Semtech Corp (SMTC) 2026 Q2 法說會逐字稿

Thank you, and welcome to Semtech's Second Quarter 2026 Financial Results Conference Call. Participants on today's call are Hong Hou, our President and Chief Executive Officer; and Mark Lin, our Executive Vice President and Chief Financial Officer.

謝謝，歡迎參加 Semtech 2026 年第二季財務業績電話會議。參加今天電話會議的有我們的總裁兼執行長洪侯和我們的執行副總裁兼財務長馬克林。

Before we begin the prepared remarks, I would like to highlight upcoming investor events, including the Deutsche Bank Technology Conference on August 27, The Benchmark TMT Conference on September 3, The JPMorgan Rising Tech Leaders Forum on September 4, and The Piper Sandler Growth Frontiers Conference on September 10.

在我們開始準備好的發言之前，我想強調即將舉行的投資者活動，包括 8 月 27 日的德意志銀行技術會議、9 月 3 日的 Benchmark TMT 會議、9 月 4 日的摩根大通新興科技領袖論壇和 9 月 10 日的 Piper Sandler 增長前沿會議。

Today, after market close, we released the unaudited results for the second quarter of fiscal year 2026, which are posted along with an earnings call presentation to our Investor Relations website at investors.semtech.com.

今天，收盤後，我們發布了 2026 財年第二季度的未經審計業績，並與收益電話會議報告一起發佈在我們的投資者關係網站 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 slide 2 of the earnings presentation as well as the Risk Factors 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，這些評論構成了前瞻性陳述。請參閱今天的新聞稿和收益報告的第 2 張投影片以及我們最新的 10-K 表年度報告中的風險因素部分，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。

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

在今天的電話會議中，我們將主要參考非公認會計準則財務指標。有關我們的非 GAAP 財務報告註釋的重要信息，請參閱今天的新聞稿和收益報告的第 3 張投影片。新聞稿和收益報告還包括我們的 GAAP 和非 GAAP 財務指標的對帳。

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

說完這些，我將把電話轉給洪。

Thank you, Mitch. And good afternoon to all of you joining today. The Semtech team made solid progress again this quarter with a sequential increases across each end market leading to record net sales. We also delivered sequential improvement in adjusted gross profit, operating income, and earnings per share, strengthening our financial profile while executing on the R&D road map that we believe establishes a foundation for long-term growth.

謝謝你，米奇。祝今天到場的各位下午好。本季度，Semtech 團隊再次取得了堅實的進展，各終端市場均實現連續成長，淨銷售額創下新高。我們也實現了調整後毛利、營業收入和每股盈餘的持續改善，增強了我們的財務狀況，同時執行了我們認為為長期成長奠定基礎的研發路線圖。

I've completed my 1-year tenure as Semtech's CEO and reflecting on the three priorities I outlined in our earnings call a year ago, we have made tremendous progress.

我擔任 Semtech 執行長的任期已滿一年，回顧一年前我在財報電話會議上概述的三個優先事項，我們已經取得了巨大進步。

First, on strengthening the balance sheet. At the end of Q2, we have reduced debt by $879 million from the time I started as a CEO, resulting in a year-over-year quarterly interest expense reduction of 80% and a substantial net leverage ratio improvement, 1.6 times at the close of Q2 '26 compared to 8.8 times a year ago. This strong improvement to our financial foundation allowed us to focus on growth drivers for our business.

第一，加強資產負債表。截至第二季末，自我擔任執行長以來，我們已將債務減少了 8.79 億美元，導致季度利息支出同比減少 80%，淨槓桿率大幅改善，2026 年第二季末為 1.6 倍，而去年同期為 8.8 倍。財務基礎的顯著改善使我們能夠專注於業務的成長動力。

Second, on rationalizing the portfolio and increasing investment in the core assets. I'm happy to report that the core assets we have delineated namely data center, LoRa, and PerSe, each strongly contributed to our net sales momentum throughout the year. With increased R&D investment into these core areas, we anticipate further acceleration of our momentum.

二是優化組合，加大核心資產投入。我很高興地報告，我們所劃定的核心資產，即資料中心、LoRa 和 PerSe，都為我們全年的淨銷售額成長勢頭做出了巨大貢獻。隨著對這些核心領域的研發投入增加，我們預期我們的發展動能將進一步加速。

Third, revitalizing our winning culture. This is an area of progress of which I'm most proud. By strong engagement with employees through frequent site visits, interactive information sessions, small group, and one-on-one meetings as well as regular and transparent communications, we provided much needed clarity in the company's vision, strategy, and priorities, following a call to action.

第三，重振我們的致勝文化。這是我最為自豪的一個進步領域。透過頻繁的現場訪問、互動資訊會議、小組和一對一會議以及定期透明的溝通與員工密切接觸，我們在行動號召之後，對公司的願景、戰略和優先事項提供了急需的清晰度。

By instilling a culture of customer intimacy, operational discipline, and strong execution, we believe we have made great progress on achieving road map alignments with our key customers through significantly improved customer engagement, securing new product design wins, and delivering strong financial performance. I'd like to extend my sincere gratitude to the senior leadership and all of our fellow employees for their resilience, dedication, and commitment to Semtech's Rising Initiative.

透過灌輸客戶親密度、營運紀律和強大執行力的文化，我們相信，透過顯著提高客戶參與度、確保新產品設計成功以及實現強勁的財務業績，我們在與主要客戶實現路線圖協調方面取得了巨大進展。我要向高層領導和所有員工表達誠摯的感謝，感謝他們的堅韌、奉獻和對 Semtech 崛起計劃的承諾。

Going forward, the priority of portfolio optimization is further elevated. We have managed our noncore assets back to a growth trajectory. And combined with the market tailwinds, we believe these assets represent a very compelling business to the right shooter. We believe we are well positioned to further transform Semtech into a higher growth and more profitable company.

展望未來，投資組合優化的優先順序將進一步提高。我們已將非核心資產管理回成長軌道。結合市場順風，我們相信這些資產對於合適的射手來說代表著一項非常有吸引力的業務。我們相信，我們已做好準備，進一步將 Semtech 轉變為一家成長更快、盈利能力更強的公司。

Now let me move the discussion to our end markets. For Q2, infrastructure net sales were $73.4 million, up 1% sequentially and up 39% year over year. Infrastructure revenue growth benefited from record revenues in our data center business.

現在讓我將討論轉移到我們的終端市場。第二季度，基礎設施淨銷售額為 7,340 萬美元，季增 1%，年增 39%。基礎設施收入的成長得益於我們資料中心業務創紀錄的收入。

Net sales for data center reached a record $52.2 million, up 1% sequentially and up 92% year over year, benefiting from our broad portfolio. FiberEdge products achieved record net sales, offsetting the CopperEdge air pocket from the initial rack deployment at our anchor customer.

由於我們廣泛的產品組合，資料中心淨銷售額達到創紀錄的 5,220 萬美元，較上季成長 1%，較去年同期成長 92%。FiberEdge 產品實現了創紀錄的淨銷售額，抵消了我們主要客戶最初部署機架時產生的 CopperEdge 氣泡。

Based on Q2 performance, we expect continued strong opportunities for FiberEdge demand for the remainder of calendar year 2025 and beyond from our optical module customers serving North America cloud service providers or CSPs. This conviction is supported by our direct ecosystem engagement, which correlates with increases in the data center CapEx forecast from multiple hyperscalers, sovereign operators, and enterprises.

根據第二季的表現，我們預計，在 2025 年剩餘時間及以後，為北美雲端服務供應商或 CSP 提供服務的光模組客戶對 FiberEdge 的需求將繼續保持強勁。這一信念得到了我們直接參與生態系統的支持，這與來自多個超大規模企業、主權運營商和企業的數據中心資本支出預測的增長有關。

During Q2, bookings and forecast from our optical module customers serving China-based CSPs were generally cautious due to limits on GPU availability. That said, we have started seeing accelerated data center bookings over the past several weeks for this market.

在第二季度，由於 GPU 可用性的限制，為中國 CSP 提供服務的光學模組客戶的訂單和預測普遍比較謹慎。也就是說，過去幾週我們已經開始看到這個市場的資料中心預訂量加速成長。

Looking ahead to the next several quarters, we expect the data center market to continue its multiyear growth cycle. The market is shifting to higher data rates to support the increased compute and network interconnect bandwidth, resulting in strong demand for FiberEdge 800-gig TIAs moving rapidly from 400 gig.

展望未來幾個季度，我們預計資料中心市場將繼續其多年的成長週期。市場正在轉向更高的數據速率以支援增加的運算和網路互連頻寬，導致對 FiberEdge 800-gig TIA 的需求從 400-gig 迅速轉向強勁。

Beyond 800 gig, we are supporting multiple customers on their 1.6T transceiver designs with both TIAs and drivers. We currently expect volume ramps to start in the first half of 2026, commensurate with the broad deployment of 1.6T switches.

除了 800Gig 之外，我們還為多個客戶提供 TIA 和驅動器等 1.6T 收發器設計支援。我們目前預計產量將在 2026 年上半年開始成長，與 1.6T 交換器的廣泛部署一致。

While the shift to higher speed to achieve high bandwidth is a given, it is increasingly important to deliver this bandwidth using low power and low latency network interconnect. Semtech's analog expertise allows CSPs to deliver high-performance compute and increase storage capacity while constraining our budget for networking.

雖然轉向更高的速度以實現高頻寬是必然趨勢，但使用低功耗和低延遲網路互連來提供這種頻寬變得越來越重要。Semtech 的模擬專業知識使 CSP 能夠提供高效能運算並增加儲存容量，同時限制我們的網路預算。

On the optical side, we have secured several LPO design wins with our TIAs in 400-gig and 800-gig transceivers. We believe we have secured the lion's share of the TIAs in the most optical transceivers. Our 800-gig LPO laser drivers was specifically designed to comply with our LPO MSA requirements, and we believe it is the only compliant driver in the market.

在光學方面，我們憑藉 400 千兆和 800 千兆收發器的 TIA 贏得了許多 LPO 設計勝利。我們相信我們已經佔據了大多數光收發器中TIA的最大份額。我們的 800-gig LPO 雷射驅動器專門設計用於滿足我們的 LPO MSA 要求，我們相信它是市場上唯一符合要求的驅動器。

Several optical module customers are conducting design-in and testing of our drivers on their transceivers. We are engaged with three of the leading hyperscalers with our 800-gig LPO solution and expect revenues to begin ramping in Q4 of this year. We are accelerating our R&D road map and are targeting making 1.6T LPO drivers and TIAs available for sampling before the end of the year.

一些光學模組客戶正在他們的收發器上對我們的驅動器進行設計和測試。我們與三家領先的超大規模企業合作，提供 800 千兆 LPO 解決方案，預計營收將在今年第四季開始成長。我們正在加速我們的研發路線圖，目標是在今年年底之前提供 1.6T LPO 驅動器和 TIA 樣品。

Another high bandwidth and low-power solution is the CopperEdge for ACC and onboard linear equalizer. During the quarter, we delivered 800 gig and 1.6T ACC cables to multiple hyperscaler and enterprise customers for testing and qualification.

另一種高頻寬、低功耗解決方案是用於 ACC 和板載線性均衡器的 CopperEdge。在本季度，我們向多個超大規模客戶和企業客戶交付了 800 千兆和 1.6T ACC 電纜進行測試和鑑定。

Those customers are seeing benefits of strong signal integrity, lower latency, and importantly, much lower power consumption as much as 90% below competing DSP-based AEC solutions, while offering lighter and more flexible cables as well as significantly longer reach compared to direct attached copper cables.

這些客戶看到了強大的訊號完整性、更低的延遲以及更重要的功耗（比基於 DSP 的 AEC 解決方案低 90%）的優勢，同時與直接連接的銅纜相比，電纜更輕、更靈活，傳輸距離更長。

We continue close engagement with our anchor customer for their future rack platforms using CopperEdge and 1.6T optical transceivers using our FiberEdge product. We are on track and expect to launch ACC with US hyperscaler customers during calendar year 2026.

我們繼續與我們的主要客戶密切合作，為他們未來的機架平台使用 CopperEdge，並使用我們的 FiberEdge 產品開發 1.6T 光纖收發器。我們正按計劃進行，預計 2026 年與美國超大規模客戶一起推出 ACC。

Currently, we are enabling all the major cable suppliers, all of which have begun initial qualification at multiple hyperscalers. As data center topology continues to evolve, we see copper remaining a foundational element of next-generation data center interconnect, particularly for short-reach links where its cost, power efficiency, speed, and reliability are unmatched.

目前，我們正在為所有主要的電纜供應商提供支持，所有這些供應商都已開始在多個超大規模企業進行初步資格認證。隨著資料中心拓撲結構的不斷發展，我們看到銅仍然是下一代資料中心互連的基礎元素，特別是對於短距離鏈路而言，其成本、功率效率、速度和可靠性都是無與倫比的。

With the bandwidth requirements increasing from 400 gig to 800 gig, 1.6T and beyond, advances in active copper technologies are extending the reach and offering significant power savings, making copper an essential complement to optical solutions.

隨著頻寬需求從 400 GB 增加到 800 GB、1.6T 甚至更高，有源銅技術的進步正在擴大覆蓋範圍並顯著節省電力，使銅成為光纖解決方案的重要補充。

In high-performance computing and AI clusters, copper enables low latency, energy efficiency connections at the rack and [row] level where optics address longer reach needs. By leveraging our 20-plus years of experience in analog data center solutions, we are helping our customers achieve the performance, efficiency, and scalability demands of today's and tomorrow's data center with a comprehensive product portfolio, addressing lane speeds from 10 gig to 400 gig with the lane count from one to eight channels.

在高效能運算和人工智慧叢集中，銅可以在機架和[行]層級實現低延遲、節能連接，而光學可以滿足更長距離的需求。憑藉我們在模擬資料中心解決方案領域 20 多年的經驗，我們透過全面的產品組合幫助客戶滿足當今和未來資料中心的效能、效率和可擴展性需求，滿足從 10 千兆到 400 千兆的通道速度和從一到八個通道的通道數。

Moving forward, the momentum in FiberEdge, combined with our emerging CopperEdge and LPO opportunities, all supported by the strong data center CapEx spending, positions our data center business for strong growth.

展望未來，FiberEdge 的發展勢頭，加上我們新興的 CopperEdge 和 LPO 機會，再加上強大的資料中心資本支出的支持，使我們的資料中心業務實現強勁成長。

Now moving to our high-end consumer end market. Net sales for Q2 were $41.2 million, up 16% sequentially and up 11% year over year. Net sales in consumer TVS were $29.9 million, up 22% sequentially and up 15% year over year, consistent with the seasonality associated with the smartphone unit ramps and our strong content across multiple customers. This growth exceeds overall growth in the handset volumes, aligning with our belief that Semtech is gaining content and market share, stemming from our market-leading performance and supply chain excellence.

現在轉向我們的高階消費端市場。第二季淨銷售額為 4,120 萬美元，季增 16%，年增 11%。消費電視淨銷售額為 2,990 萬美元，環比增長 22%，同比增長 15%，這與智慧型手機部門增長的季節性以及我們面向多個客戶的強大內容相一致。這一成長超過了手機銷售的整體成長，這與我們的信念一致，即 Semtech 正在獲得內容和市場份額，這源於我們市場領先的性能和卓越的供應鏈。

Designed for ultra-high capacitance, sensitivity, and fast response times, these devices safeguard displays as well as high-speed interfaces such as HDMI, USB, and display ports without compromising signal integrity or performance. This makes them ideal for use in smart TVs, game consoles, laptops, wearables, and mobile devices. Leading global consumer electronics brands integrate Semtech's TVS technology into their products to ensure device performance, durability, and reliability.

這些設備具有超高電容、靈敏度和快速響應時間，可保護顯示器以及 HDMI、USB 和顯示連接埠等高速接口，同時不會影響訊號完整性或效能。這使得它們非常適合用於智慧電視、遊戲機、筆記型電腦、穿戴式裝置和行動裝置。全球領先的消費性電子品牌將 Semtech 的 TVS 技術整合到其產品中，以確保設備的性能、耐用性和可靠性。

In addition, our PerSe sensing technology is being increasingly deployed across a growing range of applications, from consumer electronics, to automotive, and industrial markets. In devices such as smartphones and laptop computers, where specific absorption rate standards are becoming more stringent, PerSe enables intelligent power management by detecting proximity and optimizing RF performance to meet regulatory requirements, without compromising the user experience.

此外，我們的 PerSe 感測技術正越來越多地應用於從消費性電子產品到汽車和工業市場等越來越多的應用領域。在智慧型手機和筆記型電腦等裝置中，特定吸收率標準變得越來越嚴格，PerSe 透過偵測接近度和優化射頻效能來實現智慧電源管理，以滿足監管要求，同時又不影響使用者體驗。

In addition, PerSe enables precise gesture control with ultra-low power consumption, both of which are highly valued for wearables such as headsets and smart glasses. We are actively engaged in design discussions with a broad range of customers in both smart glasses and smartphone platforms, supporting both existing designs and new launches over the coming quarters.

此外，PerSe 能夠實現精確的手勢控制，且功耗極低，這兩項特性對於耳機和智慧眼鏡等穿戴式裝置而言都極具價值。我們正積極與智慧眼鏡和智慧型手機平台的廣大客戶進行設計討論，支援現有設計和未來幾季的新產品發布。

Moving towards industrial end market. Q2 industrial net sales were $143 million, up slightly sequentially, in line with our outlook and up 14% year over year. Within industrial, net sales of LoRa-enabled solutions were $36.9 million, down 5% sequentially and up 29% year over year, supported by continued expansion across several end markets and in multiple applications.

邁向工業終端市場。第二季工業淨銷售額為 1.43 億美元，較上季略有成長，符合我們的預期，年增 14%。在工業領域，LoRa 解決方案的淨銷售額為 3,690 萬美元，環比下降 5%，年增 29%，這得益於多個終端市場和多種應用領域的持續擴張。

LoRa offers a unique combination of long-range connectivity, low power consumption, and robust performance in challenging environments. Its ability to transmit data over several kilometers while operating for years on a single battery charge makes it ideal for predictive maintenance, asset tracking, energy management, and smart city infrastructure. It also enables cost-effective and secure monitoring and control of equipment, infrastructure, and environmental conditions over large areas.

LoRa 提供了獨特的遠端連接、低功耗以及在具有挑戰性的環境中保持強大性能的組合。它能夠傳輸數公里以外的數據，並且一次充電即可運行數年，這使其成為預測性維護、資產追蹤、能源管理和智慧城市基礎設施的理想選擇。它還能夠對大面積的設備、基礎設施和環境條件進行經濟高效且安全的監控和控制。

We are seeing growth in applications, including home security systems, smart appliances, head and personal trackers, and community-based environmental sensors. In addition, our recent generation LoRa chips offer dual band capability, 2.4 gigahertz and ISM frequencies to enhance bandwidth. This capability is supporting a new generation of connected devices that require reliable, low-power communication without the complexity and expenses of traditional networks.

我們看到各種應用正在成長，包括家庭安全系統、智慧家電、頭部和個人追蹤器以及基於社區的環境感測器。此外，我們最新一代的 LoRa 晶片提供雙頻功能、2.4 千兆赫和 ISM 頻率以增強頻寬。此功能支援新一代連接設備，這些設備需要可靠、低功耗的通信，而不需要傳統網路的複雜性和成本。

Dual band capability is facilitating LoRa's adoption in emerging low-altitude economy, including drone delivery, aerial surveying, and emergency rescue. LoRa is especially well suited for this environment as it combines long-range communication, low power consumption, and a strong signal resilience, three factors critical for aerial operations.

雙頻段功能正在促進 LoRa 在新興低空經濟中的應用，包括無人機送貨、航空測量和緊急救援。LoRa 特別適合這種環境，因為它結合了遠端通訊、低功耗和強大的訊號彈性，這三個因素對於空中作業至關重要。

LoRa technology is used to provide a reliable telemetry and sensor data transmission even beyond visual line of sight. This allows operators to gather real-time insights without relying solely on high-bandwidth short-reach video links.

LoRa 技術可用於提供可靠的遙測和感測器資料傳輸，甚至超出視線範圍。這使得操作員無需單純依賴高頻寬短距離視訊鏈路即可收集即時見解。

Our IoT systems hardware business recorded Q2 net sales of $64.8 million, up 2% sequentially and up 24% year over year. Bookings in our hardware business continues to be strong, up over 40% year over year due to both the broad market recovery as well as our position as a leading North American supplier.

我們的物聯網系統硬體業務第二季淨銷售額為 6,480 萬美元，季增 2%，年增 24%。我們的硬體業務訂單持續強勁，年增 40% 以上，這既得益於廣泛的市場復甦，也得益於我們作為北美領先供應商的地位。

We see strong 5G momentum as IoT transitions from 4G with the growth in both bookings and design wins. We believe we hold a leadership position with the 5G RedCap and are progressing well in launching Qualcomm-based platforms in the coming year.

隨著物聯網從 4G 轉型，我們看到 5G 勢頭強勁，預訂量和設計量均有所增長。我們相信，憑藉 5G RedCap，我們佔據領導地位，並且在來年推出基於高通的平台方面進展順利。

We continue to lead in 5G LPWA, advancing satellite IoT through non-terrestrial network or NTN, which opens up new opportunities for global connectivity.

我們持續在5G LPWA領域保持領先地位，透過非地面網路或NTN推進衛星物聯網，為全球互聯互通開闢新的機會。

For router and gateways, our partnership ecosystem continues gaining momentum. As announced in June, several of our products, including our flagship XR60 5G router achieved Verizon Frontline-Verified status. We now support Verizon's Frontline Network Slice, a dedicated 5G highway for the first responders. This opened up significant opportunities in public safety where mission-critical connectivity is paramount.

對於路由器和網關，我們的合作夥伴生態系統繼續獲得發展動力。正如 6 月宣布的那樣，我們的多款產品（包括旗艦產品 XR60 5G 路由器）均已獲得 Verizon Frontline 驗證。我們現在支援 Verizon 的前線網路切片，這是一條專為急救人員提供的 5G 高速公路。這為公共安全領域開闢了重大機遇，因為關鍵任務連接至關重要。

In July, we hosted an AirLink Partner Summit in Dallas. We shared our product road map and showcased a range of compelling use cases in public safety, public transit, utility, oil and gas, as well as government applications. Our various partnerships represent fundamental steps as we evolve from a product vendor to a solution provider of choice for mission-critical applications.

7 月，我們在達拉斯舉辦了 AirLink 合作夥伴高峰會。我們分享了我們的產品路線圖，並展示了公共安全、公共交通、公用事業、石油和天然氣以及政府應用領域的一系列引人注目的用例。我們的各種合作夥伴關係代表著我們從產品供應商發展成為關鍵任務應用程式的首選解決方案提供者的基本步驟。

In summary, we delivered another quarter of strong financial performance in Q2, reflecting both the strength of our core business and the disciplined execution of our strategy. At the same time, we continue to invest in our R&D, which will fuel future growth, ensuring our technology remains at the forefront of the market requirement and customer expectations.

總而言之，我們在第二季度再次取得了強勁的財務業績，這反映了我們核心業務的實力和我們策略的嚴格執行。同時，我們將繼續投資研發，推動未來成長，確保我們的技術始終處於市場需求和客戶期望的前沿。

With that, I will now turn the call to Mark for additional detail on our financial results and our outlook for the third quarter of FY26. Mark?

說完這些，我現在將電話轉給馬克，讓他詳細介紹我們的財務業績以及 2026 財年第三季的展望。標記？

Thank you, Hong. I am pleased to report that for Q2, net sales were a record $257.6 million, above the midpoint of our outlook, up 20% year over year and the sixth consecutive quarter of growth. Net sales trends by end market, reportable segment, and geographic region are included on slide 16 of the earnings presentation.

謝謝你，洪。我很高興地報告，第二季的淨銷售額達到創紀錄的 2.576 億美元，高於我們預期的中位數，年成長 20%，並且連續第六個季度實現成長。收益報告的第 16 張投影片列出了按終端市場、報告分部和地理區域劃分的淨銷售額趨勢。

Adjusted gross margin was 53.2%, down 30 basis points sequentially and up 280 basis points year over year and above the midpoint of our outlook. Semiconductor products adjusted gross margin was 60.7%, down sequentially from 63.7% and up year over year from 59.2%.

調整後的毛利率為 53.2%，比上一季下降 30 個基點，比去年同期上升 280 個基點，高於我們預期的中點。半導體產品調整後毛利率為 60.7%，較上一季的 63.7% 下降，但較去年同期的 59.2% 上升。

Looking at the adjusted gross margin dynamics in more detail. High-end consumer sales were seasonally higher in Q2, which has a modest negative impact on product mix. Product mix within Signal Integrity was impacted by higher sales of telecommunications products as well as the forecasted decline in CopperEdge revenue. IoT Systems and Connectivity adjusted gross margin benefited from higher sales of routers and gateways with Q2 at 39.5%, improving sequentially from 34.4% and up year over year from 35.4%.

更詳細地了解調整後的毛利率動態。第二季高端消費品銷售額季節性上漲，對產品組合產生了輕微的負面影響。訊號完整性部門的產品組合受到電信產品銷售額增加以及 CopperEdge 收入預測下降的影響。物聯網系統和連線調整後的毛利率受惠於路由器和閘道銷售量的增加，第二季毛利率為 39.5%，季增 34.4%，年增 35.4%。

Adjusted net operating expenses were $88.4 million, within our guidance range. Adjusted operating income was $40.6 million, resulting in an adjusted operating margin of 18.8%, up 460 basis points year over year. Adjusted EBITDA was $56.5 million, up 39% year over year, and adjusted EBITDA margin was 21.9%, up 310 basis points year over year. Adjusted net interest expense was $4.1 million, down 80% year-over-year.

調整後的淨營運費用為 8,840 萬美元，在我們的指導範圍內。調整後的營業收入為 4,060 萬美元，調整後的營業利潤率為 18.8%，較去年同期成長 460 個基點。調整後 EBITDA 為 5,650 萬美元，較去年同期成長 39%，調整後 EBITDA 利潤率為 21.9%，較去年同期成長 310 個基點。調整後淨利息支出為 410 萬美元，年減 80%。

Annualizing the Q2 amount, adjusted net interest expense is well under a single quarter's expense from just a year ago. This has allowed us to accelerate investment in strategic high-growth areas of our business while driving earnings growth and cash flow.

以年化計算，第二季的調整後淨利息支出遠低於去年同期一個季度的支出。這使我們能夠加快對業務策略高成長領域的投資，同時推動獲利成長和現金流。

Q2 adjusted net interest expense decreased sequentially from $5 million, reflective of our continued prioritization of using free cash flow to repay debt. Other net nonoperating expenses were $1.3 million, primarily from foreign exchange revaluation losses, reflective of a weaker US dollar during the quarter.

第二季調整後的淨利息支出從 500 萬美元環比下降，反映出我們繼續優先使用自由現金流償還債務。其他淨非營業支出為 130 萬美元，主要來自外匯重估損失，反映了本季美元走弱。

We recorded adjusted diluted earnings per share of $0.41, up from $0.38 in Q1 and a substantial improvement from $0.11 recorded a year ago. In the second quarter, we recorded a noncash $41.9 million goodwill impairment charge from our connected services business that is reflected in our GAAP results.

我們記錄的調整後每股攤薄收益為 0.41 美元，高於第一季的 0.38 美元，並且比去年同期的 0.11 美元大幅改善。在第二季度，我們記錄了來自互聯服務業務的 4,190 萬美元非現金商譽減損費用，這反映在我們的 GAAP 結果中。

While net sales for this business remained stable, down 1% year over year and up 3% sequentially, these results did not meet our internal earnings forecast and resulted in a reassessment of this business's goodwill balance.

雖然該業務的淨銷售額保持穩定，年減 1%，環比增長 3%，但這些結果並未達到我們的內部盈利預測，並導致對該業務的商譽餘額進行重新評估。

Operating cash flow for Q2 was $44.4 million, sequentially up 60% from $27.8 million and up from negative $5 million a year ago. Free cash flow for Q2 reflected similar growth at $41.5 million, sequentially up 59% from $26.2 million and up from negative $8.4 million a year ago.

第二季的經營現金流為 4,440 萬美元，較上一季的 2,780 萬美元成長 60%，而去年同期為負 500 萬美元。第二季的自由現金流也實現了類似的成長，達到 4,150 萬美元，較上一季的 2,620 萬美元增長 59%，而去年同期為負 840 萬美元。

We ended Q2 with a cash and cash equivalents balance of $168.6 million, up $12.1 million from Q1, while making optional principal prepayments of $25 million on our term loan. At the end of Q2, net debt sequentially decreased $37.1 million to $359.1 million. Along with debt reduction, strong business performance contributed to an adjusted net leverage ratio of 1.6 as of the close of Q2, down sequentially from 1.9 and down year over year from 8.8.

截至第二季度，我們的現金和現金等價物餘額為 1.686 億美元，比第一季度增加了 1,210 萬美元，同時我們為定期貸款支付了 2,500 萬美元的可選本金預付款。第二季末，淨債務季減 3,710 萬美元至 3.591 億美元。隨著債務的減少，強勁的業務表現促使截至第二季末的調整後淨槓桿率為 1.6，環比下降，年減，為 8.8。

Now turning to our third quarter outlook. We currently expect net sales of $266 million, plus or minus $5 million, up 12% year over year at the midpoint. We expect net sales from an infrastructure end market to increase sequentially, including growth in data center.

現在談談我們的第三季展望。我們目前預計淨銷售額為 2.66 億美元，上下浮動 500 萬美元，中位數年增 12%。我們預計基礎設施終端市場的淨銷售額將持續成長，包括資料中心的成長。

We expect net sales from our high-end consumer end market to be up, reflective of typical seasonality as well as content gains. We expect net sales from industrial end market to be slightly up with LoRa about flat sequentially, combined with growth in our IoT cellular business.

我們預期高端消費終端市場的淨銷售額將會上升，這反映了典型的季節性以及內容的成長。我們預計工業終端市場的淨銷售額將略有上升，LoRa 的環比持平，同時我們的物聯網蜂窩業務也將實現成長。

Based on expected product mix and net sales levels, we expect adjusted gross margin to be 53.0%, plus or minus 50 basis points, a 60 basis point improvement year over year at the midpoint. Adjusted net operating expenses are expected to be $88.8 million, plus or minus $1 million, resulting in an adjusted operating margin at the midpoint of 19.6%, a 130 basis point improvement year over year.

根據預期的產品組合和淨銷售水平，我們預期調整後的毛利率為 53.0%，上下浮動 50 個基點，中間值較去年同期提高 60 個基點。調整後的淨營運費用預計為 8,880 萬美元，上下浮動 100 萬美元，調整後的營運利潤率中位數為 19.6%，較去年同期提高 130 個基點。

Adjusted EBITDA is expected to be $60 million, plus or minus $3 million, resulting in an adjusted EBITDA margin at the midpoint of 22.5%, a 90 basis point improvement year over year. We expect adjusted interest and other expense net to be $5 million, benefiting from leverage-based pricing on our term loan that aligns a lower interest rate to a lower leverage ratio.

調整後的 EBITDA 預計為 6,000 萬美元，上下浮動 300 萬美元，調整後的 EBITDA 利潤率中位數為 22.5%，較去年同期提高 90 個基點。我們預計調整後的利息和其他費用淨額為 500 萬美元，受益於我們定期貸款的槓桿定價，該定價將較低的利率與較低的槓桿率掛鉤。

We expect an adjusted normalized income tax rate of 15%, consistent with Q2. These amounts are expected to result in adjusted diluted earnings per share of $0.44, plus or minus $0.03 based on a weighted average share count of 91.6 million shares.

我們預計調整後的標準化所得稅率為 15%，與第二季一致。預計這些金額將導致調整後每股攤薄收益為 0.44 美元，基於 9,160 萬股的加權平均股數，上下浮動 0.03 美元。

Thank you, Mark. We can now turn the call back over to the operator for the question-and-answer session.

謝謝你，馬克。現在我們可以將電話轉回給接線生進行問答環節。

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作員指示）Harsh Kumar、Piper Sandler。

First of all, congratulations on very solid, very steady results. Hong, I did have a question on LPO opportunity and the timing for it. Not too long ago, a competitor sort of suggested that, that timing may be imminent that they were basically in commercial production. I was curious of -- you're talking about fourth quarter. So I was curious about how you see the progression through the year. Is there a possibility that LPO could be preponed, maybe it could come earlier? Or are you just in different sort of customers and maybe with a different -- slightly different timeline?

首先，恭喜您取得非常紮實、非常穩定的成績。洪，我確實對 LPO 機會及其時機有疑問。不久前，一位競爭對手暗示，他們基本上已經進入商業化生產的時機可能即將到來。我很好奇——您談論的是第四季。所以我很好奇您如何看待這一年的進展。LPO 有可能被提前嗎，或者說可能會更早一些？或者您只是面對不同類型的客戶，並且可能有不同的——略有不同的時間表？

Thank you for the question. Yes, LPO, we have been engaging with a broader customer base for applications for CSPs in the US and in China. And they are at a different stage of testing and qualification. But one thing is good that our TIA has been in pretty much every transceiver manufacturer's design and qualification.

謝謝你的提問。是的，LPO，我們一直在與美國和中國的 CSP 的更廣泛的客戶群合作。他們處於不同的測試和資格階段。但有一點是好的，我們的 TIA 幾乎出現在每個收發器製造商的設計和認證中。

As for timing, there's some of them will start deployed in Q4 and some -- I wouldn't say the imminent right now is the small volume. And because we have a broad product portfolio and our TIA has already been designed in the DSP-based retime solution already.

至於時間，有些將在第四季開始部署，而有些——我不會說現在即將部署的是小批量。因為我們擁有廣泛的產品組合，而且我們的 TIA 已經採用基於 DSP 的重定時解決方案進行設計。

We don't see the incrementally higher demand due to the LPO just yet, but we do expect that Q4 they will start deploy. So we have the design wins in 800 gig and also 400 gig for DR4. And that one may already start in the volume.

我們目前還沒有看到由於 LPO 而導致的需求逐漸增加，但我們確實預計他們將在第四季度開始部署。因此，我們在 800 GB 和 400 GB 的 DR4 設計上都獲得了勝利。而那個可能已經在該卷中開始了。

Understood, Hong. And then maybe I could ask you about the general state of the data center spend. You're sort of a networking player. You have parts and modules and cables. You talk to obviously a lot of large companies.

明白了，洪。然後也許我可以問您有關資料中心支出的整體狀況。你有點像是網路玩家。您有零件、模組和電纜。顯然，你與許多大公司進行了交談。

I was curious, I wanted to see where your level of enthusiasm is on the continued data center spend these days as you talk to these large hyperscalers and the large networking players.

我很好奇，我想看看當您與這些大型超大規模企業和大型網路公司交談時，您對持續的資料中心支出的熱情程度如何。

Yes. Thank you for that question. Yes, we do engage with our direct customers, which are the module manufacturers, but we also engage with the CSPs in the US and also in China. We all read the same news and the earnings report.

是的。謝謝你的提問。是的，我們確實與我們的直接客戶（即模組製造商）合作，但我們也與美國和中國的 CSP 合作。我們都閱讀相同的新聞和收益報告。

The CSPs, they have strong conviction and the forecast to increase the CapEx spending to expand the data center capacity and upgrade for AI capability. And we're seeing from our direct customers, a very strong forecast for 2026 and beyond. So we will be benefiting from this tremendous backdrop.

CSP 們有強烈的信念和預測，將增加資本支出以擴大資料中心容量並升級 AI 能力。我們的直接客戶對 2026 年及以後的預測非常強勁。因此我們將受益於此巨大的背景。

On the other hand, in China, the CSPs, as I discussed in the prepared remarks, the first part of the Q2, they tend to be a little bit cautious due to the limit to the GPU availability. But in the last several weeks -- and they have come back and the booking activity has improved pretty significantly. And the forecast for the -- for remaining of '25 and 2026 is very optimistic as well.

另一方面，在中國，正如我在準備好的發言中所討論的那樣，在第二季度的第一部分，由於 GPU 可用性的限制，CSP 往往會有些謹慎。但在過去幾周里，他們又回來了，預訂活動也有了顯著改善。對於 2025 年剩餘時間和 2026 年的預測也非常樂觀。

So we see the market really very -- has a very optimistic tone, and we're seeing the results from the new business opportunities and the bookings. And because we are supplying electronic components, you may hear some pockets, they were limited by so EML or other components, but it's not for us.

因此，我們看到市場確實非常樂觀，而且我們看到了新商機和訂單帶來的成果。而且由於我們供應電子元件，您可能會聽到一些口袋，它們受到 EML 或其他元件的限制，但這不適合我們。

Our PMD, physical media devices, are designed for -- to support VCSELs, support EML, and also support silicon photonics modulators. So we don't see the constraint at this point. But we do plan ahead to add more testers and back-end OSAT capacity in anticipation of a pretty significant ramp for 2026 and beyond.

我們的 PMD（實體媒體設備）設計用於支援 VCSEL、支援 EML 以及支援矽光子調製器。因此我們目前沒有看到任何限制。但我們確實計劃提前增加更多的測試人員和後端 OSAT 產能，以期在 2026 年及以後實現相當大的成長。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

You talked about your outlook for CopperEdge. Can you give us a little bit more color how confident are you in seeing broader adoption? And when you talk about hyperscale customers, what types of projects are you working on there?

您談到了對 CopperEdge 的展望。您能否向我們詳細介紹一下，您對看到更廣泛的採用有多大信心？當您談到超大規模客戶時，您正在進行哪些類型的專案？

Yes. Thank you, Joe. Yes. So we have been talking to customers over the last three, four quarters, and we covered a pretty broad ground, have been engaging with over 20 customers in the entire ecosystem. So certainly, the awareness level right now has significantly increased.

是的。謝謝你，喬。是的。因此，在過去的三、四個季度裡，我們一直在與客戶交談，我們涵蓋了相當廣泛的領域，並與整個生態系統中的 20 多位客戶進行了接觸。因此可以肯定的是，目前的認識程度已經顯著提高。

And we work with our cable customers very closely. There are four, five key ones, they all have our 100 gig per lane or 800 gig cables and 200 gig per lane or 1.6T cables, the sample to different CSPs and enterprise customers.

我們與有線電視客戶密切合作。有四、五個關鍵的，它們都有我們的每通道 100 千兆或 800 千兆電纜和每通道 200 千兆或 1.6T 電纜，樣品提供給不同的 CSP 和企業客戶。

We're seeing strong traction. They definitely see the advantage of low power, more flexible, and higher signal integrity and a longer reach than deck cable. And they are designed in one case for scale up similar to our entry customer to interconnect the different processors, ASICs in one cluster and with more applications in scale-out to interconnect, say, from the servers to top of the rack and also serve the backplane to replace the deck cables.

我們看到了強勁的吸引力。他們確實看到了比甲板電纜低功率、更靈活、訊號完整性更高和延伸範圍更長的優勢。它們被設計用於類似於我們的入門級客戶的擴展，以將不同的處理器、ASIC 互連在一個叢集中，並且可以透過橫向擴展實現更多應用程式的互連，例如從伺服器到機架頂部，還可以作為背板來取代甲板電纜。

So we see the use cases, you replace deck cable, we see the use cases to replace AECs. And all of those applications are to take advantage of the unique property like low power consumption, high signal integrity, and extended reach compared to the deck. We also have customers use the linear equalizers for onboard applications to improve the signal integrity and stretch the reach from the ASIC to, say, front of the panel or pluggable ports.

所以我們看到了用例，你更換甲板電纜，我們看到了更換 AEC 的用例。所有這些應用都利用了與甲板相比的獨特特性，例如低功耗、高訊號完整性和更大的覆蓋範圍。我們還讓客戶將線性均衡器用於板載應用，以提高訊號完整性並將範圍從 ASIC 延伸到面板前端或可插拔連接埠。

So we'll see probably a couple of hyperscalers to drive to the high-volume ramp first and either Q4 or the beginning of 2026. For 1.6T cables, the timing of ramp will be coincide with the switch. If you don't have 200 gig ports, you don't really need the connectivity to connect the ports. But for 800 gig or 100 gig per lane cables, we start seeing some of the demand and are getting preparation for the latter part of this year.

因此，我們可能會先看到一些超大規模企業推動高產量成長，預計時間是第四季或 2026 年初。對於 1.6T 電纜，斜坡的時間將與開關的時間一致。如果您沒有 200 千兆端口，那麼您實際上不需要連接端口的連接。但對於每通道 800 千兆或 100 千兆的電纜，我們開始看到一些需求，並為今年下半年做好準備。

Great. And then separately, are you seeing any supply constraints on 1.6T optics?

偉大的。另外，您是否看到 1.6T 光學元件有任何供應限制？

The 1.6T optics, Joe, at this point, we don't see the strong volume demand yet. But every module manufacturer is designing their optical modules using different DSPs using different PMDs, which we provide their customers, they all require different pitches and different configuration for packaging. So we support a wide range of demand. But the volume ramp and it's going to be like in 2026. At this point, the port would require 1.6T connectivities.

喬，就 1.6T 光學器件而言，目前我們還沒有看到強勁的批量需求。但是每個模組製造商都使用不同的 DSP 和不同的 PMD 設計他們的光學模組，我們為他們的客戶提供服務，他們都需要不同的間距和不同的封裝配置。因此我們支持廣泛的需求。但產量會逐漸增加，預計到 2026 年就會達到這個水準。此時，該連接埠將需要 1.6T 連線。

There are only two -- from two major ASIC manufacturers. One is making GPU, one is making switches. So you can imagine the timing of when they start the volume deployment. So the bottom line, we don't see the constraint from outside.

只有兩個——來自兩家主要的 ASIC 製造商。一個是做GPU，一個是做交換器。所以你可以想像他們開始大量部署的時間。所以底線是，我們沒有看到來自外部的限制。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

This is Gian on for Tim. So just a question on LoRa. It looks like results came in strong ahead of the $30 million to $35 million range you previously mentioned. Are you seeing significant contributions from other applications of LoRa? And do you expect to see LoRa performing at the same level in the next few quarters?

這是 Gian 為 Tim 表演的。這只是關於 LoRa 的一個問題。看起來結果非常強勁，超出了您之前提到的 3000 萬至 3500 萬美元的範圍。您是否看到 LoRa 的其他應用程式做出了重大貢獻？您是否預計 LoRa 在未來幾季的表現會達到同樣的水平？

Yes. Thank you for the question. That's a great question. Certainly, we are very pleased about the demand of LoRa. We think we are on the right track in providing enhanced capability by the new product.

是的。謝謝你的提問。這是一個很好的問題。當然，我們對 LoRa 的需求感到非常高興。我們認為，透過新產品提供增強的功能，我們走在了正確的軌道上。

For example, the dual band in addition to ISM baseband, we provide the device capability to run on 2.4 gigahertz band as well. What that does is to provide enhanced bandwidth data rate, but at a trade-off, a transmission distance. But the LoRa can already cover hundreds of kilometers. So it's not a big trade-off.

例如，除了 ISM 基頻之外的雙頻段，我們還提供在 2.4 千兆赫頻段運作的設備能力。這樣做的目的是提供增強的頻寬資料速率，但要犧牲傳輸距離。但LoRa已經可以覆蓋數百公里。所以這並不是一個很大的權衡。

And by increase the bandwidth, we unlocked a range of applications. For example, the low altitude economy, drone deliveries, and so even some applications related to edge AI and for example, parking meters, they can getting a still picture snapped and using enhanced bandwidth to transmit the pictures back in as an archive.

透過增加頻寬，我們解鎖了一系列應用程式。例如，低空經濟、無人機送貨，甚至一些與邊緣人工智慧相關的應用，例如停車計時器，它們可以拍攝靜態影像，並使用增強頻寬將影像傳回作為檔案。

So we also had a LoRa Plus that basically LoRa plus other RF protocols. By combination, you can address different applications that traditionally LoRa alone cannot address. So these new technologies really opened up new market opportunities.

因此，我們還有一個 LoRa Plus，基本上就是 LoRa 加上其他 RF 協定。透過組合，您可以解決傳統 LoRa 單獨無法解決的不同應用。因此，這些新技術確實開啟了新的市場機會。

We are very pleased to see that the LoRa continue to have a very strong demand. We didn't mention that. As a matter of fact, the end node -- number of end node we shipped last quarter, it's a historic record. So going forward, we think right now, give us a confidence and conviction, we expect the LoRa revenue on a quarterly basis to be between $30 million to $40 million.

我們非常高興地看到 LoRa 持續擁有非常強勁的需求。我們沒有提到這一點。事實上，我們上個季度出貨的終端節點數量創下了歷史記錄。因此，展望未來，我們現在認為，給予我們信心和信念，我們預計 LoRa 季度營收將在 3,000 萬美元至 4,000 萬美元之間。

So certainly, it's going to be an increase from our original belief from $30 million to $35 million.

因此，肯定會比我們最初預期的 3000 萬美元增加到 3500 萬美元。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Congratulations on the results and outlook. I guess I wanted to follow up on the ACC opportunity just to understand timing. It sounds like you still expect some ACC revenue potentially in the fiscal fourth quarter ending January. And if I heard your answer to the previous question, it sounds like 800 gig or 100 gig per lane ACCs potentially for scale up is the first application to ramp?

祝賀你們所取得的成果和前景。我想我想要跟進 ACC 機會只是為了了解時機。聽起來您仍然預計在截至 1 月的第四財季 ACC 可能會有一些收入。如果我聽到您對上一個問題的回答，聽起來每通道 800 千兆或 100 千兆的 ACC 可能成為第一個需要擴展的應用程式？

So Quinn, that may confuse you that for 800 gig is for the interconnect -- yes, in the backplane and also between racks, historically, they use that deck cable they can reach the data rate of 100 gigabit, even 200 gigabit per lane. But the cable was 26 gauge, very rigid using their words like as rigid as a rod. So when you bend a little bit, you compromise the signal integrity.

因此 Quinn，這可能會讓您感到困惑，800Gb 是用於互連的 - 是的，在背板和機架之間，從歷史上看，他們使用甲板電纜可以達到每通道 100Gb 甚至 200Gb 的數據速率。但是電纜是 26 號規格的，非常堅硬，用他們的話說就像像桿子一樣堅硬。因此，當你稍微彎曲時，訊號完整性就會受到損害。

So in that, they will still call the scale-out applications for different interconnect, different switches. And -- but right now, the one we designed in for 200 gig per lane and 1.6T application is a scale up between different racks for ASICs.

因此，他們仍然會將針對不同互連、不同交換器的橫向擴展應用程式稱為橫向擴展應用程式。但現在，我們為每通道 200 GB 和 1.6T 應用程式設計的應用程式是 ASIC 在不同機架之間的擴充。

And the customer is finding more applications in scale-out to -- in the backplane to interconnect, say, for example, from the NIC card to the top of the rack. And in many cases, within the topology of the switch fabric, they are just replacing the DAC cable with ACC because of the flexibility, better signal integrity, incrementally higher power than DAC cable, but it's not really taking out any additional power budget.

客戶發現更多的應用程式可以橫向擴展——在背板上進行互連，例如從 NIC 卡到機架頂部。在許多情況下，在交換結構的拓撲結構中，他們只是用 ACC 替換 DAC 電纜，因為 ACC 具有靈活性、更好的訊號完整性、比 DAC 電纜更高的功率，但實際上並沒有佔用任何額外的功率預算。

Okay. I guess, Hong, just so I'm clear, the 1.6T or 200 gig per lane cables, I thought a lot of those would depend on Broadcom's Tomahawk 6 switch that enables 200 gig per lane. So are there applications for 1.6T ACCs that ramp before availability of that switch? Or do your 100-gig designs ramp in the fourth quarter before availability of that Ethernet switch platform from Broadcom?

好的。我想，洪，只是為了讓我清楚一點，1.6T 或每通道 200 千兆的電纜，我認為其中很多將依賴於 Broadcom 的 Tomahawk 6 交換機，該交換機可實現每通道 200 千兆。那麼，在推出該開關之前，是否有 1.6T ACC 的應用可以提升？或者，在 Broadcom 推出乙太網路交換器平台之前，您的 100Gb 設計是否會在第四季開始量產？

Right. So the volume demand will start from 100 gig first per lane, I would say, in Q4. And then the 200 gig first applications to volume is going to be the scale up between ASICs. Then that will be followed by 200-gig per lane scale-out application, as you correctly pointed out, when the switch die are more available in volume, and you need to be interconnecting between the NIC card to the top of the rack.

正確的。因此我想說，在第四季度，容量需求將從每條線路 100 千兆開始。然後，200GB 的第一個應用量將是 ASIC 之間的擴充。然後，正如您正確指出的那樣，當交換器晶片的容量更大時，將會出現每通道 200 千兆的橫向擴展應用，並且您需要在 NIC 卡和機架頂部之間進行互連。

Got it. Okay. That makes sense. And then I wanted to switch. I know the data center business is driving a lot of growth, but you mentioned the PerSe business and engagements in sort of new smart glass platforms as well as smartphone platforms.

知道了。好的。這很有道理。然後我就想換了。我知道資料中心業務正在推動大量成長，但您提到了 PerSe 業務以及在新型智慧玻璃平台和智慧型手機平台方面的投入。

I'm just wondering if you could give us your outlook for the ramp of PerSe. I think you've got a smart glass platform that you're on today that's already achieved high volume. Do you see continued growth in smart glasses? And any comments you can make on PerSe adoption in the smartphone segment would be helpful.

我只是想知道您是否可以為我們介紹一下您對 PerSe 的成長前景。我認為您今天所採用的智慧玻璃平台已經實現了很高的銷售量。您認為智慧眼鏡會持續成長嗎？您對智慧型手機領域採用 PerSe 的任何評論都將很有幫助。

Yes. So Quinn, PerSe devices has been the industry standard for smartphone. And you know that for almost all the smartphone manufacturers, we're there, and we're in the process of getting into the last one, the major one. As for the applications in the smart wearable, the smart glasses, certainly, our lead customer is this Meta Ray-Ban glasses. And there are several other platforms they use basically the same functionality and -- but do the different ways linked to their own large language model for AI applications, and we are there.

是的。因此 Quinn，PerSe 設備已成為智慧型手機的業界標準。你知道，對幾乎所有的智慧型手機製造商來說，我們都已經進入這個領域，並且正在進入最後一個、也是最重要的領域。至於智慧型穿戴裝置、智慧眼鏡的應用，當然，我們的主要客戶是這款 Meta Ray-Ban 眼鏡。還有其他幾個平台使用基本相同的功能，但採用不同的方式連結到他們自己的用於人工智慧應用的大型語言模型，我們就在那裡。

And the smart wearable continue to evolve and demand more functionalities. And so we are engaging with this broad range customers and designing next generations. So that's next-generation product. So that is the area we feel like it can evolve into a pretty sizable market, and we're in the forefront of it.

智慧型穿戴裝置不斷發展並需要更多功能。因此，我們正在與廣泛的客戶合作並設計下一代產品。這就是下一代產品。因此，我們認為該領域可以發展成為一個相當大的市場，而且我們處於領先地位。

Christopher Rolland, Susquehanna International Group.

薩斯奎漢納國際集團的克里斯多福羅蘭 (Christopher Rolland)。

So I do know it might be a little early for January guidance, but seasonally, I do believe historically, that's been down. Are there -- is there a wide way or broad way to think about kind of seasonality or how we should think about January? Like could you outgrow typical seasonality given the LPO ramp or the ACC ramp? Just any broad kind of milestones or things to think about for January?

所以我知道現在給出一月份的預測可能有點早，但從季節性來看，我相信從歷史上看，這個數字一直在下降。是否有一種廣泛的方式來思考季節性或我們應該如何看待一月？例如，考慮到 LPO 成長或 ACC 成長，你的成長能否超越典型的季節性？一月份有什麼重要的里程碑或值得思考的事情嗎？

Yes, Chris, so we provided our outlook for Q3 and our end market commentary should help investors formulate thoughts for growth in the out periods. You're correct, high-end consumer sales do trail down in Q4. We don't really see a change to that particular trend. I mean high-end consumer net sales were $41.2 million in Q2. That's a multiyear high, up 16% sequentially, up 11% year over year.

是的，克里斯，所以我們提供了對第三季度的展望，我們的終端市場評論應該有助於投資者形成對外部時期成長的想法。您說得對，高端消費品的銷量在第四季度確實有所下滑。我們確實沒有看到這一特定趨勢的改變。我的意思是第二季高階消費淨銷售額為 4,120 萬美元。這是多年來的最高水平，環比增長 16%，同比增長 11%。

So while we're gaining design wins and market share, which allows us to grow above market rates, I still view Q4 as just a seasonally trail down, not a weakness at all in any of the business.

因此，儘管我們獲得了設計勝利和市場份額，這使我們能夠以高於市場的速度成長，但我仍然認為第四季只是季節性下滑，而不是任何業務的弱點。

Our industrial end market is performing well. We've heard from some industry bellwethers on these trends. ISC business is performing well for the 4G to 5G transition is a tailwind there. And in infrastructure, data center is definitely a growth engine in all the commentary that Hong has provided in our prepared remarks and for the Q&A up until now.

我們的工業終端市場表現良好。我們從一些行業領導者那裡聽到了有關這些趨勢的看法。ISC 業務表現良好，因為 4G 到 5G 的過渡是順風。在基礎設施方面，洪在我們準備好的發言和迄今為止的問答中提供的所有評論中都表明，資料中心無疑是一個成長引擎。

We do have a very broad portfolio. FiberEdge shipments were up about 3 times compared to a year ago. And anything that we talk about in terms of LPO would be incremental, and ACC is definitely incremental to that ramp.

我們確實擁有非常廣泛的產品組合。FiberEdge 的出貨量與一年前相比增加了約 3 倍。我們在 LPO 方面談論的任何事情都是增量的，而 ACC 肯定也是增量的。

That's fantastic. Maybe for my second question, I think you guys said you were down to 1.6 times leverage. Pretty incredible from where you guys were just a couple of years ago. But my specific question is, what does this mean for the odds of doing a potential acquisition and/or what does this mean for the odds for doing a potential divestiture?

太棒了。對於我的第二個問題，我想你們說過槓桿率已降至 1.6 倍。與幾年前相比，你們的處境真是令人難以置信。但我的具體問題是，這對於潛在收購的可能性意味著什麼？或者這對於進行潛在資產剝離的可能性意味著什麼？

Yes. So Chris, that's definitely we are pretty excited about the progress we have made, not a couple of years ago, even as recent as a year ago, our leverage ratio was at 8.8x. So certainly, that's a huge improvement. This improved financial foundation allows us to go more aggressive in capturing the opportunities of growth.

是的。所以，克里斯，我們對我們所取得的進展感到非常興奮。幾年前，甚至就在一年前，我們的槓桿率還只有 8.8 倍。這無疑是一個巨大的進步。財務基礎的改善使我們能夠更積極地抓住成長機會。

Through close engagement with the customers, we have identified many great growth opportunities, and we have been able to balance the R&D spending with our bottom line over the last year. And I think we're striking a right balance. We're increasing R&D spending in the core area by 20% sequentially, while still maintaining delivering the good bottom line performance.

透過與客戶的密切接觸，我們發現了許多巨大的成長機會，並且在過去的一年裡我們已經能夠平衡研發支出和我們的底線。我認為我們正在取得正確的平衡。我們將核心領域的研發支出連續增加 20%，同時仍保持良好的獲利績效。

Going forward, we'll continue to invest in the core areas. And there might be some opportunities when we analyze our portfolio, we're seeing we can apply technology leverage, customer leverage, or operational leverage.

未來我們將繼續加大對核心領域的投入。當我們分析我們的投資組合時，可能會發現一些機會，我們發現我們可以應用技術槓桿、客戶槓桿或營運槓桿。

We're seeing some leverage. We have some capability to do small tuck-ins and -- but that's the highest priority for us is still the portfolio optimization. We decide what the areas we wanted to get in. We have the Board support, we'll continue the strategy going forward.

我們看到了一些槓桿作用。我們有能力進行一些小規模的整合——但對我們來說，最優先的仍然是投資組合優化。我們決定我們想要進入哪些領域。我們得到了董事會的支持，我們將繼續推動這項策略。

So hopefully, that answers your question. Definitely, the core and noncore delineation is not just a paper exercise, it's really a North Star to set the priority for us.

希望這能回答你的問題。毫無疑問，核心和非核心的劃分不僅僅是紙上談兵，它實際上是為我們設定優先事項的北極星。

Rich Schafer, Oppenheimer.

里奇謝弗，奧本海默。

I've got a question on Tri-Edge. I'm just curious what the outlook is for the PAM4, the Tri-Edge business as the industry sort of seems to be focusing more on 100G and 200G lanes. And I guess, how do you -- what are your plans for that business? How do you view that Tri-Edge opportunity? I mean is PAM4 going to be a growth driver for Semtech?

我對 Tri-Edge 有一個疑問。我只是好奇 PAM4、Tri-Edge 業務的前景如何，因為該行業似乎更關注 100G 和 200G 通道。我想，你對這項業務有什麼計畫？您如何看待 Tri-Edge 機會？我的意思是 PAM4 會成為 Semtech 的成長動力嗎？

Rich, thank you for your great question. So the Tri-Edge has been our traditional offering. It is basically integrated product with the drivers and TIAs integrated with our clock and data recovery ones. So you can almost say it's oxymoron that the analog version of the DSP. We offered our product at 50 gig per lane to give, say, four channel will be 200-gig aggregated bandwidth and if the eight channel will be 400-gig aggregated bandwidth.

Rich，謝謝你提出這個好問題。因此，Tri-Edge 一直是我們的傳統產品。它基本上是一個整合產品，其中的驅動器和 TIA 與我們的時鐘和資料恢復產品整合在一起。因此，您幾乎可以說模擬版本的 DSP 是矛盾的。我們以每通道 50 千兆的速度提供我們的產品，也就是說，四通道將提供 200 千兆聚合頻寬，八通道將提供 400 千兆聚合頻寬。

So our customers more -- particularly in China and also one of the CSPs in the US has been using our Tri-Edge in the AOC cable, active optical cables for 400 gig and 200 gig. So that has been going on in a limited basis and -- but one big CSPs in the US and are giving us the forecast and start ramping up by using the Tri-Edge in the AOC applications for 400 gig.

因此，我們的客戶更多——特別是在中國，而且美國的一家 CSP 一直在使用我們的 AOC 電纜中的 Tri-Edge、400G 和 200G 有源光纜。因此，這種情況一直在有限的基礎上進行 - 但美國的一家大型 CSP 正在向我們提供預測，並開始在 AOC 應用中使用 Tri-Edge 來實現 400Gb 的容量增長。

So our plan is that we'll continue to push that envelope to make the PAM4 50 gig move up to 200 gig. We're going to be skipping 100 gig PAM4 because this is a little too late for that. The beauty of the 200-gig Tri-Edge CDR based is going to continue to deliver low power consumption and have the advantage of both equalizing in the frequency domain and retiming in time domain.

因此，我們的計劃是繼續突破這一極限，使 PAM4 50Gb 升至 200Gb。我們將跳過 100 gig PAM4，因為這有點太晚了。200G Tri-Edge CDR 的優點在於它將繼續提供低功耗，並具有頻域均衡和時域重定時的優勢。

So that is on our road map and under development. We believe when the 1.6T transceivers are launched, and very next thing, they will be first driving for volume and then later on driving for cost reduction and power reduction. So we will catch that wave of providing low-cost, low-power version of the Tri-Edge.

這已經在我們的路線圖上並且正在開發中。我們相信，當 1.6T 收發器推出後，接下來它們將首先推動產量，然後再推動成本降低和功耗降低。因此，我們將抓住這一機遇，提供低成本、低功耗版本的 Tri-Edge。

And Hong, have you taken a swing at sort of what that opportunity looks like? And any sense of how big that market could be? Or is it just too early?

那麼洪，您是否嘗試過這樣的機會呢？您知道這個市場有多大嗎？還是現在還太早？

So Rich, right now, it's a little early to do that. But we will be basically using when we were evaluating market opportunity in order to determine if this is a viable R&D project. We just make the assumption, say, for example, if we can chip away 5% to 10% of 1.6T transceiver market from the retime solutions, that will be well worth a while for the market opportunity.

所以，Rich，現在這麼做還太早。但我們基本上會利用評估市場機會來確定這是否是一個可行的研發項目。我們只是做出假設，比如說，如果我們可以從重定時解決方案中蠶食掉 1.6T 收發器市場的 5% 到 10%，那麼這對於市場機會來說將是值得的。

It's really great for -- as an alternative to the DSPs. So I think it's going to be as customers seeing a better signal integrity, lower power performance, again, just like the LPO, there are going to be more acceptance and because of the low power is a key attribute to the optical connectivity in the future.

作為 DSP 的替代品，它確實很棒。因此我認為，隨著客戶看到更好的訊號完整性、更低的功率性能，就像 LPO 一樣，它將得到更多的認可，而且由於低功耗是未來光纖連接的關鍵屬性。

Cody Acree, The Benchmark Company.

科迪·阿克里（Cody Acree），基準公司。

Congrats on the progress. Hong, can you just go back to your ACC commentary on the cloud service providers? You mentioned expecting that to begin early '26. Is that any reset of timing from earlier expectation of ACC diversification in Q4? Or was that always the case, the delineation between CSPs and the cable providers?

恭喜你取得進展。洪，您能回顧一下您對雲端服務供應商的 ACC 評論嗎？您提到預計這將在 26 年初開始。這是否與先前對第四季 ACC 多樣化的預期時間有所調整？或者情況一直都是這樣，CSP 和有線電視供應商之間的界線一直存在嗎？

Cody, thank you for the question. So we are always at a, you know, the timing-wise for the LoRa brand is going to be going through the platform architecture. The platform architecture of our customers will go with the appliance they need in there.

科迪，謝謝你的提問。因此，您知道，我們始終在按時推進 LoRa 品牌的平台架構。我們客戶的平台架構將與他們所需的設備相符。

For example, in this case, the switch, timing of the switch availability, as you probably know and heard, is going to be pushed out a little bit. So that is the one thing we found during Q2.

例如，在這種情況下，正如您可能知道和聽到的，開關可用性的時間將會稍微推遲。這是我們在第二季發現的一件事。

And -- but as I said, there are two other use cases. For example, 100 gig per lane, 800 gig ACC cable, that's independent of that timing. We believe that ramp will start in Q4 for that flavor. Another one is a 200 gig per lane and 1.6T cable for scale up between different racks of ASICs that will also march along the line -- timeline in Q4.

而且——但正如我所說，還有另外兩個用例。例如，每條通道 100 千兆，800 千兆 ACC 電纜，這與時間無關。我們相信該口味的銷量將在第四季度開始成長。另一個是每通道 200 千兆和 1.6T 電纜，用於在不同的 ASIC 機架之間進行擴展，這也將沿著這條路線前進——時間表在第四季度。

So when you start ramping back from very low level to pretty sizable level, the timing does matter a lot because the ramp-up slope is pretty high. The good thing is that we have gone through that type of ramp in the past in supporting the anchor customer, we have the confidence that we'll be able to support the market adequately.

因此，當您開始從非常低的水平回升到相當可觀的水平時，時間確實很重要，因為上升斜率相當高。好消息是，我們過去在支持主力客戶時已經經歷過這種成長，我們有信心能夠充分支持市場。

Excellent. And Mark, can you give us any of your outlook on your gross margin expectations for the next couple of quarters and also your OpEx spending trends?

出色的。馬克，您能否向我們介紹一下未來幾季的毛利率預期以及營運支出趨勢？

Yes. So we have the guide for the following quarter. And really, as we've stated, we're very mix driven. But the good part is there, Cody, is that the strong -- the faster-growing portion of our business are accretive to mix, especially within data center. But that said, we also provide the areas of growth for our IoT cellular business, which is a little bit of a headwind.

是的。所以我們有下一季的指南。事實上，正如我們所說，我們是一個混合驅動型的企業。但好的部分是，科迪，我們業務中強勁成長較快的部分正在增值，特別是在資料中心內。但話雖如此，我們也為我們的物聯網蜂窩業務提供了成長領域，這有點不利。

And also within Q3, we do have a little bit of a headwind from high-end consumer. But overall, that particular business does support the industrial TBS business as well, which has pretty good gross margin. So overall, pretty good operating margin but again, mix driven OpEx.

而且在第三季度，我們確實面臨高端消費者的一些阻力。但總體而言，該特定業務也確實支持工業 TBS 業務，該業務的毛利率相當不錯。因此整體而言，營業利潤率相當不錯，但同樣是由混合驅動的營運支出。

I think our commentary is that we do look at opportunities to invest in near-term growth areas. We have a pretty strong portfolio that we're developing, but we are very cognizant of R&D spend, and we'll try to keep that under -- I should say, we expect to keep that under control. But again, there's some really, really great opportunities out there for us to invest in some very good organic growth opportunities.

我認為我們的評​​論是，我們確實在尋找投資近期成長領域的機會。我們正在開發一個非常強大的產品組合，但我們非常清楚研發支出，我們會盡力控制支出——我應該說，我們希望將其控制在可控範圍內。但同樣，我們確實面臨一些非常好的機會，可以投資一些非常好的有機成長機會。

So any thoughts on R&D growth as you go forward?

那麼，您對未來研發的成長有何想法？

Cody, so we've guided out that quarter. You can just expect us to be prudent and not overspend. And maybe we'll just leave it at that.

科迪，我們已經指導了那個季度。您可以期待我們謹慎行事，不會過度支出。也許我們就到此為止。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

I wanted to just take a step back and ask about sort of the general business environment from a linearity perspective. Is there sort of any color you could share with us on linearity of sales and especially on bookings?

我想退一步從線性角度詢問一下一般的商業環境。您能否與我們分享有關銷售線性，特別是預訂量的信息？

Yes. So Tore, thank you for your question. So we are seeing pretty strong booking activities, data center area, LoRa, and PerSe. Even the consumer -- high-end consumer TVS -- is very strong. The industrial for the modules, we have the tailwind, the booking activity is very strong. So as for the linearity, from quarter to quarter, you always have this different product mix thing.

是的。所以 Tore，謝謝你的提問。因此，我們看到相當強勁的預訂活動、資料中心區域、LoRa 和 PerSe。即使是消費者——高階消費電視——也非常強大。對於模組工業來說，我們擁有順風，預訂活動非常強勁。至於線性，從一個季度到另一個季度，你總是會看到不同的產品組合。

But I would say, very rarely, you have a few things all seem to be lining up in supporting a very positive momentum, and that is now, and I feel like really good about the future quarters.

但我想說，很少情況下，所有的事情似乎都在支持一個非常積極的勢頭，那就是現在，我對未來幾季感到非常樂觀。

Very good. And as my follow-up, I had a sort of a clarification question on LPO. So you said you expect three leading hyperscalers to be in 800 gig production in Q4 of this year. Are those three hyperscalers all US? Or is that US and China?

非常好。作為我的後續問題，我對 LPO 有一個澄清問題。所以您說您預計三家領先的超大規模企業將在今年第四季實現 800 千兆的生產量。這三家超大規模企業都是美國的嗎？還是美國和中國？

So three hyperscalers, two are in the US and one in China. So -- but the LPO, this is really just early inning. And the LPO transition and to take over some of the DSP-based transceiver market share is inevitable. And the beauty for that for us is -- if it stay with the DSP-based, we have TIA content.

因此，三家超大規模企業中，兩家在美國，一家在中國。所以 — — 但對 LPO 來說，這其實只是早期階段。而LPO的轉型和接管部分基於DSP的收發器的市場份額是不可避免的。對我們來說，它的美妙之處在於——如果它繼續基於 DSP，我們就有 TIA 內容。

If transition over to LPO-based, our SAM is going to be double. We will have the driver content as well. So the timing to us is important, but it's not as super sensitive because we are already an incumbent for DSP-based transceivers.

如果過渡到基於 LPO，我們的 SAM 將會翻倍。我們也會有驅動程式內容。因此，時機對我們來說很重要，但它並不是超級敏感，因為我們已經是基於 DSP 的收發器的現任者。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Hong, I wanted to go back to the opening part of your prepared comments where you talked about things accomplished in your first year, but really use that as an opportunity to ask you what you would like to see the business accomplish in your second year, especially as you look at the infrastructure business from where you are today.

洪先生，我想回到您準備好的評論的開頭部分，您在那裡談到了您在第一年取得的成就，但我真的想利用這個機會問您，您希望在第二年看到公司取得什麼成就，特別是當您從現在的立場來看待基礎設施業務時。

What would you be happy with the business accomplishing over the next four quarters, either from a product standpoint, a scale-up standpoint, et cetera? Just some qualitative color on where we would be from where we are would be really helpful.

從產品角度、擴大規模角度等等，您對未來四個季度公司取得哪些成就感到滿意？只要對我們所處的位置進行一些定性分析就會非常有幫助。

Thank you, Craig. If I say largely broad brush, the second year, because of better improved financial foundations, we can go more aggressive. And the first year, even some of the opportunities we uncovered, but we have to balance the bottom line with the investment in R&D. And so that's one thing.

謝謝你，克雷格。如果我說總體上是大範圍的，那麼第二年，由於財務基礎得到更好的改善，我們可以採取更積極的行動。第一年，我們發現了一些機會，但我們必須在底線和研發投資之間取得平衡。這是一回事。

The second thing is some of the R&D spending we have in the first year is going to be start showing the results and momentum for the second year. So I don't want to miss again. If the first year, we play some catch-up game, the second year, I wanted to be outright lead the market with the solutions out there.

第二件事是，我們在第一年投入的部分研發支出將在第二年開始顯現成果和動能。所以我不想再錯過。如果第一年我們進行一些追趕遊戲，那麼第二年，我希望能夠憑藉現有的解決方案徹底引領市場。

Got it. And as you look at the breadth of the business, Hong, or the strength of the business across its different product groups, whether it be CopperEdge, FiberEdge, et cetera, any significant evolutions we should be looking at that you're trying to drive?

知道了。洪先生，當您審視業務的廣度或不同產品組的業務實力時，無論是 CopperEdge、FiberEdge 等等，我們是否應該專注於您正在嘗試推動的任何重大變革？

I think what we focus instead of focus on each product lines, and fortunately, we have a broader portfolio. We focus on one simple principle with the market needs higher bandwidth, lower power, lower latency, and lower cost. That entire offering of our portfolio is focused on the very fundamental attributes we can offer to the customers.

我認為我們的重點不是集中在每個產品線上，幸運的是，我們擁有更廣泛的產品組合。我們專注於一個簡單的原則：市場需要更高的頻寬、更低的功率、更低的延遲和更低的成本。我們整個產品組合的重點在於我們可以為客戶提供的最基本的屬性。

And with that, there are no further questions at this time. I would like to turn the call back to Mitch Haws for closing remarks.

至此，目前沒有其他問題了。我想請米奇‧霍斯 (Mitch Haws) 作最後發言。

That concludes today's call. Thanks to all of you for joining us today, and we look forward to seeing you at various investor events over the coming weeks.

今天的電話會議到此結束。感謝大家今天的參與，我們期待在未來幾週的各種投資者活動中見到你們。