MXL - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the MaxLinear's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Leslie Green. Thank you, you may begin.

Leslie Green

Thank you, Julian and good afternoon, everyone and thank you for joining us on today's conference call to discuss MaxLinear's third quarter 2024 financial results. Today's call is being hosted by Dr. Steve Financial and Corporate and CEO; Officer. Strategy Seendripu, Litchfield, Officer Chief Chief Kishore comments, take we prepared our After will questions.

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

our of opportunities, forward-looking filings, or launches various results, make concerning our adoption we the statements risks risks September including markets, which will execution uncertainties, we filed share timing including substantial no trends, certain growth as market. These in of of and opportunities production plan to uncertainties for including and such addition, market products XX, are and of forward-looking product the of has across quarter potential and technologies, operating today. any update recent of made statements. involve forward-looking our obligation section In and and forward-looking demand revise XX-Q today revenue statements statements future XXXX for financial and statements business products, target relating our our new Factor Form geographic and for without MaxLinear and our limitation and in to total outlined ended addressable Any Risk including SEC markets,

in earnings available maxlinear.com. of release the XXXX website quarter is Relations third Investor at The our section

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

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

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

Kishore Seendripu

Thank you, Leslie, and good afternoon, everyone.

was million midpoint QX revenue of Our and in the $XX.X non-GAAP at our gross were slightly results guidance above margin XX.X%.

We in we have in lead Flash for seen feeling and combined also partnership technology meaningful the Summit, to several Best active were connectivity our into we framework was machine and at language we the as of Summit, access delighted Supplier our our from of coming accelerated service transceiver at by hardware X times. storage quarters. QX within industry DRX AnyWAN Panther providers. Initially in can improvement center we confident demonstrated new our with a expedites customer orders with integrated in air the and our industry's traction, enterprise far several the lowest data applications. At recently, technology MaxAI, XXX compression native for we ONET, the storage quarter, In order July, improvements revenues along very events. showcased XX III, with and Network we demonstrated encryption early us gigabit signs AMD ECOC quarter we receive Memory for for along products a solution of are broadband placed sequential that for product achieve than in These are and recovery new rates watts quarters case applications. And optical compute consuming with product power server less Cisco. Emerging announced Year platform use targeting solution at Award

design infrastructure, on our continues in key in the AI massive drive to at workloads markets, high-speed growth and optical activity exponential Looking datacenter connectivity.

are U.S. now QX X player. than shipment across excited customers units ramp per direct including year that our run volume greater at several datacenter million We rate our is product a

DSPs strongly adapters We PAMX cables high are PAMX gigabit XXX us to highly XXX seeing speed lane are several X.X continued current Keystone across and initial for testing accelerate. The continues gigabit datacenter early large progress per ramp and for and with to family adoption performance XXX demand power transceivers customers. optical XXX the to competitive our market products moving gigabit we on of opportunities starting as position industry, of active interconnections. broadly, for qualification Rushmore superior our even PAMX differentiated electrical gigabit at terabit More Ethernet

series up need XG III within opportunities. shift merchant customers. backhaul as in in is and and hybrid our infrastructure, positioned products exciting flash growth revenue we providing in application revenues, across inroads and security growing to Panther are pace storage required center are improve the support XXXX wave such servers XG Moving Panther rates. CapEx enterprise well a as The edge backhaul considerations as systems. all are usage are content making subsystems functionality solution for data we increasing expansion traction with our as provider the network transceiver array to toward at technologies band full our service system multi gaining storage our are storage customer usage and well and microwave is globally. Also, RF transport only also believe compute With spend AI access enterprise storage hardware hybrid with accelerators modem resulting as in the data microwave millimeter growth as wireless for We AI, pick for world. incremental upgrades infrastructure mobile significant millimeter new as and increasing and strongly to expected radio

for X.X MaxLinear Panther Switch has the have connectivity, multiple X legacy for most of second business Ethernet products one customers offer using we small the data strong broadest and MACRO-XX CAT-X X.X medium gigabit rates across where design Our we to is enterprise Ethernet major a second enterprise this per wins OEM the strongly upgrade of and positioned PHY value geographies. In product gigabit existing markets and and gigabits cabling. for competitive portfolios per wireless proposition switch and and from and

Enterprise is X North over growth ramp Ethernet expected production American to revenue Tier OEM to coming to and customer years. Our XXXX in significant contribute the

$XXX are we the rate seeing addition, total, from gateways we next run reach broadband over XX million and In months. In widespread we next generation interest believe a could routers.

DOCSIS we growth cable the existing Moving to solution. connectivity, TAM are broadband focused addition and MSO X.X to PON in our offering new including latest broadband Wi-Fi for on data

the single We and traction chip Tri our win XX solution. for platform PON Gateway on Wi-Fi X our excited design Processor by single Band chip and are gigabit SoC based integrated FiberPON

We design and which become we ongoing for believe opportunity have XXXX major carrier wins can traction with momentum seen including a in XXXX. promising American North engagements a second and X continued Tier

give XXXX. at confidence integrated competitive gaming. like As in as position pleased is network experience MaxAI air AR/VR strengthens factors our us resume to we X, as conferencing believe our growth user that well-positioned of conclusion, applications multiple user to into technology We AnyWAN performance, native are use improving the in multiplayer diagnostics learning were and QX connectivity this and solutions. well to market. In further multi video mentioned before, Network in MaxAI a triage framework issue we machine announce MaxAI, and case designed security, enhance

Wi-Fi of and a to traction to development, PON several products including customers gigabit years Steve call of Chief datacenter value growth X our and accelerators, and me Strategy not connectivity. new open multi Officer Litchfield, poised years, enhanced are the interconnect, over significant with addressable we turn in target market, infrastructure, Following Steve? product and markets, access revenue sustained our value Chief broadband Ethernet products over only but Officer. Corporate innovative drive are let cycle wireless that, storage optical creating new high enterprise for the gaining shareholders. With XG Financial next These

Steven Litchfield

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

restructuring reduction and quarter cost of related expenses and million of accruals and of operations equity XXXX net interest million. million was non-GAAP QX and QX and and $XXX a equivalents $XX QX We with in non-GAAP $X of was GAAP between company stock-based performance-based operating were loss the non-GAAP in fluctuation initiated million some other XXXX to million. other million exited was expense delta combined. GAAP expenses the respectively, and GAAP was QX Third in an the did non-GAAP million. In GAAP non-GAAP cash from operating XX% of privately $XX.X and interest impairment were in quarter XX% GAAP the compensation and was flow for $XXX.X operating $XX.X revenue. $XX.X activities approximately during between primarily The held workforce and investment include cash in which $XX.X million due primarily expenses the to operating used and restricted approximately The $XX.X of and the expense million cash, quarter. currency cash. delta

days. meaningfully third quarter down Our days in sales was approximately XX outstanding to the

QX down also improvements previous revenue. million QX million to fourth versus than to we discussion expect was $XXX concludes make our that, in let's with and of quarter, inventory as guidance turn the for the X. to turns We in gross between inventory results. With This Our less currently of slightly continue be XXXX our $XX XXXX. of financial

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

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

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

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

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

for diluted QX be following GAAP to count long-term each. In strategic high prolonged interconnects, speed a now creating Wi-Fi a share We transformative wireless turning expect positive our in We're seeing as growth. in are correction, and optical business. gateways opportunities approximately such access million storage, infrastructure, market our closing, are investment XX.X our broadband and and fiber we point excited applications non-GAAP innovation Ethernet, that

we discipline opening open up our leverage of our Julian? strong and on focus efficiency to that, addition, are as stage and like questions. the In up in expansion. With business call for operating fiscal I'd next model enter our near-term growth

Operator

Stifel. [Operator from Instructions] first Svanberg, comes question our Tore And

Tore Svanberg

between far. trying run mix And basically, more I year? optical on gig? your 'XX, of calendar of give you've here. Could for more what for bit course a Kishore, XXX shipped rate a this year than that's Congratulations about I hoping potentially XXX sense think that million I'm the Yes. to and whole should here you on now assume a is, so X what could comment. into little to the was elaborate do turnaround you the million transceiver that us we could you next X meaning sort is get And

Kishore Seendripu

Tore. units now prepared Thank XXXX, we in year forecasting But that pretty or point the if be we'll through as accumulate ship per are unit of all end slightly. X Yes, the remarks a million -- more coincidentally, year. exit have our run units the million much you you, we did to rate to X we'll a

XXX have are do revenues the being made. by finish. million expect primarily we we XXX these excited driven related but to progress designs gigabit XXX transceiver run yes, come gigabit both units optical actually gigabit and to fraction gigabit, about larger XXX So being And is the to transceivers. We rate more many relative X to

datacenter number place delays We are OEMs, all that of happening. gated that they're of design in prolonged have by a calls with wins but sort are huge or

So that of were point to range revenue. exceed this $X want very through just the are we a of And we hoping run out entered million $XX XXXX. optimistic for to year, we'll that I rate we as

volume the well in are indicated. that excess on of just I've based We

Tore Svanberg

follow-up, going was on an to could is down. update I still And broadband sequentially the other business. QX. the us segments in growing great as Obviously, see X hoping be to a give you It's broadband

expect any XXXX? some on Just in understand starting is we that where sort especially DOCSIS out? been help clear to comment levels? X.X, yes, on with I So, that of business there's you us sit know a and to delays visibility broadband how inventory do

Kishore Seendripu

grow Tore, are, business the from So where obviously we we expect broadband in to XXXX.

they you the we sort here, And as I platform market And straddling Flintstones, revolving think However, tend chunky legs. have a manner. the as rates of solution, gearing as up, full up. of character is bottom in come the to picked know, a the the it's order in

start the won't dip, a in still to think I sign. is to you're So point lagging the QX picking just we POs primarily that are want much which good up I but out up it deliveries. seeing and customer effect into of so will broadband, read bookings orders, the really I the cadence of related the pick do very

outside in infrastructure of these been optical, our right X drivers so engine our for now. have the orders And of

I'm happy very So about that.

and is to cable getting quantities business. still believe business, I So cable now and X.X will revenues steadily know back 'XX a remain even when X.X the really, happens, so Recovery that Act there X.X from is DOCSIS Cable really and the by of X.X, 'XX. DOCSIS business side right grow pilot I probably fraction it of the still in and X.X dominated X.X and small a in will be the Ultra

put it steady -- prevails end our another start market up, as X.X since the next we start -- recovery into should and as way, in of head So incumbency recovery the -- some we year. design seeing next wakes we X.X

Operator

comes Seymore, Our Deutsche question Bank. Ross next from

Ross Seymore

thing Also, congratulations, the too. Flintstones love

it a when like is transceivers? go a has quarter, question in growth bit then like seems little secular everything closer from? a question, that it you color an bit of Is in Can side fourth question. Steve, else demand? XX% where to give any to coming kind on little broadband, longer-term just optical and first idea sequentially. the it everything down for Just about talked shipping the by guidance near-term the the about Just up, up a us just else and infrastructure the that's of of Is please. my you

Steven Litchfield

bookings mean, I look, board, Yes. in lagged been I think. board. up, that's been we're across most, demand I picked really have think also right? general in improved across broadband I Kishore that seeing mentioned particular. one the that's but -- Yes, I the mean, strength the the in mean, definitely the the

doing I think well we're on optical the front.

Ross, XXX you're end -- adoption started. going we this kind back pretty to aware, of gig year As loaded be were was as

a contributor. big And be so that will

we be But depressed. As to improvements -- to and quite far as modest was mean, do other improve industrial the multi-market bit. then and there I continues I see happening XXXX. were see that China some end -- continues QX throughout down QX, markets, Industrial connectivity. a I see to depressed, in think start recovery in be we'll In modest we'll some

Ross Seymore

that like get still you before than path some at from how million And less about on should guess XX% And next it Are for we $XX of you the year-over-year think for that? then OpEx cutting guys to quarter. XX%, that? I do recall of talked point about if said year. last I talked I you think kind about looks you we right, linearity be next the to year? How slightly down the you'd

Steven Litchfield

throughout structure next on glad XX% is getting that. a this realize we are to That's down. of Yes, No, work kind noticed year. lot the been of cost QX XX% to you reduction Yes. track

the track there we of that some majority on or the like those have number. realized, but of do Some will still kind of costs next residual to But we're the be quarter been X. -- hit feel over

Operator

Company. & Quinn Needham question next comes from Our Bolton,

Quinn Bolton

with start to Wanted bookings.

you we was given You book it I where improving like see X? comment could at back X? for but to wanted you December guys is whether above is now have just guided higher if point book that mean quarters. talked I back think to the it bill looks now several about to Are for bookings likely above bill quarter, a

Steven Litchfield

Yes.

So feel the mean we this don't number. out saw break past a in I good. bookings bookings I we think significant very in We really uptick quarter.

were levels we're So that than and quarters. and in higher seeing was building so at and we encouraging nicely QX even QX for through so previous follow running now backlogs we're and very already

sign. And very mention I Sell encouraging sell that through then would good. been one the is probably through. another think last So has I

So in continues. that demand feels like

So encouraging all those are signs. of

Kishore Seendripu

that kind at within between rate on sell gap of optimistic the basis. the are closes feeling quarters the both to of will the equal so dynamic, through, in So next and be speak, a speak, to so couple sell and we

Quinn Bolton

Any out my higher not ask comment That's right in? on sell second than sell I how is much like to now question. it.

Steven Litchfield

That's a good try.

Kishore Seendripu

We the Flintstone in are Quinn. still era,

So I just to be want clear.

Quinn Bolton

The pace. second very, question, obviously business on good the sounds very like it's optical

exceeding about talked You $XX million.

[ DSP going ] definitely this over close and guys do optical ASP $XX. DSPs X to to year. million is the guess are My space you is, If

but I be or on ask maybe be infrastructure might wouldn't And going million. $XX ], the comment, million to that's [ optical and and about it's you $XX like to looks so revenue won't I to pace and case, surprised if DSP to be to $XXX if closer total be $XXX

And so probably if million is I where was probably year. million everything $XX else optical, back million only out last $XX $XXX it or

understand you've you you've revenue encouraging, And the still Panther, the talked everything very is sounds optical about so, backhaul but about very, good, and depressed. is talked very but like I microwave say

destruction, so to of than the optical? it give of feels And depletion the lot assume can like back you a rest you us infrastructure could rather business do when on it's think of inventory the its but really because you I depressed. wondering end pretty x starts get market optical, if demand outside comment

Steven Litchfield

talked Yes, Yes, last had I as problem, it absolutely. well. Quinn. we through mean, this, we no mentioned quarter

spending CapEx drag, infrastructure and months the ago dialed expected, infrastructure humming really back it wireless there. now, telecom all that's consistent Was out wireless plus a with information was XX telecom really that's as is definitely down. So spending is

you're that's that's some the enterprise some that. There think that aware I infrastructure those related. follow soft, sells really analog of is into as revenues product So market

as I seeing of are we're growth talked the is really developments really well through We traction. the we drivers, the do that also one side, As front but another on think optical real with good we far talked mean, positioned. customer far kind as encouraging Panther and sort as of positive have we

see good get think, outlook through I the some year, percent start is increases as infrastructure we very see mean, So our plus recover. to inventory business. with we'll We'll next I that of spend. in telecom XX

really that's think I So exciting.

Operator

next Our International Group. comes Christopher Rolland, Susquehanna question from

Christopher Rolland

have normalized this either confidence guys bottom, what we on kind bottom look normalized congrats revenue annually? and of as have more I on And like broadband, here. X, guess, what connectivity, a revenues quarterly looks For you number now? better completely the just in do X, view And or think where to would more like a those then go in number you environment,

Steven Litchfield

Yes, years, the the frankly. we've X over are think getting I challenges through that last we inventory through been

So that's encouraging.

You saw last that kind quarter. of

some see of through over next which You'll is follow couple good. quarters, the

woods I think that a do of don't we're like but yet, more, other it Chris, little bit out of I completely the getting back to know feel of we're that kind I level.

mean, And year. growing I expect digits next connectivity to broadband so, do double see of I kind

we're that really also business improvements all think I I on made Is track signs the is there up? the mean, there. are The cable is Yes. that there. think encouraging. more good. the But be And for we're new I seeing important, winning we're wins, PON the this So is matter, to bookings that think right are really I The there, even right?

You continue upgrades. to see

next year, some you're to start bead money look see we think the to as rollout. into going I of

the place. will drivers share which there's else. transition X a of recovery inventory bit transition, the market see well, there's of there's as adoption something as gains, handful that Wi-Fi lull products, in There's is that takes a a PON there's market new situation. wins, There's a beyond new so just there's been in And

Christopher Rolland

number my design talked ship is huge wondering to wins. could Kishore, second customers of for then us, optical. you bucket that in And about on you I these was of big into those expect if particularly volumes. you question the kind

at you can versus, And providers think general going qualifications guys vendors? to are So then speak systems versus like transceiver particularly at systems like and what to be hyperscalers? let's do you hyperscalers the say, percent

Kishore Seendripu

really transceiver data that that. and side So on yes, center say years. claim Ethernet all NVIDIA going driven I just all that X.X in and shipments the world will the I targeting the back gigabit go point that the makers slow say I I top and beginning products many has optical InfiniBand right designs that the claim the data safely -- have that centers, want has anything is move thing, now on in And very been to would tear are in far can adoption later, would And as these we all safely but XXX are in to claim probably the module last the guys step if with I now. accelerating. actually out the fact of been just and as guys major

AI some module is these are many And centers. vendors -- intraop process I to the a module -- boom if deployment -- in next in of boom level some with just in fully qualified and China these massive I vendors, systems the is next system 'XX. So it of in hit starting and the data point in next vendors that -- solutions want in to directly are is out going

data like centers, gigantic and Tier is So raised big the guys many, data but from the many well. both X, China where combine to and you there as we U.S. call the are if they're what

want There's industry MaxLinear's optimism a they about build put certain of a in that it's Tier in at going of calls is think are the X in calls, we're I on of Tier at out data through preparation hazing like part through, but the a it rite in centers, for a Xs, it's to fraternity. So process we the that. lot of Maybe the passage products.

see that deliver. we right feel my So I you I good. are now. good pretty interesting feel But can analogies all can really

delivering and it. excited feel about are We pretty

to for as all and I be we will it's well. been for results let what speak there as And leave themselves us. it move want forward we the measured that's So that's because

Operator

Benchmark Williams, Company. David from comes question next Our

David Williams

you little first me it about on let talked question and to there. turn And transition that the some you maybe is just you your Creek in earlier, nice my you've coming over that, bit guess, faster maybe And what guess the a 'XX and look just around would like than I about expectations? contribution this anticipated? got that congrats at it's talk like? traction but is is do really think sounds slower maybe or adoption Or here. I Can Kishore, maybe have could give what and is how expectation Swan the even you also X.XG,

Kishore Seendripu

there's moving I David, would than case say can faster one that adoption It's we has been excellent. support.

so that, the parts to just at it. X And which at they One sell rate market. is said adopt having can the end

there parts. type kind of one consumer-ish So businesses. enterprise of are X type businesses. is One Other is

surprised we medium -- to the of getting whereas on the markets, business amount is business and major are pace traction retail the consumer-ish with on enterprise small hiccup. expected the type sort So the as of no and were business very with going

to we're pleased very it. So very,

the our will case the broadband for products, learning on. for configurations Panther and products product future AI it's on talk our a lines is anything, scenarios that our including all in switch proliferate general view optimization X.X just MaxLinear. our Ethernet that and a X Switch associated lines concept so capability and performance from the It's are did we various just building of gigabit framework platforms. use various accelerated roadmap number about MaxAI if our with machine ports not this. And I and on In fact, of product about emboldened And MaxAI and

necessary company now be AI of trying tool very, to the to we're product. competitive showing drive really being in our the So superiority in terms very a

product XXXX, how at only the run about Switch next the XXXX you to to product Switch the million be. to I can is on anywhere $XX I year an look million rate be I annualized forward can't looking potential you over basis a So big window. but and a $XXX Creek tell Swan X-year Creek about between give Swan can

David Williams

can Or MaxAI? just about maybe driving? like how talking you look something to Is monetize? value a and think MaxAI, in value that the is does maybe you terms think it that And more do maybe you market with about add? that of -- go How do can you how of

Kishore Seendripu

parts stable X and parts default right, because there competitive it So differentiation. be are that imagine we stakes we'll I -- there as are of One is we'll offering it's it. -- to

very The very of days, customized so bases to we large customers, consolidated, customization. develop there'll these further to other will parts it have as various that be be dramatically right, And customer company ship some customers.

think So do if win, so don't is, pay we speak, play, there's, won't model what call I play you to we right. there and to

the So X those are buckets.

networking, will out I it performance lateral take will as because time develops. in the improving So will play pay efficiency utilizing But that industry think AI terms of hybrid to use play a very for model scenarios. model. time in the the think of phase be is real on side some a communication infant and for delivering case And I

Operator

ROTH Desilva, Suji Capital. from comes question next Our

Sujeeva De Silva

the to heard progress larger in landscape? be mentioning on the hyperscaler in the opportunity across focused may U.S. is maybe hadn't or Congrats it differentiated be position others on opportunity, Kishore, just they say your but similar it's China here. competitors bucket, are more you a optical other may guys I who relative the guys there's China

Kishore Seendripu

Rushmore, to right? the American, we'll that offered. we And all come we our part far course, not BOM of lowest would and and what And Keystone forward will it with be anybody if a through. history, made bring the beginning around neither so differentiation the I no look power lowest to of that's you the say to offering product And low our Low all are Chinese for ever is low think low months Rushmore continue It's will be power, go that -- in -- power is product, we power. products nor next do you deliver -- the back sure. to I universal. were power, really to and to communications XX just if there to out there. will the by But

Sujeeva De Silva

Or Kishore, as of Okay, are there each revenue next than revenue, Steve, the perhaps on the through go I for the Wi-Fi, for quarters? not? should the connectivity maybe broadband those more then Steve, as And few drivers one think versus specific you helpful. coupled

Steven Litchfield

some I think right. definitely overlap, there's

lot lot X.X places because you're That's a business So force markets. continue a in -- of we industrial And kind solution that there. and historically the of enterprise them getting as as winning our was keep a Ethernet you've of we kind sales Wi-Fi opportunities gig happened there's as one that of that Wi-Fi heard Ethernet, standard us in separate outside talk winning the to getting out really we're well that aware. traction has some more Ethernet penetrating we've of gateway with and well business. of markets, kind our more But the traction attach with of product leveraged more about really the see

going to more connectivity continue going by new that enabled see And so of these markets. out to you're growth forward,

Operator

next question Markets from comes Loop Capital Ananda Our LLC. Baruah,

Ananda Baruah

there rate couple put you million, is that run you for have may the exiting then made couple ones. optical probably are DSP you run a could. you looking in into rate DSP the X X I Yes, if hear I X shipped run accurately clarification. run year heading of is rate clarification first which X you 'XX, I now a prepared this exiting Really rate, I 'XX. were beginning rate exiting you the did Kishore, remarks, million just million, a this 'XX would think other the saying actually right about but have Q&A, run of And talked and

Kishore Seendripu

Ananda, X for rate year. clarity, is the per just So unit million run exiting

unit year much is So So and question run that X the run --and excess that will quarterly that obviously in better believe I to asked million of the that right? expect a rate, responded we which rate. I per not be it's do than Tore

Now than million now. but to stick X per X unit would be for let's year being million fantastic, greater

Ananda Baruah

around you -- clarification another leading then you And Suji's the working include makers, say also, -- on sort trans just with makers? Chinese Are your and module with question. working you -- module that also the actually does when clarification you're all remarks are of

Kishore Seendripu

Everyone.

Ananda Baruah

Everyone. Got it.

Operator

Paribas. Karl from Ackerman, question Next comes BNP

Karl Ackerman

one Yes. a follow-up. I and have clarification question

less guide. than you restrictions Just your restrictions September those clarification China think prior commentary mentioning being and a was hoping your or clarify or Steve, view the headwind question, for on I December the quarter you're December? quarter more could Were to I

Steven Litchfield

$XX would the multi-market would it the feeling million definitely impact our that see we're said back the and million we be that that of probably can of numbers. half in $X you in Well, Yes. to industrial kind year

I the next here yes, going And behind ahead year. that mean, looking so, so excited don't that's us. into thing is forward good about We think I see problems and

Karl Ackerman

how I think XXXX U.S. still Tier PON Band particularly solution opportunity, chip down December, then, longer-term talking about broadband Tri a more single carrier. second know seeing is I And into strong and I a you with is XXXX, orders a at look at 'XX half or guess upon your X into you second carrier? broadband, envisioned in the but PON for for remains you a as recovery than are being view? And earlier within back you're indicated previously you pulled of

Kishore Seendripu

rolling the players out So telco just a of for to I'll fiber. activity a start on take it Steve, general there's The lot second. trend,

they're lay that -- that fiber they're dusted been fixed they their realize -- whether network. You've access we they PON seen seeing up that's more have commitment thing that taken So call right, sort do anything to have start right? considering really plans that the laying or Verizon, of and their in related now you need a their And is communication like and and in how big fiber, acquisition right discussions, you their not, they out newspapers. wireless lay see what doing you're AT&T that

to trend everybody plans very start there's So general visiting now. fiber rollout seriously a for their

the access. been As wireless the real on they have fixed the backbone getting bounty to

Okay.

discussing momentum ] seeing we're RFPs, [ So stuff. and RFUs there

of at gateways and so are and are really terms momentum and forth, XXXX so solutions run the and rate the on in on coming revenue the through while I for more coming So the ahead, half and follow look it into slowly on some of but later, more XXXX some revenues in basis happening latter XXXX. continuing

the a on you And last was for up designs down, our $XX switch brand the jump in keep with million not But So shown got picking and very that fiber to the venue us. fiber like they because any revenue to -- be there's spend should share. been not but new forward in to fiber the $XXX velocity. start hope range. growth going been starts up telecom we we million to small start in that is mind about turn year a some and a has because now momentum has And in numbers, moving -- suddenly

Operator

Our next Shannon, Richard from Craig-Hallum. question comes

Richard Shannon

Maybe to wireless infrastructure. hit on here a product segment that in hasn't been asked about

here. of you we of here us just highs? prior see and of get start I Kishore can Maybe sort up terms a in the pretty comments sense pick forward bookings give to might about think visibility positive to when and some gave you some back from go

Kishore Seendripu

Yes, start look, be a of be blah, revenue. And the It's looking for is then he out good the we going last question, tiny very terms to stuff. like, spend technology I technology, at gosh, we're right? their are and upgrade all will is wireless and really, be a networks very will they India, And we last it's mean, all it pointed Richard. wireless rate very, the in will focus their telecom in they're boring mechanism. And revenue you game, beautiful really long-term because turn and in biggest as have But an of option, first years, I fact my expansion think blah, Southeast for just man's back down. right and are is to couple XG very recovery how in and looking fiber the positioned well down. come like bandwidth hungry around very there. And seeing the like investment blah, things that's quarter, America, everybody's Quinn to in like? going single it's optical Oh right right? look to really, starting very, to a transport, it expanded then I really the transport Asia, data So of Now, Latin some the not said, recovery outside infrastructure,

And going we there's indications all we that that on bookings they're reflect have quarter. last And have wireless bookings. improvement the in In horribly now, actually fact, down side though. to be steady a

recover steadily going even strongly. is year wireless going the 'XX for is up So year really entire more and pick beyond to next to

look beginning pretty be So steadily infrastructure to potential. up things and recovery are positively seem on wireless to

Richard Shannon

another here Appreciate that in summary there. storage. that hasn't Maybe today topic hit on much touching been on

some comment there I think Memory brief Summit. you one at progress about made Flash

been or an of well quoted thoughts that if category the just publicly that that or think generic towards account revenue I to you're bogey that applied million year investor in progressing $XX Wondering of million $XX below think you've I above kind general conference goal talking there. to 'XX. was about a of

Kishore Seendripu

hold of traction inventory X right window, in due as bogey told design of bit of terms as that because So, I year you rollout are still things timeline enterprise And their the I next much those their -- plans storage applications. as expect guys well. little the over slow but the a on a was to lot have now, side delayed

reason And bogey but storage number may bit, the view so the be. shift a out to how Panther big business 'XX our there's no on change can

compute Panther like to that. what absolutely a right scope expand said, do trying subsystems is and a Steve, but server right that's application, talked And you've are beyond we what are the There now bit. beyond yes, proliferate so, storage just

evaluations a customer And in of customer call lot of the within so now itself. and right traction proofs what we concepts getting

customers their hardware solutions that of software well the we ahead that out So storage defined rolled Panther to mimics help prepare process, to ready. a also can be so that using

Operator

final Svanberg, from Stifel. our question comes Tore And

Tore Svanberg

just I a this would LRO Kishore, been had XXX come initially was since regular year. OFC modules you've Rushmore the optical just revenue I timing gig revenue wondering between that know lane of per as sampling ADC. where far follow-up. as I or and there, versus Yes.

Kishore Seendripu

good Tore. question, a very that's So

like just the darn even DSPs, champions that PAMX those because will. with challenging me flavor the just power, the are copper power, right? same DSPs about much lower much, I That's fraction increasing modulation being electrical and the And as you complex you these right? But. in more me problem side, start think bandwidth. now motto the And a LROs you we can of all, of old active how considered system tells was cable gets much, LROs. this I give but But via is was difficult think this the being the ECOC ECOC give the

is game very really of towards this us, heads good. as technology. And terms we So big it a in feel boy

unless of for the the they time So data one systems. lot other AI that, types looking the are folks sort the to with real this at regarding it's who's really by All you right really more type in you're market gig, wants. have Ethernet XXX driven XXX center everything And happen. Having this NVIDIA not world some said the only are gig the really really is got now.

vendors the gearing to of about up the a just -- But OFC come in X yes, we that's here. with to couple that away. full showcase months hope we're goal Rushmore blown that's So product and in months our going a multiple way in to okay,

this then for other be they will that have before there's supplies preference NVIDIA other than expand to customer to hopefully And in no told DSP the real is And any first in their so #X. scope vendors ahead. we And XXX get solutions future. to trying gig way multiple the their really its NVIDIA developing own secure

Kishore Seendripu

you last being thank With want the Yes. all. Thank everyone. question, you, to that I

quarter This very virtual we in-person we'll financial of we'll Thank in and page. Investor forward And to and post on presenting you number be conferences look with you a details speaking soon. Relations the of again events calendar much. the

Operator

does This your thank you. participation. Thank We today's you teleconference. conclude for

disconnect may at this lines You time. your

MaxLinear (MXL) 23 Oct 242024 Q3 Earnings call transcript