Semtech Corp (SMTC) 2023 Q4 法說會逐字稿

Welcome to Semtech Corporation's conference call to discuss the fourth quarter and 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 call is being recorded. (Operator Instructions). I will now turn the call over to Semtech's Vice President of Investor Relations, Anojja Shah. Please begin.

歡迎參加 Semtech Corporation 的電話會議，討論第四季和 2023 財年的財務表現。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，本次電話會議正在錄製中。 （操作員說明）。我現在將把電話轉給 Semtech 投資者關係副總裁 Anojja Shah。請開始。

Thank you, Sherry. A press release announcing our unaudited results was issued after the market closed today and is available on our website at semtech.com. Today's call will include forward-looking statements that include risks and uncertainties and that could cause actual results to differ materially from the results anticipated in these statements. For a more detailed discussion of these 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 SEC.

謝謝你，雪莉。今天收盤後發布了一份新聞稿，宣布我們未經審計的業績，可在我們的網站 semtech.com 上查看。今天的電話會議將包括前瞻性陳述，其中包括風險和不確定性，可能導致實際結果與這些陳述中預期的結果有重大差異。有關這些不確定性的更詳細討論，請查看今天的新聞稿以及我們向 SEC 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。

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. During this call, all references made to financial results in our 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 the detailed reconciliations of such non-GAAP measures to the most comparable GAAP financial measures, is included in today's press release.

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。在本次電話會議中，除非另有說明，否則我們準備的發言中所有提及財務績效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 GAAP 財務指標有用，以及此類非 GAAP 指標與最具可比性的 GAAP 財務指標的詳細調節情況。

Finally, for our prepared remarks today, we will use the phrase Semtech organic to refer to Semtech's stand-alone results before the inclusion of Sierra Wireless. And with that, I'll turn it over to our Chief Financial Officer, and Emeka Chukwu. Emeka?

最後，在我們今天準備好的演講中，我們將使用「Semtech Organic」一詞來指稱 Semtech 在納入 Sierra Wireless 之前的獨立結果。接下來，我會將其交給我們的財務長 Emeka Chukwu。埃梅卡？

Thank you, Anojja. Good afternoon, everyone. In Q4 of fiscal '23, the company delivered net sales of $167.5 million, down 6% sequentially and 12% year-over-year. These results included $15 million of revenue from the Sierra Wireless acquisition we completed on January 12. Fiscal year '23 revenue was a record $741.5 million for organic Semtech and $756.5 million including Sierra Wireless.

謝謝你，阿諾賈。大家下午好。 23 財年第四季，該公司實現淨銷售額 1.675 億美元，季減 6%，年減 12%。這些結果包括我們 1 月 12 日完成的 Sierra Wireless 收購帶來的 1,500 萬美元收入。

For Semtech organic, Q4 shipments into Asia, North America and Europe represented 68%, 13% and 19% of revenue, respectively. While this represents a shift to addresses for our distributors and customers, we estimate that in fiscal year '23, approximately 33% of our shipments were consumed in China, 27% in the Americas, 22% in Europe and the balance over the rest of the world. Our efforts to diversify our revenue geographically are showing signs of success.

對 Semtech Organic 來說，第四季亞洲、北美和歐洲的出貨量分別佔營收的 68%、13% 和 19%。雖然這代表我們的經銷商和客戶的地址發生了轉變，但我們估計，在23 財年，我們的發貨量大約有33% 在中國消耗，27% 在美洲，22% 在歐洲，其餘的則在其他地區消耗。我們在地理上實現收入多元化的努力已顯示出成功的跡象。

We see especially in North America and Europe for Tri-Edge, PON-X and LoRa. On a go-forward basis, we expect the inclusion of Sierra to reduce our exposure to China. In Q4, net sales through distribution represented approximately 78% of revenue for the combined company, while direct represented 22% of net sales. Going forward, we expect to have a more balanced mix due to the addition of Sierra.

我們尤其在北美和歐洲看到 Tri-Edge、PON-X 和 LoRa。展望未來，我們預計 Sierra 的加入將減少我們對中國的曝險。第四季度，透過分銷實現的淨銷售額約佔合併後公司收入的 78%，而直接銷售額佔淨銷售額的 22%。展望未來，由於 Sierra 的加入，我們預計會有一個更平衡的組合。

Looking at our end markets for the Semtech organic business. Our infrastructure end market fell 18% over the prior year and 20% sequentially and represented 37% of total net revenues. Net revenue from the industrial end market declined 18% year-over-year and 15% sequentially and represented 40% of total net revenues. Revenues for high-end consumer decreased 26% over the prior year, but we are up approximately 1% sequentially and represented 23% of total net revenues.

看看我們 Semtech 有機業務的終端市場。我們的基礎設施終端市場較上年下降 18%，較上一季下降 20%，佔總淨收入的 37%。工業終端市場的淨收入年減 18%，季減 15%，佔總淨收入的 40%。高端消費者的收入比上年下降了 26%，但環比增長了約 1%，佔總淨收入的 23%。

Approximately 9% of high-end consumer net revenues was attributable to mobile devices, and approximately 14% was attributable to other consumer systems. Our Semtech organic POS remains balanced with approximately 49%, 29% and 22% of the total POS coming from infrastructure, industrial and high-end consumer end markets, respectively. With the addition of the Sierra Wireless portfolio, we will see a greater mix of IoT revenue, a new segment for us that will include LoRa and less revenue in the consumer end market.

約 9% 的高階消費者淨收入來自行動裝置，約 14% 來自其他消費系統。我們的 Semtech 有機 POS 保持平衡，約 49%、29% 和 22% 分別來自基礎設施、工業和高端消費終端市場。隨著 Sierra Wireless 產品組合的增加，我們將看到更多的物聯網收入組合，這對我們來說是一個新的細分市場，其中將包括 LoRa，而消費終端市場的收入將減少。

Q4 gross margin was 62.3% for the combined company. Q4 gross margin for organic Semtech declined 80 basis points sequentially to 64.7%, driven primarily by a return mix of the high-end consumer end market revenue. In fiscal '23 for organic Semtech, our growth drivers of data center, LoRa-enabled, PON, broad protection, industrial and automotive platforms drove record non-GAAP gross margin of 65.1%, up 180 basis points.

合併後的公司第四季毛利率為 62.3%。有機 Semtech 第四季的毛利率環比下降 80 個基點至 64.7%，這主要是由高端消費者終端市場收入的回報組合推動的。在 23 個有機 Semtech 的財年，我們的資料中心、支援 LoRa、PON、廣泛保護、工業和汽車平台的成長驅動力推動了創紀錄的非 GAAP 毛利率 65.1%，成長了 180 個基點。

With the full quarter of Sierra, we expect our Q1 gross margin to average 48.5% at the midpoint of guidance. For the remainder of the year, we expect to see 100 to 150 basis point improvement in gross margin driven by a higher mix of Semtech organic revenue and achievement of material cost synergies. We expect to achieve our long-term gross margin target of 58% to 63% through: one, sustained growth of data center, 5G wireless base stations, passive optical networks, broad protection, industrial and automotive product platforms; two, accelerated deployment of LoRa endpoint from improved cellular connectivity; and three, growth in annual recurring revenue from Sierra's managed connectivity, software services and LoRa Cloud services.

對於 Sierra 整個季度的情況，我們預計第一季毛利率平均為 48.5%，處於指導中點。在今年剩餘時間裡，我們預計，由於 Semtech 有機收入和材料成本協同效應的實現，毛利率將提高 100 至 150 個基點。我們預計透過以下方式實現58%至63%的長期毛利率目標：一是資料中心、5G無線基地台、被動光網路、廣泛的防護、工業和汽車產品平台的持續成長；二、透過改進的蜂窩連接加速 LoRa 端點的部署；第三，來自 Sierra 託管連接、軟體服務和 LoRa 雲端服務的年度經常性收入成長。

We are successfully managing our operating expenses in this challenging revenue environment. Q4 combined operating expenses was $67 million. In Q4, operating expenses for Semtech organic were down 13% sequentially to $59 million, driven by a reduction in headcount and other variable compensation. In Q1 fiscal '24, we expect operating expenses of approximately $99 million at the midpoint of guidance, reflecting a full quarter of Sierra and the customary increase in compensation expense is typical at the start of the new year.

在這個充滿挑戰的收入環境中，我們成功地管理了我們的營運費用。第四季合併營運費用為 6,700 萬美元。第四季度，由於員工人數和其他可變薪酬的減少，Semtech 有機營運費用較上季下降 13% 至 5,900 萬美元。在 24 年第一財季，我們預計營運支出約為 9,900 萬美元（按指導中點計算），反映了 Sierra 的整個季度，並且在新年伊始，補償支出通常會增加。

We now expect to achieve about $50 million of annualized operating expense synergies by the end of the fiscal year. As a result, for the remainder of the year, we expect operating expenses to be flat to slightly down on a sequential basis, reflecting the achievement of the expected synergies. Fiscal year '23 operating profit was a record $210.7 million for the combined company. Semtech organic delivered a record operating profit of $212.7 million, up 5% versus the prior year, with minimal revenue growth due to gross margin expansion and controlled expenses.

我們現在預計到本財年末將實現約 5,000 萬美元的年度營運費用綜效。因此，在今年剩餘時間內，我們預計營運費用將環比持平或略有下降，反映了預期綜效的實現。合併後的公司 23 財年營業利潤達到創紀錄的 2.107 億美元。 Semtech Organic 實現創紀錄的營業利潤 2.127 億美元，比上年增長 5%，但由於毛利率擴張和控制費用，收入增長微乎其微。

While fiscal year '24 demand is starting off weak, we still expect that with the anticipated second half recovery, the Sierra acquisition will be accretive to our fiscal year '24 earnings. In addition, over time, as the current business climate improves and we execute on the vision behind the Sierra acquisition of driving LoRa endpoint proliferation, we expect to achieve our long-term operating margin target of 32% to 36%.

雖然 24 財年的需求開始疲軟，但我們仍然預計，隨著下半年的預期復甦，收購 Sierra 將增加我們 24 財年的收益。此外，隨著時間的推移，隨著當前商業環境的改善以及我們執行收購 Sierra 背後推動 LoRa 端點擴散的願景，我們預計將實現 32% 至 36% 的長期營運利潤率目標。

Our fiscal '23 non-GAAP normalized tax rate is 12%, and we expect it to remain the same in fiscal '24. In fiscal '23, cash flow from operations for the combined company was $127 million or 17% of revenue compared to the $203 million in the prior year. The decline was primarily due to the expenses associated with the acquisition of Sierra. For fiscal '24, we expect cash flow from operations to be pressured by transaction and acquisition-related expenses and lower profits due to the weak demand environment.

我們的 23 財年非 GAAP 標準化稅率為 12%，我們預計 24 財年將維持不變。 23 財年，合併後公司的營運現金流為 1.27 億美元，佔營收的 17%，而前一年為 2.03 億美元。下降的主要原因是收購 Sierra 的相關費用。對於 24 財年，我們預計營運現金流將受到交易和收購相關費用以及需求環境疲軟導致利潤下降的壓力。

Our debt at the end of fiscal '23 was $1.3 billion or 3.4x leverage on a net basis. We expect to see an increase in net leverage as we navigate through this softer demand environment. We proactively negotiated an amendment to our credit agreement to get some relaxation to our leverage ratio and interest expense coverage ratio covenants. The weighted average interest rate is currently approximately 5.64%.

截至 23 財年末，我們的債務為 13 億美元，淨槓桿率為 3.4 倍。當我們應對需求疲軟的環境時，我們預期淨槓桿率將會上升。我們積極協商修改信貸協議，以放寬我們的槓桿率和利息費用覆蓋率契約。目前加權平均利率約為5.64%。

As we have said before, the main priority for free cash flow will be to pay down debt. In summary, fiscal year '23 has been a year of significant change for Semtech. We delivered record revenue and operating income and closed on the largest acquisition in our history. While fiscal year '24, we have these challenges, I'm very excited about the opportunities at Semtech at this moment in our history.

正如我們之前所說，自由現金流的首要任務將是償還債務。總之，23 財年對 Semtech 來說是發生重大變化的一年。我們創造了創紀錄的收入和營業收入，並完成了我們歷史上最大的收購。雖然我們在 24 財年面臨這些挑戰，但我對 Semtech 在我們歷史上的這個時刻所面臨的機會感到非常興奮。

Let me summarize what I see now. One -- first, we expect to see our growth drivers of data center, PON, 5G wireless regain their growth momentum as the business environment normalizes, but more importantly, become more regionally balanced as we see revenue run for these products in North America later this year; second, Sierra's cellular capabilities, combined with our high-margin LoRa and LoRa Cloud technology, we open up new market opportunities for both technologies, driving increased revenues, gross and operating margins for the company; and finally, once we have executed on our synergies and portfolio review, we expect that in fiscal year '25, we will start seeing much improved margin expansion and EPS growth. I will now hand the call over to Mohan.

讓我總結一下我現在看到的情況。首先，隨著商業環境的正常化，我們預計資料中心、PON、5G無線的成長動力將恢復成長勢頭，但更重要的是，隨著我們稍後看到這些產品在北美的收入運行，區域將變得更加平衡今年;其次，Sierra 的蜂窩功能與我們的高利潤 LoRa 和 LoRa Cloud 技術相結合，為這兩種技術開闢了新的市場機會，推動公司收入、毛利率和營業利潤的增加；最後，一旦我們執行了協同效應和投資組合審查，我們預計在 25 財年，我們將開始看到利潤率擴張和每股盈餘成長大幅改善。我現在將電話轉交給莫漢。

Thank you, Emeka. Good afternoon, everyone. I'd like to briefly comment on my intention to retire from Semtech. The last 17 years have been an incredible journey for me, and I'm very proud of the growth and transformation of Semtech and our many accomplishments during this time. As we approach the next phase of growth, this is the right time to appoint the next leader of this highly innovative technology company.

謝謝你，艾梅卡。大家下午好。我想簡單談談我從 Semtech 退休的打算。過去 17 年對我來說是一段不可思議的旅程，我對 Semtech 的成長和轉型以及我們在這段時間取得的許多成就感到非常自豪。當我們接近下一階段的成長時，現在是任命這家高度創新的科技公司的下一任領導者的最佳時機。

To ensure a smooth transition, I am committed to staying involved until a new CEO is appointed and will continue to be an adviser for a period of time as needed. On January 12, we closed the acquisition of Sierra Wireless. This was the largest and most strategic acquisition in Semtech's history. Our Q4 FY '23 and FY '23 numbers include 18 days of Sierra Wireless. I will now discuss our Q4 fiscal year '23 performance by product group, our fiscal year '23 performance and then provide our outlook for Q1 of fiscal year '24.

為了確保平穩過渡，我致力於繼續參與，直到任命新首席執行官，並將根據需要繼續擔任一段時間的顧問。 1 月 12 日，我們完成了對 Sierra Wireless 的收購。這是 Semtech 史上規模最大、最具策略性的收購。我們的 23 財年第 4 季和 23 財年數字包括 Sierra Wireless 的 18 天。我現在將按產品組討論我們 '23 財年第四季度的業績、我們 '23 財年的業績，然後提供我們對 '24 財年第一季的展望。

In Q4 of fiscal year '23, net revenues were $167.5 million, organic Semtech contributed $152.5 million, slightly above the midpoint of our guidance. In Q4, organic Semtech posted non-GAAP gross margin of 64.7% and non-GAAP earnings per diluted share of $0.50. For the combined company, non-GAAP EPS was $0.47 per share. In Q4 of FY '23, our Signal Integrity Product Group revenue was down 21% sequentially and represented 36% of total revenues. The decline was driven mostly by the economic slowdown in China and excess inventory as customer consumption declined.

在 23 財年第四季度，淨收入為 1.675 億美元，有機 Semtech 貢獻了 1.525 億美元，略高於我們指引的中點。第四季度，有機 Semtech 公佈的非 GAAP 毛利率為 64.7%，非 GAAP 攤薄後每股收益為 0.50 美元。合併後公司的非 GAAP 每股收益為 0.47 美元。 23 財年第四季度，我們的訊號完整性產品組營收季減 21%，佔總營收的 36%。下降的主要原因是中國經濟放緩以及客戶消費下降導致庫存過剩。

We saw reduced demand from all our infrastructure segments across all geographies with China data center and China wireless base station being particularly weak. Despite the softer demand, we continue to see new design in activity for our Tri-Edge and copper edge platforms in both optical modules and active copper cables. As we mentioned last quarter, Tri-Edge has been selected by a major North American hyperscaler in a new, high-volume multiyear program to enable lower power lower latency and lower cost interconnects within their data centers.

我們發現所有地區的所有基礎設施部門的需求均有所減少，其中中國資料中心和中國無線基地台尤其疲軟。儘管需求疲軟，但我們繼續看到光模組和有源銅纜的三邊緣和銅邊緣平台的新設計正在投入使用。正如我們上季度所提到的，Tri-Edge 已被北美一家大型超大規模企業選中，參與一項新的大量多年計劃，以在其資料中心內實現更低功耗、更低延遲和更低成本互連。

This is our first major North American hyperscaler Tri-Edge win, and qualifications are progressing well. And we expect production ramps to begin in the second half of FY '24. The benefits of Tri-Edge align well with the long-term goals of hyperscalers, focused on lowering the power and cost of interconnects within their data centers. At the Optical Fiber Conference earlier this month, we demonstrated a 200-gig per lane optical transmission link, enabled by Semtech's latest FiberEdge 200-gig PAM4 platform and Broadcom's latest DSP platform.

這是我們第一次在北美大型超大規模企業 Tri-Edge 比賽中獲勝，資格賽進展順利。我們預計產量將在 24 財年下半年開始增加。 Tri-Edge 的優勢與超大規模企業的長期目標非常契合，重點在於降低資料中心內互連的功耗和成本。在本月稍早的光纖會議上，我們展示了由 Semtech 最新的 FiberEdge 200-gig PAM4 平台和 Broadcom 最新的 DSP 平台實現的每通道 200-gig 光傳輸鏈路。

We remain confident that our full portfolio of data center platforms, including ClearEdge and Tri-Edge CDRs, FiberEdge PMDs and copper edge re-drivers will enable us to rapidly grow our hyperscale data center business nicely over the next several years. While we saw a sequential decline in our overall PON business in Q4, our 10-gig PON business reached a new quarterly revenue record. Our PON business continues to grow outside of China, and we remain confident our PON business will grow over the next several years as global demand for higher access bandwidth drives an increase in global PON deployments.

我們仍然相信，我們的完整資料中心平台產品組合（包括 ClearEdge 和 Tri-Edge CDR、FiberEdge PMD 和銅邊轉接驅動器）將使我們能夠在未來幾年內快速發展我們的超大規模資料中心業務。儘管我們第四季的整體 PON 業務連續下滑，但我們的 10G PON 業務創下了新的季度營收記錄。我們的 PON 業務在中國境外持續成長，我們仍然相信，隨著全球對更高存取頻寬的需求推動全球 PON 部署的增加，我們的 PON 業務將在未來幾年內成長。

At OFC, we demonstrated both a 25-gig and 50-gig PON system and our sampling products for both systems now. Revenue from our wireless base station business was down in Q4, both on a sequential and year-over-year basis. Again, despite the current softness, we have numerous 5G base station design-ins with both our ClearEdge and Tri-Edge platforms, and we expect continued adoption of both platforms in fronthaul optical modules throughout FY '24 and beyond as 5G deployments accelerate.

在 OFC，我們展示了 25 GB 和 50 GB PON 系統以及我們現在針對這兩個系統的樣品產品。第四季我們的無線基地台業務收入較上季和年比均有所下降。同樣，儘管目前情況疲軟，但我們已經透過ClearEdge 和Tri-Edge 平台進行了大量5G 基地台設計，並且隨著5G 部署的加速，我們預計在整個24 財年及以後，這兩個平台將繼續在前傳光學模組中採用。

We recently announced several new innovative products that extend our leadership position in PMD and CDR platforms targeted at the data center, wireless base station and PON segments. These new products provide our customers with a lower power, low cost and low latency needed for advanced infrastructure applications. While our Signal Integrity Product bookings improved sequentially, the weak macro environment, particularly in China, is resulting in lower infrastructure demand in Q1 across all subsegments. As a result, we expect our Signal Integrity Product Group revenues to be down significantly in Q1 of fiscal year '24.

我們最近發布了幾款新的創新產品，這些產品擴大了我們在針對資料中心、無線基地台和 PON 領域的 PMD 和 CDR 平台方面的領導地位。這些新產品為我們的客戶提供了高級基礎設施應用所需的更低功耗、低成本和低延遲。雖然我們的訊號完整性產品預訂量連續改善，但疲軟的宏觀環境（尤其是中國）導致第一季所有細分市場的基礎設施需求下降。因此，我們預計 24 財年第一季訊號完整性產品組的營收將大幅下降。

Moving on to our Advanced Protection and Sensing Product Group. In Q4, we merged our proximity Sensing Product Group into our Protection Product Group and created a new Advanced Protection and Sensing Product Group. We made this shift to align our system protection and sensing road maps for our high-end consumer customers.

繼續我們的高級保護和感測產品組。在第四季度，我們將接近感測產品組合併到保護產品組，並創建了一個新的高級保護和感測產品組。我們做出這項轉變是為了為高端消費者客戶調整我們的系統保護和感測路線圖。

Q4 net revenue from our Advanced Protection and Sensing Product Group decreased 6% sequentially and 32% annually and represented 29% of total revenues. The decline was due to ongoing weakness from the consumer segment, including from smartphones, wearables and PCs. Consumer demand for both China and Korea remains extremely soft. We continue to diversify our Advanced Protection and Sensing Business into the broader industrial telecommunications and automotive sectors, which we call ITA, where we see relative stability with modest growth from the automotive market.

我們的高級保護和感測產品組在第四季度的淨收入環比下降 6%，年減 32%，佔總收入的 29%。下降的原因是消費領域持續疲軟，包括智慧型手機、穿戴式裝置和個人電腦。中國和韓國的消費者需求仍然極為疲軟。我們繼續將高級保護和感測業務多元化，進入更廣泛的工業電信和汽車領域（我們稱之為 ITA），我們看到汽車市場相對穩定且成長緩慢。

In addition, our increasing design wins for USB-C protection across all end markets, position our protection business for growth as USB-C becomes the high-speed interface of choice across the high-end consumer and ITA segments. In Q4, new SAR regulations were finally passed in China, increasing the market opportunity for our proximity sensing portfolio as smartphone customers will now need to integrate proximity sensing functions into their phones being sold into China.

此外，隨著 USB-C 成為高端消費者和 ITA 細分市場的首選高速接口，我們在所有終端市場上的 USB-C 保護設計不斷取得勝利，使我們的保護業務實現增長。第四季度，中國終於通過了新的 SAR 法規，增加了我們的接近感測產品組合的市場機會，因為智慧型手機客戶現在需要將接近感測功能整合到銷往中國的手機中。

We expect both our protection and sensing businesses to rebound as the overall consumer market improves in the second half of fiscal year '24. However, our consumer demand currently remains very weak and inventory levels remain high. As a result, we expect our Advanced Protection and Sensing Business to be down significantly in Q1. Turning to our IoT product group.

我們預計，隨著 24 財年下半年整體消費市場的改善，我們的保護和感測業務都會反彈。然而，我們的消費需求目前仍然非常疲軟，庫存水準仍然很高。因此，我們預計第一季我們的高級保護和感測業務將大幅下降。轉向我們的物聯網產品組。

Our newly formed IoT product group has 2 sub business groups. The first business is the IoT system product, which is made up of Semtech's LoRa-enabled business, Sierra's IoT module business and Sierra's IoT router business. This business also includes the Sierra broadband module business. The second business is our new IoT connected services business, which includes Sierra's managed connectivity services business and Semtech's LoRa Cloud services business.

我們新成立的物聯網產品組有2個子業務組。第一個業務是物聯網系統產品，由Semtech的LoRa業務、Sierra的物聯網模組業務和Sierra的物聯網路由器業務組成。該業務還包括Sierra寬頻模組業務。第二項業務是我們新的物聯網連接服務業務，其中包括 Sierra 的託管連接服務業務和 Semtech 的 LoRa 雲端服務業務。

This services business is a recurring revenue business. In Q4, total IoT revenues were $58.8 million, 18% higher sequentially and 34% higher on an annual basis and represented 35% of total Semtech revenues. Our IoT revenues included approximately $15 million of Sierra Wireless revenue. In Q4, our LoRa-enabled revenues were down 12% sequentially and flat over the previous year due to softer demand from China and a significant drop in Helium revenues. We do not expect any more material revenues from Helium.

該服務業務為經常性收入業務。第四季度，物聯網總營收為 5,880 萬美元，季增 18%，年增 34%，佔 Semtech 總營收的 35%。我們的物聯網收入包括約 1500 萬美元的 Sierra Wireless 收入。第四季度，由於中國需求疲軟以及 Helium 營收大幅下降，我們支持 LoRa 的營收季減 12%，與前一年持平。我們預期氦氣不會帶來更多物質收入。

The adoption of LoRa continues to grow across many IoT use cases globally, especially in North America and Europe where we are starting to see larger LPWAN deployments. Some of the most recent more exciting announcements include Italgas in Italy issued an RFP for 7.6 million LoRaWAN gas meters, and we're seeing similar requests for LoRaWAN-based systems in utility tenders all over the world. The Things Network Industries announced it has achieved 1 million connected LoRa WAN devices.

LoRa 在全球許多物聯網用例中的採用持續成長，特別是在北美和歐洲，我們開始看到更大規模的 LPWAN 部署。最近一些更令人興奮的公告包括義大利的 Italgas 發布了 760 萬台 LoRaWAN 瓦斯表的 RFP，我們在世界各地的公用事業招標中看到了對基於 LoRaWAN 的系統的類似請求。 The Things Network Industries 宣布已實現 100 萬台 LoRa WAN 設備互聯。

The LoRa Alliance announced it has now certified 620 LoRaWAN devices. Yesterday, Amazon announced that they are expanding their commitment to LoRa with the opening of the Amazon Sidewalk network to device makers and developers with new tools and new AWS services for both LoRa and LoRaWAN developers to make it easier to deploy. LoRa technology plays a critical role in enabling long-range community coverage with Amazon Sidewalk, which now covers approximately 90% of the U.S. population.

LoRa 聯盟宣布現已認證 620 個 LoRaWAN 設備。昨天，亞馬遜宣布，他們正在擴大對 LoRa 的承諾，向設備製造商和開發人員開放 Amazon Sidewalk 網絡，為 LoRa 和 LoRaWAN 開發人員提供新工具和新 AWS 服務，使其更容易部署。 LoRa 技術在 Amazon Sidewalk 實現遠端社區覆蓋方面發揮關鍵作用，目前 Amazon Sidewalk 覆蓋了約 90% 的美國人口。

We announced the first third-party products based on Amazon Sidewalk from Browan, Deviceroy, Meshify and New Cosmos are now available. Additionally, we have partnered with other industry leaders on development kits and modules based on Semtech's LoRa technology that will enable device makers and developers to rapidly create new Amazon Sidewalk devices. And finally, Frost & Sullivan recognized Semtech as the 2022 Global Company of the Year for innovative IoT hardware based on the progress of LoRa.

我們宣布，Browan、Deviceroy、Meshify 和 New Cosmos 的首款基於 Amazon Sidewalk 的第三方產品現已推出。此外，我們還與其他行業領導者合作開發基於 Semtech LoRa 技術的開發套件和模組，使設備製造商和開發人員能夠快速創建新的 Amazon Sidewalk 設備。最後，Frost & Sullivan 將 Semtech 評為 2022 年基於 LoRa 進展的創新物聯網硬體年度全球公司。

We are now in the process of integrating Sierra Wireless into Semtech so we can execute on our vision of transforming the entire low-power IoT industry by bringing together the ultra-low power and long-range connectivity benefits of LoRa technology, together with the low latency, high-bandwidth network connectivity benefits of cellular technology. The combination of LoRa and cellular technology is a highly strategic opportunity that positions Semtech as the clear leader in the fast-growing ultra-low power IoT market.

我們現在正在將 Sierra Wireless 整合到 Semtech 中，這樣我們就可以透過將 LoRa 技術的超低功耗和遠端連接優勢與低功耗技術相結合，實現改變整個低功耗物聯網產業的願景。的延遲、高頻寬網路連線優勢。 LoRa 和蜂窩技術的結合是一個高度策略性的機遇，使 Semtech 成為快速成長的超低功耗物聯網市場中明顯的領導者。

Our goal is to enable IoT deployment simplification through end-to-end connectivity, deliver disruptive edge AI networks and deliver a unique cloud-based sensing as a service capability that helps customers accelerate their digital transition to the Internet of Everything. Our teams are unified under our new IoT leadership, and we are currently reviewing our product portfolio to prioritize investments and identify nonstrategic assets.

我們的目標是透過端到端連接簡化物聯網部署，提供顛覆性的邊緣人工智慧網絡，並提供獨特的基於雲端的感測即服務功能，幫助客戶加速向萬物互聯的數位轉型。我們的團隊在新的物聯網領導下團結一致，目前正在審查我們的產品組合，以確定投資的優先順序並確定非戰略資產。

Now let me comment on our fiscal year 2023 performance. In fiscal year '23, organic Semtech net revenues achieved a record $742 million. Including Sierra Wireless, revenues were $757 million. We achieved this record revenue amidst significant macroeconomic headwinds, ongoing geopolitical challenges in China, COVID lockdowns in China, the war in Ukraine and softness in the global consumer market. In FY '23, organic Semtech also achieved record gross margins of 65.1%, record operating income of $213 million and record EPS of $2.80.

現在讓我來評論一下我們 2023 財年的表現。在 23 財年，有機 Semtech 淨收入達到創紀錄的 7.42 億美元。包括 Sierra Wireless 在內，收入為 7.57 億美元。我們在宏觀經濟面臨重大阻力、中國持續的地緣政治挑戰、中國的新冠疫情封鎖、烏克蘭戰爭以及全球消費市場疲軟的情況下實現了這項創紀錄的收入。 23 財年，organic Semtech 也實現了創紀錄的毛利率 65.1%、創紀錄的營業收入 2.13 億美元和創紀錄的每股收益 2.80 美元。

In FY '23, our SIP product group grew 4% annually and achieved record revenues of $304 million driven by record PON revenues of $142 million, which grew 58% annually and record 5G revenues of $11 million, which grew 18% annually. In FY '23, our Protection Products business declined 8% over the prior year. However, the broader ITA protection business achieved record revenues of $80 million and grew approximately 9% year-over-year. In FY '23, our organic Wireless and Sensing business grew 40% to achieve a record $200 million. Our LoRa-enabled revenues also grew 40% for the year to achieve a record $187 million.

23 財年，我們的SIP 產品組每年增長4%，並在PON 收入創紀錄的1.42 億美元（每年增長58%）和5G 收入創紀錄的1100 萬美元（每年增長18%）的推動下，實現了創紀錄的3.04 億美元的收入。 23 財年，我們的防護產品業務比前一年下降了 8%。然而，更廣泛的 ITA 保護業務實現了創紀錄的 8,000 萬美元收入，年增約 9%。 23 財年，我們的無線和感測業務成長了 40%，達到創紀錄的 2 億美元。我們支持 LoRa 的營收今年也成長了 40%，達到創紀錄的 1.87 億美元。

In FY '23, our LoRa business continued to make solid progress on the growth metrics we have established. These metrics included the number of LoRaWAN network operators, which grew to 181 at the end of FY '23 from 166 in FY '22. LoRa endpoints reached approximately 300 million connected devices in FY '23, up from 240 million in FY '22. The number of LoRa gateways deployed increased 84% from 3.2 million at the end of FY '22 to 5.9 million at the end of FY '23. We are delighted with the large increase in gateways deployed globally as this LoRa infrastructure is critical to enable the broad range of industry use cases that are emerging.

23 財年，我們的 LoRa 業務在我們既定的成長指標上持續取得紮實進展。這些指標包括 LoRaWAN 網路營運商的數量，從 22 財年的 166 家增加到 23 財年末的 181 家。 23 財年，LoRa 端點連接設備數量約 3 億，高於 22 財年的 2.4 億。部署的 LoRa 閘道數量從 22 財年末的 320 萬個增加到 23 財年末的 590 萬個，成長了 84%。我們對全球部署的網關數量大幅增加感到高興，因為 LoRa 基礎設施對於支援新興的廣泛產業用例至關重要。

With continued network expansion globally, we expect end node deployments to accelerate rapidly over the next 3 to 5 years, growing from the 300 million end devices deployed with LoRa today. Once we have completed the integration of Sierra, we will be establishing a new set of IoT metrics that represent the new IoT vision and strategy that is now in place. Now let me discuss our outlook for the first quarter of fiscal year '24.

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 到 5 年內迅速加速，從目前部署 LoRa 的終端設備數量達到 3 億個。一旦我們完成了 Sierra 的集成，我們將建立一套新的物聯網指標，代表現已實施的新物聯網願景和策略。現在讓我討論一下我們對 24 財年第一季的展望。

The organic Semtech demand remains very weak due mostly to a weak China and consumer demand. In addition, the Sierra Wireless demand, which is typically seasonally weaker in Q1 is also being negatively impacted by the overall macro weakness in North America and Europe, resulting in both pushouts and some cancellations. As a result, we are currently estimating Q1 net revenues to be between $230 million and $240 million. The midpoint of $235 million includes projected revenues of approximately $135 million from Sierra Wireless and approximately $100 million from organic Semtech.

有機 Semtech 需求仍然非常疲軟，主要是因為中國和消費者需求疲軟。此外，塞亞無線 (Sierra Wireless) 的需求在第一季通常季節性疲軟，也受到北美和歐洲整體宏觀疲軟的負面影響，導致訂單延遲和部分訂單取消。因此，我們目前估計第一季淨收入在 2.3 億美元至 2.4 億美元之間。 2.35 億美元的中位數包括來自 Sierra Wireless 的約 1.35 億美元的預計收入和來自有機 Semtech 的約 1 億美元的預計收入。

To attain the midpoint of our guidance range, or approximately $235 million, we needed 16% turns orders at the beginning of Q1. We expect our Q1 non-GAAP earnings to be between negative $0.11 and negative $0.04 per diluted share. I will now hand the call back to the operator, and Emeka and I will be happy to answer any questions. Operator?

為了達到我們指引範圍的中點，約 2.35 億美元，我們需要在第一季初將訂單轉向 16%。我們預計第一季非 GAAP 稀釋每股盈餘將在負 0.11 美元至負 0.04 美元之間。我現在將把電話轉給接線員，我和艾梅卡將很樂意回答任何問題。操作員？

(Operator Instructions) Our first question is from Scott Searle with ROTH MKM.

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

Mohan, congratulations and best of luck as -- I know you're not going off to retirement tomorrow, but best of luck as you start to look down that road. Maybe just to dive in quickly on the last comment of Semtech organic being about $100 million in the April quarter. I was wondering if you could dig into that a little bit more deeply. I know you went into the specific product categories.

莫漢，恭喜你，祝你好運——我知道你明天不會退休，但當你開始考慮這條路時，祝你好運。也許只是為了快速了解 Semtech 有機產品在 4 月季度約為 1 億美元的最新評論。我想知道你是否可以更深入地研究一下。我知道您進入了特定的產品類別。

But how much is inventory related? What sort of a recovery should we be expecting as we go into the July and beyond quarters? And also as well, if I could, for Emeka, on the OpEx front, it sounds like you've talked about deal synergies now moving from $40 million to $50 million. I wanted to clarify in terms of the OpEx of around $99 million to $100 million in the April quarter, if that's where we should be modeling taking out that $10 million to $12 million as we get through those integrations?

但有多少與庫存相關呢？當我們進入 7 月及以後的季度時，我們應該期待什麼樣的復甦？另外，如果可以的話，對於 Emeka，在營運支出方面，聽起來您已經談到了交易協同效應現在從 4000 萬美元增加到 5000 萬美元。我想澄清一下，四月份季度的營運支出約為 9,900 萬至 1 億美元，我們是否應該在進行這些整合時建模，取出 1,000 萬至 1,200 萬美元？

Yes. So let me start with the Q1 guidance comment question, Scott. So across our different product areas, we are seeing weakness. Obviously, I mentioned China and consumer are probably the 2 greatest areas. And all of our businesses are going to be down on an annual basis, something between 40% and 50%, I would say. And so it's pretty broad. It's not one specific area, but I would say consumer in China are definitely impacting us in a big way.

是的。史考特，讓我從第一季指導意見問題開始。因此，在我們的不同產品領域，我們都看到了弱點。顯然，我提到中國和消費者可能是兩個最大的領域。我想說，我們所有的業務每年都會下降 40% 到 50% 之間。所以它的範圍相當廣泛。這不是一個特定領域，但我想說中國的消費者肯定對我們產生了很大的影響。

We have, in LoRa, a specific issue also with Helium, which has also come down. So there's some specific things there. But largely, I would say, it's on the whole, it's pretty broad. We do think we're near the bottom. I think that's important to understand is that what we are seeing now is bookings starting to get a little bit better. The customer's consuming -- indicating that consumption is going to start to increase that. We haven't really seen that yet.

在 LoRa 中，我們也遇到了 Helium 的具體問題，也已解決。所以那裡有一些具體的事情。但我想說的是，總的來說，它的範圍相當廣泛。我們確實認為我們已接近底部。我認為重要的是要理解，我們現在看到的預訂量開始有所改善。顧客正在消費——顯示消費將開始增加。我們還沒有真正看到這一點。

But I think that that's our expectation as we get into the second half. And that is really going to be the key. Obviously, as demand comes down, inventory is the issue. And I think we're seeing inventory across the consumer markets and the infrastructure markets now. So until that inventory is absorbed, the market will be solved. So we're expecting the first half to be fairly weak.

但我認為這是我們進入下半場時的期望。這確實是關鍵。顯然，隨著需求下降，庫存成為一個問題。我認為我們現在看到消費市場和基礎設施市場的庫存。因此，在庫存被吸收之前，市場將得到解決。因此，我們預計上半年將相當疲軟。

Yes. And Scott, on the OpEx, the $99 million that we guided toward the midpoint already factors in the synergies that we have achieved. The team has actually done a very good job of integration so far. We've been able to drive a lot of the identified synergies. At this point, I'll probably estimate that about 80% of the identified synergies have already been achieved and baked into the numbers. And the expectation is that by Q3, that we probably would achieve 100% of the $50 million target that we have provided.

是的。 Scott 表示，在營運支出方面，我們指導的 9,900 萬美元已經達到了中點，這已經考慮到了我們已經實現的協同效應。到目前為止，團隊實際上已經完成了非常好的整合工作。我們已經能夠推動許多已確定的協同效應。此時，我可能會估計約 80% 的已確定協同效應已經實現並已計入數字中。預計到第三季度，我們可能會 100% 實現我們所提供的 5000 萬美元目標。

Got you. And one last one, if I could, Mohan, on Sierra Wireless, it seems like they're actually performing pretty well if you're guiding to $135 million in the current quarter. There had been some channel inventory out there, I think, on the module front. But it doesn't seem like it's that onerous at this point. So I'm wondering, as you start to look into the back half, where Sierra Wireless was peaking at $160 million to $180 million a quarter, is that something that's achievable as we look out to the end of this calendar year or early next year?

明白你了。最後一個，如果可以的話，Mohan，關於 Sierra Wireless，如果您指導本季達到 1.35 億美元，那麼他們實際上表現得相當不錯。我認為，在模組方面存在一些渠道庫存。但目前看來並沒有那麼繁重。所以我想知道，當你開始觀察下半年時，Sierra Wireless 每季度達到 1.6 億至 1.8 億美元的峰值，我們展望今年年底或明年初是否可以實現這一目標？

Yes. I think so, Scott, it's difficult. Even the Sierra business is down. Obviously, I mentioned on the -- in my commentary that Q1 is seasonally down for them. So -- but we are seeing a little bit more weakness than we'd expect. And then some pushouts and some cancellations as I mentioned. So even their business is down on a kind of 20%-ish on an annual basis. So not as bad as the Semtech business, but still down. And their business is primarily North America and Europe.

是的。我想是的，斯科特，這很難。就連塞拉的生意也陷入了低迷。顯然，我在評論中提到，第一季對他們來說是季節性下降的。所以——但我們看到的疲軟程度比我們預期的要多一些。然後，正如我所提到的，一些推出和取消。因此，即使他們的業務每年也下降 20% 左右。因此，雖然沒有 Semtech 業務那麼糟糕，但仍然處於下滑狀態。他們的業務主要是北美和歐洲。

So -- but yes, I think we are still expecting the second half to be stronger across all segments. There's no indication of that in terms of hard bookings yet. But given where some of these markets have been soft for some time now, especially consumer. And if you look at China, one would expect them to come back for sure. And then I think some of these other regional segments and -- like North America and Europe infrastructure, I think should at least -- we should start to see some improvements in the second half.

所以，但是，是的，我認為我們仍然預計下半年所有細分市場都會更加強勁。目前還沒有硬預訂方面的跡象。但考慮到其中一些市場已經疲軟了一段時間，尤其是消費者市場。如果你看看中國，人們一定會期望他們回來。然後我認為其他一些區域部分——比如北美和歐洲的基礎設施，我認為至少應該——我們應該在下半年開始看到一些改善。

Our next question is from Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley。

Mohan, I'll echo the congratulations on your transition into a new phase. It's been a tremendous pleasure working with you over the years. I wanted to follow up with a point that Scott asked about. Just digging in more to the Semtech side of the revenue guidance. If I look at the $100 million and look back in my model, it seems like we're at revenue levels that we would not have seen since the fiscal '11 time frame when the portfolio was a lot different and really didn't have the Signal Integrity contribution that it does now.

莫漢，我也祝賀你進入新階段。多年來與您合作非常愉快。我想跟進斯科特詢問的一個問題。只是深入研究 Semtech 收入指引方面的內容。如果我看看這 1 億美元並回顧我的模型，我們似乎正處於自 11 財年時間框架以來從未見過的收入水平，當時的投資組合有很大不同，並且確實沒有它現在所做的訊號完整性貢獻。

So with that as the context for the question, the question is really this, to what extent do you feel like you're under shipping normalized demand to work through excess inventory? And how long would you expect that under shipment period to last because it does seem to be quite acute here in the current quarter?

因此，以此作為問題的背景，問題實際上是這樣的，您在多大程度上認為您正在滿足正常的運輸需求以解決庫存過剩問題？您預計出貨不足期會持續多久，因為本季的出貨不足期似乎相當嚴重？

Yes, I would say probably 2 quarters, Craig. As I mentioned, obviously, if you look at FY '23 and take our Signal Integrity Product business, as an example of that, it was a record $300 million, right? So when we now look at the current run rate and how fast it's come down, we're on a [160] kind of run rate. So it's definitely come down significantly. And I would suggest most of that is inventory, and some of that is related to China.

是的，我想說大概是兩個季度，克雷格。正如我所提到的，顯然，如果你看看 23 財年並以我們的訊號完整性產品業務為例，它是創紀錄的 3 億美元，對嗎？因此，當我們現在查看當前的運行速率及其下降速度時，我們處於 [160] 類型的運行速率。所以它肯定會顯著下降。我認為其中大部分是庫存，其中一些與中國有關。

And as I mentioned, we are expecting in the second half, some ramps and some specific drivers to bring that back. But it's across the board. Our consumer business is similarly down. Our industrial -- parts of our industrial business are similarly down. I would say North America and Europe a little bit better. It's mostly China and consumer are the 2 major culprits, but across the board, everything is down at least 15% to 20%.

正如我所提到的，我們預計在下半年，一些坡道和一些特定的驅動程式將恢復這一點。但這是全面的。我們的消費者業務也同樣下滑。我們的工業業務－部分工業業務也出現了同樣的下滑。我覺得北美和歐洲好一點。主要是中國，消費者是罪魁禍首，但總體而言，一切都下降了至少 15% 到 20%。

Got it. And then the second question is one related to some of your comments near the end of your script. One of the things that you mentioned is you've got the teams together. They're working hard and collaboratively on integration, and you'll be looking at things that are not strategic as opportunities to really prioritize resources around things there are. So with that said, can you comment any further on the scope of things that may not be strategic?

知道了。第二個問題與您在腳本末尾附近的一些評論有關。您提到的一件事是您將團隊聚集在一起。他們正在努力協作進行整合，您將把非策略性的事情視為真正圍繞現有事物優先考慮資源的機會。話雖如此，您能否進一步評論可能不具有戰略意義的事物的範圍？

And given where we are with the global macro today versus where we are -- where we were when we announced deal, how do you look at the target $40 million in cost savings from the deal? Do you feel like there should be upside to that? Or does that remain a solid number given your sense of where the longer-term opportunity is?

考慮到我們今天的全球宏觀狀況與我們宣布交易時的狀況，您如何看待該交易節省 4000 萬美元成本的目標？你覺得這應該有好處嗎？或者考慮到您對長期機會在哪裡的感覺，這仍然是一個可靠的數字嗎？

Well, I'll start with the portfolio review, Craig. I mean we do it regularly at Semtech anyway. But I think now with the Sierra acquisition, obviously, a lot of the Sierra businesses are fairly new to us. And so the Board is engaged in kind of looking at what elements of the portfolio are really strategic for us and which are not. And we'll make decisions based on what we find from that. It's early days though, we just really started that. I would give it 6 months here. And then Emeka, do you want to talk about the synergies?

好吧，我將從投資組合審查開始，克雷格。我的意思是，無論如何，我們在 Semtech 都會定期這樣做。但我認為，隨著對 Sierra 的收購，顯然，Sierra 的許多業務對我們來說都是相當新的。因此，董事會正在研究投資組合中的哪些要素對我們來說真正具有戰略意義，哪些則不是。我們將根據從中發現的情況做出決定。不過現在還為時過早，我們才剛開始。我會給它6個月的時間。然後，Emeka，您想談談協同效應嗎？

Yes. With regards to the synergies, Craig, like I mentioned in my prepared remarks, we had estimated about $40 million on an annual basis. Now we've increased that number to $50 million, and I just mentioned that as of now, we have achieved about 80% of that on the run rate basis. And we do expect, by the end of Q3, we would be at 100% of the $50 million.

是的。關於協同效應，克雷格，正如我在準備好的演講中提到的那樣，我們估計每年約為 4000 萬美元。現在我們已經把這個數字增加到了 5000 萬美元，我剛才提到，到目前為止，我們在運行率的基礎上已經實現了大約 80%。我們確實預計，到第三季末，我們將 100% 完成 5000 萬美元的目標。

Our next question is from Harsh Kumar with Piper Sandler.

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

Mohan, I had a question on China. So you're in a fairly unique position of reporting in last quarter. So you can talk about things that times that other companies cannot. So I was curious what you're seeing. Obviously, everything looks kind of dire right now, but you sound pretty optimistic on China coming back in the back half. I was curious what you're seeing that might drive your optimism about China coming back. And just any kind of color would be helpful.

莫漢，我有一個關於中國的問題。因此，您在上個季度的報告中處於相當獨特的位置。所以你可以談論其他公司無法談論的事情。所以我很好奇你看到了什麼。顯然，現在一切看起來都很糟糕，但你聽起來對中國隊在後半場的回歸感到非常樂觀。我很好奇你所看到的是什麼可能會激發你對中國回歸的樂觀態度。任何顏色都會有幫助。

Yes. I think it's more harsh that when you look at some of these segments and some of the regional kind of balance here. We've seen pretty weak China now for several quarters. And so I think certainly, Q3 and Q4 for us in our fiscal quarters and now we're also seeing it in Q1. So after 3 quarters of sequential decline, one anticipates that we are probably nearing the bottom. I would say, Q1 or maybe Q2 is going to be close.

是的。我認為，當你看看其中一些細分市場和一些區域平衡時，情況會更加嚴峻。我們已經看到中國已經連續幾季表現疲軟。因此，我認為當然，我們的財政季度的第三季度和第四季度，現在我們也在第一季度看到了這一點。因此，在連續三個季度下降之後，人們預計我們可能已經接近底部。我想說，第一季或第二季可能會很接近。

And then I expect it to start to go the other way. We're also seeing -- I mean, as I mentioned, bookings are starting to trend upwards a little bit. We're starting to see some design-in activity that's been fairly quiet in China in some areas. And so just generally, I would say that things are looking a little bit more positive coming off a very low base, though, right?

然後我預計事情會開始朝相反的方向發展。我們也看到——我的意思是，正如我所提到的，預訂量開始略有上升。我們開始看到一些設計活動在中國的某些地區相當安靜。總的來說，我想說的是，從非常低的基數來看，情況看起來有點積極，對吧？

Fair enough, Mohan. And then on your Sierra Wireless integration, I mean, it seems like you guys have made tremendous progress on synergies already in a short time frame. I was curious in terms of maybe you could update us strategically on products or anything else, any kind of positive or negatives that come to mind that you think are worth mentioning?

很公平，莫漢。然後，在你們的 Sierra Wireless 整合方面，我的意思是，你們似乎在短時間內就在協同效應方面取得了巨大進展。我很好奇，也許你可以策略性地向我們介紹產品或其他任何事情，你認為值得一提的任何正面或負面的想法？

Well, it's early days, Harsh, again. We just obviously in an integration process, and we're also in the road map planning process. I would say that the teams are getting together now and looking at how we can do things kind of quickly and kind of the more longer-term integration plans. But the strategic fit and the philosophy and the kind of the reason why we did the deal are all still there, and we're very excited about it.

好吧，現在又是早期，哈什。顯然我們正處於整合過程中，而且我們也處於路線圖規劃過程中。我想說的是，團隊現在正在聚集在一起，研究如何快速開展工作以及製定更長期的整合計劃。但策略契合度、理念以及我們進行這筆交易的原因仍然存在，我們對此感到非常興奮。

It's just a question of now how quickly we can bring out some of the new products and some of the new capabilities and how quickly we can engage customers and get things moving. I would say it's going to take 6 to 9 months for us, maybe even a year. And this year, FY '24 is definitely going to be a year of just kind of consolidation and getting the road maps in line. The portfolio kind of cleaned up and just make sure we position ourselves really for a really strong FY '25 and FY '26.

現在的問題只是我們能多快推出一些新產品和一些新功能，以及我們能多快吸引客戶並推動事情進展。我想說我們需要 6 到 9 個月，甚至一年。今年，24 財年肯定會是鞏固和調整路線圖的一年。投資組合得到了一定程度的清理，只是確保我們為真正強勁的 25 財年和 26 財年做好了定位。

Our next question is from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

I was hoping to ask the China question a little bit differently. Just because it's so weak, Mohan -- I mean I think by now, we would have expected to see some stabilization, but it just keeps coming down every quarter. So is there an element here of some demand destruction just given the political climate or anything like that? Or should we just purely think of this as sort of weak demand, inventory correction and so on and so forth?

我希望以不同的方式提出中國問題。就因為它太弱了，莫漢——我的意思是，我認為到目前為止，我們預計會看到一些穩定，但它每個季度都在持續下降。那麼，考慮到政治氣候或類似因素，這裡是否存在某種需求破壞的因素？或者我們應該純粹將其視為需求疲軟、庫存調整等等？

Yes. I think it's more of the latter, Tore. I mean it depends on what you mean. I mean, for example, I can tell you that the data center business in China is very weak. Some of that -- some of the big data center players in China have been pushing out their demand. So we know it's there. We know that they want to deploy. We know that the government is still supportive. But I think there is an element of kind of -- well, is the government really supportive of large data center companies and things like that. So it's a little bit of both of what you said, but I don't think there's any reason to believe that there's a loss of demand. I think it's more pushing out. And we're anticipating that, that will come back. Everything will come back.

是的。我認為更多的是後者，托爾。我的意思是這取決於你的意思。我的意思是，例如，我可以告訴你，中國的資料中心業務非常薄弱。其中一些——中國的一些大型數據中心參與者一直在推出他們的需求。所以我們知道它就在那裡。我們知道他們想要部署。我們知道政府仍然支持。但我認為有一個因素——嗯，政府真的支持大型資料中心公司和類似的事情嗎？所以你說的都有一點，但我認為沒有任何理由相信需求會減少。我認為這是更多的推出。我們預計這一點將會回來。一切都會回來的。

That's fair. And a question for Emeka. When it comes to gross margin. So you mentioned 150 basis points a quarter. First of all, would that be fairly linear over the next, I don't know, 6 to 8 quarters? And then how do the 3 elements of gross margin improvement really play out? I assume mix kind of comes later, but if there's anything that you could share with us as far as the 150 basis point comment coming from the 3 elements that you mentioned in your prepared remarks?

這很公平。還有一個問題想問埃梅卡。當談到毛利率時。所以你提到了每季 150 個基點。首先，我不知道接下來的 6 到 8 個季度，這是否會相當線性？那麼毛利率改善的三個要素到底該如何發揮作用呢？我認為混合稍後會出現，但對於您在準備好的發言中提到的 3 個要素的 150 個基點評論，您是否可以與我們分享任何內容？

So Tore, I think for this year, same for the rest of the year, I expect to see 100 to 150 basis points. Most of that is probably going to come through just the Semtech organic business, rebounding as we go through the year. That is still the expectation. We expect that in the second half of the year, a lot of the inventory probably would have made its way through, and that will start to -- will start to ship again up to the level of consumption. We also have some material cost synergies that we have identified, but we'll have to see how the demand rose in.

因此，Tore，我認為今年以及今年剩餘時間，我預計會看到 100 到 150 個基點。其中大部分可能僅透過 Semtech 有機業務實現，並隨著今年的成長而反彈。這仍然是期望。我們預計，今年下半年，大量庫存可能已經耗盡，並將開始再次出貨至消費水準。我們也發現了一些材料成本協同效應，但我們必須看看需求如何成長。

That should also be a driver of the gross margin expansion for this year. I think the 3 points that I made before was probably just more reflective of what we expect on a long-term basis, right? We know that as the market recovers and the Semtech organic business recovers and the growth drivers come in, those are very high gross margins. Those would definitely be accretive to the current levels of gross margin.

這也應該是今年毛利率擴張的驅動力。我認為我之前提出的三點可能更能反映我們的長期預期，對吧？我們知道，隨著市場復甦、Semtech 有機業務復甦以及成長動力的出現，毛利率將非常高。這些肯定會增加目前的毛利率水準。

The proliferation of lower end points, right, from the combination with Sierra, like Mohan just mentioned, getting the product road map and developing the customer business development and everything, that is probably more of a 2-year sort of window before we start seeing it. So -- and then the managed connectivity on LoRa Cloud services is probably also about -- probably 24 months out and things like that. So the 3 drivers was probably a little bit more for the long-term gross margin target level of 58% to 63%.

低端點的激增，對吧，來自與 Sierra 的結合，就像 Mohan 剛才提到的那樣，獲取產品路線圖並開發客戶業務開發等等，這可能需要 2 年的時間才能開始看到它。因此，LoRa 雲端服務上的託管連線可能也會在 24 個月後發生，類似的事情。因此，對於 58% 至 63% 的長期毛利率目標水準而言，這 3 個驅動因素可能會更多。

When we announced the deal, we said we expect that you will see probably 5 years' time, see us making progress towards the low end of that range. And we still believe that is the case that probably 5 years from now, we should be much closer to the low end of that target range.

當我們宣布這筆交易時，我們表示預計您可能會在 5 年後看到我們朝著該範圍的低端取得進展。我們仍然相信，也許從現在起 5 年後，我們應該更接近該目標範圍的低端。

Good. Just one last one and still for you, Emeka. So just based on the P&L and the interest expense, is it fair to say that the breakeven point would be around $240 million. Is that sort of a good number to use?

好的。最後一張還是給你的，艾梅卡。因此，僅根據損益表和利息支出，可以公平地說，損益平衡點約為 2.4 億美元。這個數字好用嗎？

I think, yes, about $240 million, $245 million, yes, that would be a good number to use.

我認為，是的，大約 2.4 億美元，2.45 億美元，是的，這是一個很好的數字。

Our next question is from Quinn Bolton with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

Mohan, let me also say congratulations on your leadership. And it's been a pleasure working with you. I guess for both of you, I wanted to come back to your comment about the Sierra Wireless transaction becoming accretive. I think you said in the second half of the year as revenue recovers. And I guess I'm just trying to do some quick math. It looks to me that the Sierra Wireless is probably -- start to hit that accretive level at somewhere in the $160 million to $170 million range.

莫漢，我也對你的領導表示祝賀。很高興與您合作。我想對於你們倆來說，我想回到你們關於 Sierra Wireless 交易變得增值的評論。我想你說的是下半年收入恢復。我想我只是想做一些快速的數學計算。在我看來，Sierra Wireless 可能會開始達到 1.6 億至 1.7 億美元的增值水準。

And I'm using sort of the low to mid-30% gross margin, high $30 million to $40 million of quarterly OpEx and probably about $18 million of interest expense on the business with the $1.3 billion of debt. I just wanted to see if those numbers all sort of feel like the right ballpark for you when you look at that accretion estimate for Sierra Wireless?

我使用的是 30% 的中低毛利率、3,000 萬至 4,000 萬美元的季度營運支出，以及負債 13 億美元的業務的大約 1,800 萬美元的利息支出。我只是想看看，當您查看 Sierra Wireless 的成長估算時，這些數字是否適合您？

Yes, Quinn. So there are usually a lot of moving parts to this, right? The synergies, the size of it, the cost reductions, all that stuff. But I'll probably think that about $150 million of quarterly revenue run rate, the Sierra -- should start being accretive.

是的，奎因。所以通常有很多活動部件，對吧？綜效、規模、成本降低等等。但我可能會認為，Sierra 大約 1.5 億美元的季度收入運行率應該會開始增加。

Got it. And then can you -- go ahead.

知道了。然後你可以——繼續吧。

So you are definitely in the ballpark.

所以你絕對是在大致範圍內。

Okay. Okay. And then for Mohan, congratulations on the Tri-Edge win in North America. I'm wondering if you might be able to spend a little time discussing the application. Is this sort of a NIC to top of Rex Switch Application? Is it more an AI cluster? Is it short reach AOC replacement or longer reach optical module replacements? I'm not sure how much color you can give, but it sounds like it's an important and long lasting win for the company. And obviously, the first win in North America seems to be pretty important.

好的。好的。然後，恭喜莫漢在北美獲得 Tri-Edge 勝利。我想知道您是否可以花一些時間討論該應用程式。這是 Rex Switch 應用程式頂部的 NIC 嗎？它更像是人工智慧集群嗎？是短距離 AOC 更換還是長距離光模組更換？我不確定你能賦予多少色彩，但這聽起來對公司來說是一個重要且持久的勝利。顯然，北美首場勝利似乎相當重要。

Yes, Quinn, I know all the details because I was with the team when they awarded us, and we discussed and negotiated and we got the win, but I can't give you any details just because they don't want us to give out any details. I can tell you it's short reach.

是的，奎因，我知道所有細節，因為當他們授予我們獎項時我和團隊在一起，我們進行了討論和談判，我們贏得了勝利，但我不能給你任何細節，因為他們不希望我們提供任何細節。我可以告訴你，距離很短。

Okay. And then maybe last one, if I could just sneak it in. Amazon announced yesterday sort of opening up the Sidewalk network to third-party developers. How long do you think it will take to start to see deployment of those third-party end nodes on Sidewalk? Is that something investors should think is sort of 6 to 12 months? Could it take longer, might it ramp faster?

好的。如果我能偷偷溜進去的話，也許是最後一個。您認為需要多長時間才能開始在 Sidewalk 上部署這些第三方終端節點？投資者應該認為這是 6 到 12 個月的時間嗎？是否需要更長的時間，是否可以加速？

Yes. That's a good question, Quinn. And the reason we have some products already. They've already been working with some kind of alpha, beta kind of customers and partners who already have sensing devices out there on the Sidewalk. I think we mentioned a few in our press release, some of them tied to insurance, some of them tied to leak detection, some tied to just general broad connectivity and networks. So -- but it is incredibly exciting.

是的。這是個好問題，奎因。這也是我們已經擁有一些產品的原因。他們已經在與某種 alpha、beta 類型的客戶和合作夥伴合作，這些客戶和合作夥伴已經在人行道上安裝了感測設備。我想我們在新聞稿中提到了一些，其中一些與保險有關，一些與洩漏檢測有關，一些與一般廣泛的連接和網路有關。所以——但這非常令人興奮。

Of course, 90% coverage in the U.S. It's just a question of, okay, now can the Amazon machine work and the ecosystem work to build a plethora of devices and use cases actually around Amazon Sidewalk? And if that happens, then yes, that's kind of the dream, right? That's what we've been waiting for. It's starting to play out now. We'll see how quickly and rapidly. I don't think the development time is that long. It's more -- proving out the use cases.

當然，美國的覆蓋率達到 90%。如果這種情況發生了，那麼是的，這就是夢想，對吧？這就是我們一直在等待的。現在開始上演了。我們將會看到有多快和迅速。我認為開發時間不會那麼長。更重要的是——證明用例。

There are many use cases. Obviously, there's going to be the obvious ones, and they will be fairly straightforward. But they'll -- I think there will be many use cases that are tied to tags and tracking and many other types of use cases that will emerge. And that's the question is how quickly the sensors can be developed and the end nodes can be developed, but also then the use case can be kind of proof of concept, how long it will take and then all the software required for it. But the good news is that Amazon is -- not only the Sidewalk activity, but also the AWS Cloud activity is connected to this. So we have a pretty powerful partner behind it.

有很多用例。顯然，將會有一些明顯的問題，而且它們將相當簡單。但他們會——我認為將會出現許多與標籤和追蹤相關的用例，以及將出現的許多其他類型的用例。這就是問題是感測器的開發速度和終端節點的開發速度，而且用例也可以是概念驗證，需要多長時間，然後是所需的所有軟體。但好消息是，亞馬遜不僅有 Sidewalk 活動，而且 AWS 雲端活動也與此相關。所以我們背後有一個非常強大的合作夥伴。

Our next question is from Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

Mohan, wishing you best of luck in your future endeavors. On your commentary about gross margin improving this year on a higher mix of organic revenue, how should we look at Sierra Wireless revenue for the year -- year-over-year change? And if you could talk about the market share for Sierra wireless, how is that progressing relative to competitors? Any commentary there at the top line for the year?

莫漢，祝您未來一切順利。關於您對今年有機收入組合提高毛利率的評論，我們應該如何看待司亞樂今年的收入——同比變化？如果您能談談 Sierra wireless 的市場份額，相對於競爭對手而言，其進展如何？今年的頂行有什麼評論嗎？

I'll take the last part, and then Emeka can talk about gross margins. But for me, I think the Sierra share equation at the moment has probably not changed much Tristan. I think our goal, of course, is to try to expand in North America and Europe, the business. There are some large Asian competitors that have been doing well in North America. But I think as the sensitivity towards foreign modules and foreign technologies in critical infrastructure, an IoT, I would consider it to be critical infrastructure in many use cases anyway.

我將討論最後一部分，然後 Emeka 可以談談毛利率。但對我來說，我認為目前塞拉利昂的份額方程式可能並沒有對特里斯坦帶來太大的改變。我認為我們的目標當然是嘗試擴大在北美和歐洲的業務。有一些大型亞洲競爭對手在北美表現出色。但我認為，由於關鍵基礎設施（物聯網）對外國模組和外國技術的敏感性，我無論如何都會認為它是許多用例中的關鍵基礎設施。

I think once that awareness becomes clear. I think Sierra has -- and now Semtech has a very good opportunity to really educate to the market and gain share, particularly on the security side and also on the supply chain side. So yes. But for now, I don't think the share has changed any from the historical amounts.

我認為一旦這種意識變得清晰。我認為 Sierra 已經——現在 Semtech 有一個非常好的機會來真正了解市場並獲得份額，特別是在安全方面和供應鏈方面。所以是的。但就目前而言，我認為該份額與歷史金額相比沒有任何變化。

So Tristan, with regard to my comments on the gross margin, I think Mohan had earlier made the comment that on the Semtech organic business that the number we're getting to is -- if it's not bottom, it's pretty close to bottom. The expectation is that as we go through the rest of the year, that will start to have a situation where a lot of the inventories have been -- it's moving through the channel. That is one.

因此，特里斯坦，關於我對毛利率的評論，我認為 Mohan 早些時候曾就 Semtech 有機業務發表過評論，我們得到的數字是——如果它不是底部，那就非常接近底部了。預計今年剩餘時間裡，大量庫存將開始透過通路流動。那是一個。

And also in the second half of the year, we pointed to some secular opportunities that we have that we think starts to move the needle back up towards what we have been used to in the past in terms of the organic business. And with that happening, then the Semtech organic business becomes a higher percentage of the revenue mix. And with that, because of the higher gross margin from Semtech organic that would naturally provide an uplift for gross margin.

同樣在今年下半年，我們指出了我們擁有的一些長期機會，我們認為這些機會開始讓我們在有機業務方面回到過去習慣的方向。隨著這種情況的發生，Semtech 有機業務將在收入組合中佔據更高的比例。隨之而來的是，由於 Semtech 有機產品的毛利率較高，這自然會提高毛利率。

Okay. And then for my follow-up, I think Mohan you had talked about the opportunity of ramping LoRa as a feature next in 5G Sierra wireless routers. Any metrics you could provide us with in terms of whether the units for those routers on an annual basis? And once you have a 5G LoRa-integrated module, what adoption rate percentage-wise, would you expect to get within Sierra wireless router volumes, just to kind of gauge what the opportunities in terms of incremental LoRa revenue generated directly by Sierra Wireless going forward?

好的。然後，對於我的後續行動，我認為 Mohan 您已經談到了將 LoRa 作為 5G Sierra 無線路由器的下一個功能的機會。您可以向我們提供有關這些路由器的單位是否每年的任何指標嗎？一旦您擁有了 5G LoRa 整合模組，您期望 Sierra 無線路由器數量的採用率百分比是多少，只是為了衡量 Sierra Wireless 未來直接產生的增量 LoRa 收入方面的機會有哪些？

Yes. I think, Tristan, it's work that's starting now. I don't think we've had time really to kind of look at what we can do there. But very simply, remember, the routers -- Sierra has a portfolio of routers from 5G routers to 4G and below. And our thought has always been the integration of LoRaWAN gateways and Sierra routers provides essentially end-to-end connectivity from the sensor endpoint all the way through to the cloud.

是的。我想，特里斯坦，工作現在就開始了。我認為我們沒有時間真正考慮我們可以在那裡做什麼。但非常簡單，請記住，路由器 - Sierra 擁有從 5G 路由器到 4G 及以下路由器的一系列路由器。我們的想法始終是 LoRaWAN 網關和 Sierra 路由器的整合提供從感測器端點一直到雲端的端到端連接。

And we will be uniquely positioned to offer these combined routers, which could be very low priced, they could be very high price, they could be very high performance, could be midrange performance. There could be a very broad set of integrated routers. And so that work has to be done. I think -- I don't think there's any rocket science to it, but I think we do have to pull it together and then combine that with our Sensing-as-a-Service.

我們將擁有獨特的優勢來提供這些組合路由器，它們的價格可能非常低，也可能價格非常高，它們的性能可能非常高，也可能是中階效能。可能會有非常廣泛的整合式路由器。所以這項工作必須完成。我認為——我不認為這有任何火箭科學，但我認為我們必須將其整合在一起，然後將其與我們的「感測即服務」結合。

And as I also mentioned, putting intelligence onto the routers, one of the beauties about the Semtech position in LoRa is that we have the gateway chips and therefore, we can add integrated intelligence into these routers either in the chips or in the router themselves, and I think provide some very interesting intelligent edge opportunities for IoT. So there's a whole portfolio of opportunity for us. We just need to go through and see where the biggest bang for the buck and where the biggest opportunities and what are customers pulling on in the short term and medium-term and long-term. So very excited by all the opportunities, but we just have to go through the exercise.

正如我還提到的，將智能添加到路由器中，Semtech 在LoRa 中的地位的優點之一是我們擁有網關晶片，因此，我們可以在這些路由器中添加集成智能，無論是在晶片中還是在路由器本身中，我認為為物聯網提供了一些非常有趣的智慧邊緣機會。因此，我們擁有一整套機會。我們只需要仔細檢查一下，看看哪裡最划算，哪裡有最大的機會，以及客戶在短期、中期和長期的需求。對所有的機會感到非常興奮，但我們只需要進行練習。

(Operator Instructions). Our next question is from Christopher Rolland with Susquehanna.

（操作員說明）。我們的下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

I guess my first questions are going to be around LoRa. So I think you did $41 million in the quarter. I don't know if you can talk about -- I think most things are going down next quarter. But if you could kind of give us some idea of what you would expect next quarter? And then you usually give us longer-term metrics for LoRa. I don't know if you have some sort of estimate that you could give us for the full year or longer term. You've also talked about the opportunity pipeline and the pipeline outside of China and sometimes give metrics there as well. I don't know if you had any additional metrics you could give us.

我想我的第一個問題將是關於 LoRa 的。所以我認為您本季的收入為 4100 萬美元。我不知道你是否可以談談——我認為大多數事情都會在下個季度下降。但您能否告訴我們您對下個季度的預期？然後您通常會向我們提供 LoRa 的長期指標。我不知道您是否可以向我們提供全年或更長期的估計。您也談到了機會管道和中國以外的管道，有時也給出了那裡的指標。我不知道您是否可以向我們提供任何其他指標。

Yes. So Chris, I mentioned on the call that we're going to review all the metrics, and that's largely because now we have Sierra, we have a much larger pipeline. And we have some opportunities, obviously, to really look at the metrics that are important for our now new IoT business. So we will be putting those together, and then we will bring those out at a future discussion. But to answer your question, I mean, we had a record FY '23 for LoRa is $187 million.

是的。克里斯，我在電話中提到我們將審查所有指標，這主要是因為現在我們有了 Sierra，我們有了更大的管道。顯然，我們有一些機會來真正研究對我們現在的新物聯網業務很重要的指標。因此，我們將把它們放在一起，然後我們將在未來的討論中將它們拿出來。但要回答你的問題，我的意思是，我們在 23 財年為 LoRa 創造了創紀錄的 1.87 億美元。

Of course, there's a lot of Helium in that. So our expectation is for FY '24 is that without the Helium, we're going to probably -- LoRa's going to be probably flat to slightly down, mostly because of China, I think. So if you take the Helium out from FY '23 and assume that's $40 million to $50 million of revenue, something in that range, FY '24 is going to be kind of in that range, okay? And that's assuming no Helium and assuming China continues to be weak.

當然，裡面有很多氦氣。因此，我們對 24 財年的預期是，如果沒有 Helium，我們的 LoRa 可能會持平甚至略有下降，我認為這主要是因為中國。因此，如果您將 Helium 從 23 財年中剔除，並假設收入為 4000 萬至 5000 萬美元，在這個範圍內，那麼 24 財年也會在這個範圍內，好嗎？這是假設沒有氦氣並且假設中國繼續疲軟。

So we're starting off in a weak Q1, and I think things will improve. We've got a lot of momentum on LoRa. Of course, as I mentioned, and we just talked about the Amazon Sidewalk and some of the other things going on there. But I think we just will have a little bit of a headwind with the loss of Helium.

因此，我們從第一季的疲軟開始，我認為情況會有所改善。我們在 LoRa 上有很大的動力。當然，正如我所提到的，我們剛剛討論了亞馬遜人行道以及那裡發生的其他一些事情。但我認為，隨著氦氣的流失，我們將會遇到一些阻力。

Yes. Understood. And then on the Signal Integrity side, that also sounds like it's going to be down, but I was just wondering from a growth perspective, once this bounces back, are you most optimistic around kind of data center, 5G and PON? And then just 2 quick ones for Emeka. Book-to-bill, I'm going to assume less than 1, but if you have any other thoughts there? And then the turns needed in your guidance that you usually give as well?

是的。明白了。然後在訊號完整性方面，聽起來也會下降，但我只是想從成長的角度來看，一旦反彈，您對資料中心、5G 和 PON 最樂觀嗎？然後是 Emeka 的 2 個快速的。從訂單到帳單，我假設小於 1，但您還有其他想法嗎？然後你通常給的指導中也需要輪流？

So the -- let me just touch on the Signal Integrity product kind of momentum. Yes, it's down in Q4. It was down in Q1. Obviously, we guided to that being down again significantly. I would say most of that is just inventory situation in China. We have a lot of good design win momentum in our Signal Integrity product group across all 3 of the major segments. So in hyperscale data center in North America, which is good. So it's not China. In our base station business, again, we have momentum in China, but we also have momentum outside China, which is also good.

那麼，讓我來談談訊號完整性產品的動力。是的，第四季有所下降。第一季有所下降。顯然，我們引導這一數字再次大幅下降。我想說，其中大部分只是中國的庫存狀況。我們的訊號完整性產品組在所有 3 個主要領域都擁有許多良好的設計贏得動力。所以在北美的超大規模資料中心，這很好。所以這不是中國。在我們的基地台業務上，我們在中國有動力，但我們在中國以外也有動力，這也很好。

And then in our PON business, similarly, I think we're starting to see some growth outside China, although China is still a very large consumer of our PON products. So yes, I think Signal Integrity -- my sense is Q1 is going to be near the bottom, and we're going to be coming out of that quite quickly would be the comment I would make.

同樣，在我們的 PON 業務中，我認為我們開始看到中國以外地區的一些成長，儘管中國仍然是我們 PON 產品的一個非常大的消費者。所以，是的，我認為訊號完整性 - 我的感覺是第一季將接近底部，我們很快就會走出這個困境，這是我要發表的評論。

And Chris, on the bookings side. The book-to-bill was less than 1. But on the positive side, the bookings were actually up for the legacy business was actually up about 10% during Q4. The bookings are still pretty much on the lower end of typical run rate, but it was very pleasing to see that it was up in Q4. And so far this quarter, it seems to be trending up sequentially as well.

克里斯負責預訂方面。訂單出貨比不到 1 但從積極的方面來看，第四季度傳統業務的訂單量實際上增長了約 10%。預訂量仍處於典型運行率的低端，但很高興看到第四季度的預訂量上升。本季度到目前為止，它似乎也呈現連續上升趨勢。

So those things are still pretty subdued, but at least it is encouraging to see that the bookings are beginning to show signs of life. And I think in Mohan's prepared remarks, he talked about us needing about 16% TAM to achieve the midpoint of revenue guidance.

因此，這些情況仍然相當低迷，但至少令人鼓舞的是，預訂量開始顯示出活力的跡象。我認為在 Mohan 準備好的演講中，他談到我們需要大約 16% 的 TAM 才能實現收入指導的中點。

And we do have a follow-up question from Craig Ellis with B. Riley.

我們確實有 Craig Ellis 和 B. Riley 提出的後續問題。

Emeka, I just wanted to go back to the gross margin point. I thought in your prepared remarks that you had said you had expected 150 to 180 basis points of gross margin through this year, so from 48.5% to 50-ish. But then I thought later, I heard you say 150 to 180 basis points per quarter, which the Semtech business really inflects off this very unnaturally low level would make sense. Can you just clarify if it's the former or the latter? And then I'll ask a follow-up.

Emeka，我只是想回到毛利率點。我認為在您準備好的發言中，您曾說過預計今年的毛利率將達到 150 到 180 個基點，即從 48.5% 到 50 左右。但後來我想，我聽你說每季 150 到 180 個基點，Semtech 業務確實在這個非常不自然的低水平上有所體現，這是有道理的。能否澄清一下是前者還是後者？然後我會問後續情況。

So what I did say was 100 to 150 basis points for the rest of the year. I think maybe what was confusing was the person who asked the question before sort of framed it as 100 to 150 per quarter. No, that's not what I guided to. I guided to 100 to 150 basis points for the remainder of the year.

所以我所說的是今年餘下時間升息 100 到 150 個基點。我想也許令人困惑的是提出這個問題的人之前將其定為每季 100 到 150。不，這不是我引導的。我預計今年剩餘時間的利率為 100 至 150 個基點。

For the remainder of the year. Got it. And then that leads me to the follow-up question, which is if we're going to exit somewhere around 49.5% to 50% gross margin this year. As we look at fiscal '24, I know you've given us the 3 drivers to gross margin expansion towards the target model. But how would you expect fiscal '24's margin acceleration to compare to what you'd expect this year -- or excuse me, fiscal '25 versus fiscal '24? I think you know what I'm talking about.

今年剩餘時間。知道了。這引出了後續問題，今年我們是否會以 49.5% 至 50% 的毛利率退出。當我們回顧 24 財年時，我知道您已經為我們提供了 3 個毛利率向目標模型擴張的驅動因素。但是，與您今年的預期相比，您預計 24 財年的利潤率增速如何？我想你知道我在說什麼。

I would expect to see continued gross margin expansion on an annual basis every year for the next several years. And I think for FY '25, I wouldn't be -- I'm not guiding to it, but I would probably still expect to see something in the neighborhood of 150 to 200 basis points of gross margin expansion just because at that point, the expectation is that the environment has normalized and business is -- a lot of the macro issues have gone out and the Semtech business, right, is rebounding to the levels that we expect, right?

我預計未來幾年毛利率每年都會持續成長。我認為對於 25 財年，我不會——我不會指導它，但我可能仍然期望看到毛利率擴張大約 150 到 200 個基點，因為到那時，預期環境已經正常化，業務——許多宏觀問題已經消失，Semtech 業務正在反彈到我們預期的水平，對嗎？

Also, at those levels, some of the material cost synergies that we've identified on the Sierra side, will probably be completely achievable. In addition, also hoping that I will start to see early signs that the acquisition that is cellular, the availability of cellular connectivity is leading to new use cases beginning to ramp. We should also expect to see the growth in the annual recurring revenue for Sierra's business.

此外，在這些水準上，我們在 Sierra 方面確定的一些材料成本協同效應可能是完全可以實現的。此外，我還希望我能開始看到蜂窩收購的早期跡象，蜂窩連接的可用性正在導致新的用例開始增加。我們還應該期望看到 Sierra 業務的年度經常性收入的成長。

We have managed connectivity and a little bit of the LoRa Cloud in addition to the fact that the LoRa IP, which we have not really talked about a lot, which is actually now beginning to do very well, probably averaging about $2 million a quarter, should continue to also increase. So there are definitely a lot of opportunity. There are a lot of things that would really lead to see some decent gross margin expansion on our annual business from now going forward.

我們還管理連接和一點 LoRa 雲，此外我們還沒有真正談論過 LoRa IP，實際上現在開始做得很好，可能平均每季約 200 萬美元，應該還會繼續增加。所以肯定有很多機會。從現在開始，有很多事情確實會導致我們的年度業務出現可觀的毛利率擴張。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Mohan for closing comments.

我們的問答環節已經結束。我想將會議轉回給 Mohan 進行總結評論。

Thank you. In closing, while we face more macroeconomic challenges in Q1, we do believe we are near the bottom. Semtech is a very resilient company, and I'm confident that we will successfully manage through the headwinds we currently face and deliver profitable growth in the years ahead. With that, we appreciate your continued support to Semtech and look forward to updating you on next quarter. Thank you.

謝謝。最後，雖然我們在第一季面臨更多宏觀經濟挑戰，但我們確實相信我們已接近底部。 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，並在未來幾年內實現獲利成長。在此，我們感謝您對 Semtech 的持續支持，並期待在下個季度向您通報最新情況。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。