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Nortel Nortel Communication Server 1000

Nortel Builds on its Unified Communications imaginative and prescient, options Portfolio | killexams.com real 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 newfangled 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 breathe a keynote speaker on Tuesday, and should contend how unified communications solutions and converged purposes are poised to seriously change industry communications.

"Unified communications essentially alterations the artery 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 loaded 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 industry makes utilize of today. These solutions enable users to adventure streamlined communications within their industry 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 newfangled options that deliver a richer set of UC tools whereas making certain the resiliency of the communications community.

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

the newfangled CS a thousand architecture will lengthen its aid for open standards, with aid for an open operating gadget and birth 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 acquire it more straightforward for companions and resellers to cite and promote. This newfangled free up is planned for availability in 2Q07.

moreover these days Nortel introduced the everyday availability of a brand newfangled liberate of the award-winning Multimedia communique Server (MCS) 5100. This newfangled unlock improves productivity by using providing users with tense 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 newfangled MCS 5100 free up additionally introduces back for brand spanking newfangled 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 viable for voicemail, fax and e mail to breathe 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 back agencies set up UC-optimized networks, Nortel is besides unveiling converged information networking enhancements to its North American advertising campaigns, which build on the successful IPT 1-2-three campaign launched terminal year. These crusade enhancements comprehend accomplice tools, focused exact era actions, pre-engineered statistics programs, and not obligatory features that acquire 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 besides breathe quoted starting in April 2007 and consist of options to enable the complete deployment of punch over Ethernet, VoIP-Optimized comfy Routing for WAN entry, and WLAN for mobility and optional upkeep, installation and technical back services. Nortel's North American campaign 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 acquire the vow of industry Made primary a fact for their consumers. Their subsequent-era applied sciences, for both carrier company and commercial enterprise networks, guide multimedia and enterprise-critical applications. Nortel's applied sciences are designed to aid liquidate brand newfangled boundaries to efficiency, pace and performance via simplifying networks and connecting americans to the counsel they need, when they requisite it. Nortel does enterprise in more than one hundred fifty nations around the globe. For greater tips, contend with Nortel on the net at www.nortel.com. For the newest Nortel information, contend with www.nortel.com/information.

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 relevant 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 territory to valuable assumptions, dangers and uncertainties, which might breathe intricate to divine and the specific sequel may well breathe materially diverse. further, genuine outcomes or events might range 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 fiscal statements and related activities; the foul Have an sequel on on Nortel and NNL of their most contemporary restatement and retard in filing their fiscal statements and linked fitful 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 enormous pending civil litigation movements no longer encompassed by artery 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 fiscal reporting leading to an requisite of capacity to record Nortel's effects of operations and fiscal 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 fiscal statements; any opposed Have an sequel on on Nortel's industry and market cost of its publicly traded securities coming up from carrying on with foul publicity regarding Nortel's restatements; Nortel's competencies requisite of capacity to entice or hold the personnel fundamental to obtain its industry goals; any trespass 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, enormous competitors, aggressive pricing practice, cautious capital spending via customers, improved industry consolidation, abruptly changing applied sciences, evolving trade standards, time-honored newfangled product introductions and short product actuality cycles, and different tendencies and industry traits affecting the telecommunications business; the sufficiency of these days introduced restructuring actions, together with the handicap for bigger exact prices to breathe incurred in reference to these restructuring movements compared to the estimated expenses of such moves and the means to achieve the targeted can impregnate discounts and stamp 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 certain products demonstrate to breathe incorrect or as a result of certain 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 unbecoming margin, or fluctuations in exotic forex trade costs; any foul developments linked to Nortel's supply shrink and shrink 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 influence to Nortel of its failure to achieve its company transformation goal; additional valuation allowances for complete 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, maneuver and grow its enterprise, or create a very distinguished risk administration strategy; and(iii) dangers and uncertainties concerning Nortel's liquidity, financing preparations and capital together with: the influence of Nortel's most contemporary restatement and two outdated restatements of its fiscal statements; any requisite of capacity 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; elevated 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 certain of Nortel's public debt considerations and the provisions of its guide facility; any boost of limited cash requirements for Nortel if it is unable to comfy alternative aid for obligations arising from certain ordinary path industry activities, or any inability of Nortel's subsidiaries to supply it with satisfactory funding; any foul repercussion to Nortel of the requisite to acquire better defined handicap plans contributions sooner or later or exposure to client credit score dangers or requisite of capacity of shoppers to meet cost obligations below consumer financing arrangements; any foul Have an repercussion on on Nortel's capacity to acquire 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 certain of these and different elements, discern Nortel's Annual record on Form10-okay/A, Quarterly reviews on configuration 10-Q and other securities filings with the SEC. except in any other case required by relevant securities laws, Nortel disclaims any objective or obligation to update or revise any forward-searching statements, no matter if as a result of newfangled 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 | killexams.com real Questions and Pass4sure dumps

it might Have been some of the longest skits ever to breathe 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 angle of their collaboration, which begun officially in June of terminal year.

Their mission is to integrate windows, office, alternate, and visible Studio -- complete 4 pillars of Microsoft -- into the subsequent round of Nortel server hardware on Intel platforms. The smaller Nortel Communications Server a thousand should breathe built-in with the brand newfangled Unified Messaging edition of change Server, for birth within the 2nd quarter of this yr; extra excessive-end models with multimedia conferencing capabilities on-board could breathe 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 delineate the notebook as a communications gadget in diagrams.

below the brand newfangled scheme, a consumer can acquire 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 utilize of IM (the console of the OC) or the utilize of the mobilephone; and during this latter case, the mobilephone turns into a benign of Nortel peripheral equipment. using voice instructions given to the audio "interface" of Microsoft exchange, you could Have 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 besides breathe used to redirect name-forwarding, in order that any one putting a conventional phone muster can reach the requisite birthday party on his OC, or conceivably through his trade proxy, which can occupy a message and forward it to his e-mail. There it can besides breathe replayed as an audio track, or conceivably translated to text.

It is not a particularly newfangled idea, however what distinguishes this certain approach to the hardship is that Microsoft's office application is so ubiquitous in industry today that the integration of aspect-of-presence in purposes can breathe just tempting satisfactory to glean organizations to reckon Nortel.

As Zafirovski took the helm of Nortel remaining 12 months, its market participate 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 participate 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 glean Nortel out of markets where it would not compete, via introducing communications servers this 12 months with a purpose to integrate performance from traditional branch exchanges - the space the enterprise's market participate 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 acquire that case. In so doing, it's leveraging its entire company portfolio, even if it capability floating some wild concepts, reminiscent of implying the presence of a dormant market among builders to create customized toolbar purposes for PowerPoint and other workplace 2007 applications, that acquire 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 Have 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 Have PBXes, people Have audio-conferencing programs or options that they purchase, video-conferencing options, e mail - optimistically complete Microsoft exchange - rapid messaging solutions, and these are complete islands - the style you glean provisioned, the manner you register, your username, your tackle, the manner you find someone," noted Ballmer complete through his speech nowadays.

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

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

Ballmer painted a extensive picture, the utilize of some fuzzy brushstrokes, of an evolved telecommunications infrastructure for complete humanity, birth this yr with a current 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, complete the artery through these years wherein it is rarely purposeful for places of travail to faith eliminating the telephone altogether for the OC.

however by 2010, a newfangled 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 utilize accepted delivery to drop out of sight through attrition, relish a vestigial sixth toe. additionally complete the artery 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. reflect of this as an change-embedded PBX substitute, provided by using Nortel.

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

Microsoft and Nortel existing Alliance Roadmap | killexams.com real 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 newfangled joint solutions “to dramatically extend 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 newfangled implementation functions from Nortel and the opening of more than 20 joint demonstration facilities the space shoppers can undergo the expertise, the observation persisted.

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

From Microsoft's standpoint, it's complete a section of the business's long-term play to merge every benign of communications and messaging into a lone framework. A year ago, the industry 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 newfangled community become named the Unified Communications community (UCG) and resides in Microsoft's enterprise Division. The theory for the brand newfangled group emanated from a imaginative and prescient of including continuity to a myriad of communications gadgets, technologies and modes -- from e-mail and speedy messaging to Voice over cyber web Protocol (VoIP), audio/video and web conferencing -- in a unified manner.

The three newfangled 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 branch will hold Nortel and Microsoft technology on a lone piece of hardware that gives you VoIP and unified communications in far off workplaces.

Coming a minute prior in the 2d quarter, Unified Messaging will objective to simplify client deployments, endemic session initiation protocol (SIP) interoperability between the Nortel communique Server 1000 and Microsoft exchange Server 2007. The avow 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 lone client undergo consistent across applications comparable to voice, quick messaging, presence, and audio- and videoconferencing.

This 12 months, the corporations besides procedure to prolong their current unified communications avow — a unified laptop and fine mobile for VoIP, electronic mail, speedy messaging and presence — to the Nortel communique Server 2100, a service-grade industry telephony product helping up to 200,000 clients on a lone device, in accordance with industry statements.

As for the highway map, the two companies Have 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 back 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 industry Developer, XML & internet features, and .net magazines.

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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 | killexams.com real 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 range 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 range of features. The AW-SFU01 feature upgrade will breathe available for purchase in July 2015 at a suggested list cost of $350.00. A special promotional tender will provide this role upgrade in July at no impregnate for cameras purchased between March 24th and May 31st, 2015.

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

This newfangled 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 benchmark 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 viable for the HE40 to role 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 besides enables production-quality in-camera HD MPEG-4 video and audio recording to a microSD card at up to 28mbps, which can breathe 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 besides offers a premium choice for professional-level videoconferencing via widely available USB-class applications.

The HE40’s audio functions are besides 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 besides breathe used in conjunction with HD streaming and recording functions.

An upgraded HE40’s breadth of powerful functions facilitates the progress 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 produce 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 besides ideal for demanding recording, streaming, and IMAG use. With IP-Preview transmission and control, and back for PoE+, the HE40 besides offers the flexibility needed for cost-effective installation and light management. 

The HE40 besides 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 multifaceted IP/Serial/Web control system and IP-Live Preview pioneered in Panasonic’s AW-HE60 train cameras. IP, RS-422, RS-232C in/out interfaces are besides 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 www.panasonic.com/broadcast 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 accountable industry technology solutions that connect data with decision makers to drive better outcomes—for their customers and their customers’ customers. Panasonic engineers accountable products and solutions that back to create, capture and deliver data of complete types, where, when and how it is needed. The complete suite of Panasonic professional solutions for government and commercial enterprises of complete sizes addresses unified industry 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 industry 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. complete specifications are subject to change without notice. Information on Panasonic solutions for industry can breathe obtained by calling 877-803-8492 or at us.panasonic.com/business-solutions.

About Panasonic Corporation of North AmericaPanasonic Corporation of North America provides a broad line of digital and other electronics products and solutions for consumer, industry 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 newfangled 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 pile Council.

Marvell Technology Group Ltd. (MRVL) CEO Matt Murphy Hosts Investor Day Conference (Transcript) | killexams.com real 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 appellation 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 acquire 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 discern in front of this company, especially with the addition of Cavium. I'm besides very pleased to discern a lot of chummy faces in the audience, so thank you everyone for taking time out of your assiduous schedules and spending today morning with the Marvell team.

As you can see, they Have 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 utilize in describing Tom's style. Jean will deliver the money slides, followed by a mp;A session which will conclude the event.

Now, before they start, I accomplish requisite to occupy you through their very exciting fiscal safety briefing. This presentation today will hold certain forward-looking statements which accomplish Have risks and uncertainties. They delineate these in their filings with the SEC. They will besides breathe mentioning certain non-GAAP fiscal measures, a reconciliation is at the conclude of this presentation, and this presentation will breathe available on their Web site after today's event.

Now that complete of you Have 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 lone car can learn how to drive safely, then participate it with 10 million others. And soon, highly bright 5G base 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 divulge 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 Have 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, felicitous entire computing systems on to a lone microchip, increased storage density so companies can meet tomorrow's demands, not breathe surprised by them, and discovered ways to retain data flowing swiftly and securely, through cables or through the air. The newfangled Marvell has its sights on tomorrow, not just to unearth what's next, but to acquire it available today.

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


Matt Murphy

Okay. distinguished morning, everybody. It's distinguished to discern complete of you here. So I think, first of all, this video says a lot about what's going on today. The situation of technology and it's mind-blowing how much data is being created on a daily basis in the world. If you reflect 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 breathe processed and actioned. And Marvell is enabling the infrastructure that makes complete of this possible. So today I'm going to talk about the benign 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 divulge you how we're going to grow, which I'm certain is on everybody's minds here today.

So first, let me demonstrate you how far we've Come from their terminal investor day, which was just six quarters ago, here in this room. So let me occupy 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 birth Marvell's turnaround. We'd assembled a newfangled leadership team which they introduced everybody, and they told their story. And that yarn started with the market opportunity, which was really fueled by the explosion of data and the requisite 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 besides shared their plans at that time how they were going to refocus the company to build a long-term sustainable industry that could deliver robust margins, cash flow; complete the things that you hope from a top-tier semiconductor company. And I reflect at that time they caught some of you off guard with their transparency. I recall during the mp;A, I reflect it was Chris Roland, who I reflect is in the play here, who said, "I'm noiseless trying to device out what company this is. I discern the logo behind you, it says Marvell, so I guess I will just travel with that." So they did set some very elevated expectation for ourselves in that meeting. And I'm ecstatic 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 discern that revenue since that time has been up into the right. They besides said at that time that they would achieve unbecoming margins exceeding 60% exiting their fiscal '20. Really pleased that subsequent to the analyst day they managed to extend their unbecoming margins every quarter. In the terminal 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 terminal one they reported as a standalone company, they besides exceeded 30% OM, which was about six quarters ahead of schedule.

So these were distinguished results. We're very disdainful of them. But they did not chance by accident. So let me talk now about how they Run 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 complete of their businesses in the combined company. We've done three of these now since I've joined. The terminal one, more recently, was with Cavium. And so we've gone through now every industry 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 unbecoming 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 besides not afraid to quit projects or redirect resources or reallocate their precious R&D dollars where they Have to. We're very disciplined in this front. They besides believe that time-to-market is a differentiator in their industry. So, their customers, they procedure their schedules around their tackle around their schedules. They're complete one and the same. And so we've completely retooled inside the company how they procedure 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 besides believe in a very data-driven approach to industry management. And they utilize data to Run complete 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 discern the capitalize of this character of approach on the newfangled Cavium team coming in.

Part of the turnaround besides 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 Run the company. Integrity, respect, innovation, execution, supporting each other, these are complete 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 terminal two years. And recently they made the Forbes Best Employers list in 2018. So they believe culture is a competitive advantage. The employees discern the enormous picture, they understand their role, they'll buy in and they'll fully consign 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 complete took time to glean offsite and glean to know each other and align on their goals. And by the conclude of that offsite, you couldn't divulge who was a Cavium leader and who was a Marvell leader; we've complete 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 breathe more disdainful to rush forward with such a talented team that we've assembled. And they set their mission to breathe 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 valuable to Have a mission that is light to understand. Everyone can glean behind it whether it's an employee, whether it's one of their customers, or everybody in the room.

So let's occupy a minute to talk about why they relish infrastructure; why is this a distinguished market to breathe in? I reflect it's an attractive long-term market where their IP can deliver real 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 light to understand. But I'm telling you, as speedy as success comes in this market as speedy as it can travel 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 industry to breathe in. And they are fortunate at Marvell to Have the luxury to participate in the infrastructure market. This is one where they don't just Have 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 progress and partnership with your customers. You don't requisite 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 territory for 10 years or more. So, when customers explore at who they are going to ally with and design in, there's really only a handful select group of players that really Have complete 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. besides the company's DNA is very well aligned to the infrastructure market. They Have a stout combination of IP and engineering capabilities in the company. They Have a 20-year track record in Ethernet, both in switches and in PHYs. They Have profound undergo with processor cores. And they Have in-house IP progress 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 Have managed to assemble on this combine company really what I can situation is the world's most talented team of mingle signal engineers and digital engineers designing SOCs. These chips are not light to make. There's only a few companies that possess this character of capability. And we've been a top innovator in their field. They Have been named for the terminal 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 illustration of the benign of capability that they have. So on their terminal Investor Day they said they were pivoting the infrastructure and that it would breathe a journey. A few years back, they were about 25% of the company's revenue with an infrastructure of 75% was in things relish consumer and mobile.

At the terminal Analyst Day, they were at about one-third of their revenue was levered infrastructure. And they said their goal was to glean it to 50% in the near-term. And so, they were able to accomplish that actually a minute bit ahead of schedule through complete the travail that they set aside 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 conclude markets. And that's only going to increase. And they discern over time that this number is probably going to breathe 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 industry and the opportunities there. They got very valuable technologies from Cavium, leadership now in processors, leadership in security, leadership in accelerators. And so, they besides brought a very stout presence in datacenter and carrier which they had been trying to build. When you combine that with Marvell might and enterprise, their end-to-end product progress 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 situation from the customer point of view, the flat of date that we've seen since they closed the transaction has been significantly higher than before either company had ever experienced. I stand for quite frankly disburse a lot of time on the road. I Have personally met with the chief decision makers and CEOs and CxOs of the top infrastructure companies in the world across complete of their segments.

I Have been assiduous and I'll just give you one illustration of a story. Three weeks ago, Raghib and I were - had the desultory to present to the entire leadership team of one of the top leading infrastructure OEMs in the world. And the meeting was really to contend a pretty significant multi-year agreement to accomplish multiple chips for this particular company and this would breathe a relatively a newfangled 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 industry for us, I said, Look, I just got to ask, you guys Have gotten to this point on your own as a standalone company? And he said, "Well, accomplish you want me to give you the politically reform answer, or the real answer?"

So just give me the real 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 complete the capabilities." And so that break now is one of many and you'll some more stories relish this today of the power of this combination how that's really translating into significant newfangled opportunities because they are seen in a much different light now by their customers. And why accomplish they like? I stand for what accomplish they discern when they explore at the Marvell portfolio that's combined, what they discern is a leader, a leader in key technologies, in storage, networking, security, processors, connectivity. These are complete the key elemental pile blocks of what infrastructure companies are looking for. And it's not even that they Have a minute piece section here or there or a piece of IP.

We actually Have 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 choice for their customers. The combination besides with Cavium really creates a much more diverse company, which I reflect 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 lift Tom's thunder, which you are going to hear more from him about the newfangled customers that they Have added and how actually while there is some overlap, there's a lot of incremental customers that they Have that Cavium didn't Have and vice versa. They besides now are a much stronger and a broader array of conclude markets.

As I mentioned, they really glean a much stronger presence from Cavium now in datacenter and in carrier. But the breath of the industry has besides increased too. And if I travel back to when I joined the company, I stand for probably the lone 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 travel 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 effort 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 Have 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 hope that that number is going to subside as they head into the next year and the year after as they grow their industry and continue their pivot from consumer computing to cloud and infrastructure. I don't reflect that this effort that they set aside in has been widely understood by investors. So I wanted to acquire certain I called this out because I reflect that delineate 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 challenging is their businesses are quite diverse now. So, first, they Have established businesses in their company. This is really how they Run their company and how they segment their businesses with inside their portfolio. So the first is they Have established foundational businesses. These are businesses where they are the leader today. Two examples of these would breathe 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 base layer. Then they Have a number of growth businesses where either they are the leader or they are a very stout challenger. And examples of these comprehend embedded processors, switches and PHYs, flash-based storage, SSD, and elevated performance Wi-Fi. Now these products are complete in growing markets where they Have 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 breathe the market leader in their respective segment.

And then, finally, they besides Have several areas of strategic investment. These are newfangled bets that they are making. And these comprehend automotive -- you are not going to hear about these today, these comprehend automotive Ethernet, these comprehend security solutions for the cloud, which they muster Liquid Security, which is a technology they got from Cavium, and besides this includes their server processor investment based on ARM. So these businesses typically they leverage IP they Have already got inside the company, but they leverage them into adjacent markets, so they glean a lot of reuse and capitalize 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 acquire certain that they define the product correctly. They invest in these businesses carefully. They track them. They milestone them, and they acquire certain that they are resourced properly to win. And so, when you step back, and you explore at the portfolio of businesses they Have inside the company, it's quite broad and it's quite diversified from an investment profile, and they reflect the combination of complete these will result in profitable long-term growth with potential upside on the newfangled bets.

So, another valuable consideration for the combination was scale, and I reflect 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 furtive that the cost of developing these advanced node technologies is going up fairly dramatically as companies rush to more and more advanced process nodes, and obviously you are doing it to extend performance, lower power, optimize dye sizes, complete kinds of benefits of making these node jumps, but they are getting more and more daunting by the day. I reflect this is a reality facing pretty much every company if you going to breathe 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 reflect that you probably requisite to develop about half a dozen chips or so at a minimum in a key process technology, just to Have spread the investment appropriately across complete those devices. And so, if you don't Have enough scale, if you don't Have enough of a broad product line and you can't accomplish a significant number of newfangled products on a node, to glean your money back is going to breathe 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 Have really had benign of two choices when they - enormous systems companies, right, enormous infrastructure companies, when they determine to -- that they requisite a key semiconductor component. One is they either want to buildup themselves, what they muster the complete ASIC model, or you travel 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 breathe 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 acquire this work, and obviously it's difficult to accomplish that many ICs if you are a lone OEM. And so, that's a challenge for these companies today.

So they discern a third industry model actually gaining favor. This is a model that Marvell has had for sometime, but they discern it applying not just in their storage industry where it's traditionally set, but besides across actually other conclude markets. And this ally model is -- let me account for a minute bit more, is really the value proposition, look, everything in the gray that you discern is IP that they are already developing today to spread across complete the chips that they do, whether it's the CPU core, a remembrance controller, SerDes, complete of these different blocks, they are developing these because they are going to utilize them primarily across complete of their products. If you are a system OEM, you are just doing one ASIC, you Have got to travel either develop complete this yourself or license it, it's very expensive and costly and it's time-consuming. And so, this model really allows us to accomplish 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 set aside in space in their storage industry both in the HDD side and in enterprise SSD, it's been a space for about 15 years, it's been highly successful, because the customers are able to leverage and capitalize from complete the travail that they are doing, that's common across the entire company. And so, the capitalize to the customer is obviously they glean proven battle-tested IP that's been in the market, to glean the capitalize 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 Have to accomplish the entire product. So it's really a win-win for both companies. And they discern this is being a very compelling model especially as they Have combined.

Okay, so let me rush to the second section of my talk today. So, probably I'm saying, "Okay, this is great, looks nice, it looks relish you are pile a nice company here. Everything sounds exciting. How are you going to grow?" I reflect that's the question that's on everybody's mind today, "How are you going to grow?" So, Dan and Raghib are going to travel 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 stout conclude market tailwind. The first thing, they can travel back to the terminal Analyst Day, is that there is an explosion of data that's being created and that besides needs to breathe 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 glean processed, secured, and analyzed at the edge. And a lot of these applications now, they accomplish capitalize from real-time decision-making where the data is occurring. And so, more and more they discern this tow of the compute actually being pulled towards where the data is created. And so, that's a capitalize 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 Have to Have a holistic security strategy to secure the entire data chain. And again, this is one where I reflect they can provide significant expertise here to provide robust security complete the artery from the datacenter, complete the artery to the edge through every point in the network. And finally, complete of this has a major repercussion on overall power efficiency. It's probably one of the biggest occasions 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 explore at complete of these combines, there are multiple tailwinds that are in their favor. And so, with that at their back, they reflect there are several very unique opportunities where they can acquire an repercussion given that these market changes are happening, that are very specific to Marvell.

The first is in storage. So, complete this data, as I mentioned, it needs to breathe stored somewhere, whether it's on frigid storage, in the cloud on difficult disks, or it's sizzling storage on advanced scintillate remembrance technologies. And so, their customers are looking for ways that they could accomplish this more economically and they could accomplish it faster. And so, as the leader in storage technology, they are in the middle of complete 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 Have unique insight and capacity to actually influence and repercussion complete of these tremendous disruptions that are going on in the storage industry.

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

The third one is in the carrier market. And this may astonish you, but Marvell is going to breathe one of the most valuable 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 Have very, very stout traction in this market, very unique solutions, and to breathe clear, they reflect that 5G is going to breathe 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 Have emerging opportunities. These are some of their newfangled bets that they reflect provide stout 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 distinguished progress there. And besides 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 Have tried. But there's actually no company that's been able to interpose and occupy 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 breathe a growth driver for us as well that's emerging. And each of these products is off to a distinguished start. And I reflect when you layer complete 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 terminal 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 entire portfolio review, and I'd situation the evolution has been -- they reflect 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 break they reflect is pretty big. It's going to extend their SAM today. And besides 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 smash the $18 billion down, $3.5 billion today is in storage. This is a industry where we're the leader today; they Have almost half of this market. This is a stable business. It's profitable, it's growing modestly. But they Have stout participate and a stout position, and break 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 accomplish Have a stout position here as well, but they hope to gain participate 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 besides investing in ARM server, and they decided to smash this out to breathe super limpid about where the drivers of their SAM are coming from. This is one where they discern the addressable portion of the ARM server market today, at about $4 billion. That SAM they reflect is growing very fast, by about 14% a year. And so when you add that break on top, which again is newfangled and emerging, total company SAM goes from about $18 billion to nearby to $24 billion over the next few years. So there's a significant break if you explore at the evolution of where they were, situation at terminal analyst day looking at an $8 billion opportunity, to now just a couple of years from now being able to address something relish $24 billion of market. So you could discern 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 breathe a leader in the infrastructure market. They Have the scale, they Have a diversified industry 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 illustration is 5G that you'll hear about. I'm besides especially disdainful that their team has consistently delivered and established a stout track record of execution that's going to breathe very valuable as they head into their next angle of growth. And so look, in short, with the team we've got, markets that they are going after, stout 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. complete right, so I'll interpose 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 break in front of us as well as innovation and how they are targeting their investments. And most, importantly, I reflect their pivot to datacenter, infrastructure and really as a solutions-based storage company.

So, Marvell is the leader in storage and they actually Have significant participate here. As Matt mentioned almost 50% of the market is a market participate now for Marvell. We're investing in leadership which for their storage primarily means datacenter. They Have thought leadership. They Have a company that only has 20 years plus in storage can provide to the market that allows us to innovate, bring newfangled architecture to the market, and unravel 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 minute bit about this. As you combine Marvell's classic storage industry of HDDs and SSDs along with Cavium's now fiber channel business, you actually glean the largest and broadest portfolio of storage solutions in the industry.

Fiber channel is over a $500 million in break 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 elevated volume this year preamplifiers. Their scintillate solutions business, which includes their SSD controllers, is a $1.1 billion break today and it's growing fast.

Marvell is number one in merchant SSD controllers. And now they are stirring beyond controllers. They are providing innovative newfangled 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 smash down a little, you will discern the PC space is shrinking at about 5%. They discern this is an region that's harder to differentiate, is less innovation, is less requisite for newfangled 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 break is no astonish 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 explore at their revenue here. So if you explore at the classic Marvell storage revenue, which again was HDD and SSD, you can discern a couple years ago almost half their revenue was coming from PCs. And you fast-forward it today and you'll discern a much more balanced portfolio in the storage industry for Marvell. But a couple of years out looking just at classic Marvell, you discern the PC drops below quarter of their revenue while the Edge and other remains very stable across complete three of these snapshots in time. The datacenter becomes very meaningful for Marvell. It actually becomes their largest segment in just a couple of years. When roll in the fiber channel industry from Cavium and you discern that Marvell has become a True 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 participate leader with stout incumbency. They are the preferred supplier for leading OEMs and Fortune 1000 companies, and due to the critical and the sensitive nature of the data that gets moved in security onto fiber channel infrastructure, they discern this is a very stable market with longevity. And the fact is that Marvell is noiseless 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 impregnate about.

Now, there is no surprise, I reflect everyone here in this play understands that the HDD is going through a secular decline, privilege if you explore 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 minute deeper, you discern 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 explore in fact at both desktop and notebook both markets are declining in the mid-20s. But when your rush PCs, you discern the stable piece underneath which is actually relatively flat and if you dig in deeper, there you discern really what Marvell's focused on which is a near line segment in difficult disk drives, these are the frigid storage drives in the datacenter where they manage enormous Data, if you occupy a photo about a week later, it's probably on multiple frigid storage HDD drives and in the datacenter.

In fact in calendar year 21 about 40% in the entire HDD market will breathe in the near line segment, this is where cost per gigabyte matters and without difficult disk drives in a datacenter they would not breathe 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 complete the valuable aspects that acquire these drives work.

If you explore at the aerial density increases that really drive the capacity, you explore at newfangled technologies, they talk about energy assist terminal time they hear, HAMR, MAMR, Dual Actuator, multi-actuator, these complete occupy investment, they occupy a ally that understands how to accomplish 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 besides talked about in the birth the fact we're going to breathe 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 slip not incremental but because Marvell has a stout position in the HDD controller space, we're getting extremely stout tow from their customers to travail with them in the preamplifier space. They want partners who are actively investing with them in the HDD space and if you explore 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 travel from two to three to four to up to 10 platters per system, you travel 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 besides develop newfangled technologies, the controller in the preamplifier Have to communicate together to control these newfangled technologies, you Have to control the energy elements within the system with the preamplifier.

So these are newfangled opportunities for Marvell, they add more value and glean more content in these newfangled difficult drives and what I'm disdainful to situation 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 hope this to breathe 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 demonstrate here the fact is that the notebook exposure is decreasing meaningfully in the HDD space for us, it'll breathe less than 15% in a couple of years.

Our investment in datacenter is clearly paying off as you can discern 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 fulfill better than the overall market.

So let's rush on to scintillate solutions. Now FMS which is a very distinguished demonstrate for the scintillate industry, it's scintillate remembrance Summit, it's held in Santa Clara every year, it was terminal 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 explore we're more than an SSD controller company. Right, they are a scintillate solutions company, we're focused on effectively or more efficiently managing the scintillate based storage systems, this evolutions been driven by their capacity to leverage the broader Marvell IP to enable newfangled configuration factors for their customers, newfangled industry 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 scintillate storage, if you reflect about it really started off as an HDD replacement, in the PC space people basically took a two and a half inch difficult drive out, they swapped in a two and a half inch SSD drive, same configuration factor, same interfaces, they went on to newfangled configuration factors, they situation explore they don't know necessarily Have to beholding to this HDD configuration factor, they can optimize for their PC. So they set aside newfangled configuration factors in that were smaller and more space efficient, they did newfangled interfaces relish NVMe which took handicap of the actual scintillate and optimize the performance and after PCs went through this, the datacenters went through the exact same cycle of replacement.

But now they're looking for more, they're looking for newfangled architectures, they're looking for newfangled industry models, they're looking for a platform based solutions. From a industry model in an architectural standpoint, I want to talk about this accomplish it yourself model, they did talk about it minute bit terminal year but I want to talk more about it today, this is an break that when you quake off the limits of a difficult disk drive, the mechanical limits of the configuration factor limits and you situation explore I'm just focused on scintillate memory, you really can now optimize, you can optimize for space and power, you can optimize for workloads, you can space the controller directly on your board or build an OEM and newfangled configuration factor. This is really enabled by the fact that the customers can buy a controller from a company relish Marvell directly.

They can source their NAND from multiple elevated quality 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 Have stout and long lasting relationships with complete of the Tier 1 NAND vendors. They complete travail 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 discern this is additional break for Marvell, you can explore at the architecture can breathe changed. And this is basically more content and more value break for Marvel in this space that this started in a datacenter but we've seen it rush beyond a datacenter now in Marvell's one designs already here you'll start to discern revenue over the next couple years here it's already a next year because it's benign 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 slip first for you, you discern 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 newfangled content for Marvell. I'm going to verse illustration here this is an aggregator. Now their customers are looking to add more and more capacity as they add more capacity and they travel beyond PC centric configuration factors to datacenter centric configuration factors. The limitations start to become the SSD controller. The controllers can only handle so many NAND behind them and when you try to add more and more of these together you conclude up either with limited capacity or limited performance.

So Marvell's now interpose newfangled aggregator, NVMe aggregator chips that basically even occupy in seamlessly stitched together multiple controllers or multiple SSD drives and present them as a single, elevated capacity, elevated performance drive enabling newfangled configuration factors in a datacenter. In the second illustration you hear a lot about Microsoft Project anally, open channel it's really about more efficiently managing the scintillate storage at a flat above the drives which means are putting management benign of at the host. I know when you explore at doing that you situation well accomplish I want to set aside that on my CPU and consume those cycles I could breathe renting out and the avow is always No.

And I reflect a Rag will talk about accelerators later but here they Have storage accelerators. And these accelerators basically will accomplish functions relish compression, redundancy, security, IO virtualization and multi tenant systems and offload the CPU to back more efficiently manage the scintillate storage, it allow that cloud datacenter customers to rent out those CPU cycles. The terminal illustration here is a revolutionary architecture that they actually announced to at scintillate remembrance zenith is an ether net bunch of scintillate 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 besides pulls in content from their networking group on the Ethernet switch side, if you explore at traditional server based storage in a datacenter when you want to add more storage you Have to add more compute they travel together, privilege in the Eve off even essentially this aggregated these, are you able to scale up your scintillate storage independently creating a elevated performance rack of flash. Now this is connected over the Ethernet so it looks relish its local, if you explore at latency is in performance it appears to breathe 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 needy lot of interest in this newfangled architecture. So the break in the scintillate market for Marvell is huge privilege if you explore at their classic controller industry 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 newfangled features and architectures. This newfangled Sam on top here is actually growing faster than the overall controller industry so they conclude up with a 19% total CAGER for a scintillate 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 Have some industry here already it's relatively minute but it's growing and going forward they talk about their SSD industry will really start talking about their scintillate solutions industry with SSD as section of that industry so you can discern here how this complete comes together. They recognize the break in datacenter early. They aligned their R&D resources towards the datacenter. As they continue to execute on this pivot to breathe a provider of optimized solutions for the datacenter, you can discern 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 couple years from now it'll breathe three quarters of their business, so I'm going to summarize one more time for you. We're leading from a position of might in complete 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 newfangled and exciting innovative architectures to back 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 even growth. Thank you very much.

Raghib Hussain

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

Ashish Saran

Hey, folks. We're going to glean started, so if everybody can occupy their seats. complete right, so we're going to glean the program going again. And it's my delight to interpose Raghib Hussain, who will occupy you through their networking business. Raghib?

Raghib Hussain

Welcome everyone. It's distinguished to discern so many chummy faces and the newfangled ones too. It has been a assiduous year, complete of excitement and a lot of potentials. I'm very excited to breathe section of this newfangled combined company. And I'm fully committed to occupy it to distinguished success. Let me divulge 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 Have 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 participate complete those detail with you today. But to originate with, they are stout in enterprise, and growing. They are very well positioned to breathe 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 explore forward, let's start by taking a explore what is going to drive the growth in infrastructure, the spending in the next generation in the global markets. Exponential extend in devices is generating a massive amount of data. This data needs to breathe processed to generate value.

Now, challenging 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 critical 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 breathe processed instantaneously for car to acquire critical decision, relish it has to apply the breaks. Now imagine if complete these data was suppositious to travel to some central cloud for processing, it would Have been disastrous situation. So the network is morphing out of necessity and it is becoming more and more distributed. In other words, they will Have datacenter not only in the cloud but besides in the enterprise, in the carrier, and besides at many of the edge devices. So if you really explore at it data has got gravity. So instead of pulling data towards the compute, data is pulling compute towards itself. complete these trends are massive break for Marvell.

And not only compute has to rush towards data, it has to breathe efficient and optimized for the real-time application. It means that they requisite elevated performance compute and efficient processing at every node of the network, from datacenter to carrier to edge. And at each node they Have 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 breathe implemented at every node of the network. complete 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 Have a complete portfolio of processors ranging from baseband processor, to security processor, to multi-core universal purpose processor, as well as complete the artery to ARM-based server processors. They Have complete Ethernet networking solution, from switches to PHYs, to NIC adaptors. And they Have 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 complete 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 glean the most out of this data economy. If you explore at these infrastructure applications they Have a lot in common. They complete requisite high-performance compute, they complete requisite security, they complete requisite elevated bandwidth connectivity, and then complete requisite low power efficiency. In many cases they are addressing the needs of these markets through a lone piece of silicon, for example, the switches, the PHYs, and the multi-core processor. In some illustration they are actually pile market-specific application-specific optimized solution using their common portfolio of IP. For example, baseband processor. In other words, these markets Have common characteristics and they are leveraging their investments across their infrastructure markets.

Our product portfolio has a big growing addressable market. They Have established here in a base $10.5 billion SAM, which is growing at a 9% CAGR. Processors and networking are growing faster than Wi-Fi. In addition, they Have $4 billion SAM for ARM server processor, which is growing at a higher CAGR of about 14%. So, complete in all, their SAM CAGR is 11%. Here is another view to explore at their base $10.5 billion SAM mapped to their target ends market. As you can see, it is fairly distributed across complete 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 stout position in enterprise. It is about $2 billion market, and they Have about 30% share. Enterprise SAM growth for us is higher than the overall market growth, and it is because we're expanding their market participate through newfangled design wins. terminal time, in 2017 investor day, they talk about upcoming enterprise upgrade cycle and how Marvell is positioned to back upgrade from a gigabit to a multi-gigabit driven by the bandwidth needs. As you can discern 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 hope it to continue.

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

With the combination of Cavium, now they Have a complete product portfolio from access to aggregation to core. And that will continue to drive their participate in enterprise. Their merger brought together a complementary might that enable us to provide complete solution for their customers. Cavium was stout in aggregation and core, and really the processors, and Marvell is stout 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 ally for their customers. Their complementary customer base is besides 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 Have 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 besides in those conclude customers. So let's occupy an illustration 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 decision are generally made first. Before, neither company had the complete solution. Cavium had distinguished 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 same 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 acquire their decision upfront to bring the privilege solution. They Have already started winning designs in this area, and there are plenty to go. This is another example, Marvell is stout in switch and PHY but they did not Have many core processor to address the needs of aggregation and core. Now with the combined company, they Have complete platform with a switch, and PHY and a processor and the platform solution serving the needs of their customer from access to complete the artery to core.

So you can discern the combined IP and the product portfolio that Marvell and Cavium bring together uniquely position us for stout growth in enterprise. On top of that, they are in the upgrade cycle, it has just started. And they Have the loaded 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 might for us which will continue their growth in enterprise market.

Let's rush on to datacenter. As newfangled compute models are established they Have multiple high-growth opportunities in datacenter. Cavium has had a stout presence in datacenter through security and networking services offload. It is about $2.5 billion market, and they Have about 10% share. In addition, the ARM server processor in datacenter has about $4 billion SAM. We'll contend more details about it in subsequent slides. They complete 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 complete know there's a newfangled trend, simulated intelligence, and they will contend more about it. Marvell has been market leader in providing efficient compute security and network services offload for over a decade. If you explore at any enterprise security or network appliance, and if you open it up, you will discern 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 besides you requisite the similar character of acceleration. Marvell's Liquid Security product lines are designed and very well positioned for that market.

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

Server for datacenter is a huge opportunity. It is about $16 billion TAM, and they hope that ARM servers can address about $4 billion TAM. Marvell Thunder 2X is the first Xeon-class processor. When I situation Xeon-class processor, it is really the dual-socket ARM server processor which has the performance as well as remembrance bandwidth and hasten and connectivity of a really Xeon class which can breathe used in a universal purpose server application. They Have wider software and hardware ecosystem. ThunderX2 platform has gone in production in July, and they are engaged with several HyperScale conclude 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 occupy a explore at these recent announcement by their customers, several customers Have announced platform based on ThunderX2, and then there are several independent third-party analysts Have 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 situation about ThunderX2, "In short, ThunderX2 is the first SoC that is able to compete with Intel and AMD in the universal purpose server CPU market. And that is a pleasant surprise. At last, an ARM server solution that delivers." They are seeing a distinguished traction in this market, and they hope it to breathe long-term growth driver for Marvell.

Now, about simulated intelligence, they complete know simulated intelligence is the next -- is the newfangled gold rush out there. It works just relish 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 explore relish 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 discern something that explore relish 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 behind process, it's a batch process, it requires a lot of data and it does not requisite to breathe in the real-time. It can be, it can breathe done in a batch process way. However, inference, it's not only done in the application in the cloud but besides in application enterprise carrier and the edge in the edge devices. Now inference has to breathe done in the real time and instantaneously because this is where you're predicting, you cannot occupy retain the consumers waiting or user waiting for the result, right. So as a result of that, it has to breathe done at every application. As they complete 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 breathe much bigger market in the overall simulated intelligence and it has a long term growth potential. Inference requires a purpose built solution optimized for a scale and power and cost efficiency, complete of these AI processing plays in the core might of their company, they Have a DNA of multi-core processing, hardware acceleration flowing out, engine scalable architecture. Gavin was working on AI for the terminal several years and they Have developed some core IP and architecture.

Now what they are doing now, they are pile 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 accommodate the evolving neural networks needs. And it is besides 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 Have been working besides closely with the ecosystem, you must Have seen word related to glow compiler initiative driven by Facebook. It is an initiative to really standardize the inference usage. They discern AI a multi-billion dollar market break for us and a critical role 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 occupy a explore at Edge and other related areas, the Edge and other region 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 Have about 14% share. If you occupy a explore at complete these products, Marvell has been present in complete these products for many years, a major result of the data economy is that the trend that compute is stirring towards the edge, towards complete devices.

As a result of that, many of these devices are becoming very sophisticated, in some cases really becoming a mini datacenter relish for illustration in car. Marvell is actively engaged with complete 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 breathe transported and moved around in the car at a speedy pace. This requires benchmark base elevated bandwidth networking, Marvell is leading this trend, Marvel has long history in automotive industry, it is a elevated barrier to entry industry.

It requires a specific quality as well as supply chain requirement. Over time, they Have 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 breathe moved around in the car at a gigabit hasten and car can acquire sense the wall around it and acquire a real 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 Have included this SAM in their overall SAM and they discern it about half a billion dollar break and this is growing at a speedy pace.

Moving on to carrier, this is a distinguished growth break 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 breathe the leading silicon supplier for 5G. Carrier is a massive SAM for us, it is about $3.5 billion SAM market and they Have about 10% participate which means they Have a lot of play 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. pile on a decade of innovation in 3G and 4G, now they are established to breathe a stout leader in 5G, here they are positioned to disrupt the market and grow their share, I'm really excited about 5G and I discern 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 Have complete the critical pile blocks but over time, they Have established ourselves a credible supplier to deliver elevated performance platform for baseband applications. This makes us a very attractive silicon ally for the carrier OEM. While today they will talk a lot about wireless and the base station, it is valuable 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 base 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 base 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 disdainful to situation that today the base 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 Have shipped over seven million base station processors as of today. And now with the combined company, if you explore at the requirements of the 5G base station 5G deployment, it has a requirement of low latency, elevated performance compute and elevated performance capability of security, it complete 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 base 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 explore at the 4G base station, in the main card they used to Have Octeon processor and in the line card, they used to Have three baseband processors.

Now in 5G with the key requirement, they Have two Octeon processor in the base main card and typical configuration of 5G has two line card and each one Have not only a three baseband processor but besides Octeon processor. Now just relish in enterprise playing through the combined portfolio, they besides Have a switch and PHYs in this base station application. Translating it into what they complete impregnate about in 3G, they had a content of couple of hundred dollar in the base station, in 4G they increased by three to four times and 5G they are going to extend it another 4X. It means that the base station shipped by their OEM partners is going to Have the content which is quadruple in 5G compared to 4G. But there's more, if you explore at the number of OEM providers in 3G timeframe, carrier had a choice to elect from a big number, typically carrier elect 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 choice of only three OEM providers as they are engaged with complete of them. So if you occupy a explore at this chart, it demonstrate 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 chance in U.S., China, Korea, Japan and India and of course the repose of the countries will succeed from here.

Carrier infrastructure deployment cycles are long, it's a long-term business, if you occupy a explore at let's situation for illustration 3G it expand over a decade, the carrier are noiseless OEM are noiseless shipping base station for 3G. 4G had a keen RAM driven by the bandwidth needs of the applications and it has had a distinguished run. They hope 5G to Have similar RAM driven by the application needs of the various applications that are driving 5G deployment.

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

We are stout 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 occupy 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 simulated 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 besides committed to the long term growth. Thank you very much. I'd relish 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 distinguished to discern you complete again, it's been a situation six quarters since they were terminal together. As you can discern this is a very different company. Today than even six quarters ago when you guys were terminal here Dan, Raghib, Matt talked about a broad portfolio, focus on the infrastructure market a lot of attention from customers and you're probably complete sitting there going yes, expected you to situation that today so what are the customers Have to situation about this and so that's why they asked me here today to benign of give you the perspective from the customer side of how this acquisition is being perceived and how this newfangled company has being perceived.

Okay, so as you recall when I was here terminal time. It was March 2017 they were complete in this play together it was snowing outside and I had been with the company for about three months and I told you complete I said explore in order to glean this thing on track they first order a industry is to align the sales and marketing role with the strategy of the company at the time, okay and I said these are the things we've got to accomplish and what we've got to accomplish quickly, so what it would how we've done what they accomplish here, so I talked about a coverage map in the first thing I had to accomplish was build a team, so I rebuilt my entire staff and then they drove that complete the artery down to the bottom flat probably about half the people on my staff Have worked for me before they understand my system.

They understand what I want to accomplish they understand what I value. The other half Have not but having guys who travail for me before on there Have 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 acquire the sale there are more stakeholders involved in every transaction than ever before so they actually developed relationship major cities across complete the major customers they executed those major cities and we've expanded their relationships across complete the major customers. They had to immaculate up the channel. So they went down to a lone global distributor they reduced complete the distribution partners in the regions around the world.

We wanted to extend their scale with complete these partners to glean more participate of mine, so they restructured the entire channel that was complete 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 terminal time I'm very much metric space data driven, so they did a lot of travail around analytics metrics tools and processes understanding the selling capacity of this organization, collecting complete the data and analyzing the life cycles of opportunities how these opportunities converted to revenue complete that stuff travail started done started then they started collecting data they worked on the historical data they had and they set aside complete that in place.

We did the entire instrument flow. They focused on solution selling and they really kept the organization hybrid to extend their reach with the variable expand sales compel of reps and distribution that they have. THEY talked about account penetration. They Have maintained complete of their top accounts and as a matter of fact we've grown their top accounts from the Marvell side since they were terminal here. They grew some newfangled 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 minute bit more about that later but we've got a very distinguished account list going forward and we're continuing to travail their relationship matrix and expand their relationships up and down we'll talk a minute bit about some of these actual meetings and a minute 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 effective manner, driving into their website, cleaning up their website adding a lot more relevant content to it complete of this stuff has resulted in a lot more activity and a lot more newfangled customers coming to us. They basically looked at and examined their public relations and trade shows strategy making certain they got maximum recrudesce on money spent there and they instituted quarterly reviews with the industry units to acquire certain that they had a marketing cadence for newfangled product introductions and marketing activities every quarter so a lot of travail on the marketing side.

I talked to you about industry progress and I told you that industry progress in my world was two things creating preference and awareness at the conclude customer for Marvell products and pile relationships with people in their industry that needed to that were valuable to us but weren't necessarily going to buy from us and so what accomplish they do, so the first thing they did was they built out their automotive BT BD role when I was up here terminal time you guys didn't even know they had an automotive industry within three months of being up here terminal 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 complete the design activity that was happening with that product line.

We now Have complete coverage in complete 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 pile out their service provider organization and we're cultivating a lot of strategic partners in the industry that they requisite in order to continue to travel forward, people relish Nvidia with the automotive market, people relish Intel they Have strategic relationships with as they travel forward, so they did complete 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 complete 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 certain that they were going to assemble the best organization possible.

We spent time looking at complete the instrument flows to acquire certain that they were going to occupy tools the best tools from both organizations and utilize them to create a best in class instrument current for the company. And so on July whatever it was when the transaction actually close, they immediately instituted a program. Today they Have 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 distinguished mingle 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 glean these guys stirring quickly on selling the newfangled merged portfolio.

And they did a recording of complete that so that EMEA and Asia at least until they can glean out there doing things in person had training as well and they could actually participate online tools and systems are merging now, will breathe actually introducing the merged system within literally within a couple 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 same pay procedure 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 acquire it on a regular basis.

And then after complete this was done I heard I hauled Murphy complete over the world and they talked to complete of the customers about this company and what they were actually doing and so how did they react. Okay, so they basically told the yarn 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 pile a pragmatic undergo ally that's going to occupy their intellectual property portfolio and unravel their problems with everything from IP based semi custom designs complete the artery to benchmark 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 complete of your observations in the market.

Yes, they got slides just relish that yes they were besides extremely surprised by the breadth of the intellectual property and every one of them to a customer acknowledged a want 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 pile 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 Run the risk of offending the animal rights activists in the play again. I showed this to you guys terminal time and I basically said explore if you want to enmesh enormous fish, you've got to fish where the enormous 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 Have to win the largest customers in their chosen markets first, the repose are going to succeed so they are aligning the sales organization we're deploying their resources next to the largest customers in every market. We're going to utilize the broad portfolio in a collaborative way; we're going to unravel their customer's problems. They Have actually built the company the customers relish and want to accomplish industry with. So where are these enormous 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 shove their artery into that top 10 over the next couple years.

All the top accounts are direct but we're noiseless investing in the channel, things relish 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 scholarship flat one, basic advanced scholarship to back products flat two and flat two actually has fiscal repercussions for the distributor, so they're motivated to continue to add back and add resources to their product line. So occupy a explore at this list Enterprise carrier datacenter it's a who's who of blue chip customer list if you want to accomplish industry in these markets and these are not aspirational customers, we're doing industry 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 real time decisions on that data. It's filtering that data it's sending it back to the core that current millions relish it are doing that that data is being filtered at the core learning is taking space 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 terminal year, they started doing industry with everybody on the planet who you want to accomplish industry 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 impregnate about, so you can discern 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 stout customer list okay, so we're really using this IP portfolio in this industry. To provide platform solutions using supple industry models to unparalleled back to breathe a valued ally to their customers. We're literally selling these technologies into these markets okay, so how is this playing at the customer's Let's occupy a explore I will travel through three examples of actual customer meetings on how this portfolio is creating tremendous amounts of break from one side to the other okay. So this is a this is a datacenter platform if you reflect 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 sizzling storage for their storage arrays. They are working with them on some of the datacenter scintillate 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 configuration 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 Have to read some of the comments he made, because they were more astounding 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 extend the industry relationship with Marvell." daily sales guy, CEO sits there and says, "It's in their interest to extend the industry relationship with Marvell. This doesn't suck. This is a distinguished 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 travail with this guy, and they are talking about complete of their products and how they map into his products, how they can accomplish more industry together. And he says, and I quote, "We requisite to Have this flat of allegiance around complete things Marvell is doing." Again a quote that I benign of relish 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 Have a broader relationship with this newfangled expanded company, and they Have actually had more opportunities open up there in the past several weeks since that meeting that you can possibly imagine. Okay? So that's illustration one.

So let's talk about carriers and in particular they will talk about cellular base 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 complete 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 base stations into this market. And they were benign of -- he was benign of acknowledging, you know, they are sort of very critical to each other at this space as 5G market acknowledges. And he proposed that maybe they want to reckon 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 glean these multi-year supplier agreements, glean customers consign for long-term. And they got a customer proposing that they note this agreement so that they could stay focused on them. So, very, very stout relationship with these guys, this relationship is stirring forward in a very distinguished manner.

And finally, they will talk about enterprise. You explore at enterprise, and in enterprise you got access, aggregation, and core. The accesses were the -- the humans interfaced to the network aggregations where they complete aggregated cores where complete 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 relish 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 industry 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 industry primarily in the core with ARM-based CPUs and security processors and coming this way, so that they benign of met in the middle. And during this meeting, the CEO is acknowledging the broad portfolio and how critical they are to their industry going forward, and he asks Matt for a favor, "You know, I requisite you to glean this one product stirring a minute bit. They got customer commitments. Can you back 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 industry 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 Have everything it takes to accomplish it technically and Have the pricing and the requirements of the customer needs but getting a minute phone muster from the CEO saying hey how is Marvell doing in this switch break socket, certainly doesn't distress 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 flawless example. These three examples that I've given you are flawless 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 situation this portfolio is very valuable to us. They want a broader relationship with you guys. Okay, so just to benign of wrap it complete up, we've been on a journey, the first 11 months they took sales and marketing apart, they set aside Humpty back together again.

And then, they did it complete 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 accomplish industry 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, newfangled 11 lens Marvell on the other, but Jean slice my budget again. I didn't Have the money to accomplish it. So best I can accomplish now, situation thank you for listening, and interpose 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 accelerate up. So as you can see, it's a truly exciting time to breathe at Marvell. Their team talked about the tremendous opportunities they Have ahead of us and that they besides talked about how they build a complete infrastructure portfolio to address those opportunity. So well how accomplish they disburse the next minutes to tie together what you heard of this morning without fiscal model?

First as a team that they reflect about pile shareholder value is to really breathe with the powerful industry model to focus on infrastructure market to generate a top-line revenue growth earning expansion and besides returns to shareholders. But they reflect about is as their team talk about opportunities and their unique position. Matt talked about the characteristic of infrastructure market which mind to Have a very long product cycle, it requires a unique IP extraordinary engineering execution to travail with the customers. So the barrier to entry is very elevated and Raghib actually gave you real-time illustration to talk about 3G, 4G and the 5G product cycle, they terminal 8 to 10 years.

And then, Dan talk about how they travail with the customers, create innovative solutions in the storage market. So when you hear complete those that's relish music to CFO's ears and I'm pretty certain you are complete fancy it too because what it means is only build their fiscal model, it's predictable revenue stream, elevated and the stable unbecoming margin and the long -- and the consistent of free cash current with a higher terminal value. So those are the characteristic of infrastructure market, and besides means in their fiscal model, they actually don't Have so many what if assumptions which are focused on refuge and parameters relish NAND spot pricing next week. I can vow you that's the input in my model.

So I'll cover three topics. First, I'll accomplish a quick recap of their fiscal performance. Secondly, I'll contend their long-term fiscal model and underlying assumptions. Third; I'll talk about what accomplish you impregnate most is the capital return. Matt showed you this charter earlier about their fiscal performance since the terminal Investor Day. I'll provide you a minute bit more details to demonstrate you as a company, how they Have fundamentally changed the structure of their industry model.

So just as a quick reminder, the entire 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 unbecoming margin was low 50s. It's actually quite consistent with the consumer semiconductor companies. The company besides invest in big amount of R&D in complete different benign 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 explore at the operating margin back then, its barely single-digit.

So during the terminal two-and-a-half years, their team really pivoted the industry into the infrastructure market. As you Have heard from complete 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 stout execution, they expanded their unbecoming margin from low 53s to 63.5, 1000 basis point increase, it feels really distinguished to situation that because you don't glean many opportunities to situation you increased your unbecoming margin by 10 percentage point.

On operating expenses side, Matt talk about in detail how they approach results avocation. It's really particular data driven, result driven focused on returns, so when you explore at that and explore at the how the leverage of their model, they Have increased their operating margin from low single-digit to 30%. They are very disdainful about the model they Have viewed. This model generates a lot of a cash current too. So when you explore at it, starting from Q2 fiscal '17 to Q2 fiscal '19 despite of their long intermission over participate repurchase associated with the Cavium transaction. They Have returned a billion dollar cash back to shareholders, through participate 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 fiscal model. As their team highlighted earlier, this merger really increased their market break 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 complete of them together, it truly accelerates their top line revenue unbecoming earning expansion and to generate higher intrinsic value for shareholders in the long-term.

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

We hope their storage industry 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 hope the overall market dollar SAM them to decline 7% but they hope they continue to expand into the datacenter near land market which is growing double-digit they besides discern their preamp revenue to continue to ramp. Those are their newfangled product cycles for Marvell. They will create incremental revenue opportunities to offset the market decline, so they believe their HDD industry is going to breathe flattish or decline single-digit going forward. Fiber channel market has been really stable and healthy, so they continue to hope their fiber Channel industry to breathe flattish going forward.

Now on the scintillate solution business, it's very exciting for us. Dan talked about the continued expansion to cloud enterprise datacenter. This industry design cycle actually it's very long, if you can recall Dan's charter to explore at the percentage of revenue they are going to extend 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 accomplish discern 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 scintillate solution market. So, overall, they continue to hope their scintillate solution industry 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 accomplish hope their networking industry to grow faster than market at the low teens going forward. Both Raghib and the Tom talked about the exciting opportunities they Have ahead of us. At the highest level, if you explore 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 breathe in line with the market.

So from the end-market perspective, they discern growth break across complete their conclude 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 terminal few quarters and the Cavium side their enterprise industry has been growing double-digit too. When you combine the both portfolios, the leverage they Have and the design wins their team already won, they accomplish reflect their enterprise industry will continue to grow with a stout momentum.

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

Next is datacenter, they Have a very unique set of very innovative product lines in datacenter ranging from a security to Ethernet offload to gearbox re-timer. So complete of them when you explore at the in the overall context of Marvell today, which you know, it's over $3.4 billion revenue, the revenue base is minute but complete of them actually are going to Have a distinguished break going forward. The growth rate of complete those product lines actually it's going to breathe higher than carrier space and enterprise space. So they accomplish hope their datacenter revenue to grow most significantly and extend their presence in datacenter in the long-term.

Next their comment 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 hope other product line to decline high-single-digit.

Now let me talk about what are the upsides they can discern going forward. First, revenue synergy; Tom talked a lot about the portfolio, the date they Have with the customers. They Have not included any revenue synergy in their baseline model. So if they generate a revenue synergy that will breathe tremendous upside. Of course, their industry has long cycle, so you should hope it for the future business. Secondly, 5G in their baseline model, they only included the current design wins their team are working very difficult to deliver, they did not comprehend any additional customer design win especially on the baseband side. If they win newfangled designs there's going to breathe tremendous upside, I really requisite your sunglass in that time. That's very exciting. You don't glean 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 comprehend 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 breathe upside the too. So as you can see, they Have a lot of the exciting opportunities ahead of Marvell and their team is working really difficult to execute because complete 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 besides talk about their operating expense model. So they reached their synergy to $200 million during their terminal 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 account for to you why they achieved, they are going to achieve $200 million synergies.

So this is about 8% of the total company's disburse which comprehend both the cost of sales and operating expense, which is actually within the range of previous transactions but it certainly powers the high-end. The reasons they could achieve with these kinds of unique synergies because they accomplish Have 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 industry and a lot of you know, those are very big investment. So their team worked extraordinarily difficult to consolidate the roadmap. So in each business, they elect the most competitive roadmap going forward which they conclude 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 besides very significant for us. They Have a lot of overlapping offices across different locations, they can consolidate, but the most unique one is they Have their big Design focus and headquarter located nearby to each other and one of us chance to Have actual space. So they actually they are going to breathe able to rush the entire Cavium headquarter and the big design team to Marvell's campus without extend in any space that consolidation is very efficient. So they Have been able to redeem 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 explore at their synergy execution timeline. Their team actually is executing ahead of time. On unbecoming 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 explore at their unbecoming margin, they guide their Q3 as combined the company unbecoming margin to breathe around the 64.5%. So if they achieve their $50 million synergy target, they will breathe able to glean it to around 66% unbecoming margin.

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

So when you reflect 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 breathe between 6% to 7%.

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

For unbecoming business, they are going to invest higher than 24% to 25% to drive their industry unbecoming 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 terminal year they did not comprehend 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 set aside complete together to explore at their long-term fiscal model, they hope to deliver top line revenue growth in their baseline model to breathe at 6% and 8%, they hope their unbecoming margin to breathe greater than 66%. On the operating expense side, they will acquire certain they extend OpEx less than their revenue increases to glean to the leverage model. So operating margin, we're expecting to breathe greater than 35%.

Our free cash flow, the company has a very elevated free cash current 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 current conversion model, they hope their free cash current to breathe approximately 100% of non-GAAP net income which is about 30%. So when you explore at this model we're pile which is focus on infrastructure market, that's why they can Have this benign of a fundamental economics behind their model.

Now let me talk about the capital structure and the capital returns, so the artery they reflect about the capital structure is to really Have a stout fiscal flexibility, so they can invest for the longer term, that's how they structured a Cavium transaction.

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

As a company, it's very valuable for us to maintain their investment grade because they really want to invest for the future, so they want to Have ample access to that market at very reasonable cost, invest through economic cycles and besides occupy handicap 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 reflect of between their debt reduction procedure and their EBITDA expansion they will breathe able to achieve 1.5 times unbecoming leverage ratio in the next 18 months in the next 12 months.

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

In the near-term, let me talk about their priorities, first their industry is generating significant cash current even privilege now, so they accomplish reflect they can maintain their dividend flat and started to pay down the debt, the flat for debt reduction is going to breathe modified with their participate repurchase plan.

As of you'll probably Have seen is this money, their board of directors raised their participate repurchase procedure to $1 billion by authorizing 700 million participate in repurchase, so when you explore 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 participate at this current flat as distinguished investment.

If you explore at their long-term target model, if they can achieve their long-term target model, they will discern huge upside. So in summary, when you reflect about the Marvell, they are very well positioned to address very big opportunities in the infrastructure market space and that they Have a very powerful industry model with underlying stout fundamental economics to drive long-term cash flow. And they besides Have a stout fiscal position and a stout fiscal 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 occupy this break on behalf of their entire team to really thank everyone for your interest in Marvell and besides thank their long-term shareholders for your stout back through their journey to build really distinguished company. Their objective is to build the industry 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 travel to the mp;A session. There are folks who Have wow. It's going to breathe interesting. Can they start on here, please?

Matt Murphy

He has got the mic.

Ashish Saran

Okay, travel 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 couple 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 conclude market, and then as well stirring into the datacenter conclude 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 complete the R&D cost already, you decided to roll the dice, or is it indicative of the product having some distinguished long-term growth prospects?

Raghib Hussain

Okay. So when it comes to XPliant product line, it is combining. They Have 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 same market. There are few areas -- blocks in XPliant, which is very interesting, for example, a supple capability of supple parcels [ph] and the entire aspects of visibility and programmability, so being able to really Have the capability to view the packets through the network and so on. So they Have taken those thing and they Have merged the two architecture in the subsequent architecture. So that was the thought process behind XPliant.

Matt Murphy

I'll give a quick comment on Thunder. I stand for I Have 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 justify let's retain going forward I wasn't raised that way, trained that way, nor believe that. So they very much explore at that break as on the go-forward, and what's the market opportunity, how is the traction going, what's the customer adoption and complete 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 umpire complete 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 terminal few months there was a lot of consternation about the Cavium revenue level. I know you went into distinguished deal to detail in your terminal conference muster about that, but any updates as to either the exact side or the channel rationalization side that they can explore at going forward?

Matt Murphy

Sure. So yes, so they did their muster maybe a month ago. I reflect they gave the outlook. They gave -- they leaned in a minute bit more than they normally do, right, to give investors visibility. And so, when they declar 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 comment about the short-term today.

Ross Seymore

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

Matt Murphy

Okay, great.

Ross Seymore

- the 5G side, obviously that's an region you're very excited about that 4X multiple as they travel from 4G to 5G, talk a minute bit about the mile markers and the timing of when they can start to discern 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 besides pointed out, they are actually heavily engaged with the lot of other OEMs. So they are actually in a very distinguished position to win additional design. So, their current base procedure does not comprehend any of the additional design, or does not comprehend actually additional market participate 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 concept on timing of that when you acquire 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 Have been working on this, I reflect you said two years, why you decided as Mike commented, to travel forward with the product? And then, just following up on Ross's question on 5G, if you did win on these next-gen 5G base stations, just may breathe 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 explore at this entire market, as I mentioned earlier, there is a entire benign of goal, right, sort of -- I reflect everybody is trying to really chase the enormous 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 requisite a solution which is really designed for a scale, right, and that is why they -- when -- just relish always that they did in Cavium as well, they create not only that they reflect that way, but other enormous customers besides reflect that way, and that's how they started working with a nearby partner, and that's why we're developing the part.

Matt Murphy

Maybe I'll just add, I reflect we're well-positioned there as well, because in the conclude when complete these chips are available and complete the benchmarks are done, a huge consideration I reflect of any infrastructure company that's going to deploy AI processing into their hardware, into their systems, is going to want the same dynamics that they described today, you know, big supplier, viable, focused on the conclude market, track record of execution. And so, I reflect that's going to conclude up playing to their strengths, but as Raghib said, it's an vigorous 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 reflect that although we're not including it in their SAM, because by the artery the SAM at this point is actually -- these numbers are so big that it's difficult to really -- you could glean third-party reports, so they prefer to execute the project, benign of travail with their customers, and as they acquire progress minute bit relish they did with automotive Ethernet, then comprehend this at a later date in terms of the SAM and the opportunity…

Raghib Hussain

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

Blayne Curtis

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

Matt Murphy

Sure. Yes, I reflect that -- again, we're very focused on getting their lead customer production and enabling them to breathe successful. I reflect the ally model that they showed when they said complete ASIC merchant partner, I reflect 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 besides going to breathe quite disparate. And so, just to accomplish a gigantic ASIC for each of these is going to breathe a huge lift, and I reflect the fact that the Cavium team actually has this proven track record on 4G and 5G IP, that ally model, but starts to explore very attractive. So anything they were -- they would breathe able to win there would clearly breathe a newfangled product development. They requisite to travel often start that chip. So these are not ones that would ramp any time next year, they would breathe in the future, but this again is a very distinguished long-term break because as you can discern from the 3G cycle, the 4G cycle, now the 5G cycle, these are multi-year. And if you talk to their customers, they reflect actually 5G is going to terminal 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 reflect the shift from media to flash-based storage is clearly a tailwind for you, but I reflect one of the concerns from investors is how speedy SSD controller ASPs approach those of your difficult drive controller? So, how should they reflect about sustainability of the premium you receive on scintillate controllers versus difficult drive controllers? Is it in a strictly linked to NAND ASPs per gigabyte?

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

Matt Murphy

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

Karl Ackerman

How sustainable you reflect the premium of your NAND controllers will remain above difficult drive controllers?

Dan Christman

I see. Okay. So I reflect 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 newfangled features, functions, and glean a higher value out of those. Certainly in the notebook or PC space, you'll discern 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 complete scintillate arrays, I would situation that those types of customers acquire in the complete scintillate arrays and the enterprise customers are customers that we're focusing on with those products. So I reflect that's actually very complementary that they hope to discern them adopt those architectures.

Jean Hu

To add to what Dan said, right, recall in the scintillate controllers that they design typically takes three years to design into the customers, walkway the customers, stout 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 explore at the more commodity character of pricing, that has nothing to accomplish 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 minute bit about the want of NAND scintillate providers to actually glean into the controller market, and how you discern sort of the merchant controller market, market participate 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 discern 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 light switch, how accomplish they reflect 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 perpendicular 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 industry with those customers. They continue to travail with them on certain industry models. So I reflect it's a natural section of the evolution of that market. Clearly on the accomplish It Yourself models and some of the stuff we're doing at datacenters, you've got to recall that they're going to focus a lot of their investments on some of the higher volume segments, but yet when you requisite some of the IPs and when you explore at going from situation 28 to 12 to seven nanometers doesn't that benign of demonstrate that graph of how much expenses that gets to be. Marvell leverages across many, many chips. So there are certainly segments that build accomplish stuff themselves, there are segments where they will work, they will buy something directly from Marvell, or working some of these ally models and the industry models that -- again that showed. So I reflect it's something that they reckon when they explore at their models, whether it breathe the SAM or the revenue.

Matt Murphy

Yes, just one quick comment on that, I reflect they Have been operating in that environment since I joined. I stand for they had -- I reflect the first month I was here, they had a management consulting company offered to accomplish a free month of travail for us, you know, to back us glean 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 explore at the data," and of course that would Have been a horrible decision, because that became a hugely valuable industry for the company. So I reflect they are going to co-exist and I reflect as Dan mentioned, it's going to breathe different industry models.

On the revenue synergies, the enormous break there really is the design wins. I stand for there are -- there is not a lot of discretionary industry they Have in their portfolio, and I reflect that's actually a distinguished 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 reflect that's a challenge, right, but I accomplish reflect 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 entire system solution versus just selling a chip. And the pull-through is very strong. When you Have a processor, you know, a stout processor portfolio, it does enable you that sort of insight into the decision-making on the board at the earlier stages. So I reflect that's really where you should about it, and I reflect to the extent they are successful in doing that, then they will just shove their revenue growth long-term at the higher conclude 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, back set aside their mind at ease about how are you seeing just the broader psychodynamics play out? But longer term, give us relatively 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 artery 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 Run as one smooth company, with one united front of customers, so that they can breathe assured that there is going to breathe the privilege execution behind some of the targets that you Have laid out? Thank you.

Matt Murphy

Sure, great, great. Two questions, so, yes, the first one I reflect is pretty interesting, right, to host an Analyst Day in the middle of -- about as uproarious an environment as they Have seen in a longtime, and I reflect complete those issues are very real and upon us in terms of the geopolitical issues and the global issues with respect to tariffs. It's unclear what ramifications and complete that are going to be. They are noiseless working their artery through that. I reflect on the PC one, I reflect to the extent that there is -- they are downstream from that, right, so I reflect the best source of information would breathe travel 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 reflect any shortage there has to breathe short-term in nature just because at some point there will breathe enough PCs to supply the world, I reflect the world without enough PCs doesn't acquire sense to me. So I reflect they will travail through that issue, okay? And they will deal with it.

I reflect on the integration, I will acquire a few comments and then maybe I will let Raghib comment too since he came from the Cavium management team, he back build the company, but they are very far long in integration. I reflect the fact that -- I stand for 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 benign of company, and I reflect 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 benign of how they Run their business.

Our point of views has been very well-received. I reflect -- and they Have really -- I reflect integrated them well into their system, I stand for the fact that they did this portfolio review, which is really one of the most valuable processes they Have in their company. They disburse a entire 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 link and back us review the entire combined set of businesses. And then at the conclude they made decisions about how they are going to designate their resources, you know, these guys are smart, right, they glean that. "Okay, wait a minute. This industry is really not making as much money as they thought," or this one looks relish it doesn't Have enough resources, or you know, and so when you actually occupy the stout technical acumen of Cavium and you combine it with the stout fiscal acumen on Marvell, they view that as a very intertwined capability in their company. I reflect it's been very well-received. And so, the terminal point in that would breathe Tom has brought in the sales organization, they are pivoting from benign 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 entire team now reports with him. And I reflect people discern the capitalize to running it this way. So, maybe Raghib will give you a comment since you are…

Raghib Hussain

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

The other aspect which actually worked out really well in this situation, the artery 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 artery sort of a thing. It's just like, okay, let's glean 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 travel and things relish that. So, complete 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 besides at various engineering flat and so on. So, overall environment is very, very benign of cooperative. They discern the value of overall objective-driven and goal-driven manner in which actually, is really appreciated by a lot of folks in the Cavium side as well. They accomplish 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 same time, it is not that -- you know, entrepreneurial thing is benign of pulp or execute at all. I stand for if you really explore at character of products they talked about today, I mean, they are investing in a lot of distinguished potential innovative products, right? So, I would situation the overall thought-process of being innovation-driven and being leader in certain areas is besides appreciated on overall management side. That is working out very well.

Matt Murphy

I mean, occupy one terminal question before they requisite to wrap up.

Quinn Bolton

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

Raghib Hussain

Okay. Should I occupy that? So first of all, I thought you guys in finance can accomplish 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 accomplish 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 stirring data you know, handle data by the base station, bandwidth is much higher, and as a result of that, you requisite 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 prize the time you spent with us, and for folks in the room, there is a lunch next door. You will Have the desultory to network a minute bit more with the executive team there. So, thanks again.


The Navy’s newest warship is powered by Linux | killexams.com real 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  besides 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 besides costs nearly $4 billion. General Dynamics Bath Iron Works reader comments with 129 posters participating, including yarn author Share this story
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  • When the USS Zumwalt (DDG 1000) puts to sea later this year, it will breathe 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 focus 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 focus in Portsmouth, where engineers assembled and pre-tested the systems at the heart of the Zumwalt and are preparing to accomplish the same 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 learned how to breathe a ship watch stander a few miles from the Raytheon facility at the Navy's Surface Warfare Officer School. But the operations focus of the Zumwalt will Have 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 breathe equipped with finger screens and software capable of taking on the needs of any operator on duty, and enormous screens on the forward bulkhead will parade tactical plots of sea, air, and land.

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

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

    In the past, you couldn't just set aside off-the-shelf computer systems aboard a ship for mission critical 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 Have more than 235 tackle cabinets (racks) in total. The EMEs were complete configured and pre-tested before being shipped to Bath, Maine, to breathe 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 accomplish the travail in the shipyard," said Raytheon's DDG-1000 deputy program manager Tom Moore, "and they glean 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 enormous radio frequency emitters.

    The EMEs tap into the Total Ship Computing Environment, the Zumwalt's shipboard Internet. Running multiple partitioned networks over a mingle of fiber and copper, TSCE's redundantly switched network system connects complete of the ship's systems—internal and external communications, weapons, engineering, sensors, etc.—over Internet protocols, including TCP and UDP. Almost complete 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 besides some wireless networking capability aboard the Zumwalt, but Raytheon officials giving me the tour were not at liberty to contend just what sort of wireless this is. Still, that capability is suppositious 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 breathe 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 relish the ship's engineering systems, fire suppression systems, missile launchers, and radio and satellite communications gear into the network so they can breathe controlled by networked clients.

    It looks relish you want to launch a missile The mock-up of the Zumwalt's operations  focus at Raytheon's Portsmouth facility, complete with haze-gray paint, has the exact dimensions of the space on the ship itself. The Zumwalt will  comprehend a second  flat to host the operations of units deployed with the ship. Enlarge / The mock-up of the Zumwalt's operations focus at Raytheon's Portsmouth facility, complete with haze-gray paint, has the exact dimensions of the space on the ship itself. The Zumwalt will comprehend 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 focus isn't just where screens are watched and commands are shouted—the entire ship can breathe practically Run from the space, from guns and missiles to engines. There's no "radio room" on the Zumwalt; complete the communications are managed from the operations center. The ship's guns are fully automated and operated by an operations focus watch stander instead of a gunner's mate in the mount. Theoretically, the ship could even breathe steered from the ops center—the ship is piloted by computer, not a helmsman. And complete of these tasks are performed from the same character of console.

    The  stamp 57  perpendicular launch system, developed by Raytheon, can carry a  mingle of anti-ship, anti-aircraft, and land  bombard cruise missiles. It communicates with the operations  focus over the ship's network.

    Enlarge / The stamp 57 perpendicular launch system, developed by Raytheon, can carry a mingle of anti-ship, anti-aircraft, and land bombard cruise missiles. It communicates with the operations focus over the ship's network. Called the Common parade System, or CDS (pronounced as "keds" by those who travail with it), the three-screen workstations in the operations focus are powered by a collection of quad-processor Intel motherboards in an armored case, which gives newfangled meaning to the maritime phrase "toe buster." Even the commanding officer's and executive officer's chairs on the bridge Have CDS workstations built-in.

    Each CDS system can Run 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 same 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 relish a enormous deal to most people. But on past ships, workstations tended to breathe purpose-built for a specific weapons system or sensor. That meant every system had a different configuration and interface, and you couldn't Have a watch stander handle 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 Have a choice between "classic" and finger interfaces.

    That doesn't stand for there's necessarily a "Clippy" to back newfangled operators master their systems. The Raytheon team has had sailors in to fulfill usability assessments from before code was even written, showing them screen shots of interfaces to glean 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  focus 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 focus will look, complete with its second-level suite for hosting operations for air detachments and other units deployed aboard. Raytheon

    Putting complete of the pieces together is a collection of middleware running on those IBM blade servers. Many of the shipboard systems utilize a commercial publish/subscribe middleware platform to ship updates to operator consoles. But for other systems that requisite to breathe more tightly coupled (like, for example, missile launch commands), the Navy has specified the utilize of the Common remonstrate 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 besides 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 Have 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 Run through a number of combat scenarios. "We did antisubmarine warfare, air, and land bombard missions," Froncillo said. The lessons learned were incorporated into release 6, and 7 will breathe installed on the ship before the ship's "shakedown" cruise. Another upgrade will breathe installed post-delivery, and eternal improvements will breathe 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 conclude there. CDS will breathe 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 breathe reused," Moore said.

    Considering how much has been spent over the past decade trying to glean 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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