Semtech Corp (SMTC) 2022 Q3 法說會逐字稿

Greetings. Welcome to the Semtech Corporation Q3 FY '22 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Semtech Corporation '22 財年第 3 季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, VP of Investor Relations, Sandy Harrison. You may begin.

現在我將會議交給東道主投資者關係副總裁桑迪哈里森 (Sandy Harrison)。你可以開始了。

Great. Thank you, Carl, and welcome to Semtech's conference call to discuss our third quarter fiscal year 2022 financial results. Speakers for today's call will be Mohan Maheswaran, Semtech's President and Chief Executive Officer; and Emeka Chukwu, our Chief Financial Officer. A press release announcing our unaudited results was issued after the market closed today and is available on our website at semtech.com.

偉大的。謝謝 Carl，歡迎參加 Semtech 的電話會議，討論我們 2022 財年第三季的財務表現。今天電話會議的發言人將是 Semtech 總裁兼執行長 Mohan Maheswaran；以及我們的財務長 Emeka Chukwu。今天收盤後發布了一份新聞稿，宣布我們未經審計的業績，可在我們的網站 semtech.com 上查看。

Today's call will include forward-looking statements that include risks and uncertainties that could cause actual results to differ materially from the results anticipated in these statements. For a more detailed discussion of these risks and uncertainties, please review the safe harbor statement included in today's press release and in the other Risk Factors section of our most recent periodic reports filed with the Securities and Exchange Commission.

今天的電話會議將包括前瞻性陳述，其中包括可能導致實際結果與這些陳述中預期結果有重大差異的風險和不確定性。有關這些風險和不確定性的更詳細討論，請查看今天的新聞稿以及我們向美國證券交易委員會提交的最新定期報告的其他風險因素部分中包含的安全港聲明。

As a reminder, comments made on today's call are current as of today only, and Semtech undertakes no obligation to update the information from this call should facts or circumstances change. Other references made to financials -- all the references made to financial results in Mohan's and Emeka's prepared remarks during this call will refer to non-GAAP financial measures, unless otherwise noted. A discussion of why the management team considers such non-GAAP financial measures useful, along with detailed reconciliations of the non-GAAP measures to the most comparable GAAP financial measures are included in today's press release.

提醒一下，今天電話會議中的評論僅截至今天，如果事實或情況發生變化，Semtech 沒有義務更新本次電話會議中的資訊。其他對財務數據的提及——除非另有說明，莫漢和埃梅卡在本次電話會議期間準備的演講中對財務業績的所有提及都將指非公認會計準則財務指標。今天的新聞稿中討論了管理團隊為何認為此類非公認會計原則財務指標有用，以及非公認會計原則指標與最具可比性的公認會計原則財務指標的詳細調節。

And with that, I will turn the call over to Semtech's Chief Financial Officer, Emeka Chukwu. Emeka?

接下來，我會將電話轉給 Semtech 的財務長 Emeka Chukwu。埃梅卡？

Thank you, Sandy. Good afternoon, everyone. As is our practice, I will focus my comments on our non-GAAP financial results, unless otherwise noted. In Q3 fiscal year '22, the company delivered a very strong financial performance that included achieving a number of new financial records, including net sales of $194.9 million, that increased 5% sequentially and 27% year-over-year and was above the midpoint of our guidance.

謝謝你，桑迪。大家下午好。按照我們的慣例，除非另有說明，否則我將專注於評論我們的非公認會計準則財務表現。在22 財年第三季度，該公司實現了非常強勁的財務業績，其中包括實現了多項新的財務記錄，其中淨銷售額為1.949 億美元，環比增長5%，同比增長27%，高於中點我們的指導。

Continued momentum and record results by several of our key growth platforms contributed to the strong net sales performance. In Q3, shipments into Asia, North America and Europe represented 78%, 12% and 10%, respectively. While this represented a shift to addresses for our distributors and customers, we estimate that approximately 35% of our shipments are consumed in China, 27% in the Americas and the balance over the rest of the world. Total direct sales represented approximately 12% of net sales, and distribution net sales represented approximately 88%. Our distributor POS represented another quarterly record, and the business remains balanced with approximately 41%, 32% and 27% of the total POS coming from the infrastructure, industrial and high-end consumer end markets, respectively.

我們的幾個主要成長平台的持續成長勢頭和創紀錄的業績為強勁的淨銷售業績做出了貢獻。第三季度，亞洲、北美和歐洲的出貨量分別佔 78%、12% 和 10%。雖然這代表了我們的經銷商和客戶地址的轉變，但我們估計大約 35% 的貨物在中國消費，27% 在美洲消費，其餘的則在世界其他地區消費。直銷總額約佔淨銷售額的 12%，分銷淨銷售額約佔 88%。我們的經銷商 POS 創下了另一個季度記錄，業務保持平衡，分別約 41%、32% 和 27% 來自基礎設施、工業和高端消費終端市場。

In Q3, bookings increased 16% year-over-year, and turns bookings accounted for approximately 3% of our Q3 shipments. The Q3 gross margin increased 110 basis points sequentially to 63.8%, which represented the upper end of our guidance range and a new quarterly record, led by a more favorable product mix. Going forward, we expect our gross margin to continue to benefit from the more favorable mix of sales from our key growth platforms that include LoRa-enabled, our 10G PON, our Tri-Edge PAM4 CDRs and our broad-based industrial protection products. For Q4, we expect gross margin to continue to expand as we anticipate a more favorable mix due to a seasonally lower high-end consumer net sales. For planning and modeling purposes, we expect our gross margin to remain at current levels with an upward bias over the next several quarters, reflecting the benefit from the growth of our secular growth platforms.

第三季度，預訂量年增 16%，週轉預訂量約佔第三季出貨量的 3%。第三季毛利率較上季成長 110 個基點，達到 63.8%，這代表了我們指導範圍的上限，並且在更有利的產品組合的帶動下創下了新的季度記錄。展望未來，我們預計我們的毛利率將繼續受益於我們的主要成長平台更有利的銷售組合，這些平台包括支援LoRa 的、我們的10G PON、我們的Tri-Edge PAM4 CDR 和我們基礎廣泛的工業保護產品。對於第四季度，我們預計毛利率將繼續擴大，因為我們預計由於高端消費者淨銷售額季節性下降而出現更有利的組合。出於規劃和建模的目的，我們預計未來幾季的毛利率將保持在當前水平，並有上行趨勢，這反映了我們長期成長平台成長的好處。

In Q3, operating expenses increased 2% to $67.5 million, driven by higher new product development expenses. For Q4, we expect our operating expense to be in line to slightly above current levels. Looking ahead to fiscal year '23, we expect our operating expense to begin to trend back towards our target model of half the rate of net sales growth.

第三季度，由於新產品開發費用增加，營運費用增加 2% 至 6,750 萬美元。對於第四季度，我們預計我們的營運費用將略高於當前水準。展望 23 財年，我們預期營運費用將開始回落至淨銷售額成長率一半的目標模型。

In Q3, operating profit increased 14% sequentially or nearly 3x that of net sales and increased 51% on a year-over-year basis, led by the higher gross margin and represented a record operating profit. Operating margin expanded by 210 basis points sequentially to 29.2% and represented solid progress towards our 32% to 36% long-term target model. As expected, we are seeing the strong operating leverage expected for the success of our growth platforms.

第三季度，在毛利率上升的帶動下，營業利潤較上季成長 14%，接近淨銷售額的 3 倍，較去年同期成長 51%，營業利潤創歷史新高。營業利潤率連續擴大 210 個基點，達到 29.2%，代表我們在實現 32% 至 36% 長期目標模式方面取得了堅實進展。正如預期的那樣，我們看到了我們的成長平台成功所需的強大營運槓桿。

In Q3, cash flow from operations was a record $66.5 million, up 26% sequentially and represented 34% of net sales as a result of the record operating profit and good management of working capital, while free cash flow increased 33% sequentially to 31% of net sales. Free cash flow generation in fiscal year 2022 has been strong despite the strategic actions to maintain higher levels of inventory. And we expect to end the year around the low end of our long-term free cash flow target of 25% to 30% of net sales, which will be a significant expansion from the prior year.

第三季度，由於創紀錄的營業利潤和良好的營運資金管理，營運現金流達到創紀錄的6,650 萬美元，比上一季成長26%，佔淨銷售額的34%，而自由現金流比上一季成長33%，達到31%淨銷售額。儘管採取了維持較高庫存水準的策略行動，但 2022 財年的自由現金流生成依然強勁。我們預計到今年年底，我們的長期自由現金流目標將達到淨銷售額的 25% 至 30%，這將比前一年大幅成長。

In Q3, we repurchased approximately $30 million or 0.6% of our outstanding stock, resulting in $292 million remaining in our outstanding authorization, and we expect to continue to use our cash to opportunistically repurchase as our shares, make strategic investments and pay down the debt. The Q3 accounts receivable increased 2% sequentially to $74 million, while days of sales was flat with the prior quarter at 34 days and remains below our target range of 40 to 45 days. In Q3, net inventory in absolute dollar terms increased 2% sequentially, and days of inventory increased 4 days sequentially to 133 days. We expect net inventory to remain above our target range of 90 to 100 days to support the stronger demand and the better supply chain environment.

第三季度，我們回購了約 3,000 萬美元或已發行股票的 0.6%，導致我們的未授權授權中剩餘 2.92 億美元，我們預計將繼續使用現金擇機回購股票、進行策略性投資並償還債務。第三季應收帳款季增 2%，達到 7,400 萬美元，而銷售天數與上一季持平，為 34 天，仍低於我們 4,000 至 45 天的目標範圍。第三季度，以絕對美元計算的淨庫存較上季成長 2%，庫存天數較上季增加 4 天，達到 133 天。我們預計淨庫存將保持在 90 至 100 天的目標範圍之上，以支援更強勁的需求和更好的供應鏈環境。

In summary, the success of our growth engines of LoRa-enabled, our Tri-Edge PAM4, 10-gig PON ,5G wireless and broad-based protection platforms enabled us to deliver a record net sales, a record gross margin, record operating profit, record earnings per share and record cash flow in Q3. We expect the sustainable long-term growth from these key growth engines and the underlying secular drivers that continue to drive record financial performance for fiscal year '22 and provide a strong momentum as we move into fiscal year '23.

總而言之，我們的支援LoRa 的成長引擎、Tri-Edge PAM4、10-g PON、5G 無線和廣泛的保護平台的成功使我們能夠實現創紀錄的淨銷售額、創紀錄的毛利率和創紀錄的營業利潤，第三季每股收益和現金流創歷史新高。我們預計這些關鍵成長引擎和潛在的長期驅動因素將帶來可持續的長期成長，將繼續推動 22 財年創紀錄的財務業績，並為我們進入 23 財年提供強勁動力。

I will now hand the call over to Mohan.

我現在將電話轉交給莫漢。

Thank you, Emeka. Good afternoon, everyone. I will discuss our Q3 fiscal year '22 performance by end market and by product group, and then provide our outlook for Q4 of fiscal year '22.

謝謝你，艾梅卡。大家下午好。我將按終端市場和產品組討論我們 22 財年第三季的業績，然後提供我們對 22 財年第四季的展望。

In Q3, net revenue of $194.9 million grew 5% sequentially and 27% annually and represented a new quarterly record. Higher demand from the industrial and high-end consumer markets contributed to Q3 growth. We posted record non-GAAP gross margin of 63.8% and record non-GAAP earnings per diluted share of $0.74.

第三季度，淨收入為 1.949 億美元，季增 5%，年增 27%，創下新的季度紀錄。工業和高端消費市場的需求增加推動了第三季的成長。我們公佈了創紀錄的非 GAAP 毛利率 63.8%，以及創紀錄的非 GAAP 稀釋每股收益 0.74 美元。

In Q3, net revenue from the industrial end market increased 17% sequentially, led by record results from both our LoRa business and our broad-based protection business and represented 35% of total net revenues. The infrastructure market decreased 1% sequentially as record PON revenues and stronger base station revenues were offset by lower data center revenues and represented 34% of total net revenues. The high-end consumer market increased 2% sequentially and represented 31% of total revenues, with approximately 20% attributable to mobile devices and approximately 11% attributable to other consumer systems.

第三季度，工業終端市場的淨收入環比增長 17%，這得益於我們的 LoRa 業務和基礎廣泛的保護業務創紀錄的業績，佔總淨收入的 35%。基礎設施市場環比下降 1%，原因是創紀錄的 PON 收入和強勁的基地台收入被資料中心收入下降所抵消，佔總淨收入的 34%。高階消費市場較上季成長 2%，佔總營收的 31%，其中約 20% 來自行動設備，約 11% 來自其他消費系統。

I will now discuss the performance of each of our product groups. In Q3 of fiscal year '22, our Signal Integrity Product Group increased 3% sequentially and achieved a new revenue record, led by growth from the PON and base station infrastructure markets and represented 39% of total revenues. In Q3, revenue from our data center customers softened over the prior strong quarter. Our Tri-Edge PAM4 short-reach platforms continued to gain solid design win traction with key hyperscale customers. We expect this momentum to accelerate into FY '23 as the power and cost benefits of Tri-Edge become realized across shorter reach links in the data center market. The excellent performance of our short-reach Tri-Edge platforms has also led to increasing interest in our longer reach Tri-Edge PAM4 platforms, planned for release over the next several quarters.

我現在將討論我們每個產品組的表現。在 22 財年第三季度，我們的訊號完整性產品組連續成長了 3%，並創下了新的營收記錄，這主要得益於 PON 和基地台基礎設施市場的成長，佔總收入的 39%。第三季度，我們的資料中心客戶的營收比上一個強勁的季度有所疲軟。我們的 Tri-Edge PAM4 短距離平台繼續獲得可靠的設計，贏得了主要超大規模客戶的青睞。我們預計，隨著 Tri-Edge 的功耗和成本優勢在資料中心市場的短距離鏈路上實現，這一勢頭將在 23 財年加速。我們的短距離 Tri-Edge 平台的出色表現也引起了人們對我們計劃在未來幾季發布的長距離 Tri-Edge PAM4 平台的興趣。

In FY '22, we expect our data center PAM4 revenues to end in the high teens and increase over 100% in FY '23. As new Tri-Edge products are released to production, we believe our complete portfolio of Tri-Edge PAM4 devices will enable very strong revenue growth over the next few years in 100-gig, 200-gig and 400-gig PAM4 optical modules in the hyperscale data center market.

在 22 財年，我們預計我們的資料中心 PAM4 營收將達到兩位數，並在 23 財年成長超過 100%。隨著新的 Tri-Edge 產品投入生產，我們相信我們完整的 Tri-Edge PAM4 設備產品組合將在未來幾年內實現 100 g、200 g 和 400 g PAM4 光模組的強勁收入成長。 。

In Q3 of FY '22, revenue from the PON market achieved another record performance, led by record 10-gig PON revenues as we continue to benefit from the most comprehensive PON PMD portfolio available in the market today. We expect our PON business, led by our 10-gig PON solutions, to continue to grow as global service providers accelerate their deployments of higher bandwidth access networks.

在 22 財年第三季度，PON 市場的收入再創新高，其中 10G PON 收入創紀錄，我們繼續受益於當今市場上最全面的 PON PMD 產品組合。我們預計，隨著全球服務供應商加速部署更高頻寬的存取網絡，以 10G PON 解決方案為主導的 PON 業務將持續成長。

In Q3 of FY '22, demand from our wireless base station customers increased over the prior quarter. Several 5G China tenders have been announced, and carriers in North America and Europe are expected to begin 5G infrastructure build-outs over the next 12 to 18 months. We are expecting demand for our 5-gig platforms -- 5G platforms to accelerate in FY '23 due to a significant design in momentum for our 25-gig ClearEdge family. In addition, our industry-leading 50-gigabit per second PAM4 Tri-Edge platform targeted at 50-gigabit per second front-haul modules is now being sampled for next-generation 5G wireless networks and receiving very positive feedback.

22 財年第三季度，我們的無線基地台客戶的需求比上一季增加。中國多項 5G 招標已經公佈，北美和歐洲的營運商預計將在未來 12 至 18 個月內開始 5G 基礎設施建設。由於我們的 25g ClearEdge 系列的重大設計勢頭強勁，我們預計 5g 平台（5G 平台）的需求將在 23 財年加速。此外，我們業界領先的每秒 50 吉比特的 PAM4 Tri-Edge 平台針對每秒 50 吉比特的前傳模組，目前正在為下一代 5G 無線網路提供樣品，並收到了非常積極的回饋。

The secular themes driving the global demand for greater bandwidth are expected to remain strong, and we believe our strong position in our key infrastructure markets will provide the sustainable tailwinds needed to drive double-digit growth for our Signal Integrity Product Group over the next several years. In Q4 of fiscal year '22, we expect revenue from our Signal Integrity Product Group to increase and achieve another record driven by growth from the data center market.

推動全球對更大頻寬需求的長期主題預計將保持強勁，我們相信我們在關鍵基礎設施市場的強大地位將提供可持續的推動力，推動我們的信號完整性產品組在未來幾年實現兩位數的增長。在 22 財年第四季度，我們預期訊號完整性產品組的營收將在資料中心市場成長的推動下增加並創下新紀錄。

Moving on to our Protection Product Group. In Q3 of fiscal year '22, net revenues from our Protection Product Group increased 14% sequentially and 36% year-over-year and represented 29% of total revenues. In Q3, revenue from our consumer protection platforms increased sequentially, as expected, driven by North American and Asian consumer demand. While consumer demand remains strong, many of our customers are supply chain limited, which is impacting their ability to build complete systems. We anticipate that this constraint will remain for at least 2 more quarters.

繼續我們的保護產品組。在 22 財年第三季度，我們的防護產品集團的淨收入較上季成長 14%，年增 36%，佔總營收的 29%。第三季度，在北美和亞洲消費者需求的推動下，我們的消費者保護平台收入按預期環比增長。儘管消費者需求仍然強勁，但我們的許多客戶都受到供應鏈的限制，這影響了他們建立完整系統的能力。我們預計這項限制將至少持續兩個季度。

In Q3, demand for our protection devices used by the broad-based industrial markets grew 31% sequentially and 71% annually and achieved a new quarterly revenue record, led by growth from our automotive, communications and broad-based industrial customers. Our protection platforms deliver superior protection for systems using leading process geometry devices. We expect this secular trend to continue and contribute to the increased adoption of Semtech's protection platforms across all technology sectors and help deliver double-digit growth with increasing gross margins over the next several years. In Q4 of fiscal year '22, we expect our protection revenues to decrease sequentially due to typical seasonality.

第三季度，在汽車、通訊和廣泛工業客戶成長的帶動下，廣泛工業市場對我們保護元件的需求環比增長 31%，年增長率 71%，並創下新的季度收入記錄。我們的保護平台為使用領先製程幾何設備的系統提供卓越的保護。我們預計這種長期趨勢將持續下去，並有助於所有技術領域更多地採用 Semtech 的保護平台，並在未來幾年內幫助實現兩位數的成長和毛利率的提高。在 22 財年第四季度，由於典型的季節性因素，我們預期我們的保護收入將持續下降。

Turning to our Wireless and Sensing Product group. In Q3, revenues from our Wireless and Sensing Product Group grew 1% sequentially and 23% over the prior year and achieved another quarterly record and represented 32% of total revenues. In Q3, our LoRa-enabled platforms delivered another record performance, led by growth from the smart utility, smart building, industrial IoT and smart agriculture segments. We are also seeing the early ramp of the smart home, smart neighborhood and smart campus segments, which are driving further growth for our LoRa business, as we had anticipated. As a result of this continued positive momentum, we now expect our LoRa-enabled revenue in FY '22 to exceed our 40% CAGR target.

轉向我們的無線和感測產品組。第三季度，無線和感測產品集團的營收季增 1%，年增 23%，再創季度記錄，佔總營收的 32%。第三季度，在智慧公用事業、智慧建築、工業物聯網和智慧農業領域的成長帶動下，我們的支援 LoRa 的平台再創歷史新高。我們也看到智慧家庭、智慧社區和智慧校園領域的早期發展，正如我們所預期的那樣，這正在推動我們的 LoRa 業務進一步成長。由於這種持續的正面勢頭，我們現在預計 22 財年支持 LoRa 的收入將超過我們 40% 的複合年增長率目標。

Our vision for LoRa is to see it deployed everywhere where low-powered sensors are needed, which we believe will result in a positive impact on managing or mitigating the impact to climate change. In Q3, we announced an initiative and goal to connect 1 billion LoRa-enabled sensors by 2026 that have a positive impact on climate change. We continue to see many use cases globally that will contribute to this goal. Some examples of these new use cases include: a collaboration with Cloud Energy, a leading IoT solution provider in Asia, to develop and deploy LoRaWAN networks for rooftop, wireless, solar power systems.

我們對 LoRa 的願景是看到它部署在需要低功率感測器的任何地方，我們相信這將對管理或減輕氣候變遷的影響產生積極影響。在第三季度，我們宣布了一項計畫和目標，即到 2026 年連接 10 億個支援 LoRa 的感測器，這對氣候變遷產生積極影響。我們繼續在全球範圍內看到許多有助於實現這一目標的用例。這些新用例的一些範例包括：與亞洲領先的物聯網解決方案供應商 Cloud Energy 合作，為屋頂、無線、太陽能係統開發和部署 LoRaWAN 網路。

Ryoden Corporation, a LoRa solution and network provider, announced a new zero carbon solution, featuring a Renesas microcontroller and our LoRa Edge platform to connect a batteryless sensor directly to the LoRa cloud, enabling geolocation capabilities for the tracking of personal valuables, logistics assets, animals and health care assets.

LoRa 解決方案和網路供應商Ryoden Corporation 宣布推出全新零碳解決方案，採用瑞薩電子微控制器和我們的LoRa Edge 平台，可將無電池感測器直接連接到LoRa 雲，從而實現追蹤個人貴重物品、物流資產、動物和醫療保健資產。

And IQnexus and end-to-end IoT solutions and integration provider for building automation, incorporated LoRa into its indoor air quality and environmental quality sensors, which reduce carbon dioxide emissions.

IQnexus 和樓宇自動化端到端物聯網解決方案和整合供應商將 LoRa 納入其室內空氣品質和環境品質感測器中，從而減少二氧化碳排放。

These are just a few examples of the numerous LoRa use cases emerging to combat climate change.

這些只是為應對氣候變遷而出現的眾多 LoRa 用例中的幾個例子。

In Q3, Microsoft announced it has joined the LoRa Alliance and has accepted a seat on a LoRa Alliance Board. Microsoft Azure is widely considered a Tier 1 enterprise cloud partner for many IoT deployments, and we expect their participation, along with other top-tier cloud providers, like AWS, to further strengthen LoRa's presence in the LPWAN market.

第三季度，微軟宣布加入 LoRa 聯盟，並接受 LoRa 聯盟董事會席位。 Microsoft Azure 被廣泛認為是許多物聯網部署的一級企業雲端合作夥伴，我們預期他們的參與以及 AWS 等其他頂級雲端供應商的加入，將進一步加強 LoRa 在 LPWAN 市場的影響力。

In Q3, our LoRa business metrics continue to make solid progress against our FY '22 targets. The number of global LoRaWAN network operators grew to 163, and we are expecting 165 LoRaWAN network operators by the end of FY '22. The cumulative number of LoRa end nodes deployed increased to 225 million, and we expect this number to exceed 236 million cumulative end nodes by the end of FY '22. The number of LoRa gateways deployed increased to over 2.7 million and has already exceeded the goal we set for the full year. We now expect to have 3 million gateways deployed by the end of FY '22.

在第三季度，我們的 LoRa 業務指標繼續朝著我們的 22 財年目標取得紮實進展。全球 LoRaWAN 網路營運商數量增至 163 家，我們預計到 22 財年末將有 165 家 LoRaWAN 網路營運商。累積部署的 LoRa 終端節點數量增加至 2.25 億個，我們預計到 22 財年末，這一數字將超過 2.36 億個累積終端節點。 LoRa網關的部署數量增加到超過270萬個，已經超越了我們設定的全年目標。我們現在預計到 22 財年末將部署 300 萬個網關。

The LoRa opportunity pipeline increased to over $900 million and has also exceeded our FY '22 year-end target. We are increasing our pipeline target for FY '22 to $950 million. We anticipate that approximately 40% of the opportunities currently in the pipeline will convert to deployments on average over a 24-month time line. We believe the momentum of our metrics, along with the increasing influence of the LoRa Alliance and its members will help enable LoRa to become the de facto standard for the fast-growing LPWAN market.

LoRa 機會管道增加至超過 9 億美元，也超越了我們 22 財年的年終目標。我們將 22 財年的管道目標提高至 9.5 億美元。我們預計，目前正在醞釀的機會中約有 40% 將在 24 個月內平均轉化為部署。我們相信，我們指標的勢頭以及 LoRa 聯盟及其成員日益增長的影響力將有助於使 LoRa 成為快速成長的 LPWAN 市場的事實上的標準。

In Q3, demand for our proximity sensing platforms softened following last quarter's record revenues. Our sensing platforms provide the industry's most advanced and highly integrated SAR sensing technology for mobile and wearable devices. The increasing adoption of 5G phones and use of high-powered cellular and WiFi radios is expected to result in more stringent RF power regulations globally. This trend is expected to contribute to increased demand for our proximity sensing platforms over the next few years as we anticipate that several countries in Asia will enforce stricter SAR regulations over the next 2 years. For Q4 of fiscal year '22, we expect net revenues from our Wireless and Sensing Product Group to decrease as record results expected from our LoRa business are expected to be offset by seasonally lower consumer revenue.

第三季度，繼上季度創紀錄的收入之後，對我們的接近感測平台的需求有所疲軟。我們的感測平台為行動和穿戴式裝置提供業界最先進、高度整合的 SAR 感測技術。 5G 手機的日益普及以及高功率蜂窩和 WiFi 無線電的使用預計將導致全球範圍內制定更嚴格的射頻功率法規。預計這一趨勢將在未來幾年內增加對我們的接近感測平台的需求，因為我們預計亞洲的一些國家將在未來兩年內執行更嚴格的SAR法規。對於 22 財年第四季度，我們預計無線和感測產品集團的淨收入將下降，因為 LoRa 業務創紀錄的業績預計將被消費者收入的季節性下降所抵消。

Moving on to new products and design wins. In Q3, we released 23 new products and achieved a record number of new design wins of 3,792.

轉向新產品和設計獲勝。第三季度，我們發布了 23 款新產品，並創下了 3,792 項新設計獲獎數量的紀錄。

Now let me discuss our outlook for the fourth quarter of FY '22. We entered Q4 with record backlog and are currently estimating Q4 net revenues to be between $184 million and $194 million. To attain the midpoint of our guidance range or approximately $189 million, we needed net terms orders of approximately 3% at the beginning of Q4. We expect our Q4 non-GAAP earnings to be between $0.65 and $0.73 per diluted share.

現在讓我討論一下我們對 22 財年第四季的展望。我們以創紀錄的積壓進入第四季度，目前估計第四季的淨收入在 1.84 億美元至 1.94 億美元之間。為了達到我們指導範圍的中點或約 1.89 億美元，我們需要在第四季初獲得約 3% 的淨條款訂單。我們預計第四季非 GAAP 攤薄後每股收益將在 0.65 美元至 0.73 美元之間。

II will now hand the call back to the operator. And Sandy, Emeka and I will be happy to answer any questions. Operator?

現在，II 將把通話轉回給接線生。桑迪、埃梅卡和我將很樂意回答任何問題。操作員？

(Operator Instructions) Our first question is from Tore Svanberg with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Tore Svanberg。

Yes. Congratulations on the record results. First question is on your comment about data center and specifically PAM4, I believe you said PAM4 will double next year. Could you maybe talk to some of the specific deployments there, Mohan? And it also sounds like sequentially that's going to drive the Signal Integrity business. So again, I assume that's the beginning of some new deployments that you're benefiting from there.

是的。祝賀創紀錄的結果。第一個問題是關於您對資料中心，特別是 PAM4 的評論，我相信您說過 PAM4 明年將增加一倍。莫漢，您能否談談那裡的一些具體部署？聽起來這也將依序推動訊號完整性業務。再次強調，我認為這是一些新部署的開始，您將從中受益。

Yes, that's right, Tore. We've got quite a few things going on in the data center business, but specifically in the PAM4 area. For us, the only products we have out at the moment are the short-reach products that can go into optical modules for mostly 200-gig, its 4x50 and some 400-gig applications. We have, as I mentioned, a new series of products that are planned to come out over the next few quarters for longer reach. And I think when we have that broader portfolio, we're going to see even more momentum there. But the momentum on short reach alone is going to drive very, very significant growth for us next year, as I said, 100% growth and then beyond that, for sure. So we're very excited about the opportunity there. And not only Tri-Edge PAM4 for our data center business, but also our 50-gigabit per second PAM4 Tri-Edge platform for base station optical modules is also getting extremely good feedback from the marketplace. So we're very optimistic about that also.

是的，沒錯，托雷。我們在資料中心業務方面做了很多事情，特別是在 PAM4 領域。對我們來說，目前我們推出的唯一產品是短距離產品，可用於大多數 200 GB、4x50 和一些 400 GB 應用的光模組。正如我所提到的，我們計劃在未來幾季推出一系列新產品，以擴大覆蓋範圍。我認為，當我們擁有更廣泛的投資組合時，我們將看到更大的動力。但正如我所說，僅短距離的勢頭就將在明年為我們帶來非常非常顯著的增長，100% 的增長，然後肯定會超過這個數字。所以我們對那裡的機會感到非常興奮。不僅是我們資料中心業務的Tri-Edge PAM4，我們用於基地台光模組的50G每秒PAM4 Tri-Edge平台也得到了非常好的市場回饋。所以我們對此也非常樂觀。

Very good. And as a follow-up, your PON business has been on a tear. Really, it's been one of your stronger businesses on a year-over-year basis. Is there anything that you can share with us to give us conviction that there's still upgrade cycles happening there to sustain this momentum in 10-gig PON?

非常好。作為後續行動，您的 PON 業務一直在蓬勃發展。事實上，與去年同期相比，它一直是你們最強大的業務之一。您有什麼可以與我們分享的，讓我們確信仍然存在升級週期來維持 10 吉 PON 的這一勢頭嗎？

Yes, for sure. I mean PON, in general, first of all, globally, I think one of the nice things about PON is it's become a lot more of a global technology. For a while, it was very much China that was driving the business and the deployments. But what we've seen and while we've seen China tenders continue and driving good deployments, we're also starting to see North America and Europe now starting to drive tenders out there, and that's going to drive further growth. And we're definitely seeing that kind of globalization across many different OEMs now building PON platforms. So pretty excited about it.

是的，當然。我的意思是 PON，總的來說，首先，在全球範圍內，我認為 PON 的優點之一是它已經成為一種全球性技術。有一段時間，中國在很大程度上推動了業務和部署。但我們所看到的，雖然我們看到中國招標仍在繼續並推動了良好的部署，但我們也開始看到北美和歐洲現在開始推動招標，這將推動進一步的成長。我們確實看到許多不同的 OEM 正在建立 PON 平台，實現這種全球化。對此非常興奮。

I think obviously, access bandwidth is critical. You can have all the bandwidth you want coming to the access point, but if you have a bottleneck there, then that defeats the whole purpose. And I think 10-gig PON is definitely seeing good growth, and will continue to. And I think we're likely to see higher bandwidth upon developments over the next few years. So very encouraged by the growth in PON.

我認為顯然，訪問頻寬至關重要。您可以讓所有您想要的頻寬到達接入點，但如果您在那裡遇到瓶頸，那麼整個目的就達不到目的了。我認為 10 Gb PON 肯定會看到良好的成長，並將持續下去。我認為在未來幾年的發展中我們可能會看到更高的頻寬。 PON 的成長讓我們深受鼓舞。

Okay. Just one last question on LoRa. So it sounds like the smart home smart neighborhood is starting to ramp. Is that primarily North America? Or are you seeing that ramp in other regions as well?

好的。關於 LoRa 的最後一個問題。所以聽起來智慧家庭智慧社區正在開始發展。主要是北美嗎？或者您在其他地區也看到了這種成長嗎？

We're seeing it ramp across the board, I would say. The majority of the strength is in North America. I would say that it's a number of different players. Obviously, the Amazon Sidewalk initiative is yet to come. So that's still, I think, something that probably second half of next year, we're going to see that ramp. But definitely, we're seeing a whole bunch of other initiatives, including the Helium rollout. We've seen kind of this emergence of this campus networks. Now one of the things that's really transpired and really exciting for us is that LoRa which is predominantly a range-driven technology, low power long range driven technology, but we're seeing in that kind of half a mile to 5-mile range, LoRa really starting to get adopted as well, which is pretty exciting because it opens up a whole bunch of use cases that makes the market, essentially the LPWAN market become much bigger, and I think we'll grow faster.

我想說，我們看到它全面成長。大部分力量都在北美。我想說這是許多不同的玩家。顯然，亞馬遜人行道計畫尚未到來。因此，我認為，這仍然可能是明年下半年，我們將看到這種成長。但毫無疑問，我們看到了一大堆其他舉措，包括 Helium 的推出。我們已經看到了校園網路的出現。現在真正發生的事情之一，對我們來說真正令人興奮的是，LoRa 主要是一種範圍驅動技術，低功率遠端驅動技術，但我們看到的是半英里到 5 英里的範圍， LoRa 也真正開始被採用，這非常令人興奮，因為它開闢了一大堆用例，使市場（本質上是LPWAN 市場）變得更大，我認為我們會成長得更快。

Congratulations again.

再次恭喜。

Thank you.

謝謝。

Our next question is from Tristan Gerra with Robert W. Baird.

我們的下一個問題來自 Tristan Gerra 和 Robert W. Baird。

You talked about both PON and data center increasing sequentially. And I know you've mentioned -- you just mentioned that PON is now diversifying away from China. So it looks like you're still weathering the China slowdown better than the way some other companies have characterized it recently. Could you talk about what you're seeing there in that geography? And whether, if indeed, you're seeing a slowdown, it will have meant higher outlook for this quarter at the top line?

您提到PON和資料中心都在依序成長。我知道您已經提到過，您剛才提到 PON 現在正在從中國轉向多元化。因此，看起來你們仍然比其他一些公司最近描述的方式更好地應對了中國經濟放緩的情況。您能談談您在該地區看到的情況嗎？如果確實看到經濟放緩，這是否意味著本季的營收前景會更高？

Yes. I think, Tristan, it's very segment-dependent on which segment you're focused on. We've definitely seen slowing down in China smartphones, for example, in the consumer business in general. I would say infrastructure is quite healthy still. I would say IoT is still quite healthy. So it really does depend on which segment. And I think that's we're seeing that across the board. And that's the beauty of being a balanced business like we are and having diversification and having end market diversification, but also geographical diversification is that when one area is weak, other areas are strong. And so just having the diversification helps that.

是的。我認為，特里斯坦，這很大程度上取決於您關注的細分市場。我們確實看到了中國智慧型手機的放緩，例如整個消費業務的放緩。我想說基礎設施仍然相當健康。我想說物聯網仍然相當健康。所以這確實取決於哪個細分市場。我認為我們正在全面看到這一點。這就是像我們這樣的平衡企業的美妙之處，擁有多元化和終端市場多元化，而且地理多元化也在於，當一個領域較弱時，其他領域就會很強。因此，多元化有助於這一點。

So -- yes but to answer your question, I think it really is segment-specific. And we've seen more weakness in the China consumer business than we have in other areas.

所以——是的，但要回答你的問題，我認為這確實是針對特定細分市場的。我們發現中國消費者業務比其他領域更疲軟。

Great. And then could you talk about your expectation about price contributing to your top line over the next few quarters. You were mentioning early this year about your expectations for price increases in the second half, which also could benefit gross margin. And as those price increases, perhaps continuing and with the ones that you've already done, is that going to contribute next year to the growth in addition to whatever you're going to see in units?

偉大的。然後您能否談談您對未來幾季價格對您營收貢獻的預期。您在今年稍早提到了對下半年價格上漲的預期，這也可能有利於毛利率。隨著這些價格的上漲，也許會繼續下去，與您已經完成的價格上漲相比，除了您將看到的單位數量之外，這還會對明年的成長做出貢獻嗎？

Possibly, Tristan. But I think most of our price increases have been really driven by increases in our supply chain costs. So we have focused very much on when we've had an increase in wafer costs or specifically cost for a specific product, whether it be fab or assembly and test-related trying to pass that on to our customer base. So -- and that is definitely helping us offset some of those supply chain cost increases by providing ASP increases.

有可能，特里斯坦。但我認為我們的大部分價格上漲實際上是由供應鏈成本的增加所推動的。因此，我們非常關注晶圓成本或特定產品成本何時增加，無論是晶圓廠還是與組裝和測試相關的成本，試圖將其傳遞給我們的客戶群。因此，這肯定有助於我們透過提高平均售價來抵銷部分供應鏈成本的增加。

I don't think that we will necessarily continue to do that unless we are seeing more supply chain action, which is possible because supply chain cycle times are extremely long. When you have long cycle times like that, typically, one of the things that -- that drives is higher pricing generally. So at least until all the CapEx and all the investments are in place, and that typically takes several years, so it's possible we see it, but we're not counting on that.

我認為我們不一定會繼續這樣做，除非我們看到更多的供應鏈行動，這是可能的，因為供應鏈週期時間非常長。當你有這樣長的周期時間時，通常推動的因素之一就是普遍更高的定價。因此，至少在所有資本支出和所有投資到位之前，這通常需要幾年時間，所以我們有可能看到它，但我們並不指望這一點。

Our next question is from Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler。

First of all, congratulations. Very solid results. Mohan, I had two for you. You mentioned there was softness in the data center business last quarter that you just reported, and then you expect things to improve. I was curious in your opinion, what might have caused that softness. And then also, what are you seeing that gives you the confidence that things are improving in the data center? And then I have a follow-up.

首先，恭喜你。非常可靠的結果。莫漢，我為你準備了兩個。您提到您剛剛報告的上季資料中心業務疲軟，然後您預計情況會有所改善。我很好奇你的看法，是什麼導致了這種柔軟。另外，您看到什麼讓您確信資料中心的情況正在改善？然後我有一個後續行動。

So I think it's -- from our standpoint, Harsh, a lot of the shift in what's going on in the market. So 100-gig optical modules and maybe there's some excess inventory out there of product, but the newer PAM4 deployments where they have no inventory, I think we're starting to see those ramp up quite fast. And we have pretty much those design wins in the bag. And so it's really design win driven. So I think we are fairly comfortable about where Q4 is and also next year for our data center business.

所以我認為，從我們的角度來看，Harsh，市場正在發生很多變化。因此，100G 光學模組可能還有一些過剩的產品庫存，但較新的 PAM4 部署沒有庫存，我認為我們開始看到這些產品的庫存增長得相當快。我們幾乎已經囊括了這些設計勝利。所以這確實是設計驅動的。因此，我認為我們對第四季度以及明年資料中心業務的情況相當滿意。

It does tend to be lumpy. All the infrastructure businesses are a little bit lumpy. You'll get a quarter or 2 of deployments or CapEx spending, and then there will be some management of inventory, and then you'll see it come back again. But for sure, at least for 100-gig, PAM4 200-gig, 400-gig and then 5G base stations and for 10-gig PON, it's going to be up and to the right. There's no question that those deployments are going to continue to grow year-on-year. It's just a question of timing, right?

它確實往往是塊狀的。所有基礎設施業務都有點不穩定。您將獲得四分之一或二分之一的部署或資本支出支出，然後對庫存進行一些管理，然後您會看到它再次回來。但可以肯定的是，至少對於 100 G、PAM4、200 G、400 G、然後是 5G 基地台以及 10 G PON，它會向右上方移動。毫無疑問，這些部署將繼續逐年成長。這只是時間問題，對吧？

Understood, Mohan. And then I had a question on PON. I seem to recall in one of your presentations that the 10-gig PON, you guys are playing on both sides of the wire, whereas for 1-gig PON and 2.5, you were just on one side of the wire. So I was curious if that is an accurate assessment, which would imply, if that's correct, that your content went up quite a bit. And then as a side question to that is, I was curious you would be willing to give us how much PON is as a percentage of revenue?

明白了，莫漢。然後我有一個關於 PON 的問題。我似乎記得在您的一次演講中，10G PON，你們在電線的兩側進行操作，而對於 1G PON 和 2.5，您只是在電線的一側。所以我很好奇這是否是一個準確的評估，這意味著，如果這是正確的，你的內容會增加很多。另外一個問題是，我很好奇您願意告訴我們 PON 佔收入的百分比是多少？

So everything you said is accurate, Harsh. PON -- 10-gig PON, we are playing on both the central office end and the ONU end, the OLT end and the ONU side. And obviously, the ASPs are higher on the OLT side. So that's good. It also is, if you sell a broad chipset like that, the complete chipset, that gives you a very strong position with your customers. And so that's also a very good thing, I think. And so strategically, we're very comfortable with where we are. With regard to percentage, Sandy, I don't know if you have that or if we can provide that. Let me see.

所以你說的一切都是準確的，Harsh。 PON——10G PON，我們在局端和ONU端、OLT端和ONU端都在玩。顯然，OLT 側的 ASP 較高。所以這樣很好。如果您銷售像這樣的廣泛晶片組、完整的晶片組，這也會讓您在客戶中佔據非常有利的地位。我認為這也是一件非常好的事情。因此，從戰略上講，我們對目前的處境感到非常滿意。關於百分比，桑迪，我不知道你是否有這個，或者我們是否可以提供。讓我看看。

Yes. So Harsh, the PON's typically been somewhere in sort of the low to mid-teens. It's probably running at the upper end of that this year, year-to-date.

是的。非常嚴酷的是，PON 通常處於十幾歲左右的水平。今年迄今為止，它可能處於該水平的上限。

That's good enough for me. Congrats guys.

這對我來說已經足夠了。恭喜你們。

Our next question is from Craig Ellis with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Ellis。

Congratulations on the very strong quarter and outlook. Mohan, I wanted to start just by getting some further color on what you're seeing with order activity and backlog growth. Backlog is clearly very strong with just 3% turns coverage needed to meet guidance. So what are you seeing there? And are there particular areas of the business where you're seeing more significant order intake and backlog expansion?

祝賀非常強勁的季度和前景。莫漢，我想先進一步了解您所看到的訂單活動和積壓增長。積壓訂單顯然非常強勁，只需 3% 的周轉覆蓋率即可滿足指導要求。那麼你在那裡看到了什麼？您是否在業務的某些特定領域看到了更顯著的訂單接收和積壓擴張？

Yes. Orders continue to be very strong. Backlog is obviously very healthy given what we've just mentioned on turns there. So everything is looking quite good there. I would say, there are pockets of extremely very good strength and PON is clearly one of those. LoRa, obviously, is another area. Our protection [IPA] business, which is very broad, very, very strong. So there are some nice pockets.

是的。訂單仍然非常強勁。考慮到我們剛才提到的情況，積壓顯然非常健康。所以那裡的一切看起來都很好。我想說，有一些領域具有非常好的實力，而 PON 顯然就是其中之一。顯然，LoRa 是另一個領域。我們的保護[IPA]業務非常廣泛、非常、非常強大。所以有一些漂亮的口袋。

Areas of weakness, I mentioned China, smartphone consumer, not totally unexpected coming towards the end of the year, and it's kind of been a funky couple of years here. So some of the typical seasonality. That's what we expect to see. So it's not totally unusual. But I would say, Craig, that at the moment, everything is still very, very strong.

我提到了中國的薄弱領域，即智慧型手機消費者，這在年底時並不完全出乎意料，而且這幾年的表現有點奇怪。所以有些典型的季節性。這就是我們期望看到的。所以這並不完全不尋常。但我想說，克雷格，目前一切仍然非常非常強勁。

That's real helpful. And then I wanted to go from there and just talk a little bit about the industrial activity inside of protection. So great to see the 31% sequential growth. And I was wondering if you could point out some of the things within that very broad end market that are seeing particular strength? And how sustainable do you think that strength is as we look out into the first half of calendar '22? And what do you think is driving that strength?

這真的很有幫助。然後我想從那裡開始談談保護內部的工業活動。很高興看到 31% 的環比增長。我想知道您是否能指出這個非常廣闊的終端市場中一些特別有優勢的東西？當我們展望 22 日曆年的上半段時，您認為這種力量的可持續性如何？您認為是什麼推動了這種力量？

Yes. So I do think it's sustainable. Q4, we'd expect to be a little bit soft. But I think as Q1, certainly in the first half of next year, I'd expect it to be strong again. It's in multiple segments. So it's communications, it's automotive, it's broad-based interfaces, USB-C, HDMI. So it's a very broad set of interfaces being protected as well as different segments. Automotive, particularly, I think, is strong, and communications there is quite strong.

是的。所以我確實認為這是可持續的。第四季度，我們預計會有點疲軟。但我認為，作為第一季度，當然是明年上半年，我預計它會再次強勁。它分為多個部分。所以它是通訊、汽車、廣泛的介面、USB-C、HDMI。因此，這是一組非常廣泛的介面以及不同的部分受到保護。我認為汽車業尤其強大，而且那裡的通訊也相當強大。

Now if you think about what -- the kind of sustainability of it, this is really the mass market. It's not 10 customers, it's thousands of customers. And so what we're really seeing is the broad market now starting to use advanced lithography processes and controllers and DSPs. And as they starting to use those advanced lithography devices, I think the -- it really kind of fits our strategy and our -- the adoption of our protection into those segments very well. And so that's really what's driving it, Craig, the adoption of these leading-edge geometries and the need for our kind of high-end protection, which is what we've been saying for a while, but we have -- obviously, in the consumer segment, we've proven that capability. But we've been waiting in a sense for the broader market to kind of come to us and now I think it's coming.

現在，如果你想想它的可持續性，這確實是大眾市場。這不是 10 個客戶，而是數千個客戶。因此，我們真正看到的是廣闊的市場現在開始使用先進的光刻製程、控制器和 DSP。當他們開始使用這些先進的光刻設備時，我認為它確實非常適合我們的策略和我們在這些領域採用我們的保護措施。因此，克雷格，這確實是推動它的因素，這些前沿幾何形狀的採用以及對我們高端保護的需求，這就是我們已經說過一段時間的內容，但顯然，我們已經在消費領域，我們已經證明了這種能力。但從某種意義上說，我們一直在等待更廣泛的市場到來，現在我認為它即將到來。

Yes. Nice to see the market coming to you, especially one that has real nice margin characteristics. I don't want to ignore Emeka. Emeka, great to see the real strong gross margin. I just wanted to see if there was any further color you could provide on some of the some of the particular pluses in the quarter since we were at the very high end of guidance and at least 50 basis points above what I was expecting.

是的。很高興看到市場向您走來，尤其是具有真正良好利潤特徵的市場。我不想忽視埃梅卡。 Emeka，很高興看到真正強勁的毛利率。我只是想看看您是否可以就本季度的一些特定優點提供進一步的信息，因為我們處於指導的非常高端，並且比我的預期至少高出 50 個基點。

So thank you, Craig. And it's okay, I do not feel like ignored at all. But our gross margin story has definitely been a highlight for us. And it's actually very pleasing to see these numbers playing out given the expectations that we've had for a while. If you recall in the past, we've talked about the growth drivers, right, of LoRa-enabled, the 10-gig PON, the PAM4 CDRs, broad-based protection devices. We talked about all of that coming with much higher gross margins than the corporate average. So it's nice to see that playing out. And that's essentially the story, right? Our gross margin expansion story is pretty simple, it is just that of mix.

謝謝你，克雷格。沒關係，我一點也不覺得被忽視。但我們的毛利率故事絕對是我們的一大亮點。考慮到我們一段時間以來的期望，看到這些數字的實現實際上是非常令人高興的。如果您還記得過去，我們已經討論過支援 LoRa、10 Gb PON、PAM4 CDR 和廣泛的保護設備的成長驅動因素，對吧。我們談到所有這些都伴隨著比企業平均值高得多的毛利率。所以很高興看到這樣的事情發生。這就是故事的本質，對吧？我們的毛利率擴張故事非常簡單，就是混合的故事。

Our Next question is from Christopher Rolland with Susquehanna.

我們的下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

I guess my questions are mostly around LoRa. So I guess for LoRa, in terms of like an innovation treadmill, what kind of improvements do you think we might be able to see with LoRa? And then with Helium, for example, it's so backlogged right now. It seems like you guys would have a ton of pricing power, particularly for gateway chips. Maybe talk about your pricing power for those chips today. And remind me what the average ASP per base station is as well.

我想我的問題主要是圍繞 LoRa 的。所以我想對於LoRa來說，就像創新跑步機一樣，您認為我們可以透過LoRa看到什麼樣的改進？例如，氦氣現在積壓得很厲害。你們似乎擁有很大的定價權，特別是對於網關晶片。今天或許可以談談你們對這些晶片的定價能力。並提醒我每個基地台的平均 ASP 是多少。

Let me start with that, Chris. I think it varies. But I think for the lower end base station, the kind of home base stations, we're talking between $5 and $30, depending on which version and things like that. And you're right, the pricing power is definitely with us. But remember, our strategy is to deploy gateways everywhere in the world and get -- we want Helium's distributed wireless network to be very successful and to be essentially connectivity to be out there in every country in the world in every neighborhood in the world and LoRa connectivity to be just not an issue for use cases. And that's been -- always been the goal that we've had. So that's why I comment on the number of gateways out there and the number of sensors that can be deployed because the real goal for us is to get sensors deployed and connected to those gateways. That can't happen if you don't have gateways.

讓我從這個開始，克里斯。我認為這有所不同。但我認為對於低端基站，即家庭基站，我們討論的價格在 5 美元到 30 美元之間，具體取決於版本和類似的情況。你是對的，定價權絕對在我們手中。但請記住，我們的策略是在世界各地部署網關，並獲得——我們希望 Helium 的分散式無線網路非常成功，並在世界上每個國家、每個社區和 LoRa 上實現本質上的連接對於用例而言，連接性不再是問題。這一直是我們的目標。這就是為什麼我對網關的數量和可以部署的感測器的數量發表評論，因為我們的真正目標是部署感測器並將其連接到這些網關。如果您沒有網關，這種情況就不會發生。

And so now the beauty about the Helium kind of decentralized network is it kind of allows really viral connectivity, if you like, to the network. And so we're very excited by it. But I think they're -- if I look at all the other networks around the world today, they're now starting to get really utilized the way we had envisioned them being utilized. And we've got roaming agreements. We've got companies using networks for private enterprises. We've got also public network stuff going on. It just really is starting to play out the way we had anticipated. So very excited by it, but yes, clearly, the Helium network is -- momentum is very, very positive.

因此，現在 Helium 類型的去中心化網路的美妙之處在於，如果您願意的話，它可以實現真正的病毒式連接。所以我們對此感到非常興奮。但我認為，如果我看看當今世界上所有其他網絡，它們現在開始以我們設想的方式得到真正的利用。我們還有漫遊協議。我們有一些公司為私人企業使用網路。我們也正在進行公共網路方面的工作。它真的開始按照我們預期的方式發展。對此感到非常興奮，但是，很明顯，Helium 網路的勢頭非常非常積極。

Yes. I have been super impressed, Mohan, and I agree with your -- the viral statement around Helium. I have 1 miner, I love it. I have an order for 3 more out there. And that kind of brings up my second question here. And that is in terms of LoRa gateways, I guess, entering the year, if my numbers are right, I think you had maybe 1.3 million gateways and you're adding -- that's in your entire existence, and now you're adding 1.7 million this year, just massive growth on the gateway side.

是的。 Mohan，我印象非常深刻，我同意你關於 Helium 的病毒式聲明。我有 1 個礦工，我喜歡它。我還訂了 3 件。這就引出了我的第二個問題。就 LoRa 網關而言，我想，進入這一年，如果我的數字是正確的，我認為你可能有 130 萬個網關，並且你正在添加 - 這就是你的整個存在，現在你正在添加 1.7今年，網關方面出現了巨大的成長。

So I guess my question is, how confident are you? Or into the visibility in between, what is actually Helium? And what are in these campus programs or neighborhood programs or industrial programs? How confident are you that these aren't Helium orders like, for example, the 3 that I have on back order, for example? Are you sure that if the helium network growth were to slow down, that it really wouldn't affect the growth for LoRa like we've been seeing?

所以我想我的問題是，你有多少信心？或是深入了解兩者之間的可見性，氦氣到底是什麼？這些校園計畫、社區計畫或工業計畫包含哪些內容？您對這些不是氦氣訂單（例如我延期交貨的 3 個訂單）的信心有多大嗎？您確定如果 helium 網路成長放緩，它真的不會像我們看到的那樣影響 LoRa 的成長嗎？

Well, and I kind of answered that question, Chris, because our focus is on the sensor connectivity. We just started an initiative, for example, to get a billion sensors connected to combat climate change as an example of that. And the sensor connectivity can be obviously the macro gateways, which are the bigger gateways that sit out on a tower can connect to many more sensors and have much more range. And so I think it's more for us use case driven. We do have fairly good visibility into where the gateways are going and what they're doing. But frankly, I think it doesn't matter that much. I think it's more a question of are they use cases? And are the use cases really starting to be utilized in a way that demonstrates the value of LoRa?

好吧，克里斯，我回答了這個問題，因為我們的重點是感測器連接。例如，我們剛剛啟動了一項倡議，將十億個感測器連接起來以應對氣候變化，這就是一個例子。感測器連接顯然可以是宏網關，它們是位於塔上的更大網關，可以連接到更多感測器並具有更大的範圍。所以我認為這對我們來說更受用例驅動。我們確實對網關的走向和正在做什麼有相當好的了解。但坦白說，我認為這並不重要。我認為更多的問題是它們是用例嗎？這些用例是否真的開始以展示 LoRa 價值的方式被利用？

Sidewalk is a good example of that. And Sidewalk, obviously, we're anticipating at some point here next year amazon will start to roll it out, and we'll start to get sensors connected to it and then there will be -- new use cases emerge. Because the beauty about LoRa and the world of LoRaWAN here and the LPWAN market that's going on, there's is a lot of the use cases are just beginning, I mean, really just beginning. And people are starting to see, oh, I can use LoRa for this, and I can use it for satellite connectivity or I can use it for agriculture, I can use it for smart home deployments or I can use it for geolocation and tracking an asset. And this type of -- kind of, as I said, viral use case offers the opportunity to really expand the market quickly and to make it very, very large, which is obviously our intent, right?

人行道就是一個很好的例子。顯然，我們預計明年亞馬遜將開始推出 Sidewalk，我們將開始將感測器連接到它，然後就會出現新的用例。因為 LoRa 和 LoRaWAN 世界以及正在發展的 LPWAN 市場的魅力，很多用例才剛開始，我的意思是，真的才剛開始。人們開始看到，哦，我可以使用LoRa 來實現這一點，我可以將它用於衛星連接，或者我可以將它用於農業，我可以將它用於智慧家庭部署，或者我可以使用它進行地理定位和追蹤資產。正如我所說，這種類型的病毒式用例提供了真正快速擴大市場並使其變得非常非常大的機會，這顯然是我們的意圖，對吧？

Yes. well, great growth.

是的。嗯，成長很大。

Thank you.

謝謝。

Our next question is from Karl Ackerman with Cowen.

我們的下一個問題來自卡爾·阿克曼和考恩。

Yes. Two questions, please. The first one is piggybacking on LoRa. It's great to see LoRa is now integrated into AWS and Azure. But is the go-to-market still predominantly driven by your own sales force? I'm curious how do you see the go-to-market changing, if at all, now that you do have broader ecosystem support from the larger hyperscalers?

是的。請教兩個問題。第一個是搭載 LoRa。很高興看到 LoRa 現在已整合到 AWS 和 Azure 中。但進入市場仍然主要由您自己的銷售人員推動嗎？我很好奇，既然您確實獲得了來自大型超大規模企業的更廣泛的生態系統支持，您如何看待市場進入的變化（如果有的話）？

Yes. I think, Karl, the -- our sales force, obviously, has a critical role to play in the adoption of LoRa and the marketing of LoRa and the communication of how LoRa is succeeding in the market. But we have a LoRa Alliance. So the Alliance has got, as I mentioned before, 400 to 500 members, including Microsoft and AWS and Cisco and IBM and many, many companies out there at all levels of the value chain. So you've got sensor companies, chip companies, gateway companies, software companies, system integrators. And so LoRa is just simply a technology, right? And it's just a technology platform here. .

是的。我認為，Karl，我們的銷售團隊顯然在 LoRa 的採用、LoRa 的營銷以及 LoRa 如何在市場上取得成功的溝通中發揮關鍵作用。但我們有一個 LoRa 聯盟。正如我之前提到的，該聯盟擁有 400 到 500 名成員，包括微軟、AWS、思科和 IBM 以及價值鏈各個層面的許多公司。因此，有感測器公司、晶片公司、網關公司、軟體公司、系統整合商。所以 LoRa 只是一種技術，對嗎？這裡只是一個技術平台。 。

But the use cases typically require several members of the ecosystem to participate and get together and figure out an end-to-end -- to figure out an end-to-end solution. And so I think it's really the power of the alliance and the kind of pervasive nature of what's happening with LoRa now that's driving the momentum. I don't know that it's -- if we added a sales guy or 10 salespeople, that would necessarily have a massive additional benefit. I think it's more about getting the right system integrators in, getting the right use cases, so people can look at the use case and say, "Hey, that's interesting, I want to do that." Getting the right sense of technologies out there, software, making sure there's no bottlenecks in the software.

但用例通常需要生態系統的多個成員參與並聚集在一起，找出端到端的解決方案。因此，我認為真正推動這一勢頭的是聯盟的力量以及 LoRa 所發生的事情的普遍性。我不知道如果我們增加一名或 10 名銷售人員，那一定會帶來巨大的額外好處。我認為更多的是讓合適的系統整合商加入，獲得正確的用例，這樣人們就可以查看用例並說：“嘿，這很有趣，我想這樣做。”正確理解現有的技術、軟體，確保軟體中沒有瓶頸。

I always talk about bottlenecks in the ecosystem, and those bottlenecks have moved. It used to be sensors, and it used to be hardware-related, now it's more software-related. And so the addition of Microsoft Azure and AWS really, really does add a tremendous value because many companies would have struggled to build a back-end software platform for their use case. But having the ability to go to Microsoft or to go to AWS and partner with them, to get that access, I think, really changes the time-to-market aspect of it.

我總是談論生態系統中的瓶頸，而這些瓶頸已經改變了。以前是感測器，以前是硬體相關，現在更多是軟體相關。因此，Microsoft Azure 和 AWS 的加入確實確實增加了巨大的價值，因為許多公司很難為其用例建立後端軟體平台。但我認為，如果有能力去微軟或AWS並與他們合作，獲得這種訪問權，確實會改變它的上市時間。

Yes, understood. That's helpful. My follow-up is more of a clarification. If PAM4 is high teens as a percent of sales this year, does that mean NRZ is equally as large this year? And is there a notable margin difference between the CDRs and optical ICs supporting each technology?

是的，明白了。這很有幫助。我的後續行動更多的是澄清。如果 PAM4 佔今年銷售額的百分比高達兩位數，這是否意味著 NRZ 今年也同樣大？支援每種技術的 CDR 和光學 IC 之間是否存在顯著的裕度差異？

Yes. NRZ is larger. Obviously, it's been around for a while, and I think that's the key point to make is that when you look at PAM4, it's -- at least for us, it's a fairly new platform. Tri-Edge is just really been released to production, the short-reach use cases. And so we've got good design win momentum. And really the point being that as we see -- get the momentum, the growth in that business is fairly significant. And so we're expecting PAM4, 200-gig PAM4, 400-gig PAM4 deployments next year to accelerate quite nicely.

是的。 NRZ 較大。顯然，它已經存在了一段時間，我認為關鍵的一點是，當您查看 PAM4 時，它是——至少對我們來說，它是一個相當新的平台。 Tri-Edge 剛剛真正投入生產，適用於短距離用例。因此，我們擁有良好的設計獲勝動力。真正的重點是，正如我們所看到的，獲得動力，該業務的成長相當顯著。因此，我們預計明年 PAM4、200-gig PAM4、400-gig PAM4 部署將大幅加速。

Our next question is from Quinn Bolton with Needham & Co.

我們的下一個問題來自 Needham & Co. 的 Quinn Bolton。

Congratulations on the nice results. Maybe just a quick follow-up on that last question on the PAM4. One, do you say high teens in terms of absolute millions of dollars? Or is it a high-teen percentage of revenues, maybe I missed it? And then does it all -- is that only Tri-Edge? Or does it also include the FiberEdge PMDs? And then I've got a couple of follow-ups.

恭喜取得的好成績。也許只是對 PAM4 上最後一個問題的快速跟進。一，你所說的高青少年是指絕對數百萬美元嗎？或者它佔收入的百分比很高，也許我錯過了？然後一切都完成了——這只是Tri-Edge 嗎？或者它還包括 FiberEdge PMD？然後我有一些後續行動。

Yes, it's high teens in terms of millions of dollars, and that it does include FiberEdge, but I would say the majority of the growth is coming from Tri-Edge.

是的，就數百萬美元而言，這是一個十幾歲的數字，而且它確實包括 FiberEdge，但我想說大部分增長來自 Tri-Edge。

Got it. And then looking to just the overall supply chain, I know you mentioned some of your business is constrained, especially on the consumer side by component availability of other manufacturers. Just wondering if you're seeing any supply constraints in your own perhaps more back-end and front-end supply chain. And I know a number of analog companies through the fall had experienced shutdowns or COVID related effects out of Southeast Asia, wondering if that had any impact on your business this quarter?

知道了。然後看看整個供應鏈，我知道您提到您的一些業務受到其他製造商的組件可用性的限制，特別是在消費者方面。只是想知道您是否在自己的後端和前端供應鏈中看到任何供應限制。我知道今年秋天，東南亞地區的許多模擬公司都經歷了停工或與新冠病毒相關的影響，想知道這是否對您本季的業務產生任何影響？

Not really. I would say that it's kind of been pretty consistent for us over the last couple of quarters, same type of issues. Obviously, some fabs are full, and their cycle times are quite long. I would say, in general, across the whole supply chain, cycle times have doubled over the last year or so. So we've gone from an average of 20 weeks to maybe 40 weeks cycle time. So that's significant. And so that's across the board, and that's an average. There are pockets where it's longer than that, and there are pockets where it's not such a big problem. But I would say, in general, supply chain is still a major challenge.

並不真地。我想說的是，在過去的幾個季度裡，我們的情況相當一致，同樣類型的問題。顯然，有些晶圓廠已經滿員，而且週期時間也相當長。我想說，總的來說，在整個供應鏈中，週期時間在過去一年左右增加了一倍。因此，我們的週期時間從平均 20 週縮短到了 40 週。所以這很重要。所以這是全面的，而且是平均值。有些口袋比這個長，有些口袋的問題不那麼大。但我想說，總的來說，供應鏈仍然是一個重大挑戰。

But we're okay. We -- obviously, we built inventory. We plan on building inventory. We are using that inventory to continuously make sure our customers are -- manufacturing lines are running and not -- we're not in the bottleneck. We do know, as I mentioned in my prepared remarks, that some of our customers are struggling to get all of the components to build a complete system. And so that has an impact on kind of a short-term demand impact. But I think in the medium term, that will clear up.

但我們沒事。顯然，我們建立了庫存。我們計劃建立庫存。我們正在利用這些庫存來持續確保我們的客戶——生產線正在運行，而不是——我們沒有陷入瓶頸。正如我在準備好的演講中提到的，我們確實知道，我們的一些客戶正在努力獲取所有組件來建立完整的系統。因此，這會對短期需求產生影響。但我認為從中期來看，這種情況將會消失。

Got it. And my last question, Mohan. Just any update on the LoRa micro services part of the business?

知道了。我的最後一個問題，莫漢。 LoRa 微服務部分業務有任何更新嗎？

Yes. So the cloud services is going well. I think, obviously, LoRa Edge is the platform there and bringing on board Microsoft Azure and now AWS, I think we have partners that we can work with very closely and our customers, and we've started to now look at what elements of the cloud service geolocation performance needs to be changed to make sure we have an end-to-end solution.

是的。所以雲端服務進展順利。我認為，顯然，LoRa Edge 是那裡的平台，並引入了 Microsoft Azure 和現在的 AWS，我認為我們擁有可以與我們的客戶密切合作的合作夥伴，我們現在已經開始研究其中的哪些元素雲服務地理定位效能需要改變，以確保我們擁有端到端的解決方案。

But I think at the moment, no real significant breakthroughs there, but I would say good momentum. And I think you're going to hear a lot more about that next year.

但我認為目前還沒有真正重大的突破，但我想說勢頭良好。我想明年你會聽到更多關於這方面的資訊。

Our next question is from Rick Schafer with Oppenheimer.

我們的下一個問題來自里克·謝弗和奧本海默。

Congratulations, guys. A lot of good questions already. But just if I could sneak one more in on LoRa. I was hoping you could give a sense maybe of expected LoRa linearity next year. I mean, does it seem like seasonality is really relevant at this point for LoRa? So if you kind of look at just the run rate you're on now, it seems like 40% growth sort of makes a lot -- make sense, right, next year. So I was just curious if you could comment on that and give a sense maybe what type of backlog or just general visibility you have on that business today?

恭喜你們，夥伴們。已經有很多好問題了。但如果我能再偷偷溜進 LoRa 就好了。我希望您能對明年的 LoRa 線性度有所了解。我的意思是，目前季節性對 LoRa 來說真的很重要嗎？因此，如果你只看一下現在的運行率，你會發現明年 40% 的成長似乎意義重大——這是有道理的，對吧，明年。所以我很好奇你是否可以對此發表評論並說明一下你今天對該業務的積壓是什麼類型或只是一般可見性？

Yes. I think it's pretty good, Rick, I would say, for the first half, but a lot depends on the funnel and the -- how quickly that funnel moves to deployments. Obviously, it's grown now to a large size, the funnel, and we're anticipating some of those tend to go into the full deployments. But the momentum is very good. And I think everything we had anticipated in terms of design-ins and design wins from these -- from the funnel. And I think in general, the number of use cases that are emerging and starting to get deployed without our help, I think, is very encouraging. So I think the 40% for next year is looking pretty good as well.

是的。我認為，Rick，我想說，上半年的情況相當不錯，但很大程度上取決於漏斗以及該漏斗轉移到部署的速度。顯然，它現在已經發展到一個很大的規模，即漏斗，我們預計其中一些將進入全面部署。但勢頭非常好。我認為我們在設計導入和設計方面所預期的一切都來自於這些——來自漏斗。我認為總的來說，在沒有我們幫助的情況下出現並開始部署的用例數量非常令人鼓舞。所以我認為明年的 40% 看起來也不錯。

And then just a quick follow-up on gross margin. I mean obviously, looks fantastic. I mean it seems like mid-60s is sort of the new baseline. And I'm just curious there, as we look forward to not that far out, I mean looking at the kind of growth you guys are putting up, you're not that far out from your $1 billion top line run rate kind of goal. So I'm curious sort of where you think or where you see gross margin once we're at that $1 billion run rate? And then just a quick clarification on next year. I know you talked about ASP. But I'm curious, do you see that as a tailwind for gross margin next year?

然後快速跟進毛利率。我的意思是顯然，看起來棒極了。我的意思是，60 年代中期似乎是新的基線。我只是很好奇，因為我們期待的不會太遠，我的意思是看看你們所實現的成長，你們離 10 億美元的頂線運行率目標並不遙遠。所以我很好奇，一旦我們達到 10 億美元的速度，您的想法或毛利率會怎麼樣？然後對明年進行快速澄清。我知道你談到了 ASP。但我很好奇，您認為這會成為明年毛利率的推動因素嗎？

So Rick, this is Emeka. So the gross margin, like I said before in my prepared remarks, it's mostly being driven by the mix of revenue. As we're seeing a higher revenue contribution from our growth platforms, we are -- that is helping us to drive our gross margin expansion. We are definitely looking at where we have our target range for gross margin at $1 billion of revenue, it is going to be driven by how that revenue is coming in.

瑞克，這是艾梅卡。因此，正如我之前在準備好的發言中所說，毛利率主要是由收入組合所驅動的。當我們看到我們的成長平台帶來更高的收入貢獻時，這正在幫助我們推動毛利率的擴張。我們肯定會考慮收入 10 億美元的毛利率目標範圍，這將取決於收入的來源方式。

But in terms of mid-60s and stuff like that, that is a possibility, but we just have to wait before we start setting those expectations, we have to wait and see what's going on with the current supply chain environment, right? There you saw is -- if we continue to see price increases from the supply chain that you saw, there is so much that our customers will be able to absorb. So that is something that we're keeping an eye on. But I share your sentiment that as we continue to see revenue contributions growing from the new product platforms that we've talked about that we should continuously gross margins headed into the mid-60s and maybe beyond. But we we're not going to sign up for those at this point.

但就 60 年代中期之類的情況而言，這是有可能的，但我們只需要等待，然後再開始設定這些期望，我們必須等待，看看當前的供應鏈環境發生了什麼，對嗎？你看到的是——如果我們繼續看到你看到的供應鏈價格上漲，我們的客戶將能夠吸收很多東西。所以這是我們正在關注的事情。但我同意您的觀點，隨著我們繼續看到我們所討論的新產品平台的收入貢獻不斷增長，我們的毛利率應該會持續上升到 60 年代中期甚至更高。但我們目前不會簽署這些協議。

(Operator Instructions) Our next question is from Harsh Kumar with Piper Sandler.

（操作員說明）我們的下一個問題來自 Harsh Kumar 和 Piper Sandler。

Yes. Mohan, I had an interesting one. Not specific to your company, but just more so on the industry. A lot of companies that have reported numbers,, results in the last 3 to 6 months have basically buck seasonality. There's been -- just because the demand has been so high, that it's kind of like up to the right. I noticed that you guys are guiding seasonal, particularly, it seems like from a consumer and a couple of other small things. But I'm curious if we are back to demand-supply situation where seasonality is coming into play. Or is it just, do you think something specific to some of your businesses that you have?

是的。莫漢，我有一個有趣的事。不是針對您的公司，而是針對行業。許多公佈過去 3 至 6 個月業績的公司基本上都與季節性相反。一直以來——只是因為需求如此之高，所以有點像右邊的情況。我注意到你們正在指導季節性，特別是，它似乎來自消費者和其他一些小事。但我很好奇我們是否會回到季節性發揮作用的供需狀況。或者只是，您認為您所擁有的某些業務有什麼特殊之處？

Well, the seasonality is tied to consumer, as you noticed, Harsh. And I think that it's not a surprise. Some of that, as I mentioned, I think in my prepared remarks, is our customers not being able to get all the parts they need, I think. So there's a little bit of that playing into it. But I do think there's going to be some seasonality here.

嗯，正如你所注意到的，季節性與消費者息息相關，Harsh。我認為這並不奇怪。正如我所提到的，我認為在我準備好的演講中，我認為其中一些原因是我們的客戶無法獲得他們需要的所有零件。所以其中有一些因素在起作用。但我確實認為這裡會有一些季節性。

You're right, though. I mean, the demand environment is very strong. People are constrained. And so to some extent, you can play that game. We typically are shipping to consumption. That's what we're trying to do. We're not trying to do anything more than that. And we keep a very close eye on POS, and so that's kind of our thinking. If the channel is shipping into customers and demand continues to be strong, then Q1 will be very strong.

不過你是對的。我的意思是，需求環境非常強大。人們受到限制。所以在某種程度上，你可以玩這個遊戲。我們通常會運送到消費。這就是我們正在努力做的事情。我們不想做更多的事情。我們非常密切地關注 POS，這就是我們的想法。如果通路正在向客戶出貨並且需求持續強勁，那麼第一季將非常強勁。

We have reached the end of the question-and-answer session, and I will now turn the call over to CEO and President, Mohan Maheswaran, for closing remarks.

問答環節已經結束，我現在將把電話轉交給執行長兼總裁莫漢·馬赫斯瓦蘭 (Mohan Maheswaran)，他將致閉幕詞。

In closing, we were pleased to deliver a record performance in Q3 that included: record net revenues, record gross margins, record operating income, record earnings per share and record operating cash flow. The secular demand trends driving our growth engines in the infrastructure, smarter planet and mobility markets remain strong and are expected to provide sustainable long-term growth. We expect our diverse and growing product offering and balanced end markets to drive a record financial performance in FY '22 and provide strong momentum going into FY '23.

最後，我們很高興在第三季度實現了創紀錄的業績，其中包括：創紀錄的淨收入、創紀錄的毛利率、創紀錄的營業收入、創紀錄的每股收益和創紀錄的營業現金流。推動基礎設施、智慧地球和行動市場成長引擎的長期需求趨勢仍然強勁，預計將帶來可持續的長期成長。我們預計，我們多樣化且不斷成長的產品供應和平衡的終端市場將推動 22 財年創紀錄的財務業績，並為 23 財年提供強勁動力。

With that, we appreciate your continued support of Semtech and look forward to updating you all next quarter. Thank you.

在此，我們感謝您對 Semtech 的持續支持，並期待在下個季度為您提供最新資訊。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。