Maxlinear Inc (MXL) 2025 Q1 法說會逐字稿

Greetings and welcome to the MaxLinear first quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce Leslie Green, Investor Relations. Please go ahead.

大家好，歡迎參加 MaxLinear 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係部的萊斯利‧格林 (Leslie Green)。請繼續。

Thank you, Joe. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's first quarter, 2025 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steven Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer.

謝謝你，喬。大家下午好，感謝您參加今天的電話會議，討論 MaxLinear 2025 年第一季度的財務業績。今天的電話會議由執行長 Kishore Seendripu 博士主持；以及財務長兼首席企業策略長 Steven Litchfield。

After our prepared comments, we will take your questions. Our comments today forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the second quarter of 2025, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense, GAAP and non-GAAP income tax, and GAAP and non-GAAP diluted share count.

在準備好評論後，我們將回答您的問題。我們今天的評論屬於適用證券法含義內的前瞻性陳述，包括與我們對 2025 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、GAAP 和非 GAAP 所得稅以及 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 the future financial and Operating results, opportunities for revenue and market share across our target markets, new products, including the timing of production and launches of such products, demand for an adoption of certain technologies, and our total addressable market.

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中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運營業績、目標市場中的收入和市場份額機會、新產品（包括此類產品的生產和發佈時間）、採用某些技術的需求以及我們的總體目標市場。

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 March 31, 2025, 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 statements.

這些前瞻性陳述涉及重大風險和不確定性，包括我們最近向美國證券交易委員會提交的文件中的風險因素部分概述的風險，包括我們今天提交的截至 2025 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 first quarter 2025 earnings release is available in the investor relations section of our website at maxlinear.com. In addition, we will report certain historical financial metrics, including but not limited to gross margin, operating margin, operating expense, and interest in other expense on both a GAAP and non-GAAP basis.

2025 年第一季財報可在我們網站 maxlinear.com 的投資者關係部分查閱。此外，我們將報告某些歷史財務指標，包括但不限於 GAAP 和非 GAAP 基礎上的毛利率、營業利潤率、營業費用和其他費用中的利息。

We encourage investors to review the detailed reconciliation of our GAAP to 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 potential impairments.

我們鼓勵投資者查看我們網站上提供的 GAAP 與非 GAAP 簡報的詳細對帳表和新聞稿。我們不提供未來期間非公認會計準則指導的對賬，因為我們預測某些未來變化的能力存在固有的不確定性，包括股票薪酬及其相關稅收影響以及潛在的減值。

Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP 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 a replay will be available on our website for two weeks.

今天討論的非 GAAP 財務指標不應被孤立地考慮或取代可比較的 GAAP 指標。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，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.

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

Thank you, Leslie, and good afternoon, everyone. Our Q1 results. Reflect the continued growth and recovery of our business. We exceeded the midpoint of our guidance with $95.9 million in revenue, non-GAAP gross margin of 59.1%, and a meaningful reduction in operating expenses. We not only expect to be profitable on a non-GAAP basis in Q2, but also most importantly, to be able to generate positive free cash flow in Q2.

謝謝你，萊斯利，大家下午好。我們的第一季業績。反映我們業務的持續成長和復甦。我們的收入超過了預期中位數，達到 9,590 萬美元，非公認會計準則毛利率為 59.1%，且營運費用大幅減少。我們不僅預計第二季度能夠按照非公認會計準則實現盈利，而且最重要的是，能夠在第二季度產生正的自由現金流。

In total, in Q1, we made strong progress towards our return to profitability and our solidly executing with new product wins in high-speed data center interconnects. Phone, WiFi, and Ethernet. We're also seeing meaningful improvement in our customer order rates and backlog, which give us confidence that we can continue to deliver growth in 2025 and '26.

總體而言，在第一季度，我們朝著恢復盈利的目標取得了長足的進步，並憑藉高速資料中心互連領域新產品的勝利穩步執行。電話、WiFi 和乙太網路。我們也看到客戶訂單率和積壓訂單量顯著改善，這使我們有信心在 2025 年和 2026 年繼續成長。

Now looking at our key markets in infrastructure, the increasing demand for high-speed data is driving significant growth and design activity around high-speed interconnects in data centers, cloud infrastructure, and next generation telecom networks. We continue to make strong progress with product calls across multiple customers for our fine nanometer Keystone PAM4 DSPs Product.

現在看看我們在基礎設施方面的關鍵市場，對高速資料的不斷增長的需求正在推動資料中心、雲端基礎設施和下一代電信網路中高速互連的顯著增長和設計活動。我們在多個客戶對我們的精細奈米 Keystone PAM4 DSP 產品的產品呼叫方面繼續取得了長足的進展。

At the optical fiber conference, we demonstrated nearly a dozen Keystone powered optical and Active electrical cable modules for OSFP switches. We also highlighted a reverse gearbox application using Keystone from one of the world's leading module makers, as well as a half free timed active electrical cable wide cable solution, also using Keystone. Our products were featured in demos at the booths of several partners which are in various forms of production or qualification stages.

在光纖會議上，我們展示了近十幾個用於 OSFP 交換器的 Keystone 供電光纖和主動電纜模組。我們還重點介紹了使用世界領先模組製造商之一的 Keystone 的倒檔變速箱應用，以及同樣使用 Keystone 的半自由定時有源電纜寬電纜解決方案。我們的產品在多個合作夥伴的展位上進行了演示，這些合作夥伴處於不同形式的生產或認證階段。

We are also pleased to showcase a live demo of our Rushmore 1.6 terabit 200 gigabit per lane PAM4 DSP. Like Keystone, a Rushmore family of PAM4 [TIAs] and DSPs for 1.6 terabit interconnections offers superior power and performance advantages. This continues the basis of our competitive differentiation and design in success.

我們也很高興展示我們的 Rushmore 1.6 太比特 200 千兆位元每通道 PAM4 DSP 的現場演示。與 Keystone 一樣，用於 1.6 太比特互連的 Rushmore 系列 PAM4 [TIA] 和 DSP 具有卓越的功率和性能優勢。這延續了我們競爭差異化和成功設計的基礎。

We anticipate additional qualification and rollout for 800 gigabytes and 1.6 terabyte data center applications throughout '25 with exciting revenue growth in 2026. In wireless infrastructure at the Mobile World Congress, we demonstrated a highly integrated Sierra Radio system on chip as a complete open ran macro radiate unit solution.

我們預計在 2025 年期間將對 800 GB 和 1.6 TB 資料中心應用程式進行額外的認證和推出，並在 2026 年實現令人興奮的收入成長。在世界行動通訊大會的無線基礎設施中，我們展示了高度整合的 Sierra Radio 系統單晶片，作為完整的開放式 RAN 宏輻射單元解決方案。

It seamlessly interoperated with all major GA power amplifier suppliers utilizing maxinus proprietary digital bridge distortion technology. Our wireless 5 -- 5G access single chip radio SOC's and our millimeter wave and microwave backhaul transceivers and modems are essential for supporting increasing mobile usage and data rates, as well as new functionalities such as edge AI.

它利用 maxinus 專有的數位橋失真技術與所有主要的 GA 功率放大器供應商無縫互通。我們的無線 5-5G 接入單晶片無線電 SOC 以及毫米波和微波回程收發器和數據機對於支援不斷增長的行動使用和數據速率以及邊緣 AI 等新功能至關重要。

We believe we are positioned strongly for content growth and share gains this year as service provider capital expenses improves and as our continued design means at T1 customers begin to ramp later this year.

我們相信，隨著服務提供者資本支出的改善以及我們針對 T1 客戶的持續設計手段在今年稍後開始增加，我們今年將在內容成長和份額成長方面佔據優勢地位。

Also within our infrastructure revenues, our panther family of hardware storage accelerator SOC's is strongly positioned within the data center, enterprise storage applications, and the edge of the network with multiple designs with major customers and value-added resellers across key geographies.

此外，在我們的基礎設施收入中，我們的 Panther 系列硬體儲存加速器 SOC 在資料中心、企業儲存應用和網路邊緣佔據強勢地位，並擁有多種設計，涵蓋主要地區的主要客戶和增值經銷商。

It enables optimized cost, power, performance, and efficiency of storage and compute server systems by offloading complex tasks that otherwise require long and costly CPU cycles to execute in software. It provides unique and best in class capabilities around data compression, integrity, and security with support for 200 gigabits per second throughput and the lowest latncies essential for AI applications.

它透過卸載原本需要長時間且昂貴的 CPU 週期才能在軟體中執行的複雜任務，從而優化儲存和計算伺服器系統的成本、功率、效能和效率。它提供了獨特且一流的資料壓縮、完整性和安全性功能，支援每秒 200 千兆位元的吞吐量和 AI 應用所必需的最低延遲。

Shifting to broadband and WiFi connectivity in the near term, we feel increasingly confident in the ongoing recovery of the broadband and connectivity markets. Now, with several quarters of improvement behind us, we're excited to begin the ramp of our single chip integrated fiber PON and 10-gigabit processor gateway SOC plus triband WiFi 7 single chip platform solution with the second major tier North American carrier later this year. This is both a major win and a significant validation of our technology and competitive positioning in the fiber PON market.

近期轉向寬頻和 WiFi 連接，我們對寬頻和連接市場的持續復甦越來越有信心。現在，經過幾季的改進，我們很高興能在今年稍後與北美第二大營運商合作，開始推出我們的單晶片整合光纖 PON 和 10 千兆處理器網關 SOC 以及三頻 WiFi 7 單晶片平台解決方案。這既是一場重大勝利，也是對我們在光纖 PON 市場技術和競爭地位的重要驗證。

We expect that it will drive meaningful growth for our fiber revenues in 2026 and give us a strong foothold to continue to expand our presence in PON. Overall, bookings have continued to strengthen and we are seeing incremental growth in demand for our cable data boxes products, as well as our WiFi and Ethernet solutions.

我們預計它將在 2026 年推動我們的光纖收入實現有意義的成長，並為我們繼續擴大在 PON 領域的影響力奠定堅實的基礎。整體而言，預訂量持續增強，我們看到對我們的有線資料盒產品以及 WiFi 和乙太網路解決方案的需求正在逐步成長。

With a broad portfolio of newly refreshed products ramping into this market. And a healthier demand environment, we expect continued growth in these categories throughout the balance of the year.

一系列全新更新的產品正在湧入該市場。在更健康的需求環境下，我們預計這些類別將全年持續成長。

In conclusion, we view Q2 and 2025 as a year of strong growth and return to profitability transition as we begin to drive growth in strategic areas of our product portfolio and enjoy the incremental tailwind of the ongoing recovery in our core markets. Investments made in high-value categories such as high-speed interconnect for the data center, multi-gigabit PON access. WiFi connectivity, Ethernet storage accelerators, and wireless infrastructure are resulting in strong product traction with TF1 customers and partners.

總而言之，我們認為第二季和 2025 年將是強勁成長和恢復獲利轉型的一年，因為我們開始推動產品組合策略領域的成長，並享受核心市場持續復甦帶來的增量順風。對資料中心高速互連、多千兆 PON 存取等高價值類別進行的投資。WiFi 連接、乙太網路儲存加速器和無線基礎設施正在為 TF1 客戶和合作夥伴帶來強大的產品吸引力。

We believe these positions as well to accelerate our growth as these markets continue to gain traction in 2026. With that, let me turn the call over to Steven Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steven.

我們相信，隨著這些市場在 2026 年持續獲得發展動力，這些地位也將加速我們的成長。接下來，請容許我將電話轉給我們的財務長兼首席企業策略長 Steven Litchfield。史蒂文。

Thank you, Kishore. Total revenue for the first quarter was $95.9 million, up from $92.2 million in the previous quarter. Infrastructure revenue for the first quarter was approximately $27 million. Broadband revenue was approximately $41 million. Connectivity revenue was $20 million, and our industrial multi-market revenue was $8 million. GAAP and non-GAAP gross margin for the first quarter were approximately 56.1% and 59.1% of revenue.

謝謝你，基肖爾。第一季總營收為 9,590 萬美元，高於上一季的 9,220 萬美元。第一季基礎設施收入約為 2700 萬美元。寬頻收入約4,100萬美元。連接收入為 2000 萬美元，我們的工業多市場收入為 800 萬美元。第一季 GAAP 和非 GAAP 毛利率分別約為營收的 56.1% 和 59.1%。

The delta between GAAP and non-GAAP gross margin in the first quarter was primarily driven by $2.6 million of acquisition-related intangible asset amortization. First quarter GAAP operating expenses were $99.9 million, and non-GAAP operating expenses were $58.4 million. The delta between GAAP and non-GAAP operating expenses was primarily due to stock-based compensation and performance-based equity accruals of $28.9 million combined, restructuring cost of $7.9 million and acquisition-related cost of $3.2 million.

第一季 GAAP 和非 GAAP 毛利率之間的差異主要是由於 260 萬美元的收購相關無形資產攤銷所致。第一季 GAAP 營運費用為 9,990 萬美元，非 GAAP 營運費用為 5,840 萬美元。GAAP 和非 GAAP 營運費用之間的差異主要是由於股票薪酬和基於績效的股權應計費用合計 2,890 萬美元、重組成本 790 萬美元和收購相關成本 320 萬美元。

GAAP and non-GAAP loss from operations for Q1 2025 was 48% and 2% of net revenue. GAAP and non-GAAP interest and other expense during the quarter was $2.9 million and $2.7 million respectively. In Q1, cash flow used in operating activities was approximately $11.4 million. We exited Q1 of 2025 ahead of plan, with approximately $104 million in cash equivalents, and restricted cash.

2025 年第一季的 GAAP 和非 GAAP 營業虧損分別為淨收入的 48% 和 2%。本季 GAAP 和非 GAAP 利息及其他費用分別為 290 萬美元和 270 萬美元。第一季度，經營活動所用現金流約 1,140 萬美元。我們提前完成了 2025 年第一季的財務目標，擁有約 1.04 億美元的現金等價物和受限現金。

With the overall improvement of our business, we expect that in Q2, we will have positive operating cash flow and thus begin to generate cash again. Our day sales outstanding was approximately 94 days in Q1. Our gross inventory was down versus the previous quarter by approximately $4.3 million as we continue to make improvements with inventory turns at 1.3%. This concludes the discussion of our Q1 financial results.

隨著我們業務的整體改善，我們預計在第二季度，我們將擁有正的經營現金流，從而再次開始產生現金。我們第一季的應收帳款週轉天數約為 94 天。我們的庫存週轉率持續維持在 1.3%，與上一季相比，我們的總庫存下降了約 430 萬美元。這就是我們第一季財務業績的討論。

Before providing our guidance for Q2, I'd like to comment on the tariff situation and the geopolitical dynamics around semiconductors. As you are all aware, the market has a tremendous amount of uncertainty with regards to the trade environment. We are working closely with customers to address the changing landscape and have taken the current environment into consideration with our guidance.

在提供第二季的指導之前，我想先評論一下半導體的關稅情況和地緣政治動態。眾所周知，市場在貿易環境方面存在著很大的不確定性。我們正在與客戶密切合作，應對不斷變化的情況，並在我們的指導中考慮當前的環境。

It's important to acknowledge though that the guidelines are still evolving, so it's difficult to know exactly how the demand drivers will play out for the quarter and for the rest of the year. With that, let's turn to our guidance. For Q2 of 2025, we currently expect revenue in the second quarter of 2025 to be between $95 million and $115 million.

但必須承認的是，指導方針仍在不斷發展，因此很難確切知道需求驅動因素將如何在本季和今年剩餘時間內發揮作用。有了這些，讓我們開始我們的指導。對於 2025 年第二季度，我們目前預計 2025 年第二季的營收將在 9,500 萬美元至 1.15 億美元之間。

Looking at Q2 by end market, we expect all in markets infrastructure, broadband connectivity, and industrial multi-market to be up in the quarter. We expect second quarter GAAP gross margin to be approximately 54.5% to 57.5%, and non-GAAP gross margin to be in the range of 57.5% and 60.5% of revenue.

從終端市場來看第二季度，我們預計所有市場基礎設施​​、寬頻連接和工業多市場將在本季都上漲。我們預計第二季 GAAP 毛利率約為 54.5% 至 57.5%，非 GAAP 毛利率在 57.5% 至 60.5% 之間。

We expect Q2 2025 GAAP operating expenses to be in the range of $92 million to $98 million. We expect Q2 2025 non-GAAP operating expenses to be in the range of $55 million to $61 million.

我們預計 2025 年第二季 GAAP 營運費用將在 9,200 萬美元至 9,800 萬美元之間。我們預計 2025 年第二季非 GAAP 營運費用將在 5,500 萬美元至 6,100 萬美元之間。

We expect our Q2 GAAP and non-GAAP interest and other expense, each to be in the range of $2 million to $3 million. We expect a $2.4 million tax expense on a GAAP basis and non-GAAP tax rate of 10.5%. We expect our Q2 GAAP and non-GAAP diluted share count to be approximately $87.0 million to 87.5 million.

我們預計第二季的 GAAP 和非 GAAP 利息及其他費用均在 200 萬至 300 萬美元之間。我們預計，以 GAAP 計算的稅費為 240 萬美元，以非 GAAP 計算的稅率為 10.5%。我們預計第二季 GAAP 和非 GAAP 稀釋股數約為 8,700 萬至 8,750 萬美元。

In closing, another quarter of improvement in customer orders and continued new product traction gives us confidence that we will continue to see growth and recovery in 2025 and beyond. We're excited that our innovation and our investment in strategic applications such as optical high-speed interconnects, wireless infrastructure, storage, Ethernet, WiFi, and fiber pond gateways are beginning to deliver new and transformative business opportunities.

最後，客戶訂單量連續一個季度改善，新產品的持續成長讓我們有信心在 2025 年及以後繼續看到成長和復甦。我們很高興，我們的創新和對光學高速互連、無線基礎設施、儲存、乙太網路、WiFi 和光纖池網關等策略應用的投資開始帶來新的變革性商業機會。

Our continued growth coupled with our strong focus on operational efficiency is positioning us for a sustainable return to profitability and cash generation this quarter.

我們的持續成長加上對營運效率的高度關注使我們在本季能夠實現可持續的利潤和現金創造。

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

現在，我想開始提問。

(Operator Instructions) Christopher Rolland, Susquehanna International Group.

（操作員指示）克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納國際集團 (Susquehanna International Group)。

Hey guys, thank you so much for the question. And, I guess, just as we all care about tariffs right now, I'll ask on the supply chain and I understand the uncertainty, but if you could perhaps walk us through some of the risks that you see, in your own, but also your customers supply chain.

嘿夥計們，非常感謝你們的提問。我想，就像我們現在都關心關稅一樣，我會詢問供應鏈，我理解其中的不確定性，但您是否可以向我們介紹您在自己以及客戶的供應鏈中看到的一些風險。

Like, for example, I believe a lot of like broadband equipment is manufactured in China. How transferable would this be to other geographies? Just generally, if you could give us a sense of these risks, how these risks could be mitigated and if there's anything that kinda keeps you guys up at night, thanks.

例如，我相信很多寬頻設備都是中國製造的。這對其他地區有多大的可轉移性？總的來說，如果您能讓我們了解這些風險，如何減輕這些風險，以及是否有任何讓您夜不能寐的事情，謝謝。

Yeah, Chris, thanks for the question, and there's plenty keeping us up at night right now. So I mean just maybe to start with, look, we don't have a lot of real direct impact, right? I mean, superconductors are not included here, so we're not seeing direct tariffs. So our supply chain actually is pretty good, so we feel pretty good about that.

是的，克里斯，謝謝你的提問，現在有很多問題讓我們夜不能寐。所以我的意思是，也許首先，我們並沒有受到太多真正的直接影響，對吧？我的意思是，超導體不包括在這裡，所以我們沒有看到直接關稅。所以我們的供應鏈實際上非常好，我們對此感覺非常好。

Your second part of your question kind of alluded to the customers. I think where we're Just watching closely is what's customer demand look like. Does that, how do the tariffs kind of get transferred to the consumer? Ultimately, does that slow demand? So we're watching that, I guess in between all of that, the, watching the ODMs and OEMs and how they're navigating this environment.

您問題的第二部分有點提到了客戶。我認為我們正在密切關注的是客戶需求是什麼樣的。那麼，關稅是如何轉嫁給消費者的呢？最終，這會減緩需求嗎？所以我們正在觀察，我想在這一切之間，觀察 ODM 和 OEM 以及他們如何駕馭這種環境。

You mentioned that China is a bigger kind of box manufacturing broadband. That's a whole lot less true today than it was five years ago five years ago we saw some impacts here. Most of those those customers have moved out of China, so we actually see less of a risk around that. But as there's tariffs that are being proposed on all the countries.

您提到中國是製造寬頻的較大的一種盒子。與五年前相比，今天的情況已經大不相同了，五年前我們在這裡看到了一些影響。大多數客戶已經離開中國，因此我們實際上認為這方面的風險較小。但由於所有國家都面臨徵收關稅的提議。

I think the one that everyone seems to be circling around is China having the biggest. Impact, and so that's the one that we're watching closely. It seems like a lot of the other ones, hopefully, will be reduced a little bit and have less of an impact at least on our ecosystem anyway. Thank you, Steve. Yeah, no, I see that on our --

我認為大家似乎都在討論的是中國擁有最大的市場。影響，因此這是我們密切關注的。看起來，許多其他因素似乎會減少，至少對我們的生態系統的影響較小。謝謝你，史蒂夫。是的，不，我在我們的網站上看到了--

Hey, Chris, I would say that. None of our broadband CP customers make any boxes in China for our customers, so I can say that not almost, it's all of them. So we are safe from a China manufacturing perspective. We don't have any exposure there. But more importantly, I think our bookings have been pretty strong, even let's say, so we look at it in two buckets.

嘿，克里斯，我會這麼說。我們的寬頻 CP 客戶都沒有在中國為我們的客戶生產任何盒子，所以我可以說不是幾乎沒有，而是全部都有。因此從中國製造業的角度來看我們是安全的。我們在那裡沒有任何曝光。但更重要的是，我認為我們的預訂量相當強勁，甚至可以說，我們從兩個角度來看待它。

The craziness that may come later versus what was let's say two weeks ago, and our bookings have been very strong. We've been taking bookings even into Q3, Q4, so we're seeing a nice recovery that's now been going on for several quarters on our broadband business.

與兩週前相比，之後可能會出現瘋狂的情況，而且我們的預訂量非常強勁。我們甚至在第三季和第四季也一直在接受預訂，因此我們看到寬頻業務已經連續幾季呈現良好的復甦勢頭。

So I would put it in two categories in terms of what is the true demand versus what is the supply chain driven yanking, whether it's in an accelerated demand versus maybe a delayed demand. We see both sides of it. So but from our perspective with our lead times for manufacturing being anywhere between 16 to 20 weeks.

因此，我會根據真實需求與供應鏈驅動的拉動將其分為兩類，無論是加速需求還是延遲需求。我們看到它的兩面性。但從我們的角度來看，我們的製造交貨時間在 16 到 20 週之間。

Any gyrations that come from the 90 day tariff pause is not going to have any effect on our ability to supply chips in an accelerated manner or a decelerated manner. That's, we're well past that.

90 天關稅暫停帶來的任何波動都不會對我們以加速或減速的方式供應晶片的能力產生任何影響。也就是說，我們已經遠遠超越了那個階段。

Great, thank you guys and I also just as you brought up bookings Keyshore, I was just wondering, it was great that you think everything's going to be up next quarter, but if you look at bookings, if you look at that order book, if you take a guess and maybe you can fill us in in those inventory situations for and market. Could you force rank those segments for us, into the next quarter?

太好了，謝謝你們，正如你提到的 Keyshore 預訂量一樣，我只是想知道，你認為下個季度一切都會好起來，這很好，但如果你看一下預訂量，如果你看一下訂單簿，如果你猜測一下，也許你可以告訴我們市場庫存情況。您能否強制將這些部分排入下一季？

I think in general our problem is very different from the ones who have been enjoying the demand in the data center for some time now, right? We are recovering from what was a 2022 peak consumption of a product, specifically broadband and telecom markets.

我認為總體而言，我們的問題與那些在資料中心享受了一段時間需求的人的問題非常不同，對嗎？我們正在從 2022 年產品消費高峰中恢復，特別是寬頻和電信市場。

So that depletion is is almost fully set in now, and that's where we're seeing where we think the channel inventories are lower than they should be. So we have been seeing strong bookings from Q4 onwards, even in Q3 last year. And we are actually now taking bookings for Q3, Q4. So I believe that the channel inventory shows that may develop, because of for some of the customers are not necessarily particular to the issues we faced in the previous two years, so we are pretty much right now in a filling pattern rather than waiting to deplete pattern.

因此，現在庫存消耗幾乎已經完全消失，這就是我們所看到的渠道庫存低於應有水準的情況。因此，從第四季度開始，甚至在去年第三季度，我們的預訂量就一直很強勁。實際上，我們現在正在接受第三季、第四季的預訂。因此，我相信通路庫存可能會有所發展，因為對於某些客戶來說，他們不一定特別關注我們前兩年面臨的問題，所以我們現在處於填充模式，而不是等待耗盡模式。

Okay. Did you see any strength, one segment versus the other?

好的。您是否看到了某個部分相對於其他部分的優勢？

Actually, we're seeing, generally a broad-based strengthening of demand, except we are seeing some weakness in our industrial markets that is in China that has got China exposure, from an end demand perspective, but otherwise we are feeling pretty positive that we will continue to grow strongly for the rest of the year and beyond.

實際上，我們看到，總體而言，需求在廣泛增強，但從終端需求的角度來看，我們看到中國工業市場有些疲軟，這與中國市場有關，但除此之外，我們非常有信心，我們將在今年剩餘時間及以後繼續保持強勁增長。

Great. Thank you so much for the update, guys. Appreciate.

偉大的。非常感謝你們的更新，夥計們。欣賞。

Yes. Thanks, Chris.

是的。謝謝，克里斯。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark 公司。

Hey, good afternoon. Thanks for taking my questions and congrats on the stabilization and the the positive outlook here. So my first question is maybe Keish where you pointed to the design win progress on the DSP side for Keystone and that continued through the quarter.

嘿，下午好。感謝您回答我的問題，並祝賀這裡的穩定和積極前景。所以我的第一個問題是 Keish，您指出了 Keystone 在 DSP 方面的設計勝利進展，並且這種情況持續了整個季度。

Can you help us try to understand the magnitude of maybe that progress and and where you are in terms of the design winds and maybe that ramp as you think about the next maybe 6 to 12 months.

您能否幫助我們嘗試了解這項進展的程度，以及您在設計風向和坡道方面的進展情況，並思考未來 6 到 12 個月的情況？

So David, thank you. We're feeling very positive finally, right? When you reach there it's only when, then you can sort of, exhale. So we're very happy that we are expecting to break even in Q2 and turn cash flow positive as well. It's a major milestone given what's happened in the last few quarters, right?

所以大衛，謝謝你。我們終於感覺非常積極了，對吧？當你到達那裡時，你才可以呼氣。因此，我們很高興我們預計第二季將實現收支平衡，現金流量也將轉為正值。考慮到過去幾季發生的事情，這是一個重要的里程碑，對嗎？

So that's the good news. And we think that the rest of the year we will keep generating positive cash flow. So moving to the data center at the op optical fiber conference, and we displayed about 20 designs on display that are done in our in our booth, and their partners are showing that they were all actually Keystone based and we had four demonstrations of evaluation platforms for a Rushmore design.

這是個好消息。我們認為今年剩餘時間我們將繼續產生正現金流。因此，在光纖會議的資料中心，我們展示了大約 20 個在我們的展位上完成的設計，他們的合作夥伴表明它們實際上都是基於 Keystone 的，並且我們針對 Rushmore 設計進行了四個評估平台的演示。

So if you look at those 20 designs, that's one way to look at all those 20 designs that are in various stages of qualification, and I think Steve is already guided in the last earnings call that we would land somewhere between $50 million to $80 million. I think specifically said $60 million to $70 million which would be a doubling of last year's revenue. So I would say, given how long it takes to qualify in this market.

因此，如果你看一下這 20 個設計，這就是查看處於不同資格階段的所有 20 個設計的一種方式，我認為史蒂夫已經在上次收益電話會議上指導我們，我們將獲得 5000 萬至 8000 萬美元之間的收益。我認為具體來說是 6000 萬美元到 7000 萬美元，這將是去年收入的兩倍。所以我想說，考慮到進入這個市場需要多長時間。

And because it's a pretty highly demanding market, it's a pretty complex product even though you call it the OSFP, so the fact that we can double our revenue is proof that the quality of our designs and the caliber of our customers is quite different from last year, otherwise you won't be able to double your revenue.

而且因為這是一個要求相當高的市場，儘管你稱它為OSFP，但它是一個相當複雜的產品，所以我們能夠將收入翻一番這一事實證明我們的設計質量和客戶的素質與去年相比有很大不同，否則你將無法使收入翻番。

So we feel very good and that leads to the leads to my own sort of, musings. What does next year look like? Obviously we hope that if the calls all good in a nice way, can be doubled from here in 2026, but that will require some key calls to complete, and they're all slated for the second half of this year, and we expect all the revenue next year actually coming from Keystone for a while.

因此我們感覺非常好，這也引發了我自己的沉思。明年會怎樣？顯然，我們希望，如果所有通話都進展順利，那麼到 2026 年，這一數字可以翻一番，但這需要完成一些關鍵通話，而且這些通話都計劃在今年下半年完成，我們預計明年的所有收入實際上都將來自 Keystone。

Okay, I hope that's helpful.

好的，我希望這有幫助。

Oh fantastic color thanks thanks so much there and then maybe just secondly on the North American that second tier one, it sounds like you're expecting that kind of ramp at the back end of the year and then more fully next year. Can you kind of talk maybe size the magnitude of that and and how we should think about that ramp, going forward? Thanks.

哦，太棒了，謝謝，非常感謝，然後也許只是其次在北美第二層，聽起來你預計在今年年底會有這樣的增長，然後在明年會更加全面。您能否談談其規模以及我們今後應如何看待這一增長？謝謝。

So I think you're talking about broadband porn, tier one operator in North America. Yes, I mean, we're pretty excited. We were the first ones to be selected for the new category of high-end boxes against what what you all know is a pretty vicious competition, right? And so it'll be a nice anchor that adds to our other tier one operator in North America for the gateway design, but this clearly is a bigger player, so we're very excited about it.

所以我認為您談論的是寬頻色情，北美一級運營商。是的，我的意思是，我們非常興奮。我們是第一批被選中進入新類別高階機上盒領域的公司，你們都知道，競爭非常激烈，對吧？因此，它將是一個很好的支柱，為我們在北美的其他一級運營商提供網關設計，但這顯然是一個更大的參與者，所以我們對此感到非常興奮。

And I think one of these guys ramp will be shipped a few quantities. They have this year towards the end of the year for sure, of course. But next year would be the ramp and hopefully we're the first ones to ramp before the second supplier comes online, and we seem to have a good lead on that, so we should enjoy significant growth.

我認為其中一個人會運送一些數量。當然，他們肯定會在今年年底前實現這一目標。但明年將是產量上升的一年，希望我們是在第二家供應商上線之前第一個實現產量上升的公司，而且我們似乎在這方面處於領先地位，因此我們應該會享受到顯著的增長。

So if you think of our parevenue today as I'm in the $50 million range, next year, can you double overall? Absolutely. That's the goal here.

因此，如果您認為我們今天的總收入在 5000 萬美元左右，那麼明年，總收入能否翻倍？絕對地。這就是我們的目標。

Thank you so much.

太感謝了。

Jeremy Kwan, Stifel.

傑里米·關 (Jeremy Kwan)，Stifel。

Yes, good afternoon, and let me have my congratulations on, the recovery here. I guess, maybe asking the end market question, just on a longer term basis, it looks like you're seeing some nice recovery in broadband and connectivity, infrastructure, it's, it looks like it's going to be a nice growth driver. Would you Can you rank order those for us, maybe as we look out the calendar '26. In terms of a growth contribution.

是的，下午好，請容許我祝賀這裡的復甦。我想，也許問的是終端市場問題，從長期來看，你似乎看到寬頻和連接、基礎設施出現了良好的復甦，這看起來將成為一個很好的成長動力。當我們查看 26 年日曆時，您能否為我們對這些進行排序？就成長貢獻而言。

So let me, maybe Steve can answer those sort of corner questions a little bit better than I can, but I would just say that infrastructure has clearly been the focus of massive investment for us. It's strategically important because I look at infrastructure is a very core American market, right? If you really look at it, there are two markets that that are the biggest ones.

所以，也許史蒂夫可以比我更好地回答這些角落問題，但我只想說，基礎設施顯然是我們大規模投資的重點。這具有重要的戰略意義，因為我認為基礎建設是美國的核心市場，對嗎？如果你認真看一下，你會發現有兩個最大的市場。

One is the enterprise infrastructure market, which is now primarily the cloud market. The other one is the consumer market, and we are not a consumer products company. So for us, being in the infrastructure market is a strategic imperative, and it drives a lot of differentiation, and gross marginal improvement for the company. So I would think that the infrastructure would be the most exciting growth on a new product cycle basis, right?

一個是企業基礎設施市場，現在主要是雲端市場。另一個是消費市場，而我們不是消費品公司。因此，對我們來說，進入基礎設施市場是一項策略要務，它可以為公司帶來很大的差異化和毛利率的提高。所以我認為基礎設施將是新產品週期中最令人興奮的成長，對嗎？

What you will see in broadband is some level of pretty rapid recovery. I'm talking of, I'm not going to comment on tariffs here, right? I'll just leave that aside, if you just look at it in a secular term, there'll be there'll be a strong growth driven by recovery in the code market and a pretty decent team sort of growth from new product cycles.

您將會看到寬頻出現一定程度的相當快速的恢復。我說的是，我不會在這裡評論關稅，對嗎？我只是把這一點放在一邊，如果你只是從長期來看，程式碼市場的復甦將推動強勁成長，而新產品週期將帶來相當不錯的團隊成長。

I think that's a pretty healthy product and then, you add to that what's happening in, the new product like porn, we talked about, I gave the size of it. These are pretty cable also we should start seeing some outside of pa in the cable doses data market. So networks are being still being upgraded. There's a lot of demand for increasing their competitive position against PON.

我認為這是一個非常健康的產品，然後，你再看看正在發生的事情，例如我們討論過的色情片等新產品，我給出了它的規模。這些都是相當不錯的電纜，我們也應該開始在電纜劑量數據市場中看到一些賓州以外的電纜。因此網路仍在升級中。他們對提高與 PON 的競爭地位有著很大的需求。

And I think for us, broadband actually is kind of exciting though data center and infrastructure are kind of a strategic imperative on wireless infras lot of good things are happening. Actually, we have very strong growth in '26 on the back of our Sierra product access market. We will start pivoting towards being maybe one of the top silicon providers, as a merchant silicon providers.

我認為對我們來說，寬頻實際上是令人興奮的，儘管資料中心和基礎設施是無線基礎設施的戰略要務，但很多好事正在發生。實際上，由於 Sierra 產品准入市場，我們在 26 年實現了非常強勁的成長。我們將開始轉型，成為頂級矽片供應商之一，作為商業矽片供應商。

So, yeah, I would say infrastructure, broadband would be the new product cycle growth, and then you have, we'll have some other new product cycle growths, but it won't be as exciting in the industrial markets because the market is up and down in some areas. So those two would be rank pretty high.

所以，是的，我想說基礎設施、寬頻將是新的產品週期成長，然後，我們還會有其他一些新的產品週期成長，但在工業市場不會那麼令人興奮，因為某些領域的市場是起伏的。所以這兩個人的排名會相當高。

Great, thank you. And I guess, just, maybe digging a little deeper into the storage accelerating market, it sounds like, that's finally, close to contribution. Can you give us an idea of maybe what are, some of the key applications, any sense of how many, customers you can talk about, just quantity wise. This more enterprise, or is it more data center, any code you can provide would be very helpful.

太好了，謝謝。我想，也許再深入一點儲存加速市場，聽起來，這終於接近貢獻了。您能否向我們介紹一些關鍵的應用，以及您可以談談客戶的數量，僅從數量上來說。這是更多的企業，或更多的資料中心，您提供的任何程式碼都將非常有幫助。

So, at the end of the day, even if it's enterprise, I just want to make sure that they're selling these boxes to the storage appliance server compute server boxes. They're all ending up in some form of AI edge data center or in the data center. Having said that, we have 20-odd proof of concepts going on, right?

因此，歸根結底，即使是企業，我也只是想確保他們將這些盒子賣給儲存設備伺服器計算伺服器盒子。它們最終都進入某種形式的人工智慧邊緣資料中心或資料中心。話雖如此，我們還有 20 多個概念證明正在進行，對吧？

And the revenue we talk about, somewhere between $10 million to $20 million in 2025 is driven by enterprise storage today and some royalty software license revenues as well, because we also have a Sort of a paired offering on the store using a superior algorithms for better compression storage in the traditional systems.

我們所談論的收入大約在 2025 年的 1000 萬到 2000 萬美元之間，這主要來自於當今的企業存儲以及一些版權軟體許可收入，因為我們還在商店中提供了一種配對產品，使用更高級的演算法在傳統系統中實現更好的壓縮存儲。

And then we have these compute servers that are being, that are actually are being demonstrated, right? We have the Atlanta Supercomputer conference where we demonstrated with QCT which is a major, compute server manufacturer there, they use storage compression. But the key point is, why do they need it?

然後我們有這些正在被示範的計算伺服器，對嗎？我們參加了亞特蘭大超級電腦會議，並與當地一家主要的計算伺服器製造商 QCT 一起演示了他們使用儲存壓縮。但關鍵是，他們為什麼需要它？

It's not just about compression and security for reducing the amount of storage space is actually a wrap, a very powerful enabling capability where we reduce the latency of compute by really having a very low latency storage with very high density compression.

這不僅僅是關於壓縮和安全性，減少儲存空間實際上是一個非常強大的支援能力，我們透過真正具有非常低延遲的儲存和非常高的密度壓縮來減少運算的延遲。

So what that does is when you look, think about AI type applications, whether it is Inside the data center or outside the data center, it becomes very critical not to have bottlenecks in the, whether it's the training or infrared systems. So I think at this point, to be H1 with you, we are revenues are coming from.

因此，當你考慮人工智慧類型的應用程式時，無論它是在資料中心內部還是資料中心外部，不出現瓶頸就變得非常關鍵，無論是訓練系統還是紅外線系統。所以我認為在這一點上，對你們來說，H1 是我們的收入來源。

Enterprise, which is basically storage appliances and compute servers. However, we we we have a lot of strong traction after our reference platform announcement with AMD, a joint development platform, so we're getting a lot of attraction in the other non-enterprise markets as well.

企業，基本上是儲存設備和計算伺服器。然而，在我們與 AMD 聯合發布參考平台之後，我們獲得了很大的吸引力，因此我們在其他非企業市場也獲得了極大的吸引力。

So I think if you just fast forward this year $10 million to $20 million can it double or triple next year? Absolutely. Because once you're qualified, it just takes off and then the fall. So I had told a year ago that in three to three years, we should see based on enterprise storage alone somewhere there.

所以我認為，如果今年將金額從 1000 萬美元快速提高到 2000 萬美元，明年可以翻倍或三倍嗎？絕對地。因為一旦你具備了資格，它就會起飛，然後下降。所以我在一年前就說過，在三到三年內，我們就應該能看到基於企業儲存的市場。

Picking out at maybe $75 million revenue, I said $50 million to $75 million. I think, yes, it's delayed a little bit, but nothing beyond what we had forecast. I think we should be able to hit that benchmark purely of enterprise storage. Now, if we were to get one or two calls on the compute compute side, I think this could easily be a 2x on that in a five to seven year window. So very nice, differentiated product that nobody else having such an offering in the world.

假設收入大概是 7,500 萬美元，我說是 5,000 萬到 7,500 萬美元。我認為，是的，它有一點延遲，但沒有超出我們的預測。我認為我們應該能夠達到純粹的企業儲存基準。現在，如果我們在計算方面接到一兩通電話，我認為在五到七年內這個數字很容易就會成長兩倍。非常好的、差異化的產品，世界上沒有其他人能提供這樣的產品。

Okay. Perfect. Thank you very much.

好的。完美的。非常感謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey guys. We wanted to come back just to a couple of clarifications on tariffs. One, you mentioned none of the CPE boxes manufactured in China, but my guess is there are probably a number of them manufactured elsewhere in Southeast Asia where there are, reciprocal tariffs. I know those been paused for 90 days, but to the extent that those aren't totally taken away, would you expect some greater tariff effect possibly in the second half of the year.

嘿，大家好。我們想再就關稅問題做一些澄清。第一，您提到沒有在中國製造任何 CPE 盒，但我猜測其中有許多可能是在東南亞其他地區製造的，因為那裡有互惠關稅。我知道這些措施已經暫停了 90 天，但如果這些措施沒有完全取消，您是否預計下半年可能會出現更大的關稅效應？

And then the second clarification is you guys manufacture everything overseas, right? So there's no reciprocal tariffs for any semiconductor chips you ship into China, whether it's consumed in China or whether it's re-exported, right, so no tariff costs on your products to the extent that they flow through China.

第二個澄清是，你們所有的產品都是在海外生產的，對嗎？因此，對於您運往中國的任何半導體晶片，無論是在中國消費還是再出口，都無需繳納關稅，因此，只要您的產品流經中國，就無需繳納關稅。

That's correct, Quinn. With regard to the first part of your question. Yeah, I mean, all of the other Southeast. Asia countries where a lot of these boxes are manufactured are at least currently planned to be subject to these tariffs, right? And I think this is the part that there's plenty of uncertainty in trying to figure out, how things move around, right, and what the ODMs and OEMs kind of decide to do on this front.

沒錯，奎因。關於你問題的第一部分。是的，我的意思是所有其他東南部地區。生產大量此類箱子的亞洲國家至少目前計劃徵收這些關稅，對嗎？我認為這是一個充滿不確定性的部分，我們需要弄清楚事情如何發展，以及 ODM 和 OEM 決定在這方面做什麼。

And we don't have 100% clarity. It's all pretty new right now and so this is where I mentioned, kind of working with the customers trying to help them, get those boxes kind of through the whole tariff malaise, if you will, and that's what we're doing right now.

我們還沒有 100% 清楚。現在一切都很新，所以這就是我提到的，與客戶合作，試圖幫助他們，讓這些盒子度過整個關稅困境，如果你願意的話，這就是我們現在正在做的事情。

Look, all our, if you if you really step back a little bit. The broadband CPs have been Sort of tired offerings for the last two or three years because of the excess inventory in the system, but now they're transition, transitioning in new generation boxes whether it's 10-gigabit pa and so on and so forth.

瞧，我們所有人，如果你真的退後一點。由於系統庫存過剩，寬頻 CP 在過去兩三年中已經有點厭倦了，但現在他們正在轉型，轉型到新一代的盒子，無論是 10 千兆位元 pa 等等。

So my surmise is that is that these are needed to be competitive offerings and that's where the applications are going on. And I think while I cannot, I'm not a macroeconomist, but I think that the demand is the demand, and then, the prices will be adjusted within the supply chains here.

所以我的猜測是，這些都是需要有競爭力的產品，而這些應用正在進行中。我認為，雖然我不能，我不是宏觀經濟學家，但我認為需求就是需求，然後價格將在供應鏈中進行調整。

And but I don't think the demand goes away because I think broadband is a very inelastic market. What makes it boring and what exciting from it depends on which viewpoint you take. And so I feel very comfortable that we will be able to, continue to grow in broadband.

但我不認為需求會消失，因為我認為寬頻是一個非常缺乏彈性的市場。是什麼讓它變得無聊，什麼讓它變得令人興奮，取決於你採取什麼觀點。因此，我非常有信心，我們將能夠在寬頻領域繼續發展。

Got it. And then, maybe just, given all of this uncertainty, can you give us a sense like how you approached guidance in this like, is the $$105 million mid-point? Did you kind of say, hey, we're going to take our forecast, judge it down and Came up with 105 million at the midpointers $105 million kind of where you think things fall and then you just broadened out the range given the uncertainty, just any any sort of sense, how you might have accounted for this tariff uncertainty in the guidance and then I do have one business question if I could squeeze in a third.

知道了。然後，也許只是，考慮到所有這些不確定性，您能否讓我們了解您如何處理這方面的指導，例如 1.05 億美元的中間點是多少？您是否說過，嘿，我們將採取我們的預測，對其進行判斷，並在中間點得出 1.05 億美元，即 1.05 億美元，您認為事情會落在這個數字上，然後考慮到不確定性，您就擴大了範圍，在任何意義上，您如何在指導中考慮到這種關稅不確定性，然後我確實有一個商業問題，如果我可以擠進第三個問題。

Yeah, Quinn, look, I think I covered this in the prepared remarks. Yeah, we've done our best to anticipate the tariffs that we have in front of us, and that's what we based our guidance on. What was your other question?

是的，奎因，看，我想我在準備好的演講中已經談到了這一點。是的，我們已經盡力預測我們面臨的關稅，並以此為基礎制定了指導方針。您還有什麼問題？

The other question, just I think last quarter you talked about, some variability in the optical DSP ramp depending on the timing of hyperscalar 800 gig ramps in the second half of 2025, wondering, as you sit here today, how are you feeling about timing of those 800-gig ramps. Are you feeling better that those hit in 2025? Is there still some uncertainty on when those 8000gig deployments at the hyperscalers start to kick in?

另一個問題是，我認為上個季度您談到了光學 DSP 坡道的一些變化，這取決於 2025 年下半年超標量 800G 坡道的時間，想知道您今天坐在這裡，對這些 800G 坡道的時間有何感想。您是否對 2025 年發生的事件感覺好一些？超大規模資料中心的 8000Gig 部署何時開始啟動，是否仍存在一些不確定性？

So I think you covered this in his question. I mean, we've had a guidance of $60 million to $70 million. I think we stand by that. We're comfortable with that, as you're well aware. I mean, most of those 800 gig ramps are in the second half of the year, so that's also consistent with the way we've talked about them, and I think we're completely comfortable with that.

所以我認為你在他的問題中已經涵蓋了這一點。我的意思是，我們的指導金額是 6,000 萬至 7,000 萬美元。我想我們堅持這一點。正如您所知，我們對此感到滿意。我的意思是，這 800 千兆的產能提升大部分都發生在下半年，所以這也與我們談論的方式一致，我認為我們對此完全滿意。

Okay, great. Thank you.

好的，太好了。謝謝。

Good, thank you.

好的，謝謝。

Ananda Barua, Loop Capital Markets.

Ananda Barua，Loop Capital Markets。

Hey guys, good afternoon, thanks for taking the question and I really appreciate it. Yeah, good to talk to you guys I guess Kishore and Steve, you may this may be implied in all the comments you guys have already made about demand environment, but let me also just ask it this way to make sure I cover the bases here. So it sounds like Keyshore, no macro, no signs of macro impact yet. In your order book and let me also ask, do you think you're seeing any pull forward? Revenue, it doesn't sound like it, but let me ask that question as well.

大家好，下午好，感謝您提出這個問題，我非常感激。是的，很高興與你們交談，我想 Kishore 和 Steve，你們可能在你們對需求環境所做的所有評論中都暗示了這一點，但我也請允許我這樣問一下，以確保我涵蓋了這裡的基礎。因此聽起來 Keyshore 沒有宏觀影響，也還沒有宏觀影響的跡象。在您的訂單簿中，我還想問一下，您認為您看到任何向前的拉動嗎？收入，聽起來不像，但我也想問這個問題。

Thanks. I was wondering when that question was going to come of the pull forward. It looks like COVID? No, not really. Yeah, okay, we are pretty early in our earnings call in that 90 day window pause announcement a few days ago, right? So the reaction time it will take a little longer. So if ads and bookings spike up, let's say this week or next week, some people have talked about it, and we talked to colleagues in the industry, we will take them with more than a grain of salt, let's put it that way, and we will try to be measured about it.

謝謝。我想知道這個問題什麼時候會出現。看起來像是 COVID？不，不是真的。是的，幾天前我們在收益電話會議上宣布了 90 天的窗口暫停期，這還處於相當早期的階段，對嗎？所以反應時間會稍微長一點。因此，如果廣告和預訂量激增，比如說本週或下週，有些人談論過這個問題，我們也與業內同事進行了交談，我們會對他們的看法持保留態度，讓我們這樣說吧，我們會嘗試對此進行衡量。

But I want to repeat again that our lead time for chips is about 16 to 20 weeks. There is nothing you can do in the 90 days that's going to change our ability to ship product. So it will, we will not be able to mobilize even if they were to spike orders on us. So that's the reality.

但我想再次重申，我們的晶片交貨時間約為 16 至 20 週。在這 90 天內，您無法做任何事情來改變我們運送產品的能力。事實就是如此，即使他們向我們猛烈下達命令，我們也無力動員起來。這就是現實。

And I just maybe echo, I'll just echo the overall demand. I mean, because, yeah, the world's kind of been turned upside down in the last two weeks, but I really want to echo the last quarter or two or three quarters for that matter. Continue to seeing, improvements, right?

我可能只是回應一下，我只是回應一下整體需求。我的意思是，因為，是的，過去兩週世界發生了翻天覆地的變化，但我真的想重複一下上個季度或兩個或三個季度的情況。繼續觀察，有進步，對嗎？

That's the recovery that we both talked about a little bit earlier in the prepared remarks. That backlog has continued to improve. The bookings have continued to improve for six quarters now. And so, a lot of encouraging signs on the new products as well as existing products.

這就是我們剛才在準備好的發言中談到的復甦。積壓情況已持續改善。六個季度以來，預訂量持續改善。因此，新產品和現有產品上都有許多令人鼓舞的跡象。

That's super helpful and and I guess just my quick follow up on the demand side is keep your your comments about data center it it makes it sounds like this all applies to data center as well and the data centers are I'm paraphrasing here you say full speed ahead and maybe I'm making that up but I thought there was some comment about data center energy spend and AWS and Google have come out in the last couple weeks and reaffirmed spending plans vertive this morning was like super bullish, not just for hyperscale but for neo clouds and colos. So I just want to just you sort of clarify that as well. Sounds like you're seeing no change in activity in the data center space either. Is that accurate?

這非常有幫助，我想我對需求方面的快速跟進是保留您對數據中心的評論，這聽起來好像所有這些都適用於數據中心，而數據中心是我在這裡解釋的，您說的是全速前進，也許是我編的，但我認為有一些關於數據中心能源支出的評論，AWS 和谷歌在過去幾週內都出來了，並重申了今天早上和託管計劃，這不僅適用於新所以我只是想讓你也澄清一下這一點。聽起來你也沒有看到資料中心空間的活動有任何變化。這樣準確嗎？

For us, it's all, it's still about digging, right? Knitting the products together, so to speak, right, qualifying and that sort of work, right? So we don't have the levels of, incumbency that where the dialogue is very different. So I think at this point, no change for us, how we have to go about our actions. So I really cannot comment on what a large incumbent exposures mean to this situation.

對我們來說，一切，都還是挖掘而已，對吧？可以這麼說，將產品編織在一起，對吧，資格認證之類的工作，對吧？因此，我們的在職水準並不像對話中所說的那麼不同。所以我認為目前為止，我們的行動沒有改變。因此，我真的無法評論大量現任者的風險敞口對這種情況意味著什麼。

I got it that's helpful. I appreciate it thanks guys.

我明白了，這很有幫助。我很感激，謝謝大家。

Yes, thanks Ananda.

是的，謝謝阿南達。

Richard Shannon, Craig Hower.

理查德·香農、克雷格·豪爾。

Thanks guys for taking my questions. You'll ask one on the wireless infrastructure side, Kishore, I think you've mentioned this briefly here. We'd love to get a sense of your confidence of the ramp up here later this year. Maybe you can talk to the extent to which you see the revenue growth coming more from the content side or also from the unit side as.

謝謝大家回答我的問題。你會問無線基礎設施方面的一個問題，Kishore，我想你在這裡已經簡單提到過這一點。我們很想了解您對今年稍後這裡的擴張的信心。也許您可以談談您認為收入成長在多大程度上來自內容方面，還是來自單位方面。

Well absolutely. If you look at it, up until now, our revenues were primarily, consisted of two parts to our wireless infrastructure, right? One is millimeter wave, microwave, backhaul transceivers and modems. And last year, the, and this year, sort of, suddenly, not last this year, the revenues came really down because the telco stopped spending because, but however, we are now, seeing bookings picking up very nicely, strengthening, and, we hope to double from what we did last year.

嗯，絕對是如此。如果你看一下，到目前為止，我們的收入主要由無線基礎設施兩部分組成，對嗎？一是毫米波、微波、回程收發器和數據機。去年和今年，有點突然，不是去年，收入真的下降了，因為電信公司停止了支出，但是，我們現在看到預訂量非常好地回升，增強，我們希望能比去年翻一番。

On that product line alone. But in addition, the axis, we have a CR product where the content in the platform is going to increase quite a bit. It's a single chip macro radio unit. There is a very good customer design with traction, in Mobile World Congress. We had so much, sort of presence and traction in terms of all the things we were showcasing. So we expect there to be a strong driver next year as it starts picking up this year.

僅在該產品線上。但除此之外，我們還有一個 CR 產品，其中平台中的內容將會增加相當多。它是一個單晶片宏無線電單元。在世界行動通訊大會上，有一個非常好且具吸引力的客戶設計。就我們所展示的所有事物而言，我們具有如此多的存在感和吸引力。因此，我們預計明年將出現強勁推動力，因為今年這一趨勢已經開始回升。

So, and that's a brand new platform where it's a single we own the platform just like in in the microwave and back backgrounds we expect revenues to access to continue to grow for the next five to six years. On the back wall side, there's a lot of strong demand now for eban that means that these AI edge applications are driving more and more data requirements.

所以，這是一個全新的平台，我們擁有這個平台，就像微波爐和後台一樣，我們預計未來五到六年收入將繼續成長。在後牆方面，現在對 eban 的需求非常強勁，這意味著這些 AI 邊緣應用正在推動越來越多的數據需求。

And so we're seeing demand for millimeter wave, products which do not exist in the previous revenues. So we are actually seeing strong growth in the millimeter wave transceivers and backhaul modems. So those two would be the big drivers of growth. On top of that, we expect a recovery of the normal core business as well. So right, so that with the layering of it.

因此，我們看到了對毫米波產品的需求，這些產品在先前的收入中並不存在。因此，我們實際上看到毫米波收發器和回程調變解調器的強勁成長。因此，這兩個因素將成為成長的主要動力。除此之外，我們預期正常核心業務也將復甦。非常正確，這樣就可以分層了。

So you will see a strong revenue growth coming from just recovery and then product cycles, secular growth over the next few years by content growth, both millimeter wave, microwave modems and transceivers, and also the brand new category of single chip, macro platform -- type product for the base stations.

因此，您將看到強勁的營收成長，源自於復甦和產品週期，未來幾年內容成長將帶來長期成長，包括毫米波、微波調變解調器和收發器，以及用於基地台的全新單晶片、宏平台型產品。

Okay, and Kishore, if I could just confirm one of your comments here, I think you said doubling from last year alone. I don't know if that was a comment across the whole wireless exposure or something specific. Can you clarify that, please?

好的，Kishore，如果我可以確認一下你的一條評論，我想你說的是僅比去年就翻了一番。我不知道這是否是對整個無線曝光的評論或某些具體內容的評論。你能澄清一下嗎？

Yes, it's caused the whole wireless exposure.

是的，它導致了整個無線暴露。

Got it. Okay, perfect. My follow-on question is related optical DSP here. I guess I wanted to get a sense of when and how do you expect to get in and look for, higher allocations of share with your Keystone platform and or to what degree do you see that success there happening and also being applied to Rushmore as well.

知道了。好的，完美。我的後續問題是與光學 DSP 相關的。我想了解您何時以及如何進入並尋求利用 Keystone 平台獲得更高的份額分配，或者您認為該平台在多大程度上能夠取得成功並將其應用於 Rushmore。

Very good question. But let me 1st answer the Rushmore scenario. Look, we are not the first one with the Rushmore product, but our general competitive, anchor is extremely low power and superior performance, right? That's the focus on. And it's just the way the the cycle plays out, right? But the only customer who is deploying the 1.6 terabit platform is in media, and they have made their choices.

非常好的問題。但首先讓我回答一下拉什莫爾山的場景。你看，我們不是第一個推出 Rushmore 產品的人，但我們的整體競爭力在於極低的功率和卓越的性能，對嗎？這才是重點。這就是循環的運作方式，對嗎？但唯一部署1.6太比特平台的客戶是媒體產業，他們已經做出了選擇。

So if any opportunities come, they'll have to come later on, then they actually start shipping reasonable volumes, right? Now the volume is not that much. And then they need a third supplier, right, just to divest with the chain. So our entire premise is anchored on really penetration on the non-Nvidia type market.

因此，如果有機會，他們必須稍後再來，然後他們才真正開始運送合理的數量，對嗎？現在量已經沒那麼多了。然後他們需要第三個供應商，對吧，只是為了剝離連鎖店。因此，我們的整個前提是真正滲透非 Nvidia 類型的市場。

And those ramps won't happen until the latter half of next year. I'm sure there are some that are happening now, but our product will really be the end of '26 revenues on the 1.6 more product.

而這些成長要到明年下半年才會實現。我確信現在正在發生一些事情，但我們的產品實際上將是 1926 年收入增加 1.6 倍的產品。

We showcase and demote, we'll have to do evaluation sampling to customers, and then they are qualified to production, and then, the in qualification and so on. So it's a bit of a drain there, where to get through. So the revenue banking is really on our Keystone product which is the 400 gigabit per second application, 800 gigabit per second applications.

我們展示和降級，我們必須對客戶進行評估抽樣，然後他們才有資格進行生產，然後進行資格審查等等。因此，那裡有點耗水，難以通過。因此，銀行的收入實際上來自於我們的 Keystone 產品，即每秒 400 千兆位元的應用程式和每秒 800 千兆位元的應用程式。

And there, where the US is going to more and more transition to 800 gigabits per second, you have the China Hyperscalars sort of more really transitioning heavily to 400 gigabits per second and later to 800 gigabits per second.

而在美國將逐步過渡到每秒 800 千兆位元的情況下，中國的超標量實際上正在大規模過渡到每秒 400 千兆位，後來又過渡到每秒 800 千兆位元。

So the way we think about these markets over the next five years, about 70% of the market would be the 800 gigabit category, and the 30% of the market would be the 1.6 terabit category. So, from an allocation perspective, we expect that over the course of time, We expect and plan the business to be about 20% of the market.

因此，我們認為未來五年這些市場將有約 70% 的市佔率屬於 800 千兆位元類別，而 30% 的市佔率屬於 1.6 太比特類別。因此，從分配的角度來看，我們預計隨著時間的推移，我們預計併計劃業務將佔據約 20% 的市場份額。

And that's all we get over the next three or four years about. So anywhere between $200 million to, we're given a range of outcomes somewhere between, let's call it $200 million to $300 million revenue, that's the business plan, okay? And with regard to 1.6 terabyte is a continuation of credibility and our commitment to the market investment. The Keystone will be the bigger anchor of revenues in the near to mid-term.

這就是我們在未來三、四年內所得到的一切。因此，我們給出了介於 2 億美元到 3 億美元之間的一系列結果，我們稱之為 2 億美元到 3 億美元的收入，這就是商業計劃，好嗎？關於1.6TB，這是我們信譽的延續，也是我們對市場投資的承諾。從近期到中期來看，Keystone 將成為更大的收入支柱。

Appreciate all the detail Kishore. Thank you.

感謝 Kishore 提供的所有細節。謝謝。

Suji desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji desilva）。

Hi Kishore. Hi Steve. Maybe Kishore, same question as Richard asked a few questions ago on the broadband side. Is there a content gain a booster to the unit recovery or growth you're seeing in broadband from Maxlinear?

你好，Kishore。你好，史蒂夫。也許是 Kishore，與 Richard 幾個前段時間在寬頻方面提出的問題相同。內容增益是否會促進 Maxlinear 寬頻的單位復甦或成長？

Very good question. I think the prepared remarks, I don't know if you mentioned this or not, but all the new product revenue cycles are based on bomb expansion. And here is the, where the bomb expands. Firstly, the pa, the pawn world is transitioning to XGS pawn, right? And then, that means you have a head tier processor, you have a more bulky modern.

非常好的問題。我認為準備好的評論，我不知道您是否提到過這一點，但所有新產品的收入週期都是基於炸彈擴張。這裡就是炸彈膨脹的地方。首先，爸爸，典當世界正在向 XGS 典當過渡，對嗎？然後，這意味著你有一個頭部處理器，你有一個更笨重的現代處理器。

And then there's a WiFi that goes with it is WiFi 7, it's no longer WiFi 6, right? So on the cable side, the new product cycles are driven by doxes 4.0, more precisely ultraoxxes, right? That's going to be the real driver more than FDX dox is 4.0. Yes, they'd be delayed from 2025 to 2026 due to network upgrades and making sure everything is fine, but that would drive the content increase as well.

然後還有搭配的WiFi就是WiFi 7，不再是WiFi 6了，對吧？那麼在有線視覺方面，新的產品週期是由 doxes 4.0 驅動的，更準確地說是由 ultraoxxes 驅動的，對嗎？這將成為比 FDX dox 4.0 更強大的真正驅動力。是的，由於網路升級和確保一切正常，它們將從 2025 年推遲到 2026 年，但這也會推動內容的增加。

And then, in these platforms, whether it's a modem or a gateway, you get content expansion even on the ethernet side, right? Because all of these are ports for Ethernet, we offer multi-ports multi-gigabit, multi-port 2.5 gigabit Ethernet and gigabit Ethernet five solutions and squat port or a dual port and so on.

然後，在這些平台中，無論是調變解調器還是網關，您甚至可以在乙太網路端獲得內容擴展，對嗎？因為所有這些都是乙太網路端口，所以我們提供多端口多千兆、多端口 2.5 千兆以太網和千兆以太網五種解決方案以及蹲端口或雙端口等。

And then, you also add to the to the fact that all of these require higher upgraded sort of, capability to support so much content for power efficiency and so on and so forth. So all new product cycles are content expansion and the core recovery in the market is going to be driven by incumbent solutions if you call them legacy.

然後，你還要補充一點，所有這些都需要更高升級的能力來支援如此多的內容、提高功率效率等等。因此，所有新產品週期都是內容擴展，而市場的核心復甦將由現有解決方案（如果稱之為遺留解決方案）驅動。

So be it, where WiFi 6 and docs is 3.1 and 2.5 gigabit pa are the prevailing solutions, okay. So a 30% bomb expansion on legacy platforms as the transition is the normal metric we use for bomb expansion.

就這樣吧，WiFi 6 和 docs 是 3.1 和 2.5 千兆位元 pa 是主流解決方案，好吧。因此，在過渡期間，傳統平台上的炸彈擴展量為 30% 是我們用於炸彈擴展的正常指標。

Okay, the putting a number on it. And then question for Steve, your two guides for expenses kind of reflect some of the the cost efforts. Is the 2Q levels or the new baseline to go forward, or are there more, cost restructuring benefits that would flow through the second half before we get to a new level?

好的，給它加上一個數字。然後問史蒂夫，你的兩份費用指南反映了一些成本努力。第二季的水平或新的基準是否會繼續前進，或者在我們達到新的水平之前，是否會有更多的成本重組效益貫穿下半年？

Yeah, so I think we've made some great, kind of post some of the announcements that we made in Q3 of last year. So as projects kind of ramp down, then you've seen us come down. So I do think there's a little bit further to go where we'll see kind of another step down in the back half of the year on the OpEx.

是的，所以我認為我們做了一些很棒的事情，就像我們在去年第三季發布的一些公告一樣。因此，隨著專案逐漸減少，您將看到我們的進度下降。因此，我確實認為，下半年營運支出還會進一步下降。

Okay great thanks thanks guys.

好的，非常感謝大家。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Hey, good afternoon. There a couple of questions to start with just about moving parts within segments in Q1. Broadband came in much better than expected, up nearly 40% sequential. And I wonder if there are any particular drivers there on either the pawn or cable side for that upside, and then I'll follow up.

嘿，下午好。首先要問幾個問題，關於第一季各個細分市場內的移動部件。寬頻表現遠好於預期，季增近 40%。我想知道在典當或電纜方面是否存在任何特定的驅動因素來推動這一優勢，然後我會跟進。

Yeah, I wouldn't, you're right to point out it was up a little more than what we'd expected, kind of had seen this coming for a while and so you're kind of seeing a follow through. It was particularly high for kind of a typically seasonal Q1 in broadband, so it was up quite a bit more. It was kind of across the board, H1 and because I think he sure mentioned this previously, but like some of the bigger pond ones really don't even ramp till late this year or next year, so some of the the newer PON stuff is still to come, but so it's mostly across the board.

是的，我不會，你說得對，它比我們預期的要高一點，我們已經預見到這種情況有一段時間了，所以你看到了後續情況。對於寬頻產業典型的季節性第一季來說，這個數字特別高，因此漲幅相當大。它是全面的，H1，因為我認為他之前肯定提到過這一點，但像一些較大的池塘甚至直到今年年底或明年才會真正增加，所以一些較新的 PON 產品仍有待推出，但它基本上是全面的。

Okay, sounds like cable. That's what I'll take away on that. And similar question on the infrastructure side where you were flat on the quarter, And I know you had a big Q4 on the AI kind of optical side. I don't know whether that might have backed off a little bit, and you saw growth elsewhere, but looking for color there. And at this point, I'm assuming that your AI optical chip business is more than half of infrastructure revenue. In Q1 at least.

好的，聽起來像電纜。這就是我要說的。在基礎設施方面也有類似的問題，您在本季度的業績持平，而且我知道您在人工智慧光學方面在第四季度取得了很大的進展。我不知道這是否會減弱，而你看到了其他地方的增長，但在那裡尋找色彩。此時，我假設您的 AI 光學晶片業務佔基礎設施收入的一半以上。至少在第一季。

So I mean just I guess the only color around infrastructure in the quarter, I mean, as I mean optical will grow quite a bit this year and and start to be a more meaningful percentage of the infrastructure business that's on track. I think that performed as expected in the quarter, we've been talking about wireless a little bit today.

所以我的意思是，我猜本季基礎設施方面唯一的亮點是光學業務，今年它將會有相當大的成長，並開始在步入正軌的基礎設施業務中佔據更有意義的比例。我認為本季的表現符合預期，今天我們一直在談論無線。

That's the piece that, it's still kind of recovering, and I would expect to see more growth of that growth out of that in the second half of the year than say we saw in the first quarter.

這就是說，它仍然處於復甦階段，我預計下半年的成長將比第一季更高。

Okay, thanks. Onward and upward. To the final question, and that's, you mentioned OFC. You had a a lot of modules running in a lot of places with your chips in them. I think in your booth, guys who are potentially facing some really high volumes, like applied opto and currently seeing them like coherent. Jabel seemed to have a pretty good show cisco is talking more about client optics. I mean, as you look at this group. I guess, how concentrated or not would you expect?

好的，謝謝。不斷前進，不斷向上。最後一個問題，您提到了 OFC。很多地方都運作著很多有晶片的模組。我認為在您的展位上，那些可能面臨真正大批量需求的人，例如應用光電，目前看到他們就像相干公司一樣。Jabel 的表現似乎相當不錯，而思科則更談論客戶端光學。我的意思是，當你看著這個群體時。我猜，你期望的濃度是多少？

Your your AI optical revenue to be, this year going out into next year and should we look at it as fairly broad-based, or do you have a couple of really important design wins and you have some guys in China too that that we should be thinking of thinking of as as key drivers for the business.

您的 AI 光學收入是從今年到明年的，我們是否應該將其視為相當廣泛的收入，或者您是否有幾個真正重要的設計勝利，並且您在中國也有一些員工，我們應該考慮將其視為業務的關鍵驅動力。

Look, I mean, if you just round up the data center module makers. There are five big ones, right? And if you do not have. Have them, all of them or at least the majority of them. There is no way you can build up your revenue. So by definition you have concentration, and the remaining five will be there to sort of do the other 30% of your revenues, let's call it that, right?

你看，我的意思是，如果你只是把資料中心模組製造商聚集起來。有五個大的吧？如果你沒有。擁有它們，全部或至少大部分。你根本就不可能增加收入。所以根據定義，你必須集中精力，而剩下的五個人將負責你另外 30% 的收入，我們就這麼稱呼它吧？

So I think with the size of these revenues you should expect a two-third, one-third spread. Now this is a very theoretical notion. So as we build up more customers, usually the way it starts initially all your revenues are.

因此我認為，考慮到這些收入的規模，你應該預期會有三分之二或三分之一的差額。這是一個非常理論化的概念。因此，隨著我們累積更多的客戶，通常最初的收入就是這樣。

A bunch of guys, right? This is the way the markets player. Then you get that success and then one big guy comes online, then you get a couple of others, and then from there on, it's, you grow with the market, you grow share and that sort of a thing. I think we play the classic trend.

一群傢伙，對吧？這就是市場參與者的方式。然後你獲得了成功，然後一個大人物出現，然後你又得到了幾個其他的大人物，然後從那時起，你就會隨著市場一起成長，增加份額等等。我認為我們遵循的是經典的趨勢。

So I think in the long term you should expect two-third, one-third, two-thirdcoming from two or three players, the remaining one-third coming from a range of players. I think that's the way I would, distribute them.

因此我認為從長遠來看你應該期望三分之二、三分之一、三分之二來自兩到三名球員，剩下的三分之一來自一系列球員。我想這就是我分發它們的方式。

That's great color, appreciate.

顏色真棒，欣賞。

Karl Ackerman, BNT Paribas.

卡爾‧阿克曼 (Karl Ackerman)，巴黎銀行。

Yes, thanks, gentlemen. I want to circle back on broadband and connectivity, for sure, I think you indicated that combined business could double next year and just, and then. Steve, you were talking about how the pawn content is in front of you. So if I just tie those two together, is the perhaps doubling or the -- opportunity to double this business next year, is that driven primarily by a cyclical recovery in cable near term, or is that driven by just this growing mix toward fiber paw and perhaps the opportunity you see with, your integrated fiber paw and 10-gig gateway [SLC] have a follow up, please.

是的，謝謝各位先生。我想回到寬頻和連接性問題上，當然，我認為您指出合併後的業務明年可能會翻一番，然後。史蒂夫，你剛才談到典當內容在你面前的狀況。因此，如果我將這兩者聯繫在一起，那麼明年業務可能會翻倍，或者說有機會翻倍，這主要是由近期有線電視的周期性復甦推動的，還是僅僅由光纖爪的增長組合推動的，或許是您看到的機會，您的集成光纖爪和 10 千兆網關 [SLC] 有後續行動嗎？

Yeah, Karl, I'm sorry, I'm not, I mean, there might have been a miscommunication there because I think he sure was talking about the doubling on the wireless side, not on the broadband side. I mean, with regard to broadband, as we've had more exposure in the cable market, but we're seeing, additional traction with PON.

是的，卡爾，對不起，我不是，我的意思是，那裡可能存在溝通錯誤，因為我認為他肯定是在談論無線方面的翻倍，而不是寬頻方面的翻倍。我的意思是，就寬頻而言，我們在有線電視市場上有更多的曝光，但我們看到 PON 的額外吸引力。

We spoke with the other big North America guy that we've Closed and that's expected to ramp late this year early next year. So we do expect to see pond revenues ramp, [doxyporo] ramp or 31 ultra, at some point next year, we'll definitely contribute.

我們與另一家已經關閉的北美大公司進行了交談，預計該公司將在今年年底至明年年初擴大業務。因此，我們確實希望看到池塘收入增加，[doxyporo] 增加或超過 31%，明年某個時候，我們肯定會做出貢獻。

And so as we see, I think a broadband kind of you'll see a nice recovery this year and then you're going to see some good follow on growth as we bring on either more customers or more wins or more market share gains in all of our markets.

所以，正如我們所看到的，我認為寬頻市場今年將會出現良好的復甦，然後隨著我們在所有市場中帶來更多的客戶、更多的勝利或更多的市場份額增長，你會看到一些良好的後續增長。

Got it. Yeah, thank you for the clarification. I want to go back to, bookings and visibility. You spoke earlier how you're not seeing any pull forward related to any, tariff impacts just given the fact that lead times for chips remains in the 16 to 20 week window.

知道了。是的，謝謝你的澄清。我想回到預訂和可見性方面。您之前說過，由於晶片的交貨時間仍在 16 至 20 週之間，因此您沒有看到任何與關稅影響相關的提前現象。

You also spoke about how bookings are growing and perhaps you're seeing bookings extend beyond Q2 and into Q3 and Q4. I was hoping with that backdrop you could give a bit more color on. Whether you're seeing a similar dynamic play out across all in markets and across geographies, and or are you seeing perhaps a larger amount of order visibility, in certain geographies in the markets than others. Thank you.

您還談到了預訂量如何成長，也許您看到預訂量從第二季延續到第三季和第四季。我希望你能在這個背景下添加更多色彩。無論您是否看到所有市場和各個地區的動態表現都相似，或者您是否看到某些地區的訂單可見度比其他地區更高。謝謝。

So I would say that, it pretty much orders track our growth in revenues, right? They have to at some core level. And when I talk of no spike in demand, I'm just saying it's too fresh last two weeks to really, the 90 day pause or 90 day tariff window to create the spike, right? And even if what we were saying, even if there's a spike, we won't be able to.

所以我想說，訂單量基本上追蹤了我們的收入成長，對嗎？他們必須在某個核心層面上這樣做。當我談到需求沒有激增時，我只是說過去兩週的情況太新鮮了，90 天的暫停或 90 天的關稅窗口不足以造成激增，對嗎？即使像我們所說的那樣，即使出現峰值，我們也做不到。

Supply that spike in demand. So that's the reality of it. So the bookings that we referred to is we are referring to prior to this tariff vacillations, right? So based on that we're seeing strong bookings because of recovery in our core business that both Steve and I referred to in our script, so.

供應需求激增。這就是事實。所以我們提到的預訂量指的是這次關稅波動之前的數據，對嗎？因此，基於此，我們看到了強勁的預訂量，因為我們的核心業務正在復蘇，正如史蒂夫和我在我們的腳本中提到的那樣。

I think that you shouldn't worry about what if there is a spike, or, what's going to mean for us, right? You don't, so when you look at the markets, the, if you look at our revenues, almost all of our revenues in outside of broadband and data center. Or I would say 80% to 90% outside the US, so the tariffs should not have an impact on that.

我認為你不應該擔心如果出現峰值會怎樣，或者這對我們意味著什麼，對嗎？你不知道，所以當你觀察市場時，如果你觀察我們的收入，你會發現幾乎所有的收入都來自寬頻和資料中心之外。或者我認為 80% 到 90% 都在美國以外，所以關稅不應該對此產生影響。

But if you look at the revenues in the US, it's broadband and data center. So, that's all I would categorize them. So therefore, we started thing is really primarily a US scenario. And, so I, and then I would categorize it more broadband if and when it materializes. So far, we don't have any reason to to say that the macro demand is impacted or not impacted. So I think that's how I would explain the story.

但如果你看看美國的收入，它是寬頻和資料中心。這就是我對它們的分類。因此，我們開始做的事情實際上主要是美國的情況。因此，如果它實現的話，我會將其歸類為寬頻。目前為止，我們還沒有任何理由說宏觀需求受到影響或沒有受到影響。所以我想這就是我對這個故事的解釋。

Thank you.

謝謝。

Tore Svanberg, Steel.

托爾·思文凱，鋼鐵。

Yes, thank you. I just had a couple of follow up's and and sorry for staying on the topic of tariffs Kishore, but I understand the order discussion in relation to lead times but have you had conversations with your customers or supply chain members about contingencies? I mean, it sounds like the supply chain views this, tariff methods transitory, but have you started having conversations with them about some contingencies, especially if -- some tariffs are going to be higher in certain regions versus others.

是的，謝謝。我剛剛進行了幾次跟進，很抱歉繼續討論關稅話題，Kishore，但我理解與交貨時間有關的訂單討論，但您是否與客戶或供應鏈成員討論過意外情況？我的意思是，聽起來供應鏈認為關稅方法是暫時的，但你是否已經開始與他們討論一些意外情況，特別是如果某些地區的關稅比其他地區更高。

It's too chaotic for us. We have conversation, but we all agree it's chaotic, right? So it's like a slow moving train the response, right? I don't think you can respond to these unprecedented, changes in, daily sort of changes in the policy, right? So it's very hard to have cod conversations and especially because we don't build systems, we sell chips. Right, it's a very different discussion.

對我們來說太混亂了。我們進行了交談，但我們都認為這很混亂，對嗎？所以它的反應就像一列緩慢行駛的火車，對嗎？我認為你無法應對這些前所未有的、每天都在發生的政策變化，對嗎？因此，進行虛假對話非常困難，尤其是因為我們不建構系統，我們銷售晶片。是的，這是一個非常不同的討論。

Right, no that fair. As my follow up, the multimedia industrial business continues to be very volatile. I know you pointed out, some, China volatility there, but, sure you just explain, why that business is so volatile quarter to quarter.

對，沒那麼公平。根據我後續報道，多媒體工業業務仍然非常不穩定。我知道您指出了中國市場存在一些波動，但是，您當然可以解釋一下，為什麼該行業的季度波動如此之大。

Yeah, it's, I mean, it has been volatile. I mean, as the industrial market has been soft, and I think just later on that the China, dynamics that have just made that a lot worse, and I think, just softness in Q1 in general. So yeah, there was a big downturn. I do expect it to improve nicely in in Q2, but it's it's definitely been volatile. You're right, Tore.

是的，我的意思是，它一直很不穩定。我的意思是，由於工業市場一直疲軟，而且我認為後來中國的情況變得更加糟糕，我認為第一季總體上是疲軟的。是的，確實出現了大幅下滑。我確實希望它在第二季能有很好的改善，但它肯定是不穩定的。你說得對，托爾。

Great, just one last one, you guided to, operating cash flow positive for Q2, obviously at the $105 million run rate, just curious, now that you are sort of starting that recovery phase with cash flows, what's your inventory date target? I know it sort of was flattish or maybe came down a little bit this quarter, but, where would it eventually land, sort of in the 120, 130 range or even lower than that.

太好了，最後一個問題，您指導說，第二季度的經營現金流為正，顯然是 1.05 億美元的運行率，只是好奇，現在您已經開始了現金流的複蘇階段，您的庫存日期目標是多少？我知道本季這個數字有點持平或可能有所下降，但它最終會落在哪裡？大概在 120、130 的範圍內，還是更低？

Yeah, well, I mean, I think we've got another couple of quarters of it coming down, and then, but yet, again, as we said earlier, a little tariffs aside. We would expect it to come down for another couple of quarters and then at some point we're going to have to start to build again as the growth outlook, starts to improve. So down for the next two quarters and then probably kind of stabilize.

是的，嗯，我的意思是，我認為我們還有幾個季度的關稅會下降，然後，但是，正如我們之前所說的那樣，除了一點關稅。我們預計它將在接下來的幾個季度內下降，然後隨著成長前景開始改善，我們將不得不再次開始建設。因此，未來兩個季度將會下降，然後可能會趨於穩定。

Even with whatever you're seeing, we are building for the new products that we are in the pipe, so. So we are building inventory also for the right product mix, the, so that we're not running short in supply for the new product cycle ramps.

無論您看到什麼，我們都在為正在研發的新產品做準備。因此，我們也正在為正確的產品組合建立庫存，以便在新產品週期提升時不會出現供應短缺。

Very good thank you.

非常好謝謝。

Thank you, Tore.

謝謝你，托爾。

Thank you. This will conclude the question and answer session. I'll hand the call back to Kishore, for closing remarks.

謝謝。問答環節到此結束。我將把電話轉回給 Kishore，請他做最後發言。

Well, thank you all. We're very excited about, the turning point in our business here to returning to cash flow positive and also, on an earnings, on a non-GAAP earnings basis. So this quarter, we also have a many, any number of financial conferences and virtual events, and we'll be participating in them and we'll post details on these on our investors relations page.

好的，謝謝大家。我們非常高興，我們的業務迎來了轉折點，現金流恢復為正值，而且盈利也恢復了，符合非公認會計準則的盈利標準。因此，本季度我們還將舉辦許多金融會議和虛擬活動，我們將參加這些活動，並在投資者關係頁面上發布有關這些活動的詳細資訊。

So with that, thank you all for joining us today and we look forward to speaking with you again soon.

因此，感謝大家今天的參與，我們期待很快再次與你們交談。

This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開線路。享受你剩餘的一天。