萊迪思半導體 (LSCC) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Lattice Semiconductor second-quarter 2026 earnings call.

各位好。歡迎參加 Lattice Semiconductor 2026 年第二季財報電話會議。

As a reminder, this conference is being recorded.

提醒各位，本次會議將被錄音。

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

現在很榮幸為各位介紹本次會議主持人：投資人關係副總裁 Rick Muscha。謝謝你，Rick。你可以開始了。

Thank you, operator. Good afternoon, everyone. With me, today, are Ford Tamer, Lattice's CEO; and Lorenzo Flores, Lattice's CFO.

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，以及 Lattice 財務長 Lorenzo Flores。

We'll provide a financial and business review of the second quarter of 2026; and the outlook for the third quarter of 2026, followed by a brief overview of AMI and its business model.

我們將提供 2026 年第二季的財務與業務回顧，以及 2026 年第三季展望，接著簡要介紹 AMI 及其商業模式。

If you have not yet obtained a copy of our earnings press release, it can be found at our company website, in the Investor Relations section, at latticesemi.com.

若各位尚未取得我們的財報新聞稿，可至公司網站 latticesemi.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.

我想提醒各位，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。

We wish to caution you that such statements are predictions, based on information that is currently available; and that actual results may differ materially.

我們提醒各位注意，這些陳述屬於基於目前可得資訊所做的預測；實際結果可能會有重大差異。

We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs, and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

我們請各位參閱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。

This call includes and constitutes the company's official guidance for the third 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.

本次電話會議包含並構成公司對 2026 年第三季的正式指引。若在本次會議後的任何時間，我們就該指引溝通任何重大變更，我們預計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。

We'll refer primarily to non-GAAP financial measures during this call. By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the company's performance and underlying trends.

本次電話會議將主要引用非 GAAP 財務衡量指標。透過揭露特定非 GAAP 資訊，管理層旨在為投資人提供額外資訊，以便進一步分析公司的表現與基本趨勢。

For historical periods, we've 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.

就歷史期間而言，我們已提供這些非 GAAP 財務衡量指標與 GAAP 財務衡量指標的調節表，可於 latticesemi.com 的投資人關係專區查閱。

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. Welcome, everyone, to our second-quarter earnings call.

謝謝你，Rick。歡迎各位參加我們的第二季財報電話會議。

Lattice delivered exceptional financial results this quarter, reflecting a healthy market environment, compelling catalysts, and our own strong execution.

本季 Lattice 交出卓越的財務成果，反映出健康的市場環境、有利的催化因素，以及我們自身強勁的執行力。

We have a focused and consistent strategy, built to create durable value by growing faster than the markets we serve. We do this by expanding into new applications, serving leadership customers, delivering differentiated innovation, and driving sustainable shareholder value, as a result.

我們採取聚焦且一致的策略，旨在透過比我們所服務的市場更快成長來創造長期價值。我們透過拓展至新應用、服務領先客戶、提供差異化創新，並因此推動可持續的股東價值。

We are executing against each of these strategic elements. The results are increasingly visible across the business.

我們正針對上述每一項策略要素落實執行。成果在整體業務上愈來愈清晰可見。

Following last week's close of the AMI acquisition, Lattice is now positioned to deliver even greater value to customers and our shareholders. You will hear more about this acquisition shortly.

隨著上週完成 AMI 收購案交割，Lattice 現在已具備為客戶與股東創造更大價值的有利位置。稍後各位將聽到更多關於這項收購的內容。

First, let me update you on our second-quarter results and outlook:

首先，讓我更新我們第二季的業績與展望：

Revenue for the second quarter was a record $201 million, representing 18% sequential growth and 62% year-over-year growth, with strength across all our end markets.

第二季營收創下 2.01 億美元新高，較前一季成長 18%，較去年同期成長 62%，各終端市場均呈現強勁表現。

Our Compute and Communications end market reached another record revenue level, growing 18% sequentially and 83% year over year, driven by continued momentum in data-center AI applications.

我們的運算與通訊終端市場營收再創新高，較前一季成長 18%，較去年同期成長 83%，主要受資料中心 AI 應用持續動能帶動。

Demand for Lattice solutions continue to be fueled by increasing CapEx, increasing AI content per server, expanding FPGA attach rates, rising security requirements, and the shift towards more complex disaggregated architectures.

對 Lattice 解決方案的需求持續受到多項因素推動，包括資本支出（CapEx）增加、每台伺服器的 AI 內容提升、FPGA 搭載率擴大、安全需求上升，以及架構朝向更複雜的解耦式（disaggregated）架構轉移。

We also saw a continued recovery in our Industrial and Embedded end market, with revenue up 17%, sequentially; and 36%, year over year.

我們也看到工業與嵌入式終端市場持續復甦，營收較前一季成長 17%，較去年同期成長 36%。

We see momentum building across a diverse set of end markets, including industrial automation; aerospace and defense; medical; robotics; and other emerging physical AI applications.

我們看到多元終端市場的動能正在累積，包括工業自動化、航太與國防、醫療、機器人，以及其他新興的實體 AI 應用。

These applications increasingly require our Lattice differentiation in low power, small form factor, low latency, and secure processing.

這些應用日益需要我們在低功耗、小型化、低延遲與安全處理方面的 Lattice 差異化優勢。

With channel inventory at healthy levels and multiple new design wins beginning to ramp, we expect Industrial and Embedded to remain an important contributor to growth through the balance of 2026 and beyond.

在通路庫存維持健康水位、且多項新的設計導入（design wins）開始放量之際，我們預期工業與嵌入式業務將在 2026 年剩餘期間及其後持續成為成長的重要貢獻來源。

As we had anticipated, profitability continued to grow significantly faster than revenue, with second-quarter non-GAAP EPS of $0.53, representing growth of more than 120%, year over year. This outstanding performance underscores the operating leverage we have built into the model.

如我們先前預期，獲利能力持續以顯著快於營收的速度成長，第二季非 GAAP 每股盈餘（EPS）為 0.53 美元，較去年同期成長超過 120%。這項亮眼表現凸顯我們在營運模式中建立的營運槓桿。

We expect this momentum to continue, based on demand trends building across our major end markets. This is evidenced by accelerated bookings and our backlog extending well into 2027. At the same time, design-win momentum remains healthy across our FPGA portfolio and end markets.

基於主要終端市場需求趨勢持續增強，我們預期這股動能將延續。這可由訂單（bookings）加速以及我們的積壓訂單（backlog）延伸至 2027 年深處得到印證。同時，我們在 FPGA 產品組合與各終端市場的設計導入動能仍維持健康。

As demand continues to strengthen, we remain focused on working closely with our supply-chain partners to ensure that we can support our customers' growth plans. Taken together, we expect these trends to support a sustained multi-year growth outlook.

隨著需求持續走強，我們仍專注於與供應鏈夥伴緊密合作，以確保能支援客戶的成長計畫。綜合而言，我們預期這些趨勢將支撐可持續的多年期成長展望。

Turning now to AMI, we're pleased to announce the successful close of the acquisition, last week. It brings together Lattice's leadership in low-power programmable FPGAs with AMI's industry-leading firmware and infrastructure manageability portfolio.

接著談 AMI，我們很高興宣布上週已成功完成收購交割。此交易結合了 Lattice 在低功耗可程式化 FPGA 的領先地位，以及 AMI 在韌體與基礎設施可管理性（manageability）產品組合的產業領先優勢。

It positions us to create the industry's most complete secure management and control platform for AI data-center infrastructure. We expect that this combination can double our addressable market.

這使我們得以打造業界最完整、用於 AI 資料中心基礎設施的安全管理與控制平台。我們預期此一組合可使我們的可服務市場（TAM）倍增。

In the three months since the announcement of the transaction, we have engaged with about 100 hyperscalers, OEMs, ODMs, and ecosystem partners, including many at COMPUTEX in Taiwan.

自交易宣布以來的三個月內，我們已與約 100 家超大規模業者（hyperscalers）、OEM、ODM 及生態系夥伴互動，其中包括在台灣 COMPUTEX 期間接觸的多家夥伴。

Uniformly, they have all given us unequivocal positive feedback about the time-to-market and value that our joint solutions can provide. This reinforces our confidence that the acquisition can provide long-term value to our shareholders.

他們一致給予我們明確且正面的回饋，肯定我們聯合解決方案可提供的上市時程（time-to-market）與價值。這進一步強化我們對此收購可為股東帶來長期價值的信心。

AMI is a highly attractive business, with strong profitability and durable recurring-revenue characteristics. As we exit 2026, we expect the business to be operating at a revenue run rate of more than $200 million, with gross margins above 75% and EBITDA margins above 40%.

AMI 是一項極具吸引力的業務，具備強勁獲利能力與穩健、可持續的經常性收入特性。在 2026 年結束之際，我們預期該業務的營收年化運行率（run rate）將超過 2 億美元，毛利率高於 75%，且 EBITDA 利潤率高於 40%。

These metrics underscore the strength of AMI's market position, the depth of its customer relationships, and the highly efficient operating model the company has built over many years.

這些指標凸顯 AMI 市場地位的強勁、客戶關係的深度，以及公司多年來建立的高度高效營運模式。

The AMI business is well-balanced, with approximately 60% of revenue generated from its boot firmware franchise and 40% from its infrastructure manageability solutions.

AMI 的業務結構均衡，約 60% 的營收來自其開機韌體（boot firmware）核心業務，40% 來自其基礎設施可管理性解決方案。

Revenue includes firmware licensing, royalties, and platform-enablement services. This model creates strong visibility, attractive lifetime economics, and durable customer engagements across long product cycles.

營收包含韌體授權、權利金（royalties）以及平台啟用服務。此模式帶來高度可見度、具吸引力的全生命週期經濟效益，並在長產品週期中建立持久的客戶合作關係。

We see multiple avenues to grow AMI, over time: winning more platforms; increasing content per platform; and expanding further into AI infrastructure and embedded markets.

我們看到 AMI 隨時間推進的多條成長路徑：贏得更多平台、提高每個平台的內容價值（content per platform），以及進一步擴展至 AI 基礎設施與嵌入式市場。

This includes new trends, such as rack-scale architectures; secure boot; data-center manageability; and remote monitoring and control.

這包括機架級（rack-scale）架構、安全開機（secure boot）、資料中心可管理性，以及遠端監控與控制等新趨勢。

AMI will continue to operate with the same open, silicon-neutral approach that has earned it the trust of customers and partners across the industry for decades. We are excited to welcome the AMI team to Lattice. We have already hit the ground running together.

AMI 將持續以同樣開放、對矽晶片供應商中立（silicon-neutral）的方式營運，這種方式數十年來贏得了產業內客戶與合作夥伴的信任。我們很高興歡迎 AMI 團隊加入 Lattice。我們已經攜手迅速展開合作。

Looking forward to the third quarter, our revenue guidance for our FPGA business of $220 million at the midpoint represents approximately 65% year-over-year growth.

展望第三季，我們對 FPGA 業務的營收指引在中位數為 2.20 億美元，約代表年增 65%。

When adding two months of AMI revenue contribution, our revenue guidance becomes $255 million at the midpoint, putting us at over $1 billion annualized revenue run rate.

若再加計 AMI 兩個月的營收貢獻，我們的營收指引中位數將為 2.55 億美元，使我們的年化營收運行率超過 10 億美元。

This strong outlook reflects our confidence in the accelerating momentum of the business and the breadth of demand across our end markets.

這項強勁展望反映了我們對業務動能加速以及終端市場需求廣度的信心。

The midpoint of our EPS outlook is $0.56, which reflects roughly 100% year-over-year growth. This highlights the powerful operating leverage in our model, the differentiated value of our products, and our disciplined approach to scaling Lattice.

我們 EPS 展望的中位數為每股 0.56 美元，約反映年增 100%。這凸顯了我們模型中強大的營運槓桿、產品的差異化價值，以及我們以紀律方式擴大 Lattice 規模的做法。

We expect that we'll be able to consistently drive earnings growth that significantly outpaces revenue growth.

我們預期將能持續推動獲利成長，且其增速將顯著快於營收成長。

Looking ahead, accelerating AI infrastructure demand, the emergence of physical AI, and the addition of AMI create a powerful foundation for Lattice's next phase of growth.

展望未來，加速成長的 AI 基礎設施需求、實體 AI 的興起，以及 AMI 的加入，為 Lattice 下一階段的成長奠定了強大基礎。

The secular trends fueling our business have never been stronger. We are confident that we are in the early innings of a multi-year growth cycle.

推動我們業務的長期結構性趨勢從未如此強勁。我們有信心，我們正處於一個多年成長循環的早期階段。

Our focus is clear: deliver sustained above-market growth, while converting that growth into strong earnings and cash flow to benefit you, our valued shareholders.

我們的重點很明確：在實現持續高於市場的成長同時，將成長轉化為強勁的獲利與現金流，以回饋各位尊貴的股東。

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

接下來，我把電話會議交給 Lorenzo，請他全面回顧我們第二季的業績與展望。Lorenzo？

Thank you, Ford. Good afternoon, everyone.

謝謝你，Ford。各位下午好。

I will begin with a review of Lattice's second-quarter 2026 financial performance, followed by our outlook for the third quarter. We'll then close with a brief introduction to AMI and its business model.

我將先回顧 Lattice 2026 年第二季的財務表現，接著說明第三季展望。最後，我們會簡要介紹 AMI 及其商業模式。

Q2 financial performance was exceptional, exceeding the high end of our guidance. Revenue reached a record $201 million, growing 62%, year over year; and 18%, quarter over quarter.

第二季財務表現非常出色，超越我們指引區間的上緣。營收達到創紀錄的 2.01 億美元，年增 62%，季增 18%。

Earnings growth continued to outpace our revenue growth and exceeded the high end of our guidance. Q2 non-GAAP EPS at $0.53 a share demonstrated significant leverage, growing more than 120%, year over year; and 29%, quarter over quarter.

獲利成長持續快於營收成長，並超越我們指引區間的上緣。第二季非 GAAP 每股盈餘為 0.53 美元，展現顯著槓桿效應，年增逾 120%，季增 29%。

Q2 non-GAAP gross margin was above expectation at 71.7%, up 170 basis points, quarter over quarter; and up 240 basis points, year- over year. Q2 gross margin benefited from favorable product and customer mix.

第二季非 GAAP 毛利率高於預期，為 71.7%，季增 170 個基點，年增 240 個基點。第二季毛利率受惠於有利的產品與客戶組合。

Q2 non-GAAP operating expense was $67.1 million, up approximately 10% sequentially and 30% on a year-over-year basis. The sequential increase was primarily driven by continued R&D investment. Performance-based bonuses and commissions associated with our stronger revenue and profitability also contributed.

第二季非 GAAP 營業費用為 6,710 萬美元，較前一季增加約 10%，較去年同期增加 30%。季增主要來自持續的研發投資。與更強勁的營收與獲利能力相關的績效獎金與銷售佣金亦有所貢獻。

Our Q2 non-GAAP operating margin expanded 390 basis points sequentially to 38.3%, while our EBITDA margin increased 340 basis points to 43%.

我們第二季非 GAAP 營業利益率較前一季擴大 390 個基點至 38.3%，同時 EBITDA 利益率增加 340 個基點至 43%。

GAAP net cash flow from operating activities for the second quarter of 2026 was $88.3 million compared to $50.3 million in Q1.

2026 年第二季 GAAP 營運活動產生的淨現金流為 8,830 萬美元，相較第一季的 5,030 萬美元。

Free cash flow in Q2 was $81.3 million, with a 40.4% free cash flow margin, up from $39.7 million and 23.2% in Q1. Strong financial performance and the fact that we paid out our 2025 annual bonus in Q1 were factors in the sequential improvement of cash flow.

第二季自由現金流為 8,130 萬美元，自由現金流利益率為 40.4%，高於第一季的 3,970 萬美元與 23.2%。強勁的財務表現，以及我們在第一季支付 2025 年度獎金，都是現金流較前一季改善的因素。

In summary, Q2 demonstrated the strength and leverage of our financial model, with non-GAAP EPS growth significantly outpacing revenue growth.

總結而言，第二季展現了我們財務模型的強度與槓桿效應，非 GAAP 每股盈餘成長顯著快於營收成長。

Now, for our guidance, which will include our FPGA business and approximately two months of the AMI business, given the closing at the end of July, our FPGA business continues its accelerated growth trend.

接著談我們的指引：由於交易於 7 月底完成，指引將包含我們的 FPGA 業務以及約兩個月的 AMI 業務；我們的 FPGA 業務仍延續加速成長趨勢。

Revenue is expected to grow into the range of $210 million to $230 million. AMI revenue for the partial quarter is expected to be between $33 million and $37 million. In total, Lattice revenue is expected to be in the range of $245 million to $265 million.

預期營收將成長至 2.10 億至 2.30 億美元區間。部分季度的 AMI 營收預期介於 3,300 萬至 3,700 萬美元。合計而言，Lattice 營收預期介於 2.45 億至 2.65 億美元。

Gross margin for the FPGA business is expected to be 70%, plus or minus 1%, as we continue to manage our supply chain and costs in the face of increasing pressure. Combined, Lattice Q3 corporate gross margin is expected to be 69.5%, plus or minus 1% on a non-GAAP basis.

FPGA 業務毛利率預期為 70%，上下浮動 1%，因我們在壓力增加的情況下持續管理供應鏈與成本。合併後，Lattice 第三季公司整體毛利率（非 GAAP）預期為 69.5%，上下浮動 1%。

This guidance reflects transitory issues in the AMI business. I'll discuss those in more detail shortly.

此一指引反映 AMI 業務的短期性問題。我稍後會更詳細說明。

We expect non-GAAP operating expense to be between $83 million and $90 million on a combined basis. Most of the growth in OpEx will be in R&D and reflects our continued disciplined investments to drive long-term sustained revenue growth.

我們預期合併後的非 GAAP 營業費用介於 8,300 萬至 9,000 萬美元。營業費用增加的大部分將在研發，反映我們持續以紀律方式投資，以推動長期且可持續的營收成長。

We expect income tax rate for Q3 to be between 4% and 6% on a non-GAAP basis. We expect non-GAAP EPS to be in the range of $0.54 and $0.58 per share.

我們預期第三季非 GAAP 所得稅率介於 4% 至 6%。我們預期非 GAAP 每股盈餘介於每股 0.54 至 0.58 美元。

In summary, our Q3 outlook continues to reflect strong revenue and earnings momentum, with EPS growth expected to, once again, significantly outpace revenue growth. This underscores the leverage in our model and our ability to scale profitably, while continuing to invest in long-term growth.

總結而言，我們第三季展望仍反映強勁的營收與獲利動能，預期 EPS 成長將再次顯著快於營收成長。這凸顯我們模型的槓桿效應，以及我們在持續投資長期成長的同時，仍能獲利性擴張的能力。

Earlier, Ford provided a strategic overview of AMI in his prepared remarks. I'll provide additional color on the business model and the near-term factors that will affect comparability, as we integrate AMI. I will also cover the acquisition financing.

先前 Ford 在事先準備的講稿中，已提供 AMI 的策略性概述。我將補充說明其商業模式，以及在我們整合 AMI 時，將影響可比性的短期因素。我也會說明此次收購的融資。

AMI brings a highly attractive business model that is closely aligned with Lattice's long-term financial framework. We expect a base revenue of greater-than $200 million in 2026 will achieve significant growth in 2027.

AMI 帶來一個極具吸引力的商業模式，且與 Lattice 的長期財務架構高度一致。我們預期 2026 年超過 2 億美元的基礎營收，將在 2027 年實現顯著成長。

AMI has built a very profitable business, with gross margins in the mid- to high-70% range; and EBITDA over 40%, which should improve our already-strong business model. As AMI is integrated with Lattice, we expect to see meaningful accretion to EPS, starting in Q4.

AMI 已建立非常高獲利的業務，毛利率位於 70% 中段至高段區間，且 EBITDA 超過 40%，這應可進一步強化我們原本已相當強勁的商業模式。隨著 AMI 與 Lattice 整合，我們預期自第四季起，EPS 將出現具意義的增益（accretion）。

AMI revenue is primarily driven by firmware licensing; recurring maintenance and subscription revenue; and per-unit royalties that scale with customer platforms, over time.

AMI 的營收主要來自韌體授權；經常性的維護與訂閱收入；以及隨客戶平台規模隨時間擴大而成長的按單位權利金。

AMI also provides platform-enablement services that support customer adoption and help establish durable long-term royalty streams.

AMI 亦提供平台啟用服務，以支援客戶導入並協助建立可長期維持的權利金收入來源。

One of the transitory issues referenced above is a low-margin hardware pass-through business that is not core to AMI's strategic value. AMI began proactively divesting this business before the acquisition.

上述提及的短期性問題之一，是一項低毛利的硬體轉售（pass-through）業務，這並非 AMI 策略價值的核心。AMI 在收購前即已主動開始剝離該業務。

While we expect this non-core business to be fully exited by the end of 2026, Q3 and Q4 will include this revenue.

雖然我們預期此非核心業務將於 2026 年底前完全退出，但第三季與第四季仍將包含其營收。

Completing the exit in Q4 should structurally expand AMI's margin profile, in line with our expected go-forward model. We anticipate that any other adjustments will be normalized by the end of 2026, as well.

在第四季完成退出，應可在結構上擴大 AMI 的利潤率輪廓，使其符合我們預期的後續營運模型。我們也預期任何其他調整將在 2026 年底前恢復常態。

To reiterate, as we integrate AMI, we will show accretion across our business model, with meaningful accretion to EPS starting in Q4, while we enable additional strategic-growth opportunities.

再次強調，隨著我們整合 AMI，我們將在整體商業模式上展現增益，自第四季起 EPS 將有具意義的增益（accretion），同時也將促成更多策略性成長機會。

Regarding the acquisition structure, we purchased AMI for $1 billion in cash and 5.2 million shares of our stock. We funded the cash portion of the acquisition with $925 million of financing and $75 million of cash from our balance sheet.

關於收購架構，我們以 10 億美元現金及 520 萬股本公司股票收購 AMI。我們以 9.25 億美元的融資以及資產負債表上的 7,500 萬美元現金，支付此次收購的現金部分。

We put in place a financing structure, with a $1.15 billion credit facility, consisting of a $950 million term loan, drawing down only $925 million of it; and a $200 million revolving credit facility.

我們建立了一套融資架構，包含一筆11.5億美元的信貸額度，其中包括9.5億美元的定期貸款（實際僅動用其中的9.25億美元）；以及2億美元的循環信貸額度。

We were pleased with the strong participation from a high-quality syndicate of financial institutions, reflecting confidence in the Lattice-AMI combination.

我們很高興看到來自高品質金融機構銀團的踴躍參與，這反映出市場對 Lattice-AMI 組合的信心。

Given the strong free cash flow profile of the combined company, we currently plan to reduce leverage to below 2 times EBITDA by the end of 2027.

鑑於合併後公司強勁的自由現金流特性，我們目前規劃在2027年底前將槓桿比率降至低於 EBITDA 的2倍。

In closing, this has been an incredible few months for Lattice, with our record Q2 results, our closing of the transformational AMI transaction, and our record Q3 guide.

最後，對 Lattice 而言，過去幾個月非常精彩：我們創下第二季（Q2）紀錄的業績、完成具轉型意義的 AMI 交易，以及創下紀錄的第三季（Q3）財測指引。

We are very well positioned for strong near-term growth, as well as the next level of strategic growth, with accelerating revenue, earnings, and cash flow generation.

隨著營收、獲利與現金流生成加速，我們在短期強勁成長以及下一階段策略性成長方面，都具備非常有利的定位。

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

接線員，我們的正式發言到此結束。現在可以開放提問。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

(接線員指示)

Quinn Bolton, Needham & Co.

Quinn Bolton，Needham & Co.。

Hey, guys. Congratulations on the continued strong results and outlook.

嗨，各位。恭喜你們持續交出強勁的成果與展望。

Ford, just wanted to start with the Comms and Compute business. Obviously, very strong growth in AI data centers and general purpose, as well.

Ford，我想先從通訊與運算（Comms and Compute）業務談起。顯然，AI 資料中心與通用型應用都呈現非常強勁的成長。

But wondering if you could talk about trends you're seeing in terms of FPGA attach rate per server, dollar content, or [ASP] per FPGA. Have you seen those trends continue to increase on a quarter-to-quarter basis, here, in 2026?

但我想請你談談你們看到的趨勢，例如每台伺服器的 FPGA 搭載率（attach rate）、單機美元含量（dollar content），或每顆 FPGA 的[ASP]（平均售價）。在2026年，你們是否看到這些趨勢在季度之間持續上升？

And then, I've got a follow-up.

另外我還有一個追問。

Thank you, Quinn. A few things that I was noting this quarter:

謝謝你，Quinn。我在本季注意到幾點：

Number 1, the latest DIGITIMES report shows the server TAM is now up to 20 million units forecast for 2026, which is a really strong growth -- much stronger than prior year.

第一，最新的 DIGITIMES 報告顯示，伺服器 TAM（總可服務市場）對2026年的預測已上調至2,000萬台，這是非常強勁的成長——遠高於前一年。

And so we're seeing the agentic revolution still continuing. We're seeing that drive not just the AI server but more traditional server, networking, storage -- all the cloud infrastructure that goes along with this inference and agentic revolution.

因此我們看到「代理式（agentic）革命」仍在持續。它不僅推動 AI 伺服器，也帶動更傳統的伺服器、網路、儲存——以及所有伴隨推論與代理式革命而來的雲端基礎設施。

That has helped our business because we participate in both. We participate strongly in the AI-attached server and clients. We also participate in the supporting infrastructure -- the client infrastructure. We're really happy about that.

這對我們的業務有幫助，因為我們兩邊都有參與。我們在 AI 連接（AI-attached）的伺服器與客戶端方面參與度很高。我們也參與支援性基礎設施——也就是客戶端基礎設施。我們對此非常滿意。

The attach rate continues to grow. The CapEx continues to grow. The new applications continue to grow. The ASP of some of the new products continue to grow because we're coming in now with further and more complex security requirements, as an example.

搭載率持續成長。資本支出（CapEx）持續成長。新應用持續增加。部分新產品的 ASP 也持續上升，因為例如我們現在因應更進一步、也更複雜的安全性需求而切入。

We continue to be very positive on the characteristic of our FPGA, such as low-latency determinism, parallel processing, connectivity, wide range [I/O]. These are the 1.2- to 3.3-volt I/O in the data center, connecting up to 1,200 sensor in some of these servers together.

我們仍然非常看好我們 FPGA 的特性，例如低延遲確定性（low-latency determinism）、平行處理、連接性、廣泛的[I/O]。在資料中心中，這些是1.2伏到3.3伏的 I/O，在某些伺服器裡可把多達1,200個感測器連接在一起。

And so our FPGA continues to find use cases in numerous new applications such as, for example, power and cooling.

因此，我們的 FPGA 持續在許多新應用中找到使用案例，例如電力與散熱（power and cooling）。

Excellent. Thank you, Ford.

非常好。謝謝你，Ford。

Maybe, for Lorenzo, as you bring AMI on board, it looks like it has gross margins in, maybe, the mid- to high-70%s. I think you said, op margins above 40% in the core FPGA business. You're already approaching a 40% op margin. You've highlighted that earnings growth will grow much faster than revenue.

接著給 Lorenzo：隨著你們把 AMI 納入，看起來它的毛利率可能在70%中段到高段。我記得你提到核心 FPGA 業務的營業利益率超過40%。你們目前已經接近40%的營業利益率。你們也強調獲利成長會比營收快得多。

And so now that you've closed the AMI acquisition, can you give us some thoughts on where you think a longer-term model might be for gross margin and operating margin? Could it be in the low-0%s and low-40%s? Is there another range where we should be thinking, maybe, a year or two out on a combined basis?

因此，既然你們已完成 AMI 收購，能否談談你認為長期模型下的毛利率與營業利益率可能落在哪裡？會是在70%出頭與40%出頭嗎？或是我們應該用另一個區間來思考，例如合併後往後一到兩年的水準？

Yeah. I'll try to answer your question in near term and long term.

好的。我會嘗試從短期與長期兩個角度回答你的問題。

We are benefiting, right now, in our business model from very, very strong revenue growth. And then, if you look underneath, we continue to invest. AMI is also a R&D-heavy organization because they continue to invest for the future.

我們目前的商業模式正受惠於非常、非常強勁的營收成長。而如果你往下看，我們仍持續投資。AMI 也是一個研發投入很重的組織，因為他們持續為未來投資。

The model that you see, right now, is probably approximately what we'll see for the next little bit. As we get into 2027, if our longer-term growth aspirations manifest themselves, we see a little bit better performance in our business model than we may have been expecting before.

你現在看到的模型，大概就是我們接下來一段時間會看到的樣子。當我們進入2027年，如果我們長期成長的企圖得以實現，我們會看到商業模式的表現比先前預期更好一些。

70%-ish on the gross margin and a little bit sooner to 40% on the operating margin level than we had seen in the past, probably, where we're taking it. But that's also --keep in mind, that's in the face of or with the accelerated revenue growth we're expecting.

毛利率約70%左右，營業利益率達到40%的時間點也會比過去更早——大概就是我們要推進的方向。但也請記住，這是在我們預期營收成長加速的情況下所達成的。

With that model, you'd start to see very significant acceleration in EPS, as well.

在那樣的模型下，你也會看到 EPS（每股盈餘）非常顯著的加速成長。

Excellent. Thank you.

非常好。謝謝。

Christopher Rolland, Susquehanna International Group.

Christopher Rolland，Susquehanna International Group。

Hi, there. Maybe, just following up on the last question about gross margin, Lorenzo, I think you said there was a hardware business associated with AMI.

你好。Lorenzo，我想延續上一題關於毛利率的問題。我記得你說 AMI 有一部分是硬體業務。

How much revenue is that hardware business? Was that on top of the [200]? Or does that take from the 200 annual revenue? Is that the reason for margins being down in September?

那個硬體業務的營收有多少？那是額外加在[200]之上嗎？還是會從每年2億的營收中扣掉？這是否是9月季度毛利率下滑的原因？

Yeah. Look, this is a really transitory issue. It's, as we pick them up, we have a partial quarter. They have already begun to, as I said in my comments, divest the hardware part of the business, while maintaining the royalty stream.

是的。你看，這其實是一個非常短暫的議題。因為我們接手時只涵蓋部分季度。而且他們已經開始——如我在發言中提到——在保留權利金（royalty）收入流的同時，剝離（divest）硬體部分的業務。

It's not from the Lattice perspective, overall. It's not a meaningful amount of revenue. By Q4, it would not have an impact on our overall financials or, actually, even the AMI-specific financials.

從 Lattice 的整體角度來看，那不是一個有意義的營收金額。到第四季（Q4），它不會對我們整體財務，甚至 AMI 本身的財務造成影響。

It's just something that we wanted to point out because it does cause a Q3 little step-down from where we were expecting.

我們只是想指出這件事，因為它確實會讓第三季（Q3）相較我們原先預期出現一點點下滑。

Okay. Was that revenue on top of the 200? Or (multiple speakers) --

了解。那個營收是在2億之上嗎？還是(多位講者) --

Thank you. (multiple speakers) --

謝謝。(多位講者) --

-- roughly how much?

——大概有多少？

The $200 million a year run rate for AMI would exclude that in the end.

AMI 每年2億美元的年化營收（run rate）最終會排除那一部分。

Okay. Excellent. Thank you. And then, perhaps, a follow-up: I'll talk about I&A. I think the situation with I&A is, maybe, they didn't understand we were in a new semiconductor cycle. We're holding back spending.

了解。非常好。謝謝。接著可能再追問：我想談談 I&A。我認為 I&A 的情況可能是，他們沒有理解我們正處於新的半導體循環。我們正在抑制支出。

Any update on bookings there? Has it accelerated? Have they finally got the message? I think we, back in the day, were talking about, maybe, a $75 million normalized run rate for that business. But it now appears, maybe, to be higher, particularly with the guide (multiple speakers) --

那邊的訂單（bookings）有任何更新嗎？是否已加速？他們是否終於理解了？我記得以前我們談過，那個業務的常態化年化規模可能約7,500萬美元。但現在看起來可能更高，特別是考量到指引(多位講者) --

Industrial (multiple speakers) --

工業（多位發言者）--

-- next quarter. I would imagine it's higher. Can you talk about I&A and what's happening there, with the channel; what a new normalized level is? That would be great. Thank you.

-- 下一季。我想應該會更高。你能談談 I&A 以及那邊的情況、包含通路端；新的常態化水準會是什麼嗎？那就太好了。謝謝。

Yeah. Thank you, Chris.

是的。謝謝你，Chris。

Our Industrial and Embedded segment is doing great. I&E is doing good. We have talked about the really strong sequential and year-over-year growth. We see this continue to grow throughout the rest of the year.

我們的工業與嵌入式事業部表現非常好。I&E 表現不錯。我們已談到非常強勁的季對季與年對年成長。我們看到這種成長會在今年剩餘時間持續。

The [PMI] now is at very positive levels, worldwide. There's a bit of a temporary slowdown in China but continue to be very excited about the design wins, the physical AI momentum, and the recovery of that business.

[PMI] 目前在全球都處於非常正向的水準。中國有一點暫時性的放緩，但我們仍對設計導入（design wins）、實體 AI 的動能，以及該業務的復甦感到非常振奮。

The channel is inventory is now where we need it to be. We're not focused as much on the channel inventory anymore, as we're focused on supply being the main focus.

通路庫存現在已經到達我們需要的水位。我們不再那麼聚焦通路庫存，而是把重點放在供應，因為供應才是主要焦點。

Very positive on all the different segments, including some of new -- the new robotics and humanoids were doing quite well -- autonomous vehicles, new medical application, new aerospace and defense.

對所有不同的細分市場都非常正向，包括一些新的——新的機器人與人形機器人表現相當好——自動駕駛車、新的醫療應用、新的航太與國防。

The list goes on and on, penetrating a few new market segments and accelerating the growth into 2027.

還有很多，持續滲透一些新的市場區隔，並加速成長一路延伸到 2027 年。

Yeah. Let me just add on: One of the things at Lattice we are not impacted by is automotive. It's a relatively small business for us. That end-market weakness is not having a drag on us.

是的。我再補充一下：在 Lattice，有一件事我們不太受影響的是汽車。對我們來說那是相對小的業務。終端市場的疲弱並沒有拖累我們。

Excellent. Thank you, guys.

太好了。謝謝各位。

The only other one, Chris (multiple speakers) -- I mentioned. Yeah. That's fine. Please go ahead.

另外還有一個，Chris（多位發言者）——我剛提到的。是的。沒問題。請繼續。

Melissa Weathers, Deutsche Bank.

德意志銀行的 Melissa Weathers。

Hi, there. Thank you for the question.

嗨，你好。謝謝讓我提問。

I wanted to touch on something you just talked about, the supply side. With everything seeming like it's coming back pretty hard, can you just talk about any constraints that you're seeing on the supply side; how you're managing it? Could this actually gate your growth going into next year?

我想談一下你剛提到的供應端。看起來一切都在強勁回升，你能談談你在供應端看到的任何限制，以及你們如何管理嗎？這會不會在明年反而限制你們的成長？

Yeah. Thank you, Melissa.

是的。謝謝你，Melissa。

As I said, we're doing good on the fab side at the front end and the testing side on the back end. In the middle, on the assembly side, there are constraints across the industry, right now.

如我所說，我們在前段的晶圓代工（fab）以及後段的測試端都做得不錯。在中間的封裝組裝（assembly）端，目前整個產業都有產能限制。

And so us and the rest of the industry are experiencing these constraints. We are putting capacity agreement in place and then, qualifying new capacity that we believe will get us supply and demand in line by September.

因此我們和產業其他公司都正在經歷這些限制。我們正在簽訂產能協議，並且認證新的產能；我們相信這將使供需在 9 月前趨於一致。

We should be in good shape in Q4 and, definitely, for 2027.

我們在第四季應該會處於良好狀態，而且到 2027 年肯定沒問題。

Great. On AMI, congrats on getting the deal closed. I know you've talked about your SAM, I think, doubling with the inclusion of AMI.

很好。關於 AMI，恭喜完成交易交割。我知道你們談過你們的 SAM，我想在納入 AMI 後大概翻倍。

Can you just talk about: Is there any new long-term growth-rate framework that we should be thinking about for FPGAs? Is there, like, an adder to whatever percent growth you could have grown in the past?

你能談談：對於 FPGA，我們是否應該用新的長期成長率框架來思考？是否會在你們過去可能達到的成長百分比之上，再加上一個增量？

Just any help on how we can think about AMI actually accelerating your FPGA sales. I think that would be helpful.

也請協助我們理解 AMI 如何實際加速你們的 FPGA 銷售。我想這會很有幫助。

Yeah. Melissa, a couple of things I'd like:

是的。Melissa，我想說幾點：

Number 1, from a long-term aspirational goal, we'd like to hit $3 billion by 2030. That's the goal. We are already ahead by about a quarter.

第一，從長期的願景目標來看，我們希望在 2030 年達到 30 億美元。這是目標。我們已經提前了大約一季。

If you look at -- we had three months ago said that we'll hit a $1 billion run rate by Q4. The combination of Lattice plus AMI, we just hit this in our guide in Q3 a quarter ahead. We're seeing the benefit of this.

如果你看——三個月前我們說會在第四季達到 10 億美元的年化營收（run rate）。Lattice 加上 AMI 的組合，我們在第三季的指引中就已達成，提前一季。我們正在看到這帶來的效益。

We should exit this year at a $1.2 billion run rate. You could see where our growth is accelerating.

我們今年年底應該會以 12 億美元的年化營收水準收官。你可以看到我們的成長正在加速。

Thank you.

謝謝。

Kevin Garrigan, Jefferies.

Jefferies 的 Kevin Garrigan。

Yeah. Hey, team. Congrats on the great results.

是的。嗨，各位團隊。恭喜有很棒的業績表現。

Hey, Ford, just on the supply, again, with these new negotiations that you're doing, are any of your manufacturing partners trying to negotiate higher prices? Can you pass those along to your customers?

Ford，再問一次供應的問題：在你們進行這些新的談判時，你們的製造合作夥伴是否有嘗試談更高的價格？你們能把這些成本轉嫁給客戶嗎？

Yes. The costs are increasing across the industry, not just costs from supply-chain point of view but a whole bunch of expedite fees because the customers are all under pressure to get supply ASAP.

是的。整個產業的成本都在上升，不只是供應鏈角度的成本，還有很多加急費用，因為客戶都承受壓力要盡快取得供貨。

We're seeing the cost increase across the industry. We're doing the best we can to absorb some of these costs. We're going to have to pass some of these costs.

我們看到整個產業的成本都在增加。我們會盡最大努力吸收其中一部分成本。但我們也必須轉嫁其中一部分成本。

It's going to be a mixture of absorbing some and passing some.

會是部分吸收、部分轉嫁的組合。

Okay. Great. And then, you continue to see strong bookings; strong backlog all the way into 2027. Has that visibility extended over the last three months? How much of that backlog is non-cancelable?

好的。很好。另外，你們持續看到強勁的接單；強勁的積壓訂單一路延伸到 2027 年。這種能見度在過去三個月有延伸嗎？其中有多少積壓訂單是不可取消的？

Very good question. The visibility is increasing daily. It's really unprecedented.

非常好的問題。能見度每天都在提高。這真的前所未見。

We've got visibility all the way to the end of 2027. 2027 is pretty much booked. We're seeing that to be very strong.

我們的能見度一直到 2027 年底。2027 年幾乎已經被預訂滿了。我們看到那部分非常強勁。

We are putting capacity agreements in place with our supplier, where we're going to have to take the capacity. And so, we are, in turn, putting capacity agreements with our customers and partners to make sure that our customers provide us with the same commitments.

我們正在與供應商簽訂產能協議，我們將必須承接這些產能。因此，我們也相應地與客戶和合作夥伴簽訂產能協議，以確保客戶對我們提供同等的承諾。

Yes. I think you're seeing this across the whole supply chain now, us with our supplier and us with our customers, putting all these agreements in place.

是的。我想你現在在整個供應鏈都看到這種情況：我們與供應商、以及我們與客戶之間，都在簽訂這些協議。

Okay. Perfect. Congrats, again, on the great results.

好的。完美。再次恭喜有很棒的業績。

Thank you.

謝謝。

Ethan Potasnick, TD Cowen.

TD Cowen 的 Ethan Potasnick。

Yeah. Hey, guys. Congrats on the results.

是的。嗨，各位。恭喜這次的業績。

Just a near-term question: You guys guided the standalone FPGA business. But, I was wondering, could you guys help us think about the relative growth rates across the various segments, as we move through the second half?

我有個短期問題：你們提供了獨立 FPGA 業務的指引。但我想請你們協助我們理解，在下半年推進的過程中，各個不同事業部之間的相對成長率會是如何？

Yeah. We do break down our FPGA business. We do break down our Comms and Compute and our Industrial and Embedded. Those have been broken down.

是的。我們確實有拆分我們的 FPGA 業務。我們有拆分通訊與運算（Comms and Compute）以及工業與嵌入式（Industrial and Embedded）。這些都有揭露。

You could see that the Comms & Compute has been growing very strong. This Q2 was 83% year-on-year growth, 18% sequential. Industrial-Embedded, 36% year-on-year growth; 16%, sequential. We haven't broken this up for Q3. On the AMI side, we expect AMI to grow about 25%, year on year.

你可以看到通訊與運算成長非常強勁。第二季年對年成長 83%，季對季成長 18%。工業-嵌入式年對年成長 36%；季對季成長 16%。我們尚未對第三季做這樣的拆分。在 AMI 方面，我們預期 AMI 年對年成長約 25%。

That would give you all the three major segments.

那樣就能涵蓋三大主要業務區塊。

We're seeing strong demand across our end markets, though. I'd just say, the Industrial and Embedded business has been lumpy in the past and, probably, going to behave that way in the future.

不過，我們在各個終端市場都看到強勁需求。我只能說，工業與嵌入式業務過去一直較為波動，而且未來大概也會維持這種特性。

But the general trend is upward.

但整體趨勢是向上的。

Okay. Great. Very helpful. And then, last quarter, the team suggested AI-related revenue would approach 25% of company revenue in '26.

好的。很好。非常有幫助。另外，上季團隊提到，與 AI 相關的營收在 26 年將接近公司營收的 25%。

I was wondering if there was an update there -- and how AI demand tracked during the quarter and where within that opportunity that growth is coming from?

我想請問這方面是否有更新——以及本季 AI 需求的追蹤情況如何，還有在這個機會中，成長主要來自哪些部分？

No. We're on track to meet this 25% -- coming from AI -- revenue and exceed it. We had a discussion, actually multiple discussions around this metric.

沒有。我們正按計畫達成這個 25%——來自 AI 的——營收目標，並且會超越它。我們其實針對這個指標進行過討論，而且不只一次。

What's interesting is, the AI -- the agentic -- revolution is driving, actually, more of the traditional infrastructure. We're seeing tremendous growth in the traditional supporting-cloud infrastructure, from servers to networking, to storage, to memory, that drives, in turn, our FPGA demand.

有趣的是，AI——也就是代理式（agentic）——革命其實正在帶動更多傳統基礎設施。我們看到傳統支撐雲端基礎設施出現驚人的成長，從伺服器到網路、到儲存、到記憶體，進而帶動我們的 FPGA 需求。

And so it's a bit harder to just say, AI, which -- if you want to categorize AI as AI with GPU or TPU or xPUs inside, this is the 25% or where, in some cases, we assist that. But the other 75% of the business is also growing very rapidly.

因此要單純說「AI」就比較難——如果你想把 AI 定義為內含 GPU 或 TPU 或 xPU 的 AI，這是那 25% 或者在某些情況下我們協助的部分。但其餘 75% 的業務也在非常快速地成長。

As you could see, inside our Comms and Compute, our server business is growing even faster than Comms and Compute, which grew at 83%, year on year.

如你所見，在我們的通訊與運算（Comms and Compute）之中，伺服器業務的成長甚至比通訊與運算更快；而通訊與運算年增 83%。

You could see, the rest of the traditional infrastructure is growing, actually, at the same rate, if not faster now.

你也可以看到，其餘傳統基礎設施的成長其實也以相同速度、甚至現在更快。

Okay. Great. Thank you.

好的。很好。謝謝。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Yeah. Hi. Thank you.

是的。嗨。謝謝。

Ford, maybe, just to follow up on that last point: Thinking about the server growth, we've heard a lot recently about CPU attach and CPU. You talked about agentic a little bit in the prepared remarks.

Ford，也許接續剛才最後一點：談到伺服器成長，我們最近聽到很多關於 CPU 搭載率（attach）以及 CPU 的討論。你在事先準備的發言中也稍微提到代理式（agentic）。

I'm just wondering if you could, maybe, talk about where you are on the CPU side with the core processors. Is that starting to drive some of the growth that you're seeing? Or is that still on the Comms?

我想請你談談你們在 CPU 端、核心處理器方面目前的進展。這是否開始帶動你們看到的部分成長？還是仍然主要在通訊（Comms）？

How do you think about that, as you think about 2027? Thank you.

你如何看待這點，尤其是展望 2027 年？謝謝。

No. CPU has definitely been a very strong driver of growth with traditional servers. We have not broken up our server growth. But our server growth is higher than the Comms and Compute, which was at 83%. You could see the server has been growing very nicely, year on year.

不是。CPU 確實一直是傳統伺服器成長非常強勁的驅動因素。我們尚未把伺服器成長拆分細項。但我們的伺服器成長高於通訊與運算（Comms and Compute），而通訊與運算是 83%。你可以看到伺服器年對年成長相當不錯。

We also feel that the AMI acquisition is going to help both the Compute and Comms; and help the Industrial-Embedded, both segments of our FPGA business, grow faster.

我們也認為 AMI 的收購將有助於運算與通訊兩個領域；並且也能幫助工業-嵌入式（Industrial-Embedded）這兩個 FPGA 業務區塊更快成長。

There are some synergy at customers. We're working together on joint solution. And so that AMI acquisition should be able to help drive a higher growth rate in both the Compute and Comms; and the Industrial-Embedded. In turn, we should be able to help them drive faster growth in AMI, itself.

在客戶端存在一些綜效。我們正在共同開發聯合解決方案。因此，這項 AMI 收購應能推動運算與通訊，以及工業-嵌入式更高的成長率。反過來，我們也應能協助 AMI 本身更快成長。

Go ahead, Lorenzo.

Lorenzo，你來補充。

Just ROS1-positive lung cancer refresh what Ford said earlier that, in the traditional servers, our attach rate is growing, as well.

補充 Ford 先前提到的，在傳統伺服器中，我們的搭載率也在提升。

One CPU is multiple FPGAs going with it in the infrastructure that's supporting AI. It's a very (multiple speakers) --

一顆 CPU 會搭配多顆 FPGA，一起用在支援 AI 的基礎設施中。這是一個非常(多位講者) --

Okay.

好的。

-- very healthy ecosystem for us.

-- 對我們非常健康的生態系。

Yeah. Got it. Thanks, Lorenzo.

是的。了解。謝謝你，Lorenzo。

Maybe, just follow up: Ford mentioned 25% year-over-year growth for AMI. Was that for Q3 or second half?

我再追問一下：Ford 提到 AMI 年增 25%。那是指第三季（Q3）還是下半年？

The bigger question around that is: I think you framed, previously, that AMI growth was, maybe, in the high-teens, accelerating into 2027 off of that rate.

更大的問題是：我記得你們之前的說法是，AMI 的成長可能在高十幾％，並在 2027 年加速、在那個成長率基礎上再往上。

Thinking through firmware attach rates on servers, could we assume, at some point, that AMI grows something closer to your own server growth rate?

從伺服器上的韌體搭載率來看，我們是否可以假設，在某個時間點，AMI 的成長會更接近你們自身的伺服器成長率？

Right now, just to clarify that, when we said 25%, that's our expectations for 2027. Thought that would be helpful for you guys to start building your models.

先澄清一下，當我們說 25% 時，那是我們對 2027 年的預期。我們認為這會有助於各位開始建立你們的模型。

We are still in the very initial period of integrating. We closed on the July 27. We are beginning to put meat around the bones of the strategy we talked about, when we were talking about the acquisition, which is developing these solutions that we'll bring to market in the future that would further accelerate that growth rate.

我們仍處於整合的非常初期階段。我們在 7 月 27 日完成交割。我們正開始把在談收購時所提到的策略具體化，亦即開發未來要推向市場的解決方案，以進一步加速那個成長率。

That, we've yet to really quantify. But that is strategic driver of this acquisition.

這部分我們尚未真正量化。但這正是這次收購的策略性驅動因素。

Very helpful. Thank you.

非常有幫助。謝謝。

Sure.

不客氣。

(Operator Instructions)

(接線員指示)

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，RBC Capital Markets。

Thank you. Ford, on the new products, I think you gave us a target number for this year: roughly 20% to 25%, I believe. Just wondering how that's tracking?

謝謝。Ford，關於新產品，我想你們給了今年一個目標數字：大約 20% 到 25%，我記得是這樣。想請問目前進度如何？

Also, given how strong of a growth you are seeing, I just looked at one of your competitors' reporting and it looks like you grew 50% over competition. I'm just trying to understand: Is this driven by share gains for you, new products, or is it pricing-related?

另外，考量你們看到的成長如此強勁，我剛看了你們某位競爭對手的財報，似乎你們的成長比對方高出 50%。我想了解：這是由你們的市占提升、新產品，還是與定價相關所驅動？

I know you talked about demand being very strong but just curious to understand how the new product ramp is going. Thank you.

我知道你提到需求非常強勁，但我只是想了解新產品爬坡（ramp）的進展如何。謝謝。

Excellent. Good question, Srini. Thank you.

很好。好問題，Srini。謝謝。

We had guided to that range. Now, we're going to exceed the high end of that range. We expect new products this year to exceed the 25% of total revenue.

我們先前的指引就是那個區間。現在，我們將超越該區間的上緣。我們預期今年新產品營收將超過總營收的 25%。

As you can see, our new product are doing fine and definitely contributing to that growth rate. And then, the growth rate is across all our markets.

如你所見，我們的新產品表現良好，並且確實對該成長率有所貢獻。此外，成長是遍及我們所有市場。

We're seeing it in Compute and Comms. We're seeing it in Industrial and Embedded. We're going to start seeing it with AMI. We're quite excited.

我們在運算與通訊（Compute and Comms）看到成長。我們在工業與嵌入式（Industrial and Embedded）也看到成長。我們也將開始在 AMI 上看到成長。我們相當振奮。

The one thing, Srini, I wanted to point out is, recently, I've been reading these reports about people talking about the Rule of 60. It used to be the Rule of 40; now, the Rule of 60.

Srini，我想指出一點：最近我一直在讀到一些報告，提到所謂的「60 法則」（Rule of 60）。以前是「40 法則」（Rule of 40）；現在變成「60 法則」。

The rule was, like, adding CAGR plus EBIDTA percent margin. I just want to point out we're at a Rule of 105, right now. We're above [100]. We'll enjoy it for both Q2 and Q3.

這個法則大概是把 CAGR 加上 EBITDA 的百分比利潤率。我只想指出，我們現在是「105 法則」，對吧。我們高於[100]。我們會在第二季（Q2）和第三季（Q3）都享受這個成果。

We're not promising to do this in the future. But 62% growth and 40%-plus EBITDA gets us to about [105]. You could see not just the revenue growth but, also, the EPS and profitability growing faster than revenue growth. We're excited about that.

我們不承諾未來也會這麼做。但 62% 的成長與 40% 以上的 EBITDA 讓我們大約達到[105]。你可以看到不只是營收成長，EPS 與獲利能力的成長也會快於營收成長。我們對此感到很振奮。

Got it. That's very helpful.

了解。這非常有幫助。

And then, on the AMI, the 25%, I just want to clarify that it's 25% over $200 million because you did talk about some hardware (multiple speakers) --

接著，關於 AMI 的 25%，我想確認一下，這是指超過 2 億美元的部分按 25% 計算，因為你確實提到一些硬體(多位發言者) --

Yes.

是的。

-- pass-through revenue? Okay.

-- 轉手（pass-through）營收？好的。

That's correct. Yeah.

沒錯。是的。

25% over $200 million.

超過 2 億美元的部分按 25%。

That's correct. It's 25% over the $200 million, yes.

沒錯。是的，就是超過 2 億美元的部分按 25%。

My question on that, Ford or Lorenzo, is that it's a pretty solid growth. It's a very healthy environment out there.

我對此的問題是，Ford 或 Lorenzo，這是相當扎實的成長。外部環境非常健康。

I'm just curious -- I know it's early days but does it include any of the revenue synergies that you talked about? Or is it still early days? Is it more of an organic (multiple speakers) --?

我只是好奇——我知道現在還很早——這裡面是否包含你們提到的任何營收綜效？還是說仍然太早？比較偏向有機成長(多位發言者) --？

It is early days. It is early days on the revenue synergies.

現在還很早。在營收綜效方面也還很早。

I do believe we're going to have revenue synergies, on top of that. But this does not include the revenue synergies.

我確實相信我們會有營收綜效，而且是在此之上。但這裡不包含營收綜效。

Got it. Thank you.

了解。謝謝。

They'll take a little bit of time to bring to market.

把它們推向市場還需要一點時間。

Quinn Bolton, Needham & Co.

Quinn Bolton，Needham & Co.。

Hi. Thanks. Just had a couple quick clarifications or follow-ups:

嗨。謝謝。我有幾個快速釐清或追問：

On AMI, will you report that as a third segment? Or, going forward, do you plan to put it into Comms & Compute and Industrial-Embedded?

關於 AMI，你們會把它作為第三個部門來揭露嗎？或者未來你們打算把它放進 Comms & Compute 與 Industrial-Embedded？

Yeah. That's a great question.

是的。這是個很好的問題。

What we are thinking, right now, is, as we close the quarter and we report, we're going to talk about the FPGA business as a segment and the AMI business as a segment.

我們目前的想法是，在本季結束並對外報告時，我們會把 FPGA 業務作為一個部門、AMI 業務作為一個部門來說明。

We'll provide revenue and gross margin by those. We are working, right now, on how to best articulate the operating margins, given that we're in the process of developing shared infrastructure and support.

我們會提供各部門的營收與毛利率。由於我們正在建立共享的基礎設施與支援，我們目前也在研究如何最恰當地闡述營業利益率。

Will you break out Comms & Compute and Industrial-Embedded within (multiple speakers) --

你們會在(多位發言者) -- 之內拆分揭露 Comms & Compute 與 Industrial-Embedded 嗎？

Yeah. I'm sorry

會的。抱歉。

-- FPGA?

-- 在 FPGA 裡？

Sorry. Yes. I should have said that.

抱歉。是的。我剛才應該要這麼說。

Got it.

了解。

Within FPGA, we'll give you the same revenue look we're giving you today.

在 FPGA 之內，我們會提供與今天相同的營收拆分視角。

Perfect. And then -- I don't know if I missed it; I apologize, if I did -- but did you say where channel inventory ended the June quarter? Was it below your two months target that you discussed last quarter?

太好了。另外——我不確定我是否漏聽了；如果有的話先致歉——你們有提到 6 月季度通路庫存最後落在哪裡嗎？是否低於你們上季討論的兩個月目標？

Yeah. Well, here's the way we're thinking about it now because we've gone from an environment of having to manage that down to get to the right level:

有的。我們現在的思考方式是這樣，因為我們已經從必須把它降到正確水位的環境走過來了：

We got there. What we're doing, right now, with the channel is using it to help us ensure supply to our customers.

我們已經達到了。我們目前對通路所做的，是利用它來協助我們確保對客戶的供應。

I think I've said before in different forums, once we got to the [2]-ish, it would probably fluctuate up and down. That's what we're seeing. We're staying in that range.

我想我之前在不同場合說過，一旦我們到達大約 [2] 個月左右，它可能會上下波動。我們看到的就是如此。我們維持在那個區間內。

Great. Thank you.

很好。謝謝。

Yeah.

好的。

(Operator Instructions)

(接線員指示)

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Hi, guys. Thanks so much.

嗨，各位。非常感謝。

Can't argue with the Rule of 105. Yeah. That's not a bad target to hit.

對「105 法則」無可反駁。是的。那不是個差的目標。

It's what we achieved, Melissa. That's not a target.

Melissa，那是我們已經達成的。那不是目標。

I know. I know. I know. I'm teasing. I'm teasing.

我知道。我知道。我知道。我在開玩笑。我在開玩笑。

But I had a follow-up question. I know that AMI helps expand your addressable market and how much you can actually address within those markets.

不過我有個追問。我知道 AMI 有助於擴大你們的可服務市場，以及你們在這些市場中實際可觸及的範圍。

In Industrial and Embedded, I'm assuming, especially as we get into more of, like, robotics or some defense applications; automotive; some of these more highly regulated applications, is the go-to-market a little bit different, even with AMI, than it is in the Compute segment?

在工業與嵌入式領域，我猜想，特別是當我們進入像機器人或某些國防應用；汽車；以及這些更高度受監管的應用時，即使有 AMI，你們的 go-to-market（市場進入策略）是否也會與 Compute 部門有些不同？

Yes. I think there's going to be tremendous opportunities for AMI and Lattice to work together in Industrial-Embedded because these systems are very big on the need for platform firmware and for infrastructure manageability.

是的。我認為在 Industrial-Embedded 方面，AMI 與 Lattice 合作會有非常巨大的機會，因為這些系統非常需要平台韌體以及基礎設施可管理性。

The early meetings, -- we've had many meetings with COMPUTEX in Taiwan. We've had many follow-on meetings with other partners on physical AI.

在早期會議方面——我們在台灣的 COMPUTEX 已經開了很多會。我們也與其他夥伴就實體 AI（physical AI）進行了許多後續會議。

I'm very excited about how the integration of AMI and FPGA can offer new solutions to customers. Stay tuned. We'll have a lot more to say on that on the future calls.

我對 AMI 與 FPGA 的整合如何為客戶提供新解決方案感到非常興奮。敬請期待。我們在未來的電話會議上會有更多內容可以分享。

Great. Thanks so much. That's all for me.

很好。非常感謝。我這邊就到這裡。

We have reached the end of the question-and-answer session.

問答環節到此結束。

I would like to turn the floor back over to Rick Muscha for closing comments.

我想把時間交還給 Rick Muscha 做結語。

Thanks, everyone, for joining us on the call today.

感謝各位今天加入我們的電話會議。

We will be attending the following investor events this quarter: the KeyBanc Technology Leadership Forum on August 11; the Jefferies Semiconductor, IT Hardware & Communications Technology Conference on August 26; and, lastly, the Benchmark TMT One-on-One Conference on September 10.

本季我們將參加以下投資人活動：8 月 11 日的 KeyBanc Technology Leadership Forum；8 月 26 日的 Jefferies Semiconductor、IT Hardware & Communications Technology Conference；以及最後，9 月 10 日的 Benchmark TMT One-on-One Conference。

Thank you very much for your participation. Have a good evening.

非常感謝各位的參與。祝各位晚安。

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

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。