萊迪思半導體 (LSCC) 2021 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Lattice Semiconductor's Third Quarter 2021 Earnings Conference Call. (Operator Instructions) I will now turn the call over to Mr. Rick Muscha, Lattice's Director of Investor Relations. Please go ahead.

女士們，先生們，歡迎來到萊迪思半導體 2021 年第三季度收益電話會議。 （操作員說明）我現在將電話轉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 third quarter of 2021 and the business outlook for the fourth quarter of 2021. If you have not obtained a copy of our earnings press release, it can be found on 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吉姆·安德森，萊迪思的總裁兼首席執行官；和萊迪思的首席財務官 Sherri Luther。我們將提供 2021 年第三季度的財務和業務回顧以及 2021 年第四季度的業務展望。如果您還沒有獲得我們的收益新聞稿副本，可以在我們公司網站的投資者關係中找到latticesemi.com 上的部分。

I'd like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or 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.

我想提醒大家，在我們今天的電話會議中，我們可能會對未來事件或公司未來的財務業績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。

This call includes and constitutes the Company's official guidance for the fourth quarter of 2021. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call. Some financial information that we present during the call will be provided on both a GAAP and a non-GAAP basis. 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. Management uses non-GAAP measures to better assess operating performance and to establish operational goals. 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.

此電話會議包括並構成公司 2021 年第四季度的官方指南。如果在本次電話會議後的任何時候，我們傳達了對本指南的任何重大更改，我們打算使用公共論壇（例如新聞稿）進行此類更新或公開宣布的電話會議。我們在電話會議期間提供的一些財務信息將在 GAAP 和非 GAAP 基礎上提供。通過披露某些非 GAAP 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。管理層使用非 GAAP 措施來更好地評估運營績效並製定運營目標。對於歷史時期，我們提供了這些非 GAAP 財務措施與 GAAP 財務措施的調節，可以在我們網站 latticesemi.com 的投資者關係部分找到。

Let me now turn the call over to Jim Anderson, our CEO.

現在讓我把電話轉給我們的首席執行官吉姆安德森。

Thank you, Rick, and thank you, everyone, for joining us on our call today. I'm pleased with our strong results in Q3 as we delivered double-digit year-over-year revenue growth, driven by our expanding product portfolio and multiple growth vectors across our end-markets. Let me start by covering a few highlights from Q3 of 2021. We grew revenue 28% year-over-year and 5% sequentially, with double-digit year-over-year growth in each of our 3 market segments. We expanded non-GAAP gross margin by 210 basis points year-over-year to a record 63.6% as we continue to execute on our gross margin expansion strategy. We achieved record non-GAAP operating profit of 30.4%. In addition, we drove 49% year-over-year increase in non-GAAP net income. And we continue to expand our hardware and software capabilities with new product enhancements.

謝謝你，里克，也謝謝大家今天加入我們的電話會議。我對我們在第三季度的強勁業績感到滿意，因為在我們不斷擴大的產品組合和終端市場的多個增長向量的推動下，我們實現了兩位數的同比收入增長。首先讓我介紹 2021 年第三季度的一些亮點。我們的收入同比增長 28%，環比增長 5%，我們的 3 個細分市場均實現了兩位數的同比增長。隨著我們繼續執行我們的毛利率擴張戰略，我們的非美國通用會計準則毛利率同比增長 210 個基點，達到創紀錄的 63.6%。我們實現了創紀錄的非美國通用會計準則營業利潤 30.4%。此外，我們推動非 GAAP 淨收入同比增長 49%。我們繼續通過新產品增強來擴展我們的硬件和軟件功能。

Let me now provide an overview of our business by end-market. In the communications and computing market, revenue increased 6% sequentially and 26% on a year-over-year basis. As we've highlighted previously, our key long-term growth drivers in this segment are Data Center Servers, Client Computing and 5G infrastructure. In Servers, growth continues to be driven by expansion in both attach rate and ASP as we continue to drive an increase in our dollar content per server with each new server generation. In Client Computing growth is driven by the ramp of customer programs that started last year and have continued into this year. In addition, we're engaged with customers on new programs that will generate revenue in the coming quarters. Lastly, we were pleased with our growth in 5G Infrastructure in Q3 as 5G continues to be deployed worldwide.

現在讓我按終端市場概述我們的業務。在通信和計算市場，收入環比增長 6%，同比增長 26%。正如我們之前強調的那樣，我們在這一領域的主要長期增長動力是數據中心服務器、客戶端計算和 5G 基礎設施。在服務器方面，增長繼續受到附加率和 ASP 的擴展的推動，因為我們繼續推動每一代新服務器的每台服務器的美元內容增加。在客戶端計算方面，增長是由去年開始並一直持續到今年的客戶計劃的增加所推動的。此外，我們正在與客戶合作開展新計劃，這些計劃將在未來幾個季度產生收入。最後，隨著 5G 繼續在全球部署，我們對第三季度 5G 基礎設施的增長感到滿意。

Turning now to the Industrial and Automotive market, revenue increased 3% sequentially and was up 40% on a year-over-year basis. Q3 growth in the Industrial segment reflects strong customer adoption in a broad range of applications, including industrial automation and robotics, where Lattice solutions provide significant competitive advantages for our customers. We've recently seen an accelerated rate of customer adoption and conversion to Lattice devices used in this segment. Combination of power efficiency, performance, flexibility and software content makes our devices a natural fit for the industrial market. As the digital transformation of industrial and automotive applications continues, our product portfolio is well positioned for sustained long-term growth.

現在轉向工業和汽車市場，收入環比增長 3%，同比增長 40%。工業部門第三季度的增長反映了客戶在廣泛應用中的強勁採用，包括工業自動化和機器人技術，萊迪思解決方案為我們的客戶提供了顯著的競爭優勢。我們最近看到客戶採用和轉換到該細分市場中使用的萊迪思設備的速度加快。能效、性能、靈活性和軟件內容的結合使我們的設備非常適合工業市場。隨著工業和汽車應用的數字化轉型繼續進行，我們的產品組合已做好持續長期增長的準備。

Turning now to consumer, revenue was up 1% sequentially and was up 25% year-over-year. As we've discussed previously, our focus is on applications with multi-year revenue streams and higher margins, where our solutions are enabling customers to differentiate their products.

現在轉向消費者，收入環比增長 1%，同比增長 25%。正如我們之前所討論的，我們的重點是具有多年收入流和更高利潤率的應用程序，我們的解決方案使客戶能夠在這些應用程序中實現產品差異化。

I'll now provide some product road map highlights. I continue to be pleased with our team's execution on our product road map. Since the launch of Lattice Nexus, we've launched 4 device families based on the platform. The first 2 device families, CrossLink-NX and Certus-NX are already in production and ramping with customers. Our third Nexus device family, Mach-NX, remains on track to generate revenue towards the end of this year. CertusPro-NX, the fourth device family, was launched in June and is expected to go into production next year. CertusPro-NX has significantly better power efficiency, best-in-class system bandwidth and a much smaller footprint than our competition. We continue to be pleased with the broad adoption of our Nexus platform across all our market segments.

我現在將提供一些產品路線圖亮點。我仍然對我們團隊在產品路線圖上的執行感到滿意。自 Lattice Nexus 推出以來，我們已經推出了 4 個基於該平台的設備系列。前 2 個設備系列 CrossLink-NX 和 Certus-NX 已經投入生產並與客戶一起量產。我們的第三個 Nexus 設備系列 Mach-NX 有望在今年年底創收。第四個設備系列 CertusPro-NX 於 6 月推出，預計明年投入生產。 CertusPro-NX 與我們的競爭對手相比，具有明顯更高的能效、一流的系統帶寬和更小的佔地面積。我們繼續對我們的 Nexus 平台在我們所有細分市場中的廣泛採用感到高興。

We're also excited about our upcoming Lattice Avant platform that we announced at our Investor Day in May. Avant will double our addressable market and will allow us to address mid-range FPGA applications. Customer engagement and momentum continues to grow, and execution is going well. We remain on track for launch in the second half of next year.

我們也對我們在 5 月份的投資者日宣布的即將推出的 Lattice Avant 平台感到興奮。 Avant 將使我們的可尋址市場翻一番，並使我們能夠解決中檔 FPGA 應用問題。客戶參與度和勢頭持續增長，執行進展順利。我們仍有望在明年下半年推出。

As we've discussed over the past few years, software is a key component of our strategy. We've been increasing organic investment in our software portfolio, not just the development environment, but increasing the investment in our application-specific solution stacks as well. For example, during Q3, we further enhanced the capabilities and performance of mVision, our award-winning solution stack focused on embedded vision applications. These investments are focused on making it easier for our customers to adopt Lattice products and get to market quickly. In summary, we're pleased with the strong revenue growth and profit expansion, and we continue to make solid progress on our expanding product portfolio.

正如我們在過去幾年中討論的那樣，軟件是我們戰略的關鍵組成部分。我們一直在增加對軟件產品組合的有機投資，不僅僅是開發環境，而且還增加了對特定應用程序解決方案堆棧的投資。例如，在第三季度，我們進一步增強了 mVision 的功能和性能，mVision 是我們屢獲殊榮的解決方案堆棧，專注於嵌入式視覺應用程序。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。總而言之，我們對強勁的收入增長和利潤增長感到滿意，並且我們繼續在擴大產品組合方面取得穩步進展。

I'll now turn the call over to our CFO, Sherri Luther.

我現在將電話轉給我們的首席財務官 Sherri Luther。

Thank you, Jim. We are pleased with our strong Q3 financial results as we continue to execute to our financial model. We drove strong sequential and year-over-year revenue growth, significantly expanded gross margin and delivered record profitability while continuing to invest in our leadership product road map. We drove strong cash generation and continued to return cash to shareholders.

謝謝你，吉姆。隨著我們繼續執行我們的財務模型，我們對我們強勁的第三季度財務業績感到滿意。我們推動了強勁的連續和同比收入增長，顯著擴大了毛利率並實現了創紀錄的盈利能力，同時繼續投資於我們的領先產品路線圖。我們推動了強勁的現金產生，並繼續向股東返還現金。

Let me now provide a summary of our Q3 results. Third quarter revenue was $131.9 million, up 5% sequentially from the second quarter and up 28% year-over-year. Revenue grew double digits year-over-year in all 3 of our end-markets with sequential growth as well. IP revenue was down year-over-year but was up on a sequential basis. Gross margin on a GAAP basis was up 150 basis points to 62.8% in Q3 compared to the prior quarter and was up 230 basis points compared to the year-ago quarter. Our non-GAAP gross margin increased 150 basis points to a record 63.6% in Q3 compared to the prior quarter and was up 210 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 margin expansion strategy. On a sequential basis, we also benefited from higher IP revenue.

現在讓我總結一下我們第三季度的結果。第三季度收入為 1.319 億美元，環比增長 5%，同比增長 28%。我們所有 3 個終端市場的收入都實現了兩位數的同比增長，並實現了連續增長。 IP 收入同比下降，但環比上升。與上一季度相比，第三季度按 GAAP 計算的毛利率上升 150 個基點至 62.8%，與去年同期相比上升 230 個基點。我們的非美國通用會計準則毛利率在第三季度比上一季度增長了 150 個基點，達到創紀錄的 63.6%，比去年同期增長了 210 個基點。毛利率的環比和同比增長繼續受到我們的利潤率擴張戰略的推動。在連續的基礎上，我們還受益於更高的 IP 收入。

Q3 GAAP operating expenses were $55.8 million compared to $53.9 million in the prior quarter and $49.5 million in the year-ago quarter. On a non-GAAP basis, operating expenses were $43.8 million compared to $41.5 million in the prior quarter and $36 million in the year-ago quarter. Our R&D expenses increased sequentially as we continue to invest in our product portfolio. Q3 GAAP earnings per basic share was $0.20 and $0.19 per diluted share compared to $0.16 and $0.15 in the prior quarter and $0.09 in the year-ago quarter. Q3 non-GAAP earnings per basic share was $0.29 and $0.28 per diluted share, which increased from $0.26 and $0.25 in the prior quarter and increased from $0.20 and $0.19 in the year-ago quarter. This represents 49% year-over-year growth for non-GAAP earnings per diluted share.

第三季度 GAAP 運營費用為 5580 萬美元，上一季度為 5390 萬美元，去年同期為 4950 萬美元。按非美國通用會計準則計算，運營費用為 4380 萬美元，上一季度為 4150 萬美元，去年同期為 3600 萬美元。隨著我們繼續投資於我們的產品組合，我們的研發費用連續增加。第三季度 GAAP 每股基本收益為每股攤薄收益 0.20 美元和 0.19 美元，而上一季度為 0.16 美元和 0.15 美元，去年同期為 0.09 美元。第三季度非 GAAP 每股基本收益為 0.29 美元和每股攤薄收益 0.28 美元，高於上一季度的 0.26 美元和 0.25 美元，高於去年同期的 0.20 美元和 0.19 美元。這意味著非 GAAP 每股攤薄收益同比增長 49%。

Driving cash flow generation continues to be a key focus area for the company. We generated $45 million in cash from operations in Q3 and $116 million through the first 9 months of 2021. This is up approximately 70% compared to the cash generated from operations through the first 9 months of 2020. In Q3, we repurchased approximately 250,000 shares or $15 million in stock under our buyback program. This brings our year-to-date total of stock repurchase to $55 million. Finally, our Q3 ending cash balance was $182 million.

推動現金流的產生仍然是公司的重點關注領域。我們在第三季度的運營中產生了 4500 萬美元的現金，到 2021 年前 9 個月為 1.16 億美元。這比 2020 年前 9 個月的運營產生的現金增加了約 70%。在第三季度，我們回購了約 250,000 股股票或我們回購計劃下的 1500 萬美元股票。這使我們年初至今的股票回購總額達到 5500 萬美元。最後，我們第三季度末的現金餘額為 1.82 億美元。

Let me now review our outlook for the fourth quarter. Revenue for the fourth quarter of 2021 is expected to be between 129 and $139 million. Gross margin is expected to be 64%, plus or minus 1% on a non-GAAP basis. Total operating expenses for the fourth quarter are expected to be between 44 and $46 million on a non-GAAP basis. We are focused on continuing to drive sustained revenue growth and profit expansion, led by the strength and differentiation of our leadership product road map.

現在讓我回顧一下我們對第四季度的展望。預計 2021 年第四季度的收入將在 129 至 1.39 億美元之間。根據非美國通用會計準則，毛利率預計為 64%，上下浮動 1%。按非公認會計原則計算，第四季度的總運營費用預計在 44 至 4600 萬美元之間。在我們領先產品路線圖的實力和差異化的帶動下，我們專注於繼續推動持續的收入增長和利潤擴張。

Operator, that concludes my formal comments. We can now open the call for questions.

接線員，我的正式評論到此結束。我們現在可以開始提問了。

(Operator Instructions) And your first question comes from the line of Alex Vecchi from William Blair.

（操作員說明）您的第一個問題來自 William Blair 的 Alex Vecchi。

Congratulations on another impressive quarter. I guess to start, I'll hit on -- I'm not sure we used the same margin, but the impressive gross margin results, you guys really hit it out of the park there. Can you maybe give a little more color into maybe some of the mix or within each end market, there were certain products that lifted the overall gross margin, given that as a percentage of revenue, the end markets looked relatively stable? And maybe comment on if you've been able to sort of raise prices or push through any increased costs from the constraints out there?

祝賀又一個令人印象深刻的季度。我想開始，我會開始——我不確定我們使用了相同的利潤率，但令人印象深刻的毛利率結果，你們真的把它從公園裡拿出來了。您能否為某些組合或在每個終端市場中提供更多顏色，考慮到終端市場佔收入的百分比看起來相對穩定，某些產品提高了整體毛利率？也許評論你是否能夠提高價格或從那裡的限制中推動任何增加的成本？

So from a gross margin perspective, we're actually really pleased with the results for the quarter, a record 63.6%, 150 basis point sequential improvement and 210 basis points improvement year-over-year. It's really coming from our gross margin expansion strategy that we talked about at our Investor Day earlier this year, and actually that we had put in place back in 2019 as we continue to execute primarily on pricing optimization in Q3 is where you saw a lot of the benefit coming from and really strength in all of our markets driving the gross margin improvement. And when you look to our Q4 guide, at the midpoint, that reflects, again, sequential improvement in gross margin from our gross margin expansion strategy. And as we drive towards the long-term target model that we laid out of 65%.

因此，從毛利率的角度來看，我們實際上對本季度的結果感到非常滿意，創紀錄的 63.6%，環比提高 150 個基點，同比提高 210 個基點。這真的來自我們今年早些時候在投資者日談到的毛利率擴張戰略，實際上我們早在 2019 年就實施了這一戰略，因為我們在第三季度繼續主要執行定價優化，你看到了很多我們所有市場帶來的好處和真正的實力推動了毛利率的提高。當您在中點查看我們的第四季度指南時，這再次反映了我們的毛利率擴張戰略帶來的毛利率連續改善。隨著我們朝著我們制定的 65% 的長期目標模型邁進。

That's helpful. And then just in terms of industry supply constraints, it looks like inventory dollars were roughly flat and days were also roughly flat. Can you maybe comment on if you're seeing sort of any slower growth there because you're unable to meet sort of customer demand? Or I know you guys did a good job back in April of really sort of building up inventory in front of COVID. But maybe if you could touch on that a little bit.

這很有幫助。然後就行業供應限製而言，庫存美元似乎大致持平，天數也大致持平。您能否評論一下您是否因為無法滿足某種客戶需求而導致增長放緩？或者我知道你們在 4 月份做得很好，確實在 COVID 面前建立了庫存。但也許你可以稍微談一談。

So on supply constraints, yes, certainly, industry wide, there's certainly supply chain tightness. And of course, we're not immune to that. But I do think our supply chain team has been doing a really good job navigating the environment and supporting our customers. And if you remember last year, we actually proactively built strategic inventory to get ahead of the potential supply chain tightness. We started doing that in Q2 of last year, and we grew our Lattice inventory in Q2, Q3 and Q4 of last year, and that inventory build last year certainly helped us navigate the current environment and support our customers well this year. Now there may be particular silicon package combinations that are tight in terms of supply for us. But in general, I think, again, our team continues to do a good job supporting our customers. I think our customers would agree with that as well. But hopefully, that's a little bit of color, Alex.

因此，在供應限制方面，是的，當然，在整個行業範圍內，肯定存在供應鏈緊張。當然，我們也不能倖免。但我確實認為我們的供應鏈團隊在駕馭環境和支持我們的客戶方面做得非常好。如果你還記得去年，我們實際上主動建立了戰略庫存，以應對潛在的供應鏈緊張。我們從去年第二季度開始這樣做，我們在去年第二季度、第三季度和第四季度增加了 Lattice 庫存，去年的庫存增加無疑幫助我們應對了當前環境，並在今年很好地支持了我們的客戶。現在可能有特定的矽封裝組合對我們來說供應緊張。但總的來說，我再次認為，我們的團隊繼續出色地支持我們的客戶。我想我們的客戶也會同意這一點。但希望這有點顏色，亞歷克斯。

And our next question comes from the line of Tristan Gerra from Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

A quick follow-up question on gross margin. So is your price optimization strategy benefiting from the current tightness in supply? Is it helping? Or is it completely separate? And if the current environment continues, should we stop thinking about a potential longer-term for your gross margin to be similar to that of high-density FPGAs? And finally, are you de-emphasizing any product that you consider either legacy or low-margin given the tightness in supply that could also help the mix?

關於毛利率的快速跟進問題。那麼您的價格優化策略是否受益於當前的供應緊張？有幫助嗎？或者它是完全獨立的？如果當前環境繼續下去，我們是否應該停止考慮您的毛利率可能長期與高密度 FPGA 相似？最後，鑑於供應緊張也可能有助於混合，您是否不再強調您認為是傳統產品或低利潤率的產品？

So first of all, on the pricing. Remember, we've had a pricing optimization strategy that we put in place back at the beginning of 2019. So that's almost 3 years now, we've had that strategy. And again, that's really focused on -- we view it as making sure that we're pricing our products correctly in the marketplace for the value and the differentiation that they bring to our customers. And I would say the current supply chain constraints, kind of regardless of that, we've been driving that pricing optimization strategy. But certainly, in the current environment, it makes it even a little bit easier, no doubt.

首先，關於定價。請記住，我們在 2019 年初制定了定價優化策略。所以現在已經快 3 年了，我們已經制定了該策略。再一次，這真的集中在——我們認為這是確保我們在市場上為我們的產品正確定價，以實現它們為我們的客戶帶來的價值和差異化。而且我會說當前的供應鏈限制，無論如何，我們一直在推動定價優化策略。但可以肯定的是，在當前環境下，這無疑讓事情變得更容易了一點。

On the second part of your question around, I think you're getting at gross margin target over time. As you remember from the May Investor Day that we did earlier this year, we put a target out of 65%. Certainly, now we're focused on towards that 65% gross margin target. When we get to that target, we'll take a look at if there's a new target for us to set for ourselves. But in the meantime, we're focused on making progress towards our gross margin target as quickly as we can. On the -- I think the third part of your question was around are we de-emphasizing any lower margin product? Yes, that's not the case. What we're trying to do is make sure that we're supporting all of our customers and making sure we're meeting demand for all of our customers across all of our end markets. So yes, not de-emphasizing any particular products.

關於你問題的第二部分，我認為你會隨著時間的推移達到毛利率目標。您還記得我們今年早些時候舉辦的 5 月投資者日活動，我們設定了 65% 的目標。當然，現在我們專注於實現 65% 的毛利率目標。當我們達到那個目標時，我們會看看是否有一個新的目標可以為我們自己設定。但與此同時，我們專注於盡快實現毛利率目標。關於 - 我認為你問題的第三部分是關於我們是否不再強調任何利潤率較低的產品？是的，事實並非如此。我們正在努力做的是確保我們支持所有客戶，並確保我們滿足所有終端市場所有客戶的需求。所以是的，不強調任何特定產品。

Just a quick follow-up. How much of the revenue momentum you're seeing is coming from Nexus? And any touch point you could give us on where that could be as a percent of revenue exiting next year?

只是快速跟進。您看到的收入增長有多少來自 Nexus？您可以給我們任何關於明年退出收入的百分比的接觸點嗎？

So Nexus is certainly a contributor to the growth that we're seeing this year. We're quite pleased with our revenue growth for the first 3 quarters here of the year, this quarter being 28% year-over-year in Q3. And Nexus is certainly a contributor to that. Although our pre Nexus products are driving growth as well. Just as a reminder on kind of where we're at in the Nexus ramp is we've launched 4 Nexus device families. The first 2, which is CrossLink-NX and Certus-NX, those have already entered production have been ramping nicely into production. And then we have a third device that goes into production towards the end of this year. That's Mach-NX. And then the fourth device we launched earlier this year, that will start to generate production revenue next year. So yes, all of those products executing on track. We're pleased with the revenue ramp, they're contributing to growth year. And we would certainly expect them to contribute to growth next year as well.

所以 Nexus 無疑是我們今年看到的增長的貢獻者。我們對今年前三個季度的收入增長感到非常滿意，本季度第三季度同比增長 28%。 Nexus 無疑是其中的貢獻者。儘管我們的 Nexus 之前的產品也在推動增長。正如我們在 Nexus 斜坡上所處的位置提醒我們已經推出了 4 個 Nexus 設備系列。前兩個是 CrossLink-NX 和 Certus-NX，它們已經投入生產，並且已經順利投入生產。然後我們有第三台設備將在今年年底投入生產。那就是 Mach-NX。然後是我們今年早些時候推出的第四款設備，它將在明年開始產生生產收入。所以是的，所有這些產品都在正常運行。我們對收入的增長感到滿意，他們為增長做出了貢獻。我們當然希望它們也能為明年的增長做出貢獻。

And our next question comes from the line of Hans Mosesmann for Rosenblatt.

我們的下一個問題來自 Hans Mosesmann 對 Rosenblatt 的發言。

Congratulations team. Sherri, on your side of the business, you guys are not raising prices. I'm assuming that input costs are going up, but you're not passing that on to customers. Is that correct?

祝賀團隊。雪莉，在你這邊，你們沒有提價。我假設投入成本正在上升，但您不會將其轉嫁給客戶。那是對的嗎？

So the way that we're looking at it, if it makes sense for us to pass it on to customers, then we will. But if you recall, we have our gross margin expansion strategy for pricing optimization. We've had that underway since 2019. So we've got a number of initiatives underway where -- that kick in at various points in time to really get the value for our products. So that's really what we're focused on, getting the value for our products from our customers.

所以我們看待它的方式，如果我們將它傳遞給客戶是有意義的，那麼我們就會這樣做。但如果你還記得，我們有我們的定價優化毛利率擴張戰略。自 2019 年以來，我們一直在進行這項工作。因此，我們正在進行許多舉措——在不同的時間點啟動，以真正獲得我們產品的價值。所以這才是我們真正關注的，從我們的客戶那裡獲得我們產品的價值。

And the only thing I would add, Hans, is certainly, if we see higher product costs, we'll certainly seek to pass that along to our customers as well.

漢斯，我唯一要補充的是，如果我們看到更高的產品成本，我們當然也會設法將其轉嫁給我們的客戶。

Okay. And then as a follow-on, hey Jim, on these new Nexus products, is the incremental design activity better than the previous generation product? Is that one way to look at it? And then if you can give us granularity on Avant, what's the interest level over the past quarter? Is it -- if you can just give us some subjective kind of commentary, that would be helpful.

好的。然後作為後續行動，嘿吉姆，在這些新的 Nexus 產品上，增量設計活動是否比上一代產品更好？這是一種看待它的方式嗎？然後，如果你能給我們提供關於 Avant 的詳細信息，那麼過去一個季度的興趣水平是多少？是嗎——如果你能給我們一些主觀的評論，那會很有幫助。

Yes. So on Nexus, definitely, the design momentum is much stronger than prior product generations. In fact, I think probably our strongest platform launch with FPGA ever, certainly within the last decade for the company. And our sales team, as you can imagine, very happy right now. They're -- in terms of the design win progress on Nexus, multiple new families that we've launched, and we're just seeing very strong customer engagement and design win momentum actually across each one of our market segments. And then you asked about Avant, too. we're really excited about that. The execution is going very well. We're continuing to execute towards a target launch in the second half of next year. And then on customer momentum there as well. Customer engagement, very strong. As we shared earlier this year, over 100 customers engaged in Avant. Some -- many of our large strategic customers engaged since the very inception of Avant. And so yes, we're really excited about that. The engineering team is executing well, and the sales team is very busy, engaged with many customers and working on many different design wins.

是的。因此，在 Nexus 上，設計勢頭肯定比前幾代產品強得多。事實上，我認為這可能是我們推出的最強大的 FPGA 平台，當然是在公司過去十年內。正如您想像的那樣，我們的銷售團隊現在非常開心。他們是——就 Nexus 的設計獲勝進展而言，我們推出了多個新系列，我們只是在我們的每個細分市場中看到非常強大的客戶參與和設計獲胜勢頭。然後你也問到了 Avant。我們對此感到非常興奮。執行非常順利。我們將繼續執行明年下半年的目標發布。然後還有客戶動力。客戶參與度非常高。正如我們今年早些時候分享的那樣，有 100 多家客戶參與了 Avant。一些 - 我們的許多大型戰略客戶自 Avant 成立以來就參與其中。所以是的，我們對此感到非常興奮。工程團隊執行良好，而銷售團隊非常忙碌，與許多客戶打交道並致力於許多不同的設計勝利。

And your next question comes from the line of Matt Ramsay from Cowen.

你的下一個問題來自 Cowen 的 Matt Ramsay。

I guess, Jim, I wanted to ask a couple of questions about some particular end-markets that you guys are exposed to and are no doubt driving some of the growth you're seeing in the model. The first one is in the Data Center space. It looks like the comms and computing business is up, I don't know, 25% or so year-over-year, which is a great number. And the reason I'm bringing it up is we talked a number of times over the years about the content expansion that you guys expected going from Grantley to Partly to Whitley at Intel when they were in the majority of the market. And you have Genoa from A&B and Sapphire Rapids on the Eagle stream platform and Intel coming in the next, I don't know, several quarters. So both big vendors upgrading systems at the same time. If you could give us a little color on what you're expecting there from a Lattice opportunity standpoint.

我想，吉姆，我想問幾個關於你們所接觸的特定終端市場的問題，這些終端市場無疑會推動你們在模型中看到的一些增長。第一個是在數據中心空間。看起來通訊和計算業務在增長，我不知道，同比增長 25% 左右，這是一個很大的數字。我提出這個問題的原因是，多年來我們多次談到內容擴展，你們期望在英特爾佔據大部分市場時從 Grantley 到 Partly 再到 Whitley。你有來自 A&B 的 Genoa 和 Eagle Stream 平台上的 Sapphire Rapids，而英特爾將在接下來的幾個季度出現，我不知道。所以兩大廠商同時升級系統。如果你能從 Lattice 機會的角度給我們一些關於你期望的顏色。

Yes, the server space or data center, in general, this has been a really strong growth area for us for actually several years now. And definitely a contributor to the strong growth we saw in the most recent quarter, the 26% year-over-year growth. Although I will note really quickly, not just servers grew for us in Q3, but so did our client revenue as well as 5G revenue, which also fall in that category. But on servers, what our focus has always been is to -- with each new server generation to increase our dollars of content per server. So that with each new server generation, we've got more dollar footprint on that server across all of our customers. And we've been able to do that over multiple generations and certainly focused on that on the next generation as well.

是的，服務器空間或數據中心，總的來說，這幾年來對我們來說一直是一個非常強勁的增長領域。並且絕對是我們在最近一個季度看到的強勁增長的貢獻者，同比增長 26%。儘管我很快就會注意到，在第三季度，不僅服務器為我們增長，我們的客戶收入和 5G 收入也都屬於這一類別。但在服務器上，我們的重點一直是——隨著每一代新服務器的出現，增加每台服務器的內容收入。因此，對於每一代新服務器，我們在所有客戶的服務器上都有更多的美元足跡。我們已經能夠在多代人中做到這一點，當然也將重點放在下一代身上。

In fact, as we shared at the Investor Day back in May, in the next generation, we're targeting a 50% increase in the dollars of content per server. And the 2 main drivers of that are attach rates and ASP. And on attach rate, we've seen our attach rates steadily increase on servers, and now our attach rate exceeds 1x, meaning that on average, if you take the global number of servers that ship on average, there's more than 1 Lattice device used on each server. And so our attach rate continues to increase. And then with each new generation, we brought additional content and capability to the servers, and that's translated into higher ASPs. And when you multiply those 2 factors together, you see a strong dollar content increase in each server generation. And so that's certainly what we're focused on, not just for this near-term server generation but over multiple generations with our key strategic customers.

事實上，正如我們在 5 月份的投資者日分享的那樣，在下一代中，我們的目標是將每台服務器的內容美元增加 50%。其中的 2 個主要驅動因素是附加率和 ASP。在連接率方面，我們已經看到我們在服務器上的連接率穩步上升，現在我們的連接率超過了 1 倍，這意味著平均而言，如果您採用全球平均出貨的服務器數量，則使用超過 1 個萊迪思設備在每個服務器上。因此，我們的附加率繼續增加。然後，對於每一代新產品，我們都為服務器帶來了額外的內容和功能，並將其轉化為更高的 ASP。當您將這 2 個因素相乘時，您會看到每一代服務器的美元內容都有強勁增長。因此，這當然是我們關注的重點，不僅僅是這一代服務器，而是與我們的關鍵戰略客戶的多代服務器。

Got it. I guess a similar question, different end-market drivers, et cetera. But in the automotive space, there's a lot going on, supply constraints, super topical, but you have these sort of parallel vectors of electrification and intelligence/autonomy, which I think many investors would agree are driving semiconductor content opportunities. I wonder if you might talk about what you're seeing in the automotive market from a design win perspective. And how much of a driver that can be for your company over the next couple of years?

知道了。我猜是一個類似的問題，不同的終端市場驅動因素，等等。但在汽車領域，發生了很多事情，供應限制，超級話題，但你有這些電氣化和智能/自主的平行向量，我認為許多投資者會同意正在推動半導體內容機會。我想知道您是否可以從設計獲勝的角度談談您在汽車市場上看到的情況。在接下來的幾年裡，你的公司能起到多大的推動作用？

Definitely, we see this as a great long-term growth driver for the company. Even in the most recent quarter, Q3 or through the first 3 quarters of this year, seen really strong growth year-over-year. And so it's been a great growth engine for us this year. Although in that segment of industrial and auto, it's still a relatively small percentage. Industrial is still the larger portion of that industrial automotive market for us. But as we move into future years, we definitely have a very full design win pipeline, design wins across ADAS and infotainment applications. There's a number of different ways that we can get used in automotive electronics that we're getting designed into. So it's certainly an area that we see good growth today, but multiple years of good growth that we're expecting in the years to come as well.

當然，我們認為這是公司長期增長的重要動力。即使在最近一個季度、第三季度或今年前三個季度，也實現了非常強勁的同比增長。因此，今年它對我們來說是一個巨大的增長引擎。儘管在工業和汽車領域，它所佔的比例仍然相對較小。對我們來說，工業仍然是工業汽車市場的較大部分。但隨著我們進入未來幾年，我們肯定有一個非常完整的設計獲勝管道，設計獲勝跨越 ADAS 和信息娛樂應用程序。我們可以通過多種不同的方式將其用於我們正在設計的汽車電子產品中。因此，這當然是我們今天看到良好增長的領域，但我們預計未來幾年也會有多年的良好增長。

So a quick one to squeeze in, for Sherri. If you have any color on the -- by segment breakdown in the guide for the fourth quarter, that would be really helpful.

對雪莉來說，很快就擠進去了。如果您對第四季度指南中的細分細分有任何顏色，那將非常有幫助。

Yes. So we don't actually provide the by segment breakdown but in detail. But what I will say is that the -- we're expecting it to be flat to sequentially up for pretty much all the end-markets. So that's probably the best way you can look at it.

是的。因此，我們實際上並沒有提供按細分市場細分，而是提供了詳細信息。但我要說的是——我們預計幾乎所有的終端市場都會持平到連續上升。所以這可能是您查看它的最佳方式。

(Operator Instructions) Your next question will come from the line of David Williams from Benchmark.

（操作員說明）您的下一個問題將來自 Benchmark 的 David Williams。

Congrats on the quarter. I wanted to kind of touch maybe on just the mix and how you think about that over time, especially as you make progress in the automotive space, industrial has been very strong. But do you think there's an opportunity to grow your automotive content, especially kind of given the transition of perhaps some MCU to over to FPGAs. And just maybe anything in terms of the mix there that you think could benefit in the future.

祝賀這個季度。我想談談可能只是混合以及隨著時間的推移你如何看待它，特別是當你在汽車領域取得進展時，工業一直非常強大。但是你認為有機會增加你的汽車內容嗎，特別是考慮到一些 MCU 可能會過渡到 FPGA。就混合而言，你認為將來可能會受益的任何東西。

Yes. I think within the Industrial Automotive segment, within that segment, I think, over time, yes, I think over time, we do expect automotive to become a bigger percentage of that segment over time. At a higher level, at a company level, when you look at comms and compute as one of our large segments in industrial and automotive, as other large segments, in fact those 2 combined represent over 85% of our revenue. I think that we expect both those segments to grow at a very healthy clip over the coming years. And so I'm not sure there'll be so much mix change between those 2 bigger segments. But within the industrial automotive segment, automotive could become a larger portion of that over time.

是的。我認為在工業汽車領域內，在該領域內，我認為，隨著時間的推移，是的，我認為隨著時間的推移，我們確實希望汽車隨著時間的推移在該領域中佔據更大的比例。在更高的層面上，在公司層面上，當你將通信和計算視為我們在工業和汽車領域的主要部分之一時，與其他大型部分一樣，實際上這兩個部分加起來占我們收入的 85% 以上。我認為我們預計這兩個細分市場在未來幾年都將以非常健康的速度增長。因此，我不確定這兩個較大的細分市場之間會有如此多的混合變化。但在工業汽車領域，隨著時間的推移，汽車可能會佔據更大的份額。

Okay. Great. And then, Sherri, maybe 1 for you. If we -- we're kind of thinking about the revenue growth trajectory for the next -- over the next year, given where you're tracking today, about 24%, looks like on the guidance, do you think that the new products and the design win momentum that you have, can you continue this growth maybe in the high-teens range, maybe on an annual basis? Or how should we think about maybe the intermediate term kind of growth trajectory here?

好的。偉大的。然後，Sherri，也許 1 給你。如果我們——我們正在考慮明年的收入增長軌跡——明年，考慮到你今天跟踪的地方，大約 24%，看起來像指導，你認為新產品嗎以及你擁有的設計獲胜勢頭，你能否繼續這種增長，也許在十幾歲的範圍內，也許每年一次？或者我們應該如何考慮這裡的中期增長軌跡？

Yes. So if you go back to our Investor Day in May this year, where we talked about our targets, we said that when -- we'll sort of the low double-digit revenue growth until we get to our Avant platform that will really drive the double-digit growth in the longer term. And so that's kind of the way you can think about the short-term to the longer-term trajectory and really Avant driving that double-digit long-term perspective.

是的。因此，如果你回到今年 5 月的投資者日，我們在那裡討論了我們的目標，我們說什麼時候——我們將實現兩位數的低收入增長，直到我們的 Avant 平台真正推動長期兩位數的增長。所以這就是你可以考慮短期到長期軌蹟的方式，真正推動兩位數的長期前景。

Okay. That's fair. And then maybe just one last one. Just thinking about the solution stack to the 5G O-RAN. Just wondering what the feedback has been and how that's progressing. It's still on track for release next year.

好的。這還算公平。然後也許只是最後一個。只考慮 5G O-RAN 的解決方案堆棧。只是想知道反饋是什麼以及進展如何。它仍然有望在明年發布。

Yes. David, on track for release in the first half of next year. I think our customer feedback has been very positive. Customers looking forward to that, and we're working with them and make sure we're fine-tuning the feature set so that it's exactly what the customers need. But yes, remains on track, and we'll certainly provide more details on that 5G O-RAN stack as we get closer to the launch.

是的。大衛，有望在明年上半年發布。我認為我們的客戶反饋非常積極。客戶對此充滿期待，我們正在與他們合作，確保我們對功能集進行微調，使其正是客戶所需要的。但是，是的，仍然在軌道上，我們肯定會在接近發佈時提供有關 5G O-RAN 堆棧的更多詳細信息。

And your next question will come from the line of Christopher Rolland from Susquehanna.

你的下一個問題將來自 Susquehanna 的 Christopher Rolland。

I guess my question is about ASIC substitution by FPGA here. And we've seen a lot of the large guys out there with de-commits. And I was wondering if you and the team had a thought around how much there was ASIC substitution by FPGA? I don't imagine it's a lot of your revenue, but is it any? Have you heard of these stories? And have you guys contemplated how that kind of mix is out or what happens to that over time?

我想我的問題是這裡用 FPGA 替代 ASIC。而且我們已經看到很多大人物都取消了承諾。我想知道您和團隊是否考慮過 FPGA 對 ASIC 的替代有多少？我不認為這是你的很多收入，但它有嗎？你聽說過這些故事嗎？你們有沒有考慮過這種混合是如何產生的，或者隨著時間的推移會發生什麼？

Yes, Chris, we don't -- for our devices, we don't typically see ASIC substitution. Remember, we're focused on the smaller FPGAs, very power efficient, easy to use. It's not -- it's very rare that we see customers substituting out our part for an ASIC. I think most customers are actually designing our chips in or FPGAs in general because of the reconfigurability of them. So for instance, a lot of our customers are designing in artificial intelligence capability. They want to add more decision-making capability to their systems. So they're designing in artificial intelligence or inference processing. And our FPGAs are just a great match for that. They do inference or AI processing incredibly efficiently because it can be programmed as a parallel processor. AI algorithms are inherently parallel algorithms. And they know that those algorithms are going to change over time. And so they want the flexibility of being able to reprogram the FPGA. So yes, we typically don't see ASIC substitution.

是的，克里斯，我們沒有——對於我們的設備，我們通常看不到 ASIC 替代品。請記住，我們專注於更小的 FPGA，非常節能，易於使用。不是——我們很少看到客戶用我們的零件代替 ASIC。我認為大多數客戶實際上是在設計我們的芯片或一般的 FPGA，因為它們具有可重構性。例如，我們的許多客戶都在設計人工智能功能。他們想為他們的系統增加更多的決策能力。所以他們正在設計人工智能或推理處理。我們的 FPGA 非常適合。他們可以非常高效地進行推理或 AI 處理，因為它可以被編程為並行處理器。人工智能算法本質上是並行算法。他們知道這些算法會隨著時間的推移而改變。因此，他們希望能夠靈活地對 FPGA 進行重新編程。所以是的，我們通常看不到 ASIC 替代品。

I guess what I was saying was, have you seen FPGAs replace ASICs when ASICs aren't available because of de-commits because they can't be the other way around.

我想我的意思是，當 ASIC 因取消提交而無法使用時，您是否看到過 FPGA 取代 ASIC，因為它們不可能反過來。

Okay. Sorry for the misunderstanding. Yes, what -- I guess the way I would say it is, our -- for instance, I'll give you an example in Industrial. So there's a number of customers we're working with in the industrial space that were already strategically aligned to us to move towards the Lattice road map, the Lattice product portfolio and the road map moving forward. And so we were already -- they were already planning to switch to Lattice devices for the very reasons I just talked about, the artificial intelligence processing, the flexibility and some of the software content that we're providing.

好的。很抱歉對於這個誤會。是的，我想我會這麼說，我們的 - 例如，我會給你一個工業的例子。因此，我們在工業領域與之合作的許多客戶已經在戰略上與我們保持一致，以朝著萊迪思路線圖、萊迪思產品組合和前進路線圖邁進。所以我們已經 - 他們已經計劃切換到 Lattice 設備，因為我剛才談到的原因，人工智能處理，靈活性和我們提供的一些軟件內容。

I would say that the supply chain constraints are really, in some cases, catalyzing that or accelerating that customer transition. So transitions that the customers were already planning to do, we've seen an acceleration in their timeline because with many of those customers, we've supported them much better than some of their other suppliers through the supply chain constraints. And so they've accelerated their plans to switch or convert to Lattice. And that can mean switching from a competitor's FPGA to Lattice FPGA or in a number of cases, switching from a microcontroller is the most common ASIC -- switching from a microcontroller to a Lattice FPGA. So yes, we are seeing an acceleration in that activity.

我想說的是，在某些情況下，供應鏈限制確實在催化或加速客戶轉型。因此，客戶已經計劃進行的過渡，我們已經看到他們的時間表加快了，因為對於其中許多客戶，我們通過供應鏈限制為他們提供了比他們的其他一些供應商更好的支持。因此，他們加快了轉換或轉換為萊迪思的計劃。這可能意味著從競爭對手的 FPGA 切換到萊迪思 FPGA，或者在許多情況下，從微控制器切換是最常見的 ASIC——從微控制器切換到萊迪思 FPGA。所以是的，我們看到該活動正在加速。

Yes. And I guess now that you bring it up, I think, guys, some of your competitors in the high-density space have just incredibly long lead times right now. They just can't service products. And have you -- do you think you're a beneficiary there? Have people moved? I know Avant's not out yet, but is there any fungibility between the 2 platforms?

是的。我想現在你提出來了，伙計們，你們在高密度領域的一些競爭對手現在的交貨時間非常長。他們就是無法為產品提供服務。你有沒有 - 你認為你是那裡的受益者嗎？人搬家了嗎？我知道 Avant 還沒有出來，但是這兩個平台之間有任何可替代性嗎？

Yes. We believe that we're benefiting from the fact that we have a very strong fresh product portfolio with Nexus and the multiple device families that we've launched as well as Avant to the road map. The customers see that we've got a very fresh set of products, brand new, strong software content. And then you combine that with the fact that we've generally, we believe, done a really good job of supporting our customers, and I think our customers definitely see that as well. And in a number of cases, they've accelerated the transition from 1 of our competitors' FPGA to us or as I mentioned, microcontroller to Lattice devices. So yes, certainly, we believe we're benefiting from that.

是的。我們相信，我們受益於我們擁有非常強大的新產品組合，包括 Nexus 和我們推出的多個設備系列以及路線圖的 Avant。客戶看到我們有一套非常新鮮的產品，全新的，強大的軟件內容。然後你將這一點與我們相信的事實相結合，在支持我們的客戶方面做得非常好，我認為我們的客戶肯定也看到了這一點。在許多情況下，他們加速了從我們競爭對手的 FPGA 之一到我們的過渡，或者正如我提到的，微控制器到萊迪思設備。所以是的，當然，我們相信我們正在從中受益。

(Operator Instructions) Your next question comes from the line of Derek Soderberg from Colliers.

（操作員說明）您的下一個問題來自 Colliers 的 Derek Soderberg。

I wanted to start with the supply environment. It seems like you guys have executed well on that front. I'm wondering, first, if you guys need to secure additional supply commitments to sort of meet your long-term revenue growth targets for next fiscal year. And beyond that, just given the demand trends, you feel comfortable with where your supply commitments are today to service quite a bit more than -- more demand than you've sort of been servicing today, if that's the case. So we'll start there. And then just one on top of that. Are your suppliers adding capacity? And if so when would you expect that to come online?

我想從供應環境開始。看來你們在這方面做得很好。我想知道，首先，你們是否需要確保額外的供應承諾來滿足你們下一財年的長期收入增長目標。除此之外，僅考慮到需求趨勢，您就會對今天的供應承諾感到滿意，以提供比今天服務更多的需求，如果是這樣的話。所以我們將從那裡開始。然後就是最重要的一個。您的供應商是否在增加產能？如果是這樣，您希望它什麼時候上線？

So on the first part of the question, we're certainly always working with our suppliers on not just next year's capacity, but multiple years out. And in fact, all the way back to the beginning of 2019, we were working with our suppliers on multi-year road maps on both product cost as well as capacity. So it's something that we're always engaged with our suppliers over the long-term to make sure that the capacity is in place. And so yes, we are very actively engaged with our suppliers on that. On the second part of your question, yes, certainly, we're seeing all of our suppliers continuing to add capacity in anticipation of future years demand, not just from growth from us, but from the growth from the industry in general. So yes, we're seeing our suppliers add capacity at a pretty fast rate.

因此，在問題的第一部分，我們當然一直在與我們的供應商合作，不僅是明年的產能，而且是多年後的產能。事實上，早在 2019 年初，我們就在與供應商合作制定關於產品成本和產能的多年路線圖。因此，我們一直與供應商長期合作，以確保產能到位。所以是的，我們非常積極地與我們的供應商就此進行接觸。關於你問題的第二部分，是的，當然，我們看到我們所有的供應商都在繼續增加產能以應對未來幾年的需求，這不僅僅是來自我們的增長，而是來自整個行業的增長。所以是的，我們看到我們的供應商以相當快的速度增加產能。

Got it. And then my -- as my follow-up, revenue guidance was a little bit wider than I think it historically has been, granted only by $2 million. Is there anything out there that's contributing to the wider revenue range -- guidance range? Or should we really not read into that? Just curious if there's anything you're seeing out there that led to a slightly wider revenue guidance range?

知道了。然後我的 - 作為我的後續行動，收入指導比我認為的歷史要寬一些，僅授予 200 萬美元。有什麼有助於擴大收入範圍——指導範圍嗎？或者我們真的不應該讀進去嗎？只是好奇您是否看到了導致收入指導範圍略微擴大的任何事情？

No, I wouldn't read anything into that. I think it's -- actually, if you look at the range as a percentage of baseline revenue, I think it's actually pretty consistent with what we've done in the past. I think our revenue has grown, and so we've widened the range a little bit but kept the kind of percentage range about the same.

不，我不會讀任何東西。我認為它 - 實際上，如果你將範圍視為基線收入的百分比，我認為它實際上與我們過去所做的非常一致。我認為我們的收入有所增長，因此我們稍微擴大了範圍，但保持了大致相同的百分比範圍。

And your next question comes from the line of Richard Shannon from Craig-Hallum.

你的下一個問題來自 Craig-Hallum 的 Richard Shannon。

Jim, I've got kind of a 3-part question on competition, and it may slightly overlap with some of the previous questions, but love to kind of put this all together here. So in the last few years, you've really been aggressive and fast in introducing new product lines in global and the FPGA space. And then more recently announced 1 in kind of the mid-range here. Wondering if you've seen any change in competitive dynamics with the kind of legacy competitors in this space, whether they increased their level of competition or alternatively even decreased -- that's clearly not where their focus is. And then to add to this, when you look at your kind of emerging competitor base here in microcontrollers, are you seeing any increased competitive dynamics coming from that set of companies as well?

吉姆，我有一個關於競爭的 3 部分問題，它可能與之前的一些問題略有重疊，但我喜歡將它們放在一起。所以在過去的幾年裡，你們在全球和 FPGA 領域推出新產品線方面確實非常積極和快速。然後最近在這裡宣布了 1 種中檔。想知道您是否看到該領域的傳統競爭對手在競爭動態方面有任何變化，他們是提高了競爭水平還是甚至降低了競爭水平——這顯然不是他們關注的重點。此外，當您查看微控制器領域的新興競爭對手時，您是否也看到了來自這些公司的競爭動力的增加？

So on the first set, kind of our traditional FPGA competitors, I don't think we've seen a significant change in the competitive environment. Where Lattice is focused is -- today is really focused on the small FPGAs with our Nexus platform, small, very power efficient, easy to use, lots of software content to get to market quickly for our customers. And where we see our 2 traditional competitors is really at the other end of the spectrum, making -- focused on very large complex FPGAs, optimized ground, for instance, data center, compute and offload. And we really haven't seen a significant change in that strategic focus.

所以在第一組，我們的傳統 FPGA 競爭對手，我認為我們沒有看到競爭環境發生重大變化。萊迪思的重點是——今天真正專注於我們的 Nexus 平台的小型 FPGA，體積小，非常節能，易於使用，大量的軟件內容可以為我們的客戶快速推向市場。我們看到我們的 2 個傳統競爭對手確實處於頻譜的另一端，專注於非常大的複雜 FPGA，優化地面，例如數據中心、計算和卸載。我們真的沒有看到戰略重點發生重大變化。

And then as you mentioned, we're certainly executing on our new Avant platform, which is targeted at mid-range FPGAs. And there, again, we haven't seen any significant change in the competitive landscape of where Avant is targeted either. In terms of on the MCU competition, I would say that we're in a very good competitive position in -- against certain parts of the MCU market. And it has to do with what I talked about earlier, is if you look at customers and what they're doing with their system design is in a number of cases, they're trying to add more intelligence, more decision-making capability to their systems. And what that means is adding more AI and inference processing.

然後正如您提到的，我們肯定會在我們新的 Avant 平台上執行，該平台針對中端 FPGA。同樣，我們也沒有看到 Avant 的目標競爭格局發生任何重大變化。就 MCU 競爭而言，我想說我們在 MCU 市場的某些部分處於非常有利的競爭地位。這與我之前談到的有關，如果你觀察客戶，他們在許多情況下對他們的系統設計所做的事情，他們正試圖增加更多的智能，更多的決策制定能力他們的系統。這意味著增加更多的人工智能和推理處理。

And FPGAs in general, but Lattice FPGAS, in particular, are really good at doing inference processing, especially in edge applications because of the parallel nature of FPGAs, and that's a great match for those algorithms, and the fact that the FPGA can be programmed -- reprogrammed as the algorithm changes, it just makes it a really good fit for a number of applications. So we are seeing a good conversion from microcontrollers to FPGAs as those customers want to add more intelligence and AI capability to their systems.

和一般的 FPGA，但萊迪思 FPGA 尤其擅長推理處理，特別是在邊緣應用中，因為 FPGA 的並行特性，這與那些算法非常匹配，而且 FPGA 可以編程-- 隨著算法的變化而重新編程，這使得它非常適合許多應用程序。因此，我們看到從微控制器到 FPGA 的良好轉換，因為這些客戶希望為他們的系統添加更多的智能和 AI 功能。

And your next question comes from the line of Christopher Rolland from Susquehanna.

你的下一個問題來自 Susquehanna 的 Christopher Rolland。

It's been a while since we've talked about M&A, and that could be the next leg for your story as well. I guess, maybe talk about your interest in doing M&A and kind of what you see out there, and whether you're more interested in pursuing kind of an FPGA centric technology out there or something maybe more broad IP that you could fold into the FPGA category?

自從我們討論併購已經有一段時間了，這也可能是您故事的下一站。我想，也許可以談談您對進行併購的興趣以及您在那裡看到的東西，以及您是否更感興趣追求以 FPGA 為中心的技術，或者更廣泛的 IP，您可以將其折疊到 FPGA 中類別？

So on M&A, certainly something that we're actively looking at. I would start by saying, though, that we're never confused about what job 1 is. Job 1 is always to grow our organic business, to make sure our organic business is growing as fast as possible. But that said, we're always scanning the environment, the landscape for inorganic options. The way we look at it is we're looking for things that are very complementary, very adjacent to our existing product portfolio and strategy, really looking for things that would accelerate our organic strategy.

所以在併購方面，當然是我們正在積極關注的事情。不過，我首先要說的是，我們永遠不會對工作 1 是什麼感到困惑。工作 1 始終是發展我們的有機業務，以確保我們的有機業務盡可能快地增長。但話雖如此，我們總是在掃描環境，尋找無機選項的景觀。我們看待它的方式是，我們正在尋找與我們現有的產品組合和戰略非常互補、非常接近的東西，真正在尋找能夠加速我們的有機戰略的東西。

And those type of things could be more hardware-centric acquisitions, those could be more software-centric. And they would really fall into, I think, 2 or 3 buckets. One would be -- could be product-related inorganic options, one could be, as you mentioned, technology related, where we're looking for a particular piece of technology that we think will be important in the future, and one could be for customer or market access, to access new customers or markets. So those are the kind of 3 categories that we think about it in. But yes, it's something that we are actively looking at in parallel.

那些類型的事情可能更多地以硬件為中心的收購，那些可能更多地以軟件為中心。我認為，它們真的會分為 2 或 3 個桶。一個是 - 可能是與產品相關的無機選擇，一個可能是，正如你提到的，技術相關，我們正在尋找我們認為在未來很重要的特定技術，一個可能是客戶或市場准入，以進入新客戶或市場。所以這些是我們考慮的 3 個類別。但是，是的，這是我們正在同時積極關注的事情。

And your last question comes from the line of Hans Mosesmann from Rosenblatt.

你的最後一個問題來自 Rosenblatt 的 Hans Mosesmann。

Hey, Jim, if you look at Avant as a mid-tier FPGA offering, can we expect those products to address both control plane and data plane type applications or sockets?

嘿，吉姆，如果您將 Avant 視為一種中層 FPGA 產品，我們是否可以期望這些產品能夠解決控制平面和數據平麵類型的應用程序或套接字？

Yes. Good question, Hans, and the answer is definitely yes. It would address both. Yes. Whereas today, our products are mostly control plane applications. Avant would open up not just control plane applications, but data plane applications as well.

是的。好問題，漢斯，答案是肯定的。它會同時解決這兩個問題。是的。而今天，我們的產品主要是控制平面應用程序。 Avant 不僅會打開控制平面應用程序，還會打開數據平面應用程序。

What would the mix look like over time? If you can estimate that?

隨著時間的推移，混合會是什麼樣子？如果你能估計一下？

Yes. Good question. I think we'll probably talk about that as we get closer to the Avant launch because when we get to the Avant launch, we'll talk about the features, the capabilities, the surety, speed, the communication speeds, et cetera. And then it will be easier to explain where we see the potential in terms of both control and data plane.

是的。好問題。我想我們可能會在接近 Avant 發佈時討論這個問題，因為當我們到達 Avant 發佈時，我們將討論特性、功能、保證、速度、通信速度等等。然後就可以更容易地解釋我們在控制和數據平面方面看到的潛力。

And that concludes our Question-and-Answer Session. I will now turn the call back to Lattice's CEO, Mr. Jim Anderson, for closing remarks.

我們的問答環節到此結束。我現在將把電話轉回萊迪思的首席執行官吉姆安德森先生，請他作結束語。

All right. Thank you, Operator, and thanks, everybody, for joining us on the call today. We're pleased with our revenue and profit growth in Q3 as we continue to execute to our strategy and expand our product portfolio, and we look forward to providing more updates at our next earnings call. Operator, that concludes today's call.

好的。謝謝接線員，也感謝大家今天加入我們的電話會議。隨著我們繼續執行我們的戰略並擴大我們的產品組合，我們對第三季度的收入和利潤增長感到滿意，我們期待在下一次財報電話會議上提供更多更新。接線員，今天的電話會議到此結束。

And that concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。