Maxlinear Inc (MXL) 2024 Q3 法說會逐字稿

Greetings, and welcome to the MaxLinear third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 MaxLinear 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Leslie Green. Thank you. You may begin.

現在我很高興向大家介紹萊斯利·格林。謝謝。你可以開始了。

Thank you, Julian, and good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's third-quarter 2024 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steve Litchfield, Chief Financial Officer and Chief of Corporate Strategy Officer. After our prepared comments, we will take questions.

謝謝朱利安，大家下午好，謝謝您參加今天的電話會議，討論 MaxLinear 的 2024 年第三季財務業績。今天的電話會議由執行長 Kishore Seendripu 博士主持；財務長兼首席企業策略長 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 fourth quarter of 2024, including revenue; GAAP, and non-GAAP gross margins; GAAP and non-GAAP operating expenses; and GAAP and non-GAAP interest and other expense; and 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 2024 年第四季度的指導（包括收入）相關的陳述；公認會計原則及非公認會計原則毛利率；公認會計原則及非公認會計原則營運費用；公認會計原則和非公認會計原則利息和其他費用；和稀釋後的股份數量。

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 result, opportunities for revenue and market share across our target markets, new products, including the timing of production and the launches of such products, demand for and adoption of certain technologies in our total addressable market.

此外，我們將做出有關趨勢、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的前瞻性陳述，包括但不限於有關未來財務和經營業績、收入和市場機會的陳述在我們的目標市場、新產品中分享，包括此類產品的生產和推出時間、我們整個目標市場對某些技術的需求和採用。

These forward-looking statements involve substantial risks and uncertainties, including risks outlined in our risk factors section of our recent SEC filings, including our Form 10-Q for the quarter ended September 30, 2024, which we filed today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statement. The third-quarter 2024 earnings release is available in the Investor Relations section of our website at maxlinear.com.

這些前瞻性陳述涉及重大風險和不確定性，包括我們最近向 SEC 提交的文件的風險因素部分中概述的風險，包括我們今天提交的截至 2024 年 9 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。2024 年第三季收益發布可在我們網站 maxlinear.com 的投資者關係部分取得。

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 a both GAAP and non-GAAP basis. We encourage investors to review detailed reconciliation of our GAAP and non-GAAP presentations and 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 changes, including stock-based compensation and its related tax effects as well as the potential impairments.

此外，我們也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。我們鼓勵投資者查看我們的 GAAP 和非 GAAP 簡報以及我們網站上的新聞稿的詳細調整。我們不提供未來期間的非公認會計準則指引的調節，因為我們預測某些未來變化的能力存在固有的不確定性，包括基於股票的薪酬及其相關的稅收影響以及潛在的減值。

Non-GAAP financial measures that are 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. Lastly, this call is also being webcast and replay will be available on our website for two 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較公認會計準則財務指標的替代品。我們提供這些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。最後，本次電話會議也將進行網路直播，並將在我們的網站上提供為期兩週的重播。

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

現在讓我將電話轉給 MaxLinear Inc. 執行長 Kishore Seenripu 博士。

Thank you, Leslie, and good afternoon, everyone. Our Q2 results were slightly above the midpoint of our guidance at $81.1 million in revenue, and non-GAAP gross margin was 50.7%. We have seen meaningful improvements in our customer order rates for several quarters, along with expedites and orders placed with the lead times.

謝謝你，萊斯利，大家下午好。我們第二季的業績略高於我們指導的中點，收入為 8,110 萬美元，非 GAAP 毛利率為 50.7%。我們已經看到，幾個季度以來，我們的客戶訂單率有了顯著的改善，同時加急速度和訂單的交貨時間也得到了改善。

These are early signs of recovery and combined with new product traction, we are feeling confident that we can achieve sequential improvement in the coming quarters. Q3 was also a very active quarter for us as we demonstrated new technology and products at several industry events. In July, at the Flash Memory Summit, we showcased our partnership with AMD for Panther III, our hardware accelerated storage compression and encryption products, targeting the enterprise storage and compute server applications.

這些都是復甦的早期跡象，再加上新產品的吸引力，我們有信心在未來幾季實現連續改進。第三季度對我們來說也是一個非常活躍的季度，因為我們在多個行業活動中展示了新技術和產品。7 月，在快閃峰會上，我們展示了與 AMD 的 Panther III 合作夥伴關係，這是我們的硬體加速儲存壓縮和加密產品，針對企業儲存和運算伺服器應用。

At ECOC, along with [Onet], we demonstrated the industry's by far lowest-power 800 gigabit DR8 optical transceiver solution consuming less than 12 watts for data center applications. And recently, at Network X Summit, we announced MaxAI, a use-case-aware, native machine language technology framework integrated into our AnyWAN broadband access and connectivity platform solution for service providers.

在 ECOC 上，我們與 [Onet] 一起展示了業界迄今為止功耗最低的 800 Gb DR8 光收發器解決方案，其功耗低於 12 瓦，適用於資料中心應用。最近，在 Network X 高峰會上，我們宣布了 MaxAI，這是一個用例感知的本地機器語言技術框架，整合到我們為服務提供者提供的 AnyWAN 寬頻存取和連接平台解決方案中。

Additionally, in the quarter, we were delighted to receive Best Emerging Supplier of the Year award from Cisco. Looking at our key markets, in infrastructure, the exponential growth in AI workloads continues to drive massive design activity in our high-speed optical data center connectivity. We are excited that our product shipment volume run rate is now greater than 1 million units per year across several direct customers, including our Q3 ramp at a US data center player.

此外，在本季度，我們很高興獲得思科頒發的年度最佳新興供應商獎。縱觀我們的關鍵市場，在基礎設施領域，人工智慧工作負載的指數級增長繼續推動我們高速光學資料中心連接的大規模設計活動。我們很高興我們的產品出貨量運作率現在超過了每年 100 萬件，面向多個直接客戶，包括我們在美國資料中心營運商的第三季產能提升。

We are seeing continued progress on initial qualification testing for 800 gigabit transceivers and active electrical cables at several large data center customers. More broadly, across the industry 800 gigabit PAM4 Ethernet adoption is starting to ramp even as 400 gigabit demand continues to accelerate.

我們看到幾個大型資料中心客戶的 800 Gb 收發器和主動電纜的初步鑑定測試持續取得進展。更廣泛地說，儘管 400 Gb 需求持續加速，但整個產業 800 Gb PAM4 乙太網路的採用率已開始上升。

The superior power and performance of our Keystone high-speed optical PAM4 products strongly position us for current opportunities, and we are highly competitive with our differentiated Rushmore family of 200 gigabit per lane PAM4 DSPs for early market adopters, moving to 1.6 terabit interconnections.

我們的Keystone 高速光學PAM4 產品的卓越功率和性能使我們在當前的機會中處於有利地位，並且我們憑藉差異化的Rushmore 系列每通道200 GB PAM4 DSP 為早期市場採用者提供了強大的競爭力，並轉向1.6 太比特互連。

Moving to 5G wireless infrastructure, we are making significant customer inroads with our millimeter and microwave backhaul modem and RF transceiver products as the only full system merchant, multi-band radio solution in the world. With increasing mobile usage and new functionality such as AI, our hybrid microwave and millimeter wave backhaul technologies are required to support increasing transport data rates. We believe we are positioned strongly for content growth and revenue expansion as service provider CapEx spend is expected to improve in 2025 and 5G access network upgrades pick up base globally.

轉向 5G 無線基礎設施，我們作為世界上唯一的全系統商用多頻段無線電解決方案，憑藉毫米波和微波回程調製解調器以及射頻收發器產品，在客戶方面取得了重大進展。隨著行動使用量的增加和人工智慧等新功能的增加，我們的混合微波和毫米波回程技術需要支援不斷提高的傳輸資料速率。我們相信，隨著服務提供者資本支出預計在 2025 年有所改善以及全球 5G 接入網路升級的加快，我們在內容成長和收入擴張方面處於有利地位。

Also within our infrastructure revenues, our Panther III are hardware stores accelerators of providing exciting incremental growth opportunities. The need for AI and the edge as well as growing security considerations are resulting in a shift towards enterprise storage with all-flash array in hybrid storage enterprise application systems. That is also gaining traction in compute subsystems for usage across servers as well as data center storage customers. Our Panther product is strongly positioned for this macro trend, and we have multiple design wins and enterprise OEM customers and wares across major geographies.

同樣在我們的基礎設施收入中，我們的 Panther III 是五金店的加速器，提供令人興奮的增量成長機會。對人工智慧和邊緣的需求以及日益增長的安全考慮導致混合儲存企業應用系統轉向採用全快閃陣列的企業儲存。這也吸引了跨伺服器和資料中心儲存客戶使用的計算子系統的注意。我們的 Panther 產品在這一宏觀趨勢中處於強勢地位，我們在主要地區擁有多項設計勝利和企業 OEM 客戶和產品。

In Ethernet connectivity, MaxLinear is one of the broadest and most competitive portfolio as of 2.5 gigabit Ethernet switch and byproducts for the enterprise and small and medium business, which markets where we offer a strong value proposition for the upgrade from 1 gigabit per second legacy data rates to 2.5 gigabits per second using existing Cat 5 cabling.

在乙太網路連接領域，MaxLinear 是面向企業和中小型企業的2.5 吉比特乙太網路交換器和副產品中最廣泛、最具競爭力的產品組合之一，我們為這些市場提供從每秒1 吉比特傳統數據升級的強大價值主張使用現有的 Cat 5 佈線，速率可達每秒 2.5 吉比特。

Our Tier-1 North American enterprise OEM customer is expected to ramp to production in 2025 and contribute to significant Ethernet revenue growth over the coming years. In addition, we are seeing widespread interest from next-generation broadband gateways and routers. In total, we believe we could reach $100 million run rate over the next 24 months.

我們的北美一級企業 OEM 客戶預計將於 2025 年投入生產，並在未來幾年為乙太網路收入的顯著成長做出貢獻。此外，我們也看到人們對新一代寬頻網關和路由器的廣泛興趣。總的來說，我們相信未來 24 個月內我們的運行率可以達到 1 億美元。

Moving to broadband and Wi-Fi connectivity, we are focused on PON for new broadband growth in addition to our existing cable MSO data offering, including the latest DOCSIS 4.0 solution. We are excited by the design win traction, but our PON platform based on a single-chip-integrated fiber PON and 10 gigabit processor gateway SoC and tri-band Wi-Fi 7 single-chip solution. We have seen continued momentum with design wins and promising ongoing engagements, including traction in the second Tier 1 North American carrier, which we believe can become a major opportunity for 2025 and 2026.

轉向寬頻和 Wi-Fi 連接，除了現有的有線 MSO 數據產品（包括最新的 DOCSIS 4.0 解決方案）外，我們還專注於 PON 以實現新的寬頻成長。我們對設計贏得關注感到興奮，但我們的 PON 平台基於單晶片整合光纖 PON 和 10 GB 處理器網關 SoC 以及三頻 Wi-Fi 7 單晶片解決方案。我們看到了設計勝利和有希望的持續合作的持續勢頭，包括第二家北美​​一級航空公司的吸引力，我們相信這將成為 2025 年和 2026 年的重大機會。

As mentioned before, at Network X, we were pleased to announce MaxAI, a use-case-aware, native machine learning technology framework integrated into our AnyWAN solutions. MaxAI is designed to enhance network performance, security issue, triage, and diagnostics, as well as improving the user activity experience in multi-user applications like AR/VR, videoconferencing, and multiplayer gaming. We believe MaxAI further strengthens our competitive position in this market.

如前所述，在 Network X 上，我們很高興地宣布 MaxAI，這是一個整合到我們的 AnyWAN 解決方案中的用例感知的本地機器學習技術框架。MaxAI 旨在增強網路效能、安全問題、分類和診斷，以及改善 AR/VR、視訊會議和多人遊戲等多用戶應用程式中的使用者活動體驗。我們相信 MaxAI 進一步增強了我們在這個市場的競爭地位。

In conclusion, multiple factors give us confidence that we are well positioned to resume growth in Q4 and 2025. Following three years of innovative product development, we are gaining traction with new products in high-value markets, including optical data center interconnect, enterprise Ethernet, and storage accelerators, 5G wireless infrastructure, multi-gigabit PON broadband access and Wi-Fi connectivity. These products not only opened significant new target addressable market but are poised to drive a sustained cycle of revenue growth over the next several years, creating enhanced value for our customers and shareholders.

總之，多種因素讓我們有信心在第四季和 2025 年恢復成長。經過三年的創新產品開發，我們在高價值市場的新產品越來越受歡迎，包括光學資料中心互連、企業乙太網路和儲存加速器、5G 無線基礎設施、多千兆位元PON 寬頻存取和Wi-Fi 連線。這些產品不僅開闢了重要的新目標市場，而且預計在未來幾年推動持續的收入成長週期，為我們的客戶和股東創造更高的價值。

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

接下來，讓我將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 (Steve Litchfield)。史蒂夫？

Thanks, Kishore. Total revenue for the third quarter $81.1 million, down 12% from $92 million in the previous quarter. Broadband revenue for the third quarter was [$32 million]. Connectivity revenue was $13 million, Infrastructure revenue was $23 million and industrial multi-market revenue was $13 million.

謝謝，基肖爾。第三季總營收為 8,110 萬美元，比上一季的 9,200 萬美元下降 12%。第三季寬頻營收為[3200萬美元]。連接收入為 1,300 萬美元，基礎設施收入為 2,300 萬美元，工業多市場收入為 1,300 萬美元。

GAAP and non-GAAP gross margin for the third quarter were approximately 54.4% and 58.7% of revenue. The delta between GAAP and non-GAAP gross margin in the third quarter was primarily driven by $3.5 million of acquisition-related intangible asset amortization.

第三季 GAAP 和非 GAAP 毛利率分別約為營收的 54.4% 和 58.7%。第三季 GAAP 和非 GAAP 毛利率之間的差異主要是由 350 萬美元的收購相關無形資產攤銷推動的。

Third-quarter GAAP operating expenses were $110.8 million, and non-GAAP operating expenses were $72.89 million. The delta between the GAAP and non-GAAP operating expenses was primarily due to restructuring costs of $26.8 million related to the work force reduction initiated in Q2 and stock-based compensation and performance-based equity accruals of $11.5 million combined.

第三季 GAAP 營運費用為 1.108 億美元，非 GAAP 營運費用為 7,289 萬美元。GAAP 和非 GAAP 營運費用之間的差異主要是由於與第二季啟動的勞動力削減相關的 2,680 萬美元的重組成本以及基於股票的薪酬和基於績效的股本應計總額 1,150 萬美元。

GAAP and non-GAAP loss from operations for Q3 2024 was 82% and 31% of net revenue. GAAP and non-GAAP interest and other expense during the quarter was $15.8 million and $4 million respectfully, which did include some currency fluctuation in the quarter. The delta between the GAAP and non-GAAP interest and other expense was primarily impairment of an investment in a privately held company of $11.8 million.

2024 年第三季的 GAAP 和非 GAAP 營運虧損分別佔淨收入的 82% 和 31%。本季 GAAP 和非 GAAP 利息及其他費用分別為 1,580 萬美元和 400 萬美元，其中確實包括本季的一些匯率波動。GAAP 與非 GAAP 利息及其他費用之間的差異主要是對一家私人控股公司的投資減損 1,180 萬美元。

In the Q3, cash flow used in operating activities was approximately $31 million. We exited Q3 of 2024 with approximately $149 million in cash, cash equivalents, and restricted cash. Our days sales outstanding was down meaningfully in the third quarter to approximately 54 days. Our gross inventory was also down versus previous quarter as we continue to make improvements with inventory turns slightly less than 1. This concludes the discussion of our Q3 financial results.

第三季度，經營活動使用的現金流量約為 3,100 萬美元。2024 年第三季結束時，我們持有約 1.49 億美元的現金、現金等價物和限制性現金。第三季度，我們的應收帳款天數大幅下降至約 54 天。我們的總庫存也較上一季下降，因為我們繼續改進，庫存週轉率略低於 1。關於我們第三季財務業績的討論到此結束。

With that, let's turn to our guidance for Q4 of 2024. We currently expect in the fourth quarter of 2024 to be between $80 million to $100 million in revenue. Looking at Q4 by end market, we expect broadband to be slightly down and infrastructure, connectivity and industrial multi-market to be up. We expect fourth-quarter GAAP gross margin to be approximately 54% to 57% and non-GAAP gross margin to be in the range of 57.5% and 60.5% of revenue.

接下來，讓我們來看看 2024 年第四季的指引。我們目前預計 2024 年第四季的營收將在 8,000 萬至 1 億美元之間。從終端市場來看第四季度，我們預計寬頻將略有下降，而基礎設施、連接和工業多市場將有所上升。我們預計第四季 GAAP 毛利率約為營收的 54% 至 57%，非 GAAP 毛利率將在營收的 57.5% 至 60.5% 之間。

We expect Q4 2024 for GAAP operating expenses to be in the range of $88 million to $94 million. We expect Q4 2024 non-GAAP operating expenses to be in the range of $58 million to $64 million. We expect our Q4 GAAP and non-GAAP interest and other expense each to be in the range of approximately $1 million to $2.5 million. We expect our Q4 GAAP and non-GAAP diluted share count to be approximately 84.5 million each.

我們預計 2024 年第四季 GAAP 營運費用將在 8,800 萬美元至 9,400 萬美元之間。我們預計 2024 年第四季非 GAAP 營運費用將在 5,800 萬美元至 6,400 萬美元之間。我們預計第四季的 GAAP 和非 GAAP 利息及其他費用分別約為 100 萬美元至 250 萬美元。我們預計第四季度 GAAP 和非 GAAP 稀釋後股票數量各約為 8,450 萬股。

In closing, following a prolonged market correction, we are now seeing a positive turning point in our business. We're excited that our innovation and investment in strategic applications such as optical high-speed interconnects, wireless infrastructure, storage, Ethernet, Wi-Fi, and fiber broadband access gateways are creating transformative opportunities for long-term growth. In addition, our strong focus on operating efficiency and fiscal discipline are opening up near-term leverage in our business model as we enter our next stage of growth and expansion.

最後，經過長期的市場調整，我們現在看到了我們業務的積極轉折點。我們很高興看到，我們在光學高速互連、無線基礎設施、儲存、乙太網路、Wi-Fi 和光纖寬頻接取網關等策略應用領域的創新和投資正在為長期成長創造變革性機會。此外，隨著我們進入下一階段的成長和擴張，我們對營運效率和財務紀律的高度關注正在為我們的業務模式開啟短期槓桿作用。

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

至此，我想開始提問。朱利安？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, thank you and congratulations on the turnaround here. Kishore, I was hoping you could elaborate a little bit more on your 1 million optical transceiver comment. Can you give us a sense for the mix between 400 and 800 gig? And I assume that's what you have shipped so far, and basically, what I'm trying to get there of course is, is this sort of a run rate now that we should think about into calendar '25, meaning that you could potentially do more than 1 million for the whole year next year?

是的，謝謝您並祝賀這裡的轉變。Kishore，我希望您能詳細說明您對 100 萬個光收發器的評論。能為我們介紹一下 400 和 800 演出之間的搭配嗎？我認為這就是您到目前為止已經發布的內容，基本上，我當然想要達到的目標是，現在我們應該考慮到日曆 '25 的運行率，這意味著您可能會這樣做明年全年超過100萬？

Thank you, Tore. Yes, our prepared remarks did point to a 1 million unit per year run rate as we exit the year. But coincidentally, if you accumulate all the units that we are now forecasting to ship through the end of 2024, we will be pretty much in 1 million units are more slightly.

謝謝你，托雷。是的，我們準備好的評論確實指出，當我們今年結束時，每年的運行速度將達到 100 萬台。但巧合的是，如果你把我們現在預測到 2024 年底出貨的所有單位都累積起來，我們將幾乎達到 100 萬單位。

So yes, we are excited about the progress we have made. And these 1 million units run rate is actually being primarily driven by optical transceiver revenues related to both 800 gigabit and 400 gigabit, but 800 gigabit being the larger fraction relative to 400 gigabit transceivers.

所以，是的，我們對所取得的進展感到興奮。這 100 萬台運行率實際上主要是由與 800 Gb 和 400 Gb 相關的光收發器收入驅動的，但 800 Gb 相對於 400 Gb 收發器來說所佔比例更大。

We do expect many more designs to come to finish. We have a huge number of design wins that are in place with OEMs, but they're all gated by delays or prolonged data center calls that are happening. So we are very optimistic that we'll exceed these run rate through 2025. won

我們確實期望有更多的設計能夠完成。我們與原始設備製造商 (OEM) 取得了大量的設計成果，但它們都因延遲或長時間的資料中心呼叫而受到限制。因此，我們非常樂觀地認為，到 2025 年我們將超過這些運行率。

And I just want to point out that as we entered the year, we were hoping for a range of zero to $30 million of revenue. We are well in excess of that based on the volume I've just indicated.

我只想指出，當我們進入這一年時，我們希望收入在 0 到 3000 萬美元之間。根據我剛才指出的數量，我們遠遠超過了這個數字。

That's very helpful. And as a follow-up, I was hoping you could give us an update on the broadband business. It's great to see the other three segments growing sequentially in Q4. Obviously, broadband is going to still be down. Just help us understand where we sit on inventory levels. I know there's been some delays with DOCSIS 4.0. Is that starting to clear out? So any visibility and especially a comment on how you expect the broadband business to do in 2025?

這非常有幫助。作為後續行動，我希望您能給我們介紹寬頻業務的最新情況。很高興看到其他三個細分市場在第四季度連續成長。顯然，寬頻仍將下降。只需幫助我們了解庫存水準即可。我知道 DOCSIS 4.0 存在一些延遲。這一切開始變得清晰了嗎？那麼您對 2025 年寬頻業務的預期有何看法，尤其是評論？

So Tore, obviously, from where we are, we expect the broadband business to grow in 2025. However, as we are sort of straddling the bottom here, the order rates have picked up. And as you know, it's a full platform solution. They tend to come in a chunky manner. And as the market is gearing up -- I think of the character in the Flintstones, revolving legs. So I think we will start picking up orders, but I wouldn't read much into Q4 dip. It's just the cadence of the POs, and you are seeing still a lagging effect of customer deliveries.

因此，Tore 顯然，從我們目前的情況來看，我們預計寬頻業務將在 2025 年成長。然而，由於我們正處於底部，訂單率有所上升。如您所知，這是一個完整的平台解決方案。它們往往以粗壯的方式出現。隨著市場的加速發展——我想到了《摩登原始人》中的角色——旋轉腿。因此，我認為我們將開始接受訂單，但我不會對第四季度的下滑進行太多解讀。這只是採購訂單的節奏，您仍然會看到客戶交付的滯後效應。

I do want to point out that the pick-up in the bookings are really primarily related to broadband. It's a very good sign. And so outside of our infrastructure in the optical, these have been the two drivers of our engine for our orders right now. So I'm very happy about that.

我確實想指出，預訂量的增加實際上主要與寬頻有關。這是一個非常好的跡象。因此，除了我們的光學基礎設施之外，這些是我們目前訂單引擎的兩個驅動因素。所以我對此感到非常高興。

So getting back to the cable side of the business, cable business right now, it's still a DOCSIS 3.0, 3.1 business. 4.0 is really, really pilot quantities. And even so, I believe and I know that when the Cable Recovery Act happens, it will still be dominated by 3.1 and Ultra DOCSIS 3.1, and 4.0 will remain a small fraction of the revenues in '25 and probably grow steadily from there in '26.

回到有線業務方面，現在的有線業務仍然是 DOCSIS 3.0、3.1 業務。 4.0 確實是試點數量。即便如此，我相信並且我知道，當《電纜恢復法案》實施時，它仍將由3.1 和Ultra DOCSIS 3.1 主導，而4.0 仍將僅佔25 年收入的一小部分，並且可能會在20 年穩步增長。

So put it another way, since our design incumbency prevails in 3.0 and 3.1 as the market wakes up, we start -- we should start seeing some recovery -- steady recovery as we head into the next -- end of next year. Okay?

換句話說，由於隨著市場的覺醒，我們的設計在3.0 和3.1 中占主導地位，我們開始——我們應該開始看到一些復甦——隨著我們進入下一個——明年年底，穩定的複蘇。好的？

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi, guys. Okay, great. Also congratulations. I love the Flintstones thing too. Just a near-term question, then a little bit of a longer-term question. Steve, when you talked about the guidance for the fourth quarter, a little bit down in broadband, everything else up, it seems like everything else has to go up by about 20% sequentially.

嗨，大家好。好的，太好了。也恭喜你。我也喜歡打火石。只是一個近期問題，然後是一個長期問題。史蒂夫，當你談到第四季度的指導時，寬頻略有下降，其他一切都上升了，似乎其他一切都必須連續上升約 20%。

Can you just give us an idea of the -- where that's coming from? Is it just shipping closer to demand? Is it the secular growth in the infrastructure side and kind of the optical transceivers? Just any color on that is my first question, please.

您能否給我們一個大概的了解—它是從哪裡來的？它只是運送更接近需求嗎？是基礎設施方面和光收發器種類的長期成長嗎？任何顏色都是我的第一個問題。

Yeah. Look, I think we're seeing improved demand in general really across the board, right? The bookings have been across the board. Kishore mentioned the strength in broadband in particular. Yes, that's definitely picked up, but that's also been the one that lagged the most, I think.

是的。看，我認為我們看到整體需求確實全面改善，對嗎？預訂情況全面。基肖爾特別提到了寬頻方面的優勢。是的，這肯定有所回升，但我認為這也是最滯後的。

I think we're doing well on the optical front. As you're aware, Ross, we were -- this year was going to be pretty back-end loaded as 800 gig kind of adoption started. And so that'll be a big contributor. As far as the other end markets, we do see some modest recovery happening in connectivity. Industrial multi-market was down quite a bit.

我認為我們在光學方面做得很好。如你所知，Ross，隨著 800 演出類型的採用開始，今年後端負載將會相當大。所以這將會是一個很大的貢獻者。就其他終端市場而言，我們確實看到連接性出現了一些溫和的復甦。工業多元市場大幅下跌。

In Q3, there were -- China continues to be depressed; industrial continues to be depressed. But we'll start to see that improve in Q4. And then I think we'll see some modest improvements throughout 2025.

第三季度，中國經濟持續低迷；工業繼續低迷。但我們將在第四季開始看到這種情況的改善。然後我認為我們會在 2025 年看到一些適度的改進。

Got it. Thanks for that color, Steven. And I guess you guys talked about the OpEx cutting last quarter. How should we think about the linearity of that? I think you said year over year down 20% to 25%, if I recall right for next year. Are we still on path for that? And kind of how do you get from the 61 million you talked about before to -- it looks like you'd be slightly less than that at some point next year.

知道了。謝謝你的顏色，史蒂文。我想你們談論了上個季度的營運支出削減。我們應該如何考慮其線性關係？我想你說過，如果我沒記錯的話，明年會比去年同期下降 20% 到 25%。我們還在為此努力嗎？你如何從你之前談到的 6100 萬變成 - 看起來明年某個時候你會比這個數字略少一些。

Yeah. Glad you noticed that. That's been a lot of work throughout Q3 is kind of getting this cost structure down. Yes, we are on track to realize the 20% to 25% reduction next year. Some of the -- the majority of those costs have been realized, but they'll still be some residual kind of over the next quarter too, but we do feel like we're on track to hit that number.

是的。很高興你注意到了這一點。整個第三季我們做了大量的工作來降低成本結構。是的，我們明年有望實現 20% 到 25% 的削減。其中一些——大部分成本已經實現，但在下個季度它們仍然會是一些殘餘成本，但我們確實覺得我們有望達到這個數字。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey, thanks for taking the question. I wanted to start with bookings. You guys have talked about bookings improving now I think for several quarters. Are we now at a point where book to bill is back above 1? It looks like it likely is given that you guided higher for the December quarter, but just wanted to see if you could comment whether book to bill is back above 1.

嘿，謝謝你提出問題。我想從預訂開始。我認為你們已經談論了預訂量的改善已經有幾個季度了。我們現在是否已經到了訂單出貨比回到 1 以上的階段？看起來您可能對 12 月季度的指導較高，但只是想看看您是否可以評論訂單出貨比是否回到 1 以上。

Yeah. So I think we don't break out the bookings number. We feel very good. We saw a really significant uptick in bookings in this past quarter. So that was very encouraging, and we're seeing fall through now even. And so backlogs building nicely for Q4 and Q1 already. And so we're running at higher levels than we were in previous quarters. So another encouraging sign.

是的。所以我認為我們不會透露預訂數量。我們感覺很好。我們看到上個季度的預訂量確實顯著上升。所以這是非常令人鼓舞的，我們現在甚至看到失敗。因此，第四季和第一季的積壓情況已經很好。因此，我們的運行水平比前幾季度更高。這是另一個令人鼓舞的跡象。

And then I think the last one that I would mention is probably sell-through. Sell-through has been very good. So feels like that in demand continues. So all of those are encouraging signs.

然後我想我要提到的最後一個可能是銷售。銷量一直都非常好。所以感覺需求仍在持續。所以這一切都是令人鼓舞的跡象。

So we are kind of feeling optimistic that the GAAP between the sell-in and the sell-through, so to speak closes within the next couple of quarters, and both will be at a equal dynamic, so to speak, on a rate basis.

因此，我們對賣出和賣出之間的 GAAP 感到樂觀，可以說，可以說在接下來的幾個季度內結束，可以說，兩者在利率基礎上將處於相同的動態。

Got it. Any comment on how much higher the sell-out is right now than sell-in? That's not my second question.

知道了。現在的售出比售入高多少有什麼評論嗎？這不是我的第二個問題。

(multiple speakers) we are still in the Flintstone era, Quinn -- not to be clear.

（多位發言者）我們仍處於打火石時代，奎因——不清楚。

The second question, the optical business obviously sounds like it's on very good pace. You talked about exceeding 30 million. If you guys are going to do close to 1 million optical DSPs this year, my guess is ASP in the DSP space is definitely over $30. And so I wouldn't be surprised -- and I won't ask you to comment but optical DSP might be closer to $40 or $50. And if that's the case, total infrastructure revenue looks like it's going to be on page to be about $115 million to maybe $120 million.

第二個問題，光學產業顯然進展順利。你說超過3000萬。如果你們今年打算生產接近 100 萬個光學 DSP，我的猜測是 DSP 領域的 ASP 肯定超過 30 美元。所以我不會感到驚訝——我不會要求你發表評論，但光學 DSP 可能接近 40 或 50 美元。如果是這樣，那麼頁面上顯示的基礎設施總收入將約為 1.15 億至 1.2 億美元。

So if I back out optical, everything else is probably only $70 million or $80 million, where it was probably $177 million last year. And so I understand optical is good, but you've talked about Panther. You've talked about the microwave back haul, and everything you say sounds very encouraging, but like the revenue is still very, very depressed.

因此，如果我放棄光學，其他一切可能只有 7,000 萬或 8,000 萬美元，而去年可能是 1.77 億美元。所以我知道光學很好，但你談到了黑豹。您談到了微波回程，您所說的一切聽起來都非常令人鼓舞，但收入仍然非常非常低迷。

And so can you give us outside of optical, when you think the rest of the business really starts to get back? Because it feels like it's pretty depressed. I assume a lot of it's inventory depletion rather than end-market demand destruction. But wondering if you could comment on the infrastructure ex-opticals.

那麼，當您認為其他業務真正開始恢復時，您能否介紹一下光學業務之外的情況？因為給人一種很壓抑的感覺。我認為很大程度上是庫存耗盡而不是終端市場需求破壞。但想知道您是否可以對基礎設施前光學器件發表評論。

Yeah. No problem, Quinn. Yeah, absolutely. We had mentioned as we talked through it last quarter as well. So as expected, wireless infrastructure is definitely a drag. Telecom spending is down. Was it 12-plus months ago now? Wireless infrastructure was really humming, and that's really dialed back consistent with all the telecom CapEx spending information that's out there. So I think those revenues really follow that.

是的。沒問題，奎因。是的，絕對是。我們在上個季度討論時也提過。因此，正如預期的那樣，無線基礎設施絕對是一個拖累。電信支出下降。現在已經是12個多月前了嗎？無線基礎設施確實很活躍，而且這確實與現有的所有電信資本支出資訊一致。所以我認為這些收入確實遵循這一點。

There is some analog product as you're aware that sells into the infrastructure market that saw -- some of that's enterprise related. As far as the real growth drivers, we talked -- kind of talked through the optical side, but Panther also is another encouraging one as far as -- we are seeing good traction. We do really have positive developments on the customer front with that, and we think we're really well positioned.

如您所知，有一些模擬產品銷往基礎設施市場，其中一些與企業相關。就真正的成長驅動力而言，我們談到了——有點從光學方面進行了討論，但黑豹也是另一個令人鼓舞的驅動力——我們看到了良好的牽引力。我們在客戶方面確實取得了積極的進展，而且我們認為我們處於有利地位。

So outlook is very good as we get through inventory with some of the telecom spend. We'll start to see that recover. I mean, next year, I think we'll see 30%-plus increases in our infrastructure business. So I think that's really exciting.

因此，當我們用一些電信支出來清理庫存時，前景非常好。我們將開始看到這種情況的恢復。我的意思是，明年，我認為我們的基礎設施業務將成長 30% 以上。所以我認為這真的很令人興奮。

Christopher Rolland, Susquehanna International Group.

克里斯多福羅蘭，薩斯奎哈納國際集團。

Hey, guys. Thanks for the question. And congrats on what looks like the bottom here. And as we have more confidence in this bottom, do you guys have a better view on kind of what more normalized revenue would look like either quarterly or annually? For broadband, I guess number one and then connectivity number two, just in a completely normalized environment where do you think those revenues go to now?

嘿，夥計們。謝謝你的提問。恭喜這裡看起來像底部。隨著我們對這個底層更有信心，你們對季度或年度更正常化的收入有更好的看法嗎？對於寬頻，我認為排名第一，然後是連接性排名第二，只是在完全正常化的環境中，您認為這些收入現在會流向哪裡？

Yeah, I think we are getting through the inventory challenges that we've been through over the last two years frankly. So that's encouraging you. You kind of saw that last quarter. You'll see some follow-through over the next couple of quarters, which is good.

是的，坦白說，我認為我們正在克服過去兩年所經歷的庫存挑戰。所以這是對你的鼓勵。你在上個季度就看到了這一點。在接下來的幾個季度中，您會看到一些後續進展，這很好。

Thinking of it a little bit more, Chris, I don't know that we're completely out of the woods yet, but I do feel like we're kind of getting back to that other level. And so I do expect to see kind of broadband connectivity grow in double digits next year. So I think we're on the right track there.

再想一想，克里斯，我不知道我們是否已經完全脫離困境，但我確實覺得我們正在回到另一個層次。因此，我確實預計明年寬頻連線將出現兩位數成長。所以我認為我們走在正確的軌道上。

Is there more to be made up? Yes. But I think all the signs are there. The bookings are there. The new wins -- I think this is really important, right? The PON business that we're winning is really encouraging. And for that matter, even the cable improvements that we're seeing is also good.

還有更多需要補的嗎？是的。但我認為所有跡像都在那裡。預訂就在那裡。新的勝利——我認為這真的很重要，對吧？我們贏得的 PON 業務確實令人鼓舞。就此而言，即使我們看到的電纜改進也很好。

You continue to see upgrades. I think as we look into next year, you're going to start to see some of the bead money roll out. And so there's a handful of drivers that will see a recovery in the market. Beyond just inventory situation, there's new products. There's new wins. There's share gains. There's PON transition. There's Wi-Fi 7 transition as well, which is something else. There's been a bit of a lull in the market as that adoption takes place.

您將繼續看到升級。我認為，當我們展望明年時，您將開始看到一些珠子資金投入使用。因此，少數司機將看到市場的復甦。除了庫存情況之外，還有新產品。有新的勝利了。有股票收益。有 PON 過渡。還有 Wi-Fi 7 過渡，這是另一回事。隨著採用的進行，市場出現了一些平靜。

Thank you for that, Steve. And then my second question is on optical. Kishore, you talked about the huge number of design wins. I was wondering if you could kind of bucket these into customers for us, particularly those that you expect to ship in big volumes.

謝謝你，史蒂夫。我的第二個問題是關於光學的。Kishore，您談到了大量的設計勝利。我想知道您是否可以將這些產品分給我們的客戶，特別是那些您希望大量出貨的客戶。

So at what percent do you think are going to be like general transceiver providers versus, let's say, hyperscalers versus systems vendors? And can you speak to qualifications, particularly at the systems guys and at hyperscalers?

那麼，您認為通用收發器提供者與超大規模提供者與系統供應商之間的相似度是多少？您能談談資格，特別是系統人員和超大規模人員的資格嗎？

So I would say that -- I would step back and say that, we have many designs going on with all the top module makers in the world now. I can safely claim that. I would probably claim that later, but right now safely claim that. And these guys are targeting all the major data centers, all the payer in shipments in optical transceiver has really been InfiniBand-driven NVIDIA products in the last 1.5 years.

所以我想說——我退一步說，我們現在正在與世界上所有頂級模組製造商進行許多設計。我可以有把握地宣稱這一點。我可能稍後會這麼說，但現在可以安全地這麼說。這些傢伙的目標是所有主要資料中心，在過去 1.5 年裡，光收發器出貨量的所有付款者實際上都是 InfiniBand 驅動的 NVIDIA 產品。

And I just want to point out that as far as the data center guys go on the Ethernet side of the thing, actually, the adoption has been very slow, and that is just beginning to move. And if in fact, if anything, 400 gigabit is accelerating.

我只是想指出，就資料中心人員而言，實際上，乙太網路的採用速度非常緩慢，而且才剛開始。事實上，如果有什麼不同的話，那就是 400GB 正在加速發展。

So some of these module vendors are fully qualified in system vendors if it is systems level solutions, and some of these module vendors are directly in inter-op process with many data centers. And I just -- and I want to point out is that China is going to hit the massive A I boom in the next -- deployment boom in the next, starting in the next -- in '25.

因此，如果是系統級解決方案，這些模組供應商中的一些模組供應商完全符合系統供應商的資格，並且其中一些模組供應商直接與許多資料中心進行互通過程。我只是——我想指出的是，中國將在下一個——下一個部署熱潮中，從下一個——25年開始，迎來大規模的人工智慧熱潮。

So there are many, many data centers if you combine both the US and China where -- and the data is ranged from the big guys like to what we call Tier 2, but they're gigantic as well. So I think at Tier 2 data centers where we are through the calls. The Tier 1s were in the process of the calls, but it is built out going on in preparation for that.

因此，如果將美國和中國結合起來，就會有很多很多的資料中心，資料範圍從大型資料中心到我們所謂的二級資料中心，但它們也非常龐大。所以我認為在二級資料中心，我們透過電話處理。一級機構正在進行通話，但它是為此做準備而進行的。

There's a lot of optimism in the industry about MaxLinear's products. Maybe it's a part of a rite of passage that they want to put little bit hazing in a fraternity. So you can see all mentalities are pretty interesting right now.

業界對 MaxLinear 的產品非常樂觀。也許這是他們想在兄弟會中加入一點欺辱的成年儀式的一部分。所以你可以看到現在所有的心態都非常有趣。

But I feel good -- I feel really good that we can deliver. We are delivering and feel pretty excited about it. So I will leave it there, and let the results speak for themselves as we move forward because that's what it's been for us. And that's all we want to be measured as well.

但我感覺很好——我真的很高興我們能夠實現這一目標。我們正在交付並且對此感到非常興奮。因此，我將把它留在那裡，讓結果在我們前進的過程中自己說話，因為這就是我們的結果。這也是我們想要衡量的。

David Williams, Benchmark Company.

大衛威廉斯，基準公司。

Hey, good afternoon, gentlemen. Thanks for taking the question. And let me also give my congrats on the turn here. Maybe the first question is just around the -- and you talked a little bit about this earlier, but the Swan Creek and just that transition of 2.5 G, sounds like you've got some really nice traction there.

嘿，下午好，先生們。感謝您提出問題。讓我也對這裡的轉折表示祝賀。也許第一個問題是圍繞 - 你之前談到了這一點，但是 Swan Creek 和 2.5 G 的過渡，聽起來你在那裡有一些非常好的牽引力。

Can you talk maybe about what your expectation is over maybe '25 and what that contribution could look like? And how is that -- I guess is the adoption coming in at expectations or do you think it's slower or maybe even faster than you would have anticipated?

你能談談你對 25 年的期望是什麼以及這種貢獻會是什麼樣子嗎？那是怎樣的——我猜採用是否符合預期，或者您認為它比您預期的要慢，甚至可能更快？

David, this is one case, I would say the adoption has been excellent. It's moving faster than we can support. And so having said that, adoption is two parts of three -- one is the rate at which they can sell at the end market. So there are two parts; one is enterprise-type businesses. Other one is kind of consumer-ish type of businesses.

大衛，這是一個案例，我想說，採用情況非常好。它的發展速度超出了我們的支持能力。話雖如此，採用率是三個部分中的兩個部分——其一是它們在終端市場上的銷售速度。所以有兩個部分；一是企業型企業。另一種是消費者類型的企業。

So we were very surprised with the amount of traction it is getting on the consumer-ish retail type markets. Whereas the small business, medium business, and major enterprise business are going to pace as expected with no hiccups. So we're very, very pleased with it. In fact, if anything, it's emboldening our view about our future road map on Ethernet switch product lines, and the various configurations of 2.5 gigabit and the number of ports associated with this.

因此，我們對它在消費者零售類型市場上獲得的巨大吸引力感到非常驚訝。而小型企業、中型企業和大型企業業務將如預期發展，不會有任何問題。所以我們對此非常非常滿意。事實上，如果有什麼不同的話，那就是它增強了我們對乙太網路交換器產品線未來路線圖、2.5 Gb 的各種配置以及與之相關的連接埠數量的看法。

And I did talk about MaxAI from MaxLinear, and MaxAI is not just a frame -- a machine learning AI framework for various use case scenarios and performance optimization just for the broadband platforms. It's a general concept and capability that we are building on that will proliferate all our product lines including our five switch products or Panther-accelerated products and so on.

我確實談到了 MaxLinear 的 MaxAI，MaxAI 不僅僅是一個框架 - 一個適用於各種用例場景和僅針對寬頻平台的性能優化的機器學習 AI 框架。這是我們正在建立的整體概念和能力，它將豐富我們所有的產品線，包括我們的五種交換器產品或 Panther 加速產品等。

So we're really trying to drive the company now to be very, very -- AI being a necessary tool in terms of showing our competitive superiority in the product. So looking forward to the next year with 2025 -- and I can't give you about 2025 but I can only tell you about how big the switch Swan Creek product can be. I look at the switch Swan Creek product to be anywhere between a $50 million to $100 million potential on an annualized run rate basis over a three-year window.

因此，我們現在確實在努力推動公司變得非常非常——人工智慧成為展示我們產品競爭優勢的必要工具。所以期待明年的 2025 年——我不能告訴你 2025 年的具體情況，但我只能告訴你 Swan Creek 產品的開關有多大。我認為 Switch Swan Creek 產品在三年內以年化運行率計算的潛力在 5,000 萬至 1 億美元之間。

Okay. Perfect. Thanks so much. And maybe talking about the MaxAI, can you maybe -- how do you think about that in terms of value and driving? Is that something you can monetize or is it more of a value add? How do you think maybe just how -- what does that go-to-market look like with the MaxAI.

好的。完美的。非常感謝。也許談論 MaxAI，您能從價值和駕駛方面考慮它嗎？這是你可以貨幣化的東西還是更多的是增值？您認為 MaxAI 的上市情況如何？

So there are two parts to it. One is right. There are parts of it that will -- we imagine will be offering as default, because it's table stakes and competitive differentiation. The other parts of it that will be very customized to develop for the various customers -- and these days, right, as a company, we ship to very large customers. Customer bases are dramatically consolidated. So there'll be some customization.

所以它有兩個部分。有一個是對的。我們想像其中的某些部分將作為預設提供，因為這是賭注和競爭差異化。它的其他部分將根據不同的客戶進行客製化開發——現在，作為一家公司，我們向非常大的客戶發貨。客戶群得到了極大的鞏固。所以會有一些定制。

So I think this -- what do you call a pay-to-play model, and there is -- if we don't play, we won't win, so to speak, right? So those are the two buckets. So I think it will be a model, but the latter model of a pay-to-play will take some time, because the industry is in a very infant phase in terms of utilizing AI for delivering real performance, for improving efficiency of the networking communication side, and use case scenarios. And I think that will play out as time develops.

所以我認為，你所說的付費遊戲模式是什麼，如果我們不玩，我們就不會贏，可以這麼說，對吧？這就是兩個桶子。所以我認為這將是一個模型，但後一種付費遊戲模型將需要一些時間，因為該行業在利用人工智慧提供真實效能、提高網路效率方面還處於非常初級的階段通訊方面和用例場景。我認為隨著時間的發展，這將會顯現出來。

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Hi, Kishore. Hi, Steve. Congrats on the progress here. Kishore, I hadn't heard other optical guys mentioning the China hyperscaler opportunity -- maybe it's just -- they see it as a larger bucket, but are you guys differentiated in your position in China relative to others who may be competitors and may be more focused on the US opportunity, or is it similar across the landscape?

嗨，基肖爾。嗨，史蒂夫。恭喜這裡的進展。Kishore，我沒有聽到其他光學專家提到中國超大規模的機會——也許只是——他們認為這是一個更大的桶，但是你們在中國的地位相對於其他可能是競爭對手和可能是競爭對手的人來說是否有所不同？

I would see the differentiation is universal. It's not easy -- the Chinese or American, right? Low-power, low-power, low-power. And if you really go back through history, we are all -- we were made it to deliver low-power all the products and communications that we ever offered. And I think that's what is beginning to come through, and we'll continue to do so that with not just a -- key support, of course, everybody knows is the lowest power there. But if we look forward to our Rushmore product and the offering of [BOM] around Rushmore, it will by far be the lowest power anybody will bring out in the next 12 months for sure.

我認為這種差異是普遍存在的。這並不容易——無論是中國人還是美國人，對吧？低功耗，低功耗，低功耗。如果你真的回顧歷史，我們都是——我們生來就是為了提供我們曾經提供的所有低功耗產品和通訊。我認為這就是正在開始發生的事情，我們將繼續這樣做，而不僅僅是一個關鍵的支持，當然，每個人都知道這是那裡的最低權力。但如果我們期待我們的 Rushmore 產品和圍繞 Rushmore 提供的 [BOM]，那麼它肯定是迄今為止任何人在未來 12 個月內推出的最低功率。

Okay. Sure, helpful. And then maybe perhaps for Steve, on the Wi-Fi, the connectivity revenue versus the broadband revenue, Steve, should I think of those as more coupled than not, or are there specific drivers for each one as you go through the next few quarters?

好的。當然，有幫助。然後，也許對史蒂夫來說，在Wi-Fi 方面，連接收入與寬頻收入相比，史蒂夫，我是否應該認為這些收入比沒有收入更多，或者在接下來的幾個季度中，每個收入都有特定的驅動因素？

I think the there's definitely some overlap, right? So Wi-Fi and Ethernet, there's a lot of attach that has happened historically as you're well aware. But we keep them separate, because we continue to see more traction kind of winning Wi-Fi outside of a standard gateway business as well as kind of winning more Ethernet business. And that was really -- you've heard us talk a lot about some of the traction we're getting with our Ethernet product in the industrial markets, in the enterprise markets.

我認為肯定有一些重疊，對吧？如您所知，Wi-Fi 和乙太網路歷史上發生過很多連接。但我們將它們分開，因為我們繼續看到在標準網關業務之外贏得 Wi-Fi 以及贏得更多乙太網路業務的更多吸引力。這確實是——您已經聽到我們談論了我們的乙太網路產品在工業市場和企業市場中獲得的一些吸引力。

That's one of the places that we've really leveraged that 2.5 gig solution and penetrating -- with our sales force kind of getting more opportunities out there. And so going forward, you're going to continue to see more growth out of that connectivity enabled by these new markets.

這是我們真正利用 2.5 演出解決方案並進行滲透的地方之一 - 我們的銷售人員在那裡獲得了更多機會。因此，展望未來，您將繼續看到這些新市場帶來的連接性的更多成長。

Ananda Baruah, Loop Capital Markets, LLC.

Ananda Baruah，Loop Capital Markets, LLC。

Hey, guys. Thanks for taking the question. Yeah, a couple if I could. Really, the first two are probably clarifications. Kishore, in the prepared remarks, actually, I think it may have been the beginning of Q&A, you talked about run rate -- this is DSP run rate, exiting optical DSP run rate, exiting this year -- '24. And did I hear you accurately that you were saying right now, the run rate is 1 million but exiting '24, you may have shipped 1 million, which would put you 4 million run rate heading into '25? Just looking for a clarification there and then I have a couple other ones. Thanks.

嘿，夥計們。感謝您提出問題。是的，如果可以的話，一對。確實，前兩個可能是澄清。Kishore，在準備好的發言中，實際上，我認為這可能是問答的開始，您談到了運行速率 - 這是 DSP 運行速率，退出光學 DSP 運行速率，今年退出 - '24。我是否準確地聽到了您的意思，您現在所說的運行率為100 萬，但在24 年退出時，您可能已經發貨了100 萬，這將使您進入25 年時的運行率為400萬？只是在那裡尋求澄清，然後我還有其他一些澄清。謝謝。

So Ananda, just for clarity, the existing run rate is 1 million unit per year. So it's not a quarterly run rate, right? So the question that I believe Tore asked is that -- which I responded that we obviously expect to do much better than that, and it will be in excess of the 1 million unit per year run rate. Now, 4 million, pretty fantastic, but let's stick to being greater than 1 million unit per year for now.

因此，Ananda，為了清楚起見，現有的運行速度是每年 100 萬台。所以這不是季度運行率，對嗎？因此，我認為 Tore 提出的問題是——我回答說，我們顯然希望做得比這更好，並且將超過每年 100 萬台的運行速度。現在，400 萬台，非常棒，但現在我們還是堅持每年超過 100 萬台吧。

Thank you for that. And then another clarification around 2G's question, are you also working with -- and actually just sort of clarification on your remarks also. When you say you're working with all the leading module makers, does that include the Chinese module makers?

謝謝你。然後，關於 2G 問題的另一個澄清是，您是否也在與 2G 合作——實際上也只是對您的言論進行澄清。當您說您正在與所有領先的組件製造商合作時，這是否包括中國組件製造商？

Everyone.

每個人。

Everyone. Got it.

每個人。知道了。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Thank you. I have one clarification question and a follow-up. Just on the clarification question, Steve, I think you were mentioning China restrictions being a headwind to your September quarter and December quarter guide. Were those restrictions more or less than your prior view or I hope you could clarify the commentary for December.

謝謝。我有一個澄清問題和一個後續問題。就澄清問題而言，史蒂夫，我認為您提到中國的限制是您 9 月季度和 12 月季度指南的不利因素。這些限制比您之前的觀點多還是少，或者我希望您能澄清 12 月的評論。

Yeah. Well, we said that it would probably -- $5 million to $10 million in the back half of the year would be the impact. And we're definitely feeling that. You can kind of see that in our industrial multi-market numbers. And so yeah, I think the good thing here is that's behind us. So we don't see problems going ahead. And so excited about looking forward into next year.

是的。嗯，我們說過，今年下半年可能會產生 500 萬至 1000 萬美元的影響。我們確實感受到了這一點。您可以從我們的工業多市場數據中看到這一點。所以，是的，我認為這裡的好處是我們已經落後了。所以我們認為未來不會有問題。並對明年充滿期待。

Got it. Okay. Thanks for that. And then I think within broadband, you indicate PON remains a strong longer-term opportunity, particularly with your tri-band, single-chip solution at a second Tier-1 US carrier. I know you're talking about how broadband is still down for December, but I guess as you look into 2025, are you seeing orders for PON being pulled in earlier than you previously envisioned at the second carrier, or is a recovery upon more of a back half of '25 and into 2026 for you? Thank you.

知道了。好的。謝謝你。然後我認為在寬頻領域，您指出 PON 仍然是一個強大的長期機會，特別是在美國第二家一級營運商的三頻、單晶片解決方案中。我知道您正在談論12 月份寬頻仍然處於下降狀態，但我猜當您展望2025 年時，您是否會看到第二家運營商的PON 訂單比您之前預想的更早收到，或者是否會在更多訂單後恢復25 年後半段到 2026 年對你來說？謝謝。

So Steve, I'll just take it for a second as a general trend. There's a lot of activity on the telco players to start rolling out fiber. So they have taken their -- dusted up their plans, and whether they're doing fixed wireless access or not, they realize that they really need a PON fiber network. And anything they're considering right now is how do we lay -- what we call, start laying more fiber, right?

所以史蒂夫，我暫時將其視為整體趨勢。電信業者開展了大量活動來開始推出光纖。因此，他們已經重新制定了計劃，無論是否進行固定無線接入，他們都意識到自己確實需要 PON 光纖網路。他們現在考慮的是我們如何鋪設——我們所說的，開始鋪設更多的光纖，對嗎？

You see in that AT&T commitment, and that's like their big thing. And you see that at Verizon. You're seeing that their communication related to acquisition discussions, right, that have been in the newspapers. So there's a general trend for everybody to start visiting their fiber rollout plans very seriously now as the real backbone to the bounty they have been getting on the fixed wireless access.

你可以從 AT&T 的承諾中看到，這就是他們的大事。你在 Verizon 也能看到這一點。你會看到他們的溝通與收購討論有關，對吧，報紙上已經報道過了。因此，現在普遍的趨勢是，每個人都開始非常認真地考慮他們的光纖部署計劃，作為他們在固定無線存取上獲得的真正的支柱。

So we are seeing momentum. They're discussing RFPs, RFQs and stuff. So while some are ahead, some are later, but in terms of the revenue momentum on solutions for gateways and so on and so forth, I really look at it happening the latter half of 2025 is slowly coming -- more and more revenues coming into the run rate basis and the follow-on continuing through 2026 and 2027.

所以我們看到了勢頭。他們正在討論 RFP、RFQ 等等。因此，雖然有些領先，有些落後，但就網關等解決方案的收入勢頭而言，我確實認為 2025 年下半年會慢慢到來——越來越多的收入進入運行率基礎和後續行動將持續到2026 年和2027 年。

So there's not going to be any jump start. Like suddenly they turn on the switch, because you've got to keep in mind that our revenue in fiber to start with a very small share. And last year was about a $5,200 million range. And now we hope and we -- the telecom spend has been down, but that has not shown up in the fiber numbers, because it's been a growth venue for us. But the momentum should start moving forward, with brand new fiber designs, picking up some velocity.

所以不會有任何跳躍啟動。就像他們突然打開開關一樣，因為你必須記住，我們的光纖收入一開始所佔的份額很小。去年的金額約為 52 億美元。現在我們希望——電信支出已經下降，但這並沒有體現在光纖數量上，因為它一直是我們的成長場所。但隨著全新的光纖設計，這種勢頭應該會開始向前發展，並加快速度。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, guys, thanks for taking my question. Maybe a hit on -- a product, something that hasn't been asked about here in wireless infrastructure, I think you gave, Kishore, some pretty positive comments about the go-forwards from here. Maybe you could just give us a sense of visibility here in terms of bookings and when we might start to see some sort of pick up and get back to prior highs.

好吧，夥計們，謝謝你提出我的問題。也許是一種產品，一種在無線基礎設施中沒有被問到的東西，我想你對 Kishore 給出了一些關於這裡的進展的非常積極的評論。也許您可以讓我們了解預訂方面的可​​見性，以及我們何時可能開始看到某種回升並回到先前的高點。

It's a very, very good question, Richard. And look, everybody is like wireless infrastructure. It's all looking boring and stuff. But I just look at it as the last man standing game. You have the right technology. And in a couple of years, it will turn around, and then there's going to be beautiful revenue that really, really long-term revenue. And we have the right investment in technology, right?

這是一個非常非常好的問題，理查德。看，每個人都像是無線基礎設施。一切看起來都很無聊之類的。但我只是將其視為最後一人站立的遊戲。您擁有正確的技術。幾年後，情況就會好轉，然後就會有可觀的收入，而且是真正非常長期的收入。我們對科技進行了正確的投資，對嗎？

Now, we're going to start seeing some recovery in telecom spend. And the first focus would be in Southeast Asia, Latin America, India, all the expansion in terms of starting to upgrade their networks to 5G and their wireless transport is the single biggest mechanism. And they're really, really hungry for expanded bandwidth, data rate for transport, because fiber is not an option, right? So we are very, very well positioned there.

現在，我們將開始看到電信支出復甦。第一個重點將是東南亞、拉丁美洲、印度，所有這些擴張都開始將網路升級到 5G，而無線傳輸是最大的單一機制。他們真的非常渴望擴大頻寬、傳輸資料速率，因為光纖不是一種選擇，對吧？所以我們在那裡處於非常非常有利的位置。

And then, you come back to the fact that how is the recovery looking like? Oh my gosh, I mean last quarter, I think Quinn pointed out like -- he said like outside of optical, things was very down. Yes, they are very down. In fact, they are horribly down on the wireless side last quarter. And now we have all the indications that there's going to be a steady improvement in bookings. And we have bookings that actually reflect though.

然後，你回到這個事實：復甦情況如何？哦天哪，我是說上個季度，我想奎因指出了——他說在光學之外，情況非常低迷。是的，他們非常沮喪。事實上，上個季度他們在無線方面的表現非常糟糕。現在，所有跡像都表明預訂量將穩步改善。但我們的預訂確實反映了這一點。

So while that is going to recover steady for the entire year, next year and beyond '25, it's going to really pick up even more strongly. So things are beginning to look positively up on wireless infrastructure and seem to be pretty -- steadily recovery potential.

因此，雖然這一數字將在全年、明年以及 25 年後穩定恢復，但其成長速度將會更加強勁。因此，無線基礎設施的情況開始出現積極的變化，並且似乎具有穩定恢復的潛力。

Okay. Great. Appreciate that summary there. Maybe touching on another topic that hasn't been hit on much today here. In storage, I think you made one brief comment about some progress there at Flash Memory summit. I think you've been quoted publicly in a in an investor conference talking about a revenue bogey of that category of $50 million to $75 million. I think that was applied to the calendar year '26. Wondering if you're progressing well towards that generic goal or above or below that, just kind of general thoughts there. Thank you.

好的。偉大的。欣賞那裡的總結。也許涉及到今天這裡沒有太多討論的另一個主題。在存儲方面，我認為您對閃存峰會上的一些進展做了簡短的評論。我認為您在一次投資者會議上被公開引用，談論了 5000 萬至 7500 萬美元這一類別的收入問題。我認為這適用於 26 年。想知道您是否在實現該通用目標方面進展順利，或者高於或低於該目標，只是一般性的想法。謝謝。

So I still hold the bogey over the next the three-year window. But things are a little bit slow in terms of that timeline right now, because as expected -- as I told you much of the design traction was enterprise storage applications, and those guys have delayed their rollout plans due to a lot of inventory on their side as well. So that really big bogey number may shift out a bit, but there's no reason to change or view on how big Panther storage business can be.

所以我在接下來的三年窗口期仍然持有柏忌。但就目前的時間表而言，事情有點慢，因為正如預期的那樣- 正如我告訴你的那樣，大部分設計牽引力是企業存儲應用程序，而這些人由於他們的大量庫存而推遲了他們的推出計劃。因此，真正的大忌數字可能會稍微偏移，但沒有理由改變或看待 Panther 儲存業務的規模。

And so yeah, that's absolutely right. What you've said, but what we are trying to do right now is proliferate Panther beyond just a storage -- that automate -- but there are like compute servers of systems and expand the scope beyond that. And so it's getting a lot of traction right now. In what we call customer evaluations and proofs of concepts within the customer itself.

是的，這是絕對正確的。正如你所說，我們現在正在努力做的是讓 Panther 不僅僅局限於儲存——自動化——而是像系統的計算伺服器一樣，並將範圍擴展到更廣的範圍。因此它現在受到了極大的關注。我們稱之為客戶評估和客戶本身的概念證明。

So to help that process, we also rolled out a software-defined storage that mimics centered with Panther where the customers can prepare their solutions well ahead of using the hardware to be ready.

因此，為了幫助這一過程，我們還推出了以 Panther 為中心的軟體定義存儲，客戶可以在使用準備好的硬體之前準備好他們的解決方案。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Thanks. I just had a follow-up. Kishore, I know you've been sampling the Rushmore 200 gig per lane since OFC this year. I was just wondering as far as timing of revenue there and where would that revenue come initially between regular optical modules versus LRO or AEC?

謝謝。我剛剛進行了後續行動。Kishore，我知道自今年 OFC 以來，您一直在嘗試每道 Rushmore 200 演出。我只是想知道收入的時間安排以及常規光學模組與 LRO 或 AEC 之間的收入最初來自哪裡？

So that's a very good question, Tore. I think now we can all, I think this key -- the flavor was, just give me the same old DSPs, but much, much, much lower power. And LROs are being considered. We have been the champions of LROs, but this ECOC was about just give me those darn DSPs with like a fraction of the power. That's become a moto.

所以這是一個非常好的問題，托爾。我認為現在我們都可以，我認為關鍵是，只需給我相同的舊 DSP，但功率低得多、低得多。LRO 正在考慮中。我們一直是 LRO 的冠軍，但這次 ECOC 的目的只是給我那些該死的 DSP，但其功能只有一小部分。那就變成摩託了。

That tells you how complex and difficult these PAM4 system -- modulation system is as you start increasing the bandwidth. And then the problem gets even more challenging in the corporate side, the active electrical cable you will. So this is really a big boy game in terms of technology. And as it heads towards this, we feel very good.

這告訴您當您開始增加頻寬時，這些 PAM4 系統調變系統有多麼複雜和困難。然後，問題在企業方面變得更具挑戰性，即有源電纜。所以從技術角度來說這確實是一個大男孩的遊戲。當事情朝著這個方向發展時，我們感覺非常好。

So regarding the 200 gig, really the only one who's really looking at 200 gig is really the AI-type systems. And it's really driven by NVIDIA right now. All the other data center folks are sort of -- the Ethernet types are that this -- they have got some lot more time for this to happen.

因此，對於 200 場演出，唯一真正關注 200 場演出的是人工智慧類型的系統。現在它確實是由 NVIDIA 驅動的。所有其他資料中心人員都有點——乙太網路類型就是這樣——他們有更多的時間來實現這一點。

Having said that, you are not real in this market, unless you have everything the world wants. And so, we're gearing up to that, and we hope to showcase our Rushmore product in a full-blown way with multiple vendors in the OFC.

話雖如此，除非你擁有世界想要的一切，否則你在這個市場上並不是真的。因此，我們正在為此做好準備，我們希望以全面的方式向 OFC 的多家供應商展示我們的 Rushmore 產品。

(technical difficulty) 200 gig in any way other than NVIDIA trying to get ahead. And we have told this before, NVIDIA is developing its own DSP solutions, that will be their first -- preference number one, and then hopefully they expand the scope to other multiple vendors to secure their supplies in the future.

（技術難度）除了 NVIDIA 試圖取得領先之外，以任何方式 200 gig。我們之前已經說過，NVIDIA 正在開發自己的 DSP 解決方案，這將是他們的第一個解決方案——第一優先，然後希望他們將範圍擴大到其他多個供應商，以確保他們未來的供應。

Thank you, everyone. With that being the last question, I want to thank you all. This quarter, we will be present a number of financial conferences in person and in virtual events. And we'll pose the details of the calendar on investor relations page. And we look forward to speaking with you again soon. Thank you very much.

謝謝大家。這是最後一個問題，我要感謝大家。本季度，我們將舉辦許多現場和虛擬活動的金融會議。我們將在投資者關係頁面上公佈日曆的詳細資訊。我們期待很快再次與您交談。非常感謝。