Maxlinear Inc (MXL) 2024 Q1 法說會逐字稿

Greetings, and welcome to the MaxLinear First Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 MaxLinear 2021 年第一季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Leslie Green, Investor Relations. Thank you, Leslie. You may begin.

現在，我很高興介紹主持人、投資者關係部Leslie Green。謝謝您，Leslie。您可以開始了。

Thank you, Paul, and good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's First Quarter 2024 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.

謝謝保羅，大家下午好！感謝大家參加今天的電話會議，討論MaxLinear 2024年第一季的財務業績。今天的電話會議由執行長Kishore Seendripu博士和財務長兼首席企業策略長Steve Litchfield主持。在我們準備好的發言之後，我們將回答提問。

Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the second quarter of 2024, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense 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，包括與我們對 2024 年第二季度的指導有關的陳述，包括收入、GAAP 和非 GAAP 毛利率、GAAP 和非 GAAP 營運費用、GAAP 和非 GAAP 利息和其他費用以及 GAAP 和非 GAAP 稀釋股數。

In addition, we will make forward-looking statements relating to trends, opportunities, execution of our business plan and potential growth and uncertainties in various product and geographic markets, including, without limitation, statements concerning future financial and operating results, opportunities for revenue and market share across our target markets, expected production ramps and timing for the launches of new products, our design win pipeline, demand for and adoption of certain technologies, our serviceable addressable market, the effects of cost reduction measures and product announcement.

此外，我們將就趨勢、機會、業務計劃的執行以及各種產品和地理市場的潛在增長和不確定性做出前瞻性陳述，包括但不限於有關未來財務和經營業績、目標市場的收入和市場份額機會、預期產量提升和新產品推出時間、我們的設計贏得渠道、對某些技術的需求和採用、我們可削減服務的目標市場、成本的陳述、成本的陳述。

These forward-looking statements involve substantial risks and uncertainties, including risks outlined in our Risk Factor section of our SEC filings, including our Form 10-Q for the quarter ended March 31 2024, which we intend to file later today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements.

這些前瞻性陳述涉及重大風險和不確定性，包括我們提交給美國證券交易委員會 (SEC) 文件中「風險因素」部分概述的風險，其中包括我們計劃於今日稍後提交的截至 2024 年 3 月 31 日季度的 10-Q 表。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。

The future -- the first quarter 2024 earnings release is available on the Investor Relations section of our website at maxlinear.com.

未來－2024 年第一季財報可在我們網站 maxlinear.com 的投資者關係部分查閱。

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 and the press release available on our website.

此外，我們也會報告某些歷史財務指標，包括但不限於毛利率、營業利潤率、營業費用以及利息及其他費用，這些指標均以公認會計準則 (GAAP) 和非公認會計準則 (Non-GAAP) 為基礎。我們鼓勵投資者查閱我們網站上提供的 GAAP 和非 GAAP 報表的詳細對帳表以及新聞稿。

We do not provide reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future changes, including stock-based compensation and its related tax effects as well as potential impairments. Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. We are providing this information because management believes it is useful to investors as it reflects how management measures our business.

由於我們預測某些未來變化的能力存在固有的不確定性，包括股票薪酬及其相關稅務影響以及潛在減值，因此我們不提供未來期間非公認會計準則 (non-GAAP) 指引的對帳表。今天討論的非公認會計準則 (non-GAAP) 財務指標並非旨在單獨考慮或替代可比較的公認會計準則 (GAAP) 財務指標。我們提供此資訊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。

Lastly, this call is also being webcast, and a replay will be available on our website for 2 weeks.

最後，本次電話會議也將進行網路直播，重播將在我們的網站上提供兩週。

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

現在，我將電話轉給 MaxLinear 執行長 Kishore Seendripu 博士。 Kishore？

Thank you, Leslie, and good afternoon, everyone. Our Q1 revenues were $95.3 million, posting a non-GAAP gross margin of 60.6%. Overall, we believe that our revenues have reached a bottom, and we are now poised for sequential growth in '24. Our conviction is a result of improving market conditions and exciting new product launches in high-growth markets, including optical data center interconnect enterprise Ethernet and storage accelerators, 5G wireless, multi-gigabit PON broadband access and WiFi connectivity. All of these new products have been launched in the market today and will begin to reshape our revenue profile towards high-value data infrastructure applications.

謝謝Leslie，大家下午好。我們第一季營收為9,530萬美元，非公認會計準則毛利率為60.6%。整體而言，我們認為營收已觸底，並有望在2024年實現環比成長。我們之所以能保持這一信心，得益於市場環境的改善以及高成長市場中令人興奮的新產品的發布，包括光纖數據中心互連企業以太網和存儲加速器、5G無線、多千兆PON寬頻接入以及WiFi連接。所有這些新產品均已於今日上市，並將開始重塑我們的營收格局，使其朝向高價值數據基礎設施應用方向發展。

While this market recovery driving improved revenues, our strong fiscal discipline will help us position to deliver highly favorable leverage in our business model. Highlighting our infrastructure business, which we believe is on track to become a $300 million to $500 million business over the next several years, led by solid traction in high-speed optical in the connect market.

在市場復甦推動營收成長的同時，我們強大的財務紀律將幫助我們在商業模式中佔據有利地位，實現高度槓桿。重點關注我們的基礎設施業務，我們相信，在高速光纖連接市場的強勁成長帶動下，該業務未來幾年可望發展成為價值3億至5億美元的業務。

Coming into 2024, we expect to deliver revenue in the $10 million to $30 million range for the year, we now expect to exceed the high end of the revenue range in 2024. As we demonstrated and announced at the Optical Fiber Conference in San Diego, our 5-nanometer CMOS Keystone 800-gigabit PAM4 DSP is in several reference designs for virtually all of the leading module makers, including Jabil for silicon photonics-based pluggable modules and Optomind for LRO modules, which we announced last month.

到 2024 年，我們預計全年收入將在 1,000 萬至 3,000 萬美元之間，現在我們預計 2024 年收入將超過此上限。正如我們在聖地牙哥光纖會議上所展示和宣布的那樣，我們的 5 奈米 CMOS Keystone 800 千兆位元 PAM4 DSP 已應用於幾乎所有領先模組製造商的多種參考設計中，包括 Jabil 的矽光子可插拔模組和 Optomind 的 LRO 模組（我們上個月宣布了後者）。

Collectively, we are building an exciting AI-related design win portfolio within the hyperscale and large enterprise markets. Early stage revenues have already begun, and we expect new production ramps later in the second half of the year to drive meaningful run rate growth in 2025.

我們正在超大規模和大型企業市場建立一個令人興奮的AI相關設計方案組合。早期階段的收入已經開始，我們預計下半年稍後新的產能提升將推動2025年營運率的顯著成長。

The ongoing adoption of AI in the cloud is providing a strong catalyst for the transition to 800 gigabit and beyond speeds. During Q1, we were very pleased to announce Rushmore family of 200 gigabit per lane, PAM4 SERDES and DSP's. Built on Samsung's leading-edge CMOS, it delivers best-in-class power consumption, double the data rates and significantly reduce latency across optical transceivers, active optical cables and active electrical cables. Industry estimates indicate that shipments of PAM4 DSPs are expected to grow at a CAGR of 50% through 2027, providing an exciting opportunity for us to significantly grow our revenue and market presence over the next several years.

人工智慧在雲端的持續應用，為 800 千兆及更高速度的過渡提供了強大的催化劑。在第一季度，我們非常榮幸地宣布推出 Rushmore 系列，該系列產品包含每通道 200 千兆位元、PAM4 SERDES 和 DSP。它基於三星領先的 CMOS 工藝，提供一流的功耗，使資料速率翻倍，並顯著降低了光收發器、主動光纜和主動電纜之間的延遲。產業預測顯示，到 2027 年，PAM4 DSP 的出貨量預計將以 50% 的複合年增長率成長，這為我們在未來幾年大幅提升收入和市場份額提供了令人興奮的機會。

In 5G wireless infrastructure, the expanding global rollout of new millimeter wave, microwave and hybrid backhaul technologies to upgrade the data rates of wireless transport links continues to drive our growth and our silicon content per platform. At Mobile World Congress in February, we announced our new and differentiated CRF family, a single-chip platform for 5G Open RAN radio units for both massive MIMO and macro-based station solutions. The response has been overwhelmingly positive. We expect our growing portfolio of wireless backhaul and access infrastructure products to drive significant revenue expansion over a multiyear cycle.

在5G無線基礎設施領域，全球範圍內不斷推廣的新型毫米波、微波和混合回傳技術，旨在提升無線傳輸鏈路的數據速率，這持續推動著我們的成長和每個平台晶片容量的成長。在二月的世界行動通訊大會上，我們發布了全新的差異化CRF系列，這是一個面向5G Open RAN無線單元的單晶片平台，適用於大規模MIMO和宏基地台解決方案。市場反應非常正面。我們預計，我們不斷成長的無線回傳和接入基礎設施產品組合將在未來幾年內推動營收的顯著成長。

Within our infrastructure revenues, our Panther III CDs, hardware storage accelerators for the enterprise all-flash array and hybrid storage enterprise appliance systems is providing exciting incremental growth opportunities particularly with the growth in high-speed computing and AI. Our Panther III GPU is the only hardware-based solution in the market, delivering 12:1 ratio data compression ultra-reliable data protection, low latency and low power performance.

在我們的基礎設施收入中，我們的 Panther III CD、面向企業全快閃陣列和混合儲存企業級設備系統的硬體儲存加速器，正在提供令人興奮的增量成長機會，尤其是在高速運算和人工智慧領域蓬勃發展的背景下。我們的 Panther III GPU 是市場上唯一基於硬體的解決方案，提供 12:1 的資料壓縮率、超可靠的資料保護、低延遲和低功耗效能。

This month, we were excited to announce a collaboration with Dell Technologies to integrate our Panther III storage accelerator into Dell's PowerMax storage platform to deliver unparalleled performance gains for mission-critical workloads. We are currently in production ramp with the solution and expect additional customer product ramps later this year. We are confident that we can double our storage-related revenues in '24 with continued strong growth through 2025 and beyond.

本月，我們非常高興地宣布與戴爾科技集團合作，將我們的 Panther III 儲存加速器整合到戴爾的 PowerMax 儲存平台中，為關鍵任務工作負載帶來無與倫比的效能提升。目前，該解決方案正在量產中，預計今年稍後將有更多客戶產品量產。我們有信心在 2024 年實現儲存相關營收翻番，並在 2025 年及以後繼續保持強勁成長。

In Ethernet connectivity with the recent launch of our new Octal 2.5 gigabit Ethernet PHY and switch products, we expanded our addressable market by $300 million to include both the enterprise and small and medium business switch markets in addition to our traditional gateway and router markets. Customers are expected to upgrade today's more than 2 billion copper 1-gigabit Ethernet ports to 2.5 gigabit Ethernets speeds over time using the existing standard CAT-5 cabling. We are seeing exciting design win activity for our solution, including a Tier 1 North American enterprise OEM customer that is expected to ramp to production in the late 2024. As we look ahead, we believe our Ethernet business could reach $100 million over the next 18 to 24 months.

在乙太網路連接領域，隨著我們近期推出的全新八路 2.5 千兆乙太網路 PHY 和交換器產品，我們將潛在市場拓展了 3 億美元，除了傳統的網關和路由器市場外，還涵蓋了企業和中小型企業交換器市場。預計客戶將使用現有的標準 CAT-5 線纜，將目前超過 20 億個銅纜 1 千兆乙太網路連接埠逐步升級至 2.5 千兆乙太網路速度。我們的解決方案正在獲得令人振奮的設計訂單，其中包括一家北美一級企業 OEM 客戶，預計將於 2024 年底實現量產。展望未來，我們相信乙太網路業務在未來 18 到 24 個月內預計將達到 1 億美元。

Turning to broadband. We continue to gain traction in the fiber P -- PON market with new design wins driving our growth. As many of you know, in 2023, we began ramping our single-chip integrated fiber PON plus 10-gigabit processor gateway SoC and connectivity solutions with the major Tier 1 North American service providers. We're now ramping a new opportunity with the second major Tier 1 North American service provider. Together, these wins confirm our competitive product offering and demonstrate significant growth opportunities for us in the coming years.

談到寬頻。我們持續在光纖P-PON市場獲得發展，新的設計方案不斷贏得客戶的青睞，推動我們的成長。如大家所知，2023年，我們開始與北美主要的一級營運商合作，推出單晶片整合光纖PON加10千兆處理器網關SoC和連接解決方案。現在，我們正與北美第二大一級營運商合作，拓展新的合作機會。這些成功案例鞏固了我們具有競爭力的產品供應，並為我們未來幾年帶來了巨大的成長機會。

Last year, our PON revenue was approximately $50 million. We expect to be able to more than double that over the next 2 years. In connectivity, our Wave700 single-chip tri-band, Quad MIMO WiFi 7 device continues to do extremely well in qualifications. We expect service providers to begin the initial rollout late this year with adoption peaking in 2 to 3 years. For MaxLinear WiFi 7 has the exciting potential to drive significant ASP growth and higher attach rates in our broadband access platform versus previous generations.

去年，我們的PON收入約為5000萬美元。我們預計未來兩年內這數字將翻倍以上。在連接方面，我們的Wave700單晶片三頻、Quad MIMO WiFi 7設備在認證方面繼續表現出色。我們預計服務提供者將在今年稍後開始初步部署，並在2到3年內達到高峰。對MaxLinear而言，WiFi 7擁有巨大的潛力，能夠顯著推動我們寬頻接取平台的平均售價成長，並提高連線率，遠超前幾代產品。

Overall, as we finally project return to sequential revenue growth, it is both gratifying and exciting to see years of product development and business execution begin to culminate in our next stage of growth as a data-centric infrastructure company. Across our portfolio, we have the right solution production today to meet high-value market trends and drive significant revenue growth.

總體而言，隨著我們最終預計收入將恢復環比增長，看到我們多年的產品開發和業務執行成果，作為一家以數據為中心的基礎設施公司，在下一階段的增長中達到頂峰，我們感到既欣慰又興奮。在我們的產品組合中，我們目前擁有合適的解決方案，能夠滿足高價值市場趨勢並推動顯著的收入成長。

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

說完這些，讓我把電話轉給我們的財務長兼首席企業策略長史蒂夫·利奇菲爾德。史蒂夫？

Thanks, Kishore. Total revenue for the first quarter was $95.3 million, down from $125.4 million in the previous quarter, including both product and IP revenues. Broadband revenue for the quarter was $33 million, connectivity revenue was $10 million, infrastructure revenue was $33 million, and our industrial multi-market revenue was $20 million. GAAP and non-GAAP gross margin for the first quarter was approximately 51.7% and 60.6% of revenue. The delta between GAAP and non-GAAP gross margin in the first quarter was primarily driven by $8.2 million of acquisition-related intangible asset amortization.

謝謝，Kishore。第一季總收入為9,530萬美元，低於上一季的1.254億美元，其中包括產品收入和IP收入。本季寬頻收入為3300萬美元，連接收入為1000萬美元，基礎建設收入為3300萬美元，工業多市場收入為2000萬美元。第一季GAAP和非GAAP毛利率分別約為營收的51.7%和60.6%。第一季GAAP和非GAAP毛利率的差異主要源自於820萬美元的收購相關無形資產攤銷。

First quarter GAAP operating expenses were $123.9 million, and non-GAAP operating expenses were $74.8 million. The delta between GAAP and non-GAAP operating expenses was primarily due to stock-based compensation and performance-based equity accruals of $24.2 million combined and restructuring costs of $22.6 million related to the workforce reduction initiated in Q4. Non-GAAP loss for operations for Q1 2024 was 18% of net revenue. GAAP interest and other expense during the quarter was $0.5 million, non-GAAP interest and other expense during the quarter was $0.6 million.

第一季GAAP營運費用為1.239億美元，非GAAP營運費用為7,480萬美元。 GAAP與非GAAP營運費用之間的差異主要源自於股票薪酬與績效股權應計費用合計2,420萬美元，以及與第四季裁員相關的2,260萬美元重組成本。 2024年第一季非GAAP營運虧損佔淨收入的18%。本季GAAP利息及其他費用為50萬美元，非GAAP利息及其他費用為60萬美元。

In Q1, cash flow generated in operating activities was $16 million. We exited Q1 of 2024 with approximately $193 million in cash, cash equivalents and restricted cash. Our day sales outstanding for the first quarter was approximately 121 days. our gross inventory was down versus the previous quarter, with inventory turns at 0.9x.

第一季度，經營活動產生的現金流為1,600萬美元。截至2024年第一季度，我們持有約1.93億美元的現金、現金等價物和限制性現金。第一季的應收帳款週轉天數約為121天。總庫存較上一季下降，庫存週轉率為0.9倍。

This concludes the discussion of our Q1 financial results. With that, let's turn to our guidance for Q2 of 2024. We currently expect revenue in the second quarter of 2024 to be between $90 million and $110 million. Looking at Q2 by end market, we expect infrastructure, connectivity and industrial multi-market to be up, while broadband will be expected to be down. We expect second quarter GAAP gross margin to be approximately 52.5% to 56.5% and non-GAAP gross margin to be in the range of 58.5% and 61.5% of revenue.

關於我們第一季財務表現的討論到此結束。接下來，讓我們來談談我們對2024年第二季的預期。我們目前預計2024年第二季的營收將在9,000萬美元至1.1億美元之間。從終端市場來看，我們預計第二季基礎設施、連接和工業多市場業務將成長，而寬頻業務預計將下降。我們預計第二季GAAP毛利率約為52.5%至56.5%，非GAAP毛利率將在58.5%至61.5%之間。

Gross margin continues to be relatively stable with the expected range being driven by a combination of near-term product, customer and end market mix. We expect Q2 2024 GAAP operating expenses to be in the range of $103 million to $113 million. We expect Q2 2024 non-GAAP operating expenses to be in the range of $72 million to $78 million. We expect our Q2 GAAP and non-GAAP interest and other expense to be in the range of approximately $0.5 million to $1 million each. We expect our Q2 GAAP and non-GAAP diluted share count to be approximately 83.5 million.

毛利率持續保持相對穩定，預期區間受近期產品、客戶和終端市場組合等因素共同驅動。我們預計2024年第二季GAAP營運費用將在1.03億美元至1.13億美元之間。我們預計2024年第二季非GAAP營運費用將在7,200萬美元至7,800萬美元之間。我們預計第二季GAAP和非GAAP利息及其他費用將分別在約50萬美元至100萬美元之間。我們預計第二季GAAP和非GAAP稀釋股本約為8,350萬股。

We're pleased to show progress on our new products, expanding our position in these exciting new growth markets. Our customer traction and design win momentum are producing tangible results that will be increasingly evident in our business in the coming quarters and will reshape our future as a data infrastructure company.

我們很高興看到新產品的進展，進一步鞏固了我們在這些令人興奮的新興成長市場中的地位。我們的客戶吸引力和設計成功動能正在產生實際的成果，這些成果將在未來幾季在我們的業務中日益顯現，並將重塑我們作為數據基礎設施公司的未來。

The world is undoubtedly moving towards accelerated data architectures and MaxLinear's core competencies centering around seamless integration and low power efficiency is perfectly suited. Our optimism and sense of purpose within this new generation of technology is high, and we remain deeply committed to delivering strong value to our customers and our shareholders.

毫無疑問，世界正朝著加速資料架構的方向發展，而MaxLinear以無縫整合和低功耗為核心的核心競爭力與此完美契合。我們對新世代科技充滿信心，並始終致力於為客戶和股東創造巨大價值。

With that, I'd like to open up the call for questions. Paul?

好了，現在我想開始問問題了。保羅？

(Operator Instructions) Our first question is from Quinn Bolton with Needham & Company.

（操作員指示）我們的第一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations on the infrastructure progress especially on optical. I guess I wanted to start there. Can you give us some sense, the revenue ramp this year exceeding now $30 million how concentrated or diversified is that $30 million is that over several module partners? Is it pretty concentrated with 1 or 2. And I guess more importantly, as you start to get into volume production in the second half of the year, what kind of growth could you be looking at in calendar '25, would that business double or more as you hit volume production for the full year on some of these design wins? And then I got a follow-up.

恭喜基礎設施建設取得進展，尤其是在光學領域。我想先從這裡開始。您能否介紹一下，今年的營收成長已超過3000萬美元，這3000萬美元是集中還是分散在幾個模組合作夥伴身上？是集中在1個還是2個？更重要的是，隨著你們在下半年開始量產，在2025年，你們預計會有什麼樣的成長？隨著你們在其中一些設計上實現全年量產，你們的業務會翻倍或更多嗎？然後我又問了一個問題。

Quinn, yes, at our Optical Fiber Conference in San Diego, we demonstrated a number of top-tier OEM module makers and OEMs themselves whose products we had on demo, all for our 800-gigabit Keystone product line. As we speak, the design in velocity is pretty strong. and the revenues we have described as shifting our high end of the range for our forecast for this year is driven by more than 1 customers. And I would like to say that those are initial revenue ramps with some good confidence developing on the performance and the stability of the solution. So I think that there's more to come. Actually, this is just the beginning, but it's not concentrated in 1 customer as we were inquiring about.

Quinn，是的，在我們聖地牙哥舉行的光纖會議上，我們向許多頂級OEM模組製造商和OEM廠商展示了他們的產品，這些產品均針對我們的800G Keystone產品線。目前，我們的設計速度非常強勁。我們之前所說的今年營收預測的高端部分是由多個客戶推動的。我想說，這些只是初步的收入成長，人們對解決方案的效能和穩定性產生了一些信心。所以我認為未來還會有更多。實際上，這只是一個開始，但並不像我們詢問的那樣，它集中在一個客戶身上。

Now heading into 2025, you can imagine that even many more of these customers will be launching into production while some will be maturing into a peak run rate based on how we exit Q4. So I expect that we should see a multiplier effect of the revenues of 2024, adding it to '25 and '26. And we hope to be in pretty much all the major platforms out there that are going to be pulling in the back end of the data be it AI or the front end with all the major data center players in the market.

現在，展望2025年，你可以想像，這些客戶中將會有更多公司投入生產，而根據我們第四季度的業績表現，一些客戶的產品也將逐漸成熟，達到峰值運行率。因此，我預計2024年的收入將產生乘數效應，並將其疊加到2025年和2026年。我們希望能夠涵蓋幾乎所有主流平台，這些平台將與市場上所有主要的資料中心參與者一起，提取後端數據，無論是人工智慧還是前端數據。

So it sounds like certainly line of sight towards $100 million kind of run rate sometime in either '25 or '26 based on those comments?

那麼，根據這些評論，聽起來肯定是在 25 年或 26 年的某個時候實現 1 億美元的運行率？

That's my expected optimism naturally, right. So based on these revenues, that would not be something that would be far out in projecting.

這自然是我預期的樂觀，對吧。所以，基於這些收入，這樣的預測應該不會太離譜。

Got it. And then I just wanted to step back in the script, you both, I think, sounded more confident that when it has reached the bottom that you'll see sequential growth through the year. And I guess I was just wondering if you could provide some more detail. What gives you confidence that revenue rebound sequentially or grow sequentially through the year? Is that based on design win ramps? Can you give us some sense what you're seeing in terms of bookings activity? Is backlog starting to build? Is visibility into the second half starting to extend? Any of those types of comments would be helpful.

明白了。然後我想回到剛才的討論，你們倆聽起來都更有信心，當營收觸底後，全年將實現環比增長。我想知道你們能否提供更多細節。是什麼讓你們有信心收入會環比反彈或全年季增？這是基於設計訂單的成長嗎？能否介紹一下你們在訂單活動方面看到的情況？積壓訂單是否開始增加？下半年的可預見性是否開始增強？任何這類評論都會有所幫助。

So I'll take this question, and then I will hand it over to Steve a little more color. There are 2 things happening, right? Firstly, we have been under-shipping the market throughput demand for a while now. And as we look at the sell-through process of the product right now, it's very clear that the rate at which we're shipping is now fallen behind what the sell-through rate is in the channel, so to speak, right? So we feel optimistic that a process has started where we are going to develop the ability to now start shipping more and you're going to start seeing some equally brand developing between sell-through and sell-in revenues, if you will.

我來回答這個問題，然後交給史蒂夫更詳細地講解。有兩件事正在發生，對吧？首先，一段時間以來，我們的出貨量一直低於市場需求。而從目前產品的銷售情況來看，很明顯，我們的出貨量已經落後於通路的銷售量，對吧？因此，我們樂觀地認為，一個流程已經開始，我們將開始提升出貨量，並且你將會看到，在銷售量和銷售收入之間，品牌價值的提升是相等的。

So that's the reason -- and that is on the existing designs that have been shipping for the last few years is there are new product revenues. And then there's the other leg to our revenues, which is the new products, which we talked about, be it optical, be it infrastructure products, Ethernet, storage accelerators, they're all going to be ramping as well. So I think as a combination, while we cannot speak for the trajectory over the next second half of the year, but we definitely feel we have entered a phase of sequential growth in 2024 now. So I would say that is the color.

這就是原因——過去幾年已經出貨的現有設計帶來了新產品收入。此外，我們收入的另一個支柱，也就是我們之前提到的新產品，無論是光學產品、基礎設施產品、乙太網路或儲存加速器，它們的銷售量都將大幅成長。所以我認為，雖然我們無法預知下半年的走勢，但我們確實感覺到，我們已經在2024年進入了連續成長階段。所以，我想說，這就是趨勢。

Steve, would you want to take the question on the bookings or anything like that, the color on that?

史蒂夫，你想回答有關預訂或類似問題嗎？還有顏色問題？

Yes. I think, Kishore, you covered it. I think we're definitely feeling a lot better about bookings. That's kind of been over multiple quarters. We've seen improvement on that front. And I think the other aspect is some of the new products that Kishore mentioned are going to be ramping in the second half of the year, including some of the optical products. Those orders have already been placed. So we've got visibility and so we're starting to see those improvements.

是的。 Kishore，我想你已經提到了。我認為我們的訂單量確實好多了。這種情況已經持續了好幾個季度了。我們在這方面已經看到了改善。另一方面，Kishore提到的一些新產品，包括一些光學產品，將在下半年開始量產。這些訂單已經下達。所以我們有了清楚的了解，也開始看到這些改善。

Our next question is from Christopher Rolland with Susquehanna International.

我們的下一個問題來自 Susquehanna International 的 Christopher Rolland。

The long-term infrastructure guide, the $300 million to $500 million was pretty interesting. When we get there, what does this look like in terms of components? Is the majority DSP in your estimate? Or how does it break down?

長期基礎建設指南中3億到5億美元的預算很有意思。到了這個階段，各個組成會是什麼樣子？您的估算中DSP佔比最大嗎？或者說，它是如何細分的？

So Chris, we have been talking about a $500 million revenue for infrastructure for quite some time now. And really, there are 3 major legs of growth vectors for our infrastructure revenue. And firstly, today, the revenue is about, give and take, let's say, it's at a $200 million run rate for the infrastructure revenues and it comprises primarily of our wireless infrastructure revenue and a little bit of infrastructure and Ethernet. And so -- and then if you now layer on top of that the optical products, which we talked about could be in the next 3 to 5 years, somewhere between $100 million to $300 million, depending on our market share.

克里斯，我們一直在談論基礎設施收入 5 億美元，這個主題已經討論很久了。實際上，我們的基礎設施收入主要有三個主要的成長點。首先，目前基礎設施收入大概在 2 億美元左右，主要包括無線基礎設施收入，以及少量的基礎設施和乙太網路收入。然後，如果再加上我們之前提到的光纖產品，未來 3 到 5 年，我們的收入可能會在 1 億到 3 億美元之間，具體取決於我們的市場份額。

And then about that, you layer in a storage accelerator, which we've been very confident that we will do somewhere between $50 million to $75 million of revenue over the next 2 years. Then the recent activity and design wins for our Ethernet on the enterprise side, we have a number of legs of growth drivers.

然後，我們加入了儲存加速器，我們非常有信心在未來兩年內實現5000萬到7500萬美元的收入。此外，我們近期在企業乙太網路方面的活動和設計勝利，也為我們帶來了一系列成長動力。

So I do not expect it to be DSP, PAM4 dominated. However, I would conclude that the DSP PAM4 if it's not the #1, it would be #2, next to our wireless infrastructure followed by a storage accelerators and Ethernet enterprise solutions. So I think there are a few more components to those revenues, but I think I just want to highlight to the big chunks of revenues for infrastructure. And we feel really excited that all these years of dredging on the development in the last several years is now fully in the marketplace and will gather traction.

因此，我不認為 DSP 和 PAM4 會佔據主導地位。但是，我認為 DSP 和 PAM4 即使不是第一，也會排在第二，僅次於我們的無線基礎設施，然後是儲存加速器和乙太網路企業解決方案。所以，我認為這些收入還有其他一些組成部分，但我只想強調基礎設施收入的很大一部分。我們非常高興，過去幾年在基礎設施開發方面所做的多年努力，現在已經完全進入市場，並將獲得發展動力。

Secondly, do you now believe you have a good view in the inventory at various levels in the supply chain. Where do you think inventory in terms of subsegments are normalized or close to normal? And where do you think there's still work to be done?

其次，您現在是否認為您對供應鏈各層級的庫存狀況有了清楚的認知？您認為哪些細分市場的庫存已經恢復正常或接近正常水準？您認為哪些方面還有待改進？

Yes, Chris, I'll take that one. So look, I think we continue to see improvements on the inventory side. I mean, particularly in the channel. We're making progress on our own majorities. But specifically, your question is around channel inventory. I think we've seen a lot of improvement. Our biggest headwind have been broadband and connectivity. As we've stated, I think this is playing out more or less where we expected that we would still see some headwinds kind of through the first half of this year. I think that's still the case, but I think we're making good progress. We're really seeing channel inventory come down.

是的，克里斯，我接受這個問題。所以，我認為我們在庫存方面繼續看到改善。我的意思是，尤其是在通路方面。我們在自己的主要業務方面也取得了進展。具體來說，你的問題是關於渠道庫存的。我認為我們已經看到了很大的改善。我們最大的阻力是寬頻和連接性。正如我們所說，我認為這或多或少與我們預期的情況一致，我們預計今年上半年仍會面臨一些阻力。我認為情況仍然如此，但我認為我們正在取得良好的進展。我們確實看到渠道庫存正在下降。

Industrial multi-market is probably the other area that we definitely saw softness last quarter, we'd expect to see some continued headwind, particularly in some of the China markets. But that being said, it doesn't feel quite as bad as some of the challenges that we've had on the broadband and connectivity side.

工業多市場可能是我們上個季度明顯疲軟的另一個領域，我們預計會持續面臨一些阻力，尤其是在中國的部分市場。不過，相較於在寬頻和網路連線方面面臨的一些挑戰，它感覺上並沒有那麼糟。

Our next question is from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the progress on the infrastructure side. So I do have questions there. But I want to start with the DSOs. So they're still quite elevated. Is this just purely linearity where customers are basically ordering really last minute or anything else going on there, Steve?

祝賀基礎設施的進展。我確實有一些疑問。我想先從DSO開始。它們的價格仍然很高。史蒂夫，這只是純粹的線性現象，客戶基本上都是最後一刻才下單，還是有其他原因？

The simple answer is yes. I mean, I think we continue to see linearity to be a challenge. And as much as that's a bad thing, you're also starting to see some encouraging signs there that I mentioned last quarter about some last-minute shipments and your -- this is where customers don't have great visibility. And at the very end, they recognize that they don't have the right products to be shipping. So we definitely continue to see that.

答案很簡單，是的。我的意思是，我認為我們仍然認為線性出貨是一個挑戰。雖然這是一件壞事，但你也開始看到一些令人鼓舞的跡象，就像我上個季度提到的，一些最後一刻的發貨，以及你的——這是客戶無法很好地預見的情況。到最後，他們意識到他們沒有合適的產品可以出貨。所以我們肯定會繼續看到這種情況。

And those are some of the signs that I think give us confidence that we're now on track to kind of work our way out of this, right, that the inventory levels are getting down to lower levels, the bookings have improved. And those are the encouraging signs, albeit the quarter was definitely still back-end loaded.

我認為這些跡象讓我們有信心，我們現在正走在擺脫困境的正軌上，庫存水準正在下降，訂單量也有所改善。這些都是令人鼓舞的跡象，儘管本季的庫存仍然非常緊張。

Very good. And I thought connectivity had bottomed, but I guess it came in at $10 million this quarter. Could you talk a little bit about what's going on there? I mean are they still really that much excess inventory? Or would you say that $10 million is sort of like a firm bottom in that part of the business?

非常好。我以為連接業務已經觸底了，但本季的營收估計達到了1000萬美元。能談談這方面的情況嗎？他們的庫存真的還那麼多嗎？或者您覺得1000萬美元算是這部分業務的一個堅實的底部嗎？

Yes. No, no. I understand your comment, believe me. We continue to talk about both of these kind of together, at least right now anyway as far as being inventory that's sitting in the channel. So that's continuing to be challenging. We're seeing good encouraging signs out there on broadband as well as connectivity, WiFi specifically. Kishore included in some of his comments around WiFi 7. But certainly, WiFi 6 is going to continue to ship in volumes over here for the next couple of years. So that's going to continue.

是的，不，不。相信我，我理解你的意見。我們一直在討論這兩者，至少目前是這樣，就通路庫存而言。所以這仍然充滿挑戰。我們看到寬頻和連線方面，特別是WiFi方面出現了一些令人鼓舞的跡象。 Kishore也提到了WiFi 7。但可以肯定的是，WiFi 6在未來幾年將繼續在中國大量出貨。所以這種情況會持續下去。

And -- but then a majority of our design activity right now is on WiFi 7. And then don't forget Ethernet. Ethernet is something that's getting a lot of traction in our gateway products as they upgrade from 1 gig to 2.5 gig. But you're also seeing this in the enterprise space, in the industrial space. And I think we've really got a great product that's ramping at the right time. We'll see a lot of growth and revenue growth from that in 2025, specifically as we do have a couple of new customers that will be ramping.

而且—我們目前的設計活動大多集中在 WiFi 7 上。還有乙太網路。隨著我們的網關產品從 1G 升級到 2.5G，乙太網路正在獲得巨大的發展。而且在企業領域和工業領域也能看到這種情況。我認為我們確實擁有一款非常棒的產品，而且時機也恰到好處。到 2025 年，我們將看到其帶來巨大的成長和收入成長，尤其是在我們確實有幾個新客戶正在不斷增長的情況下。

Great. If I could just finish up, a question for you, Kishore. So obviously, Keystone finally seeing some good traction. Now you announced the Rushmore last month, 200 gig per lane. I mean it sounds like this product is going to be much more, let's say, target more segments of the market, right? So I think you mentioned going after the AEC market, potentially LRO. Help us understand the difference between those 2 product offerings and how broad you can become in 200 gig?

太好了。最後，我想問你一個問題，Kishore。顯然，Keystone 終於看到了一些很好的動力。上個月你們發布了 Rushmore，每通道 200G。聽起來這款產品會更面向更多細分市場，對吧？我記得你提到過進軍 AEC 市場，可能是 LRO。能不能幫我們理解這兩款產品的差別，以及你們在 200G 方面的業務覆蓋範圍有多廣？

So Tore, I just want to clarify that even our Keystone product is a pretty broad application. I think in my part of the script, I was trying to refer that even the 200 gig will be pretty broad. At the OFC conference, we demonstrated active electrical cables. We demonstrated the Y Junction copper cables. And we have also demonstrated a number of other configurations and use cases. And we also demonstrated LROs, right, in the conference. So in fact, we may be one of the first ones who have demonstrated a fully functional LRO for the market.

Tore，我只想澄清一下，即使是我們的Keystone產品，應用範圍也相當廣泛。我想在我發言的部分，我試圖指出，即使是200GB的容量也相當廣泛。在OFC大會上，我們示範了主動電纜，並展示了Y型連接銅纜。我們還演示了許多其他配置和用例。此外，我們還在會上示範了LRO。所以，事實上，我們可能是首批向市場展示功能齊全的LRO的公司之一。

So I -- so what I was trying to get towards the 200 gig per lane is that we are going to do the same thing for the Rushmore product line as well. So yes, the spread is now pretty broad. And those tertiary markets by themselves are large in a dollar way, but as a percentage share of the market, even though they're smaller, so we'll be playing in all of those markets.

所以，我…我試著實現每個通道200GB的目標，就是我們也將對Rushmore產品線採取同樣的策略。所以，是的，現在的覆蓋範圍相當廣。這些三級市場本身就規模龐大，但就市場佔有率而言，儘管規模較小，但我們會在所有這些市場開展業務。

Our next question is from David Williams with Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 David Williams。

I guess Kishore if you could just kind of talk about your focus on the data infrastructure side? And should we think that maybe there's other segments or portions of the business that maybe aren't as positive or maybe do not fit that as well going forward? Or is this really -- should we just consider this everything kind of growing and fitting into that bucket of data infrastructure as you go forward?

Kishore，您能否簡單談談您對資料基礎架構的關注？我們是否應該考慮，未來業務中其他部分或領域可能不那麼樂觀，或不太適合資料基礎設施的發展？或者，我們應該認為，隨著業務的發展，一切都會逐漸發展，並融入資料基礎設施這個大家庭中？

Could you repeat that question for me, please? I missed the early part of it.

你能重複一遍這個問題嗎？我錯過了前面的部分。

Sorry, just about the data infrastructure focus here and if there's other segments of the business today that maybe aren't as -- did not fit that bucket as nicely?

抱歉，這裡只討論資料基礎設施的重點，如果當今業務的其他部分可能不那麼——不太適合這個類別？

No, I think the buckets we're talking are pretty pure and clean. There is no part of the data center infrastructure that is not directly a PAM4 DSP related product in our portfolio. Typically, it is a PAM4 DSP, along with the TIA, we have the laser drivers fully integrated in our solutions. So it is a very clean fit to the PAM4 DSP addressable market.

不，我認為我們討論的這些產品類別非常純粹。在我們的產品組合中，資料中心基礎架構的所有部分都直接與 PAM4 DSP 相關。通常情況下，它都是 PAM4 DSP，除了 TIA 之外，我們的解決方案中還完全整合了雷射驅動器。因此，它與 PAM4 DSP 的潛在市場非常契合。

Great. And then maybe, Steve, just how the bookings trended over the last few months? And if there's any way to kind of disaggregate maybe some of the legacy products relative to the new products just to get an idea of how the older products are, the demand is picking up there?

太好了。那麼，史蒂夫，過去幾個月的預訂趨勢如何？有沒有辦法把一些舊產品和新產品分類，看看舊產品的需求如何？

Yes, David, I mean with regard to the bookings, we've definitely seen multiple quarters of improvements on the bookings front. Some of the newer products now, we mentioned in our prepared remarks about how -- these are all in the market in some form or fashion, some at earlier stages than others. So several of those, I mean, like the optical one that I mentioned a little bit earlier, it's going to ramp in the back half of the year, we need to have orders now. So we're definitely seeing that happen. Some of the more the broader market offering that we do have that we've seen inventory in the channel, we are seeing kind of more recent bookings pick up and -- which kind of gives us confidence that we'll see some continued improvement in Q3 and Q4 later this year.

是的，大衛，關於預訂量，我們確實已經看到預訂量連續多個季度有所改善。我們在準備好的發言中提到過，一些新產品都以某種形式或方式進入了市場，有些產品比其他產品處於更早的階段。其中一些產品，例如我之前提到的光學產品，將在下半年開始量產，我們現在需要訂單。所以我們肯定看到了這種情況的發生。我們確實擁有一些更廣泛的市場產品，我們已經看到通路庫存，最近的預訂量有所回升，這讓我們有信心，今年第三季和第四季的預訂量將繼續改善。

Maybe next question?

也許是下一個問題？

Our next question is from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Congrats on returning to growth. First wanted to ask about the cyclical side of things. You talked even in the prior question, Steve, about some better visibility as bookings come up, and I know you're still working through inventory on the broadband and connectivity side. But now that the bookings have improved. Do you have any better idea as to kind of what a normalized revenue run rate is for those businesses because they're down so much was the prior high artificial or is the current low artificial? Where do we meet in the middle? Any sort of color on that would be helpful.

恭喜您恢復成長。首先我想問一下週期性方面的問題。史蒂夫，您在上一個問題中甚至提到，隨著預訂量的增加，業務的可視性會有所提高。我知道您仍在處理寬頻和網路連接方面的庫存。但現在預訂量已經回升。您能不能更好地理解一下，這些業務的正常化收入運作率是多少？因為它們的營收下滑如此之大，之前的高點是人為的，還是目前的低點是人為的？兩者之間的交點在哪裡？任何關於這方面的細節都會有所幫助。

Yes. Ross, as you know, we've been talking about this a lot. And recognizing as customers kind of burn through the rest of that channel inventory kind of what that revenue run rate that you return to. So we're watching that closely. I mean there are some other dynamics that start to influence that. I mean if I think of broadband specifically, we've talked a lot about the PON business. So that will start to influence that. The higher content per box starts to influence that as WiFi 7 comes into play.

是的。羅斯，你知道，我們一直在討論這個問題。我們意識到，隨著客戶逐漸消耗掉通路庫存的剩餘部分，收入運行率（RRO）會恢復到什麼水準。所以我們正在密切關注這個問題。我的意思是，還有一些其他因素開始影響這一點。如果我具體考慮寬頻，我們已經討論了很多關於PON業務的問題。所以這將開始影響這一點。隨著WiFi 7的推出，更高的單機容量將開始影響這一點。

Market share, I would say, for the most part, hasn't changed too much. There's not a lot of customers in this market. So those dynamics really haven't changed. There's a limited set of competitors on the WiFi side as well. And that's -- it's a story that's still early days, albeit our WiFi or our connectivity revenues in general were not as strong in the quarter. But I do feel confident that we're -- with the newer products with the higher ASPs that over the next couple of 3 years, as WiFi 7 gets traction in the market that you're going to see nice revenue growth coming from those parts of the business.

我想說，市場佔有率在很大程度上並沒有太大變化。這個市場上的客戶並不多。所以這些動態其實並沒有改變。 WiFi 方面的競爭對手也有限。儘管我們的 WiFi 或整體連接收入在本季度沒有那麼強勁，但這仍是一個早期階段的故事。但我確實有信心，隨著新產品和更高的平均售價，在未來 3 年內，隨著 WiFi 7 在市場上獲得關注，你會看到這些業務部分的收入實現可觀的成長。

I guess as my follow-up then on the OpEx side of things, you guys run a tight ship on that you always have. But with all the opportunities that Kishore talked about. Are those things where the predominance of the OpEx has already been spent? Or is that something that you think you need to ramp the OpEx to take advantage of all these data center infrastructure opportunities?

我想，接下來我想問一下，關於營運支出方面，你們一直以來都管理得非常嚴格。但是，考慮到 Kishore 提到的所有機會，這些方面的主要營運支出是否已經用完了？或者，您認為需要增加營運支出，才能充分利用所有這些資料中心基礎設施機會？

Look, there are 1 or 2 product areas, Ross, where we still will be at a pace of investment where we need to catch up and leapfrog the market, right? That's the -- especially the new markets we entered. However, most of the initiatives that we started in the 5 to 6 years ago, be it wireless infrastructure, optical data center, the big TAM defining products have already been launched now. They're showing good healthy momentum. So it would be normal sustaining R&D work to get to the next generation of products. And the time cycles of these markets outside of the data centers are pretty, what I call, nothing aggressive.

羅斯，你看，有一兩個產品領域，我們仍然需要保持一定的投資速度，才能趕上並超越市場，對吧？尤其是我們進入的新市場。然而，我們在5到6年前啟動的大多數項目，無論是無線基礎設施、光纖資料中心，還是那些決定TAM（潛在市場）的大型產品，現在都已經上市了。它們呈現出良好的發展勢頭。因此，持續進行研發工作以開發下一代產品是正常的。資料中心以外的這些市場的時間週期相當平緩，我稱之為「不激進」。

So I would say also the data center, our investment pace is going to be quite moderated. And so I don't see an extraordinary step-up just to keep up with the next product outside of the optical data center markets.

所以我想說，在資料中心方面，我們的投資步伐將會相當緩和。因此，我認為除了光纖資料中心市場之外，我們不會為了跟上下一個產品的步伐而大幅增加投資。

Got it. If I could sneak in one more. I think I know the answer, but any update on the arbitration process either in timing or any other news?

明白了。如果我可以再偷偷問一句的話。我想我知道答案了，但是仲裁程序有沒有什麼更新，無論是時間安排還是其他消息？

Yes, really nothing meaningful to update as expected, Ross.

是的，正如預期的那樣，確實沒有什麼有意義的更新，羅斯。

Our next question is from Tim Savageaux with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

I wanted to go back to the optical data center market opportunity and trying to get a little more color on what's led you guys to kind of increase your guidance range for the year. I know you had a good OFC show or I guess, how recent is this sort of renewed confidence or increased confidence? And to what do you attribute that thinking of factors, whether it's a bigger-than-expected market opportunity, stronger-than-expected competitive position? As you look across those, what would you -- how would you describe what's led to this increase in estimate?

我想回到光纖資料中心市場機會的話題，並嘗試更詳細地解釋是什麼促使你們提高了今年的業績預期範圍。我知道你們在OFC（光纖通訊展覽會）上的表現不錯，我想，這種信心的恢復或增強是最近才出現的嗎？您認為這種信心的提升源自於哪些因素？是市場機會大於預期，還是競爭地位強於預期？綜合考慮這些因素，您會如何描述預期成長的原因？

So Tim, I think you have seen a developing optimism and positive tone starting in Q4 last year. And to be honest, now, looking backwards, we had backlog to sort of support that developing optimism. The concerns we had was is it going to be 1 customer or 2 customers or 3 customers? Are we going to have an accumulating roaster roster of customers going into production? So at this point, we do not expect to -- at that point in Q4 that we will get to the conference, please where we are, where we already shipped products that would indicate that we are on -- definitely on -- definitely on to the 10 to 30 and then now developing confidence that will exceed that.

提姆，我認為從去年第四季開始，你就看到了樂觀和積極的基調在不斷增強。說實話，現在回過頭來看，我們積壓的訂單在某種程度上支撐了這種樂觀。我們擔心的是，最終會只有一個客戶、兩個客戶還是三個客戶？我們會不會有越來越多的客戶投入生產？所以目前，我們預計在第四季度的會議上，我們目前的狀況，我們已經發貨的產品，這表明我們肯定在10到30個目標上，而且現在我們正在建立信心，超越這個目標。

So I think the backlog is the first way to look at the situation and say, "Hey, this backlog already somewhere where we can meet the numbers that we originally forecasted, number one. Number two, and there's more sockets that are converting and they are the ones that have been converted or ramping strongly and they're inquiring about lead times and bookings." So that's what it's done. It's really the facts on the ground. And so Yes. In Q4, we had some backlog to support this as some developing optimism, honestly. So it just means that every quarter we have strengthened our confidence as we started shipping in numbers.

所以我認為，積壓訂單是審視情況的首要方式，我們可以說：「嘿，這些積壓訂單已經達到了我們最初預測的數量，這是第一點。其次，還有更多插座正在轉換，這些插座已經轉換完畢或正在強勁增長，他們正在詢問交貨時間和訂單。」這是我們所做的。這確實是基於實際情況。是的。在第四季度，我們有一些積壓訂單，這支持了我們樂觀情緒的成長，說實話。這意味著，隨著我們每季開始大量出貨，我們的信心都在增強。

Great. And maybe somewhat along those lines. As you look at your guidance for Q2, to the extent you're looking for some sequential growth in the middle of the range, should we assume that that's new product driven? And you've mentioned a number, whether it's storage, Ethernet or data center, or are there other factors at work? Obviously, you got broadband coming down. And then as you look toward the higher and lower end of your ranges kind of what are the swing factors driving that range?

很好。或許有點像這樣。您在第二季的業績指引中，希望看到區間中間的環比成長，我們是否應該假設這是新產品驅動的？您提到了一些數字，是儲存、乙太網路還是資料中心，還是還有其他因素在起作用？顯然，寬頻業務正在下滑。那麼，當您展望區間的高端和低端時，哪些因素推動了這一區間的波動？

Yes, Tim. So you're right. I mean we kind of highlighted where we thought the end market growth would be from it's certainly some of these newer products that we've been talking about, they will definitely have an impact on Q2. But I'd say, overall, it's probably the recovery itself, that's probably helping a little bit more in Q2 and some of the newer products kind of have a layering impact throughout the year.

是的，提姆。你說得對。我的意思是，我們之前強調了我們認為終端市場成長的來源，當然是我們一直在談論的一些新產品，它們肯定會對第二季產生影響。但我想說，總的來說，可能是經濟復甦本身，這可能會對第二季帶來一些幫助，而且一些新產品可能會在全年產生層層疊加的影響。

Our next question is from Ananda Baruah with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Ananda Baruah。

I guess, 2 for me, if I could. The new products that you have ramping through the year that you have? And maybe just -- you can even keep it to sort of Ethernet, optical and storage if you want those are the most important one's. But I guess the question is, when during the year, like first half, second half, should we expect each of those to begin to make an impact? And I know -- Kishore, I know you talked about collectively they each making an impact and giving (inaudible) the sequential growth. But do you think for the year, there's kind of 1 -- so do you think there's just sort of 1 or 2 in particular that will make more -- the most meaningful impact? Or is it collectively through the year also? And I have a quick follow-up.

我想，如果可以的話，我會說兩個。今年推出的新產品有哪些？也許可以只說以太網、光纖和存儲，這些是最重要的產品。但問題是，一年中什麼時候，例如上半年、下半年，我們應該期待這些產品開始產生影響？我知道——Kishore，我知道您提到它們整體上都會產生影響，並帶來（聽不清楚）連續成長。但您認為今年只有1個——您認為只有1個或2個產品會產生更有意義的影響嗎？還是說全年都會產生影響？我還有一個簡短的後續問題。

Yes, Ananda, maybe I'll take a stab at it. I mean look, the storage accelerator business -- we've been in this business for a while. We have some -- a new product that's ramping this year. It will start kind of mid-year and then definitely grow throughout this year and into next year. I mean, a lot of these customers take a little bit longer to ramp because there's multiple product families. But really encouraging signs as we get more design wins and see more traction there.

是的，阿南達，也許我會嘗試看看。我的意思是，儲存加速器業務——我們已經在這個行業做了一段時間了。我們有一些——新產品正在今年加速發展。它會在年中開始，然後肯定會在今年和明年持續成長。我的意思是，很多客戶需要更長的時間來加速發展，因為我們有多個產品系列。但隨著我們獲得更多設計勝利並看到更多的吸引力，這確實是一個令人鼓舞的跡象。

I mean the optical front, I think we've been talking about, I mean, one of the big drivers around optical, is 800 gig. And so 800 gig is certainly going to start this year, but you're going to see more of those volumes happen in 2025, which is exciting, right? I mean that -- but the work itself, that work is going to be done this year. These are really long qualifying cycles. And so that work is being done right now. A lot of that -- a lot of those opportunities are being awarded right now. And so we've got to close on those opportunities, and you'll certainly see that revenue contribute in the back half of this year, but it's also going to be a big driver in 2025.

我的意思是，在光纖方面，我想我們一直在討論，光纖領域的一個重要驅動力是 800G。 800G 肯定會在今年啟動，但到 2025 年，你會看到更多這樣的容量，這很令人興奮，對吧？我的意思是——但這項工作本身，這項工作將在今年完成。這些資格認證週期非常長。所以這項工作現在正在進行中。很多這樣的機會現在正在授予。所以我們必須抓住這些機會，你肯定會看到收入在今年下半年做出貢獻，但它也將成為 2025 年的一個重要驅動力。

And on the Ethernet side, even that, I would say there's some existing 2.5-gig business that's recovering kind of on the gateway front as the inventory improves, but then some of the newer products like in the industrial market, specifically in the enterprise Ethernet market, that's where we're seeing a lot more adoption. We've got a couple of really large customers that will be ramping probably more in 2025 than in 2024. So again, each of them kind of have their own time frame that they're coming in, but we have a lot of confidence around each one of them.

就乙太網路方面而言，我認為隨著庫存的改善，一些現有的2.5千兆業務在網關方面正在復甦。但同時，一些較新的產品，例如工業市場，特別是在企業乙太網路市場，我們看到它們的採用率大幅提升。我們有幾個非常大的客戶，他們2025年的成長速度可能會比2024年更快。所以，雖然每個客戶都有各自的進入時間框架，但我們對每個客戶都充滿信心。

That's super helpful context, Steve. And I guess the follow-up is just sort of your guys' long-term 35% op margin target. Like what needs to happen over the next kind of couple of years for you to achieve that? And I think the last time you were sort of kissing that, Steve, so the quarterly revenue run rate was high 200 -- 280 plus. And so with the new products, do you still need to get back to that revenue level to sort of approach the mid-30s operating margins? So any kind context there would be helpful.

史蒂夫，這訊息非常有幫助。我想接下來的問題是關於你們35%的長期營業利潤率目標。為了實現這個目標，未來幾年需要做些什麼？史蒂夫，我記得上次你幾乎要實現這個目標的時候，季度營收運行率高達200到280多倍。那麼，有了新產品，你們是否還需要回到那個營收水平，才能接近35%左右的營業利潤率？所以，任何資訊都會很有幫助。

So Ananda, there is first and foremost, right, there's a lot of spend even when we were kissing the, as you call, the 35% operating margin, right? There was a lot of investment that was being spent in the new areas that we have entered 5 years ago from a development perspective. Secondly, we had acquired our connected home business, and there was a lot of what I call old-stale products. that really needed to be upgraded, which usually in silicon world means that we do, right, which is -- so the OpEx that you saw was had the burden of all of these big undertakings on our own organic side and the ones we had to undertake organically from the acquisition front.

所以阿南達，首先，即使我們接近你所說的35%的營業利潤率，支出也很大，對吧？從發展的角度來看，我們在五年前進入的新領域投入了大量資金。其次，我們收購了聯網家居業務，其​​中有很多我稱之為過時的產品，確實需要升級，這在矽片領域通常意味著我們需要升級，對吧——所以，你所看到的運營支出，是我們自身有機運營方面所有這些大型項目的負擔，以及我們必須從收購方面有機承擔的項目。

So first and foremost, now the OpEx is being brought into control or what I want to call not control is now being rightsized for a normal cadence of investment. So that's the first and foremost, benefit of this downturn, if you will. And then when the revenue is growing, so you started getting leverage out of that because we've already got a much of this product portfolio behind us. So I think that's going to accelerate the march towards the 30%, 35% operating margin. So, Steve, if you want to add any color on that beyond.

所以首先，營運支出現在正在得到控制，或者說，我想說的「不控制」正在被調整，以適應正常的投資節奏。所以，如果你願意這麼說的話，這就是這次經濟低迷帶來的首要好處。然後，當收入成長時，你開始從中獲得槓桿，因為我們已經擁有了相當一部分產品組合。所以我認為這將加速我們邁向30%到35%的營業利潤率。所以，史蒂夫，如果你想進一步解釋一下的話。

No, I think that's right. I mean maybe I'd refresh some history here, but we -- we also had a pretty clear path getting to that number to that over 30% number. Long before we saw $1 billion worth of revenue. So I'm confident that we can get back at a much lower revenue run rate than the $1 billion you referenced.

不，我想是對的。我的意思是，也許我應該回顧一下歷史，但我們——早在我們實現10億美元的營收之前，就已經有一條非常清晰的路徑來實現這個數字，達到30%以上的水平。所以我相信，我們可以以比你提到的10億美元低得多的營收運行率來實現盈利。

Our next question is from Karl Ackerman with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的卡爾·阿克曼。

Steve, I think you said broadband will be down on revenue in F Q2, but you're starting to see an improvement in bookings. Are those bookings on the cable side or more on fiber. I ask because you've been more weighted toward cable or (inaudible) fiber and some of the investors have worried that the declines in broadband are more secular than cyclical in nature. And so I guess as you address that question, could you discuss your design engagements with customers on PON that can help drive a much larger recovery in broadband as we think of not just the second half of this year, but also going into '25?

史蒂夫，我記得您說過寬頻收入在第二季會下降，但您開始看到訂單量有所改善。這些訂單是來自有線電視還是光纖？我之所以問這個問題，是因為您更重視有線電視或光纖，而且一些投資者擔心寬頻的下滑是長期性的，而非週期性的。所以，在您回答這個問題的同時，您能否談談您與客戶在PON方面的設計合作，這些合作將有助於推動寬頻的更大復甦，因為我們不僅要考慮今年下半年，還要考慮2025年？

Yes, Karl. Great question. And you're exactly right. We've been more exposed on the cable side, but we're certainly seeing a recovery on both PON and cable. I mentioned earlier the excitement around the PON side. But we're seeing plenty of activity on the cable side, and there's lots of hype around some of the upgrades that are happening in that market. I mean I don't think we really carry one way or the other where that growth comes from in broadband. And there are certainly tons of investments happening out there that we'll be able to benefit from.

是的，卡爾。問得好。你說得完全正確。我們在有線電視方面投入更多，但我們確實看到PON和有線電視都在復甦。我之前提到過PON方面的興奮。但我們也看到有線電視方面有很多活動，而且該市場正在進行的一些升級也有很多炒作。我的意思是，我認為我們無法確定寬頻的成長來自哪裡。而且肯定有大量的投資正在進行，我們可以從中受益。

Yes. Okay. For my follow-up, you introduced several new optical products leveraging your existing 5-nanometer 800-gig DSP technology, including half retimed and full retimed DSPs really for, well, AEC and AOC products. I guess given the confidence that you have on this ramp this year and next year, is most of that coming from half retime DSPs and AEC products, will that be the strongest growth that you see this year?

是的。好的。接下來，您推出了幾款利用現有 5 奈米 800G DSP 技術的新型光學產品，包括半重定時和全重定時 DSP，這些產品實際上適用於 AEC 和 AOC 產品。鑑於您對今年和明年的業績成長充滿信心，我想，這些成長主要來自半重定時 DSP 和 AEC 產品嗎？這會是您今年看到的最強勁的成長嗎？

I don't think anybody would volunteer that half retimer would be any meaningful revenue in this category of products. I would say it's fully driven by full rate retimer products, if you will, the 800-gig PAM4 or 400-gig PAM4 single lane 100 gigabits, right? So that would be it. It's pretty simple other than the customer designings with the various optics they use becomes a pretty challenging problem, right? So the DSPs need to be versatile to manage all the various optics every customer uses and then the yield management of that. So I don't see a half retimer being a big revenue generated at least through 2025.

我認為沒有人會主動認為半重定時器會為這類產品帶來任何有意義的收入。我會說它完全是由全速率重定時器產品驅動的，如果你願意的話，例如800千兆PAM4或400千兆PAM4單通道100千兆，對吧？就是這樣。這很簡單，只是客戶使用各種光學元件進行設計會成為一個相當具有挑戰性的問題，對吧？因此，DSP需要具備多功能性，才能管理每位客戶使用的各種光學元件，並進行良率管理。所以我認為至少到2025年，半重定時器都不會帶來龐大的收入。

Our next question is from Suji Desilva with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Suji Desilva。

Just maybe a little bit of follow-up on some of the recent questions here. But broadband declining, but connectivity increasing. I would -- I thought kind of mentally, those were kind of coupled in terms of in the same boxes in broadband, but maybe that's the wrong way to think about it. Can you just talk about that potential disconnect in the guide?

我想稍微跟進一下最近提出的一些問題。寬頻在下降，而連通性卻在上升。我以前認為，寬頻和連通性在同一個盒子裡，這兩者是耦合的，但這種想法可能不對。能談談指南中可能出現的脫節嗎？

Yes. So you're right. They're fairly connected. A lot of the gateways of course, incorporate our Ethernet or WiFi products. And so they normally trade together, but I mean they vary a little bit too. I mean we can certainly go out. I mean there's a lot of opportunities to win more connectivity business. In WiFi, I mentioned a little earlier in the session around Ethernet and some of the opportunities that were growing in the Ethernet market with 2 gig -- 2.5 gig adoption within the enterprise market within the industrial market. So from time to time, yes, I mean they don't necessarily always trade together.

是的，你說得對。它們之間的聯繫相當緊密。當然，許多網關都整合了我們的乙太網路或 WiFi 產品。所以它們通常會一起交易，但我的意思是它們之間也存在一些差異。我的意思是，我們當然可以拓展業務。有很多機會贏得更多的連結業務。在 WiFi 方面，我在之前的會議中提到了以太網，以及隨著企業市場和工業市場中 2G 到 2.5G 的採用，以太網市場正在增長的一些機會。所以，是的，我的意思是，它們有時不一定總是一起交易。

Okay. That's helpful, Steve. And then my other question is on the optical side. I'm just trying to draw path from the prior effort, 400 gig and now 800 gig. Is that lead customer continuing and kind of building on the traction you had with that customer? Do you have additional customers or different customers just to understand how the customer base and traction is developing here?

好的。史蒂夫，這很有幫助。我的另一個問題是關於光學方面的。我只是想從之前的400G到現在的800G，畫出一條路徑。那個主要客戶會繼續合作嗎？並且會鞏固你們對那位客戶的吸引力嗎？你們還有其他客戶或其他客戶，只是為了了解客戶群和吸引力是如何發展的嗎？

I just want to clarify here that the customers -- the end customers who are driving 400 gigabit versus 800 gigabit is a completely different sequence now. So they are not the leaders anymore in terms of trying to move aggressively ahead with the higher speeds right now. So I would say that it's a different set of customers driving 800-gigabit PAM4 revenues, 100 gigabit per lane or 400-gigabit PAM4 revenues with 100 gigabit per lane. So it's a totally different set of customers, but there's only a few set of customers in the marketplace. So it's a very small group.

我只想在這裡澄清一下，客戶——那些推動 400 千兆和 800 千兆的終端客戶——現在已經完全不同了。所以，就目前積極推動更高速度而言，他們不再是領導者了。所以，我想說，推動 800 千兆 PAM4 收入、每通道 100 千兆或每通道 100 千兆的 400 千兆 PAM4 收入的是另一組客戶。所以，這是一組完全不同的客戶，但市場上只有少數客戶。所以，這是一個非常小的群體。

Kishore, can you just remind us the competitive landscape and your advantage quickly? I know we talked about OFC, but a refresh would be helpful.

Kishore，您能簡單介紹一下競爭格局和你們的優勢嗎？我知道我們討論過 OFC，但簡單回顧一下會有幫助。

Yes. So from our perspective, we are the only solution that has got a 5-nanometer CMOS, PAM4 DSP with integrated laser drivers, that's fully in production and is increasingly qualified by others. Now we were not the first ones with 800-gig PAM4. Our competitive solutions are in 7-nanometer. They have -- therefore, the incumbency advantages for the company to continue from being ahead on the timing on the sampling of the product. But the good news here is that outside of the NVIDIA customer -- market-based supplier base. And the rest of the data centers are moving at a normal cadence of an option of 800-gigabit PAM4. So we are not late to the market. We are in the beta phases of trials and qualifications. So we feel that we have not lost any timing advantage -- timing-related positioning with our 5-nanometer solution, even though we are later by several months compared to our competition about 2 years ago, right?

是的。從我們的角度來看，我們是唯一擁有 5 奈米 CMOS、整合雷射驅動器的 PAM4 DSP 的解決方案，並且已經全面投入生產，並且越來越多地得到其他廠商的認可。現在，我們並不是第一批擁有 800G PAM4 的公司。我們的競爭解決方案是 7 奈米的。因此，他們擁有在位優勢，使公司能夠繼續在產品樣品的發佈時間上保持領先。但好消息是，除了 NVIDIA 客戶之外，市場上的供應商群體以及其餘資料中心都在以正常的節奏遷移 800G PAM4 選項。因此，我們並沒有錯過市場。我們正處於試驗和認證的 Beta 階段。因此，我們認為，儘管與大約兩年前的競爭對手相比，我們落後了幾個月，但我們並沒有失去任何時間優勢——與時間相關的定位，因為我們的 5 奈米解決方案，對嗎？

So -- so the big disadvantage is a lack of incumbency. The advantage is the product superiority, where the power is significantly lower than our competition by almost 30%. And so whether it's a module or the chip level positioning, it can vary between 20% and 30% in power reduction. So the low power matters a lot, and that is a big advantage.

所以，最大的劣勢在於缺乏在位者。優勢在於產品優勢，我們的功耗比競爭對手低了近30%。無論是模組或晶片級定位，功耗降低幅度都在20%到30%之間。所以，低功耗非常重要，這是一個很大的優點。

I think everybody needs to meet the performance requirements and go through the (inaudible) drop cycle. And frankly, even today, that is the biggest mountain we are climbing now even as we are recording revenue with victories, in increments as we ship these products.

我認為每個人都需要滿足性能要求，並經歷（聽不清楚）下降週期。坦白說，即使在今天，這也是我們正在攀登的最大高峰，儘管我們正隨著這些產品的出貨量不斷增長，並取得勝利，從而創造收入。

Our final question will be from Richard Shannon with Craig-Hallum.

我們的最後一個問題來自 Craig-Hallum 的 Richard Shannon。

Maybe I'll throw one out here in the storage space. You reiterated your comments about kind of revenues doubling this year getting to $50 million to $75 million and I think you've said in the past and today that this is largely based on single customer. I guess a couple of interlocking questions here first of all, as the announcement with Dell last week, is that the single customer? And then maybe you can talk about building new customers to help maybe provide upside to those numbers over time, how that's going?

或許我可以問一下儲存領域。您之前重申了今年營收將翻一番，達到 5000 萬美元到 7500 萬美元，我想您之前和今天都說過，這主要取決於單一客戶。我想這裡有幾個相互關聯的問題，首先，就像戴爾上週宣布的那樣，這是單一客戶嗎？然後，您能否談談如何拓展新客戶，以便隨著時間的推移提升這些數字，進展如何？

So I think that we do not -- the current shipments of Panther III are based off a single customer would be a fair conclusion based on the press release, I suppose. However, we have always talked about expanding our accelerated products beyond the enterprise market and over time with data -- into the data (inaudible) partnerships with other players, right? So when we talk about a $50 million to $75 million revenue, the question that it is true that revenue forecast is based substantially almost wholly on enterprise storage appliance market and not data center-based market revenue.

所以我認為我們不會——根據新聞稿，我認為Panther III目前的出貨量是基於單一客戶得出的結論比較合理。但是，我們一直在談論將我們的加速產品擴展到企業市場之外，並隨著時間的推移，擴展到與其他參與者的數據（聽不清楚）合作夥伴關係，對嗎？所以，當我們談到5000萬到7500萬美元的收入時，問題是，收入預測幾乎完全基於企業儲存設備市場，而不是基於資料中心的市場收入。

Okay. Fair enough. Second question is in wireless infrastructure. You talked about, I think, for at least a couple of quarters now talking about calendar '25 being a strong year. Obviously, you've had some inventory burn here on both sides of that business. I guess my question, just from a modeling perspective is, can calendar '25 be a record year for wireless infrastructure? It seems like you're down fairly strongly in revenue run rates would seem like a big bar to jump, but just curious whether you think that's possible?

好的。說得對。第二個問題是關於無線基礎設施的。我想，您至少已經討論了幾個季度，認為2025年將是強勁的一年。顯然，您在這兩項業務上都消耗了一些庫存。我的問題是，從模型的角度來看，2025年能否成為無線基礎設施創紀錄的一年？看起來您的收入運行率下降得相當厲害，這似乎是一個很大的挑戰，但我好奇您認為這是否可能？

I would say that '25 will not be the record year. It will be a growing year. And I think we'll continue to grow our wireless revenues from our current levels to doubling of those revenues based on the road map and the products we are launching.

我想說，2025年不會是創紀錄的一年，而會是成長的一年。而且我認為，根據路線圖和即將推出的產品，我們的無線收入將繼續成長，從目前的水平翻倍。

So I believe from an infrastructure, if it's a $500 million revenue, you should see your wireless infrastructure, optical being 80% to 90% of the revenue. And the remaining 20%, if you will, of being Ethernet that we've already talked about, but if you're an Ethernet storage, but really -- but each of those individuals have a bigger potential than that (inaudible). So $500 million is of revenue by infrastructure is there sort of an imbalance of things based on timing and how the TAM develops, so to speak. No, absolutely not. '25 is not going to be a record year because that will be a good thing and will grow beyond that.

所以我認為，從基礎設施來看，如果收入5億美元，那麼無線基礎設施和光纖網路應該占到80%到90%。剩下的20%是以太網，我們已經討論過了。但如果是乙太網路存儲，那麼實際上——每個部分都有比這更大的潛力（聽不清楚）。所以，5億美元的基礎建設收入是否存在某種不平衡，這取決於時機和TAM的發展。絕對不是。 2025年不會創下紀錄，因為創紀錄的一年會是好事，而且會進一步成長。

Thank you very much. With that last question there, I just want to wrap up this session here. And I would like to thank you all, and we hope that this quarter, we're going to see you again. We will be present at the Stifel Cross Sector Insight Conference in Boston and with Northland Securities Virtual Growth Conference as well.

非常感謝。最後一個問題已經回答完畢，我想就此結束本次會議。感謝大家，希望本季我們能再次見到你們。我們將出席在波士頓舉行的Stifel跨產業洞察會議以及Northland Securities虛擬成長會議。

With that, thank you all for joining us today once again and look forward to speaking with you soon. Bye.

最後，再次感謝大家今天與我們見面，期待很快能再次與大家交流。再見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以掛斷電話了。感謝您的參與。