萊迪思半導體 (LSCC) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Lattice Semiconductor Fourth Quarter and Full Year 2021 Conference Call. (Operator Instructions) I would now like to hand the conference over to Mr. Rick Muscha, Lattice's Director of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加萊迪思半導體 2021 年第四季度和全年電話會議。 （操作員說明）我現在想將會議交給萊迪思投資者關係總監 Rick Muscha 先生。請繼續。

Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Lattice's President and CEO; and Sherri Luther, Lattice's CFO. We will provide a financial and business review of the fourth quarter of 2021 and the business outlook for the first quarter of 2022. If you have not obtained a copy of our earnings press release, it can be found in our company website in the Investor Relations section at latticesemi.com.

謝謝接線員，大家下午好。今天和我在一起的是萊迪思的總裁兼首席執行官吉姆·安德森。和萊迪思的首席財務官雪莉·路德 (Sherri Luther)。我們將提供 2021 年第四季度的財務和業務回顧以及 2022 年第一季度的業務展望。如果您尚未獲得我們的收益新聞稿副本，可在我們公司網站的投資者關係中找到latticesemi.com 上的部分。

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events for the future financial performance of the company. We wish to caution you that such statements are predictions based on information that is currently available and actual results may differ materially. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. This call includes and constitutes the company's official guidance for the first quarter of 2022. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done used in a public forum such as a press release or publicly announced conference call.

我想提醒大家，在我們今天的電話會議中，我們可能會就公司未來的財務表現對未來事件做出預測或其他前瞻性陳述。我們希望提醒您，此類陳述是基於當前可用信息的預測，實際結果可能存在重大差異。我們建議您參考公司向 SEC 提交的文件，包括我們的 10-Ks、10-Qs 和 8-Ks。這些文件包含並確定了可能導致實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要風險因素。本次電話會議包括並構成公司 2022 年第一季度的官方指南。如果在本次電話會議後的任何時間，我們傳達了對本指南的任何重大更改，我們打算將此類更新用於新聞等公共論壇發布或公開宣布電話會議。

We refer primarily to non-GAAP financial measures during this call. By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the company's performance and underlying trends. For historical periods, we provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations section of our website at latticesemi.com. Let me now turn the call over to Jim Anderson, our CEO.

在本次電話會議中，我們主要指的是非公認會計準則財務指標。通過披露某些非公認會計原則信息，管理層打算為投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。對於歷史時期，我們提供了這些非公認會計原則財務指標與公認會計原則財務指標的對賬，可在我們網站 latticesemi.com 的投資者關係部分找到。現在讓我把電話轉給我們的首席執行官 Jim Anderson。

Thank you, Rick, and thank you, everyone, for joining us on our call today. 2021 was a pivotal year for Lattice as we entered a new growth phase for the company, driven by our leadership product portfolio and strong customer momentum. Annual revenue grew by 26% with double-digit growth in each of our 3 market segments. Non-GAAP gross margin expanded by 220 basis points year-over-year to a record 63.2%, and we delivered record non-GAAP net income, which grew 54% year-over-year in 2021. We also continue to expand our product portfolio with multiple hardware and software product launches.

謝謝你，瑞克，謝謝大家今天加入我們的電話會議。 2021 年對萊迪思來說是關鍵的一年，在我們領先的產品組合和強勁的客戶勢頭的推動下，我們進入了公司的新增長階段。年收入增長 26%，我們的 3 個細分市場均實現兩位數增長。非 GAAP 毛利率同比增長 220 個基點，達到創紀錄的 63.2%，我們實現了創紀錄的非 GAAP 淨收入，在 2021 年同比增長 54%。我們還繼續擴展我們的產品具有多個硬件和軟件產品發布的產品組合。

In addition, we had a very strong finish to the year. For the fourth quarter of 2021, we grew revenue 32% year-over-year with double-digit year-over-year growth in each of our 3 market segments. We expanded non-GAAP gross margin by 350 basis points year-over-year to a record 65% as we continue to execute on our gross margin expansion strategy. We drove a 65% year-over-year increase in non-GAAP net income, and we further expanded our software portfolio with the acquisition of Mirametrix.

此外，我們在這一年取得了非常出色的成績。 2021 年第四季度，我們的收入同比增長 32%，我們的 3 個細分市場均實現兩位數的同比增長。隨著我們繼續執行我們的毛利率擴張戰略，我們將非美國通用會計準則毛利率同比增長 350 個基點，達到創紀錄的 65%。我們推動非 GAAP 淨收入同比增長 65%，並通過收購 Mirametrix 進一步擴展了我們的軟件組合。

Let me now provide an overview of our business by end market for Q4 of 2021. In the communications and computing market, revenue increased 8% sequentially and 31% on a year-over-year basis. We continue to have multiple growth drivers in this segment, including data center servers, client computing and 5G infrastructure. In servers, as we've discussed in previous calls, our attach rate is now over 1x. Revenue growth continues to be driven by expansion in both attach rates and ASPs as we continue to drive an increase in Lattice's dollars of content per server.

現在讓我概述一下我們在 2021 年第四季度按終端市場劃分的業務。在通信和計算市場，收入環比增長 8%，同比增長 31%。我們在這一領域繼續擁有多種增長動力，包括數據中心服務器、客戶端計算和 5G 基礎設施。在服務器中，正如我們在之前的調用中所討論的，我們的附加率現在超過 1 倍。隨著我們繼續推動萊迪思每台服務器的內容美元增長，收入增長繼續受到附加率和 ASP 增長的推動。

In client computing, we have multiple programs ramping and multiple opportunities for delivering new innovation to our customers. For example, Lenovo and Lattice recently announced a new partnership for our Nexus platform and our software solutions will be used in the Lenovo ThinkPad product line to deliver advanced user experiences, including immersive engagement and collaboration. Lastly, in 5G infrastructure, we're benefiting from ongoing global 5G deployments with revenue higher both sequentially and year-over-year.

在客戶端計算方面，我們有多個項目正在加速發展，並有多種機會為我們的客戶提供新的創新。例如，聯想和萊迪思最近宣佈為我們的 Nexus 平台建立新的合作夥伴關係，我們的軟件解決方案將用於聯想 ThinkPad 產品線，以提供先進的用戶體驗，包括沉浸式參與和協作。最後，在 5G 基礎設施方面，我們受益於正在進行的全球 5G 部署，收入環比和同比均有所增長。

Turning now to the industrial and automotive market. Revenue increased 2% sequentially and was up 32% on a year-over-year basis. Our business grew across multiple applications such as industrial automation and robotics, where Lattice solutions provide a significant competitive advantage to our customers. Over the past few years, the industrial segment has been a key growth driver for the company, and our product portfolio is well positioned to drive sustained long-term growth. We are also pleased with our strong year-over-year growth in automotive, which remains a long-term growth driver for us in applications such as ADAS and infotainment.

現在轉向工業和汽車市場。收入環比增長 2%，同比增長 32%。我們的業務在工業自動化和機器人等多個應用領域實現增長，萊迪思解決方案在這些應用領域為我們的客戶提供了顯著的競爭優勢。在過去的幾年裡，工業領域一直是公司的主要增長動力，我們的產品組合能夠很好地推動持續的長期增長。我們也對我們在汽車領域的強勁同比增長感到高興，這仍然是我們在 ADAS 和信息娛樂等應用領域的長期增長動力。

Turning now to consumer. Revenue was up 3% sequentially and was up 18% year-over-year, with growth driven primarily by new applications that leverage our FPGA portfolio.

現在轉向消費者。收入環比增長 3%，同比增長 18%，增長主要由利用我們 FPGA 產品組合的新應用推動。

I'll now provide some product road map highlights. Since the introduction of Lattice Nexus, we've launched 4 device families based on the platform. I'm pleased to announce that (inaudible) entered production in Q4. We now have 3 device families in production and ramping with customers, CrossLink-NX, Certus-NX and Mach-NX. The fourth device family, CervusPro-NX, was launched last June and remains on track to generate revenue in the first half of this year. We continue to be pleased with the broad adoption of our Nexus platform across all our market segments where the power efficiency and faster performance are helping our customers differentiate their applications and systems. We look forward to significant product portfolio expansion this year with our new Lattice and Avant platform, which remains on track for launch in the second half of this year. Avant will double our addressable market and will allow us to address the mid-range FPGA applications. Customer engagements and momentum is very healthy and continues to grow. Avon creates an additional new revenue stream for Lattice as it ramps into production in future quarters.

我現在將提供一些產品路線圖亮點。自推出 Lattice Nexus 以來，我們已經推出了 4 個基於該平台的設備系列。我很高興地宣布（聽不清）在第四季度投入生產。我們現在有 3 個設備系列正在生產中並與客戶進行量產，CrossLink-NX、Certus-NX 和 Mach-NX。第四個設備系列 CervusPro-NX 於去年 6 月推出，並有望在今年上半年創造收入。我們繼續對 Nexus 平台在我們所有細分市場的廣泛採用感到高興，在這些細分市場中，能效和更快的性能正在幫助我們的客戶區分他們的應用程序和系統。我們期待今年通過我們的新 Lattice 和 Avant 平台顯著擴展產品組合，該平台仍有望在今年下半年推出。 Avant 將使我們的潛在市場翻一番，並使我們能夠解決中端 FPGA 應用。客戶參與度和發展勢頭非常健康，並且還在繼續增長。隨著萊迪思在未來幾個季度投入生產，雅芳為萊迪思創造了額外的新收入來源。

Turning now to our software strategy. As we've discussed over the past few years, we've been increasing investments in our software portfolio. These investments are focused on making it easier for our customers to adopt Lattice products and get to market quickly. We were very pleased to announce our acquisition of Mirametrix in November, which is an extension of our organic software strategy and adds complementary AI and computer vision capability to our existing solution stack portfolio. This provides us with an end-to-end AI and computer vision solution spanning from the hardware to the application layer and will make it even easier for our customers to adopt Lattice products. Mirametrix software has already been deployed on over 20 million end-user systems. We've been successfully working with the Mirametrix team for nearly 2 years, and we know them very well. We're very pleased to now have them formally part of the Lattice family.

現在轉向我們的軟件戰略。正如我們在過去幾年中所討論的那樣，我們一直在增加對我們的軟件組合的投資。這些投資的重點是讓我們的客戶更容易採用萊迪思產品并快速進入市場。我們很高興在 11 月宣布收購 Mirametrix，這是我們有機軟件戰略的延伸，並為我們現有的解決方案堆棧組合增加了互補的人工智能和計算機視覺能力。這為我們提供了從硬件到應用層的端到端 AI 和計算機視覺解決方案，並使我們的客戶更容易採用 Lattice 產品。 Mirametrix 軟件已部署在超過 2000 萬個最終用戶系統上。我們已經與 Mirametrix 團隊成功合作了近 2 年，我們非常了解他們。我們很高興現在讓他們正式成為萊迪思家族的一員。

In summary, we're excited to have entered a new growth phase for the company in 2021 and to have achieved new record levels of gross margin and profitability. Our results in 2021 are a testament to the strategy that we first outlined at our Investor Day in 2019 and the incredible hard work and dedication of the Lattice team. I want to thank the Lattice team as well as our partners and customers for their collaboration, support and superb execution in 2021.

總而言之，我們很高興公司在 2021 年進入了新的增長階段，並實現了毛利率和盈利能力的新紀錄。我們在 2021 年的業績證明了我們在 2019 年投資者日首次概述的戰略以及萊迪思團隊令人難以置信的辛勤工作和奉獻精神。我要感謝萊迪思團隊以及我們的合作夥伴和客戶在 2021 年的合作、支持和出色的執行。

Looking forward, we expect 2022 to be another year of strong growth for the company as we continue to execute our long-term strategy. Momentum and engagement across our customer base has never been better. We're bringing new market-leading products to our customers, and we're very excited about the path in front of us over the coming years. I'll now turn the call over to our CFO, Sherri Luther.

展望未來，隨著我們繼續執行我們的長期戰略，我們預計 2022 年將是公司又一個強勁增長的一年。我們客戶群的勢頭和參與度從未像現在這樣好。我們正在為我們的客戶帶來市場領先的新產品，我們對未來幾年擺在我們面前的道路感到非常興奮。我現在將把電話轉給我們的首席財務官 Sherri Luther。

Thank you, Jim. We are very pleased with our full year 2021 results as we continue to execute to our financial targets. We drove strong double-digit year-over-year revenue growth gross, gross margin expansion and record profitability, while continuing to invest in the long-term product road map. We grew profit at 2x the rate of our revenue growth in 2021, and we generated a record level of cash from operations while increasing the cash return to shareholders through share buybacks. Let me now provide a summary of our results.

謝謝你，吉姆。隨著我們繼續執行我們的財務目標，我們對 2021 年全年的業績感到非常滿意。我們推動了強勁的兩位數同比收入增長毛利率、毛利率擴張和創紀錄的盈利能力，同時繼續投資於長期產品路線圖。 2021 年，我們的利潤增長速度是收入增長率的 2 倍，我們從運營中產生了創紀錄水平的現金，同時通過股票回購增加了對股東的現金回報。現在讓我總結一下我們的結果。

Fourth quarter revenue was $141.8 million, up 7.5% sequentially from the third quarter and up 32% year-over-year. Full year 2021 revenue was $515.3 million, up 26% from 2020. The double-digit revenue growth for the full year 2021 was driven by strong growth in all of our market segments. Our non-GAAP gross margin increased 150 basis points to a record 65.1% in Q4 compared to the prior quarter and was up 350 basis points compared to the year ago quarter. Both the sequential and year-over-year increases in gross margin continued to be driven by our gross margin expansion strategy. We also benefited from higher IP revenue.

第四季度收入為 1.418 億美元，比第三季度環比增長 7.5%，同比增長 32%。 2021 年全年收入為 5.153 億美元，比 2020 年增長 26%。2021 年全年兩位數的收入增長是由我們所有細分市場的強勁增長推動的。與上一季度相比，我們的非公認會計原則毛利率在第四季度增長了 150 個基點，達到創紀錄的 65.1%，與去年同期相比增長了 350 個基點。毛利率的環比和同比增長繼續受到我們的毛利率擴張戰略的推動。我們還受益於更高的 IP 收入。

Our non-GAAP gross margin for the full year 2021 was 63.2%, up 220 basis points from 2020. Q4 non-GAAP operating expenses were $45.8 million compared to $43.8 million in the prior quarter and $37.5 million in the year ago quarter. Non-GAAP operating expenses for the full year 2021 increased to $170 million from $146.2 million, primarily driven by increased investment in our hardware and software portfolio. Operating expenses remained below our 35% target. Our non-GAAP operating margin increased 250 basis points to a record 32.9% in Q4 compared to the prior quarter and was up 630 basis points compared to the year ago quarter.

我們 2021 年全年的非美國通用會計準則毛利率為 63.2%，比 2020 年增長 220 個基點。第四季度非美國通用會計準則運營費用為 4580 萬美元，上一季度為 4380 萬美元，去年同期為 3750 萬美元。 2021 年全年的非公認會計原則運營費用從 1.462 億美元增加到 1.7 億美元，這主要是由於我們對硬件和軟件組合的投資增加。運營費用仍低於我們 35% 的目標。與上一季度相比，我們的非公認會計原則營業利潤率在第四季度增長了 250 個基點，達到創紀錄的 32.9%，與去年同期相比增長了 630 個基點。

We continue to balance operating margin growth with investments in the long-term revenue growth and expansion of our business. Our non-GAAP operating margin for the full year 2021 was 30.2%, up 500 basis points from 2020.

我們繼續平衡營業利潤率增長與對長期收入增長和業務擴展的投資。我們 2021 年全年的非 GAAP 營業利潤率為 30.2%，比 2020 年提高了 500 個基點。

Q4 non-GAAP earnings per diluted share was $0.32 compared to $0.19 in the year ago quarter, which represents 65% year-over-year growth. Non-GAAP diluted EPS for the full year 2021 was $1.06 compared to $0.69 for the full year 2020. This represents 54% year-over-year growth.

第四季度非公認會計準則每股攤薄收益為 0.32 美元，而去年同期為 0.19 美元，同比增長 65%。 2021 年全年非 GAAP 攤薄後每股收益為 1.06 美元，而 2020 年全年為 0.69 美元。同比增長 54%。

We continue to focus on driving strong cash flow. For the full year 2021, we generated a record $168 million in cash from operations. This represents an increase of 83% compared to the cash generated from operations in 2020. We also repurchased 1.3 million shares or $70 million in stock under our stock buyback program, exiting the year with $132 million in cash.

我們繼續專注於推動強勁的現金流。 2021 年全年，我們從運營中產生了創紀錄的 1.68 億美元現金。與 2020 年的運營產生的現金相比，這增加了 83%。我們還根據我們的股票回購計劃回購了 130 萬股或 7000 萬美元的股票，以 1.32 億美元的現金結束了這一年。

Let me take a moment to recap our acquisition of Mirametrix, which closed on November 12, 2021. We acquired Mirametrix common shares for $68.5 million in an all-cash transaction. Mirametrix was immediately accretive in Q4 to gross margin and earnings per share. We're excited about the software capabilities Mirametrix will bring in AI and computer vision applications, which will further expand our software portfolio.

讓我花點時間回顧一下我們對 Mirametrix 的收購，該收購於 2021 年 11 月 12 日結束。我們以 6850 萬美元的全現金交易收購了 Mirametrix 普通股。 Mirametrix 在第四季度立即增加了毛利率和每股收益。我們對 Mirametrix 將引入人工智能和計算機視覺應用程序的軟件功能感到興奮，這將進一步擴展我們的軟件組合。

Let me now review our outlook for the first quarter. Revenue for the first quarter of 2022 is expected to be between $141 million and $151 million. Gross margin is expected to be 66% plus or minus 1% on a non-GAAP basis. Total operating expenses for the first quarter are expected to be between $46 million and $48 million on a non-GAAP basis. In 2021, we drove strong revenue growth, significant gross margin expansion and our profitability grew at 2x the rate of our revenue growth. As we begin 2022, we remain focused on continuing to drive sustained revenue growth and profit expansion. Operator, that concludes my formal comments. We can now open the call for questions.

現在讓我回顧一下我們對第一季度的展望。 2022 年第一季度的收入預計在 1.41 億美元至 1.51 億美元之間。按非公認會計原則計算，毛利率預計為 66% 正負 1%。按非公認會計原則計算，第一季度的總運營費用預計在 4600 萬美元至 4800 萬美元之間。 2021 年，我們推動了強勁的收入增長、顯著的毛利率擴張，我們的盈利能力以收入增長率的 2 倍增長。在 2022 年開始之際，我們將繼續專注於繼續推動持續的收入增長和利潤擴張。接線員，我的正式評論到此結束。我們現在可以打開提問的電話了。

(Operator Instructions) Our first question comes from the line of Matt Ramsay of Cowen. .

（操作員說明）我們的第一個問題來自 Cowen 的 Matt Ramsay。 .

Congrats, Jim, Sherri on an amazing 2021. Jim, my first question, I noticed the growth has been accelerating. So if you just look on a year-over-year basis, I think you were 19% in Q1, then to 25% to 28%, and then delivered a looks like 32% growth on a year-over-year basis in the fourth quarter. Maybe you could walk us through the drivers of that growth acceleration that's happened in the last several quarters and maybe try to level set us about what we should think on a go-forward basis for growth.

恭喜吉姆，雪莉，2021 年取得了驚人的成績。吉姆，我的第一個問題，我注意到增長一直在加速。所以如果你只看同比，我認為你在第一季度是 19%，然後是 25% 到 28%，然後在第四季度。也許你可以讓我們了解過去幾個季度發生的增長加速的驅動因素，也許可以嘗試讓我們了解我們應該在未來增長的基礎上思考什麼。

Yes. Thanks, Matt. So yes, we're certainly pleased with overall growth for last year. But as you said, it was accelerating throughout the year with exiting 32% year-over-year growth in Q4. It's really coming from our 2 primary strategic segments, which are comms and computing and industrial and automotive. If you look at those 2 segments, both of those segments grew over 30% year-over-year in Q4. So we're quite pleased with the progress there. And there's a number of different growth drivers that are underneath each one of those 2 segments.

是的。謝謝，馬特。所以是的，我們當然對去年的整體增長感到滿意。但正如你所說，它全年都在加速，第四季度實現了 32% 的同比增長。它確實來自我們的兩個主要戰略領域，即通信和計算以及工業和汽車。如果你看看這兩個細分市場，這兩個細分市場在第四季度的同比增長都超過了 30%。因此，我們對那裡的進展感到非常滿意。這兩個細分市場中的每一個細分市場都有許多不同的增長動力。

And actually, if you think back to 2019 when we first talked about the new company strategy that we were putting in place, we talked about the fact that we expected the company to enter new growth phase in the 2021 time frame and for that growth to primarily be driven by comms and computing and industrial and auto. And so we're really pleased to have delivered on that. First of all, the new growth phase starting in 2021 and accelerated growth, but also the growth coming from exactly where we thought, comms computing and industrial auto. And underneath there, we're seeing growth in things like servers where we continue to expand the dollars of content per server for Lattice; client computing, which is a new greenfield growth area for us that grew really well last year; 5G wireless infrastructure, again, grew very healthy on a year-over-year basis; and then great growth across industrial automation applications, robotics applications and automotive electronics, too. So a lot of good strong growth drivers underneath those 2 segments. And that's really where we expect the growth to continue in 2022 and further out in years beyond '22 as well. It's really those 2 primary segments.

實際上，如果您回想 2019 年，當我們第一次談到我們正在實施的新公司戰略時，我們談到了這樣一個事實，即我們預計公司將在 2021 年的時間框架內進入新的增長階段，並且這種增長將主要由通信和計算以及工業和汽車驅動。因此，我們真的很高興能夠實現這一目標。首先，從 2021 年開始的新增長階段和加速增長，也正是來自我們認為的通信計算和工業汽車的增長。在此之下，我們看到了服務器等方面的增長，我們繼續為 Lattice 增加每台服務器的內容美元；客戶端計算，這對我們來說是一個新的綠地增長領域，去年增長非常好； 5G 無線基礎設施再次同比增長非常健康；然後在工業自動化應用、機器人應用和汽車電子領域也實現了巨大增長。因此，這兩個細分市場下有很多良好的強勁增長動力。這確實是我們預計 2022 年將繼續增長的地方，並且在 22 年後的幾年內也會進一步增長。這真的是這兩個主要部分。

And then just as a reminder, we have new product cycles now starting, too. In '21, that was the first -- our first full year of revenue contribution from Nexus. We started shipping Nexus-based products at the very end of 2020. And so '21 was the first full year of Nexus contribution to our revenues of that. That, we expect Nexus to continue to ramp over the coming years. So that's a growth contributor. And then, of course, we have Avant ahead of us as well as we launch a bond in the second half of this year and ramp it into production in outer quarters. That's a growth contributor, too. So a number of different growth factors underneath that.

然後提醒一下，我們現在也開始了新的產品週期。在 21 年，這是我們第一次從 Nexus 全年貢獻收入。我們在 2020 年底開始運送基於 Nexus 的產品。因此，21 年是 Nexus 對我們的收入做出貢獻的第一個全年。我們預計 Nexus 將在未來幾年繼續增長。所以這是一個增長貢獻者。然後，當然，我們前面有 Avant，我們將在今年下半年推出債券，並將其在外圍地區投入生產。這也是一個增長貢獻者。因此，在這之下有許多不同的增長因素。

You mentioned client computing, and this has been something that's been, I think, going on behind the scenes for a while. But now that you've sort of announced the relationship with Lenovo on Nexus, maybe you could step back and give us a little bit, I guess, a bigger picture of how you think about growth opportunities for you in the client and the notebook market for the company overall? What portions of the notebook TAM do you think are applicable to your products? What kind of ASPs might we be looking for, what kind of penetration rates or engagements? Just any kind of color of -- I mean, the PC market's huge. So we're just trying to get a calibration of the expectations of growth into that space.

您提到了客戶端計算，我認為這已經在幕後進行了一段時間。但既然你已經在 Nexus 上宣布了與聯想的關係，也許你可以退後一步，給我們一點，我猜，關於你如何看待你在客戶端和筆記本市場的增長機會的更大圖景對公司整體而言？您認為筆記本 TAM 的哪些部分適用於您的產品？我們可能正在尋找什麼樣的 ASP，什麼樣的滲透率或參與度？任何一種顏色——我的意思是，PC 市場是巨大的。因此，我們只是試圖校準對該領域的增長預期。

Yes. The client computing market, we're pretty excited about that market. You're absolutely right. It's a huge market. It's a huge device and device TAM in terms of units. So if you look at PCs well over $300 million units per year. So it's a tremendous greenfield growth opportunity for us. And there's a number of different capabilities that we can bring to that market: platform hardware, security, video aggregation, also artificial intelligence processing for all sorts of enhanced user experiences, some of which we talked about with the Lenovo announcement that Lattice and Lenovo had around the ThinkPad. So pretty excited about the long-term opportunity here.

是的。客戶端計算市場，我們對這個市場感到非常興奮。你是絕對正確的。這是一個巨大的市場。就單位而言，它是一個巨大的設備和設備 TAM。因此，如果您查看每年超過 3 億美元的個人電腦。因此，這對我們來說是一個巨大的綠地增長機會。我們可以為該市場帶來許多不同的功能：平台硬件、安全性、視頻聚合，以及用於各種增強用戶體驗的人工智能處理，其中一些我們在 Lattice 和聯想發布的聯想公告中談到ThinkPad 周圍。對這裡的長期機會感到非常興奮。

We had a couple -- we had some -- a couple of platforms, customer platforms that started ramping in 2020 and that helped drive really good growth in 2021 and continue into 2022. The Lenovo announcement, these are new additional platforms that will drive further revenue growth. And then we're also working with other OEMs to bring new platforms to market as well. So we've got a number of new design wins in the pipeline that are yet to ramp into revenue. So we feel like we've got a good healthy pipeline as well.

我們有幾個 - 我們有一些 - 幾個平台、客戶平台，它們在 2020 年開始增長，並幫助推動了 2021 年的真正良好增長並持續到 2022 年。聯想宣布這些是新的附加平台，將進一步推動收入增長。然後我們還與其他 OEM 合作，將新平台也推向市場。因此，我們已經在管道中獲得了許多尚未增加收入的新設計勝利。所以我們覺得我們也有一個健康的管道。

But yes, when we look at, for instance, the server market where we've, over the past years, done a great job, I think, of expanding our attach rates, raising our ASPs, bringing more content to server. And then when we look at client, that market being 20x plus the size of the server market, actually more than 20x, we're pretty excited about the growth opportunities over the long term for us in clients. So yes, we do see it as a good growth opportunity long-term.

但是，是的，例如，當我們查看服務器市場時，我認為在過去幾年中，我們在擴大連接率、提高 ASP、為服務器帶來更多內容方面做得很好。然後，當我們查看客戶端時，該市場是服務器市場的 20 倍，實際上超過 20 倍，我們對我們在客戶方面的長期增長機會感到非常興奮。所以是的，我們確實認為這是一個很好的長期增長機會。

Congrats again.

再次恭喜。

Thanks, Matt.

謝謝，馬特。

Your next question comes from Derek Soderberg of Collier Securities.

您的下一個問題來自 Collier Securities 的 Derek Soderberg。

Great progress on gross margins. So Sherri, you wanted to start with you. Clearly, a very strong Q1 gross margin guide. Can you just give us some color on what's driving that? Then I have a follow-up.

毛利率進步很大。所以雪莉，你想從你開始。顯然，第一季度毛利率非常強勁。你能給我們一些關於是什麼驅動的顏色嗎？然後我有一個跟進。

Sure. Thanks, Derek. For the question. So when you -- if you recall back in 2019, when we laid out our gross margin expansion strategy, we talked about how we were going to grow our gross margin over the long term. And in fact, each and every year since then, we've grown our gross margin by an order of magnitude of a couple of hundred basis points each year. And for our total, if you take it to our most recent quarter, Q4, of 65.1%, there's been a total improvement there of 790 basis. So really pleased with the progress there.

當然。謝謝，德里克。對於問題。所以當你——如果你回想一下 2019 年，當我們制定毛利率擴張戰略時，我們談到了我們將如何長期增加毛利率。事實上，從那時起，我們每年的毛利率都增長了幾百個基點。對於我們的總數，如果你把它帶到我們最近一個季度的 65.1% 的第四季度，那裡總共有 790 個基點的改善。對那裡的進展感到非常滿意。

But this is something that we have been working on since 2019. And so while we generated improvements in Q4 of 150 basis sequentially and 350 basis points year-over-year, this is something -- gross margin expansion is something that we've been executing on that strategy for multiple years now.

但這是我們自 2019 年以來一直在努力的事情。因此，雖然我們在第四季度實現了 150 個基點的連續增長和 350 個基點的同比增長，但這是一件事情——毛利率擴張是我們一直在做的事情多年來一直執行該戰略。

And so when you look at sort of what it's made up of, it's made up of many factors, including pricing optimization, product cost efficiencies, higher gross margin on our new products. And so when you look at our Q1 guide and at the midpoint there of 66%, it's just really a reflection of our continued gross margin expansion of our strategy, continued improvements in gross margin from that strategy as we look ahead.

因此，當您查看它的組成部分時，它由許多因素組成，包括定價優化、產品成本效率、我們新產品的更高毛利率。因此，當您查看我們的第一季度指南和 66% 的中點時，這實際上反映了我們戰略的持續毛利率擴張，以及我們展望未來該戰略的毛利率持續改善。

Got it. And then, Jim, sort of beyond growth drivers, just building up the earlier question, curious what the limiting factors are to growth this year? I think consensus is expecting low teens for the year. You guys are targeting double-digit growth. Lattice is sort of universally accepted as a low power leader. So are you guys sort of just waiting for new product generations to come to market? Is it supply? Just wondering what are some of the limiting factors to you guys maintaining the growth rate you experienced in 2021 for this year?

知道了。然後，吉姆，有點超越增長驅動力，只是建立了前面的問題，好奇今年增長的限制因素是什麼？我認為共識預計今年會出現青少年。你們的目標是兩位數的增長。萊迪思被普遍接受為低功率領導者。那麼你們是不是只是在等待新一代產品上市？是供應嗎？只是想知道你們保持今年 2021 年的增長率的一些限制因素是什麼？

Thanks, Derek. Yes, we expect in 2022, as I said in my prepared remarks, to be another strong year of growth for the company. I think First of all, across our big market segments of comms and computing, industrial, automotive, as I mentioned earlier, number of good application drivers that we have underneath that. But also, as I mentioned, new product cycles, right? So for instance, with Nexus going now into its second full year of ramp, we expect that to be a good growth contributor this year in the coming years. And then Avant further out in time as well as even the pre-Nexus products, we're seeing really good healthy growth from pre-Nexus products last year. We expect that to continue this year as well.

謝謝，德里克。是的，正如我在準備好的講話中所說，我們預計 2022 年將是公司又一個強勁增長的一年。我認為首先，正如我之前提到的，在我們的通信和計算、工業、汽車等大市場領域，我們擁有許多優秀的應用程序驅動程序。而且，正如我所提到的，新產品週期，對嗎？因此，例如，隨著 Nexus 進入第二個完整的增長年，我們預計這將在未來幾年成為今年的良好增長貢獻者。然後 Avant 在時間上更進一步，甚至是 Nexus 之前的產品，我們看到去年 Nexus 之前的產品實現了非常好的健康增長。我們預計今年也將繼續。

So we're seeing healthy demand. We're expecting our supply to be higher in 2022 than we saw in '21. We were able to grow our supply in '21. We expect to grow again supply in 2022. So again, we've -- we expect '22 to be a very good year, good growth year for the company.

因此，我們看到了健康的需求。我們預計 2022 年的供應量將高於 21 年。我們能夠在 21 年增加我們的供應量。我們預計 2022 年供應將再次增長。因此，我們再次 - 我們預計 22 年將是非常好的一年，對公司來說是一個良好的增長年。

Your next question comes from Tristan Gerra of Baird. .

您的下一個問題來自 Baird 的 Tristan Gerra。 .

Just a follow-up on your gross margin commentary for Q1. Are there any onetime items that are benefiting that Q1 gross margin outlook? You've mentioned IP revenue benefit in Q4. Is that a factor for Q1? Is Mirametrix also contributing? And I guess the point of the question is to see whether we should expect further gross margin expansion through the rest of the year as you continue to execute on pricing or other nonrecurring factors benefiting your gross margin in Q1?

只是對第一季度毛利率評論的跟進。是否有任何一次性項目受益於第一季度的毛利率前景？您在第四季度提到了 IP 收入收益。這是Q1的一個因素嗎？ Mirametrix 是否也有貢獻？而且我想問題的關鍵在於看看我們是否應該期望在今年剩餘時間內進一步擴大毛利率，因為您繼續執行定價或其他非經常性因素，使您的第一季度毛利率受益？

Yes. So thank you, Tristan. So when you look at our guide for Q1, 66% at the midpoint, a few things there. You'd ask if there's any onetime items; in fact, IP being a little bit higher in Q4. Typically, we expect IP to be in sort of that $3 million to $5 million range. So probably wouldn't expect it to be as high as Q4 was. Q4 is a little bit outside of the range that it typically is. It can fluctuate on a quarterly basis. So that would be something where you'd actually expect it to come down in Q1.

是的。所以謝謝你，特里斯坦。因此，當您查看我們的第一季度指南時，中間值為 66%，其中有一些內容。你會問是否有一次性物品；事實上，第四季度的 IP 有點高。通常，我們預計 IP 將在 300 萬到 500 萬美元之間。所以可能不會期望它會像第四季度那樣高。 Q4 有點超出通常的範圍。它可以按季度波動。所以這將是你真正期望它在第一季度下降的地方。

The other thing I'll just highlight as well, in Q4, Mirametrix was not a full quarter. It was less than a full quarter. And so when you look at Q1, it will be a full quarter of Mirametrix revenue. And then just to calibrate because we don't break out Mirametrix, but just to calibrate, when we announced the acquisition Mirametrix, we said that their FY '21 fiscal year revenue was $9 million for their full year. So just to calibrate you guys on how big that is.

我還要強調的另一件事是，在第四季度，Mirametrix 並不是一個完整的季度。這還不到一個完整的季度。因此，當您查看第一季度時，這將是 Mirametrix 收入的整整四分之一。然後只是為了校準，因為我們沒有打破 Mirametrix，而只是為了校準，當我們宣布收購 Mirametrix 時，我們說他們的 21 財年全年收入為 900 萬美元。所以只是為了校准你們有多大。

And then when you look out beyond -- we don't guide beyond Q1, but I'll just say that the gross margin expansion strategy that we laid out in 2019, we're continuing to execute on that. The pricing optimization, product cost efficiencies and higher margin on our newer products are all elements of that strategy that we'll continue to execute on.

然後當你展望未來時——我們不會在第一季度之後提供指導，但我只想說我們在 2019 年制定的毛利率擴張戰略，我們將繼續執行。我們新產品的定價優化、產品成本效率和更高的利潤率都是我們將繼續執行的戰略的所有要素。

Great. And then for my follow-up, could you elaborate on what makes you win in PCs. I know that this was not really a traditional market for FPGAs. And now you're getting really an acceleration of your design win momentum. Are you displacing some other circuits? Is that something that ultimately can get integrated with the processor and what are customers really appreciating from the solutions you offer that is resulting in design wins?

偉大的。然後在我的後續行動中，您能否詳細說明是什麼讓您在 PC 中獲勝。我知道這並不是 FPGA 的真正傳統市場。現在，您的設計獲胜勢頭正在加速。您是否正在取代其他一些電路？這是最終可以與處理器集成的東西嗎？客戶從您提供的解決方案中真正欣賞的是什麼，從而導致設計獲勝？

Thanks, Tristan. I would characterize it as we're really helping bring new capabilities to the PC. I think if you look at, for instance, the recent announcement from Lenovo and Lattice about the new capabilities that we'll be bringing to the ThinkPad product line together, that's really about bringing new capabilities that haven't existed in the past. And so it's greenfield really in the sense that it's new revenue growth for us, but also greenfield in the sense that it's new capabilities that we're bringing -- that we're helping bring to the industry. And we've got a road map of those capabilities. So it's not just a single set of capabilities, but it's a road map over time of additional capabilities that we expect to bring coming years. And we're partnering with multiple different OEMs across the industry to bring those capabilities. So we're pretty excited about the value that we can bring in terms of enhanced user experiences.

謝謝，特里斯坦。我將其描述為我們確實在幫助為 PC 帶來新功能。例如，如果你看一下聯想和萊迪思最近發布的關於我們將一起為 ThinkPad 產品線帶來的新功能的公告，那實際上是關於帶來過去不存在的新功能。因此，從某種意義上說，它實際上是綠地，因為它對我們來說是新的收入增長，而且從某種意義上說，它也是綠地，因為它是我們帶來的新能力——我們正在幫助為行業帶來新的能力。我們已經有了這些能力的路線圖。因此，這不僅僅是一組功能，而是隨著時間的推移，我們預計將在未來幾年帶來的其他功能的路線圖。我們正在與整個行業的多個不同 OEM 合作，以提供這些功能。因此，我們對能夠在增強用戶體驗方面帶來的價值感到非常興奮。

I would also point out that it's more than just bringing the piece of silicon -- it's really a full solution. It's the silicon. It's the solution stacks that we've been organically investing in over the past 3 years. And Mirametrix is part of that solution as well. So it's the ability to bring not just the hardware device, but full solution all the way from the hardware up through the application layer, which I think is pretty unique for Lattice. And so we're pretty excited about some of the growth potential that we see ahead of us.

我還要指出，這不僅僅是帶來一塊矽片——它真的是一個完整的解決方案。是矽。這是我們在過去 3 年中有機投資的解決方案堆棧。 Mirametrix 也是該解決方案的一部分。因此，它不僅能夠帶來硬件設備，而且能夠帶來從硬件到應用層的完整解決方案，我認為這對於萊迪思來說是非常獨特的。因此，我們對我們看到的一些增長潛力感到非常興奮。

(Operator Instructions) Your next question is from Mark Lipacis of Jefferies.

（操作員說明）您的下一個問題來自 Jefferies 的 Mark Lipacis。

First one, if I may. Jim, can you help us understand right now, and maybe this is a follow-up to your last answer, when you talk about software. To what extent is the sales process at your customers today? Is it chip-led versus software led? And maybe another way to say that is, are your customers looking at the software first and then the chip gets dragged along with it? Or is it the other way around?

第一個，如果可以的話。吉姆，你現在能不能幫助我們理解，也許這是你最後一個回答的後續，當你談論軟件時。您的客戶今天的銷售流程到什麼程度？是芯片主導還是軟件主導？也許另一種說法是，您的客戶是否先查看軟件，然後將芯片拖到一起？或者是周圍的其他方式？

And maybe as part of that, could you talk about the growth that you've seen over the last 4 quarters? Is there a separate software and line item that you can quantify? And then I had a follow-up.

作為其中的一部分，您能否談談您在過去四個季度中看到的增長？是否有可以量化的單獨軟件和行項目？然後我進行了跟進。

Thanks, Mark. Yes, in terms of the chip versus software-led, I would say it depends a little bit on the customer, but I think about it more as it's a solution-led, right, where it's the combination of the chip and the software together, that allows us to bring a full solution to the customer. And along with that software, to get -- to allow the customer to switch to Lattice devices, easily quickly to switch from competitor devices to our devices, to make that transition very easy and then to get to market quickly, and of course, it creates stickiness for us long term as well.

謝謝，馬克。是的，就芯片與軟件主導而言，我會說這有點取決於客戶，但我更多地考慮它，因為它是以解決方案為主導的，對，它是芯片和軟件的結合，這使我們能夠為客戶帶來完整的解決方案。與該軟件一起，讓客戶能夠切換到萊迪思設備，輕鬆快速地從競爭對手設備切換到我們的設備，使過渡變得非常容易，然後快速進入市場，當然，它長期為我們創造粘性。

Now certainly, the software investments that we've made, I think, have helped open new doors for us at I think at existing customers that's helped us expand our share of wallet, but also open new doors to new customers. But I still think it's really about the total solution. And when you look at that revenue, we really view it as revenue from the combined hardware software solution. So we're -- we -- at this point, we premier metrics, we don't have a separate software monetization revenue stream, for instance. But with the acquisition of Mirametrix, Mirametrix does bring with it an existing software revenue stream. And over time, I think there is opportunity for us to not just grow the Mirametrix revenue stream, but use that as a basis to look for how do we drive greater monetization of Lattice, the full Lattice software portfolio over time.

現在可以肯定的是，我認為，我們所做的軟件投資已經幫助我們為現有客戶打開了新的大門，這幫助我們擴大了我們的錢包份額，同時也為新客戶打開了新的大門。但我仍然認為這真的是關於整體解決方案。當您查看該收入時，我們確實將其視為組合硬件軟件解決方案的收入。所以我們 - 我們 - 在這一點上，我們是首要指標，例如，我們沒有單獨的軟件貨幣化收入流。但通過收購 Mirametrix，Mirametrix 確實帶來了現有的軟件收入來源。隨著時間的推移，我認為我們不僅有機會增加 Mirametrix 的收入流，而且可以以此為基礎來尋找我們如何推動 Lattice 的更大貨幣化，隨著時間的推移，完整的 Lattice 軟件組合。

That's very helpful. Okay. And then a follow-up, if I may. When you talk about moving into the midrange with Avant this year, can you talk about the competitive dynamics there? And now that the AMD Xilinx acquisition has been approved, assuming that it closes, does that mean that -- do you view that as a positive for the competitive dynamics into the area you're trying to get into with the Avant? Or is it -- do you think it increases the competitive dynamics? And that's all I had.

這很有幫助。好的。如果可以的話，然後是後續行動。當你談到今年與 Avant 進入中端市場時，你能談談那裡的競爭動態嗎？現在 AMD Xilinx 的收購已經獲得批准，假設它已經完成，這是否意味著 - 您是否認為這對您試圖通過 Avant 進入的領域的競爭動態是積極的？或者是——你認為它會增加競爭動力嗎？這就是我所擁有的。

Yes. Thanks, Mark. The short answer on the last part of your question is we don't believe it changes the competitive dynamic, the acquisition of Xilinx by AMD. We believe the competitive landscape really remains the same. We do think that the competitive landscape in midrange is favorable right now, and that's based on what our customers have told us. And back in 2019, when we were introducing our Nexus product line to our customers and Nexus is, of course, focused on small FPGA part of the market. As we were introducing Nexus to our customers, we've got great feedback on Nexus, great feedback on the power efficiency of the architecture. Well, one of the other things the customers asked us for is, "Hey, can you extend your power-efficient architecture up in the midrange because we don't see a lot of innovation happening in mid-range FPGAs. Lattice is clearly innovating in small FPGAs. Can you extend your innovation midrange as well because we love the power-efficient architecture."

是的。謝謝，馬克。關於您問題最後一部分的簡短回答是，我們認為它不會改變競爭動態，即 AMD 收購 Xilinx。我們相信競爭格局確實保持不變。我們確實認為現在中端市場的競爭格局是有利的，這是基於我們的客戶告訴我們的。早在 2019 年，當我們向客戶介紹 Nexus 產品線時，Nexus 當然專注於市場的小型 FPGA 部分。當我們向客戶介紹 Nexus 時，我們收到了關於 Nexus 的很好的反饋，以及關於架構能效的很好的反饋。好吧，客戶問我們的另一件事是，“嘿，您能否將您的節能架構擴展到中端，因為我們沒有看到中端 FPGA 發生了很多創新。萊迪思顯然在創新“在小型 FPGA 中。您是否也可以擴展您的創新中端，因為我們喜歡節能架構。”

And so we have enough customers ask us about that we took a serious look at that and began investing back in 2019 in Avant. And those customers have helped guide us in terms of the product definition and capabilities. So yes, we see a good market opportunity in mid-range FPGA based on the customer feedback as well as our own view of the competitive landscape there. And we're really excited to bring Avant to market. As I mentioned in the prepared remarks, we plan to launch Avant in the second half of this year. As we've said before, we have over 100 customers engaged in Avant, and we think it's going to be really exciting product, and our customers are definitely anxiously awaiting it, and we're pretty excited about it.

因此，我們有足夠多的客戶詢問我們，我們對此進行了認真研究，並於 2019 年開始在 Avant 進行投資。這些客戶在產品定義和功能方面幫助指導了我們。所以是的，根據客戶反饋以及我們對那裡競爭格局的看法，我們看到了中端 FPGA 的良好市場機會。我們很高興將 Avant 推向市場。正如我在準備好的評論中提到的，我們計劃在今年下半年推出 Avant。正如我們之前所說，我們有 100 多個客戶參與 Avant，我們認為這將是一個非常令人興奮的產品，我們的客戶肯定在焦急地等待它，我們對此感到非常興奮。

Your next question comes from David Williams of Benchmark.

您的下一個問題來自 Benchmark 的 David Williams。

Congrats on a solid progress. First, I wanted to ask just maybe about the Industrial and Automotive segment. It's been strong. And it seems like this quarter maybe sequentially, it didn't grow as much as we had thought. Just wondering if there were anything particular there? If this was maybe supply constraints or timing or anything in particular about that market that may be constrained the growth this quarter?

祝賀取得了堅實的進展。首先，我想問一下工業和汽車領域。一直很強大。看起來這個季度可能是連續的，它並沒有像我們想像的那樣增長。只是想知道那裡有什麼特別的嗎？如果這可能是供應限製或時間限制，或者是關於該市場的任何特殊情況，可能會限製本季度的增長？

Yes. Thanks, David. I don't think there is anything in particular that was constraining the growth this quarter. We've seen really good solid growth from that segment. If I look on a full year basis in '21, industrial auto grew 32% year-over-year and that follows a strong year of growth in 2020. So even though in 2020, the industrial auto segment was relatively weak for the industry overall. We grew double digits in 2020 in that segment, and so we've had 2 good years of very strong growth. So I wouldn't read too much into the quarter-to-quarter sequential progress. We feel pretty good about the growth that we've seen over the last couple of years in this segment.

是的。謝謝，大衛。我不認為有什麼特別限制了本季度的增長。我們已經從該領域看到了非常好的穩健增長。如果我在 21 年全年看，工業汽車同比增長 32%，這是繼 2020 年強勁增長之後的一年。因此，即使在 2020 年，工業汽車領域對整個行業來說都相對疲軟. 2020 年，我們在該領域實現了兩位數的增長，因此我們已經有 2 年非常強勁的增長。所以我不會過多地閱讀季度到季度的連續進展。我們對過去幾年在這一領域的增長感到非常滿意。

We feel very good about the design win pipeline that we have in front of us and the ability to continue to grow and expand in this segment. Lattice devices are just a great fit for industrial automation and robotics applications as well as automotive applications in ADAS and infotainment. So we expect this to continue to be a growth driver for us in 2022 and beyond.

我們對擺在我們面前的設計獲勝管道以及在這一領域繼續增長和擴展的能力感到非常滿意。 Lattice 器件非常適合工業自動化和機器人應用以及 ADAS 和信息娛樂中的汽車應用。因此，我們預計這將在 2022 年及以後繼續成為我們的增長動力。

Okay. Great. And then maybe just from a revenue split geographically, it seems like the Americas was up quite a bit. Is this just more maybe a product ramping? Or is that something that you think is more of a trend over time? Are you developing, I guess, new relationships in the Americas that would maybe change that geographic diversification?

好的。偉大的。然後也許只是從地理上的收入分配來看，美洲似乎增長了很多。這僅僅是產品的升級嗎？還是您認為隨著時間的推移，這更像是一種趨勢？我猜，您是否在美洲發展可能會改變地理多元化的新關係？

Yes, definitely. Great question, David. Yes. We actually made some significant investments in our sales and application engineering team in North America, in particular, in 2019. We believed that we were very underpenetrated in the North America geography, and that there was a lot of growth, untapped growth potential. So we made some investments in our sales leadership and sales kind of feet down the street both in terms of account management as well as, very importantly, application engineering resources. And what you're seeing is now the payoff on that investment, right? So you're seeing growth accelerate significantly in North America. We're really pleased with that. That's a direct result of those investments that we made back in 2019.

當然是。好問題，大衛。是的。實際上，我們在北美的銷售和應用工程團隊進行了一些重大投資，特別是在 2019 年。我們認為，我們在北美地區的滲透率非常低，並且有很多增長，尚未開發的增長潛力。因此，我們在客戶管理以及非常重要的應用工程資源方面對我們的銷售領導和銷售進行了一些投資。你現在看到的是這項投資的回報，對吧？所以你看到北美的增長顯著加速。我們對此感到非常高興。這是我們在 2019 年進行的那些投資的直接結果。

I think it's also a testament to the great product lineup that we have today and the road map moving forward. So if I look at the product portfolio today, I think it's the strongest product portfolio that the company has ever had in its history, if you look at both hardware and software together, and then a very strong road map in front of us, not just in small FPGA, but as we were mentioning earlier, with the new Avant platform, which will launch second half of this year, moving us into mid-range FPGA. Our North America customers as well as all of our worldwide customers see that strong road map ahead, see us investing in really innovative competitive products and I think that's generating a lot of engagement and momentum in our customer base, certainly in North America, but also in our European theater and APAC as well.

我認為這也證明了我們今天擁有的出色產品陣容和前進的路線圖。所以如果我看今天的產品組合，我認為這是公司歷史上最強大的產品組合，如果你同時看硬件和軟件，然後我們面前的一個非常強大的路線圖，而不是只是在小型 FPGA 中，但正如我們之前提到的，新的 Avant 平台將於今年下半年推出，將我們推向中端 FPGA。我們的北美客戶以及我們所有的全球客戶都看到了未來的強大路線圖，看到我們投資於真正具有創新性的競爭產品，我認為這在我們的客戶群中產生了很多參與和動力，當然在北美，而且在我們的歐洲戰區和亞太地區也是如此。

(Operator Instructions) Your next question comes from Christopher Rolland of Susquehanna.

（操作員說明）您的下一個問題來自 Susquehanna 的 Christopher Rolland。

Around gross margin, I believe your long-term guidance was maybe 65% and 1Q guide is now beyond that. And I know you don't guide more than 1 quarter. But I guess, I was wondering, first of all, when we might get an update on that number. And then secondly, hypothetically, why couldn't this number be 70% given you have this mix with Avant long chain, you have continued revenue growth here, a general mix up in products.

圍繞毛利率，我相信你的長期指導可能是 65%，而 1Q 指導現在超出了這個範圍。而且我知道您指導的時間不超過 1 個季度。但我想，我想知道，首先，我們什麼時候可以得到這個數字的更新。其次，假設這個數字不能達到 70%，因為你有這種與 Avant 長鏈的組合，你在這裡有持續的收入增長，產品的普遍混合。

Thank you, Chris, for the question. So in terms of our long-term model, when we put that out at our Investor Day in May of last year, it was really a multiyear long-term model, so a model that we want to achieve over multiyears. And so that's the way that we're looking at it. Of course, we always want to meet and exceed the model. That's how -- the way that we're looking at that. And then in terms of our results and why can't it be greater than 70% or significantly higher, while we're really pleased with the results that we've achieved to date, and we talked about this a little earlier in the call, 790 basis points since the end of 2018. But our plan is just to continue to execute on our gross margin expansion strategy of pricing optimization, product cost efficiencies and also newer products, bringing a higher margin to the table. So that's what we're going to continue to do and evaluate the long-term model as we move forward, but that's how we're thinking about it.

謝謝你，克里斯，這個問題。因此，就我們的長期模型而言，當我們在去年 5 月的投資者日推出時，它確實是一個多年長期模型，因此我們希望在多年內實現這一模型。這就是我們看待它的方式。當然，我們總是希望滿足並超越模型。這就是我們看待它的方式。然後就我們的結果而言，為什麼它不能超過 70% 或顯著更高，而我們對迄今為止所取得的結果感到非常滿意，我們在電話會議的早些時候談到了這一點，自 2018 年底以來增加了 790 個基點。但我們的計劃只是繼續執行我們的定價優化、產品成本效率和更新產品的毛利率擴張戰略，從而帶來更高的利潤率。所以這就是我們將繼續做的事情，並在我們前進的過程中評估長期模型，但這就是我們正在考慮的方式。

Okay. Great. Secondly, a bunch of your FPGA competitors, although they may be more in the midrange, just have astronomical lead times and they've started to affect other businesses as well, like networking, for example. I guess, for Jim, what kind of effect is this having on your business here? Is this driving share gains or the 2 products that's not really fungible or replaceable? And then maybe just talk about the overall rising tide from missing parts and using FPGAs to replace those. What are these kind of benefits on your business?

好的。偉大的。其次，你的一堆 FPGA 競爭對手，雖然他們可能更多地處於中端，但只有天文數字的交貨時間，而且他們也開始影響其他業務，例如網絡。我想，對於吉姆來說，這對您在這裡的業務有什麼影響？這是推動份額增長還是這兩種產品不是真正可替代或不可替代的？然後也許只是談論缺少部件和使用 FPGA 替換這些部件的整體上升趨勢。這些對您的業務有什麼好處？

Thanks, Chris. On the first part, I would say that we have definitely seen, especially over the last 6 months, an acceleration in customers shifting from our competitor devices, FPGA devices to Lattice devices. I think that's a combination of 2 factors. I think it's partially our strong product portfolio. I think our customers see us investing in a strong portfolio, both from a hardware and a software perspective and a strong road map moving forward. So I think that gives them confidence that we're there with them today, we'll be there for them in the future.

謝謝，克里斯。在第一部分，我想說，我們確實已經看到，尤其是在過去 6 個月中，客戶從我們的競爭對手設備、FPGA 設備轉移到萊迪思設備的速度加快。我認為這是兩個因素的結合。我認為這部分是我們強大的產品組合。我認為我們的客戶看到我們從硬件和軟件的角度投資強大的產品組合，以及強大的前進路線圖。所以我認為這讓他們相信我們今天和他們在一起，未來我們也會在他們身邊。

And then I do think some of the supply chain constraints have accelerated customers' move towards us. And we're seeing that across a number of different markets, I would say, especially in the industrial segment in particular. And so yes, I think we are benefiting from that. And I think that is -- I think that is a sticky customer business that I think will retain long term.

然後我確實認為一些供應鏈限制加速了客戶向我們的轉移。我想說，我們在許多不同的市場上都看到了這一點，尤其是在工業領域。所以是的，我認為我們正在從中受益。我認為那是 - 我認為這是一個粘性客戶業務，我認為會長期保留。

And then on the second part of your question, which I think was more about, I think, you're getting more at FPGAs replacing other types of devices for instance, like microcontrollers. I would say there, again, yes, we continue to see good shift of -- a good number of customers shifting from microcontroller designs to our Lattice FPGAs. And again, there's technical reasons for that because as a lot of our customers add things like artificial intelligence capability, inference capability to their edge devices, the Lattice FPGAs are naturally a good match for that. They have higher performance per watt than, for instance, a microcontroller. And we have a tremendous amount of software to offer our customers to make that transition easy. And I think that the benefits of the Lattice product lineup as well as some of the constraints that our customers have seen in supply have -- those 2 combinations -- those 2 factors combined have helped push customers to Lattice maybe even faster than what they originally anticipated. So yes, I think we're quite pleased with the customer momentum right now. I would say the level of momentum and engagement is the highest it's ever been in the company's history, and we're very pleased about that.

然後在你的問題的第二部分，我認為更多的是關於，我認為你在 FPGA 取代其他類型的設備（例如微控制器）方面獲得了更多。我會再次說，是的，我們繼續看到良好的轉變——大量客戶從微控制器設計轉向我們的萊迪思 FPGA。再說一次，這也有技術原因，因為我們的許多客戶都在他們的邊緣設備中添加了人工智能功能、推理功能等功能，萊迪思 FPGA 自然是很好的匹配。它們的每瓦性能比例如微控制器更高。而且我們有大量的軟件可以為我們的客戶提供使這種過渡變得容易的軟件。而且我認為萊迪思產品陣容的好處以及我們的客戶在供應中看到的一些限制——這兩個組合——這兩個因素結合起來幫助推動客戶使用萊迪思的速度可能比他們最初的更快預計。所以是的，我認為我們現在對客戶的勢頭感到非常滿意。我想說，動力和參與度是公司歷史上最高的，我們對此感到非常高興。

Your last question comes from the line of Ruben Roy of WestPark Capital.

您的最後一個問題來自 WestPark Capital 的 Ruben Roy。

Jim, I just had a quick follow-up on the Mirametrix and the discussion around monetization of software and Mirametrix specifically. I was wondering if you could just spend a minute on that and try to understand Mirametrix sounds like, at least initially, it certainly plays into some of your consumer-facing end markets client computing, probably other consumer devices. And just wondering, in terms of monetization, are you leading with the sale of Mirametrix software and those types of cases like a Lenovo? Or in some cases, does Mirametrix pull FPGAs in and that would be how you monetize the software? Just wanted to maybe understand that sales process a little bit better.

吉姆，我剛剛對 Mirametrix 進行了快速跟進，特別是圍繞軟件和 Mirametrix 貨幣化的討論。我想知道您是否可以花一分鐘時間嘗試理解 Mirametrix 聽起來，至少在最初，它肯定會在您的一些面向消費者的終端市場客戶端計算中發揮作用，可能是其他消費設備。只是想知道，在貨幣化方面，您是否在銷售 Mirametrix 軟件和聯想等類型的案例方面處於領先地位？或者在某些情況下，Mirametrix 是否會引入 FPGA，這就是您通過軟件獲利的方式？只是想更好地了解銷售流程。

Yes. Good question, Ruben. And I would say the answer is yes to both, right? In some cases, Mirametrix kind of leads the sale and pulls the silicon through. And in other cases, our existing position across multiple different applications and industries helps pull Mirametrix into new accounts. We have over 9,000 customers. We had many, many more customers than Mirametrix which was a relatively small company. And so we're able to introduce Mirametrix now to an incredibly wide range of customers.

是的。好問題，魯本。我會說兩者的答案都是肯定的，對吧？在某些情況下，Mirametrix 會引領銷售並拉動矽片。在其他情況下，我們在多個不同應用程序和行業中的現有職位有助於將 Mirametrix 吸引到新客戶中。我們有超過 9,000 名客戶。我們的客戶比 Mirametrix（一家相對較小的公司）多得多。因此，我們現在能夠將 Mirametrix 介紹給極其廣泛的客戶。

Certainly, client computing devices is a place where Mirametrix has already done well, but we see applications beyond that. You mentioned in consumer devices. But I would also mention industrial, automation and robotics, automotive electronics. Mirametrix's kind of core capability is not just artificial intelligence, but computer vision technology, in particular. And we see applications for computer vision across multiple different markets that we serve. So I think there's -- again, it's kind to yes to both of your questions. I think Mirametrix will pull silicon through, but we'll be able to introduce Mirametrix to accounts that they've never had access to before.

當然，客戶端計算設備是 Mirametrix 已經做得很好的一個領域，但我們看到的還有其他應用。您在消費類設備中提到過。但我也會提到工業、自動化和機器人技術、汽車電子。 Mirametrix 的核心能力不僅僅是人工智能，尤其是計算機視覺技術。我們在我們服務的多個不同市場中看到了計算機視覺應用。所以我認為有 - 再次，對你的兩個問題都是肯定的。我認為 Mirametrix 將通過芯片，但我們將能夠將 Mirametrix 介紹給他們以前從未訪問過的帳戶。

And in terms of monetization, I think Mirametrix already brings its existing revenue stream with it, and Sherri calibrated you earlier in just kind of the size of that, at least last year. Our intention, of course, is to grow that Mirametrix revenue stream and then to drive some of the revenue synergies that I just talked about beyond that.

在貨幣化方面，我認為 Mirametrix 已經帶來了其現有的收入來源，而 Sherri 至少在去年早些時候以這種規模對你進行了校準。當然，我們的目的是增加 Mirametrix 的收入流，然後推動我剛才談到的一些收入協同效應。

Okay. That's very helpful. And Sherri was asked just now on the gross margin. I guess that's part of it. But I guess, Sherri, I understand what you're saying, 65% target that you gave us a little less than a year ago. It's a multiyear sort of target, and it maybe ebbs and flows depending on other considerations. But in terms of your answer to an earlier question just around some of your expansion strategies, I thought I heard you say that there are still -- there's still some room left, I guess, is the way to frame those expansion strategies, whether they're cost efficiencies or pricing optimization, for the rest of this year, which sounds like it will keep the gross margins perhaps a little bit above that target in the near term? Is that the way you were trying to frame that answer?

好的。這很有幫助。而雪莉剛才被問到毛利率。我想這是其中的一部分。但我想，Sherri，我明白你在說什麼，不到一年前你給我們的目標是 65%。這是一個多年的目標，它可能會根據其他因素而起起落落。但就你對圍繞你的一些擴張策略的早期問題的回答而言，我想我聽到你說還有 - 我想還有一些空間是製定這些擴張戰略的方式，無論它們是'是成本效率還是定價優化，在今年剩餘時間裡，這聽起來會讓毛利率在短期內略高於目標？這就是你試圖構建答案的方式嗎？

Yes. Maybe, Ruben, maybe I'll add a little bit of additional color on this is, I would say we're very committed to continuing to expand our gross margin over time. I think you can see that commitment over the last 3 years. right? 2019, 2020 and 2021, all 3 of those years, we delivered about 200 basis points of expansion on an annual basis in each 1 of those 3 years. So I think we've demonstrated not only a commitment, but a track record of gross margin expansion. Certainly, our intention to continue to drive margin expansion where we can and a number of different initiatives to go do that, right? So I guess that would be the additional color I'd provide on margin.

是的。也許，魯本，也許我會為此添加一些額外的顏色，我想說我們非常致力於隨著時間的推移繼續擴大我們的毛利率。我認為您可以在過去 3 年中看到這種承諾。對？ 2019 年、2020 年和 2021 年，在所有這 3 年中，我們在這 3 年的每一年中每年實現約 200 個基點的擴張。因此，我認為我們不僅展示了一種承諾，而且展示了毛利率擴張的良好記錄。當然，我們打算在可能的情況下繼續推動利潤率擴張，並採取了許多不同的舉措來做到這一點，對吧？所以我想這將是我在保證金上提供的額外顏色。

Good enough. And yes, congrats, team, on that.

夠好了。是的，恭喜，團隊。

Thanks, Ruben.

謝謝，魯本。

This concludes the Q&A session. I will now hand the call back to Lattice's CEO, Jim Anderson, for closing remarks.

問答環節到此結束。我現在將電話轉回給萊迪思的首席執行官吉姆·安德森（Jim Anderson），以致閉幕詞。

All right. Thank you, operator, and thanks again, everybody, for joining us on today's call. We are very pleased to have delivered strong revenue growth, gross margin expansion and record profitability in 2021. I think Lattice really entered a new growth phase, a new accelerated growth phase in 2021. We're really excited about the year I've had -- ahead of us, especially given the strong momentum we have across the customer base and the continued expansion of the product portfolio. So thank you for joining us again today, and we look forward to providing you with more updates in the future. Operator, that concludes today's call.

好的。謝謝接線員，再次感謝大家加入我們今天的電話會議。我們很高興在 2021 年實現了強勁的收入增長、毛利率擴張和創紀錄的盈利能力。我認為萊迪思在 2021 年真正進入了一個新的增長階段，一個新的加速增長階段。我們對我度過的這一年感到非常興奮- 在我們之前，特別是考慮到我們在整個客戶群中擁有的強勁勢頭和產品組合的持續擴展。因此，感謝您今天再次加入我們，我們期待在未來為您提供更多更新。接線員，今天的通話結束。

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

今天的電話會議到此結束。您現在可以斷開連接。