萊迪思半導體 (LSCC) 2022 Q2 法說會逐字稿

Greetings. Welcome to the Lattice Semiconductor Second Quarter 2022 Earnings Call. (Operator Instructions). Please note, this conference is being recorded. I will now turn the conference over to your host, Rick Muscha, you may begin.

問候。歡迎參加萊迪思半導體 2022 年第二季度財報電話會議。 （操作員說明）。請注意，本次會議正在錄製中。我現在將會議轉交給您的主持人 Rick Muscha，您可以開始了。

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'll provide a financial and business review of the second quarter of 2022 and the business outlook for the third quarter of 2022. 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萊迪思的總裁兼首席執行官吉姆·安德森。和萊迪思的首席財務官雪莉·路德 (Sherri Luther)。我們將提供 2022 年第二季度的財務和業務回顧以及 2022 年第三季度的業務展望。如果您尚未獲得我們的收益新聞稿副本，可以在我們公司網站的投資者中找到latticesemi.com 上的關係部分。

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 such statements are predictions based on information that is currently available and the 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.

我想提醒大家，在我們今天的電話會議期間，我們可能會就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。

These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. This call includes and constitutes the company's official guidance for the third quarter of 2022. If 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.

這些文件包含並確定了可能導致實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要風險因素。本次電話會議包括並構成公司 2022 年第三季度的官方指南。如果在本次電話會議後的任何時間，我們傳達了對本指南的任何重大更改，我們打算使用公共論壇（例如新聞稿）進行此類更新或公開宣布的電話會議。

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

在本次電話會議中，我們將主要參考非公認會計準則財務指標。通過披露某些非公認會計原則信息，管理層打算為投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。對於歷史時期，我們提供了這些非公認會計原則財務指標與公認會計原則財務指標的對賬，可在我們網站 latticesemi.com 的投資者關係部分找到。

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 Jim Anderson。

Thank you, Rick, and thank you, everyone, for joining us on our call today. We delivered strong results in Q2 with record quarterly revenue, which grew 28% year-over-year and non-GAAP net income growth of 68% year-over-year. Growth continues to be led by our largest end markets of communications and computing and industrial and automotive.

謝謝你，瑞克，謝謝大家今天加入我們的電話會議。我們在第二季度取得了強勁的業績，季度收入創紀錄，同比增長 28%，非 GAAP 淨收入同比增長 68%。增長繼續由我們最大的通信和計算以及工業和汽車終端市場引領。

Our growth in these strategic markets is fueled by growing demand for our rapidly expanding product portfolio and continued strong customer momentum. Let me touch on a few additional highlights from Q2. In addition to the strong revenue growth, we expanded non-GAAP gross margin by 700 basis points year-over-year to a record 69.1%. We achieved record non-GAAP operating profit of 38.1%, which was an increase of 900 basis points year-over-year.

我們在這些戰略市場的增長得益於對我們快速擴展的產品組合的需求不斷增長和持續強勁的客戶勢頭。讓我談談第二季度的一些其他亮點。除了強勁的收入增長外，我們還將非公認會計準則毛利率同比增長 700 個基點，達到創紀錄的 69.1%。我們實現了創紀錄的非 GAAP 營業利潤 38.1%，同比增長 900 個基點。

And we further expanded our product portfolio with the launches of our MachXO5-NX device and our Lattice 5G ORAN solution stack. Let me now provide an overview of our business by end market. In the communications and computing market, revenue increased 13% sequentially and 35% on a year-over-year basis. We're on track to deliver our fourth consecutive year of double-digit growth for this segment.

我們進一步擴展了我們的產品組合，推出了我們的 MachXO5-NX 設備和我們的萊迪思 5G ORAN 解決方案堆棧。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 13%，同比增長 35%。我們有望在這一領域實現連續第四年兩位數的增長。

In data center, our dollars of content per server continues to increase due to our growing attach rate, which is now well over 1x and increasing ASPs. In client computing, where we have a large greenfield growth opportunity, new customer systems began production in Q2, including the new platforms that were announced with Lenovo and LG over the past quarter.

在數據中心，由於我們不斷增長的附加率（現在已經超過 1 倍）和不斷增長的 ASP，我們每台服務器的內容美元繼續增加。在客戶端計算領域，我們擁有巨大的綠地增長機會，新的客戶系統於第二季度開始生產，包括上一季度聯想和 LG 宣布的新平台。

Lastly, in 5G infrastructure, we're benefiting from ongoing global deployments with strong revenue growth, both sequentially and year-over-year. Turning now to the industrial and automotive market. Revenue increased 7% sequentially and was up 30% on a year-over-year basis. Revenue growth was driven by new customer platforms, where Lattice has either displaced competitors or brought new functionality and capabilities to the system.

最後，在 5G 基礎設施方面，我們受益於持續的全球部署，收入增長強勁，環比增長和同比增長均如此。現在轉向工業和汽車市場。收入環比增長 7%，同比增長 30%。收入增長是由新的客戶平台推動的，萊迪思在這些平台上要么取代了競爭對手，要么為系統帶來了新的功能和能力。

Lattice's market-leading power efficiency in combination with the software content that we provide has been a key driver for customers adopting Lattice products. We continue to be very excited about the growing customer opportunities for Lattice products in the industrial and automotive segment.

萊迪思市場領先的能效與我們提供的軟件內容相結合，一直是客戶採用萊迪思產品的關鍵驅動力。我們對萊迪思產品在工業和汽車領域不斷增長的客戶機會感到非常興奮。

Turning now to consumer. Revenue declined 17% sequentially and was down 1% year-over-year, reflecting macroeconomic softness in the consumer electronics end market. Because consumer represents less than 10% of our overall revenue, the consumer demand softness was more than offset by growth in our other core strategic markets.

現在轉向消費者。收入環比下降 17%，同比下降 1%，反映出消費電子終端市場的宏觀經濟疲軟。由於消費者占我們總收入的不到 10%，消費者需求疲軟被我們其他核心戰略市場的增長所抵消。

I'll now provide some product road map highlights. We introduced MachXO5-NX, the fifth device family built on the Lattice Nexus platform. This device family enhances system monitoring and control in multiple applications across our strategic markets with class-leading power efficiency and reliability. Overall, 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。我們介紹了基於 Lattice Nexus 平台構建的第五個器件系列 MachXO5-NX。該器件系列以一流的能效和可靠性增強了我們戰略市場中多種應用的系統監控和控制。總體而言，我們繼續對 Nexus 平台在我們所有細分市場的廣泛採用感到滿意。

We're also pleased with the revenue ramp of our Nexus products, which we expect to continue to ramp over multiple years. In addition to the continued portfolio expansion of Nexus, we're excited this year to be further expanding our product portfolio with the launch of our Lattice Avant platform. Avant will have 5x the capacity of Nexus, which will double our addressable market and will allow us to address mid-range FPGA applications.

我們也對 Nexus 產品的收入增長感到高興，我們預計這些產品將在多年內繼續增長。除了 Nexus 的持續產品組合擴展之外，我們很高興今年能夠通過推出我們的 Lattice Avant 平台來進一步擴展我們的產品組合。 Avant 的容量將是 Nexus 的 5 倍，這將使我們的潛在市場翻倍，並使我們能夠解決中端 FPGA 應用。

Customer engagement and momentum is very healthy and continues to grow. And we believe Avant will create an important new revenue stream for Lattice when it ramps into production. Execution remains on track for launch in the second half of this year. And as we previously mentioned, we expect to hold a public launch event for our bond customers and partners in Q4 of this year.

客戶參與度和發展勢頭非常健康，並且還在繼續增長。我們相信，Avant 投產後將為 Lattice 創造重要的新收入來源。執行仍有望在今年下半年推出。正如我們之前提到的，我們預計將在今年第四季度為我們的債券客戶和合作夥伴舉行公開發布活動。

Turning now to our software strategy. As we've discussed over the past few years, we've been increasing investment in our software portfolio. These investments are focused on making it easy for our customers to adopt Lattice products and get to market quickly. During the quarter, we launched the Lattice 5G ORAN solution stack, which is the fifth software solution stack in our portfolio of software solutions.

現在轉向我們的軟件戰略。正如我們在過去幾年中所討論的那樣，我們一直在增加對我們的軟件組合的投資。這些投資的重點是讓我們的客戶更容易採用萊迪思產品并快速進入市場。在本季度，我們推出了萊迪思 5G ORAN 解決方案堆棧，這是我們軟件解決方案組合中的第五個軟件解決方案堆棧。

The 5G ORAN solution stack provides customers with the ability to secure data and accelerate network functions. Over half of our new silicon design wins are now enabled by at least 1 of our 5 software solution stacks, which increases the value that we're delivering to our customers and the long-term stickiness of our products.

5G ORAN 解決方案堆棧為客戶提供保護數據和加速網絡功能的能力。現在，我們的 5 種軟件解決方案堆棧中的至少 1 種支持了我們超過一半的新矽設計勝利，這增加了我們為客戶提供的價值和我們產品的長期粘性。

In summary, we believe Lattice is well positioned in the right strategic growth markets with a rapidly expanding product portfolio and accelerating customer momentum. We're pleased with our first half results, and we expect to have a strong second half as well. I'll now turn the call over to our CFO, Sherri Luther.

總之，我們相信萊迪思在正確的戰略增長市場中處於有利地位，產品組合迅速擴大，客戶發展勢頭加快。我們對上半年的業績感到滿意，我們預計下半年也會有強勁的表現。我現在將把電話轉給我們的首席財務官 Sherri Luther。

Thank you, Jim. We are pleased with our strong financial results in Q2 as we continued to deliver double-digit revenue growth, significant gross margin expansion and record profitability. We generated strong free cash flow while investing in our long-term product road map. We also returned cash to our shareholders through share buybacks.

謝謝你，吉姆。我們對第二季度強勁的財務業績感到滿意，因為我們繼續實現兩位數的收入增長、顯著的毛利率擴張和創紀錄的盈利能力。我們在投資長期產品路線圖的同時產生了強勁的自由現金流。我們還通過股票回購向股東返還現金。

Let me now provide a summary of our results. Second quarter revenue was a record $161.4 million, up 7% sequentially from the first quarter and up 28% year-over-year. Revenue grew double digits year-over-year in our communications and computing and industrial and automotive market segments with strong sequential growth as well. Revenue from our consumer market segment was down sequentially and year-over-year, reflecting macroeconomic weakness in the consumer electronics market.

現在讓我總結一下我們的結果。第二季度收入達到創紀錄的 1.614 億美元，比第一季度環比增長 7%，同比增長 28%。我們的通信和計算以及工業和汽車細分市場的收入同比增長兩位數，環比增長也很強勁。我們消費市場部門的收入環比和同比下降，反映了消費電子市場的宏觀經濟疲軟。

Our non-GAAP gross margin increased 140 basis points to a record 69.1% in Q2, compared to the prior quarter, and was up 700 basis points compared to the year ago quarter. Both the sequential and year-over-year increases in gross margin continued to be driven by strong execution of our gross margin expansion strategy, which we began to execute in early 2019. Non-GAAP operating expenses were $49.9 million, compared to $47.2 million in the prior quarter and $41.5 million in the year ago quarter.

與上一季度相比，我們的非美國通用會計準則毛利率在第二季度增長了 140 個基點，達到創紀錄的 69.1%，與去年同期相比增長了 700 個基點。毛利率的連續和同比增長繼續受到我們毛利率擴張戰略的強有力執行的推動，我們於 2019 年初開始執行該戰略。非美國通用會計準則運營費用為 4990 萬美元，而 2019 年為 4720 萬美元上一季度和去年同期的 4150 萬美元。

Both R&D and SG&A expenses increased sequentially as we continue to invest in the long-term growth of our business. However, both declined sequentially as a percentage of revenue. Our non-GAAP operating margin increased 180 basis points to a record 38.1% in Q2, compared to the prior quarter and was up 900 basis points compared to the year ago quarter. We continue to benefit from the gross margin expansion strategy that we began executing at the beginning of 2019.

隨著我們繼續投資於業務的長期增長，研發和 SG&A 費用均環比增長。然而，兩者佔收入的百分比均依次下降。與上一季度相比，我們的非美國通用會計準則營業利潤率在第二季度增長了 180 個基點，達到創紀錄的 38.1%，與去年同期相比增長了 900 個基點。我們繼續受益於我們在 2019 年初開始執行的毛利率擴張戰略。

Q2 non-GAAP earnings per diluted share was $0.42 compared to $0.25 in the year ago quarter, which represents a 68% year-over-year growth. Driving strong cash flow generation continues to be a key focus area for the company. And through the first half of 2022, we have driven a 31% year-over-year increase in operating cash flow.

第二季度非公認會計準則每股攤薄收益為 0.42 美元，而去年同期為 0.25 美元，同比增長 68%。推動強勁的現金流產生仍然是公司的重點關注領域。到 2022 年上半年，我們的經營現金流同比增長了 31%。

We ended the quarter with $118 million in cash after repurchasing approximately 735,000 shares or $35 million of stock under our existing buyback program. Q2 was our seventh consecutive quarter of executing share buybacks.

在根據我們現有的回購計劃回購了大約 735,000 股或 3500 萬美元的股票後，我們以 1.18 億美元的現金結束了本季度。第二季度是我們連續第七個季度執行股票回購。

Let me now review our outlook for the third quarter. Revenue for the third quarter of 2022 is expected to be between $161 million and $171 million. Gross margin is expected to be 69% plus or minus 1% on a non-GAAP basis. Total operating expenses for the third quarter are expected to be between $50 million and $52 million on a non-GAAP basis.

現在讓我回顧一下我們對第三季度的展望。 2022 年第三季度的收入預計在 1.61 億美元至 1.71 億美元之間。按非公認會計原則計算，毛利率預計為 69% 正負 1%。按非公認會計原則計算，第三季度的總運營費用預計在 5000 萬美元至 5200 萬美元之間。

In closing, we are pleased with our strong first half results and expect a strong second half of the year. We remain focused on driving sustained revenue growth and profit expansion through the strength and differentiation of our leadership product road map.

最後，我們對上半年的強勁業績感到滿意，並期待下半年的強勁表現。我們仍然專注於通過我們領先產品路線圖的優勢和差異化來推動持續的收入增長和利潤擴張。

Operator, we can now open the call for questions.

接線員，我們現在可以打開提問電話了。

(Operator Instructions) Our first question comes from the line of Mark Lipacis with Jefferies. I'm sorry, our first question comes from the line of Hans Mosesmann with Rosenblatt Securities.

（操作員說明）我們的第一個問題來自 Jefferies 的 Mark Lipacis。抱歉，我們的第一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Sorry about that. I was muted. But congratulations to Jim and the team for great execution, what you've done over the past several years is just very impressive. Besides execution to the strategy in terms of gross margins, in terms of new products and the software stacks, what is driving this strength in the midst of a pretty tough environment?

對於那個很抱歉。我被靜音了。但是祝賀 Jim 和團隊的出色執行，您在過去幾年中所做的工作令人印象深刻。除了在毛利率、新產品和軟件堆棧方面執行戰略外，在相當艱難的環境中，是什麼推動了這種優勢？

Thanks for the question. We were quite pleased with the growth that we saw in first half of this year overall, but in Q2 as well. And both from a market standpoint and from a product standpoint, from a market standpoint, growth has really been driven by our big strategic market segments, which are communications and computing in industrial and automotive. If you look at Q2 in comms and compute, we grew 35% year-over-year. We're really pleased with that growth, continued expansion in, for instance, servers, for the data center, where we continue to see expansion of our attach rate now well over 1x of ASPs, nice growth in 5G wireless infrastructure as well in Q2.

謝謝你的問題。我們對今年上半年的整體增長感到非常滿意，但在第二季度也是如此。無論是從市場角度還是產品角度，從市場角度來看，增長確實是由我們的大型戰略細分市場推動的，這些細分市場是工業和汽車領域的通信和計算。如果你看一下第二季度的通信和計算，我們同比增長了 35%。我們對這種增長感到非常滿意，例如數據中心服務器的持續擴張，我們繼續看到我們的連接率現在遠遠超過 ASP 的 1 倍，5G 無線基礎設施以及第二季度的良好增長.

And PC's client computing continues to remain a large greenfield growth opportunity for us in that market. Also really pleased with the results in industrial and automotive. We had quite a strong Q1 in industrial and automotive. But followed that in Q2 with 30% year-over-year growth, we continue to see good strong growth in new design wins in things like industrial automation, robotics, automotive electronics. We're either displacing competitors or we're bringing some new capabilities to customers. So quite pleased with growth in that market. We did see some softness in our smallest market, which is consumer electronics. We saw a little bit of end market softness there. But consumer represents, in Q2, about 8% of our revenue.

PC 的客戶端計算仍然是我們在該市場的一個巨大的未開發增長機會。對工業和汽車領域的成果也非常滿意。我們在工業和汽車領域的第一季度表現非常強勁。但繼第二季度同比增長 30% 之後，我們繼續看到工業自動化、機器人、汽車電子等新設計領域的強勁增長。我們要么取代競爭對手，要么為客戶帶來一些新功能。對這個市場的增長非常滿意。我們確實在我們最小的市場，即消費電子產品中看到了一些疲軟。我們在那裡看到了一些終端市場疲軟。但在第二季度，消費者約占我們收入的 8%。

So 90% of our revenue is in those other growth strategic segments that I talked about. And then from a product perspective, we're pleased with the Nexus ramp. We have a lot of new product cycles that are happening right now. Nexus, we launched our fifth new Nexus device in Q2. We now have -- 4 of the 5 are in production. Our fifth device, which we just launched, that will enter production next year.

因此，我們 90% 的收入來自我談到的其他增長戰略領域。然後從產品的角度來看，我們對 Nexus 斜坡很滿意。我們現在有很多新產品週期正在發生。 Nexus，我們在第二季度推出了第五款新的 Nexus 設備。我們現在有 - 5 個中有 4 個正在生產中。我們剛剛推出的第五款設備將於明年投入生產。

So we have a kind of a layering effect of new products as they ramp into revenue. And Nexus, we expect to continue to ramp over the course of multiple years. So good growth in -- both from a market standpoint, but also from product standpoint. We are certainly cognizant of the macroeconomic climate, and we're cautious around some of the recessionary pressures that exist out there, certainly monitoring demand signals very closely.

因此，當新產品增加收入時，我們會產生一種分層效應。而 Nexus，我們預計將在多年內繼續增長。如此良好的增長——無論是從市場的角度來看，還是從產品的角度來看。我們當然了解宏觀經濟氣候，我們對存在的一些衰退壓力持謹慎態度，當然會非常密切地監測需求信號。

But we're very bullish on the Lattice specific growth drivers that we have, whether that's the market growth drivers I just talked about or the new product cycle. So again, pleased with first half results, and we are looking forward to a strong second half as well.

但我們非常看好我們擁有的萊迪思特定的增長動力，無論是我剛才談到的市場增長動力還是新產品週期。再說一次，對上半年的結果感到滿意，我們也期待著下半年的強勁表現。

Jim, just very quickly, what -- I understand all of that, and that's great execution. But maybe much of the momentum is coming from just taking share from your traditional FPGA small players -- small FPGA players and/or taking share from nontraditional competitors like microcontrollers.

吉姆，很快，什麼 - 我明白所有這些，這是很好的執行。但也許大部分動力來自於從傳統的 FPGA 小型廠商那裡獲得份額——小型 FPGA 廠商和/或從微控制器等非傳統競爭對手那裡獲得份額。

Yes. I think it's a combination of both of those. We certainly are gaining share versus our traditional FPGA competitors. We're certainly -- we can definitely see that we're taking share there in the small FPGA space. But we are also converting microcontroller sockets over the FPGAs as well.

是的。我認為這是兩者的結合。與我們的傳統 FPGA 競爭對手相比，我們當然正在獲得份額。我們當然 - 我們可以肯定地看到我們在小型 FPGA 空間中佔有一席之地。但我們也在 FPGA 上轉換微控制器插座。

So it's really a combination of those 2 as well as there are cases where we're bringing just brand-new functionality and capability that hasn't existed in platforms before. For instance, in the Lenovo platform that we had announced earlier this year, that's completely new functionality that didn't really exist in that platform before. So it's really a combination of all those factors. I think it's interesting when I look at the growth that spend -- that we've been driving, for instance, in the first half of this year and you look at, well, what is the source of that growth.

所以它實際上是這兩者的結合，並且在某些情況下，我們只是帶來了以前平台中不存在的全新功能和能力。例如，在我們今年早些時候宣布的聯想平台中，這是該平台之前並不真正存在的全新功能。所以它實際上是所有這些因素的組合。我認為當我看到支出的增長時很有趣——例如，我們在今年上半年一直在推動這種增長，你看看，好吧，這種增長的來源是什麼。

Vast majority of that growth is driven by new revenue streams that we've created just within the last, say, 12 to 18 months. So that means new platforms at existing customers, so expanding our footprint at existing customers or bringing on new customers to the Lattice family. So we're quite pleased with the freshness of that revenue growth in terms of -- we're at the beginning of new revenue growth cycles that should last for multiple years.

絕大多數增長是由我們在過去（例如 12 到 18 個月）內創造的新收入流推動的。這意味著現有客戶的新平台，因此擴大我們在現有客戶的足跡或為萊迪思家族帶來新客戶。因此，我們對收入增長的新鮮度感到非常滿意——我們正處於新的收入增長周期的開始，該週期應該會持續多年。

Our next question now comes from the line of Mark Lipacis with Jefferies.

我們現在的下一個問題來自 Jefferies 的 Mark Lipacis。

I had a question for Sherri and then one for Jim, if I may. Sherri, on the gross margins, you talked about the programs that have been driving the expansion. As you look into next quarter, you have higher revenues, but you're expecting flattish gross margins.

如果可以的話，我有一個問題要問雪莉，然後是吉姆。雪莉，關於毛利率，你談到了推動擴張的計劃。當您展望下個季度時，您的收入會更高，但您預計毛利率會持平。

Could you just review kind of what the puts and takes are? And then maybe at a higher level, you're above -- I guess you have an open-ended gross margin, kind of target -- operating target longer term at some point, after you hit so many quarters in a row above your target, do you kind of think about reassessing that? And then I had a follow-up for Jim, if I may.

你能回顧一下看跌期權是什麼嗎？然後也許在更高的水平上，你超過了——我想你有一個開放式的毛利率，某種目標——在某個時間點的長期經營目標，在你連續多個季度超過你的目標之後，你會考慮重新評估嗎？如果可以的話，我對吉姆進行了跟進。

Thanks, Mark, for the question. So we're really pleased with the results of our gross margin for Q2 at 69.1%. That's another record for us. And representing a 140 basis point sequential improvement and 700 basis points year-over-year. And you may recall that we've been executing on our gross margin expansion strategy now for 4 years as we laid it out in 2019.

謝謝，馬克，這個問題。因此，我們對第二季度 69.1% 的毛利率結果感到非常滿意。這對我們來說是另一個記錄。並代表 140 個基點的連續改善和 700 個基點的同比改善。您可能還記得，正如我們在 2019 年制定的那樣，我們現在已經執行了 4 年的毛利率擴張戰略。

And the elements of that, as we described it, our pricing optimization and higher gross margins from our newer products really driving some of that sequential as well as year-over-year increase. Since the end of 2018, we've actually driven an increase in gross margin of 1,200, nearly 1,200 basis points. So we're really pleased with that progress.

正如我們所描述的那樣，我們的定價優化和新產品帶來的更高毛利率確實推動了一些連續和同比增長。自 2018 年底以來，我們實際上推動了毛利率 1,200 的增長，接近 1,200 個基點。因此，我們對這一進展感到非常滿意。

And gross margin expansion continues to be a focus area for the company. And when you look at -- you mentioned our gross margin target and kind of how we're thinking about that, and it's really just continuing to focus on gross margin. We've been doing it now for 4 years, and we'll continue to focus on that to drive profitability for the company.

毛利率擴張仍然是公司的重點領域。當你看到 - 你提到了我們的毛利率目標以及我們對此的看法，它實際上只是繼續關注毛利率。我們已經這樣做了 4 年，我們將繼續專注於提高公司的盈利能力。

Fair enough. And a follow-up for Jim, if I may. Jim, you had mentioned to the previous question, that you're aware of the macro pressures that they don't seem to be manifesting in your business. And it seems to me on a lot of these earnings calls for other semiconductor companies. You hear -- it seems like a lot of people talk about what is the concern out there, but companies continue to do seem to be reporting really nice results with the odd exception here and there.

很公平。如果可以的話，還有吉姆的後續行動。吉姆，您在上一個問題中提到過，您意識到宏觀壓力似乎並未體現在您的業務中。在我看來，很多其他半導體公司的收益要求都很高。你聽到了 - 似乎很多人都在談論那裡的擔憂，但公司似乎繼續報告非常好的結果，偶爾會有奇怪的例外。

So I'm wondering Jim, is this like the most well anticipated downturn that hasn't happened yet in your kind of career as an executive in the semiconductor industry? And does it change how you manage the risk in your business in terms of managing your operations or even giving -- if I -- giving guidance, if I look over the last 6 quarters, you kind of hit the top end of your guidance, if not less, slightly above the top end over the last 6 quarters. In the previous couple of years, you were -- seem to be right in the middle. So it seems like there's a little bit more of a cautionary angle, perhaps as a out of respect for what macro pressures there might be. If you could just share your thoughts on that, I think that would be helpful.

所以我想知道吉姆，這是否就像您作為半導體行業高管的職業生涯中尚未發生的最受期待的衰退？它是否會改變您在管理業務方面管理業務風險的方式，或者甚至提供 - 如果我 - 提供指導，如果我回顧過去 6 個季度，你有點達到了指導的上限，即使不是更少，也略高於過去 6 個季度的上限。在過去的幾年裡，你——似乎正處於中間位置。因此，似乎有更多的謹慎角度，也許是出於對可能存在的宏觀壓力的尊重。如果您能就此分享您的想法，我認為這會有所幫助。

Yes, certainly. Thanks, Mark. Yes, I think when we look at the macro economy and we look at potential inflationary pressures, recessionary pressures, especially as we go into next year. Yes, we just want to be cognizant of that macro climate as we're thinking about the business moving forward and just cautionary or cautious about those potential influences on the business.

是的，當然了。謝謝，馬克。是的，我認為當我們關注宏觀經濟時，我們會關注潛在的通脹壓力和衰退壓力，尤其是在我們進入明年的時候。是的，我們只是想在考慮業務向前發展時意識到這種宏觀氣候，並對這些對業務的潛在影響持謹慎或謹慎態度。

And so that's something that is in front of our mind. We're watching our demand signals very, very carefully. Of course, we always watch that carefully. But we're being very careful about monitoring all demand signals. But with that said, with that sort of cautionary backdrop, we are quite -- we feel quite strongly and quite good about the Lattice specific growth drivers that we have that are sort of unique to Lattice, whether those are some of the market-specific growth drivers that I talked about a little earlier, whether it's growth in servers, where we still believe we have opportunity to expand our attach rates, our ASPs, whether that's growth in new greenfield areas like PC or the great growth that we've seen in things like industrial automation, robotics and automotive electronics.

所以這就是我們腦海中浮現的東西。我們正在非常非常仔細地觀察我們的需求信號。當然，我們總是仔細觀察。但我們在監控所有需求信號方面非常小心。但話雖如此，在這種謹慎的背景下，我們對萊迪思特有的萊迪思特定增長驅動因素感到非常強烈和非常好，無論這些是特定於市場的我之前談到的增長驅動力，無論是服務器的增長，我們仍然相信我們有機會擴大我們的附加率，我們的平均售價，無論是在 PC 等新的未開發領域的增長還是我們看到的巨大增長在工業自動化、機器人和汽車電子等領域。

So we see a lot of opportunity in the different markets. And then we're simply going through new product cycles as well. If you look at Lattice, we're now just at the beginning of the Nexus ramp. We're only in the second full year of revenue for Nexus. We see multiple years of growth in the Nexus product line. And then we have Avant, which we'll launch in the second half of this year as well. And as Avant enters production in future years that creates an entirely new revenue stream for the company. So I would say we're cautionary on the macro climate, but bullish on the Lattice specific growth drivers that we see in front of us.

所以我們在不同的市場看到了很多機會。然後我們也只是在經歷新產品週期。如果你看一下 Lattice，我們現在正處於 Nexus 斜坡的開始階段。我們只是 Nexus 的第二個全年收入。我們看到了 Nexus 產品線的多年增長。然後我們有 Avant，我們也將在今年下半年推出。隨著 Avant 在未來幾年進入生產，為公司創造了全新的收入來源。因此，我想說我們對宏觀氣候持謹慎態度，但看好我們眼前看到的萊迪思特定的增長動力。

Next question comes from the line of Alessandra Vecchi with William Blair.

下一個問題來自 Alessandra Vecchi 和 William Blair。

I echo the congratulations on the strong results in the tough environment. Jim, if we can maybe delve a little bit deeper into some of the greenfield opportunities and what's been driving the content gains there? I mean you mentioned PC, which you've been talking about for the last few quarters and had some really nice announcements this quarter with LG as well as 2 sockets in Lenovo.

我對在艱難的環境中取得的強勁成績表示祝賀。吉姆，如果我們可以更深入地研究一些未開發的機會，以及是什麼推動了那裡的內容收益？我的意思是您提到了 PC，您在過去幾個季度一直在談論它，並且本季度與 LG 以及聯想的 2 個插座有一些非常好的公告。

And then similarly, with automotive, if you could just talk a little bit again about just the gains are against the microcontrollers, how we should be thinking about ramps into the back half and next year? And then also how we should be thinking about those greenfield opportunities as a percentage of revenue on total as we look out a couple of years going forward?

然後類似地，對於汽車，如果你能再談談微控制器的收益，我們應該如何考慮進入下半年和明年？然後，當我們展望未來幾年時，我們應該如何考慮這些綠地機會佔總收入的百分比？

Yes. Thanks, Alex. So you mentioned both automotive and PCs, maybe I'll touch on both of those. Let me start with automotive. Automotive electronics, we just see as a great long-term growth area for the company. No doubt the average electronic content for auto will continue to rise moving forward, and we're certainly participating in that.

是的。謝謝，亞歷克斯。所以你提到了汽車和個人電腦，也許我會談到這兩個。讓我從汽車開始。汽車電子，我們只是將其視為公司的一個巨大的長期增長領域。毫無疑問，汽車的平均電子內容將繼續上升，我們肯定會參與其中。

Our products are just a great fit for automotive electronics. The flexibility, the software content that we provide, the power efficiency, there's just a number of different places, whether it's ADAS or infotainment systems, where Lattice products are getting designed in. We have a robust design win pipeline and our automotive revenue continues to grow very well. And again, grew very strong in Q2 as well. And so we're quite pleased with that.

我們的產品非常適合汽車電子產品。靈活性，我們提供的軟件內容，電源效率，只有許多不同的地方，無論是 ADAS 還是信息娛樂系統，萊迪思產品都在其中進行設計。我們擁有強大的設計贏得渠道，我們的汽車收入繼續增長長得很好。再一次，在第二季度也變得非常強勁。所以我們對此非常滿意。

And we look forward to good long-term growth in that segment. So that's one area because that's a -- automotive electronics is a relatively small portion of our revenue today but we expect to be a good growth contributor over time. That's one area that we see as a relative greenfield opportunity for us given the potential growth opportunity there over time. And then in the PC market, our revenue there today is relatively small. But if you look at the PC market overall, that's a very large system TAM.

我們期待該領域的長期良好增長。所以這是一個領域，因為汽車電子在我們今天的收入中只佔相對較小的一部分，但隨著時間的推移，我們預計將成為一個很好的增長貢獻者。鑑於隨著時間的推移潛在的增長機會，這是我們認為對我們來說是一個相對綠地機會的領域。然後在個人電腦市場，我們今天的收入相對較小。但如果你看一下整個 PC 市場，那是一個非常大的系統 TAM。

And there's a lot of new capabilities, new features that we can bring to a PC that add a tremendous amount of value to the end user experience. And so we've now announced a couple of different systems with Lenovo that are now in production, a ThinkPad system, which we announced at the beginning of the year. We recently announced a Chromebook system, we announced a new system with LG as well.

我們可以為 PC 帶來許多新功能、新特性，從而為最終用戶體驗增加巨大價值。因此，我們現在與聯想宣布了一些不同的系統，這些系統現在正在生產中，即我們在年初宣布的 ThinkPad 系統。我們最近發布了 Chromebook 系統，我們也發布了與 LG 合作的新系統。

And so this just represents a tremendous amount of large unit system TAM and great greenfield growth area for us over time. And so these will continue to -- we expect to grow and contribute to not just growth in the second half of this year. As I said, we expect to have a second -- a strong second half relative to first, but we expect that to continue to grow in the coming years as well.

因此，隨著時間的推移，這對我們來說只是代表了大量的大型單元系統 TAM 和巨大的綠地增長區域。因此，這些將繼續 - 我們預計將在今年下半年增長並不僅為增長做出貢獻。正如我所說，我們預計會有第二個 - 相對於第一個而言下半年強勁，但我們預計未來幾年也將繼續增長。

Great. That's really helpful. And then not to harp on gross margin. But if I back out the pure gross margin royalty revenue over the last couple of quarters. From a product standpoint, the underlying gross margin has been tremendously strong as we've alluded to.

偉大的。這真的很有幫助。然後不要在毛利率上喋喋不休。但是，如果我取消過去幾個季度的純毛利特許權使用費收入。從產品的角度來看，正如我們所暗示的那樣，潛在的毛利率非常強勁。

How do we sort of -- how do we think about the structural gross margin a few years out? You're starting to approach Xilinx levels from before they got acquired by AMD, which seems like an achievable level. And then similarly, if we do go into a downturn, even given your secular drivers, it seems to me like your gross margin should be relatively robust even at these elevated levels. Is that a fair statement?

我們如何 - 我們如何看待幾年後的結構性毛利率？在被 AMD 收購之前，您已經開始接近 Xilinx 的水平，這似乎是一個可以達到的水平。然後類似地，如果我們確實陷入低迷，即使考慮到您的長期驅動因素，在我看來，即使在這些較高的水平上，您的毛利率也應該相對強勁。這是一個公平的說法嗎？

Yes. We believe there's good durability in our gross margin just based on kind of the drivers underneath and as we look forward as well. As Sherri mentioned in her comments earlier, so first of all, just as a reminder, we began our gross margin expansion strategy at the beginning of 2019. So we're now in our fourth year of executing on that gross margin expansion strategy that had 3 different elements in it. It had pricing optimization, product cost improvement and then mix improvement in the business over time. We're pleased at the progress we've made over the past years. Certainly, Sherri's pleased, I know that. And so -- but it continues to be a focus area for us moving forward. And we do see continued opportunity in gross margin.

是的。我們相信，我們的毛利率具有良好的耐久性，僅基於下面的驅動因素，我們也期待。正如 Sherri 在之前的評論中提到的那樣，首先，作為提醒，我們在 2019 年初開始了我們的毛利率擴張戰略。所以我們現在正處於執行毛利率擴張戰略的第四年，裡面有3個不同的元素。隨著時間的推移，它進行了定價優化、產品成本改進以及業務組合改進。我們對過去幾年取得的進展感到高興。當然，雪莉很高興，我知道。所以 - 但它仍然是我們前進的重點領域。我們確實看到了毛利率的持續機會。

One of the areas that Sherri alluded to was new product ramps. Our new products are designed to be accretive to the overall company margin. And so we see that as beneficial to the company moving forward, whether it's Nexus ramping or Avant in the future. And then also, I would say that another thing that we've seen in the business over the last 6 to 12 months is we're seeing a high attach rate of our software solutions to our new hardware design wins. So if you look at design wins for Lattice Silicon over the last, say, 12 months, the majority of those design wins have a software attach, meaning they're enabled in some way by 1 of our 5 software solution stacks.

Sherri 提到的領域之一是新產品坡道。我們的新產品旨在增加公司的整體利潤。所以我們認為這對公司向前發展是有益的，無論是未來的 Nexus 爬坡還是 Avant。然後，我想說的是，過去 6 到 12 個月我們在業務中看到的另一件事是，我們看到我們的軟件解決方案與我們的新硬件設計獲勝的附加率很高。因此，如果您查看 Lattice Silicon 在過去（例如 12 個月）的設計勝出，其中大部分設計勝出都有軟件附件，這意味著它們以某種方式由我們的 5 個軟件解決方案堆棧中的一個啟用。

And generally, when we attach software to our silicon and the solution sale, we see higher ASPs in that too. And so that's another upward or tailwind on our gross margin. So we do see additional opportunity moving forward and durability in the gross margin.

通常，當我們將軟件附加到我們的芯片和解決方案銷售時，我們也會看到更高的 ASP。所以這是我們毛利率的另一個上升或順風。因此，我們確實看到了更多的機會和毛利率的持久性。

Our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen 的對話。

Yes. Jim, I think it's, I don't know, kind of consensus that one of the areas in digital semis where we see -- still see a pretty wide supply/demand gap is in FPGAs. And I -- obviously, with some of the things happening in the PC market and the smartphone market, some of those supply-demand gaps in other parts of the industry are starting to close a bit. But I wonder if you might give a few comments just on the FPGA market in general and how you feel supply is relative to demand out there? And has that gap started to shrink at all in your markets? Or it's still pretty consistently wide?

是的。吉姆，我認為這是一種共識，即我們看到的數字半導體領域之一——仍然看到相當大的供需差距是在 FPGA 中。而且我——顯然，隨著個人電腦市場和智能手機市場發生了一些事情，該行業其他部分的一些供需缺口開始縮小一點。但我想知道您是否可以就 FPGA 市場的總體情況發表一些評論，以及您認為供應與需求之間的關係如何？在你們的市場中，這種差距是否已經開始縮小？或者它仍然很寬？

Thanks, Matt. I can mostly just comment on our business. And what I would say is that I feel like we've done a good job of supporting our customers Certainly, the supply chain, the overall semiconductor supply chain remains tight. I think it will continue to remain tight through the end of this year, into next year.

謝謝，馬特。我基本上只能評論我們的業務。我想說的是，我覺得我們在支持客戶方面做得很好。當然，供應鏈，整個半導體供應鏈仍然很緊張。我認為到今年年底，到明年，它將繼續保持緊張。

But we are seeing some signs of improvement. We have recently, over the last quarter or 2, seen some incremental supply from our suppliers incremental capacity beyond what they had committed to us for this year. So we see that as a positive sign for the second half of this year and into next year. We do feel like relative to some of our competitors, we've done a good job supporting our customers. And I think our customers recognize that, and I think that's helped accelerate in some cases, transitions from our competitors towards Lattice. And so that has been helpful. It's not that we're immune to the supply chain crisis at all. Certainly, we're affected by the same supply chain tightness. But I think overall, we've done a good job navigating that and supporting our customers overall. And so -- but we do see some good signs of improvement over the -- like I said, over the last couple of quarters, and we expect supply to continue to improve into next year.

但我們看到了一些改善的跡象。最近，在上一季度或第二季度，我們看到供應商的一些增量供應超出了他們今年對我們的承諾。因此，我們認為這是今年下半年和明年的積極信號。相對於我們的一些競爭對手，我們確實覺得我們在支持客戶方面做得很好。我認為我們的客戶認識到這一點，並且我認為這在某些情況下有助於加速從我們的競爭對手向萊迪思的過渡。所以這很有幫助。並不是說我們完全不受供應鏈危機的影響。當然，我們也受到同樣的供應鏈緊張的影響。但我認為總的來說，我們在導航和支持我們的客戶方面做得很好。所以——但我們確實看到了一些改善的跡象——就像我說的那樣，在過去的幾個季度裡，我們預計供應將繼續改善到明年。

Just as a follow-up question for Sherri. Maybe you could talk to us a little bit about OpEx growth. I know I have conversations with some of your peer companies about inflationary costs on wages. Obviously, as Jim just mentioned in his comments, the supply chain remains tight and you guys aren't immune. So just investments you're making, hiring wages, just how should we think about OpEx sort of trending or just kind of staying within the band that you're in as a percentage of revenue?

就像雪莉的後續問題一樣。也許你可以和我們談談 OpEx 的增長。我知道我與您的一些同行公司就工資的通貨膨脹成本進行了對話。顯然，正如吉姆剛剛在他的評論中提到的那樣，供應鏈仍然很緊張，你們也不能倖免。所以只是你正在進行的投資，僱傭工資，我們應該如何看待 OpEx 的趨勢，或者只是保持在你所在的範圍內佔收入的百分比？

Yes. Thanks, Matt. So when we -- if you look at our OpEx, actually grew 20% year-over-year and where that came from was majority in R&D. So we're investing 24% growth year-over-year in R&D and our product road map for the long-term growth of our company. And so you've seen that we've been doing that for some time now, and we definitely have a bias for investing and we want to do it in a very controlled and disciplined way, but investing for the long-term growth of our company.

是的。謝謝，馬特。所以當我們——如果你看看我們的運營支出，實際上同比增長了 20%，而這主要來自研發。因此，我們在研發和產品路線圖上的投資同比增長 24%，以實現公司的長期增長。所以你已經看到我們已經這樣做了一段時間了，我們肯定對投資有偏見，我們希望以一種非常可控和有紀律的方式進行投資，但投資是為了我們的長期增長公司。

You've seen our product launches, our fifth device as well as our 5G ORAN solution stack that we announced in Q2. Avant coming out in the second half, as Jim mentioned. So we continue to invest in our product road map. That's our -- one of our top priorities. And then when you look at -- you mentioned inflation, some of that's a little bit hard to kind of separate out but we are continuing to hire.

您已經看到了我們的產品發布、我們的第五款設備以及我們在第二季度宣布的 5G ORAN 解決方案堆棧。正如吉姆所說，Avant 在下半場出現。因此，我們繼續投資於我們的產品路線圖。這是我們的 - 我們的首要任務之一。然後當你看到 - 你提到通貨膨脹時，其中一些有點難以區分，但我們仍在繼續招聘。

I think you see in a lot of our LinkedIn social profiles, all of that, you see there's a lot of hiring going on in R&D. And again, that's to continue to make sure that we've got the right focus and developing the right products that we have. So you can continue to see that bias. We're investing within SG&A as well, you see that there is a sequential increase there. That's where we're investing in our customer support and our demand creation. That's very important as well. So we are continuing to invest in the company.

我想你可以在我們的很多 LinkedIn 社交資料中看到，所有這些，你都會看到研發部門正在招聘很多人。同樣，這是為了繼續確保我們有正確的重點並開發我們擁有的正確產品。所以你可以繼續看到這種偏見。我們也在 SG&A 內進行投資，您會看到那裡有連續增長。這就是我們投資於客戶支持和創造需求的地方。這也很重要。因此，我們將繼續投資該公司。

Congrats on the results.

祝賀結果。

Our next question comes from the line of Chris Rolland with SIG.

我們的下一個問題來自 SIG 的 Chris Rolland。

I echo the congrats. And I guess my question is -- and I get this from investors quite a bit, people would love to know what kind of products were legacy products as a percentage of sales? And what are -- as a percentage of sales, are the products that have been launched under your management tenure. Is there any rough kind of idea of what the split might be at this point?

我表示祝賀。我想我的問題是——我從投資者那裡得到了很多，人們很想知道什麼樣的產品是遺留產品佔銷售額的百分比？在您的管理任期內推出的產品佔銷售額的百分比是多少。對於此時的分裂可能有什麼粗略的想法嗎？

Yes. Thanks for the question, Chris. So we don't break out product line specific revenue, but what we can say is we kind of think about it as Nexus products and pre-Nexus products. And we can say is both categories have continued to grow. You would expect Nexus products to continue to ramp and grow, those products are new. As we've mentioned, we've launched 5 products, 4 of the 5 are in production. The fifth, which we just launched will go into production next year. And you can expect us to continue to launch additional Nexus products moving forward. And those products will ramp over the course of multiple years. But even the pre-Nexus products, we've seen very good growth in the pre-Nexus products, new design wins, new applications that those are getting designed into.

是的。謝謝你的問題，克里斯。因此，我們不會細分產品線的特定收入，但我們可以說的是，我們將其視為 Nexus 產品和 Nexus 之前的產品。而且我們可以說是這兩個品類都在持續增長。你會期望 Nexus 產品繼續增長和增長，這些產品是新的。正如我們所提到的，我們推出了 5 款產品，其中 5 款中有 4 款正在生產中。我們剛剛推出的第五台將於明年投入生產。您可以期待我們繼續推出更多的 Nexus 產品。這些產品將在多年的過程中逐漸增加。但即使是 Nexus 之前的產品，我們也看到了 Nexus 之前的產品的非常好的增長，新設計的勝利，這些正在設計的新應用程序。

We believe that our software solution stacks in particular, have been very helpful in getting our pre-Nexus products designed into new applications that we may not have been able to support in the past. And so we're seeing growth in both of those areas. And frankly, we want both pre-Nexus and Nexus products to continue to grow.

我們相信，我們的軟件解決方案堆棧尤其有助於將我們的 Nexus 前產品設計到我們過去可能無法支持的新應用程序中。因此，我們在這兩個領域都看到了增長。坦率地說，我們希望 Nexus 之前的產品和 Nexus 產品都能繼續增長。

And then moving a little further out, as we launch Avant in the second half of this year and bring that into production in future quarters, that will add an additional revenue stream that's completely additive to the company because it's in a different part of the FPGA market that we don't address. Today, it addresses mid-range FPGA application. So Avant will double our addressable market, create a new revenue stream for the company out in time. And so we feel good about the growth of kind of all of those categories moving forward.

然後再往前走一點，隨著我們在今年下半年推出 Avant 並在未來幾個季度將其投入生產，這將增加額外的收入流，這對公司來說是完全附加的，因為它位於 FPGA 的不同部分我們不涉及的市場。今天，它解決了中檔 FPGA 應用。因此，Avant 將使我們的潛在市場翻倍，及時為公司創造新的收入來源。因此，我們對所有這些類別的增長感到滿意。

Great. And then either Jim or Sherri, looking out maybe next quarter or even beyond, I don't know if you could force rank the segments for us in terms of growth or just some broad strokes between the 3 segments, but even breaking it down into comms versus compute or something like that? And I guess also, do we get a bounce back in consumer? Or do you think those trends continue as well?

偉大的。然後是 Jim 或 Sherri，可能會展望下個季度甚至更遠的時間，我不知道您是否可以根據增長對我們的細分市場進行排名，或者只是在 3 個細分市場之間進行一些粗略的劃分，但甚至可以將其分解為通訊與計算或類似的東西？我還想，我們的消費者是否會反彈？或者你認為這些趨勢還會繼續嗎？

Yes. Thanks, Chris. I'll give a little bit of color on the Q3. So if you look at the midpoint of our guide for Q3 relative to Q2, we're guiding sequentially up in Q3. We do expect growth in -- sequential growth in communications and computing and industrial and automotive. On consumer, we expect consumer to be roughly flat from Q2 to Q3, we're a little bit more cautious about that segment given the kind of broader consumer electronics softness that the industry has seen. But we do expect, again, sequential growth in our large strategic market segments of comms and compute and industrial auto.

是的。謝謝，克里斯。我會給 Q3 上一點顏色。因此，如果您查看我們的第三季度指南相對於第二季度的中點，我們將在第三季度按順序向上指導。我們確實預計通信和計算以及工業和汽車的連續增長。在消費者方面，我們預計消費者從第二季度到第三季度大致持平，鑑於該行業已經看到的更廣泛的消費電子產品疲軟，我們對該細分市場更加謹慎。但我們確實預計，我們的通信、計算和工業汽車等大型戰略細分市場將出現連續增長。

(Operator Instructions) Our next question comes from the line of Tristan Gerra with Baird.

（操作員說明）我們的下一個問題來自 Tristan Gerra 和 Baird。

My first question is about backlog and pricing. So you've mentioned your expectation for the market to remain tight through end of this year and part of next year. How far is your backlog extending currently? And how does that compare earlier this year?

我的第一個問題是關於積壓和定價。所以你提到了你對市場在今年年底和明年部分時間保持緊張的預期。您的積壓工作目前擴展了多遠？與今年早些時候相比如何？

And also, are you able to still provide the same type of price optimization over the next, let's say, a couple of quarters as what you've done in the past as we start seeing lead times coming down a bit for some products. And generally, we're seeing pricing stable overall in [semis], but not rising every quarter like we saw last year. So any commentary you may have on not so much your new products, which you mentioned are basically going to be ASP accretive. But on your existing product, what's your ability to continue on the path of higher pricing?

而且，您是否仍然能夠在接下來的幾個季度中提供與您過去所做的相同類型的價格優化，因為我們開始看到某些產品的交貨時間有所下降。一般來說，我們看到 [semis] 的整體價格穩定，但不像去年那樣每個季度都在上漲。因此，您可能對您提到的新產品的任何評論基本上都會增加 ASP。但是在您現有的產品上，您有什麼能力繼續走更高定價的道路？

Yes. Thanks, Tristan. So on the first part of your question around backlog, and I think you're asking backlog now versus I think you said earlier this year. I would say that our backlog has remained pretty stable in sort of total backlog that we've had earlier this year versus now. Obviously, we have been servicing the backlog, but at the same time, our new bookings have been healthy. We continue to see healthy levels of bookings. And so yes, stable levels of backlog and healthy booking levels is what I would say.

是的。謝謝，特里斯坦。所以關於你關於積壓的問題的第一部分，我認為你現在問的是積壓，而不是我認為你今年早些時候說的。我想說的是，我們的積壓工作在今年早些時候與現在相比的總積壓工作中保持相當穩定。顯然，我們一直在為積壓的訂單提供服務，但與此同時，我們的新預訂也很健康。我們繼續看到健康的預訂水平。所以是的，我想說的是穩定的積壓水平和健康的預訂水平。

And then on pricing over the next couple of quarters, I think -- if you look back, remember, we started our pricing optimization strategy back in 2019. So we're in our fourth year of that. So we've gained pretty good understanding and a pretty good system of how we do our pricing optimization. I do think there's beyond just new product ramps, there continues to be opportunities to optimize pricing in our business kind of irrespective of kind of the rest of the market. I think there continues to be areas where we can better optimize pricing. And really, that's about making sure that our products are priced correctly for the value that they're bringing to our customers and the end markets.

然後關於接下來幾個季度的定價，我認為——如果你回顧一下，請記住，我們早在 2019 年就開始了定價優化策略。所以我們已經是第四年了。因此，我們對如何進行定價優化有了很好的理解和一個很好的系統。我確實認為除了新產品的增加之外，我們的業務類型中仍有優化定價的機會，無論市場的其他類型如何。我認為仍有一些領域我們可以更好地優化定價。實際上，這是為了確保我們的產品按照它們為我們的客戶和終端市場帶來的價值正確定價。

And maybe to tie in one of the comments that I made earlier is even on existing products, let's call them pre-Nexus products, we were able to attach software to those products where we're not just selling the hardware device, but we're selling along with that, the software portfolio solution, whether that's SenseAI or that's our newest 5G ORAN solution stack or any of the other 3 software stacks in our portfolio of 5. That's us bringing more value to our customers, bringing more of the solution.

也許為了配合我之前發表的評論之一，甚至是針對現有產品，讓我們稱它們為 Nexus 之前的產品，我們能夠將軟件附加到那些我們不僅銷售硬件設備的產品上，而且我們與此一起銷售的軟件組合解決方案，無論是 SenseAI 還是我們最新的 5G ORAN 解決方案堆棧或我們 5 個產品組合中的其他 3 個軟件堆棧中的任何一個。這就是我們為客戶帶來更多價值，帶來更多解決方案.

And so when we bring more of the solution that's valuable to our customers, that's something that we tend to get paid a higher ASP for. And so that's another area where we can continue to optimize ASPs is by just bringing more value through our software.

因此，當我們帶來更多對客戶有價值的解決方案時，我們往往會為此獲得更高的 ASP。因此，我們可以繼續優化 ASP 的另一個領域是通過我們的軟件帶來更多價值。

And of course, that also -- that software has the other nice side effect of -- it helps our customers convert designs away from our competitors towards Lattice more quickly. It helps them get to market more quickly. And then it all creates, we believe, long term stickiness for our products moving forward as well. And so for a variety of reasons, that software strategy is an important part of the value that we create for our customers moving forward.

當然，該軟件還有另一個很好的副作用——它可以幫助我們的客戶更快地將設計從我們的競爭對手轉向萊迪思。它可以幫助他們更快地進入市場。然後，我們相信，這一切也為我們的產品向前發展創造了長期的粘性。因此，出於各種原因，該軟件戰略是我們為客戶創造價值的重要組成部分。

That's great. And then my second question, which I guess is related to what you just mentioned. If you could talk about product stickiness, you've been, for example, now really successful in servers for quite some time with your worth of trust chip. And I know there is competition out there with MCU or ASIC solutions, but looks like you continue to gain some good traction. Is that a function of performance? And also, do you expect your ramp in PC to be sticky for more than just a couple of years. As such, you're not concerned about those design wins eventually reverting to a non-FPGA socket.

那太棒了。然後是我的第二個問題，我想這與你剛才提到的有關。例如，如果您可以談論產品粘性，那麼您已經在服務器領域取得了相當長的一段時間，並且憑藉您值得信賴的芯片獲得了成功。而且我知道 MCU 或 ASIC 解決方案存在競爭，但看起來你繼續獲得一些良好的牽引力。這是性能的功能嗎？而且，您是否期望您在 PC 中的使用率會持續超過幾年。因此，您不必擔心這些設計勝利最終會恢復到非 FPGA 插槽。

Yes. So I think you first were asking about servers and then secondly, PCs. So in servers, let me start there. Yes, we're just really pleased with the growth that we've been able to drive in servers that go into data centers, whether those are hyperscale data centers or traditional enterprise data centers. Really pleased with the growth we've driven over the past year.

是的。所以我認為您首先是在詢問服務器，然後是 PC。所以在服務器中，讓我從那裡開始。是的，我們非常高興能夠推動進入數據中心的服務器的增長，無論是超大規模數據中心還是傳統企業數據中心。對我們在過去一年中推動的增長感到非常滿意。

So it's again, a combination of -- we've driven attach rates higher, which is effectively us finding new places with our customers for Lattice devices to get designed into server systems. And our attach rate is now well over 1x, which means, on average, a server ships with more than 1 Lattice piece of silicon in terms of global server shipments. We do can see continued opportunity for more sockets that -- more capability that Lattice can bring to servers in the future.

所以這又是一個組合——我們已經提高了附加率，這實際上是我們與我們的客戶一起尋找新的地方，將 Lattice 設備設計到服務器系統中。而且我們的附加率現在遠遠超過 1 倍，這意味著，就全球服務器出貨量而言，平均而言，一台服務器附帶超過 1 個 Lattice 芯片。我們確實可以看到更多套接字的持續機會——萊迪思未來可以為服務器帶來的更多功能。

And then of course, we've continued with each new generation bring just more capability, more functionality, which has helped us continue to improve ASPs over time. And the combination of attach rates and ASPs has driven a very nice, healthy growth in our dollars of content per server. And we continue to focus on growing that further moving forward. And we do believe that, that is a sticky position because it's not just the hardware that we provide, the chip that we provide. But in many cases, we're providing layers of software underneath that as well.

當然，我們會繼續為每一代新產品帶來更多的能力和功能，這有助於我們隨著時間的推移繼續改進 ASP。附加率和 ASP 的結合推動了我們每台服務器的內容美元的非常好的、健康的增長。我們將繼續專注於進一步發展。我們確實相信，這是一個棘手的位置，因為這不僅僅是我們提供的硬件，我們提供的芯片。但在許多情況下，我們也在其下提供軟件層。

And then in PCs, very similar is that it's not just the chip that we're providing, but it's layers of software on top of that. So for instance, in those new platforms that we've announced with Lenovo, for instance, earlier this year. That's not just the chip that we're providing, but there's layers of software underneath there and -- or above the chip that support the full solution stack. And so I think that's part of the stickiness that we create on a multigenerational basis.

然後在個人電腦中，非常相似的是，它不僅僅是我們提供的芯片，而是在此之上的軟件層。例如，在我們與聯想宣布的那些新平台中，例如，今年早些時候。這不僅僅是我們提供的芯片，而且在其下方和 - 或在芯片上方支持完整解決方案堆棧的軟件層。所以我認為這是我們在多代人的基礎上創造的粘性的一部分。

And then frankly, the flexibility that our FPGAs provide is a big value to our customers. Whether you're a server customer, a PC or an industrial or automotive customer, the flexibility of an FPGA is a big benefit in their system design because they know that they're going to need to add new features, new system capabilities over time and the ability to add that by just simply reprogramming the FPGA versus having to do a whole new hardware design or a new ASIC design. That's a big benefit.

坦率地說，我們的 FPGA 提供的靈活性對我們的客戶來說是一個巨大的價值。無論您是服務器客戶、PC 還是工業或汽車客戶，FPGA 的靈活性都是他們系統設計的一大優勢，因為他們知道隨著時間的推移他們將需要添加新特性、新系統功能並且能夠通過簡單地重新編程 FPGA 而不必進行全新的硬件設計或新的 ASIC 設計來添加它。這是一個很大的好處。

That's a big time-to-market benefit and that's a big strategic flexibility benefit. And so for a number of our customers across our markets, the flexibility power efficiency of our FPGAs is one of the main reasons that they get designed into the systems initially and remain designed in over a multigenerational basis.

這是一個很大的上市時間優勢，也是一個很大的戰略靈活性優勢。因此，對於我們市場上的許多客戶而言，我們 FPGA 的靈活性和能效是它們最初被設計到系統中並在多代基礎上保持設計的主要原因之一。

Our next question comes from the line of David Williams with Benchmark.

我們的下一個問題來自 Benchmark 的 David Williams。

Congrats on the success and the wins here. First question, I guess, is really about the Lenovo design win. That seems to be moving down maybe migrating from what we would have thought to be kind of the enterprise segment into the Chromebooks and the lower tier segment. So just kind of curious how you see that and what that opportunity looks like if you think out maybe 2 to 3 years?

祝賀這裡的成功和勝利。我想，第一個問題真的是關於聯想設計的勝利。這似乎正在下降，可能會從我們認為的企業細分市場遷移到 Chromebook 和較低級別的細分市場。所以只是有點好奇你是如何看待這個的，如果你考慮 2 到 3 年，這個機會是什麼樣的？

Yes. Thanks, David. We did see initial adoption of our designs in more of the enterprise class systems like the Lenovo ThinkPad. We also announced, as you said, the Lenovo Chromebook, we really see opportunity for our devices to be used in all sorts of PCs, whether those are enterprise or more consumer-oriented PCs.

是的。謝謝，大衛。我們確實在聯想 ThinkPad 等更多企業級系統中看到了我們設計的初步採用。正如您所說，我們還宣布了聯想 Chromebook，我們確實看到了我們的設備在各種 PC 中使用的機會，無論是企業 PC 還是更多面向消費者的 PC。

Again, for us, it's a large greenfield growth opportunity, roughly 300 million systems a year in PCs, and we believe that the capabilities and features that -- and really the end user experience that we're able to bring to the PC is certainly relevant in the enterprise context, but also relevant in consumer context as well. There's many features that we can bring that are important to a consumer. There's a tremendous usage model that we bring where we can save, help save a significant amount of battery power. And that's helpful to both enterprise users as well as consumers.

同樣，對我們來說，這是一個巨大的新增長機會，每年大約有 3 億個系統在 PC 中，我們相信我們能夠為 PC 帶來的功能和特性——以及真正的最終用戶體驗肯定是與企業環境相關，但也與消費者環境相關。我們可以帶來許多對消費者很重要的功能。我們帶來了一個巨大的使用模型，我們可以節省，幫助節省大量的電池電量。這對企業用戶和消費者都有幫助。

So we really see the whole PC segment as potential TAM over time. And so whether it's a Chromebook system or a ThinkPad system, we're happy to add content to those systems and to ramp those over time. So we see it as just a good long-term greenfield growth area.

因此，隨著時間的推移，我們確實將整個 PC 細分市場視為潛在的 TAM。因此，無論是 Chromebook 系統還是 ThinkPad 系統，我們都樂於為這些系統添加內容，並隨著時間的推移增加內容。所以我們認為它只是一個良好的長期綠地增長領域。

And then just kind of thinking about the data center, you've talked about the server attach rate strong. Just curious if you're seeing anything specific within the data center in terms of demand or any changes in maybe customer behavior there?

然後只是考慮一下數據中心，您已經談到服務器連接率很高。只是好奇您是否在數據中心內看到任何特定的需求或客戶行為的變化？

Yes. Thanks, David. In data center, we continue to see very strong demand from our data center server customers. Again, most of our growth, remember, is it's not so much driven by the end market growth itself, the growth in the data center. Our growth is much more driven by the dollars of content that we've seen increasing in each new generation so -- which is, of course, driven by our increasing attach rate in ASPs. That's been a much bigger factor in our growth.

是的。謝謝，大衛。在數據中心，我們繼續看到我們的數據中心服務器客戶的強勁需求。同樣，請記住，我們的大部分增長不是由終端市場增長本身驅動的，而是數據中心的增長。我們的增長更多地是由我們在每一代中看到的內容美元增長所推動的——當然，這是由我們在 ASP 中不斷增加的附加率所推動的。這是我們增長的一個更大的因素。

But we continue to see a very strong demand from our server customers. And then the other thing that I would note is just a reminder that our solutions are CPU agnostic. So -- and this is actually really important to our customers. Our server customers really value the fact that the Lattice hardware and software solutions that we provide are agnostic to the CPU of flavor. So whether that's an x86 processor that comes from Intel or AMD or potentially an ARM processor as well, we support all flavors of CPUs, we're in production, of course, across all those -- both ARM as well as x86 processors.

但我們繼續看到服務器客戶的需求非常強勁。然後我要注意的另一件事只是提醒我們，我們的解決方案與 CPU 無關。所以 - 這實際上對我們的客戶非常重要。我們的服務器客戶非常重視這樣一個事實，即我們提供的萊迪思硬件和軟件解決方案與風味 CPU 無關。因此，無論是來自 Intel 或 AMD 的 x86 處理器，還是潛在的 ARM 處理器，我們都支持所有類型的 CPU，當然，我們正在生產中，包括 ARM 和 x86 處理器。

And so to the extent that there is share shift that happens among the CPU vendors. We're buffered from that share shift because we're supporting our customers across multiple CPU flavors and platforms.

因此，在某種程度上，CPU 供應商之間發生了份額轉移。我們從份額轉移中得到緩衝，因為我們正在支持我們的客戶跨多種 CPU 風格和平台。

(Operator Instructions) Thank you. And our last question comes from the line of Richard Shannon with Craig Hallum.

（操作員說明）謝謝。我們的最後一個問題來自 Richard Shannon 與 Craig Hallum 的對話。

I guess I got just 2 of them. First one, Jim, you mentioned half of your current hardware designs have software attached to them. Obviously, they're going to roll out over a couple of years after the win here, but it kind of helps us think about the contribution of software to your overall revenue stream, which I haven't really quantified in the past, maybe you can help us with that today.

我想我只有2個。第一個，Jim，你提到你當前的硬件設計中有一半都附有軟件。顯然，他們將在這裡獲勝後的幾年內推出，但這有助於我們考慮軟件對您的整體收入流的貢獻，我過去沒有真正量化過，也許你今天可以幫助我們。

And so my question on that topic is, of these designs where you have software attached, how do we think about the amount of content adder the software has to it? Any way you can quantify or arrange it? I mean is this just 5% of that hardware or 25 or somewhere in the middle, just kind of my personal guesses. But any way you can characterize that for us?

所以我關於這個話題的問題是，在這些附加了軟件的設計中，我們如何考慮軟件對它的內容添加量？有什麼方法可以量化或安排它？我的意思是這只是硬件的 5% 還是 25 或中間的某個地方，只是我個人的猜測。但是，您有什麼方法可以為我們描述這一點？

Yes. Thanks, Richard. We haven't given a specific number. The reason is it can depend a lot on the application. What we are seeing is where we get software attached, there generally is a higher ASP. Now that additional ASP can be a significant range depending on the type of applications. Some applications the value of that software content is valued very significantly. And it's a significant ASP uplift. In some other applications, it may be less. But on average, we're definitely seeing an ASP uplift when we get a software attached.

是的。謝謝，理查德。我們沒有給出具體數字。原因是它在很大程度上取決於應用程序。我們看到的是附加軟件的地方，通常有更高的 ASP。現在，根據應用程序的類型，附加 ASP 的範圍可能很大。一些應用程序認為軟件內容的價值是非常重要的。這是一個顯著的 ASP 提升。在其他一些應用程序中，它可能會更少。但平均而言，當我們附加軟件時，我們肯定會看到 ASP 的提升。

And then on the first part of your question, you're absolutely right that those -- I was talking in terms of new design wins over the last 12 months as those new design wins now transition into revenue, they layer in over the coming years and those new design wins with the software attached and the higher ASPs are beneficial to us over time.

然後在你問題的第一部分，你是絕對正確的——我說的是過去 12 個月的新設計勝利，因為這些新設計勝利現在轉變為收入，它們在未來幾年內層出不窮隨著時間的推移，這些新設計在附加軟件和更高的 ASP 的情況下對我們有利。

So it's -- another way of saying it is, as we look to the revenue growth, the new revenue growth moving forward, the majority of that new revenue growth is enabled by software attached, which generally has a higher ASP moving forward.

所以它是 - 另一種說法是，當我們展望收入增長時，新的收入增長向前發展，大部分新的收入增長是由附加的軟件實現的，通常具有更高的 ASP 向前發展。

Fair enough. My second question was following up on an earlier one around Nexus and the contribution there haven't given us any way to think about the contribution from Nexus versus pre-Nexus, but is there a point in time or a percentage of revenues above which you'll start disclosing that because I think -- I agree it would be very helpful to people to think about. I'm assuming it's a fairly low percentage today, but is there a point where you'd commit to providing that sort of a number, so we can start to do those splits?

很公平。我的第二個問題是跟進之前關於 Nexus 的問題，並且那裡的貢獻沒有讓我們有任何方式來思考 Nexus 與前 Nexus 的貢獻，但是您是否有一個時間點或收入百分比高於'將開始披露這一點，因為我認為 - 我同意這對人們思考非常有幫助。我假設今天的百分比相當低，但是您是否會承諾提供這樣的數字，以便我們可以開始進行這些拆分？

Yes. We'll look to potentially sharing that in the future. Just as a reminder, is Nexus is still early in its ramp, right? We are in just the second year of -- the full year of revenues. So 2022 will be the second year of a full year of revenue for Nexus. We expect the Nexus product lines to ramp over multiple years and to continue to grow as a percentage of revenue over multiple years. And so breaking that out separately, maybe something that we do in the future, we'll take that into consideration.

是的。我們將期待在未來分享這一點。提醒一下，Nexus 是否仍處於起步階段，對嗎？我們剛剛進入第二年 - 全年收入。因此，2022 年將是 Nexus 全年收入的第二年。我們預計 Nexus 產品線將在多年內增長，並在多年內繼續增長佔收入的百分比。因此，將其單獨分開，也許我們將來會做一些事情，我們會考慮到這一點。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Jim Anderson, for closing remarks.

我們已經到了問答環節的結尾。我現在將電話轉回給首席執行官吉姆·安德森（Jim Anderson），以致閉幕詞。

All right, operator. And thanks, everybody, for joining us on the call today. So overall, I'm quite pleased with the execution that we saw from the company in the first half of this year. I -- very pleased with the strong financial results that we delivered in the first half, and we do expect the company to have a strong second half of the year as well. And of course, we'll always look forward to giving you further updates on our next earnings call. operator, thank you, and that concludes today's call.

好的，接線員。感謝大家今天加入我們的電話會議。所以總的來說，我對我們在今年上半年從公司看到的執行情況感到非常滿意。我 - 對我們在上半年交付的強勁財務業績感到非常滿意，我們確實預計公司在下半年也將表現強勁。當然，我們將始終期待在下一次財報電話會議上為您提供進一步的更新。接線員，謝謝，今天的電話到此結束。

And again, this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

同樣，今天的會議到此結束，此時您可以斷開線路。感謝您的參與。