Semtech Corporation (SMTC) 2027 Q2 法說會逐字稿

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

各位好，感謝您稍候。歡迎參加 Semtech Corporation 2027 會計年度第二季財報電話會議。(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.

現在我想將會議交給 Semtech 投資人關係資深副總裁 Mitch Haws。請開始。

Thank you, and welcome to Semtech's second 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，歡迎參加 Semtech 2027 會計年度第二季財務結果電話會議。今天參與電話會議的有：總裁兼執行長 Hong Hou，以及執行副總裁兼財務長 Mark Lin。

Before we begin the prepared remarks, I would like to highlight upcoming investor events, including the Citibank Global TMT Conference on September 8 and the benchmark TMT and JPMorgan Rising Tech Leaders Forum, both on September 10 in New York City. In addition, we hope you'll attend our investor event in San Jose on October 15 and during which we'll provide an in-depth overview of Semtech's strategy, differentiated technology portfolio, key growth opportunities and long-term financial targets.

在開始預先準備的發言之前，我想先提醒各位即將到來的投資人活動，包括 9 月 8 日的花旗全球 TMT 大會，以及 9 月 10 日在紐約市舉行的 Benchmark TMT 與摩根大通 Rising Tech Leaders Forum。此外，我們也希望您能參加 10 月 15 日在聖荷西舉辦的投資人活動，屆時我們將深入介紹 Semtech 的策略、差異化技術產品組合、主要成長機會以及長期財務目標。

The event will also feature panel discussion moderated by Morgan Stanley with industry luminaries from the 650 Group, Meta and General Catalyst. A question-and-answer session, product demonstration and opportunities for in-person attendees to engage with members of the Semtech management will also be part of the agenda.

本次活動也將包含由摩根士丹利主持的座談會，與談嘉賓包括來自 650 Group、Meta 與 General Catalyst 的業界領袖。議程亦包含問答環節、產品展示，以及讓現場與會者與 Semtech 管理團隊成員互動交流的機會。

Today, after the market closed, we released our unaudited results for the second quarter ended July 26, 2026, which are posted along with an earnings call presentation to our Investor Relations website at 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.

今天在收盤後，我們發布了截至 2026 年 7 月 26 日止第二季的未經審計結果，並已連同財報電話會議簡報一併公布於我們的投資人關係網站 investors.semtech.com。今天的電話會議將包含對未來預期、計畫與展望的各項說明，這些均屬前瞻性陳述。請參閱今日新聞稿與財報簡報第 2 頁，以及我們最新 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。

You should consider these risk factors in conjunction with our other forward-looking statements. We will refer primarily to non-GAAP financial measures during today's call, and we'll also be referring to results for our second quarter of fiscal year 2027, unless otherwise noted.

您應將這些風險因素與我們其他前瞻性陳述一併考量。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，我們也將以 2027 會計年度第二季的結果為主。

Please see today's press release and slides 3 and 4 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.

關於我們非 GAAP 財務呈現的相關說明，請參閱今日新聞稿以及財報簡報第 3 與第 4 頁。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. The Semtech team executed exceptionally well this quarter, delivering righter revenue across our key focus areas earnings leverage that continue to outpace revenue growth and significant progress on portfolio optimization. Revenue was $342 million growing 33% year-over-year, and we delivered strong operating leverage with earnings per share of $0.71 in 73% year-over-year, more than twice as fast as revenue growth.

謝謝你，Mitch。各位今天加入的朋友，下午好。本季 Semtech 團隊執行表現非常出色，在我們的關鍵聚焦領域帶來更強勁的營收、持續快於營收成長的獲利槓桿，以及在產品組合優化方面取得顯著進展。營收為 3.42 億美元，年增 33%；我們也展現強勁的營運槓桿，每股盈餘為 0.71 美元，年增 73%，成長速度超過營收成長的兩倍。

We are at the center of one of the most significant infrastructure build-out in history, and our portfolio plays an essential role. We are well aligned with the ramp to 160 in complementing 800-gig growth and demand signals that we are strengthening across every part of data center portfolio, copper, fab and photonics. We expect this momentum to carry through the second half of the year and into fiscal 2028. We are also reshaping Semtech with purpose.

我們正處於史上最重要的基礎設施建置浪潮核心，而我們的產品組合在其中扮演關鍵角色。我們與 1.6T 的導入節奏高度一致，並補足 800G 的成長；我們也看到資料中心產品組合各個部分（銅互連、Fab 與光子）需求訊號持續增強。我們預期這股動能將延續至今年下半年並進入 2028 會計年度。我們也正以明確目的重塑 Semtech。

The announced sale of our several module business is a significant step in our portfolio optimization, allowing us to more sharply focus on our core growth areas. We are drilling in our focus areas, sharpening the portfolio and driving operating leverage with the same goal in mind, building a predictable, high-margin and high return business.

已宣布出售我們的「several module」業務，是我們產品組合優化的重要一步，使我們能更聚焦於核心成長領域。我們正加深在聚焦領域的投入、精煉產品組合，並以同一目標推動營運槓桿：打造可預測、高毛利且高報酬的事業。

Now let me move on a discussion to our end market. Infrastructure net sales were $124 million, up 25% sequentially and 69% year-over-year driven by outstanding performance in our data center business. Data center revenue was a record $100 million, up 39% sequentially and 91% year-over-year. Supported by continued strength in 800 gig, 1.6 copper edge and the start of our 1.60 fiber edge rep. Our FiberEdge TIA and driver solutions remain an exceptionally strong demand.

接下來我談談我們的終端市場。基礎設施淨銷售額為 1.24 億美元，季增 25%、年增 69%，主要由我們資料中心業務的亮眼表現所帶動。資料中心營收創下 1 億美元新高，季增 39%、年增 91%。這得益於 800G 的持續強勁、1.6T 銅互連 Edge 的成長，以及我們 1.6T FiberEdge 的開始放量。我們的 FiberEdge TIA 與驅動器解決方案需求依然非常強勁。

And we continue to deepen our engagement across all the leading hyperscalers. We are now designing to every module provider in our target markets, several on a sole-source basis, a reflection of technology differentiation and the supply availability we bring across both fully retimed and linear architectures.

我們也持續加深與所有主要超大規模雲端業者（hyperscalers）的合作。目前我們正為目標市場中的每一家模組供應商進行設計導入，其中多家為單一來源（sole-source）供應，這反映了我們的技術差異化，以及我們在全重定時（fully retimed）與線性（linear）架構兩方面所能提供的供應可得性。

We are also seeing increasing engagement from a broader array of customers on emerging technologies like NPO and XPO. As the networking ecosystem looks to us to align and help define the next generation of high-density, low-power optical architectures in our shared technology road map. On copper edge, we believe our leading EcoLaser solutions are the de facto industry standard. Copper edge product up to 1.60 are solutions that are ready for volume deployment.

我們也看到更廣泛的客戶群對 NPO 與 XPO 等新興技術的互動與投入正在增加。隨著網路生態系期待我們協助對齊並共同定義下一代高密度、低功耗的光學架構，並納入我們共享的技術路線圖。在銅互連 Edge 方面，我們相信我們領先的 EcoLaser 解決方案已成為事實上的產業標準。銅互連 Edge 產品最高可達 1.6T，相關解決方案已可支援量產部署。

We are currently engaging across a number of hyperscalers in cable and onboard applications and the design win phase at our bandwidth up to 3.2. Thanks to leader equalizers compelling advantage in linked margin performance and power savings. Based on strong market demand and a design win momentum, we expect continued revenue growth of 1.6 portfolio with the fiber edge expected to exceed market share by the end of the fiscal year and a coverage already taking the lion's share of the leader Equalizer market.

目前我們正與多家 hyperscalers 就線纜與板上（onboard）應用進行合作，並在頻寬最高達 3.2 的產品上處於設計導入（design win）階段；這得益於我們領先的等化器在連結裕度表現與省電方面的顯著優勢。基於強勁的市場需求與設計導入動能，我們預期 1.6 產品組合營收將持續成長；FiberEdge 預計在本會計年度末前市占將超越市場平均，而銅互連也已在領先等化器市場中取得最大份額。

We have made excellent progress in our photonics portfolio broadening our customer base in both game chips and high-power CW lasers addressing both high-speed transceivers and CPO scale-up applications. Feedback from customer evaluations of our high-power CW laser for procure light and 1.60 transceiver applications has been very positive, citing differentiating over temperature performance and power efficiency.

我們在光子產品組合方面也取得極佳進展，於 game chips 與高功率 CW 雷射兩方面擴大客戶基礎，涵蓋高速收發器與 CPO scale-up 應用。客戶對我們用於 procure light 與 1.6T 收發器應用的高功率 CW 雷射之評估回饋非常正面，並指出其在溫度範圍表現與功耗效率上的差異化優勢。

We expect revenue contribution of CW lasers for transceivers to start in the first half of fiscal 2028. We're also pleased to help route onboard auto diode design resources added by an industry leader expanding our photonic portfolio to PD raise in the near future. Our combined PD and PIA design team has already engaged with the key customers and we expect to deliver to optimized high-performance solutions.

我們預期 CW 雷射在收發器上的營收貢獻將於 2028 會計年度上半年開始。我們也很高興能協助一位產業領導者新增的板上自動二極體（onboard auto diode）設計資源，並在不久的將來將我們的光子產品組合擴展至 PD raise。我們整合的 PD 與 PIA 設計團隊已與關鍵客戶展開合作，我們預期能交付最佳化的高效能解決方案。

Our photonic portfolio now spans game ship type lasers semiconductor optical amplifiers and high-speed factoids for scale up, scale out and scale of breast data center connectivity applications. With this expanded portfolio, we are positioned to develop new prescribers and drive content per transceiver from high single-digit dollars to high double-digit dollars as the industry transitions from 800-gig to 3.20, cementing our position as a true solution provider.

我們的光子產品組合如今涵蓋 game ship 類型雷射、半導體光放大器，以及用於 scale-up、scale-out 與 scale of breast 的資料中心連結應用之高速 factoids。憑藉這個擴充後的產品組合，我們已具備開發新的 prescribers 的能力，並在產業從 800G 過渡到 3.2T 的過程中，將每個收發器的內容價值由高個位數美元提升至高雙位數美元，進一步鞏固我們作為真正解決方案供應商的地位。

Our capacity expensing plan, our team executed very well, securing equipment deliveries for this fiscal year and acquiring clean room space to fulfill strong customer demand. In less than six months, we completed a series of photonic acquisitions, procured fab equipment expanded clean room space and onboarded exceptional management and technical talent. We have established a solid foothold in the photonics space and set path for strong future growth.

我們的產能資本支出計畫執行得非常到位，確保了本會計年度的設備交付，並取得無塵室空間以滿足強勁的客戶需求。在不到六個月內，我們完成了一系列光子領域的收購，採購晶圓廠設備、擴增無塵室空間，並延攬卓越的管理與技術人才。我們已在光子領域建立穩固立足點，並為未來強勁成長奠定路徑。

Given record backlog we carry into the third quarter, we project a 45% sequential revenue pie in data center representing approximately 160% over the same period last year. We expect accelerating year-over-year periods into fourth quarter and continued momentum throughout fiscal 2028.

鑑於我們帶入第三季的創紀錄在手訂單，我們預期資料中心營收將季增45%，約較去年同期成長160%。我們預期年增率將在第四季進一步加速，並在2028會計年度持續保持動能。

Now moving to our high-end consumer end market. Net sales for Q2 were $39 million, up 2% sequentially and down 5% year-over-year. Our TV business grew sequentially and remains very resilient in light of memory constrained price across the industry. Revenue growth continued to benefit from our strong share at premium brand handset manufacturers where we are expanding our content per device.

接著談我們的高階消費性終端市場。第二季淨銷售額為3,900萬美元，季增2%，年減5%。在全產業記憶體供給受限導致價格承壓的情況下，我們的電視業務仍呈現季增並展現高度韌性。營收成長也持續受惠於我們在高階品牌手機製造商的強勁市占，我們正擴大每台裝置的內容價值。

Third switch our newest circuit protection solution is opening a new layer of TVS opportunity, addressing a GAC as a rugged mobile devices and high-performance portable systems cost towards more demanding power and reliability standards. Our per se capacity sensor design and pipeline continues to drive its specific absorption rate smart variable and other consumer applications, expanding with the lead customers on a broadening range of applications.

Third switch 我們最新的電路保護解決方案正在開啟一個新的 TVS 機會層級，因應更堅固耐用的行動裝置與高效能可攜式系統，並朝向更嚴苛的功率與可靠度標準發展。我們的 per se 電容式感測器設計與產品導入管線，持續推動其在比吸收率（SAR）智慧變數及其他消費性應用上的採用，並與領先客戶在更廣泛的應用範圍中擴展。

The combined capacities and force sensing offerings elevate our value proposition, strengthen customer retention and are pulling through sensors and TVS sales within the same customer base. We expect our design win pipeline to support the long-term growth for this business. Now moving to our industrial end market. Q2 industrial net sales were $179 million, up 16% sequentially and up 25% year-over-year, driven by another record quarter for LoRa.

電容與力覺感測的組合產品提升了我們的價值主張、強化客戶黏著度，並在同一客戶群中帶動感測器與 TVS 的銷售。我們預期設計導入（design win）管線將支撐此業務的長期成長。接著談我們的工業終端市場。第二季工業淨銷售額為1.79億美元，季增16%、年增25%，主要由 LoRa 再創單季新高所帶動。

LoRa enabled net sales were $58 million, up 31% sequentially and up 58% year-over-year, another all-time record. A lower Gen 4 platform will LoraPLUS other RF protocols continues to gain market traction, and we expect it will be a key driver for the future growth. Gen4 also delivers a due brand capability and expand data throughput to 2.6 megabit per second, while preserving the sensitivity multi-protocol flexibility and ultra-low power consumption that defines a lower advantage.

LoRa 相關淨銷售額為5,800萬美元，季增31%、年增58%，再創歷史新高。採用較低成本的 Gen 4 平台、支援 LoRaPLUS 與其他 RF 協定的產品持續獲得市場牽引力，我們預期其將成為未來成長的關鍵驅動力。Gen4 亦提供雙頻能力，並將資料吞吐量提升至每秒2.6 Mb，同時保有靈敏度、多協定彈性與超低功耗等定義 LoRa 優勢的特性。

This feature set enables new class of edge AI applications while maintaining the long battery life and the extended reach that our customers depend on and opens up incremental application verticals within smartphone and security. We also continue to see LoRaWAN an expansion into new use cases. In public safety, sensors can now transmit high fidelity audio for AI-based verification rather than simple alert.

這組功能使新一類邊緣 AI 應用成為可能，同時維持客戶所仰賴的長電池壽命與延伸覆蓋距離，並在智慧型手機與安防領域開啟更多增量應用垂直市場。我們也持續看到 LoRaWAN 擴展至新的使用情境。在公共安全方面，感測器如今可傳輸高保真音訊，供 AI 進行驗證，而不再只是簡單警報。

And in the industrial environment, our work with industry leaders demonstrates how LoRaWAN and edge AI together enable predictive maintenance at a level of the detail that legacy low-power sensors could not support. Amazon side will continue to build momentum. Following Rain's launch of a new line of LoRa-based sensors in the US, Sidewalk is now expanding internationally, starting with Canada and Mexico, with Europe, Australia and Japan expected to follow. This is a meaningful step towards mass-market consumer adoption at Amazon's scale.

在工業環境中，我們與產業領導者的合作展示了 LoRaWAN 與邊緣 AI 結合後，如何以傳統低功耗感測器無法支援的細緻程度，實現預測性維護。Amazon Sidewalk 也將持續累積動能。繼 Rain 在美國推出新一系列 LoRa 感測器後，Sidewalk 現正開始國際擴張，先從加拿大與墨西哥起步，預期接著拓展至歐洲、澳洲與日本。這是朝向在 Amazon 規模下實現大眾市場消費者採用的重要一步。

Together, our three pillars LoRaWAN for industrial and commercial deployments, LoRaPLUs with multi-protocol flexibility for smart home and security and the Amazon Sidewalk for mass-market consumer applications continue to create a solid framework for Pros. We project another all-time high for LoRa revenue in Q3 with a growth of about 15% sequentially, equating to year-over-year growth about 65%.

綜合而言，我們的三大支柱——用於工業與商業部署的 LoRaWAN、具多協定彈性且適用於智慧家庭與安防的 LoRaPLUs，以及面向大眾市場消費性應用的 Amazon Sidewalk——持續為 Pros 建立穩固的架構。我們預期第三季 LoRa 營收將再創歷史新高，約季增15%，相當於年增約65%。

Our IoT systems and connectivity business recorded Q2 net sales of $98 million, up 11% sequentially and year-over-year. Our air link routers saw strong new business activity across mission-critical applications, driven by drilling engagement with the national carrier partners on 5G stand-alone network slicing. This momentum was reinforced by our RX 400 and EX 400 5G RedCap routers moving into full-scale production this quarter. with wins continue to convert into shipments across a broad range of customers.

我們的 IoT 系統與連線業務第二季淨銷售額為9,800萬美元，季增11%，且年增11%。我們的 AirLink 路由器在關鍵任務型應用上看到強勁的新業務活動，主要由與國家級電信營運商夥伴在 5G 獨立組網（SA）網路切片方面的深入合作所帶動。本季 RX 400 與 EX 400 5G RedCap 路由器進入全面量產，進一步強化此動能；相關得標案持續轉化為出貨，涵蓋廣泛客戶群。

We also continue to invest in AirLink software platform to provide new security and device management capabilities. These capabilities are giving missing critical customers greater visibility and control as they manage larger, more complex deployments reflecting our broader commitment to software R&D as a way to deliver more capability and value to our customers over time.

我們也持續投資 AirLink 軟體平台，以提供新的資安與裝置管理能力。這些能力讓關鍵任務客戶在管理更大、更複雜的部署時，能獲得更高的可視性與控制力，也反映我們對軟體研發的更廣泛承諾，藉此隨時間推進為客戶帶來更多功能與價值。

In summary, our second quarter results reflect significant progress in Semtech's transformation, including a strong winning culture. But to be clear, the progress we are making is just the foundation, not a finish line. Our priorities for fiscal 2027 remain the same and are straightforward. First, supporting our unprecedented backlog and the drill opportunities, we are actively securing incremental capacity for fiscal 2028 and beyond.

總結而言，我們第二季的成果反映 Semtech 轉型取得顯著進展，包括建立強勁的致勝文化。但必須說清楚，我們正在取得的進展只是基礎，而非終點。我們對2027會計年度的優先事項維持不變且相當明確。第一，為支援我們前所未有的在手訂單與鑽探相關機會，我們正積極確保2028會計年度及以後的額外產能。

Second, intensifying R&D investment to support customer technology road maps in a rapidly advancing market and adding new drill drivers, specifically in solution offerings for lasers, photo dials drivers and TIAs for 3.2 coherent light, XPO, MPO and the CPO applications.

第二，加大研發投資，以在快速演進的市場中支援客戶技術路線圖，並新增鑽探相關的驅動因素，特別是在解決方案產品方面，包括雷射、光學驅動器以及用於 3.2 相干光、XPO、MPO 與 CPO 應用的 TIA。

And the third, continuing portfolio optimization. We see this as a continuous journey and there is more work ahead of us as we reshape Semtech. This is such an exciting time for Semtech. The business is just starting to inflect and the opportunities ahead has never been more compelling.

第三，持續進行產品組合優化。我們將其視為一段持續的旅程；在重塑 Semtech 的過程中，仍有更多工作要做。這對 Semtech 而言是非常令人振奮的時刻。業務才剛開始出現拐點，未來的機會從未如此引人注目。

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

接下來，我把電話交給 Mark，請他補充我們的財務結果與第三季展望的更多細節。Mark？

Thank you, Hong. For Q2, we recorded our tenth consecutive quarter of net sales growth with record net sales of $342 million, above the high end of our outlook range. Net sales grew 17% sequentially and 33% year-over-year, reflective of leverage in our operating model. We reported adjusted diluted earnings per share of $0.71, which increased at over 2 times the rate of net sales growth on both a sequential and year-over-year basis.

謝謝你，Hong。第二季，我們連續第十個季度實現淨銷售成長，淨銷售額創新高達3.42億美元，高於我們展望區間的上緣。淨銷售季增17%、年增33%，反映我們營運模式的槓桿效益。我們公布的調整後稀釋每股盈餘為0.71美元，無論季比或年比，其增幅均超過淨銷售成長率的2倍。

Net sales trends by end market, reportable segment and geographic region are included in the accompanying earnings presentation. Adjusted gross margin was 54.5%, up 150 basis points sequentially and at the high end of our outlook. Total semiconductor products gross margin was 62.8%, up 210 basis points sequentially and above the high end of our outlook, reflecting particularly strong contribution from 1.60 FiberEdge and copper Edge and continued growth from our LoRa portfolio.

依終端市場、可報導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。調整後毛利率為54.5%，季增150個基點，且位於我們展望的上緣。半導體產品總毛利率為62.8%，季增210個基點，並高於我們展望的上緣，反映 1.60 FiberEdge 與 Copper Edge 的貢獻特別強勁，以及我們 LoRa 產品組合的持續成長。

We announced the signing of a definitive agreement to divest our cellular module business, which is recorded as held for sale on the Q2 balance sheet. To facilitate comparability for our go-forward business, we added an adjusted gross margin disclosure in our earnings release and earnings presentation that excludes the held-for-sale business.

我們宣布已簽署一份具約束力的最終協議，將出售我們的蜂巢式模組業務；該業務已於第二季資產負債表中列為待售。為了提升我們未來持續經營業務的可比性，我們在新聞稿與財報簡報中新增了調整後毛利率揭露，並排除待售業務的影響。

Excluding the cellular module business, Q2 adjusted gross margin was 59.7% or 520 basis points above consolidated gross margin, reflecting the magnitude of the structural shift on top of the 150 basis points of sequential consolidated gross margin improvement. We expect to provide a gross margin outlook, including and excluding the cellular module business until the close of the divestiture which is expected to occur in the fourth quarter of the current fiscal year.

排除蜂巢式模組業務後，第二季調整後毛利率為59.7%，較合併毛利率高出520個基點，反映在合併毛利率連續改善150個基點之上，結構性轉變的幅度。在出售交易完成前（預期於本會計年度第四季完成），我們預計將持續提供包含與不包含蜂巢式模組業務的毛利率展望。

We also expect the transaction to be EPS neutral on a non-GAAP basis. Adjusted net operating expenses were $103 million, below the low end of our guidance range, reflecting timing of 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 $84 million, adjusted operating margin of 24.4%, adjusted EBITDA of $91 million and adjusted EBITDA margin of 26.6%.

我們亦預期該交易在非GAAP基礎上對每股盈餘（EPS）影響為中性。調整後淨營業費用為1.03億美元，低於我們指引區間下緣，反映專案相關費用的時點因素。展現我們業務的營運槓桿，多項指標優於指引區間上緣，包括調整後營業利益8,400萬美元、調整後營業利益率24.4%、調整後EBITDA 9,100萬美元以及調整後EBITDA利潤率26.6%。

Collective of capital structure changes, Semtech remained in a net interest income position in Q2. We recorded adjusted diluted earnings per share of $0.71, above the high end of our guidance range up 39% sequentially and up 73% year-over-year. Operating cash flow for Q2 was $69 million, up 90% sequentially from $36 million and up 55% from $44 million a year ago. Free cash flow for Q2 was $61 million, up 119% sequentially from $28 million and up 48% from $42 million a year ago.

在一系列資本結構變動之下，Semtech於第二季仍維持淨利息收入狀態。我們錄得調整後稀釋每股盈餘0.71美元，高於指引區間上緣，較前一季成長39%，較去年同期成長73%。第二季營運現金流為6,900萬美元，較前一季的3,600萬美元成長90%，較去年同期的4,400萬美元成長55%。第二季自由現金流為6,100萬美元，較前一季的2,800萬美元成長119%，較去年同期的4,200萬美元成長48%。

CapEx was 2% of net sales and includes expenditures to grow fab capacity supporting gain ships and CW lasers. We expect CapEx to grow as a percentage of sales, but to remain manageable and generally be below 5% of net sales. Though timing of construction and equipment delivery could increase as percentage slightly on a single quarter basis.

資本支出（CapEx）占淨銷售額2%，包含用於擴增晶圓廠產能的支出，以支援gain ships與CW雷射。我們預期CapEx占銷售額的比重將上升，但仍可控，且一般將低於淨銷售額的5%。不過，建設與設備交付的時點可能使單一季度的占比略為提高。

Our Q2 ending cash and cash equivalents balance was $204 million and the principal amount of debt was $503 million and net leverage ratio was 1.1. Now turning to our outlook for the third quarter of fiscal year 2027. We currently expect net sales of $410 million, plus or minus $5 million, up 20% sequentially and up 54% year-over-year at the midpoint, with growth expected across each of our segments.

第二季期末現金及約當現金餘額為2.04億美元，債務本金為5.03億美元，淨槓桿比率為1.1。接著說明2027會計年度第三季展望。我們目前預期淨銷售額為4.10億美元，上下浮動500萬美元；以中位數計，較前一季成長20%，較去年同期成長54%，且預期各事業部門皆將成長。

We expect net sales from our infrastructure end market to increase sequentially with projected sequential data center growth of 45% or 160% year-over-year with continued strong contribution from our 800 gig portfolio and a meaningful ramp in 1.60 copper edge and FiberEdge.

我們預期基礎設施終端市場的淨銷售額將較前一季增加；其中資料中心預估將季增45%，或年增160%，主要受惠於我們800G產品組合的持續強勁貢獻，以及1.60銅邊緣（copper edge）與FiberEdge的顯著放量。

We expect net sales from our high-end consumer end market to increase, benefiting from seasonal trends, market share gain in our TVS products and contributions from our sensing portfolio, we expect net sales from our industrial end market to broadly grow with or revenue increasing about 15% sequentially and 65% year-over-year. Based on our expected product mix and net sales levels, we expect adjusted gross margin to be 58.3%, plus or minus 100 basis points.

我們預期高階消費性終端市場的淨銷售額將增加，受惠於季節性趨勢、我們TVS產品的市占提升，以及感測產品組合的貢獻；我們亦預期工業終端市場的淨銷售額將整體成長，營收約季增15%、年增65%。基於我們預期的產品組合與淨銷售額水準，我們預期調整後毛利率為58.3%，上下浮動100個基點。

At the midpoint, this equates to an increase of 380 basis points sequentially and 530 basis points year-over-year. Our gross margin outlook, excluding the cellular module business is expected to be 63.9% at the midpoint, an incremental 560 basis points from the midpoint of the consolidated adjusted gross margin outlook. Adjusted net operating expenses are expected to be $112 million, plus or minus $3 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.

以中位數計，這相當於季增380個基點、年增530個基點。排除蜂巢式模組業務後的毛利率展望，中位數預期為63.9%，較合併調整後毛利率展望中位數再高出560個基點。調整後淨營業費用預期為1.12億美元，上下浮動300萬美元。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，同時SG&A占營收比重將下降。

We have demonstrated strong returns on our R&D investment and believe we remain prudent on SG&A spend. This results in consolidated adjusted operating margin at the midpoint of 31%, up 660 basis points sequentially and up 1,040 basis points year-over-year. Adjusted EBITDA is expected to be $134 million plus or minus $4 million, resulting in adjusted EBITDA margin at the midpoint of 32.8%, up 620 basis points sequentially and up 930 basis points year-over-year.

我們已展現研發投資的強勁報酬，並相信我們在SG&A支出上仍維持審慎。因此，合併調整後營業利益率中位數為31%，較前一季提升660個基點，較去年同期提升1,040個基點。調整後EBITDA預期為1.34億美元，上下浮動400萬美元；調整後EBITDA利潤率中位數為32.8%，較前一季提升620個基點，較去年同期提升930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 18%, reflecting geographic mix of income. These amounts are expected to result in adjusted diluted earnings per share of $1.05, plus or minus $0.03, up 48% sequentially and up 119% year-over-year at the midpoint, more than 2 times revenue growth based on an expected weighted average share count of 99 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18%，反映所得的地理分布。上述預期將帶來調整後稀釋每股盈餘1.05美元，上下浮動0.03美元；以中位數計，較前一季成長48%，較去年同期成長119%，在預期加權平均股數為9,900萬股的基礎上，EPS成長幅度超過營收成長的2倍。

I look forward to providing our financial framework and multiyear outlook at our upcoming investor event on October 15. We expect the framework will highlight the operating leverage in our business model, namely increasing gross margin, reflecting strong contributions from data center and LoRa. Operating margin that grows with scale and with disciplined spend in G&A hoping to support R&D investment and a structural shift in margins following the cellular model divestiture all of which are expected to support strong EPS, EBITDA and cash flow metrics.

我期待在10月15日即將舉行的投資人活動中，提供我們的財務架構與多年期展望。我們預期該架構將凸顯我們商業模式的營運槓桿，也就是毛利率提升，反映資料中心與LoRa的強勁貢獻。營業利益率將隨規模擴大而成長，並在G&A上維持紀律性支出，以支持研發投資；同時，蜂巢式模組出售後的利潤率結構性轉變，預期將共同支撐強勁的EPS、EBITDA與現金流指標。

With that, I'll turn it back to Mitch.

接下來我把時間交還給Mitch。

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

謝謝你，Mark。我們現在把電話交回給接線員，進行問答環節。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Congratulations on the strong results. Hong, you mentioned needing to go out and secure capacity for fiscal -- sorry, calendar 2028 and beyond. But the data center business, I think guiding up 160% year-on-year in the third fiscal quarter. It sounds like it accelerates in the fourth fiscal quarter. How are you feeling near term about capacity in your ability to support continued upside in the data center business? And then I've got a follow-on data center question.

恭喜取得強勁的成果。Hong，你提到需要外出確保2028會計年度——抱歉，是曆年2028年及之後的產能。但資料中心業務，我想你們在第三個會計季度的指引是年增160%。聽起來在第四個會計季度還會加速。就短期而言，你對產能以及你們支援資料中心業務持續上行的能力感覺如何？另外我還有一個後續的資料中心問題。

We anticipated a very rapid data center revenue growth. We started about 1.5 years ago, and thanks to that work, we were able to have enough capacity in the near term to support the customer ramp and also some drop in orders. So that allow us to expand our market share. Now with the strong booking momentum and record backlog, we see the capacity we have secured may not be enough in supporting the FY '28, especially second half of '28.

我們預期資料中心營收會非常快速成長。我們大約在1.5年前就開始著手準備，得益於那段工作，我們在短期內能有足夠產能來支援客戶放量，同時也能因應部分訂單下滑。因此讓我們得以擴大市占率。但現在在強勁的接單動能與創紀錄的在手訂單（backlog）之下，我們看到已確保的產能可能不足以支撐2028會計年度，尤其是2028年下半年。

So working with our manufacturing partners, both for front end and back end back end means that OSAT from testing to packaging and disease testing, working with the manufacturing partner to increase the capacity. The great news is that we have the financial capability to work with our partners to jointly increase the capacity allocation to some tech

因此，我們與製造合作夥伴合作，涵蓋前段與後段；後段指的是 OSAT，從測試到封裝以及可靠度測試，與製造夥伴一起提升產能。好消息是，我們具備財務能力，能與合作夥伴共同提高部分技術的產能配置。

I guess maybe quickly, just Hong, does that -- would you anticipate that requiring wafer pre-purchases or any kind of similar prepurchases of back-end capacity. And then my follow-on question was just -- it seems like there's growing discussion of NPO solutions across the ASIC landscape. And I think even at the largest GPU provider as we look into the next 12 to 24 months, can you just give us a brief outline of how Semtech is positioned to support the NPO market as it develops?

我想快速問一下，Hong，你是否預期這會需要預先採購晶圓，或任何類似的後段產能預購安排？接著我的追問是——看起來在整個 ASIC 生態系中，關於 NPO 解決方案的討論愈來愈多。我想即使是在最大的 GPU 供應商那邊，展望未來 12 到 24 個月，你能否簡要說明 Semtech 在 NPO 市場發展過程中，將如何定位以提供支援？

Yes. Thank you. So yes, the increase of capacity for the back end is primarily increased the tester capacity by adding more testers and also getting additional manufacturing partners qualified to mitigate the potential geopolitical risk. On the front end, we have been working with a leading partner in increasing capacity we are mobilizing all different ways in increasing the prepayment, the CapEx or some other means. But I think though are the same to bring additional capacity to support the growth.

是的。謝謝。所以是的，後段產能的提升主要是透過增加測試機台（tester）數量來擴充測試產能，同時也讓更多製造合作夥伴完成認證，以降低潛在的地緣政治風險。在前段方面，我們一直與一家領先的合作夥伴合作提升產能；我們正以各種方式推動，包括提高預付款、資本支出（CapEx）或其他方式。但我認為這些做法的目的都是一致的：導入額外產能以支援成長。

As for your question about NPL, yes, absolutely. That's a strong trend. The primary driver is to increase the bandwidth density. As data -- total capacity increased dramatically, while shoreline space is limited, they need to have the density, high-density packaging. We're going to be benefiting from that, and we're currently engaging, I don't know, 10, 15 different programs with all the module manufacturers and some of them were directly tied to end customers.

至於你問的 NPL，是的，絕對如此。那是一個強勁的趨勢。主要驅動因素是提升頻寬密度。隨著資料——總容量大幅增加，而機櫃/機房空間有限，他們需要更高密度的封裝。我們將從中受益；目前我們正參與大約 10 到 15 個不同的專案，涵蓋所有模組製造商，其中一些還直接對應到終端客戶。

So net-net, we're going to be benefiting from that. We are already a leading provider of TIA arrays and on laser arrays, especially linear right version of excellent as well. So I just talked about our initiative to start photodiodes and by co-optimization between TIAs and photodiode bring to our customers even better solutions. So it's a great opportunity for us. That can be translated into a new growth driver for us in the future.

總之，我們會從中受益。我們已經是 TIA 陣列與雷射陣列的領先供應商，尤其是線性版本也表現非常出色。我剛才也提到我們啟動光電二極體（photodiode）的計畫，透過 TIA 與光電二極體的共同最佳化，為客戶帶來更好的解決方案。所以這對我們而言是很好的機會。未來這可以轉化為我們新的成長動能。

Rick Schafer, Oppenheimer & Company.

Rick Schafer，Oppenheimer & Company。

I'll add my congratulations to you guys. Great quarter and need a better outlook. If I could, I'll just start a quick one on LoRa. I mean the run rate there was fairly $150 million just a year ago. I mean, we heard your guide on that home. I mean that's close to $60 million a quarter now so well over the 150 just in the last 12 months. So is 20% still a right bogey because I think you're going to be doing about 3 times that growth in the third quarter.

我也要向各位致上祝賀。很棒的一季，而且展望更好。如果可以的話，我先快速問一個關於 LoRa 的問題。我的意思是，那邊的年化營收（run rate）在一年前大約是 1.5 億美元。我們也聽到你們對那部分的指引。看起來現在接近每季 6,000 萬美元，所以光是過去 12 個月就遠超過 1.5 億。那麼 20% 仍然是合適的目標值（bogey）嗎？因為我認為你們在第三季的成長大概會是那個的 3 倍。

We certainly matched the 20% ceiling with Q3, just the -- we're seeing sequential growth of 15% year-over-year will be translating into 65%. So that is certainly higher than 20%. And we benefited from now three pillars of growth not just the traditional LoRaWAN in supporting the industrial and commercial applications, but also LoRaPLUS in security and smart home, smart buildings.

我們在第三季確實會超過 20% 的上限；我們看到的序列成長是 15%，而年增率將轉換為 65%。所以那確實高於 20%。而我們受益於現在三大成長支柱，不再只是傳統的 LoRaWAN、用於支援工業與商業應用，還包括 LoRaPLUS，用於安防與智慧家庭、智慧建築。

And now with Amazon and in the Sidewalk and in strong engagement and their plan to deploy internationally start from North America, expanding into Europe and Australia. We see that is going to be a strong growth driver as well. So I do expect year-over-year growth is going to be better than 20% going forward and is sustainable.

此外，隨著 Amazon 在 Sidewalk 上的強力投入，以及其從北美開始、再擴展到歐洲與澳洲的國際部署計畫。我們也看到那將成為強勁的成長驅動力。因此我確實預期，未來的年增率會優於 20%，而且具備可持續性。

And if I could, I wanted to just get a little bit more color on FIFO. Obviously, you're investing in capacity there. I think you've talked about tripling that capacity by the end of the year. I don't know if you could level set us on where we are in the process, if there's any symptom of a design funnel or revenue formal or anything you could share on that?

如果可以的話，我想再多了解一些關於 FIFO 的細節。很明顯你們正在那邊投資產能。我記得你們談過在年底前把產能提升到三倍。不確定你能否幫我們校準一下目前進度到哪裡了，是否有任何設計漏斗（design funnel）或營收形成（revenue funnel）之類的跡象，或任何你能分享的資訊？

And then as part of your answer, I'd be curious, I mean, folks are talking about CW laser channel densities really rising, right, going up. So I'm curious how much does that pull the need or create the need for higher density drivers and TIAs? And then if so, what does that do to the complexity and the barriers to entry there for your competition?

另外作為你回答的一部分，我也很好奇：大家都在談 CW 雷射的通道密度正在大幅上升，對吧，越來越高。所以我想知道，這在多大程度上會拉動或創造對更高密度 driver 與 TIA 的需求？如果是的話，這會如何影響那邊的複雜度，以及對競爭對手的進入門檻？

Yes. So first, we'll start with the HFO acquisition. Certainly, we have been the proud owner of that asset for the last five, six months. We have made tremendous progress in upgrade the line and also getting more wafer start reaching out to the customers and with Semtech behind the asset, the customer confidence level has improved dramatically.

是的。首先，我們先談 HFO 併購案。當然，我們在過去五、六個月一直很自豪地擁有這項資產。我們在升級產線方面取得了巨大進展，也讓更多晶圓開工（wafer start），並且開始接觸客戶；在 Semtech 作為後盾之下，客戶的信心大幅提升。

So we're not only with the three anchor customers increasing their -- they are increasing the demand, but we are able to expand into other key customers on the game chips. Now we have been, as I mentioned in the prepared remarks, sending high-power lasers to five, six module manufacturers they've been evaluating and really satisfied, really very excited about our best power conversion efficiency in the bean performance and over-temperature performance.

因此，我們不僅讓三個核心客戶（anchor customers）的需求持續增加，也能擴展到其他關鍵客戶、切入相關晶片領域。另外，如同我在事先準備的講稿中提到的，我們已將高功率雷射送到五、六家模組製造商進行評估；他們非常滿意，也對我們在光電轉換效率、光束（beam）性能以及高溫性能方面的最佳表現感到非常興奮。

Those are pretty ideal in having one CW laser split into four channels or eight channels for high bandwidth transceivers, like 1.60 and 3.2T. We also have the product, we start sampling to customers and semiconductor optical amplifiers. That's almost like a game chip, you get the tempos currency, you get the amplification. So that is the foundation we are using.

這些特性非常適合把一顆 CW 雷射分成四個通道或八個通道，用於高頻寬收發器，例如 1.6T 與 3.2T。我們也有產品——半導體光放大器（SOA），已開始提供樣品給客戶。那幾乎就像一顆關鍵晶片：你有「光源」，也有放大能力。

And the capacity is limited, as I mentioned, we are going to be increasing capacity by bringing more testers in the back end first. then for the fab capacity, we're just forced it to be able to acquire an already fully facilitize the fab in a close proximity to the current facility. So that allow us to increase the fab capacity by 3 times to 4 times by the end of the year.

而產能是有限的；如我所提到的，我們會先在後段透過導入更多測試機台來提升產能。接著在晶圓廠（fab）產能方面，我們正推動收購一座已完成完整設施配置（fully facilitize）、且與現有廠區距離很近的晶圓廠。

So we're on track for that. As for MPO, the high density, certainly, when you do the high density, the spacing between different elements is becomes smaller when you go high speed at the cross top and all the other performance the packaging need is different.

所以我們在這方面進度如期。至於 MPO 的高密度，當你做高密度時，不同元件之間的間距會變得更小；當你在高速下，串擾（crosstalk）以及其他性能要求都會使封裝需求變得不同。

It's representing another new set of challenges, that's why we expand not only from the fiber edge to photonics that will allow us to do co-optimization to improve signal integrity. And definitely, the industry is welcoming our move, and we have increasing engagement with the module manufacturers and hyperscalers because of that expanded capability.

這代表另一套全新的挑戰；因此我們不僅從光纖端延伸到光子（photonics），這將使我們能進行共同最佳化以改善訊號完整性。而且產業界確實歡迎我們的布局；也因為這項擴展能力，我們與模組製造商及超大規模業者（hyperscalers）的互動正在增加。

Sean O'Loughlin, TD Cowen.

Sean O'Loughlin，TD Cowen。

I'll add my congratulations on, obviously, some really strong momentum across the business here. I wanted to start with just a high-level question on data center strength. Really strong outlook in the forward quarter and talking about acceleration through the back half. But I think in your prepared remarks, both Hong and Mark, you both mentioned the copper edge in a high-volume ramp.

我也要加入恭喜之列，顯然公司整體業務動能非常強勁。我想先從一個關於資料中心強勁表現的高層次問題開始。你們對下一季的展望非常強，並且談到下半年會加速。但我想在你們的事先準備發言中，Hong 和 Mark 兩位都提到在高出貨量爬坡中的銅互連優勢（copper edge）。

I think that aligns with some of your past comments, but maybe you could just talk about how to think about the contributors to growth and how that aligns with some of your commentary on TIA share in -- towards the end of this year on 1.6?

我認為這與你們過去的一些評論一致，但也許你們可以談談該如何看待成長的貢獻來源，以及這如何與你們對今年底在 1.6 上的 TIA 市占率評論相呼應？

Yes. Thank you, Sean, and that's a good question. So maybe I will use this opportunity to just review the progress we have made in expanding our portfolio in the data center play. So we certainly -- the reason the investment community over indexing on copper edge is because that's the first time I think the investment community paid attention to Semtech two years ago, we developed this redriver, our leader equalizer solution, which that can be embedded in ACC cable to interconnect to adjacent regs.

是的。謝謝你，Sean，這是個好問題。那我就藉這個機會回顧一下我們在資料中心布局中擴展產品組合所取得的進展。投資界之所以特別聚焦在銅互連優勢，是因為我想那是投資界第一次注意到 Semtech：兩年前我們開發了這款 redriver，也就是我們領先的等化器（equalizer）解決方案，可嵌入 ACC 纜線，用於與相鄰機架之間的互連。

And so that continues to be a really de facto standard for the industry for 1.6, 2.4, 3.20 and going forward. Copper scale-up continues to gain momentum, especially linear equalizer on board. So we got multiple engagement and some of them will reach the finish line in the near term. Second area, the FiberEdge two years ago, 800 gig, we had the market share about 18%.

因此，這項方案持續成為業界在 1.6、2.4、3.20 以及未來世代的事實標準。銅線 scale-up 持續增溫，尤其是板上線性等化器（linear equalizer）。所以我們有多個合作案正在推進，其中一些在短期內就會到達終點。第二個領域是 FiberEdge。兩年前在 800G 時，我們的市占率約為 18%。

So over the two years, we have grown the market share well over 50% for 800 gig. 1.60 is just inflecting. So 1.6%, as I said in the prepared remarks, we are expecting to exit this fiscal year by January with better than 50% of market share. So now you see the FiberEdge area, not only we are gaining shares. The volume has increased dramatically for 800 gig, for example, transceivers from two years ago with 20 million units a year to this year, probably 90 million units a year. Regaining shares, we benefit from increased volume and we are expanding the product offerings 800 gig and 160 and drivers.

在這兩年間，我們在 800G 的市占率已成長到遠超過 50%。1.60 則正開始出現拐點。因此，正如我在事先準備發言中所說，我們預期在本會計年度於 1 月結束時，市占率可達到 50% 以上。所以你現在看到 FiberEdge 這一塊，不僅我們在提升市占。800G 的出貨量也大幅增加；例如收發器（transceivers）從兩年前每年 2,000 萬顆，到今年可能達到每年 9,000 萬顆。在市占回升的同時，我們受惠於量的提升，並且也在擴展產品供應，包括 800G、160 以及驅動器（drivers）。

The driver revenue is to come -- we got a wonderful product in the evaluation will be contributing to the revenue very meaningfully. A few months ago, we acquired HieFo and mark the beginning of our journey into the photonic area. And we're going to be expanding and having meaningful play in that area as well.

驅動器營收即將到來——我們有一款很棒的產品正在評估中，將會對營收做出非常顯著的貢獻。幾個月前，我們收購了 HieFo，這也標誌著我們進入光子（photonic）領域旅程的開始。我們也將在該領域擴展，並建立具實質意義的布局。

So now I'd like to encourage everyone to look at the data center play for Semtech is not just a top edge. Copper at will definitely be a significant part of the data center revenue. But think about the fiber Edge, the leading share of the TIA and drivers and photonics offering from game chip to lasers, to photodiode to SOA. So we're going to be continuing to expanding our portfolio to become a key player in this area.

因此，我想鼓勵大家看待 Semtech 的資料中心布局時，不要只看單一的 top edge。銅互連當然會是資料中心營收的重要組成。但也請把 FiberEdge、TIA 的領先市占、驅動器，以及光子產品供應納入考量，從 game chip 到雷射、到光電二極體（photodiode）再到 SOA。我們會持續擴展產品組合，成為這個領域的關鍵玩家。

Great. And just if I could ask a follow-up and get Mark into the party here. The gross margin expansion quarter-over-quarter is striking even if you're just looking at the consolidated and not isolating the held for sale business. Just wondering, I guess, a question on how much of that can be thought of as mix? And if data center continues to stay at this percent of revenue, is that something we should expect levels that we should expect to continue?

很好。如果我可以追問一下，也把 Mark 拉進來一起回答。即使只看合併口徑、而不把待售業務單獨拆出來看，毛利率的季對季擴張也非常顯著。我想問的是，其中有多少可以視為產品組合（mix）帶動？如果資料中心營收占比維持在目前這個水準，這是否代表我們應該預期毛利率會持續維持在某些水準？

Or is there some onetime thing? And then maybe as part of that, just talk about the capacity expansion. And you've heard some of your suppliers talk about what they're seeing on the pricing side? And what's giving you confidence on the margin sustainability?

還是其中有一些一次性因素？另外也請談談產能擴張。你們也聽到一些供應商談到他們在價格面看到的情況？是什麼讓你們對毛利率的可持續性有信心？

Yes, Sean, I can address that and try to address that. So the sale is cellular module business. I expect will result in over 500 basis points of gross margin improvement. That's the structural change. That's a significant drop change that we see in our gross margin profile.

是的，Sean，我可以回應並嘗試回答。出售蜂巢式模組（cellular module）業務，我預期將帶來超過 500 個基點的毛利率改善。這是結構性的改變。這是我們在毛利率輪廓上看到的一個重大轉變。

And I provided some details in my prepared remarks, but I think it's helpful to walk through those figures again. So from Q1 to Q2, our consolidated adjusted gross margins increased from 53% to 54.5%. That's 150 basis points, largely on mix. Q2 adjusted gross margin, excluding modules, was 59.7%, which is an incremental 520 basis point increase.

我在事先準備發言中提供了一些細節，但我認為再次走一遍這些數字會有幫助。從 Q1 到 Q2，我們合併調整後毛利率從 53% 提升到 54.5%。這是 150 個基點，主要來自產品組合。Q2 的調整後毛利率（不含模組）為 59.7%，相當於額外增加 520 個基點。

Then we move to our Q3 guide. Our consolidated adjusted gross margins are projected to increase from 54.5% to 58.3%, 380 basis point increase. And then on top of that, we add 560 basis points to arrive in adjusted gross margin guide, excluding the models at 63.9%. So you have the 500 basis point plus gross margin improvement just based on the structural change.

接著看我們對 Q3 的指引。我們合併調整後毛利率預計將從 54.5% 提升到 58.3%，增加 380 個基點。在此之上，再加上 560 個基點，就得到不含模組的調整後毛利率指引 63.9%。因此，僅基於這項結構性改變，你就能看到 500 個基點以上的毛利率改善。

But the 150 basis points to 380 basis points, that's mix. I think a good starting point post divestiture, is that 64% gross margin. And as you're seeing the mix change. I mean mix is quite a powerful broader for Semtech as 1.60 continues to inflect as LoRa continues its strong growth and 800 gig, maybe just to briefly address pricing, right? We're not really seeing price erosion to 800 gig. That all compounds into some very strong mix changes, which is that 150 to 380 basis points that we demonstrated in Q2 and Q3.

但那 150 個基點到 380 個基點的部分，則是產品組合。我認為在完成剝離後，一個好的起點是 64% 的毛利率。而隨著組合持續變化，我的意思是，當 1.60 持續出現拐點、LoRa 持續強勁成長、以及 800G 的推進，產品組合對 Semtech 來說是相當有力的槓桿。順帶簡要談一下定價：我們在 800G 並沒有真正看到價格侵蝕。這些因素疊加起來，帶來非常強的組合改善，也就是我們在 Q2 與 Q3 所呈現的那 150 到 380 個基點。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

So this was kind of asked, but maybe more simply, the data center guide or next quarter's guide driven by data center. What exactly are -- like what did you not anticipate that is driving this? Is it the cycle? Is it LPO? Is it really that TIA attach that you're talking about? Or is it copper edge? What kind of drove the marginal upside versus perhaps your expectations or even the Street's expectation guys like me.

這個問題剛才有被問到，但我想用更簡單的方式問：資料中心帶動了你們對下一季的指引。到底是什麼——也就是說，有哪些是你們原本沒有預期、但現在正在推動這個結果的？是景氣循環嗎？是 LPO 嗎？是你們提到的那個 TIA 搭載（attach）嗎？還是銅互連優勢（copper edge）？相較於你們原先的預期、甚至相較於像我這樣的華爾街預期，究竟是什麼推動了這個邊際上的上修？

Yes. Chris, that's a good question. So if you look at the data center portfolio, we know 800 gig is going very well. We've got a line share, and we continue the volume increase. We also know the copper edge 1.60 timing that has been largely on track and going with the schedule. If you say upside came from a little bit earlier inflection, for 1.6 fiber edge. We know we are intense engagement with our module manufacturers, as I said, and their customers.

是的。Chris，這是個好問題。所以如果你看資料中心產品組合，我們知道 800G 的進展非常順利。我們已經取得一定的份額，而且出貨量持續增加。我們也知道 1.60 的銅邊緣（copper edge）時程大致都按計畫進行、符合進度。如果要說上行動能來自哪裡，那就是 1.6 光纖邊緣（fiber edge）的拐點稍微提前了一點。如我所說，我們正與模組製造商及其客戶保持非常密切的合作。

So we were just not very sure about the qualification timing, and that's why we're a little conservative in guiding for Q2 at the time. Now we have all the backlog and the customers want parts tomorrow. So we definitely have a very high confidence and conviction for Q3 and Q4. So if you say what's different from a few months ago, I mean that's just the qualification timing. When customers need a solution they go out of the way they accelerate the pace of new technology adoption. So that is -- I've seen that before.

所以我們當時對認證（qualification）的時程並不是很確定，這也是為什麼我們在當時對 Q2 的指引稍微保守一些。現在我們手上有所有的積壓訂單（backlog），而且客戶希望明天就拿到零件。因此我們對 Q3 和 Q4 具有非常高的信心與把握。所以如果你問跟幾個月前相比有什麼不同，我的意思是，主要就是認證時程。當客戶需要解決方案時，他們會不惜一切加速新技術導入的速度。所以這件事——我以前也見過。

But this is really in a way it's unprecedented from the hyperscalers to module manufacturers to the technology providers, component providers, working all together to accelerate that pace. Does that make sense?

但這次確實在某種程度上是前所未見的：從超大規模業者（hyperscalers）到模組製造商，再到技術供應商、元件供應商，大家一起合作來加速這個節奏。這樣說有道理嗎？

Yes, that may -- that totally makes sense. And then perhaps a follow-up, just as you ramp FOFOs me, and you have all these new products coming into this portfolio, and you talked about getting to high double-digit per transceiver content for you guys -- can you walk us through just a time frame of when you expect these products to ship in volume to the market whether it's these high-power CW modules, photodiodes, SOAs or anything else that, that acquisition will be able to provide?

是的，這——這完全說得通。那接著可能追問一下：隨著你們把 FOFOs 的產能拉升，而且這個產品組合裡有這麼多新產品導入，你也提到你們在每個收發器（transceiver）中的內容價值要提升到「高雙位數」——你能否帶我們梳理一下時間表：你預期這些產品何時會開始大量出貨到市場？不論是這些高功率 CW 模組、光電二極體（photodiodes）、SOA，或是那項收購能提供的其他任何產品？

Yes. So Chris, we only get into this area, as I said, for five months or so. We certainly have a great plan and great ambition. Right now, the ongoing product shipping in volume is a gating chip, and we're going to be having the CW, high-power CW lasers and SLA available for sampling and qualification from the customer side in a couple of months.

是的。所以 Chris，如我所說，我們進入這個領域大概才五個月左右。我們當然有很好的計畫，也有很高的企圖心。目前正在大量出貨的產品是一顆關鍵晶片（gating chip）；而 CW、高功率 CW 雷射以及 SLA，預計在幾個月內就能提供客戶端進行送樣與認證。

And -- but the significant increase in content in optical transceivers as we said before, it's more like 3.2. Because we see the ramp of the fiber edge from 1.60, that means the customers are already wrapping up the qualification and getting ready for volume production. If they don't have a solution now, they'll probably be late.

而且——但如我們先前所說，光收發器的內容價值顯著提升，更像是跟 3.2 有關。因為我們看到光纖邊緣從 1.60 開始爬坡，這代表客戶已經接近完成認證，並準備進入量產。如果他們現在沒有解決方案，可能就會落後。

We wanted to catch the next wave. So that's a 3.2T.And good old high-power CW laser work still is the most needed for that application. By then, we wanted to make a photo diode available as well because when the data rate is going higher than 200 gig, and need every bit of help from electronic component and photonic component so the co-optimization allows us to provide a cross-reference design solution to customers. That is also very much needed for 3.2T. So to answer your question, really the significant content increase in one optical transceivers will be coincided with a 3.2 transceiver cut-in.

我們希望抓住下一波。所以那就是 3.2T。而且傳統的高功率 CW 雷射仍然是該應用最需要的。到那個時候，我們也希望能提供光電二極體，因為當資料速率高於 200G 時，就需要電子元件與光子元件提供每一分助力，因此共同最佳化（co-optimization）能讓我們為客戶提供可交叉參考的設計解決方案。這對 3.2T 也非常需要。

Harsh Kumar, BMO Capital Market.

Harsh Kumar，BMO Capital Market。

Yes. Hong, Mark and Mitch, congratulations on stellar quarter and Stellar guide. I had a one multipart and then another follow-up. Hung, you talked about 3.2 being the catalyst for your products catching growth. Could you talk about what the timing for 3.2 is as you see it in the field?

是的。Hong、Mark 和 Mitch，恭喜你們交出非常亮眼的一季以及非常亮眼的指引。我有一個多段式問題，然後還有一個追問。Hong，你提到 3.2 會成為你們產品抓住成長的催化劑。你能談談你在市場端看到的 3.2 時程嗎？

And then I want to push back on your commentary a little bit as well. You talked about your content going from high single to kind of high double digits. But when I look at all that you have in the pipeline, photodetectors and game chips and drivers, et cetera, I would think the content would be more than teens. Are you just being somewhat cautious here? Or is there any other reason for that commentary?

另外我也想對你剛才的說法稍微提出一點不同看法。你提到你們的內容價值會從高單位數提升到某種高雙位數。但當我看你們管線裡的東西——光偵測器、gating 晶片、驅動器等等——我會以為內容價值應該會高於十幾%。你們只是比較保守嗎？還是那樣說有其他原因？

As, first of all, thank you for initiating the coverage, and we look forward to working with our new platform. So probably I confused you the high double-digit means 80, 90 instead of 18, 19. So that's the content we're talking about.

首先，謝謝你開始覆蓋我們，我們也期待在新的平台上合作。所以可能是我讓你誤會了：我說的「高雙位數」是指 80、90，而不是 18、19。所以我們談的是那樣的內容價值。

No, no. Thank you for that clarification. I appreciate it. And 3.2 timing, Hong?

不不。謝謝你澄清。我很感謝。那 3.2 的時程呢，Hong？

3.2 timing, I would say, probably in 18 months or so, but I think the design window will start opening up at about in 12-month period of time. So then the early movers, they probably be 18 months from now. And -- but I think the meaningful deployment will start probably in two years. even 800 gig will have a really very healthy runway over the next two years.

3.2 的時程，我會說大概在 18 個月左右，但我認為設計窗口會在大約 12 個月的時間點開始打開。所以早期採用者大概會在 18 個月後。不過我認為有意義的部署可能要到兩年後才會開始。即使是 800G，在未來兩年也會有非常健康的成長跑道。

And then for my follow-up, if I can ask you about ACC and LPO? The reason why I'm asking you, you're coming out as the clear leader in those two technologies. You talked about it, I think, a little bit more positively in this call. Can you help us still give an idea of what we should expect the growth rate to be, let's say, exiting this year or at some point in time next year, what can these two businesses do?

那我追問一下，如果我可以問 ACC 和 LPO？我之所以問，是因為你們在這兩項技術上看起來是明確的領導者。你們在這通電話裡談到它們時，我覺得語氣更正面一些。你能否幫我們提供一些概念：我們應該期待的成長率會是什麼樣子？例如今年底，或明年某個時間點，這兩個業務能做到什麼程度？

Yes. So the ACC, we definitely have the clear visibility with the leading hyperscaler. We are going to be having the volume deployment start from. But right now, all the cable manufacturers are ordering and increasing quarter-over-quarter. But the inflection is going to be started from the -- then in the meantime, we see so many design activities of linear equalizer on board.

是的。就 ACC 而言，我們對於領先的超大規模客戶有非常清楚的能見度。我們將會開始進入量產部署。但目前所有的線纜製造商都在下單，而且每季都在增加。不過拐點將會從——同時，我們也看到板上線性等化器（linear equalizer）的設計活動非常多。

The dynamics, we start understanding this emerging market better now. ACC adoption is more coincide with the new platform design. So they wouldn't be yanking out the AEC currently in use and to put in ACC. But linear equalizers board design is happening on the Board level. So we get a lot of activities. We continue to be very bullish on that market. As for PO, it's almost -- we had a meaningful revenue from Q1, and that has been increasing moderately.

就市場動態而言，我們現在開始更了解這個新興市場。ACC 的採用更常與新平台設計同步。所以他們不會把目前正在使用的 AEC 拔掉改成 ACC。但線性等化器的板級設計是在電路板層級發生的。因此我們看到很多活動。我們仍然對這個市場非常看多。至於 PO，幾乎——我們在 Q1 已經有相當可觀的營收，而且之後一直在溫和成長。

But that deployment really get the industry give them the confidence of the linear architecture, and it works really well. So that evolved into NPO in some form then even the XPO is including the LPO form with the linear equalizer -- well, the linear architecture instead of realtime. So I think in the future, the LPO impact not only as a stand-alone transceiver, but also the proof of the concept approval of the technology get incorporated in more integrated form factor like NPL

但那次部署確實讓產業對線性架構更有信心，而且運作得非常好。因此它以某種形式演進成 NPO，甚至 XPO 也包含了採用線性等化器的 LPO 形式——也就是線性架構，而不是即時（realtime）。所以我認為未來，LPO 的影響不僅會以獨立收發器的形式存在，也會作為技術概念驗證獲得認可，並被納入更整合的外形規格中，例如 NPL

Joe Moore, Morgan Stanley

Joe Moore，摩根士丹利

Congratulations. Can you talk about the strength in 800 gig. You talked about that persisting for a while. What's your visibility into that? I know 1.60 is the big ramp up. A seems quite strong. Can you talk about that dynamic a little bit?

恭喜。你能談談 800G 的強勁表現嗎？你提到這種態勢會持續一段時間。你對此的能見度如何？我知道 1.60 會是主要的放量爬坡。A 看起來也相當強。你能稍微談談這個動態嗎？

Yes. So Joe, we enter into the year for 800 gig, the industry is forecasting 50 million transceiver units to be consumed. Now we are here in the number at 90 million and we have a very healthy backlog for FiberEdge to support 800 gig. And that is continued and we're just getting -- picking to our new booking report this morning. So existing customers, they are increasing the demand now decreasing.

是的。所以 Joe，我們在今年進入 800G 時，產業原本預測會消耗 5,000 萬個收發器單位。現在我們看到的數字是 9,000 萬，而且我們在 FiberEdge 以支援 800G 方面有非常健康的在手訂單（backlog）。這個趨勢仍在延續，而我們今天早上剛拿到最新的接單報告。所以既有客戶目前是在提高需求，而不是降低。

In the meantime, the 1.60, it's just starting. And so the Q3 will be the first quarter for us to really have a pretty significant revenue, as I said, between 1.6 fiber edge and 1.6 copper edge, we will have -- they will be surpassing 50% of total data center revenue. So 1.6 is gaining a lot of momentum and gaining momentum fast.

同時，1.60 才剛開始。因此第三季將是我們第一個真正會有相當可觀營收的季度；如我所說，在 1.6 FiberEdge 與 1.6 CopperEdge 之間，它們將會——其合計將超過資料中心總營收的 50%。所以 1.6 正在獲得很大的動能，而且動能成長很快。

That's very helpful. And then can you just discuss like-for-like pricing? Are you seeing any changes really in any part of your business that just particularly on the optical side, any change in pricing there?

這很有幫助。另外你能談談同規格（like-for-like）的定價嗎？你是否看到你們業務的任何部分出現變化，特別是在光學端，那邊的定價有任何變動嗎？

Yes. So pricing, it's very favorable. Typically, as I said before, you offer 2 times performance, you may be able to get 10% premium in the beginning, but it settled at a lower level. But right now, availability is more important to the customers and then the pricing is almost. There's no erosion to be expected in the near term and at least not for any orders we booked in the backlog. Our cost is increasing slightly, and we are able to, in most of the cases, work with the customers and pass along the cost to them.

是的。所以定價方面非常有利。通常如我之前所說，你提供 2 倍的效能，起初可能可以拿到 10% 的溢價，但之後會回落到較低水準。但目前對客戶而言，可供貨性（availability）更重要，因此定價幾乎——短期內預期不會有價格侵蝕（erosion），至少對我們已接進在手訂單的訂單而言是如此。我們的成本略有上升，而在大多數情況下，我們能與客戶合作並將成本轉嫁給他們。

And -- but we are here to build a long-term relationship with our customers, we are very mindful and not being viewed as using the seller advantage to gouge our customers. So we're working with them in a partnership fashion, but we are able to pass along the cost increases. So that's why when Mark talked about the gross margin we're expecting the trend to continue to grow because of favorable product mix in the new product, we have a higher gross margin.

而且——我們在這裡是要與客戶建立長期關係，我們非常謹慎，不希望被視為利用賣方優勢去哄抬價格、剝削客戶。因此我們以夥伴合作的方式與他們協作，但我們確實能把成本上升轉嫁出去。所以當 Mark 談到毛利率時，我們預期毛利率趨勢會持續上升，因為新產品帶來有利的產品組合，而我們的新產品毛利率更高。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. And congratulations on the record quarter. Hong, so you're going to be at $0.5 billion run rate in data center next quarter. I'm just curious as we sort of think about $1 billion in data center revenue, how should we think about the mix between FiberEdge, CopperEdge and all the new products that are coming online?

是的。也恭喜創下紀錄的一季。Hong，所以你們下季資料中心業務的年化營收（run rate）將達到 5 億美元。我只是好奇，當我們思考資料中心營收達到 10 億美元時，應該如何看待 FiberEdge、CopperEdge 與所有即將上線的新產品之間的組合？

So that's probably the one we're going to be providing more detail in our October Investor Day because we plan to get the different -- the TAM for the different applications and our market share and so that you can have a more comprehensive view for multiyear model I hope you can come to that event, sorry.

這大概是我們會在 10 月投資人日提供更多細節的部分，因為我們計畫說明不同——不同應用的 TAM（總可服務市場）以及我們的市占率，讓你能對多年期模型有更全面的視角；希望你能來參加那個活動，抱歉。

Sounds good. And as a follow-up, a similar question for Mark. So ex modem will be at 64% gross margin. How should we think about the margin contribution from some of the newer products like PB, CW lasers and so on and so forth. Are they going to be at that corporate average or perhaps even above?

聽起來不錯。接著追問一個類似的問題給 Mark。所以不含數據機（ex modem）毛利率會在 64%。我們應該如何看待一些較新產品（例如 PB、CW 雷射等等）的毛利貢獻？它們會落在公司平均水準，還是可能更高？

It should be above. So all the areas, it's that you just mentioned, CW lasers, especially. They're the data center gross margin, which is accretive to the corporate gross margin average.

應該會更高。所以你剛提到的所有領域，尤其是 CW 雷射。它們的資料中心毛利率會高於公司整體平均毛利率，並對公司平均毛利率具有增益（accretive）。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yes. Congratulations on the stellar performance, and thanks for sneaking me in guys. I wanted to look at the business through the 1.60 lens. So this sort of follows up on part of what you got to with Joe. But can you clarify what you're looking for, as things get going in the third quarter as a percent of mix. And then, Hong, it sounds like we're starting stronger in fiber edge and copper comes along. So how would mix evolve for 1.6 as a percent of total as we look out to next year?

是的。恭喜表現亮眼，也謝謝各位讓我插個問題。我想用 1.60 的視角來看這個業務。這某種程度上延續了你和 Joe 討論的一部分。但你能釐清一下，隨著第三季開始推進，你們預期的組合占比大概會是什麼？另外，Hong，聽起來我們在 FiberEdge 的起步更強，Copper 之後才跟上。那麼展望到明年，1.6 作為總體占比的組合會如何演變？

So Craig, thank you for the question. In Q4 -- Q3, the 1.60 is already surpassing 50%. I can just only imagine that it's going to be continue to grow north of 50%. But the 800 gig continued to be very strong, and we have the Tri-Edge legacy products continue to kicking very strong. So but the trend is going to be growing the percentage of 1.6 is going to be higher and higher.

Craig，謝謝你的問題。在第四季——第三季，1.60 已經超過 50%。我只能想像它會持續成長到高於 50%。但 800G 仍然非常強勁，而且我們的 Tri-Edge 既有產品也持續表現很強。不過趨勢會是 1.6 的占比越來越高、越來越高。

Got it. And then I wanted to go back to your comments where you indicated that beyond the near-term 45% Q-on-Q growth for data center in the third quarter and the 10% year-on-year growth, we could see acceleration. And the comment on backlog just suggests that you've got tremendous visibility out into fiscal '28. Can you comment on where that would be relatively greater.

了解。另外我想回到你先前的評論：你提到除了第三季資料中心短期 45% 的季增成長，以及 10% 的年增成長之外，我們可能會看到加速。而你對在手訂單的評論也顯示，你們對一直到 2028 財年的能見度非常高。你能評論一下，哪些方面相對會更為突出嗎？

And what some of the interactions are like with customers that are booking out that far? Is it really just you becoming a lot more strategic to the road map? Or is it that supply sufficiency point? Just help us see what you're seeing.

以及與那些把訂單下到那麼遠期的客戶互動大概是什麼樣子？是因為你們在路線圖上變得更具策略性地位嗎？還是因為供應充足性的因素？請幫助我們理解你們所看到的情況。

Yes. Thank you, Craig. I think it's all of above. You see our product performance is great, and we can provide availability and also we are providing excellent services. So that has been the key drivers for us to gain shares.

是的。謝謝你，Craig。我認為以上皆是。你看到我們的產品效能很出色，我們能提供可供貨性，也提供優秀的服務。因此這些一直是我們提升市占的關鍵驅動因素。

Cody Acree, The Benchmark Company.

Cody Acree，Benchmark Company。

And congrats on the progress. Hong, maybe just a follow-up on the last question. With the bookings and backlog accelerating here in the second half. Any quick thoughts on what kind of how long into '28, does that backlog extend? And any thoughts on what kind of growth that might support next year? SP1 So the backlog for the remaining of this fiscal year, I would say, for our targets, it's our booked. And for the next year, we probably over 70% there. And -- but the momentum is so strong.

也恭喜你們的進展。Hong，或許就上一題再追問一下。隨著下半年訂單與在手訂單加速成長。能否簡要談談這些在手訂單大概會延伸到 2028 年的多久？以及你對明年可能支撐的成長幅度有何看法？SP1 所以就本會計年度剩餘期間的在手訂單而言，我會說，就我們的目標來看，基本上已經是我們已簽下的訂單。而對於明年，我們大概已經完成了超過 70%。不過——動能非常強。

So we are going out to get more capacity secured. And so far, I would say the visibility side for the next fiscal year, we feel very confident about it. Do you think Hong that you have upside to -- with that capacity addition effort. Do you think there's room in the industry for you to secure more and to continue to service upside?

所以我們正著手確保更多產能。到目前為止，我會說，對下一個會計年度的能見度，我們非常有信心。Hong，你覺得在增加產能的努力之下，是否還有上行空間——你認為產業裡是否還有空間讓你們取得更多產能，並持續承接上行需求？

Yes, between 50% and 100%, there's room for that. And we definitely wanted to be able to provide our customers for the product they need.

是的，在 50% 到 100% 之間，仍有空間。而且我們確實希望能為客戶提供他們所需要的產品。

And then lastly, you've had a lot of success with your lead hyperscalers for ACC. Any thoughts on the expansion beyond that lead hyperscaler? How broadly do you think this gets adopted? And maybe what are the some of the challenges left to full adoption? Is it interoperability, support or cable qualifications?

最後，你們在 ACC 方面與領先的超大規模雲端客戶合作非常成功。對於擴展到該領先超大規模客戶之外，你有什麼想法？你認為這會被多廣泛地採用？以及距離全面採用還有哪些挑戰？是互通性、支援，或是線纜認證？

So they -- yes, they -- at this point for them, the availability, the interopbility, probably more important for them. We have not seen many activities in driving us to interact with other industry participants. Any thoughts on breadth of adoption?

所以他們——是的，就他們目前而言，可用性與互通性可能對他們更重要。我們尚未看到太多活動在推動我們與其他產業參與者互動。對於採用廣度有什麼看法？

So is it going to be more -- what time is going to be broader, and we'll start with the leading one. And there are multiple engagement. It's an ongoing, some of them is going to be reaching to the finish line. So I guess we're at the time, right? But I do encourage I know that we still have some in the queue, but come to our October 15 investors event.

所以會不會更——什麼時候會更廣泛，我們會先從領先的那一家開始。而且有多項洽談在進行中。這是持續進行的，其中一些將會接近終點線。所以我想我們時間到了，對吧？不過我也鼓勵大家，我知道我們還有一些在排隊，但歡迎參加我們 10 月 15 日的投資人活動。

So we definitely wanted to provide very comprehensive information on our technology road map, differentiation, TAM, our share and multiyear model, so that will help you to build a multiyear financial model for us.

我們一定會就技術路線圖、差異化、TAM、我們的市占以及多年期模型，提供非常完整的資訊，這將有助於你為我們建立多年期的財務模型。

Scott Searle, ROTH Capital Partners

Scott Searle，ROTH Capital Partners

Thanks for sneaking me in. Congrats on the quarter and incredible outlook in terms of data center and lower Data center has been covered pretty thoroughly. So maybe hopping over to lower for a second. Just in terms of -- could you calibrate us quickly, you've been moving away from the China mix. It had been down under 50%.

謝謝讓我插隊提問。恭喜本季表現，以及在資料中心方面令人驚豔的展望；資料中心與「較低端」資料中心已經被相當充分地討論過了。所以我們先跳到「較低端」這邊談一下。就——你們一直在降低中國營收占比。之前已降到 50% 以下。

I want to just you have a better idea about how that was progressing in the July quarter. And looking at the growth that you've seen from the first quarter to guidance now in the third quarter, it's up 50%. How big is Amazon now factoring into that? Are they over a 10% customer? And kind of stack ranking the guidance into the third quarter.

我想更了解在 7 月那一季這個趨勢進展如何。另外，從第一季到現在對第三季的指引，你們看到的成長是上升 50%。Amazon 現在在其中扮演多大角色？他們是否已經是超過 10% 的客戶？以及就第三季指引的貢獻來源，能否大致排序一下？

Is that mostly Amazon? Is it lower plus? Is it something else that what's really driving the outlook? And lastly, to follow up now on the IoT side of the equation with modules now on the path to be divested. Other elements have periodically been core and then noncore on the router gateway on the IoT platform front. I'm wondering what the current thoughts are in terms of their continued inclusion as a core portion of Semtech going forward?

這主要是 Amazon 嗎？是 lower plus 嗎？還是其他因素，究竟是什麼在驅動這個展望？最後，回到 IoT 這一塊，既然模組業務現在正走向出售。其他部分在路由器閘道與 IoT 平台方面，過去曾時而被視為核心、時而非核心。我想了解目前對於這些業務在未來是否仍會作為 Semtech 核心組成的看法？

Thank you, Scott. On LoRa and the majority of the revenue is still lower on an LoRa start kicking in, probably representing about 20% to 25% of total revenue mix. and site work is still, at this point, is nominal, and this year will probably be high single digit, but to get a lot of potential once we are able to piggy back into the consumer at Amazon's scale.

謝謝你，Scott。在 LoRa 方面，營收的大部分仍然來自 lower，而 LoRa 開始發力，可能約占總營收組合的 20% 到 25%。而 site work 目前仍屬名目水準，今年可能會是高個位數，但一旦我們能在 Amazon 的規模下切入消費端、搭便車放量，就有很大潛力。

As for the portfolio optimization, as we mentioned, it's a continued journey. And so far, we like the portfolio we have after the divestiture, but we'll continue to evaluate addition or optimization effort. But we are focused on getting the current deal to the finish line, and so which lead to the closing of the sale of the cellular module business.

至於產品組合優化，如我們所提到的，這是一段持續的旅程。到目前為止，在完成剝離之後，我們喜歡目前的產品組合，但我們會持續評估新增或優化的工作。不過我們現在專注於把目前這筆交易推進到終點，因此將促成蜂巢式模組業務出售案的完成交割。

There are no further questions at this time. I'd like to hand the floor back over to Mitch Haws for any closing comments.

目前沒有其他問題。我想把時間交回給 Mitch Haws，請他做結語。

Thanks, Paul. That concludes today's call. We look forward to seeing you at various investor events during the quarter, including our Analyst Day on October 15. With that, good afternoon, everyone.

謝謝，Paul。今天的電話會議到此結束。我們期待在本季各項投資人活動中與各位見面，包括 10 月 15 日的分析師日。那麼，各位午安。

This concludes today's conference.

今天的會議到此結束。