Semtech Corp (SMTC) 2021 Q3 法說會逐字稿

Greetings. Welcome to Semtech Corporation's Fiscal 2021 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Semtech Corporation 的 2021 財政年度收益電話會議。（操作員說明）請注意，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Sandy Harrison, Vice President of Investor Relations. Thank you. You may begin.

現在我想將會議交給東道主投資者關係副總裁桑迪·哈里森先生。謝謝。你可以開始了。

Thank you, Devin, and welcome to Semtech's conference call to discuss our financial results for the third quarter of fiscal year '21.

謝謝 Devin，歡迎參加 Semtech 的電話會議，討論我們 '21 財年第三季的財務表現。

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.

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 today's 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. As a reminder, comments made on today's call are current as of today only. Semtech undertakes no obligation to update the information on this call to effect circumstances change.

今天的電話會議將包括前瞻性聲明，其中包括可能導致實際結果與今天聲明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。提醒一下，今天電話會議中發表的評論僅截至今天。Semtech 不承擔因情況變化而更新本次電話會議資訊的義務。

During the call, we'll refer to non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles. Discussion of why the management team considers such non-GAAP financial measures useful, along with the detailed reconciliations of such non-GAAP measures to the most comparable GAAP financial measures, are included in today's press release.

在電話會議中，我們將提及未依照公認會計原則編製的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 GAAP 財務指標有用，以及此類非 GAAP 指標與最具可比性的 GAAP 財務指標的詳細調節情況。

As a reminder, all references to financial results in Mohan's and Emeka's presentations on this call will refer to non-GAAP measures, unless otherwise noted.

提醒一下，除非另有說明，莫漢和艾梅卡在本次電話會議的演講中所有提及財務績效的內容都將指非公認會計準則衡量標準。

With that, I will turn the call over to Semtech's Chief Financial, Emeka?

接下來，我會將電話轉給 Semtech 的財務長 Emeka？

Thank you, Sandy, and good afternoon, everyone.

謝謝桑迪，大家下午好。

For Q3 fiscal year '21. Net sales increased 7% sequentially and 9% over the prior year to $154.1 million, which was at the upper end of our guidance. In Q3, shipments into Asia represented 80% of net sales, North America represented 12% and Europe represented 8%. Total direct sales was approximately 18%, and sales to distribution was approximately 82% of net sales.

'21 財年第三季。淨銷售額季增 7%，比上年增長 9%，達到 1.541 億美元，處於我們指導值的上限。第三季度，亞洲的出貨量佔淨銷售額的 80%，北美佔 12%，歐洲佔 8%。直接銷售總額約佔淨銷售額的 18%，分銷銷售額約佔淨銷售額的 82%。

Our distribution business remains balanced, with 39% of the total POS coming from the infrastructure end market and 30% from the industrial end market and 31% from the high-end consumer end market. Bookings increased strongly over the prior quarter and resulted in a book-to-bill above 1. Turns bookings accounted for approximately 25% of shipments during the quarter. Q3 GAAP gross margin decreased as expected by 40 basis points due to a higher mix of consumer revenue. We expect our Q4 [GAAP gross margin] (corrected by company after the call) to be flattish sequentially.

我們的分銷業務保持平衡，POS總量的39%來自基礎設施端市場，30%來自工業端市場，31%來自高階消費端市場。預訂量較上一季強勁成長，訂單出貨比超過 1。由於消費者收入組合增加，第三季 GAAP 毛利率按預期下降 40 個基點。我們預期第四季[GAAP 毛利率]（由公司在電話會議後修正）將持平。

Q3 GAAP operating expense increased 4% sequentially due to higher performance-based compensation expense, offset by lower new product expenses. We expect our Q4 GAAP operating expense to increase 4% to 6% sequentially primarily due to it being a 14-week quarter and higher share-based compensation expense, driven by a higher stock price. Other expense was $1.6 million versus $2.9 million in Q2. The decrease was primarily due to lower foreign exchange losses than those that were recognized in Q2.

第三季 GAAP 營運費用較上季成長 4%，原因是基於績效的薪資費用增加，但被新產品費用減少所抵銷。我們預計第四季度 GAAP 營運費用將環比增長 4% 至 6%，主要是因為該季度為期 14 週，且股價上漲推動了基於股票的薪資費用增加。其他費用為 160 萬美元，而第二季為 290 萬美元。減少的主要原因是外匯損失低於第二季確認的損失。

In Q3, our GAAP tax expense was 7.9% as a result of a favorable regional mix of income and several discrete tax benefits. In Q4, we expect our tax to range between 10% and 13%.

第三季度，由於有利的地區收入組合和多項離散稅收優惠，我們的 GAAP 稅收支出為 7.9%。第四季度，我們預計稅率將在 10% 至 13% 之間。

Moving on to the non-GAAP results, which exclude the impact of share-based compensation, amortization of acquired intangibles, acquisition-related and other nonrecurring charges. Gross margin was 61.5% and in line with expectation. Our gross margin remains stable, with the key driver being end market revenue mix. In Q4, we expect gross margin to remain flattish due to a higher mix of consumer revenue.

接下來是非公認會計原則的業績，其中排除了股權激勵、收購無形資產攤銷、收購相關費用和其他非經常性費用的影響。毛利率為61.5%，符合預期。我們的毛利率保持穩定，主要驅動因素是終端市場收入組合。由於消費者收入的增加，我們預計第四季毛利率將保持持平。

In fiscal year '22, we expect to see gradual increases to our gross margin as we see an increase in revenue contribution from our higher-margin growth drivers of LoRa-enabled, 5G wireless, PON, data center infrastructure platforms. Our Q3 non-GAAP operating expense increased 6% sequentially on higher compensation expenses, offset by lower new product expenses. In Q4, we expect our non-GAAP operating expense to increase 1% to 4% sequentially, primarily due to the January quarter being a 14-week quarter. For FY '22, consistent with our target, we expect operating expenses to increase at approximately half the rate of revenue growth.

在 22 財年，我們預計我們的毛利率將逐步增加，因為我們看到支援 LoRa、5G 無線、PON、資料中心基礎設施平台的高利潤成長驅動因素所帶來的收入貢獻增加。由於薪資費用增加，我們第三季的非 GAAP 營運費用較上季增加了 6%，但被新產品費用減少所抵銷。在第四季度，我們預計我們的非 GAAP 營運費用將環比增加 1% 至 4%，這主要是由於 1 月份季度是一個為期 14 週的季度。對於 22 財年，與我們的目標一致，我們預期營運費用的成長率約為營收成長率的一半。

In Q3, our non-GAAP tax rate came in at 14.8%. And we expect our Q4 and fiscal year '22 tax rates to be in the range of 15% to 17%. In Q3, cash flow from operations decreased to 18% of net sales due to the advanced impact of withholding taxes paid in Q3 related to the Q2 repatriation of cash to the U.S.

第三季度，我們的非 GAAP 稅率為 14.8%。我們預計第四季和 22 財年的稅率將在 15% 至 17% 之間。第三季度，由於與第二季度現金匯回美國相關的第三季度支付的預扣稅的提前影響，營運現金流降至淨銷售額的 18%。

We repurchased approximately 440,000 shares or $24 million of stock in Q3. And our stock repurchase authorization now stands at approximately $44 million. We expect to continue to use our cash to opportunistically repurchase our shares, make strategic investments and pay down our debt.

我們在第三季回購了約 44 萬股或價值 2,400 萬美元的股票。我們的股票回購授權目前約為 4,400 萬美元。我們預計將繼續使用現金來擇機回購股票、進行策略性投資並償還債務。

In Q3, due to higher net sales and timing of shipments during the quarter, accounts receivable increased 14% sequentially and represented 33 days of sales, which remains well below our target range of 40 to 45 days. Net inventory in absolute dollar terms was approximately flat sequentially, while days of inventory decreased by 9 days to 118 days, which remains above our target range of 90 to 100 days. In Q4, we expect our net inventory to increase due to the strong demand and that we are seeing and the tightening supply lead times.

第三季度，由於本季淨銷售額和出貨時間的增加，應收帳款較上季成長 14%，銷售天數為 33 天，仍遠低於我們 40 至 45 天的目標範圍。以絕對美元計算的淨庫存與上一季基本持平，而庫存天數減少 9 天至 118 天，仍然高於我們 90 至 100 天的目標範圍。在第四季度，由於我們所看到的強勁需求以及供應提前期的收緊，我們預計我們的淨庫存將會增加。

In summary, we were pleased to deliver Q3 results that were at the upper end of our guidance. We look forward to ending a very challenging year on a strong note. We believe that our strong business fundamentals position us nicely to continue to deliver growth and solid financial results.

總之，我們很高興交付第三季的業績，該業績處於我們指導的上限。我們期待以強有力的方式結束充滿挑戰的一年。我們相信，我們強大的業務基礎使我們能夠繼續實現成長和穩健的財務表現。

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 '21 performance by end market and by product. And then provide our outlook for Q4 of fiscal year '21.

謝謝你，艾梅卡。大家下午好。我將按終端市場和產品討論我們 21 財年第三季的業績。然後提供我們對 21 財年第四季的展望。

In Q3 of fiscal year '21, net revenue increased 7% sequentially and 9% over the prior year to $154.1 million. Stronger demand from the high-end consumer and industrial end markets was offset by softer demand from the infrastructure end market. We posted non-GAAP gross margin of 61.5% and non-GAAP earnings per diluted share of $0.47.

在 21 財年第三季度，淨收入季增 7%，比上年增長 9%，達到 1.541 億美元。高端消費和工業終端市場的強勁需求被基礎設施終端市場的疲軟需求所抵消。我們公佈的非 GAAP 毛利率為 61.5%，非 GAAP 稀釋後每股收益為 0.47 美元。

In Q3 of fiscal year '21, net revenue from the high-end consumer market increased 43% sequentially and 21% over the prior year and represented 29% of total net revenues. Approximately 19% of high-end consumer revenue was attributable to mobile platforms and approximately 10% was attributable to other consumer systems. The industrial end market net revenue increased 14% sequentially and 4% over the prior year and represented 32% of total net revenues. Net revenues from the infrastructure end market decreased 13% sequentially and increased 6% over the prior year and represented 39% of total net revenues.

21財年第三季度，來自高端消費市場的淨收入較上季成長43%，年增21%，佔總淨收入的29%。大約 19% 的高端消費收入來自行動平台，約 10% 來自其他消費系統。工業終端市場淨收入比上一季成長 14%，比上年成長 4%，佔總淨收入的 32%。基礎設施終端市場的淨收入比上一季下降 13%，比上一年增長 6%，佔總淨收入的 39%。

I will now discuss the performance of each of our product groups. In Q3 of fiscal year '21, as expected, our Signal Integrity Product Group decreased 14% sequentially and increased 5% over the prior year and represented 40% of total net revenues. In Q3 of fiscal year '21, demand from our data center customers softened following the strength experienced in the first half of the year. We believe the demand for higher bandwidth data center connectivity remains very strong and our ClearEdge, FiberEdge and Tri-Edge platforms all have significant design-in momentum in 100 gig, 200-gig and 400-gig optical modules being deployed in global cloud and hyperscale data centers.

我現在將討論我們每個產品組的表現。在 21 財年第三季度，正如預期的那樣，我們的訊號完整性產品組比上一財年下降了 14%，比上年增長了 5%，佔總淨收入的 40%。在 21 財年第三季度，繼上半年的強勁表現之後，我們資料中心客戶的需求有所減弱。我們相信，對更高頻寬資料中心連接的需求仍然非常強勁，我們的ClearEdge、FiberEdge 和Tri-Edge 平台在部署在全球雲端和超大規模中的100 GB、200 GB 和400 GB 光模組方面均具有顯著的設計動力資料中心。

Design activity for our Tri-Edge PAM4 platform remains strong, and we now have customers working on almost 2 dozen design-ins for use in 100-gig, 200-gig and 400-gig PAM4 optical modules. The lower cost, lower power and lower latency performance enabled by our Tri-Edge analog CDR platform provides a significant advantage over existing DSP solutions.

我們的 Tri-Edge PAM4 平台的設計活動依然強勁，我們現在有客戶致力於近 20 個用於 100 g、200 g 和 400 g PAM4 光學模組的設計。我們的 Tri-Edge 模擬 CDR 平台實現了更低的成本、更低的功耗和更低的延遲效能，與現有 DSP 解決方案相比具有顯著優勢。

We believe the secular trends that have been driving growth in the data center market should continue to drive our data center over the next few years. In Q3 of fiscal year '21, demand from the wireless base station market softened from the prior quarter's record as build-outs in China slowed from first half levels. Global customers are increasingly deploying 25-gig optical modules for fronthaul links in 5G base stations. As a result, we are seeing increased design-in activity for our high-performance CDR and PMD platforms for 5G wireless base stations globally. We expect 5G infrastructure spending to increase in fiscal year '22 and expect this market to continue to grow for several years.

我們相信，推動資料中心市場成長的長期趨勢將在未來幾年繼續推動我們的資料中心。在 21 財年第三季度，由於中國的建設速度較上半年水準放緩，無線基地台市場的需求較上一季的紀錄則疲軟。全球客戶越來越多地在 5G 基地台的前傳鏈路中部署 25 G 光模組。因此，我們看到全球 5G 無線基地台的高效能 CD 和 PMD 平台的設計活動增加。我們預計 22 財年 5G 基礎設施支出將增加，並預計該市場將持續成長數年。

In Q3 of fiscal year '21, revenue from our PON customers was flat with the prior quarter. While demand for our PON platforms has been largely driven by China, we are continuing to see a number of new PON initiatives outside of China where PON is used to channel high-speed data to the home, enterprise and campus networks. Semtech remains the leading supplier of 10-gig PON platforms for the ONU and OLT markets, and we expect our latest innovative 10-gig products to enable us to further benefit from the global trend toward increased PON deployments.

在 21 財年第三季度，來自 PON 客戶的營收與上一季持平。雖然對我們 PON 平台的需求主要由中國推動，但我們繼續看到中國以外的許多新 PON 計劃，其中 PON 用於將高速資料傳輸到家庭、企業和校園網路。Semtech 仍然是 ONU 和 OLT 市場 10 G PON 平台的領先供應商，我們預計我們最新的創新 10 G 產品將使我們能夠進一步受益於 PON 部署增加的全球趨勢。

Despite the inherent lumpiness associated with the infrastructure markets, we believe the secular trends led by the upgrade of data center connectivity and the expansion of 10-gig PON and 5G wireless network capabilities should drive future demand for our optical platforms across all our target infrastructure markets.

儘管基礎設施市場存在固有的波動性，但我們相信，資料中心連接升級以及 10G PON 和 5G 無線網路功能擴展所引領的長期趨勢應會推動我們所有目標基礎設施市場對光學平台的未來需求。

For Q4 of fiscal year '21, we expect net revenues from our Signal Integrity Product Group to increase driven by all infrastructure segments and a recovering video market.

對於 21 財年第四季度，我們預期訊號完整性產品組的淨收入將在所有基礎設施領域和視訊市場復甦的推動下成長。

Moving on to our Protection Product Group. In Q3 of fiscal year '21, net revenue from our Protection Product Group increased 25% sequentially and 3% from the prior year and represented 27% of total net revenues. In Q3 of fiscal year '21, demand from our Korean smartphone customers rebounded strongly from the COVID-related issues that has impacted them in the first half of the year. Demand from our North American smartphone customers also remained solid. We expect our Protection Product Group to continue to benefit from our ongoing diversification strategy. Many of today's high-performance systems across all industry sectors are starting to incorporate advanced lithography devices and high-speed interfaces, such as USB-C, 10 gigabit Ethernet, and HDMI 2.1, resulting in the need for Semtech's high-performance protection. We expect these trends to continue and contribute to the long-term growth of our protection business.

繼續我們的保護產品組。在 21 財年第三季度，我們的防護產品集團的淨收入比上一季成長 25%，比上年增長 3%，佔總淨收入的 27%。在 21 財年第三季度，韓國智慧型手機客戶的需求從上半年影響他們的新冠肺炎相關問題中強勁反彈。北美智慧型手機客戶的需求也保持強勁。我們預計我們的防護產品集團將繼續受益於我們持續的多元化策略。當今所有行業領域的許多高效能係統都開始採用先進的光刻設備和高速接口，例如 USB-C、10 GB 乙太網路和 HDMI 2.1，因此需要 Semtech 的高效能保護。我們預計這些趨勢將持續下去，並有助於我們保護業務的長期成長。

In Q4 fiscal year '21, we are expecting our Protection revenue to increase led by growth from the broad-based industrial and communications markets and stable smartphone demand in what is typically a seasonally weaker quarter.

在 21 財年第四季度，我們預計我們的保護收入將在基礎廣泛的工業和通訊市場的成長以及通常季節性疲軟的季度中穩定的智慧型手機需求的帶動下成長。

Turning to our Wireless and Sensing Product Group. In Q3 of fiscal year '21, net revenue from our Wireless and Sensing Product Group increased 32% sequentially and 21% over the prior year and represented 33% of total net revenues, resulting in a new quarterly revenue record for our Wireless and Sensing Product Group.

轉向我們的無線和感測產品組。在21 財年第三季度，我們的無線和感測產品集團的淨收入比上一財年增長32%，比上年增長21%，佔總淨收入的33%，從而創造了我們無線和傳感產品的新季度收入記錄團體。

Our LoRa-enabled platform continued its steady growth and experienced another record quarterly performance. In Q3 of fiscal year '21, we continue to see excellent progress against the goals for our LoRa metrics we had targeted at the beginning of the year. These include the number of countries with LoRa networks now stands at 99 countries, and we expect over 100 countries to have LoRa networks by the end of fiscal year '21. The number of public or private LoRa network operators grew to 148, and we expect 150 LoRa network operators by the end of fiscal year '21. The number of LoRa gateways deployed grew to nearly 1.2 million from the 642,000 gateways at the end of fiscal year '20, and we are expecting the number of gateways deployed to increase to over 1.3 million by the end of fiscal year '21. The cumulative number of LoRa end nodes deployed increased to 167 million from 135 million at the end of fiscal year '20, and we expect this number to exceed 180 million cumulative end nodes by the end of fiscal year '21. In Q3, we shipped a record number of LoRa devices.

我們的支援 LoRa 的平台持續穩定成長，並創下了再創紀錄的季度業績。在 21 財年第三季度，我們繼續看到我們在年初制定的 LoRa 指標目標方面取得了巨大進展。其中包括目前擁有 LoRa 網路的國家數量為 99 個，我們預計到 21 財年末將有超過 100 個國家擁有 LoRa 網路。公營或私人 LoRa 網路業者的數量已增至 148 家，我們預計到 21 財年末將有 150 家 LoRa 網路業者。部署的 LoRa 網關數量從 20 財年末的 642,000 個網關增加到近 120 萬個，我們預計到 21 財年末部署的網關數量將增加到超過 130 萬個。累積部署的 LoRa 終端節點數量從 20 財年末的 1.35 億增加到 1.67 億，我們預計到 21 財年末這一數字將超過 1.8 億累計終端節點。第三季度，我們的 LoRa 設備出貨量創歷史新高。

Finally, the LoRa opportunity pipeline, which includes both opportunities and leads, stands at approximately $500 million with approximately $200 million of leads feeding the future opportunity pipeline. We expect the opportunity pipeline to increase rapidly in fiscal year '22 as we anticipate the inertia associated with the global pandemic to gradually subside. Our opportunity pipeline remains geographically well balanced with approximately 70% of the opportunities now coming from the Americas and Europe and includes an increasing number of use cases in the smart home, asset tracking and supply chain logistics markets.

最後，LoRa 機會管道（包括機會和潛在客戶）價值約為 5 億美元，其中約 2 億美元的潛在客戶為未來的機會管道提供支援。我們預計 22 財年的機會管道將迅速增加，因為我們預計與全球大流行相關的慣性將逐漸消退。我們的機會管道在地理位置上保持良好平衡，目前約 70% 的機會來自美洲和歐洲，包括智慧家庭、資產追蹤和供應鏈物流市場中越來越多的用例。

In addition to the record revenue and the continued progress on our LoRa metrics in Q3, we made several important announcements related to our LoRa business. These include Amazon's use of LoRa in their Sidewalk network unique capabilities of LoRa extends the range of smart home networks to connect both indoor and outdoor sensors, enabling new use cases. These include smart lighting, smarter safety, pet trackers, asset tracking, smart irrigation and many others.

除了第三季創紀錄的收入和 LoRa 指標的持續進步之外，我們還發布了幾項與 LoRa 業務相關的重要公告。其中包括亞馬遜在其 Sidewalk 網路中使用 LoRa，LoRa 的獨特功能擴展了智慧家庭網路的範圍，以連接室內和室外感測器，從而實現新的用例。其中包括智慧照明、智慧安全、寵物追蹤器、資產追蹤、智慧灌溉等。

The use of LoRa in the Smart home segment demonstrates the value and versatility of LoRa, in low-power LAN and low-power WAN segments of the IoT market. We believe that Amazon's use of LoRa in Sidewalk opens up a huge opportunity for Semtech's LoRa enabled business starting in fiscal year '22. And Cisco's use of LoRaWAN for its industrial asset vision system for enhanced visibility into physical spaces for IT and operational technology environments. This LoRa-based system is a simple and secure solution for remote asset management, equipped with a cloud-based dashboard to monitor and manage the condition of assets and facilities that can be deployed in minutes using a simple QR code.

LoRa 在智慧家庭領域的使用證明了 LoRa 在物聯網市場的低功耗 LAN 和低功耗 WAN 領域的價值和多功能性。我們相信，亞馬遜在 Sidewalk 中使用 LoRa 為 Semtech 從 22 財年開始的支持 LoRa 的業務帶來了巨大的機會。思科在其工業資產視覺系統中使用 LoRaWAN，以增強 IT 和營運技術環境物理空間的可見性。這種基於LoRa 的系統是一種簡單且安全的遠端資產管理解決方案，配備了基於雲端的儀表板來監控和管理資產和設施的狀況，並且可以使用簡單的二維碼在幾分鐘內完成部署。

We also announced the availability of our LoRa Edge tracker reference design that includes our new Lora Cloud geolocation service. Our LoRa Edge platform is our first LoRa-based software-defined radio platform that integrates WiFi and GPS SNF, along with LoRa. We are seeing a significant ramp in new design and activity and believe that LoRa Edge is the ideal platform for asset tracking and asset management use cases and will be the main enabler of our future cloud services revenues.

我們也宣布推出 LoRa Edge 追蹤器參考設計，其中包括新的 Lora Cloud 地理定位服務。我們的 LoRa Edge 平台是我們第一個基於 LoRa 的軟體定義無線電平台，整合了 WiFi 和 GPS SNF 以及 LoRa。我們看到新設計和活動的顯著成長，並相信 LoRa Edge 是資產追蹤和資產管理用例的理想平台，並將成為我們未來雲端服務收入的主要推動者。

We believe that the flexibility, long-range and low power of LoRa-based networks are critical components of any successful low power IoT deployment. With the record Q3 performance and anticipation of a record annual performance and with the exciting smart home opportunity driven by Amazon as well as numerous new industrial IoT opportunities, we continue to expect our LoRa-enabled revenues to grow at 40% CAGR over the next 5 years and to become the de facto standard for the fast-emerging LPWAN market. In Q3 of fiscal year '21, net sales from our proximity sensing platforms grew nicely over the prior quarter, helped by the recovery in the smartphone market, along with several new design wins that move to production and should continue to ramp. We are also seeing increased design activity as global RF safety regulations become more stringent as use 5G-based phones emerge.

我們相信，基於 LoRa 的網路的靈活性、遠距離和低功耗是任何成功的低功耗物聯網部署的關鍵組成部分。憑藉創紀錄的第三季業績和創紀錄的年度業績預期，以及亞馬遜推動的令人興奮的智慧家庭機會以及眾多新的工業物聯網機會，我們繼續預計我們支持LoRa 的收入在未來5 年內將以40% 的複合年增長率增長多年來，並成為快速新興的 LPWAN 市場的事實上的標準。在21 財年第三季度，我們的接近感測平台的淨銷售額較上一季度大幅增長，這得益於智慧型手機市場的復甦，以及幾項新設計的勝利，這些設計已投入生產，並應繼續增加。隨著基於 5G 的手機的出現，全球射頻安全法規變得更加嚴格，我們也看到設計活動增加。

For Q4 fiscal year '21, we expect net revenues from our Wireless and Sensing Product Group to increase and achieve another quarterly record, led by another record performance from our LoRa-enabled business.

對於 21 財年第 4 季度，我們預計無線和感測產品集團的淨收入將增加並再創季度紀錄，這得益於我們支持 LoRa 的業務再創紀錄的業績表現。

Moving on to new products and design wins. In Q3 of fiscal year '21, we released 12 new products and achieved 3,397 new design wins, which also represented a new quarterly record. While this year has presented its share of unique challenges, I believe that our key stakeholders, including our investors, customers, suppliers and employees have all played a critical role in driving the company's growth and success. We remain committed to considering the impact of key environmental, social and governance factors in our decision-making processes. We are also focused on developing products that will make the planet smarter, more connected and more sustainable place to live. We view our employees as the company's most important resource, and have an established set of core values that hold each of us responsible and accountable for doing the right things for the company and each of its employees.

轉向新產品和設計獲勝。在21財年第三季度，我們發布了12款新產品，並取得了3,397項新設計勝利，這也創下了新的季度記錄。儘管今年面臨著獨特的挑戰，但我相信我們的主要利益相關者，包括投資者、客戶、供應商和員工，在推動公司的成長和成功方面都發揮了關鍵作用。我們仍致力於在決策過程中考慮關鍵環境、社會和治理因素的影響。我們也致力於開發讓地球變得更聰明、更互聯、更永續的居住環境的產品。我們將員工視為公司最重要的資源，並擁有一套既定的核心價值觀，要求我們每個人都有責任為公司及其每位員工做正確的事。

I am excited about the company's future opportunities and believe that our vision, our strategy and our focus on providing products for a smarter, more connected planet and our commitment to a more diverse and inclusive workforce should enable the company to continue to be extremely successful.

我對公司未來的機會感到興奮，並相信我們的願景、策略和為更聰明、更互聯的地球提供產品的重點，以及我們對更多元化和包容性員工隊伍的承諾，應該使公司能夠繼續取得巨大成功。

Now let me discuss our outlook for the fourth quarter of fiscal year '21. We believe the underlying secular demand for our growth platforms remains solid. Based on very strong bookings, and record high starting backlog entering the quarter, we are currently estimating Q4 net revenues to be between $153 million and $163 million. To attain the midpoint of our guidance range or approximately $158 million, we needed net turns orders of approximately 20% at the beginning of Q4.

現在讓我討論一下我們對 21 財年第四季的展望。我們相信，對我們成長平台的潛在長期需求仍然強勁。基於非常強勁的預訂量以及進入本季創紀錄的高起始積壓量，我們目前估計第四季淨收入在 1.53 億美元至 1.63 億美元之間。為了達到我們指引範圍的中點或大約 1.58 億美元，我們需要在第四季初達到約 20% 的淨訂單量。

While we have been issued some licenses that allow us to ship to Huawei, our guidance assumes no more shipments to Huawei or HiSilicon. We expect our Q4 non-GAAP earnings to be between $0.45 and $0.51 per diluted share.

雖然我們已經獲得了一些許可證，允許我們向華為發貨，但我們的指導假設不再向華為或海思發貨。我們預計第四季非 GAAP 攤薄後每股收益將在 0.45 美元至 0.51 美元之間。

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

我現在將把電話轉回給接線生。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 comes from the line of Rich Schafer with Oppenheimer.

（操作員說明）我們的第一個問題來自 Rich Schafer 和 Oppenheimer 的線路。

Congrats on a great quarter. I've got a question, I guess on LoRa. I mean, you gained a lot of momentum there, I think after a slow start in 1Q, obviously, COVID-related. I mean, do you see continued linear ramp next year, sort of in line with that 40% CAGR that you just mentioned? Or could we see a step function in revenues there next year as LoRa sort of starts to hit a critical mass? Or it seems like it's hitting critical mass.

恭喜您度過了一個出色的季度。我有一個問題，我想是關於 LoRa 的。我的意思是，你在那裡獲得了很大的動力，我認為在第一季緩慢開始後，顯然與新冠病毒有關。我的意思是，您是否認為明年會持續線性成長，與您剛才提到的 40% 的複合年增長率一致？或者，隨著 LoRa 開始達到臨界點，明年我們是否會看到收入出現階躍函數？或者說它似乎已經達到臨界點了。

Yes. The -- I think -- correct, the way we've always looked at it is that there are certain catalysts that can drive faster growth. And that's why we've always projected a 40% CAGR, just based on history and then some of the new use cases that we now know are starting to get real traction, which -- one of which is, of course, the smart home initiative with the Amazon Sidewalk announcement. Certainly, if the pickup is good of that architecture and the network, one would expect a very fast acceleration of sensors, and we could see definitely a step function increase, whether that happens in FY '22, probably more FY '23, just because it takes time for the gateway, the network, the architecture to kind of get deployed and then sensors be developed. But I do expect that business alone, just on the Amazon Sidewalk business, to reach $100 million business in 5 years. So for sure, that's going to be one of the catalysts.

是的。我認為，正確的是，我們一直以來看待問題的方式是，有某些催化劑可以推動更快的成長。這就是為什麼我們總是根據歷史預測 40% 的複合年增長率，然後我們現在知道的一些新用例開始獲得真正的吸引力，其中之一當然是智慧家居亞馬遜人行道公告的倡議。當然，如果該架構和網路的拾取效果良好，人們會期望感測器的加速非常快，並且我們肯定會看到階躍函數的增加，無論這種情況發生在22 財年，還是可能更多的23 財年，只是因為網關、網路、架構的部署以及感測器的開發都需要時間。但我確實預計光是 Amazon Sidewalk 業務就能在 5 年內達到 1 億美元的業務。所以可以肯定的是，這將成為催化劑之一。

And then as you -- as I mentioned, the industrial IoT space has been somewhat slow this year because of COVID-related issues, but that's going to pick up. It's just a question of time. A lot of the use cases are about creating a smarter planet, about efficiency improvements, they're about greener initiatives and things like that. And so it's just a question of time, I think. So yes, to answer your question, we do expect some catalysts over the next year or 2 here with the Smart Home initiatives.

正如我所提到的，由於新冠肺炎相關問題，今年工業物聯網領域的發展有些緩慢，但這種情況將會加快。這只是時間問題。許多用例都與創造更聰明的地球、提高效率、綠色倡議等有關​​。所以我認為這只是時間問題。所以，是的，為了回答你的問題，我們確實預計智慧家庭計畫將在未來一兩年內產生一些催化劑。

And I should have asked just a quick follow-up on that question. But I mean, are there any capacity issues that you guys have there? I mean, in the past, you've kind of planned some catch-up on the LoRa business this year. So is there any capacity -- supply constraints that you're seeing there, anything?

我應該對這個問題進行快速跟進。但我的意思是，你們那裡有任何能力問題嗎？我的意思是，在過去，你們計劃今年在 LoRa 業務上進行一些追趕。那麼，您是否看到了產能和供應的限制？

Well, there are supply constraints across the board. I would say it's definitely a tightening supply chain, as you know, across all segments. Nothing specific to our LoRa business or anything like that. I just think, as Emeka mentioned, we are seeing some lead times on the supply side increase and that is challenging. But generally, that means the beginning of an upcycle in the industry, in my view, and I think that's a good thing for us and for everyone.

嗯，全面存在供應限制。我想說，如你所知，所有領域的供應鏈都在收緊。與我們的 LoRa 業務或類似業務無關。我只是認為，正如埃梅卡所提到的，我們看到供應方面的交貨時間增加，這是具有挑戰性的。但總的來說，在我看來，這意味著行業升級週期的開始，我認為這對我們和每個人來說都是一件好事。

If I could sneak in a follow-up. I think most LoRa revenues today are still coming from hardware. I'm just curious, when do you sort of expect to start monetizing the services? I know we've talked about that in the past, but the license and royalty opportunity that you see there.

如果我能偷偷跟進一下的話。我認為如今 LoRa 的大部分收入仍然來自硬體。我只是好奇，您預計什麼時候開始透過這些服務獲利？我知道我們過去已經討論過這個問題，但是您在那裡看到的許可和版稅機會。

Yes. So there's 2 elements. One is the IP licensing royalties from our partners, ST and Alibaba. We do expect next year, we'll start to see some of that coming in, but also our cloud services. We did announce that this last quarter, our first cloud service using geolocation, again using LoRa Edge platform, and this is another area where we're expecting pretty good growth. It will be a slow ramp initially but the cloud services revenues will be recurring revenues, remember.

是的。所以有 2 個元素。一是來自我們的合作夥伴ST和阿里巴巴的IP授權費。我們確實預計明年，我們將開始看到其中的一些進來，還有我們的雲端服務。我們確實在上個季度宣布，我們的第一個使用地理定位的雲端服務，再次使用 LoRa Edge 平台，這是我們預計會有良好成長的另一個領域。請記住，最初這將是一個緩慢的成長，但雲端服務收入將是經常性收入。

So again, we're expecting, again, something between $50 million and $100 million in the next 5 years on an annual basis, and a lot depends on the quality of the geolocation and the other services we bring to the market. But this is our first real initiative, and we're very confident and feel very good about the type of customers and the type of use cases and how quickly that could ramp in the future.

因此，我們再次預計，未來 5 年內每年的收入將在 5,000 萬至 1 億美元之間，這在很大程度上取決於地理定位的品質以及我們向市場提供的其他服務。但這是我們的第一個真正的舉措，我們對客戶類型和用例類型以及未來成長的速度非常有信心並且感覺非常好。

Our next question comes from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自 Quinn Bolton 和 Needham & Company 的電話。

I just wanted to follow-up on the Sidewalk question. With Amazon now announcing Sidewalk, and I believe the fourth generation Echo product, including that sidewalk network in the gateway, have you seen an increase in the end-node activity for sensors compatible with Sidewalk? And just wondering if you could give us an update on that design activity around Sidewalk. More on...

我只是想跟進人行道問題。隨著亞馬遜現在宣布 Sidewalk，我相信第四代 Echo 產品，包括網關中的 sidewalk 網絡，您是否看到 Sidewalk 相容的感測器的終端節點活動增加？只是想知道您是否可以向我們介紹人行道周圍設計活動的最新情況。更多關於...

It's really just starting, Quinn. Amazon hasn't made the announcement. They haven't yet talked about the sensors that are connected to it. They've talked about what they're -- they anticipate they will be, but they haven't yet rolled out their development platforms to enable companies to do that. But that's pretty close, I think, and it's going to happen very soon. And so my expectation is by mid next year, we'll definitely start to see a real Sidewalk network be deployed in sensors being attached and that type of thing.

奎因，一切才剛開始。亞馬遜尚未宣布這項消息。他們還沒有談論與之相連的感測器。他們已經談論過他們是什麼——他們預計他們會是什麼，但他們還沒有推出他們的開發平台來幫助公司做到這一點。但我認為這已經非常接近了，而且很快就會發生。所以我的期望是到明年年中，我們肯定會開始看到一個真正的人行道網路部署在連接的感測器和類似的東西中。

Great. And then a follow-up question just on the 5G fronthaul side of the business. It sounds like it was a little softer for you in the October quarter on the -- following the record level in July, but it sounds like you're looking for growth in that business into the January quarter. I guess, I'm a little surprised by that because we've heard from other customers that are -- sorry, other companies that the China 5G build-out is sort of going through a pause between the first phase and the second phase, yet you seem to be perhaps bucking that trend. So wondering just if you could talk about what you're seeing in China 5G and maybe the timing of the next round of tenders for base station and fronthaul build out.

偉大的。然後是關於 5G 前傳業務方面的後續問題。聽起來，繼 7 月份的創紀錄水平之後，十月份季度的情況有點疲軟，但聽起來您正在尋求該業務進入一月份季度的增長。我想，我對此有點驚訝，因為我們從其他客戶那裡聽說——對不起，還有其他公司，中國的 5G 建設在第一階段和第二階段之間經歷了暫停，但你似乎正在逆著這一趨勢。因此，我想知道您是否可以談談您對中國 5G 的看法，以及下一輪基地台和前傳建設招標的時間。

Yes. Well, I think largely, your comments are correct, Quinn. I would say that there's anticipation that next year is going to see some good growth, and that starts in Q1, and therefore, the build for us and the demand for us starts to pick up in Q4, which is what we're seeing. And so yes, I think it's just a timing thing. We sell into module manufacturers, obviously, and then the module guys see into their base station guys, and so the sum of that dynamic is just timing. But yes, we're expecting a pretty strong FY '22.

是的。好吧，我認為很大程度上，你的評論是正確的，奎因。我想說，預計明年將出現一些良好的成長，並且從第一季開始，因此，我們的建設和需求在第四季度開始回升，這就是我們所看到的。是的，我認為這只是一個時機問題。顯然，我們向模組製造商銷售產品，然後模組製造商了解他們的基地台製造商，因此這種動態的總和只是時機。但是，是的，我們預計 22 財年將會非常強勁。

The other thing is not just China. I think that's one of the nice things about actually all of our infrastructure segments now is they're fairly global. We're seeing opportunities in Europe and North American OEMs as well, both on the 5G side and on the PON side as well, so that's encouraging.

另一件事不只是中國。我認為現在我們所有基礎設施領域的好處之一就是它們相當全球化。我們在歐洲和北美 OEM 廠商中也看到了 5G 和 PON 方面的機會，因此這是令人鼓舞的。

Our next question comes from the line of Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Yes. Congratulations on the results. First question and back to LoRa. Do you have a range update for us for this calendar year, Mohan?

是的。祝賀結果。第一個問題，回到 LoRa。Mohan，您有今年的產品系列更新嗎？

We're still keeping in our range. It's $85 million to $95 million or going to be in that range, I think, for this year. And we're still keeping our 40% CAGR going forward. Obviously, a lot depends on the timing of Amazon Sidewalk and some of the higher volume, faster time to market opportunities. But in general, I would say, with the exception of kind of COVID-related impact, we're seeing pretty good industrial momentum. A lot of new use cases, but as we see in new use cases kind of come out, we're seeing adoption across the globe. So I think that, again, the timing of when the proof of concepts move to revenue is challenging to really comment exactly how it's going to happen, but not start to materialize. And I think, as I mentioned, at once COVID stops with we start to get some return to normality in terms of manufacturing and industrial IOT, I think that's going to continue to also drive the revenue.

我們仍然保持在我們的範圍內。我認為今年的金額為 8500 萬至 9500 萬美元，或將在這個範圍內。我們仍將維持 40% 的複合年增長率。顯然，這很大程度上取決於 Amazon Sidewalk 的時機以及一些銷量更高、上市時間更快的機會。但總的來說，我想說，除了與新冠病毒相關的影響之外，我們看到了相當好的工業動能。很多新的用例，但正如我們在新用例中看到的那樣，我們看到全球範圍內的採用。因此，我再次認為，概念驗證轉向收入的時機很難真正準確地評論它將如何發生，但還沒有開始實現。我認為，正如我所提到的，一旦新冠疫情停止，我們在製造業和工業物聯網方面開始恢復正常，我認為這也將繼續推動收入。

That's very helpful. And you talked about 5G coming back in the next quarter -- or I mean, this quarter. What about data center? How are some of the dynamics being there? Because that obviously paused a little bit this last quarter, but are you starting to see that grow again as well?

這非常有幫助。您談到 5G 將在下個季度回歸——或者我的意思是，本季。數據中心呢？那裡的一些動態如何？因為這顯然在上個季度暫停了一點，但您是否也開始看到這種成長再次成長？

We are. I wouldn't say it's as positive as the 5G story. I think there's more still inventory there in the channel and then maybe the customers. But we are starting to see that pick up also. And so I expect Q1 for sure to be up. It times probably going to be flattish for Q4. And then, I would say, up in the Q1 time frame. But yes, positive signs and a lot of design-in activity there.

我們是。我不會說它像 5G 故事那樣積極。我認為渠道中還有更多庫存，然後可能還有客戶。但我們也開始看到這種情況有好轉。所以我預計第一季肯定會上漲。第四季的情況可能會持平。然後，我想說，在第一季的時間範圍內。但是，是的，有積極的跡象和大量的設計活動。

Great. Lastly, on the PON business, you expect to start to see 10 gig. Is that going to be a fiscal '22 event? Or is it going to be further out than that?

偉大的。最後，在 PON 業務上，您預計將開始看到 10 GB。這將是 22 財年的活動嗎？還是會比這更遠？

Actually, a 10-gig PON is doing well already, and I think it continues to do well. And we expect in Q4 to do quite well this quarter to be quite strong for PON. And next year, we're also projecting good growth for PON. So yes, infrastructure just continues to make us -- give us good indications that FY '22 is going to be another solid year for our SIP business.

事實上，10G PON 已經表現良好，而且我認為它會繼續表現良好。我們預計 PON 在第四季會表現出色，表現相當強勁。明年，我們也預計 PON 將會出現良好的成長。所以，是的，基礎設施繼續為我們提供良好的跡象，表明 22 財年將是我們 SIP 業務的另一個堅實一年。

Our next question comes from the line of Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley 的對話。

I'll ask one that ties together a few points. So you mentioned that inventory would be up quarter-on-quarter, and I can see that all the segments are guided up. But Mohan, can you help us put some color on some of the gives and takes across the different segments? Which would you expect to be growing more robustly? Which are more muted? And then within any of the segments, are there any subsegments where you'd expect a meaningful deviation to the broader overall segment trend?

我會問一個將幾點連結起來的問題。所以你提到庫存會比上季上升，我可以看到所有細分市場都在引導上升。但莫漢，你能幫助我們為不同細分市場的一些給予和接受添加一些色彩嗎？您預計哪個成長更強勁？哪些比較靜音？然後，在任何細分市場中，是否存在您認為與更廣泛的整體細分市場趨勢存在有意義偏差的子細分市場？

Yes. So as you know, Craig, the first half was extremely weak for consumer. I think we're seeing the second half being quite strong relatively to -- for consumer, and I'd expect that to continue for, at least -- obviously, we're seeing Q4, which is typically seasonally down for us. We're seeing pretty much strong in consumer business. So that, I think, is going to continue. Then on the infrastructure side, as I mentioned, some softness there, but mostly driven by a very strong first half. And all the indications are there that most of the infrastructure segments we participate in are going to come back this quarter and certainly grow in Q1.

是的。如你所知，克雷格，上半年消費者的表現極度疲軟。我認為我們看到下半年相對於消費者來說相當強勁，而且我預計這種情況至少會持續下去，顯然，我們看到第四季度，這對我們來說通常是季節性下降的。我們看到消費業務相當強勁。因此，我認為這種情況將會持續下去。然後，在基礎設施方面，正如我所提到的，存在一些疲軟，但主要是由上半年非常強勁的推動的。所有跡像都表明，我們參與的大多數基礎設施領域都將在本季度恢復，並且肯定會在第一季成長。

And then on the Wireless and Sensing side for us, obviously, LoRa continues to do great. And then on the proximity sensing side, I think, again, that's tied to consumer, and we expect that to do quite well in Q4. On the inventory side, on the supply side, the areas that we're concerned about, obviously, there's a tightening supply chain. Some of the end markets tend to have short lead times, typically consumer. So we're taking a little bit more risk in building some internal inventory there. The demand seems to be extremely strong. We're pretty cautious about how we are participating in the market and making sure that we're not over-inventorying anything. Our channel is very light at the moment. And my expectation is that if we manage it correctly, then I think we should see a good consumer growth next year as well. We won't see such a volatile demand coming from there.

顯然，在無線和感測方面，LoRa 繼續表現出色。然後在接近感測方面，我認為這與消費者息息相關，我們預計第四季會表現良好。在庫存方面，在供應方面，我們所關注的領域顯然是供應鏈收緊。一些終端市場（通常是消費者市場）的交貨時間往往較短。因此，我們在那裡建立一些內部庫存時要冒更大的風險。需求似乎非常強烈。我們對參與市場的方式非常謹慎，並確保我們沒有過度庫存。目前我們的頻道很清淡。我的期望是，如果我們管理得當，那麼我認為明年我們也應該看到良好的消費者成長。我們不會看到那裡的需求如此波動。

Got it. And then turning to LoRa, you mentioned in your prepared remarks, both Amazon and Cisco, and I looked at Cisco's product announcement. It was actually very impressive. Very impressive array of products that help create a real nice ecosystem. As you look at fiscal '22, what potential does Cisco have to really drive incremental sales for LoRa? Or is that just much more of an analog like business where those would be the kind of classic low volume design-ins we would see with industrial versus anything high-volume like Amazon?

知道了。然後轉向 LoRa，您在準備好的發言中提到了亞馬遜和思科，我查看了思科的產品公告。這實際上非常令人印象深刻。一系列令人印象深刻的產品有助於創建一個真正良好的生態系統。展望 22 財年，思科有什麼潛力能夠真正推動 LoRa 的銷售增量？或者這更像是一種類似的業務，我們會在工業領域看到那種經典的小批量設計，而不是像亞馬遜這樣的大批量設計？

Yes. I think from a revenue standpoint, it's more the latter, Craig. But the important thing to remember is that once they have adopted LoRa and they build the infrastructure-based on LoRa, then that's there forever, right? It's going to be there for at least the next 10, 20 years. And I think drive, especially in the industrial sector, drive a ton of opportunity, both for additional sensors, but also potential cloud services, potentially new use cases. So that's the excitement we have behind LoRa and LPWAN. We're creating a whole new industry here. And that to me is the thing to take away, not only from the standpoint of getting these Tier 1 customers like Cisco and Amazon involved in driving LoRa and helping us with the ecosystem. But what it says about the value that the technology brings to the market and to these customers. So yes, it's pretty exciting to have both new use cases, but also Tier 1 companies really driving it for us.

是的。我認為從收入的角度來看，更多的是後者，克雷格。但要記住的重要一點是，一旦他們採用了 LoRa 並建立了基於 LoRa 的基礎設施，那麼就永遠存在，對吧？至少在接下來的 10 年、20 年裡它都會存在。我認為驅動器，特別是在工業領域，會帶來大量的機會，既包括額外的感測器，也包括潛在的雲端服務和潛在的新用例。這就是 LoRa 和 LPWAN 背後令人興奮的地方。我們正在這裡創造一個全新的產業。對我來說，這就是值得帶走的東西，不僅僅是從讓思科和亞馬遜等一級客戶參與推動 LoRa 並幫助我們建立生態系統的角度來看。但它說明了該技術為市場和這些客戶帶來的價值。所以，是的，擁有這兩個新用例是非常令人興奮的，一級公司也真正為我們推動了這一點。

Indeed. And if I could, just 2 clarifications. I'll throw them out at the same time. One, you talked about rising gross margin in fiscal '22. Can you give us a sense for the magnitude of that increase, for example, could we see gross margins up 100 basis points or so over a fourth quarter period. And secondly, I thought I heard you mention that the fourth quarter was a 14-week quarter. And if so, what's included in revenue and expense guidance for the extra week?

的確。如果可以的話，請澄清兩點。我會同時把它們扔出去。第一，您談到了 22 財年毛利率的上升。您能否讓我們了解成長的幅度，例如，我們是否可以看到第四季的毛利率上升 100 個基點左右。其次，我想我聽到你提到第四季是一個為期 14 週的季度。如果是這樣，額外一週的收入和支出指導包括哪些內容？

So let me take the first one with regards to gross margin. I think, like I said in my prepared remarks, when you think about where we're expecting our revenue growth that comes from next fiscal year, we're expecting our LoRa business to continue to grow very nicely. The data center business, I think, remains an area of growth, PON and they are 5G wireless. Also in additional industrial and automotive opportunity within our Protection business. So all this business is really, very exciting for us because of the higher gross margin that they come with.

因此，讓我談談第一個關於毛利率的問題。我認為，就像我在準備好的演講中所說的那樣，當你想到我們預計下一財年的收入成長時，我們預計我們的 LoRa 業務將繼續保持良好成長。我認為資料中心業務仍然是一個成長領域，PON 和 5G 無線業務。此外，我們的保護業務還提供了額外的工業和汽車機會。因此，所有這些業務對我們來說確實非常令人興奮，因為它們帶來了更高的毛利率。

Is it really something that quantify right now? Probably not, but I would expect that to see something in the range of 50 to 100 basis points expansion throughout the year. So -- but that will be very good.

現在真的可以量化嗎？可能不會，但我預計全年會出現 50 到 100 個基點的擴張。所以——但這會非常好。

With regards to the 14 -- Q4 in 14 weeks. It's always hard on the revenue side to really to estimate how much of the extra week is contributing to revenue. So that I think, of course, there is a contribution for it. But it's much easier on the operating expense side.

關於 14 週後的第 14 季第四季。在收入方面，要真正估計額外一週的時間對收入的貢獻總是很困難。所以我認為，當然，這是有貢獻的。但在營運費用方面就容易得多。

On the operating expense side, I think about 60% of our total operating expenses is sort of tied to time, right? So things like your salaries, your operating supplies and stuff like that. So if you think about -- if you take 60% of operating expenses, and then you rerated over 14 weeks, that will give you a pretty good estimate of what the operating expense impact is.

在營運費用方面，我認為我們總營運費用的 60% 與時間有關，對嗎？例如你的薪水、營運用品之類的。因此，如果您考慮一下，如果您採用 60% 的營運費用，然後在 14 週內重新評估，那麼您就可以很好地估計營運費用的影響。

Our next question comes from the line of Mitch Steves with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

I just had a quick one, I guess, maybe a bigger one, bigger picture one. Just on the strategy for Semtech now. I know before you guys have talked about potentially kind of spinning out the LoRa business of being its own entity or potentially selling that piece of the business relative to Semtech whole. Can you maybe provide us an update on what kind of the view is now given that you've kind of survived kind of this downturn in 2021 -- or sorry, 2019 and 2020? What the plan is for the LoRa business or Semtech as a whole relative to that outfit?

我想，我只是快速地做了一個，也許是一個更大的、更大的圖像。現在談談 Semtech 的策略。我知道，在你們談論過可能將 LoRa 業務分拆為自己的實體，或者可能將這部分業務出售給 Semtech 整體之前。鑑於您在 2021 年（或抱歉，2019 年和 2020 年）的這種低迷中倖存下來，您能否向我們提供最新的觀點？LoRa 業務或 Semtech 相對於該公司的整體計劃是什麼？

Yes. Mitch, the thought has always been that if LoRa becomes the de facto standard in the industry, and we are generating around $100 million of recurring cloud services revenues, then we could start to look at some ideas about how to move that business to an even different level. And so that's the thought. And I would say we're still probably 2, 3 years away from that. Obviously, every day, we get good momentum and new announcements like the Amazon Sidewalk and our LoRa Edge announcement will get closer, but we're not there yet. I think, I would say 2 to 3 years still is the time frame.

是的。Mitch，我們一直認為，如果 LoRa 成為行業事實上的標準，並且我們正在產生大約 1 億美元的經常性雲端服務收入，那麼我們就可以開始考慮一些關於如何將該業務轉移到平衡點的想法。的級別。這就是我的想法。我想說，距離這個目標可能還需要 2、3 年。顯然，每一天，我們都會獲得良好的勢頭，並且 Amazon Sidewalk 和 LoRa Edge 等新公告的發布也將越來越近，但我們還沒有達到目標。我認為，2到3年仍然是這個時間範圍。

Yes. And then can you provide us -- so you said cloud service kind of recurring revenue, what's kind of the revenue run rate now relative to kind of just the straight sales you guys are doing?

是的。然後你能否向我們提供——你說雲端服務是一種經常性收入，現在相對於你們正在進行的直接銷售來說，收入運行率是多少？

That's -- it's brand new. So we just announced our cloud services geolocation service. It's the first one. So it's very -- we're just starting to get contracts in place now and things like that. So I would say next year, end of next year will be a good measure for are we on track to do the $100 million 3 to 5 years? And what's the pickup? And what's the value that we're bringing? It is dependent on our new platform, the LoRa Edge platform, as I mentioned. And I think we'll start to get some good feeling for that as customers deploy their platform and give us feedback on the value.

那是——它是全新的。所以我們剛剛宣布了我們的雲端服務地理定位服務。這是第一個。所以，我們現在才剛開始簽約之類的事情。所以我想說，明年、明年底將是一個很好的衡量標準，我們是否有望在 3 到 5 年內實現 1 億美元的目標？皮卡是什麼？我們帶來的價值是什麼？正如我所提到的，它依賴我們的新平台 LoRa Edge 平台。我認為，當客戶部署他們的平台並向我們提供有關價值的回饋時，我們將開始對此產生一些良好的感覺。

Yes. I guess just one last one, if I could just clarify those comments. So what would be kind of the first major customer, major launches you guys would expect, call it, in '21 and '22? I'm not looking for logos or anything like that, but how should we think about the rollout of that new product or business line?

是的。如果我能澄清這些評論的話，我想只是最後一個。那麼，你們所期望的第一個主要客戶，也就是你們所期望的 21 和 22 年的重大發布會是什麼樣的？我不是尋找徽標或類似的東西，但我們應該如何考慮新產品或業務線的推出？

Well, the way to think about it is asset tracking and asset management is really the first target with geolocation. And so obviously, once our customers are testing, and they feel that there's value, we'll start to talk more about the specific application. But I would think it's in those areas in asset management and asset tracking. And tied to use of LoRa Edge indoors and outdoors.

好吧，思考這個問題的方式是資產追蹤和資產管理實際上是地理定位的第一個目標。顯然，一旦我們的客戶進行測試並且他們認為有價值，我們將開始更多地討論具體的應用程式。但我認為是在資產管理和資產追蹤領域。並與 LoRa Edge 在室內和室外的使用相關。

That's the beauty about LoRa. And the LoRa Edge platform has WiFi SNF and GPS SNF. So the concept being, you can track an asset from your home, outdoors, into a warehouse into a manufacturing facility, for example, or within buildings, deep indoors or in the rural areas and have 1 platform, which is utilizing and optimizing the battery power consumption effectively. So it's a very nice concept. It's a very -- I think it's a very unique capability we have. But we have to get it out there and demonstrate the value, right?

這就是 LoRa 的魅力所在。LoRa Edge平台具有WiFi SNF和GPS SNF。因此，我們的概念是，您可以追蹤資產，例如從家中、戶外、倉庫到製造工廠，或建築物內、室內深處或農村地區，並擁有 1 個平台，該平台正在利用和優化電池有效消耗電能。所以這是一個非常好的概念。我認為這是我們擁有的非常獨特的能力。但我們必須把它拿出來並展示其價值，對嗎？

Our next question comes from Scott Searle with ROTH Capital.

我們的下一個問題來自羅斯資本的斯科特·塞爾。

Just a couple of quick clarifications. I missed what you said about the sequential outlook for protection. Just want to know if that was up down and flat. And what Huawei was in the quarter? I know you were indicating your guidance doesn't reflect any incremental contribution from Huawei HiSilicon in the fourth quarter? And then I had a couple of follow-ups.

只是一些簡單的澄清。我錯過了你所說的關於保護的連續前景。只是想知道是否是上下和平坦的。華為本季的業績如何？我知道您表示您的指導並未反映華為海思第四季的任何增量貢獻？然後我進行了一些後續行動。

So Protection, we're expecting to continue to be up. It was up in Q3, and we expect it to be up in Q4, driven mostly by the consumer space, but also in our industrial -- more broader industrial telecommunications. Automotive sectors are all doing quite well for us. So we're expecting that to grow in Q4 also.

因此，我們預計保護將繼續上升。第三季度有所上升，我們預計第四季度也會有所上升，主要是受到消費領域的推動，但也受到我們的工業——更廣泛的工業電信領域的推動。汽車產業對我們來說都表現得很好。因此，我們預計第四季這一數字也會成長。

And then on Huawei. Huawei, for this quarter, we're not expecting much at all. We haven't shipped much, and we're not expecting to ship much in Q4. So pretty minimal revenues from Huawei this quarter once obviously, we have some licenses, I mentioned on the prepared remarks, but it's fairly modest any revenues that come from that. And it's not clear to us whether Huawei has already built up inventory and so whether they need materials. So we've essentially taken it out of our guidance.

然後是華為。華為，對於這個季度，我們根本沒有太多期望。我們的出貨量並不多，而且我們預計第四季的出貨量也不會太多。因此，華為本季的收入顯然非常少，我們有一些許可證，我在準備好的發言中提到過，但由此產生的任何收入都相當有限。我們還不清楚華為是否已經建立了庫存，以及是否需要材料。所以我們基本上已經將其從我們的指導中刪除了。

Great. Perfect. And on Wireless and Sensing, absolutely huge quarter. Part of that, it sounds like a combination of proximity sensors and LoRa. I was wondering if you could parse that a little bit more, up 32% sequentially. The smartphone market broadly, in general, was up about 20% plus, I think, on a global basis. So you're benefiting from that. Was there something in there? Was proximity bigger versus lower just to kind of get calibrated on that because given the performance of that segment, I would have thought you'd be at the higher end or even above the higher end of the range of $85 million to $95 million for LoRa this year.

偉大的。完美的。在無線和感測領域，絕對是巨大的季度。其中一部分聽起來像是接近感測器和 LoRa 的組合。我想知道您是否可以再解析一下，連續上升 32%。我認為，總體而言，全球智慧型手機市場成長了 20% 以上。所以你會從中受益。裡面有什麼東西嗎？接近度是更大還是更低只是為了對此進行校準，因為考慮到該細分市場的性能，我本以為 LoRa 會處於高端，甚至高於 8500 萬美元至 9500 萬美元範圍的高端今年。

Yes. They're both doing extremely well. I would say, obviously, proximity sensing for us has been -- it's driven by mostly the smartphone business. And so that has obviously done quite well in Q3 and we're expecting stronger proximity sensing in Q4, as I mentioned, consumer tends to be weak in Q4. But this year is unique in the sense that the first half is very weak. So we're starting to see maybe a little bit of that effect kind of playing out here in the Q4 time frame. But with LoRa it's more consistent. I mean it's just consistent growth, and it's with LoRa, it's more about how fast the POCs are moving over to revenue, right? So we have plenty of pipeline. I mean, as I mentioned, we have $500 million of pipeline. So it's only a question of how quickly those can move through the pipe to revenue.

是的。他們都做得非常好。我想說，顯然，接近感測對我們來說主要是由智慧型手機業務推動的。因此，這在第三季度顯然表現得相當好，我們預計第四季度的接近感應會更強，正如我所提到的，消費者在第四季度往往表現疲軟。但今年的情況比較獨特，上半年表現非常疲軟。因此，我們開始看到這種效應可能會在第四季的時間範圍內發揮出來。但有了 LoRa，它就更加一致了。我的意思是，這只是持續的成長，對於 LoRa，更多的是 POC 轉向收入的速度，對嗎？所以我們有充足的管道。我的意思是，正如我所提到的，我們有 5 億美元的管道。因此，問題只是這些資金能夠以多快的速度轉化為收入。

And that's where something like the Amazon Sidewalk working out, I think, really starts to help in a way because LoRa is a great technology for industrial. It's clearly proven in utilities already. It's clearly proven itself in some of the asset management and the broader kind of industrial use cases. But where we have been hoping and somewhat speculating, but now we have real evidence of it is the smartphone use cases and some of the more consumer use cases, which drive revenue typically faster.

我認為，這就是像 Amazon Sidewalk 這樣的東西真正開始在某種程度上提供幫助的地方，因為 LoRa 是一項很棒的工業技術。這已經在公用事業中得到了明確的證明。它在一些資產管理和更廣泛的工業用例中已經清楚地證明了自己。但我們一直希望並有所猜測，但現在我們有了真正的證據，那就是智慧型手機用例和一些更多的消費者用例，它們通常會更快地推動收入。

Now they could be volatile as well. I mean, they can have shorter life cycles as well. But typically, they can ramp up much faster. And so as I said, I don't think we'll start to see it really until mid next year, the growth there, but it's coming.

現在它們也可能不穩定。我的意思是，它們的生命週期也可以更短。但通常情況下，它們的成長速度要快得多。正如我所說，我認為我們要到明年年中才能真正開始看到它的成長，但它即將到來。

Got you. If I could, Mohan, follow-up on the loRa front as it relates to Sidewalk. Could you talk a little bit about the ecosystem that's building around it right now? Now you got the anchor, right? You got the base station there in effect with the Echo Dot. How is the rest of the ecosystem and design activity around that start in the form. I was wondering if you could update us well on Tags. I haven't heard a lot about that later. I know that was out further out on the horizon, but you're starting to talk about cloud and recurring opportunities. What's the latest thoughts on Tags?

明白你了。如果可以的話，Mohan，請跟進 LoRa 方面與 Sidewalk 相關的情況。您能談談目前圍繞著它構建的生態系統嗎？現在你已經找到了錨點，對吧？您實際上已經透過 Echo Dot 建立了基地台。生態系統的其餘部分以及圍繞該生態系統的設計活動是如何以形式開始的。我想知道您是否可以為我們提供有關標籤的最新資訊。後來我就沒有聽到太多這件事了。我知道這還很遙遠，但你開始談論雲和重複出現的機會。關於標籤的最新想法是什麼？

Yes. I'm pretty excited about TAGS, but I think it's still early. We still have to get the price points down, and we do need something like a Sidewalk network in place for that to become an effective vehicle.

是的。我對 TAGS 感到非常興奮，但我認為現在還為時過早。我們仍然需要降低價格，並且我們確實需要像人行道網路這樣的東西才能成為有效的交通工具。

With regards to the ecosystem, it's really driven by Amazon. I don't think we're participating obviously in helping and facilitating. But a lot of the momentum is going to be driven by them directly. And I think we'll continue to help drive that process. But what -- when you look at the ecosystem, there's clearly an opportunity for sector manufacturers who want to connect to a gateway in the home, in lighting area or in the tracking area, in the security area, in the safety area, irrigation, just a whole bunch of sensors. There's clearly opportunity for software companies to partner with Amazon and figure out how to connect with them and their Sidewalk outlook. There's clearly opportunity for system integrators who want to connect to on wage network and opportunity. There's just the whole ecosystem around the Smart Home, I think, comes into play quite nicely. And I think we'll start to see that it's probably the second half of next year. But as the network starts to get rolled out, and customers and consumers start to deploy Sidewalk networks. I think that's when we really start to see the momentum.

就生態系統而言，它確實是由亞馬遜驅動的。我認為我們並沒有明顯參與幫助和促進。但許多動力將由他們直接推動。我認為我們將繼續幫助推動這一進程。但是，當您觀察生態系統時，對於想要連接到家庭、照明區域或追蹤區域、安全區域、灌溉區域的網關的行業製造商來說，顯然有機會。軟體公司顯然有機會與亞馬遜合作，並找出如何與他們建立聯繫以及他們的人行道前景。對於想要連接到工資網路和機會的系統整合商來說，顯然有機會。我認為，圍繞智慧家庭的整個生態系統發揮了很好的作用。我想我們可能會在明年下半年開始看到這一點。但隨著網路開始推廣，客戶和消費者開始部署 Sidewalk 網路。我認為那是我們真正開始看到勢頭的時候。

And lastly, if I could, just on -- in Signal Integrity, Pam4 product line, I think some -- you're starting to see some 100-gig contribution, I thought, in the third and fourth quarter, start to see some initial revenues. So wonder if you could update us on that front. And then looking forward to the 200 and 400 gig, I thought it was design activity, which would start to translate into revenue in the first half of fiscal '22. I was wondering if you could just update us on those 2 fronts.

最後，如果可以的話，在訊號完整性、Pam4 產品線中，我想，您將開始看到一些 100 兆的貢獻，我想，在第三和第四季度，開始看到一些初始收入。所以想知道您是否可以向我們介紹這方面的最新情況。然後期待 200 和 400 演出，我認為這是設計活動，它將在 22 財年上半年開始轉化為收入。我想知道您是否可以向我們介紹這兩個方面的最新情況。

Yes. We're starting to see revenues now. It's small, but we are seeing early revenues now, PAM4 revenues, and we've got some very good momentum, as I mentioned, we have over 2 dozen design opportunities that are in play at various stages, some early-stage evaluation, some qualification type of stages. And so that's going to start ramping. And yes, next year should be a very good year for Tri-Edge, I think.

是的。我們現在開始看到收入。雖然規模很小，但我們現在看到了早期收入，PAM4 收入，而且我們有一些非常好的勢頭，正如我所提到的，我們有超過20 個設計機會，這些機會在各個階段發揮作用，有些是早期評估，有些是階段的資格類型。所以這將開始加速。是的，我認為明年對 Tri-Edge 來說應該是非常好的一年。

Our next question comes from the line of Christopher Rolland with Susquehanna.

我們的下一個問題來自克里斯多福羅蘭與薩斯奎哈納的對話。

I think most of the good ones have been asked. So I'll just ask 2, I guess, the first one here on the 5G opportunity. Perhaps you can give that it would grow, I think most people are expecting that. But perhaps you can give us an idea of the kind of growth rates we should expect in this business for the next couple of years? And then if you could break out perhaps units or ASPs, it sounds like you're moving to 25G. So I want to explore that opportunity a little more.

我想大部分好的問題都已經被問到了。所以我想我只想問 2 個，第一個是關於 5G 機會的。也許你可以認為它會成長，我想大多數人都在期待這一點。但也許您可以讓我們了解我們在未來幾年該業務應該預期的成長率？然後，如果您可以突破單位或 ASP，聽起來您正在轉向 25G。所以我想進一步探索這個機會。

Yes. So the main thing to remember with 5G for us in the optical modules is that with 4G, there was typically just a PMD device of some sort. With 5G, there'll be CDR as well as a PMD device. So the opportunity for us in 5G is either ClearEdge CDR or FiberEdge PMD device for 25G links. If they go to 50 Giglinks, Tri-Edge PAM4 and FiberEdge device for 50 piping. So ASPs increase for us. And in addition, there's more -- typically, with 5G, there's going to be more coming. I think it kind of goes from 6 to 12 front haul modules.

是的。因此，對於 5G，我們在光學模組中要記住的主要一點是，對於 4G，通常只有某種 PMD 設備。對於 5G，將會有 CDR 和 PMD 設備。因此，我們在 5G 領域的機會是用於 25G 連結的 ClearEdge CDR 或 FiberEdge PMD 設備。如果他們使用 50 個 Giglink、Tri-Edge PAM4 和 FiberEdge 設備進行 50 個管道。因此我們的平均售價增加了。此外，還有更多——通常，隨著 5G 的到來，還會有更多。我認為它有 6 到 12 個前傳模組。

So there's significant increase in the number of ports will be going forward. So increased content, more ports. But then I think the other thing that's somewhat different for us and for everybody, I think in 5G is that historically, it's been China. And I think for sure, China will still be the predominant volume driver. But we are starting to see some of the OEMs around the world, really take a more aggressive stance in trying to be successful in this market and at least participate in some of that's geographical dependent on which regions are driving the need to have local suppliers support their 5G infrastructure. But that will also drive opportunity for us, I think. And for 4G, we have about 30% share of the market. We think we can hold that share at least for 5G. And so that's kind of the thinking. And it should grow double digits, for sure, over the next couple of years here, right?

因此，未來港口數量將大幅增加。所以增加了內容，更多的連接埠。但我認為另一件事對我們和每個人來說都有些不同，我認為在 5G 領域，歷史上一直是中國。我認為可以肯定的是，中國仍將是主要的銷售驅動因素。但我們開始看到世界各地的一些原始設備製造商確實採取了更積極的立場，試圖在這個市場取得成功，並至少參與其中一些取決於哪些地區正在推動獲得當地供應商支持的地理需求他們的5G基礎設施。但我認為這也將為我們帶來機會。對於4G，我們擁有大約30%的市場份額。我們認為至少在 5G 領域我們可以保持這一份額。這就是我們的想法。當然，在接下來的幾年裡，它應該會成長兩位數，對嗎？

Excellent. And then also, if we could talk about the data center opportunity, at least the data center end market more broadly there. Intel talked about perhaps a demand slowdown. I just wanted to see if you agreed with that or not. And then more specifically, if you could talk about your optical opportunity there with Tri-Edge. You mentioned cost versus analog. What is that discount that you get for analog? And perhaps you can discuss how sales are tracking on that side?

出色的。然後，如果我們可以談論資料中心機會，至少是更廣泛的資料中心終端市場。英特爾談到可能是需求放緩。我只是想看看你是否同意這一點。更具體地說，您是否可以談談您與 Tri-Edge 合作的光學機會。您提到了成本與模擬。您獲得的模擬折扣是多少？也許您可以討論一下這方面的銷售情況如何？

Yes. Well, data center had a very strong first half shouldn't be forgotten. So we had a record first half. So there was some expectation in the second half was going to slow a little bit in that. And that's really what's happened. Still on an annual year-on-year basis still up and so -- and we'll continue to grow nicely, I think, next year. So I think we've seen, obviously, a little bit of softness in Q3 and expect to Q4 to probably be flattish versus Q3 and then start to pick up again next year. Much like 5G, I mean, the hyperscale data center is a broad set of global customers. So it's pretty a broad range of customers.

是的。嗯，資料中心上半年的表現非常強勁，不該被忘記。所以我們上半場取得了創紀錄的成績。因此，人們預計下半年會放緩一些。這確實是發生的事情。每年同比仍然在增長，所以我認為明年我們將繼續良好增長。因此，我認為我們顯然在第三季度看到了一點疲軟，預計第四季度可能與第三季度持平，然後明年開始再次回升。我的意思是，超大規模資料中心就像 5G 一樣，擁有廣泛的全球客戶。所以它的客戶範圍相當廣。

We are obviously selling into the optical module manufacturers, and they're building their modules and shipping into different data center customers, and we've got good traction, as I mentioned there. And we expect to see production ramps for most of the 200 gig, 400-gig PAM4 modules over the next few quarters here. It's already started. But I think over the next few quarters, we'll start to see that and essentially, you can take 100-gig optical module today that uses our ClearEdge CDRs and essentially replace it with a very similar module users at Tri-Edge CDRs and get double the bandwidth for very little incremental cost in the module. And so that's the value we see, and that's what we expect the market to recognize.

顯然，我們正在向光學模組製造商銷售產品，他們正在建立自己的模組並將其運送給不同的資料中心客戶，正如我在那裡提到的，我們獲得了良好的吸引力。我們預計大多數 200 gig、400 gig PAM4 模組的產量將在接下來的幾個季度內實現成長。已經開始了。但我認為在接下來的幾個季度中，我們將開始看到這一點，本質上，您今天可以採用使用我們的ClearEdge CDR 的100G 光學模組，並用Tri-Edge CDR 上非常相似的模組將其替換，並獲得模組的增量成本極少，頻寬加倍。這就是我們看到的價值，也是我們期望市場認可的價值。

Our next question comes from the line of Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Just a quick follow-up. Mohan, you said that the Sidewalk opportunity alone could be $100 million the next 5 years. Is that on chip revenue? Or is there some royalty or even services revenue in that number as well?

只是快速跟進。Mohan，您說過光是 Sidewalk 的機會在未來 5 年內就可能帶來 1 億美元的收入。這是晶片收入嗎？或者這個數字中是否也有一些特許權使用費甚至服務收入？

Yes. I would say it includes everything, Tore. So mostly chip and royalties.

是的。我想說它包括一切，托爾。所以主要是晶片和版稅。

Our next question comes from the line of Harsh Kumar with Piper Sandler.

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

First of all, congratulations, solid guide, solid results. So we appreciate it. And then I had 2 questions, Mohan. Right before the ban, I think you were very optimistic on the opportunities in China with perhaps a new presidency. Can you talk about -- you talked some about 5G, but could you just lay out for us the framework of how Semtech would view the opportunities in China should the gates open up for trade again?

首先恭喜，紮實的指導，紮實的成果。所以我們很感激。然後我有兩個問題，莫漢。就在禁令實施之前，我認為您對新總統上任後中國的機會非常樂觀。您能否談談——您談到了 5G，但您能否為我們列出一個框架，說明如果貿易大門再次開放，Semtech 將如何看待中國的機會？

Well, I think we've always been bullish on China. Obviously, we invested in China for the last 15 years. And so it's hard to walk away from a region that has driven so much growth and continues to have some much comments going forward. So -- but I would look at the Huawei situation is a unit situation, obviously, the ban on Huawei has impacted us significantly. But that's kind of done now, and we've been through that.

嗯，我認為我們一直看好中國。顯然，過去15年我們一直在中國投資。因此，很難離開一個推動瞭如此巨大增長並且未來繼續有很多評論的地區。所以，但我認為華為的情況是一個單位的情況，顯然，對華為的禁令對我們產生了重大影響。但現在這已經完成了，我們已經經歷了這個過程。

The bigger challenge now is just, are we going to see an opportunity to continue to grow in all of our businesses in China? Or is there going to be this further kind of disaggregation between U.S. and China. And that's still on and I think that's where we're waiting to see. But for sure, any positive relationship improvements, I think, is a positive for our business for sure. Because just because of the success and the momentum and relationships and all that we have across all of our segments. But that said, we're not counting on it.

現在更大的挑戰是，我們在中國的所有業務是否會看到繼續成長的機會？或者美國和中國之間是否會出現這種進一步的分裂。這一切仍在繼續，我認為這就是我們正在等待看到的地方。但可以肯定的是，我認為任何積極的關係改善肯定對我們的業務有正面的影響。因為僅僅因為成功、動力、關係以及我們在所有細分市場中所擁有的一切。但話雖如此，我們並不指望它。

As I mentioned, a lot of these markets like 5G and PON are becoming a little bit more globalized in the sense that other regions are starting to recognize the need to have their own infrastructure players. And they can't depend necessarily on the Chinese manufacturers to support them and be there when they need them and those type of things. So it's a little bit both, but I definitely think if things improve on the relationship front at a government level, then sure that should help our business longer term.

正如我所提到的，許多這類市場（例如 5G 和 PON）正在變得更加全球化，因為其他地區也開始意識到需要擁有自己的基礎設施參與者。他們不一定依賴中國製造商來支持他們，並在他們需要這些東西時出現。所以兩者都有一點，但我絕對認為，如果政府層面的關係方面有所改善，那麼從長遠來看，這肯定會對我們的業務有所幫助。

Mohan, so a follow-up on that one, and then I'll ask my next question as well. Do you see opportunities -- you used to have opportunities, I believe, for data center business in China. Do you see that perhaps opening up again for you, for Semtech in China the data center? And then secondly, with regards to Amazon Sidewalk and LoRa, you -- I think you were the only supplier of baseband ICs for the gateways that you guys deploy on the infrastructure side. Is that still the case? And will the typical consumer be relying on sort of the Amazon infrastructure that will be laid out in the city? Or will the consumer have to buy their own sort of gateway, which comes in a dot or Echo or something else?

莫漢，這是這個問題的後續行動，然後我也會問下一個問題。你看到機會了嗎——我相信，在中國的資料中心業務，你曾經有過機會。您是否認為 Semtech 在中國的資料中心可能會再次向您開放？其次，關於 Amazon Sidewalk 和 LoRa，你們——我認為你們是你們在基礎設施方面部署的網關的基帶 IC 的唯一供應商。現在還是這樣嗎？典型的消費者會依賴亞馬遜在該城市鋪設的基礎設施嗎？或者消費者必須購買自己的網關，例如點、Echo 或其他形式的網關？

So let me answer that first, and then we'll go to the data center. So Amazon Sidewalk, yes, for sure, there will be connectivity through a gateway, which will be an Echo. So -- and Amazon, obviously, will supply the Echos and so the connectivity will be to the Echo. And then how different Echos connect with each other and how the roaming is done, that's all going to be driven by Amazon. That's an Amazon decision, and so we'll obviously help them with that.

讓我先回答這個問題，然後我們將去資料中心。所以 Amazon Sidewalk，是的，肯定會透過網關（Echo）進行連線。因此，亞馬遜顯然將提供 Echo，因此連接將與 Echo 相連。然後不同的 Echos 如何相互連接以及如何完成漫遊，這一切都將由亞馬遜驅動。這是亞馬遜的決定，因此我們顯然會幫助他們。

But the main thing is getting -- is really targeted within the home, the Smart Home and the periphery of the home is kind of the initial thinking and then tracking of your pets and things like that outside the home and then connecting different echos together and those type of things, I think, is a broader vision, right? So we'll see how that plays out.

但最重要的是——真正針對的是家庭內部，智慧家庭和家庭外圍是一種初步的思考，然後追蹤你的寵物和家庭外面的類似事物，然後將不同的迴聲連接在一起，我認為這類事情是更廣闊的視野，對吧？所以我們將看看結果如何。

And then on the data center side, for sure, yes, all of the Chinese data center, hyperscale data center guys, our partners, customers, potential opportunities for Tri-Edge, for sure. And we are working with them. We continue to work with them. We don't see any real issues at the moment. I don't think that there will be. But yes, we have very close relationships and expect to see some good growth there.

然後在資料中心方面，當然，是的，所有中國資料中心、超大規模資料中心人員、我們的合作夥伴、客戶，以及 Tri-Edge 的潛在機會。我們正在與他們合作。我們繼續與他們合作。目前我們沒有看到任何真正的問題。我認為不會有。但是，是的，我們有著非常密切的關係，並期望在那裡看到一些良好的成長。

Our next question comes from the line of Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird 的對話。

You've mentioned that Amazon was a 10 to 20 year opportunity. So clearly, there's a long-term investment. Could you give us a sense of what's the magnitude of those large potential and customer like Amazon? And given those investments, is there any incentive for them to eventually use the same technology in other platforms outside of consumer, Amazon, for example, is also pushing IoT solution in industrial. Is that an opportunity that you see not specific to this customer with elsewhere versus cellular-based network? And generally, what's the incentive large customers have to, once they invest in LoRa to leverage that into different end markets?

您提到亞馬遜是一個 10 到 20 年的機會。很明顯，這是一項長期投資。您能否讓我們了解像亞馬遜這樣的巨大潛力和客戶的規模有多大？考慮到這些投資，他們是否有動力最終在消費者以外的其他平台上使用相同的技術，例如亞馬遜也在工業領域推廣動物聯網解決方案。您認為這個機會不是該客戶特有的，與其他地方的網路相比，是基於蜂窩網路的嗎？一般來說，大客戶一旦投資 LoRa 並利用其進入不同的終端市場，他們的動機是什麼？

Yes. Tristan, I think all of the companies we deal with, we mentioned Cisco and Amazon and other companies are starting to understand the value that LoRa brings. It's not the value is increased actually when LoRa is combined with other technologies. So when you combine with Bluetooth or WiFi or GPS, as I mentioned, LoRa Edge, one of the reasons why we developed the platform so that it has WiFi sniffing and GPs and thing. And LoRa, is that -- LoRa its own has some limitations in the sense that it's it's not a high bandwidth connectivity, right?

是的。Tristan，我認為所有與我們打交道的公司，我們提到的思科和亞馬遜以及其他公司都開始了解 LoRa 帶來的價值。實際上LoRa與其他技術結合並沒有增加價值。因此，當你與藍牙、WiFi 或 GPS 結合時，正如我所提到的 LoRa Edge，我們開發這個平台的原因之一是它具有 WiFi 嗅探和 GPS 之類的功能。LoRa 本身有一些局限性，因為它不是高頻寬連接，對吧？

So -- but I think as these use cases start to get deployed, there's going to be use cases across the board in all segments. And industrial is where I think the biggest value, the largest value is, for sure, because of the very low power and the range. But then when you see the Smart Home initiative that this is really driven through the Sidewalk initiative, it really is going to change the way home automation and Smart Home is thought about when you start to look at the peripheries of your home and you go into the attic or into the garage or into the basement or into the outdoors, into the yard and can then put smart automation around that. That really starts to change the dynamic a little bit. So I think there's a huge opportunity. We'll see it's baby steps, as I said, but we have some big hitters that are behind the technology pushing it, right?

所以，但我認為，隨著這些用例開始部署，所有領域都會出現全面的用例。我認為工業是最大價值的地方，最大價值當然是因為非常低的功率和範圍。但是，當您看到智慧家庭計劃實際上是透過人行道計劃推動的，當您開始關注家庭的外圍並進入時，它確實會改變人們對家庭自動化和智慧家庭的思考方式。戶外、院子，然後可以圍繞這些進行智慧自動化。這確實開始稍微改變動態。所以我認為這是一個巨大的機會。正如我所說，我們會看到它的一小步，但我們有一些大人物在技術背後推動它，對嗎？

Great. And then just a quick follow-up. So you've mentioned a little bit earlier about lean inventories in the channel and tightness in supply across the board and you mentioned nothing specific to LoRa. Are you shipping exactly in line with the demand in Lora? Or are you still catching up for what was following supply chain disruptions earlier in the year? Just trying to see if there is any catch up revenue or if it's really just linear with end demand?

偉大的。然後進行快速跟進。因此，您之前提到過通路庫存不足和全面供應緊張，但沒有提到 LoRa 的具體情況。你們的出貨是否完全符合洛拉的需求？或者您還在追趕今年早些時候供應鏈中斷之後發生的情況嗎？只是想看看是否有任何追趕收入，或者它是否真的與最終需求呈線性關係？

Yes. I would say if the question is specifically about LoRa, I think we're shipping to demand. I think it's in good shape, I think, there. The real question there is in FY '22, if the consumer demand picks up rapidly then, hopefully, we'll be able to supply to that and I think we can. So we're in fairly good shape.

是的。我想說，如果問題是專門關於 LoRa 的，我認為我們正在按需發貨。我認為那裡狀況良好。真正的問題是 22 財年，如果消費者需求迅速回升，那麼我們有望能夠滿足這一需求，而且我認為我們可以。所以我們的狀態相當好。

With regard to the rest of the business, demand is extremely strong. Bookings have been extremely strong. So we're a little bit cautious, particularly on the consumer side with regard to making sure we understand how much inventory is being built and trying to maintain some balance there by keeping our channel lean and things like that. So it's hard to know, to be honest with you, Tristan, exactly, but we'll see it play out. We're expecting a very strong Q4. We're expecting a strong Q1. I think the first half of next year looks like it's going to be strong. Then the question is, what does second half look like, right? But we'll see by then.

至於其他業務，需求極為強勁。預訂量非常強勁。因此，我們有點謹慎，特別是在消費者方面，確保我們了解正在建立的庫存量，並試圖透過保持管道精簡等來保持一定的平衡。所以說實話，特里斯坦，很難確切地知道，但我們會看到結果。我們預計第四季將會非常強勁。我們預計第一季將會表現強勁。我認為明年上半年看起來會很強。那麼問題來了，下半場是什麼樣子的呢？但到那時我們就會看到。

Our next question comes from the line of Karl Ackerman with Cowen.

我們的下一個問題來自卡爾·阿克曼和考恩的對話。

Yes. So your signal integrity business will grow mid-teens, at least in fiscal 2021. How do you think about the trajectory of that business entering fiscal 2022 in the context of your longer-term 12% rate? I asked because it would seem another healthy year with 10-gig PON on the come. Demand remains healthy for 25-gig and 100-gig Opto products in Asia. Yet at the same time, proponents of 400-gig PAM4 would argue, the second half of 2021 will begin the demise of NRC for short reach applications. So just would love to hear your thoughts on that.

是的。因此，您的訊號完整性業務至少在 2021 財年將成長十幾歲左右。在您的長期利率為 12% 的背景下，您如何看待該業務進入 2022 財年的發展軌跡？我問這個問題是因為 10 Gb PON 即將到來，這似乎又是一個健康的一年。亞洲對 25g 和 100g Opto 產品的需求依然強勁。但同時，400 吉 PAM4 的支持者認為，2021 年下半年，NRC 將開始在短距離應用中消亡。所以很想聽聽您對此的想法。

Well, we think 100 gig modules and connectivity will continue for some time. I don't think there will be a demise. It may start to flatness and PAM4 and 200-gig and 400-gig PAM4 modules will start to pick up for sure. But we're hoping to participate in that. Of course, with Tri-Edge, and we see good design and momentum, as I said.

嗯，我們認為 100 GB 模組和連接將持續一段時間。我不認為會有滅亡。它可能會開始變得平坦，PAM4 以及 200-gig 和 400-gig PAM4 模組肯定會開始回升。但我們希望參與其中。當然，正如我所說，透過 Tri-Edge，我們看到了良好的設計和動力。

So to answer your question, we think all the infrastructure segments are going to do quite well next year. Part of that is working from home and all of the COVID-related dynamics that have driven infrastructure investments and the need for more bandwidth and all those things. So yes, our Signal Integrity Product Group, we're expecting pretty good growth next year across the board. This year has been an extremely weak year for video, for example, as well. So we're expecting FY '22 to see that pick up also that segment. We anticipate that to contribute to the growth next year also.

因此，為了回答你的問題，我們認為明年所有基礎設施領域都會表現得很好。其中一部分原因是在家工作以及所有與新冠病毒相關的動態，這些動態推動了基礎設施投資以及對更多頻寬的需求以及所有這些事情。所以，是的，我們的訊號完整性產品組預計明年將全面實現良好成長。例如，今年對於影片來說也是極度疲軟的一年。因此，我們預計 22 財年該細分市場也會回升。我們預計這也將為明年的成長做出貢獻。

Understood. Last question, if I may. What order trends are you seeing by Asia-based data center customers? I asked because your primary peers spoke about that strength for 25-gig and 100-gig products. Again, just a double-check on the channel inventory commentary. We've kind of heard some mixed commentary, but I appreciate your thoughts on how you feel about the situation for optical components, particularly for data center and long haul?

明白了。最後一個問題，如果可以的話。您認為亞洲資料中心客戶的訂單趨勢是什麼？我問這個問題是因為您的主要同行談到了 25 場和 100 場產品的優勢。再次強調，請仔細檢查頻道庫存評論。我們聽到了一些褒貶不一的評論，但我很欣賞您對光學元件（尤其是資料中心和長途傳輸）情況的看法？

For us, it's -- the channel is pretty light. It's not -- it's certainly in the range we feel comfortable with. Demand is very strong, as I mentioned. Bookings are strong. Indications are Q1. I mentioned that Q4 was going to continue to be a little bit light for data center, probably flattish. 5G is going to be a little bit stronger, and we expect PON to be stronger in Q4. And then we expect infrastructure segments to do nicely in Q1. So yes, at this point, channel is light, I think, relatively, and demand continues to be strong, and bookings are strong. So we think we're in pretty good shape.

對我們來說，頻道非常明亮。它不是——它肯定在我們感到舒服的範圍內。正如我所提到的，需求非常強勁。預訂量強勁。跡像是Q1。我提到第四季資料中心的情況將繼續較為清淡，可能會持平。5G 將會更強一些，我們預計 PON 在第四季也會更強。然後我們預計基礎設施領域在第一季表現良好。所以，是的，我認為，目前通路相對較少，需求持續強勁，預訂也很強勁。所以我們認為我們的狀態非常好。

And our final question comes from the line of Craig Ellis with B. Riley.

我們的最後一個問題來自 Craig Ellis 和 B. Riley 的對話。

Mohan, I really appreciate all the metrics that you give with LoRa and the transparency they provide. But I missed what you said about the opportunity funnel. So when can you repeat that number? And two, did it change from the last quarter. And three, when we go through a period that is dynamic as what we've seen year-to-date, where the whole world has turned upside down with a COVID crisis. How does the company manage its funnel and kind of quality check and resiliency check, the items that are in that funnel as we get to the other side and now are looking at what should be a global recovery? But can you just walk us through how you maintain that funnel and where it stands currently versus prior expectations?

Mohan，我真的很欣賞您為 LoRa 提供的所有指標以及它們提供的透明度。但我錯過了你所說的機會漏斗。那什麼時候可以重複這個數字呢？第二，與上季相比有變化嗎？第三，當我們經歷一個像今年迄今所看到的充滿活力的時期時，整個世界都因新冠危機而發生了翻天覆地的變化。公司如何管理其漏斗以及品質檢查和彈性檢查，當我們到達另一邊並且現在正在考慮什麼應該是全球復甦時，漏斗中的項目？但是您能否向我們介紹一下您如何維護該頻道以及它目前與先前的預期相比處於什麼位置？

Yes. So currently, the pipeline is about $500 million. We look at the leads that drive the pipeline. It's about $200 million. So there's a pretty sizable pipeline compared to what our current revenue is and the main barrier of focus is conversion of those pipeline opportunities to revenue. That's been the key -- kind of key focus for us is how do we make sure and enable that to occur. It's fairly well balanced.

是的。目前，管道資金約為 5 億美元。我們著眼於推動管道發展的線索。大約是2億美元。因此，與我們目前的收入相比，我們的管道相當大，而關注的主要障礙是將這些管道機會轉化為收入。這是關鍵——我們的重點是如何確保並實現這一目標。這是相當好的平衡。

As you know, the pipeline has a funnel in the funnel, about 21% is China. And then about 70% is Europe and Americas, which is good because that's a better balance of the revenue today. The revenue is about 49% China and 40% Europe and Americas. So we want to get that balance -- more balanced. And if we execute, if the funnel turns over to revenue as we expected to in time, then that would be a nice thing to have just more balance. Also lots of use cases, lots of different use cases. So there's obviously, now a hefty Smart Home component that's also in that funnel. Utilities, asset management, smart city and building. So fairly well balanced there.

大家知道，管道裡有一個漏斗，大約21%是中國。然後大約 70% 是歐洲和美洲，這很好，因為這是當今收入的更好平衡。收入約49%來自中國，40%來自歐美。所以我們希望達到這種平衡——更加平衡。如果我們執行，如果漏斗如我們預期的那樣及時轉化為收入，那麼擁有更多平衡將是一件好事。還有很多用例，很多不同的用例。顯然，現在這個通路中也有一個重要的智慧家庭組件。公用事業、資產管理、智慧城市和建築。所以那裡相當平衡。

Yes, this year, obviously, has been a tough year for customers to prioritize new initiatives. And that's been really the difficulty we've had. Where most of many of our company -- customers have been focused on just making sure people are safe and making sure people are -- have jobs and those type of things. Putting a priority on a new technology and a new market and the new initiative has been challenging. But it's starting to get turnaround. And I think as I mentioned with the Amazon Sidewalk initiative, that's initially is significantly going to be announced much earlier, but was pushed out and now is out there. And I think we're going to see more of this type of thing as our customers start to get a handle and countries start to get a handle on the pandemic and the way forward. So expectation is next year, the opportunities will increase rapidly

是的，今年對客戶來說顯然是艱難的一年，無法優先考慮新措施。這確實是我們遇到的困難。我們公司的大多數人——客戶一直專注於確保人們的安全和確保人們的安全——擁有工作和諸如此類的事情。優先考慮新技術、新市場和新措施一直具有挑戰性。但情況開始出現轉機。我認為正如我在 Amazon Sidewalk 計劃中提到的那樣，該計劃最初會很早就宣布，但後來被推遲了，現在已經推出了。我認為，隨著我們的客戶開始掌握這場流行病以及各國開始掌握這場流行病和前進的道路，我們將會看到更多這類事情。所以預計明年機會會迅速增加

Okay. And with that, and we do, we reached the end of our question-and-answer session. I would like to turn the floor back over to management for any closing remarks.

好的。至此，我們的問答環節就結束了。我想將發言權交還給管理階層，讓他們發表結束語。

Thank you. In closing, we were pleased to deliver another solid quarter and remain encouraged that our strategies for multisourcing, our investments in IT, operations and sales infrastructure and systems continue to limit the impact of COVID on our business operations.

謝謝。最後，我們很高興又實現了一個穩定的季度業績，並對我們的多採購策略、IT、營運和銷售基礎設施及系統的投資繼續限制新冠疫情對我們業務運營的影響感到鼓舞。

I want to once again acknowledge all of the talented and committed Semtech employees across all our global locations. And thank them entailing for their ongoing efforts. We believe our strategy, along with our diverse offering, balanced end market approach and strong customer relationships should enable us to continue to deliver growth. With that, we appreciate your combined continued support of Semtech and look forward to updating you all next quarter. Thank you.

我想再次感謝我們全球各地所有才華橫溢、盡職盡責的 Semtech 員工。並感謝他們持續不斷的努力。我們相信，我們的策略、多樣化的產品、平衡的終端市場方法和強大的客戶關係將使我們能夠繼續成長。在此，我們感謝您對 Semtech 的持續支持，並期待在下個季度向您通報最新情況。謝謝。

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。