萊迪思半導體 (LSCC) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Lattice Semiconductor First Quarter 2024 Earnings Call. (Operator Instructions)

您好，歡迎參加萊迪思半導體 2024 年第一季財報電話會議。 （操作員說明）

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.

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 will provide a financial and business review of the first quarter of 2024 and the business outlook for the second quarter of 2024.

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2024年第一季的財務和業務回顧以及2024年第二季的業務展望。

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. 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.

如果您尚未獲得我們的收益新聞稿副本，可以在我們公司網站latticesemi.com 的投資者關係部分找到該新聞稿。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。

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 second 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. We will refer primarily to non-GAAP financial measures during this call.

本次電話會議包括並構成公司 2024 年第二季度的官方指導。或公開宣布的電話會議。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。

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.

透過披露某些非公認會計原則信息，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. Q1 '24 results were in line with expectations for revenue, margin and profitability. The Industrial and Automotive segment was down 25% sequentially as demand softened and end customers reduced their inventory levels. The Communications and Computing segment was down 7% sequentially in Q1.

謝謝里克，也謝謝大家參加我們今天的電話會議。 24 年第一季的業績符合收入、利潤率和獲利能力的預期。由於需求疲軟和最終客戶降低庫存水平，工業和汽車領域環比下降 25%。第一季通訊和計算部門季減 7%。

Within that segment, Computing was sequentially up on stronger demand for our products used in servers, which was offset by weaker demand in the Communications segment. We expect Q2 revenue to be down sequentially from Q1, primarily driven by softer end customer demand and continued inventory normalization. In particular, we're seeing incremental softness in the Communications segment related to weaker telecommunications infrastructure deployments.

在該細分市場中，由於對伺服器中使用的產品的需求強勁，計算業務連續上升，但通訊領域的需求疲軟抵消了這一需求。我們預計第二季營收將比第一季連續下降，這主要是由於終端客戶需求疲軟和庫存持續正常化所致。特別是，我們看到通訊領域的疲軟與電信基礎設施部署較弱有關。

Looking forward to the second half of the year, based on our current view of anticipated near-term business conditions, we continue to expect revenue in the second half of 2024 to be higher than the first half. We believe the second half improvement will be driven by improving end market conditions as end customer inventory levels normalize as well as new Nexus and Avant product ramps.

展望下半年，根據我們目前對預期近期業務狀況的看法，我們繼續預期 2024 年下半年的營收將高於上半年。我們認為，隨著終端客戶庫存水準正常化以及新的 Nexus 和 Avant 產品的增加，終端市場狀況的改善將推動下半年的改善。

Turning now to our product portfolio. In our small FPGA portfolio, we now have 7 Nexus device families launched and 6 in production, and the seventh going into production in Q3. We recently shared with our customers the latest small FPGA product road map. This includes continued expansion of the number of Nexus device options coming to market over the coming quarters, which received a very positive reaction from our customers.

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 6 個已投入生產，第七個將於第三季投入生產。我們最近與客戶分享了最新的小型 FPGA 產品路線圖。這包括在未來幾季繼續增加上市的 Nexus 設備選項數量，這得到了我們客戶的非常積極的回應。

In our mid-range FPGA portfolio, we now have 3 Avant device families in the hands of our customers. The first device family, Avant-E, achieved initial revenue at the end of 2023, and we expect revenue to ramp through the course of this year and into the coming years. The second and third device families, Avant-G and X, are expected to achieve initial revenue towards the end of this year and to ramp over the following years.

在我們的中階 FPGA 產品組合中，我們現在為客戶提供了 3 個 Avant 裝置系列。第一個設備系列 Avant-E 於 2023 年底實現了初步收入，我們預計收入將在今年和未來幾年內不斷增加。第二和第三個設備系列 Avant-G 和 X 預計將在今年年底實現初步收入，並在接下來的幾年中實現成長。

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. The strong competitive differentiation of Avant, which we demonstrated at our recent Developers Conference, combined with our software support continues to produce a healthy growing design opportunity pipeline.

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。我們在最近的開發者大會上展示了 Avant 強大的競爭優勢，再加上我們的軟體支援，繼續產生健康成長的設計機會管道。

As we discussed on our previous earnings call, Lattice hardware and software solutions are increasingly being 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, Lattice devices are used in the control management and security of the AI computing system.

正如我們在先前的財報電話會議上討論的那樣，萊迪思的硬體和軟體解決方案越來越多地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控制管理和安全。

Another example is in AI-enabled PCs, where Lattice hardware and software solutions are used to run the AI inference algorithm that provides features such as user presence and gaze detection. We recently shared that Lattice is designed into multiple new Dell Latitude systems, which we expect to benefit us in the second half of this year. In these types of AI applications, software is a key part of our strategy and how we enable customers in adopting our solutions.

另一個例子是在支援人工智慧的個人電腦中，萊迪思的硬體和軟體解決方案用於運行人工智慧推理演算法，該演算法提供用戶存在和凝視檢測等功能。我們最近分享了萊迪思被設計到多個新的戴爾Latitude系統中，我們預計這將在今年下半年使我們受益。在這些類型的人工智慧應用中，軟體是我們策略的關鍵部分，也是我們如何幫助客戶採用我們的解決方案的關鍵部分。

In summary, we're excited to be in the midst of the largest product portfolio expansion in our history, which is driving strong customer momentum. Despite near-term industry headwinds, the company is well positioned with a rapidly expanding product portfolio, and we remain focused on long-term value creation. I'll now turn the call over to our CFO, Sherri Luther.

總而言之，我們很高興能夠參與我們史上最大規模的產品組合擴張，這正在推動強勁的客戶動力。儘管近期面臨行業阻力，但該公司憑藉快速擴大的產品組合而處於有利地位，並且我們仍然專注於長期價值創造。我現在將把電話轉給我們的財務長 Sherri Luther。

Thank you, Jim. The first quarter turned out as expected with results in line with our prior outlook. We maintained strong profitability and cash generation and returned cash to shareholders through share buybacks.

謝謝你，吉姆。第一季的業績符合預期，與我們先前的預期相符。我們維持了強勁的獲利能力和現金產生能力，並透過股票回購向股東返還現金。

Let me now provide a summary of our results. First quarter revenue was $140.8 million, down 17.5% sequentially from the fourth quarter and down 24% year-over-year, primarily reflecting end market demand softness and end customer inventory rebalancing. Our Q1 non-GAAP gross margin declined 140 basis points to 69% compared to the prior quarter and 130 basis points compared to the year ago quarter due to mix in our end market segment.

現在讓我總結一下我們的結果。第一季營收為 1.408 億美元，季減 17.5%，年減 24%，主要反映終端市場需求疲軟和終端客戶庫存重新平衡。由於終端細分市場的混合，我們第一季的非 GAAP 毛利率較上一季下降 140 個基點至 69%，較去年同期下降 130 個基點。

Q1 non-GAAP operating expenses were $54.9 million compared to $55.5 million in the prior quarter and $54 million in the year ago quarter. We continue to be disciplined in the management of SG&A expenses, while ensuring that we invest in our product portfolio. Our Q1 non-GAAP operating margin decreased 780 basis points to 30% compared to the prior quarter and was down 1,100 basis points compared to the year ago quarter. Q1 non-GAAP earnings per diluted share was $0.29 compared to $0.51 in the year ago quarter.

第一季非 GAAP 營運費用為 5,490 萬美元，上一季為 5,550 萬美元，去年同期為 5,400 萬美元。我們繼續嚴格管理 SG&A 費用，同時確保我們投資於我們的產品組合。我們第一季的非 GAAP 營業利潤率比上一季下降 780 個基點至 30%，與去年同期相比下降 1,100 個基點。第一季非 GAAP 攤薄每股收益為 0.29 美元，去年同期為 0.51 美元。

In Q1, we repurchased approximately 265,000 shares or $20 million worth of stock, making Q1 our 14th consecutive quarter of executing share buybacks. Over that period, we have repurchased approximately 5 million shares, thereby reducing our dilution by 3.6%.

第一季度，我們回購了約 265,000 股股票或價值 2,000 萬美元的股票，這使得第一季我們連續第 14 個季度執行股票回購。在此期間，我們回購了約 500 萬股股票，從而將我們的稀釋度減少了 3.6%。

Let me now review our outlook for the second quarter. Revenue for the second quarter of 2024 is expected to be between $120 million and $140 million. Gross margin is expected to be 69%, plus or minus 1% on a non-GAAP basis due to less favorable mix from our end markets. Total operating expenses for the second quarter are expected to be between $54 million and $56 million on a non-GAAP basis, which is in line with Q1 at the midpoint.

現在讓我回顧一下我們對第二季的展望。 2024 年第二季的營收預計在 1.2 億美元至 1.4 億美元之間。由於我們的終端市場的組合較不利，毛利率預計為 69%，以非 GAAP 計算為正負 1%。以非公認會計準則計算，第二季的總營運費用預計在 5,400 萬美元至 5,600 萬美元之間，與第一季的中位數一致。

Overall, we believe we are well positioned for long-term growth. As we navigate the near-term cyclic softness in our end market, we remain focused on supporting the expansion of our product portfolio and continued execution.

總體而言，我們相信我們已做好長期成長的準備。當我們應對終端市場近期的周期性疲軟時，我們仍然專注於支援產品組合的擴展和持續執行。

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

接線員，我的正式評論到此結束。我們現在可以開始提問。

(Operator Instructions) Our first question comes from the line of Melissa Weathers with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的梅麗莎·韋瑟斯（Melissa Weathers）。

I guess I have one bigger picture question and then a second one that's more related to the near-term cycle. On the bigger picture, you guys talked about some new Nexus product launches. I know you have 7 in the market now with 6 coming and maybe 1 more. Can you help us think about like how is this new-ish product family going to start flowing into revenues? And what kind of traction are you seeing with customers of those products?

我想我有一個更大的問題，然後是第二個與近期週期更相關的問題。從更大的角度來看，你們談論了一些新的 Nexus 產品發布。我知道現在市場上有 7 個，還有 6 個即將推出，也許還有 1 個。您能否幫助我們思考這個新產品系列將如何開始產生收入？您認為這些產品對顧客有何吸引力？

Sure. Thanks, Melissa. Yes, we're actually really excited about this, which is why I wanted to mention it in the prepared remarks. And actually, the customer feedback that we've gotten on this is very positive.

當然。謝謝，梅麗莎。是的，我們實際上對此感到非常興奮，這就是為什麼我想在準備好的演講中提及它。事實上，我們收到的客戶回饋非常正面。

We recently -- what we did is we recently shared our latest small FPGA road map with all of our customers, and that includes some of the near-term additions that we're adding to the road map as well as our long-term investment. And in particular, we shared that we're going to significantly expand the number of device options on Nexus, and we added the other new products to the long term. This was really positively received by our customers.

我們最近所做的是，我們最近與所有客戶分享了我們最新的小型 FPGA 路線圖，其中包括我們添加到路線圖中的一些近期新增內容以及我們的長期投資。特別是，我們表示，我們將大幅擴展 Nexus 上的設備選項數量，並且從長遠來看，我們還添加了其他新產品。這確實受到了我們客戶的積極歡迎。

First of all, just because, to them, it just indicates a sustained focus from Lattice on continuing to invest in innovation in this small FPGA portion of the market, which is really important to our customers, so it's sustained investment that they can count on. But then also they've been able to see that Nexus is incredibly differentiated, has great power efficiency, benefits, features, capabilities that I think demonstrate clear leadership in the industry.

首先，因為對他們來說，這表明萊迪思持續關注這一小型 FPGA 市場部分的創新投資，這對我們的客戶來說非常重要，所以這是他們可以信賴的持續投資。但他們也已經能夠看到 Nexus 具有令人難以置信的差異化，具有出色的能源效率、優勢、功能和功能，我認為這些在行業中表現出了明顯的領導地位。

And so that, combined, just give them confidence to continue to shift more business over time to Lattice. We believe we've gained significant share in this part of the market over the past years, and I think this just positions us to continue to grow and expand our presence in this part of the market over the long term.

因此，綜合起來，這讓他們有信心隨著時間的推移繼續將更多業務轉移到萊迪思。我們相信，過去幾年我們在這部分市場中獲得了很大的份額，我認為這使我們能夠長期繼續發展並擴大我們在這部分市場的存在。

And then that, combined with in parallel, we continue to invest in Avant and the expansion of our Avant portfolio for mid-range devices. And when you take those two combined, our customers are just really excited about the continued expansion of our product portfolio and our investment in the long-term road map.

然後，我們同時繼續投資 Avant 並擴展我們針對中階設備的 Avant 產品組合。當你將這兩者結合起來時，我們的客戶對我們產品組合的持續擴展和我們對長期路線圖的投資感到非常興奮。

I guess on the more cyclical side, a couple of your peers have talked about 2Q, hopefully, marking the bottom for this FPGA cycle. And I think last quarter, you guys talked about channel inventory burn or just inventory burn in general, completing in this quarter. Is that still your expectation? And how should we think about, in the near term, Lattice resuming shipments to be closer to sell-through rates?

我想從更週期性的角度來看，你們的一些同行已經談到了 2Q，希望這標誌著這個 FPGA 週期的底部。我認為上個季度，你們談到了通路庫存消耗或一般的庫存消耗，在本季完成。這還是你的期望嗎？我們應該如何看待萊迪思在短期內恢復出貨以接近銷售率？

Yes. Certainly, our Q2 guidance factors that, and we know the first half of this year, what we saw in Q1, what we're expecting in Q2 is across our customer base, our customers are reducing their semiconductor inventory overall. They're drawing down those inventories. That includes Lattice, the inventory that our end customers are holding in terms of Lattice inventory. And they view this as bringing inventory levels back to normalized levels. And so we believe that effect certainly continues through the current quarter, Q2.

是的。當然，我們第二季的指導因素是，我們知道今年上半年，我們在第一季看到的情況，我們對第二季的預期是整個客戶群，我們的客戶正在整體減少半導體庫存。他們正在減少這些庫存。這包括萊迪思，我們的最終客戶持有的萊迪思庫存。他們認為這將使庫存水準恢復到正常水準。因此，我們相信這種影響肯定會持續到當前季度（即第二季）。

And then into the second half of the year, we believe that, that drawdown of inventory starts to dissipate through the second half of the year. So it gradually dissipates. It's not that it turns off like a light switch, but that it dissipates over the second half of the year. And that's why in my prepared remarks, I mentioned that we believe the second half revenue will be stronger than the first half for the reason, number one, that we believe that, that drawdown of inventory, this effect, dissipates in the second half of the year; but then the second reason is Lattice-specific reason of we believe that the products, the Nexus and Avant products, will continue to ramp over the course of this year, and then that will be additive to our revenue in the second half of the year as well.

然後進入今年下半年，我們相信，庫存的減少將在下半年開始消散。所以逐漸消散。並不是說它像電燈開關一樣關閉，而是在下半年消散。這就是為什麼在我準備好的講話中，我提到我們相信下半年的收入將強於上半年，原因是，第一，我們相信，庫存的減少，這種影響，會在下半年消散。年;但第二個原因是萊迪思特有的原因，我們相信 Nexus 和 Avant 產品將在今年繼續成長，然後這將增加我們下半年的收入以及。

As I mentioned, there's the 6 Nexus device family just went into production, so we'll benefit from that in the second half of this year. The seventh, we expect to go into production in Q3. And then the first device family of Avant is ramping this year. We saw initial revenue from Avant at the very end of last year. We expect that to ramp through the course of this year and into next year, with more benefit from that Avant-E series in the second half of this year. And so for all those reasons, we think the second half will be stronger than the first half.

正如我所提到的，6 Nexus 設備系列剛剛投入生產，因此我們將在今年下半年受益。第七，我們預計在第三季投入生產。今年，Avant 的第一個設備系列即將上市。去年年底，我們看到了 Avant 的初步收入。我們預計這一趨勢將在今年持續到明年，並在今年下半年從 Avant-E 系列中獲得更多收益。因此，基於所有這些原因，我們認為下半年會比上半年更強。

Our next question comes from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自 Quinn Bolton 和 Needham & Company 的電話。

I just wanted to start with your comments, Jim, on the Communications side. I think it's probably no surprise to any of us that the Communications remains weak, but wondering if you had any signals that, that comms portion may be starting to reach a bottom, or any further comments you might be able to give us on when you think the comms infrastructure markets may stabilize.

吉姆，我只想從你對通信方面的評論開始。我認為通信仍然疲軟對我們任何人來說都不足為奇，但想知道您是否有任何信號表明通信部分可能開始觸底，或者當您認為通信基礎設施市場可能會穩定下來。

And I'm not sure that you'll give it, but I'll ask. Within comms and computing, can you give us a rough sense, is comms a bigger or smaller portion of that overall bucket, just to help try to size the exposure?

我不確定你會不會給，但我會問。在通訊和計算領域，您能否給我們一個粗略的感覺，通訊是整個儲存桶中更大還是更小的部分，只是為了幫助嘗試確定暴露的大小？

Yes. Thanks, Quinn. On the first part of your question, yes, we did see some incremental weakness in communications, specifically in telecom infrastructure. Especially over the last 1 to 2 months, we saw some weaker demand there that's per the end of Q1 that's rolling into Q2. And that telecom infrastructure spending related to 5G infrastructure, that's really ultimately at the end of the day, tied to telecom CapEx by the big telecom carriers.

是的。謝謝，奎因。關於你問題的第一部分，是的，我們確實看到了通訊方面的一些逐漸顯現的弱點，特別是在電信基礎設施方面。特別是在過去的 1 到 2 個月中，我們看到第一季末的需求減弱，並持續到第二季​​。與 5G 基礎設施相關的電信基礎設施支出最終實際上與大型電信業者的電信資本支出掛鉤。

And so I think once we start to see telecom CapEx tick back up and improve, that's what will drive the telecom equipment spending, which will ripple back to us, and that's when we'll start to see improvement from the end market perspective of demand for telecom for our devices used in telecom infrastructure. But it's certainly part of the sequential -- a big part of the sequential decline that we're seeing from Q1 to Q2 is that telecom weakness.

因此，我認為，一旦我們開始看到電信資本支出回升並改善，這將推動電信設備支出，這將波及到我們，那時我們將開始從終端市場需求的角度看到改善用於電信用於電信基礎設施中使用的設備。但這肯定是連續下降的一部分——我們從第一季到第二季看到的連續下降的很大一部分是電信疲軟。

And then on the second part of your question, is just the relative sizing of comms and compute. Compute has been doing relatively well. We actually, in Q1, we saw compute go up sequentially from Q4 to Q1. Remember that what's in compute is -- a big driver of our compute is server. That's both general purpose servers and AI-optimized servers, so we saw a good step-up in demand from Q4 to Q1 in compute, while communications declined in Q1. And moving into Q2, we're expecting compute to be sequentially up and communications to decline again. And so at this point, compute is larger. It's the majority of that part of our segment, and because communications has been weaker as of late.

然後，關於問題的第二部分，只是通訊和計算的相對大小。計算一直表現相對較好。實際上，在第一季度，我們看到計算量從第四季度到第一季依次上升。請記住，計算的主要驅動力是伺服器。這既是通用伺服器，也是人工智慧優化伺服器，因此我們看到運算需求從第四季度到第一季出現了良好的成長，而通訊在第一季有所下降。進入第二季度，我們預計計算量將連續上升，而通訊量將再次下降。所以在這一點上，計算量更大。這是我們細分市場中的大部分，因為最近通訊一直比較弱。

Got it. Perfect. And then just on the industrial side of the market, wondering if there are any specific trends to call out other than this idea that the inventory drawdown will dissipate in the second half of the year, which I imagine helps the industrial business get back to consumption levels, but are you seeing any specific trends in industrial segments that are worth calling out?

知道了。完美的。然後就市場的工業方面而言，除了庫存下降將在下半年消散的想法之外，想知道是否還有任何具體趨勢值得指出，我認為這有助於工業企業恢復消費水平，但您是否看到工業領域有任何值得關注的具體趨勢？

Yes. I would say in that segment, it is a bit mixed. If you look at some of the subsegments, some of the subsegments are showing steady, stable demand or even growing demand. For instance, in medical equipment has been quite stable. Aerospace and defense has been strong to up. And so it's a bit of a mix depending on that segment. And then the automotive portion, which is a smaller part of that segment for us, we've seen some sequential weakness there.

是的。我想說的是，在這個領域，情況有點複雜。如果你觀察一些細分市場，你會發現一些細分市場的需求穩定、穩定，甚至不斷成長。例如在醫療設備方面就一直相當穩定。航空航太和國防一直強勁上漲。因此，根據該細分市場，它有點混合。然後是汽車部分，對我們來說，這是該細分市場中較小的一部分，我們已經看到了一些連續的弱點。

But the net-net is, as we look towards the second half, we believe that, that inventory drawdown that's happening in the industrial and automotive segment that, that effect, that negative effect on our demand, that, that effect starts to dissipate in the second half just as customers reach their normal inventory levels.

但當我們展望下半年時，我們相信，工業和汽車領域正在發生的庫存下降，這種影響，對我們需求的負面影響，這種影響開始消散下半年，客戶達到正常庫存水準。

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'm just going to bounce off of you a couple of questions that I've been getting from investors, and I think it would be helpful for you to maybe address or respond to them. I think the first one is not only yourselves but your two much larger FPGA competitors have been going through this inventory digestion, and it's very well-documented.

吉姆，我只想回答你從投資者那裡收到的幾個問題，我認為解決或回應這些問題會對你有所幫助。我認為第一個不僅是你們自己，你們的兩個更大的 FPGA 競爭對手也一直在經歷這種庫存消化，並且有很好的記錄。

And I wanted to sort of explore the relationship between that correction and what it's done to the market versus the new design wins that you guys have with the Avant. Do you feel like the timing of these new programs with Avant, because they're new wins and new products ramping, are relatively independent of the inventory situation in the industry? Or do you think that the inventory situation and the drawdown may change some of the timing of the Avant ramp one way or the other?

我想探討這種修正和它對市場的影響與你們在 Avant 上獲得的新設計勝利之間的關係。您是否覺得 Avant 的這些新計劃的時機，因為它們是新的勝利和新產品的增加，相對獨立於行業的庫存狀況？或者您認為庫存狀況和回檔可能會以某種方式改變 Avant 的某些時機？

Yes. Thanks, Matt. I think on the Avant ramp, because we're still early in the Avant ramp, and maybe just a step back and just summarize where we're at in the Avant ramp, so to date, we've launched 3 Avant device families, the E, the G and the X. The E, we began to generate revenue at the very end of last year. We expect the E to ramp through the course of this year and into the following years.

是的。謝謝，馬特。我認為在 Avant 坡道上，因為我們仍處於 Avant 坡道的早期階段，也許只是退後一步，總結一下我們在 Avant 坡道中的位置，所以到目前為止，我們已經推出了 3 個 Avant 設備系列， E 、G 和X。我們預計 E 將在今年和接下來的幾年中不斷發展。

And the contribution of -- the revenue contribution of Avant-E will be more in the second half of this year, since we're going through the ramp. And then the G and the X, which we launched at our Developers Conference in December of last year, we would expect to see a little bit of revenue from G and X before the end of this year. That's our kind of [trickle] timeframe from launch to first revenue, it's usually about 12 to 18 months. But G and X would be more of a benefit in 2025.

今年下半年，Avant-E 的營收貢獻將會更大，因為我們正在經歷成長。然後是去年 12 月我們在開發者大會上推出的 G 和 X，我們預計在今年年底之前會看到 G 和 X 的一些收入。這是我們從發佈到首次收入的[trickle] 時間框架，通常約為 12 至 18 個月。但到 2025 年，G 和 X 會帶來更多好處。

And because that ramp, we're still relatively early, and the inventory drawdowns that we're going through are happening now. I don't really see that affecting the Avant ramp in the short term. The Avant ramp here is, in the coming quarters, is much more driven by actually the rate and pace of the customer's own development program. So now that we've put the devices in the hands of customers, we're supporting our customers, that the new design wins that will ramp, much more driven by the customers on development cycles or qualification cycles, et cetera, less about the end market demand fluctuations.

由於這種增長，我們還相對較早，我們正在經歷的庫存削減現在正在發生。我確實認為這不會在短期內影響 Avant 的銷售。在接下來的幾個季度中，Avant 的成長實際上更多是由客戶自己的開發計劃的速度和步伐驅動的。因此，現在我們已經將設備交到客戶手中，我們正在為客戶提供支持，新設計的勝利將會不斷增加，更多地是由客戶在開發週期或資格週期等方面驅動的，而不是關於終端市場需求波動。

Now I would say Nexus, that ramp can be affected by the end market demand fluctuations, because Nexus is much, much further in its ramp. We have 6 device families now that are in production. And so some of those early device families that we launched maybe a couple of years ago, those would be affected by end market demand fluctuations because they're much further along, right? But Avant, I think, really not affected by the end markets this year.

現在我想說的是 Nexus，這種成長可能會受到終端市場需求波動的影響，因為 Nexus 的成長速度要快得多。我們現在有 6 個裝置系列正在生產中。因此，我們可能在幾年前推出的一些早期設備系列可能會受到終端市場需求波動的影響，因為它們走得更遠，對嗎？但我認為Avant今年確實沒有受到終端市場的影響。

I appreciate it. As my second question, I've been getting some questions from investors about -- specifically about the server sockets, the FPGA sockets that you have for basically all server vendors. And maybe not -- I mean, we're going -- we went through a correction in server, and now we're seemingly coming back out of it and you guys have spoken to that.

我很感激。作為我的第二個問題，我收到了投資者的一些問題，特別是關於伺服器插槽、基本上所有伺服器供應商都擁有的 FPGA 插槽的問題。也許不是——我的意思是，我們正在——我們對伺服器進行了修正，現在我們似乎正在恢復過來，你們已經談到了這一點。

But I think the questions are more about over the next several years, how confident your team is that the share position that you've grown over the last several years, you can continue to maintain, and the visibility that you have into maybe the next 2 or 3 server generations. Maybe you could talk about that a little bit, and if there's any different competitive dynamics for those sockets than there have been in the past.

但我認為問題更多的是在接下來的幾年裡，你的團隊對你在過去幾年中增長的股票地位有多大信心，你可以繼續保持，以及你可能在接下來的幾年中擁有的可見性2 或 3 代伺服器。也許您可以稍微談談這一點，以及這些插座的競爭動態是否與過去有所不同。

Yes. Certainly, servers, if you look over the past years, this has been a great growth area for us. Over the past years, we've been able to grow both our attach rate as well as our ASPs. Our attach rates have grown as Lattice's -- Lattice chips have been used in a higher percentage of servers, but also in some cases where there's multiple Lattice chips used in one server. And so our attach rates are now well over 1x. On average, a server uses more than 1 Lattice chip per server.

是的。當然，伺服器，如果你回顧過去幾年，這對我們來說是一個巨大的成長領域。在過去的幾年裡，我們的附加率和平均售價都提高了。我們的連接率隨著萊迪思的增長而增長——萊迪思晶片已在更高比例的伺服器中使用，但在某些情況下，一台伺服器中使用了多個萊迪思晶片。因此，我們的附加率現在遠遠超過 1 倍。平均而言，每台伺服器使用超過 1 個萊迪思晶片。

And then at the same time, with each new generation, we've been trying to bring more capability, both from a hardware and a software standpoint, to our customers to bring new features, new capabilities, which raises our ASP over time. In the current generation that's ramping, it began ramping last year, but it's ramping through the course of this year, that new server, (inaudible) server generation, we have significantly more dollars of content per server, a step-up of about roughly 50% more dollars of content per server.

同時，隨著每一代產品的誕生，我們一直在努力從硬體和軟體的角度為我們的客戶帶來更多的功能，帶來新的功能、新的功能，從而隨著時間的推移提高我們的平均售價。在當前正在增長的一代中，它從去年開始增長，但在今年的過程中一直在增長，新的伺服器（聽不清楚）伺服器世代，我們每台伺服器的內容顯著增加，大約增加了大約每台伺服器的內容費用增加50%。

So as that generation of servers goes into full production, that's a natural tailwind for us. And then as we look out over the next few generations, we feel good about our ability to continue to increase our dollars of content per server just in terms of the new device functionality that we're bringing, new capabilities over time. And as we get to those new server generations, we'll certainly share more details about that. But we feel good about our ability to continue to drive innovation and additional content on those server generations over time.

因此，隨著這一代伺服器全面投入生產，這對我們來說是一個自然的推動力。然後，當我們展望未來幾代人時，我們對我們能夠繼續增加每台伺服器的內容美元感到滿意，這只是因為我們隨著時間的推移帶來了新的設備功能和新的功能。當我們接觸到新一代伺服器時，我們肯定會分享更多相關細節。但我們對隨著時間的推移繼續推動這些伺服器上的創新和附加內容的能力感到滿意。

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

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

Jim, first, maybe if you could talk maybe a little bit about Avant design traction and maybe where you're seeing that -- where you're seeing the most traction maybe today. Maybe some color around the number or size of those. And even if you can compare and contrast maybe just how mix has performed during a similar stage of the ramp.

Jim，首先，也許你能談談 Avant 設計吸引力，也許你在哪裡看到了這一點——也許今天你在哪裡看到了最大的吸引力。也許是圍繞這些數量或大小的一些顏色。即使您可以比較和對比，也許混音在斜坡的類似階段中的表現如何。

Sure. Thanks, David. On the geographies, if you look at Q1, at the 3 geographies, Americas was pretty much -- pretty close to our overall company average in terms of what we saw from -- for instance, from a sequential revenue change from Q4 to Q1. North America kind of tracked our overall company average.

當然。謝謝，大衛。在地區方面，如果你看看第一季度，在 3 個地區，美洲非常接近我們公司的整體平均水平，例如，從第四季度到第一季的連續收入變化來看。北美地區有點追隨我們公司整體的平均水準。

Europe, as you mentioned, that was weaker than our overall company revenue. That's specifically due to weakness in telecommunications. As you might expect, we have customers there that provide telecommunications infrastructure systems, and we saw weakness with those customers. And then also specific Industrial and Automotive customers -- Europe is, of course, has some large Industrial and Automotive customers, we saw weakness there. And so that's what drove the weaker performance of Europe in Q1.

正如您所提到的，歐洲的收入弱於我們公司的整體收入。這主要是由於電信業的疲軟造成的。正如您所料，我們在那裡有提供電信基礎設施系統的客戶，我們看到了這些客戶的弱點。然後還有特定的工業和汽車客戶——歐洲當然有一些大型工業和汽車客戶，我們看到了那裡的弱點。這就是導致歐洲第一季表現疲軟的原因。

And then on the flip side, we saw a stronger performance than our overall company average in Asia. And I would say the main factor there was server growth, where a lot of our products that are used in server applications are shipped into Asia where the servers are assembled. And so we saw good strength in Asia server demand in particular. And as I mentioned, before overall our computing portion of comms and compute was sequentially up from Q4 to Q1, primarily on server demand.

另一方面，我們在亞洲的表現優於公司整體平均。我想說的主要因素是伺服器的成長，我們用於伺服器應用程式的許多產品都運往亞洲，在那裡組裝伺服器。因此，我們尤其看到了亞洲伺服器需求的強勁勢頭。正如我所提到的，總體而言，我們的通訊和計算的計算部分從第四季度到第一季依次上升，主要是根據伺服器需求。

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。

I guess, first of all, Jim, going back to a previous statement that you made, I think you said around $50 of FPGA Lattice content per server. I was wondering what is that content number for next-gen? So Sierra Forrest, Granite Rapids, Turin. And then it's hard to do compares for AI servers, but I would love to know kind of -- do you think about it on a GPU basis, dollar content per GPU? How do you look at that market, the metrics and your content there?

我想，首先，吉姆，回到您之前所做的聲明，我認為您說過每台伺服器的 FPGA Lattice 內容約為 50 美元。我想知道下一代的內容編號是多少？所以塞拉福雷斯特、花崗岩急流、都靈。然後很難對人工智慧伺服器進行比較，但我很想知道——你是否在 GPU 的基礎上考慮它，每個 GPU 的美元內容？您如何看待該市場、指標和內容？

Yes. Thanks, Chris. The first part of the question on the server content growth in the current generation, just to correct you, I said 50%. And so we see a 50% increase from the prior generation to the generation that's ramping now. The generation ramping now being, in the case of Intel CPUs, is Sapphire Rapids CPU, or Genoa CPU from AMD. And so we generally see, on average, when we look across all of our share with customers, about a 50% increase in content.

是的。謝謝，克里斯。關於當前世代伺服器內容成長的問題的第一部分，只是為了糾正你，我說的是50%。因此，我們看到與上一代相比，現在的一代增加了 50%。就英特爾 CPU 而言，現在正在升級的一代是 Sapphire Rapids CPU 或 AMD 的 Genoa CPU。因此，平均而言，當我們查看與客戶的所有共享內容時，我們通常會發現內容增加了約 50%。

And then on the second part of your question -- just to finish the first part of your question, and then on the future generations, we'll share more thoughts on the content increases that we expect on the future generations as we get a little closer to those server ramps. But we do believe we continue to have the ability to drive higher levels of dollars of content per server on the future generations as well. We'll -- like I said, we'll share more details as we get a little closer.

然後關於你問題的第二部分——只是為了完成你問題的第一部分，然後關於後代，我們將分享更多關於我們期望後代增加內容的想法，因為我們得到了一點更接近那些伺服器坡道。但我們確實相信，我們仍然有能力在下一代每台伺服器上推動更高水準的內容收入。正如我所說，當我們接近時，我們將分享更多細節。

And then on the second part of your question on AI servers, yes, in general, if you look at an AI server versus a general purpose server, we have either equal to or greater levels of content. AI servers, as you kind of mentioned, can come in a lot of different configurations: a more simple configuration that's actually closer to what a general-purpose server would look like, and then a very highly configured system with many, many GPU cards.

然後，關於人工智慧伺服器問題的第二部分，是的，一般來說，如果你看看人工智慧伺服器與通用伺服器，我們有相同或更高水平的內容。正如您所提到的，人工智慧伺服器可以有很多不同的配置：一種更簡單的配置，實際上更接近通用伺服器的樣子，然後是一個具有許多很多 GPU 卡的高度配置的系統。

And in a simple configuration, we basically have about the same level of content as a general purpose server in one of those. And then on the other end of the spectrum, [in one of those] highly configured systems, we have generally significantly more content on the highly configured systems.

在簡單的配置中，我們基本上擁有與其中一個通用伺服器相同程度的內容。另一方面，[在其中一個]高度配置的系統中，我們通常在高度配置的系統上有更多的內容。

But overall, we see the AI-optimized server as a net positive for Lattice. And we've certainly seen strong demand for our products that are used in AI-optimized servers, and that was one of the contributors to growth that we saw in our Computing segment from Q4 to Q1, and specifically within that server demand, one of the clear drivers was AI-optimized servers.

但總的來說，我們認為人工智慧優化的伺服器對萊迪思來說是一個正面的因素。我們當然看到了對用於人工智慧優化伺服器的產品的強勁需求，這是我們在第四季度到第一季度的計算領域看到的增長的貢獻者之一，特別是在伺服器需求中，最明顯的驅動因素是人工智慧優化的伺服器。

Great. For my second one, it's really about kind of some select opportunities that you have and competition in those opportunities. So I think a previous question was around human -- I think it was server security, and I think ASPEED is making some progress there. Google also has their own internal solution they announced. I don't know if you had an opinion on that.

偉大的。對於我的第二個問題，這實際上是關於您擁有的一些精選機會以及這些機會中的競爭。所以我認為之前的問題是圍繞著人類的——我認為這是伺服器安全性，我認為 ASPEED 正在這方面取得一些進展。谷歌也宣布了自己的內部解決方案。我不知道你對此有什麼看法。

But also human presence, guys like Synaptics are saying they're taking share in that market. And then if you had any new opportunities or new applications that have been popping up that are starting to become meaningful dollar drivers that you might want to put on our radar.

還有人類的存在，像 Synaptics 這樣的公司表示他們正在搶佔這個市場的份額。然後，如果您有任何新的機會或新的應用程式出現，它們開始成為有意義的美元驅動因素，您可能希望將其納入我們的雷達範圍內。

Yes. Thanks, Chris. Actually, on the last part of your question around new opportunities, we did recently share, and I mentioned this in the prepared remarks, that Lattice hardware and software is now used on Dell Latitude laptops. We're doing AI -- basically AI algorithm is run on the Lattice chip using the video stream to detect -- or to detect things like human presence detection, gaze detection, et cetera. We're really excited about that partnership with Dell, and we expect to benefit in terms of revenue from that in the second half of this year.

是的。謝謝，克里斯。事實上，關於你關於新機會的問題的最後一部分，我們最近確實分享了這一點，我在準備好的評論中提到了這一點，萊迪思的硬體和軟體現在在戴爾 Latitude 筆記型電腦上使用。我們正在做人工智慧——基本上人工智慧演算法是在萊迪思晶片上運行，使用視訊串流來檢測——或者檢測諸如人體存在檢測、凝視檢測等。我們對與戴爾的合作感到非常興奮，並且預計今年下半年我們將從中獲得收入。

So that's a relatively new announcement that we made. And that's around AI PCs. And in the past, we've shared that we've had a partnership for a number of years with Lenovo. So you'd find Lattice chips and software used on Lenovo ThinkPads, for example. So there's a number of places that we've been able to establish proof points in terms of Lattice's technology being able to be used for AI processing on the FPGA using our software, and this is primarily for inference processing.

這是我們發布的一個相對較新的公告。這就是人工智慧電腦的情況。過去，我們曾表示我們與聯想建立了多年的合作關係。例如，您會發現聯想 ThinkPad 上使用的萊迪思晶片和軟體。因此，我們已經在許多地方建立了證據，證明萊迪思的技術能夠使用我們的軟體在 FPGA 上進行人工智慧處理，這主要用於推理處理。

And as I said, to enable, in the new usage models, AI usage models related to presence detection or gaze detection. And then on the first part of your question, which I think goes back to security or servers, I think, there's a number of different places that Lattice chips get used on a server. They can get used for control management, security is another place. We feel -- I'll just reiterate what I said earlier, which is we feel very good about the ability to continue to expand our dollars of content over the coming generations.

正如我所說，在新的使用模型中啟用與存在檢測或凝視檢測相關的人工智慧使用模型。然後，關於你的問題的第一部分，我認為這可以追溯到安全或伺服器，我認為，萊迪思晶片在伺服器上有很多不同的用途。它們可以用於控制管理，安全性是另一個地方。我們覺得——我只想重申我之前所說的話，那就是我們對在未來幾代人中繼續擴大我們的內容美元的能力感到非常滿意。

Now certainly, there is competition across all of our markets. We face competitors in all of our markets and across all of our products. But we feel, based on customer feedback, we've got very differentiated unique solution, not just at the hardware level, but software as well. and we believe we're well positioned to continue to expand our footprint and our revenue and servers as well over the coming generations.

當然，現在我們所有的市場都存在競爭。我們在所有市場和所有產品中都面臨著競爭對手。但我們認為，根據客戶回饋，我們擁有非常差異化的獨特解決方案，不僅在硬體層面，而且在軟體層面。我們相信，我們有能力在未來幾代人中繼續擴大我們的足跡、收入和伺服器。

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。

Going back on Industrial and Automotive trends, if we assume kind of, say, $65 million for Q2 in that segment, which takes us slightly below the Q1 '22 run rate, how do we look at true end demand, if you have visibility on that, relative to that kind of mid-60s quarterly run rate? And is your commentary about second half recovery you're applying to Industrial, if that's the case, which geography you think is going to emerge first from that on the shipping dynamic.

回到工業和汽車趨勢，如果我們假設該領域第二季度的收入為 6500 萬美元，這使我們略低於 22 年第一季的運行率，如果您了解以下方面，我們如何看待真正的最終需求相對於60 年代中期的季度運行率？您對工業下半年復甦的評論是嗎？

Yes. Thanks, Tristan. On the first part of your question, yes, we believe that at this point, for instance, if you take the [guidance] that we provided for Q2, if we look at the end customer and how much Lattice content that they're consuming as they build their systems, we believe we're under shipping right now in Q2 the end customer demand.

是的。謝謝，特里斯坦。關於你問題的第一部分，是的，我們認為，在這一點上，例如，如果你採用我們為第二季度提供的[指導]，如果我們關注最終客戶以及他們正在消費多少萊迪思內容當他們在建構系統時，我們相信我們現在正在第二季滿足最終客戶的需求。

And that's something that we believe happened in Q1 as well, but we also believe that, that effect starts to dissipate in the second half. And it's a gradual dissipation over time, but as customers start to get their inventory levels back to normal, that drawdown of inventory dissipates in the second half and then the demand that we start to see from the customers naturally goes up to their actual consumption level.

我們相信這也發生在第一季度，但我們也相信這種影響在下半年開始消散。隨著時間的推移，這種情況會逐漸消散，但隨著客戶開始將庫存水平恢復到正常水平，庫存的減少會在下半年消失，然後我們開始從客戶那裡看到的需求自然會上升到他們的實際消費水準。

So that's what we believe happens through the rest of this year. And it can be a little bit different by subsegment within industrial, auto as well as by individual customer. We have a lot of customers, over 10,000 customers. But in aggregate, we believe that, that dissipation or that, that industry drawdown -- inventory drawdown effect dissipates in the second half. And there's -- different customers are at different stages of where they're at in that effect.

這就是我們相信今年剩餘時間將會發生的情況。根據工業、汽車以及個人客戶的細分市場，情況可能會略有不同。我們有很多客戶，超過10,000個客戶。但總的來說，我們認為，這種耗散或產業縮減——庫存縮減效應將在下半年消失。不同的客戶處於不同的階段。

And then on the second part of your question on geographically, we would expect to probably see improvement, let's say, across the geographies. But I would expect to see North America and Europe industrial and autos probably start to pick up -- start to pick up first as that inventory dissipation effect or that inventory drawdown effect starts to dissipate.

然後，關於您關於地理問題的第二部分，我們預計可能會看到各個地區的改善。但我預計北美和歐洲的工業和汽車產業可能會開始回升——隨著庫存耗散效應或庫存下降效應開始消散，首先開始回升。

Okay. And then for a follow-up, how is your distributor dollar inventory comparing with the prior quarter? Is it increasing? If so, by how much? Or is it declining? And then also if you could quantify this in weeks, inventory weeks, at distis on average?

好的。接下來，您的經銷商美元庫存與上一季相比如何？有增加嗎？如果是這樣，幅度是多少？或者說它正在下降？然後，您是否可以以週為單位、庫存週、平均距離來量化這一點？

Yes. Thanks, Tristan. When we look at the distribution inventory, and we have pretty good visibility on that. It's really back to the levels that we saw pre-pandemic. So basically approximately back to that same level pre-pandemic before the whole supply chain disruption started. So we view that as a good thing, that it's back to those levels, because we think those levels are the right levels to support our end customers, make sure that there's inventory in place in case demand does start to pick up quickly.

是的。謝謝，特里斯坦。當我們查看分銷庫存時，我們對此有很好的了解。這確實回到了我們在大流行前看到的水平。因此基本上回到了大流行前整個供應鏈中斷開始之前的同一水平。因此，我們認為回到這些水平是一件好事，因為我們認為這些水平是支持我們的最終客戶的正確水平，確保有庫存，以防需求開始迅速回升。

If the market starts to stamp back quickly, we want to make sure we have inventory position to support them. And so I would characterize those inventory levels as really back to those pre-pandemic levels. And then the second part of your question, I think, was on weeks of inventory. We don't typically break that out for our distribution partners.

如果市場開始迅速回落，我們希望確保我們有庫存狀況來支持它們。因此，我認為這些庫存水準確實回到了大流行前的水準。我認為你問題的第二部分是關於幾週的庫存。我們通常不會向我們的分銷合作夥伴透露這一點。

(Operator Instructions) Our next question comes from the line of Ruben Roy with Stifel.

（操作員說明）我們的下一個問題來自 Ruben Roy 和 Stifel 的線路。

Jim, my first question is a clarification, I think, just on the commentary around the new Nexus devices. At the analyst event last year, I think you talked about some new Nexus devices in development. Is that kind of what you're referring to? Or has something changed and you're accelerating the road map around Nexus?

Jim，我想我的第一個問題是澄清有關新 Nexus 設備的評論。在去年的分析師活動中，我想您談到了一些正在開發的新 Nexus 設備。你指的是那種嗎？或者發生了一些變化，您正在加快 Nexus 周圍的路線圖？

Yes. Something's changed. We're -- we have accelerated the road map on Nexus, yes. We've added additional device options. Think about this as a wider portfolio that we're going to bring out faster than even what we had back at the Developers Conference. We've just continued to look at the potential for long-term growth in this segment, and we believe there's great potential for the company to continue to grow in this segment.

是的。有些東西改變了。是的，我們已經加快了 Nexus 的路線圖。我們新增了額外的設備選項。將其視為一個更廣泛的產品組合，我們將比開發者大會上的產品更快地推出它。我們剛剛繼續關注該細分市場的長期成長潛力，我們相信該公司在該細分市場繼續成長的潛力巨大。

And so we wanted to bring out even more device options to support our customers over the long term. And that's in parallel to us continuing to drive the Avant road map at full speed, right? That doesn't -- I want to stress that it doesn't detract in any way from the Avant road map. That's also very aggressive, but we found the ability to enhance the Nexus road map in parallel to driving a very aggressive Avant road map of introductions of new devices.

因此，我們希望推出更多設備選項來長期支援我們的客戶。這與我們繼續全速推進 Avant 路線圖是並行的，對嗎？但我想強調的是，它不會以任何方式偏離 Avant 路線圖。這也非常激進，但我們發現在增強 Nexus 路線圖的同時，也能夠推動非常激進的 Avant 路線圖引進新設備。

Yes, that's what I thought you were saying, but I want just to make sure on that. And then just as the follow-up on Avant, just want to make sure I have this right in terms of sort of the design activity you're seeing.

是的，我以為你是這麼說的，但我只是想確認一下。然後，就像 Avant 的後續行動一樣，我只是想確保我在您所看到的設計活動方面是正確的。

Avant-E being out first and -- not sure if I have this right, but that was -- it seemed like it was more specific to certain processing and really edge processing applications, whereas the other 2, G and X, are more general purpose. Would you say that the design activity or sort of the engagements with your customers are more skewed towards the general purpose? Or is that not the right way to think about it?

Avant-E 首先出現，並且 - 不確定我是否正確，但那是 - 它似乎更具體於某些處理和真正的邊緣處理應用程序，而其他 2 個，G 和 X，則更通用目的。您是否認為設計活動或與客戶的某種互動更偏向通用目的？還是這不是正確的思考方式？

I think we've got good engagements across all of those different flavors of Avant. They all serve a slightly different purpose. G is, yes, the most broad, general purpose family, e was more optimized for edge applications, and X has higher connectivity speeds really optimized more for, for instance, data plane applications.

我認為我們在所有不同風格的 Avant 中都取得了良好的合作。它們的用途都略有不同。是的，G 是最廣泛、通用的系列，e 針對邊緣應用進行了更優化，而 X 具有更高的連接速度，確實針對數據平面應用等進行了更多優化。

So they all fit a little bit different need. We're seeing good engagement across all of those. E is just further along in terms of generating revenue because -- primarily because that was the first one that we introduced. And so we introduced that one first, so it's just ahead of the G and the X in terms of generating revenue and its revenue ramp over time.

所以它們都適合稍微不同的需求。我們看到所有這些方面都有良好的參與。 E 在創收方面走得更遠，因為——主要是因為這是我們推出的第一個。所以我們首先推出了它，所以它在產生收入以及隨著時間的推移收入增長方面領先於 G 和 X。

Our next question comes from the line of [Doug Zhang] with Bank of America.

我們的下一個問題來自美國銀行的[Doug Zhang]。

One on software attach, it's been a big push for you guys, obviously. Could you remind us where you are in that progress today and if the downturn has any impact on that attach rate? Would you say when we get out of the downturn in the second half, should we also expect that attach rate to accelerate going forward?

關於軟體附加，顯然這對你們來說是一個巨大的推動。您能否提醒我們您目前的進展以及經濟低迷是否對該附加率有任何影響？您是否認為，當我們擺脫下半年的低迷時，我們是否還應該預期附加率會加速？

The quick answer to the -- is no. We don't see the downturn affecting the software attach rate at all. And our software attach rate is now over 50%. That means over half the time, when we win the new design with customers, customers are choosing to not just use Lattice silicon, but they're -- over half the time, they're using one of our software solution stacks as well. and we've got a pretty wide portfolio of software solution stacks now that we've rolled out to the market.

對於這個問題的快速回答是否定的。我們認為經濟低迷根本不會影響軟體附加率。我們的軟體附加率現在超過50%。這意味著超過一半的時間，當我們贏得客戶的新設計時，客戶不僅選擇使用萊迪思晶片，而且超過一半的時間，他們也使用我們的軟體解決方案堆疊之一。現在我們已經向市場推出了相當廣泛的軟體解決方案堆疊組合。

And remember, the software solution stacks are really purpose-built solution stacks for a specific end user common end use cases that are coming across multiple customers. And the purpose of these is to, number one, to help our customers innovate, to help them sign Lattice solutions in really quickly, but also to get to market quickly as well. They've been really popular with our customers. We continue to see very high attach rates.

請記住，軟體解決方案堆疊實際上是專門針對多個客戶遇到的特定最終用戶常見最終用例而建立的解決方案堆疊。第一，這些的目的是幫助我們的客戶創新，幫助他們快速簽署萊迪思解決方案，同時也快速進入市場。它們非常受我們客戶的歡迎。我們繼續看到非常高的附加率。

We expect that attach rate to grow over time, and that certainly benefits us over time. It not just helps our customers innovate, but it creates long-term stickiness with our customers for those solutions. And then there is a benefit over time to the ASPs that we see with design wins that include software attach as well. But I wouldn't say the software attach is affected in any way by the downturn.

我們預計附加率會隨著時間的推移而增長，隨著時間的推移，這肯定會讓我們受益。它不僅幫助我們的客戶創新，而且還為我們的客戶創造了對這些解決方案的長期黏性。隨著時間的推移，我們看到設計勝利（包括軟體附加）會為 ASP 帶來好處。但我不會說軟體附加受到經濟低迷的任何影響。

Awesome. And then as a follow-up, just given your big -- obviously, Intel is trying to go public with Altera. They've been reallocating resources into that business, coming out with new products, et cetera. So how are you seeing competitive dynamics within the FPGA space? Are your customers seeing any changes in behavior? Any color on that would be helpful.

驚人的。然後作為後續行動，就你的大事而言，顯然，英特爾正試圖與 Altera 一起上市。他們一直在將資源重新分配到該業務中，推出新產品等等。那麼您如何看待 FPGA 領域的競爭動態呢？您的客戶是否發現行為有任何變化？任何顏色都會有幫助。

Yes. I would say that, first of all, we always take our competition very seriously, and we've always assumed -- since the day I joined Lattice, we've always assumed there will be robust competition across every one of our markets and products. That's the philosophy that we use to plan out our product road maps over the past 5-plus years.

是的。我想說的是，首先，我們始終非常認真地對待我們的競爭，我們一直認為——自從我加入萊迪思的那天起，我們一直認為我們的每一個市場和產品都會存在激烈的競爭。這就是我們過去五年多來規劃產品路線圖的理念。

That said, I think we're really well positioned competitively. I think if I look at our small FPGA portfolio, we talked about Nexus a few different times over the course of this call. Nexus is very, very differentiated, very good performance per watt. So it's got great power efficiency advantages, great features, great physical, small size. I think it's a very strong product, and our customers would say the same.

也就是說，我認為我們在競爭中處於有利地位。我認為，如果我看看我們的小型 FPGA 產品組合，我們會在本次電話會議過程中多次討論 Nexus。 Nexus 非常非常與眾不同，每瓦表現非常好。因此它具有巨大的能源效率優勢、強大的功能、強大的物理性能、小尺寸。我認為這是一個非常強大的產品，我們的客戶也會這麼說。

And then when I look at our new mid-range product line, Avant, the E, the G and the X versions, there as well, I think that's highly differentiated. And at our Developers Conference in December, I think we demonstrated the level of differentiation of our mid-range products. And we demonstrated those live in competitive demonstrations in December to show the competitive advantages of Avant.

然後，當我看到我們新的中階產品線 Avant、E、G 和 X 版本時，我認為它們也具有高度差異化。在 12 月的開發者大會上，我認為我們展示了中端產品的差異化程度。我們在 12 月的競爭性演示中現場演示了這些內容，以展示 Avant 的競爭優勢。

So we certainly feel like we're very well positioned. And we believe in small FPGA, we've gained significant share over the past years, and we see the opportunity to continue to grow and gain share in small FPGAs. And then in mid-range, we're at the beginning of that Avant revenue ramp, but we believe that we can grow Avant significantly over the coming years. And remember that Avant uses all the same software as Nexus, so it leverages the same development software, the same software solution stacks.

所以我們當然覺得我們處於非常有利的位置。我們相信小型 FPGA，在過去幾年中我們已經獲得了顯著的份額，並且我們看到了繼續增長並獲得小型 FPGA 份額的機會。然後在中期，我們正處於 Avant 收入成長的開始階段，但我們相信我們可以在未來幾年顯著成長 Avant。請記住，Avant 使用與 Nexus 相同的軟體，因此它利用相同的開發軟體、相同的軟體解決方案堆疊。

And when we look at the target customers for Avant, 90% of the target customers for Avant are already customers of Lattice today. So these are customers that are just buying another product from Lattice's product portfolio. They view Avant as just an extension of the existing Lattice portfolio. So for all those reasons, we feel really good about the competitive environment. We never take that for granted. We always assume it's going to be a robust competitive environment, but we do feel good about the positioning that we have today and over the coming years.

當我們看看Avant的目標客戶時，Avant的90%的目標客戶已經是今天萊迪思的客戶。這些顧客只是購買萊迪思產品組合中的另一種產品。他們認為 Avant 只是現有萊迪思產品組合的延伸。因此，出於所有這些原因，我們對競爭環境感覺非常好。我們從不認為這是理所當然的。我們始終認為這將是一個強大的競爭環境，但我們確實對我們今天和未來幾年的定位感到滿意。

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

我們的下一個問題來自斯里尼瓦斯·帕朱里 (Srinivas Pajjuri) 和雷蒙德·詹姆斯 (Raymond James) 的對話。

A couple of questions. First on the -- one of your larger competitors, I guess, Xilinx, end of life-d the low end. I think they put out a press release back in January. Obviously, you have a very strong position there. And given their exit or potential exit from this market, I mean just curious if you're seeing any impact on your business, any more interest in terms of the design activity? And also, if you could help us understand maybe how big this opportunity could be potentially for you if you kind of think over the next couple of years?

有幾個問題。首先是——我猜，你的一個更大的競爭對手，賽靈思，低端產品的生命週期結束了。我想他們在一月份就發布了一份新聞稿。顯然，你在那裡擁有非常強大的地位。考慮到他們退出或可能退出這個市場，我的意思是，我只是好奇您是否看到對您的業務有任何影響，以及對設計活動是否有更多興趣？另外，如果您能幫助我們了解，如果您考慮未來幾年，這個機會對您來說可能有多大？

Yes. Thanks, Srini. So the answer is yes, very beneficial. It was -- we view that as very positive that, that particular competitor EOL-ed the number of parts. Part of the reason we're putting our foot on the gas in that segment is because we see competitive opportunity here, and we see the opportunity to continue to gain more share over time against both of our primary competitors.

是的。謝謝，斯里尼。所以答案是肯定的，非常有益。我們認為，該特定競爭對手停產了零件數量，這是非常積極的。我們在該領域大力發展的部分原因是我們看到了這裡的競爭機會，我們看到了隨著時間的推移，我們有機會繼續獲得與我們的兩個主要競爭對手相比更多份額的機會。

And so you see us basically doing the opposite, which is investing more, bringing out more products. And I think that's viewed incredibly positive by our customers. Look, small FPGAs are a critical part of all of our customers' systems. And I think with Lattice, they see a company that's dedicated to sustained investment in innovation in this segment that continues to innovate on every new generation, that's expanding its product offering, that's adding new software, and that's giving them long-term assurance on the lifetime of these products that they can rely on for the lifetime of their systems.

所以你看到我們基本上在做相反的事情，就是加大投資，推出更多產品。我認為我們的客戶對此非常積極。看，小型 FPGA 是我們所有客戶系統的關鍵部分。我認為，透過萊迪思，他們看到了一家致力於在這一領域持續投資創新的公司，該公司在每一代產品上都不斷創新，正在擴大其產品範圍，正在添加新軟體，這為他們提供了長期的保證這些產品的使用壽命是他們在系統的整個生命週期中都可以信賴的。

And so for all those reasons, I think they see Lattice as the supplier of choice for small FPGAs over the long-term horizon. And that's why we believe we're well positioned to drive continued growth, expansion and share gain in this segment. We also believe that, that same customer excitement about our investment, our innovation, spills over into mid-range as well. If you look at those customers, those same customers, most of our customers mainly use mid-range and small FPGAs. That's the primary usage of FPGAs.

因此，出於所有這些原因，我認為他們將萊迪思視為長期小型 FPGA 的首選供應商。這就是為什麼我們相信我們有能力推動這一領域的持續成長、擴張和份額成長。我們也相信，客戶對我們的投資和創新的興奮也會蔓延到中端產品。如果你看看那些客戶，那些相同的客戶，我們大多數客戶主要使用中小型 FPGA。這是 FPGA 的主要用途。

And with Lattice, they have a supplier that's now got mid-range and small FPGA portfolio to offer them that's continuously innovated and has a long-term strategy of dedicated investment in both hardware and software to meet their needs. And so I think they see us as the supplier of choice in both mid-range and small FPGAs.

萊迪思是他們的供應商，現在可以為他們提供中小型 FPGA 產品組合，這些產品組合不斷創新，並製定了專門投資硬體和軟體的長期策略，以滿足他們的需求。因此，我認為他們將我們視為中型和小型 FPGA 的首選供應商。

Got it. That's very helpful. And then on Avant, I think previously, your expectation was that Avant would contribute about 10% to 15%, roughly speaking, of your revenue in the next 2 to 3 years. I get a lot of questions about how we should think about the revenue ramp, and obviously, Avant-E seems to be contributing already. So maybe give us some pointers on how we should think about contribution this year and next year, even if it's rough numbers. I think that would be very helpful.

知道了。這非常有幫助。然後對於 Avant，我想之前你們的預期是，粗略地說，Avant 在未來 2 到 3 年內會貢獻你們收入的 10% 到 15% 左右。我收到很多關於我們應該如何考慮收入成長的問題，顯然，Avant-E 似乎已經做出了貢獻。因此，也許可以給我們一些建議，告訴我們應該如何考慮今年和明年的貢獻，即使是粗略的數字。我認為這會很有幫助。

Yes, thanks. We continue to be focused on the target that we provided in terms of Avant revenue over the long term that we provided at that last Investor Day. I think that's the target that you're referencing. We're still very focused on that and driving towards that target.

對了謝謝。我們繼續專注於上次投資者日提供的 Avant 長期收入目標。我認為這就是您所指的目標。我們仍然非常關注這一點並朝著這個目標努力。

We've given some markers for this year just in terms of how to qualitatively think about Avant contributing this year. It's more of a contribution in the second half of this year. And then, of course, we expect Avant to grow and contribute more next year and in the following years. I think as we get closer to the end of this year and into next year, we could provide maybe some more specifics on where we see Avant over time.

我們已經給出了今年的一些標記，只是關於如何定性地考慮 Avant 今年的貢獻。更多的是今年下半年的貢獻。當然，我們期望 Avant 在明年和接下來的幾年裡能夠成長並做出更多貢獻。我認為，隨著今年年底和明年的臨近，我們可能會提供更多關於 Avant 隨著時間的推移的具體資訊。

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。

Just a quick follow-up for Sherri. So Sherri, tax rate has been stepping up. I believe that's the extinguishment of some NOLs, but correct me if I'm wrong. And where are we on NOLs and tax rate moving forward?

只是雪莉的快速跟進。所以雪莉，稅率一直在提高。我相信這就是一些 NOL 的消失，但如果我錯了，請糾正我。我們在 NOL 和稅率方面進展如何？

Yes. Thanks, Chris, for your question. So from a tax perspective, actually Q4 is when we released our valuation allowance. And so in our last quarter's earnings call, we talked about how to think about the effective tax rate for 2024, which is in the mid- to high single digits. And that's how to think about that from an effective tax rate perspective. And for Q1, our effective tax rate was about 7.5%. So that's -- so the VA has been released to the extent of about $57 million in Q4. We still have some VA on our books, but you can probably read in all that fun detail when you -- when our Q comes out, but that gives you a little bit more color on the tax rate.

是的。謝謝克里斯的提問。因此，從稅收角度來看，實際上第四季度是我們發布估值準備金的時候。因此，在上個季度的財報電話會議上，我們討論瞭如何考慮 2024 年的有效稅率，該稅率處於中高個位數。這就是如何從有效稅率的角度來思考這個問題。第一季度，我們的有效稅率約為 7.5%。所以，VA 在第四季已經發放了約 5,700 萬美元。我們的書中仍然有一些 VA，但是當我們的 Q 出來時，您可能可以閱讀所有有趣的細節，但這讓您對稅率有了更多的了解。

As we have time for one last question, the line comes from Ruben Roy with Stifel.

由於我們還有時間回答最後一個問題，這句話來自魯本·羅伊 (Ruben Roy) 和史蒂菲爾 (Stifel)。

It's Ruben Roy. I also have a quick follow-up for Sherri, which I forgot to ask. Sherri, revenue down quite a bit year-over-year, but the gross margins have held up, and just wondering if you can comment on that.

我是魯本·羅伊。我還對雪莉進行了快速跟進，但我忘了問。雪莉，收入同比下降了不少，但毛利率保持不變，只是想知道你是否可以對此發表評論。

Obviously, you guys have been doing a great job on pricing optimization, et cetera. But any comments on gross margin, and I guess, how to think about gross margin second half as you get some revenue recovery? And maybe a little bit of a mix shift back towards Nexus and a little bit from the new Avant products would be helpful.

顯然，你們在定價優化等方面做得很好。但對毛利率有什麼評論嗎？也許將一些混合轉向 Nexus 和一些新的 Avant 產品會有所幫助。

Sure. Thanks, Ruben. So we're really pleased with the 69% gross margin in Q1 that was in line with what our -- the midpoint of our guidance. So it came in as expected. And when we put out our guide for Q1, we talked about the fact that mix was really a driver on that sequential decline. Now for -- as we look ahead to Q2, with 69% being at the midpoint again, even though the revenue guide at the midpoint is lower in Q2, mix can still be a factor there. But the range of gross margin, 69% plus or minus 1%, it is a range.

當然。謝謝，魯本。因此，我們對第一季 69% 的毛利率感到非常滿意，這與我們指導的中位數一致。所以它如預期般出現了。當我們發布第一季指南時，我們談到了這樣一個事實：混合確實是連續下降的驅動因素。現在，當我們展望第二季時，69% 再次處於中點，儘管第二季中點的收入指引較低，但混合仍然可能是一個因素。但毛利率的範圍，69%正負1%，它是一個範圍。

But having said that, I mean, certainly, we've been focusing on our gross margin expansion strategy. Now we're in our sixth year, and to date, we've improved our gross margin by about 1,200 basis points. So it continues to be an area of focus for us. You can certainly expect to see fluctuations that can occur on a quarterly basis. But, as we put out our long-term model in 2023 at our Investor Day of gross margin in the low 70s, it continues to be a focus area for us.

但話雖如此，我的意思是，當然，我們一直專注於毛利率擴張策略。現在我們已進入第六個年頭，迄今為止，我們的毛利率已提高了約 1,200 個基點。因此，它仍然是我們關注的一個領域。您當然可以預見每季都會出現波動。但是，當我們在 2023 年投資者日推出毛利率在 70 多美元的長期模型時，它仍然是我們的重點領域。

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

謝謝。目前沒有其他問題。我想請吉姆·安德森發表結束評論。

Yes. Thank you, operator, and thanks again, everybody, for joining us on today's call. As we navigate some of these near-term headwinds, we absolutely remain focused on executing what is the biggest product portfolio expansion in the history of Lattice. We're very excited about that and so are our customers. And looking forward to sharing more details about that on our next call. Operator, that concludes today's call.

是的。謝謝接線員，再次感謝大家參加今天的電話會議。當我們克服這些近期的不利因素時，我們絕對會繼續專注於執行萊迪思歷史上最大的產品組合擴張。我們對此感到非常興奮，我們的客戶也是如此。並期待在我們下次電話會議上分享更多相關細節。接線員，今天的通話到此結束。

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

謝謝。此時您可以斷開線路。感謝您的參與。