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Nortel Nortel Communication Server 1000

Nortel Builds on its Unified Communications imaginative and prescient, options Portfolio | true Questions and Pass4sure dumps




March 05, 2007 09:02 ET

CEO Mike Zafirovski Outlines Nortel UC imaginative and prescient at VoiceCon 2007

ORLANDO, FLORIDA--(CCNMatthews - March 5, 2007) - At VoiceCon Spring 2007 this week, Nortel(1) (TSX:NT)(NYSE:NT) is outlining its imaginative and prescient for unified communications (UC) and unveiling current options designed to supply agencies with basic and legitimate how you can carry voice, video and data over IP and permit advanced unified communications.

Nortel President and CEO Mike Zafirovski should subsist a keynote speaker on Tuesday, and should dispute how unified communications solutions and converged purposes are poised to seriously change trade communications.

"Unified communications essentially alterations the way organizations communicate, simplifying the deluge of communications with a single, seamless interface," talked about Zafirovski. "Nortel and their partners are working to create a UC event that makes people greater productive and responsive, with a flush communications event within the office or on the go."

Nortel's unified communications vision makes a speciality of proposing options that align to the company environment the trade makes exercise of today. These solutions enable users to adventure streamlined communications within their trade application whereas leveraging their existing IT investments - definitely UC your approach.

As a section of its increasing unified communications portfolio, Nortel is introducing a few current options that deliver a richer set of UC tools whereas making inevitable the resiliency of the communications community.

Nortel's cornerstone IP Telephony answer, the communique Server (CS) 1000 will carry current capabilities and enhancements to additional toughen this main VoIP platform. a brand current liberate of CS one thousand will provide more suitable reliability and redundancy, more desirable network and voice denomination safety and current E911 capabilities, total geared toward ensuring groups can matter on their network for vital communications needs. through deliberate interoperability with Microsoft workplace Communications Server 2007, this current unlock will deliver unified communications capabilities as a section of the imaginitive Communications Alliance roadmap.

the current CS a thousand architecture will lengthen its aid for open standards, with aid for an open operating gadget and genesis on commercial off-the-shelf (COTS) hardware from IBM and different suppliers, to enhance deployment flexibility and manageability of the network. big simplification of the portfolio elements and pricing bundles will gain it more straightforward for companions and resellers to cite and promote. This current free up is planned for availability in 2Q07.

moreover these days Nortel introduced the everyday availability of a brand current liberate of the award-winning Multimedia communique Server (MCS) 5100. This current unlock improves productivity by using providing users with tight integration of telephony and multimedia applications within IBM Lotus Notes. It additionally points a number of significant enhancements, together with enhanced and simplified collaboration capabilities that permit a complete latitude of voice, video, conferencing, electronic mail, IM and presence capabilities at the click on of a mouse, along with superior mobility capabilities that deliver a prosperous communications undergo for cellular people. the current MCS 5100 free up additionally introduces succor for brand spanking current SIP-primarily based IP telephones improving usability and suppleness and improves the overall protection, reliability, manageability and scalability of the core platform, which now operates on IBM servers with a Linux operating gadget.

Nortel is additionally introducing Unified Messaging (UM) 2000, a feature-prosperous, provider-grade solution helping as much as 1000000 users that makes it feasible for voicemail, fax and e mail to subsist accessed together via ordinary email applications and integrates with Microsoft's energetic listing®. UM 2000 is requirements-based mostly in order that it may operate in a multivendor voice community, and is centered to international organizations as well as carriers that tender their purchasers unified messaging solutions.

To support agencies set up UC-optimized networks, Nortel is moreover unveiling converged information networking enhancements to its North American advertising campaigns, which build on the successful IPT 1-2-three crusade launched last year. These crusade enhancements embrace accomplice tools, focused exact era actions, pre-engineered statistics programs, and not obligatory features that gain it more straightforward and more low-budget for licensed channel partners to deploy a LAN that helps purchasers' VoIP and UC needs.

These statistics applications and functions may moreover subsist quoted starting in April 2007 and consist of options to enable the complete deployment of vigor over Ethernet, VoIP-Optimized comfy Routing for WAN entry, and WLAN for mobility and optional upkeep, installation and technical support services. Nortel's North American crusade additionally contains advertising and incentive programs available today via licensed Nortel channel companions for enterprises who are customizing their community for unified communications.

About Nortel

Nortel is a diagnosed leader in delivering communications capabilities that gain the swear of trade Made primary a fact for their consumers. Their subsequent-era applied sciences, for both carrier company and commercial enterprise networks, lead multimedia and enterprise-critical applications. Nortel's applied sciences are designed to aid eliminate brand current boundaries to efficiency, pace and performance via simplifying networks and connecting americans to the counsel they need, when they exigency it. Nortel does enterprise in more than one hundred fifty nations around the globe. For greater tips, dispute with Nortel on the net at For the newest Nortel information, dispute with

certain statements during this press free up may additionally hold words similar to "could", "expects", "may additionally", "anticipates", "believes", "intends", "estimates", "goals", "envisions", "seeks" and different an identical language and are regarded forward-looking statements or suggestions below apropos securities law. These statements are in accordance with Nortel's latest expectations, estimates, forecasts and projections about the operating ambiance, economies and markets in which Nortel operates. These statements are domain to Important assumptions, dangers and uncertainties, which might subsist intricate to foretell and the specific sequel may well subsist materially diverse. further, genuine outcomes or events might sweep materially from those meditated in ahead-looking statements as a result of the following(i) hazards and uncertainties relating to Nortel's restatements and linked matters including: Nortel's most recent restatement and two previous restatements of its financial statements and related activities; the rank maintain an sequel on on Nortel and NNL of their most contemporary restatement and detain in filing their fiscal statements and linked occasional studies; criminal judgments, fines, penalties or settlements, or any colossal regulatory fines or other penalties or sanctions, regarding the ongoing regulatory and criminal investigations of Nortel within the U.S. and Canada; any mountainous pending civil litigation movements no longer encompassed by way of Nortel's proposed classification action settlement; any monstrous money cost and/or significant dilution of Nortel's existing equity positions resulting from the approval of its proposed category action agreement; any unsuccessful remediation of Nortel's material weaknesses in internal control over financial reporting leading to an want of aptitude to record Nortel's effects of operations and financial situation precisely and in a well timed manner; the time required to implement Nortel's remedial measures; Nortel's inability to access, in its current kind, its shelf registration filed with the united states Securities and alternate commission (SEC), and Nortel's under investment grade credit standing and any further hostile repercussion on its credit rating due to Nortel's restatements of its financial statements; any opposed maintain an sequel on on Nortel's trade and market cost of its publicly traded securities coming up from carrying on with rank publicity regarding Nortel's restatements; Nortel's competencies want of aptitude to entice or hold the personnel fundamental to obtain its trade goals; any infringement by using Nortel of the persevered listing necessities of the NYSE or TSX causing the NYSE and/or the TSX to start suspension or delisting methods;(ii) hazards and uncertainties regarding Nortel's company including: every year and quarterly fluctuations of Nortel's operating results; reduced exact and pricing pressures for its items as a result of world economic situations, mountainous competitors, aggressive pricing practice, cautious capital spending via customers, improved trade consolidation, abruptly changing applied sciences, evolving trade standards, time-honored current product introductions and short product existence cycles, and different tendencies and trade traits affecting the telecommunications business; the sufficiency of these days introduced restructuring actions, together with the odds for bigger exact prices to subsist incurred in reference to these restructuring movements compared to the estimated expenses of such moves and the means to achieve the targeted can permeate discounts and sequel downs of Nortel's unfunded pension legal responsibility deficit; any material and adversarial impacts on Nortel's efficiency if its expectations involving market exact for inevitable products present to subsist incorrect or as a result of inevitable barriers in its efforts to expand internationally; any discount in Nortel's working outcomes and any linked volatility out there expense of its publicly traded securities coming up from any decline in its indelicate margin, or fluctuations in foreign forex trade costs; any rank developments linked to Nortel's supply condense and condense manufacturing agreements together with because of using a sole organization for key optical networking solutions components, and any defects or mistakes in Nortel's present or planned items; any terrible touch to Nortel of its failure to achieve its company transformation goal; additional valuation allowances for total or a component of its deferred tax belongings; Nortel's failure to give protection to its intellectual property rights, or any opposed judgments or settlements bobbing up out of disputes regarding intellectual property; alterations in legislation of the information superhighway and/or other elements of the industry; Nortel's failure to correctly operate or integrate its strategic acquisitions, or failure to consummate or succeed with its strategic alliances; any terrible repercussion of Nortel's failure to conform competently its monetary and managerial control and reporting systems and tactics, manipulate and grow its enterprise, or create a very honorable risk administration strategy; and(iii) dangers and uncertainties concerning Nortel's liquidity, financing preparations and capital together with: the touch of Nortel's most contemporary restatement and two outdated restatements of its fiscal statements; any want of aptitude of Nortel to manage cash circulation fluctuations to fund working capital necessities or obtain its enterprise pursuits in a timely manner or attain extra sources of funding; high levels of debt, boundaries on Nortel capitalizing on company alternatives as a result of assist facility covenants, or on acquiring further secured debt pursuant to the provisions of indentures governing lucid of Nortel's public debt considerations and the provisions of its lead facility; any boost of limited cash requirements for Nortel if it is unable to comfy alternative aid for obligations arising from inevitable ordinary path trade activities, or any inability of Nortel's subsidiaries to supply it with satisfactory funding; any rank repercussion to Nortel of the exigency to gain better defined odds plans contributions sooner or later or exposure to client credit score dangers or want of aptitude of shoppers to meet cost obligations below consumer financing arrangements; any rank maintain an repercussion on on Nortel's capacity to gain future acquisitions, raise capital, situation debt and continue employees bobbing up from inventory cost volatility and extra declines available in the market rate of Nortel's publicly traded securities, or the percentage consolidation leading to a lessen total market capitalization or antagonistic sequel on the liquidity of Nortel's typical shares. For additional info with respect to lucid of these and different elements, view Nortel's Annual record on Form10-okay/A, Quarterly reviews on profile 10-Q and other securities filings with the SEC. except in any other case required by apropos securities laws, Nortel disclaims any intention or obligation to update or revise any forward-searching statements, no matter if as a result of current suggestions, future events or otherwise.

(1)Nortel, the Nortel logo and the Globemark are emblems of Nortel Networks.

Microsoft utility to vigour Nortel Telecom Servers | true Questions and Pass4sure dumps

it might maintain been some of the longest skits ever to subsist delivered from the legendary studios of Saturday nighttime reside -- NBC Studio 8H at 30 Rockefeller Plaza -- earlier than truly coming to the punch line. however eventually Microsoft CEO Steve Ballmer, together with the president/CEO of telecom server company Nortel, Mike Zafirovski, announced the next aspect of their collaboration, which begun officially in June of last year.

Their mission is to integrate windows, office, alternate, and visible Studio -- total 4 pillars of Microsoft -- into the subsequent round of Nortel server hardware on Intel platforms. The smaller Nortel Communications Server a thousand should subsist built-in with the brand current Unified Messaging edition of change Server, for genesis within the 2nd quarter of this yr; extra excessive-end models with multimedia conferencing capabilities on-board could subsist delivered in the fourth quarter.

however what does this imply? Microsoft's demo -- best a bit upgraded from final 12 months -- offers their ideal and deepest glimpse into the corporations' joint plans. briefly, Microsoft plans to deploy yet yet another instant messaging platform: office Communicator, whose initials Microsoft and Nortel are using to limn the notebook as a communications gadget in diagrams.

below the brand current scheme, a consumer can gain the most of his OC to direct a message to any one who has an id in lively directory. So in case you've bought an email message from a person, you could reply the exercise of IM (the console of the OC) or the exercise of the mobilephone; and during this latter case, the mobilephone turns into a kind of Nortel peripheral equipment. using voice instructions given to the audio "interface" of Microsoft exchange, you could maintain the mobile device reply with a voice message, an IM message (converted to textual content and then despatched) or with an electronic mail.

in a similar fashion, the person's OC may moreover subsist used to redirect name-forwarding, in order that any one putting a conventional phone muster can attain the requisite birthday party on his OC, or conceivably through his trade proxy, which can remove a message and forward it to his e-mail. There it can moreover subsist replayed as an audio track, or conceivably translated to text.

It is not a particularly current idea, however what distinguishes this inevitable approach to the rigor is that Microsoft's office application is so ubiquitous in trade today that the integration of aspect-of-presence in purposes can subsist just tempting satisfactory to fetch organizations to esteem Nortel.

As Zafirovski took the helm of Nortel remaining 12 months, its market share in voice-over-IP was declining by using a cost of 12% per 12 months, with the aid of Merrill Lynch estimates. It changed into third in market share in core routers at the back of Cisco and Juniper Networks, though it turned into first in fiberoptic networking switches and gateways. nonetheless, Zafirovski - employed faraway from Motorola - described the birth of his mission because the equivalent of standing at floor zero.

His method, as anticipated, become transformational: He wants to fetch Nortel out of markets where it would not compete, via introducing communications servers this 12 months with a purpose to integrate performance from traditional fork exchanges - the site the enterprise's market share is lagging - while retaining its floor in main-area technologies. His concept: sell companies on the concept of changing ancient PBXes with x86 structure servers.

Microsoft is helping Zafirovski to gain that case. In so doing, it's leveraging its whole company portfolio, even if it capability floating some wild concepts, reminiscent of implying the presence of a quiescent market among builders to create customized toolbar purposes for PowerPoint and other workplace 2007 applications, that gain the most of factor-of-presence signals from Microsoft change UM working on Nortel servers. Ballmer calls this a "line-of-enterprise" application, and a few maintain likened the theory to yet another variety of line, though with slightly of ingenuity -- coupled with a truckload of sorely missing practicality -- the concept simply might work.

"individuals maintain PBXes, people maintain audio-conferencing programs or options that they purchase, video-conferencing options, e mail - optimistically total Microsoft exchange - rapid messaging solutions, and these are total islands - the style you fetch provisioned, the manner you register, your username, your tackle, the manner you find someone," renowned Ballmer total through his speech nowadays.

"how many messages will they leave, on typical, in quite a few areas for someone?...You could affirm or not it's a very livable world; total of us finish live in it, in reality, every day. That doesn't gain it the ultimate they will finish - the top of the line for the conclusion-user, let solitary for the IT fork or for the individuals who're establishing company purposes."

"you are going to subsist able to provide your clients an impressive, single event for instant messaging, presence, and naturally, conferencing," Zafirovski clarified.

Ballmer painted a extensive picture, the exercise of some fuzzy brushstrokes, of an evolved telecommunications infrastructure for total humanity, genesis this yr with a stream to an "integrated" communications structure. here, users study to operate smarter communications consumers, and Microsoft would power the utility for those valued clientele. This integration will tie everything collectively, including the cell, total the way through these years wherein it is rarely purposeful for places of work to trust eliminating the telephone altogether for the OC.

however by 2010, a current section would begin, pushed by means of user exact to enter what Ballmer describes as the "converted" section of communications, where one of the crucial diverse devices they exercise accepted delivery to topple out of sight through attrition, dote a vestigial sixth toe. additionally total the way through this phase, the returned-ends and servers start to peer extra integration, applying a product Zafirovski outlined referred to as the Unified Communications integrated branch. mediate of this as an change-embedded PBX substitute, provided by using Nortel.

"for many, a long time, both companies maintain basically been within the trade of communications. Nortel, fairly absolutely, has been generally in the 'telecom company,' because it's conventional," explained Ballmer, making puny "quote-unquotes" within the air, "and Microsoft has been in the trade of helping americans author, transmit, electronic mail, and different suggestions, and in a way, it turned into inevitable - people maintain observed it for years - that you'd genesis to view a convergence of communications."

Microsoft and Nortel existing Alliance Roadmap | true Questions and Pass4sure dumps


Microsoft and Nortel present Alliance Roadmap Six months after announcing a telecommunications alliance, Microsoft and Nortel this week offered some early effects of their efforts and outlined a roadmap for future tasks.

both groups first announced their collaboration remaining summer.

The highway map comprises three current joint solutions “to dramatically expand enterprise communications via breaking down the barriers between voice, email, quick messaging, multimedia conferencing and different types of communique,” in line with a statement via the two enterprises.

additionally covered within the announcement are 11 current implementation functions from Nortel and the opening of more than 20 joint demonstration facilities the site shoppers can undergo the expertise, the observation persisted.

in addition, both organizations said they've signed agreements with dozens of valued clientele, and maintain developed a “pipeline of tons of of possibilities who wish to know the benefits of unified communications.”

From Microsoft's standpoint, it's total a section of the business's long-term play to merge every kind of communications and messaging into a single framework. A year ago, the trade introduced that it turned into merging its change Server community with its true-Time Collaboration (RTC) group, and that it had begun to suppose of both applied sciences comprising a "platform."

the current community become named the Unified Communications community (UCG) and resides in Microsoft's enterprise Division. The theory for the brand current group emanated from a imaginative and prescient of including continuity to a myriad of communications gadgets, technologies and modes -- from e-mail and swift messaging to Voice over cyber web Protocol (VoIP), audio/video and web conferencing -- in a unified manner.

The three current joint options introduced by means of the alliance this week are named Unified Communications integrated department, Unified Messaging, and Conferencing.

When it is purchasable within the fourth quarter, UC integrated fork will hold Nortel and Microsoft technology on a single piece of hardware that gives you VoIP and unified communications in far off workplaces.

Coming a puny prior in the 2d quarter, Unified Messaging will intention to simplify client deployments, autochthonous session initiation protocol (SIP) interoperability between the Nortel communique Server 1000 and Microsoft exchange Server 2007. The reply includes Nortel professional functions for design, deployment and guide.

also coming in the fourth quarter, Conferencing will lengthen Nortel Multimedia Conferencing to Microsoft workplace Communicator 2007. It goals to give a single client undergo consistent across applications comparable to voice, quick messaging, presence, and audio- and videoconferencing.

This 12 months, the corporations moreover blueprint to prolong their current unified communications reply — a unified laptop and elegant mobile for VoIP, electronic mail, speedy messaging and presence — to the Nortel communique Server 2100, a service-grade trade telephony product helping up to 200,000 clients on a single device, in accordance with trade statements.

As for the highway map, the two companies maintain geared up greater than 20 joint demonstration facilities in North america, Europe and Asia, with more than 100 additional centers scheduled to open by midyear.

Nortel has additionally added 11 core integration services to assist consumers construct, set up and succor joint unified communications options, including end-to-conclusion challenge administration. Nortel claims it has already expert greater than 2,200 VoIP specialists to carry these services and may add extra as deployment ramps up.

about the writer

Stuart J. Johnston has coated know-how, mainly Microsoft, considering February 1988 for InfoWorld, Computerworld, counsel Week, and pc World, in addition to for trade Developer, XML & internet features, and .net magazines.

922-089 Communication Server 1000 Rls.5.0 Upgrades for Engineers

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922-089 exam Dumps Source : Communication Server 1000 Rls.5.0 Upgrades for Engineers

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Panasonic Upgrades AW-HE40 complete HD PTZ Cameras | true questions and Pass4sure dumps

The AW-SFU01 upgrade adds production-quality HD MPEG-4 streaming, in-camera HD recording on a microSD card, and USB video/audio capabilities to the cameras' already impressive sweep of features

Panasonic has announced a powerful optional upgrade for its AW-HE40 integrated complete HD PTZ cameras. The AW-SFU01 upgrade adds production-quality HD MPEG-4 streaming, in-camera HD recording on a microSD card, and USB video/audio capabilities to the cameras’ already impressive sweep of features. The AW-SFU01 feature upgrade will subsist available for purchase in July 2015 at a suggested list cost of $350.00. A special promotional tender will provide this function upgrade in July at no permeate for cameras purchased between March 24th and May 31st, 2015.

The AW-SFU01 feature upgrade will subsist available for purchase in July 2015 at a suggested list cost of $350.00. A special promotional tender will provide this function upgrade in July at no permeate for cameras purchased between March 24th and May 31st, 2015. 

This current major feature upgrade will allow direct-from-camera, production-quality audio/video streaming (RTP/RTSP/RTCP) up to 1080/60p 24Mbps at an unprecedented cost point. The upgraded camera’s IP streaming—in combination with the HE40’s standard IP-control, built-in MIC/LINE input and PoE+ (power over LAN cable) capabilities—enables a revolutionary “single-cable” remote production application. Additionally, the upgrade makes it feasible for the HE40 to function as a USB Super-Webcam for videoconferencing and collaboration--with a 30X zoom lens, preset functions, as well as simultaneous IP and USB streaming* and control.

The upgrade moreover enables production-quality in-camera HD MPEG-4 video and audio recording to a microSD card at up to 28mbps, which can subsist utilized for Web-controlled back-up and archiving, replayed and streamed, or sent as a file via FTP. Because it is USB video-enabled, the HE40 moreover offers a premium selection for professional-level videoconferencing via widely available USB-class applications.

The HE40’s audio functions are moreover extended by the upgrade: Auto flat Control adjusts audio input flat automatically, and an Equalizer Setting can select three types of audio input control, [ON/OFF], [LOW CUT] and [Speech]. Embedded audio may moreover subsist used in conjunction with HD streaming and recording functions.

An upgraded HE40’s breadth of powerful functions facilitates the evolution of innovative applications in broadcasting, staging, sports, government, houses-of-worship, and education.

The HE40 is currently available in two versions, the AW-HE40H with HDMI output, and the AW-HE40S with HD-SDI output. Both versions are available in either white or black. The cameras are designed to bear distinguished results in a variety of applications that require high-quality video and precise control—such as remote production, conference video, event capture, staging, distance learning, and HOW. Thanks to a precision 30X optical zoom lens, 1000 TV lines of horizontal resolution, smooth PTZ functions, and exceptional image quality, HE40 cameras are moreover ideal for demanding recording, streaming, and IMAG use. With IP-Preview transmission and control, and support for PoE+, the HE40 moreover offers the flexibility needed for cost-effective installation and facile management. 

The HE40 moreover features stereo MIC/LINE-level switchable audio input for embedding, an innovative 1.4X digital extender, minimum illumination of .35 lx, and 16-axis color matrix control for precise camera “painting” and matching.

The HE40 cameras incorporate a version of the versatile IP/Serial/Web control system and IP-Live Preview pioneered in Panasonic’s AW-HE60 series cameras. IP, RS-422, RS-232C in/out interfaces are moreover included, and a built-in Web-server enables both browser control and IP-live preview and setup from PCs, Macs and mobile devices including iPhone, iPad, and Android tablets and phones. RS-422 Serial or IP control is available using Panasonic’s AW-RP50N, AW-RP120G controllers, AK-HRP200G paintbox and the AW-HEA10 system, as well as appropriately programmed systems from Crestron, AMX, Winnov, and other manufacturers. 

For more information about the AW-HE40 cameras, AW-SFU01 feature upgrade and other Panasonic professional video products, visit or contact Panasonic at 877-803-8492.

* IP streaming is limited to VGA/QVGA JPEG streaming only when outputting simultaneously with USB.

Panasonic Solutions for BusinessPanasonic delivers trustworthy trade technology solutions that connect data with conclusion makers to drive better outcomes—for their customers and their customers’ customers. Panasonic engineers trustworthy products and solutions that succor to create, capture and deliver data of total types, where, when and how it is needed. The complete suite of Panasonic professional solutions for government and commercial enterprises of total sizes addresses unified trade communications, mobile computing, security and surveillance, retail point-of-sale, office productivity, visual communications (projectors, displays, digital signage) and HD video production. Panasonic solutions for trade are delivered by Panasonic System Communications Company of North America, Division of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation.

All brand and company/product names are trademarks or registered trademarks of the respective companies. total specifications are subject to change without notice. Information on Panasonic solutions for trade can subsist obtained by calling 877-803-8492 or at

About Panasonic Corporation of North AmericaPanasonic Corporation of North America provides a broad line of digital and other electronics products and solutions for consumer, trade and industrial use. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation and the hub of Panasonic’s U.S. branding, marketing, sales, service and R&D operations. In Interbrand’s 2014 annual “Best Global Green Brands” report, Panasonic ranked number five overall and the top electronics brand in the report. As section of continuing sustainability efforts, Panasonic Corporation of North America relocated its headquarters to a current facility, adjacent to Newark Penn Station in Newark, NJ. It is the first newly constructed office tower in Newark to earn both LEED Platinum and Gold certifications from the U.S. Green edifice Council.

Marvell Technology Group Ltd. (MRVL) CEO Matt Murphy Hosts Investor Day Conference (Transcript) | true questions and Pass4sure dumps

Marvell Technology Group Ltd. (NASDAQ:MRVL) Investor Day Conference October 16, 2018 9:00 AM ET


Ashish Saran - VP, IR

Matt Murphy - President and CEO

Dan Christman - EVP of Storage Group

Raghib Hussain - EVP and Chief Strategy Officer

Tom Lagatta - EVP of Worldwide Sales and Marketing

Jean Hu - CFO


Ross Seymore - Deutsche Bank

Blayne Curtis - Barclays Capital

Karl Ackerman - Cowen & Company

John Pitzer - Credit Suisse

Vivek Arya - Bank of America Merrill Lynch

Quinn Bolton - Needham & Company

Ashish Saran

Good morning, folks, and welcome to Marvell's 2018 Investor Day. For those who don't know me, my denomination is Ashish Saran; I'm the Vice President of Investor Relations at Marvell. I've been in the semi industry for over 20 years, which should gain you question my sanity, but putting that aside, as some of you know, I recently joined Marvell. I was attracted by the very significant growth opportunities I view in front of this company, especially with the addition of Cavium. I'm moreover very pleased to view a lot of close faces in the audience, so thank you everyone for taking time out of your industrious schedules and spending today morning with the Marvell team.

As you can see, they maintain a very informative day in front of us, so Matt is going to kick things off with an update on their strategic shift to infrastructure. Dan and Raghib are going to walk you through the nuts and bolts of their storage and networking businesses. Tom will entertain you with an update on their go-to-market strategy to drive growth. And as anyone who knows Tom can attest, "Entertain" is the privilege word to exercise in describing Tom's style. Jean will deliver the money slides, followed by a mp;A session which will finish the event.

Now, before they start, I finish exigency to remove you through their very exciting financial safety briefing. This presentation today will hold inevitable forward-looking statements which finish maintain risks and uncertainties. They record these in their filings with the SEC. They will moreover subsist mentioning inevitable non-GAAP financial measures, a reconciliation is at the finish of this presentation, and this presentation will subsist available on their Web site after today's event.

Now that total of you maintain your seatbelts tightly fastened, we're going to kick things off with a short video, followed by Matt's presentation. Thank you.


The world today, it's more demanding than ever because it's more connected than ever. Manufacturers are more autonomous because they're more automated. Smart cities provide vital services thanks to tracking data and voice technology. A single car can learn how to drive safely, then share it with 10 million others. And soon, highly intellectual 5G ground stations will connect to billions of users at breakneck speed. These emerging applications are powered by learning machines, where information is sent to the core for analysis, then back to the edge, flooding the global network with more traffic than rush hour in the rain.

To retain it flowing, the datacenter needs to retain morphing, so much so that you can't reiterate where the core ends and the edge begins. The solution rests in the foundational technology here today. They understand; they helped build it. With decades of experience, the combined portfolios of Marvell and Cavium maintain broadened their capabilities, made their core strengths even stronger, and transformed us into an infrastructure powerhouse. We've created seamless bandwidth connections between the core datacenter and the network edge, happy entire computing systems on to a single microchip, increased storage density so companies can meet tomorrow's demands, not subsist surprised by them, and discovered ways to retain data flowing swiftly and securely, through cables or through the air. The current Marvell has its sights on tomorrow, not just to unearth what's next, but to gain it available today.

Marvell, they mediate ahead, so their customers can too.


Matt Murphy

Okay. honorable morning, everybody. It's distinguished to view total of you here. So I think, first of all, this video says a lot about what's going on today. The state of technology and it's mind-blowing how much data is being created on a daily basis in the world. If you mediate about it, most of this data today is being moved into the cloud, but more and more the data is actually being created at the edge where it needs to subsist processed and actioned. And Marvell is enabling the infrastructure that makes total of this possible. So today I'm going to talk about the kind of company that we're creating, how far we've come, where we're going, and how we're doing since we've combined with Cavium. And I'm going to reiterate you how we're going to grow, which I'm sure is on everybody's minds here today.

So first, let me present you how far we've Come from their last investor day, which was just six quarters ago, here in this room. So let me remove you back, this was in March, 2017. For those of you that were here at the time, it was snowing outside. And this was their first ever investor day for the company. I had been on the job for about eight months, and they were just genesis Marvell's turnaround. We'd assembled a current leadership team which they introduced everybody, and they told their story. And that narrative started with the market opportunity, which was really fueled by the explosion of data and the exigency for bandwidth. They said they were shifting from consumer and mobile to cloud and infrastructure, with the depth of their IP and core capabilities really played to their strengths, and where they felt they could create the most value.

We moreover shared their plans at that time how they were going to refocus the company to build a long-term sustainable trade that could deliver hale margins, cash flow; total the things that you anticipate from a top-tier semiconductor company. And I mediate at that time they caught some of you off guard with their transparency. I recall during the mp;A, I mediate it was Chris Roland, who I mediate is in the leeway here, who said, "I'm still trying to device out what company this is. I view the logo behind you, it says Marvell, so I guess I will just fade with that." So they did set some very high expectation for ourselves in that meeting. And I'm pleased to report that the team has done a distinguished job on delivering on their commitments.

So let's start with revenue growth, the chart -- every chart here starts with Q1 '18, which was the quarter after they had their analyst day. You can view that revenue since that time has been up into the right. They moreover said at that time that they would achieve indelicate margins exceeding 60% exiting their fiscal '20. Really pleased that subsequent to the analyst day they managed to expand their indelicate margins every quarter. In the last reported quarter they had in Q2, they reached 63.5%, which was an all-time record for Marvell. And finally, they had committed to deliver 30% operating margins existing fiscal '20. And again in Q2, the last one they reported as a standalone company, they moreover exceeded 30% OM, which was about six quarters ahead of schedule.

So these were distinguished results. We're very arrogant of them. But they did not happen by accident. So let me talk now about how they race their business. So we've really established a very results-oriented culture inside the company. It's really based on data-driven decision-making and it reflects my core beliefs and values as a leader. They start by first aligning to the privilege markets. They are focused on fewer things, but we're focused on doing those fewer things very well. They actually hold a portfolio review of total of their businesses in the combined company. We've done three of these now since I've joined. The last one, more recently, was with Cavium. And so we've gone through now every trade in the combined company.

We understand where every R&D dollar is being spent; they understand the competitive dynamics of those businesses, the IRRs, the indelicate margins, the growth potential, the competitive landscape. And we've now built P&Ls and three-year plans for each of those businesses. So we've actually integrated Cavium in quite quickly into their planning process. We're moreover not afraid to stop projects or redirect resources or reallocate their precious R&D dollars where they maintain to. We're very disciplined in this front. They moreover believe that time-to-market is a differentiator in their industry. So, their customers, they blueprint their schedules around their equipment around their schedules. They're total one and the same. And so we've completely retooled inside the company how they blueprint their projects, their engineering projects, how they execute them, how they track them, and how they bring them to production.

So we've installed world-class program management, and most importantly, a culture of accountability inside the company. And their customers are seeing the difference. They moreover believe in a very data-driven approach to trade management. And they exercise data to race total aspects of their business, whether that's pricing, forecasting, exact planning, or measuring customer satisfaction. And we're making better decisions because of it, and we're already seeing the results. So this has been a very programmatic, thoughtful effort. And they view the profit of this type of approach on the current Cavium team coming in.

Part of the turnaround moreover in the company though has been cultural. And over the past two years we've really brought the entire company along with us. Through frequent and transparent communications we've really strengthened the culture inside the company. And it starts with articulating their core behaviors and what they value and stand for. And these behaviors, by the way, they're not just coffee mug slogans and posters they stick on the wall; these are very personal to me. And it really reflects how they race the company. Integrity, respect, innovation, execution, supporting each other, these are total very powerful words that resonate very well with their employees and their customers, by the way.

And we've now received numerous supplier awards in the last two years. And recently they made the Forbes Best Employers list in 2018. So they believe culture is a competitive advantage. The employees view the mountainous picture, they understand their role, they'll buy in and they'll fully relegate when they buy into your culture. And so this photo, by the way, is a photo of the combined Marvell and Cavium management team. It was taken shortly before they closed the merger. They total took time to fetch offsite and fetch to know each other and align on their goals. And by the finish of that offsite, you couldn't reiterate who was a Cavium leader and who was a Marvell leader; we've total become one team. And I would note that in this picture about 30% of the people, or almost one-third of the vice presidents in the company combined, are actually from Cavium.

So they truly merged the companies, versus just acquiring and taking the products. And I couldn't subsist more arrogant to lumber forward with such a talented team that we've assembled. And they set their mission to subsist the leading semiconductor company serving the infrastructure market. One that developed solutions that move, store, process, and secure the world's data faster and more reliably than anyone else. They believe it's Important to maintain a mission that is facile to understand. Everyone can fetch behind it whether it's an employee, whether it's one of their customers, or everybody in the room.

So let's remove a second to talk about why they dote infrastructure; why is this a honorable market to subsist in? I mediate it's an attractive long-term market where their IP can deliver true value, and so let me contrast market. So there's the consumer market, is exciting. big TAM, you can talk about it with your friends at a party, it's facile to understand. But I'm telling you, as swift as success comes in this market as swift as it can fade away. And this is not just an academic observation I'm making, I've lived this. I've been in this world. I've lived through the notebook cycle, the digital camera cycle, the smartphone cycle, the smart TV cycle. This is a brutal trade to subsist in. And they are fortunate at Marvell to maintain the frill to participate in the infrastructure market. This is one where they don't just maintain to re-win designs every year to breakeven and stay on the treadmill. The design cycles and infrastructure are typically three to five years. So there is a long cycle of evolution and partnership with your customers. You don't exigency to start over every year. And those wins that you get, you actually layer on top of each other. So they compound over time.

These platforms are typically in the domain for 10 years or more. So, when customers perceive at who they are going to partner with and design in, there's really only a handful select group of players that really maintain total the capabilities that they are looking for. So infrastructure is a much more predictable stable market. And that benefits everybody. It benefits their customers, their shareholders, and their employees who can focus on the long term as they develop their products. moreover the company's DNA is very well aligned to the infrastructure market. They maintain a strong combination of IP and engineering capabilities in the company. They maintain a 20-year track record in Ethernet, both in switches and in PHYs. They maintain deep undergo with processor cores. And they maintain in-house IP evolution such as SerDes and others that they control their own destiny on.

Finally with Cavium, they bring in a very compelling software, complete platform that they can leverage across multiple product lines and really add a lot more value and stickiness to their customers. And finally, they maintain managed to assemble on this combine company really what I can affirm is the world's most talented team of coalesce signal engineers and digital engineers designing SOCs. These chips are not facile to make. There's only a few companies that possess this type of capability. And we've been a top innovator in their field. They maintain been named for the last six years as one of the top innovators in the world by Thomson Reuters and now Clarivate. And today, the company has amassed over 10,000 patents, which is very formidable and is just another example of the kind of capability that they have. So on their last Investor Day they said they were pivoting the infrastructure and that it would subsist a journey. A few years back, they were about 25% of the company's revenue with an infrastructure of 75% was in things dote consumer and mobile.

At the last Analyst Day, they were at about one-third of their revenue was levered infrastructure. And they said their goal was to fetch it to 50% in the near-term. And so, they were able to finish that actually a puny bit ahead of schedule through total the work that they establish in. And so, classic Marvell as of today is about half-half, fifty percent infrastructure, 50% non-infrastructure. So that was progress. They were there probably a year or so ahead of where they thought. Cavium really represented the next step in their progress here. And so when you combine Cavium in, the combine company today is now about two-thirds of their revenue is levered to these types of finish markets. And that's only going to increase. And they view over time that this number is probably going to subsist much higher and next goal is sort of three quarters, and to retain going from there.

And the combination, it really accelerates their progress in infrastructure. So from Cavium really what they got was a nibble start-up mentality. You are going to hear from one of the co-founders of the company, Raghib Hussain later today. He is going to talk about their networking trade and the opportunities there. They got very valuable technologies from Cavium, leadership now in processors, leadership in security, leadership in accelerators. And so, they moreover brought a very strong presence in datacenter and carrier which they had been trying to build. When you combine that with Marvell strength and enterprise, their end-to-end product evolution capabilities and the operational excellence of the company, it creates a very unique value prop for their customers. They really are getting behind this combined company strategy. And in fact, I would affirm from the customer point of view, the flat of tryst that we've seen since they closed the transaction has been significantly higher than before either company had ever experienced. I carry weight quite frankly spend a lot of time on the road. I maintain personally met with the chief conclusion makers and CEOs and CxOs of the top infrastructure companies in the world across total of their segments.

I maintain been industrious and I'll just give you one example of a story. Three weeks ago, Raghib and I were - had the haphazard to present to the whole leadership team of one of the top leading infrastructure OEMs in the world. And the meeting was really to dispute a pretty significant multi-year agreement to finish multiple chips for this particular company and this would subsist a relatively a current relationship or certainly an expanded one. And so after that meeting when they did the debrief, I asked the Cavium VP/GM who is now running that trade for us, I said, Look, I just got to ask, you guys maintain gotten to this point on your own as a standalone company? And he said, "Well, finish you want me to give you the politically correct answer, or the true answer?"

So just give me the true answer. And he said, "Absolutely not. There's just no way. They are viewed as being as too small, not having enough scale and not having total the capabilities." And so that opening now is one of many and you'll some more stories dote this today of the power of this combination how that's really translating into significant current opportunities because they are seen in a much different light now by their customers. And why finish they like? I carry weight what finish they view when they perceive at the Marvell portfolio that's combined, what they view is a leader, a leader in key technologies, in storage, networking, security, processors, connectivity. These are total the key elemental edifice blocks of what infrastructure companies are looking for. And it's not even that they maintain a puny piece section here or there or a piece of IP.

We actually maintain leadership positions from a technology perspective in each of these areas. And you are going to hear today from my team on not only where their leadership lies but what their strategy is to grow their position and continue to become a very compelling selection for their customers. The combination moreover with Cavium really creates a much more diverse company, which I mediate was one value that they saw in doing this combination. The first of which is from a customer point of view and I won't steal Tom's thunder, which you are going to hear more from him about the current customers that they maintain added and how actually while there is some overlap, there's a lot of incremental customers that they maintain that Cavium didn't maintain and vice versa. They moreover now are a much stronger and a broader array of finish markets.

As I mentioned, they really fetch a much stronger presence from Cavium now in datacenter and in carrier. But the breath of the trade has moreover increased too. And if I fade back to when I joined the company, I carry weight probably the single biggest overhang that we've had and even continues to this day in some ways was the company's overall exposure to the HDD market. Classic Marvell if you fade back two or three years highly levered to HDD. That really created a cloud over the company in some respects. It always was a source of concern for investors. So look, we've taken a lot of trouble on their own, right, to diversify their business. And you'll hear Dan talk about this more. With the combination of Cavium plus their own efforts to diversify within their storage segment, they maintain now gotten their exposure today of HDD controllers that sell into notebooks which is really the heart of the concern.

The exposure now we've got down to about 7% of company total. That's as of today and they anticipate that that number is going to dwindle as they head into the next year and the year after as they grow their trade and continue their pivot from consumer computing to cloud and infrastructure. I don't mediate that this trouble that they establish in has been widely understood by investors. So I wanted to gain sure I called this out because I mediate that limn tremendous progress from where they were from a diversification standpoint.

Okay, so now let me talk about the portfolio and what are the elements of it. So, what's absorbing is their businesses are quite diverse now. So, first, they maintain established businesses in their company. This is really how they race their company and how they segment their businesses with inside their portfolio. So the first is they maintain established foundational businesses. These are businesses where they are the leader today. Two examples of these would subsist fiber channel adaptors which they got from Cavium as well as their HDD business. These businesses are strong. They are stable. They are profitable. They invest and manage them to maximize their leadership and their profitability.

So that's the ground layer. Then they maintain a number of growth businesses where either they are the leader or they are a very strong challenger. And examples of these embrace embedded processors, switches and PHYs, flash-based storage, SSD, and high performance Wi-Fi. Now these products are total in growing markets where they maintain something that's differentiated and unique. They invest in these businesses significantly to grow them above the market and every one of them has a goal to subsist the market leader in their respective segment.

And then, finally, they moreover maintain several areas of strategic investment. These are current bets that they are making. And these embrace automotive -- you are not going to hear about these today, these embrace automotive Ethernet, these embrace security solutions for the cloud, which they muster Liquid Security, which is a technology they got from Cavium, and moreover this includes their server processor investment based on ARM. So these businesses typically they leverage IP they maintain already got inside the company, but they leverage them into adjacent markets, so they fetch a lot of reuse and profit from that point of view. Every one of these has a lead customer or customers; that's their teaching customer, that's their sponsor, that's pulling us through to gain sure that they define the product correctly. They invest in these businesses carefully. They track them. They milestone them, and they gain sure that they are resourced properly to win. And so, when you step back, and you perceive at the portfolio of businesses they maintain inside the company, it's quite broad and it's quite diversified from an investment profile, and they mediate the combination of total these will result in profitable long-term growth with potential upside on the current bets.

So, another Important consideration for the combination was scale, and I mediate more and more today, you are not hearing this from Marvell, but you are hearing this from others that for digital semiconductor companies, scale today is incredibly important. It's no clandestine that the cost of developing these advanced node technologies is going up fairly dramatically as companies lumber to more and more advanced process nodes, and obviously you are doing it to expand performance, lower power, optimize dye sizes, total kinds of benefits of making these node jumps, but they are getting more and more daunting by the day. I mediate this is a reality facing pretty much every company if you going to subsist in advanced node where 16 nanometer, 12 nanometer, seven or below, it's a different world than before. And so, from their point of view, they mediate that you probably exigency to develop about half a dozen chips or so at a minimum in a key process technology, just to maintain spread the investment appropriately across total those devices. And so, if you don't maintain enough scale, if you don't maintain enough of a broad product line and you can't finish a significant number of current products on a node, to fetch your money back is going to subsist very, very difficult. So, this is putting pressure on a lot of companies, putting pressure on companies to scale up, it's actually putting pressure on their customers as well. Let me talk about that.

So, traditionally, their customers maintain really had kind of two choices when they - mountainous systems companies, right, mountainous infrastructure companies, when they conclude to -- that they exigency a key semiconductor component. One is they either want to buildup themselves, what they muster the complete ASIC model, or you fade off the shelf and you buy merchant silicon, and typically this is where Marvell has been more in the merchant silicon side with limited on the build side. So build has made sense before, but it's getting to subsist increasingly challenging especially if you are a systems company, they are seeing now some of their customers having to staff teams literally in the thousands of people to gain this work, and obviously it's difficult to finish that many ICs if you are a single OEM. And so, that's a challenge for these companies today.

So they view a third trade model actually gaining favor. This is a model that Marvell has had for sometime, but they view it applying not just in their storage trade where it's traditionally set, but moreover across actually other finish markets. And this partner model is -- let me warrant a puny bit more, is really the value proposition, look, everything in the gray that you view is IP that they are already developing today to spread across total the chips that they do, whether it's the CPU core, a memory controller, SerDes, total of these different blocks, they are developing these because they are going to exercise them primarily across total of their products. If you are a system OEM, you are just doing one ASIC, you maintain got to fade either develop total this yourself or license it, it's very expensive and costly and it's time-consuming. And so, this model really allows us to finish what's in the gray and then the customer to really focus on what differentiates them, which is the red. That's their block. And this model they establish in site in their storage trade both in the HDD side and in enterprise SSD, it's been a site for about 15 years, it's been highly successful, because the customers are able to leverage and profit from total the work that they are doing, that's common across the entire company. And so, the profit to the customer is obviously they fetch proven battle-tested IP that's been in the market, to fetch the profit of their agreements with their suppliers, their cost structure with TSMC, the tools etcetera. So they can create their own unique thing, but they don't maintain to finish the entire product. So it's really a win-win for both companies. And they view this is being a very compelling model especially as they maintain combined.

Okay, so let me lumber to the second section of my talk today. So, probably I'm saying, "Okay, this is great, looks nice, it looks dote you are edifice a nice company here. Everything sounds exciting. How are you going to grow?" I mediate that's the question that's on everybody's mind today, "How are you going to grow?" So, Dan and Raghib are going to fade into the details, but let me give you my perspective. So the first is that the market forces that are out there are creating opportunities for us. There is a strong finish market tailwind. The first thing, they can fade back to the last Analyst Day, is that there is an explosion of data that's being created and that moreover needs to subsist stored, and there are zettabytes of data being created every year. It's doubling about every two years. This creates huge demands on the storage and network infrastructure.

The second is that the data that's being created at the edge more and more needs to fetch processed, secured, and analyzed at the edge. And a lot of these applications now, they finish profit from real-time decision-making where the data is occurring. And so, more and more they view this tow of the compute actually being pulled towards where the data is created. And so, that's a profit to us. And Raghib will talk about that more.

The third is that in this more distributed world, you can't just secure the endpoints; you actually maintain to maintain a holistic security strategy to secure the entire data chain. And again, this is one where I mediate they can provide significant expertise here to provide robust security total the way from the datacenter, total the way to the edge through every point in the network. And finally, total of this has a major repercussion on overall power efficiency. It's probably one of the biggest antecedent of operating infrastructure today is simply the power bill. And this really plays to their strengths. Marvell, one of the hallmarks of this company has been their engineering expertise in developing low power SoCs, leveraging advanced process nodes and unique architectures. And so, when you perceive at total of these combines, there are multiple tailwinds that are in their favor. And so, with that at their back, they mediate there are several very unique opportunities where they can gain an repercussion given that these market changes are happening, that are very specific to Marvell.

The first is in storage. So, total this data, as I mentioned, it needs to subsist stored somewhere, whether it's on artic storage, in the cloud on hard disks, or it's charged storage on advanced glitter memory technologies. And so, their customers are looking for ways that they could finish this more economically and they could finish it faster. And so, as the leader in storage technology, they are in the middle of total of these major storage disruptions happening, because they are the core, they are controller, they are the brains, if you will, of many of the storage systems, and so, they maintain unique insight and aptitude to actually influence and repercussion total of these tremendous disruptions that are going on in the storage industry.

The second is in networking. And they maintain started seeing this last year, but there is a significant multi-year upgrade cycle that's occurring in the enterprise. And they spend a lot of time at Marvell refreshing their own portfolio and optimizing it for enterprise over the last few years. They bring in Cavium strength, especially in embedded processors and enterprise, and they maintain a very, very formidable portfolio in the enterprise, and if you perceive just at their own results in their second quarter, their year-over-year growth just in Marvell networking was double-digits, it was dote 16% year-over-year. So, they are already seeing the profit of those current products kicking in and the upgrade cycle kicking in. And they mediate that with the current combined portfolio, they maintain continued leeway for growth in the enterprise.

The third one is in the carrier market. And this may surprise you, but Marvell is going to subsist one of the most Important companies to participate and enable the 5G rollout. Many of you were saying, "Marvell in 5G?" So you are going to hear more from Raghib on this today, but they maintain very, very strong traction in this market, very unique solutions, and to subsist clear, they mediate that 5G is going to subsist one of the largest, if not the largest growth driver for the combined company over the next several years. They are very excited about this one.

And then finally, they maintain emerging opportunities. These are some of their current bets that they mediate provide strong potential for growth. The first one is in automotive. We've now gone to production with their automotive Ethernet products. You know, a year ago this wasn't even in their SAM, so we've made honorable progress there. And moreover in July, they introduced and took to production the first Xeon-class Intel-competitive ARM server CPU that's ever been introduced. There's been a lot of talk about this market for years, a lot of press releases; a lot of companies maintain tried. But there's actually no company that's been able to insert and remove to production a CPU with this flat of performance. And you're going to hear more on this from Raghib today.

Also, in HyperScale, we've had several public announcements now for their Liquid Security. You'll hear more about that today. But that's going to subsist a growth driver for us as well that's emerging. And each of these products is off to a distinguished start. And I mediate when you layer total these in, whether it's store, the enterprise trends 5G, and these emerging opportunities in datacenter and automotive, they're significant. So let's translate that into the dollar amount, what's the total market opportunity. So at the last investor day, this was for the standalone company, they said total market for Marvell was $8 billion. When they announced Cavium they said that the SAM for the combined company was going to double to about $16 billion.

And now, we've got the team under one roof, we've been integrating, we've been looking at their opportunities, they went through their whole portfolio review, and I'd affirm the evolution has been -- they mediate there's about another $2 billion of market that we're now participating in that primarily is driven, as we've sort of gotten their arms around everything. One is the incremental 5G opening they mediate is pretty big. It's going to expand their SAM today. And moreover we've now, because we've made such progress and we're in production, we've moved the automotive Ethernet SAM that was not there before into their SAM. And so that's a today number, that's $18 billion, which is pretty significant given the size of their company today.

So when you fracture the $18 billion down, $3.5 billion today is in storage. This is a trade where we're the leader today; they maintain almost half of this market. This is a stable business. It's profitable, it's growing modestly. But they maintain strong share and a strong position, and opening to grow. After the combination with Cavium, networking now represents over $10 billion of SAM today. And this market is growing at 9% a year. They finish maintain a strong position here as well, but they anticipate to gain share and grow faster than the market. Overall, these two markets combined, they're huge. This is $14 billion going to $17 billion just for the storage and the networking portion.

Now, as I mentioned, we're moreover investing in ARM server, and they decided to fracture this out to subsist super lucid about where the drivers of their SAM are coming from. This is one where they view the addressable portion of the ARM server market today, at about $4 billion. That SAM they mediate is growing very fast, by about 14% a year. And so when you add that opening on top, which again is current and emerging, total company SAM goes from about $18 billion to close to $24 billion over the next few years. So there's a significant opening if you perceive at the evolution of where they were, affirm at last analyst day looking at an $8 billion opportunity, to now just a brace of years from now being able to address something dote $24 billion of market. So you could view this market we're going after, it's healthy. It's large, it's growing, and we're very well positioned to capitalize on this opportunity.

So let me close. So in summary, the first point is we're planning to grow the company. We're planning to grow the company to subsist a leader in the infrastructure market. They maintain the scale, they maintain a diversified trade model, and that's one that's positioned to deliver long-term success. They continue to innovate and invest in the future, and this is going to enable us to allow their customers to disrupt their markets. One example is 5G that you'll hear about. I'm moreover especially arrogant that their team has consistently delivered and established a strong track record of execution that's going to subsist very Important as they head into their next aspect of growth. And so look, in short, with the team we've got, markets that they are going after, strong customer pull; I strongly believe that Marvell is going to drive ourselves forward. Their goal is to create a distinguished company with distinguished technology to enable the infrastructure of the future.

Thank you very much. Dan?

Dan Christman

All right. Thank you, Matt. total right, so I'll insert myself first. I am Dan Christman. I am the Executive Vice President in Marvell, In-charge of Storage. Today, I am going to talk to you about their storage business. And they will talk about market dynamics, the opening in front of us as well as innovation and how they are targeting their investments. And most, importantly, I mediate their pivot to datacenter, infrastructure and really as a solutions-based storage company.

So, Marvell is the leader in storage and they actually maintain significant share here. As Matt mentioned almost 50% of the market is a market share now for Marvell. We're investing in leadership which for their storage primarily means datacenter. They maintain thought leadership. They maintain a company that only has 20 years plus in storage can provide to the market that allows us to innovate, bring current architecture to the market, and solve their customer's toughest storage problems.

We are targeting growth segments which are helping us expand their SAM in the storage space and they are providing higher value solutions in the future. So let's talk a puny bit about this. As you combine Marvell's classic storage trade of HDDs and SSDs along with Cavium's now fiber channel business, you actually fetch the largest and broadest portfolio of storage solutions in the industry.

Fiber channel is over a $500 million in opening and Marvell is number one in fiber channel adapters. HDD solutions is $1.9 billion opportunity. Marvell is number one in HDD controllers. And they started shipping in high volume this year preamplifiers. Their glitter solutions business, which includes their SSD controllers, is a $1.1 billion opening today and it's growing fast.

Marvell is number one in merchant SSD controllers. And now they are touching beyond controllers. They are providing innovative current architectures and solutions. And they will talk about those in these slides. So as Matt mentioned, the storage market for Marvell is a $3.5 billion market today. It's growing at about 3% a year to $3.9 billion. Now if you fracture down a little, you will view the PC space is shrinking at about 5%. They view this is an zone that's harder to differentiate, is less innovation, is less exigency for current functions and features.

But the Edge in other market which includes automotive, industrial, video surveillance, home gateways, gaming, direct attached storage, this is actually a very highly resilient and stable market. Talking about 1% growth over the next three years, but really the opening is no surprise based on Matt's intro is datacenter. This market is growing at 9% a year. It's getting bigger.

We recognized this early and they focused their R&D dollars into this market. So, let's perceive at their revenue here. So if you perceive at the classic Marvell storage revenue, which again was HDD and SSD, you can view a brace years ago almost half their revenue was coming from PCs. And you fast-forward it today and you'll view a much more balanced portfolio in the storage trade for Marvell. But a brace of years out looking just at classic Marvell, you view the PC drops below quarter of their revenue while the Edge and other remains very stable across total three of these snapshots in time. The datacenter becomes very meaningful for Marvell. It actually becomes their largest segment in just a brace of years. When roll in the fiber channel trade from Cavium and you view that Marvell has become a dependable infrastructure storage powerhouse.

PC is now down to 18% of their storage revenue and in a smaller percentage of the Marvell company revenue. So when they talk about fiber channel, today again it's a $500+ million opportunity. Marvell is the market share leader with strong incumbency. They are the preferred supplier for leading OEMs and Fortune 1000 companies, and due to the faultfinding and the sensitive nature of the data that gets moved in security onto fiber channel infrastructure, they view this is a very stable market with longevity. And the fact is that Marvell is still innovating here, privilege we're helping extend their leadership through areas such as in-line security and NVMe over fiber channel and this is what customers care about.

Now, there is no surprise, I mediate everyone here in this leeway understands that the HDD is going through a secular decline, privilege if you perceive at units this is about a 10% a year unit decline in the market but due to the benign mix, the addition of preamps, the higher capacity drives going into datacenter, the SAM itself they projected decline about 7% a year.

Let's dig a puny deeper, you view that really PC is the market that's most impacted really driven by the replacement cycle of SSDs in the PCs replacing HDDs. If you perceive in fact at both desktop and notebook both markets are declining in the mid-20s. But when your lumber PCs, you view the stable piece underneath which is actually relatively flat and if you dig in deeper, there you view really what Marvell's focused on which is a near line segment in hard disk drives, these are the artic storage drives in the datacenter where they manage mountainous Data, if you remove a photo about a week later, it's probably on multiple artic storage HDD drives and in the datacenter.

In fact in calendar year 21 about 40% in the entire HDD market will subsist in the near line segment, this is where cost per gigabyte matters and without hard disk drives in a datacenter they would not subsist able to store their data. Why Marvell is focused here is number one it's a growing market, that's pretty obvious but number two we're very well situated to win this space, right, where we've been in this industry for over 20 years. They are in 21th generation now of read channel development, we're a technology leader in total the Important aspects that gain these drives work.

If you perceive at the aerial density increases that really drive the capacity, you perceive at current technologies, they talk about energy assist last time they hear, HAMR, MAMR, Dual Actuator, multi-actuator, these total remove investment, they remove a partner that understands how to finish this and Marvell is number one in this space for a reason, they project that we're going to continue to grow in this space with the market and even beyond the market.

I moreover talked about in the genesis the fact we're going to subsist more of a solutions provider, so an HDD that means preamplifiers. This is meaningful revenue in the future it's meaningful SAM for sure, this is a subset of the SAM I showed you on the previous slide not incremental but because Marvell has a strong position in the HDD controller space, we're getting extremely strong tow from their customers to work with them in the preamplifier space. They want partners who are actively investing with them in the HDD space and if you perceive at the current wave, that's driving preamplifiers today, it's really about capacity increases due to adding platters in the drives.

So to expand capacity, they add more and more platters in these drives today and when you add a platter, every platter is two channels of preamplifier. So as you fade from two to three to four to up to 10 platters per system, you fade from one or two preamplifier channels to up to 20. So that actually becomes very meaningful where the content for a pre-amplifier in an near line drive can almost equal the content for an HDD controller.

Okay. So it's very, very meaningful. The next wave is really through technology innovation. Again as I talk about these acronyms HAMR and MAMR, these technologies that the customers are developing acquires Marvell that moreover develop current technologies, the controller in the preamplifier maintain to communicate together to control these current technologies, you maintain to control the energy elements within the system with the preamplifier.

So these are current opportunities for Marvell, they add more value and fetch more content in these current hard drives and what I'm arrogant to affirm is that today Marvell is shipping preamplifiers into the market, we've qualified with their customers, their customers are shipping drives in the market with Marvell preamps and they anticipate this to subsist meaningful, meaningful revenue next year for Marvell.

So the overall repercussion of the market dynamics I just described to you as well as strategic R&D investments really present here the fact is that the notebook exposure is decreasing meaningfully in the HDD space for us, it'll subsist less than 15% in a brace of years.

Our investment in datacenter is clearly paying off as you can view in this chart and they believe by diversifying their HDD revenue and by growing in preamps that they can partially offset this secular decline in the market and achieve better than the overall market.

So let's lumber on to glitter solutions. Now FMS which is a very eminent present for the glitter industry, it's glitter memory Summit, it's held in Santa Clara every year, it was last held in August, it was really a coming out party for Marvell, this is their booth here in the show, they came out as a company, they said perceive we're more than an SSD controller company. Right, they are a glitter solutions company, we're focused on effectively or more efficiently managing the glitter based storage systems, this evolutions been driven by their aptitude to leverage the broader Marvell IP to enable current profile factors for their customers, current trade models and provide unique and innovative architectures at the platform level. This of course adds up for more content for Marvell and it grows their SAM.

So let's talk about now the evolution of glitter storage, if you mediate about it really started off as an HDD replacement, in the PC space people basically took a two and a half inch hard drive out, they swapped in a two and a half inch SSD drive, identical profile factor, identical interfaces, they went on to current profile factors, they affirm perceive they don't know necessarily maintain to beholding to this HDD profile factor, they can optimize for their PC. So they establish current profile factors in that were smaller and more space efficient, they did current interfaces dote NVMe which took odds of the actual glitter and optimize the performance and after PCs went through this, the datacenters went through the exact identical cycle of replacement.

But now they're looking for more, they're looking for current architectures, they're looking for current trade models, they're looking for a platform based solutions. From a trade model in an architectural standpoint, I want to talk about this finish it yourself model, they did talk about it puny bit last year but I want to talk more about it today, this is an opening that when you shake off the limits of a hard disk drive, the mechanical limits of the profile factor limits and you affirm perceive I'm just focused on glitter memory, you really can now optimize, you can optimize for space and power, you can optimize for workloads, you can site the controller directly on your board or build an OEM and current profile factor. This is really enabled by the fact that the customers can buy a controller from a company dote Marvell directly.

They can source their NAND from multiple high attribute Tier 1 NAND vendors and they can build custom firmware. They really optimize this solution for their needs. Now Marvell's uniquely positioned here because we're a merchant supplier. They maintain strong and long lasting relationships with total of the Tier 1 NAND vendors. They total work together in strategic relationships as partners to develop these systems for their customers and then once we're on the board they can integrate additional functionality they view this is additional opening for Marvell, you can perceive at the architecture can subsist changed. And this is basically more content and more value opening for Marvel in this space that this started in a datacenter but we've seen it lumber beyond a datacenter now in Marvell's one designs already here you'll start to view revenue over the next brace years here it's already a next year because it's kind of a paradigm shift for Marvell in the industry.

So let's talk now about platforms and how Marvell helping disrupt them platforms let me decode this slide first for you, you view this gray box here is the SSD controllers. They ship those today; will continue to ship those in the future but this red box is current content for Marvell. I'm going to verse example here this is an aggregator. Now their customers are looking to add more and more capacity as they add more capacity and they fade beyond PC centric profile factors to datacenter centric profile factors. The limitations start to become the SSD controller. The controllers can only manipulate so many NAND behind them and when you try to add more and more of these together you finish up either with limited capacity or limited performance.

So Marvell's now insert current aggregator, NVMe aggregator chips that basically even remove in seamlessly stitched together multiple controllers or multiple SSD drives and present them as a single, high capacity, high performance drive enabling current profile factors in a datacenter. In the second example you hear a lot about Microsoft Project anally, open channel it's really about more efficiently managing the glitter storage at a flat above the drives which means are putting management kind of at the host. I know when you perceive at doing that you affirm well finish I want to establish that on my CPU and waste those cycles I could subsist renting out and the reply is always No.

And I mediate a Rag will talk about accelerators later but here they maintain storage accelerators. And these accelerators basically will finish functions dote compression, redundancy, security, IO virtualization and multi tenant systems and offload the CPU to succor more efficiently manage the glitter storage, it allow that cloud datacenter customers to rent out those CPU cycles. The last example here is a revolutionary architecture that they actually announced to at glitter memory summit is an ether net bunch of glitter they muster it the eve off.

And this is an end-to-end chipset for Marvell that includes their controllers, it includes their NVMe converters and moreover pulls in content from their networking group on the Ethernet switch side, if you perceive at traditional server based storage in a datacenter when you want to add more storage you maintain to add more compute they fade together, privilege in the Eve off even essentially this aggregated these, are you able to scale up your glitter storage independently creating a high performance rack of flash. Now this is connected over the Ethernet so it looks dote its local, if you perceive at latency is in performance it appears to subsist local to the host.

So when you want to add more drives and more capacity is simply add more drives into the rack, its scales linearly now they announced as I mentioned this that FMS has been very well received by their customers as an rank lot of interest in this current architecture. So the opening in the glitter market for Marvell is huge privilege if you perceive at their classic controller trade this has a 17% CAGR. Their initial entry into here was in P.C. as I mentioned but we've pivoted towards a datacenter, in the datacenter customers value their performance their value reliability, they value advanced in current features and architectures. This current Sam on top here is actually growing faster than the overall controller trade so they finish up with a 19% total CAGER for a glitter solutions business.

The gray box is incremental; it adds about 25% on top of their FI or calendar year 21 CAGR there or Sam. And they maintain some trade here already it's relatively small but it's growing and going forward they talk about their SSD trade will really start talking about their glitter solutions trade with SSD as section of that trade so you can view here how this total comes together. They recognize the opening in datacenter early. They aligned their R&D resources towards the datacenter. As they continue to execute on this pivot to subsist a provider of optimized solutions for the datacenter, you can view how this dramatically shifts their revenue profile.

These segments are becoming more and more meaningful. They started about a third of their business. Now it's half of their business. A brace years from now it'll subsist three quarters of their business, so I'm going to summarize one more time for you. We're leading from a position of strength in total of their storage businesses. Their shift to datacenter is well underway. We're seeing the results you saw the results today in their revenue mix. We're working with their partners of to pioneer current and exciting innovative architectures to succor them more efficiently store and manage their data.

We've expanded from being a product solutions company to a more complete solution provider. And finally we're positioned for steady growth. Thank you very much.

Raghib Hussain

Thanks, Dan. Guys, we're going to remove about a 15 minute break, so let's subsist back here at 10.15 Eastern Time for folks on the webcast. Thanks.

Ashish Saran

Hey, folks. We're going to fetch started, so if everybody can remove their seats. total right, so we're going to fetch the program going again. And it's my tickle to insert Raghib Hussain, who will remove you through their networking business. Raghib?

Raghib Hussain

Welcome everyone. It's honorable to view so many close faces and the current ones too. It has been a industrious year, complete of excitement and a lot of potentials. I'm very excited to subsist section of this current combined company. And I'm fully committed to remove it to distinguished success. Let me reiterate why I'm excited. The potential that this combined company holds far exceeds what they had at Cavium. Now, just to give you a background, I'm founder of Cavium. And at Marvell I am Chief Strategy Officer and running the networking business. The scale that they maintain in this combined company, the breadth of product portfolio, and the engineering knowhow, it is just incredible.

What excites me most is the team, the technology, but most importantly the innovative products that they are working on. And I'm going to share total those detail with you today. But to initiate with, they are strong in enterprise, and growing. They are very well positioned to subsist the leading semiconductor supplier for 5G rollout. They are driving transformation in compute for datacenter, and they are enabling the next generation of edge computing. So before they perceive forward, let's start by taking a perceive what is going to drive the growth in infrastructure, the spending in the next generation in the global markets. Exponential expand in devices is generating a massive amount of data. This data needs to subsist processed to generate value.

Now, absorbing characteristics about this data, that it is perishable, it means the sooner you extract the value higher the value is. In a traditional architecture this data was generally generated by devices and brought to some central datacenter for processing, muster it a cloud. Now, because of the sheer volume of this data it is not feasible, and in many cases impractical to bring this data to some central devices -- central datacenter. And a big percentage of this data is used by the application which is faultfinding in nature, for example, although the amount of data in 5G has increased, but the latency requirement remains the same, one millisecond.

The data generated by the sensor around the car has to subsist processed instantaneously for car to gain faultfinding decision, dote it has to apply the breaks. Now imagine if total these data was supposed to fade to some central cloud for processing, it would maintain been disastrous situation. So the network is morphing out of necessity and it is becoming more and more distributed. In other words, they will maintain datacenter not only in the cloud but moreover in the enterprise, in the carrier, and moreover at many of the edge devices. So if you really perceive at it data has got gravity. So instead of pulling data towards the compute, data is pulling compute towards itself. total these trends are massive opening for Marvell.

And not only compute has to lumber towards data, it has to subsist efficient and optimized for the real-time application. It means that they exigency high performance compute and efficient processing at every node of the network, from datacenter to carrier to edge. And at each node they maintain very specific requirements in terms of cost, power, and performance. It means one-size-fit-all is not applicable anymore. And with this distributed processing model the security has to subsist implemented at every node of the network. total these requirements are being addressed by purpose-built SoCs, application-specific hardware accelerators, and in some specific cases FPGAs and GPUs.

Now, both efficient compute and security play in Marvell's strength. The combined company has a comprehensive array of products, both for processors and networking. They maintain a complete portfolio of processors ranging from baseband processor, to security processor, to multi-core general purpose processor, as well as total the way to ARM-based server processors. They maintain complete Ethernet networking solution, from switches to PHYs, to NIC adaptors. And they maintain high-performance Wi-Fi connectivity solution for both access point as well as client. So in other words, the depth and breadth of the product portfolio that they got is second to none. And total these products are going to drive the growth for their company in the infrastructure market.

We are using the portfolio to disrupt infrastructure market end-to-end, really enabling their infrastructure customer to fetch the most out of this data economy. If you perceive at these infrastructure applications they maintain a lot in common. They total exigency high-performance compute, they total exigency security, they total exigency high bandwidth connectivity, and then total exigency low power efficiency. In many cases they are addressing the needs of these markets through a single piece of silicon, for example, the switches, the PHYs, and the multi-core processor. In some example they are actually edifice market-specific application-specific optimized solution using their common portfolio of IP. For example, baseband processor. In other words, these markets maintain common characteristics and they are leveraging their investments across their infrastructure markets.

Our product portfolio has a big growing addressable market. They maintain established here in a ground $10.5 billion SAM, which is growing at a 9% CAGR. Processors and networking are growing faster than Wi-Fi. In addition, they maintain $4 billion SAM for ARM server processor, which is growing at a higher CAGR of about 14%. So, total in all, their SAM CAGR is 11%. Here is another view to perceive at their ground $10.5 billion SAM mapped to their target ends market. As you can see, it is fairly distributed across total four market segments. As a company their IP, their R&D, and product portfolio are well aligned with the major market trends in the infrastructure.

So let's talk about enterprise. Both Cavium and Marvell has a strong position in enterprise. It is about $2 billion market, and they maintain about 30% share. Enterprise SAM growth for us is higher than the overall market growth, and it is because we're expanding their market share through current design wins. last time, in 2017 investor day, they talk about upcoming enterprise upgrade cycle and how Marvell is positioned to support upgrade from a gigabit to a multi-gigabit driven by the bandwidth needs. As you can view from this chart, the IT upgrade cycle is here. IT budgets are expected to grow driven by the needs of either upgrading the outdated equipments or by the security concern. It is just getting started. And consistent with these cycles of the deployment of the infrastructure equipments, upgrade equipments, they anticipate it to continue.

While other companies maintain lost their focus on enterprise, Marvell has invested in innovation in enterprise, edifice targeted solution with feather that their customer wants. It is still a multibillion dollar market, and their OEM customer needs product to enable solutions for their finish customers. They exigency the latest geometry node, they exigency the low power; they exigency the features needed for the evolving requirements on this industry. By serving the needs of their customers Marvell is already growing its share in enterprise. last investor day they talk about 25 current product, at that time they were ramping in revenue. Today, the revenue generated by those products is about $200 million, and it is still growing.

With the combination of Cavium, now they maintain a complete product portfolio from access to aggregation to core. And that will continue to drive their share in enterprise. Their merger brought together a complementary strength that enable us to provide complete solution for their customers. Cavium was strong in aggregation and core, and really the processors, and Marvell is strong in access and switching networking. Together they are able to provide complete solutions, complete platform for their customer from access to aggregation to core. And that makes us the privilege strategic partner for their customers. Their complementary customer ground is moreover a tremendous value for us. For example, Cavium had significant presence in some large-carrier OEM as well as big server OEMs, where Marvell did not maintain much presence.

Now, with the combination of the company and the combination of the product portfolio, now they are considered a strategic partner. As a result, they are getting networking -- switching design wins moreover in those finish customers. So let's remove an example of a typical security networking appliance out there. As you can see, that there are always a switch and a PHY setting on the motherboard along with the processor. Processor conclusion are generally made first. Before, neither company had the complete solution. Cavium had honorable established presence in the processor, Marvell had established presence in the switch and PHY. Now this picture is a coincidence that they both were in the identical boat; however in many designs they had some third-party vendor serving the other side.

Now, with the combined portfolio they are able to provide the complete solution for their customer. And along with the processor, they can actually provide the switch and PHY solution as well so that their customer can gain their conclusion upfront to bring the privilege solution. They maintain already started winning designs in this area, and there are plenty to go. This is another example, Marvell is strong in switch and PHY but they did not maintain many core processor to address the needs of aggregation and core. Now with the combined company, they maintain complete platform with a switch, and PHY and a processor and the platform solution serving the needs of their customer from access to total the way to core.

So you can view the combined IP and the product portfolio that Marvell and Cavium bring together uniquely position us for strong growth in enterprise. On top of that, they are in the upgrade cycle, it has just started. And they maintain the flush product portfolio with the latest feature to retain driving it -- to continue driving it. Due to their commitment with enterprise their customers are considering us a strategic partner. And that is a position of strength for us which will continue their growth in enterprise market.

Let's lumber on to datacenter. As current compute models are established they maintain multiple high-growth opportunities in datacenter. Cavium has had a strong presence in datacenter through security and networking services offload. It is about $2.5 billion market, and they maintain about 10% share. In addition, the ARM server processor in datacenter has about $4 billion SAM. We'll dispute more details about it in subsequent slides. They total know datacenter compute is changing driven by multiple trends. The first one is distributed security and network services. As the datacenter is evolving, driven by the needs of elasticity and virtualization, the network services are being implemented at every node.

The second trend is cloud-optimized ARM server processor. And then they total know there's a current trend, ersatz intelligence, and they will dispute more about it. Marvell has been market leader in providing efficient compute security and network services offload for over a decade. If you perceive at any enterprise security or network appliance, and if you open it up, you will view that OCTEON and their NITROX processor are in it. When it comes to security and the data plane processing Cavium has been market leader for over a decade. In cloud, security and network processing requirements are changing and it is getting distributed as they talk about. And as a result, these are implemented in every node, but there moreover you exigency the similar type of acceleration. Marvell's Liquid Security product lines are designed and very well positioned for that market.

We are engaged with total the HyperScale datacenter providers, as well as several data platform companies. So two of the HyperScale maintain already announced their security services based on Liquid Security. And they are engaged with many more, so you anticipate to hear more about this. This trade is in early stages privilege now, but it's already generating a honorable revenue, and has a significant growth potential.

Server for datacenter is a huge opportunity. It is about $16 billion TAM, and they anticipate that ARM servers can address about $4 billion TAM. Marvell Thunder 2X is the first Xeon-class processor. When I affirm Xeon-class processor, it is really the dual-socket ARM server processor which has the performance as well as memory bandwidth and speed and connectivity of a really Xeon class which can subsist used in a general purpose server application. They maintain wider software and hardware ecosystem. ThunderX2 platform has gone in production in July, and they are engaged with several HyperScale finish customer at various stages at EVT, DVT, and qualification and application tuning.

We are working closely with several vendors in U.S. and Asia. If you remove a perceive at these recent announcement by their customers, several customers maintain announced platform based on ThunderX2, and then there are several independent third-party analysts maintain published the benchmark comparing ThunderX2 with the Intel and AMD processors. One, of the -- one which is Astra, which is the first world petascale supercomputer, it is among the top 100 supercomputer in the world and it is based on ARM server processor ThunderX2. It has 145,000 processor cores, ARM cores, delevering about a 2.3 petaflops of performance.

Now, one of the reputed analysts is AnandTech and this is what he has to affirm about ThunderX2, "In short, ThunderX2 is the first SoC that is able to compete with Intel and AMD in the general purpose server CPU market. And that is a pleasant surprise. At last, an ARM server solution that delivers." They are seeing a honorable traction in this market, and they anticipate it to subsist long-term growth driver for Marvell.

Now, about ersatz intelligence, they total know ersatz intelligence is the next -- is the current gold rush out there. It works just dote their brain. So for example, the fact that they know this is a bottle because their brain neural network has been trained over time that things that perceive dote this is a bottle, by different types of bottle, the perfume bottle, the wine bottle, and so on and so forth. So that section of the neural network is called training and learning. And then when they view something that perceive dote a bottle their brain predicts that it is probably a bottle, that section is called prediction or inference.

Now, training is generally done in cloud because it is a slack process, it's a batch process, it requires a lot of data and it does not exigency to subsist in the real-time. It can be, it can subsist done in a batch process way. However, inference, it's not only done in the application in the cloud but moreover in application enterprise carrier and the edge in the edge devices. Now inference has to subsist done in the true time and instantaneously because this is where you're predicting, you cannot remove retain the consumers waiting or user waiting for the result, right. So as a result of that, it has to subsist done at every application. As they total know one vendor out there has made a fortune out of exploiting training. However inference today is generally done in the software because the number of applications that are using inference is in a growing stage at the moment.

We believe that inference is going to subsist much bigger market in the overall ersatz intelligence and it has a long term growth potential. Inference requires a purpose built solution optimized for a scale and power and cost efficiency, total of these AI processing plays in the core strength of their company, they maintain a DNA of multi-core processing, hardware acceleration flowing out, engine scalable architecture. Gavin was working on AI for the last several years and they maintain developed some core IP and architecture.

Now what they are doing now, they are edifice a purpose-built inference processor. Size properly, for volume application, application of scales, so that it can plug in every server and every edge devices. That is a low-power that is a programmable solution to happy the evolving neural networks needs. And it is moreover pluggable through the existing software ecosystem. They are actively engaged with several hyperscale customers out there and co-developing it with one lead partner. They maintain been working moreover closely with the ecosystem, you must maintain seen word related to glow compiler initiative driven by Facebook. It is an initiative to really standardize the inference usage. They view AI a multi-billion dollar market opening for us and a faultfinding function in future Marvell products.

Well, they are very excited about the prospects of this. They are not adding it in their SAM at the moment. However, we'll retain you updated with the progress that they make. So let's remove a perceive at Edge and other related areas, the Edge and other zone for us is really the automotive, the industrial, the video surveillance, the home gateways, gaming et cetera. It is about $2 billion market and they maintain about 14% share. If you remove a perceive at total these products, Marvell has been present in total these products for many years, a major result of the data economy is that the trend that compute is touching towards the edge, towards total devices.

As a result of that, many of these devices are becoming very sophisticated, in some cases really becoming a mini datacenter dote for example in car. Marvell is actively engaged with total of these trends, the automotive market is going through a massive transformation, traditionally in car electronics was connected together with the low bandwidth interconnect. With the introduction of advanced driver assist and ultimately the autonomous cars, massive amount of data is being generated by the sensors around the car and it needs to subsist transported and moved around in the car at a swift pace. This requires standard ground high bandwidth networking, Marvell is leading this trend, Marvel has long history in automotive industry, it is a high barrier to entry industry.

It requires a specific attribute as well as supply chain requirement. Over time, they maintain established ourselves a credible automotive supplier. In 2017, they introduced the first secure networking sites and five product for automotive working. This enables the data by the sensors to subsist moved around in the car at a gigabit speed and car can gain sense the wall around it and gain a true time decision. They are one of the early leaders with design wins and many Tier 1 OEMs. This design takes time but they are a significant long-term growth potential for Marvell. And this year they maintain included this SAM in their overall SAM and they view it about half a billion dollar opening and this is growing at a swift pace.

Moving on to carrier, this is a distinguished growth opening for Marvell and it is a market they are extremely excited about, 5G is here and it is happening and Marvell is well positioned to subsist the leading silicon supplier for 5G. Carrier is a massive SAM for us, it is about $3.5 billion SAM market and they maintain about 10% share which means they maintain a lot of leeway to grow. Their carrier SAM CAGR is higher than the market growth, this is mainly because in the 5G platform, they are increasing their content and hence increasing overall portion in the TAM. edifice on a decade of innovation in 3G and 4G, now they are established to subsist a strong leader in 5G, here they are positioned to disrupt the market and grow their share, I'm really excited about 5G and I view 5G as the biggest growth driver for this company, the combined company has the broadest IP portfolio and capability is needed to enable to serve the requirements of the infrastructure market.

In fact, they are the leading market silicon supplier with end-to-end capabilities. From DSP, baseband processing for ARM multi-core processor, for control and data plan, for ARM SoCs, from security, Ethernet connectivity as well as software for the complete solution. They not only maintain total the faultfinding edifice blocks but over time, they maintain established ourselves a credible supplier to deliver high performance platform for baseband applications. This makes us a very attractive silicon partner for the carrier OEM. While today they will talk a lot about wireless and the ground station, it is Important to note that the combined company has much broader presence in carrier. Their products are designed in multiple appliances for both wired and wireless side of the carrier network. Their position in ground station has grown with every successive generation of wireless infrastructure deployment.

When they engage first time carrier OEM came to us, at that time they were security leaders, so they came to us to provide a solution to secure the link between ground station and the core. However with their multi-core capabilities, they were able to provide a solution for protocol processing for transport in addition to security. So in 3G, they were solution for the transport. Working closely with a lead partner, they were able to develop baseband capabilities and 4G they were able to tender baseband processing in addition to transport processing.

I'm arrogant to state that today the ground station built on their products for 4G are being deployed across the world. And specifically the LTE network of a region with over billion population is powered by their baseband processors, they maintain shipped over seven million ground station processors as of today. And now with the combined company, if you perceive at the requirements of the 5G ground station 5G deployment, it has a requirement of low latency, high performance compute and high performance capability of security, it total aligns with Marvell's core capability.

So as a result, they are able to provide the complete 5G platform, looking at it another way, this is the complete stacks of the ground station, in 3G they were able to provide the protocol processing, in 4G they expanded their offering to cover the baseband processing and now with 5G, they are going to tender the complete digital portion of the baseband processing. In other words, they are taking the workload, which were traditionally done in FPGA. If you perceive at the 4G ground station, in the main card they used to maintain Octeon processor and in the line card, they used to maintain three baseband processors.

Now in 5G with the key requirement, they maintain two Octeon processor in the ground main card and typical configuration of 5G has two line card and each one maintain not only a three baseband processor but moreover Octeon processor. Now just dote in enterprise playing through the combined portfolio, they moreover maintain a switch and PHYs in this ground station application. Translating it into what they total care about in 3G, they had a content of brace of hundred dollar in the ground station, in 4G they increased by three to four times and 5G they are going to expand it another 4X. It means that the ground station shipped by their OEM partners is going to maintain the content which is quadruple in 5G compared to 4G. But there's more, if you perceive at the number of OEM providers in 3G timeframe, carrier had a selection to select from a big number, typically carrier select three OEM for a specific region.

In the 4G timeframe because of consolidation, it was reduced to seven, eight and now it is really reduced to only five OEM providers out there. And now because of geopolitical situation, several big countries of the world are limited to selection of only three OEM providers as they are engaged with total of them. So if you remove a perceive at this chart, it present there is a lot of activity going on in 5G, there are many announcements related to 5G and it is really picking up. Initial deployment of 5G is going to happen in U.S., China, Korea, Japan and India and of course the relaxation of the countries will ensue from here.

Carrier infrastructure deployment cycles are long, it's a long-term business, if you remove a perceive at let's affirm for example 3G it expand over a decade, the carrier are still OEM are still shipping ground station for 3G. 4G had a sharp RAM driven by the bandwidth needs of the applications and it has had a honorable run. They anticipate 5G to maintain similar RAM driven by the application needs of the various applications that are driving 5G deployment.

So ground station based on the design wins and their attraction with the customers they anticipate 5G to subsist the leading growth driver for this company because they maintain proven track record and IP. They maintain position with expand content and they maintain broader traction with multiple OEMs, so if you want 5G in your portfolio guess what Marvell is your stock, so by now you must maintain figured out why are we, so excited about the potential of this combined company.

We are strong in enterprise and growing significantly. They are investing in the privilege products to drive the growth in datacenter and Edge. They are well positioned to remove the leading position, leading silicon supplier for a 5G roll out and they are leading that disruptive trends which is on server processor datacenter security, automotive networking and ersatz intelligence due to driven consolidation in the semiconductor industry there not too many companies that are investing in the long term innovation and the growth drivers.

Marvell is a unique company which is not only established today and growing but moreover committed to the long term growth. Thank you very much. I'd dote to invite Tom now to give the how to drive the growth.

Tom Lagatta

Good morning, everybody. I guess mic is on now. It's honorable to view you total again, it's been a affirm six quarters since they were last together. As you can view this is a very different company. Today than even six quarters ago when you guys were last here Dan, Raghib, Matt talked about a broad portfolio, focus on the infrastructure market a lot of attention from customers and you're probably total sitting there going yes, expected you to affirm that today so what are the customers maintain to affirm about this and so that's why they asked me here today to kind of give you the perspective from the customer side of how this acquisition is being perceived and how this current company has being perceived.

Okay, so as you bethink when I was here last time. It was March 2017 they were total in this leeway together it was snowing outside and I had been with the company for about three months and I told you total I said perceive in order to fetch this thing on track they first order a trade is to align the sales and marketing function with the strategy of the company at the time, okay and I said these are the things we've got to finish and what we've got to finish quickly, so what it would how we've done what they finish here, so I talked about a coverage map in the first thing I had to finish was build a team, so I rebuilt my entire staff and then they drove that total the way down to the bottom flat probably about half the people on my staff maintain worked for me before they understand my system.

They understand what I want to finish they understand what I value. The other half maintain not but having guys who work for me before on there maintain been a distinguished value to the team in that they've helped him quite a bit. They talked about relationships, in an SOC semiconductor company today, it is more difficult than ever to gain the sale there are more stakeholders involved in every transaction than ever before so they actually developed relationship major cities across total the major customers they executed those major cities and we've expanded their relationships across total the major customers. They had to antiseptic up the channel. So they went down to a single global distributor they reduced total the distribution partners in the regions around the world.

We wanted to expand their scale with total these partners to fetch more share of mine, so they restructured the entire channel that was total done and they did that literally within the first three or four months of me being here. On the sales strategy side you know as I told you last time I'm very much metric space data driven, so they did a lot of work around analytics metrics tools and processes understanding the selling capacity of this organization, collecting total the data and analyzing the life cycles of opportunities how these opportunities converted to revenue total that stuff work started done started then they started collecting data they worked on the historical data they had and they establish total that in place.

We did the entire tool flow. They focused on solution selling and they really kept the organization hybrid to extend their attain with the variable expand sales coerce of reps and distribution that they have. THEY talked about account penetration. They maintain maintained total of their top accounts and as a matter of fact we've grown their top accounts from the Marvell side since they were last here. They grew some current accounts, they added a number of nice accounts into the top ten list and as they integrated Cavium in. They really only had one customer in common in their in their in their respective top ten lists, so they had a very complimentary top ten list we'll talk a puny bit more about that later but we've got a very honorable account list going forward and we're continuing to work their relationship matrix and expand their relationships up and down we'll talk a puny bit about some of these actual meetings and a puny bit. On the marketing side I told you they had fix digital marketing, the first thing they did is they spent a lot of time perfecting their digital marketing techniques, a lot of very targeted account based marketing programs.

Targeting customers with specific messages in a very cost efficient manner, driving into their website, cleaning up their website adding a lot more apropos content to it total of this stuff has resulted in a lot more activity and a lot more current customers coming to us. They basically looked at and examined their public relations and trade shows strategy making sure they got maximum recrudesce on money spent there and they instituted quarterly reviews with the trade units to gain sure that they had a marketing cadence for current product introductions and marketing activities every quarter so a lot of work on the marketing side.

I talked to you about trade evolution and I told you that trade evolution in my world was two things creating preference and awareness at the finish customer for Marvell products and edifice relationships with people in their industry that needed to that were Important to us but weren't necessarily going to buy from us and so what finish they do, so the first thing they did was they built out their automotive BT BD function when I was up here last time you guys didn't even know they had an automotive trade within three months of being up here last time, they had introduced the world's first gigabit secure gateway for the cars and my sales organization was overwhelmed with the activity coming in and total the design activity that was happening with that product line.

We now maintain complete coverage in total the car companies in the world with BD folks and so that's been built out. We've built out or are now processed to their section participating in edifice out their service provider organization and we're cultivating a lot of strategic partners in the industry that they exigency in order to continue to fade forward, people dote Nvidia with the automotive market, people dote Intel they maintain strategic relationships with as they fade forward, so they did total of this through 2017 as we're enter ending 2017. They decided their life was far too simple so they bought Cavium and they started it total over again and this is what we're actually doing now this is where they are with the Cavium integration. In November, they announced the transaction, in July they closed the transaction and in those eight months they spent massive amounts of time planning for the day one activities. They spent time coming through the organization making sure that they were going to assemble the best organization possible.

We spent time looking at total the tool flows to gain sure that they were going to remove tools the best tools from both organizations and exercise them to create a best in class tool stream for the company. And so on July whatever it was when the transaction actually close, they immediately instituted a program. Today they maintain the best of both worlds where the top talent for both companies 62% of the organization came from Marvell, 38% came from Cavium a very honorable coalesce of talent across the sales organization. Literally within weeks they brought everybody into Santa Clara from the Americas organization sales and FA's and they did product cross training to fetch these guys touching quickly on selling the current merged portfolio.

And they did a recording of total that so that EMEA and Asia at least until they can fetch out there doing things in person had training as well and they could actually participate online tools and systems are merging now, will subsist actually introducing the merged system within literally within a brace weeks and for those of you who know me in my world, in the world of SoC semiconductors I view value as design wins, design wins are the lifeblood of this company and so starting in the next fiscal year everybody goes on the identical pay blueprint where they will compensate for value creation in value created is design wins are really focused on keeping the keeping the life blood flowing getting into production and then driving it over to Andy and the guys to gain it on a regular basis.

And then after total this was done I heard I hauled Murphy total over the world and they talked to total of the customers about this company and what they were actually doing and so how did they react. Okay, so they basically told the narrative of their observation of the market what they saw what you saw in the video today what you've heard from Raghib, what you heard from Dan about market dynamics that were driving the strategy that we're deploying and they talked about the fact that they had a focused infrastructure powerhouse that they were edifice a pragmatic undergo partner that's going to remove their intellectual property portfolio and solve their problems with everything from IP based semi custom designs total the way to standard products and we're going to apply this IP, this IP to their next generation learning machines and every customer universally to a customer yes they harmonize with total of your observations in the market.

Yes, they got slides just dote that yes they were moreover extremely surprised by the breadth of the intellectual property and every one of them to a customer acknowledged a covet for a deeper and broader relationship with the company and so they really told the, there are their customers and they are out there we're edifice a company that thinks ahead so you can too and you heard that in the video today very well received by the customers. Now you know I'm going to race the risk of offending the animal rights activists in the leeway again. I showed this to you guys last time and I basically said perceive if you want to entrap mountainous fish, you've got to fish where the mountainous fish are in other words we've got to deploy their sales and marketing organization, align their resources with their largest customers. This is the best recrudesce of expended sales and marketing money that I can deliver to the company.

We maintain to win the largest customers in their chosen markets first, the relaxation are going to ensue so they are aligning the sales organization we're deploying their resources next to the largest customers in every market. We're going to exercise the broad portfolio in a collaborative way; we're going to solve their customer's problems. They maintain actually built the company the customers dote and want to finish trade with. So where are these mountainous fish, who are they what are they doing so privilege now as they merge their customer list as they merge the companies eight of their top 10 customers are currently over $100 million, the next two are within spitting distance and we've got a number of customers today who are sort of mid Tier customers that you heard about from Raghib and Dan that are probably going to propel their way into that top 10 over the next brace years.

All the top accounts are direct but we're still investing in the channel, things dote putting deploying an FAE certification program this past year flat one flat two, so that FA's are tested literally given a written test basic information flat one, basic advanced information to support products flat two and flat two actually has financial repercussions for the distributor, so they're motivated to continue to add support and add resources to their product line. So remove a perceive at this list Enterprise carrier datacenter it's a who's who of blue chip customer list if you want to finish trade in these markets and these are not aspirational customers, we're doing trade with every one of these guys today they are contacting connected with every one of these guys today.

On the edge side I specifically left automotive in there to talk about, primarily because the car is the ultimate edge computer, it's a learning machine that's creating massive amounts of data it's making latency sensitive true time decisions on that data. It's filtering that data it's sending it back to the core that current millions dote it are doing that that data is being filtered at the core learning is taking site and it's going back to the edge the data gravity that that Raghib had actually explained to you. And so as they came into this thing with that gigabit gateway that they introduced last year, they started doing trade with everybody on the planet who you want to finish trade with, who is an automobile manufacturer design wins at major car companies that will start to actually generate revenue next year and relationships with every Tier 1 on the planet that they really care about, so you can view a number of up there from if you Chrysler to Ford to G.M. to Bosh to B.M.W. We're working with every one of these companies privilege now.

So it's a very strong customer list okay, so we're really using this IP portfolio in this industry. To provide platform solutions using flexible trade models to unparalleled support to subsist a valued partner to their customers. We're literally selling these technologies into these markets okay, so how is this playing at the customer's Let's remove a perceive I will fade through three examples of actual customer meetings on how this portfolio is creating tremendous amounts of opening from one side to the other okay. So this is a this is a datacenter platform if you mediate about a mega scale datacenter it's got a hardware layer, resource management layer, virtualization layer a services layer. They typically play in the hardware layer as you would expect.

Now, they recently had a meeting, Raghib and I with the CEO of a cloud -- public cloud provider, a hyper scale datacenter guy. And so, at that company before the merger, Marvell played in there in the storage and in the networking side. They had SSD design wins where they are working with them with their SSD controllers so that they can provide purpose bill charged storage for their storage arrays. They are working with them on some of the datacenter glitter system solutions that Dan talked about, some of the aggregators and accelerators. They worked with them on switches and PHYs, and some of their two and four core Armada processors for data plane and control plane processor. So they had an established relationship with this company.

Cavium came in from the server side with server-based CPUs, network offload in the profile of smart NICs for Ethernet and security offload with the Liquid Security platform. So they were having this high-level meeting, the CEO of this company and his lieutenants were sitting there, and they are discussing the portfolio. Now, I maintain to read some of the comments he made, because they were more unbelievable to me as a sales guy, but I literally wrote them down. During this meeting, as they were going through them, the CEO said to us, "It is in their interest to expand the trade relationship with Marvell." natural sales guy, CEO sits there and says, "It's in their interest to expand the trade relationship with Marvell. This doesn't suck. This is a honorable thing." Okay? "It's much better than you guys think. You can't execute me -- web paper bag, don't muster us, they will muster you."

So I literally wrote that one down, and they continued to work with this guy, and they are talking about total of their products and how they map into his products, how they can finish more trade together. And he says, and I quote, "We exigency to maintain this flat of allegiance around total things Marvell is doing." Again a quote that I kind of dote as a sales guy. And so, they literally walked out of there. And the top lieutenants at this company are conscious of the fact that this guy wants to basic maintain a broader relationship with this current expanded company, and they maintain actually had more opportunities open up there in the past several weeks since that meeting that you can possibly imagine. Okay? So that's example one.

So let's talk about carriers and in particular they will talk about cellular ground station carriers, okay? So Raghib talked about this, talked about 4G, 5G; both companies had a history in this market from LTE and endpoints before. Marvell primarily selling switches and PHYs into this market and the two and four core processors for data plane, control plane mostly in backhaul applications. And Cavium was selling their baseband in total multi core integrated processors in there both of us had a history. So they were having a meeting again with the CEO of one of their customers who provides ground stations into this market. And they were kind of -- he was kind of acknowledging, you know, they are sort of very faultfinding to each other at this space as 5G market acknowledges. And he proposed that maybe they want to esteem having a written agreement, a multi-year supplier agreement where they could retain focused on each other. Again, as a sales guy, they fight tooth and nails to fetch these multi-year supplier agreements, fetch customers relegate for long-term. And they got a customer proposing that they sign this agreement so that they could stay focused on them. So, very, very strong relationship with these guys, this relationship is touching forward in a very honorable manner.

And finally, they will talk about enterprise. You perceive at enterprise, and in enterprise you got access, aggregation, and core. The accesses were the -- the humans interfaced to the network aggregations where they total aggregated cores where total the routing and processing takes place. And so, they were meeting with a lot of -- they met with the execs of almost every customer who has portfolios to sell into this market, people dote Cisco, HP, Dell, Aristo, Juniper, Extreme, Lenovo, these are guys who sell into this enterprise market, broad portfolios of equipment. And again, they were meeting with the CEO and several of his high-level executives. One of these companies provides a broad spectrum of products in there.

Now, Marvell has done trade in this market primarily through access going into aggregation with switches and PHYs, again those multi core processors for control plane and data plane, and with Wi-Fi for enterprise access point. And they pushed into aggregation. Cavium is coming from the other side doing trade primarily in the core with ARM-based CPUs and security processors and coming this way, so that they kind of met in the middle. And during this meeting, the CEO is acknowledging the broad portfolio and how faultfinding they are to their trade going forward, and he asks Matt for a favor, "You know, I exigency you to fetch this one product touching a puny bit. They got customer commitments. Can you succor me?" "Yeah, yeah, they will help," Matt made the commitment and went away. And as they are getting ready to leave, they said, well, you know, since they are asking each other for favors, they said, "Hey, Mr. CEO, you got a switch design that they are fighting for in one-year trade units. Could you let us know how they are doing there?" He said, "Well, I will check." And literally within two weeks they won that switch opportunity.

Now obviously, they are not going to win this opportunity, if they don't maintain everything it takes to finish it technically and maintain the pricing and the requirements of the customer needs but getting a puny phone muster from the CEO adage hey how is Marvell doing in this switch opening socket, certainly doesn't wound when they are actually competing in there and so these types of things retain happening, they retain happening over and over again.

In the past, they were the guy with the narrower portfolio that would struggle to compete with the broader portfolio. They are now the guy with the broader portfolio and the customers are valuing it and so you could see, this is a perfect example. These three examples that I've given you are perfect examples of how portfolio breath is helping us and these are just three examples. This is happening every day, they are seeing people coming and affirm this portfolio is very valuable to us. They want a broader relationship with you guys. Okay, so just to kind of wrap it total up, we've been on a journey, the first 11 months they took sales and marketing apart, they establish Humpty back together again.

And then, they did it total over again after the Cavium acquisition to give you a more predictable analytical metric driven function, okay and so they are largely done on the integration this thing is done. They created this infrastructure powerhouse for you and customers are sitting up and taking notice. We've had high-level meetings with pretty much every customer they want to finish trade with and everyone is excited about what they had to tender and how they can grow together. So as far as I'm concerned, their future is so bright, you got to wear shades. I was going to bring in the custom sunglasses for every one of you guys, current 11 lens Marvell on the other, but Jean carve my budget again. I didn't maintain the money to finish it. So best I can finish now, affirm thank you for listening, and insert Jean, who is their CFO.

Jean Hu

Thank you. Thank you, Tom, you know what, when you submit your revenue synergy plan, I'll wear sunglasses. So rush up. So as you can see, it's a truly exciting time to subsist at Marvell. Their team talked about the tremendous opportunities they maintain ahead of us and that they moreover talked about how they build a complete infrastructure portfolio to address those opportunity. So well how finish they spend the next minutes to tie together what you heard of this morning without financial model?

First as a team that they mediate about edifice shareholder value is to really subsist with the powerful trade model to focus on infrastructure market to generate a top-line revenue growth earning expansion and moreover returns to shareholders. But they mediate about is as their team talk about opportunities and their unique position. Matt talked about the characteristic of infrastructure market which tend to maintain a very long product cycle, it requires a unique IP extraordinary engineering execution to work with the customers. So the barrier to entry is very high and Raghib actually gave you real-time example to talk about 3G, 4G and the 5G product cycle, they last 8 to 10 years.

And then, Dan talk about how they work with the customers, create innovative solutions in the storage market. So when you hear total those that's dote music to CFO's ears and I'm pretty sure you are total dote it too because what it means is only build their financial model, it's predictable revenue stream, high and the stable indelicate margin and the long -- and the consistent of free cash stream with a higher terminal value. So those are the characteristic of infrastructure market, and moreover means in their financial model, they actually don't maintain so many what if assumptions which are focused on shelter and parameters dote NAND spot pricing next week. I can swear you that's the input in my model.

So I'll cover three topics. First, I'll finish a quick recap of their financial performance. Secondly, I'll dispute their long-term financial model and underlying assumptions. Third; I'll talk about what finish you care most is the capital return. Matt showed you this charter earlier about their financial performance since the last Investor Day. I'll provide you a puny bit more details to present you as a company, how they maintain fundamentally changed the structure of their trade model.

So just as a quick reminder, the whole management team, joined Marvell after Q1 fiscal '17 and that time Marvell was a company that served a broader role for consumer and the market. The indelicate margin was low 50s. It's actually quite consistent with the consumer semiconductor companies. The company moreover invest in big amount of R&D in total different kind for fancy consumer and the markets. The investment is large, the product cycle is very sharp, it's a year and some of them never generated the top-line revenue growth and earnings on the investment. So if you perceive at the operating margin back then, its barely single-digit.

So during the last two-and-a-half years, their team really pivoted the trade into the infrastructure market. As you maintain heard from total the team members and that they increased the infrastructure revenue as total revenue percentage is significantly -- when you combine their change over the strategy and their team's strong execution, they expanded their indelicate margin from low 53s to 63.5, 1000 basis point increase, it feels really honorable to affirm that because you don't fetch many opportunities to affirm you increased your indelicate margin by 10 percentage point.

On operating expenses side, Matt talk about in detail how they approach results avocation. It's really minute data driven, result driven focused on returns, so when you perceive at that and perceive at the how the leverage of their model, they maintain increased their operating margin from low single-digit to 30%. They are very arrogant about the model they maintain viewed. This model generates a lot of a cash stream too. So when you perceive at it, starting from Q2 fiscal '17 to Q2 fiscal '19 despite of their long suspension over share repurchase associated with the Cavium transaction. They maintain returned a billion dollar cash back to shareholders, through share repurchase and the dividend. They are very committed to recrudesce cash to shareholders.

Let me switch gear to talk about their merger with the Cavium and their long-term financial model. As their team highlighted earlier, this merger really increased their market opening from $8 billion to $18 billion. The infrastructure revenue as a percentage of total revenue increased to two-third. And also, they increased their skill and the diversification with the 200 million synergies, when you add total of them together, it truly accelerates their top line revenue indelicate earning expansion and to generate higher intrinsic value for shareholders in the long-term.

So I'll remove you through their revenue profile and assumptions under their long-term financial model. Matt talked about earlier, if you perceive at their core networking and storage market, they anticipate the market SAM without a server SoC to grow 7% going forward. They are very well-positioned to address the market opening to grow Marvell overall top line revenue by 6% to 8%.

We anticipate their storage trade to grow low single-digit largely in line with the market and then within storage, Dan talk about their opportunities and that they actually hold a very cautious assumption by the HDD market, which they anticipate the overall market dollar SAM them to decline 7% but they anticipate they continue to expand into the datacenter near land market which is growing double-digit they moreover view their preamp revenue to continue to ramp. Those are their current product cycles for Marvell. They will create incremental revenue opportunities to offset the market decline, so they believe their HDD trade is going to subsist flattish or decline single-digit going forward. Fiber channel market has been really stable and healthy, so they continue to anticipate their fiber Channel trade to subsist flattish going forward.

Now on the glitter solution business, it's very exciting for us. Dan talked about the continued expansion to cloud enterprise datacenter. This trade design cycle actually it's very long, if you can recall Dan's charter to perceive at the percentage of revenue they are going to expand in non-PC segment, those are the design wins they already secured and their team are really working on execution of those design wins, so they finish view revenue continue to grow driven by those opportunities. More importantly, they are very excited about the design wins their teams are working on to address big opportunities in both emerging embedded solutions and the glitter solution market. So, overall, they continue to anticipate their glitter solution trade to grow inline or faster than market in the long-term.

Now let's switch into networking, the most exciting ingredient of their growth story. They finish anticipate their networking trade to grow faster than market at the low teens going forward. Both Raghib and the Tom talked about the exciting opportunities they maintain ahead of us. At the highest level, if you perceive at both their processor product line and the internet product line, they are going to grow faster than market and their Wi-Fi product line largely is going to subsist in line with the market.

So from the end-market perspective, they view growth opening across total their finish market, which are so exciting, and that there are so many different drivers. I'm going to only highlight a few key drivers. First is the enterprise, the upgrade cycle Raghib has talked about and if you recall Marvell's enterprise switch and the five businesses has been growing double-digit during the last few quarters and the Cavium side their enterprise trade has been growing double-digit too. When you combine the both portfolios, the leverage they maintain and the design wins their team already won, they finish mediate their enterprise trade will continue to grow with a strong momentum.

Next on 5G, I'm pretty sure you guys total bethink Raghib's 4X chart that's what I remember, that's how my brain functioned. So 5G is really largest growth opening for Marvell going forward and then their current model assumption actually is just their lead customer retain their existing market share and their team are working really hard to deliver on the schedule of the design wins.

Next is datacenter, they maintain a very unique set of very innovative product lines in datacenter ranging from a security to Ethernet offload to gearbox re-timer. So total of them when you perceive at the in the overall context of Marvell today, which you know, it's over $3.4 billion revenue, the revenue ground is small but total of them actually are going to maintain a distinguished opening going forward. The growth rate of total those product lines actually it's going to subsist higher than carrier space and enterprise space. So they finish anticipate their datacenter revenue to grow most significantly and expand their presence in datacenter in the long-term.

Next their observation on the server processor business, they really only included very moderate revenue in their baseline model just based on current customer design wins and the customer engagement. I'll talk about later what they did not include. so other product line for modeling purpose, they continue to anticipate other product line to decline high-single-digit.

Now let me talk about what are the upsides they can view going forward. First, revenue synergy; Tom talked a lot about the portfolio, the tryst they maintain with the customers. They maintain not included any revenue synergy in their baseline model. So if they generate a revenue synergy that will subsist tremendous upside. Of course, their trade has long cycle, so you should anticipate it for the future business. Secondly, 5G in their baseline model, they only included the current design wins their team are working very hard to deliver, they did not embrace any additional customer design win especially on the baseband side. If they win current designs there's going to subsist tremendous upside, I really exigency your sunglass in that time. That's very exciting. You don't fetch CFO excited most of the times.

And so, the next one is Hyperscale ARM server adoption, so in their baseline model, as I said, they only embrace the design wins with the OEMs, you know some of the testing chips, any major hyper secured datacenter adoption is not in their current model, so there will subsist upside the too. So as you can see, they maintain a lot of the exciting opportunities ahead of Marvell and their team is working really hard to execute because total of their businesses are very long cycle business, so everything I talk about here their team is executing forward.

Now let's switch gear to talk about synergy and moreover talk about their operating expense model. So they reached their synergy to $200 million during their last earnings call, then they got the questions about why it's so high, why it's so high. So you guys never had, so now let me warrant to you why they achieved, they are going to achieve $200 million synergies.

So this is about 8% of the total company's spend which embrace both the cost of sales and operating expense, which is actually within the sweep of previous transactions but it certainly powers the high-end. The reasons they could achieve with these kinds of unique synergies because they finish maintain unique opportunities. I will highlight it to you, first, it's on the R&D side. So both companies were investing in high-end the datacenter switch and embedded the server processor -- embedded the processor trade and a lot of you know, those are very big investment. So their team worked extraordinarily hard to consolidate the roadmap. So in each business, they select the most competitive roadmap going forward which they finish up saving a lot of money and contributed significantly to the savings over $200 million synergy.

The second one is facility consolidation. It's relatively smaller, but it's moreover very significant for us. They maintain a lot of overlapping offices across different locations, they can consolidate, but the most unique one is they maintain their big Design headquarters and headquarter located close to each other and one of us happen to maintain actual space. So they actually they are going to subsist able to lumber the whole Cavium headquarter and the big design team to Marvell's campus without expand in any space that consolidation is very efficient. So they maintain been able to reclaim more facility cost which is a fixed cost as you guys know to achieve synergy and contribute it to this $200 million revenue.

Now let's perceive at their synergy execution timeline. Their team actually is executing ahead of time. On indelicate margin side, they expected to achieve $50 million synergy which was started in Q1 fiscal '20 and over time to ramp up to achieve the total $50 million synergy. As they perceive at their indelicate margin, they lead their Q3 as combined the company indelicate margin to subsist around the 64.5%. So if they achieve their $50 million synergy target, they will subsist able to fetch it to around 66% indelicate margin.

On the operating expense side, their combined company's operating expenses race rate ground is about $325 million and then they guided their operating expense for Q3 fiscal '19 to subsist in the sweep of $300 million and $305 million. So what had implied is we're going to achieve $90 million race rate of synergy out of the gate as a combined company. Then you are going to view some payroll tax and the merit expand in the first-half of fiscal '20, but once they migrated to second-half of fiscal '20, they are going to subsist able to complete one ERP program and achieve the remaining $60 million synergy for the overall $150 million synergy.

So when you mediate about how they manage their operating expense, Matt talked about extensively the discipline approach they have. On SG&A side, Marvell standalone already achieved below 8% SG&A as a percentage of revenue. They will continue to drive operational excellence to target SG&A as a percentage of revenue to subsist between 6% to 7%.

On the R&D investment side, they want to invest for the future, so they anticipate their R&D investment ranges around 24% to 25%. The way they approach it as Matt discussed is for the established business, they will manage R&D expense to subsist much lower than 24% to 25% to maximize long-term cash flow.

For indelicate business, they are going to invest higher than 24% to 25% to drive their trade indelicate and the expansion. For strategic investments, those are the investments that we're creating future and to innovate, we're going to monitor those investments and focus on recrudesce on those investments.

Automotive is a distinguished example, in the past last year they did not embrace automotive into their SAM but the investment has been paying off and we're very excited about their opportunities in the automotive Ethernet market.

So when you establish total together to perceive at their long-term financial model, they anticipate to deliver top line revenue growth in their baseline model to subsist at 6% and 8%, they anticipate their indelicate margin to subsist greater than 66%. On the operating expense side, they will gain sure they expand OpEx less than their revenue increases to fetch to the leverage model. So operating margin, we're expecting to subsist greater than 35%.

Our free cash flow, the company has a very high free cash stream conversion because their CapEx is only 2% to 3% of revenue and the depreciation it's probably 3% to 4%. So it's very efficient that cash stream conversion model, they anticipate their free cash stream to subsist approximately 100% of non-GAAP net income which is about 30%. So when you perceive at this model we're edifice which is focus on infrastructure market, that's why they can maintain this kind of a fundamental economics behind their model.

Now let me talk about the capital structure and the capital returns, so the way they mediate about the capital structure is to really maintain a strong financial flexibility, so they can invest for the longer term, that's how they structured a Cavium transaction.

So at finish of Q2 fiscal 2019 after they closed the transaction, they maintain over $500 million cash and moreover they maintain $500 million undrawn credit facility, their leverage is very reasonable, their indelicate leverage ratio is about two times and the net leverage ratio is only 1.5 times.

As a company, it's very Important for us to maintain their investment grade because they really want to invest for the future, so they want to maintain ample access to that market at very reasonable cost, invest through economic cycles and moreover remove odds for consolidation opportunities if they present themselves. They are going to start to pay down their debt, since they generate a lot of the cash flow, they mediate of between their debt reduction blueprint and their EBITDA expansion they will subsist able to achieve 1.5 times indelicate leverage ratio in the next 18 months in the next 12 months.

Now let's talk about capital returns. You maintain heard from their team, they maintain tremendous opportunities ahead of us. So their number one objective is to invest in their trade organically and through acquisitions, then their long-term objective is recrudesce cash to shareholders is to recrudesce at least 50% of free cash stream to shareholders through both dividend and the share repurchase.

In the near-term, let me talk about their priorities, first their trade is generating significant cash stream even privilege now, so they finish mediate they can maintain their dividend flat and started to pay down the debt, the flat for debt reduction is going to subsist modified with their share repurchase plan.

As of you'll probably maintain seen is this money, their board of directors raised their share repurchase blueprint to $1 billion by authorizing 700 million share in repurchase, so when you perceive at their numbers some of you may track it closely not is they actually already started to buying their shares after Q2 earnings call, they already bought back about $50 million of their shares, we're really buying their share at this current flat as distinguished investment.

If you perceive at their long-term target model, if they can achieve their long-term target model, they will view huge upside. So in summary, when you mediate about the Marvell, they are very well positioned to address very big opportunities in the infrastructure market space and that they maintain a very powerful trade model with underlying strong fundamental economics to drive long-term cash flow. And they moreover maintain a strong financial position and a strong financial flexibility, so they can both continue to invest for the long-term and then recrudesce cash to shareholders.

Before I invite their team to Come up for mp;A, I just want to remove this opening on behalf of their whole team to really thank everyone for your interest in Marvell and moreover thank their long-term shareholders for your strong support through their journey to build really distinguished company. Their objective is to build the trade for the longer term and that they want to create a shareholder value for the longer term.

Thank you and I will invite their team to Come up for mp;A.

Question-and-Answer Session

A - Ashish Saran

All right, folks. We're going to fade to the mp;A session. There are folks who maintain wow. It's going to subsist interesting. Can they start on here, please?

Matt Murphy

He has got the mic.

Ashish Saran

Okay, fade ahead. Well, that was fast. Okay.

Unidentified Analyst

Right here.

Ashish Saran

Okay. Yes.

Unidentified Analyst

My apologies. Thanks for taking my question. I had a brace of questions about the -- some of the products of Cavium that were rationalized or decided to -- you started to stick with. So first with XPliant, what inside of XPliant from an IP perspective helps to preserve product line maybe in the core enterprise finish market, and then as well touching into the datacenter finish market? And with respect to ThunderX2, what was the thought process behind, or the considerations in deciding to maintain that? Was it because you basically had sunk total the R&D cost already, you decided to roll the dice, or is it indicative of the product having some honorable long-term growth prospects?

Raghib Hussain

Okay. So when it comes to XPliant product line, it is combining. They maintain combined a roadmap of the two product line that they were working at Marvell, Falcon product line as well as XPliant, they were both targeted for the identical market. There are few areas -- blocks in XPliant, which is very interesting, for example, a flexible capability of flexible parcels [ph] and the whole aspects of visibility and programmability, so being able to really maintain the capability to view the packets through the network and so on. So they maintain taken those thing and they maintain merged the two architecture in the subsequent architecture. So that was the thought process behind XPliant.

Matt Murphy

I'll give a quick observation on Thunder. I carry weight I maintain never been a believer that you continue with the project, because of the sunk cost or looking at how much you've spent today to warrant let's retain going forward I wasn't raised that way, trained that way, nor believe that. So they very much perceive at that opening as on the go-forward, and what's the market opportunity, how is the traction going, what's the customer adoption and total that's going very well as you heard from Raghib. So that one we're enthusiastic about.

Raghib Hussain

The overall traction is really excellent, and we're making distinguished progress, and that's how they judge total of their businesses.

Ashish Saran

Next question?

Ross Seymore

Thanks. privilege here, Ross Seymore from Deutsche Bank. Two questions; first one for Matt, during the last few months there was a lot of consternation about the Cavium revenue level. I know you went into distinguished deal to detail in your last conference muster about that, but any updates as to either the exact side or the channel rationalization side that they can perceive at going forward?

Matt Murphy

Sure. So yes, so they did their muster maybe a month ago. I mediate they gave the outlook. They gave -- they leaned in a puny bit more than they normally do, right, to give investors visibility. And so, when they publish their next earnings, obviously we'll give you guys a bit on the short-term. Today's goal was really to focus on, "Hey, what are the long-term prospects of the company? Where are they taking it? And where are they heading?" So, not going to observation about the short-term today.

Ross Seymore

I'll fade with the long-term follow-up with Raghib…

Matt Murphy

Okay, great.

Ross Seymore

- the 5G side, obviously that's an zone you're very excited about that 4X multiple as they fade from 4G to 5G, talk a puny bit about the mile markers and the timing of when they can start to view some of that evidence within your networking business?

Raghib Hussain

So, with their already design wins and the lead customer, they are expecting revenue started later section of the next year. And of course, it will ramp into calendar year '20. Now, in addition to that, as they mentioned earlier and Jean moreover pointed out, they are actually heavily engaged with the lot of other OEMs. So they are actually in a very honorable position to win additional design. So, their current ground blueprint does not embrace any of the additional design, or does not embrace actually additional market share gain by their lead customers.

Blayne Curtis

Thanks, Blayne Curtis of Barclays. Two questions for Raghib or Matt, this is the first time you've mentioned that AI inference product, if you can give any conception on timing of that when you gain sample, and then obviously as everybody knows there's many public and private companies chasing after this market, if you maybe just talk about the differentiation, you maintain been working on this, I mediate you said two years, why you decided as Mike commented, to fade forward with the product? And then, just following up on Ross's question on 5G, if you did win on these next-gen 5G ground stations, just may subsist some timing as to when that could contribute? Thanks.

Raghib Hussain

So, the product that they are going to sample, they are -- it's going to sample next year, right, in terms of timing of the product. Now, if you perceive at this whole market, as I mentioned earlier, there is a whole kind of goal, right, sort of -- I mediate everybody is trying to really chase the mountainous guy out there, which is really focused on training. That is why everybody is trying to build the biggest and baddest sort of a thing, right?

Our approach is their working with the customer is that they really exigency a solution which is really designed for a scale, right, and that is why they -- when -- just dote always that they did in Cavium as well, they institute not only that they mediate that way, but other mountainous customers moreover mediate that way, and that's how they started working with a close partner, and that's why we're developing the part.

Matt Murphy

Maybe I'll just add, I mediate we're well-positioned there as well, because in the finish when total these chips are available and total the benchmarks are done, a huge consideration I mediate of any infrastructure company that's going to deploy AI processing into their hardware, into their systems, is going to want the identical dynamics that they described today, you know, big supplier, viable, focused on the finish market, track record of execution. And so, I mediate that's going to finish up playing to their strengths, but as Raghib said, it's an lively project, we're developing the chip, we're sampling it next year, we've done the evaluation of its prospects, right, relative to other investments we're making, we're very excited about it. And they mediate that although we're not including it in their SAM, because by the way the SAM at this point is actually -- these numbers are so big that it's hard to really -- you could fetch third-party reports, so they prefer to execute the project, kind of work with their customers, and as they gain progress puny bit dote they did with automotive Ethernet, then embrace this at a later date in terms of the SAM and the opportunity…

Raghib Hussain

Blayne, and just to add a puny bit more, actually in terms of total of the benchmarks, total of the metrics, and in terms of performance, power efficiency, cost efficiency, actually their solution what they know based on total the other available, is going to subsist the market-leading solution in the market.

Blayne Curtis

There was a follow-up question I mediate on additional baseband customers, and maybe you can just observation timing -- you know, it takes a brace of years.

Matt Murphy

Sure. Yes, I mediate that -- again, we're very focused on getting their lead customer production and enabling them to subsist successful. I mediate the partner model that they showed when they said complete ASIC merchant partner, I mediate that's being very well-received especially in this 5G cycle, where there's a pretty big diversity of not only companies developing infrastructure for this, but the kinds of radios that they want to develop are moreover going to subsist quite disparate. And so, just to finish a gigantic ASIC for each of these is going to subsist a huge lift, and I mediate the fact that the Cavium team actually has this proven track record on 4G and 5G IP, that partner model, but starts to perceive very attractive. So anything they were -- they would subsist able to win there would clearly subsist a current product development. They exigency to fade often start that chip. So these are not ones that would ramp any time next year, they would subsist in the future, but this again is a very honorable long-term opening because as you can view from the 3G cycle, the 4G cycle, now the 5G cycle, these are multi-year. And if you talk to their customers, they mediate actually 5G is going to last even longer from a cycle point of view than 4G. So, these are longer term opportunities that would layer in.

Karl Ackerman

Hi, Karl Ackerman from Cowen. Two questions please, I mediate the shift from media to flash-based storage is clearly a tailwind for you, but I mediate one of the concerns from investors is how swift SSD controller ASPs approach those of your hard drive controller? So, how should they mediate about sustainability of the premium you receive on glitter controllers versus hard drive controllers? Is it in a strictly linked to NAND ASPs per gigabyte?

And I guess as a follow-up, how they mediate about both the trajectory and potential competition between yourselves and the total glitter array providers as your Ethernet bunch of glitter seems dote a distinguished alternative for NVMe over fabric arrays? Thanks.

Matt Murphy

Okay, the first question was really ASP comparison between HDD and glitter controllers, was that the question?

Karl Ackerman

How sustainable you mediate the premium of your NAND controllers will remain above hard drive controllers?

Dan Christman

I see. Okay. So I mediate it depends on the segment that you're in. So clearly, with their focus more towards a datacenter and enterprise we're able to provide current features, functions, and fetch a higher value out of those. Certainly in the notebook or PC space, you'll view transitions as you change interfaces or -- but that's more difficult in that space, and that's why we're focused more towards the other end.

And as far as the EBOF, right, for instance the total glitter arrays, I would affirm that those types of customers gain in the total glitter arrays and the enterprise customers are customers that we're focusing on with those products. So I mediate that's actually very complementary that they hope to view them adopt those architectures.

Jean Hu

To add to what Dan said, right, bethink in the glitter controllers that they design typically takes three years to design into the customers, walkway the customers, strong IP in cloud datacenter. The ASP actually is a wider range, right, it's because you contribute IP to your customers. So overall, as I said earlier, when you perceive at the more commodity type of pricing, that has nothing to finish with their controller pricing, which is very much embedded into the IPO provider for the customers.

John Pitzer

John Pitzer with Credit Suisse. Just Dan a follow-up on the storage side of the market, can you talk a puny bit about the covet of NAND glitter providers to actually fetch into the controller market, and how you view sort of the merchant controller market, market share developing over time? And then Matt, as a follow-on or second question, you haven't included Cavium synergy -- revenue synergies into the forecast, can you just talk about where they should view those synergies first? I know in the past, you've talked about, for example, Cavium using other people's PHYs and that sort of an facile switch, how finish they mediate about the build of revenue synergies over time especially given the long duration design cycles that you're involved in?

Dan Christman

So I mean, obviously vertical integration with the NAND vendors is that we've always seen, we've always considered in their SAMs that you know, they model based on some assumptions there as well. We've traditionally had trade with those customers. They continue to work with them on inevitable trade models. So I mediate it's a natural section of the evolution of that market. Clearly on the finish It Yourself models and some of the stuff we're doing at datacenters, you've got to bethink that they're going to focus a lot of their investments on some of the higher volume segments, but yet when you exigency some of the IPs and when you perceive at going from affirm 28 to 12 to seven nanometers doesn't that kind of present that graph of how much expenses that gets to be. Marvell leverages across many, many chips. So there are certainly segments that build finish stuff themselves, there are segments where they will work, they will buy something directly from Marvell, or working some of these partner models and the trade models that -- again that showed. So I mediate it's something that they esteem when they perceive at their models, whether it subsist the SAM or the revenue.

Matt Murphy

Yes, just one quick observation on that, I mediate they maintain been operating in that environment since I joined. I carry weight they had -- I mediate the first month I was here, they had a management consulting company offered to finish a free month of work for us, you know, to succor us fetch integrated. And so, one of the studies they did was on their product lines, and they said, "Hey, you know, the SSDs product line, they recommend you shut it down because everybody is going vertical." And then they said, "Okay, well, let's really perceive at the data," and of course that would maintain been a horrible decision, because that became a hugely Important trade for the company. So I mediate they are going to co-exist and I mediate as Dan mentioned, it's going to subsist different trade models.

On the revenue synergies, the mountainous opening there really is the design wins. I carry weight there are -- there is not a lot of discretionary trade they maintain in their portfolio, and I mediate that's actually a honorable thing by nature that they are typically highly proprietary sole source. So, going out and chasing a customer through distribution or something is typically tough especially if you are trying to sell an Octeon. I mediate that's a challenge, right, but I finish mediate there are some tactical things that they are doing certainly in the short-term, but the overwhelming revenue synergy that they can achieve is actually from the examples that Tom gave, which is really going in as a combined company leveraging the combined IP of the two, and really selling a whole system solution versus just selling a chip. And the pull-through is very strong. When you maintain a processor, you know, a strong processor portfolio, it does enable you that sort of insight into the decision-making on the board at the earlier stages. So I mediate that's really where you should about it, and I mediate to the extent they are successful in doing that, then they will just propel their revenue growth long-term at the higher finish of their model.

Ashish Saran


Vivek Arya

Hi, Matt. Vivek Arya from Bank of America Merrill Lynch. Thanks for hosting the Analyst Day today. So first, near-term, I understand you don't want to talk about Marvell specifically, but there is a lot of worries about just the semi conductor cycle broadly, you know, China trade tension, CPU shortages, so to whatever extent you could, you know, succor establish their mind at ease about how are you seeing just the broader psychodynamics play out? But longer term, give us more or less of a report card about the integration process, because Cavium was running a very different way, right, it's very entrepreneurial company, but the pricing dynamics, lead times, customer engagements were done in a very different way than what they were used to seeing in Marvell, especially when after you and Jean took over. So, give us some sense of report card that are you through that integration process is now being race as one smooth company, with one united front of customers, so that they can subsist assured that there is going to subsist the privilege execution behind some of the targets that you maintain laid out? Thank you.

Matt Murphy

Sure, great, great. Two questions, so, yes, the first one I mediate is pretty interesting, right, to host an Analyst Day in the middle of -- about as strident an environment as they maintain seen in a longtime, and I mediate total those issues are very true and upon us in terms of the geopolitical issues and the global issues with respect to tariffs. It's unclear what ramifications and total that are going to be. They are still working their way through that. I mediate on the PC one, I mediate to the extent that there is -- they are downstream from that, right, so I mediate the best source of information would subsist fade talk to the PC makers, or even the drive guys, right, and they are two levels removed. And so, they are going to just react, depending on what happens, but you certainly mediate any shortage there has to subsist short-term in nature just because at some point there will subsist enough PCs to supply the world, I mediate the world without enough PCs doesn't gain sense to me. So I mediate they will work through that issue, okay? And they will deal with it.

I mediate on the integration, I will gain a few comments and then maybe I will let Raghib observation too since he came from the Cavium management team, he succor build the company, but they are very far long in integration. I mediate the fact that -- I carry weight I showed the picture for a reason, they were very purposeful and thoughtful about the fact that it was a different culture and a different kind of company, and I mediate they took steps early on to obviously give the Cavium leaders significant roles in the combined company, they took significant steps to enroll them in their culture and walk them through kind of how they race their business.

Our point of views has been very well-received. I mediate -- and they maintain really -- I mediate integrated them well into their system, I carry weight the fact that they did this portfolio review, which is really one of the most Important processes they maintain in their company. They spend a whole week doing that, and they probably had -- I don't know, eight or 10 Vice Presidents -- technical by the way, most of them are either follows or engineering leaders from Cavium actually unite and succor us review the whole combined set of businesses. And then at the finish they made decisions about how they are going to designate their resources, you know, these guys are smart, right, they fetch that. "Okay, wait a minute. This trade is really not making as much money as they thought," or this one looks dote it doesn't maintain enough resources, or you know, and so when you actually remove the strong technical acumen of Cavium and you combine it with the strong financial acumen on Marvell, they view that as a very intertwined capability in their company. I mediate it's been very well-received. And so, the last point in that would subsist Tom has brought in the sales organization, they are pivoting from kind of commission-based, design win based, right, from an operations point of view, Andy Micallef, who is their leader there, he has done a distinguished job in driving Marvell's operational excellence, right, that whole team now reports with him. And I mediate people view the profit to running it this way. So, maybe Raghib will give you a observation since you are…

Raghib Hussain

Yes. So I want to affirm overall integration is going on very well, and let me reiterate you although at outside it looks very different company, but when it comes to core engineering DNA, what company has similar DNA? They are hard working and engineers focused to create in a way to create value out there, right? So that is a honorable thing.

The other aspect which actually worked out really well in this situation, the way top-down the Marvell management actually provided the environment, right? So it was very inclusive and very open. It's not like, okay, it's my way, what's your way sort of a thing. It's just like, okay, let's fetch together, device out what is the privilege thing to do, which one, as Matt mentioned, which are the -- when you are merging the businesses, which makes sense to keep, which makes sense to let fade and things dote that. So, total those decisions were very inclusive, and the team really feel like, "You know, I did section of the overall thing." So, not only at the top level, but moreover at various engineering flat and so on. So, overall environment is very, very kind of cooperative. They view the value of overall objective-driven and goal-driven method in which actually, is really appreciated by a lot of folks in the Cavium side as well. They finish realize that the scene are not done based on politics, but based on overall bigger company goals. So, those values actually are taken really well.

At the identical time, it is not that -- you know, entrepreneurial thing is kind of squash or slay at all. I carry weight if you really perceive at type of products they talked about today, I mean, they are investing in a lot of distinguished potential innovative products, right? So, I would affirm the overall thought-process of being innovation-driven and being leader in inevitable areas is moreover appreciated on overall management side. That is working out very well.

Matt Murphy

I mean, remove one last question before they exigency to wrap up.

Quinn Bolton

Quinn Bolton with Needham. Just a follow-up on 5G, you maintain talked about the 4x expand as you fade from 4G to 5G, so I mediate your content opening is probably approaching a $1,000 per ground station, and you maintain talked about embedded processors or layer four to seven, you maintain got the baseband processors, you fetch your Ethernet switches and PHYs, where does the value Come from? Is it fairly evenly spread across those different solutions? Does the baseband processor limn the largest percentage of the dollar opening for ground station?

Raghib Hussain

Okay. Should I remove that? So first of all, I thought you guys in finance can finish a better math, but anyways, just to repeat, in 3G they worked up for a $100 content, in 4G they increased it three to four times, and it's going from 4G to 5G, they are increasing another 4x compared to 4G, right? So you can finish the math.

Now, on the other -- on the side of where it is coming from, in reality it's a mix, it is more -- of course the processor side, the baseband processor as well as the Octeon [ph] processor is higher ASP, but then the additional -- you know, significant addition with the combination of switches and PHYs, because now this time the bandwidth which is touching data you know, manipulate data by the ground station, bandwidth is much higher, and as a result of that, you exigency switches which is at a much higher bandwidth flat compared to the before previously.

Matt Murphy

All right, well, thanks everyone for attending the session today. They really appreciate the time you spent with us, and for folks in the room, there is a lunch next door. You will maintain the haphazard to network a puny bit more with the executive team there. So, thanks again.


The Navy’s newest warship is powered by Linux | true questions and Pass4sure dumps

The USS Zumwalt getting a coat of paint at Bath Iron Works. The ship is exotic in many ways, but it runs on off-the-shelf computing technology. It moreover costs nearly $4 billion.The USS Zumwalt getting a coat of paint at Bath Iron Works. The ship is exotic in many ways, but it runs on off-the-shelf computing technology. It moreover costs nearly $4 billion. General Dynamics Bath Iron Works reader comments with 129 posters participating, including narrative author Share this story
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  • When the USS Zumwalt (DDG 1000) puts to sea later this year, it will subsist different from any other ship in the Navy's fleet in many ways. The $3.5 billon ship is designed for stealth, survivability, and firepower, and it's packed with advanced technology. And at the heart of its operations is a virtual data headquarters powered by off-the-shelf server hardware, various flavors of Linux, and over 6 million lines of software code.

    On October 10, I flew up to Rhode Island to visit Raytheon's Seapower Capability headquarters in Portsmouth, where engineers assembled and pre-tested the systems at the heart of the Zumwalt and are preparing to finish the identical for the next ship in line, the USS Michael Monsoor—already well into construction. There, Raytheon's DDG-1000 team gave me a tour of the centerpiece of the ship's systems—a mockup of the Zumwalt's operations center, where the ship's commanding officer and crew will control the ship's sensors, missile launchers, guns, and other systems.

    Over 20 years ago, I scholarly how to subsist a ship watch stander a few miles from the Raytheon facility at the Navy's Surface Warfare Officer School. But the operations headquarters of the Zumwalt will maintain more in common with the fictional starship USS Enterprise's bridge than it does with the combat information centers of the ships I went to sea on. Every console on the Zumwalt will subsist equipped with touch screens and software capable of taking on the needs of any operator on duty, and mountainous screens on the forward bulkhead will parade tactical plots of sea, air, and land.

    Perhaps it's arrogate that the first commanding officer of the Zumwalt will subsist Captain James Kirk (yes, that's actually his name). But considering how heavily the ship leans on its computer networks, maybe they should perceive for a chief engineer named Vint Cerf.

    Off the shelf and on the ship Data headquarters in a box: Electronic Modular Enclosures being configured at Raytheon's Portsmouth, Rhode Island, facility. Enlarge / Data headquarters in a box: Electronic Modular Enclosures being configured at Raytheon's Portsmouth, Rhode Island, facility.

    In the past, you couldn't just establish off-the-shelf computer systems aboard a ship for mission faultfinding tasks—when I was aboard the USS Iowa, they had to shut down non-tactical systems before the guns were fired because the shock and vibration would crash systems hard. So typically, individual computer systems are ruggedized. But that adds heavily to the cost of the systems and makes it more difficult to maintain them.

    The design of the Zumwalt solves that problem by using off-the-shelf hardware—mostly IBM blade servers running Red Hat Linux—and putting it in a ruggedized server room. Those ruggedized server rooms are called Electronic Modular Enclosures (EMEs), sixteen self-contained, mini data centers built by Raytheon.

    Measuring 35 feet long, 8 feet high, and 12 feet wide, the 16 EMEs maintain more than 235 equipment cabinets (racks) in total. The EMEs were total configured and pre-tested before being shipped to Bath, Maine, to subsist installed aboard the Zumwalt. The EME approach lowered overall cost of the hardware itself, and allows Raytheon to pre-integrate systems before they're installed. "It costs a lot to finish the work in the shipyard," said Raytheon's DDG-1000 deputy program manager Tom Moore, "and they fetch limited time of access."

    Each EME has its own shock and vibration damping, power protection, water cooling systems, and electromagnetic shielding to forestall interference from the ship's radar and other mountainous radio frequency emitters.

    The EMEs tap into the Total Ship Computing Environment, the Zumwalt's shipboard Internet. Running multiple partitioned networks over a coalesce of fiber and copper, TSCE's redundantly switched network system connects total of the ship's systems—internal and external communications, weapons, engineering, sensors, etc.—over Internet protocols, including TCP and UDP. Almost total of the ship's internal communications are based on Voice Over IP (with the exception of a few old-school, sound-powered phones for emergency use).

    A diagram of the Zumwalt's control systems and their connections to the Total Ship Computing Environment. Enlarge / A diagram of the Zumwalt's control systems and their connections to the Total Ship Computing Environment.

    There's moreover some wireless networking capability aboard the Zumwalt, but Raytheon officials giving me the tour were not at liberty to dispute just what sort of wireless this is. Still, that capability is supposed to allow for roving crew members to connect to data from the network while performing maintenance and other tasks.

    Systems that weren't built to subsist wired into an IP network—other "programs of record" within the ship, which are installed across multiple classes of Navy ships—are wired in using adaptors based on single-board computers and the Lynx OS real-time Linux operating system. Called Distributed Adaptation Processors, or DAPs, these systems connect things dote the ship's engineering systems, fire suppression systems, missile launchers, and radio and satellite communications gear into the network so they can subsist controlled by networked clients.

    It looks dote you want to launch a missile The mock-up of the Zumwalt's operations headquarters at Raytheon's Portsmouth facility, complete with haze-gray paint, has the exact dimensions of the space on the ship itself. The Zumwalt will embrace a second flat to host the operations of units deployed with the ship. Enlarge / The mock-up of the Zumwalt's operations headquarters at Raytheon's Portsmouth facility, complete with haze-gray paint, has the exact dimensions of the space on the ship itself. The Zumwalt will embrace a second flat to host the operations of units deployed with the ship.

    Some of those networked clients were what I was looking at in the mocked-up Zumwalt operations center. The operations headquarters isn't just where screens are watched and commands are shouted—the whole ship can subsist practically race from the space, from guns and missiles to engines. There's no "radio room" on the Zumwalt; total the communications are managed from the operations center. The ship's guns are fully automated and operated by an operations headquarters watch stander instead of a gunner's mate in the mount. Theoretically, the ship could even subsist steered from the ops center—the ship is piloted by computer, not a helmsman. And total of these tasks are performed from the identical type of console.

    The sequel 57 vertical launch system, developed by Raytheon, can carry a coalesce of anti-ship, anti-aircraft, and land assault cruise missiles. It communicates with the operations headquarters over the ship's network.

    Enlarge / The sequel 57 vertical launch system, developed by Raytheon, can carry a coalesce of anti-ship, anti-aircraft, and land assault cruise missiles. It communicates with the operations headquarters over the ship's network. Called the Common parade System, or CDS (pronounced as "keds" by those who work with it), the three-screen workstations in the operations headquarters are powered by a collection of quad-processor Intel motherboards in an armored case, which gives current import to the marine phrase "toe buster." Even the commanding officer's and executive officer's chairs on the bridge maintain CDS workstations built-in.

    Each CDS system can race multiple Linux virtual machines atop LynuxWorx's LynxSecure, a separation kernel tthat has been implemented in CDS as a hypervisor. This allows the workstation to connect to various networks partitioned by security flat and purpose. "Every watch stander station runs out of the identical box," Raytheon's DDG-1000 developer lead Robert Froncillo told me. "So they can sit at any CDS and bring up their station."

    This may not seem dote a mountainous deal to most people. But on past ships, workstations tended to subsist purpose-built for a specific weapons system or sensor. That meant every system had a different configuration and interface, and you couldn't maintain a watch stander manipulate multiple tasks without having to switch seats. The CDS workstation uses common USB interfaces for its peripheral devices (such as trackballs and specialized button panels) and is equipped with touchscreens, as well, so that watch standers maintain a selection between "classic" and touch interfaces.

    That doesn't carry weight there's necessarily a "Clippy" to succor current operators master their systems. The Raytheon team has had sailors in to achieve usability assessments from before code was even written, showing them screen shots of interfaces to fetch feedback from users. "We had a chief that said, 'We don't want any 'wizards,'" said Froncillo.

    A digital illustration of how the Zumwalt's operations headquarters will look, complete with its second-level suite for hosting operations for air detachments and other units deployed aboard.A digital illustration of how the Zumwalt's operations headquarters will look, complete with its second-level suite for hosting operations for air detachments and other units deployed aboard. Raytheon

    Putting total of the pieces together is a collection of middleware running on those IBM blade servers. Many of the shipboard systems exercise a commercial publish/subscribe middleware platform to ship updates to operator consoles. But for other systems that exigency to subsist more tightly coupled (like, for example, missile launch commands), the Navy has specified the exercise of the Common protest Request Broker Architecture (CORBA)—the military's favorite mission-critical middleware model. (The software for the Joint Tactical Radio System's software-defined radios was moreover developed using CORBA.)

    The next release The Zumwalt bow-on at Bath Iron Works. DDG-1001, the USS Michael Monsoor, sits behind her, more than 60 percent complete. Enlarge / The Zumwalt bow-on at Bath Iron Works. DDG-1001, the USS Michael Monsoor, sits behind her, more than 60 percent complete.

    The Zumwalt may not maintain sailed yet, but its software has already shipped six times. When Release 5 was completed, Raytheon brought in more sailors to test the system, tethering it to the company's Total Ship System Simulator to race through a number of combat scenarios. "We did antisubmarine warfare, air, and land assault missions," Froncillo said. The lessons scholarly were incorporated into release 6, and 7 will subsist installed on the ship before the ship's "shakedown" cruise. Another upgrade will subsist installed post-delivery, and perpetual improvements will subsist made as the software is deployed to the other two ships in the class.

    But the life of the technology being deployed on the Zumwalt won't finish there. CDS will subsist used as section of the Navy's Aegis Modernization Program to upgrade the systems of the fleet's guided missile cruisers and destroyers. "And there are a lot of things we're developing that will subsist reused," Moore said.

    Considering how much has been spent over the past decade trying to fetch the Zumwalt built, and the other technologies that were developed in the process, one can hope that more than just the software gets some reuse.

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