Semtech Corp (SMTC) 2026 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Semtech Corporation's third quarter fiscal year 2026 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Semtech 公司 2026 財年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference call is being recorded.

（操作員說明）請注意，今天的電話會議正在錄音。

I would now like to hand the call over to Mitch Hawes, senior Vice President of Investor Relations for Semtech. Thank you. Please go ahead.

現在我將把電話交給 Semtech 投資者關係資深副總裁 Mitch Hawes。謝謝。請繼續。

Thank you and welcome to Semtech's third 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.

謝謝大家，歡迎參加Semtech 2026年第三季財務業績電話會議。今天參加電話會議的有：總裁兼執行長洪侯先生；以及執行副總裁兼財務長林先生。

But before we begin, I would like to highlight upcoming investor events including the UBS Technology Conference on December 2 and December 3. The Consumer Electronics Show on January 6 to the 9, and the Needham Growth Conference on January 13 to the 14. The day after market closed, We released our unaudited results for the third quarter of fiscal year 2026, which are posted along with an earnings call presentation to our Investor Relations website at investors. Semtech.com.

但在我們開始之前，我想重點介紹即將舉行的投資者活動，包括 12 月 2 日和 3 日舉行的瑞銀科技大會。1月6日至9日舉行的消費電子展，以及1月13日至14日舉行的尼德姆成長會議。市場收盤後的第二天，我們發布了 2026 財年第三季未經審計的業績報告，該報告連同收益電話會議簡報一起發佈在我們的投資者關係網站上。Semtech.com。

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.

今天的電話會議將包含有關未來預期、計劃和前景的各種評論，這些評論構成前瞻性陳述。請參閱今天的新聞稿，並查看收益簡報的第 2 頁。

As well as the risk factors section of our most recent annual report on Form 10k for a number of risk factors that could cause our actual results and events to differ materially from those anticipated or projected on today's call.

此外，我們在最新的 10-K 表格年度報告中的風險因素部分還列出了一些風險因素，這些因素可能導致我們的實際結果和事件與今天電話會議上預期或預測的結果和事件有重大差異。

You should consider these risk factors in conjunction with our forward-looking statements.

您在考慮我們的前瞻性聲明時，應將這些風險因素結合起來考慮。

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

今天的電話會議我們將主要討論非GAAP財務指標。有關我們非GAAP財務報表的重要說明，請參閱今天的新聞稿和橘色簡報的第3頁幻燈片。

The press release and earnings presentation also include reconciliations of our GAAP and non-GAAP financial measures. With that, I will turn the call over to Hong.

新聞稿和盈利報告還包括我們 GAAP 和非 GAAP 財務指標的調整表。接下來，我將把電話交給洪先生。

Thank you, Mitch. Good afternoon to all of you joining the call today.

謝謝你，米奇。各位下午好，歡迎參加今天的電話會議。

The Semtech team made solid progress again this quarter, driving strong sequential and year over year revenue and earnings growth, aligning our data center roadmap to capture major drills and design when opportunities ahead.

Semtech 團隊本季再次取得穩定進展，實現了強勁的環比和同比營收及利潤成長，並調整了資料中心路線圖，以便在未來的機會出現時抓住重大鑽探和設計機會。

Further strengthening our financial profile, all while executing on the R&D roadmap and portfolio expansions that we believe establish a foundation for growth.

進一步增強我們的財務狀況，同時執行我們認為能夠為成長奠定基礎的研發路線圖和產品組合擴張計劃。

Looking at the Q3, net sales were $267 million up 4% sequentially and up 13% a year over year, driven by the momentum of a data center and a lower portfolio.

從第三季來看，淨銷售額為 2.67 億美元，季增 4%，年增 13%，這主要得益於資料中心的成長動能和較低的投資組合規模。

Adjusted operating margins through 180 basis points sequentially and 230 basis points year over year. Adjusted diluted earnings per share were $0.48, up 17% sequentially and 85% year over year. Again, this quarter, the core assets we have delineated, namely data center, Lara, and Perse together strongly contributed to our revenue growth. We continue leveraging our R&D resources to expand our portfolio, including in Laura with the multiple protocol integration showcasing YA and LA one synergy for smart infrastructure.

調整後的營業利益率較上季成長 180 個基點，較去年同期成長 230 個基點。調整後的稀釋每股收益為 0.48 美元，季增 17%，年增 85%。本季度，我們重點關注的核心資產，即資料中心、Lara 和 Perse，共同為我們的營收成長做出了巨大貢獻。我們繼續利用研發資源來擴展我們的產品組合，包括 Laura，透過多種協定整合展示了 YA 和 LA 在智慧基礎設施方面的協同作用。

And the new TIA and driver building blocks that establish a new performance standard for 1.60 multi-mode optical transceivers in AI data centers. In addition to our strong financial performance, we further optimized our capital structure with a successful convertible offering.

以及為 AI 資料中心中的 1.60 多模光收發器建立新的效能標準的全新 TIA 和驅動程式建置模組。除了強勁的財務表現外，我們還透過成功的可轉換債券發行進一步優化了資本結構。

The collective actions taken over the past few quarters have provided some tax significant balance sheet flexibility, resulting in nominal interest expenses and a much-improved cash flow generation. This improved the financial position allows us to accelerate investment in our core technologies.

過去幾季採取的集體行動為資產負債表提供了重要的稅務彈性，從而降低了利息支出，並大大改善了現金流的產生。財務狀況的改善使我們能夠加快對核心技術的投資。

Finally, portfolio optimization remains a key focus. At the beginning of the fourth quarter, we completed the acquisition of the force sensing business, including its technology, products, and key employees from Provo.

最後，投資組合優化仍然是重點。第四季初，我們完成了對 Provo 公司力感應業務的收購，包括其技術、產品和關鍵員工。

By leveraging some type of customer penetration, global sales and support network, and our existing capacitive sensing product portfolio, we expect to accelerate the proliferation of the advanced force sensing human-machine interface solutions and map sensors by targeting leading computing, smartphone, wearable, and automotive applications.

透過利用某種客戶滲透、全球銷售和支援網路以及我們現有的電容式感測產品組合，我們期望透過瞄準領先的運算、智慧型手機、穿戴式裝置和汽車應用，加速先進力傳感人機介面解決方案和地圖感測器的普及。

In addition, we are making solid progress on the divestiture of non-core assets. With our new financial advisor, we have engaged in diligent conversations. With a number of interested parties, which has generated multiple indications of interest. We believe these assets represent a very compelling synergistic value to this potential acquires.

此外，我們在剝離非核心資產方面也取得了實質進展。我們與新的財務顧問進行了深入的溝通。眾多相關方對此表示了興趣。我們認為這些資產對此次潛在收購具有非常顯著的綜效價值。

Now let me move the discussion to our end markets. From Q3 infrastructure net sales were $77.9 million up 6% sequentially and up 18% a year over year, strongly supported by our data center business.

現在，讓我們把討論轉移到我們的終端市場。第三季基礎設施淨銷售額為 7,790 萬美元，季增 6%，年增 18%，這主要得益於我們的資料中心業務的強勁成長。

Net sales for data center were a record $56.2 million up 8% sequentially and up 30% a year over year, benefiting from strong demand for a broad portfolio, including our market leading fiber edge TIAs. Whose net sales set another record. Moving into Q4 in the next fiscal year, we expect an acceleration of sequential and a year over year growth for data center-based business.

資料中心淨銷售額創下 5,620 萬美元的歷史新高，季增 8%，年增 30%，這得益於市場對我們廣泛產品組合（包括我們市場領先的光纖邊緣 TIA）的強勁需求。其淨銷售額再創紀錄。進入下一財年的第四季度，我們預計資料中心業務的環比成長和年成長都將加速。

This conviction is supported by our expectation of continued increases in AI CapEx, expanding customer engagement, and a strong demand pipeline for a high-performance, low power solutions, including the incremental contributions from linear pluggable optics or LPO and the copper edge linear equalizer.

我們堅信，人工智慧資本支出將持續成長，客戶參與度將持續提高，對高效能、低功耗解決方案的需求也將強勁成長，這也包括線性可插拔光元件 (LPO) 和銅邊線性均衡器的增量貢獻。

We believe our low-power analog solutions are a core enabler for making next-generation data center infrastructure scalable at 800 gig and 1.6T. With a hyperscale and AI data center's capacity measured on electric consumption, every incremental watt saved in networking connectivity multiplied by tens of millions of ports will enable a meaningful increase in compute capacity.

我們相信，我們的低功耗模擬解決方案是實現下一代資料中心基礎設施可擴展至 800G 和 1.6T 的核心推動力。超大規模和人工智慧資料中心的容量以電力消耗來衡量，網路連接中節省的每一瓦電力，乘以數千萬個端口，都將顯著提升運算能力。

By delivering [vast] cost efficiency and the signal integrity at the physical layer. Analog solutions give cloud and AI operators the flexibility to adopt a new 1.60 based topologies. Whether that is the higher density switches, New optics architectures or more desegregated racks. While staying in within strict power, thermal and transmission latency envelopes.

透過在物理層實現[巨大的]成本效益和訊號完整性。模擬解決方案使雲端和 AI 營運商能夠靈活地採用基於 1.60 的新拓撲結構。無論是更高密度的交換器、新的光學架構或是更分散的機架。在嚴格遵守功率、散熱和傳輸延遲限制的前提下。

To support data center buildouts, we are seeing broad-based demand acceleration supported by customer forecast for 800 gig TIA through 2026. Beyond 800 gig, we are actively supporting a wide range of customers on their 1.60 transceiver designs and deployment with both TIAs and drivers, and we expect 1.60 volume ramps to begin early in calendar year 2026 and grow concurrent with the deployment of 1.60 switches.

為了支持資料中心建設，我們看到廣泛的需求加速成長，客戶預測到 2026 年 TIA 將達到 800 Gb。除了 800 Gb 之外，我們還積極支援眾多客戶進行 1.60 收發器設計和部署，包括 TIA 和驅動程式。我們預計 1.60 的產量將於 2026 年初開始逐步提高，並與 1.60 交換器的部署同步成長。

Regarding LPO, we have a secured design wins with several leading US hyperscale's with our TIAs and drivers in 800 gig transceivers and AOCs. And we continue expanding our customer pipeline through engagement with our optical module customers.

關於 LPO，我們已經憑藉我們的 TIA 和驅動程式在 800 G 收發器和 AOC 中贏得了幾家美國領先的超大規模資料中心的設計訂單。我們將繼續透過與光模組客戶的互動來擴大客戶管道。

We expect a meaningful revenue contribution from TIAs for LPOs starting in Q4 and the momentum to build into calendar 2026. In parallel, we are accelerating our R&D roadmap and targeting initial sampling of 1.60 LPO drivers and TIAs before year-end.

我們預計從第四季度開始，LPO 的 TIA 將帶來可觀的收入貢獻，並且這種勢頭將持續到 2026 年。同時，我們正在加快研發路線圖，目標是在年底前完成 1.60 個 LPO 驅動因素和 TIA 的初步抽樣。

Regarding active copper cables, customers benchmarking ACC's against the competing technologies are seeing clear advantages. Excellent signal integrity, lower latency, and more importantly, power consumption up to 90% lower than DSP-based AEC solutions.

對於有源銅纜，客戶在將 ACC 與競爭技術進行基準測試時，看到了明顯的優勢。訊號完整性極佳，延遲更低，更重要的是，功耗比基於 DSP 的 AEC 解決方案低 90%。

We expect to ramp ACCs with a major hyperscaler during calendar year 2026. With this deployment transitioning, incorporating ACCs in place of AEC or DACs, we anticipate broader market penetration as this hyperscalar demonstrate ACC's benefit versus incumbent technologies. Our engagements with the additional ACC customers are intensive and broad-based, and we anticipate more design gas over coming quarters.

我們預計將在 2026 年與一家大型超大規模資料中心營運商合作，逐步擴大 ACC 規模。隨著部署方式的轉變，採用 ACC 取代 AEC 或 DAC，我們預期市場滲透率將進一步提高，因為這種超大規模應用將證明 ACC 相對於現有技術的優勢。我們與新增 ACC 客戶的合作深入廣泛，我們預計未來幾季將有更多設計氣體供應。

In addition, a number of customers, including our Android customer, are evaluating the integration of our copper edge linear equalizer on their PCB boards and connectors to improve signal integrity of the high-speed links. We anticipate designing of onboard copper edge use cases over the coming quarters.

此外，包括我們的 Android 客戶在內的許多客戶正在評估將我們的銅邊線性均衡器整合到他們的 PCB 板和連接器上，以提高高速鏈路的訊號完整性。我們預計在未來幾季內設計板載銅邊緣應用案例。

Moving forward, we believe our broad portfolio of fiber edge TIAs and our rapidly emerging copper edge and LPO solutions position us for accelerating data center revenue growth throughout 2026.

展望未來，我們相信我們廣泛的光纖邊緣TIA產品組合以及我們快速發展的銅邊緣和LPO解決方案將使我們能夠在2026年加速資料中心營收成長。

Now moving to our high-end consumer and market. Net sales for Q3 were $41.9 million up 2% sequentially and up 5% year over year. Year-to-date, net sales were $118.5 million up 6% compared to the same period last year. Drills from a high-end consumer portfolio is outpacing market metrics such as worldwide handset unit volume drills by a considerable margin, demonstrating market share gains.

現在轉向我們的高端消費者和市場。第三季淨銷售額為 4,190 萬美元，季增 2%，年增 5%。今年迄今為止，淨銷售額為 1.185 億美元，比去年同期成長 6%。高端消費品組合的銷售業績遠超過全球手機銷售等市場指標，顯示其市佔率有所成長。

Customer adoption of our differentiated solutions and a strong supply chain execution.

客戶對我們差異化解決方案的接受度以及強大的供應鏈執行力。

In addition, our per se sensing technology continues to be designed in A growing range of applications, including smart glasses and smartphone platforms supporting both existing designs and the new launches over the coming quarters.

此外，我們自身的感測技術仍在不斷被設計應用於日益廣泛的應用領域，包括智慧眼鏡和智慧型手機平台，以支援現有設計和未來幾季的新產品發布。

As I referenced earlier, we completed the acquisition of leading force sensing portfolio from Quovo at the beginning of Q4. The integration is well underway.

正如我之前提到的，我們在第四季初完成了對 Quovo 領先的力感測產品組合的收購。整合工作進展順利。

With our first product shipped starting last week, and we look forward to this combination expanding our sensor portfolio with a proven IP. And appeared with our global go to market engine, unlocking cross selling opportunities across a diverse array of leading customers.

我們的第一款產品已於上週開始出貨，我們期待這項組合能夠利用成熟的智慧財產權擴展我們的感測器產品組合。並藉助我們的全球市場推廣引擎，為許多領先客戶開啟了交叉銷售機會。

The combination of this unique capability provides a robust side of touch and gesture detection capabilities.

這種獨特功能的結合，為觸摸和手勢檢測提供了強大的支援。

Moving to our industrial and market. Q3 industrial net sales were $147.2 million up 3% sequentially and up 12% a year over year, driven by another quarter of strong la performance.

向我們的工業和市場轉型。第三季工業淨銷售額為 1.472 億美元，季增 3%，年增 12%，這主要得益於另一個季度強勁的物流業績。

Laura enabled solutions net sales were $40 million up 10% sequentially and up 40% year over year, supported by the continued expansion across several end markets and multiple applications in verticals such as smart utilities, smart building, smart city, and asset management.

Laura 解決方案的淨銷售額為 4,000 萬美元，較上季成長 10%，較去年同期成長 40%，這得益於在多個終端市場和多個垂直領域（如智慧公用事業、智慧建築、智慧城市和資產管理）的持續擴張。

Looking ahead, we believe we are well positioned to drive lower adoption with additional capabilities and features.

展望未來，我們相信憑藉新增的功能和特性，我們能夠更好地降低用戶採用率。

Recently launched a gen 4 Laura plus transceivers offer integrated multi-protocol connectivities in addition to the Laura RN capabilities in a single chip across both sub gigahertz and 2.4 gigahertz frequency bands. This simplifies hardware design, lowered the bond cost, and enables customers to create a unified design.

最近推出的第四代 Laura Plus 收發器，除了 Laura RN 功能外，還在單一晶片上整合了多協議連接功能，支援亞千兆赫茲和 2.4 千兆赫茲頻段。這簡化了硬體設計，降低了黏合成本，並使客戶能夠創建統一的設計。

Supporting multiple protocols, thus enabling deployments for customers rolling out solutions across different geographies and regions. The Laura plus transceivers now deliver data rates of up to 2.6 megabits per second on both sub gigahertz and 2.6 gigahertz band.

支援多種協議，從而使客戶能夠在不同的地理位置和區域部署解決方案。Laura plus 收發器現在在亞吉赫茲和 2.6 吉赫茲頻段上都能提供高達每秒 2.6 兆位元的資料速率。

This capability enables a faster transfer of video images and a richer sensor data while maintaining ultra low power consumption. And enables applications that were not practical before. We're also continuing to see good traction in commercial drones. Laura enables long-range communication. Up to 10 kilometers for applications like agriculture monitoring, livestock tracking, and the infrastructure inspection.

這項功能可實現更快的視訊影像傳輸和更豐富的感測器數據，同時保持超低功耗。並使以前不切實際的應用成為可能。我們也持續看到商用無人機市場呈現良好的成長動能。Laura 能夠實現遠端通訊。最遠可達 10 公里，適用於農業監測、牲畜追蹤和基礎設施巡檢等應用。

With Gen 4's higher data rate, drones can now transmit images and sensor data in real time while covering larger areas efficiently. Our IOT systems and connectivity business recorded Q3 net sales of $88.3 million. Down 1% sequentially and up 7% year over year. We see strong design win momentum as the IOT transitions from 4G to 5G leveraging our market leadership.

憑藉第四代無人機更高的數據傳輸速率，無人機現在可以即時傳輸影像和感測器數據，同時高效地覆蓋更大的區域。我們的物聯網系統和連接業務第三季淨銷售額為 8,830 萬美元。環比下降 1%，年增 7%。隨著物聯網從 4G 過渡到 5G，我們利用市場領先地位，看到了強勁的設計贏得勢頭。

As of this quarter, we have completed all the necessary certifications for 5G redcap modules, and the products are now commercially available. The business pipeline continues to be strong thanks to the broader market recovery and the favorable geopolitical environment for this business.

截至本季度，我們已完成 5G 紅帽模組的所有必要認證，產品現已上市。由於整體市場復甦和有利於該業務發展的地緣政治環境，業務管道依然強勁。

Networking solutions with the routers, gateways, and airlink services in the portfolio had a strong execution quarter, advancing strategic initiatives across the carrier partnerships, software platform innovation, and the market positioning.

產品組合中的路由器、網關和 Airlink 服務等網路解決方案在本季度取得了強勁的執行業績，推進了營運商合作、軟體平台創新和市場定位等方面的策略性舉措。

We expanded our 5G stand-alone cap capabilities with support for network slicing, enabling dedicated first responder network slices on T-Mobile's key priority and Verizon's frontline networks.

我們擴展了 5G 獨立網路容量，支援網路切片，從而在 T-Mobile 的關鍵優先網路和 Verizon 的前線網路上實現了專用的第一響應者網路切片。

We believe this positions Airlink as a differentiated solution for mission critical public safety communications where quality of service and network prioritization are essential. We launched the AI powered support tools, delivered our next generation management platform supporting both cloud and on prime customer requirements. And announced a strategic partnership with the G tech extending our reach by embedding airline connectivity into their rugged computing ecosystem.

我們相信，這使得 Airlink 成為一項差異化的解決方案，適用於對服務品質和網路優先級要求極高的關鍵公共安全通訊任務。我們推出了人工智慧支援工具，交付了下一代管理平台，以滿足雲端和本地客戶的需求。並宣布與 G tech 建立戰略合作夥伴關係，透過將航空公司連接功能嵌入其堅固的計算生態系統來擴大我們的業務範圍。

The mission critical cellular router market continues to growing in double-digits with accelerating 5G refresh cycles, and we believe we are well positioned to capture share through our carrier relationships.

隨著 5G 更新換代週期的加快，關鍵任務型蜂窩路由器市場繼續以兩位數的速度成長，我們相信，透過與營運商的關係，我們有能力搶佔市場份額。

Ecosystem partnerships and differentiated [rocketites] and (inaudible) We also launched the industrial first single vendor offering with Skylo, providing access to terrestrial and satellite networks through a single Simtech and delivering the industry first complete device to cloud terrestrial and satellite IoT solutions from a single partner.

生態系統合作夥伴關係和差異化 [火箭技術] 和（聽不清楚）我們還與 Skylo 推出了工業界首個單一供應商產品，透過單一 Simtech 提供對地面和衛星網路的訪問，並從單一合作夥伴提供業界首個完整的從設備到雲端的地面和衛星物聯網解決方案。

Our strong results of this quarter reflected the impact of our focus on growth of our core assets, disciplined R&D investments, and the deep and expanding partnerships we are building with our customers.

本季強勁的業績反映了我們專注於核心資產成長、嚴謹的研發投資以及與客戶建立和不斷深化合作關係所帶來的影響。

As power constraints intensify for our customers across all our end markets, we believe Semtech is uniquely positioned to lead with ultra power efficient solutions, spending high bandwidth data center networking, lower connectivity for rapidly expanding IOT use cases, and sensing technologies that enable the functionality of next-generation AI interfaces.

隨著我們所有終端市場的客戶面臨的電力限制日益加劇，我們相信 Semtech 憑藉其超高能源效率解決方案，在以下方面具有獨特的優勢：高頻寬資料中心網路、用於快速擴展的物聯網用例的低連接性，以及能夠實現下一代人工智慧介面功能的感測技術。

We see significant opportunities ahead and are focused on executing against them while continuing to create long-term value for all of our stakeholders.

我們看到了未來巨大的機遇，並將專注於抓住這些機遇，同時繼續為所有利害關係人創造長期價值。

Now, let me lay out my priorities for the next few months. First, capture growth opportunities in our core assets. Through selective strategic investments, we plan to fill key capability gaps. Leveraging our operational excellence, we will also focus on ensuring capacity availability, particularly against the backdrop of tight supply and geopolitical uncertainties.

現在，讓我來闡述一下未來幾個月的工作重點。首先，把握我們核心資產的成長機會。我們計劃透過有選擇的策略投資來填補關鍵能力差距。憑藉我們卓越的營運能力，我們還將專注於確保產能可用性，尤其是在供應緊張和地緣政治不確定的背景下。

Second, focus on the diversity of non-core assets. This will help address margin disparities and enable us to focus fully on our core business priorities.

第二，關注非核心資產的多樣性。這將有助於解決利潤率差異問題，使我們能夠全力專注於核心業務重點。

Third, strengthen our winning culture and elevating our company mindset. To work rate, it's a new normal. In the year of Semtech rising, we fixed the balance sheet, aligned our core portfolio with the market growth drivers, and build a strong foundation of winning culture.

第三，加強我們的致勝文化，提升我們的公司思維模式。工作效率已成為一種新常態。在 Semtech 崛起的這一年，我們整頓了資產負債表，使我們的核心產品組合與市場成長驅動因素保持一致，並建立了強大的致勝文化基礎。

Building on the momentum of these successes, we are now embarking on the journey of the Semtech transforming, paving the way towards Semtech excellence. And solidify our position as a global leader in enabling next-generation data center, lower-based IoT and our expanded sensing portfolio.

憑藉這些成功帶來的勢頭，我們現在正踏上 Semtech 轉型之旅，為 Semtech 卓越發展鋪平道路。鞏固我們作為下一代資料中心、低成本物聯網和擴展感測產品組合領域全球領導者的地位。

With that, I will now turn the call over to Mark for additional details on our financial results and our outlook for the fourth quarter of FY26.

接下來，我將把電話交給馬克，讓他詳細介紹我們的財務表現以及我們對 2026 財年第四季的展望。

Thank you, hong.

謝謝你，Hong。

For Q3, we recorded our seventh consecutive quarter of net sales growth with record net sales of $267 million above the midpoint of our outlook and up 13% year over year. Net sales trends by end market, reportable segment, and geographic region are included in the accompanying earnings presentation.

第三季度，我們連續第七個季度實現淨銷售額成長，淨銷售額達到創紀錄的 2.67 億美元，比我們預期的中位數高出 13%，較去年同期成長 13%。隨附的收益報告中包含了按終端市場、報告細分市場和地理區域劃分的淨銷售額趨勢。

Address the gross margin was 53.0% at the midpoint of our outlook. Total semiconductor products gross margin was 61.3%, up sequentially from 60.7% and up year over year from 59.9%. Total semiconductor products gross margin reflects meaningful sequential and year over year net sales gains in data center and laura.

毛利率在我們預期值的中點為 53.0%。半導體產品總毛利率為 61.3%，較上季成長 60.7%，較去年同期成長 59.9%。半導體產品總毛利率反映了資料中心和勞拉業務淨銷售額環比和同比的顯著增長。

IoT systems and connectivity gross margin was reflective of mix related to net sales growth in cellular modules with Q3 at 36.6% compared to 39.5% in Q2 and 41% in the prior year period. Adjusted net operating expenses were $86.5 million below the midpoint of our guidance range, benefiting from prudent cost control and a relatively stronger US dollar.

物聯網系統和連接業務的毛利率反映了蜂窩模組淨銷售額成長相關的組合，第三季為 36.6%，而第二季為 39.5%，去年同期為 41%。經調整後的淨營業費用比我們預期範圍的中點低 8,650 萬美元，這得益於審慎的成本控制和相對強勢的美元。

Adjusted operating income was $54.9 million up 13% sequentially and up 26% year over year, resulting in an adjusted operating margin of 20.6%, up 180.6 points sequentially, and up 230 basis points year over year.

調整後的營業收入為 5,490 萬美元，較上季成長 13%，較去年同期成長 26%，經調整後的營業利潤率為 20.6%，較上季成長 180.6 個百分點，較去年同期成長 230 個基點。

Addressed EBITDA was $62.7 million up 11% sequentially and up 23% year over year. Adjusted EBITDA margin was 23.5%, up 160 basis points sequentially and up 190 basis points year over year. Adjusted net interest expense was $2.5 million down 86% year over year.

經核算的 EBITDA 為 6,270 萬美元，較上季成長 11%，較去年同期成長 23%。調整後 EBITDA 利潤率為 23.5%，季增 160 個基點，年增 190 個基點。經調整後的淨利息支出為 250 萬美元，年減 86%。

The capital structure changes completed in October were in effect for only two weeks of the quarter, so the bulk of the benefit will be realized starting in Q4.

10 月完成的資本結構調整隻持續了該季度的兩週，因此大部分收益將從第四季開始實現。

To summarize these changes, we issued a $402.5 million convertible note inclusive of the green shoe due November 2030 with a coupon of 0% and a conversion premium of 42.5%. Along with the offering, we entered into cap cos which increased the conversion premium to 100%.

綜上所述，我們發行了 4.025 億美元的可轉換票據（含綠鞋條款），將於 2030 年 11 月到期，票面利率為 0%，轉換溢價為 42.5%。隨著此次發行，我們進入了資本公司階段，這使得轉換溢價提高到 100%。

As such, until we reach a defective conversion stock price of $141.82 the 2030 note will not factor into no GAAP dilution, and of course, no cash interest is due on the note. Net proceeds from the 2030 note along with the issuance of 5.3 million shares and $3.5 million in balance sheet cash were used to fully retire our 2028 notes with a coupon of 4%.

因此，在我們達到 141.82 美元的缺陷轉換股票價格之前，2030 年票據不會造成 GAAP 稀釋，當然，該票據也​​不會產生現金利息。2030 年票據的淨收益，加上發行 530 萬股股票和 350 萬美元資產負債表現金，用於全額償還我們 2028 年到期、票面利率 4% 的票據。

And about $219 million of the 2027 notes with a coupon of 1.625%. We also fully repaid our term loan for which we were incurring cash interest at about 5.8%. Our debt currently consists of $402.5 million of the 2030 notes and $100.5 million of the 2027 notes.

其中約有 2.19 億美元是 2027 年到期的票據，票面利率為 1.625%。我們也全額償還了定期貸款，該貸款的現金利息約為 5.8%。我們目前的債務包括 2030 年到期的 4.025 億美元票據和 2027 年到期的 1.005 億美元票據。

Currently, annualized interest expense is under $3 million compared to $75 million for the third quarter of last year. Our significantly reduced cash burden from interest allows us to continue our acceleration of investments in strategic high growth areas of our business while driving earnings growth and positive cash flow. We were well positioned for the forward sensing portfolio acquisition which closed at the beginning of Q4 and which we expect will integrate very well into our sensing portfolio.

目前，年化利息支出不到 300 萬美元，而去年第三季為 7,500 萬美元。由於利息支出大幅減少，我們得以持續加速對公司策略性高成長領域的投資，同時推動獲利成長和正現金流。我們已做好充分準備，收購了前向感測產品組合，該收購已於第四季度初完成，我們預計該產品組合將很好地融入我們的感測產品組合中。

Other net non-operating expenses were $0.4 million primarily from foreign exchange revaluation losses. Re-recorded adjusted diluted earnings per share of $0.48, up 17% sequentially from $0.41 and up 85% from $0.26 recorded a year ago.

其他非經營性淨支出為 40 萬美元，主要來自外匯重估損失。重新記錄的調整後稀釋每股收益為 0.48 美元，較上年同期的 0.41 美元增長 17%，較上年同期的 0.26 美元增長 85%。

Our income statement results have translated to strengthening cash flow. Operating cash flow for Q3 was $47.5 million sequentially up 7% from $44.4 million and up 60% from $29.6 million a year ago. Free cash flow for Q3 was $44.6 million sequentially up 8% from $41.5 million and up 53% from $29.1 million a year ago.

我們的損益表結果轉化為現金流的改善。第三季經營現金流為 4,750 萬美元，較上年同期的 4,440 萬美元成長 7%，較上年同期的 2,960 萬美元成長 60%。第三季自由現金流為 4,460 萬美元，較上年同期的 4,150 萬美元成長 8%，較上年同期的 2,910 萬美元成長 53%。

Weighted Q3 with a cash and cash equivalence balance of $164.7 million. At the end of Q3, net debt sequentially decreased $20.8 million to $338.3 million. Along with debt reduction, strong business performance contributed to an adjusted net leverage ratio of 1.5 as of the close of Q3, down sequentially from 1.6 and down year over year from 7.2.

加權第三季現金及現金等價物餘額為 1.647 億美元。第三季末，淨債務季減 2,080 萬美元，至 3.383 億美元。除了債務減少外，強勁的業務表現也使得截至第三季末的調整後淨槓桿率降至 1.5，季減至 1.6，年減至 7.2。

Now turning to our fourth quarter outlook. We currently expect net sales of $273 million plus or minus $5 million up 9% year over year at the midpoint. We expect net sales from our infrastructure and market to increase sequentially, supported by projected sequential data center growth of approximately 10%.

現在來看我們第四季的展望。我們目前預計淨銷售額為 2.73 億美元，上下浮動 500 萬美元，以中間值計算年增 9%。我們預計，在資料中心預計將環比成長約 10% 的支持下，我們的基礎設施和市場淨銷售額將環比成長。

We expect net sales from our high-end consumer and market to decrease about 3% sequentially. Typical seasonality in this end market is expected to be partially offset primarily by market share gains, but also from projected contributions from the newly acquired force sensing portfolio.

我們預計來自高端消費者和市場的淨銷售額將環比下降約 3%。該終端市場的典型季節性波動預計將主要透過市場份額的成長來部分抵消，但新收購的力感應產品組合的預期貢獻也將部分抵消。

We expect net sales from our industrial end market to be about flat with lower decreases offset by growth in IOT systems and connectivity. Based on expected product mix and net sales levels, we expect adjusted gross margin to be 51.2% plus or minus 50 basis points.

我們預期工業終端市場的淨銷售額將基本持平，物聯網系統和連接業務的成長將抵消部分降幅。根據預期的產品組合和淨銷售額，我們預期調整後的毛利率為 51.2%，上下浮動 50 個基點。

Our consolidated adjusted gross margin outlook reflects sequential mixed changes in the industrial and market. We project strong net sales growth from cellular modules, which are part of our IOT systems and connectivity business, with gross margins that are considerably below the corporate average.

我們綜合調整後的毛利率預期反映了產業和市場連續的喜憂參半的變化。我們預計蜂窩模組（屬於我們的物聯網系統和連接業務的一部分）的淨銷售額將實現強勁增長，但其毛利率遠低於公司平均水平。

Lower net sales with gross margins considerably above the corporate average are expected at about the midpoint of the $30million to $40 million dollar range we provided during last quarter's call.

預計淨銷售額將下降，但毛利率將遠高於公司平均水平，約為我們在上個季度電話會議上給出的 3000 萬美元至 4000 萬美元區間的中點。

That said, our gross margin outlook for total semiconductor products is expected to be 60.5% plus or minus 50 basis points, up 220 basis points year over year at the midpoint, and incorporates our projections of data center net sales growth.

也就是說，我們對半導體產品整體毛利率的預期為 60.5% 上下浮動 50 個基點，以中位數計算比上年同期成長 220 個基點，並納入了我們對資料中心淨銷售額成長的預測。

Adjusted net operating expenses are expected to be $91.2 million plus or minus $1 million resulting in adjusted operating margin at the midpoint of 17.8%. Included in the higher fourth quarter adjusted operating expense outlook are R&D costs associated with the addition of the force sensing business, along with increased investment in support of our growing data center portfolio.

調整後的淨營業費用預計為 9,120 萬美元，上下浮動 100 萬美元，調整後的營業利潤率中位數為 17.8%。第四季調整後營運費用預期上調，其中包括與新增力感應業務相關的研發成本，以及為支援我們不斷成長的資料中心業務組合而增加的投資。

We have demonstrated strong returns on our R&D investment and expect incremental returns from our future investments. Adjusted EBITDA is expected to be $56 million plus or minus $3 million resulting in adjusted EBITDA margin at the midpoint of 20.5%. We expect adjusted interest and other expense net to be approximately $50 million.

我們的研發投資已獲得豐厚回報，並期望未來的投資能帶來更多回報。調整後 EBITDA 預計為 5,600 萬美元，上下浮動 300 萬美元，調整後 EBITDA 利潤率中位數為 20.5%。我們預計調整後的利息和其他費用淨額約為 5000 萬美元。

We expect an adjusted normalized income tax rate of 15% consistent with Q3. These amounts are expected to result in adjusted diluted earnings per share of $0.43, plus or minus $0.03 based on a weighted average share account of 95.7 million shares.

我們預計調整後的正常化所得稅率為 15%，與第三季一致。預計這些金額將導致調整後的稀釋每股收益為 0.43 美元，根據 9,570 萬股的加權平均股數計算，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。現在我們可以將通話轉回給接線生進行問答環節。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Rick Schafer, Oppenheimer and Company

里克·沙弗，奧本海默公司

Thanks, and congrats you guys. My first question I guess is really on copper edge. It sounds like it's ramping with your lead, CSP this quarter.

謝謝，也恭喜你們！我的第一個問題其實是關於銅邊的。聽起來這一季你的領先優勢正在擴大，CSP。

I'm just really curious, sort of I think that's breaking the ice. I mean, does that, how does that set you up with other CSPs, next year. Just basically just validation from this lead customer, speed deployments or wins with other, CSPs, and is there any sense that you have today or maybe it's just too early to know, but any sense of how many, ACC or Copper Edge customers you expect to ship to next year?

我只是真的很好奇，我覺得這算是打破僵局吧。我的意思是，這樣做，明年你與其他CSP的合作會受到怎樣的影響？基本上就是想從這位主要客戶那裡得到驗證，加快與其他 CSP 的部署或合作，以及您目前是否有任何預估，或者現在判斷還為時過早，您預計明年將向多少 ACC 或 Copper Edge 客戶交付產品？

Yeah. Hi, Rick.

是的。嗨，瑞克。

Thank you very much for your questions. So for the copper edge, in the ACC to supporting the leading hyper scalers, they have the product designed into three, programs, and then anticipate the ramp to start in the mid of 2026.

非常感謝您的提問。因此，對於銅纜邊緣技術，ACC 為領先的超大規模資料中心提供支持，他們將產品設計成三個項目，並預計在 2026 年年中開始量產。

But we supply our copper edged ICs to cable manufacturers. So they certainly need a product earlier than that. And we right now having other things ready to go and based on the forecast they provided, so we need to make capacity available to support their very rapid ramp. And in our Q4, our revenue it's just a starting for that customer, but the substantial ramp is going to be throughout the fiscal year 2026.

但我們向電纜製造商供應銅邊積體電路。所以他們肯定需要比這更早推出產品。目前我們還有其他專案準備就緒，根據他們提供的預測，我們需要提供產能來支援他們快速成長的產能。在我們的第四季度，對於這位客戶來說，我們的收入只是一個開始，但真正的成長將在 2026 財年實現。

As for, you mentioned about, yeah, this is the icebreaking, adoption. Definitely, we view this as a catalyst because of the benefits of the ACC over the competing technologies is very obvious, especially in the power savings.

至於你提到的，是的，這就是破冰，收養。我們當然認為這是一個催化劑，因為 ACC 相對於競爭技術的優勢非常明顯，尤其是在節能方面。

And it's so when we engage with the different hyper scalers, we sense that, ACC is typically adopting a platform design. So, certainly now we see, the broader based awareness of this advantage and the deployment by this hyperscale certainly will provide a strong, reference point for other hyperscalers to use in their future platform design. As for how many we have been working with our cable partners and engaging pretty much with every hyperscale out there. I do expect more design wins in the coming quarters.

因此，當我們與不同的超大規模資料中心營運商接觸時，我們感覺到，ACC 通常採用平台設計。所以，現在我們當然可以看到，這種優勢的廣泛認知以及這家超大規模企業的部署，無疑將為其他超大規模企業在未來的平台設計中提供一個強有力的參考點。至於數量方面，我們一直在與有線電視合作夥伴合作，並且幾乎與所有超大規模資料中心都有接觸。我預計未來幾季會贏得更多設計項目。

Thanks Hong, and maybe it's my follow-up, it's just a question I think we all get a lot and you do too, I'm sure it's just sort of how do you approach sizing the ACC opportunity? I mean, do you, is a good proxy sort of the roughly $100 million dollar, that cable market, or, I guess just sort of a starting point, some way to kind of size that market and it's part of your answer, I'd be curious just to understand better where.

謝謝洪，也許這是我的後續問題，我想我們都會經常被問到這個問題，你肯定也會，那就是如何評估 ACC 的機會規模？我的意思是，你認為大約 1 億美元的有線電視市場是一個很好的替代指標嗎？或者，我猜這只是一個起點，一種估算該市場規模的方法，也是你答案的一部分。我很好奇，想更了解一下。

Yeah, we clearly see the benefits in terms of latency and power of ACC, but where, like, what kind of workloads or what kind of designs, where does the ACC win versus AEC? Like we're some of the lowest hanging fruit, for Semtech there.

是的，我們顯然看到了 ACC 在延遲和功耗方面的優勢，但是，在什麼類型的工作負載或設計中，ACC 比 AEC 更勝一籌？對 Semtech 來說，我們就像是最容易摘的果實一樣。

Yeah, so, what we see, the ACC is a positioned in a sweet spot between deck, which has a signal limitation, signal integrity limitation for transmitting over a longer distance, at a high speed, then AEC, which is certainly can transmit with a longer distance, but with a significantly higher power consumption. So, certainly, if you look at the AEC plus deck, is a huge pam and the ACC, as I said, is so uniquely positioned, will chip away a substantial portion of it as, we start deploying the hyper scalers. So, over time, we'll have a better idea how do we quantify the opportunity in the future.

是的，所以我們看到的是，ACC 處於一個最佳位置，介於甲板和 AEC 之間。甲板的訊號傳輸有限制，訊號完整性也有限制，無法遠距離高速傳輸；而 AEC 當然可以遠距離傳輸，但功耗要高得多。所以，當然，如果你看一下 AEC 加號卡組，你會發現它是一個巨大的 PAM，而 ACC，正如我所說，它的獨特地位，將隨著我們開始部署超大規模數據中心而蠶食掉其中相當大的一部分。所以，隨著時間的推移，我們將來會更清楚地知道如何量化這個機會。

Thanks a lot.

多謝。

Sean O'Loughlin , TD Cameron and Company.

Sean O'Loughlin，TD Cameron and Company。

Hey, thanks guys. Thanks for letting me ask a question and congrats on the solid results here. You mentioned, Hong, you mentioned, Q4 growth and data center. I think you used the word meaningful contribution from LPO in the quarter.

嘿，謝謝大家。感謝您允許我提問，也祝賀您在這裡取得了優異的成績。洪，你提到了第四季成長和資料中心。我認為你在本季使用了「LPO做出有意義的貢獻」這個詞。

Maybe you could just either talk about that, deployment specifically, or if you can't get into the details onto that deployment, but in general, how do you envision. An LPO coming to the market, is it sort of like on the ACC side where it's very project specific and therefore kind of concentrated and lumpy, or do you sort of envision it to fold into the mix over time like the, like a CPU server chip of old would have been into the into the new generations.

或許你可以談談部署的具體情況，或者如果你不能詳細討論部署細節，那麼總的來說，你是如何設想的。LPO（線性產品訂單）進入市場，它是否有點像 ACC（應用控制晶片）那樣，非常注重項目特定性，因此比較集中和分散？或者您設想它會隨著時間的推移融入其中，就像以前的 CPU 伺服器晶片融入到新一代產品中一樣？

Yeah. Hi, Sean, thank you for the question.

是的。嗨，肖恩，謝謝你的提問。

So we see a strong, sequence of growth opportunity in Q3 for Q4 for data central business. As we mentioned, we anticipate approximately 10% quarter over quarter growth that's on top of 8%.

因此，我們看到資料中心業務在第三季和第四季將迎來強勁的成長機會。正如我們之前提到的，我們預計季度將季成長約 10%，而上一季成長為 8%。

Sequential drills from Q2 to Q3. And the majority of the drills is going to be on the fiber edge product. In LPO we are gaining more hyper scalar design wins. We anticipate a meaningful contribution for LPO, for, Q4.

從第二季到第三季的連續鑽探。大部分鑽探工作將集中在光纖邊緣產品。在LPO領域，我們贏得了更多超標量設計訂單。我們預計 LPO 在第四季將做出有意義的貢獻。

If I have to say meaningful, mid single-digit level. And ACC contribution of Q4 is still going to be very nominal. As I mentioned early on that the hyper scalar ramp in volume and their racks for the, for the interconnect is going to be starting in the mid of 2026, will probably be three to four months prior to that. Getting the ramp, going to supply to cable manufacturers to get the ACC's ready.

如果要說有意義的話，大概就是中位數個位數等級吧。第四季ACC的貢獻仍然會非常微不足道。正如我之前提到的，超標量互連機架的產量和規模的提升將在 2026 年年中開始，可能會在此之前三到四個月。拿到坡道後，將向電纜製造商供貨，以便準備ACC。

Great, thanks for that, Hong, and then I just had a quick question, for Mark, on the gross margin side in Q4, understood on the mix shift within IOT, I guess sort of two questions around that. Is this sort of a permanent mix shift that you're anticipating, or is this just sort of a temporary, Laura was strong in Q3, going to dip a little bit in Q4, and so that'll balance out, longer-term, and then.

太好了，謝謝你，洪。然後我還有一個問題想問馬克，關於第四季的毛利率，我了解到物聯網領域的產品組合發生了變化，我想就此問兩個問題。你預期的是一種永久性的組合變化，還是只是暫時的？勞拉在第三季表現強勁，第四季會略有下降，長遠來看會達到平衡。

Well, I guess that maybe this part is, I don't know if this is a soft question or a mark question, but one of, the suppliers on the foundry side in your, space talked about, some significant CapEx that they were anticipating on the silicon photonics, but especially the silk and germanium side, and just wondering if you anticipate any sort of headwinds on that side. As the, as you mentioned, the entire market goes through a bit of a capacity constraint environment here.

嗯，我想這部分可能有點……我不知道這算不算一個比較輕鬆的問題，或者說是一個比較關鍵的問題，但是你們領域的一家晶圓代工供應商談到，他們預計在矽光子學方面會有一筆可觀的資本支出，尤其是在絲和鍺方面。我想知道你們是否預期這方面會遇到任何阻力。正如您所提到的，整個市場目前都處於某種產能受限的環境中。

Thank, thanks for your question, Sean. Let me try to address, gross margin first, and, clarify there. On the positive side, semiconductor gross margins, driven by data center in Laura, was 61.4% in Q3, up 140 basis points0 --, up 60 basis points, a quarter of a quarter.

謝謝你的提問，肖恩。讓我先試著解釋一下毛利率的問題，並在此進行澄清。從積極的方面來看，受勞拉資料中心的推動，半導體毛利率在第三季達到 61.4%，比上一季成長了 140 個基點，比上一季成長了 60 個基點。

SIP gross margin signal integrity products, which encompasses data center. It was, the gross margin for Q3 was 65.1%, up 270 basis points quarter over quarter, 200 basis points year over year. And the reason I'm providing these statistics is, what we have, what we've delineated as our core portfolio, right, of data center or per se, those are our faster growing, markets.

SIP 毛利率訊號完整性產品，涵蓋資料中心。第三季毛利率為 65.1%，季增 270 個基點，年增 200 個基點。我提供這些統計數據的原因是，我們已經明確了我們的核心投資組合，也就是資料中心本身，這些是我們成長最快的市場。

And those gross margins, hopefully you can see are above the corporate gross margin averages. So as those businesses we believe will continue to ramp, we believe they'll be accrued to the gross margins.

希望您能看出，這些毛利率高於公司平均毛利率。因此，隨著我們認為這些業務將繼續成長，我們相信它們將增加毛利率。

On the, IoT systems and connectivity side, we mentioned that we're going to have growth in cellular modules, where, gross margin is less than a third of our semiconductor products, and we also have normally lower sales from Laura.

在物聯網系統和連接方面，我們提到蜂窩模組將會成長，但其毛利率不到我們半導體產品的三分之一，而且來自 Laura 的銷售額通常也較低。

In terms of where that's heading, we've talked about what's in our core portfolio and what is not in our core portfolio, and I think from what Hong mentioned, one of the top priorities is we're looking at portfolio rationalization there partially to remove that margin disparity.

至於未來的發展方向，我們已經討論過核心投資組合包含哪些內容，以及核心投資組合中不包含哪些內容。我認為，根據洪先生的發言，首要任務之一是對投資組合進行合理化調整，部分原因是為了消除利潤率差異。

On the -- your question on foundry.

關於——你提出的關於鑄造廠的問題。

Maybe I can answer that one. Yeah, Shawn, you are right. The Silicon germanium technology platform right now is widely used in making our physical media devices, the TIAs and drivers, but also in silicon photonics. That is why my first priority over the next few months is to make capacity available.

或許我可以回答這個問題。是的，肖恩，你說得對。目前，矽鍺技術平台被廣泛用於製造我們的物理介質設備、TIA 和驅動器，以及矽光子學。因此，未來幾個月我的首要任務是騰出產能。

That foundry is our close partners. We have long standing relationship over the last decade and a half, and, they have been providing excellent support to us. Another nuance related to the component availability is a co-planning process with our customers and with our customers sometimes, and that is a process we have implemented a few quarters ago and has been working extremely well.

那家代工廠是我們的緊密合作夥伴。在過去的十五年裡，我們與他們建立了長期的合作關係，他們一直為我們提供極大的支持。與組件可用性相關的另一個細微差別是與客戶共同製定計劃，有時甚至與客戶共同製定計劃，這是我們幾個季度前實施的流程，而且一直運作得非常好。

So, even they share their visibility, even in a business development stage, and the way based on the understanding and based on our triangulation, we have the wafer starts in the Fab. And typically, the lead time is 6 months plus minus and but with the planning process we gain the visibility we can start earlier, and we have never really let our customers down, with the, with our key components.

因此，即使他們分享他們的可見性，即使在業務發展階段，並且基於理解和我們的三角測量，我們才能在晶圓廠開始生產晶圓。通常情況下，提前期為 6 個月左右，但透過規劃流程，我們可以獲得視覺性，從而更早開始，而且我們從未真正讓客戶失望過，尤其是在我們的關鍵組件方面。

Great thanks guys congrats again.

非常感謝各位，再次恭喜！

Harsh Kumar, Piper Sandler

哈什·庫馬爾，派珀·桑德勒

Yeah, hey, thank you, Hong. Hong, last call, I think I was giving you a little bit of a hard time on lack of sequential growth in the data center business, and I think suffice to say you've fixed that, going forward, but I did have a question on that. My question is LPO seems to be a little bit earlier than ACC, and it seems to be coming on. You're excited about it.

是啊，嘿，謝謝你，洪。Hong，最後一次通話，我想我之前在資料中心業務缺乏連續成長方面對你有點苛刻了，我認為你已經解決了這個問題，但我確實有一個關於這方面的問題。我的問題是，LPO 似乎比 ACC 早一點，而且它似乎正在啟動。你對此感到興奮。

But almost everybody I know struggles with the scope and size of that market, so maybe if I can ask you again, or not again, but if I can ask you to just help us understand how big can OPO be, as a business and maybe what is your positioning in the LPO business and then as a follow-up on the ACC side I wanted to ask you for ACC are you seeing applications that replace ACC, I'm sorry, AEC or just brand new applications?

但我認識的幾乎每個人都難以理解這個市場的範圍和規模，所以也許我可以再問你一次，或者不問了，但我可以請你幫我們了解一下OPO作為一個行業究竟能有多大，以及你在LPO業務中的定位是什麼嗎？然後，關於ACC方面，我想問你，你是否看到有應用可以取代ACC，抱歉，是AEC，還是全新的應用？

Thank you, Hash. So first of all, on the data center growth, yes, so we're seeing very strong momentum and the booking and outlook, and forecast is very strong throughout the 2026.

謝謝你，Hash。首先，關於資料中心的成長，是的，我們看到了非常強勁的成長勢頭，預訂量、前景和預測在 2026 年都非常強勁。

And, the LPO is, we're pretty excited about the first meaningful ramp in our Q4. And as I mentioned before, the LPO gave us an incremental opportunity to bring more content in the transceivers.

而且，LPO 表示，我們對第四季首次實現有意義的成長感到非常興奮。正如我之前提到的，LPO 為我們提供了一個逐步增加收發器內容的機會。

So we benefited from a strong backdrop of the transceiver demand, with the real-time solutions where we provide market leading TIAs. By offering LPO, we have opportunities to offer drivers in addition to TIAs. So that will include, increase our time by 150%. So we certainly welcome, that transition and definitely the rollout of LPO will cannibalize the DSP based solutions, but will they do it any day with the increased t.

因此，我們受益於收發器需求的強勁背景，以及我們在即時解決方案領域提供的市場領先的TIA。透過提供 LPO，我們有機會為司機以及 TIA 提供服務。所以，這意味著我們的時間將增加 150%。因此，我們當然歡迎這種轉變，而且 LPO 的推出肯定會蠶食基於 DSP 的解決方案，但隨著 t 的增加，他們會很快這樣做嗎？

ACC on the other hand, is a net gain. So right now, with the air pocket, we were experiencing from the early adoption in the rack interconnects. The ramp with the hyper scalers is going to be giving us an acceleration of a data center revenue.

而 ACC 則代表淨收益。所以現在，由於機架互連早期採用的問題，我們遇到了空氣間隙。超大規模資料中心的擴張將加速資料中心收入的成長。

The adoption dynamics for LPO and ACC is a little different. LPO tend to be gradual, because in their -- switch fabric, they can, as soon as they -- as long as they have the confidence in the signal integrity on the host they plug into, they can use LPO.

LPO 和 ACC 的採用動態略有不同。LPO 往往是漸進的，因為在它們的交換結構中，只要它們對所插入主機上的訊號完整性有信心，它們就可以使用 LPO。

ACC on the other hand, is more the platform, based. When they design the new rack platform, and, they will have, the power, consumption envelope and ACC provides, 90% of power saving compared to AEC. That is a huge amount. When you look at the rack design right now, any rack, they probably have anywhere from 100 to 200 cables inside.

另一方面，ACC 更像是平台。當他們設計新的機架平台時，他們將考慮功率、功耗範圍和 ACC，與 AEC 相比，可節省 90% 的電量。那可是一大筆錢。你看看現在的機架設計，任何一個機架裡面可能都有 100 到 200 條電纜。

So, each connector, each cable has two connectors on each end, that you can translate into significant power savings. So ACC is, encroaching into the established AEC market, but also the [ACC] market. And because the short connects, are predominantly deck based, but with the ACC availability, especially for 200 gigabits per lane, and ACC is expected to be mainstream for longer than meter reach in the future.

因此，每個連接器、每條電纜兩端都有兩個連接器，可以轉換為顯著的節能效果。所以 ACC 正在蠶食現有的 AEC 市場，同時也蠶食 [ACC] 市場。而且由於短距離連線主要基於卡槽，但隨著 ACC 的普及，特別是對於每通道 200 千兆位元的情況，預計 ACC 在未來將成為主流，其傳輸距離將比按米計費的傳輸距離更長。

And this was very helpful, as always, and my next question was the four sensing acquisition. I don't know, much about it. Maybe you could tell us just really quickly, given this is an earnings call, just really quickly, what the product does and how you intend to use it and how much revenue and kind of OpEx you had because OpEx jumped up quite.

這和往常一樣非常有幫助，我的下一個問題是四感測採集。我對此了解不多。鑑於這是財報電話會議，您能否簡單快速地告訴我們一下，產品的功能、您打算如何使用它、收入以及營運支出情況，因為營運支出大幅上升。

A bit.

一點。

Yeah. So, the first sensing is a capability, you need to touch it and to activate it. We have the capacitive sensing that basically, when you, have your human body close to the sensors, you change the dial electric constant, you can, activate the sensing. But with a force sensing, you need to apply the force into activate it. It combines with capacitive sensing very nicely to offer broader capabilities for smart variables and computing and automotive platforms.

是的。所以，第一個感應功能需要觸摸才能啟動。我們採用電容式感測技術，基本上，當你的人體靠近感測器時，透過改變旋鈕的電常數，就可以啟動感測功能。但是，對於力感應器來說，你需要施加力才能啟動它。它與電容式感測技術結合得非常好，為智慧變數、運算和汽車平台提供了更廣泛的功能。

The asset we acquired from [Quovo] was originally, as a company called Next Input, they were founded in 2012 and about 4.5 years ago, it was acquired by Quovo, and the technology is very differentiating. They have over 175 patents issued and applications.

我們從[Quovo]收購的資產最初是一家名為Next Input的公司，該公司成立於2012年，大約4.5年前被Quovo收購，其技術非常獨特。他們擁有超過175項已頒發和正在申請的專利。

When we were looking at how to grow the core asset and how do we fill the gaps in capabilities, the fourth sensing was on our roadmap and just optimistically, we found this, asset available. So we got them, acquired and get them nicely integrated.

當我們考慮如何發展核心資產以及如何填補能力差距時，第四種感測技術已經在我們的發展路線圖上，我們樂觀地發現，這種資產是可用的。所以我們收購了他們，並且很好地整合了他們。

The acquisition happened slightly less than a month ago, but I, as I mentioned, the integration already been very successful. So we made the first shipment of the product with our fulfillment infrastructure last week.

收購發生至今還不到一個月，但正如我之前提到的，整合工作已經非常成功。上週，我們利用自身的物流系統完成了該產品的首批出貨。

As for the incremental, R&D increase, it's still a lot better to buy this asset than otherwise internally investing. And, so it's largely a technology tucked in. The revenue contribution at this point is immaterial, but we do project a very healthy, synergy and a very healthy contribution of this technology and asset to our future revenue.

至於研發投入的增量，購買這項資產仍然比進行內部投資好得多。所以，它基本上是一種隱藏的技術。就目前而言，這項技術和資產的收入貢獻微不足道，但我們預計它將對我們未來的收入產生非常健康的協同效應和非常健康的貢獻。

And and just double click on OpEx, it, while there is incremental OpEx from our sensing portfolio, including, this force sensing, product, we're also increasing R&D and data center, so the, areas where we're investing, the core areas and these core assets isn't changing. And you know we've been able to deliver some pretty good returns in data center Laura and sensing with some nominal increases in opEX We expect it to be doing the same in Q4.

只需雙擊“營運支出”，雖然我們的感測產品組合（包括這款力感測產品）帶來了增量營運支出，但我們也在增加研發和資料中心方面的投入，因此，我們投資的領域，核心領域和這些核心資產並沒有改變。你知道，我們在資料中心 Laura 和感測領域已經取得了相當不錯的收益，而營運支出卻只有微乎其微的成長。我們預計第四季也會如此。

Thank you so much.

太感謝了。

Christopher Rollin, Susquehanna International Group

克里斯多福羅林，薩斯奎哈納國際集團

Hi, thanks for the question, guys, and congrats on the results. I guess first a clarification then a question. The first clarification is you talked about a customer integrating, linear equalizers on PCB in the coming quarters. If you could talk a little bit about that, is that a high volume win or more of a test case.

大家好，感謝大家的提問，也恭喜你們取得好成績。我想先澄清一下，然後再提個問題。首先需要澄清的是，您提到客戶將在未來幾季在 PCB 上整合線性均衡器。如果您能稍微談談這方面的話，這究竟是一場高銷量的勝利，還是更像是一次測試案例？

And and then just a clarification you said that you're ramping LPO with several leading US hyper scalers. Are those the same two that you were talking about last quarter or are there additionals for LPO? Thank you.

然後，您剛才提到正在與幾家領先的美國超大規模資料中心合作，加快 LPO 的部署，我對此想澄清一下。是指你上季提到的兩個項目嗎？還是LPO還有其他項目？謝謝。

Yeah, thank you, Chris, for the questions. First, on the customers, are evaluating the linear equalizer in the PCBs or connectors. Those are for the high volume applications, for the high speed traces and some customers are planning to do it in the PCBs and so some other customers.

是的，謝謝你，克里斯，提出這些問題。首先，客戶正在評估 PCB 或連接器中的線性均衡器。這些是為大批量應用、高速走線而設計的，一些客戶計劃在PCB上進行加工，其他一些客戶也是如此。

Are seeing the marginal loss of signal integrity, from the host, from the AI to the port. So, they're evaluating to use the linear equalizer to bridge the signal integrity. And it's pretty exciting. So there's a pretty broad based and more than 34 customers, those type of applications.

我們發現，從主機、AI 到端口，訊號完整性略有下降。因此，他們正在評估使用線性均衡器來解決訊號完整性問題。這真是太令人興奮了。因此，這類應用的應用範圍相當廣泛，顧客超過 34 家。

As for the LPOs, we stopped counting how many hyper scalers are planning to use it. I would say at this point, the conversation almost saying, when I was talking to the teams and when I was, engaging with our customers, doing the optical modules, the CIOE and Shenzhen and Eco in Copenhagen, and we were joking, it's more like a, Who are not planning of using LPO and why?

至於 LPO，我們已經不再統計有多少超大規模企業計劃使用它了。我想說，在這一點上，當我與團隊交談，與我們的客戶互動，討論光模組時，在深圳和哥本哈根的CIOE和Eco，我們開玩笑說，更像是在問，誰不打算使用LPO，為什麼？

So, I would say this technology at this point is not if, but more like a one and what platform they're going to be using it. And we're really excited about the Q4 marked the starting point of the ramp, but we do expect acceleration throughout the 2026.

所以，我認為目前這項技術的問題不是是否應用，而是應用在哪個平台。我們對第四季度標誌著成長勢頭開始感到非常興奮，但我們預計到 2026 年全年都會加速成長。

That's fantastic, Hong. And then secondly, I'll leave it up to you, a dealer's choice, either pawn in China and when we should get confirmed tenders and what you're hearing there or Laura, kind of your outlook there it seems like this G 4 has some new use cases which is pretty cool, you can, you can answer either or both.

太棒了，洪。其次，這由你來決定，你可以選擇在中國典當，看看我們什麼時候能得到確認的報價以及你那邊的情況；或者勞拉，就你的看法而言，這台 G4 似乎有一些新的應用場景，這很酷，你可以回答其中一個或兩個問題。

Laura, one question on Laura. So, yeah, GM 4 is gaining tremendous momentum. And the multi-protocol is really very, exciting. So we plan to provide SDK and software stack to enable YA first, and to enable a security application, combined with a Laura one.

關於勞拉，我有一個問題。是的，GM 4 正在獲得巨大的發展勢頭。多協議功能真的非常令人興奮。因此，我們計劃提供 SDK 和軟體堆疊，首先實現 YA，然後實現安全應用程序，並結合 Laura 應用程式。

Tim Arkiri, UBS. Please proceed with your question.

提姆‧阿基里，瑞銀集團。請繼續提問。

Thanks a lot. Hong your tone on divestiture has definitely changed versus what it was three or so months ago. It was sort of put on hold a little bit and now it sounds like you have another, advisor and you have some folks who are interested and so can you just like what changed and was it you weren't getting the price you wanted and now these buyers are more interested in engaging at a price that you're happy with? What, can you just walk through like the Evolution of what sort of change there and maybe how close are you to, do you think executing something.

多謝。洪，你對資產剝離的態度與三個月前相比確實發生了變化。這件事之前擱置了一段時間，現在聽起來你又找了一位顧問，而且也有一些人對此感興趣。你能說說是什麼改變了這一切嗎？是因為你之前沒能拿到想要的價格，而現在這些買家更願意接受你滿意的價格？可以簡單介紹一下這個變化的演變過程，以及你認為距離實施某個方案還有多遠嗎？

Thank you for the question, Tim. So, the simple answer is nothing has changed. So this time around, we definitely have more dedicated mindshare from, the, potential acquires and because the geopolitical situation is a little bit more settled, and also they're seeing some of the tailwinds playing into the reality, and into the new business opportunities, the backlog, and also, We projected Q4 sequential growth. So, to the right acquires this really representing a pretty significant synergistic value to them. And as for the timing, we really cannot, predict, but rest assured this is my top priority.

謝謝你的提問，提姆。所以，答案很簡單：一切都沒有改變。所以這一次，我們肯定從潛在收購者那裡獲得了更多專注的關注，因為地緣政治形勢更加穩定，而且他們也看到了一些利好因素正在轉化為現實，帶來新的商機和積壓訂單，此外，我們預計第四季度將實現環比增長。因此，右邊的收購確實代表了他們相當大的綜效價值。至於時間安排，我們真的無法預測，但請放心，這是我的首要任務。

Okay, and then, just on the racks, so it sounds, I mean, you're kind of, it sounds like you're semi-promising Khyber in 2027, and I just want to make sure, do you have a lot of visibility on that just given what happened this year with the Blackball racks? I just want to talk through how much confidence that you actually have on that you would be ramping on Khyber in 207 because it does sound like you're kind of semi-promising that.

好的，然後，就貨架而言，聽起來，我的意思是，你似乎在半承諾 Khyber 將於 2027 年推出，我只是想確認一下，鑑於今年 Blackball 貨架發生的事情，你對 Khyber 的前景有多大把握？我只是想和你談談你對在 207 年大力發展 Khyber 到底有多大的信心，因為聽起來你好像有點半吊子地承諾過。

Thanks.

謝謝。

Tim, I was shy away from the specific platform, but to go back to the fundamentals. So there's really not a whole a lot of different ways to improve the signal integrity, especially when you get a high speed signal launched into very thin, metal trees.

提姆，我原本對這個特定的平台有所顧慮，但我想回歸基本原理。因此，改善訊號完整性的方法其實不多，尤其是在高速訊號發射到非常細的金屬樹上時。

So you're going to lose the signal strength, you're going to destort the signal, and you need to condition it. And there's no better or more seamless way than getting linear equalizer integrated on the board. If, they have other ways to do it, they would do it as well. So that's the fundamental belief. And, we have, and that's the use cases we've seen with the multiple customers who are interested in incorporating linear equalizer on PCBs.

這樣一來，訊號強度會降低，訊號會失真，你需要對訊號進行處理。沒有比將線性均衡器整合到電路板上更好、更無縫的方法了。如果他們有其他方法，他們也會採用其他方法。這就是基本信念。我們已經看到了這樣的應用案例，許多客戶都對在 PCB 上整合線性均衡器很感興趣。

Okay, thank you.

好的，謝謝。

Tore Svanberg, Stifel

Tore Svanberg，Stifel

Hong, my first question is on the ACC. You mentioned the three programs there with the lead customer ramping in 26. I know you can't talk about specifics, but could you at least confirm that all three programs are, either c or PCB board, and are they all based on the same speeds, and if so, what are the speeds?

Hong，我的第一個問題是關於ACC的。您提到了那三個項目，其中主要客戶在 26 歲時開始增加。我知道你不能談論具體細節，但你至少可以確認這三個程式都是基於 C 語言還是 PCB 板嗎？它們的速度是否相同？如果相同，速度是多少？

Hey, Tory, thank you for the question. ALL3 programs are for 200 gigabits per second trace, and they are all in the cable forms. These three programs, and none of them are the chip on board.

嗨，托里，謝謝你的提問。ALL3 程式適用於每秒 200 吉比特的傳輸速率，並且全部採用電纜形式。這三個程式都不是板載晶片。

Yeah, thank you for confirming that and that's my follow-up, and sort of back to the Sierra Wireless gross margins. They've been under quite a bit of pressure. I mean, I understand the mix of modules versus services and so on and so forth, but, we're also hearing about, component costs going up, whether it's memory or modem chips or anything like that. So how should we think about that gross margin, not just next quarter, but, over the next few quarters.

是的，謝謝你的確認，這就是我的後續問題，現在我們回到 Sierra Wireless 的毛利率問題上。他們承受著相當大的壓力。我的意思是，我理解模組與服務等的組合等等，但是，我們也聽說組件成本正在上漲，無論是內存、調製解調器晶片還是其他類似的東西。那我們該如何看待毛利率呢？不僅是下一個季度，而是未來幾季。

Yeah, so Mark, you want, yeah.

是的，所以馬克，你想要，是的。

So, on the gross, margin for that, the ISC business, so you mentioned memory.

所以，關於毛利率，也就是ISC業務的毛利率，你剛才提到了記憶體。

Maybe I'll just get to the point in terms of, let's say inflationary cost on the bomb, we're not experiencing that, especially in memory. We have a few choices there in terms of, suppliers. So in there for ISC it really is mixed. That's the primary driver of gross margins.

也許我會直接指出，就核武的通膨成本而言，我們並沒有經歷這種情況，尤其是在記憶方面。就供應商而言，我們有幾個選擇。所以對ISC來說，情況確實比較複雜。這是毛利率的主要驅動因素。

As we, cellular modules is a higher percentage, the gross margin goes down and if we have more, in terms of services or our router business, the gross margin of that business goes up. But at this point as we're guiding next quarter, we're seeing really strong. Orders and expectations for customer delivery ramps into Q4.

如果蜂窩模組業務佔比更高，毛利率就會下降；反之，如果服務或路由器業務佔比更高，那麼該業務的毛利率就會上升。但就目前我們對下一季的預測而言，我們看到了非常強勁的勢頭。訂單和客戶對第四季度交付的預期有所提升。

So Mark, this, so this is basically 5G modules that are ramping this quarter, and because they're lower margin than services and software that, that's basically what's weighing on it.

所以馬克，這基本上是本季正在加速生產的 5G 模組，由於它們的利潤率低於服務和軟體，這基本上就是造成其業績下滑的原因。

That's right, but it, it's, both 4G and 5G, but of course 5G is definitely a tailwind, correct.

沒錯，它既支援 4G 也支援 5G，但當然 5G 絕對是順風，對吧。

Yeah. Great, thank you very much. Congrats.

是的。太好了，非常感謝。恭喜。

Quinn Bolton, Needham and Company.

奎因·博爾頓，尼德姆公司。

Okay, thanks for taking my question. I wanted to follow-up on that last question just Mark, maybe you can level set us. I think you said the semiconductor gross margin for the fourth quarter would be 60.5. I don't know if you gave an ISC gross margin, but it looks like it's got to be pretty materially below the 36.6 that you did in the third quarter. So just wondering if you could give us some range where you think that ISC gross margin comes out in the fourth quarter.

好的，謝謝您回答我的問題。馬克，我想就你最後一個問題再補充一點，或許你能幫我們理清思緒。我記得你說過第四季半導體業務的毛利率是 60.5%。我不知道你有沒有給出積體電路業務的毛利率，但看起來肯定比第三季的 36.6% 低很多。所以我想問您能否給出一個您認為ISC第四季毛利率的範圍。

Yeah, at this point, I'll just say that the ISC gross margin is, will be lower, primarily due to the drivers we talked about with cellular modules, on the, but again on the positive side, semiconductor gross margins was 60.5% plus or minus 50 basis points. So still quite healthy and we expect that to continue to grow. Well, we're only counting out one quarter, right? The drivers of gross margin between data center, Laura and Perse our sensing business now is expected to be accreted to that gross margin.

是的，目前我只能說，ISC 的毛利率將會降低，主要是由於我們之前討論過的蜂窩模組相關因素，但另一方面，半導體毛利率為 60.5%，上下浮動 50 個基點。所以目前身體狀況依然很好，我們預計這種情況會持續成長。嗯，我們只計算一個季度，對吧？資料中心、Laura 和 Perse 之間的毛利率驅動因素，以及我們感測業務的現狀，預計將增加毛利率。

Got it. And then, I'm not sure if it's for Mark or Hong. It does sound like you may be getting closer to a potential divestiture based on your comments in the script. I think in the past you had described a divestiture of non-core assets as being non-ilutive to EPS because you would take deal proceeds and, pay down high interest rate term loan debt. Well, you've now done that. Interest expense annually is less than 3 million, so I guess I'm hoping you could comment now. Without the balance sheet, would a divestiture of non-core assets be diluted to EPS?

知道了。然後，我不確定這是給馬克還是給洪的。根據你在劇本中的發言，聽起來你似乎離潛在的資產剝離越來越近了。我認為你過去曾將剝離非核心資產描述為對每股收益無害，因為你可以用交易所得償還高利率定期貸款債務。好了，你現在已經做到了。每年的利息支出不到300萬，所以我希望您現在能發表一下意見。如果沒有資產負債表，剝離非核心資產是否會稀釋每股盈餘？

Yeah, at this point, we're looking at the lower gross margin portions of our business, so, that would be something that, at this point, without naming all the specific assets that we're looking at, let's say it's a nominal impact to, immaterial impact.

是的，目前我們正在關注業務中毛利率較低的部分，所以，目前，在不列舉所有具體資產的情況下，我們可以說它的影響微乎其微，甚至可以說是不重要的。

Okay, thank you.

好的，謝謝。

Cody Acree, Benchmark Company

科迪·阿克里，基準公司

How, if we can maybe, go back to the ACC opportunity, for a minute, can you talk to some of the markets, concerns around reliability of ACC and earlier testing, is that contributing to any of the hyper scalar, what looks like to be maybe incremental delays in the program ramp, that I believe was expected to begin here in Q4 and now it looks like it's more into next year.

如果我們能回到 ACC 的話題上來，您能否談談一些市場方面的問題，例如 ACC 的可靠性以及早期測試，這些問題是否會導致超大規模專案進度出現一些漸進式的延遲？我認為該項目原本預計在第四季開始，但現在看來要等到明年了。

Cody, yeah, thanks for the question. I'm not aware of any reliability you were mentioning about the ACC so there.

科迪，是的，謝謝你的提問。我並不了解你提到的關於ACC可靠性的問題，所以就先這樣吧。

There's, there, there's some, chattering like this is more like a couple of years ago by, not really the players no longer, active in the industry and there's some false start, but false start, but there's no -- any issue we are aware of and we have employed.

有一些，有一些，像這樣的閒言碎語更像是幾年前，由那些不再活躍於該行業的玩家提出的，而且有一些虛假的開始，但只是虛假的開始，但沒有任何——我們意識到的任何問題，我們已經採取了措施。

Significant amount of ACCs in the industry, so I mean we haven't heard anything, bad, and then with the hyper scalers they have gone through months of qualification and, reliability testing, system validation process. They're very careful and they're very technically capable. We haven't heard anything, Any concern about that.

業內有大量的ACC（高級計算證書），所以我的意思是，我們還沒有聽到任何不好的消息，而且對於超大規模資料中心運營商來說，他們已經經歷了數月的資質認證、可靠性測試和系統驗證過程。他們非常謹慎，而且技術能力很強。我們還沒收到任何消息，也沒人對此表示擔憂。

All right, great. Thanks for that clarification. Can we go back to your discussion of, ensuring capacity availability? Let's talk about some of the strategies that you might be able to employ, specifically on the wafer side, you mentioned earlier.

好的，太好了。謝謝你的解釋。我們能回到您剛才討論的確保產能可用性的問題嗎？讓我們來談談您可以採取的一些策略，特別是您之前提到的晶圓方面的策略。

Yeah, so, we talk about silicon photonics, silicon geranium, semiconductor platform to support silicon photonics and also our PMD physical media devices. And there are more than one fab, one location, and we TRY to make more capacity available by engaging and qualifying. Manufacturing from other sites and other countries. So that not only unlocks some additional op opportunity, capacities, but also make it more robust from the geopolitical point of view. So that's what I mean. That's the focus for the near term.

是的，我們討論矽光子學、矽鍺、支持矽光子學的半導體平台以及我們的 PMD 物理介質設備。而且，我們擁有不只一個工廠，位於同一個地點，我們努力透過積極參與和篩選來增加產能。從其他地點和其他國家生產。這樣不僅可以釋放一些額外的行動機會和能力，而且從地緣政治角度來看也使其更加強大。這就是我的意思。這是近期工作的重點。

Would you look at anything like dedicating capacity commitment or investment on your part?

您是否考慮過投入資源或資金等方式？

So the capacity, certainly we have been increasing the CapEx investment in the back end, for example, testing, and but for the foundry capacity, we are primarily working with our partners to qualify, their foundry from different locations.

因此，產能方面，我們當然一直在增加後端（例如測試）的資本支出投資，但對於代工廠產能，我們主要與合作夥伴合作，對他們在不同地點的代工廠進行資格認證。

All right, great.

好的，太好了。

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

至此，沒有其他問題了。我謹將電話交還給米奇·霍斯，請他作總結發言。

That concludes today's call. Thanks to all of you for joining us today. 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。感謝各位今天蒞臨。我們期待在接下來的幾週內在各種投資者活動中見到您。

Thank you, Mitch, and with that, this does conclude today's telecom.

謝謝你，米奇，今天的電信新聞就到此結束了。