萊迪思半導體 (LSCC) 2022 Q4 法說會逐字稿

Greetings. Welcome to the Lattice Semiconductor Fourth Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到萊迪思半導體 2022 年第四季度財報電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Rick Muscha, Lattice's Director of Investor Relations. You may begin.

我現在將把會議轉交給你的主持人，萊迪思投資者關係總監 Rick Muscha。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. We will provide a financial and business review of the fourth quarter of 2022 and the business outlook for the first quarter of 2023. If you have not obtained a copy of our earnings press release, it can be found at our company website in the Investor Relations section at latticesemi.com.

謝謝接線員，大家下午好。今天和我在一起的有：吉姆·安德森，萊迪思的總裁兼首席執行官；和萊迪思的首席財務官 Sherri Luther。我們將提供 2022 年第四季度的財務和業務回顧以及 2023 年第一季度的業務展望。如果您還沒有獲得我們的收益新聞稿副本，可以在我們公司網站的投資者關係中找到latticesemi.com 上的部分。

I 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 that actual results may differ materially. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

我想提醒大家，在我們今天的電話會議中，我們可能會對未來事件或公司未來的財務業績做出預測或其他前瞻性陳述。我們希望提醒您，此類陳述是基於當前可用信息的預測，實際結果可能存在重大差異。我們建議您參考公司向 SEC 提交的文件，包括我們的 10-Ks、10-Qs 和 8-Ks。這些文件包含並確定了可能導致實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要風險因素。

This call includes and constitutes the company's official guidance for the first quarter of 2023. 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.

本次電話會議包括並構成公司 2023 年第一季度的官方指南。如果在本次電話會議後的任何時候我們傳達了對本指南的任何重大更改，我們打算使用公共論壇（例如新聞稿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 provide 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 GAAP 財務指標。通過披露某些非 GAAP 信息，管理層打算為投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。對於歷史時期，我們提供了這些非 GAAP 財務措施與 GAAP 財務措施的對賬，這些措施可以在我們網站 latticesemi.com 的投資者關係部分找到。

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

現在讓我把電話轉給我們的首席執行官吉姆安德森。

Thank you, Rick, and thank you, everyone, for joining us on our call today. 2022 is a remarkable year for Lattice as we significantly expanded our product portfolio and delivered record financial results. Annual revenue grew by 28%, driven by growth in our core strategic markets of industrial and automotive and communications and computing. Full year non-GAAP gross margin expanded by 590 basis points to a record 69.1%, and we delivered annual non-GAAP net income growth of 64% year-over-year. We also continue to expand our product portfolio with multiple hardware and software product launches, including a successful launch of our new Lattice Avant mid-range FPGA platform, which doubles the addressable market of the company.

謝謝你，里克，也謝謝大家今天加入我們的電話會議。 2022 年對萊迪思來說是不平凡的一年，因為我們顯著擴展了產品組合併實現了創紀錄的財務業績。受工業和汽車以及通信和計算等核心戰略市場增長的推動，年收入增長了 28%。全年非 GAAP 毛利率增長 590 個基點，達到創紀錄的 69.1%，我們的年度非 GAAP 淨收入同比增長 64%。我們還通過推出多個硬件和軟件產品繼續擴展我們的產品組合，包括成功推出我們新的 Lattice Avant 中端 FPGA 平台，這使公司的潛在市場翻了一番。

Let me now provide an overview of our business by end market. In the communications and computing market, full year revenue increased 26%, which is the fourth consecutive year of double-digit growth for this market segment. We continue to have multiple long-term growth drivers in this segment, including content expansion and data center servers, new greenfield client computing design wins, 5G wireless infrastructure and data center networking.

現在讓我按終端市場概述我們的業務。在通信和計算市場，全年收入增長 26%，這是該細分市場連續第四年實現兩位數增長。我們在這一領域繼續擁有多個長期增長動力，包括內容擴展和數據中心服務器、新的綠地客戶端計算設計勝利、5G 無線基礎設施和數據中心網絡。

Turning now to the industrial and automotive market. Full year revenue increased 41%, which is the third consecutive year of double-digit growth for this segment. We continue to see this market as a strong long-term growth opportunity for Lattice as our business continues to grow across multiple applications, such as industrial, automation and robotics, as well as automotive ADAS and infotainment systems.

現在轉向工業和汽車市場。全年收入增長 41%，這是該部門連續第三年實現兩位數增長。隨著我們的業務在工業、自動化和機器人技術以及汽車 ADAS 和信息娛樂系統等多個應用領域持續增長，我們繼續將這個市場視為萊迪思強大的長期增長機會。

Turning now to consumer. Full year revenue was down 3%, reflecting the macroeconomic softness in the consumer electronics end market. Consumer accounted for only 7% of our overall revenue in 2022.

現在轉向消費者。全年收入下降 3%，反映消費電子終端市場宏觀經濟疲軟。到 2022 年，消費者收入僅占我們總收入的 7%。

I'll now provide some product road map highlights. Since the introduction of Lattice Nexus, we've launched 5 device families based on the platform. We have 4 device families in production and ramping with customers. The fifth device family, MachXO5-NX, which launched in the first half of 2022, remains on track to go into production in the first half of this year. We also expect to launch 2 additional Nexus device families this year. We continue to be pleased with the revenue ramp of our Nexus-based products as each new device family adds a new layer of revenue. We expect the overall Nexus portfolio revenue to continue to ramp over the next several years.

我現在將提供一些產品路線圖亮點。自從推出 Lattice Nexus 以來，我們已經推出了 5 個基於該平台的設備系列。我們有 4 個設備系列正在生產中並與客戶一起量產。第五個設備系列 MachXO5-NX 於 2022 年上半年推出，仍有望在今年上半年投產。我們還希望在今年推出 2 個額外的 Nexus 設備系列。我們繼續對基於 Nexus 的產品的收入增長感到滿意，因為每個新設備系列都增加了新的收入層。我們預計 Nexus 產品組合的整體收入在未來幾年將繼續增長。

In addition to the continued portfolio expansion of Nexus, we further expanded our product portfolio with the launch of our Lattice Avant platform. Avant doubles our addressable market and creates an additional greenfield revenue growth stream, as Avant revenue ramps over the coming years. Our customers are excited about Avant, which offers up to 2.5x lower power, 2x faster performance and up to 6x smaller physical device size than our competitors' FPGA devices. Each of these competitive advantages provide significant differentiation and value for our customers' applications and systems. Similar to Nexus, the Avant platform will consist of a series of device families that will be launched over time. The first family, Avant-E, was launched in December, and we expect to launch 2 additional device families later this year.

除了 Nexus 的持續產品組合擴展之外，我們還通過推出 Lattice Avant 平台進一步擴展了我們的產品組合。隨著未來幾年 Avant 收入的增加，Avant 將我們的目標市場擴大了一倍，並創造了額外的綠地收入增長流。我們的客戶對 Avant 感到非常興奮，與競爭對手的 FPGA 設備相比，它的功耗降低了 2.5 倍，性能提高了 2 倍，物理設備尺寸減少了 6 倍。這些競爭優勢中的每一個都為我們客戶的應用程序和系統提供了顯著的差異化和價值。與 Nexus 類似，Avant 平台將包含一系列將隨時間推出的設備系列。第一個系列 Avant-E 於 12 月推出，我們預計將在今年晚些時候推出另外 2 個設備系列。

As we've discussed over the past few years, software is a key element of our strategy. The investments we've been making in our software portfolio are making it easier for our customers to adopt Lattice products and get to market quickly. We've launched 5 software solution stacks to date and have more on the road map. As we mentioned previously, over half of our new silicon design wins are now enabled by at least 1 of our 5 software solution stacks. This increases the value that we're delivering to our customers and the long-term stickiness of our products. Avant also leverages the same software that our customers are already using today on our Nexus product, which enables easy customer adoption of Avant.

正如我們在過去幾年中討論的那樣，軟件是我們戰略的關鍵要素。我們對軟件產品組合的投資使我們的客戶更容易採用萊迪思產品并快速進入市場。迄今為止，我們已經推出了 5 個軟件解決方案堆棧，並且在路線圖上還有更多。正如我們之前提到的，超過一半的新芯片設計勝利現在由我們的 5 個軟件解決方案堆棧中的至少一個實現。這增加了我們為客戶提供的價值和我們產品的長期粘性。 Avant 還利用了我們的客戶目前已經在我們的 Nexus 產品上使用的相同軟件，這使得客戶可以輕鬆地採用 Avant。

In summary, 2022 was another strong growth year for Lattice. We're well positioned in long-term secular growth markets, with a rapidly expanding product portfolio, accelerating customer momentum and consistent financial execution. I want to thank the Lattice team for all their hard work and dedication. As we begin 2023, while we're certainly not immune to any macroeconomic challenges impacting the industry, we're well positioned to execute on our long-term strategy and continue to focus on unlocking the full potential of the company.

總之，2022 年是 Lattice 又一個強勁增長的一年。我們在長期長期增長的市場中處於有利地位，擁有快速擴展的產品組合、加速的客戶動力和一致的財務執行。我要感謝 Lattice 團隊的辛勤工作和奉獻精神。進入 2023 年之際，雖然我們肯定無法免受影響該行業的任何宏觀經濟挑戰的影響，但我們已做好充分準備執行我們的長期戰略，並繼續專注於釋放公司的全部潛力。

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

我現在將電話轉給我們的首席財務官 Sherri Luther。

Thank you, Jim. We are very pleased with our full year 2022 results. We drove strong double-digit revenue growth, significant gross margin expansion and record profitability. We grew profit at more than 2x the rate of our revenue growth in 2022. We generated a record level of cash from operations and increased the cash return to shareholders through share buybacks and debt paydowns.

謝謝你，吉姆。我們對 2022 年全年的業績感到非常滿意。我們推動了強勁的兩位數收入增長、顯著的毛利率增長和創紀錄的盈利能力。我們的利潤增長速度是 2022 年收入增長率的 2 倍以上。我們從運營中產生了創紀錄水平的現金，並通過股票回購和債務償還增加了對股東的現金回報。

Let me now provide a summary of our results. Fourth quarter revenue was $176 million, up 2% sequentially from the third quarter and up 24% year-over-year. Q4 was the 11th consecutive quarter of sequential revenue growth. Full year 2022 revenue was $660.4 million, up 28% from 2021. The strong revenue growth for the full year 2022 was driven by double-digit revenue growth in our 2 strategic end markets of communications and computing and industrial and automotive.

現在讓我總結一下我們的結果。第四季度收入為 1.76 億美元，環比增長 2%，同比增長 24%。第四季度是收入連續第 11 個季度增長。 2022 年全年收入為 6.604 億美元，比 2021 年增長 28%。2022 年全年收入的強勁增長是由我們通信和計算以及工業和汽車這兩個戰略終端市場兩位數的收入增長推動的。

Our non-GAAP gross margin increased 50 basis points to a record 70% in Q4 compared to the prior quarter and was up 490 basis points compared to the year ago quarter. Both the sequential and year-over-year increases in gross margin continued to be driven by our gross margin expansion strategy, which we started in 2019. Our non-GAAP gross margin for the full year 2022 was 69.1%, up 590 basis points from 2021. Q4 non-GAAP operating expenses were $52.5 million compared to $51.3 million in the prior quarter and $45.8 million in the year ago quarter.

我們的非美國通用會計準則毛利率在第四季度比上一季度增長了 50 個基點，達到創紀錄的 70%，比去年同期增長了 490 個基點。我們在 2019 年開始實施的毛利率擴張戰略繼續推動毛利率環比和同比增長。我們 2022 年全年的非美國通用會計準則毛利率為 69.1%，比去年同期增長 590 個基點2021 年第四季度非美國通用會計準則運營費用為 5250 萬美元，上一季度為 5130 萬美元，去年同期為 4580 萬美元。

Non-GAAP operating expenses for the full year 2022 increased to $201 million from $170 million, primarily driven by increased investment in our hardware and software portfolio. Our non-GAAP operating margin increased 50 basis points to a record 40.2% in Q4 compared to the prior quarter and was up 730 basis points compared to the year ago quarter. We continue to balance operating margin growth with investing in our long-term revenue growth and business expansion. Our non-GAAP operating margin for the full year 2022 was 38.7%, up 850 basis points from 2021.

2022 年全年的非 GAAP 運營費用從 1.7 億美元增加到 2.01 億美元，這主要是由於我們對硬件和軟件產品組合的投資增加。我們的非美國通用會計準則營業利潤率在第四季度比上一季度增長了 50 個基點，達到創紀錄的 40.2%，比去年同期增長了 730 個基點。我們繼續在營業利潤率增長與投資於我們的長期收入增長和業務擴張之間取得平衡。我們 2022 年全年的非美國通用會計準則營業利潤率為 38.7%，比 2021 年增長 850 個基點。

Q4 non-GAAP earnings per diluted share was $0.49 compared to $0.32 in the year ago quarter, which represents 53% year-over-year growth. Non-GAAP diluted EPS for the full year 2022 was $1.75 compared to $1.06 for the full year 2021. This represents 65% year-over-year growth.

第 4 季度非 GAAP 每股攤薄收益為 0.49 美元，而去年同期為 0.32 美元，同比增長 53%。 2022 年全年的非美國通用會計準則攤薄後每股收益為 1.75 美元，而 2021 年全年為 1.06 美元。同比增長 65%。

Strong cash flow continues to be an area of focus for Lattice. For the full year 2022, we generated a record $239 million in cash from operations. This represents an increase of 42% compared to the cash generated from operations in 2021. In Q4, we repurchased approximately 290,000 shares or $20 million of stock, making Q4 our ninth consecutive quarter of executing share buybacks. Over that period, we have repurchased approximately 3.6 million shares. Lastly, we paid down $20 million on our credit revolver, exiting the year with $146 million in cash.

強勁的現金流仍然是萊迪思關注的重點領域。 2022 年全年，我們從運營中產生了創紀錄的 2.39 億美元現金。這比 2021 年運營產生的現金增加了 42%。在第四季度，我們回購了大約 290,000 股股票或價值 2000 萬美元的股票，這使我們在第四季度連續第九個季度執行股票回購。在此期間，我們回購了大約 360 萬股股票。最後，我們還清了 2000 萬美元的信貸循環，以 1.46 億美元的現金結束了這一年。

Let me now review our outlook for the first quarter. Revenue for the first quarter of 2023 is expected to be between $175 million and $185 million. Gross margin is expected to be 70%, plus or minus 1%, on a non-GAAP basis. Total operating expenses for the first quarter are expected to be between $53 million and $55 million on a non-GAAP basis. Stepping back, I'm very pleased with the tremendous financial progress we've made in 2022 across many key metrics despite some level of turbulence in the broader macro economy. As we begin 2023, we remain vigilant about potential macroeconomic softness, but are laser-focused on continuing to drive strong financial execution.

現在讓我回顧一下我們對第一季度的展望。預計 2023 年第一季度的收入將在 1.75 億美元至 1.85 億美元之間。根據非美國通用會計準則，毛利率預計為 70%，上下浮動 1%。按非美國通用會計準則計算，第一季度總運營費用預計在 5300 萬美元至 5500 萬美元之間。退一步說，儘管更廣泛的宏觀經濟存在一定程度的動盪，但我對我們在 2022 年在許多關鍵指標上取得的巨大財務進展感到非常高興。在 2023 年伊始，我們對潛在的宏觀經濟疲軟保持警惕，但專注於繼續推動強勁的財務執行。

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

接線員，我的正式評論到此結束。我們現在可以開始提問了。

(Operator Instructions) Our first question comes from the line of Alessandra Vecchi with William Blair.

（操作員說明）我們的第一個問題來自 Alessandra Vecchi 和 William Blair 的台詞。

Congratulations on the tremendous execution in this tough environment. On that topic, I think Lattice might be one of the only semi companies that hasn't had to lower in this macro inventory correction, which again is tremendous, but has us fielding a few questions around whether you'll just see it later in the cycle, kind of the rolling recession, so to speak. Can you walk us through some of the puts and takes around what's helped you buck the trend and whether you see any weakening in these trends as we move forward?

祝賀您在這種艱難的環境中表現出色。在這個話題上，我認為 Lattice 可能是唯一沒有在這次宏觀庫存調整中降低的半導體公司之一，這同樣是巨大的，但讓我們回答了一些關於你是否會在稍後看到它的問題週期，可以說是一種滾動的衰退。您能否向我們介紹一些看跌期權，並了解是什麼幫助您逆勢而上，以及在我們前進的過程中您是否看到這些趨勢有任何減弱？

Thanks, Alex, for the question. I think certainly, Lattice is not immune to any macroeconomic recessionary or inflationary pressures. But I do think there's Lattice-specific growth drivers that we've seen certainly over the last 2 to 3 years that have helped the company grow in a really consistent and sustainable way.

謝謝亞歷克斯提出這個問題。我認為當然，Lattice 不能免受任何宏觀經濟衰退或通脹壓力的影響。但我確實認為，在過去的 2 到 3 年裡，我們確實看到了萊迪思特有的增長驅動力，這些驅動力幫助公司以真正一致和可持續的方式發展。

First of all, we're really pleased with the growth that we saw last year of 28%, and that follows a strong year of growth in 2021 of 26%. And as Sherri shared in her prepared remarks, actually, Q4 was the 11th consecutive quarter of sequential growth. And in particular, we're very pleased to see growth in our 2 largest market segments, which are comms and computing and industrial and auto. Both of those segments have now grown double digits for multiple years in a row. And combined, those segments represent about 90% of our revenue.

首先，我們對去年 28% 的增長感到非常滿意，而 2021 年實現了 26% 的強勁增長。正如雪莉在她準備好的發言中分享的那樣，實際上，第四季度是連續第 11 個季度實現連續增長。特別是，我們很高興看到我們兩個最大的細分市場的增長，即通信和計算以及工業和汽車。這兩個細分市場現已連續多年實現兩位數增長。這些細分市場加起來約占我們收入的 90%。

And if you look within those market segments, just to highlight a few of the specific places where we've been growing is in industrial and automotive, we just have a number of new design wins that are across many different industrial and automotive customers, where we've either displaced competitors that are either FPGA competitors or, for instance, other microcontroller competitors. And those design wins are now in production and ramping. We also have places within the market where we've added additional content through our not just FPGAs, but our software that hasn't existed in those systems before. And so that's really helped us have very solid growth in that industrial and automotive segment, which we grew 41% year-over-year last year.

如果你看看這些細分市場，只是為了突出我們在工業和汽車領域取得增長的一些特定領域，我們剛剛獲得了許多新的設計勝利，這些領域涉及許多不同的工業和汽車客戶，其中我們要么取代了 FPGA 競爭對手，要么取代了其他微控制器競爭對手。這些設計勝利現在正在生產和升級中。我們在市場上也有一些地方，我們不僅通過我們的 FPGA 添加了額外的內容，還通過我們以前在這些系統中不存在的軟件。因此，這確實幫助我們在工業和汽車領域取得了非常穩健的增長，去年我們同比增長了 41%。

And then in communications and computing, that segment has grown now double digits for us, 4 years consecutively in a row. We saw 26% growth there last year. Again, where we're seeing growth is Lattice-specific content gains in, for instance, servers that go into data centers. So we continue to see our dollars of content per server expand. And as we look forward, we continue to see more opportunity to expand the amount of content that Lattice provides in servers that go into data centers. We've seen good growth in 5G wireless infrastructure. Data center networking was another nice growth area for us last year. We see additional opportunity there over the coming years. So a number of different specific places that we're driving growth within those markets.

然後在通信和計算領域，該領域已經連續 4 年實現兩位數的增長。去年我們在那裡看到了 26% 的增長。同樣，我們看到增長的地方是特定於萊迪思的內容收益，例如，進入數據中心的服務器。因此，我們繼續看到每台服務器的內容收入不斷增加。展望未來，我們將繼續看到更多機會來擴展 Lattice 在進入數據中心的服務器中提供的內容量。我們已經看到 5G 無線基礎設施的良好增長。去年，數據中心網絡是我們另一個不錯的增長領域。我們在未來幾年看到了更多的機會。因此，我們在這些市場中推動增長的許多不同的特定地方。

And then lastly, I'd highlight from a product perspective, we have multiple new product cycles that we're going through. If you look at the Nexus platform, our most recent platform in production, we have -- we've launched 5 device families: 4 device families are in production, a fifth one goes into production in the first half of this year. We have 2 more that we're going to launch this year. And then, of course, Avant is still out in front of us, ahead of us, and we're really excited about the customer momentum around Avant. So again, certainly not immune to the macroeconomic pressures across the industry, but definitely some Lattice-specific growth vectors that we're pretty excited about.

最後，我要從產品的角度強調，我們正在經歷多個新產品週期。如果你看看 Nexus 平台，我們最新的生產平台，我們已經推出了 5 個設備系列：4 個設備系列正在生產中，第五個在今年上半年投入生產。今年我們還有 2 個要推出。然後，當然，Avant 仍然在我們面前，領先於我們，我們對 Avant 周圍的客戶勢頭感到非常興奮。再次重申，當然不能倖免於整個行業的宏觀經濟壓力，但絕對是一些我們非常興奮的萊迪思特定增長向量。

Great. And then just as one follow-up. It seems like EMEA, as the geography has really outpaced year-over-year growth, is that a function -- in a period where obviously the continent had some things going on, is that really a function of content gains and share gain within industrial? Does it spread beyond industrial? Can you help us think about the traction you're getting in Europe, specifically?

偉大的。然後就像一個後續行動。似乎 EMEA，因為地域確實超過了同比增長，這是一個功能 - 在這個大陸顯然發生了一些事情的時期，這真的是工業中內容收益和份額收益的功能？它會傳播到工業以外嗎？你能幫我們想想你在歐洲獲得的吸引力嗎？

Yes, definitely. So in Europe, that market is more weighted towards industrial and automotive. So as we've seen, our industrial automotive revenue growth sort of globally. We've certainly seen strong growth in Europe. And because Europe is kind of overweighted towards industrial and auto, that's why we've seen particularly strong growth in that geography.

當然是。因此在歐洲，該市場更傾向於工業和汽車。因此，正如我們所見，我們的工業汽車收入增長在全球範圍內。我們當然看到了歐洲的強勁增長。而且由於歐洲對工業和汽車的權重偏高，這就是我們在該地區看到特別強勁增長的原因。

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

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

Let me also add my congratulations on this very solid quarter and execution here. And I guess really my first question for you, Sherri, is just on the gross margin. And I know we've talked about this in the past, but just kind of wondering if you can tell us about how durable you think the gross margins will be from around this level. I know we've had this discussion, but it seems like there's a lot of tailwinds at the company level, but maybe some headwinds developing from a market perspective, just kind of given the macro. Can you help us maybe understand the durability there?

讓我也對這個非常穩固的季度和執行表示祝賀。我想我對你的第一個問題，Sherri，只是關於毛利率。而且我知道我們過去曾討論過這個問題，但只是想知道您是否可以告訴我們您認為毛利率在這個水平附近的持久性。我知道我們已經進行了討論，但在公司層面似乎有很多順風，但從市場的角度來看，可能會出現一些不利因素，只是考慮到宏觀因素。你能幫助我們了解那裡的耐久性嗎？

Yes. Thanks, David. Thanks for the question. So we're really pleased with our record gross margin in Q4 of 70%, 50 basis points improvement sequentially and 490 basis points year-over-year. As a reminder, we've been executing on our gross margin expansion strategy now since 2019. This would actually be our fourth complete year that we've executed on that strategy. And the results that we've been able to drive with that strategy have been 1,330 basis points since the end of 2018, executing on that strategy.

是的。謝謝，大衛。謝謝你的問題。因此，我們對第四季度創紀錄的 70% 毛利率感到非常滿意，環比提高 50 個基點，同比提高 490 個基點。提醒一下，自 2019 年以來，我們一直在執行毛利率擴張戰略。這實際上是我們執行該戰略的第四個完整年度。自 2018 年底以來，我們已經能夠通過該戰略推動的結果是 1,330 個基點，執行該戰略。

And the elements of that strategy, really multiple factors that have been driving it. Pricing optimization being one. Of course, again, we've been executing on this for 4 full years now. So that's been a key part of our strategy to really get the value for our products. New products, like Nexus, for example, have -- are designed to be gross margin accretive. And so they've added value to our gross margin, as has mix, as has product cost efficiencies. And so with so many of those factors, or drivers, if you will, that we've been executing on for so many years now, for 4 full years, we feel that our gross margin is durable. We're really pleased with the progress that we've been able to make there, and it's really part of our DNA, the way that we manage our business and really work to get the value for our products. And so gross margin continues to be a focus area for us.

以及該戰略的要素，實際上是推動它的多種因素。定價優化是其中之一。當然，我們已經為此執行了整整 4 年。因此，這是我們真正獲得產品價值的戰略的關鍵部分。例如，Nexus 等新產品旨在增加毛利率。因此，他們為我們的毛利率增加了價值，就像產品成本效率一樣。因此，如果你願意，我們已經執行了這麼多年，整整 4 年，我們認為我們的毛利率是持久的。我們對在那裡取得的進展感到非常高興，這確實是我們 DNA 的一部分，是我們管理業務和真正努力為我們的產品創造價值的方式。因此，毛利率仍然是我們關注的重點領域。

Okay. And then maybe, Jim, one for you. Just kind of thinking about your customers from the Avant platform, the interest that you're seeing. Are you -- do you get the sense that customers are looking maybe to improve their existing product lines? Or is this an area that you can gain additional sockets? And then also, are you seeing, I guess, new customers coming to you that you didn't previously service or couldn't service with the Nexus line that maybe you can with Avant and maybe pull in some Nexus revenue there as well. Just kind of curious about that customer base you're seeing for Avant.

好的。然後也許，吉姆，一個給你。只是從 Avant 平台考慮您的客戶，您所看到的興趣。你——你是否感覺到客戶正在尋求改進他們現有的產品線？或者這是一個你可以獲得額外插座的區域？然後，你是否看到，我猜，新客戶來找你，你以前沒有服務過或無法使用 Nexus 系列服務，也許你可以使用 Avant 並可能在那裡獲得一些 Nexus 收入。只是對您看到的 Avant 客戶群感到好奇。

Yes. Thanks, David. We're really excited about Avant, and we were so happy to launch that in December. And if you're at the Avant launch event in December, you actually saw that we had quite a bit of customer participation in that event, actually many different kind of customer testimonials and comments. So you can clearly see there's a lot of excitement in our customer base around that. And I think that really goes to the level of differentiation that the platform is bringing: 2.5x better power efficiency, up to 6x better physical device size. I mean these are really meaningful benefits for our customers that helps them design much more efficient systems. And when you combine that with the software content that we're adding on top of Avant, that's just truly beneficial to our customers.

是的。謝謝，大衛。我們對 Avant 感到非常興奮，我們很高興在 12 月推出它。如果你參加了 12 月的 Avant 發布會，你實際上會看到我們有相當多的客戶參與了該活動，實際上有許多不同類型的客戶推薦和評論。所以你可以清楚地看到我們的客戶群對此非常興奮。而且我認為這真的達到了平台帶來的差異化水平：電源效率提高 2.5 倍，物理設備尺寸減少多達 6 倍。我的意思是這些對我們的客戶來說是真正有意義的好處，可以幫助他們設計更高效的系統。當您將其與我們在 Avant 之上添加的軟件內容相結合時，這對我們的客戶來說是真正有益的。

And when we look at the target customer base for Avant, the great thing is that there's 90% overlap between the target customers for Avant versus existing Lattice customers. So that means that 90% of that target customer base is already a customer of Lattice today. And that also means that they're using Lattice software. And so all that software content that we've developed for Nexus and pre-Nexus devices is leverageable by our customers to Avant as well.

當我們查看 Avant 的目標客戶群時，很棒的是 Avant 的目標客戶與現有萊迪思客戶之間有 90% 的重疊。所以這意味著 90% 的目標客戶群今天已經是萊迪思的客戶。這也意味著他們正在使用 Lattice 軟件。因此，我們為 Nexus 和 Nexus 之前的設備開發的所有軟件內容也可供我們的客戶用於 Avant。

So customer momentum, engagement, very strong. Actually, if you compare Avant customer design win progress or design win funnel versus Nexus, the platform that we launched a number of years ago, and if you kind of compare at the same point in time, Avant is far exceeding what Nexus was driving in terms of design win progress at the same relative point in time. So again, really excited about it. I can certainly tell you our sales team is very excited about it. But yes, I'm looking forward to many years of Avant growth ahead of us in the future.

所以客戶的動力、參與度非常強。實際上，如果你將 Avant 客戶設計勝利進度或設計勝利漏斗與 Nexus 進行比較，Nexus 是我們多年前推出的平台，如果你在同一時間點進行比較，Avant 遠遠超過 Nexus 所推動的設計條款在相同的相對時間點贏得進展。再次，真的很興奮。我可以肯定地告訴你，我們的銷售團隊對此非常興奮。但是，是的，我期待 Avant 未來多年的發展。

And 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。

I mean 70% gross margin, Sherri, that's really, really impressive. So congrats to the whole team. I guess my first question, Jim, is related to the guidance to guide, I think, well ahead of consensus for the March quarter, definitely sticks out among the semiconductor market right now. In particular, I guess, no secret that the notebook market in the very short term, the server market in terms of units, are feeling a bit of correction. And also, we've seen some weakness from the wireless infrastructure space as well and in some of the box makers and then CapEx from some of the carrier folks. So I just wondered if you could walk through some of those end market trends and maybe juxtapose that against the guidance. I assume most of it is driven by industrial and automotive on the upside and maybe comms and computing a little bit weaker. But if you could clarify that, that would be great.

我的意思是 70% 的毛利率，Sherri，這真的非常令人印象深刻。所以恭喜整個團隊。吉姆，我想我的第一個問題與指導有關，我認為，遠遠領先於 3 月季度的共識，目前肯定在半導體市場中脫穎而出。特別是，我猜想，在很短的時間內，筆記本電腦市場和服務器市場在單位方面都感覺有點修正。而且，我們還看到無線基礎設施領域以及一些盒子製造商的一些弱點，然後是一些運營商人員的資本支出。所以我只是想知道您是否可以了解其中一些終端市場趨勢，並可能將其與指導並列。我認為其中大部分是由工業和汽車推動的，而通信和計算可能略微疲軟。但如果你能澄清這一點，那就太好了。

Thanks, Matt, for the question. Yes. So if you take the midpoint of our guidance for Q1, clearly, at a total company level, we've guided up sequentially. And -- but if you look underneath the covers at the different segments, yes, we expect industrial and automotive to be up sequentially from Q4 to Q1, continuing to see design wins ramp within that market segment.

謝謝馬特提出這個問題。是的。因此，如果您採用我們對第一季度指導的中點，顯然，在整個公司層面，我們已經按順序進行了指導。而且 - 但如果你深入了解不同細分市場，是的，我們預計工業和汽車將從第四季度到第一季度依次上升，繼續看到該細分市場內的設計獲勝。

Communications and computing, we do expect that to be down sequentially from Q4 to Q1, with -- primarily what's driving that is what you mentioned, some of the softness that the industry has seen in overall server consumption and deployments. So we do expect that segment to be sequentially down. And then consumer, we also expect to be down sequentially from Q4 to Q1, more tracking normal seasonality within consumer. So that's kind of a little bit of color on the overall end markets.

通信和計算，我們確實希望從第四季度到第一季度依次下降，主要是你提到的驅動因素，即行業在整體服務器消費和部署中看到的一些疲軟。因此，我們確實希望該部分會依次下降。然後是消費者，我們還預計從第四季度到第一季度將連續下降，更多地跟踪消費者內部的正常季節性。所以這對整個終端市場來說有點顏色。

Appreciate it. Just as my follow-up, Sherri, we -- digging into the balance sheet a little bit, days of inventory up quite a bit over the last couple of quarters. And maybe you could just walk us through that and what it might mean from a sell-in perspective? Or is it -- and maybe there's some pieces that haven't sold in as much as you thought? Or conversely, is it sort of a forecast of what future sales might be looking like as you're building inventory in preparation for that growth? Just, I don't know, puts and takes there on the inventory would be helpful.

欣賞它。就像我的後續行動一樣，Sherri，我們 - 深入研究資產負債表，在過去幾個季度中庫存天數增加了很多。也許您可以向我們介紹一下，從銷售的角度來看它可能意味著什麼？或者是 - 也許有些作品沒有像您想像的那樣賣出？或者相反，它是否是對未來銷售情況的預測，因為您正在建立庫存以為增長做準備？只是，我不知道，將庫存放在那裡會有所幫助。

Sure, and thanks, Matt. So if you recall, we've actually been pretty consistent over the past 2 years or so in saying that we may choose to increase inventory to support the growth of our business. And that's exactly what we did. We increased inventory to support growth in terms of design wins with customers, in terms of new product ramps. Jim mentioned in his prepared remarks that we have 4 Nexus devices that are in production and ramping. And we have one that is going to be in production, or ramping, rather, in the first half of this year. So new products certainly driving growth and demand for inventory. And we may continue to increase inventory going forward if it is the right thing to do to support the business, to support our customers and that future growth.

當然，謝謝，馬特。因此，如果您還記得的話，在過去兩年左右的時間裡，我們實際上一直非常一致地表示我們可能會選擇增加庫存以支持我們業務的增長。而這正是我們所做的。我們增加了庫存，以支持在贏得客戶的設計方面以及新產品量產方面的增長。 Jim 在他準備好的發言中提到，我們有 4 個 Nexus 設備正在生產和升級中。我們有一個將在今年上半年投入生產或量產。因此，新產品肯定會推動增長和庫存需求。如果支持業務、支持我們的客戶和未來的增長是正確的做法，我們可能會繼續增加庫存。

The other thing I'll mention is that if you look at our cash from operations, I think I said in my prepared remarks that our cash from operations was a record for Q4 in 2022. It's also a record cash from operations and our free cash flow at 41%. So we're really, really pleased with not only the revenue growth and profitability, but also our cash generation -- generated from operations.

我要提到的另一件事是，如果你看一下我們的運營現金，我想我在準備好的發言中說過，我們的運營現金在 2022 年第四季度創下了紀錄。這也是創紀錄的運營現金和我們的自由現金流量為 41%。因此，我們不僅對收入增長和盈利能力感到非常非常滿意，而且對運營產生的現金產生也非常滿意。

So the other thing I'll just leave -- comments that I'll leave you with on that is that, our products have very long life cycles, and our risk of obsolescence is very, very low as a result of that. So we feel very comfortable with the level of inventory that we have, and we want to make sure that we've got the right amount of inventory to support, again, our customers and that future growth.

所以我要留下的另一件事——我要留給你們的評論是，我們的產品有很長的生命週期，因此我們過時的風險非常非常低。因此，我們對我們擁有的庫存水平感到非常滿意，我們希望確保我們擁有適當數量的庫存來再次支持我們的客戶和未來的增長。

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

我們的下一個問題來自 SIG 的 Christopher Rolland。

Can you hear me? Can you hear me?

你能聽到我嗎？你能聽到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Great. Great. My question is around automotive. Can you give us an idea now of the size of automotive as part of that multigroup there? And then talk about, like in your presentation, for example, it just looks like you guys have tons of applications that FPGAs can address. Can you talk about maybe the ones that are getting the kind of the most design wins, the most traction, the most uptake? That would be great.

好的。偉大的。偉大的。我的問題是關於汽車的。您現在可以告訴我們汽車作為該多集團的一部分的規模嗎？然後談論，例如在您的演示中，看起來你們有大量 FPGA 可以解決的應用程序。你能談談那些獲得最多設計勝利、最多牽引力、最多吸收的人嗎？那太好了。

Yes. Thanks, Chris. So we don't break out automotive separately within that segment. But I can give you a little bit more color on just kind of what we saw last year. Overall, industrial and automotive last year grew 41%. Within that, actually automotive grew significantly faster than that. So automotive still is the smaller portion of that segment, but it's definitely a faster growing portion of that segment.

是的。謝謝，克里斯。因此，我們不會在該細分市場中單獨細分汽車。但我可以給你更多關於我們去年看到的東西的顏色。總體而言，工業和汽車行業去年增長了 41%。其中，實際上汽車的增長速度要快得多。因此，汽車仍然是該細分市場中較小的部分，但它絕對是該細分市場中增長更快的部分。

And the places that we're getting designed into are typically across ADAS and infotainment applications. Infotainment, I would say, is probably more of the -- more often the place that we're getting designed into. There's -- frankly, there's many different applications. Just to give one example. There's a lot of, for instance, sensor aggregation that needs to be done in the automobile. So there's so many different sensors across the automobile. Those sensor -- all of those sensor inputs from the different devices need to be aggregated, preprocessed before they're sent back to the main process. So you'd find Lattice devices doing that function. You'd also find Lattice devices doing some of the video functions in, for instance, electronic mirrors, like rearview mirrors, as well as side mirrors. So a number of different places. But yes, overall, we're quite pleased with not just the revenue growth that we saw over the past year in automotive, but also the design win funnel that we see in front of us is quite strong. And we're also excited about Avant, our newest product line, and its applicability into automotive as well.

我們設計的地方通常是跨 ADAS 和信息娛樂應用程序。信息娛樂，我想說，可能更多——更常見的是我們設計的地方。坦率地說，有許多不同的應用程序。僅舉一個例子。例如，需要在汽車中完成很多傳感器聚合。所以汽車上有很多不同的傳感器。這些傳感器——來自不同設備的所有這些傳感器輸入都需要聚合、預處理，然後再發送回主進程。所以你會發現 Lattice 設備執行該功能。您還會發現萊迪思器件在電子鏡（如後視鏡）和側視鏡中執行某些視頻功能。所以很多不同的地方。但是，是的，總的來說，我們不僅對過去一年在汽車領域看到的收入增長感到非常滿意，而且我們看到我們面前的設計獲勝漏斗也非常強大。我們也對我們最新的產品線 Avant 及其在汽車領域的適用性感到興奮。

That's a great segue, Jim, for my second question around Avant, but also around the low-end lineup as well, Nexus in particular. I was wondering if you can talk about the competitive environment, both in terms of share but also pricing from competitors as well. Can you describe kind of what you're seeing at the low end of the market overall and how things might have changed through this cycle to the current period where we are now and then what we should expect for Avant in the mid-range market for you guys as well?

這是一個很好的話題，吉姆，關於我關於 Avant 的第二個問題，但也圍繞低端陣容，特別是 Nexus。我想知道你是否可以談談競爭環境，無論是在份額方面還是在競爭對手的定價方面。您能否描述一下您在整個低端市場看到的情況，以及從這個週期到我們現在所處的當前時期，情況可能會發生怎樣的變化，然後我們對 Avant 在中端市場的期望是什麼？你們也是嗎？

Yes. Thanks, Chris. And just to correct your terminology, I think we don't call it low end, we call it small FPGA, just to be clear. Nothing low end about 70% gross margin. So -- but in small FPGAs, what I would say is, yes, frankly, we're quite pleased with the progress we're making there. Look, we -- when you look at the product portfolio that we have in small FPGAs with not just Nexus, but the pre-Nexus devices, and you combine that with a significant software portfolio that we built out over the last for 4 years-plus, hands down, we have the strongest competitive -- the strongest product portfolio in the industry. That's -- we feel very, very good about that. And frankly, I think it's the strongest product portfolio that the company has ever had in its history with respect to the small FPGA market. And so we feel really good about the momentum we built, the growth that we're driving in that segment. And that growth on, of course, Nexus, which are -- is our newest product line, but also even in the pre-Nexus devices. The software that we've added on top of the pre-Nexus devices has helped kind of breathe new life into many of the pre-Nexus devices, find new applications for those devices.

是的。謝謝，克里斯。為了糾正您的術語，我認為我們不稱其為低端，我們稱其為小型 FPGA，只是為了清楚起見。 70% 左右的毛利率沒有低端。所以 - 但在小型 FPGA 中，我要說的是，是的，坦率地說，我們對我們在那裡取得的進展感到非常滿意。看，我們 - 當您查看我們在小型 FPGA 中擁有的產品組合時，不僅有 Nexus，還有 Nexus 之前的設備，並且您將其與我們在過去 4 年中構建的重要軟件組合相結合 -另外，毫無疑問，我們擁有業內最強大的競爭力——最強大的產品組合。那是——我們對此感覺非常非常好。坦率地說，我認為這是該公司在小型 FPGA 市場歷史上擁有的最強大的產品組合。因此，我們對我們建立的勢頭以及我們在該領域推動的增長感到非常滿意。當然，Nexus 的增長是我們最新的產品線，甚至在 Nexus 之前的設備中也是如此。我們在 Nexus 之前的設備上添加的軟件幫助為許多 Nexus 之前的設備註入了新的活力，為這些設備找到了新的應用程序。

And then when -- you had a question about pricing. I would call our pricing very durable. As Sherri mentioned earlier, the pricing optimization strategy, which we kicked off at the very beginning of 2019, we're now beginning our fifth year of that strategy. And over that 4 years of execution and now into our fifth year, I would say our pricing optimization or the pricing durability that we've seen has been quite strong. And so certainly, back to your question around competition, we certainly take all competitors seriously. We stayed very paranoid relative to competition, but I feel really good about the competitive strength of our product line and pricing durability.

然後什麼時候 - 你對定價有疑問。我認為我們的定價非常耐用。正如雪莉之前提到的，我們在 2019 年初啟動的定價優化策略，現在已經開始了該策略的第五個年頭。在這 4 年的執行過程中，現在進入我們的第五個年頭，我想說我們的定價優化或我們所看到的定價持久性非常強大。所以當然，回到你關於競爭的問題，我們當然會認真對待所有競爭對手。相對於競爭，我們仍然非常偏執，但我對我們產品線的競爭實力和定價耐用性感到非常滿意。

And then Avant, you mentioned Avant as well and just a ton on that briefly. And we shared some of this at the Avant launch back in December, but the Avant platform delivers up to 2.5x better power efficiency, twice the performance in many cases. And I think this is really amazing. The device sizes are up to 6x smaller than our competition.

然後是 Avant，你也提到了 Avant，而且只是簡單地談了一大堆。我們在去年 12 月的 Avant 發布會上分享了其中的一些內容，但 Avant 平台的電源效率提高了 2.5 倍，在許多情況下是性能的兩倍。我認為這真的很棒。設備尺寸比我們的競爭對手小 6 倍。

Now we've always assumed there will be robust competition in mid-range FPGAs. And so we built our road map, assuming that we'll face robust competition. But I think the combination of the competitiveness of Avant, the software that's leveraged from Nexus to Avant, to the fact that the target customers of Avant are 90% already customers of Lattice today, just put us in a good position to grow the Lattice product or the Avant product line over the coming years.

現在我們一直認為中檔 FPGA 將存在激烈的競爭。所以我們制定了路線圖，假設我們將面臨激烈的競爭。但我認為 Avant 的競爭力，從 Nexus 到 Avant 的軟件，以及 Avant 的目標客戶今天 90% 已經是 Lattice 的客戶這一事實的結合，讓我們處於發展 Lattice 產品的有利位置或未來幾年的 Avant 產品線。

(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. Most of my questions have been answered, but just -- I may have missed this. Can you comment on channel inventories, your lead times and any supply-related issues that may have come up in the last quarter that weren't there last quarter?

恭喜，伙計們。我的大部分問題都已得到解答，但只是——我可能錯過了這一點。您能否評論渠道庫存、您的交貨時間以及上個季度可能出現但上個季度未出現的任何與供應相關的問題？

Yes. Thanks, Hans. Actually, I'm glad you asked about that. So when Sherri was talking earlier, she was talking about Lattice-owned inventory. Now if you look at channel inventory, which is inventory that's sitting at our distributors, and the vast majority of our revenue flows through distribution, the channel inventory is quite lean. It continues to be quite lean. And in fact, from Q3 to Q4, we saw our channel inventory roughly flat, slightly down sequentially from Q3 to Q4. But if you look at where we ended the year 2022 in distributor inventory and you compare that to the historical norms that we've seen over many years, the inventory in the channel remains lean relative to historic norms. And over -- at some point over the coming quarters, we do need to replenish that inventory and get it back to what we'd consider -- what we and our distributors would consider more normal levels of inventory.

是的。謝謝，漢斯。事實上，我很高興你問這個問題。所以當 Sherri 早些時候談論時，她談論的是 Lattice 擁有的庫存。現在，如果你看一下渠道庫存，這是我們分銷商的庫存，我們的絕大部分收入都來自分銷渠道，渠道庫存非常少。它仍然很瘦。事實上，從第三季度到第四季度，我們看到我們的渠道庫存大致持平，從第三季度到第四季度略有下降。但是，如果你看看我們在 2022 年結束時的分銷商庫存，並將其與我們多年來看到的歷史標准進行比較，就會發現渠道庫存相對於歷史標準仍然偏低。而且——在未來幾個季度的某個時候，我們確實需要補充庫存並將其恢復到我們考慮的水平——我們和我們的分銷商認為更正常的庫存水平。

In terms of -- your second part was around lead times. Let's say, in general, our lead times have come down and continue to improve. I think as the overall semiconductor supply chain has certainly improved over the last 12 months just in terms of availability of capacity at both wafers as well as assembly and test houses, that certainly improved our supply chain capacity and availability. And so we're certainly seeing lead times come down. We expect lead times to continue to improve.

就 — 你的第二部分是關於交貨時間的。比方說，總的來說，我們的交貨時間已經下降並繼續改善。我認為，在過去 12 個月中，整個半導體供應鏈在晶圓以及組裝和測試廠的產能可用性方面肯定有所改善，這無疑提高了我們的供應鏈產能和可用性。所以我們肯定會看到交貨時間下降。我們預計交貨時間將繼續縮短。

And then last part of your question was around supplier issues. Nothing that sticks out of note in terms of any disruptions in terms of suppliers over the past quarter. Our supply chain is running quite well. And we've been able to build -- actually build inventory, as Sherri touched on Lattice inventory, which we view as very positive, to support growth. So I would say the supply chain overall running quite well at the moment.

然後你的問題的最後一部分是關於供應商問題的。就過去一個季度供應商的任何中斷而言，沒有什麼值得注意的。我們的供應鏈運行良好。我們已經能夠建立——實際上是建立庫存，正如雪莉談到萊迪思庫存，我們認為這是非常積極的，以支持增長。所以我想說目前供應鏈整體運行良好。

Great. Congrats again.

偉大的。再次恭喜。

Thanks, Hans.

謝謝，漢斯。

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

我們已經結束了問答環節。我現在將把電話轉回給萊迪思的首席執行官吉姆安德森，讓他發表結束語。

Thank you, operator, and thanks, everyone, for joining us on today's call. So when we look back, 2022 really was another great year for Lattice. I want to -- once again, I want to thank the Lattice team as well as our partners and our customers for all their dedication and support not just in 2022, but overall the past years. And as we kick off 2023, we're certainly looking forward to another strong year for Lattice as we continue to rapidly expand the product lines of Lattice, but also drive new levels of innovation for our customers. Operator, that concludes today's call.

謝謝接線員，也感謝大家參加今天的電話會議。因此，當我們回顧過去時，2022 年對 Lattice 來說確實又是偉大的一年。我想——再次感謝萊迪思團隊以及我們的合作夥伴和我們的客戶，感謝他們不僅在 2022 年，而且在過去幾年裡的所有奉獻和支持。在我們開啟 2023 年之際，我們當然期待萊迪思迎來又一個強勁的一年，因為我們將繼續快速擴展萊迪思的產品線，同時也為我們的客戶推動新的創新水平。接線員，今天的電話會議到此結束。

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

今天的會議到此結束，此時你們可以掛斷電話。感謝您的參與。