MXL - Earnings call transcript Q1 2021

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Operator

Greetings, and welcome to MaxLinear Incorporated First Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder this conference is being recorded. It is now my pleasure to introduce your host Brian Nugent. Thank you, sir.

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 first 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 second 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

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

the release quarter site first XXXX available earnings of in web is Relations at our section Investor maxlinear.com. The

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

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

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

Kishore Seendripu

Thank you, afternoon Brian, good and everyone.

cash million quarterly $XX.X operations record revenue flow $XXX.X X% and of of Our of QX financial sequentially, from gross XX.X%. margin non-GAAP million, up results highlight

at broadband at constraints, we access at and overall strategies customers. revenues. and chain infrastructure outlook of revenues and XX%, even the semiconductor In moderated XX%, by the developing supply connectivity proactively QX, XX% multimarket wide results stood to minimize manufacturing our are as impact are industry Our XX% industry for our

generation market demand trends driven markets. and because in the of our MoCA supply breadth some deployment, and by subscriber broadband access which consumption our strong Further, MSO continued G.hn gigabit primarily connectivity business, In shipments QX gains highlights. remains our access and connectivity engagements in-home Now of share continues SOC sustaining multi of demand expand to Wi-Fi assets consists robust customer turning our business and contemporary owing of architectures. on Wi-Fi, target broadband access to broadband to paused In next Ethernet, broadband technologies constraints. to

We with quarter-over-quarter. all four growing expect strong products recovery in QX a

utilize ramp We which are X capabilities we adoption ramping and pleased silicon, win release platforms across strong service solutions North gigahertz, our of X.XX gigahertz WAVXXX and XXXX, providers. the X on cable WAVXXX with with product design momentum and Wi-Fi in along to see the spectrum offer Wi-Fi the and extended tribes America multiple gigahertz

business Our track to and in as potentially in momentum double on again double the XXXX Wi-Fi is XXXX. to

in and customer shipments Telco continue Canadian an QX Additionally, our MoCA to our and U.S. grow. Telco flagship new additional customer to to

We to in growth also G.hn digit expect our pose business XXXX. double

builds industry's X.X that X access and our the released fiber applications and optimized gigabit for PHY quad-port During to first gigabit switches. Gigabit on X.X earliest gigabit QX, X we

X.XG and in enterprise broadband industry to applications laptop as XX such its the several multi the years gigabit bond, growing routers as markets. well the expect as next mass and accelerate market driven X.X X gigabit We G over of Wi-Fi DOCSIS base adoption adoption modem by new

to extremely the positioned cycle. X the front Ethernet or gigabit gigabit upgrade at well X.X We end are

deployments market, to XG MIMO QX RF our the infrastructure revenue anticipated owing revenue production from strong SOC. backhaul wireless wireless initial transceiver a to rebounded strongly nearly massive shipments Moving combined quarter-over-quarter recovering with our doubling

and half PAMX progress DSP strong In algorithm of by production functionality. XG announced adoption data customers. SOC which offering XXXG center, OpenRAN XXXG digital program Evenstar access, Our current transceiver, with the with ramp making the the are XG art an XXXX predistortion mass partnership we continued RF infrastructure up growth along on Facebook develop integrated wireless momentum OpenRAN also to year. second incorporates supports of our state of bookings a the throughout we tier-X in PAMX of optical In towards

on new interconnect to CMOS, leading nanometer dominate four years. industry the to deployments our the PAMX next track which products are cloud keystone will our over market in sample data solidifies X several of Keystone XXX family edge center optical we capitalize QX. XG, and PANX SOC gigabit ability Additionally, on

Our and both analog, applications. us favorably exciting that believe analog leading and and inventory industrial multi strong business performance development growing channel growth XXXX supply in for across product rapidly high beyond. we performance QX a infrastructure positions environment very market in high posted win challenging Despite design new growth funnel chain and our levels

broadening well made growth customer target and have significant together broadband and markets connectivity believe We growth expanded and progress upward beyond. expanding traction value We high profitable proposition adverse enhanced and in XXXX market our strong echoes this portfolio position new in exciting for addressable our in penetration order and both as markets. in growth infrastructure in

Officer Now, Chief Strategy let the to me Officer. Chief turn call Financial and Steve Litchfield, Corporate over our Mr.

Steve Litchfield

with recovery increased our XX% X% will Thanks $XXX.X XXXX revenue backhaul then I driven further performance discuss QX. versus QX high and contribution. was by revenue both markets strong QX, with in market compared review analog and first above the for quarter Kishore. QX, million and was XG in outlook access our Total growing Infrastructure along up expectations by wireless our results for our XXXX. a

during demonstrates in upside Our quarter gateway strong by sequentially growth XX% broadband driven better slightly SOC and up than shipments. expectations the business our

strength company and being by drivers content silicon gains. our driven broadband combination and a in products for of is specific demand including share Solid market increases

Our was connectivity offset MoCA. and Wi-Fi XX% sequentially supply and partially as business G.hn was and by down in only constraints Ethernet growth

of strength XX amortization last sequentially of and and points down addition of and X.X acquisition X% for gross industrial quarter equity. was margin components driven delta XX.X market between by quarter based was the in in primarily based percentage and GAAP softness margin in and basis $XX.X the in and XX.X% over offset demand. quarter related intangible business of by multi assets and points compensation the performance our largely million first revenue and The is HPA non-GAAP XX.X% Lastly, expectations with and line stock approximately non-GAAP gross first respectfully. was GAAP million

of $X.X guidance expenses expenses for operating Non-GAAP bonus operating million below of down Non-GAAP $XXX.X down of amortization million, $XX.X $X.X of in purchased of six and included versus QX combined of at and assets stock intangible $XXX cost XXXX end QX, million. range million, slightly were end based $XX.X expenses based million million million low margin of and accruals past quarters. $XX and the to level The at operating of of $X.X the GAAP quarter $XXX sequentially million highest range. XX% our million. compensation First our the million were stock low million to operating restructuring $X.X acquisition and integration the GAAP and charges $XX was guidance

flow cash statement. and to balance Moving sheet the

and Our operating period in XXXX $XX.X cash was we flow the cash. cash generated first restricted cash, with million from in $XXX.X the ended equivalents, activities quarter and million

stood QX strategic intentions balance remain $XX $XXX debt around at pay on of loan million. exiting of in subsequently made principal another We million our the uses with and consistent paid have and quarter Our down we during cash payments priorities down as acquisitions. million $XX we

the We also buyback purchased X.X program. the $XXX quarter late the board million after in million approved of stock

outstanding quarter XX from sales in days, the to days first approximately for shipment Our prior was up linearity. slightly quarter day the due XX

$XXX revenue guidance second guidance. were We quarter XXXX to to the of the X.X compared be range. our X.X million, midpoint approximately in of That sequentially X% to million $XXX down at inventory churns QX. to Our leads expect me currently in the

end quarter-over-quarter revenue expected to below actual to as semiconductor tightness market constrain We chain supply down demand. shipments expect is be broadband manufacturing

modest versus We access. backhaul and to slightly QX expect growth revenue to infrastructure up be in due wireless wireless

to We industrial down basis. to revenue a on flat expect be our sequential multi-market

combination expect the driven our and rebound we digits double demand of being with connectivity solid grow by to improvement. quarter-over-quarter, supply a Lastly,

continue This product the first seen supply theme respect fourth we to order uncertainty manage aggressively does of in the will the supply be of the half the we with product XXXX. impact to back be into dating issues of across support prevalent customers. and and constraint balance year that said our continue quarter to limitations an issue calendar the believe through these With industry, entire to to have mix. continues to visibility While our

from GAAP be between XX% profit We to to of QX. be with up basis and gross margin midpoint the points quarter expect to from gross second to profit non-GAAP approximately XX.X% margin revenue, XX XX% XX.X%

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

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

a $XXX.X prototyping increased by million expenses We expenses and approximately to operating range expect related QX, $X.X primarily to to increase driven million payroll million GAAP expenses. XXXX of quarter-on-quarter $XXX.X

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

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

new connectivity. profiles of due to We companies’ share and million per of markets markets. expect reliable the driven GAAP our largely introductions, addition non-GAAP on interest to trend $X.X million to recent expansion $X.X our In This be believe content demonstrating and in dependency and million. We all fundamental end a and addressable being gains across the market to other $X.X including continue incremental robust be proliferation specific networking catalysts see million closing, to we growth $X are other combination to increases. sustainable is global by also expense to expenses of product the towards platform interest favorable and

in demand continue flow to profitability, steadfast tight We're as XXXX customers organic development through and and customer infrastructure the business. We ramps integration infrastructure dynamic which remain remain foreshadow pairs with meaningful near Wi-Fi developments. Our our PAMX strong and supporting our upon recent both term generation coming as the beyond focused while to pleased platform growth commence. constraints. We and execute well milestones as on and accelerating traction XG efforts in also efforts production a cash the continuing supply expanding market environment, on our advancements, in

call to uniquely our to With for XXXX. business strong questions. the leverage open these With profitable positioned to that, in in we're like Operator? believe we deliver growth I'd continue initiatives, up

Operator

you. Thank

conducting our first Instructions] with answer Our be now comes Please proceed from question [Operator your question. Svanberg will Stifel. with question We session. and Tore

Tore Svanberg

thank congratulations you Yes, on record and the results.

next just way add going First of other question especially the and connectivity quarter on takes bit a I color of there? is puts but are business some What release what's when think capacity. Can broadband this you coming bit about your is quarter hampered little a around. being while on is on the

there could little of if So you add just great. a bit that'd color be

Steve Litchfield

Tore joining. Yes thanks for

our of all board So all definitely think yes products. markets constraints look of I across in are our across supply end the

Some are others. worse than

I think end as than back front-end the little particular I a is mentioned constraint before MaxLinear case constraint. in I more think probably

a we back about see the as that that more confident we'll in connectivity we little QX. far up mix But As see highlighted doubt impacted bit did we're in that that. no QX yes pick

quarter-to-quarter concerned situations we So as the I'm improvements make call. markets in to of but the between about not those in hard on mix are supply kind very we've particular highlighted chain working the

Tore Svanberg

Very had bit just you expected. had I because obviously about it it's could a obviously grew contribution of it good I a can and what was and rate significantly this here your new better business quarter hoping run from little kind on infrastructure I the you to that on growth. grow mean and talk like than the geographical tremendous

Kishore Seendripu

Yes.

We're definitely saw and optical from the well. the finally starting see it wireless of access right to forward quite second looking you're then ramp we're up HPA contribution in excited nice did extremely about we a and which the to we year So bit really that anticipating see did backhaul well. recover. as half and really highlighted grow

level $XXX I should yes really it's pushing kind if We it sustain million new that it while? I for business that this a it's in XXX over have higher do XXXX. you'll that exceed level I anticipating of So infrastructure think and normal been think the getting easily don't know but see definitely a is

Tore Svanberg

Great.

right inventory model for Just be but us are below to inventory too? a new slightly the last the you get one you you now? level of Could just term XXX You're where to day days sort give now expect for the question. obviously trying sense business longer days where

Kishore Seendripu

Yes.

answer the a mean So right to especially environment I question tough that's Tore now we're given that in.

have anticipate that global along just but kind likely we want uncertainty supply to right stage. increased more than constraints the up going that. we're to to quite of the we're trying now world We're we and some not have to of to in business with With inventory that build kind more the

So really I yet. answer question your quite can't

Tore Svanberg

good Sounds and again. congrats

Kishore Seendripu

Thanks Tore.

Operator

Thank you.

proceed Our with Please with your comes Baruah Ananda next from question Markets. Capital question. Loop

Ananda Baruah

than any with how about then Thanks. actually afternoon supply gave there that business not regards have clarify that's the follow-up. the and you're your is the ago stronger Kishore but the demand I were across can the one Is if supply guys. of, said you that you a meaningfully a it also I good across but just constraints business mentioned case I specifically stronger and so Hi that much couple sort just you broadband guess you're think Thanks supply also is talking taking the and when now remarks a constraint moment demand you question on guidance sense stronger then of execution. the see you quick I is congrats you is business. for revenue could, than meet strong this across and and Kishore of think able around it was is I the to across broadband demand supply business remain you guess said demand than really much right supply? to how broadband I generally the

Kishore Seendripu

address so that general Yes. Well let this question point. me in at

a We bookings drive in strong Obviously booking. factors that are constraints and have several there contribute the place supply to the very-very exceptional it.

our products cycles infrastructure. product in initiatives However, have new beyond ramping and across new that connectivity we

now. call is have the I aboard to right and in real what all is biggest more coming made the securing due with those bit our for little a we past have we So demand capacity the that goal investments

to have think seems demand we or in very All demand And terms it that is side consumption that the secular very of broadband board. side. strong there about of self-sustaining I so to broadband a subscriber situation sustaining extent a across constraints the due the that on

carriers So for we don't or up product operators. demand see the any let end deployment the in the of and

overbooking So of show we are good beginning I and building by great to from we to not supply some online. cycles, chain more as we demand be It up is are product issues that supply non-perishable really we bring will sort the say believe is here in so great and product and are fulfill would customers. able momentum growth Infrastructure we to eases do mostly is related much place, a as capacity in can and constrained bit we are here. how of our share we real up spontaneity a the

Ananda Baruah

is want for That's fantastic in and the this to I remainder context think that is we your Kishore. I in it comment of follow-up the release company's I appreciate outlook you this quick just feel mentioned to increasingly the confident year. press the you ask

of you feel of since So sense be sort is confident mentioned release would press to outlook for Thanks. us able you would me? you mean that's it that I and in it some in that it give what mind you

Steve Litchfield

Yes. Thanks Ananda.

we not sure only guide I'm out. well, one So quarter

we're guidance continuing do I'll strong going I markets. I half extremely our as We what any of the in Kishore prepared of first XXXX. is and mentioned remarks see give not reiterate and that these second seen half but the into for So all the has to a very us, I real the in would content big end said we've new cable beyond that. connectivity to fundamental supply because across demand general. the invest. the is you're meaningful I been also mean which markets increases shift say their seeing in really products think in are a play starting operators, broadband telecom constraints

the guys the see three spend substantial make. years we to the these a increase of think as you're five that I next in to and markets to intend amount look out going over there

Ananda Baruah

context Steve. guys. Thanks great That's

Kishore Seendripu

you. Thank Great.

Operator

Thank you.

question with Please Bolton comes Quinn from question. next Needham. Our proceed your with

Unidentified Analyst

solid the taking for question Thanks Quinn. for on on Michelle and the it's guys results. Hi congrats

Can you I margins MIMO update XxX calendar transceiver cellular second know we're the the a target between that mentioned just acquisition. generation after you on guys costs XX% at Do still then on supply an feel two so on about the that? elevated the for due me COVID Intel me. believe transceiver out don't the the with quick give how just you feel guys exiting guys shipping wondering than massive I was closing you gross you the target and to just this for and year. next ones guide quarter but COVID the that exit for of, XG constraints So cellular and more question a comfortable had guys

Kishore Seendripu

to So we megahertz part industry our product. of not regarding terms garnering way first leaders launching got the in competition lower our wins and bandwidth the what generation support all product transceiver design were question and Michelle MIMO the throughput were and I of XxX we the obviously in just even answer of we production the will XG We bands. first the now our Obviously for XxX RF XXX ready X product the that is we're ones only spans gigahertz, are to frequency doing. mimicking the massive

up. enter is that we strong. We Today most the begun So ones are those gathering were very primarily design in we Remember however playing meaningful design look we'll to this next as but convert product. were up competition and should OEMs and in convince. we Obviously pleased what we're XxX on that XX in XxX wins products happened and and the into months to expect came that in the wins gaining from China in we product that a leaders. we were launched slowdown we behind which tallying has are and as for be forward speak. market us the who be now our XxX catch for setback wins we some shipments the the been shipments Obviously momentum we have not move at various the are

positions. We have incumbent

win eventually However our will we conviction. that's

Steve Litchfield

our supply anything's price gross of your places we're I Michelle to that Definitely increases of Yes, in across number our far question changed think on many peers hit think exiting as point Yes industry. I seeing as that as and margins. a the the tying are we constraint back year. seeing XX% don't expectation

extremely now best is strong our So mean we quick get Demand priority to we're hard get just we're our working supply. real very as doing can. right supplies to has and I as been

Kishore Seendripu

so products to that and to gross a going add be margin non-infrastructure our products. infrastructure have want I important mix balance and contribution and it's will between an

see we now quarter to plays how we for out. but that next guiding So wait only mix out are the

Unidentified Analyst

Appreciate it. guys. Thanks

Kishore Seendripu

Thanks Michelle.

Operator

you. Thank

with your proceed Our with Capital. question Suji Desilva ROTH question. from next comes Please

Suji Desilva

said half the Hi second strong expect want Kishore, Perhaps infrastructure this XXX you ramp hi you Steve. year on first the optical quarter. Congratulations you'll I see on to to start contribution I of gig clarify up? takes or gate sense out get what shipment sick to just want of a kind of linearity there we it initial quarters to ramp the levels and can several whether the real expect of

Steve Litchfield

gig market On were a This such of XXX data surprised center sort out well personally is the plays the own the to enter player. ones being tough our in and one I'd and end Suji. answer the to as how to we customers of first be market terms

not second end half good at So or ordering now. this also in for towards feel the affects of product right this a of the trying the clear is and at supply linearity that ramp very customer good we're do not still have secure to new initiatives in making I patterns the we sense how but world progress otherwise point

is the half. ramp feeling confident increasingly news good in are and the we So are of progress making second a

cannot I those you give more color the linearity of shipments. on However,

Suji Desilva

well. can also I imagine chain being a optical Yes. tricky as supply

content Give the is or band So of increase? to help that. in MaxLinear you you broadband the up that will Wi-Fi does then And sense sweeps business understand the a content upgrades Can those weren't over it, before to an of upgrades I us moving understand help if guys? your dry how so what's upgrade you prior Wi-Fi. if the where X

Kishore Seendripu

going both of mix a It's on.

WAVXXX. what added that products gigahertz was the band shipping lines. are the is before X we We This the call to the have product Wi-Fi

utilization Xe throughput, the increased release it air RX is the tri-band called the and capacity, solution called one. but It a there's have has of version MIMO Wi-Fi better X that's that's data We then got silicon. it's multi-user WAVXXX which release

platforms. products. So ramping with good boarding getting have we win is while all share older the of are those huge for share fiber is [Indiscernible] to or in generation because of opportunity of initial The we to a market the is and ownership. hope lot growth production that's starter the fiber a are I in platform us news gaining future good front design news increasing a even in us near because full

think as goal I So our a supply market really as possible as much to the we share content to that that. much are great is so get expand possible here we platforms can and as ship new in because the do place

Suji Desilva

Helpful color guys. Thanks Kishore.

Kishore Seendripu

Suji. Thanks

Operator

Thank you.

Our Alessandra question. Blair. with Vecchi with proceed Please next William your from question comes

Alessandra Vecchi

the on congrats guys Hi quarter.

quick costs you've Just operating quarter down. but job done you I guys a every on asked tremendous such expenses question I feel like this those holding a the

a I QX QX there discussion is quarter is cost and mass hitting guidance going sort the math the some or about something think I of in remember the last OpEx streamlined or else costs function of there? coming QX in QX on

Kishore Seendripu

chat good you Alex, with today. to

So OpEx QX. as anticipate so standpoint some from mass There an this payroll increases were did up. well we conditions kind in going expected of we as as some

the second do as originally into much quite think push I we as year. the suspect going some expected will it not but I see those of what half of So costs up we'd

the with there year some costs will So push QX. it's into a went out of kind but little we bit better were think of I mean that I into those net than what

Steve Litchfield

part just out cost call with mass which it may in the your push question expenses QX. to those my, nanometer and is the related about But in of talked of some product answer into the Keystone we X product increased

Kishore Seendripu

hit the so anticipated this though next to X the further Alex, that's just not though stuff will of bigger clarify in year. half year first nanometer

Alessandra Vecchi

of trying trends then that broadband home And heading because helps. been quarter That there the QX broadband of just side Obviously some, of some that all with at concern that revenue supply increased terms the contacts and would moderation more the a does or a you up alleviate or because to on tail there's of and the the investor maybe work the the is but tail point demand is of I back I'm a and starting that the was if half year. the a down of off? to drivers bit strings of little first where have worries the go we're XXXX into sort seeing finally open operator original in from in back is in the the in moderate spend guess below constraints sort little QX these off trend half

Kishore Seendripu

of we So see We I through that I first mean cycle. peers, what think I kind operators increased and think probably of but home see the that really recently of way saw you're I you've our from heard our demand a don't multi-year work from cycle the would that, cycle post-COVID operators acceleration seen all what to is think a because of to start actually that lot spend. more answer to start happened this where you've of so think lot and of seen they customers, a going best I been beginning spend starting what's you've were you've where to we've the of the

even numerous into times highlighted Intel this think that I would going of kind this single we of had the probably digits. broadband acquisition low the grow business in

gains that this share single on forward top have we'll we of based customers that. feedback could is some going and hopefully on from that operators additional visibility be content I at increases see to then admitted and think and digits that point high

has the changed. think I yes So world

to and if and services shift really they're started that of further think driving importance outlook. control derive that wanting and our about a in and the continue really own really that heard the lot so and to going business things that think you've this operators the that's home I commentary like to to invest that are I on placing

spending a would see as agree multiple bit forward. going changed top things that going of over you out definitely picked that yes if look years quite on little up I bit have demand has you're more So think we think to that I of a and really

Alessandra Vecchi

Perfect. you. That was incredibly Thank helpful.

Kishore Seendripu

Sure. Thank you.

Operator

you. Thank

next question. with question Christopher with from proceed Rolland Our your Please Susquehanna. comes

Christopher Rolland

thanks want question. little here. guys a into the for dig supply I Hi more to situation the bit

QX? are back can or Thanks. or and thinking it QX is what analysts more most mentioned people packaging of a us, Is to is about that like moving? of revenue else this? there How You of towards substrate equilibrium or sense kind like to issue constraints push is having path was kind this the and the from pieces end. there Are various any size of get these look way tests we be the the are it or QX having that should how QX we something

Kishore Seendripu

could Chris. tell Yes I wish you. I

So we're bonders I lead of that everything very those substrates, do the We it's seeing hard. all from I people. heard lot working you've challenges. We're mean numerous wire of mean Hopefully ease guarantee above a to there's no the but them that on side. expect through especially rest stretched have tremendously the year. of quarter of and the lead see frames, each this times they in substrate subsequent

some we to I So through. got mean work yes challenges that we've got

do customers them maximize of and We've team output. a with of lot got with demand. got and what we're closely coordinating we've a and well trying cooperate with suppliers our as to creative can kind to we've working the we our Fortunately been also

Christopher Rolland

about this maybe And they Maybe are this just and of here a for more. ago, of Is considerably backlog? context Thanks. you bookings billings you're and future now backlog year time backlog look were there able that What seen talk six you guys give maybe and might visibility a right now? bit about and what building like have bookings, months or can, to in And guys right any they you so that we and mentioned the now? where even for now lead us means you maybe sort where quarters? it then in in dig more little can talk into build

Kishore Seendripu

XX in times, year Yes. look, with to we I seeing a others I what mean, a lead time I long and mean us get from lead consistent see advance mean, product. quoting think pretty to so up weeks times you're I

increase dramatically. seen so we have bookings definitely And quite

that. seeing mean entire an I other our so talk definitely We've And increase. backlogs booking heard about peers year out we're

we're It's and reacting very We've make that own confident. been out of great think they're to I are got their that scheduling in so important line sure needs. And getting kind they've visibility. customers

do at incredible we this have so point. visibility And

we're helps supply tough planning term really lot confidence so the of more albeit that as in forecasting perspective year And somewhat own some short gives a the with tighter and your the us constraints.

Christopher Rolland

Thank you.

Operator

Thank you.

question Bill comes from Morgan. next with Our with your Peterson Please question. proceed JP

Bill Peterson

I of strong in afternoon, the demand know Is see and on results. congrats sequential you supportive demand businesses? is can up. differently. of half expect growth a into ask segments? little with while third back your connectivity growth drive quarter the that can state But the supply the here a that on the supply demand sequential fair. But you across guess obviously only such and the demand your questions and is is of fourth got and we be at across the bit time, various supportive and broadband I and quarter the even one Hi, sort impact amidst how you Trying to that's good decline

Steve Litchfield

These tight mean They're all is think hard to very that guess say look, and when great QX. also QX Bill. thing can that don't the But visibility. continue Yes see I are we have I to best constraints absolutely questions. in that I you I answer

next guarantees Things on and improve but think things. I optimistic. these start in to there's we're QX into year no

perspective to XX. in as continuing to just a Kishore my what that I or side look constraints of so feel is from to we're chain. part business there. really continue the nice that year so I back to supply I'd I mean, you've going add broadband of into I this take what very confident see next XX and chain already. mean see overall to we're the on on But know growth prepared growth of I year-over-year year the in our shared in that I connectivity going your maybe if but and do already echo guess we're don't question and not some solid heard And half remarks seeing are push that's to the into supply demand

Bill Peterson

Facebook but seen That's You like initial start around two from compute away, of developments some particular some infrastructure access. obviously, years companies these one I working mentioned your deployments? talked analysis XxX of specifically hand, closely to companies in the already ORAN the feels of and some more really they're that we've but some about have ORAN how to next it's expect of some the your that is position? with more coming peers I coming or started other good Maybe sort really what you still about We're it ORAN opportunity. color. out. On guess in do hearing

Kishore Seendripu

all are Bill those. obviously working we with of

partners natural the solution. you're they're on If Evenstar program all the and on Facebook and co-developers full allies

selected ORAN we base a part single end of chip at And the front so or macro station plan. that applications transceiver game being DAP big are

two on years out investing my three in is this and been the infrastructure now the for Regarding it mean, like nature gosh, things seems of pushing I wireless shipment they've years beast.

for quality you're haul, and the that as The great infrastructure optical our is skills. So high to is going very think to are in that be It's that side we is TAM long I enduring complimentary committed. products the if this well, in invest wonderful. really good very you are

And so long real and for this in we term. the are for

because a can we present capabilities. that's my to pace. the while getting analog to my maybe are say in and at It's So life. take dare a this really you go. dare think focus with that technology feel earnings, of in who ramp players end long should matter RF we today of sales I this that's future high patient okay quarterly combine thing, really-really term. to ecosystem I of we now to getting world can't the be tip the And pick us finance, customer going the And capabilities mixed I among more for XX is right the good I've this years XX the ones anybody signal live match in got now. and been spear they'll

Bill Peterson

space that good Thank the competitive the you. hear seeing forward to It's look to and progress. we you're in

Kishore Seendripu

Thanks Bill.

Operator

Thank you.

Hallum with Sam with Group. proceed comes question next Capital from Craig Please Peterman Our your question.

Sam Peterman

Hi, your for MIMO. coming you're my to share want taking about you know, guys, the you can ramping XxX to market at Sam associates curious to I'm Nokia shake leading the think particularly is on kind for named that out edge ask curious Richard I am in get of how and all. Texas MIMO Thanks you've does from guys Instruments what question. I here. at your SSEs biggest not recharge XXXX, you with share you towards competitors. expect the Thanks. with

Kishore Seendripu

right now You that question need the mind really restrictions, been regulatory for wins configuration not now the now, have in trade And asked Huawei you older under. put reverting the XxX a keep the some to there. that hard for are part most part restrictions OEMs have to Chinese design anybody awarded? been because the are shipments They in nobody given right platforms shipping Yes. very-very of both

dynamic the going So they be driven the the now to actively competitive and whole by And Korean very has changed. western engaged. OEMs the really Japanese OEMs and and are is XxX and

We are the ones that have been selected.

couple. a won have We

And of hope And think that's on be closing one going so to on player two where on. a transceiver focused I two. the is we out ultimately, are the be this we market and space to

Sam Peterman

in a helpful. And Wi-Fi. especially then Okay, quick follow up on great, that's just broadband

and in content have been both that quarters. noted recent increasing share You've

broadband curious absent if split And you've a to performance And answer that and quarter? if talked the how curious quarter? you I'm driver share driving I'd would bigger expect about. that and or be other the you next to between So content be different this the of constraints growth supply characterize one be

Kishore Seendripu

you something give so keep a sense discussion here of to that completely flavor. out Let's of a the

business front and about the the players. the side rewind clock end years If terms the by at two if digital you the and you some look Max was third back where WiFi ago of in you the about now front platforms to to the SOC think And Intel of connected we was home and ago WiFi more importantly, three Ethernet, forward end, but baseband of together this closer than ESP thing. have of we to or have even the more all Wi-Fi, the then you now triple doubled have the we or years fast those

a the home So biggest on the is Wi-Fi platform element the single in now. way,

of component platform be it the to to and home. trying so inside provide outside even your the will take and more it's control really home So the an on connectivity services as operators and home inside are continue

So I that really home three a happened ago. a perspective has the say doubling time from from years at would of least

if So two, combine time a you as same a we think yes, the effect. I forward. of substantially operators, are so more on in benefiting we we home couple you gaining increase more multiplicative move are At the have share

be to pretty of next expense are years that we said few cycle big very we'll the feeling investment come. the entering strong business Steve operator that beneficiaries cycle to is be as going and a spending strong So over

Sam Peterman

guys. Okay, great. Thanks

Kishore Seendripu

Sam. Thanks

Operator

Thank you.

with Capital question your next from Please question. with comes proceed Tim Our Savaggeaux Northland Markets.

Tim Savaggeaux

and digit Hi, growth this, hopped the then connected you little in can really that double the single for their $X area said, biggest good billion recently because piece afternoon, think prospects broadband to against broadband growth concerns that of about already but bit sort guess having and on congrats mid juxtapose and event you'd I growth in into of business. an talking results, competitor would that try I a it we of high go you've home little addressed potential I a I earlier, the digit maybe IC see and instead your digit low single and growth. of for

think and I areas the lot there particularly side of infrastructure broadband are overlap overlap do and don't but on CPE in you connectivity. and which a

double interested from in singles. appreciate on it. be But I high I'd Although low potential for I'm to I group? So thoughts it myself just know that in your ahead digit you because of the growth getting raised

Steve Litchfield

I Yes, We're infrastructure that in in equally going market. I'll here. some, no you're this some have jump both have Yes. first. we There's but don't no hedging. Well they think was business aware hedging they there on have,

traction growth getting, market growth. could well and that customers, digit from we're getting, the we're insights absolutely can that it we're digit the very double it that double be our be think I feedback seeing

Tim Savaggeaux

thanks Congratulations Great, Thanks. very again. much.

Operator

time. I'd you. Thank management turn questions like for are further at to call no closing any There back to remarks. this the

Brian Nugent

operator. you Thank

conferences We participating during be following will at the upcoming QX.

Annual Media Technology on Morgan the Global in you of XX, our on at and the meet at Conference to and at Thank Hallum and progress Media Conference Sector JP and Investor Cross The forward Stifel Insight outlook. the there further XX Institute June on Communications be and to X, on May you. TMT will June Craig XX. Cohen Technology look on We May Conference We the X Conference June we relating at many X, hope to June your Needham to

Operator

this web conference. and Ladies concludes gentlemen, today's

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

MaxLinear (MXL) 29 Apr 212021 Q1 Earnings call transcript