Credo Technology Group Holding Ltd (CRDO) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (Operator Instructions)

女士們、先生們，感謝你們的支持。（操作員指示）

I would now like to turn the conference over to Dan O'Neill. Please go ahead, sir.

現在我想將會議交給丹·奧尼爾。先生，請繼續。

Good afternoon. Thank you for joining our earnings call for the fourth quarter of fiscal 2025. Today, I'm joined by Bill Brennan, Creo's Chief Executive Officer; and Dan Fleming, our Chief Financial Officer.

午安.感謝您參加我們 2025 財年第四季的財報電話會議。今天，與我一起參加會議的還有 Creo 執行長 Bill Brennan 和財務長 Dan Fleming。

During this call, we will make certain forward-looking statements. These forward-looking statements are subject to risks and uncertainties discussed in detail in our documents filed with the SEC, which can be found in the Investor Relations section of the company's website. It is not possible for the company's management to predict all risks nor can the company assess the impact of all factors on this business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.

在本次電話會議中，我們將做出一些前瞻性的陳述。這些前瞻性陳述受到我們向美國證券交易委員會提交的文件中詳細討論的風險和不確定性的影響，這些文件可以在公司網站的投資者關係部分找到。公司管理階層不可能預測所有風險，也無法評估所有因素對本業務的影響，也無法評估任何因素或因素組合導致實際結果與任何前瞻性聲明中的結果有重大差異的程度。

Given these risks, uncertainties and assumptions, the forward-looking events discussed during this call may not occur, and actual results could differ materially and adversely from those anticipated or implied. The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform these statements to actual results or to changes in the company's expectations except as required by law.

鑑於這些風險、不確定性和假設，本次電話會議中討論的前瞻性事件可能不會發生，實際結果可能與預期或暗示的結果有重大不利差異。除非法律要求，否則本公司不承擔在本次電話會議召開之日後以任何理由公開更新前瞻性陳述的義務，以使這些陳述符合實際結果或公司預期的變化。

Also during this call, we will refer to certain non-GAAP financial measures, which we consider to be important measures of the company's performance. These non-GAAP financial measures are provided in addition to and not as a substitute for or superior to financial performance prepared in accordance with U.S. GAAP. A discussion of why we use non-GAAP financial measures and reconciliations between our GAAP and non-GAAP financial measures is available in the earnings release we issued today, which can be assessed using the Investor Relations portion of our website.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標是衡量公司績效的重要指標。這些非 GAAP 財務指標是依照美國會計準則編製的財務表現的補充，而非替代或優於該財務績效。公認會計準則。我們今天發布的收益報告中討論了我們為何使用非 GAAP 財務指標以及 GAAP 和非 GAAP 財務指標之間的對賬，您可以使用我們網站的投資者關係部分進行評估。

With that, I will turn the call over to our CEO. Bill?

說完這些，我將把電話轉給我們的執行長。帳單？

Thanks, Dan. Thank you for joining our earnings call for the fourth quarter of fiscal '25. I'll begin with a review of our results and then I'll provide highlights for our outlook into fiscal '26. Dan Fleming, our CFO, will follow with a detailed discussion of our Q4 and fiscal year '25 results and then provide our outlook for the first quarter.

謝謝，丹。感謝您參加我們 25 財年第四季的財報電話會議。我將首先回顧我們的業績，然後重點介紹我們對 26 財年的展望。我們的財務長 Dan Fleming 將詳細討論我們的第四季和 25 財年的業績，然後提供我們對第一季的展望。

In the fourth quarter, we delivered revenue of $170 million, a 26% sequential increase and up 180% year over year. Our non-GAAP gross margin was 67.4%. For fiscal '25, Credo achieved revenue of $437 million for growth of 126% year over year. Our non-GAAP gross margin from fiscal '25 was 65%. I'm proud of Credo's achievements in fiscal '25, record-breaking revenue and profitability were fueled by surging demand for our innovative, reliable, and energy-efficient, high-performance connectivity solutions.

第四季度，我們的營收達到 1.7 億美元，季增 26%，年增 180%。我們的非公認會計準則毛利率為 67.4%。25 財年，Credo 實現營收 4.37 億美元，年增 126%。我們 25 財年的非 GAAP 毛利率為 65%。我為 Credo 在 25 財年取得的成就感到自豪，創紀錄的收入和盈利能力得益於對我們創新、可靠、節能、高性能連接解決方案的激增的需求。

Our long-term commitment to customer-driven innovation paid off significantly in fiscal '25. Quarterly revenue nearly tripled from Q1 to Q4, validating our foresight and our ability to capitalize on a predicted inflection point. Our agile approach strengthened partnerships with hyperscalers amid a rapidly evolving AI landscape.

我們長期致力於以客戶為導向的創新，在 25 財年獲得了豐厚的回報。第四季的季度營收幾乎比第一季成長了兩倍，驗證了我們的遠見卓識以及利用預測拐點的能力。在快速發展的人工智慧領域中，我們的敏捷方法加強了與超大規模企業的合作關係。

As a pure-play high-speed connectivity leader, Credo delivers a growing portfolio of differentiated solutions for global data center operators, currently supporting port speeds from 100 gigabits per second to 1.6 terabits per second. Our innovation spans three tiers, Advanced Series technology, cutting-edge integrated circuit design, and comprehensive system-level solutions.

作為純粹的高速連接領導者，Credo 為全球資料中心營運商提供不斷增長的差異化解決方案組合，目前支援從每秒 100 千兆位元到每秒 1.6 太比特的連接埠速度。我們的創新涵蓋三個層面：先進系列技術、尖端積體電路設計和全面的系統級解決方案。

These innovations are seamlessly integrated with our pilot software platform. Pilot is an acronym for predictive integrity, linked optimization and telemetry. Pilot offers an industry-leading user interface robust debugging tools and advanced telemetry tailored for large-scale deployments. This holistic innovation strategy enables Credo to deliver copper- and optical-connectivity solutions that surpass industry standards, providing unmatched functionality, reliability and energy efficiency. While achieving a remarkable revenue ramp in fiscal '25, we continued to build the foundation for sustained growth.

這些創新與我們的試點軟體平台無縫整合。Pilot 是預測完整性、連結最佳化和遙測的首字母縮寫。Pilot 提供業界領先的使用者介面、強大的偵錯工具和適合大規模部署的高階遙測技術。這種整體創新策略使 Credo 能夠提供超越行業標準的銅和光纖連接解決方案，提供無與倫比的功能、可靠性和能源效率。在25財年實現顯著營收成長的同時，我們繼續為持續成長奠定基礎。

Looking ahead, we anticipate increasing customer diversification across copper and optical connectivity for Ethernet, PCIe, UALink, and other emerging applications in both scale-out and scale-up AI networks. Following the significant revenue inflection in fiscal '25, we're energized by the expanding opportunities and total addressable market. that lie ahead.

展望未來，我們預計在橫向擴展和縱向擴展 AI 網路中，乙太網路、PCIe、UALink 和其他新興應用的銅和光纖連接方面的客戶多樣化程度將持續提高。繼 25 財年收入出現顯著增長之後，我們對未來不斷擴大的機會和整體可尋址市場充滿了活力。

I'll now review our business in more detail. Regarding our active electrical cable product line in Q4, our AEC revenue maintained a steep growth trajectory. As anticipated, our customer base diversified with three hyperscalers each contributing over 10% of our revenue, strengthening our market position. When we pioneered the AEC market years ago, we recognize the compelling advantages over both traditional direct-attach cables or DAC, and laser-based optical solutions, especially as data rates of 50 gig per lane or higher. AECs have extended the viability of copper connectivity, becoming the de facto standard for interact applications.

我現在將更詳細地回顧我們的業務。關於我們第四季的有源電纜產品線，我們的 AEC 收入保持了急劇的成長軌跡。正如預期的那樣，我們的客戶群多樣化，其中三家超大規模客戶分別貢獻了我們 10% 以上的收入，從而鞏固了我們的市場地位。當我們多年前開拓 AEC 市場時，我們就認識到它比傳統的直連電纜或 DAC 以及基於雷射的光學解決方案具有顯著的優勢，尤其是當資料速率達到每通道 50 GB 或更高時。AEC 擴展了銅連接的可行性，成為互動應用的事實標準。

Compared to DAC, AECs deliver superior signal integrity advanced features and a more versatile form factor. Now ADCs are gaining traction as a robust rack-to-rack solution for distances up to 7 meters offering over 100x greater reliability and laser-based optical modules, virtually eliminating link lapse and significantly improving energy efficiency, which are both key enablers for best-in-class AI deployments.

與 DAC 相比，AEC 具有更出色的訊號完整性、先進的功能和更多功能的外形尺寸。現在，ADC 作為一種強大的機架到機架解決方案，其傳輸距離可達 7 米，可靠性提高了 100 倍以上，並配備了基於雷射的光學模組，幾乎消除了鏈路失效，並顯著提高了能源效率，這兩者都是實現一流 AI 部署的關鍵因素。

Credo's system-level approach has driven substantial competitive advantages by owning the entire solution stack, [surge IP, retimer], system level design, mollification, and production. Our approach positions Credo for significant innovation and time to market advantages. As data center architecture has evolved rapidly, we foresee a continued shift towards curated system-level solutions.

Credo 的系統級方法透過擁有整個解決方案堆疊、[突波 IP、重定時器]、系統級設計、安撫和生產，帶來了巨大的競爭優勢。我們的方法使 Credo 具有重大的創新和上市時間優勢。隨著資料中心架構的快速發展，我們預見到其將繼續轉向精心策劃的系統級解決方案。

We're enthusiastic about the ongoing expansion of the AEC market. For instance, our recently demonstrated PCIe, Gen6, ADCs at GTC promise the same compelling benefits for AI scale up networks, as deployments transition to rack scale architectures. Our growing traction with hyperscalers is evident with strong customer forecasts and new design wins and qualification, we're confident in sustained AEC revenue growth.

我們對 AEC 市場的持續擴張充滿熱情。例如，我們最近在 GTC 上展示的 PCIe、Gen6、ADC 有望在部署過渡到機架規模架構時為 AI 擴展網路帶來同樣引人注目的優勢。強勁的客戶預測以及新設計的勝利和認證表明，我們對超大規模市場的吸引力日益增強，我們對 AEC 收入的持續成長充滿信心。

I'll now discuss our progress in the optical market. Fiscal '25 was a standout year for Credo's optical business. We closed the year with strong momentum, expanding customer diversity across line ranges, port speeds, and applications. We achieved our revenue growth targets, delivering 50 gig and 100 gig per lane optical DSPs to a broad base of optical module customers.

現在我將討論我們在光學市場的進展。25 財年是 Credo 光學業務表現突出的一年。我們以強勁的發展勢頭結束了這一年，擴大了客戶在產品線範圍、端口速度和應用方面的多樣性。我們實現了營收成長目標，向廣大光模組客戶提供了每通道 50 千兆和 100 千兆的光學 DSP。

In Q4, we secured a significant DSP win for an 800-gig transceiver with initial deployments expected at a U.S. hyperscaler in fiscal '26. At the OFC conference in San Francisco last month, Credo's latest optical innovations grew widespread attention from industry leaders. We unveiled our ultra-low power 100 gig per lane optical ESPs built on 5-nanometer technology. This family, including full DSP and linear receive optics or LRO variance, sets new industry benchmarks for power efficiency.

在第四季度，我們贏得了 800 千兆收發器的重大 DSP 訂單，預計將於 26 財年在美國超大規模企業進行初步部署。在上個月於舊金山舉行的OFC會議上，Credo的最新光學創新引起了業界領袖的廣泛關注。我們推出了基於 5 奈米技術的超低功耗每通道 100 千兆光纖 ESP。該系列包括完整的 DSP 和線性接收光學元件或 LRO 變體，為功率效率設立了新的行業基準。

In collaboration with an optical module partner, Credo demonstrated an industry-first 800-gig optical module, the total power consumption of roughly 9 watts powered by our [LARK LRO DSP] and single-bode optics. We achieved error rates comparable to full-DSP solutions, earning significant interest from hyperscalers prioritizing power efficiency for AI deployments. We also showcased our 3-nanometer 200 gig per lane optical DSP, supporting port speeds up to 1.6 terabits per second with leading signal integrity and power efficiency, this solution positions Credo to drive the industry's transition to 200 gig lane speeds in the coming years.

Credo 與光模組合作夥伴合作，展示了業界首款 800G 光模組，由我們的 [LARK LRO DSP] 和單極子光學元件供電，總功耗約為 9 瓦。我們實現了與全 DSP 解決方案相當的錯誤率，引起了優先考慮 AI 部署電源效率的超大規模企業的極大興趣。我們還展示了我們的 3 奈米 200 千兆/通道光學 DSP，支援高達每秒 1.6 太比特的端口速度，具有領先的信號完整性和功率效率，該解決方案使 Credo 能夠在未來幾年推動行業向 200 千兆通道速度的過渡。

Looking ahead, you see a dynamic and growing market for optical connectivity, where reliability and energy efficiency are increasingly critical. Credo is poised to deliver system-level innovations that provides substantial advantages to our partners. Credo's optical business demonstrated robust execution of fiscal '25 with our growing differentiation and an expanding system-level market opportunity, we anticipate accelerated revenue growth in the years ahead.

展望未來，您將看到光纖連接市場充滿活力且不斷成長，其中可靠性和能源效率變得越來越重要。Credo 準備提供系統級創新，為我們的合作夥伴帶來巨大優勢。Credo 的光學業務在 25 財年表現強勁，憑藉不斷增長的差異化和不斷擴大的系統級市場機會，我們預計未來幾年收入將加速成長。

Turning to our Retimer business. In Q4 and fiscal '25, our Retimer business delivered robust results, reinforcing our leadership. Retimer revenue growth was fueled by our 50 gig and 100 gig per lane Ethernet solutions, offering advanced features like MACsec encryption, gearboxing, and software-enabled functionality, tailored to diverse customer requirements.

轉向我們的 Retimer 業務。在第四季和 25 財年，我們的 Retimer 業務取得了強勁的業績，鞏固了我們的領導地位。重定時器收入的成長得益於我們每通道 50 千兆和 100 千兆的乙太網路解決方案，該解決方案提供 MACsec 加密、變速箱和軟體支援功能等高級功能，可根據不同的客戶需求進行客製化。

Our customer base now includes leading AI server vendors alongside traditional switching clients, reflecting the growing adoption of our solutions in AI-driven architectures. For fiscal '26, we anticipate strong growth driven by the continued shift to 100 gig per lane solutions and increasing demand for system-level expertise and software capabilities to address hyperscalers complex AI optimized architectures.

我們的客戶群現在包括領先的人工智慧伺服器供應商以及傳統的交換客戶，這反映了我們的解決方案在人工智慧驅動架構中的應用日益廣泛。對於 26 財年，我們預計強勁成長將得益於向每通道 100 千兆解決方案的持續轉變以及對系統級專業知識和軟體功能的需求不斷增加，以滿足超大規模複雜的 AI 優化架構。

Our recently launched PCIe Gen6 retimer family, led by the 2 CAN retimer, achieved full compliance at the PCI-SIG workshop showcasing superior performance and interoperability, demonstrations at DTC, OFC, and most recently at Computex with two leading ODM partners further validated our capabilities. Customer momentum for our PCIe retimers is accelerating, positioning Credo secured design wins in calendar '25, with production revenue expected in calendar '26.

我們最近推出的 PCIe Gen6 重定時器系列（以 2 CAN 重定時器為首）在 PCI-SIG 研討會上實現了完全合規，展示了卓越的性能和互操作性，在 DTC、OFC 以及最近在 Computex 與兩家領先的 ODM 合作夥伴的演示進一步驗證了我們的能力。客戶對我們 PCIe 重定時器的需求正在加速成長，這使得 Credo 預計在 25 年獲得設計勝利，並有望在 26 年獲得生產收入。

Our competitive edge lies in leveraging core SerDes technology, a customer-centric approach and system-level innovation to deliver differentiated latency, reach, and power efficiency. Additionally, our pilot development telemetry software platform drives faster time to market, improved yields and enhanced system monitoring, providing clear advantages based on market feedback.

我們的競爭優勢在於利用核心 SerDes 技術、以客戶為中心的方法和系統級創新來提供差異化的延遲、覆蓋範圍和功率效率。此外，我們的試點開發遙測軟體平台可以加快產品上市時間、提高產量並增強系統監控，根據市場回饋提供明顯的優勢。

In summary, Fiscal '25 marked a pivotal year for Credo, achieving record revenue, profit, and market adoption of our innovative connectivity solutions hitting the inflection point we anticipated. Our operational- and customer-facing teams executed flawlessly to deliver these results. Credo pioneered a market that transformed how hyperscalers connect switches and servers. We continue to innovate with recent product announcements reflecting customer-driven solutions.

總而言之，2025 財年對 Credo 來說是關鍵的一年，實現了創紀錄的收入、利潤，並且我們創新的連接解決方案的市場採用達到了我們預期的轉折點。我們的營運和客戶團隊完美地執行以實現這些成果。Credo 開創了一個改變超大規模企業連接交換器和伺服器方式的市場。我們不斷創新，最近發布的產品反映了以客戶為導向的解決方案。

These advancements position us to capture significant opportunities in the global AI infrastructure investment wave, fueling our next phase of growth. Reflecting on our journey, Credo has navigated successes and challenges with relentless focus on delivering world-class products. This resilience defines our DNA and is our greatest strength. Thank you, Team Credo, for your dedication. I'm excited for what lies ahead.

這些進步使我們能夠在全球人工智慧基礎設施投資浪潮中抓住重大機遇，推動我們下一階段的成長。回顧我們的歷程，Credo 始終專注於提供世界級的產品，克服了成功和挑戰。這種韌性定義了我們的 DNA，也是我們最大的優勢。感謝 Credo 團隊的奉獻。我對未來充滿期待。

We see growing demand for high-speed connectivity solutions across our hyperscaler customers to power advanced AI services, a trend we anticipate continuing for the foreseeable future. Customers require reliable, power-efficient, high-performance, and tailored solutions to support their diverse architectures. Credo meets this demand with a differentiated portfolio of copper and optical connectivity solutions customized for customers, built on our core surges IP, tiered innovation strategy, and system-level approach.

我們發現超大規模客戶對高速連接解決方案的需求不斷增長，以支援先進的人工智慧服務，我們預計這一趨勢在可預見的未來將持續下去。客戶需要可靠、節能、高效能且客製化的解決方案來支援其多樣化的架構。Credo 憑藉為客戶量身定制的差異化銅和光纖連接解決方案組合來滿足這一需求，這些解決方案基於我們的核心激增 IP、分層創新策略和系統級方法。

With that, Dan Fleming, our CFO, will now provide additional details, and we'll then take questions.

我們的財務長 Dan Fleming 將提供更多詳細信息，然後我們將回答問題。

Thank you, Bill, and good afternoon. I will first provide a financial summary of our fiscal year '25, then review our Q4 results. and finally, discuss our outlook for Q1 and provide some color on our expectations for fiscal year '26.

謝謝你，比爾，下午好。我將首先提供我們 25 財年的財務摘要，然後回顧我們第四季度的業績。最後，討論我們對第一季的展望，並對我們對 26 財年的期望做出一些說明。

Revenue for fiscal year '25 was a record at $436.8 million, up 126% year over year, driven by product revenue that grew by 157%. Gross margin for the year was 65%, up 257 basis points year over year. Our operating margin improved by 2,500 basis points as we continue to generate considerable topline leverage, driven by growth in our products while growing operating expenses considerably slower than revenue.

25 財年的營收創下 4.368 億美元的新高，年增 126%，其中產品營收成長 157%。全年毛利率為65%，較去年同期上升257個基點。由於我們持續產生可觀的營收槓桿，在產品成長的推動下，我們的營業利潤率提高了 2,500 個基點，同時營業費用的成長速度遠低於收入。

That step-up in profitability flowed through to the bottom line as we reported earnings per share of $0.70 for the year, a $0.62 improvement over the prior year. In fiscal year '25, Credo not only delivered the dramatic product growth, which we had forecast, but we also demonstrated the earnings power in our business model.

獲利能力的提升直接影響到了我們的獲利，我們報告稱，今年每股收益為 0.70 美元，比前一年增加了 0.62 美元。在25財年，Credo不僅實現了我們預測的顯著產品成長，而且還展現了我們商業模式的獲利能力。

Moving on to the fourth quarter. In Q4, we reported revenue of $170 million, up 26% sequentially and up 180% year over year and well above the high end of our guidance range. Our product business generated $165.9 million of revenue in Q4, up 26% sequentially and up 276% year over year. Notably, our AEC product line, again, grew healthy double digits sequentially to achieve new record revenue levels once again. Our top three end customers were each greater than 10% of revenue in Q4.

進入第四季。第四季度，我們報告的營收為 1.7 億美元，比上一季成長 26%，比去年同期成長 180%，遠高於我們預期範圍的上限。我們的產品業務在第四季度創造了 1.659 億美元的收入，環比成長 26%，年增 276%。值得注意的是，我們的 AEC 產品線再次連續實現兩位數的健康成長，再次創下新的營收水準。我們前三大終端客戶在第四季的營收佔比均超過 10%。

As a reminder, customer mix will vary from quarter to quarter, and we continue to make progress in diversifying our customer base. We continue to expect that three to four customers will be greater than 10% of revenue in the coming quarters and fiscal year. as hyperscale customers continue to ramp more significant volumes and as we expect to begin to ramp two new hyperscale customers in the second half of fiscal year '26.

提醒一下，客戶結構每季都會有所不同，我們將繼續在客戶群多元化方面取得進展。我們仍然預計，在未來幾個季度和財年，三到四家客戶的收入將超過 10%。隨著超大規模客戶持續增加更大的交易量，我們預計將在 26 財年下半年開始增加兩家新的超大規模客戶。

Our team delivered Q4 non-GAAP gross margin of 67.4%, above the high end of our guidance range and up 355 basis points sequentially. Our product non-GAAP gross margin was 66.5% in the quarter, up 354 basis points sequentially and up 1,289 basis points year over year, primarily due to increasing scale. Total non-GAAP operating expenses in the fourth quarter were $52 million, at the high end of our guidance range and up 19% sequentially, primarily driven by headcount.

我們的團隊實現了第四季度非公認會計準則毛利率 67.4%，高於我們的預期範圍高端，季增 355 個基點。本季度，我們產品的非 GAAP 毛利率為 66.5%，比上一季成長 354 個基點，比去年同期成長 1,289 個基點，這主要得益於規模的擴大。第四季非公認會計準則總營運費用為 5,200 萬美元，處於我們指導範圍的高位，環比增長 19%，主要受員工人數增長的影響。

Our non-GAAP operating income was $62.5 million in Q4 compared to non-GAAP operating income of $42.4 million in Q3, up demonstrably due to the leverage obtained by achieving 26% sequential top line growth. Our non-GAAP operating margin was 36.8% in the quarter, compared to a non-GAAP operating margin of 31.4% in the prior quarter, a sequential increase of 538 basis points. Our non-GAAP net income was $65.3 million in the quarter, a record high compared to non-GAAP net income of $45.4 million in Q3. And our non-GAAP net margin was 38.4% in the quarter, well above the high end of our long-term net margin model of 28% to 33%.

我們第四季的非公認會計準則營業收入為 6,250 萬美元，而第三季的非公認會計準則營業收入為 4,240 萬美元，這一增長明顯得益於連續 26% 的營收成長。本季我們的非公認會計準則營業利潤率為 36.8%，而上一季的非公認會計準則營業利潤率為 31.4%，環比增長 538 個基點。本季我們的非公認會計準則淨收入為 6,530 萬美元，與第三季的非公認會計準則淨收入 4,540 萬美元相比創歷史新高。本季我們的非公認會計準則淨利率為 38.4%，遠高於我們長期淨利潤​​率模型的高端 28% 至 33%。

Cash flow from operations in the fourth quarter was $57.8 million, up $53.6 million sequentially due to cash collection driven by the significant sequential product ramp. CapEx was $3.7 million in the quarter, driven largely by purchases of production equipment. And free cash flow was $54.2 million, an improvement of $54.6 million from the third quarter.

第四季經營活動現金流為 5,780 萬美元，比上一季增加 5,360 萬美元，這得益於產品產量連續大幅增加帶來的現金回籠。本季資本支出為 370 萬美元，主要源自於生產設備的購買。自由現金流為 5,420 萬美元，較第三季增加 5,460 萬美元。

We ended the quarter with cash and equivalents of $431.3 million, an increase of $52.1 million from the third quarter. We remain well capitalized to continue investing in our growth opportunities while maintaining a substantial cash buffer. Our Q4 ending inventory was $90 million, up $36.8 million sequentially.

本季末，我們的現金和等價物為 4.313 億美元，較第三季增加 5,210 萬美元。我們仍然擁有充足的資本來繼續投資於我們的成長機會，同時保持大量的現金緩衝。我們第四季的期末庫存為 9,000 萬美元，比上一季增加了 3,680 萬美元。

Now turning to our guidance. We currently expect revenue in Q1 of fiscal '26 to be between $185 million and $195 million, up 12% sequentially at the midpoint. We expect Q1 non-GAAP gross margin to be within a range of 64% to 66%. We expect Q1 non-GAAP operating expenses to be between $54 million and $56 million. We expect Q1 diluted weighted average share count to be approximately 188 million shares. These expectations are based on the current tariff regime, which remains fluid.

現在轉向我們的指導。我們目前預計 26 財年第一季的營收將在 1.85 億美元至 1.95 億美元之間，中位數較上季成長 12%。我們預計第一季非公認會計準則毛利率將在 64% 至 66% 之間。我們預計第一季非公認會計準則營運費用將在 5,400 萬美元至 5,600 萬美元之間。我們預計第一季稀釋加權平均股數約為 1.88 億股。這些預期是基於目前仍在不斷變化中的關稅制度。

We were pleased to see fiscal year '25 play out as we expected. The rapid shift to AI workloads continue to drive new broad-based customer engagement, and we executed well to deliver the sequential growth we had forecast throughout the year. As we begin fiscal year '26, we expect revenue to exceed $800 million for year-over-year growth in excess of 85%. We expect non-GAAP operating expenses to grow at less than half the rate of revenue from fiscal year '25 to fiscal year '26 and as a result, we expect our non-GAAP net margin to approach 40%.

我們很高興看到 25 財年正如我們預期的那樣順利。向人工智慧工作負載的快速轉變繼續推動著新的廣泛客戶參與，我們表現良好，實現了全年預測的連續成長。在 26 財年開始之際，我們預計營收將超過 8 億美元，年增超過 85%。我們預計，從 25 財年到 26 財年，非 GAAP 營運費用的成長率將不到收入成長率的一半，因此，我們預計非 GAAP 淨利潤率將接近 40%。

And with that, I will open it up for questions.

現在，我將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thanks for taking my questions. For the first one, on the revenue side, I was hoping you could perhaps quantify how large were the 3%, 10% customers, especially the largest one. And thanks for giving the fiscal '26 revenue outlook. That suggests kind of a modest kind of sequential growth through the year, but I think you mentioned that you expect other new hyperscalers to come on board in the second half.

感謝您回答我的問題。首先，在收入方面，我希望您能夠量化 3%、10% 的客戶規模，尤其是最大的客戶。感謝您提供 26 財年的營收展望。這表明全年將出現一種溫和的連續增長，但我認為您提到過，您預計下半年將有其他新的超大規模企業加入。

So if you could just talk through what the puts and takes are as you look at kind of shaping the year, what could be the upside drivers and downside risks from here through fiscal '26 as you get more customers on board? And then I had a follow-up.

因此，如果您可以簡單談談您在塑造今年的前景時需要考慮的因素，那麼從現在到 26 財年，隨著您獲得更多客戶，上行驅動因素和下行風險可能是什麼？然後我進行了後續跟進。

Sure, Vivek. This is Daniel Fleming. So as you know, last quarter in our earnings call, we said that we had expected 3% to 4%, 10% end customers in the coming quarters and fiscal year. So we reiterated that again in our prepared comments, and that's exactly what we saw in our Q4. So the largest customer was 61% of revenue no surprise for that was. And we also had a 12% and an 11% customer. And they were the same as the same customers that we saw in Q2, past that 10% threshold.

當然，維韋克。這是丹尼爾·弗萊明。如您所知，在上個季度的收益電話會議上，我們表示預計未來幾季和財年終端客戶數量將成長 3% 至 4%，達到 10%。因此，我們在準備好的評論中再次重申了這一點，這正是我們在第四季度所看到的。因此，最大的客戶佔收入的 61%，這並不奇怪。我們還有 12% 和 11% 的客戶。他們與我們在第二季度看到的客戶相同，超過了 10% 的門檻。

So kind of addressing your second point, we expect to continue our diversification throughout fiscal '26. And in addition to these 3% customers, we do expect to have two additional hyperscalers in the second half of fiscal '26 in addition to those 3%, 10% customers. It's a little difficult for us to map out exactly how that will chart through the year.

因此，針對您的第二點，我們預計在 26 財年繼續多元化。除了這 3% 的客戶之外，我們預計在 26 財年下半年，除了這 3% 和 10% 的客戶之外，還會有另外兩家超大規模客戶。對我們來說，要準確描繪出全年的發展趨勢有點困難。

But right now, if you just kind of apply a linear trajection, that's probably as best as best as we could project at this point in time. But we're certainly excited about our continued revenue diversification across several hyperscalers as our innovative solutions are more broadly adopted across the industry.

但現在，如果你只是應用線性軌跡，這可能是我們目前所能預測的最佳結果。但隨著我們的創新解決方案在整個行業中得到更廣泛的採用，我們對在多個超大規模企業中持續實現收入多元化感到非常興奮。

All right. And for my follow-up on gross margin. You mentioned scale as a reason for gross margin expansion. But I think for Q1, you're guiding gross margin to kind of get back to trend, 65%, but you should be getting more scale benefit. So is there anything else in mix or customers that [are sound] so just conceptually, how should we think about the gross margin trajectory for the fiscal year and if for extra creditors, you could also tell us about how you think about EBIT margin because there, you are above your longer-term model? Thank you.

好的。以及我對毛利率的跟進。您提到規模是毛利率擴大的原因之一。但我認為，對於第一季度，您預計毛利率將恢復到 65% 的趨勢，但您應該獲得更多的規模效益。那麼，在組合或客戶方面還有其他[合理的]嗎？那麼從概念上講，我們該如何看待本財年的毛利率軌跡呢？如果是額外的債權人，您也可以告訴我們您如何看待息稅前利潤率，因為在那裡，您高於您的長期模型？謝謝。

Yes, we're certainly seeing the benefit of scale. We saw that in Q3. We saw it even more so in Q4 as that scale continued to grow. So it's a fair question that you asked. We were up 355 basis points from Q3 to Q4 gross margin-wise. And that puts us above the high end of our long-term model.

是的，我們確實看到了規模帶來的好處。我們在第三季度看到了這一點。隨著規模不斷擴大，我們在第四季看到的情況更加明顯。所以你問的這個問題很合理。從第三季到第四季度，我們的毛利率上升了 355 個基點。這使我們超越了長期模型的高端。

But having said all that, our gross margin expansion won't always be linear as we continue to increase scale. There will always be some differences in product mix from quarter to quarter. So we guided Q1 at 65% at the midpoint. But more importantly, we're not setting a new long-term model for gross margin, but we're clearly entering a phase right now where gross margin will be at or above the high end of that long-term expectation.

但話雖如此，隨著規模的不斷擴大，我們的毛利率擴張並不總是線性的。每季的產品組合總是會有些差異。因此，我們預期第一季的中點率為 65%。但更重要的是，我們並沒有為毛利率設定一個新的長期模型，但我們顯然正在進入一個階段，在這個階段，毛利率將達到或超過長期預期的高端。

And anything on EBIT, Dan they're also your above target.

關於息稅前利潤 (EBIT) 的任何內容，丹，它們也是你的首要目標。

Never the same, you would expect that to follow kind of the improvement or expansion in net margin should fall right through to EBIT. So you could do that math pretty -- in a pretty straightforward fashion. Our CapEx, the one additional piece I'll give you is if you look at all of the different tape-outs and leading those that we have planned over the coming fiscal year, our CapEx might be double what it was this last year. So that would be the last piece of the equation you would need to come up with your own EBIT.

永遠不會相同，您會期望隨之而來的淨利潤的改善或擴大應該直接影響到息稅前利潤。因此，你可以用一個非常簡單的方式來完成這個計算。我們的資本支出，我要給你的另外一點是，如果你看一下我們在未來財政年度計劃的所有不同的流片和主導流片，我們的資本支出可能是去年的兩倍。因此，這將是您計算自己的息稅前利潤 (EBIT) 所需的等式的最後一部分。

(Operator Instructions)

（操作員指示）

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you. Bill, Dan, and Dan. Awesome results, great execution. Bill, I was hoping you could talk a little bit more about some of the use cases with your large customers that are ramping, especially on the AEC side. So there's clearly an 800-gig upgrade cycle going on, I guess you're still shipping some 400 gig. And especially as we think about the two new customers that are coming out -- coming on second half of the year, if you could talk to the use cases for those as well, that would be really helpful. Thank you.

是的，謝謝。比爾、丹和丹。出色的結果，出色的執行。比爾，我希望你能多談談你與正在擴大業務的大客戶的一些用例，特別是在 AEC 方面。因此顯然正在進行 800 千兆的升級週期，我猜您仍在運送大約 400 千兆。特別是當我們考慮即將在今年下半年出現的兩個新客戶時，如果您能談談他們的用例，那將會非常有幫助。謝謝。

Sure. So I think we see the use cases being pretty consistent with what we've talked about in the past. There's three basic areas. There's -- and our main business today is in connecting servers with switches.

當然。所以我認為我們看到的用例與我們過去討論的非常一致。有三個基本領域。目前，我們的主要業務是將伺服器與交換器連接起來。

The first business that we ramped was really front-end connections. And that is what we think about traditionally when we fit the network. Second area is now with back-end networks and specifically with scale-up networks, this is the majority of the product that we're shipping today. Really, if we look at all of the customers combined, I would say it's far greater than 50% of the shipments that we're seeing scale out back in back in networks for AI.

我們開展的第一項業務其實是前端連結。這就是我們在調整網路時傳統上所考慮的問題。第二個領域現在是後端網絡，特別是擴展網絡，這是我們今天運送的大部分產品。實際上，如果我們看一下所有客戶的總和，我會說我們看到的在 AI 網路中擴展的出貨量遠遠超過 50％。

The third area is really within disaggregated chassis. And so we see that being a growing part of our business, and that exists in both the back-end and front-end networks. What we're seeing is our largest volume right now is actually 50 gig per lane ADCs, but we see the trend moving quickly to 100 gig per lane. Hopefully, that gives you the color you were looking for.

第三個區域實際上是在分解的底盤內。因此，我們認為這是我們業務中不斷成長的一部分，並存在於後端和前端網路中。我們看到，目前最大的容量實際上是每通道 50 千兆的 ADC，但我們看到趨勢正在迅速轉向每個通道 100 千兆。希望這能給你想要的顏色。

Yes. No, that's great. And maybe as a follow-up and sort of related to that, because you mentioned the largest volume is it 50 gig, I assume that means it's more 400. But where are we sort of then in the inflection point to 800 gig is this sort of still very early days for 800-gig upgrades? And I assume it will be very different by customer, right? Some customers probably haven't even moved to 800 gig for your AEC products there, right?

是的。不，那太好了。也許作為後續行動並且與此相關，因為您提到最大容量是 50 千兆字節，我認為這意味著它超過 400 千兆位元組。但是，我們在 800G 的拐點處處於什麼位置，800G 升級是否仍處於早期階段？我認為不同客戶會有很大的差異，對嗎？有些客戶可能還沒有將您的 AEC 產品升級到 800G，對嗎？

Right. Yes, each one of our customers, we kind of view as a different market in itself. They all have different strategies, and there's many different ways to achieve the networking objectives as it relates to clusters as it relates also to the network in general. And so we see that really towards the end of fiscal '26, we see it the transition for 50 gig to 100 gig overall, broadly for our business, will really start to happen in a bigger way.

正確的。是的，我們將每個客戶視為不同的市場。它們都有不同的策略，並且有許多不同的方法來實現與叢集相關的網路目標，也與整個網路相關。因此，我們看到，到 26 財年末，我們的業務將從 50G 向 100G 全面轉型，並將真正開始以更大規模的方式實現。

But again, we've got some customers who are already there. 100% of the shipments that we're making are 100 gig per lane. So it's hard to talk generally about it, given the fact that each one of our customers will have a different strategy.

但是，我們又有一些客戶已經在那裡了。我們 100% 的出貨量都是每條線路 100 千兆。因此，考慮到我們的每個客戶都有不同的策略，很難籠統地談論這個問題。

That's great. Congrats again.

那太棒了。再次恭喜。

Thanks, Tore.

謝謝，托爾。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Yes. Let me offer my congratulations as well. I wanted to come back to Dan to the gross margin and the step-down in the July quarter. Wondering if you could just talk to us about the tariff risk? I think you've got BizLink and Foxlink, which manufacture your AEC cables, both located in China and wondering if tariff risks and tariff costs are having any impact on that gross margin in the July quarter? And then I've got a follow-up.

是的。我也向你表示祝賀。我想回到丹那裡討論七月季度的毛利率和下降情況。想知道您是否可以和我們談談關稅風險嗎？我認為你們的 AEC 電纜製造商 BizLink 和 Foxlink 都位於中國，我想知道關稅風險和關稅成本是否會對 7 月季度的毛利率產生影響？然後我有一個後續行動。

Yes, that's not -- we don't expect there to be significant tariff risk impacted gross margin percentage at this point. So that's not what's driving potentially a minor reduction in gross margin percentage Q1 to Q2 or Q4 to Q1. But just thinking of tariffs in general, maybe I'll let Bill comment on that a little more broadly for.

是的，我們預期目前關稅風險不會對毛利率產生重大影響。因此，這並不是導致第一季至第二季或第四季至第一季毛利率百分比小幅下降的原因。但僅從整體考慮關稅，也許我會讓比爾對此進行更廣泛的評論。

Sure. So I think what we've seen over the last quarter since our last call, tariffs in the overall macro economy are continuing to evolve. We're obviously monitoring the situation closely, and we're working very closely with our customers. And ultimately, we're trying to be as flexible as we can in delivering the best solution for the customer.

當然。因此，我認為，自上次電話會議以來，我們在過去一個季度看到，整體宏觀經濟中的關稅正在繼續演變。我們顯然正在密切關注局勢，並與我們的客戶密切合作。最終，我們會盡力靈活地為客戶提供最佳解決方案。

Over the past year, we've talked about the efforts that we're making to diversify geographically. Really happy to say that in the kind of worst-case scenario, within months we could be out of one geographical location and into another. So I feel like our team and our customers were trying to take a mindset that's dynamic and ultimately feel like this thing is going to be more well-understood for the next three to six months and we're going to try to be as flexible as we can to deliver solutions in the most efficient way possible.

在過去的一年裡，我們討論了我們為實現地域多元化所做的努力。真的很高興地說，在最糟糕的情況下，幾個月內我們可能會從一個地理位置進入另一個地理位置。因此，我覺得我們的團隊和客戶正在嘗試採取一種動態的思維方式，並最終覺得在接下來的三到六個月內這件事會得到更好的理解，我們將嘗試盡可能靈活地以最有效的方式提供解決方案。

And my follow-up, Bill, just the -- you've talked about your fourth and your fifth hyperscale customer ramping. Sounds like kind of second half of the year. You've got 3%, 10% customers that are saying there could be three to four, I'm wondering if you think either of the two hyperscalers that ramp this year, would you expect them to ramp so quickly that one of those could be a 10% customer on a quarterly basis by the end of fiscal '26 or would you expect a more modest ramp from the two new hyperscalers this year? Thank you.

我的後續問題是，比爾，剛才你談到了你的第四個和第五個超大規模客戶的成長。聽起來像是今年下半年的事。您有 3%、10% 的客戶表示可能會有三到四家，我想知道您是否認為今年新增的兩家超大規模企業的成長速度會如此之快，以至於到 26 財年末，其中一家企業可能成為每季 10% 的客戶？或者您預計今年新增的兩家超大規模企業的成長速度會更為溫和？謝謝。

I think all of the hyperscalers have the potential to be a 10% customer long term. If we look at more of a short-term outlook, it's very hard for us to get specific with that. I will say that one of the two additional customers that we've talked about, the ramp looks like it's going to happen towards the middle of the year. So we're getting some clarity that that ramp is planned to be a little bit sooner than we expected.

我認為所有超大規模企業都有潛力成為長期的 10% 客戶。如果我們更關注短期前景，我們就​​很難獲得具體資訊。我想說的是，我們談到的兩個額外客戶中的一個，產量成長看起來將在年中實現。因此，我們清楚地知道，計劃中的坡道比我們預期的要早一點。

The additional customer beyond that is also firming up, but it looks more towards the second half when that's going to happen. Again, really hard for me to say in that timeframe how large these two additional customers will be. But long term, I surely believe that both of them could be a 10% customer long term.

除此之外，新增客戶的數量也在增加，但預計這種情況將在下半年出現。再說一次，我真的很難說出在那個時間段內這兩個新增客戶會有多大。但從長遠來看，我確信他們兩人都可以成為長期的 10% 客戶。

Got it. Thank you, Bill. Thanks, Dan.

知道了。謝謝你，比爾。謝謝，丹。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey, guys. Thanks for taking my questions. The first one, to your commentary about a majority of your business being scaled out today. If you look at the number of connections like you're increasingly seeing a lot of these links are going to be in the scale-up architecture. And you're seeing UAL scale up Ethernet and then NV Fusion now come out in different methods for connecting those nodes.

嘿，大家好。感謝您回答我的問題。第一個問題，針對您關於今天大部分業務規模正在擴大的評論。如果你看一下連接的數量，你會發現很多這樣的連結都將處於擴展架構中。您會看到 UAL 擴大了乙太網路規模，然後 NV Fusion 採用了不同的方法來連接這些節點。

Could you talk about your play in the scale-up architecture? And do you think that you need to be embedded deeply in one of those protocol standards to have success like to date, it feels like your customer wins are very much one-on-one. But as those standards grow and those protocols grow, like, do you feel like that's where you will get next wind of this company is when you get aligned there. Just any comments on the NV Fusion, please.

能談談您在擴大規模架構的表現嗎？您是否認為需要深入嵌入其中一種協議標準才能獲得成功，就像迄今為止一樣，感覺您的客戶勝利很大程度上是一對一的。但隨著這些標準和協議的發展，你是否覺得當你與這些標準和協議保持一致時，你就會得到這家公司的下一波風潮？請對 NV Fusion 提出任何評論。

Sure. Before we jump in to second NVLink Fusion and scale-up internet or SUV and UALink, first of all, there's a large market for PCIe. And so that's Gen5 today moving to Gen6. And then longer term, when we talk about these other standards, these are all going to be 224 gig 30. So at the -- in the near term, we expect that we're going to increase -- we're going to establish revenue and really increase that revenue base in the PCIe Gen5 and Gen6 timeframe. And then after that, we're going to be flexible in the sense of offering Gen7 or doing products that would be universal for all of the standards that we mentioned.

當然。在我們討論第二個 NVLink Fusion 和擴展互聯網或 SUV 和 UALink 之前，首先，PCIe 有一個很大的市場。這就是今天 Gen5 轉向 Gen6 的過程。從長遠來看，當我們談論這些其他標準時，這些都將是 224 gig 30。因此，在短期內，我們預計我們將會增加——我們將建立收入，並在 PCIe Gen5 和 Gen6 時間範圍內真正增加收入基礎。然後，我們將靈活地提供 Gen7 或生產適用於我們提到的所有標準的產品。

At the physical layer, layer one, these are all similar series. And we think that if we talk about ACs specifically, we think that for the 224 gig per lane AECs, we'll be able to support Ethernet, SUV, UALink, and also NVLink Fusion. So we think generally that the announcement from NVIDIA is good for the market. Open standards are good and that will open up opportunity for the market in general, including Credo.

在物理層，第一層，這些都是類似的系列。我們認為，如果我們具體談論 AC，我們認為對於每通道 224 千兆的 AEC，我們將能夠支援乙太網路、SUV、UALink 以及 NVLink Fusion。因此我們普遍認為 NVIDIA 的聲明對市場有利。開放標準是好的，它將為包括 Credo 在內的整個市場帶來機會。

And that's helpful. As a follow-up, I wanted to kind of dive in on some comments you made in the preamble on the optical side, just talking about the success of the execution this year and then thoughts on growth into next year. In terms of your opportunities at higher speeds, are you seeing more traction with customers today? It seems like there's a lot of diversification going on. And just any evidence points of that success in the market thus far. Thanks again, Bill.

這很有幫助。作為後續，我想深入探討您在序言中關於光學方面的一些評論，只是談論今年執行的成功以及對明年增長的想法。就更高速度帶來的機會而言，您是否看到了當今對客戶的更多吸引力？看起來，正在發生很多多樣化的事情。迄今為止，任何證據都表明該市場取得了成功。再次感謝你，比爾。

Yes. Our progress with optical continues. So we felt great about what the team was able to accomplish in fiscal '25 and we're looking again to double or even beyond double our optical revenue in fiscal '26. So the majority of our business today is believe it or not 50 gig per lane and we've got several designs that are in flight, and we're seeing traction now in revenue for 100 gig per lane designs. That is going to continue. Our share increase for 100 gig per lane optical DSPs will continue.

是的。我們在光學領域的進步仍在繼續。因此，我們對團隊在 25 財年取得的成就感到非常滿意，並且我們再次期待在 26 財年將我們的光學收入翻一番甚至翻一番以上。因此，不管您相不相信，我們今天的大部分業務都是每條通道 50 千兆，而且我們已經有幾種正在進行的設計，現在我們看到每條通道 100 千兆的設計的收入正在增長。這種情況將會持續下去。我們的每通道 100 千兆光纖 DSP 份額將持續增加。

I think when we saw each other at OFC, I mean you could sense the interest that we saw in the demonstrations that we made there. Probably most impressive coming out of that show is showing an 800-gig LRO DSP built into a module that was being demonstrated, showing great error rates. And the key point was at roughly 9 watts. So there's an increasing focus on power efficiency, especially in AI networks -- in AI clusters.

我想，當我們在 OFC 見面時，你可以感受到我們對在那裡進行的示威活動的興趣。此次展會上最令人印象深刻的可能是展示了一個內置於正在演示的模組中的 800 千兆 LRO DSP，其錯誤率極高。關鍵點大約在9瓦左右。因此，人們越來越關注電源效率，尤其是在人工智慧網路——人工智慧叢集中。

And so my feeling is that we're going to experience a lot of success in the 100 gig per lane market in the next 12 to 24 months. And of course, beyond that, 200 gig per lane is coming. I think we're in the camp that says it's going to come a little bit more slowly than predicted as it always seems to happen. But also at OFC, we demonstrated what we believe is an industry-leading 200 gig per lane optical DSP solution, again, leading air performance and setting probably a new benchmark in power efficiency for that 1.6 market.

因此我的感覺是，在未來 12 到 24 個月內，我們將在每通道 100 千兆的市場中取得巨大的成功。當然，除此之外，每條通道還將支援 200 千兆位元。我認為我們的觀點是，這個過程會比預期的要慢一些，因為它似乎總是會發生。而且在 OFC 上，我們也展示了我們認為業界領先的每通道 200 千兆的光學 DSP 解決方案，再次引領了空中性能，並可能為 1.6 市場設定了新的功率效率基準。

We're going to come out with both full DSP and the LRO variants at the same time. And our expectation is that we're really well-positioned in that market as that develops.

我們將同時推出完整的 DSP 和 LRO 變體。我們的期望是，隨著市場的發展，我們能夠在該市場中佔據有利地位。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Hi, Bill and Dan. Congrats on a great quarter, I guess. Just a couple of quick questions -- I'm at the airport. It is a little noisy. But any thoughts to what are the -- what's the traction you're seeing on optical DSP. I think you talked about three customers going to '25. Just wondering if there are full DSP or LRO and when do you expect to become much (inaudible).

你好，比爾和丹。我想，恭喜您度過了一個美好的季度。我只想問幾個簡單的問題——我在機場。有點吵。但是您對光學 DSP 的吸引力有何看法？我認為您談到了三位前往 25 歲的顧客。我只是想知道是否有完整的 DSP 或 LRO，以及你預計什麼時候會變得更加（聽不清楚）。

Sure. So I feel like we're really well-positioned right now. If we talk about 100 gig per lane solutions and the 200 gig per lane solutions specifically. We're going to have various products that are going to enable our customers to target specifically what they're most interested in. So our 12-nanometer family of DSPs is by far the lowest cost from standpoint of any DSPs in the market. So super cost-effective in 12-nanometer.

當然。所以我覺得我們現在處於非常有利的位置。如果我們具體討論每通道 100 千兆的解決方案和每通道 200 千兆的解決方案。我們將推出各種產品，使我們的客戶能夠專門找到他們最感興趣的產品。因此，從市場上所有 DSP 的角度來看，我們的 12 奈米系列 DSP 是迄今為止成本最低的。因此 12 奈米的性價比極高。

The product line we came out with recently in 5-nanometer, this sets new benchmarks for power efficiency. And so that is a trend that we see that, that is something that our customers are pursuing pretty aggressively right now. As it relates to full DSP versus LRO, we're very agnostic. And certain customers, if they could fit under the power ceiling for the module design with a full DSP, they'll go with a full DSP.

我們最近推出的 5 奈米產品線為電源效率樹立了新的標竿。這是我們看到的趨勢，也是我們的客戶目前非常積極追求的趨勢。由於它與完整 DSP 和 LRO 的關係，我們對此持非常不可知的態度。對於某些客戶來說，如果他們能夠適應採用完整 DSP 的模組設計的功率上限，他們就會選擇採用完整 DSP。

In other cases, if power efficiency is really critical and we're seeing this market for 800-gig optical DSPs and optical modules really becoming much more prioritized. So sub-10 watts is very much an objective. And in the past, those in the industry have said that the only way to do that is to go to an LPO solution, which drops and creates a whole host of issues with Interop and diagnostics.

在其他情況下，如果功率效率確實至關重要，我們就會看到 800 千兆光學 DSP 和光學模組市場確實變得更加優先。因此，低於 10 瓦是一個重要的目標。過去，業內人士曾表示，實現這一目標的唯一方法是採用 LPO 解決方案，但這會導致互通性和診斷方面出現一系列問題。

So the LRO is a solution. As we've shown, we can deliver on this requirement of sub-10-watt modules and still maintain the benefits of having the DSP designed into the system.

所以 LRO 是一個解決方案。正如我們所展示的，我們可以滿足 10 瓦以下模組的要求，同時仍保留將 DSP 設計到系統中的優勢。

Got it. Thanks. And then last -- on the scale-up side, I know you should be able to [SPS], but when do you expect scale-up revenue to start to get -- or start to show up and get material for you? Thanks.

知道了。謝謝。最後，在擴大規模方面，我知道您應該能夠 [SPS]，但您預計擴大規模的收入何時會開始獲得 - 或者開始出現並為您帶來材料？謝謝。

Yes. For us, we've been pretty consistent saying that our design wins will come this calendar year, and our revenue ramp will start in calendar '26. And I feel like we're absolutely right on top of that timeframe. When I think it's going to become a very material and significant part of our business. I think over the next two to five years, this is going to be part of the network where there's intense demand across the board. And so I see our business growing pretty dramatically beyond, say, our fiscal '27 timeframe.

是的。對我們來說，我們一直非常一致地說，我們的設計勝利將在今年到來，我們的收入成長將從 26 年開始。我覺得我們完全按照這個時間表行事。我認為它將成為我們業務中非常重要的一部分。我認為在未來兩到五年內，這將成為網路的一部分，並且在整個網路中都有強烈的需求。因此，我認為我們的業務將在 2027 財年之後顯著成長。

Got it. Thank you.

知道了。謝謝。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Yes. Thank you. I have two, please. First, Dan, you spoke about CapEx doubling this year to support your sales outlook for fiscal '26. Given the capital commitment to support these programs, could you discuss whether any of these programs are take or pay that may give you better visibility into the manufacturing ramp requirements for these programs over the next couple of quarters.

是的。謝謝。請給我兩份。首先，丹，您談到今年資本支出將翻一番，以支持您對 26 財年的銷售前景。考慮到支持這些項目的資本承諾，您能否討論一下這些項目中是否有任何項目是照付不議的，這可能會讓您更好地了解未來幾季這些項目的製造提升要求。

No. This is -- the largest thing that drives our CapEx is our production mask set tape-outs. And we've talked now for a while about upcoming 3-nanometer tape-outs in fiscal '26. So that's really what's driving it. So it's, in a sense, kind of disconnected from any customer contracts or customer specifically. It's really fundamental devices that we're taking out that we capitalize.

不。這是——推動我們資本支出的最大因素是我們的生產掩模版流片。我們現在已經討論了 26 財年即將推出的 3 奈米流片。這才是真正的驅動因素。因此，從某種意義上說，它與任何客戶合約或具體客戶都脫節。我們真正要利用的是基礎設備。

Yes. Thanks for that. I understand that you may not have full visibility into every AEC connection. But do you have a general rule of thumb to think about your AEC sales being used to connect GPU compute racks versus custom compute server racks I ask because there's a misperception that you were over-indexed to custom [ASICS] server racks for AEC. Thank you.

是的。謝謝。我知道您可能無法完全了解每個 AEC 連接。但是，您是否有一個一般的經驗法則來考慮您的 AEC 銷售是用於連接 GPU 電腦架還是自訂運算伺服器機架？我問這個問題是因為人們誤以為您過度依賴 AEC 的客製化 [ASICS] 伺服器機架。謝謝。

Yes, I think you got it right that our AECs are used to connect any kind of GPU to any kind of switch. And we've seen that across the board with our customers. There's definitely no way to look at our AEC business as a proxy for any kind of custom TP solutions. But we're connecting broadly at a lot of our customers with both.

是的，我認為您說對了，我們的 AEC 用於將任何類型的 GPU 連接到任何類型的交換器。我們已經在全體客戶身上看到了這一點。我們絕對不能將 AEC 業務視為任何類型的客製化 TP 解決方案的代理。但我們正在透過這兩種方式與許多客戶建立廣泛的聯繫。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

Hi, Bill, Dan. Dan, congrats on the progress here. maybe it's been a few quarters and some of your competitors have announced AC products and talked about them.

你好，比爾，丹。丹，祝賀你取得的進展。也許已經過去了幾個季度，你的一些競爭對手已經發布了 AC 產品並對其進行了討論。

Can you just update us on the competitive landscape? And obviously, you said it would be a large market where you get some share. But maybe you can just talk about the competitive advantages that Credo continues to bring to the marketplace with more folks talking about AEC offerings.

可以向我們介紹一下競爭格局嗎？顯然，您說過這將是一個巨大的市場，您可以從中獲得一些份額。但也許您可以談談 Credo 繼續為市場帶來的競爭優勢，更多人談論 AEC 產品。

Sure. Yes. From our perspective, the competitive environment has not changed meaningfully in the last 90 or 120 days. We know that our customers want multiple sources it's really becoming increasingly clear that the AEC market can support multiple winners. So our goal is to maintain our position as the leader in [billing at or] continuing that leadership.

當然。是的。從我們的角度來看，競爭環境在過去 90 天或 120 天內並沒有重大變化。我們知道我們的客戶需要多個來源，AEC 市場可以支援多個贏家這一點變得越來越明顯。因此，我們的目標是保持我們在[計費方面]的領先地位或繼續保持這一領先地位。

It's really based on delivering innovative solutions more quickly than our competition. So we're very, very focused on at each one of our customers on delivering the next-generation solution, first sampling and then ultimately going through qualification and being the first to ramp. And that has to do with our ability to act quickly in a sense that the entire responsibility for the system-level product sits within the Credo organization.

這實際上是基於比我們的競爭對手更快地提供創新解決方案。因此，我們非常非常注重為每位客戶提供下一代解決方案，首先是提供樣品，然後最終通過資格認證並率先實現量產。這與我們快速採取行動的能力有關，因為系統級產品的全部責任都落在了 Credo 組織身上。

And that really comes from product definition through development through delivery of for samples all the way through qualification and ultimately, in production, we take full ownership. There's no question -- there's no time loss all of our engineers that work on the different parts of the SerDes to the ICs, to the system of the cable system, to the [firm owner] team, all of them are sitting right next to each other.

這實際上來自於從產品定義到開發、到樣品交付、到資格認證，最終在生產中，我們承擔全部責任。毫無疑問——我們所有從事 SerDes、IC、電纜系統、[公司所有者] 團隊等不同部分工作的工程師都沒有時間損失，他們都坐在一起。

And so our ability to iterate to close the design and bring it through qualification and production, I think, is probably best in class. And that's really our focus just to make sure our team is the one that's delivering for our customers first and satisfying them. And I think we've done a great job with that thus far.

因此，我認為，我們迭代完成設計並通過資格認證和生產的能力可能是同類中最好的。我們的重點是確保我們的團隊首先為客戶提供服務並讓他們滿意。我認為到目前為止我們在這方面做得很好。

Great. Okay. It's very helpful there, Bill. And then my second question is on the rack-to-rack 7-meter solution that you're planning, I guess. Is that going to -- the timing of that dovetailing as you get into scale up more so second half of this year, next year? Or can you just talk about when the demand for rack-to-rack extended cables would come in versus the one you're selling today?

偉大的。好的。這非常有幫助，比爾。我的第二個問題是關於您正在計劃的機架到機架 7 公尺解決方案。那會不會——隨著你們在今年下半年或明年進一步擴大規模，時間會不會吻合？或者您能否談談與您目前銷售的機架到機架延長電纜相比，機架到機架延長電纜的需求何時會到來？

Yes. I think that the catalysts are really in the way that next-generation data centers are being built. We've talked a lot about liquid cooling. And the non-linear power sourcing increase that's happening. And so we really see the rack-to-rack opportunity come as those deployments increase.

是的。我認為催化劑確實在於下一代資料中心的建構方式。我們已經討論了很多有關液體冷卻的問題。且非線性電源正在增加。因此，隨著這些部署的增加，我們確實看到了機架到機架的機會。

So you can do a lot to get significantly higher density for me. And that really opens the door to improving the reliability of the network by replacing optical solutions with AECs, effectively eliminating link labs. And so we see there's one customer we've publicly talked about being AI, and that's gone very, very well. We've accomplished the very high-level objectives in building the most reliable possible.

因此，您可以做很多事情來為我獲得更高的密度。這確實為提高網路可靠性打開了大門，即用 AEC 取代光纖解決方案，有效地消除鏈路實驗室。因此，我們看到有一位客戶我們公開談論過它是人工智慧，而且進展非常順利。我們已經實現了建構最可靠系統的非常高的目標。

But we've got a second customer that's going to ramp this year that the catalyst there was similar in the sense that their ability to move to these longer-length AECs really opens the door for them to improve the reliability. So I believe we'll see that over time. As it relates to scale up, that's really going to be PCIe Gen6 to begin with. And we expect that that will become somewhat popular in the calendar '26 calendar '27 timeframe.

但是，我們還有第二個客戶，他們今年將加大生產，其催化劑是類似的，因為他們能夠轉向這些更長的 AEC，這確實為他們提高可靠性打開了大門。所以我相信隨著時間的推移我們會看到這一點。就擴充而言，這實際上首先是 PCIe Gen6。我們預計，在 2026 年和 2027 年的時間範圍內，它將變得相當流行。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hey, guys. Thanks for the question and congrats on these results. Bill, just a broad question for you. Beyond AECs, like if we look out maybe three years, five years, talked about optical becoming larger, I think 10% of revenue or higher at some point. But how would you view your total product mix, ACs versus optical versus, let's say, retimers for scale up versus other, how do you see this mix broadly playing out three to five years from now?

嘿，大家好。感謝您的提問，並祝賀這些結果。比爾，我只想問你一個廣泛的問題。除了 AEC 之外，如果我們展望未來三到五年，光學業務將會變得更大，我認為在某個時候會占到收入的 10% 或更高。但是您如何看待您的整體產品組合，AC 與光學產品，例如用於擴大規模的重定時器與其他產品，您如何看待這種組合在未來三到五年內會如何發展？

It's a good question in a sense that there's a lot of conversation about the necessity to move to optical over time. And I think the market has spoken very loudly that if you can use copper, you will. Even the folks like NVIDIA has been pretty outspoken in saying that. So we believe that the market for copper is going to be very large in the next three to five years.

從某種意義上說，這是一個好問題，因為關於隨著時間的推移轉向光學的必要性有很多討論。我認為市場已經明確表示，只要你能使用銅，你就會使用。甚至像 NVIDIA 這樣的公司也直言不諱地這麼說。因此我們相信未來三到五年銅市場將會非常大。

But with that said, if we look at the largest investments that we're making right now as a company, they're all in the optical space. So my belief is that over time, yes, we'll have 10% represented by optical, but I think that number will grow if -- especially if you're talking about three to five years. We see a tremendous opportunity in the optical space, really even beyond what we would think of as traditional optical ASPs. We're looking at implementing the same kind of system-level, innovative solutions that we've done with AEC. So there's a lot of learning there. And so when we talk about going beyond the standard, that's something we're very focused on right now.

但話雖如此，如果我們看看我們公司目前進行的最大投資，它們都在光學領域。所以我相信，隨著時間的推移，光學將佔據 10% 的份額，但我認為這個數字還會成長——特別是如果你談論的是三到五年後。我們在光學領域看到了巨大的機遇，甚至超出了我們所認為的傳統光學 ASP 的範圍。我們正在考慮實施與 AEC 相同的系統級創新解決方案。因此，這裡有很多值得學習的地方。因此，當我們談論超越標準時，這是我們現在非常關注的事情。

I will also say that we do see a large opportunity for ICs. And maybe it's in areas that are related to emerging applications within the AI space, specifically with inference. I'm not going to talk too much about that, but addressing different bottlenecks within the landscape is definitely part of our plan, and there's been we're investing in different spaces there. But that will definitely play into our revenue in a significant way in the five-year kind of timeframe. So we see a lot of opportunities across the board.

我還要說，我們確實看到了 IC 的巨大機會。它可能與人工智慧領域的新興應用有關，特別是推理。我不會談論太多，但解決景觀中的不同瓶頸肯定是我們計劃的一部分，而且我們一直在那裡投資不同的領域。但這肯定會在五年內對我們的收入產生重大影響。因此，我們看到了各方面的許多機會。

Excellent Excited to hear more about those products. My second question is around supply. So you, guys, are putting up just some really massive growth numbers here. And usually, when we have a product take off like this, you can end up with some bottleneck.

非常好，很高興聽到有關這些產品的更多資訊。我的第二個問題是關於供應的。所以，各位，你們在這裡提出了一些真正巨大的成長數字。通常，當我們的產品像這樣起飛時，你可能會遇到一些瓶頸。

So I guess my question is, are you seeing any bottlenecks? Any constraints in either front end or back end or at your cable suppliers and what has happened to lead times for your products during this growth? Have they grown? And where are they now. Just -- yes, the question is generally like how far do these guys have to book out to get a product.

所以我想我的問題是，您是否看到任何瓶頸？您的電纜供應商在前端或後端是否有任何限制？在此成長過程中，您的產品的交貨時間有何變化？它們長大了嗎？他們現在在哪裡？只是——是的，問題通常是這些人需要預訂多遠才能獲得產品。

Yes. I think we've shown in the past couple of quarters, a great ability to ramp in a short period of time. And if we kind of break it down specifically to the AEC, there's really two pieces. There's the silicon aspect of it, and then there's the system-level aspect. So we've got two different operations teams in the company. We've got a silicon operations team and the systems operations.

是的。我認為，在過去的幾個季度中，我們已經展現出在短時間內實現快速成長的強大能力。如果我們將其具體分解到 AEC，它實際上分為兩部分。它有矽片方面，還有系統級方面。因此我們公司有兩個不同的營運團隊。我們有一個矽片營運團隊和系統營運團隊。

And so the longest lead time that we've got is really on the silicon side, and that's with TSMC and our assembly partners. On the systems side with the AEC, it's really important that that we stay close with all of the different suppliers in our supply chain, but specifically the cable assembly partners. We've shown great ability to increase volumes represents about 1 million units in production capacity annually. And so the investment that's required is not as significant as taping out a 5-nanometer chip or a 3-nanometer chip that is substantially less.

因此，我們最長的交貨週期實際上是在矽片方面，這是與台積電和我們的組裝合作夥伴一起完成的。在 AEC 系統方面，與供應鏈中的所有不同供應商保持密切聯繫非常重要，特別是與電纜組裝合作夥伴保持密切聯繫。我們已展現出強大的增產能力，每年的生產能力約為 100 萬台。因此，所需的投資並不像生產 5 奈米晶片或 3 奈米晶片那麼大。

And so the CapEx required, the lead time to get the equipment and the lead time to bring them to line is actually shorter than what it would take to build a semiconductor from start to finish. So I believe we're in good position even if we do see the kind of percentage increase that we've seen over the last 12 months, that we'll be in good shape.

因此，所需的資本支出、獲取設備的交付週期以及將設備投入生產線的交付週期實際上比從頭到尾製造半導體所需的時間要短。因此，我相信，即使我們看到過去 12 個月所看到的百分比成長，我們仍處於良好狀態。

Again, it's a huge benefit that our systems operations team has close relationships with all of the supply chain partners. And so it's important that we have those [drag] connections so that we don't miss a beat when we're trying to ramp quickly. All of our supply chain partners know that we're ultimately responsible for making commitments and delivering the solution.

再次強調，我們的系統營運團隊與所有供應鏈合作夥伴保持密切的關係，這是一個巨大的優勢。因此，擁有這些 [拖曳] 連接非常重要，這樣當我們嘗試快速提升時就不會錯過任何一個節拍。我們所有的供應鏈夥伴都知道，我們最終要對做出承諾和提供解決方案負責。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Yes, congrats on the results and guidance. And thank you for taking my question. I actually wanted to ask about your pilot software that you talked about in the prepared remarks. How does that SEK and debug tool differ from what your competitors are bringing to market? And I was also helping the are there any synergistic elements of that the pilot software brings across your APD, DSP, and retimer hardware? Thank you.

是的，祝賀你的成果和指導。感謝您回答我的問題。我實際上想問一下您在準備好的發言中談到的試點軟體。該 SEK 和調試工具與您的競爭對手推向市場的產品有何不同？我也在幫助試點軟體為您的 APD、DSP 和重定時器硬體帶來什麼協同作用嗎？謝謝。

Sure. So we recently announced the platform, but this has been -- this debug and development tool has really been something that has been key to our success really over the past decade. And so in the Ethernet space, at the speeds where we've been operating, having the ability to offer a solution like this to customers is really critical for them to be able to develop the platforms that they're trying to develop. And so when we talk about getting into the PCIe space. What we're bringing is years of experience and years of knowledge to the space.

當然。因此，我們最近宣布了這個平台，但這個調試和開發工具確實是我們過去十年成功的關鍵。因此，在乙太網路領域，以我們目前的營運速度，能夠為客戶提供這樣的解決方案對於他們開發他們想要開發的平台至關重要。因此，當我們談論進入 PCIe 領域時。我們為這個領域帶來了多年的經驗和知識。

We are going beyond what we have traditionally done, especially as it relates to system-level features like telemetry. We learned a huge amount from our efforts in the AEC space. And so the platform that that we refer to as a pilot, it really touches all levels, all three tiers of innovation that we've talked about and even extending into our customer system. So it gives great visibility into the Series IP Retimer ICs or even the system-level solution.

我們正在超越傳統做法，特別是與遙測等系統級功能相關的方面。我們從 AEC 領域的努力中學到了很多。因此，我們稱為試點的平台實際上涉及所有層面，我們所討論的所有三個創新層次，甚至延伸到我們的客戶系統。因此，它為系列 IP 重定時器 IC 甚至系統級解決方案提供了極佳的可見性。

So additionally, adding diagnostic and analytic capabilities, along with this telemetry establishes what we think is a new benchmark for the competitive space and specifically related to reliability and uptime stability.

因此，此外，添加診斷和分析功能以及遙測功能可以建立我們認為的競爭領域的新基準，特別是與可靠性和正常運行時間穩定性相關的基準。

Thank you for all the color there. For my follow-up, I wanted to ask, as your customer base diversifies through the year, can you maybe compare and contrast what types of infrastructure build-outs that you're servicing with your new customers? Are these primarily accelerated-AI builds? Are they general purpose servers, are they for internal versus external offerings like anything that would help us better understand the composition. Thank you.

感謝那裡的所有色彩。作為我的後續問題，我想問一下，隨著您的客戶群在一年中不斷多樣化，您能否比較和對比一下您為新客戶提供的基礎設施建設類型？這些主要是加速 AI 建置嗎？它們是通用伺服器嗎？它們是否用於內部或外部產品，以及任何可以幫助我們更好地理解其組成的東西。謝謝。

Sure. I've commented that both of the new customers that we've talked about, the first part of the ramp will definitely be related to AI deployments. And then longer term, we see opportunities related to Series IP gated switch chassis. But as you would expect, truly the AI application that's driving the increased need for AECs.

當然。我曾評論說，我們談到的兩個新客戶，其第一部分肯定與人工智慧部署有關。從長遠來看，我們看到了與系列 IP 門控交換器機箱相關的機會。但正如您所料，真正推動 AEC 需求成長的是 AI 應用。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的理查德·香農。

Well thanks, Bill and Dan, for taking my questions [and all]. Congratulations on a couple of great quarters in a row.

非常感謝 Bill 和 Dan 回答我的問題[以及全部]。恭喜您連續幾季取得優異成績。

My first question is on your DSP win with a hyperscaler here. I think you said there's 800 gig, but I'm not sure if you said whether it was a full DSP or if you can share that one. But I think more importantly here, we'd love to understand how you can describe the share allocation here. It does seem like it's a much bigger deal than any of your wins in the past year. So maybe we can get a sense of the size of this win versus the ones you've had in the past.

我的第一個問題是關於你們的 DSP 是否能透過超大規模處理器獲得勝利。我認為您說過有 800 千兆，但我不確定您是否說過它是否是一個完整的 DSP 或者您是否可以共享它。但我認為更重要的是，我們想了解您如何描述這裡的股份分配。這看起來確實比你過去一年取得的任何勝利都重要得多。因此，也許我們可以了解這次勝利與過去勝利相比的規模。

Yes, I think it's hard for me to contrast the size of the opportunity. We can look at volumes and we can look at revenue, kind of two different things. And so I think that if you would break it out from a volume standpoint, I think it would be similar in the sense that we expect it to be high volume, as you've seen in the past with our designs.

是的，我認為我很難對比機會的大小。我們可以看看數量，也可以看看收入，這是兩種不同的東西。因此，我認為，如果從音量的角度來看，它會是類似的，因為我們預計它會是高音量，就像你在過去的設計中看到的那樣。

Given that it's 100 gig per lane from a revenue standpoint, it's probably going to be the largest opportunity that we've had to date. And so I'm not going to give too much color given the fact that this is a super competitive space we're in, but I will say that this implementation is a full DSP implementation.

從收入角度來看，考慮到每個通道有 100 千兆字節，這可能是我們迄今為止遇到的最大機會。因此，考慮到我們所處的領域競爭非常激烈，我不會給出太多細節，但我要說的是，這個實作是一個完整的 DSP 實作。

Okay. Thanks for that, Bill. My second question is, I guess, topic hasn't come up a lot in recent quarters given how well your ASC business is going, but looking at your IP business. Obviously I mean, obviously, the revenue is coming down here as you apply with seemingly more engineering resources to the product side surely makes sense here.

好的。謝謝你，比爾。我的第二個問題是，考慮到您的 ASC 業務進展順利，我想最近幾季這個主題並沒有出現太多，但請看看您的 IP 業務。顯然，我的意思是，顯然，當你將更多的工程資源應用於產品方面時，收入就會下降，這肯定是有道理的。

But I'd love to get your sense of how you see this business going over the long term. And in response to one of the last questions you referred to UALink and NVLink Fusion. It just seems like there's some great opportunities there. So maybe you can help us understand kind of the long term for your IP business. Thanks a lot.

但我很想了解您對這項業務的長期發展有何看法。在回答您提到的最後一個問題時，我們提到了 UALink 和 NVLink Fusion。看起來那裡有一些很好的機會。所以也許您可以幫助我們了解您的 IP 業務的長期前景。多謝。

Sure. So I think going forward, we're not going to be breaking it out. It's not going to be above 5% of our revenues. What we've seen is we've actually we see an acceleration of our product revenue that causes us to -- I mean, when we did our IPO 3.5 years ago, we signaled that we thought our IP business would be in the 10% to 15% range on a short-term basis of our total revenue. But we've accelerated so quickly that we now find it being sub-5%.

當然。所以我認為，展望未來，我們不會再打破這個局面。它不會超過我們收入的5%。我們看到的是，我們的產品收入實際上正在加速成長，這導致我們——我的意思是，當我們 3.5 年前進行 IPO 時，我們表示，我們認為 IP 業務在短期內將占我們總收入的 10% 到 15% 左右。但我們加速得太快了，現在發現它已經低於 5%。

From my perspective, it's really a return-on-investment scenario. And I've always been very consistent in saying that from a percentage revenue standpoint of our total available market, this is tiny and I don't expect that to change. I think the way we think about that business internally now is engaging where it makes sense from a strategic perspective. And so we've had lots of opportunities. We'll be talking to a customer about an overall-system solution and a key enabler can be us providing the core IP for kind of the main chip that they're developing and then complementary solutions that would connect to that.

從我的角度來看，這確實是一個投資回報的場景。我一直非常一致地表示，從我們整個可用市場的百分比收入角度來看，這個數字很小，而且我預計這種情況不會改變。我認為我們現在內部思考該業務的方式是從策略角度參與有意義的事情。因此我們有很多機會。我們將與客戶討論整體系統解決方案，而關鍵推動因素是我們為他們正在開發的主晶片提供核心 IP，然後提供與之相連的補充解決方案。

And so those were very valuable contracts as we engage with those types of customers. And I expect those types of relationships will continue existing relationships and new relationships. So I think as I think about our IP business, we're going to be somewhat opportunistic, of course, but the strategic aspect of it is really enabling system-level solutions with key customers.

因此，當我們與這些類型的客戶接觸時，這些都是非常有價值的合約。我希望這些類型的關係能延續現有的關係和新的關係。因此，我認為，當我考慮我們的 IP 業務時，我們當然會有些機會主義，但它的策略層面實際上是為關鍵客戶提供系統級解決方案。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes. I just have a follow up, Bill, because there's a lot of focus on your AEC business, obviously, copper. You did talk about the optical DSP [when] but you've also talked about sort of taking that further and perhaps work on a system-level optical solution. I'm just wondering would you intersect the 200 gig per lane market with that particular product? Or would you consider doing it 100 gig?

是的。比爾，我只是想跟進一下，因為你的 AEC 業務非常受關注，顯然是銅。您確實談到了光學 DSP，但您也談到了進一步發展該技術並可能研究系統級光學解決方案。我只是想知道您是否會將每個通道 200 千兆的市場與該特定產品交叉？或者你會考慮將其設為 100 千兆？

I think yes to both questions. I think yes, for 200 gig for sure, 200 gig per lane solutions. But I expect a 100 gig per lane market to extend for several years. And so we're definitely looking at what kind of value can we add above the standard to make our customers' network is more reliable and more power efficient. And so I would say, yes, that we're looking at solutions that don't require a significant shift in speeds.

我認為這兩個問題的答案都是肯定的。我認為是的，對於 200 千兆來說肯定是的，每通道 200 千兆的解決方案。但我預計每條車道 100 千兆的市場將持續數年。因此，我們肯定會研究可以在標準之上增加什麼樣的價值，以使客戶的網路更加可靠、更加節能。所以我想說，是的，我們正在尋找不需要大幅改變速度的解決方案。

Great. Well, we look forward to hearing more updates on that circle of product. Thank you.

偉大的。好吧，我們期待聽到有關該產品系列的更多更新消息。謝謝。

There are no further questions at this time. Mr. Brennan. I turn the call back over to you.

目前沒有其他問題。布倫南先生。我把電話轉回給你。

Thank you very much. I'd like to thank everybody for the continued strong interest in Credo and for joining the call, and we'll talk shortly. Thank you very much.

非常感謝。我想感謝大家對 Credo 的持續濃厚興趣和參​​加電話會議，我們很快就會交談。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。