Inphi Moves Big Data Faster · 2020-02-04 · Inphi Moves Big Data Faster Inphi Corporate Update February 4, 2020. ... Cisco. LightWave Innovation. Sumitomo Electronics . Device Innovation
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1Inphi Proprietary
Inphi Moves Big Data Faster
Inphi Corporate Update
February 4, 2020
2Inphi Proprietary
Safe Harbor Statement and Non-GAAP Financial Measures
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3Inphi Proprietary
Inphi Corporate Presentation
4Inphi Proprietary
Inphi at a Glance
5Inphi Proprietary
Inphi Snapshot: Lead in Physical Layer Data Movement
Focus on optical and networking physical layer solutions
Serve Cloud and Telecom customers and markets
Differentiate with broadband linear amplification and higher order modulation opto-electronic solutions
Core competence in high-speed analog, DSP, optics and packaging
Protect our Intellectual Property with 818 patents, trade secrets
Invest for growth with 85% headcount in engineering
Notes: Company data per human resources & legal reports 1/2020
6Inphi Proprietary and Confidential
Inphi Global Locations: Support Customers and Attract Talent
Inphi HQ:Santa Clara, CA
Design CentersUSA: Irvine, Santa Clara, Westlake Village
Canada: Ottawa, VancouverArgentina: Cordoba
Europe: Barcelona, Bucharest, Hanover, Northampton, Pavia
Asia-Pacific: Ho Chi Minh, Singapore
Sales & SupportUSA: Austin, Boston, Chicago, Folsom, Raleigh,
Santa Clara, Westlake VillageEurope: Berlin, Munich
Asia-Pacific: Beijing, Hsinchu, Shanghai, Shenzhen, Tokyo, Wuhan
OperationsUSA: Santa Clara,
Westlake Village
Asia-Pacific: Malaysia, Shenzhen, Singapore, Taiwan
Worldwide Offices in North America, Asia-Pacific, Europe
7Inphi Proprietary
Inphi: Trends Fueling Our Growth and Markets
8Inphi Proprietary
Social
5G Wireless
Cloud
Mixed, Virtual, Augmented Reality
Artificial Intelligence
New Media / Video
Data and Traffic
e-Commerce
IoT
▲44%Cisco Global Cloud Index
Cisco IoT White Paper
▲107%
Cisco Visual Networking Index
▲33%
eMarketer
▲12%
BCC Research▲17%
Nokono▲ 23%
IDC
▲37%
IDC
▲70%
CAGR data from various industry sources and Inphi estimates
Multiple Trends Fuel Exponential Data and Traffic Growth
9Inphi Proprietary
Explosion of Data and Traffic Drives Optical Market
$400M $1.2B$400M
Source: Light Counting, June 2018
Sales of Optical Interconnects ($M)
10Inphi Proprietary
Cloud
Inphi Provides Differentiated Solutions for Cloud & Telecom
Telecom
Coherent transmission >40km Long Haul: 1,000s km Metro: 600 km 5G: Backhaul 300km, Fronthaul 10km Access, Cable: 10-40 km
PAM is a once in a multi-decade change in data transmission
Inside data centers: 7m-10 km
Between data centers: 10-120 km
Fastest Speeds – Any Media / Any Distance
11Inphi Proprietary
Inphi Products and Technology
12Inphi Proprietary
Inphi Leads in Physical Layer Data Movement for Cloud and Telecom Customers
Analog, DSP, Optics
Processing
Storage
Networking
Switching,Routing, NIC
CPU, GPU, AI
Physical Layer
Storage, Memory
13Inphi Proprietary
Inphi Leads in Physical Layer Offerings across Multiple MarketsTelecom
Long Haul / Metro5G / Access / Cable
CloudInside Data Centers Between Data Centers
Coherent DSP, TiA, Driver
PAM DSP, TiA, Driver
DWDM Optical Module
Silicon PhotonicsRetimers, Gearbox
14Inphi Proprietary
Low PowerHigh Performance
Long Reach
Fast Time-to-market
Competitive Cost
Dedicated Customer Support
Best Quality
Inphi Provides Complete Electro-Optics PHY Platform for Customer Success
PAM DSPCoherent DSP
SiPhoor
Partner Optics
DriverTiA
Physical Layer Platform
15Inphi Proprietary
Inphi = Faster, Better, Cheaper Physical Layer
Physical Layer Higher Order Modulation
More Data
Faster SpeedsHigher Frequencies
Complete PlatformTiA + Driver + DSP + SiPho
Longer ReachDSP + FEC
More Cost EffectiveDSP + Optical Platform
Higher DensitySilicon Photonics
Lower PowerDSP + SiPho +
Advanced CMOS
16Inphi Proprietary
Higher Order Modulation = More Data, Higher Density, More Cost Effective Optics
Analog NRZ
1X
PAM 4 DSP
2X
Encoding
Inside DC / 5G
Coherent DSP8X for 16QAM
ZR / Long Haul-Metro
1980-2018 2019-2029
(2 bits/symbol)
(4 bits/symbol, dual polarization)
17Inphi Proprietary
World Class Operations at ScaleBest
Quality
Inphi + eSilicon Lead in 2.5D Electro-Optics for Cloud + Telecom Customers
PAM SerDes
DSP
TiA, Driver
Silicon Photonics
2.5D Packaging
Custom Silicon
18Inphi Proprietary
Inphi Awards and Innovation
19Inphi Proprietary
Fujitsu
Inphi Recognized for Excellence: 19 New Awards for Quality & Technology in 2017-2019
2015
ECN ImpactNeoPhotonics
Supplier of the Year2015
SumitomoAwards
of Excellence Huawei
Best Quality Company
FiberHomeCore Partner
Cisco LightWave InnovationSumitomo Electronics Device Innovation (SEDI)
20152013
Best Partner Awards2013-2016
Quad Linear Driver
2014
PAM42016
2015
Excellence in Emerging Technology
Innolight
2015
COLORZCOLORZ®400GbE
2018
16nm Polaris™2017
2017 20182017
2017
2017 20172018
Best Delivery
20182017
Hisense
2019
Innovation
2018
Best Technical Support
Supplier of the Year
2019
Distinguished Partner
TechnicalAdvancement
2019Porrima™
2019
H3C
Best Cooperation
PAM42016 2017
PAM4 PlatformsOutstandingContribution
2019
2019
Supplier of the Year
20Inphi Proprietary
200140G Differential Driver
Modulator Driver+
40G TIA
200928G Coherent TIA
+28 Gbps Differential Modulator Driver
201228G CMOS SERDES
+32G Linear
Modulator Driver
201445G Linear
Modulator Driver +
45G Coherent TIA +
PAM
2016COLORZ for 80km DWDM
+SiPho Platform for 100G Data Center
+Shipped 1M 100G
Coherent Amplifiers & Drivers+
64G Coherent TIA+
Lowest Power CDR+
400G CFP8 Platform(28nm PAM DSP / Driver / TIA)
2015Smallest Form Factor
+SMT Linear Driver
+PAM 4
201764G Coherent Driver
+28G EML Linear Driver
+PolarisTM Platform
(16nm PAM DSP / Driver / TiA)+
M200 Low power Coherent DSP for Metro & Long Haul
+VegaTM DSP
16nm Retimer & Gearbox for LineCards
2018Porrima Platform
(Porrima 100/400G DSP + Driver + TiA)+
28G MMF Linear TiA + VCSEL Driver+
56G TiA & Driver+
CFEC Adopted as OIF ZR Standard
History of Delivering Leading Edge Products
2019Porrima 400G PAM4 Production
+2nd Gen Porrima with Integrated CMOS Driver
+56G TiA & Driver
2020CanopusTM First 7nm Coherent DSP
100/200/300/400G+
ColorZ II First 400ZR QSFP-DD Transceiver+
CapellaTM 7nm 56G SerDes
21Inphi Proprietary
Market & Financials
22Inphi Proprietary
Large Total Addressable Market (TAM)
Millions of 10 /40 / 50 / 100 / 200 / 400 / 600G Ports
Source: Inphi Estimates based on various market data
$4 Billion Interconnect TAM in 2022
100s Ks Ports10s Ks COLORZ Ports 100s Ks Coherent
ZR/ZR+Ports
Millions of PAM Ports 500K Ports
Coherent > 40kmPAM < 40km
TelecomLong Haul / Metro5G / Access / Cable
CloudInside Data Centers Between Data Centers
23Inphi Proprietary
49% 44% 37% 39% 40%51%
56% 63%
61%
60%
2018 2019 2020 2021 2022
$500
$894$1165
$2010
$3008Served Available Market, SAM ($M)
Telecom
DC
SAM grows 6X from ‘18 to ‘22, faster than TAM growth
SAM Grows Faster than TAM by Increasing Exposure to Cloud Customers
Source: Inphi Estimates based on various market data
24Inphi Proprietary
2019 Marks a Return to Revenue Growth
$36 $43
$100
$193
$266
$348
$295
$366
2012 2013 2014 2015 2016 2017 2018 2019
Inphi Revenue ($M)
25Inphi Proprietary
eSilicon Provides Team, Customers and Financial Synergies
Revenue Growth Acceleration
Scale to Invest for Customer/Partner Success+
Operating Leverage+
EPS Accretion and Acceleration=
+$440M*
>$500M
~$100M**
* 2020 consensus revenue estimate courtesy of NASDAQ** Company guidance at the midpoint on February 4, 2020
26Inphi Proprietary
Solid Financial Model
Q4’18 Q3’19 Q4’19 Long-Term Model
Gross Margin 69.3% 70.2% 69.2% 70% - 72%
R&D 35.8% 36.6% 37.3% 28% - 31%
SG&A 9.8% 10.9% 9.2% 10% - 12%
Op. Margin 23.7% 22.7% 22.7% 26% - 29%
Effective Tax Rate 2.6% 1.5% 4.8% 8% - 10%
Net Income 23.7% 22.8% 22.4% 24% - 27%
Non-GAAP
27Inphi Proprietary
PAM Inside Data Centers, DCI Edge Solutions Between Data Centers
Cloud Market:
The Data Center is the Computer™&
The Cloud is the Network™
28Inphi Proprietary
Cloud Leadership Inside DCs with PAM DSP, TiA, and Driver
The Data Center is the Computer™
29Inphi Proprietary
Inside Data Center 100G+ Port Count
LightCounting: LC Ethernet Forecast, September 2018
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2016 2017 2018 2019 2020 2021 2022 2023
100/200/400GbE Port Count
30Inphi Proprietary
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Ethernet Optical Ports
Ethernet Switch / Optical Port Ramp by Speed
LightCounting: LC Ethernet Forecast, September 2018
10GSFP+
40GQSFP+
100GQSFP28
10G
100G
200G/400G
40G
200/400GQSFPDD/OSFP
31Inphi Proprietary
3.2T
2016
128 x 25Gbps(NRZ)
SwitchHost Speed2x in 2year
Switch ASICs
ModuleBandwidth 100G
Switch ASICs
12.8Tb
256 x 56Gbps(PAM4)
2019
200/400G
25.6Tb
512 x 56Gbps(PAM4)
2021 2022
256 x 112Gbps(PAM4)
Switch ASICs
Switch ASICs
400G 800G
51.2Tb
2024
512 x 112Gbps(PAM4)
Switch ASICs
800G+
Module SerDes PAM4
Retimer
56Gbps
56Gbps
PAM4Gearbox
112Gbps
56Gbps
PAM4Retimer
56Gbps
56Gbps
PAM4Gearbox
112Gbps
56Gbps
PAM4Retimer
112Gbps
112Gbps
PAM4Retimer
112Gbps
112Gbps
NRZRetimer
25Gbps
25Gbps
Higher Density Switching Drives Need for Faster I/O
32Inphi Proprietary
Inside Data Centers: Distances, Speeds Drive Transition to DSPs
Flexible reach with Single Mode Fiber & Multimode FiberCost Effective DSP-based PAM4 Optical Interconnects
Source: Corning
Mega-Scale Data Centers
7m to 2km connections
33Inphi Proprietary
Data Center Transition to Optical Physical Layer
Source: Inphi Estimates, Crehan Research, 2018
1G 10G 25G 40G 50G 100G 400G
BASE-TFiber / DAC
0%
100%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Estimated Capture Rate by Optical into BASE-T PHY Share
BASE-T PHY
34Inphi Proprietary
Inphi PAM DSP Drives Inside Data Center Connectivity
Driving Front Panel & Backplane
Leading the Market: PAM DSP / FEC / SerDes
Enabling IP / ASICInside Optical Modules
35Inphi Proprietary
Inphi PAM4 DSPs Lead the Inside DC Interconnect Market
Highest Performance PAM4 DSP
Integrated EML/VCSEL/SiPho
Drivers
10G-400G Backplane Retimer
IEEE FEC/PCS
50/100/200/400G QSFP-DD / OSFP
Optics
Platform Solutions with TiA/Driver for VCSEL,
DML, EML, SiPho
36Inphi Proprietary
Inphi Delivers Multiple Generations of PAM4 DSP
28nm
16nm
7nm
Multiple Generations
25GNRZI/F
50GPAM4
I/F
28Gbaud Optics
Host ASIC25G NRZ
I/O
Optical Module
PAM4 DSP
50GPAM4I/F
50GPAM4
I/F
28Gbaud Optics
Host ASIC50G PAM4
I/O
Optical Module
50GPAM4I/F
100GPAM4
I/F
56Gbaud Optics
Host ASIC50G PAM4 I/O
Optical Module
100GPAM4I/F
100GPAM4
I/F
56Gbaud Optics
Host ASIC100G PAM4I/O
Optical Module
PAM4 DSP
PAM4 DSP
PAM4 DSP
37Inphi Proprietary
Cloud Leadership Between DCs with Silicon Photonics, DCI Edge Solutions
The Cloud is the Network™
38Inphi Proprietary
Data Center Moving Towards Distributed Architecture
Distributed Metro Data Center
DWDM Bandwidth (<120km)
Peta
bit/s
5 year CAGR: 55%
0
140
Source: Cignal AI 2019 & Inphi Estimates 2019
39Inphi Proprietary
Microsoft is very clear on the benefits of COLORZ
Mark Russinovich, CTO, Azure, Microsoft Ignite 2017
40Inphi Proprietary
Silicon Photonics Enables Robust Platform Solution, Lower Power, Higher Density
Optics
Silicon Photonics
Analog
Linear Driver and TIA
DSP
PAM DSP, High Speed SERDES
Quality
Validation and Manufacturability
Inphi COLORZ Leading Volume Shipments for 100G IP over DWDM
29%
2018 DCI Market Share by Port Count
Source: Cignal AI & Inphi estimates November 2018
41Inphi Proprietary
COLORZ Surpasses Significant Milestone of 100,000 Units Shipped
Industry first QSFP28 DWDM optical module
100k
2016 2017 2018 2019
Cumulative COLORZ Unit Shipments
42Inphi Proprietary
Pluggable Optics Enable Low Cost IP over DWDM
2010 2014 2016 2019
Inphi COLORZ100G QSFP28
PAM DWDM
OTN Transport
Source: Inphi estimates
Switch & Router Pluggable Optics enable IP over DWDM
“DCI Box”
COLORZ II400G-ZR QSFP-DD
Coherent DWDM
43Inphi Proprietary
Coherent DWDM
COLORZ II Benefits – Reinventing DCI with Lowest Cost & Power, Higher Density
400G FR4
400G FR4
400G FR4
400G FR4
COLORZ II 400ZR Eliminates 2 Gray Modules & Box
“Shrinks” DCI Box Layer into Pluggable Module
Switch/Router
44Inphi Proprietary
DCI – Campus5km
DCI – Edge120km
DCI – Metro/Long Haul120km ~ 3,000km
5G Backhaul/Core
BBU
5G
5G
5G
5G Midhaul, AnyhaulRRH
Expanding DCI … With ZR+ and ZR-
Cable,Access
45Inphi Proprietary
Coherent DSP, Coherent TiA and Driver
Telecom Market (including 5G & Cloud Between DCs):
46Inphi Proprietary
440
980
2018 2022
Inphi Coherent DSP, TiA, Driver Lead Telecom in Going Back to Growth
New Products + Markets/Customers + Increased Share
Coherent DSP 64G TiAs, Drivers
Line Card Customers Module Customers Optical SubsystemCustomers
Company Data and Research Estimates, July 2019
100G+ Port Shipments22% CAGR 2018-2022
47Inphi Proprietary
Telecom: Leadership in Coherent DSP
48Inphi Proprietary
M200 Coherent DSP Leads with Highest Performance
Differentiates withhighest performance
16nm SoC for 100G & 200G
Low power technology
EnablesCFP DCO, CFP2 DCO,
MSA, Line Cards
Framer & encryption integrated
Strategic partner for leading system OEM
customers
49Inphi Proprietary
Comprehensive Inphi product offering: Coherent DSP, TiAs and Drivers
Inphi Supports Discrete, DCO and ACO Customers
High Performance Line Cards - Discrete
Modulator
Hybrid Optics
DSP Laser
Modulator
Hybrid Optics
DSP Laser
Modulator
Hybrid Optics
DSP Laser
Modulator
Hybrid Optics
Laser
ACO modules
Modulator
Hybrid Optics
DSP Laser
Modulator
Hybrid Optics
DSP Laser
DCO modules
TIA
TIA
TIA
TIATIA
TIA
Driver
Driver
Driver
Driver
Driver
Driver
DSP
50Inphi Proprietary
Long Haul / Metro100km-2000km
DCI120km
Inphi Coherent DSP Expands Telecom Markets
Cable Networks100km
5G40-200km
Highest BW efficiency
DSP PHY removes Fiber Chromatic Dispersion
Works on existing Fiber Infrastructure
Only viable technology for 40km-10,000km
Coherent TechnologyEnabled by DSP
51Inphi Proprietary
Future Paradigm for DCI Modular: 400G ZR in QSFP-DD or OSFP
7nm DSP
400G QSFP-DD
QSFP-DD Enables Routers/Switches
with Coherent Tech
Lowest powerLowest cost
Most space efficient
7nm DSP
52Inphi Proprietary
Telecom: Leadership in Coherent TiA/Driver
53Inphi Proprietary
Inphi Supports Customer Transition to Disruptive New Encoding
NRZ
2006 2010 2014 2019
QPSK 16QAM 64QAM
TiA
Driver Limiting Limiting
Linear LinearLimiting Linear
Linear Linear
Encoding 6X2X 4X1X
54Inphi Proprietary
Broadband + Linear = High Barriers for Entry
Next-Gen 64GBaud TiA
64GBaud Linear Driver
100G / 200G / 400G / 600G
55Inphi Proprietary
PAM4 Transition: A Once in Multi-Decade Opportunity
Analog NRZ
1X Encoding
PAM 4 DSP
2X
2019-20291980-2018
56Inphi Proprietary
0.0
1.0
2.0
3.0
4.0
5.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
5.2M Coherent Units Shipped > All Competitors Combined
Industry First 200G Driver
Industry Smallest SMT 100G Driver
Industry First 100G TiA
Coherent TiA/Driver Cumulative Shipments (M Units)Industry First 400G/600G Driver
Industry First 400G/600G TiA
All references relate to coherent TiA/driver
Industry First Smallest Bare Die 400/600G Driver
57Inphi Proprietary
Inphi Moves Big Data Faster
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