Maxlinear Inc (MXL) 2025 Q2 法說會逐字稿

Greetings and welcome to the MaxLinear Q2 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 MaxLinear 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹投資者關係部的萊斯利‧格林 (Leslie Green)。謝謝你，萊斯利。你可以開始了。

Thank you, Julian. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's second quarter 2025 financial results. Today's call is being hosted by Dr. Kishore Seendripu; CEO, and Steve Litchfield; Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take questions.

謝謝你，朱利安。大家下午好，感謝您參加今天的電話會議，討論 MaxLinear 2025 年第二季的財務業績。今天的電話會議由執行長 Kishore Seendripu 博士和財務長兼首席企業策略長 Steve Litchfield 主持。在我們準備好評論之後，我們將回答問題。

Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the third quarter 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 taxes, and GAAP and non-GAAP diluted share count.

我們今天的評論包括適用證券法含義內的前瞻性陳述，包括與我們對 2025 年第三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 future financial and operating results, opportunities for revenue and market share across our target markets, new products, including the timing and production of launches of 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經營業績、目標市場中的收入和市場份額機會、新產品（包括產品發布的時間和生產）、採用某些技術的需求以及我們的整體目標市場。

These forward-looking statements involve risks and uncertainties, including risks outlined in our risk factor section of our recent SEC filings, including our Form 10-Q for the quarter ended June 30, 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. The second quarter 2025 earnings release is available in the Investor Relations section of our website at maxlinear.com.

這些前瞻性陳述涉及風險和不確定性，包括我們最近向美國證券交易委員會提交的文件的風險因素部分中概述的風險，包括我們今天提交的截至 2025 年 6 月 30 日的季度的 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。2025 年第二季財報可在我們網站 maxlinear.com 的投資者關係部分查閱。

In addition, we report certain historical financial metrics, including but not limited to gross margin, income from operations, operating expenses, and interest and other expense on both a GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in the press release available on our website.

此外，我們也報告某些歷史財務指標，包括但不限於毛利率、營業收入、營業費用以及 GAAP 和非 GAAP 基礎上的利息和其他費用。我們鼓勵投資者查看我們網站上的新聞稿中 GAAP 和非 GAAP 報表的詳細對帳。

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.

我們不提供未來期間的非 GAAP 指導的對賬，因為我們預測某些未來變化（包括股票薪酬及其相關稅收影響以及潛在減值）的能力存在固有的不確定性。

Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. We are providing this information because management believes it is useful to investors as it reflects how management measures our business. Lastly, this call is also being webcast, and the 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 財務指標。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. Kishore?

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

Thank you, Leslie, and good afternoon, everyone. Our Q2 results not only reflect 13% sequential and 18% year-over-year growth in our business but also point to a strong positive inflection in our business recovery and growth trajectory. Our revenue of $109 million approximately exceeded the midpoint of our guidance. Non-GAAP gross margin was 59.1%, and we delivered a meaningful reduction in our operating expenses.

謝謝你，萊斯利，大家下午好。我們第二季的業績不僅反映了我們業務的環比增長 13% 和同比增長 18%，而且還表明我們的業務復甦和成長軌跡出現了強勁的積極拐點。我們的收入為 1.09 億美元，大約超過了我們預期的中點。非公認會計準則毛利率為 59.1%，且我們的營運費用大幅減少。

With solid execution in Q2, we returned to profitability on a non-GAAP basis and generated positive free cash flow. We continue to drive strong customer and product traction in high-speed data centre optical interconnects, PON broadband access, Wi-Fi, and Ethernet. Our growing success in the strategic markets, robust customer order rates and backlog, coupled with increasing telco CapEx expanding reinforce our confidence in the strength of our growth for 2025 and 2026.

憑藉第二季的穩健執行，我們以非公認會計準則恢復了獲利能力，並產生了正的自由現金流。我們繼續在高速資料中心光互連、PON 寬頻存取、Wi-Fi 和乙太網路領域推動強大的客戶和產品吸引力。我們在策略市場中不斷取得的成功、強勁的客戶訂單率和積壓訂單，再加上電信公司資本支出的不斷擴大，增強了我們對 2025 年和 2026 年成長實力的信心。

In our infrastructure and market, we're excited by the sustained growth trajectory in 2025 and expect revenue acceleration in 2026 as new design wins begin to ramp across our portfolio. In high-speed data centre optical interconnects, we are on track to deliver $60 million to $70 million in revenue this year, primarily from our 800 gigabit, 5 nanometer Keystone PAM4 DSP product family. We anticipate an additional 800 gigabit PAM4 DSP customer calls and production rollout throughout 2025, which will drive incremental revenue growth in '26.

在我們的基礎設施和市場中，我們對 2025 年的持續成長軌跡感到興奮，並預計隨著新設計的勝利開始在我們的產品組合中加速，2026 年的收入將會加速成長。在高速資料中心光互連領域，我們今年預計將實現 6,000 萬至 7,000 萬美元的收入，主要來自我們的 800 千兆位元、5 奈米 Keystone PAM4 DSP 產品系列。我們預計 2025 年全年將有額外的 800 千兆位元 PAM4 DSP 客戶呼叫和生產推出，這將推動 2026 年的增量收入成長。

Further, customer interest and designing activity for our Rushmore, 200 gigabit per lane, 1.64 terabit PAM4 DSP has been robust since our live demonstration at the optical fiber conference 2025 this year in San Francisco. Like Keystone, a Rushmore family of PAM4, TIAs and 200 gigabit per lane DSP's for 1.6 terabit interconnects offer superior low power and performance advantages. This continues to be the basis of our competitive differentiation and expectations of design with momentum.

此外，自從我們在今年舊金山舉行的 2025 光纖會議上進行現場演示以來，客戶對我們的 Rushmore（每通道 200 千兆位元、1.64 太比特 PAM4 DSP）的興趣和設計活動一直很活躍。與 Keystone 一樣，Rushmore 系列 PAM4、TIA 和用於 1.6 太比特互連的每通道 200 千兆位元 DSP 具有出色的低功耗和效能優勢。這仍然是我們競爭差異化和設計動力期望的基礎。

In wireless infrastructure, the market continues to recover with expected increases in carrier CapEx expending, driving demand for the second half of '25, as well as '26. Our Sierra 5G wireless access single-chip radio SoC 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.

在無線基礎設施方面，市場持續復甦，預計營運商資本支出將增加，從而推動 25 年下半年以及 26 年的需求。我們的 Sierra 5G 無線存取單晶片無線電 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資料速率以及邊緣 AI 等新功能至關重要。

We have new design wins with our Sierra-based product with two major North American telecom providers launching Sierra-based macro base station RU products in Q3. We expect to see sustained growth in 5G wireless access and backhaul as the needs for cloud and edge AI functionality continue to increase in 2026 and beyond.

我們基於 Sierra 的產品贏得了新的設計勝利，兩家北美主要電信供應商在第三季度推出了基於 Sierra 的宏基地台 RU 產品。隨著 2026 年及以後對雲端和邊緣 AI 功能的需求持續成長，我們預計 5G 無線存取和回程將持續成長。

Also, within our infrastructure category, we continue to see strong design win success for our Panther family of hardware storage accelerator SoCs across Tier 1 network appliance and cloud service providers. In August, we will showcase our next-generation Panther 5 storage accelerator at the Future of Memory and Storage FMS 2025 conference in Santa Clara. Also at FMS 2025, we will have a joint keynote address with Advanced Micro Devices on the transformation of enterprise data storage.

此外，在我們的基礎設施類別中，我們繼續看到 Panther 系列硬體儲存加速器 SoC 在 Tier 1 網路設備和雲端服務供應商中取得了強大的設計成功。8 月份，我們將在聖克拉拉舉行的未來記憶體和儲存 FMS 2025 會議上展示我們的下一代 Panther 5 儲存加速器。此外，在 FMS 2025 上，我們將與超微公司就企業資料儲存轉型發表聯合主題演講。

Panther delivered significant advantages over traditional software-based compression, including more than a 4x improvement in power savings and much more efficient usage of CPUs and CPU cores and AI accelerators. Panther 5 is PCIe Gen 5 capable and at 500-gigabits per second throughput speeds, it delivers more than 2 times the performance of Panther III to enable ultra-low latency data processes across file, block and object storage.

Panther 比傳統的軟體為基礎的壓縮具有顯著的優勢，包括節能效果提高了 4 倍以上，且 CPU、CPU 核心和 AI 加速器的使用效率更高。Panther 5 支援 PCIe Gen 5，吞吐速度為 500 千兆位元每秒，其效能為 Panther III 的 2 倍以上，可實現跨檔案、區塊和物件儲存的超低延遲資料處理。

Moving to broadband and connectivity. We continue to see steady growth and are excited by the market outlook for meaningful increases in service provider CapEx spending. For example, both major North American carriers have announced plans to increase the scope and pace of their fiber PON access build-outs. These increased infrastructure investments by carriers and operators are driving continued booking strength and incremental demand for our fiber PON, cable DOCSIS and Wi-Fi solutions.

轉向寬頻和連線。我們繼續看到穩定的成長，並對服務提供者資本支出大幅成長的市場前景感到興奮。例如，北美兩大業者都已宣布計劃擴大其光纖 PON 接入的建設範圍和速度。營運商和營運商增加的基礎設施投資正在推動我們的光纖 PON、有線 DOCSIS 和 Wi-Fi 解決方案的持續預訂力度和增量需求。

Later this year, we will ramp our single-chip integrated fiber PON and 10-gigabit processor gateway SoC plus tri-band Wi-Fi 7 single-chip platform solution with a second major Tier 1 North American carrier. This new gateway SoC platform win represents an exciting growth opportunity and is also a significant validation of our technology on competitive positioning in the growing fiber PON market.

今年晚些時候，我們將與第二家主要的北美一級營運商合作，推出單晶片整合光纖 PON 和 10 千兆處理器網關 SoC 以及三頻 Wi-Fi 7 單晶片平台解決方案。這個新的網關 SoC 平台的成功代表著一個令人興奮的成長機會，也是對我們技術在不斷增長的光纖 PON 市場中的競爭地位的重要驗證。

In the Ethernet market, we continue to expand our 2.5-gigabit Ethernet switch and PHY portfolio into commercial enterprise industrial applications. MaxLinear has one of the broadest and most competitive offerings to enable the upgrade from 1-gigabit per second Ethernet legacy data rates to 2.5-gigabit per second using existing Cat 5 cabling. This upgrade is driven by edge cloud expansion, IoT gateways and enterprise access point transition to Wi-Fi 6 and Wi-Fi 7. It represents a significant opportunity size for MaxLinear of approximately $100 million per year in revenues by 2028.

在乙太網路市場，我們繼續將我們的 2.5 千兆乙太網路交換器和 PHY 產品組合擴展到商業企業工業應用。MaxLinear 擁有最廣泛、最具競爭力的產品之一，可使用現有的 Cat 5 電纜將乙太網路傳統資料速率從每秒 1 千兆位元升級到每秒 2.5 千兆位元。此次升級是由邊緣雲端擴展、物聯網閘道和企業存取點向 Wi-Fi 6 和 Wi-Fi 7 的過渡所推動的。這對 MaxLinear 來說意味著一個巨大的機遇，到 2028 年，MaxLinear 每年的收入將達到約 1 億美元。

In Q2, we were pleased to announce 2.5-gigabit Ethernet-based multiport PHY and switched option by several notable partners, including ASUS, HiSource and others. We look forward to closing the additional Tier 1 names in our design win pipeline.

在第二季度，我們很高興地宣布與華碩、HiSource 等多家知名合作夥伴合作推出基於 2.5 千兆乙太網路的多埠 PHY 和交換選項。我們期待在我們的設計中標管道中關閉額外的一級名稱。

In conclusion, we are proud of our strong growth, return to profitability and positive cash flow generation in Q2. Our success in the strategic areas of our product portfolio and the incremental tailwind from the ongoing recovery in our core markets has enabled us to turn an important corner in our business. Our investments in high-value categories such as high-speed interconnect for the data center, multi-gigabit PON access, Wi-Fi connectivity, Ethernet storage accelerators and wireless infrastructure, are all driving strong product traction with Tier 1 customers and partners. We believe this positions us well for accelerated growth in '26 and beyond.

總之，我們對第二季的強勁成長、獲利能力恢復和正現金流產生感到自豪。我們在產品組合策略領域的成功以及核心市場持續復甦帶來的增量推動力，使我們的業務迎來了重要的轉折點。我們對資料中心高速互連、多千兆 PON 存取、Wi-Fi 連接、乙太網路儲存加速器和無線基礎設施等高價值類別的投資均在為一級客戶和合作夥伴帶來強大的產品吸引力。我們相信，這將使我們為 26 年及以後的加速成長做好準備。

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

現在，我將把電話轉給我們的財務長兼首席企業策略長 Steven Litchfield。史蒂夫？

Thanks, Kishore. Total revenue for the second quarter was $108.8 million, up 13% from $95.9 million in the previous quarter and up 18% from the $92 million in second quarter of 2024. Infrastructure revenue for the second quarter was approximately $35 million. Broadband revenue was approximately $48 million. Connectivity revenue was approximately $21 million, and industrial multi-market revenue was approximately $6 million.

謝謝，基肖爾。第二季總營收為 1.088 億美元，較上一季的 9,590 萬美元成長 13%，較 2024 年第二季的 9,200 萬美元成長 18%。第二季基礎設施收入約 3500 萬美元。寬頻收入約4800萬美元。連接收入約 2,100 萬美元，工業多市場收入約 600 萬美元。

GAAP and non-GAAP gross margin for the second quarter were approximately 56.5% and 59.1% of revenue. The delta between GAAP and non-GAAP gross margin in the second quarter was primarily driven by $2.6 million of acquisition-related intangible asset amortization.

第二季 GAAP 和非 GAAP 毛利率分別約為營收的 56.5% 和 59.1%。第二季 GAAP 與非 GAAP 毛利率之間的差異主要是由於收購相關的 260 萬美元無形資產攤銷所致。

Second quarter GAAP operating expenses were $86.1 million and non-GAAP operating expenses were $56.6 million. The delta between GAAP and non-GAAP operating expenses were primarily due to stock-based compensation and performance-based equity accruals of $19.3 million combined, restructuring costs of $5.6 million and acquisition-related costs of $4.1 million. GAAP loss from operations for Q2 2025 was 22% and non-GAAP income from operations in Q2 was 7% of net revenue.

第二季 GAAP 營運費用為 8,610 萬美元，非 GAAP 營運費用為 5,660 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權益應計費用合計 1,930 萬美元、重組成本 560 萬美元以及收購相關成本 410 萬美元。2025 年第二季的 GAAP 營業虧損為 22%，第二季的非 GAAP 營業收入佔淨收入的 7%。

GAAP and non-GAAP interest and other expense during the quarter was $6.1 million and $5.9 million, respectively. The increase over prior quarter was primarily due to $4 million in foreign exchange costs. In Q2, net cash flow provided in operating activities was approximately $10.5 million. We exited Q2 of 2025 with approximately $110 million in cash, cash equivalents and restricted cash, ahead of our 2025 plan.

本季 GAAP 和非 GAAP 利息及其他費用分別為 610 萬美元和 590 萬美元。與上一季相比的成長主要是由於 400 萬美元的外匯成本。第二季度，經營活動產生的淨現金流約為1,050萬美元。截至 2025 年第二季度，我們擁有約 1.1 億美元的現金、現金等價物和受限現金，提前完成了 2025 年計畫。

Our day sales outstanding was down in Q2 to approximately 89 days. Our gross inventory was approximately flat versus the previous quarter with inventory turns improving to 1.5 times. This concludes the discussion of our Q2 financial results. With that, let's turn to the guidance for Q3 of 2025.

我們第二季的應收帳款週轉天數下降至約 89 天。我們的總庫存與上一季基本持平，庫存週轉率提高至 1.5 倍。這就是我們第二季財務業績的討論。有了這些，讓我們來看看 2025 年第三季的指導。

We currently expect revenue in the third quarter of 2025 to be between $115 million and $135 million. Looking at Q3 by end market, we expect all end markets, infrastructure, broadband connectivity and industrial multi-market to be up in the quarter. We expect third quarter GAAP gross margin to be approximately 55% to 58% and non-GAAP gross margin to be in the range of 57.5% and 60.5% of revenue.

我們目前預計 2025 年第三季的營收將在 1.15 億美元至 1.35 億美元之間。從終端市場來看第三季度，我們預計所有終端市場、基礎設施、寬頻連接和工業多市場將在本季都上漲。我們預計第三季 GAAP 毛利率約為 55% 至 58%，非 GAAP 毛利率在 57.5% 至 60.5% 之間。

We expect Q3 2025 GAAP operating expenses to be in the range of $84 million to $90 million. We expect Q3 2025 non-GAAP operating expenses to be in the range of $55 million to $61 million. We expect our Q3 GAAP and non-GAAP interest and other expense each to be in the range of approximately $3.5 million to $4.5 million. We expect a $0.6 million tax benefit on GAAP basis and a non-GAAP tax of $1.3 million or 11%. We expect our Q3 basic and diluted share count to be approximately 87.1% and 87.5%, respectively.

我們預計 2025 年第三季 GAAP 營運費用將在 8,400 萬美元至 9,000 萬美元之間。我們預計 2025 年第三季非 GAAP 營運費用將在 5,500 萬美元至 6,100 萬美元之間。我們預計第三季 GAAP 和非 GAAP 利息及其他費用分別在約 350 萬美元至 450 萬美元之間。我們預計，根據 GAAP 計算，稅收優惠為 60 萬美元，非 GAAP 稅收優惠為 130 萬美元，即 11%。我們預計第三季基本股本和稀釋股本分別約為 87.1% 和 87.5%。

In closing, we're pleased to report another quarter of solid progress marked by continued improvement in customer orders and growing traction across our product portfolio. Our focused investments in strategic high-growth areas such as optical high-speed interconnects, wireless infrastructure, storage, Ethernet, Wi-Fi and fiber PON gateways are beginning to generate exciting business opportunities that we expect to accelerate revenues in 2026. This reinforces our confidence in our sustainable growth and profitability through 2025 and beyond.

最後，我們很高興地報告，我們又一個季度取得了穩步進展，客戶訂單持續改善，產品組合的吸引力不斷增強。我們對光學高速互連、無線基礎設施、儲存、乙太網路、Wi-Fi 和光纖 PON 閘道等策略性高成長領域的重點投資開始產生令人興奮的商業機會，我們預計這些投資將在 2026 年加速營收成長。這增強了我們對2025年及以後可持續成長和獲利能力的信心。

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

現在，我想開始提問。朱利安？

(Operator Instructions)

（操作員指示）

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes. Thank you. And congratulations on the continuous recovery here. I guess my first question is on the Q3 outlook. I do appreciate that all segments are going to be up sequentially, but I mean they have been quite volatile, right? So can you maybe give us a little bit more granularity on how the segments are going to perform in the quarter or at least maybe which segment could potentially be stronger than the others?

是的。謝謝。並祝賀您持續康復。我想我的第一個問題是關於第三季的前景。我確實知道所有部分都會連續上漲，但我的意思是它們一直非常不穩定，對嗎？那麼，您能否向我們詳細介紹本季各部門的表現，或至少哪個部門可能比其他部門表現更好？

Hey, Tore. This is Steve. Yeah, I mean, look, I think you can see -- I mean, one of the biggest commitments that we've had here is infrastructure. I think that's the one that we continue to see nice performance, particularly in the back half of the year. So I think that should continue. I mean, clearly, you're seeing continued recovery in the broadband and connectivity end markets.

嘿，托爾。這是史蒂夫。是的，我的意思是，看，我想你可以看到——我的意思是，我們在這裡做出的最大承諾之一就是基礎設施。我認為我們會繼續看到良好的表現，特別是在今年下半年。所以我認為這應該繼續下去。我的意思是，很明顯，你看到寬頻和連接終端市場正在持續復甦。

And so those are two other ones that are getting good traction with some of the newer products as well as a recovery. And then probably industrial multi-market would be the third one there, which has clearly been a struggle, but we do expect to see a recovery there.

因此，另外兩家公司也透過一些新產品獲得了良好的發展勢頭，並且正在復甦。然後，工業多市場可能會成為第三個市場，這顯然是一個難題，但我們確實希望看到那裡出現復甦。

Very good. And specifically on broadband, it was very, very strong this quarter. I know this can be a little bit difficult for you to assess. But any sense for how much of that is growth is driven by inventory replenishment versus some of the newer products that you have there, especially when you start thinking about some of the newer gateways that your end customers are launching?

非常好。特別是在寬頻方面，本季表現非常強勁。我知道這對你來說可能有點難以評估。但是，您是否知道其中有多少增長是由庫存補充而不是一些較新產品推動的，特別是當您開始考慮最終客戶正在推出的一些較新的網關時？

Well, Tore, I mean as you know -- I mean there has been a recovery underway, but I think what you're seeing in the market, and I think this is reflected in our numbers in our guidance and outlook, I guess, is kind of beyond that recovery. I mean we're seeing CapEx dollars being deployed. You're hearing a lot about that in the market right now about people reinvested. The service providers, in particular, carriers are being a lot more aggressive. You're also seeing the cable folks start to upgrade as well.

好吧，托爾，我的意思是，正如你所知——復甦正在進行中，但我認為你在市場上看到的，而且我認為這反映在我們的指導和展望中的數字中，我想，這有點超出了復甦的範疇。我的意思是我們看到資本支出資金正在部署。您現在在市場上聽到了很多關於人們再投資的消息。服務提供者，尤其是營運商，正變得更加積極主動。您還會看到有線電視公司也開始升級。

So for all those reasons, we're seeing excitement around our business. I would also add that we're continuing to gain market share and really win in the market, and I think that speaks to the value of our products themselves, the support that we're giving these customers and our commitment to these customers.

出於所有這些原因，我們的業務令人興奮。我還要補充一點，我們正在繼續獲得市場份額並真正在市場上獲勝，我認為這說明了我們產品本身的價值、我們為這些客戶提供的支持以及我們對這些客戶的承諾。

Very good. I'll go back in line. Thank you.

非常好。我會回到隊伍裡。謝謝。

Thanks, Tore.

謝謝，托爾。

Christopher Rolland, Susquehanna International Group.

薩斯奎漢納國際集團的克里斯多福羅蘭 (Christopher Rolland)。

Thanks for the question guys and congrats on the results. I'd love to kind of dig a little bit deeper into Rushmore and Keystone kind of design wins you're seeing in terms of like the makeup of those design wins or qualifications. Are they module makers? Has anything shifted? Do you have any anchor hyperscale customers? Just -- yeah, and any more details around optical DSP in particular, would be great.

感謝大家的提問，並祝賀所取得的成果。我很想更深入地了解拉什莫爾和基斯通這類設計獲獎案例，例如這些設計獲獎案例的組成或資格。他們是模組製造商嗎？有什麼變化嗎？您有任何超大規模主力客戶嗎？只是——是的，特別是有關光學 DSP 的更多細節就太好了。

Hello, Chris. This is Kishore. Yes. Thank you. I'm also feeling pretty encouraged that we have finally turned the corner on the business here, and we see a very strong robust growth continuing moving forward, not just second half '25 into 2026 and beyond with all the new products that we're going to add to the mix here.

你好，克里斯。這是基肖爾。是的。謝謝。我也感到非常鼓舞，因為我們終於在業務上取得了突破，而且我們看到強勁的成長勢頭將繼續向前發展，不僅是在 2025 年下半年，而且在 2026 年及以後，隨著我們將在這裡添加的所有新產品的推出。

Coming back to the optical, like we said, we're going to double our revenue compared to last year, $60 million to $70 million range, we feel. There is obviously some expected ramps towards the end of the year that will follow through into 2026 growth. And almost all of it is at the strength of -- on the back of Keystone. And I just want to point out that our Keystone design wins are not inside. We have never participated in the NVIDIA ramps, so it's really more on the front side of the network, if you will.

回到光學領域，就像我們所說的那樣，我們預計我們的收入將比去年翻一番，達到 6,000 萬至 7,000 萬美元。顯然，預計今年年底會出現一些成長，並將持續到 2026 年。幾乎所有這一切都得益於 Keystone 的力量。我只想指出，我們的 Keystone 設計勝利並不在裡面。我們從未參與過 NVIDIA 的推廣活動，所以如果你願意的話，它實際上更多的是在網路的前端。

So yes, we have a number of -- we have designed with all the major module makers. In fact, I would like to see 100%, but I don't want to say that because I don't know what I'm missing so to speak. So we are really, in some sense, are sort of drag along in terms of the wait times where something takes to call at the various data centers. So we really don't dictate the acceleration of it. Sometimes, it's the interop is relate with the DSP issues, sometimes really optics issues, but we work them together.

是的，我們與所有主要模組製造商合作進行設計。事實上，我希望看到 100%，但我不想這麼說，因為我不知道我錯過了什麼。因此，從某種意義上來說，我們確實在各個資料中心等待調用的時間方面有點拖沓。所以我們其實並沒有決定它的加速度。有時，互通性與 DSP 問題有關，有時實際上是光學問題，但我們會將它們結合在一起。

And having said that, we're in multiple call interop stages with the data centers with some we're already shipping and some in the pilot ramp phase, various spaces. So I hope that answers your question. That's why we have never disclosed who the end customers are, and we have been very careful because we don't want to mislead you either. But the revenues are very good. And the lead times expanding, threading to move, increasing as well, we should start seeing more order pickup as we move into 2026.

話雖如此，我們與資料中心正處於多個呼叫互通階段，其中一些我們已經發貨，一些處於試點階段，涉及各個領域。我希望這能回答你的問題。這就是為什麼我們從未透露最終客戶是誰，而且我們非常小心，因為我們也不想誤導您。但收入非常好。隨著交貨時間的延長，線程移動也隨之增加，到 2026 年，我們應該會看到更多的訂單回升。

So that's one side of the story on Keystone. Moving to Rushmore, we really feel the Rushmore maybe the tipping point for us from a technology incumbency point of view, now really building on what Keystone has offered as the number three guy and maybe hopefully move into the top two players, right? All our companies are in very nascent phases. They originally came out with the 5 nanometer solution. Now they're scrambling to offer a three nanometer solution, but we feel we made the right bet as the first guys to move into more advanced node.

這就是 Keystone 故事的一個面向。談到拉什莫爾，我們真的覺得，從技術在位者的角度來看，拉什莫爾可能是我們的轉折點，現在我們真正建立在 Keystone 作為第三名所提供的基礎上，也許有希望進入前兩名，對嗎？我們所有的公司都處於起步階段。他們最初提出的是5奈米的解決方案。現在他們正忙著提供三奈米解決方案，但我們認為，作為第一批進入更先進節點的人，我們做出了正確的選擇。

Our power, low power offering and our superior performance we are focused on, and we're getting a lot of product interest from all the vendors who have tried the competitor solutions. So I think it's going to be a long game because 1.6 terabit is still starting innings. While we do not see much discussions about AECs and such yet on 1.6 terabit, technically, I feel that if there's a play for copper, AECs will be real as we move towards 1.6 terabit and beyond. So to that extent, we are very heavily engaged with both optical module makers and with what you call the corporate guys. And we're also seeing the module makers also trying to now get into copper cables as well.

我們專注於功率、低功耗產品和卓越性能，並且所有嘗試過競爭對手解決方案的供應商都對我們的產品產生了濃厚的興趣。所以我認為這將是一場漫長的比賽，因為 1.6 太比特才剛開始。雖然我們還沒有看到太多關於 1.6 太比特的 AEC 等的討論，但從技術上講，我認為，如果銅線能夠發揮作用，那麼隨著我們邁向 1.6 太比特及更高速度，AEC 將會成為現實。因此從這個程度上來說，我們與光學模組製造商以及所謂的企業都有著密切的合作。我們也看到模組製造商現在也嘗試進入銅纜領域。

And our track record on Keystone is what gives them confidence that we are going to be a pretty viable and a differentiating supplier and with a long-term road map. And with all the Hoopla surrounding the PAM4 step, I can still claim legitimately, there are only three vendors with credible solution for optical transceivers and the quality of the offering that is required in an AI network where robustness is even more important than an end-to-end in the [interop] scenario. I hope that answers your question.

我們在 Keystone 上的業績記錄讓他們相信，我們將成為一個非常可行、差異化的供應商，並擁有長期的發展路線圖。儘管 PAM4 步驟引起了軒然大波，但我仍然可以理直氣壯地說，只有三家供應商能夠提供可靠的光收發器解決方案，並且能夠提供 AI 網路所需的產品質量，在這種網路中，穩健性甚至比 [互通] 場景中的端到端更重要。我希望這能回答你的問題。

That does. Maybe a second question for Steve. I think OpEx was a little bit higher than we were expecting. Just wondering what that was about and where the investment was? Also, interest and other expense was higher. And then lastly, the SIMO arbitration is still expected, I think, for the end of the year, if I remember correctly.

確實如此。也許這是史蒂夫的第二個問題。我認為營運支出比我們預期的要高一點。只是想知道那是關於什麼的以及投資在哪裡？此外，利息和其他費用也較高。最後，如果我沒記錯的話，SIMO 仲裁預計仍會在今年底舉行。

It was a real savvy way to get 3 questions into 1, but I'm going to roll with it. So real quick, really important one, OpEx. OpEx is actually below our midpoint of our guide. And honestly, some of that -- I think what you're referring to is the guidance was probably a little bit higher than your expectation. So we did have some expenses that were pushed into Q3, and that kind of moves that number up a little bit more than we expected.

這是一種將 3 個問題合併為 1 個問題的真正聰明的方法，但我將堅持使用它。所以非常快，真正重要的是，OpEx。營運支出實際上低於我們的指導中點。老實說，我認為您所指的指導可能比您的預期要高一點。因此，我們確實有一些支出被推遲到了第三季度，而且這些支出的數字比我們預期的要高一些。

I do expect it to come back down in Q4. But we're making great progress. I mean if you look at the improvement that we made year-over-year on OpEx, it's been exceptional, and I think we'll continue to make improvements there. I mean we are making big investments as well. We're seeing nice growth, and so we've got some good commitment to some of the newer products that Kishore spoke about earlier. So we're definitely spending on that front.

我確實預計它會在第四季回落。但我們正在取得巨大進展。我的意思是，如果你看看我們在營運支出方面逐年取得的進步，你會發現這是非常出色的，而且我認為我們會繼續在這方面取得進步。我的意思是我們也在進行大筆投資。我們看到了良好的成長，因此我們對 Kishore 之前談到的一些新產品做出了良好的承諾。所以我們一定會在這方面投入資金。

Interest and other was a little higher. Yes, I called out in my prepared remarks about the $4 million of OpEx impact that we had in the quarter that rolls up in that interest and other line. I mean, I think the whole world has seen what's going on with the weakness of the dollar, and so that did impact us. I think it really speaks to the strength to the rest of the business because we've been able to overcome that.

利息和其他的稍微高一點。是的，我在準備好的發言中提到了本季我們產生的 400 萬美元營運支出影響，這些影響計入了利息和其他項目。我的意思是，我認為全世界都看到了美元疲軟的情況，所以這確實對我們產生了影響。我認為這確實說明了其他業務的實力，因為我們已經能夠克服這一點。

Yeah, we'll see where the dollar goes. It still feels like there might be a little more headwind in the back half of the year. But regardless, I think we're really focused on our core business and executing there.

是的，我們將看看美元的走向。感覺下半年可能還會面臨一些阻力。但無論如何，我認為我們確實專注於我們的核心業務並在那裡執行。

I think bringing back to where the investments are, our absolute strategic focus is on investing on the -- what's the future of the AI world, data center related. And the other important thing we are focused on is cost down improvements of our products.

我認為回到投資的領域，我們的絕對策略重點是投資人工智慧世界、資料中心相關的未來。我們關注的另一件重要的事情是降低產品成本。

I think -- I don't think they are the only ones, but the way the foundry business has evolved that we got tremendous cost pressures coming from the foundry suppliers. And we have to take steps now to invest for cost reduction so that we maintain and improve our gross margin as we move forward. So I think the second answer may be a little bit of a surprise for you, but I think that's absolutely a prudent thing to do to shore up our profitability and bring back more leverage in our business model.

我認為——我不認為他們是唯一的原因，但隨著代工業務的發展，我們面臨來自代工供應商的巨大成本壓力。我們現在必須採取措施投資降低成本，以便我們在未來的發展中維持並提高毛利率。所以我認為第二個答案可能會讓你有點驚訝，但我認為這絕對是一件謹慎的事情，以鞏固我們的盈利能力並在我們的商業模式中恢復更多的槓桿作用。

Understood.

明白了。

I think Chris has probably dropped off, but I'll answer that last part. You did ask about Silicon Motion. So no change on that front. We do expect arbitration in Q4 of this year. And then hopefully, we kind of get some resolution in the first half of next year. And then I think the ultimate finalization probably comes somewhere in '27 or '28, if there was any cash to transact. I mean it probably wouldn't push -- it would probably push until 2027 or 2028.

我認為克里斯可能已經退出了，但我會回答最後一部分。您確實詢問過有關 Silicon Motion 的問題。因此在這方面沒有變化。我們確實預計今年第四季將進行仲裁。然後希望我們能在明年上半年得到一些解決方案。然後我認為，如果有現金可以交易的話，最終的敲定可能會在 27 年或 28 年的某個時候到來。我的意思是它可能不會推——它可能會推到 2027 年或 2028 年。

Thanks guys.

謝謝大家。

Yeah.

是的。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

Hey, thanks guys for taking the question. Yeah, Kishore, just a little bit more on PAM4 DSP. You mentioned accelerating growth in 2026 RevRamp. Do you think that comes from the current -- from the wins you have going into 2026 primarily? Or can you see a big impact from the new qualifications as well from Rushmore? And I have a quick follow-up as well. Thanks.

嘿，謝謝大家回答這個問題。是的，Kishore，我想再多說一點關於 PAM4 DSP 的內容。您提到了 2026 年 RevRamp 的加速成長。您認為這主要來自於當前——來自於您在 2026 年取得的勝利嗎？或者您也看到了拉什莫爾的新資格帶來的巨大影響？我也會進行快速跟進。謝謝。

So Ananda, good question. I just want to be very clear that the revenues in 2026 will still be 800-gigabit dominated. I don't expect 1.6 terabit Rushmore shipping until at the end of next year, leading into 2027, honestly. And what has come as a huge surprise or shouldn't be any more after these years is that the qualification is indeed pretty rigorous. Everybody has their own time line and they go in phases from small volumes to bigger volumes and larger volumes after that.

所以阿南達，這個問題問得好。我只是想非常清楚地表明，2026 年的收入仍將以 800 千兆位為主。老實說，我預計 1.6 太比特的 Rushmore 晶片要到明年年底才會出貨，也就是 2027 年。而令人大吃一驚（或者說這些年來不應該再驚訝）的是，資格審查確實相當嚴格。每個人都有自己的時間表，並且會分階段進行，從小量到大量，然後再到更大的量。

And from a deployment point of view, I don't think anybody outside of the AI back-end network guys are really, really in a position to deploy 1.6 terabit yet on the front-end networks. And the AI, even from an NVIDIA point of view, they don't expect this is my fierce story. They don't expect revenues of 1.6 terabit to pick up until the second half of next year, that is speaking today. And I would dare say that 800-gigabit will be the dominant shipment node for the next few years to come.

從部署的角度來看，我認為除了 AI 後端網路人員之外，沒有人真正有能力在前端網路上部署 1.6 太比特。而人工智慧，即使從 NVIDIA 的角度來看，他們也沒有想到這是我的激烈故事。他們預計直到明年下半年 1.6 太比特的收入才會回升，這是現在的說法。我敢說，800千兆位元將成為未來幾年的主導出貨節點。

That's helpful. Yeah, they're thinking it's Ruben thing. So it sounds like you guys are thinking along the same lines as well. And then just given your remarks that as of right now, it's really the module makers where the calls are. Does that position you well for the growing Neo cloud opportunity and the sovereign opportunity if sovereign can get the licenses signed as you go through '26?

這很有幫助。是的，他們認為這是魯本的事。聽起來你們也是這麼想的。然後根據您所說的，截至目前，真正發出呼籲的是模組製造商。如果主權公司能夠在 26 年期間獲得簽署的許可證，那麼這是否能為您日益增長的 Neo 雲端機會和主權機會提供良好的定位？

We hope so. One of the things -- you really want to keep this account is that this market has been starving for the third supplier, whichever way you look at it. And we have been a Steady Eddie in terms of not being there and doing the stuff and really putting an effort in differentiation, enabling our module customers rather than dragging along the module guys with us, right?

我們希望如此。你真正想要保留這個帳戶的事情之一是，無論你怎麼看，這個市場一直渴望第三個供應商。我們一直很穩健，不會袖手旁觀，而是真正努力實現差異化，為我們的模組客戶提供支持，而不是拖著模組人員一起走，對嗎？

And I think that really helps us in favor and wherever they have opportunities where they are not beholden to using the incumbents, they give us a chance every time. And I think that will really help us in all these other opportunities you're referring to.

我認為這確實對我們有利，只要他們有機會，他們就不會受制於現任者，他們每次都會給我們機會。我認為這將真正幫助我們抓住您所提到的所有其他機會。

Yeah that's great. I'll leave it their guys. I appreciate it. Thanks.

是的，太棒了。我會把它留給他們的人。我很感激。謝謝。

Great. Thanks Ananda.

偉大的。謝謝阿南達。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, guys. I guess a couple of questions and congratulations on the nice outlook. First, I hate to ask, but since some other analog mixed-signal guys have talked about starting to see some pull in activity or inventory build given tariff uncertainty, especially ahead of August 1, wondering if you think any of the orders you've seen, I know you've seen order strengthening now for several quarters. If any of that you might be able to distinguish as sort of tariff or pull in related? Or do you think it's been pretty steady? And then I've got a follow-up.

嘿，大家好。我想問幾個問題，並祝賀你有如此美好的前景。首先，我不想問，但由於其他一些模擬混合信號公司已經談到，由於關稅不確定性，特別是在 8 月 1 日之前，他們開始看到一些拉動活動或庫存增加，想知道您是否認為您已經看到任何訂單，我知道您已經看到訂單連續幾個季度增強。您是否可以將其區分為關稅類型或相關內容？或者您認為它一直很穩定？然後我有一個後續行動。

So the orders have been very steady and strengthening. I think I referred to that at the last quarter itself when you asked the same question. And I said, I cannot speak for the future orders, but I can definitely speak for the orders that we already have that they exceeded this whole tariff rush.

因此訂單一直非常穩定且不斷加強。我認為上個季度當您問同樣的問題時我提到過這一點。我說，我無法代表未來的訂單發言，但我可以肯定地說，我們已經獲得的訂單超出了整個關稅衝擊的範圍。

Now look, from my point of view, we have been post-pandemic peak ordering and all the things that we have dealt with, we were not in a hurry to order or acknowledge orders, so to speak. But I think we will start seeing accelerating orders now related to sort of late reaction from some of our customers.

現在看，從我的角度來看，我們一直處於疫情後的高峰訂購階段，而且我們處理的所有事情，我們並不急於訂購或確認訂單，可以這麼說。但我認為，由於部分客戶反應遲緩，我們現在將開始看到訂單加速成長。

And however, we are not in a position to respond to them because the lead times already stretched very, very rapidly. So I don't think that's going to benefit us all in terms of the revenues that we expect to generate in the next -- at least the next couple of quarters to come because right now, the lead times of the OSAT, the assembly house now is as long as the foundry is now. So you can assume that you're looking at six months of lead time now, right, okay, maybe thereabouts. So I don't think you can respond to. I think the orders don't make a difference as to what it means to our revenues moving forward.

然而，我們無法回應他們，因為交貨時間已經非常非常長了。因此，我認為就我們預計在未來幾季產生的收入而言，這不會為我們所有人帶來好處，因為現在，OSAT、封裝廠的交貨週期與代工廠的交貨週期一樣長。所以你可以假設你現在正在考慮六個月的準備時間，對吧，好吧，大概就是這樣。所以我認為你無法回應。我認為這些命令對於我們未來的收入不會產生任何影響。

Got it. No, that was, I think, consistent with how you addressed that last quarter. And then you guys, I think, in the prepared script, talked about seeing strength in the second half of '25 and accelerating growth in 2026. And I just want to make sure I'm not misinterpreting your comments. Are you sort of suggesting you think annual growth in '26 is even higher than what you're growing here or appear to be growing in 2025?

知道了。不，我認為這與您在上個季度解決這個問題的方式一致。然後，我想，你們在準備好的腳本中談到了 2025 年下半年的強勁成長和 2026 年的加速成長。我只是想確保我沒有誤解您的評論。您是否認為 26 年的年增長率甚至高於目前的成長率，或者看起來 2025 年還會成長？

And just should we be thinking about the acceleration comment specifically talking about year-over-year growth, '26 versus '25? Or are you just sort of talking about orders or other parts of the business and it's not sort of a comment per se about the revenue?

我們是否應該考慮加速評論，特別是關於 26 年與 25 年同比增長的評論？或者您只是在談論訂單或業務的其他部分，而這本身並不是對收入的評論？

So when we talk about accelerating revenues, I was talking of sort of design wins within categories. So I think you want to parse through the script and section by section? We had this great design team with the major new North America operator, Tier 1 operator. And we expect that to ramp in pretty serious heavy volume at the end of this year. So that clearly is an acceleration in my view.

因此，當我們談論加速收入時，我談論的是類別內的設計勝利。所以我認為您想逐段解析腳本？我們與北美主要的新營運商、一級營運商組建了一支優秀的設計團隊。我們預計今年年底交易量將大幅增加。所以在我看來這顯然是一種加速。

We talked about all these calls that are going on the optical in the infrastructure segment that would result in such an outcome. We also talked of access customers of our 5G product that are just beginning to ship in the second half for 5G applications to major North America operators. So I think it is the context of sort of new design wins with major players that will start ramping. And obviously, that's a great outcome for those product categories.

我們討論了基礎設施領域中有關光纖的所有呼叫，這些呼叫將導致這樣的結果。我們也談到了我們的 5G 產品的接入客戶，這些客戶將於下半年開始向北美主要營運商出貨用於 5G 應用的產品。因此，我認為，在主要參與者贏得新設計勝利的背景下，這種設計將會開始加速發展。顯然，這對於這些產品類別來說是一個很好的結果。

Great. Can I squeeze in one quick one for Steve. I don't think you guys have ever sort of called out significant FX effects in past quarters. So the $4 million kind of FX charge this or charge expense kind of caught me by surprise. Can you just sort of say where is that FX coming from? I assume you're pricing most stuff in dollars, but you maybe have employees or fixed costs located overseas. Is that the origin of the FX?

偉大的。我可以為史蒂夫擠出一點時間嗎？我認為你們在過去幾季中從未指出過重大的外匯影響。因此，400 萬美元的外匯費用或收費開支讓我感到驚訝。可以說一下 FX 是從哪裡來的嗎？我假設你大多數東西的定價都是以美元計算的，但你可能有員工或固定成本位於海外。這就是 FX 的起源嗎？

Yeah. So I mean, as you know, I mean, these are kind of historical moves in the dollar. I mean it's been over 30 years since you've seen this much. But we -- I mean, we transact in dollars, and so this is really just employees that we have is where it gets impacted, a few of the regions that were impacted. The euro is probably the biggest is where we saw the worst.

是的。所以我的意思是，如你所知，這些都是美元的歷史性走勢。我的意思是你已經有 30 多年沒見過這麼多東西了。但是我們——我的意思是，我們以美元進行交易，所以這實際上只是我們的員工受到影響，一些地區受到了影響。歐元可能是我們見過的最大、最糟糕的貨幣。

Shekel as well. I mean we're exposed in Israel. And some of these places, we do hold some cash. I mean yeah, it ended up being bigger than expected in the quarter. We've had it from time to time in the past, and we've been able to overcome it with the strength of the business.

還有謝克爾。我的意思是我們在以色列被揭露了。在其中一些地方，我們確實持有一些現金。我的意思是，是的，本季的業績最終超出了預期。我們過去也曾遇到過這種情況，但憑藉業務實力我們能夠克服它。

Got it. Okay. Thank you.

知道了。好的。謝謝。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark 公司。

Hey gentlemen, thanks for taking the question, let me also give you my congrats on the solid progress here. So maybe first, Kishore, maybe from a geographic standpoint in China specifically, can you talk about any of the dynamics you're seeing there in terms of the strength that's building or where there still areas that are not quite up to where you would hope they would be in terms of demand?

嘿，先生們，感謝你們提出這個問題，我也對你們在這裡取得的堅實進展表示祝賀。那麼首先，Kishore，也許從中國的地理角度來看，您能否談談您在那裡看到的任何動態，即正在形成的力量，還是在需求方面仍未達到您所希望的水平的領域？

So, hi, David, thank you. Look, from a geographic point of view, the strength areas for us are US and Europe. But China, we're seeing different parts of the market behave very differently. I mean Steve talked about our industrial multi-market segment being down. And there's really two parts to that. One is there's a strong push we made in China products and at the same time, that alone creates a pricing pressure, and we are taking a very disciplined approach where we are walking away from businesses, revenues where the margin is not accretive to what we feel is the right benchmark for MaxLinear.

所以，嗨，大衛，謝謝你。從地理角度來看，我們的優勢地區是美國和歐洲。但在中國，我們看到市場的不同部分錶現非常不同。我的意思是史蒂夫談到我們的工業多市場部門正在下滑。這實際上包含兩個部分。一是，我們大力推廣中國製造的產品，同時，這本身就帶來了定價壓力，我們採取了非常嚴謹的方針，即放棄那些利潤率不能提高到我們認為的 MaxLinear 正確基準的業務和收入。

And in some cases, we are taking the business because strategically position us for holding out right now with the pressures, but later it will strengthen our offering and therefore, we can build back. So there are puts and takes in how we go about it. But in China, there's a big push now developing for them deploying their data center networks.

在某些情況下，我們之所以接受這項業務，是因為從策略上來說，我們可以在當前壓力下堅持下去，但以後它會加強我們的產品，因此，我們可以重建。因此，我們在處理這個問題時會遇到一些困難和挫折。但在中國，目前正在大力部署資料中心網路。

So there's going to be a lot of spend in data center in China. In fact, if you look at today's data center volumes for transceivers, they are maybe less than 20% of the market. But if you just forecasted three years out, China will be 40% of the transceiver volumes in the world. So that's a significant acceleration more than on a unit basis than what the US is.

因此，中國將在數據中心方面投入大量資金。事實上，如果你看看當今資料中心的收發器數量，它們可能還不到市場的 20%。但如果僅預測三年後，中國將佔全球收發器產量的40%。因此，與美國相比，按單位計算，這是一個顯著的加速。

So it's a great -- yes, they are lagging by a generation or so with the US technology. And there, the incumbency is not very well established yet, right, because we are not behind in our offering timings. And so that gives us a very great position to work and see how we can build and grab more market share. And likewise, we are seeing strengthening in other infrastructure areas in, where there's some spend going on, related spend, and -- but we are just generally seeing a sort of weakness in industrial sort of areas besides the pressure from internal Made in China story. So I hope that gives you some color.

所以這很棒——是的，他們的技術確實落後美國一代左右。而且，那裡的任職資格還沒有很好地確立，因為我們的發行時間並不落後。這為我們提供了非常好的工作機會，讓我們了解如何建立和搶佔更多的市場份額。同樣，我們看到其他基礎設施領域的支出正在加強，這些領域有一些支出，相關支出，但除了來自中國製造內部的壓力之外，我們普遍看到工業領域的某種疲軟。我希望這能給你一些啟發。

When you think broadband and connectivity, please think North America, Europe and some Latin America. When you think data centers, please think US, China, and then when you think about our other infrastructure that's Ethernet or storage accelerators, it's across-the-board geographies wherever they are enterprise providers. So I think that would give you a good sense of where the product mix is playing out, okay?

當您想到寬頻和連線時，請考慮北美、歐洲和部分拉丁美洲。當您想到資料中心時，請想想美國、中國；然後當您想到我們的其他基礎設施，即乙太網路或儲存加速器時，它涉及各個地區的企業提供者。所以我認為這會讓你很好地了解產品組合的發揮情況，好嗎？

Yes, very good color, there. And then maybe just from a technology progression. We're clearly in the early stages with Keystone and Rushmore. But as you think further out in the -- as we get the silicon photonics and co-packaged optics, do you have a road map to get there? And how do you think MaxLinear plays into that trend as we move that direction? Thank you.

是的，顏色非常好。然後也許僅僅從技術進步來看。顯然，我們的 Keystone 和 Rushmore 還處於早期階段。但是，當您進一步思考時—當我們獲得矽光子學和共封裝光學元件時，您是否有實現這一目標的路線圖？當我們朝著這個方向發展時，您認為 MaxLinear 將如何發揮這一趨勢的作用？謝謝。

Yeah, very, very good question. I -- and I was really looking forward to that question. Actually, if you just look at the offering of any PAM4 DSP and TIA companies, they have all the product technology platform to offer CPO-related products, whether it is -- we can get to the details of that. So for us, it's about filling out our portfolio through derivatives and sublevel of customization working with customers.

是的，這是非常好的問題。我——我真的很期待這個問題。實際上，如果您只看任何 PAM4 DSP 和 TIA 公司的產品，他們就擁有提供 CPO 相關產品的所有產品技術平台，無論它是什麼 - 我們都可以了解其詳細資訊。因此對我們來說，這關乎透過與客戶合作的衍生性商品和細分客製化來填充我們的產品組合。

So the most important thing is to work with optics companies to develop our CPO offerings, and we are engaged with optics companies to really customize our offerings related to CPO solutions. Having -- talking about CPOs, it's going to be a very mixed world. CPO is going to be a very, very, what I call, contained offering, whereas much of the network is going to be pretty much a pluggable offering with more sophisticated DSP transceivers or LROs that sort of a mixed mode offering.

因此，最重要的是與光學公司合作開發我們的 CPO 產品，並且我們正在與光學公司合作，真正客製化與 CPO 解決方案相關的產品。談到 CPO，這將是一個非常複雜的世界。CPO 將會是一種非常非常封閉的產品，而大部分網路將會是一種可插拔的產品，帶有更複雜的 DSP 收發器或 LRO，這是一種混合模式的產品。

So I think that CPO is one thing we are definitely beginning to engage in to fill out our portfolio, but this time yet to compare. But there is no scenario in the world were CPO is sort of a broad base across the network is going to much more sort of -- I don't want to use the word niche, but a containerized solution offering where everything is predetermined, okay?

因此我認為 CPO 是我們肯定會開始參與以充實我們的投資組合的一件事，但這次還沒有進行比較。但是世界上沒有任何一種情況是 CPO 能夠在整個網路中擁有廣泛的基礎——我不想使用「利基」這個詞，而是一種容器化的解決方案，其中一切都是預先確定的，好嗎？

So when you talk of CPOs, you generally talk about an NVIDIA or a Broadcom switch offering, but it's really not a broad across the network offering and all hyperscale network providers will readily acknowledge, if not even some of them even completely dismissing it, okay? But we as a silicon company, we are working with optics companies to offer a CPO, CPO silicon solution. Obviously, the offering is much more analog intensive when you go CPOs and less on the mixed signal side, less digital intensive, okay?

因此，當您談到 CPO 時，您通常會談論 NVIDIA 或 Broadcom 交換器產品，但它實際上並不是一個廣泛的網路產品，所有超大規模網路供應商都會欣然承認，甚至其中一些人甚至會完全否認它，好嗎？但作為一家矽公司，我們正與光學公司合作提供 CPO、CPO 矽解決方案。顯然，當您使用 CPO 時，產品在類比方面的強度會更高，而在混合訊號方面的強度會更低，數位方面的強度也會更低，對嗎？

Okay great color. Thanks, again.

好的，顏色很棒。再次感謝。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Yes, thank you. I was hoping you could discuss which areas you've seen the most improvement in order visibility, just given the in fact the beat and raise this quarter. And in particular, with the second major Tier 1 US carrier ramping your integrated PON and Wi-Fi gateway SoC, is this where you have the strongest visibility and confidence in order recovery? Or are there other areas as well? And I have a follow-up, please.

是的，謝謝。我希望您能夠討論一下，考慮到本季度的實際成長，您在哪些方面看到了訂單可見度的最大改善。特別是，隨著美國第二大一級營運商加大對整合 PON 和 Wi-Fi 閘道 SoC 的投入，您是否對訂單恢復擁有最強的可見性和信心？或是有其他領域嗎？我還有一個後續問題，請回答。

Across the board, really, if the uncertainty is there, it's really about the call timings are optical when we get through each call because that really -- sometimes like a whiplash, it goes and that's where the uncertainty is in the forecasting. But having said that, we put a stake in the ground and saying we feel good that we'll get to that $60 million to $70 million revenue for the year in our data center revenue. Otherwise, across the board, we have very good visibility. And I would say that's got nothing to do with the new design win that we have in broadband.

總體而言，如果確實存在不確定性，那麼實際上就是我們接通每個電話時的通話時間是視覺上的，因為這真的 - 有時就像鞭打一樣，這就是預測中的不確定性所在。但話雖如此，我們還是堅定信心，並表示我們很有信心，今年我們的資料中心收入將達到 6,000 萬至 7,000 萬美元。除此之外，整體而言，我們的可見度非常好。我想說的是，這與我們在寬頻領域取得的新設計勝利無關。

Yeah. Understood. Thank you. And for my follow-up, you mentioned again just some of the opportunities you see in front of you with regard to your Panther family hardware SoCs -- storage hardware SOCs. I was hoping you could discuss the breadth of wins in the visibility that you see there because it does appear to be picking up. So if you could discuss that, that would be helpful. Thank you.

是的。明白了。謝謝。作為我的後續提問，您再次提到了您在 Panther 系列硬體 SoC（儲存硬體 SoC）方面看到的一些機會。我希望您能討論一下您所看到的可見性方面的勝利廣度，因為它確實看起來正在回升。所以如果您能討論一下這個問題，那將會很有幫助。謝謝。

So we have been investing in this Panther storage compression and the hardware accelerators for both storage compression, decryption and security for a while now. And it's again one of those heavy-duty intra -- like a lot of validation drop just like any high-end infrastructure product is going to be. But we got a number of proof of concept design wins complete a number of major players in enterprise who are now incorporating. And the only one we have talked about publicly is the Dell PowerMax platform, but it's proliferating across various competitors in the storage appliance market.

因此，我們一直在投資 Panther 儲存壓縮以及用於儲存壓縮、解密和安全的硬體加速器。它又是那些重型內部產品之一——就像任何高端基礎設施產品一樣，需要大量的驗證。但是我們獲得了一些概念驗證設計勝利，完成了許多企業主要參與者的整合。我們公開談論的唯一平台是戴爾 PowerMax 平台，但它正在儲存設備市場的各個競爭對手中不斷擴散。

Having said that, we have just started initial forays and proof of concept at cloud compute hyperscale data center companies as well. And I'm very pleased with the receptions having the dose. So I hope to break into one of those as well. And then obviously, this product was -- the cloud data center is evolving very, very rapidly and the specification requirements also evolved very rapidly. So we're really engaged in making sure the next-generation offering has got all the bells and whistles that perfectly and beautifully tuned for the cloud data centers.

話雖如此，我們也剛開始在雲端運算超大規模資料中心公司進行初步嘗試和概念驗證。我對這劑量的接受度感到非常滿意。所以我也希望能夠進入其中一個。顯然，這個產品——雲端資料中心正在發展非常非常迅速，規範要求也正在發展非常迅速。因此，我們真正致力於確保下一代產品擁有適合雲端資料中心的所有功能。

Having said that, it's a strong pipeline. And I say that again next year, we're going to maybe triple the revenue of this year range, 2x to 3x. And I said the product line definitely in two to three years is going to be $75 million to $100 million based on the offerings we know now. But with the proof-of-concept traction we have, could it be double that? I really hope so. And -- but I just want to save the verdict for a little bit more time, okay?

話雖如此，這是一個強大的管道。我再說一遍，明年我們的收入可能會比今年增加兩倍，也就是兩倍到三倍。我說，根據我們現在了解的產品線，兩到三年後產品線的價值肯定會達到 7,500 萬到 1 億美元。但憑藉我們已有的概念驗證牽引力，這個數字能翻倍嗎？我真的希望如此。而且──但我只是想再等一段時間才能做出判決，可以嗎？

Thank you.

謝謝。

Suji Desilva, Roth Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅斯資本合夥人。

Hi Kishore. Hi Steve. Congrats on the progress here. In the high-speed interconnect, if I heard you correctly, I think you talked about your optical module customers exploring AEC opportunities. I'm wondering if you have a road map to support any effort they are doing in terms of moving to either copper or from the front end to the back end? Or any thoughts there as to your road map and how that could play?

你好，Kishore。你好，史蒂夫。恭喜你在這裡的進展。在高速互連方面，如果我沒聽錯的話，我想您談到了您的光模組客戶正在探索 AEC 機會。我想知道您是否有路線圖來支持他們在轉向銅或從前端轉向後端所做的任何努力？或者您對您的路線圖及其如何實施有何想法？

Suji, yes, absolutely. I mean all our products are designed to handle now the AEC requirements, and they've always been. However, so far, AECs have been super niche. So it's like a watch and go sort of environment. However, by the time you -- but now it really remains to be seen, who are the ones that adopt AECs beyond.

Suji，是的，絕對是。我的意思是，我們所有的產品現在都是按照 AEC 要求設計的，而且一直都是這樣。然而，到目前為止，AEC 還只是一個非常小眾的領域。所以這就像是 一種觀看和行動的環境。然而，到那時——但現在真的還有待觀察，誰會採用 AEC。

And so I can believe that even the optical transceiver companies are looking at it and try to create -- keep their options open. So they're now working towards creating their own AECs and ACCs and so on. So we are readily able to support them. And remember that power is incredibly important. You can imagine an end-to-end copper cable, and you don't have all the fancy cooling’s and everything that others can do in optical transceiver module.

因此我相信，即使是光收發器公司也在關注這個問題，並試圖創造——保持他們的選擇開放。因此他們現在正致力於創建自己的 AEC 和 ACC 等等。因此我們能夠隨時為他們提供支援。請記住，權力極為重要。您可以想像一條端到端的銅纜，但它並不具備光收發器模組中所有花哨的冷卻功能以及其他人可以做到的一切。

This is really, really power consumption-sensitive product. And we've always seen MaxLinear's reason for existence is low power, low power, low power and high speed. And I think there's a perfect application. Hopefully, it becomes a big application. But right now, we are just doing the cockroach things, laying eggs, that will become cockroaches later, so to speak. The survival of the longest time. Sorry, I got carried away. But yes, we are engaged in this product line, okay?

這確實是一款對功耗非常敏感的產品。而我們一直看到MaxLinear存在的理由就是低功耗、低功耗、低功耗和高速。我認為有一個完美的應用程式。希望它能成為一個大應用。但現在，我們只是在做蟑螂的事情，產卵，這些卵以後會變成蟑螂，可以這麼說。存活時間最長。抱歉，我有點得意忘形了。但是的，我們從事這個產品線，好嗎？

And then a quick question on Panther. I think you mentioned enterprise quite a bit there. I'm just curious, is there an application for Panther as well into AI infrastructure.

然後是關於 Panther 的一個快速問題。我認為您在那裡多次提到了企業。我只是好奇，Panther 是否也應用在 AI 基礎設施。

Absolutely. Very, very, very, very much so. Look, if you think of Panther, what are the biggest drivers for AI scenarios right now, power, power, power is one part. Memory, memory, memory. We talk of high bandwidth throughput memories.

絕對地。非常非常非常如此。瞧，如果你想想 Panther，那麼目前人工智慧場景的最大驅動力是什麼，力量、力量、力量就是其中的一部分。記憶，記憶，記憶。我們討論高頻寬吞吐量記憶體。

How do you get more out of the HBMs? How do you relieve the bottlenecks that happens in the connection to these memories, right? And all of these are incredibly important. And latency is super important. So -- and how do you offload some level of in-line compute, right?

如何從 HBM 中獲得更多？您如何緩解與這些記憶連結時出現的瓶頸？所有這些都極為重要。延遲非常重要。那麼——您如何卸載某種程度的線上運算呢？對嗎？

And these are all very, very important factors. And I don't think there is a more sweeter place for storage accelerators and smart storage accelerators than AI actually. So however, it will require some level of futuristic sort of engagements and repositioning of the product features. So I think that this is going to be very, very important and for AI is very, very valuable.

這些都是非常非常重要的因素。我認為，對於儲存加速器和智慧儲存加速器來說，沒有比人工智慧更美好的前景了。然而，它需要一定程度的未來主義參與和產品功能的重新定位。所以我認為這將非常非常重要，並且對於人工智慧來說非常非常有價值。

Having said that, small cloud service providers right now are actually -- one of them is already using it. There's one more is about to use it. And there are some big guys who are looking at it as well. So I think it's a very, very, very conceivable that is going to pick a pretty AI-centric product as well. And I will not be surprised if the biggest AI system solution providers are not doing one of these things themselves as well internally. I don't see why they won't be doing it, really, frankly.

話雖如此，現在的小型雲端服務供應商實際上——其中一個已經在使用它了。還有一個即將使用它。還有一些大人物也在關注此事。所以我認為選擇一款以人工智慧為中心的產品是非常有可能的。如果最大的人工智慧系統解決方案提供者沒有在內部做這些事情之一，我不會感到驚訝。坦白說，我真的不明白他們為什麼不這麼做。

That's my own conjecture. But -- so we feel very good that we will be in the leadership position in this product.

這是我自己的猜測。但是——因此，我們非常高興我們將在該產品領域處於領導地位。

Thanks, Kishore.

謝謝，基肖爾。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yeah, Kishore, I just had two follow-ups. The first one, and it's kind of related to the last question there. Your -- in infrastructure, especially in the data center side, your two main competitors are building more and more custom silicon. And as we think about rack level infrastructure, I'm just curious, are you sort of getting pulled into potentially developing any sort of custom technology at this point? Or are you still very much focused on shipping merchant products?

是的，基肖爾，我剛剛有兩個後續問題。第一個問題，它與最後一個問題有點相關。在基礎設施方面，特別是在資料中心方面，您的兩個主要競爭對手正在建立越來越多的客製化矽片。當我們考慮機架級基礎設施時，我很好奇，您是否有可能在此時開發任何類型的客製化技術？或者您仍然非常專注於運送商家產品？

Okay. I guess your second question will come later. Let me answer the first question here. Look, one of the most important thing, what does our incumbents have as an advantage. They're already suppliers to these guys, and they have these conversations that are beyond interconnects, right?

好的。我想你的第二個問題稍後會提出。我在這裡回答第一個問題。看看，最重要的事情之一是，我們的現任者有什麼優勢。他們已經是這些人的供應商了，而且他們之間的對話已經超越了互連，對吧？

So for us, too, it's the same traded path. We are right now establishing a credibility with our interconnects, and we are showing various colors of all the technologies we bring and nobody can dispute the breadth of our technology platform and depth. I think that's the dazzle, right? And so we are engaged with them and -- but right now, from a scale positioning point of view, we are not doing any custom silicon like one of our competitors doing.

所以對我們來說，這也是相同的交易路徑。我們現在正在透過我們的互連建立信譽，並且展示了我們帶來的所有技術的各種色彩，沒有人可以質疑我們技術平台的廣度和深度。我認為這就是炫目之處，對吧？因此，我們與他們合作——但目前，從規模定位的角度來看，我們並沒有像我們的競爭對手那樣進行任何客製化矽片的生產。

However, we are customizing our offering to the differentiation requirements that these guys are looking forward to. I think they're very, very different. We do not have an internal custom ASIC business yet. We have still a standard product offering. However, this kind of product offering comes with some custom features for certain customers. And so I would differentiate that customization from the custom ASIC business that you are asking.

然而，我們正在根據這些人所期望的差異化要求來客製化我們的產品。我認為它們非常非常不同。我們還沒有內部客製化 ASIC 業務。我們仍然提供標準產品。然而，這種產品針對特定客戶帶有一些客製化功能。因此，我會將客製化與您所詢問的客製化 ASIC 業務區分開來。

Having said that, we have recently loaded up on some leadership here to do business development work to get business beyond the interconnect because we really think about it, interconnect is a bookended solution. And the interest of having a third player in the system cannot be just be for the bookended solution. It has to be for something even more as a strategic vendor. And I think that's what we are working towards right now is to be really a broad-based strategic partner for these hyperscale data centers so that buying interconnect is just a phase of complete. It's not really the be-all end-all for the company.

話雖如此，我們最近還是在這裡招募了一些領導來從事業務開發工作，以使業務超越互連，因為我們真的認為，互連是一個書擋式解決方案。而係統中擁有第三個參與者的興趣不能只是為了書擋式的解決方案。作為戰略供應商，它必須發揮更大的作用。我認為我們現在正在努力成為這些超大規模資料中心的廣泛策略合作夥伴，以便購買互連只是一個完整的階段。對公司來說，這其實並不是最重要的。

That makes sense. Thank you.

這很有道理。謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

I want to -- with that, I want to thank everyone for this call today. As you have seen, we are really excited about where things are headed now, the recovery in our business, generating strong positive cash flow now moving forward. So -- and further, this quarterly presenting a number of financial conferences virtual events. I'm sure where we'll meet again and the details of these events will be on our Investor Relations page. With that, thank you very much, and look forward to the next meeting. Thank you. Bye.

我想——我要感謝大家今天的來電。如您所見，我們對目前的情況感到非常興奮，我們的業務正在復蘇，並正在產生強勁的正現金流。因此—此外，本季還將推出一些金融會議虛擬活動。我確信我們會再次見面，這些活動的詳細資訊將在我們的投資者關係頁面上公佈。最後，非常感謝大家，期待下次見面。謝謝。再見。

Thank you. And with that, this does conclude today's teleconference. We thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。