萊迪思半導體 (LSCC) 2023 Q1 法說會逐字稿

Hello, and welcome to the Lattice Semiconductor First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎來到萊迪思半導體 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It's now my pleasure to turn the call over to Rick Muscha, Senior Director of Investor Relations. Please go ahead.

現在我很高興將電話轉給投資者關係高級總監 Rick Muscha。請繼續。

Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Lattice's President and CEO; and Sherri Luther, Lattice's CFO. We will provide a financial and business review of the first quarter of 2023 and the business outlook for the second 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萊迪思總裁兼首席執行官 Jim Anderson；和萊迪思的首席財務官 Sherri Luther。我們將提供 2023 年第一季度的財務和業務回顧以及 2023 年第二季度的業務展望。如果您還沒有獲得我們的收益新聞稿副本，可以在我們公司網站的投資者關係中找到latticesemi.com 上的部分。

I'd like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions based on information that is currently available, and actual results may differ materially. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

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

This call includes and constitutes the company's official guidance for the second 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.

此電話會議包括並構成公司 2023 年第二季度的官方指南。如果在本次電話會議後的任何時候，我們傳達了對本指南的任何重大更改，我們打算使用公共論壇（例如新聞稿）進行此類更新或公開宣布的電話會議。

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 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 財務措施的調節，可以在我們網站 latticesemi.com 的投資者關係部分找到。

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

現在讓我把電話轉給我們的首席執行官吉姆安德森。

Thank you, Rick, and thank you, everyone, for joining us on our call today. We delivered strong results in Q1 with record quarterly revenue, which grew 22% year-over-year, and non-GAAP net income growth of 36% year-over-year. While we're certainly not immune to any macroeconomic challenges impacting the industry, growth in our core strategic markets was driven by growing demand for our leadership product portfolio, strong customer momentum and solid execution.

謝謝你，里克，也謝謝大家今天加入我們的電話會議。我們在第一季度取得了強勁的業績，季度收入創歷史新高，同比增長 22%，非 GAAP 淨收入同比增長 36%。雖然我們當然不能免受影響該行業的任何宏觀經濟挑戰的影響，但我們核心戰略市場的增長是由對我們領先產品組合的需求不斷增長、強勁的客戶勢頭和穩健的執行力推動的。

Let me touch on a few Q1 highlights. In addition to the strong revenue growth, we expanded non-GAAP gross margin by 260 basis points year-over-year to a record 70.3%. We achieved record non-GAAP operating profit of 41%, which was an increase of 470 basis points year-over-year. We further expanded our product portfolio with the recent launch of the sixth device family based on our Nexus platform while we launched enhanced versions of multiple software solution stacks as we continue to expand our software portfolio.

讓我談談第一季度的一些亮點。除了強勁的收入增長外，我們的非美國通用會計準則毛利率同比增長 260 個基點，達到創紀錄的 70.3%。我們實現了創紀錄的非美國通用會計準則營業利潤 41%，同比增長 470 個基點。我們最近推出了基於 Nexus 平台的第六個設備系列，進一步擴展了我們的產品組合，同時隨著我們繼續擴展我們的軟件組合，我們推出了多個軟件解決方案堆棧的增強版本。

Let me now provide an overview of our business by end market. In the communications and computing market, revenue was down 9% sequentially and up 4% on a year-over-year basis. As we expected, the sequential decline in revenue in this segment was primarily due to softer industry-wide server end market demand. However, we continue to see this segment as a long-term growth driver for the company as it includes multiple growth vectors such as content expansion in data center servers, new greenfield client computing designs and growth in 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，收入環比下降 9%，同比增長 4%。正如我們預期的那樣，該部門收入環比下降主要是由於全行業服務器端市場需求疲軟。然而，我們繼續將這一領域視為公司的長期增長動力，因為它包括多個增長向量，例如數據中心服務器的內容擴展、新的綠地客戶端計算設計以及無線基礎設施和數據中心網絡的增長。

Turning now to the industrial and automotive market. Revenue increased 21% sequentially and was up 55% on a year-over-year basis. Q1 growth reflects strong customer adoption of Lattice solutions and new design wins across a broad range of applications, including 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 21%，同比增長 55%。第一季度的增長反映出客戶對萊迪思解決方案的廣泛採用以及新設計在廣泛應用領域的成功，包括工業自動化和機器人技術以及汽車 ADAS 和信息娛樂系統。

I'll now provide some product road map highlights. We're pleased to announce that MachXO5-NX began production shipments in Q1, which is our fifth Nexus device family to enter production. We also recently introduced MachXO5T-NX, the sixth device family built on the Lattice Nexus platform. This device family provides advanced system control in multiple applications, including data center networking, machine vision and industrial IoT.

我現在將提供一些產品路線圖亮點。我們很高興地宣布，MachXO5-NX 在第一季度開始生產出貨，這是我們第五個投入生產的 Nexus 設備系列。我們最近還推出了基於 Lattice Nexus 平台的第六個器件系列 MachXO5T-NX。該器件系列在多種應用中提供高級系統控制，包括數據中心網絡、機器視覺和工業物聯網。

Overall, we continue to be pleased with the broad adoption of our Nexus-based products, and our commitment to continued investment and expansion of our Nexus platform has further strengthened our leadership position in the small FPGA segment.

總的來說，我們對我們基於 Nexus 的產品的廣泛採用感到高興，我們對繼續投資和擴展我們的 Nexus 平台的承諾進一步鞏固了我們在小型 FPGA 領域的領導地位。

We also continue to be pleased with progress on our new Lattice Avant platform, which launched in early December. Avant is targeted at mid-range FPGA applications and doubles our addressable market and creates new greenfield revenue opportunities for Lattice as it ramps over the coming years. Customer engagement and momentum continues to grow, and we look forward to launching 2 new Avant device families later this year.

我們也繼續對 12 月初推出的新 Lattice Avant 平台的進展感到滿意。 Avant 以中檔 FPGA 應用為目標，將我們的目標市場擴大一倍，並在萊迪思未來幾年的發展中為萊迪思創造新的綠地收入機會。客戶參與度和勢頭持續增長，我們期待在今年晚些時候推出 2 個新的 Avant 設備系列。

Turning now to our software strategy. As we discussed over the past few years, software is a key component of our strategy, and we've been increasing investments in our software portfolio. These investments are driving faster customer adoption of Lattice products. Over half of our new silicon design wins are now enabled by at least one of our software solution stacks, which increases the value that we're delivering to our customers and the long-term stickiness of our products. In Q1, we expanded the capabilities of 3 of our solution stacks, and we expect our expanding software portfolio to remain a key driver of customer enablement and momentum.

現在轉向我們的軟件戰略。正如我們在過去幾年中討論的那樣，軟件是我們戰略的關鍵組成部分，我們一直在增加對軟件產品組合的投資。這些投資正在推動客戶更快地採用萊迪思產品。現在，我們至少有一個軟件解決方案堆棧支持我們一半以上的新矽設計勝利，這增加了我們為客戶提供的價值和我們產品的長期粘性。在第一季度，我們擴展了 3 個解決方案堆棧的功能，我們預計我們不斷擴展的軟件產品組合仍將是客戶支持和發展勢頭的關鍵驅動力。

In summary, while we're certainly not immune to any macroeconomic challenges impacting the industry, Lattice continues to be well positioned in long-term secular growth markets with an expanding product portfolio, accelerating customer momentum and strong financial execution. We look forward to sharing more about our future plans at our Investor Day on May 15.

總而言之，雖然我們當然不能倖免於影響該行業的任何宏觀經濟挑戰，但萊迪思憑藉不斷擴大的產品組合、加速的客戶動力和強大的財務執行力，繼續在長期長期增長的市場中處於有利地位。我們期待在 5 月 15 日的投資者日分享更多關於我們未來計劃的信息。

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

我現在將電話轉給我們的首席財務官 Sherri Luther。

Thank you, Jim. We are pleased with our strong financial results in Q1 with record profitability driven by double-digit revenue growth and continued gross margin expansion. We continue to focus on cash generation while investing in our long-term product road map. We also returned capital to our shareholders through our tenth consecutive quarter of share buybacks.

謝謝你，吉姆。我們對第一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。我們繼續專注於現金產生，同時投資於我們的長期產品路線圖。我們還通過連續第十個季度的股票回購向股東返還資金。

Let me now provide a summary of our results. First quarter revenue was a record $184.3 million, up 5% sequentially from the fourth quarter and up 22% year-over-year. Q1 was the 12th consecutive quarter of sequential revenue growth. Revenue continued to grow year-over-year in our 2 strategic market segments of Industrial and Automotive and Communications and Computing.

現在讓我總結一下我們的結果。第一季度收入達到創紀錄的 1.843 億美元，環比增長 5%，同比增長 22%。第一季度是收入連續第 12 個季度增長。我們的工業和汽車以及通信和計算這兩個戰略細分市場的收入繼續同比增長。

Our non-GAAP gross margin increased 30 basis points to a record 70.3% in Q1 compared to the prior quarter and was up 260 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 on our gross margin expansion strategy, which is now in its fifth year.

我們的非美國通用會計準則毛利率在第一季度比上一季度增長了 30 個基點，達到創紀錄的 70.3%，比去年同期增長了 260 個基點。毛利率的環比和同比增長繼續受到我們毛利率擴張戰略強有力執行的推動，該戰略現已進入第五個年頭。

Non-GAAP operating expenses were $54 million compared to $52.5 million in the prior quarter and $47.2 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, customer support and demand creation.

非 GAAP 運營費用為 5400 萬美元，上一季度為 5250 萬美元，去年同期為 4720 萬美元。隨著我們繼續對我們的產品組合、客戶支持和需求創造進行投資，研發和 SG&A 費用均有所增加。

Our non-GAAP operating margin increased 80 basis points to a record 41% in Q1 compared to the prior quarter and was up 470 basis points compared to the year ago quarter. We continue to balance operating margin expansion with investments that will drive Lattice's long-term revenue growth.

我們的非美國通用會計準則營業利潤率在第一季度比上一季度增長了 80 個基點，達到創紀錄的 41%，比去年同期增長了 470 個基點。我們繼續在營業利潤率擴張與推動萊迪思長期收入增長的投資之間取得平衡。

Q1 non-GAAP tax expense increased to $3.2 million primarily due to tax reform changes related to the capitalization of R&D costs. Q1 earnings per diluted share was $0.51 compared to $0.37 in the year-ago quarter, which represents 37% year-over-year growth, which is faster than the rate of revenue growth.

第一季度非 GAAP 稅收支出增加至 320 萬美元，這主要是由於與研發成本資本化相關的稅收改革變化。第一季度攤薄後每股收益為 0.51 美元，而去年同期為 0.37 美元，同比增長 37%，高於收入增長率。

Cash generation continues to be a priority. We ended the quarter with $112 million in cash after repurchasing 119,000 shares or $10 million in stock, and we also paid down $25 million on our credit revolver. Subsequent to the end of the quarter, we paid down an additional $60 million on our credit revolver.

現金產生仍然是一個優先事項。在回購 119,000 股股票或 1000 萬美元的股票後，我們在本季度結束時以 1.12 億美元的現金結束，我們還支付了 2500 萬美元的信貸循環。在本季度末，我們又支付了 6000 萬美元的信貸循環。

Let me now review our outlook for the second quarter. Revenue for the second quarter of 2023 is expected to be between $183 million and $193 million. Gross margin is expected to be 70%, plus or minus 1%, on a non-GAAP basis. Total operating expenses for the second quarter are expected to be between $56 million and $58 million on a non-GAAP basis.

現在讓我回顧一下我們對第二季度的展望。 2023 年第二季度的收入預計在 1.83 億美元至 1.93 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，第二季度的總運營費用預計在 5600 萬美元至 5800 萬美元之間。

In closing, I'm very pleased with our strong financial results and continued execution despite the macroeconomic challenges impacting the industry. We are looking forward to our Investor Day on May 15 when we will share our plans of how we continue to build long-term shareholder value.

最後，我對我們強勁的財務業績和持續執行感到非常滿意，儘管宏觀經濟挑戰影響了該行業。我們期待著 5 月 15 日的投資者日，屆時我們將分享我們如何繼續建立長期股東價值的計劃。

Operator, we can now open the call for questions.

接線員，我們現在可以打開問題電話了。

(Operator Instructions) Our first question today is coming from Matt Ramsay from TD Cowen.

（操作員說明）我們今天的第一個問題來自 TD Cowen 的 Matt Ramsay。

Jim, I wanted to start my first question, I think, in Sherri's script. She mentioned 12 consecutive quarters of sequential revenue growth, which is remarkable. And you guys just put up 22% growth in Q1, which is a lot better than the industry is doing, let's say. Maybe you could talk to us a little bit about the drivers of the growth now as you continue to consolidate share in the low-tier FPGA market. And then in particular, do you feel comfortable -- one of the questions I get as you've gone -- put up this much growth is do you feel comfortable with where distributor and channel inventory is and the inventory levels so we can still see further growth going forward at maybe a similar pace.

吉姆，我想我想用雪莉的劇本開始我的第一個問題。她提到了連續 12 個季度的連續收入增長，這是非常了不起的。你們剛剛在第一季度實現了 22% 的增長，這比行業的表現要好得多，比方說。隨著您繼續鞏固在低端 FPGA 市場的份額，也許您可以和我們談談現在增長的驅動因素。然後特別是，你覺得舒服嗎 - 你離開時我得到的問題之一 - 實現如此大的增長是你對分銷商和渠道庫存的位置以及庫存水平感到滿意，以便我們仍然可以看到未來可能會以類似的速度進一步增長。

Thanks for the question, Matt. Yes, we're quite pleased with the results that we saw in Q1, in particular, the year-over-year growth of 22%. We feel like we're off to kind of a good start for the year, especially considering over the last 2 years, we've grown at over 20% per year and, like I said, 12 consecutive quarters of growth. So we feel good about that.

謝謝你的問題，馬特。是的，我們對第一季度的結果感到非常滿意，尤其是 22% 的同比增長。我們覺得我們今年有了一個良好的開端，特別是考慮到過去兩年，我們每年增長超過 20%，就像我說的，連續 12 個季度增長。所以我們對此感覺很好。

I attribute it to really 2 things: number one, from a market perspective, we positioned the company in, I think, the right long-term secular growth markets, and we have really strong Lattice-specific growth drivers within those markets; and then number two is product portfolio expansion where, right now, we're in the midst of, I would say, the largest product portfolio expansion the company has ever done in its history. And so I think both of those have just positioned us really good for growth.

我將其歸因於兩件事：第一，從市場的角度來看，我認為我們將公司定位在正確的長期長期增長市場，並且我們在這些市場中擁有非常強大的萊迪思特定增長動力；然後是第二個是產品組合擴展，我想說，現在我們正處於公司歷史上最大的產品組合擴展之中。因此，我認為這兩者都使我們真正有利於增長。

On the first one, just a little bit more color, from a market perspective, we're certainly pleased with our continued progress in the Industrial and Automotive segment. Industrial robotics, industrial automation, automotive electronics like ADAS and infotainment systems, all of those applications are really good applications for Lattice devices. The power efficiency that we bring, the flexibility, the increasing software content that we're delivering to our customers, all of those help us bring really unique and, I think, compelling solutions to our customers. And that growth that we're seeing in those segments is really driven by design wins that we've accumulated and driven over the last 1, 2, 3, 4 years, in those design wins entering production. So we're quite pleased with the growth that we see in that segment.

第一個，從市場的角度來看，只是多了一點顏色，我們當然對我們在工業和汽車領域的持續進步感到滿意。工業機器人、工業自動化、ADAS 等汽車電子和信息娛樂系統，所有這些應用都是萊迪思器件的絕佳應用。我們帶來的能源效率、靈活性、我們向客戶提供的不斷增加的軟件內容，所有這些都幫助我們為客戶帶來真正獨特且引人注目的解決方案。我們在這些領域看到的增長實際上是由我們在過去 1、2、3、4 年中積累和推動的設計勝利推動的，這些設計勝利進入了生產階段。因此，我們對該領域的增長感到非常滿意。

And Comms and Computing, even though we saw some sequential decline in that segment, we again chalked up growth on a year-over-year perspective from that segment, and I think that stands out relative to the industry. And there again, we see growth in content expansion, in servers, good growth in data center networking, wireless infrastructure, so a number of specific growth vectors there.

而通信和計算，儘管我們看到該細分市場出現了一些連續下降，但我們再次從該細分市場的同比增長角度來看，我認為這相對於行業而言是突出的。再一次，我們看到內容擴展、服務器、數據中心網絡、無線基礎設施的良好增長，以及一些特定的增長向量。

And then like I said, on number two, on the product expansion, we continue to expand out our small FPGA platform of Nexus. Just got our fifth device family into production. Number 6, we just launched. And Avant is still ahead of us in terms of revenue ramp. We're just kind of just getting started with Avant this year. And so we're pretty excited about the continued product expansion.

然後就像我說的，第二，在產品擴展方面，我們繼續擴展我們的 Nexus 小型 FPGA 平台。剛剛將我們的第五個設備系列投入生產。第六，我們剛剛推出。就收入增長而言，Avant 仍然領先於我們。今年我們才剛剛開始使用 Avant。因此，我們對持續的產品擴展感到非常興奮。

And I think the last part of your question was around disti and channel inventory. When I look at our distribution and channel inventory at the end of Q1, relatively -- it was relatively unchanged from the end of last year Q4. And our disti and channel inventory is still low relative to what we would consider normal levels of inventory. So when you look at the channel inventory and say, "Well, that's what's pretty healthy," and over time, we'll need to replenish that a bit. And so we feel well positioned for long-term growth for the company. We're certainly not immune to any of the macroeconomic challenges or any demand fluctuations in our end markets, but we feel really well positioned over the long term.

我認為你問題的最後一部分是關於分銷和渠道庫存的。當我查看我們在第一季度末的分銷和渠道庫存時，與去年第四季度末相比相對沒有變化。相對於我們認為的正常庫存水平，我們的分銷和渠道庫存仍然較低。因此，當您查看渠道庫存並說，“嗯，這就是非常健康的東西”，隨著時間的推移，我們需要補充一點。因此，我們為公司的長期增長做好了準備。我們當然不能倖免於任何宏觀經濟挑戰或終端市場的任何需求波動，但從長遠來看，我們確實處於有利地位。

As my follow-up, you mentioned in some of your commentary, Sherri, the growth in the Auto and Industrial segment being really, really strong, but Comms and Computing, it's no secret that there's been some temporary server build softness and also some softness in the PC market that seems to be bottoming and maybe starting to turn. So if you could maybe talk us through the next couple of quarters in that particular segment, maybe lead times for your devices relative to when servers ship or when PC builds start to turn around, if you could just kind of walk us through how should we think about the sort of reacceleration of that segment if those end markets do turn.

作為我的後續行動，你在一些評論中提到，Sherri，汽車和工業領域的增長真的非常強勁，但是通信和計算，這已經不是什麼秘密了，服務器構建有一些暫時的疲軟，也有一些疲軟在 PC 市場，似乎觸底，也許開始轉向。因此，如果您能談談該特定細分市場接下來幾個季度的情況，也許您的設備的交貨時間與服務器發貨時間或 PC 構建開始周轉時間有關，如果您能告訴我們我們應該如何做如果這些終端市場確實轉向，請考慮該細分市場的重新加速。

Yes. Thanks, Matt. Yes, we've certainly seen just -- along with everybody else in the industry, we've certainly seen some end market unit softness in most servers and PCs. For us, servers is a bigger factor. Our position of revenue in servers is much larger than what we have in PCs at this point, although we see PCs as a continued long-term large TAM opportunity for the company.

是的。謝謝，馬特。是的，我們當然已經看到 - 與行業中的其他人一樣，我們肯定已經看到大多數服務器和 PC 的終端市場單位疲軟。對我們來說，服務器是一個更大的因素。目前，我們在服務器領域的收入地位比我們在 PC 領域的收入地位要大得多，儘管我們認為 PC 對公司來說是一個持續的長期大型 TAM 機會。

But in the server space, both hyperscale and enterprise servers, that's been a great growth area for us for at least the last 3 to 4 years. Actually, Comms and Compute has grown double digits for us now, as of the end of last year, 4 years in a row, servers being one of the main drivers of that.

但在服務器領域，無論是超大規模服務器還是企業服務器，至少在過去的 3 到 4 年裡，這對我們來說都是一個巨大的增長領域。實際上，截至去年年底，Comms and Compute 已經連續 4 年增長了兩位數，服務器是其中的主要驅動力之一。

But for us, most of that revenue growth in servers has actually been driven by content expansion. That's either higher attach rates, higher ASPs. That's been a much bigger factor for us than the underlying server unit growth in terms of the server TAM. And we expect that to continue to be the bigger driver for us over the long term, the continued expansion of dollars and content for Lattice. We continue to see great areas of opportunity to grow that, and we expect that to be the bigger factor in our continued growth.

但對我們來說，服務器收入增長的大部分實際上是由內容擴展推動的。那要么是更高的附加率，要么是更高的 ASP。就服務器 TAM 而言，這對我們來說比基礎服務器單元增長要大得多。從長遠來看，我們預計這將繼續成為我們更大的驅動力，即 Lattice 的美元和內容的持續擴張。我們繼續看到發展這一領域的巨大機會，我們預計這將成為我們持續增長的更大因素。

That said, to the extent that there starts to be a pickup in end market server demand, we would expect to benefit from that. Generally, we would benefit from that maybe a quarter or so ahead of when the actual servers start to ship just given the systems getting built and our chips getting ordered ahead of time. So we would expect to see a pickup about a quarter ahead and server deployments yet. But again, I'd stress that the majority of our growth in that segment is really more driven around, again, that dollars of content per server.

也就是說，如果終端市場服務器需求開始回升，我們預計將從中受益。通常，考慮到系統正在構建並且我們的芯片已提前訂購，我們可能會比實際服務器開始發貨提前四分之一左右受益。因此，我們預計會提前一個季度看到回升，並且還會部署服務器。但我要再次強調，我們在該領域的大部分增長實際上更多地是圍繞著每台服務器的內容美元。

Next question is coming from Tristan Gerra from Baird.

下一個問題來自 Baird 的 Tristan Gerra。

Great gross margin showing in terms of results and guidance. Could you talk about the driver and also how sustainable that is, if you could talk about the key drivers and your expectation for pricing for the rest of the year?

在結果和指導方面顯示出巨大的毛利率。如果你能談談關鍵驅動因素和你對今年剩餘時間定價的期望，你能談談驅動因素以及它的可持續性嗎？

Yes. Thank you, Tristan, for the question. So we're really very pleased with another record quarter gross margin for us, 70.3%, a 260 basis point improvement year-over-year. As I mentioned in my prepared remarks, I mean, we're now in our fifth year of our gross margin expansion strategy where we've driven 1,360 basis points improvement since we started this program in 2019. And really, the drivers are multiple factors. New products have added value to our gross margin, pricing optimization, mix, product cost efficiencies, all of those items have been factors that have contributed to us expanding our gross margin. So we'll continue to focus on gross margin, and we look forward to our Investor Day on May 15 where we'll give you an updated financial model at that time.

是的。特里斯坦，謝謝你提出這個問題。因此，我們真的很高興我們的季度毛利率再創紀錄，達到 70.3%，同比提高 260 個基點。正如我在準備好的發言中提到的，我的意思是，我們現在已進入毛利率擴張戰略的第五個年頭，自 2019 年啟動該計劃以來，我們已經推動了 1,360 個基點的改善。實際上，驅動因素是多種因素.新產品為我們的毛利率、定價優化、產品組合、產品成本效率增加了價值，所有這些項目都是有助於我們擴大毛利率的因素。因此，我們將繼續關注毛利率，我們期待 5 月 15 日的投資者日，屆時我們將為您提供更新的財務模型。

Yes, and maybe I'll jump in. I think Tristan also asked about pricing at the very end of the question. Tristan, just to address the pricing perspective, I think you're asking kind of go-forward pricing. We believe our pricing is durable. As Sherri mentioned, part of that gross margin improvement initiative that we've been working on over the past, now our fifth year, is that included pricing optimization and just, frankly, better pricing discipline within the company. And so we feel like we've built some strong muscles around pricing and we feel like our pricing is durable.

是的，也許我會加入。我想特里斯坦也在問題的最後詢問了定價。特里斯坦，只是為了解決定價問題，我認為你是在問一種前瞻性定價。我們相信我們的定價是持久的。正如雪莉所提到的，我們過去一直致力於提高毛利率的計劃的一部分，現在是我們的第五個年頭，其中包括定價優化，坦率地說，公司內部更好的定價紀律。所以我們覺得我們在定價方面建立了一些強大的力量，我們覺得我們的定價是持久的。

And also, what I would add is we've added a tremendous amount of software content to our software portfolio. And we see increasing adoption from our customers of our higher-level software, our application solution stack. The adoption rate -- or attach rate's now over 50%. And software, when it's adopted by our customers, that also helps us secure higher ASPs and helps drive generally better solutions to our customer and better ASPs for us over the long term. And so that's a net tailwind to our ASPs over time as well.

而且，我要補充的是，我們已經在我們的軟件產品組合中添加了大量的軟件內容。我們看到客戶越來越多地採用我們的高級軟件，我們的應用程序解決方案堆棧。採用率 - 或附加率現在超過 50%。和軟件，當它被我們的客戶採用時，這也有助於我們獲得更高的 ASP，並有助於為我們的客戶提供更好的解決方案，並長期為我們提供更好的 ASP。因此，隨著時間的推移，這對我們的 ASP 來說也是一個淨順風。

Great. And then for my follow-up, you've mentioned the attach rate above 1 in data center. You mentioned just on this Q&A that you expect the attach rate will continue to increase. So if you could talk about the drivers. Obviously, as you expect to continue to outpace data center units, what are going to be the driver for attach rate to go even beyond where they are today and/or the ASPs to go further? Is that going to be reliant on new products? Or do you feel that there is more functionality that you can address or that your existing products already addressing in data center? Any color on that path for continued expansion of data center.

偉大的。然後對於我的後續行動，你提到了數據中心的附加率高於 1。你剛才在這個問答中提到你預計附加率將繼續增加。所以，如果你能談談驅動程序。顯然，正如您期望繼續超過數據中心單元一樣，連接率甚至超過當前水平和/或 ASP 走得更遠的驅動力是什麼？這會依賴於新產品嗎？或者您是否覺得有更多的功能可以解決，或者您的現有產品已經在數據中心解決了？該路徑上的任何顏色用於數據中心的持續擴展。

Yes, it's a great question, Tristan. And let me talk about both parts, the attach rate and the ASP expansion, which combined to drive dollars of content per server. On attach rates, which are now, I would say, well above 1x, we continue to see more opportunities across the server infrastructure for more Lattice chips to be used within the server, whether it's on the motherboard itself or the cards that are attached into the motherboard or just sort of multiple different places where we can see additional Lattice chips being adopted. And so we continue to see more opportunity there, number one.

是的，這是一個很好的問題，特里斯坦。讓我談談附加率和 ASP 擴展這兩個部分，它們共同推動了每台服務器的內容收入。關於附加率，我想說現在遠高於 1 倍，我們繼續看到整個服務器基礎設施有更多機會在服務器內使用更多萊迪思芯片，無論是在主板本身還是連接到的卡上主板或多個不同的地方，我們可以看到採用了額外的萊迪思芯片。因此，我們繼續在那裡看到更多機會，第一。

And then number two, and you kind of alluded to this, is as we bring more functionality, more capability through our new products, new devices through the new software that we're developing, and even with Avant coming out as well, we see opportunities to just bring additional content and capability to servers just like we've been doing over the past 4 to 5 years. And so when you combine that opportunity to continue to bring more content, which brings higher ASPs, with continued growth in attach rates, we continue to see this as a really good growth area for the company.

然後第二點，你有點提到了這一點，是因為我們通過我們的新產品帶來了更多的功能，更多的能力，通過我們正在開發的新軟件帶來了新的設備，甚至隨著 Avant 的出現，我們看到就像我們在過去 4 到 5 年所做的那樣，有機會為服務器帶來額外的內容和功能。因此，當您結合這個機會繼續帶來更多內容，從而帶來更高的平均售價，以及附加率的持續增長時，我們繼續將其視為公司非常好的增長領域。

And you should expect us to talk in a little bit more detail about this at our upcoming Investor Day. We'll give some more kind of specific examples of where we see continued opportunity in the server and data center infrastructure segment.

你應該期待我們在即將到來的投資者日更詳細地討論這個問題。我們將提供更多具體示例，說明我們在服務器和數據中心基礎設施領域看到持續機會的地方。

Next question is coming from Christopher Rolland from Susquehanna.

下一個問題來自 Susquehanna 的 Christopher Rolland。

I was wondering, I don't think you guys have given this before, but I have a feeling it's growing a little bit more. I was wondering about auto as a percentage of total in I&A now. You mentioned ADAS, but would love to know what's driving that? Or is it really just purely industrial automation? And then also, sometimes you guys kind of force-rank the segments. I'd love a little bit of color there, too.

我想知道，我認為你們以前沒有給出過這個，但我感覺它正在增長一點。我想知道汽車現在佔 I&A 總數的百分比。您提到了 ADAS，但很想知道是什麼在驅動它？或者它真的只是純粹的工業自動化？然後，有時你們也會對這些細分市場進行強制排名。我也喜歡那裡有一點顏色。

Yes. Thanks, Chris. So on automotive, yes, we're very pleased with the continued progress on automotive electronics. And it's a combination of ADAS and infotainment applications, many different places where a power efficient, flexible, adaptable chip like we provide can be used in automotive electronics applications, both for EV applications but also for the increasing electronic content that's growing even within gas-powered cars, right? So we're pleased with the growth that we've seen.

是的。謝謝，克里斯。所以在汽車方面，是的，我們對汽車電子產品的持續進步感到非常高興。它是 ADAS 和信息娛樂應用的組合，在許多不同的地方，我們提供的節能、靈活、適應性強的芯片可用於汽車電子應用，既可用於 EV 應用，也可用於不斷增加的電子內容，甚至在天然氣中也在增長-動力汽車，對吧？因此，我們對我們所看到的增長感到滿意。

In the most recent full year, Automotive and Industrial overall grew very strong. I think it was about 41% year-over-year, but our automotive business actually grew well above that. And in the most recent quarter, Q1, we again saw very strong growth in automotive. And so we see this as a really good growth area for the company, very kind of compelling and exciting design win pipeline that we have ahead of us. And so we feel good about that growth.

在最近的一個全年，汽車和工業的整體增長非常強勁。我認為同比增長約為 41%，但我們的汽車業務實際上增長遠高於此。在最近一個季度，即第一季度，我們再次看到汽車行業的強勁增長。因此，我們認為這對公司來說是一個非常好的增長領域，我們前面有非常引人注目和令人興奮的設計獲勝管道。因此，我們對這種增長感覺良好。

Now that said, it is still the smaller portion of that segment, but we're pleased with the growth of it. But we are seeing strong growth in industrial automation robotics applications as well. Although over the past quarters, automotive has been growing a bit faster, we're still quite pleased with the growth we're seeing throughout the industrial segment in many different applications, especially when it relates to automation and robotics.

話雖如此，它仍然是該細分市場的較小部分，但我們對其增長感到滿意。但我們也看到工業自動化機器人應用的強勁增長。儘管在過去幾個季度中，汽車行業的增長速度有所加快，但我們仍然對整個工業領域在許多不同應用中看到的增長感到非常滿意，尤其是在與自動化和機器人技術相關的領域。

Great, yes. And if you can kind of force-rank the segments and give us an idea of where you think we may have more or less strength in the next quarter.

太好了，是的。而且，如果您可以對這些細分市場進行某種程度的排名，並讓我們了解您認為我們在下一季度可能或多或少有實力的地方。

Well, in terms of next quarter, if you look at Q2, I would expect, on a sequential basis, certainly, if you take the midpoint of our guide for Q2, we've guided up sequentially, I would expect the sequential growth in industrial and automotive. I would expect Comms and Computing to be sequentially flat, but overall, for the revenue to be sequentially up based on the midpoint.

好吧，就下個季度而言，如果你看一下第二季度，我預計，在連續的基礎上，當然，如果你採用我們對第二季度指南的中點，我們已經連續上調，我預計連續增長工業和汽車。我預計通信和計算業務將按順序持平，但總體而言，收入將根據中點順序上升。

Very helpful. And then just lastly, comms, wireless and wireline, kind of what's going on there? Are there any highly significant drivers coming up here, in your opinion?

很有幫助。最後，通信、無線和有線，那裡發生了什麼？在您看來，這裡有沒有非常重要的驅動因素？

In Q1, we did see a bit of sequential weakness in wireless infrastructure, which I think is pretty consistent with what the industry has seen. So part of that sequential drop that we saw in Comms and Compute, primarily server, but a little bit of it being wireless infrastructure as well. Moving forward, we still see wireless infrastructure as a great long-term growth area for the company, especially given the greater amount of content that we have in 5G base stations and other equipment related to comms infrastructure.

在第一季度，我們確實看到了無線基礎設施的一些連續疲軟，我認為這與行業所看到的非常一致。因此，我們在 Comms 和 Compute 中看到的連續下降的一部分，主要是服務器，但也有一部分是無線基礎設施。展望未來，我們仍然將無線基礎設施視為公司長期增長的重要領域，尤其是考慮到我們在 5G 基站和其他與通信基礎設施相關的設備中擁有更多內容。

The other area of growth that we've talked about more recently that we're excited about is data center networking. We continue to see good growth there and a very healthy design win pipeline there as well. And again, all of this, we'll touch on in more detail at our Investor Day in a couple of weeks from now.

我們最近談到的另一個令我們興奮的增長領域是數據中心網絡。我們繼續在那裡看到良好的增長，並且那裡也有非常健康的設計獲勝管道。再一次，所有這些，我們將在幾週後的投資者日上更詳細地討論。

(Operator Instructions) Our next question is coming from Hans Mosesmann from Rosenblatt Securities.

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

Congratulations. Good results in a tough market. Most of my questions have been answered. But I am curious, Jim, in the new design engagements where software is a big component of that, up until the design win, what is the competitive dynamic for those specific new sockets that you're winning?

恭喜。在艱難的市場中取得好成績。我的大部分問題都已得到解答。但我很好奇，吉姆，在軟件是其中重要組成部分的新設計活動中，在設計獲勝之前，您贏得的那些特定新插座的競爭動態是什麼？

Yes. I think that in general, we feel like we've got a really good competitive position in general. I'll come back to the software part of your comment, but I want to start with just the devices themselves. If you look at Nexus, extremely competitive. Versus other FPGAs that are out there, we're able to deliver power efficiency that's 2 to 3x better than our competition, incredible physical size advantages where our devices are much, much smaller. So I think even at just the device level, we feel really well positioned competitively.

是的。我認為總的來說，我們覺得我們總體上處於非常好的競爭地位。我會回到您評論的軟件部分，但我只想從設備本身開始。如果你看看 Nexus，它非常具有競爭力。與現有的其他 FPGA 相比，我們能夠提供比競爭對手高 2 到 3 倍的能效，在我們的設備小得多的情況下提供令人難以置信的物理尺寸優勢。所以我認為即使只是在設備層面，我們也感覺在競爭中處於有利地位。

And then similar for Avant, as we've launched the first device family based on Avant, we have 2 more device families we're planning to launch this year and more to come in the future, we also feel really well positioned competitively there. And so the devices themselves are competitive. But I think then when we add to that the software capabilities and portfolio that we've built out over the past 4 to 5 years, I think that makes a really compelling combination for our customers.

然後與 Avant 類似，因為我們已經推出了第一個基於 Avant 的設備系列，我們計劃在今年推出另外 2 個設備系列，未來還會推出更多，我們也覺得在競爭中處於非常有利的地位。因此，設備本身俱有競爭力。但我認為，當我們將過去 4 到 5 年建立的軟件功能和產品組合添加到其中時，我認為這對我們的客戶來說是一個非常有吸引力的組合。

Our software solution portfolio, there's now 5 different application-specific software solution stacks for common customer applications. We're seeing great adoption of those software solutions, as I mentioned, the attach rate of our software solutions is now over 50%. And what that software does is that, number one, that helps our customers design our products in very quickly, either helps them switch from a competitor's device to our device quickly but, more importantly, helps them get to market easily and quickly. And that helps drive their time to market but also helps improve our time to revenue.

我們的軟件解決方案組合，現在有 5 種不同的特定於應用程序的軟件解決方案堆棧，適用於常見的客戶應用程序。正如我所提到的，我們看到這些軟件解決方案得到了廣泛採用，我們軟件解決方案的附加率現在超過 50%。該軟件的作用是，第一，幫助我們的客戶非常快速地設計我們的產品，幫助他們快速從競爭對手的設備切換到我們的設備，但更重要的是，幫助他們輕鬆快速地進入市場。這有助於縮短他們的上市時間，也有助於縮短我們的創收時間。

We also believe it creates much more long-term stickiness for our solutions. That software, once it's integrated into their system-level software, that creates multigenerational stickiness for our entire solution, including the silicon. So we feel very good about the software and the level of competitiveness and stickiness that it creates. It's certainly a big investment area for the company. We've been growing investment there for -- we're now in our fifth year of increased investment there, and we continue to be excited about the potential moving forward.

我們還相信它為我們的解決方案創造了更長期的粘性。該軟件一旦集成到他們的系統級軟件中，就會為我們的整個解決方案（包括矽）創造多代粘性。因此，我們對軟件及其創造的競爭力和粘性水平感覺非常好。對於公司來說，這無疑是一個很大的投資領域。我們一直在增加那裡的投資——我們現在已經是在那裡增加投資的第五年了，我們繼續對未來的潛力感到興奮。

That's great. Jim, but what I want to get to is, how does your competition compete against that, specifically? What are they doing to compete against you recently? Or is there any competition down there in the small FPGA? That's what I'm looking for, their behavior. Or your customer behavior is like, "Hey, I got to use you. You're the only guy that can really address this." That's what I'm trying to get to.

那太棒了。吉姆，但我想說的是，您的競爭對手具體如何與之競爭？他們最近在做什麼來與你競爭？還是小型 FPGA 存在競爭？這就是我要尋找的，他們的行為。或者你的客戶行為就像，“嘿，我必須使用你。你是唯一能真正解決這個問題的人。”這就是我想要達到的目的。

Well, I think that what we're doing in the marketplace is we believe it's unique or specific to Lattice. And so I think that combination of silicon, tightly coupled with the specific application solution stacks, we believe that that's a really competitive and compelling offering in cargo place. That's something that's really differentiated versus our competition. And I think our -- we believe our customers recognize that and definitely appreciate that. And we think that's more announced by the adoption rates that we're seeing for our software.

好吧，我認為我們在市場上所做的是我們相信它是萊迪思的獨特或特定的。因此，我認為矽的組合，與特定應用程序解決方案堆棧緊密結合，我們相信這是貨運領域真正具有競爭力和吸引力的產品。與我們的競爭對手相比，這是真正與眾不同的東西。而且我認為我們的 - 我們相信我們的客戶認識到這一點並且非常欣賞這一點。我們認為我們看到的軟件採用率更能說明這一點。

Next question is coming from David Williams from Benchmark Company.

下一個問題來自 Benchmark 公司的 David Williams。

Congrats on the execution. Just quickly, Jim, maybe anything from a geographic mix perspective that surprised you during the quarter. Asia was down again quite a bit this quarter. But just wondering if you're seeing anything in terms of a pit to a rebound there and then maybe what drove the Americas and Europe improvement.

祝賀執行死刑。很快，吉姆，從地理組合的角度來看，也許任何在本季度讓你感到驚訝的事情。亞洲本季度再次大幅下滑。但只是想知道你是否看到了從坑到反彈的任何東西，然後也許是什麼推動了美洲和歐洲的改善。

Thanks, David. So just as a reminder, the revenue breakdown by geography, that's shipped to revenue, so that's where Lattice products are shipped. And it doesn't necessarily reflect where the end product is actually consumed. So I just want to say that from the outset. So you got to keep that in mind. A lot of times where the Lattice product is shipped, the system will be assembled there and shipped to a different geography.

謝謝，大衛。所以提醒一下，按地域劃分的收入細分，這就是收入，這就是萊迪思產品的發貨地。而且它不一定反映最終產品的實際消費地點。所以我只想從一開始就說。所以你必須記住這一點。很多時候，萊迪思產品的發運地，系統將在那裡組裝，然後運往不同的地區。

Now that said, yes, we're pleased to see continued growth in North America and Europe. We've certainly seen strong growth with those customers over a number of quarters. We have seen some softness in the Asia geography. We attribute that to some of the softness that we talked about earlier in terms of server demand. Many servers are assembled in Asia, for instance. But when we look longer term, we see good growth expectations across our geographies over the long term.

現在說，是的，我們很高興看到北美和歐洲的持續增長。在多個季度中，我們當然看到了這些客戶的強勁增長。我們已經看到亞洲地區有些疲軟。我們將其歸因於我們之前在服務器需求方面談到的一些疲軟。例如，許多服務器在亞洲組裝。但當我們從長遠來看時，我們看到我們地區的長期增長預期良好。

Great. And then maybe just from a fungibility standpoint of the products and customers, can you talk maybe about that fungibility, obviously, maybe not specific for the software stack. But just kind of think about the inventory levels and those are fairly flat, up just modestly, but is there much fungibility that you have between those different products and customers?

偉大的。然後也許只是從產品和客戶的可替代性的角度來看，你能不能談談這種可替代性，顯然，也許不是特定於軟件堆棧的。但是想想庫存水平，這些水平相當平穩，只是適度上升，但是這些不同的產品和客戶之間是否存在很多可替代性？

Yes. There's very high fungibility. One of the great things about FPGA is, one of the things I certainly like about FPGA products is, because they're programmable, the same product can get adopted across almost every market that we serve. So we often see -- especially our popular products, we often see those being used across every single market that we serve. And so there's great fungibility across our markets. And I think that's a real strength to the business.

是的。具有非常高的可替代性。 FPGA 的一大優點是，我當然喜歡 FPGA 產品的一件事是，因為它們是可編程的，所以我們服務的幾乎每個市場都可以採用相同的產品。所以我們經常看到——尤其是我們受歡迎的產品，我們經常看到它們在我們服務的每一個市場中被使用。因此，我們的市場具有很大的可替代性。我認為這對企業來說是真正的力量。

(Operator Instructions) Our next question is coming from Ruben Roy from Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Ruben Roy。

Jim, I guess most of my questions have been answered, but I did have a question on software. You started to talk a little bit about this. And I guess when you think about software attach rates and a little over half the design wins having some sort of these soft IP cores involved, is there an upper limit for software attach rate, i.e., are there some end markets or applications where we just wouldn't see software that kind of limits growth? Or is it, if you build the stacks, your customers will come and use software and eventually, maybe not 100%, but that number keep going up?

吉姆，我想我的大部分問題都已得到解答，但我確實有一個關於軟件的問題。你開始談論這個。我想當你考慮軟件附加率時，超過一半的設計獲勝涉及某種軟 IP 核，軟件附加率是否有上限，即是否有一些終端市場或應用程序我們只是不會看到那種限制增長的軟件嗎？或者是，如果你構建了堆棧，你的客戶就會來使用軟件，最終可能不是 100%，但這個數字會繼續上升嗎？

Yes. Thanks, Ruben. I think there is an upper limit. There will always be a certain portion of customers that want to do a lot of the work themselves and won't adopt the software stack. We don't know exactly what that is. We don't believe we've hit that yet. But yes, I would assume that some portion of our customers would not adopt and just use their own software or own specific programming modules. But yes, I can't say that we know what that limit is. We don't believe we've hit it yet.

是的。謝謝，魯本。我認為有一個上限。總會有一部分客戶希望自己完成大量工作，不會採用軟件堆棧。我們不知道那是什麼。我們認為我們還沒有做到這一點。但是，是的，我會假設我們的部分客戶不會採用而只是使用他們自己的軟件或自己的特定編程模塊。但是，是的，我不能說我們知道那個限制是什麼。我們不相信我們已經成功了。

Great. And the follow-up to that is a lot of us investors focus on new products, Nexus and, of course, Avant coming up. But in terms of software and sort of the way you're looking at markets and addressing customers, are the software stacks sort of pulling through interest and adoption of pre-Nexus products, would you say?

偉大的。隨之而來的是，我們很多投資者都關注新產品，Nexus，當然還有即將推出的 Avant。但是就軟件以及您看待市場和解決客戶的方式而言，軟件堆棧是否會引起人們對 Nexus 之前產品的興趣和採用，您會說嗎？

Yes, that's a great question, Ruben, and that's absolutely correct. We've seen, in a lot of cases, software kind of rejuvenate products, older products that have been around for quite a while. And yes, so one of the other benefits that we've seen to the software portfolio is not just helping enabling and driving the new products but actually rejuvenating and lengthening the lifetime of the existing products.

是的，魯本，這是一個很好的問題，而且完全正確。我們已經看到，在很多情況下，軟件使產品煥發活力，已經存在了很長一段時間的舊產品。是的，所以我們看到軟件組合的其他好處之一不僅是幫助啟用和推動新產品，而且實際上是恢復和延長現有產品的生命週期。

So we're quite pleased with that because the amount of incremental investment to activate that on older products is very, very low. And so it's a really good ROI for us. And so we have seen our pre-Nexus products continue to grow in a very healthy way as well. If we look at last year's growth or the most recent Q1 growth, pre-Nexus products continued to be a big growth driver for us as well, and at least part of that is certainly due to software enablement.

所以我們對此感到非常滿意，因為在舊產品上激活它的增量投資量非常非常低。所以這對我們來說是一個非常好的投資回報率。因此，我們看到我們的 Nexus 之前的產品也繼續以非常健康的方式增長。如果我們看看去年的增長或最近第一季度的增長，Nexus 之前的產品也繼續成為我們的重要增長動力，至少部分原因肯定是軟件支持。

That does conclude our question-and-answer session. I'd like to turn the floor back over to the CEO, Mr. Anderson. Please go ahead, sir.

這確實結束了我們的問答環節。我想把發言權交還給首席執行官安德森先生。請繼續，先生。

Yes. Thank you, operator, and thanks again, everyone, for being on the call today. We're certainly pleased with our continued execution and strong results in Q1. And of course, we look forward to sharing more details about all of our future plans at our Investor Day on May 15.

是的。謝謝接線員，再次感謝大家今天的電話會議。我們對第一季度的持續執行和強勁業績感到非常滿意。當然，我們期待在 5 月 15 日的投資者日分享有關我們所有未來計劃的更多詳細信息。

Operator, that concludes today's call.

接線員，今天的電話會議到此結束。

You may now disconnect your lines, and have a wonderful day. We thank you for your participation today.

您現在可以斷開線路，度過美好的一天。感謝您今天的參與。