Semtech Corp (SMTC) 2025 Q2 法說會逐字稿

Greetings and welcome to Semtech Corporation's second quarter fiscal year 2025 earnings call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Mark Lin, Executive Vice President and CFO.

歡迎參加 Semtech Corporation 2025 財年第二季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。我現在想將電話轉給執行副總裁兼財務長馬克林 (Mark Lin)。

Thank you, Mark, you may begin.

謝謝你，馬克，你可以開始了。

Thank you, operator. Good day, everyone and welcome. I'm pleased to be joined today by Hong Hou, President and Chief Executive Officer. Today after market close, we released our unaudited results for the second quarter of fiscal year 2025, which are posted along with an earnings call presentation to our investor website at investors.semtech.com.

謝謝你，接線生。大家好，歡迎光臨。我很高興今天有總裁兼執行長侯洪加入。今天收盤後，我們發布了 2025 財年第二季未經審計的業績，該業績與財報電話會議一起發佈在我們的投資者網站 Investors.semtech.com 上。

Today's call will include various remarks about future expectations, plans, and prospects which comprise forward-looking statements. Please refer to today's press release and see slide 2 of the earnings presentation for information on risk factors that could cause our actual results to differ materially from those made on this call. Unless otherwise noted, all income statement related financial measures will be non-GAAP other than net sales.

今天的電話會議將包括有關未來預期、計劃和前景的各種評論，其中包括前瞻性陳述。請參閱今天的新聞稿並參閱收益簡報的投影片 2，以了解可能導致我們的實際結果與本次電話會議中的結果有重大差異的風險因素的資訊。除非另有說明，除淨銷售額外，所有與損益表相關的財務指標均將採用非公認會計原則。

Please refer to today's press release and see slide 3 of the earnings presentation for important information regarding notes on our non-GAAP financial presentation. The press release and earnings presentation will also include reconciliations of our GAAP and non-GAAP financial measures.

請參閱今天的新聞稿並參閱收益簡報的投影片 3，以了解有關我們的非 GAAP 財務簡報註釋的重要資訊。新聞稿和收益報告還將包括我們的 GAAP 和非 GAAP 財務指標的調整表。

With that, I will turn the call over to Hong.

說完，我就把電話轉給洪。

Thank you, Mark. Good afternoon and thank you all for joining us today. I'm excited to host my first Semtech earnings call. I would like to take a moment to thank the Board of Directors for giving me the opportunity to lead Semtech as President and CEO at this pivotal time and to thank all our global employees and leaders for the warm welcome they have given me.

謝謝你，馬克。下午好，感謝大家今天加入我們。我很高興能夠主持我的第一次 Semtech 財報電話會議。我想花點時間感謝董事會讓我有機會在這個關鍵時刻以總裁兼執行長的身份領導 Semtech，並感謝我們所有的全球員工和領導者對我的熱烈歡迎。

Over the past two months, I have visited many of our customers, our suppliers in Semtech global locations and taken great pleasure in talking to many people in person, getting to know them and hearing their comments and feedback. I'm especially proud of the Semtech team did not miss a beat in execution and serving the needs of our customers during the leadership transition.

在過去的兩個月裡，我拜訪了許多 Semtech 全球各地的客戶和供應商，並非常高興與許多人面對面交談，了解他們並聽取他們的意見和回饋。我特別感到自豪的是，Semtech 團隊在領導層過渡期間沒有錯過執行和滿足客戶需求的任何一個環節。

I'd also like to share with you a few of my initial observations since taking up my new role, and what I see at the near-term priorities. First, we have made solid progress in rationalizing expenses and stabilized our financial foundation. There's still more to do, of course, but this allowed us to go on offense, and I look forward to capturing significant growth opportunities given favorable market trends and alignment with our core competencies.

我也想與大家分享我擔任新職務以來的一些初步觀察，以及我對近期優先事項的看法。一是理順開支紮實推進，財務基礎更加穩固。當然，還有更多工作要做，但這使我們能夠繼續進攻，鑑於有利的市場趨勢和與我們的核心能力的一致性，我期待著抓住重大的成長機會。

Second, we have world-leading technologies and products developed and refined over decades in analog and mixed signal design, LoRa IoT 1, and a superb reputation in a mission critical cellular systems and outstanding R&D efforts helmed by Mike Wilson, our Chief Technology Officer, with an almost 30 years tenure at Semtech.

其次，我們在模擬和混合訊號設計、LoRa IoT 1 領域擁有數十年開發和完善的世界領先技術和產品，在關鍵任務蜂窩系統方面享有盛譽，並且在我們的首席技術官Mike Wilson 的帶領下開展了出色的研發工作，在 Semtech 任職近 30 年。

Third, we have world-class management processes and systems and a proven track record of delivering global operations excellence, high quality, and on-time deliveries for our customers. This core method that are key to Semtech's success were honed overtime and consistently refined by Asaf Silberstein, our Chief Operating Officer, with 25 years in the semiconductor industry and almost 15 years tenure in the company and his team.

第三，我們擁有世界一流的管理流程和系統，以及為客戶提供全球卓越營運、高品質和準時交貨的良好記錄。這個核心方法是 Semtech 成功的關鍵，由我們的營運長 Asaf Silberstein 經過長期磨練和不斷完善，他在半導體行業擁有 25 年的經驗，並在公司及其團隊任職近 15 年。

Fourth, our customers value our core technologies and asking for our partnership in driving collaborative innovations. They believe our innovative solutions can enable them to win and grow their business. Building on this great foundational elements, I view my near-term priorities as follows.

第四，我們的客戶重視我們的核心技術，並要求我們合作推動協作創新。他們相信我們的創新解決方案可以幫助他們贏得並發展業務。在此基礎上，我認為我的近期優先事項如下。

First, focus on strategy, rationalize our portfolio and improve the balance sheet. We continue to believe that some assets in our portfolio are not core to our long-term strategy and our focus can be sharpened. Both our management and the Board are committed and remain focused on balance sheet improvements through reduction of debt. Using asset sale proceeds to reduce debt is our capital allocation priority.

一是聚焦策略，理順資產負債表。我們仍然相信，我們投資組合中的某些資產並不是我們長期策略的核心，我們的重點可以更加明確。我們的管理層和董事會都致力於並繼續專注於透過減少債務來改善資產負債表。利用資產出售收益減少債務是我們資本配置的首要任務。

Until a potential sale occurred however, we will continue to invest in the business, both to enhance value and to fully support our customers. To maximize potential transaction values, I will respectfully limit further public comments on the topic, for instance, what assets and the status and the timing of the process.

然而，在潛在出售發生之前，我們將繼續投資該業務，以提高價值並全力支持我們的客戶。為了最大化潛在的交易價值，我將尊重地限制公眾對主題的進一步評論，例如哪些資產以及流程的狀態和時間表。

Second, accelerate revenue growth and drive margin expansion. In my discussions with numerous customer senior executives, it's very clear that our customers and target markets are moving towards us, driving up demand for Semtech's world class portfolio of product, technology and services. Through disciplined investment, innovation, and efficiency, we'll develop even more differentiated solutions that underpin the critical business needs of our customers. In so doing, we expect to achieve solid organic growth, SAM expansion, market share gain, and margin expansion.

其次，加速營收成長並帶動利潤率擴張。在我與眾多客戶高階主管的討論中，很明顯地我們的客戶和目標市場正在向我們靠攏，從而推動了對 Semtech 世界級產品、技術和服務組合的需求。透過嚴格的投資、創新和效率，我們將開發更差異化的解決方案，以滿足客戶的關鍵業務需求。透過這樣做，我們期望實現穩健的有機成長、SAM 擴張、市場份額增加和利潤率擴張。

Third, energize our people and elevate our winning culture. I have been hugely impressed with our talented and committed workforce and leadership, but we can do more. We will invest in our people aligned around a clear vision and focused strategic imperatives to accelerate results with a winning mindset and high-performance culture.

第三，激勵我們的員工並提升我們的勝利文化。我們才華橫溢、忠誠的員工隊伍和領導力給我留下了深刻的印象，但我們可以做得更多。我們將圍繞著清晰的願景和重點策略要務對員工進行投資，以獲勝的心態和高績效文化加速取得成果。

Moving to our second-quarter results, I believe Semtech has executed well to the established strategy as demonstrated by solid second quarter financial performance with the sequential revenue growth across each of our business units and a favorable outlook for our third quarter that forecasts acceleration of our growth.

談到我們的第二季業績，我相信Semtech 很好地執行了既定策略，第二季財務業績穩健，我們每個業務部門的收入連續成長，第三季前景樂觀，預計我們的業務將加速成長。

For the second quarter, infrastructure net sales were $52.9 million with net sales for data center of $27.2 million, up 28% sequentially and up 37% year over year. In hyperscale data center applications, net sales more than doubled over last year and were well supported by strong demand for a FiberEdge transimpedance amplifier or TIA and laser drivers for 400 gig and 800 gig optical modules, and a triage 50 gig PAM4 product in 200 gig and 400 gig active optical cables.

第二季度，基礎設施淨銷售額為 5,290 萬美元，其中資料中心淨銷售額為 2,720 萬美元，季增 28%，年增 37%。在超大規模資料中心應用中，淨銷售額比去年增長了一倍以上，這得益於對FiberEdge 互阻放大器或TIA 以及400 gig 和800 gig 光學模組雷射驅動器以及200 gig 中分流50 gig PAM4 產品的強勁需求和 400 gig 主動光纜。

We have noted increasing CapEx targets reported by hyperscalers and incrementally AI data center markets are moving towards us. Our analog solutions provide substantially lower power and lower latency as well as significantly greater value compared to the retimed DSP solutions. My meetings with the chief system architects in data center ecosystem since joining as CEO confirmed that my belief that the transportation of bids within data center has by far the greatest power optimization opportunities. Lower power consumption and latency reduction for transport are key considerations for AI computing.

我們注意到超大規模企業報告的資本支出目標不斷增加，人工智慧資料中心市場也逐漸向我們靠攏。與重定時 DSP 解決方案相比，我們的類比解決方案可顯著降低功耗和延遲，並提供顯著更大的價值。自從我擔任執行長以來，我與資料中心生態系統中的首席系統架構師的會面證實了我的信念，即資料中心內的投標傳輸具有迄今為止最大的功率優化機會。降低功耗和減少傳輸延遲是人工智慧運算的關鍵考慮因素。

Delivering on this transport opportunities will allow a greater allocation of power to compute and memory. And the Semtech team has every intention on delivering our low power, low latency solutions through embedded customer engagement and now depth of analog expertise. Semtech's copper edge continuous time linear equalizers have a well-documented application where we partnered with NVIDIA to implement low power, low latency active copper cables or ACCs for Blackwell racks and pods.

提供這種運輸機會將允許為計算和記憶體分配更多的權力。Semtech 團隊致力於透過嵌入式客戶參與和現在深度的模擬專業知識來提供我們的低功耗、低延遲解決方案。Semtech 的銅邊連續時間線性均衡器有一個有據可查的應用，我們與 NVIDIA 合作，為 Blackwell 機架和 Pod 實施低功耗、低延遲的主動銅纜或 ACC。

For our 200-gig copper edge linear redrivers, we have received the purchase orders from ACC cable manufacturers and expect the shipments to start in our fiscal third quarter in limited quantities, a nominal ramp in the fourth quarter and acceleration in the next fiscal year. Qualifications are on schedule and we currently estimate our annual opportunities specific to the single platform exceeds the floor case we provided last quarter. That said, Semtech's ACC opportunities extend beyond a single platform and a single customer.

對於我們的200G 銅邊線性轉接驅動器，我們已收到ACC 電纜製造商的採購訂單，預計發貨將在第三財季開始，數量有限，在第四季度名義上增加，並在下一財年加速。資格認證正在按計劃進行，我們目前估計單一平台的年度機會超過了我們上季度提供的現場案例。也就是說，Semtech 的 ACC 機會不僅限於單一平台和單一客戶。

We estimate data centers currently deploy tens of millions of direct attached copper cables, or DAC cables, per year. These DAC cables are passive. And as data rates and cable length increase, we expect there will be natural progression from DAC cable to ACC to meet signal integrity requirements. The market is moving towards us and a replacement of only a small fraction of DAC cables to ACC will represent a substantial increase to Semtech's SAM. Indeed, Semtech is currently engaged with a number of companies in the AI ecosystem on just such opportunities.

我們估計資料中心目前每年部署數千萬條直連銅纜或 DAC 電纜。這些 DAC 電纜是被動的。隨著資料速率和電纜長度的增加，我們預計從 DAC 電纜到 ACC 將會自然發展，以滿足訊號完整性要求。市場正在朝著我們的方向發展，僅將一小部分 DAC 電纜替換為 ACC 將代表 Semtech 的 SAM 的大幅增加。事實上，Semtech 目前正在與人工智慧生態系統中的許多公司合作，以抓住這樣的機會。

On this front, while we believe standards bodies in MSAs have their place in this market to promote interoperability and backwards compatibility, the time to develop and approve those standards inevitably extend the time to deploy. We believe the pace of data center innovation is optimized with Semtech's direct engagement with our end customers and allows us to create a purpose-built solution for hyperscalers to address their specific challenges. We are absolutely at the right moment to adopt this approach.

在這方面，雖然我們相信 MSA 中的標準機構在促進互通性和向後相容性方面在這個市場中佔有一席之地，但開發和批准這些標準的時間不可避免地會延長部署時間。我們相信，透過 Semtech 與最終客戶的直接接觸，資料中心創新的步伐得到了優化，並使我們能夠為超大規模企業創建專門的解決方案，以應對他們的特定挑戰。我們現在採取這種方法絕對是正確的時機。

I expect direct engagement will accelerate Semtech's prime to revenue and enhance top-line organic growth. It is this top-line organic growth that allows for prudent investment and I believe my prior experience growing a business while operating in a leveraged situation as well as in a highly cost conscious EMS environment, well informs my decision-making process in prioritizing disciplined investments. My expectation in this investment must deliver meaningful returns to shareholders.

我預計直接參與將加速 Semtech 的收入成長並增強營收有機成長。正是這種頂線有機成長允許謹慎投資，我相信我之前在槓桿情況以及高度成本意識的 EMS 環境中發展業務的經驗，很好地指導了我優先考慮紀律投資的決策過程。我對這項投資的期望必須為股東帶來有意義的回報。

In linear pluggable optics, based on our engagement with a number of our key partners, we believe we have a path to LPO shipment by the latter portion of FY 2026. Similar to active copper cables, LPO represents an opportunity to deploy a low latency, low power solutions in the optical space. With annual optical transceiver consumption at approximately 30 million units, a fraction of this market converting to LPO represents a substantial SAM expansion to Semtech.

在線性可插拔光學器件方面，根據我們與許多主要合作夥伴的合作，我們相信我們有辦法在 2026 財年下半年實現 LPO 出貨。與主動銅纜類似，LPO 代表了在光領域部署低延遲、低功耗解決方案的機會。光收發器年消耗量約為 3000 萬台，該市場的一小部分轉換為 LPO 意味著 SAM 向 Semtech 的大幅擴張。

A world class TIA is the key to successful LPO deployment and I'm certain Semtech's TIA fits the requirement. I have firsthand knowledge having selected Semtech as my first choice TIA supplier to support silicon photonics product at a prior company. Our class leading TIA performance on the receiving end well positions us for LRO opportunities as well and we recognize there are potential applications where LRO is suited to meet customers' interoperability requirements.

世界一流的 TIA 是成功部署 LPO 的關鍵，我確信 Semtech 的 TIA 符合要求。我選擇 Semtech 作為我的首選 TIA 供應商來支援先前公司的矽光子產品，對此我有第一手的了解。我們在接收端的一流 TIA 效能也為我們提供了 LRO 機會，並且我們認識到 LRO 適合滿足客戶的互通性要求的潛在應用。

Moving to PON, net sales were $20.4 million within expectation following a robust first quarter and up 49% year over year. PON demand, especially the 10 gig, remains strong with the total consumption increased 41% year over year. 50 gig is on the horizon and we are looking to expand this business on a global level. Regarding other product in the infrastructure end market, wireless net sales declined but remain within expectations.

轉向 PON，繼第一季強勁之後，淨銷售額達到 2,040 萬美元，符合預期，年增 49%。PON 需求，尤其是 10G 需求依然強勁，總消耗量較去年同期成長 41%。 50 場演出即將到來，我們希望在全球擴展這項業務。至於基礎設施終端市場的其他產品，無線淨銷售額已下降，但仍在預期之內。

In wireless, we're continuing in qualification process with our Tri-Edge and FiberEdge wireless platforms for 5G advanced and are actively engaging with the key partners like Ericsson and Nokia. We stand ready when this market rebounds. There were a few other small sequential net sales declines resulting in a 5% sequential decline, but the data center and signal integrity segment each grow subsequently.

在無線領域，我們正在繼續針對 5G 先進技術的 Tri-Edge 和 FiberEdge 無線平台進行資格認證，並積極與愛立信和諾基亞等主要合作夥伴合作。當市場反彈時，我們已做好準備。還有其他一些小幅環比淨銷售額下降，導致環比下降 5%，但數據中心和訊號完整性細分市場隨後各自成長。

Moving to our high-end consumer end market, net sales were $37.1 million, a sequential increase of 7% or up 9% year over year. POS ticked up sequentially and increased 34% year over year, ahead of what we expect to be seasonally strong Q3. Net sales in high end consumer TVS grew to $26 million, up 4% sequentially and up 42% year over year. Our market share in consumer TVS grew at a double-digit rates compared to last year and we believe we are winning on technological and operational performance. I'm very pleased this growth is broad based as we expand on platforms and applications.

轉向高階消費終端市場，淨銷售額為 3,710 萬美元，較上季成長 7%，較去年同期成長 9%。POS 環比成長，年增 34%，領先我們預期的第三季季節性強勁。高階消費電視的淨銷售額成長至 2,600 萬美元，較上季成長 4%，較去年同期成長 42%。與去年相比，我們在消費性 TVS 領域的市佔率以兩位數的速度成長，我們相信我們正在技術和營運績效上獲勝。我很高興隨著我們在平台和應用程式上的擴展，這種成長基礎廣泛。

The overall ESD threat environment has been increasing. Higher performance silicon reduces the amount of expensive on chip real estate available to dissipate surge energy. This trend increases the importance of high performance off-chip protection Semtech offers. This is yet another example for how markets are moving towards us. We continue to grow our market shares at not only the world's largest consumer electronics company, but in other North American and Korean companies as well.

整體ESD威脅環境一直在增加。更高性能的矽減少了可用於耗散浪湧能量的昂貴的片上空間。這一趨勢增加了 Semtech 提供的高性能片外保護的重要性。這是市場如何走向我們的另一個例子。我們不僅在全球最大的消費電子公司，而且在其他北美和韓國公司中不斷擴大市場份額。

Indeed, our consumer TVS engagement in Korea recently resulted in design wins in the industrial and automotive space where this key customer is winning shares. This set a great example of how our direct customer engagement approach is solving customers problems across a number of their markets and resulting increase in SAM for Semtech.

事實上，我們最近在韓國的消費性 TVS 合作在工業和汽車領域贏得了設計勝利，而這個關鍵客戶正在贏得份額。這樹立了一個很好的例子，說明我們的直接客戶參與方法如何解決多個市場的客戶問題，並導致 Semtech 的 SAM 增加。

Our class leading PerSe proximity sensing products continue to perform well with design wins at a key Korean smartphone manufacturer, while allowing our customers to meet specific absorption rate standards is a great use case for PerSe. Gesture controls are a substantial source of demand for this product. PerSe's cross leading 3D sensing and attofarad sensitivity is meeting or exceeding end customer requirements for gesture control features in wearables, mobile audio and smart glasses.

我們一流的 PerSe 接近感測產品繼續表現良好，贏得了一家韓國主要智慧型手機製造商的設計勝利，同時允許我們的客戶滿足特定的吸收率標準是 PerSe 的一個很好的用例。手勢控制是本產品的重要需求來源。PerSe 交叉領先的 3D 感測和阿託法拉靈敏度滿足或超過了最終客戶對穿戴式裝置、行動音訊和智慧眼鏡中手勢控制功能的要求。

For the second quarter, industrial net sales were $125.3 million, up 8% sequentially. LoRa enabled solutions has net sales of $28.7 million, a healthy 34% sequential increase and a 72% increase over prior year. LoRa consumption in industrial applications continue to grow and I'm pleased that the momentum over a broad range of applications from healthcare, smart utilities, and smart city to factory automation with a recent deployment in automotive facilities.

第二季工業淨銷售額為 1.253 億美元，季增 8%。支持 LoRa 的解決方案淨銷售額為 2,870 萬美元，環比成長 34%，比上年增長 72%。LoRa 在工業應用中的消耗持續成長，我很高興看到從醫療保健、智慧公用事業、智慧城市到最近在汽車設施中部署的工廠自動化等廣泛應用的勢頭。

A LoRa WAN expert from Mercedes Benz presented his company's success story at a LoRa WAN live event in June. Their implementation resulted in what they characterized at enormous cost savings. It gives me great pleasure when an end customer becomes a LoRa advocate and demonstrate use cases at Mercedes are just one reason as to why I'm excited in LoRa's future and why Semtech is fully committed to LoRa and its continued innovation and ecosystem expansion.

梅賽德斯·奔馳 (Mercedes Benz) 的一位 LoRa WAN 專家在 6 月的 LoRa WAN 現場活動中介紹了其公司的成功故事。他們的實施帶來了他們所描述的巨大成本節約。當最終客戶成為LoRa 倡導者並在梅賽德斯展示用例時，我感到非常高興，這只是我對LoRa 的未來感到興奮的原因之一，也是Semtech 完全致力於LoRa 及其持續創新和生態系統擴展的原因之一。

I plan to attend The Things Conference in Amsterdam in late September to meet with the ecosystem leaders and strategize our path to democratize the LoRa standard and accelerate a proliferation.

我計劃於 9 月底參加在阿姆斯特丹舉行的物聯網大會，與生態系統領導者會面，並制定 LoRa 標準民主化和加速擴散的策略。

Our IoT systems business recorded second quarter net sales of $52.3 million, up 8% sequentially, and consistent with our analysis that the business has reached a bedrock last quarter. Bookings in the first quarter had healthy sequential growth and second quarter bookings grew from there.

我們的物聯網系統業務第二季淨銷售額為 5,230 萬美元，季增 8%，這與我們的分析一致，即該業務上季度已達到基石。第一季的預訂量出現了健康的環比增長，第二季度的預訂量也隨之增長。

Also, channels and end customer inventory levels had overall reached the normalized levels. In our module business, we had a number of red-cap design wins, demonstrating continued trust in Semtech's product across a number of core network equipment customers that demand near perfect uptime and performance.

此外，通路和終端客戶庫存水準整體已達到正常水準。在我們的模組業務中，我們贏得了多項紅帽設計，這表明許多要求近乎完美的正常運行時間和性能的核心網路設備客戶對 Semtech 產品的持續信任。

Geopolitical consideration remain a tailwind for this business on a number of front, and we are experiencing renewed engagement with some customers we believe due to these matters. Our business in asset tracking applications has benefited, especially as government and security related users constitute a meaningful portion of this market. Government end users are becoming more educated on risks, especially after realizing their vehicle fleets are being tracked with geopolitically sensitive components.

地緣政治考量在許多方面仍然是該業務的推動力，我們認為由於這些問題，我們正在與一些客戶重新接觸。我們在資產追蹤應用程式方面的業務受益匪淺，特別是因為政府和安全相關用戶構成了該市場的重要組成部分。政府最終用戶對風險的了解越來越多，特別是在意識到他們的車隊正在被地緣政治敏感組件追蹤之後。

We are pleased to have launched a Canadian instance of AirLink Management Service, which meets local data's residency requirement, which is particularly important for government and public safety users. The government related business is a natural adjacent market with Semtech's cellular system solutions.

我們很高興推出了 AirLink 管理服務的加拿大實例，它滿足本地資料的駐留要求，這對於政府和公共安全用戶尤其重要。政府相關業務與Semtech的蜂窩系統解決方案是天然相鄰的市場。

Lastly, we started production of our own TIA-qualified facility to serve increased demand for TIA compliant products. This facility allows us to better support continuity in supply and to elevate our support as we aggressively pursue US federal opportunities.

最後，我們開始生產自己的 TIA 合格工廠，以滿足對 TIA 合規產品不斷增長的需求。該設施使我們能夠更好地支持供應連續性，並在我們積極尋求美國聯邦機會時加強我們的支持。

Second quarter net sales for our connected services business were $24.3 million with noteworthy design wins in remote monitoring, fleet tracking and healthcare. Also of note, we collaborated with Console Connect, a leading network at the service platform to expand Semtech's connectivity coverage across the APAC region for our AirVantage Service. We believe this collaboration underscores the commitment to offer best in class network quality.

我們的互聯服務業務第二季淨銷售額為 2,430 萬美元，在遠端監控、車隊追蹤和醫療保健方面取得了顯著的設計成果。另外值得注意的是，我們與服務平台領先的網路 Console Connect 合作，擴大 Semtech 在整個亞太地區的 AirVantage 服務連接覆蓋範圍。我們相信，此次合作凸顯了提供一流網路品質的承諾。

In industrial TVS, solutions are required to address increasingly harsh ESD environments, as factories increasingly automate. This is where markets are moving towards us. We continue to expand our product portfolio with innovative solutions to address critical customer needs.

在工業 TVS 中，隨著工廠自動化程度的提高，需要解決方案來應對日益惡劣的 ESD 環境。這就是市場正在向我們發展的方向。我們持續透過創新解決方案擴展我們的產品組合，以滿足關鍵的客戶需求。

Now, let me turn the call back to Mark.

現在，讓我把電話轉回給馬克。

Thank you, Hong. For the second quarter, we recorded net sales of $215.4 million, up 4% sequentially. Net sales trend by end-market reportable segment and geographic region is included on slide 16 of the earnings presentation.

謝謝你，洪。第二季度，我們的淨銷售額為 2.154 億美元，比上一季成長 4%。按終端市場可報告細分市場和地理區域劃分的淨銷售趨勢包含在收益簡報的幻燈片 16 中。

Gross margin was 50.4%, up 60 basis points sequentially and up 80 basis points year over year, reflecting favorable mix and cost controlled overhead spending. Operating expenses were $78 million, a 9% year-over-year reduction. This resulted in operating income of $30.5 million and an operating margin of 14.2%, up 200 basis points sequentially and up 60 basis points year over year.

毛利率為 50.4%，季增 60 個基點，年增 80 個基點，反映出有利的組合和成本控制的間接費用。營運費用為 7,800 萬美元，年減 9%。這使得營業收入達到 3,050 萬美元，營業利潤率為 14.2%，環比成長 200 個基點，較去年同期成長 60 個基點。

Net interest expense was $20.5 million in line with guidance. We recorded net earnings per share of $0.11 based on a diluted share count of 71.8 million shares. Adjusted EBITDA was $40.5 million and adjusted EBITDA margin was 18.8%, up 270 basis points sequentially and up 240 basis points year over year.

淨利息支出為 2,050 萬美元，符合指引。根據 7,180 萬股稀釋後的股票數量，我們錄得每股淨利 0.11 美元。調整後 EBITDA 為 4,050 萬美元，調整後 EBITDA 利潤率為 18.8%，季增 270 個基點，較去年同期成長 240 個基點。

Moving to the balance sheet, we ended the second quarter with a cash balance of $115.9 million, with working capital changes largely corresponding to revenue and cost of goods sold. Inventories increased $7.5 million or 5% sequentially, in part to support higher expected third quarter shipments and to carry a nominal amount of wafer bank supporting active copper cable orders, but are down 13% year over year.

轉向資產負債表，第二季末我們的現金餘額為 1.159 億美元，營運資金變動主要與收入及銷售商品成本相對應。庫存環比增加 750 萬美元，即 5%，部分原因是支持預期第三季度出貨量的增加，並承載名義數量的晶圓庫來支持活躍的銅電纜訂單，但庫存同比下降 13%。

Principal outstanding on our debt was $1.2 billion, reflecting the deferred equitization completed at the end of the second quarter. Free cash flow for the second quarter was an $8.4 million use of cash, primarily reflective of working capital changes and we did not draw on our revolver.

我們的債務本金餘額為 12 億美元，反映了第二季末完成的遞延股權化。第二季的自由現金流為 840 萬美元的現金使用，主要反映了營運資金的變化，我們沒有動用左輪手槍。

Now, turning to third quarter guidance. We currently expect net sales of $233 million plus or minus $5 million. We expect net sales from the infrastructure end market to increase sequentially with data center applications leading to growth. Infrastructure is expected to provide the strongest near-term tailwind. We expect net sales from the high-end consumer market to be up with typical seasonality benefitting this end market. We expect industrial net sales to be slightly up as recovering booking activity from the first quarter carried into second quarter.

現在，轉向第三季指引。我們目前預計淨銷售額為 2.33 億美元上下 500 萬美元。我們預計基礎設施終端市場的淨銷售額將隨著資料中心應用的成長而較上季成長。基礎設施預計將提供近期最強勁的推動力。我們預計高端消費市場的淨銷售額將隨著典型的季節性因素而成長，從而使該終端市場受益。我們預計，隨著第一季預訂活動的恢復延續到第二季​​度，工業淨銷售額將小幅上升。

Based on expected product mix and net sales levels, gross margin is expected to be 52% plus or minus 50 basis points. At the midpoint of guidance, this would be a 160 basis point sequential improvement. Operating expenses are expected to be $81 million plus or minus $1 million, resulting in operating margin at the midpoint of 17.2%, which would result in a 300 basis point sequential improvement.

根據預期的產品組合和淨銷售額水平，毛利率預計為 52%，上下浮動 50 個基點。在指導的中點，這將是 160 個基點的環比改進。營運費用預計為 8,100 萬美元上下 100 萬美元，營運利潤率為 17.2% 的中位數，環比提高 300 個基點。

We expect net interest expense to be $18.8 million, reflective of debt reduction and a tax rate of 15%. These amounts are expected to result in a net earnings per share at $0.23 plus or minus $0.03 based on a weighted average share count of 78.6 million shares. Adjusted EBITDA is expected to be $48.7 million plus or minus $2.8 million, resulting in EBITDA margin at the midpoint of 20.9%, which would equate to a sequential increase of 210 basis points. Guidance at the midpoint contemplates growth in net sales, improving gross operating and adjusted EBITDA margins and higher diluted earnings per share.

我們預計淨利息支出為 1,880 萬美元，反映了債務減少和 15% 的稅率。根據 7,860 萬股的加權平均股數，這些金額預計將帶來每股 0.23 美元正負 0.03 美元的淨利潤。調整後 EBITDA 預計為 4,870 萬美元上下 280 萬美元，EBITDA 利潤率中位數為 20.9%，相當於季增 210 個基點。中點指引考慮了淨銷售額的成長、總營業額和調整後 EBITDA 利潤率的提高以及稀釋每股盈餘的提高。

With that, I'd now like to turn the call back over to the operator for Q&A.

這樣，我現在想將電話轉回給接線員進行問答。

(Operator Instructions) Cody Acree, The Benchmark Company.

（操作員說明）Cody Acree，基準公司。

Thanks, guys, for taking my question. And Hong, congrats on the good first quarter out of the gate and welcome. Maybe Hong, if you can talk about your active copper cable expectations. You mentioned a TAM that was larger than the TAM that was given by Paul before his departure. If you could maybe go through the elements of that TAM calculation, whether that's a unit volume and ASP basis or just a total available addressable market would be great.

謝謝你們回答我的問題。洪，恭喜第一季度取得的良好成績，並表示歡迎。也許洪，如果您能談談您對有源銅電纜的期望。你提到的 TAM 比保羅離開前給的 TAM 還要大。如果您可以了解 TAM 計算的各個要素，無論是單位數量和 ASP 基礎還是只是總的可用目標市場，都會很棒。

Cody, thank you very much. So thank you for recognizing our position and role in this very exciting market opportunities.

科迪，非常感謝你。因此，感謝您認可我們在這個令人興奮的市場機會中的地位和角色。

And as I mentioned in the prepared remark that in the last quarter we gave a floor case based on the number of recs and expected ASP share allocation for a specific use case from a specific customer. Since then, we have expanded our engagement with the customers and right now we have several customers discussing with us on the ACC opportunities.

正如我在準備好的評論中提到的，在上個季度，我們根據特定客戶的特定用例的建議數量和預期 ASP 份額分配給出了底線案例。從那時起，我們擴大了與客戶的接觸，現在有幾位客戶正在與我們討論 ACC 機會。

And we are very excited about the total availability and total opportunity is above and beyond the floor case we guided. And we will see this ACC opportunities continue to expand. As you know that there are a lot of cables, which is a passive copper cable in the data center and installation base. There might be tens of millions.

我們對總可用性和總機會超出了我們指導的現場案例感到非常興奮。我們將看到 ACC 機會繼續擴大。如您所知，有很多電纜，這是資料中心和安裝基地中的無源銅纜。可能有數千萬。

And as the data rate goes higher, as connection length goes extended, the signal integrity is going to be a challenged. So the progression from ACC progress DAC cable to ACC is going to be inevitable. So very excited about the opportunities. And let's see, you know, we will start seeing some revenue contribution from Q3 as we guide it and then we'll be ramping from there. Thank you.

隨著資料速率的提高、連接長度的延長，訊號完整性將受到挑戰。因此，從 ACC 進步 DAC 電纜到 ACC 的發展將是不可避免的。對這些機會感到非常興奮。讓我們看看，你知道，我們將開始看到第三季的一些收入貢獻，正如我們所指導的那樣，然後我們將從那裡開始增加收入。謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey guys, let me offer my congratulations on a great quarter and very strong outlook. I guess, Hong, just wanted to follow up on Cody's question, just really to try to clarify that opportunity for the ACC TAM.

嘿夥計們，讓我祝賀這個季度的出色表現和非常強勁的前景。我想，Hong 只是想跟進 Cody 的問題，只是想為 ACC TAM 澄清這個機會。

It sounds like you said your floor case at a single platform, single customer you think now exceeds $100 million, I just want to clarify that. Or were you saying that you're seeing engagements beyond that first customer and you're talking about a TAM of north of $100 million as you start to factor in some of these other ACC opportunities. So if I could clarify that and then I had a second question, if I could sneak that in.

聽起來你說你在單一平台、單一客戶上的底價現在超過了 1 億美元，我只是想澄清一下。或者您是說您看到的業務量超出了第一個客戶的範圍，並且當您開始考慮其他一些 ACC 機會時，您正在談論的 TAM 超過 1 億美元。所以，如果我能澄清這一點，然後我有第二個問題，我是否可以偷偷地問一下。

Sure. Quinn Thank you very much. Yeah. Now, let me first clarify. The TAM I mentioned in the prepared remark is with respect to the single platform, single customer situation, I feel that our actual opportunities is going to be higher than the floor case.

當然。奎因 非常感謝你。是的。現在，我先澄清一下。我在準備好的發言中提到的TAM是針對單一平台、單一客戶的情況，我覺得我們的實際機會會比現場情況更高。

In addition to that, we're engaging with the multiple customers in the similar AI connectivity ecosystems for the similar purpose of low latency, low power, extended reach applications. And those opportunities are not accounted in what I was saying, increased opportunity compared to the floor case.

除此之外，我們也與類似人工智慧連接生態系統中的多個客戶合作，以實現低延遲、低功耗、擴展範圍應用的類似目的。這些機會並沒有包含在我所說的「與現場案例相比增加的機會」中。

Perfect. Thank you for that clarification. The question I had was about LPOs. You mentioned in the script that you see an opportunity for LPOs to perhaps begin shipments before the end of fiscal '26. Wondering if you could go into sort of the use case you see for LPOs, is that in back end networks for GPU's or AI accelerators, do you see that in general switch infrastructure or are there other applications where you see LPOs potentially being adopted? Thank you, Hong.

完美的。謝謝你的澄清。我的問題是關於 LPO 的。您在腳本中提到，您認為 LPO 有機會在 26 財年結束之前開始出貨。想知道您是否可以了解 LPO 的用例，是在 GPU 或 AI 加速器的後端網路中，您是否在一般交換器基礎設施中看到這種情況，或者是否有其他應用程式可能採用 LPO？謝謝你，洪。

Thank you, Quinn. So the LPO IC is more versatile and it can be used to scale out, and they can be used to scale up as well, because LPO share the same characteristic as ACC cables, low latency, low power consumption. And when you need extended reach, you go through electrical to optical conversion, transmit over fiber, then the other end, optical to electrical conversion.

謝謝你，奎因。所以LPO IC更通用，它可以用於橫向擴展，它們也可以用於橫向擴展，因為LPO具有與ACC電纜相同的特性，低延遲，低功耗。當您需要擴展傳輸範圍時，您需要進行電光轉換，透過光纖傳輸，然後在另一端進行光電轉換。

That conversion only consume incremental amount of power. But the power consumption and latency are really similar to ACC. So the LPO can be used to scale out a cluster, but in the meantime, when you need the ethernet, scale up, so you scale out. I'm sorry, the LPO can be used to replace the DSP basedimed transceivers as well.

此轉換僅消耗增量電量。但功耗和延遲確實與 ACC 相似。因此，LPO 可用於橫向擴展集群，但同時，當您需要乙太網路時，請縱向擴展，以便橫向擴展。抱歉，LPO 也可以用來取代基於 DSP 的收發器。

And you know, right now, as you know, that every year the industry consume about 25 million to 30 million units of optical transceivers, is largely based on DSP retime solutions, and the LPO can chip away even a fraction of that market. The opportunity is going to be tremendous. So that's why we're very excited about the LPO opportunities as well.

如您所知，目前該行業每年消耗約 2500 萬至 3000 萬台光收發器，主要基於 DSP 重定時解決方案，而 LPO 甚至可以蠶食該市場的一小部分。機會將是巨大的。這就是為什麼我們對 LPO 機會也感到非常興奮。

And as I mentioned, we have been engaging very closely with the ecosystem partners, and our TIA is commonly considered the best in the industry. And we hope our next refinement spin in the near term of the 200 gigabit retriever will provide the extended performance and the functionality that the industry needs. And I'm still very confident that in latter part of FY 2025. FY 2026 will be entered into the production with the limited quantities for LPOs.

正如我所提到的，我們一直與生態系統合作夥伴密切合作，我們的 TIA 被普遍認為是業內最好的。我們希望近期對 200 GB 檢索器進行的下一次改進能夠提供業界所需的擴充性能和功能。我對 2025 財年下半年仍然非常有信心。LPO 將於 2026 財年開始限量生產。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yeah, thank you. Welcome aboard, Hong, and congrats on the strong results here. I do recognize there's a lot of interest in the signal integrity business, but I was actually more surprised by your I recovery in the LoRa revenue was very strong in the quarter. Sounds like the momentum is there is going to continue going forward. So could you just elaborate a little bit more what's going on there? Is this basically inventory replenishment from the last few years or are you seeing some big new programs actually adopting LoRa.

是的，謝謝。歡迎加入，洪，並祝賀在這裡取得的優異成績。我確實意識到人們對訊號完整性業務很感興趣，但實際上更令我驚訝的是，本季 LoRa 收入的復甦非常強勁。聽起來勢頭將繼續向前發展。那麼您能詳細說明一下那裡發生了什麼事嗎？這基本上是過去幾年的庫存補充，還是您看到一些大型新項目實際上採用了 LoRa。

Tore, thank you very much. Yeah, that's a good question. I would say both. And first of all, the industry demand is resuming after the depletion of the inventory in the channels. And so we are, as we reported, the POS increases and the inventory in the channel decreases from the last quarter.

托雷，非常感謝你。是的，這是一個好問題。我會說兩者。首先，在通路庫存耗盡後，產業需求正在恢復。因此，正如我們所報告的，與上季相比，POS 增加，通路庫存減少。

And it's very natural that this market demand is bouncing back the second part of the second reason of the growth. As I talked about the Mercedes bench use case and our development partners are finding new use cases and because the unique capability of the LoRaWAN and it can translate into tremendous savings and the functionality enhancement in the system design.

市場需求的反彈是很自然的，這是第二個成長原因的第二部分。正如我談到梅賽德斯長凳用例時，我們的開發合作夥伴正在尋找新的用例，因為 LoRaWAN 的獨特功能可以轉化為系統設計中的巨大節省和功能增強。

And I believe this is really our key for grow the revenues even beyond the current level, current pace. And that's why I'm very excited to attending the things conference in Amsterdam and I got my days all lined up to meet with the executives of the ecosystem and to mobilize the entire systems, creating more use cases like the Mercedes bench and utilizing the capability that LoRaWAN can offer. So that is a great opportunity for us and it has been a good engine for our growth.

我相信這確實是我們收入成長的關鍵，甚至超出了目前的水平和速度。這就是為什麼我非常高興參加在阿姆斯特丹舉行的物聯網會議，我整天都在排隊與生態系統的高管會面並調動整個系統，創建更多用例（例如梅賽德斯長凳）並利用該功能LoRaWAN 可以提供。所以這對我們來說是一個很好的機會，也是我們成長的良好引擎。

Thanks for the caller.

感謝來電者。

Thank you, Tore.

謝謝你，托雷。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, thanks for the question, and welcome, Hong. My question was also actually on LPO and you also mentioned LoRa as well. So I just wanted to know what the opportunity in LoRaWAN. I assume it's also a high grade TIA, but putting these opportunities together, do you think this could be a larger opportunity for you than ACCs or copper? And if so, how much bigger? Thank you.

嘿，謝謝你的提問，歡迎，洪。我的問題實際上也是關於 LPO 的，您也提到了 LoRa。所以我只是想知道 LoRaWAN 有什麼機會。我認為這也是一種高級 TIA，但將這些機會放在一起，您認為這對您來說比 ACC 或銅可能是一個更大的機會嗎？如果是的話，有多大？謝謝。

Yes, Chris, thank you very much. And that's a great question. So the LPO certainly is analog on the transmitting side and on the receiving side. And there's some concerns in the industry, especially from the cloud service providers of CSP's on LPO.

是的，克里斯，非常感謝你。這是一個很好的問題。因此，LPO 在發送端和接收端當然是類比的。業界也存在一些擔憂，尤其是 CSP 的雲端服務供應商對 LPO 的擔憂。

Their primary concern is that if the solution will be providing enough link budget for them to choose the different silicon's on the switch side, and then choose different optical transceivers on the optical transport site, and they have been benefiting from that optionality and multi-source agreement over the last decades because they need a lot of transceivers when they deploy a new data center. They need a lot of switches. They don't want it to be just locked by one suppliers.

他們主要關心的是，解決方案是否能夠提供足夠的鏈路預算，以便他們在交換機端選擇不同的晶片，然後在光傳輸站點上選擇不同的光收發器，並且他們已經從這種可選性和多源中受益過去幾十年來達成的協議，因為他們在部署新的資料中心時需要大量收發器。他們需要很多開關。他們不希望它只被一個供應商鎖定。

So that has been the primary concern. They have all recognized that the LPOs provide low latency, low power consumption, and even lower cost and higher value. They have no denial on that.

所以這是首要問題。他們都認識到LPO可以提供低延遲、低功耗、甚至更低的成本和更高的價值。他們對此並不否認。

But it's just not sure the linked budget will allow them to exercise this option for multi-source agreement. And when I talked to many key architects and some of them, they say, you know what? We are pretty sure the receiving side, we can do that, but the transmitting side, in the worst case, we do DSP based real time solution on transmitting site. That still translates into tremendous power savings. That's LRO.

但不確定連結預算是否允許他們行使多源協議的這一選項。當我與許多重要的建築師和其中一些人交談時，他們說，你知道嗎？我們非常確定接收方可以做到這一點，但發送方，在最壞的情況下，我們在發送站點上執行基於 DSP 的即時解決方案。這仍然可以帶來巨大的節能效果。那是月球勘測軌道飛行器。

For us, either way is a winning for us, because when they do LRO, all LPO they choose to, they tend to choose the best in class TIA product. I would say at this point that Semtech product will benefit from both.

對我們來說，無論哪種方式都是我們的勝利，因為當他們選擇 LRO、所有 LPO 時，他們往往會選擇同類中最好的 TIA 產品。我想說的是，Semtech 產品將從兩者中受益。

As for your second part of the question, is LPO going to be representing an even bigger opportunity than ACC, I believe it's a good opportunity out there to replace. As I said, DSP-based retimer is an opportunity, but ACC, it can replace the DAC cable when the line read increased to 100 gigabit per second and connection DAC. Since exceeding 2 meters for 100 gig, but that cable really cannot maintain the signal integrity needed. So both products are great opportunities in this AI based connectivity era and has many years of Runway.

至於問題的第二部分，LPO 是否會代表比 ACC 更大的機會，我相信這是一個很好的替代機會。正如我所說，基於DSP的重定時器是一個機會，但是ACC，當行讀取增加到每秒100吉比特並連接DAC時，它可以取代DAC電纜。由於 100 GB 電纜長度超過 2 米，但該電纜確實無法保持所需的訊號完整性。因此，這兩款產品在這個基於人工智慧的連接時代都是巨大的機遇，並且擁有多年的跑道。

Thank you.

謝謝。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Yeah, Hong, let me add my welcome to you as well and very strong commentary on the quarter. So congratulations and the guide as well. My question is sort of on ACC. Could you help me sort of understand the scope and the size of this business? Are you the leader, you think, in technology? Are you the sole provider, for example, to this one large customer that you mentioned? And then my other part of the same question is, technology evolves. This is the first iteration of ACC.

是的，洪，我也對你表示歡迎，並對本季發表了非常強烈的評論。所以恭喜你，也恭喜你的指導。我的問題是關於 ACC 的。您能幫我了解一下這項業務的範圍和規模嗎？您認為您是科技領域的領導者嗎？例如，您是您提到的這一大客戶的唯一供應商嗎？然後我對同一問題的另一部分是，技術正在發展。這是 ACC 的第一次迭代。

What do you think? Or do you think Semtech has the goods to stay competitive in this market as other people look to get into the game? And maybe you could just help us get around what's needed to stay in front of this technological change.

你怎麼認為？或者您認為 Semtech 是否有能力在其他人希望進入這個市場時保持競爭力？也許您可以幫助我們解決需要採取哪些措施來應對這項技術變革。

Great. Thank you. Harsh. And thank you very much for your question. To address your first part of the question, for such a critical applications, I think our customers have to use a multi source and we are one of the two sources, as I understand at this point. And certainly the guidance we provided is based on 50%, 50% allocation and but we have every intention to exercise our technology differentiation and more importantly, at this point of time, the operations excellence.

偉大的。謝謝。殘酷的。非常感謝你的提問。為了解決你的問題的第一部分，對於這樣一個關鍵的應用程序，我認為我們的客戶必須使用多來源，而我們是這兩個來源之一，根據我目前的理解。當然，我們提供的指導是基於 50%、50% 的分配，但我們完全有意發揮我們的技術差異化，更重要的是，此時此刻，我們的卓越運作。

So to really provide the customers with shorter lead time, better on time delivery performance, better quality, and that has to be a hallmark of the operations. That's what I made the comments and initial observation of the differentiation of Semtech. So we hope we will be earning more than our fair share allocation in this. And so far it looks very promising.

因此，要真正為客戶提供更短的交貨時間、更好的準時交貨性能和更好的質量，這必須成為營運的標誌。這就是我對 Semtech 差異化的評論和初步觀察。因此，我們希望我們在這方面的收入將超過我們的公平份額分配。到目前為止，它看起來非常有前途。

As for the second part of your question, how do we stay competitive? I think this part, the ACC, from the beginning of the engagement, the ecosystem was not sure that we'll be able to deliver the performance and signal integrity as needed. Simulation shows good and.

至於你問題的第二部分，我們要如何保持競爭力？我認為 ACC 這一部分從參與開始，生態系統就不確定我們是否能夠提供所需的效能和訊號完整性。仿真顯示效果良好。

But when you have that real IC integrated into the real product. It may not deliver the performance as simulated, but that's already behind us and right now looking really, really good performance. And we are in the process of finishing system validation and product qualification. So we are preparing ourselves to ramp as we do that, hand that over to the operations. Our R&D team already started to get the next generation product like 400 gigabit per channel. How do we do that?

但是當您將真正的 IC 整合到實際產品中時。它可能無法提供模擬的性能，但這已經成為我們的過去，而且現在看起來性能非常非常好。我們正在完成系統驗證和產品鑑定。因此，我們正在準備在這樣做時加大力度，並將其移交給營運部門。我們的研發團隊已經開始開發下一代產品，例如每通道 400 GB。我們該怎麼做呢？

And I think we can all count on. The industry will continue to push forward with a higher data rate, lower latency requirement, low power requirement. And this is a sweet spot. And the market is moving towards us. And the way you continue to innovate, I do believe the best defense for the position is the aggressive development in engagement with the customers to provide the solutions they need at the time they need. So that's, we do, I do. I have the high confidence that we'll continue to lead in this area for a while.

我認為我們都可以信賴。業界將繼續推動更高的數據速率、更低的延遲要求、低功耗要求。這是一個甜蜜的地方。市場正在向我們走來。我相信，在不斷創新的方式中，最好的防禦就是積極與客戶合作，在他們需要的時候提供他們所需要的解決方案。所以，我們願意，我願意。我非常有信心我們將繼續在這一領域保持領先一段時間。

Excellent. Hong, thank you so much.

出色的。洪，非常感謝你。

Thank you, Harsh.

謝謝你，嚴酷。

Scott Searle, ROTH Capital Partners.

史考特‧塞爾，羅仕資本合夥人。

Good afternoon. Thanks for taking the questions. Hong and Mark, congrats on the quarter and the outlook.

午安.感謝您提出問題。Hong 和 Mark，恭喜本季和前景。

Thank you, Scott.

謝謝你，斯科特。

Mark, real quickly. I was wondering if you could repeat the low run number. I thought I missed that. And then Hong, on the ACC opportunity. It sounds like you're ramping in line to maybe a little bit ahead of expectations with NVIDIA and Blackwell design.

馬克，真快。我想知道你是否可以重複低運行次數。我以為我錯過了。然後是洪，關於 ACC 的機會。聽起來您的 NVIDIA 和 Blackwell 設計的進展可能比預期稍微提前了一點。

But I'm wondering if you could talk a little bit about the time line for some of these other opportunities when you would expect them to commercialize, given the current path. And a lot of the conversation has been around the opportunity versus DAC. But I'm wondering where AEC fits into the equation as well. Thanks.

但我想知道，考慮到目前的路徑，您是否可以談談您期望其他一些機會商業化的時間表。很多討論都是圍繞著 DAC 的機會展開的。但我想知道 AEC 也適合這個方程式。謝謝。

So, Mark you wanted to go first on the LoRa numbers?

那麼，馬克，您想先談談 LoRa 數據嗎？

Sure. The LoRa number, Scott, net sales for the quarter was $28.7 million. That's up 34% sequentially, up 72% over prior year. So very nice. Healthy rebound. And we believe that is sustainable.

當然。根據 LoRa 數據，Scott，該季度的淨銷售額為 2,870 萬美元。比上一季成長 34%，比上一年增長 72%。非常好。健康反彈。我們相信這是可持續的。

Okay. Thank you.

好的。謝謝。

And I can address, Scott, your question about the timing of ACC ramp.

斯科特，我可以回答你關於 ACC 斜坡時間的問題。

And as I mentioned that right now we're finishing up the system validation and the product qualification. Those are the last two gates before the volume production. So this -- well, in Q3, we expected the shipment in limited quantities, not gated by the demand, but there is going to be a cycle time from the fab. We have already anticipated that. And we got the wafer bank and die bank build beforehand. So that's the real meaningful ramp is going to be in our Q4 -- fiscal year Q4. And then throughout the 2026 FY and we expect pretty healthy demand based on the current PON and forecast.

正如我所提到的，現在我們正在完成系統驗證和產品鑑定。這是量產前的最後兩扇門。所以，在第三季度，我們預期出貨量有限，不受需求限制，但晶圓廠將會有一個週期時間。我們已經預料到了這一點。我們事先建立了晶圓庫和晶片庫。因此，真正有意義的成長將出現在我們的第四季——財年第四季。然後在整個 2026 財年，根據當前的 PON 和預測，我們預計需求將相當健康。

And then you mentioned about AEC, you're right. So the ACC will probably first and foremost encroach into the AEC market. And that's where the ACC provide the signal integrity requirement and -- but reduced power and reduced latency. And then -- and the DEC cables and a lot of DEC plane, when the new switch -- 100T switch deployed, they will be having a 224 gigabit service in the port. So 200 gig becomes the ethernet port. I would imagine the scale out. They will need a lot of -- even at that point connectivity is in the ACC cable, which will provide the signal integrity they need and low power consumption they need.

然後你提到了AEC，你是對的。因此，ACC 可能首先會涉足 AEC 市場。這就是 ACC 提供訊號完整性要求的地方，並且降低了功耗並縮短了延遲。然後，當部署新交換器——100T 交換器時，DEC 電纜和大量 DEC 平面將在連接埠中提供 224 個千兆位元服務。所以 200 gig 變成了乙太網路埠。我會想像規模擴大。他們將需要大量連接——即使在那時，ACC 電纜也具有連接性，這將提供他們所需的訊號完整性和低功耗。

Great. But Hong, just for clarification, you've achieved a systems level verification then with the current customer?

偉大的。但是，洪，只是為了澄清一下，您已經與當前客戶實現了系統級驗證嗎？

Yeah. So for the connectivity piece, yes. And -- but, of course, their system integrate -- involved in many other things is way above and beyond just like connectivity. So that is a validation they're doing..

是的。所以對於連接部分來說，是的。當然，他們的系統整合涉及許多其他事情，遠遠超出了連接性。所以這是他們正在做的驗證..

Great. Thanks so much and congrats on the quarter.

偉大的。非常感謝並祝賀本季。

Thank you.

謝謝。

Thank you, Scott.

謝謝你，斯科特。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yes, thanks for taking the question. And Hong, I'll echo the congratulations on a tenure wall started with the strength and the print and the guide. I wanted to see if I could get your help on sizing one of the businesses that you identified. So, it's great that we're doing well with the lead active copper cable customer and you framed up how big that business could be.

是的，感謝您提出問題。洪，我會在終身教職牆上表達祝賀，首先是力量、印刷品和指南。我想看看是否可以得到您的幫助來確定您所確定的其中一家企業的規模。因此，很高興我們與領先的有源銅電纜客戶合作良好，而且您也確定了該業務的規模。

I was hoping that you could give us some scope on how big the engagements with other customers could be next year? And then to your point on strategy number two that you mentioned in your prepared script, if we were to look at what's possible for these businesses as you exercise some of your own expertise in how they're directed, if we look out two years to three years, how much bigger can the business be than where it will be as we look at it next year? Thank you.

我希望您能給我們一些關於明年與其他客戶的合作規模有多大的範圍？然後，關於您在準備好的腳本中提到的第二個策略的觀點，如果我們要看看這些企業在您運用自己的一些專業知識來指導它們時，如果我們期待兩年三年後，我們明年的業務規模能比我們想像的規模大多少？謝謝。

Yeah, Craig, thank you very much. Great talking to you. Thanks for your question. So on the ACC, beyond the specific customer, beyond the specific platform, we're in the early stage of engagement at this point. But we're excited about the engagement with the customers. They present their challenges and high value problems. We think that it's right in our alley of the solution we can provide on the ACC.

是的，克雷格，非常感謝你。很高興跟你說話。謝謝你的提問。因此，在 ACC 上，超越特定客戶、超越特定平台，我們目前處於參與的早期階段。但我們對與客戶的互動感到興奮。他們提出了他們的挑戰和高價值問題。我們認為這正是我們可以在 ACC 上提供的解決方案的範圍。

So, we are still in the stage of understanding the requirement and qualify the opportunities. And it might be a little too early for me to give you a number for the next two, three years, what the opportunity is going to be. But directionally, I'm very excited about that and I think this is great in my ally.

因此，我們仍處於了解需求並確定機會的階段。對我來說，現在告訴你們未來兩三年的機會可能還太早。但從方向上來說，我對此感到非常興奮，我認為這對我的盟友來說很棒。

I have a really extensive contacts and connections in the industry. We're going to continue to expand our reach and engagement with the industries. And maybe in the next earnings call, we'll have a better idea on the future opportunities of ACC beyond one platform, one customer. Thank you.

我在這個行業有非常廣泛的聯繫和人脈。我們將繼續擴大我們的影響力和與產業的接觸。也許在下一次財報電話會議中，我們會對 ACC 超越一個平台、一個客戶的未來機會有更好的了解。謝謝。

Thank you.

謝謝。

Gus Richard, Northland Capital.

格斯·理查德，北國資本。

Yeah, thanks for taking the question and congratulations on the results. I just want to ask about the competitive environment. Clearly there's DSP versus analogs. And I can think of Infi, MACOM, (inaudible) as competitors on the analog side in these high-speed interfaces. Is there anybody else coming up that you see anybody with similar type of capability beyond the companies I mentioned? I'm just trying to get a better handle on the competitive environment.

是的，感謝您提出問題並祝賀結果。我只是想問一下競爭環境。顯然存在 DSP 與模擬器件的差異。我可以將 Infi、MACOM（聽不清楚）視為這些高速介面類比的競爭對手。除了我提到的公司之外，您是否還發現其他人具有類似的能力？我只是想更好地應對競爭環境。

Thank you, Gus, for your question. I think for the analog expertise, you got it. Those are the three companies I will say on the first tier. I'm sure there's a new up and comers. They are excited about the opportunities as well. It takes a while to establish these capabilities from the design to testing to many other things in the ecosystem. So -- and the operations is another thing.

謝謝格斯的提問。我認為對於模擬專業知識，您已經掌握了。這些是我要在第一層提到的三家公司。我確信有一個新的後起之秀。他們也對這些機會感到興奮。從設計到測試再到生態系統中的許多其他事情，建立這些功能需要一段時間。所以——而營運則是另一回事。

And I think we are at the right point, right time, and right place here to capture the enormous opportunities ahead of us. But as for the competitive landscape, that's -- you got it right. And I think both of the companies are very formidable and we can never kind of like take it easy.

我認為我們正處於正確的時間、正確的地點來抓住我們面前的巨大機會。但至於競爭格局，你說得對。我認為這兩家公司都非常強大，我們永遠無法放鬆。

So I told my teams we need to be constantly paranoid and challenge ourselves, continue to run fast, and the only way to get our unfair share is by the fair performance and superb performance in technology and in operations.

所以我告訴我的團隊，我們要不斷地偏執、挑戰自己，不斷地快跑，只有在技術和營運上有公平的表現和出色的表現，才能獲得不公平的份額。

Got it. Thanks so much.

知道了。非常感謝。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Mark Lin for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給馬克林（Mark Lin），請他發表結束語。

Hi. Thank you, everybody, for joining and please visit our investor website at investors.semtech.com for a list of upcoming financial conferences where Semtech will be in attendance. Have a great day.

你好。感謝大家的加入，請造訪我們的投資者網站 Investors.semtech.com，以取得 Semtech 將出席的即將舉行的財務會議的清單。祝你有美好的一天。

This concludes today's conference call. You may now disconnect your lines. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。