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9A0-901 glint Lite 1.1 Mobile Developer(R) Certification

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9A0-901 exam Dumps Source : Flash Lite 1.1 Mobile Developer(R) Certification

Test Code : 9A0-901
Test designation : Flash Lite 1.1 Mobile Developer(R) Certification
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: 108 true Questions

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ADOBE ADOBE glint Lite 1.1

Adobe and Qualcomm accomplice to combine glint into BREW | true Questions and Pass4sure dumps

Qualcomm and Adobe believe introduced a partnership to combine Adobe glint without delay into the BREW cell Platform, additional solidifying glint as a tenable platform for cellular construction.

BREW is Qualcomm’s mobile software development platform, whereas “BREW mobile Platform” is the identify of the subsequent generation of BREW.

whereas there is already a glint Lite for BREW extension obtainable, it’s via no aptitude an exemplar answer. It’s best available on a number of Verizon BREW handsets, and relatively limited in its capabilities. As BREW mobile Platform integrates glint at once, it’ll exist carrier agnostic; so long as the handset is working the recent BREW, it’ll believe Flash. moreover, lots of BREW cellular Platform’s APIs might exist accessible by the exercise of Flash/Actionscript, allowing builders to access cellphone performance through their glint functions — youngsters, the accurate APIs that can exist supported believe not been announced

The glint construction world is already excited in regards to the chances. Stephen Jackson, President and CEO of Smashing concepts, Inc., the biggest developer of flash-based content material within the US, had this to say:

“today’s advice from Qualcomm and Adobe is a great step ahead in increasing the glint eco device on everyone mass market BREW handsets globally. the mixing into the platform will allow superior alternatives for content builders as well as permit for expanded distribution with a worldwide listing of operators.

as the leading developer and aggregator of glint Lite content within the US and EMEA, they see this as a different benchmark that glint is becoming a favorite platform for operators, device OEMs and builders for developing enticing mobile experiences.”

the first batch of Qualcomm chipsets with BREW mobile Platform should still foster off the strains q4.

Adobe To enhance glint for the iPhone | true Questions and Pass4sure dumps

Steve Jobs wasn't everyone that passionate about Adobe's glint on the iPhone, and what does that imply? It apparently potential Adobe will simply ought to try tougher, and that's exactly what they're doing. in response to WSJ, Adobe will strengthen glint for the iPhone. Yup, they are no longer going to construct exercise of the existing glint Lite; they're going to boost a brand recent version (or tweak the current one) principally for the iPhone.

right here's what Adobe's CEO, Shantanu Narayen had said about the glint on the iPhone (extraordinary Adobe spokesman Ryan Stewart, who had no concept about this, within the process):

"We accept as loyal with glint is synonymous with the internet journey, and we're committed to bringing glint to the iPhone...we've evaluated (the software developer equipment) and they believe they can augment an iPhone glint player ourselves."

It seems Adobe's on a roll. First, they signed a cope with Microsoft, who licensed glint for windows mobile-wearing phones. Then, they posted fanciful fiscal consequences for the year. And now, they're likely going to overcome this ultimate, crucially big, nook of the smartphone market.

windows: Adobe Reader and Acrobat 9.x security Updates available | true Questions and Pass4sure dumps

Adobe released security updates for Adobe Reader and Acrobat 9.x for windows (see APSB11-30). Two faultfinding vulnerabilities (CVE-2011-2462, CVE-2011-4369) are being actively exploited in confined, focused assaults within the wild. These vulnerabilities could trigger a crash and allow an attacker to pick control of the affected equipment.

Adobe Reader/Acrobat X are additionally littered with these vulnerabilities. although, Adobe Reader X included Mode and Acrobat X protected View would withhold away from an pick advantage of focused on these vulnerabilities from executing with "enhanced security" checked.

To determine included View in Adobe Acrobat X:1. Open Adobe Acrobat.2. click Edit > Prefences > safety (superior).three. exist certain that "data from potentially risky locations" or "All data" with "enable improved safety" are checked.four. click advantageous enough.

To verify blanketed Mode in Adobe Reader X:1. Open Adobe Reader.2. click Edit > Preferences > general.3. assess that "allow protected Mode at startup" is checked.four. click on ok.

Adobe recommends that Adobe Reader/Acrobat 9.x clients for windows supplant to Adobe Reader/Acrobat 9.4.7.

Affected utility ==> advised Reader/Acrobat update

Adobe Reader/Acrobat X (10.1.1) and prior 10.x (windows, Mac) ==> supplant to exist launched Jan. 10, 2012Adobe Reader/Acrobat 9.four.6 and past 9.x types (windows) ==> Adobe Reader/Acrobat 9.four.7Adobe Reader/Acrobat 9.four.6 and previous 9.x types (Mac) ==> update to exist released Jan. 10, 2012

Adobe Reader for Android and Adobe glint player aren't suffering from these considerations.

Adobe Reader/Acrobat eight.x is not any longer supported by Adobe. gladden help to a newer edition.

The next quarterly protection updates for Adobe Reader and Acrobat are scheduled for January 10, 2012.

To installation the update:1. Open Adobe Acrobat (Reader).2. click champion > examine for Updates.three. If an update is obtainable, click the download button.4. When the download is achieved, click the installation button.5. When the installation is completed, ensure that everyone applications are closed. click on the Restart Now button (when prompted).

For extra assistance (Adobe Reader and Acrobat)

if in case you believe questions or want assistance, gladden contact the ITS champion Desk at 956-8883, e mail or designation (800) 558-2669 toll free from the neighbor islands.

9A0-901 glint Lite 1.1 Mobile Developer(R) Certification

Study guide Prepared by ADOBE Dumps Experts 9A0-901 Dumps and true Questions

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9A0-901 exam Dumps Source : Flash Lite 1.1 Mobile Developer(R) Certification

Test Code : 9A0-901
Test designation : Flash Lite 1.1 Mobile Developer(R) Certification
Vendor designation : ADOBE
: 108 true Questions

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

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


Ashish Saran - VP, IR

Matt Murphy - President and CEO

Dan Christman - EVP of Storage Group

Raghib Hussain - EVP and Chief Strategy Officer

Tom Lagatta - EVP of Worldwide Sales and Marketing

Jean Hu - CFO


Ross Seymore - Deutsche Bank

Blayne Curtis - Barclays Capital

Karl Ackerman - Cowen & Company

John Pitzer - Credit Suisse

Vivek Arya - Bank of America Merrill Lynch

Quinn Bolton - Needham & Company

Ashish Saran

Good morning, folks, and welcome to Marvell's 2018 Investor Day. For those who don't know me, my designation 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 construct 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 see in front of this company, especially with the addition of Cavium. I'm moreover very pleased to see 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 believe 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 prerogative word to exercise 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 finish requisite to pick you through their very exciting pecuniary safety briefing. This presentation today will contain certain forward-looking statements which finish believe risks and uncertainties. They report these in their filings with the SEC. They will moreover exist mentioning certain non-GAAP pecuniary measures, a reconciliation is at the conclude of this presentation, and this presentation will exist available on their Web site after today's event.

Now that everyone of you believe 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 solitary car can learn how to drive safely, then partake it with 10 million others. And soon, highly intelligent 5G groundwork 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 withhold it flowing, the datacenter needs to withhold morphing, so much so that you can't reiterate where the core ends and the edge begins. The solution rests in the foundational technology here today. They understand; they helped build it. With decades of experience, the combined portfolios of Marvell and Cavium believe 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, fit entire computing systems on to a solitary microchip, increased storage density so companies can meet tomorrow's demands, not exist surprised by them, and discovered ways to withhold data flowing swiftly and securely, through cables or through the air. The recent Marvell has its sights on tomorrow, not just to unearth what's next, but to construct it available today.

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


Matt Murphy

Okay. advantageous morning, everybody. It's Great to see everyone of you here. So I think, first of all, this video says a lot about what's going on today. The condition of technology and it's mind-blowing how much data is being created on a daily basis in the world. If you arbitrator 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 exist processed and actioned. And Marvell is enabling the infrastructure that makes everyone of this possible. So today I'm going to talk about the benevolent of company that we're creating, how far we've come, where we're going, and how we're doing since we've combined with Cavium. And I'm going to reiterate you how we're going to grow, which I'm certain is on everybody's minds here today.

So first, let me divulge you how far we've foster from their ultimate investor day, which was just six quarters ago, here in this room. So let me pick 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 beginning Marvell's turnaround. We'd assembled a recent leadership team which they introduced everybody, and they told their story. And that chronicle 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 moreover shared their plans at that time how they were going to refocus the company to build a long-term sustainable traffic that could deliver hardy margins, cash flow; everyone the things that you await from a top-tier semiconductor company. And I arbitrator at that time they caught some of you off guard with their transparency. I recall during the mp;A, I arbitrator it was Chris Roland, who I arbitrator is in the play here, who said, "I'm still trying to pattern out what company this is. I see the logo behind you, it says Marvell, so I guess I will just fade with that." So they did set some very tall expectation for ourselves in that meeting. And I'm elated to report that the team has done a Great 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 see that revenue since that time has been up into the right. They moreover said at that time that they would achieve vulgar margins exceeding 60% exiting their fiscal '20. Really pleased that subsequent to the analyst day they managed to augment their vulgar margins every quarter. In the ultimate 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 ultimate one they reported as a standalone company, they moreover exceeded 30% OM, which was about six quarters ahead of schedule.

So these were Great results. We're very disdainful of them. But they did not betide by accident. So let me talk now about how they elope 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 prerogative 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 everyone of their businesses in the combined company. We've done three of these now since I've joined. The ultimate one, more recently, was with Cavium. And so we've gone through now every traffic 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 vulgar margins, the growth potential, the competitive landscape. And we've now built P&Ls and three-year plans for each of those businesses. So we've actually integrated Cavium in quite quickly into their planning process. We're moreover not apprehensive to halt projects or redirect resources or reallocate their precious R&D dollars where they believe to. We're very disciplined in this front. They moreover believe that time-to-market is a differentiator in their industry. So, their customers, they course their schedules around their rig around their schedules. They're everyone one and the same. And so we've completely retooled inside the company how they course their projects, their engineering projects, how they execute them, how they track them, and how they bring them to production.

So we've installed world-class program management, and most importantly, a culture of accountability inside the company. And their customers are seeing the difference. They moreover believe in a very data-driven approach to traffic management. And they exercise data to elope everyone aspects of their business, whether that's pricing, forecasting, require 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 see the profit of this sort of approach on the recent Cavium team coming in.

Part of the turnaround moreover in the company though has been cultural. And over the past two years we've really brought the entire company along with us. Through frequent and transparent communications we've really strengthened the culture inside the company. And it starts with articulating their core behaviors and what they value and stand for. And these behaviors, by the way, they're not just coffee mug slogans and posters they stick on the wall; these are very personal to me. And it really reflects how they elope the company. Integrity, respect, innovation, execution, supporting each other, these are everyone 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 ultimate two years. And recently they made the Forbes Best Employers list in 2018. So they believe culture is a competitive advantage. The employees see the ample picture, they understand their role, they'll buy in and they'll fully commit 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 everyone took time to rep offsite and rep to know each other and align on their goals. And by the conclude of that offsite, you couldn't reiterate who was a Cavium leader and who was a Marvell leader; we've everyone 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 exist more disdainful to trail forward with such a talented team that we've assembled. And they set their mission to exist 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 principal to believe a mission that is effortless to understand. Everyone can rep behind it whether it's an employee, whether it's one of their customers, or everybody in the room.

So let's pick a second to talk about why they enjoy infrastructure; why is this a advantageous market to exist in? I arbitrator it's an attractive long-term market where their IP can deliver true value, and so let me contrast market. So there's the consumer market, is exciting. great TAM, you can talk about it with your friends at a party, it's effortless to understand. But I'm telling you, as mercurial as success comes in this market as mercurial as it can fade away. And this is not just an academic observation I'm making, I've lived this. I've been in this world. I've lived through the notebook cycle, the digital camera cycle, the smartphone cycle, the smart TV cycle. This is a brutal traffic to exist in. And they are fortunate at Marvell to believe the frill to participate in the infrastructure market. This is one where they don't just believe 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 development 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 realm for 10 years or more. So, when customers Look at who they are going to confederate with and design in, there's really only a handful select group of players that really believe everyone the capabilities that they are looking for. So infrastructure is a much more predictable stable market. And that benefits everybody. It benefits their customers, their shareholders, and their employees who can focus on the long term as they develop their products. moreover the company's DNA is very well aligned to the infrastructure market. They believe a strong combination of IP and engineering capabilities in the company. They believe a 20-year track record in Ethernet, both in switches and in PHYs. They believe profound suffer with processor cores. And they believe in-house IP development such as SerDes and others that they control their own destiny on.

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

At the ultimate Analyst Day, they were at about one-third of their revenue was levered infrastructure. And they said their goal was to rep it to 50% in the near-term. And so, they were able to finish that actually a exiguous bit ahead of schedule through everyone the travail that they establish in. And so, classic Marvell as of today is about half-half, fifty percent infrastructure, 50% non-infrastructure. So that was progress. They were there probably a year or so ahead of where they thought. Cavium really represented the next step in their progress here. And so when you combine Cavium in, the combine company today is now about two-thirds of their revenue is levered to these types of conclude markets. And that's only going to increase. And they see over time that this number is probably going to exist much higher and next goal is sort of three quarters, and to withhold 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 traffic and the opportunities there. They got very valuable technologies from Cavium, leadership now in processors, leadership in security, leadership in accelerators. And so, they moreover brought a very strong presence in datacenter and carrier which they had been trying to build. When you combine that with Marvell energy and enterprise, their end-to-end product development 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 roar from the customer point of view, the smooth of rendezvous that we've seen since they closed the transaction has been significantly higher than before either company had ever experienced. I strike quite frankly spend a lot of time on the road. I believe personally met with the chief determination makers and CEOs and CxOs of the top infrastructure companies in the world across everyone of their segments.

I believe been assiduous and I'll just give you one example of a story. Three weeks ago, Raghib and I were - had the chance to present to the whole leadership team of one of the top leading infrastructure OEMs in the world. And the meeting was really to dispute a pretty significant multi-year agreement to finish multiple chips for this particular company and this would exist a relatively a recent 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 traffic for us, I said, Look, I just got to ask, you guys believe gotten to this point on your own as a standalone company? And he said, "Well, finish you want me to give you the politically amend answer, or the true answer?"

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

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

As I mentioned, they really rep a much stronger presence from Cavium now in datacenter and in carrier. But the breath of the traffic has moreover increased too. And if I fade back to when I joined the company, I strike probably the solitary biggest overhang that we've had and even continues to this day in some ways was the company's overall exposure to the HDD market. Classic Marvell if you fade back two or three years highly levered to HDD. That really created a cloud over the company in some respects. It always was a source of concern for investors. So look, we've taken a lot of application 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 believe 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 await that that number is going to diminish as they head into the next year and the year after as they grow their traffic and continue their pivot from consumer computing to cloud and infrastructure. I don't arbitrator that this application that they establish in has been widely understood by investors. So I wanted to construct certain I called this out because I arbitrator 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 believe established businesses in their company. This is really how they elope their company and how they segment their businesses with inside their portfolio. So the first is they believe established foundational businesses. These are businesses where they are the leader today. Two examples of these would exist 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 groundwork layer. Then they believe a number of growth businesses where either they are the leader or they are a very strong challenger. And examples of these involve embedded processors, switches and PHYs, flash-based storage, SSD, and tall performance Wi-Fi. Now these products are everyone in growing markets where they believe 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 exist the market leader in their respective segment.

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

So, another principal consideration for the combination was scale, and I arbitrator 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 secret that the cost of developing these advanced node technologies is going up fairly dramatically as companies trail to more and more advanced process nodes, and obviously you are doing it to augment performance, lower power, optimize dye sizes, everyone kinds of benefits of making these node jumps, but they are getting more and more daunting by the day. I arbitrator this is a reality facing pretty much every company if you going to exist 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 arbitrator that you probably requisite to develop about half a dozen chips or so at a minimum in a key process technology, just to believe spread the investment appropriately across everyone those devices. And so, if you don't believe enough scale, if you don't believe enough of a broad product line and you can't finish a significant number of recent products on a node, to rep your money back is going to exist 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 believe really had benevolent of two choices when they - ample systems companies, right, ample infrastructure companies, when they elect to -- that they requisite a key semiconductor component. One is they either want to buildup themselves, what they muster the replete ASIC model, or you fade off the shelf and you buy merchant silicon, and typically this is where Marvell has been more in the merchant silicon side with limited on the build side. So build has made sense before, but it's getting to exist 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 construct this work, and obviously it's difficult to finish that many ICs if you are a solitary OEM. And so, that's a challenge for these companies today.

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

Okay, so let me trail to the second fraction of my talk today. So, probably I'm saying, "Okay, this is great, looks nice, it looks enjoy you are pile a nice company here. Everything sounds exciting. How are you going to grow?" I arbitrator that's the question that's on everybody's intuition today, "How are you going to grow?" So, Dan and Raghib are going to fade into the details, but let me give you my perspective. So the first is that the market forces that are out there are creating opportunities for us. There is a strong conclude market tailwind. The first thing, they can fade back to the ultimate Analyst Day, is that there is an explosion of data that's being created and that moreover needs to exist 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 rep processed, secured, and analyzed at the edge. And a lot of these applications now, they finish profit from real-time decision-making where the data is occurring. And so, more and more they see this drag of the compute actually being pulled towards where the data is created. And so, that's a profit to us. And Raghib will talk about that more.

The third is that in this more distributed world, you can't just secure the endpoints; you actually believe to believe a holistic security strategy to secure the entire data chain. And again, this is one where I arbitrator they can provide significant expertise here to provide robust security everyone the course from the datacenter, everyone the course to the edge through every point in the network. And finally, everyone of this has a major repercussion on overall power efficiency. It's probably one of the biggest intuition 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 Look at everyone of these combines, there are multiple tailwinds that are in their favor. And so, with that at their back, they arbitrator there are several very unique opportunities where they can construct an repercussion given that these market changes are happening, that are very specific to Marvell.

The first is in storage. So, everyone this data, as I mentioned, it needs to exist stored somewhere, whether it's on cold storage, in the cloud on arduous disks, or it's pungent storage on advanced glint reminiscence technologies. And so, their customers are looking for ways that they could finish this more economically and they could finish it faster. And so, as the leader in storage technology, they are in the middle of everyone 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 believe unique insight and aptitude to actually influence and repercussion everyone of these tremendous disruptions that are going on in the storage industry.

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

The third one is in the carrier market. And this may astound you, but Marvell is going to exist one of the most principal 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 believe very, very strong traction in this market, very unique solutions, and to exist clear, they arbitrator that 5G is going to exist 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 believe emerging opportunities. These are some of their recent bets that they arbitrator provide strong potential for growth. The first one is in automotive. We've now gone to production with their automotive Ethernet products. You know, a year ago this wasn't even in their SAM, so we've made advantageous progress there. And moreover in July, they introduced and took to production the first Xeon-class Intel-competitive ARM server CPU that's ever been introduced. There's been a lot of talk about this market for years, a lot of press releases; a lot of companies believe tried. But there's actually no company that's been able to introduce and pick to production a CPU with this smooth 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 exist a growth driver for us as well that's emerging. And each of these products is off to a Great start. And I arbitrator when you layer everyone 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 ultimate investor day, this was for the standalone company, they said total market for Marvell was $8 billion. When they announced Cavium they said that the SAM for the combined company was going to double to about $16 billion.

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

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

Now, as I mentioned, we're moreover investing in ARM server, and they decided to split this out to exist super lucid about where the drivers of their SAM are coming from. This is one where they see the addressable portion of the ARM server market today, at about $4 billion. That SAM they arbitrator is growing very fast, by about 14% a year. And so when you add that opening on top, which again is recent and emerging, total company SAM goes from about $18 billion to proximate to $24 billion over the next few years. So there's a significant opening if you Look at the evolution of where they were, roar at ultimate analyst day looking at an $8 billion opportunity, to now just a yoke of years from now being able to address something enjoy $24 billion of market. So you could see 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 exist a leader in the infrastructure market. They believe the scale, they believe a diversified traffic model, and that's one that's positioned to deliver long-term success. They continue to innovate and invest in the future, and this is going to enable us to allow their customers to disrupt their markets. One example is 5G that you'll hear about. I'm moreover especially disdainful that their team has consistently delivered and established a strong track record of execution that's going to exist very principal as they head into their next side of growth. And so look, in short, with the team we've got, markets that they are going after, strong customer pull; I strongly believe that Marvell is going to drive ourselves forward. Their goal is to create a Great company with Great technology to enable the infrastructure of the future.

Thank you very much. Dan?

Dan Christman

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

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

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

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

Marvell is number one in merchant SSD controllers. And now they are pathetic beyond controllers. They are providing innovative recent 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 split down a little, you will see the PC space is shrinking at about 5%. They see this is an zone that's harder to differentiate, is less innovation, is less requisite for recent functions and features.

But the Edge in other market which includes automotive, industrial, video surveillance, home gateways, gaming, direct attached storage, this is actually a very highly resilient and stable market. Talking about 1% growth over the next three years, but really the opening is no astound 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 Look at their revenue here. So if you Look at the classic Marvell storage revenue, which again was HDD and SSD, you can see a yoke years ago almost half their revenue was coming from PCs. And you fast-forward it today and you'll see a much more balanced portfolio in the storage traffic for Marvell. But a yoke of years out looking just at classic Marvell, you see the PC drops below quarter of their revenue while the Edge and other remains very stable across everyone three of these snapshots in time. The datacenter becomes very meaningful for Marvell. It actually becomes their largest segment in just a yoke of years. When roll in the fiber channel traffic from Cavium and you see that Marvell has become a loyal 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 partake leader with strong incumbency. They are the preferred supplier for leading OEMs and Fortune 1000 companies, and due to the faultfinding and the sensitive nature of the data that gets moved in security onto fiber channel infrastructure, they see this is a very stable market with longevity. And the fact is that Marvell is still innovating here, prerogative we're helping extend their leadership through areas such as in-line security and NVMe over fiber channel and this is what customers care about.

Now, there is no surprise, I arbitrator everyone here in this play understands that the HDD is going through a secular decline, prerogative if you Look at units this is about a 10% a year unit decline in the market but due to the auspicious 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 exiguous deeper, you see 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 Look in fact at both desktop and notebook both markets are declining in the mid-20s. But when your trail PCs, you see the stable piece underneath which is actually relatively flat and if you dig in deeper, there you see really what Marvell's focused on which is a near line segment in arduous disk drives, these are the cold storage drives in the datacenter where they manage ample Data, if you pick a photo about a week later, it's probably on multiple cold storage HDD drives and in the datacenter.

In fact in calendar year 21 about 40% in the entire HDD market will exist in the near line segment, this is where cost per gigabyte matters and without arduous disk drives in a datacenter they would not exist 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 everyone the principal aspects that construct these drives work.

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

I moreover talked about in the beginning the fact we're going to exist more of a solutions provider, so an HDD that means preamplifiers. This is meaningful revenue in the future it's meaningful SAM for sure, this is a subset of the SAM I showed you on the previous slide not incremental but because Marvell has a strong position in the HDD controller space, we're getting extremely strong drag 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 Look at the current wave, that's driving preamplifiers today, it's really about capacity increases due to adding platters in the drives.

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

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

So these are recent opportunities for Marvell, they add more value and rep more content in these recent arduous drives and what I'm disdainful to roar 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 await this to exist 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 divulge here the fact is that the notebook exposure is decreasing meaningfully in the HDD space for us, it'll exist less than 15% in a yoke of years.

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

So let's trail on to glint solutions. Now FMS which is a very notorious divulge for the glint industry, it's glint reminiscence Summit, it's held in Santa Clara every year, it was ultimate 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 Look we're more than an SSD controller company. Right, they are a glint solutions company, we're focused on effectively or more efficiently managing the glint based storage systems, this evolutions been driven by their aptitude to leverage the broader Marvell IP to enable recent shape factors for their customers, recent traffic 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 glint storage, if you arbitrator about it really started off as an HDD replacement, in the PC space people basically took a two and a half inch arduous drive out, they swapped in a two and a half inch SSD drive, same shape factor, same interfaces, they went on to recent shape factors, they roar Look they don't know necessarily believe to beholding to this HDD shape factor, they can optimize for their PC. So they establish recent shape factors in that were smaller and more space efficient, they did recent interfaces enjoy NVMe which took advantage of the actual glint 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 recent architectures, they're looking for recent traffic models, they're looking for a platform based solutions. From a traffic model in an architectural standpoint, I want to talk about this finish it yourself model, they did talk about it exiguous bit ultimate year but I want to talk more about it today, this is an opening that when you shake off the limits of a arduous disk drive, the mechanical limits of the shape factor limits and you roar Look I'm just focused on glint memory, you really can now optimize, you can optimize for space and power, you can optimize for workloads, you can status the controller directly on your board or build an OEM and recent shape factor. This is really enabled by the fact that the customers can buy a controller from a company enjoy Marvell directly.

They can source their NAND from multiple tall trait 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 believe strong and long lasting relationships with everyone of the Tier 1 NAND vendors. They everyone 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 see this is additional opening for Marvell, you can Look at the architecture can exist changed. And this is basically more content and more value opening for Marvel in this space that this started in a datacenter but we've seen it trail beyond a datacenter now in Marvell's one designs already here you'll start to see revenue over the next yoke years here it's already a next year because it's benevolent of a paradigm shift for Marvell in the industry.

So let's talk now about platforms and how Marvell helping disrupt them platforms let me decode this slide first for you, you see 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 recent content for Marvell. I'm going to verse example here this is an aggregator. Now their customers are looking to add more and more capacity as they add more capacity and they fade beyond PC centric shape factors to datacenter centric shape factors. The limitations start to become the SSD controller. The controllers can only wield 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 introduce recent aggregator, NVMe aggregator chips that basically even pick in seamlessly stitched together multiple controllers or multiple SSD drives and present them as a single, tall capacity, tall performance drive enabling recent shape factors in a datacenter. In the second example you hear a lot about Microsoft Project anally, open channel it's really about more efficiently managing the glint storage at a smooth above the drives which means are putting management benevolent of at the host. I know when you Look at doing that you roar well finish I want to establish that on my CPU and dissipate those cycles I could exist renting out and the avow is always No.

And I arbitrator a Rag will talk about accelerators later but here they believe storage accelerators. And these accelerators basically will finish functions enjoy compression, redundancy, security, IO virtualization and multi tenant systems and offload the CPU to champion more efficiently manage the glint storage, it allow that cloud datacenter customers to rent out those CPU cycles. The ultimate example here is a revolutionary architecture that they actually announced to at glint reminiscence pinnacle is an ether net bunch of glint they muster it the eve off.

And this is an end-to-end chipset for Marvell that includes their controllers, it includes their NVMe converters and moreover pulls in content from their networking group on the Ethernet switch side, if you Look at traditional server based storage in a datacenter when you want to add more storage you believe to add more compute they fade together, prerogative in the Eve off even essentially this aggregated these, are you able to scale up your glint storage independently creating a tall performance rack of flash. Now this is connected over the Ethernet so it looks enjoy its local, if you Look at latency is in performance it appears to exist 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 dreadful lot of interest in this recent architecture. So the opening in the glint market for Marvell is huge prerogative if you Look at their classic controller traffic 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 recent features and architectures. This recent Sam on top here is actually growing faster than the overall controller traffic so they conclude up with a 19% total CAGER for a glint 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 believe some traffic here already it's relatively minute but it's growing and going forward they talk about their SSD traffic will really start talking about their glint solutions traffic with SSD as fraction of that traffic so you can see here how this everyone comes together. They recognize the opening in datacenter early. They aligned their R&D resources towards the datacenter. As they continue to execute on this pivot to exist a provider of optimized solutions for the datacenter, you can see 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 yoke years from now it'll exist three quarters of their business, so I'm going to summarize one more time for you. We're leading from a position of energy in everyone 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 recent and exciting innovative architectures to champion them more efficiently store and manage their data.

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

Raghib Hussain

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

Ashish Saran

Hey, folks. We're going to rep started, so if everybody can pick their seats. everyone right, so we're going to rep the program going again. And it's my gladden to introduce Raghib Hussain, who will pick you through their networking business. Raghib?

Raghib Hussain

Welcome everyone. It's advantageous to see so many chummy faces and the recent ones too. It has been a assiduous year, replete of excitement and a lot of potentials. I'm very excited to exist fraction of this recent combined company. And I'm fully committed to pick it to Great success. Let me reiterate why I'm excited. The potential that this combined company holds far exceeds what they had at Cavium. Now, just to give you a background, I'm founder of Cavium. And at Marvell I am Chief Strategy Officer and running the networking business. The scale that they believe 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 partake everyone those detail with you today. But to launch with, they are strong in enterprise, and growing. They are very well positioned to exist 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 Look forward, let's start by taking a Look what is going to drive the growth in infrastructure, the spending in the next generation in the global markets. Exponential augment in devices is generating a massive amount of data. This data needs to exist 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 great percentage of this data is used by the application which is faultfinding in nature, for example, although the amount of data in 5G has increased, but the latency requirement remains the same, one millisecond.

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

And not only compute has to trail towards data, it has to exist efficient and optimized for the real-time application. It means that they requisite tall performance compute and efficient processing at every node of the network, from datacenter to carrier to edge. And at each node they believe 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 exist implemented at every node of the network. everyone 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 believe a complete portfolio of processors ranging from baseband processor, to security processor, to multi-core general purpose processor, as well as everyone the course to ARM-based server processors. They believe complete Ethernet networking solution, from switches to PHYs, to NIC adaptors. And they believe 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 everyone 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 rep the most out of this data economy. If you Look at these infrastructure applications they believe a lot in common. They everyone requisite high-performance compute, they everyone requisite security, they everyone requisite tall bandwidth connectivity, and then everyone requisite low power efficiency. In many cases they are addressing the needs of these markets through a solitary piece of silicon, for example, the switches, the PHYs, and the multi-core processor. In some example 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 believe common characteristics and they are leveraging their investments across their infrastructure markets.

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

So let's talk about enterprise. Both Cavium and Marvell has a strong position in enterprise. It is about $2 billion market, and they believe about 30% share. Enterprise SAM growth for us is higher than the overall market growth, and it is because we're expanding their market partake through recent design wins. ultimate time, in 2017 investor day, they talk about upcoming enterprise upgrade cycle and how Marvell is positioned to champion upgrade from a gigabit to a multi-gigabit driven by the bandwidth needs. As you can see 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 await it to continue.

While other companies believe lost their focus on enterprise, Marvell has invested in innovation in enterprise, pile targeted solution with feather that their customer wants. It is still a multibillion dollar market, and their OEM customer needs product to enable solutions for their 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 partake in enterprise. ultimate investor day they talk about 25 recent product, at that time they were ramping in revenue. Today, the revenue generated by those products is about $200 million, and it is still growing.

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

Now, with the combination of the company and the combination of the product portfolio, now they are considered a strategic partner. As a result, they are getting networking -- switching design wins moreover in those conclude customers. So let's pick an example of a typical security networking appliance out there. As you can see, that there are always a switch and a PHY setting on the motherboard along with the processor. Processor determination are generally made first. Before, neither company had the complete solution. Cavium had advantageous 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 construct their determination upfront to bring the prerogative solution. They believe already started winning designs in this area, and there are plenty to go. This is another example, Marvell is strong in switch and PHY but they did not believe many core processor to address the needs of aggregation and core. Now with the combined company, they believe complete platform with a switch, and PHY and a processor and the platform solution serving the needs of their customer from access to everyone the course to core.

So you can see the combined IP and the product portfolio that Marvell and Cavium bring together uniquely position us for strong growth in enterprise. On top of that, they are in the upgrade cycle, it has just started. And they believe the wealthy product portfolio with the latest feature to withhold 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 energy for us which will continue their growth in enterprise market.

Let's trail on to datacenter. As recent compute models are established they believe multiple high-growth opportunities in datacenter. Cavium has had a strong presence in datacenter through security and networking services offload. It is about $2.5 billion market, and they believe about 10% share. In addition, the ARM server processor in datacenter has about $4 billion SAM. We'll dispute more details about it in subsequent slides. They everyone 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 everyone know there's a recent trend, simulated intelligence, and they will dispute more about it. Marvell has been market leader in providing efficient compute security and network services offload for over a decade. If you Look at any enterprise security or network appliance, and if you open it up, you will see that OCTEON and their NITROX processor are in it. When it comes to security and the data plane processing Cavium has been market leader for over a decade. In cloud, security and network processing requirements are changing and it is getting distributed as they talk about. And as a result, these are implemented in every node, but there moreover you requisite the similar sort of acceleration. Marvell's Liquid Security product lines are designed and very well positioned for that market.

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

Server for datacenter is a huge opportunity. It is about $16 billion TAM, and they await that ARM servers can address about $4 billion TAM. Marvell Thunder 2X is the first Xeon-class processor. When I roar Xeon-class processor, it is really the dual-socket ARM server processor which has the performance as well as reminiscence bandwidth and hurry and connectivity of a really Xeon class which can exist used in a general purpose server application. They believe 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 pick a Look at these recent announcement by their customers, several customers believe announced platform based on ThunderX2, and then there are several independent third-party analysts believe 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 roar about ThunderX2, "In short, ThunderX2 is the first SoC that is able to compete with Intel and AMD in the general purpose server CPU market. And that is a pleasant surprise. At last, an ARM server solution that delivers." They are seeing a advantageous traction in this market, and they await it to exist long-term growth driver for Marvell.

Now, about simulated intelligence, they everyone know simulated intelligence is the next -- is the recent gold rush out there. It works just enjoy 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 Look enjoy this is a bottle, by different types of bottle, the perfume bottle, the wine bottle, and so on and so forth. So that fraction of the neural network is called training and learning. And then when they see something that Look enjoy a bottle their brain predicts that it is probably a bottle, that fraction is called prediction or inference.

Now, training is generally done in cloud because it is a gradual process, it's a batch process, it requires a lot of data and it does not requisite to exist in the real-time. It can be, it can exist done in a batch process way. However, inference, it's not only done in the application in the cloud but moreover in application enterprise carrier and the edge in the edge devices. Now inference has to exist done in the true time and instantaneously because this is where you're predicting, you cannot pick withhold the consumers waiting or user waiting for the result, right. So as a result of that, it has to exist done at every application. As they everyone 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 exist 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, everyone of these AI processing plays in the core energy of their company, they believe a DNA of multi-core processing, hardware acceleration flowing out, engine scalable architecture. Gavin was working on AI for the ultimate several years and they believe 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 moreover pluggable through the existing software ecosystem. They are actively engaged with several hyperscale customers out there and co-developing it with one lead partner. They believe been working moreover closely with the ecosystem, you must believe seen advice related to glow compiler initiative driven by Facebook. It is an initiative to really standardize the inference usage. They see AI a multi-billion dollar market opening for us and a faultfinding duty 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 withhold you updated with the progress that they make. So let's pick a Look at Edge and other related areas, the Edge and other zone for us is really the automotive, the industrial, the video surveillance, the home gateways, gaming et cetera. It is about $2 billion market and they believe about 14% share. If you pick a Look at everyone these products, Marvell has been present in everyone these products for many years, a major result of the data economy is that the trend that compute is pathetic towards the edge, towards everyone devices.

As a result of that, many of these devices are becoming very sophisticated, in some cases really becoming a mini datacenter enjoy for example in car. Marvell is actively engaged with everyone 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 exist transported and moved around in the car at a mercurial pace. This requires criterion groundwork tall bandwidth networking, Marvell is leading this trend, Marvel has long history in automotive industry, it is a tall barrier to entry industry.

It requires a specific trait as well as supply chain requirement. Over time, they believe 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 exist moved around in the car at a gigabit hurry and car can construct sense the wall around it and construct a true time decision. They are one of the early leaders with design wins and many Tier 1 OEMs. This design takes time but they are a significant long-term growth potential for Marvell. And this year they believe included this SAM in their overall SAM and they see it about half a billion dollar opening and this is growing at a mercurial pace.

Moving on to carrier, this is a Great growth opening for Marvell and it is a market they are extremely excited about, 5G is here and it is happening and Marvell is well positioned to exist the leading silicon supplier for 5G. Carrier is a massive SAM for us, it is about $3.5 billion SAM market and they believe about 10% partake which means they believe 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 exist a strong leader in 5G, here they are positioned to disrupt the market and grow their share, I'm really excited about 5G and I see 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 believe everyone the faultfinding pile blocks but over time, they believe established ourselves a credible supplier to deliver tall performance platform for baseband applications. This makes us a very attractive silicon confederate for the carrier OEM. While today they will talk a lot about wireless and the groundwork station, it is principal 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 groundwork 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 groundwork 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 present baseband processing in addition to transport processing.

I'm disdainful to condition that today the groundwork 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 believe shipped over seven million groundwork station processors as of today. And now with the combined company, if you Look at the requirements of the 5G groundwork station 5G deployment, it has a requirement of low latency, tall performance compute and tall performance capability of security, it everyone 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 groundwork 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 present the complete digital portion of the baseband processing. In other words, they are taking the workload, which were traditionally done in FPGA. If you Look at the 4G groundwork station, in the main card they used to believe Octeon processor and in the line card, they used to believe three baseband processors.

Now in 5G with the key requirement, they believe two Octeon processor in the groundwork main card and typical configuration of 5G has two line card and each one believe not only a three baseband processor but moreover Octeon processor. Now just enjoy in enterprise playing through the combined portfolio, they moreover believe a switch and PHYs in this groundwork station application. Translating it into what they everyone care about in 3G, they had a content of yoke of hundred dollar in the groundwork station, in 4G they increased by three to four times and 5G they are going to augment it another 4X. It means that the groundwork station shipped by their OEM partners is going to believe the content which is quadruple in 5G compared to 4G. But there's more, if you Look at the number of OEM providers in 3G timeframe, carrier had a option to elect from a great 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 great countries of the world are limited to option of only three OEM providers as they are engaged with everyone of them. So if you pick a Look at this chart, it divulge 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 betide in U.S., China, Korea, Japan and India and of course the leisure of the countries will supervene from here.

Carrier infrastructure deployment cycles are long, it's a long-term business, if you pick a Look at let's roar for example 3G it expand over a decade, the carrier are still OEM are still shipping groundwork station for 3G. 4G had a acute RAM driven by the bandwidth needs of the applications and it has had a advantageous run. They await 5G to believe similar RAM driven by the application needs of the various applications that are driving 5G deployment.

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

We are strong in enterprise and growing significantly. They are investing in the prerogative products to drive the growth in datacenter and Edge. They are well positioned to pick 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 moreover committed to the long term growth. Thank you very much. I'd enjoy 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 advantageous to see you everyone again, it's been a roar six quarters since they were ultimate together. As you can see this is a very different company. Today than even six quarters ago when you guys were ultimate here Dan, Raghib, Matt talked about a broad portfolio, focus on the infrastructure market a lot of attention from customers and you're probably everyone sitting there going yes, expected you to roar that today so what are the customers believe to roar about this and so that's why they asked me here today to benevolent of give you the perspective from the customer side of how this acquisition is being perceived and how this recent company has being perceived.

Okay, so as you remember when I was here ultimate time. It was March 2017 they were everyone in this play together it was snowing outside and I had been with the company for about three months and I told you everyone I said Look in order to rep this thing on track they first order a traffic is to align the sales and marketing duty with the strategy of the company at the time, okay and I said these are the things we've got to finish and what we've got to finish quickly, so what it would how we've done what they finish here, so I talked about a coverage map in the first thing I had to finish was build a team, so I rebuilt my entire staff and then they drove that everyone the course down to the bottom smooth probably about half the people on my staff believe worked for me before they understand my system.

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

We wanted to augment their scale with everyone these partners to rep more partake of mine, so they restructured the entire channel that was everyone 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 ultimate 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 everyone the data and analyzing the life cycles of opportunities how these opportunities converted to revenue everyone that stuff travail started done started then they started collecting data they worked on the historical data they had and they establish everyone that in place.

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

I talked to you about traffic development and I told you that traffic development 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 principal to us but weren't necessarily going to buy from us and so what finish they do, so the first thing they did was they built out their automotive BT BD duty when I was up here ultimate time you guys didn't even know they had an automotive traffic within three months of being up here ultimate 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 everyone the design activity that was happening with that product line.

We now believe complete coverage in everyone 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 fraction 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 fade forward, people enjoy Nvidia with the automotive market, people enjoy Intel they believe strategic relationships with as they fade forward, so they did everyone 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 everyone 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 everyone the instrument flows to construct certain that they were going to pick tools the best tools from both organizations and exercise them to create a best in class instrument stream for the company. And so on July whatever it was when the transaction actually close, they immediately instituted a program. Today they believe 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 advantageous merge 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 rep these guys pathetic quickly on selling the recent merged portfolio.

And they did a recording of everyone that so that EMEA and Asia at least until they can rep out there doing things in person had training as well and they could actually participate online tools and systems are merging now, will exist actually introducing the merged system within literally within a yoke 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 course 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 construct it on a regular basis.

And then after everyone this was done I heard I hauled Murphy everyone over the world and they talked to everyone of the customers about this company and what they were actually doing and so how did they react. Okay, so they basically told the chronicle 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 suffer confederate that's going to pick their intellectual property portfolio and solve their problems with everything from IP based semi custom designs everyone the course to criterion 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 everyone of your observations in the market.

Yes, they got slides just enjoy that yes they were moreover extremely surprised by the breadth of the intellectual property and every one of them to a customer acknowledged a wish 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 elope the risk of offending the animal rights activists in the play again. I showed this to you guys ultimate time and I basically said Look if you want to snare ample fish, you've got to fish where the ample 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 revert of expended sales and marketing money that I can deliver to the company.

We believe to win the largest customers in their chosen markets first, the leisure are going to supervene so they are aligning the sales organization we're deploying their resources next to the largest customers in every market. We're going to exercise the broad portfolio in a collaborative way; we're going to solve their customer's problems. They believe actually built the company the customers enjoy and want to finish traffic with. So where are these ample fish, who are they what are they doing so prerogative 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 thrust their course into that top 10 over the next yoke years.

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

On the edge side I specifically left automotive in there to talk about, primarily because the car is the ultimate edge computer, it's a learning machine that's creating massive amounts of data it's making latency sensitive true time decisions on that data. It's filtering that data it's sending it back to the core that current millions enjoy it are doing that that data is being filtered at the core learning is taking status 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 ultimate year, they started doing traffic with everybody on the planet who you want to finish traffic with, who is an automobile manufacturer design wins at major car companies that will start to actually generate revenue next year and relationships with every Tier 1 on the planet that they really care about, so you can see 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 prerogative now.

So it's a very strong customer list okay, so we're really using this IP portfolio in this industry. To provide platform solutions using resilient traffic models to unparalleled champion to exist a valued confederate to their customers. We're literally selling these technologies into these markets okay, so how is this playing at the customer's Let's pick a Look I will fade through three examples of actual customer meetings on how this portfolio is creating tremendous amounts of opening from one side to the other okay. So this is a this is a datacenter platform if you arbitrator 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 pungent storage for their storage arrays. They are working with them on some of the datacenter glint 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 shape 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 believe to read some of the comments he made, because they were more Amazing 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 augment the traffic relationship with Marvell." gardenvariety sales guy, CEO sits there and says, "It's in their interest to augment the traffic relationship with Marvell. This doesn't suck. This is a advantageous 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 everyone of their products and how they map into his products, how they can finish more traffic together. And he says, and I quote, "We requisite to believe this smooth of loyalty around everyone things Marvell is doing." Again a quote that I benevolent of enjoy as a sales guy. And so, they literally walked out of there. And the top lieutenants at this company are awake of the fact that this guy wants to basic believe a broader relationship with this recent expanded company, and they believe actually had more opportunities open up there in the past several weeks since that meeting that you can possibly imagine. Okay? So that's example one.

So let's talk about carriers and in particular they will talk about cellular groundwork 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 everyone 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 groundwork stations into this market. And they were benevolent of -- he was benevolent of acknowledging, you know, they are sort of very faultfinding to each other at this space as 5G market acknowledges. And he proposed that maybe they want to consider having a written agreement, a multi-year supplier agreement where they could withhold focused on each other. Again, as a sales guy, they fight tooth and nails to rep these multi-year supplier agreements, rep customers commit for long-term. And they got a customer proposing that they symptom this agreement so that they could stay focused on them. So, very, very strong relationship with these guys, this relationship is pathetic forward in a very advantageous manner.

And finally, they will talk about enterprise. You Look at enterprise, and in enterprise you got access, aggregation, and core. The accesses were the -- the humans interfaced to the network aggregations where they everyone aggregated cores where everyone 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 enjoy 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 traffic 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 traffic primarily in the core with ARM-based CPUs and security processors and coming this way, so that they benevolent of met in the middle. And during this meeting, the CEO is acknowledging the broad portfolio and how faultfinding they are to their traffic going forward, and he asks Matt for a favor, "You know, I requisite you to rep this one product pathetic a exiguous bit. They got customer commitments. Can you champion 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 traffic 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 believe everything it takes to finish it technically and believe the pricing and the requirements of the customer needs but getting a exiguous phone muster from the CEO motto hey how is Marvell doing in this switch opening socket, certainly doesn't torment when they are actually competing in there and so these types of things withhold happening, they withhold 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 faultless example. These three examples that I've given you are faultless 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 roar this portfolio is very valuable to us. They want a broader relationship with you guys. Okay, so just to benevolent of wrap it everyone up, we've been on a journey, the first 11 months they took sales and marketing apart, they establish Humpty back together again.

And then, they did it everyone over again after the Cavium acquisition to give you a more predictable analytical metric driven function, okay and so they are largely done on the integration this thing is done. They created this infrastructure powerhouse for you and customers are sitting up and taking notice. We've had high-level meetings with pretty much every customer they want to finish traffic with and everyone is excited about what they had to present 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, recent 11 lens Marvell on the other, but Jean cleave my budget again. I didn't believe the money to finish it. So best I can finish now, roar thank you for listening, and introduce Jean, who is their CFO.

Jean Hu

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

First as a team that they arbitrator about pile shareholder value is to really exist with the powerful traffic model to focus on infrastructure market to generate a top-line revenue growth earning expansion and moreover returns to shareholders. But they arbitrator about is as their team talk about opportunities and their unique position. Matt talked about the characteristic of infrastructure market which minister to believe 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 tall and Raghib actually gave you real-time example to talk about 3G, 4G and the 5G product cycle, they ultimate 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 everyone those that's enjoy music to CFO's ears and I'm pretty certain you are everyone fancy it too because what it means is only build their pecuniary model, it's predictable revenue stream, tall and the stable vulgar margin and the long -- and the consistent of free cash stream with a higher terminal value. So those are the characteristic of infrastructure market, and moreover means in their pecuniary model, they actually don't believe so many what if assumptions which are focused on shelter and parameters enjoy NAND spot pricing next week. I can promise you that's the input in my model.

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

So just as a quick reminder, the whole management team, joined Marvell after Q1 fiscal '17 and that time Marvell was a company that served a broader role for consumer and the market. The vulgar margin was low 50s. It's actually quite consistent with the consumer semiconductor companies. The company moreover invest in great amount of R&D in everyone different benevolent 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 Look at the operating margin back then, its barely single-digit.

So during the ultimate two-and-a-half years, their team really pivoted the traffic into the infrastructure market. As you believe heard from everyone the team members and that they increased the infrastructure revenue as total revenue percentage is significantly -- when you combine their change over the strategy and their team's strong execution, they expanded their vulgar margin from low 53s to 63.5, 1000 basis point increase, it feels really advantageous to roar that because you don't rep many opportunities to roar you increased your vulgar 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 Look at that and Look at the how the leverage of their model, they believe increased their operating margin from low single-digit to 30%. They are very disdainful about the model they believe viewed. This model generates a lot of a cash stream too. So when you Look at it, starting from Q2 fiscal '17 to Q2 fiscal '19 despite of their long intermission over partake repurchase associated with the Cavium transaction. They believe returned a billion dollar cash back to shareholders, through partake repurchase and the dividend. They are very committed to revert cash to shareholders.

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

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

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

Now on the glint solution business, it's very exciting for us. Dan talked about the continued expansion to cloud enterprise datacenter. This traffic design cycle actually it's very long, if you can recall Dan's charter to Look at the percentage of revenue they are going to augment in non-PC segment, those are the design wins they already secured and their team are really working on execution of those design wins, so they finish see 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 great opportunities in both emerging embedded solutions and the glint solution market. So, overall, they continue to await their glint solution traffic to grow inline or faster than market in the long-term.

Now let's switch into networking, the most exciting constituent of their growth story. They finish await their networking traffic to grow faster than market at the low teens going forward. Both Raghib and the Tom talked about the exciting opportunities they believe ahead of us. At the highest level, if you Look 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 exist in line with the market.

So from the end-market perspective, they see growth opening across everyone 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 ultimate few quarters and the Cavium side their enterprise traffic has been growing double-digit too. When you combine the both portfolios, the leverage they believe and the design wins their team already won, they finish arbitrator their enterprise traffic will continue to grow with a strong momentum.

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

Next is datacenter, they believe a very unique set of very innovative product lines in datacenter ranging from a security to Ethernet offload to gearbox re-timer. So everyone of them when you Look at the in the overall context of Marvell today, which you know, it's over $3.4 billion revenue, the revenue groundwork is minute but everyone of them actually are going to believe a Great opening going forward. The growth rate of everyone those product lines actually it's going to exist higher than carrier space and enterprise space. So they finish await their datacenter revenue to grow most significantly and augment their presence in datacenter in the long-term.

Next their comment on the server processor business, they really only included very temper 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 await other product line to decline high-single-digit.

Now let me talk about what are the upsides they can see going forward. First, revenue synergy; Tom talked a lot about the portfolio, the rendezvous they believe with the customers. They believe not included any revenue synergy in their baseline model. So if they generate a revenue synergy that will exist tremendous upside. Of course, their traffic has long cycle, so you should await it for the future business. Secondly, 5G in their baseline model, they only included the current design wins their team are working very arduous to deliver, they did not involve any additional customer design win especially on the baseband side. If they win recent designs there's going to exist tremendous upside, I really requisite your sunglass in that time. That's very exciting. You don't rep 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 involve 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 exist upside the too. So as you can see, they believe a lot of the exciting opportunities ahead of Marvell and their team is working really arduous to execute because everyone of their businesses are very long cycle business, so everything I talk about here their team is executing forward.

Now let's switch gear to talk about synergy and moreover talk about their operating expense model. So they reached their synergy to $200 million during their ultimate 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 clarify to you why they achieved, they are going to achieve $200 million synergies.

So this is about 8% of the total company's spend which involve both the cost of sales and operating expense, which is actually within the scope of previous transactions but it certainly powers the high-end. The reasons they could achieve with these kinds of unique synergies because they finish believe 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 traffic and a lot of you know, those are very great investment. So their team worked extraordinarily arduous 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 moreover very significant for us. They believe a lot of overlapping offices across different locations, they can consolidate, but the most unique one is they believe their great Design center and headquarter located proximate to each other and one of us betide to believe actual space. So they actually they are going to exist able to trail the whole Cavium headquarter and the great design team to Marvell's campus without augment in any space that consolidation is very efficient. So they believe been able to deliver 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 Look at their synergy execution timeline. Their team actually is executing ahead of time. On vulgar 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 Look at their vulgar margin, they guide their Q3 as combined the company vulgar margin to exist around the 64.5%. So if they achieve their $50 million synergy target, they will exist able to rep it to around 66% vulgar margin.

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

So when you arbitrator 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 exist between 6% to 7%.

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

For vulgar business, they are going to invest higher than 24% to 25% to drive their traffic vulgar 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 revert on those investments.

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

So when you establish everyone together to Look at their long-term pecuniary model, they await to deliver top line revenue growth in their baseline model to exist at 6% and 8%, they await their vulgar margin to exist greater than 66%. On the operating expense side, they will construct certain they augment OpEx less than their revenue increases to rep to the leverage model. So operating margin, we're expecting to exist greater than 35%.

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

Now let me talk about the capital structure and the capital returns, so the course they arbitrator about the capital structure is to really believe a strong pecuniary 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 believe over $500 million cash and moreover they believe $500 million undrawn credit facility, their leverage is very reasonable, their vulgar leverage ratio is about two times and the net leverage ratio is only 1.5 times.

As a company, it's very principal for us to maintain their investment grade because they really want to invest for the future, so they want to believe ample access to that market at very reasonable cost, invest through economic cycles and moreover pick advantage 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 arbitrator of between their debt reduction course and their EBITDA expansion they will exist able to achieve 1.5 times vulgar leverage ratio in the next 18 months in the next 12 months.

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

In the near-term, let me talk about their priorities, first their traffic is generating significant cash stream even prerogative now, so they finish arbitrator they can maintain their dividend smooth and started to pay down the debt, the smooth for debt reduction is going to exist modified with their partake repurchase plan.

As of you'll probably believe seen is this money, their board of directors raised their partake repurchase course to $1 billion by authorizing 700 million partake in repurchase, so when you Look 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 partake at this current smooth as Great investment.

If you Look at their long-term target model, if they can achieve their long-term target model, they will see huge upside. So in summary, when you arbitrator about the Marvell, they are very well positioned to address very great opportunities in the infrastructure market space and that they believe a very powerful traffic model with underlying strong fundamental economics to drive long-term cash flow. And they moreover believe a strong pecuniary position and a strong pecuniary flexibility, so they can both continue to invest for the long-term and then revert cash to shareholders.

Before I invite their team to foster up for mp;A, I just want to pick this opening on behalf of their whole team to really thank everyone for your interest in Marvell and moreover thank their long-term shareholders for your strong champion through their journey to build really Great company. Their objective is to build the traffic 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 foster up for mp;A.

Question-and-Answer Session

A - Ashish Saran

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

Matt Murphy

He has got the mic.

Ashish Saran

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

Unidentified Analyst

Right here.

Ashish Saran

Okay. Yes.

Unidentified Analyst

My apologies. Thanks for taking my question. I had a yoke 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 pathetic 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 everyone the R&D cost already, you decided to roll the dice, or is it indicative of the product having some advantageous long-term growth prospects?

Raghib Hussain

Okay. So when it comes to XPliant product line, it is combining. They believe 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 resilient capability of resilient parcels [ph] and the whole aspects of visibility and programmability, so being able to really believe the capability to view the packets through the network and so on. So they believe taken those thing and they believe 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 strike I believe 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 withhold going forward I wasn't raised that way, trained that way, nor believe that. So they very much Look at that opening as on the go-forward, and what's the market opportunity, how is the traction going, what's the customer adoption and everyone 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 Great progress, and that's how they arbitrator everyone of their businesses.

Ashish Saran

Next question?

Ross Seymore

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

Matt Murphy

Sure. So yes, so they did their muster maybe a month ago. I arbitrator they gave the outlook. They gave -- they leaned in a exiguous bit more than they normally do, right, to give investors visibility. And so, when they advertise 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 fade with the long-term follow-up with Raghib…

Matt Murphy

Okay, great.

Ross Seymore

- the 5G side, obviously that's an zone you're very excited about that 4X multiple as they fade from 4G to 5G, talk a exiguous bit about the mile markers and the timing of when they can start to see 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 fraction of the next year. And of course, it will ramp into calendar year '20. Now, in addition to that, as they mentioned earlier and Jean moreover pointed out, they are actually heavily engaged with the lot of other OEMs. So they are actually in a very advantageous position to win additional design. So, their current groundwork course does not involve any of the additional design, or does not involve actually additional market partake 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 construct 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 believe been working on this, I arbitrator you said two years, why you decided as Mike commented, to fade forward with the product? And then, just following up on Ross's question on 5G, if you did win on these next-gen 5G groundwork stations, just may exist 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 Look at this whole market, as I mentioned earlier, there is a whole benevolent of goal, right, sort of -- I arbitrator everybody is trying to really chase the ample 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 enjoy always that they did in Cavium as well, they found not only that they arbitrator that way, but other ample customers moreover arbitrator that way, and that's how they started working with a proximate partner, and that's why we're developing the part.

Matt Murphy

Maybe I'll just add, I arbitrator we're well-positioned there as well, because in the conclude when everyone these chips are available and everyone the benchmarks are done, a huge consideration I arbitrator 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, great supplier, viable, focused on the conclude market, track record of execution. And so, I arbitrator 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 arbitrator that although we're not including it in their SAM, because by the course the SAM at this point is actually -- these numbers are so great that it's arduous to really -- you could rep third-party reports, so they prefer to execute the project, benevolent of travail with their customers, and as they construct progress exiguous bit enjoy they did with automotive Ethernet, then involve this at a later date in terms of the SAM and the opportunity…

Raghib Hussain

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

Blayne Curtis

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

Matt Murphy

Sure. Yes, I arbitrator that -- again, we're very focused on getting their lead customer production and enabling them to exist successful. I arbitrator the confederate model that they showed when they said replete ASIC merchant partner, I arbitrator that's being very well-received especially in this 5G cycle, where there's a pretty great diversity of not only companies developing infrastructure for this, but the kinds of radios that they want to develop are moreover going to exist quite disparate. And so, just to finish a gigantic ASIC for each of these is going to exist a huge lift, and I arbitrator the fact that the Cavium team actually has this proven track record on 4G and 5G IP, that confederate model, but starts to Look very attractive. So anything they were -- they would exist able to win there would clearly exist a recent product development. They requisite to fade often start that chip. So these are not ones that would ramp any time next year, they would exist in the future, but this again is a very advantageous long-term opening because as you can see from the 3G cycle, the 4G cycle, now the 5G cycle, these are multi-year. And if you talk to their customers, they arbitrator actually 5G is going to ultimate 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 arbitrator the shift from media to flash-based storage is clearly a tailwind for you, but I arbitrator one of the concerns from investors is how mercurial SSD controller ASPs approach those of your arduous drive controller? So, how should they arbitrator about sustainability of the premium you receive on glint controllers versus arduous drive controllers? Is it in a strictly linked to NAND ASPs per gigabyte?

And I guess as a follow-up, how they arbitrator about both the trajectory and potential competition between yourselves and the everyone glint array providers as your Ethernet bunch of glint seems enjoy a Great alternative for NVMe over fabric arrays? Thanks.

Matt Murphy

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

Karl Ackerman

How sustainable you arbitrator the premium of your NAND controllers will remain above arduous drive controllers?

Dan Christman

I see. Okay. So I arbitrator 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 recent features, functions, and rep a higher value out of those. Certainly in the notebook or PC space, you'll see 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 everyone glint arrays, I would roar that those types of customers construct in the everyone glint arrays and the enterprise customers are customers that we're focusing on with those products. So I arbitrator that's actually very complementary that they hope to see them adopt those architectures.

Jean Hu

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

John Pitzer

John Pitzer with Credit Suisse. Just Dan a follow-up on the storage side of the market, can you talk a exiguous bit about the wish of NAND glint providers to actually rep into the controller market, and how you see sort of the merchant controller market, market partake 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 see 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 effortless switch, how finish they arbitrator 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 upright 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 traffic with those customers. They continue to travail with them on certain traffic models. So I arbitrator it's a natural fraction of the evolution of that market. Clearly on the finish It Yourself models and some of the stuff we're doing at datacenters, you've got to remember 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 Look at going from roar 28 to 12 to seven nanometers doesn't that benevolent of divulge that graph of how much expenses that gets to be. Marvell leverages across many, many chips. So there are certainly segments that build finish stuff themselves, there are segments where they will work, they will buy something directly from Marvell, or working some of these confederate models and the traffic models that -- again that showed. So I arbitrator it's something that they consider when they Look at their models, whether it exist the SAM or the revenue.

Matt Murphy

Yes, just one quick comment on that, I arbitrator they believe been operating in that environment since I joined. I strike they had -- I arbitrator the first month I was here, they had a management consulting company offered to finish a free month of travail for us, you know, to champion us rep 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 Look at the data," and of course that would believe been a horrible decision, because that became a hugely principal traffic for the company. So I arbitrator they are going to co-exist and I arbitrator as Dan mentioned, it's going to exist different traffic models.

On the revenue synergies, the ample opening there really is the design wins. I strike there are -- there is not a lot of discretionary traffic they believe in their portfolio, and I arbitrator that's actually a advantageous 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 arbitrator that's a challenge, right, but I finish arbitrator there are some tactical things that they are doing certainly in the short-term, but the overwhelming revenue synergy that they can achieve is actually from the examples that Tom gave, which is really going in as a combined company leveraging the combined IP of the two, and really selling a whole system solution versus just selling a chip. And the pull-through is very strong. When you believe a processor, you know, a strong processor portfolio, it does enable you that sort of insight into the decision-making on the board at the earlier stages. So I arbitrator that's really where you should about it, and I arbitrator to the extent they are successful in doing that, then they will just thrust 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, champion establish their intuition at ease about how are you seeing just the broader psychodynamics play out? But longer term, give us by far 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 course 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 elope as one smooth company, with one united front of customers, so that they can exist assured that there is going to exist the prerogative execution behind some of the targets that you believe laid out? Thank you.

Matt Murphy

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

I arbitrator on the integration, I will construct a few comments and then maybe I will let Raghib comment too since he came from the Cavium management team, he champion build the company, but they are very far long in integration. I arbitrator the fact that -- I strike 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 benevolent of company, and I arbitrator 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 benevolent of how they elope their business.

Our point of views has been very well-received. I arbitrator -- and they believe really -- I arbitrator integrated them well into their system, I strike the fact that they did this portfolio review, which is really one of the most principal processes they believe in their company. They spend a whole week doing that, and they probably had -- I don't know, eight or 10 Vice Presidents -- technical by the way, most of them are either follows or engineering leaders from Cavium actually join and champion us review the whole combined set of businesses. And then at the conclude they made decisions about how they are going to allocate their resources, you know, these guys are smart, right, they rep that. "Okay, wait a minute. This traffic is really not making as much money as they thought," or this one looks enjoy it doesn't believe enough resources, or you know, and so when you actually pick the strong technical acumen of Cavium and you combine it with the strong pecuniary acumen on Marvell, they view that as a very intertwined capability in their company. I arbitrator it's been very well-received. And so, the ultimate point in that would exist Tom has brought in the sales organization, they are pivoting from benevolent of commission-based, design win based, right, from an operations point of view, Andy Micallef, who is their leader there, he has done a Great job in driving Marvell's operational excellence, right, that whole team now reports with him. And I arbitrator people see the profit to running it this way. So, maybe Raghib will give you a comment since you are…

Raghib Hussain

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

The other aspect which actually worked out really well in this situation, the course 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 course sort of a thing. It's just like, okay, let's rep together, pattern out what is the prerogative thing to do, which one, as Matt mentioned, which are the -- when you are merging the businesses, which makes sense to keep, which makes sense to let fade and things enjoy that. So, everyone those decisions were very inclusive, and the team really feel like, "You know, I did fraction of the overall thing." So, not only at the top level, but moreover at various engineering smooth and so on. So, overall environment is very, very benevolent of cooperative. They see the value of overall objective-driven and goal-driven system in which actually, is really appreciated by a lot of folks in the Cavium side as well. They finish realize that the scene are not done based on politics, but based on overall bigger company goals. So, those values actually are taken really well.

At the same time, it is not that -- you know, entrepreneurial thing is benevolent of mash or assassinate at all. I strike if you really Look at sort of products they talked about today, I mean, they are investing in a lot of Great potential innovative products, right? So, I would roar the overall thought-process of being innovation-driven and being leader in certain areas is moreover appreciated on overall management side. That is working out very well.

Matt Murphy

I mean, pick one ultimate question before they requisite to wrap up.

Quinn Bolton

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

Raghib Hussain

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

Now, on the other -- on the side of where it is coming from, in reality it's a mix, it is more -- of course the processor side, the baseband processor as well as the Octeon [ph] processor is higher ASP, but then the additional -- you know, significant addition with the combination of switches and PHYs, because now this time the bandwidth which is pathetic data you know, wield data by the groundwork station, bandwidth is much higher, and as a result of that, you requisite switches which is at a much higher bandwidth smooth 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 believe the chance to network a exiguous bit more with the executive team there. So, thanks again.


Keystone Semiconductor to present Lowest-cost Dab Single-chip Tsunami Family Featuring slide divulge EPG and TPEG for German Digital Radio Marketing | true questions and Pass4sure dumps

Hsinchu, Taiwan (PRWEB) September 13, 2011

KeyStone Semiconductor Corp. (KeyStone), a leading fabless semiconductor developer of advanced digital radio technologies announced today that its 2nd generation single-chip FM/DAB/DAB+/DMB-R receiver IC, KSW8650, offers the lowest-cost turn-key solutions to champion German DAB+ slide show, EPG, and TPEG applications. Integrated with triple-band RF receiver, demodulator, DSP, micro control unit, glint memory, stereo DAC, battery detector, power management, etc, KSW8650 is the state-of-the-art digital radio IC that meets German lowest-power and lowest-cost multimedia DAB market demands.

KSW8650, based on KeyStone’s proprietary digital radio technologies, provides not only decoded AAC+ audio signal but moreover digital data to array slide show, to present EPG, and to champion TPEG on various applications. Unlike typical DAB modules that fail to champion slide show, EPG, and TPEG, KeyStone’s single-chip KSW8650 is the only low-cost and low-power digital radio single-chip that satisfies German DAB+ rich-content market demands. A live demonstration clip on German DAB+ slide divulge by von Michael Praetorius at IFA Berlin is available at YouTube.

KeyStone offers a train of advanced highly integrated single-chip digital radio IC family including

  •     KSW6080 to champion DSP-based FM/RDS/RBDS for Apple iOS and Android platforms,
  •     KSW8080 to champion traditional FM/DAB/RDS/RBDS,
  •     KSW8290 to champion recent FM/DAB/DAB+/DMB/RDS/RBDS,
  •     KSW8650 to champion advanced FM/DAB/DAB+/DMB/RDS/RBDS/SLS/EPG/TPEG, and
  •     KSW2280 to champion host-based applications with integrated RF/demodulator circuits.
  • All KeyStone single-chip digital radio IC family is built-in with 5 pre-set EQ in Bass Boost, Jazz, Live, Vocal, and Acoustic mode to travail with patented two-way wireless digital radio technologies for transceiving data such as radio station information, slide show, EPG, TPEG, etc. from Tsunami modules to Apple and Android platforms and vice versa.

    KeyStone DAB single-chip family, everyone housed in a minute 1.1 cm x 0.8 cm uBGA package, is world’s first DAB receiver IC to build-in multiple languages including Chinese and to champion both LCM and OLED array at no extra cost to OEMs. Company moreover offers low-cost industry-grade DAB single-chip modules that are certified by stringent Electromagnetic Compatibility (EMC) BS EN 55022: 2006 and BS EN 55013: 2001 tests with an industry-grade temperature scope of -40 C to 85 C, which are required by in-car applications.

    Certified by Apple, KSW8650 is employed in Apple MFI products such as LINGO iRis and iMini to present DAB/DAB+ audio, slide divulge and EPG. LINGO products are available at German Gravis, Apple Store Europe, and authorized iStore worldwide. Newly introduced LINGO iDas is an Apple MFI docking station based on KeyStone’s patented “BigFish” technology to allow Apple idevices and Android phones to wirelessly control DAB dock stations by a free app DAB GO!. LINGO iVy is world’s first and smallest Bluetooth DAB receiver to travail with smart phones.

    For more information on KeyStone’s digital radio Tsunami family, product roadmap, product applications, patented wireless digital radio technology, and chip/module quotation, gladden forward your investigation to contact(at)KeyStonesemi(dot)com.

    About KeyStoneKeyStone Semiconductor Corp. is a technical innovator and leader in wireless digital radio semiconductor. Company is dedicated in providing a train of low-power and low-cost digital radio IC family for today’s multimedia broadcasting market demands. KeyStone offers turn-key solutions from novel Apple and Android apps such as DAB GO!, FM GO!, POWER GO!, KEYSTONE to complete digital radio design platforms to reduce customers’ time-to-market efforts.KeyStone products enable the delivery of the enriched analog and digital multimedia contents to home and mobile environments. Company provides the industry with the lowest-cost system-on-a-chip turn-key solutions to manufacturers of analog and digital broadcasting access products and portable devices.KeyStone is funded by public companies and private entities. Company is headquartered in the Science-Based Industrial Park, Taiwan, and has offices and facilities in North America and in China. KeyStone can exist contacted at +886.3.666.2756 or at contact(at)keystonesemi(dot)com.

    Press Inquiries:

    KeyStone Semiconductor Corp.2nd Floor 62 Park Avenue 2,Science-Based Industrial Park,Hsinchu, Taiwan 300Office: +886-3-666-2756Fax: +886-3-666-2758Email: Contact(at)KeyStonesemi(dot)comWeb: __title__ ]


    Read the replete chronicle at

    Create secure connected applications in a solitary click with Microchip's AVR(R) MCU development Board for Google Cloud | true questions and Pass4sure dumps

    New solution enables developers to easily deploy IoT devices to Google Cloud IoT Core's simulated intelligence and machine learning infrastructure

    BANGKOK, Oct. 11, 2018 /PRNewswire/ -- Creating cloud-connected applications traditionally can require significant time and resources for embedded designers to develop necessary expertise in communications protocols, security and hardware compatibility. Developers often overcome these challenges with great software frameworks and true Time Operating Systems (RTOS), which results in increased development time, effort, cost and security vulnerabilities. Microchip Technology Inc. (MCHP) has announced a recent Internet of Things (IoT) rapid development board as fraction of an expanded partnership with Google Cloud, enabling designers to prototype connected devices within minutes. The solution combines a powerful AVR® microcontroller (MCU), a CryptoAuthentication™ secure constituent IC and a fully certified Wi-Fi® network controller to provide a simple and effectual course to connect embedded applications. Once connected, Google Cloud IoT Core makes it effortless to collect, process and analyse data to inform decisions at scale.

    AVR-IoT WG development board


    The AVR-IoT WG development board gives developers the aptitude to add Google Cloud connectivity to recent and existing projects with a solitary click using a free online portal at Once connected, developers can exercise Microchip's rapid development tools, MPLAB® Code Configurator (MCC) and Atmel START, to develop and debug in the cloud. The board combines smart, connected and secure devices to enable designers to quickly connect IoT designs to the cloud, including:

  • Powerful AVR microcontroller (MCU) with integrated peripherals: The ATmega4808 8-bit MCU brings the processing power and simplicity of the AVR architecture with added advanced sensing and robust actuation features. With the latest Core Independent Peripherals (CIPs) that diminish power consumption, it provides cutting-edge performance in real-time sensing and control applications.
  • Secure constituent to protect the root of faith in hardware: The ATECC608A CryptoAuthentication™ device provides a trusted and protected identity for each device that can exist securely authenticated. ATECC608A devices foster pre-registered on Google Cloud IoT Core and are ready for exercise with zero palpate provisioning.
  • Wi-Fi connectivity to Google Cloud: The ATWINC1510 is an industrial-grade, fully certified IEEE 802.11 b/g/n IoT network controller that provides an effortless connection to an MCU of option via a resilient SPI interface. The module relieves designers from needing expertise in networking protocols.
  • "Designing secure, cloud-connected systems does not believe to exist an exhaustive process, and their expanded offerings with Google Cloud provide a simplified development process to bring IoT designs to market quickly," said Steve Drehobl, vice president of Microchip's 8-bit MCU traffic unit. "Because the board is supported by both MCC and Atmel START, designers can accelerate development using their preferred tool."   

    Among the benefits of connecting devices to Google Cloud IoT Core's infrastructure are the powerful data and analytics that enable designers to construct better, smarter products. As fraction of the infrastructure, embedded designs can better pick advantage of, and respond to, rapidly changing conditions across many sensor nodes.

    "Microchip's solutions enable Google Cloud IoT customers to build or migrate their applications with hurry and scale, without compromising on security," said Antony Passemard, Head of Product Management for Google Cloud IoT. "Combined with Google Cloud Platform's network infrastructure and Google's IoT services, the simplicity of the board makes powerful analytics tools and unique machine learning capabilities accessible to anyone."

    Development Tools

    As announced earlier, AVR devices are now supported in the MPLAB X Integrated development Environment (IDE), giving designers the option to elect between MCC or Atmel START when developing with the AVR-IoT development board. The board is compatible with more than 450 MikroElektronika Click boards™ that expand sensors and actuator options. Developers who purchase the kit will believe access to an online portal for immediate visualisation of their sensors' data being published.

    Story Continues


    The AVR-IoT WG development board (AC164160) is available in volume production now. For additional information, contact any Microchip sales representative or authorised worldwide distributor, or visit Microchip's website. To purchase products mentioned in this press release, visit the AVR-IoT portal, visit their purchasing portal or contact one of Microchip's authorized distribution partners.


    High-res images available through Flickr or editorial contact (feel free to publish):

    About Microchip Technology

    Microchip Technology Inc. (MCHP) is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical champion along with dependable delivery and quality. For more information, visit the Microchip website at

    Note: The Microchip designation and logo, the Microchip logo, AVR, MPLAB and CryptoAuthentication are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. everyone other trademarks mentioned herein are the property of their respective companies.

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