萊迪思半導體 (LSCC) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Lattice Semiconductor fourth quarter fiscal year 2024 earnings call.

大家好，歡迎參加萊迪思半導體 2024 財年第四季財報電話會議。

(Operator Instructions).

（操作員指令）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Rick Muscha, Senior Vice President of IR.

現在我很高興介紹 IR 資深副總裁 Rick Muscha。

Please go ahead.

請繼續。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

With me today are Ford Tamer, Lattice's CEO; Tonya Stevens, Lattice's Chief Accounting Officer and former Interim CFO; and Lorenzo Flores, Lattice's CFO.

今天與我一起出席的還有 Lattice 的執行長 Ford Tamer；萊迪思首席會計長兼前臨時財務長 Tonya Stevens；以及萊迪思財務長 Lorenzo Flores。

We'll provide a financial business review of the fourth quarter of 2024 and the business outlook for the first quarter of 2025.

我們將提供2024年第四季的財務業務回顧以及2025年第一季的業務展望。

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.

如果您尚未獲得我們的收益新聞稿，您可以在我們公司網站的「投資者關係」部分（latticesemi.com）上找到。

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.

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.

我們希望提醒您，這些聲明是基於目前可用的資訊所做的預測，實際結果可能存在重大差異。

We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks.

我們請您參閱本公司向美國證券交易委員會提交的文件，包括我們的 10-K、10-Q 和 8-K。

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.

這些文件包含並識別了可能導致實際結果與我們的預測或前瞻性陳述有重大差異的重要風險因素。

This call includes and constitutes the company's official guidance for the first quarter of 2025.

本次電話會議包含並構成公司對 2025 年第一季的官方指引。

If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call.

如果我們在本次電話會議之後的任何時間傳達對本指南的任何重大變更，我們打算透過公共論壇（例如新聞稿或公開宣布的電話會議）進行此類更新。

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

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 investors with additional information to permit further analysis of the company's performance and underlying trends.

透過披露某些非 GAAP 信息，管理層希望向投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。

For historical periods, we provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations of our website at latticesemi.com.

對於歷史時期，我們提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，可在我們網站 latticesemi.com 的投資者關係部分找到。

Let me now turn the call over to our CEO, Ford Tamer.

現在，我將電話轉給我們的執行長福特·塔默 (Ford Tamer)。

Thank you, Rick, and thank you, everyone, for joining us on our call today.

謝謝你，瑞克，也謝謝大家今天參加我們的電話會議。

I've returned from customer and partner meetings and sales conferences in North America, Asia Pacific and Europe.

我剛參加完北美、亞太和歐洲的客戶和合作夥伴會議以及銷售會議。

We capped off the European sales conference with a very productive and promising executive summit with our top European customers from the industrial, automotive, communication and aerospace and defense sectors.

我們與來自工業、汽車、通訊、航空航天和國防領域的頂級歐洲客戶舉行了一場富有成效且前景廣闊的高管峰會，為歐洲銷售會議畫上了圓滿的句號。

We also visited Pune, India, where we inaugurated our new state-of-the-art R&D site.

我們還訪問了印度浦那，並在那裡啟用了我們新的最先進的研發基地。

All of these came on the heels of our Lattice Developers Conference in December 2024.

所有這些都是在我們 2024 年 12 月的 Lattice 開發者大會之後舉行的。

This was a highly successful event with 6,000 registrants and over 90 show floor demos.

這是一次非常成功的活動，共有 6,000 名註冊者以及超過 90 場展廳演示。

Many of you were able to hear directly from some of our leading customers and see firsthand how they're deploying the impressive innovations from Lattice in their systems.

你們中的許多人能夠直接聽取我們一些主要客戶的發言，並親眼看到他們如何在他們的系統中部署萊迪思令人印象深刻的創新。

As a result of these events, I'm even more energized and confident in the long-term outlook for Lattice.

這些事件的發生讓我對萊迪思的長期前景更有信心。

Today, we're pleased to announce a further strengthening of our executive leadership team with three new additions.

今天，我們很高興地宣布，我們的執行領導團隊又增添了三位新成員。

Lorenzo Flores is joining Lattice as Chief Financial Officer; from Intel, where he was CFO for their foundry business.

Lorenzo Flores 加入萊迪思擔任財務長；他曾在英特爾公司擔任代工業務的財務長。

Prior to that, Lorenzo was Vice Chairman at Kioxia and CFO at Xilinx.

在此之前，Lorenzo 曾擔任 Kioxia 副董事長和 Xilinx 財務長。

Nicole Singer is coming on board as our Chief People Officer from SiFive, where she was CHRO.

Nicole Singer 將加入我們，擔任首席人才官，此前她曾在 SiFive 擔任首席人力資源官。

Prior to that, She was CHRO at Synaptics and Vice President of Human Resources at Xilinx.

在此之前，她曾擔任 Synaptics 的首席人力資源長和 Xilinx 的人力資源副總裁。

And we're promoting Erhaan Shaikh to Senior Vice President of Worldwide Sales.

我們將提升 Erhaan Shaikh 為全球銷售資深副總裁。

Erhaan has been at Lattice for over 4 years.

Erhaan 在 Lattice 工作已 4 年多。

Prior to that, he spent over 20 years in executive sales and field engineering roles at Altera, Xilinx and Fungible.

在此之前，他在 Altera、Xilinx 和 Fungible 擔任了 20 多年的執行銷售和現場工程職位。

I am confident that this new team will make significant contributions to Lattice's next phase of growth.

我相信這個新團隊將為萊迪思的下一階段發展做出重大貢獻。

I'm also pleased to announce the appointment of Tonya Stevens to the role of Chief Accounting Officer.

我也很高興地宣布任命托尼亞史蒂文斯為首席會計官。

In her nearly 6 years at Lattice, Tonya has been a tremendous asset, most recently serving our interim CFO.

Tonya 在萊迪思任職近 6 年，為公司創造了巨大的財富，最近擔任我們的臨時財務長。

We are thrilled she will stay on this new role and look forward to continue working closely with her.

我們很高興她能繼續擔任這一新職務，並期待繼續與她密切合作。

Tonya's expanded scope, along with Erhaan's promotion, demonstrate Lattice's bench strength.

Tonya 的工作範圍擴大以及 Erhaan 的晉升證明了 Lattice 的板凳實力。

And when you combine Tonya and Erhaan's deep company background, with the experienced industry veterans choosing to join Lattice, it is clear that we're building one of the semiconductor industry's strongest management teams, which will enable us to build near-term and future shareholder value.

如果將 Tonya 和 Erhaan 深厚的公司背景，與選擇加入萊迪思的資深業內人士結合起來，很顯然，我們正在打造半導體行業最強大的管理團隊之一，這將使我們能夠創造近期和未來的股東價值。

At a high level, the overall FPGA market is continuing to grow in importance, driven by 5 secular trends acting as tailwinds and Lattice is uniquely positioned to leverage those trends.

從高層次來看，受五個長期趨勢的推動，整個 FPGA 市場的重要性持續成長，而萊迪思則擁有獨特的優勢來利用這些趨勢。

First, AI is driving shorter system design cycles, which provide less time to integrate auxiliary functions and FPGAs are best positioned to enable those functions.

首先，人工智慧正在縮短系統設計週期，從而減少整合輔助功能所需的時間，而 FPGA 最適合實現這些功能。

Second, as ASIC and ASSP development costs continue to increase the bar rises for which functions could justify that ROI and that pushes more designs towards FPGAs.

其次，隨著 ASIC 和 ASSP 開發成本不斷增加，能夠證明投資報酬率 (ROI) 的功能標準也隨之提高，進而推動更多設計轉向 FPGA。

Third, as the cost of advanced nodes skyrocket, mature process FPGAs are much more economical to perform certain functions.

第三，隨著先進節點成本的飆升，成熟製程的FPGA在執行某些功能時更加經濟。

Fourth, emerging applications like security have fast changing requirements.

第四，安全等新興應用的需求快速變化。

A perfect example is post-quantum cryptography or PQC.

一個完美的例子是後量子密碼學或 PQC。

Programmability is a much more effective solution than a fixed function ASIC that cannot easily be respond.

可程式化是一種比無法輕易回應的固定功能 ASIC 更有效的解決方案。

Lastly, edge AI is requiring contextual intelligence near the sensor.

最後，邊緣 AI 需要感測器附近的情境智慧。

Lattice is already in these sockets today, performing other functions which gives us a critical advantage with customers and it is far better to implement tiny AI model in our far edge devices, which save processing power of the near edge inference chips for other tasks.

如今，萊迪思已經在這些插槽中執行其他功能，這為我們在客戶方面帶來了關鍵優勢，並且最好在我們的遠端設備中實現微型 AI 模型，從而節省近邊緣推理晶片的處理能力以用於其他任務。

Furthermore, the small- and mid-range FPGA segments are growing faster than the rest of the market, led by new applications, amongst them, data centers and cloud, robotics, industrial automation, self-driving cars, electrification, IoT, telematics, medical devices as well as artificial intelligence across all these segments.

此外，小型和中型 FPGA 領域的成長速度快於其他市場，這主要得益於新應用，其中包括資料中心和雲端、機器人、工業自動化、自動駕駛汽車、電氣化、物聯網、遠端資訊處理、醫療設備以及所有這些領域的人工智慧。

These applications have driven an explosion of sensors everywhere, which require massive amounts of data to be bridged, aggregated and fused to upstream processing units.

這些應用推動了各地感測器的爆炸性增長，需要將大量資料橋接、匯總並整合到上游處理單元。

Lattice has done a good job in these market.

萊迪思在這些市場上做得很好。

And our goal is to lead in this growing far edge AI market segment.

我們的目標是在這個不斷成長的遠端人工智慧市場領域佔據領先地位。

This is an example of just one of the catalyst that gives us added confidence in Lattice's long-term growth opportunities as we continue to execute.

這只是其中一個催化劑的例子，隨著我們繼續執行，它使我們對萊迪思的長期成長機會更有信心。

Over the near term, we're seeing improvement in customer consumption.

短期內，我們看到顧客消費有所改善。

We continue to ship below estimated true demand and are working closely with our customers to ensure we're effectively supporting their product road maps.

我們的出貨量持續低於預期的真實需求，並且正在與客戶密切合作，以確保我們有效地支援他們的產品路線圖。

We also continue to be encouraged with our stronger backlog.

我們也因積壓訂單的增加而持續受到鼓舞。

And for the first time in 6 quarters, our book-to-bill ratio has been over 1 for the past few weeks.

過去幾週，我們的訂單出貨比首次超過 1。

Taken together, this bodes well for our business and the coming quarters.

總的來說，這對我們的業務和未來幾季來說是個好兆頭。

Now moving on to our Q4 results.

現在來看看我們的第四季業績。

From a high level, fourth quarter 2024 revenue was in line with our guidance at $117.4 million and developed as expected.

從高層次來看，2024 年第四季的營收符合我們的預期，為 1.174 億美元，發展符合預期。

On an end market basis, communications and computing was down 5% sequentially and industrial and automotive was down 9%, primarily due to continued inventory normalization.

從終端市場來看，通訊和計算市場環比下降 5%，工業和汽車市場下降 9%，這主要由於庫存持續正常化。

We continue to make significant progress in the realignment of our resources to best support customer demand and ensure the long-term success of our company.

我們在資源重新調整方面繼續取得重大進展，以便最好地支援客戶需求並確保公司的長期成功。

In Q4, this included taking the opportunity to clean up a material liability we discovered after a comprehensive internal review.

在第四季度，這包括藉此機會清理我們在全面內部審查後發現的重大責任。

Tonya will provide more details in her prepared remarks.

托尼亞將在她的準備好的發言中提供更多細節。

We do not expect any additional one time charges and are confident that this is another example of the specific actions we're vigorously implementing to position Lattice for sustained long-term success.

我們不希望有任何額外的一次性費用，並相信這是我們正在大力實施的具體行動的另一個例子，旨在使萊迪思獲得持續的長期成功。

Revenue for the full year 2024 was $509.4 million with a strong EBITDA margin of 31.8%.

2024 年全年營收為 5.094 億美元，EBITDA 利潤率高達 31.8%。

A bright spot to highlight is that our computing subsegment grew in 2024.

值得強調的亮點是我們的計算子部分在 2024 年實現了成長。

Design win momentum continues to be robust, as we achieved record design wins in 2024.

設計獲勝勢頭持續強勁，我們在 2024 年取得了創紀錄的設計獲勝。

Additionally, our new product momentum continues to be a highlight as revenue from our new products, including Nexus and Avant, grew double digits in 2024 compared to 2023.

此外，我們的新產品勢頭繼續成為亮點，因為與 2023 年相比，2024 年我們的新產品（包括 Nexus 和 Avant）的收入實現了兩位數成長。

Earlier, you heard about our successful developers conference in December.

之前，大家已經聽說了我們 12 月成功舉辦的開發者大會。

There, with the launch of the Nexus 2 platform and 2 new Avant devices, we expanded our leadership in the small to mid-range FPGA segments.

隨著 Nexus 2 平台和 2 款新 Avant 設備的推出，我們擴大了在中小型 FPGA 領域的領導地位。

This further builds on Lattice's differentiation in low power, small size cost-effective solution and ease of use.

這進一步鞏固了萊迪思在低功耗、小尺寸、高性價比解決方案和易用性方面的差異化優勢。

These new offerings add connectivity advancements, performance optimizations and leading security and reliability capabilities to meet the increasing demand for edge applications.

這些新產品增加了連接性改進、性能優化和領先的安全性和可靠性功能，以滿足對邊緣應用日益增長的需求。

We had multiple customer keynotes at our developers conference that demonstrated significant benefits of using Lattice's solutions in their systems.

我們在開發者大會上有多位客戶主題演講，展示了在其係統中使用萊迪思解決方案的顯著優勢。

Furthermore, because of our focus on ease of use, we also introduced new tools and solutions to speed up our customers' deployment and time to market.

此外，由於我們注重易用性，我們也推出了新的工具和解決方案，以加快客戶的部署和上市時間。

If you're not able to attend in person, our website has multiple videos showcasing applications like Lattice sensAI for Egde AI, Lattice mVision for embedded vision, Lattice Automate for factory automation and Lattice Drive for automotive designs.

如果您無法親自參加，我們的網站上有多個影片展示各種應用，例如用於 Egde AI 的 Lattice sensAI、用於嵌入式視覺的 Lattice mVision、用於工廠自動化的 Lattice Automate 和用於汽車設計的 Lattice Drive。

We also introduced new versions of our award-winning Lattice Radiant and Lattice Propel software tools.

我們也推出了屢獲殊榮的 Lattice Radiant 和 Lattice Propel 軟體工具的新版本。

This continued innovation in our software tools and solutions will enable customer differentiation and make our solutions stickier and multi-generation.

我們軟體工具和解決方案的持續創新將實現客戶差異化，並使我們的解決方案更具黏性和多代性。

Looking ahead, as you heard during last quarter's earnings call, we expect more of a U-shaped recovery in 2025.

展望未來，正如您在上個季度的財報電話會議上所聽到的那樣，我們預計 2025 年將出現 U 型復甦。

We are very pleased to be guiding our Q1 EPS above the current consensus estimate in a quarter when other companies in our industry are expecting a guide down.

當我們行業中的其他公司預計第一季每股收益將下降時，我們非常高興地將我們的第一季每股收益預期控制在當前的普遍預期之上。

For the full year 2025, we continue to anticipate low single-digit revenue growth compared to the full year 2024.

對於 2025 年全年，我們預計營收成長率仍將低於 2024 年全年的個位數。

We expect that channel inventory will begin moving back to the midpoint of our target range and enable Lattice to execute to our long-term revenue growth target of 15% to 20% in 2026 and beyond.

我們預計通路庫存將開始回到我們目標範圍的中點，並使萊迪思能夠在 2026 年及以後實現 15% 至 20% 的長期收入成長目標。

In summary, over the past 5 months since I joined Lattice, we've taken significant actions to drive the next phase of our growth.

總而言之，自從我加入萊迪思以來的 5 個月裡，我們採取了重大行動來推動公司下一階段的發展。

As you heard earlier, some of these actions included our holding 3 recent successful sales conferences across North America, Asia Pacific and Europe, inaugurating our new state-of-the-art R&D design center in Pune, India, holding another highly successful developers conference and expanding our product portfolio with Nexus 2, Avant and associated IP tools and solutions.

正如您之前所聽到的，這些舉措包括我們最近在北美、亞太和歐洲成功舉辦了 3 場銷售會議、在印度浦那開設了我們新的最先進的研發設計中心、舉辦了另一場非常成功的開發者會議，以及透過 Nexus 2、Avant 和相關 IP 工具和解決方案擴展了我們的產品組合。

We are also continuing to focus on financial discipline, including a strategic and comprehensive 14% workforce transformation we implemented in Q3, a material liability charge that was taken in Q4 after a thorough year-end review, and the further strengthening of our executive team with key additions.

我們也將繼續注重財務紀律，包括我們在第三季實施的一項策略性和全面的 14％ 勞動力轉型、在第四季度經過徹底的年終審查後徵收的一項重大責任費用，以及透過補充關鍵人員進一步加強我們的執行團隊。

All these actions, combined with an improvement in customer consumption, a stronger backlog and book-to-bill ratio reaching over 1 for the past few weeks, provide us increased confidence.

所有這些舉措，加上客戶消費的改善、積壓訂單的增加以及過去幾週訂單出貨比達到 1 以上，都增強了我們的信心。

Overall, Lattice remains committed to our long-term strategy and we're very optimistic about 2025 and beyond.

總體而言，萊迪思仍然致力於我們的長期策略，我們對 2025 年及以後的發展非常樂觀。

Let me now turn the call over to Tonya for a detailed review of our results.

現在，讓我將電話轉給托尼亞，以便詳細審查我們的結果。

Tonya?

托尼亞？

Thank you, Ford.

謝謝你，福特。

Working closely with you as the interim CFO has been both a rewarding personal and professional experience.

作為臨時財務長與您密切合作是對我個人和職業發展的有益經驗。

I'm excited to continue my growth in my new role alongside Lorenzo, one of the most respected and accomplished CFOs in our industry.

我很高興能在新職位上與 Lorenzo 一起繼續成長，Lorenzo 是我們行業最受尊敬和最有成就的財務長之一。

I also want to welcome Nicole and congratulate Erhaan with whom I worked closely.

我還要歡迎妮可 (Nicole)，並祝賀與我密切合作的埃爾哈恩 (Erhaan)。

With the strengthening of Lattice's executive team, we have a tremendous opportunity to build on Lattice's strong track record and expanded leadership product portfolio to drive Lattice's next phase of growth.

隨著萊迪思執行團隊的加強，我們有巨大的機會利用萊迪思的良好業績記錄和擴展的領導產品組合來推動萊迪思的下一階段成長。

In 2024, we continued to generate solid operating adjusted EBITDA and free cash flow margins and returned cash to shareholders through share buybacks while experiencing continued customer inventory normalization and shipping under true demand.

2024 年，我們繼續產生穩健的經營調整後 EBITDA 和自由現金流利潤率，並透過股票回購向股東返還現金，同時持續實現客戶庫存正常化和在真實需求下發貨。

Additionally, as we mentioned on the Q3 '24 earnings call, we implemented a workforce reduction of 14%, which better aligns our resources to support the current business level.

此外，正如我們在 24 年第三季財報電話會議上所提到的，我們實施了 14% 的裁員計劃，以更好地協調我們的資源來支援當前的業務水平。

We are confident that this action will be a key driver for double-digit earnings expansion in 2025.

我們相信，此舉將成為2025年獲利達到兩位數成長的關鍵驅動力。

Let me now provide a summary of our results.

現在讓我對我們的研究結果進行一下總結。

Fourth quarter revenue was $117.4 million, down 8% sequentially from the third quarter and down 31% year-over-year which reflects the combination of continued inventory normalization and macroeconomic softness.

第四季營收為 1.174 億美元，季減 8%，年減 31%，這反映了庫存持續正常化和宏觀經濟疲軟的綜合影響。

Full year 2024 revenue was $509.4 million, down 31% from 2023.

2024 年全年營收為 5.094 億美元，較 2023 年下降 31%。

While computing was up for the year, both segments of communications and computing and industrial and automotive declined double digits for the year.

雖然計算領域全年呈現成長，但通訊和計算領域以及工業和汽車領域全年均出現兩位數的下降。

We started to see signs of improvement in communications and computing in the second half of 2024 and expect to build on that in 2025.

我們在 2024 年下半年開始看到通訊和運算領域改善的跡象，並預計在 2025 年將在此基礎上進一步發展。

Our Q4 non-GAAP gross margin was 62.1%, this included a $7 million one-time charge related to materials purchased by our assembly and test partners during the supply constraint that due to the current business environment are no longer expected to be used before expiration.

我們第四季的非 GAAP 毛利率為 62.1%，其中包括 700 萬美元的一次性費用，與我們的組裝和測試合作夥伴在供應受限期間購買的材料有關，由於當前的商業環境，預計這些材料在到期前將不再使用。

Absent that charge, our non-GAAP gross margin would have been 68.1%.

如果不計這項費用，我們的非 GAAP 毛利率將達到 68.1%。

Our non-GAAP gross margin for the full year 2024 was 67.4%.

我們 2024 年全年的非 GAAP 毛利率為 67.4%。

Adjusting for the one-time charge, our full year non-GAAP gross margin would have been 68.7%.

調整一次性費用後，我們全年非 GAAP 毛利率將達到 68.7%。

Q4 non-GAAP operating expenses were $52.8 million, down 2% sequentially and down 5% year-over-year.

第四季非公認會計準則營業費用為 5,280 萬美元，較上季下降 2%，較去年同期下降 5%。

We are making significant progress on the realignment of our resources to best support the current business environment.

我們在資源重新調整方面取得了重大進展，以便最好地支持當前的商業環境。

These efforts are already driving results of reduced operating expenses.

這些努力已經取得了降低營運費用的成果。

Non-GAAP operating expenses for the full year 2024 decreased 4% to $215.6 million.

2024 年全年非 GAAP 營業費用下降 4% 至 2.156 億美元。

This was primarily driven by diligent operating expense management and the partial impact of the workforce transformation implemented in Q4, which we will start to see more benefit from in Q1.

這主要得益於勤勉的營運費用管理以及第四季度實施的勞動力轉型的部分影響，我們將在第一季開始看到更多好處。

Our Q4 non-GAAP operating margin was 17.1% and included the $7 million one-time charge mentioned earlier.

我們第四季的非公認會計準則營業利潤率為 17.1%，其中包括前面提到的 700 萬美元的一次性費用。

Q4 adjusted EBITDA margin was 24.9%.

第四季調整後的 EBITDA 利潤率為 24.9%。

Our non-GAAP operating margin for the full year 2024 was 25.1% and adjusted EBITDA margin was 31.8%.

我們 2024 年全年非 GAAP 營業利潤率為 25.1%，調整後 EBITDA 利潤率為 31.8%。

Excluding the one-time charge, we delivered non-GAAP operating margin of 26.4% and adjusted EBITDA margin of 33.2%.

除一次性費用外，我們的非 GAAP 營業利潤率為 26.4%，調整後 EBITDA 利潤率為 33.2%。

We continue to have a disciplined approach to investing in the long-term growth of the company.

我們將繼續採取嚴謹的態度來投資公司的長期成長。

In Q4, non-GAAP EPS was $0.15 per share with 138.3 million diluted shares outstanding.

第四季度，非 GAAP 每股盈餘為 0.15 美元，流通股數為 1.383 億股。

Without the impact of the $7 million one-time charge, Q4 non-GAAP EPS would have been $0.20 per share.

如果不考慮 700 萬美元一次性費用的影響，第四季非 GAAP 每股收益將為 0.20 美元。

Non-GAAP diluted earnings per share for the full year 2024 was $0.90. Without the impact of the $7 million one-onettime charge in Q4, 2024 full year non-GAAP EPS would have been $0.95 per share.

2024 年全年非 GAAP 稀釋每股收益為 0.90 美元。如果不受第四季 700 萬美元一次性費用的影響，2024 年全年非 GAAP 每股盈餘將為每股 0.95 美元。

Now let me provide you with an update related to our taxes.

現在，讓我向您提供與我們的稅收相關的最新資訊。

GAAP income taxes for the fourth quarter of 2024 included tax benefits of $27.7 million related to the release of certain long outstanding tax matters which were previously reserved as uncertain tax positions.

2024 年第四季的 GAAP 所得稅包括 2,770 萬美元的稅收優惠，該優惠與解除某些先前被保留為不確定稅務狀況的長期未決稅務事項有關。

This tax benefit was adjusted out for non-GAAP reporting resulting in a non-GAAP effective tax rate of 5.3% for the full year 2024.

此稅收優惠已根據非公認會計準則報告進行調整，導致 2024 年全年的非公認會計準則有效稅率為 5.3%。

Moving to our cash flow and balance sheet.

轉向我們的現金流和資產負債表。

Cash flow from operations in the fourth quarter was approximately $45.4 million, up slightly from Q3.

第四季經營現金流約4,540萬美元，較第三季略有成長。

Free cash flow margin increased to 34%, up from 31% in the third quarter.

自由現金流利潤率從第三季的31%上升至34%。

Our inventory at the end of the fourth quarter was $103.4 million, which is a decrease of approximately $1 million from the prior quarter.

我們第四季末的庫存為 1.034 億美元，比上一季減少約 100 萬美元。

In Q4, we repurchased approximately 367,000 shares or $20 million of stock, making Q4 our 17th consecutive quarter of executing share buybacks.

在第四季度，我們回購了約 367,000 股或價值 2,000 萬美元的股票，這使第四季度成為我們連續第 17 個季度執行股票回購。

Over that period, we have repurchased approximately 6 million shares, thereby reducing dilution by 4.3%.

在此期間，我們回購了約 600 萬股，從而減少了 4.3% 的稀釋。

Additionally, our Board recently approved a $100 million share buyback for 2025.

此外，我們的董事會最近批准了 2025 年 1 億美元的股票回購計畫。

We will continue to prioritize investing in the organic growth of our business but intend to continue returning capital to our shareholders through share repurchases.

我們將繼續優先投資於業務的有機成長，但打算透過股票回購繼續向股東返還資本。

Let me now review our outlook for the first quarter.

現在讓我回顧一下我們對第一季的展望。

Revenue for the first quarter of 2025 is expected to be between $115 million and $125 million.

預計 2025 年第一季的營收將在 1.15 億美元至 1.25 億美元之間。

Gross margin is expected to be 69% plus or minus 1% on a non-GAAP basis.

根據非 GAAP 基礎，預計毛利率為 69%（正負 1%）。

Total operating expenses for the first quarter are expected to be between $50 million and $52 million on a non-GAAP basis.

根據非 GAAP 基礎，預計第一季總營運費用將在 5,000 萬美元至 5,200 萬美元之間。

Our non-GAAP tax rate in the first quarter is expected to be in the 5% to 6% range.

我們第一季的非公認會計準則稅率預計在5%至6%之間。

Based on the above inputs, our non-GAAP EPS is expected to be in the range of $0.20 to $0.24 per share.

根據上述輸入，我們的非 GAAP EPS 預計在每股 0.20 美元至 0.24 美元之間。

Operator, that concludes my formal comments.

接線員，我的正式評論到此結束。

We can now open the call for questions.

現在我們可以開始提問了。

(Operator Instructions).

（操作員指令）。

Melissa Weathers, Deutsche Bank.

德意志銀行的梅莉莎‧韋瑟斯。

Congrats on the new role, Tonya, and welcome to the call, Lorenzo.

恭喜托尼亞獲得新職位，歡迎洛倫佐參加電話會議。

I guess my first question is, cyclically, it seems like you're starting to see some improvements.

我想我的第一個問題是，從週期來看，你似乎開始看到一些改善。

You talked about the backlog improvement and the improved B2B.

您談到了積壓改進和 B2B 改進。

So any particular end markets that are performing better than others that you're seeing?

那麼，您發現有哪些特定的終端市場表現優於其他市場？

And how much of this is Lattice-specific versus kind of the -- you're making progress on getting into the channel inventory?

其中有多少是萊迪思獨有的，而您在進入通路庫存方面取得了哪些進展？

Thank you, Melissa.

謝謝你，梅麗莎。

I think there are 3 factors.

我認為有3個因素。

As you said, number one, the channel inventory, we're making progress as expected.

正如您所說，第一，渠道庫存，我們正在按預期取得進展。

We do expect to continue to glide down inventory as we previously discussed to get to regular inventory level by midyear 2025.

我們確實預計庫存將繼續減少，正如我們之前討論的那樣，到 2025 年中期達到正常庫存水準。

So that's probably factor number one.

這可能是首要因素。

Factor number two, if you compare this against the backdrop of other companies in our sector that are guiding down, we do believe we're taking share in our markets.

第二個因素，如果與我們行業中其他正在下滑的公司相比，我們確實相信我們正在佔據市場份額。

So we are encouraged by the continued design wins on our Nexus, Avant and new product lines and continuing to take share.

因此，我們的 Nexus、Avant 和新產品線的設計不斷取得成功並繼續佔據市場份額，這讓我們感到鼓舞。

And number three, we have seen improvements across our industrial automotive as well as the communication sectors.

第三，我們看到工業汽車和通訊領域都取得了進步。

Computing has always been strong, continue to be strong, but we're seeing recovery in the other segments as well.

計算領域一直表現強勁，並將繼續保持強勁，但我們也看到其他領域正在復甦。

So 3 factors, Melissa.

所以有 3 個因素，梅麗莎。

Got it.

知道了。

On that comms and computing side, I know computing did grow in 2024.

在通訊和計算方面，我知道計算在 2024 年確實會成長。

I don't think you've given us a mix of how big the comp side is versus the computing side.

我認為您沒有向我們提供計算機業務和計算業務的混合規模。

But can you just, at a high level, talk about like what are the different trends you're seeing in those 2 subsegments?

但是，您能否從較高的層次談談您在這兩個子領域看到的不同趨勢？

And what should we be expecting in the coming years between those 2 businesses?

那麼，未來幾年我們該對這兩家公司的發展有何期待呢？

I think we've heard from your peers that the comm side is a little bit weaker.

我想我們從你們的同行那裡聽說，通訊方面有點弱。

So help us think about those 2 different subsegments.

因此，請幫助我們思考這兩個不同的子片段。

So I think the percent of comms and compute is roughly the same as last quarter between Q3 and Q4.

所以我認為通訊和計算的百分比與第三季和第四季之間的上一季大致相同。

We see a slight increase in that segment, but not very meaningful.

我們看到該部分略有增長，但意義不大。

And the percent -- industrial, auto and consumer, again, are pretty much the same, a slight decrease in those segments.

工業、汽車和消費領域的百分比幾乎相同，這些領域略有下降。

Within industrial and automotive, we have seen a nice recovery in automotive this past quarter.

在工業和汽車領域，我們看到過去一個季度汽車行業出現了良好的復甦。

So that's a positive.

這是積極的。

And we do expect all segments to grow into Q1.

我們確實預計所有部門都會在第一季實現成長。

And anything on communications in particular?

還有什麼關於通訊的具體內容嗎？

Communications in particular, is slightly stronger in Q4 compared to Q3 and expect it to be steady going to Q1.

尤其是通訊業，第四季比第三季略有強勁，預計第一季將保持穩定。

David Williams, The Benchmark Company.

大衛威廉斯 (David Williams)，The Benchmark Company。

So I guess maybe first, Ford, if you kind of think about where you're seeing demand across that automotive segment, where are you seeing that picking up in terms of the market?

所以我想也許首先，福特，如果您想想您看到汽車領域的需求在哪裡，從市場角度來看，您看到哪裡出現了回升？

Is it on the electrification side or more on the -- just the general ADAS side?

它是在電氣化方面還是更多地在——僅僅是通用的 ADAS 方面？

And should we think about maybe the traditional versus EV or hybrid platform where you have greater exposure or potential strength?

我們是否應該考慮傳統平台與電動車或混合動力平台，哪個平台具有更大的曝光率或潛在優勢？

Yes.

是的。

Thank you, David.

謝謝你，大衛。

We have designed them across all the various applications, and we're in production today in infotainment and display and ADAS and charging applications as well as the other electrification factors.

我們在各種不同的應用中設計了它們，目前我們已經在資訊娛樂和顯示器以及 ADAS 和充電應用以及其他電氣化因素中投入生產。

So we continue to see newer applications and do see automotive as a long-term growth driver for us.

因此，我們不斷看到更新的應用，並將汽車視為我們的長期成長動力。

We're also getting increasingly more convicted that we are going to have a place in the far edge AI where our chips are the first hop if you wish, from a sensor.

我們也越來越堅信，我們將在最前沿的人工智慧中佔有一席之地，如果你願意的話，我們的晶片就是從感測器開始的第一跳。

The sensor could be an image sensor.

該感測器可以是影像感測器。

It could be a lidar, it could be a radar, it could be other sensor, the FPGA, the small and midrange FPGA are the perfect first hop from that sensor before it goes to a far edge, newer edge, if you wish AI engine.

它可以是光達，可以是雷達，可以是其他感測器，FPGA，小型和中型 FPGA 是從該感測器到遠端、較新的邊緣的完美第一跳，如果你希望使用 AI 引擎的話。

And so we're at the perfect place to tag to do all kinds of functions to make that near edge device more productive.

因此，我們處於一個完美的位置，可以透過標記來執行各種功能，從而使近邊緣設備更有效率。

And I do believe that having these far edge applications in our FPGAs are going to be a place for us to provide value in automotive moving forward.

我確實相信，在我們的 FPGA 中擁有這些前沿應用程式將成為我們在未來汽車領域提供價值的地方。

If you think of a car, you've got literally tens of these sensors in the car, and they all need to be aggregated, fused and processed before they go through this near edge device.

如果您想到一輛汽車，那麼車內實際上有數十個這樣的感測器，它們都需要進行聚合、融合和處理，然後才能通過這個近邊緣設備。

And again, our FPGA are the perfect place to do that.

再次強調，我們的 FPGA 是實現這一目標的最佳場所。

Great.

偉大的。

Fantastic color there.

那裡的色彩很奇妙。

And then maybe secondly, just as you kind of think about the R&D center in India, is that a market that you think is an opportunity for you all?

然後也許其次，正如您所想的印度研發中心，您認為這個市場對你們所有人來說都是一個機會嗎？

Or is this more about maybe just the cost structure?

或者這可能僅僅與成本結構有關？

And does this give you an opportunity do you think in that geo to maybe drive sales and really add to your portfolio there?

您認為這是否為您提供了一個機會，在該地區可能推動銷售並真正增加您的投資組合？

No, great question, David.

不，大衛，這個問題問得很好。

I think, again, maybe 3 factors.

我認為，也許有 3 個因素。

Number one, we are excited about the opening of this R&D center.

首先，我們對這個研發中心的開幕感到非常興奮。

We are finding great skill set over there, including AI, some of the new graduates are all steeped into these AI type of technologies in Pune and we should be able to double down not just on chips, but also on software and AI type of skills in that market.

我們在那裡發現了包括人工智慧在內的優秀技能，浦那的一些新畢業生都對這些人工智慧技術有著深入的研究，我們應該不僅能夠在晶片上加倍努力，而且還能在那個市場上加倍努力地發展軟體和人工智慧類型的技能。

And then number 2 and 3, I would say, from a customer and sales point of view, there are 2 types of opportunities, if you wish.

然後關於第二點和第三點，我想說，從客戶和銷售的角度來看，如果你願意的話，有兩種類型的機會。

One is the direct customers there.

一是那裡的直接客戶。

And obviously, we're engaged with some of the industrial automotive in that geography.

顯然，我們與該地區的一些工業汽車企業有業務往來。

But even more importantly, a lot of the OEMs and Tier 1 that we are doing business with are actually increasing their sort of manufacturing and system bids in that geography.

但更重要的是，許多與我們有業務往來的 OEM 和一級供應商實際上正在該地區增加製造和系統投標。

So it could become a global OEM and Tier 1 building in the geography.

因此，它可能成為該地區的全球 OEM 和一級建築。

And again, being -- our support center there could support them directly.

再說一次，我們的支援中心可以直接為他們提供支援。

So R&D, local customer as well as global customers setting up shop in India.

因此，研發、本地客戶以及全球客戶都在印度開設商店。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

This is [Erin Nakpil] in for Chris.

這是 [Erin Nakpil] 代替 Chris 做的。

In doing an acquisition, would you be interested in just the low to mid-range of the FPGA portfolio?

在進行收購時，您是否只對 FPGA 產品組合的中低檔產品感興趣？

Or would you have a preference towards moving higher up in capabilities?

還是你更傾向於提升自己的能力？

Thank you, Erin.

謝謝你，艾琳。

Good question.

好問題。

As we look at the market, we do believe that the small and midrange FPGA segments are the most interesting ones.

當我們觀察市場時，我們確實相信小型和中端 FPGA 市場是最有趣的。

They are the ones growing faster.

他們是成長最快的人。

If you look at the large FPGA, the ROI in that category has not been stellar over the past, I don't know, 15 years probably.

如果你看一下大型 FPGA，你會發現過去（我不知道，大概 15 年）該類別的投資報酬率並不理想。

If you look at the usage of these large FPGA in cloud or wireless infrastructure type application, they've been challenging.

如果您觀察這些大型 FPGA 在雲端或無線基礎架構類型應用中的使用情況，您會發現它們非常具有挑戰性。

And so we do believe that the investment that we've made in the small and midrange, our focus on small and midrange is where the money is and where the growth is.

因此，我們確實相信，我們在中小型公司進行的投資、對中小型公司的關注正是資金所在，也是成長所在。

So we're going to continue to focus on those segments.

因此我們將繼續關注這些領域。

Having said this, we do want to continue to broaden our portfolio.

話雖如此，我們確實希望繼續擴大我們的投資組合。

And so over time, we'll be open to address the various segments that our low-power programmable offerings can address.

因此，隨著時間的推移，我們將致力於解決我們的低功耗可編程產品可以解決的各個領域的問題。

But we'll do it in a differentiated way, not try to follow incumbents that have been there for many years.

但我們會採取差異化的方式來實現這一目標，而不是試圖追隨那些已經在那裡待了很多年的既得利益者。

And given your history in networking and AI, can you talk about new products that you can develop using FPGAs in these areas?

鑑於您在網路和人工智慧領域的歷史，您能談談在這些領域可以使用 FPGA 開發的新產品嗎？

Yes.

是的。

Again, we are very mindful of our place in the hierarchy and the food chain.

再次強調，我們非常清楚自己在階級制度和食物鏈中的地位。

So we are a partner to the NVIDIAs, the Amazons, the many training and accelerator companies in the space.

因此，我們是 NVIDIA、亞馬遜以及該領域眾多培訓和加速器公司的合作夥伴。

We work with them on reference design as well as the partners that they have on the switch and the NIC and storage.

我們與他們合作進行參考設計，並與他們在交換器、NIC 和儲存方面的合作夥伴合作。

So we work obviously with the Broadcom, the Marvell and other companies that are developing switches and networking equipment very closely on reference design and partnership opportunities.

因此，我們顯然與 Broadcom、Marvell 和其他開發交換器和網路設備的公司在參考設計和合作機會方面密切合作。

So we see these companies as partners.

因此我們將這些公司視為合作夥伴。

We have no ambition or desire right now to go do a FPGA for cloud.

我們目前沒有野心或願望去為雲端開發 FPGA。

We believe in those spaces, you're much better off with a fixed function ASIC that is optimized.

我們相信，在這些領域，使用經過最佳化的固定功能 ASIC 會更好。

These are monthly, hundreds of million dollar type of ASICs that are not well suited for FPGAs.

這些是每月價值數億美元的 ASIC，不太適合 FPGA。

On the other hand, if you go -- so that's all the way on the cloud and the high end.

另一方面，如果你去—那麼這就是全向雲端和高端。

Then if you look at the edge devices, there's been talk about the far edge and the near edge.

然後如果你看看邊緣設備，就會有關於遠邊緣和近邊緣的討論。

The far edge is those devices where we are near the sensor and the near edge are sort of these main brains inside some of these systems.

遠邊緣是靠近感測器的設備，近邊緣是某些系統內部的主要大腦。

We do believe that we're better suited for the far edge.

我們確實相信，我們更適合邊緣化。

And the far edge is near the sensor.

遠邊緣靠近感測器。

And so what you need there is you need a low power device, which we provide, need a low latency device, which we provide, you need fast boot time, and we've shown at our latest developer conference a 10x faster boot time compared to competition.

因此，您所需要的是，您需要一個低功耗設備（我們提供）；您需要一個低延遲設備（我們提供）；您需要快速啟動時間，我們在最近的開發者大會上展示了與競爭對手相比快 10 倍的啟動時間。

We just totally smoked the competitor in those spaces.

我們在這些領域徹底擊敗了競爭對手。

Actually, we smoked them on small size and low power as well.

實際上，我們也用小尺寸和低功率抽煙。

I mean, the chip was small enough, I had to drop it at the developer conference.

我的意思是，這個晶片太小了，我不得不在開發者大會上把它摔了。

The power is -- we're talking milliwatts of power.

功率是－我們談論的是毫瓦級的功率。

FPGAs are great at parallel processing, and that's what we do.

FPGA 擅長並行處理，這正是我們所做的。

And we are focused on this AI model like a YOLO or MobileNet, we've got our own version of these models for vision and speech and text, that are very well suited for these far edge, near sensor type application.

我們專注於像 YOLO 或 MobileNet 這樣的 AI 模型，我們有自己的視覺、語音和文字模型版本，非常適合這些遠邊緣、近感測器類型的應用。

If you look at then customer presentation from our developer conferences on our website, you'll see that refer to the contextual intelligence.

如果您查看我們網站上的開發者大會上的客戶演示，您會看到其中提到了情境智能。

And so we are in these laptop sitting next to the camera, inside that laptop, looking at the glare -- the glance from the user and powering down the laptop as an example, if there's no user there to save battery power.

因此，我們坐在筆記型電腦的攝影機旁邊，在筆記型電腦裡面，看著眩光——來自用戶的一瞥，如果沒有用戶在場，就會關閉筆記型電腦的電源，以節省電池電量。

We're being looked at today in many applications in industrial automotive for far edge.

如今，我們在工業汽車領域的許多應用領域都看到了遠端邊緣的潛力。

So we're very excited about our place in the ecosystem and being able to provide additional value to make our partners shine in their near edge and bigger inference and training engines.

因此，我們對自己在生態系統中的地位感到非常興奮，並能夠提供額外的價值，讓我們的合作夥伴在他們的近邊緣和更大的推理和訓練引擎中大放異彩。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Ford, I wanted to start by asking about one of the trends that you mentioned.

福特，我想先問您提到的一個趨勢。

I think trends 2 through 5, we thought a little bit about over, I don't know, the last several years.

我認為趨勢 2 到 5 是我們在過去幾年裡思考過的一些問題。

But the first trend that you mentioned that AI is driving shorter system design cycles is sort of new to me.

但是您提到的第一個趨勢，即人工智慧正在推動更短的系統設計週期，這對我來說有點新。

I think it's starting to show up here and there, but I'm wondering if you could drill into that a little bit and how you're thinking about that?

我認為它已經開始在這裡和那裡出現，但我想知道您是否可以深入探討一下這個問題以及您是如何看待這個問題的？

And I ask that because when I think about Avant moving into the midrange and getting into slightly more complicated FPGA structures and designs, it would seem like those types of system designs would take longer to design and put out into the market.

我之所以問這個問題，是因為當我想到 Avant 進入中端市場並涉足稍微複雜一些的 FPGA 結構和設計時，似乎這些類型的系統設計需要更長的時間來設計和推向市場。

So I guess the question is, do you think this might accelerate the pace at which we would see Avant start to gain some traction in the marketplace?

所以我想問題是，您是否認為這可能會加速 Avant 在市場上獲得關注的速度？

Yes.

是的。

Thank you, Ruben.

謝謝你，魯本。

Good question.

好問題。

What I was referring to there is the cadence of accelerators and switches and other fixed-function devices being released every 2 years.

我指的是加速器、開關和其他固定功能設備每兩年發布的節奏。

And companies in that space, like NVIDIA and others trying to get to a 1-year cadence.

而該領域中的公司，例如 NVIDIA 和其他公司，則試圖達到 1 年的節奏。

The cadence is probably somewhere in between right now.

目前節奏可能處於兩者之間。

What I was referring to, as you drive to this faster cadence between different releases of these chips, there can be some auxillary functions that could not be comprehended.

我指的是，當你在這些晶片的不同版本之間以更快的節奏前進時，可能會有一些無法理解的輔助功能。

And so we can be a good place to put these functions, especially that were still on older technologies.

因此，我們可以成為實現這些功能的良好場所，尤其是那些仍採用較舊技術的功能。

Avant on 16-nanometer, Nexus on 28-nanometer.

Avant 採用 16 奈米技術，Nexus 採用 28 奈米技術。

So some of these functions could be much better done in our older processes as opposed to put it in a bleeding edge 2-nanometer expensive dye, right?

因此，與將其置於尖端的 2 奈米昂貴染料中相比，其中一些功能可以在我們較舊的製程中更好地完成，對嗎？

So that's what I'm referring to.

這就是我所指的。

And we've got some evidence that point to that trend.

我們有一些證據表明這一趨勢。

All right.

好的。

Got it.

知道了。

And then as a follow-up, can you kind of give us an idea of where inventories are today and sort of what you're targeting?

然後作為後續問題，您能否向我們介紹一下當前的庫存狀況以及您的目標是什麼？

I think you said by midyear, you're expecting to hit the target.

我想你說過，你希望在年中達到目標。

And here, too, I'm asking, it's great to see that the book-to-bill creeped over 1 over the last several weeks, and it sounds like things are getting better in some of these markets that have been weak for a while.

在這裡，我也想問一下，很高興看到訂單出貨比在過去幾週內攀升至 1 以上，聽起來一些長期疲軟的市場情況正在好轉。

And so I'm just trying to figure out your inventory commentary relative to bookings and sort of maintaining the low single-digit growth for the year.

因此，我只是想弄清楚相對於預訂量的庫存評論，並保持今年的低個位數成長。

Just how you're thinking about those, the puts and takes of how to get to -- how you're thinking about the year would be helpful.

您如何思考這些，如何實現目標——您如何看待這一年，這些都會很有幫助。

Yes.

是的。

Let me start and then turn it over to Tonya for additional color.

讓我先開始，然後將其交給托尼亞以添加更多顏色。

As I said, we're encouraged by the early sign of recovery in industrial and automotive.

正如我所說，工業和汽車行業復甦的早期跡象令我們感到鼓舞。

That book-to-bill has been on a steady climb for the past 2 years, it was a low, call it, 7 quarters ago and then steadily climbing back to where we are right now.

過去兩年來，訂單出貨比一直在穩步上升，七個季度前處於低位，隨後穩步回升至目前的水平。

So we're excited about this.

我們對此感到非常興奮。

The second one, as you mentioned, is the consumption demand is another very important metric that we track, and that's up.

第二個，正如您所提到的，消費需求是我們追蹤的另一個非常重要的指標，而且是上升的。

And so that, again, is positive.

因此，這又是積極的。

We're Working with our channel partners to continue to guide to this healthy range of inventory, and they've been very supportive.

我們正在與我們的通路合作夥伴合作，繼續引導這個健康的庫存範圍，他們也給予了我們很大的支持。

So we expect this more vibrant demand to come back in the second half of 2025.

因此，我們預計這種更活躍的需求將在 2025 年下半年恢復。

Now let me turn it over to Tonya to give you a bit more color.

現在讓我把它交給托尼亞，以便給你更多的細節。

Yes.

是的。

As we said last quarter, disti inventory can fluctuate on a quarterly basis, and it was the high end of our normal range, but we're in the process of actively bringing that down from the high end to the midpoint of our target range which is 3 months of inventory, and we're seeing good progress on that.

正如我們上個季度所說，分銷庫存可能會按季度波動，它是我們正常範圍的高端，但我們正在積極將其從高端降至目標範圍的中點，即 3 個月的庫存，並且我們在這方面看到了良好的進展。

As Ford mentioned last quarter, we expect to see that back to the midpoint of our target range in 2025.

正如福特上個季度提到的那樣，我們預計到 2025 年將回到目標範圍的中點。

So we're making progress on that, and we see positive signs like Ford said with consumption and POS picking up.

因此，我們在這方面取得了進展，我們看到了積極的跡象，就像福特所說的那樣，消費和 POS 正在回升。

The other piece -- the other 2 pieces of the inventory equation is inventory at the end customers then in the middle is the inventory of our distis and then, of course, Lattice own inventory.

另一部分——庫存方程式的另外兩個部分是最終客戶的庫存，然後中間是我們的經銷商的庫存，然後當然是萊迪思自己的庫存。

And we're seeing the same positive trend on Lattice owned inventory.

我們也看到萊迪思自有庫存呈現同樣的正面趨勢。

We do expect to be bringing that down in Q1 as well.

我們確實希望在第一季降低這一數字。

But a reminder, relative to FPGAs and our products tend to have a very long product life cycle, selling 15-, 20-, 28 years.

但要提醒的是，相較於FPGA，我們的產品往往有非常長的產品生命週期，銷售15年、20年、28年。

So the risk of obsolescence with some of that inventory is very low.

因此，部分庫存的過時風險非常低。

And more important to ensure that we have the right amount of inventories to support our customers, their design win ramps, new product revenue ramps, the Avant, the Nexus and any upticks in customer demand.

更重要的是確保我們有足夠數量的庫存來支援我們的客戶、他們的設計勝利坡道、新產品收入坡道、Avant、Nexus 以及任何客戶需求的上升。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

It's Nick Doyle on for Quinn Bolton.

尼克·道爾替換奎因·博爾頓。

So let me ask a couple of questions.

所以請容許我問幾個問題。

Sorry to keep asking about inventory, but maybe I'll just ask a little differently.

抱歉，我一直在問庫存問題，但也許我應該換個方式問。

To get the channel inventory to the 3 months by end of June-ish time frame, can that be done with just solid execution?

要在 6 月底前將渠道庫存達到 3 個月的水平，僅靠紮實的執行力就能做到嗎？

Or do you need to see the market start to recover to really get that inventory to your target?

或者您需要看到市場開始復甦才能真正使庫存達到您的目標？

What was the last part of that question, Nick?

尼克，這個問題的最後部分是什麼？

Just if you need to see the market recover to get the channel inventory to your target in that time frame, that June, July time frame?

您是否需要看到市場復甦，以便在那個時間範圍內（即六月、七月的時間範圍內）將渠道庫存達到您的目標？

Yes.

是的。

I mean, look, I mean, it's been a gradual recovery, as I said, for like 18 months now.

我的意思是，看，我的意思是，正如我所說，現在已經有 18 個月了，這是一個逐漸復甦的過程。

So I mean the low end has been probably 18- to 20 months ago.

所以我的意思是最低端可能是18到20個月前。

And we are seeing early signs of recovery, and we expect a more vibrant recovery in the second half.

我們看到了復甦的早期跡象，並預計下半年復甦將更加強勁。

So, yes, we need to continue to see the market recover along the same trends we're seeing now to get to these targets, Nick.

所以，是的，我們需要繼續看到市場沿著我們現在看到的相同趨勢復甦，才能實現這些目標，尼克。

That makes sense.

這很有道理。

And you pointed out the 2024 computing revenue grew year-over-year.

您指出 2024 年計算收入將年增。

Can you talk about some of the drivers there?

您能談談那裡的一些司機嗎？

Anything you can tell us about server or networking attach rates would be really helpful.

如果您能告訴我們有關伺服器或網路連線率的任何資訊都將非常有幫助。

I think the trend there has been the same trend as you've seen in data centers.

我認為那裡的趨勢與您在資料中心看到的趨勢相同。

So we are designed in into quite many applications across the server.

所以我們設計了跨伺服器的許多應用程式。

So like on -- at the developer conference, we had a rack from one of our customers shown up with over 50 FPGAs per rack.

就像在開發者大會上，我們的客戶展示了一個機架，每個機架上有超過 50 個 FPGA。

We're not disclosing the exact amount, but it's well over that number.

我們不會透露確切的金額，但肯定遠遠超過這個數字。

So applications all the way from security to I/O expansion to bridging to doing some control pass functions across the board.

因此，應用程式從安全性到 I/O 擴展到橋接，再到全面執行一些控制傳遞功能。

And so that market has been strong for us.

因此，對我們來說，這個市場一直很強大。

As I said, not only across GPU, accelerator but also across networking function, across controller, across storage cards, across the board in the server.

正如我所說，不僅跨 GPU、加速器，還跨網路功能、跨控制器、跨記憶卡、跨伺服器。

And the computing segment has been driven by servers.

計算領域一直由伺服器驅動。

For the full year, server grew double digit, driven by both the general purpose and AI servers.

全年伺服器實現兩位數成長，主要得益於通用伺服器和人工智慧伺服器的推動。

Duksan Jang, Bank of America.

Duksan Jang，美國銀行。

I have a follow-up on the server question just now.

我剛才對伺服器問題進行了跟進。

Could you talk about how much of your server and computing business is driven by content gains and how much by units?

您能否談談您的伺服器和運算業務有多少是由內容收益驅動，有多少是由單位驅動？

Because I think we're expecting some weakness into Q1 from some of the larger CPU vendors.

因為我認為我們預計一些較大的 CPU 供應商在第一季會出現一些疲軟表現。

Yes.

是的。

So that's a good question.

這是個好問題。

We have had a nice probably 50% increase in content from one generation to the next, Duksan.

Duksan，從上一代到下一代，我們的內容大概增加了 50%。

I see.

我懂了。

And that applies to this currently ramping generation as well?

這也適用於目前正在崛起的世代嗎？

Yes, it does.

是的。

Understood.

明白了。

And then I have a longer-term question.

然後我有一個長期的問題。

I think you mentioned that by 2026, you expect to get back to your longer-term 15%, 20% growth rate.

我記得您提到過，到 2026 年，您預計將恢復到長期 15% 到 20% 的成長率。

It seems like though that the industry has historically grown maybe high single digit at best.

但從歷史上看，該產業的成長率似乎最多也只能達到個位數。

So I know you're embedding some share gains in there, but I'm just curious about the puts and takes into your what's driving the 15% to 20% gain longer term?

所以我知道您在其中嵌入了一些股票收益，但我只是好奇，從長期來看，是什麼推動了 15% 到 20% 的收益？

Yes.

是的。

So I think this would be driven by new products.

所以我認為這將由新產品推動。

The new products have been growing double digit.

新產品一直保持兩位數的成長。

We had a really nice growth in double-digit product this year.

今年我們的產品實現了兩位數的良好成長。

Actually, if you look at our, Nexus, Avant in Q4 is probably a historical high, very healthy growth in Nexus, Avant from Q3 to Q4.

實際上，如果你看我們的數據，Nexus、Avant 在第四季度可能創下了歷史新高，從第三季到第四季度，Nexus、Avant 的成長非常健康。

And we expect that continue to grow into '26 and '27, driven by -- we see now the funnel increase nicely.

我們預計這一數字將在2026年和2027年繼續成長，推動因素包括—我們現在看到漏斗良好成長。

We see the design wins increase nicely.

我們看到設計勝利的數量穩定增加。

We're just at the early phases of rolling out these new generation.

我們正處於推出新一代產品的早期階段。

So you've seen us announce new variance of Avant at the developer conference.

所以您已經看到我們在開發者大會上發布了 Avant 的新版本。

You've seen us announced a new Nexus 2 platform.

您已經看到我們發布了新的 Nexus 2 平台。

Avant today in its current time and the ramp is actually much faster ramping than Nexus in that same sort of time frame in its ramp.

Avant 目前的發展速度實際上比 Nexus 在相同時間範圍內的發展速度要快得多。

So we're excited about all of the new products, we continue to also roll out new solutions to make it easier to use for our customer and increase their time to revenue and time to market.

因此，我們對所有新產品都感到興奮，我們也將繼續推出新的解決方案，使我們的客戶更容易使用，並增加他們的收入時間和產品上市時間。

So I think it's going to be a -- in fact, you put all these factors together, that's what's contributing to it.

所以我認為這將會是——事實上，把所有這些因素放在一起，這就是導致這現象的原因。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Congrats on the results and congrats on Tonya and Lorenzo on the new role.

祝賀取得的成績，也祝賀托尼亞和洛倫佐獲得新的職位。

I guess it was going to see the new products contribute double-digit growth in 2024 despite the correction year.

我預計，儘管 2024 年是調整年，但新產品仍將貢獻兩位數的成長。

Any metrics you can give us on sort of how you expect them to contribute to growth in 2025 as Avant starts to ramp and Nexus 2 also begins to layer into our revenue?

隨著 Avant 開始普及並且 Nexus 2 也開始增加我們的收入，您能否提供一些指標來表明您預計它們將在 2025 年為增長做出怎樣的貢獻？

Yes.

是的。

I think what we could tell you is Avant was almost non-existing in '23.

我想我們可以告訴你的是，Avant 在 23 年幾乎不存在。

It's now making a difference in '24.

如今，它已在24年發揮作用。

It will continue to grow and make a bigger difference in '25 and beyond.

它將繼續發展，並在25年及以後發揮更大的作用。

Same with Nexus.

與 Nexus 相同。

I mean, so they went from sort of think about it in 2023, Nexus, Avant were single-digit percent of our revenue, to now they're mid-teens percent of our revenue.

我的意思是，他們從 2023 年就開始考慮這個問題，那時 Nexus 和 Avant 只占我們收入的個位數百分比，而現在它們占我們收入的百分之十幾。

So in 1 year, we almost doubled the percent of revenue coming from Nexus, Avant, and that should continue to get better into '25 and beyond.

因此，在 1 年內，來自 Nexus、Avant 的收入百分比幾乎翻了一番，而且這一趨勢在 2025 年及以後應該會繼續好轉。

Okay.

好的。

And then I guess with Avant out for a couple of quarters now, at least with the E, G and the X families, anything you can give us on sort of how you view the competitive environment because it's obviously a different competitive set with mid-rage FPGAs than what you traditionally competed for in the market?

然後我想，現在 Avant 已經上市幾個季度了，至少是 E、G 和 X 系列，您能否告訴我們您如何看待競爭環境，因為與您們傳統上在市場上競爭的 FPGA 相比，這顯然是一個不同的競爭對手？

Yes.

是的。

I think there, what I could refer you to is if you look at our developer conference wallet boards, and we have the videos and the photos on the website to remind people.

我想，我可以給你推薦的是，如果你看看我們的開發者大會錢包板，我們在網站上有影片和照片來提醒人們。

We've done well in proof and showcasing a lot of these Avant wins.

我們在證明和展示許多 Avant 勝利方面做得很好。

Again, the power and size of these offerings.

再次，這些產品的威力和規模。

These are all things that are tailor-made, custom-made for these markets.

這些都是為這些市場量身訂做的東西。

These are not large FPGAs that or taking -- or even midrange FPGA, we're taking and then cutting them for small or taking large, cutting them for mid.

這些不是大型 FPGA，也不是中端 FPGA，我們會將它們切割成小型，或將大型 FPGA 切割成中型。

These are custom-made low power, low size.

這些都是客製化的低功耗、小尺寸。

Our competitors have taken this -- we have this unique architecture, this LUT4 architecture.

我們的競爭對手已經採用了這一點——我們有這種獨特的架構，即 LUT4 架構。

And we love the fact that they're taking shots at us on this.

我們很喜歡他們在這件事上對我們進行攻擊。

We do believe this LUT4 architecture is ideally suited for the sort of 700,000 logic size and below, where we're playing.

我們確實相信這種 LUT4 架構非常適合我們正在研究的 700,000 邏輯規模及以下的情況。

Avant at this point goes to 500,000.

此時 Avant 已達到 50 萬。

And so we're optimized for these -- the architecture, the whole offering, the power techniques are optimized for the small to midrange.

因此，我們針對這些進行了最佳化——架構、整體產品和電源技術都針對中小型進行了最佳化。

And so we're very confident that we'll be able to continue to grow and win because the customers are telling us we've got tremendous benefit in these markets.

因此，我們非常有信心能夠繼續發展和獲勝，因為客戶告訴我們，我們在這些市場中獲得了巨大的利益。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

A couple of follow-ups, Ford.

福特，還有幾個後續問題。

First on the -- one of the trends that you mentioned that's of the 5 drivers that you talked about, is the post-quantum cryptography threat.

首先——您提到的 5 個驅動因素之一就是後量子密碼威脅。

I know it's early days, but at the same time, I think your customers need to prepare for that sooner than later.

我知道現在還為時過早，但同時，我認為您的客戶需要儘早做好準備。

So just trying to understand what you're hearing from your customers in terms of the time line for that?

那麼，您只是想了解您從客戶那裡聽到的關於時間軸的資訊嗎？

And also, if you can talk about how actually Lattice benefits from that?

另外，您能談談 Lattice 實際上從中受益了嗎？

Does it require new products?

是否需要新產品？

Or is it more content?

還是說內容更多？

Is it a combination?

這是一種組合嗎？

Or any color you could provide us in terms of how we should think about this market potential?

或者您能否為我們提供一些關於我們應該如何看待這個市場潛力的詳細資訊？

Srini, this is one of the most exciting trends we have.

Srini，這是我們所擁有的最令人興奮的趨勢之一。

I mean, actually, we're the only ones today that have a solution today available for PQC or post-quantum cryptography.

我的意思是，實際上，我們是當今唯一擁有 PQC 或後量子密碼解決方案的人。

And what that is, is that the bad actors are storing people's data today for decrypting tomorrow.

事實就是，不法分子今天儲存人們的數據，以便明天解密。

And there are some missed regulation that says you've got to be post-quantum ready by next year.

並且有一些遺漏的規定說你必須在明年之前做好後量子準備。

And we're being designed across the board by our networking and security customers at major Tier 1 OEMs across the world.

我們正由遍佈全球的主要一級 OEM 廠商的網路和安全客戶進行全面設計。

And none of our FPGA competitors have a solution, none of the fixed function ASIC have a solution.

我們的 FPGA 競爭對手都沒有解決方案，固定功能 ASIC 也沒有解決方案。

And the solutions, by the way, are still being defined.

順便說一句，解決方案仍在定義中。

And so even our solutions today are going to need to be potentially changed as this post-quantum world evolve.

因此，隨著後量子世界的發展，我們今天的解決方案也可能需要改變。

So we're very positive and confident that this solution is actually one of the solutions that are -- that's enabling us to take share.

因此，我們非常積極並有信心，這個解決方案實際上是能夠讓我們獲得份額的解決方案之一。

It's being adopted as I said widely across the board, and we're surprised about how quickly people are designing them in.

正如我所說，它正在被廣泛採用，而且我們對人們設計它的速度感到驚訝。

I would refer you to the Microsoft keynote at our developer conference, where Bharat talked about Caliptra and the adoption of Lattice for PQC alongside with that.

我建議您參考我們開發者大會上的微軟主題演講，其中 Bharat 談到了 Caliptra 以及 Lattice 在 PQC 中的應用。

And it's probably a good example of how this security and FPGA is not in FPGA anymore.

這可能是一個很好的例子，說明這種安全性和 FPGA 不再是 FPGA 了。

It's now all of a sudden almost like a fixed function solution made for security.

現在，它突然變得幾乎像是為了安全而製定的固定功能解決方案。

So very excited about it.

我對此感到非常興奮。

Okay.

好的。

Great.

偉大的。

And then a question on OpEx.

然後是關於 OpEx 的一個問題。

Obviously, you took some costs out last quarter, Ford.

顯然，福特，上個季度你削減了一些成本。

But at the same time, if I look at the trends that you're talking about, shortening design cycles and share gains and new products, it seems like a lot of opportunity out there.

但同時，如果我看一下您所談論的趨勢，即縮短設計週期、提高市場份額和推出新產品，似乎有很多機會。

So just wondering how to kind of think about OpEx and R&D spend because it looks like there's a lot of opportunity where you could potentially spend even more to be able to capture that -- to address that market potential.

所以只是想知道如何考慮營運支出和研發支出，因為看起來有很多機會，你可以花更多來抓住這一點——以滿足這一市場潛力。

Yes.

是的。

So I'll start and then let Tonya take it from here.

因此我先開始，然後讓托妮亞接手。

I think we are in the middle of a transformation where we are growing in international locations.

我認為我們正處於轉型之中，我們正在國際上不斷發展。

So we've moved a lot of the jobs to international location.

因此我們將許多工作轉移到了國際地區。

We're aggressively hiring.

我們正在積極招募。

Our Pune, India was 0 people 8 months ago, we're at 70 now, and we expect to get to about 100 people in that location at a 1-year mark.

8 個月前，我們在印度浦那的員工人數為 0 人，現在已達到 70 人，我們預計一年後該地的員工人數將達到 100 人左右。

So aggressively hiring in these international locations to transform our OpEx in those geographies.

因此，我們積極在這些國際地區招募員工，以改變我們在這些地區的營運支出。

And then I think we're maintaining financial discipline, and we expect to continue to grow R&D as we grow revenue and recover.

然後我認為我們正在保持財務紀律，並且我們預計在收入成長和復甦的同時繼續增加研發。

So Tonya?

那麼托尼亞？

Yes.

是的。

I'll just add to that.

我只想補充一點。

So of course, we took the action after very careful consideration and balancing exactly what you've said with R&D and the focus on investments there.

因此，我們當然是經過非常仔細的考慮後才採取這一行動的，並且平衡了您所說的研發與投資重點。

So cutting OpEx, especially in the R&D area, doesn't mean less resources.

因此，削減營運支出（特別是研發領域的營運支出）並不意味著減少資源。

In fact, moving to the lower-cost geos has enabled us to be able to add resources and we're aggressively ramping up, like Ford said, so that we'll have even more capabilities in that department with even lower cost.

事實上，轉向低成本地區使我們能夠增加資源，而且正如福特所說的那樣，我們正在積極加大力度，以便我們能夠以更低的成本在該部門擁有更多的能力。

Nick Doyle, Needham.

尼克·道爾，尼德姆。

This is Quinn.

這是奎因。

I don't know, can you hear me?

我不知道，你聽得到我說話嗎？

We can, Quinn.

我們可以，奎因。

Sorry, jumped on late, got the names criss-crossed.

抱歉，來晚了，名字弄錯了。

But I just wanted to come back to your comments about the revenue contribution for Avant and Nexus?

但我只是想回到您關於 Avant 和 Nexus 的收入貢獻的評論？

You said you're sort of mid-teens, up from single digits last year.

您說您的數字已經達到了十幾歲的中段，而去年還是個位數。

Was that a cumulative that it's mid-teens across both Nexus and Avant?

這是 Nexus 和 Avant 的累積平均值嗎？

Is it both are at that level?

兩者都是這個水平嗎？

And I guess the related question is, if it's cumulative, it sounds like then pre-Nexus is still roughly 85% of revenue?

我想相關的問題是，如果是累積的話，聽起來 Nexus 之前的收入仍然佔大約 85% ？

If you remember last quarter, Quinn, we have broken it up at 13%.

奎因，如果你還記得上個季度的話，我們已將其分解為 13%。

And we said we're not going to break it on moving forward.

我們說過，我們不會在接下來的工作中破壞它。

All I can tell you in Q4 is that number is higher than that 13%.

我在第四季可以告訴你的是這個數字高於 13%。

But we're going to try not to break it up.

但我們會盡力不破壞它。

So we've made good improvement from last quarter.

因此我們比上個季度取得了很大的進步。

And yes, last year was single digits.

是的，去年是個數字。

So you could see we're making good improvement on Nexus, Avant moving forward.

所以你可以看到我們在 Nexus 和 Avant 方面取得了很大的進步。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'd like to hand the floor back over to Lattice Semiconductor's CEO, Mr. Ford Tamer, for any closing comments.

我想將發言權交還給萊迪思半導體公司的執行長福特·塔默先生，請他發表最後評論。

Thank you, operator.

謝謝您，接線生。

Thank you, everyone, for joining us on today's call and for your continued support.

感謝大家參加今天的電話會議並感謝大家一直以來的支持。

Our focus is to continue to drive innovation, create value for our customers, and stakeholders and proactively adapt to market conditions to maintain the stability and integrity of our leadership product road map, customer support and demand creation infrastructure.

我們的重點是繼續推動創新，為我們的客戶和利害關係人創造價值，並主動適應市場條件，以保持我們領導產品路線圖、客戶支援和需求創造基礎設施的穩定性和完整性。

I look forward to sharing the company's progress with you in the coming quarters.

我期待在接下來的幾季與大家分享公司的進展。

Operator, that concludes today's call.

接線員，今天的通話到此結束。

Goodbye.

再見。

Thank you.

謝謝。

You may disconnect your line at this time.

現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。