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，歡迎參加 Marvell Technology Inc. 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在記錄中。

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

現在，我想將會議交給投資者關係資深副總裁 Ashish Saran 先生。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，下午好。歡迎參加 Marvell 2025 財年第三季財報電話會議。今天與我一起出席的還有 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.

請查看我們今天向美國證券交易委員會提交並在網站上發布的收益新聞稿中包含的警告聲明和風險因素，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，我們將參考某些非 GAAP 財務指標。我們的 GAAP 和非 GAAP 財務指標之間的對帳表也可在我們的收益新聞稿中查閱。我很高興地宣布，我們的下一屆投資者日將於 2025 年 6 月 10 日在紐約舉行。更多詳細資訊將在即將發布的新聞稿中分享。

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，請他評論本季的情況。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. As a result, our non-GAAP earnings per share of $0.43 was also well above the midpoint of guidance, growing by 43% sequentially.

謝謝，Ashish，大家下午好。2025 財年第三季度，Marvell 實現營收 15.16 億美元，比預期中位數高出 6,600 萬美元，季增 19%，強勁的 AI 需求和執行力推動了業績表現。因此，我們的非公認會計準則每股收益 0.43 美元也遠高於預期中位數，季增 43%。

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

這個獲利成長率是我們營收成長率的兩倍多，凸顯了我們商業模式中巨大的經營槓桿。客製化矽片需求成長超出預期是此業績表現的關鍵因素。我們相信，客製化矽片的持續成功將有助於我們加快實現長期目標營業利潤率模型的時間表。

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 driven by 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 重回年成長。我對我們的業績非常滿意，對第四季度的前景更加興奮，我們預計收入成長將在指導中位數加速至同比增長 26%。由於採用客製化矽片項目的大規模生產以及光學業務的持續強勁成長，Marvell 正在邁入新的成長時代。

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，我們宣布透過一項全面的跨世代五年協議擴展與亞馬遜網路服務的戰略關係。這項多代協議涵蓋了 Marvell 廣泛的資料中心半導體產品，包括客製化 AI 產品、光學 DSP、主動電纜 DSP、PCIe 重定時器、資料中心互連光模組和乙太網路交換矽片解決方案。

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 也將與 AWS 合作在雲端進行 EDA，利用 AWS 先進且可擴展的運算功能來加速矽片設計。該協議代表著未來幾年兩家公司預期業務量的顯著提升，我們期待與 AWS 合作開發客製化的 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.

現在讓我討論一下我們對每個終端市場的表現和期望。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.

這些強勁的業績得益於我們客製化 AI 晶片產量的大幅提升，因為我們的客戶對這些新客製化 AI 晶片所提供的差異化功能的需求日益增加。我們看到強勁的客製化 AI 需求持續到第四季度，並已確保供應鏈產能以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.

我們成功地將這些高度複雜的價值 1000 多億美元的晶體管晶片從初始樣品推進到首次通過矽片的大批量生產，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受限的供應環境中實現快速成長的關鍵因素。

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，也使他們更有信心擴大與 Marvell 在關鍵矽片專案上的合作。第三季度，我們受惠於電光產品收入高於預期，該產品收入按百分比連續成長兩位數。

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.

我們市場領先的 800G PAM 產品的訂單量持續強勁，而且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主要客戶中呈現強勁的設計獲勝勢頭，預計明年產量將加速成長。

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 1.6T DSP, featuring 200 gig per lane electrical and optical interfaces.

為了滿足 AI 對最低功耗最高頻寬的無限需求，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 1.6T DSP，具有每通道 200 GB 的電氣和光學介面。

By leveraging 3-nanometer process technology and advances in electrical and optical SerDes, this next-generation platform is designed to reduce 1.6T optical module power consumption by more than 20% compared to its predecessor, marking a significant improvement in energy efficiency.

此新世代平台利用3奈米製程技術及電氣及光學SerDes的進步，旨在使1.6T光模組功耗較上一代降低20%以上，顯著提高能源效率。

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，以繼續保持在這個龐大且快速成長的電光市場中的領先地位。在主動電纜市場，我們開始看到與多個模組合作夥伴合作的每通道 100 千兆 800 千兆 DSP 的生產速度正在加速。我們也開始對業界首款每通道 200 GB、1.6 TAC DSP 進行抽樣，以滿足即將到來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，我們預測資料中心終端市場將實現強勁的環比成長，增幅將在 20% 至 20% 的中低範圍內。我們預計，隨著這些項目繼續進入大批量生產階段，這一增長將由我們定制 AI 收入的另一個大幅提升所推動。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增強這一成長勢頭。

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.

現在我來談談 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，營運商收入為8,500萬美元。我們開始看到這兩個終端市場出現復甦，整體營收較上季成長 4%。

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. 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.

我們預計第四季度復甦步伐將加快，企業網路和營運商基礎設施的總收入預計將環比增長 15% 左右。我們很高興看到我們的營收成長和訂單動能在這兩個終端市場繼續改善，儘管該預測仍預期 Marvell 產品的出貨量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，我們預期消費終端市場的營收將較上季下降 15% 左右。這是由於季節性和遊戲需求造成的，通常在第四季度減弱，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。第三季營收為 8,300 萬美元，季增 9%，因為我們開始看到該終端市場出現復甦。展望第四財季，我們預期汽車和工業終端市場的收入將按百​​分比環比增長低至中等個位數。

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. For the fourth quarter, we are forecasting consolidated revenue to again grow 19% sequentially at 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% 的連續營收成長，且營收和非 GAAP 每股盈餘都遠高於預期中位數。對於第四季度，我們預測綜合收入將按照指引中位數再次較上季成長 19%。

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. 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.

人工智慧繼續引領潮流，使我們的資料中心營收在第三季同比幾乎翻了一番，我們預計它將在第四季度繼續推動強勁成長。憑藉本財年前三個季度強勁的人工智慧業績以及更強勁的第四季度預測，我們顯然將大幅超越今年稍早在我們人工智慧活動上提出的 15 億美元的全年人工智慧收入目標。

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 透過內部投資和收購的方式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。我們已擁有涵蓋資料中心互連、交換和運算的全套解決方案，並能夠將它們獨特地整合到統一的平台中。在人工智慧的推動下，Marvell 的資料中心終端市場在第三季成長至占我們綜合營收的 73%，我們預期這一比例在第四季將再次上升。

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，我們全心全意地致力於充分利用我們在 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而非其他終端市場。

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.

這些舉措導致了第三季的重組費用，Willem 將在他的部分中對此進行討論。這些措施的目標是加大我們對資料中心的研發力度，這是我們最大、成長最快的機會，同時繼續推動未來顯著的營運槓桿。

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, (inaudible) 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。我們將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、（聽不清楚）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。隨著我們繼續在尖端製程技術方面引領產業，我們的 2 奈米平台也取得了良好的進展。

Marvell'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.

Marvell 的 2 奈米平台包括我們內部開發的一系列一流的 IP，可提高效能、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.

轉向我們的非資料中心多市場業務，其中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​​長期以來一直在這些終端市場投入巨資，成功獲得市場份額，並打造了業界領先的產品組合。

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進行投資，以增加這些多市場業務的收入。Marvell 團隊正在全力以赴，我們看到了一個非常有利於大幅擴大公司規模的環境。

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.

除了強勁的營收成長之外，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%。在同一時期內，我們展示了巨大的經營槓桿，非公認會計準則每股收益成長了 79%，是營收成長率的 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，截至第三季度，我們已累積回購了 5.25 億美元，並有大量剩餘授權。

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 the fiscal 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，我們的董事會批准在現有的股票回購計畫中增加 30 億美元。我們也致力於降低股票薪酬支出佔收入的百分比，並預期未來這項指標將有顯著改善。鑑於第四財季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 Loi, a key member of my team and Co-Founder of Inphi. After a long and distinguished career in the semiconductor industry, Loi has announced its decision to retire in April of next year.

在將電話轉給 Willem 之前，我想向我的團隊的關鍵成員兼 Inphi 聯合創始人 Loi 表示衷心的感謝。在半導體行業度過漫長而傑出的職業生涯後，Loi宣布決定明年四月退休。

Loi 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, Loi has already engaged in succession planning and ensuring a smooth transition.

過去幾年來，Loi 為 Marvell 做出了不可思議的貢獻，包括建立了一支世界一流的團隊和一群深厚的領導人才。他對 2021 年 Inphi 成功併入 Marvell 起到了重要作用。憑藉其特有的正直和體貼，Loi 已著手製定繼任計劃並確保順利過渡。

We are also looking forward to Loi 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.

我們也希望 Loi 退休後能與 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。我們祝福他在退休後生活一切順利，並希望能花更多時間陪伴家人。

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

說完這些，我將把電話轉給威廉，讓他詳細介紹我們最近的業績和前景。

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。首先我來總結一下 Marvell 2025 財年第三季的財務表現。第三季營收為 15.16 億美元，遠高於我們預期的中位數，年增 7%，季增 19%。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.

正如馬特在準備好的演講中提到的那樣，在第三季度，我們做出了額外決定，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 結果中。

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.

其中最大的兩個部分是收購無形資產的減損費用和某些購買技術許可證及其未來合約義務。我還要指出的是，這些重組費用中約有四分之三是非現金性質的，而且總體重組費用現在已基本被我們拋在後面。

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.

這些費用反映了我們多年來在更新企業和營運商產品組合方面投入了大量資金，並且我們計劃在未來對這些終端市場進行更有針對性的投資。繼續我們的成果。GAAP毛利率為23%。非公認會計準則毛利率為 60.5%，略低於我們的預期，因為我們看到客製化矽片的收入高於預期。

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%.

繼續討論營運費用。以美國通用會計準則 (GAAP) 計算的營業費用為 10.52 億美元，其中包括重組費用、股票薪酬以及收購無形資產的攤銷。非公認會計準則營業費用為 4.67 億美元，符合我們的預期。GAAP 營業利益率為-46.4%，非 GAAP 營業利益率為 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，每股 GAAP 虧損為 0.78 美元。非公認會計準則每股攤薄收益為 0.43 美元，比預期中位數高出 0.03 美元。非公認會計準則每股收益環比成長 43%，反映了我們商業模式的槓桿作用。

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.

現在來談談我們的現金流和資產負債表。第三季經營現金流為 5.36 億美元，較上一季大幅成長 2.3 億美元。我們第三季末的庫存為 8.59 億美元，較上一季增加了 4,100 萬美元，以支持我們在資料中心終端市場的顯著成長。

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. 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.

我們透過現金紅利向股東返還了 5,200 萬美元。此外，我們在第三季回購了價值 2 億美元的股票，比上一季增加了 2,500 萬美元。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，我們的現金和現金等價物為 8.68 億美元，較上一季增加 5,900 萬美元。

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%. 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.

談到我們對 Marvell 2025 財年第四季的預測。我們預測營收將在 18 億美元左右，上下浮動 5%。我們預計我們的 GAAP 毛利率約為 50%。我們預計非公認會計準則毛利率約為 60%。我們預計第四季的 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.

我們預計非公認會計準則營運費用約為 4.8 億美元。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公認會計準則稅率為 7%。請注意，我們預測 2026 財年的非 GAAP 稅率將升至 10％至 11％之間，以期我們的營業收入實現同比大幅增長。

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。我們預計每股 GAAP 攤薄收益在 0.11 美元至 0.21 美元之間。我們預計非公認會計準則每股攤薄收益在 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 第三季業績表現強勁，我們預期第四季營收年增速將大幅加快。我們也看到下一財年將會有強勁的發展。我們將繼續致力於繼續保持強勁的經營槓桿，擴大我們的營業利潤率，降低股票薪酬佔收入的百分比，並高效地創造現金流，以繼續向股東返還可觀的現金。

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.

我對我們第四季度恢復 GAAP 獲利的預期也感到滿意，我們期待繼續推動這項指標的改善。接線員，請接通電話並播報問答指示。謝謝。

(Operator Instructions) Vivek Arya, Bank of America.

(操作員指示) 美國銀行 Vivek Arya。

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.

感謝您回答我的問題。馬特，我希望你能幫忙量化 25 財年的整體人工智慧收入。然後，考慮到25財年的優勢，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 年財政漏斗時，它是由什麼決定的？是需求可見性嗎？是供給嗎？因此，對這些指標進行更多的量化和闡釋將會非常有幫助。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，維維克。謝謝你的提問。因此，為了讓每個人都感到滿意，我們重新舉辦了人工智慧日活動——幾個月前的四月份，我們談到了今年為人工智慧投入 15 億美元，明年為人工智慧投入 25 億美元。上個季度，我們更新了這一消息並表示我們正在向前追蹤。

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.

從我們今年第三季的業績和第四季的指南中您可以看到，我們今年和明年的業績都大幅領先，今年的業績將達到數億美元。因此，我們的業務表現非常出色。事實上，我認為，今年每季的業績都比預期好。

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 — — 所以，明年的前景再次非常強勁。然後回答你關於漏斗的問題——以及推動它的需求的因素。我的意思是，在供應方面，我們在與合作夥伴的協調方面做得很好。我們擁有極其有利的位置來實施我們的計劃並實現其優勢。

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.

我們的團隊將全力推動和支持我們的客戶明年所需要的東西，目前看來，我們的業務非常非常強大，不僅在定制人工智能方面，而且在我們的光學互連產品組合和交換方面也與去年同期相比有所增長。所以，全力以赴吧，維維克。謝謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks for taking my question. I guess, first, congratulations to Loi on the retirement. And then If I 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。感謝您回答我的問題。我想，首先，恭喜 Loi 退休。如果可以的話，我先澄清一下，然後再提出問題。我想，需要澄清的是，馬特，顯然你在 Marvell 取得了巨大的成功，但這似乎因為一些其他管理機會而引起了媒體的關注。因此我會同時問這兩個問題。但您能否評論一下您對 Marvell 的承諾或對其他公司的看法？

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?

我的第二個問題是關於客戶多樣化。當我們經歷'25 和'26 日曆時，我們如何看待業務多樣化，無論是透過客製化計算中的多種產品還是透過客戶。這還是您在 AI Day 上談論的時間表嗎？或者事情已經改變了？

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，我始終很欣賞你提問時的直接和坦率。這是我的一些想法。首先，我已經擔任 Marvell 執行長八年了。當我開始在這裡工作時，情況發生了巨大的轉變。你們當中有很多人都記得這一點。我認為當時的企業價值已跌至約 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，我和我的團隊不知疲倦地工作，全力以赴地進行轉型、推動成長，並為 Marvell 定位，以獲得我職業生涯中見過的最大的單一 TAM 機會，即人工智慧超級週期和資料中心機會。我全都參與了，可以嗎？關於 Marvell。我們公司有最優秀的團隊，公司非常優秀。該技術是一流的。我想不出有比 Marvell 更好的工作場所。

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.

所以羅斯，請讓我為你和所有聽眾清楚地講清楚這個話題。作為這家公司的董事長兼首席執行官，我 100％ 專注於 Marvell，好的。話雖如此，客戶卻多樣化。是的，我們這裡的狀況確實很好。如果你回顧人工智慧日，你會發現我們實際上展示了我們在人工智慧加速器和計算方面取得的一系列設計成果，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，實際上所有客戶都有客製化解決方案。現在，我們有多個大批量的機會推動著我們，我們把這些機會稱為人工智慧日，包括加速器方面和運算方面。兩款產品均在兩個不同的客戶中追蹤良好。

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.

明年還有其他項目將投入生產。我們將來還會有第三個大客戶。所以，這又是另一個證明點或數據點，讓我們對我們推動客製化矽片長期目標的能力充滿信心。一切進展順利。

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.

我最後要說的是技術方面，正如我在準備好的演講中所說的那樣，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 套件是同類最佳的，並且也引起了我們客戶的廣泛關注，不僅僅是他們正在考慮的當前設計，甚至超越了這些設計。謝謝。

Thanks, Matt.

謝謝，馬特。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

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，祝賀您的強勁業績和良好前景。馬特，很高興看到你的 5 奈米 AI 訓練客製化解決方案在你的大型雲端客戶那裡得到大力實施。幾個月來，這位客戶一直在闡述這些 ASIC 的強大部署策略。同一客戶今天宣布了其 3 奈米下一代客製化解決方案，預計明年年底（也就是 2025 年）投入量產。

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，鑑於你們的 5 奈米計畫執行得非常強勁，以及 Marvell 團隊的全面提升，以及幾天前宣布的與該客戶達成的多年期協議，以及你們與他們共同製定的多代路線圖。

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.

您是否可以假設您將成為 ASIC 供應商，為您的客戶提供預計於明年年底推出的下一代 3 奈米訓練 ASIC 的支援？我問這個問題的唯一原因是，圍繞 3 奈米計劃的競爭聲音仍然很濃厚。

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，哈蘭。首先，我們非常高興看到客製化矽片所發揮的作用。顯然這個消息一直出現在新聞中。我想說，從我們的人工智慧日開始，它就獲得了巨大的發展勢頭，就我們認為它可以達到的程度而言。因此，我們認為這是對我們多年前開始實施的策略的驗證，而且該戰略仍在繼續全面實施。

For everybody on the call, 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 AI Day 電話會議的每個人，我們預計資料中心的總潛在市場規模為 750 億美元，其中 400 億美元是客製化矽片，我們和團隊在這 400 億美元上設定了 20% 的市場份額目標。所以這個數字是 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. That's what we're driving.

就背景而言，我們曾說過，就今年而言，我們的人工智慧數字中，客製化部分約為 5 億美元，明年將達到 10 億美元。當然，我們現在對這兩個目標的追求已經超越了預期。因此，我的想法是，今年拿出 5 億多美元，明年拿出 10 億多美元，將未來市佔率的目標定為 20%。這正是我們所追求的。

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.

我們與 AWS 共同發布的聲明對兩家公司來說都具有重要意義。對我們來說，作為他們的供應商，正如您所指出的，首先，這是一份五年協議。它涵蓋了人工智慧客製化產品以及廣泛的網路產品。它的意義重大——它將為我們帶來收入，最重要的是，它具有跨世代性。

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追求的目標。謝謝。

Yeah. Great insights. Thank you.

是的。很棒的見解。謝謝。

Yeah.

是的。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

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。非常感謝您回答這個問題。馬特，我有兩個問題想問你關於你在人工智慧背景下的電光業務。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 1.6T transition over the coming quarters and years and what that means for your content or your ASP expansion going forward? Thanks so much.

我之所以提出這個問題，是因為我認為一些投資者有點擔心你們客戶現場的庫存積累，特別是在關稅年即將到來之際。然後 B 部分是，您能否談談未來幾季和幾年內 1.6T 的轉變，以及這對您未來的內容或 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，現在的動態是我們繼續擁有非常強勁的需求、非常強勁的預訂量和訂單可見性，並且大量訂單繼續在交貨期內湧入。我們在疫情期間直至今天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.

從整體來看，我們始終盡可能專注於光學模組庫存。如果你回顧一年前，這甚至是令人擔憂的，當時人工智慧開始蓬勃發展，人們是否會領先其他對手，等等。因此，我們會繼續保持警惕並進行監控。但就目前情況來看，需求強勁，預訂量持續強勁。能見度很高。

We expect that business to grow significantly for us next year. On the 1.6T 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.

我們預計明年我們的業務將大幅成長。就與此相關的 1.6T 而言，這將是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，但我不想影響非常強勁的 800Gig 週期，該週期將繼續推動我們明年的 26 財年。到目前為止，一切都很好。

Thank you.

謝謝。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯（Blayne Curtis），傑富瑞（Jefferies）。

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。感謝您回答我的問題，並祝賀您本季取得了良好的業績。我其實想問一下關於企業和營運商的問題。我想，您過去曾經談到將營業額恢復到可能 20 億美元以上的水平。我的意思是，我想，根據現在的指導，營運商的銷售額已經連續兩個季度達到兩位數。所以只是好奇這種復甦有多廣泛。如果可以的話，您認為多快才能恢復到每年 20 億美元以上的營業額？

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20億美元的營運率。問題是什麼時候，當然，我們非常高興看到企業和營運商的合併額在第三季成長 4%。但如果你想想第四季度，我們已經將其控制在十幾歲的中段，而上一季度，我們談論的是兩位數。

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. 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.

因此，下半年這兩個終端市場的淨成長已經超出了我們的預期，儘管出貨量仍然低於終端市場消費量，這是您的問題。隨著庫存的調整，這種復甦將持續到明年，一些終端市場將恢復成長，但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。

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.

企業在營運商方面會更加廣泛，我們實際上並不指望市場會出現大規模復甦。這實際上是我們自己的產品週期，特別是在基地台中，我們有一個新的插座，它作為第 2 層處理器不斷增加，這是增量式新插座，這是我們幾年前贏得的。投入生產的時間比我們預想的要長一點，但現在已經開始生產了。

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.

所以布萊恩，這將是一個貢獻者。因此，我們將繼續共同努力，不斷推動業務發展。事實上，隨著經濟復甦，這對我們的營業收入、獲利能力和營收來說真的是一個順風。我們將拭目以待事情進展如何。我們將繼續按季向大家更新資料。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以上的水平。

Thanks, Matt.

謝謝，馬特。

Yeah.

是的。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

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。感謝您回答這個問題，並祝賀您取得的優異成績。我想要詢問有關亞馬遜公告的一些內容。因此 AEC 提到了 PCI 重定時器、交換產品。因此，您會聽到很多來自其他小公司的消息，它們的收入正在大幅增長。您能否盡力衡量這些對今天來說有多重要？

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.

那麼，展望未來 12 個月，哪個非光學 DSP 業務領域對您來說最重要？總的來說，除了核心光學 DSP 業務之外，您認為哪裡的成長最快？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。所以作為協議的一部分，定制方面和網路方面都非常重要。兩者之間的影響並不大。

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 51.2T 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，而且它們都處於不同的成熟階段。你看，在轉換方面，我們與 Innovium 進行了一次偉大的收購。我們宣布我們的 TL10、5 奈米 51.2T 交換器已投入生產。人們對該產品的興趣非常濃厚。接下來還有更多。

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

還有我們的路線圖，我們認為它非常引人注目。我們在那裡的團隊表現出色。因此，我們認為，明年不僅會出現成長。但從長遠來看，我們認為這是我們的強項。AEC 絕對是一個亮點。這是我們目前正在透過模組合作夥伴拓展的領域。我們將再次看到，明年 Marvell 解決方案的採用率將非常強勁。

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.

還有一些其他新興類別尚待推出，但這些都是我們正在投資的領域。因此，我認為可以考慮一種五年期的安排，有很多機會共同推動創新，推動新的解決方案，有時甚至是我們還沒有想到的事情，我們只是對兩家公司可以共同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，我們在使用 AWS 作為 EDA 雲端服務供應商方面取得了巨大成功，它使我們能夠在非常短的時間內完成一些非常複雜的設計，並具有非常好的突發容量和效能。所以整個關係其實是雙贏的，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.

最後我想說的是，我認為這也證明了 Marvell 制定的全資料中心優先策略，並且看到該策略獲得這種具有里程碑意義的協議的認可，我認為這對我們、對團隊、對我們的投資者來說都是一個好兆頭。謝謝。

Mark Lipacis, Evercore.

馬克‧利帕西斯 (Mark Lipacis)，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。感謝您回答我的問題。如果可以的話，我還想澄清一下並提出一個問題。我認為，馬特，你是否建議在 750 億美元中，將 400 億美元用於客製化 AI TAM。那麼，這是否意味著您認為定制佔據了大約一半的市場份額，大致如此？那麼問題是，您如何描述格局——您在客製化方面所做的事情的競爭格局。有多少家公司能在客製化方面做到你們所做的事情？

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.

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，為什麼客製化矽片會成為一種趨勢？似乎就像五年前一樣，一切都按照標準運行，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矽片，NVIDIA 為 Blackwall 提供了大量不同的 SKU，那麼，為什麼客製化會成為一種趨勢呢？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。讓我們回顧一下人工智慧日。所以我們所說的客製化 TAM 是 400 億美元，好嗎？那麼我們的目標是佔據 20% 以上的市場份額，好嗎？這就是數字。

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.

然後在其中，我們真正看到我們自己和另一個非常龐大、強大的競爭對手可以提供此類解決方案。現在，人們會嘗試很多不同的方法來針對某些客戶採取不同的措施。系統中已經出現許多有關此類機會和應用的喧囂。

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. And I can go on and on, but the capabilities is first.

但我們堅信，最終真正出貨並佔據加速器定制矽片出貨量絕大部分的將來自像 Marvell 這樣的規模龐大的公司，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。我還可以繼續說下去，但能力是第一位的。

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.

第二個是團隊，這個團隊有足夠豐富的經驗來以零品質執行設計，零品質意味著首先透過矽片，當你談論最先進的節點中的 1000 億種類型的晶體管設計時，這是非常困難的。

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能力，以及如何提高產量和質量，然後能夠在產品進入現場後為其提供服務，以滿足這些客戶在供應鏈方面的動態需求。所以當你把所有這些因素都堆積起來時，實際運輸這些產品的門檻就非常高了。而我們對此有第一手的了解，因為我們已經做過好幾件了。

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，無論外在情況如何，我們對競爭格局仍抱持這種看法。至於原因，其實歸結於 TCO。這不是一個零和遊戲。這並不意味著如果有人實施了客製化的矽片設計，它就會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 tonne 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.

它們將會共存，當工作負載足夠大時，可以透過最佳化獲得最大的收益，從 TCO 角度來看，進行客製化是非常有意義的。而 TCO 顯然是產品的成本、實現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，當你進行客製化矽片製造時，它不僅僅是晶片。這也是我們客戶的網路以及他們實施方案的方式，他們比任何人都更了解如何透過加速器發揮其係統的最大性能。

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.

我們盡力提供協助，不僅成為客製化晶片的首選合作夥伴，而且還提供有關互連和更高層交換的觀點和幫助，以及如何以盡可能低的功耗降低總體擁有成本的思考方式。

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，我們會隨時向您通報最新情況，但它只會朝著這個方向發展。我認為，僅根據本週的公告以及您可以從我們的收入中看到的情況來看，定制列車肯定會實現。

Perfect. Thank you.

完美的。謝謝。

Yeah. Thanks.

是的。謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Yes. Thanks, Matt. Congratulations on the strong execution and also congratulations to Loi on his retirement. So you announced the Ara 3-nanometer, 1.6T 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。恭喜你出色的執行力，也恭喜 Loi 退休。所以你們今天發布了 Ara 3 奈米、1.6T DSP。我認為距離你們宣布推出 Inova 5 奈米技術僅 18 個月。所以我對於那裡的時間安排感到有點驚訝。我是不是解讀太多了？

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.

或者現在市場上是否存在一些動態，正在大力推動 3 奈米和更低功耗的發展。如果您能為 Ara 的時間添加更多色彩那就太好了。

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，原因如下，如果您回顧資料中心層級以及資料中心本身的功耗，您就會明白，但現實是，Tore，我們需要以超大規模的速度前進。我的意思是，我們認為我們需要達到的節拍率才能保持競爭力並引領市場，這意味著我們必須越來越快地加快產品上市時間。

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，擁有最好的、領先技術的公司，你可以試用它，它會起作用，它會成功。就這麼簡單。

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，我們的團隊是全球最優秀的團隊，他們全心全意專注於在最新工藝節點上提供最佳解決方案、最佳 TCO、最佳功率和最高效能。你會看到這種趨勢在 Marvell 繼續延續，特別是在 DSP 和寬頻模擬以及我們銷售的晶片組領域，我們打算保持我們的市場份額領先地位並擴大這一優勢，成為首選供應商。

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

就是——就這麼簡單。我們走得更快了。

Perfect. Thank you.

完美的。謝謝。

Yeah.

是的。

CJ Muse, Cisco. (sic - Cantor Fitzgerald)

CJ Muse、思科。（原文如此 - 康托·菲茨杰拉德）

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。領唱者菲茨杰拉德。感謝您回答這個問題。馬特，我有一個關於整體訂製矽片的疑問。我希望你能為我們設定一個水平。就整體業務而言，相對於 AI 客製化矽片，我們處於什麼位置？有什麼方法可以確定日曆 '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預計在 2025 年和 2026 年非人工智慧業務部分將會出現什麼樣的成長。

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。對此我表示祝賀。關於 — — 抱歉，關於您的問題 — — 抱歉，我忘記問問題了。

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

我只是想開個玩笑。關於—再告訴我一次你的問題。

Total custom silicon versus AI.

完全客製化矽片與人工智慧。

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。你看，就今年而言，我們也在人工智慧日上說過這一點，今年和明年的客製化矽片，很大程度上將由人工智慧驅動。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.

但是其他項目已經進來了，好的。所以他們只是——事實是——我們有許多計劃。他們做得很好，但是相對於其他人，我們所看到的人工智慧的規模和優勢更高。

So vast majority is AI for this year, vast majority is 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. 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.

所以今年的絕大多數是人工智慧，明年的絕大多數是人工智慧，但我不會——我們在人工智慧日就說過，我不會否定我們的其他設計勝利，因為其中一些，例如我們以 Meta 為例展示了一個客製化的 [NIC]。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。

And then on the non-AI, AI custom non-custom for this year and next year, I'm not really breaking that out. 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.

然後關於今年和明年的非人工智慧、人工智慧定制非定制，我並沒有真正將其分解開來。我只想說，預設情況下，客製化方面的成長率會更高，因為它的基數較低，而且下半年一直在成長，而其他領域的電光和交換已經進入了收入線，但明年兩者都將大幅成長並推動營收成長。

Thank you.

謝謝。

Chris Caso, Wolfe Research.

克里斯·卡索（Chris Caso），沃爾夫研究公司。

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.問題在於利潤。如果您能幫助我們設定明年客製化業務成長帶來的毛利率預期，那會怎麼樣？然後我想，同樣重要的是，隨著明年的到來，營業槓桿率也會跟著上升。我想，您過去說過，客製化業務在營業利潤率方面表現非常好。進入明年，這些數字將如何改變？

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

是的。偉大的。我讓威廉拿走那個。威廉，說吧。

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。首先我想說的是，儘管我們大幅增加了定制項目，但下半年團隊仍然出色地將毛利率提高到了 60％ 或以上，對嗎？因此，當我們展望明年時，顯然毛利率將繼續取決於產品組合。因此，明年我們將繼續看到光學領域強勁的成長。

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，以及我們從更好的間接費用吸收中獲得的槓桿作用對製造方面的更高收入的影響。所以，當你把所有這些加在一起時，我們確實看到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要多得多，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% [OEM]. And even with gross margin guide down about 0.5%, our operating margin is actually up to 33%, so up by 3%.

就槓桿率而言，當你查看我們的第三季業績時，你會發現我們的槓桿率約為 30% [OEM]。即使毛利率預期下降約 0.5%，我們的營業利潤率實際上仍高達 33%，即上漲了 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.

因此，當您查看我們的營運支出控制時，您應該期望我們明年繼續高度關注槓桿率，並且明年營收成長將超過營運支出。因此，到明年，我們的營業利潤率應該會有一個非常可觀的成長，到明年年底，我們的營業利潤率將真正開始接近長期範圍的底端。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks.

謝謝。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik) 說：

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。感謝您回答我的問題，並祝賀您進入下一個成長階段。馬特，今天我在 re:Invent 大會上聽了另一位 AWS 執行長 Matt Garman 的演講，他提到他們的 Tranium 晶片可以進行訓練和推理。所以我想問您，您對這兩個項目對這個客戶成長的銷售貢獻組合的看法與 90 天前相比發生了變化嗎？

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.

不。不，我認為我們已經能夠與該領域的關鍵客戶一起很好地規劃我們的業務，尤其是定制業務。因此，我真的會聽從馬特和團隊的意見來談論他們的動態，但我們準備好全力支持他們的任何需求，而且我們已經將其納入我們的製造和供應計劃中，我們將去做這件事。

That's probably all I can say. I usually stay away from any more detail about my customers plan, so to speak. But thanks for the question. I appreciate it.

我大概只能說這麼多了。可以這麼說，我通常不會透露有關客戶計劃的任何更多細節。但感謝您的提問。我很感激。

Srini Pajjuri, Raymond James.

Srini Pajjuri，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 a third, I think you called a customer C ramping sometime in 2026. And I think you alluded to that opportunity being larger -- potentially larger than customer A and customer B combined. And obviously, customer B seems to be doing quite well.

謝謝。你好，馬特。我的問題也是關於 ASIC 方面的。在分析師日上，您談到了第三個客戶，我記得您稱之為 C 客戶，其產能將在 2026 年的某個時候增加。我認為您提到的機會更大——可能比客戶 A 和客戶 B 的機會總和還要大。顯然，客戶 B 似乎做得很好。

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.

所以我只是好奇客戶 C 是否有任何最新消息，進展如何，以及您是否仍然預計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。這仍然是三者中最大的機會。追蹤情況良好。我們得到了兩個團隊的大力支持，並且正在執行。除了整個客製化矽片機會集似乎隨著每季的推移而繼續獲得發展勢頭之外，與人工智慧日相比沒有任何變化，因此，我們對與該客戶以及我們擁有的另外兩個客戶一起取得的成就非常樂觀，然後是他們的下一代概念有很多事情要做和執行。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。現在，我將把電話轉給執行長馬特墨菲 (Matt Murphy)，請他致最後發言。

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. 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.

偉大的。太感謝了。各位，我真的很感謝大家提出的深思熟慮的問題。結束語。因此，當我們結束今年的財報時，我們對我們的 26 財年非常樂觀。正如我們之前所說的，我們全年都在進行客製化業務。你已經看到光學繼續保持強勁發展勢頭。我們的交換業務正在不斷成長，像 AEC 這樣的新領域首次進入真正的大量生產。

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，這對於獲利能力、營業收入和每股盈餘貢獻而言非常令人鼓舞。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，然後真正專注於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.

我很高興能在明年年中舉辦投資者日，向大家全面介紹我們針對即將進入的新時代而更新的長期模型。正如我在問答環節中所說，我和我的團隊全力以赴為客戶提供卓越的服務和支持，並為我們的股東帶來極強的財務回報。

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.

因此，我祝福電話會議中的每個人和正在收聽電話會議的每個人節日快樂，並期待在新的一年與大家見面。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。