Semtech Corporation (SMTC) 2027 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Stemtech Corporation's first quarter 2027 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

大家好，感謝您撥冗等候。歡迎參加 Stemtech Corporation 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

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

現在我想把電話會議交給 Semtech 投資人關係資深副總裁 Mitch Haws。請開始。

Thank you and welcome to Semtech's first quarter 2027 financial results conference call. Participants on today's conference call are Hong Hou, President and Chief Executive Officer; and Mark Lin, Executive Vice President and Chief Financial Officer.

謝謝，並歡迎各位參加 Semtech 2027 會計年度第一季財務結果電話會議。今天與會者包括總裁暨執行長 Hong Hou，以及執行副總裁暨財務長 Mark Lin。

Today, after the market close, we released our unaudited results for the first quarter ended April 26, 2026, which are posted along with an earnings call presentation to our Investor Relations website at investors.semtech.com.

今天在收盤後，我們發布了截至 2026 年 4 月 26 日止第一季的未經審計結果，並與財報電話會議簡報一併張貼於我們的投資人關係網站 investors.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 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. You should consider these risk factors in conjunction with our forward-looking statements.

今天的電話會議將包含對未來預期、計畫與展望的各項評論，這些構成前瞻性陳述。請參閱今日新聞稿以及財報簡報第 2 頁，並參考我們最近一期 Form 10-K 年報中的風險因素章節，其中列示多項風險因素，可能導致我們的實際結果與事件與今日電話會議中所預期或推估者出現重大差異。您應將這些風險因素與我們的前瞻性陳述一併考量。

We will refer primarily to non-GAAP financial measures during today's call, and we will also be referring to results for our first quarter of fiscal year 2027 unless otherwise noted. Please see today's press release and Slides 3 and 4 of the earnings presentation for important information regarding notes on our non-GAAP financial presentation.

今天的電話會議中，我們將主要引用非 GAAP 財務衡量指標；除非另有說明，我們也將引用 2027 會計年度第一季的結果。有關我們非 GAAP 財務呈現的重要說明，請參閱今日新聞稿以及財報簡報第 3 與第 4 頁。

The press release and earnings presentation also include reconciliations of our GAAP and non-GAAP financial measures.

新聞稿與財報簡報亦包含 GAAP 與非 GAAP 財務衡量指標之調節表。

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

接下來，我把電話交給 Hong。

Thank you, Mitch. Good afternoon to all of you joining today. Semtech is off to an exceptional start in fiscal year 2027, delivering record quarterly revenue supported by very strong bookings and backlog. We drove strong sequential and year-over-year revenue and earnings growth, expanded our data center and the LoRa design win pipeline, all while advancing our R&D and strategic initiatives.

謝謝你，Mitch。各位今天加入的朋友，下午好。Semtech 在 2027 會計年度有一個非常出色的開局，在非常強勁的訂單與積壓訂單支持下，交出創紀錄的單季營收。我們推動了強勁的季增與年增營收及獲利成長，擴大了資料中心與 LoRa 的設計導入（design win）管線，同時也持續推進我們的研發與策略性計畫。

We believe we have built a robust foundation to solidify and expand our presence in key markets. My strong conviction in Semtech's positioning is rooted in the transformation we have seen across Semtech employees, motivation to engage and partner across the ecosystem and appreciation for the benefits of collaboration.

我們相信已建立穩健的基礎，可在關鍵市場鞏固並擴大我們的布局。我對 Semtech 定位的高度信心，源自於我們在 Semtech 員工身上看到的轉變、跨生態系統投入與合作的動力，以及對協作效益的重視。

The time I have invested has been energizing and I have appreciated opportunities to join my Semtech colleagues in meeting with hyper scalers, device designers, end customers, module manufacturers and our technical partners to understand their technology roadmaps firsthand.

我投入的時間令人振奮；我也很珍惜能與 Semtech 同仁一起拜訪超大規模業者（hyperscalers）、裝置設計商、終端客戶、模組製造商與技術合作夥伴的機會，親自了解他們的技術路線圖。

Those conversations shaped our R&D priorities and gave us first insights into where the industry is heading and how Semtech can remain at the forefront. My team and I spent time with the key suppliers and distributors to round out our understanding of how Semtech can partner with our customers to win from design to delivery.

這些對話形塑了我們的研發優先順序，並讓我們第一手洞察產業走向，以及 Semtech 如何能持續站在最前沿。我和團隊也與關鍵供應商與通路商交流，以更完整理解 Semtech 如何與客戶從設計到交付各環節合作、贏得專案。

Looking at Q1. Revenue was $291 million, up 6% sequentially and up 16% year-over-year, driven by continued outperformance in both data center and Alora. Adjusted diluted earnings per share were $0.51, up 34% year-over-year.

回到第一季。營收為 2.91 億美元，季增 6%、年增 16%，主要受惠於資料中心與 Alora 兩大領域持續優於預期的表現。調整後稀釋每股盈餘為 0.51 美元，年增 34%。

In addition to delivering strong revenue and earnings growth. We are laser-focused on executing our portfolio optimization initiatives. We are pleased to report the divestiture process for our several module business is at its final stages.

除了交出強勁的營收與獲利成長之外，我們也高度聚焦於執行投資組合優化計畫。我們很高興報告，我們的數個模組業務之剝離流程已進入最後階段。

Discussions which are transition and integration in nature are progressing well. We remain confident this business is a compelling opportunity for the right acquirer, and we look forward to bringing this process and transaction to a successful close.

目前以移轉與整合為主的相關討論進展順利。我們仍然相信，對合適的收購方而言，這項業務具有相當吸引力；我們也期待能順利完成此流程與交易。

Now let me move on to a discussion of our end markets. So Q1, infrastructure net sales were $98.8 million, up 14% sequentially, up 36% year-over-year. Strongly supported by our growing data center business. Our net sales for data centers in Q1 were a record $71.6 million, up 14% sequentially and up 39% year-over-year, benefiting from strong demand across our broad portfolio, the result of sustainably increased customer engagement, portfolio alignment and supply assurance.

接下來我談談我們的終端市場。第一季，基礎設施（Infrastructure）淨銷售額為 9,880 萬美元，季增 14%、年增 36%。主要由我們持續成長的資料中心業務強力支撐。第一季資料中心淨銷售額創新高，達 7,160 萬美元，季增 14%、年增 39%；受惠於我們廣泛產品組合的強勁需求，這是客戶互動的持續提升、產品組合對齊以及供應保障所帶來的成果。

The strength is anchored by our strong position in our 800 gig fiber edge portfolio. Demand for our leading TIA solutions is exceptionally strong, growing across a wide range of transceiver programs. Our differentiated technology and ability to supply, both established and emerging module suppliers have qualified us on several new sockets, some on a social basis.

這股動能建立在我們於 800G 光纖邊緣（fiber edge）產品組合的強勢地位之上。我們領先的 TIA 解決方案需求異常強勁，並在多項收發器（transceiver）專案中持續成長。我們的差異化技術與供應能力，使既有與新興的模組供應商在多個新插槽（socket）上完成對我們的資格認證，其中部分是以單一來源（sole-source）方式。

We understand these module suppliers are winning shares in key mega data center deployments. On 800 gig linear pluggable optics or LPO, our fiber edge linear TIA and driver solutions are deployed by several leading hyper scalers across both the US and in China, which contributed to sequential LPO revenue growth, a trend we expect to accelerate overtime time.

我們了解，這些模組供應商正在關鍵的超大型資料中心部署中取得市占。在 800G 線性可插拔光學（linear pluggable optics，LPO）方面，我們的光纖邊緣線性 TIA 與驅動器解決方案已被多家領先的超大規模業者在美國與中國採用，帶動 LPO 營收的季增；我們預期此趨勢將隨時間加速。

We remain confident our foundation in 800 gig will continue to drive revenue growth throughout this year, further augmented by significant opportunities at our 1.6G shipments launching in Q2 and gaining momentum in the second-half of the year.

我們仍有信心，800G 的基礎將在今年持續推動營收成長；此外，第二季開始啟動的 1.6G 出貨，以及下半年動能增強，將帶來更多顯著機會。

On 1.6G optical, we generated significant design wins with the major optical module makers. For their 1.6T transceivers incorporating the latest generation DSPs. This contributed to exceptionally strong bookings and backlog to support module ramps in the second-half of the year.

在 1.6G 光學方面，我們與主要光學模組製造商取得了重要的設計導入（design win）。其 1.6T 收發器採用最新一代 DSP。這也帶來異常強勁的訂單與積壓訂單，以支援下半年模組放量爬坡。

We are also seeing increased conviction from hyper scalers around 1.6T linear receive optics or LRO. And LPO as a preferred solution for a first-layer scale-out fabric due to the substantial power savings. Looking further ahead, we are participating in the development of the MPO or Near Package Optics MSA and to see MPO as a meaningful content expansion opportunity for Semtech.

我們也看到超大規模業者對 1.6T 線性接收光學（linear receive optics，LRO）的信心提升，並將 LPO 視為第一層 scale-out fabric 的偏好解決方案，原因在於可大幅節省功耗。展望更長期，我們正參與 MPO（Near Package Optics）MSA 的開發，並認為 MPO 對 Semtech 而言是具意義的內容擴張機會。

As 800 gig and 1.6 G successes in LPO and LRO gave hyper scalers confidence in the next evolution of high-density and low-power optical solutions. We are also developing derivative components with the same core IP in different form factors to support several MPO projects for leading hyper scalers.

隨著 800G 與 1.6G 在 LPO 與 LRO 的成功，讓超大規模業者對高密度、低功耗光學解決方案的下一階段演進更具信心。我們也正在以相同核心 IP、不同封裝外形（form factor）開發衍生元件，以支援多個面向領先超大規模業者的 MPO 專案。

We are actively participating in and support XPO MSA and the many XPO module designs incorporate our fiber edge chips as they do in the OSLP modules. We believe XPO provides a very compelling alternative to CPO scale out. By leveraging liquid-cooled capabilities, proven technologies and components.

我們正積極參與並支持 XPO MSA，而許多 XPO 模組設計如同在 OSLP 模組中一樣，採用了我們的光纖邊緣晶片。我們相信 XPO 是 CPO scale-out 的一個非常具吸引力的替代方案，可藉由液冷能力、成熟技術與元件來實現。

And established the innovative optical module ecosystem, XPO can provide significant rack space savings along with improved serviceability and better reliability. On the copper side, we are very enthusiastic on copper edge deployment.

結合既有且創新的光學模組生態系，XPO 可帶來顯著的機櫃空間節省，同時提升可維修性並改善可靠度。在銅互連方面，我們對銅邊緣（Copper Edge）部署感到非常振奮。

ACC continues to gain meaningful traction. Customers evaluating ACC against incumbent solutions are seeing compelling advantages in linked margin versus direct attached and the power savings versus DSP-based solutions.

ACC 持續取得實質進展。客戶將 ACC 與既有解決方案比較評估時，看到相較於直連（direct attach）在連結距離/裕度方面的明顯優勢，以及相較於 DSP 架構解決方案的功耗節省。

Consistent with our expectations, in Q1, we started shipping Copper Edge 1.6T IECs to our cable partners for deployment at a US hyper scaler. In onboard integration applications, including active backplane, copper edge linear equalizers are gaining momentum.

符合我們的預期，第一季我們開始向纜線合作夥伴出貨 Copper Edge 1.6T IECs，以部署於一家美國超大規模業者。在板上整合（onboard integration）應用（包括主動式背板）方面，銅邊緣線性等化器正持續累積動能。

Just as we were confident of ACC's acceptance and ramp in the market, we have increased confidence this engagement will convert into design wins and widespread market adoption. Based on our engagement across different sectors of the industry, we believe we are creating a multi-year pipeline of corporate edge opportunities, design wins and revenue.

正如我們對 ACC 在市場上的接受度與放量充滿信心一樣，我們也更有信心這項合作將轉化為設計導入（design wins）並在市場上廣泛採用。基於我們在產業不同領域的合作互動，我們相信我們正在建立一條為期多年的企業邊緣（corporate edge）機會、設計導入與營收管線。

Looking forward, we are excited by the opportunity from the Hafo acquisition we completed in March. Hafo is reported in our signal integrity product segment. And its indium phosphide photonic products are reported in the data center end market.

展望未來，我們對於3月完成的 Hafo 收購所帶來的機會感到振奮。Hafo 併入我們的訊號完整性（signal integrity）產品部門報告。其磷化銦（InP）光子產品則歸類於資料中心終端市場。

These products are a strategic building block in 1.6T and 3.2T optical modules and a key pillar in our strategy to support next-generation data center requirements. We believe our game chips has become the industry standard, providing higher power and serving as reliable building blocks in tunable lasers for coherent modulation applications in metro and data center interconnects.

這些產品是 1.6T 與 3.2T 光模組的策略性基石，也是我們支援下一代資料中心需求策略中的關鍵支柱。我們相信我們的 game chips 已成為產業標準，提供更高功率，並作為可調式雷射在都會網與資料中心互連之相干調變應用中的可靠基礎元件。

Game chip demand currently exceeded our supply, but our capacity expansion plan is on schedule. We believe our continuous wave of CW laser design is uniquely differentiated to deliver higher conversion efficiency, superb far-field beam profile and over-temperature performance and narrower line width.

目前 game chip 的需求已超過我們的供應能力，但我們的產能擴充計畫正按進度推進。我們相信我們的連續波（CW）雷射設計具備獨特差異化，可提供更高的轉換效率、優異的遠場光束輪廓與耐高溫表現，以及更窄的線寬。

These lasers have been sampled to and evaluated by several major module manufacturers for coherent light modules in scale across applications. Concurrently, we are optimizing our laser drivers and TIAs for coherent light applications. We plan to provide a comprehensive suite of photonic and electronic component solutions for these emerging high-volume applications.

這些雷射已提供給多家主要模組製造商取樣並評估，用於跨多種應用的大規模相干光模組。同時，我們也在為相干光應用優化我們的雷射驅動器與跨阻放大器（TIA）。我們計畫為這些新興的高出貨量應用提供完整的光子與電子元件解決方案組合。

In addition, we are also working with the key customers to make dense wavelength division multi-plexing or DWDM lasers optimized for emerging CPO scale-up applications based on the newly established OCI MSA. This is exactly the kind of strategic investment we believe creates durable and compounded value.

此外，我們也正與關鍵客戶合作，基於新成立的 OCI MSA，打造針對新興 CPO 擴展（scale-up）應用最佳化的密集波分多工（DWDM）雷射。這正是我們認為能創造持久且複利價值的策略性投資。

Not just a single product win, but a platform capability that strengthens our position across a broad spectrum of optical architectures our customers are building to work. Semtech is uniquely positioned at this intersection with a portfolio that stands scale up, scale out and scale across. Addressing the full hyperscale interconnect stack across both near-term deployments and next-generation architecture data, 800 gig, 1.6G, 3.2G and beyond.

這不僅是一個單一產品的勝出，而是一種平台能力，能在客戶正在建構的各式光學架構中全面強化我們的地位。Semtech 憑藉其產品組合，能同時支援 scale up、scale out 與 scale across，因而在此交會點上具備獨特優勢。我們涵蓋完整的超大規模（hyperscale）互連堆疊，兼顧短期部署與下一代架構資料，包括 800G、1.6G、3.2G 及更高。

Finally, given the strength and adapt of our backlog, expanding design win momentum and 1.6G fiber edge and copper edge inflection building into the second-half. We are targeting 35% sequential revenue growth in Q2 for data center, which would represent 85% growth over the same period last year. Based on the current order trend, we expect accelerating demand throughout fiscal year 2027 and beyond.

最後，鑑於我們在手訂單（backlog）的強勁與適配性、設計導入動能的擴大，以及 1.6G 光纖邊緣與銅纜邊緣拐點在下半年逐步形成。我們目標資料中心業務在第二季（Q2）實現 35% 的季增營收成長，這將代表較去年同期成長 85%。基於目前的訂單趨勢，我們預期需求將在 2027 會計年度及之後持續加速。

Now moving to the high-end consumer end market. Net sales for Q1 were $38.4 million, up 5% sequentially and up 8% year-over-year. Our TVS business continues to demonstrate impressive resilience and momentum with the revenue growth outpacing underlying handset volumes.

接著談高階消費性終端市場。第一季（Q1）淨銷售額為 3,840 萬美元，季增 5%，年增 8%。我們的 TVS 業務持續展現令人印象深刻的韌性與動能，營收成長速度超越底層手機出貨量。

We continue winning shares and expanding content at the premium brand handset manufacturers. Our differentiated technology is aligned with the right customers and the alignment is translating into consistent design win momentum that we expect to continue.

我們持續在高階品牌手機製造商中提升市占並擴大單機內容（content）。我們的差異化技術與正確的客戶高度契合，而這種契合正轉化為穩定的設計導入動能，我們預期將持續延伸。

Beyond handset, we are actively expanding the TVS franchise into higher value applications. Our newest third switch solution is the industry's first circuit protection device to deliver near-constant clamping voltage for high voltage power delivery applications, addressing a meaningful protection gap as more demanding power standards extend into rugged mobile devices and high-performance portable systems.

除手機之外，我們也正積極將 TVS 產品線擴展至更高價值的應用。我們最新的第三開關（third switch）解決方案是業界首款可在高電壓供電（power delivery）應用中提供近乎恆定箝位電壓的電路保護元件，因應更嚴苛的電力標準延伸至強固型行動裝置與高效能可攜式系統所帶來的重要保護缺口。

These are environments that require consistent, reliable protection across extreme temperature range and operating conditions, and our solution is purpose-built to meet that bar. We see this as a natural and incremental content expansion that broadens the TVS opportunity beyond our core Handset market.

這些環境需要在極端溫度範圍與操作條件下提供一致且可靠的保護，而我們的解決方案是為達成此標準而量身打造。我們將此視為一種自然且循序漸進的內容擴張，讓 TVS 的機會不再侷限於我們核心的手機市場。

We continue to expand our per se capacitive sensor design wins. In specific absorption rate and smart variable applications. The addition of the force sensor business enriches our high-end consumer portfolio, expand application verticals and pulls through some cap and TVS sales with the same customer base. The synergies have played out as we planned.

我們也持續擴大我們在 per se 電容式感測器的設計導入。涵蓋特定吸收率（SAR）與智慧可變（smart variable）等應用。新增的力感測器（force sensor）業務豐富了我們的高階消費性產品組合，擴展應用垂直領域，並在相同客戶基礎上帶動部分電容與 TVS 的銷售。這些綜效已如我們規劃般逐步展現。

For the high-end consumer end market, we expect sequential revenue growth driven by improving seasonality layered on top of the sheer and constant gains that are becoming a defining characteristic of this business.

就高階消費性終端市場而言，我們預期營收將呈現季增，動能來自季節性改善，並疊加在這項業務日益明顯的市占與內容持續提升之上。

Moving to our industrial end market, Q1 industrial net sales. Were $153.9 million, up 2% sequentially and up 8% year-over-year, driven by another great quarter for LoRa. LoRa-enabled net sales were $44.5 million, up 12% quarter-over-quarter and up 14% year-over-year, supported by continued expansion across several application verticals such as smart utilities. Smart building, smart city and asset management.

接著談工業終端市場，第一季（Q1）工業淨銷售額。為 1.539 億美元，季增 2%，年增 8%，主要受惠於 LoRa 再度繳出亮眼的一季。LoRa 相關淨銷售額為 4,450 萬美元，季增 12%，年增 14%，並在智慧公用事業等多個應用垂直領域持續擴張的支持下成長。包括智慧建築、智慧城市與資產管理。

As edge AI transitions from concept to deployment reality, LoRa-plus is emerging as a key enabler. Our fourth generation LoRa platform delivers dual band capability while dramatically expanding data throughput to 2.6 megabit per second, a step change increase. That unlocks the new AI application classes.

隨著邊緣 AI 從概念走向實際部署，LoRa-plus 正成為關鍵推動者。我們第四代 LoRa 平台提供雙頻能力，同時將資料吞吐量大幅提升至每秒 2.6 兆位元（Mbps），屬於躍升式的提升。這將解鎖新的 AI 應用類別。

At the same time, LoRa-plus maintains the best-in-class sensitivity, multi-protocol flexibility and ultra-low power consumption that defines the LoRa advantage, preserving the extended reach and the long battery life our customers depend on.

同時，LoRa-plus 仍維持同級最佳的靈敏度、多協定彈性與超低功耗，這些正是 LoRa 優勢的核心，並保留客戶所依賴的長距離覆蓋與長電池壽命。

We are seeing LoRa-plus gaining traction across a broadened set of use cases. LoRa-connected public safety sensors can now transmit high-fidelity audio and AI verification rather than simple alert. In healthcare, fault detection systems can relay visual confirmation before dispatching responders.

我們看到 LoRa-plus 正在更廣泛的使用情境中加速獲得採用。LoRa 連網的公共安全感測器如今可傳輸高保真音訊與 AI 驗證，而不僅是簡單警報。在醫療照護領域，故障偵測系統可在派遣應變人員前先回傳影像確認。

In industrial environments, predictive maintenance. Sensors can analyze vibration, thermal and acoustic profile with a level of detail that legacy low-power sensors could not support. We have established three distinct and complementary pillars of our low-power connectivity platforms, LoRaWAN for industrial and commercial deployments LoRa-plus with multiple protocol flexibility for smart home and security market. And Amazon Sidewalk for mass market consumer applications.

在工業環境中，預測性維護。感測器可分析振動、熱與聲學特徵，其細緻程度是傳統低功耗感測器無法支援的。我們已建立低功耗連線平台的三大明確且互補支柱：用於工業與商業部署的 LoRaWAN；具多協定彈性、面向智慧家庭與安防市場的 LoRa-plus。以及用於大眾市場消費性應用的 Amazon Sidewalk。

Together, these growth vectors give rise to accelerated growth in our LoRa business as we target LoRa revenue at an all-time high with greater than 15% sequential quarterly revenue growth for Q2. Our IoT systems and connectivity business recorded Q1 net sales of $88.3 million, down 2% sequentially and up 2% year-over-year.

綜合這些成長向量，我們的 LoRa 業務將迎來加速成長；我們以 LoRa 營收創歷史新高為目標，並預期第二季（Q2）單季營收季增超過 15%。我們的 IoT 系統與連線業務第一季（Q1）淨銷售額為 8,830 萬美元，季減 2%，年增 2%。

Our newly released Airlink RX-400 and EX-400 routers are generating strong industry reception. These are industry-leading low-power 5G cellular system, purpose-built for mission-critical applications, and the feedback from customers has been consistently positive.

我們新發布的 Airlink RX-400 與 EX-400 路由器在業界獲得強烈回響。這些是業界領先的低功耗 5G 行動通訊系統，專為任務關鍵型應用打造，客戶回饋一貫正面。

I recently attended our annual Airlink Partner Summit alongside national carriers, integration partners and value-added resellers, and the enthusiasm for both router performance and our upgraded Airlink management software was clear.

我最近與全國性電信業者、整合合作夥伴與加值經銷商一同出席我們年度 Airlink 夥伴高峰會，大家對路由器效能以及我們升級後的 Airlink 管理軟體的熱情顯而易見。

The close collaboration with our channel partners position us to scale successful use cases from regional to national deployments and accelerate this high-margin business. We are off to a strong start and the momentum is building. Our data center business is firing on all cylinders.

與通路夥伴的緊密合作，使我們能將成功的使用案例從區域部署擴展到全國部署，並加速這項高毛利業務。我們已取得強勁開局，動能正在累積。我們的資料中心業務正全速運轉。

LoRa is entering a new chapter of growth. And the strategic decisions we have made in prioritizing key R&D efforts, enhancing supply assurance and portfolio optimization are all translating into tangible results and the financial flexibility to pursue strategic opportunities. Our priority for fiscal 2027 are straightforward.

LoRa 正在進入新的成長篇章。而我們在優先投入關鍵研發工作、強化供應保障與產品組合最佳化方面所做的策略決策，正轉化為具體成果，以及追求策略性機會所需的財務彈性。我們對 2027 會計年度的優先事項很明確。

First, accelerating growth by supporting customer ramps with the availability and operational excellence required to compete in this capacity-constrained environment. Second, intensifying R&D investment to add new growth drivers and deepen our solution differentiation, specifically in component offerings for Coherent Light, CPO, LoRa and sensors.

第一，在這個產能受限的環境中，透過提供具備可用性與營運卓越所需的支援，協助客戶加速放量以推動成長。第二，加大研發投資以新增成長動能並深化我們解決方案的差異化，特別是在相干光（Coherent Light）、CPO、LoRa 與感測器的元件產品供應上。

And third, continuing to transform Semtech by strengthening our culture and completing the initial steps of portfolio optimization. We are just getting started and the opportunities ahead have never been more compelling.

第三，持續推動 Semtech 轉型，強化企業文化並完成產品組合最佳化的初步步驟。我們才剛開始，未來的機會從未如此令人振奮。

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

接下來我把電話交給 Mark，請他補充我們的財務結果以及第二季展望的更多細節。

Mark?

Mark？

Thank you, Hong. For Q1, we recorded our ninth consecutive quarter of net sales growth with record net sales of $291 million, above the high end of our outlook range. Net sales grew 16% year-over-year, while adjusted diluted earnings per share of $0.51 increased 34% year-over-year. Net sales trends by end market, reportable segment and geographic region are included in the accompanying earnings presentation.

謝謝你，Hong。第一季（Q1），我們連續第九個季度實現淨銷售成長，淨銷售額創新高達 2.91 億美元，高於我們展望區間的上緣。淨銷售年增 16%，而調整後稀釋每股盈餘（EPS）0.51 美元年增 34%。依終端市場、可報告部門與地理區域劃分的淨銷售趨勢，已包含在隨附的財報簡報中。

Adjusted gross margin was 53%, 20 basis points above the midpoint of our outlook and total semiconductor products gross margin was 60.7%, 30 basis points above the midpoint of our outlook, both reflective of favorable mix from our data center and LoRa portfolio.

調整後毛利率為 53%，較我們展望中點高 20 個基點；整體半導體產品毛利率為 60.7%，較我們展望中點高 30 個基點；兩者皆反映資料中心與 LoRa 產品組合帶來的有利產品組合效應。

For our Signal Integrity Products segment, Q1 gross margin was 62.7% compared to 67.4% in Q4. Q1 is the first quarter of operating our recently acquired indium phosphide facility. This facility is in ramp mode to meet very strong customer demand, and I'm pleased with the integration team's progress in meeting its operating and financial targets.

在訊號完整性產品（Signal Integrity Products）部門，第一季毛利率為 62.7%，相較第四季的 67.4%。第一季是我們營運近期收購的磷化銦（InP）廠房的第一個季度。該廠房正處於爬坡增產階段，以滿足非常強勁的客戶需求；我也很高興整合團隊在達成其營運與財務目標方面的進展。

We continue to expect gross margin contributions from our 1.6T data center portfolio to be accretive to both our total semiconductor products and Signal Integrity products gross margin. Gross margin for IoT Systems and Connectivity was 35.8%, up sequentially from Q4's 31.6%.

我們仍預期 1.6T 資料中心產品組合對整體半導體產品以及訊號完整性產品毛利率的貢獻將具增益（accretive）。IoT 系統與連接（IoT Systems and Connectivity）毛利率為 35.8%，較第四季的 31.6% 連續成長。

Adjusted net operating expenses were $95.1 million, slightly favorable to the low end of our guidance range, reflective of timing on project-related expenses. Demonstrating the operating leverage in our business, a number of metrics were favorable to the high end of our guidance range, including adjusted operating income of $59.3 million, adjusted operating margin of 20.4%, adjusted EBITDA of $66.4 million and adjusted EBITDA margin of 22.8%.

調整後淨營運費用為 9,510 萬美元，略優於我們指引區間的下緣，反映專案相關費用的時點差異。展現我們業務的營運槓桿效應，多項指標優於我們指引區間的上緣，包括調整後營業利益 5,930 萬美元、調整後營業利益率 20.4%、調整後 EBITDA 6,640 萬美元，以及調整後 EBITDA 利益率 22.8%。

Reflective of capital structure changes, Semtech remained in a net interest income position in Q1. We recorded adjusted diluted earnings per share of $0.51, above the high end of our guidance range. Operating cash flow for Q1 was $36.2 million, sequentially down 41% from $61.5 million and up 30% from $27.8 million a year ago.

反映資本結構變動，Semtech 在第一季仍處於淨利息收入狀態。我們錄得調整後稀釋每股盈餘 0.51 美元，高於指引區間上緣。第一季營運現金流為 3,620 萬美元，較前一季的 6,150 萬美元季減 41%，較去年同期的 2,780 萬美元年增 30%。

Free cash flow for Q1 was $28 million, sequentially down 53% from $59.1 million and up 7% from $26.2 million a year ago. Q1 operating and free cash flow reflect fiscal year 2026 annual bonus payments. In addition, net acquisition consideration of $29.2 million is reflected in our Q1 ending cash and cash equivalents balance of $163.3 million.

第一季自由現金流為 2,800 萬美元，較前一季的 5,910 萬美元季減 53%，較去年同期的 2,620 萬美元年增 7%。第一季的營運與自由現金流反映了 2026 會計年度年度獎金的支付。此外，淨收購對價 2,920 萬美元已反映在第一季期末現金及約當現金餘額 1.633 億美元之中。

Principal amount of debt was $503 million, unchanged from last quarter. Now turning to our outlook for the second quarter of fiscal year 2027. We currently expect net sales of $328 million, plus or minus $5 million, up 13% sequentially and up 27% year-over-year at the midpoint, with growth expected across each of our three segments.

債務本金金額為 5.03 億美元，與上季持平。接著談 2027 會計年度第二季展望。我們目前預期淨銷售額為 3.28 億美元，上下浮動 500 萬美元；以中點計，季增 13%、年增 27%，且預期三大部門皆將成長。

We expect net sales from our infrastructure end market to increase sequentially with projected sequential data center growth of 35%, supported by accelerating shipments of 800 gig and 1.6T components. We expect net sales from our high-end consumer end market to increase, benefiting from improved seasonal trends, market share gain on our TVS products and contributions from our sensing portfolio.

我們預期基礎設施終端市場的淨銷售將較前一季增加，其中資料中心預估季增 35%，主要受 800G 與 1.6T 元件出貨加速所支撐。我們預期高階消費終端市場的淨銷售將增加，受惠於季節性趨勢改善、我們 TVS 產品的市占提升，以及感測產品組合的貢獻。

We expect net sales from our industrial end market to broadly grow with accelerating contributions from LoRa, IoT Systems and Connectivity and industrial TVS. Based on expected product mix and net sales levels, we expect adjusted gross margin to be 54%, plus or minus 50 basis points. At the midpoint, this equates to an increase of 100 basis points sequentially and 80 basis points year-over-year.

我們預期工業終端市場的淨銷售將整體成長，LoRa、IoT 系統與連接以及工業用 TVS 的貢獻將加速。基於預期的產品組合與淨銷售水準，我們預期調整後毛利率為 54%，上下浮動 50 個基點。以中點計，這相當於季增 100 個基點、年增 80 個基點。

Our gross margin outlook for our total semiconductor products is expected to be 62.1%, plus or minus 50 basis points. At the midpoint, this equates to an increase of 140 basis points sequentially and year-over-year, reflective of stronger data center and LoRa mix.

我們對整體半導體產品的毛利率展望預期為 62.1%，上下浮動 50 個基點。以中點計，這相當於季增與年增各 140 個基點，反映資料中心與 LoRa 產品組合更強勁。

Adjusted net operating expenses are expected to be $105.2 million, plus or minus $2 million. Included in this outlook is increased R&D spend to accelerate time to market on key data center projects, along with SG&A that declines as a percentage of revenue.

調整後淨營運費用預期為 1.052 億美元，上下浮動 200 萬美元。此展望包含增加研發支出以加速關鍵資料中心專案的上市時程，以及銷售、一般及行政費用（SG&A）占營收比重下降。

We have demonstrated strong returns on our R&D investment and believe we remain prudent on SG&A spend. This results in adjusted operating margin at the midpoint of 21.9%, up 150 basis points sequentially and up 310 basis points year-over-year. Adjusted EBITDA is expected to be $79.2 million, plus or minus $2.3 million, resulting in adjusted EBITDA margin at the midpoint of 24.2%, up 140 basis points sequentially and up 230 basis points year-over-year.

我們已證明研發投資帶來強勁回報，並相信我們在 SG&A 支出上仍保持審慎。因此，調整後營業利益率以中點計為 21.9%，季增 150 個基點、年增 310 個基點。調整後 EBITDA 預期為 7,920 萬美元，上下浮動 230 萬美元；以中點計，調整後 EBITDA 利益率為 24.2%，季增 140 個基點、年增 230 個基點。

We expect adjusted interest and other expenses net to be approximately $0.5 million. We expect an adjusted normalized income tax rate of 17%, consistent with last quarter's outlook. These amounts are expected to result in adjusted diluted earnings per share of $0.61, plus or minus $0.02, up 20% sequentially and up 49% year-over-year at the midpoint based on a weighted average share count of 97.7 million shares.

我們預期調整後利息及其他費用淨額約為 50 萬美元。我們預期調整後常態化所得稅率為 17%，與上季展望一致。上述金額預期將使調整後稀釋每股盈餘為 0.61 美元，上下浮動 0.02 美元；以中點計，在加權平均股數 9,770 萬股的基礎上，季增 20%、年增 49%。

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

謝謝你，Mark。我們現在可以把電話交回給接線員，進行問答環節。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

Rick Schafer, Oppenheimer & Company.

Rick Schafer，Oppenheimer & Company。

Thanks, guys, for letting me ask you a question. Congrats on another good quarter. Just if I could. Maybe my first question, I didn't hear you mention it on the call, and I'm sorry if I missed it, but where do we sit now with ACC MSA specs?

謝謝各位讓我提問。恭喜又交出一個不錯的季度。如果可以的話。也許我的第一個問題，我在電話會議中沒有聽到你們提到；如果我漏聽了先說聲抱歉，但目前 ACC MSA 規格的進度到哪裡了？

And when do you expect that we'll get those specs finalized? Because I'm really curious if you think interoperability is holding back the ACC ramp at all? And if you think ratification, I mean, does that create sort of that dam burst moment with some of the other CSPs? So that's my first question. I'm just curious what you think about that.

你們預期何時能把這些規格定案？因為我很想知道，你們是否認為互通性（interoperability）在某種程度上拖慢了 ACC 的放量？以及你們是否認為完成核准（ratification）會不會為其他 CSP 帶來某種「水壩潰堤」式的爆發時刻？這是我的第一個問題。我只是想了解你們對此的看法。

Yeah, Rick, thank you. That's a good question. I did not mention in my prepared script, but that's a good point. So MSA, they announced right around the design c time. They're still working on finalizing the specification.

是的，Rick，謝謝你。這是個好問題。我在事先準備的講稿裡沒有提到，但你說得很對。所以關於 MSA，他們大概在設計定案（design c）前後就宣布了。他們仍在努力敲定規格。

You are right. When every industry participants, they are on the same page, they will help to accelerate the adoption of the ACC. Currently, they are working on the common denominators, as you can imagine, from different cable manufacturers. There are some related to the cable design.

你說得沒錯。當所有產業參與者都達成共識、站在同一頁時，將有助於加速 ACC 的採用。目前，他們正在針對不同線纜製造商之間的共同基礎（common denominators）進行協調，這點你可以想像。其中有一些與線纜設計相關。

There are some performance related to the manufacturing processes. They just wanted to segregate those different impacts and define a standard and specification that every cable manufacturer can go with and sign off for. So yeah, that can be a catalyst for more accelerated adoption of ACC.

也有一些與製造流程相關的性能面因素。他們只是希望把這些不同影響因素區隔開來，並定義一套每家線纜製造商都能遵循並簽核的標準與規範。所以是的，這可能會成為推動 ACC 更快速採用的催化劑。

And for my follow-up, just on the supply side, I mean, you guys are clearly seeing a step that step-up in growth in 2Q. And I heard you loud and clear talk about acceleration through the year on the top line. So my big question is, I mean, do you see any curves on your ability to capture some of that upside that's coming through, capture some -- continue to capture share like you're doing?

那我追問一下，主要是供應端的部分。我是說，你們顯然看到第二季成長有一個明顯的躍升。而且我也很清楚聽到你們談到今年營收端會加速。所以我最大的問題是，你們是否看到在把握即將到來的上行需求方面，能力上會有任何限制？也就是說，能否像現在這樣持續拿下市占？

I mean -- and maybe if you could level set us on what top line -- basically what top line currently -- current capacity actually supports?

我的意思是——也許你可以幫我們校準一下：以目前的產能來看，基本上能支撐到什麼樣的營收規模？

Yeah, Rick, that's a great question. This is a time capacity is king. So we anticipated that we started working on the capacity and availability. You hear me like a broken record to talk about making it available over the past quarters. And we started about 18 months ago.

是的，Rick，這是個很好的問題。現在這個時點，產能為王。所以我們預期到這點，已經開始著手處理產能與供應可得性。你會聽到我像跳針一樣，在過去幾個季度一直在談「把供應做出來、讓它可得」。而我們大約在 18 個月前就開始了。

I am so happy to say that in this very supply-constrained environment, we're doing quite well. We have the availability. We have the right product. We have the right customer engagement. We can support even the drop in orders. That's why our momentum is building so fast.

我很高興地說，在這個供應非常吃緊的環境下，我們做得相當不錯。我們有供應可得性。我們有正確的產品。我們有正確的客戶互動與投入。我們甚至可以支撐訂單下滑的情況。這也是為什麼我們的動能建立得這麼快。

Going forward, looking into the visibility, the booking and the outlook opportunities, clearly, the capacity we have put in place is not going to be serving us well going forward. And we have already started effort lining up with our foundry and OSAT partners, adding capacity in testing. So we are building capacity further double or triple the current capacity. And that's how our conviction is supporting our current planning process.

往前看，從能見度、接單（booking）以及展望機會來看，很明顯，我們目前已建置的產能，未來將不足以支撐我們的需求。我們已經開始與晶圓代工與 OSAT 夥伴協調，並在測試端增加產能。因此我們正在進一步擴充產能，目標是達到目前產能的兩倍或三倍。這也是我們的信心所支撐的、目前規劃流程的依據。

Sean O'Loughlin, TD Cowen.

TD Cowen 的 Sean O'Loughlin。

Great. Thanks, gentlemen. Good afternoon, and thanks for letting me hop on and ask a question here. Congrats on, obviously, the really solid results and guidance. Hong, one of the things that I perked up at during your prepared remarks was you mentioned the narrow linewidth CW lasers in the context of coherent light, but then you talked about DWDM and the OCI MSA in the CPO scale-up side.

很好。謝謝各位先生。午安，謝謝讓我加入並在這裡提問。恭喜你們，顯然交出了非常扎實的業績與財測指引。Hong，你在事先準備的發言中有一點讓我特別注意：你在相干光（coherent light）的脈絡下提到窄線寬 CW 雷射，但接著在 CPO scale-up 的部分又談到 DWDM 與 OCI MSA。

And I thought that was interesting because I think that the CW and ultra-high power lasers is kind of how we're going about CPO for scale up today, but maybe you're anticipating a shift in how we're going after that in the future.

我覺得這很有意思，因為我認為目前我們在做 CPO scale-up 時，採用的路徑比較像是 CW 與超高功率雷射，但也許你是在預期未來我們追求那個方向的方式會有所轉變。

And I was just wondering if you could expand on that and talk about sort of where the HieFo business is investing their time and where there -- is this an organic investment that's coming out of the asset that you acquired? Or is there still more to go on either the hiring front or the CapEx front to make this a reality?

我想請你能否多展開說明一下，談談 HieFo 這塊業務目前把時間投入在哪裡；以及這是否屬於你們收購資產後帶來的內生性投資？或者在招募（hiring）或資本支出（CapEx）方面，為了讓這件事成真，是否還需要再投入更多？

Sean, thank you. That was a very good question. Well, good questions. First, the coherent light clearly is going to be a major application. As data center right now consume a lot of power, you cannot build this mega data center in isolation in more a cluster of data centers. So scale across to be able to interconnect with high bandwidth the different data centers is very, very important applications.

Sean，謝謝你。這是一個非常好的問題。嗯，是好問題。首先，相干光很明顯會是一個主要應用。由於資料中心目前耗電量很大，你無法孤立地建一座超大型資料中心，而是會形成資料中心叢集。因此，要能以高頻寬互連不同資料中心、進行跨資料中心的擴展（scale across），是非常、非常重要的應用。

I mentioned about my customer sensing trips and talk to 10 different leading module manufacturers. They all supporting our conviction and the vision of the coherent light is going to be ramping up in the mid-2028 in production. We, through the acquisition of HieFo, have the right product. Our DFB laser CW lasers has a narrow bandwidth well below 300 kilohertz.

我提到我做了客戶洞察（customer sensing）之旅，與 10 家領先的模組製造商交流。他們都支持我們的信念與願景：相干光將在 2028 年年中開始進入量產爬坡。我們透過收購 HieFo，已經具備正確的產品。我們的 DFB 雷射、CW 雷射具備窄線寬，遠低於 300 kHz。

That is so perfect for coherent light applications. As I mentioned, we have sampled to some key module manufacturers and getting great feedback. So we're in a qualification process for that, building upon the acquired product from HieFo.

這對相干光應用來說非常理想。如我所提，我們已向一些關鍵模組製造商送樣並獲得很好的回饋。因此我們正在進行資格認證（qualification）流程，並以 HieFo 併購取得的產品為基礎持續推進。

As for CPO, that's clearly is going to be high-density low-power, high-bandwidth transport solutions, right, for future scale out and scale up. As I mentioned in the past, just the current way of the CPO, our FiberEdge product is going to be -- is not going to be -- it's not an opportunity for FiberEdge product because the customers will be using integrated solutions.

至於 CPO，很明顯它將是面向未來 scale out 與 scale up 的高密度、低功耗、高頻寬傳輸解決方案，對吧。如我過去提到的，就目前 CPO 的做法而言，我們的 FiberEdge 產品將會——將不會——對 FiberEdge 產品而言不是一個機會，因為客戶會採用整合式解決方案。

So we have to be developing application to participate meaningfully in this huge emerging opportunities. This so happened that the HieFo acquisition, the lasers we buy about and also the gain chips and semiconductor optical amplifiers can really serve the part of the light sources for CPO scale-up applications.

所以我們必須開發應用，才能在這個龐大且正在浮現的機會中有實質參與。剛好 HieFo 的併購，我們取得的雷射，以及增益晶片（gain chips）與半導體光放大器（SOA），確實可以作為 CPO scale-up 應用中的光源組件。

So we're working internally, we're also working with the partners to provide high-power DWDM CPO laser source solutions. This is more for 2028 opportunities. So you see our pattern. We're not only investing in the current generation, not only investing in the growth driver for the immediate next year, but the year after that as well. So we got a very healthy pipeline of new products and broaden our portfolio serving the high bandwidth AI data center connectivity space.

因此我們一方面在內部推進，也與合作夥伴共同合作，提供高功率 DWDM 的 CPO 雷射光源解決方案。這更多是針對 2028 年的機會。所以你可以看到我們的節奏。我們不只投資在當代產品，不只投資在明年近期的成長驅動因素，也投資在再下一年的機會。因此我們有非常健康的新產品管線，並擴大產品組合，以服務高頻寬 AI 資料中心互連市場。

Awesome. It's very clear. I wanted to ask Mitch, I mean, guiding for, I think, more than $10 million sequentially in OpEx. Presumably, that's not necessarily all going to snacks for the breakroom, but maybe you could just talk about you mentioned R&D spend and SG&A was coming down as a share of total sales. But where are your focus points?

太棒了。非常清楚。我想問 Mitch：你們指引的營業費用（OpEx）我記得是季增超過 1,000 萬美元。這應該不會全都拿去買休息室的零食，但也許你可以談談：你提到研發支出以及 SG&A 佔總銷售的比重在下降。那你們的重點投入會在哪些地方？

Is it going to hiring? Is it going to -- are there maybe non-CapEx type expenses, prepayments, anything like that? That would be helpful.

會用在招募嗎？還是——是否有一些非資本支出（非 CapEx）類型的費用、預付款之類的？如果能說明會很有幫助。

Thanks.

謝謝。

Sean, we expect to continue to invest in the business. We've said that, that's kind of our number 1, use of capital -- in capital allocation. And the vast majority of the incremental spend is going towards high conviction R&D programs, largely in data center, but also supporting LoRa, and it's not in SG&A.

Sean，我們預期會持續投資於業務。我們一直都有這麼說，這算是我們資本配置（capital allocation）中資金使用的第一優先。而新增支出的絕大部分將投入在高信心的研發（R&D）專案上，主要集中在資料中心，同時也支援 LoRa，而且不會用在 SG&A。

So maybe just allow me to add some percentages to that color, right? So R&D in Q1 -- the Q1 that we just closed, R&D was 17.6% of net sales. That's 20 basis points higher than a year ago and up 17% year-over-year. But when I compare that to SG&A, in this Q1 that we just closed, SG&A was 15.1% of sales.

所以也許就讓我在這裡補充一些百分比的細節，好嗎？所以第一季的研發費用——也就是我們剛結束的第一季——研發占淨銷售額的 17.6%。這比一年前高了 20 個基點，且年增 17%。但當我把它和 SG&A 相比，在我們剛結束的這個第一季，SG&A 占銷售額的 15.1%。

That's a decrease of 200 basis points, right? So -- and SG&A as a percentage of sales has been in a steady decline, and we project this decline to continue in Q2. So our OpEx growth is really grounded in organic investment in our core products, data center and LoRa.

這是下降了 200 個基點，對吧？所以——而且 SG&A 占銷售額的比例一直在穩定下滑，我們預期這個下滑趨勢在第二季會持續。因此，我們的營業費用（OpEx）成長，確實是建立在對核心產品的有機投資上，包括資料中心與 LoRa。

In terms of the composition of spending, there's hiring and there's project spend as well. But really, I think the key is that we see some very good returns on this R&D investment.

就支出結構而言，包含招募人員，也包含專案支出。但我認為關鍵在於，我們看到這些研發投資帶來非常好的回報。

If I may double-click on the 15% SG&A is actually sales and field application engineering are increasing sequentially. So what gets squeezed or getting more operational leverage is the G&A cost.

如果我可以再深入說明一下，這 15% 的 SG&A 其實是銷售與現場應用工程（FAE）在環比增加。所以被擠壓、或說獲得更多營運槓桿的，是一般與行政（G&A）成本。

Christopher Rolland, Susquehanna International Group.

Christopher Rolland，Susquehanna International Group。

Thanks, guys, and I want to echo my congrats as well. I did want to double-click on optical, perhaps a question for you, Hong. If you could talk a little bit more about the contributors to growth there, in particular, how much of this is LPO? How much of this is a single module maker versus a broad 1.6T deployment? And any update on timing for CW and Sipho chips would be great as well.

謝謝各位，我也想再次表達我的恭喜。我確實想再深入問一下光學（optical），可能是問你，Hong。你能否多談一些那邊成長的貢獻來源，特別是其中有多少是 LPO？有多少是單一模組製造商帶動，而不是更廣泛的 1.6T 部署？另外，CW 與 Sipho 晶片的時程若有更新也很棒。

Thank you, Chris. Thank you for your questions. For Q1, the predominant data center revenue is 800-gig FiberEdge and LPO. We do see a clear trend of sequential increase from a mid-single digit reported in Q4 for LPO, we're seeing sequential increase. And the 800 gig is the main driver for the revenue for Q1.

謝謝你，Chris。謝謝你的問題。就第一季而言，資料中心收入的主要來源是 800G FiberEdge 與 LPO。我們確實看到 LPO 有明顯的環比上升趨勢：從第四季揭露的中個位數占比，現在看到環比增加。而 800G 是第一季收入的主要驅動因素。

Into Q2, we're going to be having the early -- the Q1, we also have the early ramp of the CopperEdge revenue to support the second half of significant ramp in the cable demand. So in Q2, we are going to be seeing the continued strength of 800-gig FiberEdge for both FiberEdge and LPO.

進入第二季，我們將會有早期——第一季我們也有 CopperEdge 收入的早期爬坡，以支援下半年線纜需求的顯著放量。因此在第二季，我們將持續看到 800G FiberEdge 的強勁表現，涵蓋 FiberEdge 與 LPO。

We're going to be continuing to see the ramp of 1.6T CopperEdge to support ACC for the second half. And we're going to be for the first time seeing the FiberEdge revenue to support 1.6T optical transceivers in the new DSP designs.

我們也會持續看到 1.6T CopperEdge 的爬坡，以支援下半年 ACC 的需求。此外，我們也將首次看到 FiberEdge 的收入，用於在新 DSP 設計中支援 1.6T 光收發器。

As for the revenue source, it's very broad-based. We, as I mentioned, have qualified with almost all module manufacturers, established and emerging ones, and we were able to serve some drop in demand even in Q1 because they were not in the forecast, and they are very important strategically for us to go forward, and we wanted to support their initial volume even within -- well within the lead time.

至於收入來源，非常分散、基礎很廣。如我提到的，我們幾乎已與所有模組製造商完成認證，包括既有與新興廠商；而且即使在第一季，我們也能因應一些需求下滑（drop-in demand），因為那些不在原先預測中，但在策略上對我們未來非常重要，所以我們希望在——遠低於交期（lead time）的情況下——也能支援他們的初期出貨量。

Yeah, sorry, go ahead.

對，不好意思，你請說。

No, no, no. Hopefully, that answers your question for those.

不不不。希望這樣有回答到你那些問題。

Yeah. That did. Maybe switching to the copper side. I think you answered a bunch on ACCs. I guess my only question there is maybe diversification beyond your main customer. How is that progressing? And then in your presentation, you mentioned linear equalizer, I think, on PCB about backplane applications. If you can speak a little bit more there and the opportunity, that would be great.

有。確實有。也許換到銅互連（copper）這邊。我想你已經回答了很多關於 ACC 的問題。我在那邊唯一的問題可能是：除了你們的主要客戶之外，客戶多元化的進展如何？目前推進得怎麼樣？另外在你們的簡報中，你提到 PCB 上的線性等化器（linear equalizer），我想是用在背板（backplane）應用。如果你能多談一些那邊以及機會點，會很棒。

Yeah. Thank you. So on the ACC diversification, we continue to having samples being evaluated by multiple hyper scalers and enterprise customers, and that reception has been going well. And as Rick early on asked, the MSA for ACC is going to help as well.

好的。謝謝。關於 ACC 的客戶多元化，我們持續提供樣品，讓多家超大規模（hyperscaler）與企業客戶進行評估，目前回饋進展良好。而且如同 Rick 先前問到的，ACC 的 MSA 也會有所幫助。

And we were actually also see the exciting opportunities from multiple digital customers on the linear equalizer onboard. Those are for the real programs, and we have the hyper scaler engagement. We have their manufacturing partner ODMs close engagement as well.

另外，我們也確實看到來自多家數位客戶在板上（onboard）線性等化器方面令人振奮的機會。這些都是實際的專案，我們也有與超大規模客戶的合作。同時也與他們的製造合作夥伴 ODM 保持密切互動。

So this is really going well. We do expect, as I said, from linear equalizer onboard on the backplane and also ACC cables, additional design wins in the coming quarters. Early on, people have some doubt or speculation on copper is to the end of the life.

所以整體進展非常順利。如我所說，我們預期在接下來幾季，無論是背板上的板上線性等化器，或是 ACC 線纜，都會有更多設計導入（design wins）。早期有些人對銅互連是否已到生命週期末端有所懷疑或揣測。

We need to put a terminal value on it, just not yet. It is going not only strong, it's very strong on higher data rate as well beyond 224 gig. We're engaging with customers to support higher data rate as well. So we're very optimistic about CopperEdge product for its growth potential in the future.

我們需要給它一個終端價值（terminal value），只是還不是現在。它不只是強勁，而是在更高資料速率、甚至超過 224G 的領域也非常強勁。我們正與客戶合作，以支援更高的資料速率。因此，我們對 CopperEdge 產品未來的成長潛力非常樂觀。

Quinn Bolton, Needham & Company

Quinn Bolton，Needham & Company

Hey, guys. I'll also offer my congratulations on the nice results and outlook. I just wanted to follow up on Chris question there on the onboard linear equalizer opportunity. You mentioned hyper scalers. But I was going to ask kind of from a signaling perspective, are you guys seeing demand for linear equalizers for both unidirectional SerDes on those backplanes as well as bidirectional SerDes. Can you just talk about your ability to support both UniDie and bidirectional SerDes on those backplanes? And then I've got a follow-up.

嗨，各位。我也要恭喜你們有很好的成果與展望。我想延續 Chris 剛才關於板上線性等化器機會的問題。你提到超大規模客戶。但我想從訊號（signaling）的角度問：你們是否看到在那些背板上，線性等化器同時有用於單向 SerDes（unidirectional SerDes）以及雙向 SerDes（bidirectional SerDes）的需求？你能否談談你們支援背板上單向與雙向 SerDes 的能力？然後我還有一個追問。

Yes. Thank you, Quinn, for that question. Yes, we did get request for die linear equalizer as well. So our current CopperEdge portfolio can only support unidirectional and -- but our engineers have been put on the drawing board. We have a preliminary architecture formulated to be able to do by die on one chip and to support the future more compact interconnect topology.

是的。謝謝你，Quinn，這個問題。是的，我們也收到對 die 形式線性等化器的需求。因此我們目前的 CopperEdge 產品組合只能支援單向——但我們的工程師已經開始著手規劃。我們已形成初步架構，能夠在單一晶片上做到 die-to-die，並支援未來更緊湊的互連拓撲。

And any idea when that might be ready? Would that be ready calendar '27?

那大概什麼時候會準備好？會是在 2027 年曆年嗎？

So once the process once we define the product definition will go through the simulation stage. Clearly, by die integrated in one package need to be very carefully balanced so that they don't have the crosstalk and introducing additional noise, but it's totally doable. And we're just looking at the different competing priorities and getting that defined.

所以一旦流程上、我們定義好產品規格，就會進入模擬階段。很明顯地，將 die-to-die 整合在同一個封裝中需要非常謹慎地做平衡，避免串擾並引入額外雜訊，但這完全可行。我們目前正在評估不同的優先順序，並把它定義清楚。

So we are in the stage of engaging with the customers and trying to sync up with the model. And therefore, after that, we will allocate resources and start doing the development. The good news is the key building blocks of IP, we already have that in existence.

所以我們正處於與客戶互動、並嘗試與模型（model）同步的階段。因此在那之後，我們會配置資源並開始進行開發。好消息是，關鍵的 IP 基礎模組我們已經具備。

The CopperEdge product, we have three generations and going for different noise suppressing and different frequency domain equalization schemes. And we have rich building block IPs available to drag and drop and getting a product put together pretty quickly.

CopperEdge 產品我們已經有三代，並針對不同的雜訊抑制與不同的頻域等化方案。而且我們有豐富的建構模組 IP，可供拖放使用，能很快把產品組合出來。

Got it. And then I guess, either for Mark or Hong, just you talked about expecting data center growth to accelerate if I've got my numbers right. It looks like with the 35% sequential growth in the July quarter, your data center business in the first half of '27 will be up about 62% versus the first half of '26.

了解。接著我想，不論是問 Mark 或 Hong，你們剛才提到預期資料中心成長會加速，如果我沒算錯的話。看起來在 7 月季度季增 35% 的情況下，你們 27 會計年度上半年資料中心業務相較 26 會計年度上半年將成長約 62%。

Would you care to give us some sense, do you think the entire data center business, could that grow 70%, maybe 75% year-on-year in fiscal '27? I think last quarter, you had expressed confidence in 50% year-on-year growth for data center.

你們是否願意給我們一些方向：你們認為整體資料中心業務在 27 會計年度是否可能年增 70%，甚至 75%？我記得上季你們曾表示對資料中心年增 50% 有信心。

Yeah, Quinn, so you're right. In last quarter, that floor number certainly created some confusion. I will not let our growth potential or aspiration. I will not cap that for the year-over-year. As I said, Q2 to Q1, we are very comfortable about sequential 35% quarter-over-quarter growth.

是的，Quinn，你說得沒錯。上季我們提到的那個下限數字確實造成了一些混淆。我不會讓我們的成長潛力或企圖心受限。我不會為年對年成長設上限。如我所說，從 Q1 到 Q2，我們對於單季季增 35%（QoQ）非常有把握。

And based on the visibility, the backlog and the booking we have, we can comfortably say in that second half, the growth rate is going to be accelerating because of the additional growth drivers in 1.6T CopperEdge in FiberEdge 1.6T and HieFo optical components. So it's going to be an exciting year in FY '27, and we'll be having the unprecedented year-over-year growth.

基於我們目前的能見度、在手訂單（backlog）與接單（booking），我們可以有把握地說，下半年成長率將會加速，因為 1.6T CopperEdge、1.6T FiberEdge，以及 HieFo 光學元件等額外成長動能會帶來貢獻。因此 27 會計年度將會是令人振奮的一年，我們將出現前所未有的年對年成長。

Cody Acree, The Benchmark Company.

Cody Acree，Benchmark Company。

Hey, guys. Thanks for taking my questions and congrats on a very strong quarter and outlook. Maybe, Hong, can you maybe just talk about your LPO and 1.6T optical expectations, whether that be through module partners? Or is that more hyperscale driven?

嗨，各位。謝謝讓我提問，也恭喜你們本季與展望都非常強勁。Hong，也許你能談談你們對 LPO 與 1.6T 光學的預期，是透過模組合作夥伴來推進嗎？還是主要由超大規模客戶（hyperscale）帶動？

Yeah. So Cody, thank you. The 1.6T, the current design wins we have from multiple major module suppliers and serving different end markets. They're either hyper scalers or the GPU company providing the system solutions. So the initial ramp is going to be FiberEdge fully retimed optics.

好的。Cody，謝謝。關於 1.6T，我們目前已從多家主要模組供應商取得設計導入（design win），並服務不同終端市場。這些客戶不是超大規模業者，就是提供系統解決方案的 GPU 公司。因此初期放量將會是 FiberEdge 的全重定時（fully retimed）光學。

And we do have the linearized drivers and TIAs provided to the module customers. They're in an evaluation to do LRO, LPO at 1.6T. But the initial volume ramp is going to be FiberEdge, and we do have the right product in the pipeline to be evaluated by our module customers.

此外，我們也向模組客戶提供線性化驅動器（linearized drivers）與跨阻放大器（TIA）。他們正在評估在 1.6T 上做 LRO、LPO。但初期的量產爬坡會是 FiberEdge，而我們也有合適的產品在研發管線中，供模組客戶評估。

And Hong, can you maybe help us frame the total available addressable market for both ACCs and LPOs as you exit this year and look into next?

Hong，你能否協助我們界定一下：在今年結束、展望明年時，ACC 與 LPO 的整體可服務市場（TAM）大概有多大？

Yeah. So Cody, I think we will probably -- when we think that portfolio cleaned up, we're going to be having a Tech Day or Analyst Day. And at that time, we'll be providing more comprehensive TAM projection and for our broad product portfolio. So at this point, we are just aggressively attacking the opportunities ahead of us. We will be having more quantitative information provided in the future.

可以。Cody，我想等我們把產品組合梳理得更完整後，可能會舉辦一場 Tech Day 或 Analyst Day。到那時，我們會針對我們廣泛的產品組合提供更全面的 TAM 預估。目前我們只是積極把握眼前的機會。未來我們會提供更多量化資訊。

Tristan Gerra, Baird.

Tristan Gerra，Baird。

Hi, good afternoon. Given the commentary about Broadcom CPO ramping in volume not until 2029 and the potential for ACC to be at 800 gig per lane, how should we look at the duration of the double-digit growth that you see in ACC?

嗨，午安。考量到你們提到 Broadcom 的 CPO 要到 2029 年才會開始大量放量，以及 ACC 可能會走到每通道 800G，你們認為 ACC 目前看到的兩位數成長可以維持多久？

Obviously, the business is very strong now. But do you think that business continues to grow 3-, 4-years from now and how well positioned you are from a technology standpoint, particularly as we get new waves of switches that have stronger SerDes?

顯然目前這項業務非常強勁。但你們認為三到四年後這項業務還會持續成長嗎？從技術角度來看，你們的布局有多到位，特別是當我們進入新一波交換器、其 SerDes 更強的時候？

Yeah. Tristan, thank you for the question. So yes, Broadcom, clearly, the industry leader. The provide outstanding SerDes quality. And with a good signal integrity, that has been the essential performance enabler for the linear re-driver.

好的。Tristan，謝謝你的問題。沒錯，Broadcom 顯然是產業領導者。他們提供卓越的 SerDes 品質。而良好的訊號完整性一直是線性重驅動器（linear re-driver）的關鍵效能使能因素。

And because if the signal come out not very good, linear re-driver cannot make it whole a lot better. So we are the pure beneficiary of the Broadcom good SerDes rather than a victim. Their 100 gig, 200 gig and going to 800 gig per lane in the future, they can go for a certain distance, the so-called bump-to-bump link budget the re-driver linear equalizer can only make it better to stretch the reach to improve the signal integrity compared to the cables or trace without it.

因為如果訊號輸出本身不夠好，線性重驅動器也無法把它改善太多。所以我們是 Broadcom 優秀 SerDes 的純受益者，而不是受害者。他們的 100G、200G，未來每通道 800G，可以在一定距離內傳輸；所謂 bump-to-bump 的鏈路預算下，重驅動器的線性等化器只能在此基礎上進一步改善，拉長傳輸距離、提升訊號完整性，相較於沒有它的線纜或走線。

So this is really a complementary capability. It's not like their better SerDes would not need a linear equalizer in a way, as you know, that the current ACC cable customer, they are using Broadcom SerDes as well. And we have our linear equalizer in ACC cable to support the interconnects. In their CPO is primarily my understanding, the current road map to support CPO scale-out.

因此這真的是互補能力。並不是說他們的 SerDes 更好就不需要線性等化器；如你所知，目前 ACC 線纜客戶也同樣使用 Broadcom 的 SerDes。而我們在 ACC 線纜中配置線性等化器來支援互連。至於他們的 CPO，依我理解，目前的路線圖主要是支援 CPO 的 scale-out。

They are the leading switch provider anyway without a CPO or with CPO. So motivation for them to do CPO could be a little bit different from the other leader in the industry. As for 800 gig per lane, and that is two generations ahead. And in general, as the data rate goes up and the transmission distance is shortened.

無論有沒有 CPO，他們本來就是領先的交換器供應商。因此他們推動 CPO 的動機，可能與產業中其他領導者略有不同。至於每通道 800G，那是再往後兩代。一般而言，資料速率越高，傳輸距離就會縮短。

And the rack on the other hand, is going to be going bigger. So the topology will have to require a longer length. So you can do CPO to have the optical scale up, but you always have some choices it's just too over to use optical scale up. And by putting a re-driver in between, you may as well just extend your reach well long enough to allow the copper scale up. So this is a complementary capability. I think it's going to be there for a long while.

但另一方面，機櫃（rack）的規模會變得更大。因此拓撲結構將需要更長的連線長度。你可以用 CPO 來做光學 scale-up，但在某些情況下用光學 scale-up 可能過度。而在中間加入重驅動器，你就能把傳輸距離延伸到足夠長，讓銅纜 scale-up 成為可行。所以這是一種互補能力。我認為它會存在很長一段時間。

Okay. That's very useful. And then could you talk about your medium-term views on LoRa? Clearly, it's rebounding. We're past the inventory accumulation that we saw 1.5 years ago. Where could this business grow in the next few years? How does that improve the mix?

好的。這非常有幫助。另外，你能談談你們對 LoRa 的中期看法嗎？顯然它正在回升。我們也已經走過 1.5 年前看到的庫存累積。未來幾年這項業務可能成長到什麼程度？這會如何改善產品組合（mix）？

And also, any update on whether the deployments that you see this year and next year are primarily driven on the base station side or the actual sensor side? And I don't know if there's any numbers to back up versus base station product for LoRa.

還有，關於你們今年與明年看到的部署，有沒有更新：主要是由基地台端帶動，還是由實際的感測器端帶動？我不確定是否有任何數字可以佐證，例如 LoRa 的基地台產品占比之類。

Yeah. So yeah, there are several questions. Let me try to address a couple of them. First of all, the growth potential we see is really exciting. As we mentioned, the three things we did and increasing the bandwidth and increasing the LoRa capability by adding other RF protocols to unlock new application verticals like security, like a smart building and the mass market like Amazon Sidewalk.

好的。是的，這裡有幾個問題。我先嘗試回答其中幾個。首先，我們看到的成長潛力確實令人振奮。如我們提到的，我們做了三件事：提升頻寬、透過加入其他 RF 協定來提升 LoRa 能力，以解鎖新的應用垂直領域，例如安防、智慧建築，以及像 Amazon Sidewalk 這樣的大眾市場。

Those are all bringing new growth drivers to LoRa. The second question is really a good one. Tristan, you know this market well. And we see even a year ago, LoRa growth has been primarily on the end nodes. So we are increasing the end node right now towards 150 million end nodes.

這些都在為 LoRa 帶來新的成長動能。第二個問題確實問得很好。Tristan，你很了解這個市場。而且我們看到即使在一年前，LoRa 的成長主要來自終端節點。因此我們目前正把終端節點數量提升至約 1.5 億個。

And -- but started from last 9 months, 12 months ago, and our integrators has been commenting, they are adding new gateways. That means they have more sensor devices and they need to improve the coverage and capacity. So that's with the gateway increase, and they will be just pulling in more capacity for end use end node applications.

而且——但從過去 9 個月、12 個月前開始，我們的系統整合商一直在反映，他們正在新增新的閘道器。這表示他們有更多感測器裝置，並且需要提升覆蓋範圍與容量。因此隨著閘道器增加，他們將為終端使用的終端節點應用拉入更多容量。

So that's why we see this LoRa's growth driven by the three pillars is going to be sustainable. One wildcard is the edge AI applications. So it's an exciting opportunity, and we're just starting. So we have been helping the market and generating a lot of collaterals and making the market enablement effort to accelerate the growth on that.

所以這就是為什麼我們認為，LoRa 由三大支柱所驅動的成長將會是可持續的。其中一個不確定因素是邊緣 AI 應用。因此這是一個令人振奮的機會，而我們才剛起步。所以我們一直在協助市場、產出大量行銷/技術資料，並推動市場賦能工作，以加速該領域的成長。

Kyle Smith, Stifel.

Kyle Smith，Stifel。

This is Kyle Smith on for [Tore Svanberg] with Stifel. I'll also echo my congratulations on the really strong print and guide. I think in your prepared remarks, you mentioned that gain chip demand currently exceeds your supply. So a bit of a two-parter. One, it would be really helpful if you could kind of quantify the degree to which that demand exceeded the supply.

我是 Stifel 的 Kyle Smith，代替 [Tore Svanberg] 提問。我也要再次恭喜你們交出非常亮眼的成績與指引。我想在你們的事先準備講稿中提到，增益晶片（gain chip）的需求目前超過你們的供給。所以這是一個兩段式問題。第一，如果你們能大致量化一下需求超過供給的程度，會很有幫助。

And then secondly, I know you mentioned that your capacity expansion plan is well on track. But maybe when do you kind of expect your increase in capacity to intersect with the demand that you're seeing from the market?

第二，我知道你們提到產能擴充計畫進展順利。但你們大概預期何時產能的提升會與你們看到的市場需求交會、達到匹配？

Thank you, Kyle. The gain chip, as you know, HieFo and its predecessor, EMCOR has been a leading supplier of gain chip integrated into the tunable laser for metro and the coherent applications. We have a solid customer base. And after the acquisition of HieFo by Semtech, we have a lot of inbound interest from the customers that HieFo has not been able to serve.

謝謝你，Kyle。如你所知，增益晶片方面，HieFo 及其前身 EMCOR 一直是將增益晶片整合到可調式雷射（tunable laser）中、用於都會網（metro）與相干（coherent）應用的領先供應商。我們擁有穩固的客戶基礎。而在 Semtech 收購 HieFo 之後，我們收到許多來自過去 HieFo 無法服務之客戶的主動洽詢。

So you aggregate those -- the demand will probably outpace the capacity by about 3 times also. So we clearly are adding capacity by adding more shift by adding more manufacturing space, which is primarily clean room and by adding more process equipment. So we are doing very creative ways to expand the capacity.

所以把這些需求加總起來——需求大概會比產能高出約 3 倍。因此我們很明確地在擴充產能：增加班次、增加製造空間（主要是無塵室），並新增更多製程設備。所以我們正以非常有創意的方式來擴充產能。

We expect by the end of this year, we can get the capacity increase by about 3 times, 4 times and end of next year, and it's going to be another 3 times, 4 times so to serve the high-end coherent market.

我們預期到今年年底，產能可提升約 3 倍到 4 倍；到明年年底，還會再提升約 3 倍到 4 倍，以服務高階相干市場。

That's really helpful color. And I guess pivoting over to LPO and LRO, I mean, it's pretty clear that the market is growing and the opportunity just continues to expand. So I guess from your position today, based on the outlook kind of that you provided on the call, to what degree do you feel that, that raised guide is coming from potential market share gains? And then to what degree do you feel it's more so coming from just the market as a whole expanding meaningfully as we kind of see these deployments take shape?

這些說明非常有幫助。接著把話題轉到 LPO 和 LRO，我的意思是，市場正在成長、機會也持續擴大，這點相當明顯。所以以你們目前的位置、以及你們在電話會議中提供的展望來看，你們覺得這次上調指引有多大程度來自潛在的市占率提升？另外又有多大程度是來自整體市場顯著擴張——也就是我們看到這些部署逐步成形所帶來的成長？

Yeah, Kyle, I think the LPO/LRO, we see the growth is primarily driven by the customer shift from FiberEdge to the LPO/LRO. The reason for that is that they evaluate their connectivity topology and to see where they can save power. And we do expect in a year or two time frame, the linearized solution will account for 25% plus/minus of the total transceiver mix.

是的，Kyle，我認為在 LPO/LRO 方面，我們看到的成長主要是由客戶從 FiberEdge 轉向 LPO/LRO 所驅動。原因在於他們在評估其連線拓撲，看看在哪些地方可以節省功耗。而我們預期在一到兩年的時間範圍內，線性化（linearized）解決方案將占整體收發器組合的 25% 左右（上下浮動）。

Thank you. Craig Ellis, B. Riley Securities.

謝謝。Craig Ellis，B. Riley Securities。

Yeah, thanks for. Sneaking me in and guys, congratulations on the strong results. I wanted to start off just with a clarification. So clearly, we're seeing much higher growth here than we were expecting 3 months ago with the business seemingly tracking in the 70s range now versus a floor of 50% earlier.

是的，謝謝。讓我插隊提問，也恭喜各位繳出強勁的成果。我想先從一個釐清問題開始。很明顯地，我們看到這裡的成長遠高於三個月前的預期：業務目前似乎落在 70% 多的區間，而先前的底部預期是 50%。

The question is this, where across TIAs, LPOs and ACC, are we seeing the greatest acceleration versus what we were expecting 3 months ago?

問題是：在 TIA、LPO 與 ACC 之中，哪一塊相較於三個月前的預期出現了最大的加速？

Yeah, Craig, that's a great question. We were on the road right after OFC. The dynamic has picked up pretty dramatically. The demand across the board, not on just one product across the board for Fiber Edge, Copper Edge, 800-gig, 1.6T LPO, LRO and lasers, they all have demonstrated such a strong demand. So it's broad-based.

是的，Craig，這是個很好的問題。我們在 OFC 之後立刻就出差拜訪客戶。整體動能相當明顯地加速。各產品線的需求全面上升，不是只有單一產品：包括 Fiber Edge、Copper Edge、800G、1.6T LPO、LRO 以及雷射，都展現出非常強勁的需求。所以是全面性的。

That's very helpful, Hong. And then one of the things that's clear from your prepared remarks and here in the Q&A is just the significant visibility you have in the back half of the year. Can you characterize across the different product groups? To what extent does that extend? Are you actually getting visibility into fiscal '28?Or is it really at different points into the back half of this fiscal year?

這非常有幫助，Hong。另外，從你們的事先準備講稿以及這裡的問答可以清楚看出，你們對今年下半年的能見度相當高。你能否按不同產品群來描述一下？這樣的能見度延伸到什麼程度？你們是否真的已經能看到 2028 會計年度？還是其實只是到本會計年度下半年的不同時間點？

Yeah. Back half of this year into the first half of fiscal '28.

是的。從今年下半年延伸到 2028 會計年度上半年。

Thank you. And we have reached the end of the question-and-answer session. Therefore, I'll now turn the call back over to Mitch Haws for closing remarks.

謝謝。我們的問答環節到此結束。接下來我將把電話會議交回 Mitch Haws 作結語。

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

今天的電話會議到此結束。感謝各位今天的參與，我們也期待在未來幾週的各項投資人活動中與各位見面。