Maxlinear Inc (MXL) 2023 Q2 法說會逐字稿

Hello, and welcome to the MaxLinear Second Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 MaxLinear 2023 年第二季度收益電話會議和網絡廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to your host, Leslie Green, Investor Relations. Please go ahead, Leslie.

現在我很高興將電話轉給主持人投資者關係部門的萊斯利·格林 (Leslie Green)。請繼續，萊斯利。

Thank you, Kevin. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's second quarter 2023 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take questions.

謝謝你，凱文。大家下午好，感謝您參加今天的電話會議，討論 MaxLinear 2023 年第二季度的財務業績。今天的電話會議由首席執行官 Kishore Seendripu 博士主持；首席財務官兼首席企業戰略官 Steve Litchfield。在我們準備好意見後，我們將回答問題。

Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the third quarter 2023, including revenue GAAP and non-GAAP gross profit margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP tax rate, GAAP and non-GAAP interest and other expenses and GAAP and non-GAAP diluted share count.

我們今天的評論包括適用證券法含義內的前瞻性陳述，包括與我們 2023 年第三季度指導相關的陳述，包括 GAAP 和非 GAAP 毛利率、GAAP 和非 GAAP 運營費用、GAAP 和非 GAAP 運營費用。 - 公認會計準則稅率、公認會計準則和非公認會計準則利息和其他費用以及公認會計準則和非公認會計準則稀釋後股份數量。

In addition, we will make forward-looking statements regarding -- relating to trends, opportunities and uncertainties in various product and geographic markets, including, without limitation, statements concerning opportunities arising from our broadband wireless infrastructure, connectivity and industrial markets, timing for the launch of our products and opportunities for improved revenue and market share across our target markets.

此外，我們將就各種產品和地理市場的趨勢、機遇和不確定性做出前瞻性陳述，包括但不限於有關我們的寬帶無線基礎設施、連接和工業市場帶來的機遇的陳述、推出我們的產品以及提高目標市場收入和市場份額的機會。

These forward-looking statements involve risks -- substantial risks and uncertainties, including risks related to increased indebtedness competition, the impact of a global economic downturn and high inflation. The cyclical nature of the semiconductor industry, our ability to sustain current level of revenue, including from impacts of excess inventory on our customers' expected demand for certain of our products, our ability to obtain or retain government authorization to export certain of our products or technology and a failure to manage our relationships with or negative impacts from third parties.

這些前瞻性陳述涉及風險——重大風險和不確定性，包括與債務競爭加劇、全球經濟衰退和高通脹影響相關的風險。半導體行業的周期性，我們維持當前收入水平的能力，包括庫存過剩對客戶對我們某些產品的預期需求的影響，我們獲得或保留政府授權出口我們某些產品的能力，或技術以及未能管理我們與第三方的關係或來自第三方的負面影響。

More information on these and other risk factors is outlined in the Risk Factors section of our recent SEC filings, including our Form 10-Q for the quarter ended June 30, 2023, which will be filed today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements. The second quarter 2023 earnings release is available in the Investor Relations section of our website at maxlinear.com.

有關這些和其他風險因素的更多信息，請參閱我們最近向 SEC 提交的文件的“風險因素”部分，其中包括將於今天提交的截至 2023 年 6 月 30 日的季度的 10-Q 表格。任何前瞻性陳述均截至今日作出，MaxLinear 沒有義務更新或修改任何前瞻性陳述。 2023 年第二季度收益發布可在我們網站 maxlinear.com 的投資者關係部分獲取。

In addition, we report certain historical financial metrics, including but not limited to, gross margin, operating margin, operating expenses and interest and other expense on both a GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in the press release available on our website. We do not provide a reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future charges, including stock-based compensation and its associated tax effects.

此外，我們還報告某些歷史財務指標，包括但不限於公認會計原則和非公認會計原則的毛利率、營業利潤率、營業費用以及利息和其他費用。我們鼓勵投資者在我們網站上的新聞稿中查看我們的 GAAP 和非 GAAP 演示文稿的詳細調節表。由於我們預測某些未來費用（包括基於股票的薪酬及其相關稅收影響）的能力存在固有的不確定性，因此我們不會提供未來期間的非公認會計準則指引的調節表。

Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. We are providing this information because management believes it to be useful to investors as it reflects how management measures our business. Lastly, this call is also being webcast, and a replay will be available on our website for 2 weeks.

今天討論的非公認會計準則財務指標並不意味著被孤立地考慮或作為可比公認會計準則財務指標的替代品。我們提供這些信息是因為管理層認為它對投資者有用，因為它反映了管理層如何衡量我們的業務。最後，本次電話會議還將進行網絡直播，並將在我們的網站上提供兩週的重播。

And now let me turn the call over to Dr. Kishore Seendripu, CEO of MaxLinear. Kishore?

現在讓我將電話轉給 MaxLinear 首席執行官 Kishore Seendripu 博士。基肖爾？

Thank you, Leslie, and good afternoon, everyone. In Q2, our revenues were $183.9 million, and non-GAAP gross margin was strong at 61%. Our non-GAAP operating margin came in at 16.2% and cash flow from operating activities was $30.6 million. In Q2, infrastructure was the highlight, recording 6% sequential and 37% year-on-year growth with 5G wireless backhaul continuing to be the strongest driver. In wireless infrastructure, Q2 marked a record revenue contribution for our wireless backhaul business.

謝謝你，萊斯利，大家下午好。第二季度，我們的收入為 1.839 億美元，非 GAAP 毛利率高達 61%。我們的非 GAAP 運營利潤率為 16.2%，運營活動現金流為 3,060 萬美元。第二季度，基礎設施成為亮點，環比增長 6%，同比增長 37%，其中 5G 無線回程仍然是最強勁的推動力。在無線基礎設施方面，第二季度為我們的無線回程業務帶來了創紀錄的收入貢獻。

In particular, wireless backhaul deployments of multi-band hybrid millimeter wave and microwave radios, are allowing us to double the silicon content per platform of [aluminium] and RF transceiver products. We are very well positioned to benefit from the expanding rollout of millimeter wave technologies across several large geographies and are currently partnered with Tier 1 equipment suppliers to support ongoing 5G network rollouts.

特別是，多頻段混合毫米波和微波無線電的無線回程部署使我們能夠將[鋁]和射頻收發器產品的每個平台的矽含量增加一倍。我們處於有利位置，可以從毫米波技術在多個大型地區的不斷推廣中受益，目前正在與一級設備供應商合作，支持正在進行的 5G 網絡部署。

In our high-speed optical data center interconnects, the ongoing adoption of AI in cloud is driving meaningful design win activity for our 5-nanometer CMOS, Keystone 800-gigabit optical PAM4 solution. The growth and scale of AI is accelerating the adoption of 800 gigabit solutions and increasing the need for a broader customer supplier base. We are strategically positioned with the industry's first 5-nanometer CMOS, 400-gigabit and 800-gigabit PAM4 DSP production-ready silicon.

在我們的高速光學數據中心互連中，雲中 AI 的持續採用正在推動我們的 5 納米 CMOS、Keystone 800 Gb 光學 PAM4 解決方案贏得有意義的設計活動。人工智能的增長和規模正在加速 800 Gb 解決方案的採用，並增加了對更廣泛的客戶供應商基礎的需求。我們的戰略定位是擁有業界首款 5 納米 CMOS、400 吉比特和 800 吉比特 PAM4 DSP 生產就緒芯片。

Based on our design win activity and ongoing customer pipeline, we expect to ship small volumes in the back half of this year, leading to volume ramps throughout 2024. In Q2, as expected, our broadband access, connectivity and industrial multi markets continue to be challenged owing to excess customer inventories and the ongoing cyclical semiconductor downturn.

根據我們的設計獲勝活動和持續的客戶渠道，我們預計將在今年下半年小批量發貨，從而導致 2024 年全年銷量攀升。正如預期的那樣，在第二季度，我們的寬帶接入、連接和工業多市場繼續保持增長。由於客戶庫存過剩和持續的周期性半導體低迷，該公司面臨挑戰。

Despite the challenging market in broadband access, we continue to have solid market traction with our industry-leading single-chip integrated fiber PON and 10-gigabit processor gateway system solution. Our PON access revenue continues to show strong growth of a modest baseline, and we continue to weigh new designs due to the breadth of our integrated access and connectivity technologies.

儘管寬帶接入市場充滿挑戰，但我們憑藉行業領先的單芯片集成光纖 PON 和 10 Gb 處理器網關係統解決方案繼續擁有堅實的市場吸引力。我們的 PON 接入收入繼續顯示出適度基線的強勁增長，並且由於我們集成接入和連接技術的廣度，我們繼續權衡新設計。

We expect to see a multiyear growth cycle for our solutions as the industry migrates from legacy DSL and older PON technologies to 10-gigabit PON. In connectivity, though we are early in the design cycle for Wi-Fi 7, we believe that our Wave700 product family has the exciting potential to drive significant ASP growth and higher attach rates over our previous generations. Wave700 is the industry's first and only single-chip tri-band Wi-Fi 7 solution, targeting access points and gateways.

隨著行業從傳統 DSL 和較舊的 PON 技術遷移到 10 Gb PON，我們預計我們的解決方案將出現多年的增長周期。在連接方面，儘管我們還處於 Wi-Fi 7 設計週期的早期階段，但我們相信我們的 Wave700 產品系列具有令人興奮的潛力，可以推動 ASP 顯著增長，並比前幾代產品具有更高的連接率。 Wave700 是業界首款也是唯一一款單芯片三頻 Wi-Fi 7 解決方案，針對接入點和網關。

We expect Wave700 product to ramp across multiple platforms starting in 2024. In our Ethernet connectivity portfolio at COMPUTEX in Taiwan, we announced our new 4 port and 8 port 2.5-gigabit Ethernet PHY switch solutions for the SMB switch market, and also our 8 port 2.5 gigabit Ethernet PHY for the enterprise market.

我們預計 Wave700 產品將從 2024 年開始跨多個平台。在台灣 COMPUTEX 的以太網連接產品組合中，我們宣布了面向 SMB 交換機市場的全新 4 端口和 8 端口 2.5 千兆位以太網 PHY 交換機解決方案，以及我們的 8 端口適用於企業市場的 2.5 Gb 以太網 PHY。

While this new and unique product family, we are enabling the industry's transition from 1 gigabit to 2.5 gigabit Ethernet over existing Cat 5 cabling by offering significant performance enhancement with superior cost structure and power consumption.

在這個全新且獨特的產品系列中，我們通過提供顯著的性能增強以及卓越的成本結構和功耗，使行業能夠通過現有的 Cat 5 佈線從 1 GB 以太網過渡到 2.5 GB 以太網。

Owing to the strong positive customer pool and design win activity, we expect to begin revenue ramp in the first half of 2024. In 2023, despite the near-term challenging market environment, MaxLinear is laying the critical groundwork for future growth with design win activity, technology innovation and customer relationship building spanning, fiber broadband, WiFi connectivity, Ethernet, wireless infrastructure, and high-speed optical data center interconnect and enterprise markets.

由於強勁的積極客戶群和設計獲勝活動，我們預計收入將在 2024 年上半年開始增長。2023 年，儘管近期市場環境充滿挑戰，MaxLinear 仍將通過設計獲勝活動為未來增長奠定重要基礎、技術創新和客戶關係建設跨越光纖寬帶、WiFi 連接、以太網、無線基礎設施以及高速光纖數據中心互連和企業市場。

Our disciplined initiatives are driving robust design win activities across all our strategic markets and we expect to ramp new revenue growth opportunities beginning late 2023 and throughout 2024. We believe that these initiatives will both increase our market share and expand our silicon content in our proven successful customer platforms.

我們嚴格的舉措正在推動我們所有戰略市場的強勁設計獲勝活動，我們預計從 2023 年末到 2024 年全年將迎來新的收入增長機會。我們相信，這些舉措將增加我們的市場份額，並擴大我們已證明成功的矽含量客戶平台。

With that, let me now turn the call over to Steve Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steve?

現在，讓我將電話轉給我們的首席財務官兼首席企業戰略官 Steve Litchfield。史蒂夫？

Thank you, Kishore. Total revenue for the second quarter was $183.9 million, down 26% versus Q1 and down 34% year-over-year. Broadband revenue was $54 million, down 34% versus Q1 and down 62% year-over-year. Connectivity revenue in the quarter was $38 million, down 43% sequentially and down 33% year-over-year.

謝謝你，基肖爾。第二季度總收入為 1.839 億美元，較第一季度下降 26%，同比下降 34%。寬帶收入為 5400 萬美元，較第一季度下降 34%，同比下降 62%。該季度的連接收入為 3800 萬美元，環比下降 43%，同比下降 33%。

Our infrastructure and end market continued to grow in Q2 as a result of solid demand and growing market opportunity. Infrastructure had revenue of $49 million, up 6% versus the prior quarter and 37% year-over-year. Lastly, our industrial and multimarket revenue was $43 million in Q2, down 20% sequentially and 11% year-over-year. GAAP and non-GAAP gross margin for the second quarter were approximately 55.9% and 61% of revenue. The delta between GAAP and non-GAAP gross margins in the second quarter was primarily driven by $9.1 million of acquisition-related intangible asset amortization.

由於需求強勁和市場機會不斷增長，我們的基礎設施和終端市場在第二季度繼續增長。基礎設施收入為 4900 萬美元，比上一季度增長 6%，比去年同期增長 37%。最後，第二季度我們的工業和多市場收入為 4300 萬美元，環比下降 20%，同比下降 11%。第二季度 GAAP 和非 GAAP 毛利率分別約為收入的 55.9% 和 61%。第二季度 GAAP 和非 GAAP 毛利率之間的差異主要是由 910 萬美元的收購相關無形資產攤銷推動的。

Second quarter GAAP operating expenses were $108.8 million, including stock-based compensation and performance-based equity accruals of $16.5 million combined and acquisition and integration cost of $3.7 million. Non-GAAP operating expenses in Q2 were $82.5 million, up $1.7 million versus Q1 and slightly above the midpoint of our guidance range.

第二季度 GAAP 運營費用為 1.088 億美元，包括基於股票的薪酬和基於績效的應計股本合計 1,650 萬美元，以及收購和整合成本 370 萬美元。第二季度非 GAAP 運營費用為 8250 萬美元，比第一季度增加 170 萬美元，略高於我們指導範圍的中點。

Non-GAAP operating margin for Q1 2023 was 16.2%. Both GAAP and non-GAAP interest and other income during the quarter was $1.2 million. In Q2, cash flow generated from operating activities was $30.6 million. We exited Q2 of 2023 with approximately $246 million in cash, cash equivalents and short-term investments. Our days sales outstanding for the first quarter was approximately 77 days up from the previous quarter due to shipment linearity.

2023 年第一季度的非 GAAP 運營利潤率為 16.2%。本季度 GAAP 和非 GAAP 利息及其他收入均為 120 萬美元。第二季度，經營活動產生的現金流為 3060 萬美元。 2023 年第二季度結束時，我們持有約 2.46 億美元的現金、現金等價物和短期投資。由於出貨呈線性，我們第一季度的應收賬款天數比上一季度增加了約 77 天。

Our gross inventory turns were 1.7x, down from Q1 levels. This concludes the discussion of our Q2 financial results. With that, let's turn to our guidance for Q3 2023. We currently expect revenue in the third quarter of 2023 to be between $125 million and $155 million. Looking at Q3 by end market, we expect all 4 of our end markets to be down quarter-over-quarter, driven by continued rationalization of product inventory sitting with both our direct and channel customers.

我們的總庫存周轉率為 1.7 倍，低於第一季度的水平。關於我們第二季度財務業績的討論到此結束。接下來，讓我們轉向 2023 年第三季度的指導。我們目前預計 2023 年第三季度的收入將在 1.25 億美元至 1.55 億美元之間。按終端市場來看第三季度，我們預計，由於我們的直接客戶和渠道客戶的產品庫存持續合理化，我們的所有 4 個終端市場都將環比下降。

We expect third quarter GAAP gross profit margin to be approximately 53% to 56% and non-GAAP gross profit margin to be in the range of 59.5% and 62.5% of revenue. Gross margin continues to be stable despite lower unit volumes with the range being driven by a combination of near-term product, customer and end market mix. We expect Q3 2023 GAAP operating expenses to be in the range of $104 million to $110 million.

我們預計第三季度 GAAP 毛利率約為收入的 53% 至 56%，非 GAAP 毛利率將在收入的 59.5% 至 62.5% 之間。儘管單位銷量有所下降，但毛利率仍然保持穩定，該範圍是由近期產品、客戶和終端市場組合共同推動的。我們預計 2023 年第三季度 GAAP 運營費用將在 1.04 億美元至 1.1 億美元之間。

We expect Q3 2023 non-GAAP operating expenses to be in the range of $75 million to $81 million. For Q3, we expect to record a negligible GAAP tax benefit, and we expect our non-GAAP tax provision to be approximately zero. We expect our Q3 GAAP and non-GAAP interest and other expense to be roughly $5 million. We expect our Q3 GAAP and non-GAAP diluted share count of 82 million to 83 million. Before moving to Q&A, I'd like to briefly address the press release we issued earlier today regarding our previously announced transaction with Silicon Motion.

我們預計 2023 年第三季度非 GAAP 運營費用將在 7500 萬美元至 8100 萬美元之間。對於第三季度，我們預計 GAAP 稅收優惠可以忽略不計，並且我們預計我們的非 GAAP 稅收準備金大約為零。我們預計第三季度的 GAAP 和非 GAAP 利息及其他費用約為 500 萬美元。我們預計第三季度 GAAP 和非 GAAP 稀釋後股票數量為 8200 萬至 8300 萬股。在進行問答之前，我想簡要介紹一下我們今天早些時候發布的有關我們之前宣布的與慧榮交易的新聞稿。

As you saw from our press release, we have exercised our contractual right to terminate the merger agreement. Please note that we do not intend to share any further detail on this matter at this time, and our call today will be focused on our quarterly results. In closing, we continue to navigate a dynamic environment in Q3, but on laying important groundwork and strategic applications that will drive our growth as the market recovers. Our solid product innovation and execution in WiFi, fiber broadband access gateways and wireless infrastructure is positioning us well to capture compelling revenue opportunities in the coming quarters.

正如您從我們的新聞稿中看到的，我們已經行使了終止合併協議的合同權利。請注意，我們目前不打算分享有關此事的任何進一步細節，我們今天的電話會議將重點討論我們的季度業績。最後，我們將繼續在第三季度應對充滿活力的環境，但要奠定重要的基礎和戰略應用，這將隨著市場的複蘇推動我們的增長。我們在 WiFi、光纖寬帶接入網關和無線基礎設施方面紮實的產品創新和執行力使我們能夠在未來幾個季度抓住引人注目的收入機會。

As always, we will continue our strong focus on operational efficiency, fiscal discipline, and shareholder value as we optimize for today and plan for an exciting future. With that, I'd like to open up the call for questions. Operator?

一如既往，我們將繼續高度關注運營效率、財務紀律和股東價值，優化今天並規劃令人興奮的未來。至此，我想開始提問。操作員？

(Operator Instructions)

（操作員說明）

Our first question today is coming from Quinn Bolton from Needham & Company.

我們今天的第一個問題來自 Needham & Company 的 Quinn Bolton。

Obviously a dynamic environment for the core business. And I guess a quarter ago, you kind of thought you were coming in to, I think, what was going to be a shallower bottom for the September quarter. Obviously, things are a lot lower than, I think, what you're thinking 30 -- or sorry, 90 days ago. Can you give us some sense how much of this is inventory correction?

顯然，核心業務有一個充滿活力的環境。我想一個季度前，你可能認為九月份季度的底部會較淺。顯然，我認為現在的情況比你 30 天——或者抱歉，90 天前的想法要低得多。您能否告訴我們其中有多少是庫存調整？

How much of it is that orders have just continued to come in at very low levels. We've heard that from some other semi conductors companies that reported to date. But just I guess, as the revenues get lower here in the near term, it just kind of makes the potential over shipments of '21 and '22 seem that much larger. So if you can give us any sense what you think consumption, true consumption of your systems are right now, would be helpful for folks.

其中有多少是訂單繼續保持在非常低的水平。我們從其他一些半導體公司迄今為止的報告中聽到了這一點。但我猜想，隨著近期收入的下降，21 和 22 年出貨量的潛力似乎要大得多。因此，如果您能讓我們了解您認為的消耗情況，您系統現在的真實消耗情況，將對人們有所幫助。

Yes, Quinn, I'll jump in here. So you're right. I mean I think we talked about this in our previous earnings call. I think originally, we thought we would move through the inventory in the first half of the year. It's definitely pushed into the second half. I mean we had a pretty good feel that it'd be bottoming out in Q3. I think that's still playing out, albeit at a lower level than what we had expected.

是的，奎因，我會跳到這裡。所以你是對的。我的意思是，我認為我們在之前的財報電話會議中討論過這一點。我認為最初，我們認為我們會在今年上半年清理庫存。肯定是被拖到了下半場了。我的意思是，我們有一個很好的感覺，那就是它會在第三季度觸底。我認為這種情況仍在發生，儘管水平低於我們的預期。

I think the visibility on the booking side has been the challenge. Frankly, we've not seen tremendous amount of bookings. I mean, backlog. We've had a decent level of backlog all year long. And it's really hard to navigate in that environment. And so bookings, there's still lots of uncertainty out there. I mean I talked about last quarter about demand generally holding up.

我認為預訂方面的可​​見性一直是挑戰。坦率地說，我們還沒有看到大量的預訂。我的意思是，積壓。我們全年都有相當程度的積壓。在那種環境下導航真的很困難。因此，預訂方面仍然存在很多不確定性。我的意思是，我在上個季度談到了需求總體保持增長的情況。

And I think that's still, to some extent, true, I mean, the broadband connectivity side, there probably is a little more softness on that side just from an overall end demand standpoint. But the primary driver here of the bigger decline in Q3 than anticipated, is strictly that inventory that's sitting out there.

我認為在某種程度上，這仍然是正確的，我的意思是，從整體最終需求的角度來看，寬帶連接方面可能會更加柔軟。但第三季度降幅比預期更大的主要驅動因素嚴格來說是庫存。

Is there a risk you think this inventory burn? If bookings remain this low end demand certainly doesn't seem like it's recovering strongly. I mean what's the risk that this inventory correction maybe lingers into first half of next year?

您認為庫存存在燃燒風險嗎？如果預訂量保持在如此低的水平，那麼高端需求顯然不會強勁復甦。我的意思是，這種庫存調整可能持續到明年上半年的風險是什麼？

Yes. Well, I mean, I think it's -- I think we're all across the industry asking that question. I think we've been under shipping demand. I think we remain -- we see that today that we're still under shipping where the real demand levels are. But at the same time, demand hasn't been robust per se.

是的。嗯，我的意思是，我認為整個行業都在問這個問題。我認為我們一直處於運輸需求之下。我認為我們仍然 - 我們看到今天我們仍在實際需求水平的運輸中。但與此同時，需求本身並不強勁。

So I don't think we've burned off that inventory as quick as we thought we would. Different end markets are kind of going through this at different times. I mean you've seen this from other peers that have announced and even within our own business, broadband connectivity is different than we've seen in industrial multimarket.

所以我認為我們燒掉庫存的速度並沒有我們想像的那麼快。不同的終端市場在不同的時間經歷著這種情況。我的意思是，您已經從其他同行那裡看到了這一點，即使在我們自己的業務中，寬帶連接也與我們在工業多元市場中看到的不同。

I mean we talked earlier about industrial multimarket holding up, although you've seen some cracks there across the industry, right? So does it bleed into the first half of next year? I mean it feels like it's -- we're going to get through it this year and start to see a little bit of recovery in Q4, but we're watching closely. That's for sure.

我的意思是，我們之前討論過工業多元市場的保持，儘管您已經看到整個行業存在一些裂縫，對吧？那麼它會持續到明年上半年嗎？我的意思是，感覺我們今年將度過難關，並在第四季度開始看到一點復甦，但我們正在密切關注。這是肯定的。

Understood. And then just maybe a last quick 1 for Kishore. You talked about, I think, some growing design wins on the optical DSP side with some initial volumes in the first half -- sorry, second half of this year and ramp through 2024. Can you say, are these mostly 400-gig modules, 800-gig modules? Is it a mix? Is it at multiple hyperscalers, just any more color on the potential growth on the DSP because obviously, I think investors are looking for ways to sort of play AI trends, and it sounds like that might be 1 of the plays MaxLinear has on growth in AI systems.

明白了。然後也許是基肖爾的最後一記快速一腳進球。我想，您談到了光學 DSP 方面的一些不斷增長的設計勝利，上半年有一些初始產量 - 對不起，今年下半年，一直到 2024 年。您能說，這些主要是 400-Gig 模塊嗎？ 800G 模塊？是混合的嗎？是在多個超大規模企業中，還是對 DSP 的潛在增長有更多的了解，因為顯然，我認為投資者正在尋找利用人工智能趨勢的方法，聽起來這可能是 MaxLinear 在增長方面的策略之一人工智能係統。

Quinn, thank you. Absolutely. There's been a long-standing investment of the company. We have been investing now for almost 3 years plus and starting out in 5 years ago, actually as a business development activity. And we missed the first phase of actual PAM4 for 100 gigabit per lambda. And now we are here, but we have a very compelling solution with our 800-gig PAM4 in 5-nanometer. So that's the strategic position of our product, and we have a lead time on that 1 with respect to competition. So the qualifications that we are going through, I want to characterize them in 2 buckets.

奎因，謝謝你。絕對地。該公司有長期投資。我們現在已經投資了近三年多，並於五年前開始投資，實際上是作為一項業務開發活動。我們錯過了每 lambda 100 GB 的實際 PAM4 的第一階段。現在，我們已經有了一個非常引人注目的解決方案，即 5 納米 800 G PAM4。這就是我們產品的戰略地位，我們在競爭方面擁有領先時間。因此，我們正在經歷的資格，我想將它們分為兩類。

Firstly, when we talk of design win activity in the pipeline, naturally is the module makers, right, who are the ones who supply to the data center folks. And other enterprise players, right, and especially in AI. There's a large demand out there, and we are in activities to get qualified and interrupt for these 800-gig solutions. And we have design wins with all the waves, pretty much all the major OEMs for 800 gigabit. And on 400-gigabit PAM4 as well, but it's really, really the lead and the compelling values in 800-gigabit PAM4 and you track the design wins because the design footprint is identical and the technology and the firm in the software is very scalable.

首先，當我們談論管道中的設計獲勝活動時，自然是模塊製造商，對吧，他們是向數據中心人員提供產品的製造商。還有其他企業參與者，對吧，尤其是在人工智能領域。那裡有很大的需求，我們正在努力獲得這些 800 兆解決方案的資格併中斷。我們的設計贏得了所有浪潮，幾乎所有主要 OEM 廠商的 800 千兆比特。在 400 吉比特 PAM4 上也是如此，但它確實是 800 吉比特 PAM4 中的領先者和引人注目的價值，並且您可以跟踪設計勝利，因為設計足跡是相同的，並且軟件中的技術和公司非常可擴展。

So we are also getting drag-along 400-gig PAM4 design wins. You also want to keep in mind that the transition of the -- is going towards either [2/400] or which is equal to 800 or just 800 itself. So the clear answer is that the design win pipeline activity is with the OEM module makers. The inter-open calls are with the module makers and the data center folks. So you have to keep that in mind.

因此，我們還獲得了 400-gig PAM4 設計的勝利。您還需要記住，-- 的過渡將趨向 [2/400] 或等於 800 或僅 800 本身。因此，明確的答案是，設計贏得管道活動由 OEM 模塊製造商負責。內部開放電話會議由模塊製造商和數據中心人員進行。所以你必須記住這一點。

So the expectation is with this level of frenetic activity and where the performance is there today, we hope and expect to see some initial volumes at the end of 2023 and really -- and the ramp happening throughout 2024. At that point, expected that we are a legitimate player in optical PAM4 data center cloud market, right? Until now, we are the new entrant breaking into the market with a compelling strategic product offering.

因此，我們的預期是，在這種瘋狂的活動水平以及今天的表現下，我們希望並預計在 2023 年底看到一些初始交易量，並且確實在 2024 年全年出現增長。那時，預計我們是光學 PAM4 數據中心雲市場的合法參與者，對吧？到目前為止，我們是憑藉引人注目的戰略產品進入市場的新進入者。

Next question today is coming from Karl Ackerman from BNP Paribas.

今天的下一個問題來自法國巴黎銀行的卡爾·阿克曼。

Yes. Two questions, if I may. First, I was hoping you could discuss cash flow trajectory over the next few quarters as we're working through this current down cycle and perhaps bottoming in the third quarter, I'm particularly interested in how it relates to working capital. I asked because I would presume you would have to pay the breakup fee to Silicon Motion, whether it would be in the third quarter, perhaps later. Just any comments in terms of capital generation over the next few quarters would be super helpful. And I have a follow-up.

是的。如果可以的話，有兩個問題。首先，我希望您能討論未來幾個季度的現金流軌跡，因為我們正在經歷當前的下行週期，並可能在第三季度觸底，我特別感興趣的是它與營運資本的關係。我問這個問題是因為我認為你必須向慧榮支付分手費，是否會在第三季度，也許稍後。任何有關未來幾個季度資本生成的評論都會非常有幫助。我有一個後續行動。

Yes, yes, sure, Karl. So first of all, based on the press release earlier today and based on us filing an MAE, the break fee in this case would not be owed. So that's the first question. With regard to working capital and cash flow generation, I think cash flow has been relatively good. I think we're doing a pretty good job in a typical down cycle of pulling down inventory. I mean we got inventory down this quarter, which I'm -- clearly started a couple of quarters ago. We started dialing that back. I think the operations team did a good job on that front.

是的，是的，當然，卡爾。首先，根據今天早些時候發布的新聞稿以及我們提交的 MAE，本案中不會欠解約費。這是第一個問題。關於營運資金和現金流的產生，我認為現金流是比較好的。我認為我們在典型的庫存下降週期中做得非常好。我的意思是，我們本季度的庫存有所下降，這顯然是在幾個季度前開始的。我們開始回撥這一點。我認為運營團隊在這方面做得很好。

Unfortunately, revenue is coming down a little quicker. So days were still up a little bit. But I think you would expect to see us work that down over the next couple of quarters. We've also done a really good job on CapEx. CapEx coming into the year. I guess really going back to some of the restructuring that we did back in February. We've really dialed back CapEx. So I think that's been something that the team has done a tremendous job at.

不幸的是，收入下降得更快一些。所以天還是高了一點。但我認為您會期望看到我們在接下來的幾個季度中努力實現這一目標。我們在資本支出方面也做得非常好。今年資本支出即將到來。我想實際上可以追溯到我們二月份進行的一些重組。我們確實減少了資本支出。所以我認為團隊在這方面做得非常出色。

And we were had the luxury over a couple of years, we did spend as we were ramping up some of these product lines. So we've got a lot of equipment already in-house and working and capable. So I think we can actually hold the line on operating cash flows. And once we see this bottoming out of the revenues, we'll start to generate more cash going forward.

我們在幾年內享受了奢侈的生活，在擴大其中一些產品線時，我們確實花了錢。因此，我們已經擁有大量內部設備，並且正在運行且功能強大。所以我認為我們實際上可以控制經營現金流。一旦我們看到收入觸底，我們將開始產生更多的現金。

Just to clarify once again, by invoking an MAE with event and terminating the acquisition process and procedure by the deal terms, we do not owe any breakup fee.

再次澄清，通過調用具有事件的 MAE 並根據交易條款終止收購流程和程序，我們不欠任何分手費。

That's clear. If I could ask a follow-up question on the outlook. I'm just curious, I guess, as we think about the various aspects of your business, clearly, some are -- some have trough, that were certainly been much more challenged than others. I think of the infrastructure business doing quite well. The industrial business up until this most recent quarter doing much better than the broadband and connectivity piece of the business. So I guess if you could just speak perhaps at a higher level, how you think about, a, the bottoming process of the broadband and connectivity business, and then separately, the risks and/or visibility you have with the infrastructure business and industrial pieces of your business that would give investors some clarity on the stability of the different aspects of your business as we think about a bottoming process in demand?

很清楚。我能否就前景提出一個後續問題。我想，當我們考慮你們業務的各個方面時，我只是很好奇，很明顯，有些方面——有些方面已經陷入低谷，肯定比其他方面面臨更多的挑戰。我認為基礎設施業務做得很好。截至最近一個季度，工業業務的表現比寬帶和連接業務要好得多。因此，我想您是否可以在更高的層面上談談您如何看待寬帶和連接業務的觸底過程，然後分別考慮基礎設施業務和工業部分的風險和/或可見性當我們考慮需求觸底過程時，您的業務是否能讓投資者清楚地了解您業務不同方面的穩定性？

Yes. Yes, Karl. Absolutely. Great question, and something that we're spending a lot of time on, and I think Kishore hit on it in his prepared remarks, as we look into 2024, we have a lot of big growth initiatives that we've been working on for some time.

是的。是的，卡爾。絕對地。這是一個很好的問題，我們花了很多時間來解決這個問題，我認為 Kishore 在他準備好的講話中談到了這個問題，在我們展望 2024 年時，我們有很多大型增長計劃，我們一直在努力實現這一目標某個時間。

The infrastructure, you're seeing really nice traction. We've gotten really good growth this year. Last year, we've been -- it's becoming a real sizable entity. It's been a big investment for us. It's a big opportunity as we look out over the next 2 to 3 years. And so as optical starts kick in. You've already seen the dynamics with wireless infrastructure, some of the improvements there. So we really have a good outlook on that side of the equation.

基礎設施，你會看到非常好的牽引力。今年我們取得了非常好的增長。去年，我們已經——它正在成為一個真正的大型實體。這對我們來說是一筆巨大的投資。展望未來 2 到 3 年，這是一個巨大的機會。因此，隨著光纖的啟動，您已經看到了無線基礎設施的動態以及其中的一些改進。所以我們在這方面確實有很好的前景。

But other growth drivers in the business, clearly, WiFi, PON, those still are growth drivers. Yes, we're in a cyclical downturn, no doubt, but there's also big investments being made. And so -- and we've got other areas like our storage products with our Panther product, our Ethernet solution.

但業務中的其他增長動力，顯然，WiFi、PON，這些仍然是增長動力。是的，毫無疑問，我們正處於週期性衰退，但也正在進行大量投資。因此，我們還有其他領域，例如我們的存儲產品、Panther 產品、以太網解決方案。

Ethernet is something that Kishore spoke a little bit about. It's a big opportunity for the company. And I think it's a great example of us really being innovative and coming to market, competing against the big guys like a Marvell and Broadcom, in a unique spot in the market with 2.5 and 5 gig solutions that we can really expand our footprint, and I think there's a big need within the market

Kishore 曾談到過以太網。這對公司來說是一個很大的機會。我認為這是我們真正創新並進入市場的一個很好的例子，與 Marvell 和 Broadcom 等大公司競爭，在市場上擁有獨特的地位，擁有 2.5 和 5 gig 解決方案，我們可以真正擴大我們的足跡，並且我認為市場需求很大

Your next question today is coming from Ross Seymore from Deutsche Bank.

今天你們的下一個問題來自德意志銀行的羅斯·西莫爾。

I guess at the highest of levels, the third quarter guide, I think directionally, everybody expected to be down a bit, but this is significantly worse than at least I expected. What gives you confidence that this is cyclical and not something more structural?

我想在最高水平上，第三季度指導，我認為從方向上看，每個人都預計會有所下降，但這至少比我預期的要糟糕。是什麼讓您相信這是周期性的而不是結構性的？

So Ross, that's a very, very important question, like a big, huge inventory buildup is -- 1 could argue is not really a cyclical even it is a gigantic event, right, in the channel. So that depletion process really masks any structural ships that we can glean. The way I look at it as that it is not -- this for us is not a structural shift, it is that all our investments and activities and new products are really for new sockets. And is there some risk that those get delayed because customers are not -- the customers are also delaying their own investments, absolutely. So I would say that the first thing we need to watch for the inventory burn away in the system.

所以羅斯，這是一個非常非常重要的問題，就像一個巨大的、巨大的庫存積累一樣——我可以說這並不是真正的周期性事件，即使它是渠道中的一個巨大事件，對吧。因此，這種消耗過程確實掩蓋了我們可以收集到的任何結構船。我的看法是，這對我們來說不是結構性轉變，而是我們所有的投資、活動和新產品實際上都是為了新的插座。是否存在一些延遲的風險，因為客戶沒有這樣做——客戶絕對也在延遲自己的投資。所以我想說，我們首先需要注意系統中庫存的消耗。

And then during that period, how much are customers really investing in new platforms. Even if our products already are they willing to absorb. And then every market area where it is quite different. Infrastructure, the headwinds are fewer, a lot of new products on the quarter we just announced with about our $200 million infrastructure, right? That's a major product category on an annualized basis.

然後在此期間，客戶真正投資於新平台的金額是多少。即使我們的產品已經被他們願意吸收。然後每個市場區域都有很大不同。基礎設施方面，阻力較小，我們剛剛宣布的季度有很多新產品，我們的基礎設施價值約為 2 億美元，對嗎？按年計算，這是一個主要產品類別。

And then we've got a pipeline of optical data center products, new enterprise switch products for SMBs and [optil] 2.5-gigabit PHY enterprise markets, right? So you can see that -- and then we have our storage accelerators for enterprise.

然後我們有一系列光數據中心產品、面向中小型企業的新企業交換機產品和[optil] 2.5 Gb PHY 企業市場，對吧？所以你可以看到——然後我們就有了企業存儲加速器。

So you can expect infrastructure to continue growing, and it's got the most bundle of products that are new product cycles that are in the corner. So that's a very, very exciting area. Then if you look at our industrial multi markets, we are investing in new interface product bridges. That's what -- a big part of the growth that's happened in the steel market is also new products that we've launched. It has done very, very well for us.

因此，您可以預期基礎設施將繼續增長，並且它擁有最多的產品組合，這些產品即將到來的新產品週期。所以這是一個非常非常令人興奮的領域。然後，如果您看看我們的工業多市場，我們正在投資新的接口產品橋樑。就是這樣——鋼鐵市場增長的很大一部分也是我們推出的新產品。它為我們做了非常非常好的事情。

In fact, on an annual basis, probably grew 20% for us, right, over the last 3 years or so. So that's a growth area. So if you look -- and then you come and look at connectivity, it's grown, it's growing. But a huge part of the revenue is attached to our broadband access, which is cable and fiber. The attach of the cable is by far the significant with most significant one, and the attach on fiber just starting and fiber itself is growing for us.

事實上，在過去 3 年左右的時間裡，我們的年增長率可能達到 20%。所以這是一個增長領域。因此，如果你看一下——然後你來看連接性，它已經增長了，它正在增長。但收入的很大一部分來自於我們的寬帶接入，即電纜和光纖。迄今為止，光纜的連接是最重要的，而光纖的連接才剛剛開始，而光纖本身對我們來說正在增長。

So that brings us to the corner of cable now, right? So what's happening in cable, there are some structural shifts going on in cable, right? You have seen that the cable guys are competing for subscribers from the wireless providers and the lower end of the subscribers and the database for cable is being eaten a by direct wireless access, right?

那麼現在我們就到了電纜的角落，對吧？那麼電纜正在發生什麼，電纜正在發生一些結構性轉變，對嗎？您已經看到，有線電視公司正在爭奪無線提供商的訂戶和低端訂戶，並且有線數據庫正在被直接無線接入所蠶食，對嗎？

So they are losing subscribers, right? And then the second part that's happening is that the telcos are more and more aggressively laying out fiber and fiber to the home. So yes, there is a structural shift that's happening that is in cable. And really cable becomes I think more and more a high-end play because of the quality of service on the cable and data throughputs.

所以他們正在失去訂閱者，對嗎？然後發生的第二部分是電信公司越來越積極地舖設光纖和光纖到家庭。所以，是的，有線電視領域正在發生結構性轉變。我認為，由於電纜的服務質量和數據吞吐量，真正的電纜變得越來越高端。

And the growth is earlier in cable is going to come through content increases on the platforms through WiFi attached, not by volume increases. If anything, they expect the volumes in cable to decrease actually, by any forecast, the number of cable subscribers has come down as a cumulative addressable total market size, especially North America.

有線電視的早期增長將通過連接 WiFi 的平台內容增加來實現，而不是通過數量增加來實現。如果有什麼不同的話，他們預計有線電視的數量實際上會減少，無論根據任何預測，有線電視用戶數量都隨著累計可尋址總市場規模而下降，尤其是北美。

I guess 2 quick follow-ups. One, Steve, you mentioned that you hope that the third quarter is indeed the trough. Do you expect significant growth in the fourth quarter? Or just as you said, the visibility is so limited that calling the trough is not as much as you're willing to do tonight?

我想有 2 個快速跟進。一，史蒂夫，你提到你希望第三季度確實是低谷。您預計第四季度會有顯著增長嗎？或者正如您所說，能見度如此有限，以致於您今晚願意做的事情並不多？

Yes, yes. No. I mean I think we're always conservative about how these things rebound. So I mean, I think a modest improvement in Q4 would be where my expectations are, we'll see.

是的是的。不，我的意思是我認為我們對於這些事情如何反彈總是持保守態度。所以我的意思是，我認為第四季度的適度改善將是我的預期，我們拭目以待。

And then last, just a clarification. I know you don't want to talk about the deal announcement or termination. The OpEx guidance that you have, whether it be on the GAAP or the non-GAAP basis for the third quarter. Is there any significant change in the legal expenses that we should be aware of?

最後，只是澄清一下。我知道你不想談論交易公告或終止。您擁有的運營支出指引，無論是基於公認會計準則還是非公認會計準則的第三季度。我們應該注意的法律費用有什麼重大變化嗎？

Well, on a GAAP basis, I mean, we are definitely spending -- I mean there was a decent amount of spend in Q2. With this going away, I mean that will reduce the spend in the latter portions of the quarter.

嗯，根據公認會計原則，我的意思是，我們肯定在支出——我的意思是第二季度的支出相當可觀。隨著這種情況的消失，我的意思是這將減少本季度後半部分的支出。

Next question today is coming from David Williams from The Benchmark Company.

今天的下一個問題來自基準公司的大衛·威廉姆斯。

Maybe, Steve, if you can maybe give a little more color on the margin side. I know there's quite a significant decline on the revenue side. But just curious how you're -- if it's just mix that you're seeing in terms of maintaining that margin or if there's any other moving pieces there that we should be thinking about?

也許，史蒂夫，如果你可以在邊緣一側多加一點顏色的話。我知道收入方面有相當大的下降。但只是好奇你的情況如何——你所看到的只是維持利潤率方面的混合，還是我們應該考慮任何其他變化的因素？

Yes, David, thanks for the question. Yes. I mean, look, I think we've done a really good job on the gross margin side, kind of despite the move on the lower revenues, we've held the gross margins. I think there's multiple reasons for that. I think the mix is playing a role as you're seeing more infrastructure contribution, a little less connectivity contribution, that definitely works in our favor.

是的，大衛，謝謝你的提問。是的。我的意思是，看，我認為我們在毛利率方面做得非常好，儘管收入有所下降，但我們仍然保持了毛利率。我認為這有多種原因。我認為這種混合正在發揮作用，因為你會看到更多的基礎設施貢獻，更少的連接貢獻，這絕對對我們有利。

I think just the easing of the supply chain, we're seeing a little bit less pressure on our cost going up, so that's helpful as well. And then naturally, we're always working towards getting a better cost structure for existing products as well. Even as evidence is our Wi-Fi 7 product going to a single chip, I mean, there's multiple examples of where we're constantly working towards getting to a better cost structure for our products.

我認為，隨著供應鏈的放鬆，我們看到成本上漲的壓力有所減輕，所以這也很有幫助。當然，我們也一直致力於為現有產品獲得更好的成本結構。儘管有證據表明我們的 Wi-Fi 7 產品將採用單芯片，但我的意思是，有多個例子表明我們不斷努力為我們的產品實現更好的成本結構。

And maybe, Kishore, can you give a little more color? You talked about this in the script about the AI opportunity and it's driving some activity. Can you talk maybe a little bit about the magnitude of that and maybe what you're seeing relative to AI versus the other trends that have been ongoing for some time.

也許，Kishore，你能提供更多的色彩嗎？你在劇本中談到了人工智能的機會，它正在推動一些活動。您能否談談它的嚴重程度，以及您所看到的相對於人工智能與已經持續了一段時間的其他趨勢的情況。

So I think that we can safely say that the big spend that's happening in cloud data infrastructure spend is really towards AI processors. There's a massive demand for that. And we have all seen the excellent results posted in that area by -- I mean, really on the financial results, the excellent results posted or released by NVIDIA. Let's be very honest and clear about it.

因此，我認為我們可以有把握地說，雲數據基礎設施支出中發生的巨額支出實際上是針對人工智能處理器的。對此有巨大的需求。我們都看到了在該領域發布的出色成果——我的意思是，實際上是財務業績，即 NVIDIA 發布或發布的出色業績。讓我們非常誠實和明確地說明這一點。

Rest are all writing on the Hoopla, right? Let's call it that. So let's -- so NVIDIA is the big driver. And then maybe what -- and that leads through into the data centers. And there's a massive demand for product, massive and there is a very big shortage of supply. So there's a lot of all the OEM module makers are jocking for supplier status for these AI needs, let's put it there or product needs. So we are in the thick of that.

其餘的都寫在Hoopla上吧？我們就這麼稱呼它吧。那麼，NVIDIA 是最大的推動者。然後也許會發生什麼——這會導致數據中心。對產品的需求量很大，但供應卻嚴重短缺。因此，許多 OEM 模塊製造商都在爭奪這些人工智能需求的供應商地位，讓我們把它放在那里或產品需求。所以我們正處於困境之中。

And hopefully, the calls and other things go well, and the demand is promising to last quite a bit out and having a strategically very good part where there is very, very low power consumption performance and quality of performance is very important, and we hope to get a piece of the pie.

希望通話和其他事情進展順利，需求有望持續相當長一段時間，並且擁有戰略上非常好的部分，其中具有非常非常低的功耗性能和性能質量非常重要，我們希望分一杯羹。

As I've said before, we are in the optical market, not because of AI or anything. We have a core RF high-frequency DSP mixed-signal platform that scales from any communication system to any other network communication system. And the PAM4 DSP are just a manifestation of the platform we have. We are late comers to that market, and we hope to really build a long-term success in that marketplace.

正如我之前所說，我們進入光學市場，並不是因為人工智能什麼的。我們擁有核心 RF 高頻 DSP 混合信號平台，可從任何通信系統擴展到任何其他網絡通信系統。 PAM4 DSP 只是我們平台的一個體現。我們是這個市場的後來者，我們希望在這個市場上真正取得長期的成功。

So if the AI is driving it, great, if it accelerates, it's awesome, but we are here to stay to make sure we're successful in the cloud data space. And that's a larger ambition that ties in with the infrastructure product lines that we have lined up that I talked to when Ross -- on Ross's question on trends.

因此，如果人工智能正在推動它，那就太好了，如果它加速了，那就太棒了，但我們會留下來，以確保我們在雲數據領域取得成功。這是一個更大的雄心，與我們在羅斯的趨勢問題上與我交談時所安排的基礎設施產品線有關。

Your next question is coming from Tore Svanberg from Stifel.

您的下一個問題來自 Stifel 的 Tore Svanberg。

Interesting day in MaxLinear lense. I have a few questions. First of all, I think you came into the year with quite a bit of backlog. It sounds like you don't have a lot of orders. So I think that means you're probably seeing some cancellations. Could you just give us a sense, Steve, for how those cancellations are headed? Are they accelerating? Are they extending longer? I mean any sort of read you have there because that would obviously determine your conviction in Q3 potentially being at bottom?

MaxLinear 鏡頭有趣的一天。我有幾個問題。首先，我認為今年你們有相當多的積壓。看來你的訂單不多。所以我認為這意味著您可能會看到一些取消。史蒂夫，您能否給我們介紹一下這些取消活動的進展情況？他們在加速嗎？它們延長得更長嗎？我的意思是您在那裡閱讀的任何內容，因為這顯然會確定您對第三季度可能處於底部的信念？

Yes. I mean I guess the way I'd answer the question, we still do have very good backlog. We're still working on the booking side of the equation. That's the -- unfortunately, lead times have come down. And so customers are waiting longer and with so much uncertainty kind of in the back half of the year, I think customers have -- they think lead times are really short now.

是的。我的意思是，我想按照我回答問題的方式，我們仍然有很好的積壓工作。我們仍在研究預訂方面的工作。不幸的是，交貨時間已經縮短。因此，客戶等待的時間更長，並且在今年下半年存在如此多的不確定性，我認為客戶已經 - 他們認為現在的交貨時間非常短。

And in a lot of cases, they also know that plenty of guys have lots of inventory. And so they're waiting so that's been problematic. I wouldn't say that we've seen a ton of cancellations. We've certainly seen pushouts. And most of these orders are noncancelable, nonreturnable orders. So in most cases, they're not cancellations, but we certainly work with our customer base in order to kind of work with them on shipment dates.

在很多情況下，他們也知道很多人都有大量庫存。所以他們在等待，所以這是有問題的。我不會說我們已經看到了大量的取消。我們當然已經看到了推出。而且這些訂單大部分都是不可取消、不可退貨的訂單。因此，在大多數情況下，它們並不是取消，但我們當然會與我們的客戶群合作，以便在發貨日期與他們合作。

Sounds good. And moving on to this whole topic about consumption versus inventory and specifically for your broadband business, I think it almost reads like a $0.5 billion run rate last year. Now based on my math next quarter, maybe we're looking at like [$160 million, $180 million]. So obviously, it was way inflated back then. And it seems like it's pretty depressed right now. So any guesstimate on what the real sort of run rate could potentially be for that business?

聽起來不錯。繼續討論關於消耗與庫存的整個主題，特別是對於您的寬帶業務，我認為去年的運行率幾乎相當於 5 億美元。現在根據我對下個季度的計算，也許我們正在考慮[1.6億美元，1.8億美元]。很明顯，當時它已經被誇大了。而且現在的心情似乎也很鬱悶。那麼，對該業務的實際運行率有什麼猜測嗎？

Yes. It's -- obviously, that is the big question. I think we're wrestling with that. Kishore spoke a little bit earlier. I mean we have great relationships with these operators, with the telcos. And so we have pretty decent line item visibility. But that being said, it is hard to tell right now exactly where that's going to land. I mean there's been a big build up.

是的。顯然，這是一個大問題。我想我們正在努力解決這個問題。基肖爾早些時候發表了講話。我的意思是我們與這些運營商和電信公司有著良好的關係。所以我們有相當不錯的訂單項可見性。但話雖這麼說，現在很難確切地說它會落在哪裡。我的意思是，已經有了很大的積累。

We have certain things going on in the market like refurbishments and things like that, that we haven't seen in a while. Those naturally come back into play. But our guys have done this for years. And so I think we have a pretty good understanding of it.

市場上正在發生一些事情，比如翻新之類的事情，我們已經有一段時間沒有見過了。這些自然會重新發揮作用。但我們的人多年來一直這樣做。所以我認為我們對此有很好的理解。

We're going to continue to work diligently to kind of dig into what that number lands at, I think we're confident, it's a strange word. Confident that we're undershipping demand. I mean we've seen -- we know that there's a lot of inventory out there and has been for some time. And so we're getting through that, and I think it's still going to take a little bit more time, particularly on the broadband and connectivity side of the business.

我們將繼續努力挖掘這個數字的含義，我認為我們有信心，這是一個奇怪的詞。我們確信我們的出貨量低於需求。我的意思是，我們已經看到——我們知道那裡有大量庫存，並且已經存在了一段時間了。所以我們正在解決這個問題，我認為它仍然需要更多的時間，特別是在業務的寬帶和連接方面。

Sounds good. Just last 1 for Kishore. Kishore, I know you can't talk about the SIMO deal per se. But just thinking about longer term strategically, obviously, that asset was supposed to give you some storage technology to continue to improve your position, especially in infrastructure. How should we think about that now that you have terminated the transaction?

聽起來不錯。基肖爾僅剩最後 1 分。 Kishore，我知道你不能談論 SIMO 交易本身。但從長期戰略角度考慮，顯然，該資產應該為您提供一些存儲技術，以繼續提高您的地位，特別是在基礎設施方面。既然您已經終止了交易，我們應該如何考慮？

The termination of the transaction is pretty complex. So not talking about that particular one. I do feel that we have the storage accelerators that we have been investing. And that's really for the enterprise market, number one, enterprise appliance maker, leading Tier 1 player is starting to ship. We expect that business to double next year and grow very, very strongly over the next 4 years. In fact, we have very strong visibility of it. And I think that's the way we build into the market because the pure enterprise play and that's how we enter the market. That's an organic path to get there.

交易的終止相當複雜。所以不談論那個特定的。我確實覺得我們擁有我們一直在投資的存儲加速器。這確實是針對企業市場，排名第一的企業設備製造商、領先的一級廠商正在開始發貨。我們預計該業務明年將翻一番，並在未來 4 年內增長非常非常強勁。事實上，我們對此有很強的可見性。我認為這就是我們進入市場的方式，因為純粹的企業參與，這就是我們進入市場的方式。這是到達那裡的有機路徑。

On the dynamics of the Silicon Motion deal, those are very different dynamics, and they've got nothing to do with our technology and our strategic view of how we play in the market. So our entry into our road map will be following up our investments in accelerator technologies. Last year, at the Flash Memory Summit, we won the best new innovative product in storage category, right? So I do believe that if you just fast forward the other 3 years, our accelerator business should be anywhere between $30 million to $50 million revenue per year run rates based on a single Tier 1 customer. So I don't think anything has changed on the thesis, on the value of the enterprise storage market.

就慧榮交易的動態而言，這些是非常不同的動態，它們與我們的技術和我們在市場上的戰略觀點無關。因此，我們進入路線圖時將跟進我們對加速器技術的投資。去年閃存峰會上，我們獲得了存儲類最佳創新產品獎，對吧？因此，我確實相信，如果快進另外 3 年，基於單個一級客戶，我們的加速器業務每年的收入應該在 3000 萬至 5000 萬美元之間。因此，我認為關於企業存儲市場價值的論文沒有任何變化。

Next question today is coming from Gary Mobley from Wells Fargo.

今天的下一個問題來自富國銀行的加里·莫布里。

I see per your guidance, you're expecting what a $4 million to $5 million sequential decrease in your OpEx? I presume most of that's a variable reduction and we just spoke about some structural changes taking place in broadband cable from slower net new subscriber additions, maybe some share loss to fixed wireless access and whatnot. So at what point does it makes sense to rightsize the OpEx based on some of those structural changes to some of your larger markets?

我看到根據您的指導，您預計運營支出將連續減少 400 萬至 500 萬美元？我認為其中大部分是可變的減少，我們剛剛談到了寬帶電纜中發生的一些結構性變化，這些變化來自較慢的淨新用戶添加，也許是固定無線接入等的一些份額損失。那麼，什麼時候根據一些較大市場的結構性變化來調整運營支出規模才有意義呢？

Yes. Steve, why don't you start off then I'll talk.

是的。史蒂夫，你先開始吧，然後我再說。

Well, I would just answer the bigger question. So we announced last quarter that we were going to see declines. We're expecting to exit the year closer to a $75 million, $76 million run rate. So we've already taken some action earlier in the year just kind of based on the whole industry downturn. I would expect to see some more improvements next year as well. I would expect OpEx to come down again in 2024. And just based on kind of projects rolling off and just normal attrition there. So I actually see continued improvement on the cost structure side. But Kishore, you can speak to the, I think, the broadband portion of the question.

好吧，我只想回答更大的問題。因此，我們上個季度宣布我們將看到下降。我們預計今年退出時的運行率將接近 7500 萬美元、7600 萬美元。因此，我們在今年早些時候已經根據整個行業的低迷採取了一些行動。我預計明年也會看到更多改進。我預計運營支出將在 2024 年再次下降。這只是基於項目的滾動和正常的流失。所以我實際上看到成本結構方面的持續改善。但是基肖爾，我認為你可以談談問題的寬帶部分。

Well, so Gary, you talked about the structural changes in the broadband, really it's primarily like you mentioned, I feel constrained to the cable market. It's very, very clear that the cable market and subscriber base is under siege from multiple players, the fixed wireless access and the fiber deployments. And I think they'll continue to feel the pressure. On the cable side, the response has been to move to DOCSIS 4.0, right?

好吧，加里，您談到了寬帶的結構性變化，實際上主要是像您提到的那樣，我覺得有線電視市場受到了限制。非常非常明顯的是，有線市場和用戶群正受到多個參與者、固定無線接入和光纖部署的圍攻。我認為他們將繼續感受到壓力。在有線方面，反應是轉向 DOCSIS 4.0，對吧？

So from our investment -- and these investment cycles last about 7 years or so new technology points. And they are largely behind us in terms of the bulk of our own investments in MaxLinear. I do not look at WiFi as a cable-specific investment, right?

因此，從我們的投資來看，這些投資週期持續大約 7 年左右的新技術點。就我們自己對 MaxLinear 的投資而言，他們在很大程度上落後於我們。我不認為 WiFi 是一項針對電纜的投資，對吧？

So I think that structurally, the investment levels in the cable go down, barring a new fork in the cable industry's ability to compete and generally, these have been 7-year cycles and the bulk of the investment is behind. But likewise, our expectations or revenue growth in that sector is really going to come from silicon content increase and not from a pure broadband cable access revenues.

因此，我認為從結構上來說，電纜的投資水平會下降，除非電纜行業的競爭能力出現新的分叉，一般來說，這些都是 7 年的周期，大部分投資都落後了。但同樣，我們對該領域的預期或收入增長實際上將來自矽含量的增加，而不是來自純粹的寬帶有線接入收入。

So it's more a platform level revenue and we hope to maintain our revenues on a footprint basis, post this inventory burn out. So you're absolutely right. I think cable is a market area. And we are looking at it very closely, and we have told ourselves well this may be the 1 of the more last -- longer-lasting generations of cable for deployment. And for us, the expenses in investment cable should significantly go down.

因此，這更多的是平台層面的收入，我們希望在庫存耗儘後能夠在足跡基礎上維持我們的收入。所以你是完全正確的。我認為電纜是一個市場領域。我們正在非常仔細地研究它，我們已經告訴自己，這可能是最後一代、更持久的部署電纜之一。對於我們來說，投資電纜的費用應該會大幅下降。

Appreciate that color. I wanted to ask about the impact of some weak North American wireless infrastructure spending, as highlighted from some recent guidance and results from some of the larger infrastructure players. To what extent is that impacting your business as we look through the balance of the year or maybe even longer?

欣賞那個顏色。我想詢問一些北美無線基礎設施支出疲軟的影響，正如一些大型基礎設施參與者最近的指導和結果所強調的那樣。當我們回顧今年剩餘時間甚至更長的時間時，這對您的業務有多大影響？

So our big wireless infrastructure growth has really come from mostly because of 5G rollout where wireless backhaul is the dominant backhaul mechanism. And that's really outside of North America and China. So the North America slowdown does affect somewhat, but it's not a pronounced impact. Having said that, the wireless telcos, in general, whether their investments in fiber rollouts or fiber deployment, et cetera, I am sure that will also get impacted somewhat.

因此，我們無線基礎設施的巨大增長實際上主要來自 5G 的推出，其中無線回程是主要的回程機制。這實際上是在北美和中國之外。所以北美經濟放緩確實有一定影響，但影響並不明顯。話雖如此，總的來說，無線電信公司無論是在光纖鋪設還是光纖部署等方面的投資，我相信也會受到一定的影響。

For us, we don't have much exposure to that because we're starting off a smaller revenue base, and we are growing our revenue and design win share of that particular area of the market. So there, we don't see any slowdown expectations, on our fiber growth, but the overall as a market, I do see a slowdown on the wireless telco carrier spend. We just happen to be the ones that won't be as impacted because we are starting off a smaller base.

對於我們來說，我們對此沒有太多的了解，因為我們的收入基礎較小，但我們正在增加收入，並在該特定市場領域的設計中贏得份額。因此，我們沒有看到光纖增長有任何放緩的預期，但總體而言，作為一個市場，我確實看到無線電信運營商支出放緩。我們恰好是那些不會受到影響的人，因為我們的基礎較小。

Next question is coming from Suji Desilva from ROTH MKM.

下一個問題來自 ROTH MKM 的 Suji Desilva。

Since you're early in the earnings cycle when you guys have been through a lot of cycles, I just want to ask -- start with a big high-level question. What feels most different about this cycle versus past cycles you've been through? I'm just curious to get your opinion there.

由於你們正處於盈利週期的早期，而你們已經經歷了很多周期，所以我只想問——從一個大的高級問題開始。與您經歷過的過去週期相比，本週期最大的不同是什麼？我只是好奇想听聽你的意見。

Well, as MaxLinear, we have been through 2 similar cycles. And the outcomes were it's a different phase. I don't know how many of my peers will say this, but if you really look at the extent of the come down because of excess inventory channel, it almost feels like for a semiconductor company is kind of post 2008. I hate to say that, but I will say that, okay?

嗯，作為 MaxLinear，我們已經經歷了 2 個類似的周期。結果是這是一個不同的階段。我不知道有多少同行會這麼說，但如果你真的看看由於庫存渠道過剩而導致的下滑程度，你會發現半導體公司幾乎感覺像是 2008 年以後的事。我不想說那個，但我會這麼說，好嗎？

So the only difference is the macroeconomic conditions are not the same sentiment. That's the difference. So for us, the cycle that we have been gone through have not been related to macro conditions or the semiconductor demand condition, it has been through what kind of transformations MaxLinear was making in the public eye. So as we try to broaden and diversify our revenues and grow the company, we had to go through painful cycles of where the smaller TAMs we had to get out of and move towards bigger TAMs and we went through revenue troughs, if you will.

所以唯一的區別就是宏觀經濟狀況不一樣，情緒也不一樣。這就是區別。所以對我們來說，我們所經歷的周期與宏觀狀況或半導體需求狀況無關，而是與MaxLinear在公眾眼中進行了什麼樣的轉變有關。因此，當我們試圖擴大收入並實現收入多元化並發展公司時，我們必須經歷痛苦的周期：我們必須擺脫較小的 TAM，轉向更大的 TAM，如果你願意的話，我們也經歷過收入低谷。

So for us, this 1 feels similar. The company is going through sort of a transformation right now to position itself to go to $1 billion to $2 billion revenues. And that transformation is once again happening in front of your public eyes. So be it what happened with Silicon Motion, be it what happened with the acquisition we did with the Intel Connected Home assets or our organic investments in wireless infrastructure or optical data centers, they are all manifestation of cycles that are very unique to MaxLinear because you really come across a public company that's trying to grow, enter new markets from where it was never borne in. So there is not a peer to compare as a fresh company that went public in 2010 trying to do the things we are doing.

所以對於我們來說，這個 1 感覺很相似。該公司目前正在經歷某種轉型，目標是實現收入達到 10 億至 20 億美元。而這種轉變再次發生在公眾眼前。因此，無論是慧榮科技發生的事情，還是我們對英特爾互聯家庭資產的收購，或者我們對無線基礎設施或光學數據中心的有機投資，它們都是 MaxLinear 非常獨特的周期表現，因為你我們確實遇到過一家試圖成長、從它從未誕生過的新市場進入新市場的上市公司。因此，沒有一家公司可以與 2010 年上市的新公司進行比較，試圖做我們正在做的事情。

So our challenges are unique to us. So from my experience point of view, what's happening in terms of demand, it really feels like a post 2008 issue without the macroeconomic panic and fear that we had at the time. I hope that answers your question. Maybe you're not expecting that answer, but that's how I look at the world.

因此，我們面臨的挑戰對我們來說是獨一無二的。因此，從我的經驗來看，需求方面發生的情況確實感覺像是 2008 年之後的問題，沒有我們當時所經歷的宏觀經濟恐慌和恐懼。我希望這能回答你的問題。也許你並不期待這個答案，但這就是我看待世界的方式。

Okay. I wasn't sure like -- quite what to expect. At the risk of sounding tone to (inaudible) asked this question, you guys demonstrated the potential for strong debt capacity with the recent inorganic activity. I'm curious if thoughts of pursuing alternate acquisitions where you want that versus pausing. And what level of leverage you would consider in that pursuit?

好的。我不確定會發生什麼。冒著聽起來（聽不清）的語氣提出這個問題的風險，你們通過最近的無機活動展示了強大的債務能力的潛力。我很好奇是否會考慮在你想要的地方進行替代收購，而不是暫停。在這種追求中，您會考慮使用什麼水平的槓桿？

Yes. Look, I mean, we've always been an acquisitive company, and we're very excited about our organic growth potential ahead of us. We've also done lots of good acquisitions over the years, and we will certainly get back to that. We've got a lot of product areas that we're very interested in investing in on the infrastructure front on the connectivity front and even on some of the industrial efforts and power management and the like. So we'll certainly continue to go down that path. I mean, the balance sheet is good. So a lot of opportunities there.

是的。聽著，我的意思是，我們一直是一家收購型公司，我們對我們面前的有機增長潛力感到非常興奮。多年來我們還進行了許多出色的收購，我們一定會繼續這樣做。我們有很多產品領域，我們非常有興趣在連接方面的基礎設施方面進行投資，甚至在一些工業工作和電源管理等方面進行投資。所以我們肯定會繼續沿著這條路走下去。我的意思是，資產負債表狀況良好。所以那裡有很多機會。

Look, we evaluate every opportunity that comes our way. And we pursue them based on how it increases shareholder value, and we are not afraid to do what's in the long-term interest of the company.

看，我們評估每一個出現的機會。我們追求這些目標是基於如何增加股東價值，並且我們不害怕做符合公司長期利益的事情。

Can I ask 1 and real quick. Kishore, have you seen the hyperscale guys redesigning and pausing rack designs based on Gen AI versus past AI efforts? Or have you not seen that phenomenon?

我可以快速詢問一下嗎？ Kishore，您是否見過超大規模人員重新設計和暫停基於 Gen AI 的機架設計，與過去的 AI 工作相比？或者你沒有見過這種現象嗎？

Look, I have not seen any such phenomenon, right? It seems like a natural progression as far as the products we look at where the data rates and speeds are increasing in the same footprint, right? So I really think that AI just add the number of interconnects and the TAM dramatically will increase because that will become the big growth driver inside the interconnection inside the data center.

你看，我沒見過這樣的現象吧？就我們所看到的產品而言，這似乎是一個自然的進步，數據速率和速度在相同的佔地面積內不斷增加，對嗎？所以我真的認為人工智能只是增加了互連的數量，TAM 就會急劇增加，因為這將成為數據中心內部互連的巨大增長動力。

I think the TAM forecast with AI will be a lot, a lot more than what we were seeing in the data center without this sort of excitement that's built around ChatGPT and AI, right? Because AI was always there. It's just now -- there is a need for it that is suddenly exploring.

我認為，如果沒有圍繞 ChatGPT 和 AI 構建的這種令人興奮的情況，TAM 對 AI 的預測將會比我們在數據中心看到的要多得多，對嗎？因為人工智能一直都在那裡。就在現在——突然有一個需要去探索。

Next question today is coming from Richard Shannon from Craig-Hallum.

今天的下一個問題來自 Craig-Hallum 的 Richard Shannon。

First 1 Steve, probably more just tactically speaking here in the third quarter. I just want to get a sense of which segments you're expecting to do relatively better or worse. And then also as you see this bottoming process come and manifests itself hopefully in the fourth quarter. There are one -- there are segments where you have incrementally more confidence in that. I can probably guess what the answer is, but I guess I'd just love to hear it from you, Steve, there first.

首先，史蒂夫，可能更多的是在第三節從戰術上講。我只是想了解您期望哪些部分做得相對更好或更差。然後，正如您所看到的，這個觸底過程即將到來，並有望在第四季度顯現出來。在某些方面，您對此越來越有信心。我大概能猜到答案是什麼，但我想我只是想先聽聽你的回答，史蒂夫。

Yes. Look, I mean Q3, I mean, we talked about each of the end markets being down and a very strong first half of the year with infrastructure and as expected, we're seeing a little moderation in the second half, just as that business is a little lumpier. But as we look into 2024, we do expect to see that recovery really across all of our end markets. You'll start to see that in industrial multimarket. You're going to see it in broadband and connectivity.

是的。聽著，我的意思是第三季度，我的意思是，我們談到了每個終端市場的下滑以及今年上半年基礎設施的強勁表現，正如預期的那樣，我們在下半年看到了一些放緩，就像該業務一樣有點塊狀。但展望 2024 年，我們確實預計所有終端市場都會真正復甦。您將開始在工業多元化市場中看到這一點。您將在寬帶和連接方面看到它。

And I mean, we've got some underlying growth drivers with all of these. I mean whether it be WiFi wins or PON wins. One of the things that we haven't talked much about, PON continues to do well, despite the overall broadband environment, that's something that's doing well. I mean we're underexposed to it. So anything -- any incremental is a positive. And we've got several other good growth drivers such as Ethernet that will start to drive growth in 2024. So I'm not going to get into guiding what Q4 looks like by end market.

我的意思是，所有這些我們都有一些潛在的增長動力。我的意思是無論是 WiFi 獲勝還是 PON 獲勝。我們還沒有談論太多的事情之一是，儘管整體寬帶環境良好，但 PON 仍然表現良好。我的意思是我們對它的接觸不足。所以任何事情——任何增量都是積極的。我們還有其他幾個良好的增長驅動因素，例如以太網，它們將在 2024 年開始推動增長。因此，我不打算指導終端市場第四季度的情況。

Okay. That's fair enough. Kishore, I want to follow up on your comments about structural changes here in the cable TV market. And obviously, as you look forward to the next cycle here, you've obviously just mentioned you've already largely committed and finished your investments here as we get to DOCSIS 4.0, but what's your feeling of the cable maker or cable operator strictly in North America about their interest in either accelerating or delaying DOCSIS 4.0 in response to these technical -- or excuse me, the structural changes?

好的。這很公平。 Kishore，我想跟進您對有線電視市場結構性變化的評論。顯然，當您在這裡期待下一個週期時，您顯然剛剛提到，當我們進入 DOCSIS 4.0 時，您已經在很大程度上承諾並完成了您的投資，但是您對電纜製造商或電纜運營商的感受如何？北美關於他們是否有興趣加速或推遲 DOCSIS 4.0 以應對這些技術或結構性變化？

It's very, very hard to say. They are also sitting on a lot of inventory and the cable operators. And what we are seeing are slowdown in our revenue is really reflective of their own plans, right, to some degree here. So I think the DOCSIS 4.0 will start deploying in small quantities and probably in 2025 is when it starts ramping because the products are just available barely and then the platforms have be validated, and there will be announcements about we are doing it, but really the infrastructure spend has not happened on DOCSIS 4.0 and all of that has to come together.

這非常非常難說。他們還坐擁大量庫存和有線電視運營商。我們所看到的收入放緩確實反映了他們自己的計劃，對吧，在某種程度上在這裡。因此，我認為 DOCSIS 4.0 將開始小批量部署，可能會在 2025 年開始大規模部署，因為產品剛剛上市，然後平台已經過驗證，並且將會有關於我們正在這樣做的公告，但實際上DOCSIS 4.0 還沒有發生基礎設施支出，所有這些都必須結合在一起。

So I think it's really a 2025 event for sort of a resumption of growth in cable to the higher-performing platform. And so the ASP is going to offset some of the decreases in the volumes in qualities, but the net effect of that is not clear yet.

因此，我認為這確實是 2025 年的重大事件，標誌著高性能平台的有線電視業務將恢復增長。因此，平均售價將抵消部分質量銷量的下降，但其淨效應尚不清楚。

Your next question is coming from Christopher Rolland from Susquehanna.

你們的下一個問題來自薩斯奎哈納的克里斯托弗·羅蘭。

Just back to the inventory kind of burn situation here. Have you talked to your largest customers about how much inventory they have or what their inventory plans are? I mean, for like broadband, for example, I got you guys at like call it, $40 million, which is 1/3 of what you were doing a year ago. Have you talked about planning and work further out on what order trends might be like for them? And just kind of tying on to this as well, it doesn't seem like your competitor Broadcom in this space is having these inventory issues. So is it just a customer dynamic? You guys are tied to different customers? Or what's going on there?

回到這裡的庫存消耗情況。您是否與最大的客戶討論過他們有多少庫存或他們的庫存計劃是什麼？我的意思是，例如，對於寬帶，我給你們提供了 4000 萬美元，這是你們一年前所做的 1/3。您是否討論過計劃並進一步研究他們的訂單趨勢？與此相關的是，您在這個領域的競爭對手博通似乎並沒有遇到這些庫存問題。那麼這只是客戶動態嗎？你們與不同的客戶有聯繫嗎？或者那裡發生了什麼？

Yes. So Chris, we certainly have very good visibility on channel inventory. So we've been watching that for the past few quarters. We expect to see us continue to burn down that channel inventory over the next couple of quarters. I think with respect to Broadcom, I mean, and the other big guys. I mean, clearly, we don't break out apples-to-apples comparisons.

是的。克里斯，我們當然對渠道庫存有很好的了解。所以我們在過去幾個季度一直在關注這一情況。我們預計在接下來的幾個季度中我們將繼續銷毀該渠道庫存。我認為對於博通以及其他大公司來說。我的意思是，很明顯，我們不會進行同類比較。

I don't think you see this. I mean they're seeing the same dynamics in these markets as we are. They've got a lot more exposure to PON. So it's a little different. They have some bigger WiFi business. So again, you can't really compare apples to apples. And they're seeing that same softness in the areas where we see the softness. I would just reiterate that.

我認為你沒有看到這一點。我的意思是，他們在這些市場中看到了與我們相同的動態。他們對 PON 有更多的了解。所以有點不同。他們有一些更大的 WiFi 業務。再說一次，你不能真正將蘋果與蘋果進行比較。他們在我們看到的柔軟區域也看到了同樣的柔軟。我只想重申這一點。

Okay. That's fair. I guess if you do have a little bit of visibility from your guys, just talking about the snapback here, would you expect any segment beyond infra to be up year-over-year next year? How should we think about this snapback kind of longer term? And do you think we start getting super seasonality into March? Is that fair?

好的。這還算公平。我想，如果您確實從您的同事那裡獲得了一點知名度，只是在這裡談論快速恢復，您是否預計明年除基礎設施之外的任何細分市場都會同比增長？從長遠來看，我們應該如何看待這種突然反彈？您認為三月份我們會開始出現超級季節性嗎？這公平嗎？

Well look, I don't want to get into guiding quarter-by-quarter over the next 4 to 6 quarters. But I mean, as we look out into '24, I mean, I think Kishore and I have both talked a little bit about some of the growth drivers for next year. I mean there's certainly going to be a recovery in all of these markets. It's tough to forecast year-over-year just because kind of the way the shape of the year has gone, right?

好吧，我不想在接下來的 4 到 6 個季度中逐季度進行指導。但我的意思是，當我們展望 24 世紀時，我認為基肖爾和我都談到了明年的一些增長動力。我的意思是，所有這些市場肯定都會復蘇。僅僅因為今年的情況就很難逐年進行預測，對吧？

You started out the year on a much higher run rate. And so you're going to end up exiting the year on a lower run rate. And so that has some effect. But I mean, certainly, you're going to start to see quarterly improvements off the bottom here, hopefully, as we talked about in Q3 and some improvements. Do we have seasonality? The answer is yes. I mean, we've historically always had a little bit of softness in the March quarter as well as Q4 to some degree. Do we see that again? I mean, potentially, yes.

今年伊始，您的運行率要高得多。因此，您將以較低的運行率結束這一年。所以這有一定的效果。但我的意思是，當然，您將開始看到季度的改進，希望如此，正如我們在第三季度討論的那樣和一些改進。我們有季節性嗎？答案是肯定的。我的意思是，從歷史上看，我們在三月份季度以及第四季度在某種程度上總是有一點疲軟。我們會再次看到這種情況嗎？我的意思是，有可能，是的。

I guess lastly for me, when it comes to PAM4, would you consider like a direct sale of the DSP business? Do you think that might be a better way to monetize it like is there any hyperscale interest in just buying the part itself. It seems like going the road of engaging with cable makers and transceiver makers and it seems like that's a pretty big slug. And then secondly, on the AEC market, DSPs for AEC, any update there?

我想最後對我來說，當談到PAM4時，您會考慮直接出售DSP業務嗎？您是否認為這可能是一種更好的貨幣化方式，就像購買零件本身是否有超大規模的興趣一樣。似乎要走與電纜製造商和收發器製造商合作的道路，這似乎是一個相當大的障礙。其次，在 AEC 市場上，用於 AEC 的 DSP，有什麼更新嗎？

So look, first of all, I mean, as we talked about in our prepared remarks, very excited about the optical market, and we have been. We're seeing great traction. We're ahead of the competition with our 5-nanometer products.

首先，我的意思是，正如我們在準備好的發言中談到的那樣，我們對光學市場非常興奮，而且我們一直如此。我們看到了巨大的吸引力。我們憑藉 5 納米產品在競爭中處於領先地位。

So I think we're better positioned than we ever have been in this market. We've got our second-generation solution. So I think we're really excited. I think 1 of the things that's changed since last quarter, and you've seen it very closely. I mean we're seeing the market, and we're seeing a little more growth than even what we had expected and that's driving a lot of our customer engagements as well. So I mean there's definitely a flurry of things going on.

因此，我認為我們在這個市場上的定位比以往任何時候都更好。我們已經有了第二代解決方案。所以我認為我們真的很興奮。我認為自上季度以來發生了一些變化，並且您已經非常仔細地看到了它。我的意思是，我們看到了這個市場，我們看到的增長甚至比我們預期的要多一些，這也推動了我們很多客戶的參與。所以我的意思是肯定有一系列事情正在發生。

It's driving all the PAM4 design wins that we have. It's with regard to the AEC market, I mean that's definitely an emerging market that we've talked a little bit around. We absolutely are working with customers with AEC design wins. I think -- if I think about our own revenues, it's probably going to be driven on our kind of PAM4 transceivers first and then AECs because AECs are still a relatively nascent market as of yet. But I mean, over the next couple of 3 years, we can certainly see it growing.

它推動了我們所有 PAM4 設計的勝利。關於 AEC 市場，我的意思是，這絕對是一個我們已經討論過的新興市場。我們絕對與 AEC 設計獲勝的客戶合作。我認為，如果我考慮一下我們自己的收入，它可能會首先由我們的 PAM4 收發器驅動，然後是 AEC，因為 AEC 迄今為止仍然是一個相對新興的市場。但我的意思是，在接下來的三年裡，我們肯定可以看到它的增長。

I don't think a direct sale of Silicon through data center. For them, this is to purely to entertain such an engagement from a Silicon perspective.

我不認為通過數據中心直接銷售矽。對他們來說，這純粹是為了從矽的角度考慮這種參與。

Your next question today is coming from Alek Valero from Loop Capital Markets.

今天的下一個問題來自 Loop Capital Markets 的 Alek Valero。

Can you guys talk about your ability to practice the scale that you would have got in with the Silicon Motion deal, whether through future M&A or organically?

你們能否談談你們是否有能力通過未來的併購或有機方式來實踐通過慧榮交易達到的規模？

Could you repeat the question, please?

請您重複一下這個問題好嗎？

For sure. Can you guys talk about your ability to access the scale that you would have gotten with the Silicon Motion deal? Like whether through future M&A or organic means.

一定。你們能談談你們通過慧榮交易獲得的規模的能力嗎？比如通過未來的併購還是有機方式。

Yes, yes. So of course, I mean, we're definitely -- we've done a great job over the last, whatever, 5, 10 years as growing organically, we'll continue to do that. We'll definitely do more acquisitions. We've done them. I mean, even over the last 3 years, I mean, I think we still more than double the size of the company. We will be able to continue to do this. Balance sheet is still very good. We generate tons of cash. We will -- I mean we are positioned very well to go off and do more acquisitions as well as continue to grow organically.

是的是的。所以，當然，我的意思是，我們肯定——我們在過去做得很好，無論如何，隨著有機增長的 5 年、10 年，我們將繼續這樣做。我們肯定會進行更多收購。我們已經做到了。我的意思是，即使在過去的三年裡，我認為我們的公司規模仍然擴大了一倍多。我們將能夠繼續這樣做。資產負債表仍然非常好。我們產生大量現金。我們將——我的意思是，我們處於非常有利的位置，可以進行更多收購併繼續有機增長。

We compete head-to-head against big guys every day. And that's never been a deterrent, the innovative product technology capability, engineering capabilities that we have will continue to enable us to differentiate and drive more shareholder value.

我們每天都與大佬們正面交鋒。這從來都不是一種阻礙，我們擁有的創新產品技術能力、工程能力將繼續使我們能夠脫穎而出並推動更多股東價值。

Awesome. And I have another question around generative AI, and I apologize if you might have addressed this before hand. But are you guys experiencing any impact on your 800G 3-nanometer getting to market or any increase in customer interest?

驚人的。我還有一個關於生成人工智能的問題，如果您事先已經解決過這個問題，我深表歉意。但是，你們的 800G 3 納米產品上市是否受到任何影響，或者客戶興趣是否有所增加？

Yes. So far, we have discussed about 800 gigabit PAM4 5-nanometer product and its traction. And really the next generation of products is really -- the industry has had been at OFC for us to launch new technologies and new products. But I really don't see anything grand or brand new coming up that will be absorbed anytime soon. I think the next leg of the optical investments, our products is really in 200 gigabit per lambda DSPs, and you should be looking for us to be an investor in their road map. So I think that's -- and we constantly evaluate nodes, foundries, packaging technologies and all the gamut of it to build an extremely competitive low-power products, so -- and cost competitive products. So I think that for now, we're in a good place, and we need to make sure we get our fair share of the market in the data center market.

是的。到目前為止，我們已經討論了800G PAM4 5納米產品及其牽引力。事實上，下一代產品確實是——業界已經在 OFC 上為我們推出了新技術和新產品。但我真的不認為任何宏偉或全新的事情會很快被吸收。我認為光學投資的下一個階段，我們的產品實際上是 200 GB/lambda DSP，您應該尋找我們成為他們路線圖的投資者。所以我認為，我們不斷評估節點、代工廠、封裝技術及其所有方面，以構建極具競爭力的低功耗產品，以及具有成本競爭力的產品。所以我認為目前我們處於一個很好的位置，我們需要確保我們在數據中心市場上獲得公平的市場份額。

We've reached end of our question-and-answer session. I'd like to turn the floor back over to Kishore Seendripu for further closing comments.

我們的問答環節已經結束。我想請 Kishore Seendripu 進一步發表結束評論。

Well, thank you, operator. I just want to let everyone know that this quarter, we will be participating in the Virtual Oppenheimer Technology, Internet and Communications Conference on August 9, the Virtual Needham semiconductor & SemiCap conference on August 23, the Deutsche Bank Technology Conference on August 30 in Dana Point and the Benchmark TMT Conference on September 13 in New York. With that, I want to thank you again all for joining us today, and we look forward to reporting on our progress to you next quarter. Thank you.

好的，謝謝你，接線員。我只是想讓大家知道，這個季度，我們將參加8月9日的虛擬奧本海默技術、互聯網和通信會議，8月23日的虛擬尼達姆半導體和SemiCap會議，8月30日在達納舉行的德意志銀行技術會議Point 和 Benchmark TMT 會議於 9 月 13 日在紐約舉行。在此，我要再次感謝大家今天加入我們，我們期待著下個季度向你們報告我們的進展。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。