萊迪思半導體 (LSCC) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Lattice Semiconductor third quarter 2020 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Lattice Semiconductor 2020 年第三季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Rick Mucha。謝謝。您可以開始了。

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

謝謝接線員，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。我們將提供 2026 年第三季的財務與業務回顧，以及 2026 年第四季的展望。若您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。我也要提醒各位，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. . 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.

我們提醒您，此類陳述係基於目前可得資訊所作之預測，實際結果可能會有重大差異。.我們請您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。這些文件包含並指出重要風險因素，可能導致實際結果與我們的預測或前瞻性陳述所載內容出現重大差異。

This call includes and constitutes the company's official guidance for the fourth 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 年第四季的官方指引。若在本次會議之後的任何時間，我們就該指引溝通任何重大變更，我們擬透過公開管道（例如新聞稿或公開宣布的電話會議）進行更新。

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

在本次電話會議中，我們將主要引用非 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。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 latticesemi.com 網站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，我將把電話會議交給我們的執行長 Ford Tamer。

Thank you, Rick, and welcome, everyone, to our third quarter earnings call. Lattice delivered record third quarter revenue of $291 million, up 45% sequentially and up 118% year-over-year. Non-GAAP EPS was $0.72 and up more than 155% year-over-year and well above the high end of our guidance as we translated revenue growth into even stronger earnings growth. Our fourth quarter revenue guidance of $335 million at the midpoint represents approximately 130% year-over-year growth, which is an annualized revenue run rate above $1.3 billion. This exceeds the outlook we provided last quarter and reflects accelerating momentum and broad-based demand.

謝謝你，Rick，也歡迎各位參加我們的第三季財報電話會議。Lattice 第三季營收創下歷史新高，達 2.91 億美元，季增 45%，年增 118%。非 GAAP 每股盈餘（EPS）為 0.72 美元，年增超過 155%，且明顯高於我們指引區間的上緣，因為我們將營收成長轉化為更強勁的獲利成長。我們第四季營收指引中位數為 3.35 億美元，代表約 130% 的年增率，換算年化營收運行率（run rate）超過 13 億美元。這高於我們上季提供的展望，反映動能加速以及廣泛的需求。

Our Q4, non-GAAP EPS outlook midpoint of $0.84 represents 160% year-over-year growth, reflecting our operating leverage, differentiated customer value and disciplined execution. As we continue to scale, we expect EPS growth to remain meaningfully ahead of revenue growth over time. This outlook implies non-GAAP full year 2026 EPS of approximately $2.50, up 140% year-over-year, a clear reflection of the earnings power we are building across the business.

我們第四季非 GAAP EPS 展望中位數為 0.84 美元，代表年增 160%，反映我們的營運槓桿、差異化的客戶價值以及嚴謹的執行力。隨著我們持續擴大規模，我們預期長期而言 EPS 成長將持續顯著領先營收成長。此展望意味著 2026 年全年非 GAAP EPS 約為 2.50 美元，年增 140%，清楚反映我們在整體業務中正在建立的獲利能力。

Our Q3 results and Q4 guidance are well above expectations. This is the result of our deliberate strategy of enabling the success of our customers and partners by offering them differentiated products, solutions, support and supply. Our commitment to you, our valued shareholders, is to tell you what we are going to do and then do what we said.

我們第三季的結果與第四季指引均遠高於預期。這是我們審慎策略的成果：透過提供差異化的產品、解決方案、支援與供應，協助客戶與合作夥伴取得成功。我們對各位尊貴股東的承諾，是告訴各位我們要做什麼，然後做到我們所說的。

This earnings call marks my two-year anniversary with Lattice. We have delivered on this commitment for 8 quarters in a row now and intend to continue to do so in the future. Now let me share with you the details of our FPGA business, where our actual performance and outlook are much stronger today than what was expected 2 years ago. Growth was broad-based across all our end markets. FPGA revenue reached $252 million, up 90% year-over-year.

本次財報電話會議也標誌著我加入 Lattice 兩週年。我們已連續 8 個季度兌現這項承諾，並打算未來持續如此。現在讓我與各位分享我們 FPGA 業務的細節；相較於兩年前的預期，我們目前的實際表現與展望都強勁得多。成長來自所有終端市場，呈現廣泛分布。FPGA 營收達 2.52 億美元，年增 90%。

Compute & Communications segment delivered record revenue, up 132% year-over-year driven by rapid adoption in data center AI applications. This growing demand reflects AI infrastructure investment, more server deployments for agentic inference and increasing AI content per server.

運算與通訊（Compute & Communications）事業部營收創新高，年增 132%，主要受惠於資料中心 AI 應用的快速採用。這股持續成長的需求反映了 AI 基礎設施投資、用於代理式推論（agentic inference）的伺服器部署增加，以及每台伺服器的 AI 內容占比提升。

We also continue to benefit from higher FPGA attach rates and new applications driven by more complex, disaggregated architectures and growing security requirements. Demand for our industrial and embedded products continued to grow with revenue increasing 35% year-over-year. We see the worldwide and geographic-specific PMIs at near record levels since the trough of the latest downtime. We expect our Lattice industrial and embedded business to continue to grow faster than the overall industrial market and accelerate its growth in Q4 and into 2027. This growth is across all sectors, including factory automation, robotics, aerospace and defense, medical equipment and autonomy.

我們也持續受惠於更高的 FPGA 搭載率（attach rates），以及由更複雜、解耦（disaggregated）的架構與日益提升的安全需求所帶動的新應用。我們的工業與嵌入式產品需求持續成長，營收年增 35%。我們看到全球及特定地區的採購經理人指數（PMI）自最近一次景氣低谷以來，已接近歷史高點。我們預期 Lattice 的工業與嵌入式業務將持續以快於整體工業市場的速度成長，並在第四季及 2027 年進一步加速。此成長涵蓋所有領域，包括工廠自動化、機器人、航太與國防、醫療設備以及自主化（autonomy）。

With channel inventory at healthy levels, customer engagement accelerating and multiple new design wins ramping into production. We expect our industrial and embedded business to become an increasingly important growth engine into 2027 and beyond. During the quarter, we extended our leadership in small- and mid-range FPGAs. We launched Lattice Prompt, an AI-assisted development tool for Lattice FPGAs. It allows our developers to generate and validate their FPGA applications from natural language prompts.

在通路庫存維持健康水位、客戶互動加速，以及多項新的設計導入（design wins）逐步放量進入量產之下。我們預期工業與嵌入式業務將在 2027 年及更長期成為愈發重要的成長引擎。本季我們進一步鞏固在小型與中階 FPGA 的領導地位。我們推出 Lattice Prompt，一款針對 Lattice FPGA 的 AI 輔助開發工具。它讓開發者可透過自然語言提示（prompt）生成並驗證其 FPGA 應用。

To do so, it connects our customer preferred large language model and agentic development environment was our largest Lattice Radiant tools and generate tested and proven FPGA code. Lattice Prompt provides significant FPGA developer productivity benefits and represent a significant step forward for our customer base.

為此，它會連接客戶偏好的大型語言模型以及代理式（agentic）開發環境，並與我們最大的 Lattice Radiant 工具相結合，以產生經測試且已驗證的 FPGA 程式碼。Lattice Prompt 為 FPGA 開發者帶來顯著的生產力提升效益，並代表我們客戶基礎的一項重大進展。

We also introduced the Mach-N2 family, our latest secure control, small FPGA platform, featuring integrated flash, hardware root of trust, post-quantum cryptography and enhance connectivity with customer sampling already underway.

我們也推出 Mach-N2 系列，這是我們最新的安全控制小型 FPGA 平台，具備整合式快閃記憶體（flash）、硬體信任根（hardware root of trust）、後量子密碼學（post-quantum cryptography），並強化連線能力，目前已開始提供客戶送樣。

Now let me tell you about the continued expansion of Lattice into secure control and management leadership with the successful closing of the AMI acquisition on July 27. The AMI business also delivered better-than-expected results in Q3. And we expect continued growth in Q4. In the 3 months since closing, we have engaged with hundreds of customers and partners globally. And the feedback has reinforced the strategic logic of the transaction and validated the highly complementary nature of our portfolios.

接下來我想談談 Lattice 在安全控制與管理領域持續擴張領導地位的進展：我們已於 7 月 27 日成功完成 AMI 收購案交割。AMI 業務在第三季的表現也優於預期，我們預期第四季將持續成長。交割後的 3 個月內，我們已在全球與數百家客戶與合作夥伴展開互動。而這些回饋強化了此交易的策略合理性，並驗證了我們產品組合高度互補的特性。

Following the AMI acquisition, we launched AMI Rack Manager to simplify deployment and operations across large-scale AI data centers. We also expanded ecosystem collaboration with SK Hynix to improve server reliability with our memory resilience technology. We held joint Lattice and AMI Tech Summits in Taipei and Shenzhen, with over 700 attendees and over 20 customer and partner demos, reflecting our strong customer intimacy. Ecosystem keynotes included Advantech, Inovance, Intel, Mitsubishi Electric, NVIDIA, NXP, Panasonic, Qualcomm and Sony, showcasing the power of our companion chip and firmware strategy.

在 AMI 收購完成後，我們推出 AMI Rack Manager，以簡化大型 AI 資料中心的部署與營運。我們也與 SK 海力士（SK Hynix）擴大生態系合作，透過我們的記憶體韌性（memory resilience）技術提升伺服器可靠性。我們在台北與深圳舉辦 Lattice 與 AMI 聯合技術高峰會（Tech Summits），吸引超過 700 位與會者，並有超過 20 場客戶與合作夥伴展示，展現我們與客戶的緊密連結。生態系主題演講（keynotes）包括研華（Advantech）、匯川（Inovance）、英特爾（Intel）、三菱電機（Mitsubishi Electric）、NVIDIA、恩智浦（NXP）、Panasonic、Qualcomm 與 Sony，展示我們伴隨晶片（companion chip）與韌體策略的強大效益。

During the lattice and AMI keynote at OCP, we introduced a Secure Control and Management Plan initiative, or SCaMPi with 7 industry leaders; AMD, Arm, ASPEED, Intel, Jabil, Microsoft and NXP. And since then, 4 more industry leaders have notified us that they intend to join this exciting industry-wide effort. This shows the relevance of secure control and management for autonomous data center infrastructure and industrial and embedded applications.

在 OCP 的 Lattice 與 AMI 主題演講中，我們與 7 家產業領導者——AMD、Arm、ASPEED、Intel、Jabil、Microsoft 與 NXP——共同介紹了一項安全控制與管理平面（Secure Control and Management Plane）倡議，亦即 SCaMPi。自那之後，又有 4 家產業領導者通知我們，他們有意加入這項令人振奮、橫跨全產業的合作努力。這顯示安全控制與管理對於自主化資料中心基礎設施，以及工業與嵌入式應用的相關性。

Finally, let me update you on the recent launch of 4 joint Lattice AMI solutions for streaming rack boot, security retrofit, plug-and-play deployment and power and cooling management. The response to these pre-integrated and prevalidated FPGA and thermal offerings was very strong. Customers immediately recognized the benefits of rapid deployment, reduced complexity and lower implementation risk, leading a significant number of them to advance to proof-of-concept engagements.

最後，讓我向各位更新我們近期推出的 4 項 Lattice 與 AMI 聯合解決方案，涵蓋串流機櫃開機（streaming rack boot）、安全性改裝（security retrofit）、即插即用部署（plug-and-play deployment）以及電力與散熱管理。市場對這些預先整合且預先驗證的 FPGA 與散熱產品反應非常熱烈。客戶立即認知到快速部署、降低複雜度與降低導入風險的效益，促使相當多客戶推進至概念驗證（proof-of-concept）合作。

In summary, we entered the fourth quarter with record revenue, accelerated bookings and backlog extending well into 2027. This momentum is being fueled by normalized inventory in the channel, our leadership in small and midrange FPGAs, and our role as companion chips, firmware and solutions for both data center and physical AI. As a result, data center demand continues to grow. Industrial and embedded is on a strong rebound, and the AMI acquisition expands the markets and applications we can serve. Together, these drivers support our confidence in sustained growth and expanding profitability.

總結而言，我們以創紀錄的營收、加速的接單，以及延伸至 2027 年以後的在手訂單（backlog）進入第四季。這股動能來自通路庫存回歸正常、我們在小型與中階 FPGA 的領導地位，以及我們作為資料中心與實體 AI 的伴隨晶片（companion chips）、韌體與解決方案供應者的角色。因此，資料中心需求持續成長。工業與嵌入式業務正強勁反彈，而 AMI 的收購擴大了我們可服務的市場與應用。綜合這些驅動因素，支撐我們對於持續成長與獲利能力擴張的信心。

Turning to the medium- to longer-term outlook. We expect revenue growth of at least 60% year-over-year in 2027. We also expect revenue to continue to grow at over 30% CAGR for the next 5 years. Our confidence is based on the multiple growth factors we have just outlined. We expect that this will create a sustainable secular growth company with diversified and broad customer base and market segments.

接著談中期到長期展望。我們預期 2027 年營收年增至少 60%。我們也預期未來 5 年營收將持續以超過 30% 的年複合成長率（CAGR）成長。我們的信心來自於剛才所概述的多項成長因素。我們預期這將打造一家具備永續長期趨勢成長（secular growth）的公司，並擁有多元且廣泛的客戶基礎與市場區隔。

In turn, we believe this will drive robust demand for the foreseeable future. And our focus is on converting that opportunity into long-term earnings growth for you, our valued shareholders for many years to come.

因此，我們相信這將在可預見的未來帶動強勁需求。而我們的重點，是把這個機會轉化為長期獲利成長，回饋給各位——我們珍視的股東——在未來多年持續受益。

With that, I'll turn the call over to Lorenzo Flores to review our third quarter results and outlook. Lorenzo?

接下來，我把電話會議交給 Lorenzo Flores，請他回顧我們第三季的業績與展望。Lorenzo？

Thank you, Ford, and good afternoon, everyone. The bottom line is that Lattice is delivering exceptional financial performance. Last quarter, this quarter and based on our expectations next quarter, next year and beyond. Revenue was well above guidance, both the FPGA business and the AMI business exceeded expectations. Our overall revenue of $291 million was 118% over last year.

謝謝你，Ford，各位下午好。重點是，Lattice 正展現卓越的財務表現。無論是上一季、這一季，以及基於我們對下一季、明年與更長期的預期。營收遠高於財測指引，FPGA 業務與 AMI 業務都超出預期。我們整體營收為 2.91 億美元，較去年成長 118%。

FPGA revenue at $252 million is up approximately 90% year-over-year. Gross margin also exceeded guidance again in both the FPGA and AMI businesses.

FPGA 營收為 2.52 億美元，年增約 90%。毛利率也再次在 FPGA 與 AMI 兩項業務上雙雙超越指引。

We also managed operating expenses to our guide and delivered dramatic expansion of our profitability as Q3 non-GAAP EPS of $0.72 was 2.5 times the prior year's EPS. The trajectory of our business indicates a remarkable 2026. We see our 2026 delivering almost $1 billion in revenue and $2.50 in EPS. This would be nearly double revenue from last year and about 2.4 times more earnings. We have been driving this growth across the set of end markets we serve and see strong growth continuing.

我們也將營業費用控制在指引範圍內，並帶來獲利能力的大幅擴張：第三季非 GAAP 每股盈餘（EPS）為 0.72 美元，是去年同期 EPS 的 2.5 倍。從我們業務的走勢來看，2026 年將非常亮眼。我們預期 2026 年營收將接近 10 億美元，EPS 將達到 2.50 美元。這將接近去年營收的兩倍，獲利約為去年的 2.4 倍。我們在所服務的各終端市場推動成長，並看到強勁成長將持續延伸。

Now for some key highlights. Again, Q3 revenue reached a record $291 million, up approximately 45% quarter-over-quarter. Within that, FPGA revenue was $252 million, up approximately 90% year-over-year and 25% quarter-over-quarter. This growth was driven by another record performance in Compute and Communications, up 132% year-over-year and 36% sequentially. Very importantly, we also saw industrial and embedded revenue growing 35% year-over-year and 7% sequentially.

接著是幾項重點亮點。第三季營收再創新高，達 2.91 億美元，季增約 45%。其中，FPGA 營收為 2.52 億美元，年增約 90%，季增 25%。這項成長來自運算與通訊（Compute and Communications）再度創下紀錄，年增 132%，並較前一季成長 36%。非常重要的是，我們也看到工業與嵌入式營收年增 35%，季增 7%。

AMI for the two months after the acquisition, delivered $39 million of revenue, also above our expectations.

AMI 在收購完成後的兩個月貢獻了 3,900 萬美元營收，也高於我們的預期。

Q3 non-GAAP gross margin was above expectations at 70.9%. We exceeded expectations as we balanced our supply chain issues with our customer needs. Q3 non-GAAP operating expense was $86.7 million, in line with our guidance and up approximately 29% sequentially. The sequential increase primarily reflects the addition of AMI and continued investments in our product road map. Our Q3 non-GAAP operating margin expanded 280 basis points sequentially to 41.1%, while our EBITDA margin increased 200 basis points to 45%.

第三季非 GAAP 毛利率為 70.9%，高於預期。我們在平衡供應鏈問題與客戶需求的同時，仍超越了預期。第三季非 GAAP 營業費用為 8,670 萬美元，符合我們的指引，並較前一季增加約 29%。這項季增主要反映 AMI 的加入，以及我們持續投資於產品藍圖。第三季非 GAAP 營業利益率較前一季擴張 280 個基點至 41.1%，同時 EBITDA 利潤率增加 200 個基點至 45%。

Q3 non-GAAP EPS was $0.72, up approximately 160% year-over-year and 36% sequentially, easily exceeding the high end of our guidance and showing the significant leverage in our model.

第三季非 GAAP EPS 為 0.72 美元，年增約 160%，季增 36%，輕鬆超越我們指引區間的上緣，並展現我們商業模式的顯著營運槓桿。

Net cash flow from operating activities for the third quarter of 2026 was $95 million compared to $88.3 million in Q2. Free cash flow was $77.6 million in Q3. In the quarter, we had higher than run rate CapEx as we invested in test capacity and R&D capabilities aimed at driving operational efficiencies and future growth. Now a few comments on capital allocation. Our capital allocation priorities remain unchanged: invest in the business to support long-term growth maintain financial flexibility, reduce acquisition-related leverage rapidly and evaluate opportunistic share repurchases.

2026 年第三季營運活動淨現金流為 9,500 萬美元，相較第二季的 8,830 萬美元增加。第三季自由現金流為 7,760 萬美元。本季資本支出（CapEx）高於常態水準，因為我們投資於測試產能與研發能力，以提升營運效率並驅動未來成長。接著補充幾點資本配置。我們的資本配置優先順序維持不變：投資於業務以支持長期成長、維持財務彈性、快速降低與收購相關的槓桿，並評估機會性庫藏股回購。

To that end, we paid down $50 million of our debt in the quarter. We remain on track to reduce leverage faster than previously planned. We expect net leverage to be under 2 times EBITDA by the end of 2026. We intend to reduce the debt aggressively in 2027, while continuing to invest in growth opportunities across our markets.

為此，我們在本季償還了 5,000 萬美元的債務。我們仍按計畫以比先前規劃更快的速度降低槓桿。我們預期到 2026 年底，淨槓桿將降至 EBITDA 的 2 倍以下。我們計畫在 2027 年積極降低債務，同時持續投資於各市場的成長機會。

Now for guidance. As you heard earlier, we expect our strong growth to continue. We expect Q4 revenue of between $325 million and $345 million. At the midpoint of the range, this represents approximately 130% year-over-year growth and 15% sequential growth. We see continued growth across our primary FPGA end markets and AMI.

接著是財測指引。如各位先前所聽到的，我們預期強勁成長將持續。我們預期第四季營收介於 3.25 億至 3.45 億美元。以區間中點計算，這代表約 130% 的年增率與 15% 的季增率。我們看到主要 FPGA 終端市場與 AMI 皆持續成長。

We expect gross margin to remain strong at 72%, plus or minus 1% on a non-GAAP basis. We expect non-GAAP operating expense to be between $95 million and $101 million. Most of the increase in OpEx continues to support R&D investments in our product road map and long-term growth objectives as well as a full quarter contribution from AMI.

我們預期非 GAAP 毛利率將維持強勁，約 72%，上下浮動 1 個百分點。我們預期非 GAAP 營業費用介於 9,500 萬至 1.01 億美元。營業費用增加的大部分，將持續用於支持我們產品藍圖的研發投資與長期成長目標，以及 AMI 全季度的貢獻。

We estimate our income tax rate for Q4 to be between 4% and 6% on a non-GAAP basis. We expect non-GAAP EPS to be in the range of $0.82 to $0.86 per share. At the midpoint of this guidance, we anticipate that we would exceed 160% year-over-year earnings growth as we continue to demonstrate the leverage in our model. It is worth repeating that our Q4 outlook implies full year 2026 revenue of approximately $1 billion. roughly 90% growth over 2025.

我們估計第四季非 GAAP 所得稅率介於 4% 至 6%。我們預期非 GAAP EPS 將落在每股 0.82 至 0.86 美元的區間。以此指引的中點計算，隨著我們持續展現商業模式的槓桿效應，我們預期獲利年增將超過 160%。值得再次強調的是，我們對第四季的展望意味著 2026 全年營收約為 10 億美元。約較 2025 年成長 90%。

We expect FPGA revenue to surpass $900 million, representing greater than 70% year-over-year growth. Importantly, we anticipate full year earnings per share of approximately $2.50, up about 140% year-over-year. These results demonstrate the strength of our business model, the benefits of scale and the significant earnings potential we are unlocking as we execute our growth strategy.

我們預期 FPGA 營收將超過 9 億美元，代表年增超過 70%。重要的是，我們預期全年每股盈餘約為 2.50 美元，年增約 140%。這些成果展現了我們商業模式的強韌性、規模效益的優勢，以及在執行成長策略的過程中我們正在釋放的顯著獲利潛力。

Obviously, you are interested in our expectations for 2027. We have yet to finalize our 2027 annual operating plan, but we have enough visibility to provide some expectations. As Ford has just discussed, we see a clear path to 60% or better growth from our projected 2026 revenue base of approximately $1 billion. We expect Compute and Communications to remain our fastest-growing end market. We expect industrial and embedded to continue its strong growth trend, and we expect AMI to grow consistent with our previous expectations.

顯然，各位關心我們對 2027 年的展望。我們尚未完成 2027 年年度營運計畫的定案，但我們已有足夠能見度可提供一些預期。如 Ford 剛才所談到的，我們看到一條清晰路徑，可在我們預估約 10 億美元的 2026 年營收基礎上，實現 60% 或更高的成長。我們預期運算與通訊（Compute and Communications）仍將是我們成長最快的終端市場。我們預期工業與嵌入式（industrial and embedded）將延續其強勁成長趨勢，並預期 AMI 的成長將符合我們先前的預期。

While it is still early in the planning cycle, our confidence is rooted in our backlog, the ramp of design wins in I&E augmenting our demonstrated strength in C&C and the expected contribution from AMI.

雖然目前仍處於規劃週期的早期階段，但我們的信心來自於我們的在手訂單（backlog）、工業與嵌入式（I&E）設計案（design wins）放量爬坡所帶來的增量（並強化我們在運算與通訊（C&C）已證明的優勢），以及 AMI 的預期貢獻。

In closing, Lattice enters the fourth quarter with strong momentum across all metrics. Together, Lattice and AMI have a broad market opportunity and position us to capture more value across all of our core markets. We are focused on translating that opportunity into above-market revenue and faster earnings growth, stronger free cash flow and debt reduction, all while investing to build long-term shareholder value.

最後總結，Lattice 以各項指標的強勁動能進入第四季。Lattice 與 AMI 共同擁有廣泛的市場機會，並使我們能在所有核心市場中擷取更多價值。我們專注於將該機會轉化為高於市場的營收與更快的獲利成長、更強的自由現金流與降低負債，同時持續投資以建立長期股東價值。

Operator, that concludes my prepared remarks. We can now open the call for questions.

接線員，我的事先準備發言到此結束。我們現在可以開放提問。

(Operator Instructions)

（接線員指示）

Sebastien Naji, William Blair.

Sebastien Naji，William Blair。

Yeah, good afternoon and thank you for taking my questions. Congrats on the strong results here. My first question is on the guidance for next year. So you've outlined a path to approximately $1.6 billion or more revenue in 2027. Could you maybe just help us unpack and understand what gives you the confidence in that kind of outlook this early?

是的，午安，謝謝讓我提問。恭喜本季繳出強勁的成果。我的第一個問題是關於明年的財測指引。你們已勾勒出在 2027 年達到約 16 億美元或更高營收的路徑。能否請你們協助我們拆解並理解，為何在這麼早的階段就對這樣的展望有信心？

Thank you, Sebastien. Good question. We are creating a sustainable secular growth company for not only 2027 but beyond. We do expect to grow faster than market because of the multiple growth vector we have worked hard to develop over the past few years. What gives us the confidence in '27 is a few factors.

謝謝你，Sebastien。好問題。我們正在打造一家可持續的長期結構性成長公司，不僅是 2027 年，而是更長遠。我們確實預期成長速度將快於市場，因為過去幾年我們努力建立了多重成長向量。讓我們對 2027 年有信心的因素有幾點。

I would say number one, our backlog visibility extends well past 2027 into 2028. And number two, we see strong continued CapEx from all players across all geographies with a multiyear long-term agreement being signed with our customers. Number three, we're seeing sustained AI-driven content expansion really around business fundamentals. So unit growth, new features like security driving higher value. And we're seeing an attached FPGA rates growing fast.

我會說第一，我們的在手訂單（backlog）能見度延伸到 2027 年之後，甚至到 2028 年。第二，我們看到各地區所有參與者的資本支出（CapEx）持續強勁，且我們與客戶簽署了多年期的長期協議。第三，我們看到由 AI 驅動的內容擴張持續發生，且主要圍繞在商業基本面。也就是出貨量成長、像安全性等新功能帶來更高價值。同時我們也看到 FPGA 的搭載率（attached FPGA rates）快速提升。

Number four, our industrial embedded business is now shipping to natural demand. So we're out of this inventory situation and very excited about some of the new applications like factory automation driving our growth in '27. Number five, we've got a full year of AMI. And number six, we're seeing very strong growth in our new product revenue, such as Nexus small and FPGA.

第四，我們的工業嵌入式業務現在已回到依自然需求出貨。因此我們已走出庫存問題，並對一些新應用（如工廠自動化）在 2027 年帶動成長感到非常振奮。第五，我們將擁有 AMI 的完整年度貢獻。

Then beyond that, we've got quite a few new growth vector into '28 we could discuss as well.

此外，展望 2028 年，我們還有相當多新的成長向量也可以進一步討論。

Okay. Great. Well, maybe this will be 1 of those 2028 growth vectors. For my follow-up, I just wanted to ask about the 4 joint Lattice AMI solutions that you announced a few months back, the security retrofit rack boot, plug-and-play and the power and cooling. Could you maybe give us a sense which of these is seeing the strongest customer engagement or traction so far?

好的，很好。那也許這會是 2028 年成長向量之一。我的追問是，想請教你們幾個月前宣布的 4 項 Lattice 與 AMI 聯合解決方案：安全性改裝（security retrofit）、機櫃開機（rack boot）、即插即用（plug-and-play），以及電力與散熱（power and cooling）。能否分享一下，目前哪一項客戶互動或進展（traction）最強？

And when we can expect that to layer into the revenue?

以及我們可以預期何時開始反映到營收上？

Yeah, absolutely. So we're seeing strong growth across all of these with tens of customers already in proof-of-concept. The strongest one by far is the security retrofit that allows operators to upgrade the fleet without changing the hardware and that will allow them to upgrade the fleet to the latest security post-quantum cryptography right away. And so that's going to production with the first customer actually this quarter. And with many customers going to production in '27, and we expect the revenue to inflect meaningfully in '28.

是的，當然可以。我們看到這些方案全面都有強勁成長，目前已有數十家客戶進入概念驗證（proof-of-concept）。其中最強、遠遠領先的是安全性改裝方案，它讓營運商在不更換硬體的情況下就能升級既有機隊，並可立即將機隊升級到最新的安全標準，也就是後量子密碼學（post-quantum cryptography）。因此，第一位客戶實際上在本季就會進入量產。而隨著許多客戶在 2027 年進入量產，我們預期營收將在 2028 年出現顯著的拐點（inflect）。

Beyond that, we see the other three, the streaming rack boot is fantastic because it allows our operators to upgrade the whole firmware at once across the whole rack, the whole pod, saving substantial time and providing tremendous consistency. We see the power and cooling with one of our major hyperscaler going to market actually very soon and contributing this solution to OCP, again, taking hold and becoming a big volume contributor. And then finally, the plug and play is going to be very critical to allow our operators to be able to mix and match x86 with Arm, to mix and match various board management controller in the same rack.

除此之外，我們也看到另外三項：串流式機櫃開機（streaming rack boot）非常出色，因為它讓營運商能在整個機櫃、整個 pod 範圍內一次性升級全部韌體，節省大量時間並提供極高一致性。我們看到電力與散熱方案，將與我們某家主要超大規模客戶（hyperscaler）很快推向市場，並把此解決方案貢獻給 OCP；同樣地，這將逐步被採用並成為大量出貨的貢獻者。最後，即插即用方案將非常關鍵，讓營運商能在同一個機櫃中混搭 x86 與 Arm，並混搭各種板級管理控制器（board management controller）。

And so we're very excited about these solutions going to market starting this quarter, well into '27 and then meaningfully contributing to revenue in '28. Beyond that, we also see incremental industrial embedded inflection with humanoids, physical AI, aerospace defense application coming to market in 2028. Avant, our mid-range FPGA is expected them to inflect meaningfully in '28. We also see some new AMI functionalities such as OnSilicon, we call it OnSil that allows customers to emulate the firmware ahead of tape-out and memory resilience technology, which allows for extending the life of memory in the field. So very exciting growth vectors ahead, Sebastien.

因此，我們對這些解決方案自本季開始推向市場、一路延伸到 2027 年、並在 2028 年對營收做出顯著貢獻感到非常振奮。此外，我們也看到工業嵌入式領域的額外拐點，包括人形機器人（humanoids）、實體 AI（physical AI）、航太國防應用，預計在 2028 年進入市場。Avant（我們的中階 FPGA）預期也將在 2028 年出現顯著拐點。我們也看到一些新的 AMI 功能，例如 OnSilicon（我們稱為 OnSil），可讓客戶在流片（tape-out）之前先行模擬韌體，以及記憶體韌性技術（memory resilience technology），可延長現場記憶體的使用壽命。Sebastien，前方還有非常令人振奮的成長向量。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Congrats on the momentum into the year-end, and thanks for the longer-term guidance. I guess to follow up on the question around 2027 forward. based on the run rate, it seems like you're going to need around $400 million on a quarter on average. I would love to understand how you're looking at the linearity of that revenue as you flow through the year? And how much of that 60% is already in backlog versus dependent on what you're hearing from customers around design wins ramping?

恭喜你們在年底前動能強勁，也謝謝提供較長期的指引。我想延續剛才關於 2027 年展望的問題。以目前的 run rate 來看，你們平均每季似乎需要約 4 億美元左右。我很想了解你們如何看待營收在全年各季的線性度（linearity）？以及這 60% 的成長中，有多少已經在在手訂單（backlog）裡，多少則取決於你們從客戶端聽到的設計案得標（design wins）放量爬坡？

Or maybe you could talk about the pricing environment given how much demand there is?

或者你也可以談談在需求如此強勁的情況下，定價環境如何？

Yes. Thank you, Ruben. Quite a few questions in there, and I'll start and then turn it over to Lorenzo. The first one on linearity, we have taken a more conservative view of the second half of the year. So you're really we're probably in our 60% guide, you're probably expecting growth in Q1 and Q2.

是的，謝謝你，Ruben。你這裡面有不少問題，我先回答一部分，接著再交給 Lorenzo。第一個關於線性度，我們對下半年採取了較為保守的看法。因此在我們 60% 的指引中，你們大概會預期成長主要出現在第一季與第二季。

And we haven't assumed that same rate of growth as the year develops, we do expect, as we see the Q2 number deliver to potentially be able to take those numbers up. So we feel confident that our 60% or higher growth rate. Number two, on the pricing question with suppliers as well as expedite fees because we've got a lot of demand from our customers, and we're passing those on to customers.

而且我們並未假設在年度推進過程中仍維持相同的成長率；我們確實預期，隨著我們看到第二季（Q2）的數字落地，我們有可能把這些數字再往上調。因此，我們對於60%或更高的成長率感到有信心。第二點，關於與供應商的定價問題以及加急費（expedite fees），因為客戶需求非常強勁，我們也把這些成本轉嫁給客戶。

Really, the story is not a pricing. Pricing is a small piece of the equation. Really, the story here is a unit growth increase a value increase because we're going to these new applications such as security, as I mentioned. And finally, these new products that are commanding a higher price because there are a lot more functionality as we go from our older product to the Nexus and Avant families.

其實，重點不在於定價。定價只是整個方程式中的一小部分。真正的故事在於單位成長的提升與價值提升，因為我們正切入我剛才提到的安全等新應用。最後，這些新產品因為功能更多，從舊產品轉向Nexus與Avant系列時，能夠支撐更高的售價。

Lorenzo, just a little more color. As we're still in the planning cycle for our business. And what we have looked at, as Ford said, is near term, the growth rates will remain strong, and we'll still see growth as make sure you're clear. We still see growth meaningful growth year-over-year in the second half of next year. But to plan the business, we want to make sure we're factoring in the environmental concerns and base that I mean, compare that to what we see in our business directly, which is, as Ford said, quite strong.

Lorenzo，再補充一點背景。我們仍在進行業務規劃週期。如Ford所說，我們看到的是短期內成長率仍將維持強勁，而且我們仍會看到成長——我想確保你聽清楚。我們仍預期明年下半年相較去年同期會有顯著的成長。但在規劃業務時，我們希望確保把外部環境的疑慮納入考量，並以此為基礎——也就是把它與我們在自身業務中直接看到的情況做比較；如Ford所說，我們自身的狀況相當強勁。

So we're going to manage the business through the year.

所以我們會在全年過程中管理這項業務。

What gives us a great deal of confidence is the fundamental drivers of the business were articulated them in Sebastien's question remains strong, and we are expanding the growth rate across our end markets, including industrial embedded. And we see that reflected in a continued unit volume growth rate this year and next year.

讓我們非常有信心的是，Sebastien提問中所闡述的業務基本驅動因素依然強勁，而且我們正在把成長率擴展到各個終端市場，包括工業嵌入式。我們也看到這反映在今年與明年持續的出貨量（unit volume）成長率上。

Yeah. Understood. That's very helpful. Of course, Lorenzo, I have to come back to C&C. And just ask Ford, in July, Ford, you had talked about potentially a 20 million unit server unit TAM for '26.

好的，了解。這非常有幫助。當然，Lorenzo，我得回到C&C（Compute & Comm）。我想請教Ford：在7月時，Ford你曾提到到’26年伺服器單位的TAM可能是2,000萬台。

I imagine, as you think about this early '27 outlook, there's been a lot of discussion and you mentioned on the prepared remarks around Agentic workloads on servers. Do you have an early look or read on server units and sort of if you could maybe give us a little bit of a high-level idea of how fast you think Compute and Comm could grow around sort of the server opportunity, that would be helpful.

我想像在你思考這個早期’27年的展望時，市場上對你在事先準備的發言中提到的伺服器Agentic工作負載有很多討論。你是否已經對伺服器出貨量有初步的觀察或判讀？如果你能從高層次分享一下，你認為Compute & Comm圍繞伺服器機會的成長速度可能有多快，會很有幫助。

Sure. Good question. We the numbers we told you at the last call in July were correct. We do expect server units to be about 20 million this year. We do expect them to grow to about 25 million next year.

當然。好問題。我們在7月上次電話會議告訴你的數字是正確的。我們確實預期今年伺服器出貨量約為2,000萬台。我們也預期明年將成長到約2,500萬台。

So the growth rate in our mind is and based on the numbers we see from the market research and our customers will be growing faster next year versus this year. So we go from, call it, 22% growth rate year-on-year to about 25%.

因此，在我們的看法中，基於我們從市場研究以及客戶端看到的數據，明年的成長速度會比今年更快。也就是說，我們從約22%的年增率提升到約25%。

Within that, we do see AI continue to grow to what maybe is 25% AI server share this year to about 40% server share next year. And then we see our attach rate and our content growing as well because as I said, we're going from older technology to newer products such as Nexus and Avant.

在此之中，我們確實看到AI持續成長：AI伺服器占比可能從今年約25%提升到明年約40%。同時，我們的搭載率（attach rate）與內容價值（content）也會成長，因為如我所說，我們正從較舊的技術轉向Nexus與Avant等較新的產品。

Gary Mobley, StoneX.

Gary Mobley，StoneX。

Want to ask about the performance of AMI. You mentioned in your prepared remarks that it's performing in line with your expectations. But if I recall correctly, you were accounting this business being maybe a $200 million annual business seems like it might be performing a bit better than that. And on the gross margin level, it was, I think, supposed to be a bit of a headwind in the reported quarter, pending the sale of some noncore assets. Maybe you can update us on how that played out?

我想問一下AMI的表現。你在事先準備的發言中提到它的表現符合你們的預期。但如果我沒記錯，你們原本把這項業務視為年化約2億美元的業務，看起來可能表現比這更好一些。另外在毛利率層面，我記得在已揭露的季度中，它原本應該會對毛利率造成一些逆風，直到出售一些非核心資產為止。你能否更新一下實際進展如何？

Yes. Gary, thanks for the question. The margin for Lattice overall this quarter was better than expected in both the FPGA business and the AMI business. And to the point of your question, on the AMI business, the revenue came in for Q3. Again, it's only a partial quarter for them.

是的。Gary，謝謝你的問題。本季Lattice整體毛利率優於預期，無論是FPGA業務或AMI業務都是如此。回到你問的AMI業務，第三季（Q3）的營收——再次強調，對他們而言這只是部分季度。

It came in slightly higher than we had expected, and it was a better mix meaning more high-margin business. So that helped the margins at AMI. We still, at the aggregate level, I think it's around the 200 plus or minus run rate business through the year. It's doing better. And then next year, we should grow meaningfully as part of our 2027 AOP.

實際上略高於我們原先的預期，而且組合更好，也就是高毛利業務占比更高。因此這有助於提升AMI的毛利率。我們仍認為在整體層面，它大約是全年2億美元上下的run rate業務。它的表現確實更好。而且明年，作為我們2027年年度營運計畫（AOP）的一部分，它應該會有顯著成長。

In that growth, this noncore business, as you discussed, will be gone, margins should expand into the high 70s like we have said before. So it's a good it's a very good revenue and profitability driver for us.

在這個成長之中，如你所提到的，這些非核心業務將會退出，毛利率應可如我們先前所說擴張到70%高段（high 70s）。所以這對我們而言是很好的營收與獲利驅動因素。

Got it. And then as far as OpEx goes in 2027, how should we model that relative to revenue growth, is it possible to see a 45% handle on the non-GAAP op margin in 2027?

了解。另外，關於2027年的營業費用（OpEx），相對於營收成長應該如何建模？2027年是否有可能看到non-GAAP營業利益率達到45%左右？

Yeah. So that's a great question. And we'll fill you in more detail as we get through our planning process. But our objective through the planning process will be to grow EPS, the bottom line faster than revenue in the scenario that Ford talked about in terms of in our prepared remarks in terms of our expected revenue growth, so that requires us to do all the right planning steps in OpEx.

是的。這是個很好的問題。隨著我們完成規劃流程，我們會提供更詳細的資訊。但我們在規劃流程中的目標，是在Ford於事先準備的發言中所談到的情境下——也就是我們預期的營收成長——讓EPS、也就是最終獲利（bottom line）的成長速度快於營收；因此這要求我們在OpEx上做好所有正確的規劃步驟。

But we think we can fund significant amount of growth opportunities and still maintain this very, very meaningful growth in EPS year-over-year.

但我們認為，我們可以在投入大量成長機會的同時，仍維持EPS年增非常、非常可觀的成長。

Tristan Gerra, Robert W. Baird.

Tristan Gerra，Robert W. Baird。

Question on the long-term agreements with customers that you mentioned. How does this change from about a year ago as you have much more visibility and customers clearly are eager to secure supply, maybe are you able to provide a percentage of your revenue coverage for next year from LTAs and is there a pricing embedded? Or is it purely volume based? And is that if there's pricing embedded in it? Is that a margin gross margin profile similar to what you report or guided into Q4?

關於你提到與客戶簽訂的長期協議（LTA）。相較於大約一年前，現在你們的能見度更高、客戶也顯然急於確保供應，這方面有何變化？你們是否能提供明年由LTA所覆蓋的營收比例？以及其中是否包含定價？還是純粹以數量為基礎？如果其中包含定價，那它的毛利率輪廓是否與你們所揭露或對第四季（Q4）所指引的水準相近？

Tristan, you can expect the answer, right? So obviously, no, we're not going to provide all the details of our customer agreements on a call with gazillion people listening. But thanks for trying.

Tristan，你應該可以預期答案，對吧？所以很明顯，不，我們不會在有成千上萬人收聽的電話會議上，提供所有客戶協議的細節。但謝謝你試著問。

Okay. Yes, thank you. I know sometimes in the past, the coverage was provided that I understand. And then my follow-up was to know if you expect any type of inventory replenishment, notably in industrial, you mentioned that inventory levels are lean. But is there an expectation that at some point, there is a rebuild or do you expect to ship next year in line with that demand.

好的。是的，謝謝。我知道過去有時候會提供覆蓋率資訊，我理解。那我接著想問的是，你們是否預期會出現任何庫存回補，特別是在工業領域；你提到庫存水位偏精實。但是否預期在某個時間點會有重建庫存？或者你們預期明年的出貨將與該需求大致一致？

Tristan, you're referring to channel inventory, right?

Tristan，你指的是通路庫存，對吧？

Yes.

是的。

Okay. Because I want to make the distinction. Channel inventory, we're going to try to maintain close to the levels we're at, it provides us much, much better visibility into the end customer demand, and it mitigates overhang risk. So it will a specific quarter number may pop up and down, but what we're really doing is looking through the distributor to the end customer and matching up the demand. And that applies to both industrial and embedded and Compute and Comms.

好的。因為我想做個區分。通路庫存方面，我們會盡量維持在接近目前的水準，這能讓我們對終端客戶需求有更好、更清楚的能見度，並降低庫存懸置（overhang）風險。所以某一特定季度的數字可能會上下波動，但我們真正做的是透過經銷商看向終端客戶，並把需求對齊匹配。這同樣適用於工業與嵌入式，以及運算與通訊。

So no, we won't see that into any meaningful extent and certainly not strategically next year. I would say, just to clear up any confusion, we are building very deliberately internal inventory so that we can respond to what we expect to be the significant growth in Q4 and 2027 and beyond. So you'll see our inventory numbers go up. You will have seen them go up this past quarter.

所以不會，我們不會在任何有意義的程度上看到那種情況，當然明年在策略上也不會。我想，為了釐清任何混淆，我們正在非常有計畫地建立內部庫存，這樣我們才能回應我們預期在第四季以及 2027 年及之後的顯著成長。所以你會看到我們的庫存數字上升。你也已經看到它們在上一季上升了。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Maybe just a quick clarification, when you're talking about sort of seeing growth rates moderate in the second half. Was that a year-on-year comment? Was that more of a sequential comment? And then I've got a follow-up.

也許快速釐清一下，當你在談到下半年成長率可能趨緩時。那是指年對年（YoY）的評論嗎？還是比較偏向季對季（QoQ）的評論？然後我還有一個追問。

Well, I think yes to both actually because by math that would kind of work out that way. But the reality of it is there's still really strong growth numbers. It's just that, again, as we plan the business, we want to be prudent around that and not get overextended. So go ahead, then you said you have a follow-up, Quinn.

嗯，我想其實兩者都是，因為從數學上看確實會那樣呈現。但實際情況是，成長數字仍然非常強勁。只是我們在規劃業務時，希望在這方面保持審慎，不要過度擴張。所以你繼續吧，你說你有個追問，Quinn。

Yes, the follow-up is, I think you guys and it sounds like the demand environment may have continued to be very strong. But I think last quarter, you guys saw a surge in demand late in the quarter that resulted in higher-than-normal delinquencies. Wondering if you could update us on your delinquencies are you starting to make progress getting back to more normal delinquency level or is the demand environment stayed strong keeping those delinquency high? And I guess, related just any comments on how you're feeling about being able to bring on additional capacity to support the demand environment?

是的，追問是，我想你們，而且聽起來需求環境可能仍然非常強。但我記得上一季你們在季末看到需求激增，導致高於正常水準的延遲交付（delinquencies）。想請你們更新一下延遲交付的情況：你們是否開始在回到較正常的延遲交付水準方面取得進展？還是需求環境仍然很強，讓那些延遲交付維持在高檔？另外相關地，也想請你們評論一下：你們對於能否導入更多產能以支撐這樣的需求環境，有什麼看法？

Yes. So I'm assuming you're talking supply. And if that's the question, supply, is that correct, Quinn?

是的。所以我假設你指的是供給。如果問題是供給，是這樣嗎，Quinn？

Yes, exactly.

對，沒錯。

Okay. Got it. So we are in good shape. We are putting multiyear supply agreements with our suppliers as well. We have secured what we believe is the right level of supply for, again, multiple years.

好的，了解。所以我們狀況良好。我們也正在與供應商簽訂多年期供應協議。我們已經確保了我們認為合適的供應水準，而且同樣是涵蓋未來好幾年。

And we feel good about being able to supply to numbers are much higher than what we discussed our growth rates to be next year. So we're ready to do a lot more than what we discussed. And -- so go ahead, Lorenzo.

而且我們對於能夠供應的量感到很有信心，這個量遠高於我們先前討論的明年成長率所對應的需求。所以我們已準備好做得比我們討論的還要多很多。那——你繼續吧，Lorenzo。

And I think the evidence of that is like our Q3 and our Q4 where most of the upside in the business versus our prior guide was based on our ability to navigate through what I was calling a pinch point in supply in Q3 and deliver more units out to the customer this quarter, and we see the same thing in Q4. And as Ford said, we feel very comfortable about the supply side going forward. So our delinquencies are going down significantly and our lead time has gone down.

我想證據就在我們的第三季和第四季：相較於我們先前的指引，業務的大部分上修，都是基於我們能夠在第三季穿越我所稱的供應「瓶頸點」（pinch point），並在本季向客戶交付更多的出貨量；我們在第四季也看到同樣的情況。正如 Ford 所說，我們對未來的供應端非常有信心。所以我們的延遲交付正在顯著下降，而我們的交期（lead time）也縮短了。

Melissa Weathers, Deutsche Bank.

Melissa Weathers，德意志銀行。

Congrats on the nice results. Please don't hate me for this question. But I think as semis analysts, we have to ask it. Any signs of double ordering, I guess, we've seen -- I know the channels are super lean and you're checking with the end customers, but any like actions you're taking to help scrub the demand and just make sure, especially on the industrial and embedded business that there are no double ordering activities here?

恭喜有很好的成果。請不要因為這個問題討厭我。但我想作為半導體分析師，我們必須問。有沒有看到重複下單（double ordering）的跡象？我想我們看到——我知道通路非常精簡，你們也在跟終端客戶核對，但你們是否有採取任何動作來協助「清洗」需求、確保特別是在工業與嵌入式業務上沒有重複下單的行為？

Melissa, thank you for the question. Yes, we have spent a tremendous amount of time with our customers, with the channel, double checking, triple checking these numbers, making sure that we don't give parts to where a customer may have an issue ramping production because of other parts. So we are very close to our customers and our partners in this endeavor. Industrial embedded is just starting to ramp again. So there are no signs of any double ordering there.

Melissa，謝謝你的問題。是的，我們花了大量時間與客戶、與通路一起，反覆核對、三重確認這些數字，確保我們不會把零件供給到某個客戶，但該客戶可能因為其他零件而在產能爬坡上遇到問題。所以在這件事上，我們與客戶及合作夥伴保持非常緊密的合作。工業嵌入式才剛開始再次爬坡。所以那裡沒有任何重複下單的跡象。

On the compute and comms, again, the demand is very strong. And what gives us the confidence, Melissa, is not that this booking is short term, it's extending well into 2028. So we've got bookings now for the foreseeable future. And so that's what gives us the confidence. These are being scheduled way out in time.

在運算與通訊方面，同樣地，需求非常強。而讓我們有信心的，Melissa，不是因為這些訂單是短期的，而是它延伸到 2028 年很後面。所以我們現在已經有可預見未來的訂單。這就是給我們信心的原因。這些都被排程到很久以後的時間點。

And then on the comms and compute side, I might have missed it, but did you give an updated like FPGA per rack or per server, any metric like and can you just speak to the breadth of the design engagements that you have? Is your growth kind of bringing on new hyperscale customers? Is it more broad-based? How much is like the memory pooling story a part of it? Just any more color on the breadth of the momentum in DAS?

然後在通訊與運算這一塊，我可能漏聽了，但你們有提供更新的指標嗎，例如每個機櫃或每台伺服器的 FPGA 數量之類的？另外也請談談你們設計導入（design engagement）的廣度。你們的成長是因為新增了新的超大規模（hyperscale）客戶嗎？還是更廣泛、更多面向的成長？記憶體池化（memory pooling）的故事在其中占比有多大？請再多分享一些 DAS 動能廣度的細節。

Yes. I'm going to point you out to a new slide we've got in our deck, corporate deck that we just on the IR side of the website, slide number 30 shows all the various applications where we're serving the data center challenges. And you could see that we have applications all the way from compute to networking to storage across GPU, XPU, DPU, CPU, Board management controller, storage, network switch, NIC cards, pulling power, both the HPM card and the SCM cards.

是的。我會請你參考我們簡報裡的一張新投影片：我們剛把公司簡報（corporate deck）放到官網 IR 區，投影片第 30 頁展示了我們在各種應用中如何協助解決資料中心的挑戰。你可以看到我們的應用涵蓋從運算到網路到儲存，橫跨 GPU、XPU、DPU、CPU、板級管理控制器（BMC）、儲存、網路交換器、NIC 網卡、電源匯流（power）、HPM 卡與 SCM 卡。

If you look at the application, we're detailing on slide number 30, it shows many applications in the server from connectivity to fan and power control to hardware abstraction to various securities such as Root of Trust, attestation post-quantum cryptography on the rack level trust and attestation, low-level deterministic leak response, rack telemetry, manageability, power control, throttling and so you can see we've got many, many applications.

如果你看第 30 頁我們所詳述的應用，它展示了伺服器內許多應用，從連線性到風扇與電源控制、硬體抽象層（hardware abstraction），到各種安全功能，例如信任根（Root of Trust）、證明（attestation）、後量子密碼學（post-quantum cryptography），以及在機櫃層級的信任與證明、低階確定性洩漏回應（deterministic leak response）、機櫃遙測（rack telemetry）、可管理性（manageability）、電源控制、降頻（throttling）等等；你可以看到我們有非常非常多的應用。

If you asked me a couple of years ago, we didn't have all these applications. Just on the trust and control, we now have all these new regulations for CNSA 2.0 and CRA compliance. And so these are regulations that have to be met by early next year. So a tremendous pressure on from the customer to deliver to these new applications. And so we're very excited about this.

如果你兩年前問我，我們還沒有這麼多應用。光是在信任與控制（trust and control）方面，我們現在就有這些新的 CNSA 2.0 與 CRA 合規要求。而這些法規必須在明年初之前達成。因此客戶端有非常巨大的壓力，要求我們交付這些新應用。所以我們對此感到非常興奮。

And I'll take you to slide number 32 and next slide, that was there before and shows the various applications that we have for industrial embedded, and we're quite excited about those.

我會帶各位看第 32 頁投影片以及下一頁；那張之前就有，展示了我們在工業嵌入式方面的各種應用，我們對這些應用感到相當振奮。

And I'll point you to one more place in the deck. Actually, there's a couple if you were down the deck to Slide 35 and beyond, you're going to see quite a few other applications. So quite a few applications there. But I'm going to point you to a new product we just announced this quarter called Prompt, Lattice Prompt. And what that is, it allows customers to develop their application from an English language prompt, integrates with their preferred language model, the preferred IDE and from a prompt, it would generate not only the code, but also validate the whole application.

我再請各位看簡報中的另一個地方。其實有好幾處；如果你往後翻到第 35 頁以及之後，你會看到相當多其他的應用。所以那裡有不少應用。但我想特別指出我們本季剛宣布的一個新產品，叫 Prompt，也就是 Lattice Prompt。它的作用是讓客戶可以從英文提示詞（prompt）來開發他們的應用，並可整合客戶偏好的語言模型與偏好的 IDE；透過一個提示詞，它不僅會產生程式碼，還會驗證整個應用。

And so you get to test a proven application in a matter of days versus weeks and months. So and then even more, it really expands the developer base well beyond what we had in the past. So we're very excited about the market expansion we're seeing because we do believe there's a tremendous number of application that are more deterministic, more closer to hardware, more closer to the sensor that need to be done in FPGA. In the past, they've been done in software just because we don't have enough programmers developer, they know how to program RTX.

因此，你可以在幾天內測試一個已被驗證的應用，而不是花上數週或數個月。而且更重要的是，它把開發者基礎擴大到遠超過我們過去所能觸及的範圍。所以我們對所看到的市場擴張非常興奮，因為我們確實相信，有大量更具確定性、更加貼近硬體、更加貼近感測器的應用需要在 FPGA 上完成。過去它們之所以用軟體來做，只是因為我們沒有足夠懂得如何撰寫 RTX 的程式設計師／開發者。

And so this is going to open up a totally new developer base, and we're very excited about the new applications that this is creating. So all of this is driving our attach rate to numbers we've never seen before. and fantastic range of new applications. We haven't even started dreaming these applications that prompt can open up and this shows the really at the very early innings of this whole revolution. And so we're very excited about the future ahead.

因此，這將開啟一個全新的開發者族群，我們也對它所帶來的新應用非常興奮。而這一切正把我們的附掛率（attach rate）推升到前所未見的水準。以及一系列非常出色的新應用範圍。我們甚至還沒開始想像 Prompt 能開啟哪些應用；這也顯示這場革命其實才剛進入非常早期的階段。所以我們對未來非常期待。

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，RBC 資本市場。

Thank you that was a passionate answer. But I do want to ask another longer-term question. You talked about your five-year growth potentially around 30%. Just curious, given the history of this industry, I mean, again, you answered that question to an extent already with the previous answer. But you must be seeing something out there in the market to talk about five years of growth at 30%, given that this industry has been cyclical in the past and didn't exactly grow at that rate.

謝謝，那是一個充滿熱情的回答。不過我確實還想問一個更長期的問題。你提到你們五年的成長可能在 30% 左右。我只是好奇，考量這個產業的歷史——我的意思是，你在前一個回答其實已經在某種程度上回答了這個問題。但鑑於這個產業過去是循環性的，而且並沒有以那樣的速度成長，你們一定是在市場上看到了什麼，才會談到未來五年 30% 的成長。

So just curious, I mean, is this a lattice comment? Or do you think the FPGA industry is in a structurally a better position going forward?

所以我只是好奇，這是 Lattice 自身的看法嗎？還是你認為 FPGA 產業在結構上正處於一個更有利、往前更好的位置？

This is coming from my past and from our past. Srini, you've been in the market as long as I have. And maybe I've been actually in the market longer than you have, I wonder. But look, I've seen this is the third time. I've seen it at Broadcom in the cloud where we're pushing networking InfiniBand, we're starting the optical.

這是基於我過去的經驗以及我們過去的經驗。Srini，你在市場上的時間跟我一樣久。而且也許我其實在市場上的時間比你更久，我在想。但你看，我這是第三次看到這種情況。我在 Broadcom 的雲端業務時看過，當時我們推動網路 InfiniBand，也開始做光學。

And here, we're starting this whole secure control and management and the sky is the limit. So look, I mean, during the cloud revolution, there were many winters and ups and downs. But look where we are today, if you look at all the hyperscaler results, cloud is the absolute shining moment here and demand continues to grow 20 years after the cloud revolution.

而在這裡，我們正在啟動整個安全控制與管理的布局，成長空間無可限量。所以你看，在雲端革命期間，確實有很多寒冬、很多起伏。但看看今天的情況：如果你看所有超大規模雲端業者（hyperscaler）的業績，雲端正是此刻最耀眼的亮點，而且在雲端革命 20 年後，需求仍持續成長。

Optical, if you remember, we started this in 2012 and look at the huge deal, $115 billion announced today by Marvell and Lumentum. And again, so this optical thing you and I can recount how many winters we had in the optical and but if you take a longer-term view, the market is up. I do believe that Lattice is a perfect industry barometer because we are exposed to all the various sectors here, all the various customers, 11,000 customers, very broad-based, very varied segments across compute and cons, industrial embedded, there's quite a few robotics, humanoid, factory automation, drones, self-driving car, the list goes on medical, aerospace, defense, we're in all the top aerospace defense, and we're just bringing up a rad-hard process here on the US soil in Austin.

光學方面，如果你記得，我們在 2012 年開始做，看看今天 Marvell 與 Lumentum 宣布的 1,150 億美元巨額交易。同樣地，這個光學領域，你我都可以細數我們經歷過多少次光學的寒冬；但如果你用更長期的角度來看，市場是向上的。我確實相信 Lattice 是一個完美的產業晴雨表，因為我們曝險於各種不同的領域、各種不同的客戶——11,000 家客戶——非常廣泛、非常多元，涵蓋運算與通訊、工業嵌入式；還有相當多的機器人、人形機器人、工廠自動化、無人機、自駕車，清單還包括醫療、航太、國防；我們在所有頂尖航太國防客戶中都有布局，而且我們也正在美國本土奧斯汀導入一個耐輻射（rad-hard）製程。

So we're very excited about that as well. And so yes, I mean, we do believe this is early innings of this revolution. The market is very skittish right now, but I think we've got to take a look at the longer-term view. The numbers we're posting are not showing any slowdown. If anything, we're showing tremendous acceleration.

所以我們對此也非常興奮。因此，是的，我們確實相信這場革命才剛進入早期階段。市場目前非常敏感不安，但我認為我們必須用更長期的視角來看。我們所交出的數字並沒有顯示任何放緩。如果說有什麼趨勢，那就是我們呈現出顯著的加速。

We do believe that you're going to see some company-specific issues. We have no exposure to the PC market on the FPGA side, zero, okay? So that's gone. We've got very little exposure to the PC market on AMI, so that's fine. But the big business is server.

我們確實相信你會看到一些公司個別層面的問題。我們在 FPGA 端對 PC 市場完全沒有曝險，零，好嗎？所以那一塊不存在。我們在 AMI 對 PC 市場的曝險也非常小，所以也沒問題。但最大的業務是伺服器。

So all the business we're in are up and to the right and accelerating.

所以我們所處的所有業務都在向上、向右成長並且加速。

So yes, we are very excited, and we see this as a multiyear expansion. And I think people have to go -- see beyond this little gyration that we have right now, I mean and plan for the long term.

所以是的，我們非常興奮，我們把這視為一個為期多年的擴張。我認為大家必須——要看得更遠，超越我們現在這些小幅波動，我的意思是，並為長期做規劃。

My next question, Lorenzo. Lorenzo, you talked a little bit about your balance sheet inventory going up a little bit. And also your receivables went up, but you beat consensus by about $35 million. Just curious how the quarter was it fairly linear? Did you have an acceleration at the tail end of the quarter.

我下一個問題，Lorenzo。Lorenzo，你稍微談到你們資產負債表上的存貨有些上升。另外你們的應收帳款也上升，但你們比市場一致預期高出大約 3,500 萬美元。我只是好奇，這一季的表現是否相當線性？你們是否在季度尾端出現加速？

I guess my other question is that given your balance sheet inventory to the extent that we see incremental demand to your guidance in the next couple of quarters, it looks like you're in a pretty good position. So also speak to us about the supply in case if you have more upside in the coming quarters.

我想我的另一個問題是，考量你們資產負債表上的存貨狀況，如果未來幾季的實際需求高於你們的指引，看起來你們處於相當有利的位置。所以也請談談供應端的情況，以防未來幾季還有更多上行空間。

Yes. I'm going to refer back how Ford set the stage for the longer-term supply. But in the near term, you're talking about the balance sheet elements that we saw in Q3, just for everybody, it was a different quarter because we included AMI for the first time. And so some of the account balances like AR would have gone up. But if you look at the days, it's actually down, and our cash conversion cycle looks really pretty good.

好的。我先回到 Ford 先前對長期供應所做的鋪陳。但就短期而言，你問的是我們在第三季看到的資產負債表項目；先跟大家說明一下，這是一個不同的季度，因為我們第一次把 AMI 納入。因此，像應收帳款（AR）這類科目餘額會上升。但如果你看天數，其實是下降的，而我們的現金轉換週期看起來相當不錯。

The inventory piece is something that we are investing in and what you had seen as we went through the quarter aligns with your point, your question on linearity.

存貨的部分是我們正在投入的項目；而你在本季過程中所看到的變化，也呼應了你剛才關於線性度的觀點與問題。

Because of the supply side, we got a we're getting a lot of stuff in toward the end of the quarter last quarter. We're shipping a lot of stuff out. And that's going to start to level off. in the next few quarters, and our linearity will look better. So overall, we think the cash generation engine in the company will remain really, really strong.

由於供應端的因素，我們在上一季接近季末時收到了大量物料。我們也出貨了很多產品。而這種情況將開始趨於平穩。在接下來幾個季度，我們的線性度（linearity）會看起來更好。因此整體而言，我們認為公司現金產生引擎將持續非常、非常強勁。

And what we are doing very deliberately is putting in the supply, as you pointed out, to support upside in demand because given the potential demand scenarios we see, given our margin structure, and given the longevity of the products we build, we see risk is minimum on having a few extra parts, and we don't want to forgo the opportunity of capturing the upside when it's there.

而我們非常刻意在做的一件事，是如你所指出的，提前佈建供應以支援需求上行，因為基於我們看到的潛在需求情境、基於我們的毛利結構，以及基於我們所打造產品的長生命週期，我們認為多備一些零組件的風險極低；而且當上行機會出現時，我們不希望錯失把握它的機會。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Congrats on the fantastic results and outlook. I think in the past, you've talked about FPGA per servers going from 1 to over 3 times. Can you talk about where we are in that progression and as rack scale and heterogeneous architectures, you continue to become more widespread, is there any kind of cap on content or units we should be thinking about? I mean I think generally, that's been a large FPGA problem, not a small and midsized one. But I'd be curious, as we think about you doing well over $1 billion of FPA revenue next year, if there's any kind of cap on the TAM or content we should be thinking about?

恭喜你們交出非常出色的成果與展望。我記得過去你們談過，每台伺服器的 FPGA 配置量會從 1 顆提升到超過 3 顆。能否談談我們目前在這個進程中的位置？以及隨著機櫃級（rack scale）與異質架構持續更普及，我們在內容量或單位數量上是否需要考慮某種上限？我的意思是，一般來說，那一直是大型 FPGA 的問題，而不是小型與中型的。但我也想了解，當我們思考你們明年 FPGA（FPA）營收將遠超過 10 億美元時，是否有任何 TAM 或內容量的上限需要納入考量？

No. Thank you very much, Josh. And yes, this will be well over $1 billion next year. So look, that attach rate number has been steadily growing from 1 to 2 to 3 to start 4 right now, okay? We're not going to give you more detail, but you could see it keeps growing and that's because of new applications we're finding, and we're pretty excited about it.

沒有。非常感謝你，Josh。是的，明年會遠超過 10 億美元。所以你看，那個搭載率（attach rate）數字一直在穩定成長，從 1 到 2 到 3，現在正開始往 4 走，好嗎？我們不會提供更多細節，但你可以看到它持續成長，這是因為我們找到新的應用，我們對此相當興奮。

Yeah. And I think the industrial and embedded space as well, as we start seeing physical AI go out, we'll see an attach rate phenomenon analogous to what we're seeing in the compute and data center. So the cap, we'd like to think it's uncapped, but we are looking at the growth rate based not only on the unit volume industry shifts but an attach rate that grows through time.

是的。而且我認為在工業與嵌入式領域，隨著我們開始看到實體 AI（physical AI）落地，我們會看到一種類似於我們在運算與資料中心所看到的搭載率現象。所以所謂上限，我們希望把它視為沒有上限（uncapped），但我們在看成長率時，不僅看產業單位出貨量的結構性轉移，也看搭載率隨時間成長。

Yes, Josh, I would point out that a humanoid has way many more potential sockets than in a server because you've got vision, you've got motor control, you've got connectivity. You've got quite a few more attach points in a humanoid than a server. So that humanoid industry, as an example, could be bigger than the server industry.

是的，Josh，我想指出，人形機器人的潛在插槽（socket）數量遠比伺服器多，因為你有視覺、有馬達控制、有連線能力。人形機器人的可搭載點比伺服器多得多。因此以人形機器人產業為例，它可能比伺服器產業還要大。

We will see competition, and we want to be prepared with not just the silicon side of it, but the software side, capabilities like prompt embedded firmware and managed building, where it adds to our advantage that we can out position out provide a higher value opportunity to our customers.

我們會看到競爭，而我們希望做好準備，不僅是在矽晶（silicon）端，也包括軟體端，例如像 prompt 嵌入式韌體（embedded firmware）與受管建置（managed building）等能力；這些都會強化我們的優勢，讓我們能更好地定位，為客戶提供更高價值的機會。

I appreciate the color there. And then for my follow-up, you guys were very clear that this is not like-for-like ASPs or pricing that's driving the growth for this year or next year. But maybe you could talk about how much of the as we think about your outlook for the 60% growth next year, obviously, AMI helps. But how much of it is are you benefiting from new product growth as Nexus and Avant more meaningfully with the higher associated ASPs?

我很感謝你提供的補充說明。接著我的追問是，你們非常清楚地表示，今年或明年的成長並不是由同規格（like-for-like）的 ASP 或定價所驅動。但或許你們可以談談，當我們思考你們明年 60% 的成長展望時，顯然 AMI 有所助益。但其中有多少是來自新產品成長的貢獻，例如 Nexus 與 Avant 更有意義地放量，並伴隨較高的 ASP？

Yes. Thank you, Josh. So the first order of magnitude that's really driving this is unit growth of existing products. The second one is going to be the growth of the new products. The third one is going to be AMI and associated solution on FPGA and firmware.

是的。謝謝你，Josh。所以第一個、量級上真正驅動的因素，是既有產品的出貨量成長。第二個會是新產品的成長。第三個會是 AMI，以及與 FPGA 與韌體相關的配套解決方案。

So that's how I'd rank it.

所以我會這樣排序。

Sajal Dogra, Rosenblatt Securities.

Sajal Dogra，Rosenblatt Securities。

Thank you for squeezing in actually, and fantastic results. It's great to be on the Lattice call. I guess I had some longer-term questions, too. Ford, you discussed Lattice Prompt, and I wanted to dig deeper into that. Now Altera recently announced its Agilex 2X portfolio, they're targeting robotics and physical AI.

謝謝你們真的把我也塞進來，成果非常亮眼。很高興參加 Lattice 的電話會議。我想我也有一些較長期的問題。Ford，你提到 Lattice Prompt，我想更深入探討一下。Altera 最近宣布其 Agilex 2X 產品組合，目標鎖定機器人與實體 AI。

They also have QuartusIQ, which is their new AI-assisted FPGA design tool. Now they seem to overlap with Lattice's positioning in low-power programmable logic and lattice from.

他們也有 QuartusIQ，這是他們新的 AI 輔助 FPGA 設計工具。現在看起來，他們在低功耗可程式化邏輯的定位上，與 Lattice 的定位似乎有重疊，還有 lattice from。

Now as AIS designs lowering the barriers to FPGA adoption, and I know you said you expect this to expand the overall FPGA market. But what do you think is Lattice's most durable differentiation in these emerging physical AI applications. And why do you think this Lattice Prompt and QuartusIQ would work? We've tried these things in the past with HLx, Xilinx Vitis, and Xilinx reVISION stack.

那麼，隨著 AI 輔助設計降低 FPGA 採用門檻，而且我知道你說你預期這會擴大整體 FPGA 市場。但你認為在這些新興的實體 AI 應用中，Lattice 最持久的差異化是什麼？以及你為什麼認為 Lattice Prompt 和 QuartusIQ 會奏效？我們過去在 HLx、Xilinx Vitis，以及 Xilinx reVISION stack 上都試過這類東西。

No, Sajal, thanks for the question. First, we were first to announce, right? So I had -- I point out that the announced after us. So I'm glad people are following us. But their tools are going to work for theirs.

不，Sajal，謝謝你的問題。首先，我們是第一個宣布的，對吧？所以我想——我指出他們是在我們之後才宣布的。所以我很高興大家在跟隨我們。但他們的工具會為他們的產品運作。

Our tools are going to work for ours. Our tools prompt work with our Radiant tools that obviously work for FPGAs. The reason I think these are assisted two are going to work now better than in the past is they're integrated with the IDE that people are using already today. So whether it's Claude or OpenAI or Cursor or whatever you're using today, these 2s are going to seamlessly integrate with your preferred language model, it was a preferred IDE.

我們的工具會為我們的產品運作。我們的 Prompt 工具會與我們的 Radiant 工具配合，而 Radiant 顯然是用於 FPGA 的。我認為這些「輔助式」工具現在會比過去更有效的原因，是它們與人們今天已經在使用的 IDE 整合在一起。所以不論你今天用的是 Claude、OpenAI、Cursor 或任何工具，這些工具都會與你偏好的語言模型、你偏好的 IDE 無縫整合。

And we're seeing the benefits. I mean, the benefits are just immense. I mean, we applications are being developed in hours and go production in days versus what used to take weeks and months. So it's a very profound change for everyone, not just us, but obviously, Altera, Xilinx, everyone. The long-term differentiation we have is going to be focused on the smaller PGA and eventually mid-range.

而我們正在看到效益。我的意思是，效益非常巨大。應用程式可以在幾小時內開發完成，並在幾天內進入量產（production），相較之下，以前需要數週甚至數月。所以這對所有人都是非常深刻的改變，不只是我們，當然也包括 Altera、Xilinx、所有人。我們長期的差異化將聚焦在較小的 FPGA，並最終延伸到中階。

So we're very, very focused in our markets. And playing on the low power, small size, best connectivity, very low latency, fast boot time, that our small and FPGA customers are requiring from us. So we remain very focused on our markets, and we believe there's actually not that much overlap between us and Altera and Xilinx.

所以我們在我們的市場上非常、非常專注。並且在低功耗、小尺寸、最佳連線能力、非常低延遲、快速開機時間等面向發揮優勢，這些都是我們的小型 FPGA 客戶對我們的要求。因此我們仍然非常專注於我們的市場，而且我們相信我們與 Altera、Xilinx 之間其實沒有那麼多重疊。

Great. And then I guess as a follow-up, we are seeing supply challenges across some of your FPGA competitors. Are you seeing a change in the competitive dynamics for new designs, especially in servers and industrial control and is that translating into market share gains and higher win rates for Lattice?

很好。接著我想追問一下，我們看到你們一些 FPGA 競爭對手在供應上面臨挑戰。你們是否看到在新設計上的競爭態勢出現變化，特別是在伺服器與工業控制領域？而這是否正在轉化為 Lattice 的市佔提升與更高的贏單率（win rate）？

Yes. So there's two separate questions. You started with supply and then you went to market share gain. Supply, obviously, is an industry-wide issue. And we, as I said, have secured supply for our customers.

是的。所以這裡有兩個不同的問題。你先從供應談起，接著又談到市佔率提升。供應顯然是整個產業層面的議題。而我們，如我所說，已為我們的客戶確保了供應。

So I'm not sure what our competitors are doing there, but we just can only comment on our side with secured supply. On the market share gain, absolutely. We're absolutely gaining share in the small FPGA. If you had walked around OCP and you look at every server board, every network switch board, you see Lattice everywhere.

所以我不確定競爭對手在那方面怎麼做，但我們只能就我們這邊已確保供應來評論。至於市佔率提升，絕對是。我們在小型 FPGA 的市佔率確實正在提升。如果你在 OCP 走一圈，看看每一塊伺服器板、每一塊網路交換器板，你會到處都看到 Lattice。

Christopher Rolland with Susquehanna International Group.

Susquehanna International Group 的 Christopher Rolland。

Thank you for the question and congrats on the results. I guess, perhaps for my first one, just a conservatism around the back half I am a little bit curious. Do you guys have backlog, good backlog coverage over that period? Like what is the data? Is it actual customer conversations that you guys are having that's driving that?

謝謝讓我提問，也恭喜你們的業績表現。我想，或許我的第一個問題是，對於下半年偏保守的看法我有點好奇。你們在那段期間有訂單積壓（backlog）嗎？覆蓋度夠不夠？例如數據是什麼？這是你們與客戶實際對話所得到的資訊在驅動嗎？

Or is it just perhaps what we've seen in the stock market recently and worries about the back half. I'm just wondering, like is this data-driven? Is this feedback driven? Or is it more gut?

還是只是因為我們最近在股市看到的情況，以及對下半年的擔憂？我只是想了解，這是數據驅動的嗎？是回饋驅動的嗎？還是比較偏直覺？

No, good question, Chris. No, this is we have backlog well into '28. So yes, Q1, Q2, Q3, Q4 of '27 and into 2028. It means Q1, Q2 '28. So we're into '28 right now.

不，問得很好，Chris。不，這是因為我們的訂單積壓已經排到 2028 年。所以是的，2027 年的 Q1、Q2、Q3、Q4，並且延伸到 2028 年。也就是 2028 年的 Q1、Q2。所以我們現在已經看到 2028 年了。

So we're confident based on backlog, but we are on November 2 of 2026. We make a difference. If I tell you we're going to grow at 70% or 80% next year versus 60%. So I mean, we said we're going to go over 60%. And so it could be 70%, it could be 80%, but it could be 60%.

所以我們基於訂單積壓是有信心的，但今天是 2026 年 11 月 2 日。我們確實會有差別。如果我告訴你明年我們會成長 70% 或 80%，而不是 60%。所以我的意思是，我們說會超過 60%。因此可能是 70%，可能是 80%，但也可能是 60%。

So I mean at this point, on November 2, we don't see a benefit or upside to go beyond over 60%.

所以我的意思是，在目前這個時間點、11 月 2 日，我們看不到把指引提高到「超過 60%」以上有什麼好處或上行空間。

Okay. That makes a ton of sense for it. I appreciate that. For my second question, Ford, your cash is building again. You're the strategic vision guy over there at Lattice.

好的。這樣就非常合理了。我很感謝你的說明。我的第二個問題是，Ford，你們的現金又在增加。你是 Lattice 那邊負責策略願景的人。

And so you're probably looking at perhaps other acquisitions, tuck-ins or even larger, perhaps you can talk about kind of where your head's at, what you're thinking about? Are you thinking about software or hardware? Are you thinking about FPGAs or perhaps something outside of that, is it all AI data center driven or something else? Just any thoughts about where you the company...

所以你可能在看其他併購機會，不管是小型併購（tuck-ins）甚至更大型的；也許你可以談談你目前的想法、你在思考什麼？你是在想軟體還是硬體？你是在想 FPGA，或是可能在那之外的東西？這一切是由 AI 資料中心驅動，還是其他因素？就你對公司未來方向的任何想法……

Just real quick, I have to make sure we're on the same. Our cash balance is not building. We are we are generating cash, and we are going to pay down the debt aggressively. And then I think there's nothing different about how we view the inorganic opportunities. We have a very wide lens and a very narrow aperture, and we're going to focus in the near term on paying down the debt and complete integration and successful integration of AMI.

我先很快確認一下，我們的理解一致。我們的現金餘額並沒有在增加。我們是在產生現金流，並且會積極償還債務。然後我認為，我們看待非有機（inorganic）機會的方式沒有任何不同。我們的視角很廣，但篩選口徑很窄；短期內我們會專注於償還債務，以及完成 AMI 的整合並確保整合成功。

So that's where we are.

所以我們目前就是這樣。

And Loren, I did mean growing from here?

Loren，我的意思是從現在開始成長？

Okay. But no, that's fine. But we are out of time. Everybody, Rick, do you want to wrap up?

好的。但沒關係。不過我們時間到了。各位，Rick，你要不要做個總結？

We'll play there. Yes. Thanks, everyone, for joining us on the call today. We'll be attending the following investor events this quarter. The RBC TMT Conference in New York City on the 17th of November, the UBS Global Technology Conference in Scottsdale on December 1 and then the Barclays 24th Annual Global Technology Conference in San Francisco on December 9.

我們就到這裡。是的。謝謝各位今天參加我們的電話會議。本季我們將出席以下投資人活動。11 月 17 日在紐約市舉行的 RBC TMT 研討會、12 月 1 日在 Scottsdale 舉行的 UBS 全球科技研討會，以及 12 月 9 日在舊金山舉行的 Barclays 第 24 屆年度全球科技研討會。

So thank you very much for your participation, and have a great evening.

非常感謝各位的參與，祝各位晚安。

Thank you. And this concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。