Semtech Corporation (SMTC) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Semtech Corporation's fourth-quarter and fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

您好，感謝您的耐心等待。歡迎參加 Semtech 公司 2026 財年第四季及全年業績電話會議。（操作員說明）請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to Mitch Haws, Senior Vice President of Investor Relations for Semtech. Please go ahead.

現在我謹將會議交給 Semtech 投資人關係資深副總裁 Mitch Haws。請繼續。

Thank you, and welcome to Semtech's fourth-quarter and fiscal year 2026 financial results conference call. Participants on today's conference call are Hang Ho, 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 財年第四季及全年財務業績電話會議。今天參加電話會議的有：我們的總裁兼執行長何恆；以及我們的執行副總裁兼財務長林馬克。

Before we begin, I would like to highlight upcoming investor events, including the optical fiber communications conference sorting tomorrow and the Roth Technology Conference on March 23.

在開始之前，我想重點介紹即將舉行的投資者活動，包括明天舉行的光纖通訊會議和 3 月 23 日舉行的羅斯科技會議。

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

今天收盤後，我們發布了第四季度和 2026 財年的其他業績，這些業績以及我們的收益電話會議簡報都已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 see slide 2 of the earnings presentation, as well as the Risk Factors section of our most recent annual report on Form 10-K for 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.

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和收益簡報的第 2 頁，以及我們最新的 10-K 表格年度報告中的「風險因素」部分，其中列出了可能導致我們的實際業績和事件與今天電話會議上預期或預測的業績和事件存在重大差異的若干風險因素。

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. We'll also be referring to results for our fourth quarter of fiscal year 2026, unless otherwise noted. Please see today's press release and slide 3 of the earnings presentation for 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.

今天的電話會議我們將主要討論非GAAP財務指標。除非另有說明，否則我們將參考 2026 財年第四季的業績。有關我們非GAAP財務報表說明的信息，請參閱今天的新聞稿和收益簡報的第3頁。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。

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

接下來，我將把電話轉給洪。

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

謝謝你，米奇。各位下午好。

Semtech closed fiscal year 2026 with a significant momentum, achieving a record $1.05 billion in net sales, a milestone that reflects the progress we have made and the trajectory will be -- lies ahead. We drove strong sequential and year-over-year revenue and earnings growth, advanced our data center road map to capture compelling design wins opportunities and continue to optimize our product portfolio, all while executing on the R&D and expense initiatives, we believe positions Semtech for an exciting next chapter.

Semtech 在 2026 財年結束時取得了顯著的成績，淨銷售額達到創紀錄的 10.5 億美元，這一里程碑反映了我們所取得的進步以及未來的發展軌跡。我們實現了強勁的環比和同比營收及利潤增長，推進了數據中心路線圖，以抓住引人注目的設計中標機會，並不斷優化我們的產品組合，同時執行研發和支出計劃，我們相信這將使 Semtech 進入激動人心的新篇章。

Looking at the Q4, net sales were $274.4 million, up 3% sequentially and up 9% year over year. For the year, revenues were $1.05 billion, representing annual growth of 15%, driven by continued strength in our data center and the lower portfolio. Adjusted diluted earnings per share were $0.44, up 10% year over year. For fiscal year 2026, adjusted diluted earnings per share were $1.71, growth of 94% over the prior year.

從第四季來看，淨銷售額為 2.744 億美元，季增 3%，年增 9%。本年度營收為 10.5 億美元，年成長 15%，這主要得益於資料中心業務的持續強勁成長以及低端投資組合的最佳化。調整後的稀釋每股收益為 0.44 美元，年增 10%。2026 財年調整後稀釋每股收益為 1.71 美元，較上年增長 94%。

In addition to delivering strong revenue and earnings growth, portfolio optimization remains a key focus of execution.

除了實現強勁的收入和獲利成長外，投資組合優化仍然是執行的關鍵重點。

As announced earlier this month, we acquired HFO Corporation, which represents an important strategic building block for Semtech. Tipo is a California-based manufacturer of high-efficiency indium phosphide-based optoelectronic devices, including game chips and the CW laser chips that are critical components in the optical transceivers are in today's data centers.

正如本月初宣布的那樣，我們收購了 HFO 公司，這對 Semtech 而言是一個重要的策略組成部分。Tipo 是一家總部位於加州的製造商，生產高效的磷化銦基光電器件，包括遊戲晶片和 CW 雷射晶片，這些都是當今資料中心光收發器中的關鍵組件。

Put simply, [Hifumix-lighting] meeting building blocks that site a hard on high-speed optical entertainment. The strategic rationale is straightforward. -- as data center architectures evolve to 1.60 and 3.2T. -- the complexity of optical interconnect increases dramatically by bringing HieFo's proven indium phosphide laser technology, together with the Semtech's industry-leading TIAs and laser drivers, we can codevelop and co-optimize performance across the laser modulator in driver interface.

簡而言之，[Hifumix-lighting]滿足高速光學娛樂的建構模組。策略原理很簡單——隨著資料中心架構發展到 1.60T 和 3.2T，光互連的複雜性急劇增加。透過將 HieFo 成熟的磷化銦雷射技術與 Semtech 業界領先的 TIA 和雷射驅動器相結合，我們可以共同開發和優化雷射調製器與驅動器介面的性能。

And increased some tax content opportunity from high single-digit dollars in an 800-gig module to about $80 in a 3.20 module. We believe this combination will result in a more integrated, more efficient ship set, one that reduces system power consumption and gave the hyperscaler a differentiated solution for high-bandwidth optical transceiver modules.

並將一些稅務內容的收益機會從 800GB 模組中的幾美元增加到 3.20GB 模組中的約 80 美元。我們相信，這種組合將帶來更整合、更有效率的船舶組件，降低系統功耗，並為超大規模資料中心提供差異化的高頻寬光收發器模組解決方案。

We have developed a comprehensive investment plan for our Hamburg, California facility, to expand domestic capacity and accelerate the product development, integration of HieFo into Semtech's operation is underway, with the transaction expected to be accretive to non-GAAP diluted earnings per share within the first year. We are generally excited about the people and technology joining Semtech and we see significant untapped potential for high efficiency lasers in different interconnect applications.

我們已為位於加州漢堡的工廠制定了一項全面的投資計劃，以擴大國內產能並加快產品開發。目前，HieFo 已併入 Semtech 的運營，預計該交易將在第一年內增加非 GAAP 稀釋每股收益。我們對加入 Semtech 的人才和技術感到非常興奮，我們看到了高效雷射在各種互連應用中的巨大未開發潛力。

Finally, we continue to make progress on the divestiture of the cellular module business, and we are increasingly encouraged by the level of interest and engagement. We remain confident this business represented a compelling opportunity for the right acquirer, and we remain focused on bringing this process to a successful conclusion.

最後，我們在剝離蜂窩模組業務方面繼續取得進展，各方表現出的興趣和參與程度也讓我們倍感鼓舞。我們仍然相信，對於合適的收購者而言，這項業務是一個極具吸引力的機會，我們將繼續專注於促成此過程的成功完成。

Now let me move to a discussion of our end markets. For Q4, infrastructure net sales were $86.3 million up 11% sequentially and up 25% year over year, strongly supported by our data center business. For fiscal 2026, infrastructure net sales were $310 million, growth of 27% over the prior year. For Q4, net sales of data center were a record $63 million, up 12% sequentially and up 26% year over year, benefiting from strong demand for our broad portfolio, including our market-leading fiber edge -- is whose net sales set another record.

現在讓我來談談我們的終端市場。第四季度，基礎設施淨銷售額為 8,630 萬美元，季增 11%，年增 25%，這主要得益於我們的資料中心業務的強勁成長。2026 財年，基礎建設淨銷售額為 3.1 億美元，較上年成長 27%。第四季度，資料中心淨銷售額創下 6,300 萬美元的歷史新高，環比成長 12%，年增 26%，這得益於市場對我們廣泛產品組合的強勁需求，包括我們市場領先的光纖邊緣——其淨銷售額再次創下紀錄。

In Q4, we also started shipping into LPO transceivers with revenues in line with the outlook we provided on the last quarter's earnings call. year 2026, our data center revenues were a record $223 million representing an annual growth of 58%. Our optical and copper product lines are firmly established with hyperscalers as a differentiated and high-performance offering.

第四季度，我們也開始向LPO收發器供貨，營收與我們在上一季財報電話會議上給出的預期一致。到2026年，我們的資料中心收入將達到創紀錄的2.23億美元，年增率達58%。我們的光纖和銅纜產品線已在超大規模資料中心中確立了差異化和高效能的地位。

Power efficiency has become one of the defining constraints of the modern AI infrastructure. As hyperscalers major data center capacity in megawatts the ability to move data faster while consuming less power at the networking layer is no longer just a differentiator ESMenabler.

能源效率已成為現代人工智慧基礎設施的關鍵限制因素之一。隨著超大規模資料中心容量以兆瓦為單位大幅提升，在網路層以更低的功耗更快地傳輸資料的能力不再只是 ESMenabler 的差異化優勢。

Our analog solutions address this directly enabling operators to scale next-generation architectures at 800 gig, 1.6 and eventually 3.2T. Demand for 800-gig PIA solutions remains strong and broad-based with an increasing momentum throughout 2026. At 1.6T, we are engaged across a wide range of transceiver programs and expect volume ramps to build as hyperscalers roll out their new XPU and switch platforms using reduced power of 1.60 transceivers throughout the year.

我們的模擬解決方案直接解決了這個問題，使營運商能夠將下一代架構擴展到 800G、1.6T 甚至最終的 3.2T。對 800G PIA 解決方案的需求依然強勁且廣泛，並將在 2026 年持續成長。在 1.6T 的規模下，我們參與了廣泛的收發器項目，並預計隨著超大規模資料中心營運商在全年推出使用低功耗 1.60 收發器的新型 XPU 和交換器平台，銷量將會逐步提升。

On LPO, design wins with several leading US hyperscalers validated our TIA and driver solutions in 800 gig transceivers. We are very excited to be a member of the new XPO MSA to define specific patients and enable high bandwidth, high density and low power switches. By combining with the low loss copper entertainment, such as flight over wires, our linear redriven PCB traces, some hyperscalers are becoming increasingly bullish on 1.6T LPO instead of using LRO for the first layer of the scale-up fabrics.

在 LPO 上，我們與幾家領先的美國超大規模資料中心營運商合作，贏得了設計訂單，這驗證了我們在 800 G 收發器中的 TIA 和驅動程式解決方案。我們非常高興能夠成為新的 XPO MSA 的成員，以定義特定患者並實現高頻寬、高密度和低功耗的交換器。透過結合低損耗銅纜技術（例如飛線技術）和我們的線性再驅動 PCB 走線，一些超大規模資料中心營運商越來越看好 1.6T LPO，而不是使用 LRO 作為擴展架構的第一層。

We continue to expand our LPO IC portfolio with 1.6 LPO drivers and TIA is expected to come to market this year. In supporting further proliferation of low-power linear optics, Semtech, along with other industry leaders are developing MPO, our near package optics MSA for low-power, high-density and high-bandwidth solutions. Successful deployment of 800-gig LPO transceivers gives hyperscaler confidence in MPO at the next evolution of the optical solutions.

我們將繼續擴大 LPO IC 產品組合，推出 1.6 款 LPO 驅動器，TIA 預計今年上市。為了進一步推廣低功耗線性光學元件，Semtech 與其他產業領導者一起開發了 MPO，這是一款近封裝光學 MSA，適用於低功耗、高密度和高頻寬解決方案。800G LPO 收發器的成功部署，讓超大規模資料中心營運商對下一代光解決方案中的 MPO 充滿信心。

We are excited by the increased content available to Semtech in MPO deployments. Active copper cable, our ACC continues to gain significant traction. Customers evaluating ACCs against the incumbent solutions are seeing compelling performance advantage in the form of a robust linked margin and transformative power savings versus DSP-based solutions.

我們很高興看到 Semtech 在 MPO 部署中可獲得的內容增加。有源銅纜，我們的ACC產品持續獲得顯著市場份額。客戶在評估 ACC 與現有解決方案時，發現 ACC 在效能方面具有顯著優勢，例如強大的關聯利潤率和與基於 DSP 的解決方案相比的變革性節能效果。

Alongside our cable solutions, customers are increasingly evaluating our corporate leader equalizers for onboard integration to enhance signal integrity across high-speed links and opportunity, we are confident we'll convert into design wins over the coming quarters. One of these use cases is active back point using copper edge ICs, which our cable partners will demonstrate at OFC.

除了我們的電纜解決方案外，客戶也越來越重視我們企業領先的均衡器，並將其整合到系統中，以增強高速鏈路的訊號完整性。我們相信，在接下來的幾個季度裡，我們將把這些機會轉化為設計訂單。其中一個應用案例是使用銅邊積體電路的主動式後點，我們的電纜合作夥伴將在OFC上進行展示。

Finally, we co-authored the ACC MSA, helping establish ACC technology as a leading solution for low-power and high-performance copper links. Members of the MSA span IC, XPU and cable suppliers, or in partnership with major hyperscalers. We believe the ACC MSA accelerates adopts and curve for the entire industry. By establishing common specifications, we reduce fragmentation lower deployment risk for hyperscalers and make it easier for the ecosystem to develop around ACC as a standard, not just the proprietary solution, that is good for customers, is good for Semtech.

最後，我們共同撰寫了 ACC MSA，幫助確立了 ACC 技術作為低功耗、高性能銅纜鏈路領先解決方案的地位。MSA 的成員涵蓋 IC、XPU 和電纜供應商，或與大型超大規模資料中心合作。我們相信 ACC MSA 將加速整個產業的採用和發展。透過建立通用規範，我們減少了碎片化，降低了超大規模企業的部署風險，並使生態系統更容易圍繞 ACC 作為標準（而不僅僅是專有解決方案）進行發展，這對客戶有利，對 Semtech 也有利。

We look forward to seeing many of you at OFC starting tomorrow.

我們期待明天在OFC見到你們中的許多人。

This year, we are showing live demos across several of our key product areas. They tell a clear story about where Semtech is positioned in the data center interconnect market. Starting with copper. We are demonstrating 1.60 ACCs running live traffic to adidas 224 gig [SerDes]. We also show in next gen recent 448 gig per channel copper edge chips as the AI clusters scale -- the demand for low power and low latency copper interconnect continues to grow, and we think we are very well positioned to meet the market.

今年，我們將在幾個主要產品領域進行現場演示。它們清楚地展現了 Semtech 在資料中心互連市場中的定位。從銅開始。我們正在展示 1.60 個 ACC 設備向 adidas 224 千兆乙太網路運行即時流量。[SerDes]。隨著 AI 叢集規模的擴大，我們也展示了下一代最新的 448 Gb/通道銅邊緣晶片——對低功耗和低延遲銅互連的需求持續增長，我們認為我們已做好充分準備來滿足市場需求。

On the optical side, will be demonstrating NVIDIA's 1.60 DRA transceivers powered by some tech TIAs and laser drivers, running NVIDIA Switch platform, will also be demonstrating 100 Ethernet, which running live traffic over both single mode and multimode fibers supporting FRO, LRO and LPO configurations across the (inaudible) 6 platform, our field on Semtech silicon. We are thrilled to demonstrate the breadth of our optical portfolio across a multi-vendor ecosystem.

在光網路方面，我們將展示由一些技術TIA和雷射驅動器驅動的NVIDIA 1.60 DRA收發器，運行NVIDIA Switch平台，還將展示100以太網，該以太網可在單模和多模光纖上運行實時流量，支持FRO、LRO和LPO配置，覆蓋（聽不清楚6平台，這是我們在Semtech 平台上的晶片。我們很高興能夠展示我們在多廠商生態系統中的光學產品組合的廣泛性。

We will also be demonstrating our next-gen recent 448 gig per channel modulator drivers and TIAs addressing increasing bandwidth demand to support future generation AI workloads. We're also showcasing our indium phosphide CW laser and game chip technology for tunable laser applications with outstanding power efficiency over temperature performance and the far field beam profile products from our type of acquisition.

我們還將展示我們新一代最新的 448 Gb/通道調製器驅動程式和 TIA，以滿足不斷增長的頻寬需求，從而支援未來一代 AI 工作負載。我們還將展示我們的磷化銦連續波雷射和遊戲晶片技術，該技術適用於可調諧雷射應用，具有出色的功率效率和溫度性能，以及我們此類收購產生的遠場光束輪廓產品。

Across copper and optical and both near term and next generation gives us a tremendous opportunity to show Semtech's position across the full hyperscale interconnect step. We believe we are positioned for multiyear growth opportunities supported by our expanded portfolio. We expect to start shipping copper Edge for the 1.60 ACC hyperscaler deployment this quarter, with demand accelerating throughout the year.

在銅纜和光纖領域，無論是近期還是下一代技術，都為我們提供了絕佳的機會，來展示 Semtech 在整個超大規模互連領域的地位。我們相信，憑藉著不斷擴大的產品組合，我們已為未來多年成長機會的準備。我們預計本季將開始為 1.60 ACC 超大規模資料中心部署提供銅質 Edge，並且全年需求將加速成長。

We also expect fiber edge design wins for 1.60 transceivers with a significant ramp in the second half of the year. Additional revenue growth drivers in the near future are expected from additional design wins for ACC and other hyperscalers, linear equalizers onboard across multiple customers. gate shifts and CW lasers in transceivers and our market-leading 400-gig FiberEdge and copper edge products for 3.2 interconnect solutions.

我們也預計，在下半年，1.60 收發器的光纖邊緣設計訂單將大幅增加。預計近期內，來自 ACC 和其他超大規模資料中心營運商的更多設計訂單、多個客戶採用的線性均衡器、收發器中的門移和 CW 雷射器，以及我們市場領先的 400G FiberEdge 和銅邊緣產品（用於 3.2 互連解決方案）將帶來額外的收入成長。

Given the breadth of our data center portfolio and designing traction across the expanding set of customers, we expect data center year-over-year revenue growth this fiscal year to exceed 50%.

鑑於我們資料中心產品組合的廣泛性以及在不斷擴大的客戶群中取得的設計進展，我們預計本財年資料中心的年收入成長率將超過 50%。

Now moving to our high-end consumer end market. Net sales for Q4 were $36.6 million, down 13% sequentially and up 3% year over year. Net sales for fiscal year 2026 were $155.1 million, up 5% year over year, driven by both our TVS and per se product portfolios.

現在轉向我們的高階消費終端市場。第四季淨銷售額為 3,660 萬美元，季減 13%，年增 3%。2026 財年淨銷售額為 1.551 億美元，年增 5%，主要得益於我們的 TVS 和 per se 產品組合。

Consumer TVS revenue continues to ramp well ahead of handset volume growth, and we expect another year of revenue and design win momentum. We expect consumer TVS revenues to increase next quarter, a function of improved seasonality and share gains at a leading handset manufacturers.

消費電視收入持續快速成長，遠超過手機銷售成長，我們預期未來一年營收和設計訂單量將持續維持成長動能。我們預計下一季消費者電視收入將有所增長，這得益於季節性因素的改善以及一家領先的手機製造商的市場份額增長。

In addition, per se continues to broaden its design win footprint with adoption expanding across smart glasses and smartphone platforms in supporting both current and upcoming product launches. The integration of the force sensing portfolio is progressing well with the initial product shipments already underway.

此外，per se 繼續擴大其設計業務範圍，其應用已擴展到智慧眼鏡和智慧型手機平台，以支援目前和即將推出的產品。力感測產品組合的整合進展順利，首批產品已開始出貨。

Customer engagements and design win activities continue to build and we are increasingly optimistic about the cross-selling opportunities. This combination unlocks across our combined customer base.

客戶互動和設計贏得活動持續增加，我們對交叉銷售機會越來越樂觀。這個組合將惠及我們所有合併後的客戶群。

Moving to our industrial end market. Q4 industrial net sales were $151 million, up 3% sequentially and year over year. With another solid quarter for LoRa, for the full year, industrial revenue was $584 million, 13% over the prior year. LoRa enabled net sales were $39.6 million, in line with the Q3 and up 7% year over year, supported by continued expansion across several application verticals such as smart utilities, smart beauty, smart city and asset management.

轉向我們的工業終端市場。第四季工業淨銷售額為 1.51 億美元，季增 3%，年增 3%。LoRa 又迎來了一個穩健的季度，全年工業收入為 5.84 億美元，比上年增長 13%。LoRa 實現的淨銷售額為 3,960 萬美元，與第三季持平，年增 7%，這得益於智慧公用事業、智慧美容、智慧城市和資產管理等多個應用領域的持續擴張。

For the full year, LoRa revenues were $156 million, representing full year sales of 34%.

全年來看，LoRa 的營收為 1.56 億美元，佔全年銷售額的 34%。

We had a strong presence at the CES this year, showcasing new LoRa application use cases, four themes highlighted in our presence, AI integration multi-protocol connectivity, global network expansion and the convergence of the industrial and consumer IoT together, reflecting a technology that is broadening its reach across a growing range of markets.

今年我們在 CES 上強勢亮相，展示了新的 LoRa 應用用例，重點展示了四個主題：人工智慧整合、多協議連接、全球網路擴展以及工業物聯網和消費物聯網的融合，這反映出該技術正在不斷擴大其在日益增長的市場中的應用範圍。

HII emerged as another defining trend as sensors increasingly process data locally for latency, privacy and bandwidth reasons, our collaboration with an ecosystem partner demonstrated how LoRa on and I work together to enable predictive maintenance in industrial environment. Demand for a solution that combines LoRa with multiple protocol flexibility is accelerating.

由於延遲、隱私和頻寬方面的原因，感測器越來越多地在本地處理數據，HII 成為另一個決定性趨勢。我們與生態系統合作夥伴的合作表明，LoRa on 和我如何共同工作，以實現工業環境中的預測性維護。對兼具 LoRa 和多協議靈活性的解決方案的需求正在加速成長。

In order to facilitate LoRa adoption, we recently signed an agreement with a technology partner to support software development to activate and support other protocols. We are rolling out a Z-Wave first with a Z and a threat and matter to follow. We expect beta units will be available to deployment partners in Q2 of this year, as multiple protocol smart home and security solutions.

為了促進 LoRa 的普及，我們最近與一家技術合作夥伴簽署了一項協議，以支援軟體開發，從而啟動和支援其他協議。我們首先推出 Z-Wave，接下來將有 Z 和威脅以及相關事宜。我們預計測試版產品將於今年第二季提供給部署合作夥伴，作為多協議智慧家庭和安全解決方案。

The markets moved towards a cynical skill solutions is exactly what LoRa is be starting to address reducing complexity for customers while expanding our addressable markets. Customers who purchase LoRa plus transceivers now get royalty free access to an SDK and development tools, silicon and software together from a single source.

市場正朝著一種憤世嫉俗的技能解決方案發展，而這正是 LoRa 開始著手解決的問題：在降低客戶複雜性的同時，擴大我們的目標市場。現在購買 LoRa plus 收發器的客戶可以免版稅地從單一來源獲得 SDK 和開發工具、晶片和軟體。

Additionally, Amazon and Ring announced a new line of LoRa powered sensors spending security, safety and home control applications, all operating on Amazon Sidewalk in plans to launch this product in the US in March, followed by expansion across Canada, Mexico, Europe, Australia and Japan. This demonstrates lower readiness from mass market consumer adoption at Amazon scale, a significant evolution from this industrial and commercial routes.

此外，亞馬遜和 Ring 還宣布推出一系列採用 LoRa 技術的新型感測器，用於安防、安全和家庭控制應用，所有這些都可在 Amazon Sidewalk 上運作。他們計劃於 3 月在美國推出該產品，隨後擴展到加拿大、墨西哥、歐洲、澳洲和日本。這表明，亞馬遜規模的大眾市場消費者接受度較低，這與工業和商業路線相比是一個重大轉變。

The ecosystem continues to scale, now spending over 125 million LoRa and connected devices across 70 countries well beyond the early adoption and into mainstream deployment. With lower technology, we now have established three pillars of low-power connectivity platforms. lower on, Lowes with multiple protocols and Amazon sitework.

該生態系統持續擴展，目前已在 70 個國家/地區投入超過 1.25 億台 LoRa 和連網設備，遠遠超越了早期採用階段，進入了主流部署階段。借助更低的技術，我們現在已經建立了低功耗連接平台的三個支柱。 Lowes 提供多種協議，亞馬遜也提供現場施工服務。

With this, those vectors, we believe LoRa long-term drill rate to be approximately 20% on and quarterly sales to reach from $35 million to $45 million. Our IoT systems and connectivity business recorded Q4 net sales of $89.9 million, up 2% sequentially and down 3% year over year.

基於這些因素，我們認為 LoRa 的長期鑽探速度約為 20%，季度銷售額將達到 3,500 萬美元至 4,500 萬美元。我們的物聯網系統和連接業務第四季淨銷售額為 8,990 萬美元，季增 2%，年減 3%。

For fiscal 2026, we revenues were $354 million, up 9% compared to last year. We continue to bring products to market that address gaps in how industrial customers connect remote infrastructure.

2026 財年，我們的營收為 3.54 億美元，比上年成長 9%。我們不斷推出產品，以解決工業客戶連接遠端基礎設施的不足。

In Q4, we launched the AirLink RX400 and the EX400 the industry's first rugged 5G RedCap routers, purposely built for mission-critical industrial deployments. These routers delivered 5G performance with less than 1 watt of the idle power roughly 1/10 of the draw of standard 5G equipment, making solar and battery backed deployment practical for the first time. This allows our utility oil and gas and transportation customers to operate in remote locations where great power is not always available.

第四季度，我們推出了 AirLink RX400 和 EX400，這是業界首款堅固耐用的 5G RedCap 路由器，專為關鍵任務型工業部署而設計。這些路由器以不到 1 瓦的空閒功耗（大約是標準 5G 設備功耗的 1/10）提供 5G 性能，首次使太陽能和電池支援的部署成為可能。這使得我們的公用事業、石油天然氣和運輸客戶能夠在電力供應不穩定的偏遠地區開展業務。

Customer engagement at the distribute pack in February reinforced our conviction that this product is well timed to address a real market need.

二月在分銷包裝活動中與客戶的互動，更加堅定了我們的信念，即該產品恰逢其時地滿足了真正的市場需求。

Looking back on fiscal 2026. I'm proud of what the team has accomplished. We delivered strong revenue and earnings growth through disciplined executing a differentiated portfolio and a relentless focus on the customers and the markets where Semtech can win. This was not just a strong year financially. It was a year in which we fundamentally strengthened Semtech foundation.

回顧2026財年。我為團隊的成就感到自豪。我們透過嚴格執行差異化的產品組合，並堅持不懈地專注於 Semtech 能夠贏得的客戶和市場，實現了強勁的收入和利潤成長。這不僅僅是財務上表現強勁的一年。這一年，我們從根本上加強了Semtech的基礎。

Looking at where we stand today, I'm more confident than ever in our positioning. The AI data center build-out is one of the most significant infrastructure investment in a generation -- and we believe Semtech is well positioned with a broad purpose build portfolio of solutions designed for 1.6T and 3.2T error.

縱觀我們目前的處境，我對我們的市場地位比以往任何時候都更有信心。人工智慧資料中心建設是近幾十年來最重要的基礎設施投資之一——我們相信，Semtech 擁有廣泛的專用解決方案組合，專為 1.6T 和 3.2T 誤差而設計，因此處於有利地位。

We believe our continued investment in our core assets through R&D and acquisitions helps ensure we are not just keeping pace with the next-generation technology. we are helping to define it. And importantly, we now have the financial flexibility to diligently evaluate and pursue the strategic investments that will accelerate our pets.

我們相信，透過研發和收購不斷投資我們的核心資產，不僅能確保我們跟上下一代技術的步伐，還能幫助定義下一代技術。更重要的是，我們現在擁有了財務靈活性，可以認真評估並進行策略性投資，從而加速我們寵物的發展。

We entered fiscal 2027 with the momentum with a clarity of purpose and with the stronger Semtech than we have had in years. I want to thank our employees, our customers and our shareholders for their continued confidence in us with just getting started and the opportunities ahead has never been more compelling.

我們以清晰的目標和多年來最強大的 Semtech 實力，強勢進入了 2027 財年。我要感謝我們的員工、客戶和股東們一直以來對我們的信任，我們才剛起步，未來的機會從未如此誘人。

Our key focuses for 2027 fiscal year include: one, accelerating business growth by supporting customer reps with sufficient availability and strong operational metrics as we compete in a capacity-constrained environment; two, intensify R&D investment to add new drug drivers and solution differentiation by maintaining diligent governance of R&D investment with the goal of driving customer wins and delivering strong financial returns; three, transform tech by strengthening our winning culture and making major progress in portfolio optimization.

我們 2027 財年的重點工作包括：一、在產能受限的競爭環境中，透過為客戶代表提供充足的可用性和強大的營運指標來加速業務成長；二、透過嚴格管理研發投資，加大研發投入，增加新的藥物驅動因素和解決方案差異化，以贏得客戶並帶來強勁的財務回報；三、透過加強我們的成功文化

With that, I will now turn the call to Mark for additional details on our financial results and our outlook for the first quarter of fiscal; 27. Mark?

接下來，我將把電話轉給馬克，請他詳細介紹我們的財務業績以及我們對第一財季的展望；27.標記？

Thank you, Hong. For Q4, we recorded our eighth consecutive quarter of net sales growth with record net sales of $274.4 million, above the midpoint of our outlook and up 9% year over year.

謝謝你，洪。第四季度，我們連續第八個季度實現淨銷售額成長，淨銷售額達到創紀錄的 2.744 億美元，高於我們預期的中位數，年增 9%。

For the fiscal year, net sales were $1.05 billion, up 15% year over year. Net sales trends by end market, reportable segment and geographic region are included in the accompanying earnings presentation.

本財年淨銷售額為 10.5 億美元，較去年同期成長 15%。隨附的收益報告中包含了按終端市場、可報告細分市場和地理區域劃分的淨銷售額趨勢。

Adjusted gross margin was 51.6%, above the midpoint of our outlook. Total semiconductor products gross margin was 61.7%, up 40 basis points sequentially and up 350 basis points year over year. Total semiconductor products gross margin was above the high end of our outlook range. The result of favorable mix from our LoRa and data center portfolio.

調整後毛利率為 51.6%，高於我們預期值的中位數。半導體產品總毛利率為 61.7%，較上季成長 40 個基點，較去年同期成長 350 個基點。半導體產品總毛利率高於我們預期範圍的上限。這是我們 LoRa 和資料中心產品組合帶來的有利組合結果。

We expect gross margin contributions from new data center products from our copper and optical 1.6T portfolio ramping in the second half of this year will be accretive to both our semiconductor products and Signal Integrity Products gross margin.

我們預計，今年下半年銅纜和光纖 1.6T 產品組合中新增的資料中心產品將提高我們的半導體產品和訊號完整性產品的毛利率。

IoT systems and connectivity gross margin was reflective of mix related to net sales growth and cellular modules with Q4 at 31.6%.

物聯網系統和連接業務的毛利率反映了淨銷售成長和蜂窩模組相關的組合，第四季為 31.6%。

Adjusted net operating expenses were $91.5 million, slightly above the midpoint of our guidance range. Adjusted operating income was $50.0 million. Adjusted operating margin was 18.2%, adjusted EBITDA was $57.4 million, and adjusted EBITDA margin was 20.9%, with all of these metrics above the midpoint of our guidance range.

調整後的淨營業費用為 9,150 萬美元，略高於我們預期範圍的中點。調整後營業收入為5000萬美元。調整後的營業利潤率為 18.2%，調整後的 EBITDA 為 5,740 萬美元，調整後的 EBITDA 利潤率為 20.9%，所有這些指標均高於我們指導範圍的中點。

Reflective of capital structure changes, Semtech was in a net interest income position in Q4 at $0.1 million, which reflects a sizable change from the $11.2 million of net interest expense reported a year ago. For fiscal year 2026, adjusted net interest expense was $11.5 million compared to $70.6 million in fiscal year 2025.

受資本結構變化的影響，Semtech 第四季的淨利息收入為 10 萬美元，與一年前報告的 1,120 萬美元淨利息支出相比，發生了顯著變化。2026 財年調整後的淨利息支出為 1,150 萬美元，而 2025 財年為 7,060 萬美元。

We recorded adjusted diluted earnings per share of $0.44, above the midpoint of our guidance and full year adjusted diluted earnings per share was $1.71. Operating cash flow for Q4 was $61.5 million, sequentially up 30% from $47.5 million and up 84% and from $33.5 million a year ago.

我們錄得調整後稀釋每股收益 0.44 美元，高於我們預期的中點；全年調整後稀釋每股收益為 1.71 美元。第四季經營現金流為 6,150 萬美元，季增 30%（上一季為 4,750 萬美元），較上年同期的 3,350 萬美元成長 84%。

Free cash flow for Q4 was $59.1 million, sequentially up 32% from $44.6 million and up 91% from $30.9 million a year ago. Operating cash flow and free cash flow for the stand-alone fourth quarter each exceeded the amounts reported for all of fiscal year 2025, driven by improvements in both our capital structure and operating performance.

第四季自由現金流為 5,910 萬美元，較上一季的 4,460 萬美元成長 32%，較上年同期的 3,090 萬美元成長 91%。2025 財年第四季獨立營運現金流和自由現金流均超過了全年報告的金額，這主要得益於我們資本結構和營運績效的改善。

Strong cash flow generation has allowed us the operational flexibility to invest in R&D projects as well as to invest strategically via tuck-ins. The increased R&D investment in our core data center LoRa and sensing portfolio has yielded strong returns. The aggregate consideration for the sensing portfolio we acquired in October 2025 and the laser and gain ship business we acquired in March 2026 is less in the free cash flow we generated from Q4.

強勁的現金流使我們能夠靈活地進行運營，投資研發項目，並透過補充投資進行策略性投資。我們在核心資料中心 LoRa 和感測產品組合方面加大研發投入，已獲得豐厚回報。2025 年 10 月收購的感測產品組合和 2026 年 3 月收購的雷射和增益船業務的總對價低於我們從第四季開始產生的自由現金流。

I believe our balancing of R&D spending, along with prudent use of capital for capacity expansion and acquisitions positions us to generate meaningful long-term returns for our shareholders. We ended Q4 with a cash and cash equivalents balance of $195.2 million and debt was $503 million, unchanged from last quarter.

我相信，我們透過平衡研發支出，並謹慎地利用資本進行產能擴張和收購，能夠為股東創造有意義的長期回報。第四季末，我們的現金及現金等價物餘額為 1.952 億美元，債務為 5.03 億美元，與上一季持平。

Our adjusted net leverage ratio was 1.3 as of the close of Q4, down sequentially from 1.5 and down year over year from $2.3 million.

截至第四季末，我們調整後的淨槓桿率為 1.3，季減至 1.5，年減至 230 萬美元。

Now turning to our outlook for the first quarter of fiscal year 2027. We currently expect net sales of $283 million, plus or minus $5 million, up 13% year over year at the midpoint. We expect net sales from the infrastructure end market to increase sequentially, supported by projected sequential data center growth of 12%, including initial copper age production shipments supporting a hyperscaler at the tail end of the quarter.

現在讓我們展望一下2027財年第一季。我們目前預計淨銷售額為 2.83 億美元，上下浮動 500 萬美元，以中間值計算，年增 13%。我們預計基礎設施終端市場的淨銷售額將環比成長，這得益於預計資料中心將季增 12%，其中包括本季末為超大規模資料中心提供支援的初始銅基時代產品出貨量。

We expect net sales from our high-end consumer end market to increase about 9% sequentially or about 13% year over year, benefiting from improved seasonal trends, market share gain in our TVS products and contributions from the Force Sensing portfolio we acquired in the fourth quarter. We expect net sales from our industrial end market to be about flat with LoRa increases offsetting decreases in IoT systems and connectivity.

我們預計，由於季節性趨勢的改善、TVS產品市場份額的成長以及我們在第四季度收購的力感應產品組合的貢獻，我們高端消費終端市場的淨銷售額將環比增長約9%，同比增長約13%。我們預計工業終端市場的淨銷售額將基本持平，LoRa 的成長將抵消物聯網系統和連接方面的下降。

Based on expected product mix and net sales levels, we expect adjusted gross margin to be 52.8%, plus or minus 50 basis points. Our gross margin outlook for our total semiconductor products is expected to be 60.4%, plus or minus 50 basis points, down 130 basis points sequentially and include initial ramp costs from the HieFo acquisition.

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 52.8%，上下浮動 50 個基點。我們對半導體產品整體毛利率的預期為 60.4%，上下浮動 50 個基點，季減 130 個基點，其中包括收購 HieFo 的初期爬坡成本。

Adjusted net operating expenses are expected to be $96.9 million, plus or minus $1 million, resulting in adjusted operating margin at the midpoint of 18.6%. Included in the higher first quarter adjusted operating expense outlook, our R&D costs associated with the addition of the Force Sensing business, along with increased investment support of our growing data center portfolio, including the HieFo acquisition.

調整後的淨營業費用預計為 9,690 萬美元，上下浮動 100 萬美元，調整後的營業利潤率中位數為 18.6%。第一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，以及對我們不斷成長的資料中心組合（包括收購 HieFo）的加大投資支援。

We have demonstrated strong returns on our R&D investment and expect incremental returns from these investments. Adjusted EBITDA is expected to be $59.5 million, plus or minus $3 million, resulting in adjusted EBITDA margin at the midpoint of 21%. We expect adjusted interest and other expense net to be approximately $0.5 million. We expect an adjusted normalized income tax rate of 72% for all of fiscal year 2027, an increase from 15% in fiscal year 2026 due to a geographical shift in pretax profits.

我們的研發投資已獲得豐厚回報，並期望從這些投資中獲得持續的收益。調整後 EBITDA 預計為 5,950 萬美元，上下浮動 300 萬美元，調整後 EBITDA 利潤率中位數為 21%。我們預計調整後的利息和其他費用淨額約為 50 萬美元。我們預計 2027 財年全年調整後的正常所得稅率為 72%，高於 2026 財年的 15%，這是由於稅前利潤的地域性轉移所致。

These amounts are expected to result in adjusted diluted earnings per share of $0.45, plus or minus $0.03 based on a weighted average share count of 96.6 million shares.

預計這些金額將導致調整後的稀釋每股收益為 0.45 美元，上下浮動 0.03 美元，加權平均股數為 9,660 萬股。

Thank you, Mark. We can now turn the call back 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。

(Operator Instructions) Sean O'Loughlin, TD Cowen.

（操作說明）肖恩·奧洛克林，TD Cowen。

Congrats on the solid results and continuing to execute on your strategy. I wanted to ask a question on the HieFo acquisition. I think the strategic rationale you laid out is pretty straightforward. But wondering if you could expand on the initial applications you're targeting, it sounds like mostly transceiver side.

恭喜你們取得如此優異的成績，並持續執行你們的策略。我想問一個關於HieFo收購案的問題。我認為你提出的戰略理由非常明確。但我想請您詳細說明您最初瞄準的應用領域，聽起來主要集中在收發器方面。

And then maybe more importantly, where are you for the Indium phosphide-based products in the qualification or design cycles at some of your customers? And what should be our expectations for when some of that starts to fold into the to model in a material way?

更重要的是，對於您客戶的一些客戶而言，在認證或設計週期中，您基於磷化銦的產品進度如何？那麼，當其中一些因素開始以實質的方式融入模型時，我們應該抱持怎樣的期望呢？

Yes. Thank you, Sean, for the question. So the HieFo product right now in production is a game chip use in tunable lasers. Those are the high-end lasers to support the transmission over 80 kilometers, 40 kilometers for metro and data center interconnect applications by leveraging about four decades of laser design experience and they have been the leading supplier for gaining chips for IPL.

是的。謝謝肖恩的提問。所以，HieFo目前正在生產的產品是一款用於可調諧雷射的遊戲晶片。這些高階雷射器利用了近四十年的雷射設計經驗，支援超過 80 公里的傳輸，以及 40 公里的城域網路和資料中心互連應用傳輸，並且一直是 IPL 晶片的主要供應商。

This is a product already in volume production and demand is increasing. And right now, it's capacity limited. So this product for 2027 probably will be contributing roughly about a high teens level of revenue. But we are adding capacity as we speak in the second week and a proud owner of this asset.

該產品已實現批量生產，且需求不斷增長。而目前，它的容量有限。因此，該產品在 2027 年可能會貢獻約 10% 以上的收入。但就目前而言，我們在第二週增加了產能，我們很自豪能擁有這項資產。

We have also demonstrated will showcase tomorrow at OFC, the intensity modulated direct drive lasers our CW lasers used in optical transceivers. This laser is really well designed to support high conversion efficiency. For example, well plug efficiency at the room temperature the 42%, that is much higher than a typical about 25%. Then over temperature performance is outstanding and the (inaudible) profile is outstanding.

我們還展示了將在明天OFC上展出的強度調製直接驅動雷射器，以及我們在光收發器中使用的CW雷射。這款雷射的設計非常出色，能夠實現很高的轉換效率。例如，室溫下的井塞效率為 42%，遠高於典型的 25% 左右。其過溫性能和（聽不見的）曲線也十分出色。

So that make it much easier to couple into single modfiberour silicon photonics waveguide. And we do not have enough capacity right now to support the industry demand after the announcement, you can just imagine, we've got multiple customers reaching in and asking for samples. So we will be able to provide samples to the key customers to support the evaluation in when we are building capacity to support the future is.

這樣就更容易耦合到單一改質光纖矽光子波導。公告發布後，我們目前的產能不足以滿足產業需求，您可以想像，許多客戶都聯絡我們索取樣品。因此，我們將能夠向主要客戶提供樣品，以支援評估，同時我們也在建立能力以支援未來發展。

As for putting in the model, probably once we have a better understanding on the equipment lead time and the capacity in the future periods, we will provide more guidance on the revenue contribution from laser CW lasers. Right now, we're planning to intercept at 3.2 transceivers, of course, it can support 1.6T transceiver as well.

至於引入該模型，可能要等到我們對未來時期的設備交付週期和產能有更深入的了解之後，我們才會對連續波雷射器的收入貢獻提供更多指導。目前，我們計劃使用 3.2T 收發器進行攔截，當然，它也可以支援 1.6T 收發器。

Great. And I appreciate all the color there. If I could just ask a real quick follow-up maybe for Mark on that topic. How should we be thinking about the CapEx line as you talk about those capacity expansions at Alhambra, I guess maybe Hong alluded to the answer to this question in his previous comment about understanding equipment lead times, but how everybody in the indium phosphide industry seems to be ramping capacity?

偉大的。我很喜歡那裡的色彩。我能否就此事向馬克快速問一個後續問題？當您談到 Alhambra 的產能擴張時，我們該如何看待資本支出？我猜 Hong 可能在他之前關於了解設備交付週期的評論中暗示了這個問題的答案，但是磷化銦行業的每個人似乎都在提高產能？

And are you guys, I guess, for lack of a better term, at the back of the line there?

我想，你們是不是排在隊伍的最後面了？

Yes. So the CapEx intensity is moderate. And the fab already have the key capabilities. Right now, we just need to selectively adding capacity in some areas. So I know the whole industry is ramping up in equipment and equipment fab equipment in high demand as well. but we will be very creative in combined with a new and used market and to look at the fab and test equipment. The intensity, I would say, of the CapEx can be easily supported with, say, for example, 1/4 of the free cash flow as we have demonstrated in the past quarter.

是的。因此，資本支出強度屬於中等水準。而該晶圓廠已經具備關鍵能力。目前，我們只需要在某些地區有選擇地增加產能。我知道整個產業都在加大設備投入，製造設備的需求也很高。但我們會非常有創意地結合新舊市場，考察製造和測試設備。我認為，資本支出的強度完全可以用自由現金流的四分之一來支撐，正如我們在上個季度所證明的那樣。

Yes, Sean, the ramp is over multiple quarters, but I think Semtech's world-class operations team is on it. We really had the planning during diligence and the other good news is all of this CapEx, I believe, is qualifies for 48 investment tax for at 35%, and then there's some additional government programs that are available, especially to strengthen US semiconductor manufacturing capacity.

是的，肖恩，這個成長過程需要好幾個季度，但我相信 Semtech 世界一流的營運團隊正在努力實現它。我們在盡職調查期間確實做了周密的計劃，另一個好消息是，我相信所有這些資本支出都符合 48 項投資稅收優惠政策，稅率為 35%，此外還有一些額外的政府項目可供使用，特別是用於加強美國半導體製造能力。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Hong, Mark, congrats on the results. So my first question is on copper Edge. So as that business now starts to ramp in fiscal '27, can you give us any sense for how big that could be, maybe tens of millions in dollars? And if you can't give us the size perhaps you could at least give us the mix between actual ACC cables versus linear equalizers.

洪馬克，恭喜你取得好成績。所以我的第一個問題是關於Copper Edge的。隨著這項業務在 2027 財年開始加速發展，您能否大致估算一下它的規模，也許會達到數千萬美元？如果你不能提供尺寸信息，或許至少可以告訴我們實際使用的ACM線與線性均衡器的比例。

Yes. So Tore, thank you for the question. So we are supporting the ramp, we're getting forecast and we're getting the materials ready as we gave the guidance in our prepared remarks towards the end of this fiscal year -- well, this fiscal quarter, in April time frame, we'll start shipping to the cable manufacturers who are our direct customers to support volume ramp in the mid of the year. So everything is on schedule.

是的。托雷，謝謝你的提問。因此，我們正在支持產能爬坡，進行預測，並準備材料，正如我們在本財年末的準備發言中給出的指導意見一樣——在本財年第四季度，也就是四月份，我們將開始向我們的直接客戶——電纜製造商發貨，以支持年中的產能爬坡。一切都在按計劃進行。

As for the mix between DC and AC is still -- they are in the process of right now doing the direct level testing system validation. So we will be getting a better idea probably by -- in a month on the support. But we are getting the long-range forecast so that we can get a wafer starts in the fab and prepare the material readiness, as I indicated, that's a very key focus for our operations. So at this point, it's still too early to tell.

至於直流電和交流電的混合情況，他們目前正在進行直接電平測試系統驗證。所以，我們大概會在一個月內對支持情況有更清晰的了解。但我們正在獲取長期預測，以便我們能夠讓晶圓在晶圓廠開始生產，並做好材料準備，正如我所指出的，這是我們運營的一個非常關鍵的重點。所以現在下結論還太早。

But as for Linear Ecolizer on board, there are multiple customers supporting our activities and the -- I do believe that some of those based on the level of engagement, it will be getting qualified within the coming quarters. So just on the leader equalize, the ACC side, the MSA establishment with 112 founding members our tasks and at work already started drafting the specific cases.

但就 Linear Ecolizer 而言，目前有多家客戶支持我們的活動，而且——我相信，根據參與程度來看，其中一些客戶將在未來幾季內獲得認證。因此，在領導平衡方面，ACC方面，擁有112個創始成員的MSA成立，我們的任務和工作已經開始起草具體案例。

This is still the early stage of the ACC in some customers experiencing the different customers experiencing different performance. It is very important to have this MSA and to drive the specification and educate the industry that what to expect with a certain level of the reach and gates and data rate.

對某些客戶而言，ACC仍處於早期階段，不同客戶會體驗到不同的表現。制定這份 MSA 非常重要，它可以推動規範的製定，並讓業界了解在一定的傳輸距離、閘數和資料速率下可以期待什麼。

So with the common understanding of MSA I do believe this technology is going to be proliferated much faster. So we have already seen some other hyperscalers lining up to getting their reg designed by using ACC.

因此，隨著人們對MSA的普遍理解加深，我相信這項技術將會得到更快的普及。所以我們已經看到一些其他超大規模企業排隊等待使用 ACC 設計他們的監管架構。

Yes, that's very helpful. And as my follow-up and maybe more of a clarification question. So you talked about lower growing 20% longer term. But then you talked about a $35 million to $40 million quarterly run rate. You just did $40 million. So what exactly is that $35 million, $45 million range? I mean, are you expecting some volatility this year? Or yes. If you could just clarify what you meant by that.

是的，這很有幫助。作為我的後續問題，或許更確切地說是一個需要澄清的問題。所以你談到了長期成長率降低20%。但你之前提到過季度運作率為 3,500 萬至 4,000 萬美元。你剛剛完成了4000萬美元的業績。那麼，這3500萬美元到4500萬美元的範圍究竟是多少呢？我的意思是，你預計今年市場會出現波動嗎？是的。如果您能解釋一下您這話的意思就太好了。

Yes. Thank you, Terry. So historically, we have been seeing our trend of LoRa revenue has been increasing. But quarter to quarter, it's a little bit bumpy due to the project-based deployment of demand. That's why we give a range of plus/minus $5 million. But you see that sliding scale continue to go up with the center point. So I feel like I have never been this excited about our LoRa strategy.

是的。謝謝你，特里。從歷史數據來看，我們看到 LoRa 的收入呈現成長趨勢。但由於需求是以專案為基礎的部署方式，因此季度之間的波動比較大。這就是為什麼我們給出的範圍是正負 500 萬美元。但你可以看到，隨著中心點的升高，這個滑動標尺一直在上升。所以我覺得我從未像現在這樣對我們的 LoRa 策略感到如此興奮。

It's really with the dual-band to increase the bandwidth to address edge AI applications with LoRa plus to really get multiple applications in one SKU with the software and hardware are supported by us, and with Amazon, the sidewalk in the mass market.

真正實現雙頻是為了增加頻寬，以應對邊緣人工智慧應用，同時藉助 LoRa Plus，真正實現在一個 SKU 中實現多種應用，我們的軟體和硬體都得到了支持，並且與亞馬遜合作，將產品推向大眾市場。

So adding the value-added market we at the mass market really, we got multiple cost drivers. So I think that's why giving us conviction that 20% growth rate is very doable. One we can help the the ecosystem to adopt our LoRa plus protocol faster, we expect the X3 to accelerate.

因此，在大眾市場中加入加值市場後，我們實際上面臨多個成本驅動因素。所以我認為，這就是為什麼它讓我們相信20%的成長率是完全可以實現的。一旦我們能夠幫助生態系統更快地採用我們的 LoRa plus 協議，我們預計 X3 將會加速發展。

Christopher Rolland, Susquehanna

克里斯多福羅蘭，薩斯奎哈納

I guess my first one is on the Indian phosphide laser acquisition. I guess, first, a clarification. This is all going to be internally manufacturers materials. I just wanted to clarify that.

我猜我的第一個問題是關於印度磷化物雷射的採購。我想，首先需要澄清一點。這些都是製造商內部使用的材料。我只是想澄清一下。

And secondly, if you could talk about maybe your go-to-market strategy here and maybe even some revenue synergies with some of your other parts, are you going to kind of bundle this with fiber Edge? Are you going to perhaps go direct to hyperscalers? How are you going to approach this market?

其次，能否談談您的市場推廣策略，以及與其他業務部門的收入綜效？您是否打算將這項服務與光纖邊緣技術捆綁銷售？你是不是打算直接找超大規模資料中心？你打算如何開拓這個市場？

Yes. Thank you, Chris. That's very good questions. To answer your first question, yes, the fab we acquired is vertically integrated, namely, we do the epro of epi wafers, we process wafers. We test it internally, and we do use the ecosystem on back-end packaging to increase the capacity. So that part, we are doing really well.

是的。謝謝你，克里斯。這些都是很好的問題。回答你的第一個問題，是的，我們收購的晶圓廠是垂直整合的，也就是說，我們進行外延晶圓的電化學生產，我們加工晶圓。我們在內部進行了測試，我們在後端打包方面也利用了生態系統來提高容量。所以，那部分我們做得非常好。

This lasers because of the move real process -- so we do internally, that's how we are able to get the superior performance in conversion efficiency and over-temperature performance. As for your second question, go-to-market strategy, you are absolutely right. We know that 100 gig per lane in transition to 200 gig per line that already put so much stress into the ecosystem. So we're really challenging the device designers with the performance margin.

由於採用了實際的製程，這種雷射能夠在轉換效率和過溫性能方面獲得卓越的性能。至於你的第二個問題，就是市場進入策略，你完全正確。我們知道，從每條通道 100G 過渡到每條線路 200G，已經給生態系統帶來了巨大的壓力。因此，我們在性能裕度方面確實對設備設計人員提出了挑戰。

And when we evolve the data rate to 400 gig per mine, they really not hold a lot of margin to give out. So the codevelopment and co-optimize is so key in order to get the best electronic component with the best after electronic component. So now we own two sites of the question. So we'll be able to make a match to provide the best integrated solution.

當我們把每個礦的數據速率提高到 400 GB 時，他們真的沒有太多餘地可以放手了。因此，為了獲得最好的電子元件和最好的後續電子元件，共同開發和共同優化至關重要。所以現在我們擁有了關於這個問題的兩個網站。這樣我們就能找到最佳的整合解決方案。

And when we have that, we will provide the chipset with the reference design to our customer base. This way will be helped to accelerate the time to market for them and in return, will make our components more sticky. Right?

有了參考設計後，我們將向我們的客戶群提供帶有參考設計的晶片組。這樣有助於加快產品上市速度，反過來，也會使我們的產品更具市場吸引力。正確的？

So you use this kind of the electronic component like a TIA, a laser driver, modulator driver using our optical components, you will pretty much get a guarantee to work to deliver 400 gig performance. That's why we're saying we anticipate the major cut-in point is 3.2T transceiver modules. It could be earlier than that.

因此，如果您使用像TIA、雷射驅動器、調製器驅動器這樣的電子元件，並配合我們的光學元件，您幾乎可以保證其能夠提供400G的性能。這就是為什麼我們預計主要的切入點是 3.2T 收發器模組。也可能更早。

That's great. That's a fantastic strategy. One question I get from investors is around the eventuality of CPO, particularly for scale up Jensen here GCC was talking a little bit about the coexistence of both copper and optical in the rack, but some pushback I get from investors is around the role of copper, the closer that optical moves to the ASIC.

那太棒了。那真是個絕妙的策略。我從投資者那裡得到的一個問題是關於 CPO 的最終可能性，特別是對於規模化。 Jensen 在這裡 GCC 談到了一些關於機架中銅纜和光纖共存的問題，但我從投資者那裡得到的一些反對意見是關於銅纜的作用，隨著光纖越來越接近 ASIC。

Obviously, you're expanding your market with lasers here into the CPO world. But perhaps you could also address that kind of pushback on copper where you see copper playing a role, not only in the next two years, but all the way through 2030, for example, even as you move CPO to the ASICs.

顯然，你們正在利用雷射技術將市場拓展到 CPO 領域。但或許你也可以談談對銅的這種抵制，你認為銅不僅在未來兩年內，而且一直到 2030 年都會發揮作用，例如，即使你將 CPO 轉移到 ASIC。

Great. Thank you, Chris. I listened to Jensen's call as well. So basically, what I was trying to say over the last year that he clarified it so well. So copper scale up is always still to be there. And CPL scale up is only more -- making more sense in the multi-rack systems. For example, he was talking about Albon and the 576 across 8 regs that way, because you're using active copper cable, it's very hard to get regs our point-to-point interconnected.

偉大的。謝謝你，克里斯。我也聽了詹森的電話。所以基本上，過去一年我一直想表達的意思，他解釋得非常清楚。所以銅垢問題始終存在。而 CPL 的規模化只會更大——在多機架系統中更有意義。例如，當他談到 Albon 和 576 跨越 8 個規程時，因為你使用的是有源銅纜，所以很難將規程點對點互連。

So you use the first opportunity, the signal out of the XPU to convert into optical. Optical not only be able to interconnect within rec and -- but it can also interconnect between regs. The same thing for the [Cibra] platform, I was talking about NB1 that's also an 8 reg system on the NVL144. And that the CPO scale-up makes sense.

所以你要抓住第一個機會，將 XPU 輸出的訊號轉換成光訊號。光纖不僅可以在規範內部互連，還可以在規範之間互連。[Cibra] 平台也是如此，我指的是 NB1，它也是 NVL144 上的 8 暫存器系統。而 CPO 規模的擴大是合理的。

So in general, I think the copper scale up is going to be the mainstream. It's going to be primarily used for within the rec the CPO scale up is going to be used in multiple reps. So don't put a terminal value on the copper debt. And the industry also are formulating an NPO near package optics as a complement to CPO.

所以總的來說，我認為銅基規模化生產將成為主流。它主要用於 rec 內部，CPO 規模化將在多次重複中使用。所以不要給銅債設定最終價值。業界也在製定近封裝光學元件 (NPO)，作為封裝光學元件 (CPO) 的補充。

So this way, CPO is one company thing, right? but NPL can define a specification to have specific geometry the IO pinout and keep our zone to leverage the entire ecosystems innovation to make it more scalable, more affordable.

這樣看來，CPO 就成了公司的一個部門，對吧？但 NPL 可以定義一個規範，對 IO 引腳排列進行特定的幾何形狀定義，並保持我們的區域利用整個生態系統的創新，使其更具可擴展性、更經濟實惠。

So when in a CPO, we may not have much content in there, except for lasers, but in NPL, we will be all over the place with the laser drivers and TIAs and lasers and even silicon photonics modulator, as I mentioned, that is a very natural expansion of our portfolio by internal development.

所以，在 CPO 中，除了雷射之外，我們可能沒有太多內容，但在 NPL 中，我們將全面涉足雷射驅動器、TIA、雷射器，甚至矽光子調製器，正如我所提到的，這是我們透過內部開發實現的產品組合的自然擴展。

Tristan Gerra, Robert W. Baird.

特里斯坦·傑拉，羅伯特·W·貝爾德。

You've talked about the rising interest from hyperscalers about -- could you talk about the recent RECAP announcement and what it does to the LPO ecosystem? And any way to quantify what the ramp is going to look like medium term and when you expect the big inflection point in LPO revenue.

您曾談到超大規模企業對 LPO 生態系統日益增長的興趣——您能否談談最近的 RECAP 公告及其對 LPO 生態系統的影響？有沒有辦法量化中期內成長動能會如何，以及預計 LPO 收入何時會出現重大轉折點？

Great. Thank you, Tristan. So XPO, Arista just released that MSA. We are a very active member of the XPO defined high-density, low-power provide high reliability MSA for front panel switch, for example, to keep the same relics, but they will be able to collapse the form factor from essentially four RU into one without giving out any capacity.

偉大的。謝謝你，特里斯坦。所以 XPO，Arista 剛剛發布了那份 MSA。我們是 XPO 定義的高密度、低功耗、高可靠性 MSA 的積極成員，例如，用於前面板交換機，以保持相同的遺跡，但它們能夠將外形尺寸從本質上的 4 RU 壓縮到一個，而不會損失任何容量。

So it basically removed the packaging overhead because of liquid cooling is available, they can develop the cold plate so that getting between the optical transceivers. And that is just great. And really that build upon the confidence on LPO and built upon the innovation from the entire ecosystem with multiple module manufacturers.

因此，由於液冷技術的應用，基本上消除了封裝方面的開銷，他們可以開發冷板，從而實現光收發器之間的冷卻。那真是太好了。這確實增強了人們對 LPO 的信心，也增強了整個生態系統（包括多家組件製造商）的創新能力。

NPL on the other hand, is a little bit more involved because that's involved the development of common specification on, say, Geometry (inaudible) the IOs and the short line configurations -- so essentially, MPO is in a way XPO onboard. XPO is high-density package on the front panel of the box. In both configurations, we're going to be having a lot of content in there.

另一方面，NPL 則更複雜一些，因為它涉及通用規範的製定，例如幾何形狀（聽不清楚）IO 和短線配置——所以本質上，MPO 在某種程度上是 XPO 的一部分。XPO是包裝盒正面面板上的高密度包裝。兩種配置下，我們都會在其中放置大量內容。

Again, the laser and the modulator drivers, the modulator itself and I -- and so we welcome this type of MSA. It's really going into our direction.

再說一遍，雷射和調製器驅動器，調製器本身和我——所以我們歡迎這種類型的 MSA。事情的發展確實正朝著我們預想的方向發展。

Okay. That's great color. And then for my follow-up, you've mentioned in the past some ACC opportunities on board. Could you provide maybe a little bit more feedback on what that is, what exactly is the use case for that? And how meaningful that could get over time?

好的。顏色真好看。然後，我的後續問題是，您之前提到過一些ACC的船上工作機會。能否再詳細解釋一下這是什麼，它的具體應用場景是什麼？隨著時間的推移，這又會產生多大的意義呢？

Yes. The copper edge line Ecolizer on board. Our customers are defining five, six different use cases in all to utilize the redrive capability to extend the link and improve the linked budget. So it can be on the switch, can be on the merchant DPU Board can be on the ASIC Board of hyperscalers, can also be on the backplane in an active back point by our cable partners.

是的。船上的銅邊線 Ecolizer。我們的客戶總共定義了五到六個不同的用例，以利用重驅動功能來延長鏈路並改善鏈路預算。所以它可以位於交換器上，可以位於商用 DPU 板上，可以位於超大規模資料中心的 ASIC 板上，也可以透過我們的電纜合作夥伴以主動背板點的方式位於背板上。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

This is [Robert] on for Quinn here. Congrats on the quarter. Just one on you've been doing -- you've been active in doing acquisitions and have expressed intent to increase R&D with some of your capital up into this point. But any updates on potential divestitures? Last we heard, I think, ongoing and roughly in the third or fourth inning. So any update on that process would be great.

這位是羅伯特，他正在替奎因上場。恭喜你本季取得佳績。就你一直在做的事情而言——你一直積極進行收購，到目前為止，你已經表示有意利用部分資金增加研發投入。但關於潛在的資產剝離，有任何最新進展嗎？據我所知，比賽還在進行中，大概進行到第三局或第四局了。所以，如果能提供關於該流程的任何最新進展，那就太好了。

Yes, Robert, thanks for calling in. I'm not really good at sports analogies, but I think that we're making good progress. I'm optimistic in a good conclusion. At this point, I'd say that maybe incremental from last quarter, the interested parties are spending some dollars on external consultants, so financial due diligence and on legal costs.

是的，羅伯特，謝謝你的來電。我不太擅長用運動術語來打比方，但我認為我們已經取得了不錯的進展。我對最終結果持樂觀態度。就目前而言，我認為與上個季度相比，相關各方可能會增加一些支出，例如聘請外部顧問進行財務盡職調查以及支付法律費用。

So we're at that stage. And when there's additional kind of skin in the game, I think that does point towards a successful conclusion of the cellular module divestiture in the near term.

我們現在就到了這個階段。當有更多利益相關者參與其中時，我認為這確實預示著細胞模組剝離將在短期內取得成功。

And just as a follow-up, it sounds like there are many tailwinds coming across for LPO as well as copper. And I think last week, we kind of heard them ramping kind of in a similar time frame this year. Can you just refresh that for us? Is it sounds like ACCs could be ramping a little earlier now -- and then which do you see as the larger revenue opportunity over kind of the coming 12 months?

另外，聽起來LPO和銅業都迎來了許多利多因素。而且我覺得上週，我們好像聽到了他們今年在類似時間內加大力度的聲音。能幫我們刷新一下頁面嗎？聽起來ACC（自動收費系統）的產能提升可能會提前一些——那麼，您認為在接下來的12個月裡，哪種方式會帶來更大的收入機會？

Yes, Robert, so we gave the time line ACC ramp. It's on time, on schedule, and then the 1.6T fiber edge product. And then beyond that, as I said, could be leading the ACC with other hyperscalers, linear equalize on board and lasers and 400 gig.

是的，羅伯特，所以我們給了 ACC 斜坡的時間線。它按時按計劃交付，然後是 1.6T 光纖邊緣產品。而且，正如我所說，除此之外，還可以與其他超大規模資料中心營運商一起引領 ACC，實現板載線性均衡和雷射器，以及 400 千兆乙太網路。

So we like them all. And at this point, it is too early to tell which one is the bigger opportunity develop. We like them all and are going to be contributing pretty significant ways.

所以我們都很喜歡它們。目前來看，要判斷哪一個更有發展潛力還為時過早。我們很喜歡他們，並且會以相當重要的方式做出貢獻。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

You talked about 1.6 starting to grow in your GI business and other places. Can you talk about the line of sight that you have to 800 still growing? I assume it's still growing for now and you're layering in the higher speed on top of it. How long will that persist? And what point does it start transitioning over more?

你提到過你的胃腸道業務和其他地方的成長率達到了 1.6。您能談談目前看到的 800 號公路還在成長的情況嗎？我猜它現在還在生長，而你是在上面疊加更高的速度。這種情況會持續多久？那麼，它從什麼時候開始逐漸過渡到更高級的模式呢？

That's right. So Joe, we did mention in the prepared remarks, the 800 gig is foundation -- the growth is strong. Demand is strong and broad-based. So that's the given that goes very strong, at least throughout FY27.

這是正確的。所以喬，我們在準備好的發言稿中提到過，800G 是基礎——成長強勁。需求強勁且範圍廣泛。所以，至少在整個 2027 財年，這一既定事實將持續非常強勁。

And as for the industry rolling out new XP use and then out the IO goes to 200 gig. So they're going to be evolving into 1.60 and in a low power 1.60 optics we are actually very well positioned even better than 800 gig.

至於產業推出新的 XP 使用方式，然後 IO 達到 200 GB。所以它們將會發展到 1.60，而在低功耗 1.60 光元件方面，我們實際上處於非常有利的地位，甚至比 800 GIG 還要好。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Guys, congratulations on both the execution and a really strategic looking acquisition. Hong, I think near the end of your prepared remarks, you commented that you thought data center year-on-year revenue this year could be up around 50% one, just confirming that I heard that right?

各位，恭喜你們成功執行了這項收購，而且這筆收購看起來確實很有戰略意義。洪先生，我記得您在準備好的發言稿快結束時提到，您認為今年資料中心的年收入可能會增長50%左右，我確認一下我聽到的對嗎？

And two, can you help us understand what the biggest growth drivers are or rank the growth drivers that you see driving that to great growth.

第二，您能否幫助我們了解最大的成長驅動因素是什麼，或對您認為能夠推動巨大成長的驅動因素進行排序？

Yes. Thank you, Craig. Yes, you heard it right. Year over year, we expect the data center revenue to grow 50% this year. So the driver is with hyperscaler 1.6 FiberEdge second half of the year and then there might be even leaner equalizer onboard contributing to the growth.

是的。謝謝你，克雷格。是的，你沒聽錯。我們預計今年資料中心營收將年增 50%。因此，下半年超大規模光纖邊緣運算 1.6 是推動成長的主要因素，而且可能還有更精簡的均衡器加入，從而促進成長。

That's helpful. And then, Mark, congratulations on the strength in YouTube Hong on the strength in semis gross margin and what we're seeing in signal integrity, it's really nice to see those mid-high 60s levels reobtained.

那很有幫助。然後，Mark，祝賀 YouTube Hong 在半導體毛利率方面取得的強勁表現，以及我們在訊號完整性方面看到的進步，很高興看到 60% 以上的水平重新達到。

The comments on accretive second half products, are we signaling that gross margin for the segment could start with a [seven] handle later this year or next year? Or would you still expect to be in the 60s?

關於下半年增值產品的評論，我們是否暗示該部門的毛利率可能會在今年稍後或明年達到 [7] 個把手？還是你仍然認為自己身處60年代？

So the -- the new products that we introduced do have accretive gross margins. So I'm very pleased with that. It's a great return on the R&D that we put into the products and they do contribute to growing gross margin. But we still also have other products, so at 800 gig, right? So I'm not expecting it to be in the 7s, but firmly in the ZIP code.

因此，我們推出的新產品確實具有增值毛利率。所以我對此非常滿意。我們投入產品研發的資金獲得了豐厚的回報，這些投入也確實有助於提高毛利率。但我們還有其他產品，所以是 800 GB，對吧？所以我並不指望它會在7以上，但肯定會在這個範圍內。

Yes. Well, congratulations on where it is.

是的。恭喜你取得這樣的成績。

Cody Acree, Benchmark Stone.

Cody Acree，基準石材。

Maybe just following up on Craig's question. You didn't mention LPOs among the drivers of that 50% data center growth. Any reason for leading that out? And maybe can you just talk about the breadth of expansion of your engagements with ACC and LPOs over the last few months and how you expect that to those to progress over the course of the year?

或許只是想跟進一下克雷格的問題。你沒有提到 LPO 是資料中心成長 50% 的驅動因素之一。有什麼理由要先說明這一點嗎？您能否談談過去幾個月來您與 ACC 和 LPO 合作範圍的擴大情況，以及您預計這些合作在今年將如何發展？

Thank you, Cody. So yes, the LPO continue to grow and as we said that Q4, we delivered just as we gave the guidance, mid-single-digit and signal the first ramp and to continue to ramp on the LPO, but we got them in the fiber edge product category, so included in there. The LPO adoption is proliferating, and that's also built the confidence for this XPO and NPL strategy.

謝謝你，科迪。所以，是的，LPO 繼續成長，正如我們所說，第四季度我們實現了預期目標，實現了個位數中段的成長，標誌著 LPO 的首次爬坡，並將繼續爬坡，但我們將它們納入了光纖邊緣產品類別，所以包含在其中。LPO 的採用正在迅速普及，這也增強了人們對 XPO 和 NPL 策略的信心。

Then ACC is also getting more and more accepted better industry. I mentioned that the hyperscaler -- one hyperscaler started ramping mid-year. And then more hyperscalers are embracing this ACC as well. Linear equalizer with multiple customers, the engagement has been going really strong.

然後，ACC也越來越被業界接受。我提到過，一家超大規模資料中心——一家超大規模資料中心——在年中開始加速擴張。而且越來越多的超大規模資料中心營運商也開始採用這種 ACC 技術。線性均衡器擁有多個客戶，互動效果非常強勁。

So I do believe that we not only have drivers lined up for this year and have multiple drills drivers lined up from future periods beyond FY27.

因此，我相信我們不僅有今年的司機人選，而且還有多名司機從 2027 財年開始就一直擔任訓練司機。

Great. Mark, any thoughts on your OpEx trends for the year?

偉大的。馬克，你對今年的營運支出趨勢有什麼看法？

Yes. So I'm pleased that we're able to have the flexibility to invest in the business. Our outlook for next quarter in OpEx growth is really R&D. So I believe we've demonstrated strong returns on our investment. And our investment in R&D certainly yields stronger returns than interest expense, for example.

是的。所以我很高興我們能夠靈活地對這項業務進行投資。我們對下一季營運支出成長的預期主要來自研發。所以我相信我們已經證明了我們的投資獲得了豐厚的回報。例如，我們在研發方面的投資肯定比利息支出帶來的回報更高。

But we do remain disciplined in our R&D investments, focusing on our core data center portfolio on LoRa and per se. And the two recent acquisitions, do you have some incremental R&D, but these are in our core portfolios.

但是，我們在研發投資方面仍然保持嚴謹的態度，專注於我們基於 LoRa 的核心資料中心產品組合。最近的兩項收購確實帶來了一些增量研發，但這些都屬於我們的核心業務組合。

Scott Searle, ROTH Capital Partners.

Scott Searle，ROTH Capital Partners。

Just real quick on LoRa. I wondering if you could provide a little bit more color in the past. China was such a big percentage of the mix. I'm wondering how it was in the quarter and the pipeline of opportunities there. We continue to diversify away from the Chinese marketplace. And as part of that, Sidewalk has cropped up from time to time as being a large opportunity. It's been, I think, slow to date.

簡單說一下LoRa。我想請您再補充一些過去的背景資訊。中國在其中佔了很大的比例。我想知道本季的情況以及相關的機會儲備。我們將繼續減少對中國市場的依賴，並實現多元化發展。而在這個過程中，Sidewalk 也時不時被視為一個巨大的機會。我認為，到目前為止，進展比較緩慢。

I'm wondering if you could calibrate when we might start to see that contributing in a more meaningful fashion? And as a follow-up, just on the protection and sensing side, I think you indicated that there was a large win that kicks into the first quarter. I wondered if you could just clarify that and provide any additional color.

我想知道您能否估算一下，我們什麼時候才能開始看到它以更有意義的方式發揮作用？作為後續，就保護和感知方面而言，我認為您已經指出，第一節比賽將會取得巨大勝利。我想請您解釋一下，並提供一些補充資訊。

Okay. Thank you. Laura, right now, the gas is broad-based across multiple regions. China certainly is a good driver. And in Europe and in North America, as is equally strong. install benefited from multiple growth drivers out there. So sidewalk, certainly, it had a little bit of fall start several years ago.

好的。謝謝。勞拉，目前天然氣已經擴散到多個地區。中國無疑是個優秀的駕駛員。在歐洲和北美，安裝業務同樣強勁，並受益於多種成長驅動因素。所以人行道，當然，幾年前就開始出現一些倒塌的跡象。

But at OFC, not OFC, in January, they had over 10 product demos, all embedded with LoRa chips inside. So they're going to start to deploy in March in North America. -- had a clear plan to proliferate into other countries. So we will see this time, but that can be a pretty significant opportunity for Semtech, so I will let Mark address the TVS question.

但在一月的OFC展會上，他們展示了超過10款產品，全部都嵌入了LoRa晶片。所以他們計劃從三月開始在北美部署。 ——他們有一個明確的計劃，將業務擴展到其他國家。所以這次我們拭目以待，但這對 Semtech 來說可能是個相當重要的機會，所以我會讓 Mark 回答 TVS 的問題。

Yes. So TVS, we're seeing growth above, let's say, a proxy of handset volume -- unit volumes -- so we have a number of good design wins in TBS. And also, there's a little bit of a geopolitical tailwind that we believe is sustainable over a number of quarters. That's leading to our better-than-seasonal guide for Q1.

是的。所以，TVS 的成長高於，比如說，以手機銷售量（單位數量）為代表的成長，因此我們在 TBS 上取得了一些不錯的設計成果。此外，我們認為地緣政治方面也存在一些有利因素，而這種有利因素可以持續數季。這促成了我們第一季業績超出預期的指導方針。

Great. Nice job on the quarter.

偉大的。這季度表現不錯。

Thank you. I would now like to hand the call back over to Mitch Haws for any closing remarks.

謝謝。現在我想把電話交還給米奇·霍斯，讓他做最後的總結發言。

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 and at OFC starting tomorrow. Thank you.

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，並期待明天開始在OFC上見到您。謝謝。

Thank you again for your participation. You may now disconnect your lines.

再次感謝您的參與。現在您可以斷開線路了。