萊迪思半導體 (LSCC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Lattice Semiconductor First Quarter 2026 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host for today, Mr. Rick Muscha, Vice President of Investor Relations. Please go ahead.

各位女士、先生，大家好，歡迎參加 Lattice Semiconductor 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在很榮幸為各位介紹今天的主持人：投資人關係副總裁 Rick Muscha 先生。請開始。

Thank you, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO; Lorenzo Flores, Lattice's CFO, and and Sanjoy Mike, AMI's CEO, will provide a financial and business review of the first quarter of 2026, an overview of the AMI acquisition and the business outlook for the second quarter of 2026.

謝謝接線員，各位下午好。今天與我一同出席的有：Lattice 執行長 Ford Tamer；Lattice 財務長 Lorenzo Flores；以及 AMI 執行長 Sanjoy Mike。我們將提供 2026 年第一季的財務與業務回顧、AMI 收購案概覽，以及 2026 年第二季的業務展望。

Both a copy of our earnings press release and the press release announcing our planned acquisition of AMI can be found at our company website in the Investor Relations section at latticemi.com.

我們的財報新聞稿，以及宣布擬收購 AMI 的新聞稿，皆可於公司網站 latticemi.com 的「投資人關係」專區查閱。

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.

提醒各位，在今天的電話會議中，我們可能會就未來事件或公司未來財務表現提出預測或其他前瞻性陳述。我們特此提醒，這些陳述係基於目前可得資訊所作之預測，實際結果可能出現重大差異。

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. This call includes and constitutes the company's official guidance for the second quarter of 2026.

請參閱本公司向美國證券交易委員會（SEC）提交的文件，包括 10-K、10-Q 與 8-K。這些文件載明並辨識了重要風險因素，可能導致實際結果與我們的預測或前瞻性陳述所述內容出現重大差異。本次電話會議包含並構成本公司對 2026 年第二季的正式財測指引。

If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum, such as a press release or publicly announced conference call. We will refer primarily to non-GAAP financial measures during this call.

若在本次會議後的任何時間，我們就該指引進行任何重大變更之溝通，我們預期將透過公開管道進行更新，例如新聞稿或公開宣布的電話會議。本次會議中我們將主要引用非 GAAP 財務衡量指標。

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.

透過揭露部分非 GAAP 資訊，管理團隊旨在為投資人提供額外資訊，以利進一步分析公司的經營表現與基本趨勢。就歷史期間而言，我們已提供這些非 GAAP 財務衡量指標與 GAAP 財務衡量指標之調節表，可於我們網站 latticesemi.com 的「投資人關係」專區查閱。

Lastly, we've streamlined our financial reporting to better align with our strategic focus. Beginning this quarter, we'll break out revenue across two primary end markets; compute and communications and industrial and embedded. Our consumer business is now included within the industrial and embedded market. For comparability, we've recast all prior period results so you can make a direct apples-to-apples comparison.

最後，我們已精簡財務揭露方式，以更貼近我們的策略重點。自本季起，我們將營收拆分為兩大主要終端市場：運算與通訊（compute and communications）以及工業與嵌入式（industrial and embedded）。我們的消費性業務現已納入工業與嵌入式市場。為了可比性，我們已重編所有前期結果，讓各位能進行直接的同口徑比較。

With that, I'll turn the call over to our CEO, Ford Tamer.

接下來，我把電話交給我們的執行長 Ford Tamer。

Thank you, Rick, and welcome, everyone, to our first quarter earnings call. Lattice delivered an excellent start to with results that underscore both strong market tailwinds and our disciplined execution against a clear strategy.

謝謝 Rick，也歡迎各位參加我們的第一季財報電話會議。Lattice 在本季交出非常亮眼的開局，成果凸顯了強勁的市場順風以及我們在明確策略下的紀律執行。

Our first quarter performance exceeded expectations and our second quarter outlook reflects our expected continued momentum across the business. This is the seventh earnings call since I joined Lattice, and I hope we have now demonstrated that we consistently say what we do and do what we say. And these positive factors in aggregate provide the foundation for our proposed acquisition of AMI.

我們第一季表現超出預期，而第二季展望也反映我們預期業務將持續保持動能。這是我加入 Lattice 以來的第七次財報電話會議，我希望我們已經證明：我們說到做到、做到也如所說。這些正面因素的綜合作用，也為我們擬收購 AMI 奠定了基礎。

This acquisition positions Lattice to create the industry's most comprehensive secure management and control platform and enables us to deepen our customer relationships and expand our long-term growth opportunity.

這項收購將使 Lattice 有能力打造業界最全面的安全管理與控制平台，並讓我們深化客戶關係、擴大長期成長機會。

Now turning to our results and outlook. Revenue for the first quarter was $170.9 million, representing 42% year-over-year growth, with strength across all end markets. Our compute and communications end market achieved record revenue, driven by continued momentum in data center AI application. In Q1, 62% of our revenue came from compute and communications products with expanding opportunities ahead.

接著談我們的業績與展望。第一季營收為 1.709 億美元，年增 42%，各終端市場皆表現強勁。我們的運算與通訊終端市場創下營收新高，主要受資料中心 AI 應用持續成長所帶動。第一季中，62% 的營收來自運算與通訊產品，未來仍有更多擴張機會。

As Rick highlighted in the safe harbor, we have now merged our industrial and automotive end market with our consumer end market into what we now term industrial and embedded. The revenue from our industrial and embedded end market grew more than 20% sequentially, reflecting improving market conditions and expanding adoption of Lattie solutions.

如 Rick 在安全港聲明中所強調，我們已將工業與車用終端市場與消費性終端市場合併，並統稱為「工業與嵌入式」。工業與嵌入式終端市場營收季增超過 20%，反映市場狀況改善，以及 Lattice 解決方案採用度提升。

As importantly, along with increased consumption, China inventory reduced from three months last quarter to close to two months of inventory on hand, and we expect this trend to continue to under two months in Q2. As we anticipated, profitability grew faster than revenue with EPS up 86% year over-year. These results demonstrate the operating leverage in our model and our ability to scale efficiently as revenue accelerate.

同樣重要的是，隨著終端拉貨增加，中國通路庫存由上季的三個月降至接近兩個月的在手庫存，我們預期此趨勢將在第二季持續下降至兩個月以下。如我們所預期，獲利成長快於營收，EPS 年增 86%。這些結果展現了我們商業模式的營運槓桿，以及在營收加速成長時有效率擴張的能力。

The main trends continue to build across AI servers, networking, industrial automation and emerging physical AI applications. We are seeing accelerated bookings which now support a strong backlog that extends well into 2027. We're also witnessing improved customer visibility and healthy design win momentum across our FPGA portfolio.

主要趨勢持續在 AI 伺服器、網路、工業自動化，以及新興的實體 AI（physical AI）應用上累積動能。我們看到接單加速，支撐了強勁的在手訂單（backlog），並延伸至 2027 年。我們也觀察到客戶能見度提升，以及我們 FPGA 產品組合在設計導入（design win）方面的健康動能。

Taken together, we're confident that we're in the early innings of a multiyear growth cycle. And our ability to deliver sustained above-market growth for the foreseeable future. Our results also highlight the progress we've made in evolving Lattice into a system-level solutions company. Customers increasingly value Lattice, not just for low power program and hardware, but for complete solutions, spanning connectivity, security, management and control.

綜合來看，我們有信心目前仍處於多年成長循環的早期階段，並且在可預見的未來具備持續實現高於市場的成長能力。我們的成果也凸顯了我們在將 Lattice 轉型為系統級解決方案公司方面所取得的進展。客戶愈來愈重視 Lattice，不僅因為我們的低功耗可程式化硬體，更因為我們提供涵蓋連線、安全、管理與控制的完整解決方案。

As system complexity increases, particularly in AI-driven and advanced computing architectures our customers are giving the highest priority to platforms that reduce integration risk, shortened development cycles and enable faster deployment at scale. These trends continue to expand Lattice's role within customer systems, increased attach rates and drive higher value per design.

隨著系統複雜度提升，特別是在 AI 驅動與先進運算架構中，客戶最優先考量的是能降低整合風險、縮短開發週期並支援更快速規模化部署的平台。這些趨勢持續擴大 Lattice 在客戶系統中的角色，提高搭載率（attach rates），並推升每個設計的價值。

We also continue to benefit from our everywhere companionship strategy, positioning Lattice broadly across the ecosystem. Rather than competing with CPUs, GPUs or other processors, our low-power FPGAs enable and enhance them, providing secure boot, power sequencing, platform management, I/O aggregation, sensor bridging and control.

我們也持續受惠於「無所不在的夥伴晶片（everywhere companionship）」策略，使 Lattice 能廣泛布局於生態系中。我們不是與 CPU、GPU 或其他處理器競爭；相反地，我們的低功耗 FPGA 能啟用並強化它們，提供安全開機（secure boot）、電源時序（power sequencing）、平台管理、I/O 匯聚、感測器橋接與控制等功能。

This approach allows Lattice to participate across hyperscale data centers, communication infrastructure, industrial automation, aerospace and defense, automotive, medical and emerging physical AI applications, while remaining silicon-agnostic and ecosystem neutral.

此一做法讓 Lattice 能參與超大規模資料中心、通訊基礎設施、工業自動化、航太與國防、車用、醫療，以及新興的實體 AI 應用，同時保持對晶片製程/供應商（silicon）不可知（silicon-agnostic）與生態系中立（ecosystem neutral）。

Looking to the second quarter, our revenue guidance of $185 million at the midpoint represents nearly 50% year-over-year growth. This underscores our confidence in the accelerating momentum of the business. Our midpoint EPS outlook of $0.44 reflects roughly 80% year-over-year growth. It highlights the powerful operating leverage in our model and differentiated products we bring to market. We maintain a disciplined capital strategy and believe we'll be able to consistently drive earnings growth that significantly outpaces revenue growth.

展望第二季，我們的營收指引中位數為 1.85 億美元，代表接近 50% 的年增率，凸顯我們對業務加速動能的信心。我們的 EPS 指引中位數為 0.44 美元，約為年增 80%。這突顯了我們商業模式強大的營運槓桿，以及我們帶入市場的差異化產品。我們維持紀律性的資本策略，並相信我們能持續推動獲利成長顯著快於營收成長。

And we are committed to continue to do so.

我們也承諾將持續做到這一點。

Turning now to the planned acquisition of AMI we announced earlier today. We are excited to have signed a definitive agreement to acquire AMI, a leader in firmware , orchestration and system-level manageability. The combination of Lattice's low-power programmable hardware with AMI's industry-leading solutions, including [BIOS], BMC and platform security create the industry's most complete secure management and control platform.

接著談我們今天稍早宣布的 AMI 擬收購案。我們很高興已簽署最終協議，將收購在韌體、編排（orchestration）與系統級可管理性方面的領導廠商 AMI。結合 Lattice 的低功耗可程式化硬體與 AMI 的業界領先解決方案（包括 [BIOS]、BMC 與平台安全），將打造業界最完整的安全管理與控制平台。

Together, we'll enable customers to accelerate development, simplify system integration and bring increasingly complex platforms to market faster across AI servers, advanced compute, communication infrastructure and industrial applications. Strategically, this acquisition represents a pivotal milestone in advancing Lattice's long-term growth strategy.

透過此結合，我們將協助客戶加速開發、簡化系統整合，並在 AI 伺服器、先進運算、通訊基礎設施與工業應用等領域，更快將日益複雜的平台推向市場。從策略面來看，這項收購是推進 Lattice 長期成長策略的重要里程碑。

AMI firmware is expected to remain processor and silicon agnostic, preserving open ecosystems and customer choice, while Lattice FPGAs provide a complementary hardware foundation reinforcing our everywhere companion chip strategy. We expect this transaction to be accretive to gross margin, free cash flow and EPS on a non-GAAP basis. It also supports our trajectory toward exceeding a $1 billion annual revenue run rate by the end of 2026.

AMI 的韌體預期將維持對處理器與晶片供應商不可知（processor and silicon agnostic），以保留開放生態系與客戶選擇；同時，Lattice FPGA 提供互補的硬體基礎，強化我們「無所不在的夥伴晶片」策略。我們預期此交易在非 GAAP 基礎上將增厚毛利率、自由現金流與 EPS。此交易也支持我們在 2026 年底前，年化營收運行率（run rate）超過 10 億美元的發展軌跡。

We look forward to welcoming the talented AMI team to Lattice and expect this combination to strengthen our system-level road map and long-term growth profile significantly.

我們期待歡迎才華洋溢的 AMI 團隊加入 Lattice，並預期此一結合將顯著強化我們的系統級產品藍圖與長期成長輪廓。

Looking forward, we're encouraged by the continued durability of demand across our end markets, the best of customer engagement and the expanding role of Lattice next-generation systems. With a differentiated strategy, a scalable financial model and an increasingly complete platform, spanning hardware, firmware, security, manageability and control, we are confident that Lattice is exceptionally well positioned for the future.

展望未來，我們對各終端市場需求的持續韌性、最佳化的客戶互動，以及 Lattice 在次世代系統中角色的擴大，感到備受鼓舞。憑藉差異化策略、可擴展的財務模型，以及涵蓋硬體、韌體、安全、可管理性與控制的日益完整平台，我們有信心 Lattice 對未來具備極佳的定位。

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

接下來，我把電話交給 Lorenzo，請他全面回顧我們第一季的業績。Lorenzo？

Thank you, Ford, and good afternoon, everyone. We will begin with an overview of our first quarter 2026 financial performance and our second quarter outlook, followed by an overview of our planned AMI acquisition. With a quarter this good and guidance is strong, it is worth repeating some of what Ford said.

謝謝 Ford，各位下午好。我們將先概述 2026 年第一季的財務表現與第二季展望，接著再概述我們擬收購 AMI 的計畫。在這樣出色的一季、且指引強勁的情況下，很值得再重申 Ford 剛才提到的一些重點。

Revenue reached $170.9 million, growing 42% year-over-year and 17% quarter-over-quarter. Earnings performance was even stronger as Q1 non-GAAP EPS demonstrated the leverage in our model. EPS grew more than 80% year-over-year to $0.41, a 30% increase quarter-over-quarter and above the high end of our guidance.

營收達到 1.709 億美元，年增 42%，季增 17%。獲利表現更為強勁，因第一季非 GAAP EPS 展現了我們商業模式的槓桿效應。EPS 年增超過 80% 至 0.41 美元，季增 30%，並高於我們指引區間的上緣。

We expect Q2 to continue this growth trend, and I'll detail our guidance in a few moments. Back to Q1. Revenue growth was driven by a record performance in compute and communications up 86% year-over-year and 15% sequentially. We continue to benefit from strong data center growth as Ford told you.

我們預期第二季將延續這一成長趨勢，我會在稍後幾分鐘內詳細說明我們的財測指引。回到第一季。營收成長主要由運算與通訊業務創紀錄的表現所帶動，年增 86%、季增 15%。正如 Ford 先前提到的，我們持續受惠於資料中心的強勁成長。

Additionally, our industrial and embedded end market grew 21% quarter-over-quarter, primarily driven by increased demand in factory automation, robotics and medical applications. Q1 non GAAP gross margin was a little better than expected at 70%, up 60 basis points quarter-over-quarter and 100 basis points year-over-year.

此外，我們的工業與嵌入式終端市場季增 21%，主要由工廠自動化、機器人與醫療應用需求增加所驅動。第一季非 GAAP 毛利率為 70%，略優於預期，季增 60 個基點、年增 100 個基點。

Our gross margin continues to reflect the value and differentiation our products provide for our customers. Non-GAAP operating expense was $60.8 million, up roughly 8% sequentially and 18% on a year-over-year basis. Much of the sequential increase is from performance-based bonuses and commissions as our revenue and profitability are exceeding expectations.

我們的毛利率持續反映出我們產品為客戶帶來的價值與差異化。非 GAAP 營業費用為 6,080 萬美元，季增約 8%，年增 18%。季增的很大一部分來自績效型獎金與佣金，因為我們的營收與獲利能力均超出預期。

We also continue to invest in order to capitalize on our near- and long-term opportunity.

我們也持續投資，以把握我們在近期與長期的機會。

Our Q1 non-GAAP operating margin expanded 370 basis points to 34.4%, and our EBITDA margin increased 310 basis points to 39.6% both were a little better than expected. Q1 cash flow was impacted by last year's annual bonus payout as well as revenue linearity in the quarter associated with our rapid growth. GAAP net cash flow from operating activities for the first quarter of 2026 was $50.3 million compared to $57.6 million in Q4.

第一季非 GAAP 營業利益率擴張 370 個基點至 34.4%，EBITDA 利益率提升 310 個基點至 39.6%，兩者皆略優於預期。第一季現金流受到去年年度獎金發放，以及在快速成長下本季營收線性分布的影響。2026 會計年度第一季 GAAP 營運活動淨現金流為 5,030 萬美元，相較第四季的 5,760 萬美元。

Free cash flow trended with operating cash flow. In Q1, free cash flow was $39.7 million, down from $44 million in Q4. We expect a strong recovery of cash flow as we continue to grow.

自由現金流走勢與營運現金流一致。第一季自由現金流為 3,970 萬美元，低於第四季的 4,400 萬美元。隨著我們持續成長，我們預期現金流將強勁回升。

During Q1, we repurchased $15 million of stock. We ended the quarter with $140 million in cash and no debt. Now for our guidance. We are targeting closing the AMI acquisition in Q3, so this guidance reflects expectations for Lattice stand-alone.

第一季期間，我們回購了 1,500 萬美元的股票。本季末我們持有 1.4 億美元現金且無負債。接下來談財測指引。我們目標在第三季完成 AMI 收購案，因此本次指引反映的是 Lattice 單體（stand-alone）的預期。

In Q2 2026, we expect revenues to grow in the range of $175 million to $195 million. At the midpoint of this range, this is almost 50% growth from Q2 '25 and 8% over Q1. We expect gross margin to be 70% plus or minus 1% on a non GAAP basis.

在 2026 年第二季，我們預期營收將成長至 1.75 億至 1.95 億美元區間。以區間中點計算，較 2025 年第二季成長接近 50%，並較第一季成長 8%。我們預期非 GAAP 毛利率為 70% 正負 1%。

We expect non-GAAP operating expense to be between $64 million and $67 million. Most of the growth in OpEx will be in R&D and reflects disciplined investments to drive long-term sustained revenue growth. We expect income tax rate for Q2 to be between 4% and 6% on a non-GAAP basis. We anticipate non-GAAP EPS to be in the range of $0.42 per share and $0.46 per share.

我們預期非 GAAP 營業費用介於 6,400 萬至 6,700 萬美元。營業費用增加的大部分將投入研發，反映我們以紀律性的投資來推動長期且可持續的營收成長。我們預期第二季非 GAAP 所得稅率介於 4% 至 6%。我們預期非 GAAP 每股盈餘（EPS）介於每股 0.42 美元至 0.46 美元。

At the midpoint of this guidance, we expect that we would again exceed 80% year-over-year earnings growth as we continue to demonstrate the leverage in our model.

以本次指引中點計算，隨著我們持續展現商業模式的槓桿效應，我們預期獲利年增仍將再次超過 80%。

Turning now to the AMI transaction. I am just as excited as for our Board of Directors and our leadership team that we have entered into a definitive agreement to acquire AMI. AMI is a leader in platform firmware, secure boot, device management and system control software. This acquisition represents a strategic expansion of Lattice's capabilities to deliver system-level solutions further accelerating our growth.

接著談 AMI 交易。我和董事會以及領導團隊一樣興奮，因為我們已簽署具約束力的最終協議以收購 AMI。AMI 是平台韌體、安全開機（secure boot）、裝置管理與系統控制軟體的領導者。此收購案代表 Lattice 在能力上的策略性擴張，使我們能提供系統層級解決方案，進一步加速成長。

The total consideration of the deal is expected to be $1.65 billion with $1 billion of cash and $650 million of equity. This is approximately 5.4 million shares based on the closing price on May 1.

本交易的總對價預計為 16.5 億美元，其中 10 億美元為現金、6.5 億美元為股權。以 5 月 1 日收盤價計算，約相當於 540 萬股。

We expect the acquisition to be equally compelling from a financial perspective. With AMI, we expect our revenue to exceed an annual run rate of $1 billion by the end of this year. We anticipate AMI's software-centric asset-light model will further enhance Lattice's already strong business model. We expect that the transaction will be immediately accretive to gross margin, free cash flow and EPS on a non-GAAP basis.

從財務角度來看，我們也預期這項收購同樣具有吸引力。納入 AMI 後，我們預期在今年底前，營收年化運行率（annual run rate）將超過 10 億美元。我們預期 AMI 以軟體為核心、輕資產（asset-light）的模式，將進一步強化 Lattice 既有的強勁商業模式。我們預期該交易在非 GAAP 基礎上，將立即增厚毛利率、自由現金流與每股盈餘（EPS）。

We will cover our pro forma expectations in more details after we close the transaction.

我們將在交易完成後，更詳細說明我們的備考（pro forma）預期。

In closing, we are truly excited about our organic growth and financial performance. We are all very enthusiastic about the opportunity to combine Lattice's strengths with those of AMI. Finally, PAUSE -- the last team remains focused on execution and taking advantage of the expanding growth opportunities ahead. We are well positioned to drive continued short- and long-term revenue growth, expand our operating margin increased free cash flow and grow earnings faster than revenue.

最後總結，我們對於有機成長與財務表現感到非常振奮。我們也對於結合 Lattice 與 AMI 優勢的機會充滿熱情。最後，PAUSE -- 團隊仍專注於執行，並把握前方不斷擴大的成長機會。我們具備良好定位，可推動短期與長期營收持續成長、擴大營業利益率、提升自由現金流，並讓獲利成長速度快於營收。

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

主持人，我們的正式發言到此結束。現在可以開放提問。

Operator, before we jump into questions, can we introduce with us today, AMI CEO; Sanjay Mike, who has a few remarks. Sanj?

主持人，在我們進入提問之前，能否介紹今天與會的 AMI 執行長 Sanjay Mike，他有幾點想說。Sanj？

Hello. Thank you Ford. At AMI, our management team, our employees, Board, investors, and we are equally excited to be joining with you and the Lattice Semiconductor team. The strategic combinations with Lattice semiconductor pairs the low-power programmable leader. We're the leader in the platform format and infrastructure manageability for cloud and AI data centers.

大家好。謝謝你，Ford。在 AMI，我們的管理團隊、員工、董事會與投資人，和各位以及 Lattice Semiconductor 團隊一樣，對於即將攜手合作感到非常興奮。與 Lattice Semiconductor 的策略性結合，將低功耗可程式化領導者與我們在平台韌體與基礎架構可管理性方面的領導地位相結合，服務雲端與 AI 資料中心。

Lattice and AMI, we shared a long history, a collaboration and a common vision for secure management and control platform. Now together, we can build on that foundation, extending the reach of Lattice's low-power FPGAs and AMI's trusted platform. While we will maintain the open silicon-agnostic multi-vendor support, our customers value. We also share the same commitment to disciplined execution, strong margins and focus on building values for our investors.

Lattice 與 AMI 共享悠久的合作歷史，以及對安全管理與控制平台的共同願景。如今攜手合作，我們可以在此基礎上再向前推進，擴大 Lattice 低功耗 FPGA 與 AMI 可信平台的觸及範圍。同時，我們將維持客戶所重視的開放、與晶片無關（silicon-agnostic）的多供應商支援。我們也同樣承諾以紀律性的執行、強勁的利潤率，並專注於為投資人創造價值。

Thank you again. I'm very excited and looking forward to build a great future together.

再次感謝。我非常期待，並期盼一起打造美好的未來。

Sanjoy, great to have you here. Welcome to Lattice. And operator, we can now take questions.

Sanjoy，很高興你今天在這裡。歡迎加入 Lattice。主持人，我們現在可以開始提問。

Ladies and gentlemen, we will now begin the question-and-answer session.

各位女士、先生，我們現在開始問答環節。

(Operator Instructions) Ruben Roy, Stifel.

（主持人指示）Stifel 的 Ruben Roy。

Yes, thank you. Yes. Congratulations on the strong results and outlook and the deal announcement. I guess for it to start. In the press release, you talked about doubling the SAM opportunity here. Can you talk about how we should think about that expansion?

是的，謝謝。是的。恭喜你們有強勁的業績與展望，以及交易公告。我想先從這裡開始。在新聞稿中，你們提到這裡的 SAM 機會將倍增。能否談談我們應如何看待這個擴張？

How much is incremental addressable opportunity from and their existing firmware installed base versus you talked about combined solution categories, et cetera, that perhaps neither company could attack independently.

其中有多少是來自他們既有韌體裝機基礎所帶來的新增可觸及機會？以及你們提到的整合式解決方案類別等等，可能是任何一家公司單獨都無法切入的領域。

Can you help us with that? And I guess as part of that question, the core business is inflecting, particularly on the compute side. If you think about 2026, are you thinking about mix of revenue from servers specifically and maybe AI overall? Thank you.

能否協助我們理解？另外作為這個問題的一部分，核心業務正在出現拐點，尤其是在運算端。如果看 2026 年，你們如何看待來自伺服器（特別是伺服器）以及可能整體 AI 的營收組合？謝謝。

Thank you, Ruben. Good question. So yes, we expect our total service available market to us to double from about what we think was about EUR 6 billion currently to about EUR 12 billion jointly with MI over the next three to four years. And that main increase would come from this compute and communication subsegment. And as you pointed out, the two major indicators in that segment are the percent server and the percent.

謝謝你，Ruben。問得很好。是的，我們預期我們的總可服務市場（SAM）在未來三到四年內，將從目前我們認為約 60 億歐元，與 MI 合併後共同提升至約 120 億歐元。主要增量將來自運算與通訊這個子區隔。正如你指出的，該區隔的兩個主要指標是伺服器占比以及占比。

And so these are a good follow-on question on the percent server that has been growing steadily for us from sort of the teens a couple of years ago to this year expected to be and about 38% of our revenue -- total revenue coming from server.

因此，關於伺服器占比這個延伸問題也很合理。對我們而言，伺服器占比已穩定成長，從幾年前約十幾個百分點，成長到今年預期約占我們營收——總營收的 38% 來自伺服器。

And the second facet to the question in this compute and communications market or subsegment is the percent of our revenue coming from AI. And again, it grew from the mid teens in '24 to the high teens last year, to where we expect it to be about 25% of revenue in 2026 and AMI plus that is going to be uniquely positioned to be able to provide solutions to customers in this compute and comms market.

而在運算與通訊市場／子區隔中，問題的第二個面向是我們營收中來自 AI 的占比。同樣地，它從 2024 年的十幾個百分點中段，提升到去年的十幾個百分點高段；我們預期在 2026 年約占營收的 25%。而 AMI 加上我們，將具備獨特優勢，能在這個運算與通訊市場為客戶提供解決方案。

That's great. If I could ask you a quick follow-up for Lorenzo. It's great to see that your flagging the deal is immediately accretive. On gross margin and free cash flow, EPS. Can you give us a framework for the gross margin profile?

很好。如果我可以再快速追問 Lorenzo 一個問題：很高興看到你們強調這筆交易將立即增厚毛利率、自由現金流與 EPS。你能否提供一個毛利率輪廓的框架？

I know it's early, Lorenzo, but any thoughts on the software and firmware business relative to your 70% non-GAAP gross margin run rate at this point, how much of the accretion as you look ahead would be structural versus maybe dependent on synergies revenue or otherwise?

我知道現在還早，Lorenzo，但就軟體與韌體業務相對於你們目前 70% 的非 GAAP 毛利率運行水準，有沒有任何看法？往前看，增厚效果有多少是結構性的，還是可能取決於協同效益、營收或其他因素？

Yes. So I'm going to actually -- that's a great question, Ruben, and we'll get this again, in more detail once we close. The way to think about this acquisition, as Ford said, is it's very strategic. And in the midterm, opens up really significant growth opportunities for us. But the really nice thing about it immediately is thinking about this deal strategically.

是的。我其實——這是個很好的問題，Ruben。我們會在交易完成後再更詳細說明。思考這項收購案的方式，如 Ford 所說，它具有高度策略性；在中期將為我們開啟非常顯著的成長機會。但更好的一點是，就立即效果而言，從策略角度來看這筆交易。

And looking at the very complementary P&L structure and operating model that AMI has is we are not dependent upon synergies to make the deal accretive.

而且從 AMI 非常互補的損益表（P&L）結構與營運模式來看，我們並不依賴綜效就能讓這筆交易具備增益性（accretive）。

In fact, AMI's business is very high gross margin. It's higher than ours, and we'll share some more detail on that later. And then they have a different structure, but at the operating margin level is pretty close to ours. And so they generate a very significant EBITDA percent of revenue, and that's close to ours or maybe slightly above ours right now.

事實上，AMI 的業務毛利率非常高，比我們還高，我們稍後會分享更多細節。然後他們的結構不同，但在營業利益率層面與我們相當接近。因此他們能產生非常可觀的 EBITDA 佔營收比重，這與我們接近，或目前可能略高於我們。

So if you think about it that way, you can see that there is not a dependency on cost cutting, we'll look at efficiencies through time for sure. But on a go-forward basis, we're able to fund the debt and cover the interest and still show accretion immediately.

所以如果你用這種方式來看，就能理解我們並不依賴削減成本；當然我們會隨時間推進去尋找效率。但就未來而言，我們有能力償付債務、支付利息，同時仍能立即呈現增益。

Appreciate all the details. Congrats again.

感謝所有細節。再次恭喜。

Thank you.

謝謝。

Christopher Rolland, Susquehanna International Group.

Susquehanna International Group 的 Christopher Rolland。

Hi, guys. Thank you for the question. So yes, I just wanted to dig in a little bit more on the strategic value of AMI. So I just looked over the website and it seems like they offer firmware, but also like infra management software, would love to know just kind of the cross synergies here between Lattice FPGAs and what you're going to do with this software PAUSE -- and perhaps if you could also talk about the growth rate for AMI. I know you talked about $200 million revs in '26, but that growth rate expectation moving forward would be very helpful for us as well.

嗨，各位。謝謝讓我提問。所以是的，我想再更深入了解一下 AMI 的策略價值。我剛看了他們的網站，似乎他們提供韌體，也提供像是基礎設施管理軟體（infra management software）。很想了解 Lattice 的 FPGA 與你們將如何運用這套軟體之間的交叉綜效是什麼，<xml>PAUSE</xml>——另外也想請你們談談 AMI 的成長率。我知道你們提到 2026 年營收 2 億美元，但對於未來的成長率預期也會對我們很有幫助。

Yes. Thank you, Chris. So let me start in trying to explain this. Let me start going to my background where I've done this twice already. So this is the third time that I do something very similar.

是的。謝謝你，Chris。那我先從嘗試解釋開始。我先回到我的背景，我之前已經做過兩次類似的事了，所以這是我第三次做非常相近的事情。

So it was at Broadcom we were actually second on the switch market share to Marvell. And we -- by the time I left our team have done a great job becoming #1. And one of the key acquisitions we did along the way was a company called Level 7 that provided us with protocol software.

在 Broadcom 的時候，我們在交換器市占率上其實是第二名，落後 Marvell。而且我們——到我離開時，我們團隊已經做得非常好，成為第一名。我們一路上做的一個關鍵併購，就是一家叫 Level 7 的公司，為我們提供協定軟體（protocol software）。

And what we're able to do is to use that to come up with reference design for the ODMs in Taiwan that made it much faster for customers to go to production with their switch system. And so this is number 1 that was successful and very relevant to the discussion we're having. And again, this product called software. Don't think about it as software. Think about it as hardware. So this is very low level stuff.

我們能做的是用它為台灣的 ODM 做出參考設計，讓客戶的交換器系統能更快導入量產。所以這是第一個成功案例，也與我們現在討論的內容高度相關。再強調一次，這個產品叫「軟體」。不要把它當成一般軟體來想，把它當成硬體來想。因為這是非常底層的東西。

And then the second one was at Inphi, where we were -- actually, when I joined, we were selling a TIA by the time I left, we were the #1 leader in optical interconnect. And that journey, we decided along the way to have a partnership with Microsoft to deliver a DCI [model] for Microsoft for between data center, 80 kilometers at the time was colors and some of you on the line know it very well. And that sort of complementary addition of a system or a subsystem skill, if you wish, is module was very critical.

第二個是在 Inphi。當我加入時，我們其實在賣 TIA；到我離開時，我們已經是光互連（optical interconnect）的第一領導者。在那段旅程中，我們決定與 Microsoft 合作，為 Microsoft 提供一個 DCI <xml>[model]</xml>，用於資料中心之間的連接；當時 80 公里是用 colors（波長/色彩）來做的，線上的一些人應該很熟悉。那種互補性的系統或子系統能力（如果你願意這麼說），也就是模組（module），非常關鍵。

We debated at length whether this was going to be a departure from selling silicon and components. But it made -- and it was about almost 80-20. 80% of the business ends up being these components that we're selling as a platform and 20% of the business was this module that we're saying to -- started with Microsoft, they eventually became the whole market.

我們曾長時間辯論這是否會偏離我們原本只賣矽晶與元件的模式。但結果——而且大概是 80/20：最後 80% 的業務是我們以平台形式銷售的這些元件，20% 的業務是我們對外提供的這個模組——一開始是 Microsoft，後來變成整個市場。

And today, it's very standardized across the whole market. But the addition of that module system -- subsystem skills we're very critical in the success because these folks had the folks on the silicon side go to market faster and do a better job.

而今天，這在整個市場都已高度標準化。但加入那個模組的系統／子系統能力，對成功非常關鍵，因為它讓做矽晶端的人能更快推向市場，並做得更好。

So the history of AMI has 40 years of developing these test cases and very deep knowledge of the whole industry from server to switch to next to, they're the first one to be brought up when a CPU gas product. They're the first one to go up when a GPU gas product. The first one to be brought up along with a lot of systems.

所以 AMI 的歷史是：40 年來一直在開發這些測試案例（test cases），並且對整個產業有非常深的理解，從伺服器到交換器到下一個……當 CPU 有新產品時，他們是第一個被找上的；當 GPU 有新產品時，他們也是第一個被找上的；在許多系統上，他們都是第一個被帶進來的。

They're a very key complementary partner to the BMC Board management and controller today. And we intend to continue to be a very strong partner to all of these Board management controller, the HP, the [Nuvoton], the NXP, the others in the market.

他們是當今 BMC（板級管理控制器，Board Management Controller）非常關鍵且互補的合作夥伴。我們也打算持續成為所有這些板級管理控制器廠商的強力合作夥伴，包括 HP、<xml>[Nuvoton]</xml>、NXP，以及市場上的其他公司。

And so it's an extremely strategic move for us that complements our FPGA low-power FPGA business. And the growth rates are going to be in the high teens, and we expect next year to be actually accelerating. And we do expect to come to solutions to market together that we are growing our revenue faster than you can see we're growing at 40% on the revenue.

因此，這對我們而言是極具策略性的動作，能補強我們的低功耗 FPGA 業務。成長率將落在高十幾％（high teens），而且我們預期明年會加速。我們也確實預期能把解決方案一起推向市場，使我們的營收成長更快——你可以看到我們在營收上成長 40%。

And by the way, as you noticed, we grew 80% on EPS and we should be able to grow faster on both revenue and EPS together in the '28 time frame as these solutions go to market. solution or being feeded today in discussion today, we had many discussions with many customers about this solution. They're very excited about it. And it's going to be a very exciting growth.

順帶一提，如你所見，我們 EPS 成長了 80%；而在 2028 年這個時間框架，隨著這些解決方案推向市場，我們應該能在營收與 EPS 兩者上都更快成長。這個解決方案——或是今天討論中正在被推進的內容——我們已與許多客戶進行了多次討論。他們對此非常興奮，這將會是非常令人振奮的成長。

Now we've got a presentation, investor deck on our website -- and if you could turn to it, please, that details the AMI acquisition.

現在我們在網站上有一份簡報、投資人簡報（investor deck）——如果你可以的話請打開，它詳細說明了 AMI 的收購案。

And on Slide 5, it shows you the challenges that the data center faced today as you go from managing servers to racks to post the 1 data center this modularity becomes extremely important. AI is adding a lot of complexity.

在第 5 頁，你會看到資料中心今天面臨的挑戰：當你從管理伺服器到機架，再到（後續的）資料中心，這種模組化變得極其重要。AI 正在增加大量複雜度。

Uptime these components, GPUs, switch are very expensive. Optum is very key, and there is a huge pressure on time to market and shift left as shown on Slide 5. And then if you jump to Slide 11, Slide 11 shows -- I'm sorry, Slide 11 PAUSE it shows the solutions that we are providing together through these challenges.

正常運作時間（uptime）——這些元件，GPU、交換器都非常昂貴。正常運作時間非常關鍵，而且在上市時間（time to market）與「左移」（shift left，如第 5 頁所示）方面有巨大壓力。然後如果你跳到第 11 頁，第 11 頁顯示——抱歉，第 11 頁 <xml>PAUSE</xml>——它顯示我們如何一起提供解決方案來應對這些挑戰。

And so things like rack boot, power and cooling, retrofit and plug and play are going to be solutions that we provide together along with our low-power FPGA and the platform firmware and manageability infrastructure that AMI provides. So very exciting future ahead.

因此，像是機架開機（rack boot）、電力與散熱（power and cooling）、改裝（retrofit）以及即插即用（plug and play），都將是我們與 AMI 一起提供的解決方案，並結合我們的低功耗 FPGA，以及 AMI 所提供的平台韌體與可管理性基礎設施（manageability infrastructure）。所以未來非常令人期待。

Excellent. And congrats on this deal. I guess, maybe as a follow-up, if you could talk about -- I think you said you guys said inventory maybe was even under two months at this point in time. I mean we should have an uplift here. I think we can see it in the guide.

很好。也恭喜這筆交易。我想追問一下，如果你們能談談——我記得你們說目前庫存可能甚至不到兩個月。我是說，我們應該會看到一些上行，我想我們在指引（guide）裡也看得到。

But if you want to talk about it more broadly, just as you are no longer burning. And could there potentially even be an opportunity to refill. How are you guys thinking about all this into the future? And next quarter, will we will we be balanced?

但如果你願意更廣泛地談談：當你們不再消化庫存（burning）之後，是否甚至可能有補庫（refill）的機會？你們如何看待未來的情況？以及下個季度，我們會回到平衡嗎？

Yes, good question. Good question. So look, I mean, we're very excited about it. And what I would say is, this is part of telling you what we're going to do and do what we say. So I told you when we joined -- when I joined now about 1.5 years ago, this is my seventh quarterly part that we're going to bring this under control.

是的，好問題。好問題。你看，我們確實非常興奮。我想說的是，這也是我們一直在做的：告訴你們我們要做什麼，然後做到我們說的。當我加入時——我加入到現在大約 1.5 年，這是我第七次季度（電話會議/季度）——我就說我們會把這件事控制住。

When I joined the numbers were closer to six. And we thought you would be by three by end of last year, and we did plan a '25, we got to three. I told you we're going to be in the tools. We are in the tools. And I told you actually we'll bring it on the two and we're on our way to under.

我加入時，數字接近 6。我們原本以為到去年年底會到 3，而我們在 2025 的規劃中確實做到 3。我告訴你們我們會進入 2.x（two’s），我們現在就在 2.x。我也告訴你們我們會把它拉到 2 左右，而我們正朝著低於 2 前進。

The last time the company was under two -- we have 10 good quarters ahead than 1 times. And we -- so we may be entering a very strong period here. And you can see our Industrial & Embedded business grew 22% sequentially, which is amazing. PAUSE -- and hopefully more to come. Lorenzo, do you want to add to this?

公司上一次低於 2 的時候——我們接下來有 10 個很好的季度，超過 1 次（的情況）。而我們——所以我們可能正在進入一段非常強勁的時期。你也可以看到我們的工業與嵌入式（Industrial & Embedded）業務季增 22%，這很驚人。<xml>PAUSE</xml>——希望後面還有更多。Lorenzo，你要補充嗎？

Yes. No, I think the way to think about channel inventory right now is it's no longer business imperative to bring it down, what we're really working on is keeping the right balance of inventory at distributors across the globe and the right type of inventory so that they can service their customer needs.

是的。不，我認為目前看待通路庫存的方式是：把它降下來已不再是業務上的當務之急；我們真正要做的是在全球各地的經銷商維持適當的庫存平衡，以及正確的庫存結構，讓他們能滿足客戶需求。

So I think this is what I would characterize as a nonissue for Lattice going forward. And we're really happy that we were able to manage through this. And now what we get is much greater visibility, much more direct visibility into what end customers are demanding. So our build is much more efficient.

所以我認為，對 Lattice 而言，這在未來可以被視為不是問題（nonissue）。我們也很高興能把這段過程管理過來。現在我們得到的是更高的能見度，對終端客戶需求有更直接的能見度。因此我們的投產/建置（build）效率更高。

Thank you, guys.

謝謝你們，各位。

Melissa Weathers, Deutsche Bank.

Deutsche Bank 的 Melissa Weathers。

Hi there. Thank you so much for letting me ask a question. Congrats on nice results. It's an interesting deal and Sandoy looking forward to working with you in the future. I guess for my first question, I wanted to touch on the data center side of things.

嗨，謝謝你們讓我提問。恭喜有不錯的成果。這是一筆很有意思的交易，也很期待未來能與 Sandoy 一起合作。我想第一個問題想先談談資料中心這一塊。

In the past, you guys have given like an FPGA attach rate per server, and it seems like those applications PAUSE that you can use an FPGA for -- in the data center is growing massively and those conversations with engineers are happening live.

過去你們曾提供過每台伺服器的 FPGA 搭載率，而且看起來在資料中心裡可使用 FPGA 的那些應用（PAUSE）正在大幅成長，與工程師的那些對話也正在即時進行。

We heard Jensen talk at GTC about using more FPGAs in those racks. So can you help us PAUSE I don't know if there's an updated framework that we can think about in terms of FPGA attached in the data center. I'm also really curious on the wireline side in addition to the service side. So

我們聽到 Jensen 在 GTC 談到在那些機櫃中使用更多 FPGA。所以你能否幫我們（PAUSE）我不確定是否有更新的框架，讓我們可以用來思考資料中心的 FPGA 搭載情況。我也對有線（wireline）端很感興趣，除了服務端之外。所以

any help on, I guess, content in the data center would be helpful.

我想，任何關於資料中心內容（content）的協助都會很有幫助。

Yes. Thank you, Melissa. So the couple of trends that I'll highlight and the recent customer visits, I had to a server and they showed me how the unit of RAC has now gone from where they had all in one rack to now four racks together, a compute track, a networking rack, power rack and cooling rack. And so that's one change that is pretty profound and is going to allow us to increase our content as -- in the comps as well as power and cooling.

是的。謝謝你，Melissa。我想強調幾個趨勢，以及我最近的客戶拜訪：我去看了一個伺服器客戶，他們向我展示了 RAC 的單位現在已經從原本全部在一個機櫃，變成現在四個機櫃組合在一起：運算機櫃、網路機櫃、電源機櫃以及散熱機櫃。因此這是一個相當深刻的變化，將使我們能在運算（comps）以及電源與散熱方面提高我們的內容占比。

The second one, when you go visit the data centers, as you realize now these cooling racks are actually attached by these big pipes coming from the ceiling. It's going to be much harder to change this cooling rack and so this cooling rack may have longevity need that's actually closer to our industrial embedded business that may last for many years as opposed to the faster cadence of moving on the compute side. PAUSE In the presentation that we have about AMI, we are highlighting rack boot on Slide 11, where now some of these -- again, a new application where the club would like to not just for up a server at a time, they'd like to bar up the whole rack at one point.

第二點，當你去參觀資料中心時，你會發現現在這些散熱機櫃其實是透過從天花板垂下來的大型管線連接的。要更換這個散熱機櫃會困難得多，因此這個散熱機櫃可能具有更長的使用年限，這其實更接近我們的工業嵌入式業務，可能會持續很多年，而不是像運算端那樣以更快的節奏更新。（PAUSE）在我們關於 AMI 的簡報中，我們在第 11 張投影片強調了 rack boot，也就是一些新的應用：客戶不再只想一次啟動一台伺服器，而是想一次把整個機櫃啟動起來。

And we can have some very interesting application RPG and that new applications. And so that's pretty exciting. The third bullet there on Slide 11, you can see that of that AMI application, you can see that people want to go and refit some of their older system for better uptime and better security, better form detection.

而我們可以在這些新應用中提供一些非常有趣的 RPG 應用，這很令人振奮。第 11 張投影片的第三個重點，你可以看到在 AMI 的應用中，人們希望去改裝一些較舊的系統，以提升正常運作時間（uptime）與安全性、更好的表單偵測（form detection）。

And again, that's another new opportunity. And so we're finding opportunities all the time. And from a modeling point of view, we still have this forecast of about 16.5 billion server in 2026. We're roughly saying about three FPGA per server on overall, okay, that gives you a number of total FPGA. And we're roughly saying our you can calculate the percent -- you could calculate the business, right?

同樣地，這也是另一個新的機會。因此我們一直在發現各種機會。從建模的角度來看，我們仍然預估 2026 年約有 16.5 billion 台伺服器。我們大致假設整體平均每台伺服器約 3 顆 FPGA，好，這樣就能得到 FPGA 的總量。然後我們大致上說，你可以計算百分比——你也可以計算業務規模，對吧？

We just gave you today what we don't typically do, but we gave you a breakdown of that server business in Q1. So you could take that 38% I just gave you, and you've got our number for Q1, you can see how much revenue we have and gives you a bit of an ASP. So that gives you all you need, I think, Melisa.

我們今天也提供了我們通常不會提供的資訊：我們給了你 Q1 伺服器業務的拆分。所以你可以用我剛剛給你的 38%，再搭配我們 Q1 的數字，你就能看出我們有多少營收，並推算出一些 ASP。這應該就能提供你所需要的一切了，我想，Melisa。

By the way, our ASP is continuing to increase on a per unit basis through this progression. We keep finding more value-added opportunities for our customers.

順帶一提，我們的 ASP 仍在以每單位為基礎持續上升，因為這樣的演進。我們不斷為客戶找到更多加值的機會。

Yes. So as we said in the past, Melissa, what's helping us number of server increasing AI increasing actually even shorter term, we've seen a big demand increase, not just only from AI, but traditional CPU and storage because of things like cloud another agent type of coding have driven not just AI, but also the position of CPU and storage. The attach rate to continue to find new applications new ASP with the new product, the ASP continues to increase, hence, increasing that server dollar amount.

是的。所以如同我們過去所說，Melissa，幫助我們的因素包括：伺服器數量增加、AI 增加；而且其實在更短期內，我們看到需求大幅上升，不僅來自 AI，也來自傳統 CPU 與儲存，因為像雲端、另一種代理式（agent）編碼等因素，推動的不只是 AI，也推動了 CPU 與儲存的配置。搭載率持續提升、持續找到新應用，搭配新產品帶來新的 ASP，ASP 持續上升，因此推升了伺服器端的美元金額。

Perfect. Thank you for all the color. And then maybe just a quick follow-up. I mean, these growth rates seem to be a lot faster than maybe what we were expecting coming into the year. So from a supply perspective, can you just talk about your ability to secure supply? It seems like your customer visibility is increasing, but what about your supplier visibility? Do you have the front end? Do you have the back end is there anything there that we should review that?

很好。謝謝你提供這麼多細節。接著可能一個快速追問：這些成長率看起來比我們年初預期的要快很多。從供應角度來看，你能談談你們確保供應的能力嗎？看起來你們對客戶端的能見度在提高，但供應商端的能見度如何？前段（front end）有嗎？後段（back end）有嗎？那裡是否有任何我們需要重新檢視的地方？

Our Senior VP of Operations, Divia Shah has been in the industry for a long time. He lives on a plane and lives at the supplier, and we've had many cause our supplier definitely have our strength, our -- this definitely is straining us and working hard on it, though, and we have been able to secure supply. It comes at a cost. So we are -- the COGS are are challenging, but we're working with our customers and our suppliers to deal with this, and we're in good shape.

我們的營運資深副總裁 Divia Shah 在這個產業很多年了。他幾乎都在飛機上、也幾乎都待在供應商那邊。我們已經做了很多——因為供應商端確實有我們的優勢，但這也確實讓我們承受壓力，我們正在努力處理，而且我們已經能夠確保供應。這是有成本的。所以我們——COGS 成本壓力很具挑戰，但我們正與客戶及供應商合作來應對，我們的狀況良好。

Yes. So I think, some other industry players, our wafers are more legacy node wafers and to our supply there is less challenged. The back end is where we see pressure, and we keep expanding our supply chain in that area to provide a diversity of suppliers and additional capacity we're actually beginning to bring our lead times down as we get that expanded supply.

是的。我想相較於其他一些同業，我們的晶圓多屬於較成熟製程節點，因此在供應上挑戰較小。壓力主要在後段（封裝測試等），我們持續在那個領域擴充供應鏈，以提供供應商多元化與額外產能；隨著擴充供應，我們也開始把交期拉回縮短。

Perfect, thank you.

很好，謝謝。

Yeah, okay.

好的。

Tristan Gerra, Robert W. Baird.

Tristan Gerra，Robert W. Baird。

Hi, good afternoon. Just as a follow-up to an earlier question, is there any step function increase in the content for root trust security with the upcoming Cyber and payment platform? And also is there any potential for event content in data center? Or is that going to be other end markets?

嗨，午安。延續先前的一個問題：隨著即將推出的 Cyber 與支付平台，針對 root of trust 安全性的內容（content）是否會出現任何階躍式（step function）的提升？另外，資料中心是否有任何 event 內容的潛力？還是那會屬於其他終端市場？

Yeah, we're not commenting on specific platform, but our security continues to be a major factor in allowing us to grow our business here.

是的，我們不評論特定平台，但我們的安全性仍然是推動我們在這裡成長業務的一個主要因素。

And the second question was regarding events. And whether there is any data center potential opportunity for the higher density FPGA that's coming out?

第二個問題是關於 events，以及即將推出的更高密度 FPGA 是否在資料中心有潛在機會？

Yes, absolutely. I'm not sure, can you be a bit more specific? I'm not sure we understand the question. Go ahead.

是的，絕對有。不過我不確定你能否再具體一點？我不確定我們是否理解這個問題。請繼續。

Yeah, I was just wondering what type of use cases you see for Avant and whether there's any data center applications, potentially data paths or anything else outside of code of trust security or even for a root of trust security for Avant?

是的，我只是想了解你們對 Avant 看到哪些使用案例，以及是否有任何資料中心應用，可能是資料路徑（data paths）或其他任何在 code of trust security 之外的應用；或者甚至對於 Avant 來說，是否也有 root of trust 安全性的應用？

Okay, I'm sorry, I get it. So you're asking whether our mid-term, mid-range FPGA Avant platform.

好的，抱歉，我明白了。所以你是在問我們的中期、中階 FPGA——Avant 平台。

As application in the data center. And so far, it's been mostly our pre-Nexus and Nexus product is what is applicable for data center. As time goes by, Avant may find its way there, but Avant is really focused on our industrial embedded platform segment.

是否在資料中心有應用。到目前為止，主要是我們的 pre-Nexus 與 Nexus 產品更適用於資料中心。隨著時間推進，Avant 可能也會進入那裡，但 Avant 目前主要聚焦在我們的工業嵌入式平台區隔。

And then just a quick follow-up, your gross margin is starting to.

然後再快速追問一下，你們的毛利率開始。

To increase again and your lead times have been expanding, which typically is good for ASP.

又再次上升，而且你們的交期一直在拉長，這通常對 ASP 有利。

I know you only guide a quarter at a time, but what's the potential for gross margin to go higher given the supply constraint and the state of demand versus supply?

我知道你們一次只提供一季的指引，但在供應受限、以及需求相對於供給的狀態下，毛利率進一步走高的潛力如何？

Yeah, we've talked about this. A few times, especially leading into the year where we thought that the we we should be prudent about our outlook and gross margin because we saw the supply chain increases coming and what we have been able to do is continue to work with our customers on ways to offset.

是的，我們談過這點好幾次，特別是在進入今年時，我們認為在展望與毛利率方面應該保持審慎，因為我們看到供應鏈成本上升即將到來。而我們能做到的是，持續與客戶合作，尋找抵消我們所看到成本上升的方法。

The cost increases we're seeing. We do also, though, expect that the cost pressure will continue and increase relatively in the second-half of this year versus the first half. So we haven't gone we're just given where we are in the year, we are not.

不過我們也預期成本壓力會持續，且在今年下半年相較上半年會相對增加。因此我們還沒有——就目前年度進度而言，我們不會。

Going to give very precise guidance about the second-half of the year. But we are in the range, as I said before, 69.5% plus or minus 1. This quarter, we happen to be 70%, a little bit higher than that. But this is going to be the approximate range we see going forward.

對下半年給出非常精準的指引。但我們維持在我之前提到的區間：69.5% 正負 1。本季我們剛好是 70%，略高一些。但這將是我們往後所看到的大致區間。

And we will provide you more specific guidance as we get into the second-half of the year on how the cost increases are playing out.

隨著我們進入下半年、成本上升的實際情況更明朗時，我們會提供更具體的指引。

Great. Thank you.

很好，謝謝。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hi, guys. This is Lanny on for Josh.

嗨，各位好。我是代 Josh 出席的 Lanny。

Congratulations on the quarter, and I'll extend my congratulations for the deal as well.

恭喜本季表現，也一併恭喜這筆交易。

Focusing on the core business really quickly, you've mentioned that, Lattice is still on track for hitting that over 1 billion run rate in the fourth quarter of this year. Can you clarify if that's specifically for the core business, or is that inclusive of the AMI acquisition as well, since I know you've given kind of an estimated revenue for the year?

很快聚焦在核心業務：你們提到 Lattice 仍按計畫在今年第四季達到超過 10 億美元的 run rate。你能否釐清這是否特指核心業務，或也包含 AMI 併購在內？因為我知道你們已經給了今年的預估營收。

It is the AMI acquisition.

是包含 AMI 併購。

Got it.

了解。

And then specifically kind of -- was there a follow-up to that? Sorry, I had a follow-up question afterwards, but is there additional thoughts?

然後具體來說——對那點有後續問題嗎？抱歉，我原本後面還有一個追問，但還有其他補充想法嗎？

No, go ahead. Go ahead.

不，請繼續。請繼續。

Oh, yeah, so as it relates to, AMI, I'm curious to know.

喔，是的，所以就 AMI 而言，我很好奇想了解。

What kind of capabilities did this give Lattice that you didn't have before? And if you could talk about AMI's current go-to-market monetization strategy and how that fits in with Lattice's business model currently and then going forward as you integrate together.

這為 Lattice 帶來了哪些你們以前沒有的能力？另外，能否談談 AMI 目前的上市推廣（go-to-market）變現策略，以及這如何與 Lattice 目前的商業模式相契合，並在你們整合之後未來將如何配合。

Thank you.

謝謝。

Yeah, thank you. So, first, as you said, we together expecting to.

好的，謝謝。所以首先，如你所說，我們一起預期將。

Exit the year at this billion run rate at this roughly 40% free cash flow. So you could see we'd be able to delever pretty fast from there. So that's what we think is a beautiful business. The combination is going to be very strong financially.

在今年年底達到這個約 10 億美元的年化營收（run rate），以及約 40% 的自由現金流。因此你可以看到，我們從那裡開始能夠很快去槓桿（delever）。所以我們認為這是一門很漂亮的生意。這個組合在財務上會非常強勁。

And then from a capability point of view, it gives us much stronger system skills jointly.

接著從能力的角度來看，它讓我們在系統層面的技能上共同變得更強。

And.

而且。

Allow us to bring these solutions to customer much faster. So it's a capability that we'll be adding. We'll be able to discuss further at their next quarterly call. So when we get in front of you to discuss Q2 and guide to Q3, we'll be able to give you a lot more details on some of the AMI business and go into a bit more of the detail on their financials. But today.

讓我們能更快把這些解決方案帶給客戶。因此這是一項我們將新增的能力。我們會在下一次季度電話會議上進一步說明。所以當我們在你面前討論 Q2 並提供 Q3 指引時，我們將能提供更多關於 AMI 業務的細節，並更深入談他們的財務狀況。但今天。

We want to focus on our business, introduce the acquisition, and it's going to take us a couple of months to close expected in early Q3. And at that time, we'll be able to fully give you all the details on their business.

我們想聚焦在我們的業務、介紹這項收購；而完成交割預計需要幾個月，預期在 Q3 初。到那時，我們就能完整提供他們業務的所有細節。

Thank you very much.

非常感謝。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Thanks for squeezing me in, guys. I'll also add my congratulations for maybe just a high-level question on AMI acquisition. AMI talks about security board management. You've historically talked about similar things for your FPGAs. And so can you just spend a minute, is there any place where the two businesses compete or is it truly complementary? Does the lattice FPGA root of trust. Protect the AMI firmware BIOS as it resides in the server? Is there any sort of direct overlap between the two businesses?

謝謝讓我插個問題，各位。我也要補上一句恭喜。關於 AMI 收購，我想問一個較高層次的問題。AMI 談到安全板卡管理（security board management）。你們過去也曾就你們的 FPGA 談過類似的事情。所以能否花一分鐘說明，兩個業務之間是否有任何競爭之處，還是完全互補？Lattice 的 FPGA 信任根（root of trust）是否能保護 AMI 的韌體 BIOS（firmware BIOS）在伺服器中的駐留？兩個業務之間是否有任何直接重疊？

Great question, Quinn. We have been working together since 2019, so it's been seven years of close collaboration. There is no place where we compete. This is totally complementary.

好問題，Quinn。我們自 2019 年起就一直合作，所以已經有七年的緊密協作。沒有任何地方是我們彼此競爭的。這是完全互補的。

And it's actually very complementary to our customer and should really benefit our customer and partners, and we are committed to remain agnostic.

而且這對我們的客戶而言其實非常互補，應該會真正讓客戶與合作夥伴受益；我們也承諾會保持中立（agnostic）。

They support all the other silicon partners and we are partnered to the same silicon partners, so we see it very complementary and beneficial to our not only the customers, but also the partners, and so it should be very strong, one plus one equals three.

他們支援所有其他的矽晶合作夥伴，而我們也與同樣的矽晶合作夥伴合作，所以我們認為這非常互補，且不僅對客戶、也對合作夥伴都有利；因此會非常強，1+1=3。

And Sanjo is sitting with me today, he has plans for four, five and six hopefully and he's laughing here.

而 Sanjo 今天也和我坐在一起，他希望能做到 4、5、6，並且在這裡笑了。

Excellent. And then, obviously, you guys had a great start to the year in terms of revenue growth. I think we came into the year thinking the server business could be up something like 20% to 40% in industrial and now I guess the embedded business up 5% to 15%.

很好。然後，很明顯你們今年開局在營收成長方面表現很強。我想我們年初的預期是伺服器業務可能成長約 20% 到 40%，工業端現在我猜是嵌入式業務成長 5% 到 15%。

Looks like you're tracking well above that. I don't know if you're prepared to perhaps talk about growth rates for those businesses given the strong start to the year, but I figured I'd ask.

看起來你們的進度遠高於此。我不確定你們是否準備好在今年強勁開局之後，談談這些業務的成長率，但我想我還是問一下。

Well, for the year, it's still early. I would say that the trend.

嗯，就全年而言，現在還早。我會說這個趨勢。

That started late last year and has led to our results in the first quarter continues and that trend is our business continues to book in very strong, the customers are continuing to increase their.

從去年年底開始並帶動我們第一季結果的趨勢仍在延續；而這個趨勢是，我們的業務持續接到非常強勁的訂單，客戶也持續提高他們的。

Their demand, and we are booking out even longer in time. So at this point in time, we have high confidence that our growth this year will be stronger than we originally thought at the beginning of the year.

他們的需求，而我們的接單能見度也拉得更長。因此就目前而言，我們對今年的成長將比年初原先預期更強，具有高度信心。

Constant compute as an end market will be like. Key driver of that for the reasons we all know. The industrial and embedded, though, is recovering, and we saw signs of that in the first quarter.

以運算（compute）作為終端市場將會是其中的關鍵驅動因素，原因大家都知道。工業與嵌入式則正在復甦，我們在第一季也看到相關跡象。

I would say that the extremely high year-on-year growth rates might not hold for the rest of the year for the compute and the server, but it will be pretty.

我會說，運算與伺服器業務極高的年對年成長率，可能不會在今年剩餘時間都維持，但仍會相當。

Pretty strong and the comms business will be aligned.

相當強勁，而通訊業務會保持一致。

It kind of goes up and down relative to the compute growth rate, but it's still going to be pretty high. And like I said, industrial and embedded will continue to grow, but probably not at the rate that we saw in Q1 versus Q4 of last year. They did grow 10% year-over-year.

它相對於運算的成長率會有些上下波動，但仍會維持在相當高的水準。就像我說的，工業與嵌入式會持續成長，但可能不會像我們在 Q1 相較去年 Q4 看到的那樣快。它們年對年成長了 10%。

Industrial embedded, and that's a pretty good range to think about the year.

工業與嵌入式成長 10%，這是思考全年的一個相當不錯的區間。

And Quinn, right now, as Lawrence was saying, the demand is strong for the foreseeable future and bookings well into '27.

Quinn，正如 Lawrence 所說，目前可預見的未來需求都很強，而且接單已經排到 2027 年。

And can I ask a quick just clarification on the deal, will THL partners be locked up for any period of time post close on that $650 million of equity issued or are they free to sell once the deal closes?

我可以就這筆交易再快速釐清一下嗎？交易完成後，THL Partners 對於所發行的 6.5 億美元股權是否會有任何鎖定期，還是交易一完成他們就可以自由出售？

Yeah, they have a lockup that extends through the year. It's, 25% per quarter. 12 months from close, yeah, 12 months from close, for a year, not through the year.

是的，他們有鎖定期，為期一年。每季可解禁 25%。自交割起算 12 個月，是的，自交割起算 12 個月，為期一年，不是到年底。

Thank you.

謝謝。

Perfect. Okay, thank you.

很好。好的，謝謝。

Duksan Jang, Bank of America.

Duksan Jang，美國銀行。

Hi, thank you for taking the question and congrats on the strong results as well.

嗨，謝謝讓我提問，也恭喜你們同樣有強勁的業績。

Just following up on some of the earlier gross margin questions, you've been talking about bookings a strong well into 27, backlog is building up, the lead times are expanding, the AMI margins are stronger.

延續先前一些毛利率問題，你們一直在談接單強勁、一路看到 2027 年，積壓訂單在增加，交期在拉長，AMI 的毛利率也更高。

So is it possible that the margin structure now is more structurally.

所以是否有可能現在的毛利結構在結構性上。

Just higher than before. I think you're touching into untouched territories. I think you haven't really sustained 70-plus before, but now should we think this is something more achievable at this point?

就是比以前更高？我想你們正在進入以前未曾觸及的領域。我想你們過去並沒有持續維持 70% 以上，但現在我們是否應該認為在此時點這更可達成？

Now, this opens up opportunities for us that we may have been shied away from before and across the various markets. So we don't intend to go much above that and.

現在，這為我們在各個市場帶來了機會，而這些機會我們以前可能會避開。因此我們不打算大幅高於那個水準，而且。

Then we're sure we can, but I think right now there are opportunities for us that we haven't gone after that we could go after, so it could potentially open up a higher top-line.

我們確定我們可以，但我認為目前有一些我們以前沒有去追的機會、現在可以去追，因此這可能會打開更高的營收規模（top-line）。

Got it.

了解。

And then one follow-up is just on broader competitiveness of the supply chain. And I asked this because clearly Intel has now divested Altera. And it's now a stand-alone company. We haven't heard much since from them, but they clearly have a much different supply chain with the internal manufacturing team. So do you think that gives them a lot more advantage in this supply-constrained environment?

接著一個追問是關於供應鏈更廣泛的競爭力。我之所以問，是因為很明顯 Intel 現在已經剝離了 Altera，而它現在是一家獨立公司。之後我們沒有聽到他們太多消息，但他們顯然有非常不同的供應鏈，因為有內部製造團隊。所以你認為在這個供應吃緊的環境下，這會讓他們有更大的優勢嗎？

And if not, could you explain why?

如果不是，你能解釋一下原因嗎？

Thank you.

謝謝。

Yeah, look, our suppliers have been fantastic.

是的，你看，我們的供應商一直都非常出色。

Are with UMC, Samsung and TSMC on the flat side and extremely supportive and we have strong assembly and best partners. We're adding more because this is where the shortages are. And so far, we feel very good about our supply chain, our ability to supply, so that's not an issue for us.

我們在晶圓端與 UMC、Samsung 以及 TSMC 合作，他們都非常支持；我們也有很強的封裝與測試合作夥伴。我們正在增加更多，因為短缺主要發生在這裡。到目前為止，我們對供應鏈與供貨能力感到非常有信心，所以這對我們不是問題。

Ladies and gentlemen, that concludes the time we had for the Q&A session.

各位女士先生，問答環節的時間到此結束。

I will now turn the call back to the company's Rick Moucher for any closing comments.

我現在把電話交回公司方的 Rick Moucher，請他做任何結語。

Great. Thanks, everyone, for joining us on the call today. We'll be attending the following investor events this quarter. The JPMorgan's 2026 Global TMT Conference on May 19 in Boston, and the TB Cowen 54th Annual TMT Conference in New York City on May 28. This completes our call.

很好。謝謝各位今天參加我們的電話會議。我們本季將出席以下投資人活動：5 月 19 日在波士頓舉行的摩根大通（JPMorgan）2026 全球 TMT 大會，以及 5 月 28 日在紐約市舉行的 TB Cowen 第 54 屆年度 TMT 大會。本次電話會議到此結束。

Thank you very much for your participation and have a good evening. Goodbye.

非常感謝各位的參與，祝各位晚安。再見。

Ladies and gentlemen, the conference call of Lattice Semiconductor has concluded. Thank you for your participation. You may now disconnect your lines.

各位女士先生，Lattice Semiconductor 的電話會議已結束。感謝各位的參與。您現在可以掛斷電話。