萊迪思半導體 (LSCC) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Lattice Semiconductor Third Quarter 2023 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, Rick. You may begin.

您好，歡迎參加萊迪思半導體 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係高級總監 Rick Muscha。謝謝你，瑞克。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'll provide a financial and business review of the third quarter of 2023 and the business outlook for the fourth 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。今天與我在一起的有萊迪思總裁兼執行長吉姆·安德森 (Jim Anderson)；和雪莉‧路德 (Sherri Luther)，萊迪思的財務長。我們將提供 2023 年第三季的財務和業務回顧以及 2023 年第四季的業務展望。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中找到latticesemi.com 的關係部分。

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions based on information that is currently available and 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. This call includes and constitutes the company's official guidance for the fourth quarter of 2023.

我想提醒大家，在今天的電話會議中，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。我們希望提醒您，此類陳述是基於目前可用資訊的預測，實際結果可能存在重大差異。我們請您參閱本公司向 SEC 提交的文件，包括我們的 10-K、10-Q 和 8-K。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有重大差異的重要風險因素。此次電話會議包括並構成該公司 2023 年第四季的官方指引。

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

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變更，我們打算透過公共論壇（例如新聞稿或公開宣布的電話會議）來完成此類更新。在本次電話會議中，我們主要指的是非公認會計準則財務指標。透過披露某些非公認會計準則信息，管理層打算向投資者提供更多信息，以便進一步分析公司的業績和基本趨勢。在歷史時期，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調節表，這些調節表可以在我們網站latticesemi.com的投資者關係部分找到。現在讓我將電話轉給我們的執行長吉姆·安德森 (Jim Anderson)。

Thank you, Rick, and thank you, everyone, for joining us on our call today. We delivered solid results in Q3 with quarterly revenue growth of 11% year-over-year, while maintaining healthy gross margins and operating margins. Today, Lattice has the strongest product portfolio in our history in terms of both hardware and software solutions, and we continue to expand our product portfolio at a rapid rate.

謝謝里克，也謝謝大家參加我們今天的電話會議。我們在第三季取得了穩健的業績，季度營收年增 11%，同時維持了健康的毛利率和營業利潤率。如今，萊迪思在硬體和軟體解決方案方面擁有歷史上最強大的產品組合，並且我們將繼續快速擴展我們的產品組合。

We're looking forward to the expected launch of the 2 newest members of our Avant mid-range FPGA family at the Lattice Developers Conference in December. Let me touch on a few Q3 highlights. In addition to the Q3 revenue growth, we achieved a record non-GAAP gross margin of 70.6%, which was an increase of 110 basis points year-over-year. We expanded non-GAAP operating margin by 60 basis points year-over-year to 40.3%, and we generated 40% free cash flow margin. Let me now provide an overview of our business high end market. In the communications and computing market, revenue was up 6% sequentially and down 6% on a year-over-year basis.

我們期待在 12 月的萊迪思開發者大會上推出 Avant 中階 FPGA 系列的 2 個最新成員。讓我談談第三季的一些亮點。除了第三季營收成長外，我們還實現了創紀錄的非 GAAP 毛利率 70.6%，年增 110 個基點。我們的非 GAAP 營業利潤率年增 60 個基點，達到 40.3%，自由現金流利潤率達到 40%。現在讓我概述一下我們的業務高端市場。在通訊和計算市場，營收季增 6%，年減 6%。

We're pleased to see the sequential uptick in this segment given some of the macroeconomic challenges this end market has experienced over the past quarters. The sequential growth was driven in part by growth in data center servers for both general purpose and AI-optimized applications. And we expect growth in servers to continue into the current quarter, offset by softer demand in 5G telecom infrastructure. Over the long term, we continue to believe we are well-positioned for growth in this segment given our growing content for server in both general purpose and AI optimized data center servers as well as long-term growth opportunities in data center networking and telecom infrastructure.

鑑於該終端市場在過去幾個季度經歷了一些宏觀經濟挑戰，我們很高興看到該細分市場的連續成長。連續成長的部分原因是通用和人工智慧優化應用程式的資料中心伺服器的成長。我們預計伺服器的成長將持續到本季度，但被 5G 電信基礎設施需求疲軟所抵消。從長遠來看，我們仍然相信，鑑於我們在通用和人工智慧優化的資料中心伺服器方面不斷增長的伺服器內容，以及資料中心網路和電信基礎設施方面的長期成長機會，我們在這一領域的成長處於有利地位。

Turning on to the industrial and automotive market. Revenue declined 5% sequentially and was up 28% year-over-year. While we're very pleased with the year-over-year growth, we did experience sequential softness in this market, consistent with broader industry trends, and we expect this market softness to continue into the current quarter. However, we continue to expect this market to be 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.

轉向工業和汽車市場。營收季減 5%，年增 28%。雖然我們對同比成長感到非常滿意，但我們確實經歷了該市場的連續疲軟，這與更廣泛的行業趨勢一致，並且我們預計這種市場疲軟將持續到本季度。然而，隨著我們應對工業自動化和機器人以及汽車 ADAS 和資訊娛樂系統中不斷增長的應用，我們仍然預計該市場將成為萊迪思強大的長期成長機會。

I'll now provide some product road map highlights. We're driving the largest product portfolio expansion in the company's history, which we believe continues to create new future revenue streams for Lattice. We recently introduced CrossLink-NX, the seventh device family built on the Lattice Nexus platform. This newest device family is the industry's first FPGA in its class with integrated USB functionality, which is applicable to many diverse use cases. We also continue to be pleased with the progress on our new Lattice Avant platform, which creates new greenfield revenue opportunities for Lattice. We look forward to further expanding the platform with the expected launch of 2 new Avant device families at our Lattice Developers Conference in early December.

我現在將提供一些產品路線圖亮點。我們正在推動公司歷史上最大規模的產品組合擴張，我們相信這將繼續為萊迪思創造新的未來收入來源。我們最近推出了 CrossLink-NX，這是基於 Lattice Nexus 平台構建的第七個裝置系列。這個最新的裝置系列是業界首款具有整合 USB 功能的同類 FPGA，適用於多種不同的用例。我們也對新的 Lattice Avant 平台的進展感到滿意，該平台為萊迪思創造了新的創收機會。我們期待進一步擴展該平台，預計在 12 月初的萊迪思開發者大會上推出 2 個新的 Avant 裝置系列。

Software is a key component of our strategy, as our software accelerates customer adoption and they enable faster time to market for our customers while driving long-term multi-generations for our solutions. Avant will also leverage the same stack that our customers are already using today on our current Nexus products, which enables faster customer adoption on our new Avant platform. We look forward to sharing new details about our software portfolio at our developers conference in December.

軟體是我們策略的關鍵組成部分，因為我們的軟體加速了客戶的採用，並為我們的客戶提供了更快的上市時間，同時推動了我們解決方案的長期多代化。 Avant 還將利用我們的客戶目前已經在我們目前的 Nexus 產品上使用的相同堆疊，使客戶能夠更快地採用我們的新 Avant 平台。我們期待在 12 月的開發者大會上分享有關我們軟體產品組合的新細節。

Overall, I'm pleased with our continued execution. While we're not amend to macroeconomic headwinds in our end markets, we're excited about the continued rapid expansion of our product portfolio. And we believe that we continue to be well-positioned for long-term growth across our core markets. I'll now turn the call over to our CFO, Sherri Luther.

總的來說，我對我們的持續執行感到滿意。雖然我們不會改變終端市場的宏觀經濟逆風，但我們對產品組合的持續快速擴張感到興奮。我們相信，我們將繼續為核心市場的長期成長做好準備。我現在將把電話轉給我們的財務長 Sherri Luther。

Thank you, Jim. We are pleased with our solid Q3 financial results. On a year-over-year basis, we drove double-digit revenue growth, continued gross margin expansion and strong profitability. We generated a record level of cash from operations, continue to invest in our leadership product portfolio and returned capital to shareholders through our 12th consecutive quarter of share buybacks.

謝謝你，吉姆。我們對第三季穩健的財務表現感到滿意。與去年同期相比，我們實現了兩位數的營收成長、毛利率持續擴張和強勁的獲利能力。我們從營運中產生了創紀錄水平的現金，繼續投資於我們的領先產品組合，並透過連續 12 個季度的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 $192.2 million, up 1% sequentially and up 11% year-over-year. Sequential growth in the quarter was driven by Communications and Computing. Year-over-year revenue growth was driven by Industrial and Automotive. Our non-GAAP gross margin increased 10 basis points in Q3 compared to the prior quarter to a record 70.6% and was up 110 basis points on a year-over-year basis. Both the sequential and year-over-year increases in gross margin continued to be driven by our gross margin expansion strategy, which is in its fifth year.

現在讓我總結一下我們的結果。第三季營收達到創紀錄的 1.922 億美元，季增 1%，年增 11%。本季度的連續成長是由通訊和計算推動的。收入同比增長是由工業和汽車行業推動的。第三季度，我們的非 GAAP 毛利率較上一季成長 10 個基點，達到創紀錄的 70.6%，年增 110 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策略的推動，該策略已進入第五年。

Non-GAAP operating expenses were $58.2 million compared to $58 million in the prior quarter and $51.3 million in the year ago quarter. R&D expenses increased both sequentially and on a year-over-year basis as we continue to make investments in our product roadmap. Our non-GAAP operating margin was 40.3% in Q3 and was up 60 basis points compared to the year ago quarter. Q3 earnings per diluted share was $0.53 compared to $0.48 in the year ago quarter, which represents 10% year-over-year growth. Driving strong cash flow generation continues to be a key focus area for the company.

非 GAAP 營運費用為 5,820 萬美元，上一季為 5,800 萬美元，去年同期為 5,130 萬美元。隨著我們繼續對產品路線圖進行投資，研發費用較上季和年比都有所增加。第三季我們的非 GAAP 營業利潤率為 40.3%，比去年同期成長 60 個基點。第三季稀釋後每股收益為 0.53 美元，去年同期為 0.48 美元，年增 10%。推動強勁的現金流產生仍然是公司的重點領域。

In Q3, we generated a free cash flow margin of 40% and returned capital to our shareholders by repurchasing $10 million in stock or approximately 110,000 shares in the 12th consecutive quarter of our share repurchase program. We ended the quarter with $114 million in cash.

第三季度，我們實現了 40% 的自由現金流利潤率，並透過在股票回購計畫中連續第 12 個季度回購 1,000 萬美元的股票或約 11 萬股股票，將資本返還給股東。本季結束時，我們擁有 1.14 億美元現金。

Let me now review our outlook for the fourth quarter. Revenue for the fourth quarter of 2023 is expected to be between $166 million and $186 million. Gross margin is expected to be 70.5%, plus or minus 1% on a non-GAAP basis. Total operating expenses for the fourth quarter are expected to be between $57 million and $59 million on a non-GAAP basis.

現在讓我回顧一下我們對第四季的展望。 2023 年第四季的營收預計在 1.66 億美元至 1.86 億美元之間。毛利率預計為 70.5%，以非公認會計準則計算正負 1%。以非公認會計準則計算，第四季的總營運費用預計在 5,700 萬美元至 5,900 萬美元之間。

In closing, I am pleased with our financial results and continued execution. While we are experiencing softness in some of our end markets, we remain focused on driving profitable long-term growth. Operator, we can now open the call for questions.

最後，我對我們的財務表現和持續執行感到滿意。儘管我們的一些終端市場正經歷疲軟，但我們仍然專注於推動獲利的長期成長。接線員，我們現在可以開始提問。

(Operator Instructions) Our first question comes from the line of Mark Lipacis with Jefferies.

（操作員說明）我們的第一個問題來自 Mark Lipacis 和 Jefferies 的線路。

I had a question on geographic trends. Can you talk about what you saw in the quarter geographically and how things are playing out so far in Q4? Would you expect those trends to continue in Q4?

我有一個關於地理趨勢的問題。您能否談談您在本季度的地理狀況以及第四季度迄今為止的情況？您預計這些趨勢將在第四季持續下去嗎？

Yes. Thanks, Mark. And I'll also talk about it in the context of the end markets as well. So first of all, for Q3, first of all, we're pleased with the revenue results in Q3, the sequential growth and the year-over-year 11% growth. In the Comms and Computing segment, if we look at Q3, did see sequential uptick in revenue. We were pleased with that. That was one of the main drivers of that sequential growth from Q2 to Q3 as data center servers, both general purpose servers as well as AI optimized servers.

是的。謝謝，馬克。我還將在終端市場的背景下討論它。首先，對於第三季度，我們對第三季度的收入結果、環比增長和同比增長 11% 感到滿意。在通訊和計算領域，如果我們看第三季度，確實看到收入連續上升。我們對此感到滿意。這是資料中心伺服器（包括通用伺服器和人工智慧優化伺服器）從第二季到第三季持續成長的主要驅動力之一。

From a geo perspective, it would be very much the geo mix that you would expect for data center servers that go into both OEM server vendors as well as hyperscalers. Just as a reminder on that new generation of servers that's starting to ramp here in the second half of the year and into next year. We do have a significantly higher level of content and a new generation of servers. So that's a tailwind that we saw from Q2 to Q3. We expect that to continue into Q4.

從地理角度來看，這將是您所期望的 OEM 伺服器供應商和超大規模資料中心伺服器的地理組合。提醒一下，新一代伺服器將在今年下半年和明年開始普及。我們確實擁有更高水準的內容和新一代伺服器。這是我們從第二季到第三季看到的順風車。我們預計這種情況將持續到第四季。

Now we are seeing in Q4, although we see servers being sequentially up within that Communications and Computing segment, we do see some headwinds and softer demand in communication, specifically in 5G telecom infrastructure. And that's both wireless and wireline infrastructure, we're seeing lower demand. We view that as really from lower CapEx spending driven by lower CapEx spending from telecom operators. And that would be, the geography, that would be more from the European geography, some Asia as well.

現在，我們在第四季度看到，儘管我們看到通訊和運算領域的伺服器數量連續上升，但我們確實看到了通訊方面的一些阻力和需求疲軟，特別是在 5G 電信基礎設施方面。無論是無線還是有線基礎設施，我們都看到需求下降。我們認為，這其實是由於電信業者資本支出下降導致資本支出下降。那就是地理，更多來自歐洲地理，還有一些亞洲。

That's softness around telecom infrastructure. And then net-net, for the Comms and Computing segment, we expect as we go into Q4 from a sequential basis, we would expect that segment to be flat to sequentially down with, as I said, with kind of server demand being up and 5G telecom infrastructure being down sequentially. And then if I move over to the industrial auto segment, our other big segment, in Q3, first of all, we're quite pleased with the year-over-year growth that we saw in Q3, 28% year-over-year. But towards the end of Q3, really in the last kind of 4 to 6 weeks of Q3, we started to see demand soften from our industrial and automotive customers.

這就是電信基礎設施的疲軟。然後，對於通訊和計算領域，我們預計，當我們從連續的基礎上進入第四季度時，我們預計該領域將持平或連續下降，正如我所說，隨著伺服器需求的增加和5G 電信基礎設施連續下降。然後，如果我轉向工業汽車領域，我們的另一個大領域，在第三季度，首先，我們對第三季度的同比增長感到非常滿意，同比增長 28% 。但在第三季末，實際上是在第三季的最後 4 到 6 週，我們開始看到工業和汽車客戶的需求疲軟。

I would say that it was really localized to the Asia geography. And we expect that softness that we started to see at the end of Q3 extend into the current quarter, Q4. And that's both a comment relative to the Asia geography as well as in Q4, the current quarter we're starting to see demand softness in the Europe geography as well. And so we think that softening of demand that we saw towards the end of Q3 extends into Q4. And the net then, is our Industrial and Auto segment, we're expecting that to be sequentially down from Q3 to Q4. So hopefully, that gives you some callable both by segment but also to your question by geography as well.

我想說，它確實是針對亞洲地理的。我們預計，我們在第三季末開始看到的疲軟狀態會延續到當前季度，即第四季。這既是針對亞洲地區的評論，也是針對第四季的評論，本季我們也開始看到歐洲地區的需求疲軟。因此，我們認為第三季末看到的需求疲軟會延續到第四季。然後，淨值是我們的工業和汽車部門，我們預計該部門將從第三季到第四季依次下降。因此，希望這可以為您提供一些可按細分市場調用的功能，也可以按地理區域來解決您的問題。

That's very helpful. And if I may, on the follow-up, can you talk about Avant? It sounds like you're queuing up 2 more products or products in that family to launch. How should we think about Avant relative to Nexus? And what do you think you really hit your stride on Avant in terms of revenues?

這非常有幫助。如果可以的話，您能談談 Avant 嗎？聽起來您正在排隊等待發布該系列中的另外 2 個產品或產品。相對於 Nexus，我們該如何看待 Avant？您認為 Avant 在收入方面真正取得了哪些進展？

Yes. Great. Thanks, Mark. Happy to talk about Avant we are always -- I'm excited about Avant. So first of all, just in general, we're really pleased with the continued progress on a Avant overall. We launched that platform towards the end of last year. And just as a reminder, Avant is our new mid-range FPGA platform. It doubles our addressable market. And what we're really excited about is it basically creates an entirely new greenfield revenue growth stream for the company.

是的。偉大的。謝謝，馬克。我們總是很高興談論 Avant，我對 Avant 感到很興奮。首先，總的來說，我們對 Avant 整體上的持續進步感到非常滿意。我們在去年底推出了這個平台。提醒一下，Avant 是我們新的中階 FPGA 平台。它使我們的目標市場翻了一番。我們真正興奮的是它基本上為公司創造了一個全新的綠地收入成長流。

We feel really good about just the continued progress and execution on Avant. You asked relative to Nexus. When we look at the design win pipeline for Avant, it's very strong. It continues to grow. And relative to Nexus in terms of kind of at the same relative point in time, the Avant pipeline is significantly larger, which we view as really positive. In terms of revenue, we continue to expect a small amount of initial revenue from Avant this quarter Q4, as we've talked about in the past. It will be a small amount of initial revenue, but it's an important milestone for us because it marks the beginning of that revenue ramp for Avant into 2024, '25 and beyond.

我們對 Avant 的持續進展和執行感到非常滿意。你問的是相對於 Nexus 的。當我們查看 Avant 的設計獲勝流程時，我們發現它非常強大。它繼續增長。相對於 Nexus 而言，在相同的相對時間點上，Avant 的管道要大得多，我們認為這是非常積極的。就收入而言，我們繼續預計 Avant 本季第四季將獲得少量初始收入，正如我們過去所討論的那樣。這將是少量的初始收入，但對我們來說是一個重要的里程碑，因為它標誌著 Avant 到 2024 年、25 年及以後收入成長的開始。

We're also really excited about launching the next 2 device families in the Avant lineup. That's the Avant-G and X. We're expecting to launch that at the developers conference, Lattice Developers Conference in early December. So stay tuned. You'll hear more about that at the developers conference. But what's great about that is by the time of the developers conference, we'll now have with the addition of G and X. We'll have 3 device families, 3 different Avant device families in the hands of our customers that address a really wide range of applications across that mid-range FPGA market and a lot of diverse applications across our customer base.

我們也非常高興推出 Avant 系列中的下兩個設備系列。這就是 Avant-G 和 X。我們預計將在 12 月初的開發者大會（Lattice 開發者大會）上推出它們。所以請繼續關注。您將在開發者大會上聽到更多相關資訊。但最棒的是，到開發者大會時，我們現在將添加G 和X。我們將擁有3 個設備系列，即3 個不同的Avant 設備系列，交給我們的客戶，這些設備系列可以解決真正的問題。中端 FPGA 市場的廣泛應用以及我們客戶群中的許多不同應用。

And so really excited about that. And excited now once we put all the samples in the hands of customers to really focus on driving that revenue ramp as we move forward. And one other, I guess, note, as a reminder, on Avant is it does leverage the same software as Nexus. So we leverage the same software investments that we've been making on the Nexus platform. Avant takes advantage of those as well. So anyway, happy to certainly share more about Avant, the new versions, G and X, at the Developers Conference in December.

對此感到非常興奮。當我們將所有樣品交給客戶時，我們現在很興奮，真正專注於推動我們前進的收入成長。另外，我想，請注意，作為提醒，Avant 上確實利用了與 Nexus 相同的軟體。因此，我們利用了與 Nexus 平台相同的軟體投資。 Avant 也利用了這些優勢。不管怎樣，我很高興在 12 月的開發者大會上分享更多關於 Avant、新版本 G 和 X 的資訊。

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

我們的下一個問題來自 Tristan Gerra 和 Baird 的對話。

So it sounds like the revenue shortfall relative to expectations for Q4 is all industrial and automotive related. So assuming that gives us about $95 million in Q4 for that segment, that's still above the run rate of '22. So the question, and I know you've mentioned weakness in China, how much further downside could there be in that segment that's been growing very meaningfully over the past 2 years?

因此，聽起來第四季的收入相對於預期的缺口都是與工業和汽車相關的。因此，假設第四季度該細分市場的收入約為 9,500 萬美元，這仍然高於 22 年的運行率。所以問題是，我知道您已經提到了中國的疲軟，在過去兩年中成長非常有意義的細分市場還會有多少進一步的下行空間？

Where do you think your true demand quality revenue run rate baseline is in that market? And what was the significant growth in the past few quarters, was it driven by inventory sales versus content gains? So just trying to see where we could land from a stable run rate, quarterly run rate in future quarters in that segment.

您認為該市場真正的需求品質收入運行率基準在哪裡？過去幾季的顯著成長是多少？是由庫存銷售還是內容成長所推動的？因此，我們只是想看看該領域未來幾季的穩定運行率、季度運行率能達到什麼水平。

Yes. Thanks, Tristan. So on the kind of back half of your question, we really see the growth that we drove through the first 3 quarters of this year. And remember, that follows multiple years of double-digit growth, really as content gains. We've had significant design win growth over the past, really, 3 to 4 years, and that's led to multiple years of double-digit growth. And yes, if you look at, if you can sort of take the midpoint of our guide for Q4, we would still expect Industrial and Automotive segment to be up on a year-over-year basis for Q4. And for full year this year, we would expect Industrial and Automotive to have, again, significant growth for the full year, for 2023.

是的。謝謝，特里斯坦。因此，關於您問題的後半部分，我們確實看到了今年前三個季度的成長。請記住，這是在多年兩位數增長之後的結果，實際上是隨著內容的增長。在過去的三到四年裡，我們的設計贏得了顯著的成長，這導致了多年的兩位數成長。是的，如果你看一下，如果你可以採取我們第四季度指南的中點，我們仍然預計工業和汽車領域第四季度將同比增長。對於今年全年，我們預計工業和汽車產業將在 2023 年全年再次顯著成長。

And so as we said, we really do that, as driven by content gains and those content gains we believe are multiyear revenue streams, right? A lot of those design wins that we win are -- which begun production, those stay in production for -- in the Industrial and Automotive segment for sometimes 3, 5, 7 years or longer. So those are really long lifetime revenue streams. And so when we talk to our customers, though, about the kind of near-term headwinds, what our customers are seeing is that is near-term demand softening based on their customers.

正如我們所說，我們確實這樣做了，這是受到內容收益的推動，而我們認為這些內容收益是多年的收入來源，對吧？我們贏得的許多設計勝利都在工業和汽車領域，這些設計已開始生產，有時仍處於生產狀態，有時長達 3 年、5 年、7 年甚至更長。所以這些都是真正的長期收入來源。因此，當我們與客戶談論近期的不利因素時，我們的客戶看到的是基於他們的客戶的近期需求疲軟。

So their customers placing lower number of orders on them. And that what they've shared with us is they believe that, that's really driven by lower CapEx spending by their customers due to higher interest rates, higher cost of capital et cetera, so. But if we step back, really quite pleased with the growth that we've driven in this segment over the past year, certainly this year as well. And we continue to see Industrial and Automotive as a long-term growth opportunity for the company.

因此，他們的客戶向他們下的訂單數量較少。他們與我們分享的是，他們相信，這實際上是由於利率上升、資本成本上升等原因導致客戶資本支出下降所致。但如果我們退後一步，我們對過去一年（當然今年也是）我們在這一領域推動的成長感到非常滿意。我們繼續將工業和汽車視為公司的長期成長機會。

We believe that industrial automation, robotics, automotive electronics that these applications are in multiyear secular growth trends that will last for many years over the long term and that Lattice and Lattice Devices are really well positioned to take advantage of those secular growth trends. And well positioned to gain more content with our customers, especially with not just the continued expansion of our Nexus product line, but the beginning ramp of our Avant product line and the build-out of our Avant product line as well.

我們相信，工業自動化、機器人、汽車電子這些應用正處於多年的長期成長趨勢，並將持續多年，而萊迪思和萊迪思裝置確實處於有利地位，可以利用這些長期成長趨勢。我們處於有利地位，可以從我們的客戶那裡獲得更多內容，特別是不僅我們 Nexus 產品線不斷擴展，而且我們 Avant 產品線的開始升級和 Avant 產品線的擴建。

That's very useful. And then for my follow-up, you've mentioned in the past that you have very little in terms of LTSA. So what's your expectation for pricing next year? I know you're not providing a guidance, but given the weakness, do you think that we get back to maybe a low single-digit decline in pricing? That's what a couple of analog companies have reported so far this earnings season. And where are your lead times currently relative to a quarter ago?

這非常有用。對於我的後續行動，您過去曾提到您在 LTSA 方面的資源非常少。那麼您對明年的定價有何預期？我知道您沒有提供指導，但考慮到疲軟，您認為我們的定價可能會回到個位數的低點下降嗎？這是本財報季迄今為止幾家模擬公司的報告。與季度前相比，您目前的交貨時間是多少？

Yes. Thanks, Tristan. On pricing, we see our pricing as generally stable and durable. We're in our -- as Sherri said in her prepared remarks, we're in our fifth year of our gross margin improvement strategy, which included better pricing optimization. And I would say over those 5 years, which there have been many different sort of market conditions over those 5 years. Over those 5 years, we found that our pricing was very durable, very stable. And we don't have any reason to think that, that would change, right?

是的。謝謝，特里斯坦。在定價方面，我們認為我們的定價整體穩定且持久。正如雪莉在她準備好的演講中所說，我們正處於毛利率改善策略的第五年，其中包括更好的定價優化。我想說的是，在這 5 年裡，這 5 年裡出現了許多不同類型的市場狀況。在這 5 年裡，我們發現我們的定價非常持久、非常穩定。我們沒有任何理由認為這會改變，對吧？

So we believe that our pricing will remain durable. On lead times, the second part of your question, I would say that lead times are, for us are really back to normal, which normal we would say is kind of pre-COVID time. There can always be a particular silicon package combination that might be in tight supply. But overall, I would say our lead times are generally back to normal. And then just more broadly, I would say just we view the semiconductor supply chain overall is really kind of back to normal in terms of supply availability.

因此，我們相信我們的定價將保持持久。關於交貨時間，你問題的第二部分，我想說的是，對於我們來說，交貨時間確實恢復了正常，我們會說這是新冠疫情之前的正常時間。總有特定的矽封裝組合可能供應緊張。但總的來說，我想說我們的交貨時間總體上已恢復正常。更廣泛地說，我想說的是，我們認為整個半導體供應鏈在供應可用性方面確實恢復正常了。

Our next question comes from the line of Blake Friedman with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的布萊克‧弗里德曼 (Blake Friedman)。

I just wanted to go back to Avant, and just relative to 90 days ago, have there been any changes related to your thoughts on how Avant is expected to ramp next year? And have any of the recent macro developments impacted the timing of any customer ramps.

我只是想回到 Avant，相對於 90 天前，您對 Avant 明年預計如何發展的想法有什麼變化嗎？最近的宏觀發展是否影響了客戶增加的時間？

Thanks, Blake. I would say no. In terms of changes in, Avant, the only changes we've seen over the last 90 days would be continued growth in the design win pipeline, which we would have expected, right, as we continue to engage with customers as new device, Avant devices get closer to launch, et cetera. We expect that overall pipeline to continue to grow, so. But that's certainly one change is pipeline continuing to grow. And then the only other change is just our continued execution and progress on getting Avant-G and X ready for launch at the developers conference.

謝謝，布萊克。我會說不。就 Avant 的變化而言，我們在過去 90 天內看到的唯一變化是設計贏得管道的持續增長，這是我們所期望的，對的，因為我們繼續與客戶合作作為新設備 Avant設備距離發布越來越近，等等。我們預計整體管道將持續成長。但這無疑是一個變化，即管道的持續增長。然後唯一的其他變化就是我們在讓 Avant-G 和 X 準備在開發者大會上發布方面的持續執行和進展。

So -- and then the second part of your question, doesn't -- no changes relative to our thinking on how Avant would ramp next year over the following years. That's really driven less by any macro changes, more by just the level of customer engagement and design win progress and then the natural timing of our customers on when they selected a device to just their natural time line to when they would enter production with those devices.

所以，你問題的第二部分並沒有改變，我們對 Avant 在接下來的幾年裡明年將如何發展的想法沒有改變。這實際上較少受到任何宏觀變化的推動，更多地取決於客戶參與度和設計贏得進展的水平，然後是我們的客戶選擇設備時的自然時間安排，以及他們使用這些設備進入生產的自然時間表。 。

Got it, helpful. And then just as a quick follow-up on OpEx. If I look over the past few years, OpEx has kind of grown in this mid-teen range on an annual basis. Just kind of given the potential macro weakness over the next few quarters, just curious how we should think about kind of the trajectory of OpEx moving forward.

明白了，有幫助。然後作為運營支出的快速後續。如果我回顧過去幾年，營運支出每年都會以十幾歲左右的速度成長。考慮到未來幾季潛在的宏觀疲軟，我們只是好奇我們應該如何思考營運支出的未來發展軌跡。

Yes. Thanks, Blake. So from an OpEx perspective, I mean while there can be fluctuations from quarter-to-quarter based on the timing of programs and things like that. But you certainly have seen that over the past several years that we've been investing quite a bit in our long-term product portfolio and demand creation. So that's been going on now for several years. And even in the current quarter, the sequential, or in the Q3 quarter sequentially as well as year-over-year, you've seen that we've increased our R&D spend and the investments that we're making.

是的。謝謝，布萊克。因此，從營運支出的角度來看，我的意思是，雖然根據計劃的時間安排和類似的事情，每個季度可能會出現波動。但您肯定已經看到，在過去幾年中，我們在長期產品組合和需求創造方面投入了大量資金。所以這種情況已經持續好幾年了。即使在本季、連續季或第三季連續季以及年比中，您也可以看到我們增加了研發支出和投資。

So investing in our product portfolio for the long-term growth of the company that continues to be an area of focus for the company. We've talked about the fact that we're in the most rapid expansion of our product portfolio in the company's history. And so making sure that we make the right investments are very important there. And so that's definitely important to us. We want to make sure that we do it in a disciplined way, of course. But we're really pleased with the product launches, the customer momentum. And as we look ahead, you can expect to continue to see us want to make sure that we are investing the right amount in our product portfolio.

因此，投資我們的產品組合以促進公司的長期發展，這仍然是公司的重點領域。我們已經討論過這樣一個事實，即我們正處於公司歷史上產品組合最快速的擴張階段。因此，確保我們進行正確的投資非常重要。所以這對我們來說絕對很重要。當然，我們希望確保我們以一種有紀律的方式來做這件事。但我們對產品的發布和客戶的動力感到非常滿意。當我們展望未來時，您可以期望繼續看到我們希望確保我們在產品組合中投資適當的金額。

The other just a reminder that, I'll provide is from our Investor Day earlier this year, we talked about our OpEx, 30% of revenue and then R&D target at 18% to 20%. So that long-term investment is -- continues to be an area of focus for us.

另一個提醒，我將提供今年早些時候投資者日的信息，我們談到了我們的營運支出、收入的 30%，以及 18% 至 20% 的研發目標。因此，長期投資仍然是我們關注的領域。

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

我們的下一個問題來自克里斯多福羅蘭與薩斯奎哈納的對話。

So there have been a number of companies that have reset revenue guidance recently. And it's kind of spurred a reevaluation of customer inventory and channel inventory out there. Have you guys begun this process? Are you really comfortable with understanding the level of inventory out there particularly after this downtick in demand at least evident for Q4? And are there any patterns geographically or end markets or actually by disti themselves that you've noticed?

因此，最近有許多公司重新調整了收入指引。這在某種程度上刺激了對客戶庫存和通路庫存的重新評估。你們開始這個過程了嗎？您是否真的願意了解庫存水平，特別是在需求下降（至少在第四季度很明顯）之後？您是否注意到任何地理或終端市場或實際上按分佈本身劃分的模式？

Yes. Thanks, Chris. In terms of inventory, let me start with distribution or channel inventory. Most of our revenue flows through, a vast majority of our revenue flows through distribution. So that's certainly really important to us. We have very good visibility on distributor inventory, when we look at distributing inventory where it ended in Q3, I would say very much within the normal historical range for us or for Lattice in terms of levels of disti inventory. So we see that as healthy.

是的。謝謝，克里斯。在庫存方面，我先從分銷或通路庫存開始。我們的大部分收入都是透過分配流動的，我們的絕大多數收入都是透過分配流動的。所以這對我們來說確實非常重要。我們對分銷商庫存有非常好的可見性，當我們查看第三季度結束的分銷庫存時，我想說，就分銷庫存水平而言，我們或萊迪思的庫存水平在正常歷史範圍內。所以我們認為這是健康的。

There are 1 or 2 distributors that I would say, are still on the relatively lean side in terms of inventory, so they're a bit lean. But overall, in aggregate, our inventory level in the channel, I would view as healthy and within normal range. And then if we move to end customer inventory, so we have thousands of end customers. We don't have perfect visibility of end customer inventory. There are some of our large strategic customers that give us visibility into their levels of inventory. With those large strategic customers, we don't see any obvious signs of excess inventory or pockets of inventory with those large strategic customers. But again, we don't have perfect visibility into that and customer inventory across all of our thousands of customers.

我想說，有一兩個經銷商的庫存仍然相對較少，所以他們有點精簡。但總的來說，我認為我們渠道中的庫存水準是健康的並且在正常範圍內。然後，如果我們轉向最終客戶庫存，那麼我們就有數千名最終客戶。我們對最終客戶庫存沒有完美的可見性。我們的一些大型策略客戶使我們能夠了解他們的庫存水準。對於這些大型策略客戶，我們沒有看到任何明顯的庫存過剩或庫存積壓的跡象。但同樣，我們無法完美地了解所有數千名客戶的這種情況和客戶庫存。

Great. And perhaps another one for you. So Altera came out. They had some kind of an interesting update on kind of pre-IPO track. I guess first of all, they talked about a decline in revenue. It looks like maybe 1/3 of their revenue, peak to trough, Is there expectation for a decline. I was wondering how you guys in terms of an overall decline in revenue, how you might see that.

偉大的。也許還有另一份適合您。於是Altera就出來了。他們對首次公開募股前的軌道進行了一些有趣的更新。我想首先，他們談到了收入下降。看起來他們的收入可能有 1/3，從高峰到低谷，是否有下降的預期。我想知道你們對於整體收入下降有何看法，你們會如何看待。

But also, I just wanted your kind of take on refocusing on the low end with new products they have coming in the first quarter of next year. And also refocusing on the channel and Industrial and Auto, I believe, an area where you've taken some considerable share over the past few years.

而且，我只是想知道您對明年第一季推出的新產品重新關注低端產品的看法。我相信，我們也重新關注通路以及工業和汽車，在過去幾年中，您在這個領域佔據了相當大的份額。

Yes. So in the first part of your question, I can only speak to our business and what we see largely covered, I think, in one of the earlier questions, which is overall, for the full year, we're looking forward to another strong year for the full year in terms of overall growth kind of despite the sequential guide down for Q4. If you look at where we're tracking for full year, we're pleased with the overall, the overall track that we're on, especially given some of the macroeconomic conditions that we're seeing in some of the end markets. So we're pleased with our progress this year and this year to date.

是的。因此，在你問題的第一部分，我只能談論我們的業務以及我們所看到的大部分內容，我認為，在之前的一個問題中，總的來說，對於全年而言，我們期待著另一個強勁的表現儘管第四季的環比指引有所下降，但全年的整體成長還是有所下降。如果你看看我們全年的追蹤情況，我們對整體、整體軌道感到滿意，特別是考慮到我們在一些終端市場看到的一些宏觀經濟狀況。因此，我們對今年和今年迄今為止的進展感到滿意。

Now on the second part of your question, what I would say is on competition is, I would say the -- I would start by saying the same thing that I said over 5 years ago, when I joined the company and probably the Lattice employees are tired of hearing me say this. But I continue to repeat it, which is we will always assume there's robust competition in every market that we serve and every product that we build, right? That's our philosophy.

現在，關於你問題的第二部分，我要說的是關於競爭，我會說——我會先說我 5 年前加入公司以及可能加入萊迪思員工時所說的同樣的話厭倦了聽我這麼說。但我繼續重複一遍，那就是我們始終假設我們服務的每個市場和我們製造的每個產品都存在激烈的競爭，對吧？這就是我們的理念。

And so beginning in 2018, when I joined the company, we assumed that there would be robust competition. We plan our products accordingly. And we feel really good about the competitive positioning of our products. Both our small FPGA portfolio. The Nexus product line is very, very competitive on power efficiency, on size efficiency, on feature set. We just launched our seventh device family based on the Nexus platform, 5 are in production and ramping, #6 and #7 will go. We expect to go into production next year in first and second half of next year, respectively. And then Avant, again, we feel really good about the competitive position of Avant.

因此，從 2018 年開始，當我加入公司時，我們假設將會有激烈的競爭。我們相應地規劃我們的產品。我們對我們產品的競爭定位感到非常滿意。兩者都是我們的小型 FPGA 產品組合。 Nexus 產品線在功效、尺寸效率和功能集方面都非常非常有競爭力。我們剛剛推出了基於 Nexus 平台的第七個設備系列，其中 5 個已投入生產並正在量產，#6 和 #7 即將投入使用。我們預計明年上半年和下半年分別投入生產。然後是 Avant，我們對 Avant 的競爭地位感到非常滿意。

As we shared at the launch last year, the power efficiency of Avant, feature set, the size, efficiency are great. So we feel really good about that competitive positioning. And clearly, we'll share more about that at Developers Conference that we have in December when we launch Avant-G and X. But yes, I would say that we'll always assume that there's robust competition. And so, and we'll -- our goal is to always make sure our products are absolute leadership in the markets and segments that they're targeting.

正如我們在去年的發布會上分享的那樣，Avant 的能源效率、功能集、尺寸和效率都非常出色。因此，我們對這種競爭定位感到非常滿意。顯然，我們將在 12 月推出 Avant-G 和 X 時舉行的開發者大會上分享更多相關資訊。但是，是的，我想說的是，我們將始終假設存在激烈的競爭。因此，我們的目標是始終確保我們的產品在他們所瞄準的市場和細分市場中處於絕對領先地位。

Our next question comes from the line of Srini Pajjuri with Raymond James.

我們的下一個問題來自 Srini Pajjuri 和 Raymond James 的對話。

Jim, given the macro weakness, are you seeing any change in your customers', I guess, adoption of some of the new products? I understand you have a lot of them coming up and a lot of design activity out there. But given the macro, do you see any impact at all to the Avant ramps in the next few quarters?

吉姆，考慮到宏觀經濟疲軟，您認為您的客戶對某些新產品的採用是否有任何變化？我知道你們有很多這樣的想法和很多設計活動。但考慮到宏觀因素，您認為未來幾季 Avant 的銷售會受到任何影響嗎？

Yes, thanks, Srini. And let me address it in the more broad sense across all of our products. And I can come back and touch on Avant specifically. But across all of our products, which would include Avant but not just -- but also Nexus and even pre-Nexus products, if I look at the design wins and the design win pipeline, through the first 3 quarters of this year, we're seeing another very, very healthy year of growth in our design wins this year. And that follows multiple years of significant growth. And so we're quite pleased with the continued expansion of the design win pipeline. And of course, that pipeline converts to revenue over the coming quarters. So we're pleased with that.

是的，謝謝，斯里尼。讓我從更廣泛的意義上講，涵蓋我們所有的產品。我可以回來具體談談 Avant。但在我們所有的產品中，其中不僅包括 Avant，還包括 Nexus 甚至 Nexus 之前的產品，如果我看看今年前 3 季的設計勝利和設計勝利管道，我們'今年我們的設計勝利又迎來了非常非常健康的成長。這是繼多年的顯著成長之後的結果。因此，我們對設計獲勝管道的持續擴展感到非常滿意。當然，該管道將在未來幾季轉化為收入。所以我們對此感到滿意。

And we're actually pleased with that across not just Avant, but Nexus and, as I said, even pre-Nexus devices. An important part of that design win growth is our software strategy. I mentioned this in the prepared remarks. But for over 5 years now, we've been investing in our software portfolio. We've been building out a set, a portfolio of application-specific solution stacks that are targeted for specific end use cases and applications that make it much very easy for customers to adopt our products and get to market quickly.

事實上，我們對此感到滿意，不僅是 Avant，還有 Nexus，正如我所說，甚至是 Nexus 之前的設備。設計贏得成長的一個重要部分是我們的軟體策略。我在準備好的發言中提到了這一點。但五年多來，我們一直在投資我們的軟體產品組合。我們一直在建立一套特定於應用程式的解決方案堆疊組合，這些解決方案堆疊針對特定的最終用例和應用程序，使客戶能夠非常輕鬆地採用我們的產品並快速進入市場。

They help our customers either switch from a competitor's device to our device or customers that have maybe never used a Lattice device before or using a Lattice device in a new application. They help speed up that process. And so software, which has been one of the places that we've invested significantly over the past years, that certainly had a positive impact on the rate and pace of our design wins.

它們可幫助我們的客戶從競爭對手的設備切換到我們的設備，或幫助以前從未使用過萊迪思設備或在新應用程式中使用過萊迪思設備的客戶。它們有助於加快這一過程。因此，軟體是我們在過去幾年中大力投資的地方之一，它無疑對我們設計獲勝的速度和步伐產生了積極的影響。

And that benefits the Nexus product, the pre-Nexus products. And because Avant leverages that same software base that we've been building over the past 5 years, it benefits Avant as well. And so we're pleased with -- back to one of the original parts of your question, we're pleased with the rate and pace of Avant design win growth. And we're looking forward to the revenue ramp starting as we expect at the very end of this year, but benefiting us in 2024 and '25 and beyond.

這有利於 Nexus 產品，即 Nexus 之前的產品。由於 Avant 利用了我們在過去 5 年中建立的相同軟體基礎，因此它也使 Avant 受益。所以我們很高興——回到你問題的原始部分之一，我們對 Avant 設計贏得增長的速度和步伐感到滿意。我們期待收入在今年年底開始像我們預期的那樣增長，但在 2024 年、25 年及以後使我們受益。

Got it. And as a follow-up, Jim, you talked about auto and industrial kind of weakening in Asia and maybe spreading beyond Asia into Europe as well, I guess nobody has perfect visibility. But to the extent you can share with us what your customers are saying about how long these macro headwinds are going to continue and when some of this demand and I guess, crosscurrents will kind of bottom out. Any thoughts and any color on that would be really helpful.

知道了。作為後續行動，吉姆，你談到了亞洲汽車和工業的疲軟，並且可能會從亞洲蔓延到歐洲，我想沒有人能完全了解。但在某種程度上，您可以與我們分享您的客戶對這些宏觀逆風將持續多久的看法，以及我認為某些需求何時會觸底。任何想法和任何顏色都會非常有幫助。

Yes, thanks, Srini. Yes, I think our customers are struggling a little bit with how long that will be. I think their visibility is a bit cloudy right now. They're the -- when we talk with our customers, they're seeing that demand softness as they're really attributing that to -- again, to a pullback in CapEx related to those higher interest rates, higher cost of capital. And as I shared earlier, we certainly saw that initially in the Asia geography towards the end of our Q3, expecting that to continue into Q4. And then we expect to see that softening extended into Europe as well. And we'll give -- at our next earnings call, we'll give more thoughts on what we're seeing in Q1 and next year at our next earnings call.

是的，謝謝，斯里尼。是的，我認為我們的客戶對於這需要多長時間感到有點掙扎。我認為他們現在的能見度有點陰暗。當我們與客戶交談時，他們看到需求疲軟，因為他們實際上將其歸因於與較高利率和較高資本成本相關的資本支出下降。正如我之前分享的那樣，我們確實在第三季末在亞洲地區看到了這種情況，並預計這種情況會持續到第四季。然後我們預計這種疲軟也會蔓延到歐洲。我們將在下一次財報電話會議上給出更多關於我們在第一季和明年看到的情況的想法。

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

我們的下一個問題來自 Matt Ramsay 和 TD Cowen 的對話。

Jim, I wanted to dig into the trends in Industrial and Auto in that segment. So a few questions there. So apologies for the multipart thing. But could you help us a little bit, first of all, to break down that segment between the Industrial and Auto business, just roughly percentages? Second part, are you seeing any drastic differences in lead time trends between the Industrial business and the Auto business, like which one's holding up better, which one's worse?

吉姆，我想深入研究該領域工業和汽車的趨勢。有幾個問題。所以對多部分的事情表示歉意。但您能否幫助我們先將工業和汽車業務之間的細分市場細分一下，只是大致的百分比？第二部分，您是否發現工業業務和汽車業務之間的交貨時間趨勢存在巨大差異，例如哪一​​個表現更好，哪一個更差？

And then lastly, if you could give us some visibility into specific customer or specific applications where you're seeing this weakness. I mean the call so far has talked about things very generally. And I wanted to get a bit more specific, if you could, as to where you're seeing things that are holding up and where you're seeing things that have really weakened from an end application standpoint.

最後，如果您能讓我們了解您發現此弱點的特定客戶或特定應用程式。我的意思是，到目前為止，電話會議討論的內容非常籠統。如果可以的話，我想更具體地說明一下，從最終應用程式的角度來看，您在哪些方面看到了持續存在的情況，以及在哪些情況下您看到了真正減弱的情況。

Yes. Thanks, Matt. I think that was three parts. I'll do my best to hit each one of those. On the breakdown of Industrial and auto, just as a reminder, for Lattice, if you look at that segment, we are definitely more heavily weighted towards Industrial than Automotive. Automotive is a relatively small percentage. We don't break out into subsegments but just qualitatively, that the majority of our revenue is Industrial. Auto is a smaller part of that segment but it has been, over the past quarters, the faster growing part of the segment. Industrial, I think we talked about a number of times, so I won't kind of repeat the comments on industrial.

是的。謝謝，馬特。我認為這是三個部分。我會盡我最大的努力去擊中其中的每一個。關於工業和汽車的細分，提醒一下，對於萊迪思來說，如果你看看這個細分市場，我們肯定更重視工業而不是汽車。汽車所佔比例相對較小。我們不會細分為細分市場，只是從品質來看，我們的大部分收入來自工業。汽車是該細分市場中較小的一部分，但在過去幾個季度中，它一直是該細分市場中成長較快的部分。工業，我想我們已經討論過很多次了，所以我不會重複有關工業的評論。

Automotive more specifically, we do anticipate automotive, the automotive market overall to start to soften in, for instance, this quarter. Just the belief is that higher interest rates, the fact that there's been the restocking of car lots is largely behind us, start to affect the end market demand in terms of new automotive sales. And so we're assuming that, that market begins to soften this quarter. On the second part of your question, on the lead time differences between the two, I don't think we see any significant lead time differences between the two.

更具體地說，我們預計汽車市場整體將在本季開始疲軟。人們相信，利率上升以及汽車庫存補充的事實已基本成為過去，開始影響終端市場對新車銷售的需求。因此，我們假設該市場本季開始疲軟。關於你問題的第二部分，關於兩者之間的交貨時間差異，我認為我們沒有看到兩者之間有任何顯著的交貨時間差異。

But again, that segment for us is much more heavily weighted towards Industrial. And so we tend to be a little bit more focused on the industrial impact because of its heavier weighting. On the third part of your question, which I think was around specific customers and applications, what I would say is that the demand softness that we've seen is really broad-based. It's we kind of talked about by geography. But within those geographies, broad-based across many customers, many different applications.

但同樣，對我們來說，該細分市場更注重工業。因此，由於其權重較大，我們傾向於更加關注工業影響。關於你問題的第三部分，我認為這是圍繞特定客戶和應用程式的，我想說的是，我們看到的需求疲軟確實是基礎廣泛的。這是我們透過地理來談論的。但在這些地區，廣泛的客戶群、許多不同的應用程式。

So we're certainly seeing that across things like industrial automation, applications, robotics applications. Yes, I would really, and we anticipate automotive electronics. I would really categorize it as a pretty broad-based softening.

因此，我們確實在工業自動化、應用程式、機器人應用程式等方面看到了這一點。是的，我真的願意，而且我們期待汽車電子產品。我確實將其歸類為基礎相當廣泛的軟化。

Got it. And I appreciate the patience with the multipart question. My second question, really quick for Sherri. You and I talked a lot about the performance of the company on a free cash flow margin basis. And I think you got a question earlier about OpEx. But when you think about sort of floors and margins on an operating basis or a floor and free cash flow margin, is there a certain trend that you would see in the end markets that would make you dial back spending? Or is this an environment where you have all these new products with Avant that are about to launch, and you guys are going to sort of spend through the cyclicality and see where we end up on the other side because of the confidence in the products?

知道了。我很感謝您對這個由多個部分組成的問題的耐心。我的第二個問題對於雪莉來說非常快。你和我就自由現金流利潤率基礎上的公司業績進行了很多討論。我想您之前有一個關於營運支出的問題。但是，當您考慮營運基礎上的底線和利潤率或底線和自由現金流利潤率時，您會在終端市場中看到某種趨勢，從而使您減少支出嗎？還是在這樣的環境中，Avant 即將推出所有這些新產品，你們將在周期性中進行支出，看看我們最終會因為對產品的信心而在另一邊的情況如何？

Yes, Matt. So I would say that on the OpEx front, investing for the long-term growth of the company is definitely something we've been focusing on. We've been doing that quite a bit with all of the new products that we've launched. But that is -- continues to be important. And the target that we put out at our Investor Day for R&D spend, in particular, is 18% to 20%. So as a long-term model, that model remains intact. I think though, what I would say is that the way we've been investing has always been in what we consider to be a disciplined way. And so we'll continue looking at the way that we're making those investments in a very disciplined way.

是的，馬特。所以我想說，在營運支出方面，為公司的長期成長進行投資絕對是我們一直關注的事情。我們在推出的所有新產品中都做了很多這樣的事情。但這仍然很重要。我們在投資者日所訂定的研發支出目標尤其是 18% 至 20%。因此，作為一個長期模型，該模型保持不變。但我認為，我想說的是，我們的投資方式一直是我們認為的一種有紀律的方式。因此，我們將繼續研究以非常嚴格的方式進行這些投資的方式。

And in terms of -- you can see the guide for Q4 in terms of what that's looking like. We, the company has very strong free cash flow, strong cash generation, free cash flow. We're really pleased with that. We are thrilled to be 40% free cash flow margin for the quarter, was really good results. And we'll continue to focus on that. We'll continue to focus on making sure that we're investing in the right things. Gross margin, we believe our gross margin is durable. We'll continue to execute on our gross margin expansion strategy and focus on that area. So we just really view that we'll continue to execute toward our long-term model that we put out earlier this year.

就其外觀而言，您可以查看第四季度的指南。我們公司擁有非常強大的自由現金流、強大的現金產生能力、自由現金流。我們對此感到非常滿意。我們很高興本季的自由現金流利潤率為 40%，這確實是很好的結果。我們將繼續關注這一點。我們將繼續專注於確保我們投資於正確的事情。毛利率，我們相信我們的毛利率是持久的。我們將繼續執行毛利率擴張策略並專注於該領域。因此，我們確實認為我們將繼續執行今年早些時候推出的長期模型。

(Operator Instructions) Our next question comes from the line of David Williams with Benchmark.

（操作員說明）我們的下一個問題來自 Benchmark 的 David Williams。

So I guess, Jim, first. Just kind of understanding how small the Auto is relative to the Industrial segment. It is a greenfield opportunity for you. I'm just wondering if you could maybe talk about where you see the growth opportunities there, and what do you think the mix optimization would be if you think about those two. Would it be a 50-50? Or is there maybe a less of a mix that would be more optimal for the business?

所以我想，吉姆，首先。只是了解汽車相對於工業領域有多小。這對您來說是一個全新的機會。我只是想知道您是否可以談談您在哪裡看到了成長機會，以及如果您考慮這兩者，您認為組合優化會是什麼。會是50-50嗎？或者是否有一種更少的組合對業務來說更優化？

Yes. Thanks, David. So definitely, the Auto, within Industrial and Auto, Auto is a smaller component. But it has been a faster-growing area for us over the past quarters. The applications that we would address would be ADAS and infotainment systems. Actually, one of the recent wins that we announced with the customer was in new Mazda models of cars, we're used in their ADAS system. The Lattice device gets used between the camera that's at the front or the rear of the vehicle. It gets used in that data stream to do some preprocessing of the video stream. And so that's a very typical, Mazda application, very typical application that we get used in automotive applications.

是的。謝謝，大衛。所以毫無疑問，汽車，在工業和汽車中，汽車是一個較小的組成部分。但在過去的幾個季度裡，這對我們來說是一個成長較快的領域。我們要解決的應用是 ADAS 和資訊娛樂系統。事實上，我們最近與客戶宣布的一項勝利是在新的馬自達車型中，我們在他們的 ADAS 系統中使用了我們的產品。萊迪思設備用於車輛前部或後部的攝影機之間。它在該資料流中用於對視訊串流進行一些預處理。這是一個非常典型的馬自達應用程序，我們在汽車應用中使用的非常典型的應用程式。

But there's many other examples as well. So we do see automotive electronics, over the long term, as first of all, kind of an obvious secular growth area for the semiconductor industry overall. But definitely a great growth area for Lattice as well. The combination of our devices being very power-efficient, very size-efficient, having an incredible amount of flexibility in terms of the interconnect that we can service and the ability to reprogram those devices and customize those for specific applications. We see all those kind of feature and power efficiency benefits as being really well positioned to support automotive applications. And that's why we continue to see automotive electronics as just a really strong growth area for the company over the long term.

但還有很多其他的例子。因此，從長遠來看，我們確實認為汽車電子首先是整個半導體產業明顯的長期成長領域。但對萊迪思來說，這絕對是一個巨大的成長領域。我們的設備組合非常節能、尺寸高效，在我們可以服務的互連方面具有令人難以置信的靈活性，並且能夠對這些設備進行重新編程並針對特定應用進行客製化。我們認為所有這些功能和功效優勢都非常適合支援汽車應用。這就是為什麼我們繼續將汽車電子視為公司長期強勁成長的領域。

And then secondly, just, Sherri, we've talked about the gross margin, and it's been surprisingly robust here. And you're pointing to that resiliency in the past. But I think this is the first time that we're seeing it really maintained on the softer outlook. And I guess, does that give you greater confidence just in that trajectory and the sustainability of it? And then does this maybe signal there could be more upside opportunity incrementally on the rebound?

其次，雪莉，我們已經討論過毛利率，這裡的毛利率出乎意料地強勁。你指的是過去的彈性。但我認為這是我們第一次看到它真正維持在疲軟的前景上。我想，這是否會讓您對這一軌跡及其可持續性更有信心？那麼這是否可能表明反彈過程中可能存在更多上行機會？

Yes, thanks, David. So gross margin, 70.6%, a record. So we're really thrilled with that and the sequential improvement as well of 110 basis points or year-over-year rather improvement. But gross margin is something, an area that we continue to focus on. I mean we're in our fifth year now, as I mentioned in my prepared remarks, and the factors that we've been executing on there. We continue to focus on you can see fluctuations in gross margin from 1 quarter to the next quarter. But at the midpoint of our guide, it is a range, right, 70.5% plus or minus 1%.

是的，謝謝，大衛。毛利率為70.6%，創歷史新高。因此，我們對此以及連續的改善以及 110 個基點或同比改善感到非常興奮。但毛利率是我們持續關注的一個領域。我的意思是，正如我在準備好的發言中提到的那樣，我們現在已經進入了第五個年頭，以及我們一直在執行的因素。我們繼續關注可以看到的從第一季到下一季毛利率的波動。但在我們指南的中點，它是一個範圍，正確的，70.5% 正負 1%。

It is a range. We will continue to focus on gross margin, and we believe our gross margin is durable. And when you look at our Investor Day earlier this year, where we increased our gross margin target to the low 70s, that's our long-term target model, and we'll continue to drive towards that.

這是一個範圍。我們將繼續關注毛利率，我們相信我們的毛利率是可持續的。當你看看今年早些時候的投資者日時，我們將毛利率目標提高到了 70 多美元，這就是我們的長期目標模型，我們將繼續朝著這個目標努力。

Yes. And maybe I'll just add. One of the benefits we've seen on gross margin is a software attach rate. As Sherri mentioned, gross margin can fluctuate quarter-to-quarter based on things like just mix of product. But one of the longer-term trends that we think benefits our gross margin is software attach. As we've seen a higher percentage actually now over half of all Lattice Silicon Design wins have what we call a software attach, which means they're using one of the six software solution stacks that we've launched into the market.

是的。也許我會補充一下。我們在毛利率方面看到的好處之一是軟體附加率。正如 Sherri 所提到的，毛利率可能會因產品組合等因素而出現季度波動。但我們認為有利於我們毛利率的長期趨勢之一是軟體附加。正如我們所看到的，實際上現在超過一半的萊迪思晶片設計獲勝者都擁有我們所謂的軟體附加功能，這意味著他們正在使用我們已向市場推出的六種軟體解決方案堆疊之一。

And when customers adopt that solution stack, that combination of silicon and software generally has a higher ASP. And a higher ASP design win usually has a higher gross margin associated with it. So I think that's one of the tailwinds over time, higher software adoption and the benefit that we see over time.

當客戶採用此解決方案堆疊時，晶片和軟體的組合通常具有更高的平均售價。更高的 ASP 設計勝利通常會帶來更高的毛利率。因此，我認為這是隨著時間的推移、更高的軟體採用率以及我們隨著時間的推移看到的好處之一。

Our next question comes from the line of Ruben Roy with Stifel.

我們的下一個問題來自魯本·羅伊 (Ruben Roy) 和施蒂費爾 (Stifel) 的對話。

Jim, you said you like to talk about Avant. So I was going to ask another question on Avant and specifically around the pipeline and your comment on the pipeline at this point being significantly larger than kind of the same time line for Nexus. And the question is, I think, if I remember correctly, the initial Avant SKU was -- had a feature set, I guess, that was targeted towards Edge processing and potentially Edge AI. Is that sort of the area, where you're seeing most of the design activity? Or at this point, has that broadened for whatever reason, if it has, if you could maybe talk about that a bit?

吉姆，你說過你喜歡談論 Avant。所以我想問關於 Avant 的另一個問題，特別是關於管道的問題，而您對管道的評論此時比 Nexus 的同一時間線要大得多。問題是，我想，如果我沒記錯的話，最初的 Avant SKU 有一個功能集，我想，它是針對邊緣處理和潛在的邊緣人工智慧。這是您看到大部分設計活動的區域嗎？或者在這一點上，是否由於某種原因而擴大了範圍，如果有的話，您是否可以談談這一點？

Yes, thanks, Ruben. I'll never get tired of talking about Avant. So no problem with asking another question on Avant. Yes, so as I said, we are seeing really good growth of the pipeline. And actually, Edge AI applications are some of the initial growth that we've seen in the pipeline and where we expect some of the initial revenue to come from in the initial ramp. And that actually has more to do with the sequence of the products coming out. When we launched the Avant platform about a year ago, the first device family that we launched along with the platform was the Avant-E and E actually stands for Edge. And the Avant-E was actually optimized more around Edge applications, things like doing artificial intelligence or inference processing at the Edge in lots of different applications, industrial applications, automotive applications, other applications as well.

是的，謝謝，魯本。我永遠不會厭倦談論 Avant。因此，在 Avant 上問另一個問題是沒有問題的。是的，正如我所說，我們看到管道的增長非常好。實際上，邊緣人工智慧應用是我們在管道中看到的一些初步成長，我們預計一些初始收入將來自初始成長。這實際上與產品上市的順序有更多關係。大約一年前，當我們推出 Avant 平台時，我們隨該平台推出的第一個設備系列是 Avant-E，E 實際上代表 Edge。 Avant-E 實際上更多地圍繞邊緣應用進行了優化，例如在許多不同的應用、工業應用、汽車應用和其他應用中在邊緣進行人工智慧或推理處理。

And so because that was the first product family that we launched and the first samples that we delivered to customers, that will be the first product that begins to deliver revenue. And so that's where -- and because that product is more optimized around Edge applications, Edge AI in general, that's where the kind of initial design win pipeline started to build, and that's where the first revenue streams will -- we expect to start to generate.

因為這是我們推出的第一個產品系列，也是我們向客戶提供的第一個樣品，所以這將是第一個開始帶來收入的產品。因此，這就是——因為該產品圍繞邊緣應用程式（一般來說是邊緣人工智慧）進行了更優化，這就是初始設計獲勝管道開始構建的地方，也是第一個收入來源的地方——我們預計將開始產生。

Now the follow-on device families of Avant-G and X, we're very excited about those products as well. And as I shared earlier, we'll launch those at the developers conference in December. Now those will address a range of other applications that we're excited about, too. And we'll certainly talk more about that at the developers conference in December. And so stay tuned. Well, you'll hear more about that in December.

現在 Avant-G 和 X 的後續設備系列，我們也對這些產品感到非常興奮。正如我之前分享的，我們將在 12 月的開發者大會上推出這些產品。現在，這些也將解決我們感到興奮的一系列其他應用程式。我們肯定會在 12 月的開發者大會上更多地討論這一點。請繼續關注。好吧，你會在 12 月聽到更多相關資訊。

Got it. Great. Okay. So if I could ask a quick follow-up. I don't think you've talked about client-side PCs. I don't think you mentioned it this quarter or maybe not last. Maybe you can give us an update, especially with some new processor SKUs coming out and some excitement around potentially AI-centric notebook computers being done. Is there an opportunity for you folks with either content gains? Or are you seeing any design activity around that front at this point? Or is it too early?

知道了。偉大的。好的。所以我是否可以要求快速跟進。我認為您沒有談論過客戶端 PC。我認為你這個季度沒有提到過，或者可能不是最後一個。也許您可以給我們提供最新信息，特別是一些新的處理器 SKU 的問世以及圍繞以人工智慧為中心的筆記型電腦的一些令人興奮的事情。你們有機會獲得任何內容嗎？或者您目前是否看到圍繞該方面的任何設計活動？還是現在還太早？

Yes. In fact, thank you for asking that. Happy to touch on that. Yes, in client, we continue to view client as a large, a very large system TAM opportunity for us. And we've announced a number of customers that we're already engaged with. In the past, we had announced that Lattice devices and software are used on Lenovo ThinkPad devices, LG Gram Series, ASUS. But there are other client OEMs that we're working with as well. It's a little too early to talk about those publicly, but we're really excited about those engagements. And we'll definitely share more about that as those get launched and enter production. But yes, Lattice devices, great, are a great solution for doing Edge AI applications in client devices.

是的。事實上，謝謝你這麼問。很高興談到這一點。是的，在客戶端方面，我們繼續將客戶端視為我們的一個非常大的系統 TAM 機會。我們已經宣布了一些已經與之合作的客戶。過去，我們曾宣布萊迪思設備和軟體用於聯想ThinkPad設備、LG Gram系列、華碩。但我們也正在與其他客戶 OEM 合作。現在公開談論這些還為時過早，但我們對這些活動感到非常興奮。隨著這些產品的推出和投入生產，我們肯定會分享更多相關資訊。但是，是的，萊迪思設備非常棒，是在客戶端設備中執行邊緣人工智慧應用程式的絕佳解決方案。

In particular, we can help drive battery savings. We can help improve security of the system, a number of different applications that we're getting designed into. And yes, we continue to see this as a good growth area for the company, and we'll share additional OEM engagements and design wins as those come closer to production.

特別是，我們可以幫助節省電池。我們可以幫助提高系統以及我們正在設計的許多不同應用程式的安全性。是的，我們仍然認為這是公司良好的成長領域，當這些專案接近生產時，我們將分享更多的 OEM 合作和設計成果。

(Operator Instructions) Our next question comes from the line of Quinn Bolton with Needham.

（操作員說明）我們的下一個問題來自 Quinn Bolton 和 Needham 的線路。

First for Sherri and then an Avant question for Jim. Sherri, on the gross margin as revenue pulls back, is there any sort of significant under-absorption or operations costs that could start to be a factor for gross margin? And then second, looks like at the Analyst Day, or sorry, Investor Day, you set a target for OpEx to be 30% of sales.

首先是雪莉，然後是吉姆的 Avant 問題。 Sherri，關於隨著收入回落的毛利率，是否存在任何重大的吸收不足或營運成本可能開始成為​​毛利率的一個因素？其次，看起來在分析師日，或者抱歉，投資者日，您將營運支出的目標設定為銷售額的 30%。

At the midpoint of guidance in December, it looks like OpEx is going to be about 33% of sales. Is there an upper threshold where you would start to cut absolute OpEx? Or could you see OpEx moving into the mid-30s for a period of time as you invest in the long-term business?

按照 12 月指引值的中點，營運支出似乎將佔銷售額的 33% 左右。您開始削減絕對營運支出是否有上限？或者，當您投資長期業務時，您是否會看到營運支出在一段時間內進入 30 年代中期？

Yes, thanks, Quinn. So from a gross margin perspective, the way I would look at it is we've contemplated all of those things into the guide for Q4. So 70.5% plus or minus 1%. Now the gross margin expansion strategy that we've been executing on now for 5 years or in its fifth year, there are multiple factors there that we've talked about in the past that have enabled us to really get value for our products. And some of those do include product cost efficiencies. Jim talked about the software attach, new products mix. There are so many various factors that are built into our gross margin expansion strategy that those are all fully contemplated as part of the guide that we provided for Q4.

是的，謝謝，奎因。因此，從毛利率的角度來看，我的看法是我們已經在第四季的指南中考慮了所有這些事情。所以 70.5% 正負 1%。現在，我們已經執行了五年或第五年的毛利率擴張策略，我們過去討論過的多種因素使我們能夠真正從我們的產品中獲得價值。其中一些確實包括產品成本效率。吉姆談到了軟體附加、新產品組合。我們的毛利率擴張策略中包含了許多不同的因素，因此我們在第四季度提供的指南中充分考慮了這些因素。

And again, we believe our gross margin is durable and will continue to drive toward the long-term target model that we put out at our Investor Day earlier this year. From an OpEx perspective, the 30%, it's a long-term model, right? That's our target. And within that, we talked about the R&D, 18% to 20% and SG&A 10% to 12%. So in terms of an upper limit on our OpEx, the way that I would answer that is that we continue to focus on making sure that we're making the right investments for the company, for the long-term growth of the company. We want to do it in a disciplined way, and we'll continue to manage the business in that way. We've made a ton of progress in terms of all the investments we've made with the products that we've launched to date.

再次，我們相信我們的毛利率是持久的，並將繼續推動我們在今年早些時候的投資者日上提出的長期目標模型。從營運支出的角度來看，30%，這是一個長期模型，對吧？這就是我們的目標。其中，我們討論了研發，18% 至 20%，SG&A 10% 至 12%。因此，就我們的營運支出上限而言，我的回答是，我們繼續專注於確保我們為公司進行正確的投資，以實現公司的長期成長。我們希望以一種有紀律的方式來做這件事，我們將繼續以這種方式管理業務。就我們迄今為止推出的產品所做的所有投資而言，我們已經取得了巨大的進展。

And we want to continue that focus because that's the long-term growth of the company. And so you can see fluctuations on a quarterly basis, as I mentioned before, from an OpEx perspective, but will still drive toward our target model that we put out at our Investor Day.

我們希望繼續關注這一點，因為這是公司的長期成長。因此，正如我之前提到的，從營運支出的角度來看，您可以看到季度波動，但仍將推動我們在投資者日推出的目標模型。

Great. And then for Jim, I know you've said multiple times, the Avant pipeline is bigger than the Nexus pipeline at the given point in time. But I guess I'm wondering, and I hope this doesn't come across as a very simple question, but does that translate into a faster revenue ramp for Avant? Or is it just that the TAM is much bigger for Avant? It's 10x higher ASPs, and so the pipeline is bigger, but it doesn't -- people shouldn't necessarily read into a faster Avant revenue ramp than Nexus.

偉大的。然後，對於 Jim，我知道您已經多次說過，在給定的時間點，Avant 管道比 Nexus 管道更大。但我想我想知道，我希望這不是一個非常簡單的問題，但這是否會轉化為 Avant 更快的收入成長？還是只是因為 Avant 的 TAM 比較大？它的平均售價高出 10 倍，因此管道更大，但事實並非如此——人們不一定會認為 Avant 的收入成長速度比 Nexus 更快。

And I guess where I'm getting this is you're getting lots of questions from investors after the close, kind of, hey, can Avant ramp help offset some of this macro weakness that you're seeing and still allow you to sort of grow in 2024?

我想我得到的結論是，在收盤後，投資者會問很多問題，嘿，Avant 的增產能否幫助抵消你所看到的一些宏觀疲軟，並仍然讓你能夠2024年會增長嗎？

Yes. I think that what I would say is that Avant design win pipeline being larger than Nexus is obviously positive. We certainly expected that, but it's still, it's good to see that. The pipeline, the whole idea of the pipeline is that converts to revenue over time. I think the major, if you look at the major limiter or governor over the revenue ramp over time, once we put the samples in the hands of customers, it's actually more the customers rate and pace of being able to bring that product to market. They're on their own natural beat rate and natural platform refreshes. And so they'll -- as we win designs, they'll design Avant at the next platform refresh rate.

是的。我認為我想說的是，Avant 設計贏得的管道比 Nexus 更大顯然是積極的。我們當然預料到了這一點，但仍然很高興看到這一點。管道，管道的整體概念是隨著時間的推移轉化為收入。我認為主要的是，如果你看看隨著時間的推移收入增長的主要限制因素或調節因素，一旦我們將樣品交給客戶，實際上更多的是客戶能夠將該產品推向市場的速度和速度。他們有自己的自然節奏和自然平台刷新。因此，當我們贏得設計時，他們將在下一個平台更新率下設計 Avant。

And so that's more of the rate or the governor of that growth rate over time of Avant once we put the samples in customers' hands. And then what I would say is I would refer you back to the Investor Day that we did earlier this year, where we tried to characterize or give a sense of how to think about both the continued ramp of our small FPGA products. We expect those to continue to grow over the long term, but then how to think about how Avant layers on top of that over a multiyear period.

因此，一旦我們將樣品交給客戶手中，Avant 的成長率就會隨著時間的推移而改變。然後我想說的是，我想請您回顧我們今年早些時候舉辦的投資者日，當時我們試圖描述或說明如何思考我們小型 FPGA 產品的持續成長。我們預計這些將在長期內繼續增長，但接下來如何考慮 Avant 如何在多年的時間內在此之上分層。

Ladies and gentlemen, that was our final question. I would now like to turn the floor back over to Lattice's President and CEO, Jim Anderson, for closing comments.

女士們先生們，這是我們的最後一個問題。現在我想請萊迪思的總裁兼執行長吉姆·安德森 (Jim Anderson) 發表總結評論。

Yes, thank you, operator, and thanks again, everybody, for joining us on the call today. We're pleased with the solid results in Q3. And we're really excited to continue to execute on what we see as the biggest product portfolio expansion in the company's history and excited to share more about that at our developers conference in December. So thanks for the time. And operator, that concludes today's call.

是的，謝謝接線員，再次感謝大家今天加入我們的電話會議。我們對第三季的穩健業績感到滿意。我們非常高興能夠繼續執行公司歷史上最大規模的產品組合擴展，並很高興在 12 月的開發者大會上分享更多相關內容。謝謝你的時間。接線員，今天的電話會議到此結束。

Thank you. This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。