萊迪思半導體 (LSCC) 2024 Q2 法說會逐字稿

Greetings. Welcome to the Lattice Semiconductor second-quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加萊迪思半導體 2024 年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Rick Muscha. You may begin.

現在我將會議交給主持人 Rick Muscha。你可以開始了。

Thank you, operator, and good afternoon, everyone. With me today are Esam Elashmawi, Lattice's Interim CEO; and Sherri Luther, Lattice's CFO. We'll provide a financial and business review of the second quarter of 2024 and the business outlook for the third 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臨時執行長 Esam Elashmawi；和雪莉‧路德 (Sherri Luther)，萊迪思的財務長。我們將提供 2024 年第二季的財務和業務回顧以及 2024 年第三季的業務展望。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 as currently available and that actual results may differ materially.

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。

Refer you to 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.

請參閱本公司向 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 third 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本公司 2024 年第三季的官方指導意見。我們打算透過公共論壇（例如新聞稿或公開宣布的電話會議）來完成此類更新。

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.

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。

For historical periods, we provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found in the investor relations section of our website at latticesemi.com. I'll now turn the call over to Esam Elashmawi, our Interim CEO.

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，這些指標可以在我們網站latticesemi.com的投資者關係部分找到。現在我將把電話轉給我們的臨時執行長 Esam Elashmawi。

Thank you, Rick, and thank you, everyone, for joining us on our call today. While many of our investors analysts and customers know me, I'd like to provide a brief introduction given our recent CEO transition. In the six years I've been at Lattice as Chief Strategy and Marketing Officer, I have been deeply involved both the development and execution of our strategy.

謝謝里克，也謝謝大家參加我們今天的電話會議。雖然我們的許多投資者、分析師和客戶都認識我，但鑑於我們最近的執行長換屆，我想簡單介紹一下。在我擔任萊迪思首席策略和行銷長的六年裡，我深入參與了我們策略的製定和執行。

During that time, we have significantly strengthened our product portfolio, financial performance and competitive position. Our accelerated cadence of new product launches has created new growth opportunities and deepened our customer relationships.

在此期間，我們顯著增強了我們的產品組合、財務表現和競爭地位。我們加快新產品發布的節奏創造了新的成長機會並加深了我們的客戶關係。

The opportunity that made me excited to join Lattice back in 2018 are even more compelling today. Lattice is fortunate to have a deep bench of talent throughout our organization that is committed to building on our momentum and delivering future value creation for our customers and shareholders.

2018 年加入萊迪思的機會讓我興奮不已，如今這一機會更加引人注目。萊迪思很幸運，在我們的整個組織中擁有大量的人才，他們致力於鞏固我們的發展勢頭，為我們的客戶和股東創造未來的價值。

As was previously announced, the Board of Directors has commenced a search process to identify a permanent CEO and will consider both internal and external candidates. While there is no specified timeline for completion, this search is the Board's highest priority. I am fully committed to that process and confident that the ultimate outcome will be in the best interest of all that is stable.

正如先前宣布的那樣，董事會已開始尋找永久執行長的程序，並將考慮內部和外部候選人。雖然沒有具體的完成時間表，但此次搜尋是董事會的最高優先事項。我完全致力於這一進程，並相信最終結果將符合所有穩定因素的最佳利益。

Now moving to the second quarter of 2024. The inventory normalization and near term cyclic corrections continued as revenue declined 12% sequentially and 35% year over year. Gross margins remained at 69%, and we continue to deliver profitability. In Q2, we continue to under shift to end customer demand as inventory normalization continues.

現在進入 2024 年第二季。毛利率維持在 69%，我們繼續獲利。在第二季度，隨著庫存持續正常化，我們繼續轉向最終客戶需求。

On an end-market basis, demand remained soft across industrial and automotive in Q2, with revenue down 23% sequentially as customers continue to reduce their inventory levels. We remain well positioned for growth over the longer term with our differentiated hardware and software solutions.

從終端市場來看，第二季工業和汽車領域的需求仍然疲軟，隨著客戶持續降低庫存水平，營收季減 23%。憑藉我們差異化的硬體和軟體解決方案，我們仍處於長期成長的有利地位。

Within communications and computing, Q2 revenue was flat sequentially. Strength in data center networking and servers helped offset incremental weakness in wireless communication. As we discussed previously, we expect the inventory normalization cycle to continue through the second half of this year. We are seeing signs of improvement that when combined with our new product ramps, we anticipate will lead to a return to growth.

在通訊和計算領域，第二季營收環比持平。資料中心網路和伺服器的實力幫助抵消了無線通訊日益增長的弱點。正如我們之前討論的，我們預計庫存正常化週期將持續到今年下半年。我們看到了改善的跡象，與我們新產品的增加相結合，我們預計將帶來成長的恢復。

In terms of our product roadmap, we intend to continue investing in and accelerating our highly differentiated value portfolio. In our small FPGA portfolio, our seven device family is on track to start ramping in Q3.

就我們的產品路線圖而言，我們打算繼續投資並加速我們高度差異化的價值組合。在我們的小型 FPGA 產品組合中，我們的七個裝置系列預計將在第三季開始量產。

We recently announced the eighth device family, the Lattice MachX05D-NX, and the latest version of the Lattice Sentry Solutions Stack. This combination extends our leadership in security, both at hardware and software solutions.

我們最近發布了第八個裝置系列，Lattice MachX05D-NX，以及最新版本的 Lattice Sentry 解決方案堆疊。這種結合擴大了我們在硬體和軟體解決方案安全方面的領先地位。

Last quarter, we talked about adding new Nexus device options to address increased custom design. We're already delivering on that roadmap expansion, tapping recently launched Certus-NX28 and Certus-NX09, which offer class leading power efficiencies, small size, reliability with flexible migration options.

上個季度，我們討論了添加新的 Nexus 設備選項以解決增加的客製化設計問題。我們已經利用最近推出的 Certus-NX28 和 Certus-NX09 實現了這一路線圖擴展，它們提供了一流的能源效率、小尺寸、可靠性以及靈活的遷移選項。

These devices are designed to accelerate broad range of communication, computing, industrial and automotive applications. Customer feedback has been very positive as we continue to invest, innovate the need in the small FPGA segment.

這些設備旨在加速廣泛的通訊、運算、工業和汽車應用。隨著我們繼續投資、創新小型 FPGA 領域的需求，客戶回饋非常積極。

In our midrange FPGA portfolio, we've already launched three Avant device family. The first device Avant-E achieved initial revenue last December, driven by numerous applications. We expect Avant-E series to ramp throughout the course of this year. We're on track and aim for Avant-E, and X to achieve initial revenues before the end of this year.

在我們的中階 FPGA 產品組合中，我們已經推出了三個 Avant 裝置系列。在眾多應用的推動下，首款設備 Avant-E 在去年 12 月實現了初步收入。我們預計 Avant-E 系列將在今年持續成長。我們的目標是 Avant-E 和 X 在今年年底前實現初步收入。

Customer momentum remains robust. You'll recall 90% of the target customers for Avant are already customers of Lattice today and Avant leverages same software that customers use today on Nexus. We are pleased with the market traction of Avant as it expands our TAM and drives mix, expected additional long term revenue acceleration.

客戶勢頭依然強勁。您可能還記得，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。我們對 Avant 的市場吸引力感到滿意，因為它擴大了我們的 TAM 並推動了組合，預計長期收入將進一步加速。

As we have mentioned in previous calls Lattice hardware and software solutions are increasingly being used in a wide variety of AI related applications. For example, in any optimized servers in the data center when the system is running generative AI workloads, Lattice devices are used in the control, management and security of the AI computing system.

正如我們在先前的電話會議中提到的，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，在資料中心的任何最佳化伺服器中，當系統運行生成式人工智慧工作負載時，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 the Edge AI enabled applications where Lattice solutions are used to run the AI inference algorithms that provide features such as user presence engage detection in client and Industrial systems. Lastly, a third example is AI enabled applications where Lattice solutions are used to aggregate and preprocess sensor data that is used for AI processes.

另一個例子是在支援邊緣人工智慧的應用程式中，其中萊迪思解決方案用於運行人工智慧推理演算法，該演算法提供諸如客戶端和工業系統中的用戶存在參與檢測等功能。最後，第三個例子是人工智慧應用程序，其中萊迪思解決方案用於聚合和預處理用於人工智慧過程的感測器資料。

I wanted to highlight that last quarter we began shifting of Lattice and NVIDIA Edge AI solutions to customers. This solution, which we first presented at our 2023 Developers Conference is designed to accelerate the development of Edge AI applications using the NVIDIA platform.

我想強調的是，上個季度我們開始將 Lattice 和 NVIDIA Edge AI 解決方案轉移給客戶。我們在 2023 年開發者大會上首次展示的解決方案旨在加速使用 NVIDIA 平台的邊緣 AI 應用程式的開發。

I'm pleased to share that on December 10 and 11, we'll be hosting our second Lattice Developers Conference, which will be held live and virtual in San Jose. Driven by our increase in ecosystem and customer base, you can expect industry keynote presentations and breakout sessions, a robust showcase of FPGA-based technology demonstrations and new product announcements.

我很高興與大家分享，12 月 10 日至 11 日，我們將舉辦第二屆萊迪思開發者大會，該大會將在聖荷西以現場和虛擬方式舉行。在我們生態系統和客戶群不斷增長的推動下，您可以期待行業主題演講和分組會議、基於 FPGA 的技術演示和新產品發布的精彩展示。

In summary, we remain focused and continue to execute on our strategy. We believe Lattice is competitively well positioned and in the middle of the largest product portfolio expansion in our history with strong customer momentum.

總而言之，我們仍然專注並繼續執行我們的策略。我們相信萊迪思在競爭中處於有利地位，並且處於我們歷史上最大的產品組合擴張之中，擁有強大的客戶動力。

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。

Thanks Esam. Second quarter financial results reflecting continued softness with revenues remain slightly below the midpoint of our guide. Gross margin remains stable with continued profitability. With a strong focus on cash and capital allocation, we continued to return cash to shareholders through share buybacks.

謝謝埃薩姆。第二季財務表現反映出持續疲軟，營收仍略低於我們指引的中點。毛利率維持穩定，獲利持續。我們高度重視現金和資本配置，繼續透過股票回購向股東返還現金。

Let me now provide a summary of our results. Second quarter revenue was $124.1 million, down 12% sequentially from first quarter and down 35% year over year, reflecting continued inventory normalization in the industrial and automotive market segments.

現在讓我總結一下我們的結果。第二季營收為 1.241 億美元，比第一季季減 12%，年減 35%，反映出工業和汽車細分市場庫存持續正常化。

Our Q2 non-GAAP gross margin was 69% in line with prior quarter, reflecting the stability of our gross margin despite the near term cyclic softness. Q2 non-GAAP operating expenses were $54 million versus $54.9 million in the prior quarter and $58 million in the year ago quarter. During the quarter, we remained disciplined while continuing to invest in our long term product portfolio.

我們第二季的非 GAAP 毛利率為 69%，與上一季持平，反映出儘管近期週期性疲軟，但我們的毛利率保持穩定。第二季非 GAAP 營運費用為 5,400 萬美元，上一季為 5,490 萬美元，去年同期為 5,800 萬美元。本季度，我們在繼續投資長期產品組合的同時保持紀律。

Our Q2 non-GAAP operating margin was 25.4% compared to 30% in the prior quarter. Q2 non-GAAP earnings per diluted share was $0.23 compared to $0.29 in the prior quarter. In Q2, we repurchased approximately 143,000 shares or $10 million of stock, making Q2 our fifteenth consecutive quarter of executing share buybacks. Over that period, we have repurchased approximately 5.1 million shares, thereby reducing dilution by 3.8%.

我們第二季的非 GAAP 營業利潤率為 25.4%，而上一季為 30%。第二季非 GAAP 攤薄每股收益為 0.23 美元，前一季為 0.29 美元。第二季度，我們回購了約 143,000 股或價值 1,000 萬美元的股票，這使得第二季度成為我們連續第 15 個季度執行股票回購。在此期間，我們回購了約 510 萬股股票，從而減少了 3.8% 的稀釋。

Let me now review our outlook for the third quarter. Revenue for the third quarter of 2024 is expected to be between $117 million and $137 million. Gross margin is expected to be 69% plus or minus 1% on a non-GAAP basis. Total operating expenses for the third quarter are expected to be between $53 million and $55 million on a non-GAAP basis, which is in line with Q2 '24 at the midpoint.

現在讓我回顧一下我們對第三季的展望。 2024 年第三季的營收預計在 1.17 億美元至 1.37 億美元之間。以非公認會計準則計算，毛利率預計為 69% 正負 1%。以非公認會計準則計算，第三季的總營運費用預計在 5,300 萬美元至 5,500 萬美元之間，與 2024 年第二季的中位數一致。

As we continue to navigate the near term cyclic softness in our end markets and the industry normalization of inventory, we remain focused on supporting the expansion of our product portfolio and continued execution.

隨著我們繼續應對終端市場的近期週期性疲軟和產業庫存正常化，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) David Williams, Benchmark Company.

（操作員說明）David Williams，Benchmark 公司。

Hey, good afternoon and thanks for letting me ask a question. I guess, Esam, can you talk a little bit about the design activity and maybe how the ramps have been impacted by the down cycle. Are you seeing anything there that's worth pointing to? And just kind of wondering how that traction continuing through this down cycle. Thanks.

嘿，下午好，謝謝你讓我問問題。我想，Esam，您能談談設計活動嗎？ 或許還有坡道如何受到下行週期的影響。你在那裡看到什麼值得指出的嗎？只是想知道這種牽引力如何在這個下行週期中持續下去。謝謝。

Yeah. Good question, David. With regards to design activity, just remind everyone we've got the strongest product portfolio in the history of the company. And most recently, we just talked about expanding our Nexus platform.

是的。好問題，大衛。關於設計活動，請提醒大家，我們擁有公司史上最強大的產品組合。最近，我們剛剛討論了擴展我們的 Nexus 平台。

We've got the new [Mach-NXD] device that we just launched and we've got Avant as well that we've been talking about. In our customer momentum, it's never been as strong as it is now, that's pretty exciting roadmap to come as well.

我們剛剛推出了新的 [Mach-NXD] 設備，還有我們一直在談論的 Avant。我們的客戶動力從未像現在這樣強勁，這也是非常令人興奮的路線圖。

From a design activity perspective, we just completed two consecutive quarters of record design activity. And when I look at this, this is a type of stuff that when I talk to the team that we can control. We can't necessarily control the macros in the market, but we have good control over two things that matter to me.

從設計活動的角度來看，我們剛剛完成了連續兩個季度創紀錄的設計活動。當我看到這一點時，當我與團隊交談時，這是我們可以控制的事情。我們不一定能控制市場的宏觀，但我們可以很好地控制對我來說很重要的兩件事。

And that's number one, product development, getting differentiated products out into the market, both on the hardware and the software side, and also making sure that we drive more and more customer intimacy. So I'm really proud of the team of what they've done from a design activity perspective over the last few quarters, those being two a consecutive record quarters from a design activity.

第一，產品開發，將差異化的產品推向市場，無論是硬體還是軟體方面，並確保我們與客戶的親密程度越來越高。因此，我對團隊在過去幾季從設計活動的角度所做的工作感到非常自豪，這是設計活動連續兩個季度創紀錄的表現。

Now the second part of your question on product ramps, I love product ramps. You know that. Getting new products into market, drive new [SAM] opportunities, drive more market opportunities for us, but also drive new revenue streams.

現在關於產品升級問題的第二部分，我喜歡產品升級。你懂的。將新產品推向市場，推動新的 [SAM] 機會，為我們帶來更多市場機會，同時也推動新的收入來源。

And even though the market is going through a cyclical downturn related to inventory normalization, what I can share with you is that if you look at our new products, for example, look at Nexus or Avant, and you look at the revenue of those products in the first half of 2024, it exceeded the revenue in the first half of 2023, and that's a testament to why we keep emphasizing new products that are very differentiated and our software strategy of making it easier for customers to adopt them.

儘管市場正在經歷與庫存正常化相關的周期性低迷，但我可以與您分享的是，如果您看看我們的新產品，例如看看 Nexus 或 Avant，您看看這些產品的收入2024年上半年，它超過了2023年上半年的收入，這證明了為什麼我們不斷強調非常差異化的新產品，以及我們讓客戶更容易採用它們的軟體策略。

And as such, we've got good progress on our new product ramps, and I'm excited about the second half of 2024. We talked about additional new product ramps. The seventh Nexus device should ramp this quarter, that's on track, as well as the two additional Avant devices or Avant-E and X. We expect initial revenue for those two devices by the end of this year, and we're on track for that as well.

因此，我們在新產品投放方面取得了良好進展，我對 2024 年下半年感到興奮。第七款Nexus 設備應該會在本季開始量產，這一切都在按計畫進行，此外還有另外兩款Avant 設備（Avant-E 和X）。初始收入，而我們有望實現那也是如此。

Great color there. Thanks so much. And I guess maybe secondly, maybe for Sherri. The margin has been incredibly resilient here despite the lack of leverage. Can you walk us through maybe the incremental improvements you would expect to see a sales return and that leverage comes back. Are there structural things that you've done maybe through the downturn that will benefit on the upside? Thank you.

那裡的顏色很棒。非常感謝。我想也許其次，也許是為了雪莉。儘管缺乏槓桿，但這裡的利潤率卻具有令人難以置信的彈性。您能否向我們介紹一下您希望看到銷售回報和槓桿率恢復的漸進式改進。您在經濟低迷時期所做的一些結構性事情是否會在經濟上行時受益？謝謝。

Yeah. Thank you, David, for the question. We're certainly pleased with the 69% gross margin that we came in at during Q2. And I think that -- of course, there can be fluctuations on a quarterly basis that can occur in with respect to mix or even within our market segments. But we're really seeing the progress there.

是的。謝謝大衛提出問題。我們對第二季 69% 的毛利率感到非常滿意。我認為，當然，每個季度可能會出現波動，這種波動可能發生在混合方面，甚至在我們的細分市場內。但我們確實看到了那裡的進展。

And you know, you may recall we talked about it, certainly a lot in terms of our gross margin expansion strategy that we've been executing now into our sixth year, where to date we've improved our gross margin by 1,200 basis points. So certainly that is something that we're really proud of.

您知道，您可能還記得我們談論過這個問題，當然，我們已經執行了第六年的毛利率擴張策略，迄今為止，我們的毛利率已提高了 1,200 個基點。所以這確實是我們真正引以為傲的事。

And in fact, when you think about resiliency, if I go back in time and I look at when our revenue was at similar levels as what it was in Q2, gross margin was quite a bit lower at that time. I think it was somewhere in the low 62% range as compared to 69% that we achieved in Q2.

事實上，當你考慮彈性時，如果我回到過去，看看我們的收入與第二季度相似的水平，當時的毛利率要低得多。我認為與我們在第二季度實現的 69% 相比，這一比例處於 62% 的較低範圍內。

And I think that really speaks to the new products, it speaks to software attach, and we've talked about that before in terms of the value add that software attach provides to our gross margin and new products. And Esam talked about a number of the new products that we've launched even more recently.

我認為這確實涉及到新產品，涉及軟體附加，我們之前已經討論過軟體附加為我們的毛利率和新產品提供的增值。 Esam 談到了我們最近推出的一些新產品。

So I think that really the big driver in terms of the improvements that we've made in gross margin over time. And when we look ahead, certainly the guide of Q3, that's at the midpoint 69%, but certainly continue to expect that the strength and resiliency there, and our long term model remains intact. We're still driving toward our long term model of the low 70s, and that's something that we'll continue to focus on through our gross margin expansion strategy as we continue to look ahead.

因此，我認為這確實是我們隨著時間的推移毛利率提高的主要推動力。當我們展望未來時，當然是第三季的指導，即 69% 的中點，但我們肯定會繼續預期那裡的實力和彈性，以及我們的長期模型保持不變。我們仍在朝著 70 年代低水平的長期模式前進，這是我們在繼續展望未來時將透過毛利率擴張策略繼續關注的事情。

Thank you again.

再次感謝你。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Yes, thank you. Esam, wondering if you could maybe drill into the inventory commentary a little bit more. Last quarter, this has been persistent issue obviously, but the last quarter you guys talked about potentially seeing some growth second half over first half.

是的，謝謝。 Esam，想知道您是否可以進一步深入了解庫存評論。上個季度，這顯然是一個持續存在的問題，但上個季度你們談到下半年可能會比上半年出現一些成長。

You are talking about some signs of improvement today. And so I was just wondering if you can maybe give us a little detail on what you're hearing from your customers around that inventory normalization. Are we getting there? Is it something that you think we'll see the end of towards the end of Q3. And if so, how are you thinking about sort of the exit rate coming out of that normalization, that would be helpful. Thank you.

您今天正在談論一些改善的跡象。因此，我只是想知道您是否可以向我們提供一些有關您從客戶那裡聽到的有關庫存正常化的詳細資訊。我們到了嗎？您認為我們會在第三季末看到這一點嗎？如果是這樣，您如何考慮正常化後的退出率，這將會有所幫助。謝謝。

Yeah. I think everybody knows I love to talk to customers. I do that quite often. In fact, two weeks ago, we had one of our key industrial accounts in and I was chatting with them. And as you can imagine, inventory normalization is one of the topics that we will always touch on.

是的。我想每個人都知道我喜歡與客戶交談。我經常這樣做。事實上，兩週前，我們有一個重要的工業客戶，我正在與他們聊天。正如您可以想像的那樣，庫存標準化是我們始終觸及的主題之一。

But as I talk to the customers, overall, there has been improvement in the inventory normalization, but it does vary from customer to customer. Even within a customer as I ask them about their inventory normalization, they will even tell me there's different product lines that are at different stages. Some product lines have achieved normalization, other product lines, they still have excess inventory that they need to go normalize.

但當我與客戶交談時，總體而言，庫存正常化有所改善，但因客戶而異。即使在客戶內部，當我詢問他們的庫存標準化情況時，他們甚至會告訴我有處於不同階段的不同產品線。一些產品線已經實現常態化，而另一些產品線，他們仍然有多餘的庫存需要去常態化。

And if you recall back to the beginning of the year, we said that we'd expect the inventory normalization to continue throughout 2024, but to a lesser extent on the second half of the year compared to the first half of the year.

如果你回想一下今年年初，我們曾說過，我們預計庫存正常化將持續到 2024 年，但與上半年相比，下半年的程度較小。

But if I look at Lattice specific items, again, the things that we control, it's the new product ramps that we talked about that are going to start in the second half of the year, getting the products out there. And then we're well positioned.

但如果我再看看萊迪思的具體項目，我們控制的事情，就是我們談到的新產品斜坡，將於今年下半年開始，將產品推向市場。然後我們就處於有利位置。

We think we're still well positioned for a long term growth. We're in really good strategic core markets, look at comms and compute and industrial and auto with Lattice specific growth drivers. As we get out of this normalization and get the products to ramp up, we feel like we're in a very good (inaudible) .

我們認為我們仍處於長期成長的有利位置。我們處於非常好的戰略核心市場，看看具有萊迪思特定成長驅動力的通訊和計算以及工業和汽車。當我們擺脫這種常態化並讓產品增加時，我們感覺我們處於一個非常好的狀態（聽不清楚）。

And Ruben, just to give you a little bit more the color on inventory in the channel. The way that we're thinking about it is that we -- inventory in the channel is -- that's the inventory that's sitting at our distributors.

魯本（Ruben）只是為了讓您對渠道中的庫存有更多的了解。我們思考這個問題的方式是，通路中的庫存是我們經銷商的庫存。

And last quarter as well, we had mentioned that inventory in the channel is more at pre-pandemic levels -- in the range of pre-pandemic levels. And so the way that we thought last quarter, we continue to see it this quarter is still towards the higher end of that range.

同樣在上個季度，我們也提到渠道中的庫存更多地處於大流行前的水平——在大流行前的水平範圍內。因此，按照我們上季度的想法，我們繼續認為本季仍處於該範圍的高端。

But as we mentioned on this call, as well as last quarter, we continue to under ship to what we consider to be true demand. This continued from Q1 into Q2 and certainly at the midpoint of our guide for Q3 revenue, we expect to continue to be under shipping to that true customer demand.

但正如我們在本次電話會議以及上個季度中提到的，我們繼續滿足我們認為的真實需求。這種情況從第一季持續到第二季​​度，當然在我們第三季營收指南的中點，我們預計將繼續滿足真正的客戶需求。

And so that under shipping really allows for the inventory digestion or that inventory normalization that Esam was mentioning to occur and to continue in the second half, albeit at a lesser -- somewhat lesser extent than what occurred during the first half.

因此，運輸不足確實可以實現 Esam 提到的庫存消化或庫存正常化，並在下半年繼續進行，儘管程度比上半年要小一些。

And the other part of that, just to kind of complete the thought with respect to inventory is that, we keep in touch very closely with our strategic customers and have a good feel for what the inventory that they have, the ending inventory that is that they have. But at the same time, we have over 10,000 customers. So it's really hard to have a perfect view of how much inventory is in all of our end customers. But having said that, certainly inventory in the channel is something that we continue to focus on.

另一方面，為了完成有關庫存的想法，我們與戰略客戶保持密切聯繫，並對他們擁有的庫存、期末庫存有很好的感覺。但同時，我們擁有超過 10,000 名客戶。因此，要完美地了解所有最終客戶的庫存量確實很困難。但話雖如此，渠道庫存當然是我們持續關注的問題。

That's great color. Thanks, Sherri. And I appreciate the complexity of the issue here. I guess for a quick follow up, just follow on David's question. It's nice to see the stability of the gross margins with the revenue coming down.

那顏色真棒。謝謝，雪莉。我理解這裡問題的複雜性。我想為了快速跟進，只需跟進大衛的問題即可。很高興看到毛利率隨著收入的下降而保持穩定。

And as you mentioned, the margins were a lot lower the last time we saw these types of revenues. But I guess that's testament to your pricing optimization strategy. I guess, Sherri, maybe you can give us a little bit of an update on the pricing environment and how you're thinking about that going forward?

正如您所提到的，上次我們看到此類收入時，利潤率要低得多。但我想這證明了您的定價優化策略。我想，Sherri，也許您可以向我們介紹定價環境的最新情況以及您對未來的看法？

Sure, sure. So from a pricing perspective, we're really seeing that our pricing is durable as that continues. I think it really goes back to the fact that our products are allowing our customers to really differentiate in their applications.

一定一定。因此，從定價的角度來看，我們確實看到，隨著這種情況的持續，我們的定價是持久的。我認為這實際上可以追溯到這樣一個事實：我們的產品讓我們的客戶在他們的應用中真正脫穎而出。

The number of new products that we have announced and continue to announce really help our customers differentiate. And that matters a lot to them. And that is something that they're willing to pay more for products that really help them improve the products that they're offering.

我們已經發布和繼續發布的新產品數量確實有助於我們的客戶脫穎而出。這對他們來說很重要。他們願意為真正幫助他們改進所提供產品的產品支付更多費用。

And so new products continue to be a key part of our pricing optimization strategy. We also see trends towards what customers want, you know, higher capacity, greater capability products, again, driving the functionality of their products. So we definitely see that our pricing is durable and it certainly continues to be a key element of our pricing optimization and gross margin expansion strategy.

因此，新產品仍然是我們定價優化策略的關鍵部分。我們也看到了客戶想要的趨勢，你知道，更高容量、更強大的產品，再次推動他們產品的功能。因此，我們肯定看到我們的定價是持久的，並且它肯定仍然是我們定價優化和毛利率擴張策略的關鍵要素。

I'll add to that as well. I think you're familiar with our software strategy. We're investing in our software solution stacks, and we look at the data and clearly the customers that are leveraging our software solutions that were estimating a higher ASP, which helps our margins as well.

我也會對此進行補充。我認為您熟悉我們的軟體策略。我們正在投資我們的軟體解決方案堆疊，我們會查看數據並清楚地了解正在利用我們的軟體解決方案的客戶，這些解決方案估計了更高的平均售價，這也有助於我們的利潤。

Right. Thank you.

正確的。謝謝。

John Vinh, KeyBanc Capital Markets.

John Vinh，KeyBanc 資本市場。

Great. Thanks for taking my question. Esam, you mentioned in your prepared remarks that you're seeing signs of improvement, I'm wondering if you could just give us a little bit more color on more specifically, where are you seeing those kind of green shoots? And then based on kind of your current visibility, when do you guys think you'll be able to return to growth again?

偉大的。感謝您提出我的問題。 Esam，您在準備好的發言中提到您看到了改善的跡象，我想知道您是否可以給我們更多更具體的信息，您在哪裡看到了這種萌芽？然後根據你們目前的知名度，你們認為你們什麼時候能夠再次恢復成長？

Yeah. So let me take the first part of that question, what are the signs of improvement we see. Well first it starts with the customer always. I interact with the customers quite a bit, we talked about that. We do see normalization at the customer side, and we do know that we are undershipping true demand.

是的。讓我來回答這個問題的第一部分，我們看到了哪些改善的跡象。首先，始終從客戶開始。我與客戶進行了很多互動，我們討論了這一點。我們確實看到了客戶方面的正常化，而且我們確實知道我們的發貨量低於真正的需求。

But also some of the operational indicators that we see as well. If you look at Q2 towards the second half of Q2, we start to see an uptick in the bookings, and that was a really good sign for us. In fact, we're starting Q3 with a higher backlog than we started Q2 with, and that's a good indication as well that things are starting to turn.

我們也看到了一些營運指標。如果你看看第二季下半年，我們開始看到預訂量上升，這對我們來說是一個非常好的跡象。事實上，我們在第三季開始時的積壓量比第二季開始時要多，這也是一個很好的跡象，表明事情正在開始轉變。

So when you combine that customer inventory normalization, we're shipping under demand, we see bookings increasing, and then we start to see that our backlog going into the quarter is healthy, those all are signs for that.

因此，當您將客戶庫存正常化結合起來時，我們正在根據需求發貨，我們看到預訂量增加，然後我們開始看到本季度的積壓情況良好，這些都是跡象。

When you start looking at the new product ramps that we talked about, new product ramps drives new revenue streams. I said on the earlier question, the data points about how our new products actually grew in the first half of this year compared to the first half of last year.

當您開始關注我們討論的新產品成長時，新產品成長會帶來新的收入來源。我剛才提到的問題是，從數據來看，今年上半年我們的新產品與去年上半年相比實際上成長了多少。

Those new products are expected to ramp. We've got the seventh Nexus device that will ramp this quarter and the additional Avant-E will continue to ramp throughout the year. But we thought Avant-G and X will start initial, although small, those are the initial ramp as well, which is a good sign that it will continue to ramp further to '25 and '26. So when you look at these signs of improvement, we anticipate that we are in a return to growth path.

這些新產品預計將會增加。我們已經推出了第七款 Nexus 設備，該設備將於本季推出，另外的 Avant-E 將在全年繼續推出。但我們認為 Avant-G 和 X 將首先開始，儘管規模很小，但這也是最初的斜坡，這是一個好兆頭，表明它將繼續進一步斜坡到 '25 和 '26。因此，當你看到這些改善的跡象時，我們預計我們正處於恢復成長的道路上。

Great. Thanks. And then just a follow-up question on your server business. I think one of your competitors continues to express confidence in terms of gaining some traction in the area of service security or PFR. I'm just wondering if you could just talk about kind of your confidence level in terms of maintaining your position within the server business.

偉大的。謝謝。然後是關於您的伺服器業務的後續問題。我認為您的競爭對手之一繼續對在服務安全或 PFR 領域獲得一些關注表現出信心。我只是想知道您是否可以談談您對維持您在伺服器業務中的地位的信心程度。

And then as we look forward to kind of the ramp of next generation server platforms at Intel, I know your attach rate is above one. As we think about Granite Rapids ramping in this second half of the year, are there still opportunities for you to increase your attach rates in servers or your content there?

然後，當我們期待英特爾下一代伺服器平台的推出時，我知道您的連線率高於 1。當我們考慮 Granite Rapids 在今年下半年的成長時，您是否還有機會提高伺服器或內容的附加率？

Yeah, good question. From a server perspective, I think we've demonstrated that over the last several generations we've been increasing our attach rate. In fact I remember my first Investor Day, which was in May of 2019, I'm looking at (laugh) we had -- we're talking about 25% attach rate, that forward to today, it's well above 1.

是的，好問題。從伺服器的角度來看，我認為我們已經證明，在過去的幾代人中，我們一直在提高我們的附加率。事實上，我記得我的第一個投資者日，那是在2019 年5 月，我正在看（笑）我們的情況——我們談論的是25% 的附加率，到今天，它遠高於1。

And if you look at the server generation that is shipping today and you contrast that with the prior generation, which is ramping down, not only the attach rate gone up, but the complexity of the service has driven the need for more complex FPGAs from Lattice, which has a higher ASP on average.

如果您查看今天發貨的一代伺服器，並將其與正在下降的上一代伺服器進行對比，不僅連接率上升，而且服務的複雜性推動了對萊迪思更複雜 FPGA 的需求，平均 ASP 較高。

And when you combine the higher attach rate with the higher ASP, on average we're seeing about a 50% dollar increase in the generation of servers that are ramping today versus those that are ramping down. And we've gotten really good visibility on these architectures, and we know exactly what it will be used for, whether it be in control, management, or security type functions.

當你將更高的附加率與更高的 ASP 結合時，我們發現今天增加的伺服器數量與那些正在減少的伺服器相比平均增加了 50%。我們對這些架構有了很好的了解，我們確切地知道它將用於什麼，無論是控制、管理還是安全性類型功能。

In fact, if you look at the last developers' conference, we even had a major hyperscaler, Meta, presenting the value of Lattice from a security perspective. And that does relate directly to your question on the PFR. And then we have really, really good visibility, excellent visibility on the next generation of servers that are going to be deployed as well whether it be from hyperscalers, OEMs or even ODMs. And we see there that our tax rate is going up again.

事實上，如果你看一下上一次的開發者大會，我們甚至有一個主要的超大規模供應商 Meta，從安全角度展示了 Lattice 的價值。這確實與您關於 PFR 的問題直接相關。然後，我們對即將部署的下一代伺服器擁有非常非常好的可見性，無論是來自超大規模供應商、OEM 還是 ODM。我們看到我們的稅率再次上升。

And we also know that those are also becoming more complex and that they're leveraging even more complex FPGAs. And most recently, we announced that MachXO5-D with our updated Sentry Solution Stack for the next generation PFR type applications.

我們也知道，這些也變得越來越複雜，而且它們正在利用更複雜的 FPGA。最近，我們宣布 MachXO5-D 配備更新的 Sentry 解決方案堆疊，用於下一代 PFR 類型應用。

So we feel very good about our position in the market. We continue to make good progress in increasing our attach rate generation over generation as well as delivering products that are very compelling and differentiated from a server security perspective.

因此，我們對自己的市場地位感到非常滿意。我們在一代又一代地提高連接率以及提供從伺服器安全角度來看非常引人注目且與眾不同的產品方面繼續取得良好進展。

And then one final thing I want to point out is why an FPGA for security because that's really, really important. FPGAs provide programmability. And when you think about security and security threats, we provide something called crypto agility, which allows the customers to update their security, crypt their algorithms real time in the field when an incident occurs.

我想指出的最後一件事是為什麼使用 FPGA 來實現安全性，因為這真的非常非常重要。 FPGA 提供可程式性。當您考慮安全性和安全性威脅時，我們提供了一種稱為加密敏捷性的東西​​，它允許客戶在事件發生時更新其安全性，即時加密其演算法。

It's always a race between the adversaries and those that are trying to protect their system. An FPGA with programmability provides crypto agility that you need that unique to that from an FPGA perspective.

這始終是對手和那些試圖保護其係統的人之間的競賽。具有可編程性的 FPGA 提供您所需的加密敏捷性，從 FPGA 的角度來看，這是獨一無二的。

Great. Thank you.

偉大的。謝謝。

Matt Ramsay, TD Cowen.

馬特·拉姆齊，TD·考恩。

Yeah, thank you very much. Good afternoon, guys. I think you described it well in some of your opening comments. There are some things in the business that over the long term, your team can control and maybe some things in the macro in the shorter term that you can't.

是的，非常感謝。下午好，夥計們。我認為您在一些開場評論中對此進行了很好的描述。從長遠來看，業務中的某些事情是您的團隊可以控制的，但從短期來看，宏觀上的某些事情可能是您無法控制的。

So I've kind of a couple of questions on both. I guess in the longer term stuff with the product portfolio, I think it's a really, really good thing that you guys have said it in many different forums that the vast, vast majority of the Avant customer base is the same as the Nexus customer base, and there's some learnings there and some software compatibilities there.

我對這兩個問題都有一些疑問。我想從產品組合的長期來看，我認為你們在許多不同的論壇上說過，絕大多數 Avant 客戶群與 Nexus 客戶群相同，這是一件非常非常好的事情，其中​​有一些學習內容和一些軟體相容性。

But I wonder if there are new emerging opportunities that maybe you didn't foresee with some of those customers or maybe even new customers for Avant that opened new TAM that you are considering in the past.

但我想知道是否有一些新出現的機會是您沒有預見到的，其中一些客戶甚至是 Avant 的新客戶，而您過去正在考慮開設新的 TAM。

Because I mean I think we're all trying to figure out how big that TAM for Avant actually is as it ramps up. So are there new things that we should be thinking about? Or should we just sort of think about the opportunity with the customers you currently have?

因為我的意思是，我認為我們都在努力弄清楚 Avant 的 TAM 在其增長過程中實際上有多大。那麼有什麼新的事情值得我們思考嗎？或者我們應該考慮一下您目前擁有的客戶的機會嗎？

Yeah. You obviously good points on Avant. Just as a reminder for everybody on the call, Avant more than doubles our market opportunity. If you look at small FPGA [SAM] that we provided at our last Investor Day, which is about $4.5 billion, the midrange devices, which is Avant, up $5.5 billion, so a little bit more than doubled our market opportunity.

是的。你對 Avant 的看法顯然很好。謹提醒各位與會者，Avant 使我們的市場機會增加了一倍以上。如果你看我們在上一次投資者日提供的小型FPGA [SAM]，價值約為45 億美元，那麼中端設備Avant 的價值增加了 55 億美元，因此我們的市場機會增加了一倍多。

So opens up a good market for us that doesn't cannibalize our small FPGA. And as you mentioned, we look at 90% of the target customers that are already customers of Lattice and they know our software tools and our software solution stack that we built are designed for both Avant as well as Nexus and (inaudible) devices as well.

因此，這為我們開闢了一個良好的市場，並且不會蠶食我們的小型 FPGA。正如您所提到的，我們關注的 90% 的目標客戶已經是萊迪思的客戶，他們知道我們建立的軟體工具和軟體解決方案堆疊是為 Avant 以及 Nexus 和（聽不清楚）設備設計的。

So there's a lot of opportunities, and we're making really good progress. We launched the Avant-E, which is our Edge optimized FPGA for Avant. At the end of 2022, we saw initial revenue on that. And most recently at our last Developer Conference, we announced the Avant-G and the Avant-X, which is our general purpose and advanced connectivity FPGA.

因此，有很多機會，而且我們正在取得非常好的進展。我們推出了 Avant-E，這是我們針對 Avant 進行邊緣優化的 FPGA。 2022 年底，我們看到了初步收入。最近，在上一屆開發者大會上，我們發布了 Avant-G 和 Avant-X，這是我們的通用和高級連結 FPGA。

With regard to applications, we're really excited about the type of applications we're engaged in. Avant opens up, not just control opportunities that we're very good at, low power control, but opens up data pack opportunities for us, and we see opportunities in that from a data networking -- data center network perspective, which is a good growth for us.

至於應用程序，我們對我們所從事的應用程式類型感到非常興奮。中心網絡的角度看到了其中的機會，這對我們來說是一個很好的成長。

And again, we saw growth in our data center networking this quarter. But also we saw applications around storage that we did not anticipate, the storage type applications that would leverage Avant as well.

本季我們再次看到資料中心網路的成長。但我們也看到了我們沒有預料到的圍繞存儲的應用程序，這些應用程序也將利用 Avant。

And then as we continue to look at our AI related revenue, we're starting to see also opportunities where we can leverage Avant in additional AI stuff that we weren't anticipating before in the applications. So the team does a really, really good job of not just selling into traditional applications, but working with our customers to find new ways to leverage our FPGAs and applications.

然後，當我們繼續關注與 AI 相關的收入時，我們也開始看到可以在應用程式中之前未曾預料到的其他 AI 內容中利用 Avant 的機會。因此，團隊做得非常非常出色，不僅銷售傳統應用程序，還與我們的客戶合作尋找利用我們的 FPGA 和應用程式的新方法。

I think we've demonstrated that in the past when we talked about security, which was new for Lattice just in the last five years as well as a lot of what we're doing with a computer vision, which is new to Lattice as well. So I'm excited about the opportunities ahead of us, but not just Avant, but also Nexus devices as well.

我認為我們過去已經證明了這一點，當我們談論安全性時，這對萊迪思來說是過去五年的新事物，以及我們在計算機視覺方面所做的很多工作，這對萊迪思來說也是新事物。因此，我對我們面前的機會感到興奮，不僅是 Avant，還有 Nexus 設備。

Thank you for that, Esam. I guess now for the near term stuff, I guess I have two questions. The first one is I'm not necessarily surprised given where the macro is and what the industrial weakness we've seen from a number of your peer companies that the guidance for the September quarter was a little bit weaker than I think we had all forecast, but this is the first time I can remember when you guys actually missed the guided quarter in June, right?

謝謝你，埃薩姆。我想現在對於近期的事情，我想我有兩個問題。第一個是，考慮到宏觀情況以及我們從許多同行公司看到的工業疲軟，我並不一定感到驚訝，九月份季度的指導比我認為我們所有人的預測都要弱一些，但這是我第一次記得你們真的錯過了六月的指導季度，對嗎？

So the June results came in, I don't know, 5% below the original guidance. And I'm just kind of wondering what happens intra-quarter relative to the visibility that you thought you might have had when you guide the quarter originally and with our big things that shifted intra-quarter.

所以 6 月的結果，我不知道，比最初的指導低了 5%。我只是想知道，相對於您最初指導本季時以及我們在季度內發生變化的重大事項時可能擁有的可見性，季度內會發生什麼。

And I guess the second question in the near term, Esam, you gave a couple of data points in one of your earlier answers that first half this year versus first half last year, some of the new products and that's essentially all Nexus at this point, I would think we're actually up year over year in revenue which I guess the corollary to that is the pre-Nexus products are down $100 million plus half-over-half for this year versus last year.

我猜想近期的第二個問題，Esam，您在之前的一個答案中給出了一些數據點，今年上半年與去年上半年相比，一些新產品，目前基本上都是 Nexus ，我認為我們的收入實際上逐年增長，我想其必然結果是Nexus 之前的產品今年比去年減少了1 億美元，還有一半以上。

So you guys have given a lot of commentary about where customer inventory might be, where channel inventory might be. Could you update us on those metrics on just the pre-Nexus products? Are we getting closer to being through this? And do you have visibility on the pre-Nexus products would seem to be where the majority of the headwinds have been in revenue. Thanks.

你們已經就客戶庫存可能在哪裡、渠道庫存可能在哪裡給出了很多評論。您能否向我們介紹 Nexus 之前產品的最新指標？我們離度過這個難關越來越近了嗎？您是否了解 Nexus 之前的產品似乎是收入的主要阻力。謝謝。

Yeah. So let me talk about the first bullet first, which is the industrial midpoint. We met slightly below our midpoint, and that was primarily driven by industrial and auto, and we continue to ship under true demand. I think we talked about that at a prior question as well. And we do want to get the inventory as our customers normalize. That's really important for us, which is why we ship under true demand.

是的。那我先講第一點，也就是工業中點。我們的會議略低於中點，這主要是由工業和汽車推動的，我們繼續根據真實需求發貨。我想我們在之前的問題中也討論過這一點。我們確實希望在客戶正常化時獲得庫存。這對我們來說非常重要，這就是我們根據真實需求發貨的原因。

But I want to point out again that if you look at that industrial segment, it's a really good growth driver for Lattice. It's a long-term secular growth related to industrial. We've demonstrated that over the past several years with strong double digit growth in industrial and we expect to get back to that as well.

但我想再次指出，如果你看看這個工業領域，它對萊迪思來說是一個非常好的成長動力。這是與工業相關的長期長期成長。我們已經證明，在過去的幾年裡，工業領域實現了兩位數的強勁成長，我們預計也能回到這一點。

Our products are just a really good fit for industrial type applications, examples in robotics and factory automation, and Avant helps that as well. In fact, some of the key Avant wins that we're tracking to ramp up in 2024 are with industrial accounts as well. So although there are some short-term cyclical normalization, we have to go through. We feel very good about our position in the industrial market.

我們的產品非常適合工業類型應用，例如機器人技術和工廠自動化，Avant 也能提供協助。事實上，我們正​​在追蹤的 Avant 在 2024 年取得的一些關鍵勝利也來自產業客戶。所以雖然有一些短期的周期性正常化，但是我們必須要經歷。我們對自己在工業市場中的地位感到非常滿意。

Now the second part of your question, Nexus versus pre-Nexus. It's always good to see new products ramping and we love both our Nexus and pre-Nexus devices. But as customers ramp up new products, you have less normalization of inventory to worry about with the new products that are ramping and older products that they stock up perhaps in prior years.

現在是你問題的第二部分，Nexus 與 Nexus 之前的情況。看到新產品不斷湧現總是一件好事，我們喜歡 Nexus 和 Nexus 之前的設備。但隨著客戶增加新產品，您不必擔心庫存標準化，因為新產品正在增加，而舊產品可能是前幾年庫存的。

And this is why we love having new products that are very differentiated. They create new revenue streams, they ramp up, and they allow us to differentiate even more. Yes, pre-Nexus is down more, but that's probably aligned with the rest of the industry and what we're doing, which is really trying to ship under true demand, but we are shipping Nexus. There's strong demand for Nexus and the normalization for these new products isn't the same as the older products.

這就是為什麼我們喜歡擁有非常差異化的新產品。它們創造了新的收入來源，它們不斷增加，並且使我們能夠更具差異化。是的，Nexus 之前的下降幅度更大，但這可能與行業的其他部分以及我們正在做的事情保持一致，我們確實在努力根據真實需求發貨，但我們正在發貨 Nexus。對 Nexus 的需求強勁，而且這些新產品的標準化與舊產品不同。

Got it. Thank you very much, Esam. I'll jump back in the queue.

知道了。非常感謝你，埃薩姆。我會跳回到隊列中。

Melissa Weathers, Deutsche Bank.

梅麗莎‧韋瑟斯，德意志銀行。

Hi there. Thank you for taking my question. You've talked a lot about industrial. I just want to double click on comms and compute and what you guys saw in the quarter. At least by my model, it seems like you may have up sided expectations from what you gave last quarter. So can you talk about where you believe we are in the cycle for both the comms and the compute end market?

你好呀。感謝您回答我的問題。您已經談論了很多有關工業的內容。我只想雙擊通訊併計算以及你們在本季度看到的情況。至少根據我的模型，您的預期似乎比上季的預期更高。那麼您能談談您認為我們在通訊和計算終端市場的周期中處於什麼位置嗎？

Yeah. So in comms and compute, what we said was it was flat quarter over quarter and it was primarily driven by strength in server as well as data center and networking. But our 5G wireless was down as we had expected when we talked about that in our Q1 earnings call. And what we talked about from a server perspective, again, is our tax rate dollar content, we expect that to go up.

是的。因此，在通訊和運算領域，我們所說的是季度環比持平，這主要是由伺服器以及資料中心和網路的實力所推動的。但正如我們在第一季財報電話會議中討論這一問題時所預期的那樣，我們的 5G 無線網路出現了下滑。我們從伺服器的角度再次討論的是我們的稅率美元內容，我們預計會上升。

And on the data center networking, this was something that we talked about at our last Investor Day that we introduced for the first time. And we are now being designed into switches and routers and data center networking.

在資料中心網路方面，這是我們在上次投資者日討論的內容，也是我們首次介紹的。我們現在正在設計交換器、路由器和資料中心網路。

And although it's a smaller portion of the overall revenue still in comms and compute an area that we see growth for both Nexus as well as Avant type applications. But from a 5G wireless, I don't think we're unique that we're still seeing softness in 5G wireless. I think this is something that seems full, and until the price of deployments reduces, the cost of CapEx reduces. I don't think anybody is anticipating a strong return in the 5G wireless end market.

儘管通訊和運算領域佔總收入的一小部分，但我們看到 Nexus 和 Avant 類型的應用程式正在成長。但從 5G 無線領域來看，我認為我們並不是獨一無二的，我們仍然看到 5G 無線領域的疲軟。我認為這看起來很充分，在部署價格降低之前，資本支出的成本也會降低。我認為沒有人預期 5G 無線終端市場會出現強勁回報。

Thank you. And I guess as we think about sell-in versus sell-through, how do we bridge the gap once the inventory gets cleared, like how sharp of a snapback can we expect? I know the FPGA market has seen different trends throughout the cycles. But like is it the case where as soon as that inventory gets sold through then things will snap back very hard? Or are you expecting more of a gradual recovery in both your industrial market and your content computing end targets?

謝謝。我想，當我們考慮賣出與賣出時，一旦庫存被清理，我們如何彌補差距，例如我們可以預期多快的反彈？我知道 FPGA 市場在整個週期中呈現出不同的趨勢。但是，一旦庫存售完，情況就很難恢復嗎？或者您期望工業市場和內容計算最終目標逐步復甦？

Yeah, Melissa, so the way that we're thinking about that is this inventory normalization has been occurring through the first half of the year, and it's going to continue into the second half than we expect it to dissipate. And so it's really, you know, as undershipping demand so that this inventory consumption can occur and that will occur at the end customers.

是的，梅麗莎，所以我們考慮的方式是庫存正常化已經在今年上半年發生，並且將持續到下半年，而不是我們預期的那樣消散。所以，你知道，這實際上是因為需求不足，所以庫存消耗可能會發生，並且會發生在最終客戶身上。

And then as it occurs there, it comes out the distributors, consumption goes up with the distributors as well in terms of that resting the inventory that's in the channel. And so what we said is we expect that to continue into the second half, but will start to dissipate in the second half.

然後當它發生在那裡時，它出現在分銷商那裡，消費也隨著分銷商的增加而增加，因為通路中的庫存也隨之增加。所以我們所說的是，我們預計這種情況會持續到下半年，但會在下半年開始消散。

Perfect. Thank you.

完美的。謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hi Esam. I guess I just wanted to come back. I think last quarter you were pretty confident that revenue would increase in the second half over the first half as a result of the dissipation of the inventory normalization process, and then the Lattice specific drivers for the six and seven Nexas family, the Avant family and the new Dell Latitude product ramp.

嗨，埃薩姆。我想我只是想回來。我認為上個季度，由於庫存標準化流程的消散，以及六和七 Nexas 系列、Avant 系列和萊迪思的特定驅動因素，下半年的收入將比上半年有所增長。 。

I haven't heard you guys sort of make that statement yet on this call. And so I'm just wondering if you could give us your thoughts half-over-half. It certainly seems like you've said that many of those working pieces are still in place, but I'm just wondering, can you give us your sense, do you still think second half revenue is up over first half revenue?

我還沒聽過你們在這次電話會議上發表過這樣的聲明。所以我想知道你是否可以向我們表達你的想法。當然，您似乎說過，其中許多工作仍然存在，但我只是想知道，您能否告訴我們您的感覺，您仍然認為下半年的收入高於上半年的收入嗎？

Yeah. On today's call we're really focusing on the Q3 guide based on the data we have today. But as we talked about, we do see signs of improvement. We do know that we're undershipping demand. We do know that the normalization with our customers will continue through the year, but to a lesser extent in the second half versus the first half. But as we get into the Q3 earnings call, we'll provide more color for Q4 and what we see for the second half of the year.

是的。在今天的電話會議上，我們真正關注的是基於我們今天掌握的數據的第三季指南。但正如我們所說，我們確實看到了改善的跡象。我們確實知道我們的發貨需求不足。我們確實知道，與客戶的正常化將持續一整年，但下半年的程度比上半年還要小。但當我們進入第三季的財報電話會議時，我們將為第四季以及下半年的情況提供更多資訊。

Got it. And then the second question for me, just sort of on a competitive front, wondering if you might give us an update back in January, what are your competitors end of life to almost 300 small FPGA parts with no replacements provided.

知道了。接下來是我的第二個問題，有點像競爭方面的問題，想知道您是否可以在一月份向我們提供更新信息，您的競爭對手在近300 個小型FPGA 部件（不提供替代品）的生命週期結束時情況如何。

And I think that left an opportunity for your sales and as a team to come in and tried to convert some of those designs over to Lattice. How successful have you been on converting some of those competitors' designs over to Lattice?

我認為這為您的銷售和團隊留下了機會，可以嘗試將其中一些設計轉換為萊迪思。您在將一些競爭對手的設計轉換為萊迪思方面取得了多大成功？

Yeah. I mean every time a competitor doesn't favor for us (inaudible) we capitalize on it. Our team has done a really good job and it's helped that we've been building good customer momentum over the past few years with our product differentiation. They see our roadmap. They're participating in our roadmap. They're investing time with Lattice and that's been going well.

是的。我的意思是，每當競爭對手不利於我們（聽不清楚）時，我們就會利用它。我們的團隊做得非常好，過去幾年我們透過產品差異化建立了良好的客戶動力，這對我們有幫助。他們看到了我們的路線圖。他們正在參與我們的路線圖。他們在萊迪思上投入了時間，進展順利。

When I talk also about the expansion of the Nexus in the prepared remarks, if you recall, I said we're adding more devices for Nexus, those device options that we're adding to give our customers more choices. And in some cases, that helps accelerate some of these end of life from our competitors as well. So our sales team does a really outstanding job. And I think we've built a lot of credibility with our customers that we do capitalize every time somebody does a end of life product line.

當我在準備好的演講中談到 Nexus 的擴展時，如果您還記得的話，我說過我們正在為 Nexus 添加更多設備，我們添加這些設備選項是為了給我們的客戶提供更多選擇。在某些情況下，這也有助於加速我們競爭對手的生命終點。所以我們的銷售團隊做得非常好。我認為我們已經在客戶中建立了很高的信譽，每次有人生產報廢產品線時，我們都會利用這種信譽。

Thank you, Esam.

謝謝你，埃薩姆。

Chris Rolland, Susquehanna International Group.

克里斯羅蘭，薩斯奎哈納國際集團。

Hey, guys. Thanks for the question. (multiple speakers) I was wondering if you guys were avoiding me or not. That would have been a (inaudible) No, seriously just may be a softball first. Are you guys seeing any new applications that you learned of from your customers that you think are kind of interesting or cool or needle moving and perhaps one of these might be in the PC space with [Lunar Lake or Strix Point], these new things coming. I know you do human presence detection there, but any other kind of PC driven applications or other applications that you learned of that you think could eventually be pretty big applications?

大家好。謝謝你的提問。 （多位發言者）我想知道你們是否在迴避我。那本來就是（聽不清楚）不，說真的，首先可能是壘球。你們是否看到過從客戶那裡了解到的任何新應用程序，您認為這些應用程式很有趣或很酷或很有趣，也許其中之一可能是在PC 領域的[Lunar Lake 或Strix Point]，這些新事物即將到來。我知道你們在那裡進行人體存在檢測，但是任何其他類型的 PC 驅動應用程式或您了解到的您認為最終可能成為相當大的應用程式的其他應用程式？

Yeah. On the PC side, I think you're aware that we do a lot when it comes to adding artificial intelligence, person detection, gaze detection on client devices. But we're also part of the ecosystem partners with the large PC OEMs because they enable AI PCs, and you'll see even on their reference designs. They'll point to Lattice as well as an ecosystem partner. So we benefit from those deployments as well.

是的。在 PC 方面，我想您知道我們在客戶端裝置上新增人工智慧、人員偵測、凝視偵測方面做了很多工作。但我們也是大型 PC OEM 生態系統合作夥伴的一部分，因為他們支援 AI PC，您甚至可以在他們的參考設計中看到。他們將指出萊迪思以及生態系統合作夥伴。因此，我們也從這些部署中受益。

The other needle moving thing that I'll talk about that I'm excited about is when we talked about AI in the prepared remarks, the NVIDIA, Lattice solution for AI, and we talked about this. We introduced the concept at our last developers' forum in December and the problem statement is that a lot of companies want to have high performance AI on the Edge that they can afford the latency to go into a data center.

我要談論的另一件令人興奮的事情是當我們在準備好的演講中談論人工智慧時，NVIDIA、萊迪思的人工智慧解決方案，我們談論了這一點。我們在 12 月的上一次開發者論壇上介紹了這個概念，問題陳述是許多公司希望在邊緣擁有高效能人工智慧，這樣他們就可以承受進入資料中心的延遲。

And if you look at all the sensor deployments that are out there in the world, over 1 billion sensors, there's no easy way to get those sensors to work with compute platform. And so NVIDIA and Lattice partnered on a solution that we introduced last December on how we can aggregate that sensor data, preprocess it and actually with some specific solutions around how do we make that compatible within NVIDIA (inaudible) we've actually started to ship boards to customers now and customers are starting to deploy those systems.

如果您查看世界上所有感測器的部署（超過 10 億個感測器），您會發現沒有簡單的方法可以讓這些感測器與運算平台配合使用。因此，NVIDIA 和萊迪思合作開發了我們去年12 月推出的解決方案，該解決方案涉及如何聚合感測器資料、對其進行預處理，並且實際上還提供了一些具體的解決方案，圍繞著如何使其在NVIDIA 內相容（聽不清楚），我們實際上已經開始交付現已向客戶提供董事會，客戶也開始部署這些系統。

So that's exciting for me as well to see us bring that type of a solution to the industry. But those are again, two examples, one referring to PCs that you talked about and another one.

因此，看到我們為行業帶來這種類型的解決方案，我也很興奮。但這又是兩個例子，一個指的是您談到的個人電腦，另一個指的是您談到的個人電腦。

That's fantastic. Thank you, Esam. And then maybe for Sherri, I didn't totally understand the channel inventory comments. You guys have previously said that inventory was back to pre-pandemic levels. So I guess I missed the nuance there. Are you saying those levels are just too high or customers have now expressed a preference to drag below. I missed the nuance there.

這太妙了。謝謝你，埃薩姆。然後也許對於雪莉來說，我並不完全理解頻道庫存評論。你們之前說過庫存回到了大流行前的水平。所以我想我錯過了那裡的細微差別。您是說這些水平太高了，還是客戶現在表示願意將其拉低。我錯過了那裡的細微差別。

And then perhaps we can put some numbers around some of the stuff, like if you could give us channel inventory numbers like either dollars or days? And then maybe this would also help us understand from a dollar perspective, how much you're shipping below true demand or if you guys have perhaps a normalized quarterly number in mind, if you are shipping normally? And I think just quantitatively, if you guys were to provide any of those numbers, I think it would paint the picture very well.

然後也許我們可以在某些方面添加一些數字，例如您是否可以向我們提供渠道庫存數字，例如美元或天數？然後，也許這也可以幫助我們從美元的角度理解，你們的出貨量低於真實需求，或者你們是否有一個標準化的季度數字，如果你們正常出貨？我認為僅從數量上來說，如果你們提供這些數字中的任何一個，我認為它會很好地描繪出這幅圖景。

Yeah. So what I was saying earlier was that the range that our distributor inventory, that is inventory in the channel, the range that currently is at pre-pandemic levels, but it is at the higher end of that range. And so that's the similar commentary that we provided last quarter as well. (multiple speakers)

是的。所以我之前說的是我們的經銷商庫存範圍，即渠道中的庫存，目前處於大流行前的水平，但處於該範圍的高端。這也是我們上季提供的類似評論。 （多個發言者）

We have not communicated what that range is, but what we -- the range that we consider normal for our business is at pre-pandemic levels. And so because it's at the higher end of what we consider to be in a sort of normal range, if you will, that is why we are undershipping demand so that inventory consumption can occur overtime.

我們還沒有傳達這個範圍是什麼，但我們認為對我們的業務來說正常的範圍是在大流行前的水平。因此，因為它處於我們認為的正常範圍的高端，如果你願意的話，這就是為什麼我們的出貨量不足，以便庫存消耗可能會隨著時間的推移而發生。

And any other color I think I can give you on that is that if you go back to during COVID, we were -- we had communicated multiple quarters in a row that our distributor inventory in the channel was at very low levels, and that we knew it would need to be replenished and that it would be replenished over time.

我想我可以給你的任何其他顏色是，如果你回到新冠疫情期間，我們已經連續多個季度傳達了我們在渠道中的分銷商庫存處於非常低的水平，並且我們知道它需要補充，並且會隨著時間的推移而補充。

So contrast that with where we are now where it's a little bit toward the higher end of the range. And so that's why we want to undership demand so that inventory normalization can occur, continue to occur over the second half, we will start to dissipate so that inventory digestion can occur.

因此，與我們現在的情況相比，它有點接近範圍的高端。這就是為什麼我們希望抑制需求，以便庫存正常化，並在下半年繼續發生，我們將開始消散，以便庫存消化。

Okay. And could we get a sense on how much you're shipping below true demand or if this wasn't occurring what your normalized revenues would be?

好的。我們能否了解您的出貨量低於真實需求，或者如果這種情況沒有發生，您的標準化收入會是多少？

Yeah. So there's two ways we know we're shipping under true demand, one is the customer conversations that I talked about, where we talk with them on a regular basis. We asked the question, how are you doing? Is it getting normalized? That's number one.

是的。因此，我們可以透過兩種方式知道我們正在根據真實需求發貨，一種是我談到的客戶對話，我們定期與他們交談。我們問了一個問題，你好嗎？它正在變得正常化嗎？這是第一名。

And number two is if you look at what the distributor shipped out the door versus what we ship to the distributors, we know that they ship more to their customers and what we ship to them, which is what Sherri was alluding to that.

第二點是，如果你看看分銷商運出的貨物與我們運送給分銷商的貨物，我們知道他們向客戶運送的貨物更多，而我們向他們運送的貨物更多，這就是Sherri 所暗示的。

The dollars of inventory in that channel by definition that would be decreasing, but we're at healthy nominal levels, but we're on the high side of that is what she was referring to. So we're not concerned with the level of inventory we have in the channel (inaudible) .

根據定義，該管道中的庫存美元將會減少，但我們處於健康的名義水平，但我們處於高位，這就是她所指的。因此，我們不關心渠道中的庫存水準（聽不清楚）。

Okay. Thanks.

好的。謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good afternoon. Looking at industrial and automotive and I know you've mentioned you're undershipping end demand. If I annualize the $58 million you reported for Q2 for that segment, you are basically 50% above pre-COVID level, which was 2019. So that's inferring about a 9% CAGR.

嗨，下午好。看看工業和汽車行業，我知道您已經提到您的最終需求不足。如果我將您在第二季報告的該細分市場的5800 萬美元年化，您基本上比新冠疫情前（即2019 年）的水平高出50%。 9%。

We know that the whole industry, at least on the industrial side has been around 3%. So you've been gaining share, you probably benefited from some pricing. So the question is, what is the kind of CAGR that you're looking at in industrial for the next several years? And how much contribution you got the past few years from pricing and share gain?

我們知道整個產業，至少工業端一直在3%左右。所以你已經獲得了份額，你可能從一些定價中受益。所以問題是，未來幾年您預期工業領域的複合年增長率是多少？過去幾年你從定價和股票報酬中獲得了多少貢獻？

And what I'm trying to get at is even if we assume that Q2 is kind of a bottom, are we going to see those revenues eventually rebounding double digit because you are undershipping? Or is it kind of the new normal from which you're getting back to a normal growth rate? But any CAGR number would be -- growth would be useful to kind of tie this up with the 9% inferred, you know, since 2019.

我想要了解的是，即使我們假設第二季度已經觸底，我們是否會看到這些收入最終會因為出貨量不足而反彈兩位數？或者這是一種新常態，您將恢復正常成長率？但任何複合年增長率數字都將有助於將其與自 2019 年以來推斷的 9% 聯繫起來。

Yeah. Industrial has been a really good segment for us, and you alluded to that Tristan, the growth that we've had in the past. And what's driven that growth is our differentiated products that are just really suited well for this segment, the power, the form factor, what we can do in adding more intelligence to systems. The customers are just adopting it.

是的。工業對我們來說是一個非常好的細分市場，你提到了特里斯坦，我們過去的成長。推動這一成長的是我們真正適合這一細分市場的差異化產品、功能、外形尺寸以及我們在為系統添加更多智慧方面可以做的事情。客戶只是採用它。

And we have been growing at a higher rate than the market overall as we alluded to as well. When you look at our fundamentals and you combine that with the customer intimacy that's getting stronger and stronger, we're still targeting a good, healthy double digit growth within that end market, that segment is a good portion of the Lattice revenue.

正如我們所提到的，我們的成長速度高於整體市場。當你看到我們的基本面，並將其與日益增強的客戶親密度結合起來時，我們的目標仍然是在該終端市場內實現良好、健康的兩位數增長，該細分市場佔萊迪思收入的很大一部分。

We gave a financial target at our last Investor Day that we expect the company to grow over the next three to four years between 15% to 20% (inaudible) revenue layers on top of our small FPGA revenue, and we're still committed to that target. Our product portfolio is as strong as it ever has been, we're introducing more products.

我們在上一次投資者日上設定了一個財務目標，預計該公司在未來三到四年內，除了FPGA 小額收入之外，收入層將增長15% 到20%（聽不清楚），而且我們仍然致力於那個目標。我們的產品組合一如既往地強大，我們正在推出更多產品。

We just introduced more devices last quarter at our developers conference. You'll hear more announcements of new products that are being announced. These are very differentiated products as defined by our customers as well. So we feel good about our position in industrial markets and that we can continue with double digit growth within that segment.

我們上季剛剛在開發者大會上推出了更多設備。您將聽到更多正在發布的新產品的公告。正如我們的客戶所定義的，這些都是非常差異化的產品。因此，我們對我們在工業市場中的地位感到滿意，並且我們可以在該領域繼續保持兩位數的成長。

Okay. That's useful. And then I know you said Avant is on track, but given the excess inventories and it's not necessarily just at the (inaudible) but also at your actual industrial end customer, could that mean that Avant could ramp a little bit lower -- at a lower rate than you would expect a few quarters ago, just because you need to get new product refreshes and you've got -- they've got to kind of flush all the products first? Or are you getting any indication of that at this point?

好的。這很有用。然後我知道你說Avant 正在步入正軌，但考慮到庫存過剩，而且不一定只是在（聽不清楚），而且還在於你的實際工業最終客戶，這是否意味著Avant 可能會稍微降低一點——以比你幾個季度前預期的速度要低，只是因為你需要更新新產品，而且他們必須先清理所有產品？或者你現在有任何跡象表明這一點嗎？

Yeah, there's literally no indication that the inventory normalization is going to affect the ramp of Avant. Avant is still early in its cycle. Customers are adopting it. They're ramping up with their product. And again, as you recall, it to a prior question, I kind of give a data point that new products have ramped in the first half of '24, as of to the first half of '23.

是的，沒有任何跡象表明庫存正常化會影響 Avant 的成長。 Avant 仍處於其週期的早期階段。客戶正在採用它。他們正在加大產品力度。再次，正如您所記得的，對於先前的問題，我提供了一個數據點，即新產品在 24 年上半年一直在增加，截至 23 年上半年。

And so I mean, I'm very intimate with the field and the marketing team with Avant --There's no inventory normalization problem with Avant pipeline and customers want to get those new products that they're designing with Avant to the market as fast as they can. They want to get their products out, they want to get their revenue going. They want to show differentiated products as well.

所以我的意思是，我與 Avant 的領域和行銷團隊非常密切——Avant 管道不存在庫存標準化問題，客戶希望將他們使用 Avant 設計的新產品盡快推向市場。他們想要推出自己的產品，想要增加收入。他們也想展示差異化的產品。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. Thank you, Tristan.

謝謝。謝謝你，特里斯坦。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you. A couple of short-term questions. Esam, you talked about bookings stabilizing a bit and also backlog being a little better than Q2 as we look out to Q3. Just curious, is this primarily the inventory normalization that you talked about or do you think the new products are driving this improvement in backlog or you also talked about the server cycle being strong as also. If you could just give us some color as to what you think is driving the improvement in backlog?

謝謝。幾個短期問題。 Esam，您談到預訂量有所穩定，積壓訂單也比第二季好一些，因為我們展望第三季。只是好奇，這主要是您談到的庫存標準化，還是您認為新產品正在推動積壓的改善，或者您也談到了伺服器週期的強勁。您能否告訴我們一些您認為推動積壓情況改善的因素？

Yeah, it's a combination of multiple factors. Clearly the new product ramps as orders come in that sells from a booking perspective, our design wins. I did also give a data point that we had record design activity in the last two quarters.

是的，這是多種因素綜合作用的結果。顯然，隨著訂單的增加，新產品的數量不斷增加，從預訂的角度來看，我們的設計獲勝了。我確實還提供了一個數據點，即我們在過去兩個季度的設計活動創紀錄。

The team has been doing a really good job on getting customers to design Lattice into the sockets that are opportunities for us, that drives also additional bookings as those products ramp. Part of it is normalization as well, so I think it's multiple factors that when combined, we again at the second half of Q2 saw an uptick in the bookings, which is a good sign for us.

團隊在讓客戶將萊迪思設計到插座方面做得非常好，這對我們來說是機會，隨著這些產品的增加，這也推動了額外的預訂。部分原因也是正常化，所以我認為這是多種因素綜合的結果，我們在第二季下半年再次看到預訂量上升，這對我們來說是一個好兆頭。

Okay. Got it. And then just to follow up on the other bucket, the compute bucket. I'm guessing the server on compute is now much bigger than the comms. If you could maybe help quantify how big compute is of that bucket?

好的。知道了。然後跟進另一個存儲桶，即計算存儲桶。我猜現在計算伺服器比通訊伺服器大很多。您是否可以幫助量化該儲存桶的運算量？

And then also talk about maybe where we are in that cycle. I know you're seeing a 50% content increase with the current generation of servers. If you can maybe talk about where we are. And then as we look out to the next few quarters, you have new platforms ramping and just curious if we should expect a similar type of content increase as we go from software to Granite and then from (inaudible). Thank you.

然後也談談我們在這個週期中的位置。我知道您會看到當前一代伺服器的內容增加了 50%。如果你可以的話，也許可以談談我們在哪裡。然後，當我們展望未來幾季時，您會看到新的平台不斷湧現，我們只是好奇，當我們從軟體到 Granite 再從（聽不清楚）時，我們是否應該預期類似類型的內容增加。謝謝。

Yeah. I want to point out that there's always going to be some fluctuations quarter to quarter. But if you look at our server revenue overall, it tends to go up. And the reason why is again the higher tax rate, the higher ASPs that several customers are adopting.

是的。我想指出的是，每季總是會有一些波動。但如果你看看我們伺服器的整體收入，你會發現它往往會上升。原因還是稅率較高，有些顧客採用的平均售價較高。

And we also broke it out in the past, you heard me talk about this, there is a general purpose servers, but there's also the AI specific servers. And in the AI specific servers, what we've said in the past, and holds true is that the attach rate is equal or higher than general purpose servers.

我們過去也爆發過，你聽到我談論這個，有通用伺服器，但也有人工智慧專用伺服器。在人工智慧專用伺服器中，我們過去說過並且正確的是，附加率等於或高於通用伺服器。

In fact, if I look at the next generation, AI servers are being deployed. We see a good increase of the tax rate there as well as in the general purpose servers as well. We have really good visibility over the next architecture for both AI specific as well as general purpose. And the Lattice team with our customers are doing a really good job in innovating and bringing more value to this market.

事實上，如果我看看下一代，人工智慧伺服器正在部署。我們看到那裡以及通用伺服器的稅率都有了很大的提高。我們對人工智慧專用和通用的下一個架構有非常好的了解。萊迪思團隊與我們的客戶在創新和為這個市場帶來更多價值方面做得非常出色。

So although we haven't quantified the dollar increase for the next generation, the current generation had a 50% increase to the prior generation. We'd expect an increase in dollar as well, we just have not quantified it. We'll do that as they'll start to ramp into production. But we do see a higher tax rate, and we do see the adoption of FPGAs with a higher ASP.

因此，儘管我們還沒有量化下一代的美元成長，但當前一代比上一代成長了 50%。我們預計美元也會上漲，只是我們還沒量化它。當它們開始投入生產時我們就會這樣做。但我們確實看到了更高的稅率，而且我們確實看到了 ASP 更高的 FPGA 的採用。

Got it. Thanks Esam.

知道了。謝謝埃薩姆。

Thank you Srini.

謝謝斯里尼。

Thank you. And we have reached the end of the question-and-answer session. I'll now turn the call back over to management for closing remarks.

謝謝。我們的問答環節已經結束了。現在，我將把電話轉回給管理階層，讓其結束語。

All right. Thank you, operator, and thank you, everyone, for joining today's call. While the industry continues to go through a period of inventory normalization, we're starting to see signs of improvement. We continue to execute on our ongoing product portfolio expansion and remain well positioned for long term growth.

好的。謝謝接線員，也謝謝大家參加今天的電話會議。雖然該行業繼續經歷庫存正常化時期，但我們開始看到改善的跡象。我們繼續執行我們正在進行的產品組合擴張，並保持長期成長的有利地位。

Operator, that concludes today's call.

接線員，今天的通話到此結束。

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

謝謝。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。