萊迪思半導體 (LSCC) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Lattice Semiconductor Fourth 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, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加萊迪思半導體 2023 年第四季財報電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁 Rick Muscha。謝謝。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 fourth quarter of 2023 and the business outlook for the first quarter of 2024. 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 年第四季的財務和業務回顧以及 2024 年第一季的業務展望。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.

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。

This call includes and constitutes the company's official guidance for the first quarter of 2024. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum, such as a press release or publicly announced conference call.

本次電話會議包括並構成公司2024 年第一季的官方指導。如果在本次電話會議之後的任何時間，我們傳達了對此指導意見的任何重大變更，我們打算透過公共論壇（例如媒體）進行此類更新發布或公開宣布的電話會議。

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

在本次電話會議中，我們將主要參考非公認會計準則財務指標。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。

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

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. 2023 was another strong year for Lattice as we expanded our product portfolio and delivered record financial results.

謝謝里克，也謝謝大家參加我們今天的電話會議。 2023 年對萊迪思來說又是強勁的一年，我們擴大了產品組合併實現了創紀錄的財務表現。

Annual revenue grew by 12%, marking the third consecutive year of double-digit growth. Full year non-GAAP gross margin increased 130 basis points to a record 70.4%, and we delivered 15% year-over-year growth in non-GAAP EPS. We also continued our rapid product portfolio expansion with the launch of multiple new hardware and software solutions, including 2 new device families based on our new Avant mid-range FPGA platform.

年營收成長12%，連續第三年達到兩位數成長。全年非 GAAP 毛利率成長 130 個基點，達到創紀錄的 70.4%，非 GAAP 每股盈餘較去年同期成長 15%。我們也持續快速擴展產品組合，推出了多種新的硬體和軟體解決方案，包括基於我們新的 Avant 中階 FPGA 平台的 2 個新設備系列。

While I'm pleased with the full year revenue growth for 2023, our progress in Q4 of 2023 was impacted by the cyclic correction affecting the broader semiconductor industry.

雖然我對 2023 年全年營收成長感到滿意，但我們 2023 年第四季的進展受到了影響更廣泛的半導體產業的周期性修正的影響。

In the industrial and automotive market, although revenue grew 11% year-over-year in Q4, revenue declined 9% sequentially as demand softened across this end market as customers reduced their inventory levels.

在工業和汽車市場，儘管第四季營收年增 11%，但由於客戶減少庫存水平，該終端市場的需求疲軟，營收季減 9%。

In the communications and computing market, revenue declined by 14% sequentially in Q4 as growth in data center computing was offset by weaker demand in wired and wireless telecommunications driven by lower wireless infrastructure deployments.

在通訊和運算市場，第四季營收季減 14%，因為資料中心運算的成長被無線基礎設施部署減少導致的有線和無線電信需求疲軟所抵銷。

Looking forward, we expect Q1 '24 revenue to be sequentially down from Q4 '23, driven by softer end customer demand across our end markets as end customers rebound their inventory levels. At this point, we expect revenue in the second half of 2024 to be higher than the first half of '24, driven by improving end market conditions as end customer inventory levels normalize as well as new Lattice Nexus and Avant product ramps.

展望未來，我們預計 24 年第一季的營收將比 23 年第四季連續下降，這是由於終端客戶的庫存水準反彈，導致我們的終端市場的終端客戶需求疲軟。目前，我們預計 2024 年下半年的收入將高於 2024 年上半年，這是由於終端客戶庫存水準正常化以及新的 Lattice Nexus 和 Avant 產品增加而導致終端市場狀況改善的推動下。

Turning now to our product portfolio. In our small FPGA portfolio, we now have 7 Nexus device families launched, the 5 in production and ramping with customers and 2 families entering production later this year. We are very pleased with the strong revenue growth of Nexus in 2023 as it was a major contributor to the overall company growth. We also achieved a record level of design wins with Nexus in 2023, and our Nexus pipeline of opportunities continues to grow. Nexus revenue and design win growth in '23 was primarily due to a combination of displacing competitor devices as well as the adoption of Nexus in new greenfield applications.

現在轉向我們的產品組合。在我們的小型 FPGA 產品組合中，我們現已推出 7 個 Nexus 裝置系列，其中 5 個系列已投入生產並隨客戶量產，另外 2 個系列將在今年稍後投入生產。我們對 Nexus 在 2023 年的強勁收入成長感到非常高興，因為它是公司整體成長的主要貢獻者。我們還在 2023 年透過 Nexus 取得了創紀錄的設計勝利，並且我們的 Nexus 機會管道持續成長。 23 年 Nexus 營收和設計勝利的成長主要歸功於取代競爭對手設備以及在新的新應用中採用 Nexus。

Turning to our mid-range FPGA portfolio. At the Lattice Developers Conference in December, we launched 2 new device families based on our new Avant platform. We now have 3 Avant device families in the hands of our customers with the first device family, the Avant-E, generating initial revenue at the end of 2023 as planned. Avant initial revenue was driven by numerous applications such as communication gateways, industrial engine controls, LiDAR applications and more.

轉向我們的中階 FPGA 產品組合。在 12 月的萊迪思開發者大會上，我們推出了 2 個基於新 Avant 平台的新裝置系列。現在，我們的客戶手中有 3 個 Avant 設備系列，其中第一個設備系列 Avant-E，按計劃於 2023 年底產生初始收入。 Avant 的初始收入來自眾多應用，例如通訊閘道、工業引擎控制、雷射雷達應用等。

We expect the Avant-E series to ramp throughout the course of this year with a more significant contribution in the second half of this year and continued growth in the following years. We expect initial revenue from the newly launched Avant-G and X Series before the end of this year. Our 3 Avant device families provide a market-leading lineup of solutions for customers in the mid-range FPGA market.

我們預計 Avant-E 系列將在今年全年持續成長，並在今年下半年做出更顯著的貢獻，並在接下來的幾年中持續成長。我們預計新推出的 Avant-G 和 X 系列將在今年年底前實現初步收入。我們的 3 個 Avant 裝置系列為中階 FPGA 市場的客戶提供市場領先的解決方案陣容。

As a reminder, 90% of the target customers for Avant are already customers of Lattice today, and Avant leverages the same software that customers use today on Nexus. Given the competitive differentiation and use of adoption of Avant, the overall pipeline of Avant design opportunities continues to grow and significantly exceeds the pipeline of Nexus at the same relative point in time.

提醒一下，Avant 90% 的目標客戶目前已經是萊迪思的客戶，而 Avant 使用的軟體與客戶目前在 Nexus 上使用的軟體相同。考慮到競爭差異化和採用 Avant 的使用，Avant 設計機會的整體管道持續增長，並在同一相對時間點顯著超過 Nexus 的管道。

We also refreshed 4 of our key software solution stacks. We continue to see strong software adoption at an attach rate of over 50%. We continue to expand the capabilities and performance of our software portfolio to enhance the customer design experience and to make it easy for them to adopt Lattice products and get to market quickly. Our most widely adopted solution stack to date has been our SenseAI stack, which supports a variety of AI applications. One of the frequent questions we've gotten from investors over the past months has been around the overall Lattice AI-related opportunity.

我們還更新了 4 個關鍵軟體解決方案堆疊。我們繼續看到軟體採用率強勁，使用率超過 50%。我們不斷擴展我們的軟體產品組合的功能和性能，以增強客戶的設計體驗，並使他們能夠輕鬆採用萊迪思產品並快速進入市場。迄今為止，我們採用最廣泛的解決方案堆疊是 SenseAI 堆疊，它支援各種人工智慧應用。過去幾個月，我們從投資者那裡收到的常見問題之一是圍繞萊迪思人工智慧相關的整體機會。

So I'd like to provide some additional color on that topic. Lattice hardware and software solutions can be used in a wide variety of AI-related applications. For example, in AI-optimized servers in the data center where the system is running generative AI workloads, for example, Lattice devices are used in the controlled management and security of the AI computing system. Another example is in AI-enabled PCs, where Lattice solutions are used to run the AI inference algorithm that provides features such as user presence and gaze detection in PC systems like the Lenovo ThinkPad.

所以我想就這個主題提供一些額外的顏色。萊迪思的硬體和軟體解決方案可用於各種人工智慧相關應用。例如，在資料中心的人工智慧最佳化伺服器中，系統運行生成式人工智慧工作負載，萊迪思元件用於人工智慧運算系統的受控管理和安全性。另一個例子是在支援人工智慧的 PC 中，萊迪思解決方案用於運行人工智慧推理演算法，該演算法在聯想 ThinkPad 等 PC 系統中提供用戶存在和凝視檢測等功能。

A third example is AI-enabled automotive ADAS systems, where Lattice solutions are used to aggregate and preprocess sensor data that are used for AI processing. We recently announced that Lattice solutions are being used in the ADAS systems amongst the crossover SUVs. There are many other examples as well.

第三個例子是支援人工智慧的汽車 ADAS 系統，其中萊迪思的解決方案用於聚合和預處理用於人工智慧處理的感測器資料。我們最近宣布萊迪思解決方案正在跨界 SUV 的 ADAS 系統中使用。還有很多其他的例子。

When we look across all the AI applications across our end markets, we estimate that Lattice revenue in 2023 included about $100 million of AI-related revenue. We expect our AI-related revenue to more than double over the next few years based on the growing pipeline of AI-related design wins.

當我們縱觀終端市場的所有人工智慧應用時，我們估計萊迪思 2023 年的收入包括約 1 億美元的人工智慧相關收入。基於人工智慧相關設計的不斷增長，我們預計未來幾年我們的人工智慧相關收入將增加一倍以上。

In summary, I'm pleased with the strong progress in 2023, as we achieved record revenue and gross margin and continued to execute on the biggest product expansion in our company's history. While the industry moves through a temporary correction cycle and we experienced some short-term cyclic headwinds in our end markets, we continue to be well positioned for growth over the mid and long term. We have the strongest product portfolio in our history, and we continue to rapidly expand our product lines and accelerate our customer momentum.

總而言之，我對 2023 年的強勁進展感到高興，我們實現了創紀錄的收入和毛利率，並繼續執行公司歷史上最大規模的產品擴張。儘管該行業正在經歷暫時的調整週期，並且我們在終端市場經歷了一些短期的周期性逆風，但我們仍然為中長期成長做好了準備。我們擁有歷史上最強大的產品組合，我們將繼續快速擴展我們的產品線並加速我們的客戶發展勢頭。

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

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 full year 2023 results. We drove double-digit revenue growth for the third consecutive year, continued gross margin expansion and strong profitability. We generated a record level of cash from operations, expanded free cash flow margin, increased the cash returned to shareholders through share buybacks and completely paid down our outstanding debt balance.

謝謝你，吉姆。我們對 2023 年全年業績感到滿意。我們連續第三年實現兩位數的營收成長，毛利率持續擴張，獲利能力強勁。我們從營運中產生了創紀錄的現金水平，擴大了自由現金流利潤率，透過股票回購增加了向股東返還的現金，並完全償還了我們的未償債務餘額。

Let me now provide a summary of our results. Fourth quarter revenue was $170.6 million, down 11% sequentially from the third quarter and down 3% year-over-year as end market demand softened and end customers reduced their inventory. Full year 2023 revenue was $737.2 million, up 12% from 2022. Revenue growth for the full year 2023 was driven by double-digit revenue growth in our industrial and automotive end market, representing the fourth consecutive year of double-digit growth in this end market.

現在讓我總結一下我們的結果。第四季營收為 1.706 億美元，季減 11%，由於終端市場需求疲軟和終端客戶減少庫存，年減 3%。 2023 年全年營收為7.372 億美元，較2022 年成長12%。2023 年全年營收成長是由我們的工業和汽車終端市場兩位數營收成長推動的，這代表著該領域連續第四年實現兩位數成長市場。

Our Q4 non-GAAP gross margin declined 20 basis points to 70.4% compared to the prior quarter due to mix and was up 40 basis points compared to the year ago quarter. Our non-GAAP gross margin for the full year 2023 was 70.4%, up 130 basis points from 2022. Q4 non-GAAP operating expenses were $55.5 million compared to $58.2 million in the prior quarter and $52.5 million in the year ago quarter. The sequential decline in operating expenses was driven by the timing of certain R&D programs as well as the prudent and disciplined management of our SG&A expenses.

由於混合因素，我們第四季的非 GAAP 毛利率較上一季下降 20 個基點至 70.4%，但較去年同期上升 40 個基點。我們 2023 年全年的非 GAAP 毛利率為 70.4%，比 2022 年成長 130 個基點。第四季非 GAAP 營運費用為 5,550 萬美元，上一季為 5,820 萬美元，去年同期為 5,250 萬美元。營運費用的連續下降是由於某些研發項目的時間表以及我們對銷售、管理和行政費用的審慎和嚴格的管理。

Non-GAAP operating expenses for the full year 2023 increased to $225.7 million from $201 million, primarily driven by increased investment in our long-term product road map as well as in customer support. Our Q4 non-GAAP operating margin decreased 240 basis points to 37.8% compared to the prior quarter and was down 230 basis points compared to the year ago quarter. Our non-GAAP operating margin for the full year 2023 was a record 39.8% and up 120 basis points from 2022. We continue to balance operating margin growth with a disciplined approach to investing in the long-term growth of the company.

2023 年全年的非 GAAP 營運費用從 2.01 億美元增加到 2.257 億美元，這主要是由於我們對長期產品路線圖和客戶支援的投資增加。我們第四季的非 GAAP 營業利潤率較上一季下降 240 個基點至 37.8%，較去年同期下降 230 個基點。我們 2023 年全年的非公認會計準則營業利潤率為創紀錄的 39.8%，比 2022 年增長了 120 個基點。我們繼續在營業利潤增長與公司長期增長投資的嚴格方法之間取得平衡。

Q4 non-GAAP earnings per diluted share was $0.45 compared to $0.49 in the year-ago quarter. Non-GAAP diluted earnings per share for the full year 2023 was $2.01 compared to $1.75 for the full year 2022. This represents 15% year-over-year growth.

第四季非 GAAP 攤薄每股收益為 0.45 美元，去年同期為 0.49 美元。 2023 年全年非 GAAP 攤薄每股收益為 2.01 美元，而 2022 年全年為 1.75 美元。這意味著同比增長 15%。

I would now like to provide an update related to our taxes. In Q4, due to our consistent and continued profitability, we released our valuation allowance totaling $57 million, which had a GAAP EPS impact of $0.41. This is reflected as a tax benefit in our GAAP income statement. As a result of the release of the valuation allowance, we are expecting our 2024 effective tax rate to be in the range of the mid- to high single digits.

我現在想提供有關我們稅收的最新資訊。在第四季度，由於我們持續持續的獲利能力，我們公佈了總計 5,700 萬美元的估值備抵，這對 GAAP 每股盈餘的影響為 0.41 美元。這在我們的 GAAP 損益表中反映為稅收優惠。由於估價準備金的釋放，我們預計 2024 年的有效稅率將在中高個位數範圍內。

Demonstrating our continued focus on cash flow, we generated a record $270 million in cash from operations in 2023. This represents an increase of 13% compared to the cash generated from operations in 2022. Free cash flow margin increased to a record 34% in 2023.

2023 年，我們從營運中產生了創紀錄的2.7 億美元現金，證明了我們對現金流的持續關注。這與2022 年營運產生的現金相比增加了13%。2023 年自由現金流利潤率增至創紀錄的34% 。

In Q4, we repurchased approximately 900,000 shares for $50 million of stock, making Q4 our 13th consecutive quarter of executing share buybacks. Over that period, we have repurchased approximately 4.8 million shares, thereby reducing dilution by 3.4%. Our Board recently approved a $250 million share authorization. We will prioritize investing in the organic growth of our business but intend to continue returning capital to our shareholders through share repurchases.

第四季度，我們以 5,000 萬美元的價格回購了約 900,000 股股票，這使得第四季度我們連續第 13 個季度執行股票回購。在此期間，我們回購了約 480 萬股股票，從而減少了 3.4% 的稀釋。我們的董事會最近批准了 2.5 億美元的股票授權。我們將優先投資於業務的有機成長，但打算繼續透過股票回購向股東返還資本。

Let me now review our outlook for the first quarter. Due to the cyclic correction and demand headwinds that we are seeing across all of our end markets, revenue for the first quarter of 2024 is expected to sequentially decline to between $130 million and $150 million. Gross margin is expected to be 69%, plus or minus 1% on a non-GAAP basis due to lower absorption as well as a less favorable mix from our end markets.

現在讓我回顧一下我們對第一季的展望。由於我們在所有終端市場看到的周期性調整和需求逆風，預計 2024 年第一季的營收將依次下降至 1.3 億美元至 1.5 億美元之間。由於吸收率較低以及來自我們終端市場的不利組合，毛利率預計為 69%，在非 GAAP 基礎上上下浮動 1%。

Total operating expenses for the first quarter are expected to be between $54 million and $56 million on a non-GAAP basis, which is roughly in line with Q4 '23 at the midpoint. We are taking a cautious and prudent approach to near-term OpEx while still enabling the long-term growth and expansion of our product portfolio.

以非公認會計準則計算，第一季的總營運費用預計在 5,400 萬美元至 5,600 萬美元之間，大致與 23 年第四季的中位數一致。我們對近期營運支出採取謹慎謹慎的態度，同時仍能實現我們產品組合的長期成長和擴展。

Overall, I am very pleased with the continued financial progress we made in 2023 across many key metrics. As we enter 2024 we are experiencing near-term cyclic softness in our end markets, including customers' rebalancing of their inventory levels. However, we continue to believe we are well positioned for long-term growth.

總體而言，我對 2023 年我們在許多關鍵指標上取得的持續財務進展感到非常滿意。進入 2024 年，我們的終端市場正在經歷近期的周期性疲軟，包括客戶對其庫存水準的重新平衡。然而，我們仍然相信我們已做好長期成長的準備。

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

接線員，我的正式評論到此結束。我們現在可以開始提問。

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

（操作員說明）我們的第一個問題來自 Quinn Bolton 和 Needham 的對話。

I guess, Jim, as you look out at 2024, I'm sure visibility is pretty low but 2 questions. You've guided to [140s] midpoint for the March quarter. Do you have any sense based on backlog, current order patterns whether you would expect June to be sort of flattish, up or down? And then you expressed confidence that the revenue in the second half of the year would be better than the first half. What's that based on? Is that just your best guess as to when inventory is digested? Is it based on design win traction, the ramp of Avant? What gives you confidence in that second half being better than first half?

吉姆，我想，當你展望 2024 年時，我確信能見度相當低，但有兩個問題。您已將 3 月季度的目標引導至 [140s] 中點。根據積壓訂單和當前訂單模式，您是否認為 6 月會持平、上漲還是下跌？然後您表示有信心下半年的收入會比上半年好。這是基於什麼？這只是您對庫存何時消化的最佳猜測嗎？是基於設計贏得牽引力，Avant 的坡道嗎？是什麼讓您對下半場比上半場更好充滿信心？

Yes. Thanks, Quinn. So first of all, on -- I think your first question was around Q2. At this point, relative to Q1, we would expect Q2 to be roughly in line with Q1. Now historically, we've seen Q2 be stronger than Q1. So there is some potential that Q2 would come in a little higher than Q1. But at this point, we see at -- Q2 roughly in line with Q1. Some of the headwinds that we're seeing in Q1, we expect to continue into the second quarter as well.

是的。謝謝，奎因。首先，我認為你的第一個問題是關於第二季的。此時，相對於 Q1，我們預期 Q2 與 Q1 大致一致。從歷史上看，我們已經看到第二季強於第一季。因此，第二季的排名有可能略高於第一季。但此時，我們看到 Q2 與 Q1 大致一致。我們在第一季看到的一些不利因素預計也將持續到第二季​​。

On the second half of the year, yes, at this point, we do expect the second half to be stronger than the first half. That's really based on 2 things. The first one would be the inventory digestion and rebalancing that we're seeing by our end customers in kind of the first quarter of this year, which we expect to continue into the second quarter of this year. We expect that to dissipate -- that effect to kind of dissipate through the rest of the year and to be less of a factor in the second half of the year. So that's part of the second half being stronger.

在下半年，是的，在這一點上，我們確實預計下半年會比上半年更強。這實際上是基於兩件事。第一個是我們的最終客戶在今年第一季看到的庫存消化和重新平衡，我們預計這種情況將持續到今年第二季。我們預計這種情況會消散——這種影響會在今年剩餘時間消散，並且在今年下半年不再是影響因素。所以這是下半場變得更強的部分。

The other is, as you mentioned, it's essentially new product ramps. We've got a number of new products ramping throughout this year, and they contribute more to the second half than they do in the first half. A couple of examples of that is on Nexus. We've launched 7 device families based on Nexus. 5 of those device families are already in production, but there's 2 more that go into production this year. One of those goes into production in Q2, and the other goes into production in Q3. And so we expect those to benefit us in terms of revenue in the second half.

另一個是，正如您所提到的，它本質上是新產品的推出。今年我們有許多新產品不斷出現，它們對下半年的貢獻比上半年更大。 Nexus 上有幾個這樣的例子。我們已經推出了 7 個基於 Nexus 的設備系列。其中 5 個裝置系列已投入生產，今年還有 2 個裝置系列投入生產。其中一個在第二季投入生產，另一個在第三季投入生產。因此，我們預計這些將使我們下半年的收入受益。

And then also, Avant, we achieved first revenue from the Avant platform at the end of this past year. We expect Avant to ramp throughout this year and into next year. And the contribution from Avant is more significant in the second half than the first half. So yes, it's a combination of that, the dissipation of the inventory effects at our end customer with -- combined with new product ramps from Lattice.

另外，Avant，我們在去年年底從 Avant 平台獲得了第一筆收入。我們預計 Avant 在今年和明年都會有所成長。而Avant的貢獻在下半場比上半場更為顯著。所以，是的，這是我們最終客戶庫存效應消散與萊迪思新產品增加的結合。

Perfect. And then just a follow-up question. You guys have kept the disti inventory levels pretty tight, so I imagine most of this inventory digestion you're seeing is coming from the end customers. But how -- where are you with disti channel? Is that still pretty lean? And do you see an opportunity potentially to restock the distis in the second half? Are you going to keep that disti inventory pretty tight given the uncertain environment?

完美的。然後是一個後續問題。你們一直保持分銷庫存水準相當緊張，所以我想你們看到的庫存消化大部分來自最終客戶。但是，你在哪裡的 disti 頻道呢？那還是很瘦嗎？您認為下半年有可能重新進貨嗎？鑑於不確定的環境，您會保持分銷庫存相當緊張嗎？

Yes. Thanks, Quinn. Yes, the inventory digestion I was referring to is end customer inventory digestion and rebalancing. And so yes, if we look at the disti, the amount of inventory held in the disti channel, if we kind of look at where it ended in 2023, I would characterize it as very much back to pre-pandemic levels -- kind of back to normal pre-pandemic levels. And our goal would be to keep it at those normal pre-pandemic levels.

是的。謝謝，奎因。是的，我指的庫存消化是終端客戶庫存消化和再平衡。所以，是的，如果我們看看disti，即disti 渠道中持有的庫存量，如果我們看看它在2023 年的結束情況，我會將其描述為非常回到大流行前的水平——有點像是恢復到疫情前的正常水準。我們的目標是將其保持在大流行前的正常水平。

Our next question comes from the line of Hans Mosesmann with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的漢斯·摩西曼。

Jim, thanks for the color on the AI part of the business. I get that question asked a lot. Can you give us some puts and takes on how to look at this opportunity going forward? I suspect that the $100 million last year was driven by the accelerated server type products, maybe ADAS. But what about the industrial markets and as things go to more inference-related workloads there and so on?

吉姆，感謝您對業務人工智慧部分的關注。我常被問到這個問題。您能否給我們一些關於如何看待未來這個機會的看法和看法？我懷疑去年的 1 億美元是由加速伺服器類型產品驅動的，也許是 ADAS。但是工業市場以及隨著更多與推理相關的工作負載等的發展，情況又如何呢？

Yes. Thanks, Hans. And actually, maybe before I talk about the go forward, maybe I'll just give a little bit more context and color around a little bit of the history of this as well. So Hans, you'll remember that back in our 2019 Investor Day, that was the first Investor Day that we did as a new management team. Actually, AI workloads and the ability of Lattice to help with AI was one of the things we flagged back in 2019 as a potential growth area. And so even back then about 5 years ago, we were making organic investments to enable customers to use Lattice devices and AI applications.

是的。謝謝，漢斯。事實上，也許在我談論未來之前，也許我會圍繞著這段歷史提供更多背景和色彩。所以漢斯，你會記得在我們的 2019 年投資者日，那是我們作為新管理團隊舉辦的第一個投資者日。事實上，人工智慧工作負載和萊迪思幫助人工智慧的能力是我們在 2019 年標記為潛在成長領域的事情之一。因此，即使在大約 5 年前，我們也在進行有機投資，以使客戶能夠使用萊迪思設備和人工智慧應用程式。

In fact, one of the first solution stacks we developed was SenseAI, which was around inference at the edge of the network, AI inferencing. And then we introduced another solution -- software solution stack called mVision, which was around computer vision processing. And all that was to help enable customers to design Lattice products into AI applications.

事實上，我們開發的第一個解決方案堆疊是 SenseAI，它圍繞著網路邊緣的推理，即人工智慧推理。然後我們引入了另一個解決方案——稱為 mVision 的軟體解決方案堆疊，它是圍繞電腦視覺處理的。所有這些都是為了幫助客戶將萊迪思產品設計成人工智慧應用程式。

We also made organic -- or inorganic investments in this area as well. A little over 2 years ago, we acquired a small software company called Mirametrix, which was focused on computer vision -- basically AI processing at the edge for computer vision technology. And they came with an existing revenue stream, and we've certainly been focused, since we acquired them, on growing the revenue synergy between the software that they bring -- they brought as well as the Lattice devices.

我們還在該領域進行了有機或無機投資。兩年多前，我們收購了一家名為 Mirametrix 的小型軟體公司，該公司專注於電腦視覺——基本上是電腦視覺技術邊緣的人工智慧處理。他們帶來了現有的收入來源，自從我們收購他們以來，我們當然一直專注於提高他們帶來的軟體（他們帶來的以及萊迪思設備）之間的收入協同效應。

And so there's been a number of investments we've been making over the past years. And so yes, when we look forward, we see a number of different applications where Lattice can continue to grow and participate. One is, as you mentioned and I mentioned in my prepared remarks, in AI-optimized servers in the data center. We have a very good position in the control management and security of those type of servers. And generally, we have a higher -- an equal to or higher level of dollars of content per server on an AI-optimized server than a traditional general-purpose server.

因此，過去幾年我們進行了大量投資。所以，是的，當我們展望未來時，我們看到萊迪思可以繼續發展和參與許多不同的應用程式。正如您和我在準備好的發言中提到的，其中之一是資料中心的人工智慧優化伺服器。我們在此類伺服器的控制管理和安全方面處於非常有利的地位。一般來說，與傳統的通用伺服器相比，人工智慧優化的伺服器上每台伺服器的內容價值更高，甚至更高。

Another application is in AI-enabled PCs, where Lattice devices are already used today and doing AI tasks on PCs, such as Lenovo ThinkPads. I also mentioned in the prepared remarks, ADAS, but there's lots of different industrial applications, industrial robotics, industrial automation. And in particular, computer vision processing and technology is really important to those type of applications. And so that's a place where we see great synergy from the acquisition we made a couple of years ago on computer vision software technology used with Lattice devices to gain more lattice position and growth in industrial applications.

另一個應用是在支援人工智慧的 PC 中，目前萊迪思的設備已經在其中使用，並在 PC 上執行人工智慧任務，例如聯想 ThinkPad。我在準備好的演講中也提到了 ADAS，但還有很多不同的工業應用、工業機器人、工業自動化。特別是，電腦視覺處理和技術對於此類應用非常重要。因此，我們在幾年前收購的電腦視覺軟體技術與萊迪思裝置中使用的收購中看到了巨大的協同效應，以獲得更多的晶格位置和工業應用的成長。

So it's really a number of different applications that we see. And yes and as I said in my prepared remarks, we expect the AI-related revenue across all of our applications to roughly double over the next few years. And frankly, when we look across all of our end markets, that is the fastest growing usage case, our application model across all of our end markets, is AI-related growth.

所以我們看到的實際上是許多不同的應用程式。是的，正如我在準備好的發言中所說，我們預計所有應用程式中與人工智慧相關的收入在未來幾年內大約會翻一番。坦白說，當我們縱觀所有終端市場時，這是成長最快的使用案例，我們所有終端市場的應用程式模型都是與人工智慧相關的成長。

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。

I wanted to -- it's really helpful that you gave us a little preview, Jim, of the June quarter just as you see it now as well. So if we're going to be around these revenue levels for a little bit as you ensure that the customer inventory levels get sold through and digested, I wonder if you could give us a little bit of an estimate as, I mean, you guys, going back to the Analyst Day, talked about sort of mid- to high teens growth for the company on a long-term basis and the product road maps are all there to support that.

我想——吉姆，你給我們提供了六月季度的一些預覽，就像你現在看到的那樣，這真的很有幫助。因此，如果我們要在確保客戶庫存水平得到銷售和消化的同時，暫時保持在這些收入水平附近，我想知道您是否可以給我們一些估計，我的意思是，你們回到分析師日，談到了公司長期的中高成長率，產品路線圖都可以支持這一點。

I'm trying to get an understanding of what you guys feel like sell-through is sort of a revenue level in the first quarter and the second quarter that represent like true end demand for the product. So at $140 million a quarter, any sense as to how much inventory you're actually burning through with the customers? And sort of what a steady state end consumption for Lattice's business looks like at this point?

我試圖了解你們對第一季和第二季銷售收入水準的看法，這代表了產品的真正最終需求。那麼，以每季 1.4 億美元計算，您是否知道您實際上為客戶消耗了多少庫存？目前萊迪思業務的穩態最終消耗是什麼樣的？

Yes. Thanks, Matt. It's a tough question to answer because, while we have really good visibility on inventory that's in the channel with our distributors, we have over 10,000 end customers, and so we just don't have perfect visibility of the inventory levels across all of those customers. And so it's hard to judge that. But we believe at that $140 million level that was the midpoint of our guide, we believe that's below the natural consumption and usage of our end customers. And the difference is the inventory that they're drawing down. And so we're not sure exactly how much that is, but we do believe we're shipping in below the natural consumption. And we believe that will continue into Q2 as well and -- but that inventory effect that we're seeing in the -- that's dampening demand in the first half of the year, we believe that dissipates into the second half of the year, and we get back to more normal levels of consumption from our customers.

是的。謝謝，馬特。這是一個很難回答的問題，因為雖然我們對經銷商通路中的庫存有很好的了解，但我們擁有超過 10,000 個最終客戶，因此我們無法完全了解所有這些客戶的庫存水平。所以很難判斷這一點。但我們認為 1.4 億美元的水平是我們指南的中點，我們認為這低於最終客戶的自然消費和使用。不同之處在於他們正在消耗的庫存。因此，我們不確定具體是多少，但我們確實相信我們的出貨量低於自然消耗。我們相信這種情況也將持續到第二季​​度，但是我們在上半年看到的庫存效應抑制了上半年的需求，我們相信這種情況會在下半年消散，並且我們的客戶消費恢復到更正常的水平。

Got it. That makes sense. Just a couple of quick things and follow-up, I guess, to that question. One, the first one is if you look at the first quarter, if you kind of x out the under shipment relative to inventory burn, do you feel like the end markets are back to some level of normal seasonality? Are they -- or sort end consumption well below where you would think normal seasonal behaviors are for your business?

知道了。這就說得通了。我想，只是針對這個問題做一些簡單的事情和後續行動。第一，如果你看看第一季度，如果你排除了相對於庫存消耗的出貨不足，你是否覺得終端市場回到了正常季節性的某種水平？它們是否—或將最終消費排序為遠低於您認為適合您企業的正常季節性行為的水平？

And I guess the second follow-up is for Sherri. The disti percentage of revenue was a bit different than it's been in the past. Is this a strategic change? Or is this just the sort of how much inventory -- or how much sell-in happened direct versus disti was kind of dictated by who was burning through inventory at what rate? I'm just trying to think if there's anything strategic changing there as to your disti strategy or not.

我想第二個後續行動是針對雪莉的。收入的分配百分比與過去略有不同。這是策略變化嗎？或者這只是庫存量的多少——或者直接銷售與分銷的銷售量是由誰以何種速度消耗庫存決定的？我只是想想想你們的分銷策略是否有任何策略變化。

Yes. Matt, on the first part of your question on the Q4 to Q1 decline that we're forecasting. Yes, definitely part of that is normal seasonality. Typically, Q1 is a seasonally lower quarter. But the forecast that we're giving for Q1 is beyond normal seasonality, and that beyond normal seasonality is really 2 factors. It's the inventory digestion and rebalancing that I was talking about as well as our customers are seeing lower demand from their business as well. So it's -- they're seeing lower demand, and they're also drawing down inventory at the same time. So that Q1 is a combination of those 3 things: normal seasonality, lower customer demand and then them drawing down their inventory levels as well.

是的。馬特，關於您關於我們預測的第四季度至第一季度下降的問題的第一部分。是的，其中一部分肯定是正常的季節性。通常，第一季是季節性較低的季度。但我們對第一季的預測超出了正常季節性，而超出正常季節性的因素實際上是兩個因素。我所說的是庫存消化和重新平衡，我們的客戶也看到他們的業務需求下降。所以，他們看到需求下降，同時也減少庫存。因此，第一季是這三件事的結合：正常的季節性、客戶需求下降，然後他們也降低了庫存水準。

Yes. And then, Matt, on the second part of your question in terms of the disti percentage versus a direct percentage of revenue, when you look at '23, the full year 2023, and you compare that to 2022, it's very similar. So you don't see a whole lot of difference there for the full year versus the full year. On a quarterly basis, you can see -- expect to see fluctuations in that percentage of revenue. But I really wouldn't read any more into that. It's just sort of typical in the range of what we have seen historically even if you look back to 2022.

是的。然後，馬特，關於您問題的第二部分，即分銷百分比與收入的直接百分比，當您查看 23 年（2023 年全年）並將其與 2022 年進行比較時，會發現非常相似。因此，您不會看到全年與全年之間有很大差異。按季度計算，您可以看到—預計該收入百分比會出現波動。但我真的不會再讀下去了。即使回顧 2022 年，這在我們歷史上看到的情況中只是一種典型。

Our next question comes from the line of Melissa Weathers with Deutsche Bank.

我們的下一個問題來自德意志銀行的梅麗莎‧韋瑟斯 (Melissa Weathers)。

So for my first question, I wanted to touch base on your communications and compute segment, specifically on the compute side. I think we're hearing some mixed signals on overall demand for non-AI servers in 2024. Some people are talking about March being down seasonally. So I know you guys have higher content in the next-generation servers this year. So how should we think about the level of growth that we should be looking for in 2024? What would the second half look like in computing for you guys?

因此，對於我的第一個問題，我想談談你們的通訊和計算領域，特別是計算方面。我認為我們聽到了一些關於 2024 年非人工智慧伺服器總體需求的混合信號。有些人在談論 3 月季節性下降。所以我知道你們今年在下一代伺服器中擁有更高的內容。那我們該如何思考 2024 年我們應該尋求的成長水準呢？對你們來說，下半場的計算會是什麼樣子？

Yes. Thanks, Melissa. We don't really provide guidance at that level of granularity, but we did see -- but a little bit of additional color that might be helpful. We did see -- within communications and computing in Q4, although it was sequentially down, as I mentioned in the prepared remarks, we did see computing go up sequentially from Q3 to Q4. It was communications that drove that overall segment down sequentially.

是的。謝謝，梅麗莎。我們並沒有真正提供這種粒度級別的指導，但我們確實看到了——但一些額外的顏色可能會有所幫助。我們確實看到，在第四季度的通訊和計算領域，儘管它連續下降，正如我在準備好的評論中提到的，我們確實看到計算從第三季度到第四季度連續上升。正是溝通推動了整個細分市場的連續下滑。

And yes, one of the benefits that we'll see in 2024 is that the new generation of servers that's ramping now that we have a significantly higher level of dollars of content per server on a new generation than we did in the prior generation. It's about 50% more dollars of content per server. So even if the units remained exactly flat on a year-over-year basis, we would expect to still see growth in the server -- data center server segment because of that higher level of content. So as that new generation of servers becomes a higher percentage of the overall server shipments throughout this year as it ramps, that's certainly a benefit to us throughout the year.

是的，我們將在 2024 年看到的好處之一是，新一代伺服器正在蓬勃發展，新一代伺服器每台伺服器的內容美元水準明顯高於上一代伺服器。每台伺服器的內容價值增加了約 50%。因此，即使這些單位與去年同期相比保持完全持平，由於內容水平較高，我們預計伺服器——資料中心伺服器領域仍將出現成長。因此，隨著新一代伺服器在今年整體伺服器出貨量中所佔的比例不斷提高，這無疑對我們全年都有好處。

I guess for my follow-up, I wanted to follow up on your developers conference that you had in December. Can you talk either anecdotally or qualitatively about that event and the kind of customer engagement that it brought on? What was the interest levels? And did it drive enthusiasm towards Avant? Just any takeaways from that event that you guys want to share?

我想對於我的後續行動，我想跟進你們 12 月舉行的開發者會議。您能否以軼事或定性方式談論該事件以及它帶來的客戶參與度？興趣程度是多少？它是否激發了人們對 Avant 的熱情？你們想分享這次活動的一些收穫嗎？

Yes. Thanks, Melissa. Actually, thanks for asking. We were really excited about the developers conference. That was actually Lattice's first developers conference we had ever done. And I was really pleased with the results. We had over 5,000 registrations. We had 35 different sessions. We had 40 different technology demonstrations. Those were not just lattice demonstrations but demonstrations from a lot of our partners. We had great keynotes from our customers and partners like BMW, Meta and NVIDIA as well.

是的。謝謝，梅麗莎。其實謝謝你的提問。我們對開發者大會感到非常興奮。這其實是萊迪思舉辦的第一次開發者大會。我對結果非常滿意。我們有超過 5,000 名註冊者。我們舉行了 35 場不同的會議。我們進行了 40 種不同的技術演示。這些不僅僅是網格演示，還有我們許多合作夥伴的演示。 BMW、Meta 和 NVIDIA 等客戶和合作夥伴也發表了精彩的主題演講。

Actually, the best part of the conference, from my perspective, was not just the partner and the customer activity that it generated, but we also launched the 2 newest device families based on our Avant platform for mid-range FPGAs. So that was Avant-G and the X. And so we exited last year with 3 different device families in the hands of customers, the E, the G and the X and generated initial revenue from Avant before the end of next -- or last year as well.

事實上，從我的角度來看，這次會議最精彩的部分不僅僅是合作夥伴和客戶的活動，我們還推出了基於我們的中階 FPGA Avant 平台的 2 個最新裝置系列。這就是 Avant-G 和 X。去年我們退出時，客戶手中有 3 個不同的設備系列：E、G 和 X，並在明年或去年年底之前從 Avant 中獲得了初始收入年也。

And so what's really exciting about that is that's the beginning of the Avant revenue ramp. And as you might recall, Avant doubles our addressable market. It creates an entirely new revenue stream for the company. It's additive to the existing revenue streams. It doesn't cannibalize the existing small FPGA revenue streams in any way.

真正令人興奮的是 Avant 收入開始成長。您可能還記得，Avant 將我們的目標市場擴大了一倍。它為公司創造了全新的收入來源。它可以增加現有的收入來源。它不會以任何方式蠶食現有的小型 FPGA 收入來源。

And so that was one of the best parts of the developers conference, is the launching of G and X versions of Avant, which we believe will start to generate revenue before the end of this year. And there was certainly a lot of customer excitement and activity around that. But yes, overall, we viewed the event as a tremendous success, and we expect to do another developers conference later this year.

因此，開發者大會上最精彩的部分之一就是推出 G 和 X 版本的 Avant，我們相信這將在今年年底之前開始產生收入。當然，客戶對此感到非常興奮並進行了許多活動。但總的來說，我們認為這次活動取得了巨大的成功，我們預計在今年稍後再舉辦一次開發者大會。

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。

Looking at your gross margin guidance, 69% is the first sequential decline since Q4 '19. Obviously, still very healthy level. What is driving the decline? Is it more mix related? But it shouldn't be because communication, as I would recall, tends to be lower margin. So -- or -- and industrial seems to be still fairly resilient. So is there some other component mix that I'm not seeing that is impacting gross margin? And how much of this could be pricing related?

從您的毛利率指引來看，69% 是自 19 年第四季以來的首次連續下降。顯然，仍然是非常健康的水平。是什麼推動了下降？它與混合更相關嗎？但這不應該是因為，據我所知，溝通的利潤往往較低。所以——或者說——工業似乎仍然相當有彈性。那麼是否還有一些我沒有看到的其他成分組合會影響毛利率？其中有多少可能與定價有關？

Yes. Thanks, Tristan, for the question. So from a gross margin perspective, a couple of things let me say first, is that for 2023, our full year gross margin at 70.4%, another record year for us, so we're really pleased with those results. In Q4, that sequential decline, we mentioned that, that was a little bit due to mix, the 20 basis point decline. And so then more specifically to your question, the 69% at the midpoint, it's 2 things. It's mix. The majority of it is mix, and then the rest of it is a little bit from lower absorption.

是的。謝謝特里斯坦的提問。因此，從毛利率的角度來看，我首先要說的幾件事是，2023 年，我們的全年毛利率為70.4%，這對我們來說又是創紀錄的一年，所以我們對這些結果非常滿意。在第四季度，連續下降，我們提到，這在一定程度上是由於混合因素造成的，下降了 20 個基點。更具體地說，對於你的問題，中間的 69%，有兩件事。這是混合的。大部分是混合的，剩下的一點是吸收較低的。

So when we talk about mix, industrial and automotive, that's typically our highest gross margin segment. And so when we see softness there, certainly, we see that impact in gross margin. And so -- but we're seeing it, in terms of the softness industrial and automotive and communications, all of the softness in Q1 that Jim mentioned, being offset a little bit by the compute side of things. So industrial and automotive would have the higher gross margin, and that's where you'd see the impact in mix coming down sequentially in Q1.

因此，當我們談論混合、工業和汽車時，這通常是我們毛利率最高的部分。因此，當我們看到那裡的疲軟時，我們當然會看到毛利率的影響。所以 - 但我們看到，就工業、汽車和通訊的疲軟而言，吉姆提到的第一季的所有疲軟都被計算方面的事物所抵消。因此，工業和汽車行業的毛利率將更高，這就是您在第一季看到的組合影響依次下降的地方。

The other thing, just to complete that thought on gross margin is that when you look back, it's about like going into our sixth year of our gross margin expansion strategy. So since that time, we've increased our gross margin by almost about 1,400 basis points. And so gross margin continues to be an area of focus for us, and we'll continue to focus on that to our long-term target model that we put out last year at the low 70s.

另一件事，只是為了完成對毛利率的思考，當你回顧過去時，這就像進入我們毛利率擴張策略的第六年。從那時起，我們的毛利率增加了近 1,400 個基點。因此，毛利率仍然是我們關注的一個領域，我們將繼續關注我們去年推出的 70 多歲的長期目標模型。

Tristan, I think you also asked about pricing at the very end of your question. Maybe I'll take that piece of your question. I would describe our pricing as quite durable. As Sherri mentioned, we've had a gross margin improvement strategy in place since 2019. Part of that has been pricing optimization. And over those last 5 years of pricing optimization, through multiple different types of market conditions, our pricing has remained quite durable. And in fact, our ASPs have continued to go up each year.

特里斯坦，我想你在問題的最後也問到了定價問題。也許我會回答你的問題。我認為我們的定價相當持久。正如 Sherri 所提到的，我們自 2019 年以來就制定了毛利率改善策略。其中一部分是定價優化。在過去 5 年的定價優化中，透過多種不同類型的市場條件，我們的定價仍然相當耐用。事實上，我們的平均售價每年都在持續上升。

As we've introduced a wider range of products and especially products with more capability, more capacity, more software content and as more of our product mix goes towards those higher capacity, higher capability devices, that has naturally pulled up our ASPs over time. And we expect that trend to continue, especially when you think about now we're at the beginning of the Avant revenue ramp and with Avant ASPs being 10 to 20x higher than the Nexus and pre-Nexus ASPs. As Avant mixes into the revenue base, we would expect ASPs to continue to grow over the coming years.

隨著我們推出了更廣泛的產品，特別是具有更多功能、更多容量、更多軟體內容的產品，並且隨著我們更多的產品組合轉向那些更高容量、更高功能的設備，隨著時間的推移，這自然會提高我們的平均售價。我們預計這種趨勢將持續下去，特別是當你想到現在我們正處於 Avant 收入成長的開始階段，並且 Avant 的 ASP 比 Nexus 和 Nexus 之前的 ASP 高出 10 到 20 倍時。隨著 Avant 融入營收基礎，我們預計 ASP 在未來幾年將持續成長。

And then for my follow-up, wanted to go back to the revenue breakdown. I would have expected industrial revenue to roll over. It did a little bit but still at a run rate that's well higher than a year ago, and it's communication that came down a lot.

接下來，我想回到收入細分。我本來預計工業收入會滾動。它做了一點，但運行速度仍然比一年前高得多，而且溝通也下降了很多。

So the question is, is industrial the last leg to come down and we haven't really seen that yet. And if you could remind us the percentage of communication as a percentage -- as a percent of industry -- of communication and computing. And then also in computing, you've showed some seasonality in Q1 of last year sequentially. So how much of computing is actually driven by data center densification where more GPUs equate more root-of-trust security chips versus the weakness in server units which also will have an impact? So if you could help us put all of this together but also what should we expect with industrial. I know you gave us a hint for Q2 and the second half of this year, but wanted to understand better the moving pieces within the top line.

所以問題是，工業是下降的最後一站，而我們還沒有真正看到這一點。如果你能提醒我們通訊佔通訊和計算行業的百分比。然後在計算領域，去年第一季也連續顯示出一些季節性。那麼，有多少計算實際上是由資料中心緻密化驅動的，其中更多的 GPU 相當於更多的信任根安全晶片，而伺服器單元的弱點也會產生影響？因此，如果您能幫助我們將所有這些整合在一起，以及我們對工業的期望。我知道您給了我們第二季和今年下半年的提示，但想更了解營收的變化。

Yes. Thanks, Tristan. I think that was at least 3 different questions. So I'm going to do my best to answer those. So on the first one on industrial and auto, Yes, we did see some sequential decline from Q3 to Q4. I think it was about 9% sequential decline in industrial, auto. We expect to see a deeper decline than that from Q4 to Q1. And so yes -- and that has been later -- that decline has been later than what we originally saw in the communications and computing space. We started to see that decline really in the first half of last year.

是的。謝謝，特里斯坦。我認為這至少是 3 個不同的問題。所以我會盡力回答這些問題。因此，關於工業和汽車的第一個，是的，我們確實看到從第三季到第四季出現了一些連續下降。我認為工業、汽車業環比下降了 9% 左右。我們預計第四季到第一季的下降幅度會更大。所以，是的——而且已經很晚了——這種下降比我們最初在通訊和計算領域看到的下降要晚。我們從去年上半年開始真正看到這種下降。

In industrial and automotive, we started to see those markets impacted really towards the end of Q3 of last year into Q4, and we expect industrial and automotive to be down from Q4 to Q1. And so that's also part of why -- earlier why Sherri said that's part of the mix changes of industrial and automotive, our highest margin segment, declines more than kind of the rest of the segments. It's a negative impact on our gross margins.

在工業和汽車領域，我們開始看到這些市場在去年第三季末到第四季受到了真正的影響，我們預計工業和汽車市場的銷售量將從第四季到第一季有所下降。這也是為什麼——早些時候謝裡說這是工業和汽車行業混合變化的一部分，我們利潤率最高的細分市場比其他細分市場下降更多。這對我們的毛利率產生負面影響。

Now on the second part of your question on comms and compute, I think you're asking what portion is communications versus compute. We don't break those out separately, but just qualitatively, compute is the bigger component of that segment. Compute has grown significantly over the past years and is the bigger component.

現在，關於通訊和計算問題的第二部分，我認為您是在問通訊與計算的部分是什麼。我們不會將它們分開，但從定性上來說，計算是該細分市場中更重要的組成部分。計算在過去幾年中顯著增長，並且是更大的組成部分。

So -- and then in terms of -- I think the third part was just a little bit -- of your question was just a little bit more about computing what we're seeing is there. And what I would say is if you put units aside on an apples-to-apples basis on a new generation of servers, we have higher content. So we would expect to see growth based on the higher levels of content that we have on that new generation as that new generation becomes a greater percentage of the server shipments.

所以——然後就——我認為你的問題的第三部分只是一點點——更多的是關於計算我們所看到的內容。我想說的是，如果你將單位放在新一代伺服器上，我們將擁有更高的內容。因此，隨著新一代伺服器在伺服器出貨量中所佔的比例越來越大，我們預計會看到基於新一代內容更高水準的成長。

But certainly, any changes in the end market overall server unit shipments, those would affect us as well, but we would benefit at the same time from that higher dollars of content per server. I hope that answered the third part of your question as well.

但當然，終端市場整體伺服器單位出貨量的任何變化也會影響我們，但我們同時會從每台伺服器內容的更高美元中受益。我希望這也回答了你問題的第三部分。

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

我們的下一個問題來自 Christopher Rolland 與 SIG 的對話。

I'm a bit surprised actually that you guys didn't mention your win in a high-profile VR/AR headset. And I'd love to know, if possible, what the OEM might be using that for. They appear to be using an iCE40 versus a Nexus. Was this purely a price decision? Or was there anything else that went into that? And then is this a beachhead for headway into more of their products or even outside of that OEM? Do you guys get more excited about consumer again after this win?

事實上，我有點驚訝你們沒有提到你們在備受矚目的 VR/AR 耳機中獲勝。如果可能的話，我很想知道 OEM 可能會用它來做什麼。他們似乎使用的是 iCE40 而不是 Nexus。這純粹是價格決定嗎？或是還有其他什麼內容嗎？那麼，這是否是他們進入更多產品甚至 OEM 之外的一個灘頭？這場勝利之後，你們對消費者是否再次感到更加興奮？

Yes. Thanks, Chris. That particular customer is a very long and very good customer of Lattice, but that customer is also very sensitive about us discussing anything related to them. So I won't discuss that particular topic.

是的。謝謝，克里斯。該特定客戶是萊迪思的長期且非常好的客戶，但該客戶對我們討論與他們相關的任何事情也非常敏感。所以我不會討論這個特定的話題。

Okay. Just how about consumer in general? Does this get you more excited about consumer?

好的。那麼一般消費者又如何呢？這會讓您對消費者更加興奮嗎？

Yes. There's certainly -- in consumer, there are many different places where Lattice devices can be used, gosh, in all sorts of AI-enabled consumer devices and all sorts of sensor-enabled devices, right? In the consumer segment, you're seeing more and more computer vision, Sentry technology added to consumer devices and obviously, more AI-related processing.

是的。當然，在消費領域，萊迪思器件可以在很多不同的地方使用，天哪，在各種支援人工智慧的消費設備和各種支援感測器的設備中，對吧？在消費領域，您會看到越來越多的電腦視覺、Sentry 技術添加到消費性設備中，顯然還有更多與人工智慧相關的處理。

And in all those types of applications -- in all those applications, Lattice has a really great ability to play in those types of applications for a couple of reasons. First of all, our devices are incredibly power efficient, right? And in almost all those devices, power efficiency is really important. Whether they're battery powered or whether they're connected to power, power efficiency is important.

在所有這些類型的應用程式中——在所有這些應用程式中，萊迪思在這些類型的應用程式中發揮著非常強大的能力，原因有幾個。首先，我們的設備非常節能，對吧？在幾乎所有這些設備中，電源效率都非常重要。無論它們是由電池供電還是連接到電源，電源效率都很重要。

Second is those devices get changed on a very frequent basis, right? They may get changed every year. They may get changed even more frequently than that with upgraded features, et cetera. the FPGAs are a great solution for being able to change and add new features on a rapid basis.

其次，這些設備會經常更換，對吧？它們可能每年都會改變。它們的更改可能比升級功能等更頻繁。 FPGA 是一個很好的解決方案，能夠快速變更並新增功能。

And then the third is that same software that we've been developing for other applications, that's definitely relevant in the consumer segment as well. It's the ability to use the, for instance, SenseAI software stack to design Lattice devices into inference algorithms. The computer vision software stack and a number of the other software stacks that we've developed, that helps those consumer customers get to market quickly and design Lattice solutions in.

第三個是我們為其他應用程式開發的相同軟體，這也絕對與消費者細分市場相關。例如，它能夠使用 SenseAI 軟體堆疊將萊迪思裝置設計成推理演算法。我們開發的電腦視覺軟體堆疊和許多其他軟體堆疊可幫助這些消費者客戶快速進入市場並設計萊迪思解決方案。

Now all that said, we're always excited about that. We still believe that the big long-term growth areas for Lattice are the industrial and automotive segment, and the communications and computing segment. But we do participate in the consumer segment where we believe we can bring some unique value to our customers.

話雖如此，我們總是對此感到興奮。我們仍然認為萊迪思的長期成長主要領域是工業和汽車領域以及通訊和計算領域。但我們確實參與了消費領域，我們相信我們可以為客戶帶來一些獨特的價值。

Great. And perhaps the second question, how do you think about your revenues versus Altera, Xilinx, Microsemi? Do you believe you can outgrow them particularly because you have a new product rolling on? And about that new product, do you think that could be a 10% revenue at or for you this year? And in terms of overall top line, is 15% to 20%, which is your long-term growth target, is that still reasonable considering the setback?

偉大的。也許還有第二個問題，與 Altera、Xilinx、Microsemi 相比，您如何看待自己的收入？你是否相信你可以超越它們，特別是因為你有一個新產品正在推出？關於那個新產品，您認為今年您的收入可能達到 10% 嗎？就整體營收而言，15%到20%是你們的長期成長目標，考慮到挫折，這仍然合理嗎？

Yes. Thanks, Chris. So first of all, on Avant or, in general, across both small FGPA and midrange, yes, we believe we can continue to gain share in those markets. In small FPGA, we believe we've gained share over the past years. And in mid-range FPGA, we're just at the very beginning of that revenue stream. But that is us penetrating into a segment that we haven't been in the past. It's completely additive revenue. And we certainly believe that we can grow Avant revenue and gain share in that segment.

是的。謝謝，克里斯。因此，首先，在 Avant 上，或者總的來說，在小型 FGPA 和中端市場上，是的，我們相信我們可以繼續在這些市場中獲得份額。在小型 FPGA 領域，我們相信過去幾年我們已經獲得了市場份額。在中端 FPGA 領域，我們才剛開始實現收入流。但這是我們進入了一個我們過去從未涉足過的領域。這完全是附加收入。我們當然相信我們可以增加 Avant 的收入並獲得該細分市場的份額。

Look, 90% of the target customers for Avant are already customers of Lattice today, and the software that they would use to program an Avant device, they are already using that today on Nexus devices, for example. So these are existing customers using software that they're already familiar with, just adding another product line from Lattice to their portfolio. So we certainly believe we can grow in the mid-range space.

看，Avant 90% 的目標客戶現在已經是萊迪思的客戶，他們用來對 Avant 設備進行編程的軟體，現在已經在 Nexus 設備上使用了。因此，這些是使用他們已經熟悉的軟體的現有客戶，只是將萊迪思的另一個產品線添加到他們的產品組合中。因此，我們當然相信我們可以在中端領域實現成長。

And then on the last part of your question around the long-term growth targets, yes, we are still targeting and committed to those targets that we shared at the -- last Investor Day. Those are, we believe, the right long-term growth targets for the company.

關於你關於長期成長目標的問題的最後一部分，是的，我們仍然瞄準並致力於我們在上一個投資者日分享的那些目標。我們相信，這些都是公司正確的長期成長目標。

If you look over the last 4 years from 2019, which was our first full year as the new management team to the end of last year, the average CAGR over that time period for the company was mid-teens, about -- I think it's about 16% growth over that period. And that was growth only in the small FPGA segment of the market. And so I think we've demonstrated the ability to grow revenue consistently in the small FPGA part of the market. We still have headroom in terms of the size of that market and the total SAM of that market to continue to grow. So we believe, over the long term, we can still continue to grow in that small FPGA portion of the market.

如果你回顧一下從 2019 年（我們作為新管理團隊的第一個完整年份）到去年年底的過去 4 年，公司在這段時間內的平均複合年增長率約為 15 左右——我認為是同期增長約16%。這只是小型 FPGA 市場領域的成長。因此，我認為我們已經證明了在小型 FPGA 市場部分持續增加收入的能力。就該市場的規模和該市場的 SAM 總量而言，我們仍有持續成長的空間。因此，我們相信，從長遠來看，我們仍然可以在 FPGA 市場的小部分中繼續成長。

And then in addition, adding on top of that now growth in midrange, where the revenue is completely additive and where we're doubling our addressable market. So we believe that helps us drive greater growth in the future. And so yes, the -- we certainly continue to target those investments -- or those goals that we put out at our last Investors Day.

此外，除了現在中階市場的成長之外，中階市場的收入完全是累加性的，我們的目標市場也翻了一番。因此，我們相信這有助於我們在未來推動更大的成長。所以，是的，我們當然會繼續瞄準這些投資，或者我們在上一次投資者日提出的目標。

Will we ever get an update, like a number for Avant? And if so, when do you think we might get that number?

我們會得到更新嗎，例如 Avant 的號碼？如果是這樣，您認為我們什麼時候可以得到這個數字？

Yes, it's possible in the future as Avant ramps to begin -- to be a bigger portion of our revenue at some point, we would provide more color on that, right? Remember, we're at the very beginning of the Avant ramp. We had a little bit of Avant revenue before the end of last year. Now that was on schedule. In fact, it was a little bit on the early end of what we had projected. But as Avant ramps through this year into next year, it becomes a more significant portion. We may provide more color on the quantity of that at some point.

是的，隨著 Avant 的發展，未來有可能在某個時候成為我們收入的更大一部分，我們會為此提供更多的色彩，對嗎？請記住，我們正處於 Avant 坡道的起點。去年年底之前我們有一點 Avant 收入。現在一切都如期進行了。事實上，這比我們的預期提前了一點。但隨著 Avant 從今年進入明年，它所佔的比例變得更加重要。我們可能會在某個時候提供更多有關其數量的信息。

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

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

I wanted to circle back to Avant as well. I believe at the -- at your Analyst Day, you've mentioned that with an objective of Avant generating about 15% to 20% of total company revenue in 3 to 4 years. And I know you're not quantifying anything today. But I guess is that still the long-term objective, to have Avant contribute that much to the model long term?

我也想回 Avant。我相信在您的分析師日上，您提到了 Avant 的目標是在 3 到 4 年內創造公司總收入的 15% 到 20% 左右。我知道你今天沒有量化任何事情。但我想這仍然是長期目標嗎？讓 Avant 為模型做出長期貢獻？

Yes, that's truly our objective, Blake, yes.

是的，這確實是我們的目標，布萊克，是的。

And then maybe a little bit more near term. You -- thank you for outlining some of the drivers for the second half of the year to drive a revenue pickup. I guess what gives you more of the confidence that given your customers are still working through inventory that by the -- towards the end of the June quarter, the inventory picture should be relatively clear and those second half catalysts can help drive growth? Just any more details on there would be helpful.

然後也許是更近期的事。感謝您概述了下半年推動營收成長的一些驅動因素。我想是什麼讓您更有信心，因為您的客戶仍在處理庫存，到六月季度末，庫存情況應該相對清晰，而下半年的催化劑可以幫助推動成長？只要有更多的細節就會有幫助。

Yes. That's based on -- Blake, that's based on the customer forecasts. We have the backlog that our customers have placed for instance, for the second half of the year and what customers have shared with us in terms of their own plans to draw down inventory levels and our own internal analysis. So based on that, as I said, we think that the inventory rebalancing and digestion is certainly an effect in the first half but dissipates through the rest of this year. And that's one factor that leads us at this point to believe that the second half is stronger. But the other factor is all of those product ramps that we talked about earlier in the call.

是的。這是基於——布萊克，這是基於客戶的預測。例如，我們有客戶在今年下半年積壓的訂單，以及客戶與我們分享的關於他們自己的降低庫存水準的計劃和我們自己的內部分析的資訊。因此，基於此，正如我所說，我們認為庫存再平衡和消化肯定會在上半年產生影響，但會在今年剩餘時間內消散。這是讓我們相信下半場會更強的因素。但另一個因素是我們在電話會議早些時候討論過的所有這些產品升級。

Now look, business conditions can change. Macroeconomic conditions can change. That's what we're seeing at this point. That's what we expect at this point, and so we want to provide color, at least qualitative color on how we see the year unfolding. But that's obviously subject to change if macroeconomic conditions or end market business conditions change.

現在看來，商業狀況可能會改變。宏觀經濟狀況可能會改變。這就是我們現在所看到的。這就是我們目前所期望的，因此我們希望提供一些顏色，至少是定性的顏色來說明我們如何看待這一年的發展。但如果宏觀經濟狀況或終端市場業務狀況發生變化，這顯然會改變。

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

我們的下一個問題來自 David Williams 與 Benchmark 的對話。

First, I wanted to see if maybe there was anything geographically that you noticed this quarter in terms of [I mean] weakness or softness among the different categories or segments? And maybe just kind of how you're feeling about that heading into the first quarter?

首先，我想看看本季您是否注意到不同類別或細分市場之間的弱點或軟弱性？也許這就是您對第一季的感受？

Yes. Thanks, David. So from a geo perspective, just kind of how some of the softness, the more recent softness that we've seen has evolved is, especially in the industrial auto segment, which is the segment that slowed down most recently for us, the initial weakness that we saw towards the end of Q3 of last year, that was really primarily in Asia and in particular, in China. In Q4 of last year, we saw that extend not just into Asia, but it extended into Europe as well. So we saw weakness in European industrials in Q4 as well as European communications customers.

是的。謝謝，大衛。因此，從地理角度來看，我們最近看到的一些疲軟是如何演變的，特別是在工業汽車領域，這是我們最近放緩的領域，最初的弱點我們在去年第三季度末看到，這其實主要是在亞洲，特別是在中國。去年第四季度，我們看到這種趨勢不僅擴展到亞洲，也擴展到歐洲。因此，我們看到第四季度歐洲工業以及歐洲通訊客戶的疲軟。

Now North America through the -- really the Americas through the end of last year held up, and we actually saw a sequential increase in Americas revenue from Q3 to Q4. But going into the current quarter, Q1, we would expect Asia, Europe to be down again sequentially. And we now expect Americas to be to be down as well as we're starting to see softer demand from some of our North America-based industrial and automotive customers as well.

現在北美到去年年底的美洲地區都保持了穩定，我們實際上看到美洲地區的收入從第三季到第四季連續成長。但進入當前季度，即第一季度，我們預計亞洲和歐洲將再次出現環比下滑。我們現在預計美洲的需求將會下降，我們也開始看到一些北美工業和汽車客戶的需求疲軟。

And then maybe just on the automotive side. If we think about where your Avant platform, can play, how do you think about that total addressable market in automotive specifically over the next few years? And maybe talk about any of the design win traction or early-stage design activity you're seeing around auto for Avant.

然後也許只是在汽車方面。如果我們考慮一下您的 Avant 平台可以發揮什麼作用，您如何看待未來幾年汽車領域的整體潛在市場？也許可以談談您在 Avant 汽車領域看到的任何贏得關注的設計或早期設計活動。

Yes. Thanks, David. So first of all, we believe that auto electronics represents a great growth area for the company over the long term. We believe we're underexposed to that area. That's one of the fastest areas of growth that we've seen over the past years for Lattice Solutions, even ahead of Avant. And we believe Avant is really well positioned in automotive electronics. We believe we'll see adoption of Avant in ADAS, infotainment systems, around a wide variety of applications. We'll be able to talk more about that as we move through the Avant ramp, but we certainly see many applications in the automotive electronics space.

是的。謝謝，大衛。首先，我們認為汽車電子是該公司長期的一個巨大成長領域。我們相信我們對該領域的接觸不足。這是萊迪思解決方案在過去幾年中成長最快的領域之一，甚至領先於 Avant。我們相信 Avant 在汽車電子領域確實處於有利地位。我們相信，我們將看到 Avant 在 ADAS、資訊娛樂系統以及各種應用中被採用。當我們穿過 Avant 坡道時，我們將能夠更多地討論這一點，但我們確實看到了汽車電子領域的許多應用。

And I think we highlighted some of those potential usages at the most recent developers conference in December. So I would say stay tuned, expect to hear more about Avant in the automotive segment.

我認為我們在 12 月最近舉行的開發者大會上強調了其中一些潛在用途。所以我想說，請繼續關注，期待聽到更多汽車領域 Avant 的資訊。

(Operator Instructions). Our next question will come from the line of Srini Pajjuri with Raymond James.

（操作員說明）。我們的下一個問題將來自斯里尼·帕朱里 (Srini Pajjuri) 和雷蒙德·詹姆斯 (Raymond James) 的線路。

Jim, a couple of questions. First one on your disti inventory. I think you said it's back to pre-pandemic levels. Obviously, the SAM, I'm guessing, is bigger than pre-pandemic time periods. And then on top of that, you have many new products that are ramping. So I'm just curious as to when you think you'll start to kind of increase the disti inventory as we go through the next few quarters?

吉姆，有幾個問題。您的分銷庫存中的第一個。我想你說過它回到了大流行前的水平。顯然，我猜 SAM 的規模比疫情前的時期還要大。除此之外，還有許多新產品正在出現。所以我很好奇，您認為在接下來的幾季中您什麼時候會開始增加分銷庫存？

Yes. Thanks for the question. And just to clarify, when I say back to prepandemic levels, I mean, on a relative basis, for instance, a weeks of inventory perspective. So that accounts for the growth in the business that we've seen since pre-pandemic. So yes, on a relative basis, it's back to the same levels as we were pre-pandemic.

是的。謝謝你的提問。只是為了澄清一下，當我說回到大流行前的水平時，我的意思是，在相對基礎上，例如，一周的庫存角度。這就是我們自大流行前以來看到的業務成長的原因。所以，是的，相對而言，它回到了大流行前的水平。

And our goal moving forward then is to keep inventory levels at our distis stable, right? Ultimately, what we're trying to do is if we've got a healthy level and a normal level of inventory at our distributors, what we're trying to do is match the sales into our distributors with the sales that our distributors are selling out to our end customers. That's our goal on a quarter-to-quarter basis.

我們接下來的目標是保持我們所在地區的庫存水準穩定，對嗎？最終，我們要做的是，如果我們的分銷商的庫存水平處於健康水平和正常水平，我們要做的就是將分銷商的銷售額與分銷商正在銷售的銷售額相匹配提供給我們的最終客戶。這是我們每季的目標。

Got it. Got it. And then, Jim, on the Avant new product ramp, given the environment. On one hand, I think a lot of excitement about et cetera. But on the other hand, the macro, especially in industrial is not that great. So I'm just curious if that's having any impact, either positive or negative, on the design activity itself given what's going on out there.

知道了。知道了。然後，吉姆在 Avant 新產品坡道上，考慮到環境。一方面，我認為很多令人興奮的事情等等。但另一方面，宏觀經濟，尤其是工業的宏觀經濟情勢並不那麼好。所以我只是好奇這是否會對設計活動本身產生任何影響，無論是正面的還是負面的。

Yes, it's a good question, and we really haven't seen it have an impact on the design win activity. And just a couple qualitative data points is, last year, in totality for the company, we had a record level of design wins last year and significant growth in our design win opportunity pipeline from '22 to '23. And that was across all products, Nexus, pre-Nexus and Avant.

是的，這是一個很好的問題，我們確實沒有看到它對設計獲勝活動產生影響。僅幾個定性數據點是，去年，就公司而言，我們去年的設計獲勝水平達到了創紀錄的水平，並且從 22 年到 23 年，我們的設計獲勝機會管道顯著增長。這適用於所有產品，包括 Nexus、Pre-Nexus 和 Avant。

Now I had, actually last year, given the team a pretty aggressive goal on Avant design wins. And the team actually exceeded their design win goal for last year on Avant, which I was quite pleased with. And I want to take the opportunity to thank the Lattice teams for their great work on driving the Avant design win goals last year.

現在，實際上是去年，我給團隊在 Avant 設計上取得勝利設定了一個相當激進的目標。事實上，團隊去年在 Avant 上超越了他們的設計獲勝目標，對此我感到非常滿意。我想藉此機會感謝萊迪思團隊去年在推動 Avant 設計獲勝目標方面所做的出色工作。

And I would say, overall, the other thing that we look at with Avant is just how is it tracking relative to Nexus at the same relative point in time. And if I look at the total Lattice or the total Avant design opportunity pipeline for Avant at the end of last year relative to the same -- or compared to the same relative point in time for Nexus, it significantly exceeds the Nexus opportunity pipeline, which, again, we just view as another really positive indicator of the future health of Avant.

我想說，總的來說，我們對 Avant 關注的另一件事是它在同一相對時間點相對於 Nexus 的追蹤情況如何。如果我查看去年底 Avant 的總 Lattice 或總 Avant 設計機會管道（或與 Nexus 的同一相對時間點相比），它顯著超過了 Nexus 機會管道，其中再次，我們只是將其視為Avant 未來健康狀況的另一個真正積極的指標。

And the main governor of the rate and pace of the growth of Avant in this ramping phase is really the customers' own time lines in terms of their ability to -- once we put the product in the hands of the customers, their ability to design that into the system, to do their qualifications, to do their system-level software and get to market. And clearly, we provide software to make that as easy as possible for our customers. But actually, the customer rate in pace is the primary gate to that Avant ramp.

在這個加速階段，Avant 成長速度和步伐的主要控制因素實際上是客戶自己的時間線，即他們的能力——一旦我們將產品交到客戶手中，他們的設計能力進入系統，做他們的資質，做他們的系統級軟體並進入市場。顯然，我們提供的軟體可以讓我們的客戶盡可能輕鬆地做到這一點。但實際上，客戶速度是 Avant 斜坡的主要大門。

Thank you. There are no further questions at this time. And I'd like to turn the floor back over to CEO, Jim Anderson, for closing comments.

謝謝。目前沒有其他問題。我想請執行長吉姆·安德森 (Jim Anderson) 發表總結評論。

Yes. Thank you, operator, and thanks again for everyone for joining us on today's call. And very pleased with our strong results in 2023. And I actually want to take the opportunity to thank the Lattice team for the great execution in 2023. And as we look forward into 2024 and beyond, clearly, we're navigating some near-term macro headwinds, but we continue to be very well positioned for long-term growth with the strongest product portfolio we've ever had in the company's history and a rapidly expanding product portfolio as well. Operator, that concludes today's call.

是的。謝謝接線員，並再次感謝大家參加今天的電話會議。對我們在 2023 年取得的強勁成果感到非常滿意。實際上，我想藉此機會感謝萊迪思團隊在 2023 年的出色執行。當我們展望 2024 年及以後時，顯然，我們正在應對一些近期問題宏觀阻力，但我們仍然處於長期成長的有利位置，擁有公司歷史上最強大的產品組合以及快速擴展的產品組合。接線員，今天的通話到此結束。

Thank you. You may now disconnect your lines at this time. Thank you for your participation. Goodbye.

謝謝。此時您可以斷開線路。感謝您的參與。再見。