萊迪思半導體 (LSCC) 2025 Q4 法說會逐字稿

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

各位好，歡迎參加萊迪思半導體2025年第四季及全年財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Rick Muscha, Vice President of Investor Relations. Thank you, Rick. You may begin.

現在，我榮幸地向大家介紹主持人，投資者關係副總裁里克·穆沙。謝謝你，里克。你可以開始了。

Thank you, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO; and Lorenzo Flores, Lattice's CFO. We'll provide a financial and business review of the fourth quarter of 2025 and the business outlook for the first quarter of 2026. If you have not obtained a copy of our earnings press release, it can be found at our company website in the Investor Relations section at latticesemi.com. I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company.

謝謝接線員，大家下午好。今天陪同我出席的有萊迪斯公司執行長福特·塔默，以及萊迪斯公司財務長洛倫佐·弗洛雷斯。我們將提供 2025 年第四季的財務和業務回顧以及 2026 年第一季的業務展望。如果您尚未收到我們的獲利新聞稿，可以在我們公司網站 latticesemi.com 的「投資者關係」欄位中找到。我想提醒大家，在今天的電話會議上，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions based on information that is currently available and that actual results may differ materially. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

我們謹此提醒您，此類聲明是基於目前可獲得的資訊所做的預測，實際結果可能與預測結果有重大差異。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 表格、10-Q 表格和 8-K 表格。這些文件包含並列出了可能導致實際結果與我們的預測或前瞻性聲明中包含的結果有重大差異的重要風險因素。

This call includes and constitutes the company's official guidance for the first quarter of 2026. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call. We will refer primarily to non-GAAP financial measures during this call.

本次電話會議包含並構成本公司對 2026 年第一季的正式業績指引。如果在本次通話之後，我們對本指南進行任何實質修改，我們計劃透過新聞稿或公開宣布的電話會議等公共管道進行此類更新。本次電話會議我們將主要參考非GAAP財務指標。

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

透過披露某些非GAAP信息，管理層旨在為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，我們提供了這些非GAAP財務指標與GAAP財務指標的調節表，您可以在我們網站latticesemi.com的投資者關係部分找到這些調節表。

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

現在我把電話交給我們的執行長福特·塔默。

Thank you, Rick, and welcome, everyone, to our fourth quarter and full year 2025 earnings call. At the end of 2024, we told you what we're going to do. And over the last year, we did what we said. And we accomplished that by delivering on our commitments, stabilizing the business, normalizing channel inventory, improving execution and positioning Lattice to capitalize on two of the most powerful secular trends shaping our industry, data center AI and physical AI. As we begin 2026, I'm most excited to see that low-power FPGAs are being widely adopted at an accelerating rate, becoming the everywhere companion chips.

謝謝里克，歡迎各位參加我們2025年第四季及全年財報電話會議。2024年底，我們告訴了你們我們要做什麼。過去一年，我們說到做到。我們透過履行承諾、穩定業務、規範通路庫存、改進執行力以及使 Lattice 能夠利用塑造我們行業的兩個最強大的長期趨勢（資料中心人工智慧和實體人工智慧）來實現這一目標。進入 2026 年，我最興奮的是看到低功耗 FPGA 正在以越來越快的速度被廣泛採用，成為無處不在的配套晶片。

With the Super Bowl still fresh on everyone's mind, I will use a sports analogy. The primary processors, GPUs, custom AI accelerators, CPUs and MPUs are the system's most valuable players or MVPs. These MVPs are powerful, but cannot win a game, let alone a championship without a team. And Lattice is that team. We provide the FPGAs, those everywhere companion chips that perform many of the critical system functions.

超級盃的精彩賽事也歷歷在目，我將用運動術語來打個比方。主處理器、GPU、客製化AI加速器、CPU和MPU是系統中最有價值的元件或MVP。這些MVP球員實力很強，但如果沒有球隊，他們連一場比賽都贏不了，更別說贏得總冠軍了。而 Lattice 就是那支隊伍。我們提供 FPGA，這些無所不在的配套晶片執行許多關鍵的系統功能。

These include boot, power sequencing, security, control, I/O expansion, board and rack management, leak detection, power and cooling, bridging, sensor aggregation, sensor fusion, preprocessing and many other valuable system functions.

這些功能包括啟動、電源時序、安全性、控制、I/O 擴展、電路板和機架管理、洩漏檢測、電源和冷卻、橋接、感測器聚合、感測器融合、預處理以及許多其他有價值的系統功能。

We do this across both data center AI and physical AI. We do this across all major markets, communications, compute, industrial, automotive, aerospace and defense, medical and consumer. And we do this across some of the world's fastest-growing applications, security, rack management, communication, quantum cryptography, humanoids, industrial automation, logistics, robotaxis, space and AR/VR wearables. Those powerful companion chips provide pervasive interoperability across all these vital functions, markets, applications and diverse suppliers. You can consider Lattice as Switzerland for data center and physical AI applications.

我們在資料中心人工智慧和實體人工智慧領域都採用了這種方法。我們在所有主要市場都開展這項業務，包括通訊、運算、工業、汽車、航空航太和國防、醫療和消費品。我們在一些全球成長最快的應用領域進行這項工作，包括安全性、機架管理、通訊、量子密碼學、人形機器人、工業自動化、物流、機器人計程車、太空和 AR/VR 穿戴式裝置。這些功能強大的配套晶片可在所有這些重要功能、市場、應用和不同的供應商之間實現廣泛的互通性。你可以把Lattice看作是資料中心和實體人工智慧應用領域的瑞士。

The other big benefit of our companion chip strategy is that it drives sustainable diversified growth across all markets and applications, which is helping us to deliver on our financial targets. And this companion role becomes foundational as AI workloads push system-level complexity higher and higher and drive to faster time to market. As AI servers disaggregate into processor boards, networking cards, security cards, power and cooling modules, storage and other specialized blades, FPGAs show up everywhere in the data center.

我們配套晶片策略的另一個巨大優勢在於，它推動了所有市場和應用領域的可持續多元化成長，這有助於我們實現財務目標。隨著人工智慧工作負載不斷提高系統級複雜性，並推動產品更快上市，這種配套功能的作用變得至關重要。隨著 AI 伺服器分解為處理器板、網卡、安全卡、電源和散熱模組、儲存和其他專用刀片，FPGA 在資料中心的各個角落都得到了應用。

We are also seeing the same trend accelerating in physical AI. Intelligence is moving closer to the sensors where data is created. A single robot can have multiple vision sensors, including image, LiDAR, radar and infrared requiring fusion, aggregation and preprocessing. In addition, humanoid robots could have dozens of motors requiring high precision and low latency control. Companion chip FPGAs sit besides those sensors and actuators to synchronize high-bandwidth vision streams with real-time motion and deliver deterministic responses.

我們也看到同樣的趨勢在實體人工智慧領域加速發展。智慧技術正向數據產生的傳感器方向發展。單一機器人可以擁有多個視覺感測器，包括影像、光達、雷達和紅外線感測器，這些感測器需要進行融合、聚合和預處理。此外，人形機器人可能擁有數十個電機，需要高精度和低延遲控制。配套晶片 FPGA 位於這些感測器和執行器旁邊，用於將高頻寬視覺流與即時運動同步，並提供確定性響應。

And instead of software running on a microcontroller, Lattice FPGAs do this in hardware, making it easier to guarantee the same cycle accurate responses every time. Finally, in some cases, FPGAs can also serve as the primary compute such as signal processing, real-time networking and what has become to be known as Far Edge AI. We, at Lattice, define Far Edge AI as near sensor contextual AI with tiny or small self-contained models, and our momentum is building. For example, we recently won a design in a human machine interface, or HMI, industrial robotics, and we are seeing the pull for applications under 1 TOPS and under 1 watt.

與在微控制器上運行的軟體不同，Lattice FPGA 在硬體中實現此功能，從而更容易保證每次都能獲得相同的週期精確響應。最後，在某些情況下，FPGA 還可以作為主要運算設備，例如訊號處理、即時網路以及所謂的遠邊緣 AI。在 Lattice，我們將遠緣 AI 定義為具有微型或小型獨立模型的近感測器情境 AI，而我們的發展勢頭正在增強。例如，我們最近贏得了一項人機介面（HMI）工業機器人設計項目，我們看到市場對功耗低於 1 TOPS 和功耗低於 1 瓦的應用需求日益增長。

We came out of our recent global sales conferences with strong momentum, reinforcing our optimistic outlook for 2026. We are seeing accelerated design win momentum in both data center AI and physical AI, and we are excited about the future ahead with our Tier 1 customer deployments.

我們最近舉行的全球銷售會議取得了強勁的進展，這更加堅定了我們對 2026 年的樂觀展望。我們看到資料中心人工智慧和實體人工智慧領域的設計贏得勢頭都在加速，我們對未來與一級客戶部署的合作前景感到興奮。

Now let me turn to the numbers. In Q4, we delivered $145.8 million in revenue, up 9.3% sequentially, our strongest sequential performance in seven years and up 24.2% year over year. Full year revenue of $523.3 million was in line with expectations. Looking ahead, our Q1 revenue guidance of $165 million at the midpoint, representing over 37% year over year growth reflects our confidence in a strong recovery and accelerated momentum. Our Q1 EPS guidance of $0.36 at the midpoint represents nearly 65% year over year growth as we expect to continue to deliver earnings growth that is faster than revenue growth.

現在讓我來看一些數據。第四季度，我們實現了 1.458 億美元的收入，環比增長 9.3%，這是七年來最強勁的環比業績，同比增長 24.2%。全年營收為5.233億美元，符合預期。展望未來，我們預計第一季營收將達到 1.65 億美元（中位數），年成長超過 37%，這反映了我們對強勁復甦和加速成長動能的信心。我們預計第一季每股收益將達到 0.36 美元（中位數），年成長近 65%，因為我們預計將繼續實現比收入成長更快的獲利成長。

As you can see, we've got a lot of positive operating leverage. We are operating on mature nodes, which means our capital spending is more reasonable than competitors on advanced nodes, and this allows us to drive significantly faster EPS growth than revenue growth. New products remain a key driver for our long-term growth. In 2025, new product revenue grew approximately 70%. We remain on track for new product revenue to reach the mid-20% range as a percent of total revenue in 2026, entering the year with strong momentum as Nexus and Avant adoption continues to broaden.

如您所見，我們擁有很大的正向經營槓桿。我們採用的是成熟節點，這意味著我們的資本支出比採用先進節點的競爭對手更合理，這使我們能夠實現比收入成長快得多的每股盈餘成長。新產品仍然是我們長期成長的關鍵驅動力。2025年，新產品收入成長約70%。我們仍有望在 2026 年實現新產品收入佔總收入的 20% 左右，隨著 Nexus 和 Avant 的採用率持續擴大，我們以強勁的勢頭進入了新的一年。

Given the scale of the opportunities ahead of us, Lattice is investing for the future accordingly. Our 2026 slogan, Go Big, Be great reflects our ambition and our commitment. We are making investments across silicon, software, systems, operations and infrastructure to support growth at scale and to extend our leadership in small and mid-range FPGAs.

鑑於我們面前的機會規模之大，萊迪斯公司正在相應地進行未來投資。我們2026年的口號「志存高遠，成就卓越」體現了我們的雄心壯志和堅定承諾。我們正在對晶片、軟體、系統、營運和基礎設施進行投資，以支持規模化成長，並擴大我們在中小型 FPGA 領域的領先地位。

In summary, 2025 was a year of disciplined execution and meaningful progress. We stabilized the business, built tremendous momentum in data center applications, advanced our product and software road map and significantly improved operational performance, including the normalization of channel inventory.

總而言之，2025 年是紀律嚴明、執行到位、取得實質進展的一年。我們穩定了業務，在資料中心應用領域取得了巨大的發展勢頭，推進了我們的產品和軟體路線圖，並顯著提高了營運績效，包括通路庫存的標準化。

We entered 2026 with high confidence. That confidence is supported by a strong backlog, durable data center demand, industrial market returning to growth, expanding companion use cases and continued new product ramps. Our focus remains on differentiated innovation, deeper customer engagement and delivering long-term shareholder value.

我們滿懷信心地進入了2026年。這種信心得益於強勁的訂單儲備、持續的資料中心需求、工業市場恢復成長、不斷擴大的配套用例以及持續的新產品推廣。我們將繼續專注於差異化創新、更深入的客戶互動以及為股東創造長期價值。

With that, I'll turn the call over to Lorenzo for a comprehensive review of our fourth quarter and full year results. Lorenzo?

接下來，我將把電話交給洛倫佐，讓他全面回顧我們第四季和全年的表現。洛倫佐？

Thank you, Ford, and good afternoon, everyone. We will begin with a brief overview of our 2025 fiscal year performance, including our fourth quarter, followed by our first quarter 2026 outlook and our current framing of fiscal '26.

謝謝福特，大家下午好。我們將首先簡要概述 2025 財年的業績，包括第四季度，然後展望 2026 年第一季度，並介紹我們目前對 2026 財年的規劃。

For the full year 2025, we are pleased to report that Lattice delivered on expectations with revenue, gross margin, operating profit and EPS all in line with our outlook for the full year, including the fourth quarter. We did this while completing our transformation and investing in areas that we believe support long-term profitable growth. Our full year 2025 revenue increased 2.7% to $523.3 million, in line with expectations. Growth was driven by our platform successes across communications and computing with revenue up 28%. This growth was partially offset by an 18% decline in revenue in industrial and automotive, which was expected as we successfully normalized channel inventory throughout the year.

我們很高興地宣布，萊迪思在 2025 年全年業績符合預期，收入、毛利率、營業利潤和每股收益均與我們對全年的預期一致，包括第四季度。我們在完成轉型的同時，也投資於我們認為能夠支持長期獲利成長的領域。我們2025年全年營收成長2.7%至5.233億美元，符合預期。成長主要得益於我們在通訊和運算領域的平台成功，收入成長了 28%。這一增長被工業和汽車行業收入下降 18% 部分抵消，這也在意料之中，因為我們在全年成功地使渠道庫存正常化。

Our non-GAAP gross margin continues to reflect our value proposition to our customers and expanded 190 basis points to 69.3% in 2025. We improved revenue and gross margin in 2025 even as we reduced non-GAAP operating expense approximately 1% to $213.5 million. As we completed our restructuring, we made targeted investments in talent, infrastructure and technology to give us a more robust and efficient platform to drive long-term growth. As a result, in 2025, our non-GAAP operating margin expanded 340 basis points, and our EBITDA margin increased 320 basis points to 35%. And we delivered non-GAAP EPS growth of 17% to $1.05, demonstrating leverage in our business model by growing earnings faster than revenue.

我們的非GAAP毛利率持續反映我們對客戶的價值主張，並在2025年成長了190個基點，達到69.3%。2025 年，我們提高了收入和毛利率，同時將非 GAAP 營運費用減少了約 1%，降至 2.135 億美元。在完成重組的同時，我們對人才、基礎設施和技術進行了有針對性的投資，以建立一個更強大、更有效率的平台，從而推動長期成長。因此，到 2025 年，我們的非 GAAP 營業利潤率成長了 340 個基點，EBITDA 利潤率成長了 320 個基點，達到 35%。我們實現了非GAAP每股收益成長17%至1.05美元，證明了我們商業模式的槓桿作用，即獲利成長速度超過營收成長速度。

Other metrics improved accordingly. In 2025, GAAP net cash flow from operating activities increased to $175.1 million, up from $140.9 million in 2024, with GAAP operating cash flow margin improving to 33.5%, up from 27.7% in 2024. Free cash flow in the full year 2025 was $133 million with a 25.3% free cash flow margin, up from $120 million and 23.5% in 2024. Focusing specifically on Q4, our performance started the ramp we will continue into '26. In Q4, revenue hit $145.8 million, an increase of 9.3% quarter on quarter and 24.2% on a year over year basis.

其他指標也隨之改善。2025 年，GAAP 經營活動產生的淨現金流增加至 1.751 億美元，高於 2024 年的 1.409 億美元；GAAP 經營現金流利潤率提高至 33.5%，高於 2024 年的 27.7%。2025 年全年自由現金流為 1.33 億美元，自由現金流利潤率為 25.3%，高於 2024 年的 1.2 億美元和 23.5%。具體來看第四季度，我們的業績開啟了成長勢頭，並將持續到 2026 年。第四季度，營收達到 1.458 億美元，季增 9.3%，年增 24.2%。

Growth was driven by a record performance in communications and computing, up 25% sequentially and 60% on a year-over-year basis. We are clearly benefiting from the exceptionally strong data center growth, as Ford discussed. Q4 gross margin was 69.4%, slightly down from Q3 on a non-GAAP basis. Our gross margin, even as our mix shifted, continues to reflect the value and differentiation our products provide for our customers. Non-GAAP operating expense was up to $56.4 million, up roughly 5% sequentially and 7% on a year-over-year basis.

通訊和計算領域的業績創歷史新高，環比成長 25%，年成長 60%，推動了整體成長。正如福特所討論的那樣，我們顯然受益於資料中心異常強勁的成長。第四季毛利率為 69.4%，以非 GAAP 準則計算，略低於第三季。即使我們的產品組合發生了變化，我們的毛利率仍然反映了我們的產品為客戶提供的價值和差異化優勢。非GAAP營運費用高達5,640萬美元，較上季成長約5%，較去年同期成長約7%。

As Ford and I have stated previously, we see significant near- and long-term opportunities and are investing to expand our future leadership in the small and midrange FPGA markets and our companionship program.

正如福特和我之前所說，我們看到了近期和長期的巨大機遇，並正在投資以擴大我們在小型和中型 FPGA 市場以及我們的配套計劃中的未來領導地位。

Our Q4 non-GAAP operating margin expanded 170 basis points to 30.7%, and our EBITDA margin increased 90 basis points to 36.5%. Q4 non-GAAP EPS grew 14% quarter on quarter to $0.32, in line with our guidance. GAAP net cash flow from operating activities for the fourth quarter of 2025 increased to $57.6 million, up from $47 million in Q3 with a GAAP operating cash flow margin of 39.5%, up from 35.3% in Q3. Free cash flow in Q4 was $44 million with a 30.2% free cash flow margin, up from $34 million and 25.2% in Q3.

我們的第四季非GAAP營業利潤率成長了170個基點至30.7%，EBITDA利潤率成長了90個基點至36.5%。第四季非GAAP每股盈餘季增14%至0.32美元，符合我們的預期。2025 年第四季 GAAP 經營活動產生的淨現金流量增加至 5,760 萬美元，高於第三季的 4,700 萬美元；GAAP 營運現金流量利潤率為 39.5%，高於第三季的 35.3%。第四季自由現金流為 4,400 萬美元，自由現金流利潤率為 30.2%，高於第三季的 3,400 萬美元和 25.2%。

This remains a focus area for Lattice, and we expect the trend of increased free cash flow margin to continue. We are achieving these improvements while strategically investing in CapEx in support of R&D and operational improvement projects. One last point on results. We achieved our overall target level of channel inventory and are well positioned to benefit from growth in all the end markets we serve. Now let me turn to capital allocation.

這仍然是萊迪思的重點領域，我們預計自由現金流利潤率成長的趨勢將持續下去。我們在策略性地投資資本支出以支持研發和營運改善項目的同時，也實現了這些改進。關於結果，最後一點。我們已達到通路庫存的總體目標水平，並已做好充分準備，從我們所服務的所有終端市場的成長中受益。現在讓我來談談資本配置。

Our balance sheet remains strong as our operations have improved our cash flow generation, and we remain debt-free. We have ready access to capital if we need it. This leaves us well positioned to navigate macro uncertainties and invest for future growth. Given our balance sheet strength and our business model, returning capital to shareholders remains a key component of our capital allocation strategy. For the full year 2025, we repurchased approximately 1.8 million shares or $100 million of the company's common stock.

由於營運改善了現金流，我們的資產負債表依然穩健，我們也沒有負債。如有需要，我們隨時可獲得資金。這使我們能夠更好地應對宏觀經濟的不確定性，並為未來的成長進行投資。鑑於我們雄厚的資產負債表實力和商業模式，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。2025 年全年，我們回購了該公司約 180 萬股普通股，價值約 1 億美元。

As we completed that repurchase program in Q4, our Board of Directors authorized the company to repurchase an additional $250 million of its outstanding common stock. Now for our guidance, which has our typical detail for Q1 2026 and additional commentary to help frame expectations for the full year 2026. For both Q1 and the full year 2026, our outlook reflects the exceptional strength we are currently seeing in demand. In Q1 2026, we expect revenue to grow into the range of $158 million to $172 million. At the midpoint of this range, this is 37% growth from Q1 2025 and 13% over the prior quarter.

我們在第四季完成了這項回購計劃，董事會授權公司再回購價值 2.5 億美元的流通普通股。現在，我們給出我們的指導意見，其中包含 2026 年第一季的典型詳細資訊以及額外的評論，以幫助確定 2026 年全年的預期。無論是第一季還是 2026 年全年，我們的展望都反映了我們目前看到的強勁需求。我們預計 2026 年第一季營收將成長至 1.58 億美元至 1.72 億美元之間。該區間的中點意味著比 2025 年第一季成長 37%，比上一季成長 13%。

Gross margin is expected to be 69.5%, plus or minus 1% on a non-GAAP basis. Non-GAAP operating expense is expected to be between $59 million and $61 million. Most of the growth in OpEx will be in R&D and reflects disciplined investments to drive future growth. Income tax rate for Q1 is expected to be between 4% and 6% on a non-GAAP basis. Non-GAAP EPS is expected to be in the range of $0.34 and $0.38 per share.

預估毛利率為 69.5%，以非 GAAP 準則計算，誤差範圍為正負 1%。預計非GAAP營運費用在5,900萬美元至6,100萬美元之間。營運支出的大部分成長將體現在研發方面，反映出為推動未來成長而進行的審慎投資。預計第一季的非GAAP所得稅率將在4%至6%之間。非GAAP每股盈餘預計在0.34美元至0.38美元之間。

Regarding the full year, we begin 2026 excited about the catalysts driving multiple growth opportunities ahead of us. I would like to share with you our financial framework for the year. We have stated previously that we are highly confident that we will grow at least 20% year over year and the start of the year indicates that we have improved visibility to growth above that. We plan to update you with more specific guidance as we move through the year. Our gross margin for the full year 2026 is expected to be in the same range as we are providing for Q1 with perhaps some fluctuations during the year as customer mix varies.

展望2026年全年，我們對推動未來多個成長機會的催化劑感到興奮。我想和大家分享我們今年的財務框架。我們之前曾表示，我們非常有信心實現至少 20% 的同比增長，而年初的情況表明，我們對超過這一增長目標的預期已經有所提高。我們會在今年稍後為您提供更具體的指導。我們預計 2026 年全年的毛利率將與我們第一季的毛利率處於同一水平，但由於客戶組合的變化，年內可能會出現一些波動。

On OpEx, we continue to see significant opportunities to expand our leadership in small and mid-range FPGAs. These investments, primarily in R&D drive the increase in OpEx in Q1. We expect another increase in Q2, but then slower growth in the second half. We have a tight grip on the knobs and levers that control OpEx and will adjust as necessary to hit our profitability objectives. Our income tax rate is expected to be between 4% and 7% on a non-GAAP basis.

在營運支出方面，我們繼續看到擴大我們在中小型 FPGA 領域領先地位的巨大機會。這些投資，主要集中在研發方面，推動了第一季營運支出的成長。我們預計第二季還會成長，但下半年成長速度將放緩。我們牢牢掌控著營運支出（OpEx）的各項指標，並將根據需要進行調整，以實現我們的獲利目標。根據非GAAP準則，我們的所得稅率預計在4%至7%之間。

With channel inventories now normalized, revenue in 2026 should more closely track consumption, setting up a strong environment for growth in 2026 and beyond. We will continue partnering with our channel to support end customer demand while reducing channel inventory where appropriate. For internal inventory, we are deliberately building inventory to support this growth environment. Because we see such strong growth potential and our products have long life cycles, we see a low risk of obsolescence.

隨著通路庫存恢復正常，2026 年的營收應該會更緊密地與消費量掛鉤，為 2026 年及以後的成長創造強勁的環境。我們將繼續與通路合作夥伴攜手，滿足終端客戶的需求，並在適當情況下減少通路庫存。為了內部庫存，我們正在有意識地增加庫存，以支持這種成長環境。由於我們看到瞭如此強勁的成長潛力，而且我們的產品生命週期很長，因此我們認為產品過時的風險很低。

In closing, we remain focused on executing our strategy and making investments to strengthen our leadership in small and mid-range FPGAs. We are highly confident in driving revenue growth while growing EPS at a faster rate.

最後，我們將繼續專注於執行我們的策略，並進行投資以加強我們在中小尺寸FPGA領域的領先地位。我們非常有信心在實現更快每股收益成長的同時，推動營收成長。

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

操作員，我們的正式發言到此結束。現在開始接受提問。

(Operator Instructions)

（操作說明）

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Ford and Lorenzo, congrats on a strong finish to the year. I guess for the first question, Ford, if you could walk us through, obviously, really strong server growth, and you've talked about sort of the dynamics in the data center and I guess, the MVPs out there. Thinking about how you're looking at that business going forward, we've heard a lot about server CPU strength from some of the CPU vendors. There have been some supply constraints in the mix. So maybe you could frame those dynamics as well as your growth relative to unit volumes versus dollars of content per server.

福特和洛倫佐，祝賀你們以優異的成績結束了這一年。我想問的第一個問題是，福特，如果您能為我們詳細介紹一下，顯然，伺服器的強勁成長，您也談到了資料中心的動態，以及目前市場上的最小可行產品 (MVP)。考慮到您未來對該業務的展望，我們從一些 CPU 供應商那裡聽到了很多關於伺服器 CPU 效能的討論。其中存在一些供應限制。所以，或許你可以將這些動態以及你的成長與單位容量和每台伺服器的內容價值之間的關係來建構。

Thank you, Ruben. Yes, we do see demand being strong for the foreseeable future is driven by the CapEx growth, is driven by our attach rates, is driven by the increased ASP, is driven by the increased number of applications that we're finding in these servers. And so at a high level, as we look at server units growing from, call it, the 15.3 million units total to, call it, 16.5 million units in 2026. Our attach rate has been steadily going up every generation. So in the 2024 time frame, we were in the mid-1s as far as attach rate.

謝謝你，魯本。是的，我們確實看到，在可預見的未來，需求將保持強勁，這得益於資本支出增長、附加率提高、平均售價上漲以及我們在這些伺服器上發現的應用程式數量增加。因此，從宏觀層面來看，伺服器數量將從目前的 1,530 萬台成長到 2026 年的 1,650 萬台。我們的附加率每一代都在穩定上升。因此，在 2024 年這個時間段內，我們的附加率處於 1% 左右。

Last year, we're in the mid-2s. And this year, we'll pass 3 units per server, FPGA units per server. So you multiply this by the number of server units, our attach rate growing and our ASP is growing as well from the $3, call it, to above $4. You put all this together, and you could see that this is driving an overall very nice increase in that business.

去年，我們的排名在2分以上。今年，我們將實現每台伺服器 3 個 FPGA 單元。所以，將這個數字乘以伺服器單元的數量，我們的附加率就會成長，我們的平均售價也會從 3 美元增加到 4 美元以上。把所有這些因素綜合起來，就可以看出這正在推動該業務整體上取得非常好的成長。

Great. Lorenzo, maybe just a follow up on the guidance for Q1, very strong guidance. Can you walk us through sort of assumptions by segment? It sounds like we're finally seeing some recovery in industrials and automotive. And obviously, the communication and compute continues to grow, but maybe you could parse that out for us, please.

偉大的。Lorenzo，或許可以對第一季業績指引做個後續說明，之前的指引非常強勁。您能否依細分市場為我們詳細介紹相關的假設？聽起來工業和汽車產業終於開始出現復甦跡象了。顯然，通訊和運算能力不斷增長，但您能否幫我們分析一下這方面的情況？

Yeah. I think in aggregate, across the business, we're just very, very positive about the trends we're seeing underneath it. Of course, the comms and compute areas of our business are the leaders in our strength. But as we said, we've gotten our channel inventory down toward our target, and we expect to see growth there as well.

是的。我認為總體而言，就整個業務而言，我們對目前看到的趨勢非常非常樂觀。當然，通訊和計算領域是我們業務的領先優勢。但正如我們所說，我們已經將渠道庫存降低到接近目標水平，我們預計這方面也會有所增長。

Melissa Weathers, Deutsche Bank.

梅麗莎‧韋瑟斯，德意志銀行。

Congrats on a nice outlook. I know it's taken a lot of work to get here. I guess I'm going to try on the revenue side. It doesn't sound like you guys are super willing to guide to give full year guidance for 2026. But last quarter, you indicated computing could be up 20% to 40%, I think, and industrial up 5% to 15%, if I remember right. You're starting off the year a lot stronger than that. So just in terms of magnitude, like is there any other color you can help us with in how to think about which of those grows faster and maybe where total revenue growth could shake out for '26?

恭喜你擁有如此美好的前景。我知道走到今天這一步付出了很多努力。我想我應該會嘗試從營收方面著手。聽起來你們似乎不太願意提供 2026 年全年的業績指引。但上個季度，你曾表示電腦產業可能會成長 20% 到 40%，我記得是這樣，工業產業可能會成長 5% 到 15%。你今年的開局比這好得多。所以就規模而言，您能否提供其他顏色訊息，幫助我們思考哪些成長更快，以及 2026 年的總收入成長可能會如何？

Yeah, we're very strong. Our conviction has increased on the demand in both segments, Melissa. So, first, thank you for the question. And yes, the demand environment is much stronger now than it used to be three months ago across both the comms and compute and industrial markets. So, in the comms and compute, as we said, we are very well booked for the year and now booking into '27. So great visibility. in the industrial automotive, we are shipping to the true demand, the inventory in the channel is under three and will be in the 2s in the Q1. So we're confident in the growth in both segments.

是的，我們實力很強。梅麗莎，我們對這兩個細分市場的需求都更有信心了。首先，感謝你的提問。是的，無論是通訊、計算還是工業市場，目前的市場需求環境都比三個月前強勁得多。所以，正如我們所說，在通訊和計算領域，我們今年的訂單已經排得滿滿噹噹，現在正在預訂 2027 年的訂單。因此，市場可見度非常好。在工業汽車領域，我們正根據實際需求進行出貨，通路庫存低於3，預計第一季將降至2。因此，我們對這兩個領域的成長都充滿信心。

Got it. Maybe as my follow-up, you spent a lot of time in your prepared remarks on the physical AI opportunity. I think the companion piece and the attach rate in data centers is pretty easy for us to follow, but it's a bit harder to -- for us to kind of figure out how big the physical AI opportunity could be. So I don't know if you want to frame it in terms of the TAM or some kind of units framework, but any way for us to help size how big this physical AI piece could be because it seems like you're seeing a lot of momentum there.

知道了。或許我可以接著問，您在準備好的演講稿中花了很多時間討論實體人工智慧的機會。我認為資料中心的配套設施和附加率很容易理解，但是要弄清楚實體人工智慧的機會有多大就有點困難了。所以我不知道你是想用 TAM 還是某種單位框架來描述它，但無論如何，我們能否幫助衡量實體 AI 的規模，因為看起來你在這方面看到了很大的發展勢頭。

Yeah. We're seeing tremendous momentum there along with this companionship strategy. So we are very strong with companies like Nvidia that have -- we publicly announced together the Holoscan design reference design where we feed different video streams into the FPGA and into the Nvidia processors. We've made some great progress in our companionship strategy with NXP, along with the microprocessors. We had an event in Europe in January, where the top industrial and automotive and telecom and aerospace defense companies in Europe joined us in NXP at a joint event where we launched the year.

是的。我們看到，這種夥伴式策略正帶來巨大的發展動能。因此，我們與英偉達等公司建立了非常強大的合作關係——我們共同公開發布了 Holoscan 設計參考設計，其中我們將不同的視訊串流輸入到 FPGA 和英偉達處理器中。我們在與 NXP 的合作策略以及微處理器方面取得了巨大進展。今年一月，我們在歐洲舉辦了一場活動，歐洲頂尖的工業、汽車、電信和航空航天國防公司齊聚恩智浦，與我們共同開啟了新的一年。

We're making progress with quite a few other partners on the sensor side, on the analog side and others in the microprocessor side. So stay tuned on those. The potential expansion is vast because we are gaining share in markets where we were not big players. The best example is aerospace defense that has gone from very little content in '24 to we expect a very big year coming in '27 across all geographies, US, Europe, Asia, all geographies are observing some very strong design wins in aerospace defense with our new Rad-hard and Rad-tolerant designs. In industrial robotics, we continue to grow in industrial robotics and AMRs as well as humanoid, the humanoid opportunity is vast.

我們在感測器方​​面、類比方面以及其他一些微處理器方面都與不少合作夥伴取得了進展。敬請關注。由於我們在以前並非主要參與者的市場中正在獲得份額，因此潛在的擴張空間巨大。最好的例子是航空航天防禦，從 2024 年幾乎沒有相關內容，到我們預計 2027 年將迎來一個非常重要的年份，遍及美國、歐洲、亞洲等所有地區，所有地區都見證了我們憑藉新的抗輻射和抗輻射設計在航空航天防禦領域取得的一些非常強勁的設計勝利。在工業機器人領域，我們不斷成長，包括工業機器人、自主移動機器人（AMR）以及人形機器人，人形機器人的發展機會非常廣闊。

We are winning across the board in vision. So we've done very well in vision and humanoid. And we have gotten two marquee design on motor control, and we see this as a beachhead as a teaching customers on how we're going to make progress because the latency, determinism, par performance, accuracy of an FPGA hardware-based solution is vastly superior to the alternative. And so we're very excited about what humans can mean for us as a market going into '27. We've also made great progress in robotaxi.

我們在願景方面全面領先。我們在視覺和人形機器人領域都取得了非常好的成績。我們在馬達控制方面獲得了兩個標誌性設計，我們認為這是一個橋頭堡，可以向客戶展示我們將如何取得進展，因為基於 FPGA 硬體的解決方案在延遲、確定性、並行性能和精度方面都遠遠優於其他方案。因此，我們對人類在 2027 年對我們市場可能意味著什麼感到非常興奮。我們在無人出租車領域也取得了巨大進展。

So we have a win in robotaxi that we're again very excited about going into '27. We're making progress in medical and telecom across the board in physical AI. So I think it's hard to give you as clear of a metric as we can on the server because the applications are so much more diverse and a much more broad-based across our 11,000 customer and really broad-based channel reach, but we're very excited about the opportunity in industrial and with Avant coming in, in 2027. Early this year in '26.

因此，我們在自動駕駛計程車領域取得了勝利，這讓我們對即將到來的 2027 年感到非常興奮。我們在醫療、電信和實體人工智慧領域全面取得了進展。所以我覺得很難在伺服器上給出一個清晰的指標，因為應用程式種類繁多，覆蓋範圍更廣，擁有 11,000 個客戶，渠道覆蓋面也非常廣泛，但我們對工業領域的機會以及 Avant 在 2027 年的加入感到非常興奮。今年年初，也就是 '26' 年。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

I'll take a shot at 2026. And just looking at the segment guidance you guys talked about last quarter of 20% to 40% in comms and compute and the 5% to 15% in industrial and automotive. It looks like just based on the strength of the first quarter guide, you're probably tracking to at least the high end of those ranges, if not above. I'm wondering if that's the right way to think about growth in the respective segments? Or do you think that one of the segments is significantly stronger than what you were thinking 90 days ago?

我打算爭取在2026年實現這個目標。再看看你們上個季度提到的細分市場指引，通訊和運算領域預計將成長 20% 至 40%，工業和汽車領域預計將成長 5% 至 15%。僅從第一季業績指引來看，你的業績很可能至少會達到預期範圍的高端，甚至可能更高。我想知道這種思考各個細分市場成長的方式是否正確？或者，您認為其中一個細分市場比您 90 天前預想的要強勁得多？

Yeah. So, Quinn, thanks for pointing out that we talked about this 90 days ago. And I think you should have picked up -- you all should have picked up during our commentary, our confidence and the basis of our outlook has strengthened considerably over the last 90 days. So I think the overall view that the comms and compute will be the fastest growing of our end market sets maintains, but we're also seeing improvement across the board in our industrial end markets as well and in all geographies.

是的。奎因，謝謝你指出我們90天前就討論過這個問題。我認為你們都應該注意到——你們都應該在我們的評論中註意到，在過去的 90 天裡，我們的信心和前景基礎已經大大增強。所以我認為通訊和運算將成為我們終端市場中成長最快的整體觀點仍然成立，但我們也看到工業終端市場以及所有地區的市場都在全面改善。

Yeah, Quinn, the one thing I'd point out is that if you use the high end of the guidance we gave you last quarter, you still don't get to the revenue we need to get to this. So you can imagine we're at the higher end or above the high end on both markets.

是的，奎因，我想指出的一點是，即使你採用我們上個季度給出的預期上限，你仍然無法達到我們實現這一目標所需的收入。所以你可以想像，我們在這兩個市場上都處於高端或高於高端水平。

Yeah. I was thinking you're probably at the higher end since you beat March by almost $20 million relative to consensus. Okay. And then I guess maybe Ford, you mentioned in response to one of the questions that you're booking -- you're pretty much all the way booked through 2026 in comms and compute, starting to book into 2027. Can you just talk about, one, kind of lead times?

是的。我當時就覺得你的業績可能比較高，因為你比三月的預期高出了近 2000 萬美元。好的。然後我想也許福特，你在回答其中一個問題時提到，你們的訂單已經排到了 2026 年，通訊和計算方面的訂單也開始排到 2027 年了。您能談談其中一種交貨週期嗎？

Are they stretching out? Are you comfortable with lead times? And given that you're already booking out to 2027, is there any indication that you may be starting to pick up double ordering given that you're booking that far out at this point?

它們在伸展身體嗎？你能接受交貨週期嗎？鑑於你們的訂單已經排到了 2027 年，是否有任何跡象表明，由於你們的訂單排期如此之長，你們可能開始出現重複下單的情況？

Yeah, Quinn, as you can imagine, this is a very important question. We spent a lot of time as a management team, with our channel partners, with our customers across the globe, really digging into this question. And we, at this point, do not believe there's double ordering. I mean we believe what's giving us confidence is these orders are being scheduled throughout the year. So it's not like these or bunching up in Q1. And this is scheduled throughout '26 and into '27. So you could see five, six quarters out as far as orders.

是的，奎因，正如你所想，這是一個非常重要的問題。作為管理團隊，我們與通路合作夥伴、全球客戶一起，花費了大量時間深入探討這個問題。目前，我們認為不存在重複下單的情況。我的意思是，讓我們感到有信心的是，這些訂單全年都在安排交付。所以情況不像這些，或者說不像第一季那樣集中爆發。這項計劃將持續到 2026 年全年以及 2027 年。所以你可以看到未來五到六個季度的訂單情況。

Obviously, the lead times have increased for us and everybody else in the industry. We have been very forthcoming and proactive with our customers in pointing out these increased lead times. And I think we're doing a service to our customer pointing these out. We're seeing competitors that may not be as forthcoming. And we're being very forthcoming and making sure that we work hand-in-hand with our suppliers and our customers to deal with the situation.

顯然，我們以及業內其他所有人的交貨週期都延長了。我們一直非常坦誠主動地向客戶指出交貨時間延長的問題。我認為我們指出這些問題是對客戶的一種服務。我們看到一些競爭對手可能不會那麼坦誠。我們非常坦誠，並確保與供應商和客戶攜手合作，共同應對這種情況。

And we've been ordering substrate and putting incremental orders in place since the summer. So we've been like for the past 6 months now, increasing our supply -- our orders to our suppliers, and it is putting us in a good shape to weather this next few months.

自夏季以來，我們一直在訂購基材並逐步下單。所以過去六個月以來，我們一直在增加供應——也就是增加對供應商的訂單，這讓我們處於一個良好的狀態，可以度過接下來的幾個月。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Maybe just piggybacking Quinn's around inventory as well. I think I&A was perhaps a little bit disappointing last quarter. Do you think there was some inventory burn there? And then looking forward, like is this a trough growth rate and we build from here potentially even with some inventory build on top of that? Like what do you guys view as kind of the normalized no inventory burn quarterly rate for I&A that we can build off of?

或許也可以藉用奎因的庫存。我認為上個季度的I&A業績可能有點令人失望。你認為那裡是否有庫存積壓的情況嗎？展望未來，這是否意味著成長率已經觸底，我們能否以此為基礎，甚至在此基礎上增加一些庫存？你們認為I&A的正常季度庫存消耗率（不含庫存消耗）是多少？我們可以以此為基礎進行規劃。

Yeah. So I'll give you the construct that we look at it. One is the inventory -- overall inventory number that we talked about was obviously our aggregated number at the end of the year across all of our end markets and our distributors. And if you go back to where we started, it worked down first in comms and compute and then as you pointed out, in industrial and auto. And what we have seen now is kind of a drive in some cases, across all end markets from our channel partners to build inventory.

是的。所以我會為你介紹我們看待這個問題的結構。一是庫存——我們談到的總庫存數量顯然是我們年底在所有終端市場和分銷商處的匯總數量。回到我們最初的起點，它首先在通訊和電腦領域發揮作用，然後正如你所指出的，擴展到了工業和汽車領域。我們現在看到的是，在某些情況下，我們的通路夥伴在所有終端市場都出現了一種建立庫存的趨勢。

So we're going to continue to manage it down with the end objective not really being channel inventory, but getting to the right levels of customer support and responsiveness. So there will be times when it might have to go up to support demand that's expected, and there'll be times when we're going to continue to manage it down tactically. So I don't think it would be actually that useful to give you another number to baseline off of.

因此，我們將繼續逐步減少渠道庫存，最終目標並非減少渠道庫存，而是達到合適的客戶支援和回應水準。因此，有時為了滿足預期需求，價格可能需要上漲；有時，我們將繼續採取策略性措施來降低價格。所以我覺得再給你另一個基準數字其實也不大。

Okay. And then Ford, maybe a two-parter for you. I think you gave some data that was server CPU, but I was wondering if you could maybe talk about FPGA to XPU or AI processor attach rates, like where they've been and where you think they're going? And lastly, you've talked about Lattice being a larger company perhaps via acquiring new IP and capabilities I was wondering if maybe you could give us an update there, particularly in light of TI buying Silicon Labs.

好的。然後是福特，也許會給你安排一個兩個部分的故事。我認為您提供了一些關於伺服器 CPU 的數據，但我很想知道您是否可以談談 FPGA 到 XPU 或 AI 處理器的連接速率，例如它們過去的情況以及您認為它們未來的發展方向？最後，您提到 Lattice 可能透過收購新的智慧財產權和能力而成為一家更大的公司，我想知道您能否給我們提供這方面的最新進展，尤其是在 TI 收購 Silicon Labs 之後。

Yeah. Chris, good question. I talked about the number of server units, not the number of server CPUs. So the 15.3 million units in 2025 going to 16.5 million is our estimate based on market research of the number of server units TAM. Out of that total TAM, we have said in the past that our attach rate in 2025 was about 12% AI server is what we've seen, and it seems to be about correct.

是的。克里斯，問得好。我談的是伺服器單元的數量，而不是伺服器CPU的數量。因此，我們根據伺服器市場規模 (TAM) 的市場調查結果，估計 2025 年伺服器需求將從 1,530 萬台成長到 1,650 萬台。在總潛在市場規模中，我們過去曾說過，到 2025 年，我們的附加率約為 12%（人工智慧伺服器），這是我們看到的，而且似乎基本上都正確。

The 12% AI servers corresponded to a roughly high teens, call it, 20% of revenue. So that -- it gives you a feel that the AI server as a percent of revenue is higher than the traditional servers. Recently, we've seen a nice pickup in traditional servers. So traditional servers even are growing faster than expected. So across the board, we're seeing some nice growth.

12% 的 AI 伺服器相當於約 20% 的收入。因此，這會讓你感覺人工智慧伺服器的收入佔比高於傳統伺服器。最近，我們看到傳統伺服器的使用率出現了不錯的回升。因此，就連傳統伺服器的成長速度也超出了預期。所以總體而言，我們看到了一些不錯的成長。

And on the inorganic side, we have actually completed four little tuck-ins that we have not publicly discussed. They're all small IP and software type of tuck-ins. And we're still working on a few more of these tuck-ins. Software tools, IP solutions enablement is where we're investing right now. And we'll continue to do these small tuck-ins.

在無機物方面，我們實際上已經完成了四項尚未公開討論的小規模整合。它們都是小型智慧財產權和軟體類型的附加產品。我們還在努力完善其他一些細節。我們目前正在投資軟體工具和智慧財產權解決方案。我們將繼續進行這些小小的補充說明。

The larger acquisition is something we want to do, but we want to take our time to do the right one. All the stars have to align. It has to make sense strategically, accretion. And we need to want to all work together. So there's a lot of different factors, but we're not in a hurry. As you could see, the business is very strong. So we'll do it at the right time.

我們希望進行更大規模的收購，但我們希望花時間做出正確的選擇。所有條件都必須恰到好處。從策略角度來看，擴張必須有意義。而且我們需要有共同努力的意願。所以有很多不同的因素，但我們並不著急。如你所見，這家公司發展勢頭非常強勁。所以我們會選擇合適的時機來做。

(Operator Instructions)

（操作說明）

Kevin Garrigan, Jefferies.

凱文‧加里根，傑富瑞集團。

Let me echo my congrats on the strong results. As you continue to gain share in companion chips in the data center, are you seeing any increased competitive pressure or pricing aggression from some of your competitors trying to reclaim these sockets?

我也要對取得的優異成績表示祝賀。隨著您在資料中心配套晶片領域市場份額的不斷擴大，您是否看到一些競爭對手為了重新奪回這些插槽而施加了更大的競爭壓力或採取了價格戰？

So, Kevin, we based our strategy on the customer. So we always go customer first. We make sure that we sit with our customers, understand how we're going to provide a solution that will provide the maximum benefit, enable them to grow their revenue, increase their success in the marketplace. And we are very, very focused on providing them low power, small size, low cost, fast boot time, longevity, a whole bunch of attributes that we believe differentiate us in the small and midrange FPGA compared to competitors. So we have seen our market share grow, and we expect it to continue to grow. And so in that small to midrange FPGA, we feel very strong in our market share and convicted about where we are.

所以，凱文，我們的策略是以客戶為中心的。所以我們始終把客戶放在第一位。我們確保與客戶坐下來，了解如何提供能帶來最大利益的解決方案，幫助他們增加收入，並提高在市場上的成功率。我們非常非常注重為他們提供低功耗、小尺寸、低成本、快速啟動時間、長壽命等一系列特性，我們相信這些特性使我們在中小端 FPGA 領域與競爭對手區分開來。因此，我們看到市場份額有所增長，並且我們預計它會繼續增長。因此，在中小端 FPGA 領域，我們對自己的市場份額感到非常自信，並且對自己所處的位置充滿信心。

Got it. Okay. Yes, that makes a ton of sense. And then Ford, as you look out to the rest of 2026, I mean, you guys are firing on all cylinders. What keeps you up at night? What could potentially kind of derail the Lattice story?

知道了。好的。是的，這很有道理。而福特，展望2026年剩餘的時間，我的意思是，你們正在全力以赴。什麼事情讓你夜不能寐？什麼因素可能會阻礙 Lattice 的發展？

I think at this point, what keeps us up at night is our own Ss. So we just need with some very ambitious plans on what we're investing in and what we need to execute and deliver on and extremely focused on delivering to those plans. We want to make sure that we have the supply for our customers. We want to make sure we continue to be a good partner in what we call the three Ss, the solutions support and supply. And so these three Ss are very important to us, especially in an environment like today where the supply is short.

我認為在這一點上，讓我們夜不能寐的是我們自己的S。所以我們需要製定一些非常雄心勃勃的計劃，明確我們的投資方向、需要執行和實現的目標，並高度專注於實現這些計劃。我們希望確保能夠為客戶提供充足的貨源。我們希望確保我們繼續成為我們所謂的「三S」——解決方案、支援和供應——方面的好合作夥伴。因此，這三個「S」對我們來說非常重要，尤其是在像今天這樣供應短缺的環境下。

So we're spending a lot of time ensuring that we provide the correct supply, and we want to continue to be good partners. So I think the biggest thing to worry about is our own self-executing to our plans that are pretty ambitious.

因此，我們投入大量時間確保提供正確的供應，並且我們希望繼續成為優秀的合作夥伴。所以我認為最需要擔心的是我們本身能否有效執行那些雄心勃勃的計畫。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Last quarter, I think you mentioned a record level of design wins measured in lifetime value. I'm just curious how those tallied in the fourth quarter. And then as you sort of look back on fiscal year '25 and tally the lifetime value of all those design wins, what kind of revenue growth rate, is that supportive of?

上個季度，我想您提到設計訂單數量創下了歷史新高，以終身價值衡量。我只是好奇第四季這些數據統計得如何。然後，當你回顧 2025 財年，並統計所有這些設計得標項目的終身價值時，這能支持什麼樣的收入成長率呢？

Yeah. Thank you, Gary. We have continued to get to record design wins. So every quarter, we continue to get to record design win. We had another record design win quarter in Q4. And so we continue to pally a larger number of design wins that are going to production this year, next year and '28. So that sets us up for a multiyear growth supporting at least a 25% growth.

是的。謝謝你，加里。我們不斷斬獲新的設計訂單。因此，每個季度我們都能持續獲得創紀錄的設計訂單。我們在第四季又創下了設計訂單的新紀錄。因此，我們不斷贏得更多設計訂單，這些訂單將在今年、明年和 2028 年投入生產。這樣一來，我們就有信心在未來幾年內能實現至少 25% 的成長。

Appreciate that, Ford. I don't know how important this is or not, but I did notice that the revenue bracket in the guide this quarter is $14 million. It's normally $10 million. Is there anything to call out there? Is there sort of a -- maybe if you can just sort of look at the puts and takes or get the puts and takes for the lower end versus the high end of the guidance range.

謝謝，福特。我不知道這有多重要，但我注意到本季的業績指南中規定的收入區間為 1400 萬美元。通常是1000萬美元。那邊有什麼需要呼籲的嗎？有沒有辦法──也許你可以看看指導範圍下限和上限的買賣情況，或是比較一下買賣情況。

No, it really -- there's a couple of aspects of it. One is just the quantitative view as the revenue grows higher, you looking at a similar band around the center point and you get to a higher number. The other is there are -- as we look at what the revenue potential is when we were preparing it, we had different potential scenarios into what we would be delivering to customers and what timing it would go through the quarter. So I would say we're really, really comfortable with the midpoint. And so I think the issue is how the linearity looks during the quarter. But we've just looked at that, and we're very comfortable with that as well.

不，確實——它包含幾個方面。一方面，從量化的角度來看，隨著收入的成長，你會看到中心點附近出現類似的區間，並且會達到更高的數值。另一方面，當我們考慮收​​入潛力時，我們在準備階段就設想了不同的潛在情景，包括我們將向客戶交付什麼以及在整個季度中交付的時間表。所以我覺得我們對這個中間點很滿意。所以我認為問題在於這個季度內的線性成長如何。但我們剛才已經研究過了，我們也對此非常滿意。

(Operator Instructions)

（操作說明）

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Congrats on the results and guidance. I think my -- a lot of my peers have tried to get some more color forward-looking and failed. So maybe I'll try to go backwards. If we look back at 2025 in the comms and computing segment, can you maybe walk through some of the growth drivers that took you from a sub-60% growth rate in 1Q to above 90% in 4Q? Anything you can give us maybe rank ordering some key sockets or whether we could think of GPU versus CPU versus ASIC and or order of magnitude of how much the PC headwind was in the beginning of the year? Just any help as we think about how you guys are aligned moving forward would be, I think, be very helpful.

恭喜你取得好成績，也感謝你的指導。我認為我的許多同齡人都嘗試過讓色彩更加鮮豔、更具前瞻性，但都失敗了。所以也許我會嘗試倒著。如果我們回顧 2025 年通訊和運算領域的發展，您能否詳細介紹一下是什麼成長驅動因素使貴公司從第一季不到 60% 的成長率成長到第四季度超過 90%？您能否提供一些信息，例如對一些關鍵插槽進行排名，或者比較一下 GPU、CPU 和 ASIC，以及年初 PC 市場面臨的阻力有多大？我認為，在思考你們未來的發展方向時，任何幫助都將非常有益。

Yeah, for sure. So at a high level, if you look at how we help to try and frame the growth in the comms and compute, we did break up the growth in server from the growth in wired comms, right? So the growth in server year-on-year was 85%. And so you could see this is our fastest-growing segment was the server segment in the comms and compute. The second one, the overall comms growth was 61%.

是的，當然。因此，從宏觀層面來看，如果我們嘗試建立通訊和運算領域的成長框架，我們會發現我們確實將伺服器的成長與有線通訊的成長區分開來，對吧？因此，伺服器數量比去年同期增長了 85%。因此，我們可以看到，通訊和計算領域的伺服器領域是我們成長最快的領域。第二，整體通訊成長率為 61%。

But within that, this includes wireless. So the wired comms is ahead of that. So you could see the number two growth vector is the wired comms. And then within those two, so if server is number one and the wired comms is number two, within the server, the fastest-growing piece is the AI server piece of that business. And on the AI server piece of that business, we discussed the various factors.

但其中也包括無線設備。所以有線通訊技術領先有線通訊技術。所以你可以看出，第二大增長點是網路通訊。然後，在這兩部分中（如果伺服器是第一，有線通訊是第二），在伺服器部分中，成長最快的是人工智慧伺服器部分。在該業務的 AI 伺服器部分，我們討論了各種因素。

So we discussed, number one, the CapEx. So CapEx growing into the year and CapEx at the end of the year was significantly higher than entering the year. And we've seen the same phenomenon happening. In the past three months, it seems like, Josh, this is going even faster. So we got into December thinking that 2026 CapEx be for the top five hyperscaler would be $500 billion.

所以我們先討論了資本支出。因此，年初的資本支出和年末的資本支出都明顯高於年初的資本支出。我們已經看到同樣的現象發生。喬希，過去三個月裡，事情似乎進展得更快了。因此，到了 12 月，我們認為 2026 年排名前五的超大規模資料中心營運商的資本支出將達到 5,000 億美元。

In January, we thought it would be closer to $580 million. And post earnings now, it's at $740 million. So just within a space of December, January and early February, we've seen now that, that number increased significantly. We had the same phenomena entering '25 and ending '25. So that CapEx number kept growing through the year.

一月份的時候，我們認為這個數字會接近 5.8 億美元。財報公佈後，公司營收為 7.4 億美元。所以，光是 12 月、1 月和 2 月初這段時間裡，我們就看到這個數字顯著增加了。我們在 2025 年開始和 2025 年底都遇到了同樣的現象。因此，資本支出數字在一年中持續成長。

Number two, we have design win with all of the GPUs as well as the AI accelerators. And every generation, our content increases. So as you go from a generation of NVIDIA to the next one, as you grow a generation of TPU, a generation of Meta and Amazon and Microsoft, all of our attach rates are growing from one generation to the next. So as you go through the year and the new generation get introduced, that's a number two. Number three is the ASP.

第二，我們贏得了所有 GPU 以及 AI 加速器的設計合約。而且每一代，我們的內容都在增加。因此，隨著 NVIDIA 的一代又一代發展到下一代，隨著 TPU 的一代又一代發展，隨著 Meta、Amazon 和 Microsoft 的一代又一代發展，我們所有的附加率都在一代又一代地增長。所以隨著時間的推移，新一代球員不斷湧現，這就是第二名。第三名是ASP。

ASP, as you go, we have new parts that are being adopted for security. So we have a bunch of new applications. So we entered the year, for example, with strong application in boot power sequencing control, I/O connectivity, which is the bread and butter FPGA.

隨著 ASP 的發展，我們採用了一些新的安全組件。所以我們有很多新的應用程式。例如，我們年初就大力發展了啟動電源時序控制、I/O 連接等 FPGA 的核心應用。

As we progress through the year, we start being adopted for more attestation and more post-quantum cryptography and leakage, leakage detection is an application that we discovered in the second half of the year and is being rolled out because we're so -- such a good latency in being able to detect the leak and stop the leak that we're being rolled out as soon as they find out because it's a very critical piece of this AI infrastructure.

隨著一年的推進，我們的技術開始被更多地應用於認證和後量子密碼學，而洩漏檢測是我們今年下半年發現的一項應用，目前正在推廣，因為我們在檢測和阻止洩漏方面的延遲非常低，所以一旦他們發現洩漏，我們就立即推廣，因為它是人工智慧基礎設施中非常關鍵的一部分。

So these attach rates continue to grow. And as these attach continue to grow and we go to these larger type of security type of application is driving the attach rate for larger FPGAs, which then means it's a larger ASP. So you could see the compounding effect of all these factors together driving to a higher and higher dollar factor. And you're going to see this continue in 2027, '26 and '27, all right? So we're excited about where this takes us in the future.

因此，這些附加率持續成長。隨著這些附加元件的不斷增長，以及我們轉向更大規模的安全應用，推動了對更大 FPGA 的附加率，這意味著 ASP 也更高。因此，你可以看到所有這些因素共同作用產生的複利效應，導緻美元係數越來越高。而這種情況在 2027 年、2026 年和 2027 年還會繼續發生，好嗎？所以我們對未來的發展方向感到興奮。

For my follow-up, maybe I'm screwing up the arithmetic, but if I apply that 70% new product growth rate to, I think, the mid-teens level you hit in 2024, I'm getting over 20 -- comfortably over 20% exposure from new products in 2025 already. I guess any help you can give us on where you expect new products to land in 2026? I think you said more than 20%. Like is -- are new products -- is part of this just that pre-Nexus parts are coming back now that they're corrected? Or should we still expect new products to outgrow pre-Nexus parts?

我的後續計算可能是我算錯了，但如果我把 70% 的新產品增長率應用到我認為 2024 年達到的 15% 左右的水平上，那麼到 2025 年，新產品的曝光率就能輕鬆超過 20%。我想請您透露一下，您預計2026年新產品會在哪些地區上市？我想你說的是超過20%。就像——是新產品——這其中一部分是不是因為 Nexus 之前的零件現在得到了修正，所以又重新上市了？或者我們仍然應該期待新產品會超越 Nexus 之前的零件？

Yeah. So your math is correct. You've done the right math. So good job. We did pass the 20%. We're in the low 20s as a total percent of revenue. So you're right, that 70% year-on-year growth puts us in the low 20s as a percent of total revenue in 2025, and we expect that to go in the mid- to high end of the 20% in the '26.

是的。所以你的計算是正確的。你的計算是正確的。幹得好。我們確實通過了20%的門檻。我們的總收入佔比在20%左右。所以你說得對，70% 的年增長率將使我們在 2025 年佔總收入的比例達到 20% 左右，我們預計到 2026 年這一比例將達到 20% 的中高段。

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，加拿大皇家銀行資本市場。

Congrats guys on a solid quarter. I joined a little late, so I apologize if these questions have been asked and answered. So, Ford, my question is on the supply side. I know you talked about demand being much better than expected. So just wondering if you're seeing any supply constraints on your side or any other component shortages such as memory, et cetera, if those shortages are having any impact in your view on your business?

恭喜各位，這個季度表現非常出色。我加入得有點晚，所以如果這些問題之前已經有人問過並回答過了，我先道個歉。福特，我的問題是關於供應方面的。我知道你之前說過需求比預期好得多。所以我想問一下，你們那邊是否遇到任何供應限製或其他零件短缺的情況，例如內存等？這些短缺是否對你們的業務造成了任何影響？

Yeah. So I'll answer -- the first part of the answer was already answered. I'll answer it again. And the second part is new, Srini. So thank you for the question.

是的。所以我來回答──答案的第一部分已經回答過了。我再回答一次。斯里尼，第二部分是新的。謝謝你的提問。

So, first, on the supply side, as I said, we are committed to our customer in three Ss, the support supply and solutions. And we've been ordering more materials since the summer. And have seen the lead time increase consistently from first half of last year to second half of last year to end of last year to now even increase very, very fast, continue to increase. We've been very forthcoming with our customers and given the really heads up on this. And we're in relatively good shape, but there's obviously areas like substrate and assembly that are very tight across the board.

首先，在供應方面，正如我所說，我們致力於為客戶提供三項服務：支援、供應和解決方案。自夏季以來，我們一直在訂購更多材料。而且，從去年上半年到去年下半年，再到去年年底，交貨週期持續增加，現在更是成長得非常非常快，而且還在持續成長。我們一直非常坦誠地與客戶溝通，並提前告知了他們相關資訊。我們目前的情況相對不錯，但顯然在基板和組裝等領域，各方面都存在著非常緊張的局面。

And we're working with our customers, with our suppliers, with our partners and the channel partners to make sure that we do the right allocations and make sure there's nobody is lined down and -- but it's definitely a very tight situation right now. On the second part of your question, which you asked about the memory, we've asked this question many, many times to our customers, and they assure us that they've got supply agreements with their memory suppliers that then that the forecast into Lattice are comprehending that memory supply situation. So we've obviously spent a lot of time on this to make sure that our demand was solid, and we are being assured by all the major cloud service provider, OEMs, ODMs that they've got the supply locked in with their supply agreements.

我們正在與客戶、供應商、合作夥伴和通路合作夥伴共同努力，確保我們進行正確的分配，確保沒有人被排在隊伍之外——但目前的情況確實非常緊張。關於您問題的第二部分，也就是您詢問的記憶體問題，我們已經多次向客戶提出過這個問題，他們向我們保證，他們與記憶體供應商簽訂了供應協議，因此 Lattice 的預測能夠反映出記憶體供應情況。因此，我們顯然在這方面投入了大量時間，以確保我們的需求穩定，並且所有主要的雲端服務供應商、OEM廠商、ODM廠商都向我們保證，他們已經透過供應協議鎖定了供應。

Got it. Got it. And Ford, at a high level, strategically, you seem a bit more open to larger M&A. So just curious what the criteria would be for you because I don't know if there are a lot of FPGA companies out there that you could look at. So I'm just curious what are some of the metrics and what sort of end markets, et cetera? And then also one of the concerns that in the industry is that we need approval -- regulatory approval and particularly from China for any sort of larger deal. Do you think the environment is changing when it comes to the regulatory side?

知道了。知道了。從戰略層面來看，福特似乎對更大規模的併購持更開放的態度。所以我只是好奇你的評判標準是什麼，因為我不知道市面上有多少FPGA公司可供你選擇。所以我很好奇有哪些衡量指標，以及面向哪些終端市場等等？此外，業內人士也擔心，任何規模較大的交易都需要獲得批准——監管部門的批准，特別是來自中國的批准。您認為監管方面的環境正在改變嗎？

Yeah. Thank you, Srini. So I did answer the question I'll answer it again, which is we actually have done a number of small tuck-ins. We did four small tuck-ins on the software tools and IP that we haven't publicly announced because they're small. and we're working on a couple more of those.

是的。謝謝你，斯里尼。所以我已經回答了這個問題，我會再次回答，那就是我們實際上已經進行了一些小規模的安頓。我們對軟體工具和智慧財產權進行了四項小型的改進，由於規模較小，我們尚未公開宣布。目前我們正在進行另外幾項改進。

So we really like these small tuck-ins because they do not require approval and a pretty strategic to pretty accretive and adding some very important skills and IP to our tool set and our team. So we've done them. We'll continue to do them and no regulatory approval needed. For the large M&A, we've been open about the fact that we would do one in the future, but we're not in a hurry. A whole bunch of factors have to align.

所以我們非常喜歡這些小規模的整合，因為它們不需要審批，而且具有相當的戰略意義，能夠為我們的工具集和團隊增加一些非常重要的技能和智慧財產權。我們已經完成了。我們將繼續進行這些活動，無需監管部門批准。對於大型併購，我們一直公開表示未來會進行，但我們並不著急。很多因素必須同時滿足。

The stars have to align, which is number one, it has to be strategic. Number two, it has to be accretive. Number three, the business model have to make sense. And number four, the teams have to get along and we need to have some synergies, both top line, bottom line, product road map. So all these factors make it difficult and regulatory is one extra one. So we're going to be patient. And right now, the good news is the business is extremely strong on the organic side. So we're not in a hurry to do one.

一切都必須恰到好處，這是第一點，而且必須要有策略。第二，它必須是累積性的。第三，商業模式必須合理。第四，團隊之間必須和睦相處，我們需要在營收、利潤和產品路線圖等方面取得綜效。因此，所有這些因素都使情況變得困難，而監管又增加了一個困難因素。所以我們要耐心等待。而目前的好消息是，公司的有機成長勢頭非常強勁。所以我們並不急於去做這件事。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Rick Muscha for any closing remarks.

謝謝。目前沒有其他問題了。現在我把發言權交還給里克·穆沙，請他做總結發言。

Thanks, everyone, for joining us on the call today. We'll be attending the following investor events this quarter: the Susquehanna Technology Conference in New York City on February 26 and the Morgan Stanley Technology, Media and Telecom Conference in San Francisco on March 4. This completes our call. Thank you very much for your participation, and have a great evening.

感謝各位今天參加我們的電話會議。本季我們將參加以下投資者活動：2 月 26 日在紐約市舉行的 Susquehanna 技術大會和 3 月 4 日在舊金山舉行的摩根士丹利技術、媒體和電信大會。通話到此結束。非常感謝您的參與，祝您有個美好的夜晚。