Semtech Corp (SMTC) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Semtech Corporation's third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

美好的一天，感謝您的支持。歡迎參加 Semtech Corporation 2025 年第三季財報電話會議。（操作員說明）請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to Mark Lin, Executive Vice President and Chief Financial Officer. Please go ahead.

我現在將會議交給執行副總裁兼財務長馬克林。請繼續。

Thank you, operator. Good day, everyone and welcome. I am pleased to be joined today by Hong Hou, President and Chief Executive Officer.

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。

Today after market close, we released our unaudited results for the third quarter of fiscal year 2025, which are posted along with an earnings call presentation to our investor website at investors.semtech.com.

今天收盤後，我們發布了 2025 財年第三季未經審計的業績，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 as well as the Risk Factors section of our most recent annual report on Form 10-K for information on risk factors that could cause our actual results to differ maturely from those made on this call.

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幻燈片2 以及我們最新10-K 表格年度報告的風險因素部分，以了解可能導致我們的實際結果與10-K 表格中的結果大不相同的風險因素的訊息。

Unless otherwise noted, all income-statement-related financial measures will be non-GAAP other than net sales. Please refer to today's press release and see slide 3 of the earnings presentation for important information regarding notes to our non-GAAP financial presentation. The press release and earnings presentation also include reconciliations of our GAAP and non-GAAP financial measures.

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都將採用非公認會計準則。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 everyone. I'm almost six months into my tenure as the Semtech CEO, and it has been a very productive period. My numerous engagements with Semtech employees, customers, suppliers, and partners and the operational and financial progress we have made so far give me high confidence in Semtech's near- and long-term growth prospects.

謝謝你，馬克。大家下午好。我擔任 Semtech 執行長已經快六個月了，這是一個非常富有成效的時期。我與 Semtech 員工、客戶、供應商和合作夥伴的多次接觸以及我們迄今為止所取得的營運和財務進展使我對 Semtech 的近期和長期成長前景充滿信心。

We achieved a very strong Q3 result with net sales, gross margin, and EPS at the high end of our guidance range, while operating income and operating margin exceeded the high end of our guidance range. Further, our Q4 outlook projects continued growth in each of these metrics.

我們在第三季度取得了非常強勁的業績，淨銷售額、毛利率和每股收益處於我們指導範圍的高端，而營業收入和營業利潤率超過了我們指導範圍的高端。此外，我們對第四季度的展望預計這些指標將持續成長。

In the last earnings call, I shared three near-term priorities, and I'm happy to report that we are making progress on all fronts. First, on strategy, portfolio rationalization, and balance sheet improvement. We have completed an evaluation of our portfolio through our annual strategic planning process. The purpose of this evaluation expanded beyond a delineation of core and noncore assets but provided a more granular assessment, correlating investment levels and priorities to multiyear growth curves.

在上次財報電話會議中，我分享了三個近期優先事項，我很高興地報告說，我們在所有方面都取得了進展。首先，關於策略、投資組合合理化和資產負債表改善。我們已經透過年度策略規劃流程完成了對我們的投資組合的評估。此次評估的目的超越了核心和非核心資產的劃分，而是提供了更精細的評估，將投資水準和優先事項與多年成長曲線連結起來。

In what might be a generational opportunity stemmed from AI-driven product demand, we will be increasing investment in data center products, which we project to be a long term and transformational growth engine for Semtech.

人工智慧驅動的產品需求可能會帶來一代人的機遇，我們將增加對資料中心產品的投資，我們預計這些產品將成為 Semtech 的長期和轉型成長引擎。

In some other areas, we expect sustaining investment at the current level will suffice, and our focus is to improve the contribution margins of these businesses. The net effect is proven investment levels paired with regular reviews on forecasted return on investment. We are committed to making timely adjustment to the market direction change.

在其他一些領域，我們預計維持目前水準的投資就足夠了，我們的重點是提高這些業務的邊際貢獻。淨效應是經過驗證的投資水準以及對預測投資回報的定期審查。我們致力於根據市場方向的變化及時做出調整。

Our portfolio has broadly inflected to growth, but I want to ensure my message is clear. I expect the inflection to growth will benefit valuation but will not delay the portfolio rationalization process. I'm fully aware of the financial and the nonfinancial benefits of portfolio rationalization, and we are particularly focused on opportunities that accelerate our debt repayment and decrease our leverage ratio.

我們的投資組合已廣泛影響成長，但我想確保我的訊息是明確的。我預期成長的轉變將有利於估值，但不會延遲投資組合合理化進程。我完全意識到投資組合合理化的財務和非財務效益，我們特別關注加速債務償還和降低槓桿率的機會。

Second, on accelerating growth and driving margin expansion. We have made swift changes to intensify the engagement with the customers to provide technical and operational solutions, and our Q3 results and Q4 outlook demonstrate the effectiveness of these initiatives. We continue to see strong tailwinds.

二是加速成長，帶動利潤率擴大。我們迅速做出改變，加強與客戶的合作，提供技術和營運解決方案，我們第三季的業績和第四季的前景證明了這些措施的有效性。我們繼續看到強勁的推動力。

Our customers and targeted market are moving towards us. We have instituted a disciplined investment plan, leveraging our design competency and incorporating performance objectives from key end customers and meeting their critical business needs. I believe we have achieved multigenerational roadmap alignment with the key customers, and we aspire to become their partner of choice for key technical and product solutions we provide. I expect this initiative will accelerate sustainable market share gain and SAM expansion.

我們的客戶和目標市場正在走向我們。我們制定了嚴格的投資計劃，利用我們的設計能力並納入關鍵最終客戶的績效目標並滿足他們的關鍵業務需求。我相信我們已經與主要客戶實現了多代路線圖的一致，我們渴望成為他們選擇我們提供的關鍵技術和產品解決方案的合作夥伴。我預計這一舉措將加速可持續的市場份額成長和 SAM 擴張。

Another driver is Semtech's personal excellence. Semtech has executed to meet customer delivery timelines in the current dynamic environment, with noteworthy instances in our data center and high-end consumer end market. Semtech's operational excellence in on-time delivery and superb quality contributes to our customer supply chain resiliently, which I know to be highly valued.

另一個驅動因素是 Semtech 的個人卓越表現。Semtech 致力於滿足當前動態環境中的客戶交付時間表，在我們的資料中心和高階消費終端市場中擁有值得注意的實例。Semtech 在準時交付和卓越品質方面的卓越營運為我們的客戶供應鏈做出了彈性貢獻，我知道這一點受到高度重視。

In this area, I would be remiss if I did not acknowledge the contribution from Semtech foundry, assembly, and test partners and miss the current ramp. Thank you to our foundry partners that have prioritized that increased the demand many times well with the natural lead times. Thank you to our assembly and test partners who have quickly installed additional capacity to support our field.

在這一領域，如果我不承認 Semtech 代工、組裝和測試合作夥伴的貢獻並錯過當前的發展，那就是我的失職。感謝我們的代工合作夥伴，他們優先考慮在自然交貨時間內將需求增加了許多倍。感謝我們的組裝和測試合作夥伴迅速增加了產能來支持我們的領域。

Third, on energizing our people. I'm a firm believer in promoting a high-performance culture, and I'm proud that we have launched Semtech RISING and the initiative incorporating employee development, mentorship, recognition, and pay for performance element to bring out the best from our employee base and elevating our determination and drive to win.

第三，激發人民活力。我堅信提倡高績效文化，我很自豪我們推出了 Semtech RISING 以及該計劃，該計劃融合了員工發展、指導、認可和績效薪酬元素，以激發我們的員工群體的最佳表現並提高我們獲勝的決心和動力。

This initiative also leverages expertise from Semtech Board members. We modified the charter of our compensation committee to become the human capital and compensation committee. We firmly believe this change elevates the importance of human capital development and aligns with Semtech's focus on creating and fostering a diverse and vibrant workforce. In the coming quarter, the three priorities will continue to be my focus.

該計劃還利用了 Semtech 董事會成員的專業知識。我們修改了薪酬委員會的章程，成為人力資本與薪酬委員會。我們堅信，這項變革提升了人力資本發展的重要性，並符合 Semtech 對創造和培養多元化、充滿活力的員工隊伍的關注。在接下來的季度，這三個優先事項將繼續是我的重點。

Moving to end market. For Q3, infrastructure net sales were $65.8 million, up 24% sequentially and up 52% year over year. Net sales for the data center were a record $43.1 million, up 58% sequentially and up 78% year over year.

轉向終端市場。第三季度，基礎設施淨銷售額為 6,580 萬美元，季增 24%，年增 52%。該資料中心的淨銷售額達到創紀錄的 4,310 萬美元，季增 58%，年增 78%。

Consistent with our outlook for Q3, shipment commenced on our CopperEdge 200-gb linear redrivers using 1.60 active copper cable, or ACC, applications. CopperEdge net sales were in the high-single-digit million dollars. We expect incrementally higher contribution in our Q4 followed by a ramp progressing through FY26.

與我們對第三季的展望一致，我們使用 1.60 主動銅纜或 ACC 應用的 CopperEdge 200-GB 線性轉接驅動器已開始出貨。CopperEdge 的淨銷售額高達百萬美元。我們預計第四季度的貢獻將逐步增加，隨後整個 2026 財年將有所成長。

There have been multiple reports regarding Blackwell GPU rack designs and timing of volume shipment, which could potentially impact the TAM and timing of ACC market where we provide the key enabling IC components. That allows me to provide some assurances based on our ecosystem engagement.

有多個關於 Blackwell GPU 機架設計和批量發貨時間的報告，這可能會影響 TAM 和 ACC 市場的時間，我們在該市場提供關鍵的支援 IC 組件。這使我能夠根據我們的生態系統參與度提供一些保證。

We have invested time with our customers and end users of the racks over the past few months. We reaffirm our expectation of exceeding the floor case provided a couple of quarters ago based on the first-hand information from the ecosystem.

在過去的幾個月裡，我們投入了時間與機架的客戶和最終用戶相處。我們重申，根據生態系統的第一手信息，我們的預期將超過幾個季度前提供的底線情況。

I connected with many CSPs, cable manufacturers, and ecosystem participants at the very well-attended Open Compute Project, or OCP Global Summit last month, where Meta presented, contributed, and demonstrated on the show floor its Catalina platform. Catalina is a dual-rack NVL36 design connected with the CopperEdge-enabled ACC. This appears to be a major platform that multiple CSPs will adopt in the near future for their AI data centers.

上個月，我在參加人數眾多的開放運算專案（OCP 全球高峰會）上與許多 CSP、電纜製造商和生態系統參與者進行了聯繫，Meta 在展會上展示、貢獻並展示了其 Catalina 平台。Catalina 是雙機架 NVL36 設計，與支援 CopperEdge 的 ACC 連接。這似乎是多個通訊服務提供者在不久的將來將為其人工智慧資料中心採用的主要平台。

Several companies are currently conducting design work using our CopperEdge chips in 200-gb traces on their boards to improve signal integrity. Rack designs have varied and will continue to vary as CSPs deploy various configurations in their data centers, but the OCT Global Summit reaffirmed my belief that a count of 200-gb ports connected to cables with a length up to 3 meters is a more relevant measure of a CopperEdge SAM.

目前，多家公司正在其電路板上的 200 GB 走線中使用我們的 CopperEdge 晶片進行設計工作，以提高訊號完整性。隨著CSP 在其數據中心部署各種配置，機架設計已經發生了變化，並將繼續發生變化，但華僑城全球峰會重申了我的信念，即連接到長度長達3 米的電纜的200 GB 端口的數量是更相關的衡量標準CopperEdge SAM 的一個。

At 200 gb and at a cable length up to 3 meters, CopperEdge will meet signal integrity requirements not readily achievable with direct attached copper, or DAC, cables. And at a lower latency, lower cost and much smaller power consumption required compared to DSP-based retime solutions.

在 200 GB 和長達 3 公尺的纜線長度下，CopperEdge 將滿足直接連接銅纜或 DAC 纜線無法輕易實現的訊號完整性要求。與基於 DSP 的重定時解決方案相比，所需延遲更低、成本更低且功耗更小。

Semtech's low-power, low-latency CopperEdge solutions have gained positive attention in the data center ecosystem, and our technical collaboration with a number of CSPs and cable manufacturers has accelerated since last quarter.

Semtech的低功耗、低延遲CopperEdge解決方案在資料中心生態系統中獲得了積極關注，自上季度以來我們與多家CSP和電纜製造商的技術合作加速。

My team's engagement with architecture decision-makers and technical executives in the ecosystem significantly streamlined the time between understanding our customers' challenges and delivering Semtech proposed solutions. I believe this is proven to be a positive differentiator in CopperEdge proliferation and improve Semtech's NPI time-to-market.

我的團隊與生態系統中的架構決策者和技術主管的互動極大地縮短了了解客戶的挑戰和交付 Semtech 提出的解決方案之間的時間。我相信這已被證明是 CopperEdge 推廣的一個積極的差異化因素，並縮短了 Semtech 的 NPI 上市時間。

In addition to CopperEdge, our Tri-Edge PAM4 products continue to contribute meaningful sequential and year-over-year growth. Our lead customer commenced production ramp in 400-gb AOC products in Q3. Demand remains robust for our FiberEdge transimpedance amplifier, or TIA, and laser drivers. Data center deployment at 100 gb has been ramping up strongly and we believe we have captured incremental market shares, thanks to our closer engagement with our customers and our operations excellence.

除了 CopperEdge 之外，我們的 Tri-Edge PAM4 產品繼續貢獻有意義的環比和同比增長。我們的主要客戶在第三季開始生產 400 GB AOC 產品。對我們的 FiberEdge 互阻放大器 (TIA) 和雷射驅動器的需求仍然強勁。100 GB 資料中心部署一直在強勁增長，我們相信，由於我們與客戶的更密切合作以及卓越的運營，我們已經佔據了增量市場份額。

Moving to linear pluggable optics, or LPO, we have received initial TIA orders from several module manufacturers for test and qualification of both 800 gb and 1.6T LPO transceivers at CSPs. CSP engagement has proven insightful. It appears that LPO adoptability is meaningfully correlated with a 30 signal-to-noise ratio at the host. Fortunately, both current and future generation switches supply significantly improve the performance, and this enables easier LPO adoption in many specific use cases. Our confidence in LPO adoption has increased since last quarter with meaningful net sales contribution from TIAs and redrivers expected by the latter portion of FY26.

轉向線性可插拔光學元件 (LPO)，我們已收到多家模組製造商的初始 TIA 訂單，用於在 CSP 測試和鑑定 800 GB 和 1.6T LPO 收發器。事實證明，CSP 的參與是富有洞察力的。看來 LPO 的採用率與主機上 30 的訊號雜訊比有顯著相關。幸運的是，目前和下一代交換器都顯著提高了效能，這使得在許多特定用例中更容易採用 LPO。自上季以來，我們對 LPO 採用的信心有所增強，預計 2026 財年下半年 TIA 和轉接驅動器將帶來顯著的淨銷售額貢獻。

Within the infrastructure, our telecom business consisting PON and backhaul reported Q3 net sales of $20.5 million. We have been supporting a pilot build of triple-gen 50-gig PON with a major Chinese carrier. And the carrier CapEx, noticeably for 5G advanced deployment, is expected to nominally improve over the coming quarters.

在基礎設施方面，我們的電信業務（包括 PON 和回程）報告第三季淨銷售額為 2,050 萬美元。我們一直在支持與中國一家主要營運商合作進行三代 50 Gb PON 試點建設。營運商的資本支出（尤其是 5G 高級部署）預計將在未來幾季名義上有所改善。

Moving to our high-end consumer end market. Net sales were $40 million, a sequential increase of 8%, reflective of market share gains and consistent with expectations of seasonally stronger Q3. Net sales in high-end consumer TVS grew to $28.3 million, up 9% sequentially and up 7% year over year, with a sequential growth in each quarter of the current fiscal year.

轉向我們的高階消費終端市場。淨銷售額為 4000 萬美元，環比增長 8%，反映了市場份額的增長，並與第三季度季節性強勁的預期一致。高階消費電視的淨銷售額成長至 2,830 萬美元，較上季成長 9%，年增 7%，本財年每季均較上季成長。

We communicated market share growth in consumer TVS grew last quarter, augmenting our prior commentary. Our expectation is for continued market share expansion as the world's largest consumer electronics company and at other key North American and Korean companies. Based not only on our design-in activities for future generations of product, but also for Semtech's ability to deliver on time and to meet demand upside. Thanks to our technology leadership, proven quality, and fulfillment capabilities, we are among the first to be added to a [bomb] for many products in the pipeline. So, we have much greater visibility into the design cycle of next-generation product.

我們表示上季度消費性 TVS 的市佔率有所成長，增強了我們先前的評論。我們的期望是持續擴大作為全球最大的消費電子公司以及其他北美和韓國主要公司的市場份額。這不僅基於我們針對下一代產品的設計活動，還基於 Semtech 按時交付並滿足需求上升的能力。憑藉我們的技術領先地位、經過驗證的品質和履行能力，我們是首批為許多正在研發的產品添加[炸彈]的公司之一。因此，我們對下一代產品的設計週期有了更大的了解。

Our class-leading PerSe products continue to excite the market, with design wins across device manufactured in smartphone, computing, and wearables. We believe PerSe's capabilities are also highly valued by device manufacturers to maintain compliance with a specific absorption rate of SAR regulations while minimizing the effect on device performance. In this area, the ability to detect and measure distance to a human allow the device to optimize RF transmission power and data throughput. We are pleased to be included in the leading smartphone chipset vendors reference designs to meet SAR requirements.

我們領先的 PerSe 產品繼續令市場興奮，在智慧型手機、運算和穿戴式裝置製造的裝置上取得了設計勝利。我們相信 PerSe 的能力也受到設備製造商的高度重視，以維持符合 SAR 法規的特定吸收率，同時最大限度地減少對設備性能的影響。在這一領域，檢測和測量人類距離的能力使設備能夠優化射頻傳輸功率和數據吞吐量。我們很高興被納入領先的智慧型手機晶片組供應商的參考設計中，以滿足 SAR 要求。

Moving to our industrial end market. For Q3, industrial net sales were $131 million, up 5% sequentially. Within the industrial end market, LoRa-enabled solutions recorded Q3 net sales of $29 million, up 1% quarter over quarter and up 104% year over year. Encouragingly, consumption for our recent generation LoRa product has been increasing, which signals market adoption of this enhanced capability.

轉向我們的工業終端市場。第三季度，工業淨銷售額為 1.31 億美元，季增 5%。在工業終端市場，支持 LoRa 的解決方案第三季淨銷售額為 2,900 萬美元，季增 1%，年增 104%。令人鼓舞的是，我們最新一代 LoRa 產品的消費量一直在增加，這標誌著市場對這種增強功能的採用。

LoRa Gen 2 offers a smaller footprint and reduce the power consumption, while LoRa Gen 3 delivered improved radio performance and a further simplification of customer development through onboard LoRaWAN provisioning capability. Supporting LoRaWAN remains a key company strategy.

LoRa Gen 2 佔用空間更小，功耗更低，而 LoRa Gen 3 則透過板載 LoRaWAN 配置功能提高了無線電性能並進一步簡化了客戶開發。支援 LoRaWAN 仍然是公司的關鍵策略。

I benefited greatly from visiting The Things Conference in September. As I said during my presentation at the conference, LoRa has demonstrated tremendous potential with a comprehensive ecosystem that push the LoRa from concept to product and now to an industry. I gained very constructive input while at a conference on how Semtech can support ecosystem enablement and enhance what I believe to be Semtech's already robust hardware and software roadmap. The infrastructure to cover gapless coverage for LoRa continues to gain momentum.

9月份參加The Things Conference讓我受益匪淺。正如我在會議演講中所說，LoRa 透過全面的生態系統展示了巨大的潛力，將 LoRa 從概念推向產品，現在又推向產業。在一次關於 Semtech 如何支援生態系統支援並增強我認為 Semtech 已經強大的硬體和軟體路線圖的會議上，我獲得了非常有建設性的意見。LoRa 無縫覆蓋的基礎設施繼續獲得發展勢頭。

In addition to Ecostar coverage throughout Europe, satellite operators are considering offering a similar service for Americas. We expect such availability of LoRaWAN will create a boundless potential for asset tracking.

除了 Ecostar 覆蓋整個歐洲之外，衛星營運商正在考慮為美洲提供類似的服務。我們預計 LoRaWAN 的可用性將為資產追蹤創造無限潛力。

Our IoT systems business recorded Q3 net sales of $57.9 million, up 11% sequentially, yet another quarter of net sales growth, coupled with robust bookings and backlog. As previously discussed, Semtech started addressing channel and end customer inventories earlier in the cycle, and as the market inflects upwards, our growth is now muted by the channel congestion.

我們的物聯網系統業務第三季淨銷售額為 5,790 萬美元，比上一季成長 11%，淨銷售額又實現了一個季度的成長，加上強勁的預訂和積壓訂單。如同前面所討論的，Semtech 在週期的早期就開始解決通路和最終客戶庫存問題，隨著市場向上發展，我們的成長現在因通路擁塞而減弱。

Highlighting customer engagement for this business, I believe we held a successful customer roundtable in October, where our customers provided valuable insights and helped save our roadmap. The roundtable also allowed us to further highlight our in-house Trade Agreements Act, or TAA, capabilities, something we expect to bring significant value as a North America supplier to the critical infrastructure markets we serve. Our in-house TAA capabilities have contributed to funnel, orders, backlog, and sales to federal agencies, an area where we have identified as an adjacent market and renewed our focus.

我相信我們在 10 月舉辦了一次成功的客戶圓桌會議，強調了客戶對該業務的參與，我們的客戶提供了寶貴的見解並幫助保存了我們的路線圖。圓桌會議也使我們能夠進一步強調我們的內部貿易協議法（TAA）能力，我們希望作為北美供應商為我們所服務的關鍵基礎設施市場帶來巨大的價值。我們內部的 TAA 能力為聯邦機構的漏斗、訂單、積壓和銷售做出了貢獻，我們已將這一領域確定為相鄰市場並重新聚焦。

In Q3, we launched the Australian instance of AirLink management service. Australia is one of our stronger market outside of North America and this instance meets ever stringent local data resiliency requirements.

第三季度，我們推出了AirLink管理服務澳洲實例。澳洲是我們在北美以外最強大的市場之一，此實例滿足日益嚴格的本地資料彈性要求。

Q3 net sales for IoT connected services were $24.6 million, with a slight sequential and year-over-year growth for this reoccurring revenue business. AirVantage allows our customers a single panel to monitor lifecycle management, consumption, and [SIEM] management, all packaged with a robust API. Our future growth expectations are bolstered by additional customer adoptions of AirVantage, including AirVantage data insights and its AI-enabled features to facilitate analysis and decision-making on connected equipment. We also expanded our smart connectivity platform to add Voice over LTE coverage, which is now available in over 40 countries and territories.

第三季物聯網連線服務的淨銷售額為 2,460 萬美元，此經常性收入業務較上季和年比均略有成長。AirVantage 讓我們的客戶可以透過一個面板來監控生命週期管理、消耗和 [SIEM] 管理，所有這些都包含一個強大的 API。更多客戶採用 AirVantage，包括 AirVantage 數據洞察及其支援人工智慧的功能，以促進對互聯設備的分析和決策，這將增強我們未來的成長預期。我們還擴展了智慧連接平台，增加了 LTE 語音覆蓋範圍，現已覆蓋 40 多個國家和地區。

In industrial TVS, net sales in Q3 were $10.2 million, up a robust 7% sequentially. We have noticed the current market sentiment in the industrial market, but we remain confident in Semtech growth with our product offerings. Our industrial products address protection for electronics deployed in increasingly harsh industrial ESD environments. As factories increasingly automate, our customers are increasing their reliance on Semtech solutions where severe ESD challenges upon.

在工業 TVS 領域，第三季淨銷售額為 1,020 萬美元，比上一季強勁成長 7%。我們注意到工業市場當前的市場情緒，但我們對 Semtech 的產品成長仍然充滿信心。我們的工業產品致力於為日益惡劣的工業 ESD 環境中部署的電子設備提供保護。隨著工廠自動化程度的提高，我們的客戶對 Semtech 解決方案的依賴程度越來越高，而這些解決方案面臨嚴峻的 ESD 挑戰。

In the automotive market, demand has increased sequentially with the growing prevalence of wired and wireless networks in automobiles. Also, Semtech has been the leading supplier of advanced display protection solutions in the high-end consumer market. As our display customer diversify into the automotive sector, we believe we are seeing a disproportional benefit in the automotive display market.

在汽車市場，隨著有線和無線網路在汽車中的日益普及，需求也隨之增加。此外，Semtech 一直是高階消費市場先進顯示器保護解決方案的領導供應商。隨著我們的顯示器客戶多元化進入汽車領域，我們相信我們在汽車顯示器市場上看到了不成比例的好處。

In summary, I'm very pleased with Semtech's execution and the performance across our businesses in Q3.

總之，我對 Semtech 第三季的執行力和我們業務的表現非常滿意。

And now, I'll turn the call back to Mark for additional details on our financial results and our Q4 outlook. Mark?

現在，我將把電話轉回給馬克，以了解有關我們財務業績和第四季度前景的更多詳細資訊。標記？

Thank you, Hong. For Q3, we recorded net sales of $236.8 million, up 10% 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。第三季度，我們的淨銷售額為 2.368 億美元，比上一季成長 10%。按終端市場、可報告部門和地理區域劃分的淨銷售額趨勢包含在收益簡報的幻燈片 16 中。

Gross margin was 52.4%, up 200 basis points sequentially and up 110 basis points year over year. Operating expenses were $80.6 million, slightly below the midpoint of our outlook, increasing 3% sequentially, and representing what we forecast to be prudent investments in the business to accelerate realization of growth opportunities.

毛利率為52.4%，季增200個基點，較去年同期上升110個基點。營運費用為 8,060 萬美元，略低於我們預期的中點，環比成長 3%，代表我們預計將對該業務進行審慎投資，以加速實現成長機會。

Operating income was $43.4 million, resulting in an operating margin of 18.3%, up 410 basis points sequentially and up 810 basis points year over year. Adjusted EBITDA was $51.1 million and adjusted EBITDA margin was 21.6%, up 280 basis points sequentially and up 760 basis points year over year. Gross margin, operating margin, and EBITDA margin, all sequentially increased in each quarter of fiscal year '25, demonstrating our operating leverage.

營業收入為 4,340 萬美元，營業利潤率為 18.3%，較上季成長 410 個基點，較去年同期成長 810 個基點。調整後 EBITDA 為 5,110 萬美元，調整後 EBITDA 利潤率為 21.6%，季增 280 個基點，較去年同期成長 760 個基點。毛利率、營業利潤率和 EBITDA 利潤率在 25 財年每季均連續成長，證明了我們的經營槓桿。

We expect to finish the year with sequential improvements in each of these metrics based on the midpoint of our Q4 outlook. Net interest expense was $18.4 million and recorded net earnings per share of $0.26, up from $0.11 in Q2 and up from $0.02 in Q3 of last year. Operating and free cash flow for Q3 was $29.6 million and $29.1 million, respectively.

我們預計，根據我們第四季度展望的中點，這些指標在今年結束時將連續改善。淨利息支出為 1,840 萬美元，每股淨利潤為 0.26 美元，高於第二季的 0.11 美元和去年第三季的 0.02 美元。第三季的營運現金流和自由現金流分別為 2,960 萬美元和 2,910 萬美元。

We ended Q3 with a cash balance of $136.5 million, which included a principal payment of $5 million on our credit facility. Subsequent to the end of the quarter, we made a further principal payment of $10 million, and these payments are consistent with our previously stated capital allocation priority of reducing debt.

第三季結束時，我們的現金餘額為 1.365 億美元，其中包括我們信貸額度的 500 萬美元本金支付。本季末後，我們進一步支付了 1000 萬美元的本金，這些支付與我們先前規定的減少債務的資本配置優先順序一致。

Now, turning to our Q4 outlook. We currently expect net sales of $250 million, plus or minus $5 million, a 6% sequential increase at the midpoint. 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.

現在，轉向我們的第四季展望。我們目前預計淨銷售額為 2.5 億美元，上下浮動 500 萬美元，中位數較上季成長 6%。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。

We expect net sales from the high-end consumer market to be down, reflective of typical seasonality. We have gained market share in this end market and do not believe channel inventory is a headwind to Q4 expectations. We expect industrial net sales to be up, with increases across LoRa and our cellular IoT portfolio. Based on expected product mix and net sales levels, gross margin is expected to be 52.8%, plus or minus 50 basis points. At the midpoint of our outlook, this would be a 40-basis-point sequential improvement.

我們預期高端消費市場的淨銷售額將下降，這反映了典型的季節性。我們已經在這個終端市場獲得了市場份額，並且不認為通路庫存會阻礙第四季度的預期。隨著 LoRa 和我們的蜂窩物聯網產品組合的成長，我們預計工業淨銷售額將會上升。根據預期的產品結構和淨銷售額水平，毛利率預計為52.8%，上下浮動50個基點。按照我們的預期中位數計算，這將是環比改善 40 個基點。

Operating expenses are expected to be $82.8 million, plus or minus $1 million, growing at about half the rate of net sales growth at the midpoint, and resulting in operating margin at midpoint of 19.7%, a 140-basis-point sequential improvement.

營運費用預計為 8,280 萬美元，上下浮動 100 萬美元，成長率約為中點淨銷售額成長率的一半，營運利潤率中點為 19.7%，季增 140 個基點。

Adjusted EBITDA is expected to be $56.9 million, plus or minus $2.8 million, resulting in adjusted EBITDA margin at the midpoint of 22.8%, which would equate to a sequential increase of 120 basis points. We expect net interest and other expenses to be $19 million, and expect an income tax rate of 15%.

調整後 EBITDA 預計為 5,690 萬美元，上下浮動 280 萬美元，調整後 EBITDA 利潤率為 22.8% 的中位數，相當於環比增長 120 個基點。我們預計淨利息和其他費用為 1,900 萬美元，所得稅率為 15%。

These amounts are expected to result in a net earnings per share of $0.32, plus or minus $0.03, based on a weighted average share count of 80 million shares. Our outlook at the midpoint contemplates another quarter of growth in net sales, improving gross, operating and adjusted EBITDA margins, and higher diluted earnings per share.

基於 8,000 萬股的加權平均股數，這些金額預計將帶來每股 0.32 美元的淨利潤，正負 0.03 美元。我們對中點的展望是淨銷售額再成長一個季度，毛利率、營業利潤率和調整後 EBITDA 利潤率有所改善，以及稀釋每股收益更高。

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生進行問答。

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作員說明）Quinn Bolton，Needham & Company。

Hi, Hong and Mark. Congratulations on the nice results and outlook, especially in the data center business. I guess, Hong, I wanted to start with the data center business. It sounds like you continue to be very comfortable with the floor TAM for ACCs, but hoping you might be able to elaborate on that.

嗨，洪和馬克。恭喜您取得了良好的業績和前景，特別是在資料中心業務方面。我想，洪，我想從資料中心業務開始。聽起來您仍然對 ACC 的地板 TAM 非常滿意，但希望您能夠詳細說明這一點。

You mentioned the Catalina rack is an opportunity, but wondering if the ACC TAM that you see now starts to encompass other opportunities at hyperscalers or CSPs. And so, just wondering if you might be able to talk about some of the use cases you see starting to contribute to that $100 million-plus opportunity? Thanks.

您提到 Catalina 機架是一個機會，但想知道您現在看到的 ACC TAM 是否開始包含超大規模企業或 CSP 的其他機會。因此，想知道您是否可以談談您看到的一些用例，這些用例開始為這個價值超過 1 億美元的機會做出貢獻？謝謝。

Thank you, Quinn. Yeah. So, as we discussed at OCP, you participated as well, the Catalina is going to be the main platform. We know one major CSP is going to be used at the baseline for deployment in 2025 and beyond as long as they use GB200 GPU processors. And we know that standard is getting tractions and -- but I haven't get the detailed confirmation on which CSP is using in what proportion.

謝謝你，奎因。是的。因此，正如我們在 OCP 上討論的那樣，您也參與了，Catalina 將成為主要平台。我們知道，只要使用 GB200 GPU 處理器，一個主要的 CSP 將在 2025 年及以後的部署中作為基線使用。我們知道該標準正在受到關注，但我還沒有得到關於哪個 CSP 使用比例的詳細確認。

Another major progress, I would say, since the announcement of ACC, is awareness level by the CSPs on this elegant capability and solution to improve the signal integrity and improve the link budget by adding very small fraction of power consumption, no latency, and a very little, well, incremental cost as well.

我想說，自 ACC 發布以來，另一個重大進展是 CSP 對這種優雅功能和解決方案的認識水平，透過增加極小部分的功耗、無延遲和增量成本也很少。

So now, we are seeing many -- several CSPs and other companies are considering using the linear equalizer in their entire trace design, can be on the board, can be in the connectors, can be in the cables as well. So that give me the confidence that after the OCP that our floor case guided a couple of quarters ago is indeed a floor case.

所以現在，我們看到許多——一些 CSP 和其他公司正在考慮在其整個走線設計中使用線性均衡器，可以在電路板上，可以在連接器中，也可以在電纜中。因此，這讓我相信，在幾個季度前我們的落地案例指導的 OCP 確實是一個落地案例。

Perfect. Maybe just a quick follow-up there. Just for the CSPs looking to use linear drivers in cables or PCBs, does that ramp in calendar 2025 or do you think that that's a longer-term opportunity?

完美的。也許只是快速跟進。對於希望在電纜或 PCB 中使用線性驅動器的 CSP 來說，這種情況會在 2025 年出現增長嗎？

And then, my follow-up is, you seem to be more upbeat now about the LPO opportunity. I think you said you've got initial orders for TIAs, for LPO starting to ramp in fiscal year '26, the back half of fiscal year '26. Can you talk about what types of applications you're seeing LPOs starting to be deployed this year? Thank you.

然後，我的後續行動是，您現在似乎對 LPO 機會更加樂觀。我想你說過你已經收到了 TIA 的初始訂單，LPO 在 26 財年、26 財年後半段開始增加。您能否談談今年 LPO 開始部署哪些類型的應用程式？謝謝。

Yeah. Let me just follow up on the first one on the ACC. So, the applications on the board and in the cable and even in the connectors by the multiple CSPs are in the qualification phase, in the demonstration phase. So the typically good thing about the copper-based solutions is the qualification cycle is relatively short compared to the optical-related products. So I will say probably from the mid of 2025 calendar year, the other opportunities on the linear equalizer will start contributing to the revenue.

是的。讓我繼續跟進 ACC 的第一個。因此，多個 CSP 在電路板、電纜甚至連接器上的應用都處於資格階段、演示階段。因此，與光學相關產品相比，銅基解決方案的典型優點是認證週期相對較短。因此，我想說，可能從 2025 年中期開始，線性均衡器上的其他機會將開始為收入做出貢獻。

As for the LPO, as I mentioned in the prepared remarks that we have already got orders and shipped in low volume albeit. There's a -- for 800 gb DR8, a 100 gigabit per second per trace, and 1.6T side, they're primarily on TIA. So, they are building transceiver modules and shipping to different customers for qualification. And applications are for both scale-up and scale-out. So the scale-out is primarily connecting the NIC card to top of the rack or end of the row switches. And scale-up is to increase the cluster sites for the GPU compute cluster or ASIC compute cluster by some CSPs.

至於LPO，正如我在準備好的發言中提到的，我們已經收到訂單並且發貨量雖然不大。有一個 - 對於 800 GB DR8，每跡線每秒 100 GB，以及 1.6T 側，它們主要在 TIA 上。因此，他們正在建立收發器模組並將其運送給不同的客戶進行資格認證。應用程式既適用於縱向擴展，也適用於橫向擴展。因此，橫向擴展主要是將 NIC 卡連接到機架頂部或行交換器的末端。而scale-up就是透過一些CSP增加GPU運算叢集或ASIC運算叢集的叢集站點。

Perfect. Thank you for that additional color, Hong.

完美的。謝謝你給我額外的顏色，洪。

Thank you.

謝謝。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Yeah. Hey, Mark, Lin -- Mark, Hong, and the entire Semtech team. Congratulations on a very strong quarter, very strong guide. I had one quick one on data center and another one on LPO. So, Hong, for you, could you just give us an idea of what you're thinking about the growth for ACC in the January quarter as you're guiding?

是的。嘿，Mark、Lin——Mark、Hong 和整個 Semtech 團隊。祝賀一個非常強勁的季度，非常強勁的指南。我有一篇關於資料中心的快速文章，另一篇關於 LPO 的文章。那麼，洪，您能否告訴我們您對 ACC 在您指導下的一月份季度增長的看法？

And then, when do you think it will steady out to a sort of a steady-state sales format? Is it second half or will it continue to build through the year? And then I have a follow-up.

然後，您認為什麼時候它會穩定到某種穩定的銷售形式？是下半年還是全年都會繼續成長？然後我有一個後續行動。

I will let Mark answer the ACC question.

我會讓馬克回答 ACC 的問題。

Harsh, we said this in Q3, it was high-single-digit millions in Q3. It's a nominal ramp in Q4, and then it progressively ramps through FY26, Q1, Q3 -- Q1, Q2, Q3 and Q4. So, we've been pretty consistent with that messaging and we don't really see a change in that timing.

嚴格來說，我們在第三季就說過了，第三季的數字高達數百萬。這是第 4 季的名義成長，然後在 2026 財年、第 1 季、第 3 季——第 1 季、第 2 季、第 3 季和第 4 季逐步成長。因此，我們一直與該訊息保持一致，並且我們並沒有真正看到該時間發生變化。

Great, thank you. And then for my follow-up, if I can talk about LPO, maybe a very theoretical question, Hong. So a lot of debate on LPO, there's a lot of non-believers that think it will never happen because of interchangeability. Is it possible in theory to have a compatible interchangeable module using LPO, or is that just theoretically impossible? Could this eventually just take over the whole optical business?

太好了，謝謝。然後，對於我的後續行動，如果我可以談談 LPO，也許是一個非常理論化的問題，Hong。因此，關於 LPO 的爭論很多，有很多非信徒認為由於可互換性，它永遠不會發生。理論上是否有可能使用 LPO 擁有相容的可互換模組，或者這在理論上是不可能的？這最終會接管整個光學產業嗎？

Yeah, Harsh, that's a good question. And I think the debate is still ongoing even after two years, and what I have found out is that the early sentiment developed by impossibility of the LPO for scale-out was largely done on the previous switch version where we understand that signal-noise ratio from the host is not as good as the current-generation, say, for example, Tomahawk 5. So if they did the LPO and tested in the previous version studies, there might be a very little margin, and that makes interoperability very difficult.

是的，嚴厲，這是個好問題。我認為即使在兩年後，爭論仍在繼續，我發現，由於 LPO 無法橫向擴展而產生的早期情緒主要是在之前的交換機版本上完成的，在該版本中，我們了解信噪比主機的性能不如當前一代，例如戰斧5。因此，如果他們進行了 LPO 並在先前的版本研究中進行了測試，那麼可能會有很小的餘量，這使得互通性變得非常困難。

But in the current and future generations with switches, fortunately, the host has demonstrated really pretty superb signal-noise ratio. And so, the LPO is like ACC, a linear equalizer is an essential part of it at the start. So that with a good signal-noise ratio and the current and future switches can use LPO. But as the adoption timeline getting closer and we noticed that many CSPs, they started pivoting to LRO. So basically, using one side at a linearized, the other side retime solution to be safe because they do need a low-power 1.6T interconnect solutions.

但幸運的是，在目前和未來的交換器中，主機已經表現出了非常出色的信噪比。所以，LPO就像ACC一樣，線性均衡器是它的一個重要組成部分。這樣具有良好的信噪比並且當前和未來的交換器都可以使用LPO。但隨著採用時間表的臨近，我們注意到許多 CSP 開始轉向 LRO。所以基本上，一側採用線性化，另一側採用重定時解決方案是安全的，因為它們確實需要低功耗的 1.6T 互連解決方案。

To us, we have the arguably the best driver -- best TIA on the receiving side. So, we'll benefit from either LPO or LRO. And whereas the industry progress in getting better understanding on the compatibility of different type of host with LPO and LRO capabilities, I do believe this type of transceivers can chip away a sizable total addressable market currently served by the DSP retimed solutions.

對我們來說，我們擁有可以說是最好的驅動器——接收端最好的 TIA。因此，我們將從 LPO 或 LRO 中受益。儘管業界在更好地了解不同類型主機與LPO 和LRO 功能的兼容性方面取得了進展，但我確實相信這種類型的收發器可以蠶食目前由DSP 重定時解決方案服務的相當大的總體可尋址市場。

Congratulations, guys. Thank you so much.

恭喜你們，夥伴們。太感謝了。

Thank you.

謝謝。

Thanks, Harsh.

謝謝，嚴酷。

Cody Acree, The Benchmark Company.

科迪·阿克里，基準公司。

Yeah. Thanks for taking my questions, and congrats on the progress. Guys, could you -- Hong, could you talk about specifically to the Blackwell opportunity? Obviously, there have been talk about the [36 by 2] platform discontinuation of development support. It doesn't sound like that, that's happening at a certain CSP that you're working with. I wonder if that's more of a one-off in the industry. Is that something that you're seeing more broadly continued to be adopted, or has there been a change at NVIDIA that is impacting the broader ACC opportunity at that customer program, but may not be impacting long-term opportunity beyond them?

是的。感謝您提出問題，並祝賀我的進展。夥計們，洪，你能具體談談布萊克威爾的機會嗎？顯然，已經有關於 [36 by 2] 平台停止開發支援的討論。聽起來並非如此，這種情況發生在您正在使用的某個 CSP 中。我想知道這在行業中是否是一次性的。您是否看到這一點在更廣泛的範圍內繼續被採用，或者 NVIDIA 是否發生了變化，影響了該客戶計劃中更廣泛的 ACC 機會，但可能不會影響除此之外的長期機會？

Yeah. So Cody, I definitely have talked to many CSPs, and everyone -- they have their views and -- but largely based on how many compute -- how much compute power they wanted to have in a cluster. So right now, 72 GPUs seem to be ideal cluster sites, but it's also bounded by their ability in the data center infrastructure to cool the racks, and 36 by 2 seem to be pretty ideal. And for one leading CSP, we know that is their baseline for 2025 and '26 and for as long as they use Blackwell.

是的。Cody，我肯定已經與許多 CSP 和每個人進行了交談，他們都有自己的觀點，並且主要取決於他們希望在叢集中擁有多少運算能力。因此，目前，72 個 GPU 似乎是理想的叢集站點，但它也受到它們在資料中心基礎設施中冷卻機架的能力的限制，而 36 x 2 似乎相當理想。對於一家領先的 CSP，我們知道這是他們 2025 年和 26 年以及只要他們使用 Blackwell 的基線。

And I have heard some others using NVL72 and -- where we don't have the contribution for backplane, but at the front end, they either need to connect 1.6T ports or 800-gigabit ports to top-of-the-rack or end-of-the row switches. I think that's where LPO can really have a good -- provide a very differentiating solution because of the low power consumption. So I think that is probably why the industry is pushing very hard on the LPO solutions.

我聽說其他一些人使用 NVL72，而且我們沒有提供背板，但在前端，他們要么需要將 1.6T 連接埠或 800 Gb 連接埠連接到機架頂部，要么行尾開關。我認為這就是 LPO 真正可以發揮作用的地方——由於功耗低，可以提供非常差異化的解決方案。所以我認為這可能是業界大力推動 LPO 解決方案的原因。

But as for the different variety of racks, we're going to be -- continue to hear our reports in the future, just for the aspiration to continue to increase the number of GPUs in the cluster to be able to handle more -- the model with more parameters. So it's going to be dynamic. That's why I wanted to really say -- I believe that counting the number of ports of 200 gigabit per second will be a more relevant measure going forward rather than just stare at how many of the NVL36 racks out there.

但對於不同種類的機架，我們將在未來繼續聽到我們的報告，只是為了繼續增加叢集中 GPU 的數量，以便能夠處理更多的情況。所以它將是動態的。這就是為什麼我想說——我相信計算每秒 200 Gb 的連接埠數量將是一個更相關的衡量標準，而不是僅僅盯著有多少個 NVL36 機架。

All right. Thank you very much for that color. Can you maybe just help frame your overall data center opportunity? How much of that is Fiber and Tri-Edge in the future, and delineate that from your ACC and your LPO opportunity?

好的。非常感謝你的那種顏色。您能否協助確定整個資料中心的機會？未來其中有多少是光纖和 Tri-Edge，並從您的 ACC 和 LPO 機會中描述這一點？

Typically or historically, we haven't provided that delineation where we gave a high-single-digit million figures for ACC, but I mean, realistically, the entire data center market is growing quite robustly for all of our products, ACC, PMDs, Tri-Edge. And we expect when LPO does ramp, it will continue to kind of support that growth level.

通常或歷史上，我們沒有對 ACC 給出百萬數字的描述，但我的意思是，實際上，整個資料中心市場對於我們所有的產品、ACC、PMD、三邊。我們預計，當 LPO 確實增加時，它將繼續支持這一增長水平。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yeah. Thank you, and congratulations on the strong results. Hong, the CopperEdge revenue high-single million for next quarter -- sorry, for this quarter, what's the mix there between 200 gb versus 100 gb? It sounds like it's primarily 200 gb, and as we think of fiscal year '26, will again the majority of the mix be 200 gigabits per lane?

是的。謝謝您，並祝賀取得了優異的成績。Hong，CopperEdge 下個季度的營收將達到 100 萬的高點 - 抱歉，本季度，200 GB 與 100 GB 之間的混合情況如何？聽起來主要是 200 GB，當我們考慮 26 財年時，大部分組合是否會再次達到每通道 200 GB？

Thank you, Tore. Yes, the revenue in Q3 on CopperEdge is primarily 200 gb. And going forward, the 200 gb is going to be the primary driver as well. We do have some contribution for 100 gb, especially after the industry is aware of the capability that the linear equalizer is providing to improve the signal integrity. Some CSPs are revisiting their architecture in the data center and start considering using 100 gb ACC instead of DAC cables, but the contribution we count and we guide is primarily 200 gb.

謝謝你，托雷。是的，CopperEdge 第三季的營收主要是 200 GB。展望未來，200 GB 也將成為主要驅動力。我們確實對 100 GB 做出了一些貢獻，特別是在業界意識到線性均衡器提供的提高訊號完整性的功能之後。一些 CSP 正在重新審視其資料中心架構，並開始考慮使用 100 GB ACC 代替 DAC 電纜，但我們計算和指導的貢獻主要是 200 GB。

Hey, Tore, let me just double-click on that. In our Q3, the 200-gig was substantially all of our CopperEdge shipments.

嘿，Tore，讓我雙擊它。在第三季度，200G 基本上是我們所有的 CopperEdge 出貨量。

Perfect. Thank you for that. And let me move on to a non-data center question. So, you guys have done a good job to climb back to this $1 billion run rate that you've guided for the January quarter. As we just think about strategically -- because Hong, you mentioned you're still reassessing everything. So, how much of that $1 billion should we think of as true strategic revenue versus perhaps segments of the business that are requiring less investments at this point?

完美的。謝謝你。讓我繼續討論一個非資料中心的問題。所以，你們已經做得很好，回到了你們為 1 月份季度指導的 10 億美元運行率。正如我們只是從戰略上思考——因為洪，你提到你仍在重新評估一切。那麼，與目前需要較少投資的業務部門相比，我們應該將這 10 億美元中的多少視為真正的策略收入呢？

So Tore, that's a good question. For the Q4 guidance, we broke down the different -- the industrial segments we have right now, and so you can use that as a guideline. Thank you.

托雷，這是一個好問題。對於第四季度的指導，我們細分了我們目前擁有的不同工業細分市場，因此您可以將其用作指導。謝謝。

Fair enough. Thank you.

很公平。謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good afternoon. Now that CopperEdge is ramping, how should we look at the free cash flow generation over the next few quarters? And any update on the type of debt leverage ratio you expect exiting next year?

嗨，下午好。既然 CopperEdge 正在崛起，我們該如何看待未來幾季的自由現金流產生？您預計明年退出的債務槓桿率類型有什麼更新嗎？

Yeah. Just, I'm quite pleased, Tristan, Q3 operating cash flow was $29.6 million. Free cash flow was $29.1 million. So, cash flow definitely we've inflected consistent with the business. And I'm pleased that cash flow is really -- generation is broad-based across our businesses. We may have to build a little bit more inventory supporting demand, but we continue to generate cash. And as you see that as soon as we generate the cash, we de-lever, right? We pay down principal.

是的。只是，我很高興，Tristan，第三季的營運現金流為 2,960 萬美元。自由現金流為 2,910 萬美元。因此，我們的現金流量肯定與業務保持一致。我很高興現金流確實在我們的業務中產生了廣泛的基礎。我們可能需要建立更多的庫存來支援需求，但我們會繼續產生現金。正如你所看到的，一旦我們產生現金，我們就會去槓桿化，對吧？我們還清本金。

In terms of where we're going to exit, we only guide out one quarter, but you can maybe take a look at our EBITDA that we reported this quarter kind of annualized, that might give you an indication of potentially where the -- where our leverage ratios are heading.

就我們要退出的地方而言，我們只指導了一個季度，但您也許可以看一下我們本季度報告的年化 EBITDA，這可能會讓您了解潛在的情況——在哪裡我們的槓桿率正在上升。

Great, this is helpful. And then, if I look at Coherent announcement of say NVIDIA-based DSP back in September, does that create opportunities for your TIA in terms of content and is that a solution that eventually gets available outside of NVIDIA? And would allow you in that particular transceiver to reach additional customers?

太好了，這很有幫助。然後，如果我看看 Coherent 在 9 月宣布的基於 NVIDIA 的 DSP，這是否為您的 TIA 在內容方面創造了機會，並且該解決方案最終會在 NVIDIA 之外提供嗎？並且能讓您在該特定收發器中接觸更多客戶？

Yeah, Tristan, so for every DSP retime transceivers, we should have content in there. And we definitely -- our baseline data center revenue growth has been primarily driven by that -- the DSP-based transceivers growth and Q3 is the first quarter we had some meaningful revenue from the CopperEdge for ACC and -- but that DSP-based transceivers will continue to grow, we'll continue to benefit from that.

是的，Tristan，所以對於每個 DSP 重定時收發器，我們都應該在其中包含內容。當然，我們的基準資料中心營收成長主要是由基於 DSP 的收發器的成長所推動的，第三季度是我們從 ACC 的 CopperEdge 獲得一些有意義的收入的第一個季度，但是基於 DSP 的收發器將繼續成長，我們將繼續從中受益。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Scott Searle, Roth Capital Partners.

史考特‧塞爾，羅斯資本合夥人。

Hey, good afternoon. Thanks for taking the questions, and congrats on the data center performance. Maybe I'll shift away from the data center since it seems like it's been covered. Hong, on the PON front, it seems like it was another decent quarter, still really China-focused. I'm wondering if you could give us some thoughts in terms of the incoming administration, any sort of impact on the PON business in China. If there is any -- kind of how you're thinking about growth there? And then specifically, how you're seeing design activity outside of China, particularly as we start to talk about 10 gb and above?

嘿，下午好。感謝您提出問題，並對資料中心的效能表示祝賀。也許我會離開資料中心，因為它似乎已經被覆蓋了。Hong，在 PON 方面，這似乎又是一個不錯的季度，但仍然真正以中國為中心。我想知道您能否給我們一些關於即將到來的管理以及對中國 PON 業務的影響的一些想法。如果有的話，您是如何考慮那裡的成長的？然後具體來說，您如何看待中國以外的設計活動，特別是當我們開始談論 10 GB 以上時？

Thank you, Scott. So the PON business up to this point has been primarily in China and we expect another tender offer over the next quarter or two. And we have the product ready for it. We have a triple-gen demonstration in there, and it can operate at 10 gb, 25 gb, and 50 gb. And so that is really setting the benchmark of the capability, we're the leading provider in that market.

謝謝你，斯科特。因此，到目前為止 PON 業務主要在中國，我們預計在未來一兩個季度會出現另一次收購要約。我們已經準備好產品了。我們在那裡有一個三代演示，它可以在 10 GB、25 GB 和 50 GB 下運行。因此，這確實設定了能力的基準，我們是該市場的領先提供者。

As for what is a -- the future political situation there, we're paying -- we are absolutely very mindful about that, but so far, we have not seen any impact. As for use (inaudible) report about the Calix and Louisiana, they got the BEAD funding. So we have been engaging with all the leading equipment manufacturers in the US for the US PON opportunities as well. So we're really well-positioned for the global infrastructure upgrade.

至於未來的政治局勢，我們正在付出代價，我們絕對非常關注這一點，但到目前為止，我們還沒有看到任何影響。至於關於 Calix 和路易斯安那州的使用（聽不清楚）報告，他們獲得了 BEAD 資助。因此，我們也一直在與美國所有領先的設備製造商合作，以獲得美國 PON 的機會。因此，我們在全球基礎設施升級方面確實處於有利位置。

And beyond China and the US, we're trying to, through our module manufacturers, address other part of the market, but those are the two major markets for the PON opportunities.

除了中國和美國之外，我們正在嘗試透過我們的模組製造商來解決其他市場問題，但這些是 PON 機會的兩個主要市場。

Great. Very helpful. And if I could follow up just on the lower front, continuing to stay away from data center for a minute. A nice recovery quarter. I think at $29 million, I think it's still below where you had peaked a couple of years ago in the $40 million or so range. I'm wondering if you could talk a little bit about some of the applications, where you're getting the traction.

偉大的。非常有幫助。如果我可以在下部進行跟進，請繼續遠離資料中心一分鐘。這是一個不錯的復甦季度。我認為 2900 萬美元仍然低於幾年前 4000 萬美元左右的峰值水平。我想知道您是否可以談談一些您受到關注的應用程式。

I know there have been some continental-wide build-outs being driven by guys like Netmore in Europe. It sounds like there are some opportunities in the US, but just kind of give us some high-level thoughts in terms of where you're seeing that design traction and how we should think about that growth rate going forward from these levels? Thanks.

我知道，像歐洲的內特莫爾這樣的人正在推動一些歐洲大陸範圍內的建設。聽起來美國有一些機會，但請給我們一些高層的想法，看看你在哪裡看到了設計的吸引力，以及我們應該如何考慮從這些水平開始的增長率？謝謝。

Thank you, Scott. So, yeah, previously a couple of years ago, the LoRa market has a noise about the helium. So I think that noise dissipated and right now we're seeing clear signal of the continued growth. The Q2 to Q1, we had a strong growth. In Q3 to Q2, we have marginally growth -- marginal growth, but year-over-year basis, we had a strong growth.

謝謝你，斯科特。所以，是的，幾年前，LoRa 市場上就有關於氦氣的噪音。因此，我認為噪音已經消散，現在我們看到了持續成長的明確訊號。第二季度到第一季度，我們有強勁的成長。在第三季到第二季度，我們有邊際成長－邊際成長，但與去年同期相比，我們有強勁的成長。

Our use cases right now, I had spent a lot of time talking to ecosystem partners. I'm just totally fascinated. Traditionally, it has been smart metering, but as a connected spaces and for automation for asset tracking, and now, I see more and more use cases.

我們現在的用例，我花了很多時間與生態系統合作夥伴交談。我完全著迷了。傳統上，它是智慧計量，但作為一個互聯空間和資產追蹤自動化，現在，我看到越來越多的用例。

And you mentioned about Netmore, they come out very strong. They are aspired to consolidate and to have multiple territory and multiple countries presence to proliferate their successful and rewarding use cases. I think that is really showing that the industry starts maturing. And so far, the major applications is smart metering and asset tracking. I think the asset tracking is going to be having a lot more applications. And then, the smart homes, smart factories, and use cases has been more known right now. There are a lot of well-established solutions for those. And I talked to several companies, they are seeing tremendous growth in their business in those use cases.

你提到了 Netmore，他們的表現非常強勁。他們渴望鞏固並擁有多個領土和多個國家的存在，以擴大其成功且有益的用例。我認為這確實表明該行業開始成熟。到目前為止，主要應用是智慧計量和資產追蹤。我認為資產追蹤將會有更多的應用。然後，智慧家居、智慧工廠和用例現在已經更加廣為人知。對於這些問題有很多成熟的解決方案。我與幾家公司交談過，他們在這些用例中看到了業務的巨大成長。

So we're very excited about the LoRa growth perspective. And we will be having new product coming out. Gen 3 and Gen 4 make the development of downstream integrated solutions easier, and we plan to use LoRa alliance to provide more enablement to the ecosystem and raise the level of awareness of the successful use cases.

因此，我們對 LoRa 的成長前景感到非常興奮。我們將推出新產品。Gen 3和Gen 4使下游整合解決方案的開發變得更加容易，我們計劃利用LoRa聯盟為生態系統提供更多支持，並提高對成功用例的認識水平。

Great. Thanks so much and congrats on the quarter and outlook.

偉大的。非常感謝並祝賀本季和前景。

Thank you.

謝謝。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yeah. Hong, Mark, congrats on the execution, especially around growth and margins. Hong, I wanted to go back to data center a bit, maybe approach it in a more longer-term way. So, I think it was at least three quarters ago that we started talking about what seemed to be a single company, more single-product opportunity as having $100 million base opportunity to it that would be in the '25/'26 timeframe. The question is this, as the business looks like it's gotten significantly broader customer and application-level exposure and design-in potential, how do we think about the size of this business two to three years down the road?

是的。Hong、Mark，對執行力表示祝賀，特別是在成長和利潤方面。Hong，我想稍微回到資料中心，也許以更長遠的方式來處理它。因此，我認為至少在三個季度前，我們開始談論似乎是一家公司、更多單一產品的機會，因為它在「25/」26 的時間範圍內擁有 1 億美元的基礎機會。問題是，由於該業務看起來已經獲得了更廣泛的客戶和應用程式級曝光以及設計潛力，我們如何看待該業務未來兩到三年的規模？

Craig, that's a great question. I think the opportunity started with as a single company, single platform and that is a great trailblazer for this new product that accelerated our time-to-market. But right now, as you mentioned, as we observed, this capability is broadly recognized and beyond that single company beyond that single platform. So that's why we have been thinking about and to qualify the opportunity by counting the number of 200 gigabit per second ports.

克雷格，這是一個很好的問題。我認為這個機會始於一家公司、一家平台，這是這個新產品的偉大開拓者，加速了我們的上市時間。但現在，正如您所提到的，正如我們所觀察到的，這種能力得到了廣泛認可，並且超出了單一公司的範圍，超越了單一平台。因此，我們一直在思考並透過計算每秒 200 吉比特的連接埠數量來確定機會。

The reason for that is everywhere you have 200 gigabit per second transport, you have the same challenge. You need the same solution for signal integrity. And with the Tomahawk 6 rolling out right around the corner, well, maybe 6 to 12 months, and all the ports is going to be 200 gb, and it's only increasing our opportunities. So, so far, the application has been for scale-up, but with the scale-out added into the opportunity pool, we got a tremendous opportunity in there.

原因是無論在哪裡，只要有每秒 200 吉比特的傳輸，就會面臨同樣的挑戰。您需要相同的訊號完整性解決方案。隨著 Tomahawk 6 即將推出，可能需要 6 到 12 個月，所有連接埠都將是 200 GB，這只會增加我們的機會。因此，到目前為止，該應用程式一直用於擴展，但隨著擴展添加到機會池中，我們在那裡獲得了巨大的機會。

So probably a better and more relevant measure is to quantification of the number of 200 gigabit ports. And then you can put a multiplier on adoption ratio, 30%, 50%, or 70%. So we are in the process of establishing that model to quantify the opportunity so that people will not just stare at so how many NVL36 are being forecasted and being built. So we will report that progress as we're making good progress.

因此，更好、更相關的措施可能是量化 200 個千兆埠的數量。然後你可以將採用率乘以 30%、50% 或 70%。因此，我們正在建立該模型來量化機會，以便人們不會只盯著預測和建造了多少 NVL36。因此，當我們取得良好進展時，我們將報告這一進展。

That's a helpful summary. Thanks very much, Hong. Mark, I wanted to cycle back to you. You talked about things happening, and Hong talked about where we are in the calendar planning cycle with expense management. As we think beyond the fiscal fourth quarter and think through 2025, are there any discontinuities coming with expense investment, whether it be [mass set] costs or other things? And should we continue to expect that R&D and OpEx would grow at some small coefficient of revenue growth? Is that reasonable, or are there one-time things coming?

這是一個很有幫助的總結。非常感謝，洪。馬克，我想騎車回你身邊。您談到了正在發生的事情，洪談到了我們在費用管理的日曆規劃週期中的位置。當我們考慮第四財季之後並考慮到 2025 年時，費用投資是否會出現任何不連續性，無論是[批量設定]成本還是其他方面？我們是否應該繼續期望研發和營運支出將以較小的收入成長係數成長？這是合理的，還是有一次性的事情發生？

Yeah. Craig, we don't see any one-time things coming. We've gone through our strategic planning. So, we do expect incremental investments, but I believe those incremental investments will have near-term returns. And the other area is we -- Hong is absolutely stressed, there's no evergreen R&D projects. So, if something were to turn and the market moves away from that particular application, we don't mind just kind of the cost of sunk and redirecting our efforts.

是的。克雷格，我們沒有看到任何一次性的事情發生。我們已經制定了策略規劃。因此，我們確實期望增量投資，但我相信這些增量投資將獲得短期回報。另一個領域是我們——洪絕對壓力很大，沒有常青的研發項目。因此，如果事情發生轉變並且市場偏離了該特定應用程序，我們並不介意沉沒的成本和重新調整我們的努力。

In terms of growth, we've reiterated a number of times, healthy growth is probably OpEx grows at half the rate of revenue growth, and I think that's what we're sticking to. Now just some of that operating expense investment will be redirected as you heard in our prepared statements, probably a little bit more towards data center, but those are some near-term growth opportunities there.

在成長方面，我們已經多次重申，健康成長可能是營運支出成長率是收入成長率的一半，我認為這就是我們所堅持的。現在，正如您在我們準備好的聲明中所聽到的那樣，只有部分營運費用投資將被重新定向，可能更多地轉向資料中心，但這些是那裡的一些近期成長機會。

Got it. Thanks for that, Mark. Thanks, Hong.

知道了。謝謝你，馬克。謝謝，洪。

Sure thing, Craig.

當然可以，克雷格。

Thank you.

謝謝。

Christopher Rolland, Susquehanna International Group.

克里斯多福羅蘭，薩斯奎哈納國際集團。

Hey guys, thanks for the question. I want to echo my congrats on a fantastic quarter and guide. So my first set of questions are around ACC. And I guess, maybe first to level set, how much of CopperEdge were you shipping in Q2, or was that high-single-digits million all incremental?

嘿夥計們，謝謝你的提問。我想對這個出色的季度和指南表示祝賀。所以我的第一組問題是圍繞 ACC 的。我想，也許首先要確定的是，您在第二季度運送了多少 CopperEdge，或者這個高個位數的百萬都是增量？

And then, the bulk of these shipments, is this all to the big AI GPU guy directly and they're going to be using it for like branded cables, or are these going to like third-party cable OEMs for channel sales or to like the CSPs direct via EMS? Like, how is the go-to-market here for these shaking out and how might you expect that to change through the next 12 months?

然後，這些出貨量中的大部分都是直接發給人工智慧 GPU 巨頭，他們將把它用於類似品牌的電纜，或者這些將喜歡第三方電纜 OEM 進行通路銷售或喜歡直接透過 EMS 聯繫 CSP？例如，這些產品的上市情況如何？

Hey, great question, Chris. We're looking at -- when we mentioned that it's high-single-digit millions of copper edge, effectively you can consider that 200 gb active copper cable and it's really directed -- our customer is cable suppliers, but I think we get the demand from -- really from that large company, right? So at this point, just with the demand for the cables, I don't think really anything is going into the channel. It's really going to supply rack shipments.

嘿，好問題，克里斯。我們正在考慮- 當我們提到它是數百萬個高個位數的銅邊緣時，實際上您可以考慮200 GB 有源銅電纜，它確實是定向的- 我們的客戶是電纜供應商，但我認為我們得到了需求確實來自那家大公司，對嗎？因此，目前，僅考慮到對電纜的需求，我認為實際上沒有任何東西會進入該通道。它確實會提供機架運輸。

And then to --

然後到--

Excellent -- sorry, go ahead.

非常好——抱歉，請繼續。

Just add to that, Chris, you asked Q2, Q2 basically just a very minimal sample quantity. So, the Q3, the high-single-digit million dollars is the first volume.

再補充一點，克里斯，你問了第二季度，第二季度基本上只是一個非常小的樣本數。所以，第三季度，高個位數的百萬美元是第一卷。

You consider that for 1.6T applications there, Chris.

Chris，您考慮一下 1.6T 應用程式。

Excellent. Thank you very much. And then just a quick clarification was -- I guess PON was down if I'm doing my numbers right, but just wanted a clarification, but a better question, perhaps bigger picture is around divestitures. Where do we stand there? Are you guys still interested in selling parts of the business? And conversely, what is the interest in perhaps buying parts of your business as well?

出色的。非常感謝。然後我想快速澄清一下——如果我的數字正確的話，我想 PON 就會下降，但我只是想澄清一下，但有一個更好的問題，也許更大的前景是圍繞資產剝離。我們站在哪裡？你們還有興趣出售部分業務嗎？相反，購買您部分業務的興趣是什麼？

Yeah. That's an area, of course, where we're a little bit sensitive. We did in our prepared remarks, we did keep kind of balance sheet and portfolio as the number one priority, and we do believe order matters, so it is the number one priority. At this point, I think all of our businesses have inflected the growth. So as Hong mentioned in his prepared remarks, we believe that should help valuation, but that in no way will delay or maybe impede our desire to potentially divest these non-core businesses.

是的。當然，這是我們有點敏感的領域。我們在準備好的發言中做到了，我們確實將資產負債表和投資組合作為第一要務，而且我們確實相信順序很重要，所以它是第一要務。在這一點上，我認為我們所有的業務都影響了成長。因此，正如洪在他準備好的演講中提到的那樣，我們認為這應該有助於估值，但這絕不會延遲或阻礙我們可能剝離這些非核心業務的願望。

Excellent. Thank you, guys.

出色的。謝謝你們，夥計們。

Thank you, Chris.

謝謝你，克里斯。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yeah, thanks. I just had a quick follow-up for Mark. Mark, so 40 bps -- basis point improve gross margin for January. How should we think about gross margin for fiscal year '26? Is it mainly mix at this point that will drive the gross margin, or is there -- are there other things maybe scale or anything like that that could potentially also lift it as well?

是的，謝謝。我剛剛對馬克進行了快速跟進。馬克，1 月毛利率提高了 40 個基點。我們該如何看待 26 財年的毛利率？在這一點上，主要是混合因素會推動毛利率，還是有其他因素，可能是規模或類似的因素，也可能會提高毛利率？

Yeah. Scale definitely helps, but definitely, it's the primary driver in our guide is mix, right? So, it's a 40-bp improvement, but we did get a little bit of a tailwind from the CopperEdge shipments this quarter, right? So that was definitely a tailwind. But as other portions of our business inflect upward, there's a little bit lower margin in IoT, our systems hardware business, so that's a little bit lower. We'll definitely take the gross profit, but definitely that business doesn't contribute quite the percentages, let's say, our infrastructure business.

是的。規模肯定有幫助，但毫無疑問，我們指南中的主要驅動力是混合，對嗎？所以，這是一個 40 個基點的改進，但我們確實從本季度的 CopperEdge 出貨量中得到了一點推動，對嗎？所以這絕對是一個順風車。但隨著我們業務的其他部分向上發展，物聯網、我們的系統硬體業務的利潤率略有下降，因此也有所下降。我們肯定會獲得毛利，但肯定該業務不會貢獻相當大的百分比，比如說我們的基礎設施業務。

Sounds good. Thank you.

聽起來不錯。謝謝。

All right.

好的。

Thank you. And there are no further questions at this time. I'll hand the floor back to Mark Lin for closing remarks.

謝謝。目前沒有其他問題。我將把發言權交還給馬克林 (Mark Lin) 致閉幕詞。

Great. Thank you for joining, and please visit our investor website at investors.semtech.com, where we post upcoming investor conferences where Semtech will be in attendance. Have a great day.

偉大的。感謝您加入，請造訪我們的投資者網站 Investors.semtech.com，我們在網站上發布了 Semtech 將出席的即將舉行的投資者會議。祝你有美好的一天。

Thank you. All parties may now disconnect.

謝謝。所有各方現在都可以斷開連接。