MXL - Earnings call transcript Q1 2024

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Operator

Greetings, and welcome to the MaxLinear 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, Leslie Green, Investor Relations. Thank you, Leslie.

You may begin.

Leslie Green

good today's and MaxLinear's conference XXXX Results. and joining you First Paul, Financial on us call you, afternoon, thank everyone, for Quarter Thank to discuss hosted Today's by is being call Dr. Chief CEO; Seendripu, and Strategy and Litchfield, Kishore Financial Steve Chief Officer Corporate Officer. will we questions. comments, prepared our take After

include GAAP within non-GAAP XXXX, of expenses, comments non-GAAP non-GAAP including GAAP of and laws, margin, other GAAP the including applicable GAAP expense operating quarter today share and Our relating the to second meaning interest and non-GAAP securities gross and statements count. and our forward-looking statements guidance for and revenue, diluted

market In concerning addition, and opportunities, and potential forward-looking financial markets, opportunities share and pipeline, of results, announcement. and future product including, the launches product and production design of relating new plan addressable execution uncertainties reduction timing measures the and adoption demand to serviceable certain for markets, in various and ramps operating we trends, win will across revenue make products, our growth and market, for our business target statements of of limitation, for our geographic cost expected statements our effects without technologies,

involve uncertainties, outlined our SEC which statements no made we including has obligation Factor later Any forward-looking risks forward-looking file in today. the our substantial statements. as Form forward-looking revise MaxLinear any filings, are section March risks of XX-Q to our XX and XXXX, These Risk including of for statements ended and update quarter or intend today, to

at Investor maxlinear.com. quarter release the available our earnings is website XXXX section The the Relations first future -- on of

ability our margin, both expenses interest and release including, and our non-GAAP and investors press our associated available in In as impairments. are future basis. a financial as including of We review a potential or periods related GAAP on for reconciliation to stock-based the and but Non-GAAP other measures. changes, presentations addition, inherent comparable its discussed reconciliation operating we considered provide financial compensation to, metrics, well historical with guidance because of on detailed measures future for as non-GAAP gross be and and the certain isolation do GAAP today project to to financial encourage GAAP website. We of non-GAAP the uncertainty certain expense not effects substitute not meant not operating margin, report limited tax

it We as to believes it are our this how measures management is management providing investors because information reflects business. useful

Lastly, a for this our call be website replay weeks. is available and X webcast, also on being will

Kishore me Seendripu, let Kishore? now And turn CEO call to Dr. of over MaxLinear. the

Kishore Seendripu

and afternoon, Leslie, good you, everyone. Thank

non-GAAP and were QX $XX.X XX.X%. are posting have 'XX. Our reached revenues we million, that we a a revenues Overall, sequential for bottom, growth in poised gross believe now margin of our

conviction in data markets, access connectivity. and a interconnect storage Ethernet is optical market XG and accelerators, result conditions enterprise launches including product WiFi Our high-growth new and of multi-gigabit exciting improving wireless, center PON broadband

All our new applications. today launched of in profile reshape infrastructure begin revenue will the towards data these products and been high-value to have market

favorable leverage we led million While in to the business, optical business strong revenues, model. in solid on market. our to million help infrastructure highly track a in become will position our market $XXX discipline this over which us next improved high-speed deliver traction connect business is several driving to our Highlighting years, the $XXX fiscal recovery believe by

range revenue exceed deliver year, Coming in now million expect $XX of the the million high in the the XXXX. to for $XX revenue into range we XXXX, we expect to to end

Jabil all photonics-based month. LRO Optomind module Conference we Diego, at Optical the for several announced which for makers, and leading of designs pluggable our reference last silicon Keystone As in X-nanometer Fiber we including announced and in DSP PAMX CMOS virtually modules, XXX-gigabit demonstrated San is for modules the

within of large new the year portfolio second Collectively, we half enterprise revenues design the ramps already Early rate production we stage markets. expect in in are building hyperscale the have and later an drive and to win AI-related XXXX. begun, growth run exciting meaningful

in for and cloud beyond adoption the is a the XXX of strong gigabit to catalyst providing transition The speeds. AI ongoing

grow to During family latency optical to and of per exciting QX, cables opportunity we of cables. significantly rates through CAGR years. next electrical XXXX, Built the best-in-class active XX% were SERDES providing Samsung's revenue very shipments announce us CMOS, DSPs gigabit of DSP's. and are double PAMX the estimates it data delivers optical market active for to Industry indicate PAMX and at over transceivers, pleased and grow lane, presence that across Rushmore several XXX our expected on an a consumption, leading-edge reduce power significantly

rollout for expanding At global Mobile hybrid data silicon In massive overwhelmingly for both family, macro-based station new MIMO continues microwave The has platform. World content radio Congress the the response to RAN technologies wireless infrastructure, single-chip XG announced transport our a platform XG backhaul CRF of new and links drive been Open rates February, of millimeter wave, per solutions. in we wireless growth and our to our units and upgrade positive. and differentiated

wireless our access to infrastructure expect drive of backhaul We products multiyear over expansion significant and portfolio cycle. a revenue growing

appliance accelerators growth enterprise enterprise with hybrid growth incremental Within and for is infrastructure and revenues, Panther storage the AI. exciting CDs, our computing all-flash our the high-speed III systems providing particularly storage in opportunities hardware array

Our delivering GPU performance. ultra-reliable is power low hardware-based and latency solution XX:X protection, market, only data the ratio Panther low compression III the data in

performance mission-critical to a Technologies our This gains collaboration deliver Dell's announce III into month, Panther integrate were excited to storage storage accelerator workloads. we with to for unparalleled Dell PowerMax platform

later the are product production customer year. expect additional and this with in ramps ramp solution We currently

storage-related through confident strong 'XX XXXX double with we and We revenues are that beyond. continued growth in our can

Customers ports X.X X-gigabit Ethernets gigabit of markets. X.X products, we both Ethernet and are In time traditional enterprise over medium market existing the the cabling. and switch and million router our $XXX expanded Ethernet by to connectivity speeds gateway recent CAT-X launch standard expected and with PHY switch upgrade using X copper than our gigabit in more addition Octal business to small addressable to markets Ethernet new the today's to billion include our

We are solution, to American XXXX. expected our seeing X enterprise to a is the including exciting OEM win North production Tier late activity ramp customer in for that design

Ethernet reach believe look As over to $XXX we we business the million our months. could ahead, next XX XX

to Turning broadband.

to the market fiber P We traction wins continue design gain new in -- driving growth. with our PON

Together, began now a processor new our the second in competitive significant was North our coming X As opportunities SoC major the many our these major XX-gigabit service integrated opportunity million. product revenue fiber plus PON and We're for service with demonstrate you confirm X offering Tier with of North $XX PON know, wins we ramping ramping in growth the connectivity gateway and solutions providers. Tier XXXX, single-chip us provider. year, American approximately American years. Last

Quad We X expect single-chip extremely next years. our to tri-band, over be the connectivity, able to than WiFi device double In qualifications. do continues WaveXXX more to X MIMO that in well

begin We late expect in service peaking years. the to adoption year X X initial with rollout to this providers

higher X significant broadband exciting versus For platform WiFi MaxLinear rates and has generations. drive previous access the attach potential ASP our in to growth

in portfolio, next product have we high-value to today gratifying solution and development drive sequential as finally right culminate both our data-centric of revenue of infrastructure and the production market to stage begin as is it revenue to significant exciting growth years to see and trends Overall, Across project business our meet growth. a execution growth, we return company.

With that, Litchfield, and Chief Officer Corporate me Steve? the our over turn Steve Strategy let call Financial to Officer. Chief

Steven Litchfield

by was previous in first million, the Broadband infrastructure was Kishore. was the down XX.X% Thanks, quarter, The including million, $XX margin and $XXX.X non-GAAP was from was revenue and Total delta quarter the XX.X% industrial the million and of amortization. revenue GAAP first non-GAAP revenue our gross quarter IP quarter quarter $XX intangible margin primarily revenues. multi-market $XX asset million. revenue for and approximately was million, first million connectivity for $X.X $XX $XX.X was acquisition-related both between GAAP of product in the million, and gross revenue for driven revenue.

and expenses were QX. expenses expense due QX activities in during $XX.X in other was XX% for performance-based compensation restructuring was non-GAAP revenue. during expense operating QX, equivalents net to $X.X in the delta million, of cash non-GAAP Non-GAAP cash. GAAP stock-based million, initiated the cash, primarily with and $XXX for between quarter was and XXXX to QX exited operating million workforce interest the million approximately equity related operating cash loss GAAP other First quarter million. In $XX.X and and and million. generated quarter combined million million. of $XXX.X operations costs We The GAAP expenses reduction XXXX of interest $XX.X was was operating accruals non-GAAP restricted were and $X.X of flow $XX

down versus at previous for approximately outstanding sales XXX our with days. gross was was inventory first X.Xx. Our quarter day inventory quarter, the turns the

We With of the This our let's $XX expect our for that, turn of XXXX million. results. concludes to the XXXX. of $XXX revenue guidance million second currently between quarter to be discussion and in financial QX QX

QX broadband expected Looking while down. will be be be end infrastructure, connectivity at multi-market market, to up, we and industrial by expect to

GAAP We and to of be approximately of be gross to non-GAAP and expect XX.X% XX.X% range revenue. gross to margin second quarter XX.X% the in XX.X% margin

stable relatively combination and of end with be a mix. range to product, continues margin driven near-term expected by Gross market customer the being

million. expenses of expect to the $XXX to XXXX We be GAAP operating in range million QX $XXX

of to We in $XX expect $XX range QX XXXX non-GAAP be operating million. expenses to the million

non-GAAP interest and other to of the approximately and to be expect range $X QX expense We GAAP each. $X.X million our in million

non-GAAP to be million. expect GAAP share diluted and our QX count XX.X We approximately

our these our pleased on to show growth new We're in position new markets. expanding progress products, exciting

tangible our increasingly in quarters win and in producing momentum reshape our data as a future Our business and results company. customer be the design infrastructure traction that are coming will evident will

architectures suited. undoubtedly low and is power core accelerated is efficiency and centering The moving world integration data perfectly competencies seamless towards around MaxLinear's

and optimism open our generation high, to this remain is value purpose Our our Paul? and deeply customers sense that, to I'd of up to questions. strong the like of we delivering and shareholders. With within technology for new call committed

Operator

with from [Operator Instructions] Needham question Bolton Company. is & first Our Quinn

Quinn Bolton

half Can now sense, progress with got that concentrated the us double $XX it partners? or full on I several growth optical. as X. production year guess I that of start more Congratulations some then production volume you at or million kind would pretty guess how a concentrated million to X there. you wins? that revenue year, you module $XX is I Is for importantly, especially on into second the diversified you of of over wanted give the design exceeding more follow-up. the as I this could hit is ramp get infrastructure And start the some 'XX, on And in in volume calendar be year what or looking to business these

Kishore Seendripu

whose themselves products our of at had Keystone all top-tier San yes, XXX-gigabit Fiber module in on and Optical demo, Quinn, we number our line. Conference a product demonstrated OEM OEMs for we makers Diego,

we range that in end ramps developing As initial to the the year our pretty revenues performance is And is we those of for as speak, on would stability customers. some say revenue the I solution. design our of for by velocity and high than the driven more and this good have described X are with forecast shifting like the confidence the strong.

the think just but as were is I about. more there's X So we customer in not that inquiring it's to concentrated Actually, this come. beginning,

imagine launching maturing heading how rate while QX. run into that we will these exit into many will peak even can on of be be a some you Now customers more based XXXX, into production

major it of we the adding I be platforms 'XX. out the be So that effect in or the AI the center in of revenues should end of much pulling data major data expect be all multiplier market. with front to in players to 'XX pretty And the end back XXXX, there we are a hope that the to it see going all the and

Quinn Bolton

sometime sounds towards or on of $XXX 'XX comments? those rate kind certainly million it of like 'XX line based So either run sight in

Kishore Seendripu

my That's naturally, optimism expected right.

on based these in not revenues, projecting. something So be out be would that that would far

Quinn Bolton

Any sequential year. more Got has if bottom script, And growth both, What could through be terms was when seeing what sounded see through to that I provide it. of gives guess the you step it wondering starting bookings based And build? sequentially to then I detail. just sequentially win into design confident rebound extend? in wanted back the the Is backlog sense the I Can grow or visibility the half that think, would you starting give some reached second of some you confidence more that on ramps? Is in you of types activity? you're just I us helpful. year? you'll Is revenue those that to comments

Kishore Seendripu

hand we will shipping we market over behind what to are while right? going now. speak, sell-through been that to we're some so right product take if more we shipping is X sell-through under-shipping rate then will. which ability and and that and a Firstly, throughput look sell-through demand more between started at And color. feel clear to to is now developing fallen the very seeing optimistic it now, channel, I'll have you're this revenues, a going process Steve brand the the question, I now the So equally for the start has happening, to little the you process There So things a rate at of the right? as it's in where develop start we sell-in are

And few revenues. years the it accelerators, is then to be that talked the which going the there it we they're existing and revenues, have products, other well. which Ethernet, shipping storage designs new to last leg for there's are been that be about, on be -- product the our is optical, products, is as new all ramping reason the infrastructure that's So

we of of year, the sequential I the we but So growth feel we as trajectory while have cannot a a think now. for second in entered over next XXXX speak phase the half definitely combination,

the So I color. that is would say

Steve, the anything bookings would question you like that, on want that? color the to on the take or

Steven Litchfield

Yes.

covered you think, it. I Kishore,

are I of be that think been improvement Those including multiple products. of going some placed. bookings. a about kind we're on quarters. in of products We've Kishore year, definitely other is lot aspect to I that And some the mentioned half the better new of front. optical second have the ramping That's over think the the been orders feeling seen already

starting to So we're we've those see got improvements. visibility so and

Operator

Christopher from is question with Susquehanna next International. Our Rolland

Christopher Rolland

look The in When Or $XXX this components? DSP was interesting. we in terms of long-term Is does it majority to get your infrastructure guide, million there, the what pretty down? how million does the $XXX break estimate? like

Kishore Seendripu

vectors $XXX we infrastructure today, of for And say, a about, million now. talking at been let's growth some X really, a our revenue. legs comprises for give and is infrastructure for about have $XXX revenue run and take, infrastructure infrastructure major million the primarily our firstly, and Chris, bit time infrastructure So revenue there And it Ethernet. little a the revenues it's are quite of and wireless for rate of revenue

which that about now to next -- years, talked the of And to could if be layer million and depending top then so our you X X share. in on somewhere the products, $XXX on optical we between $XXX million, market

you been layer design and revenue And a million Then storage enterprise have growth $XX the years. that, next X do wins which side, over a that the then the accelerator, number somewhere between we of Ethernet to $XX million about legs on confident in very for we've will of activity recent our drivers. of we

DSP, PAMX to So I do expect be it dominated. not

to solutions. by our a storage I #X, next and it However, enterprise #X, be not infrastructure that the wireless Ethernet the would accelerators PAMX conclude it's if would DSP followed

a and think to we chunks want but the infrastructure. few revenues, really I on development just of in these the is there years the excited And fully big to traction. more components several marketplace to now all are highlight So will that I feel those dredging gather revenues of I the think years in last for

Christopher Rolland

do in view think the to inventory are have terms levels now to chain. where good still be do think in close subsegments you there's a done? in you normalized Secondly, of And do you you work or normal? various the supply believe Where inventory at

Steven Litchfield

I'll take one. that Chris, Yes,

mean, majorities. side. specifically, progress But channel. on particularly to around see I is your on We're the channel inventory. in own continue the look, So our inventory question I making improvements think we

improvement. think a I of seen we've lot

biggest Our been connectivity. broadband have headwind and

see I As of think we've half this playing expected that of still stated, some first we less this or year. headwinds we where is out through kind more the would

come really seeing channel I think I but progress. down. We're that's still the we're good inventory making case, think

Industrial feel expect it bad and that quarter, headwind, China last being some area definitely we'd the that of the side. on that as multi-market to other had the doesn't quite continued we've see particularly is some some of But said, broadband markets. as softness challenges in we saw probably the connectivity

Operator

Svanberg question Stifel. Tore with next is Our from

Tore Svanberg

Congratulations the progress on the side. on infrastructure

But with have to I want there. DSOs. So questions start I do the

are quite linearity this So customers anything ordering really elevated. or they're still Is where there, basically purely Steve? last just minute going on else

Steven Litchfield

bad challenge. don't The some And continue shipments they that you're simple customers products this encouraging be visibility. I have signs great to much mean, there be the I a a answer where as linearity recognize And see mentioned starting that's right quarter end, is to yes. see last-minute to we and I don't at very think your have also that about -- is to thing, as last the they shipping. some

that. definitely we continue So to see

those that now us down those some track the quarter this, And signs, on give lower signs encouraging bookings definitely kind levels, still work are inventory back-end getting improved. right, to our confidence the are to of levels of that And the out of the way was albeit the I loaded. think that are have we're

Tore Svanberg

you Very I Could they part like that bottom little came mean million good. going there? bottomed, connectivity it say talk million on I inventory? a is in And the are that of $XX still much I in bit guess of thought about this but excess a that business? really quarter. firm what's you had Or $XX at would sort

Steven Litchfield

comment, believe your understand me. I no. No, Yes.

of at sitting in being anyway talk channel. these to right about that's least now continue the kind We as together, inventory of both far as

comments included Kishore continue continuing volumes good here going be out as next But X is over broadband certainly, the for encouraging on his We're seeing couple connectivity, that's WiFi X. there in of well So to some years. signs ship in specifically. challenging. around to WiFi to of WiFi as

going So that's continue. to

growth in as space, will lot ramping -- our in have And as really But And right enterprise ramping. gig. see couple growth that's a a of you're a also I X WiFi majority on from lot customers this now traction the then XXXX, industrial products the design upgrade great time. is space. in Ethernet that's revenue something but then we've product specifically And activity at X.X don't of do the right they a We'll think to seeing we that a of that getting got new be gig of and X. gateway Ethernet. forget our is in from

Tore Svanberg

Great. I up, a finish for just If could question Kishore. you,

Keystone traction. some obviously, So finally good seeing

the announced lane. you much Now right? after like you mentioned target sounds mean this I gig? more, going understand become let's more to offerings Rushmore month, So think X potentially going us can Help market, I market, how gig and per say, you last segments between AEC of the XXX be product product difference LRO. it is broad in those the the XXX

Kishore Seendripu

So Keystone Tore, I even our a product that want pretty just broad is to clarify application.

that part At in I We demonstrated And demonstrated I the demonstrated demonstrated we conference. copper of will active the gig we and to XXX think cables. pretty in my we broad. configurations number a the was electrical cables. And even also OFC cases. use the conference, the other refer right, of be LROs, also script, trying have Y Junction

may of for the we be the fully fact, market. one LRO who first ones have demonstrated in a functional So

Rushmore thing gig for the as the was I do we per well. line that the -- going are product same I XXX towards is to trying get what so lane So to

way, all markets yes, smaller, be the of even a those dollar those in are they're spread large as in market, so So though markets. a of share tertiary themselves now pretty broad. the is percentage playing And we'll but by

Operator

Williams David next Our Company. from with Benchmark question is

David Williams

talk this as you should as maybe fitting business infrastructure kind your Or into you just guess is maybe infrastructure of we of other and fit about that could data if aren't the think well this that growing I really kind or the side? focus that as should forward? of everything And portions maybe consider do not going go there's or we segments that just on data bucket Kishore of forward? positive --

Kishore Seendripu

I please? Could you repeat early of part it. question missed that the for me,

David Williams

about of other nicely? bucket Sorry, and not -- that as did fit today data focus business infrastructure the there's if aren't just that here segments the maybe as

Kishore Seendripu

our related clean. the not the fully we're pretty PAMX portfolio. I product the Typically, PAMX no talking the No, solutions. our buckets of we think is data DSP, in is pure is along are center TIA, laser drivers part it directly There that infrastructure a in and with a DSP have integrated

DSP So it a clean PAMX market. fit the very is to addressable

David Williams

picking And how Steve, to new to few kind just the some any of the bookings then way of last get products there's there? the how And older the if relative Great. the idea up products over disaggregate months? of maybe just an trended products to legacy maybe, demand are, the is

Steven Litchfield

multiple the Yes, David, we've of bookings improvements seen with bookings, I on mean the regard to definitely front. quarters

the Some or prepared in some products of now, our the about in market stages earlier all fashion, how -- some remarks we at newer than in form others. mentioned these are

mentioned a So those, mean, that the in optical of I to the several orders now. earlier, it's going have to we back ramp year, I half bit need of one little the like

So we're seeing that happen. definitely

of up improvement kind more and see of inventory QX gives do QX Some of we pick are bookings in have year. -- that this we've continued and seeing seen kind we'll that the channel, which recent some us in the market more later the offering that we confidence broader

Maybe next question?

Operator

from question with Bank. next Seymore Ross Our Deutsche is

Ross Seymore

Congrats on returning to growth.

side First things. wanted to of about ask cyclical the

Steve, improved. the the bookings working visibility be and connectivity But question, better through bookings and talked broadband you're some about meet idea still is color now rate prior have that do even Where high the low Do have in that much up, we I is You the as any on to come you current better of in know as side. inventory the sort the businesses for prior or Any kind would of because they're artificial normalized so was those down middle? a run on what revenue helpful. artificial?

Steven Litchfield

run And recognizing burn as channel of we've that that know, kind lot. the a you Yes. rate to. rest talking through that what customers about this return of Ross, you revenue inventory kind of as been

I there that that. of watching I that are I about mean mean other start dynamics we're if PON business. think we've specifically, lot some So talked a closely. broadband to influence the

influence that. content box starts So influence that higher comes that The WiFi will as per start X play. to into to

say, part, the too not most a much. of in There's for hasn't would I changed lot this customers market. share, Market

those competitors So do that in products the limited There's side well. quarter. the WiFi set not couple But X feel -- confident dynamics ASPs the WiFi really in that's business. And albeit changed. with years, or I were growth early those nice of -- going a gets higher haven't that on days, still the our the WiFi a that's market of story as parts it's in revenues strong general our the as as we're newer revenue see traction with over X to coming that you're of the from next connectivity

Ross Seymore

predominance you Kishore a run my on where then you ship that things, the already things these need about. of on all advantage OpEx I of that opportunities? has opportunities you But to you OpEx all have. guys ramp to side guess been the Or tight infrastructure that is talked OpEx as always data those the follow-up that with Are center think something of spent? the take the

Kishore Seendripu

That's will the -- be Ross, to markets Look, need and where product a entered. there the areas, we of are we investment new market, leapfrog especially X where still or right? catch we the pace at X up

ago, we the in it to TAM data defining the years X showing the good big that X already They're be started wireless of infrastructure, launched momentum. have center, products However, now. been most initiatives healthy optical

of generation So it pretty, centers get these time what of products. call, the I aggressive. would are outside the be normal cycles to to next sustaining data the And nothing work R&D markets of

would be I also moderated. center, is quite the going pace data say So investment our to

markets. keep I product step-up optical center the don't an just the see to next so up of with outside extraordinary data And

Ross Seymore

I Got it. one sneak could more. If in

news? know I arbitration any either think I on or update in other but any process timing answer, the the

Steven Litchfield

Ross. as update really Yes, meaningful expected, nothing to

Operator

is next Our question Markets. Northland with Tim Savageaux from Capital

Timothy Savageaux

your increased little I to you bigger-than-expected go renewed this to wanted you year. or I you and is OFC describe data guys show sort of to factors, of what's led get what's guess, the know how thinking I back what market recent optical this more opportunity on confidence? would across of increase good trying attribute center a you you kind to the range for As position? led -- a color those, or that to a had estimate? market opportunity, how look do And stronger-than-expected whether confidence increase what would you to it's competitive in guidance

Kishore Seendripu

to or I was positive roster have and definitely QX to developing year. XX of Tim, to developing optimism we this The already roaster we had we tone customers X an have that then in a expect production? we you think the backlog last seen indicate developing to to where Are concerns that -- So point, customers honest, the of that we accumulating on on please had definitely -- starting at sort is that And it customers? that we QX backwards, looking we that shipped going products optimism. are, be X So will and to XX to X we would into not conference, now, support going going are be will customer get -- on in confidence to do exceed point at now or that. where

more really It's that number numbers on times there's at the Number first think So lead two, forecasted, bookings." the they're are done. inquiring meet sockets that we they and originally and facts and the we and I So somewhere converting one. look the already about strongly have backlog that's backlog ones "Hey, way the to what say, are can and is been ramping converted or this where the it's that situation ground. the

developing In honestly. some we And backlog optimism, Yes. some QX, as support this so had to

have it So our every just numbers. strengthened quarter that confidence shipping started we in as we means

Timothy Savageaux

Great. And maybe somewhat along those lines.

you've at mentioned new that down. look range, the the you're of we swing are growth a you storage, of or coming the ranges end in your got for you Ethernet whether what the factors number, data extent toward broadband then As your guidance look it's or center, driving of middle some are QX, other lower that's And product as should the work? for Obviously, at assume And and looking you driven? factors sequential there higher to range? kind that

Steven Litchfield

Yes, Tim.

it's the mean and recovery we've market I'd kind they I But say, end itself, probably in products definitely bit talking products QX. newer on growth we some highlighted have from more of been right. QX an about, where it's of you're some layering probably would the year. will the that the of these a have overall, of thought kind impact we So throughout be impact little a newer that's helping certainly

Operator

question next is Loop Capital Our with from Markets. Baruah Ananda

Ananda Baruah

-- in you if even for the storage Ethernet, to they and is, a an guess, more new quick want expect collectively year and year, I -- kind you optical those that The And -- you sequential making just impact? is there's of half, Kishore, And collectively talked the of begin half, question if there's that the when it X sort for the I through make could. important you each -- an during make just growth. year through impact impact? we Or each like have? think do the do ramping you maybe keep I follow-up. or to most X X think can have meaningful products to X will of should those giving the also? are the that you about know But second guess one's. I me, most particular But year, the of And know [indiscernible] have I I you sort so it first

Steven Litchfield

stab I'll mean been while. at business this it. the business maybe Ananda, storage a a accelerator take Yes, for -- in look, we've I

is -- of drivers some a ramping more big think a customers wins have year. I But that's We these year. really ramp bit I this signs the XXX will product definitely mid-year take encouraging gig. of more optical mean It new there. I grow mean, the because optical, start one little and lot front, product been a and into families. to there's this traction multiple we've about, talking get kind longer we next then as mean, design around of throughout year I see and

gig in work but see the XXX And which be is more that I itself, of qualifying exciting, to year, year. These is so to are but certainly going to this going volumes work done happen mean this those long start going that XXXX, is -- you're right? really cycles.

so And that right those now. right -- of A lot work done a opportunities are awarded that of is being being lot now.

of in than gateway going but you'll be And in close in a more even half those say got industrial got the certainly in be specifically X.X-gig on in where that a there's contribute that's front the it's Ethernet inventory year, also of opportunities, really XXXX ramping I products the back seeing big couple we're in will but to customers of market, side, newer kind XXXX. And adoption. improves, as driver existing that, on the We've business Ethernet that on like enterprise probably see the some and recovering a this the of to revenue then so XXXX. some would lot the that's we've large more market,

them. of each one have of their So but kind frame around time have lot own that we coming them confidence again, each in, of of they're a

Ananda Baruah

XXX Steve. context, Like so -- to plus. margin needs for run That's of think you rate follow-up And super the guys' sort next XX% the years I happen I the last revenue your just sort over time that? long-term couple quarterly were helpful of the of And kind of XXX is guess was kissing that, what you target. op achieve Steve, high to

new the to to there So any margins? would helpful. kind be still do with operating get approach of revenue so level the back to need And context that sort mid-XXs products, you

Kishore Seendripu

even and entered was So the development there's foremost, being of investment we Ananda, a new a of the, spent as when is a we lot the spend right, from call, there perspective. first was There right? have XX% ago that operating areas X margin, kissing that in you were lot years

in and business, undertake that lot home these on the we is and to products. had own so front. of had from ones acquisition our of -- organic the organically saw big burden was be you Secondly, which do, which means side a the the what I all undertakings OpEx needed really we our that was right, we upgraded, that of silicon old-stale call there acquired connected usually world had to

So to or investment. call first and a I foremost, control into what not for now brought now of the cadence OpEx want rightsized control is is normal being being

this will. So us. if behind this benefit you of of because got revenue that's the the first downturn, growing, is and leverage a out portfolio already foremost, And then we've product when much started so you of getting that

the margin. accelerate the think that's going to XX% I XX%, operating march towards So

beyond. So, Steve, want on to any color you that if add

Steven Litchfield

saw number -- No, XX% but pretty mean before to history worth I think of number. we I also some Long maybe that's clear that we that refresh we getting path I'd $X billion revenue. right. had a here, to over

back confident rate you much at get lower run a that revenue So referenced. than we $X the billion I'm can

Operator

with next Paribas. Our Karl BNP from question is Ackerman

Karl Ackerman

down weighted cable see Steve, revenue more some those in have on an [indiscernible] or I and starting Are declines QX, more fiber. you're investors think are side of on I ask because in in you've but cable be secular the worried cyclical will improvement been you broadband that bookings. on or to toward nature. than in the more F said fiber broadband bookings the

recovery customers into I this design also that could help but engagements we on question, And drive can much not that half of you think the address discuss your just so 'XX? broadband larger you PON a guess going of in with as year, as second

Steven Litchfield

plenty right. that market. comes investments side, the around mentioned cable. a from. exactly the in think we'll we're way side. more other certainly the that But there where we're happening of seeing and that out question. don't from around that we hype carry on I cable I growth happening We've or but able of really be both mean some broadband. one and are of you're the benefit tons to activity the upgrades there are on on been Yes, seeing And I Karl. PON recovery PON cable there's of the side, Great lots certainly exposed earlier excitement And in

Karl Ackerman

Yes.

Okay.

introduced coming year optical the you of retime ramp on XXX-gig that and be DSPs including confidence that given and new For next several that well, see my products. retimed this retimed follow-up, have strongest from that full you DSP existing will your half and AEC really and products guess I technology, AOC leveraging DSPs for, X-nanometer you half AEC most this is year, growth year? products, this the

Kishore Seendripu

it. be various XXX-gig to right? full I retimer the So and XXX-gig you will, retimer right? pretty revenue single products, PAMX of say be It's uses various by would category don't yield that. think fully to products. DSPs management would of versatile it's becomes the all the volunteer would optics XXX So gigabits, use half anybody driven lane any then if they designings this rate PAMX the other than customer or in I meaningful optics would that need customer manage simple the challenging with pretty problem, a every be the that

So don't being retimer big at least a see I XXXX. revenue generated a through half

Operator

Our ROTH from is next question MKM. Suji with Desilva

Sujeeva De Silva

Just -- potential mentally, the disconnect coupled I follow-up But thought in the of maybe I wrong way boxes questions increasing. kind Can talk in broadband to about just broadband, about in on think you here. maybe that's connectivity guide? of recent the that would in it. a little those bit of kind but of terms some same but of were declining, the

Steven Litchfield

Yes.

They're A connected. course, you're our lot of incorporate the or Ethernet of So WiFi products. fairly right. gateways

go bit I business. we a vary And to I lot can connectivity so opportunities they In mentioned win gig earlier adoption out. opportunities more were with enterprise normally market around within Ethernet growing WiFi, the in trade together, too. I but mean little I mean mean of X of some a the and within the market market. that certainly there's industrial a they in little the gig the X.X session -- Ethernet

I time they necessarily don't always yes, trade mean together. to time, So from

Sujeeva De Silva

Steve. different is helpful, draw prior and the to I'm then understand on customers developing on effort, kind question trying That's now with optical you have is traction how side. base Is my building of just continuing from XXX the and customer And customer? traction and XXX lead gig. gig to that here? Do other or Okay. path had additional the that the just customer you customers

Kishore Seendripu

are who end versus just the different gigabit I gigabit -- clarify sequence that now. the customers customers XXX want a driving to is here XXX completely

are anymore of with not the the higher right to terms they trying leaders So aggressively move speeds now. in ahead

lane gigabit would lane. I gigabit of it's PAMX that driving XXX-gigabit per revenues customers per a XXX or set XXX-gigabit PAMX So revenues, XXX say different with

customers it's in but totally a different a set the only customers, So marketplace. of there's of set few

very a it's group. So small

Sujeeva De Silva

helpful. know your I you us quickly? advantage can Kishore, remind landscape about we just talked a OFC, refresh and be but would competitive the

Kishore Seendripu

Yes.

and a qualified our with X-nanometer from DSP fully integrated got solution by So CMOS, has are only production that's PAMX we is the perspective, drivers, in others. that increasingly laser

were PAMX. first Now we the with not XXX-gig ones

PAMX. incumbency Our of on solutions advantages therefore, are the the supplier ahead news of company the They sampling continue on are the timing competitive in option -- to the But an of from -- good X-nanometer. at centers the is rest data NVIDIA for of a the moving customer outside XXX-gigabit of cadence market-based have base. here normal that the the And being product.

late to not are market. we So the

and phases the of qualifications. We in trials beta are

to lost compared years ago, with X by feel we we months any lack our XX%. that than a about -- almost timing-related is timing even superiority, advantage big is the product by disadvantage positioning competition So several we power where so our solution, incumbency. The though -- not the competition are have right? So lower later of our the is significantly advantage X-nanometer

whether it's it vary XX% reduction. chip And can so in the module between XX% level or and a power positioning,

power is lot, that the matters So low big and advantage. a a

climbing we the as to cycle. with And mountain we even [indiscernible] in biggest we requirements that as everybody think revenue these frankly, now the drop needs victories, are are the go recording and performance through meet products. ship even is increments today, I

Operator

Our final Richard with question from Shannon will Craig-Hallum. be

Richard Shannon

space. here out storage one throw the in I'll Maybe

those to is year a getting and your numbers to in interlocking maybe to talk and questions past customer. comments help to of $XX $XX I reiterated revenues this can of announcement single here as last million the over said is You based customers first you you've the doubling upside largely million maybe provide how the about with time, guess that week, this that's And about Dell on that new kind today building single couple going? of think all, I then customer?

Kishore Seendripu

would do on So current I -- based be are a we that off based release, fair Panther single the not of I conclusion a the III think customer shipments suppose. press

enterprise question a appliance beyond revenue expanding market we time it market we into is talk about data revenue. based [indiscernible] that wholly talked accelerated the when and storage data on with products to center-based always almost enterprise $XX true data $XX our right? is the players, market the So substantially However, revenue, about -- million that with other million forecast have not over partnerships and

Richard Shannon

enough. Okay. Fair

is question infrastructure. wireless in Second

now curious big You business. calendar least inventory a that's about I from year. calendar couple seems strong revenue 'XX Obviously, some question, 'XX quarters both a rates talking year modeling to a infrastructure? talked a run guess for I like of think, seem sides think that you're jump, my whether here had be possible? a of can being bar but is, at you about, burn in wireless It strongly just just perspective for down like you've record would fairly on

Kishore Seendripu

and growing the It map levels be are continue we'll our a And revenues the to our launching. to on wireless from record grow year. I think I will doubling 'XX year. will that say based road current would products those of be we not the revenues

I -- to million a of talked And wireless being infrastructure, $XXX but those bigger revenue. an if of than each individuals that XX% revenue, optical [indiscernible]. Ethernet you see infrastructure, your the if have you're from really an should but it's already potential XX%, XX% a being will, storage, of believe the that if Ethernet So you but about, we've remaining

much. year by be just a develops, grow to and like question will based this to there to you we absolutely thank hope TAM imbalance of things thing the good not. would 'XX session going will you sort on this No, to record you going that. Thank because and I how quarter, we're here. there, I that to beyond see speak. up very is timing an of want revenue last And is so and not million that $XXX of all, be that is With a So again. infrastructure wrap

speaking Northland Insight thank Stifel Boston all forward in the Sector Bye. Conference you and We Growth look Cross will and once for to soon. joining us as with with today again Securities you that, well. With be Virtual at present Conference

Operator

This concludes conference. today's

You may at your disconnect your participation. time. this you for lines Thank

MaxLinear (MXL) 24 Apr 242024 Q1 Earnings call transcript