邁威爾科技 (MRVL) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Marvell Technology Inc., third-quarter of fiscal year 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎來到 Marvell Technology Inc. 2025 財年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

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

我現在將會議交給投資者關係資深副總裁 Ashish Saran 先生主持。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's third-fiscal quarter 2025 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO. 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.

謝謝大家，大家下午好。歡迎參加 Marvell 2025 年第三財季財報電話會議。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。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。

Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on the website as well as our most recent 10-K and 10-Q filings. We do not intend to update our forward-looking statements.

請查看我們今天向 SEC 提交並發佈在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。

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is also available in our earnings press release. I am pleased to announce that our next Investor Day will be held in New York City on June 10, 2025. More details will be shared in an upcoming press release.

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。我們的 GAAP 和非 GAAP 財務指標之間的調整表也可在我們的收益新聞稿中找到。我很高興地宣布，我們的下一次投資者日將於 2025 年 6 月 10 日在紐約市舉行。

Let me now turn the call over to Matt for his comments on the quarter. Matt?

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 third quarter of fiscal 2025, Marvell delivered revenue of $1.516 billion, $66 million above the midpoint of guidance, growing 19% sequentially with the outperformance driven by strong AI demand and execution.

謝謝阿什什，大家下午好。 2025 財年第三季度，Marvell 營收 15.16 億美元，比指導中位數高出 6,600 萬美元，季增 19%，這得益於強勁的人工智慧需求和執行力的推動。

As a result, our non-GAAP earnings per share of $0.43 was also well above the midpoint of guidance, growing by 43% sequentially. This earnings growth rate, which was more than double our top line growth rate highlights the substantial operating leverage in our business model. Stronger than forecast ramp in custom silicon was a key contributor to this performance.

因此，我們的非 GAAP 每股收益為 0.43 美元，也遠高於指引中位數，季增 43%。這個獲利成長率是我們營收成長率的兩倍多，凸顯了我們業務模式中巨大的營運槓桿。定制晶片的成長強於預期是這項性能的關鍵因素。

We believe that continued success in custom silicon will help accelerate our time line to achieve our long-term target operating margin model.

我們相信，客製化晶片的持續成功將有助於加快我們實現長期目標營運利潤率模型的時間。

On a year-over-year basis, third quarter revenue grew by 7%, marking a return to year-over-year growth for Marvell. I'm very pleased with our results and even more excited about our outlook for the fourth quarter, where we project revenue growth to accelerate to 26% year-over-year growth at the midpoint of guidance. Marvell is entering a new era of growth drove the substantial volume production ramp of our custom silicon programs, along with continued strong growth in optics.

與去年同期相比，第三季營收成長了 7%，標誌著 Marvell 恢復了年成長。我對我們的業績非常滿意，對我們第四季的前景更加興奮，我們預計營收成長將在指導中點加速至 26% 的同比成長。 Marvell 正進入一個新的成長時代，推動了我們客製化晶片專案的大幅量產，以及光學元件的持續強勁成長。

Yesterday, we announced the expansion of our strategic relationship with Amazon Web Services through a comprehensive multigenerational five-year agreement. This multigenerational agreement encompasses a broad range of Marvell's data center semiconductors, including custom AI products, optical DSPs, active electrical cable DSPs, PCIe retimers, data center interconnect optical modules and Ethernet switching silicon solutions.

昨天，我們宣布通過一項全面的、多代人的五年協議，擴大與 Amazon Web Services 的戰略關係。這項多代協議涵蓋了 Marvell 的各種資料中心半導體，包括客製化 AI 產品、光學 DSP、主動電纜 DSP、PCIe 重定時器、資料中心互連光學模組和乙太網路交換晶片解決方案。

Additionally, Marvell will collaborate with AWS for EDA in the cloud leveraging the advanced and scalable compute capabilities of AWS to accelerate silicon design. This agreement represents a significant step-up in the expected volume of business between the two companies in the coming years, and we look forward to working with AWS on custom AI and networking semiconductors that meet the demanding needs of accelerated infrastructure.

此外，Marvell 將與 AWS 合作在雲端中進行 EDA，利用 AWS 先進且可擴展的運算功能來加速晶片設計。該協議代表兩家公司未來幾年預期業務量的顯著提升，我們期待與 AWS 合作開發客製化 AI 和網路半導體，以滿足加速基礎設施的苛刻需求。

Let me now discuss our results and expectations for each of our end markets. In our data center end market for the third quarter, we achieved record revenue of $1.1 billion, growing 98% year over year and 25% sequentially.

現在讓我討論我們對每個終端市場的結果和期望。在第三季的資料中心終端市場，我們實現了創紀錄的 11 億美元收入，年增 98%，季增 25%。

These strong results were driven by a significant step-up in our custom AI silicon ramp as our customers saw increasing demand for the differentiated capabilities offered by these new custom AI chips. We are seeing strong custom AI demand continue into the fourth quarter and have secured supply chain capacity to support our customers' growth forecast.

這些強勁的業績是由於我們的客製化人工智慧晶片產量顯著增加而推動的，因為我們的客戶看到對這些新的客製化人工智慧晶片提供的差異化功能的需求不斷增長。我們看到強勁的客製化人工智慧需求持續到第四季度，並確保了供應鏈能力來支援客戶的成長預測。

Our success in ramping these highly complex $100 billion-plus transistor chips from initial samples to high-volume production on first-pass silicon without any response is a testament to Marvell's robust design methodology and world-class engineering team. Our seasoned operations team and deep partner relationships were key enablers of the rapid ramp we were able to drive in a constrained supply environment.

我們成功地將這些價值超過1000 億美元的高度複雜的晶體管晶片從最初的樣品提升到在一次通過的矽片上進行大批量生產，而沒有任何反應，這證明了Marvell 強大的設計方法和世界一流的工程團隊。我們經驗豐富的營運團隊和深厚的合作夥伴關係是我們能夠在供應有限的環境中實現快速成長的關鍵推動力。

The superb execution is a significant time-to-market advantage for our customers and has given them even more confidence to expand their collaboration with Marvell on their critical silicon projects. In the third quarter, we benefited from higher than forecasted revenue from our electro-optics products, which grew double digits sequentially on a percentage basis.

卓越的執行力為我們的客戶帶來了顯著的上市時間優勢，讓他們更有信心在關鍵晶片專案上擴大與 Marvell 的合作。第三季度，我們的電光產品收入高於預期，以百分比計算連續成長兩位數。

We continue to see strong bookings for our market-leading 800 gig PAM products, and we also began shipments of the industry's first 1.6T PAM DSP and 5-nanometer process technology. We continue to see a strong design win momentum with leading customers for this product and expect the production ramp to accelerate next year.

我們繼續看到市場領先的 800 gig PAM 產品的強勁預訂，我們也開始出貨業界首款 1.6T PAM DSP 和 5 奈米製程技術。我們繼續看到該產品在設計上贏得領先客戶的強勁勢頭，並預計明年的產量將加速。

To meet AI's insatiable need for the highest bandwidth at the lowest power, Marvell is accelerating the cadence of next-generation products. Today, we announced the industry's first 3-nanometer 1.6 DSP, featuring 200 gig per lane electrical and optical interfaces. By leveraging 3-nanometer process technology and advances in electrical and optical SerDes, this next-generation platform is designed to reduce 1.6D optical module power consumption by more than 20% compared to its predecessor, marking a significant improvement in energy efficiency.

為了滿足 AI 對以最低功耗獲得最高頻寬的永不滿足的需求，Marvell 正在加快下一代產品的開發節奏。今天，我們發布了業界首款 3 奈米 1.6 DSP，具有每通道 200 GB 電氣和光學介面。透過利用3奈米製程技術以及電學和光學SerDes的進步，此新一代平台旨在將1.6D光模組功耗比其前身降低20％以上，標誌著能源效率的顯著提高。

Marvell's DSP team remains laser-focused on driving best-in-class performance, schedule and time to market to continue to remain the leader in this large and fast-growing electro-optics market. In the active electrical cable market, we are starting to see an acceleration in the production ramp of our 100-gig per lane 800-gig DSPs with multiple module partners. We have also started sampling the industry's first 200 gig per lane, 1.6 TAC DSPs to address upcoming higher-speed short-reach copper interconnect applications.

Marvell 的 DSP 團隊始終專注於推動一流的效能、進度和上市時間，以繼續在這個龐大且快速成長的電光市場中保持領先地位。在活躍的電纜市場中，我們開始看到與多個模組合作夥伴合作的每通道 100 g DSP 和 800 g DSP 的產量加速成長。我們也開始對業界首款每通道 200 GB 1.6 TAC DSP 進行取樣，以因應即將推出的更高速短距離銅互連應用。

Looking ahead to the fourth quarter of fiscal 2025 for our data center end market, we are forecasting strong sequential growth in the low to mid-20% range. We expect this growth to be driven by another significant step-up in our custom AI revenue as these programs continue to ramp into high-volume production. This will be further augmented by strong growth from both our Ethernet switch products as well as our interconnect portfolio, which include optical DSPs, TIAs, drivers, AECs and DCI products.

展望 2025 財年第四季度，我們的資料中心終端市場預計將出現 20% 低至中的強勁環比成長。我們預計，隨著這些程式繼續進入大批量生產，我們的客製化人工智慧收入將再次大幅成長，從而推動這一成長。我們的乙太網路交換器產品以及互連產品組合（包括光學 DSP、TIA、驅動器、AEC 和 DCI 產品）的強勁成長將進一步推動這一趨勢。

Now let me turn to Marvell's enterprise networking and carrier end markets. In the third quarter, Enterprise Networking revenue was $151 million, while carrier revenue was $85 million. We began to see a recovery in both of these end markets with revenue collectively growing 4% sequentially. We expect the pace of recovery to accelerate in the fourth quarter, with aggregate revenue from enterprise networking and carrier infrastructure forecasted to grow sequentially in the mid-teens on a percentage basis.

現在讓我談談 Marvell 的企業網路和營運商終端市場。第三季度，企業網路收入為1.51億美元，而營運商收入為8,500萬美元。我們開始看到這兩個終端市場的復甦，營收整體較上季成長 4%。我們預計第四季度的復甦步伐將加快，企業網路和營運商基礎設施的總收入預計將按百分比連續成長。

We are pleased to see our revenue growth and order momentum continue to improve in these two end markets, although this forecast still anticipates Marvell products shipping below end market consumption.

我們很高興看到我們在這兩個終端市場的收入成長和訂單勢頭繼續改善，儘管這一預測仍然預計 Marvell 產品出貨量將低於終端市場消費量。

Turning to the consumer end market. Revenue in the third quarter was $97 million, growing 9% sequentially. Looking ahead to the fourth quarter, we expect revenue from the consumer end market to decline sequentially in the mid-teens on a percentage basis. This is due to seasonality and gaming demand, which typically weakens in our fourth quarter, bottoms out in our first fiscal quarter and then begins to rebound in the second quarter.

轉向消費端市場。第三季營收為 9,700 萬美元，季增 9%。展望第四季度，我們預期消費端市場的營收將以百分比季減。這是由於季節性和遊戲需求，通常在第四季減弱，在第一季觸底，然後在第二季開始反彈。

Turning to our automotive and industrial end markets. Revenue in the third quarter was $83 million, growing 9% sequentially as we started to see a recovery in this end market. Looking ahead to the fourth fiscal quarter, we are projecting revenue from the auto and industrial end market to grow sequentially in the low to mid-single digits on a percentage basis.

轉向我們的汽車和工業終端市場。隨著我們開始看到終端市場的復甦，第三季的營收為 8,300 萬美元，季增 9%。展望第四財季，我們預期汽車和工業終端市場的收入將持續按百分比成長至中低個位數。

In summary, the Marvell team delivered excellent results in the third fiscal quarter, achieving 19% sequential top line growth and delivering both revenue and non-GAAP earnings per share well above the midpoint of guidance.

總而言之，Marvell 團隊在第三財季取得了出色的業績，實現了 19% 的環比營收成長，營收和非 GAAP 每股收益均遠高於指導中點。

For the fourth quarter, we are forecasting consolidated revenue to again grow 19% sequentially at the midpoint of guidance. AI continues to lead the way enabling our data center revenue to almost double year over year in the third quarter, and we expect it to continue driving strong growth in the fourth quarter.

對於第四季度，我們預計合併收入將再次環比成長 19%，達到指導值的中點。人工智慧持續引領潮流，使我們的資料中心營收在第三季同比幾乎翻倍，我們預計它將在第四季繼續推動強勁成長。

With three quarters of strong AI results under our belt for this fiscal year and an even stronger fourth quarter forecast, we are clearly set to significantly exceed the full year AI revenue target of $1.5 billion outlined earlier this year at our AI event.

憑藉本財年四分之三的強勁 AI 業績以及更加強勁的第四季度預測，我們顯然將大幅超過今年稍早在 AI 活動中概述的 15 億美元的全年 AI 收入目標。

Over the past several years, Marvell has strategically invested in technology, both organically and through acquisitions to become a critical enabler of accelerated infrastructure. 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. Marvell's data center end market has grown to account for 73% of our consolidated revenue in the third quarter, driven by AI, and we expect this percentage to increase again in the fourth quarter.

在過去幾年中，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。我們擁有跨資料中心互連、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。在人工智慧的推動下，Marvell 的資料中心終端市場已成長至第三季占我們綜合營收的 73%，我們預計這一比例將在第四季再次增加。

Marvell has rapidly transformed into an AI-first data center semiconductor company, and we are completely focused on taking full advantage of our strong position in the AI super cycle. In the third quarter, we made decisions to further solidify and purposefully redirect our investments towards data center relative to our other end markets.

Marvell 已迅速轉型為一家 AI 優先的資料中心半導體公司，我們完全專注於充分利用我們在 AI 超級週期中的強勢地位。在第三季度，我們決定進一步鞏固並有目的地將我們的投資轉向資料中心（相對於其他終端市場）。

These actions resulted in a restructuring charge in the third quarter, which Willem will discuss in his section. The goal of these actions is to increase our R&D intensity towards the data center, our largest and fastest-growing opportunity while continuing to drive significant operating leverage going forward.

這些行動導致了第三季的重組費用，威廉將在他的部分中討論這一點。這些行動的目標是提高我們對資料中心的研發強度，這是我們最大且成長最快的機會，同時繼續推動未來的重大營運槓桿。

AI technology is advancing at a tremendous pace, and the opportunity is expanding rapidly. We are continuing to enhance all aspects of our comprehensive technology platform, including electrical and optical SerDes, high-speed energy-efficient 2D and 3D, died interconnects, advanced packaging and silicon photonics.

人工智慧技術正在快速發展，機會也迅速擴大。我們正在繼續增強我們綜合技術平台的各個方面，包括電氣和光學 SerDes、高速節能 2D 和 3D、晶片互連、先進封裝和矽光子學。

In addition, we are optimizing interfaces for high bandwidth memory, SOCs and compute fabrics. Our 2-nanometer platform is also progressing very well as we continue to lead the industry in cutting-edge process technology.

此外，我們正在優化高頻寬記憶體、SOC 和計算結構的介面。我們的 2 奈米平台也進展順利，我們在尖端製程技術方面持續引領業界。

Our Bell's 2-nanometer platform includes our broad suite of internally developed best-in-class IP to enhance performance, energy efficiency, density and design flexibility. We are seeing tremendous interest from customers for next-generation 2-nanometer designs.

我們的 Bell 2 奈米平台包括我們內部開發的一系列一流的 IP，可提高性能、能源效率、密度和設計靈活性。我們看到客戶對下一代 2 奈米設計表現出極大的興趣。

Turning to our non-data center multimarket businesses, which include carrier and enterprise networking, we are encouraged to see the recovery starting to gain momentum. As you may remember, we had invested heavily in these end markets over a long period to successfully gain share and have built an industry-leading portfolio of products.

談到我們的非資料中心多市場業務，包括營運商和企業網絡，我們很高興看到復甦開始獲得動力。您可能還記得，我們​​在這些終端市場進行了長期的大量投資，成功地獲得了市場份額，並建立了領先業界的產品組合。

We plan to continue investing in a targeted manner to grow revenue in these multimarket businesses. The Marvell team is firing on all cylinders, and we see a very favorable setup to significantly scale up the company.

我們計劃繼續有針對性地投資，以增加這些多市場業務的收入。 Marvell 團隊正全力以赴，我們看到了一個非常有利的環境，可以顯著擴大公司規模。

In addition to strong revenue attainment, the Marvell team is also driving outstanding financial results. This fiscal year, our revenue has grown by 31% from the first quarter to the third quarter. Over that same time period, we have demonstrated tremendous operating leverage, growing our non-GAAP EPS by 79%, which is 2.5 times our top-line growth rate.

除了強勁的營收成就外，Marvell 團隊還取得了出色的財務表現。本財年，我們的營收從第一季到第三季成長了31%。在同一時期，我們展示了巨大的營運槓桿，使我們的非 GAAP 每股收益成長了 79%，是我們營收成長率的 2.5 倍。

We have driven strong operating cash flows, enabling us to step up our stock repurchases throughout the year. This fiscal year, we have cumulatively bought back $525 million through the third quarter and plenty of remaining authorization.

我們推動了強勁的營運現金流，使我們能夠全年加大股票回購力度。本財年，我們在第三季累積回購了 5.25 億美元，以及大量剩餘授權。

As you may recall, earlier this year, our Board authorized a $3 billion addition to our existing stock repurchase program. We are also focused on reducing our stock-based compensation expense as a percent of revenue, and we expect significant improvement in this metric going forward. Given the strong revenue outlook for this fourth quarter and our expectations for robust growth in fiscal 2026, we believe we are well positioned to deliver outstanding financial returns to our stockholders.

您可能還記得，今年早些時候，我們的董事會授權在我們現有的股票回購計畫中追加 30 億美元。我們也致力於減少以股票為基礎的薪酬費用佔收入的百分比，我們預期這項指標未來將顯著改善。鑑於第四季度強勁的營收前景以及我們對 2026 財年強勁成長的預期，我們相信我們有能力為股東帶來出色的財務回報。

Before I turn the call over to Willem, I would like to express my heartfelt thanks to Loy, a key member of my team and Co-Founder of Inphi. After a long and distinguished career in the semiconductor industry, Loy has announced its decision to retire in April of next year.

在將電話轉接給 Willem 之前，我要向 Loy 表示衷心的感謝，他是我團隊的關鍵成員，也是 Inphi 的共同創辦人。在半導體行業度過了漫長而傑出的職業生涯後，Loy 宣布決定明年 4 月退休。

Loy has made incredible contributions to Marvell over the past few years, including building a world-class team and deep bench of leadership talent. He was instrumental in the successful integration of Inphi into Marvell in 2021. With this characteristic integrity and thoughtfulness, Loy has already engaged in succession planning and ensuring a smooth transition.

Loy 在過去幾年中為 Marvell 做出了令人難以置信的貢獻，包括建立了世界一流的團隊和深厚的領導人才。他在 2021 年 Inphi 成功整合到 Marvell 中發揮了重要作用。

We are also looking forward to Loy staying connected with Marvell after he retires so we can continue to benefit from his insights and expertise. We wish him the very best in his well-deserved retirement during which he looks forward to spending more quality time with his family.

我們也期待 Loy 在退休後與 Marvell 保持聯繫，以便我們能夠繼續受益於他的見解和專業知識。我們祝福他在當之無愧的退休生活中一切順利，在此期間，他期待與家人共度更多美好時光。

And 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 Marvell's financial results for the third quarter of fiscal 2025. Revenue in the third quarter was $1.516 billion, well above the midpoint of our guidance, growing 7% year over year and 19% sequentially. Data center was our largest end market, driving 73% of total revenue. The next largest was enterprise networking with 10%, followed by consumer and carrier infrastructure at 6% each and auto industrial at 5%.

謝謝馬特，大家下午好。首先讓我總結 Marvell 2025 財年第三季的財務表現。資料中心是我們最大的終端市場，佔總收入的 73%。其次是企業網絡，佔 10%，其次是消費者和營運商基礎設施，各佔 6%，汽車工業佔 5%。

As Matt mentioned in his prepared remarks, in the third quarter, we made additional decisions to further redirect investments towards the data center. This resulted in an aggregate restructuring charge of $715 million, which is reflected in our GAAP results for the third quarter.

正如馬特在他準備好的演講中提到的那樣，在第三季度，我們做出了額外的決定，以進一步將投資轉向資料中心。這導致重組費用總計 7.15 億美元，這反映在我們第三季的 GAAP 業績中。

The two largest components were impairment charges for acquired intangible assets and certain purchase technology licenses and their future contractual obligations. I would also note that approximately three-quarters of these restructuring charges are non-cash in nature and that the aggregate restructuring charges are now largely behind us.

最大的兩個組成部分是收購的無形資產和某些購買技術許可證及其未來合約義務的減損費用。我還要指出的是，這些重組費用中大約四分之三是非現金性質的，而且重組費用總額現在基本上已經過去了。

These charges are a reflection of the fact that we have invested significantly in updating our enterprise and carrier product portfolios over several years, and we plan on more targeted investments in these end markets going forward. Continuing to our results. GAAP gross margin was 23%. Non-GAAP gross margin was 60.5%, slightly below our guidance as we saw higher than forecasted revenue from custom silicon.

這些費用反映了這樣一個事實：我們多年來在更新我們的企業和營運商產品組合方面投入了大量資金，並且我們計劃未來在這些終端市場進行更有針對性的投資。繼續我們的結果。 GAAP 毛利率為 23%。非 GAAP 毛利率為 60.5%，略低於我們的指導，因為我們看到客製化晶片的收入高於預期。

Moving on to operating expenses. GAAP operating expenses were $1.052 billion, including restructuring costs, stock-based compensation and amortization of acquired intangible assets. Non-GAAP operating expenses were $467 million, in line with our guidance. GAAP operating margin was negative 46.4%, while non-GAAP operating margin was 29.7%.

接下來是營運費用。 GAAP 營運費用為 10.52 億美元，包括重組成本、股票薪酬和收購無形資產攤提。非 GAAP 營運費用為 4.67 億美元，與我們的指引一致。 GAAP 營運利潤率為負 46.4%，而非 GAAP 營運利潤率為 29.7%。

For the third quarter, GAAP loss per diluted share was $0.78. Non-GAAP income per diluted share was $0.43, $0.03 above the midpoint of guidance. Non-GAAP EPS grew by 43% sequentially, illustrative of the leverage in our business model.

第三季度，GAAP 稀釋後每股虧損為 0.78 美元。非 GAAP 攤薄每股收益為 0.43 美元，比指引中位數高出 0.03 美元。非 GAAP 每股盈餘環比成長 43%，說明了我們業務模式的槓桿作用。

Now turning to our cash flow and balance sheet. Cash flow from operations in the third quarter was $536 million, growing by a substantial $230 million from the prior quarter. Our inventory at the end of the third quarter was $859 million, increasing by $41 million from the prior quarter to support the significant growth we are seeing in our data center end market. We returned $52 million to stockholders through cash dividends. In addition, we repurchased $200 million of our stock during the third quarter, an increase of $25 million from the prior quarter.

現在轉向我們的現金流和資產負債表。第三季營運現金流為 5.36 億美元，比上一季大幅成長 2.3 億美元。第三季末我們的庫存為 8.59 億美元，比上一季增加了 4,100 萬美元，以支持我們在資料中心終端市場看到的顯著成長。我們透過現金股利向股東返還 5,200 萬美元。此外，我們在第三季回購了 2 億美元的股票，比上一季增加了 2,500 萬美元。

Our total debt was $4.1 billion. Our gross debt-to-EBITDA ratio was 2.23 times and net debt-to-EBITDA ratio was 1.76 times. As of the end of the third fiscal quarter, our cash and cash equivalents were $868 million, increasing by $59 million from the prior quarter. Turning to our guidance for Marvell's fourth quarter of fiscal 2025. We are forecasting revenue to be in the range of $1.8 billion, plus or minus 5%.

我們的總債務為 41 億美元。我們的總負債與 EBITDA 比率為 2.23 倍，淨負債與 EBITDA 比率為 1.76 倍。截至第三財季末，我們的現金及現金等價物為8.68億美元，較上季增加5,900萬美元。轉向 Marvell 2025 財年第四季的指引。

We expect our GAAP gross margin to be approximately 50%. We expect our non-GAAP gross margin to be approximately 60%. For the fourth quarter, we project our GAAP operating expenses to be approximately $710 million.

我們預計 GAAP 毛利率約為 50%。我們預計非 GAAP 毛利率約為 60%。對於第四季度，我們預計 GAAP 營運費用約為 7.1 億美元。

We anticipate our non-GAAP operating expenses to be approximately $480 million. For the fourth quarter, we expect other income and expense, including interest on our debt to be approximately $46 million. We expect a non-GAAP tax rate of 7% for the fourth quarter. Please note that we forecast our non-GAAP tax rate in fiscal 2026 to step up to be in the range of 10% to 11% in anticipation of a meaningful year-over-year increase in our operating income.

我們預計非 GAAP 營運費用約為 4.8 億美元。對於第四季度，我們預計其他收入和支出（包括債務利息）約為 4,600 萬美元。我們預計第四季的非 GAAP 稅率為 7%。請注意，我們預計 2026 財年的非 GAAP 稅率將升至 10% 至 11%，預計我們的營業收入將比去年同期大幅成長。

We expect our basic weighted average shares outstanding to be $867 million and our diluted weighted average shares outstanding to be $877 million. We anticipate GAAP income per diluted share in the range of $0.11 to $0.21. We expect non-GAAP income per diluted share in the range of $0.54 to $0.64.

我們預期基本加權平均流通股數為 8.67 億美元，稀釋加權平均流通股數為 8.77 億美元。我們預計 GAAP 攤薄後每股收益在 0.11 美元至 0.21 美元之間。我們預計非 GAAP 每股攤薄收益在 0.54 美元至 0.64 美元之間。

Marvell delivered strong third-quarter results, and we are guiding for significant acceleration in our year-over-year revenue growth in the fourth quarter. We see a strong setup for next fiscal year as well. We remain focused on continuing to drive strong operating leverage, expanding our operating margins, bringing down stock-based compensation as a percentage of revenue and efficient cash flow generation to continue to return meaningful cash to shareholders.

Marvell 第三季業績強勁，我們預期第四季營收年增將大幅加速。我們也看到下一財年的強勁佈局。我們仍然專注於繼續推動強大的營運槓桿，擴大我們的營運利潤率，降低基於股票的薪酬佔收入的百分比，並有效產生現金流，以繼續向股東返還有有意義的現金。

I'm also pleased with our guidance to return to GAAP profitability in the fourth quarter, and we are looking forward to continue to drive improvement in this metric. Operator, please open the line and announce Q&A instructions. Thank you.

我也對我們在第四季度恢復 GAAP 盈利能力的指導感到高興，我們期待繼續推動這一指標的改進。接線員，請開通線路並公佈問答說明。謝謝。

(Operator Instructions) Vivek Arya, Bank of America.

（操作員指令）Vivek Arya，美國銀行。

Thanks for taking my question. Matt, I was hoping you could help quantify the AI revenues for fiscal '25 overall. And then how we should start thinking about fiscal '26 given the upside in fiscal '25.

感謝您提出我的問題。 Matt，我希望你能幫忙量化 25 財年人工智慧的整體收入。然後考慮到 25 財年的上行空間，我們應該如何開始考慮 26 財年。

And when you look at that fiscal '26 funnel, what is that determined by? Is it demand visibility? Is it supply? So just more quantification and color on these metrics would be very helpful. Thank you.

當您查看 26 財年漏斗時，您會發現它是由什麼決定的？是需求可見性嗎？是供應嗎？因此，對這些指標進行更多量化和顏色分析將會非常有幫助。謝謝。

Yeah. Hey, Vivek. Thanks for the question. So just to calibrate everybody, we had our AI Day back -- several months back in April we talked about $1.5 billion this year for AI and $2.5 billion for next year. Last quarter, we updated that and said we were tracking ahead.

是的。嘿，維韋克。謝謝你的提問。因此，為了讓大家校準一下，我們又舉辦了人工智慧日——幾個月前的 4 月份，我們討論了今年人工智慧的 15 億美元和明年的 25 億美元。上個季度，我們更新了這一點，並表示我們正在追蹤進展。

And as you can see from our third-quarter results and fourth quarter guide for this year, we're tracking significantly ahead now, both for this year and for next year, and this is for this year on the order of hundreds of millions of dollars. So the business has done fantastic. It's actually had stronger-than-expected results, I think, every quarter this year.

正如您從我們今年第三季業績和第四季指南中看到的那樣，無論是今年還是明年，我們現在都在大幅領先，而今年的數量級為數億。所以生意做得非常好。我認為，今年每季的業績其實都比預期好。

And when we -- so again, a very strong outlook for next year. And then to your question about -- on the funnel and what's driving it it's demand. I mean on the supply side, we've done a great job of aligning with our partners. We're extremely well positioned to capture the plan we have and upside to that.

當我們再次對明年的前景感到非常樂觀時。然後是關於漏斗以及驅動其需求的因素的問題。我的意思是，在供應方面，我們在與合作夥伴協調方面做得很好。我們處於非常有利的位置，可以實現我們現有的計劃及其優勢。

And the team is all in to drive and support what our customers need next year, which at the moment looks very, very strong, both on the custom AI side but as well as our optical interconnect portfolio and switching as well on a year-over-year basis. So firing on all cylinders, Vivek. Thanks.

該團隊將全力推動和支持客戶明年的需求，目前看來，無論是在定制人工智慧方面，還是我們的光學互連產品組合和交換方面，明年的需求都非常非常強大年為基礎。所以，維維克，要全力以赴。謝謝。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi, guys. Thanks for taking my question. I guess, first, congratulations to Loy on the retirement. And then may, just a clarification and then the question. I guess, the clarification is, Matt, obviously, you've been very successful at Marvell, but that seemingly is getting noticed in the press with some other management opportunities. So I'll ask both questions at once. But could you comment at all on your commitment to Marvell or looking elsewhere?

嗨，大家好。感謝您提出我的問題。我想，首先，祝賀洛伊退休。然後可能只是澄清，然後是問題。我想，需要澄清的是，馬特，顯然，你在 Marvell 非常成功，但這似乎隨著其他一些管理機會而引起了媒體的注意。所以我會同時問這兩個問題。但您能否評論一下您對 Marvell 的承諾或尋找其他公司？

And then my second question is more on the customer diversification. How do we think that the business diversifies whether it's by multiple products in the custom compute or by customers as we go through calendar '25 and '26. Is it still the same timetable that you talked about at your AI Day? Or have things moved around?

我的第二個問題更多的是關於客戶多元化。當我們回顧日曆「25」和「26」時，我們如何看待業務多元化，無論是透過客製化運算中的多種產品還是透過客戶。這還是你在 AI Day 上談到的同樣的時間表嗎？或者事情發生了變化？

Yeah. Thanks, Ross, and I always appreciate your direct and frank nature of your questions. So a couple of thoughts. The first is, I've been CEO at Marvell now for eight years. And when I started here, this was a massive turnaround situation. Many of you remember this. The enterprise value at that time, I think it sunk to about $3 billion.

是的。謝謝，羅斯，我一直很欣賞你提出的問題的直接和坦率。所以有幾個想法。首先，我擔任 Marvell 執行長已經八年了。當我開始在這裡時，這是一個巨大的轉變。你們很多人都記得這一點。當時的企業價值，我認為它下降到了大約30億美元。

And over the last eight years, me and my team have worked tirelessly, all out to transform, drive growth and position Marvell for what is now the biggest single TAM opportunity I've seen in my career, which is the AI super cycle and data center opportunity. I am all in, okay? On Marvell. We've got the best team at this company of people, the company is outstanding. The technology is best-in-class. I can't think of a better place to work than Marvell.

在過去的八年裡，我和我的團隊孜孜不倦地工作，全力以赴轉型、推動增長，並為Marvell 定位，以抓住我職業生涯中目前看到的最大的單一TAM 機會，即AI 超級週期和資料中心機會。我全力以赴，好嗎？在馬維爾。我們公司擁有最優秀的團隊，公司非常出色。該技術是同類中最好的。我想不出比 Marvell 更好的工作場所了。

So just let me be clear on this topic, Ross, for you and everyone that's listening. As the Chairman and CEO of this company, I'm 100% focused on Marvell, okay? With that said, customer diversification. Yeah, we're actually in great shape here. If you go back to the AI Day, and you look, we presented actually a range of design wins we had, both on AI accelerators and compute as well as a variety of other custom opportunities.

羅斯，請讓我為您和所有正在傾聽的人澄清這個主題。身為這家公司的董事長兼首席執行官，我 100% 專注於 Marvell，好嗎？話雖如此，客戶多元化。是的，我們這裡實際上狀況很好。如果你回到人工智慧日，你會發現，我們實際上展示了一系列我們在人工智慧加速器和運算方面的設計成果，以及各種其他客製化機會。

So the breadth is very good across multiple customers, across all of them actually with custom solutions. And we have multiple large volume opportunities driving us right now, both -- and we called these out the AI Day, both on the accelerator side as well as the compute side. Both are tracking well with two different customers.

因此，跨多個客戶的廣度非常好，實際上所有客戶都使用客製化解決方案。現在我們有多個大批量的機會在推動我們，我們將這些機會稱為“人工智慧日”，無論是在加速器方面還是在計算方面。兩者都與兩個不同的客戶保持良好的關係。

There's other programs going into production next year. And then we have our third large customer coming in the future. So that's, again, another proof point or data point that gives us a lot of confidence in our ability to drive our long-term ambitions in custom silicon. So everything is tracking well.

明年還有其他節目將投入製作。然後我們的第三個大客戶即將到來。因此，這又是另一個證據點或數據點，讓我們對推動客製化晶片長期目標的能力充滿信心。所以一切都進展順利。

And the final thing I would say is on the technology front, as I said in my prepared remarks, but very, very good progress on our 2-nanometer platform, extremely complex and broad suite of IP that's best-in-class, and that's also getting a lot of attention from our customers about not just the current designs they're thinking of, but even beyond. Thank you.

我要說的最後一件事是在技術方面，正如我在準備好的演講中所說，但我們的2 奈米平台取得了非常非常好的進展，極其複雜和廣泛的IP 套件是一流的，這就是我們的客戶也對他們正在考慮的當前設計甚至超越設計給予了極大的關注。謝謝。

Thanks, Matt.

謝謝，馬特。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Hello. Good afternoon and congratulations on the strong results and outlook. Matt, great to see the strong ramp in execution on your 5-nanometer AI training custom solution at your large cloud customer. This customer has been articulating for several months now, right, the strong deployment strategy for these ASICs. That same customer today announced its next-generation custom solution at 3 nanometers, which would be ramping according to them end of next year, so calendar '25.

你好。下午好，祝賀我們取得的強勁成果和前景。 Matt，很高興看到您的大型雲端客戶的 5 奈米 AI 訓練客製化解決方案的執行速度強勁。這位客戶已經闡述了幾個月的時間了，對吧，這些 ASIC 的強大部署策略。該客戶今天宣布了其下一代 3 奈米客製化解決方案，該解決方案將在明年年底（即日曆 25）開始量產。

Imagine like many others, they're pulling in their AI program. So given what appears to be strong execution of your 5-nanometer program and the total ramp by Marvell team, the multiyear agreement with this customer that was announced a few days ago, your characterization of multigenerational road map with them.

想像一下，像許多其他人一樣，他們正在引入他們的人工智慧程式。因此，考慮到您的 5 奈米計畫的強勁執行以及 Marvell 團隊的整體提升，幾天前宣布的與該客戶的多年協議，以及您與他們的多代路線圖的描述。

Is it fair to assume that you will be the ASIC vendor supporting your customer on this next-gen 3-nanometer training ASIC targeted around late next year. The only reason why I ask is because there just continues to be a lot of competitive noise out there around this 3-nanometer program.

假設您將成為 ASIC 供應商，為您的客戶提供下一代 3 奈米訓練 ASIC 的支持，該 ASIC 將於明年年底左右推出，這是否公平？我問這個問題的唯一原因是，圍繞這個 3 奈米專案仍然存在大量競爭噪音。

Thanks for the question, Harlan. So first, we're very excited to see the role that custom silicon is playing. It's obviously in news all the time. It's gained tremendous momentum, I'd say even since our AI Day in terms of where we think that can go. So we see that as a validation of our strategy that we started many years ago, and it continues to be in full swing.

謝謝你的提問，哈倫。首先，我們非常高興看到客製化晶片所發揮的作用。顯然它一直在新聞中。我想說，即使自從我們的人工智慧日以來，就我們認為可以發展的方向而言，它已經獲得了巨大的動力。因此，我們認為這是對我們多年前開始的戰略的驗證，並且該戰略仍在全面展開。

For everybody on the call, we -- at our AI Day, we called a total TAM of $75 billion for data center, $40 billion of that being in custom silicon and we set and the team set a 20% market share target on that $40 billion. So that's $8 billion.

對於參加電話會議的每個人，我們在 AI Day 上呼籲資料中心的 TAM 總額為 750 億美元，其中 400 億美元用於定制晶片，我們和團隊為這 40 美元設定了 20% 的市場份額目標十億。也就是 80 億美元。

For context, we had said, for this year, is part of our AI numbers, about $500 million from custom going to $1 billion next year. And of course, we're overshooting on those two right now. So the way I would think about this is take your $500 million plus this year, take your $1 billion plus next year, draw line to that bogey of 20% market share in the future.

就背景而言，我們曾說過，今年人工智慧數字的一部分，客製化的價值約為 5 億美元，明年將達到 10 億美元。當然，我們現在在這兩方面做得有些過頭了。所以我的想法是，今年你的 5 億美元以上，明年的 10 億美元以上，與未來 20% 市佔率的忌諱劃清界線。

That's what we're driving. And the announcement we made with AWS is very significant for both companies. For us, as a supplier to them, as you pointed out, first of all, it's a five-year agreement. It covers AI custom products as well as a broad range of networking products. It's significant in its in the revenue that it's going to drive for us, and most importantly, it is multi-generational in nature.

這就是我們正在駕駛的。我們與 AWS 發布的公告對兩家公司來說都非常重要。對我們來說，作為他們的供應商，正如您所指出的，首先，這是一個為期五年的協議。它涵蓋人工智慧客製化產品以及廣泛的網路產品。它將為我們帶來重要的收入，最重要的是，它本質上是多代人的。

So with this agreement and with these kinds of relationships that we're building with these customers, we have even more confidence than before to achieve our goals that we're driving. Thanks.

因此，透過這項協議以及我們與這些客戶建立的這種關係，我們比以前更有信心實現我們正在推動的目標。謝謝。

Yeah. Great insights. Thank you.

是的。偉大的見解。謝謝。

Yeah.

是的。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi. Thank you so much for taking the question. Matt, I had a two-part question on your electro-optics business within the context of AI. I'm curious how you would characterize customer inventory levels of optical DSPs in the marketplace today?

你好。非常感謝您提出這個問題。馬特，我有一個關於人工智慧背景下的電光業務的兩部分問題。我很好奇您如何描述當今市場上光學 DSP 的客戶庫存水準？

And I asked the question because I think some investors are a little worried about inventory build at your customer sites, particularly with tariff years coming up? And then part B is, if you can speak to the 1.6 T transition over the coming quarters and years and what that means for your content or your ASP expansion going forward. Thanks so much.

我問這個問題是因為我認為一些投資者有點擔心您的客戶站點的庫存增加，特別是關稅年度即將到來？ B 部分是，您是否可以談論未來幾個季度和幾年的 1.6 T 過渡，以及這對您的內容或未來 ASP 擴展意味著什麼。非常感謝。

Thanks. Yeah. On the inventory side, look, the dynamic right now is we continue to have very strong demand, very strong bookings and order visibility, and a large quantity of orders continue to come in inside lead time. We built through the pandemic and till today, a very robust supply chain capability, and so we're able to drive and meet the upsides of our customers.

謝謝。是的。在庫存方面，目前的動態是我們仍然有非常強勁的需求、非常強勁的預訂和訂單可見性，並且大量訂單繼續在交貨時間內到來。我們在疫情期間建立了非常強大的供應鏈能力，因此我們能夠推動並滿足客戶的需求。

Look, on the overall picture, we always are mindful as best we can about optical module inventory. And this was even a concern if you go back a year ago, as AI started to ramp, what was going to happen, were people getting ahead of their skis, et cetera. So we continue to be diligent here and monitor. But as it appears right now, demand is strong, bookings continue to be strong. Visibility is great.

整體而言，我們始終盡可能專注於光模組庫存。如果你回到一年前，當人工智慧開始崛起時，這甚至會成為一個問題，會發生什麼，人們是否會超越滑雪板等等。所以我們在這裡繼續勤奮、監控。但正如目前看來，需求強勁，預訂量持續強勁。能見度很好。

We expect that business to grow significantly for us next year. On the 1.6 T as it relates to that, that will be part of the growth we see next year. We're shipping that product now into production. It will be a contributor next year, but I don't want to take away from the very strong 800-gig cycle that will continue to be driven through our fiscal '26 next year. So, so far, so good.

我們預計明年該業務將顯著成長。與此相關的 1.6 T 車型，這將成為我們明年看到的成長的一部分。我們現在正在將該產品投入生產。它將成為明年的貢獻者，但我不想剝奪非常強勁的 800 場演出週期，該週期將在明年的 26 財年繼續推動。所以，到目前為止，一切都很好。

Thank you.

謝謝。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

Hey. Thanks for taking my question and congrats on a good quarter. I actually want to ask on the enterprise and carrier. You've talked in the past, I think, about getting back to maybe $2 billion-plus run rate. I mean carrier has been up, I guess, with the guidance now, you're looking at double digits two quarters in a row. So just curious how broad-based that recovery is. And if you can how quickly do you think you can get back to the $2 billion-plus run rate annually?

嘿。感謝您提出我的問題，並祝賀本季表現良好。我其實想問的是企業和營運商。我想，你過去曾談論過要恢復到 20 億美元以上的運行率。我的意思是，我想，根據現在的指導，運營商已經上漲，您將連續兩個季度看到兩位數。所以我很好奇這種復甦的基礎有多廣。如果可以的話，您認為多快可以恢復到每年 20 億美元以上的運作率？

Yeah. Thanks, Blayne. Yeah, we're going to get back to the $2 billion run rate. The question is when and certainly, we're very encouraged to see that combined enterprise and carrier up 4% in Q3. But then if you think about Q4, we've guided it up mid-teens, which a quarter back, we were talking about double digits.

是的。謝謝，布萊恩。是的，我們將回到 20 億美元的運行速度。問題是，當我們看到企業和營運商的綜合成長率在第三季成長 4% 時，我們當然會感到非常鼓舞。但如果你想想第四季度，我們已經將其引導到了十幾歲左右，四分之一之前，我們正在談論兩位數。

So net-net between in the second half both those end markets together have recovered and grown faster than we thought, albeit still shipping below end market consumption, which is your question.

因此，下半年這兩個終端市場的復甦和成長速度比我們想像的要快，儘管出貨量仍低於終端市場消費，這是你的問題。

As we -- and so that's going to continue through next year that recovery as both inventory is corrected some end market growth resumes, but also we have some of our own unique drivers, which really is more pronounced in carrier than it is in enterprise.

隨著庫存得到糾正，一些終端市場恢復了成長，而且我們也有一些自己獨特的驅動因素，這在營運商中比在企業中更為明顯，這種復甦將持續到明年。

Enterprise would be more broad-based in the carrier side, we're not really counting on a huge market recovery. It's really our own product cycles and specifically in base stations where we have a new socket that's ramping as a layer 2 processor the incremental new socket, something we won a few years ago. It took a little bit longer than we thought to get into production, but it's in production now.

企業在營運商方面的基礎將更加廣泛，我們並不真正指望市場的巨大復甦。這實際上是我們自己的產品週期，特別是在基地台中，我們有一個新的套接字，它作為第 2 層處理器逐漸增加，增量新套接字是我們幾年前贏得的。投入生產的時間比我們想像的要長一些，但現在已經投入生產了。

So that's going to be a contributor, Blayne. And so between the two we're just going to keep marching along and keep driving that business up. And really, as it recovers, it's really just a tailwind for us in terms of operating income and profitability and top line. And so we'll see how it goes. We'll keep updating everybody on a quarterly basis there. But so far, so good, especially the plus mid-teens on the Q4 guide.

所以這將是一個貢獻者，布萊恩。因此，在兩者之間，我們將繼續前進並繼續推動業務。事實上，隨著它的復甦，就營業收入、盈利能力和營收而言，這對我們來說確實是一個順風車。所以我們會看看事情進展如何。我們將繼續每季向大家通報最新情況。但到目前為止，一切都很好，尤其是第四季度指南中的十幾歲左右。

Thanks, Matt.

謝謝，馬特。

Yeah.

是的。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, Matt. Thanks for taking the question and congrats on great results. I wanted to ask on some of the parts of the Amazon announcement. So AEC was mentioned PCI retimers, switching products. So you're hearing just a lot from other smaller companies that are seeing some big robust revenue ramps. Could you just do your best to maybe size how significant those are for you today?

嘿，馬特。感謝您提出問題並祝賀取得了很好的成果。我想詢問亞馬遜公告中的一些部分。所以AEC就提到了PCI重定時器、交換產品。因此，您會聽到其他小公司的許多消息，這些公司的收入大幅成長。你能盡力衡量這些對你今天來說有多重要嗎？

And then when you look out over the next 12 months, what area of those non-optical DSP businesses are going to be the most significant for you? Just generally, where are you going to see the most growth outside of like that core optical DSP business. Thanks, Matt.

然後，當您展望未來 12 個月時，這些非光學 DSP 業務的哪些領域對您來說最重要？一般來說，除了核心光學 DSP 業務之外，您會在哪裡看到最大的成長。謝謝，馬特。

Yeah. Thanks, Tom. Yeah. So as part of the agreement, both the custom side and the networking side are extremely important. It's not massively, massively sway between the two.

是的。謝謝，湯姆。是的。所以作為協定的一部分，客製化端和聯網端都極為重要。兩者之間的搖擺並不大。

So on the networking side, all those product areas are in our wheelhouse, and they're all in various stages of maturity. Look, on the switching front, we had a great acquisition with Innovium. We announced our TL10, 5-nanometer 51.2 T switch that's gone into production. Interest is very, very strong in that product. More to come there.

因此，在網路方面，所有這些產品領域都在我們的掌控之中，並且它們都處於不同的成熟階段。看，在轉換方面，我們對 Innovium 進行了一次偉大的收購。我們宣布 TL10、5 奈米 51.2 T 開關已投入生產。人們對該產品非常非常感興趣。還會有更多的事情發生。

And also our road map, which we think is very compelling. And our team there has done an excellent job.

還有我們的路線圖，我們認為它非常引人注目。我們的團隊做得非常出色。

So that one, we think, has not only growth heading to next year. But on a long-term basis, we see that as being a very strong area for us. AEC's is definitely a bright spot. That's an area that we're ramping now through our module partners. And we again see very strong take-up of Marvell solutions into next year.

因此，我們認為，這不僅會在明年實現成長。但從長遠來看，我們認為這對我們來說是一個非常強大的領域。 AEC絕對是一個亮點。這是我們現在正在透過我們的模組合作夥伴拓展的一個領域。我們將再次看到明年對 Marvell 解決方案的強烈採用。

And then some of the other more emerging categories are still to come, but those are areas we're investing in. So I think the way to think about it is a five-year type of arrangement, there's just a lot of opportunity to drive innovation together to drive new solutions, sometimes things we haven't even thought of, we're just very excited about what the two companies can do together.

然後其他一些更新興的類別仍然存在，但這些是我們正在投資的領域。甚至沒有想到的事情，我們只是對兩家公司可以一起做的事情感到非常興奮。

And then with us as a customer of theirs, we've just seen great success in using AWS as our supplier for EDA cloud services, and it's allowed us to complete some very complex designs in very, very short time to market with very good burst capacity and performance. So the whole relationship is really a win-win and where it's really an honor for us to be associated with them.

然後，作為他們的客戶，我們剛剛看到使用AWS 作為我們的EDA 雲端服務供應商取得了巨大成功，這使我們能夠在非常非常短的上市時間內完成一些非常複雜的設計，並且具有非常好的爆發力容量和性能。因此，整個關係確實是雙贏的，我們很榮幸能與他們合作。

And the final thing I would say is I think it's also a testament to the all-in data center first strategy that Marvell has put together and to see that get recognized with the type of landmark agreement like this, I think, is really a good sign for us and for the team and for our investors. Thanks.

我要說的最後一件事是，我認為這也證明了Marvell 制定的全面資料中心優先策略，並且看到這種具有里程碑意義的協議類型得到認可，我認為，這確實是一個很好的選擇。謝謝。

Mark Lipacis, Evercore.

馬克·利帕西斯，Evercore。

Hi. Thanks for taking my question. I also had a clarification and a question, if I may. I think Matt, did you suggest $40 billion of custom AI TAM of the $75 billion. So does that suggest you believe custom is about half of the market, roughly speaking. And then the question is, how would you characterize the landscape, the competitive landscape for what you're doing on the custom side. How many companies can do what you guys do on the custom side?

你好。感謝您提出我的問題。如果可以的話，我也有一個澄清和一個問題。我認為 Matt，您是否建議在 750 億美元中投入 400 億美元用於客製化 AI TAM？粗略地說，這是否表明您相信定制產品約佔市場的一半。接下來的問題是，您如何描述您在客製化方面所做的事情的格局和競爭格局。有多少公司可以做到你們在客製化方面所做的事情？

And maybe as part of that, can you help us understand why this is happening, why the custom silicon is becoming a thing? It seems just like five years ago, everything was run on a standard, every workload was run on a standard x86 server chip. And now you're helping your customers to custom silicon, NVIDIA has a whole bunch of different SKUs for Blackwall, like, why is custom becoming a thing? Thank you.

也許作為其中的一部分，您能否幫助我們理解為什麼會發生這種情況，為什麼定制晶片正在成為一種趨勢？看起來就像五年前一樣，一切都在標準上運行，每個工作負載都在標準 x86 伺服器晶片上運行。現在您正在幫助您的客戶客製化晶片，NVIDIA 為 Blackwall 提供了一大堆不同的 SKU，例如，為什麼客製化會成為一種趨勢？謝謝。

Yeah. Thanks, Mark. So to refer back to the AI Day. So what we called out was a $40 billion custom TAM, okay? And then of that, our goal is to drive 20% market share plus, okay? So that's the numbers.

是的。謝謝，馬克。回到人工智慧日。所以我們呼籲的是 400 億美元的客製化 TAM，好嗎？然後，我們的目標是提高 20% 以上的市場份額，好嗎？這就是數字。

And then -- and then within that, we really see ourselves and one other very large, highly scaled up competitor who can do these types of solutions. Now there's going to be a lot of different ways that people are going to try to get there in terms of some of these customer approaches. There's already been a lot of noise in the system around these types of opportunities and applications.

然後——然後在其中，我們真正看到了自己和另一個非常大、規模化的競爭對手，他們可以提供這些類型的解決方案。現在，人們將嘗試透過多種不同的方式來實現其中一些客戶方法。圍繞著這些類型的機會和應用程序，系統中已經存在許多噪音。

But our strong view is that in the end, what's actually going to ship and represent the vast majority and bulk of the volume of shipments in custom silicon for accelerators is going to be from scaled-up companies like Marvell, the companies that have the IP -- the combination of the IP road map internally, including SerDes and HBM 5s and the compute interconnect and packaging.

但我們強烈認為，最終，真正出貨並代表加速器定制晶片出貨量的絕大多數將來自像 Marvell 這樣的規模化公司，這些公司擁有 IP ——內部IP路線圖的組合，包括SerDes和HBM 5以及計算互連和封裝。

And I can go on and on, but the capabilities is first. The second is a team, a team that's experienced enough to execute the design with a zero quality and what a zero means is first past silicon, which is incredibly hard to do when you're talking about $100 billion type of transistor designs in the most advanced nodes.

我可以繼續說下去，但能力是第一位的。第二個是一個團隊，一個經驗豐富的團隊，能夠以零品質執行設計，而零意味著首先透過矽片，當你談論最昂貴的 1000 億美元類型的晶體管設計時，這是非常困難的。高階節點。

The third part of that is you got to have the manufacturing capacity and capability and know-how to drive yield, to drive quality and then be able to service the products once they get into the field, to meet the dynamic needs that these customers have in terms of the supply chain. So when you stack all that up, the barrier to entry to actually ship one of these products is very high. And we know firsthand because we've done several of them now.

第三部分是你必須擁有製造能力和專業知識來提高產量、提高質量，然後能夠在產品進入現場後為其提供服務，以滿足這些客戶的動態需求在供應鏈方面。因此，當你把所有這些加起來時，實際發布其中一種產品的進入障礙非常高。我們有第一手資料，因為我們現在已經做了其中的幾個。

So that's still the view we have on the competitive landscape despite what's out there. And then on the why, it really comes down to TCO. And it's not a zero-sum game. It doesn't mean that if somebody implements a custom silicon design, it's going to just completely go serve and take over whatever the merchant offering is.

因此，無論存在什麼，這仍然是我們對競爭格局的看法。至於原因，實際上歸結為 TCO。這不是零和遊戲。這並不意味著如果有人實現了客製化晶片設計，它將完全服務並接管商家提供的任何產品。

These are going to coexist, where there's workloads that are big enough that are going to get the bang for the buck on the optimization, it makes a ton of sense to go to custom from a TCO basis. And TCO is obviously the cost of the product and what it takes to implement it as well as the performance you get.

這些將共存，其中工作負載足夠大，可以在優化上獲得巨大的收益，從 TCO 的基礎上進行客製化是非常有意義的。 TCO 顯然是產品的成本、實施該產品所需的成本以及所獲得的性能。

And the other factor is when you're doing a custom silicon ship, it's not just the chip. It's also our customers' network and the way they implement the solution and the way that they know better than anyone else how to get the maximum performance out of their system with the accelerator being one piece of it.

另一個因素是當你製作客製化晶片時，它不僅僅是晶片。這也是我們客戶的網路以及他們實施解決方案的方式，以及他們比其他人更了解如何透過加速器作為其中一部分從系統中獲得最大性能的方式。

We try to be helpful to come in and not only be the partner of choice for the custom chips, but also come in with our point of view and our help around the interconnect and higher layer switching and ways to think about how to drive total cost of ownership at the lowest possible power.

我們盡力提供幫助，不僅成為定制晶片的首選合作夥伴，而且還提出我們的觀點和我們圍繞互連和更高層交換的幫助以及思考如何推動總成本的方法以盡可能低的權力擁有所有權。

And so those are the dynamics, Mark, we see today, and we'll keep you updated, but it's only moving in this direction. And I think just based on the announcements this week, and you can see in our revenues, the custom train is definitely happening.

馬克，這些就是我們今天看到的動態，我們會及時向您通報最新情況，但它只是朝著這個方向發展。我認為，根據本週的公告，您可以在我們的收入中看到，定制列車肯定正在發生。

Perfect. Thank you.

完美的。謝謝。

Yeah. Thanks.

是的。謝謝。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes. Thanks, Matt. Congratulations on the strong execution and also congratulations to Loi on his retirement. So you announced the Ara 3-nanometer, 1.6 T DSP today. I think it's only about 18 months ago since you announced the Inova 5-nanometer. So I was a little bit surprised about the timing there. Am I reading into too much in there?

是的。謝謝，馬特。恭喜你的強大執行力，也恭喜Loi退休。你們今天發布了 Ara 3 奈米、1.6 T DSP。我認為距離您發布 Inova 5 奈米技術才過去大約 18 個月。所以我對那裡的時機有點驚訝。我是不是讀太多了？

Or is there something going on in the marketplace where there's a big push now towards 3-nanometer and lower power. Any more color you can add on the timing of Ara would be great.

或者市場上正在大力推動 3 奈米和更低功耗的發展。如果你能在 Ara 的時間上添加更多的顏色就太好了。

Yeah. I think what you're seeing is obviously the need for lower power consumption solutions for all the reasons you can see if you look all the way back up to the data center level and the power consumption of the data centers themselves, but the reality is, Tore, we need to move at hyperscale speed. I mean, the beat rate that we think we need to be at to be competitive and to lead the market means we have to be faster and faster on our time to market.

是的。我認為您所看到的顯然是對更低功耗解決方案的需求，如果您一直回顧資料中心層級和資料中心本身的功耗，您會發現所有原因，但現實是，托爾，我們需要以超大規模的速度前進。我的意思是，我們認為我們需要保持競爭力並引領市場的節奏意味著我們必須越來越快地進入市場。

And this is absolute -- and I've been doing this for 30 years, okay, in the semiconductor industry. And I can tell you when you enter an inflection in the growth market, the company with the best and leading technology that's available, you can sample it, it works, it's going to win. It's that simple.

這是絕對的——我在半導體行業已經這樣做了 30 年了。我可以告訴你，當你進入成長市場的轉折點時，擁有最好和領先技術的公司，你可以試用它，它有效，它將會獲勝。就是這麼簡單。

And so our team, which is the best in the world at what they do, is heads down focused on driving best possible solutions, the best TCO, the best power and highest performance in the latest process node. And you're going to see that continue across Marvell, but particularly in this area of DSPs and broadband analog and the chipsets that we sell, we intend to maintain our market share leadership and extend that and be the supplier of choice.

因此，我們的團隊在其所在領域是世界上最好的，專注於在最新工藝節點中推動最佳解決方案、最佳總體擁有成本、最佳功率和最高性能。您將看到這種情況在 Marvell 中持續存在，特別是在 DSP 和寬頻模擬以及我們銷售的晶片組領域，我們打算保持市場份額領先地位並擴大這一領先地位，成為首選供應商。

That's -- it's as simple as that. We're going faster.

就是這樣——就這麼簡單。我們走得更快。

Perfect. Thank you.

完美的。謝謝。

Yeah.

是的。

CJ Muse, Cisco.

CJ繆斯，思科。

Cisco. Cantor Fitzgerald. Thank you for taking the question. Matt, I had a question on overall custom silicon. I was hoping you could level set us. Where are we in terms of the total business versus just AI custom silicon? And is there any way to size the total and the percentage for calendar '25.

思科。康托·菲茨杰拉德。感謝您提出問題。馬特，我有一個關於整體定制晶片的問題。我希望你能讓我們保持平衡。與人工智慧客製化晶片相比，我們的整體業務處於什麼位置？有什麼方法可以調整日曆 '25. 的總數和百分比嗎？

And I know to an earlier question, you didn't want to give a growth rate for the AI portion, but perhaps you could speak to what kind of growth you foresee in calendar say, '25 and '26 for the non-AI part of the business.

我知道，對於先前的問題，您不想給出人工智慧部分的成長率，但也許您可以談談您在日曆中預見的成長情況，例如非人工智慧部分的「25 和 26」的業務。

Yeah. Thanks, CJ. And yeah, I'm pretty sure you didn't go to Cisco since I think you just got a new job, which you're doing great at. So congratulations on that. On the -- sorry, on your question about -- sorry, I lost the question.

是的。謝謝，CJ。是的，我很確定你沒有去思科，因為我認為你剛找到了一份新工作，而且你做得很好。所以恭喜你。關於——抱歉，關於你的問題——抱歉，我失去了這個問題。

I was trying to make a joke there. On the -- tell me your question again, one more time.

我本來想在那裡開個玩笑。關於——再一次告訴我你的問題。

Total custom silicon versus AI.

全定制晶片與人工智慧。

Yeah, yeah. Got it. SP1 Sorry. The -- look, for this year, we said this at the AI Day, too, custom silicon this year and next year, it's largely driven by AI. It's the vast majority.

是啊是啊。知道了。 SP1 抱歉。看，今年，我們也在人工智慧日說過這一點，今年和明年的客製化晶片，很大程度上是由人工智慧驅動的。這是絕大多數。

But the other programs have come in, okay? So they're just -- and it really happened is -- we have a number of programs. They've done well, but the magnitude of the AI and the upside we've seen relative to the others has just been higher.

但其他程式已經進來了，好嗎？所以他們只是 - 確實發生的是 - 我們有很多計劃。他們做得很好，但人工智慧的規模和我們看到的優勢相對於其他人來說更高。

So vast majority is AI for this year as major as AI for next year. But I wouldn't -- and we said at the AI Day, I wouldn't write off the other design wins we have because some of those like we showed off a custom NIC with Meta as an example.

因此，今年的人工智慧與明年的人工智慧一樣重要。但我不會——我們在 AI Day 上說過，我不會放棄我們所取得的其他設計勝利，因為其中一些像我們展示了以 Meta 為例的定制 NIC。

That was, I think, a really good showcase we did at OCP, those types of solutions are also going to come into the market and help drive our growth. And then on the non-AI AI custom non-custom for this year and next year, I'm not really breaking that out.

我認為，這是我們在 OCP 上所做的非常好的展示，這些類型的解決方案也將進入市場並幫助推動我們的成長。然後關於今年和明年的非人工智慧人工智慧定制非定制，我並沒有真正打破這一點。

I'd just say that by default the growth rate is going to be higher on the custom side because it's a lower base, and it's been ramping in the second half, whereas electro-optics and switching in those other areas has already been in the revenue line, but both are going to grow quite a bit next year and drive the top line.

我只想說，預設情況下，定制方面的增長率會更高，因為它的基數較低，並且下半年一直在增長，而其他領域的電光和開關已經在收入線，但明年兩者都將大幅成長並推動營收。

Thank you.

謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes. Thank you. Good evening. The question is on margins. And if you could help to level set us on the expectation for gross margins as we go into next year, as that custom business ramps? And then I guess, just as importantly, on operating leverage as you go to next year, and I guess, what you said in the past is that the custom business is very good in the operating margin side. How does that flow through the numbers as we go into next year?

是的。謝謝。晚安.問題在於邊緣。隨著客製化業務的成長，您是否可以幫助我們確定明年的毛利率預期？然後我想，同樣重要的是，在明年的營運槓桿方面，我想，你過去所說的是，客製化業務在營運利潤方面非常好。當我們進入明年時，這些數字是如何流動的？

Yeah. Great. I'll let Willem take that one. Willem, go ahead.

是的。偉大的。我會讓威廉拿走那個。威廉，繼續吧。

Yeah. Thanks, Matt. Hey, Chris. So let me start by saying the team has done a great job driving gross margin at or above 60% here in the second half, even as we've been ramping the custom programs very significantly, right? And so -- when we look out at next year, clearly, the gross margin will continue to be dependent on mix. So we continue to see very strong optics growth next year.

是的。謝謝，馬特。嘿，克里斯。首先我要說的是，儘管我們一直在大幅提升客製化計劃，但團隊在下半年的毛利率達到或超過 60% 方面做得非常出色，對吧？因此，當我們展望明年時，顯然，毛利率將繼續取決於組合。因此，我們明年將繼續看到光學元件的強勁成長。

The recovery in our non-data center businesses -- the leverage that we're getting from a better overhead absorption on higher revenue on the manufacturing side. And so when you add all that together, we do see a path to continue to be about 60% through next year. Now obviously, of custom upsides, even significantly more from what we're seeing today, that answer would be different.

我們的非資料中心業務的復甦—我們透過更好地吸收製造方面更高的收入而獲得的槓桿作用。因此，當你把所有這些加在一起時，我們確實看到明年這一比例將繼續保持在 60% 左右。顯然，就客製化優勢而言，甚至比我們今天看到的優勢要大得多，答案會有所不同。

In terms of the leverage, when you look at our Q3 results, we came in at around 30% OM. And even with gross margin guide down about 0.5%, our operating margin is actually up to 33%, so up by 3%. And so when you look at our OpEx control, you should expect us to continue to have a very significant focus on leverage through next year with the top line outgrowing OpEx right through next year. And so really should see a very nice increase in our operating margin through next year, really starting to approach the bottom end of our long-term range towards the end of next year.

就槓桿而言，當你查看我們第三季的業績時，我們的 OM 約為 30%。即使毛利率指引下降約 0.5%，我們的營業利潤率實際上仍高達 33%，即上升了 3%。因此，當您查看我們的營運支出控制時，您應該預期我們將在明年繼續非常重視槓桿率，而明年的營收成長將超過營運支出。因此，到明年我們的營業利潤率確實應該會出現非常好的成長，到明年年底真正開始接近我們長期範圍的底端。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks.

謝謝。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Hi. Thank you for taking my question and congratulations on hitting the next growth phase. Matt, I was listening to the other Matt Garman, AWS CEO at re:Invent today, and he mentioned that their Tranium chip can do both training and inference. So my question to you is, has your thinking about the sales contribution mix from the two programs at this customer ramp changed from 90 days ago?

你好。感謝您提出我的問題，並祝賀您進入下一個成長階段。馬特，我今天在 re:Invent 上聽 AWS 執行長 Matt Garman 講話，他提到他們的 Tranium 晶片可以進行訓練和推理。所以我問您的問題是，與 90 天前相比，您對此次客戶成長中兩個計劃的銷售貢獻組合的看法是否發生了變化？

No. No, we've been I think we've been able to plan our business together very well with our key customers in this area, especially custom where you have to do that. And so I would really defer to Matt and the team to talk about their dynamics, but we're prepared to completely support whatever they need, and we've got that in our manufacturing and supply plan, and we're going to go do it. That's probably all I can say. I usually stay away from any more detail about my customers plan, so to speak.

不，不，我認為我們已經能夠與該領域的主要客戶一起很好地規劃我們的業務，特別是在您必須這樣做的定制領域。因此，我真的會聽從馬特和團隊談論他們的動態，但我們準備好完全支持他們需要的任何東西，我們已經在我們的製造和供應計劃中做到了這一點，我們將去做它。我能說的大概就這些了。可以這麼說，我通常不會透露更多有關客戶計劃的細節。

But thanks for the question. I appreciate it.

但謝謝你的提問。我很感激。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you. Hi, Matt. My question is also on the ASIC side. At the Analyst Day, you talked about one-third, I think you called a Customer C ramping sometime in 2026. And I think you alluded to that opportunity being larger or potentially larger than customer A and customer B combined. And obviously, customer B seems to be doing quite well. So I'm just curious if there's any update on customers C, how the progress has been and if you still expect that opportunity to be larger than the other two customers? Thank you.

謝謝。嗨，馬特。我的問題也是關於 ASIC 方面的。在分析師日，您談到了三分之一，我認為您稱客戶C 將在2026 年的某個時候增加。 。顯然，客戶 B 似乎做得很好。所以我只是好奇客戶 C 是否有任何更新，進展如何，以及您是否仍然期望這個機會比其他兩個客戶更大？謝謝。

Yeah. The short answer is, yes, it continues to be the largest opportunity of the three. It's tracking well. There's great support from both teams, and we're executing. And unchanged from AI Day other than I'd say just the whole, in general, custom silicon opportunity set just seems to have continued to gain momentum as each quarter goes on, and so we're very optimistic about what we can go achieve with that customer and also other two customers we have and then their next-generation concepts a lot to go do and go execute on treating. Thanks.

是的。簡短的回答是，是的，它仍然是這三個機會中最大的機會。追蹤得很好。兩個團隊都給予了大力支持，我們正在執行。與人工智慧日相比，除了我想說的是，總體而言，客製化晶片機會集似乎隨著每個季度的推移而繼續獲得動力，因此我們對我們可以實現的目標非常樂觀該客戶以及我們擁有的其他兩個客戶以及他們的下一代概念還有很多工作要做和執行。謝謝。

Thanks, Matt.

謝謝，馬特。

There are no further questions at this time. I will now turn the call over to Matt Murphy, CEO, for closing remarks.

目前沒有其他問題。我現在將把電話轉給執行長馬特墨菲 (Matt Murphy) 致結束語。

Great. Thank you so much. And look, everybody -- I really appreciate all the thoughtful questions. Closing remarks. So as we finish the year here, we're very optimistic about our fiscal '26.

偉大的。太感謝了。大家看，我真的很感謝所有深思熟慮的問題。結束語。因此，當我們結束這一年時，我們對 26 財年非常樂觀。

As we talked about, we have a full-year ramp of custom happening. You've got optics continuing to have a lot of momentum. Our switching business growing and then new areas like AECs are just going into real volume production for the first time.

正如我們所討論的，我們全年的客製化量都在增加。光學器件持續保持強勁勢頭。我們的開關業務不斷成長，AEC 等新領域剛首次進入實際大量生產。

We're also seeing a very strong recovery even in our fourth quarter in our multimarket core base business, that's very encouraging in terms of profitability and top-line and EPS contributions. We have a very targeted investment plan, and we're 100% focused on this AI super cycle opportunity and then really the capital allocation framework to support it.

即使在第四季度，我們的多市場核心基礎業務也出現了非常強勁的復甦，這在獲利能力、營收和每股盈餘貢獻方面非常令人鼓舞。我們有一個非常有針對性的投資計劃，我們100%專注於這個人工智慧超級週期機會，然後是真正支援它的資本配置框架。

I'm excited to have the Investor Day mid next year to update all of you comprehensively with our updated long-term model given the new era that we're entering into. As I said in the Q&A, me and the team are all in to drive outstanding service and support for our customers and also extremely strong financial returns for our stockholders.

鑑於我們正在進入的新時代，我很高興能在明年年中的投資者日向大家全面介紹我們更新的長期模型。正如我在問答中所說，我和團隊都致力於為我們的客戶提供卓越的服務和支持，並為我們的股東帶來極其豐厚的財務回報。

So I want to wish everybody on the call and who's listening to very happy holidays, and I look forward to seeing you all in the new year. Thanks, everybody. Take care.

所以我想祝所有參加電話會議的人和正在收聽的人節日快樂，我期待在新的一年裡見到你們。謝謝大家。小心。

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。