Semtech Corp (SMTC) 2025 Q4 法說會逐字稿

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

您好，感謝您的支持。歡迎參加 Semtech Corporation 2025 財年第四季和財報電話會議。（操作員指示）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.

現在，我想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'm pleased to be joined today by Hong Hou, President and Chief Executive Officer.

謝謝您，接線生。大家好，歡迎光臨。我很高興今天能與總裁兼執行長洪侯一起參加此次會議。

Today after market close, we released our unaudited results for the fourth quarter and 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 財年第四季和年度的未經審計業績，並與收益電話會議報告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 factor section of our most recent annual report on Form 10-K for a number of risk factors that could cause our actual results and events to differ materially from those anticipated or projected on this call. You should consider these risk factors in conjunction with our forward-looking statements.

今天的電話會議將包括對未來預期、計劃和前景的各種評論，其中包含前瞻性陳述。請參閱今天的新聞稿並參閱收益報告的第 2 張投影片以及我們最新的 10-K 表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和事件與本次電話會議預期或預測的結果和事件存在重大差異的多種風險因素。您應該結合我們的前瞻性陳述來考慮這些風險因素。

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 on our non-GAAP financial presentation. The press release and earnings presentation will 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均為非 GAAP。請參閱今天的新聞稿，並參閱收益報告第 3 張投影片，以了解有關非 GAAP 財務報告註釋的重要資訊。新聞稿和收益報告還將包括我們的 GAAP 和非 GAAP 財務指標的對帳。

With that, I'll turn the call over to Hong.

說完這些，我將把電話轉給洪。

Thank you, Mark. Good afternoon, everyone.

謝謝你，馬克。大家下午好。

Fiscal year 2025 represented a year of a positive inflection on many fronts. For each quarter, we reported sequential growth in net sales, gross margin, operating margin, and earnings per share. Our signal integrity and analog mix signal and the wireless segments demonstrated strong sequential growth in each quarter of FY25. And our IoT systems and connectivity segment inflected to sequential drills in the second quarter of FY25.

2025 財年在許多方面都是正向轉折的一年。每個季度，我們都報告淨銷售額、毛利率、營業利潤率和每股收益的連續成長。我們的訊號完整性和類比混合訊號以及無線部分在 25 財年每季都表現出強勁的連續成長。我們的物聯網系統和連接部門在 25 財年第二季進行了連續演練。

Aligning to one of our near-term priorities of driving margin expansion through disciplined investment, innovation, and efficiency, on a year-over-year basis, FY25 adjusted gross margin improved 200 basis points, adjusted operating margin improved 570 basis points, adjusted EBITDA margin improved 610 basis points, and adjusted diluted earnings per share increased 529%.

與我們的近期重點之一透過嚴格的投資、創新和效率來推動利潤率擴大相一致，與去年同期相比，2025 財年調整後的毛利率提高了 200 個基點，調整後的營業利潤率提高了 570 個基點，調整後的 EBITDA 利潤率提高了 610 個基點，調整了 59%增長的每股收益。

During FY25, we uncovered and aggressively pursued many opportunities through close customer engagement. We were able to prudently shift investments to R&D programs that were better aligned to major market opportunities and accelerated the product development supporting these opportunities.

在25財年，我們透過密切的客戶接觸發現並積極尋求許多機會。我們能夠審慎地將投資轉移到更符合主要市場機會的研發項目上，並加速支持這些機會的產品開發。

We also executed on our near-term priority of balance sheet improvement, substantially reducing our leverage and cash interest burden. This in turn allowed us to increase focus on operational improvements in a strategic direction. We continue to prioritize divestitures of non-core assets, and we believe the reduction in total leverage during FY25 and the stronger business fundamentals better position Semtech in our ongoing portfolio optimization process.

我們也執行了近期改善資產負債表的重點任務，大幅降低了槓桿率和現金利息負擔。這反過來又使我們能夠更加關注戰略方向上的營運改善。我們繼續優先剝離非核心資產，我們相信 25 財年總槓桿率的下降和更強勁的業務基本面將使 Semtech 在我們持續的投資組合優化過程中佔據更有利的位置。

We remain focused on elevating our winning culture and I’m pleased with the marked improvements in our employee engagement metrics.

我們仍然致力於提升我們的成功文化，我對我們的員工敬業度指標的顯著改善感到高興。

In the new fiscal year, we’re internally focusing on three core priorities to position Semtech for future success. First, portfolio optimization and simplification, driving to completion the initiatives we started and focus on our core competencies. Second, strategic investment in R&D, accelerating innovation to support broader customer programs and driving sustainable long-term growth while maintaining financial discipline.

在新的財政年度，我們內部將重點放在三個核心任務，以確保 Semtech 未來的成功。首先，優化和簡化投資組合，推動完成我們已啟動的計劃並專注於我們的核心競爭力。第二，對研發進行策略性投資，加快創新以支持更廣泛的客戶項目，並在保持財務紀律的同時推動可持續的長期成長。

Third, driving margin expansion, enhancing profitability through portfolio optimization, leveraging AI for efficiency and productivity, and maximizing operational leverage on higher revenue. With the strong progress we made in FY25, we aim to deliver even greater value to our shareholders in FY26.

第三，推動利潤率擴大，透過投資組合優化增強獲利能力，利用人工智慧提高效率和生產力，並最大限度地提高更高收入的營運槓桿。憑藉我們在 25 財年取得的強勁進展，我們的目標是在 26 財年為股東創造更大的價值。

Moving to our end markets. For Q4, infrastructure net sales were $69.1 million, up 5% sequentially and up 75% year over year. Net sales for data center were a record $50 million, up 16% sequentially and up 183% year over year. And I'm pleased with the growth across our data center portfolio.

轉向我們的終端市場。第四季度，基礎設施淨銷售額為 6,910 萬美元，季增 5%，年增 75%。資料中心淨銷售額達到創紀錄的 5,000 萬美元，較上季成長 16%，較去年同期成長 183%。我對我們的資料中心產品組合的成長感到滿意。

Regarding CopperEdge use in active copper cables, we are disappointed that the expected volume ramp would not materialize for FY26 due to rack architecture changes as we previously announced. We now expect CopperEdge demand at our anchor customers to be lower than our prior expectations for three to four quarters based on our estimate of the new server rack deployment timelines.

關於 CopperEdge 在有源銅纜中的使用，我們感到失望的是，由於我們先前宣布的機架架構變化，預期的 26 財年銷售成長將無法實現。根據我們對新伺服器機架部署時間表的估計，我們現在預計我們主要客戶對 CopperEdge 的需求將在未來三到四個季度低於我們先前的預期。

We continue to believe CopperEdge deployment will encompass broader applications, including our ICs embedded in board designs and our ICs embedded in connectors, in addition to our initial deployment in a cable application. CopperEdge at 1.6T aggregated bandwidth was introduced about a year ago, and we believe Semtech’s advancements in low power, low latency solutions will be a significant differentiator in the ecosystem.

我們仍然相信，除了最初在電纜應用中的部署之外，CopperEdge 的部署將涵蓋更廣泛的應用，包括嵌入在電路板設計中的 IC 和嵌入在連接器中的 IC。大約一年前，Semtech 推出了 1.6T 聚合頻寬的 CopperEdge，我們相信，Semtech 在低功耗、低延遲解決方案方面的進步將成為生態系統中的重要差異化因素。

We remain engaged with over 20 potential customers, including hyperscalers, switchmakers, and the cable suppliers for a number of use cases and expect this engagement to result in revenues from multiple customers and multiple applications by the latter part of FY26. Lastly, based on continued collaboration with our anchor customer, we expect our CopperEdge portfolio to be included in their future generation rack designs.

我們仍與 20 多個潛在客戶保持合作，包括超大規模供應商、交換器製造商和電纜供應商，涉及多個用例，並預計此次合作將在 2026 財年後期從多個客戶和多個應用程式帶來收入。最後，基於與我們主要客戶的持續合作，我們預計我們的 CopperEdge 產品組合將被納入他們未來的機架設計中。

For our FiberEdge portfolio, net sales were at a record levels supporting 400 gig and 800 gig retimed optics across a broad market of module manufacturers and cloud service providers. For linear pluggable optics, or LPO, and the linear receive optics, or LRO, we remain confident in adoption starting in the latter part of FY26.

對於我們的 FiberEdge 產品組合而言，淨銷售額達到了創紀錄的水平，為廣泛的模組製造商和雲端服務供應商市場提供 400G 和 800G 重定時光學產品支援。對於線性可插拔光學元件（LPO）和線性接收光學元件（LRO），我們仍然有信心從 26 財年後期開始採用。

Test and qualification are progressing as expected at several module manufacturers for both 800 gig and 1.6T applications. I look forward to the upcoming Optical Fiber Communications Conference, or OFC, to be held in San Francisco the first week of April. Semtech and our technology partners will have multiple product demos showcasing our TIA and the laser driver components in numerous LPO and LRO modules.

幾家模組製造商針對 800G 和 1.6T 應用的測試和鑑定工作正在按預期進行。我期待即將於四月第一週在舊金山舉行的光纖通訊會議（OFC）。Semtech 和我們的技術合作夥伴將進行多個產品演示，展示我們的 TIA 和眾多 LPO 和 LRO 模組中的雷射驅動器組件。

In addition, we are scheduled to show our 400 gig per channel test chips to support 3.2T aggregated bandwidth transceivers. I also look forward to participating in the CEO panel during the Optica Executive Forum at OFC.

此外，我們還計劃展示每通道 400 GB 的測試晶片，以支援 3.2T 聚合頻寬收發器。我也期待參加 OFC 的 Optica 高階主管論壇期間的執行長小組討論。

Moving to our high-end consumer end market. Net sales for Q4 were $35.4 million, up 10% year over year. And for FY25, net sales were $147 million, up 17% year over year. In our high-end consumer TVS, our transient voltage suppression product line, net sales for Q4 were $24.1 million, up 16% year over year and down 15% sequentially, reflective of typical seasonality. FY25 net sales were $103.3 million up 33% year over year, reflective of steady contributions from design wins and the market share expansion over the last year at the world largest consumer electronics company and at other key North American and Korean companies.

轉向我們的高階消費終端市場。第四季淨銷售額為 3,540 萬美元，較去年同期成長 10%。25 財年淨銷售額為 1.47 億美元，較去年同期成長 17%。在我們的高階消費 TVS（瞬態電壓抑制產品線）中，第四季的淨銷售額為 2,410 萬美元，年成長 16%，環比下降 15%，反映了典型的季節性。25 財年淨銷售額為 1.033 億美元，年增 33%，反映了設計勝利的穩定貢獻以及去年全球最大消費電子公司以及其他主要北美和韓國公司的市場份額擴大。

We believe our customers’ increasing technical requirements move the market toward our differentiated products. USB Type C high-power charging is a particular example of the need to increase protection capabilities while maintaining signal integrity of USB Type C high-speed data traces.

我們相信，客戶日益增長的技術要求將推動市場走向我們的差異化產品。USB Type C 高功率充電是一個特殊的例子，說明需要增加保護能力，同時保持 USB Type C 高速數據線的訊號完整性。

Our class-leading per se or person sensing product continue to perform well in the market, with a leading position in smartphones to address specific absorption rate or SAR standards, with draft regulations introducing increasingly stringent requirements. PerSe continues to gain market share as customers expand the use of Semtech ICs to achieve superior compliance to SAR standards without compromising device performance.

我們一流的人體感應產品繼續在市場上表現良好，在智慧型手機領域處於領先地位，滿足特定吸收率或 SAR 標準，而法規草案引入了越來越嚴格的要求。隨著客戶擴大 Semtech IC 的使用範圍，以在不影響設備性能的情況下實現對 SAR 標準的卓越合規性，PerSe 的市佔率持續成長。

PerSe in smart glasses is another key application where our technology allows for hyper responsive gesture control capabilities, critical to accurate control for call and message, content capture, and media settings. A key customer characterized smart glasses as a potential next-generation compute platform and an AI form factor. And we believe Semtech is well positioned to support this customer on current and future designs.

智慧眼鏡中的 PerSe 是另一個關鍵應用，我們的技術可實現超靈敏手勢控制功能，這對於精確控制通話和訊息、內容捕獲和媒體設定至關重要。一位重要客戶將智慧眼鏡描述為潛在的下一代運算平台和人工智慧形態。我們相信 Semtech 有能力為該客戶當前和未來的設計提供支援。

Moving to our industrial and market. For Q4, industrial net sales were $146.6 million, up 12% sequentially and up 21% year over year. Within the industrial and market, LoRa-enabled solutions recorded Q4 net sales of $37.1 million, up 28% sequentially and up 205% year over year. Smart meters are just one of the applications well suited for LoRa, and we are pleased with the incremental smart meter wins in France, Germany, the UK, and China.

轉向我們的工業和市場。第四季工業淨銷售額為 1.466 億美元，季增 12%，年增 21%。在工業和市場方面，基於LoRa的解決方案第四季淨銷售額為3,710萬美元，季增28%，年增205%。智慧電錶只是非常適合 LoRa 的應用之一，我們很高興看到智慧電錶在法國、德國、英國和中國的逐步普及。

For water and gas meters, we believe LoRa's sensitivity, which permits robust collection of readings through physical barriers and the ability to extend battery life over multiple years, are key differentiators over competing protocols.

對於水錶和瓦斯表，我們認為 LoRa 的靈敏度（允許透過物理屏障可靠地收集讀數）以及將電池壽命延長數年的能力是其相對於競爭協議的關鍵區別因素。

Our LoRa Gen 2 and Gen 3 products have been well received and at a predominant LoRa volume. They offer smaller device footprints combined with the improved radio performance and an easier integration, allowing ecosystem partners to reduce time to market. For example, LoRa Gen 3 includes the capabilities to integrate LoRa 1 inside the modem which reduces LoRa specific design expertise required to integrate LoRa into a device.

我們的 LoRa Gen 2 和 Gen 3 產品廣受好評，並且 LoRa 銷量佔據主導地位。它們具有更小的設備佔用空間、更強的無線電性能和更簡單的集成，使生態系統合作夥伴能夠縮短產品上市時間。例如，LoRa Gen 3 包括在數據機內部整合 LoRa 1 的功能，從而減少了將 LoRa 整合到裝置所需的 LoRa 特定設計專業知識。

Semtech also released the first Gen 4 chip in the LoRa Plus family early this week. LoRa Plus is a single chip solution that addresses use cases requiring a robust long-distance link combined with multiple protocol capabilities including Amazon Sidewalk, [Wasion] FSK, and Z-Wave. The LoRa Plus conceiver also supports terrestrial and sat com networks, and its increased data rates support audio streaming and image transfer.

Semtech 也在本週稍早發布了 LoRa Plus 系列中首款 Gen 4 晶片。LoRa Plus 是單晶片解決方案，可滿足需要強大長距離連結以及多種協定功能（包括 Amazon Sidewalk、[Wasion] FSK 和 Z-Wave）的用例。LoRa Plus 構思器還支援地面和衛星通訊網絡，其增強的數據速率支援音訊串流和影像傳輸。

Our IoT systems hardware business recorded Q4 net sales of $69 million, up 19% sequentially, coupled with another quarter of sequential increase in bookings. Our IoT systems business pipeline benefited from the inclusion of a significant China-based market participant on the Section 1268 list in January 2025. And we expect pipeline to convert to bookings throughout the year.

我們的物聯網系統硬體業務第四季淨銷售額為 6,900 萬美元，季增 19%，同時預訂量也連續一個季度增加。我們的物聯網系統業務管道受惠於 2025 年 1 月將一個重要的中國市場參與者納入第 1268 條名單。我們預計全年通路將會轉化為預訂。

During the same month, a Europe-based participant announced that it was exiting the satellite IoT market, providing another potential tailwind to the business.

同月，一位歐洲參與者宣布退出衛星物聯網市場，為該業務提供了另一個潛在的順風。

In Q4, we are pleased to have achieved the 5G RedCap certification, a significant milestone in collaboration with AT&T and Qualcomm. This is the AT&T's first 5G RedCap certification, and we believe this positions us to make sustainable, scalable, and cost effective solutions attainable for many industries.

第四季度，我們很高興獲得了 5G RedCap 認證，這是與 AT&T 和高通合作的重要里程碑。這是 AT&T 的首個 5G RedCap 認證，我們相信這使我們能夠為許多行業提供可持續、可擴展且經濟高效的解決方案。

IoT connected services net sales were overall stable for this largely reoccurring revenue business. We are pleased that AirVantage Smart Sensing has been recognized with the M2M Innovation of the Year Award by IoT Breakthrough. AirVantage Smart Sensing offers a turnkey LoRa 1 sensor network solution with a global cellular backhaul allowing our customers to efficiently manage the design and configuration of a secure and scalable sensor network.

對於這一主要為經常性收入的業務而言，物聯網連接服務淨銷售額總體保持穩定。我們很高興 AirVantage 智慧感測獲得 IoT Breakthrough 頒發的年度 M2M 創新獎。AirVantage Smart Sensing 提供具有全球蜂窩回程的交鑰匙 LoRa 1 感測器網路解決方案，使我們的客戶能夠有效率地管理安全且可擴展的感測器網路的設計和配置。

In summary, I'm very pleased with Semtech's execution and performance across our businesses and thank our employees for embracing our Semtech rising initiative, which incorporates elements like transparent and frequent communications on our vision and priorities to drive alignment and leadership and employee development. All of which are aimed at bringing out the best from our employees.

總而言之，我對 Semtech 在我們業務中的執行力和表現感到非常滿意，並感謝我們的員工接受我們的 Semtech 崛起計劃，該計劃融合了透明和頻繁溝通等元素，以了解我們的願景和優先事項，以推動協調、領導力和員工發展。所有這些都是為了發揮我們員工的最大才能。

I now turn the call back to Mark for additional details on our financial results and our outlook for the first quarter of FY26.

現在我將電話轉回給馬克，以了解有關我們的財務業績和 2026 財年第一季展望的更多詳細資訊。

Thank you, Hong. For Q4, we recorded net sales of $251 million, up 6% sequentially. Net sales trends by end market, reportable segment, and geographic region are included on slide 16 of the earnings presentation.

謝謝你，洪。第四季度，我們的淨銷售額為 2.51 億美元，季增 6%。收益報告的第 16 頁包含了按終端市場、報告分部和地理區域劃分的淨銷售額趨勢。

Adjusted gross margin was 53.2%, up 80 basis points sequentially and of 430 basis points year over year. Adjusted net operating expenses were $83.7 million, within our guidance range, with a sequential increase in research and development for what we believe to be prudent investments to accelerate realization of market opportunities.

調整後毛利率為 53.2%，較上一季上升 80 個基點，較去年同期上升 430 個基點。調整後的淨營運費用為 8,370 萬美元，在我們的指導範圍內，研發支出連續增加，我們認為這是審慎的投資，可以加速實現市場機會。

Adjusted operating income was $49.8 million, resulting in an adjusted operating margin of 19.9%, up 160 basis points sequentially, and up 1,070 basis points year over year. Adjusted EBITDA was $57.8 million. And adjusted EBITDA margin was 23%, up 140 basis points sequentially and up 1,050 basis points year over year.

調整後營業收入為 4,980 萬美元，調整後營業利潤率為 19.9%，比上一季成長 160 個基點，比去年同期成長 1,070 個基點。調整後的 EBITDA 為 5780 萬美元。調整後的 EBITDA 利潤率為 23%，比上一季成長 140 個基點，比去年同期成長 1,050 個基點。

Adjusted gross margin, adjusted operating margin, and adjusted EBITDA margin all sequentially improved in each quarter of FY25, representing sustained growth. Adjusted net interest expense was $11.2 million reflective of approximately two months of savings from a debt pay down. We recorded adjusted diluted earnings per share of $0.40, up from $0.26 in Q3, and up from a loss of $0.06 from Q4 of last year.

調整後的毛利率、調整後的營業利潤率和調整後的 EBITDA 利潤率在 25 財年每季均連續提高，代表著持續的成長。調整後的淨利息支出為 1,120 萬美元，反映了償還債務後約兩個月的節省。我們記錄的調整後每股攤薄收益為 0.40 美元，高於第三季的 0.26 美元，也高於去年第四季的 0.06 美元虧損。

Operating and free cash flow for Q4 were $33.5 million and $30.9 million, respectively. We ended Q4 with a cash and cash equivalent balance of $151.7 million, which included principal payments of $10 million on a credit facility that were incremental to payments from the equity offering.

第四季的營業現金流和自由現金流分別為 3,350 萬美元和 3,090 萬美元。截至第四季度，我們的現金和現金等價物餘額為 1.517 億美元，其中包括 1000 萬美元的信貸額度本金支付，該支付是股票發行支付的增量。

At the end of FY25, net debt was $411 million, a reduction of $868 million, or 68%, from the $1.3 billion as of the end of FY24. I believe we executed well to our previously stated capital allocation priority of reducing leverage.

截至 25 財年末，淨債務為 4.11 億美元，較 24 財年末的 13 億美元減少 8.68 億美元，減幅為 68%。我相信我們很好地執行了我們先前提出的降低槓桿率的資本配置優先事項。

To summarize benefits Semtech has and expects to realize from debt reduction: first, debt paydown enables Semtech to focus investment on our core business growth engines; second, the reduction in debt from the equity offering will provide annual cash savings of approximately [$48 million] based on interest rates at the close of the offering, which resulted in accretion on a non-GAAP basis; third, we believe meaningful debt reduction demonstrates a strong commitment to our customers, suppliers, and partners to improve financial solidity and return focus to operational and strategic priorities which we expect will lead to increased collaboration and market share gain.

總結 Semtech 從減債中已經獲得以及預計將獲得的好處：首先，償還債務使 Semtech 能夠集中投資於我們的核心業務增長引擎；第二，根據發行結束時的利率計算，通過股票發行減少的債務將每年節省約 4800 萬美元的現金，從而導致非 GAAP 基礎承諾的價值；增加合作並增加市場佔有率。

Now turning to our first-quarter outlook. We currently expect net sales of $250 million, plus or minus $5 million, up 21% year over year at the midpoint. We expect net sales from the infrastructure end market to increase sequentially with data center applications leading to growth. This outlook incorporates the effect from CopperEdge related to previously discussed rack architecture changes.

現在來談談我們的第一季展望。我們目前預計淨銷售額為 2.5 億美元，上下浮動 500 萬美元，中間值年增 21%。我們預計基礎設施終端市場的淨銷售額將持續成長，資料中心應用將帶來成長。這種展望結合了 CopperEdge 與先前討論過的機架架構變化相關的影響。

We expect net sales from the high-end consumer end market to be up slightly, reflective of a seasonally stronger first quarter. We expect the industrial end market to be down, reflective of seasonality in our IoT portfolio.

我們預期高端消費終端市場的淨銷售額將小幅上漲，反映出第一季的季節性強勁成長。我們預期工業終端市場將會下滑，這反映了我們物聯網產品組合的季節性。

Based on expected product mix and net sales levels, adjusted gross margin is expected to be 53%, plus or minus 50 basis points. Adjusted net operating expenses are expected to be $87 million, plus or minus $1 million, resulting in an adjusted operating margin at the midpoint of 18.2%, a 600-basis-point improvement year over year.

根據預期的產品組合和淨銷售水平，調整後的毛利率預計為 53%，上下浮動 50 個基點。調整後的淨營運費用預計為 8,700 萬美元，上下浮動 100 萬美元，調整後的營運利潤率中間值為 18.2%，較上年同期提高 600 個基點。

Adjusted EBITDA is expected to be $53.3 million, plus or minus $3 million, resulting in an adjusted EBITDA margin at the midpoint of 21.3%, which would equate to a year-over-year increase of 520 basis points. We expect adjusted net interest expense to be $6.3 million, reflective of leverage-based pricing on our credit facility that reduces our term loan interest rate by 200 basis points. We expect a normalized income tax rate of 15% consistent with our FY25 rate.

調整後的 EBITDA 預計為 5,330 萬美元，上下浮動 300 萬美元，調整後的 EBITDA 利潤率中間值為 21.3%，相當於年增 520 個基點。我們預計調整後的淨利息支出為 630 萬美元，反映了我們信貸安排的基於槓桿的定價，這將使我們的定期貸款利率降低 200 個基點。我們預計標準化的所得稅率為 15%，與我們的 FY25 稅率一致。

These amounts are expected to result in adjusted diluted earnings per share of $0.37, plus or minus $0.03, based on a weighted average share account of 90.1 million shares.

根據 9,010 萬股的加權平均股票帳戶，這些金額預計將導致調整後每股攤薄收益為 0.37 美元（正負 0.03 美元）。

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

說完這些，我現在想將電話轉回給接線生進行問答。

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作員指示）Harsh Kumar，Piper Sandler。

Yeah, Hong and and Mark, you guys have done a great job on the balance sheet. But you actually said something on the CopperEdge portfolio that caught my attention given the controversy around it. Hong, I was hoping that you could expand on your comment around what you're seeing in boards and connectors. And also, you mentioned your sort of lead customer is looking at components of these products and this technology for future generation. Maybe also explain on that.

是的，洪和馬克，你們在資產負債表方面做得很好。但您實際上對 CopperEdge 投資組合所說的一些內容引起了我的注意，因為它周圍存在爭議。洪，我希望你可以就你在電路板和連接器上看到的內容展開你的評論。而且，您也提到，您的主要客戶正在研究這些產品的組件以及面向未來的技術。也許也可以解釋一下這一點。

And then sorry for the multi-part question. You said you expect to be down or lower for a couple of quarters. I think you said 3 or 4, but then you expect to pick up. So maybe talk about all this and why you expect to pick up and what content are you seeing in in these places, particularly with your large customer.

抱歉，這個問題涉及多個部分。您說預計未來幾季內產量會下降或更低。我認為您說的是 3 或 4，但您希望能夠接通。因此，也許可以談論所有這些以及為什麼您期望獲得這些內容以及您在這些地方看到了什麼內容，特別是與您的大客戶一起。

Thank you, Harsh, for the questions. So first of all, just on the CopperEdge. In Q3, we reported our revenue is a high-single-digit million dollars and we guided in our Q4 to be marginable, incrementally increased. We just did that. And so we've announced that previously in FY26, the revenue for CopperEdge is going to be below $50 million.

謝謝 Harsh 的提問。首先，只在 CopperEdge 上。在第三季度，我們報告我們的收入達到了數千萬美金，並且我們預計第四季度我們的利潤將逐步增加。我們剛剛這麼做了。我們先前已經宣布，2026 財年，CopperEdge 的營收將低於 5,000 萬美元。

So as we reported on the data center revenue on Q4 is a $50 million. CopperEdge portfolio added into a very broad data center portfolio is a nice addition. So in the future, we do not intend to break out a CopperEdge contribution to the total revenue of the data center portfolio. But as for the engagement, as I reported, we have been engaging with over 20 customers.

正如我們所報導的，第四季資料中心的收入為 5000 萬美元。CopperEdge 產品組合被添加到非常廣泛的資料中心產品組合中，這是一個很好的補充。因此，未來我們不打算單獨列出CopperEdge對資料中心產品組合總收入的貢獻。至於合作情況，正如我所報告的，我們已經與 20 多位客戶進行了合作。

This is a nascent business. It's a new product. It's generating a lot of interest. And it was only released about a year ago, but it will take some time for our customers to design them in in a different form factors.

這是一個新興的業務。這是一個新產品。它引起了人們的極大興趣。它是在大約一年前發布的，但我們的客戶需要一些時間來設計不同的外形尺寸。

So the revenues to date have been primarily generated from the applications in the active copper cables, but we have many use cases for different applications by different customers designing our CopperEdge product onto the board or in the connectors. So we do see that a different pace of the adoption and a qualification and testing status, but we are very confident that before the end of this year we'll have revenue generated from more than our anchor customer in a board and a connector applications.

因此，迄今為止的收入主要來自於主動銅纜的應用，但是，不同的客戶將我們的 CopperEdge 產品設計到電路板或連接器上，為不同的應用提供了許多用例。因此，我們確實看到了採用速度、資格認證和測試狀態的不同，但我們非常有信心，在今年年底之前，我們將從電路板和連接器應用領域的主要客戶中獲得收入。

But as for the anchor customer, and we have been engaging with them very tightly in the immediate next generation after the current one, so we don't have content to interconnected racks because it's a single-rack solution. But going forward, we understand that our product is in their design, in the form, either on the board or in a cable form.

但對於主要客戶來說，我們在當前產品之後的下一代產品中一直與他們保持著非常緊密的合作，因此我們對互連機架沒有內容，因為它是一種單機架解決方案。但展望未來，我們明白我們的產品是在他們的設計中，以電路板或電纜形式存在的。

As for this air pocket of three, four quarters, I mean, the most specifically for that one customer, one application. The other applications and revenue could come sooner than that.

至於這個三到四個氣穴，我的意思是，專門針對一個顧客、一個應用程式。其他應用程式和收入可能會比這更早出現。

Understood. Hong, I'm sorry for the long-winded question, but thank you, very helpful. And then I just wanted to ask on your core business. You've been growing when every other analog company has been down because primarily you entered the correction earlier, you started correcting earlier.

明白了。洪，很抱歉問了這麼長的問題，不過還是謝謝你，非常有幫助。然後我只想問一下你的核心業務。當其他所有模擬公司都陷入困境時，你們卻在成長，主要是因為你們較早進入了修正階段，較早開始了修正。

Do you feel like you have good visibility on being able to call for, call it, sequential growth from here on? Or are you at a point where maybe just like your industrial business, you're starting to see where you've normalized and normal seasonality comes into play? Or are we still looking at growth from here?

您是否覺得從現在起，您對實現連續成長具有良好的預見性？或者您是否正處於像您的工業業務一樣的階段，您開始看到您已經正常化並且正常的季節性開始發揮作用？或者我們仍在期待從現在開始成長？

Yeah, that's a good question, Harsh. So certainly, we are having been over-indexed, I would say, on the attention on ACC or CopperEdge and the data center growth. But we do indeed, for Semtech has a broader portfolio.

是的，這是個好問題，哈什。所以我可以肯定地說，我們對 ACC 或 CopperEdge 以及資料中心成長的關注度已經過高了。但我們確實有，因為 Semtech 擁有更廣泛的產品組合。

So the other businesses, and we have been seeing the inflection in the FY25. You look at the historic numbers, and we have been able to record quarter-over-quarter sequential growth. We're going to be guiding one quarter at a time, but we're seeing the trajectory.

對於其他業務，我們已經看到了 25 財年的變化。查看歷史數據，我們發現我們已經能夠記錄季度環比的成長。我們將每次指導一個季度，但我們正在觀察發展軌跡。

As Mark gave the detail, we will continue to see the data center growth even factoring in the ACC or CopperEdge headwind and the high-end consumer, we will have the tailwind for the seasonality. But sequentially, in our guidance for Q1, the industrial part will probably see a little decline.

正如馬克詳細說明的那樣，我們將繼續看到資料中心的成長，即使考慮到 ACC 或 CopperEdge 的逆風和高端消費者，我們也將獲得季節性的順風。但按順序來看，在我們對第一季的預測中，工業部分可能會出現小幅下滑。

But yes, the trajectory we see the business fundamental is there and is very favorable. And we have taken care of the inventory issues. So I think whatever we see going forward is going to be the true fundamental from the business. I'm very optimistic about that.

但是的，我們看到業務基本面的發展軌跡是存在的，而且非常有利。我們已經處理了庫存問題。因此，我認為，我們看到的任何未來發展都將是業務的真正基本面。我對此非常樂觀。

Tim Arcuri, UBS.

瑞銀的蒂姆·阿庫裡（Tim Arcuri）。

I'm wondering if you can help us just on sort of pinpointing the timing on this upcoming step change in the revenue inside of data center. I know given this pushout in ACC, you are, though, winning on a couple of other platforms. So I'm just wondering if you can help us shape sort of in fiscal '26, like when is that step change going to happen?

我想知道您是否可以幫助我們確定資料中心內部收入即將發生的變化的時間。我知道，鑑於你們在 ACC 中的大力推廣，你們在其他幾個平台上也取得了成功。所以我只是想知道您是否可以幫助我們塑造 26 財年的情況，例如什麼時候會發生這種逐步變化？

Thank you, Tim. So yes, as I said, the data center, we got a pretty broad portfolio, CopperEdge and FiberEdge and Tri-Edge product. And the fundamental of the CapEx spending by the CSPs is still there. We expect the FiberEdge continue to grow. The CopperEdge is going to be a little bit bumpy.

謝謝你，提姆。是的，正如我所說，資料中心我們擁有相當廣泛的產品組合，包括 CopperEdge、FiberEdge 和 Tri-Edge 產品。並且，CSP 的資本支出基本面仍然存在。我們預計 FiberEdge 將持續成長。CopperEdge 將會有點顛簸。

Temporarily, we have an air pocket. But once all the other customers, they start kind of ramping up in the volume, we'll see the accelerated growth.

暫時，我們有一個氣穴。但一旦所有其他客戶開始增加銷量，我們就會看到加速成長。

But all-in-all, if you look at the data center portfolio, we still expect quarter-over-quarter growth. As for the timing of the CopperEdge recovery from that specific anchor customer, I think it depend on the next-generation rack design timing. That is a, I'd like to help whatever we can, but we can't control that timing.

但總而言之，如果你看看資料中心組合，我們仍然預期會出現季度環比成長。至於CopperEdge從特定主要客戶恢復的時間，我認為這取決於下一代機架設計的時間。那是，我願意盡我們所能提供幫助，但我們無法控制時間。

Right, right. Okay. And then I guess the second question is sort of an update on the portfolio rationalization plans. Is the current uncertainty in the market, obviously, what's happened in the last couple of weeks, I would assume that makes that maybe a little more challenging?

對，對。好的。然後我想第二個問題是關於投資組合合理化計畫的更新。顯然，當前市場存在不確定性，過去幾週發生的情況，我認為這可能會使情況更具挑戰性？

And can you speak to sort of how price sensitive you'll be in this? I mean, is the idea just that you want to rationalize the portfolio, not at any price, but I'm just kind of wondering how price sensitive you'll be given some of the market uncertainty we've seen in the past couple of weeks.

能談談您對價格的敏感度嗎？我的意思是，你的想法是否只是想要合理化投資組合，而不是不惜一切代價，但我只是有點想知道，考慮到過去幾週我們看到的一些市場不確定性，你對價格的敏感度會有多高。

Great, Tim. So we don't have a specific time line. As you know, that our balance sheet has been significantly strengthened. But from a longer run strategic point of view, we still would like to rationalize and kind of like having that our portfolio aligned with our strategic vision and margin profile. So the business has inflected.

太好了，提姆。因此我們沒有具體的時間表。如您所知，我們的資產負債表已顯著加強。但從長期策略角度來看，我們仍希望合理化，使我們的投資組合與我們的策略願景和利潤率狀況保持一致。因此業務已經發生了變化。

And I think the good buyer, they will see the synergy from their side. So I would say this business need to be bought rather than be sold, namely that we don't have to sell it. But if the buyers see the strategic synergy for them and adding to their portfolio being transformational, and this can be a great addition to them.

我認為好的買家會看到從他們角度產生的綜效。所以我想說，這項業務應該被收購而不是被出售，也就是說，我們不必出售它。但如果買家看到了對他們而言的策略協同效應並將其添加到他們的投資組合中，那麼這對他們來說將是一個很好的補充。

So we are patient, but I know there are tailwinds because the -- as in the prepared remarks and one industry participant based in China was put on the DoD 126H list and another Europe-based competitor and exited the cellular module business. So really, the demand, we're seeing the booking activities has accelerated.

所以我們很有耐心，但我知道也有順風，因為——正如準備好的評論中所說，一家位於中國的行業參與者被列入國防部 126H 名單，另一家位於歐洲的競爭對手退出了蜂窩模組業務。因此，我們看到預訂活動的需求確實在加速。

That's a really good business. It's contributing to positive EBITDA, and we are not in dire situation or have to do the sale. This is not a distressed asset. We welcome buyers to see the synergy and to their -- nice addition to their business, and it will be the basic principle for us to run this process.

這確實是一筆好生意。它對 EBITDA 做出了正貢獻，而且我們的情況並不糟糕，也不需要出售。這不算不良資產。我們歡迎買家看到這種協同效應及其對他們業務的良好補充，這將是我們運行此流程的基本原則。

Quinn Bolton, Needham & Co.

奎因博爾頓，尼德漢姆公司

Hong and Mark, congratulations on the nice results. I guess, Hong, maybe just a quick clarification on your data center comment. You mentioned that business growing quarter on quarter despite the CopperEdge air pocket. Was that a comment specific to the April guide? Or is that a comment that you see continuing throughout all of fiscal 2026?

洪和馬克，恭喜你們取得好成績。我想，洪，也許只是對你關於資料中心的評論進行快速澄清。您提到，儘管 CopperEdge 出現氣泡，但業務仍逐季實現成長。這是針對四月份指南的特定評論嗎？還是您認為這項評論將持續整個 2026 財年？

So nice question, good question. So we will only give the guidance on one quarter at a time. That's a specific guide to our April quarter. But in general, we go with the market trend. If the CSP CapEx spending continue to be strong, we have been benefiting from that trajectory and scored a very strong year-over-year growth from FY24 to '25.

這個問題問得真好，非常好。因此我們每次只會提供針對一個季度的指導。這是我們四月季度的具體指南。但整體來說，我們是順應市場趨勢的。如果 CSP 資本支出持續保持強勁，我們將受益於這一軌跡，並在 24 財年到 25 財年實現了非常強勁的同比增長。

If the CapEx continue to be as projected, and I will not be surprised that we will have a strong growth year over year as well.

如果資本支出持續按照預期成長，那麼我們的年增率也不會讓我感到驚訝。

Got it. And then the second question is, I'm not sure if you're willing, but I was wondering if you might be able to give us some sense of the general breakdown of the data center business. You mentioned it was $50 million in the January quarter. It sounds like CopperEdge was probably a very high single-digit million, maybe approaching $10 million. But the rest of the business probably $40-plus million.

知道了。第二個問題是，我不確定您是否願意，但我想知道您是否可以讓我們了解資料中心業務的整體情況。您提到一月份季度的收入為 5000 萬美元。聽起來 CopperEdge 的價值可能非常高，可能接近 1000 萬美元。但其餘業務的價值可能達4000多萬美元。

Can you give us a sense how much of that $40 million plus is FiberEdge just going into DSP-based optical modules, how much maybe Tri-Edge and then other revenue? Just trying to get a sense of what that mix looks like.

您能否告訴我們，這 4000 多萬美元中有多少是 FiberEdge 用於基於 DSP 的光學模組，有多少是用於 Tri-Edge 以及其他收入？只是想了解一下這種混合物是什麼樣子的。

Quinn, I think it's important for us to focus on our data center portfolio rather than individual SKUs. But I mean, needless to say, there's strong broad-based growth across our portfolio. We did mention in our prepared remarks that FiberEdge net sales for our fourth quarter were at record levels. So definitely strong market acceptance and market adoption of that FiberEdge portfolio.

Quinn，我認為我們應該關注資料中心組合而不是單一 SKU。但我的意思是，不用說，我們的投資組合都實現了強勁的全面成長。我們確實在準備好的發言中提到，FiberEdge 第四季的淨銷售額達到了創紀錄的水平。因此，FiberEdge 產品組合的市場接受度和採用率絕對很高。

Maybe, Mark, just a quick follow-up. Could you say is the majority or perhaps the vast majority of the non-CopperEdge business driven by sort of 400 gig, 800 gig modules? Or is there a meaningful portion that may be targeting slower speed applications in the data center? Just trying to get a sense.

也許，馬克，只是一個快速的跟進。您能否說大多數或絕大多數非 CopperEdge 業務都是由 400G、800G 模組驅動的？或者是否存在一個有意義的部分可能針對資料中心中速度較慢的應用程式？只是想了解一下。

There's pretty strong demand for 400 to 800 gig and soon to be 1.6 gig optical modules. And just want to try to get some sense how much of your business is exposed to those higher speed optical modules.

400 至 800Gb/s 以及即將推出的 1.6Gb/s 光學模組的需求相當強勁。只是想嘗試了解您的業務有多少受到這些更高速光學模組的影響。

Quinn, broadly 400 gig, 800 gig, broadly, that's where we have a good sense of growth and then slower speeds as well, but that 400 gig to 800 gig is a good growth for us.

奎因，大致是 400G、800G，廣義上講，這是我們有良好的增長感覺的地方，然後速度也會較慢，但 400G 到 800G 對我們來說是一個很好的增長。

That's a sweet spot and 1.6T is still early. It's more in the design phase and low volume. So 400 gig and 800 gig, there's a sweet spot of FiberEdge revenue contribution.

這是一個最佳點，而 1.6T 還處於早期階段。它還處於設計階段並且數量較少。因此，400G 和 800G 是 FiberEdge 收入貢獻的最佳點。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

My first are on IoT and LoRa. So I don't know if you guys can frame the impact of u-blox and the block on the China list, what that means for that business? And then LoRa seems like a lot of upside there that $37 million number, like is that just pure LoRa modules or are there like routers and stuff in there? It seems like that was a big uptick. And is that sustainable moving forward?

我首先關注的是 IoT 和 LoRa。所以我不知道你們是否能概括一下 u-blox 和中國名單上的封鎖的影響，這對該業務意味著什麼？那麼 LoRa 似乎在 3700 萬美元這個數字上有很大的優勢，例如這是否只是純粹的 LoRa 模組，還是裡面有路由器之類的東西？看起來這是一個很大的上漲。這種發展方式是否可持續？

Thank you, Chris. So let me try to answer your LoRa question. First, the $37.1 million is all LoRa and we do not provide modules. We provide LoRa chips, transceiver chips to the module manufacturers in our different generations product, it just provide additional functionality and the inclusion of different video protocols to make the ecosystem partners use our product easier so that we enable -- provide that level of enablement. Most of the LoRa devices at this point, the end devices is not the gateway devices because they get a pretty good coverage on the gateway and also there are many different applications is point to point.

謝謝你，克里斯。所以讓我嘗試回答您的 LoRa 問題。首先，3,710 萬美元全部是 LoRa，我們不提供模組。我們為不同世代產品的模組製造商提供 LoRa 晶片和收發器晶片，它只是提供額外的功能和包含不同的視訊協議，以使生態系統合作夥伴更容易使用我們的產品，從而我們能夠提供這種級別的支援。此時大多數 LoRa 設備，終端設備不是網關設備，因為它們在網關上獲得相當好的覆蓋，並且有許多不同的應用程式是點對點的。

As for the IoT business, and certainly, you named the u-blox that we named the European participants. Yes, their announcement has provided a tailwind for us. We share the same customers, and we're getting the same customers calling us and asking for continued support and accelerated delivery. So that's totally helpful. Then the China-based company, the DoD list certainly provide another level of tailwind.

至於物聯網業務，當然，您提到了我們稱為歐洲參與者的 u-blox。是的，他們的聲明為我們提供了順風。我們擁有相同的客戶，我們也接到了相同的客戶的電話，要求繼續提供支援並加快交付。這非常有幫助。然後，這家總部位於中國的公司，國防部的名單無疑提供了另一個層面的順風。

And there are some customers in the past, they have shifted effort to design our product into their routers and gateways, but they took us as an approved vendor just in case they couldn't buy from that company, they will buy from us. But now we are seeing some tangible shift and because some of the -- for example, some of the applications they can use for commercial applications, they can be installed in the military base.

過去有一些客戶，他們已經將精力轉移到將我們的產品設計到他們的路由器和網關中，但他們將我們視為認可的供應商，以防他們無法從該公司購買時，他們會從我們這裡購買。但現在我們看到了一些實質的轉變，因為其中一些——例如，一些他們可以用於商業應用的應用程式可以安裝在軍事基地。

Clearly, they wanted to use the same modules for both applications, and they wanted to source from Western suppliers like us. And we will be benefiting from that even more going forward. Right now, we're seeing more design wins, but those design wins is going to be converted into orders and bookings throughout the year.

顯然，他們希望對這兩種應用程式使用相同的模組，並且希望從我們這樣的西方供應商那裡採購。我們將在未來受益更多。目前，我們看到越來越多的設計勝利，但這些設計勝利將在全年轉化為訂單和預訂。

Excellent. And sorry for misspeaking on modules versus chips. I did know that, but is LoRa -- these levels sustainable from here and then as a follow-up for some handset-related questions on either TVS or proximity sensing, as you look out this year, next year, how do you view kind of your opportunity set in these markets moving forward? Would you consider them better than market growth or how would you consider them?

出色的。抱歉，關於模組和晶片的問題說錯了。我確實知道這一點，但是 LoRa——這些水平從現在開始是否可持續？然後作為對一些與 TVS 或接近感應有關的手機相關問題的後續回答，展望今年和明年，您如何看待未來在這些市場中的機會？您是否認為它們比市場成長更好或您如何看待它們？

Thank you. Yes, on the LoRa and certainly, the Q4 was very strong, and there might be some factor in there for kind of like some project-based demand. But in general, if we zoom out a little bit year-over-year basis, we have been experiencing very strong growth.

謝謝。是的，就 LoRa 而言，第四季度的表現非常強勁，其中可能存在一些基於專案的需求的因素。但總體而言，如果我們稍微縮小同比數據，我們會發現我們經歷了非常強勁的成長。

I will think based on the momentum, based on the customer engagement activities, based on the new use cases we learned from our creative ecosystems and customer base, I am pretty optimistic for the year-over-year growth from FY26 to -- FY25 to '26. For the TVS and PerSe product for cell phones and smartphones, I believe we are gaining shares.

我認為，基於這種勢頭，基於客戶參與活動，基於我們從創意生態系統和客戶群中了解到的新用例，我對 2026 財年到 2025 財年的同比增長非常樂觀。對於用於手機和智慧型手機的 TVS 和 PerSe 產品，我相信我們的市場份額正在增加。

And that has been supported by the year-over-year revenue growth and double-digits. And certainly, that is higher than the smartphone market itself. And the quarter-to-quarter basis, you're still going to be seeing a little bit of seasonality impact. But in general, we are getting more design wins, and we are gaining shares from our competition as well.

這得到了同比兩位數收入成長的支持。當然，這比智慧型手機市場本身的規模還要高。從季度來看，你仍然會看到一點季節性的影響。但總體而言，我們獲得了越來越多的設計勝利，也從競爭對手那裡獲得了越來越多的份額。

Cody Acree, Benchmark Company.

科迪·阿克里（Cody Acree），Benchmark Company。

Congrats on the progress. Mark, for you, if you can just talk about your gross margin expectations for the year? And maybe also if you can expand on into your OpEx expectations for the year?

祝賀你取得進展。馬克，您能談談今年的毛利率預期嗎？或許您還可以進一步了解今年的營運支出預期？

Cody, I'll just emphasize we're only guiding one quarter out, so beyond our guide. We don't have that much commentary other than we've seen very strong year-over-year growth in our gross margins. And given that we are looking at some additional data center growth, we do see that those are typically higher than our corporate gross margin averages, so accretive to total gross margin.

科迪，我只想強調一下，我們只指導了一個季度，所以超出了我們的指導範圍。除了我們看到毛利率同比增長非常強勁之外，我們沒有太多的評論。鑑於我們正在考慮一些額外的資料中心成長，我們確實看到，這些成長通常高於我們企業毛利率的平均水平，因此可以增加總毛利率。

On OpEx, we've guided one quarter out. I'll just say that we're remaining prudent in our R&D spend. So R&D is prioritized to customer alignment and what we believe will be near-term revenue growth.

對於營運支出，我們已經給了一個季度的指引。我只想說我們在研發支出方面仍保持謹慎。因此，研發的優先事項是客戶協調以及我們認為的近期收入成長。

Yes. If I can add some color. Cody, on the OpEx side, you see the incremental increase in our Q1 compared to Q4. If we kind of like a double-click on that, SG&A is going to be stay largely the same. Over the year, we wanted to have more efficiency and leverage with increased revenue, and we plan to use AI.

是的。如果我可以添加一些顏色。科迪，在營運支出方面，您會看到我們第一季的營運支出與第四季相比有所增加。如果我們對此進行雙擊，則銷售、一般及行政開支 (SG&A) 將基本保持不變。多年來，我們希望提高效率和槓桿率並增加收入，並計劃使用人工智慧。

Right now, that is a hot topic, but we really see the benefits for some efficiency and productivity improvement. We do want to increase the R&D spending in our FY26 compared to FY25. And over the last three quarters since I took the position, and we have conducted multiple critical reviews on the programs, the return on the R&D programs, we canceled a number of it and so that we can make the fund available to programs with better opportunities. We did that and has been largely successful in FY26.

目前，這是一個熱門話題，但我們確實看到了它對提高效率和生產力的好處。我們確實希望與25財年相比，增加26財年的研發支出。在自我上任以來的三個季度裡，我們對這些項目、研發項目的回報進行了多次嚴格審查，我們取消了其中的一些項目，以便我們可以將資金用於有更好機會的項目。我們做到了這一點，並且在 26 財年取得了巨大的成功。

Going forward, we have more opportunities and just by shifting the focus a little bit may not be enough. So we wanted to increase our R&D spending in this new fiscal year. But as Mark said, in a very disciplined fashion. So we definitely wanted to make sure we will review the return on the investment.

展望未來，我們有更多的機會，僅僅稍微轉移焦點可能還不夠。所以我們希望在新的財政年度增加研發支出。但正如馬克所說，以一種非常自律的方式。所以我們肯定希望確保我們將審查投資回報。

We'll review the alignment with the market frequently so that if we need to do any adjustment or course correction, we'll do it decisively. But in general, we see many opportunities, and we wanted to really capture those opportunities to accelerate the growth. So we'll see the R&D spending for the Q1 is going to be increasing a little bit from Q4. But other part of the OpEx, we wanted to make sure we can get the efficiency out of them.

我們會經常審查與市場的一致性，這樣如果需要任何調整或修正，我們就會果斷地去做。但總的來說，我們看到了很多機會，我們希望真正抓住這些機會來加速成長。因此，我們將看到第一季的研發支出將比第四季略有增加。但對於營運支出的其他部分，我們希望確保能夠發揮其效率。

Hong, if you can just continue with that thought then, can you elaborate on your product priorities then for '26, where your R&D spending is going to be focused? And where do you think your growth is going to be most derived from?

洪，如果您可以繼續這個想法，那麼您能否詳細說明一下 2026 年您的產品重點以及研發支出將集中在哪裡？您認為您的成長主要源自於哪裡？

Good question, Cody. So we certainly wanted to focus our R&D in the area that we have demonstrated a very fast growth, and we have a better alignment with the customers, and we have opportunities identified. So largely in the data center area, in the LoRa area and in some selected IoT areas as well. And of course, the new emerging trend, well, not an emerging trend, so among our portfolio, like person sensing is quite exciting because of the SAR standards requirement is elevating that provides opportunities for us to provide solutions to our customers with our technical differentiation.

好問題，科迪。因此，我們當然希望將我們的研發重點放在我們已經表現出非常快速成長的領域，並且我們與客戶有更好的協調，並且我們已經發現了機會。因此主要在資料中心區域、LoRa區域以及一些選定的物聯網區域。當然，新興趨勢並不是一種新興趨勢，所以在我們的產品組合中，像人體感應就非常令人興奮，因為 SAR 標準要求正在提高，這為我們透過技術差異化為客戶提供解決方案提供了機會。

And then the same product can be used in the gesture control for the smart wearable devices, and that is an emerging opportunity. And in the beginning, we were just kind of like provide a solution to it. But now -- and that can be -- if it really materialized, can be the next-generation compute platform with the AI form factor.

然後同一個產品可以用於智慧穿戴裝置的手勢控制，這是一個新興的機會。一開始，我們只是想提供一個解決方案。但現在——如果它真的實現了，就可以成為具有 AI 形態的下一代運算平台。

And then the robots, we know our person sensing product has been incorporated in many companies in the robot designs. So that's a pretty exciting opportunities, and we will be increasing R&D investment to create extended bandwidth in addressing the market need for that application.

然後是機器人，我們知道我們的人體感應產品已被許多公司的機器人設計納入其中。這是一個非常令人興奮的機會，我們將增加研發投入，以創造擴展頻寬，滿足該應用的市場需求。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

This is Tyler on for Tristan. Maybe back on LoRa. Could you provide an update on where LoRa inventories are? Do you think you're shipping back in line with demand? And then also, if you could help with the timing of the ramp for the Mercedes factories, that would be helpful.

這是泰勒 (Tyler) 代替特里斯坦 (Tristan)。也許可以回到 LoRa。您能否提供有關 LoRa 庫存的最新資訊？您認為您的出貨量能滿足需求嗎？另外，如果您能幫助確定梅賽德斯工廠的生產時間，那將會很有幫助。

Yes. Tyler, not just with LoRa, but across our portfolio, we are monitoring channel inventories. So we try to keep channel inventories in line with expectations, right? So that goes for LoRa, too. So we're really shipping to what we believe is expected demand.

是的。泰勒，我們不僅透過 LoRa，而且透過我們的整個產品組合，都在監控通路庫存。所以我們試著保持通路庫存與預期一致，對嗎？這對於 LoRa 也同樣適用。因此，我們的出貨量確實符合我們的預期需求。

LoRa deployment across the industrial portfolio, that example you provided that Mercedes deployment, that occurred already. But right now, LoRa is being deployed across a number of IoT applications, metering, asset tracking, factory automation.

LoRa 在整個工業組合中的部署，例如您所提供的梅賽德斯的部署，已經發生了。但目前，LoRa 已部署在許多物聯網應用領域，包括計量、資產追蹤、工廠自動化。

Great. And then maybe for my follow-up, one on the data center. Could you just provide a little more color on where you're seeing LPO opportunities medium term?

偉大的。然後也許我的後續工作是關於資料中心的。您能否詳細介紹一下您認為中期 LPO 機會在哪裡？

Yeah. So Tyler, the LPO opportunities near term is going to be primarily on the 800 gig or 100 gig per channel. So we have been providing our TIAs and driver solutions to many optical transceiver module manufacturers. And there are some strong CSPs at the end user to drive the adoption for it.

是的。因此 Tyler，近期的 LPO 機會將主要集中在每個頻道 800G 或 100G 上。因此，我們一直向許多光收發器模組製造商提供我們的TIA和驅動器解決方案。並且最終用戶方面有一些強大的 CSP 來推動它的採用。

And as for 1.6 terabit, I think at this point, the industry is primarily focusing on LRO solution, namely in the transmitting end, they will still use the DSP-based real-time solutions and the receiving end, they will use the linearized solutions. So LRO, we will have our TIA in the receiving end but we don't have the driver, the driver typically come from the DSP side.

至於1.6太比特，我認為目前業界主要關注LRO解決方案，即在發射端，他們仍將使用基於DSP的即時解決方案，而在接收端，他們將使用線性化解決方案。因此 LRO，我們將在接收端有 TIA，但我們沒有驅動程序，驅動程式通常來自 DSP 端。

The 800-gig LPO on the other hand, we will have the TIA content on the receiving end together with the driver content on the transmitting end. So at OFC, you're going to be seeing multiple demos that our customers and the partners are using our solutions to design and plan to go into the production on the 800 gig LPO and 1.6T LROs.

另一方面，對於 800 千兆 LPO，我們將在接收端擁有 TIA 內容，並在發送端擁有磁碟機內容。因此在 OFC，您將看到多個演示，我們的客戶和合作夥伴正在使用我們的解決方案進行設計，並計劃在 800 千兆 LPO 和 1.6T LRO 上投入生產。

Craig Ellis, B. Riley Securities.

艾利斯 (Craig Ellis)，B. Riley Securities。

This is Stacy on for Craig. I was wondering if you could just give a little clarification for the announcement with currently one competitor being placed on the entity list. How has that been like materialized so far in lifting the Sierra business? And how would that affect the business strategically?

這是史黛西 (Stacy)，代替克雷格 (Craig)。我想知道您是否可以對目前將一家競爭對手列入實體名單的公告作出一些澄清。到目前為止，在提升 Sierra 業務方面進展如何？這會對業務產生什麼策略影響？

Yeah. So Stacy, thank you for that question. The one competitor was placed on the 126H list. That means really many of our customer base when they have the product used for in-due use situation, they do not want to use the modules from that supplier in China. So that definitely has translated into a significant increase in booking. So as I said, that a significant increase in design wins and the design wins is going to be translated into the bookings throughout the year.

是的。所以史黛西，謝謝你的提問。該名參賽者被列入126H名單。這意味著，當我們的許多客戶在適當使用產品時，他們並不想使用來自中國供應商的模組。所以這肯定會導致預訂量的大幅增加。正如我所說的，設計勝利的顯著增加將轉化為全年的預訂量。

Got it. And the second question, I guess, is going back to kind of the design process, like how long are these onboarding conferences can last? And how many AI server generations can that socket remain?

知道了。我想，第二個問題是回到設計過程，例如這些入職會議可以持續多久？該插槽還能保留多少代 AI 伺服器？

I see. So the design for onboard solutions is actually going to be shorter than the design in the cable because the onboard solutions typically done by the end customers directly. They don't need to go through a third-party supplier.

我懂了。因此，板載解決方案的設計實際上比電纜中的設計更短，因為板載解決方案通常由最終客戶直接完成。他們不需要透過第三方供應商。

So the design cycle, like anything, typically 6 to 18 months. It depends on the number of reasons they will have. So you probably will be learning more about the timing in the next week's conference, they're going to be hosting.

因此設計週期與任何事物一樣，通常為 6 至 18 個月。這取決於他們所擁有的原因的數量。因此，您可能會在他們將要舉辦的下週會議上了解更多有關時間安排的資訊。

Kyle Smith, Stifel.

凱爾史密斯（Kyle Smith），史蒂費爾（Stifel）。

This is Kyle on for Tore at Stifel. Congrats on two straight quarters of positive free cash flow. So how should we think about free cash flow heading into fiscal '26? And maybe building off of that, if you could provide general expectations for both operating cash flow and capital expenditures, that would be great.

這是 Kyle 取代 Tore 在 Stifel 演出的。恭喜您連續兩季實現正自由現金流。那麼，我們該如何看待26財年的自由現金流呢？也許在此基礎上，如果您能提供經營現金流量和資本支出的整體預期，那就太好了。

Kyle, thanks for the question. We'll say that we're only guiding one quarter out, but you can see the strong cash flow generation that we had in Q4, and we had sequential increases in cash flow generation from Q4 to Q3. Definitely strong business fundamentals do help with the growing business, but also with our reduction in debt, we previously announced $40 million in annual cash interest savings. That's definitely a tailwind to our operating cash flow metrics.

凱爾，謝謝你的提問。我們會說，我們只指導一個季度，但您可以看到我們在第四季度產生了強勁的現金流，並且從第四季度到第三季度，我們的現金流產生量連續增加。強勁的業務基本面確實有助於業務成長，而且隨著我們債務的減少，我們先前宣布每年可節省 4,000 萬美元的現金利息。這對我們的經營現金流指標來說無疑是個順風。

And that operating cash flow, we only had a partial quarter of benefit in our Q4. So you can expect or I expect that there's going to be some incremental cash flow benefits over the year. Again, we're only guiding one quarter out, but I would think that historical CapEx is a reasonable proxy going forward for future CapEx requirements.

而我們的營運現金流僅在第四季度實現了部分季度的獲利。因此您可以預期或我預期今年將會有一些增量現金流收益。再次強調，我們只預測一個季度的情況，但我認為歷史資本支出是未來資本支出需求的合理指標。

Great. And as my follow-up, could you maybe provide an overview of the unbundling trend you're seeing within the TIA market? And do you feel you can capture the majority share within the unbundled TIA market in the next few years?

偉大的。作為我的後續問題，您能否概述一下您在 TIA 市場中看到的拆分趨勢？您是否認為您能在未來幾年內佔據非捆綁 TIA 市場的大部分份額？

Yeah. So definitely, we can see the prior commercial arrangement from the industry participants and usually leverage the availability and shortages of DSPs, they wanted to sell DSP and TIA together. I think with the more availability of the DSP supplies and the number of providers out there, this kind of bundling practice is no longer in place, and that provides great opportunities for us to play in the level market playing field.

是的。因此可以肯定的是，我們可以從行業參與者那裡看到先前的商業安排，他們通常利用 DSP 的可用性和短缺，他們希望一起銷售 DSP 和 TIA。我認為，隨著 DSP 供應的日益豐富和提供者數量的不斷增加，這種捆綁做法將不再存在，這為我們在公平的市場競爭環境中提供絕佳機會。

So we have been gaining market shares but I think we still have ways to go. And the good thing is our TIA has been broadly regarded as the best solution in the industry, serving 200 gig, 400 gig, 800 gig, and 1.6T. So we have multiple form factors, and I anticipate that trend will continue.

因此，我們的市場份額一直在增長，但我認為我們還有很長的路要走。好消息是，我們的 TIA 被廣泛認為是業界最佳解決方案，支援 200G、400G、800G 和 1.6T。所以我們有多種外形尺寸，我預計這種趨勢將會持續下去。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

I was curious, Mark or Hong, what is making LoRa jump up so significantly so fast? Are you seeing some kind of new deployments or activity? And maybe you could help us understand what geo or what kind of applications are without giving us too much specifics.

我很好奇，無論是 Mark 還是 Hong，是什麼讓 LoRa 如此迅速地發展？您是否看到某種新的部署或活動？也許您可以幫助我們了解什麼是地理位置或什麼類型的應用程序，而不必向我們提供太多細節。

Yeah. So Harsh, that's a great observation. We're really pleased with the results. And I think it's largely due to the customer focus. And the business in LoRa has been auto-piloting for a while.

是的。所以，哈什，這是一個很棒的觀察。我們對結果非常滿意。我認為這很大程度上歸功於以客戶為中心。LoRa 業務已經自動駕駛了一段時間了。

And now we put a very concerted effort and developing new products and providing enablement support and really engaging with the customers very closely. So it's clear that LoRa has demonstrated very strong differentiating capabilities compared to other RF protocols and customers are developing different applications.

現在，我們齊心協力開發新產品，提供支持，並與客戶密切合作。因此很明顯，與其他射頻協議相比，LoRa 表現出了非常強大的差異化能力，而且客戶正在開發不同的應用程式。

There are a lot of innovation going on there. And when people talk about the auto lawn mower and robots and metering that's the space, and we have been demonstrated a very strong demand, but there are new applications being developed. So I think we are accelerating the growth through new product offering and ecosystem enablement and customer focus.

那裡正在進行許多創新。當人們談論自動割草機、機器人和計量時，這就是這個領域，我們已經證明了非常強勁的需求，但新的應用正在開發中。因此我認為我們正在透過提供新產品、生態系統支援和以客戶為中心來加速成長。

Quinn Bolton, Needham & Co.

奎因博爾頓，尼德漢姆公司

Just wanted to ask a quick question on the PON business. Just looking at the overall Signal Integrity revenue and your comment that the data center was up to $50 million. It looks like you probably saw a meaningful step down in the PON business.

只是想問一個關於 PON 業務的簡單問題。只看一下訊號完整性的整體收入和您所說的資料中心高達 5000 萬美元的評論。看起來你可能看到 PON 業務出現了顯著的下滑。

Just wanted to see if you could confirm that. And if that's the case, is that just sort of timing between different tenders? Is that a seasonal effect? And then I've got a quick follow-up.

只是想看看你是否可以證實這一點。如果是這樣的話，這是否只是不同招標之間的時間安排？這是季節性影響嗎？然後我進行快速的跟進。

Yes, Quinn. So for Q4 results was actually year-over-year, the PON was growing. And as for our guidance, say, in the SIP area, the Signal Integrity product overall is going to grow. The data center is going to grow. So PON and it has some timing thing related to the tender offers.

是的，奎因。因此，第四季度的業績實際上與去年同期相比，PON 正在成長。至於我們的指導，例如在 SIP 領域，訊號完整性產品整體將會成長。資料中心將會不斷擴大。因此，PON 與招標報價有一些時間上的聯繫。

Okay. And then I'm not sure if you care to comment, but your growth for Signal Integrity or, data center in particular for the April quarter. Just wondering, do you expect the CopperEdge business to be effectively zero in that quarter? Because if so, it obviously implies some really strong growth outside if the overall bucket is going to grow quarter on quarter.

好的。然後我不確定您是否願意發表評論，但您對訊號完整性或特別是四月份季度的資料中心的成長有何看法？只是想知道，您是否預計 CopperEdge 業務在該季度實際上會為零？因為如果是這樣的話，如果整體營收水準逐季成長，這顯然意味著外部成長將非常強勁。

But just wondering if you could give directionally, is CopperEdge still several million dollars? Is it zero? Just any help just to sort of think about growth outside of the CopperEdge product.

但我只是想知道您是否可以給予指導，CopperEdge 是否仍需要數百萬美元？是零嗎？只是任何幫助只是為了思考 CopperEdge 產品以外的成長。

Quinn, in our Q1 guide, we still expect to be recording CopperEdge net sales. CopperEdge doesn't go to zero, but it's just under our prior expectations at our customer. So as Hong said, there's still design activity. We're engaged with over 20 customers, and we expect some revenue to pick up at the latter half of FY26.

奎因，在我們的第一季指南中，我們仍然預計將記錄 CopperEdge 的淨銷售額。CopperEdge 不會降至零，但它略低於我們客戶的先前預期。正如洪所說，設計活動仍然存在。我們與超過 20 位客戶合作，預計 26 財年下半年營收將回升。

There are no further questions at this time. I would now like to turn the floor back over to Mark Lin for closing comments.

目前沒有其他問題。現在我想把發言權交還給馬克林，請他發表最後評論。

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

是的。感謝大家的加入，請造訪我們的投資者網站 investor.seemtech.com，我們將在該網站上發布 Semtech 將出席的即將舉行的投資者會議。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。