Semtech Corp (SMTC) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Semtech Corporation Conference Call to discuss the Second Quarter Fiscal Year 2023 Financial Results. Speakers for today's call will be Mohan Maheswaran, Semtech's President and Chief Executive Officer; and Emeka Chukwu, Semtech's Executive Vice President and Chief Financial Officer. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎參加 Semtech Corporation 電話會議，討論 2023 財年第二季財務表現。今天電話會議的發言人將是 Semtech 總裁兼執行長 Mohan Maheswaran； Semtech 執行副總裁兼財務長 Emeka Chukwu。請注意，本次會議正在錄製中。 （操作員說明）

I will now turn the call over to Semtech's Executive Vice President and Chief Financial Officer, Emeka Chukwu.

我現在將把電話轉給 Semtech 的執行副總裁兼財務長 Emeka Chukwu。

Thank you, operator. The press release announcing our unaudited results was issued after the market closed today and is available on our website at semtech.com.

謝謝你，接線生。宣布我們未經審計結果的新聞稿是在今天收盤後發布的，可在我們的網站 semtech.com 上查看。

Today's call will include forward-looking statements that include risks and uncertainties that could cause actual results to differ materially from the results anticipated in these statements. For a more detailed discussion of these risks and uncertainties, please review the Safe harbor statement included in today's press release and in the other Risk Factors section of our most recent periodic reports filed with the Securities and Exchange Commission. As a reminder, comments made on today's call are current as of today only, and Semtech undertakes no obligation to update the information from this call should facts or circumstances change.

今天的電話會議將包括前瞻性陳述，其中包括可能導致實際結果與這些陳述中預期結果有重大差異的風險和不確定性。有關這些風險和不確定性的更詳細討論，請查看今天的新聞稿以及我們向美國證券交易委員會提交的最新定期報告的其他風險因素部分中包含的安全港聲明。提醒一下，今天電話會議中的評論僅截至今天，如果事實或情況發生變化，Semtech 沒有義務更新本次電話會議中的資訊。

During this call, all references made to financial results in my prepared remarks and Mohan's prepared remarks will refer to non-GAAP financial measures, unless otherwise noted. A discussion of why the management team considers such non-GAAP financial measures useful, along with detailed reconciliations of such non-GAAP measures to the most comparable GAAP financial measures, are included in today's press release.

在本次電話會議中，除非另有說明，否則我準備的發言和莫漢準備的發言中所有提及財務業績的內容都將指非公認會計準則財務指標。今天的新聞稿中討論了管理團隊為何認為此類非公認會計原則財務指標有用，以及此類非公認會計原則指標與最具可比性的公認會計原則財務指標的詳細調節。

In Q2 fiscal '23, the company delivered record net revenue of $209.3 million, a sequential increase of 3.5% and an increase of 13.1% year-over-year. While in a challenging business environment, we focused on operational execution and were able to grow our earnings at approximately twice the rate of revenue growth and delivered non-GAAP earnings per share growth of 9% sequentially and 34% year-over-year. Our business is seeing a continued relative strength in North America and Europe and a bigger shift to the industrial and data center segment. This shift is aligned with our strategy to diversify our geographic and end markets.

在 23 財年第二季度，該公司實現了創紀錄的淨收入 2.093 億美元，季增 3.5%，年增 13.1%。在充滿挑戰的商業環境中，我們專注於營運執行，並能夠以大約兩倍於收入增長率的速度增長我們的收益，並實現非公認會計原則每股收益環比增長 9%，同比增長 34%。我們的業務在北美和歐洲持續保持相對優勢，並更大程度地轉向工業和資料中心領域。這項轉變符合我們的地理和終端市場多元化策略。

We saw significant growth in the infrastructure end market, growing 11% sequentially and 25% over the prior year and represented 40% of net revenues. Net revenue from the industrial end market also grew nicely, up 7% sequentially and 44% over the prior year and represented 40% of total net revenues. Like many, we are seeing softness in consumer end markets where net revenues for high-end consumer decreased 14% sequentially and 31% over the prior year and represented 20% of total net revenues.

我們看到基礎設施終端市場顯著成長，季增 11%，比上年成長 25%，佔淨收入的 40%。工業終端市場的淨收入也成長良好，較上一季成長7%，較上年成長44%，佔總淨收入的40%。與許多公司一樣，我們看到消費終端市場疲軟，高端消費者的淨收入環比下降 14%，比前一年下降 31%，佔總淨收入的 20%。

Approximately, 9% of high-end consumer net revenues was attributable to mobile devices and approximately 11% was attributable to other consumer systems. Overall, Q2 shipments into Asia, North America and Europe represented 72%, 16%, and 12%, respectively. While this represented the ship-to addresses for our distributors and customers, we estimate that approximately 35% of our shipments are consumed in China, 28% in the Americas, and 21% in Europe, and the balance over the rest of the world.

約 9% 的高階消費者淨收入來自行動裝置，約 11% 來自其他消費者係統。整體而言，第二季亞洲、北美和歐洲的出貨量分別佔 72%、16% 和 12%。雖然這代表了我們的經銷商和客戶的收貨地址，但我們估計大約 35% 的貨物在中國消耗，28% 在美洲，21% 在歐洲，其餘的在世界其他地區。

Total direct sales are stable at approximately 12% of net revenue and distribution represented approximately 88%. Our distributor POS declined during the quarter but remained balanced, with approximately 45% of POS coming from infrastructure, 31% from the industrial segment, and 24% of the total POS coming from high-end consumer end markets. Q2 bookings decreased sequentially and represented book-to-bill of less than 1. In addition to inflation, recession fears and continued supply chain challenges, the effects of COVID are still driving some of the downturn we see in China.

直接銷售總額穩定在淨收入的 12% 左右，分銷則佔淨收入的 88% 左右。我們的經銷商 POS 在本季有所下降，但保持平衡，約 45% 的 POS 來自基礎設施，31% 來自工業領域，總 POS 的 24% 來自高端消費終端市場。第二季的預訂量較上季下降，訂單出貨比低於1。低迷。

Q2 gross margin increased 40 basis points sequentially to 65.2%, a new quarterly record, driven by a higher mix of our growth engines. For Q3, we expect gross margin to expand to another record, reflecting the benefit of lower mix of consumer revenue. We expect this trend to continue. And in fiscal '23, we expect our gross margins to trend higher 120 basis points from favorable richer mix of our growth platforms.

在我們的成長引擎組合提高的推動下，第二季毛利率較上季成長 40 個基點至 65.2%，創下季度新紀錄。對於第三季度，我們預期毛利率將再創新高，反映出消費者收入組合下降的好處。我們預計這一趨勢將持續下去。在 23 財年，我們預計，由於我們的成長平台更加豐富，毛利率將上升 120 個基點。

Q2 operating expense increased slightly to $71.9 million, driven by new product introduction expenses. For Q3, we expect our operating expenses to decrease approximately 7% sequentially as we manage through and respond to a weaker demand environment. We will, however, continue to invest in a new product innovation to sustain our market positions and our long-term growth.

受新產品推出費用的推動，第二季營運費用小幅成長至 7,190 萬美元。對於第三季度，隨著我們應對並應對疲軟的需求環境，我們預計營運費用將環比下降約 7%。然而，我們將繼續投資新產品創新，以維持我們的市場地位和長期成長。

In Q2 fiscal '23, operating profit grew 7% sequentially, approximately 2x the rate of net revenue growth, reflecting the higher gross margin and modest increase in operating expense. This strong operating leverage drove an expansion of operating margin to approximately 30.8%. This represents a sequential expansion of 100 basis points and 370 basis points from the same quarter last year.

23財年第二季度，營業利潤較上季成長7%，約為淨收入成長率的2倍，反映出較高的毛利率和營業費用的小幅成長。強勁的營運槓桿推動營運利潤率擴大至約 30.8%。這比去年同期分別成長了 100 個基點和 370 個基點。

In Q2, cash flow from operations was a record $77 million, up 46% from the same quarter last year. Free cash flow increased 52% year-over-year. Cash flow generation has benefited from record operating profit and our focus on exceptional management of working capital. In Q2, we did not report (inaudible) because of our pending acquisition of Sierra Wireless. We have approximately $209 million remaining in our share repurchase authorization. Going forward, we expect to primarily use our cash to pay down the expected debt from completing the Sierra acquisition.

第二季度，營運現金流達到創紀錄的 7,700 萬美元，比去年同期成長 46%。自由現金流年增 52%。現金流的產生得益於創紀錄的營業利潤和我們對營運資本卓越管理的關注。在第二季度，我們沒有報告（聽不清楚），因為我們即將收購 Sierra Wireless。我們的股票回購授權剩餘約 2.09 億美元。展望未來，我們預計將主要使用現金來償還完成 Sierra 收購後的預期債務。

Q2 accounts receivable increased 7% sequentially due to higher sales and the days of sales declined slightly to 30 days. In Q2, net inventory in absolute dollar terms was up slightly sequentially, and days of inventory decreased 7 days to 133 days. We expect net inventory to increase in Q3, reflecting the weaker demand environment.

由於銷售額增加，第二季應收帳款較上季成長 7%，且銷售天數略有下降至 30 天。第二季度，以絕對美元計算的淨庫存較上季略有上升，庫存天數減少 7 天至 133 天。我們預計第三季淨庫存將增加，反映出需求環境疲軟。

In summary, we are very pleased to deliver another record financial performance in Q2. As we look ahead to a much softer second half of the year driven by macro issues, we expect to see stable gross margins and a reduction of operating expenses to help mitigate the impact of weaker demand on operating profit. We will continue to invest in product innovation to take advantage of our strong market positions and sustain our long-term growth.

總之，我們很高興在第二季再創歷史新高的財務表現。由於我們預計下半年受宏觀問題的影響將更加疲軟，我們預計毛利率將保持穩定，營運費用將減少，以幫助減輕需求疲軟對營運利潤的影響。我們將繼續投資於產品創新，以利用我們強大的市場地位並維持我們的長期成長。

Before I hand over to Mohan, I want to provide an update on the status of the proposed acquisition of Sierra Wireless. We are still on track to close the acquisition in the second half of this year. As previously announced, we have fully committed debt financing for the transaction and are currently in a syndication process to achieve an optimal debt structure and cost of capital. We are excited about the strategic opportunities that this proposed acquisition brings to us. We look forward to closing the transaction as soon as possible and getting to work delivering on our vision.

在交給 Mohan 之前，我想先介紹一下擬收購 Sierra Wireless 的最新進展。我們仍有望在今年下半年完成收購。正如先前所宣布的，我們已完全承諾為該交易提供債務融資，目前正在進行銀團融資過程，以實現最佳的債務結構和資本成本。我們對此次擬議收購給我們帶來的策略機會感到興奮。我們期待盡快完成交易並開始實現我們的願景。

I will now hand the call over to Mohan.

我現在將電話轉交給莫漢。

Thank you, Emeka. Good afternoon, everyone. I will now discuss our Q2 fiscal year '23 performance by product group and provide our outlook for Q3 of fiscal year '23. Our Q2 fiscal year 2022 in net revenue was a record $209.3 million, representing a 3.5% sequential increase and a 13% year-on-year growth. We posted record non-GAAP gross margins of 65.2% and record non-GAAP earnings per diluted share of $0.87.

謝謝你，艾梅卡。大家下午好。我現在將按產品組討論我們 '23 財年第二季的業績，並提供我們對 '23 財年第三季的展望。我們 2022 財年第二季的淨收入達到創紀錄的 2.093 億美元，季增 3.5%，年增 13%。我們公佈了創紀錄的非 GAAP 毛利率 65.2%，以及創紀錄的非 GAAP 稀釋每股收益 0.87 美元。

Our Signal Integrity Products Group grew 19.5% annually and achieved a fifth consecutive quarterly revenue record and represented 42% of our total revenues. Growth was driven by strength from the PON and data center markets. In Q2, our hyperscale data center business was strong, led by growth from 100-gig optical modules. Design-ins of our Tri-Edge short-reach platform for 200-gig and 400-gig PAM4 optical modules continue to gain momentum globally. Our customers are also giving us positive feedback on our long-reach Tri-Edge samples targeted at 200-gig FR4 optical modules. This will be another growth driver for us over the next few years, as this new longer reach platform increases our data center SAM by over 50%. We expect strong growth from Tri-Edge over the next few years.

我們的訊號完整性產品集團每年成長 19.5%，連續第五個季度實現營收記錄，占我們總營收的 42%。成長是由 PON 和資料中心市場的強勁推動的。第二季度，我們的超大規模資料中心業務表現強勁，100G 光模組的成長帶動了這項業務。用於 200g 和 400g PAM4 光學模組的 Tri-Edge 短距離平台的設計繼續在全球範圍內獲得發展動力。我們的客戶也對我們針對 200-g FR4 光學模組的長距離 Tri-Edge 樣品給予了正面的回饋。這將成為我們未來幾年的另一個成長動力，因為這個新的更長距離平台將我們的資料中心 SAM 提高了 50% 以上。我們預計 Tri-Edge 在未來幾年將出現強勁成長。

We recently announced our new highly innovative CopperEdge platform targeted at short-reach copper interconnects and active copper cables used in data centers. This is a new product portfolio targeted at 400 and 800 gig data center applications and represents a completely new SAM for Semtech. The first product in this new portfolio is a quad 112-gig PAM4 linear equalizer, offering lower power and lower latency. We are sampling this new product now and will be showcasing its performance at the European Conference on Optical Communications next month.

我們最近發布了全新的高度創新的 CopperEdge 平台，該平台針對資料中心使用的短距離銅互連和主動銅電纜。這是一個針對 400 和 800 gig 資料中心應用的新產品組合，代表了 Semtech 的全新 SAM。這個新產品組合中的第一個產品是四路 112-g PAM4 線性均衡器，提供更低的功耗和更低的延遲。我們現在正在對這款新產品進行採樣，並將在下個月的歐洲光通訊會議上展示其性能。

We remain confident that our full portfolio of data center products, including ClearEdge and Tri-Edge CDRs, FiberEdge PMDs, and CopperEdge equalizers will enable us to continue to grow our hyperscale data center business over the next several years. In Q2, our PON business achieved a seventh consecutive record revenue quarter, driven by notable strength from our PON-X 10-gig PON platform. As global demand for higher access bandwidth grows and new global PON deployments and use cases emerge, our comprehensive PON portfolio, together with our innovative roadmap, positions us extremely well in the global PON market. The PON market is growing rapidly, and we expect new PON tenders in the second half of FY '23 to stimulate further market growth. Our PON business continues to show strength, and we remain confident this business will grow nicely over the next several years as PON deployments and PON bandwidth increase worldwide.

我們仍然相信，我們的完整資料中心產品組合（包括 ClearEdge 和 Tri-Edge CDR、FiberEdge PMD 和 CopperEdge 均衡器）將使我們能夠在未來幾年繼續發展超大規模資料中心業務。在第二季度，我們的 PON 業務在 PON-X 10 Gb PON 平台的顯著優勢的推動下，連續第七個季度實現營收創紀錄。隨著全球對更高接入頻寬的需求不斷增長以及新的全球 PON 部署和用例的出現，我們全面的 PON 產品組合以及我們的創新路線圖使我們在全球 PON 市場中佔據了極其有利的地位。 PON 市場正在快速成長，我們預計 23 財年下半年的新 PON 招標將刺激市場進一步成長。我們的 PON 業務繼續展現實力，並且我們仍然相信，隨著全球 PON 部署和 PON 頻寬的增加，該業務將在未來幾年內實現良好成長。

In Q2 of FY '23, revenue from our wireless base station business showed solid annual growth on the strength of 5G base station deployments. We continue to win new designs for both ClearEdge and Tri-Edge in 5G base station fronthaul optical modules. We expect our 5G wireless base station business to continue to grow in the second half of FY '23 and accelerate over the next few years as global 5G system deployments increase, driven by new 5G tenders in the first half of FY '24. We also expect to see our first Tri-Edge revenues from the 5G base station market in the first half of FY '24.

23 財年第二季度，得益於 5G 基地台部署，我們的無線基地台業務收入呈現穩健的年度成長。我們繼續贏得 5G 基地台前傳光模組中 ClearEdge 和 Tri-Edge 的新設計。我們預計我們的 5G 無線基地台業務將在 23 財年下半年繼續成長，並在 24 財年上半年新的 5G 招標的推動下，隨著全球 5G 系統部署的增加，在未來幾年內加速成長。我們也預計將在 24 財年上半年看到來自 5G 基地台市場的首個 Tri-Edge 收入。

Despite the secular demand strength and strong design win momentum associated with our infrastructure platforms, the macroenvironment is showing signs of slowing, and we continue to experience COVID-related issues in China. As a result, we expect infrastructure demand to decline in the second half relative to the first half of FY '23. We expect the Signal Integrity Products Group revenues to decrease slightly in Q3.

儘管我們的基礎設施平台具有長期需求強度和強勁的設計獲勝動力，但宏觀環境正在顯示放緩的跡象，我們在中國繼續遇到與新冠病毒相關的問題。因此，我們預計下半年基礎建設需求將較 23 財年上半年下降。我們預計訊號完整性產品集團第三季​​的營收將略有下降。

Moving on to our Protection Product Group. In Q2 of fiscal year '23, net revenue from our Protection Product Group increased 10% over the same period last year, representing 26% of total revenues. Our consumer protection business remained soft during the quarter, as strength from our North American smartphone customers was offset by smartphone weakness from both China and Korea. North America now represents the largest region for our smartphone protection business, surpassing both Korea and China for the first time in Q2. Our efforts to diversify our protection business continue to be successful and our growing revenues from the automotive, communications, and industrial segments now represent approximately 42% of our total protection business.

繼續我們的保護產品組。 23財年第二季度，我們防護產品集團的淨收入比去年同期成長10%，佔總營收的26%。我們的消費者保護業務在本季度仍然疲軟，因為我們的北美智慧型手機客戶的強勁勢頭被中國和韓國智慧型手機的疲軟所抵消。北美現在是我們智慧型手機保護業務最大的地區，第二季首次超越韓國和中國。我們在保護業務多元化方面的努力持續取得成功，來自汽車、通訊和工業領域的收入不斷增長，目前約占我們保護業務總額的 42%。

Our high-performance protection products continue to see greater market acceptance across all industry market segments as system designers increasingly utilize advanced process geometries and higher-speed interfaces. In Q3 of fiscal year '23, we expect our protection revenues to decrease due to a weaker consumer market, driven by ongoing weakness from our Asian smartphone customers.

隨著系統設計人員越來越多地利用先進的工藝幾何結構和更高速的接口，我們的高性能保護產品在所有行業細分市場中不斷獲得更大的市場接受度。在 23 財年第三季度，由於亞洲智慧型手機客戶持續疲軟，消費者市場疲軟，我們預期我們的保護收入將減少。

Turning to our Wireless and Sensing Product Group. In Q2 of fiscal year '23, revenues from our Wireless and Sensing Product Group increased 8.1% over the prior year and represented 32% of our total revenues and delivered another record revenue. Our LoRa-enabled revenues achieved another record in Q2 and remain on track to grow approximately 40% this year. We continue to expect our LoRa-enabled revenues to grow at a 40% CAGR over the next 5 years. Strong gateway deployments have set a solid infrastructure foundation, which should enable the proliferation of ultra-low power sensor networks across numerous use cases.

轉向我們的無線和感測產品組。在 23 財年第二季度，我們的無線和感測產品集團的營收比前一年增長了 8.1%，占我們總收入的 32%，並再次創造了創紀錄的收入。我們支持 LoRa 的營收在第二季再創新高，今年預計將成長約 40%。我們繼續預期 LoRa 支持的營收在未來 5 年內將以 40% 的複合年增長率成長。強大的網關部署奠定了堅實的基礎設施基礎，這應該能夠在眾多用例中實現超低功耗感測器網路的擴散。

Global customers are recognizing the importance of deploying ultra-low power IoT sensor networks to accelerate the digitization of their industrial assets or to mitigate against climate change impacts. Here are some recent examples of lower use cases. CITiLIGHT launched a new smart city lighting platform using LoRaWAN. CITiLIGHT noted that they have saved 1.29 billion kilowatt-hours of energy through the implementation of smart street lighting in more than 100 cities. And this new platform will help them further accelerate their global expansion plans.

全球客戶正在認識到部署超低功耗物聯網感測器網路以加速其工業資產數位化或減輕氣候變遷影響的重要性。以下是一些近期較低用例的範例。 CITiLIGHT 推出了使用 LoRaWAN 的新型智慧城市照明平台。 CITiLIGHT指出，透過在100多個城市實施智慧路燈，他們已經節省了12.9億度電的能源。而這個新平台將幫助他們進一步加速其全球擴張計畫。

Cranberry Analytics announced new LoRa-based smart water meters, which allows for effective planning of water distribution as well as real-time monitoring, leakage analysis, and mitigating water waste. WITRAC's new Intelligent Track & Trace platform, which uses both LoRaWAN and cellular connectivity, is providing a new cold chain asset tracking and management solution. SkyLab and HeNet, which leverages Semtech's 2.4 gigahertz solution, is using LoRa to optimize global maritime logistics and sea condition monitoring for passenger vessels.

Cranberry Analytics 推出了基於 LoRa 的新型智慧水錶，可有效規劃配水以及即時監控、洩漏分析和減少水浪費。 WITRAC 的新型智慧追蹤平台同時使用 LoRaWAN 和蜂窩連接，提供新的冷鏈資產追蹤和管理解決方案。 SkyLab 和 HeNet 利用 Semtech 的 2.4 GHz 解決方案，正在使用 LoRa 來優化客船的全球海事物流和海況監測。

We recently invested in Dryad and their Silvanet early wildfire detection and forest monitoring system based on solar-powered LoRa-based mesh networking. Wildfires have become a major driver of climate change, generating up to 20% of global CO2 emissions, while costing the global economy approximately USD 140 billion to date. The Dryad's LoRa-based solution aims to provide an innovative monitoring system to help mitigate against wildfire damage.

我們最近投資了 Dryad 及其基於太陽能 LoRa 網狀網路的 Silvanet 早期野火檢測和森林監測系統。野火已成為氣候變遷的主要驅動因素，產生的二氧化碳排放量佔全球二氧化碳排放量的 20%，迄今為全球經濟造成了約 1,400 億美元的損失。 Dryad 的基於 LoRa 的解決方案旨在提供創新的監控系統，以幫助減輕野火損害。

These are just a few examples of exciting new LoRa use cases being deployed globally today. In Q2, the LoRa Alliance recently held their global expo with excellent attendance and solid media coverage, reaching over 3.5 million business leaders with exposure to LoRaWAN. The LoRa ecosystem continues to expand as measured by new service providers, OEMs, and system integrators joining the LoRa Alliance. And we expect the alliance and ecosystem to continue to grow for many years to come.

這些只是當今全球部署的令人興奮的 LoRa 新用例的幾個例子。第二季度，LoRa 聯盟最近舉辦了全球博覽會，出席人數眾多，媒體報導廣泛，超過 350 萬名商業領袖接觸到了 LoRaWAN。隨著新服務供應商、OEM 和系統整合商加入 LoRa 聯盟，LoRa 生態系統不斷擴展。我們預計聯盟和生態系統將在未來許多年繼續發展。

Our LoRa metrics also continued to make very positive progress. The number of public LoRaWAN network operators grew to 173, up from 170 at the end of Q1. Private networks are also experiencing significant growth as evidenced by many new use cases and applications. We expect approximately 180 public LoRaWAN operators by the end of FY '23 and expect to have nationwide LoRaWAN coverage in 20 of the top 30 GDP countries by the end of this fiscal year.

我們的 LoRa 指標也持續取得非常積極的進展。公共 LoRaWAN 網路營運商的數量從第一季末的 170 家增至 173 家。正如許多新的用例和應用程式所證明的那樣，專用網路也正在經歷顯著的成長。我們預計到 23 財年末將有大約 180 家公共 LoRaWAN 營運商，並預計到本財年末將在 GDP 前 30 名國家中的 20 個國家實現全國 LoRaWAN 覆蓋。

LoRa gateway deployments continued to grow and achieved a record 5 million gateways deployed at the end of Q2 versus 4.2 million at the end of Q1. Picocell gateway deployments continued to increase nicely, driven by Smart Home and Smart Campus segments as Amazon Sidewalk gateway deployments increased 23% and Helium gateway deployments increased 18% sequentially this quarter. Both Sidewalk and Helium networks should drive an acceleration in end device deployments over the next several years as the Smart Home and Campus segments increasingly adopt low-power sensor networks.

LoRa 閘道部署持續成長，第二季末部署的閘道數量達到創紀錄的 500 萬個，而第一季末部署數量為 420 萬個。在智慧家庭和智慧校園領域的推動下，Picocell 閘道部署持續大幅成長，本季 Amazon Sidewalk 閘道部署較上季成長 23%，Helium 閘道部署較上季成長 18%。隨著智慧家庭和校園領域越來越多地採用低功耗感測器網絡，Sidewalk 和 Helium 網路都將在未來幾年內推動終端設備部署的加速。

In addition, our macro gateway deployments increased 8% sequentially, demonstrating the continued deployment of LoRa for wide area network use cases. We expect Lora gateway deployments to achieve approximately 5.5 million by the end of FY '23. The cumulative number of LoRa end nodes deployed increased to 270 million at the end of Q2 from 256 million at the end of Q1. We expect this number to exceed 300 million cumulative end nodes by the end of FY '23. With continued network expansion globally, we expect end node deployments to accelerate rapidly over the next 3 to 5 years.

此外，我們的巨集網關部署量較上季增加了 8%，這表明 LoRa 在廣域網路用例中的持續部署。我們預計到 23 財年末，Lora 閘道部署量將達到約 550 萬個。累計部署的LoRa終端節點數量從第一季末的2.56億個增加到第二季末的2.7億個。我們預計到 23 財年末，這一數字將累積超過 3 億個終端節點。隨著全球網路的持續擴張，我們預計終端節點部署將在未來 3 至 5 年內迅速加速。

Our LoRa pipeline continues to be strong, ending the quarter at approximately $1.1 billion. We anticipate that, on average, 40% to 50% of the opportunities currently in the pipeline will convert to real deployments over a 24-month timeline. We continue to see growth in sustainability and smarter planet initiatives in areas like Smart Utilities, Smart Logistics, Asset Tracking, Industrial IoT, Smart Home, and Smart Cities where innovative solution providers are using LoRa to monitor, measure, and manage resources more efficiently.

我們的 LoRa 管道繼續保持強勁，本季結束時價值約為 11 億美元。我們預計，平均而言，目前正在醞釀的機會中有 40% 到 50% 將在 24 個月的時間內轉化為實際部署。我們繼續看到智慧公用事業、智慧物流、資產追蹤、工業物聯網、智慧家庭和智慧城市等領域的永續發展和智慧地球計畫不斷成長，在這些領域，創新解決方案供應商正在使用LoRa 來更有效地監控、測量和管理資源。

Opportunities continue to drive geographical diversification in our LoRa revenues as we continue to see our LoRa momentum accelerate in the Americas and Europe. Over 82% of our LoRa opportunity funnel is currently from regions outside of China. In Q2, revenue from our proximity sensing platforms declined due to Asia's smartphone softness and some ongoing pandemic-related challenges in China. While we are seeing proximity sensor design wins in both smartphones and the consumer wearable market, we are expecting a weaker second half demand environment for our consumer-related products, including proximity sensors. For Q3 of fiscal year '23, we expect net revenues from our Wireless and Sensing Product Group to be down due to macroeconomic softness and a weaker consumer market.

隨著我們繼續看到我們的 LoRa 勢頭在美洲和歐洲加速，機會繼續推動我們 LoRa 收入的地域多元化。目前，我們超過 82% 的 LoRa 機會漏斗來自中國以外的地區。第二季度，由於亞洲智慧型手機的疲軟以及中國持續存在的一些與流行病相關的挑戰，我們的接近感測平台的收入下降。雖然我們看到接近感測器設計在智慧型手機和消費者穿戴市場中獲勝，但我們預計下半年消費者相關產品（包括接近感測器）的需求環境將疲軟。對於 23 財年第三季度，由於宏觀經濟疲軟和消費市場疲軟，我們預期無線和感測產品集團的淨收入將下降。

The Semtech innovation engine continues to deliver new and disruptive technologies to our customers across several end markets. And in Q2, we released 14 new products and achieved 3,200 new design wins. This quarter, we entered into a definitive agreement to acquire Sierra Wireless. This transformative acquisition will bring together the ultra-low power, long-range, and network-flexibility benefits of LoRa technology, together with the low-latency, high-bandwidth, and global network coverage benefits of cellular technology.

Semtech 創新引擎持續為多個終端市場的客戶提供全新的顛覆性技術。第二季度，我們發布了 14 款新產品，並贏得了 3,200 個新設計。本季度，我們簽訂了收購 Sierra Wireless 的最終協議。此次變革性收購將結合 LoRa 技術的超低功耗、遠距離和網路靈活性優勢，以及蜂窩技術的低延遲、高頻寬和全球網路覆蓋優勢。

The combination of optimizing LoRa and cellular technology is a highly strategic decision to position Semtech as the leader in the fast-growing ultra-low-power IoT market. We aim to bring solution simplification through a disruptive chip-to-cloud IoT services platform that helps our customers accelerate their digital transition to the Internet of Everything. The acquisition will approximately double the scale of Semtech to be non-GAAP earnings accretive immediately and expand our IoT addressable market to almost $10 billion by 2027. We expect the transaction to close in the second half of FY '23.

優化 LoRa 和蜂窩技術的結合是一項高度策略性的決策，旨在使 Semtech 成為快速成長的超低功耗物聯網市場的領導者。我們的目標是透過顛覆性的晶片到雲端物聯網服務平台簡化解決方案，幫助我們的客戶加速向萬物互聯的數位轉型。此次收購將使Semtech 的規模增加一倍，立即實現非GAAP 獲利成長，並在2027 年將我們的物聯網潛在市場擴大到近100 億美元。 。

Looking forward to the third quarter of fiscal year '23, we are seeing the effects of a softening macroenvironment, ongoing COVID-related issues in China, and a very weak consumer market. We also continue to have pockets of supply chain challenges in specific areas. As a result, we are currently estimating our Q3 revenues to be between $170 million and $180 million. To attain the midpoint of our guidance range or approximately $175 million, we (inaudible) orders of approximately 6% at the beginning of Q3. We expect our Q3 non-GAAP earnings to be between $0.60 and $0.66 per diluted share.

展望 23 財年第三季度，我們看到了宏觀環境疲軟、中國持續存在的新冠肺炎相關問題以及消費市場非常疲軟的影響。我們在特定領域仍持續面臨供應鏈挑戰。因此，我們目前估計第三季的營收在 1.7 億美元至 1.8 億美元之間。為了達到我們指導範圍的中點或大約 1.75 億美元，我們（聽不清楚）在第三季初訂購了大約 6%。我們預計第三季非 GAAP 稀釋每股盈餘將在 0.60 美元至 0.66 美元之間。

I will now hand the call back to the operator. Emeka and I are happy to answer any of your questions. Operator?

我現在將把電話轉回給接線生。 Emeka 和我很樂意回答您的任何問題。操作員？

(Operator Instructions) Our first question comes from the line of Tore Svanberg with Stifel.

（操作員說明）我們的第一個問題來自 Tore Svanberg 和 Stifel 的線路。

I wanted to ask a question about your gross margin comment on fiscal '23. Sounds like you're expecting some upside driven by mix. And I'm just wondering what's driving that change. I do suspect that maybe the protection business and especially the smartphone part of the protection business is probably going to continue to decline. But if you can elaborate a little bit more on what's driving that higher gross margin outlook for fiscal '23.

我想問一下您對 23 財年毛利率的評論。聽起來您預計混合動力會帶來一些好處。我只是想知道是什麼推動了這種改變。我確實懷疑保護業務，尤其是保護業務中的智慧型手機部分可能會繼續下降。但如果您能詳細說明一下推動 23 財年毛利率前景更高的原因。

Tore, this is Emeka here. So our gross margin story has definitely been a highlight because it's been pretty stable. It's coming almost exactly as we anticipated. I think if you remember in the past, we've always talked about the growth drivers that we have for the company. We've talked about LoRa being -- having gross margins above the corporate average. Even our PON business, especially our 10-gig PON-X platform has a pretty good gross margins. The data center business is good gross margins, the wireless base station good gross margins, and then like you mentioned, within protection, we continue to see the industrial and automotive revenues being a higher mix of the protection revenue, and that gross margin is pretty good. So as we go into the October quarter here and with this expectation of continued weakness in the consumer sector, we think that actually would be accretive to our gross margin.

托雷，這是艾梅卡。因此，我們的毛利率故事絕對是一個亮點，因為它非常穩定。它的到來幾乎完全符合我們的期望。我想如果你還記得過去的話，我們總是談論公司的成長動力。我們已經討論過 LoRa 的毛利率高於企業平均。甚至我們的PON業務，特別是我們的10G PON-X平台也有相當不錯的毛利率。資料中心業務的毛利率很高，無線基地台的毛利率也很高，然後就像你提到的，在保護範圍內，我們繼續看到工業和汽車收入是保護收入的更高組合，而且毛利率相當可觀好的。因此，當我們進入十月季度時，鑑於消費領域持續疲軟的預期，我們認為這實際上會增加我們的毛利率。

Very good. And as a follow-up, I know you're expecting all 3 product segments to be down sequentially. But are there any of those that are perhaps going to be up sequentially? I'm thinking maybe LoRa, maybe PON, or is this, at this point, basically all products down sequentially?

非常好。作為後續行動，我知道您預計所有 3 個產品領域都會依次下降。但有哪些可能會依序出現呢？我在想也許是 LoRa，也許是 PON，或者是目前基本上所有產品都按順序下降？

So I think, Tore, all the product groups as a whole, will be down probably sequentially. I think some of the subgroups may be flat to slightly up on an annual basis. And I think you mentioned PON as being one of them, I think data center is possibly another one. Within the industrial segment, there are some areas there that are a little bit less weak than others, I would say. The biggest challenge we have is probably China. China is -- that's a fairly broad market opportunity for us, obviously, and our revenues are 35% consumed in China. So there is certainly softness across all of our segments there. But I would say in order of magnitude, it's consumer, China consumer, and then the other segments.

所以我認為，Tore，所有產品組作為一個整體，可能會依次下降。我認為某些子組的年度成長率可能持平或略有上升。我認為您提到 PON 是其中之一，我認為資料中心可能是另一種。我想說，在工業領域，有些領域比其他領域稍微弱一些。我們面臨的最大挑戰可能是中國。顯然，中國對我們來說是一個相當廣泛的市場機會，我們的收入 35% 在中國消耗。因此，我們所有的細分市場肯定都存在疲軟的情況。但我想說的是，依照數量順序，是消費者、中國消費者，然後是其他細分市場。

Great. Just one last question. As we think about this correction here. Care to comment on the timing? I know there's a lot of different dynamics, right? Supply, there's shutdowns, there's also sell-through softening. So any guess as to how long this correction will persist if you have any comment?

偉大的。只是最後一個問題。當我們在這裡思考這個修正。願意評論一下時間嗎？我知道有很多不同的動力，對吧？供應、停產、銷售也疲軟。那麼，如果您有任何評論，您能猜一下這種修正會持續多久嗎？

Yes. What we've seen throughout Q2, bookings have been softening I think and so consumption is softening. So that's what we anticipate for Q3, softening -- consumption to be weaker. Q4 typically is a weaker quarter for us and certainly consumer normally is down. A lot depends on how weak Q4 is, I think. But our expectation is as we go into next year that a lot of the inventory will start to bleed off in the second half of this year, so we should start to see strengthening early next year.

是的。從我們在第二季度看到的情況來看，我認為預訂量一直在疲軟，因此消費也在疲軟。這就是我們對第三季的預期，即消費疲軟。第四季對我們來說通常是一個疲軟的季度，當然消費者通常也會下降。我認為這很大程度取決於第四季的疲軟程度。但我們預計，隨著明年的到來，大量庫存將在今年下半年開始減少，因此明年初我們應該會開始看到庫存走強。

Our next question comes from the line of Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley 的對話。

I wanted to follow up on the comments that Tore had or the inquiry that Tore had, and just really understand more about what the company has been seeing. So, Mohan, as you look at guidance that's down, I think, at 16.5% quarter-on-quarter. How much of that is order weakness that you've seen quarter-to-date versus a desire to try and get in front of the macro trends that you talked about? When I look back at your commentary on Signal Integrity, it sounds like that business is holding up pretty well. And then within Wireless Sensing, LoRa is very strong. So I'm just trying to reconcile some of the strength you've seen very recently and the numbers that were reported with the magnitude of decrease that we're looking for in the fiscal third quarter and just hoping you can provide some segment or subsegment color on what the bigger drivers are there.

我想跟進 Tore 的評論或 Tore 的詢問，並真正了解更多關於公司所看到的情況。所以，Mohan，當你看到指導時，我認為季度環比下降了 16.5%。其中有多少是您本季迄今所看到的訂單疲軟，以及嘗試領先於您所談論的宏觀趨勢的願望？當我回顧您對訊號完整性的評論時，聽起來該業務發展得相當不錯。然後在無線感測領域，LoRa 非常強大。因此，我只是試圖將您最近看到的一些實力和報告的數字與我們在第三財季尋找的下降幅度進行協調，並希望您能提供一些細分或子細分顏色顯示更大的驅動因素。

Yes. So for sure, I would say consumer in Asia is definitely very weak, and that's probably the weakest area. And then I would name within Asia, obviously, the smartphone business in Korea and in China is extremely weak. I think those are well-known things out there. On the rest of the consumer space, I would say that North America is a little bit stronger, but starting to also show softness, I would say. And then if we take out -- [go out of site] consumer, the industrial and infrastructure segments in the first half have been very strong.

是的。因此，可以肯定的是，我想說亞洲的消費者肯定非常疲軟，這可能是最薄弱的地區。然後我要指出的是，在亞洲，韓國和中國的智慧型手機業務顯然非常薄弱。我認為這些都是眾所周知的事情。在其他消費領域，我想說北美稍強一些，但也開始表現出疲軟。然後，如果我們排除—[走出現場]消費者，上半年的工業和基礎設施領域非常強勁。

I think what we saw in Q2 is starting to see softness in the bookings there as well. Even though we have fairly good backlog, I think the booking softness and then the consumption weakness is starting to obviously demonstrate that the end demand is now starting to go back into balance. Maybe the supply-demand equilibrium is now going the other way a little bit, which is normal in our cyclical industry as you know. So within infrastructure and industrial, I would say, infrastructure and industrial, North America and Europe are relatively strong and China and Asia are relatively weak.

我認為我們在第二季度看到的情況也開始出現預訂量的疲軟。儘管我們有相當多的積壓，但我認為預訂疲軟和消費疲軟開始明顯表明最終需求現在開始恢復平衡。也許供需平衡現在正朝著相反的方向發展，正如你所知，這在我們的週期性行業中是正常的。所以在基礎設施和工業方面，我想說，基礎設施和工業，北美和歐洲相對較強，中國和亞洲相對較弱。

Got it. And then a clarification on the comments regarding the fourth quarter, which I think we all know is typically a seasonally weaker quarter in part because of what happens with inventory in consumer markets. But can you or Emeka refresh our memories on what typical seasonality would be? And if we have an inventory correction, how you think about the magnitude of that relative to seasonality?

知道了。然後對第四季度的評論進行澄清，我想我們都知道第四季度通常是季節性疲軟的季度，部分原因是消費市場庫存的情況。但您或 Emeka 能否讓我們回想起什麼是典型的季節性？如果我們進行庫存調整，您如何看待其相對於季節性的幅度？

Craig, so I think, typically, we've seen softness probably in the range of 5% to 10% in the fourth quarter. It depends on a lot of things. In the consumer space, the consumer inventory rebalancing is also very well known. However, the potential upside to that could be what happens in the infrastructure space. There are -- as you know, when things really go soft in China, there's always talk about stimulating the economy by infrastructure spending. And so we'll have to -- we've heard news about that, but we don't know when that's going to happen. We have to keep an eye. If that happens and the tenders go out and the orders are placed, that could be an uplift for the fourth quarter. But at this point, we are not banking on that. So we just have to see. There are a whole lot of puts and takes. But overall, we typically see about a 5% to 10% softness -- decline in the fourth quarter.

克雷格，所以我認為，通常情況下，我們在第四季度看到的疲軟程度可能在 5% 到 10% 的範圍內。這取決於很多事情。在消費領域，消費者庫存再平衡也是眾所周知的。然而，潛在的好處可能是基礎設施領域發生的事情。如你所知，當中國經濟真正疲軟時，人們總是會談論透過基礎設施支出來刺激經濟。所以我們必須——我們已經聽到了這方面的消息，但我們不知道什麼時候會發生。我們必須保持警惕。如果這種情況發生，招標結束並下訂單，第四季度的業績可能會有所提升。但目前，我們並不指望這一點。所以我們只需要看看。有很多的投入和採取。但總體而言，我們通常會看到第四季出現 5% 至 10% 的疲軟下降。

Yes, which seems like you might be getting in front of that with the down 16% in the third quarter, but we'll see. If I could just follow up with a clarification. On your prepared remarks, Emeka, you mentioned that you expect the deal to close this fiscal second half and also that you had committed debt financing. Can you provide any color on the rate you'd expect for that committed debt financing?

是的，看起來你可能已經領先於第三季下降 16% 的水平，但我們拭目以待。如果我能跟進澄清就好了。 Emeka，在您準備好的演講中，您提到您預計該交易將在本財年下半年完成，並且您已承諾進行債務融資。您能否提供您對承諾債務融資的預期利率的任何說明？

We're looking at different structures. Term loan A is going after the commercial banks, going after the convert markets. We're looking at different things, and hopefully, by the time that we're done here, we should probably see a cost of capital in the 5% to 5.5% range.

我們正在研究不同的結構。定期貸款 A 的目標是商業銀行、轉換市場。我們正在考慮不同的事情，希望當我們完成這裡時，我們應該會看到資本成本在 5% 到 5.5% 的範圍內。

Our next question comes from the line of Richard Schafer with Oppenheimer.

我們的下一個問題來自理查德·謝弗和奧本海默的對話。

Maybe just to start with a quick clarification question. Maybe I missed it. I know bookings dropped I think, over 20% last quarter, the prior call. So maybe I missed it, but how much are bookings down heading into 3Q?

也許只是從一個快速澄清的問題開始。也許我錯過了。我知道預訂量下降了，我認為上個季度（之前的電話預訂）下降了 20% 以上。也許我錯過了，但進入第三季的預訂量下降了多少？

Bookings are down significantly, Rick, and continue to be weak in Q3. So, as we mentioned, the book-to-bill was less than 1. We've continued to see fairly soft bookings in Q3. And that's part of the challenge for us. So, as we look at -- even though backlog is still relatively strong, so the turns number we require in Q3 is a relatively low number for us versus historical, bookings rate is still soft. And a lot of that is China, a lot of that is consumer, but the reality is I think all segments are starting to weaken a little bit.

瑞克，預訂量大幅下降，並且在第三季繼續疲軟。因此，正如我們所提到的，訂單出貨比小於 1。這就是我們面臨的挑戰的一部分。因此，正如我們所看到的，儘管積壓仍然相對較多，因此與歷史相比，我們在第三季度所需的周轉次數相對較低，但預訂率仍然疲軟。其中很大一部分來自中國，很多來自消費者，但現實是我認為所有細分市場都開始減弱。

Okay. So my first question is really just on data center. It sounded like you called that out, in an answer to an earlier question, as being relatively strong, up potentially here in the third quarter, if I heard that correctly. You guys obviously have a large income position there. So I'm curious, how much of that business for you guys is cloud versus enterprise? What that rough split might look like? And is there anything to call out there within that? So is enterprise maybe a little softer, cloud a little better? Is there any color that you could provide with what you're seeing there?

好的。所以我的第一個問題其實只是關於資料中心。聽起來你在回答之前的問題時指出，如果我沒聽錯的話，這一點相對較強，有可能在第三季上升。你們顯然在那裡有很高的收入。所以我很好奇，對你們來說，雲端業務與企業業務的比例有多少？粗略的分割會是什麼樣子？這裡面有什麼值得指出的嗎？那麼企業可能更軟一點，雲端更好一點？您可以提供您在那裡看到的任何顏色嗎？

I would say hyperscale cloud is where the strength is, Rick. We're anticipating the second half to be weaker than the first half, but really in the scheme of things, probably up from last year, so relatively strong. We've got a lot of new stuff going on there as well, so a lot of new products and a lot of new areas of opportunity. But in general, I think that even infrastructure market, unless as Emeka pointed out that we get a new stimulus package in China that might kick in or something like that, one is expecting that to maybe be Q4 or early next year before we start to see it really going up again.

我想說超大規模雲端是其優勢所在，Rick。我們預計下半年會比上半年弱，但實際上，可能比去年上升，因此相對較強。我們也有很多新的事情發生，所以有很多新產品和很多新的機會領域。但總的來說，我認為即使是基礎設施市場，除非正如 Emeka 指出的那樣，我們在中國可能會出台新的刺激計劃或類似的措施，否則人們預計可能會在第四季度或明年初我們開始看到它真的再次上漲。

And if I could, I'll just ask one on Tri-Edge, and appreciated the update there. I was just curious if we could get any more color on -- like an update on the number of trials you have ongoing or number of wins, like what the revenue funnel might look like, something like that? And then I know you mentioned the long-reach Tri-Edge increased the SAM about 50%. I was just curious if you could level set us on what that existing SAM is.

如果可以的話，我會在 Tri-Edge 上詢問，並感謝那裡的更新。我只是好奇我們是否可以得到更多的資訊——例如你正在進行的試驗數量或獲勝數量的更新，例如收入漏斗可能是什麼樣子，類似的東西？然後我知道您提到長距離 Tri-Edge 使 SAM 增加了約 50%。我只是好奇您能否讓我們了解現有的 SAM 是什麼。

Yes. So Tri-Edge for us is doing extremely well, I would say, across not only data center but also the base station market -- 5G base station fronthaul market. And then we have -- now we're starting to bring out our newer products. So we have short-reach Tri-Edge, which is doing well, expecting very good growth from that business next year. It will grow nicely this year, but also next year I think we'll continue to see the acceleration of Tri-Edge revenues there. And then the longer-reach products are sampling now. So that's, at a high level, an additional $100 million SAM for us really. And then the base station market adds additional SAM for our Tri-Edge platform. And I mentioned the CopperEdge we announced as well, which also gives us more SAM in the data center market. So total SAM for data center, we look at maybe $1 billion SAM in FY '27 the way we look at it. And our goal is to get 30% to 40% share in that space.

是的。因此，我想說，Tri-Edge 對我們來說做得非常好，不僅在資料中心，而且在基地台市場——5G 基地台前傳市場。然後我們——現在我們開始推出我們的新產品。因此，我們的短距離 Tri-Edge 業務表現良好，預計明年該業務將實現良好成長。今年它將成長良好，而且明年我認為我們將繼續看到 Tri-Edge 收入的加速成長。然後，更長距離的產品現在正在提供樣品。因此，從高水準來看，這確實為我們帶來了額外的 1 億美元 SAM。然後基地台市場為我們的 Tri-Edge 平台添加了額外的 SAM。我還提到了我們發布的 CopperEdge，這也為我們在資料中心市場帶來了更多 SAM。因此，資料中心的 SAM 總額，我們認為 27 財年的 SAM 可能為 10 億美元。我們的目標是獲得該領域 30% 到 40% 的份額。

Our next question comes from the line of Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird 的對話。

So you've made it very clear that consumer spending is very weak in China. How do I dissociate that from perhaps a lingering impact of the COVID-related shutdown in the April and May timeframe? Is that really a factor in the weakness because there's still some bottlenecks in the supply chain? Or is it basically a flowing supply chain, but it's purely consumer weakness at this point?

您已經非常明確地表示，中國的消費者支出非常疲軟。我如何將其與 4 月和 5 月期間與新冠病毒相關的停工帶來的揮之不去的影響區分開來？這真的是供應鏈仍然存在一些瓶頸而導致疲軟的一個因素嗎？還是它基本上是一個流動的供應鏈，但目前純粹是消費者的弱點？

Well, I think there's different elements, Tristan. First of all, I think the China consumer consumption in terms of China end demand is weak. Also, China as an economy is weakening, and that is a challenge for China smartphone manufacturers, I think. Then we have the issue of COVID shutdowns and lockdowns and all of that thing, which doesn't help. I don't know if I can quantify what percentage is related to that, but it doesn't help for sure. And then I think there's other consumer pockets of weakness elsewhere.

嗯，我認為有不同的元素，特里斯坦。首先，我認為中國消費者的消費就中國終端需求而言是疲軟的。此外，我認為，中國經濟正在疲軟，這對中國智慧型手機製造商來說是一個挑戰。然後我們面臨新冠疫情導致的停工和封鎖等問題，但這並沒有什麼幫助。我不知道我是否可以量化與此相關的百分比，但這肯定沒有幫助。我認為其他地方還有其他消費者的弱點。

So I think we're seeing that because we see -- obviously, we have a fairly broad penetration of the smartphone market, the Korean smartphone and North America and China. And China is definitely very weak, and I would say Korea is relatively weak as well. North America, not so bad. And then if you take other -- outside the smartphone space and look at other elements of consumer, they are also relatively weak across the board.

所以我認為我們看到了這一點，因為我們顯然看到，我們在智慧型手機市場、韓國智慧型手機以及北美和中國擁有相當廣泛的滲透率。中國肯定很弱，我想說韓國也相對較弱。北美，沒那麼糟。然後，如果你考慮智慧型手機領域以外的其他因素，看看消費者的其他因素，你會發現它們在整體上也相對較弱。

Okay. And then back to an earlier question. Given your guidance for the quarter, by how much do you think you're undershipping real end demand, and if you could talk about how much inventory [deleveraging] is happening in Asia? I'm assuming that your guidance doesn't reflect really what the end demand is going to be in terms of sequential changes.

好的。然後回到之前的問題。根據您對本季的指導，您認為您的實際最終需求出貨量不足多少？我假設您的指導並不能真正反映連續變化方面的最終需求。

Well, we are -- part of the thing we do is we look at consumption, Tristan. So we look at how much is being consumed. And when we see that trending downwards, then that concerns us, right? So we start to look at that being an early indicator of softness. And certainly, over the last quarter, it's been weakening. So you have a consumption weakness, you have bookings weakness, and therefore, one expects demand weakness also. If you -- there are pockets of relative strength, as I mentioned. I would say North America and Europe industrial infrastructure seem to be relatively strong compared to consumer, but even those areas are also showing signs of some softness.

嗯，我們所做的一部分就是專注於消費，特里斯坦。所以我們來看看消耗了多少。當我們看到這種趨勢下降時，我們就會擔心，對嗎？因此，我們開始將其視為疲軟的早期指標。當然，在上個季度，它一直在減弱。因此，消費疲軟，預訂疲軟，因此，人們預計需求也會疲軟。如果你——正如我所提到的，有一些相對優勢。我想說，與消費者相比，北美和歐洲的工業基礎設施似乎相對較強，但即使這些地區也顯示出一些疲軟的跡象。

Now our next question comes from the line of Harsh Kumar with Piper Sandler.

現在我們的下一個問題來自 Harsh Kumar 和 Piper Sandler。

Mohan, I wanted to get into your weakness for the guidance. Let's say, hypothetically, let's assume you're about $40 million off. It's just easier for us to understand from the aspect of end markets such as industrial, consumer, infrastructure rather than your product group. So if I asked you hypothetically to break down, call it, $40 million weakness into the end markets, my assumption is that consumer would be the biggest part. But would you just humor us and give us an idea of how much of that $40 million weakness is coming from consumer and how much coming from industrial versus infrastructure? And then I've got a follow-up.

莫漢，我想從你的弱點中尋求指導。假設您可以節省約 4000 萬美元。我們從工業、消費者、基礎設施等終端市場而不是你的產品組的角度來理解更容易。因此，如果我假設你要分解終端市場 4000 萬美元的疲軟，我的假設是消費者將是最大的部分。但您能否幽默一下，讓我們了解一下這 4000 萬美元的疲軟有多少來自消費者，有多少來自工業與基礎設施？然後我有一個後續行動。

Yes. So as, Harsh, I think, as you can imagine, from the questions that we've asked before, if you were to rank-order those, I'll probably say that, of course, consumer is leading that. And then there's probably a little bit of industrial, a little bit and then (inaudible) infrastructure side. But I think most of it, the bulk of it is coming out of the consumer space.

是的。因此，嚴厲，我認為，正如你可以想像的那樣，從我們之前提出的問題來看，如果你要對這些問題進行排序，我可能會說，當然，消費者是領先的。然後可能還有一點工業面，一點然後（聽不清楚）基礎設施方面。但我認為其中大部分來自消費者領域。

Okay. So when I look at -- so my follow-up is, when I look at your latest quarter, I think handset in consumer is only 20% of sales. So is the bottom just falling out on that business? Is it fair to assume that business is down like 50%, 60%? Or am I way off here in my assumption?

好的。因此，當我查看 - 所以我的後續行動是，當我查看您最近的季度時，我認為消費者中的手機僅佔銷售額的 20％。那麼該業務是否已經觸底呢？假設業務下降 ​​50%、60% 是否公平？還是我的假設離我還很遠嗎？

The consumer space is down significantly. I don't know that I can give you the percentages like you're trying to get. But if you look at -- remember that our consumer business is a made up of our proximity sensors, products going into the smartphone space, and that is down significantly. The protection consumer business as well, we are expecting it to be down in the next quarter as well.

消費空間大幅下降。我不知道我能否給你想要得到的百分比。但如果你看一下——請記住，我們的消費者業務是由我們的接近感測器、進入智慧型手機領域的產品組成的，而這項業務正在大幅下降。保護消費者業務也是如此，我們預計下一季也會下降。

So -- and then if you look at the other segments, a little bit on the infrastructure side and a little bit on the industrial side. So definitely, the bulk of that is coming from the consumer space.

那麼，如果你看看其他領域，一點在基礎設施方面，一點在工業方面。因此，可以肯定的是，其中大部分來自消費領域。

Okay. Can I ask just one more follow-up, Emeka or Mohan. I know that you guys do business -- you have historically been very strong in data center in China historically. And also, maybe to some degree, I can say that's true for industrial. Let's say we put aside the weakness in China as something specific to COVID for now that let's just say we assume that it gets fixed down the line next year, would you say that that's accounting for the bulk of your weakness in those 2 areas? And that I think you mentioned U.S. is holding up relatively well. Is that a fair way to look at it?

好的。我可以再問一位跟進者嗎，Emeka 或 Mohan。我知道你們在做生意——你們在中國的資料中心歷史上一直非常強大。而且，也許在某種程度上，我可以說對於工業來說也是如此。假設我們暫時將中國的弱點作為新冠病毒特有的問題放在一邊，假設明年它會得到修復，你會說這就是你們在這兩個領域的弱點的主要原因嗎？我認為你提到的美國的情況相對較好。這是一個公平的看待它的方式嗎？

Yes, I think that's probably correct, Harsh, that China is definitely, both in the infrastructure side, elements of the infrastructure side, are pushed out. Of course, as Emeka pointed out, that could come back in Q4 quite strong depending on investments going in that area. But that, for sure, in Q3, that is part of it. I would say the industrial -- China industrial is also part of it and consumer is obviously the bulk of it. But we're seeing pockets of weakness elsewhere as well. Other regions are starting to get softer, but I would say China is by far the bulk of it. Appreciate the color, guys. I'll get back in line.

是的，我認為這可能是正確的，嚴厲的，中國肯定是，無論是在基礎設施方面，還是基礎設施方面的要素，都被擠出了。當然，正如 Emeka 指出的那樣，第四季度的表現可能相當強勁，具體取決於該領域的投資情況。但可以肯定的是，在第三季度，這就是其中的一部分。我想說的是工業——中國工業也是其中的一部分，而消費者顯然是其中的大部分。但我們在其他地方也看到了一些弱點。其他地區開始變得疲軟，但我想說中國是其中的大部分。欣賞一下這個顏色，夥計們。我會回去排隊。

(Operator Instructions) Our next question comes from the line of Christopher Rolland with Susquehanna International Group.

（操作員說明）我們的下一個問題來自 Susquehanna International Group 的 Christopher Rolland。

So it's around proximity sensing. You guys called it out in your prepared remarks. I thought that this was a much smaller product for you guys after the Huawei issues. Perhaps you can level set us for what it was in Q3? And the reason I'm asking is, I think I'm down maybe $15 million to $20 million sequential for the Wireless and Sensing segment. And I'm trying to figure out how much of that is proximity, how much of that is LoRa, and how much of that is other. Emeka, maybe you can help us just with some broad strokes to figure that out.

所以它是圍繞著接近感測的。你們在準備好的發言中指出了這一點。我認為在華為問題之後，這對你們來說是一個小得多的產品。也許您可以為我們設定第三季的水平？我問的原因是，我認為無線和感測領域的成本可能連續下降 1,500 萬至 2,000 萬美元。我試圖弄清楚其中有多少是鄰近性，有多少是 LoRa，還有多少是其他。 Emeka，也許你可以幫助我們透過一些粗略的方法來解決這個問題。

So the proximity sensing is a number of different companies, Chris. I think Samsung is a big piece of that as well as China. So those 2 are contributing definitely to weakness. There is some excess inventory out there as well. So some of that demand was very strong around COVID timeframe and then came down. So I would say the big piece of it is the proximity sensing. And then if you look at industrial and LoRa, obviously, we're starting to see weakness in the second half from China. Again, China still contributes probably 50% of the revenues for our LoRa-enabled business. So there is definitely some weakness there as well. Some of that is COVID related, and I think maybe we'll get stronger towards the end of the year. But for now, that's also weak.

所以接近感應是由許多不同的公司開發的，克里斯。我認為三星和中國都是其中的重要組成部分。所以這兩個因素肯定會導致弱點。那裡也有一些過剩的庫存。因此，在新冠疫情期間，部分需求非常強勁，然後就下降了。所以我想說其中最重要的部分是接近感應。然後，如果你看看工業和 LoRa，顯然，我們開始看到下半年中國的疲軟。同樣，中國仍然為我們的 LoRa 支援業務貢獻了大約 50% 的收入。所以肯定也存在一些弱點。其中一些與新冠病毒有關，我想也許我們會在今年年底變得更強。但就目前而言，這還很弱。

And then we have some weakness in, as I mentioned on my prepared remarks, on some of the gateway deployments. Obviously, that's lumpy anyway. Infrastructure tends to be a little bit lumpy. As you know, Helium has definitely weakened as well. So there's some elements there. So within Wireless and Sensing, I would say it's proximity sensing and then both Korea and China and then some of the LoRa from China and in Helium gateways.

正如我在準備好的發言中提到的，我們在一些網關部署方面存在一些弱點。顯然，無論如何，這都是凹凸不平的。基礎建設往往有點混亂。如您所知，氦氣也肯定已經減弱。所以那裡有一些元素。因此，在無線和感測領域，我想說的是接近感測，然後是韓國和中國，然後是來自中國和 Helium 網關的一些 LoRa。

Okay. And then my second question is on LoRa. Can you remind us what an ASP is for a LoRa node? And congratulations on all the growing content you have at Amazon, for example. Should we assume the same ASP for that node in Sidewalk considering it's such a big volume or is it more considerably discounted?

好的。我的第二個問題是關於 LoRa 的。您能否提醒我們 LoRa 節點的 ASP 是什麼？例如，恭喜您在亞馬遜擁有的所有不斷增長的內容。考慮 Sidewalk 中的節點數量如此之大，我們是否應該假設該節點的 ASP 相同，還是折扣幅度更大？

Well, you have to separate the gateway deployments. So what goes into an Echo, for example, versus what goes into the end nodes. The end nodes are the sensors that connect to them. So typically, we use a reference point of about $1 for an end node ASP. It could be higher. It could be $2 to $3 or it could be lower depending on volume and what type of -- which device it is. But that's where the opportunity is for LoRa. And that's what we're hoping to see now over the next 3 to 5 years. We have a lot of gateways out there, and now it's all about connecting end devices. But that's where I think that we're going to see the world is going to need LoRa, as we've talked about several times, the value of the lower-power sensing and the connectivity that brings together a complete IoT and sensing network is really the value of LoRa. So to us, that's the real opportunity. But to answer your question, yes, we typically think of an end node in the $1 to $2 range.

那麼，您必須分離網關部署。例如，Echo 中的內容與終端節點中的內容不同。終端節點是連接到它們的感測器。因此，通常我們對端節點 ASP 使用大約 1 美元的參考點。它可能會更高。它可能是 2 到 3 美元，也可能更低，具體取決於數量和設備類型。但這正是 LoRa 的機會所在。這就是我們現在希望在未來 3 到 5 年內看到的情況。我們有很多網關，現在都是為了連接終端設備。但我認為，這就是我們將看到世界需要 LoRa 的地方，正如我們多次討論的那樣，低功耗感測以及將完整的物聯網和感測網路結合在一起的連接的價值是確實體現了LoRa的價值。所以對我們來說，這才是真正的機會。但要回答你的問題，是的，我們通常會想到 1 美元到 2 美元範圍內的終端節點。

And I guess just a follow-up there. Should we think about the content for like an Echo -- the gateway content in an Echo, how should we think about that when compared to the content for -- I would assume it's a more robust gateway for like a Helium hotspot or something like that? How do we broadly think about the content differences in magnitude?

我想這只是後續行動。我們是否應該考慮 Echo 的內容 - Echo 中的網關內容，與內容相比我們應該如何考慮 - 我認為它是一個更強大的網關，例如 Helium 熱點或類似的東西？我們如何廣泛地思考內容差異的大小？

Think about a macro gateway is typically being $10 to $20 of chip content; a picocell gateway typically $5 to $10, something in that range. And obviously, we're not going to speak about specific customer partnerships we have, but in some of our strategic partners, we may have lower ASP in order to try to proliferate the networks.

考慮一下宏網關的晶片內容通常為 10 至 20 美元；微微小區閘道通常為 5 至 10 美元，在這個範圍內。顯然，我們不會談論我們擁有的特定客戶合作夥伴關係，但在我們的一些策略合作夥伴中，我們可能會降低平均售價，以嘗試擴大網路。

Our next question comes from the line of Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler 的對話。

Yes. Actually, my question was just answered. I appreciate the opportunity again.

是的。其實我的問題剛剛得到了解答。我很感激再次有這個機會。

Our next question comes from the line of Scott Searle with ROTH Capital.

我們的下一個問題來自 Scott Searle 與羅斯資本 (ROTH Capital) 的對話。

Mohan, maybe just to follow up on some of the earlier questions. Certainly, consumer smartphone is a big area of the weakness that's going on right now in China and globally. But I'm not sure if I heard a level of inventory -- channel inventory that you think is out there, either distributors or if the customers themselves. I just want to clarify how much of this is inventory channel absorption versus demand. And are you losing share from a design perspective? Because when you look from a macro standpoint, the market being down 5% to 10% or so in terms of units this year. And clearly, you're going through looks like a bigger trough than that. So just trying to figure out that aspect.

莫漢，也許只是為了跟進一些先前的問題。當然，消費智慧型手機是目前中國乃至全球市場薄弱的重要領域。但我不確定我是否聽說過庫存水準——您認為存在的通路庫存，無論是分銷商還是客戶本身。我只是想澄清其中有多少是庫存管道吸收與需求的關係。從設計角度來看，您是否正在失去市場份額？因為從宏觀角度來看，今年市場的單位數量下降了 5% 到 10% 左右。顯然，你正在經歷一個比這更大的低谷。所以只是想弄清楚這方面。

And also on the LoRa front, I'm not sure if you gave an indication of what that looks like sequentially? Will it be sequentially up in the current quarter? Because it sounds like you're still looking for that 40% growth in fiscal '23.

另外，在 LoRa 方面，我不確定您是否按順序說明了情況？本季會季增嗎？因為聽起來您仍在尋求 23 財年 40% 的成長。

Well, let me start with that one, Scott. So I think in the first half of the year, LoRa has grown versus last year I think it's over 70%. So obviously, we couldn't expect that rate to continue. So for the year, we're still projecting 40% growth for LoRa. But in the second half, it will be weaker. And I think part of that is China weakness and then part of that, as I mentioned, is the Helium, a little bit of weakness there as well. So that's what the expectation is for LoRa.

好吧，讓我從那個開始吧，斯科特。所以我認為今年上半年，LoRa 與去年相比成長了 70% 以上。顯然，我們不能指望這個速度會持續下去。因此，今年我們仍預期 LoRa 的成長率為 40%。但到了下半場，就會變弱。我認為部分原因是中國的弱點，還有一部分，正如我所提到的，是氦氣，那裡也有一點弱點。這就是 LoRa 的期望。

We don't believe we're losing share in any of our businesses or any segment. We actually -- if anything, I think we're actually gaining share in some areas. I think the weakness we see today, you mentioned channel inventory is really tied to consumption. So if consumption comes down, obviously, our channel inventory increases because it's not moving from the channel. And so that's what I'm saying as we see that weakness, we have to bring down our expectations. And so once that consumption increases again, that will give us a more positive feeling about guiding more aggressively.

我們不認為我們會失去任何業務或任何細分市場的份額。事實上，如果有的話，我認為我們實際上在某些領域獲得了份額。我認為我們今天看到的疲軟，你提到的通路庫存確實與消費有關。因此，如果消費下降，顯然我們的通路庫存會增加，因為它沒有從通路中轉移。所以這就是我所說的，當我們看到這種弱點時，我們必須降低我們的期望。因此，一旦消費再次增加，我們就會對更積極地指導產生更積極的感覺。

So I think, yes, that's the way we look at it. And if you look at the details behind that, a lot of it is consumer, a lot of it is China. Some of it, as I mentioned, is tied to still China lockdowns and things like that. So I think those will come back. But even the other segments like infrastructure and industrial now are starting to show some signs of weakness. Definitely, the bookings are not as strong as one -- as we've seen over the last few years.

所以我認為，是的，這就是我們看待它的方式。如果你看看背後的細節，很多都是消費者，很多是中國。正如我所提到的，其中一些與中國仍處於封鎖狀態之類的事情有關。所以我認為這些會回來。但即使是基礎設施和工業等其他領域現在也開始顯示出一些疲軟的跡象。毫無疑問，預訂量並不像我們過去幾年所看到的那樣強勁。

Okay. Very helpful. And if I could just from a follow-up perspective. In terms of Sierra Wireless, I'm wondering what you're seeing from your customer base in terms of cross-platform interest, like LoRa and cellular being built into the same solution? And what the general feedback is and interest [level] that you're getting from customers in the early going here.

好的。非常有幫助。如果我可以從後續的角度來看的話。就 Sierra Wireless 而言，我想知道您的客戶群對跨平台興趣有何看法，例如將 LoRa 和蜂窩技術內建到同一解決方案中？以及您在早期從客戶那裡得到的一般回饋和興趣[水平]。

Yes. The Sierra Wireless acquisition has always been a very strategic one, but very tactical in the sense because customers are the ones that really drove the thinking behind it for many reasons. One is the global connectivity aspect of it that immediately you have the ability to connect LoRa sensors and networks to already established global cellular networks that are out there. So that provides network coverage for all IoT use cases. So that's definitely a plus point for customers. You have end-to-end IoT capabilities. So Semtech can go out there and talk about how to connect a sensor to the network, to the cloud, and that's going to be very positive for many customers we're already talking to because they see the ability to reduce energy, reduce cost to get global connectivity and be able to connect their industrial assets to the Internet. So that's definitely a positive.

是的。對 Sierra Wireless 的收購一直是一項非常策略性的收購，但從某種意義上也非常具有戰術性，因為出於多種原因，客戶才是真正推動其背後思考的人。一是它的全球連接方面，您可以立即將 LoRa 感測器和網路連接到已經建立的全球蜂窩網路。這樣就可以為所有物聯網用例提供網路覆蓋。所以這對客戶來說絕對是一個加分點。您擁有端到端的物聯網功能。因此，Semtech 可以出去討論如何將感測器連接到網路、雲，這對於我們已經在交談的許多客戶來說將是非常積極的，因為他們看到了減少能源、降低成本的能力。其工業資產連接到網際網路。所以這絕對是正面的。

And then I think the cloud is the silver lining on this is going to be very, very exciting. But obviously, Sierra's cloud platform is already established. They already have it out there, and us bringing our LoRa cloud capability and connecting the 2 and providing that total solution to customers, is enabling them to really think about new use cases and new ideas of bringing ultra-low power, long range LoRa together with low latency, high-bandwidth capabilities of cellular. And if you think about the use cases, it's -- there's just so many, mobile asset tracking, cold chain, fleet management, public safety, security, smart cities, smart utilities, industrial IoT. All of these use cases will -- and applications will use ultra-low-power sensing with cellular connectivity maybe on the backhaul side. So I think, we just can't wait really to get into the integration, get the deal closed, and then integrate the 2 companies and really start to provide a total solution offering to our customers. It's going to be pretty exciting.

然後我認為雲是這方面的一線希望，這將非常非常令人興奮。但顯然，Sierra的雲端平台已經建立起來。他們已經擁有了它，我們帶來了 LoRa 雲端功能並將兩者連接起來並向客戶提供整體解決方案，使他們能夠真正思考將超低功耗、長距離 LoRa 結合在一起的新用例和新想法具有蜂窩的低延遲、高頻寬功能。如果你考慮一下用例，你會發現有很多，行動資產追蹤、冷鏈、車隊管理、公共安全、保全、智慧城市、智慧公用事業、工業物聯網。所有這些用例都將 - 並且應用程式將使用超低功耗感測以及可能在回程端的蜂窩連接。所以我認為，我們迫不及待地想要真正進入整合，完成交易，然後整合兩家公司，並真正開始為我們的客戶提供整體解決方案。這將會非常令人興奮。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to the management for closing remarks.

我們的問答環節已經結束了。現在我將把電話轉回給管理層以供結束語。

Thank you. In closing, we were very pleased with our record Q2 results. We have demonstrated a commitment to excellence and innovation and have delivered excellent financial performance, despite many headwinds over the last few years. While we are facing some short-term macroeconomic challenges, Semtech is a very resilient company, and I'm confident that we will successfully manage through the current headwinds we face. With that, we appreciate your continued support of Semtech and look forward to updating you all next quarter. Thank you.

謝謝。最後，我們對創紀錄的第二季業績感到非常滿意。儘管過去幾年遇到了許多阻力，但我們仍表現出對卓越和創新的承諾，並實現了出色的財務表現。雖然我們面臨一些短期宏觀經濟挑戰，但 Semtech 是一家非常有彈性的公司，我相信我們將成功應對當前面臨的逆風。在此，我們感謝您對 Semtech 的持續支持，並期待在下個季度為您提供最新資訊。謝謝。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。