創力 (LTRX) 2023 Q4 法說會逐字稿

Hello, and welcome to the Lantronix 2023 Q4 Results Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Robert Adams. Please go ahead.

您好，歡迎參加 Lantronix 2023 年第四季度業績電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想把會議交給羅伯特·亞當斯。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining the Fourth Quarter Fiscal 2023 Conference Call. Joining us on the call today are Jeremy Whitaker, our Interim CEO and Chief Financial Officer; and Jacques Issa, our Vice President of Marketing. A live and archived webcast of today's call will be available on the company's website. In addition, you can find the call and details for the phone replay in today's earnings release.

謝謝。大家下午好，感謝您參加 2023 財年第四季度電話會議。今天加入我們電話會議的是我們的臨時首席執行官兼首席財務官傑里米·惠特克 (Jeremy Whitaker)；以及我們的營銷副總裁 Jacques Issa。今天電話會議的現場和存檔網絡廣播將在公司網站上提供。此外，您可以在今天的財報中找到電話回放和電話重播的詳細信息。

During this call, management may make forward-looking statements, which involve risks and uncertainties that could cause our results to differ materially from management's current expectations. We encourage you to review the cautionary statements and risk factors contained in the earnings release, which was furnished to the SEC today and is available on our website and in the company's SEC filings, such as its 10-K and 10-Qs. Lantronix undertakes no obligation to revise or update publicly any forward-looking statements to reflect future events or circumstances. Please refer to the news release and the financial information in the Investor Relations section of our website for additional details that will supplement management's commentary.

在這次電話會議中，管理層可能會做出前瞻性陳述，其中涉及風險和不確定性，可能導致我們的結果與管理層當前的預期存在重大差異。我們鼓勵您查看收益報告中包含的警示性陳述和風險因素，該報告已於今天提交給SEC，並可在我們的網站和公司向SEC 提交的文件（例如10-K 和10-Q）中找到。 Lantronix 不承擔公開修改或更新任何前瞻性陳述以反映未來事件或情況的義務。請參閱我們網站投資者關係部分的新聞稿和財務信息，了解補充管理層評論的更多詳細信息。

Furthermore, during the call, the company will discuss some non-GAAP financial measures. Today's earnings release, which is posted in the Investor Relations section of our website, describes the differences between our non-GAAP and GAAP reporting and presents reconciliations for the non-GAAP financial measures that we use.

此外，在電話會議期間，該公司將討論一些非公認會計準則財務措施。今天的收益發布發佈在我們網站的投資者關係部分，描述了我們的非 GAAP 和 GAAP 報告之間的差異，並提供了我們使用的非 GAAP 財務指標的調節表。

With that, I will now turn the call over to Jeremy Whitaker, Lantronix' Interim CEO and Chief Financial Officer.

現在，我將把電話轉給 Lantronix 臨時首席執行官兼首席財務官傑里米·惠特克 (Jeremy Whitaker)。

Thank you, Rob, and welcome to everyone joining us for this afternoon's call. I'm going to provide the financial results as well as some of the business highlights for our fourth quarter and fiscal year 2023 before I provide our financial targets for fiscal 2024 and an update on our CEO search.

謝謝你，羅布，歡迎大家參加今天下午的電話會議。在提供 2024 財年的財務目標和首席執行官搜尋的最新信息之前，我將提供第四季度和 2023 財年的財務業績以及一些業務亮點。

For FQ4 2023, we reported revenue of $34.9 million, up 6% sequentially and down 3% from the year-ago period. The sequential growth of 6% was largely a function of a strong quarter for our embedded solutions products, led by an embedded compute sale of approximately $3.4 million to an in-flight infotainment customer. We also experienced continued contribution from our electric vehicle customer, Togg.

2023 年第四季度，我們的收入為 3490 萬美元，環比增長 6%，同比下降 3%。 6% 的環比增長主要得益於我們的嵌入式解決方案產品季度表現強勁，其中向機上信息娛樂客戶出售的嵌入式計算銷售額約為 340 萬美元。我們還經歷了電動汽車客戶 Togg 的持續貢獻。

System solutions were relatively flat quarter-over-quarter and included $1.4 million in revenue from the delivery of QED pilot production units to Gridspertise. We saw a weaker quarter in out-of-band products as our larger financial customers continue to exhibit cautious spending patterns. We expect out-of-band to improve against the backdrop of the upcoming fed buying season, and sales here should increase in the September and December quarters, adding a boost to gross margins.

系統解決方案環比持平，其中包括向 Gridspertise 交付 QED 試點生產單元帶來的 140 萬美元收入。由於我們的大型金融客戶繼續表現出謹慎的支出模式，我們看到帶外產品的季度表現疲軟。我們預計，在即將到來的美聯儲購買季的背景下，帶外業務將有所改善，並且 9 月和 12 月季度的銷售額應會增加，從而提振毛利率。

In FQ4 2023, software and services revenues were down sequentially, a function of lower design services revenue. However, there was an ebb and flow to these design projects, and we expect improvement going forward. GAAP gross margin was 39.5% for FQ4 2023 compared to 44.4% in the prior quarter and 41.9% in the year-ago quarter. The decline in gross margin was primarily a function of product mix, with the biggest variances being higher embedded compute sales and lower out-of-band sales as a percentage of revenue during FQ4 2023. For FQ1 2024, we expect our sales mix to normalize with lower compute sales and gross margins closer to the mid-40s.

2023 年第四季度，由於設計服務收入下降，軟件和服務收入環比下降。然而，這些設計項目有起有落，我們預計未來會有所改善。 2023 年第四季度的 GAAP 毛利率為 39.5%，上一季度為 44.4%，去年同期為 41.9%。毛利率下降主要是產品組合的函數，最大的差異是2023 年第四季度嵌入式計算銷售額的增加和帶外銷售額佔收入的百分比下降。對於2024 年第一季度，我們預計我們的銷售組合將正常化計算銷售額和毛利率較低，接近 40 多歲。

GAAP SG&A expenses for FQ4 2023 were $8 million compared with $9.4 million in the year-ago quarter and $9.9 million in the prior quarter. The decline in GAAP SG&A was primarily due to lower share-based compensation expense and a focus on cost containment. GAAP R&D expenses for FQ4 2023 were $4.9 million, flat with the year-ago quarter and down from $5.1 million in the prior quarter. GAAP net loss was $1.7 million or $0.05 per share during FQ4 2023 compared to GAAP net income of $2.5 million or $0.07 per share in the year-ago quarter. Non-GAAP net income was $2.2 million or $0.06 per share during FQ4 2023 compared to non-GAAP net income of $2.8 million or $0.08 per share in the year-ago quarter.

2023 年第四季度的 GAAP SG&A 費用為 800 萬美元，去年同期為 940 萬美元，上一季度為 990 萬美元。 GAAP SG&A 的下降主要是由於股權激勵費用減少以及對成本控制的關注。 2023 年第四季度的 GAAP 研發費用為 490 萬美元，與去年同期持平，低於上一季度的 510 萬美元。 2023 年第四季度的 GAAP 淨虧損為 170 萬美元，即每股 0.05 美元，而去年同期的 GAAP 淨利潤為 250 萬美元，即每股 0.07 美元。 2023 年第四季度的非 GAAP 淨利潤為 220 萬美元，即每股 0.06 美元，而上年同期的非 GAAP 淨利潤為 280 萬美元，即每股 0.08 美元。

Now turning to the balance sheet. We ended FQ4 2023 with cash and cash equivalents of $13.5 million, an increase of $650,000 from the prior quarter. Working capital was $50.2 million as of FQ4 2023 and remained steady with the prior quarter. Net inventories were $49.7 million as of FQ4 2023, a decrease of $2 million from the prior quarter. The balance of inventory includes nearly $10 million of long lead time components that were prepaid by a customer. We expect to consume these components during fiscal 2024 as we deliver on the customer agreement.

現在轉向資產負債表。截至 2023 年第四季度，我們的現金和現金等價物為 1,350 萬美元，比上一季度增加 65 萬美元。截至 2023 年第四季度，營運資本為 5,020 萬美元，與上一季度保持穩定。截至 2023 年第四季度，淨庫存為 4970 萬美元，比上一季度減少 200 萬美元。庫存餘額包括由客戶預付的近 1000 萬美元的長交貨期組件。我們預計在 2024 財年履行客戶協議時使用這些組件。

Now turning to the first quarter and fiscal year 2024. We expect that revenue in the first quarter will be down sequentially as the revenue growth in FQ4 2023 was largely a function of a significant shipment to the customer deploying in-flight infotainment systems. We don't expect this customer to contribute at a similar level in the upcoming quarter. That said, we remain confident about the fiscal year ahead of us and expect to deliver upon the fiscal 2024 guidance that we provided during our previous earnings call.

現在轉向 2024 年第一季度和財年。我們預計第一季度的收入將連續下降，因為 2023 年第四季度的收入增長主要是由於向部署機上信息娛樂系統的客戶大量發貨。我們預計該客戶在下一季度不會做出類似水平的貢獻。儘管如此，我們對未來的財年仍然充滿信心，並預計將實現我們在上次財報電話會議上提供的 2024 財年指導。

We entered fiscal 2024 with record backlog, a cautious but relatively steady demand environment and new compute designs moving into production. Compute solutions, both embedded and at the system level, are expected to drive much of the growth in fiscal 2024 and beyond, led by smart grid deployments, intelligent vehicles and enterprise video. As we have previously discussed, Gridspertise is our lead smart grid customer with the QED, an all-in-one edge computing platform providing electric grid operators with real-time insights and automated control of distributed energy resources.

進入 2024 財年，我們的積壓量創歷史新高，需求環境謹慎但相對穩定，新的計算設計已投入生產。嵌入式和系統級計算解決方案預計將在 2024 財年及以後推動大部分增長，其中智能電網部署、智能汽車和企業視頻將引領這一增長。正如我們之前所討論的，Gridspertise 是我們的領先智能電網客戶，其 QED 是一種一體化邊緣計算平台，為電網運營商提供分佈式能源的實時洞察和自動控制。

Since our last call, we've made substantial progress on getting the QED into production, which will allow us to realize the more than $40 million in revenue that we have in current backlog for Gridspertise during fiscal 2024. Specifically, we completed the shipment of substantially all of the QED units under the pilot production contract during FQ4 2023 and are ready to start mass production in the upcoming December ended quarter. All component shortages that would gate deliveries in fiscal 2024 have been resolved.

自上次通話以來，我們在 QED 投入生產方面取得了實質性進展，這將使我們能夠在 2024 財年實現 Gridspertise 目前積壓的超過 4000 萬美元的收入。具體來說，我們完成了2023 年第四季度試點生產合同下的幾乎所有QED 裝置均已準備好在即將到來的12 月結束的季度開始大規模生產。所有影響 2024 財年交付的零部件短缺問題均已得到解決。

On the demand side, Gridspertise recently increased their fiscal 2024 production order by over $0.75 million and are currently negotiating the first follow-on purchase order, which we would expect to drive continued growth from this customer in fiscal 2025. Furthermore, we received the final deposit that was due under the initial production contract for a grand total of $20 million in deposits paid to us thus far. Based upon these factors, we are confident in the program and our ability to begin volume production of the QED in FQ2 2024, which would result in a meaningful revenue contribution during that quarter and leading to a full production ramp in the second half of fiscal 2024. More specifically, our current production forecast indicates that we would deliver approximately $5 million in FQ2 2024. We would double that amount in Q3 and deliver the balance in FQ4.

在需求方面，Gridspertise 最近將2024 財年的生產訂單增加了超過75 萬美元，目前正在談判第一個後續採購訂單，我們預計這將推動該客戶在2025 財年的持續增長。此外，我們收到了最終訂單根據最初的生產合同，迄今為止支付給我們的訂金總額為 2000 萬美元。基於這些因素，我們對該計劃以及在 2024 年第二季度開始批量生產 QED 的能力充滿信心，這將在該季度帶來有意義的收入貢獻，並導致 2024 財年下半年全面提高產量更具體地說，我們當前的產量預測表明，我們將在2024 年第二季度交付約500 萬美元。我們將在第三季度將該金額增加一倍，並在第四季度交付餘額。

Our lead EV customer, Togg, is also progressing well. During FQ4 2023, we received a significant order from Togg that was double their current run rate and greater than what we had previously anticipated for fiscal 2024. In addition, we continue to engage a handful of other EV opportunities with design services that have the potential to transition to meaningful supply arrangements.

我們的主要電動汽車客戶 Togg 也進展順利。在2023 年第四季度，我們收到了Togg 的一份大訂單，是其當前運行率的兩倍，並且高於我們之前對2024 財年的預期。此外，我們繼續利用具有潛力的設計服務來參與其他一些電動汽車機會過渡到有意義的供應安排。

We're also seeing traction with other compute designs. For example, we have a high-volume enterprise video collaboration design expected to ramp in FQ3 2024. Furthermore, with the recent Qualcomm announcement of their QCS8550 with increased computing for Edge AI processing and Wi-Fi 7 connectivity, we have had multiple engagements with customers interested in using that solution for various compute-intensive applications such as autonomous mobile robots, industrial drones and Edge AI boxes.

我們還看到其他計算設計的吸引力。例如，我們有一個大批量的企業視頻協作設計，預計將在2024 年第三季度實現量產。此外，隨著高通最近宣布推出QCS8550，增強了邊緣AI 處理和Wi-Fi 7 連接的計算能力，我們與有興趣將該解決方案用於各種計算密集型應用（例如自主移動機器人、工業無人機和邊緣人工智能盒）的客戶。

Now I'd like to provide the specifics for our fiscal 2024 guidance. With the backdrop of a record backlog, a cautious but relatively steady demand environment for our system solutions and new compute designs going into production, we anticipate delivering over 30% growth during fiscal 2024 and are reiterating our annual target of revenue in a range of $175 million to $185 million and non-GAAP EPS in the range of $0.50 to $0.60 per share.

現在我想提供 2024 財年指導的具體細節。在創紀錄的積壓、對我們的系統解決方案和投入生產的新計算設計的謹慎但相對穩定的需求環境的背景下，我們預計在2024 財年實現超過30% 的增長，並重申我們的年度收入目標在175 美元的範圍內百萬至 1.85 億美元，非 GAAP 每股收益為 0.50 至 0.60 美元。

Now I'll provide a brief update on our CEO search. In June 2023, the Board engaged a third-party firm to conduct a candidate search. We're well along in the process and have begun performing in-person interviews. While it is difficult to pinpoint the exact timing, I do expect that we'll identify a qualified candidate before the calendar year-end.

現在我將提供有關首席執行官搜尋的簡短更新。 2023 年 6 月，董事會聘請第三方公司進行候選人搜尋。我們在這個過程中進展順利，並已開始進行面對面採訪。雖然很難確定確切的時間，但我確實希望我們能夠在年底之前確定合格的候選人。

That completes our prepared remarks for today. So I'll now turn it over to the operator to conduct our Q&A session.

我們今天準備好的發言到此結束。現在我將把它交給操作員來進行我們的問答環節。

(Operator Instructions) Today's first question comes from Scott Searle with ROTH MKM.

（操作員說明）今天的第一個問題來自 ROTH MKM 的 Scott Searle。

Nice to continue to see the reinforced outlook for fiscal '24. Jeremy, maybe to -- I just want to quickly dive in and get some color around the gross margins. It sounds like that's purely mix in the June quarter and you're expecting a recovery back to where we've been in recent quarters kind of given the recovery in out-of-band and some of the other products. Is that correct?

很高興看到 24 財年的前景繼續得到加強。傑里米，也許 - 我只是想快速深入了解毛利率。聽起來這純粹是六月季度的混合情況，考慮到帶外和其他一些產品的複蘇，您預計會恢復到最近幾個季度的水平。那是對的嗎？

Yes, that would be correct. We had a really strong compute quarter, and our out-of-band was actually down sequentially, the compute being on the lower end of our margin scale and the out-of-band on the higher end of the scale. For FQ1, we're expecting that to kind of flip, where we're going to see much more contribution from out-of-band and lower contribution from compute. And the result of that would likely be returning to gross margins closer to the mid-40s.

是的，這是正確的。我們有一個非常強大的計算季度，我們的帶外實際上是連續下降的，計算處於我們利潤規模的低端，而帶外則處於規模的高端。對於 FQ1，我們預計情況會發生翻轉，我們將看到帶外的貢獻更多，而計算的貢獻更少。其結果可能是毛利率回到接近 40 多歲的水平。

Great. And then just looking at the top line, I thought I heard September sequentially down a little bit. Just want to clarify that. But then you start to see the ramp-up in the contribution from Gridspertise ramping up. I think you said $5 million in December going to $10 million in the March quarter. I want to clarify that because it really implies, right, that you continue to see that big ramp-up over the course of the year and the contribution on that front. I'm wondering, 2 things on top of it. Gross margin profile, how is that going to impact you guys in the back half of the fiscal year? And then the follow-on contract, I'm wondering what other color you could provide around that in terms of the magnitude, size and timing related to that?

偉大的。然後只要看看頂線，我想我聽到九月份的價格連續下降了一點。只是想澄清這一點。但隨後您開始看到 Gridspertise 的貢獻不斷增加。我想你說過 12 月份的 500 萬美元到 3 月份季度的 1000 萬美元。我想澄清這一點，因為這確實意味著，對吧，你在這一年中繼續看到大幅增長以及在這方面的貢獻。我想知道，除此之外還有兩件事。毛利率狀況，這將對你們本財年後半段產生什麼影響？然後是後續合同，我想知道您可以在與此相關的幅度、大小和時間方面提供什麼其他顏色？

Yes. I think you're characterizing how we expect the year to play out. As it relates to margin, we are expecting to maintain margins in the mid- to low-40s similar to what we saw in fiscal '23. As Grid rolls in, it's pretty close to our corporate average. That said, it will bring down margins slightly, but we do have some tailwinds as it relates to -- we've been experiencing lower supply chain costs and lower PPVs. And so I would expect as those lower costs roll in, we will see some benefit from that, which would offset some of the lower gross margin that we would get on a combined basis from Gridspertise.

是的。我認為你正在描述我們對這一年的預期。由於與利潤率相關，我們預計利潤率將維持在 40 多歲左右，與 23 財年的情況類似。隨著網格的推出，它非常接近我們公司的平均水平。也就是說，這將略微降低利潤率，但我們確實有一些與之相關的順風車——我們一直在經歷較低的供應鏈成本和較低的 PPV。因此，我預計，隨著成本的降低，我們會從中看到一些好處，這將抵消我們從 Gridspertise 獲得的綜合毛利率的部分下降。

Great. And lastly, if I could, you talked about some of the other opportunities in different verticals, guys like Togg, et cetera. But I'm not sure if I heard a number in terms of the opportunity pipeline. I think last quarter, you talked about $150 million plus in opportunities. I'm wondering if there's a number that you would put on it.

偉大的。最後，如果可以的話，您談到了不同垂直領域的其他一些機會，比如托格等。但我不確定我是否聽到過有關機會渠道的數字。我想上個季度，您談到了 1.5 億美元以上的機會。我想知道你是否會在上面寫上一個號碼。

Yes. That number has continued to grow. We're still pursuing a large number of opportunities greater than what the company has seen in the past. A lot of that is in applications such as smart cities, smart grid, EV, automotive as well as security and surveillance.

是的。這個數字還在持續增長。我們仍在尋求比公司過去看到的更多的機會。其中很大一部分是在智能城市、智能電網、電動汽車、汽車以及安全和監控等應用中。

The next question comes from Mike Walkley with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Mike Walkley。

Great. And yes, my congrats on reiterating the guidance closer to Gridspertise ramping. Just on Gridspertise, you talked about you're in early negotiation for the follow-on contract. If that goes well as we look out to fiscal '25, could that be at least another $40 million? Or would you think it could grow off that as you have another maybe full year of production versus it ramping throughout the year?

偉大的。是的，我祝賀您重申了接近 Gridspertise 提升的指導。就在 Gridspertise 上，您談到您正在就後續合同進行早期談判。如果我們展望 25 財年進展順利，至少還能再增加 4000 萬美元嗎？或者你認為它會隨著你還有另一個全年的生產而不是全年的產量增長而增長嗎？

Yes. I think on the high end, we would grow year-on-year with Gridspertise based upon the units that they have and the pricing that we're currently talking about. And so yes, we do have a really good, I think, opportunity to continue the business with Gridspertise and to grow it year-on-year.

是的。我認為在高端，我們將根據 Gridspertise 擁有的單位和我們目前正在討論的定價逐年增長。所以，是的，我認為我們確實有一個非常好的機會來繼續與 Gridspertise 開展業務並逐年增長。

Great. That's helpful. And then as Gridspertise ramps or as you look at your mix throughout the year, Jeremy, is there anything to call out on gross margins? I know you're saying Q1 should bounce back kind of to that mid-40-ish. Is that a good way to think about for the full year? Or is there any puts and takes, how we should think about gross margin throughout the year based on your pipeline?

偉大的。這很有幫助。然後，隨著 Gridspertise 的發展，或者當你審視全年的組合時，傑里米，毛利率方面有什麼值得指出的嗎？我知道你是說第一季度應該反彈到 40 歲左右。這是思考全年的好方法嗎？或者是否有任何看跌期權，我們應該如何根據您的管道來考慮全年的毛利率？

Yes. With the models that we put together and based upon our current forecast, the gross margin profile for the full fiscal year looks pretty close to what we had in fiscal '23. And like I said, as I mentioned previously, we do see some benefit from greater absorption as revenue increases from some of our fixed costs. And also, we are seeing quite a bit of relief in both in logistics and purchase price variances, which should start showing themselves as we get into Q2 and the second half of the fiscal year.

是的。根據我們匯總的模型並根據當前的預測，整個財年的毛利率狀況看起來非常接近 23 財年的情況。正如我之前提到的，隨著我們的一些固定成本帶來的收入增加，我們確實看到了更大的吸收帶來的一些好處。此外，我們看到物流和採購價格差異都出現了相當大的緩解，當我們進入第二季度和本財年下半年時，這些差異應該會開始顯現出來。

I think in addition to that, just on the operating margin, there's also quite a bit of leverage in the business. And so as we do grow the top line, we don't expect to add OpEx at a similar level, which would allow us to exit the year with an EBITDA margin in the mid-teens.

我認為除此之外，僅在營業利潤率上，該業務還存在相當大的槓桿作用。因此，當我們的營收確實增長時，我們預計運營支出不會達到類似的水平，這將使我們在今年結束時的 EBITDA 利潤率達到十幾歲左右。

Great. That's helpful as you think about the ramp in the model. I guess, last question for me, just on embedded, very strong quarter due to that $3 million shipment, and you talked about it down sequentially. Is this a business that builds from there? And do you think it grows year-over-year? Or is most of the growth coming from IoT systems in 2024?

偉大的。當您考慮模型中的斜坡時，這很有幫助。我想，我想問的最後一個問題是，由於 300 萬美元的出貨量，嵌入式季度表現非常強勁，您按順序談到了這一問題。這是一個從那裡建立的業務嗎？您認為它會逐年增長嗎？或者 2024 年大部分增長來自物聯網系統？

Yes. So on the embedded compute side, the next couple of quarters will be a little bit soft there. We have a couple of new -- or a number of new design wins that are beginning to ramp in Q3, which would continue to grow that business. But in general, the compute business is driving the growth. Gridspertise itself is part of the, I would call it, the compute business, although it's not an embedded product, and that opportunity was brought to us through our design services on the Qualcomm processor.

是的。因此，在嵌入式計算方面，接下來的幾個季度將會有點疲軟。我們有幾個新的或一些新的設計勝利，這些勝利將在第三季度開始增加，這將繼續增長該業務。但總的來說，計算業務正在推動增長。 Gridspertise 本身是我稱之為計算業務的一部分，儘管它不是嵌入式產品，而且這個機會是通過我們在高通處理器上的設計服務給我們帶來的。

The next question comes from Christian Schwab with Craig-Hallum Capital Group.

下一個問題來自 Craig-Hallum Capital Group 的 Christian Schwab。

So I just wanted to verify that you guys still believe you can do $50 million over the next few years with Togg. Is that still the production goal?

所以我只是想驗證一下你們是否仍然相信在接下來的幾年裡你們可以和 Togg 一起賺到 5000 萬美元。這還是生產目標嗎？

Yes. And if anything, it's gotten better. We just received this quarter a follow-on order from Togg, which was much greater than we had initially anticipated. So they're on track, if not, doing better than what we've indicated previously.

是的。如果說有什麼不同的話，那就是情況變得更好了。本季度我們剛剛收到 Togg 的後續訂單，數量比我們最初預期的要大得多。所以他們正在步入正軌，即使沒有，也比我們之前指出的要好。

Fantastic. And then my final question is like follow-up to the first question, I think, from Scott. There's about 40 projects that you kind of highlighted before that could contribute $150 million of annual revenue. Are any of those projects in your expectations for next fiscal year?

極好的。然後我的最後一個問題就像是斯科特提出的第一個問題的後續問題。您之前強調過大約 40 個項目可以貢獻 1.5 億美元的年收入。這些項目是否在您下一財年的預期之內？

There are a couple that could help fiscal '24. I would say the vast majority of them would be projects that we'd be winning in fiscal '24 and then most likely contributing to revenue in fiscal '25. I think it's more about the future with that pipeline, although some of them have a high likelihood of closing and contributing in the current fiscal year as well.

有一些可以幫助 24 財年。我想說，其中絕大多數都是我們在 24 財年贏得的項目，然後最有可能為 25 財年的收入做出貢獻。我認為這更多的是關於該管道的未來，儘管其中一些管道也很有可能在本財年關閉並做出貢獻。

The next question comes from Ryan Koontz with Needham.

下一個問題來自 Ryan Koontz 和 Needham。

Yes. Just kind of drilling down on the near term. It sounds like a promising pipeline and how do you contrast that with kind of the current state of the business out there in terms of are you still dealing with inventory, the distribution and there was some Qualcomm commentary about kind of general softness in industrial IoT. Can you kind of contrast your pipeline versus near-term dynamics? That would be helpful.

是的。只是對近期進行深入研究。這聽起來像是一個很有前途的管道，您如何將其與當前的業務狀況進行對比，即您是否仍在處理庫存、分銷，以及高通對工業物聯網普遍疲軟的評論。您能否將您的渠道與近期動態進行對比？那會有幫助的。

Yes. Starting with channel inventories. We saw several quarters with our inventory in the channel declining at least with our distributors. This quarter, we did see it bump up a little bit, but it is within, I would say, our historical norms. So we're not seeing elevated inventory at our distributors.

是的。從渠道庫存開始。我們看到幾個季度我們的渠道庫存至少在經銷商方面有所下降。本季度，我們確實看到它有所上升，但我想說，它在我們的歷史標準之內。因此，我們沒有看到經銷商的庫存增加。

We have heard from a couple of customers where they feel like they have inventory that they need to burn through, but it's not necessarily systematic, I think, in our distributor channel. I think it's a situation where like a lot of companies with supply shortages and COVID, everybody was -- companies were putting more inventory on hand because of the difficulty in getting it.

我們從一些客戶那裡聽說，他們覺得自己有庫存需要消耗，但我認為，在我們的分銷商渠道中，這不一定是系統性的。我認為，就像許多面臨供應短缺和新冠疫情的公司一樣，每個人都在這種情況下——公司因為難以獲得庫存而增加了庫存。

We did mention previously on several calls that coming out of post-COVID, we did see some weakness in certain parts of our business. That said, most of our growth drivers for fiscal '24 are really driven by large programs that we've won and in particular, Gridspertise and Togg, where we have orders on hand to be able to drive that growth.

我們之前確實在幾次電話會議中提到，在新冠疫情之後，我們確實看到了我們業務的某些部分存在一些弱點。也就是說，我們 24 財年的大部分增長動力實際上是由我們贏得的大型項目推動的，特別是 Gridspertise 和 Togg，我們手頭有訂單能夠推動增長。

In addition, we are seeing some new demand being generated from some of our newer product releases in connectivity. In particular, we have a nice opportunity with AT&T that we mentioned on our previous call. That's made some nice progress over the last quarter, and that will also help with the growth next year.

此外，我們還看到一些新產品在連接方面的發布產生了一些新的需求。特別是，我們在之前的電話會議中提到過，與 AT&T 合作是一個很好的機會。這在上個季度取得了一些不錯的進展，這也將有助於明年的增長。

That's great to hear. And a quick follow-up on the competitive front. Any changes? I've heard about a few kind of new entrants kind of coming at this with industrial hard and type products in areas that you play out of Europe and other spots. Are you seeing much of an impact? Or is it a pretty stable and competitive landscape?

聽到這個消息我很高興。並在競爭方面進行快速跟進。任何變化？我聽說有一些新進入者在歐洲和其他地方玩的地區推出了工業硬型產品。您看到影響很大嗎？或者這是一個相當穩定且競爭激烈的環境？

Yes. I think we're not necessarily seeing any new entrants at this point. With our out-of-band product, with our recent acquisition of Uplogix, we think we've got a market-leading product there. On the Qualcomm side with the design services, I think we have a great ability there to differentiate ourselves and so not necessarily seeing anything new in those areas today.

是的。我認為目前我們不一定會看到任何新進入者。憑藉我們的帶外產品，以及最近收購的 Uplogix，我們認為我們已經擁有了市場領先的產品。在高通的設計服務方面，我認為我們有很強的能力使自己脫穎而出，因此今天在這些領域不一定會看到任何新東西。

Thank you. This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。