萊迪思半導體 (LSCC) 2021 Q2 法說會逐字稿

Welcome everyone to Lattice Semiconductor's Second Quarter 2021 Conference Call.

歡迎大家參加萊迪思半導體 2021 年第二季度電話會議。

I will now turn the call over to Mr. Rick Muscha, Director of Investor Relations. Please go ahead, Mr. Muscha.

我現在將電話轉給投資者關係總監 Rick Muscha 先生。請繼續，Muscha 先生。

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

謝謝接線員，大家下午好。今天和我在一起的有萊迪思總裁兼首席執行官 Jim Anderson；和萊迪思的首席財務官 Sherri Luther。我們將提供 2021 年第二季度的財務和業務回顧以及 2021 年第三季度的業務展望。如果您還沒有獲得我們的新聞稿——收益新聞稿的副本，可以在我們公司找到網站 latticesemi.com 的投資者關係部分。

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that statements are predictions based on information that is currently available and that 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 that are 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，聲明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 third 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 get 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 年第三季度的官方指南。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（例如媒體）進行此類更新發布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 財務措施的對賬，以獲得可以在我們網站 latticesemi.com 的投資者關係部分找到的財務措施。

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 everyone for joining us on our call today. We're excited to be at the beginning of a new growth phase for Lattice fueled by an expanded product portfolio in multiple growth factors across our key end markets. I'll start by covering a few highlights from Q2 of 2021.

謝謝你，里克，感謝大家今天加入我們的電話會議。我們很高興能在萊迪思的新增長階段開始，這得益於我們主要終端市場的多種增長因素的擴展產品組合。我將首先介紹 2021 年第二季度的一些亮點。

We grew revenue 25% year-over-year and 9% sequentially with double-digit year-over-year growth in each of our key market segments. We expanded non-GAAP gross margin by 80 basis points year-over-year to 62.1%, as we continue to execute on our gross margin expansion strategy. We achieved record non-GAAP operating profit of 29% while non-GAAP net income increased 49% year-over-year. We also expanded our product leadership with the June launch of CertusPro-NX, our new general-purpose FPGA.

我們的收入同比增長 25%，環比增長 9%，每個主要細分市場的收入都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 80 個基點至 62.1%。我們實現了創紀錄的非 GAAP 營業利潤 29%，而非 GAAP 淨收入同比增長 49%。我們還通過 6 月推出的新型通用 FPGA CertusPro-NX 擴大了我們的產品領先地位。

Let me now provide an overview of our business by end market. In the communications and computing market, revenue increased 7% sequentially and 15% on a year-over-year basis. As we discussed at our recent Investor Day, our key long-term growth drivers in this segment are data center servers, client computing and 5G infrastructure. In servers, growth was driven by expansion of both attach rate and ASPs as we continue to drive an increase in our dollar content per server with each new server generation. Client computing is a significant greenfield opportunity for us, with multiple programs ramping and multiple ways to bring new innovation to our customers. 5G infrastructure growth is driven by our higher content in 5G systems versus 4G systems and the continued worldwide build out to 5G infrastructure. Communications and computing continues to be a long-term growth opportunity for the company.

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 7%，同比增長 15%。正如我們在最近的投資者日討論的那樣，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，增長是由附加率和 ASP 的擴展推動的，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。客戶端計算對我們來說是一個重要的綠地機會，我們有多個項目和多種方式為我們的客戶帶來新的創新。 5G 基礎設施的增長是由我們在 5G 系統中與 4G 系統相比更高的內容以及全球範圍內對 5G 基礎設施的持續建設所推動的。通信和計算仍然是公司的長期增長機會。

Turning now to the industrial and automotive market. Revenue increased 15% sequentially and was up 47% on a year-over-year basis. Our business grew across multiple applications, such as industrial automation and robotics where Lattice solutions provide significant competitive advantage and differentiation for our customers. We continue to deliver strong growth in the industrial segment and our product portfolio is well positioned to drive sustained long-term growth.

現在轉向工業和汽車市場。收入環比增長 15%，同比增長 47%。我們的業務在多種應用中發展，例如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和差異化。我們繼續在工業領域實現強勁增長，我們的產品組合處於推動持續長期增長的有利位置。

Turning now to consumer, revenue was flat sequentially and was up 13% year-over-year. The quality of the revenue stream in consumer has improved over the past 2 years as we've targeted higher value, multi-generational designs that better leverage our FPGA portfolio. We believe our consumer revenue is stabilized and has the potential for modest growth over the long term.

現在轉向消費者，收入環比持平，同比增長 13%。過去 2 年，消費者收入流的質量有所提高，因為我們瞄準了更高價值的多代設計，可以更好地利用我們的 FPGA 產品組合。我們相信我們的消費者收入已經穩定，並有可能在長期內實現適度增長。

I'll now provide some product roadmap highlights. I continue to be very pleased with our team's overall execution. With the June launch of CertusPro-NX, we have now launched 4 device families based on the Lattice Nexus platform since the platform was introduced in late 2019. We're excited about the CertusPro-NX family, which relative to the competition offers 4x lower power, best in-class system bandwidth and the industry leading reliability. Each of these advantages provides meaningful differentiation and value for our customers, applications and systems.

我現在將提供一些產品路線圖亮點。我仍然對我們團隊的整體執行感到非常滿意。隨著 CertusPro-NX 於 6 月的發布，自該平台於 2019 年底推出以來，我們現在已經推出了 4 個基於 Lattice Nexus 平台的設備系列。我們對 CertusPro-NX 系列感到興奮，它的性能比競爭對手低 4 倍功率，一流的系統帶寬和行業領先的可靠性。這些優勢中的每一個都為我們的客戶、應用程序和系統提供了有意義的差異化和價值。

Our first 2 device families, CrossLink-NX and Certus-NX are in production and ramping with customers. The third device family Mach-NX is on track to generate revenue by the end of this year. We continue to be very pleased with the broad adoption of our Nexus platform across our market segments.

我們的前 2 個設備系列 CrossLink-NX 和 Certus-NX 正在生產中並與客戶一起量產。第三個設備系列 Mach-NX 有望在今年年底前產生收入。我們繼續對我們的 Nexus 平台在我們的細分市場中得到廣泛採用感到非常高興。

On our software roadmap, we continue to invest in tools and solutions and software stacks to make it easy for our customers to adopt Lattice products and get to market quickly. During the quarter, we launched a Lattice Automate, our solution stack focused on factory automation and robotics applications. Automate is the fourth installment in our application-specific solution stack portfolio and another proof point of our continued road map execution.

在我們的軟件路線圖上，我們繼續投資於工具和解決方案以及軟件堆棧，以使我們的客戶更容易採用萊迪思產品并快速進入市場。在本季度，我們推出了 Lattice Automate，這是我們專注於工廠自動化和機器人應用的解決方案堆棧。 Automate 是我們特定於應用程序的解決方案堆棧組合中的第四部分，也是我們持續執行路線圖的另一個證明點。

And lastly, at our recent Investor Day, we announced our new Lattice Avant Platform, which will double our addressable market and will allow us to address midrange FPGA applications. Execution is going well and we remain on track for launch in the second half of next year. We've engaged with over 100 customers on Avant and are pleased with customer reception and momentum.

最後，在我們最近的投資者日，我們宣布了我們新的 Lattice Avant 平台，這將使我們的目標市場翻一番，並使我們能夠解決中端 FPGA 應用。執行進展順利，我們仍有望在明年下半年推出。我們已經在 Avant 上與 100 多家客戶進行了接觸，並對客戶的接待和發展勢頭感到滿意。

In summary, we continued to execute well in Q2 and we're excited to be at the start of a new growth phase for Lattice, driven by our leadership, product portfolio and multiple growth vectors across our key end markets.

總而言之，我們在第二季度繼續表現良好，我們很高興在我們的領導力、產品組合和關鍵終端市場的多個增長向量的推動下，進入萊迪思新增長階段的開始。

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 Q2 financial results as we continue to execute to our financial model. We drove sequential and year-over-year revenue growth, continued to expand gross margin and delivered record profitability while continuing to invest in our leadership product road map. We drove strong cash generation, increased our net cash positive position and continue to return cash to shareholders. 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模型，我們對我們強勁的第二季度財務業績感到滿意。我們推動了連續和同比收入增長，繼續擴大毛利率並實現創紀錄的盈利能力，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生成，增加了我們的淨現金頭寸，並繼續向股東返還現金。現在讓我總結一下我們的結果。

Second quarter revenue was $125.9 million, up 9% sequentially from the first quarter and up 25% year-over-year. Revenue grew double digits year-over-year and our communications and computing and industrial and automotive market segments with strong sequential growth as well. Revenue from our consumer market segment was also up double digits year-over-year and was flat sequentially. IP revenue was down both year-over-year and on a sequential basis.

第二季度收入為 1.259 億美元，環比增長 9%，同比增長 25%。收入同比增長兩位數，我們的通信和計算以及工業和汽車細分市場也實現了強勁的環比增長。我們的消費者市場部門的收入也同比增長兩位數，環比持平。 IP 收入同比和連續下降。

Gross margin on a GAAP basis was up 30 basis points to 61.3% in Q2 compared to the prior quarter and was up 110 basis points compared to the year ago quarter. Our non-GAAP gross margin increased 40 basis points to 62.1% in Q2 compared to the prior quarter and was up 80 basis points compared to the year ago quarter. Both the sequential and year-over-year increases in gross margin continue to be driven by our margin expansion strategy as we benefit from pricing optimization and product cost reductions.

與上一季度相比，第二季度按 GAAP 計算的毛利率上升 30 個基點至 61.3%，與去年同期相比上升 110 個基點。我們的非美國通用會計準則毛利率在第二季度比上一季度增長 40 個基點至 62.1%，比去年同期增長 80 個基點。由於我們受益於定價優化和產品成本降低，我們的利潤率擴張戰略繼續推動毛利率的環比增長和同比增長。

Q2 GAAP operating expenses were $53.9 million compared to $49.9 million in the prior quarter and $48.1 million in the year ago quarter. On a non-GAAP basis, operating expenses were $41.5 million compared to $38.9 million in the prior quarter and $36.6 million in the year ago quarter.

第二季度 GAAP 運營費用為 5390 萬美元，上一季度為 4990 萬美元，去年同期為 4810 萬美元。按非美國通用會計準則計算，運營費用為 4150 萬美元，上一季度為 3890 萬美元，去年同期為 3660 萬美元。

Our R&D expenses increased sequentially as we continue to invest in our product portfolio. SG&A expenses increased slightly on a sequential basis, while declining to 14.6% of revenue, which is below our target model.

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。 SG&A 費用環比略有增加，但下降至收入的 14.6%，低於我們的目標模型。

Q2 GAAP earnings per basic share was $0.16 and $0.15 per diluted share compared to $0.14 and $0.13 in the prior quarter and $0.08 in the year ago quarter. Q2 non-GAAP earnings per basic share was $0.26 and $0.25 per diluted share, which increased from $0.23 and $0.22 in the prior quarter, an increase from $0.17 in the year ago quarter. This represents 47% year-over-year growth for non-GAAP earnings per diluted share.

第二季度 GAAP 每股基本收益為每股攤薄收益 0.16 美元和 0.15 美元，而上一季度為 0.14 美元和 0.13 美元，去年同期為 0.08 美元。第二季度非 GAAP 每股基本收益為 0.26 美元和稀釋後每股 0.25 美元，高於上一季度的 0.23 美元和 0.22 美元，高於去年同期的 0.17 美元。這意味著非 GAAP 每股攤薄收益同比增長 47%。

Driving cash flow generation continues to be a key focus area for the company. We generated approximately $71 million in cash from operations in the first half of 2021. This is up over 90% compared to the cash generated from operations in the first half of 2020. In Q2, we repurchased approximately 525,000 shares or $25 million in stock under our buyback program. This brings our year-to-date total of stock repurchase to $40 million. Finally, our cash balance increased to $188 million as we further increased our positive net cash position.

推動現金流的產生仍然是公司的重點關注領域。 2021 年上半年，我們從運營中產生了大約 7100 萬美元的現金。與 2020 年上半年的運營產生的現金相比，增長了 90% 以上。在第二季度，我們回購了大約 525,000 股股票或 2500 萬美元的股票我們的回購計劃。這使我們年初至今的股票回購總額達到 4000 萬美元。最後，隨著我們進一步增加正淨現金頭寸，我們的現金餘額增加到 1.88 億美元。

Let me now review our outlook for the third quarter. Revenue for the third quarter of 2021 is expected to be between 124 and $132 million. Gross margin is expected to be 62%, plus or minus 1% on a non-GAAP basis. Total operating expenses for the third quarter are expected to be between 42 and $44 million on a non-GAAP basis. We are focused on continuing to drive revenue growth and profitability expansion through the strength and differentiation of our leadership product road map.

現在讓我回顧一下我們對第三季度的展望。預計 2021 年第三季度的收入將在 124 至 1.32 億美元之間。根據非美國通用會計準則，毛利率預計為 62%，上下浮動 1%。按非美國通用會計準則計算，第三季度總運營費用預計在 42 至 4400 萬美元之間。我們專注於通過我們領先產品路線圖的優勢和差異化，繼續推動收入增長和盈利能力擴張。

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) Your first question is from Matt Ramsay from Cowen.

（操作員說明）您的第一個問題來自 Cowen 的 Matt Ramsay。

I guess, Jim, it's great to see the progress in the business, so congratulations to that. It's been a couple of months now since you guys announced that at the investor meeting, the Avant program. And you mentioned a couple of things in your script. I wanted to revisit that and see what the initial engagements and customer receptions have been like. And the second part of the question is, as you guys think about moving into mid-tier FPGA products over time, any thoughts as to the sensitivity or restriction on potentially shipping those into markets like China? I know some of your higher tier competitors have had some challenges there. You guys have been largely immune to some of those challenges in the lower tiers of the market. So any initial feedback from regulators as to how much flexibility you might have in those mid tiers to go after some of those markets that your competitors can't?

我想，吉姆，很高興看到業務取得進展，所以對此表示祝賀。自從你們在投資者會議上宣布 Avant 計劃以來已經過去幾個月了。您在腳本中提到了幾件事。我想重新審視一下，看看最初的參與和客戶接待是什麼樣的。問題的第二部分是，當你們考慮隨著時間的推移轉向中端 FPGA 產品時，對於可能將這些產品運送到中國等市場的敏感性或限制有什麼想法嗎？我知道你們的一些更高層次的競爭對手在那裡遇到了一些挑戰。你們基本上對低端市場中的一些挑戰免疫。那麼監管機構的任何初步反饋是關於你在這些中間層中可能有多大的靈活性來追逐你的競爭對手不能的一些市場？

Thanks, Matt. Yes. So on Avant, first of all, we're really pleased with the progress on Avant. I know you asked about customer momentum, but let me give a shout out to our engineering team for continuing to do a great job executing on that program. We're really pleased with the progress on execution. And we remain on track for sampling and launching the device in the second half of next year. And then on customer momentum as well, really pleased with the progress on that. As we shared at the Investor Day, we had engaged with over 100 customers on Avant. We continue to have very strong engagement, growing customer momentum.

謝謝，馬特。是的。所以在 Avant 上，首先，我們對 Avant 的進展感到非常滿意。我知道您問過客戶動力，但讓我向我們的工程團隊大聲疾呼，感謝他們繼續出色地執行該計劃。我們對執行的進展感到非常滿意。我們仍有望在明年下半年對該設備進行抽樣和發布。然後還有客戶動力，對這方面的進展感到非常滿意。正如我們在投資者日分享的那樣，我們在 Avant 上與 100 多個客戶進行了接觸。我們繼續擁有非常強大的參與度，不斷增長的客戶勢頭。

Also, if you recall from the Investor Day, I shared that actually it was the customers that encouraged us to build Avant. When we introduced Nexus to our customers, we got great reception on Nexus, but the customers also asked us, hey, can you do more? Can you expand the portfolio? Can you bring your power-efficient architecture to mid-range. And so it was really the customers have asked that that we went ahead and started working on Avant back in 2019. And so yes, customer momentum continues to be good. Our sales team is very happy right now, having all sorts of discussions with Avant with our customers.

另外，如果你還記得投資者日，我分享說實際上是客戶鼓勵我們建立 Avant。當我們向客戶介紹 Nexus 時，我們在 Nexus 上獲得了很好的反響，但客戶也問我們，嘿，你能做更多嗎？你能擴大投資組合嗎？你能把你的節能架構帶到中檔嗎？因此，確實是客戶要求我們繼續前進並在 2019 年開始研究 Avant。所以是的，客戶勢頭仍然良好。我們的銷售團隊現在非常高興，與我們的客戶與 Avant 進行了各種討論。

On the second part of your question on export controls. So of course, we always adhere to all U.S. regulations on export controls. And we would, of course, do that for any new products, whether those are Nexus or Avant. Now we've done extensive market research. We believe that there's a tremendous market opportunity for Avant. We believe it will be a very competitive product. And as we shared at Investor Day, we believe that will open up about $3 billion of additional SAM for us, additional addressable market, which will roughly double our addressable market when Avant launches. So yes, once again, really pleased with progress on Avant and just really excited to launch it next year.

關於出口管制問題的第二部分。因此，當然，我們始終遵守美國的所有出口管制法規。當然，我們會為任何新產品這樣做，無論是 Nexus 還是 Avant。現在我們已經進行了廣泛的市場調查。我們相信 Avant 擁有巨大的市場機會。我們相信這將是一款極具競爭力的產品。正如我們在投資者日分享的那樣，我們相信這將為我們打開大約 30 億美元的額外 SAM，額外的可尋址市場，當 Avant 推出時，這將使我們的可尋址市場大約翻一番。所以，是的，再次對 Avant 的進展感到非常高興，並且非常高興明年推出它。

As my follow-up question, there's -- it's no secret that most companies in the semiconductor industry right now are -- have a lot more demand than they have supply. I would assume that you guys are in that position to some extent. Maybe you could talk a bit about what the supply demand gap is? And are you maybe in a better position to supply more of that demand given your sourcing from SOI-based platforms versus some of the bulk CMOS that there is a lot more tight at foundry?

作為我的後續問題，現在半導體行業的大多數公司的需求遠遠超過供應，這已經不是什麼秘密了。我假設你們在某種程度上處於那個位置。也許你可以談談供需缺口是什麼？考慮到您從基於 SOI 的平台採購，而不是代工廠供應緊張得多的一些大塊 CMOS，您是否處於更好的位置來滿足更多需求？

Yes. Thanks, Matt. So definitely, I think that our supply chain team has done a great job over the past year of navigating the tightness in the overall semiconductor supply chain that we're seeing across the industry. I think our supply chain team has done a really good job of proactively figuring out how to navigate. Just to mention a couple of things that we've done is, number one, of course, we've been working very closely with our customers to understand their needs and their forecasts and really long-term multi-quarter forecast. We understand exactly what they need.

是的。謝謝，馬特。因此，我認為我們的供應鏈團隊在過去一年中做得很好，可以解決我們在整個行業看到的整個半導體供應鏈的緊張狀況。我認為我們的供應鏈團隊在主動找出如何導航方面做得非常好。僅提及我們所做的幾件事，第一，當然，我們一直在與客戶密切合作，以了解他們的需求和他們的預測以及真正的長期多季度預測。我們確切地了解他們需要什麼。

And then turning around and working with our key strategic suppliers to make sure that supply is in place. That's number one. Number two is, we've proactively and strategically built inventory on especially high volume products that will last for years and years. We started that inventory, that sort of strategic inventory building program back in Q2 of last year. We built inventory beginning in Q2 of last year, then we built more inventory in Q3, Q4 and ended the year in a very good -- in 2020, in a very good inventory position. And again, from Q1 to Q2 this year, we built inventory sequentially in the most recent quarter.

然後轉身與我們的主要戰略供應商合作，以確保供應到位。這是第一。第二，我們已經主動和戰略性地建立了將持續多年的特別大批量產品的庫存。早在去年第二季度，我們就開始了庫存，即那種戰略庫存建設計劃。我們從去年第二季度開始建立庫存，然後我們在第三季度、第四季度建立了更多庫存，並以非常好的方式結束了這一年——在 2020 年，庫存狀況非常好。同樣，從今年第一季度到第二季度，我們在最近一個季度連續建立了庫存。

And so we've -- I think we've done a good job of getting inventory there to help support our customers. We -- I just want to do a thank you to the supply chain team for the great job at executing. But yes, I think we're doing a good job of meeting our customers' demand. There certainly can be localized combinations of silicon and packaging that might be a bit tight here or there, but as a whole, I think we've done a really good job supporting our customers. And I think our customers would say exactly the same thing. And I think that that will benefit us moving forward because the customers certainly see that. They recognize that, and they do take that into account as they decide on new designs for new systems, and we're certainly seeing some benefit right now in terms of additional new designs because we've executed really well on the supply chain.

所以我們 - 我認為我們在獲得庫存以幫助支持我們的客戶方面做得很好。我們——我只想感謝供應鏈團隊在執行方面所做的出色工作。但是，是的，我認為我們在滿足客戶需求方面做得很好。肯定會有矽和封裝的本地化組合，這里或那裡可能有點緊，但總的來說，我認為我們在支持客戶方面做得非常好。我認為我們的客戶也會說同樣的話。我認為這將有利於我們前進，因為客戶肯定會看到這一點。他們認識到這一點，並且在決定新系統的新設計時確實考慮到了這一點，而且我們現在肯定在額外的新設計方面看到了一些好處，因為我們在供應鏈上的執行非常好。

Your next question is from Alessandra Vecchi from William Blair.

你的下一個問題來自威廉布萊爾的亞歷山德拉維奇。

I also extended a congratulations on another great quarter and for helping make us all look good. Just on the revenue by end market breakout, maybe, Jim, if you can just talk to us a little bit more about how those segments tracked versus your internal expectations going into the quarter? And then maybe a little more granularly on the industrial side. Obviously, there's been an acceleration on robotics and automation coming out of COVID. But can you maybe hone in a little bit on how much of it really is market growth versus share gains versus some of the incumbents that maybe have neglected the industrial customers in particular?

我還祝賀另一個偉大的季度，並幫助讓我們看起來都很好。就終端市場突破的收入而言，也許，吉姆，如果你能多和我們談談這些細分市場是如何追踪的，而不是你進入本季度的內部預期？然後可能在工業方面更細化一些。顯然，COVID 帶來了機器人技術和自動化的加速發展。但是，您是否可以稍微了解一下市場增長與份額收益以及一些可能特別忽視工業客戶的現有企業之間究竟有多少？

Sure. Thanks, Alex. So on the first part of the question, on revenue by end market, certainly, our Q2 came in better than we had expected on the top line, which we're quite pleased by. In particular, we saw strength in communications and computing, that was up 7% sequentially and 15% year-over-year, but also industrial and automotive, which was up 16% sequentially and 47% year-over-year. So industrial and automotive, in particular, came in much stronger than we had expected. And consumer kind of performed as we had thought in the quarter. And those 2 segments of comms and compute and industrial and auto, those have really been our lead strategic growth segments.

當然。謝謝，亞歷克斯。所以在問題的第一部分，關於終端市場的收入，當然，我們第二季度的收入比我們預期的要好，我們對此感到非常高興。特別是，我們看到了通信和計算領域的實力，環比增長 7%，同比增長 15%，還有工業和汽車領域，環比增長 16%，同比增長 47%。因此，工業和汽車行業的表現比我們預期的要強得多。消費者在本季度的表現與我們預期的一樣。通信和計算以及工業和汽車這兩個領域確實是我們的主要戰略增長領域。

Certainly, last year, both of those segments grew double digits. And those are really the segments that we look to in the future of driving the majority of the company's growth moving forward. We have multiple growth vectors in each one of those markets, comms and compute, we have growth in servers, growth in client computing, 5G infrastructure, and then, of course, industrial and automotive, a number of places as well. And I think you asked in particular, what's kind of -- where are some of the sources of strength in industrial and automotive.

當然，去年，這兩個細分市場都實現了兩位數的增長。這些確實是我們在未來推動公司大部分增長的細分市場。我們在每個市場、通信和計算領域都有多個增長向量，我們在服務器、客戶端計算、5G 基礎設施方面都有增長，當然還有工業和汽車，還有很多地方。我想你特別問過，工業和汽車行業的一些力量來源是什麼。

In that market, it's really around new design wins, new programs around industrial automation, industrial robotics and then automotive electronics as well, although automotive is still a relatively small part of that segment. So we are seeing just really solid growth in industrial automation and robotics applications. And what we see there is our industrial customers really accelerating their plans around automation and robotics and that has helped lead to new design wins for our products and certainly stronger demand. And our products are just a great match for those types of applications, the power efficiency, the flexibility, the software, the tremendous amount of software content we provide. We just launched our Lattice Automate software stack, which is specifically for industrial automation and robotics to help those customers get to market quickly to design in our products really easily. And so that's a tremendous area of strength for us.

在那個市場上，它實際上圍繞著新的設計勝利、圍繞工業自動化、工業機器人技術和汽車電子的新項目，儘管汽車仍然是該細分市場中相對較小的一部分。因此，我們看到工業自動化和機器人應用領域真正穩步增長。我們在那裡看到，我們的工業客戶確實在加速他們圍繞自動化和機器人技術的計劃，這有助於為我們的產品帶來新的設計勝利，當然也帶來了更強勁的需求。我們的產品非常適合這些類型的應用程序、電源效率、靈活性、軟件以及我們提供的大量軟件內容。我們剛剛推出了 Lattice Automate 軟件棧，專門用於工業自動化和機器人技術，幫助這些客戶快速進入市場，真正輕鬆地設計我們的產品。因此，這對我們來說是一個巨大的優勢領域。

In terms of how much of it is end market versus share gain, I would say there certainly is some portion of it that is end market. Certainly, the industrial and automotive segment have recovered significantly since Q2 of last year. But I would say a good portion of that is also share gain, new sources of revenue, that's certainly a big contributor to that as well. So yes, we're quite pleased with the industrial auto segment and continue to expect that to be a long-term growth area for us.

就其中有多少是終端市場與份額收益而言，我想說其中肯定有一部分是終端市場。當然，自去年第二季度以來，工業和汽車領域已經顯著復甦。但我要說的是，其中很大一部分也是份額收益，新的收入來源，這當然也是一個很大的貢獻者。所以是的，我們對工業汽車領域非常滿意，並繼續期望這將成為我們的長期增長領域。

Great. That was extremely helpful on the color front. Just as my one follow-up. As we sort of think about R&D spend going forward, I think you guys have an internal target of about 20% of revenue. It's been tracking a little bit below that for the last few quarters. Is that just a function of the timing of tape outs or how should we think about that? It's just a little bit surprising given all the new product launches and Avant coming up.

偉大的。這在色彩方面非常有幫助。就像我的一個後續行動一樣。當我們考慮未來的研發支出時，我認為你們有一個約佔收入 20% 的內部目標。在過去的幾個季度裡，它一直低於這個水平。這只是流片時間的函數還是我們應該如何考慮？考慮到所有新產品的發布和即將推出的 Avant，這有點令人驚訝。

Yes. Thank you, Alex, for the question. So you're right, our target that we did put out at our Investor Day back in May of this year was 20% as our R&D spend target. During the quarter, we came in at about 18.4% of revenue. So below our target, but I will point out that, in absolute dollar perspective that we did increase our R&D spend, as -- to your point, to really increase our investments and our product portfolio for the long-term growth of the company, and we'll continue to focus on that. If you look at our guide, the midpoint of our guide for Q3, you see that that's up and that's also a reflection of continuing investments that we want to make in our product portfolio. At our Investor Day, we talked about our Avant platform as well as our CertusPro-NX product that we launch. So we'll continue investing for the long-term growth, and you'll continue to see that in our financials.

是的。亞歷克斯，謝謝你提出這個問題。所以你是對的，我們在今年 5 月的投資者日提出的目標是 20% 作為我們的研發支出目標。本季度，我們的收入約佔收入的 18.4%。所以低於我們的目標，但我要指出的是，從絕對美元的角度來看，我們確實增加了研發支出，就像你所說的那樣，真正增加我們的投資和產品組合以實現公司的長期增長，我們將繼續關注這一點。如果您查看我們的指南，即我們第三季度指南的中點，您會發現它已經上升，這也反映了我們希望對我們的產品組合進行的持續投資。在我們的投資者日，我們談到了我們的 Avant 平台以及我們推出的 CertusPro-NX 產品。因此，我們將繼續為長期增長進行投資，您將繼續在我們的財務中看到這一點。

Yes. And the one thing I would add, Alex, is certainly, as Sherri said, we're continuing to invest in the product portfolio, continuing to expand the portfolio, get great products to market. But we also -- when we look to continuing to invest, we also want to do that in a controlled and disciplined way, in a disciplined way that we know we're getting the ROI on that additional investment. And so we will continue to invest, but we'll do that at the right rate and pace and in a disciplined way.

是的。亞歷克斯，我要補充的一件事當然是，正如雪莉所說，我們將繼續投資於產品組合，繼續擴大產品組合，將優質產品推向市場。但我們也——當我們希望繼續投資時，我們也希望以一種受控和有紀律的方式來做到這一點，以一種我們知道我們正在獲得額外投資的投資回報率的有紀律的方式。因此，我們將繼續投資，但我們將以正確的速度和步伐，以一種有紀律的方式進行投資。

Our next question is from Tristan Gerra from Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

Okay. Just a quick follow-up on the earlier question about shortages. And you've mentioned that it's actually helping you as some customers know that you're managing the supply chain well in terms of new design win qualification. Given that the notable extension of lead times in microcontrollers, and that's the type of architecture that you're really targeting going forward in terms of share gain.

好的。只是對先前關於短缺的問題的快速跟進。你已經提到它實際上在幫助你，因為一些客戶知道你在新設計獲勝資格方面很好地管理了供應鏈。鑑於微控制器的交貨時間顯著延長，而這正是您在份額收益方面真正瞄準的架構類型。

Are you seeing designs or an acceleration of design shift away from MCU to your product because of the improved availability? Or is it not really the case yet because, obviously, it takes time for customers. They have to be designed the product to be qualify. But in the scheme of that supply shortage, are you seeing an acceleration in terms of your TAM expansion against MCUs?

由於可用性的提高，您是否看到設計或設計加速從 MCU 轉移到您的產品？還是事實並非如此，因為很明顯，這對客戶來說需要時間。他們必須設計出合格的產品。但是在供應短缺的情況下，您是否看到針對 MCU 的 TAM 擴展加速？

Yes. Thanks, Tristan. I would say we're definitely seeing new opportunities and accelerated opportunities against microcontrollers. Certainly, no secret that there's a supply shortage on microcontrollers. And also, we've been quite clear that we are targeting parts of the microcontroller market. We're obviously competing with our traditional FPGA competitors in the FPGA market, but we're also going after portions of the microcontroller market as well. And we're already in a good position to displace microcontrollers because of the nature of our products, the power efficiency, the ability to do parallel processing for artificial intelligence algorithms at a much higher performance, much better performance per watt than microcontrollers and all the software content and flexibility that we bring. So we're already seeing conversions of microcontrollers to FPGAs.

是的。謝謝，特里斯坦。我想說的是，我們肯定會看到針對微控制器的新機遇和加速機遇。當然，微控制器供應短缺已不是什麼秘密。而且，我們已經很清楚我們的目標是部分微控制器市場。我們顯然在 FPGA 市場與我們的傳統 FPGA 競爭對手競爭，但我們也在追逐部分微控制器市場。由於我們產品的性質、功率效率、以更高的性能對人工智能算法進行並行處理的能力，我們已經處於取代微控制器的有利位置，比微控制器更好的每瓦性能以及所有我們帶來的軟件內容和靈活性。所以我們已經看到微控制器向 FPGA 的轉換。

But I would say the supply shortage and the fact that we've been able to support our customers very well, that's certainly something that our customers have noticed. They've taken that into account, and we do have examples of customers accelerating their plans to switch to a Lattice device. And we're seeing that across a couple of different market segments, industrial being one of the particular market segments that we're seeing that. And yes, you're right, it does take a little bit of time to redesign the systems, but we're seeing customers very motivated to do that as quickly as possible in some instances. So yes, we're certainly benefiting from that, Tristan.

但我會說供應短缺以及我們能夠很好地支持我們的客戶這一事實，這肯定是我們的客戶已經註意到的事情。他們已經考慮到了這一點，而且我們確實有客戶加快他們的計劃轉向萊迪思設備的例子。我們在幾個不同的細分市場中看到了這一點，工業是我們看到的特定細分市場之一。是的，你是對的，重新設計系統確實需要一點時間，但我們看到客戶在某些情況下非常有動力盡快這樣做。所以是的，我們當然從中受益，特里斯坦。

Okay. That's a great feedback. And then question for Sherri. Obviously, we know your gross margin longer-term target. In the near term, next few quarters, is kind of this 62% gross margin stabilization something we should expect for the next few quarters as well? And if you were to comment on what you think is going to be the key challenges for gross margin to continue stepping up from current levels?

好的。這是一個很好的反饋。然後向雪莉提問。顯然，我們知道您的毛利率長期目標。在短期內，接下來的幾個季度，這種 62% 的毛利率穩定是我們在接下來的幾個季度中也應該期待的嗎？如果您要評論您認為毛利率從當前水平繼續上升的主要挑戰是什麼？

Sure. Thank you, Tristan, for the question. So I'll point out, though, that our gross margin has improved nearly 500 basis points from 2018 to date. So we're really pleased with the progress that we've made on improving our gross margin as part of our gross margin expansion strategy, for pricing optimization and product cost reductions are 2 key elements of that strategy. When you look at the current quarter, the 40 basis points improvement that we've shown in the 80s -- sequentially and then the 80 basis points improvement year-over-year.

當然。特里斯坦，謝謝你提出這個問題。所以我要指出的是，從 2018 年至今，我們的毛利率已經提高了近 500 個基點。因此，我們對作為毛利率擴張戰略的一部分在提高毛利率方面取得的進展感到非常滿意，因為定價優化和產品成本降低是該戰略的兩個關鍵要素。當您查看當前季度時，我們在 80 年代展示了 40 個基點的改進 - 按順序，然後是 80 個基點的同比改進。

Again, you can see that pricing optimization strategy kicking in there. I'll also point out that we exceeded our 2019 target that we put out at our Investor Day in 2019 of greater than 62%. So Q2 exceeded that target. And as you pointed out, in our Investor Day this past May, we raised our target to 65%. So the elements of that gross margin expansion strategy continue to be pricing optimization and product cost reductions. We have a number of initiatives that we continue to work on and put in place and some are near-term and some are longer term, but we expect to continue to be able to execute on that strategy to get to our long-term target model of 65%.

同樣，您可以看到定價優化策略在那裡發揮作用。我還要指出，我們超過了我們在 2019 年投資者日設定的 2019 年目標，即超過 62%。所以第二季度超過了這個目標。正如您所指出的，在今年 5 月的投資者日，我們將目標提高到了 65%。因此，毛利率擴張戰略的要素仍然是定價優化和產品成本降低。我們有一些我們將繼續努力並實施的舉措，有些是近期的，有些是長期的，但我們希望能夠繼續執行該戰略以實現我們的長期目標模型65%。

(Operator Instructions) Your next question is from Chris Rolland from Susquehanna.

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

Given that supply doesn't seem to be a huge constraint for you guys, would that mean that typical seasonality is a bigger driver in the back half and traditionally, you guys have been more flat sequentially in the back half there? Or just given your strong product ramps here, would you expect to grow through that?

鑑於供應似乎對你們來說並不是一個巨大的限制，這是否意味著典型的季節性是後半部分的更大驅動力，而傳統上，你們在後半部分的順序更平坦？或者只是考慮到你在這裡強大的產品坡道，你會期望通過它實現增長嗎？

Yes, Chris, I think other than the consumer segment, we haven't seen strong seasonality patterns over the last couple of years. The consumer segment, we still see kind of normal consumer cycle patterns but that remains now a relatively small part of our overall revenue. Certainly, we've provided the guidance for Q3. We're not providing any guidance beyond Q3. But we do have, throughout this year, a number of new product ramps that continue through the second half, and we certainly look forward to having a strong second half just as we had, we believe, a really good first half as well.

是的，克里斯，我認為除了消費者領域，過去幾年我們沒有看到強烈的季節性模式。在消費者領域，我們仍然看到某種正常的消費者周期模式，但現在仍然只占我們總收入的一小部分。當然，我們已經為第三季度提供了指導。我們不會在第三季度之後提供任何指導。但是，在今年全年，我們確實有一些新產品會持續到下半年，我們當然期待下半年表現強勁，就像我們相信的上半年一樣。

Okay. Great color there. The one thing I noticed in your report is disti as a percent of total was up. I know a lot of vendors have actually been shorting disti given their supply constraints, that may not be the case for you. But any updates there on the channel? Why disti was going up as a percent? And then inventories that you have there, how robust do you think those are and would you expect these trends to continue?

好的。那裡的顏色很棒。我在您的報告中註意到的一件事是 disti 佔總數的百分比上升了。我知道很多供應商實際上一直在做空 disti 鑑於他們的供應限制，這對你來說可能不是這樣。但是頻道上有任何更新嗎？為什麼 disti 按百分比上升？然後你那裡的庫存，你認為這些庫存有多強勁，你會期望這些趨勢繼續下去嗎？

Yes. Chris, yes, I wouldn't read too much into that sequential increase. Our percentage of disti versus direct can fluctuate quarter-to-quarter. And then I'll also note that a number of our large strategic customers actually prefer to go through distribution because it makes it operationally easier for whatever reason, although we're happy to support our large customers in either direct or through distribution mode. But we do have a number of large customers that prefer to go through distribution.

是的。克里斯，是的，我不會過多地解讀這種連續增長。我們的 disti 與 direct 的百分比可能會隨季度波動。然後我還要指出，我們的許多大型戰略客戶實際上更喜歡通過分銷，因為無論出於何種原因，它都使操作更容易，儘管我們很樂意以直接或通過分銷模式支持我們的大客戶。但我們確實有一些大客戶更喜歡通過分銷。

In terms of disti levels of inventory, we do have very good visibility into our level of disti, distribution inventory, and we finished Q2, I would certainly say on the leaner side of what we've historically seen, so I would call disti inventory lean. And then we, of course, have very good visibility into what ships out of disti into our end customers as well. And so -- but again, back to the first part of your question, I wouldn't read too much into the sequential fluctuation in percent in disti.

就 disti 庫存水平而言，我們確實對我們的 disti 水平、分銷庫存有很好的了解，並且我們完成了第二季度，我肯定會說我們歷史上看到的更精簡的一面，所以我稱之為 disti 庫存傾斜。然後，我們當然也可以很好地了解從 disti 運送到我們的最終客戶的內容。所以——但再次回到你問題的第一部分，我不會過多地解讀 disti 百分比的順序波動。

Your next question is from Hans Mosesmann from Rosenblatt.

你的下一個問題來自 Rosenblatt 的 Hans Mosesmann。

Jim, just a -- question just on customer activity in the design cycle. Are you seeing the design cycle is accelerating or shortening?

吉姆，只是一個關於設計週期中客戶活動的問題。您是否看到設計週期正在加速或縮短？

What I would say is it's a little bit market dependent. I would say that we're certainly seeing a very high level of customer activity in general in terms of customer engagement, new design wins, design ins. We're seeing a tremendous amount of activity. I would say the level of customer engagement and activity is certainly the highest since I've been at Lattice.

我要說的是它有點依賴於市場。我要說的是，在客戶參與、新設計獲勝、設計導入方面，我們肯定會看到總體上非常高水平的客戶活動。我們看到了大量的活動。我會說客戶參與和活動的水平肯定是我在萊迪思以來的最高水平。

And I think if you ask a number of our sales employees who have been with Lattice for many years, they would say it's the highest they've seen in their many years at Lattice. And so -- and I think that's really a testament to the strength of the product portfolio. The Nexus platform, we've now launched in June, our fourth family of devices based on the Nexus family. So that's 4 device families that are in our customers' hands, the first 2 are already in production and ramping, the third is which is Mach-NX, we expect to ramp into production at the end of this year.

而且我想如果你問我們一些在萊迪思工作多年的銷售員工，他們會說這是他們在萊迪思多年以來見過的最高水平。所以——我認為這確實證明了產品組合的實力。 Nexus 平台，我們現在已於 6 月推出，這是我們基於 Nexus 系列的第四個系列設備。所以這是我們客戶手中的 4 個設備系列，前兩個已經投入生產和量產，第三個是 Mach-NX，我們預計將在今年年底投入生產。

And the fourth, which we just launched, we would expect to start to see revenue next year. And so we're seeing a tremendous amount of activity around Nexus. And then, of course, as you can imagine, Avant as well, the new platform that we announced at our Investor Day in May, and that will launch in the second half of next year, there's a tremendous amount of customer activity around that too. I would say, definitely great customer momentum.

第四，我們剛剛推出，我們預計明年開始看到收入。因此，我們看到圍繞 Nexus 的大量活動。然後，當然，正如您可以想像的那樣，Avant 也是我們在 5 月份的投資者日宣布的新平台，該平台將於明年下半年推出，圍繞它也有大量的客戶活動.我會說，絕對是巨大的客戶動力。

In terms of the design cycle shortening or accelerating, there are some instances we've seen of customers accelerating their design cycles. It's more for customer-specific reasons. In some cases, for instance, in industrial customers, it's where they're having some supply issues with their existing microcontroller customer and so they're driving a faster accelerated pace to switch to our device. So we're seeing instances that are kind of supply constraint-driven that's driving a faster transition to Lattice. But again, in general, very good customer activity right now.

在設計週期縮短或加速方面，我們已經看到一些客戶加快設計週期的實例。這更多是出於客戶特定的原因。在某些情況下，例如，在工業客戶中，他們與現有的微控制器客戶存在一些供應問題，因此他們正在加快步伐轉向我們的設備。因此，我們看到了某種供應約束驅動的實例，這些實例正在推動更快地過渡到萊迪思。但總的來說，現在的客戶活動非常好。

Great. And just a quick follow-up. And just to make sure, and it's clear, your lead times has not changed, right?

偉大的。并快速跟進。只是為了確保，很明顯，您的交貨時間沒有改變，對嗎？

Yes. When you look across the general -- in the full set of Lattice products, generally, our lead times have been relatively stable. There are particular instances, there may be like a particular silicon package combination of one device that we may have -- due to some tight supply, that may have a longer than normal lead time. But as a whole, and generally across our broad range of products, our lead times have been relatively stable.

是的。當你縱觀整個萊迪思的全套產品時，一般來說，我們的交貨時間相對穩定。在某些特定情況下，可能會有我們可能擁有的一種設備的特定矽封裝組合——由於供應緊張，交貨時間可能比正常情況更長。但總的來說，在我們廣泛的產品範圍內，我們的交貨時間相對穩定。

Your next question is from Sam Peterman from Craig-Hallum Capital.

你的下一個問題來自 Craig-Hallum Capital 的 Sam Peterman。

This is Sam on for Richard. I guess, first, I want to follow-up on the question that was asked by your distributors and channel inventory. I guess, could you talk about how those channel inventories compare to levels you saw in the first quarter? And you said they were lean. Is that kind of across segments or are there certain spots that are more lean than others?

這是理查德的山姆。我想，首先，我想跟進你們的經銷商和渠道庫存提出的問題。我想，您能否談談這些渠道庫存與您在第一季度看到的水平相比如何？你說他們很瘦。是那種跨部門的還是有某些地方比其他地方更精益？

Yes. Thanks, Sam. So in channel inventory in Q2 was sequentially down versus Q1. And if we look at where we ended in terms of channel distributor inventory at the end of Q2. And we look at, say, the last 3 to 4 years, it's at the -- certainly, the lower level of what we've seen over that time span. It's -- so we see very lean levels of inventory within our distributors. We have also, as we said, try to maintain a very good level of inventory within Lattice.

是的。謝謝，山姆。因此，與第一季度相比，第二季度的渠道庫存連續下降。如果我們看看第二季度末渠道分銷商庫存的結束位置。我們看看，比如說，過去 3 到 4 年，它處於 - 當然，我們在那個時間跨度內看到的較低水平。這是 - 所以我們看到我們的分銷商的庫存水平非常低。正如我們所說，我們還努力在萊迪思內部保持非常好的庫存水平。

So Lattice inventory is at a very healthy level, and we've strategically built inventory to allow us to build parts and allocate the inventory or allocate the parts to the right markets and make sure that we're supporting the customers very well. And then, I think part of your question was also about, are we seeing differences in inventory across different market segment? No, I would say it -- the inventory levels in the distributors is -- we're not seeing any variance -- any significant variance across, say, different market segments.

所以 Lattice 庫存處於非常健康的水平，我們戰略性地建立了庫存，使我們能夠構建零件並分配庫存或將零件分配到正確的市場，並確保我們為客戶提供很好的支持。然後，我認為您的部分問題還在於，我們是否看到不同細分市場的庫存存在差異？不，我會說——分銷商的庫存水平——我們沒有看到任何差異——比如不同細分市場之間的任何重大差異。

Okay. That's helpful. Then one more quickly. I'm just curious on the industrial auto segment. Obviously, the last 4 quarters have been pretty strong as that started to pick up. 2Q last year, I think it's been growth rates of about 8% or higher quarter-over-quarter. Just wondering as you tend in the back half, if we should expect kind of the rate of change or the rate of growth there to slow a little bit?

好的。這很有幫助。然後再快一點。我只是對工業汽車領域感到好奇。顯然，過去 4 個季度表現強勁，開始回升。去年第二季度，我認為環比增長率約為 8% 或更高。只是想知道你傾向於後半部分，我們是否應該期望那裡的變化率或增長率稍微放緩一點？

Yes. For Q3, if you look at our -- I can talk about Q3. If you look at our guide point -- the midpoint of our guidance for Q3, you see that it's sequentially up from Q2 to Q3. We would expect our 2 big growth segments of comms and computing and industrial and auto to track that midpoint and we'd expect both of those to be sequentially up as well. So yes, we're certainly expecting industrial auto to be sequentially up in Q3.

是的。對於第三季度，如果你看看我們的——我可以談談第三季度。如果您查看我們的指導點——我們對第三季度指導的中點，您會發現它從第二季度到第三季度依次上升。我們預計我們的通信和計算以及工業和汽車這兩個主要增長領域將追踪該中點，並且我們預計這兩個領域也將依次上升。所以是的，我們當然預計工業汽車將在第三季度連續增長。

(Operator Instructions) Your next question is from Derek Soderberg from Colliers Securities.

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

Jim, I was just kind of curious on the various end markets, what you're seeing on the progression from Q2 to Q3, just unpacking third quarter guidance from a revenue perspective. If you could sort of provide any directional commentary on that, that would be helpful.

吉姆，我只是對各種終端市場感到好奇，你在從第二季度到第三季度的進展中看到了什麼，只是從收入的角度解開了第三季度的指導。如果您能就此提供任何方向性評論，那將很有幫助。

Yes. Certainly, Derek. So Q2 to Q3, we expect Q3 to be sequentially up. We expect comms and computing to be sequentially up. Within comms and computing, we have 3 really good growth drivers within that segment. We have data center servers, which we continue to expand our dollars of content per server, and we're expanding that through a combination of higher ASPs as we bring more value to each server platform and higher attach rates as well. And we had shared at our Investor Day that, with the new generation of servers that's ramping, we're expecting a significant increase in our dollars of content per server driven by one of the things that's driving that is attach rates that are -- we expect to now exceed one, meaning we're shipping more than one Lattice device per server.

是的。當然，德里克。所以從第二季度到第三季度，我們預計第三季度將依次上升。我們預計通信和計算將按順序進行。在通信和計算領域，我們在該領域有 3 個非常好的增長動力。我們有數據中心服務器，我們繼續擴大每台服務器的內容美元，我們正在通過更高的 ASP 組合來擴展它，因為我們為每個服務器平台帶來更多價值和更高的附加率。我們在投資者日分享過，隨著新一代服務器的增加，我們預計每台服務器的內容美元將顯著增加，這是由其中一個驅動因素驅動的，即附加率——我們期望現在超過一個，這意味著我們在每台服務器上運送了不止一個萊迪思設備。

Client computing, 5G infrastructure, also growth areas for us in comms and compute. And then in industrial, auto, we certainly saw a very strong quarter in Q2. We're seeing just very good strength in some of our new programs that are ramping in industrial automation, robotics, as I had mentioned earlier, so we expect to see sequential growth there as well. Consumer, we would expect to be flat to slightly up from Q2 to Q3. So hopefully, that's a little bit of additional color for you, Derek.

客戶端計算、5G 基礎設施，也是我們在通信和計算方面的增長領域。然後在工業、汽車領域，我們當然在第二季度看到了非常強勁的季度。正如我之前提到的，我們在工業自動化、機器人技術方面的一些新項目中看到了非常好的實力，因此我們預計在那裡也將出現連續增長。消費者，我們預計從第二季度到第三季度將持平或略有上升。所以希望這對你來說有點額外的顏色，德里克。

Yes, that's great. And then as my follow-up, just curious about any incremental competition on low power. I think there's some new FPGA players listing in the market, seeing anything incremental in terms of competition there? And are there any interesting companies out there for you guys to buy to maybe build on your hardware-software platforms?

是的，那太好了。然後作為我的後續行動，只是對低功耗方面的任何增量競爭感到好奇。我認為市場上有一些新的 FPGA 玩家上市，是否看到了競爭方面的任何增量？是否有任何有趣的公司可供你們購買，以在你們的硬件軟件平台上構建？

Yes. Thanks, Derek. I think on the competitive landscape, for the part of the market that we're addressing today with our products, I think the competitive landscape has been pretty stable. We haven't seen any dramatic changes. We believe we're absolutely leading the market in terms of our product portfolio for small FPGAs that are very power-efficient, very flexible, easy to use. And we definitely think we're leading the market. We have a significant advantage especially with our Nexus devices. We've shown a number of competitive comparisons, if you remember, at our Investor Day back in May, we provided quite a bit of competitive comparisons and data there.

是的。謝謝，德里克。我認為在競爭格局上，對於我們今天用我們的產品解決的市場部分，我認為競爭格局一直非常穩定。我們還沒有看到任何戲劇性的變化。我們相信，就我們的小型 FPGA 產品組合而言，我們絕對領先市場，這些產品非常節能、非常靈活、易於使用。我們絕對認為我們正在引領市場。我們擁有顯著優勢，尤其是在我們的 Nexus 設備方面。我們已經展示了許多競爭性比較，如果你還記得的話，在 5 月份的投資者日，我們在那裡提供了相當多的競爭性比較和數據。

So we think we're still in a very good spot with respect to competitive landscape and our positioning in the market. And I think the second part of your question was about potential M&A opportunities. I would start by saying, first, we're never confused about what job one is, and job one is to drive growth in our organic business. And so that's always the top of mind, and that's always priority one.

因此，我們認為我們在競爭格局和市場定位方面仍然處於非常有利的位置。我認為你問題的第二部分是關於潛在的併購機會。我首先要說的是，首先，我們永遠不會對工作是什麼感到困惑，而工作就是推動我們有機業務的增長。因此，這始終是最重要的，而且始終是優先事項。

But certainly, in parallel, we're always scanning the landscape for any potential inorganic options that would be very adjacent, very complementary to our existing product portfolio that could be either from a hardware or a software perspective, but they would be very additive in a way that would accelerate our organic strategy and again, be very complementary. So that's kind of the way we approach looking at inorganic options.

但當然，與此同時，我們一直在審視任何潛在的無機選擇，這些選擇與我們現有的產品組合非常接近，非常互補，可以從硬件或軟件的角度來看，但它們會非常增加一種將加速我們的有機戰略的方式，並且再次非常互補。這就是我們研究無機期權的方式。

And I'm showing no further questions at this time. I would like to turn the call back to Lattice Semiconductor's CEO, Mr. Jim Anderson, for closing comments.

我現在沒有進一步提問。我想將電話轉回給萊迪思半導體公司的首席執行官 Jim Anderson 先生，以徵求結束意見。

Yes. Thank you, operator, and thanks again for everybody for joining us on the call today. So we're really excited to be at the start of really a new growth phase for Lattice and again, driven by our leadership product portfolio and multiple growth vectors across our key end markets. So we look forward to updating you on our continued progress on our next earnings call. Thanks, operator, that concludes today's call.

是的。謝謝接線員，再次感謝大家今天加入我們的電話會議。因此，在我們領先的產品組合和關鍵終端市場的多個增長向量的推動下，我們真的很高興能再次進入萊迪思真正的新增長階段。因此，我們期待在下一次財報電話會議上向您通報我們的持續進展。謝謝接線員，今天的電話會議到此結束。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and have a great day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，祝您有美好的一天。