Lattice Semiconductor（LSCC）— 2026-11-02 FY26Q3（2026 年 9 月底季，會計年度＝曆年）法說會逐字稿（英文原文＋中譯）
日期：2026-11-02（美東時間下午）。逐字稿為 earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release 為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。開頭 AI 摘要區塊與逐字稿區塊同步檢視。 - 財務數字交叉驗算：①營收 2.91 億＝FPGA 2.52 億＋AMI 0.39 億 ✓；②QoQ +45%→Q2 約 US$2.0 億†，FPGA QoQ +25%→Q2 FPGA 約 2.0 億† 兩者相符（Q2 無 AMI）；③YoY +118%→去年同期約 1.34 億†、FPGA YoY +90%→約 1.33 億† 相符；④非 GAAP 毛利率 70.9%×291＝206.3，扣營業費用 86.7 得營業利益 119.6†，÷291＝41.1% ✓（營業利益率口述 41.1%）；⑤營業費用 QoQ +29%→Q2 約 US$6,700 萬†；⑥Q4 營收中點 3.35 億 vs Q3 2.91 億＝QoQ +15% ✓；毛利率 72%×335＝241，扣營業費用中點 98 得營業利益約 143†（42.7%）；⑦全年：Q4 指引暗示 2026 營收約 US$10 億（+90%）、FPGA 超過 US$9 億（+70% 以上），與各季推算相容；⑧運算與通訊 +36% QoQ／+132% YoY、工業與嵌入式 +7% QoQ／+35% YoY，以 FPGA 2.52 億與 Q2 約 2.0 億回推 Q3 運算與通訊約 US$1.7 億†、工業與嵌入式約 US$0.8 億†（合計 FPGA ✓）；⑨伺服器：2026 約 2,000 萬台、2027 約 2,500 萬台（+25%，2026 成長約 22%）一致。 - Q4 營收 YoY：CEO 稱中點約 +130%，CFO 口述 "approximately 30% year-over-year" 與 AI 摘要「+30%」均誤；3.35 億對去年同期約 1.46 億†＝+130%，與 CEO 一致 → 以 130% 為準（AI 摘要與中譯同步更正，英文原文保留）。 - Q4 EPS YoY：CFO 口述 "over 60% year-over-year earnings growth"，與 CEO「中點 84 美分、YoY +160%」矛盾（84 美分對去年同期約 32 美分†＝+160%）→ 疑為 160%（中譯同步更正，英文原文保留）；另 0.84 較 Q3 0.72 為 QoQ +17%。 - 專有名詞：genetic development environment → agentic development environment（AI 代理式開發環境）；companionships／伴隨關係 → companion chips（FPGA 輔助晶片）；firmware 中譯「韌性」→ 韌體；rad-hard process → rad-hard（抗輻射）製程，奧斯汀；CNC → C&C（compute and communications，運算與通訊）；Cloud → Claude；中文「創新」→ Inovance（匯川）。 - [數字存疑]：CEO 引述 "$115 billion deal announced today by Marvell and Lumentum"（00:46:21），未見其他來源佐證，與本公司業務無關，lib 不引用。 - [待確認]：提問者引述 "HLX, Xilinx Y8S, Xilinx RevisionStack" 為過往 FPGA 高階合成／AI 輔助工具之名，轉寫無法還原，保留原文；"HPM and SCM cards" 依 OCP DC-MHS／DC-SCM 規格命名推定為 HPM（主機處理器模組）與 SCM（安全控制模組）卡，原文未改；"OnSil" 為 AMI 新功能名，拼法待核對。 - 00:27:36–00:28:25（Lorenzo 補充段）中譯與原文錯位並混入下一題內容，以英文原文為準；提問者與主管稱呼（Sebastien／Sebastian、Quinn／Quint、Lorenzo／Lauren／Lonnie）轉寫不一致，僅影響稱呼，不改。 - 附加率口述 "attach rate has steadily grown from 1 to 2 to 3, and it currently starts at 4"，語意為每台伺服器 FPGA 附加數由 1 增至 2、3，目前起跳點為 4，保留原文。
原始內容（AI 摘要＋逐字稿）
Memo 亮點 • Lattice 公佈第三季創紀錄的營收達 2.91 億美元，較上一季成長 45%，較去年同期成長 118%（根據音頻日期 20261102 推斷）。非 GAAP 每股盈餘為 72 美分，較去年同期成長超過 155%，且遠高於指引上限。 [CEO - 00:02:25] • 第四季營收指引中點為 3.35 億美元，約為去年同期的 130% 成長（根據音頻日期 20261102 推斷），年化營收運轉率超過 13 億美元。 [CEO - 00:02:54] • 第三季非 GAAP 毛利率達 70.9%，高於預期。非 GAAP 營業利潤率較上一季擴大 280 個基點至 41.1%，而 EBITDA 利潤率則提升 200 個基點至 45%。 [CFO - 00:14:59] • Lattice 第四季非 GAAP 每股盈餘展望中點為 84 美分，較去年同期成長 160%（根據音頻日期 20261102 推斷）。2026 年全年每股盈餘預計約為 2.50 美元，較去年同期成長 140%。 [CEO - 00:03:21] • 訂單能見度延伸至 2027 年以後，甚至到 2028 年，已與客戶簽訂多年期長期合約，且訂單持續湧入，展望可期。 [CEO - 00:21:48] • AMI 收購案於 7 月 27 日完成，AMI 業務在第三季表現優於預期，收購後兩個月營收達 3,900 萬美元。 [CEO - 00:08:09] [CFO - 00:14:50] 總體經濟 • 全球及區域性採購經理人指數（PMI）自最新經濟低點以來接近歷史高點，支持工業及嵌入式需求。 [CEO - 00:06:09] • 管理層在規劃業務時考量環境因素，但直接業務指標依然強勁。 [CFO - 00:28:11] 產業循環週期 • 管理層指出，公司仍處於人工智慧革命的早期階段，預期將有多年擴張。公司過去在網路及光通訊領域經歷過類似週期，認為目前週期仍在初期。 [CEO - 00:45:54] 產業供需 • 需求廣泛且加速，通路庫存正常化，訂單積壓延伸至 2027 年以後。資料中心需求持續成長，工業及嵌入式領域正強勁反彈。 [CEO - 00:10:59] • 工業及嵌入式領域無重複訂購跡象，需求正與客戶及通路夥伴密切監控。 [CEO - 00:40:12] 產業狀況 • 公司受益於新應用中 FPGA 附加率提升，這是由於架構更複雜且分散，以及安全需求日益增長所驅動。 [CEO - 00:05:46] • 如 CNSA 2.0 及 CRA 合規等新法規必須於明年初前達成，推動安全與控制應用需求。 [CEO - 00:42:49] 獲利 • 第三季非 GAAP 每股盈餘為 72 美分，較去年同期成長約 160%，較上一季成長 36%，超越指引上限。2026 年全年每股盈餘預計約為 2.50 美元，較去年同期成長約 140%。 [CFO - 00:15:42] • 管理層預期每股盈餘成長將長期顯著領先營收成長。 [CEO - 00:03:40] 公司展望、未來成長動能 • Lattice 預期 2027 年營收年增率至少 60%，未來五年複合年增率超過 30%，成長動能來自人工智慧、工業、嵌入式及 AMI 等多重領域。 [CEO - 00:11:48] • 管理層對持續成長及獲利擴大充滿信心，公司擁有多元且廣泛的客戶基礎及市場區隔。 [CEO - 00:11:39] • 訂單能見度延伸至 2027 年以後，甚至到 2028 年，已與客戶簽訂多年期長期合約。 [CEO - 00:21:48] 市場競爭策略 • Lattice 在小型 FPGA 市場持續擴大市佔率，在 OCP 活動中於伺服器板及網路交換板展現強勢。管理層指出與 Altera 或 Xilinx 在目標市場的重疊極少。 [CEO - 00:57:37] [CEO - 00:56:47] 營收 • 第三季營收創新高達 2.91 億美元，較上一季成長約 45%，較去年同期成長 118%（根據音頻日期 20261102 推斷）。FPGA 營收為 2.52 億美元，較去年同期成長約 90%，較上一季成長 25%。 [CFO - 00:14:13] • 第四季營收指引介於 3.25 億至 3.45 億美元之間，中點約為去年同期成長 130%，較上一季成長 15%。 [CFO - 00:17:12] • 2026 年全年營收預計約為 10 億美元，較 2025 年成長約 90%（根據音頻日期 20261102 推斷）。 [CFO - 00:18:24] 訂單 • 訂單加速增加，訂單積壓延伸至 2027 年及 2028 年，為未來季度提供強勁能見度。 [CEO - 00:10:59] 產品組合 • 成長遍及所有終端市場。運算與通訊部門營收創新高，較去年同期成長 132%，主要受資料中心 AI 應用快速採用推動。工業及嵌入式營收較去年同期成長 35%。 [CEO - 00:05:13] • 新產品營收，如 Nexus 及小型 FPGA，成長強勁，預期在 2027 年及以後將成為重要貢獻者。 [CEO - 00:22:39] 上游廠商 • Lattice 與供應商簽訂多年供應協議，確保未來數年供應充足，支持更高成長率。 [CEO - 00:38:16] 下游客戶 • AMI 收購後，Lattice 已與全球數百家客戶及夥伴接觸，獲得強烈正面回饋，驗證策略合理性及產品組合互補性。 [CEO - 00:08:32] 同業 • Altera 發布 Agilex 2S 產品組合及 Quartus IQ AI 輔助 FPGA 設計工具，與 Lattice 在低功耗可程式邏輯及 Lattice Prompt 方面有所重疊。管理層認為重疊極少，Lattice 差異化在於小型及中階 FPGA。 [Analyst - 00:54:39] [CEO - 00:55:26] 稼動率 • Lattice 準備交付遠超先前預期的成果，已確保更高產量的供應並簽訂多年供應協議。 [CEO - 00:38:16] 存貨庫存 • 通路庫存維持在健康水準，將保持接近現有水準，以提升對終端客戶需求的能見度並降低庫存壓力風險。內部庫存正有計劃地增加，以準備 2027 年第四季及以後的顯著成長。 [CFO - 00:35:26] 出貨週期與交期 • 逾期帳款顯著減少，交貨時間縮短。公司成功度過第三季供應瓶頸，向客戶交付更多產品，第四季預期類似。 [CFO - 00:39:19] 新產品／新技術 • Lattice 推出 Lattice Prompt，一款 AI 輔助 FPGA 開發工具，讓開發者可使用自然語言提示生成及驗證應用程式。同時推出 Mach-N2 系列，為安全控制小型 FPGA 平台，具備整合式 Flash、硬體信任根、後量子密碼學及強化連接性。 [CEO - 00:07:07] • 推出四款 Lattice 與 AMI 聯合解決方案，涵蓋串流機架啟動、安全改造、即插即用部署及電源與冷卻管理。安全改造方案本季開始與首家客戶量產，預計 2027 年將有更多客戶採用，2028 年將帶來顯著營收。 [CEO - 00:10:20] 產品價格 • 部分供應商成本上升及因客戶需求旺盛而產生的加急費用已轉嫁給客戶，但價格並非主要因素，單位成長才是主要驅動力。新產品因功能提升而具備較高價格。 [CEO - 00:26:56] 出貨量 • 伺服器出貨量預計今年（2026 年，根據音頻日期）約達 2,000 萬台，明年（2027 年，推斷）約達 2,500 萬台。AI 伺服器市佔率預計從今年約 25% 增至明年約 40%。 [CEO - 00:29:43] 法規影響 • 如 CNSA 2.0 及 CRA 合規等新法規必須於明年初前達成，推動安全與控制應用需求。 [CEO - 00:42:49] 成本毛利 • 第三季非 GAAP 毛利率為 70.9%，高於預期。非 GAAP 營業利潤率較上一季擴大 280 個基點至 41.1%，EBITDA 利潤率提升 200 個基點至 45%。 [CFO - 00:14:59] • FPGA 與 AMI 業務的利潤率均超出預期。隨著非核心業務剝離，AMI 利潤率預計將擴大至高 70% 區間。 [CFO - 00:31:26] 銷售／管理／研發費用 • 第三季非 GAAP 營業費用為 8,670 萬美元，符合指引，較上一季成長約 29%，主要反映 AMI 的加入及產品路線圖持續投資。 [CFO - 00:15:11] • 第四季非 GAAP 營業費用預計介於 9,500 萬至 1.01 億美元之間，增加部分主要用於研發投資及 AMI 全季貢獻。 [CFO - 00:17:41] 擴廠規劃 • Lattice 正擴展至安全控制與管理領域，成功完成 AMI 收購並推出新聯合解決方案及生態系合作。 [CEO - 00:08:09] 營業利益 • 第三季非 GAAP 營業利潤率較上一季擴大 280 個基點至 41.1%。 [CFO - 00:15:28] 稅率 • 第四季非 GAAP 所得稅率估計介於 4% 至 6% 之間。 [CFO - 00:17:59] 股本、增資、可轉換債券、庫藏股 • 管理層持續評估機會性股票回購，作為資本配置優先事項之一。 [CFO - 00:16:30] 現金、現金流 • 2026 年第三季 GAAP 營運活動淨現金流為 9,500 萬美元，較第二季的 8,830 萬美元增加。第三季自由現金流為 7,760 萬美元。 [CFO - 00:15:57] • 公司持續產生現金，計劃積極償還債務，重點在於維持財務彈性並快速降低收購相關槓桿。 [CFO - 00:16:30] 併購 • AMI 收購於 7 月 27 日完成，整合工作為當前重點。AMI 收購後兩個月營收達 3,900 萬美元，超出預期。 [CEO - 00:08:09] [CFO - 00:14:50] 長短期借款 • 公司本季償還 5,000 萬美元債務，並持續按計劃加速降低槓桿。預計 2026 年底淨槓桿率將低於 EBITDA 兩倍，2027 年將積極減債。 [CFO - 00:16:43] 應收帳款 • 應收帳款因納入 AMI 而增加，但應收天數實際減少，現金轉換週期仍維持強勁。 [CFO - 00:49:25] Transcript Presentation Speaker01 - Operator
(00:00:01)Greetings and welcome to the Lattice Semiconductor Third Quarter 2026 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rick Muscha, Vice President of Investor Relations. Thank you. You may begin.
(00:00:01)各位好，歡迎參加 Lattice 半導體 2026 年第三季度財報電話會議。此時，所有參與者均為聆聽模式。正式報告後將進行問答環節。如果有人需要操作員協助，請在電話鍵盤上按星號零。提醒您，本次會議正在錄音。現在我很高興地介紹您的主持人，Rick Muscha，投資者關係副總裁。謝謝。您可以開始了。
Rick Muscha - Lattice, Investor Relation
(00:00:29)Thank you, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO, and Lorenzo Flores, Lattice's CFO. We'll provide a financial and business review of the third quarter of 2026 and the outlook for the fourth quarter of 2026. If you have not obtained a copy of our earnings press release, it can be found on our company website in the investor relations section at latticesemi.com. I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the company's future financial performance.
(00:00:29)謝謝您，操作員，大家下午好。今天與我一起的是 Lattice 的 CEO Ford Tamer 和 CFO Lorenzo Flores。我們將提供 2026 年第三季度的財務和業務回顧，以及 2026 年第四季度的展望。如果您尚未獲得我們的財報新聞稿，可以在我們公司網站的投資者關係部分找到，網址是 latticesemi.com。我想提醒大家，在今天的電話會議中，我們可能會對未來事件或公司的未來財務表現做出預測或其他前瞻性聲明。
Rick Muscha - Lattice, Investor Relation
(00:01:04)We caution you that such statements are predictions based on currently available information, and actual results may differ materially. We refer you to the documents the company files with the SEC, including our 10-Ks, 10-Qs, and 8-Ks. These documents contain important risk factors that could cause actual results to differ materially from those in our projections or forward-looking statements. This call includes and constitutes the company's official guidance for the fourth quarter of 2026. If at any time after this call we communicate material changes to this guidance, we intend to do so via a public forum, such as a press release or publicly announced conference call.
(00:01:04)我們提醒您，這些聲明是基於當前可用信息的預測，實際結果可能會有重大差異。我們建議您參考公司向 SEC 提交的文件，包括我們的 10-K、10-Q 和 8-K。這些文件包含重要的風險因素，可能導致實際結果與我們的預測或前瞻性聲明有重大差異。本次電話會議包括並構成公司對 2026 年第四季度的官方指導。如果在本次會議後我們傳達對此指導的重大變更，我們打算通過公共論壇，例如新聞稿或公開宣佈的電話會議來進行。
Rick Muscha - Lattice, Investor Relation
(00:01:48)We will primarily refer to non-GAAP financial measures during this call, disclosing certain non-GAAP information to provide investors with additional insight into the company's performance and underlying trends for historical periods. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures, which can be found in the investor relations section of our website at latticesemi.com. With that, I'll turn the call over to our CEO, Ford Tamer.
(00:01:48)在本次會議中，我們將主要參考非 GAAP 財務指標，披露某些非 GAAP 信息，以便為投資者提供對公司表現和歷史期間基本趨勢的額外見解。我們已提供這些非 GAAP 財務指標與 GAAP 財務指標的調整，這些信息可以在我們網站的投資者關係部分找到，網址是 latticesemi.com。接下來，我將把會議交給我們的 CEO Ford Tamer。
Ford Tamer - Lattice, CEO
(00:02:20)Thank you, Rick, and welcome everyone to our third quarter earnings call. Lattice delivered record third quarter revenue of $291 million, up 45% sequentially, and up 118% year-over-year. Non-GAAP EPS was 72 cents, up more than 155% year-over-year and well above the high end of our guidance, as we translated revenue growth into even stronger earnings growth. Our fourth quarter revenue guidance of $335 million at the midpoint represents approximately 130% year-over-year growth, which is an annualized revenue run rate above $1.3 billion.
(00:02:20)謝謝你，Rick，歡迎大家參加我們的第三季度財報電話會議。Lattice 在第三季度創下了 2.91 億美元的收入，環比增長 45%，同比增長 118%。非 GAAP 每股收益為 72 美分，同比增長超過 155%，遠高於我們指導的上限，因為我們將收入增長轉化為更強勁的盈利增長。我們對第四季度的收入指導中點為 3.35 億美元，約代表130% 的同比增長，這是年化收入運行率超過 13 億美元。
Ford Tamer - Lattice, CEO
(00:03:12)This exceeds the outlook we provided last quarter and reflects accelerating momentum and broad-based demand. Our Q4 non-GAAP EPS outlook midpoint of 84 cents represents 160% year-over-year growth, reflecting our operating leverage, differentiated customer value, and disciplined execution. As we continue to scale, we expect EPS growth to remain meaningfully ahead of revenue growth over time. This outlook implies non-GAAP full-year 2026 EPS of approximately $2.50, up 140%. year-over-year, a clear reflection of the earnings power we are building across the business.
(00:03:12)這超過了我們上季度提供的展望，反映出加速的動能和廣泛的需求。我們對第四季度非 GAAP 每股收益的展望中點為 84 美分，代表 160% 的同比增長，反映出我們的運營槓桿、差異化的客戶價值和嚴謹的執行。隨著我們的持續擴張，我們預期每股收益增長將在一段時間內顯著超過收入增長。這一展望暗示 2026 年非 GAAP 全年每股收益約為 2.50 美元，同比增長 140%。這清楚地反映了我們在業務中建立的盈利能力。
Ford Tamer - Lattice, CEO
(00:04:10)Our Q3 results and Q4 guidance are well above expectations. This is the result of our deliberate strategy of enabling the success of our customers and partners by offering differentiated products, solutions, support, and supply. Our commitment to you, our valued shareholders, is to tell you what we are going to do and then do what we said. This earnings call marks my two-year anniversary with Lattice. We have delivered on this commitment for eight consecutive quarters and intend to continue doing so in the future.
(00:04:10)我們的第三季度業績和第四季度指導均高於預期。這是我們通過提供差異化的產品、解決方案、支持和供應來促進客戶和合作夥伴成功的深思熟慮的策略的結果。我們對您，我們尊貴的股東，承諾告訴您我們將要做什麼，然後做到我們所說的。本次財報電話會議標誌著我在 Lattice 的兩週年紀念。我們已經在連續八個季度中履行了這一承諾，並打算在未來繼續這樣做。
Ford Tamer - Lattice, CEO
(00:04:55)Now let me share with you the details of our FPGA business, where our actual performance and outlook are much stronger today than what was expected two years ago. Growth was broad-based across all our end markets. FPGA revenue reached $252 million, up 90% year-over-year. Our compute and communication segment delivered record revenue, up 132% year-over-year, driven by rapid adoption in data center AI applications. This growing demand reflects AI infrastructure investment, more server deployments for agentic inference, and increasing AI content per server.
(00:04:55)現在讓我與您分享我們 FPGA 業務的詳細信息，我們的實際表現和展望今天比兩年前的預期要強得多。所有終端市場的增長都是廣泛的。FPGA 收入達到 2.52 億美元，同比增長 90%。我們的計算和通信部門創下了記錄收入，同比增長 132%，這是由於數據中心 AI 應用的快速採用。這一增長的需求反映了 AI 基礎設施的投資、更多伺服器的部署以進行自主推理，以及每台伺服器上日益增加的 AI 內容。
Ford Tamer - Lattice, CEO
(00:05:46)We also continue to benefit from higher FPGA attach rates in new applications, driven by more complex, disaggregated architectures and growing security requirements. Demand for our industrial and embedded products continues to grow, with revenue increasing 35% year-over-year. We see worldwide and geographically specific PMIs at near-record levels since the troughs of the latest downturn. We expect our Lattice industrial and embedded business to continue growing faster than the overall industrial market and to accelerate its growth in Q4 and into 2027.
(00:05:46)我們還繼續受益於新應用中更高的 FPGA 附加率，這是由於更複雜的分散架構和日益增長的安全需求。我們的工業和嵌入式產品需求持續增長，收入同比增長 35%。我們看到全球和地區特定的 PMI 自最新低谷以來接近歷史最高水平。我們預期 Lattice 的工業和嵌入式業務將繼續增長，增速將快於整體工業市場，並在第四季度及 2027 年加速增長。
Ford Tamer - Lattice, CEO
(00:06:32)This growth spans all sectors, including factory automation, robotics, aerospace and defense, medical equipment, and autonomy. With channel inventory at healthy levels, accelerating customer engagement, and multiple new design wins ramping into production, we expect our industrial and embedded business to become an increasingly important growth engine through 2027 and beyond. During the quarter, we strengthened our leadership in small and mid-range FPGAs. We launched Lattice Prompt, an AI-assisted development tool for Lattice FPGAs.
(00:06:32)這一增長涵蓋所有行業，包括工廠自動化、機器人技術、航空航天與國防、醫療設備以及自主技術。隨著渠道庫存保持在健康水平，加速的客戶參與，以及多個新設計贏得生產，我們預計我們的工業和嵌入式業務將成為 2027 年及以後越來越重要的增長引擎。在這個季度，我們加強了在小型和中型 FPGA 領域的領導地位。我們推出了 Lattice Prompt，一種針對 Lattice FPGA 的 AI 輔助開發工具。
Ford Tamer - Lattice, CEO
(00:07:15)This tool enables developers to generate and validate their FPGA applications using natural language prompts. It achieves this by connecting our customers' preferred large language model with a agentic development environment. Integrated with our Lattice Radiant tools, it generates tested and proven FPGA code. Lattice Prompt offers significant productivity benefits for FPGA developers and marks a major advancement for our customer base. We also introduced the Mach-N2 family, our latest secure control small FPGA platform, featuring integrated Flash, hardware root of trust, post-quantum cryptography, and enhanced connectivity, with customer sampling already underway.
(00:07:15)該工具使開發者能夠使用自然語言提示生成和驗證他們的 FPGA 應用。它通過將我們客戶首選的大型語言模型與代理式（agentic）開發環境相連接來實現這一點。與我們的 Lattice Radiant 工具集成後，它生成經過測試和驗證的 FPGA 代碼。Lattice Prompt 為 FPGA 開發者提供了顯著的生產力優勢，並標誌著我們客戶基礎的一次重大進步。我們還推出了 Mach-N2 系列，這是我們最新的安全控制小型 FPGA 平台，具有集成的 Flash，硬體信任根、後量子加密技術和增強的連接性，客戶取樣已經開始。
Ford Tamer - Lattice, CEO
(00:08:09)Now, let me update you on Lattice's continued expansion into secure control and management leadership with the successful closing of the AMI acquisition on July 27. The AMI business also delivered better-than-expected results in Q3. We anticipate continued growth in Q4. In the three months since closing, we have engaged with hundreds of customers and partners globally. The feedback has reinforced the strategic rationale of the transaction and validated the highly complementary nature of our portfolios.
(00:08:09)現在，讓我向您更新 Lattice 在安全控制和管理領域的持續擴展，成功完成了 7 月 27 日的 AMI 收購。AMI 業務在第三季度也交出了超出預期的業績。我們預計第四季度將持續增長。自收購以來的三個月內，我們已與全球數百家客戶和合作夥伴進行了接觸。反饋強化了交易的戰略理由，並驗證了我們產品組合的高度互補性。
Ford Tamer - Lattice, CEO
(00:08:49)Following the AMI acquisition, we launched AMI Rack Manager to simplify deployment and operations across large-scale AI data centers. We also expanded ecosystem collaboration with SK Hynix to improve server reliability using our memory resilience technology. We held joint Lattice and AMI tech summits in Taipei and Shenzhen, attracting over 700 attendees and featuring more than 20 customer and partner demos, reflecting our strong customer intimacy. Ecosystem keynotes included Advantech, Inovance, Intel, Mitsubishi Electric, NVIDIA, NXP, Panasonic, Qualcomm, and Sony, showcasing the strength of our companion chip and firmware strategy.
(00:08:49)在 AMI 收購後，我們推出了 AMI Rack Manager以簡化大規模 AI 數據中心的部署和運營。我們還擴大了與 SK Hynix 的生態系統合作，利用我們的記憶體韌性技術提高伺服器的可靠性。我們在台北和深圳舉辦了 Lattice 和 AMI 的技術峰會，吸引了 700 多名與會者，並展示了 20 多個客戶和合作夥伴的演示，反映了我們強大的客戶親密度。生態系統的主題演講包括了研華、匯川（Inovance）、英特爾、三菱電機、NVIDIA、NXP、松下、Qualcomm 和索尼，展示了我們 companion chip 與韌體策略的強大。
Ford Tamer - Lattice, CEO
(00:09:42)During the Lattice and AMI keynote at OCP, we introduced the Secure Control and Management Plane Initiative, or SCAMPI, with seven industry leaders: AMD, ARM, ASPEED, Intel, Jabil, Microsoft, and NXP. Since then, four additional industry leaders have notified us of their intent to join this exciting industry-wide effort. This demonstrates the relevance of secure control and management for autonomous data center infrastructure as well as industrial and embedded applications. Finally, let me update you on the recent launch of four joint Lattice-AMI solutions for streaming rack boot, security retrofit, plug-and-play deployment, and power and cooling management.
(00:09:42)在 OCP 的 Lattice 和 AMI 主題演講中，我們介紹了安全控制和管理平面倡議，或稱 SCAMPI，與七位行業領導者：AMD，ARM、ASPEED、英特爾、Jabil、微軟和 NXP。此後，另外四位行業領導者已通知我們他們有意加入這一令人興奮的行業廣泛努力。這表明安全控制和管理對於自主數據中心基礎設施以及工業和嵌入式應用的相關性。最後，讓我向您更新最近推出的四個聯合 Lattice-AMI 解決方案，分別是流式機架啟動、安全改造、即插即用部署以及電力和冷卻管理。
Ford Tamer - Lattice, CEO
(00:10:36)The response to these pre-integrated and pre-validated FPGA and firmware offerings has been very strong. Customers immediately recognized the benefits of rapid deployment and reduced complexity, along with lower implementation risk, leading many to advance to proof-of-concept engagements. In summary, we entered the fourth quarter with record revenue, accelerated bookings, and a backlog extending well into 2027. This momentum is fueled by normalized inventory in the channel, our leadership in small and mid-range FPGAs, and our role in companion chips, firmware, and solutions for both data center and physical AI.
(00:10:36)對這些預集成和預驗證的 FPGA 和韌體產品的反應非常強烈。客戶立即認識到快速部署和降低複雜性的好處，以及降低實施風險，導致許多人推進到概念驗證的參與。總結來說，我們以創紀錄的收入、加速的訂單和延續到 2027 年的訂單積壓進入第四季度。這一勢頭受到渠道庫存正常化、小型和中型 FPGA 領導地位的推動，以及我們在 companion chip、韌體和解決方案方面的角色，無論是數據中心還是實體 AI。
Ford Tamer - Lattice, CEO
(00:11:27)As a result, data center demand continues to grow. Industrial and embedded sectors are experiencing a strong rebound, and the AMI acquisition expands the markets and applications we can serve. Together, these drivers support our confidence in sustained growth and expanding profitability. Looking at the medium to longer-term outlook, we expect revenue growth of at least 60% year over year in 2027. We also anticipate revenue to continue growing at over 30% CAGR for the next five years. Our confidence is based on the multiple growth vectors we have just outlined.
(00:11:27)因此，數據中心的需求持續增長。工業和嵌入式行業正在經歷強勁的反彈，而 AMI 收購擴大了我們可以服務的市場和應用。這些驅動因素共同支持我們對持續增長和擴大盈利能力的信心。展望中長期，我們預計 2027 年的收入增長將至少達到 60%。我們還預計未來五年收入將持續以超過 30% 的年均增長率增長。我們的信心基於我們剛才概述的多個增長向量。
Ford Tamer - Lattice, CEO
(00:12:14)We expect this to create a sustainable secular growth company with a diversified and broad customer base and market segments. In turn, we believe this will drive robust demand for the foreseeable future. Our focus is on converting that opportunity into long-term earnings growth for you, our valued shareholders, for many years to come. With that, I'll turn the call over to Lorenzo Flores to review our third-quarter results and outlook. Lorenzo?
(00:12:14)我們預計這將創造一個可持續的世俗增長公司，擁有多元化和廣泛的客戶基礎及市場細分。反過來，我們相信這將推動可預見未來的強勁需求。我們的重點是將這一機會轉化為長期的收益增長，為您，我們尊貴的股東，帶來多年回報。有鑑於此，我將把電話轉交給 Lorenzo Flores，讓他回顧我們的第三季度業績和展望。Lorenzo？
Lorenzo Flores - Lattice, CFO
(00:12:48)Thank you, Ford, and good afternoon, everyone. The bottom line is that Lattice is delivering exceptional financial performance last quarter, this quarter, and based on our expectations, next quarter, next year, and beyond. Revenue was well above guidance. Both the FPGA business and the AMI business exceeded expectations. Our overall revenue of $291 million was 118% higher than last year. FPGA revenue of $252 million is up approximately 90% year over year. Gross margin also exceeded guidance once again in both the FPGA and AMI businesses.
(00:12:48)謝謝你，Ford，大家下午好。總之，Lattice 在上個季度、這個季度，以及根據我們的預期，下一季度、明年及以後都在交付卓越的財務表現。收入遠超預期。FPGA 業務和 AMI 業務均超出預期。我們的總收入為 2.91 億美元，比去年增長了 118%。FPGA 收入為 2.52 億美元，同比增長約 90%。毛利率在 FPGA 和 AMI 業務中再次超過指引。
Lorenzo Flores - Lattice, CFO
(00:13:32)We managed operating expenses according to our guidance and delivered a dramatic expansion in profitability, with Q3 non-GAAP EPS of 72 cents—two and a half times the prior year's EPS. The trajectory of our business points to a remarkable 2026. We anticipate 2026 will deliver nearly a billion dollars in revenue and $2.50 in EPS. This represents nearly double the revenue from last year and approximately 2.4 times the earnings. We have driven this growth across the end markets we serve and expect strong growth to continue.
(00:13:32)我們根據指引管理了營運費用，並實現了利潤的顯著擴張，第三季度非 GAAP 每股盈餘為 72 美分，是去年每股盈餘的兩倍半。我們的業務軌跡指向一個非凡的 2026 年。我們預計 2026 年將實現近十億美元的收入和每股盈餘 2.50 美元。這幾乎是去年的收入的兩倍，約為盈利的 2.4 倍。我們在所服務的終端市場中推動了這一增長，並預期強勁增長將持續。
Lorenzo Flores - Lattice, CFO
(00:14:11)Now, some key highlights. Q3 revenue reached a record $291 million, up approximately 45% quarter over quarter. Within that, FPGA revenue was $252 million, up about 90% year over year and 25% quarter over quarter. This growth was driven by another record performance in compute and communications, up 132% year over year and 36% sequentially. Importantly, industrial and embedded revenue grew 35% year over year and 7% sequentially. AMI delivered $39 million in revenue for the two months following the acquisition, exceeding our expectations.
(00:14:11)現在，幾個關鍵亮點。第三季度收入達到創紀錄的 2.91 億美元，環比增長約 45%。其中，FPGA 收入為 2.52 億美元，同比增長約 90%，環比增長 25%。這一增長是由計算和通信的另一個創紀錄表現推動的，同比增長 132%，環比增長 36%。重要的是，工業和嵌入式收入同比增長 35%，環比增長 7%。AMI 在收購後的兩個月內實現了 3900 萬美元的收入，超出我們的預期。
Lorenzo Flores - Lattice, CFO
(00:14:59)Q3 non-GAAP gross margin was above expectations at 70.9%. We exceeded expectations by balancing supply chain challenges with customer needs. Q3 non-GAAP operating expense was $86.7 million, in line with guidance and up approximately 29% sequentially. The sequential increase primarily reflects the addition of AMI and ongoing investments in our product roadmap. Our Q3 non-GAAP operating margin expanded 280 basis points sequentially to 41.1%, while EBITDA margin increased 200 basis points to 45%. Q3 non-GAAP EPS was 72 cents, up approximately 160% year over year and 36% sequentially, surpassing the high end of our guidance and demonstrating significant model leverage.
(00:14:59)第三季度非 GAAP 毛利率超出預期，達到 70.9%。我們通過平衡供應鏈挑戰與客戶需求超出了預期。第三季度非 GAAP 營運費用為 8670 萬美元，符合指引，環比增長約 29%。環比增長主要反映了 AMI 的加入和我們產品路線圖的持續投資。我們的第三季度非 GAAP 營運利潤率環比擴大 280 個基點，達到 41.1%，而 EBITDA 利潤率則增加 200 個基點，達到 45%。第三季度非 GAAP 每股盈餘為 72 美分，同比增長約 160%，環比增長 36%，超出我們指引的高端，顯示出顯著的模型槓桿效應。
Lorenzo Flores - Lattice, CFO
(00:15:57)GAAP net cash flow from operating activities for Q3 2026 was $95 million, compared to $88.3 million in Q2. Free cash flow was $77.6 million in Q3. During the quarter, we had higher-than-run-rate CapEx as we invested in test capacity and R&D to drive operational efficiencies and future growth. Now, a few comments on capital allocation. Our capital allocation priorities remain unchanged. We continue to invest in the business to support long-term growth, maintain financial flexibility, reduce acquisition-related leverage rapidly, and evaluate opportunistic share repurchases.
(00:15:57)2026 年第三季度的 GAAP 經營活動現金流為 9500 萬美元，而第二季度為 8830 萬美元。第三季度自由現金流為 7760 萬美元。在這一季度，我們的資本支出高於運行率，因為我們投資於測試能力和研發，以推動運營效率和未來增長。現在，對資本配置的一些評論。我們的資本配置優先事項保持不變。我們繼續投資於業務以支持長期增長，保持財務靈活性，迅速減少與收購相關的槓桿，並評估機會主義的股票回購。
Lorenzo Flores - Lattice, CFO
(00:16:43)To that end, we paid down $50 million of debt during the quarter. We remain on track to reduce leverage faster than previously planned. We expect net leverage to be under two times EBITDA by the end of 2026. We intend to reduce debt aggressively in 2027 while continuing to invest in growth opportunities across our markets. Now, for guidance. As mentioned earlier, we expect our strong growth to continue. We anticipate Q4 revenue between $325 million and $345 million. At the midpoint, this represents approximately 30% year-over-year growth and 15% sequential growth.
(00:16:43)為此，我們在本季度償還了 5000 萬美元的債務。我們仍然按計劃更快地減少槓桿。我們預計到 2026 年底，淨槓桿將低於兩倍 EBITDA。我們打算在 2027 年積極減少債務，同時繼續在我們的市場中投資增長機會。現在，關於指引。如前所述，我們預計強勁增長將持續。我們預計第四季度收入在 3.25 億美元到 3.45 億美元之間。在中點上，這代表約 130% 的同比增長（原文口述 30%，依 CEO 口徑與去年同期營收回推更正）和 15% 的環比增長。
Lorenzo Flores - Lattice, CFO
(00:17:28)We expect continued growth across our primary FPGA end markets and AMI. Gross margin is expected to remain strong at 72%, plus or minus 1%, on a non-GAAP basis. Non-GAAP operating expenses are projected between $95 million and $101 million. Most of the OpEx increase supports R&D investments in our product roadmap and long-term growth, as well as a full quarter contribution from AMI. We estimate our Q4 income tax rate to be between 4% and 6% on a non-GAAP basis. Non-GAAP EPS is expected in the range of 82 to 86 cents per share.
(00:17:28)我們預計在我們的主要 FPGA 終端市場和 AMI 中將持續增長。預計毛利率將保持在 72% 左右，正負 1%。非 GAAP 營運費用預計在 9500 萬到 1.01 億美元之間。大部分的營運費用增長支持我們產品路線圖中的研發投資和長期增長，以及 AMI 的完整季度貢獻。我們估計第四季度的所得稅率在 4% 到 6% 之間，基於非 GAAP。非 GAAP 每股盈餘預計在 82 到 86 美分之間。
Lorenzo Flores - Lattice, CFO
(00:18:12)At the midpoint, this guidance implies over 60% year-over-year earnings growth, continuing to demonstrate leverage in our model. It is worth repeating, that our Q4 outlook implies full-year 2026 revenue of approximately $1 billion, roughly 90% growth over 2025. We expect FPGA revenue to surpass $900 million, representing over 70% year-over-year growth. Importantly, we anticipate full-year earnings per share of approximately $2.50, up about 140% year over year. These results demonstrate the strength of our business model, the benefits of scale, and the significant earnings potential we are unlocking as we execute our growth strategy.
(00:18:12)在中點上，這一指引暗示超過 160% 的同比盈利增長（原文口述 60%，依 CEO 口徑更正），繼續顯示我們模型中的槓桿效應。值得重申，我們的第四季度展望暗示 2026 年全年的收入約為十億美元，較 2025 年增長約 90%。我們預計 FPGA 收入將超過 9 億美元，代表超過 70% 的同比增長。重要的是，我們預計全年的每股盈餘約為 2.50 美元，同比增長約 140%。這些結果展示了我們商業模式的強大、規模的好處，以及在執行增長策略時我們所釋放的顯著盈利潛力。
Lorenzo Flores - Lattice, CFO
(00:19:03)Obviously, you are interested in our expectations for 2027. While we have yet to finalize our 2027 annual operating plan, we have sufficient visibility to provide some expectations. As Ford has just discussed, we see a clear path to 60% or better growth from our projected 2026 revenue base of approximately $1 billion. We expect compute and communications to remain our fastest-growing end market. We expect the industrial and embedded sectors to continue their strong growth trend. Additionally, we anticipate AMI to grow consistently with our previous expectations.
(00:19:03)顯然，您對我們 2027 年的預期感興趣。雖然我們尚未最終確定 2027 年的年度運營計劃，但我們有足夠的可見性來提供一些預期。正如 Ford 剛才所討論的，我們看到從我們預測的 2026 年約十億美元的收入基礎上，實現 60% 或更高增長的明確路徑。我們預計計算和通信將繼續成為我們增長最快的終端市場。我們預期工業和嵌入式領域將持續強勁增長。此外，我們預期 AMI 將持續增長，符合我們之前的預期。
Lorenzo Flores - Lattice, CFO
(00:19:40)While it is still early in the planning cycle, our confidence is based on our backlog, the ramp-up of design wins in Industrial & Embedded augmenting our demonstrated strength in C&C, and the expected contribution from AMI. In closing, Lattice enters the fourth quarter with strong momentum across all key metrics. Together, Lattice and AMI have a broad market opportunity, positioning us to capture more value across all our core markets. We are focused on translating that opportunity into above-market revenue growth, faster earnings growth, stronger free cash flow, and debt reduction, all while investing to build long-term shareholder value.
(00:19:40)雖然目前仍處於規劃週期的早期階段，但我們的信心基於我們的訂單積壓、工業和嵌入式設計贏得的增長，以及 AMI 的預期貢獻。最後，Lattice 在所有關鍵指標上以強勁的勢頭進入第四季度。Lattice 和 AMI 共同擁有廣泛的市場機會，使我們能夠在所有核心市場中獲取更多價值。我們專注於將這一機會轉化為超過市場的收入增長、更快的盈利增長、更強的自由現金流和減少債務，同時投資以建立長期的股東價值。
Lorenzo Flores - Lattice, CFO
(00:20:24)Operator, that concludes my prepared remarks. We can now open the call for questions.
(00:20:24)操作員，這就是我準備的發言內容。現在我們可以開始提問環節。
Speaker01 - Operator
(00:20:31)Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from the line of Sebastien Naji with William Blair.
(00:20:31)謝謝。現在我們將開始問答環節。如果您想提問，請在電話鍵盤上按星號一。確認音調將表示您的線路已進入提問隊列。您可以按星號二以將自己移出隊列。對於使用揚聲器設備的參與者，可能需要在按星號鍵之前拿起話筒。請稍候，我們正在進行提問調查。我們的第一個問題來自 William Blair 的 Sebastien Naji。
Speaker01 - Operator
(00:21:00)Please proceed with your question.
(00:21:00)請開始您的提問。
Q&A Sebastien Naji - William Blair, Analyst
(00:21:03)Good afternoon, and thank you for taking my questions. Congratulations on the strong results here. My first question is regarding the guidance for next year. You have outlined a path to approximately $1.6 billion or more in revenue by 2027. Could you help us unpack and understand what gives you confidence in that outlook this early?
(00:21:03)下午好，謝謝您接受我的提問。恭喜您取得了強勁的業績。我的第一個問題是關於明年的指導。您已經概述了到 2027 年收入約為 16 億美元或更多的路徑。您能幫助我們分析並理解您為何在這麼早的時候對這一前景充滿信心嗎？
Ford Tamer - Lattice, CEO
(00:21:27)Thank you, Sebastien. That's a good question. We are building a sustainable secular growth company for not only 2027 but beyond. We expect to grow faster than the market due to multiple growth vectors we have developed over the past few years. Several factors give us confidence in 2027. First, our backlog visibility extends well beyond 2027 into 2028. Second, we see strong, continued capital expenditure from all players across all geographies, with multi-year long-term agreements signed with our customers.
(00:21:27)謝謝你，Sebastien。這是一個好問題。我們正在建立一個可持續的長期增長公司，不僅是 2027 年，還包括未來。我們預期將比市場增長更快，這得益於我們在過去幾年中開發的多個增長向量。有幾個因素使我們對 2027 年充滿信心。首先，我們的訂單積壓可見性延伸至 2028 年，遠超過 2027 年。其次，我們看到所有地區的所有參與者都在持續進行強勁的資本支出，並與我們的客戶簽署了多年期的長期協議。
Ford Tamer - Lattice, CEO
(00:22:05)Third, we observe sustained AI-driven content expansion, reflecting strong business fundamentals. This includes unit growth and new features like security driving higher value. We are also seeing a rapidly growing attached FPGA rate. Fourth, our industrial embedded business is now shipping to natural demand levels. We are out of the inventory situation. We are very excited about new applications, such as factory automation, driving our growth in 2027. Fifth, we will have a full year of AMI. Sixth, we are seeing very strong growth in new product revenue, such as Nexus and small FPGAs.
(00:22:05)第三，我們觀察到持續的 AI 驅動內容擴展，反映出強勁的商業基本面。這包括單位增長和像安全性這樣的新功能，推動更高的價值。我們還看到附加 FPGA 的比率迅速增長。第四，我們的工業嵌入式業務現在正以自然需求水平發貨。我們已經擺脫了庫存問題。我們對新應用感到非常興奮，例如工廠自動化，推動我們在 2027 年的增長。第五，我們將擁有 AMI 的完整一年。第六，我們看到新產品收入的增長非常強勁，例如 Nexus 和小型 FPGA。
Ford Tamer - Lattice, CEO
(00:22:46)Beyond that, we have several new growth vectors into 2028 that we can discuss as well.
(00:22:46)此外，我們還有幾個新的增長向量進入 2028 年，可以進一步討論。
Sebastien Naji - William Blair, Analyst
(00:22:53)Okay, great. Perhaps this will be one of those 2028 growth vectors. For my follow-up, I wanted to ask about the four joint Lattice-AMi solutions you announced a few months ago: the security retrofit, rack boot, plug and play, and power and cooling. Could you give us a sense of which is seeing the strongest customer engagement or traction so far, and when we can expect that to contribute to revenue?
(00:22:53)好的，很好。也許這將成為 2028 年的增長向量之一。對於我的後續問題，我想詢問您幾個月前宣佈的四個聯合 Lattice-AMi 解決方案：安全改造、機架啟動、即插即用，以及電源和冷卻。您能告訴我們哪一個目前客戶參與度或吸引力最強，以及我們何時可以期待它對收入的貢獻嗎？
Ford Tamer - Lattice, CEO
(00:23:20)Absolutely. We are seeing strong growth across all of these, with tens of customers already in proof of concept. The strongest by far is the security retrofit, which allows operators to upgrade their fleet without changing hardware. This enables them to upgrade to the latest security standards, including post-quantum cryptography, immediately. This solution is going into production with the first customer this quarter, with many more customers expected to go into production in 2027. We expect the revenue to increase meaningfully in 2028.
(00:23:20)當然。我們在所有這些方面都看到強勁增長，已有數十位客戶進入概念驗證階段。迄今為止，最強勁的是安全改造，這使操作員能夠在不更換硬體的情況下升級其設備。這使他們能夠立即升級到最新的安全標準，包括後量子密碼學。此解決方案將在本季度與第一位客戶進入生產，預計在 2027 年將有更多客戶進入生產。我們預期 2028 年的收入將顯著增加。
Ford Tamer - Lattice, CEO
(00:23:55)Beyond that, we see the other three solutions also gaining traction. The streaming rack boot is fantastic because it enables our operators to upgrade the entire firmware across the whole rack and pod simultaneously, saving substantial time and ensuring tremendous consistency. We see power and cooling as a major focus for one of our hyperscalers, who will be going to market very soon and contributing this solution to OCP, which is gaining traction and becoming a significant volume contributor. Finally, the plug-and-play feature will be critical to allow our operators to mix and match x86 and ARM architectures, as well as various board management controllers within the same rack.
(00:23:55)此外，我們看到其他三個解決方案也在獲得吸引力。串流機架啟動非常棒，因為它使我們的操作員能夠同時升級整個機架和模組的固件，節省了大量時間並確保了極大的穩定性。我們將電力和冷卻視為我們的一個超大規模客戶的主要重點，他們將很快進入市場，並將這一解決方案貢獻給 OCP，該方案正在獲得關注並成為重要的銷售貢獻者。最後，即插即用的功能將是關鍵以便讓我們的操作員能夠在同一機架內混合和匹配 x86 和 ARM 架構，以及各種板管理控制器。
Ford Tamer - Lattice, CEO
(00:24:37)We are very excited about these solutions launching starting this quarter, continuing well into 2027, and meaningfully contributing to revenue in 2028. Beyond that, we also anticipate incremental industrial embedded inflection with humanoids, physical AI, and aerospace defense applications coming to market in 2028. Avant, our mid-range FPGA, is expected to see significant growth in 2028. We also have new AMI functionalities, such as OnSil, which allows customers to emulate firmware ahead of tape-out, and memory resilience technology that extends the life of memory in the field.
(00:24:37)我們對這些解決方案在本季度推出感到非常興奮，並將持續到 2027 年，並在 2028 年對收入做出實質貢獻。除此之外，我們還預期在 2028 年市場上會出現與人形機器人、物理人工智慧和航空防禦應用相關的增量工業嵌入式轉折。我們的中階 FPGA Avant 預計在 2028 年將會有顯著增長。我們還有新的 AMI 功能，例如 OnSil，這使客戶能夠在出貨前模擬固件，以及延長記憶體壽命的記憶體韌性技術。
Ford Tamer - Lattice, CEO
(00:25:18)So, very exciting growth vectors lie ahead, Sebastian.
(00:25:18)所以，前方有非常令人興奮的增長向量，Sebastian。
Speaker02
(00:25:24)Great. Thank you for the detailed update, Ford. Thank you.
(00:25:24)很好。謝謝你的詳細更新，Ford。謝謝。
Speaker01 - Operator
(00:25:29)Our next question comes from Ruben Roy with Stifel. You may proceed with your question.
(00:25:29)我們的下一個問題來自 Stifel 的 Ruben Roy。請提出你的問題。
Ruben Roy - Stifel, Analyst
(00:25:36)Yeah. Hi. Good afternoon. Hey, guys. Congratulations on the momentum heading into year-end, and thank you for the longer-term guidance. I want to follow up on the question regarding 2027 and beyond. Based on the current run rate, it seems you will need around $400 million in revenue per quarter on average. We would like to understand how you view the linearity of that revenue throughout the year, how much of the 60% growth is already in backlog versus dependent on customer feedback regarding design wins and ramping, and perhaps you could also comment on the pricing environment given the strong demand.
(00:25:36)是的。嗨。下午好。嘿，大家好。恭喜你們在年末的勢頭，並感謝你們的長期指導。我想跟進關於 2027 年及以後的問題。根據目前的運行率，似乎你們每季度平均需要約 4 億美元的收入。我們想了解你們如何看待全年收入的線性，60% 的增長中有多少已經在積壓中，與設計獲勝和增長的客戶反饋有多大依賴，或許你們也可以評論一下在強勁需求下的定價環境。
Ruben Roy - Stifel, Analyst
(00:26:16)Thank you.
(00:26:16)謝謝。
Ford Tamer - Lattice, CEO
(00:26:18)Thank you, Ruben. There are quite a few questions there. I'll start and then turn it over to Lorenzo. Regarding linearity, we have taken a more conservative view of the second half of the year. So, essentially, we're within our 60% guidance, expecting growth in Q1 and Q2, but we have not assumed the same growth rate for Q3 and Q4. As the year progresses and we see Q1 and Q2 results, we may be able to increase those numbers. We remain confident in our 60% or higher growth rate. On pricing, we are experiencing some cost increases from suppliers and expedite fees due to high customer demand, and we are passing those costs on to customers.
(00:26:18)謝謝你，Ruben。那裡有不少問題。我會先開始，然後交給 Lorenzo。關於線性，我們對下半年的看法較為保守。所以，基本上，我們在我們的 60% 指導範圍內，預期 Q1 和 Q2 會增長，但我們並未假設 Q3 和 Q4 會有相同的增長率。隨著年末的推進，我們看到 Q1 和 Q2 的結果，我們可能能夠提高這些數字。我們對 60% 或更高的增長率仍然充滿信心。在定價方面，我們正面臨來自供應商的成本上升和由於客戶需求高漲而產生的加急費用，我們將這些成本轉嫁給客戶。
Ford Tamer - Lattice, CEO
(00:27:11)However, pricing is not the main story. Pricing represents a small part of the equation. The real story is unit growth. We are seeing increased unit growth and value growth as we enter new applications such as security, as I mentioned. Additionally, our new products command higher prices due to enhanced functionality as we transition from older products to the Nexus and Avant families.
(00:27:11)然而，定價並不是主要的故事。定價只佔方程式的一小部分。真正的故事是單位增長。隨著我們進入新的應用領域，例如安全，我們看到單位增長和價值增長的增加，正如我提到的。此外，由於功能增強，我們的新產品的價格更高，因為我們正在從舊產品過渡到 Nexus 和 Avant 系列。
Lorenzo Flores - Lattice, CFO
(00:27:36)Lorenzo? I'll add a bit more color. We are still in the planning cycle for our business, and what we have observed, as Ford mentioned, is that near-term growth rates will remain strong and we will continue to see growth. Just to clarify, we still expect meaningful year-over-year growth in the second half of next year. However, in planning the business, we want to factor in environmental concerns and compare those to what we see directly in our business, which, as Ford said, remains quite strong. We will manage the business throughout the year accordingly.
(00:27:36)Lorenzo？我會再補充一些細節。我們仍在為我們的業務進行規劃週期，而我們觀察到的，正如 Ford 提到的，短期增長率將保持強勁，我們將繼續看到增長。只是為了澄清，我們仍然預期明年下半年會有實質的年增長。然而，在規劃業務時，我們希望考慮環境因素，並將其與我們在業務中直接看到的情況進行比較，正如 Ford 所說，這仍然相當強勁。我們將根據情況在整個年度內管理業務。讓我們充滿信心的是業務的基本驅動因素，正如 Ford 所闡述的。Sebastian 的問題仍然強勁，我們正在擴大在我們的終端市場的增長，包括工業和嵌入式，這在今年和明年持續的單位量增長中得到了體現。
Lorenzo Flores - Lattice, CFO
(00:28:25)What gives us great confidence are the fundamental drivers of the business, which Ford articulated. Sebastian's question remains strong, and we are expanding growth across our end markets, including industrial and embedded, which is reflected in continued unit volume growth this year and next.
(00:28:25)明白了，這非常有幫助。當然，Lorenzo，我必須回到 CNC 並問 Ford——
Ruben Roy - Stifel, Analyst
(00:28:51)Understood, and that is very helpful. Of course, Lorenzo, I have to return to C&C and ask Ford— In July, Ford, you mentioned a potential 20 million server unit TAM for 2026. As you consider the early 2027 outlook, there has been much discussion, including in your prepared remarks, about agentic workloads on servers. Do you have an early perspective on server units, and could you provide a high-level view of how quickly you expect compute and communications to grow, particularly regarding the server opportunity?
(00:28:51)在七月，Ford，你提到 2026 年潛在的伺服器單位市場規模為 2000 萬。在考慮 2027 年初的展望時，您的準備發言中有很多討論，包括伺服器上的代理工作負載。您對伺服器單位有什麼早期看法？您能否提供一個高層次的觀點，說明您預期計算和通信的增長速度，特別是關於伺服器機會？
Ruben Roy - Stifel, Analyst
(00:29:32)That would be helpful. Thank you.
(00:29:32)這將非常有幫助。謝謝。
Ford Tamer - Lattice, CEO
(00:29:35)Sure. Sure. That's a good question. The numbers we shared during the last call in July remain accurate. We expect server units to reach about 20 million this year. We anticipate growth to approximately 25 million units next year. Based on market research and customer data, the growth rate is expected to accelerate next year compared to this year. Specifically, growth will increase from roughly 22% year-over-year to about 25%. Within that, AI server share is projected to grow from around 25% this year to about 40% next year.
(00:29:35)當然。當然。這是一個好問題。我們在七月的上次電話中分享的數字仍然準確。我們預計今年伺服器單位將達到約 2000 萬。我們預計明年的增長將約為 2500 萬單位。根據市場研究和客戶數據，增長率預計明年將比今年加速。具體來說，增長將從大約 22% 的年增長率提高到約 25%。在這其中，AI 伺服器的市場份額預計將從今年的約 25% 增長到明年的約 40%。
Ford Tamer - Lattice, CEO
(00:30:19)We also expect our attach rate and content per server to increase, as we transition from older technologies to newer products such as Lattice Nexus and Lattice Avant.
(00:30:19)我們還預計隨著我們從舊技術過渡到新產品，如 Lattice Nexus 和 Lattice Avant，附加率和每台伺服器的內容將增加。
Speaker02
(00:30:32)Very helpful. Thank you.
(00:30:32)非常有幫助。謝謝。
Speaker01 - Operator
(00:30:36)Thank you. Our next question comes from Gary Mobley with StoneX. Your line is now live.
(00:30:36)謝謝。我們的下一個問題來自 StoneX 的 Gary Mobley。您的線路現在已經開通。
Gary Mobley - StoneX, Analyst
(00:30:44)Hi, everyone. Thanks for taking my question. I wanted to ask about the performance of AMI. You mentioned in your prepared remarks that it is performing in line with expectations, but if I recall correctly, you anticipated this business to be around a $200 million annual business. It seems like it might be performing somewhat better than that. Regarding gross margin, it was expected to be a slight headwind in the reported quarter due to the sale of some non-core assets. Could you update us on how that situation unfolded?
(00:30:44)嗨，大家好。感謝您回答我的問題。我想詢問 AMI 的表現。您在準備發言中提到它的表現符合預期，但如果我沒記錯，您預計這項業務的年收入約為 2 億美元。看起來它的表現可能比那更好一些。關於毛利率，由於出售了一些非核心資產，預計在報告的季度中會有輕微的阻力。您能否告訴我們這種情況是如何發展的？
Lorenzo Flores - Lattice, CFO
(00:31:21)Yes. Hi, Gary. Thanks for the question. The margin for Lattice overall this quarter exceeded expectations in both the FPGA and AMI businesses. Regarding your question on AMI, Q3 revenue, which represents only a partial quarter for them, came in slightly higher than expected, with a better mix featuring more high-margin business. This contributed positively to AMI's margins. At the aggregate level, we still view it as approximately a $200 million plus or minus run rate business for the year. It is performing better, and we expect meaningful growth next year as part of our 2027 AOP.
(00:31:21)是的。嗨，Gary。感謝您的提問。這本季度 Lattice 的整體毛利率在 FPGA 和 AMI 業務中均超出預期。關於您對 AMI 的問題，第三季度的收入，這對他們來說僅代表部分季度，略高於預期，且更好的組閤中包含了更多高毛利業務。這對 AMI 的毛利率有正面貢獻。在整體層面上，我們仍然將其視為約 2 億美元的年運行率業務。它的表現更好，我們預計明年會有顯著增長，這是我們 2027 年 AOP 的一部分。
Lorenzo Flores - Lattice, CFO
(00:32:16)In that growth, the non-core business you mentioned will be divested. Margins are expected to expand into the high 70% range, as previously stated. Thus, AMI remains a strong driver of both revenue and profitability for us.
(00:32:16)在這一增長中，您提到的非核心業務將被剝離。預計毛利率將擴大到高達 70% 的範圍，正如之前所述。因此，AMI 仍然是我們收入和盈利能力的強大推動力。
Gary Mobley - StoneX, Analyst
(00:32:32)Got it. Regarding OPEX in 2027, how should we model it relative to revenue growth? Is it possible to achieve a 45% non-GAAP operating margin in 2027?
(00:32:32)明白了。關於 2027 年的營運支出，我們應該如何相對於收入增長進行建模？在 2027 年實現 45% 的非 GAAP 營運利潤率是否可能？
Lorenzo Flores - Lattice, CFO
(00:32:45)That's a great question. We will provide more detailed guidance as we progress through our planning process. But our objective through the planning process is to grow EPS, the bottom line, faster than revenue, in the scenario that Ford and I discussed in our prepared remarks regarding our expected revenue growth. This requires us to take all the appropriate planning steps in OPEX. However, we believe we can fund a significant amount of growth opportunities while still maintaining very meaningful year-over-year EPS growth.
(00:32:45)這是一個很好的問題。隨著我們規劃過程的推進，我們將提供更詳細的指導。但我們在規劃過程中的目標是增長每股盈餘，也就是底線，增長速度要快於收入，這是福特和我在我們的準備發言中討論的預期收入增長情境。這要求我們在營運支出方面採取所有適當的規劃步驟。然而，我們相信我們可以資助大量的增長機會，同時仍然保持非常有意義的年增每股盈餘增長。
Sebastien Naji - William Blair, Analyst
(00:33:32)Thank you very much.
(00:33:32)非常感謝。
Speaker01 - Operator
(00:33:36)Thank you. Our next question comes from Tristan Gerra with Robert W. Baird. You may proceed with your question.
(00:33:36)謝謝。我們的下一個問題來自羅伯特·W·貝爾德的特里斯坦·格拉。請提出您的問題。
Tristan Gerra - Robert W. Baird, Analyst
(00:33:45)Hi, everyone. I have a question regarding the long-term agreements with customers that you mentioned. How has this changed compared to about a year ago, given you now have much more visibility and customers are clearly eager to secure supply? Could you provide a percentage of your revenue coverage for next year from LTAs? Also, is there pricing embedded in these agreements, or are they purely volume-based? If pricing is embedded, does it reflect a gross margin profile similar to what you reported or guided for Q4?
(00:33:45)嗨，大家好。我有一個問題，關於您提到的與客戶的長期協議。與大約一年前相比，這有什麼變化，考慮到您現在有更多的可見性，客戶顯然渴望確保供應？您能提供明年來自長期協議的收入覆蓋百分比嗎？此外，這些協議中是否包含定價，還是純粹基於數量？如果包含定價，這是否反映出與您報告或指導的第四季度類似的毛利率？
Ford Tamer - Lattice, CEO
(00:34:28)Tristan, you can probably guess the answer. So, obviously, no. We are not going to disclose all the details of our customer agreements on a call with thousands of listeners. But thanks for asking. Okay.
(00:34:28)特里斯坦，您可能可以猜到答案。所以，顯然，不會。我們不會在有數千名聽眾的電話會議上披露我們客戶協議的所有細節。但謝謝您的提問。好的。
Tristan Gerra - Robert W. Baird, Analyst
(00:34:44)Thank you. I know that in the past, some coverage was provided, which I understand. My follow-up is whether you expect any type of inventory replenishment, not only in industrial, where you mentioned inventory levels are lean, but is there an expectation of a rebuild, or do you expect to align next year with demand?
(00:34:44)謝謝。我知道過去提供了一些覆蓋，這我理解。我的後續問題是，您是否預期任何類型的庫存補充，不僅是在工業領域，您提到庫存水平較低，但是否預期會重建，或者您預期明年與需求對齊？
Lorenzo Flores - Lattice, CFO
(00:35:13)Hey, Tristan, you are referring to channel inventory, correct?
(00:35:13)嘿，特里斯坦，您是指渠道庫存，對嗎？
Tristan Gerra - Robert W. Baird, Analyst
(00:35:19)Correct, yes.
(00:35:19)正確，是的。
Lorenzo Flores - Lattice, CFO
(00:35:20)Yes, I want to make that distinction clear. Regarding channel inventory, we plan to maintain levels close to where they currently are. This approach provides us much better visibility into end-customer demand and mitigates overhang risk. So, you know, specific quarterly numbers may fluctuate, but we focus on looking through the distributor to the end customer and matching demand accordingly. This applies across industrial, embedded, compute, and communications sectors. Therefore, we do not expect any meaningful channel inventory build, certainly not strategically next year.
(00:35:20)是的，我想澄清這一區別。關於渠道庫存，我們計劃保持接近目前的水平。這種方法使我們能更好地瞭解最終客戶的需求，並減少過剩風險。所以，您知道，具體的季度數字可能會波動，但我們專注於透過分銷商瞭解最終客戶，並相應地匹配需求。這適用於工業、嵌入式、計算和通信領域。因此，我們不預期會有任何有意義的渠道庫存增加，當然明年不會有戰略性的增加。
Lorenzo Flores - Lattice, CFO
(00:36:06)To clarify any confusion, we are deliberately building internal inventory to prepare for what we expect to be significant growth in Q4 2027 and beyond. As a result, you will see our inventory numbers increase. In fact, you have already seen them rise this past quarter.
(00:36:06)為了澄清任何混淆，我們故意建立內部庫存，以準備我們預期在 2027 年第四季度及以後將出現的顯著增長。因此，您將看到我們的庫存數字增加。實際上，您已經看到它們在過去一季度上升。
Speaker02
(00:36:31)Great. Thank you very much.
(00:36:31)很好。非常感謝。
Speaker01 - Operator
(00:36:35)Thank you. Our next question comes from Quinn Bolton with Needham & Company. Please proceed with your question.
(00:36:35)謝謝。我們的下一個問題來自尼達姆公司的奎因·博爾頓。請提出您的問題。
Quinn Bolton - Needham & Company, Analyst
(00:36:43)Hi, guys. Just a quick clarification regarding your comment about growth rates moderating in the second half. Was that a year-over-year comment? Or was it more of a sequential comment? I also have a follow-up.
(00:36:43)嗨，大家。關於您提到的下半年增長率放緩的評論，我想澄清一下。那是年增長的評論嗎？還是更像是順序的評論？我還有一個後續問題。
Lorenzo Flores - Lattice, CFO
(00:36:57)Well, I think the answer is yes to both, actually, because mathematically that would make sense. But the reality is that growth numbers remain very strong. It's just that, as we plan the business, we want to be prudent and avoid overextension. So, please go ahead. You mentioned you had a follow-up, Quinn.
(00:36:57)嗯，我認為答案實際上是兩者都是，因為從數學上來看這是有意義的。但現實是增長數字仍然非常強勁。只是，當我們規劃業務時，我們希望謹慎行事，避免過度擴張。所以，請繼續。您提到您有一個後續問題，奎因。
Quinn Bolton - Needham & Company, Analyst
(00:37:25)Yeah, the follow-up is, I think you guys indicated the demand environment may have remained very strong, but last quarter you saw a surge in demand late in the quarter that resulted in higher-than-normal delinquencies. Could you update us on your delinquencies? Are you starting to make progress toward a more normal delinquency level, or is the demand environment still keeping those delinquencies high? Are those delinquencies remaining elevated due to the strong demand environment? And related to that, any comments on your ability to bring additional capacity online to support the demand environment?
(00:37:25)是的，後續問題是，我想你們提到需求環境可能仍然非常強勁，但上個季度你們在季度末看到需求激增，導致逾期付款率高於正常水平。你能更新一下你們的逾期付款情況嗎？你們是否開始朝著更正常的逾期付款水平取得進展，還是需求環境仍然使這些逾期付款保持在高位？這些逾期付款是否因為強勁的需求環境而持續高企？與此相關，你們對於能否增加額外產能以支持需求環境有何評論？
Quinn Bolton - Needham & Company, Analyst
(00:37:58)Thanks.
(00:37:58)謝謝。
Ford Tamer - Lattice, CEO
(00:38:00)Yeah, so I’m assuming you’re referring to supply. If that’s the question—supply—is that correct?
(00:38:00)是的，所以我假設你指的是供應。如果這是問題——供應——對嗎？
Quinn Bolton - Needham & Company, Analyst
(00:38:07)Quint? Yeah, exactly.
(00:38:07)昆特？是的，正是如此。
Ford Tamer - Lattice, CEO
(00:38:10)Okay. Got it. Got it. So we are in good shape. We are putting multi-year supply agreements in place with our suppliers as well. We have secured what we believe is the right level of supply for multiple years. And we feel confident about supplying volumes that are much higher than the growth rates we discussed for next year. So we’re prepared to deliver significantly more than what we previously outlined. So go
(00:38:10)好的。明白了。明白了。所以我們的狀況很好。我們也在與供應商簽訂多年的供應協議。我們已經確保了我們認為是多年間的適當供應水平。我們對於提供的數量感到自信，這些數量遠高於我們討論的明年增長率。所以我們準備提供比之前概述的數量多得多的產品。所以，請繼續，勞倫。是的，我認為這在第三季度和第四季度的證據中體現出來，當時我們的上行潛力大部分是基於我們的能力。
Lorenzo Flores - Lattice, CFO
(00:38:49)ahead, Lauren. Yeah, and I think the evidence of that is in Q3 and Q4, where most of the upside versus our prior guidance was based on our ability to navigate through what I called a supply pinch point in Q3 and deliver more units to customers this quarter. And we expect the same in Q4. As Ford said, we feel very comfortable about the supply side going forward. Our delinquencies are decreasing significantly, and our lead times have
(00:38:49)穿越我所稱的第三季度供應緊縮點，並在本季度向客戶交付更多單位。我們預計在第四季度也會如此。正如福特所說，我們對未來的供應方面感到非常放心。我們的逾期付款正在顯著減少，我們的交貨時間也已經縮短。優秀。
Speaker02
(00:39:23)come down. Excellent. Thank you, guys.
(00:39:23)謝謝你們。謝謝。
Speaker01 - Operator
(00:39:30)Thank you. Our next question comes from Melissa Weathers with Deutsche Bank. Please proceed with your question.
(00:39:30)我們的下一個問題來自德意志銀行的梅利莎·韋瑟斯。請提出你的問題。嗨，大家好。
Melissa Weathers - Deutsche Bank, Analyst
(00:39:38)Hi there. Thank you for the question. Congratulations on the strong results. Please don’t hate me for this question, but as semiconductor analysts, we have to ask. Are there any signs of double ordering? I know the channels are very lean and you’re checking with distribution network customers, but any— actions you’re taking to scrub demand and ensure, especially in the industrial and embedded business, that there is no double ordering?
(00:39:38)謝謝你的問題。恭喜你們取得了強勁的業績。請不要因為這個問題而討厭我，但作為半導體分析師，我們必須問。是否有任何雙重訂單的跡象？我知道渠道非常緊張，你們正在與分銷網絡客戶進行核實，但有沒有——你們正在採取的措施來清理需求，並確保，特別是在工業和嵌入式業務中，沒有雙重訂單？梅利莎，謝謝你的問題。
Ford Tamer - Lattice, CEO
(00:40:08)Melissa, thank you for the question. We have spent a tremendous amount of time with our customers and channel partners, double- and triple-checking these numbers to ensure we don’t supply parts where a customer may have production ramp issues due to other components. So we are very close to our customers and partners in this effort. Industrial embedded is just beginning to ramp again, and we see no signs of double ordering there. On the compute and communications side, demand remains very strong. What gives us confidence, Melissa, is that this booking is not short-term.
(00:40:08)我們花了大量時間與客戶和渠道合作夥伴進行雙重和三重檢查這些數字，以確保我們不會供應客戶可能因其他組件而面臨生產上升問題的零件。所以我們在這方面與客戶和合作夥伴保持非常緊密的聯繫。工業嵌入式業務剛開始再次增長，我們在那裡沒有看到雙重訂單的跡象。在計算和通信方面，需求仍然非常強勁。讓我們感到自信的是，梅利莎，這些訂單不是短期的。它延伸到 2028 年。
Ford Tamer - Lattice, CEO
(00:40:46)It extends well into 2028. We have bookings now for the foreseeable future. That’s what gives us confidence. These orders are scheduled far out in time.
(00:40:46)我們現在有可預見未來的訂單。這就是讓我們感到自信的原因。這些訂單的排程時間非常長。謝謝。
Melissa Weathers - Deutsche Bank, Analyst
(00:41:01)Thank you. That’s helpful. On the communications and compute side, I might have missed it, but did you provide an updated metric for FPGA per rack or per server? And could you speak to the breadth of your design engagements? Is your growth driven by bringing on new hyperscale customers? Is the momentum more broad-based? How much of it is driven by the memory pooling story? Could you provide more color on the breadth of momentum in the data center?
(00:41:01)這很有幫助。在通信和計算方面，我可能錯過了，但你們是否提供了每個機架或每台伺服器的 FPGA 更新指標？你能談談你們設計參與的廣度嗎？你們的增長是否是由於引入新的超大規模客戶？是的。這股動能是否更具廣泛性？這其中有多少是由記憶體池的故事驅動的？能否提供更多關於數據中心動能廣度的資訊？
Ford Tamer - Lattice, CEO
(00:41:30)Certainly. I’d like to direct you to a new slide in our corporate deck on the IR section of our website—slide number 30—which highlights the various applications where we are addressing data center challenges. You can see that our applications span from compute to networking to storage, covering GPUs, XPUs, DPUs, CPUs, board management controllers, storage, network switches, NIC cards, and pooling power, including both HPM and SCM cards. Slide 30 details many server applications,
(00:41:30)當然。我想引導您查看我們網站 IR 部分的企業簡報中的新幻燈片——第 30 張幻燈片，該幻燈片突顯了我們在解決數據中心挑戰方面的各種應用。您可以看到，我們的應用範圍從計算到網絡再到存儲，涵蓋了 GPU、XPU、DPU、CPU、板管理控制器、存儲、網絡交換機、NIC 卡和池化電源，包括 HPM 和 SCM 卡。第 30 張幻燈片詳細介紹了許多伺服器應用，
Ford Tamer - Lattice, CEO
(00:42:20)ranging from connectivity, fan and power control, hardware abstraction, to security features such as root of trust, attestation, post-quantum cryptography, rack-level trust attestation, low-level deterministic leak response, rack telemetry, manageability, power control, and throttling. As you can see, we have numerous applications. A couple of years ago, we did not have this breadth of applications. Under trust and control alone, we now address new regulations like CNSA 2.0 and CRA compliance. These regulations must be met by early next year.
(00:42:20)涵蓋了連接性、風扇和電源控制、硬件抽象，以及安全功能，如信任根、驗證、後量子加密、機架級信任驗證、低級確定性洩漏響應、機架遙測、可管理性、電源控制和限流。如您所見，我們有眾多應用。幾年前，我們並沒有這麼廣泛的應用。僅在信任和控制方面，我們現在已經能夠應對像 CNSA 2.0 和 CRA 合規等新法規。這些法規必須在明年初之前達成。
Ford Tamer - Lattice, CEO
(00:43:00)There is tremendous customer pressure to deliver on these new applications. We are very excited about this progress. Moving to slide 32, which was previously included, it shows various applications for industrial embedded systems. We are quite enthusiastic about those opportunities. I’ll also point you to another section of the deck. If you look at slide 35 and beyond, you will find several additional applications. There are quite a few applications highlighted there. I want to highlight a new product we announced this quarter called Lattice Prompt.
(00:43:00)客戶對於交付這些新應用的壓力非常大。我們對這一進展感到非常興奮。轉到第 32 張幻燈片，這張幻燈片之前已經包含，顯示了工業嵌入式系統的各種應用。我們對這些機會感到非常熱情。我還想引導您查看簡報的另一部分。如果您查看第 35 張幻燈片及以後的內容，您會發現幾個額外的應用。那裡有相當多的應用被突顯出來。我想強調我們在本季度宣佈的一款新產品，名為 Lattice Prompt。
Ford Tamer - Lattice, CEO
(00:43:40)Lattice Prompt enables customers to develop applications from an English language prompt. It integrates with their preferred language model and IDE, generating not only the code but also validating the entire application. This allows testing of a proven application in a matter of days instead of weeks or months. Moreover, it significantly expands the developer base beyond what we had previously. We are very excited about the market expansion enabled by Prompt, as many applications that are deterministic and closer to hardware or sensors need to be implemented in FPGA.
(00:43:40)Lattice Prompt 使客戶能夠從英語提示開發應用。它與他們首選的語言模型和 IDE 集成，不僅生成代碼，還驗證整個應用。這使得在幾天內測試一個經過驗證的應用成為可能，而不是幾週或幾個月。此外，它顯著擴大了開發者基礎，超出了我們之前的範圍。我們對 Prompt 所帶來的市場擴展感到非常興奮，因為許多確定性應用和更接近硬件或傳感器的應用需要在 FPGA 中實現。
Ford Tamer - Lattice, CEO
(00:44:21)Historically, these were done in software due to a shortage of programmers skilled in RTL programming. Prompt opens up a completely new developer base, and we are excited about the new applications this will create. All of this is driving our attach rate to unprecedented levels. We are seeing a fantastic range of new applications. We have yet to fully imagine the applications that Prompt can enable. This demonstrates that we are still in the very early stages of the AI revolution. We are very optimistic about the future ahead.
(00:44:21)歷史上，這些應用是由於缺乏熟練的 RTL 編程人員而在軟件中完成的。Prompt 開啟了一個全新的開發者基礎，我們對這將創造的新應用感到興奮。所有這些都使我們的附加率達到了前所未有的水平。我們看到了一系列出色的新應用。我們尚未完全想像 Prompt 能夠實現的應用。這表明我們仍然處於 AI 革命的非常早期階段。我們對未來充滿樂觀。
Melissa Weathers - Deutsche Bank, Analyst
(00:44:55)Thank you very much, Fred.
(00:44:55)非常感謝你，Fred。
Speaker01 - Operator
(00:44:59)Thank you. Our next question comes from Srini Pajjuri with RBC Capital Markets. You may proceed with your question.
(00:44:59)謝謝。我們的下一個問題來自 RBC Capital Markets 的 Srini Pajjuri。您可以開始提問。
Srini Pajjuri - RBC Capital Markets, Analyst
(00:45:08)Thank you. That was a passionate answer, but I have a longer-term question. You mentioned a potential five-year growth rate of around 30%. Given the industry's history, and although you partially addressed this earlier, I’m curious what market factors support this sustained growth, considering the cyclical nature of the industry and its past growth rates. Is this outlook specific to Lattice, or do you believe the FPGA industry as a whole is structurally better positioned going forward?
(00:45:08)謝謝。這是一個充滿熱情的回答，但我有一個長期的問題。您提到潛在的五年增長率約為 30%。鑒於行業的歷史，儘管您之前部分回答了這個問題，我很好奇哪些市場因素支持這種持續增長，考慮到行業的週期性特徵及其過去的增長率。這一展望是特定於 Lattice，還是您認為 FPGA 行業整體在未來的結構性位置更好？
Ford Tamer - Lattice, CEO
(00:45:54)This perspective comes from my experience and our company’s history. Srini, you’ve been in the market as long as I have, and perhaps I’ve been in it even longer. I’m older. But I’ve seen this cycle three times now. I witnessed it at Broadcom in the cloud, where we pushed networking. At Infinera, we started the optical segment. And here, we are initiating the secure control and management space, with limitless potential. So, look, I mean – During the cloud revolution, there were many winters and fluctuations.
(00:45:54)這一觀點來自我的經驗和我們公司的歷史。Srini，您在市場上的時間和我一樣長，也許我在這方面的經驗更長。我年紀更大。但我已經見證了這個週期三次。我在 Broadcom 的雲端見證了這一點，我們推動了網絡。在 Infinera，我們啟動了光學領域。而在這裡，我們正在啟動安全控制和管理領域，潛力無限。所以，您看，我的意思是——在雲端革命期間，經歷了許多冬天和波動。
Ford Tamer - Lattice, CEO
(00:46:21)But look where we are today. If you examine all the hyperscaler results, cloud remains the absolute shining moment. Demand continues to grow even 20 years after the cloud revolution began. Regarding optical technology, we started this journey in 2012. Consider the significant $115 billion deal announced today by Marvell and Lumentum. Again, we can both recall how many winters the optical sector has endured. However, taking a longer-term perspective, the market is growing. I believe Lattice serves as a perfect industry barometer because we are exposed to various sectors and 11,000 customers across broad, valued segments with diverse pros and cons.
(00:46:21)但看看我們今天的情況。如果你檢視所有超大規模的結果，雲端仍然是絕對的閃亮時刻。即使在雲端革命開始 20 年後，需求仍在持續增長。關於光學技術，我們在 2012 年開始了這段旅程。考慮到今天 Marvell 和 Lumentum 宣佈的 1150 億美元的重大交易。我們都可以回想起光學行業經歷了多少個冬天。然而，從長期的角度來看，市場正在增長。我相信 Lattice 作為一個完美的行業晴雨表，因為我們接觸到各種行業和 11000 個客戶，涵蓋了廣泛的、有價值的細分市場，並具有多樣的優缺點。
Ford Tamer - Lattice, CEO
(00:47:07)In industrial-embedded markets, we cover robotics, humanoid technology, and factory automation. Also drones, self-driving cars, and the list continues. In medical and aerospace defense, we are involved with all the top aerospace defense players, and we are establishing a rad-hard process here on U.S. soil in Austin. This development in Austin is very promising. We are very excited about these advancements. Yes, we believe we are still in the early innings of this revolution. Although the market is currently skittish, we must focus on the longer-term outlook.
(00:47:07)在工業嵌入式市場中，我們涵蓋了機器人技術、人形技術和工廠自動化。還有無人機、自駕車，還有更多。在醫療和航空防務方面，我們與所有頂尖的航空防務公司合作，並在美國奧斯丁建立了一個抗輻射（rad-hard）製程。奧斯丁的這一發展非常有前景。我們對這些進展感到非常興奮。是的，我們相信我們仍然處於這場革命的早期階段。雖然市場目前有些不安，但我們必須專注於長期展望。
Ford Tamer - Lattice, CEO
(00:47:34)The numbers we are posting do not indicate any slowdown. In fact, we are showing tremendous acceleration. We do expect some company-specific issues to arise. We have no... Exposure to the PC market on the FPGA side is zero. That exposure is completely gone. We have very little exposure to the PC market on the AMI side, so that is manageable. Our major business focus is on servers. All the businesses we operate in are growing and accelerating. We are very excited and see this as a multi-year expansion. People need to look beyond the current market jitters and plan for the long term.
(00:47:34)我們所發布的數字並未顯示任何放緩的跡象。事實上，我們顯示出巨大的加速。我們確實預期會出現一些公司特定的問題。我們沒有...在 FPGA 方面對 PC 市場的曝光為零。那種曝光完全消失了。在 AMI 方面，我們對 PC 市場的曝光非常少，因此這是可控的。我們的主要業務重點是伺服器。我們經營的所有業務都在增長和加速。我們感到非常興奮，並將這視為多年的擴張。人們需要超越當前市場的緊張情緒，為長期做計劃。
Srini Pajjuri - RBC Capital Markets, Analyst
(00:48:15)Makes sense, Ford. My next question is for Lorenzo. Lorenzo, you mentioned your balance sheet inventory increased slightly, and receivables went up, yet you beat consensus by about $35 million. I'm curious about how the quarter unfolded. Was it fairly linear? Did you experience acceleration toward the end of the quarter? Also, given your balance sheet and inventory, if incremental demand exceeds your guidance in the next quarters, it seems you are well positioned. Could you also comment on supply in case of upside in the coming quarters?
(00:48:15)有道理，Ford。我下一個問題是針對 Lorenzo 的。Lorenzo，你提到你的資產負債表庫存略有增加，應收賬款上升，但你超過了共識約 3500 萬美元。我對這個季度的情況感到好奇。這是相當線性的嗎？你在季度末是否經歷了加速？此外，考慮到你的資產負債表和庫存，如果增量需求在接下來的幾個季度超過你的指導，似乎你已經做好了準備。如果未來幾個季度出現上行情況，你能否也評論一下供應情況？
Srini Pajjuri - RBC Capital Markets, Analyst
(00:48:59)Thank you.
(00:48:59)謝謝。
Lorenzo Flores - Lattice, CFO
(00:49:00)I'll refer back to how Ford set the stage for the longer-term supply outlook. In the near term, you are referring to the balance sheet elements we saw in Q3. For context, this was a different quarter because we included AMI for the first time. Consequently, some account balances, like accounts receivable, increased. However, if you look at days outstanding, they actually decreased. Our cash conversion cycle remains quite strong. We are investing in inventory. The inventory trends during the quarter align with your question about linearity.
(00:49:00)我會回到 Ford 如何為長期供應展望奠定基礎。在短期內，你提到的是我們在第三季度看到的資產負債表元素。為了提供背景，這是一個不同的季度，因為我們首次納入了 AMI。因此，一些賬戶餘額，如應收賬款，增加了。然而，如果你查看應收賬款天數，它們實際上是減少的。我們的現金轉換週期仍然相當強勁。我們正在投資於庫存。本季度的庫存趨勢與你關於線性的問題相符。
Lorenzo Flores - Lattice, CFO
(00:49:50)Due to supply factors, we received a lot of inventory toward the end of last quarter. We shipped a significant amount as well. This will begin to level off over the next few quarters, improving linearity. Overall, we believe... The company's cash generation engine will remain very strong. We are deliberately increasing supply, as you noted, to support potential upside in demand. Given the potential demand scenarios, our margin structure, and the longevity of the products we build, we see minimal risk in having a few extra parts.
(00:49:50)由於供應因素，我們在上個季度末收到了大量庫存。我們也發貨了大量產品。這將在接下來的幾個季度開始趨於平穩，改善線性。總的來說，我們相信...公司的現金產生引擎將保持非常強勁。正如你所提到的，我們正在有意增加供應，以支持需求的潛在上行。考慮到潛在的需求情境、我們的利潤結構以及我們所建產品的壽命，我們認為擁有一些額外的零件風險極小。
Lorenzo Flores - Lattice, CFO
(00:50:42)We do not want to miss the opportunity to capture upside when it arises.
(00:50:42)我們不想錯過出現機會時捕捉上行的機會。
Speaker02
(00:50:50)Thanks, Lonnie.
(00:50:50)謝謝，Lonnie。
Speaker01 - Operator
(00:50:54)Thank you. Our next question comes from Joshua Buchalter with TD Cowen. Please proceed with your question.
(00:50:54)謝謝你。我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。請提出你的問題。
Joshua Buchalter - TD Cowen, Analyst
(00:51:02)Hey, guys. Thank you for taking my question, and congratulations on the fantastic results and outlook. In the past, you've mentioned FPGA per server increasing from 1 to over 3 times. Can you update us on where we currently stand in that progression? As rack-scale and heterogeneous architectures become more widespread, is there any cap on content or units we should consider? Generally, that has been a challenge for large FPGAs, not small or mid-sized ones. But considering you expect well over a billion in FPGA revenue next year, is there any cap on the TAM or content we should be aware of?
(00:51:02)嘿，大家好。感謝你們回答我的問題，並祝賀你們取得了出色的結果和前景。過去你們提到每台伺服器的 FPGA 從 1 倍增加到超過 3 倍。你能更新一下我們目前在這個進展中的位置嗎？隨著機架規模和異構架構變得越來越普遍，我們應該考慮的內容或單位是否有任何上限？通常，這對大型 FPGA 來說是一個挑戰，而對小型或中型 FPGA 則不是。但考慮到你預計明年 FPGA 收入將超過十億，是否有我們應該注意的 TAM 或內容上限？
Joshua Buchalter - TD Cowen, Analyst
(00:51:39)Thank you.
(00:51:39)謝謝你。
Ford Tamer - Lattice, CEO
(00:51:43)No, thank you very much, Joshua. Yes, it will be well over a billion next year. The attach rate has steadily grown from 1 to 2 to 3, and it currently starts at 4. We won't provide more detail, but it continues to grow. This growth is driven by new applications we're discovering, which we're quite excited about.
(00:51:43)不，謝謝你，非常感謝，Joshua。是的，明年將超過十億。附加率穩步增長，從 1 增長到 2 再到 3，目前起始於 4。我們不會提供更多細節，但它仍在增長。這一增長是由我們正在發現的新應用驅動的，我們對此感到非常興奮。
Lorenzo Flores - Lattice, CFO
(00:52:06)In the industrial embedded space, as physical AI expands, we'll see an attach rate phenomenon similar to what we observe in compute and data centers. We like to think the cap is uncapped, but we monitor growth based on unit volume shipped and increasing attach rates over time. This growth is based not only on unit volume but also on an attach rate that increases over time.
(00:52:06)在工業嵌入式領域，隨著物理 AI 的擴展，我們將看到類似於計算和數據中心的附加率現象。我們喜歡認為上限是無上限的，但我們根據出貨的單位數量和隨時間增加的附加率來監控增長。這一增長不僅基於單位數量，還基於隨時間增加的附加率。
Ford Tamer - Lattice, CEO
(00:52:37)Joshua, I would point out that a humanoid robot has many more potential sockets than a server. It includes vision, motor control, connectivity, and several more attach points than a server. Therefore, the humanoid industry could potentially be larger than the server industry. Right.
(00:52:37)Joshua，我想指出，人形機器人擁有比伺服器更多的潛在插槽。它包括視覺、馬達控制、連接性，以及比伺服器多幾個附加點。因此，人形產業可能比伺服器產業更大。對。
Lorenzo Flores - Lattice, CFO
(00:52:56)We anticipate competition and want to be prepared not only on the silicon side but also with software capabilities like Prompt, embedded firmware, and manageability, which add to our advantage. This positions us to provide higher value opportunities to our customers.
(00:52:56)我們預期會有競爭，並希望在矽片方面以及像 Prompt、嵌入式固件和可管理性等軟體能力上做好準備，這些都增強了我們的優勢。這使我們能夠為客戶提供更高價值的機會。
Joshua Buchalter - TD Cowen, Analyst
(00:53:21)I appreciate the insight. For my follow-up, you were clear that growth this year and next is not driven by like-for-like ASPs or pricing. Could you discuss how much of the 60% growth outlook next year is driven by new product growth, such as Nexus and Avant, which have higher associated ASPs, alongside AMI? How much are you benefiting from these new products layering in more meaningfully? Thank you.
(00:53:21)我很感謝這些見解。對於我的後續問題，你們明確表示今年和明年的增長不是由同類 ASP 或定價驅動的。你能談談明年 60% 增長預期中有多少是由新產品增長驅動的，例如 Nexus 和 Avant，它們的 ASP 較高，還有 AMI？你們從這些新產品中獲益多少，這些產品的影響更為顯著？謝謝你。
Ford Tamer - Lattice, CEO
(00:53:52)Thank you, Joshua. The primary driver is unit growth of existing products. The second driver is growth from new products. The third is AMI and associated FPGA and firmware solutions. That's how I would rank the contributors.
(00:53:52)謝謝你，Joshua。主要驅動因素是現有產品的單位增長。第二個驅動因素是新產品的增長。第三個是 AMI 及相關的 FPGA 和固件解決方案。這就是我對貢獻者的排名。
Speaker02
(00:54:13)Thank you.
(00:54:13)謝謝你。
Speaker01 - Operator
(00:54:17)Thank you. Our next question comes from Sajal Dogra with Rosenblatt Securities. Please proceed with your question.
(00:54:17)謝謝你。我們的下一個問題來自 Rosenblatt Securities 的 Sajal Dogra。請提出你的問題。
Sajal Dogra - Rosenblatt Securities, Analyst
(00:54:27)Thank you for squeezing me in, and congratulations on the fantastic results. It's great to be on the Lattice call. I have some longer-term questions as well. Ford, you discussed Lattice Prompt, and I'd like to explore that further. Recently, Altera announced its Agilex 2S portfolio targeting robotics and physical AI. They also introduced Quartus IQ, their new AI-assisted FPGA design tool. These seem to overlap with Lattice's positioning in low-power programmable logic and Lattice Prompt.
(00:54:27)感謝你讓我插話，並祝賀你們取得了出色的結果。很高興能參加 Lattice 的電話會議。我也有一些長期的問題。Ford，你提到了 Lattice Prompt，我想進一步探討這個話題。最近，Altera 宣佈了其針對機器人和物理 AI 的 Agilex 2S 產品組合。他們還推出了 Quartus IQ，這是他們的新 AI 輔助 FPGA 設計工具。這些似乎與 Lattice 在低功耗可編程邏輯和 Lattice Prompt 的定位重疊。
Sajal Dogra - Rosenblatt Securities, Analyst
(00:54:59)Now, as AI-assisted designs lower the barriers to FPGA adoption, and I know you expect this to expand the overall FPGA market, what do you think is Lattice's most durable differentiation in these emerging physical AI applications? And why do you believe that Lattice Prompt and Quartus IQ will be effective? We've tried similar approaches in the past with HLX, Xilinx Y8S, and Xilinx RevisionStack. Thank you.
(00:54:59)現在，隨著 AI 輔助設計降低了 FPGA 採用的門檻，我知道你期望這會擴大整體 FPGA 市場，你認為 Lattice 在這些新興的物理 AI 應用中最具持久性的差異化是什麼？你為什麼相信 Lattice Prompt 和 Quartus IQ 會有效？我們過去曾嘗試過類似的方法，如 HLX、Xilinx Y8S 和 Xilinx RevisionStack。謝謝。
Ford Tamer - Lattice, CEO
(00:55:26)Yeah, no, Sajal, thanks for the question. First, we were the first to announce, right? I would point out that Altera announced after us, so I'm glad people are following our lead. But their tools will work for their products. Our tools will work for ours. Our tools, including Prompt, work with our Radiant tools, which obviously support our FPGAs. The reason I believe these AI-assisted tools will work better now than in the past is that they are integrated with the IDEs that people are already using today.
(00:55:26)是的，不，Sajal，謝謝你的問題。首先，我們是第一個宣佈的，對吧？我想指出，Altera 是在我們之後宣佈的，所以我很高興人們在跟隨我們的領導。但他們的工具將適用於他們的產品。我們的工具將適用於我們的產品。我們的工具，包括 Prompt，與我們的 Radiant 工具一起使用，顯然支持我們的 FPGA。我相信這些 AI 輔助工具現在會比過去更有效的原因是，它們與人們今天已經在使用的 IDE 集成在一起。
Ford Tamer - Lattice, CEO
(00:55:58)Whether it's Claude, OpenAI, Cursor, or whatever you're using today, these tools seamlessly integrate with your preferred language model and IDE. And we're already seeing the benefits. The benefits are immense. I mean, we see applications being developed in hours and going into production in days, compared to what used to take weeks or months. This is a profound change for everyone, not just us, but also Altera, Xilinx, and others. Our long-term differentiation will focus on smaller FPGAs and eventually mid-range devices.
(00:55:58)無論是 Claude、OpenAI、Cursor，還是你今天使用的其他工具，這些工具都能無縫集成到你喜歡的語言模型和 IDE 中。我們已經看到了好處。這些好處是巨大的。我的意思是，我們看到應用程序在幾小時內開發並在幾天內投入生產，相比之下，過去需要幾週或幾個月。這對每個人來說都是一個深刻的變化，不僅僅是我們，還有 Altera、Xilinx 和其他公司。我們的長期差異化將專注於較小的 FPGA，最終還會涉及中型設備。
Ford Tamer - Lattice, CEO
(00:56:33)We are very focused on our markets, and we plan to deliver low power, small size, best connectivity, very low latency, and fast boot times that our small FPGA customers require. We remain very focused on our markets, and we believe there is minimal overlap between us and Altera or Xilinx.
(00:56:33)我們非常專注於我們的市場，我們計劃提供低功耗、小尺寸、最佳連接性、非常低的延遲和我們的小型 FPGA 客戶所需的快速啟動時間。我們仍然非常專注於我們的市場，我們相信我們與 Altera 或 Xilinx 之間的重疊非常小。
Sajal Dogra - Rosenblatt Securities, Analyst
(00:56:57)Great. As a follow-up, we are seeing supply challenges among some of your FPGA competitors. Are you noticing changes in competitive dynamics for customers especially regarding new designs in servers and industrial control? Is this translating into market share gains and higher win rates for Lattice? Thank you.
(00:56:57)很好。作為後續問題，我們看到一些 FPGA 競爭對手面臨供應挑戰。你注意到客戶的競爭動態有變化嗎？特別是在伺服器和工業控制的新設計方面？這是否轉化為 Lattice 的市場份額增長和更高的勝率？謝謝。
Ford Tamer - Lattice, CEO
(00:57:18)Yes, those are two separate questions. You started with supply and then moved to market share gains. Supply is obviously an industry-wide issue, and as I mentioned, we have secured supply for our customers. I'm not sure about our competitors' situations, but we can only comment on our side, where supply is secured. Regarding market share gains, absolutely. We are definitely gaining share in the small FPGA segment. If you walk around OCP and look at every server board and network switchboard, you see Lattice everywhere.
(00:57:18)是的，這是兩個不同的問題。你從供應開始，然後轉到市場份額增長。供應顯然是行業普遍存在的問題，正如我提到的，我們已經為我們的客戶確保了供應。我不確定我們競爭對手的情況，但我們只能評論我們這邊的情況，供應是有保障的。關於市場份額增長，絕對是的。我們在小型 FPGA 市場上確實在增長市場份額。如果你在 OCP 周圍走，看看每一個伺服器板和網絡交換機，你會發現 Lattice 無處不在。
Speaker02
(00:57:50)Okay, thank you.
(00:57:50)好的，謝謝。
Speaker01 - Operator
(00:57:53)Thank you. We have time for one additional question from Christopher Rolland with Susquehanna International Group. You may proceed with your question.
(00:57:53)謝謝。我們有時間再接受一個來自 Susquehanna International Group 的 Christopher Rolland 的問題。你可以開始提問。
Christopher Rolland - Susquehanna International Group, Analyst
(00:58:06)Thank you for the question, and congratulations on the results. For my first question, regarding the conservatism around the back half, I'm curious if you have good backlog coverage over that period? What data supports this? Are actual customer conversations driving this outlook? Or is it perhaps influenced by recent stock market trends and concerns about the back half? I'm just wondering if this is data-driven, feedback-driven, or more of a gut feeling?
(00:58:06)謝謝你的問題，並祝賀你們的成果。對於我的第一個問題，關於下半年的保守預測，我很好奇你是否在那段時間內有良好的訂單覆蓋？有什麼數據支持這一點？實際的客戶對話是否推動了這一展望？還是這可能受到最近股市趨勢和對下半年的擔憂的影響？我只是想知道這是否是數據驅動的，反饋驅動的，還是更多的是直覺？
Ford Tamer - Lattice, CEO
(00:58:51)No, good question, Chris. No, we have backlog extending well into 2028. So yes, the backlog covers Q1, Q2, Q3, and Q4 of 2027 and into 2028, including Q1 and Q2 of 2028. We are currently into 2028. Therefore, we have confidence based on this backlog. However, we are currently at November 2nd, 2026. Would it make a difference if I told you we expect to grow at 70% or 80% next year versus 60%? We have stated we will exceed 60%; it could be 70%, it could be 80%, but it could also be 60%. At this point, on November 2nd, we do not see an upside beyond growth over 60%.
(00:58:51)不，好的問題，Chris。不，我們的訂單積壓延續到 2028 年。所以是的，訂單積壓涵蓋了 2027 年的第一、第二、第三和第四季度，以及 2028 年的第一和第二季度。我們目前已經進入 2028 年。因此，我們對這個訂單積壓充滿信心。不過，我們目前是 2026 年 11 月 2 日。如果我告訴你我們預期明年增長 70% 或 80% 而不是 60%，這會有什麼不同嗎？我們已經表示我們將超過 60%；可能是 70%，也可能是 80%，但也可能是 60%。在這個時點上，11 月 2 日，我們不認為會有超過 60% 的增長潛力。
Christopher Rolland - Susquehanna International Group, Analyst
(00:59:33)Okay. That makes a lot of sense, Ford. I appreciate that. For my second question, Ford, your cash balance is building again. You are the strategic vision leader at Lattice. So, you are likely considering potential acquisitions, whether tuck-ins or larger deals. Perhaps you can share your current thinking and perspective. Are you focusing on software or hardware? Are you considering FPGAs or opportunities outside that space? Is your focus primarily AI and data center driven, or something else? Any thoughts on where you might take the company next?
(00:59:33)好的。這很有道理，Ford。我很感謝這一點。對於我的第二個問題，Ford，你的現金餘額再次在增加。你是 Lattice 的戰略願景領導者。所以，你可能在考慮潛在的收購，不論是小型併購還是大型交易。或許你可以分享一下你目前的想法和觀點。你們專注於軟體還是硬體？你們是否考慮 FPGA 或其他領域的機會？你們的重點主要是 AI 和數據中心驅動，還是其他方面？對於你們接下來可能會帶領公司走向何方，有什麼想法？
Lorenzo Flores - Lattice, CFO
(01:00:22)Just a quick comment. I want to clarify that we're on the same page. Our cash balance is not increasing. We are generating cash and plan to aggressively pay down debt. Our view on inorganic opportunities remains unchanged. We maintain a very wide lens but a narrow focus; near term, we are concentrating on debt repayment and the successful integration of AMI. That is our current position.
(01:00:22)只是快速的評論。我想澄清一下我們的看法是一致的。我們的現金餘額並沒有增加。我們正在產生現金，並計劃積極償還債務。我們對非有機機會的看法保持不變。我們保持一個非常寬廣的視野，但專注於狹窄的重點；短期內，我們專注於償還債務和成功整合 AMI。這是我們目前的立場。
Christopher Rolland - Susquehanna International Group, Analyst
(01:00:56)Thank you. And, Lorenzo, I was referring to growth from this point forward.
(01:00:56)謝謝。而且，Lorenzo，我是指從這一點開始的增長。
Lorenzo Flores - Lattice, CFO
(01:01:03)Okay. But that's fine. Anyway, we are out of time, everyone. Rick, would you like
(01:01:03)好的。但這沒關係。無論如何，我們的時間到了，大家。Rick，你想
Rick Muscha - Lattice, Investor Relation
(01:01:11)to wrap up? Yes. We'll take it from here. Thank you all for joining the call today. We will be attending the following investor events this quarter: the RBC TMT Conference in New York City on November 17th, the UBS Global Technology Conference in Scottsdale on December 1st, and the Barclays 24th Annual Global Technology Conference in San Francisco on December 9th. Thank you very much for your participation, and have a great evening.
(01:01:11)結束嗎？是的。我們會接手。感謝大家今天參加這次電話會議。我們將參加本季度的以下投資者活動：11 月 17 日在紐約市舉行的 RBC TMT 會議、12 月 1 日在斯科茨代爾舉行的瑞銀全球科技會議，以及 12 月 9 日在舊金山舉行的巴克萊第 24 屆全球科技會議。非常感謝你的參與，祝你有個愉快的晚上。
Speaker01 - Operator
(01:01:38)Thank you. This concludes today's conference.
(01:01:38)謝謝。今天的會議到此結束。
Rick Muscha - Lattice, Investor Relation
(01:01:40)Goodbye.
(01:01:40)再見。
Speaker01 - Operator
(01:01:40)You may disconnect your lines at this time. We appreciate your participation.
(01:01:40)你們現在可以斷開連接。我們感謝你的參與。