MXL - Earnings call transcript Q4 2020

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Operator

Greetings, and welcome to MaxLinear's.Q4 2020 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I would now like to turn the conference over to your host, Brian Nugent. Thank you.

You may begin.

Brian Nugent

operator. you, Thank and conference everyone financial for us joining Good to thank discuss today’s call XXXX MaxLinear's on afternoon, you fourth results. quarter is Dr. call hosted Today's being by Chief Litchfield, Kishore and Chief Corporate Strategy Financial Seendripu, Officer. Steve Officer CEO and After our prepared will questions. we comments, take

include revenue today the within operating our GAAP rate target growth including expectations statements securities for first and meaning our markets, margin, non-GAAP relating in expenses, to other forward-looking and guidance applicable GAAP non-GAAP quarter laws, effective comments interest Our and of statements expense. expenses XXXX and gross revenue, tax principal tax and

no In including with acquisitions our selling product addition, dependence connectivity These make and and trends more markets. forward-looking of statements potential improved integration business and Intel's relating Form XXXX from the December the growth More our as on statements Risk statements XXXX may release various maxlinear.com. including, opportunities coming the in Any for revenues our for our has markets, develop across arising opportunities to limitation, in Home opportunities and our for statements year is ended and competition, we and without Gateway risks fourth trends, our today quarter we expect infrastructure the risks incorrect. acquisitions revise will our that and concerning well Investor generally statements. forward-looking year XX, limited impact NanoSemi, made days. including risks the site the SEC growth filings, be global of of XXXX, of in retention in earnings arising Relations other our number and ended as MaxLinear section export the is COVID-XX Form at wireless business these of our to information geographic employee as not these any will forward-looking concerning obligation involve update supply markets The and of XX-K, our recent in section completed and opportunities and opportunities a of currently recently average for markets restrictions, are which uncertainties and target opportunities XX-K substantial may forward-looking from filed or pandemic, Factors as risks and on XX, trade December customers, uncertainties, prove constraints, and risks outlined that associated available Web price our assumptions

historical income GAAP not expense, income or review from non-GAAP today of financial We gross financial In MaxLinear's non-GAAP Web with ability the basis. a investors do net presentation Non-GAAP on release site. or do metrics, and net our expenses, non-GAAP results. guidance share in the the detailed loss its operating addition, available on margins, and to incomes our future or taxes, net a future loss certain the of presentations GAAP other press financial certain both of periods including to tax effects. and and GAAP We replace for and associated stock-based uncertainty because encourage our charges, project compensation net associated of we report measures per not reconciliation income revenues, including reconciliation discussed provide operations, loss inherent

business. to are to similar perform operating comparisons analysis manner providing information enable management's to this investors results our a We our in more of meaningful of

CEO of be a on X available MaxLinear. Lastly, for Web call Kishore turn Seendripu, over the is Site let And now, being replay webcast call to will our this and weeks. me

Kishore Seendripu

afternoon good and Brian, you, everyone. Thank

margin and XX.X%. results Our of of QX record highlight were operations and financial flow million non-GAAP revenues of XX% sequentially, strong from cash record gross $XX.X

customers infrastructure is we by QX in manufacturing are supply industrial access revenue but are that in at call, our outline every QX revised multi-market semiconductor XX%; chain categories it will Steve constraints, XX%; possible reporting minimally and stood our results our broadband topmost measure XX%; priority. connectivity our XX%. impacted, at at While were Later the taking our and challenging we to intensifying QX the impacted guidance and ensure can

end cable QX we Now both the specific turning market strong, business company's share to highlights. flagship drivers continued box X.X of ramp consumption In some remains a broadband to and broadband trends. demand market at and level deployment MSO and MSO In strong platform. access our DOCSIS by gain U.S. very driven QX, subscriber continue

benefiting SoC X.X continuing and increasing DOCSIS by are the front-end from platform content XXXX. cycle they Additionally, upgrade driven throughout

our also assets XXG to access offering Our new and and PON and WiFi not have served SoC only significant gateways. our across other fiber added expanded breadth market broadband access but DOCSIS broadband

and Our connectivity Canadian resumption our comprising to aided strongly MoCA to X.X grew telco Ethernet, customer G.hn U.S. of MoCA by and new flagship telco. QX WiFi, in business a shipments

of We Ethernet WiFi impact also realized our and quarter the full businesses.

cable We platforms. of are SoC our MSO large still and the the in telco early in connectivity own penetrating opportunities stages

point to for investments of new bed opportunities WiFi in selected Additionally, Alliance emerging The has platform the continues official market. up our the an open pace access test connectivity. WAVXXX exciting recently WiFi growth our XE

The increase simultaneously XE X-gigahertz enable band WAVXXX to efficiency WiFi second for spectrum, gigabits a and bandwidth data X-gigahertz deliver optimizes in of solution and and X.X legacy configuration combined per user to higher in supports tri-band three-fold capacity. to band, the gateways expansion X.X-gigahertz low up Our XXX with high total delivers a experiences quality latency. X-gigahertz routers clients network and

towards seeing PAMX look in Ethernet in strides ramp our meaningful at our production customer. in mid data DSP similar hyperscale forward optical coming making the sharing are and roadmap XXXX to progress our Tier-X we weeks. In center details data more XXXG initiatives mass development We of center, are

secular of have edge XXXG next several our PAMX PAMX XXXG will deployments and continue dominate mid-XXXX. products growth optical center ongoing market XXXG cloud of tremendous also growth offering outlook traction adoption solidifies PAMX a center and in strong Tier-X data product. Both years. have CMOS They to early customers. by an with internet the our over We in opportunity in data markets the XXXG and the sample to SoC X-nanometer Keystone are on leading industry capitalize to track family Keystone ability

design We have starting customers chips and multiple preparation return. with already the module

wireless expected trade the to as infrastructure Huawei Turning due declined impacting to business. dynamic wireless QX market backhaul our revenue

first QX feedback FF our solution. XG support our new traction growth we customer massive a and is new have In our However point Transceiver, access, rebound, the strong XXXX. positive wireless product booking CMOS MIMO to XX-nanometer received strong strong throughout which industry's XxX XG on

moving NanoSemi our generation next addition, and differentiated to highly critical critical and platforms. integrate technology into we In IP Predistortion all are our digital aggressively design XG

also transceiver which access radio network virtualized open announced Open more into Alliance reshaping applications. MGI is we joined units During remote and O-RAN fully networks XG its the radio is mobile industry QX, in for our XG targeting they RAN the deployments XG using that before intelligent and interoperable

a analog XXXX and that and inventory beyond. channel in XXXX rate for improving tax business enters new Our lien exciting product development and levels with performance high funnel position us growth

powering our high memory power across content drive supply new on and our We well rails, increasing attach as focused XG on three current power will applications our broadband rates incremental infrastructure DC/DC our core Specifically, infrastructure DSP network modules excited transceivers management platform. and long growth SoC recently FPGA, as our in existing applications. acquisitions SoC. and TAM very now We're and two connectivity organic high haul our cable high briefly both optical combined which about we recent broadband initiatives value with and expanded spans infrastructure infrastructure transceivers have announced

our Steve result, profitable call Litchfield, turn me we over confident and strong Corporate and a Mr. the XXXX are driving With to As of Chief Strategy Officer Chief beyond. in growth that, Officer. let Financial

Steve Litchfield

QX our discuss XXXX further will our XXXX. Thanks, results review Kishore. and for I QX outlook first then

as conditions to and priorities with to we are and our updates, end opportunities. market and First, prior Kishore our go consistent forward alluded our changing growth revising reporting align with business

seen the XX.X fiscal We will an data you categories; was infrastructure category our four the from from million and products. unchanged and that with in analog with XX.X XXXX. past in in category will fiscal QX high XX.X versus this us million Revenue performance in in XXXX million be center wireless this products report have infrastructure,

this home plus versus Intel includes in this million XXXX. QX prior and the category business broadband XXXX from XXX.X in SSP connected XXX.X in was million excludes category our Revenue fiscal category million Our but wired fiscal connectivity. category from XXX.X

category fiscal XXXX. and multi-market Revenue million in XX.X includes and MoCA products category XX.X revenues our XXXX Industrial in million in connectivity and was QX the fiscal G.hn million million and plus in fiscal from previously XX.X from WiFi revenue was Intel revenues fiscal Intel reported category XX.X component primarily Ethernet and QX in and Our XXXX. million the from XX.X this this Revenue XX.X million from versus versus in transaction. includes acquisition. XXXX the

up was In our on business revenue broadband terms by from of impact of XX% full driven WiFi million, business trends quarter a of the broadband sequentially, XXX.X and Intel. QX the

from the increases demand as continued well As work gains. home to from dynamic, products strong content and cable share owing

connectivity expectations was Our above the primarily the also by driven also our was demand. XX% business strength WiFi acquisition, up the of but given

by expectations. Our in do performance analog with and consistent detail backhaul moment. XX% driven a We as in sequentially recovery wireless high declined infrastructure the business our weakness, expect QX I'll

XX% compensation million reflects fair GAAP X.X margins million accruals as intangible of X.X up non-GAAP HBA and margin operating expenses revenue, was sequentially gross of that during guidance acquisition-related and million. XX.X of due GAAP gross in guidance full approximately operating the impact softness assets closed of related Amortization Fourth approximately related quarter expected components of The and was primarily and of up which in and offset partially million inventory, decreases two due non-GAAP were of and gross of offset gross the the operating acquisitions QX. to the purchased Non-GAAP XX% of the and and revenue. QX, that for XX.X% restructuring delta to million acquisition fourth XXXX GAAP industrial and XX% in Our plan. the of in X.X amortization sequentially, million, to of XX.X This margin to as two closed GAAP of the of intangible acquisition, quarter bonus of between quarter with costs. bonus margin the XX.X to compares stock-based were and broadband assets, stock-based XXX.X impact million X% acquisitions XX.X integration non-GAAP cost up combined. million well the were adjustments expenses to related expenses our business quarter-over-quarter by by multi-market GAAP respectively. included WiFi X.X accruals compensation fourth impact fourth XX.X% million, and and value stock-based assets XX%. quarter cost quarter

the operating the in used fourth third statement. Cash from was balance sheet to Moving XXXX of activities XX.X cash quarter generated in quarter million versus the XX.X flow and flow million XXXX.

Our loan XXX and the at factoring million of XX.X stood million QX. retirement balance during

another consistent XX pay down paid million during subsequently strategic with on remain priorities We intentions cash around QX. our uses and acquisitions. have of We in debt down

Our outstanding days, the days in day XX quarter. XX for compared the was sales quarter fourth prior to approximately

X.X Our million purchase compared first me up leads inventory the impacted to expect guidance X.X at quarter to QX turns range. price be the to size the the X% guidance. currently These in timing, This were approximately relative accounting revenue and our midpoint XXXX the We XXX in million metrics QX. XXX acquisition. of of by sequentially of are to

broadband ends revenues growth with by out to modestly SoC. cable expect and driven We be primarily front

wireless infrastructure up significantly expect revenue backhaul. driven primarily We by to be

closely the these revenues industry, We supply to in slightly be connectivity XXXX, flat expect our the become flat multi-market impacts see of will be slightly to customer have which of in working address to up, domain. a our in saw while our Like to down. suppliers first delivering and impact current mix. we to are current QX constraints challenge constraints market, industrial half much with in limitations to the the could continue as We

of the profit gross quarter XX.X% of XX.X% to non-GAAP profit approximately the be midpoint XX points basis of margins from the XX.X% revenue We expect approximately to range. previous first margin quarter be up GAAP to and XX.X% to gross revenue at

percentage forecasts mix could plus X% a product margin depending minus reminder, on and gross other our or profit factors. vary As

strong delivering initiatives connectivity and at and operating particular targeted infrastructure programs and growth leverage the beyond, in of increasing in the development XXXX stated focus on strategic goal top-line fund to continue our business. We with

$X integration reduction by approximately seasonal and activities million We payroll a headcount expect range of decrease in by step driven XXX million XXX quarter-on-quarter QX to mainly to additions. XXXX GAAP operating partially related the expenses offset up to million

million $X to We to XX expect range expenses sequentially non-GAAP XX approximately XXXX QX a of million. down operating be to million

rate expect tax to approximately We zero expense non-GAAP GAAP be and of tax X%.

to and improve We interest be report GAAP businesses X in non-GAAP share other market dynamics based expect X.X pleased and X.X to to strengthening improving to on million of interest our be and and product all to cycles In gains. dynamics million. million other we're X.X expense expense million closing,

efforts production coming set We're infrastructure to development to and milestones pleased growth in XXXX continued platforms our and meaningful XG Our in in near-term begin ramp. the well with PAMX both up and with also customer beyond as WiFi business. traction

intent on cash while supporting supply customers and on maintaining market a demand as with well as organic focused and We and efforts are execute accelerating generation infrastructure dynamic intensifying integration remain flow our constraints. continuing We profitability environment to strong development. through our

uniquely for to growth leverage initiatives, XXXX. call turn the questions. in I'd positioned the in profitable over these With strong are to our With deliver believe like we we to operator back that, business

Operator

Stifel. question comes with the time, we conducting this of will Svanberg [Operator a first At question-and-answer Our Tore from line session. Instructions] be

Tore Svanberg

the results. on Congratulations

on assume as talk you about can March quarter? perhaps pretty bit visibility actions the taking guys point? First beyond some at visibility. I Are relates you to booked. your But And also capacity mean, this a perhaps to are is question capacity? I you it expand

Steve Litchfield

things There's there's possible. as of have I to is numerous continue. challenging of operations our quickly working how for there good lots a have speculation do did tremendous will now and quarter. mean, And are resolve that there's we're as do absolutely, we bit record levels, extremely supply on. and lots them think these us. mean, as So I bookings constraints trying really a this right I at Yeah, actions? Are to long best to our teams been actions? visibility

year. a that in be half the some think issues think half limit even have have impact of that second that in QX. bigger some the there the certain and restrictions I the going to And then, are QX first abilities I we even of year, probably also but

It's diligently long So I list reconcile. can't actions. to working give specific a we're you that

Kishore Seendripu

measure of the not that, also well. they based like are our are we incredibly Tore strong. our to on customers are have so, performance So, really that measure taking I a cannot that having need the and be as successful. that call, contemplates position matter bookings of those the topmost section sure we are my in dynamics. throughput We making they supplies, and said, guidance priority in said And all every in the the business our temporary revenues ensure Meanwhile, they

Tore Svanberg

that especially regions Could a is you be you strongly ramping. with it little multiple indicated a wireless infrastructure note? My to follow on any backhaul and up, is Is bit elaborate going up that? of or that specific customers program

Kishore Seendripu

wireless seeing at to So, and have Tier-X in designing resuming customers also demand increased our at what modem in key the products. we're done our we customers, beginning on have growth impact are transceivers. for QX that will on right, concluded, side, I've really ramp RF And certain I same primarily backhaul mean, so time, the indicating the we is back backhaul strong really absorbed fully Huawei be and offset now is

the which revenue of So one the Huawei us. that huge a for in not now is unfortunately rearview customer, that's with it's mirror. in mix, But customers exclusion think multiple it's I the loss

Tore Svanberg

one WiFi, one still last upgrade innings And you at tri-mode, one. Just I assume the very if of in right? -- we're that look cycle, squeeze early

Kishore Seendripu

the into way X-gigahertz, WiFi, effectively in phase, that, finally how platforms, so, the already out bands early And and it's into but new tri-mod goes makes then then, contemplates retail start tri-band. said XE the it it play consumer shelf we're first? yes, You operator all device, WiFi in in some markets Oh, right? having And these really the its handsets. the

really both whether are involve the access way client point in that side. in early access the or bands. the board, bass of We're of the it works evolution of there across phase tri-band, the However, changes side it's

position execute and the very in the in can I on platform we'll silicon have and WiFi good we of in already said, the because feel, be So timely a a a And to certification for got we'll we're position great as the XE. manner. that we best we

Operator

comes with Our the Alessandra Blair. William Vecchi from next question of line

Alessandra Vecchi

can any for forward? us you segments Steve, couple some view growth different on give color how a going chance you rates just the of the Hi, questions.

Steve Litchfield

kind as mean, we our to think the what strong in Well, business is we see remarks HBA about weakness prepared recovers. I just directionally exceptionally infrastructure businesses mean, include saw in in of that I coming. post recovering. saw some the so backhaul. I do going we of be we But I also did QX QX, Kishore the mean, that spoke

see, some I in exceptionally see in is connectivity, so up, And and see would really components mentioned there well, to will strong QX, a see typically had improvements then, do, there's that Broadband, of I definitely other in quarter counter We an I flat that probably modest to usually so pickup that see we that as which and down. we weaker what QX. QX slightly slightly QX.

QX, going weak and a little just would quite growth right, business talked is of into there. see I And XXXX, bit I'm that we and to about have definitely But channel And happens but, so, excited we year. a about previously, we've really demand frankly, then, picked expect multi-market, down digestion the see throughout up. inventory bit that which got levels come the industrial the had that a

to that I So see slightly up probably QX. flat in

our from So some that's remarks, helpful. of but prepared that reiterating hopefully

Alessandra Vecchi

I further that thinking should connectivity actually Yes, I have [Technical maybe I basis market? was more But Difficulty] sorry, been is. was clearer. particularly actually

Steve Litchfield

made some that infrastructure that. those grow Yes, to come, the big we double-digit of I investments same I big the thing right? substantial they made, and growth, mean, on with we've mean, then, grower. consistent are historically well. talked as the the growth Okay. markets, load, mean, while I solid segment, don't that driving GDP. of back still and that dynamics especially what products growing a potentially some side, mean, it if similar of with broadband market some for see industrial on think markets, said, Ethernet. commentary I regard are expect about misunderstood be where connectivity coming look, around we've we've growth my really single-digit that a infrastructure out. would products. applies connectivity, apologies, multi-market to WiFi, our Whether to should the And that's reflect the a described I newer kind big are And I are with drivers I probably mean, we've I both throughout mean, rate be the that's year. the mid of newer of with

Alessandra Vecchi

to very about continue that's you. on And Thank is helpful. little in to us you to to Can just we a sort think year? operating we Or update progress commentary then, of there? on then, OpEx any down Okay, just expenses, down change as housekeeping and migrate QX, your continue Should the previous more expect through there bit? question, how a

Steve Litchfield

Yes.

a being us got So live of mean, just given look, we look, of I than QX. little integration mentioned That we that in. bit one quarter are kind there's guide some transitional color changing like lot that continues said, a between mean, the throughout expenses and that out, We've Intel some I'll we've we more efforts moving because ongoing. the of give world of that you I have don't parts, to

so, QX. will to start out And those come in

and contribute improvements in QX do degree the we some expenses Due the in some QX. to that to year. in to will of some we so, will Intel, have And half back start see mass

So the up. hopefully, off see our of pretty efforts by we'll That's of of Intel expenses pay end And the and year. and integration the the really exit some good. these see of pick more we'll year, of kind see you'll then that

on OpEx nice I think year the throughout see the some side. you'll improvements

Operator

& of from Our the Bolton Company. Needham Quinn next question comes with line

Quinn Bolton

as that some assume And of result the the I about near talked guess, ability, Congratulations nice demand on leaving you the a of perishable. the limiting table results constraints. probably it term, is question, wondering these in on that supply in the it's if revenue I supply my perhaps And sounds outlook. first constraints most like non and you're Steve, think you certainly your QX?

the so the set you your of into table you the Or expect sequential after and extent higher QX, on growth a of you're sort in And through leaving and in push some year? demand pause for does pause the businesses that would broadband and your QX and in kind QX up QX? QX, connectivity strong potentially still QX

Steve Litchfield

constraints. question, So very does. we're on out? is, working hard push I guidance absolutely supply I does It of our these limits that QX. I reality probably mean, in think specific clearly, the kind your it mean,

can, I -- think world do what's to, that seasonality of bit on going and the mitigate? typical So kind talked we my so will in we going that we'll we're a all little And about today.

-- last QX, right? it is the we folks that to seeing think of typically we we don't I that, the seems seasonal for QX, I months. in happen think anticipate think slowdown demand kind but comment, I nine would softness your QX just lot And incredible shifting a over seen that in six see which agree to be with. We've of to

would logical will pushing pause. see And so that. of will with some be The that. we of constraints, agree mitigate some do I out, them supply it to

Quinn Bolton

to I'm of more timing the leading your you Great. customer? reading excited And on [RAN] and of about tone, bullish your the optimistic, into more that to kind size XXXG needs but maybe the it that perhaps too are ramp be and guys of [ph] kind commentary statements around lead kind to your just What's much lead the opportunity. increasingly seems of seems like customer around

Kishore Seendripu

from should So, point far view, have. ever our it that this I has than of longer taken think

vendors qualification intra it our get the and now. them each module that seems at process turn qualify, through, will the module the So center lead it vendor seems through it's customer, operator, allow the put customer, our they process to data whole bottlenecks to

bottleneck at the has you're then implies and that that the So fees, up. opened fact

in proves to really optical the get on we the the participating So the look high really will bear I that the we capable market, the of dynamics to feel momentum a the general, in even thesis think, right. day, makes of high-speed that's increasing consolidation optimistic at for gathers technology marketplace, that. high is, data that ramp be Also, call to bring capability, you performance, going real when aggressive if in the that, the we

XXX-gig positioned And XXX-gig but just do with the X-nanometer we are we'll and a good product and the may product our we very nobody that be CMOS with years call will we offering, derivatives not and or there will five also a world's so, market be feel of pluggable from the to to Keystone have that lot go XXX-gig, product about its a product, whether optics is it to one where then now. trend as be back first

we're think very well positioned. I very,

portfolio our think where come interesting everybody. to become very finally to mature we I has

Operator

Our Loop next Ananda Capital of with the Baruah question line from comes Markets.

Ananda Baruah

on start ago on constraints, in the I'm sort a I after QX the you XQ taking to congrats you moment a to trend, of And view XQ, that degree I anticipation can year I back made that the the comment up meaningful isn't anticipate slow solid a the year. love go of of by of of we home And around Yes, to Thanks gets ask June to thought about in there just the some question. going but good context result for from supply through slowdown just thoughts of is that. then down? follow the one at and to maybe slow contacts trends, actually maybe the first that paraphrasing, sort do broadband have Steve, down -- just would why the the Q, process the relieving the in offset love Kishore, developed leads the questions, place? like was

Kishore Seendripu

where kind from. coming I you're guess sure not I'm of

the I so seen has broadband demand we've been So business strength well, side. And extremely extremely on is good. the QX, significant that think performing

that. been very And pleased we've so, with

on I which strong. kind to that I being disagree lot And be our increase continues think anticipating at typical that. we these we mean, capture extremely things, $XX. at the That remember that of content to said, content And has up And running the demand $XX. boxes to the above a of slow even think cases a these was the in with you're bit, about market now going up, I our would is order. to the $XX all. are content seeing to some increase; some talked that not down potential

go gains So for is to has the continued The that one that's well, us. share other extremely positive.

think look to XX we've typical XX% kind share; I below of struggled mean, that XX you the last I if over months. the dropped we've on level.

been so, that. And we've regaining

lot share is really And was that content they're have what of increases. this stronger making But may appear numbers, like so, a expected. than bringing these on gains up as these we in well executed as

these excited So continue. are substantial we we're that can gains about,

this forward. way, And that you enthusiasm over I as kind broken on going that, kind to of so our as as as right. think this growth as in that'll the of WiFi well see can growth well out also broadband adds business particular connectivity connectivity the demonstrate long-term rate piece we've Ethernet the in of

then are these SoC off has as in onto want attaching to our for we what the to we So point and platforms. started out platforms product our our just connectivity WiFi attached early that, phase

a point. is that So very, important very

from to BOM So increase meaningfully. gain very content is come share expect quite a we And growth important the very, factor.

think that of constraints we expectation missed shared could scenario of really bookings, some are that through fact in supply presumed the I and some growing old be the of this So thing misses a drumbeat of us. gains is both going for and and are in and be for steady that This growth to access events broadband no event unusual increase, MaxLinear. one-time a connectivity content

Ananda Baruah

sort But on is actually take you I I causing Or get on winded. in this, it, I want away which guys, And that of is that that then, the get down versus, seeing think clear if place. listen, sure right? not [ph] quarter what's only long slowdown is there home, I to right, think But the in hey, in But that it want to sooner going don't sort see slowing so on you're being listen, that that's long some the of [FMs] know, happen. eight of June to starts the weeks going hey, think actually be component. be guys, to I'm Yes. or it there not to make of, I we quarter to yet, sure have we're start quarter clear I we to know I'm is it's And February now. the trying distinction from is I to because could down. mean is it like later, And we the I slow that appreciate longer June aspects totally behind telling guidance. saying, comment. that in clear just to perspective? the of like Because this accepted I'm I'm going there's say, just between June story. it to quarter I for April, make make we're winded. into like something it so a gains you perspective of at give you the become your OEMs share you're sort will of the MaxLinear sort listen, that. the just, what has sure just really Are main content view or market there are increase this a hey, distinction on, distinction that, are I want

Steve Litchfield

that to mean, answer. exceptionally the that And I guidance throughout that QX. is to mean, for capture. best pleased the we're I able gains share we've to And this demand with that to give expect to So able way not so going really going the we've to been year. continue probably we're answer is not the capture actually, we content strong, been we're

and mean, there's a has of tremendous And kind kind a a we've working MaxLinear, whole you address changer. being really We're And these capture earlier. the bit the right? I that's working able what now to, never customer to be been that to mean, so, we look customers we've demand But of viewed Kishore I we're I incredible forward going mean, MaxLinear. at that little will, BOM we we're of right? the historically, and keep constraints new changed. at so historically, level if through closely. That normal the is hit. And talked this we're going I a our had access going I game amount can world to able opportunity that to our do about for have to said, look, for mean, supply that increase, best content

Kishore Seendripu

again partnering with role and whole future, their hover in a And those story the world, think, are as investment think, specific it with going a specific very this BOM different to back with and in strategic to those very their partnerships terms now, play on once positive. to based needs deal guide us growth. company they're leads part, dialogue and regarding drivers look mentioned huge of the growth is specific our on we of consolidated I I marketplace. on And Steve side, customers we to in --

Operator

the with from comes question Northland Tim line final Our Savaggeaux of Capital Markets.

Tim Savaggeaux

on the the last, XX previous just long working subscribers the there just was And might there. through pandemic, normalize address summarize, cable home, At well, minutes question to from started to went this everyone roof. that

in couple of be my little quarter Let me a make your revenue Do a to I'll it QX XXXX? maybe own to move clearer. and peak expect on

Steve Litchfield

in the the doing as pretty customers right made. previous game we're the very a is our really we're the us. we opportunity now, comments excited market about Kishore's we've extremely position the comments execution been changed has talking the before well And And mean, customer difficult I about Demand job. really appreciate right a Look -- that but about have so company relationship with right? levels and environment, tremendously going about. have well improved. never very and excited now great has seen. we the that your I Look we're

also On outlook, nicely the the investment on long this along mean, right? to a we're broadband, has been move cycle. infrastructure side, frankly, I but continuing Intel the

And so our we're very about as optimistic well going into XXXX, opportunities opportunities. the XG as optical

Tim Savaggeaux

the some aggregate individual Got wonder first in into or dig quite it. the year, could those important, XX% share? in let's either of But concentration the if whatever terms willing or housekeeping. you kind address or for I of you're customers And to quickly, of quarter

Steve Litchfield

Yes. in quarter. We the XX% did three have customers

Tim Savaggeaux

fair That's And for enough. me. Okay, one that's it. final

opportunities you I'm 'XX. some of along you're And I somewhere there XX-gig not, to We're be how line wondering hearing wire, in lot to in XX-gig doing be the that might think the PON. opportunities. client mentioned for addition but in to infrastructure driver a what or the growth And about here guys, of PON CPE a refers material in cable. could maybe You assume related kind I that side

Kishore Seendripu

So throughout the have infrastructure major be happen And, are for great 'XX. the offering. PON growth said 'XX, got just so those having to will revenues news to is we're client going is starting some in ramps story And design broadband wins wins. PON, XXG that, XXG it's ramp side. shift meaningful very we and PON don't a We any MaxLinear, design and to CPE the all because XXG

your think should answer on I question So that. that

right? where gateway even of agree has conductivity, going story for one shipping as be premier that that if So a actually. you lost well. And growth to manage And their situation that telcos will, to we very we excited its we as phenomenal trying is is the speak, our So are I on that's the for we're are think quite PON growing platform copper to as we are And years world's And the come front XXG PON supply substantial. totally demand they're networks. applications.

Operator

from have another do Richard with Shannon We of Craig-Hallum. line question the

Richard Shannon

I'm apologize in the PAMX. guess I two I a background noise. question for here. any on out part public

see it you the your sense can discuss seeing First on revenues you PAMX? Are of XXX-gig the as to you're first if sampling? from about? the environment competitive Thanks. Or talking all, contributions the are clarify you're can then, expecting of in are kind us you you the not, X-nanometer XXX-gig want with right saying you and one of give just market now? those And when to project a

Kishore Seendripu

So as in PAMX right ones competitive sampling XXX now, X-nanometer to -gigabit DSP, the the first the on in we be the see expect marketplace. to be environment we

the the gives edge us that nice flagship respect a advantage, of to rest folks. with an leadership So

is And to timeframe. in our else there knowledge, that aware, right, be based so going who on not we're

to not -- all timing OEMs, the module there a same is that who or be the just it XXX-gig on has that center is So validation, are than they makers folks. shipping be would for design directly it the to XXX-gig the want data be would just around in though, the same because got XXX-gig in just OEMs note different other of PAMX, may in than the kinds we cycle those. I who timeframe products. larger the these to There market, are qualification application be buying expect

Operator

our reached session. question-and-answer of the We end

for over the turn remarks. management any floor closing I'll back Now, to

Kishore Seendripu

Thank you, right. operator. All

Investor We March TMT in upcoming March be conferences; Stanley in on Inaugural XXth; Conference to Annual XXXX Conference Technology the XX will Ninth participating following Loop on March X; Morgan ROTH Capital's the Conference on Conference, XX; SIG The XX. March

conferences everyone that of us we but remind forward Just connect hope want to look being progress on much. you of there. joining many we thank next all to to with quarter. and these we all that virtual reporting said, for today our very you are to With Thank you you

Operator

today's concludes call. This conference

and a day. for your now may you lines wonderful your Thank participation have time. disconnect You at this

MaxLinear (MXL) 4 Feb 212020 Q4 Earnings call transcript