萊迪思半導體 (LSCC) 2022 Q3 法說會逐字稿

Greetings, and welcome to Lattice Semiconductor Third Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rick Muscha, Senior Director of Investor Relations. Thank you. You may begin.

您好，歡迎來到萊迪思半導體 2022 年第三季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹您的主持人，投資者關係高級總監 Rick Muscha。謝謝你。你可以開始了。

Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Lattice's President and CEO; and Sherri Luther, Lattice's CFO, who will provide a financial and business review of the third quarter of 2022 and the business outlook for the fourth quarter of 2022. If you have not obtained a copy of our earnings press release that 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)，他將提供 2022 年第三季度的財務和業務回顧以及 2022 年第四季度的業務展望。如果您尚未獲得我們的收益新聞稿副本，請訪問我們的latticesemi.com 投資者關係部分的公司網站。

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 fourth quarter of 2022. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done 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 年第四季度的官方指南。如果在本次電話會議之後的任何時間，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 Q3 with record quarterly revenue, which grew 31% year-over-year and non-GAAP net income growth of 68% year-over-year. We're very pleased with the growth in our current product portfolio and we're excited about the launch of our newest FPGA platform, Lattice Avant on December 5. Avant will double our addressable market and create new greenfield revenue opportunities for Lattice.

謝謝你，瑞克，謝謝大家今天加入我們的電話會議。我們在第三季度取得了強勁的業績，季度收入創紀錄，同比增長 31%，非美國通用會計準則淨收入同比增長 68%。我們對我們當前產品組合的增長感到非常高興，我們對 12 月 5 日推出的最新 FPGA 平台 Lattice Avant 感到興奮。Avant 將使我們的潛在市場翻一番，並為 Lattice 創造新的未開發收入機會。

Let me touch on a few Q3 highlights. In addition to the strong revenue growth, we expanded non-GAAP gross margin by 590 basis points year-over-year to a record 69.5%. We achieved record non-GAAP operating profit of 39.7%, which was an increase of 930 basis points year-over-year. And we continue to expand our road map with the introduction of an automotive version of our CertusPro-NX.

讓我談談第三季度的一些亮點。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 590 個基點，達到創紀錄的 69.5%。我們實現了創紀錄的非 GAAP 營業利潤 39.7%，同比增長 930 個基點。我們通過推出 CertusPro-NX 的汽車版本繼續擴展我們的路線圖。

Let me now provide an overview of our business by end market. In the communications and computing market, revenue was roughly flat sequentially and up 26% on a year-over-year basis. We remain on track to deliver our fourth consecutive year of double-digit growth for this segment. The 3 key long-term growth drivers in this segment continue to be content expansion in data center servers, new greenfield client computing design wins and growth in 5G wireless infrastructure.

現在讓我按終端市場概述我們的業務。在通信和計算市場，收入環比基本持平，同比增長 26%。我們仍有望在這一領域實現連續第四年兩位數的增長。該領域的 3 個關鍵長期增長動力繼續是數據中心服務器的內容擴展、新的未開發客戶端計算設計獲勝以及 5G 無線基礎設施的增長。

Turning now to the industrial and automotive market. Revenue increased 15% sequentially and was up 45% on a year-over-year basis. We expect this to be our third consecutive year of double-digit revenue growth in this segment. We continue to see this market as a strong long-term growth opportunity for Lattice as we address growing applications in industrial automation and robotics as well as automotive, ADAS and infotainment systems.

現在轉向工業和汽車市場。收入環比增長 15%，同比增長 45%。我們預計這將是我們在該領域連續第三年實現兩位數的收入增長。我們繼續將這個市場視為萊迪思強大的長期增長機會，因為我們致力於解決工業自動化和機器人以及汽車、ADAS 和信息娛樂系統中不斷增長的應用。

Turning now to consumer. Revenue declined 11% sequentially and was down 13% year-over-year, reflecting macroeconomic softness in the consumer electronics end market. Given that consumer represents only 6% of our total revenue in Q3, the revenue decline in consumer was more than offset by growth in our other segments.

現在轉向消費者。收入環比下降 11%，同比下降 13%，反映出消費電子終端市場的宏觀經濟疲軟。鑑於消費者僅占我們第三季度總收入的 6%，消費者收入的下降被我們其他部門的增長所抵消。

I'll now provide some product roadmap highlights. I'm pleased that in our most recent quarter, we launched an automotive version of our CertusPro-NX family with market-leading power efficiency performance and small form factor. This new product based on our Nexus platform adds to our solutions that are optimized for the automotive market, which we continue to see as a long-term revenue driver for the company.

我現在將提供一些產品路線圖亮點。我很高興在最近一個季度，我們推出了具有市場領先的能效性能和小尺寸的 CertusPro-NX 系列汽車版本。這款基於 Nexus 平台的新產品增加了我們針對汽車市場優化的解決方案，我們繼續將其視為公司的長期收入驅動力。

In addition to our leadership position with Nexus, we're looking forward to further expanding our product portfolio with the launch of our Lattice Avant platform. Avant will double our addressable market and will create new greenfield revenue opportunities for Lattice. We're excited to share more details at the upcoming Avant launch event.

除了我們在 Nexus 的領導地位之外，我們還期待通過推出我們的 Lattice Avant 平台來進一步擴展我們的產品組合。 Avant 將使我們的潛在市場翻一番，並將為萊迪思創造新的綠地收入機會。我們很高興在即將舉行的 Avant 發布會上分享更多細節。

Turning now to our software strategy. We've been increasing investments in our software portfolio over the past few years. These investments are focused on making it easy for our customers to adopt Lattice products and get to market quickly. As we mentioned on our last earnings call, over half of our new silicon design wins are now enabled by at least 1 of our 5 software solution stacks. Avant will also leverage the same software that our customers are using today on our current products.

現在轉向我們的軟件戰略。在過去的幾年裡，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。正如我們在上次財報電話會議上提到的那樣，我們超過一半的新芯片設計勝利現在是由我們 5 個軟件解決方案堆棧中的至少一個實現的。 Avant 還將利用我們的客戶目前在我們當前產品上使用的相同軟件。

In summary, while we recognize there are macroeconomic headwinds, and we continue to watch demand signals very carefully, we're pleased with our continued progress and the growth of our existing product portfolio, including the continued ramp of our Nexus platform. In addition, we're excited about the launch of our new Avant platform and the continued expansion of our product portfolio.

總之，雖然我們認識到存在宏觀經濟逆風，並且我們繼續非常仔細地觀察需求信號，但我們對我們的持續進步和現有產品組合的增長感到高興，包括我們 Nexus 平台的持續增長。此外，我們對新 Avant 平台的推出和我們產品組合的持續擴展感到興奮。

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

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 Q3 with record profitability driven by double-digit revenue growth and continued gross margin expansion. We remain focused on free cash flow, continue to invest in our product road map and return capital to our shareholders through share buybacks.

謝謝你，吉姆。我們對第三季度強勁的財務業績感到滿意，兩位數的收入增長和持續的毛利率增長推動了創紀錄的盈利能力。我們仍然專注於自由現金流，繼續投資於我們的產品路線圖，並通過股票回購向股東返還資本。

Let me now provide a summary of our results. Third quarter revenue was a record $172.5 million, up 7% sequentially from the second quarter and up 31% year-over-year. Revenue grew double digits year-over-year in our 2 strategic market segments of industrial and automotive and communications and computing more than offsetting macroeconomic weakness in consumer.

現在讓我總結一下我們的結果。第三季度收入達到創紀錄的 1.725 億美元，比第二季度環比增長 7%，同比增長 31%。我們在工業和汽車以及通信和計算這兩個戰略細分市場的收入同比增長兩位數，足以抵消消費者宏觀經濟的疲軟。

Our non-GAAP gross margin increased 40 basis points to a record 69.5% in Q3 compared to the prior quarter and was up 590 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 started in early 2019.

我們的非公認會計原則毛利率在第三季度與上一季度相比增長了 40 個基點，達到創紀錄的 69.5%，與去年同期相比增長了 590 個基點。毛利率的連續和同比增長繼續受到我們從 2019 年初開始執行的毛利率擴張戰略的強勁執行的推動。

Non-GAAP operating expenses were $51.3 million compared to $49.9 million in the prior quarter and $43.8 million in the year ago quarter. Both R&D and SG&A expenses increased sequentially as we continue to make investments in our product portfolio and demand creation.

非美國通用會計準則運營費用為 5130 萬美元，上一季度為 4990 萬美元，去年同期為 4380 萬美元。隨著我們繼續對我們的產品組合和需求創造進行投資，研發和 SG&A 費用均連續增長。

Our non-GAAP operating margin increased 160 basis points to a record 39.7% in Q3 compared to the prior quarter and was up 930 basis points compared to the year ago quarter. We continue to balance operating margin expansion with investments that will drive the long-term growth of our business.

與上一季度相比，我們的非公認會計原則營業利潤率在第三季度增長了 160 個基點，達到創紀錄的 39.7%，與去年同期相比增長了 930 個基點。我們將繼續平衡經營利潤率擴張與將推動我們業務長期增長的投資。

Q3 non-GAAP earnings per diluted share was $0.48 compared to $0.28 in the year-ago quarter, which represents 71% year-over-year growth.

第三季度非公認會計準則每股攤薄收益為 0.48 美元，而去年同期為 0.28 美元，同比增長 71%。

We are pleased with the strong cash flow generation, which continues to be a priority for us. In Q3, we drove a 41% year-over-year increase in operating cash flow. We returned $40 million of capital to our shareholders, repurchasing approximately 685,000 shares making Q3 our eighth consecutive quarter of executing share buybacks. Additionally, in August, our Board of Directors expanded the share buyback program with a new $150 million authorization that goes through the end of 2023.

我們對強勁的現金流產生感到滿意，這仍然是我們的首要任務。在第三季度，我們推動運營現金流同比增長 41%。我們向股東返還了 4000 萬美元的資本，回購了大約 685,000 股股票，使第三季度成為我們連續第八個季度執行股票回購。此外，在 8 月，我們的董事會擴大了股票回購計劃，新授權 1.5 億美元，有效期至 2023 年底。

Let me now review our outlook for the fourth quarter. Revenue for the fourth quarter of 2022 is expected to be between $170 million and $180 million. Gross margin is expected to be 69.5% plus or minus 1% on a non-GAAP basis. Total operating expenses for the fourth quarter are expected to be between $51 million and $53 million on a non-GAAP basis.

現在讓我回顧一下我們對第四季度的展望。 2022 年第四季度的收入預計在 1.7 億美元至 1.8 億美元之間。按非公認會計原則計算，毛利率預計為 69.5% 正負 1%。按非公認會計原則計算，第四季度的總運營費用預計在 5100 萬美元至 5300 萬美元之間。

In closing, we are pleased with our strong results and progress and remain focused on driving further revenue growth and profit expansion.

最後，我們對我們強勁的業績和進步感到滿意，並繼續專注於推動進一步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 Ruben Roy with Stifel.

（操作員說明）我們的第一個問題來自 Ruben Roy 和 Stifel。

Jim and Sherri, congrats on another solid quarter. I wanted to start, Jim, and see if we could talk a little bit about the puts and takes around the 2 core segments, communications and then automotive and industrial. Just sort of any detail around the quarterly performance in Q3? And then how you're thinking about those 2 segments relative to the guidance for Q4.

吉姆和雪莉，恭喜又一個穩定的季度。我想開始，Jim，看看我們能否談談圍繞 2 個核心細分市場的看跌期權，然後是汽車和工業。關於第三季度季度業績的任何細節？然後你如何考慮與第四季度指導相關的這兩個部分。

Yes. Thanks for the question. I appreciate it. So first of all, very pleased with the progress in both of those segments in Q3. If we start with comms and compute, 26% growth year-over-year flat sequentially but great growth year-over-year. We continue to see really good progress in our 3 main growth vectors there, which are content expansion in servers, 5G wireless infrastructure, enterprise networking, as well as client computing growth. And so yes, I'm really happy with the performance there.

是的。謝謝你的問題。我很感激。因此，首先，對第三季度這兩個領域的進展感到非常滿意。如果我們從通信和計算開始，同比增長 26%，環比持平，但同比增長巨大。我們繼續看到我們的 3 個主要增長向量取得了非常好的進展，即服務器的內容擴展、5G 無線基礎設施、企業網絡以及客戶端計算的增長。所以是的，我對那裡的表現非常滿意。

As we look forward into Q4, I would expect comms and compute to be flat to sequentially up. And then in industrial and automotive, that segment, in particular, we were very, very happy with the progress there, 15% sequential growth in Q3 and 45% on a year-over-year basis. The growth drivers in that segment are industrial automation and robotics as well as we had really strong performance in the Automotive segment as well.

當我們展望第四季度時，我預計通信和計算將持平到順序上升。然後在工業和汽車領域，尤其是該領域，我們對那裡的進展非常非常滿意，第三季度環比增長 15%，同比增長 45%。該領域的增長動力是工業自動化和機器人技術，我們在汽車領域也有非常強勁的表現。

And in that segment, both industrial and automotive, Lattice products are just a great fit for that market. The combination of the power efficiency, the small size, the flexibility and adaptability is just a great advantage for our customers, and we've seen very strong design win growth in that segment and a very healthy design win pipeline. And then going into Q4, we would expect that segment to be flat to sequentially up as well.

在工業和汽車領域，萊迪思產品非常適合該市場。功率效率、小尺寸、靈活性和適應性的結合對我們的客戶來說是一個巨大的優勢，我們已經看到該領域的設計獲勝增長非常強勁，設計獲勝管道也非常健康。然後進入第四季度，我們預計該細分市場也將持平或依次上升。

And in fact, if you combine those 2 segments, comms and computing and industrial and auto, that now represents about 90% of our revenue and comms and computing this -- we're expecting this year to be our fourth consecutive year of double-digit revenue growth in industrial and auto. This will be our -- we expect it to be our third consecutive year of double-digit growth. And we do expect those segments to be the long-term growth drivers for the company over the coming years as well.

事實上，如果你將這兩個細分市場（通信和計算以及工業和汽車）結合起來，現在占我們收入和通信和計算的 90% 左右——我們預計今年將是我們連續第四年實現雙倍增長。工業和汽車領域的收入呈數字增長。這將是我們的——我們預計這將是我們連續第三年實現兩位數的增長。我們確實預計這些細分市場也將成為公司未來幾年的長期增長動力。

Great. As a follow-up, I'm wondering if we can spend a few minutes on Nexus. So we're 3 years into Nexus here getting ready for the Avant launch next month. And you recently released earlier this year, the family of Nexus. Just wondering if you can give us a little bit of color around what customer feedback has been. One of the attributes that you guys talked about with Nexus at launch was the fact that FD-SOI brought a number of inherent attributes that are -- that your customers were excited about, things like inherent low soft error rates, lower power, et cetera. Any detail on how you're feeling about the Nexus launch 3 years in? And maybe if you can give us a little bit of a preview. You talked about greenfield revenue opportunities for Avant. Are the end markets going to look similar, would you say? Or any preview on those -- some of those greenfield revenue opportunities would be great.

偉大的。作為後續，我想知道我們是否可以在 Nexus 上花幾分鐘時間。所以我們在 Nexus 上已經 3 年了，為下個月的 Avant 發布做準備。而你最近在今年早些時候發布了 Nexus 家族。只是想知道您是否可以給我們一些關於客戶反饋的信息。你們在發佈時與 Nexus 討論的屬性之一是 FD-SOI 帶來了許多固有屬性——您的客戶對此感到興奮，例如固有的低軟錯誤率、低功耗等.關於 3 年後您對 Nexus 發布的感受有什麼詳細信息嗎？也許你能給我們一點預覽。您談到了 Avant 的新創收入機會。你會說終端市場看起來會相似嗎？或者任何關於這些的預覽——其中一些新建的收入機會會很棒。

Yes, thanks. Always happy to talk about our product portfolio expansion. We're really, really happy about that. Let me start with Nexus. Really pleased with the continued progress on Nexus. You asked about customer feedback. Customer feedback is very, very good. Our competitive position on Nexus is very strong. The power efficiency is up to 4x better than our competition. Great performance, really good size -- physical size advantage versus our competitors. So we continue to see really strong customer engagement and momentum there.

對了謝謝。總是很高興談論我們的產品組合擴展。我們對此感到非常非常高興。讓我從 Nexus 開始。對 Nexus 的持續進展感到非常滿意。您詢問了客戶反饋。客戶反饋非常非常好。我們在 Nexus 上的競爭地位非常強大。電源效率比我們的競爭對手高 4 倍。出色的性能，非常好的尺寸——與我們的競爭對手相比，物理尺寸優勢。因此，我們繼續在那裡看到真正強大的客戶參與度和勢頭。

We've launched 5 different device families based on Nexus to date. And of those 5, 4 are in production and ramping and the fifth, the most recent family that we introduced, that fifth family will go into production in the first half of next year. So we have kind of a layering effect of each new family entering production and beginning to ramp revenue. And you should expect more devices on the Nexus roadmap to come as well.

迄今為止，我們已經推出了 5 個基於 Nexus 的不同設備系列。在這 5 個中，有 4 個正在生產和量產中，第五個是我們引入的最新系列，第五個系列將在明年上半年投入生產。所以我們有一種分層效應，每個新家庭進入生產並開始增加收入。您應該期待 Nexus 路線圖上的更多設備也會出現。

And I think the combination of Nexus on top of our existing pre-Nexus portfolio, I believe we have the strongest product portfolio in the company's history, and we'll turn 40 years old as a company next year. But we have a great product lineup and really pleased with the continued ramp of Nexus.

而且我認為 Nexus 在我們現有的 pre-Nexus 產品組合之上的組合，我相信我們擁有公司歷史上最強大的產品組合，明年我們將成為一家 40 歲的公司。但我們擁有出色的產品陣容，並且對 Nexus 的持續增長感到非常滿意。

And then, of course, it goes without saying, we're super excited about Avant. Avant will launch this quarter. We have the public launch event scheduled for December 5. Really excited to share more details about Avant at that launch event but Avant will double our addressable market. It will move the company into an adjacent part of the FPGA market. It's completely additive to our existing products. And so as Avant enters production in future quarters, that will create a brand-new revenue stream for the company that's additive to our existing revenue streams today. Again, customer engagement, really, really good.

然後，當然，不用說，我們對 Avant 感到非常興奮。 Avant 將於本季度推出。我們計劃於 12 月 5 日舉行公開發布活動。很高興在該發布活動上分享有關 Avant 的更多詳細信息，但 Avant 將使我們的潛在市場翻倍。它將使公司進入 FPGA 市場的相鄰部分。它完全添加到我們現有的產品中。因此，隨著 Avant 在未來幾個季度投入生產，這將為公司創造一個全新的收入來源，這將增加我們今天現有的收入來源。再次，客戶參與度，非常非常好。

In fact, it was customers that pushed us to invest in Avant back when we started a couple of years ago. Yes, happy to share more details at the December 5 launch event.

事實上，當我們幾年前開始投資 Avant 時，正是客戶推動我們投資 Avant。是的，很高興在 12 月 5 日的發布會上分享更多細節。

Our next question comes from the line of Christopher Rolland with Susquehanna.

我們的下一個問題來自 Christopher Rolland 和 Susquehanna。

This one is for Sherri. Sherri, regarding gross margin, I guess there were some puts and takes in September, some beneficial stuff, including mix. And it looks like it's carried over into December. But I was wondering if maybe you could kind of double-click for us on gross margin, what we're seeing there and whether this is sustainable or even you think you can build into 2023.

這是給雪莉的。雪莉，關於毛利率，我想 9 月份有一些看跌期權，一些有益的東西，包括混合。看起來它已經延續到了 12 月。但是我想知道您是否可以雙擊我們的毛利率，我們在那裡看到的情況以及這是否可持續，甚至您認為您可以構建到 2023 年。

Thank you, Chris. So we're really pleased with our gross margin results for Q3, another record 69.5%, 40 basis points improvement sequentially, 590 basis points improvement year-over-year. As I've mentioned in our prepared remarks, we've been executing on our gross margin expansion strategy since 2019. So we're now in our fourth year. And as a result of that, over that period of time, we've driven 1,280 basis points of improvement in gross margin since we started this strategy. And when you look back in terms of the elements or the drivers of that gross margin expansion, it's been multiple factors.

謝謝你，克里斯。因此，我們對第三季度的毛利率結果感到非常滿意，再次創紀錄的 69.5%，環比提高 40 個基點，同比提高 590 個基點。正如我在準備好的評論中提到的那樣，我們自 2019 年以來一直在執行我們的毛利率擴張戰略。所以我們現在是第四個年頭。因此，在這段時間裡，自我們開始實施這一戰略以來，我們已經推動毛利率提高了 1,280 個基點。當你回顧毛利率擴張的要素或驅動因素時，這是多方面的因素。

Pricing optimization has been one. New products have added value to gross margin. Mix has also been a contributor as well as the product cost efficiencies over time has also been a contributor. So we've been able to execute on the strategy. And as we've talked before, some of those initiatives have been effective in the near term and some of that are more longer-term. But it's really the way that we think about things in terms of how we do business. And when you look at our guide, it's a range, right? 69.5% plus or minus 1%, it's a range. And so we continue to focus on gross margin expansion just the way that we do business.

定價優化就是其中之一。新產品為毛利率增加了價值。混合也是一個貢獻者，隨著時間的推移，產品成本效率也是一個貢獻者。因此，我們已經能夠執行該策略。正如我們之前所說，其中一些舉措在短期內是有效的，而其中一些則更為長期。但這確實是我們在開展業務方面的思考方式。當您查看我們的指南時，它是一個範圍，對嗎？ 69.5% 正負 1%，這是一個範圍。因此，我們繼續關注毛利率擴張，就像我們開展業務的方式一樣。

Great. And maybe one for you, Jim. I guess as we think about supply overall, inventories, you built inventories into September. We've seen some weakness from some other guys out there in the market. I was wondering if this has freed up some supply for you and whether you want some extra supply on top of that inventory? Or if you could explain why you were building inventories as well.

偉大的。吉姆，也許給你一個。我想當我們考慮整體供應和庫存時，您在 9 月份就已經建立了庫存。我們已經看到市場上其他一些人的一些弱點。我想知道這是否為您騰出了一些供應，您是否想要在該庫存之上增加一些供應？或者如果你能解釋為什麼你也建立庫存。

And then lastly, as there's a little bit of slack in the supply chain, are you seeing some of those pricing pressures? Or are you even seeing some opportunities for better pricing moving forward?

最後，由於供應鏈有些鬆懈，您是否看到其中的一些定價壓力？或者您是否看到了一些提高定價的機會？

Yes. Thanks, Chris. So first of all, on supply, we are seeing supply improve in -- across the supply chain in general and certainly the Lattice supply. That's actually something that we flagged on prior earnings calls that we did expect to see some incremental supply capacity in our supply chain in the second half of this year and actually going into next year as well. And so we have seen the realization of that additional supply here in the second half. And we do expect supply to continue to improve into next year as well. So we view that as very positive.

是的。謝謝，克里斯。因此，首先，在供應方面，我們看到供應在整個供應鏈中有所改善，當然還有萊迪思供應。這實際上是我們在之前的財報電話會議上標記的，我們確實預計今年下半年我們的供應鏈會出現一些增加的供應能力，實際上也會進入明年。因此，我們已經看到下半年實現了額外的供應。我們確實預計供應量將繼續改善到明年。所以我們認為這是非常積極的。

We did intentionally grow inventory from Q2 to Q3, and that was really to support new product ramps. So as we ramp, as we were mentioning, we were talking earlier about the Nexus product ramp. As we ramp Nexus and the multiple versions of that, but even as we ramp new design wins on pre-Nexus products as well, we want to make sure that we have the inventory in place to support those new products or new design win ramps. And for us, our product life cycles are very long. And so the risk of obsolescence around inventory is relatively low for us. And so it just makes sense to us to make sure we position the right level of inventory so we're well positioned for design win growth.

我們確實有意從第二季度到第三季度增加庫存，這實際上是為了支持新產品的增加。因此，正如我們所提到的，當我們升級時，我們之前談到了 Nexus 產品升級。隨著我們提升 Nexus 及其多個版本，但即使我們也在 Nexus 之前的產品上增加新的設計勝利，我們希望確保我們有適當的庫存來支持這些新產品或新的設計勝利斜坡。對我們來說，我們的產品生命週期非常長。因此，庫存過時的風險對我們來說相對較低。因此，確保我們定位正確的庫存水平對我們來說很有意義，這樣我們就可以為設計贏得增長做好準備。

And then I think the last part of your question was around pricing pressure. We've seen pretty good durability in our pricing. I think Sherri touched on pricing optimization as part of overall gross margin expansion. We put -- as part of our gross margin expansion strategy that we started executing at the beginning of 2019. I know that may seem like a long time ago, but we had a pricing optimization strategy at the beginning of 2019 that we've continued to execute on, now in our fourth year plus of executing on that. And we've seen very good durability in our pricing, and I would anticipate that continuing.

然後我認為你問題的最後一部分是關於定價壓力的。我們在定價中看到了相當好的耐用性。我認為 Sherri 將定價優化作為整體毛利率擴張的一部分。我們把 - 作為我們在 2019 年初開始執行的毛利率擴張戰略的一部分。我知道這似乎是很久以前的事了，但我們在 2019 年初制定了定價優化策略，我們一直在繼續繼續執行，現在是我們執行的第四年。而且我們在定價中看到了非常好的耐用性，我預計這種情況會持續下去。

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. Happy Halloween. Jim, I guess, the first question I had was, I guess, it was no surprise seeing the results that maybe a little bit of weakness in consumer, the part of the computing business that touches PCs, maybe a little bit weaker, but then some big upside in the auto industrial segment. So I guess the first question on that is you got -- did you pull in supply to service some more demand on that segment in auto industrial where -- I'm just trying to make sure we didn't pull some stuff in there. It seems like the organic business trends remained pretty strong, but that was a big up quarter in that segment, and I just kind of wanted to check on sustainability there as we look forward.

是的。萬聖節快樂。吉姆，我想，我的第一個問題是，我想，看到消費者可能會出現一點點疲軟的結果並不奇怪，涉及個人電腦的計算業務部分可能會更弱一點，但隨後汽車工業領域的一些巨大上漲空間。所以我想第一個問題是你得到了——你是否拉動了供應來滿足汽車工業領域的更多需求——我只是想確保我們沒有在那里拉一些東西。有機業務趨勢似乎仍然非常強勁，但這是該領域的一個很大的增長季度，我只是想在我們期待的時候檢查那裡的可持續性。

Yes. It was really demand driven. We have seen stronger-than-expected demand in industrial and auto than actually we had anticipated at the beginning of the quarter. If you recall from earnings calls that we did even a year prior, we were talking about seeing an increasing level of design win conversions from competitor design wins to us over the last couple of years. And those are now -- have started entering production over the last few quarters and are ramping into production. And some of those design wins have ramped faster frankly than we had anticipated. And so it's really a reflection of the really good demand that we're seeing in that segment.

是的。這真的是需求驅動的。我們看到工業和汽車領域的需求比我們在本季度初的預期要強。如果您還記得我們甚至在一年前進行的財報電話會議，我們談論的是在過去幾年中，從競爭對手的設計獲勝到我們的設計獲勝轉化率越來越高。而這些現在 - 在過去幾個季度已經開始投入生產，並且正在投入生產。坦率地說，其中一些設計勝利的速度比我們預期的要快。因此，這確實反映了我們在該領域看到的非常好的需求。

As I've mentioned in the past, Lattice products are just a great fit for our customers in this space. And as we look forward over the long term, we continue to see this segment as a really good source of long-term growth for the company as well. Those customer relationships over the last 2 to 3 years in this segment have only strengthened.

正如我過去提到的，萊迪思產品非常適合我們在這個領域的客戶。隨著我們的長期展望，我們繼續將這一細分市場視為公司長期增長的一個非常好的來源。過去 2 到 3 年在這一領域的客戶關係只會加強。

And then you did -- you asked about consumer at the very beginning of your question. I just want to touch on that, too. That is certainly a place that we've seen weakness in the most recent quarter in Q3, and we had some weakness and softness in Q2 as well. So we see that as certainly driven by macroeconomic overall weakness in the consumer electronics sector. So that certainly has been a weak spot in our business but definitely in industrial and automotive, that's been an area of good strength that we've seen.

然後你做到了——你在問題的一開始就詢問了消費者。我也想談一談。這肯定是我們在第三季度最近一個季度看到疲軟的地方，我們在第二季度也有一些疲軟和疲軟。因此，我們認為這肯定是由消費電子行業的宏觀經濟整體疲軟推動的。因此，這肯定是我們業務中的一個弱點，但肯定是工業和汽車領域，這是我們所看到的一個強大的領域。

I appreciate it. Just kind of following up the question that I've gotten in the last hour or so since the results came out was just to ask you about sustainability, right? I mean you guys have bucked a pretty big trend here. You've seen what's been going on around you guys in the different end markets with inflation and other competitors and companies in the ecosystem talking about certainly weakness in consumer, but that extending into certain pockets of enterprise, maybe some -- a little bit of concern on industrial. There's just a wall of worry out there, which is totally understandable, but amazingly good results from your company today.

我很感激。只是跟進我在結果出來後的最後一個小時左右提出的問題只是想問你關於可持續性的問題，對嗎？我的意思是你們在這裡逆勢而上。你已經看到了在不同終端市場上發生的事情，通貨膨脹以及生態系統中的其他競爭對手和公司肯定會談論消費者的疲軟，但這會延伸到企業的某些領域，也許是一些 - 一點點對工業的擔憂。那裡只是一堵牆，這是完全可以理解的，但今天貴公司取得了令人驚訝的好結果。

The question I got -- and I don't know how to ask you 5 different ways, but the big -- the nexus of the question is just your visibility in the order book, have you seen anything at sort of the end of the order book that's moved up or down and just thoughts about visibility from here because the results are really strong and a really choppy macro.

我收到的問題——我不知道如何以 5 種不同的方式問你，但問題的關鍵——問題的關鍵在於你在訂單簿中的可見性，你在最後看到什麼了嗎？向上或向下移動的訂單簿，只是從這裡開始考慮可見性，因為結果非常強大並且非常不穩定的宏觀。

Yes. Thanks, Matt. I would say, first of all, we only guide the current quarter, Q4. And on the guidance, if you take the midpoint of our guidance, we're expecting revenue to be up slightly sequentially. But I think if you step back and look more broadly, we're certainly -- the company is certainly not immune to any macroeconomic softness or demand downturn that we might see broadly across the market. Certainly, consumer electronics has been weaker. I think the industry is now experiencing a softer environment around servers, for instance, in data centers, especially in the enterprise segment. So we're certainly not immune to that.

是的。謝謝，馬特。我想說，首先，我們只指導當前季度，Q4。在指導方面，如果您採用我們指導的中點，我們預計收入將環比略有增長。但我認為，如果你退後一步，放眼長遠，我們肯定——該公司當然不能倖免於我們可能在整個市場上廣泛看到的任何宏觀經濟疲軟或需求低迷。當然，消費電子產品一直較弱。我認為該行業現在正在經歷一個圍繞服務器的較軟環境，例如，在數據中心，尤其是在企業領域。所以我們當然不能對此免疫。

That said, I think we are going through some new product cycles that are beneficial to the company. The combination of the Nexus ramp, even our pre-Nexus products are doing well. And then I think within specific segments, there are particular places where the company has done well in terms of securing design wins and demand.

也就是說，我認為我們正在經歷一些對公司有利的新產品週期。 Nexus 斜坡的組合，甚至我們的 Nexus 前產品都表現良好。然後我認為在特定領域，公司在確保設計勝利和需求方面做得很好。

In particular places, for instance, just 1 example in servers, if you look at servers over the past year, our growth has really primarily been driven by content expansion, not actually by the end market, but really by the expansion of the dollars of content per server, and that's been driven by higher attach rates. So a greater number of Lattice chips being used in servers over time. Also higher ASPs on our chips as customers select devices with additional content, with additional software and hardware content and that higher ASP and higher attach rates have combined to give us really good growth over multiple years in the server space, and we continue to see opportunities for new content expansion in servers as just one example.

在特定的地方，例如服務器中的一個例子，如果你看看過去一年的服務器，我們的增長實際上主要是由內容擴展驅動的，實際上不是終端市場，而是真正由美元的擴張推動的。每個服務器的內容，這是由更高的附加率驅動的。因此，隨著時間的推移，越來越多的萊迪思芯片被用於服務器。此外，隨著客戶選擇具有附加內容、附加軟件和硬件內容的設備，我們芯片上的 ASP 也更高，更高的 ASP 和更高的附加率相結合，使我們在服務器領域多年來實現了真正良好的增長，我們繼續看到機會以服務器中的新內容擴展為例。

So we talked earlier about industrial and auto and some of the places that we see there for continued growth. So certainly cognizant of the macroeconomic pressures and the company certainly isn't immune to the broader market trends, but I think there are some Lattice specific growth areas that we're pretty excited about.

所以我們之前談到了工業和汽車以及我們看到的一些持續增長的地方。因此，當然認識到宏觀經濟壓力，該公司當然不能倖免於更廣泛的市場趨勢，但我認為有一些萊迪思特定的增長領域讓我們感到非常興奮。

Our next question comes from the line of Alessandra Maria Vecchi with William Blair.

我們的下一個問題來自 Alessandra Maria Vecchi 和 William Blair。

Congratulations on the remarkable results in this environment. Jim, if I can just follow up on one comment you made where you alluded to new design wins ramping on pre-Nexus products? I think some investors kind of forget that the pre-Nexus products are still strong and progressing there. Is it getting a second life from some of the software attach rates? Or is this really just that long-life product?

祝賀在這種環境下取得了顯著成果。吉姆，如果我能跟進您發表的一條評論，您提到新設計會在 Nexus 之前的產品上大放異彩？我認為一些投資者有點忘記了 Nexus 之前的產品仍然很強大並且在那裡取得進展。它是否從某些軟件附加率中獲得了第二次生命？或者這真的只是那種長壽命的產品嗎？

Thanks, Alex. Actually, a great question. We really appreciate it. Yes, I'll take any opportunity I can to talk about the pre-Nexus products as well because we do see -- we have seen strong growth in Nexus products. And actually, you're spot on, on your question. Software, the software layers that we've been adding have really helped reinvigorate some of our pre-Nexus products.

謝謝，亞歷克斯。實際上，一個很好的問題。我們真的很感激。是的，我也會抓住任何機會談論 Nexus 之前的產品，因為我們確實看到 - 我們已經看到 Nexus 產品的強勁增長。實際上，您的問題是正確的。軟件，我們一直在添加的軟件層確實幫助重振了我們的一些前 Nexus 產品。

Our software strategy, which we really kicked off in earnest about 4 years ago was really about investing in software to make it very easy for our customers to adopt our products and get to market quickly but also to give them software that would allow our devices to be used in maybe new applications that they hadn't been used in the past. And that applies to not just our new products, Nexus, but it applies to our pre-Nexus products, too.

我們在大約 4 年前認真啟動的軟件戰略實際上是投資於軟件，使我們的客戶能夠非常容易地採用我們的產品并快速進入市場，同時也為他們提供允許我們的設備使用的軟件可能用於過去未使用過的新應用程序。這不僅適用於我們的新產品 Nexus，也適用於我們之前的 Nexus 產品。

And so yes, I do believe that the software that we've built over the past years has helped reinvigorate some of those products. Just as one example, in particular, we've invested in application software solution stacks. We now have 5 different solution stacks that we have brought to market. And I think those solution stacks have certainly helped extend the life and reinvigorate the design win pipeline around some of those pre-Nexus products.

所以是的，我確實相信我們在過去幾年中構建的軟件幫助重振了其中一些產品。舉個例子，我們特別投資了應用軟件解決方案堆棧。我們現在有 5 種不同的解決方案堆棧已推向市場。而且我認為這些解決方案堆棧無疑有助於延長壽命並重振圍繞一些前 Nexus 產品的設計獲勝管道。

Awesome. That's really helpful. And then just an extension of that question as well as Matt's. Some competitors or not competitors, but some other Semi companies in the last [read] have definitely pointed to weakening industrial, granted the industrial portion that's closer to consumer whereas things like factory automation and robotics and vision still sound quite strong. Can you kind of split for us or at least give some color on how much of the business or how much of industrial you think tends more towards that consumer-centric side versus how we normally think about Lattice being leveraged to the value-add portion of industrial?

驚人的。這真的很有幫助。然後只是該問題的擴展以及馬特的問題。一些競爭對手或不是競爭對手，但在上一次 [閱讀] 中，其他一些 Semi 公司肯定指出削弱工業，授予更接近消費者的工業部分，而工廠自動化、機器人技術和視覺等東西聽起來仍然相當強大。您能否為我們分拆，或者至少就您認為有多少業務或多少工業更傾向於以消費者為中心的一面，而不是我們通常認為萊迪思被利用到增值部分的方式工業的？

Yes. Thanks, Alex. It's -- certainly our industrial revenue base is certainly much more weighted towards what I would call deep industrial, right, industrial robotics, automation and definitely less weighted towards the more consumer-centric industrial. And again, we, as a company, we're certainly not immune to any general broad market trends. But as we talked about, I think, well over a year ago, we did say that we were starting to see a real strengthening and growth in our design wins in industrial and automotive over the last couple of years. Part of that, to your prior question, I think part of that was related to new software that we were bringing that was making it easier for our customers to design our products and to switch to our devices more quickly, to design out a competitor in favor of our devices. And as we've accumulated those design wins over the past years, now you're starting to see those trends transfer into revenue growth. And we're quite pleased with that. We do continue to see industrial and automotive as a long-term growth area for the company.

是的。謝謝，亞歷克斯。它——當然，我們的工業收入基礎肯定更偏重於我所說的深度工業，對，工業機器人技術、自動化，而更偏向於以消費者為中心的工業的比重肯定更低。同樣，作為一家公司，我們當然不能免受任何普遍的廣泛市場趨勢的影響。但正如我們所談到的，我認為，一年多以前，我們確實說過，在過去的幾年裡，我們開始看到我們在工業和汽車領域的設計勝利得到了真正的加強和增長。對於您之前的問題，我認為部分原因與我們帶來的新軟件有關，它使我們的客戶更容易設計我們的產品並更快地切換到我們的設備，從而設計出競爭對手青睞我們的設備。隨著我們在過去幾年中積累了這些設計勝利，現在您開始看到這些趨勢轉化為收入增長。我們對此非常滿意。我們確實繼續將工業和汽車視為公司的長期增長領域。

Our next question comes from the line of Tristan Gerra with Robert W. Baird.

我們的下一個問題來自 Tristan Gerra 和 Robert W. Baird 的觀點。

Just as a follow-up to a prior question, any sense of qualitive commentary you could give us in terms of the mix of Nexus as a percent of your total revenue, we kind of in the halfway there? Or is it still early innings? Any commentary there?

作為對先前問題的跟進，您可以就 Nexus 的組合佔您總收入的百分比給我們提供任何定性評論，我們有點半途而廢？還是仍處於早期階段？那裡有評論嗎？

Yes. Thanks, Tristan. To give you a sense of kind of where we're at in the ramp, I would still -- I would characterize the stage that we're at as still relatively early. And that's because we're only in our second full year of production of Nexus-based devices. And we're still bringing out new Nexus devices that have even yet to enter production, right? As I mentioned earlier, we've launched 5 device families, 4 are in production and ramping. That fifth device family, which we launched earlier this year, that will enter production in first half of next year. And so we're still building multiple Nexus devices that are entering production.

是的。謝謝，特里斯坦。為了讓您了解我們在坡道中所處的位置，我仍然 - 我會描述我們所處的階段還相對較早。那是因為我們只是在生產基於 Nexus 的設備的第二個完整年。而且我們仍在推出尚未投入生產的新 Nexus 設備，對吧？正如我之前提到的，我們已經推出了 5 個設備系列，其中 4 個正在生產和量產中。我們今年早些時候推出的第五個設備系列將於明年上半年投入生產。因此，我們仍在構建多個正在投入生產的 Nexus 設備。

And you should expect additional Nexus devices, which we have on our roadmap to be launched in future quarters. And so we would expect Nexus to continue to ramp and become a greater percentage of revenue over time, really over at least the next few years.

您應該期待更多的 Nexus 設備，我們的路線圖中將在未來幾個季度推出這些設備。因此，我們預計 Nexus 將繼續增長並隨著時間的推移成為更大比例的收入，至少在未來幾年內確實如此。

Great. And then into next year, if you could talk about what percentage of your orders are noncancelable right now? And would you expect that trend to continue in '23? I mean obviously, a lot of your end markets right now are still very, very resilient relative to peers, but just wanted to get some color as to how you're positioning your product in terms of customers thinking of in some weak areas, doing pushouts. And how is your cancelable policies?

偉大的。然後到明年，如果你能談談你現在有多少訂單是不可取消的？你認為這種趨勢會在 23 年繼續嗎？我的意思是很明顯，你現在的很多終端市場相對於同行來說仍然非常非常有彈性，但只是想了解一下你如何根據客戶在一些薄弱領域的想法來定位你的產品，做推出。您的可取消政策如何？

Yes. There hasn't been any change in our policies around cancellations or rescheduling. You asked about NCNR in particular. I'll say that our philosophy or approach on NCNR is that's something that we only use in more specific circumstances as there would have to be a specific reason why we would ask a customer for an NCNR. It's not something that we would broadly do.

是的。我們關於取消或重新安排的政策沒有任何變化。您特別詢問了 NCNR。我要說的是，我們關於 NCNR 的理念或方法是我們僅在更具體的情況下使用的東西，因為我們必須有一個特定的原因才會要求客戶提供 NCNR。這不是我們會廣泛做的事情。

And the reason is because we wouldn't want to force a customer to take a product or volume that they really don't need because that would only delay the issue over time. Where we use NCNR is in the case where let's say -- I'll give you 1 example. Let's say a customer orders an unusually large quantity of a particular part that may be is lower volume for us where we don't have a lot of other customers that use that part. And in that case, if we were going to go off and build that volume for that customer, we would ask for an NCNR order because it would exceed the normal volume for that part with other customers. So that might be a situation where we ask for an NCNR order. Just to give you a sense of where we use that. But it's more in specific circumstances and instances.

原因是我們不想強迫客戶購買他們真正不需要的產品或數量，因為這只會隨著時間的推移延遲問題。我們使用 NCNR 的情況是——我給你舉一個例子。假設客戶訂購了異常大量的特定零件，而我們沒有很多其他客戶使用該零件，這對我們來說可能是較低的數量。在這種情況下，如果我們要開始為該客戶製造該數量，我們會要求 NCNR 訂單，因為它會超過該零件與其他客戶的正常數量。所以這可能是我們要求 NCNR 訂單的情況。只是為了讓您了解我們在哪裡使用它。但更多的是在特定的情況和情況下。

And then I would say with respect to -- if I just look at our backlog for the current quarter, Q4, a very healthy level of backlog for the current quarter. We're not seeing any unusual cancellations or reschedulings with respect to that backlog for the current quarter. So I think we're at a healthy level for this quarter.

然後我會說 - 如果我只看一下我們本季度第四季度的積壓，本季度的積壓水平非常健康。對於本季度的積壓，我們沒有看到任何不尋常的取消或重新安排。所以我認為我們在本季度處於健康水平。

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

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Great. I had 2. First on Avant, Jim, can you tell us -- can you give us a sense like how do you think Avant ramps relative to how Nexus ramped? Is it something that you would expect to ramp faster than Nexus or slower? Is there -- are there idiosyncrasies with one or the other that we should expect it, it should be better or worse? And maybe just talk about how you think production revenues ramp because I think it's interesting because I think you had the launch of Nexus in late 2019. So here we are 3 years later with a late 2022 launch of Avant. So it just -- I think it would be interesting just to compare and contrast, if you could.

偉大的。我有 2 個。首先是 Avant，Jim，你能告訴我們——你能給我們一個感覺，比如你認為 Avant 相對於 Nexus 的坡度如何？您期望它比 Nexus 更快還是更慢？是否存在我們應該期待的一種或另一種特質，它應該更好還是更差？也許只是談談你如何看待生產收入增長，因為我認為這很有趣，因為我認為你在 2019 年末推出了 Nexus。所以我們在 3 年後於 2022 年末推出了 Avant。所以它只是- 如果可以的話，我認為只是比較和對比會很有趣。

And I believe in the previous question, I don't know if I heard the answer. Are you just -- are you kind of -- are you able to help us out like how big is Nexus as a percentage of your revenues? Are we talking of single digits? The teens? Is there any help you could give us on that just so we could benchmark Avant. And then I had a follow-up.

而且我相信前面的問題，不知道有沒有聽到答案。你只是 - 你是那種 - 你能幫助我們嗎？ Nexus 佔你收入的百分比有多大？我們說的是個位數嗎？青少年？有什麼幫助你可以給我們的，這樣我們就可以對 Avant 進行基準測試。然後我進行了跟進。

Okay. Thanks, Mark. So on the first part of your question around Avant and the ramp expectations. So the way we're modeling it internally in terms of timing is we're using the excess timing as kind of the model for what we would expect for Avant as well. So when we launched Nexus and when we brought the first device to market, we saw revenue start in the kind of 12 to 18 months later. And so we're using that as the same -- we're expecting the same kind of time to initial revenue with Avant as well.

好的。謝謝，馬克。因此，關於您關於 Avant 和坡道期望的問題的第一部分。因此，我們在內部根據時序對其進行建模的方式是，我們將多餘的時序用作我們對 Avant 的期望的模型。因此，當我們推出 Nexus 並將第一台設備推向市場時，我們看到收入在 12 到 18 個月後開始。因此，我們使用相同的 - 我們預計 Avant 的初始收入也有相同的時間。

So with the launch this quarter, we would expect revenue from Avant to start 12 to 18 months from now. So maybe a little bit of revenue at the end of 2023 from Avant with a more material contribution into 2024 and beyond. So that's kind of how we're thinking about the timing of the revenue ramp.

因此，隨著本季度的推出，我們預計 Avant 的收入將在 12 到 18 個月後開始。因此，Avant 可能會在 2023 年底獲得一點收入，而對 2024 年及以後的貢獻更大。這就是我們如何考慮收入增長的時機。

Now a couple -- maybe just a couple of things to note that are beneficial to the Avant ramp is, first of all, the software that Avant will use is basically the same software that customers will leverage from their use of Nexus and pre-Nexus devices. So the same development environment, the same software stacks that I was talking about earlier, those are leverageable on to Avant. So that's certainly beneficial and helpful to our customers.

現在有幾件事——也許只是有幾件事需要注意，這對 Avant 斜坡有益的是，首先，Avant 將使用的軟件與客戶在使用 Nexus 和 pre-Nexus 時將利用的軟件基本相同設備。所以同樣的開發環境，同樣的軟件棧，我之前談到的，這些都可以用於 Avant。所以這對我們的客戶肯定是有益和有幫助的。

And then secondly, if you look at the customer overlap, the target customers for Avant, there's over 90% of the target customers for Avant are already customers of Lattice today. So these are really existing customers that we're expanding the product line with over time. So from those aspects, we feel really well positioned to drive revenue growth of Avant. But we're using Nexus as the modeling baseline for Avant.

其次，如果您查看客戶重疊，Avant 的目標客戶，Avant 90% 以上的目標客戶今天已經是 Lattice 的客戶。因此，這些確實是現有客戶，我們正在隨著時間的推移擴展產品線。因此，從這些方面來看，我們感到非常有能力推動 Avant 的收入增長。但是我們使用 Nexus 作為 Avant 的建模基線。

Fair enough. And then for Sherri, this -- so the inventories did grow. Is this a new level that we should think about for inventories? Do you want to keep a higher level of inventories on the balance sheet relative to the past?

很公平。然後對於雪莉來說，這 - 所以庫存確實增加了。這是我們應該為庫存考慮的新水平嗎？與過去相比，您是否想在資產負債表上保持更高水平的庫存？

Yes. Thanks, Mark, for the question. So we feel good about the level of inventory that we have right now. It's really to support our growing business. I think Jim talked a little bit earlier about the increase in inventory to support the growth of our business, whether it be in design wins for our customers as well as product ramps. And we talked about the Nexus' 4 devices that are ramping currently. So that's very important to make sure that we've got inventory to support those ramps. But there are other -- inventory levels can fluctuate depending on what's happening in the business. So that can always happen.

是的。謝謝，馬克，這個問題。因此，我們對目前的庫存水平感覺良好。這真的是為了支持我們不斷發展的業務。我認為吉姆早些時候談到了增加庫存以支持我們的業務增長，無論是為我們的客戶贏得設計還是產品坡道。我們談到了目前正在崛起的 Nexus 4 設備。因此，確保我們有庫存來支持這些坡道非常重要。但還有其他——庫存水平可能會根據業務中發生的情況而波動。所以這總是會發生的。

But the other thing to note about our products that's really cool is that our products have very large life cycles. And so the risk of obsolescence is really low. And so we feel like that we -- the inventory that we have is certainly not perishable and has a very long life. And so that's really good as well.

但是關於我們的產品真正酷的另一件事是我們的產品具有非常大的生命週期。因此，過時的風險非常低。所以我們覺得我們 - 我們擁有的庫存肯定不會腐爛並且壽命很長。所以這也很好。

The other thing that I'll just highlight is that our cash generation for the quarter was 41% year-over-year. So very strong cash generation. Our free cash flow is 35%. Our cash generation as a percentage of revenue for the quarter alone was about 40%. And so really, really strong cash results there. And so that's something that we'll continue to focus on as we manage the business.

我要強調的另一件事是，我們本季度的現金產生量同比增長 41%。所以非常強大的現金產生。我們的自由現金流為 35%。僅本季度，我們的現金產生佔收入的百分比約為 40%。因此，那裡的現金業績非常非常強勁。因此，這是我們在管理業務時將繼續關注的事情。

(Operator Instructions) Our next question comes from the line of Hans Mosesmann with Rosenblatt Securities.

（操作員說明）我們的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Congratulations, guys. Great execution. Still on that inventory question. What are the expectations for inventories in the channel? Are you seeing any evidence of customers bringing down some inventories. And could that be impacting your business to some degree and maybe offsetting a little bit of the momentum from the new designs?

恭喜，伙計們。偉大的執行。仍然在那個庫存問題上。對渠道庫存的期望是什麼？您是否看到任何證據表明客戶減少了一些庫存。這是否會在一定程度上影響您的業務，並可能抵消新設計帶來的一些動力？

Yes. Thanks, Hans. So in terms of channel inventory, we have very good visibility on the inventory that sits with our distributors. Most of our revenue ships through distribution. And so we have good visibility there. If you look at the -- where we ended Q3 on distributor inventory relative to historic normals, it's really quite on the lean side. And so we will need to replenish distributed inventory over the coming quarters as it makes sense because it is on the lean side.

是的。謝謝，漢斯。因此，在渠道庫存方面，我們對分銷商的庫存有很好的了解。我們的大部分收入都是通過分銷來實現的。所以我們在那裡有很好的能見度。如果你看一下 - 我們在第三季度結束時分銷商庫存相對於歷史正常水平，它確實非常偏瘦。因此，我們將需要在未來幾個季度補充分佈式庫存，因為這是有道理的，因為它處於精益狀態。

And then in terms of end customer inventory, we do have over 9,000 customers. So difficult to have perfect visibility on end customer inventory. And we do -- but we do know with our strategic customers, we work closely with them to make sure they're getting the right supply from us without either building unnecessary inventory or being unnecessary lean in terms of inventory. So we work closely with the strategic customers, and so we have relatively good visibility there. But again, in distribution, I would say we're on the lean side.

然後就最終客戶庫存而言，我們確實有 9,000 多個客戶。很難完全了解最終客戶的庫存。我們確實這樣做了——但我們確實了解我們的戰略客戶，我們與他們密切合作，以確保他們從我們那裡獲得正確的供應，而不會建立不必要的庫存或在庫存方面不必要的精益。所以我們與戰略客戶密切合作，因此我們在那裡有相對較好的知名度。但同樣，在分銷方面，我會說我們處於精益方面。

Okay. That's helpful. And then one more question. Based on the designs that you guys are working on, do you envision platforms using pre-Nexus and Nexus and Avant on the same platform, on the same board?

好的。這很有幫助。然後還有一個問題。根據你們正在進行的設計，你們是否設想在同一個平台、同一個板上使用 pre-Nexus 和 Nexus 和 Avant 的平台？

That's possible, Hans. But I think more likely is the usage model, like, let's say, that we have a particular customer that's got many different types of systems. And maybe today, they use Nexus or pre-Nexus devices on, say, a portion of their systems, let's say, 1/3 of their systems. What Avant would allow us to do is address a higher percentage of their systems and their applications. So it will allow us to move on to new systems that -- or applications in new systems that we haven't been able to service in the past. So think about it more as an expansion in share of wallet or coverage -- product coverage at the accounts.

這是可能的，漢斯。但我認為更有可能是使用模型，比如說，我們有一個特定的客戶，它有許多不同類型的系統。也許今天，他們在他們系統的一部分，比如說，他們系統的 1/3 上使用 Nexus 或前 Nexus 設備。 Avant 允許我們做的是解決他們的系統和應用程序的更高百分比。因此，它將允許我們繼續使用新系統——或者我們過去無法提供服務的新系統中的應用程序。因此，將其更多地視為錢包或覆蓋範圍的擴大 - 賬戶的產品覆蓋範圍。

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。

Question, congrats on the execution here, guys. Very solid. I guess, Sherri, if I could start with you, and we've kind of talked about the gross margins, but just as we kind of think about Avant -- is it launches? Should we expect maybe some early pressure on the ramp that improves over time? Or is there enough uplift maybe that, that will offset any initial ramp and maybe any of the yielding if you may see there?

問題，恭喜這裡的執行，伙計們。很紮實。我想，Sherri，如果我可以從你開始，我們已經談到了毛利率，但就像我們考慮 Avant 一樣——它會推出嗎？我們是否應該期望隨著時間的推移，斜坡上的一些早期壓力會有所改善？或者是否有足夠的隆起，這將抵消任何初始斜坡，如果你能看到那裡可能會抵消任何收益？

Yes. So thanks, David, for the question. So our Avant -- all of our new products, Avant included, is designed to be growth accretive. So that's one of the elements of our gross margin expansion strategy, new products, adding value. So that's the way you can think about that.

是的。所以謝謝大衛，這個問題。所以我們的 Avant——我們所有的新產品，包括 Avant，都是為了增長而設計的。所以這是我們的毛利率擴張戰略、新產品、增值的要素之一。所以這就是你可以考慮的方式。

And David, I think we shared in the past, too, that just a little bit more color is on ASPs, that Avant ASPs relative to today's product portfolio, our existing product portfolio, we expect the Avant ASPs to be 10x to 20x higher than today's ASPs.

大衛，我想我們過去也分享過，ASP 上的顏色稍微多一點，Avant ASP 相對於今天的產品組合，我們現有的產品組合，我們預計 Avant ASP 將高出 10 倍到 20 倍今天的 ASP。

Great. And Jim, I guess, now we've got auto and industrial, about 50% of revenue. How do you think that mix will book trend over time? Is there an ideal mix that you think maybe gives you the best of all worlds? Or would you think that auto and industrial remains kind of this half of the revenue over time?

偉大的。吉姆，我猜，現在我們有汽車和工業，大約 50% 的收入。你認為隨著時間的推移，這種組合將如何預訂趨勢？有沒有一種理想的組合，你認為可能會給你帶來世界上最好的東西？或者你認為隨著時間的推移，汽車和工業仍然佔收入的一半？

Yes. If I take you back to actually 2019, the first Investor Day that Sherri and I did. What we said in 2019 is we should really expect industrial and automotive, and comms and computing to be the growth engines of the company. And we reiterated that 2 years later in 2021 and that's kind of exactly what you've seen over the last 4 years. Both of those 2 segments growing very well. Maybe in 1 particular year, 1 segment may grow a little faster than the other segment. But overall, quite pleased with the growth of those segments. And they now account for about 90% of our revenues. So we're pleased with that mix.

是的。如果我帶你回到 2019 年，那是雪莉和我參加的第一個投資者日。我們在 2019 年所說的是，我們真的應該期待工業和汽車、通信和計算成為公司的增長引擎。我們在 2 年後的 2021 年重申了這一點，這正是您在過去 4 年中所看到的。這兩個部分都增長得很好。也許在 1 個特定的年份，一個細分市場的增長速度可能比另一個細分市場快一點。但總體而言，對這些細分市場的增長非常滿意。他們現在占我們收入的 90% 左右。所以我們對這種組合很滿意。

We believe those 4 markets and those 2 segments all have long-term secular growth trends underneath those markets. And then we also believe that Lattice is particularly well positioned to continue to grow our content, grow our revenue in those markets, especially not just for the existing products but with the addition of Avant as we launch that this quarter and expand that product line in the coming quarters.

我們相信這 4 個市場和這 2 個細分市場在這些市場之下都有長期的長期增長趨勢。然後我們還認為，萊迪思特別適合繼續增加我們的內容，增加我們在這些市場的收入，尤其是不僅針對現有產品，而且隨著我們在本季度推出 Avant 並擴大該產品線未來幾個季度。

Our next question comes from the line of Richard Shannon with Craig-Hallum.

我們的下一個問題來自 Richard Shannon 與 Craig-Hallum 的對話。

I guess my first one kind of revisiting the topic of software and the benefit it's given you. Maybe if you can quantify or characterize the revenue benefit here or pricing dynamics that you think about it per application and to the degree to which it is beneficial to Nexus versus pre-Nexus? And also by end market? Any characterization would be great, please.

我想我的第一種是重新審視軟件的主題以及它給你帶來的好處。也許您可以量化或描述您在每個應用程序中考慮的收入收益或定價動態以及它對 Nexus 與前 Nexus 相比的有利程度？還有終端市場？任何表徵都會很棒，拜託。

Yes. Thanks, Richard. First of all, in terms of revenue or pricing benefit, when we look at, say, the last 12 months of design wins, these are silicon design wins. One of the things that we track is what is the software attached. So when we win a silicon design win with our customers, what software are they using along with that piece of silicon as we sell that as an overall solution. And what we can see is that over 50% of our design wins now have a software attached, specifically meaning they're using -- the customer is using 1 of the 5 software solution stacks that we've brought to market.

是的。謝謝，理查德。首先，就收入或定價收益而言，當我們查看過去 12 個月的設計勝利時，這些都是矽設計勝利。我們跟踪的一件事是附加的軟件是什麼。因此，當我們贏得客戶的矽設計勝利時，當我們將其作為整體解決方案出售時，他們將使用什麼軟件與該矽片一起使用。我們可以看到，現在我們超過 50% 的設計獲勝都附有軟件，特別是他們正在使用——客戶正在使用我們推向市場的 5 個軟件解決方案堆棧中的一個。

And so we view that as very positive because that -- first of all, that just helps them get to market quicker, that helps us bring more value to our customers. And then we also believe that, that helps make our solution much more sticky over time as well.

所以我們認為這是非常積極的，因為——首先，這有助於他們更快地進入市場，這有助於我們為客戶帶來更多價值。然後我們也相信，隨著時間的推移，這也有助於使我們的解決方案更具粘性。

And then the other thing that we can measure is we measure the ASP or the price that, that design win has won at. And what we've seen from that data is that the design wins that include a software attach generally have a higher ASP than the design wins that don't have a software attach. And so we know that our customer is valuing that software because we can measure it with the higher price that we get when we have a software attach.

然後我們可以衡量的另一件事是我們衡量 ASP 或設計獲勝贏得的價格。我們從這些數據中看到的是，包含軟件附件的設計勝出通常比沒有軟件附件的設計勝出具有更高的 ASP。因此，我們知道我們的客戶正在重視該軟件，因為我們可以用附加軟件時獲得的更高價格來衡量它。

And then on the last part of your question around just sort of where are we seeing the attach on software? We're seeing it in both pre-Nexus and Nexus devices. So I don't think there's a dramatic difference between the attach that we're seeing in either pre-Nexus or Nexus.

然後關於你問題的最後一部分，我們在哪裡看到軟件附件？我們在 Nexus 之前的設備和 Nexus 設備中都看到了它。因此，我認為我們在 Nexus 之前或 Nexus 中看到的附件之間沒有顯著差異。

And then across the markets, we're certainly seeing really good software attach in things like computing, in industrial automation, robotics, automotive electronics. So I would say it's across quite a number of our markets. And it depends a little bit on the particular software stack; one of the 5 software stacks, some are actually more targeted to particular markets, for instance, one of the software stacks is specifically for industrial automation, another software stack is specifically around computer vision, which would be more applicable in a computing context or an industrial context, for instance. And so it can depend on the particular stack. But I would say we're seeing good adoption across the markets.

然後在整個市場中，我們肯定會看到非常好的軟件附加在計算、工業自動化、機器人技術、汽車電子等領域。所以我想說它遍及我們的許多市場。它在一定程度上取決於特定的軟件堆棧； 5 個軟件堆棧之一，有些實際上更針對特定市場，例如，一個軟件堆棧專門用於工業自動化，另一個軟件堆棧專門圍繞計算機視覺，這將更適用於計算環境或例如，工業環境。因此它可以取決於特定的堆棧。但我想說的是，我們在整個市場上都看到了良好的採用。

Great feedback there, Jim. My second question is -- I apologize, I've got some Halloween business going on here. If you could take me out of the queue. I'll get back in later, sorry.

那裡有很好的反饋，吉姆。我的第二個問題是——抱歉，我這裡有一些萬聖節活動。如果你能把我從隊列中帶走。我稍後再回來，對不起。

Richard was getting...

理查德開始...

Our next question comes from the line -- is a follow-up question from Christopher Rolland.

我們的下一個問題來自這條線——克里斯托弗·羅蘭的後續問題。

Just really quickly on the compute side of things. Are you guys going to benefit from Sapphire Rapids and/or Genoa on the server side. And then on the client side, are you continuing to see a ramp in that Mirametrix portfolio that you guys have as well?

在計算方面真的很快。你們會從服務器端的 Sapphire Rapids 和/或 Genoa 中受益嗎？然後在客戶端，你是否繼續看到你們擁有的 Mirametrix 投資組合的增長？

Yes. Thanks, Chris. On the first part, yes, we are expecting dollars of content per server or the amount of value that we're bringing per server to continue to expand and on those platforms you listed, yes, we are anticipating a higher level of content on those platforms, and we expect those to be beneficial to us. And again, just reiterating my point from earlier in the call that it's really content expansion that's been the primary driver of our growth in the server segment over the past years. And so we do anticipate additional growth in the future.

是的。謝謝，克里斯。在第一部分，是的，我們預計每台服務器的內容美元或我們為每台服務器帶來的價值量將繼續擴展，並且在您列出的那些平台上，是的，我們預計這些平台上的內容水平會更高平台，我們希望這些對我們有益。再次重申我在電話會議早些時候的觀點，即內容擴展是過去幾年我們在服務器領域增長的主要驅動力。因此，我們確實預計未來會有額外的增長。

And then on client in Mirametrix, we certainly are focused on continuing to expand the footprint of Mirametrix across client computing. But I'll note that we also believe that there is opportunity to bring that same technology to other markets as well, for instance, in the industrial and automotive space. And so that is something that we're working on in parallel is not just expanding the footprint in client but finding new applications for the software in industrial and automotive as well.

然後在 Mirametrix 的客戶端上，我們當然專注於繼續擴大 Mirametrix 在客戶端計算中的足跡。但我要指出，我們也相信有機會將同樣的技術帶到其他市場，例如工業和汽車領域。因此，我們正在並行開展的工作不僅是擴大客戶的足跡，而且還為工業和汽車領域的軟件尋找新的應用程序。

Our next question is a follow-up question from the line of Richard Shannon with Craig-Hallum.

我們的下一個問題是 Richard Shannon 與 Craig-Hallum 的後續問題。

All right. Sorry about that, guys. 9-year-olds, they really get excited about Halloween. So I hope this won't happen again. My follow-on question is in an earlier response to a question. I think you talked to Jim about share gains, and I'm forgetting the context of it, but I think it was maybe in reference to newer Nexus platforms and reason for the outsized industrial growth here recently. Maybe if you can add some color to that to the degree to which that is related to newer Nexus products and gaining share against competitors who don't seem to be as focused in your focus areas? That would be great, please.

好的。對不起，伙計們。 9 歲的孩子，他們真的對萬聖節感到興奮。所以我希望這不會再次發生。我的後續問題是對一個問題的較早回答。我想你和 Jim 談到了股票收益，我忘記了它的背景，但我認為這可能是指較新的 Nexus 平台以及最近這里工業增長過快的原因。也許您可以為其添加一些顏色，使其與較新的 Nexus 產品相關，並與似乎並不專注於您的重點領域的競爭對手爭奪份額？那就太好了，拜託。

Yes. Thanks, Richard. Certainly understand the Halloween excitement. On my house, too. But yes, what I would say is that going back to the comments around industrial is we've seen a very good growth in that design win pipeline, I think this would apply to automotive electronics as well. And we've seen a nice design win growth over the past couple of years. And that is in certainly our Nexus products, but also our pre-Nexus products. I think Alex asked a question earlier in the call around software and the ability of software to rejuvenate older products. And so I think some of the software that we brought to market has helped drive some of the design win growth on some of the pre-Nexus products as well.

是的。謝謝，理查德。當然理解萬聖節的興奮。我家也有。但是，是的，我想說的是，回到圍繞工業的評論，我們已經看到設計獲勝管道的增長非常好，我認為這也適用於汽車電子。在過去的幾年裡，我們看到了一個不錯的設計贏得了增長。這當然存在於我們的 Nexus 產品中，也存在於我們的前 Nexus 產品中。我認為亞歷克斯早些時候在電話會議中就軟件和軟件使舊產品煥發活力的能力提出了一個問題。所以我認為我們推向市場的一些軟件也幫助推動了一些前 Nexus 產品的設計贏得增長。

And so yes, some of those share gains are where we've seen design outs of competitors in favor of Lattice devices, I would say that crosses both Nexus and pre-Nexus and certainly aided by our software portfolio.

所以是的，其中一些份額收益是我們看到競爭對手的設計有利於萊迪思設備的地方，我想說的是，它跨越了 Nexus 和 Nexus 之前，當然還有我們的軟件組合的幫助。

There are no further questions. I'd like to hand the call back over to Mr. Anderson for closing remarks.

沒有進一步的問題。我想把電話交回給安德森先生做閉幕詞。

Thank you, operator, and thanks for everybody for joining us on today's call. We're pleased with our continued execution and strong results and really excited about the opportunities for Lattice. We're certainly cognizant of the macroeconomic headwinds that are out there, but excited about the Lattice-specific growth drivers that we see ahead of us. And then, of course, very much looking forward to sharing more details about Avant at the launch event that we'll host on December 5.

謝謝你，接線員，感謝大家加入我們今天的電話。我們對我們的持續執行和強勁的成果感到高興，並對萊迪思的機會感到非常興奮。我們當然意識到宏觀經濟的逆風，但對我們看到的萊迪思特有的增長動力感到興奮。然後，當然，非常期待在我們將於 12 月 5 日舉辦的發布會上分享有關 Avant 的更多詳細信息。

Operator, that concludes today's call.

接線員，今天的通話結束。

Ladies and gentlemen, thank you for your participation. This concludes today's teleconference. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。你可以在這個時候斷開你的線路，並度過美好的一天。