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Nortel Nortel Communication Server 1000

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March 05, 2007 09:02 ET

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

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

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

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

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

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

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

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

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

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

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

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

About Nortel

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

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

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

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

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

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

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

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

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

It is not a particularly recent idea, however what distinguishes this confident approach to the hardship is that Microsoft's office application is so ubiquitous in commerce today that the integration of aspect-of-presence in purposes can exist just tempting satisfactory to accumulate organizations to account Nortel.

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

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

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

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

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

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

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

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

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

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


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

both groups first announced their collaboration remaining summer.

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

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

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

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

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

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

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

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

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

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

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

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

about the writer

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Ashish Saran - VP, IR

Matt Murphy - President and CEO

Dan Christman - EVP of Storage Group

Raghib Hussain - EVP and Chief Strategy Officer

Tom Lagatta - EVP of Worldwide Sales and Marketing

Jean Hu - CFO


Ross Seymore - Deutsche Bank

Blayne Curtis - Barclays Capital

Karl Ackerman - Cowen & Company

John Pitzer - Credit Suisse

Vivek Arya - Bank of America Merrill Lynch

Quinn Bolton - Needham & Company

Ashish Saran

Good morning, folks, and welcome to Marvell's 2018 Investor Day. For those who don't know me, my title 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 accomplish 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 espy in front of this company, especially with the addition of Cavium. I'm furthermore very pleased to espy a lot of familiar 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 own 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 right word to disburse in describing Tom's style. Jean will deliver the money slides, followed by a mp;A session which will terminate the event.

Now, before they start, I attain requisite to swipe you through their very exciting financial safety briefing. This presentation today will contain confident forward-looking statements which attain own risks and uncertainties. They picture these in their filings with the SEC. They will furthermore exist mentioning confident non-GAAP financial measures, a reconciliation is at the terminate of this presentation, and this presentation will exist available on their Web site after today's event.

Now that gross of you own 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 separate car can learn how to drive safely, then participate it with 10 million others. And soon, highly smart 5G ground stations will connect to billions of users at breakneck speed. These emerging applications are powered by learning machines, where information is sent to the core for analysis, then back to the edge, flooding the global network with more traffic than rush hour in the rain.

To retain it flowing, the datacenter needs to retain morphing, so much so that you can't declare 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 own 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, suitable entire computing systems on to a separate microchip, increased storage density so companies can meet tomorrow's demands, not exist surprised by them, and discovered ways to retain 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 accomplish it available today.

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


Matt Murphy

Okay. grand morning, everybody. It's powerful to espy gross of you here. So I think, first of all, this video says a lot about what's going on today. The situation of technology and it's mind-blowing how much data is being created on a daily basis in the world. If you contemplate 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 gross of this possible. So today I'm going to talk about the kind of company that we're creating, how far we've come, where we're going, and how we're doing since we've combined with Cavium. And I'm going to declare you how we're going to grow, which I'm confident is on everybody's minds here today.

So first, let me note you how far we've arrive from their ultimate investor day, which was just six quarters ago, here in this room. So let me swipe 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 dawn Marvell's turnaround. We'd assembled a recent leadership team which they introduced everybody, and they told their story. And that myth 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 furthermore shared their plans at that time how they were going to refocus the company to build a long-term sustainable commerce that could deliver wholesome margins, cash flow; gross the things that you expect from a top-tier semiconductor company. And I contemplate at that time they caught some of you off guard with their transparency. I recall during the mp;A, I contemplate it was Chris Roland, who I contemplate is in the latitude here, who said, "I'm soundless trying to motif out what company this is. I espy the logo behind you, it says Marvell, so I guess I will just depart with that." So they did set some very lofty expectation for ourselves in that meeting. And I'm elated to report that the team has done a powerful 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 espy that revenue since that time has been up into the right. They furthermore said at that time that they would achieve raw margins exceeding 60% exiting their fiscal '20. Really pleased that subsequent to the analyst day they managed to multiply their raw 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 furthermore exceeded 30% OM, which was about six quarters ahead of schedule.

So these were powerful results. We're very arrogant of them. But they did not betide by accident. So let me talk now about how they rush 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 right 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 gross 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 commerce 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 raw 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 furthermore not unafraid to quit projects or redirect resources or reallocate their precious R&D dollars where they own to. We're very disciplined in this front. They furthermore believe that time-to-market is a differentiator in their industry. So, their customers, they diagram their schedules around their outfit around their schedules. They're gross one and the same. And so we've completely retooled inside the company how they diagram 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 furthermore believe in a very data-driven approach to commerce management. And they disburse data to rush gross 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, solicitous effort. And they espy the benefit of this ilk of approach on the recent Cavium team coming in.

Part of the turnaround furthermore 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 rush the company. Integrity, respect, innovation, execution, supporting each other, these are gross 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 espy the powerful picture, they understand their role, they'll buy in and they'll fully consign when they buy into your culture. And so this photo, by the way, is a photo of the combined Marvell and Cavium management team. It was taken shortly before they closed the merger. They gross took time to accumulate offsite and accumulate to know each other and align on their goals. And by the terminate of that offsite, you couldn't declare who was a Cavium leader and who was a Marvell leader; we've gross 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 arrogant to journey 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 essential to own a mission that is smooth to understand. Everyone can accumulate behind it whether it's an employee, whether it's one of their customers, or everybody in the room.

So let's swipe a minute to talk about why they dote infrastructure; why is this a grand market to exist in? I contemplate it's an attractive long-term market where their IP can deliver real value, and so let me contrast market. So there's the consumer market, is exciting. great TAM, you can talk about it with your friends at a party, it's smooth to understand. But I'm telling you, as quick as success comes in this market as quick as it can depart 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 commerce to exist in. And they are fortunate at Marvell to own the extravagance to participate in the infrastructure market. This is one where they don't just own to re-win designs every year to breakeven and wait on the treadmill. The design cycles and infrastructure are typically three to five years. So there is a long cycle of evolution and partnership with your customers. You don't 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 domain for 10 years or more. So, when customers glimpse at who they are going to colleague with and design in, there's really only a handful select group of players that really own gross 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. furthermore the company's DNA is very well aligned to the infrastructure market. They own a stalwart combination of IP and engineering capabilities in the company. They own a 20-year track record in Ethernet, both in switches and in PHYs. They own abysmal suffer with processor cores. And they own in-house IP evolution such as SerDes and others that they control their own destiny on.

Finally with Cavium, they bring in a very compelling software, complete platform that they can leverage across multiple product lines and really add a lot more value and stickiness to their customers. And finally, they own managed to assemble on this combine company really what I can snort is the world's most talented team of coalesce signal engineers and digital engineers designing SOCs. These chips are not smooth to make. There's only a few companies that possess this ilk of capability. And we've been a top innovator in their field. They own 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 instance of the kind 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 dote 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 accumulate it to 50% in the near-term. And so, they were able to attain that actually a dinky bit ahead of schedule through gross 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 terminate markets. And that's only going to increase. And they espy over time that this number is probably going to exist much higher and next goal is sort of three quarters, and to retain going from there.

And the combination, it really accelerates their progress in infrastructure. So from Cavium really what they got was a nibble start-up mentality. You are going to hear from one of the co-founders of the company, Raghib Hussain later today. He is going to talk about their networking commerce and the opportunities there. They got very valuable technologies from Cavium, leadership now in processors, leadership in security, leadership in accelerators. And so, they furthermore brought a very stalwart 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 evolution capabilities and the operational excellence of the company, it creates a very unique value prop for their customers. They really are getting behind this combined company strategy. And in fact, I would snort from the customer point of view, the flush of rendezvous that we've seen since they closed the transaction has been significantly higher than before either company had ever experienced. I add up to quite frankly disburse a lot of time on the road. I own personally met with the chief conclusion makers and CEOs and CxOs of the top infrastructure companies in the world across gross of their segments.

I own been assiduous and I'll just give you one instance of a story. Three weeks ago, Raghib and I were - had the casual to present to the gross 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 attain 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 commerce for us, I said, Look, I just got to ask, you guys own gotten to this point on your own as a standalone company? And he said, "Well, attain you want me to give you the politically remedy answer, or the real answer?"

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

We actually own 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 preference for their customers. The combination furthermore with Cavium really creates a much more diverse company, which I contemplate 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 own added and how actually while there is some overlap, there's a lot of incremental customers that they own that Cavium didn't own and vice versa. They furthermore now are a much stronger and a broader array of terminate markets.

As I mentioned, they really accumulate a much stronger presence from Cavium now in datacenter and in carrier. But the breath of the commerce has furthermore increased too. And if I depart back to when I joined the company, I add up to probably the separate 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 depart 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 endeavor 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 own 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 expect that that number is going to reduce as they head into the next year and the year after as they grow their commerce and continue their pivot from consumer computing to cloud and infrastructure. I don't contemplate that this endeavor that they establish in has been widely understood by investors. So I wanted to accomplish confident I called this out because I contemplate that depict 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 engrossing is their businesses are quite diverse now. So, first, they own established businesses in their company. This is really how they rush their company and how they segment their businesses with inside their portfolio. So the first is they own 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 ground layer. Then they own a number of growth businesses where either they are the leader or they are a very stalwart challenger. And examples of these comprehend embedded processors, switches and PHYs, flash-based storage, SSD, and lofty performance Wi-Fi. Now these products are gross in growing markets where they own 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 furthermore own several areas of strategic investment. These are recent bets that they are making. And these comprehend automotive -- you are not going to hear about these today, these comprehend automotive Ethernet, these comprehend security solutions for the cloud, which they convoke Liquid Security, which is a technology they got from Cavium, and furthermore this includes their server processor investment based on ARM. So these businesses typically they leverage IP they own already got inside the company, but they leverage them into adjacent markets, so they accumulate a lot of reuse and benefit 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 accomplish confident that they define the product correctly. They invest in these businesses carefully. They track them. They milestone them, and they accomplish confident that they are resourced properly to win. And so, when you step back, and you glimpse at the portfolio of businesses they own inside the company, it's quite broad and it's quite diversified from an investment profile, and they contemplate the combination of gross these will result in profitable long-term growth with potential upside on the recent bets.

So, another essential consideration for the combination was scale, and I contemplate 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 surreptitious that the cost of developing these advanced node technologies is going up fairly dramatically as companies journey to more and more advanced process nodes, and obviously you are doing it to multiply performance, lower power, optimize dye sizes, gross kinds of benefits of making these node jumps, but they are getting more and more daunting by the day. I contemplate 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 contemplate that you probably requisite to develop about half a dozen chips or so at a minimum in a key process technology, just to own spread the investment appropriately across gross those devices. And so, if you don't own enough scale, if you don't own enough of a broad product line and you can't attain a significant number of recent products on a node, to accumulate 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 own really had kind of two choices when they - powerful systems companies, right, powerful infrastructure companies, when they resolve to -- that they requisite a key semiconductor component. One is they either want to buildup themselves, what they convoke the complete ASIC model, or you depart 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 accomplish this work, and obviously it's difficult to attain that many ICs if you are a separate OEM. And so, that's a challenge for these companies today.

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

Okay, so let me journey to the second fraction of my talk today. So, probably I'm saying, "Okay, this is great, looks nice, it looks dote you are edifice a nice company here. Everything sounds exciting. How are you going to grow?" I contemplate that's the question that's on everybody's intellect today, "How are you going to grow?" So, Dan and Raghib are going to depart 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 stalwart terminate market tailwind. The first thing, they can depart back to the ultimate Analyst Day, is that there is an explosion of data that's being created and that furthermore 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 accumulate processed, secured, and analyzed at the edge. And a lot of these applications now, they attain benefit from real-time decision-making where the data is occurring. And so, more and more they espy this drag of the compute actually being pulled towards where the data is created. And so, that's a benefit 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 own to own a holistic security strategy to secure the entire data chain. And again, this is one where I contemplate they can provide significant expertise here to provide robust security gross the way from the datacenter, gross the way to the edge through every point in the network. And finally, gross of this has a major repercussion on overall power efficiency. It's probably one of the biggest occasions of operating infrastructure today is simply the power bill. And this really plays to their strengths. Marvell, one of the hallmarks of this company has been their engineering expertise in developing low power SoCs, leveraging advanced process nodes and unique architectures. And so, when you glimpse at gross of these combines, there are multiple tailwinds that are in their favor. And so, with that at their back, they contemplate there are several very unique opportunities where they can accomplish an repercussion given that these market changes are happening, that are very specific to Marvell.

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

The second is in networking. And they own started seeing this ultimate year, but there is a significant multi-year upgrade cycle that's occurring in the enterprise. And they disburse a lot of time at Marvell refreshing their own portfolio and optimizing it for enterprise over the ultimate few years. They bring in Cavium strength, especially in embedded processors and enterprise, and they own a very, very formidable portfolio in the enterprise, and if you glimpse just at their own results in their second quarter, their year-over-year growth just in Marvell networking was double-digits, it was dote 16% year-over-year. So, they are already seeing the benefit of those recent products kicking in and the upgrade cycle kicking in. And they contemplate that with the recent combined portfolio, they own continued latitude 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 essential 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 own very, very stalwart traction in this market, very unique solutions, and to exist clear, they contemplate 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 own emerging opportunities. These are some of their recent bets that they contemplate provide stalwart 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 grand progress there. And furthermore 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 own tried. But there's actually no company that's been able to interpose and swipe to production a CPU with this flush 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 powerful start. And I contemplate when you layer gross 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 gross portfolio review, and I'd snort the evolution has been -- they contemplate 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 opportunity they contemplate is pretty big. It's going to multiply their SAM today. And furthermore 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 demolish the $18 billion down, $3.5 billion today is in storage. This is a commerce where we're the leader today; they own almost half of this market. This is a stable business. It's profitable, it's growing modestly. But they own stalwart participate and a stalwart position, and opportunity 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 attain own a stalwart position here as well, but they expect to gain participate and grow faster than the market. Overall, these two markets combined, they're huge. This is $14 billion going to $17 billion just for the storage and the networking portion.

Now, as I mentioned, we're furthermore investing in ARM server, and they decided to demolish this out to exist super limpid about where the drivers of their SAM are coming from. This is one where they espy the addressable portion of the ARM server market today, at about $4 billion. That SAM they contemplate is growing very fast, by about 14% a year. And so when you add that opportunity on top, which again is recent and emerging, total company SAM goes from about $18 billion to nigh to $24 billion over the next few years. So there's a significant opportunity if you glimpse at the evolution of where they were, snort at ultimate analyst day looking at an $8 billion opportunity, to now just a pair of years from now being able to address something dote $24 billion of market. So you could espy 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 own the scale, they own a diversified commerce 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 instance is 5G that you'll hear about. I'm furthermore especially arrogant that their team has consistently delivered and established a stalwart track record of execution that's going to exist very essential as they head into their next phase of growth. And so look, in short, with the team we've got, markets that they are going after, stalwart customer pull; I strongly believe that Marvell is going to drive ourselves forward. Their goal is to create a powerful company with powerful technology to enable the infrastructure of the future.

Thank you very much. Dan?

Dan Christman

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

So, Marvell is the leader in storage and they actually own significant participate here. As Matt mentioned almost 50% of the market is a market participate now for Marvell. We're investing in leadership which for their storage primarily means datacenter. They own thought leadership. They own 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 decipher 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 dinky bit about this. As you combine Marvell's classic storage commerce of HDDs and SSDs along with Cavium's now fiber channel business, you actually accumulate the largest and broadest portfolio of storage solutions in the industry.

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

Marvell is number one in merchant SSD controllers. And now they are stirring beyond controllers. They are providing innovative 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 demolish down a little, you will espy the PC space is shrinking at about 5%. They espy this is an district 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 opportunity 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 glimpse at their revenue here. So if you glimpse at the classic Marvell storage revenue, which again was HDD and SSD, you can espy a pair years ago almost half their revenue was coming from PCs. And you fast-forward it today and you'll espy a much more balanced portfolio in the storage commerce for Marvell. But a pair of years out looking just at classic Marvell, you espy the PC drops below quarter of their revenue while the Edge and other remains very stable across gross three of these snapshots in time. The datacenter becomes very meaningful for Marvell. It actually becomes their largest segment in just a pair of years. When roll in the fiber channel commerce from Cavium and you espy that Marvell has become a remedy infrastructure storage powerhouse.

PC is now down to 18% of their storage revenue and in a smaller percentage of the Marvell company revenue. So when they talk about fiber channel, today again it's a $500+ million opportunity. Marvell is the market participate leader with stalwart 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 espy this is a very stable market with longevity. And the fact is that Marvell is soundless innovating here, right we're helping extend their leadership through areas such as in-line security and NVMe over fiber channel and this is what customers supervision about.

Now, there is no surprise, I contemplate everyone here in this latitude understands that the HDD is going through a secular decline, right if you glimpse at units this is about a 10% a year unit decline in the market but due to the propitious 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 dinky deeper, you espy 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 glimpse in fact at both desktop and notebook both markets are declining in the mid-20s. But when your journey PCs, you espy the stable piece underneath which is actually relatively flat and if you dig in deeper, there you espy really what Marvell's focused on which is a near line segment in hard disk drives, these are the frigid storage drives in the datacenter where they manage powerful Data, if you swipe a photo about a week later, it's probably on multiple frigid storage HDD drives and in the datacenter.

In fact in calendar year 21 about 40% in the entire HDD market will exist in the near line segment, this is where cost per gigabyte matters and without hard 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 gross the essential aspects that accomplish these drives work.

If you glimpse at the aerial density increases that really drive the capacity, you glimpse at recent technologies, they talk about energy assist ultimate time they hear, HAMR, MAMR, Dual Actuator, multi-actuator, these gross swipe investment, they swipe a colleague that understands how to attain 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 furthermore talked about in the dawn 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 glide not incremental but because Marvell has a stalwart position in the HDD controller space, we're getting extremely stalwart 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 glimpse 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 depart from two to three to four to up to 10 platters per system, you depart 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 furthermore develop recent technologies, the controller in the preamplifier own to communicate together to control these recent technologies, you own to control the energy elements within the system with the preamplifier.

So these are recent opportunities for Marvell, they add more value and accumulate more content in these recent hard drives and what I'm arrogant to snort 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 expect 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 note 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 pair of years.

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

So let's journey on to scintillate solutions. Now FMS which is a very eminent note for the scintillate industry, it's scintillate remembrance 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 glimpse we're more than an SSD controller company. Right, they are a scintillate solutions company, we're focused on effectively or more efficiently managing the scintillate based storage systems, this evolutions been driven by their aptitude to leverage the broader Marvell IP to enable recent configuration factors for their customers, recent commerce models and provide unique and innovative architectures at the platform level. This of course adds up for more content for Marvell and it grows their SAM.

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

But now they're looking for more, they're looking for recent architectures, they're looking for recent commerce models, they're looking for a platform based solutions. From a commerce model in an architectural standpoint, I want to talk about this attain it yourself model, they did talk about it dinky bit ultimate year but I want to talk more about it today, this is an opportunity that when you shudder off the limits of a hard disk drive, the mechanical limits of the configuration factor limits and you snort glimpse I'm just focused on scintillate memory, you really can now optimize, you can optimize for space and power, you can optimize for workloads, you can location the controller directly on your board or build an OEM and recent configuration factor. This is really enabled by the fact that the customers can buy a controller from a company dote Marvell directly.

They can source their NAND from multiple lofty property 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 own stalwart and long lasting relationships with gross of the Tier 1 NAND vendors. They gross 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 espy this is additional opportunity for Marvell, you can glimpse at the architecture can exist changed. And this is basically more content and more value opportunity for Marvel in this space that this started in a datacenter but we've seen it journey beyond a datacenter now in Marvell's one designs already here you'll start to espy revenue over the next pair years here it's already a next year because it's kind of a paradigm shift for Marvell in the industry.

So let's talk now about platforms and how Marvell helping disrupt them platforms let me decode this glide first for you, you espy 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 instance here this is an aggregator. Now their customers are looking to add more and more capacity as they add more capacity and they depart beyond PC centric configuration factors to datacenter centric configuration factors. The limitations start to become the SSD controller. The controllers can only ply so many NAND behind them and when you try to add more and more of these together you terminate up either with limited capacity or limited performance.

So Marvell's now interpose recent aggregator, NVMe aggregator chips that basically even swipe in seamlessly stitched together multiple controllers or multiple SSD drives and present them as a single, lofty capacity, lofty performance drive enabling recent configuration factors in a datacenter. In the second instance you hear a lot about Microsoft Project anally, open channel it's really about more efficiently managing the scintillate storage at a flush above the drives which means are putting management kind of at the host. I know when you glimpse at doing that you snort well attain I want to establish that on my CPU and fritter those cycles I could exist renting out and the reply is always No.

And I contemplate a Rag will talk about accelerators later but here they own storage accelerators. And these accelerators basically will attain functions dote compression, redundancy, security, IO virtualization and multi tenant systems and offload the CPU to cheer more efficiently manage the scintillate storage, it allow that cloud datacenter customers to rent out those CPU cycles. The ultimate instance here is a revolutionary architecture that they actually announced to at scintillate remembrance pinnacle is an ether net bunch of scintillate they convoke it the eve off.

And this is an end-to-end chipset for Marvell that includes their controllers, it includes their NVMe converters and furthermore pulls in content from their networking group on the Ethernet switch side, if you glimpse at traditional server based storage in a datacenter when you want to add more storage you own to add more compute they depart together, right in the Eve off even essentially this aggregated these, are you able to scale up your scintillate storage independently creating a lofty performance rack of flash. Now this is connected over the Ethernet so it looks dote its local, if you glimpse 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 unfavorable lot of interest in this recent architecture. So the opportunity in the scintillate market for Marvell is huge right if you glimpse at their classic controller commerce 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 commerce so they terminate up with a 19% total CAGER for a scintillate solutions business.

The gray box is incremental; it adds about 25% on top of their FI or calendar year 21 CAGR there or Sam. And they own some commerce here already it's relatively minuscule but it's growing and going forward they talk about their SSD commerce will really start talking about their scintillate solutions commerce with SSD as fraction of that commerce so you can espy here how this gross comes together. They recognize the opportunity 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 espy 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 pair 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 gross 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 cheer 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 equable growth. Thank you very much.

Raghib Hussain

Thanks, Dan. Guys, we're going to swipe 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 accumulate started, so if everybody can swipe their seats. gross right, so we're going to accumulate the program going again. And it's my gladden to interpose Raghib Hussain, who will swipe you through their networking business. Raghib?

Raghib Hussain

Welcome everyone. It's grand to espy so many familiar faces and the recent ones too. It has been a assiduous year, complete 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 swipe it to powerful success. Let me declare 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 own in this combined company, the breadth of product portfolio, and the engineering knowhow, it is just incredible.

What excites me most is the team, the technology, but most importantly the innovative products that they are working on. And I'm going to participate gross those detail with you today. But to initiate with, they are stalwart 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 glimpse forward, let's start by taking a glimpse what is going to drive the growth in infrastructure, the spending in the next generation in the global markets. Exponential multiply in devices is generating a massive amount of data. This data needs to exist processed to generate value.

Now, engrossing 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, convoke 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 accomplish faultfinding decision, dote it has to apply the breaks. Now imagine if gross these data was supposititious to depart to some central cloud for processing, it would own been disastrous situation. So the network is morphing out of necessity and it is becoming more and more distributed. In other words, they will own datacenter not only in the cloud but furthermore in the enterprise, in the carrier, and furthermore at many of the edge devices. So if you really glimpse at it data has got gravity. So instead of pulling data towards the compute, data is pulling compute towards itself. gross these trends are massive opportunity for Marvell.

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

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

While other companies own lost their focus on enterprise, Marvell has invested in innovation in enterprise, edifice targeted solution with feather that their customer wants. It is soundless a multibillion dollar market, and their OEM customer needs product to enable solutions for their terminate customers. They requisite the latest geometry node, they requisite the low power; they requisite the features needed for the evolving requirements on this industry. By serving the needs of their customers Marvell is already growing its participate in enterprise. 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 soundless growing.

With the combination of Cavium, now they own a complete product portfolio from access to aggregation to core. And that will continue to drive their participate in enterprise. Their merger brought together a complementary energy that enable us to provide complete solution for their customers. Cavium was stalwart in aggregation and core, and really the processors, and Marvell is stalwart 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 right strategic colleague for their customers. Their complementary customer ground is furthermore 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 own 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 furthermore in those terminate customers. So let's swipe an instance of a typical security networking appliance out there. As you can see, that there are always a switch and a PHY setting on the motherboard along with the processor. Processor conclusion are generally made first. Before, neither company had the complete solution. Cavium had grand established presence in the processor, Marvell had established presence in the switch and PHY. Now this picture is a coincidence that they both were in the identical boat; however in many designs they had some third-party vendor serving the other side.

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

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

Let's journey on to datacenter. As recent compute models are established they own multiple high-growth opportunities in datacenter. Cavium has had a stalwart presence in datacenter through security and networking services offload. It is about $2.5 billion market, and they own 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 gross 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 gross know there's a recent trend, ersatz intelligence, and they will dispute more about it. Marvell has been market leader in providing efficient compute security and network services offload for over a decade. If you glimpse at any enterprise security or network appliance, and if you open it up, you will espy 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 furthermore you requisite the similar ilk of acceleration. Marvell's Liquid Security product lines are designed and very well positioned for that market.

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

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

Now, about ersatz intelligence, they gross know ersatz intelligence is the next -- is the recent gold rush out there. It works just dote their brain. So for example, the fact that they know this is a bottle because their brain neural network has been trained over time that things that glimpse dote 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 espy something that glimpse dote 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 furthermore in application enterprise carrier and the edge in the edge devices. Now inference has to exist done in the real time and instantaneously because this is where you're predicting, you cannot swipe retain 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 gross 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 ersatz intelligence and it has a long term growth potential. Inference requires a purpose built solution optimized for a scale and power and cost efficiency, gross of these AI processing plays in the core energy of their company, they own 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 own developed some core IP and architecture.

Now what they are doing now, they are edifice a purpose-built inference processor. Size properly, for volume application, application of scales, so that it can plug in every server and every edge devices. That is a low-power that is a programmable solution to suitable the evolving neural networks needs. And it is furthermore 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 own been working furthermore closely with the ecosystem, you must own seen advice related to glow compiler initiative driven by Facebook. It is an initiative to really standardize the inference usage. They espy AI a multi-billion dollar market opportunity 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 retain you updated with the progress that they make. So let's swipe a glimpse at Edge and other related areas, the Edge and other district 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 own about 14% share. If you swipe a glimpse at gross these products, Marvell has been present in gross these products for many years, a major result of the data economy is that the trend that compute is stirring towards the edge, towards gross devices.

As a result of that, many of these devices are becoming very sophisticated, in some cases really becoming a mini datacenter dote for instance in car. Marvell is actively engaged with gross 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 quick pace. This requires yardstick ground lofty bandwidth networking, Marvell is leading this trend, Marvel has long history in automotive industry, it is a lofty barrier to entry industry.

It requires a specific property as well as supply chain requirement. Over time, they own 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 accomplish sense the wall around it and accomplish a real time decision. They are one of the early leaders with design wins and many Tier 1 OEMs. This design takes time but they are a significant long-term growth potential for Marvell. And this year they own included this SAM in their overall SAM and they espy it about half a billion dollar opportunity and this is growing at a quick pace.

Moving on to carrier, this is a powerful growth opportunity 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 own about 10% participate which means they own a lot of latitude to grow. Their carrier SAM CAGR is higher than the market growth, this is mainly because in the 5G platform, they are increasing their content and hence increasing overall portion in the TAM. edifice on a decade of innovation in 3G and 4G, now they are established to exist a stalwart leader in 5G, here they are positioned to disrupt the market and grow their share, I'm really excited about 5G and I espy 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 own gross the faultfinding edifice blocks but over time, they own established ourselves a credible supplier to deliver lofty performance platform for baseband applications. This makes us a very attractive silicon colleague for the carrier OEM. While today they will talk a lot about wireless and the ground station, it is essential to note that the combined company has much broader presence in carrier. Their products are designed in multiple appliances for both wired and wireless side of the carrier network. Their position in ground station has grown with every successive generation of wireless infrastructure deployment.

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

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

So as a result, they are able to provide the complete 5G platform, looking at it another way, this is the complete stacks of the ground station, in 3G they were able to provide the protocol processing, in 4G they expanded their offering to cover the baseband processing and now with 5G, they are going to 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 glimpse at the 4G ground station, in the main card they used to own Octeon processor and in the line card, they used to own three baseband processors.

Now in 5G with the key requirement, they own two Octeon processor in the ground main card and typical configuration of 5G has two line card and each one own not only a three baseband processor but furthermore Octeon processor. Now just dote in enterprise playing through the combined portfolio, they furthermore own a switch and PHYs in this ground station application. Translating it into what they gross supervision about in 3G, they had a content of pair of hundred dollar in the ground station, in 4G they increased by three to four times and 5G they are going to multiply it another 4X. It means that the ground station shipped by their OEM partners is going to own the content which is quadruple in 5G compared to 4G. But there's more, if you glimpse at the number of OEM providers in 3G timeframe, carrier had a preference to choose from a great number, typically carrier choose 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 preference of only three OEM providers as they are engaged with gross of them. So if you swipe a glimpse at this chart, it note 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 relaxation of the countries will ensue from here.

Carrier infrastructure deployment cycles are long, it's a long-term business, if you swipe a glimpse at let's snort for instance 3G it expand over a decade, the carrier are soundless OEM are soundless shipping ground station for 3G. 4G had a keen RAM driven by the bandwidth needs of the applications and it has had a grand run. They expect 5G to own similar RAM driven by the application needs of the various applications that are driving 5G deployment.

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

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

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

Tom Lagatta

Good morning, everybody. I guess mic is on now. It's grand to espy you gross again, it's been a snort six quarters since they were ultimate together. As you can espy 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 gross sitting there going yes, expected you to snort that today so what are the customers own to snort about this and so that's why they asked me here today to kind of give you the perspective from the customer side of how this acquisition is being perceived and how this recent company has being perceived.

Okay, so as you bethink when I was here ultimate time. It was March 2017 they were gross in this latitude together it was snowing outside and I had been with the company for about three months and I told you gross I said glimpse in order to accumulate this thing on track they first order a commerce 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 attain and what we've got to attain quickly, so what it would how we've done what they attain here, so I talked about a coverage map in the first thing I had to attain was build a team, so I rebuilt my entire staff and then they drove that gross the way down to the bottom flush probably about half the people on my staff own worked for me before they understand my system.

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

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

We did the entire appliance flow. They focused on solution selling and they really kept the organization hybrid to extend their reach with the variable expand sales compel of reps and distribution that they have. THEY talked about account penetration. They own maintained gross 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 dinky bit more about that later but we've got a very grand account list going forward and we're continuing to travail their relationship matrix and expand their relationships up and down we'll talk a dinky bit about some of these actual meetings and a dinky bit. On the marketing side I told you they had fix digital marketing, the first thing they did is they spent a lot of time perfecting their digital marketing techniques, a lot of very targeted account based marketing programs.

Targeting customers with specific messages in a very cost efficient manner, driving into their website, cleaning up their website adding a lot more apropos content to it gross 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 confident they got maximum recrudesce on money spent there and they instituted quarterly reviews with the commerce units to accomplish confident 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 commerce evolution and I told you that commerce evolution in my world was two things creating preference and awareness at the terminate customer for Marvell products and edifice relationships with people in their industry that needed to that were essential to us but weren't necessarily going to buy from us and so what attain 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 commerce 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 gross the design activity that was happening with that product line.

We now own complete coverage in gross 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 edifice 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 depart forward, people dote Nvidia with the automotive market, people dote Intel they own strategic relationships with as they depart forward, so they did gross 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 gross 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 confident that they were going to assemble the best organization possible.

We spent time looking at gross the appliance flows to accomplish confident that they were going to swipe tools the best tools from both organizations and disburse them to create a best in class appliance tide for the company. And so on July whatever it was when the transaction actually close, they immediately instituted a program. Today they own 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 grand coalesce of talent across the sales organization. Literally within weeks they brought everybody into Santa Clara from the Americas organization sales and FA's and they did product cross training to accumulate these guys stirring quickly on selling the recent merged portfolio.

And they did a recording of gross that so that EMEA and Asia at least until they can accumulate 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 pair weeks and for those of you who know me in my world, in the world of SoC semiconductors I view value as design wins, design wins are the lifeblood of this company and so starting in the next fiscal year everybody goes on the identical pay diagram 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 accomplish it on a regular basis.

And then after gross this was done I heard I hauled Murphy gross over the world and they talked to gross of the customers about this company and what they were actually doing and so how did they react. Okay, so they basically told the myth of their observation of the market what they saw what you saw in the video today what you've heard from Raghib, what you heard from Dan about market dynamics that were driving the strategy that we're deploying and they talked about the fact that they had a focused infrastructure powerhouse that they were edifice a pragmatic suffer colleague that's going to swipe their intellectual property portfolio and decipher their problems with everything from IP based semi custom designs gross the way to yardstick 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 disagree with gross of your observations in the market.

Yes, they got slides just dote that yes they were furthermore 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 edifice a company that thinks ahead so you can too and you heard that in the video today very well received by the customers. Now you know I'm going to rush the risk of offending the animal rights activists in the latitude again. I showed this to you guys ultimate time and I basically said glimpse if you want to entrap powerful fish, you've got to fish where the powerful fish are in other words we've got to deploy their sales and marketing organization, align their resources with their largest customers. This is the best recrudesce of expended sales and marketing money that I can deliver to the company.

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

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

On the edge side I specifically left automotive in there to talk about, primarily because the car is the ultimate edge computer, it's a learning machine that's creating massive amounts of data it's making latency sensitive real time decisions on that data. It's filtering that data it's sending it back to the core that current millions dote it are doing that that data is being filtered at the core learning is taking location 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 commerce with everybody on the planet who you want to attain commerce 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 supervision about, so you can espy 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 right now.

So it's a very stalwart customer list okay, so we're really using this IP portfolio in this industry. To provide platform solutions using resilient commerce models to unparalleled support to exist a valued colleague to their customers. We're literally selling these technologies into these markets okay, so how is this playing at the customer's Let's swipe a glimpse I will depart through three examples of actual customer meetings on how this portfolio is creating tremendous amounts of opportunity from one side to the other okay. So this is a this is a datacenter platform if you contemplate 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 erotic storage for their storage arrays. They are working with them on some of the datacenter scintillate system solutions that Dan talked about, some of the aggregators and accelerators. They worked with them on switches and PHYs, and some of their two and four core Armada processors for data plane and control plane processor. So they had an established relationship with this company.

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

So I literally wrote that one down, and they continued to travail with this guy, and they are talking about gross of their products and how they map into his products, how they can attain more commerce together. And he says, and I quote, "We requisite to own this flush of loyalty around gross things Marvell is doing." Again a quote that I kind of dote as a sales guy. And so, they literally walked out of there. And the top lieutenants at this company are watchful of the fact that this guy wants to basic own a broader relationship with this recent expanded company, and they own actually had more opportunities open up there in the past several weeks since that meeting that you can possibly imagine. Okay? So that's instance one.

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

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

Now, Marvell has done commerce 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 commerce primarily in the core with ARM-based CPUs and security processors and coming this way, so that they kind of met in the middle. And during this meeting, the CEO is acknowledging the broad portfolio and how faultfinding they are to their commerce going forward, and he asks Matt for a favor, "You know, I requisite you to accumulate this one product stirring a dinky bit. They got customer commitments. Can you cheer 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 commerce 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 own everything it takes to attain it technically and own the pricing and the requirements of the customer needs but getting a dinky phone convoke from the CEO epigram hey how is Marvell doing in this switch opportunity socket, certainly doesn't harm when they are actually competing in there and so these types of things retain happening, they retain happening over and over again.

In the past, they were the guy with the narrower portfolio that would struggle to compete with the broader portfolio. They are now the guy with the broader portfolio and the customers are valuing it and so you could see, this is a 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 snort this portfolio is very valuable to us. They want a broader relationship with you guys. Okay, so just to kind of wrap it gross 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 gross 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 attain commerce 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 nick my budget again. I didn't own the money to attain it. So best I can attain now, snort thank you for listening, and interpose Jean, who is their CFO.

Jean Hu

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

First as a team that they contemplate about edifice shareholder value is to really exist with the powerful commerce model to focus on infrastructure market to generate a top-line revenue growth earning expansion and furthermore returns to shareholders. But they contemplate about is as their team talk about opportunities and their unique position. Matt talked about the characteristic of infrastructure market which attend to own 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 lofty and Raghib actually gave you real-time instance 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 gross those that's dote music to CFO's ears and I'm pretty confident you are gross treasure it too because what it means is only build their financial model, it's predictable revenue stream, lofty and the stable raw margin and the long -- and the consistent of free cash tide with a higher terminal value. So those are the characteristic of infrastructure market, and furthermore means in their financial model, they actually don't own so many what if assumptions which are focused on refuge and parameters dote NAND spot pricing next week. I can engage you that's the input in my model.

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

So just as a quick reminder, the gross 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 raw margin was low 50s. It's actually quite consistent with the consumer semiconductor companies. The company furthermore invest in great amount of R&D in gross different kind for fancy consumer and the markets. The investment is large, the product cycle is very sharp, it's a year and some of them never generated the top-line revenue growth and earnings on the investment. So if you glimpse at the operating margin back then, its barely single-digit.

So during the ultimate two-and-a-half years, their team really pivoted the commerce into the infrastructure market. As you own heard from gross 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 stalwart execution, they expanded their raw margin from low 53s to 63.5, 1000 basis point increase, it feels really grand to snort that because you don't accumulate many opportunities to snort you increased your raw margin by 10 percentage point.

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

Let me switch gear to talk about their merger with the Cavium and their long-term financial model. As their team highlighted earlier, this merger really increased their market opportunity 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 gross of them together, it truly accelerates their top line revenue raw earning expansion and to generate higher intrinsic value for shareholders in the long-term.

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

We expect their storage commerce 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 expect the overall market dollar SAM them to decline 7% but they expect they continue to expand into the datacenter near land market which is growing double-digit they furthermore espy 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 commerce is going to exist flattish or decline single-digit going forward. Fiber channel market has been really stable and healthy, so they continue to expect their fiber Channel commerce to exist flattish going forward.

Now on the scintillate solution business, it's very exciting for us. Dan talked about the continued expansion to cloud enterprise datacenter. This commerce design cycle actually it's very long, if you can recall Dan's charter to glimpse at the percentage of revenue they are going to multiply 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 attain espy 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 scintillate solution market. So, overall, they continue to expect their scintillate solution commerce 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 attain expect their networking commerce to grow faster than market at the low teens going forward. Both Raghib and the Tom talked about the exciting opportunities they own ahead of us. At the highest level, if you glimpse 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 espy growth opportunity across gross their terminate 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 commerce has been growing double-digit too. When you combine the both portfolios, the leverage they own and the design wins their team already won, they attain contemplate their enterprise commerce will continue to grow with a stalwart momentum.

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

Next is datacenter, they own a very unique set of very innovative product lines in datacenter ranging from a security to Ethernet offload to gearbox re-timer. So gross of them when you glimpse at the in the overall context of Marvell today, which you know, it's over $3.4 billion revenue, the revenue ground is minuscule but gross of them actually are going to own a powerful opportunity going forward. The growth rate of gross those product lines actually it's going to exist higher than carrier space and enterprise space. So they attain expect their datacenter revenue to grow most significantly and multiply their presence in datacenter in the long-term.

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

Now let me talk about what are the upsides they can espy going forward. First, revenue synergy; Tom talked a lot about the portfolio, the rendezvous they own with the customers. They own not included any revenue synergy in their baseline model. So if they generate a revenue synergy that will exist tremendous upside. Of course, their commerce has long cycle, so you should expect it for the future business. Secondly, 5G in their baseline model, they only included the current design wins their team are working very hard to deliver, they did not comprehend 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 accumulate CFO excited most of the times.

And so, the next one is Hyperscale ARM server adoption, so in their baseline model, as I said, they only comprehend the design wins with the OEMs, you know some of the testing chips, any major hyper secured datacenter adoption is not in their current model, so there will exist upside the too. So as you can see, they own a lot of the exciting opportunities ahead of Marvell and their team is working really hard to execute because gross 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 furthermore 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 warrant to you why they achieved, they are going to achieve $200 million synergies.

So this is about 8% of the total company's disburse which comprehend both the cost of sales and operating expense, which is actually within the compass of previous transactions but it certainly powers the high-end. The reasons they could achieve with these kinds of unique synergies because they attain own 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 commerce and a lot of you know, those are very great investment. So their team worked extraordinarily hard to consolidate the roadmap. So in each business, they choose the most competitive roadmap going forward which they terminate 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 furthermore very significant for us. They own a lot of overlapping offices across different locations, they can consolidate, but the most unique one is they own their great Design heart and headquarter located nigh to each other and one of us betide to own actual space. So they actually they are going to exist able to journey the gross Cavium headquarter and the great design team to Marvell's campus without multiply in any space that consolidation is very efficient. So they own been able to redeem more facility cost which is a fixed cost as you guys know to achieve synergy and contribute it to this $200 million revenue.

Now let's glimpse at their synergy execution timeline. Their team actually is executing ahead of time. On raw 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 glimpse at their raw margin, they sheperd their Q3 as combined the company raw margin to exist around the 64.5%. So if they achieve their $50 million synergy target, they will exist able to accumulate it to around 66% raw margin.

On the operating expense side, their combined company's operating expenses rush rate ground is about $325 million and then they guided their operating expense for Q3 fiscal '19 to exist in the compass of $300 million and $305 million. So what had implied is we're going to achieve $90 million rush rate of synergy out of the gate as a combined company. Then you are going to espy some payroll tax and the merit multiply 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 contemplate 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 expect their R&D investment ranges around 24% to 25%. The way they approach it as Matt discussed is for the established business, they will manage R&D expense to exist much lower than 24% to 25% to maximize long-term cash flow.

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

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

So when you establish gross together to glimpse at their long-term financial model, they expect to deliver top line revenue growth in their baseline model to exist at 6% and 8%, they expect their raw margin to exist greater than 66%. On the operating expense side, they will accomplish confident they multiply OpEx less than their revenue increases to accumulate to the leverage model. So operating margin, we're expecting to exist greater than 35%.

Our free cash flow, the company has a very lofty free cash tide 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 tide conversion model, they expect their free cash tide to exist approximately 100% of non-GAAP net income which is about 30%. So when you glimpse at this model we're edifice which is focus on infrastructure market, that's why they can own this kind of a fundamental economics behind their model.

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

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

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

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

In the near-term, let me talk about their priorities, first their commerce is generating significant cash tide even right now, so they attain contemplate they can maintain their dividend flush and started to pay down the debt, the flush for debt reduction is going to exist modified with their participate repurchase plan.

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

If you glimpse at their long-term target model, if they can achieve their long-term target model, they will espy huge upside. So in summary, when you contemplate about the Marvell, they are very well positioned to address very great opportunities in the infrastructure market space and that they own a very powerful commerce model with underlying stalwart fundamental economics to drive long-term cash flow. And they furthermore own a stalwart financial position and a stalwart financial flexibility, so they can both continue to invest for the long-term and then recrudesce cash to shareholders.

Before I invite their team to arrive up for mp;A, I just want to swipe this opportunity on behalf of their gross team to really thank everyone for your interest in Marvell and furthermore thank their long-term shareholders for your stalwart support through their journey to build really powerful company. Their objective is to build the commerce 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 arrive up for mp;A.

Question-and-Answer Session

A - Ashish Saran

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

Matt Murphy

He has got the mic.

Ashish Saran

Okay, depart 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 pair 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 terminate market, and then as well stirring into the datacenter terminate 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 gross the R&D cost already, you decided to roll the dice, or is it indicative of the product having some grand long-term growth prospects?

Raghib Hussain

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

Matt Murphy

I'll give a quick observation on Thunder. I add up to I own never been a believer that you continue with the project, because of the sunk cost or looking at how much you've spent today to warrant let's retain going forward I wasn't raised that way, trained that way, nor believe that. So they very much glimpse at that opportunity as on the go-forward, and what's the market opportunity, how is the traction going, what's the customer adoption and gross 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 powerful progress, and that's how they umpire gross of their businesses.

Ashish Saran

Next question?

Ross Seymore

Thanks. right 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 powerful deal to detail in your ultimate conference convoke about that, but any updates as to either the require side or the channel rationalization side that they can glimpse at going forward?

Matt Murphy

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

Ross Seymore

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

Matt Murphy

Okay, great.

Ross Seymore

- the 5G side, obviously that's an district you're very excited about that 4X multiple as they depart from 4G to 5G, talk a dinky bit about the mile markers and the timing of when they can start to espy 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 furthermore pointed out, they are actually heavily engaged with the lot of other OEMs. So they are actually in a very grand position to win additional design. So, their current ground diagram does not comprehend any of the additional design, or does not comprehend actually additional market participate gain by their lead customers.

Blayne Curtis

Thanks, Blayne Curtis of Barclays. Two questions for Raghib or Matt, this is the first time you've mentioned that AI inference product, if you can give any notion on timing of that when you accomplish 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 own been working on this, I contemplate you said two years, why you decided as Mike commented, to depart forward with the product? And then, just following up on Ross's question on 5G, if you did win on these next-gen 5G ground stations, just may 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 glimpse at this gross market, as I mentioned earlier, there is a gross kind of goal, right, sort of -- I contemplate everybody is trying to really chase the powerful 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 dote always that they did in Cavium as well, they institute not only that they contemplate that way, but other powerful customers furthermore contemplate that way, and that's how they started working with a nigh partner, and that's why we're developing the part.

Matt Murphy

Maybe I'll just add, I contemplate we're well-positioned there as well, because in the terminate when gross these chips are available and gross the benchmarks are done, a huge consideration I contemplate of any infrastructure company that's going to deploy AI processing into their hardware, into their systems, is going to want the identical dynamics that they described today, you know, great supplier, viable, focused on the terminate market, track record of execution. And so, I contemplate that's going to terminate up playing to their strengths, but as Raghib said, it's an active 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 contemplate that although we're not including it in their SAM, because by the way the SAM at this point is actually -- these numbers are so great that it's hard to really -- you could accumulate third-party reports, so they prefer to execute the project, kind of travail with their customers, and as they accomplish progress dinky bit dote they did with automotive Ethernet, then comprehend this at a later date in terms of the SAM and the opportunity…

Raghib Hussain

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

Blayne Curtis

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

Matt Murphy

Sure. Yes, I contemplate that -- again, we're very focused on getting their lead customer production and enabling them to exist successful. I contemplate the colleague model that they showed when they said complete ASIC merchant partner, I contemplate 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 furthermore going to exist quite disparate. And so, just to attain a gigantic ASIC for each of these is going to exist a huge lift, and I contemplate the fact that the Cavium team actually has this proven track record on 4G and 5G IP, that colleague model, but starts to glimpse very attractive. So anything they were -- they would exist able to win there would clearly exist a recent product development. They requisite to depart 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 grand long-term opportunity because as you can espy from the 3G cycle, the 4G cycle, now the 5G cycle, these are multi-year. And if you talk to their customers, they contemplate 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 contemplate the shift from media to flash-based storage is clearly a tailwind for you, but I contemplate one of the concerns from investors is how quick SSD controller ASPs approach those of your hard drive controller? So, how should they contemplate about sustainability of the premium you receive on scintillate controllers versus hard drive controllers? Is it in a strictly linked to NAND ASPs per gigabyte?

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

Matt Murphy

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

Karl Ackerman

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

Dan Christman

I see. Okay. So I contemplate 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 accumulate a higher value out of those. Certainly in the notebook or PC space, you'll espy 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 gross scintillate arrays, I would snort that those types of customers accomplish in the gross scintillate arrays and the enterprise customers are customers that we're focusing on with those products. So I contemplate that's actually very complementary that they hope to espy them adopt those architectures.

Jean Hu

To add to what Dan said, right, bethink in the scintillate controllers that they design typically takes three years to design into the customers, walkway the customers, stalwart 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 glimpse at the more commodity ilk of pricing, that has nothing to attain 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 dinky bit about the wish of NAND scintillate providers to actually accumulate into the controller market, and how you espy sort of the merchant controller market, market participate developing over time? And then Matt, as a follow-on or second question, you haven't included Cavium synergy -- revenue synergies into the forecast, can you just talk about where they should espy 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 smooth switch, how attain they contemplate 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 plumb 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 commerce with those customers. They continue to travail with them on confident commerce models. So I contemplate it's a natural fraction of the evolution of that market. Clearly on the attain It Yourself models and some of the stuff we're doing at datacenters, you've got to bethink that they're going to focus a lot of their investments on some of the higher volume segments, but yet when you requisite some of the IPs and when you glimpse at going from snort 28 to 12 to seven nanometers doesn't that kind of note that graph of how much expenses that gets to be. Marvell leverages across many, many chips. So there are certainly segments that build attain stuff themselves, there are segments where they will work, they will buy something directly from Marvell, or working some of these colleague models and the commerce models that -- again that showed. So I contemplate it's something that they account when they glimpse at their models, whether it exist the SAM or the revenue.

Matt Murphy

Yes, just one quick observation on that, I contemplate they own been operating in that environment since I joined. I add up to they had -- I contemplate the first month I was here, they had a management consulting company offered to attain a free month of travail for us, you know, to cheer us accumulate 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 glimpse at the data," and of course that would own been a horrible decision, because that became a hugely essential commerce for the company. So I contemplate they are going to co-exist and I contemplate as Dan mentioned, it's going to exist different commerce models.

On the revenue synergies, the powerful opportunity there really is the design wins. I add up to there are -- there is not a lot of discretionary commerce they own in their portfolio, and I contemplate that's actually a grand 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 contemplate that's a challenge, right, but I attain contemplate 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 gross system solution versus just selling a chip. And the pull-through is very strong. When you own a processor, you know, a stalwart processor portfolio, it does enable you that sort of insight into the decision-making on the board at the earlier stages. So I contemplate that's really where you should about it, and I contemplate to the extent they are successful in doing that, then they will just shove their revenue growth long-term at the higher terminate 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, cheer establish their intellect at ease about how are you seeing just the broader psychodynamics play out? But longer term, give us slightly of a report card about the integration process, because Cavium was running a very different way, right, it's very entrepreneurial company, but the pricing dynamics, lead times, customer engagements were done in a very different way than what they were used to seeing in Marvell, especially when after you and Jean took over. So, give us some sense of report card that are you through that integration process is now being rush as one smooth company, with one united front of customers, so that they can exist assured that there is going to exist the right execution behind some of the targets that you own laid out? Thank you.

Matt Murphy

Sure, great, great. Two questions, so, yes, the first one I contemplate is pretty interesting, right, to host an Analyst Day in the middle of -- about as clangorous an environment as they own seen in a longtime, and I contemplate gross those issues are very real and upon us in terms of the geopolitical issues and the global issues with respect to tariffs. It's unclear what ramifications and gross that are going to be. They are soundless working their way through that. I contemplate on the PC one, I contemplate to the extent that there is -- they are downstream from that, right, so I contemplate the best source of information would exist depart 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 contemplate 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 contemplate the world without enough PCs doesn't accomplish sense to me. So I contemplate they will travail through that issue, okay? And they will deal with it.

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

Our point of views has been very well-received. I contemplate -- and they own really -- I contemplate integrated them well into their system, I add up to the fact that they did this portfolio review, which is really one of the most essential processes they own in their company. They disburse a gross 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 cheer us review the gross combined set of businesses. And then at the terminate they made decisions about how they are going to confiscate their resources, you know, these guys are smart, right, they accumulate that. "Okay, wait a minute. This commerce is really not making as much money as they thought," or this one looks dote it doesn't own enough resources, or you know, and so when you actually swipe the stalwart technical acumen of Cavium and you combine it with the stalwart financial acumen on Marvell, they view that as a very intertwined capability in their company. I contemplate 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 kind of commission-based, design win based, right, from an operations point of view, Andy Micallef, who is their leader there, he has done a powerful job in driving Marvell's operational excellence, right, that gross team now reports with him. And I contemplate people espy the benefit to running it this way. So, maybe Raghib will give you a observation since you are…

Raghib Hussain

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

The other aspect which actually worked out really well in this situation, the way top-down the Marvell management actually provided the environment, right? So it was very inclusive and very open. It's not like, okay, it's my way, what's your way sort of a thing. It's just like, okay, let's accumulate together, motif out what is the right 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 depart and things dote that. So, gross 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 furthermore at various engineering flush and so on. So, overall environment is very, very kind of cooperative. They espy the value of overall objective-driven and goal-driven mode in which actually, is really appreciated by a lot of folks in the Cavium side as well. They attain realize that the scene are not done based on politics, but based on overall bigger company goals. So, those values actually are taken really well.

At the identical time, it is not that -- you know, entrepreneurial thing is kind of squash or murder at all. I add up to if you really glimpse at ilk of products they talked about today, I mean, they are investing in a lot of powerful potential innovative products, right? So, I would snort the overall thought-process of being innovation-driven and being leader in confident areas is furthermore appreciated on overall management side. That is working out very well.

Matt Murphy

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

Quinn Bolton

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

Raghib Hussain

Okay. Should I swipe that? So first of all, I thought you guys in finance can attain 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 attain the math.

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

Matt Murphy

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The  impress 57  plumb launch system, developed by Raytheon, can carry a  coalesce of anti-ship, anti-aircraft, and land  bombard cruise missiles. It communicates with the operations  heart over the ship's network.

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

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

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

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

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

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

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

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

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

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

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    Snia [7 Certification Exam(s) ]
    SOA [15 Certification Exam(s) ]
    Social-Work-Board [4 Certification Exam(s) ]
    SpringSource [1 Certification Exam(s) ]
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    SUSE [1 Certification Exam(s) ]
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    Teacher-Certification [4 Certification Exam(s) ]
    The-Open-Group [8 Certification Exam(s) ]
    TIA [3 Certification Exam(s) ]
    Tibco [18 Certification Exam(s) ]
    Trainers [3 Certification Exam(s) ]
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    TruSecure [1 Certification Exam(s) ]
    USMLE [1 Certification Exam(s) ]
    VCE [6 Certification Exam(s) ]
    Veeam [2 Certification Exam(s) ]
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    Vmware [58 Certification Exam(s) ]
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