing, the demand for cloud optimized silicon has grown significantly. We have successfully executed multiple 5-nanometer designs in the last 2 years and are deeply engaged with cloud customers on many new 3-nanometer opportunities. These engagements are driving a substantial increase in the size of our design funnel.

隨著人工智慧和加速運算投資的爆炸性成長，對雲端優化晶片的需求顯著增長。在過去 2 年裡，我們成功執行了多個 5 奈米設計，並與雲端客戶就許多新的 3 奈米機會進行了深入接觸。這些參與正在推動我們設計漏斗的規模大幅增加。

AI is increasing the cadence of new chip releases and this plays well to Marvell's strength as a key partner for our cloud customers with a proven ASIC platform. We have a broad suite of differentiated IP, including ultra high-speed SerDes, Arm compute, security, storage and advanced packaging, including die-to-die interconnects and chiplets. We are well positioned to act as a force multiplier for our cloud customers, enabling them to scale multiple custom programs in quick succession.

AI 正在加快新晶片發布的節奏，這充分發揮了 Marvell 作為我們雲端客戶關鍵合作夥伴的優勢，擁有經過驗證的 ASIC 平台。我們擁有廣泛的差異化 IP，包括超高速 SerDes、Arm 運算、安全性、儲存和先進封裝，包括晶片間互連和小晶片。我們處於有利位置，可以充當雲端客戶的力量倍增器，使他們能夠快速連續擴展多個自訂程式。

Now let me turn to Marvell's carrier and enterprise end markets together. As we have been communicating, these end markets have been dealing with a period of soft industry demand. As a result, both were down sequentially in the fourth quarter and we expect them to decline again in the first quarter.

現在讓我一起談談 Marvell 的營運商和企業終端市場。正如我們一直在溝通的那樣，這些終端市場一直在應對行業需求疲軟的時期。因此，兩者在第四季度均連續下降，我們預計第一季將再次下降。

On a sequential basis, we expect revenue in the first quarter from carrier to decline by approximately 50% and enterprise networking to decline by approximately 40%. Looking ahead, we expect revenue declines in these end markets to be behind us after the first quarter and forecast a recovery in the second half of the fiscal year.

環比來看，我們預計第一季來自營運商的營收將下降約 50%，企業網路收入將下降約 40%。展望未來，我們預計這些終端市場的營收下降將在第一季之後結束，並預計在本財年下半年出現復甦。

Longer term, these are large and enduring end markets, which are critical to the global economy. As a result, we expect both of these end markets to eventually return to contributing over $1 billion each in revenue on an annual basis once demand normalizes, and we begin to realize the benefits of upcoming Marvell-specific product cycles.

從長遠來看，這些都是龐大且持久的終端市場，對全球經濟至關重要。因此，我們預計，一旦需求正常化，這兩個終端市場最終將恢復每年貢獻超過 10 億美元的收入，並且我們開始意識到即將到來的 Marvell 特定產品週期的好處。

Turning to the consumer end market. Revenue declined in the fourth quarter as expected and is projected to decline approximately 70% sequentially in the first quarter. This forecast reflects the completion of deliveries for an end-of-life program in the prior quarter as well as significantly weaker demand from the game console market.

轉向消費端市場。第四季營收如預期下降，預計第一季將季減約 70%。這項預測反映了上一季報廢項目的交付完成以及遊戲機市場需求的顯著疲軟。

Turning to our automotive and industrial end market, Revenue in the fourth quarter was $82 million, declining 17% year-over-year and 23% sequentially. As expected, the sequential weakness was primarily driven by a sharp decline in the industrial portion of this end market, where order patterns can be lumpy in any given quarter.

轉向汽車和工業終端市場，第四季營收為 8,200 萬美元，年減 17%，季減 23%。正如預期的那樣，連續疲軟的主要原因是該終端市場的工業部分急劇下降，該市場的訂單模式在任何特定季度都可能不穩定。

Fiscal 2024, our automotive business delivered another strong year, with revenue growing in the double digits year-over-year on a percentage basis. We are benefiting from growth in Marvell content driven by an increase in the number of ethernet connected endpoints in cars, coupled with the need for more bandwidth.

2024 財年，我們的汽車業務又迎來了強勁的一年，營收年增了兩位數百分比。我們受益於 Marvell 內容的成長，這是由於汽車中乙太網路連接端點數量的增加以及對更多頻寬的需求所推動的。

We've continued to accumulate new ethernet design wins across a broad swath of automotive OEMs. While the initial wave of our automotive revenue was driven primarily by EVs and hybrids, we now have also won high-volume internal combustion vehicles with major auto OEMs. These wins tend to be multi-platform in nature, covering numerous models simultaneously.

我們不斷在眾多汽車原始設備製造商中累積新的乙太網路設計成果。雖然我們的第一波汽車收入主要由電動車和混合動力車推動，但我們現在也贏得了主要汽車原始設備製造商的大批量內燃機汽車。這些勝利本質上往往是多平台的，同時涵蓋多種模型。

Turning now to our forecast for the first quarter of fiscal 2025, we expect revenue from our overall auto and industrial end market to be flat sequentially. In summary, in fiscal 2024, we delivered total revenue of $5.5 billion. Our data center revenue accelerated throughout the year, growing from about 1/3 of total company revenue in the first quarter to more than half exiting the fourth quarter.

現在轉向我們對 2025 財年第一季的預測，我們預計整個汽車和工業終端市場的營收將與上一季持平。總之，2024 財年我們的總營收為 55 億美元。我們的資料中心收入全年加速成長，從第一季占公司總營收的約1/3成長到第四季的一半以上。

As customers continue to shift investment from traditional to accelerated infrastructure we expect data center to drive the majority of our revenue growth going forward. This transition underscores Marvell's transformation into a leading data center company. AI was a key driver of our data center growth in fiscal 2024, contributing over 10% of total company revenue, well above our initial forecast. This is a substantial increase from approximately 3% in the prior year. Our momentum accelerated throughout the fiscal year with AI revenue well over $200 million in the fourth quarter, driven mostly from Optics.

隨著客戶不斷將投資從傳統基礎設施轉向加速基礎設施，我們預計資料中心將推動我們未來收入成長的大部分。這項轉變凸顯了 Marvell 向領先資料中心公司的轉型。人工智慧是我們 2024 財年資料中心成長的關鍵驅動力，占公司總營收的 10% 以上，遠高於我們最初的預測。這比去年約 3% 大幅成長。我們的動能在整個財年加速，第四季人工智慧收入遠超過 2 億美元，主要來自光學。

In fiscal 2025, we expect this trend to continue driving another strong year for our data center end market. We expect a substantial base of electro-optics revenue from AI should remain correlated to accelerator shipments. And as those continue to grow, we expect to benefit accordingly. In addition, we project significant revenue contributions from our AI cloud optimized programs well in excess of our prior estimate of a couple of hundred million dollars in fiscal 2025.

到 2025 財年，我們預計這一趨勢將繼續推動我們的資料中心終端市場又一個強勁的一年。我們預計來自人工智慧的電光收入的很大一部分應該與加速器出貨量保持相關。隨著這些業務的不斷成長，我們預計也會隨之受益。此外，我們預計 AI 雲端優化計畫的顯著收入貢獻將遠遠超過我們先前估計的 2025 財年數億美元。

In fact, as our cloud-optimized AI silicon programs reach high-volume production, we expect our overall cloud-optimized revenue to exceed $200 million exiting the fourth quarter. As a result, on a run rate basis, this momentum would put our overall cloud optimized silicon revenue above the annual $800 million target we had provided at our last Investor Day.

事實上，隨著我們的雲端優化人工智慧晶片專案達到大量生產，我們預計第四季度的雲端優化總收入將超過 2 億美元。因此，從運行率來看，這種勢頭將使我們的整體雲端優化晶片收入超過我們在上一次投資者日提供的 8 億美元的年度目標。

And with the full year of contributions in fiscal 2026, we expect to be way ahead of the prior target. In aggregate, we see a favorable setup for the second half of this fiscal year, driven by continued growth from our data center end market, ongoing growth from automotive, and a recovery in carrier, enterprise and consumer.

隨著 2026 財年全年的繳款，我們預計將遠遠超出先前的目標。總體而言，在資料中心終端市場的持續成長、汽車的持續成長以及營運商、企業和消費者的復甦的推動下，我們預計本財年下半年將出現有利的情況。

As we continue to drive revenue growth, we remain focused on strong cash flow generation and returning capital to investors. As you saw earlier today, Marvell's Board has approved the largest repurchase authorization in our history. We view the emergence of accelerated infrastructure as one of the most significant technology inflections of our time. I thank all our dedicated employees and leaders for executing on our strategy to fully capitalize on this remarkable opportunity.

在我們繼續推動營收成長的同時，我們仍然專注於強勁的現金流產生和向投資者返還資本。正如您今天早些時候所看到的，Marvell 董事會批准了我們歷史上最大的回購授權。我們認為加速基礎設施的出現是我們這個時代最重要的技術變革之一。我感謝我們所有敬業的員工和領導者執行我們的策略，充分利用這一非凡的機會。

During a tumultuous period for the semiconductor industry, we have taken control of our destiny and are strategically investing to win. Earlier today, we announced the extension of our long-standing collaboration with TSMC to develop the industry's first technology platform to produce 2-nanometer semiconductors optimized for accelerated infrastructure.

在半導體產業的動盪時期，我們掌握了自己的命運，並進行策略性投資以獲勝。今天早些時候，我們宣布延長與台積電的長期合作，開發業界第一個技術平台，生產針對加速基礎設施而優化的 2 奈米半導體。

This new platform will enable Marvell to deliver substantial advancements in performance, power and area critical for next-generation accelerated workloads. We are very optimistic about our growth prospects and our role in enabling accelerated infrastructure. We look forward to updating investors on the massive opportunity in front of us at our accelerated infrastructure for the AI Era event on April 11 in New York City.

這個新平台將使 Marvell 在效能、功耗和麵積方面取得顯著進步，這對下一代加速工作負載至關重要。我們對我們的成長前景以及我們在加速基礎設施建設方面的作用非常樂觀。我們期待在 4 月 11 日於紐約舉行的人工智慧時代基礎設施加速活動中向投資者通報我們面前的巨大機會。

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

接下來，我會將電話轉給威廉，以了解有關我們最近的業績和前景的更多詳細資訊。

Thanks, Matt, and good afternoon, everyone. Let me start with a summary of our fiscal year 2024 results. Marvell delivered $5.5 billion in revenue with a strong second half performance from our data center end market. Driven by AI applications, our data center revenue in the second half grew by approximately 50% over the first half.

謝謝馬特，大家下午好。讓我先總結一下我們 2024 財年的表現。 Marvell 資料中心終端市場下半年表現強勁，營收達 55 億美元。在人工智慧應用的推動下，下半年資料中心營收較上半年成長約50%。

GAAP gross margin was 41.6%, GAAP operating margin was negative 10.3% and GAAP loss per diluted share was $1.08. Our non-GAAP gross margin was 61.2%. Non-GAAP operating margin was 29%. And our non-GAAP earnings per diluted share was $1.51. We returned $357 million to shareholders through dividends and buybacks.

GAAP 毛利率為 41.6%，GAAP 營業利益率為負 10.3%，GAAP 稀釋後每股虧損為 1.08 美元。我們的非 GAAP 毛利率為 61.2%。非 GAAP 營運利潤率為 29%。我們的非 GAAP 攤薄每股收益為 1.51 美元。我們透過股利和回購向股東返還 3.57 億美元。

Moving on to our financial results for the fourth quarter. Revenue in the fourth quarter was $1.427 billion, exceeding the midpoint of our guidance, growing 1% on a year-over-year and sequential basis. Data center was our largest end market, driving 54% of total revenue. The next largest was enterprise networking with 19%, followed by carrier infrastructure at 12%, consumer at 10% and auto industrial at 5%. GAAP gross margin was 46.6%. Non-GAAP gross margin was 63.9%, growing 330 basis points sequentially, driven by a significantly better product mix as we had expected.

接下來是我們第四季的財務業績。第四季營收為 14.27 億美元，超過我們指引的中位數，年增 1%。資料中心是我們最大的終端市場，佔總收入的 54%。其次是企業網絡，佔 19%，其次是營運商基礎設施，佔 12%，消費者佔 10%，汽車工業佔 5%。 GAAP 毛利率為 46.6%。非 GAAP 毛利率為 63.9%，季增 330 個基點，這得益於我們預期的產品組合明顯改善。

Moving on to operating expenses. GAAP operating expenses were $697 million, including stock-based compensation, amortization of acquired intangible assets, restructuring costs and acquisition-related costs. Non-GAAP operating expenses were $429 million, in line with our guidance. These results reflect the successful completion of our fiscal 2024 cost reduction plan we had outlined at the beginning of the year. GAAP operating margin was negative 2.3%, while non-GAAP operating margin was 33.8%. For the fourth quarter, GAAP loss per diluted share was $0.45, non-GAAP income per diluted share was $0.46, growing 12% sequentially.

接下來是營運費用。 GAAP 營運費用為 6.97 億美元，包括股票薪酬、收購無形資產攤提、重組成本和收購相關成本。非 GAAP 營運費用為 4.29 億美元，與我們的指引一致。這些結果反映了我們在年初制定的 2024 財年成本削減計畫的成功完成。 GAAP 營運利潤率為負 2.3%，而非 GAAP 營運利潤率為 33.8%。第四季，GAAP 攤薄每股虧損為 0.45 美元，非 GAAP 攤薄每股收益為 0.46 美元，季增 12%。

Now turning to our cash flow and balance sheet. Cash flow from operations in the fourth quarter was $547 million, I'm pleased to report to you, our second straight quarter delivering robust operating cash flow of over $500 million. Our inventory at the end of the fourth quarter was $864 million, decreasing by $77 million from the prior quarter. Our DSO was 77 days, decreasing by a day from the prior quarter.

現在轉向我們的現金流和資產負債表。我很高興地向您報告，第四季度的營運現金流為 5.47 億美元，我們連續第二季實現了超過 5 億美元的強勁營運現金流。第四季末我們的庫存為 8.64 億美元，比上季減少 7,700 萬美元。我們的 DSO 為 77 天，比上一季減少了一天。

We returned $52 million to shareholders through cash dividends. In addition, we repurchased $100 million of our stock during the fourth quarter, doubling from the prior quarter. We expect to further increase repurchases in the first quarter of fiscal 2025.

我們透過現金股利向股東返還 5,200 萬美元。此外，我們在第四季度回購了價值 1 億美元的股票，比上一季增加了一倍。我們預計 2025 財年第一季將進一步增加回購。

As you saw earlier today, Marvell's Board has approved the largest repurchase authorization in our history, increasing our current plan by $3 billion, which brings our total available authorization to $3.3 billion. Our total debt was $4.17 billion. Our gross debt-to-EBITDA ratio was 2.19x and net debt-to-EBITDA ratio was 1.69x. As of the end of the fourth fiscal quarter, our cash and cash equivalents were $951 million, increasing by $225 million from the prior quarter.

正如您今天早些時候所看到的，Marvell 董事會批准了我們歷史上最大的回購授權，將我們目前的計劃增加了 30 億美元，這使得我們的可用授權總額達到 33 億美元。我們的總債務為 41.7 億美元。我們的總負債與 EBITDA 比率為 2.19 倍，淨負債與 EBITDA 比率為 1.69 倍。截至第四財季末，我們的現金和現金等價物為 9.51 億美元，比上季增加 2.25 億美元。

Turning to our guidance for the first quarter of fiscal 2025. We are forecasting revenue to be in the range of $1.15 billion, plus or minus 5%. We expect our GAAP gross margin to be in the range of 44.5% to 47.2%. We expect our non-GAAP gross margin to be in the range of 62% to 63%. We are forecasting a sequential decrease in non-GAAP gross margin due to lower revenue impacting fixed cost absorption. Looking forward, we expect that the overall level of revenue and product mix will remain key determinants of our gross margin in any given quarter.

轉向我們對 2025 財年第一季的指引。我們預計營收將在 11.5 億美元範圍內，上下浮動 5%。我們預計 GAAP 毛利率將在 44.5% 至 47.2% 之間。我們預計非 GAAP 毛利率將在 62% 至 63% 之間。我們預計，由於收入下降影響固定成本吸收，非公認會計準則毛利率將持續下降。展望未來，我們預計收入和產品組合的整體水準仍將是任何特定季度毛利率的關鍵決定因素。

For the first quarter, we project our GAAP operating expenses to be approximately $676 million. We anticipate our non-GAAP operating expenses to be approximately $455 million. This forecast includes a step-up from the prior quarter due to typical seasonality in payroll taxes and employee salary merit increases.

對於第一季度，我們預計 GAAP 營運費用約為 6.76 億美元。我們預計非 GAAP 營運費用約為 4.55 億美元。由於工資稅和員工薪資績效成長的典型季節性，該預測較上一季有所提高。

For the first quarter, we expect other income and expense, including interest on our debt to be approximately $48 million. We expect our non-GAAP tax rate of 7% for the first quarter. We expect our basic weighted average shares outstanding to be 866 million and our diluted weighted average shares outstanding to be $875 million. We anticipate GAAP earnings per diluted share in the range of a loss of $0.18 to a loss of $0.28. We expect non-GAAP income per diluted share in the range of $0.18 to $0.28.

對於第一季度，我們預計其他收入和支出（包括債務利息）約為 4,800 萬美元。我們預計第一季的非 GAAP 稅率為 7%。我們預期基本加權平均流通股數為 8.66 億股，稀釋加權平均流通股數為 8.75 億美元。我們預計 GAAP 攤薄後每股收益將在 0.18 美元至 0.28 美元之間。我們預計非 GAAP 每股攤薄收益在 0.18 美元至 0.28 美元之間。

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

接線員，請開通線路並公佈問答指示。謝謝。

(Operator Instructions) Our first question will come from Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的 Ross Seymore。

Clearly, it's kind of a tale of 2 cities, the data center and AI side is going to be really strong, the rest of it not so much. So why don't we just get the bad news out of the way first. Matt, the magnitude of the drops ex your data center are kind of shocking. Can you just walk us through how much of that is something that is not going to come back? Some of the [SAS] and 5G, et cetera? Versus what do you view as just taking the cyclical medicine and then a snapback should ensue soon thereafter?

顯然，這是兩個城市的故事，資料中心和人工智慧方面將非常強大，其餘部分則不那麼強大。那我們為什麼不先把壞消息說完呢？馬特，您的資料中心的下降幅度有點令人震驚。你能告訴我們其中有多少是不會再回來的嗎？一些 [SAS] 和 5G 等等？與您認為只服用週期性藥物然後很快就會出現反彈的情況相比？

Thanks for asking. Yes, definitely a tale of 2 cities. On the carrier enterprise and consumer side, the way to think about it is, sure, the drops are pretty steep in Q4 and Q1. We're definitely going through a cyclical downturn in the industry. You've been doing this a long time, so have I. We've seen that happen, and that's what we're going through.

謝謝你的詢問。是的，絕對是兩個城市的故事。在營運商企業和消費者方面，可以肯定的是，第四季和第一季的下降幅度相當大。我們肯定正在經歷產業的周期性衰退。你這樣做已經很長時間了，我也是。我們已經看到這種情況發生，這就是我們正在經歷的。

The way to think about both of those businesses is, at their peak, together, they were about $2.5 billion in revenue, and this would sort of be during the pandemic and some of the supply chain issues that went on. You can now see we're shipping well below that. And so I said in my prepared remarks, both of these are very solid businesses, Ross, for Marvell. Both will recover to greater than $1 billion in revenue over time. The question is when.

考慮這兩項業務的方式是，在其巔峰時期，它們的收入總計約為 25 億美元，而這大概是在疫情和一些供應鏈問題持續期間。現在您可以看到我們的出貨量遠低於該水準。因此，我在準備好的演講中表示，羅斯，對於 Marvell 來說，這兩項業務都是非常穩固的業務。隨著時間的推移，兩者的收入都將恢復到超過 10 億美元。問題是什麼時候。

And remember as well, within these businesses, these are very long product life cycles, typically like 7 years in production. So these are designs, in some cases, we won 3 or 4, 5 years ago. Some of them we just won a year or 2 ago. So we feel good about these businesses, but they are going through some demand softness and some inventory correction, but we expect to see that behind us.

也要記住，在這些企業中，產品生命週期非常長，通常生產 7 年。所以這些都是設計，在某些情況下，我們在三、四、五年前就贏了。其中一些是我們在一兩年前剛剛贏得的。因此，我們對這些業務感覺良好，但它們正在經歷一些需求疲軟和庫存調整，但我們預計這一切都會過去。

And to be very specific, none of this is due to any business that's not, "coming back" or share loss. And in fact, when things recover back to a normalized run rate, we do have Marvell product growth drivers in both of those segments, carrier and enterprise, to drive growth going forward. So we're just managing through it in the short term.

更具體地說，這一切都不是由於任何業務沒有「回歸」或份額損失造成的。事實上，當一切恢復到正常運作率時，我們在營運商和企業這兩個細分市場中確實擁有 Marvell 產品成長動力，以推動未來的成長。所以我們只是在短期內應對它。

The next question will come from Matt Ramsay with TD Cowen.

下一個問題將由 Matt Ramsay 和 TD Cowen 提出。

I guess kind of a 2-part question on the custom silicon business. The first part of it, Matt, you gave us some good color in your script as to how you see $200 million exiting the year and exceeding the $800 million for next you kind of referenced the billion dollars at scale. And I just wonder if you could maybe square the rest of that, circle that just for business you've won today for fiscal '26?Or is there more to come?

我想這是一個關於定制晶片業務的由兩部分組成的問題。馬特，在第一部分，你在劇本中給了我們一些很好的色彩，你如何看待今年的2 億美元退出，並在接下來的時間裡超過8 億美元，你提到了10 億美元的規模。我只是想知道你是否可以將剩下的部分平方，圈出你今天為 26 財年贏得的業務？或者還會有更多嗎？

And I guess the second part of the question, my observation is you guys probably have a, more shots on goal for custom silicon and b, each one of the shots on goal could be potentially a very large or larger than expected piece of business, given what's happening in the AI trend.

我想問題的第二部分，我的觀察是你們可能有a，更多的定制芯片射門次數，b，每次射門射門可能是一個非常大或比預期更大的業務，考慮到人工智能趨勢正在發生的事情。

But I guess my concern is as you evaluate those opportunities when those programs will be shipping 2, 3, 4 years in advance and trying to figure out how those programs would sort of align with the dominant player in the space's roadmap 2 or 3 years out and the pace of that innovation, like, how do you guys evaluate the potential for the size of the business when lots of shots on goal, but the probability of each of those shots on goal being successful might be hard to gauge given how quickly the industry is moving?

但我想我擔心的是，當你評估這些項目將提前 2、3、4 年交付時的機會，並試圖弄清楚這些項目如何與 2 或 3 年後該領域路線圖中的主導者保持一致時以及創新的步伐，例如，當大量射門時，你們如何評估業務規模的潛力，但鑑於射門的速度有多快，每次射門成功的機率可能很難衡量產業正在轉移？

Hopefully, that makes sense. I'm just trying to get an idea of how you're scaling the business and taking on orders, given all the volatility and rapid technology advancements in this space.

希望這是有道理的。考慮到該領域的所有波動性和快速的技術進步，我只是想了解您如何擴展業務並接受訂單。

Yes. Got you, Matt. Okay. Let me just tackle them both. On the first one, yes, super excited about the ramp we're seeing now on the custom silicon programs we won a couple of years back. So we're shipping in Q1 on both programs, It's fantastic. We gave some color in the prepared remarks on the exit rate being $200 million plus. I don't want to cap that at this point, but certainly, that's sort of the way to think about it as the floor, and then we go from there.

是的。明白你了，馬特。好的。讓我來解決這兩個問題。在第一個方面，是的，我們對幾年前贏得的客製化晶片專案現在所看到的進步感到非常興奮。所以我們在第一季就推出了這兩個程序，這太棒了。我們在準備好的評論中對超過 2 億美元的退出率進行了一些說明。我不想在這一點上限制這一點，但當然，這就是將其視為地板的方式，然後我們就從那裡開始。

So that would imply, obviously, in fiscal '26, a much larger number than the $800 million we had called out. And again, I think it's still dynamic and still early but we're very excited from the bullish forecast we're seeing from our customers. So '26 looks very strong from the programs that we've won, and we should be way ahead of the plan that we had articulated a ways back.

因此，顯然，這意味著 26 財年的數字比我們呼籲的 8 億美元大得多。再說一次，我認為它仍然充滿活力，而且還為時過早，但我們對客戶的樂觀預測感到非常興奮。因此，從我們贏得的項目來看，'26 看起來非常強大，我們應該遠遠領先於我們早期制定的計劃。

On the second question, yes, I don't think I've ever seen more design win activity in my career as right now, in AI, custom silicon, networking optics, you name it, this whole transformation that's going on in data center architectures is creating this massive opportunity for Marvell specifically on the custom portion of it.

關於第二個問題，是的，我認為在我的職業生涯中，我從未見過更多的設計獲勝活動，例如人工智慧、客製化晶片、網路光學，凡是你能想到的，資料中心正在發生的整個變革架構正在為 Marvell 創造巨大的機會，特別是在其客製化部分。

I mean, we're talking about a TAM creation that's going to be in the tens of billions of dollars range. And we'll talk more about that at our AI day. But very significant sort of opportunity that's emerging in front of us. And that being said, I view that as very complementary to the merchant leader in this space.

我的意思是，我們正在談論價值數百億美元的 TAM 創作。我們將在人工智慧日更多地討論這一點。但非常重要的機會正在我們面前出現。話雖如此，我認為這與該領域的商業領導者非常互補。

I think both have a place given the workloads that are required, given the scale of computing that's needed. And I don't think it's a zero-sum game. I've been saying this for a while. I think both segments, the merchant side as well as the custom side, are going to grow to be very enormous TAMs. And so yes, we're right in the mix on all the major opportunities and programs.

我認為考慮到所需的工作負載和所需的計算規模，兩者都佔有一席之地。我不認為這是一場零和遊戲。我已經這麼說了有一段時間了。我認為這兩個領域，即商家端和客製化端，都將發展成為非常龐大的 TAM。所以，是的，我們在所有主要機會和計劃中都是正確的。

We have assembled an incredible team, an incredible portfolio of technology. We announced today our continued partnership with TSMC with a very full and robust roadmap of IP and technology to specifically address AI and accelerated computing applications for the next generation, so that's got a lot of excitement with the customers as well.

我們組建了一支令人難以置信的團隊，擁有令人難以置信的技術組合。我們今天宣布與台積電繼續合作，提供非常完整和強大的 IP 和技術路線圖，專門解決下一代人工智慧和加速計算應用程序，因此客戶也感到非常興奮。

So yes, overall, we're very bullish, and we think the whole -- all the boats are going to lift on this one, and certainly for Marvell, creates a huge new TAM opportunity that we really didn't have just a few years ago.

所以，是的，總的來說，我們非常看好，而且我們認為，所有的船隻都會在這艘船上揚帆起航，當然對於Marvell 來說，它創造了一個巨大的新TAM 機會，而我們確實沒有幾個機會幾年前。

The next question will come from Christopher Rolland with Susquehanna.

下一個問題將由克里斯多福羅蘭和薩斯奎哈納提出。

I guess, first of all, Matt, thanks for giving the custom ASIC opportunity numbers again. I think that means -- probably means you guys have a pretty strong pipeline. But would love to drill down on that a little bit more. So I guess, first of all, maybe you can talk about these opportunities, training versus inference, how you see that versus perhaps just compute.

我想，首先，Matt，感謝您再次提供客製化 ASIC 機會編號。我認為這意味著——可能意味著你們擁有相當強大的管道。但我很想更深入地探討這一點。所以我想，首先，也許你可以談論這些機會，訓練與推理，以及你如何看待這些機會與可能只是計算。

And then what's kind of the -- do you have a secret sauce that's landing these? Like, your competitor has really used their, at the time, leading edge, SerDes IP as a driver of those wins. Is there something that you have, some special sauce that are winning these?

那麼，你有什麼秘密武器可以讓這些成功嗎？就像，您的競爭對手確實使用了他們當時領先的 SerDes IP 作為這些勝利的驅動力。你有什麼東西，一些特殊的醬料可以贏得這些勝利嗎？

Yes, hopefully, some of the custom numbers were helpful. Investors last year and this year had a lot of interest in sort of what the size of that was. And now that we've got the visibility, it's great to start articulating where we think that is.

是的，希望一些自訂數字有幫助。去年和今年的投資者對其規模非常感興趣。現在我們已經有了可見性，很高興開始闡明我們的想法。

I think on your second sort of piece of your question around training versus inference and compute. At this point, I would just put it in a very large bucket of what I'm calling decabillions in TAM creation. I don't know that we're, on this call, certainly prepared to slice it out. And I don't even think we know where this is going to be in 3 to 5 years relative to that exact split. But I would say the opportunity set for us crosses all of those applications, okay?

我認為關於訓練與推理和計算的第二個問題。此時，我會將其放入一個非常大的桶中，我稱之為 TAM 創建中的十億個桶。我不知道我們在這次電話會議上是否準備好將其分割開來。我甚至認為我們不知道 3 到 5 年後相對於確切的分裂情況會發生什麼。但我想說的是，為我們提供的機會涉及所有這些應用程序，好嗎？

And then relative to where we are in terms of our technology, our competitiveness, I mean it's pretty astonishing if you think about it. When we won the designs we won, Chris, at 5-nanometer, that was really our first time as Marvell to compete in this segment, especially in the data center.

然後，相對於我們的技術和競爭力而言，我的意思是，如果你仔細想想，這是相當令人驚訝的。 Chris，當我們贏得 5 奈米設計時，這確實是我們作為 Marvell 第一次在這一領域競爭，尤其是在資料中心領域。

The origins of this business go back to our purchase of Avera in 2019. We pivoted that roadmap during the pendency of the close and right after from 14-nanometer technology all the way to 5-nanometer. And even though it was our first time out, SerDes was competitive, packaging technology, interconnect, manufacturing scale, strategic partnerships up and down the supply chain.

這項業務的起源可以追溯到 2019 年我們對 Avera 的收購。我們在交易結束後不久就調整了路線圖，從 14 奈米技術一路轉向 5 奈米。儘管這是我們第一次推出，但 SerDes 在封裝技術、互連、製造規模、供應鏈上下的策略合作夥伴關係方面都具有競爭力。

And that enabled us to win a significant share of ASICs in business, which is now coming to fruition here in fiscal '25 and '26. We followed that up with our 3-nanometer platform, which has now been a big part of the opportunity set in the funnel we're competing in today. We are in completely different position now relative to 5-nanometer because we had the learnings, we had the readiness.

這使我們能夠在 ASIC 業務中贏得很大份額，這一目標現已在 25 財年和 26 財年實現。我們隨後推出了 3 奈米平台，該平台現已成為我們今天競爭的通路中機會的重要組成部分。相對於 5 奈米，我們現在處於完全不同的位置，因為我們已經學到了知識，我們已經準備好了。

And now we're really leaning in, okay, in terms of being a first mindset around, not just nanometers, but die-to-die interconnect, packaging, SerDes technology, optics and, really, in chiplets and thinking about how to stitch all this together. And on top of that, with the scale of Marvell and our strategic partnerships, we really look to our customers, like, an incredibly solid, trustworthy long-term partner for their needs to really help them realize their AI silicon ambitions. So that's where we are today. I mean, we did great on 5, we're going to do great on 3, but we're and we're going to do great in the future. Thanks.

現在我們真的傾向於成為第一個思維方式，不僅僅是奈米，還有晶片間互連、封裝、SerDes 技術、光學，以及小晶片，並思考如何縫合所有這些都在一起。最重要的是，憑藉 Marvell 的規模和我們的策略合作夥伴關係，我們真正希望我們的客戶成為一個非常可靠、值得信賴的長期合作夥伴，滿足他們的需求，真正幫助他們實現 AI 晶片的抱負。這就是我們今天的處境。我的意思是，我們在 5 場比賽中表現出色，我們將在 3 場比賽中表現出色，但我們現在並且將來也會做得很好。謝謝。

The next question will come from Quinn Bolton with Needham & Company.

下一個問題將由 Needham & Company 的 Quinn Bolton 提出。

I'm going to follow up on the cloud ASIC question as well. But I guess I'm coming at it from a margin perspective, Matt. You look at some of these programs on the cloud compute side to the extent that they integrate high-bandwidth memory. It certainly does nice things to the ASP, but there's also a pretty significant costs that you may have to pass through.

我也會跟進雲端 ASIC 問題。但我想我是從利潤的角度來考慮的，馬特。您在雲端運算端查看其中一些程序，它們整合了高頻寬記憶體。它確實對 ASP 有好處，但您可能還需要承擔相當大的成本。

And so I'm wondering, can you talk about the gross margins on some of these ASIC platforms, how does that compare to the corporate average? And as you ramp, especially if cloud ASICs get to be similar in size to the optics, which I know are good margins, how do you see the margin mix changing with this now very, very strong ramp of cloud ASIC programs? And then I've got a quick follow-up, if I can sneak it in.

所以我想知道，您能否談談其中一些 ASIC 平台的毛利率，與企業平均水平相比如何？隨著你的發展，特別是如果雲 ASIC 的尺寸與光學器件相似（我知道這是很好的利潤），你如何看待利潤組合隨著現在非常非常強勁的雲 ASIC 項目的增長而變化？然後如果我能偷偷溜進去的話，我會得到一個快速的跟進。

Sure. Yes. I mean, on the way we've talked about that business, actually since Avera in 2019 is that it would always, due to the nature of custom business, be at a lower gross margin overall than the company average and the target. At the same time, because of the NRE and nonrecurring engineering that we receive as part of the customer funding of these programs, the operating margins of this business tend to be very competitive, and over time, in line with our company targets.

當然。是的。我的意思是，在我們討論該業務的方式上，實際上自 2019 年 Avera 以來，由於定制業務的性質，它的總體毛利率總是低於公司平均水平和目標。同時，由於我們收到的 NRE 和一次性工程作為這些計劃的客戶資金的一部分，該業務的營運利潤往往非常有競爭力，並且隨著時間的推移，與我們公司的目標保持一致。

When you start talking about these very, very large programs, you've got opportunity, given the volume and scale, on the OM line, to really drive a lot of leverage in the model. But the GMs, just due to the nature of that business model, will always be -- will be a little bit lower than the total.

當您開始談論這些非常非常大的程序時，鑑於 OM 線上的數量和規模，您有機會真正在模型中發揮很大的作用。但由於這個商業模式的性質，總經理將永遠比總數略低一些。

I would say, though, at the same time, because the sort of follow-on sometimes is, "Well, gee, if that happens, then what happens to the overall company gross margin profile?" And remember, we still have very strong gross margin merchant businesses in storage and in networking, automotive.

不過，我會同時說，因為有時會出現這樣的後續情況：“好吧，天哪，如果發生這種情況，那麼公司的整體毛利率狀況會發生什麼？”請記住，我們在儲存、網路、汽車領域仍然擁有非常強勁的毛利率商業業務。

Some of those were even under-shipping demand right now. So as the year plays out, some of those businesses will come back and that should be a little bit of a margin offset to some of the custom stuff. So we're still managing to our long-term target model. But yes, the cloud stuff, especially at these volumes, certainly will lower gross margin. You got a quick one for the second. We can do it, otherwise, we've got to…

其中一些目前甚至出貨量不足。因此，隨著今年的結束，其中一些業務將會恢復，這應該會抵消一些客製化業務的一點利潤。因此，我們仍在努力實現我們的長期目標模型。但是，是的，雲端產品，尤其是在這些數量上，肯定會降低毛利率。你第二次就得到了一個快速的。我們可以做到，否則，我們就必須…

Yes, quick one on the second. You mentioned sort of ramping AECs at multiple hyperscalers this year. Just wondering if you might be able to give us some sense. Is that meaningful? Any sense on the magnitude of that ramp?

是的，第二個就快一個。您提到今年多個超大規模企業的 AEC 有所增加。只是想知道你是否能給我們一些啟發。這有意義嗎？對那個斜坡的大小有什麼意義嗎？

Yes. I think what I'd say is it's absolutely a real market. We felt that way for some time. Even back when we acquired Inphi. That was sort of a shot-on-goal we thought was possible. I think the big news is that we're qualifying at multiple hyperscalers now. We're starting to go into production this year.

是的。我想我想說的是這絕對是一個真實的市場。我們有這種感覺有一段時間了。即使在我們收購 Inphi 時也是如此。我們認為這是可能的射門。我認為最大的消息是我們現在正在多個超大規模企業中取得資格。我們今年開始投入生產。

We'll get a very nice, solid kind of more full year-ish ramp in fiscal '26, but it's definitely an incremental additive category to Marvell. It really leverages our high-speed -- our high-performance DSP and PAM technology, which is really now inflecting in this wave of AEC before it was based on the older modulation techniques which where we didn't participate. So yes, really excited about it, but let's let it play out for a few more quarters.

我們將在 26 財年獲得非常好的、穩定的全年成長，但這絕對是 Marvell 的增量附加類別。它確實利用了我們的高速高性能 DSP 和 PAM 技術，該技術現在確實在 AEC 浪潮中有所體現，之前它是基於我們沒有參與的舊調製技術。所以，是的，我們對此感到非常興奮，但讓我們讓它再持續幾個季度。

The next question will come from Harsh Kumar with Piper Sandler.

下一個問題將由 Harsh Kumar 和 Piper Sandler 提出。

Matt. So AI is hot, there's no other way to put it. You are in kind of a pull position with your optical piece, the old in-pipe. Can you give us a sense of the magnitude of the size of that business, either quarterly or last year? Anything you can provide us that helps us size it? And also kind of what kind of growth rate you expect to see from this business?

馬特。所以人工智慧很熱門，沒有其他的說法可以表達它。您的光學部件（舊的管內部件）處於拉動位置。您能否讓我們了解該業務的規模（季度或去年）？您可以提供我們什麼來幫助我們確定尺寸嗎？您期望從這項業務中看到什麼樣的成長率？

And then, Matt, when you say the bottom is -- for some of the pieces like consumer and networking, the bottom will be this 1Q time frame, what piece do you think will come off the bottom in 2Q? Or do you expect all the pieces to come off the bottom in 2Q?

然後，馬特，當你說底部是——對於消費者和網路等某些領域來說，底部將是第一季的時間框架，你認為哪一部分會在第二季觸底？或者您預計第二季一切都會觸底？

Okay. Let me do this. I'll take the first one, and I'll let Willem take the second one. So I can take a breather and he can you can also answer your question. Yes, on the first one, I think we gave some pretty good color. I mean, if you think about it, the Q4 exit rate on AI, right, was well north of $200 million. And the bulk of that, as we said, was in optics.

好的。讓我來做這個。我拿第一個，我請威廉拿第二個。這樣我就可以喘口氣了，他也可以回答你的問題。是的，在第一個中，我認為我們提供了一些非常好的顏色。我的意思是，如果你仔細想想，第四季 AI 的退出率遠超過 2 億美元。正如我們所說，其中大部分是光學方面的。

So if you just -- and then you can start extrapolating, well, jeez, then you got to add in how much revenue is Marvell getting on the standard cloud side in optics, and that's another very nice chunk. And then you've got some of the stuff that we have that shows up on the carrier side which -- I'm talking about Inphi now, on the coherent DSPs. There's some ASICs that we have.

因此，如果您只是 - 然後您可以開始推斷，好吧，天哪，那麼您必須添加 Marvell 在光學標準雲端獲得的收入，這是另一個非常好的部分。然後我們擁有一些顯示在運營商方面的東西——我現在談論的是 Inphi，在相干 DSP 上。我們有一些 ASIC。

So the overall Inphi business, if that's what you're asking, since we bought it has clearly outperformed the deal model and has just become an incredibly strategic asset for us, both in terms of just the technology we picked up, but the team, the synergy with the other portfolio, the other product lines we have, and so just super positive about that, and this looks like that whole opportunity is going to be much larger than I think we or Inphi though just a few years back.

因此，如果您問的是整個 Inphi 業務，自從我們收購它以來，它的表現明顯優於交易模式，並且剛剛成為我們難以置信的戰略資產，無論是在我們獲得的技術方面，還是在團隊方面，與其他產品組合、我們擁有的其他產品線的協同作用，所以對此非常積極，看起來整個機會將比我認為我們或Inphi 幾年前要大得多。

Willem, do you want to take the second part of it?

威廉，你想看第二部分嗎？

Yes. Thanks, Matt. Yes, so we're really working with customers to focus on Q1 being the bottom, really confident that, that's the bottom. And then we see growth resuming in the second half across enterprise networking, carrier and consumer so, yes, really just trying to make sure that we put this behind us really quickly and see growth in the second half.

是的。謝謝，馬特。是的，所以我們確實正在與客戶合作，並專注於第一季的底部，我們非常有信心，這就是底部。然後我們看到企業網路、營運商和消費者在下半年恢復成長，所以，是的，我們只是想確保我們很快就把這個問題拋在腦後，並在下半年看到成長。

The next question will come from Vivek Arya with Bank of America.

下一個問題將由美國銀行的 Vivek Arya 提出。

I had one more on electro-optics. I think near term, it seems in Q1, there's probably a little bit of a breather after several strong quarters. But the more important question is that should we assume that your electro-optics that is related to AI should grow somewhat proportional to the growth in accelerators?

我還有一篇關於電光的文章。我認為從短期來看，在第一季度，在幾個強勁的季度之後，可能會有一點喘息的機會。但更重要的問題是，我們是否應該假設與人工智慧相關的電光元件的成長應該與加速器的成長成一定比例？

So for example, if you look at accelerator growth this year, I've seen various numbers between 50% to 100%, kind of year-on-year growth. So should the AI part of your electro-optics grow kind of commensurate with that? Or is there something different? And then when does 1.62 -- 1.16 -- 1.6T, sorry, when does that start to play a role in your electro-optics business?

舉例來說，如果你看看今年加速器的成長，我會看到 50% 到 100% 之間的各種數字，有點同比增長。那麼，電光裝置的人工智慧部分是否應該與之相稱？或有什麼不同嗎？那麼 1.62 -- 1.16 -- 1.6T 是什麼時候，抱歉，它什麼時候開始在你們的電光業務中發揮作用？

Well, I think it depends on how you -- the definition of breather you use. I mean, basically, it's ramped up just so significantly, right? The Electro-optics business Q2 to Q3, Q3 to Q4, and it's staying strong in Q1, maybe it's a breather from the sequential growth point of view, but we still have not seen that slow down.

嗯，我認為這取決於你如何使用呼吸的定義。我的意思是，基本上，它已經顯著增加了，對嗎？電光業務從第二季度到第三季度，從第三季度到第四季度，第一季度保持強勁，從環比增長的角度來看，可能是一個喘息的機會，但我們仍然沒有看到放緩。

And then on the -- let's see, I got your second one. The third one was on 1.6T, I'll come back to your second one in a second. That is going to ramp later this year. That's gone really well. The [quals] and the product bring up. We announced it at OFC last year and a lot of demand and interest. And then sorry, your second question on AI?

然後，讓我們看看，我得到了你的第二個。第三個是1.6T，我稍後會回到你的第二個。這將在今年晚些時候增加。一切進展順利。 [quals] 和產品出現。我們去年在 OFC 上宣布了這一消息，引起了許多需求和興趣。抱歉，你的第二個問題是關於人工智慧的嗎？

Yes. So should your electro-optics grow kind of proportionately to the growth in -- yes.

是的。那麼，你的電光技術是否應該與——是的——的成長成比例地成長。

Yes. Sorry, yes, the accelerator. Yes. So I -- for sure. The way we think about it is the -- that business, year-over-year, should grow in line with accelerator growth -- accelerator unit growth. I should -- we think -- we view it as very correlated Obviously, there are some timing issues in terms of supply chain and things like that. But that's a simple way to think about it, and everyone's got a little bit of a different model at this point about what that number is, but our view is we're highly correlated to accelerator shipments in our optics business.

是的。抱歉，是的，加速器。是的。所以我——當然。我們的想法是──業務逐年成長應該與加速器的成長一致──加速器單位的成長。我應該——我們認為——我們認為它是非常相關的。顯然，在供應鏈等方面存在一些時間問題。但這是一種簡單的思考方式，目前每個人對於這個數字都有不同的模型，但我們的觀點是我們與光學業務中的加速器出貨量高度相關。

The next question will come from Gary Mobley with Wells Fargo.

下一個問題將由富國銀行的加里·莫布里提出。

As a way to think about the win or hit rate for your custom ASIC business when engaging with prospective customers in the future, how should we think about the increasing competitive environment from the Arm ecosystem, Arm specifically with more versions than Neoverse, its total design ecosystem, its compute subsystems and as well all the ASIC design community. First of all, how do you feel about Arm, essentially, becoming more of a competitor? And then as well, how do you think about the way in which you'll compete against that and succeed?

作為未來與潛在客戶打交道時考慮定制 ASIC 業務獲勝或命中率的一種方式，我們應該如何考慮 Arm 生態系統日益激烈的競爭環境，特別是 Arm 的版本比 Neoverse 更多，其總體設計生態系統、其計算子系統以及所有ASIC 設計社群。首先，您對 Arm 變得更像競爭對手有何看法？然後，你如何看待你將如何與之競爭並取得成功？

I think -- look, I think there's a -- in this market today, there's obviously a lot of excitement because of the opportunity in front of us. I mean, the way that we're working is there's a number of companies that are our partners, solution providers, et cetera that may or may have their own offering or not, whether it gets taken up or not is -- we'll have to see.

我認為——看，我認為今天的市場上，由於我們面前的機會，顯然有很多令人興奮的事情。我的意思是，我們的工作方式是，有許多公司是我們的合作夥伴、解決方案提供者等，他們可能有自己的產品，也可能沒有，無論它是否被採用——我們都會必須看看。

Where we come together really is we pull it all together. We're able to actually deliver with Marvell intellectual property, design methodology and techniques, our IP, and our know-how pulled together with our customers' RTL and IP and partners, the total solution, which means we actually lay the chip out. We package it up. We manufacture it in high volume. We QA it. We test it. We yield it. We drive reliability. We drive cost improvement. And we drive it through the cycle. And that is a very different business model than providing a piece that goes in.

我們真正走到一起的地方是我們把一切都整合在一起。我們能夠利用 Marvell 的智慧財產權、設計方法和技術、我們的 IP 以及我們的專業知識與客戶的 RTL 和 IP 以及合作夥伴共同提供整體解決方案，這意味著我們實際上已經佈局了晶片。我們把它打包起來。我們大批量生產。我們對其進行品質檢查。我們測試一下。我們屈服了。我們推動可靠性。我們推動成本改善。我們推動它完成整個循環。這是一種與提供可嵌入產品截然不同的商業模式。

And so Arm has been our partner for a long time. We use them in our products kind of all over the place. And as they evolve and others evolve, we'll figure that out too. But in the end, it comes down to, we believe, for these large volume mission-critical big compute silicon chips, it's going to require somebody like a Marvell with the manufacturing scale, the technique -- design techniques and know-how to really execute it. And so we haven't seen any change there.

因此，Arm 長期以來一直是我們的合作夥伴。我們在我們的產品中到處都使用它們。隨著他們和其他人的發展，我們也會解決這個問題。但歸根結底，我們相信，對於這些大容量關鍵任務大型計算矽晶片，它將需要像 Marvell 這樣的公司，擁有製造規模、技術、設計技術和專業知識，才能真正實現這一目標。執行它。所以我們沒有看到任何變化。

And in fact, I think at this sort of 3-nanometer node we're at and beyond, it's going to be even more critical to have a partner who's got your back, who can help you get to production quickly and spin derivatives quickly, which is now increasingly looking like what's going to be needed, more SKUs, higher -- faster beat rate in terms of when products are released, and then obviously ramping them very hard and quickly, given the competitive environment.

事實上，我認為在我們所處的這種 3 奈米節點上，擁有一個支持您的合作夥伴變得更加重要，他們可以幫助您快速投入生產并快速旋轉衍生品，現在越來越像我們所需要的，更多的SKU，更高的——產品發佈時的節拍率，然後顯然考慮到競爭環境，非常努力和快速地提升它們。

The next question will come from Harlan Sur with JPMorgan.

下一個問題將由摩根大通的 Harlan Sur 提出。

Matt, you mentioned the initial shipments of your AI ASIC program. Can you just clarify? Because I know last you updated us, these programs were in qualification. So have you guys passed qual on both these programs and this is sort of the initial start of the full production ramp?

Matt，您提到了 AI ASIC 程式的初始出貨。你能澄清一下嗎？因為我知道您上次更新我們的資訊時，這些程式已獲得資格。那你們這兩個項目都通過了品質認證嗎？這算是全面生產的初步開始嗎？

Or maybe you're still in qual, but you've got enough line of sight to passing the quals just given you're at the tail end of this process? And maybe more importantly, have you guys secured the follow-on AI programs for these 2 initial projects?

或者也許您仍在資格賽中，但考慮到您已處於此過程的最後階段，您有足夠的視線可以通過資格賽？也許更重要的是，你們為這兩個初始項目確保了後續的人工智慧程式嗎？

So yes, we are in the initial start of the production ramp on both products. And then as far as the follow-on, like I said, the opportunity funnel we see across all of the various opportunities right now is significant, and we're involved in, we believe, we think, every single one of them. So yes, and there'll be more to come sort of at our AI day.

所以，是的，我們正處於這兩種產品產量提升的初始階段。就後續而言，就像我說的，我們現在看到的所有各種機會的機會漏斗都很重要，我們相信、我們認為，我們參與了其中的每一個機會。所以是的，我們的人工智慧日還會有更多內容。

But I would just say our 3-nanometer funnel and our 3-nanometer hit rate and design win rate is very encouraging and it really gives us this tremendous confidence in where this business is headed. It also has a side benefit by driving this advanced technology for the custom ASIC side, is it's pulling along the technology development that benefits all the other businesses in Marvell, like our high-performance switching, our DSPs for optics, et cetera.

但我只想說，我們的 3 奈米漏斗、我們的 3 奈米命中率和設計獲勝率非常令人鼓舞，它確實讓我們對這項業務的發展方向充滿了信心。透過為客製化 ASIC 端推動這種先進技術，它還有一個附帶好處，那就是它正在推動技術開發，使 Marvell 的所有其他業務受益，例如我們的高效能交換、光學 DSP 等。

So there's actually kind of a virtuous cycle happening where being at that bleeding edge is now -- we're able to show our other solutions that interoperate with this custom silicon, really a best-in-class roadmap there. But more on the overall strategy and opportunity size at the AI Day. Let me give you something to look forward to.

因此，現在處於最前沿的地方實際上正在發生一種良性循環——我們能夠展示與這種定制晶片互通的其他解決方案，這確實是一流的路線圖。但更多的是關於人工智慧日的整體策略和機會規模。讓我給你一些值得期待的東西。

Your next question will come from Tore Svanberg with Stifel.

您的下一個問題將由 Tore Svanberg 和 Stifel 提出。

Matt, I had a question on the 800-gig upgrade cycle. So you mentioned that ramping, but you also mentioned 1.6-terabit, the ramping later this year. My understanding is that we're still in the early stages of the 800 gig. And I'm just wondering if you expect a more broad-based 800-gig upgrade cycle before 1.6T really starts to take off? Or will we potentially see kind of both ramping at the same time?

Matt，我有一個關於 800 GB 升級週期的問題。所以你提到了擴容，但你也提到了今年稍後的 1.6 太比特擴容。我的理解是我們仍處於 800 場演出的早期階段。我只是想知道您是否期望在 1.6T 真正開始起飛之前有一個更廣泛的 800G 升級週期？或者我們會看到兩者同時成長？

Yes, I think there's 3 different pieces we should talk about. So the first is 1.6T, I would just call that early shipments, first volumes type of thing in the second half, end of the year and then more next year. And that's really, I'd call the early adoption of that technology. But it's very promising because that's obviously what's going to follow.

是的，我認為我們應該討論 3 個不同的部分。第一個是 1.6T，我稱之為早期發貨，下半年、年底第一批發貨，然後明年發貨更多。事實上，我稱之為該技術的早期採用。但這是非常有希望的，因為這顯然就是接下來會發生的事情。

The 800-gig for AI has still got tons of legs, right? And it's going to be very, very strong this year, very, very strong next year. And then there'll be some transition over time. And then I think what you're also indicating is, at some point, you're going to see an 800-gig transition on traditional cloud infrastructure from either 200-gig or 400-gig to 800-gig, and that is also true in something we're planning for.

800 場演出的 AI 仍然有很多優勢，對嗎？今年它會非常非常強勁，明年也將非常非常強勁。然後隨著時間的推移會有一些過渡。然後我認為您還表明，在某個時候，您將看到傳統雲端基礎設施上的 800 G 過渡，從 200 G 或 400 G 到 800 G ，這也是事實在我們正在計劃的事情中。

So I don't -- I think they're going to end up happening kind of all them in parallel a little bit, right? You're going to have bleeding-edge people adopting 1.6T. You're going to have the bulk of the volume on AI still driving 800-gig for the next few years. And then you're going to have a transition on the traditional PAM side as well that's going to upgrade.

所以我不——我認為它們最終會同時發生，對吧？將會有尖端人士採用 1.6T。未來幾年，人工智慧的大部分容量仍將達到 800GB。然後，您還將在傳統的 PAM 方面進行過渡並進行升級。

So I think they're all going to be in production in parallel for different reasons, which is great because it just ends up being multiple customers, multiple SKUs in kind of a rich portfolio of solutions that we're offering so that people can optimize their systems for the best TCO and the best performance that they need.

因此，我認為出於不同的原因，它們都會並行生產，這很好，因為最終會成為多個客戶、多個 SKU，形成我們提供的豐富的解決方案組合，以便人們可以優化他們的系統可實現所需的最佳TCO 和最佳性能。

We will take our last question today from Srini Pajjuri with Raymond James.

今天我們將回答斯里尼·帕朱里 (Srini Pajjuri) 和雷蒙德·詹姆斯 (Raymond James) 提出的最後一個問題。

Matt, just a follow-up to one of the previous questions, Matt, about the custom silicon opportunity going forward. Obviously, there are 4 big cloud customers, hyperscale customers. And based on what we know so far, most of them seem to be investing in custom silicon, either one or 2 chips. So it does feel like the number of opportunities are relatively small.

馬特，只是之前問題之一的後續問題，馬特，關於未來定制晶片的機會。顯然，有 4 個大型雲端客戶，超大規模客戶。根據我們目前所知，他們中的大多數似乎都在投資客製化晶片，要么是一個或兩個晶片。所以感覺機會確實比較少。

Of course, these are very large opportunities. Just curious, how do you see that evolving? Do you see this continuing with one or 2 programs for each customers, which are multibillion opportunities? Or are you seeing spreading out or kind of more diverse opportunities as we -- I guess, as AI becomes bigger and broader? Just want to hear your thoughts on that.

當然，這些都是非常大的機會。只是好奇，您如何看待這種演變？您是否認為這種情況會持續下去，為每位客戶提供一兩個項目，這將帶來數十億的機會？或者，我想，隨著人工智慧變得越來越大、越來越廣泛，您是否看到了更多樣的機會？只是想聽聽您對此的想法。

Yes. Sure, Srini. The way I think about it is if you go back just a couple of years, when AI was emerging, there was kind of one chip, one program that would sort of happen. It would take several years, then you'd gear up for the next one. And there was definitely a serial type of approach, and that was probably fine.

是的。當然，斯里尼。我的想法是，如果你回到幾年前，當人工智慧剛興起時，就會出現一種晶片、一種程式。這需要幾年的時間，然後你就會為下一個做好準備。肯定有一種串行類型的方法，這可能沒問題。

I think what we've seen, to your point, is really multiple programs now across all the key customers and that's kind of where I'd leave it. I think getting more specific, I don't really want to do that with respect to my customers. But I would just say what we hear is very much a need for each of them meeting their own very differentiated unique solutions, meeting more SKUs and -- at a much more rapid rate by far than we've seen so far.

我認為，就您的觀點而言，我們所看到的實際上是針對所有主要客戶的多個計劃，這就是我要離開的地方。我認為更具體地說，我真的不想對我的客戶這樣做。但我想說的是，我們聽到的是，他們每個人都非常需要滿足自己非常差異化的獨特解決方案，滿足更多的 SKU，而且速度比我們迄今為止所看到的要快得多。

And so I just think it's creating -- I think -- I know it's creating just a very significant now opportunity in custom silicon that really wasn't there before in terms of the total dollars that are available, the number of chips and then the speed that they want to go. And that's why earlier I had said, if you look at this kind of 3-nanometer cycle we're in, it's significantly larger than we saw back at 5-nanometer, even if you account for the fact that some of these the 5-nanometer TAMs have gone up a lot because the market went up.

所以我認為它正在創造——我認為——我知道它正在為定制晶片創造一個非常重要的機會，就可用的總美元、晶片數量以及隨後的成本而言，以前確實沒有這種機會。他們想去的速度。這就是為什麼我之前說過，如果你看看我們所處的這種3 奈米週期，它比我們在5 奈米週期中看到的要大得多，即使你考慮到其中一些5- 奈米週期的事實。由於市場上漲，奈米 TAM 價格上漲了很多。

If you sort of factor that in, what we're looking at is a lot more. And I think that's just going to continue for the next few years. But sure, by design, I think any of these high-volume data center applications are always going to -- in any product line, by the way, always concentrate down to a few key partners. That's just the way the business works. But super exciting time. There's a lot of activity here. Thanks, Srini. Was that the last question operator?

如果你把這一點考慮在內，我們所關注的內容還要多得多。我認為這種情況將在未來幾年持續下去。但可以肯定的是，透過設計，我認為任何這些大容量資料中心應用程式在任何產品線中總是會集中到幾個關鍵合作夥伴。這就是企業的運作方式。但超級激動人心的時刻。這裡有很多活動。謝謝，斯里尼。這是最後一個問題操作員嗎？

This concludes our question and answer -- yes, sir. I was just going to…

我們的問答到此結束——是的，先生。我正打算…

Yes, I'm just going to make some closing -- oh, perfect. Yes. Thank you.

是的，我要做一些結束——哦，完美。是的。謝謝。

Go ahead, sir. Take the floor.

繼續吧，先生。請發言。

Excellent. Thanks. All right. So first, everybody, appreciate the participation on the call today. It's a very exciting time in the semiconductor industry relative to sort of the opportunity that's in front of us. We see a huge transformation underway right now with fundamentally a complete overhaul of data centers and data center architectures.

出色的。謝謝。好的。首先，感謝大家參加今天的電話會議。相對於我們面前的機會而言，這是半導體產業非常令人興奮的時刻。我們看到目前正在發生巨大的轉變，從根本上對資料中心和資料中心架構進行徹底改革。

And Marvell, we've been on this journey for the last 4 or 5 years to really transition and transform ourselves into a data center company. And as you've seen from our recent results now that is our largest end market. It's where we're putting the majority of our R&D effort, and we're positioning the company to win big here.

Marvell 在過去的 4 到 5 年裡一直致力於真正轉型為資料中心公司。正如您從我們最近的業績中看到的那樣，這是我們最大的終端市場。這是我們投入大部分研發精力的地方，我們的定位是讓公司在這裡贏得巨大勝利。

We chose this strategy years ago to be really levered to the accelerated computing and infrastructure part of the market, which includes and the most prominent piece being AI, it's become much larger of an opportunity than we thought a few years ago, but it's a market we clearly chose to invest in. There's a -- we're expecting a lot of growth in the coming year in our data center business. We're very excited about that.

幾年前，我們選擇了這個策略，真正利用市場的加速運算和基礎設施部分，其中包括最突出的部分是人工智慧，它的機會比我們幾年前想像的要大得多，但它是一個市場我們顯然選擇了投資。我們預計來年我們的資料中心業務將大幅成長。我們對此感到非常興奮。

And some of these programs as I indicated, they're just getting started, and some of them are ramping in the second half. Some of them are starting to ramp now, but it really gives us a great setup for our fiscal '26. And kind of final couple of comments. I did a lot of thought about -- and we did a lot of work with our customers over the break this past December.

正如我所指出的，其中一些計劃才剛開始，其中一些計劃將在下半年逐步推進。其中一些現在已經開始增加，但這確實為我們的 26 財年奠定了良好的基礎。最後一些評論。我思考了很多，並且在去年 12 月的假期裡我們與客戶一起做了很多工作。

And early January, I did a fireside chat with Harlan at JPM, and there was a lot of excitement after that call because we had gained confidence at that point about some of the production ramps. I would say just a couple of months later now sitting here on this call, our confidence in our growth this year and the robustness of these programs has only gotten stronger and only increased.

一月初，我與摩根大通的 Harlan 進行了一次爐邊談話，在那次通話之後我們感到非常興奮，因為當時我們對一些產量增長有了信心。我想說，僅僅幾個月後，現在坐在這裡參加這次電話會議，我們對今年的成長以及這些計劃的穩健性的信心只會變得更強，而且只會增加。

So we're very excited about where the company is positioned. I appreciate everybody's support and interest in Marvell. And I look forward to seeing everybody at the AI Day. Team is working extremely hard, and they will not disappoint. So thanks, everybody. We'll see you soon. Bye.

因此，我們對公司的定位感到非常興奮。我感謝大家對 Marvell 的支持與興趣。我期待在人工智慧日見到大家。團隊正在非常努力地工作，他們不會讓人失望。謝謝大家。我們很快就會見到你。再見。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。