邁威爾科技 (MRVL) 2023 Q1 法說會逐字稿

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

下午好，歡迎參加 Marvell Technology 2023 年第一季財報電話會議。 （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 First Quarter Fiscal Year 2023 Earnings Call. Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2023 財年第一季財報電話會議。今天與我一起出席的有 Marvell 總裁兼執行長 Matt Murphy；和我們的財務長Jean Hu。

Let me remind everyone that certain comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations.

讓我提醒大家，今天發表的某些評論可能包括前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致我們的實際結果與管理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 our 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 提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近的 10-K 和 10-Q 文件。我們不打算更新我們的前瞻性陳述。

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

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

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

這樣，我會將電話轉給馬特，請他對我們的表現發表評論。馬特？

Thanks, Ashish, and good afternoon, everyone. In the first quarter of fiscal 2023, the Marvell team drove another record level of revenue at $1.45 billion, exceeding the midpoint of guidance, growing 8% sequentially and 74% year-over-year.

謝謝阿什什，大家下午好。 2023 財年第一季度，Marvell 團隊的營收再創新高，達到 14.5 億美元，超過了指導中位數，季增 8%，年增 74%。

We saw continued strength in bookings in all our data infrastructure end markets. Higher revenue achievement was primarily driven by our data center market with additional strength from carrier infrastructure and automotive results both of which were also above forecast.

我們看到所有數據基礎設施終端市場的預訂量持續強勁。更高的收入成就主要是由我們的資料中心市場推動的，以及營運商基礎設施和汽車業績的額外成長，這兩者也都高於預期。

Due to supply chain-related impacts, results from our enterprise networking market were below our guidance. However, growth was still very strong with revenue growing a robust 64% year-over-year and 9% sequentially. The Marvell operations team did a great job in navigating a tight supply environment that was further compounded by COVID-related manufacturing challenges at our suppliers in certain geographies.

由於供應鏈相關的影響，我們的企業網路市場的表現低於我們的指導。然而，成長仍然非常強勁，營收年增 64%，環比成長 9%。 Marvell 營運團隊在應對緊張的供應環境方面表現出色，而某些地區的供應商面臨的與新冠肺炎相關的製造挑戰進一步加劇了供應緊張的情況。

Our team's efforts were a key enabler of our first quarter revenue, exceeding the midpoint of our forecast. We continue to make progress in securing additional capacity with our strategic partners to enable sustained revenue growth.

我們團隊的努力是我們第一季營收超過我們預測中位數的關鍵推動因素。我們繼續與策略合作夥伴一起在確保額外產能方面取得進展，以實現持續的收入成長。

Let me now move on to discussing our 5 end markets, starting with data center. In our data center end market, revenue for the first quarter was $640.5 million, leading our guidance, having grown 12% sequentially and 131% year-over-year. Strong performance was broad-based with multiple product lines contributing to excellent results.

現在讓我從資料中心開始討論我們的 5 個終端市場。在我們的資料中心終端市場，第一季營收為 6.405 億美元，領先我們的指引，季增 12%，年增 131%。強勁的業績基礎廣泛，多條產品線帶來了優異的業績。

Cloud continues to be a source of Marvell's strength in the data center. We are enabling our hyperscale customers to add new use cases, bringing the benefits of AI and machine learning to businesses, increased process automation and productivity and drive deeper relationships with their customers.

雲端仍然是 Marvell 在資料中心領域的優勢來源。我們協助我們的超大規模客戶添加新的用例，為企業帶來人工智慧和機器學習的優勢，提高流程自動化和生產力，並推動與客戶建立更深入的關係。

Let me now discuss a number of Marvell product cycles driving strong growth in cloud, starting with electro-optics. We are seeing strong demand for our PAM solutions inside data centers and ZR pluggables between data centers. Inside cloud data centers, lead Tier 1 customers are currently driving volume deployment of our PAM-based 200-gig and 400-gig solutions. The rest of the market has plans for starting deployments later this year and next year.

現在讓我討論一下推動雲端領域強勁成長的 Marvell 產品週期，從電光開始。我們發現資料中心內部的 PAM 解決方案以及資料中心之間的 ZR 可插拔設備的需求強勁。在雲端資料中心內部，主要的一級客戶目前正在推動我們基於 PAM 的 200 Gig 和 400 Gig 解決方案的大量部署。市場的其餘部分計劃在今年稍後和明年開始部署。

As bandwidth requirements continue to grow, we expect the role of PAM-based electro-optics to expand, replacing legacy solutions and as a result, to grow our opportunity. We believe that the next generation of more powerful server CPUs will accelerate the need for PAM technology.

隨著頻寬需求的不斷增長，我們預計基於 PAM 的電光技術的角色將會擴大，取代傳統解決方案，從而增加我們的機會。我們相信，下一代更強大的伺服器 CPU 將加速對 PAM 技術的需求。

In addition to this expansion, we are also increasing our content per module with our next generation of higher-speed solutions that we are now starting to ship. Driven by the growth in AI deployments, our first quarter results benefited from a ramp in volume shipments of our 800-gig PAM solutions at 2 large customers. The bandwidth expansion inside data centers is also driving a significant increase in connectivity between data centers, creating a growing opportunity for our 400 ZR pluggable optics. Team is achieving great success by driving the adoption of these solutions at multiple customers, and we are projecting strong revenue growth from these products.

除了這種擴展之外，我們還透過現在開始交付的下一代更高速解決方案來增加每個模組的內容。在人工智慧部署成長的推動下，我們第一季的業績受益於 2 個大客戶的 800-g PAM 解決方案的出貨量增加。資料中心內的頻寬擴展也推動了資料中心之間連接的顯著增加，為我們的 400 ZR 可插拔光學元件創造了越來越多的機會。團隊透過推動多個客戶採用這些解決方案取得了巨大成功，我們預計這些產品的收入將強勁成長。

Moving on to compute. Our cloud optimized design win momentum continued in the first quarter, and we won a custom SmartNIC at a hyperscale customer. We are seeing more adoption of VPU-based architectures inside data centers, a trend that we are ideally positioned to address with our OCTEON platform, which is now in its tenth generation.

繼續計算。我們的雲端優化設計在第一季繼續保持著獲勝勢頭，並贏得了超大規模客戶的客製化 SmartNIC。我們看到資料中心內越來越多地採用基於 VPU 的架構，我們非常適合透過我們的 OCTEON 平台來應對這一趨勢，該平台現已進入第十代。

This design win is 1 more example of the growing demand for cloud-optimized silicon, which we see as the largest incremental growth opportunity for Marvell inside data centers. We are confident that we are uniquely positioned to win these opportunities with our leading portfolio of compute, networking, security, storage and high-speed electro-optics IP delivered on our 5-nanometer platform.

這項設計勝利是對雲端優化晶片不斷增長的需求的另一個例子，我們認為這是 Marvell 在資料中心內最大的增量成長機會。我們相信，憑藉我們在 5 奈米平台上提供的領先的運算、網路、安全、儲存和高速電光 IP 產品組合，我們擁有獨特的優勢來贏得這些機會。

Moving on to storage within the cloud. In the first quarter, cloud demand for high-capacity storage continued to increase, driving solid growth for our nearline HDD controllers and preamplifiers. Our SSD controllers also contributed to strong year-over-year revenue growth. We are now reaping the benefits from our data center SSD business, which we built from the ground up starting in 2016. We increased investment in critical IP development, accelerated our process technology cadence and quadrupled our firmware team.

轉向雲端中的儲存。第一季度，雲端對大容量儲存的需求持續成長，推動了我們的近線硬碟控制器和前級擴大機的穩健成長。我們的 SSD 控制器也為營收年增率強勁成長做出了貢獻。我們現在正在從我們的資料中心SSD 業務中獲益，該業務是我們從2016 年開始白手起家建立的。擴大了四倍。

Working closely with the leading cloud companies, we optimized our SSD controllers to address their quality of service and security requirements. We developed state-of-the-art error correction for the most advanced NAND flash technologies coupled them with our in-house low-power 5s and accelerated our PCIe roadmap.

我們與領先的雲端公司密切合作，優化了 SSD 控制器，以滿足他們的服務品質和安全要求。我們為最先進的 NAND 快閃記憶體技術開發了最先進的糾錯技術，並將其與我們內部的低功耗 5s 結合，並加速了我們的 PCIe 路線圖。

All the leading SSD devices today are shipping PCIe Gen 4 solutions, Marvell has already won Gen 5 data center sockets at 3 key NAND OEMs. Additionally, we started investing in PCIe Gen 6 in 2019. This development, coupled with our 5-nanometer technology platform has enabled us to win a key NAND OEM for their Gen 6 SSDs.

當今所有領先的 SSD 設備都在出貨 PCIe Gen 4 解決方案，Marvell 已贏得 3 個主要 NAND OEM 廠商的 Gen 5 資料中心插槽。此外，我們在 2019 年開始投資 PCIe Gen 6。

Our data center storage business has been built on a long and sustained period of technology investment, deep system knowledge, extensive customer relationships, and very sticky custom firmware delivered on our advanced process technology platform. We expect our position to continue to strengthen based on our proven technology platform and multiple secured design wins in the next generations of data center SSDs.

我們的資料中心儲存業務建立在長期持續的技術投資、深厚的系統知識、廣泛的客戶關係以及在我們先進的製程技術平台上提供的非常黏性的客製化韌體的基礎上。我們預計，基於我們經過驗證的技術平台和在下一代資料中心 SSD 中取得的多項安全設計勝利，我們的地位將繼續加強。

We anticipate that the next big evolution in cloud data centers will be the adoption of CXL or Compute Express Link, an industry standard for connecting processors, accelerators in memory, and we are planning to enable that trend.

我們預計雲端資料中心的下一個重大發展將是採用 CXL 或 Compute Express Link，這是連接處理器、記憶體加速器的行業標準，我們計劃實現這一趨勢。

Last week, we held a tech talk in which we explained the fundamentals of CXL technology and its role in bringing new levels of performance to next-generation cloud data centers. If you're unable to attend, I would encourage you to watch the recording posted in the Investor Relations section of our website. We described how silicon components based on CXL will facilitate new cloud architectures by addressing the multiple memory scaling challenges in current data centers. Put simply, CXL will finally allow DRAM memory to escape the constraints of being tied down to a single compute device such as a CPU and become a shared and pooled resource, utilizing the well-established PCIe fabric as the interconnect.

上週，我們舉行了一次技術講座，解釋了 CXL 技術的基本原理及其在為下一代雲端資料中心帶來新的效能水準方面的作用。如果您無法參加，我建議您觀看我們網站投資者關係部分發布的錄音。我們描述了基於 CXL 的矽元件如何透過解決目前資料中心的多種記憶體擴展挑戰來促進新的雲端架構。簡而言之，CXL 最終將允許 DRAM 記憶體擺脫束縛於 CPU 等單一運算裝置的限制，並利用成熟的 PCIe 結構作為互連，成為共享和池化資源。

Marvell is uniquely positioned to address the CXL opportunity, given our deep relationships with memory OEMs, our growing position within hyperscale customers and our advanced PCIe roadmap. We recently bolstered our efforts in this area with the acquisition of Tanzanite, a leading developer of advanced CXL technologies.

鑑於我們與記憶體 OEM 廠商的深厚關係、我們在超大規模客戶中日益增長的地位以及我們先進的 PCIe 路線圖，Marvell 在抓住 CXL 機會方面擁有獨特的優勢。最近，我們收購了先進 CXL 技術的領先開發商 Tanzanite，加強了我們在這一領域的努力。

Their complementary IP and world-class team adds more resources to Marvell, accelerating our CXL roadmap to address opportunities in closed design wins, which are right in front of us at multiple customers. We see opportunities for a host of new products, including CXL expanders, pooling devices, switches and accelerators.

他們互補的 IP 和世界一流的團隊為 Marvell 增加了更多資源，加速了我們的 CXL 路線圖，以抓住封閉式設計勝利的機會，這些機會就在我們的多個客戶面前。我們看到了許多新產品的機會，包括 CXL 擴展器、池設備、交換器和加速器。

In addition, we see the potential to embed CXL IP in a broad range of our data center products, including ASICs, custom compute engines, DPUs, electro-optics, retimers, SmartNICs and SSD controllers. We see a multibillion-dollar SAM expansion opportunity driven by CXL over time, and I look forward to updating you on our progress.

此外，我們還看到了將 CXL IP 嵌入到我們廣泛的資料中心產品中的潛力，包括 ASIC、客製化運算引擎、DPU、電光、重定時器、SmartNIC 和 SSD 控制器。隨著時間的推移，我們看到了 CXL 推動的數十億美元的 SAM 擴展機會，我期待向您通報我們的最新進展。

Moving on to our expectations for the second quarter of fiscal 2023 from our data center end market. We are projecting continued growth to layer on top of the strong first quarter results. We project our data center revenue in the second quarter to grow sequentially in the low single digits on a percentage basis and year-over-year grew approximately 50%.

從我們的資料中心終端市場轉向我們對 2023 財年第二季的預期。我們預計，在第一季強勁業績的基礎上，將繼續成長。我們預計第二季資料中心營收將以較低的個位數百分比持續成長，年增約 50%。

We expect revenue from cloud to grow significantly faster than the on-premise market, both sequentially and year-over-year in the second quarter. As we progress into the second half of this fiscal year and beyond, we are looking forward to additional incremental contributions from our cloud ethernet switches and to ramping our large set of cloud optimized custom design wins.

我們預計第二季雲端收入的成長速度將明顯快於本地市場，無論是環比成長還是同比成長。隨著我們進入本財年下半年及以後，我們期待我們的雲端乙太網路交換器做出更多增量貢獻，並擴大我們大量雲端優化客製化設計的成果。

Marvell's unique ability to offer all the critical data center IP under 1 roof, designed to work seamlessly together in a custom solution is proving very attractive to customers. As a result, our engagements with hyperscalers have moved well beyond (inaudible) programs to include various combinations of Marvell IP delivered in solutions tailored to each cloud's unique requirements.

Marvell 能夠在 1 個屋頂下提供所有關鍵資料中心 IP 的獨特能力，旨在在客製化解決方案中無縫協作，這對客戶非常有吸引力。因此，我們與超大規模企業的合作已經遠遠超出了（聽不清楚）計劃的範圍，還包括根據每種雲端的獨特需求量身定制的解決方案中提供的 Marvell IP 的各種組合。

Turning to our carrier infrastructure end market. Revenue for the first quarter was $252 million, above our forecast, growing 5% sequentially and 50% year-over-year. We previously reported a substantial -- sequential step-up of over 30% in our 5G business in the fourth quarter of fiscal 2022. From this strong base, it was great to see both sequential and year-over-year revenue growth for carrier continued in the first quarter.

轉向我們的營運商基礎設施終端市場。第一季營收為 2.52 億美元，高於我們的預測，季增 5%，年增 50%。我們先前報告稱，2022 財年第四季我們的 5G 業務較上季大幅成長超過 30%。

The growth in 5G deployment, combined with Marvell product ramps, at multiple base station customers continued to fuel strong growth in this end market. In wired, we are seeing strong demand for our 400-gig Coherent electro-optics portfolio driven by rapid adoption in the metro and long-haul carrier markets.

多個基地台客戶的 5G 部署成長，加上 Marvell 產品的提升，繼續推動該終端市場的強勁成長。在有線領域，我們發現，由於城域網路和長途營運商市場的快速採用，對我們的 400 Gb 相干電光產品組合的需求強勁。

Coherent technology is critical to enabling high-speed data transmission across long distances to meet the ever-increasing demand for bandwidth from operators. Earlier this week, we announced that we have shipped over 100,000 400-gig Coherent DSPs, positioning us as the leading merchant provider of these products.

相干技術對於實現長距離高速資料傳輸以滿足營運商對頻寬不斷增長的需求至關重要。本週早些時候，我們宣布我們已發貨超過 100,000 個 400-g Coherent DSP，使我們成為這些產品的領先商業提供者。

We are also aggressively focused on developing and launching our next generation of Coherent products. This is a very key piece from the Inphi acquisition as the same technology powers the 400ZR DCI cloud market you heard about earlier. Looking ahead to the second quarter, we expect revenue from the overall carrier end market to grow in the high single digits sequentially on a percentage basis, while year-over-year growth is expected to remain strong at approximately 40%.

我們也積極致力於開發和推出下一代相干產品。這是 Inphi 收購中的一個非常關鍵的部分，因為您之前聽說過的 400ZR DCI 雲端市場也採用相同的技術。展望第二季度，我們預計整個營運商終端市場的收入將連續以較高個位數百分比成長，而同比成長預計將保持在 40% 左右的強勁勢頭。

Moving on to our enterprise networking end market. Revenue for the first quarter was $286.6 million, growing 9% sequentially and 64% year-over-year as demand remains strong in this end market. While this end market represents our highest delinquency relative to the size of the business, we remain strongly focused on improving our ability to supply more products to our enterprise networking customers to help them meet their growing demand.

轉向我們的企業網路終端市場。由於終端市場需求依然強勁，第一季營收為 2.866 億美元，季增 9%，年增 64%。雖然相對於業務規模而言，這個終端市場代表了我們最高的拖欠率，但我們仍然大力致力於提高向企業網路客戶提供更多產品的能力，以幫助他們滿足不斷增長的需求。

Our growth has been driven by share gains and our increase in content starting to materialize as our customers began shipping their new platforms to address enterprise network modernization. We have seen a large increase in the adoption of our multi-gigabit 5s, which have a significantly higher selling price compared to our gigabit products. We expect the penetration of multi-gigabit ports will continue to increase a tailwind to our business.

我們的成長是由份額成長推動的，隨著我們的客戶開始推出新平台來解決企業網路現代化問題，我們的內容增加開始實現。我們看到我們的多千兆位元 5s 的採用率大幅增加，與我們的千兆位元產品相比，其售價明顯更高。我們預計多千兆位元埠的滲透將繼續為我們的業務帶來推動力。

Our strong growth in enterprise networking is primarily the result of our own unique product cycles. Looking beyond this quarter, we expect growth to continue leveraging our (inaudible) switch and PHY portfolio and incremental revenue from the ramp of custom silicon and our OCTEON ARM-based DPUs displacing alternative architectures.

我們在企業網路領域的強勁成長主要歸功於我們自己獨特的產品週期。展望本季之後，我們預計成長將繼續利用我們的（聽不清楚）交換器和 PHY 產品組合以及客製化晶片和基於 OCTEON ARM 的 DPU 取代替代架構帶來的增量收入。

The second quarter of fiscal 2023, we expect a continuation of strong demand for our products from the enterprise networking end market and further improvements in supply. As a result, we are projecting revenue to be up sequentially in the mid-teens on a percentage basis and year-over-year growth of approximately 45%.

2023 財年第二季度，我們預期企業網路終端市場對我們產品的強勁需求將持續，供應將進一步改善。因此，我們預計收入百分比將連續成長 15%左右，年增約 45%。

Turning to our automotive and industrial end market. Revenue for the first quarter was $89.3 million, growing 12% sequentially and 94% year-over-year. All of the sequential growth came from our automotive business, which drove over 50% of the total revenue from this end market. Although we are still unable to fully satisfy the growing demand for our Brightlane Auto ethernet solutions, the results supported by incrementally better supply solutions exceeded our guidance.

轉向我們的汽車和工業終端市場。第一季營收為 8,930 萬美元，季增 12%，年增 94%。所有環比增長均來自我們的汽車業務，該業務佔該終端市場總收入的 50% 以上。儘管我們仍然無法完全滿足對 Brightlane 汽車乙太網路解決方案不斷增長的需求，但逐步更好的供應解決方案所支援的結果超出了我們的指導。

Our auto revenue growth is being driven primarily by our new product cycles. The adoption of Marvell ethernet technology in cars is continuing to increase as OEMs design in higher-speed solutions to address the increase in bandwidth, our dollar content per car is continuing to grow. We are also winning new customers and growing our content at existing customers.

我們的汽車收入成長主要是由我們的新產品週期所推動的。隨著 OEM 設計更高速的解決方案來解決頻寬的增加，Marvell 乙太網路技術在汽車中的採用不斷增加，我們每輛車的美元含量也持續成長。我們還贏得了新客戶並在現有客戶中增加了我們的內容。

We now have ethernet design wins at 8 of the 10 largest auto OEMs worldwide and 36 OEMs in total. Looking ahead to the second quarter of fiscal 2023 for the combined auto and industrial end market, we are projecting sequential revenue growth in the mid-single digits on a percentage basis, while year-over-year growth is expected to be over 60%. We expect strong growth to continue from our automotive business with revenue projected to more than double year-over-year.

目前，我們已贏得全球 10 家最大汽車原始設備製造商中的 8 家（總計 36 家原始設備製造商）的乙太網路設計。展望 2023 財年第二季度，汽車和工業終端市場合併後，我們預計收入將按百​​分比計算實現中個位數連續增長，而同比增長預計將超過 60%。 我們預計我們的汽車業務將繼續強勁成長，營收預計將年增一倍以上。

Moving on to our consumer end market. Revenue for the first quarter was $178.5 million, growing 7% year-over-year. The growth in this end market is being driven by our SSD controllers, partially offset by declines in our PC HDD business.

轉向我們的消費終端市場。第一季營收為 1.785 億美元，年增 7%。該終端市場的成長是由我們的 SSD 控制器推動的，但部分被我們的 PC HDD 業務的下滑所抵消。

On a sequential basis, revenue declined by 4% in our consumer end market, below our forecast for a flattish outlook due to a reduction in demand from the PC HDD market. While we are not the bellwether of global PC demand as it represents a relatively small amount of our revenue, we did see a rapid change in tone from the PC market, and we expect the weakness to continue.

環比來看，我們的消費終端市場收入下降了 4%，低於我們因 PC HDD 市場需求減少而對前景持平的預測。雖然我們不是全球個人電腦需求的領頭羊，因為它只占我們收入的一小部分，但我們確實看到個人電腦市場的基調發生了迅速變化，我們預計這種疲軟趨勢將持續下去。

From our perspective, the shift from HDDs to SSDs in the notebook PC market is almost complete, and our revenue from notebook HDDs in the first quarter of fiscal 2023 was less than 1% of consolidated Marvell revenue. Looking ahead to the second quarter of fiscal 2023 and our consumer end market, we expect revenue to sequentially decline in the mid-single digits on a percentage basis and be flattish year-over-year.

從我們的角度來看，筆記型電腦市場從 HDD 到 SSD 的轉變已基本完成，2023 財年第一季我們來自筆電 HDD 的收入不到 Marvell 合併收入的 1%。展望 2023 財年第二季和我們的消費終端市場，我們預期營收將以百分比連續下降中個位數，並與去年同期持平。

In closing, we delivered record results for the first quarter and are guiding for continued strong growth in the second quarter. We are seeing robust demand for our products, and our design win momentum remains strong. With 88% of our revenue coming from data infrastructure, we are confident that Marvell's favorable end market exposure makes us one of the best positioned semiconductor companies to benefit from strong secular growth trends.

最後，我們在第一季取得了創紀錄的業績，並指導第二季度繼續強勁成長。我們看到對我們產品的強勁需求，我們的設計獲勝勢頭依然強勁。我們 88% 的收入來自數據基礎設施，我們相信 Marvell 有利的終端市場曝光度使我們成為最能從強勁的長期成長趨勢中受益的半導體公司之一。

In the second quarter, at the midpoint of the range, we are guiding our revenue to grow by 41% year-over-year, which is almost entirely an organic comparison. We expect a strong operating leverage in our business model to drive non-GAAP EPS at the midpoint of guidance to grow by 65% year-over-year, significantly faster than our projected growth in revenue. As you heard throughout this call, our unique product cycles have been a big part of our above-market revenue growth.

在第二季度，即該範圍的中點，我們指導我們的營收年增 41%，幾乎完全是有機比較。我們預計，我們的業務模式中強大的營運槓桿將推動非 GAAP 每股盈餘（指引中位數）年增 65%，明顯快於我們預期的營收成長。正如您在整個電話會議中聽到的那樣，我們獨特的產品週期是我們高於市場的收入成長的重要組成部分。

As we look into the second half of this year and beyond, we are confident that our unique growth drivers in our cloud, 5G, Auto and enterprise networking end markets and our strong track record of execution through economic cycles will continue to be a source of strength.

展望今年下半年及以後，我們相信，我們在雲端、5G、汽車和企業網路終端市場的獨特成長動力以及我們在經濟週期中的良好執行記錄將繼續成為我們成長的來源。

You'll remember from our prior calls and our Investor Day presentation that we have already won a significant number of design wins, which we are projecting will add a substantial amount of incremental revenue to Marvell going forward. While the external environment is challenging, Marvell's business continues to be strong, including strong bookings in our core data infrastructure end markets. As we move forward, we intend to continue to act as we always have, be diligent about changes, react promptly and manage our business and costs aggressively.

您將從我們之前的電話會議和投資者日演示中記住，我們已經贏得了大量的設計勝利，我們預計這將為 Marvell 未來增加大量增量收入。儘管外部環境充滿挑戰，Marvell 的業務仍然強勁，包括我們核心資料基礎設施終端市場的強勁預訂。在我們前進的過程中，我們打算繼續一如既往地行事，勤於變革，迅速做出反應，積極管理我們的業務和成本。

On behalf of Marvell's leadership team, I thank our employees for their dedication in driving stellar results. Our employees are the backbone of the company, and we are excited that Marvell recently ranked third overall on the list of Best Places to Work in the Bay Area by the San Francisco Business Times and Silicon Valley Business Journal. Even this award is so special because it is the employees who decide the winners. We have an outstanding team, and this award reflects our culture, values and dedication to creating a collaborative workplace which fosters creativity and innovation.

我謹代表 Marvell 的領導團隊感謝我們的員工為取得出色成果所做的奉獻。我們的員工是公司的支柱，我們很高興 Marvell 最近在《舊金山商業時報》和《矽谷商業雜誌》評選的灣區最佳工作場所名單中名列第三。即使這個獎項也很特別，因為是由員工決定得獎者的。我們擁有一支出色的團隊，該獎項反映了我們的文化、價值觀和致力於創建一個促進創造力和創新的協作工作場所的奉獻精神。

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

接下來，我會將電話轉給 Jean，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. I'll start with a review of our financial results for the first quarter and then provide our current outlook for the second quarter of fiscal 2023. Revenue in the fourth quarter was $1.447 billion, exceeding the middle point of our guidance, growing 8% sequentially and 74% year-over-year.

謝謝馬特，大家下午好。我將首先回顧我們第一季的財務業績，然後提供我們對 2023 財年第二季度的當前展望。 %。

Data center was our largest end market driving 44% of consolidated revenue. Enterprise networking was next largest to be 20% of total revenue, followed by carrier infrastructure at 18%. Consumer added 12% and the auto industrial added 6%.

資料中心是我們最大的終端市場，佔綜合收入的 44%。企業網路排名第二，佔總收入的 20%，其次是營運商基礎設施，佔 18%。消費成長12%，汽車工業成長6%。

GAAP gross margin was 51.9%. Non-GAAP gross profit was $947 million or 65.5% of revenue, another record driven by rich product mix. GAAP operating expenses were $681 million and include the cost of share-based compensation expenses, amortization of acquired intangible assets, legal segment and acquisition and divestiture-related costs.

GAAP 毛利率為 51.9%。非 GAAP 毛利為 9.47 億美元，佔營收的 65.5%，這是由豐富的產品組合推動的另一個記錄。 GAAP 營運費用為 6.81 億美元，包括股權激勵費用、收購的無形資產攤銷、法律部門以及收購和剝離相關成本。

Non-GAAP operating expenses were $435 million reflecting the increase in R&D headcount and project expenses to execute design wins across all our data infrastructure end market. As we outlined at our Investor Day last year, we plan to continue to invest in R&D, given the tremendous opportunities we have in front of us, while keeping OpEx growth well below top line revenue growth to drive to our long-term target model.

非 GAAP 營運費用為 4.35 億美元，反映了在我們所有資料基礎設施終端市場上執行設計勝利的研發人員和專案費用的增加。正如我們在去年的投資者日所概述的那樣，考慮到我們面前的巨大機遇，我們計劃繼續投資於研發，同時保持營運支出成長遠低於營收成長，以推動我們的長期目標模式。

GAAP operating income was $70 million. We achieved record non-GAAP operating profit of $512 million, up 123% from a year ago, and our non-GAAP operating margin was 35.4%. During the first quarter, our GAAP income tax expense was $205 million. This included the impact from a onetime noncash tax charge of $240 million offset by other tax benefits in the quarter. The $240 million noncash tax charge was due to the measurement of our net deferred tax asset as a result of obtaining and expansion of a lower foreign jurisdiction tax incentives.

GAAP 營業收入為 7,000 萬美元。我們實現了創紀錄的非 GAAP 營業利潤 5.12 億美元，比去年同期成長 123%，非 GAAP 營業利潤率為 35.4%。第一季度，我們的 GAAP 所得稅費用為 2.05 億美元。其中包括 2.4 億美元的一次性非現金稅費的影響，該費用被本季的其他稅收優惠所抵消。 2.4 億美元的非現金稅費是由於我們獲得和擴大較低的外國司法管轄區稅收優惠而產生的淨遞延稅資產的計量所致。

For the first quarter, GAAP loss per diluted share was $0.20. Non-GAAP income per diluted share was $0.52, up 79% year-over-year, exceeding the middle point of our guidance.

第一季度，GAAP 攤薄每股虧損為 0.20 美元。非 GAAP 攤薄每股收益為 0.52 美元，年增 79%，超過了我們指引的中點。

Now turning to our balance sheet and cash flow. During the quarter, cash flow from operations was $195 million as we increased our working capital investment to support the top line revenue growth in a very tight supply chain environment.

現在轉向我們的資產負債表和現金流。本季度，我們增加了營運資本投資，以在供應鏈非常緊張的環境下支持營收成長，營運現金流為 1.95 億美元。

The increase in working capital was primarily driven by increase in inventory, especially raw materials and work in progress help us manage it through ongoing supply chain disruption. We also made $86 million in payments during the quarter to secure long-term capacity with our suppliers. As of the end of the first fiscal quarter, our cash and cash equivalents were $465 million, and our long-term debt was $4.5 billion.

營運資金的增加主要是由於庫存的增加，特別是原材料和在製品的增加，幫助我們應對持續的供應鏈中斷。我們還在本季支付了 8,600 萬美元，以確保與供應商的長期產能。截至第一財季末，我們的現金和現金等價物為 4.65 億美元，長期債務為 45 億美元。

Our gross debt-to-EBITDA ratio was 2.3x, and net debt-to-EBITDA ratio was 2x. We returned $66 million to shareholders through $51 million in cash dividends and $15 million through share repurchase during the first quarter. Subsequent to the end of the first quarter of fiscal 2023, over the first 3 weeks of the second quarter, we repurchased additional $50 million of our shares through our 10b5 program.

我們的總負債與 EBITDA 比率為 2.3 倍，淨負債與 EBITDA 比率為 2 倍。第一季度，我們透過 5,100 萬美元現金股利和 1,500 萬美元股票回購向股東返還 6,600 萬美元。 2023 財年第一季末後，在第二季的前 3 週，我們透過 10b5 計畫額外回購了 5,000 萬美元的股票。

We are pleased that we have restarted the share repurchase program as we believe it's in the best interest of the company and our long-term shareholders. In summary, the Marvell team executed exceptionally well delivering accelerated top line revenue growth and strong earnings expansion significantly faster than revenue growth.

我們很高興我們重新啟動了股票回購計劃，因為我們相信這符合公司和長期股東的最佳利益。總而言之，Marvell 團隊執行得非常出色，實現了營收加速成長和強勁的獲利擴張，其速度明顯快於營收成長。

Turning to our guidance. For the second quarter of fiscal 2023, we expect the following results: revenue in the range of $1.515 billion, plus or minus 3%. GAAP gross margin in the range of 49.6% to 51.9%. Non-GAAP gross margin in the range of 65% to 65.5%.

轉向我們的指導。對於 2023 財年第二季度，我們預期結果如下：營收在 15.15 億美元範圍內，上下浮動 3%。 GAAP毛利率介於49.6%至51.9%之間。非 GAAP 毛利率在 65% 至 65.5% 之間。

GAAP operating expenses to be approximately $669 million. Non-GAAP operating expenses to be approximately $435 million, which assumes that we will complete the acquisition of Tanzanite in the second quarter. For the second quarter, we expect non-GAAP tax rate of 6%. We expect our basic weighted-average share outstanding will be 853 million, and our diluted weighted-average shares outstanding will be 862 million. As a result, we expect GAAP earnings per share in the range of $0.02 to $0.10.

GAAP 營運費用約為 6.69 億美元。非公認會計準則營運費用約為 4.35 億美元，假設我們將在第二季完成對 Tanzanite 的收購。對於第二季度，我們預計非 GAAP 稅率為 6%。我們預計基本加權平均流通股將為 8.53 億股，稀釋加權平均流通股將為 8.62 億股。因此，我們預計 GAAP 每股收益在 0.02 美元至 0.10 美元之間。

We expect non-GAAP income per diluted share in the range of $0.53 to $0.59.

我們預計非 GAAP 每股攤薄收益在 0.53 美元至 0.59 美元之間。

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

接線員，請開通線路並公佈問答指示。謝謝。

(Operator Instructions) Our first question is from Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

Congrats on the strong execution. Matt, I was hoping you could speak to your expectations for the second half, both from a demand perspective and a supply perspective. I think last quarter, there was a little bit of confusion as it pertains to the full year outlook. So if you can kind of confirm how you're thinking about your overall business, but particularly data center into the second half, that would be super helpful. And then again, if you have the supply to support the strong outlook?

祝賀強大的執行力。馬特，我希望您能從需求和供應的角度談談您對下半年的期望。我認為上個季度，與全年展望相關的情況有些混亂。因此，如果您可以確認您對整體業務的看法，特別是下半年的資料中心，那將非常有幫助。話又說回來，是否有供應支持強勁的前景？

Yes. Thanks, Toshiya. Great to hear from you. Yes, so we're pleased with the results and execution in Q2. And -- I'm sorry, in Q1, and as you saw, we had a very strong quarter in data center, which I'll come back to in a minute.

是的。謝謝，俊哉。很高興收到你的來信。是的，我們對第二季的結果和執行感到滿意。而且 - 抱歉，在第一季度，正如您所看到的，我們在資料中心方面有一個非常強勁的季度，我稍後會談到這一點。

But just to kind of reframe from the demand side in all of our end markets, except consumer, we see very strong demand trends, Toshiya. Bookings have been very strong in the last 2 quarters. Demand, our demand outlook for the year continues to be strong. And with respect to data center specifically, we did have a strong Q1 better than expected. We still have pent-up demand and lack of supply there for the second quarter, but we expect actually a reacceleration in the data center in terms of our growth in Q3 and Q4, i.e., the second half.

但只是從我們所有終端市場（除消費者之外）的需求方面進行重新構建，我們看到非常強勁的需求趨勢，Toshiya。過去兩季的預訂量非常強勁。需求方面，我們今年的需求前景仍然強勁。特別是在資料中心方面，我們的第一季業績確實好於預期。 第二季我們仍然有被壓抑的需求和供應不足，但我們預期資料中心在第三季和第四季（即下半年）的成長實際上會重新加速。

And on top of that, we have incremental new design wins that we've secured over the last 12 to 18 months, which we've sized roughly at, call it, $400 million incremental next year and $800 million the year after. That's actually going to start layering in as well in the second half. So from our perspective, ex consumer, demand continues to be very strong.

最重要的是，我們在過去 12 到 18 個月內贏得了增量新設計，我們的規模大致為未來增量 4 億美元，後年增量 8 億美元。實際上，這也會在下半場開始分層。因此，從我們的角度來看，從消費者角度來看，需求仍然非常強勁。

Data center in particular is going to have a great first half and a great second half. And then relative to supply, we really, first of all, credit to our operations team doing a great job in the first quarter, navigating all of the different impacts going on, in particular, in China and delivering a strong quarter.

尤其是資料中心，上半年和下半年都會表現出色。相對於供應，我們首先要歸功於我們的營運團隊在第一季的出色工作，應對了正在發生的所有不同影響，特別是在中國，並實現了強勁的季度業績。

Looking forward, we're starting to see the benefit of all the investment we put in over the last year into our supply chain. Whether that be the improvement in systems and tools, the relationships and the capacity that we've secured. And so we believe that, that's going to continue. And we do see a much improved supply outlook not only in the short term, as you can see from our results, both beating in our Q1 and then guiding strongly for Q2, but also in the second half, Toshiya.

展望未來，我們開始看到去年我們在供應鏈中投入的所有投資所帶來的好處。無論是系統和工具的改進，或是我們所獲得的關係和能力。所以我們相信，這種情況將會持續下去。我們確實看到供應前景大大改善，不僅在短期內，正如您從我們的結果中看到的那樣，在我們的第一季度中表現出色，然後對第二季度進行強勁指導，而且在下半年，Toshiya 。

And again, I think that's the result of a lot of hard work and transformation in our supply chain to meet our growth plans. So in summary, we have very strong demand driven by data center but also in 5G and automotive and the other things we've talked about and we've seen real improvements in our visibility into the supply we're going to get to go meet that customer demand.

再說一次，我認為這是我們為滿足我們的成長計劃而在供應鏈中進行大量努力和轉型的結果。總而言之，我們在資料中心、5G 和汽車以及我們討論過的其他方面都有非常強勁的需求，我們已經看到我們對供應的可見性有了真正的提高，我們將要滿足客戶的需求。

The next question is from Chris Caso with Raymond James.

下一個問題是克里斯·卡索和雷蒙德·詹姆斯提出的。

I wonder if you could talk a little bit about the enterprise networking business. And I guess it came in a little below your expectations, but yet you're still speaking about supply constraints in that area.

我想知道您能否談談企業網路業務。我猜它有點低於你的預期，但你仍然在談論該領域的供應限制。

Is that a situation where your customers are supply constrained elsewhere and you're waiting for them? Maybe just give some explanation of the dynamics in that part of the business?

是否存在這樣的情況：您的客戶在其他地方的供應受到限製而您正在等待他們？也許只是對這部分業務的動態做出一些解釋？

Yes. Thanks, Chris. Yes, this was definitely a quarter where the mix wasn't exactly where we thought it was going to be from when we guided. As you could see, we overachieved in data center, and we underachieved on enterprise. But as I pointed out in my comments, the delinquency and kind of the unfulfilled backlog relative to the size of the business is actually still the highest in enterprise. So this was really a case of just us being unable to execute our supply plan for the quarter, nothing to do with demand.

是的。謝謝，克里斯。是的，這絕對是一個混合與我們指導時所設想的不完全一致的季度。正如您所看到的，我們在資料中心方面表現出色，但在企業方面表現不佳。但正如我在評論中指出的那樣，相對於企業規模而言，拖欠率和未履行積壓訂單的種類實際上仍然是企業中最高的。因此，這實際上是我們無法執行本季供應計劃的情況，與需求無關。

In fact, the demand from our enterprise customers continues to be very robust looking into the second quarter and throughout the year. So it was nothing to do with them. They want more of our product. And you can see somewhat of a catch-up in Q2 with a very strong guide sequentially into the second quarter.

事實上，我們的企業客戶的需求在第二季和全年仍然非常強勁。所以這件事與他們無關。他們想要更多我們的產品。您可以看到第二季度有所追趕，第二季度的指引非常強勁。

But we see that continuing, Chris. So I know there's been a lot of noise out there around enterprise. But from our perspective and talking to our customers, demand remains very strong. And in fact, we're behind in terms of our supply to catch up. But I think consistent with what Toshiya was asking, we are looking to improve that in the second quarter and also through the second half.

但我們看到這種情況仍在繼續，克里斯。所以我知道企業周圍有很多噪音。但從我們的角度以及與客戶的交談來看，需求仍然非常強勁。事實上，我們在供應方面已經落後了。但我認為與 Toshiya 的要求一致，我們希望在第二季和下半年改進這一點。

The next question is from Gary Mobley with Wells Fargo Securities.

下一個問題來自富國銀行證券公司的加里‧莫布里 (Gary Mobley)。

Congratulations on the good results. Wanted to ask about the supply situation and you just articulated improving supply coming online for the balance of the year. To what extent is that being driven by you perhaps giving your foundry partners a better forecast?

恭喜取得好成績。我想詢問供應情況，您剛剛闡明了今年剩餘時間將改善供應。您的推動在多大程度上可能會為您的代工合作夥伴帶來更好的預測？

How much of it is being driven by maybe you growing some more money their way in prepayments? And to what extent is it being influenced by some shifting of fungible capacity as the semiconductor market is no longer universally strong. So maybe you're benefiting redistribution of supply?

其中有多少是由於您透過預付款方式增加了更多資金？隨著半導體市場不再普遍強勁，它在多大程度上受到可替代產能轉移的影響。那麼也許您正在受益於供應的重新分配？

Yes. Excellent question. And I think there's probably a piece of all of that. I think when I look back over what we've accomplished, one is we had to do a fairly significant education process across the supply chain of Marvell's prospects, how all the different pieces have come together from the different M&A we've done, our end market focus, et cetera.

是的。很好的問題。我認為這可能是其中的一部分。我認為，當我回顧我們所取得的成就時，其中之一是我們必須在Marvell 前景的供應鏈中進行相當重要的教育過程，了解所有不同的部分如何從我們所做的不同併購中匯集在一起，我們的終端市場重點等。

And so I think we did a good job of that of getting the broader supply chain ecosystem to understand the Marvell opportunity. And so to a large extent, they're betting on us and they're supporting our growth. And you can see that, right, just in terms of the year-over-year growth we're achieving, which by the way, is off of a pretty strong year we had last year.

因此，我認為我們在讓更廣泛的供應鏈生態系統了解 Marvell 機會方面做得很好。因此在很大程度上，他們押注於我們並支持我們的成長。你可以看到，就我們所實現的年成長而言，順便說一下，這是我們去年相當強勁的一年。

So that's clearly a factor. We have also signed agreements relative to securing capacity. And you can see some of those that have shown up in our Q or 8-Ks we've issued, strategic partnerships we've entered into. So some of that has been down payments and supply agreements to ensure that we have the right capacity. I think that's some part of it. And then it's hard to say, but on the last part of it, the sort of fungibility that may be coming into play a little bit, but it's too early to say. And quite frankly, the supply we're seeing today is we can really mostly attribute that to sort of our own effort. I will say, and just to be very clear for everybody on the call, we're not out of the woods here. Our unfulfilled backlog has continued to grow each quarter. We're definitely working that down. We're focused very much on the end demand and shipping to the right people.

所以這顯然是一個因素。我們也簽署了有關確保產能的協議。您可以看到其中一些已經出現在我們發布的 Q 或 8-K 中，以及我們已經建立的策略合作夥伴關係。因此，其中一些是預付款和供應協議，以確保我們擁有適當的產能。我認為這是其中的一部分。然後很難說，但在最後一部分，這種可替代性可能會發揮一點作用，但現在說還為時過早。坦白說，我們今天看到的供應量實際上可以大部分歸因於我們自己的努力。我要說的是，為了向參加電話會議的每個人明確表示，我們還沒有走出困境。我們的未履行積壓訂單每季都在持續成長。我們肯定會努力解決這個問題。我們非常關注最終需求並將其運送給合適的人。

And we feel like we've done a good job of that in terms of keeping our customers' lines moving and not causing impacts and being very agile. But I think to the extent that on that third point, the fungibility side, if there were to be a true reduction or capitulation, let's call it, of PC and consumer end market and not needing all the supply they've consumed, that certainly could be an incremental thing we could look at in the second half.

我們覺得我們在保持客戶線路暢通、不造成影響以及非常敏捷方面做得很好。但我認為，在第三點上，即可替代性方面，如果個人電腦和消費終端市場真正減少或投降，我們可以稱之為，並且不需要他們消耗的所有供應，那肯定是可能是我們下半年可以看到的增量事情。

But that -- that's not quite there yet, but maybe some of it is. We do see pockets of things opening up, but it's really hard when you sort of drill into it to figure out where it exactly came from. Hope that's helpful. Kind of a combination that you sort of nailed it...

但這——還沒有完全實現，但也許已經實現了一部分。我們確實看到了一些東西正在開放，但是當你深入研究它以弄清楚它到底來自哪裡時，這真的很難。希望有幫助。有點像你釘牢的組合...

The next question is from Timothy Arcuri with UBS.

下一個問題來自瑞銀集團的提摩西·阿庫裡。

Matt, I have just a broad question kind of on demand signals. To some degree, because supply has been so tight, it does create the potential that some of the orders, and I'm not saying for you, but I'm just saying broadly, are being placed just to secure their spot in line and not really backed by underlying sell-through at the customer or even the customer's customer level.

馬特，我有一個關於按需信號的廣泛問題。在某種程度上，由於供應如此緊張，它確實創造了一些潛力，我不是為你說的，但我只是廣義地說，只是為了確保他們的位置而放置的。客戶層面的潛在銷售支援。

And it sort of creates the risk that the chip companies are going to see more of a delay in sort of the demand signals at this time. I think it's less of a risk for you. But I guess my question is, how do you assess that as a risk?

這在一定程度上造成了晶片公司此時會看到需求訊號出現更多延遲的風險。我認為這對你來說風險較小。但我想我的問題是，你要如何評估這種風險？

And really, the question, I guess, is on the tenor of your discussions with your customers? Do you get the sense that there are some examples of customers placing bookings just to get in the queue because you have such long lead times. I asked because some of the big -- large cloud customers are beginning to slow some of their hiring, things like that. So I'm just wondering what the tenor is of your talks with them.

事實上，我想問題在於您與客戶討論的基調？您是否感覺到有一些客戶預訂只是為了排隊的例子，因為您的交貨時間很長。我問這個問題是因為一些大型雲端客戶開始放慢招募速度，諸如此類。所以我只是想知道你和他們談話的基調是什麼。

Sure, Tim. Yes. No, it's not unlike other cycles, where certainly the phenomena you point out, and this is the investor concern, right, more broadly (inaudible) have customers over-indexed on their order placements. And what happens when demand stops or slows down? So we've taken this very seriously.

當然，提姆。是的。不，這與其他週期沒有什麼不同，其中肯定有您指出的現象，這是投資者關心的問題，對，更廣泛（聽不清楚）的客戶對他們的訂單放置過度索引。當需求停止或放緩時會發生什麼？所以我們非常認真地對待這個問題。

I mean I just did a pretty much half a day review in the last few weeks with my entire team going through each of our product lines, going through to the customers and really kind of working through at an individual level. Where we still see the demand? Do we see any inventory building up? If so, what does it look like and that type of an exercise.

我的意思是，在過去的幾周里，我剛剛進行了大約半天的審查，我的整個團隊審查了我們的每條產品線，審查了客戶，並真​​正在個人層面上進行了工作。我們在哪裡仍然看到需求？我們是否看到庫存增加？如果是這樣，它是什麼樣子的以及那種類型的練習。

And what I can tell you is there's no real examples I could point to, Tim, or anything thematic. I guess in some ways, we may have the benefit that we've been somewhat behind although I think we've done a good job of keeping everybody's lines moving. But certainly, we haven't been the company that's been swimming in capacity.

我可以告訴你的是，我沒有可以指出的真實例子，提姆，或任何主題。我想在某些方面，我們可能有一個好處，那就是我們已經有點落後了，儘管我認為我們在保持每個人的隊伍運作方面做得很好。但可以肯定的是，我們並不是一家一直在產能過剩的公司。

So I think as we look out now, especially where the kind of global economy is beginning to moderate, we're able to kind of take a look now and do a refresh, especially with our improved supply situation and really make sure we're allocating it to the right people. So it's a very active process, Tim, but I can't give you any nuggets of specific examples where I think thematically inventory may be building.

因此，我認為，當我們現在觀察時，尤其是在全球經濟開始放緩的情況下，我們現在能夠進行審視並進行更新，特別是在我們的供應狀況有所改善的情況下，並真正確保我們將其分配給合適的人。所以這是一個非常活躍的過程，Tim，但我無法向您提供任何我認為主題庫存可能正在建立的具體範例。

But I guess I would conclude by saying we did -- we were pretty transparent in the prepared remarks about what we saw in the consumer segment, which albeit it's 12% of the business. And of that, a smaller portion of it is really exposed to what I would call kind of true consumer like PCs and things like that, but that did very much slow down. There definitely was a change in demand. And as a result, some supply that had there -- some inventory that had built up, but we've got other moving pieces even with consumer that's sort of offsetting it.

但我想我最後會說我們做到了——我們在準備好的評論中對我們在消費者領域看到的情況相當透明，儘管它佔業務的 12%。其中，一小部分確實接觸到了我所說的真正的消費者，像是個人電腦之類的東西，但這確實大大減慢了速度。需求肯定發生了變化。結果，那裡有一些供應——一些庫存已經積累，但我們還有其他移動的部分，即使消費者也有一定程度的抵消。

So a long way of answering it. I don't have any great examples, but we're on it. We're watching it. But I'd say the bulk of the meeting, to be honest, when I had it was the demand signals being very strong, right, across the cloud companies, across our 5G business, enterprise, wired. There's a lot of great opportunities for us. And a lot of this, Tim, is driven on Marvell's product cycles. It's not really necessarily an end market phenomena we're dealing with here. It's really the new product ramps that you're very aware of across these different segments, and those seem very much intact in aggregate.

回答這個問題的方式很長。我沒有什麼很好的例子，但我們正在努力。我們正在關注它。但老實說，我想說，會議的大部分內容是，雲端公司、我們的 5G 業務、企業、有線的需求訊號非常強烈。我們有很多很好的機會。 Tim，其中許多都是由 Marvell 的產品週期所驅動的。這並不一定是我們在這裡處理的終端市場現象。您確實非常了解這些不同細分市場的新產品升級，而且這些產品整體看起來非常完整。

Yes, I mean, I think in the continuum of companies that have risk, you're at the kind of bottom of the list. But thanks for the questions -- or the answers.

是的，我的意思是，我認為在有風險的公司中，你們處於名單的底部。但感謝您提出的問題或答案。

The next question is from Vivek Arya with Bank of America Securities.

下一個問題來自美國銀行證券公司的 Vivek Arya。

Just wanted to clarify, Matt, if you have seen already or are baking in any supply or demand effects of the China lockdown or Europe turmoil. But my bigger question is, how do we conceptually align this notion of rising delinquency or unmet demand with rising inventory at both on semiconductor company balance sheet and even at some of the large networking OEMs, at what point does this rising inventory across the supply chain start to become a concern?

馬特，我只是想澄清一下，您是否已經看到或正在看到中國封鎖或歐洲動盪對供應或需求的影響。但我更大的問題是，我們如何從概念上將拖欠率上升或需求未滿足的概念與半導體公司資產負債表上甚至一些大型網路原始設備製造商的庫存上升相結合，整個供應鏈中庫存上升的情況在什麼時候會改變？

Great. Thanks, Vivek. Yes. On the first question, again, we're -- as you know, based on the timing of our reporting, we're like everybody else who's going right now. We had the month of April to comprehend in there relative to the China lockdown. And we navigated it really well.

偉大的。謝謝，維韋克。是的。再次，關於第一個問題，正如你所知，根據我們報告的時間，我們和其他正在出發的人一樣。我們用四月的時間來了解中國的封鎖情況。我們處理得非常好。

I think one of the reasons for us is that when COVID first happened -- when the pandemic first began and there was major lockdowns everywhere, China including and also Southeast Asia, our operations team did a really good job of building up supply chain redundancy and resiliency over the last 2 years. So effectively dual sourced almost everything we can coming in and out of China and even some of the other regions over there.

我認為對我們來說，原因之一是，當新冠疫情第一次發生時，當疫情剛開始時，各地都實行了大規模封鎖，包括中國和東南亞，我們的營運團隊正在建立供應鏈冗餘方面做得非常好，過去2年的彈性。因此，我們幾乎所有進出中國甚至其他一些地區的東西都有效地採用了雙重來源。

So there was some impact. There was a little bit of product revenue where could we have gotten supply out of China, we could have fulfilled it, but it was very small, Vivek, to be honest with you. So we're able to be fairly agile in terms of moving things around. So that -- that was a positive.

所以還是有一些影響的。我們可以從中國獲得一點產品收入，我們可以實現它，但說實話，維韋克，它非常小。因此，我們能夠相當靈活地移動事物。所以這是積極的。

On the war in Ukraine and the impact on kind of in the EU, again, I think you're hearing the data points, right? We don't see it directly, but certainly on the slowdown in the consumer segment, people's budgets being pinched, things like that. I think that's part of the issue with some of the consumer end market commentary. Again, we're not really in there. So -- and we don't have operations in Ukraine or Russia. So we didn't really have any impact on that. So I think we're okay there.

關於烏克蘭戰爭及其對歐盟的影響，我想您再次聽到了這些數據點，對吧？我們沒有直接看到它，但肯定會看到消費領域的放緩、人們的預算受到擠壓等。我認為這是一些消費者終端市場評論的問題的一部分。再說一遍，我們並不真正在那裡。所以——我們在烏克蘭或俄羅斯沒有業務。所以我們對此並沒有真正產生任何影響。所以我認為我們在那裡沒問題。

On the commentary on rising inventory, look, I'm very aware of this. You can pull everybody's Qs out and look at -- and one simple thing we do is look at OEM companies' revenue growth and OEM companies' inventory growth. And you can see across a wide range of companies and industries, growth in inventory far exceeding revenue growth. So that is something we're paying attention to. We're using that to dive in deep with our customers.

關於庫存上升的評論，你看，這個我是非常清楚的。你可以把每個人的 Q 拿出來看看——我們做的一件簡單的事情就是看看 OEM 公司的收入成長和 OEM 公司的庫存成長。您可以看到，在許多公司和行業中，庫存成長遠遠超過收入成長。所以這是我們正在關注的事情。我們正在利用它來深入了解我們的客戶。

But I would say that our view tends to be like a lot of our customers, which is the end demand, especially in enterprise, in cloud and in our product cycle in 5G, the demand looks pretty strong. But there is -- there are missing pieces. There is the golden screw issue for sure that some of our customers have. We're just trying not to be the golden screw and also be very kind of clear eyed about where the inventory is and what does that mean for Marvell.

但我想說的是，我們的觀點往往像我們的許多客戶一樣，這是最終需求，特別是在企業、雲端和我們的 5G 產品週期中，需求看起來相當強勁。但有一些缺失的部分。我們的一些客戶肯定有金螺絲問題。我們只是努力不成為金螺絲，同時也非常清楚庫存在哪裡以及這對 Marvell 意味著什麼。

And so I can tell you is we're digging into it at a part level detail and making sure that we're being prudent about where we allocate the supply. But it is something we got to keep watching for sure.

所以我可以告訴你，我們正在深入研究零件層面的細節，並確保我們對分配供應的位置持謹慎態度。但這是我們必須繼續關注的事情。

Yes. And to add to what Matt said is we actually chose to increase our inventory to support the revenue growth in the second half. We have a very broad set of product lines, and we see strong demand. So the flexibility we need to have raw materials and the way to support the revenue growth is really critical. So we did choose that to make sure we can support the customers and the future revenue growth.

是的。補充一下馬特所說的是，我們實際上選擇增加庫存以支持下半年的收入成長。我們擁有非常廣泛的產品線，需求強勁。因此，我們需要原材料的靈活性以及支持收入成長的方式非常關鍵。因此，我們確實選擇了這一點，以確保我們能夠支持客戶和未來的收入成長。

Do you have a target Jean on days of inventory?

您對庫存天數有目標 Jean 嗎？

The current level is what we are comfortable. We think we can help and manage the supplies for the second half. I think if the environment is normalized, that we definitely will have a lower inventory like 120 days. That's what we think we should keep.

目前的水平是我們感到舒適的水平。我們認為我們可以幫助和管理下半年的供應。我認為如果環境正常化，我們的庫存肯定會更低，例如 120 天。這就是我們認為應該保留的。

But right now, we definitely chose to increase it to provide more flexibility.

但現在，我們肯定選擇增加它以提供更大的靈活性。

Yes. Vivek, just to chime in on Jean's comments, I fully agree. If you look at just the steepness of the revenue ramp we're dealing with. Clearly, the WIP has to go up, right, just to sort of support the growth. So that part we're comfortable with. And given the lockdowns and all the volatility, I think having that extra inventory carry for us is very prudent.

是的。 Vivek，只是為了插話讓的評論，我完全同意。如果你只看一下我們正在處理的收入成長的陡峭程度。顯然，在製品必須上升，對吧，只是為了支持成長。所以我們對這部分感到滿意。考慮到封鎖和所有的波動性，我認為為我們保留額外的庫存是非常謹慎的。

And we watch it, and we'll certainly work it down. But I don't think you're going to see many companies go back to the good old days of 80 days or something like that, unless they truly get into trouble. I just think for a while, we're all going to have to be mindful that there's a lot of volatility in the world. But we're sort of in the range now, and we're very conscious in terms of what we're doing here.

我們會關注它，我們一定會解決它。但我認為你不會看到很多公司回到 80 天之類的美好時光，除非他們真的陷入了麻煩。我只是想，有一段時間，我們都必須注意世界上有很大的波動性。但我們現在已經在這個範圍內了，而且我們對於我們在這裡所做的事情非常有意識。

The next question is from Matt Ramsay with Cowen.

下一個問題是馬特拉姆齊 (Matt Ramsay) 和考恩 (Cowen) 提出的。

Yes. Matt, in part of your script, you had talked about the upcoming server launches that include a couple of new technologies, right, the PCIe Gen 5 and then some CXL support for shared memory. And I think you guys have done a great job of articulating what that might mean for your Accelerator business and given us some outlook there.

是的。 Matt，在您的腳本的一部分中，您談到了即將推出的伺服器，其中包括一些新技術，對吧，PCIe Gen 5，然後是對共享記憶體的一些 CXL 支援。我認為你們已經很好地闡明了這對你們的加速器業務可能意味著什麼，並給了我們一些展望。

I was curious if you might explain a little bit about what PCIe 5 might drive for your support of that technology into the storage and networking peripherals. Is that material to the growth in the back half? And how much visibility do you have there? Just -- and then just a quick follow-up, question I get all the time is visibility on cloud CapEx.

我很好奇您是否可以解釋一下 PCIe 5 可能會推動什麼，以支援該技術進入儲存和網路週邊設備。這對後半場的成長有影響嗎？您在那裡的能見度有多少？只是 - 然後只是一個快速的後續行動，我一直收到的問題是雲端資本支出的可見性。

If you guys look out in your cloud business, is it quarters, years? Like how long are we talking that you feel like you have visibility because there's definitely some concerns there. I appreciate it.

如果你們留意一下你們的雲端業務，是幾個季度還是幾年？就像我們談論了多久你覺得你有可見性，因為那裡肯定存在一些擔憂。我很感激。

Matt, good to hear from you, and good questions. Yes, I think you did nail it on one of the more important aspects of the upcoming CPU cycles is the IO, right, and the release of PCIe Gen 5 and we've certainly been preparing for that. That is a key part of the equation for us, particularly, as you can imagine, in our storage business and our data center storage business, which one of the key things we have to align to on our product roadmap is obviously nailing the PCIe IO roadmap, and it's not a trivial thing, not only the controller, but obviously the PHY and getting everything qualified and working.

馬特，很高興收到你的來信，並且提出了很好的問題。是的，我認為您確實指出了即將到來的 CPU 週期的一個更重要的方面，即 IO，對吧，以及 PCIe Gen 5 的發布，我們當然已經為此做好了準備。這對我們來說是一個關鍵部分，特別是，正如你可以想像的那樣，在我們的儲存業務和資料中心儲存業務中，我們在產品路線圖上必須調整的關鍵事項之一顯然是確定 PCIe IO路線圖，這不是一件小事，不僅是控制器，顯然還有PHY，並使一切合格並正常工作。

And so our team has done a great job there. We're very well positioned in storage on PCIe Gen 5. I actually said in my remarks, we've already got wins lined up on Gen 6. That's still [weighs] out, but that's going to be another leg of growth. And you're right, the PCIe standard is really going to be the fabric and the interconnect that CXL runs on top of.

所以我們的團隊在那裡做得很好。我們在 PCIe Gen 5 存儲方面處於非常有利的位置。您是對的，PCIe 標準實際上將成為 CXL 運行的結構和互連。

And so a lot of the effort we put in on both Gen 5 and in the future, Gen 6 is going to give us tremendous leverage as we think about disaggregation, particularly of memory and these different solutions that are going to emerge around CXL. So it's very strategic. We do -- we always make make-or-buy decisions on things in terms of -- make versus buy, sorry, on technologies, but this is one, particularly on the PHY layer for PCIe that we've -- we do ourselves, and we have -- we're best in class in what we do here, and then we leverage that into our larger SOCs.

因此，當我們考慮分解時，我們在 Gen 5 和未來 Gen 6 上投入的大量努力將為我們提供巨大的影響力，特別是內存以及將在 CXL 周圍出現的這些不同解決方案。所以這是非常有戰略意義的。我們確實 - 我們總是在技術方面做出自製或外購的決定 - 抱歉，在技術方面，但這是一個，特別是在我們自己做的 PCIe PHY 層上，我們在我們所做的事情上是同類中最好的，然後我們將其運用到我們較大的SOC 中。

So -- but I think the biggest impact for Marvell will be just driving broader adoption of our data center flash controllers, which again, are well positioned across a number of NAND OEMs. And products defined directly with the cloud OEMs going back several years, right, to get all this lined up. So it's going to be a good cycle for us.

所以，但我認為對 Marvell 最大的影響將是推動我們的資料中心快閃記憶體控制器的更廣泛採用，這些控制器在許多 NAND OEM 中也處於有利地位。幾年前，直接由雲端原始設備製造商定義的產品，使所有這些保持一致。所以這對我們來說將是一個好的循環。

And then, sorry, on cloud CapEx, I don't have any insight. I -- we certainly look at all the publicly available data. The most recent update certainly looked promising. But I would say for Marvell, Matt, and for the rest of the investors on the call, we're -- of course, the overall CapEx environment in cloud can certainly be a tailwind and that could be a headwind for anybody that supplies into there.

然後，抱歉，對於雲端資本支出，我沒有任何見解。我——我們當然會查看所有公開的數據。最近的更新看起來確實很有希望。但我想說，對於 Marvell、Matt 以及電話會議上的其他投資者來說，我們——當然，雲端的整體資本支出環境肯定可以成為順風，而對於任何供應商而言，這也可能成為逆風那裡。

But -- you got to remember, most of our revenue coming from the cloud is really in new product cycles that are very Marvell specific in some cases. I mean, let's take PAM, for example. If you went back a year ago, you really had a couple of companies deploying it versus older NRZ-based solutions. You head into this year, there are now additional companies as well that are going to be driving that cycle on 200 and 400-gig.

但是，您必須記住，我們的大部分收入來自雲端，實際上是在新產品週期中，在某些情況下，這些新產品週期是 Marvell 特有的。我的意思是，讓我們以 PAM 為例。如果你回到一年前，你會發現確實有幾家公司在部署它，而不是舊的基於 NRZ 的解決方案。進入今年，現在還有更多公司將在 200 和 400 場演出中推動這一循環。

We have new applications like even 800-gig as an example, for AI clusters and things like that where we started ramping our 800-gig product. So whether the CapEx goes up or down, there's new applications and new replacement cycles that are going on. And then there's just other things like, for example, in our cloud ethernet switch area, right? There was new wins we got through the Innovium team that joined us last year. We expect continued strong growth from that product area. We have new cloud optimized silicon in ASICs and DPUs that were designed in over the last couple of years. Those are going to be ramping up.

我們有新的應用程序，例如 800-gig，用於人工智慧叢集和類似的東西，我們開始提升我們的 800-gig 產品。因此，無論資本支出上升或下降，都會出現新的應用程式和新的更換週期。然後還有其他的東西，例如，在我們的雲端乙太網路交換器區域，對嗎？去年加入我們的 Innovium 團隊讓我們取得了新的勝利。我們預計該產品領域將持續強勁成長。我們在過去幾年設計的 ASIC 和 DPU 中擁有新的雲端優化晶片。這些將會不斷增加。

So we are very -- we're paying attention to it, Matt, but I would say that it's a little bit like our 5G business. You can see things go up and down and lumpiness in the market. But when you have a strong product cycle with either content or share gain and new customers coming on, you can power through and that's our full expectation in the cloud. We have very strong conviction on our business there today, particularly in the second half and next year relative to the cloud hyperscale and we'll watch the CapEx trend, but most of our products are independent of that trend.

所以我們非常——我們正在關注它，馬特，但我想說這有點像我們的 5G 業務。你可以看到市場的起伏和波動。但是，當您擁有強大的產品週期（無論是內容還是份額收益）以及新客戶不斷湧現時，您就可以渡過難關，這就是我們對雲端的全部期望。我們對今天的業務有非常堅定的信心，特別是在下半年和明年相對於超大規模雲，我們將關注資本支出趨勢，但我們的大多數產品都獨立於該趨勢。

The next question is from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的 Ross Seymore。

Jean, I wanted to ask you one on the margin side of the equation. You guys always run a very tight ship in this, but there's lots of moving parts. Matt's talked a lot about more supply coming on in the back half of this year. Sometimes that can come at a higher price these days. And then even the OpEx side of things, wage inflation, et cetera, and some acquisition integration that you talked about.

吉恩，我想問你一個關於等式邊際的問題。你們在這方面總是管理得非常嚴格，但也有很多活動部件。馬特多次談到今年下半年將增加供應。有時，現在的價格可能會更高。然後甚至是營運支出方面、薪資上漲等，以及您談到的一些收購整合。

So generally speaking, can you walk us through the puts and takes on the gross margin and the OpEx side of things for the rest of the year?

一般來說，您能否向我們介紹今年剩餘時間的毛利率和營運支出方面的看跌期權和看跌期權？

Yes. Ross, thanks for the question. I think our team has been very disciplined to manage OpEx to make sure we follow our overall business model, right? Grow revenue significantly faster than OpEx growth and keep the gross margin right in the middle or even above the middle of our long-term target model so we can drive the earnings expansion much faster than top line revenue growth.

是的。羅斯，謝謝你的提問。我認為我們的團隊在管理營運支出方面非常自律，以確保我們遵循整體業務模式，對嗎？收入成長速度明顯快於營運支出成長速度，並將毛利率保持在我們長期目標模型的中間甚至之上，這樣我們就可以比營收成長速度更快地推動獲利擴張。

When you look at the OpEx in Q1, as I said earlier, we increased headcount and project expense to really execute on all the design wins we have won. Q2, it's -- we keep it flat. In the second half, it's going to go a little bit higher, slightly higher, but it's largely because we are going to grow revenue in second half to support the revenue growth. You have certain variable expenses that will increase slightly in second half.

當您查看第一季的營運支出時，正如我之前所說，我們增加了人員數量和專案費用，以真正執行我們贏得的所有設計成果。 Q2，我們保持不變。下半年，它會稍微高一點，但主要是因為我們將在下半年增加收入以支持收入成長。您的某些變動費用將在下半年略有增加。

In the longer term, you should continue to expect us to drive top line revenue growth and OpEx around 50% slower than top line revenue growth. So we can continue to get the earnings expansion. So in Q2, if you look at the middle point of our guide, our operating margin is already above 36%. We are very, very driven to get our operating model to the 38% to 40% range.

從長遠來看，您應該繼續期望我們推動營收成長，而營運支出將比營收成長慢 50% 左右。這樣我們就可以繼續實現獲利擴張。因此，在第二季度，如果你看看我們指南的中間點，我們的營業利潤率已經超過 36%。我們非常非常努力地將我們的營運模式提升到 38% 到 40% 的範圍。

The next question is from Tore Svanberg with Stifel.

下一個問題來自 Tore Svanberg 和 Stifel。

Congratulations on the strong results. Just had a follow-up on the storage question, but this time on Gen 6, not on Gen 5. So just, Matt, can you maybe frame a little bit Marvell's positioning here?

祝賀取得了優異的成績。剛剛對存儲問題進行了跟進，但這次是在第 6 代，而不是在第 5 代。

I mean I think about the PAM4 IP you have, obviously, you talked about CXL. I know it's still early days, but if you could just frame a little bit, sort of layman's terms, your position for PCI Gen 6, that would be great.

我的意思是，我想到了您擁有的 PAM4 IP，顯然，您談到了 CXL。我知道現在還為時過早，但如果您能用外行術語來闡述您對 PCI Gen 6 的定位，那就太好了。

Sure, Tore. Yes, Gen 6, as it relates to storage, you're absolutely right. Given the increase in IO throughput and data rate, you had to move to a PAM-based architecture. So that's played right into our strengths. We've coupled that with our -- and we were early to do this, by the way, with our 5-nanometer technology platform.

當然，托雷。是的，第六代，因為它與儲存有關，你說得完全正確。鑑於 IO 吞吐量和資料速率的增加，您必須轉向基於 PAM 的架構。所以這正好發揮了我們的優勢。我們已經將其與我們的——順便說一句，我們很早就透過我們的 5 奈米技術平台做到了這一點。

And so there's just a whole lot of goodness and reuse there, as you can imagine. And it really put us in a strong position to get there early, and I give our storage business unit a lot of credit for really having thought leadership here.

因此，正如您可以想像的那樣，那裡有很多優點和重用。這確實使我們處於有利地位，可以儘早實現這一目標，我對我們的儲存業務部門在這方面真正具有思想領導力給予高度讚揚。

I mean they probably jumped like 2 nodes on everybody, not that it's a whole node game, but in terms of just the power and the performance that we're getting out of these solutions. And then, of course, the benefit we get to take the IO down to 5-nanometer and leveraging PAM is actually a huge help, right, just given the complexity.

我的意思是，他們可能在每個人身上都跳了兩個節點，並不是說這是一個完整的節點遊戲，而是就我們從這些解決方案中獲得的功能和效能而言。當然，考慮到複雜性，我們將 IO 降低到 5 奈米並利用 PAM 所獲得的好處實際上是一個巨大的幫助，對吧。

And you saw that in our optical business, right, and kind of how Inphi drove performance over time as they've driven PAM on new process node, same thing over here. So I think that's going to be very strategic. And yes, I think that platform now -- again, we're early, right? We're just talking about Gen 5 launch today, but we do like to give color on our future leaning roadmap. But it definitely plays to our strengths.

您在我們的光學業務中看到了這一點，對吧，以及 Inphi 如何隨著時間的推移提高效能，因為他們在新製程節點上推動了 PAM，這裡也是如此。所以我認為這將非常具有戰略意義。是的，我認為現在這個平台——再說一遍，我們還早，對吧？我們今天只是談論第五代的發布，但我們確實想為我們未來的路線圖提供一些色彩。但這絕對發揮了我們的優勢。

And I think as you think about also what's going to be required in CXL. I think even things like closing the link and the need for retimers and re-drivers, accelerators, pooling applications, they're all going to require robust Gen 6 IP and then be able to integrate those into various different SoCs.

我認為，正如您所思考的，CXL 需要什麼。我認為，即使是關閉連結以及對重定時器和重驅動器、加速器、池化應用程式的需求，它們都將需要強大的第 6 代 IP，然後能夠將它們整合到各種不同的 SoC 中。

And I would just say even today, the CXL activity we're seeing in terms of our design opportunities is pretty broad, and it's almost all -- it really is all in our 5-nanometer platform. So it all kind of hangs together, Tore, and maybe I think you sort of see this, but I think others are as well. The combination of all the IPs that we brought together through the different acquisitions plus the Marvell technology platform has really created an opportunity for us to go-to-market with these semi-custom solutions and be very successful in this next wave of cloud optimized silicon.

我只想說，即使在今天，我們在設計機會方面看到的 CXL 活動也相當廣泛，幾乎全部都在我們的 5 奈米平台中。所以這一切都是聯繫在一起的，托爾，也許我認為你已經看到了這一點，但我認為其他人也看到了這一點。我們透過不同收購匯集的所有 IP 加上 Marvell 技術平台的結合，確實為我們創造了一個機會，讓我們能夠利用這些半客製化解決方案進入市場，並在下一波雲端優化晶片中取得巨大成功。

The next question is from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution. I saw the announcement on -- and you mentioned this map on shipping 100,000 400-gig Coherent DSP chipsets. You're pretty early days in this transition, but you guys have already shipped like, according to my calculation, almost $200 million plus worth of products.

季度執行情況出色。我看到了有關的公告 - 您提到了這張關於發貨 100,000 個 400-g Coherent DSP 晶片組的地圖。你們還處於這一轉變的早期階段，但根據我的計算，你們已經交付了價值近 2 億美元以上的產品。

And the great thing about this family of products is that they've got the same underlying architecture and you've taken that and you're going after different markets, right? Data Center Interconnect with 400ZR, long-haul metro with your 400-gig Canopus Solutions. The adoption seems to be actually on a faster curve. Is this a driver of the upside in your data center and carrier franchises? And then I believe that your deployment with DCI is being driven by just one cloud titan, are you guys anticipating other cloud titans starting to fire as the year unfolds?

這個系列產品的偉大之處在於它們具有相同的底層架構，並且您已經採用了它並且您正在追求不同的市場，對嗎？資料中心與 400ZR、長途城域網路和 400 兆 Canopus 解決方案互連。採用率似乎實際上處於更快的曲線上。這是您的資料中心和營運商特許經營權上升的驅動力嗎？然後我相信你們的 DCI 部署僅由一個雲端巨頭推動，你們是否預計隨著這一年的展開，其他雲端巨頭也會開始火力全開？

Yes. Thanks, Harlan, for the question. And maybe just to start at the top on Coherent DSP. I'm not sure everybody quite understood. Even the Inphi -- people that followed Inphi closely, how strategic this technology is.

是的。謝謝哈倫提出的問題。也許只是從相干 DSP 的頂部開始。我不確定每個人都明白。即使是 Inphi——密切關注 Inphi 的人，這項技術也具有多麼戰略性的意義。

A little bit of background. They had their own effort in Coherent Inphi, and they ended up acquiring a company called ClariPhy a few years before we acquired Inphi. And ultimately, they chose to ClariPhy Coherent DSP roadmap. This is very, very difficult stuff to do, Harlan. And once you get it right and get it designed in, these are very, very long product life cycles, particularly in the metro long-haul type of markets, the telco type markets.

一點背景知識。他們在 Coherent Inphi 做出了自己的努力，最終在我們收購 Inphi 的幾年前收購了一家名為 ClariPhy 的公司。最終，他們選擇了 ClariPhy Coherent DSP 路線圖。這是非常非常困難的事情，哈倫。一旦你做對了並進行了設計，這些都是非常非常長的產品生命週期，特別是在城域長途類型的市場、電信類型的市場。

And that's really what's driving -- that's really where the revenue is showing up today for this. The added benefit is obviously the same technology and chips are used in the ZR400 -- the ZR market as well for DCI. So there's a double benefit here. And so on the merchant side, we're a strong leader. We have a road map. Obviously, beyond this to 800 gig, that's going to play in well to our next-generation DCI products as well.

這才是真正的推動力——這就是今天所顯示的收入的真正原因。額外的好處顯然是 ZR400 中使用了相同的技術和晶片——ZR 市場以及 DCI。所以這裡有雙重好處。因此，在商人方面，我們是強而有力的領導者。我們有一個路線圖。顯然，除了 800 演出之外，這也將很好地適用於我們的下一代 DCI 產品。

And then even longer term, there's discussions longer term about the modulation technology eventually inside data center moving to Coherent. So it's a very strategic technology for Marvell. And to answer your question on the ZR DCI side, we -- and I said it in my prepared remarks that it might (inaudible), but we do have multiple customers for this, not just one. And those will be ramping up over the next year or so, the additional customers.

從長遠來看，我們會就資料中心內的調變技術最終遷移到相干公司進行長期討論。因此，這對 Marvell 來說是一項非常具有戰略意義的技術。為了回答 ZR DCI 方面的問題，我們——我在準備好的發言中說過，可能會（聽不清楚），但我們確實有多個客戶，而不僅僅是一個。這些額外的客戶將在未來一年左右增加。

We're already shipping and putting out record results on the DCI products as it is. We're really driven by 1 customer, but there's more coming. So we're pretty excited about this. And we have a whole ecosystem lined up, right? We have a number of module partners for different applications. And so -- anyway, yes, it's something we'll be talking about more. Maybe we'll do a tech talk on that one, too, Harlan, but it's actually a really important technology that we got from Inphi. And it's obviously an outstanding team that really feeds a lot of the other things that we do inside the company.

我們已經按原樣交付並公佈了 DCI 產品的創紀錄結果。我們確實是由一位客戶驅動的，但還會有更多客戶。所以我們對此感到非常興奮。我們有一個完整的生態系統，對嗎？我們有許多針對不同應用的模組合作夥伴。所以——無論如何，是的，這是我們將更多討論的事情。 Harlan，也許我們也會就此進行一次技術演講，但這實際上是我們從 Inphi 獲得的一項非常重要的技術。顯然，這是一支出色的團隊，為我們在公司內部所做的許多其他事情提供了真正的支持。

Yes. Great insights.

是的。偉大的見解。

Yes. And just one final thing, I would say, remember, too, this is a chip set as well. So it's not just the DSP, it's the driver, it's the TIA and there's even other components we're looking at to really optimize the solution.

是的。最後一件事，我要說的是，請記住，這也是一個晶片組。因此，這不僅僅是 DSP，還有驅動器、TIA，甚至還有我們正在尋找的其他元件來真正優化解決方案。

So when you hang all that together and you can deliver it as a platform, it's very, very powerful.

因此，當你將所有這些整合在一起並可以將其作為一個平台提供時，它會非常非常強大。

The final question today will be from C.J. Muse with Evercore.

今天的最後一個問題將由 Evercore 的 C.J. Muse 提出。

I guess a question on gross margins. You guided down 25 bps sequentially. Obviously, a very small amount. But just curious if there's anything mix-wise and/or higher input costs that we should be thinking about there?

我想是關於毛利率的問題。您連續下調了 25 個基點。顯然，數量非常小。但只是好奇是否有什麼混合面向和/或更高的投入成本是我們應該考慮的？

And then just as a quick follow-up to Jean, are we at the net leverage level now where you plan to return free cash flow via buybacks? Or is that still in more of the opportunistic phase?

然後，作為對 Jean 的快速跟進，我們現在是否處於淨槓桿水平，您計劃通過回購返還自由現金流？還是仍處於機會主義階段？

Yes. So C.J., thanks for the question. First, on the net leverage, if you look at our Q2 guidance, at the middle point of our guidance, our net leverage ratio will be below 2, gross debt-to-EBITDA ratio will be around 2, but the net leverage will be below 2.

是的。所以，C.J.，謝謝你的提問。首先，在淨槓桿率上，如果你看看我們第二季度的指導，在我們指導的中間點，我們的淨槓桿率將低於2，總債務與EBITDA比率將在2左右，但淨槓桿率將是低於 2。

As I said earlier, we have restarted share repurchase program even after end of Q1. Subsequently, we did purchase additional $50 million through our 10b5 program. So our capital allocation principle is still the same, right? We want to invest, but we are also committed to return more than 50% free cash flow to shareholders, primarily through share repurchase.

正如我之前所說，即使在第一季結束後，我們也重新啟動了股票回購計畫。隨後，我們透過 10b5 方案額外購買了 5,000 萬美元。那麼我們的資金配置原則還是一樣的，對嗎？我們想要投資，但我們也致力於將超過 50% 的自由現金流返還給股東，主要是透過股票回購。

On the gross margin, our gross margin, we are very pleased with the Q1 gross margin, which is a record and the Q2 guide. It's all -- both above middle point of our long-term target. So the Q2 is really just a mix. We have so many different product lines quarter-over-quarter. You will see the mix change up and down of our middle point. I would not predict that closely. But in general, it should be around 65%, sometimes higher.

在毛利率方面，我們的毛利率，我們對第一季的毛利率非常滿意，這是創紀錄的，也是第二季的指導值。全部都高於我們長期目標的中點。所以Q2其實只是一個混合體。我們每季都有許多不同的產品線。您將看到混合在中間點上下變化。我不會這麼密切地預測。但一般來說，應該在65%左右，有時甚至更高。

I'll just add, C.J. I totally agree with Jean, obviously. And just to remind everybody, we set a range of -- on gross margins as our target model of 64% to 66%. We had a record 65.3% in Q4. Then we had another record of 65.5% in Q1, and then we're guiding 65.25% if you look at the midpoint in Q2.

我只是補充一下，C.J. 顯然，我完全同意吉恩的觀點。謹提醒大家，我們將毛利率設定為 64% 至 66% 的目標模型。第四季我們的利用率達到創紀錄的 65.3%。然後，我們在第一季創下了 65.5% 的另一個記錄，如果您查看第二季的中點，我們的指導值為 65.25%。

So it's kind of in the range, if you know what I mean. I wouldn't read too much into it. And I think running the company around that 65-ish is a really good place to be, if we can continue to grow the company the way we're growing it and drive leverage and drive design wins and stay competitive. So I think it's -- I think we're in pretty good shape. I think obviously reasonable to ask the question, but I think, as Jean said, we're going to have little movements here and there on mix, and we're ultimately just focused on keeping it in the right range, in the right strike zone and then just driving really strong top line growth and driving operating leverage through the cycle we're in here.

所以，如果你明白我的意思的話，它就在這個範圍之內。我不會對此進行太多解讀。我認為，如果我們能夠繼續以我們目前的方式發展公司，提高槓桿率，推動設計獲勝並保持競爭力，那麼在 65 歲左右運營公司確實是一個很好的地方。所以我認為——我認為我們的狀態非常好。我認為提出這個問題顯然是合理的，但我認為，正如吉恩所說，我們在混合方面不會有什麼變動，我們最終只是專注於將其保持在正確的範圍內，以正確的方式進行區，然後推動真正強勁的營收成長，並在我們所處的周期中推動營運槓桿。

This concludes our question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議也結束了。感謝您參加今天的演講。您現在可以斷開連線。