萊迪思半導體 (LSCC) 2025 Q1 法說會逐字稿

Greetings and welcome to the Lattice Semiconductor first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加萊迪思半導體 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Rick Muscha, Senior Director of Investor Relations. Please go ahead.

現在我很高興介紹您的主持人，投資者關係高級總監 Rick Muscha。請繼續。

Thanks, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO; and Lorenzo Flores, Lattice's CFO. We will provide a financial and business review of the first quarter of 2025 and the business outlook for the second quarter of 2025. If you have not obtained a copy of our earnings press release, it can be found in our company website in the Investor Relations section at latticesemi.com.

謝謝接線員，大家下午好。今天和我一起的還有 Lattice 的執行長 Ford Tamer；以及萊迪思財務長 Lorenzo Flores。我們將提供2025年第一季的財務和業務回顧以及2025年第二季的業務展望。如果您尚未獲得我們的收益新聞稿副本，可以在我們公司網站的「投資者關係」部分（latticesemi.com）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. 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。我們希望提醒您，此類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. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

我們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。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的結果有重大差異的重要風險因素。

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

本次電話會議包含並構成公司對 2025 年第二季的官方指引。如果我們在本次電話會議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 refer primarily to non-GAAP financial measures during this call. By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the company's performance and underlying trends. For historical periods, we provide reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations section of our website at latticesemi.com.

我們在本次電話會議中主要參考非公認會計準則財務指標。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。對於歷史時期，我們提供這些非 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，讓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。

This has been a period of historic volatility and uncertainty around the new tariffs as they affect the global economy and our industry. In general, we're not seeing any material impact from the new tariffs at this time, and we are highly aware of potential indirect impact. As a result, we, like others, in the semiconductor industry are actively monitoring the situation, especially as it relates to potential impact to our second half outlook.

由於新關稅影響著全球經濟和我們的產業，這是一個歷史性的動盪和不確定時期。總體而言，我們目前尚未看到新關稅的任何實質影響，但我們非常清楚潛在的間接影響。因此，我們與半導體行業的其他公司一樣，正在積極關注形勢發展，特別是因為它可能對我們下半年的前景產生影響。

To that end, we're being highly proactive by continuing to focus on cost controls, increased operational efficiency, and above all else, deliver value for our shareholders. At the same time, we continue to aggressively execute our strategy, diligently deliver on our product road map, and prioritize and support our customers' deployments. We have also expanded our new design win rate on small and midrange FPGAs at record levels.

為此，我們積極主動，持續注重成本控制、提高營運效率，最重要的是為股東創造價值。同時，我們繼續積極執行我們的策略，認真履行我們的產品路線圖，並優先考慮和支援客戶的部署。我們還將小型和中型 FPGA 的新設計成功率提高到了創紀錄的水平。

Let me now turn to Q1 highlights, which Lorenzo will expand upon in his prepared remarks. At a high level, we delivered revenue of $120.1 million in line with our prior guidance. Our non-GAAP gross margin of 69% reflected the resilience of our business and the value of our product in the face of a challenging environment, and our 33.4% adjusted EBITDA demonstrates the results of our financial discipline.

現在讓我來談談第一季的亮點，洛倫佐將在他的準備好的發言中詳細闡述。總體而言，我們的收入達到了 1.201 億美元，符合我們先前的預期。我們的非公認會計準則毛利率為 69%，反映了我們業務的韌性和產品在充滿挑戰的環境中的價值，而 33.4% 的調整後 EBITDA 則體現了我們財務紀律的成果。

In the near term, we continue to shift below estimated true demand as we work closely with customers to ensure alignment with our evolving product needs. As the broader industry navigates a dynamic macro environment, we're encouraged by the continued improvements in our bookings.

短期內，我們將繼續低於預期的真實需求，因為我們與客戶密切合作，以確保滿足我們不斷變化的產品需求。隨著整個行業在動態的宏觀環境中前行，我們對預訂量的持續改善感到鼓舞。

With respect to end markets, Communications and Computing delivered its first year-on-year growth in two years. And Industrial and Automotive grew 6% sequentially, marking its first quarter of sequential growth in six quarters. The broad reach of our innovative and differentiated solutions is enabling us to expand our footprint in both general purpose and AI-optimized servers as well as in industrial applications such as factory automation and robotics. Design win momentum remains at record levels.

就終端市場而言，通訊和計算市場兩年來首次實現同比增長。工業和汽車業務環比增長 6%，這是六個季度以來首次實現環比增長。我們的創新和差異化解決方案涵蓋範圍廣泛，使我們能夠擴大在通用和人工智慧優化伺服器以及工廠自動化和機器人等工業應用領域的影響力。設計獲勝動能仍處於創紀錄水平。

Revenue from our new product continues to grow at a strong double-digit pace, both sequentially and year-on-year. I'm also pleased to report that we remain on track to hit our goal of high teens percentage of new product revenue for the full year 2025.

我們的新產品收入繼續以強勁的兩位數速度環比和同比增長。我還很高興地報告，我們仍有望實現 2025 年全年新產品收入佔比達到十幾歲的目標。

Our customers continue to express enthusiasm for Lattice's differentiated low power and small size solution for their mission-critical applications. Lattice is uniquely positioned to help enable the next wave of innovation across key verticals, which we expect will be a powerful catalyst for our business.

我們的客戶持續對萊迪思針對其關鍵任務應用的差異化低功耗、小尺寸解決方案表現出極大的熱情。萊迪思擁有獨特的優勢，能夠協助推動關鍵垂直領域的下一波創新，我們預期這將成為我們業務的強大催化劑。

In mid-March, we showcased our innovative solutions at Embedded World in Nuremberg, one of the industry's top industrial and automotive events. Our exhibit featured compelling demonstrations of Lattice technology across a broad range of high-growth applications, including security, far Edge AI, video and connectivity.

三月中旬，我們在紐倫堡嵌入式世界展會上展示了我們的創新解決方案，這是業界頂級的工業和汽車盛會之一。我們的展覽以引人注目的方式展示了萊迪思技術在安全、遠端人工智慧、視訊和連接等廣泛的高成長應用領域的應用。

In addition, we had the full slate of very productive meetings with key customers and partners, during which we reinforced our strategic relationships and our road map. These discussions further -- on our pipeline opportunities that we expect will translate into future designs and revenue growth.

此外，我們與主要客戶和合作夥伴進行了一系列富有成效的會議，期間我們加強了我們的策略關係和路線圖。這些討論進一步表明了我們預計管道機會將轉化為未來的設計和收入成長。

We recently wrapped up our internal quarterly business reviews that showed continued momentum in our Nexus and Avant product families. We continue to take share in the small and mid-range FPGA market segments.

我們最近完成了內部季度業務評估，結果顯示我們的 Nexus 和 Avant 產品系列持續保持強勁發展勢頭。我們繼續在中小型 FPGA 市場領域佔有份額。

We're also seeing revenue and design win growth in exciting areas like generative AI and data centers, robotics and industrial, in cabin and ADAS and automotive, AR/VR and consumer, and emerging security needs, including post-quantum cryptography. All this reinforces our strong belief that Lattice is well positioned, not just for our recovery, but for sustainable growth.

我們還看到，在一些令人興奮的領域，例如生成人工智慧和資料中心、機器人和工業、座艙和 ADAS 和汽車、AR/VR 和消費者以及包括後量子密碼學在內的新興安全需求，收入和設計勝利都在增長。所有這些都堅定了我們的信念：萊迪思不僅在復甦方面處於有利地位，而且在永續成長方面也處於有利地位。

Overall, we have confidence we are in the right markets with a leadership product portfolio and more than 11,000 global customers in very attractive long-term growth market.

整體而言，我們有信心，我們處於正確的市場，擁有領先的產品組合和超過 11,000 個全球客戶，並且處於極具吸引力的長期成長市場。

Looking ahead, we continue to expect a U-shaped recovery long term. Our Q2 guidance reflects our expectation for steady growth in both revenue and profitability.

展望未來，我們仍預期長期將出現U型復甦。我們對第二季的預期反映了我們對營收和獲利能力穩定成長的預期。

Another positive indicator is that channel inventory is also continuing to decrease. And as we discussed in my opening remarks, we remain cautious on the second half outlook aligned with the rest of the industry. This will be dependent on the continuing resolution of the tariff situation and corresponding customer demand.

另一個正面的指標是渠道庫存也持續減少。正如我們在開場白中所討論的那樣，我們對下半年的前景保持謹慎，與其他行業一樣。這將取決於關稅狀況的持續解決和相應的客戶需求。

To wrap up, Q1 was a solid quarter with results in line with expectations and strong execution across the board. We remain focused on driving innovation and expanding our customer engagements. The team at Lattice is confident, energized and committed to our long-term strategy and excited by the many opportunities ahead.

總而言之，第一季表現穩健，業績符合預期，各方面執行力強勁。我們始終致力於推動創新和擴大客戶參與度。萊迪思團隊充滿信心、充滿活力並致力於我們的長期策略，並對我們的未來眾多機會感到興奮。

Thank you again for your time and your continued support. Let me now turn the call over to Lorenzo for a detailed review of our results. Lorenzo?

再次感謝您的時間和持續的支持。現在，讓我將電話轉給 Lorenzo，讓他詳細審查我們的結果。洛倫佐？

Thank you, Ford, and good afternoon, everyone. While I was on our Q4 call, this marks my first official call as Lattice's CFO, and I'm very happy to be here. We will begin with a brief overview of our first quarter 2025 financial performance, followed by our second quarter outlook.

謝謝福特，大家下午好。當我參加第四季電話會議時，這是我作為萊迪思財務長的第一次正式電話會議，我很高興來到這裡。我們將首先簡要概述我們 2025 年第一季的財務業績，然後是第二季的展望。

We delivered on expectations, revenue, gross margin and operating profit, all in line with our outlook for the first quarter of 2025. For Q1 2025, we reported revenue of $120.1 million, reflecting a 2% increase compared to Q4 and a 15% decline compared to the year ago period. Our gross margin remained strong at 69% on a non-GAAP basis.

我們實現了預期的收入、毛利率和營業利潤，全部符合我們對 2025 年第一季的展望。2025 年第一季度，我們報告的營收為 1.201 億美元，與第四季相比成長 2%，與去年同期相比下降 15%。以非公認會計準則計算，我們的毛利率仍保持強勁，達到 69%。

Gross margin was up 690 basis points compared to Q4, but I want to remind you that Q4 included a liability for materials that impacted gross margin by 600 basis points. This performance reflects the durability of our business model as we return to the gross margin levels we obtained most of last year despite the lower revenue level.

毛利率與第四季度相比上升了 690 個基點，但我想提醒您，第四季度包含一項材料負債，對毛利率產生了 600 個基點的影響。儘管收入水平較低，但我們的毛利率已恢復到去年大部分時間的水平，這一業績反映了我們商業模式的持久性。

Non-GAAP operating expense was $51.4 million, an 8% decrease compared to Q4 and a 6% decrease compared to the year ago period. This was in line with our guidance and reflects our diligent focus on operational efficiency.

非公認會計準則營業費用為 5,140 萬美元，與第四季相比下降 8%，與去年同期相比下降 6%。這符合我們的指導方針，並反映了我們對營運效率的重視。

Our non-GAAP operating margin was 26.2%, and our EBITDA margin was 33.4%, which reflects both the durability of the business model and our continued focus on operational efficiency. These factors combined to deliver non-GAAP EPS of $0.22, in line with our guidance.

我們的非公認會計準則營業利潤率為 26.2%，EBITDA 利潤率為 33.4%，這反映了業務模式的持久性和我們對營運效率的持續關注。這些因素共同作用，使得非公認會計準則每股收益達到 0.22 美元，符合我們的預期。

GAAP net cash flow from operating activities for the first quarter of 2025 was $31.9 million with a GAAP operating cash flow margin of 26.5%. Free cash flow in Q1 was $23.3 million, with a 19.4% free cash flow margin. We are investing in CapEx in support of engineering and operations projects. As we go through the year, our free cash flow margin is expected to improve despite increased CapEx.

2025 年第一季 GAAP 經營活動淨現金流為 3,190 萬美元，GAAP 經營現金流利潤率為 26.5%。第一季的自由現金流為 2,330 萬美元，自由現金流利潤率為 19.4%。我們正在投資資本支出以支持工程和營運項目。隨著時間的推移，儘管資本支出增加，但我們的自由現金流利潤率預計會提高。

Now I would like to turn to capital allocation. Our balance sheet remains strong. We are debt-free and have ready access to capital if we need it. We believe we are well positioned to navigate macro uncertainties and invest for future growth.

現在我想談談資本配置。我們的資產負債表依然強勁。我們沒有債務，如果需要的話可以隨時獲得資金。我們相信，我們已做好準備應對宏觀不確定性並為未來成長進行投資。

The growth opportunities we will pursue, particularly in R&D and product innovation, target further strengthening of our leadership in small and mid-range FPGA markets. We believe this is the best way to maximize the ROI of our investments and maximize long-term shareholder value.

我們將追求的成長機會，特別是在研發和產品創新方面，旨在進一步加強我們在中小型 FPGA 市場的領導地位。我們相信這是最大化投資報酬率和最大化長期股東價值的最佳方式。

Given our balance sheet strength and our business model, returning capital to shareholders remains a key component of our capital allocation strategy. During the quarter, we repurchased approximately $25 million of common stock under our existing buyback program. The company has now repurchased a total of approximately 6.4 million shares, reducing dilution by 4.6%.

鑑於我們的資產負債表實力和業務模式，向股東返還資本仍然是我們資本配置策略的關鍵組成部分。本季度，我們根據現有的回購計畫回購了約 2,500 萬美元的普通股。該公司目前已回購總計約 640 萬股，減少了 4.6% 的稀釋度。

Last quarter's purchases were made in our open window before the recent market volatility and dislocation of our stock price. We have approximately $75 million remaining under the most recent Board authorization, and we will deploy it considering our opportunities to invest in growth and the market environment.

上個季度的採購是在近期市場波動和股價混亂之前的開放窗口期內進行的。根據董事會最近的授權，我們還剩下約 7,500 萬美元，我們將考慮投資成長和市場環境的機會來部署這筆資金。

As we move into our outlook for Q2, we realized that the macro environment and geopolitical situation, particularly tariffs, are top of mind. I'd like to spend some time describing the most relevant factors pertaining to the potential impact on Lattice before I provide our outlook.

當我們展望第二季時，我們意識到宏觀環境和地緣政治局勢，特別是關稅，是首要關注的問題。在提供我們的展望之前，我想花一些時間描述與對萊迪思的潛在影響有關的最相關的因素。

The first factor I would point out is that over the past couple of years, about 80% of our revenue came from outside the US. Our assessment is that this likely mitigates the potential direct impact of a tariff on our overall business.

我想指出的第一個因素是，在過去幾年裡，我們約有 80% 的收入來自美國以外。我們的評估是，這可能會減輕關稅對我們整體業務的潛在直接影響。

The second factor is the structure of our supply chain. We rely on foundries in Taiwan, Korea, and Japan for wafers for our semiconductor products, and we primarily rely on our assembly and test partners in Malaysia and Taiwan. Much of our product flow does not cross the US border.

第二個因素是我們的供應鏈結構。我們依靠台灣、韓國和日本的代工廠來生產半導體產品的晶圓，並且我們主要依靠馬來西亞和台灣的組裝和測試合作夥伴。我們大部分的產品流通並不跨越美國邊境。

That said, we think it is prudent to work with our customers and distribution partners to mitigate the logistical and economic disruption from potential tariff regimes. The takeaway is that based on available information, we expect the direct impact of tariffs on our business to be limited, but we are highly aware of potential indirect impacts.

儘管如此，我們認為與客戶和分銷合作夥伴合作以減輕潛在關稅制度對物流和經濟造成的破壞是明智之舉。結論是，根據現有訊息，我們預期關稅對我們業務的直接影響有限，但我們高度意識到潛在的間接影響。

As Ford described in his prepared remarks, we are, like others, actively monitoring the situation and preparing for multiple scenarios.

正如福特在其準備好的演講中所描述的那樣，我們和其他人一樣，正在積極關注局勢並為多種情況做好準備。

Now to guidance. For Q2 2025, we expect revenue to be in the range of $118.5 million to $128.5 million. Gross margin is expected to be 69% plus or minus 1% on a non-GAAP basis. Q2 total OpEx is expected to be between $50.5 million and $52.5 million on a non-GAAP basis. Income tax rate for Q2 is expected to be between 5% and 6% on a non-GAAP basis.

現在來指導。對於 2025 年第二季度，我們預計營收將在 1.185 億美元至 1.285 億美元之間。預計非 GAAP 毛利率為 69% 正負 1%。根據非 GAAP 計算，第二季總營運支出預計在 5,050 萬美元至 5,250 萬美元之間。預計第二季非公認會計準則所得稅率在 5% 至 6% 之間。

Net income for Q2 is expected to be between $0.22 and $0.26 per share on a non-GAAP basis.

根據非 GAAP 計算，預計第二季淨收入在每股 0.22 美元至 0.26 美元之間。

We will continue to drive the business with new designs and accelerate our design wins into production. Our previous actions have put us on solid ground with respect to cost structure. We are driving shareholder value by prioritizing investments in our product road map, revenue generation and customer support.

我們將繼續透過新設計推動業務，並加速將我們的設計成果投入生產。我們先前的行動已經為我們的成本結構奠定了堅實的基礎。我們透過優先投資於產品路線圖、創造收入和客戶支援來推動股東價值。

Operator, that concludes our formal remarks. We can now open the call for questions.

接線員，我們的正式發言到此結束。現在我們可以開始提問了。

(Operator Instructions) Melissa Weathers, Deutsche Bank.

（操作員指示）梅麗莎·韋瑟斯，德意志銀行。

So I guess it seems like the U-shaped recovery that you guys have been talking about is playing out pretty much as expected, but you are flagging some caution on the macro on this call. last quarter, I think you talked about 2025 revenues growing low single digits this year, and I didn't hear any commentary on -- in your prepared remarks. So any update to that 2025 outlook? I know it's highly uncertain.

因此，我想看起來你們一直在談論的 U 型復甦正在按照預期進行，但你們在這次電話會議上對宏觀經濟提出了一些謹慎態度。上個季度，我認為您談到了 2025 年的收入今年將以個位數低速增長，但在您準備好的發言中我沒有聽到任何評論。那麼 2025 年展望有什麼更新嗎？我知道這非常不確定。

Yes. Thank you, Melissa. We see no change at this point. We see three improving demand segments, including improved customer consumption, higher beginning backlog and a better book-to-bill ratio that continues to be above 1. So we continue to say steady as it is on 2025.

是的。謝謝你，梅麗莎。目前我們未發現任何變化。我們看到三個需求環節正在改善，包括客戶消費的改善、期初積壓訂單的增加以及更好的訂單出貨比（持續高於 1）。因此，我們繼續認為 2025 年將保持穩定。

We just have caution just because there could be sectoral tariffs that impact us and the rest of the semiconductor industry, and we're watching those.

我們之所以保持謹慎，是因為可能會有產業關稅影響我們和整個半導體產業，我們正在關注這些關稅。

Okay. Great. And then I guess on the different segments that you guys have, I was a bit surprised to see it's nitpicky, but a slight decline on the Comms and Computing side sequentially. So is there anything we should be thinking about between those two segments, like a difference in growth rates for 2025? Like which one do you see growing faster or slower?

好的。偉大的。然後我想，在你們的不同領域中，我有點驚訝地看到它吹毛求疵，但通訊和計算方面卻連續略有下降。那麼，我們應該考慮這兩個部分之間的差異嗎，例如 2025 年的成長率差異？您認為哪一個成長較快或更慢？

Are they both in line with each other?

它們是否一致？

Yes. The Comms and Compute segment decline has been driven mainly by a client revenue decline related to older platforms. Both our Server and Communication businesses have grown sequentially nicely for the past two quarters. And the Compute segment has been driven by the strength in our Server segment. Telecommunications segment has been driven by the strength of the wireline applications such as data center infrastructure NIC cards, switches, security appliances, routers.

是的。通訊和計算部門的下滑主要是由於與舊平台相關的客戶收入下降所致。過去兩個季度，我們的伺服器和通訊業務都實現了連續良好的成長。計算部分一直受到我們伺服器部分實力的推動。電信部門的發展受到資料中心基礎設施 NIC 卡、交換器、安全設備、路由器等有線應用的推動。

So we're very positive on that segment. The only drag you're seeing is that client decline. But other than that, the Server and Comms are both very strong.

因此，我們對這領域非常樂觀。您看到的唯一阻礙是客戶減少。但除此之外，伺服器和通訊都非常強大。

Got it. Thank you.

知道了。謝謝。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

Thank you. Ford, on the tariffs, I know you said the indirect impact is unclear at this point. As we look out to the second half, maybe you can discuss some of the conversations that you've had with your customers, how they're positioning. And in terms of the end markets, which end markets do you think you might see a larger impact versus a smaller impact?

謝謝。福特，關於關稅，我知道您說過目前間接影響尚不清楚。展望下半年，也許您可以討論您與客戶進行的一些對話，以及他們的定位。就終端市場而言，您認為哪些終端市場可能會受到較大影響，哪些終端市場受到較小影響？

Yes. Thank you, Srini. We continue to see the cloud to be very strong, and we continue to have discussions with them on whether that's natural demand, and we continue to get confirmation that it is. So all the discussions we've had with our cloud customers point to the fact that 2025 CapEx is strong and actually signifying that 2026 will be an improvement over 2025. So that has a very positive on the Server segment.

是的。謝謝你，Srini。我們繼續看到雲端運算非常強勁，我們繼續與他們討論這是否是自然需求，並且我們繼續得到確認。因此，我們與雲端客戶進行的所有討論都表明，2025 年的資本支出將非常強勁，實際上意味著 2026 年將比 2025 年有所改善。因此這對伺服器部分有非常積極的影響。

And as I said before, we continue to see strengths in a wireline communication that's helping our Communications segment. So on the Comms and Compute, we continue to be very positive.

正如我之前所說，我們繼續看到有線通訊的優勢，這對我們的通訊部門有所幫助。因此，在通訊和計算方面，我們繼續保持非常積極的態度。

On the Industrial, for the second quarter in a row, the PMI is above 50% for the past four years. So we see this as a positive. Automotive has been flat. So you could see Industrial has been up, and so that's a positive. And discussion we're having with customers on the Industrial side of the business point to the fact that we are seeing some improvements in those businesses.

工業方面，PMI 連續第二季高於 50%，為四年來的最高水準。因此我們認為這是一件正面的事。汽車業表現平平。因此你可以看到工業一直在成長，這是正面的。我們與工業業務方面的客戶進行的討論表明，我們看到這些業務正在取得一些進展。

So we're cautiously optimistic there.

因此我們對此持謹慎樂觀的態度。

So the fundamentals of the business, we're very positive. We don't control the tariff and the resulting situation. And that's the only reason for our cautiousness. But other than that, the fundamentals for our business that we can control are positive.

因此，我們對業務基本面非常樂觀。我們無法控制關稅和由此產生的情況。這是我們謹慎的唯一原因。但除此之外，我們能夠控制的業務基本面是正面的。

Great. That's very helpful. And then in terms of your new products, you talked about design win momentum being very strong. Just curious, when you talk about double-digit growth year on year and sequentially in new products, is it more driven by the ASP strength of the new products? Is it units?

偉大的。這非常有幫助。然後就你們的新產品而言，你們談到設計取勝的勢頭非常強勁。只是好奇，當您談到新產品同比增長和環比增長兩位數時，這是否更多地受到新產品平均售價強勁的推動？是單位嗎？

And also if you can talk about if the environment is having any impact on the design win momentum, so it doesn't seem like it, it doesn't sound like it based on what you said, but I just want to hear your thoughts if you're seeing any impact on the new designs given the environment.

另外，如果您可以談論環境是否對設計獲勝勢頭產生任何影響，那麼根據您所說的，這似乎不是，聽起來也不是，但我只是想聽聽您的想法，看看您是否看到環境對新設計有任何影響。

Yes, we continue to see strength on our new design based on our strategic position in the small and mid-range segments with our low power, small size security, vision, Edge AI type of attributes. So the strength is really driven by the differentiation in our product that we think is related to the architecture trust were made and this long-lasting and sustainable.

是的，基於我們在中小型領域的戰略地位，我們繼續看到新設計的優勢，以及我們的低功耗、小尺寸安全、視覺、邊緣 AI 類型的屬性。因此，我們的優勢實際上來自於我們產品的差異化，我們認為這與架構信任的建立以及這種信任的持久性和可持續性有關。

As far as ASP versus units, it's a mix of units are recovering. At the same time, you do get ASP improvements as we go from pre-Nexus to Nexus to Avant. So we'll continue to see both of these trends helping us in the future.

就 ASP 與單位而言，各種單位都在復甦。同時，隨著我們從 Nexus 先前版本到 Nexus 再到 Avant，您確實獲得了 ASP 的改進。因此，我們將繼續看到這兩種趨勢在未來對我們有所幫助。

Thanks, Ford.

謝謝，福特。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Thanks for the question, guys. So in your 10-Q, I think you guys discussed ongoing inventory digestion. I think it was Comms and Industrial. If you could update us on inventory in these segments and channel inventory levels versus target, I think that would be very useful for us as well.

謝謝大家的提問。因此，在你們的 10-Q 中，我認為你們討論了正在進行的庫存消化。我認為是通訊和工業。如果您可以向我們更新這些細分市場的庫存以及通路庫存水準與目標的對比情況，我認為這對我們也非常有用。

Chris, can you just -- you asked about inventory and then you injected channel inventory. Is that -- the focus is on the channel inventory or both?

克里斯，你能不能——你問了庫存，然後你注入了渠道庫存。重點是通路庫存還是兩者兼具？

Yeah. I mean, I guess you guys are --

是的。我的意思是，我猜你們--

Both are --

兩者都是--

Yeah, you're mostly channel anyway. So -- but I was really talking about channel and if you were able to break that up into end markets like you did in your 10-Q where you specifically addressed Comms and Industrial, that would be great.

是的，無論如何你主要都是頻道。所以 — — 但我實際上是在談論管道，如果您能夠將其分解為終端市場，就像您在 10-Q 中專門針對通訊和工業所做的那樣，那就太好了。

So you're right, we sell most of our product rolls through distribution. We haven't provided granularity in the different end markets that are in the channel. For one, we don't actually have perfect visibility. But the strength and weakness in the individual markets, as Ford described earlier, with the strong expected growth in server AI-related products and the fundamental strength we have in Industrial and Auto based on our position, we see the channel inventory decline. We are, by design, shipping under consumption.

所以你說得對，我們的大部分產品捲都是透過分銷方式銷售的。我們尚未提供通路中不同終端市場的詳細情況。首先，我們其實並不具備完美的可視性。但正如福特之前所描述的，各個市場的優勢和劣勢，隨著伺服器人工智慧相關產品的強勁增長以及我們基於自身地位在工業和汽車領域的基本實力，我們看到通路庫存下降。根據設計，我們是按照消費量進行運輸的。

So we're bringing down the channel inventory. We had earlier provided commentary that we're trying to get back to more normal levels of inventory by the middle of the year. But I think at this point, we're expecting it may take a couple of few quarters longer than that to do that. But we're going to continue to drive that down.

因此我們正在降低渠道庫存。我們之前曾表示，我們正努力在年中之前恢復到更正常的庫存水準。但我認為，就目前而言，我們預計可能需要幾個季度的時間才能實現這一目標。但我們將繼續努力降低這一水平。

Got it. And that was channel inventory that you were talking about. So you don't think it'll normalize mid-year, and that was internal?

知道了。這就是您所談論的渠道庫存。所以您認為它不會在年中恢復正常，這是內部的嗎？

Yes. That was channel. Internal inventory is a pretty good new story. It dropped $8 million quarter-on-quarter, a really significant drop. And I want to point out that if you look at the days calculation, it may not look like that, but that's because we had a distortion in Q4 cost of sales. So the math works a little strangely due to the liability for materials we recognized in Q4.

是的。那是頻道。內部庫存是一個非常好的新故事。與上一季相比，下降了 800 萬美元，這是一個非常顯著的下降。我想指出的是，如果你看一下天數計算，它可能看起來不是那樣，但那是因為我們在第四季的銷售成本中出現了扭曲。因此，由於我們在第四季度確認的材料責任，數學計算有點奇怪。

But on a dollars basis, very good performance in reducing inventory, and we continue to manage that aggressively. Just in general, we manage all the working capital pieces aggressively.

但從美元計算，我們在減少庫存方面表現得非常好，而且我們將繼續積極地管理這一點。總的來說，我們積極管理所有營運資金。

Excellent. And Lorenzo, just since I have you, do you have any thoughts on how you might be different strategically or financially from your predecessor as CFO, even just at the margin, that would be great.

出色的。洛倫佐，既然我邀請你，你有沒有想過，在策略或財務方面，你與前任財務長之間會有什麼不同，哪怕只是略有不同，那也很好。

Honestly, I'm not -- I haven't thought about it from -- effectively of being differential to my predecessor. I'll tell you that I approached this business or any other business very fundamentally and said, what do we need to do to drive growth of shareholder value faster than the market? And it's -- we focus on the day-to-day execution. Across the board, we just talked about inventory as one of those. I give full credit to our Head of Operations for leading that.

說實話，我並沒有——我還沒有想過——我與我的前任有何不同。我會告訴你，我從根本上對待這項業務或任何其他業務，並說，我們需要做什麼才能推動股東價值的成長速度快於市場？而且——我們專注於日常執行。總體而言，我們剛才討論了庫存問題。我對我們的營運主管的領導表示充分的讚揚。

We're focusing on driving the products -- new product launches through design win into revenue faster than ever before.

我們專注於推動產品——透過設計贏得新產品的推出，以比以往更快的速度創造收入。

But the things that step up from that execution that we look at are, are there ways to accelerate the growth of the products by investing wisely? It may be a little bit more aggressively in the ways that we think about driving our revenue experience in this particular industry.

但是，從執行中我們看到的問題是，是否有辦法透過明智的投資來加速產品的成長？我們可能會以更積極的方式思考如何推動這個特定行業的收入體驗。

I know the ecosystem can help a lot. I know that tuck-ins can be very advantageous to accelerating it and then working with Ford on an overall big strategic picture view of what the opportunities are for Lattice, and I'm sure he can add on to that if he wants. But I don't think of myself differentially. I just think of myself as the way I want to drive the business.

我知道生態系統可以提供很多幫助。我知道，收購對於加速這一進程非常有利，然後與福特合作，從整體戰略角度了解萊迪思的機遇，我相信如果他願意的話，他可以在這方面做出補充。但我並不認為自己有差。我只是以自己想要的方式去推動業務。

Fantastic. Thank you.

極好的。謝謝。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark 公司。

Hey. Good afternoon. Thanks for taking my question. (technical difficulty) area of strength -- sorry, can you hear me?

嘿。午安.感謝您回答我的問題。 （技術難題）實力區－對不起，你聽得到我說話嗎？

Yeah, we can hear you now. Go ahead, please.

是的，我們現在可以聽到你的聲音。請繼續。

All right. Apologies. So service has been an area of strength, and you talked about it for some time, especially in the AI and the Server type -- the Service side. Just curious how you're thinking about your penetration going forward in terms of content, and what areas do you think you may be more resilient just given this macro backdrop? Thank you.

好的。抱歉。因此，服務一直是我們的強項，您也談論過一段時間了，特別是在人工智慧和伺服器類型——服務方面。我只是好奇您如何看待未來內容的滲透，以及在這種宏觀背景下，您認為哪些領域可能更具彈性？謝謝。

Yes. Thank you, David. We continue to find new opportunities in Servers, around AI, around security, around connectivity. And so we are going to continue to expand our design wins and offerings along these three areas. We do see this as a durable trend moving forward.

是的。謝謝你，大衛。我們繼續在伺服器、人工智慧、安全和連接領域尋找新的機會。因此，我們將繼續在這三個領域擴大我們的設計成果和產品。我們確實認為這是一個持久的趨勢。

Great. And then you talked about the design wins being maintaining that record pace. Is there a way to -- a way to size the magnitude of those design wins? How should we be thinking about that? Just as those come into market, it seems like that pipeline would be very strong over the next couple of years. Just a sense of what that could look like from what your existing design win pipeline looks like.

偉大的。然後您談到設計的勝利就是保持這一創紀錄的速度。有沒有辦法衡量這些設計勝利的規模？我們該如何思考這個問題？隨著這些產品進入市場，看起來未來幾年該通路將會非常強勁。只是從您現有的設計獲勝流程來看，它看起來是什麼樣的。

David, the way to think about it is we do feel like design win pipeline that we have, the funnel, number one, which includes opportunities as well as design win pipeline, which is more focused on the one opportunities that have moved to in are -- they're both quite strong.

大衛，思考這個問題的方式是，我們確實覺得我們擁有的設計勝利管道，漏斗，第一，它包括機會以及設計勝利管道，它更側重於已經轉移到的一個機會 - 它們都非常強大。

And so both from an opportunity point of view on the new product, we've got actually pre-Nexus product, Nexus and Avant product, all three continue to do very well. Opportunities continue to grow. The conversion into design wins continue to grow. And we are very confident that the funnel is going to result into the growth that we are expecting into '26 and '27.

因此，從新產品的機會角度來看，我們實際上已經有了 Nexus 之前的產品、Nexus 和 Avant 產品，這三款產品都繼續表現良好。機會不斷增長。設計成果轉換率持續成長。我們非常有信心，這項管道將帶來我們預期的 26 年和 27 年的成長。

And so the way we're thinking about it is the manage of it, that gives us confidence in the future, and we're quite confident. We have not broken up. We've discussed many times, should we start opening up the dollar number? They're very significant number, multiple, multiple times the revenue, and we're confident that this is very strong and sustainable.

因此，我們思考這個問題的方式就是對其進行管理，這讓我們對未來充滿信心，而且我們非常有信心。我們還沒分手。我們已經討論過很多次了，我們是否應該開始公開美元數字？這個數字非常可觀，是收入的數倍，我們相信，這一增長非常強勁，而且可持續。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

(Operator Instructions) Ruben Roy, Stifel.

（操作員指示）Ruben Roy，Stifel。

Yes. Thank you. Lorenzo, I wanted to touch on the inventory again, please. And maybe if we could just -- I think Ford said that the channel inventory came down during the quarter, and you mentioned that it could take a few quarters longer to get to your target level, which I believe is three months. Can you tell us where you exited Q1 relative to that three-month target?

是的。謝謝。洛倫佐，我想再談談庫存問題。也許我們可以——我認為福特表示本季通路庫存下降了，而您提到可能需要幾個季度才能達到目標水平，我認為是三個月。您能告訴我們您第一季的退出情況相對於三個月的目標而言如何嗎？

Yeah. We haven't disclosed that, Ruben. And what we will say is we're trying to get down to that target level. Again, originally, as you pointed out, we're trying to get to that by the middle of the year. And we think right now, it's going to take us a couple more quarters.

是的。我們還沒有透露這一點，魯本。我們要說的是，我們正在努力達到這個目標水準。再說一次，正如您所指出的，我們最初正試圖在今年年中實現這一目標。我們現在認為這還需要幾個季度的時間。

And some of that relates to the uncertainty in the overall market. But it's just a continual push of the programs we have with the channel and our commitment to under-shipping consumption that will get us there.

其中一些與整體市場的不確定性有關。但只要我們持續推進通路計劃，並致力於降低出貨量，我們就能實現這一目標。

Okay. I guess a follow-up on, Ford mentioned also that you're having a lot of discussions, I think, as most management teams are with customers and trying to assess the situation, which is changing pretty constantly.

好的。我想接下來，福特也提到，你們正在進行大量討論，因為大多數管理團隊都在與客戶溝通，並試圖評估情況，而情況不斷變化。

Have you been able to tell whether or not there have been orders that in any of your end markets that are maybe abnormal? We've heard a little bit about pull-ins and that type of activity. Are you seeing anything like that while you're either the channel or your customers are trying to figure out how the tariff situation ends up?

您是否能夠判斷出在您的終端市場中是否有異常的訂單？我們聽說過一些有關拉攏和類似活動的事情。當您作為通路商或客戶試圖了解資費情況最終如何時，您是否看到過類似的情況？

Yes, I'll start and then Ford can fill in with more color around customer specifics. So we're looking at the data. We're looking at the data hard on a very weekly basis and talking to our sales force about what they see and asking these specific questions. We don't see any material changes in behaviors what we're seeing in our data. But I think the more qualitative call, it's best comes from Ford.

是的，我會開始，然後福特可以根據客戶的具體情況填寫更多內容。所以我們正在查看數據。我們每週都會仔細查看數據，並與我們的銷售人員討論他們所看到的情況並詢問這些具體問題。我們沒有看到數據中顯示的行為有任何實質的變化。但我認為，更定性的呼籲，最好的呼籲來自福特。

Yes. We've had discussions, as you expect, with all of them. And the results of these cloud companies have been already published. And you see from these results that actually some of them have grown their 2025 CapEx from last quarter guidance to this quarter guidance in '25. Some of them has actually started guiding to a moderate rise in 2026 CapEx.

是的。正如您所期望的，我們與他們所有人都進行了討論。而這些雲端運算公司的業績都已經公佈了。從這些結果中你可以看到，實際上其中一些公司已經將 2025 年的資本支出從上一季的指引提高到了 2025 年本季的指引。他們中的一些人實際上已經開始引導2026年資本支出的適度成長。

So publicly, I think the statement they've all made are positive and continue to point to solid CapEx for '25 and increased, albeit maybe moderate into '26. So in addition to the discussion we've had with them, that gives us the confidence this is true demand.

因此，我認為他們公開發表的聲明都是積極的，並繼續表明 25 年的資本支出將保持穩健，並且會增加，儘管 26 年可能會放緩。因此，除了我們與他們進行的討論之外，這讓我們相信這是真正的需求。

That's helpful. Thank you, Ford.

這很有幫助。謝謝你，福特。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hi, guys. Thanks so much for taking my questions. It's a privilege to be on your earnings call for the first time. I wanted to ask about the achievement of the long-term gross margin target of low 70%. I would assume that's going to be largely dependent on mix. But as we think about the contribution to product mix for the balance of fiscal year '25, what are the different considerations? Will you see more of a snapback in legacy products, and thus, that legacy mix will go away slower?

嗨，大家好。非常感謝您回答我的問題。我很榮幸第一次參加您的財報電話會議。我想問長期毛利率70%以下的目標達成。我認為這在很大程度上取決於混合。但是，當我們考慮對 25 財年餘額的產品組合貢獻時，有哪些不同的考慮因素？您是否會看到傳統產品出現更多反彈，從而導致傳統產品組合消失得更慢？

How about IP-related revenue in the fiscal year? And then for a benchmark for long-term gross margins, looking at that design -- the design wins that you referenced, how much of it is comprised of newer products and as well the attach rate for software in those?

本財年IP相關收入如何？然後，對於長期毛利率的基準，看看那個設計——您提到的設計勝利，其中有多少是由新產品組成的，以及其中軟體的附加率是多少？

Thank you, Gary, for that question. The -- we've been at this 70% gross margin now for 10 quarters, right? So -- and especially in a 2024 and Q1 '25 of decreased demand, it's good to see that margin continue to hold itself showing the differentiation and sustainable value we bring to customers from our products. So our current model long term costs for 70%, and we're confident that we will achieve that.

謝謝加里提出這個問題。我們的毛利率已經連續 10 個季度保持在 70% 左右了，對吧？因此—尤其是在 2024 年和 2025 年第一季需求下降的情況下，很高興看到利潤率持續保持穩定，顯示出我們的產品為客戶帶來的差異化和永續價值。因此，我們目前的模型長期成本為 70%，我們有信心實現這一目標。

Yes. I think there will be some benefit of scaling as revenue returns, that's just going to happen. But the mix strengthens, and what you see is the dynamic of continued cost reduction across all of our product lines. But in general, the magnitude or the degree of cost reduction in new products happens faster than mature products. So we believe that will be advantageous to our mix going forward as we grow the new products.

是的。我認為隨著收入的回升，擴大規模將會帶來一些好處，這是必然會發生的。但產品組合不斷加強，您會看到我們所有產品線的成本持續降低。但整體來說，新產品成本下降的幅度或程度比成熟產品快。因此，我們相信，隨著我們新產品的不斷增長，這將有利於我們未來的產品組合。

I heard your question, I think we've got to it. But if not, please follow up. And by the way, thank you for being on the call, Gary. Appreciate it.

我聽到了你的問題，我想我們已經討論過了。如果沒有，請跟進。順便說一句，謝謝你接聽電話，加里。非常感謝。

As my follow-up, I wanted to ask about the competitive environment for low power, small-sized FPGAs. I think there's been a lot more noise from the two big players in the market about trying to supplement their growth by moving into this particular segment.

作為我的後續問題，我想問一下低功耗、小尺寸 FPGA 的競爭環境。我認為市場上的兩大巨頭都在大力宣傳透過進入這個特定領域來促進成長。

And I think there's been some new architectures with some smaller lookup table counts and whatnot. So all things considered, considering that one of the big competitors is transitioning to a private equity firm, how do you see the competitive landscape in the small-sized and low-power FPGA market?

我認為已經出現了一些新的架構，其查找表數量更小等等。那麼綜合考慮，考慮到其中一家大競爭對手正在轉型為私募股權公司，您如何看待小尺寸、低功耗 FPGA 市場的競爭格局？

Gary, the fact that you're shrinking, you look at table doesn't change your fundamental architecture of a Lot 4 versus a Lot 6. So Xilinx and Altera are still stuck on that lot Lot 6 architecture. So nothing they can do to -- unless they totally change and come to a lot 4, which we'd welcome because that means that they will follow us into that sector.

加里，事實上，你正在縮小，你看表格並沒有改變第 4 地塊和第 6 地塊的基本架構。因此 Xilinx 和 Altera 仍然停留在 Lot 6 架構上。所以他們無能為力——除非他們徹底改變並進入第 4 批，我們對此表示歡迎，因為這意味著他們將跟隨我們進入該領域。

So fundamentally, we have a very different architecture on that small and medium-sized FPGA, and that results in -- for certain application, call it, under 1 million lots, which we are -- for both Avant and Nexus, well below this. Nexus is below 100,000, and we've announced an excess below 200,000, that's well within the envelope of a lot for architecture.

因此從根本上來說，我們在中小型 FPGA 上採用了非常不同的架構，這導致 — — 對於某些應用來說，稱之為 100 萬批次以下，對於 Avant 和 Nexus 來說，都遠低於這個水平。Nexus 低於 100,000，我們已經宣布了低於 200,000 的超額，這完全在建築的範圍內。

Avant currently the 500,000, again, well inside that envelope. So inside that 1 million and under envelope, we feel very confident that are not for architecture is going to have sustainable long-term size, power and performance, all kinds of advantages.

Avant 目前有 50 萬個，同樣也在這個範圍內。因此，在 100 萬及以下的範圍內，我們非常有信心，這些架構將具有可持續的長期規模、功率和性能等各種優勢。

You don't want to have a human or robot walk around with these heavy Xilinx and Altera FPGAs or same for a rack when you -- server rack, when you got 100 of these -- I mean, power matters, size matters, and we feel good about where we are.

您不會希望讓人或機器人帶著這些沉重的 Xilinx 和 Altera FPGA 到處走動，或者當您的伺服器機架上有 100 個這樣的 FPGA 時，我的意思是，功率很重要，尺寸很重要，我們對所處的位置感到滿意。

Thanks, again.

再次感謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi. Good afternoon. When should we expect the revenue from Nexus to start rolling over, historically, at least in the high-end FPGA, that's typically on the seventh year of a new FPGA product ramp, which for Nexus will be in '26. Are you seeing any signs of slowdown in growth? And what's the confidence about new products offsetting that, if that's the case? Or would you expect the Nexus to continue in year-over-year beyond the next year?

你好。午安.我們應該何時預期 Nexus 的收入會開始回升，從歷史上看，至少在高端 FPGA 領域，這通常是在新 FPGA 產品推出的第七年，對於 Nexus 來說，這將是 26 年。您是否看到任何成長放緩的跡象？如果事實確實如此，那麼對於新產品能夠抵銷這項影響的信心又如何呢？或者您是否預計 Nexus 明年以後將繼續保持同比增長？

Yes. No, thank you, Tristan, as you and I just what we met, I'm new to this FPGA market. I mean, it takes a long time to ramp. And Lorenzo reminds me from his earnings days, I'm going to go ahead first and I'll answer the question next. But yes, the FPGA does take a long time to ramp because we introduced the first product, and you've got to introduce the next ones and mature the two is mature IP.

是的。不，謝謝你，特里斯坦，正如你和我剛剛認識的，我對這個 FPGA 市場還很陌生。我的意思是，它需要很長時間才能實現。洛倫佐從他賺錢的日子裡提醒了我，我先繼續，然後回答這個問題。但是的，FPGA 確實需要很長時間才能完成，因為我們推出了第一款產品，並且必須推出後續產品，並使這兩款產品成熟，也就是 IP 成熟。

So the good news on this longevity is very long. So most of our customers designed for 20-, 30-year life. And our partner, supply partner on both the fab and the OSAT are very focused on providing that longevity that some of our other competitors I don't think would be able to ascertain and provide. So we are very positive on where that ramp becomes. It accelerates Nexus accelerates in 2026.

因此，關於這個長壽的好消息是，它非常長。因此，我們的大多數客戶都設計了 20 年或 30 年的使用壽命。我們的合作夥伴、晶圓廠和 OSAT 的供應合作夥伴都非常注重提供這種長壽命，我認為我們的其他一些競爭對手無法確定和提供這種長壽命。因此，我們對這個斜坡的走向非常有信心。它加速了 Nexus 在 2026 年的加速。

Avant accelerates in '27. And that's what's going to create the next year and the year after that growth. And then these things are going to stick around for 20, 30 years.

Avant 在 27 年加速發展。這就是明年和後年將會實現成長的動力。這些東西將會持續存在 20 到 30 年。

Now with that, let me turn it over to Lorenzo because Lorenzo at Xilinx spent what, nine years to maybe.

現在，讓我將時間交給 Lorenzo，因為 Lorenzo 在 Xilinx 工作了大約九年時間。

11.

11.

11 years, sorry. And when he first showed up, he said, I sound like the prior CEO of Xilinx who's a good friend of mine, by the way, but please go ahead.

11年了，抱歉。當他第一次出現時，他說，順便說一句，我聽起來像 Xilinx 的前任首席執行官，他是我的好朋友，但請繼續。

Yes. So I think the key thing that Ford talked about in terms of the design time frame and the product ramp, that's all consistent with the behavior of the industry. The other aspect of the product family approach is as time goes on, we introduce more variants and continue to expand the footprint of the new products into different end markets and different segments, different price points, and so on. And so that will accelerate the growth from any new product that you launch. So that's just a systematic expansion of the footprint of the new products through time.

是的。因此，我認為福特在設計時間框架和產品提升方面談到的關鍵點都與產業行為一致。產品系列方法的另一個方面是，隨著時間的推移，我們會推出更多變體，並繼續將新產品的足跡擴展到不同的終端市場、不同的細分市場、不同的價格點等等。這將加速您推出的任何新產品的成長。所以這只是新產品足跡隨時間的系統性擴展。

I think as I said earlier, we're looking Ford do is to help for over this anxiety has the time to market is apply -- approaches where we are focused on helping our customers bring their products to market faster, but providing more complete solutions, broader sets of IP and design health so that they accelerate their time to revenue. And that has also the benefit of increasing the intimacy we have with our customers and providing more opportunities to deploy the next-generation products as they come up.

我想正如我之前所說，我們希望福特能做的就是幫助克服這種對上市時間的焦慮——我們的方法專注於幫助我們的客戶更快地將他們的產品推向市場，但提供更完整的解決方案、更廣泛的 IP 和設計健康，以便他們加快盈利時間。這也有利於增進我們與客戶的親密度，並為部署下一代產品提供更多機會。

Okay. That's very useful. And then from my second question, it's really not a question just for Lattice, but also some of the products, given how long some products have been staying in inventories, notably at Lattice. Is there any potential for inventory obsolescence at distributors, notably, in the industrial land market, specifically for your product?

好的。這非常有用。然後從我的第二個問題開始，這實際上不僅僅是針對萊迪思的問題，也是針對一些產品的問題，因為一些產品已經在庫存中停留了很長時間，特別是在萊迪思。經銷商，尤其是工業用地市場的經銷商，是否存在庫存過時的可能性，特別是您的產品？

And then to this and your somewhat reserved the outlook for the second half, which obviously we've heard this from other companies as well, are you rethinking your growth strategy in terms of acquisitions? And could you be more acquisitive, and what areas will be strategic for you?

然後，您對下半年的前景有些保留，顯然我們也從其他公司聽到了這一點，您是否正在重新考慮收購方面的成長策略？您是否可以更具收購精神，哪些領域對您來說具有策略意義？

So I'll take the first part of the question on inventory, and then I think it's appropriate for Ford to take the second. The -- on our inventory, both in-house and in the channel, the nature of FPGAs and our products and their applications is that it's very long lived. And we -- while we see some occasional instances of obsolescence, we generally don't see anything significant, and we're not expecting anything significant.

因此，我將回答有關庫存的問題的第一部分，然後我認為福特適合回答第二部分。在我們的庫存中，無論是內部還是通路，FPGA 以及我們的產品及其應用的性質都是非常長的。而且我們——雖然我們偶爾會看到一些過時的情況，但我們通常不會看到任何重大的事情，我們也不會期待任何重大的事情。

Obviously, our guide shows continued strength in margin, and so that obviously is not impacted in any way by these product write-downs or inventory write-offs. So generally comfortable. I think it is something we manage like every part of our business on an ongoing basis and continue to look for ways to move the inventory because that's better for us -- but -- so that's the inventory picture for the M&A outlook and thoughts.

顯然，我們的指南顯示利潤率持續走高，因此顯然不會受到這些產品減記或庫存註銷的任何影響。整體來說很舒服。我認為這是我們持續管理業務的每個部分的事情，並繼續尋找轉移庫存的方法，因為這對我們來說更有利 - 但是 - 這就是併購前景和想法的庫存情況。

Yes. On M&A, we, number one, are very focused on our organic growth and making sure that we deliver on what the investments -- the return on investments for the investment we've made in our Nexus and Avant. As Lorenzo just pointed out, the -- FPGA has a set of tools and IP around them that would help customers go to market faster as well as the strategic sockets that sit around us. And so we, over the long term, could potentially be more acquisitive.

是的。在併購方面，我們首先非常注重有機成長，並確保我們實現投資回報——我們對 Nexus 和 Avant 的投資。正如 Lorenzo 剛剛指出的那樣，FPGA 擁有一套工具和 IP，可以幫助客戶更快地進入市場，以及我們周圍的戰略插座。因此，從長遠來看，我們可能會更加積極地收購。

We get paid to look at both organic and inorganic, but we also get paid to make sure that we don't pay for any of these assets. So we'll continue to grow both organically and inorganically, keeping in mind that the investments we make have to return good value for our shareholders.

我們得到報酬來研究有機和無機資產，但我們也得到報酬來確保我們不會為任何這些資產付費。因此，我們將繼續透過有機和無機的方式成長，同時牢記我們所做的投資必須為股東帶來良好的回報。

Great. Thank you very much.

偉大的。非常感謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, I guess. Thanks for taking my question. I gues I wanted to start with just -- you went through the China impact and the amount of revenue, which is pretty small flowing through the US. But looking at the 10-Q, it looks like you had $57 million flowing to China. Just wondering, first, if you could walk us through any potential tariff impact on that China business.

嘿，我猜是的。感謝您回答我的問題。我想先談談——您經歷了中國的影響和收入數額，流經美國的收入相當少。但從 10-Q 表來看，似乎有 5700 萬美元流入中國。首先，我想知道您是否可以向我們介紹一下關稅對中國業務的潛在影響。

And then a second question since China is now almost half of revenue on a ship-to basis, can you give us a sense of how much of that actually stays in China, so China for China revenue and within that China for China? Are you seeing any increase in competition or pricing pressure from local Chinese FPGA vendors?

然後第二個問題，由於現在中國的收入幾乎占到發貨收入的一半，您能否告訴我們其中有多少實際上留在了中國，即中國的收入以及中國的收入中有多少是來自中國？您是否發現來自中國本土 FPGA 供應商的競爭或定價壓力增加？

Yes. Let me take the latter half, and then maybe Lorenzo can add on the former. The percent of revenue that is consumed in China is far lower than what is shipped to China. And the ship to China also includes Hong Kong.

是的。讓我來談談後半部分，然後也許洛倫佐可以補充前半部分。在中國消費的收入百分比遠低於運往中國的收入百分比。而且開往中國的船還包括香港。

So when you look at the number that we reported in our 10-Q and include on a ship-to both Hong Kong and China Mainland, and then the percent that on the China Mainland that stays in China is much smaller than what we report as ship to. We haven't broken it up in the past, so we're probably not going to break it up, Quinn.

因此，當您查看我們在 10-Q 中報告的數字，並將運往香港和中國大陸的船隻包括在內時，您會發現，留在中國大陸的船隻所佔的百分比比我們報告的運往的船隻所佔的百分比要小得多。我們以前沒有分手過，所以我們可能不會分手，奎因。

As far as competition with the local Chinese vendors, they've been very strong in Communications and Compute. So if you look at the business of not just Lattice, but probably some of our peers, US peers, a few years ago, this was a business that was probably dominated by some of the communication companies, the Huawei and telecom and ZTE, FiberHome, et cetera, H3C. And today, the business is dominated by Automotive and Industrial. So we've shifted from totally front sector to the other.

就與中國本土供應商的競爭而言，他們在通訊和計算領域非常強大。因此，如果你看一下不僅僅是萊迪思的業務，而且可能還有我們的一些同行，美國同行，幾年前，這項業務可能被一些通信公司所主導，比如華為、中興、烽火通信、H3C 等。如今，該業務以汽車和工業為主。因此，我們已經從前線區域轉移到了其他區域。

The good news on the Lattice business in China is we've actually increased compared to what we believe the other two large US guys that have decreased. So that decreased significantly. We've increased slightly. So the revenue growth from the Chinese companies that are native companies in China have -- they've grown at the expense of the other two guys -- the other two big guys.

關於萊迪思在中國的業務的好消息是，與我們認為的其他兩家美國大公司的業務下降相比，我們實際上有所成長。因此這數字大幅下降。我們略有增加。因此，中國本土公司的收入成長是以犧牲另外兩家巨頭的利益為代價的。

We -- and our expense, obviously, in Comms. But there's definitely going to be a mix in China where some sectors are not open to us and some sectors still are. And the fact that we've grown our business in China slightly shows the differentiation of our products in power, size, cost effectiveness and solutions. Lorenzo?

顯然，我們的開支是在通訊方面。但中國肯定會出現這樣一種情況：有些行業還未對我們開放，而有些行業仍然對我們開放。我們在中國的業務略有成長，這表明我們的產品在功率、尺寸、成本效益和解決方案方面存在差異。洛倫佐？

And so on the first part of your question, Quinn, the best I can understand it, the way we look at the current tariff regimes is it depends on where the -- if you're thinking about China, it depends on where the country of origin is determined to be.

因此，關於您問題的第一部分，奎因，我能理解的是，我們看待當前關稅制度的方式是，它取決於——如果您考慮中國，它取決於原產國在哪裡。

Our products are -- the fabs are Japan to Taiwan and Korea, and our OSATs or assembly test vendors are Taiwan and Malaysia primarily. So that would say our current read, that inbound tariffs on China aren't applicable in -- any of the abnormal ones aren't applicable. Then the -- where they end up going out of China, it's -- is our estimate. I mean, we really -- it's hard to get very precise on that.

我們的產品－晶圓廠主要分佈在日本、台灣和韓國，我們的 OSAT 或組裝測試供應商主要分佈在台灣和馬來西亞。所以，根據我們目前的解讀，對中國的進口關稅不適用──任何不正常的關稅都不適用。那麼，它們最終會從哪裡出口到中國，這是我們的估計。我的意思是，我們真的——很難非常精確地做到這一點。

But if you then look at maybe a follow-on of your questions, coming back to the US, as everybody knows, we're right now viewing is currently except, as Ford said earlier, there could be sectoral tariffs coming. What we're doing is looking at ways to mitigate the impact, the economic impact of that on Lattice and our customers. We have some ways of doing that, but we're -- frankly, we're still trying to pin down what the rules would be around any tariff regime and implement solutions based on that.

但是，如果您再看一下您的後續問題，回到美國，眾所周知，我們現在看到的是，正如福特之前所說，可能會有行業關稅。我們正在做的是尋找減輕影響的方法，減輕對萊迪思和客戶的財務影響。我們有一些方法可以做到這一點，但坦白說，我們仍在努力確定任何關稅制度的規則，並在此基礎上實施解決方案。

Understood. Thank you very much.

明白了。非常感謝。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hey, guys. Thank you for taking my question. I wanted to ask about the new product growth. So I think if you land it where you're guiding new products this year would grow around like low to mid-20% range. I know we're far out.

嘿，大家好。感謝您回答我的問題。我想問一下有關新產品的成長。因此我認為，如果你把它定位在你引導的新產品上，今年的成長率將在 20% 左右。我知道我們已經走得很遠了。

But as we look into 2026, given you'll have Nexus, too, and Avant layering in and the ASPs that command, I mean, should we expect new product growth to accelerate coming out of this year? Or is it off of a higher base number, so it should be in line or --

但當我們展望 2026 年時，考慮到您還會擁有 Nexus、Avant 以及其所要求的平均售價，我的意思是，我們是否應該預期今年新產品的成長會加速？或者它是基於更高的基數，所以它應該一致或--

Thank you, Josh, for your question. Yes, we should -- you should expect this to accelerate. So what we have discussed in the past is the new product growth being in the mid-teens in '24, going to the high teens in '25, going to the mid-20% in '26. So as you see, it is accelerating and expected to continue to accelerate.

謝謝你，喬希，提出這個問題。是的，我們應該——你應該預期這會加速。因此，我們過去討論過的是，24 年新產品成長率將達到十幾歲左右，25 年將達到十幾歲左右，26 年將達到 20% 左右。正如你所看到的，它正在加速，並且預計會繼續加速。

Okay. And on that topic, I just wanted a quick clarification. I think in response to a prior question, you mentioned Avant layering in more meaningfully in 2027. I thought on some of your prior comments, you've mentioned that being impacting revenue more so in 2026. Can you help clarify, maybe help with how much you would expect it to contribute next year?

好的。關於這個主題，我只是想快速澄清一下。我認為在回答先前的問題時，您提到 Avant 分層在 2027 年將更有意義。我認為您之前的一些評論提到這會對 2026 年的收入產生更大的影響。您能否幫助澄清一下，或幫助您了解一下您預計它明年會貢獻多少？

Yes. Back to this FPGA living question, which is it takes an FPGA some time for the new product variants to start layering in. So we're seeing an impact of Avant -- we've reached a couple of variants of events that are making an impact on '25. And there is more variants that are being released that will then layering in in '26 and '27. So -- and same with Nexus.

是的。回到這個 FPGA 生存問題，即 FPGA 需要一些時間才能讓新產品變體開始分層。因此，我們看到了 Avant 的影響——我們已經接觸到一些對 25 年產生影響的事件變體。還有更多變體即將發布，並將於 26 年和 27 年推出。所以——和 Nexus 一樣。

So it just takes a few years for this -- for these various variants to go to market. These are longer qualification in this industrial automotive applications.

因此，這些不同的版本只需要幾年的時間就可以進入市場。這些是工業汽車應用領域中較長的資格。

Okay. Thank you.

好的。謝謝。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hi. Ezra Weener on for Blayne. Thanks for taking my questions. Just a two-parter. One would be, you talked about inventory take a little bit longer to come down, but you reiterated the year. So just want to get a little bit of color on what gives you that confidence in the reacceleration in the back half despite inventory take a little bit longer. And then part B to that question is, what are the moving pieces for the full year guidance and for the quarter from a segment basis?

你好。埃茲拉·維納 (Ezra Weener) 替換布萊恩 (Blayne)。感謝您回答我的問題。只是兩個部分。一方面，您談到庫存需要更長的時間才能下降，但您重申了今年的情況。因此，我想稍微解釋一下，儘管庫存需要更長的時間，但是什麼讓您對下半年的重新加速充滿信心。然後，該問題的 B 部分是，從細分市場來看，全年指引和季度指引的變動因素有哪些？

Yes. So I mean, look, what gives us the confidence is the three improving demand signals. And the reason we're keeping 25 -- it currently is, again, the same three demand signals, we'll continue to see improved customer consumption in light of better markets. So both on the Comms and Compute, we've discussed the server signals being better with cloud and AI. We discussed the Comms being better with the wireline and the various applications.

是的。所以我的意思是，看看，讓我們有信心的是三個改善的需求訊號。我們保持 25 的原因是——目前還是同樣的三個需求訊號，鑑於市場好轉，我們將繼續看到客戶消費的改善。因此，在通訊和運算方面，我們都討論了透過雲端和人工智慧使伺服器訊號變得更好。我們討論了有線和各種應用如何使通訊變得更好。

In Industrial and Automotive, we did discuss industrial better with improved PMI. So I think we've been very clear on what's driving this better customer consumption across Server, Comms and Industrial. And we also -- we're pretty open on Automotive being flat, and clients is the one weakness that is hurting us, right? But we don't see this as a key sector for us actually. So we're not as worried about the client business.

在工業和汽車領域，我們確實討論了透過改進 PMI 來改善工業。因此，我認為我們已經非常清楚是什麼推動了伺服器、通訊和工業領域更好的客戶消費。而且我們也 - 我們對汽車業務持平持相當開放的態度，而客戶是傷害我們的一個弱點，對嗎？但實際上我們並不認為這是我們的重點領域。所以我們不太擔心客戶業務。

So number one, improved customer consumption. Number two, we're starting every quarter now with an improved beginning background. And number three, we continue to see improvements in bookings, resulting in much higher book-to-bill, and the book-to-bill continues to grow and continue to be above one now for quite a few weeks. So you put these three together, there's no reason for us to change 25. but would be foolish to not say, look, there could be some risk given the whole tariff situation around us.

因此，第一，提高顧客消費。第二，我們現在每季都以改進的開始背景開始。第三，我們繼續看到訂單量的改善，導致訂單出貨比大幅提高，並且訂單出貨比持續成長，並且已經連續數週保持在 1 以上。所以你把這三者放在一起，我們沒有理由改變 25。但如果不說，看看，考慮到我們周圍的整個關稅情況，可能會存在一些風險，那就太愚蠢了。

And there's a lot of anxiety in the end user. And so we will be remiss not to say, look, there are some caution, and we're not alone as and everybody else in our sector, right?

最終使用者會感到非常焦慮。因此，如果我們不說，那我們就失職了，看，有一些謹慎，我們並不孤單，就像我們這個行業的其他人一樣，對吧？

Got it. Thank you.

知道了。謝謝。

Duksan Jang, Bank of America.

Duksan Jang，美國銀行。

Hi. Thank you for taking my question. Just a follow-up on this last question. And I don't mean to put you on the spot, but last call, you also soft guided 2026 to be up back to your 15% to 20% growth rate. Should we also expect that to remain in place just given the demand drivers that you just talked about?

你好。感謝您回答我的問題。這只是對最後一個問題的後續跟進。我並不是想讓您為難，但最後，您也軟性地預測 2026 年的成長率將回升至 15% 至 20%。考慮到您剛才談到的需求驅動因素，我們是否也應該預期這種情況會持續存在？

Look, from a -- yeah, can you hear us?

看，從－－是的，你聽得到我們說話嗎？

Yes, yes.

是的，是的。

Yeah. Sorry, I'm not sure what just happened, but glad you're still on. If you go back what Ford has been saying is from a fundamental basis, from the fundamental perspective, we don't see what our customers are telling us, what our design win progression is telling us and what the actual customer deployments are looking like.

是的。抱歉，我不確定剛才發生了什麼，但很高興你還在。如果你回顧福特從根本上所說的內容，從根本上看，我們看不到客戶在告訴我們什麼，我們的設計勝利進展在告訴我們什麼，以及實際的客戶部署是什麼樣的。

We don't see fundamental change in the outlook we have. That said, we know very well how macro factors can impact the semiconductor industry and how macro factors can specifically impact the FPGA business.

我們沒有看到我們的前景發生根本性的改變。話雖如此，我們非常清楚宏觀因素如何影響半導體產業，以及宏觀因素如何具體影響 FPGA 業務。

I've been through a couple of different cycles. So we want to make sure that we are communicating where our fundamental position comes from, product strength, design win strength, execution, but some of the outcomes aren't in our control.

我經歷過幾個不同的週期。因此，我們希望確保我們能夠清楚地傳達我們的基本立場、產品實力、設計優勢、執行力，但有些結果並不在我們的控制範圍內。

And so that -- if there is in macro that happens, negatively impacts everybody, we'll feel it, too. That means -- so that's the answer for 2025 and '26 as well and beyond, right? We're not ignorant of the environment. We're focusing on what we can see and influence directly.

因此，如果宏觀上發生這種情況，對每個人產生負面影響，我們也會感受到。這意味著──這也是 2025 年、2026 年及以後的答案，對嗎？我們並非不知道環境。我們關注的是那些我們能夠直接看到並影響的事物。

Yes. That makes sense. Then as a follow-up, I want to ask about gross margins. Is there any way to quantify the impact of new product to margins, so 15% exiting 2024? I mean, I think you said high teens this year and the mid-20%s next year.

是的。這很有道理。那麼作為後續問題，我想問毛利率。有什麼方法可以量化新產品對利潤率的影響，即 2024 年退出時利潤率為 15%？我的意思是，我認為您說的是今年是十幾歲，明年是二十五、六歲。

So we have the mix, but how should we think about the impact to margins? Or any qualitative color would be helpful as well.

因此，我們有了組合，但我們應該如何考慮對利潤的影響？或者任何定性顏色也會有幫助。

Yes. I think what we had said last time is there's a nice ASP increase from pre-Nexus to Nexus, and there's another nice ASP increase from Nexus to Avant. In line with our ASPs for our peers would be the smaller FPGA going to the high end of the spot at FPGA going to the mid-range of FPGA.

是的。我想我們上次說過，從 Nexus 之前到 Nexus，平均售價有了很大的提升，從 Nexus 到 Avant，平均售價也有很大的提升。與我們為同業提供的平均銷售價格一致，較小的 FPGA 將進入 FPGA 的高端，再進入 FPGA 的中端。

We're not giving ASP guidance on these broad comms. But I think there is an understanding in the market of what the ASP increase would be, and it'd be very significant from one to the other.

我們不會就這些廣泛的通訊向 ASP 提供指導。但我認為市場對平均售價的漲幅已經有所了解，而且各個產品之間的漲幅都非常顯著。

Understood. Thank you so much.

明白了。太感謝了。

Kevin Garrigan, Rosenblatt Securities.

羅森布拉特證券的凱文·加里根 (Kevin Garrigan)。

Hi, all. Thanks for squeezing me in. Ford, just a clarification, are you seeing industrial growing across the board? Or is the end market growing in certain pockets while there may still be declining?

大家好。謝謝你把我擠進來。福特，請澄清一下，您是否看到工業全面成長？或者終端市場在某些領域正在成長，而其他領域可能仍在下降？

What's that?

那是什麼？

The Industrial growth.

工業成長。

So the question is, do we see segments of Industrial growing versus others? Is that the question?

所以問題是，我們是否看到工業部門相對於其他部門有所成長？這是問題嗎？

Yes. Yes. Just wondering if you're seeing all basically segments in the Industrial growing or are some growing or there's may be declining?

是的。是的。只是想知道您是否看到工業領域基本上所有部分都在增長，或者部分在增長，或者可能在下降？

I don't think we've gone to that level of detail at this point. We definitely are seeing some of the segments that are growing faster. We did discuss the data center, but we do have other segments like aerospace, defense and medical that seem to be also growing faster.

我認為我們目前還沒有達到那種詳細程度。我們確實看到一些細分市場正在成長得更快。我們確實討論了資料中心，但其他領域，如航空航太、國防和醫療，似乎也成長得更快。

Yes. It's just a very broad segment for us. So there will be ups and downs in it as a matter of course through time.

是的。對我們來說這只是一個非常廣泛的領域。因此，隨著時間的推移，它必然會出現起伏。

Okay. Great. And then just Industrial, can you just give us some puts and takes on how big your opportunity is in AI there as things continue to go to more inference-related workloads? .

好的。偉大的。然後就工業而言，隨著事情繼續轉向更多與推理相關的工作負載，您能否給我們一些關於您在人工智慧領域的機會有多大的看法？。

Yes. I think in the past, we have discussed the opportunity for us to be a companion AI chip. And the data center cloud applications, we are always a companion. So we don't really do AI in our chips. We were more a supporting function to these big training or inferencing AI chips and server and AI applications.

是的。我想在過去，我們已經討論過我們成為伴侶AI晶片的機會。而資料中心雲端應用，我們始終是同伴。因此我們的晶片實際上並沒有實現人工智慧。我們更多的是為這些大型訓練或推理人工智慧晶片、伺服器和人工智慧應用程式提供支援。

On the Industrial and some pieces of equipment, we're the only processing element in our FPGA. We obviously have a chance to pay a bigger role because we are the main processing element. And FPGAs are very good as compared processing engine for performance, very low latency, deterministic, accurate, high performance.

在工業和一些設備上，我們的 FPGA 是唯一的處理元素。我們顯然有機會發揮更大的作用，因為我們是主要的處理元素。與處理引擎相比，FPGA 的效能非常出色，延遲非常低、確定性、準確度高、效能高。

So we have a lot of attributes in places where we're the only pain element and some of these smaller IoT and industrial type of monitoring the applications to run some of these tiny models on FPGAs directly.

因此，我們在許多地方都擁有屬性，而我們是唯一的痛點因素，其中一些較小的物聯網和工業類型的監控應用程式可以直接在 FPGA 上運行一些微小的模型。

In a lot of cases, still, if there is a bigger FPGAs, let's say, somewhere in the automotive and the enterprise controller for Industrial, we still have preprocessing element, if you wish, that feeds some of this preprocessing AI and data to the main AI inferencing or training chip.

在許多情況下，如果有更大的 FPGA，比如說，在汽車和工業企業控制器的某個地方，我們仍然有預處理元素，如果你願意的話，可以將一些預處理 AI 和資料提供給主要的 AI 推理或訓練晶片。

So there's definitely a role for us to play in Industrial that's bigger than the role we have to play in data center and cloud. Did I answer the question?

因此，我們在工業領域發揮的作用肯定比在資料中心和雲端運算領域中發揮的作用更大。我回答問題了嗎？

Yes, it did. I appreciate that color. Thanks, Ford.

是的，確實如此。我很欣賞那個顏色。謝謝，福特。

I would like to turn the floor over to Ford Tamer for closing remarks.

我想請福特塔默 (Ford Tamer) 作最後發言。

Thank you, operator. Thank you, everyone, for joining us on today's call and for your continued support. We remain focused on execution, working closely with our customers to drive innovation, and expanding market opportunities as we've been on our accelerated level of new design wins. I look forward to sharing the company's progress with you in the coming quarters. Operator, that concludes today's call.

謝謝您，接線生。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。我們始終專注於執行，與客戶密切合作以推動創新，並在我們加速贏得新設計的過程中擴大市場機會。我期待在接下來的幾季與大家分享公司的進展。接線員，今天的通話到此結束。

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

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。