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 的 2023 財年第一季度收益電話會議。 （操作員說明）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.

我現在想將會議轉交給投資者關係高級副總裁 Ashish Saran 先生。請繼續。

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 財年第一季度財報電話會議。今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官Jean Hu。

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

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層目前的預期存在重大差異。

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.

請查看我們今天向美國證券交易委員會提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，以及我們最近提交的 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.

在我們今天的電話會議中，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 財務指標之間的對賬。

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

有了這個，我會把電話轉給馬特，讓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，Ashish，大家下午好。在 2023 財年第一季度，Marvell 團隊的收入再創歷史新高，達到 14.5 億美元，超過了指導的中點，環比增長 8%，同比增長 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數據中心市場推動的，而運營商基礎設施和汽車業績也都高於預期。

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，我們企業網絡市場的結果低於我們的指導。然而，增長仍然非常強勁，收入同比增長 64%，環比增長 9%。 Marvell 運營團隊在應對緊張的供應環境方面做得非常出色，我們在某些地區的供應商面臨的與 COVID 相關的製造挑戰進一步加劇了供應緊張。

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度收入的關鍵推動因素，超過了我們預測的中點。我們繼續在與戰略合作夥伴確保額外產能方面取得進展，以實現持續的收入增長。

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.

現在讓我繼續討論我們的 5 個終端市場，從數據中心開始。在我們的數據中心終端市場，第一季度的收入為 6.405 億美元，領先於我們的預期，環比增長 12%，同比增長 131%。強勁的業績基礎廣泛，多個產品線促成了出色的業績。

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.

雲仍然是 Marvell 在數據中心的實力來源。我們正在使我們的超大規模客戶能夠添加新的用例，為企業帶來人工智能和機器學習的優勢，提高流程自動化和生產力，並推動與客戶建立更深層次的關係。

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.

現在讓我討論一些推動雲計算強勁增長的 Marvell 產品週期，從電光開始。我們看到數據中心內部的 PAM 解決方案和數據中心之間的 ZR 可插拔產品的需求強勁。在雲數據中心內，主要的 1 級客戶目前正在推動我們基於 PAM 的 200-gig 和 400-gig 解決方案的批量部署。其餘市場計劃在今年晚些時候和明年開始部署。

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.

隨著帶寬需求的不斷增長，我們預計基於 PAM 的電光器件的作用將擴大，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服務器 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，我們還通過我們現在開始交付的下一代更高速的解決方案來增加每個模塊的內容。在人工智能部署增長的推動下，我們的第一季度業績受益於我們的 800 吉格 PAM 解決方案在 2 個大客戶處的出貨量增加。數據中心內的帶寬擴展也推動了數據中心之間連接性的顯著增加，為我們的 400 ZR 可插拔光學器件創造了不斷增長的機會。通過推動多個客戶採用這些解決方案，團隊取得了巨大成功，我們預計這些產品的收入將實現強勁增長。

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。我們的雲優化設計贏得勢頭在第一季度繼續，我們贏得了超大規模客戶的定制 SmartNIC。我們看到數據中心內越來越多地採用基於 VPU 的架構，這是我們利用 OCTEON 平台（現在已經是第十代）解決的理想選擇。

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.

這一設計勝利是對雲優化芯片需求不斷增長的又一例證，我們認為這是 Marvell 在數據中心內最大的增量增長機會。我們相信，憑藉在我們的 5 納米平台上提供的領先的計算、網絡、安全、存儲和高速電光 IP 產品組合，我們具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.

轉移到雲中的存儲。第一季度，雲對大容量存儲的需求持續增長，推動了我們的近線硬盤控制器和前置放大器的穩健增長。我們的 SSD 控制器也為強勁的同比收入增長做出了貢獻。我們現在正從我們從 2016 年開始從頭開始建立的數據中心 SSD 業務中獲益。我們增加了對關鍵 IP 開發的投資，加快了我們的工藝技術節奏，並使我們的固件團隊翻了兩番。

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.

我們與領先的雲公司密切合作，優化了我們的 SSD 控制器，以滿足他們的服務質量和安全要求。我們為最先進的 NAND 閃存技術開發了最先進的糾錯技術，並將它們與我們內部的低功耗 5 相結合，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 設備都在推出 PCIe Gen 4 解決方案，Marvell 已經贏得了 3 個主要 NAND OEM 的 Gen 5 數據中心插槽。此外，我們於 2019 年開始投資 PCIe Gen 6。這一發展，再加上我們的 5 納米技術平台，使我們能夠為他們的 Gen 6 SSD 贏得一個關鍵的 NAND OEM。

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.

我們的數據中心存儲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工藝技術平台上交付的非常粘稠的定制固件之上。基於我們久經考驗的技術平台和在下一代數據中心 SSD 中獲得的多項安全設計，我們預計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.

我們預計雲數據中心的下一個重大發展將是採用 CXL 或 Compute Express Link，這是一種用於連接處理器、內存中的加速器的行業標準，我們正計劃實現這一趨勢。

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云數據中心帶來新的性能水平方面的作用。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 的矽組件將如何通過解決當前數據中心的多個內存擴展挑戰來促進新的雲架構。簡而言之，CXL 最終將允許 DRAM 內存擺脫束縛於單個計算設備（如 CPU）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.

鑑於我們與內存 OEM 的深厚關係、我們在超大規模客戶中不斷增長的地位以及我們先進的 PCIe 路線圖，Marvell 具有獨特的優勢來應對 CXL 機會。最近，我們通過收購先進 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，加快了我們的 CXL 路線圖，以抓住關閉設計獲勝的機會，這些機會就在我們面前在多個客戶面前。我們看到了大量新產品的機會，包括 CXL 擴展器、池設備、交換機和加速器。

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，我們看到了將 CXL IP 嵌入到我們廣泛的數據中心產品中的潛力，包括 ASIC、定制計算引擎、DPU、電光、重定時器、SmartNIC 和 SSD 控制器。隨著時間的推移，我們看到了由 CXL 推動的價值數十億美元的 SAM 擴展機會，我期待著向您通報我們的進展。

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%.

從我們的數據中心終端市場繼續我們對 2023 財年第二季度的預期。我們預計將在強勁的第一季度業績的基礎上繼續增長。我們預計第二季度我們的數據中心收入將按百分比以低個位數連續增長，同比增長約 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.

我們預計第二季度雲計算收入的增長速度將明顯快於本地市場，無論是環比增長還是同比增長。隨著我們進入本財年下半年及以後，我們期待著我們的雲以太網交換機帶來額外的增量貢獻，並增加我們大量的雲優化定制設計勝利。

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 在一個屋簷下提供所有關鍵數據中心 IP 的獨特能力，旨在在定制解決方案中無縫協同工作，事實證明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（聽不清）計劃，包括在針對每個雲的獨特需求量身定制的解決方案中交付的各種 Marvell IP 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.

轉向我們的運營商基礎設施終端市場。第一季度收入為 2.52 億美元，高於我們的預期，環比增長 5%，同比增長 50%。我們之前曾報告稱，在 2022 財年第四季度，我們的 5G 業務連續增長超過 30%。從這個強勁的基礎來看，很高興看到運營商的收入連續增長和同比增長在第一季度。

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.

5G 部署的增長，加上 Marvell 產品在多個基站客戶的提升，繼續推動該終端市場的強勁增長。在有線方面，我們看到對我們的 400 吉格相干電光產品組合的強勁需求是由城域和長途運營商市場的快速採用所推動的。

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數據傳輸以滿足運營商不斷增長的帶寬需求至關重要。本週早些時候，我們宣布我們已經出貨了超過 100,000 個 400-gig 相干 DSP，將我們定位為這些產品的領先商家供應商。

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%.

我們還積極專注於開發和推出我們的下一代相干產品。這是 Inphi 收購的一個非常關鍵的部分，因為您之前聽說過的 400ZR DCI 雲市場採用了同樣的技術。展望第二季度，我們預計整個運營商終端市場的收入將按百分比連續以高個位數增長，而同比增長預計將保持在 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.

繼續我們的企業網絡終端市場。第一季度收入為 2.866 億美元，環比增長 9%，同比增長 64%，因為該終端市場的需求依然強勁。雖然這個終端市場代表了我們相對於業務規模的最高違約率，但我們仍然非常專注於提高我們向企業網絡客戶提供更多產品的能力，以幫助他們滿足他們不斷增長的需求。

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.

我們的增長是由份額收益推動的，隨著我們的客戶開始交付他們的新平台以解決企業網絡現代化，我們開始實現內容的增加。我們看到我們的多千兆 5s 的採用率大幅增加，與我們的千兆產品相比，它的售價明顯更高。我們預計多千兆端口的滲透將繼續為我們的業務增加順風。

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.

我們在企業網絡方面的強勁增長主要是我們自己獨特的產品週期的結果。展望本季度之後，我們預計增長將繼續利用我們的（聽不清）交換機和 PHY 產品組合，以及來自定制芯片和我們基於 OCTEON ARM 的 DPU 取代替代架構的增量收入。

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%.

在 2023 財年第二季度，我們預計企業網絡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，我們預計收入將按百分比在十幾歲左右連續增長，同比增長約 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。第一季度收入為 8930 萬美元，環比增長 12%，同比增長 94%。所有的環比增長都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 Auto 以太網解決方案不斷增長的需求，但逐漸改善的供應解決方案所支持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.

我們的汽車收入增長主要由我們的新產品週期推動。隨著 OEM 設計更高速的解決方案以應對帶寬的增加，Marvell 以太網技術在汽車中的應用不斷增加，我們每輛汽車的美元含量也在持續增長。我們還在贏得新客戶，並在現有客戶中增加我們的內容。

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.

現在，我們在全球 10 家最大的汽車 OEM 中的 8 家以及總共 36 家 OEM 中贏得了以太網設計大獎。展望 2023 財年第二季度的汽車和工業終端市場，我們預計收入的環比增長將達到中個位數百分比，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增長，預計收入將同比增長一倍以上。

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.

繼續我們的消費端市場。第一季度收入為 1.785 億美元，同比增長 7%。這個終端市場的增長是由我們的 SSD 控制器推動的，部分被我們 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.

在連續的基礎上，我們的消費者終端市場的收入下降了 4%，低於我們對前景持平的預測，原因是 PC 硬盤市場的需求減少。雖然我們不是全球 PC 需求的領頭羊，因為它占我們收入的相對較少，但我們確實看到 PC 市場的基調發生了快速變化，我們預計疲軟將持續。

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，筆記本電腦市場從 HDD 到 SSD 的轉變幾乎已經完成，我們在 2023 財年第一季度來自筆記本 HDD 的收入不到 Marvell 合併收入的 1%。展望 2023 財年第二季度和我們的消費者終端市場，我們預計收入將按百分比連續下降中個位數，並且同比持平。

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，我們在第一季度取得了創紀錄的業績，並為第二季度的持續強勁增長提供了指導。我們看到對我們產品的強勁需求，我們的設計獲胜勢頭依然強勁。我們 88% 的收入來自數據基礎設施，我們相信 Marvell 有利的終端市場敞口使我們成為最能從強勁的長期增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，在該區間的中點，我們引導我們的收入同比增長 41%，這幾乎完全是一個有機的比較。我們預計我們的業務模式中強大的運營槓桿將推動非公認會計準則每股收益在指導中點同比增長 65%，顯著快於我們預計的收入增長。正如您在本次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收入增長的重要組成部分。

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、5G、汽車和企業網絡終端市場的獨特增長動力以及我們在經濟周期中的出色執行記錄將繼續成為力量。

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.

您會從我們之前的電話和我們的投資者日演示文稿中記住，我們已經贏得了大量的設計勝利，我們預計這將為 Marvell 未來增加大量的增量收入。儘管外部環境充滿挑戰，但 Marvell 的業務依然強勁，包括我們核心數據基礎設施終端市場的強勁預訂。在前進的過程中，我們打算繼續像往常一樣行事，勤於應對變化，迅速做出反應並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.

我代表 Marvell 的領導團隊，感謝我們的員工在推動出色業績方面的奉獻精神。我們的員工是公司的骨幹，我們很高興 Marvell 最近在舊金山商業時報和矽谷商業雜誌的灣區最佳工作場所名單中排名第三。即使是這個獎項也很特別，因為決定獲獎者的是員工。我們擁有一支優秀的團隊，這個獎項反映了我們的文化、價值觀和致力於創造一個促進創造力和創新的協作工作場所。

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

有了這個，我將把電話轉給讓，以了解我們最近的結果和前景的更多細節。

Thanks, Matt, and good afternoon, everyone. I'll start with a review of our financial results for the 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。我將從回顧我們第一季度的財務業績開始，然後提供我們對 2023 財年第二季度的當前展望。第四季度的收入為 14.47 億美元，超過了我們指導的中點，環比增長 8%同比增長 74%。

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%.

數據中心是我們最大的終端市場，佔綜合收入的 44%。企業網絡緊隨其後，佔總收入的 20%，其次是運營商基礎設施，佔 18%。消費增加了 12%，汽車工業增加了 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%。 Non-GAAP 毛利潤為 9.47 億美元，佔收入的 65.5%，這是由豐富的產品組合推動的又一記錄。 GAAP 運營費用為 6.81 億美元，包括股權補償費用、所購無形資產攤銷、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 運營費用為 4.35 億美元，反映了研發人員人數和項目費用的增加，以在我們所有的數據基礎設施終端市場上執行設計勝利。正如我們在去年的投資者日上概述的那樣，鑑於擺在我們面前的巨大機遇，我們計劃繼續投資於研發，同時保持運營支出增長遠低於收入增長，以推動我們的長期目標模型。

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 7000 萬美元。我們實現了創紀錄的 5.12 億美元的非公認會計準則營業利潤，比一年前增長了 123%，我們的非公認會計準則營業利潤率為 35.4%。第一季度，我們的 GAAP 所得稅費用為 2.05 億美元。這包括由本季度其他稅收優惠抵消的 2.4 億美元一次性非現金稅費的影響。 2.4 億美元的非現金稅費是由於獲得和擴大了較低的外國司法管轄區稅收激勵措施而對我們的遞延稅項淨資產進行了計量。

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每股攤薄虧損為0.20美元。非公認會計準則每股攤薄收益為 0.52 美元，同比增長 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。在本季度，由於我們增加了營運資本投資以支持非常緊張的供應鏈環境中的收入增長，因此來自運營的現金流為 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庫存增加推動的，尤其是原材料和在製品幫助我們通過持續的供應鏈中斷來管理它。我們在本季度還支付了 8600 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，我們的長期債務為 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.

我們的總債務與 EBITDA 比率為 2.3 倍，淨債務與 EBITDA 比率為 2 倍。我們在第一季度通過 5100 萬美元的現金股息和 1500 萬美元的股票回購向股東返還了 6600 萬美元。在 2023 財年第一季度末之後，在第二季度的前 3 週內，我們通過 10b5 計劃回購了另外 5000 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我們長期股東的最佳利益。總之，Marvell 團隊執行異常出色，實現了加速的收入增長和強勁的盈利增長，明顯快於收入增長。

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，我們預計結果如下：收入在 15.15 億美元範圍內，正負 3%。 GAAP 毛利率在 49.6% 至 51.9% 之間。 Non-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 運營費用約為 6.69 億美元。 Non-GAAP 運營費用約為 4.35 億美元，假設我們將在第二季度完成對坦桑石的收購。對於第二季度，我們預計非 GAAP 稅率為 6%。我們預計我們的基本加權平均流通股為 8.53 億股，我們的稀釋加權平均流通股為 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.

我們預計非公認會計準則每股攤薄收益在 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，請打開線路並宣布問答說明。謝謝你。

(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，我希望你能從需求的角度和供應的角度說出你對下半年的期望。我認為上個季度與全年展望有關，因此有些混亂。因此，如果您可以確認您對整體業務的看法，尤其是下半年的數據中心，那將非常有幫助。再說一次，如果你有供應來支持強勁的前景？

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，東也。很高興聽到你的消息。是的，所以我們對第二季度的結果和執行感到滿意。而且 - 很抱歉，在第一季度，正如你所見，我們在數據中心有一個非常強勁的季度，我會在一分鐘內回來。

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的需求端重新構建，除了消費者，我們看到非常強勁的需求趨勢，Toshiya。過去兩個季度的預訂量非常強勁。需求方面，我們對今年的需求前景繼續保持強勁。特別是在數據中心方面，我們的第一季度業績確實好於預期。第二季度我們仍然有被壓抑的需求和供應不足，但我們預計數據中心在第三季度和第四季度（即下半年）的增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 個月內獲得了增量的新設計勝利，我們的規模大致為，明年增量為 4 億美元，後年增量為 8 億美元。這實際上也將在下半場開始分層。因此，從我們的角度來看，除消費者外，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.

特別是數據中心將有一個偉大的上半年和一個偉大的下半年。然後相對於供應，我們首先要歸功於我們的運營團隊在第一季度做得很好，駕馭了所有不同的影響，特別是在中國，並實現了強勁的季度。

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，我們開始看到我們在去年投入供應鏈的所有投資所帶來的好處。無論是系統和工具的改進，我們已經獲得的關係和能力。所以我們相信，這將繼續下去。我們確實看到供應前景大大改善，不僅在短期內，正如你從我們的結果中看到的那樣，在我們的第一季度表現出色，然後在第二季度表現強勁，而且在下半年，Toshiya 也是如此。

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增長計劃而在供應鏈中進行大量艱苦工作和轉型的結果。因此，總而言之，我們在數據中心以及 5G 和汽車以及我們討論過的其他事物的推動下都有非常強勁的需求，我們已經看到我們對將要滿足的供應的可見性有了真正的改善那個客戶的需求。

The next question is from Chris Caso with Raymond James.

下一個問題來自 Chris Caso 和 Raymond James。

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絡業務。而且我猜它比您的預期略低，但您仍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?

在這種情況下，您的客戶在其他地方的供應受到限制，而您正在等待他們？也許只是對這部分業務的動態進行一些解釋？

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，這絕對是一個季度，其中混合併不完全是我們在指導時認為的位置。如您所見，我們在數據中心方面表現出色，而在企業方面表現不佳。但正如我在評論中指出的那樣，相對於業務規模的拖欠和未完成的積壓工作實際上仍然是企業中最高的。因此，這實際上只是我們無法執行本季度的供應計劃，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，從第二季度和全年來看，我們企業客戶的需求仍然非常強勁。所以這與他們無關。他們想要更多我們的產品。您可以在第二季度看到一定程度的追趕，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。但從我們的角度來看，並與我們的客戶交談，需求仍然非常強勁。事實上，我們在供應方面落後於追趕。但我認為與 Toshiya 的要求一致，我們希望在第二節和下半場有所改善。

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

下一個問題來自 Wells Fargo Securities 的 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?

祝賀取得好成績。想詢問供應情況，您剛剛明確表示將在今年餘下時間改善在線供應。在多大程度上是由您推動的，可能會給您的代工合作夥伴一個更好的預測？

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?

有多少是因為你在預付款中增加了一些錢？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，也許你正在從供應的重新分配中受益？

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，一個是我們必須在 Marvell 前景的供應鏈中進行相當重要的教育過程，所有不同的部分如何從我們所做的不同併購中融合在一起，我們的終端市場焦點等。

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，支持我們的成長。你可以看到，對，就我們正在實現的同比增長而言，順便說一句，這與我們去年相當強勁的一年相比。

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。我們還簽署了有關確保容量的協議。您可以看到我們發布的 Q 或 8-K 中出現的一些內容，以及我們已經建立的戰略合作夥伴關係。因此，其中一些是首付和供應協議，以確保我們擁有合適的產能。我認為這是其中的一部分。然後很難說，但在它的最後一部分，可能會開始發揮作用的那種可替代性，但現在說還為時過早。坦率地說，我們今天看到的供應實際上主要是我們自己的努力。我要說的是，電話會議上的每個人都非常清楚，我們還沒有走出困境。我們未完成的積壓訂單每個季度都在持續增長。我們肯定正在努力解決這個問題。我們非常關注最終需求和運送給合適的人。

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生產線移動、不造成影響和非常敏捷方面做得很好。但我認為，就第三點而言，可替代性方面，如果要真正減少或投降，讓我們稱之為 PC 和消費者終端市場，並且不需要他們消耗的所有供應，那當然可能是我們可以在下半年看到的增量。

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...

但那——那還不完全在那裡，但也許其中一些是。我們確實看到了一些東西打開了，但是當你鑽進去找出它到底來自哪裡時真的很難。希望這會有所幫助。某種組合，你有點釘它...

The next question is from Timothy Arcuri with UBS.

下一個問題來自瑞銀的 Timothy Arcuri。

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，我只有一個廣泛的問題，即點播信號。在某種程度上，由於供應如此緊張，它確實創造了一些訂單的潛力，我不是為你說，但我只是籠統地說，只是為了確保他們的位置和沒有真正得到客戶甚至客戶客戶層面的潛在銷售支持。

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?

這在某種程度上造成了芯片公司將在此時看到更多需求信號延遲的風險。我認為這對你來說風險較小。但我想我的問題是，您如何將其評估為風險？

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.

實際上，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長隊的例子，因為您有這麼長的交貨時間。我問是因為一些大型雲客戶開始放慢他們的招聘速度，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，蒂姆。是的。不，這與其他週期沒有什麼不同，當然你指出的現像是投資者關注的問題，對，更廣泛地說（聽不清）讓客戶對他們的訂單下達過度索引。當需求停止或放緩時會發生什麼？所以我們非常重視這一點。

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，我只做了差不多半天的回顧，我的整個團隊都檢查了我們的每條產品線，接觸到客戶，並在個人層面上真正完成了工作。我們仍然在哪裡看到需求？我們是否看到任何庫存增加？如果是這樣，它看起來像什麼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，沒有我可以指出的真實例子，蒂姆，或任何主題。我想在某些方面，我們可能會受益於我們有些落後，儘管我認為我們在保持每個人的線路移動方面做得很好。但可以肯定的是，我們並不是一直在容量游泳的公司。

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.

所以我認為，當我們現在展望時，尤其是在全球經濟開始放緩的情況下，我們現在可以進行審視並進行更新，尤其是在我們改善供應狀況的情況下，並真正確保我們分配給合適的人。所以這是一個非常活躍的過程，蒂姆，但我不能給你任何具體的例子，我認為主題庫存可能正在建立。

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.

但我想我會總結說我們做到了——我們在準備好的關於我們在消費者領域看到的評論中非常透明，儘管它佔業務的 12%。其中，一小部分真正暴露於我所說的真正的消費者，比如個人電腦之類的東西，但這確實慢了很多。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部件，即使消費者在某種程度上抵消了它。

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.

所以回答的路很長。我沒有任何很好的例子，但我們正在努力。我們正在關注它。但老實說，我會說會議的大部分內容是需求信號非常強烈，對，跨越雲公司，跨越我們的 5G 業務、企業、有線。我們有很多很好的機會。 Tim，其中很多都是由 Marvell 的產品週期驅動的。我們在這里處理的不一定是終端市場現象。您非常了解這些不同細分市場的新產品坡道，而且這些產品總體上看起來非常完整。

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的連續體中，你處於名單的底部。但是感謝您的問題 - 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?

只是想澄清一下，馬特，如果您已經看到或正在受到中國封鎖或歐洲動蕩的任何供需影響。但我更大的問題是，我們如何在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甚至一些大型網絡原始設備製造商的庫存上升相結合，整個供應鏈的庫存上升到什麼時候？開始成為一個問題？

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，維維克。是的。同樣，關於第一個問題，我們 - 如您所知，根據我們報告的時間，我們就像其他所有人一樣。相對於中國的封鎖，我們在那裡度過了 4 月份的時間。我們駕馭得非常好。

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.

我認為我們的一個原因是，當 COVID 第一次發生時——當大流行開始時，各地都出現了重大封鎖，包括中國和東南亞，我們的運營團隊在建立供應鏈冗餘和過去 2 年的彈性。如此有效地雙重採購幾乎所有我們可以進出中國甚至其他一些地區的東西。

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.

所以產生了一些影響。有一點產品收入，我們可以從中國獲得供應，我們可以實現它，但它非常小，Vivek，老實說。因此，我們在移動事物方面能夠相當敏捷。所以那 - 這是一個積極的。

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.

關於烏克蘭戰爭以及對歐盟的某種影響，我想你再次聽到了數據點，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，諸如此類。我認為這是一些消費者終端市場評論的部分問題。再說一次，我們不是真的在那裡。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的影響。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，看，我很清楚這一點。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 公司的收入增長和 OEM 公司的庫存增長。您可以看到，在眾多公司和行業中，庫存增長遠遠超過收入增長。所以這是我們正在關注的事情。我們正在使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，我們的觀點往往像我們的很多客戶一樣，這是最終需求，特別是在企業、雲和我們的 5G 產品週期中，需求看起來相當強勁。但是有 - 有缺失的部分。我們的一些客戶肯定有金螺絲問題。我們只是盡量不成為金螺絲，並且非常清楚庫存在哪里以及這對 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.

所以我可以告訴你的是，我們正在深入研究零件級別的細節，並確保我們在分配供應方面保持謹慎。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。另外，馬特所說的是，我們實際上選擇增加庫存來支持下半年的收入增長。我們擁有非常廣泛的產品線，我們看到了強勁的需求。因此，我們需要原材料的靈活性以及支持收入增長的方式非常關鍵。所以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增長。

Do you have a target Jean on days of inventory?

庫存天數你有目標 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服的。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，我們肯定會有更低的庫存，比如 120 天。這就是我們認為我們應該保持的。

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

但是現在，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，我完全同意讓的評論。如果你只看我們正在處理的收入增長的陡峭程度。顯然，WIP 必須上升，對，只是為了支持增長。所以這部分我們很舒服。考慮到封鎖和所有的波動，我認為擁有額外的庫存對我們來說是非常謹慎的。

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.

我們會觀察它，我們肯定會解決它。但我認為你不會看到許多公司回到過去 80 天或類似的美好時光，除非他們真的陷入困境。我只是想了一會兒，我們都必須注意世界上有很多波動。但是我們現在有點在範圍內，而且我們非常清楚我們在這裡所做的事情。

The next question is from Matt Ramsay with Cowen.

下一個問題來自 Matt Ramsay 和 Cowen。

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，在你的部分腳本中，你談到了即將推出的服務器，其中包括一些新技術，對，PCIe Gen 5，然後是對共享內存的一些 CXL 支持。我認為你們在闡明這對加速器業務可能意味著什麼方面做得很好，並為我們提供了一些前景。

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.

我很好奇您能否解釋一下 PCIe 5 可能會推動您對該技術的支持，以支持存儲和網絡外圍設備。這對後半部分的成長有影響嗎？你在那裡有多少能見度？只是 - 然後只是快速跟進，我一直得到的問題是雲資本支出的可見性。

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.

如果你們關注自己的雲業務，是季度還是年？就像我們談論多久，你覺得你有知名度，因為那里肯定有一些擔憂。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，還有很好的問題。是的，我認為您確實在即將到來的 CPU 週期中更重要的方面之一是 IO，對，以及 PCIe Gen 5 的發布，我們當然一直在為此做準備。這對我們來說是等式的關鍵部分，尤其是在我們的存儲業務和數據中心存儲業務中，我們必須在產品路線圖上調整的關鍵之一顯然是確定 PCIe IO路線圖，這不是一件微不足道的事情，不僅是控制器，而且顯然是 PHY，讓一切都合格並正常工作。

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 的存儲方面處於非常有利的位置。我實際上在我的講話中說過，我們已經在 Gen 6 上取得了勝利。這仍然[權衡]，但這將是增長的另一個方面。你是對的，PCIe 標準實際上將成為 CXL 運行在其之上的結構和互連。

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，我們在第 5 代和未來的第 6 代中投入了大量精力，在我們考慮分解時，特別是內存以及將圍繞 CXL 出現的這些不同解決方案時，第 6 代將為我們提供巨大的影響力。所以它非常具有戰略意義。我們確實——我們總是在技術上做出製造或購買的決定——製造與購買，抱歉，在技術上，但這是一個，特別是在我們擁有的 PCIe PHY 層上——我們自己做，而且我們有——我們在這裡所做的事情是同類中最好的，然後我們將其利用到我們更大的 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 的最大影響將只是推動我們的數據中心閃存控制器的更廣泛採用，這些控制器再次在許多 NAND OEM 中處於有利地位。幾年前直接與雲 OEM 定義的產品，對，是為了讓所有這些都對齊。所以這對我們來說將是一個很好的循環。

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，對不起，關於雲資本支出，我沒有任何見解。我——我們當然會查看所有公開可用的數據。最近的更新當然看起來很有希望。但我想說，對於 Marvell、Matt 和電話會議的其他投資者，我們 - 當然，雲中的整體資本支出環境肯定是順風，這可能是任何供應商的逆風那裡。

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 - 你必須記住，我們來自云計算的大部分收入實際上是在某些情況下非常特定於 Marvell 的新產品週期中。我的意思是，讓我們以 PAM 為例。如果你回到一年前，你確實有幾家公司在部署它，而不是舊的基於 NRZ 的解決方案。你進入今年，現在還有其他公司將在 200 和 400 演出上推動這一周期。

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 AI 集群和我們開始增加 800-gig 產品的地方。因此，無論資本支出上升還是下降，都會有新的應用程序和新的更換週期在進行。然後還有其他東西，例如，在我們的雲以太網交換機區域，對吧？我們通過去年加入我們的 Innovium 團隊獲得了新的勝利。我們預計該產品領域將繼續強勁增長。我們在過去幾年設計的 ASIC 和 DPU 中有新的雲優化芯片。這些將逐漸增加。

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。你可以看到市場的漲跌和波動。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的湧現，您都可以通過，這就是我們在雲中的全部期望。我們今天對我們在那裡的業務非常有信心，特別是在下半年和明年相對於雲超大規模，我們將關注資本支出趨勢，但我們的大多數產品都獨立於這一趨勢。

The next question is from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西莫爾。

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.

瓊，我想在等式的邊緣問你一個。你們在這方面總是跑得很緊，但是有很多活動部件。馬特談了很多關於今年下半年將有更多供應的事情。如今，有時這可能會以更高的價格出現。然後甚至是運營支出方面，工資膨脹等等，以及你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?

所以一般來說，你能告訴我們看跌期權，並在今年剩下的時間裡計算毛利率和運營支出方面嗎？

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，謝謝你的問題。我認為我們的團隊在管理運營支出方面非常自律，以確保我們遵循我們的整體業務模式，對嗎？收入增長明顯快於運營支出增長，並將毛利率保持在我們長期目標模型的中間甚至高於中間，因此我們可以比收入增長更快地推動盈利增長。

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.

當您查看第一季度的運營支出時，正如我之前所說，我們增加了員工人數和項目費用，以真正執行我們贏得的所有設計勝利。 Q2，它是 - 我們保持平穩。下半年，它會走高一點，略高一點，但這主要是因為我們將在下半年增加收入以支持收入增長。你有一些可變費用，下半年會略有增加。

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收入增長和運營支出比收入增長慢約 50%。所以我們可以繼續獲得收益擴張。所以在第二季度，如果你看一下我們指南的中點，我們的營業利潤率已經超過 36%。我們非常非常有動力將我們的運營模式提高到 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?

祝賀你取得了不錯的成績。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。所以，馬特，你能不能稍微介紹一下 Marvell 的定位？

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你擁有的 PAM4 IP，很明顯，你談到了 CXL。我知道現在還為時過早，但如果你能稍微介紹一下，有點外行的話，你對 PCI Gen 6 的立場，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 6 代，因為它與存儲有關，你是絕對正確的。鑑於 IO 吞吐量和數據速率的增加，您必須遷移到基於 PAM 的架構。所以這正好發揮了我們的優勢。我們已經將它與我們的 - 順便說一句，我們很早就這樣做了，我們的 5 納米技術平台。

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複使用。這確實使我們處於有利地位，能夠早日實現目標，我非常感謝我們的存儲業務部門在這方面真正具有思想領導力。

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 2 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性能而言。然後，當然，我們將 IO 降低到 5 納米並利用 PAM 實際上是一個巨大的幫助，正確的，只是考慮到復雜性。

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.

你在我們的光學業務中看到了這一點，正確的，以及 Inphi 如何隨著時間的推移推動性能，因為他們在新的流程節點上推動了 PAM，這裡也是如此。所以我認為這將是非常具有戰略意義的。是的，我認為這個平台現在——再說一次，我們還早，對吧？我們今天只是在談論第 5 代的發布，但我們確實希望為我們未來的傾斜路線圖提供色彩。但這絕對能發揮我們的優勢。

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.

我認為當您考慮 CXL 中將需要什麼時。我認為即使是關閉鏈接以及需要重定時器和重驅動程序、加速器、池應用程序，它們都將需要強大的第 6 代 IP，然後能夠將它們集成到各種不同的 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.

即使在今天，我只想說，我們在設計機會方面看到的 CXL 活動非常廣泛，而且幾乎全部 - 它真的全部在我們的 5 納米平台中。所以這一切都掛在一起，托爾，也許我認為你有點看到這一點，但我認為其他人也是如此。我們通過不同收購匯集的所有 IP 以及 Marvell 技術平台的結合，確實為我們創造了一個機會，讓我們能夠將這些半定制解決方案推向市場，並在下一波雲優化芯片浪潮中取得成功.

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.

在季度執行方面做得很好。我看到了公告——你提到了這張地圖上運送了 100,000 個 400-gig 相干 DSP 芯片組。你們在這個轉變中還處於早期階段，但根據我的計算，你們已經運送了價值近 2 億美元的產品。

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?

這個產品系列的優點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？數據中心與 400ZR、長途地鐵與您的 400 gig Canopus 解決方案互連。採用似乎實際上處於更快的曲線上。這是您的數據中心和運營商特許經營權的增長動力嗎？然後我相信你們的 DCI 部署只是由一個雲巨頭推動的，你們是否期待其他雲巨頭隨著這一年的展開而開始火起來？

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，哈蘭，這個問題。也許只是從 Coherent DSP 的頂部開始。我不確定每個人都非常了解。即使是 Inphi - 密切關注 Inphi 的人，這項技術也具有戰略意義。

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。他們在 Coherent Inphi 方面有自己的努力，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。一旦你把它做好並設計進去，這些都是非常非常長的產品生命週期，特別是在地鐵長途類型的市場，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.

這就是真正的驅動力——這就是今天收入的真正體現。額外的好處顯然是在 ZR400 中使用了相同的技術和芯片——ZR 市場以及 DCI。所以這裡有雙重好處。在商人方面，我們是一個強有力的領導者。我們有一張路線圖。顯然，超過 800 gig，這也將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，還有關於調製技術最終在數據中心內部遷移到相干公司的長期討論。所以這對 Marvell 來說是一項非常具有戰略意義的技術。為了回答您在 ZR DCI 方面的問題，我們 - 我在準備好的評論中說過它可能（聽不清），但我們確實有多個客戶，而不僅僅是一個。這些將在明年左右增加，額外的客戶。

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發布了 DCI 產品的創紀錄結果。我們真的受到 1 位客戶的推動，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，對吧？我們有許多針對不同應用的模塊合作夥伴。所以 - 無論如何，是的，這是我們將要討論的更多內容。也許我們也會就此進行技術討論，Harlan，但它實際上是我們從 Inphi 獲得的一項非常重要的技術。這顯然是一支出色的團隊，真正為我們在公司內部所做的許多其他事情提供了支持。

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，記住，這也是一個芯片組。所以它不僅僅是 DSP，它是驅動程序，它是 TIA，甚至還有我們正在尋找真正優化解決方案的其他組件。

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

因此，當您將所有這些結合在一起並可以將其作為平台交付時，它非常非常強大。

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

今天的最後一個問題將來自 C.J. Muse 和 Evercore。

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?

我猜是關於毛利率的問題。您按順序向下引導 25 個基點。顯然，數量非常少。但是只是好奇是否有任何我們應該考慮的混合方式和/或更高的投入成本？

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，我們現在是否處於您計劃通過回購返還自由現金流的淨槓桿水平？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.，謝謝你的問題。首先，關於淨槓桿率，如果你看一下我們的 Q2 指引，在我們指引的中點，我們的淨槓桿率將低於 2，總債務與 EBITDA 的比率將在 2 左右，但淨槓桿率將是2以下。

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，即使在第一季度結束後，我們也重新啟動了股票回購計劃。隨後，我們確實通過我們的 10b5 計劃購買了額外的 5000 萬美元。所以我們的資本配置原則還是一樣的，對吧？我們想投資，但我們也致力於向股東返還超過 50% 的自由現金流，主要是通過股票回購。

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.

關於毛利率，我們的毛利率，我們對第一季度的毛利率非常滿意，這是一個記錄，也是第二季度的指導。這一切——都高於我們長期目標的中點。所以第二季度真的只是一個混合體。我們每季度都有這麼多不同的產品線。你會看到我們的中點上下的混合變化。我不會這麼密切地預測。但總的來說，它應該在 65% 左右，有時更高。

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.

我要補充一點，C.J。顯然，我完全同意 Jean 的看法。只是為了提醒大家，我們將毛利率範圍設定為 64% 到 66% 的目標模型。我們在第四季度達到了創紀錄的 65.3%。然後我們在第一季度又創下了 65.5% 的記錄，如果您查看第二季度的中點，我們將指導 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.

所以它有點在範圍內，如果你知道我的意思的話。我不會讀太多。而且我認為在 65 歲左右經營公司是一個非常好的地方，如果我們能夠繼續按照我們發展公司的方式發展公司，並推動影響力，推動設計獲勝並保持競爭力。所以我認為這是 - 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 Jean 所說，我們將在混音中到處移動，我們最終只是專注於將它保持在正確的範圍內，在正確的打擊中區域，然後在我們所處的周期中推動真正強勁的收入增長並推動運營槓桿。

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，會議也到此結束。感謝您參加今天的演講。您現在可以斷開連接。