Maxlinear Inc (MXL) 2025 Q3 法說會逐字稿

Greetings, and welcome to the MaxLinear Q3 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 MaxLinear 2025 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Leslie Green, Investor Relations.

現在我很高興介紹你們的主持人、投資者關係部 Leslie Green。

Thank you, Alicia. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's third 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，艾莉西亞。大家下午好，感謝您參加今天的電話會議，討論 MaxLinear 2025 年第三季的財務業績。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 fourth 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 basic and diluted share count.

我們今天的評論包括適用證券法含義內的前瞻性陳述，包括與我們對 2025 年第四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 所得稅以及基本和稀釋股數。

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 of production and launches of such products, demand for and 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的潛在增長和不確定性做出前瞻性陳述，包括但不限於有關未來財務和經營業績、目標市場的收入和市場份額機會、新產品（包括此類產品的生產和發佈時間）、某些技術的需求和採用以及我們的總體目標市場的陳述。

These forward-looking statements involve substantial risks and uncertainties, including risks outlined in our Risk Factors section of our recent SEC filings, including our Form 10-Q for the quarter ended September 30, 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 third 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「風險因素」部分概述的風險，包括我們今天提交的截至 2025 年 9 月 30 日的季度 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 年第三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 or loss from operations, operating expenses, interest and other expense and income tax on both a GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations and the press release available on our website.

此外，我們也報告某些歷史財務指標，包括但不限於基於 GAAP 和非 GAAP 的毛利率、營業收入或虧損、營業費用、利息和其他費用以及所得稅。我們鼓勵投資者查看我們網站上提供的 GAAP 和非 GAAP 簡報的詳細對帳以及新聞稿。

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. Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP and GAAP financial figures. 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.

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減值。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 和 GAAP 財務數據。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. We are excited about our strong Q3 2025 results and the strengthening momentum of our overall business over the last 12 months. Our Q3 2025 revenue of $126.5 million represents 16% sequential and 56% revenue growth year-over-year and drive a substantial increase in non-GAAP net income, both sequentially and year-over-year.

謝謝你，萊斯利，大家下午好。我們對 2025 年第三季的強勁業績以及過去 12 個月整體業務的強勁成長勢頭感到非常興奮。我們 2025 年第三季的營收為 1.265 億美元，季增 16%，年增 56%，並推動非 GAAP 淨收入環比和同比大幅增長。

Our focused investments in data center, optical interconnects, wireless infrastructure, PON broadband access, Wi-Fi 7, Ethernet and storage accelerator products are enabling us to lay the significant groundwork required for broadening customer traction, new and increased content opportunities and sustained growth in 2026.

我們專注於資料中心、光互連、無線基礎設施、PON 寬頻存取、Wi-Fi 7、乙太網路和儲存加速器產品，這為我們在 2026 年擴大客戶吸引力、增加新的內容機會和持續成長奠定了重要的基礎。

In our infrastructure end market, in Q3, revenues were up 16% sequentially and up 75% on a year-over-year basis. We also expect strong revenue acceleration in 2026 as new design wins begin to ramp across our portfolio. In high-speed data center optical interconnects, we are on track to deliver $60 million to $70 million in revenue in 2025 and accelerating growth in 2026.

在我們的基礎設施終端市場，第三季營收季增 16%，年增 75%。隨著新設計在我們產品組合中的不斷湧現，我們也預計 2026 年的營收將強勁成長。在高速資料中心光互連領域，我們預計在 2025 年實現 6,000 萬至 7,000 萬美元的收入，並在 2026 年加速成長。

As evidenced, our Keystone PAM4 DSP family is now qualified at several major data centers in the US and Asia for 400-gig and 800-gig deployment starting 2026 as part of their AI infrastructure build-out. We also made significant progress with our Rushmore family of PAM4 TIAs and 200 gigabit per lane DSPs for 1.6 terabit interconnections and are on track for production ramp in 2026. Rushmore advances our DSP road map and provides foundational technology for emerging optical connectivity trends such as active electrical cable, LROs, LPOs and co-packaged optics for 200 gigabit per lane and 400 gigabit per lane implementations.

事實證明，我們的 Keystone PAM4 DSP 系列現已在美國和亞洲的幾個主要資料中心獲得認證，將從 2026 年開始部署 400 千兆和 800 千兆，作為其 AI 基礎設施建設的一部分。我們也在 Rushmore 系列 PAM4 TIA 和每通道 200 千兆位元 DSP（用於 1.6 太比特互連）方面取得了重大進展，並有望在 2026 年實現量產。Rushmore 推進了我們的 DSP 路線圖，並為新興的光連接趨勢（如主動電纜、LRO、LPO 和共封裝光學元件，可實現每通道 200 千兆位元和每通道 400 千兆位元）提供了基礎技術。

In wireless infrastructure, we expect increases in carrier CapEx spending to drive demand later this year and throughout 2026. Our Sierra 5G wireless access single-chip radio SoC and our millimeter wave and microwave backhaul transceivers and modems are seeing a significant increase in design activity and customer traction.

在無線基礎設施方面，我們預計營運商資本支出的增加將在今年稍後以及整個 2026 年推動需求。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的設計活動和客戶吸引力正在顯著增加。

In Q3, two major North American telecom providers launched new Sierra-based 5G macro remote radio unit products, which will continue to ramp through the end of 2025 and in 2026. At the IMC conference earlier this month, we also jointly announced and showcased Pegatron's next-generation 5G Open RAN macro radio unit powered by our Sierra product. As we look ahead, we project sustained growth in 5G wireless access and backhaul as the needs for cloud and edge AI functionality continue to grow in 2026 and beyond.

第三季度，北美兩大電信業者推出了基於Sierra的5G宏遠端射頻單元新產品，該產品將在2025年底和2026年持續成長。在本月初的IMC會議上，我們也共同宣布並展示了由我們的Sierra產品提供支援的和碩下一代5G Open RAN宏無線電單元。展望未來，我們預計 5G 無線存取和回程將持續成長，因為 2026 年及以後對雲端和邊緣 AI 功能的需求將持續成長。

Beyond wireless infrastructure, within our infrastructure category, we continue to see strong design win success for our Panther family of hardware storage accelerator systems-on-chip solutions across Tier 1 network appliance and cloud service providers. In Q3, we announced our Panther 5 storage accelerator that delivers ultra-low latency, 450 gigabits per second throughput and PCIe Gen 5 connectivity.

除了無線基礎設施之外，在我們的基礎設施類別中，我們繼續看到我們的 Panther 系列硬體儲存加速器系統解決方案在 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。在第三季度，我們發布了 Panther 5 儲存加速器，它具有超低延遲、每秒 450 千兆位元的吞吐量和 PCIe Gen 5 連接性。

The announcement coincided with a joint keynote address with Advanced Micro Devices at the FMS 2025 Storage Conference on the transformation of enterprise data storage. Panther delivers significant advantages over traditional software-based compression, including a 4x improvement in power savings and more efficient usage of CPUs and CPU cores and AI accelerators.

該公告與 AMD 在 FMS 2025 儲存會議上就企業資料儲存轉型發表的聯合主題演講同時發布。Panther 比傳統的軟體為基礎的壓縮具有顯著的優勢，包括節能 4 倍以及更有效地利用 CPU、CPU 核心和 AI 加速器。

Moving to broadband and connectivity. We saw another exceptional quarter of growth for the combined portfolio of fiber PON, cable DOCSIS and Wi-Fi solutions, driven by the early increases in service provider CapEx spending that has contributed to continued booking strength and incremental demand.

轉向寬頻和連線。我們看到光纖 PON、有線 DOCSIS 和 Wi-Fi 解決方案組合又一個出色的季度增長，這得益於服務提供商資本支出的早期增長，這有助於持續的預訂力度和增量需求。

Broadband was up 80% year-on-year and connectivity was up 50% year-on-year. This quarter, we are beginning ramp of 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.

寬頻年增80%，連線性較去年同期成長50%。本季度，我們開始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。

In cable broadband, we are seeing the initial commercial rollouts of DOCSIS 4.0 led by smaller MSOs. We expect DOCSIS 4.0 ramp to accelerate in 2026, which in turn drives content opportunities for our Wi-Fi 7 and Ethernet solutions.

在有線寬頻領域，我們看到由小型 MSO 主導的 DOCSIS 4.0 的初步商業推廣。我們預計 DOCSIS 4.0 的成長將在 2026 年加速，這反過來又為我們的 Wi-Fi 7 和乙太網路解決方案帶來內容機會。

In the Ethernet market, we continue to see the adoption of our innovative high-functionality, low-power consumption 2.5 gigabit Ethernet switch and PHY portfolio into commercial, enterprise and industrial applications. This market continues to grow as demand for higher data rates and increased bandwidth intensifies and 2.5 gigabit Ethernet is well positioned to bridge the gap between gigabit Ethernet and costly higher-speed options of 10-gigabit Ethernet.

在乙太網路市場，我們不斷看到創新的高功能、低功耗 2.5 千兆乙太網路交換器和 PHY 產品組合被商業、企業和工業應用所採用。隨著對更高數據速率和更大頻寬的需求不斷增加，這個市場持續成長，而 2.5 千兆乙太網路可以很好地彌補千兆乙太網路和昂貴的高速 10 千兆乙太網路選項之間的差距。

In conclusion, in the last 12 months, we delivered significant and sustained improvement in our business, driven by strong revenue growth, growing profitability and positive cash flow generation. Through our strategic investments in high-value end markets such as high-speed data center optical interconnects, wireless infrastructure, multi-gigabit PON access, storage accelerators, WiFi connectivity and Ethernet, we're driving strong product traction with Tier 1 customers and partners.

總而言之，在過去的 12 個月中，在強勁的收入成長、獲利能力的提高和正現金流產生的推動下，我們的業務取得了顯著而持續的改善。透過對高速資料中心光互連、無線基礎設施、多千兆 PON 存取、儲存加速器、WiFi 連接和乙太網路等高價值終端市場的策略性投資，我們正在為一級客戶和合作夥伴帶來強大的產品吸引力。

Our success in these areas, combined with the incremental tailwind from the ongoing recovery in our core markets, strongly positions MaxLinear for exceptional growth in 2026 and beyond.

我們在這些領域的成功，加上核心市場持續復甦帶來的增量順風，使 MaxLinear 在 2026 年及以後的卓越成長具有強大的優勢。

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

現在，我將把電話轉給我們的財務長兼首席企業策略長史蒂夫·利奇菲爾德先生。

Thank you, Kishore. Total revenue for the third quarter was $126.5 million, up 16% from $108.8 million in the previous quarter and up 56% from $81.1 million in the third quarter of 2024. Infrastructure revenue for the third quarter was approximately $40 million, broadband revenue was approximately $58 million, connectivity revenue was approximately $19 million and our industrial multimarket revenue was approximately $9 million.

謝謝你，基肖爾。第三季總營收為 1.265 億美元，較上一季的 1.088 億美元成長 16%，較 2024 年第三季的 8,110 萬美元成長 56%。第三季基礎設施收入約 4,000 萬美元，寬頻收入約 5,800 萬美元，連接收入約 1,900 萬美元，我們的工業多市場收入約為 900 萬美元。

GAAP and non-GAAP gross margin for the third quarter were approximately 56.9% and 59.1% of revenue. The delta between GAAP and non-GAAP gross margin in the third quarter was primarily driven by $2.6 million of acquisition-related intangible asset amortization.

第三季 GAAP 和非 GAAP 毛利率分別約為營收的 56.9% 和 59.1%。第三季 GAAP 和非 GAAP 毛利率之間的差異主要由 260 萬美元的收購相關無形資產攤銷造成。

Third quarter GAAP operating expenses were $113.2 million and non-GAAP operating expenses were $59.5 million. The delta between GAAP and non-GAAP operating expenses was primarily due to stock-based compensation and performance-based equity accruals of $32.5 million combined, restructuring costs of $11.3 million and acquisition-related costs of $9.6 million.

第三季 GAAP 營運費用為 1.132 億美元，非 GAAP 營運費用為 5,950 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 3,250 萬美元、重組成本 1,130 萬美元和收購相關成本 960 萬美元。

GAAP losses from operations for Q3 2025 was 33% and non-GAAP income from operations in Q3 was 12% of net revenue. GAAP and non-GAAP interest and other expense during the quarter was $2.1 million and $1.8 million, respectively.

2025 年第三季的 GAAP 營業虧損為 33%，第三季的非 GAAP 營業收入佔淨收入的 12%。本季 GAAP 和非 GAAP 利息及其他費用分別為 210 萬美元和 180 萬美元。

In Q3, net cash flow provided in operating activities was approximately $10.1 million. We exited Q3 of 2025 with approximately $113 million in cash, cash equivalents and restricted cash ahead of our 2025 plan. Our day sales outstanding was down in Q3 to approximately 39 days. Our gross inventory was approximately flat versus the previous quarter with inventory turns improving to 1.8 times.

第三季度，經營活動產生的淨現金流約為1,010萬美元。截至 2025 年第三季度，我們擁有約 1.13 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。我們的應收帳款週轉天數在第三季下降至約 39 天。我們的總庫存與上一季基本持平，庫存週轉率提高至 1.8 次。

This concludes the discussion of our Q3 financial results. With that, let's turn to our guidance for Q4 of 2025. We currently expect revenue in the fourth quarter of 2025 to be between $130 million and $140 million. Looking at Q4 by end market, we expect to see some seasonal moderation in broadband and connectivity coming down from Q3, but expect growth from infrastructure and the industrial multi-market.

這就是我們第三季財務業績的討論。有了這些，讓我們來看看 2025 年第四季的指導。我們目前預計 2025 年第四季的營收將在 1.3 億至 1.4 億美元之間。從終端市場來看，我們預計第四季寬頻和連接性將較第三季出現季節性放緩，但預計基礎設施和工業多市場將出現成長。

We expect fourth quarter GAAP gross margin to be approximately 56.0% to 59% and non-GAAP gross margin to be in the range of 58% and 61% of revenue. We expect Q4 2025 GAAP operating expenses to be in the range of $92 million to $98 million. We expect Q4 2025 non-GAAP operating expenses to be in the range of $57 million to $63 million. We expect our Q4 GAAP interest and other expense to be in the range of approximately $2.2 million to $2.8 million.

我們預計第四季 GAAP 毛利率約為 56.0% 至 59%，非 GAAP 毛利率在 58% 至 61% 之間。我們預計 2025 年第四季 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 年第四季非 GAAP 營運費用將在 5,700 萬美元至 6,300 萬美元之間。我們預計第四季度 GAAP 利息和其他費用約為 220 萬美元至 280 萬美元。

We expect our Q4 non-GAAP interest and other expense to be in the range of $1.9 million to $2.5 million, with FX volatility being the primary risk. We expect a $2.5 million tax benefit on a GAAP basis and a non-GAAP tax provision of approximately $2 million. We expect our Q3 basic and diluted share count to be approximately 87.5 million and 91.1 million.

我們預計第四季度非公認會計準則利息和其他支出將在 190 萬美元至 250 萬美元之間，其中外匯波動是主要風險。我們預計，以 GAAP 計算，稅收優惠為 250 萬美元，非 GAAP 稅收準備金約為 200 萬美元。我們預計第三季基本股數和稀釋股數分別約為 8,750 萬股和 9,110 萬股。

In closing, it's gratifying to see some strong improvement in our business over the past four quarters, marked by continued growth in customer orders, expanding traction across product portfolio and our solid return to profitability. Our focused investments in strategic high-growth areas such as optical, high-speed interconnects, wireless infrastructure, storage, Ethernet, WiFi and fiber PON gateways are beginning to generate exciting business opportunities that we expect to further grow in revenues in 2026. This reinforces our confidence in our sustainable growth and profitability into '26 and beyond.

最後，我們很高興地看到，我們的業務在過去四個季度取得了強勁的改善，其特點是客戶訂單持續成長、產品組合不斷擴大以及盈利能力穩步恢復。我們對光學、高速互連、無線基礎設施、儲存、乙太網路、WiFi 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 2026 年的營收將進一步成長。這增強了我們對26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.

現在，我想開始提問。

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

謝謝。我們現在將進行問答環節。（操作員指示）

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you and congratulations for the results. So I had a question for you, Kishore. So with the Q4 guidance, the company is pretty much tracking to 30% year-over-year growth in '25. You did say you expect exceptional growth in '26 and beyond. I know you typically don't give guidance, obviously, more than a quarter out, but can you maybe put some context on that comment in relation to the about 30% that the company is going to grow here in '25?

是的，謝謝你，並祝賀你所取得的成果。所以我有一個問題想問你，Kishore。因此，根據第四季的預測，該公司 25 年的年成長率基本上達到 30%。您確實說過您預計 26 年及以後將出現非凡的增長。我知道您通常不會給出超過四分之一的預測，但您能否結合公司 25 年將增長約 30% 的說法來說明一下這一評論的背景？

Thank you, Tore. Obviously, 2025, if you compare it to 2024, was exceptional growth overall and the return to profitability now is pretty solid. So -- and that's quite a significant growth in the overall in the semiconductor company. You look forward, if you look at the Street numbers, they are about 20%-odd into 2026. And that, I think, is about 2x what the industry is expecting.

謝謝你，托爾。顯然，如果將 2025 年與 2024 年進行比較，那麼總體而言，成長非常出色，而且現在的獲利回報也相當穩健。所以——這對半導體公司的整體而言是一個相當顯著的成長。展望未來，如果你看華爾街的數據，你會發現到 2026 年，這一比例約為 20%。我認為，這大約是業界預期的兩倍。

Having said that, we have a lot of optimism based on the design win activities across our product portfolio, be it infrastructure, inside infrastructure, the optical customer wins and the timing of the volume ramps. And then we have our wins in wireless infrastructure. Those are accelerating and also our storage accelerator business. We do expect broadband to moderate somewhat. If you look at how strongly broadband has grown as the recovery has set in, but we still see growth with taking market share in these areas.

話雖如此，我們對整個產品組合的設計勝利活動抱持著極大的樂觀態度，無論是基礎設施、內部基礎設施、光學客戶的勝利還是產量成長的時機。我們在無線基礎設施方面也取得了勝利。這些都在加速發展，我們的儲存加速器業務也正在加速發展。我們確實預計寬頻會有所放緩。如果你看看隨著經濟復甦而出現的寬頻成長有多強勁，我們仍然會看到這些領域的市場份額正在成長。

So overall, we try to be very cautious because a big part of the growth is coming through the infrastructure markets, and these are pretty large complex systems and there's a lot of customer concentration in some of these big markets. So we are just -- we are being conservative, but we also are, at the same time, displaying optimism in terms of the sheer breadth of the acceleration that we are seeing based on design win and customer activity and what I call booking strength that we are seeing. So I would like to tell you more, but at this point, let's continue to deliver the numbers is the way I look at it.

因此，整體而言，我們會非常謹慎，因為很大一部分成長來自基礎設施市場，這些都是相當龐大且複雜的系統，而且一些大型市場的客戶集中度很高。因此，我們只是——我們是保守的，但同時，我們也對基於設計勝利和客戶活動以及我所說的預訂實力所看到的加速廣度表現出樂觀態度。所以我想告訴你更多，但目前，讓我們繼續提供我所看到的數字。

Yes. No, that's fair. And as far as the infrastructure segment, so obviously, we know what's going on, on the data center side and the optical business you have there. But I think the one with the more surprising thing is all the strength that you're starting to see on the wireless side. Obviously, you have some company-specific product cycles there, but it also sounds like the service providers are starting to spend some more CapEx again. So just hoping you could add a little bit more color there. And how should we think about the wireless part of the infrastructure segment for calendar '26?

是的。不，這很公平。至於基礎設施領域，顯然，我們知道資料中心方面以及那裡的光學業務的情況。但我認為更令人驚訝的是你開始在無線方面看到的所有實力。顯然，你們公司有一些特定的產品週期，但聽起來服務提供者又開始花費更多的資本支出。所以我只想希望你能在那裡添加更多一點色彩。我們該如何看待 26 年基礎設施領域的無線部分？

Absolutely. I do see the wireless infrastructure, there's -- the telecom operators are beginning to spend on their infrastructure now. So I know three years ago, that was the topic du jour, but really now they're spending coming from a period of lean investment and we are seeing a lot of traction for our Sierra product line.

絕對地。我確實看到了無線基礎設施——電信營運商現在開始在其基礎設施上投入資金。所以我知道三年前，這是當時的熱門話題，但實際上現在他們的支出正處於精簡投資時期，我們看到 Sierra 產品線的巨大吸引力。

And we are the only single-chip solution provider for the remote radio units for the RAN network. So we're getting pretty strong traction. And I talked about -- and the quality of the product speaks for itself with the two big North American telecom operators who are actually Q3 qualified it are in the ramp phase.

我們是唯一為 RAN 網路提供遠端無線電單元單晶片解決方案的供應商。因此，我們獲得了相當強勁的牽引力。我談到了——該產品的品質不言而喻，實際上兩家北美大型電信營運商都已獲得 Q3 資格，並且正處於發展階段。

Now how much do we expect it to grow? If you combine our millimeter wave, microwave backhaul infrastructure and wireless access is still in its initial ramp with Sierra. I think we see a pretty strong growth, maybe in the same order of as optical, let me put it that way, in the same order of magnitude.

現在我們預計它會成長多少？如果將我們的毫米波、微波回程基礎設施和無線存取結合起來，它仍與 Sierra 一起處於初始階段。我認為我們看到了相當強勁的增長，可能與光學處於同一數量級，讓我這樣說吧，處於同一數量級。

But I do want to emphasize this point, right, is that infrastructure is a category where MaxLinear now you're seeing is getting substantially as a big percentage of overall revenue. That was the growth that we had invested strategically for the last five years. And now I still remain by my position that in the next two to three years, this infrastructure revenue should be in the $300 million to $500 million range. And I feel really very proud of our team that we stick with the plan and they're executing to it.

但我確實想強調這一點，對吧，基礎設施是 MaxLinear 現在看到的佔總收入很大比例的一個類別。這是我們過去五年來策略性投資的成長。現在我仍然堅持我的立場，在未來兩到三年內，基礎設施收入應該在 3 億到 5 億美元之間。我為我們的團隊感到非常自豪，我們堅持計劃並且正在執行它。

Okay. That's great. Thank you.

好的。那太棒了。謝謝。

Yes, thank you, Tore.

是的，謝謝你，托爾。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark 公司。

Hey, congrats on the really strong progress here. It's great to see. So if you kind of think about the optical side of the business and the strength that you've had there, you've got some qualification. You talked about some ramps. Just kind of wondering if you maybe could give us some insight into how you think that will trend for next year? Could it be another doubling of that revenue or maybe how do you think about just that infrastructure piece or the optical piece in infrastructure?

嘿，祝賀你在這裡取得了巨大的進步。很高興看到。因此，如果您考慮業務的光學方面以及您在那裡擁有的優勢，那麼您就具備了一些資格。您談到了一些坡道。我只是想知道您是否可以告訴我們一些您認為明年的趨勢如何？這是否會使收入再次翻倍，或者您如何看待基礎設施部分或基礎設施中的光學部分？

I would like to say everything is a possibility given where the traction is right now. But we have also seen movements in the shifting of where we think a certain particular data center is going to ramp or a large enterprise customer.

我想說，考慮到目前的局勢，一切都有可能。但我們也看到，我們認為某個特定的資料中心或大型企業客戶的成長點正在改變。

Currently, a big part of the revenue in this year on the optical -- the data center connectivity is coming from 400 gigabit solutions, but now towards the end of the year in '25 and into 2026, 800 gigabit is beginning to grow. So that kind of gives you a sense of our momentum in terms of which data centers what we are tracking. And I feel that the 800 gigabit side, we are not any different than any -- and the normal course of where the data center guys are in terms of the various rollout.

目前，今年光纖資料中心連接的大部分收入來自 400 千兆位元解決方案，但現在接近 2025 年底和 2026 年，800 千兆位元開始成長。因此，這可以讓您了解我們正在追蹤哪些資料中心的勢頭。我覺得，在 800 千兆位元方面，我們與其他方面並沒有什麼不同 — — 就各種推出而言，這也是資料中心人員的正常流程。

So I think I would have liked to see even more traction than I'm speaking about, but I am also now -- while we are very proud of where we are, but we battered against pretty entrenched two other competitors, and that's taken a while to start cracking open, and it is definitely cracked open. And as far as OEM is concerned, all the major OEMs, we are part of their solution portfolio. And I hope we are their favorite one, and if not today, in the future, right? That's our goal here, okay?

所以我想我本來希望看到比我所說的更多的牽引力，但我現在也 - 雖然我們對我們所處的位置感到非常自豪，但我們與另外兩個根深蒂固的競爭對手進行了打擊，這花了一段時間才開始破裂，而且肯定已經破裂了。就 OEM 而言，對於所有主要的 OEM，我們都是其解決方案組合的一部分。我希望我們是他們最喜歡的，如果不是今天，那就是將來，對嗎？這就是我們的目標，好嗎？

Okay. Perfect. Thanks for the color there, and then maybe Steve, just kind of thinking about the gross margin guidance. I think just the 30 basis points there that you're guiding to, it would imply maybe a 64%, 65% type of incremental margin. Does that seem fair? And what are maybe the moving pieces there for that margin improvement for next quarter? Thanks.

好的。完美的。感謝您的介紹，然後也許史蒂夫只是在考慮毛利率指導。我認為您所指導的 30 個基點可能意味著 64%、65% 的增量利潤率。這看起來公平嗎？那麼，下個季度利潤率提高的可能因素是什麼呢？謝謝。

Yes, David, I think we're kind of finally starting to see things improve a little bit. I mean, as revenue really starts to ramp back up to some more material levels and naturally the mix, as we've talked about a while, I mean, you're seeing our infrastructure business continue to grow at a faster rate than the rest of the business, has a little higher gross margin mix. And so pleased with the progress. Looking into next year, hopefully, we can continue to see that.

是的，大衛，我想我們終於開始看到事情有所改善了。我的意思是，隨著收入真正開始回升到一些更重要的水平，並且自然而然地，正如我們剛才討論的那樣，你會看到我們的基礎設施業務繼續以比其他業務更快的速度增長，毛利率組合也略高一些。我對這項進展感到非常高興。展望明年，希望我們能夠繼續看到這一點。

And the growth is picking some momentum and the lead times on the fabs that we have dramatically increased as well. We're not the only one looks like who needs capacity. And the fabs have been increasing prices as well. And so we are not where we wanted to be on gross margins, but all the good work our team does seems like the fabs are consuming it. So yes, we are making good progress, but not as much as I'd hope on the gross margin front.

且成長動能正在增強，晶圓廠的交貨時間也大幅增加。看起來我們並不是唯一需要容量的人。而且晶圓廠也一直在提高價格。因此，我們的毛利率還沒有達到我們想要的水平，但我們團隊所做的所有出色工作似乎都被晶圓廠消耗掉了。是的，我們正在取得良好進展，但在毛利率方面並沒有達到我的期望。

Yeah, well, thanks again for the time doing. Certainly appreciate it. It's great to hear the much better, more optimistic outlook here.

是的，再次感謝您抽出時間。當然很感激。很高興聽到這裡更美好、更樂觀的前景。

Thank you, David.

謝謝你，大衛。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yeah, thanks for taking the questions. Maybe another one on the data center optical side. Just trying to take another stab at your expectations for '26. I mean, we've seen a lot of -- a number of AI data center announcements over the last few weeks. Just curious how your visibility or pipeline of opportunities has changed since a quarter ago.

是的，感謝您回答這些問題。也許是資料中心光學方面的另一個。只是想再次嘗試了解您對 26 年的期望。我的意思是，過去幾週我們已經看到了很多關於人工智慧資料中心的公告。我只是好奇自一個季度前以來，您的知名度或機會管道發生了怎樣的變化。

Look, a quarter is a long time, but also it's a very short time in the data center world, right? These interops, one of the biggest learnings for me is the interops always take longer than they tell you and they're always juggling their current build-outs versus qualifying new players.

你看，一個季度是一段很長的時間，但在資料中心領域，這也是一段很短的時間，對吧？這些互通，對我來說最大的收穫之一是，互通總是比他們告訴你的要花更長的時間，而且他們總是在當前的擴建和合格的新玩家之間徘徊。

So having passed the threshold with the major data centers on the interops, it has a way of generating its own momentum of MaxLinear's product. So naturally, you can tell by our tone, we are very, very excited and we're getting a lot of what I call pull now in terms of design win activity and such. So obviously, we're feeling very, very better.

因此，在跨越與主要資料中心的互通門檻後，它就有辦法為 MaxLinear 的產品創造自己的動力。因此，很自然地，您可以從我們的語氣中聽出，我們非常非常興奮，而且我們在設計獲勝活動等方面獲得了很多我稱之為“拉動”的東西。顯然，我們感覺好多了。

And like I told in response to Tore's question, we feel very, very good. And the growth that we expect for optical or wireless infrastructure is of the same order and infrastructure will grow very, very nicely next year.

正如我在回答托爾的問題時所說的那樣，我們感覺非常非常好。我們預計光纖或無線基礎設施的成長也將達到同樣的水平，而且明年基礎設施的成長將會非常非常好。

Got it. And then on the broadband connectivity side, I appreciate that it's typically seasonally down in the December quarter. Any sort of help in just terms of kind of framing this year relative to normal seasonality, just given I think there's been some inventory kind of things at play there?

知道了。然後在寬頻連線方面，我知道它在 12 月季度通常會出現季節性下降。鑑於我認為今年存在一些庫存問題，相對於正常季節性，您能提供什麼幫助嗎？

Okay. So maybe Steve will give you a little bit more color. Normally, we see seasonality that sometimes December sometimes is the Q1. So we have always had an uncertainty for the ones who have followed us historically. So I would say this year is a little bit different in the sense the core recovery was happening. But the big growth came through what I'd call cable recovery.

好的。所以也許史蒂夫會給你更多細節。通常，我們會看到季節性，有時是 12 月，有時是第一季。因此，對於歷史上追隨我們的人，我們一直感到不確定。所以我想說，從核心復甦的意義上來說，今年的情況略有不同。但巨大的成長來自於我所說的有線電視的復甦。

And -- but we are winning designs on the PON side. We're very excited about the major telecom provider. Hopefully, you'll get one of our boxes at your home, so to speak. So PON is poised for very strong growth, but we do expect moderation. Look, we grew 80% year-over-year. So I think by any means, the broadband market is not naturally that kind of a growth vehicle, but it will moderate.

而且——但我們在 PON 方面的設計是成功的。我們對主要的電信供應商感到非常興奮。希望您能在家裡收到我們的一個盒子。因此，PON 有望實現非常強勁的成長，但我們確實預計成長會放緩。你看，我們年增了 80%。所以我認為，無論如何，寬頻市場並不是自然而然的成長工具，但它會有所緩和。

Yes. I think the only thing I would add, Joe, is maybe speak a little bit broader in '26 and '27. I mean, we are seeing nice CapEx spends over the next two years. You're seeing the telco guys rolling that out right now. We're certainly participating, as Kishore stated. And that's exciting because it's new business for us.

是的。喬，我想我唯一要補充的是，在 26 年和 27 年，也許可以講得更廣泛一些。我的意思是，我們將在未來兩年看到不錯的資本支出。您現在就看到電信公司正在推出這項服務。正如 Kishore 所說，我們當然會參與。這令人興奮，因為這對我們來說是一項新業務。

At the same time, you still got kind of this DOCSIS upgrade that's happening and has a meaningful content improvement, and that's going to start kind of late '26 and even into 2027. I think some of the cable operators have been delayed a little bit with some of the amps and the node upgrades that are happening. So maybe to the earlier point, yes, a little bit of moderation in the short term with regard to seasonality, but I think our outlook continues to be strong over the next couple of years.

同時，DOCSIS 升級仍在進行中，其內容將有顯著改進，預計將於 2026 年底甚至 2027 年啟動。我認為一些有線電視營運商在進行一些放大器和節點升級時遇到了一些延遲。所以也許回到之前的觀點，是的，短期內由於季節性因素會稍微緩和一些，但我認為未來幾年我們的前景仍然強勁。

Thank you.

謝謝。

Thanks, Joe.

謝謝，喬。

Tim Savageaux, Northland Capital Markets.

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

Hey, good afternoon, and my congrats as well on the strong results. I kind of want to come back and touch on a couple of questions that have already been asked. But -- and I guess it has to do with the accelerating growth commentary, which I don't know if that first comment was relative to the entire business, '26 over '25, but I think I definitely heard that comment made with regard to the optical data center piece. I just wanted to kind of clarify that and get, I guess, a little more color on where you guys are headed with those comments. Thanks.

嘿，下午好，我也祝賀你取得如此好的成績。我想回過頭來談談幾個已經提出的問題。但是 - 我想這與加速增長的評論有關，我不知道第一個評論是否與整個業務有關，'26 年相對於 '25 年，但我認為我肯定聽到過關於光學數據中心部分的評論。我只是想澄清一下這一點，並且更清楚地了解你們發表這些評論的目的。謝謝。

So clearly, it's not related to where the business was '24 versus '25. It's really related to the new opportunities that we had in front of us. Obviously, the new opportunities will grow much faster than what the overall business that it's pointing to based on Street's numbers around 20% growth or so for the company.

因此很明顯，這與 24 年和 25 年的業務狀況無關。這確實與我們面臨的新機會有關。顯然，新機會的成長速度將遠遠超過華爾街預測的該公司整體業務的成長速度（根據華爾街的數據，該公司的整體業務成長率約為 20% 左右）。

So the acceleration we're talking about is really in terms of the various opportunities here, okay? The first one is the data center connectivity, then I told wireless is in the same order, infrastructure. And then we have storage accelerators. Those are all brand-new or exciting data center type-driven markets. Those are where the exciting growth is, very, very strong growth, well above the company's overall growth rate.

所以我們所說的加速其實是就這裡的各種機會而言的，好嗎？第一個是資料中心連接，然後我說無線是按相同的順序，基礎設施。然後我們有儲存加速器。這些都是全新或令人興奮的資料中心類型驅動的市場。這些是令人興奮的成長點，非常非常強勁的成長，遠高於公司的整體成長率。

Then we said broadband will moderate to its potentially normal level. But within broadband, with the puts and takes, PON is going to grow strongly because there's a large North American operator coming online. And so those are the buckets I would look at as strong growth opportunities that are accelerating. And at the overall company level, that translates to a pretty robust growth that I referred to earlier. Okay?

然後我們說寬頻將緩和到其潛在的正常水平。但在寬頻領域，隨著投入和產出，PON 將會強勁成長，因為有一家大型北美業者即將上線。因此，我認為這些是正在加速的強勁成長機會。從整個公司層面來看，這意味著我之前提到的相當強勁的成長。好的？

Yes, okay. Let me try one more time. So if we take AI optical in particular, somewhere in the middle of your range. And I'd be interested as an aside as to whether you have any thoughts about the higher or low end of that $60 million, $70 million range as we stand here in October. But assuming we're mid-range, that's 80%, 90% growth, something like that. So accelerating growth there would be up toward triple-digits. And from an absolute dollar standpoint, I think what you're telling us is that growth you should see on the wireless side as well. I want to make sure I got that right. And I have one more very quick one.

是的，好的。讓我再試一次。因此，如果我們特別考慮 AI 光學，它就處於您的範圍的中間某處。順便問一下，我很想知道，截至 10 月份，您對 6000 萬美元或 7000 萬美元這個範圍的上限或下限有何看法。但假設我們處於中等水平，那就是 80%、90% 的成長率，諸如此類。因此，那裡的成長速度將達到三位數。從絕對美元角度來看，我認為您告訴我們的是，無線方面也應該會成長。我想確保我理解正確。我還有一個非常快的問題。

Yes. So Tim, since nobody likes Kishore's answers, I'll try. Joking aside, look, I think we're very excited about the outlook on the infrastructure side. I mean, optical is clearly where we've been spending a lot of time and efforts. And we're seeing that potential that you're referring to, I think we're having a great year this year. It's very back-end loaded. And looking out into next year as these new data center wins ramp into production, yes, I mean, these numbers go up meaningfully and we're very excited about that.

是的。所以提姆，既然沒有人喜歡 Kishore 的答案，我會嘗試。玩笑歸玩笑，我認為我們對基礎設施方面的前景感到非常興奮。我的意思是，光學顯然是我們花費大量時間和精力的領域。我們看到了您提到的潛力，我認為今年我們會過得很好。它的後端負載非常大。展望明年，隨著這些新資料中心的勝利投入生產，是的，我的意思是，這些數字將大幅上升，我們對此感到非常興奮。

Are there other pieces in infrastructure that continue to do well? Yes, absolutely. And we're excited about those also. But data center is going to lead the way from a growth number, nonetheless.

基礎設施中還有其他部分繼續表現良好嗎？是的，絕對是。我們對此也感到興奮。但儘管如此，數據中心仍將從成長數字上引領潮流。

Great. And that's actually very relevant to my very brief final question, which is on the Q4 guide. Looks like infrastructure is doing most of the work there, maybe up 20% plus sequentially. Could you break that down between optical or wireless or any other big drivers for that sequential growth in Q4? Thanks.

偉大的。這實際上與我關於第四季度指南的最後一個簡短問題非常相關。看起來基礎設施在那裡發揮了大部分作用，可能比上一季成長了 20% 以上。您能否將其細分為光學、無線或第四季度連續成長的其他主要驅動因素？謝謝。

Yes. Look, it's a good question. I guess, I would just say with regard to some of that end market guidance. So you're right, infrastructure is the biggest contributor in Q4. I think that was, for the most part, expected that you would see that particular end market growing the most. I mean, some of the moderation that we spoke of earlier on broadband and connectivity is modest. I mean, indeed modest. It's not that big.

是的。瞧，這是個好問題。我想，我只想談談一些最終市場指導。所以你說得對，基礎建設是第四季最大的貢獻者。我認為，在很大程度上，你會看到特定的終端市場達到最大成長，這是意料之中的事。我的意思是，我們之前談到的有關寬頻和連接的一些調整是適度的。我的意思是，確實很謙虛。它沒那麼大。

Industrial multi-market is on the mend, I would say, and we're starting to see some improvements there. But I'll keep from going into specifics on all the line items that drive infrastructure growth. But suffice it to say, we're very excited about some strong back-end and infrastructure growth that will lead to nice revenues in 2026.

我想說，工業多市場正在好轉，我們開始看到一些改善。但我不會詳細討論推動基礎設施成長的所有項目。但可以說，我們對強勁的後端和基礎設施成長感到非常興奮，這將在 2026 年帶來可觀的收入。

Okay, operator, maybe next question.

好的，接線員，也許下一個問題。

Christopher Rolland, Susquehanna International Group.

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

Thanks for the question, and congrats, guys. So this one is probably for Kishore. So Kishore, I felt like I sensed a bit of hesitation to really extend yourself in the optical guide or comments for next year. You did mention stuff like competition, and there's a lot to this beyond just kind of pure DSP performance, like laser availability and/or bundling and other dynamics. So I was wondering if you could kind of expand a little bit more there on your outlook and what gets you to like a hyper growth outcome for next year for MaxLinear versus like just a solid growth outlook?

感謝您的提問，恭喜大家。所以這一張可能是給 Kishore 的。所以 Kishore，我覺得我有點猶豫是否要真正在明年的光學指南或評論中擴展自己。您確實提到了競爭之類的事情，除了純粹的 DSP 性能之外，還有很多其他因素，例如雷射的可用性和/或捆綁以及其他動態。所以我想知道您是否可以進一步闡述您的展望，是什麼讓您看好 MaxLinear 明年的超高成長結果，而不是僅僅看好穩健的成長前景？

That's a very complicated question with lots of dynamics there. I would -- yes, availability will be a big issue, whether it is optics or silicon even, for example, that's a big factor. And the other factor is also the timing of our wins and when they translate to actual revenue growth. So at this point, our growth assumptions are based on what's already started ramping, right? So based on that, I can qualify that it will be very solid growth, very solid growth.

這是一個非常複雜的問題，其中涉及許多動態因素。是的，可用性將是一個大問題，無論是光學還是矽，這都是一個重要因素。另一個因素也是我們獲勝的時機以及它們何時轉化為實際收入成長。那麼目前，我們的成長假設是基於已經開始成長的情況，對嗎？因此基於此，我可以斷定，這將是非常穩健的成長，非常穩健的成長。

Hyper growth is a very hyperbolic question. So it will take things that are already ramping to be much more -- we get even more share than we planned for is one way to look at it, okay? So whatever growth we are referring to, we are not referring to based on many more new design wins, right? We can only project growth based on what we have won and what has started ramping, okay? So I think that kind of sets the stage.

超速成長是一個非常誇張的問題。因此，這將使已經在增加的事情變得更加——我們獲得的份額甚至比我們計劃的還要多，這是一種看待它的方式，好嗎？因此，無論我們指的是什麼成長，我們指的不是基於更多新設計的成功，對嗎？我們只能根據我們已經取得的勝利和已經開始取得的進展來預測成長，好嗎？所以我認為這已經奠定了基礎。

So hyperbolic growth would be based off getting much more share than we thought and solid growth would be based on the shares we assume at this stage in our play in the data center, okay?

因此，雙曲線成長將基於獲得比我們想像的多得多的份額，而穩健成長將基於我們在資料中心這個階段所假設的份額，好嗎？

Okay. Perfect. And then also probably following up on your broadband comments. Just as we -- you had some comments around DOCSIS 4 as well. Like is this going to be a big driver of new upgrades here and for this business finally or do you think like the fiber opportunity and growth there is more meaningful for you guys as we look forward?

好的。完美的。然後可能還會跟進您的寬頻評論。正如我們一樣——您也對 DOCSIS 4 發表了一些評論。這是否會成為這裡和這項業務新升級的一大推動力，或者您是否認為那裡的光纖機會和成長對您來說更有意義？

As the Professor always said, it depends. It depends on a number of things. One of the things that it depends upon is DOCSIS 4.0 ramp. And clearly, the main players have delayed their DOCSIS 4.0 ramp because the network upgrades that they planned for, they have sort of slowed down for whatever reasons, right, due to the complexity of it or not. So that could make a huge meaningful difference on the cable growth.

正如教授常說的，這要視情況而定。這取決於很多因素。它所依賴的一件事是 DOCSIS 4.0 坡道。顯然，主要參與者已經推遲了 DOCSIS 4.0 的推進，因為他們計劃的網路升級已經放慢了速度，不管出於什麼原因，不管是否因為它的複雜性。這可能會對有線電視的成長產生巨大的影響。

So that brings the question, as you rightly pointed out, on the fiber side. So we have a lot of North America operator ramping. We are winning a bunch of shares right now and the timing of those. So at this point, when I think of broadband, there are two factors that would make for a meaningful broadband growth and not overly moderated as we were alluding to. One is the DOCSIS 4.0 ramp and rollout. And we are very confident of the North American telecom operator ramping, the second one, the big one. And there are a couple of others that if the timing is right, that could also set up a nice growth for broadband.

正如您正確指出的那樣，這就帶來了有關光纖方面的問題。因此，我們有許多北美業者正在加緊努力。我們現在贏得了大量股份，而且時機也很好。因此，此時此刻，當我想到寬頻時，有兩個因素將推動寬頻的有意義成長，而不會像我們所暗示的那樣過度放緩。一是 DOCSIS 4.0 的推廣與推出。我們對北美第二大電信業者的崛起充滿信心。還有一些其他的，如果時機合適，也可以為寬頻帶來良好的成長。

Fantastic. Thanks, guys.

極好的。謝謝大家。

Thank you.

謝謝。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

Hey, thanks guys, and congrats on the steady progress here. It's good to see. Look, this is a bigger picture growth question. We're all thinking the same way. Let me just ask you this, Kishore. Coming out of COVID, you've put up a good growth year coming out of COVID, not dissimilar to 2025, the growth rate. And then you had an amplified growth rate coming off of that year as well with the first year coming out of COVID off of a negative comp, too. So the similarities, I think, is why people are probably focused on it.

嘿，謝謝大家，並祝賀你們取得穩步進展。很高興看到。看，這是一個更大的成長問題。我們的想法都一樣。我只想問你這個問題，基肖爾。在擺脫 COVID 之後，你們取得了良好的成長，成長率與 2025 年並無二致。然後，那一年的成長率也大幅提高，而新冠疫情爆發後的第一年，成長率也出現了負成長。所以我認為相似之處可能是人們關注它的原因。

What would be the things -- are there any meaningful differences with the business? Any meaningful differences with the supply chain? Any meaningful differences with inventory right now that would have the pattern coming out of this time around be different than COVID? Obviously, I understand COVID was unique, but the growth rates are actually similar. And you guys have more incremental punchy opportunities, market opportunities that you've been preparing for coming out of this pause than you actually did back then. So let me ask that. And then I have a quick follow-up as well. Thanks.

事情會是什麼－與業務有什麼有意義的差別嗎？供應鏈有什麼顯著差異嗎？目前庫存是否有任何重大差異，導致這次的模式與 COVID 不同？顯然，我知道 COVID 是獨一無二的，但成長率實際上是相似的。與當時相比，你們在這次停頓之後準備了更多增量的強大機會和市場機會。那請容許我問一下。然後我也會進行快速的跟進。謝謝。

Ananda, let me try to take a stab at your question. There's a fundamental difference between what we are talking today versus what you saw in the COVID phenomenon, as I call it. That was a very broadband-driven growth. And now it's really infrastructure being a huge part of the growth.

阿南達，讓我試著回答你的問題。我們今天談論的內容與你們在 COVID 現象（我稱之為）中看到的內容有著根本的區別。這是一個由寬頻驅動的成長。現在基礎設施確實是成長的重要組成部分。

And secondly, as always, these events happen, businesses change, legacy businesses. And so right now, the infrastructure growth, there are components of it that are really primarily brand new revenues. And they have a huge TAM and massive TAMs, much more than anything we were looking at before, where our share of that market is very tiny. So there's a large growth in front of us as we become successful and continue in our strategic focus and investments. That's, I would say.

其次，一如既往，這些事件會發生，企業會發生變化，傳統企業也會改變。因此，目前基礎設施的成長，其部分內容實際上主要是全新的收入。他們擁有龐大的 TAM，比我們之前關注的任何公司都要大得多，而我們在該市場的份額卻非常小。因此，隨著我們取得成功並繼續我們的策略重點和投資，我們將面臨巨大的成長。我會這麼說。

Secondly, the inventory situation is totally different. Nobody is doing excess stocking whatsoever, right? So now we are in a place where sell-through and sell-in, if you will, are kind of in balance equilibrium, let's call it, right? So there's no unusual sort of events of that nature.

其次，庫存情況完全不同。沒有人會囤積過多的庫存，對吧？所以現在我們處於一個銷售量和銷售量達到平衡的狀態，如果你願意的話，我們可以這樣稱呼它，對嗎？因此，不存在此類不尋常的事件。

So on the supply chain side, it's dramatically different. There are geopolitical issues that are in play now. And then there's a large dependency on the foundry choices one can have in the SoC markets versus non-SoC markets. So very, very different. And the advanced nodes are much more entrenched now than they used to be before. So if you look at 16 nanometer and beyond, it's all FinFET-based versus previously it was older nodes than 16 nanometer. So I just want to leave it there.

因此，從供應鏈方面來看，情況有很大差異。目前存在一些地緣政治問題。然後，SoC 市場和非 SoC 市場對代工廠的選擇有很大的依賴。非常非常不同。現在，高階節點比以前更根深蒂固。因此，如果你看一下 16 奈米及以上，你會發現它們都是基於 FinFET 的，而之前則是 16 奈米以下的舊節點。所以我只想把它留在那裡。

And the fabs have now completely muscled on their pricing power. So you have to be incredibly more innovative to maintain your margins than it's not a one-trick scenario that you can charge margins because you were there at the right time for the right market. But if you're going to be a company like MaxLinear across portfolios, you really have to have a sustainable, consistent execution and value proposition to maintain or grow your gross margins. I would say that with the comprehensive color.

如今，晶圓廠已完全掌握了定價權。因此，你必須更加創新才能保持你的利潤率，而不是僅僅因為你在正確的時間進入了正確的市場就能收取利潤。但如果你想成為像 MaxLinear 這樣的跨投資組合公司，你必須擁有可持續的、一致的執行力和價值主張，以維持或增加你的毛利率。我想說的是綜合色彩。

Okay. So let me allow you to ask your second question. So let's see, maybe Steve is better positioned for that.

好的。那麼請容許我問你的第二個問題。那麼讓我們來看看，也許史蒂夫更適合這個職位。

Awesome. That's awesome. Yes, just real quick on neoclouds. With more hyperscale workloads, AI workloads moving to neoclouds, large AOIs moving to neoclouds, does that necessitate you guys -- this is really an infrastructure question, a DSP question. Does that necessitate you guys having to broaden out your relationship set to participate in those? Just what's -- fill out that sort of whole paradigm for us, that would be great. And that's it for me.

驚人的。太棒了。是的，在 neoclouds 上非常快。隨著越來越多的超大規模工作負載、AI 工作負載轉移到 neoclouds、大型 AOI 轉移到 neoclouds，這是否需要你們——這實際上是一個基礎設施問題、一個 DSP 問題。這是否意味著你們必須擴大關係範圍才能參與其中？只是——為我們填補這個整個範例，那就太好了。對我來說就是這樣。

Okay. That's a very, very broad generic question, right? We have to broaden our relationships, but we also have to deepen our relationships which is a very challenging proposition. Unless you are in the revenues, conversations get -- are difficult. Now that we are in the revenues, those conversations get -- it's like a natural spontaneous defrictionization of the system.

好的。這是一個非常非常廣泛的一般性問題，對嗎？我們必須拓寬我們的關係，但我們也必須深化我們的關係，這是一個非常具有挑戰性的提議。除非你了解收入狀況，否則對話會很困難。現在我們討論的是收入問題，這些對話就像是系統自然而然的去偏轉。

So what I would call acceleration. I'm just worried about acceleration word, but yes, I'll use it here. So as we start generating revenue and win their confidence, they naturally lead to more dialogues. That's just part for the course. So where you're successful, you have more and more conversations and you can broaden those conversations. Where you're trying to get in, you really have to narrow and deepen those conversations first because the general question to you is, prove yourself first before you want to talk about everything in the world.

這就是我所說的加速。我只是擔心加速度詞，但是是的，我會在這裡使用它。因此，當我們開始創造收入並贏得他們的信任時，他們自然會進行更多的對話。這只是課程的一部分。因此，如果你成功了，你就會有越來越多的對話，而且你可以擴大這些對話。如果你想進入某個領域，你首先必須縮小並深化這些對話，因為對你來說，一般的問題是，在你想談論世界上的一切之前，先證明自己。

So that's the -- but that's pretty standard in the new market and the data centers are much more challenging because they are a well done to themselves. So that's how I would describe it. And the amount of money you have to spend on marketing and support and all is incredibly higher even before you have any revenue. So that's been the other mitigating experience trying to get into these markets. Okay?

所以這是——但這在新市場中相當標準，而且資料中心更具挑戰性，因為它們本身做得很好。這就是我的描述。甚至在沒有任何收入之前，你在行銷和支援等方面所花費的資金就已經非常高昂了。所以這是試圖進入這些市場的另一個緩解經驗。好的？

Great context, Kishore. Thank you so much. Appreciate it.

很棒的背景，Kishore。太感謝了。非常感謝。

Yes, thanks Ananda.

是的，謝謝阿南達。

Quinn Bolton, Needham and Company.

奎因·博爾頓，尼德漢姆公司。

Yes, thanks for letting me ask you a couple of questions. I guess, maybe I'm a little just thick headed, but I just wanted to come back on the broadband comments. You're talking about moderating or a moderation in that business. Are you talking about the growth rate is going to moderate from something like 80% year-on-year to a lower percentage, but still growing or are you talking about the business actually potentially declining next year? And if it declines, is it simply just maybe normalization in cable, the DOCSIS 4 ramp really not ramping until late calendar '26. And so the moderation in cable kind of offsets the growth in PON. Is that the right way to be thinking about it or do you think the overall business just still grows. It's just not going to grow at 80%?

是的，感謝您允許我問您幾個問題。我想，也許我有點愚鈍，但我只是想重新談談寬頻評論。您正在談論的是該業務的調節或適度。您說的成長率是會從去年同期的 80% 左右放緩至較低水平，但仍在成長，還是說明年業務實際上可能會下滑？如果它下降了，這是否只是有線電視的正常化，DOCSIS 4 的坡道實際上要到 26 年末才會坡道。因此，電纜的放緩在某種程度上抵消了 PON 的成長。這是正確的思考方式嗎？或者您認為整體業務仍會成長。它不會以 80% 的速度成長嗎？

Quinn, nobody accused you ever of being thick headed. I just want to clarify that first, okay? The second part of it is you're absolutely right. We're talking in absolute terms and not in percentage terms. We don't see overall decline. But on the broadband side, we just see sort of growth through the next year, so to speak, range we are thinking about.

奎因，從來沒有人指責過你頭腦愚蠢。我只是想先澄清一下，可以嗎？第二部分是你完全正確。我們談論的是絕對值，而不是百分比。我們沒有看到整體的衰退。但在寬頻方面，我們看到明年會出現某種成長，也就是我們正在考慮的範圍。

Can it grow? I think it was asked by Chris Rolland that you've got the fiber PON design wins that are in place and the DOCSIS 4 ramp has to set in to see some good growth beyond this year. That's fairly correct.

它能生長嗎？我認為 Chris Rolland 曾經問過，你們已經獲得了光纖 PON 設計勝利，而 DOCSIS 4 的普及也必須開始，才能在今年之後實現良好的成長。這是相當正確的。

So Steve, do you want to add anything more?

那麼史蒂夫，你還有什麼要補充的嗎？

No, no. I mean, look, the moderation comment is around Q4. That was the guidance. We just talked about Q4. We haven't given any guidance beyond that. But my comments about the market and the CapEx spend, I mean, kind of to Kishore's point, PON is picking up. There's lots of great opportunities. These are all market share gains for MaxLinear, a market we haven't been in. So really exciting times from that standpoint.

不，不。我的意思是，你看，審核評論是在第四季左右。這就是指導。我們剛剛討論了第四季。除此之外，我們還沒有給任何指導。但我對市場和資本支出的評論是，正如 Kishore 的觀點，PON 正在回升。有很多很好的機會。這些都是 MaxLinear 的市佔率成長，而我們之前從未進入過這個市場。從這個角度來看，這真是令人興奮的時刻。

And then I think the excitement around DOCSIS is a 50% content increase, right? So you got the DOCSIS rolling out. We're shipping products this year, but it will kind of pick up next year and even into 2027. So that content increase is exciting.

然後我認為 DOCSIS 周圍的興奮點是內容增加了 50%，對嗎？因此，您已開始推廣 DOCSIS。我們今年正在出貨，但明年甚至到 2027 年出貨量將會回升。因此內容的增加是令人興奮的。

Got it. Makes sense. And then maybe a longer term question for you, Kishore. I think it's pretty well known that optical modules are somewhat supply limited in the near term by supply of EML lasers. You mentioned silicon as a potential constraint as well. And I think your Keystone product being manufactured at Samsung instead of TSMC, where all your competitors manufacture their DSPs. How much of an advantage do you think that could become if the market for 3 to 5 nanometer stays tight?

知道了。有道理。然後也許對你來說這是一個長期的問題，Kishore。我認為眾所周知的是，光學模組的供應在短期內會受到 EML 雷射供應的限制。您也提到矽是一個潛在的限制因素。我認為你們的 Keystone 產品是在三星而不是台積電生產的，你們的所有競爭對手的 DSP 都是在台積電生產的。如果 3 至 5 奈米市場保持緊張，您認為這會帶來多大的優勢？

Our Keystone, I think it is public information is the first -- probably the only 5 nanometer CMOS solution for 100-gig lane product that's in production. And our Rushmore, which is the 1.6 terabit solution, 200-gig per lane is in Samsung. So that gives you some level of natural diversification because the biggest demand between 800-gig and 400-gig and 1.6 terabit will center around those 5 nanometer node process.

我們的 Keystone，我認為它是公開訊息，是第一個——可能是唯一一個正在生產的 100 千兆通道產品的 5 奈米 CMOS 解決方案。我們的 Rushmore 是 1.6 太比特解決方案，每通道 200 千兆，採用三星技術。因此，這為您提供了一定程度的自然多樣化，因為 800-gig 和 400-gig 和 1.6 太比特之間的最大需求將圍繞著那些 5 奈米節點製程。

And the tightness comes in, in the supply there because there's a lot of GPU vendors, et cetera, that are really in mass production in 5 nanometer and moved into 3 nanometer moving there. So these are the two nodes that are the most highest occupancy where scale is super, super important for getting more capacity.

那裡的供應緊張，因為有很多 GPU 供應商等實際上都在大規模生產 5 奈米，並正在轉向 3 奈米。因此，這兩個節點的佔用率最高，其規模對於獲得更多容量至關重要。

So while that was a generic comment, it also shows that we have to be cautious about growth. We are constrained the what I call the hyperbolic growth. There are all kinds of factors. So it should help in the long run, but in the short run, we are in production in 5 nanometer with our Keystone product line, and that's the node we are in. And we're very happy with the support we are getting, of course.

因此，雖然這是一個一般性的評論，但它也表明我們必須對成長保持謹慎。我們受到所謂的雙曲線成長的限制。有各種各樣的因素。因此，從長遠來看，這應該會有所幫助，但從短期來看，我們正在使用 Keystone 產品線進行 5 奈米生產，這就是我們所處的節點。當然，我們對所獲得的支持感到非常高興。

Will we need more? There is more growth that just comes our way? Absolutely. It's very hard to plan at this point because everybody has allocated the capacity and then you have to fight for the extra, if you will.

我們還需要更多嗎？我們還能獲得更多的成長嗎？絕對地。此時制定計劃非常困難，因為每個人都已分配了容量，然後你必須爭取額外的容量，如果你願意的話。

Okay. Got it. Thank you, Kishore.

好的。知道了。謝謝你，基肖爾。

Richard Shannon, Craig Hallam.

理查德·香農、克雷格·哈勒姆。

Well, thanks guys for let me ask a couple of questions here. First one is probably for Kishore on DSP here. On the last earnings call, you talked about the potential with your Rushmore family to potentially have some level of incumbency being the first one to be a supplier in any one particular situation. Wondering if that's playing out here. You're expressing certainly a lot of enthusiasm for how things are going there. I would love to get a sense of the degree to which that is happening or you think there's a good chance of it happening?

好吧，謝謝大家讓我在這裡問幾個問題。第一個可能是針對 DSP 上的 Kishore 的。在上次財報電話會議上，您談到了拉什莫爾家族在任何特定情況下有可能成為第一個供應商的可能性。想知道這是否正在發生。您確實對那裡的進展表現出極大的熱情。我很想了解這種情況發生的程度，或是您認為這種情況發生的可能性有多大？

So obviously, we talked about Keystone, which is what is driving the revenues, the Keystone family of products. But Rushmore is our 200 gigabit per lane that we demoed at OFC. As you are all aware, the incumbent announced that product maybe a few months before us, and so they're a little bit further along. But our product is highly more differentiated is our view and our belief.

顯然，我們談論了 Keystone，它是推動收入成長的因素，即 Keystone 系列產品。但 Rushmore 是我們在 OFC 上示範的每個通道 200 千兆位元。大家都知道，現任者可能比我們早幾個月就宣布了該產品，所以他們領先了一點。但我們的觀點和信念是，我們的產品有高度的差異化。

So we hope to be -- we not hope. We know we'll be in production in 2026. But at this point, we are not baking any revenues associated with, in my mind, based on what we have been through on the 200-gig per lane. And there's also a rollout issue on 1.6 terabit at the data centers as well. That's really -- 800-gig is not fully rolled out yet, too. I know we like to get ahead of it and focus on road map. I think there's time for 1.6 terabit and -- but we're in a very good place. So Rushmore, yes, best case will be the end of '26, but I'm not -- I'm being realistic. And -- but Keystone, Keystone, Keystone. Rushmore would be -- is a good plan for '27? Absolutely. Okay?

所以我們希望──我們不希望。我們知道我們將在 2026 年投入生產。但目前，根據我們在每通道 200 千兆上所經歷的情況，我認為我們還沒有獲得任何相關收入。資料中心也存在 1.6 太比特的推出問題。事實是——800-Gig 也尚未完全推出。我知道我們喜歡領先一步並專注於路線圖。我認為還有時間實現 1.6 太比特——但我們現在處於非常好的位置。所以拉什莫爾，是的，最好的情況是 26 年年底，但我不是——我很現實。而且──但 Keystone、Keystone、Keystone。拉什莫爾將是——對 27 年來說是一個好計劃嗎？絕對地。好的？

Okay. Thanks for that feedback. My second question in an effort to express some love for all of our children. Let's ask one quick question here on the industrial multi-market business here. Obviously, it's come down a lot the last few years. It looks to be kind of bumbling along the bottom here so far this year. How do we think about the potential scale of this business in the next one to two years? Is this something where you're applying much effort here from a product and sales and marketing point of view to grow it nicely or is this just more of an afterthought relative to some of the other dynamics in your business? Thank you.

好的。感謝您的回饋。我的第二個問題是為了表達對我們所有孩子的愛。讓我們在這裡就工業多市場業務問一個簡單的問題。顯然，過去幾年這數字已經下降了很多。今年到目前為止，這裡的情況似乎一直處於低谷。我們如何看待未來一到兩年這個業務的潛在規模？您是否從產品、銷售和行銷的角度投入了大量精力來使其良好發展，還是說，相對於您業務中的其他一些動態而言，這只是事後才想到的？謝謝。

Look, there are some business, how much of a money you put in, they take their own time. So I would call that we are doing what I'd call sustainable growth rate investments as you should in this marketplace. I think the big hit happened because of geopolitics issues and then -- and generally, in the industrial market space itself, it's distant memory now, but we lost significant revenue when we were hit with the expiry of our licenses for the government to ship to certain customers in Asia. So the drop was associated with that.

你看，有些生意，你投入多少錢，他們都會花時間去做。因此，我認為我們正在進行所謂的可持續成長率投資，正如你在這個市場上應該做的那樣。我認為這次重大打擊是由於地緣政治問題造成的——總的來說，在工業市場領域，這已經成為遙遠的記憶，但當我們受到政府向亞洲某些客戶發貨的許可證到期的打擊時，我們損失了巨額收入。因此，下降與此有關。

And then at the same time, when the market went down, we exercised pricing discipline to maintain a healthy gross margin business. So you could argue that some of those are very deliberate decisions and some of them were really, really -- we were recipients of things out of our control.

同時，當市場下滑時，我們嚴格執行定價紀律，以維持健康的毛利率業務。因此，你可以說，其中一些是經過深思熟慮的決定，而另一些則真的——我們承受著無法控制的事情。

Having talked to you about investments, even on our industrial multi-market investments are really, really focused around edge, cloud, data center level of investment. There's a lot of new ways of doing old things inside a data center. I don't want to get into the details into that stuff. And those are giving us opportunities to reposition our portfolio and investments really focused on edge and cloud data center. And we are investing in those elements of it.

與您討論投資時，即使我們的工業多市場投資也確實集中在邊緣、雲端、資料中心層面的投資。在資料中心內，有許多新方法可以完成舊的事情。我不想深入討論這些事情的細節。這些為我們提供了重新定位投資組合和投資的機會，真正專注於邊緣和雲端資料中心。我們正在對這些要素進行投資。

As a company, our focus right now is a huge focus is on the hugest dollars that are going are really on the edge and enterprise and cloud infrastructure and they consume so many components even in the industrial analog space, and that's where our focus of our investment is. So in short, we are investing, right? That's the statement.

作為一家公司，我們現在的重點是將巨額資金投入到邊緣運算、企業和雲端基礎設施上，即使在工業模擬領域，它們也消耗了大量的組件，而這正是我們投資的重點。簡而言之，我們正在投資，對嗎？聲明就是這樣。

Okay, fair enough. Thank you, Kishore.

好的，很公平。謝謝你，基肖爾。

Thanks, Richard.

謝謝，理查。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Yes, thank you. I have two as well. First question, as we think about your ability to see the broadband segment revenue returning to $100 million a quarter, could you help us frame the opportunity from your -- I guess, your gateway opportunity within that now that it is broadening beyond the single carrier today?

是的，謝謝。我也有兩個。第一個問題，當我們考慮您能否讓寬頻部門的收入恢復到每季 1 億美元時，您能否幫助我們從中尋找機會——我想，現在您的網關機會已經超越了單一運營商的範圍？

Well, okay, a couple of things. So the PON business is new for us, right? This business has been growing over the last, call it, 1.5 years. We've gotten a lot of traction. Kishore spoke earlier about the two big North America guys that are now using our products. So that's very exciting. But we have several other customers that we're either in production with or designed into on the PON front.

好吧，有幾件事。那麼 PON 業務對我們來說是新業務，對嗎？過去一年半以來，這項業務一直在成長。我們已獲得很大的進展。Kishore 之前談到了目前正在使用我們產品的兩家北美大公司。這非常令人興奮。但我們還有其他幾個客戶，我們要么與他們合作生產，要么在 PON 前端進行設計。

If you -- maybe I'm not sure if this is exactly your question, Karl. But if I think of content opportunities inside of the gateway from a dollar constant standpoint, a PON gateway or even a cable gateway, I mean, you're talking could be $40 to $50 of content. A lot of that comes from WiFi, Ethernet, the SoC itself. So those are the bigger drivers.

如果你——也許我不確定這是否正是你的問題，卡爾。但如果我從美元常數的角度考慮網關內部的內容機會，PON 網關甚至有線網關，我的意思是，你談論的內容可能是 40 到 50 美元。其中很多來自 WiFi、乙太網路和 SoC 本身。所以這些是更大的驅動力。

We continue to see content increases. So that's a big part of the opportunity. It's not necessarily just about unit growth or share gains, which we're seeing both of right now and expect to see over the next two years. But then that content gain is, I think, the other big driver of revenue.

我們持續看到內容的增加。所以這是一個很大的機會。這不一定只是單位成長或份額成長，我們現在看到了這兩者，並且預計在未來兩年內還會看到。但我認為，內容的增加是收入的另一個大驅動力。

Got it. Understood. Shifting gears a bit, could you speak to the breadth of design engagements you have in optical DSPs for 800-gig? And second, when should we expect the revenue from 800-gig to cross over your revenue from 400-gig? Thank you.

知道了。明白了。稍微轉換一下主題，能否談談您在 800 千兆光學 DSP 方面的設計工作範圍？其次，我們什麼時候應該預期 800G 的收入會超過 400G 的收入？謝謝。

Okay. Let me try to answer the question on the breadth of design engagements. There is -- the breadth of the design engagements from our point of view, from our -- where we are is really all the OEMs or module makers, if you will, we're engaged with all the major module makers in Asia and in America, whether they're headquartered or not. And so that's a massive engagement across all variations and configurations of not just transceivers, but beyond optical transceivers. And so you have to take that into perspective.

好的。讓我嘗試回答有關設計參與廣度的問題。從我們的角度來看，設計合作的廣度是——我們實際上與所有 OEM 或模組製造商都有合作，如果你願意的話，我們與亞洲和美國的所有主要模組製造商都有合作，無論他們是否設有總部。因此，這不僅是針對收發器的所有變體和配置的大規模參與，而且超越了光收發器。所以你必須正確看待這一點。

Now if you go to the data centers, every data center has got their own road map and time line when they're transitioning. For example, Google is well gone beyond 800 -- that's well past loss, let's call it that. We never even engaged with them. I don't think anybody else is engaged except one player. And then there's NVIDIA, which is a whole different new magnitude and size of themselves. We are not participating with that. We talked to you about -- then the remaining guys are going at their own different cadence on and they're lagging, if you will, in the terms of the deployments.

現在，如果你去資料中心，每個資料中心在轉型時都有自己的路線圖和時間表。例如，谷歌的市值已經遠遠超過 800 億美元——我們姑且這麼說吧，這已經遠遠超過了虧損。我們甚至從未與他們接觸過。我認為除了一名球員外，沒有其他人參與。然後是 NVIDIA，它的規模和等級都與 NVIDIA 完全不同。我們不參與該活動。我們和你談過——剩下的人正在按照他們自己的不同節奏前進，如果你願意的話，他們在部署方面落後了。

So each engagement, how broad it is, it depends on when you ask the question. At this point, we are engaged with them. Where are we shipping? That's a subset of the hyperscalers between the US and Asia. Okay?

因此，每次參與的範圍有多廣，取決於你何時提出問題。目前，我們正與他們接觸。我們要運送到哪裡？這是美國和亞洲之間的超大規模企業的一個子集。好的？

Got it, thank you.

明白了，謝謝。

Suji Desilva, ROTH.

蘇吉·德席爾瓦，羅斯。

Hi, Kishore. Hi, Steve. Congrats on the progress here. Kishore, you talked about DOCSIS 4 having adoption delays or push-outs. Are there technical issues that you could talk about in a little detail to help us understand what is maybe gating larger flagship adoption of DOCSIS 4?

你好，Kishore。你好，史蒂夫。恭喜你在這裡的進展。Kishore，您談到了 DOCSIS 4 的採用延遲或延遲。您能否詳細談談一些技術問題，以幫助我們了解哪些因素可能會阻礙 DOCSIS 4 在更大規模的旗艦產品中的採用？

Okay. Great question. No news. It's as expected versus what you guys think it should be. We know the cable world incredibly well. As I suspected, as we told that there will be a lot of DOCSIS 4.0, but most of the deployments will be Ultra DOCSIS. So because the network upgrade, whether it is the node, whether it is the amplifiers in the amps in the system, it's a lot of work. And they just have stability issues in the network to get there. So it's a very slow process.

好的。好問題。沒有消息。這與你們想像的一樣，也是意料之中的。我們對有線電視產業非常了解。正如我所料，正如我們所說，將會有許多 DOCSIS 4.0，但大多數部署將是 Ultra DOCSIS。因此，由於網路升級，無論是節點，還是系統中的放大器，都需要大量的工作。但他們在實現這一目標的過程中遇到了網路穩定性問題。所以這是一個非常緩慢的過程。

And so they're doing the incremental approach where they hurry us all to invest and be ready, but the deployment is taking the way it does. So that's the only reason. And so I still will conjecture that Ultra DOCSIS 3.0 will be the massive deployment. And yes, that would be one statement. And that will go across continents. It's not just -- because you just want to keep in mind, 4.0 is a very North American phenomenon.

因此，他們採取了漸進的方式，催促我們所有人進行投資並做好準備，但部署仍在按原方式進行。所以這是唯一的原因。因此我仍然推測 Ultra DOCSIS 3.0 將會被大規模部署。是的，這是一個聲明。這將跨越大陸。這不僅僅是——因為你只需要記住，4.0 是一個非常北美現象。

So Steve, do you wanted to say something?

那麼史蒂夫，你想說些什麼嗎？

No, I was just -- it was 3.1. You said 3.0. It might have been 3.1.

不，我只是…它是 3.1。你說的是 3.0。它可能是 3.1。

Okay, great.

好的，太好了。

Okay, great. Thanks, guys. And then perhaps for Steve, any update on the arbitration? I know that we're approaching the time for that to commence.

好的，太好了。謝謝大家。那麼對史蒂夫來說，仲裁有什麼最新消息嗎？我知道我們即將迎來這個開始的時刻。

Sure, sure. Yes, no big update. I think we're on track, arbitration this quarter. So -- but that's going to extend next year. So hopefully, we see some resolution sometime in the first half of next year. So on track. I think we're feeling very positive about it.

當然，當然。是的，沒有大的更新。我認為我們本季的仲裁工作進展順利。所以——但這將會在明年延續。因此，希望我們能在明年上半年看到一些解決方案。所以一切進展順利。我認為我們對此感到十分樂觀。

Okay, great. Thanks guys.

好的，太好了。謝謝大家。

Yes, thanks.

是的，謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes. Two quick follow-ups. I promise real quick. First of all, so when I look at your various segments, it looks like broadband right now is running about 10 percentage points above infrastructure. But given the moving parts in calendar '26, it sounds like infrastructure will potentially be slightly bigger as a percentage of revenue. Do I sort of have that direction right?

是的。兩個快速的後續行動。我保證很快。首先，當我查看各個部分時，我發現目前的寬頻運行速度比基礎設施高出約 10 個百分點。但考慮到 26 年曆上的變動因素，基礎設施佔收入的比例似乎可能會略高一些。我的方向正確嗎？

Well, so certainly, I think we've been consistent in saying infrastructure is going to be quite a bit bigger, and I think it's on its way. I think you're heading in the right direction.

嗯，當然，我認為我們一直一致認為基礎設施將會變得更大，而且我認為它正在進行中。我認為你正朝著正確的方向前進。

Very good. And then the last one for you, Steve. So OpEx is coming in a little bit higher than where it was. I mean, obviously, your revenues are $6 million higher for Q4. So that's probably expected. But I was just wondering how we should think about OpEx, especially in relation to the restructuring you had early in the year. Does OpEx come down a little bit in the first half or is this sort of the new baseline?

非常好。接下來是最後一個問題，史蒂夫。因此，營運支出比以前略高一些。我的意思是，顯然，你們第四季的收入增加了 600 萬美元。這可能是意料之中的事。但我只是想知道我們應該如何看待營運支出，特別是與您今年年初進行的重組有關。上半年營運支出是否會略有下降，或者這是新的基線嗎？

Yes. So I think we feel -- so you're right, it was a little bit higher in the quarter and the guidance a little bit higher as well. I mean, look, you can see the revenue ramps that we guided to or we delivered and guided to. I think as you look into next year, that's going to continue. And so I think we've got a lot of big customers that are asking, hey, we need software, we need platform support. Those are the type of efforts that we have to make.

是的。所以我認為我們感覺——所以你是對的，本季的業績略高一些，預期業績也略高一些。我的意思是，你看，你可以看到我們引導的或我們實現並引導的收入成長。我認為展望明年，這種情況將會持續下去。所以我認為我們有很多大客戶在問，嘿，我們需要軟體，我們需要平台支援。這些都是我們必須做出的努力。

And so there's probably a little bit of an adjustment there versus what we had started the year at. I wouldn't say there's much. I think you -- I think as you look into next year, you start to see some nice operating margins developing throughout the year, and we're really starting to see the leverage in the model that we're excited about.

因此，與我們年初的情況相比，可能需要進行一些調整。我不會說有很多。我認為，當你展望明年時，你會開始看到全年出現一些不錯的營業利潤率，而且我們真的開始看到令我們興奮的模型中的槓桿作用。

Very good. Thank you. Cool, thank you, Dory.

非常好。謝謝。太棒了，謝謝你，多莉。

I'd like to turn the floor back over to Dr. Kishore Seendripu for closing comments.

我想把發言權交還給 Kishore Seendripu 博士，請他發表最後評論。

Thank you, operator. And also, thank you all to those who joined this Q3 quarterly call -- earnings call. There are a number of investor financial conferences that are both in person and virtual that we'll be attending this year and the details of which will be posted on our Investor Relations page. So we look forward to seeing you there, and thank you for joining today as well. And yes, with that, happy Halloween guys. Okay. Talk to you later. Thank you. Bye.

謝謝您，接線生。同時，也感謝所有參加本次第三季財報電話會議的各位。今年我們將參加多場線下和線上投資者財務會議，詳情將發佈在我們的投資者關係頁面上。因此，我們期待在那裡見到您，也感謝您今天的加入。是的，祝大家萬聖節快樂。好的。我們回聊。謝謝。再見。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。