SMTC - Earnings call transcript Q1 2021

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Operator

Welcome to Semtech Corporation's First quarter Earnings Conference Call. [Operator Instructions]. Please note, this conference is being recorded. I would now like to turn the conference over to your host, Sandy Harrison, Head of Investor Relations. Thank you.

begin. may You

William Harrison

Maheswaran, forward-looking and A our Devin, fiscal Semtech's call our be conference 'XX. Officer; Chief Thank Emeka release and results risks welcome at market is available for discuss and uncertainties Chukwu, Mohan will our call results financial for Financial semtech.com. call of President the cause to to announcing and Today's today actual Speakers unaudited include Executive in was the Officer. you, differ Chief today's to closed Semtech's issued press statements. statements first will could year quarter that materially include our and results after website that these the results on anticipated from

please release safe today's Securities our with a included in and in statement and most review filed Commission. the Factors For discussion recent and detailed more section press harbor the Exchange other of the Risk these reports of periodic uncertainties, risks

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

markets During financial prepared are formal ongoing X our and accordance our team detailed generally believe, unless release. reporting quarter, in refer financial the accounting on to consumption the measures All X will otherwise this included references non-GAAP most the the accepted why beginning Discussion previously, reconciliations better measures Emeka's non-GAAP call today's measures products. under in useful presentations principles. Also, such we of refer business along to we to Mohan's in of non-GAAP considers GAAP reflects with end noted. results of are this which, that to such measures call, management financial we compared be press the comparable measures will not non-GAAP with to

Financial are markets high-end communications largely form We and industrial our end computing together markets our while what call end consumer that, turn over Emeka I end have was will previously Semtech's Chukwu. markets, and enterprise the Officer, infrastructure Chief Emeka? unchanged. With to combined the to

Emeka Chukwu

Sandy, and you, Thank everyone. good afternoon,

fiscal approximately of sequentially over 'XX, into represented QX approximately In net North midpoint to the was the our year direct sales. For XX% sales increased of Total decreased shipments XX%. represented $XXX.X was guidance. Europe represented and of sales million, prior above Asia America QX, and XX% sales, net X% net which distribution XX% sales was year X%. X% to and

and to quarter. and Our the expense book-to-bill above share-based and the expense industrial of a decreased basis accounted with the shutdowns, coming increase to remains And minority the distribution slightly concerns. increased infrastructure XX% by absorption QX. due sequentially the and due quarter XX% high-end liquidity between to COVID-XX-driven expected million to of we as absorption. of QX strongly improve for impact higher declined increased lower GAAP million XX% In offset POS value expect to mix our consumer due in market. end $X.X share-based from some $X.X investments is primarily approximately total we million from end X. GAAP operating we expense. of Tolls $X.X XX% XX% QX, by the lower QX market balanced, operating X% to to higher of lower GAAP compensation in order expenses pension bookings down sequentially, business revenue QX, to the wrote to COVID-XX XX.X% as during COVID-XX-driven expect compensation GAAP slightly X%, gross due QX end in expense. resulted from XX points market, from infrastructure prior QX over with associated our margin significantly shipments margin of Bookings gross

acquired of exclude absorption associated which results, compensation, lower to gross amortization other nonrecurring to acquisition-related margin due intangibles, declined with Moving non-GAAP on shutdowns. sequentially basis QX to XX.X% XX the impact points and the the non-GAAP charges. share-based of

revenue our absorption. higher $XX.X be non-GAAP X% margin offset expect infrastructure a QX In operating by slightly higher. We our X% expense million. non-GAAP gross decreased is QX we to impact operating as expenses slightly lower to sequentially non-GAAP expect of mix improve to flat QX, to of

our now our cycle and fiscal XX% conversion year For flow operating repurchased from due QX, to the approximately of be 'XX our cash from approximately in XXXX, repurchase strong million slightly we bonus non-GAAP operations and In to XXX,XXX We stock at lower authorization to stands up payments. $XX remainder was annual of of cash shorter levels. stock expect QX, fiscal or year million. shares current expenses unseasonably $XX flat at revenue

We the to our our In deliver our increased our that of our to strong XX the lower to presented XX by XXX decline below were net to but expect support secular flat sales were XX solid. debt. summary, above and dollars, inventory cash XXX days. QX in range we To down the days, growth QX, shares, behind trends investments our opportunistically Despite in make pay our pleased days. to remains expect inventory In midpoint our X% QX. of expecting above absolute net shipments COVID-XX, target of sequential to to remain of QX a by due guidance, we are QX, absolute ongoing decreased range to engines XX once target in repurchase represented very inventory terms which and days demand, In again strong receivable challenges XX and in to remain growth a we dollar use of days. strategic which continue of days improved XX% is accounts our sequentially net and linearity days increased sales, and sequentially results

Our gross margin is stable.

to under Our deliver over is Mohan. results call operating very strong. are flow expenses to Cash fiscal liquidity I believe financial is well 'XX. now positioned will are hand and the year healthy, We solid we in control.

Mohan Maheswaran

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

discuss Before and to I terrible want this COVID-XX from the go of QX what moment areas address a challenges done Semtech, some to the performance, take have where we pandemic. impacted over our I has to

company, different and a by As Semtech by for follow safety of we operated was regions global countries, employees the located, of and have will direction under to taken continue the our are our all actions impacted employees. the their guidelines various where the of we

sequentially collaborative prior revenues. we the to revenues temporary enabled prior from In and XX.X% while and softer decreased was X% X% infrastructure net in from high-end have and market now business. attributable revenues. In Signal X% some represented 'XX, end discuss from over the to industrial increased to will revenues, non-GAAP the demand Over supply each year consumer revenues and revenues and end and represented other net consumer have attract markets. sales approximately groups. and offset net investments the for QX revenue net the Group fiscal million. was consumer of X% impact constraints net 'XX, Approximately our and IT QX mobile industrial several Stronger market and total of was the over strategies, over our and of XX% revenues. overall chain represented X% XX% prior XX% and posted a Net performance total QX sequentially infrastructure high-end in decreased our high-end to market minimize diluted sequentially talent. fiscal the and to year the our fiscal non-GAAP year the per years, operations XX% These 'XX, us increased XX% the infrastructure earnings XX% continue by net decreased site gross revenues to total heavily Product and demand quarter margin of of sequentially to attributable market of of of year I devices, from supply dual $XXX.X sourcing provide $X.XX. Integrity total of in systems. invested disruptions represented of revenue year systems from XX% will environment product and XX% the employees to share and retain We net In consumer best of enable of and end of the and last closures

our QX demand for contributed year center and XX-gig continued, market to from fiscal In by record in the CDRs data PON PMD driven XG of products the customers ClearEdge growth. modules. our strength and Continued used center data optical 'XX, hyperscale strength in XXX-gig

an are bandwidth increasing center modules Our shift places analytics hyperscale customers working optical cloud-based burden global XXX-gig the to increasing infrastructure. their on home from data and demand for as

XXX-gig and our to PAMX expect and optical PAMX we PAMX demand very first modules. XXX-gig design chipset, optical modules for increase. also recently win our recorded Customer for We for Tri-Edge to in high, remains Tri-Edge use the for first our platform continue XXX-gig interest

Tri-Edge, next few of We using regions to the we and at expect more have many system various customers see multiple over in design stages wins tests quarters.

our cost, Tri-Edge lower to and an analog latency expect the customers hyperscale implementation few next XXX-gig up modules, years We revenues data of lower recognize over using includes optical XXX-gig clear XXX-gig, power center PAMX deploying as benefits solutions. the that ramp lower than and alternative

with X-gig, provide leading the the revenues. Semtech product beyond. grew the platforms PON In 'XX We in business providing 'XX, nice XX-gig center over to market, trends together business nicely new QX data offerings PON for PON data prior for our market, led X.X-gig FY and center XX-gig systems. the PON of to quarter, expect comprehensive positive FY our by a record growth remains supplier in and our

of at PON-X a demand enable year, wireless that are We networks. market deployments high new In remained expect strong growth the as 'XX, XG infrastructure from building our of to this to data the infrastructure networks. number QX and PON led Increasingly, PON overall carriers products excess bandwidth home, XX-gig healthy, global for looking FY carrier initiatives offload XG out gigabit enterprise station increased. PON-X-driven base by campus these from systems new

PMD being fronthaul platforms Our in and used and modules. ClearEdge optical our are CDRs mid-haul FiberEdge

base announced we station in integrated revenues gigabit CDR XG devices production fronthaul XG record second FiberEdge with as of XX Also our QX, for driver the applications. During stations, accelerate. base per PMD delivered our opportunities emerging wireless newest release DML QX, ClearEdge

Our Tri-Edge products CDR FiberEdge platforms. PAMX PMD and ClearEdge NRZ our complement

of expect triple versus As XG XG. infrastructure XG deployments increase opportunity globally, we our that to

bandwidth, and confident for data drive to all platforms our of position network our data capabilities higher in work higher growth integrity product we secular target rate increase very networks, to the and expect wireless signal demand we platforms, across our PON and the strategy markets. As and providers remain their in upgrade Semtech's center,

and FY of station revenues center 'XX, increase end from from data revenues our driven by QX base the revenues For we to market market. Signal Group strongly, from Integrity the Product net strong anticipated expect record XG

XX% represented fiscal Group. revenues Protection total to X% and Product our net QX net our increased revenues. Moving Protection In on Group from of of year Product sequentially 'XX,

strategy, diversification high-end This demand continue of as helped broader applications Our broader offset a in yield weaker sequential saw targeting dividends consumer annual growth to QX from and in we industrial market. a set strong market. the strength

We is broad-based be applications products high-end protection into multiple processes. growth are new as from expected USB-C, increasing of seeing market. These of industrial as for markets, fueling revenues from year softness to our Ethernet to HDMI our business. an with lithography our XX-gigabit X.X In broader proliferate fiscal consumer at targeted expecting by using are opportunities are our QX interfaces, is own and more as decline the combined such Protection 'XX, acceleration our advanced for modestly continued number of Solutions protection high-speed protection market we end offset further also trends, strength that new

health in and Turning business. sequentially wireless and In decreased and represented sensing QX from demand In business deployed help revenues. these group urgent networks wireless that that are Microshare, our critical negatively see low use low-cost management several on care look IoT The believe for to by a net screen is rebound issues low recently include with municipalities and associated China IoT net impacted individuals cost, health data LPWAN suited enables with human our a COVID-XX. Everynet in together continued of fiscal announced XX% QX, applications quarter components for LoRa and associated announced sensing with with solutions facilities such detection. group. increase LoRa we monitoring wristbands in We another scenarios another area cloud-based regional a of of been data. power that real-time record revenues year recently, governments, achievements initially and an technology LoRaWAN shutdowns management. quarter strategies. most bookings. of behind 'XX, smart any Spain. in temperature hygiene Tencent to shutdowns system care cloud-based product Bluetooth-enabled cases sensing and with high body use deployment, including flexibility, is seen is and to our local and QX more using COVID-XX. us, are enterprises expect product community using QX secure occupancy more to LoRa When to we in workers long-range was strong quarantine LoRa our system to in Several wireless Technologies temperature. And temperature its The have Polysense LoRa in this emerge -- as over successful of opportunities we for have contact as their Italy. sensing examples contact-tracing and provide LoRa center to tracing, our LoRa Kerlink, system or provide monitoring quarterly strong working a deliver ideally being most business, badges, and and both XX% with from a platforms health meaningful partners supply. was impacted Alibaba to connect expect to to tracking, proximity expand, execute wireless see our cases and The network of and gearings has Interest COVID-XX distance and wireless worker in total devote of product simple,

recent of homes the environmental And be other built We EasyReach the of connected detect and that We announcements and use to to value introduced new IoT demonstrate examples the of EasyPlug of the in in demonstrate in platform LoRa IoT a usage to intelli use that web few more appliances. announced the platform enabling changes the are and to of introduced using an industry programs, sustainable integrated leverages a kind These status smarter, various logistics more wooden just efficiencies technology to location Pallet planet. LoRa algorithms benefits Edge cases this cloud of see and sensors locations AI that sniffing software-defined includes recently tracking GPS WiFi our into humidity These emerging for LoRa in developed LoRa. LoRa asset that true Lora management use also into Alliance, management that asset is pallet pallet radio in LoRa included continue its silicon Edge cases. position that its scalable with innovator the its connectivity. our and announced first enables pallet, platform and platform Sweden-based mold and enable platform pallets. that its detect functionalities businesses. cases to first functions uniquely to at-risk

have XXX number countries of end to $XXX network million FY million this end end over of of operators to 'XX. networks The COVID-XX-related LoRa XXX cumulative 'XX, gateways the we few of We opportunities next the LoRa from number and grew expect expect and to this included of XXX at expect And the XX pipeline, 'XX. platform XXX,XXX at for the convert the average, million of we number to feeding The deployed to LoRa beginning XXX,XXX end with will of FY the anticipate with on over against we countries million deployment opportunity from expect QX, to XX% opportunities end leads that, by of LoRa million end number XXX and full this and countries nodes countries network deployed million FY enable at a XXX metrics of more we XX% than shutdowns. which by grew or challenges the pipeline. LoRa 'XX. to LoRa and approximately we over number of In opportunity operators cumulative increased 'XX. line. of of year the the QX additional FY feeding at are the public increase $XXX approximately opportunities. made gateways the new we to The FY despite X FY our LoRa progress the We to LoRa to of expect of FY number XX-month At at XXX end at over These 'XX, of fiscal number the $XXX LoRa with end of by million nodes the private deployed end pipeline the of pleased to over 'XX, the FY exceed the by opportunity 'XX, The gateways metrics FY quarters. will of networks the leads, 'XX, these XXX large we end grew leads of end anticipating exceed targeted an time we both remains year $XXX the end from LoRa million with at from XX 'XX. includes were the a pipeline of of

remains coming increasing and number volumes opportunity markets, of the balanced well geographically from includes cases now in XX% Home higher. the Our could use the consumer of pipeline Europe opportunities with Smart the and significantly be an Americas approximately and where

continue we 'XX, $XXX our to $XX be between to million. LoRa-enabled FY and For million revenues expect

the RF high-power of softer geographic slower mobile our smartphones fiscal high standard year, multi-billion at a metrics unit sensing global While LoRa-enabled industry a due from X facto in the be signals should was awareness our CAGR global regulations business start RF QX platforms proximity sensing our to led year years. smartphone for next for the as 'XX, and LoRa other beginning X In interest lower in drive as the in expect a our next in Customer as increases. dangers and de well market. systems remains the revenue from to of we QX proximity XX% of of to platforms the of the momentum years diversity to the of COVID-XX to market, the LPWAN impact and positive become opportunity we our grow the what over believe funnel,

in there design activity see win also increase used. radios the in continue XG to smartphones, We is new solid of an number where high-performance

QX. anticipate However, smartphone the we weak do to continue into market

For from expect sensing our 'XX, revenues wireless and led from increase our QX of strongly, net revenues LoRa-enabled to group we business. fiscal by anticipated year product record

wins. new Moving on 'XX, achieved released fiscal design In new XX and we year wins. products to products QX design and new of X,XXX

bookings, and revenues $XXX and me million QX higher believe backlog we of secular our Now are million. associated the quarter million, platforms midpoint COVID-XX, $XXX turns Despite fiscal solid. underlying outlook between and year let in 'XX. attain range the and quarter concerns for key net growth XX% to on geopolitical QX, we guidance we demand at remain our record currently strong for net approximately QX. the with beginning needed second QX the much our discuss of approximately of be the our entering Based POS estimating $XXX our To the of or orders macroeconomic

no government. guidance this consideration also place takes the in shipments assumes quarter put to federal Our by more Huawei list entity recently and the restrictions into additional

We the I to hand QX $X.XX now share. happy our non-GAAP call back will diluted between expect $X.XX to operator, questions. earnings will be answer I Sandy, be and Operator? Emeka and the any and per to

Operator

Instructions]. [Operator

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

Tore Svanberg

the Congratulations results. on

on is and bookings your question First kind of linearity.

far So Have into continued how of that see to heard backlog, future bookings we've so in about companies solid May? you Semtech? gone quarters actually with a their lot of from the month even have high

Emeka Chukwu

consumer appears But IoT moment bookings Tore, fairly us. weak. at industrial strong. be at bag. Consumer and would be strong. the is say appear a appear fairly be infrastructure quite mixed within continue strong Obviously, bag segments to be moment. even It's and still I the Yes, Again, to obviously bookings to the weak for to mixed

Tore Svanberg

sounds here is good. quarter a to follow-up, LoRa as it Very in have July. good like going pretty And a

bit that weaker-than-expected did last was this You it quarter. little note a

catch-up? it are look is starting of deployments coming see at a So from to if the you strength, really now that some new drive actually we Or sort strength?

Mohan Maheswaran

both, bit A of Tore. little

I think, and was China down. March, February remember, in essentially shut

mean, literally So -- we I really down. shut

all. wasn't on there much going So at

my broader of more catch-up I in now mentioned is broader -- think here more cases. use script I May. starting opportunities. as use I COVID-XX there and is also LoRa starting And And see and to obviously, then a so happening cases continuing with before, driving potentially But pickup to as usage, see actually, some the And saw that I we set mentioned some in think what's general, we're geographical well. in that on -- April, I that in as mentioned we're some

tend in those Europe America small and more And cases be in China. use metering different North the in building and in well. as cases So use to

quite So just positive generally moment. for the LoRa at

Operator

from Capital. comes with the Scott question next Searle of Our line Roth

Scott Searle

Nice quarter.

on sounds -- And was we maybe see into that of in some we in you nice end front, out be give down year. that $XXX to happen? you get the dig about idea what clarity June give that to give you could has wondering but us to between as indicated higher there the and What flat if protection get us for domestic do to an quarter, snapback it it need million kind Just inflection going the the I us to well and $XX Mohan, on how range 'XX have non-China LoRa, like looks June China idea on for shipments? to of range? would you to the a an of fiscal Can million. differentiate

Mohan Maheswaran

Yes.

business, broader the doing moment of us. including into Protection, the and which doing is segments, quite -- and the then comm really, kind the the mostly break for It's at So let's you all nonconsumer protection. consumer which very well. well start market it markets, which is rest of smartphone is two with business, industrial,

increase and On our smartphone, QX QX, the a the would a bag largest about little the say was we're smartphones. weaker actually It's America mixed that smartphones, was of within flat, a of better than In expected. was in expecting which obviously, for consumer. business. China side, definitely consumer China, North Korea piece I bit smartphones within specifically, smartphone is business

we business, flat will in America second probably then the QX, again, down. be are Korea of down. anticipating to that North to expect be, maybe most at half, And smartphone the to be least We but okay,

that that been is we've of all customers COVID-XX-driven. constraints And supply hearing again, some about, from our of some

general, heartbeat, strengthen half, the -- quite weakness. change consumer but in know could know, our business is the in second and you can looking that the at I good. moment, that it rest So don't a broader of the if -- weak, looking as but consumer the our offset could protection is

and And just we catalyst I've that then front, in -- maybe a we we see. Home yet that any our growing real do for on LoRa again, that on wait We the to nicely. Smart haven't COVID-XX, of to pickup talking seen anticipate from gets start Home don't been delayed, about while. the have So Smart business know. the second half But

I lot range, get I'll hot we home, a things So but is smart of to the end even to and to consumer-ish my the tracking maybe asset and smart And whether depends, category be that think, in kind consumer determine high those more direction. logistics on right in going sense segments. of the call are

think the set of a think, issues, the if because actually but up the use many us last for cases for I us, which well. board regions cases. across year to its own mentioned, starting is quite those disappointing all was use across driving And different year I China I we're is pick of as encouraging momentum COVID-XX across and as obviously, see

see. we'll So

Operator

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

Quinn Bolton

COVID any whether given most applications? buying moving sense on I or inventories to congratulations customers build say Let are wondering record your you and to end-use outlook. the have results quarter just outlook? with Or POS, this guess me record trying offer through first is of product nice also if do think you ahead bookings, the

Mohan Maheswaran

the multiple lines, across end Yes. We've at for and closely, it's markets. Quinn. thing is multiple I across across geographies us looking been very product that multiple encouraging think And

look base XX-gig XG center, is we obviously, station, PON is strong. PON, strong. is at base strong. if So station Data

of And -- then in all parts broad. of pretty also different some of China, those in North Europe. is And America, different some that regions across all segments some is in some LoRa this the world, cut of

much. there's think don't we So

anything pushouts suggest or We to haven't weakening seen or it's much that all. cancellations at

in And booking to it -- is the to think most very strength, see where and side. much very is I I that's both continue much growth. seeing the going POS side we're think of infrastructure the

Quinn Bolton

Great.

just or cases and about cases consumer question on use for home North question Second America. smart the to use Scott's more follow-up

COVID? may devices and you and to that second just Or continue leads are place, on begin COVID EBT restrictions mobility, go still devices are you see due calendar that and and have that the and what there or be qualification seen now. testing, process the these the confidence that of that you the mentioned guess, delays testing gives that's You in for half? activity see testing delays track that in products have kind a through some flight second to taking well think extent some you are to that related those that DBT to of given I to those of you I lot the right into that comment expect to would ramp half. these Do devices

Mohan Maheswaran

Yes. The honest to be answer is and Quinn, yes to yes, that with you.

of just hearing regional on things the us. of supply. I drive the many quarter on uncertainties to -- We are too around that COVID-XX, wouldn't is take testing. we progress. a to seen a whether stuff And see the very kind and if world I There's obviously. macro just uncertainties a quite on driving events think were is around customers things track. and of unknowns. way just to not what phenomenon, too surrounding just are moment. COVID-XX They I think surprise. many everything with strategy see have We're think a We -- COVID-XX There's we with many what's going is so -- But the the changed. uncertainties be the on know delay, just we're want out That's shutdowns, on caution given they but equipped there's strategy. equation, the those happened unique lot and well, ready you suggest don't going track, hearing that things But are at there's there's you that do nothing the anything's

Operator

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

Christopher Rolland

and guys since if the I to list. of first are entity of Commerce to Department broadened all, were the us decided think broadening revenue from first what size us guess, could that And shipping Huawei help Huawei quarter the report that? remind you ship impact what's then list, you the the you I last why perhaps you you the can quarter? entity to this secondly, of nothing to

Mohan Maheswaran

Yes.

in all my remarks script guidance. my that's that our said into I So prepared of built

extended that looked entity at the list, there we impact, we in and included list, the our numbers. So entity minor and a is

It's So that in QX. perspective, million $XX small. into $X shipped million about consideration. the to fairly a Huawei guidance takes we From

Our no guidance into quarter. more Huawei shipments this assumes

comment out the of our the that's from make So risk our perspective, taken guidance. that I'd is

yes, So to some expect into -- still ship Huawei. but revenue we

I it's with increased -- they of the and systems? restrictions do can they Do the question ship they things their on need a more them. products those of think type

So as Huawei concerned, we've best our far business can. derisked pretty from much as we're as numbers we as

Christopher Rolland

you The about a of that that make on, more about of aren't to just demand, wanted talk And PAMX guys just Okay. businesses? And guys, the can market's center sure talk maybe any analog data more, to focused and bit you separately, some guys going sure, side entity to your about other that Fiberhome opportunity. are just particularly could like around you little if developed? talking those make the how affect then short-range

Mohan Maheswaran

Yes.

there but things entity the don't the -- Obviously, any and point us. Then impact, any companies it's back said, for coming even center time, So Fiberhome. see if built front, in is an point for this on that I would like daily it to list. Fiberhome we if small, isn't issue time, any we all well. it's data impact. on At we least QX, anyway, as business that -- at the into -- this I side. change Yes, at say, in don't for of other going And is companies expect our fairly all guidance data center

up modules nicely. are XXX-gig Our ramping

we're our ClearEdge platform, This starting with goes which with doing said, sample PMD now products. very together I As our to well. PAMX FiberEdge our is platform. Tri-Edge first PAMX And

side. XXX-gig on interest both out longer good some also see the to reach We'll have and starting products we're so this there, year. XXX-gig And

a be expand revenues fairly my our get quite we're year, expecting to the to portfolio but more Obviously, there. we'll momentum sense be that So bit nicely. next year, and PAMX this small, little will ramp is able

still have to and We primary on end of the just XXX-gig then next and think, revenues moment, for we'll market probably XXX-gig start year. see. us progress the and to good year, see XXX-gig, is some yes, the We wait at So then generally. to focus eventually, this and then

Operator

from next of Our question Schafer line with Rick comes the Oppenheimer.

Richard Schafer

a I follow-ups, add let couple my And of guys. Yes. guess. have I just me congratulations,

you what's of pull-in first that. give do and way kind book? question. broad customer? order for that's The How I a you can or Quinn's how normal because do vetting you some see how know, your a guys back approach look is curious, describe the you versus double color -- a but do just question, of Or -- a curious And yet sort from a I'm order potential scrub your to approach sort you on orders? the for I'm of

Mohan Maheswaran

many the how base are us for to side. going can for and kind so But tend who's that. for modules that are then know, that we many Yes. look do a those number think question, It how tenders customers. example, feel do example, drives that on to built for what at how do can XG going is the We tough the end about you to ports to it's stations, we do and question. of go same be get know I many stations Rick. optical broad out PON that is on as drives, a there, that and you and a talk base And we the We of, get and

-- way. can so that do you start can to You it

I think protection not focused. of lot things you'll to business, But going -- broader more more bit they see don't more it's typically, a double It's inventory. to market can. mass off for a you like difficult left to a they're with for be in what start lot when in you're where tricky. if or ordering, cancellations have fall as of example, you X guy see, want area and it's be getting for our a industrial you side But general, more little distribution the market

things that. that to start see like say orders push-outs you'll of space. that you'll I start to So and and see consumer the would outside

some consumer, that. much but that in industrial, mostly so see infrastructure seen would but little really say, side. I we haven't a not we bit, So the

commentary, Also, think real well. it's indicates by think strong being and validated this do my the on is need infrastructure as being POS demand and I So that out stronger by the bookings there. is I side driven that

Richard Schafer

at just then has market the unique XxXX I'm -- why on time? see 'XX? CDR, in in share just talked how date? revenue another for picking the dominated there. curious, And in that I'm question, next year. that It's you've curious, end guys, large And And PAM maybe a I'm it I Tri-Edge a think have of do you to pretty know very guys PAMX I'm You market curious, you perspective? that curious follow-up. next incumbent PAMX. Can you material just up maybe you year, DSP fiscal be driver evolving over about market really obviously,

Mohan Maheswaran

let answer that. yes, So me

be. First, it will I think

like I certainly think this meaningful the expect the then correct and design is of become and and and that. latter year, test sure year we'll year things this assumptions will next Tri-Edge, But really think and part our are I technology this the year wins performance the towards wins have probably of I design-ins it validating making design and revenue year. for

the So that's comment. first

second is DSP. on The comment

then not We DSP. know, continue in down to path. we path you chose As went that down invested that and

analog was good the So technology implement think have it's decision think think think demonstrate we And we that's to the to a strategic right made a position, decision It I for I But incumbents continue And was down are -- PAMX. success -- it there. the that. first I the there, the I they us. leading to reason and have path. and we for can. And

and I that demonstrate XXX-gig value. we X XXX-gig, over next think, here, will, months the certainly for

Operator

Mobley the Gary comes line of from next question Our with Wells Fargo.

Gary Mobley

Let sales what, math me serves XX% quarter me your the sequentially, headwind extend are out to expecting my congrats as July grow, roughly from you well. netting my correct, Huawei. If

bounce don't strength mistaken, and of in And kick center back turns then? sort the whatnot. now a telco bookings that. clarify and business. chance end new related between driving LoRa if I'm and to of the any in generating June, data of Just It's the It's tighter Huawei restrictions not export until what's business with

Mohan Maheswaran

But Well, the Huawei said, few ship. expecting guidance taken -- we're we not are it that in, And can at for if opportunistically, it so the what not way in out think, more the we are can can, I look being I more playing are ship, any comes foundries to some terms challenge. it. not Huawei, of to to they HiSilicon, most recent for doing products of we'll business ship. other shipments. is most if as And largely, the they somewhat products the more, being The suppliers? -- cannot is of get is to But we ship can our ship. them. Or there of example, There are QX able issue can I've planning especially we with restrictions, access of approach or able other a restrictive get components we more with a from

somewhat would unless I that. change And additional general, us. things in think impact say change, the don't any of the is I restrictions to to see minimal So we

Gary Mobley

And Okay. right. all

strength So demand. in on let's move market end to

how exceeded can net with but the and impact us you to So channel much inventory? share sales, of significantly your reported your sales point increased what was by the your --

Mohan Maheswaran

record Obviously, was inventory came POS down. of the channel QX. the a in record, for because us So

channel it's and inventory thing POS, fairly good broad think the us. in for shape And for is good our about So both POS I bookings, the us. the

out We significant mentioned, a that large know have we XG. that there, and good, chunk know a opportunity we of So base get station, driven as I by to is looking of business. tenders the

And PAMX going and outside PON bookings growth moment. the LoRa doing for obviously, for so continues stronger , is then Both for, And side. mentioned, The beyond. QX the XXX-gig that's strongest shipments be well and very I area going is in well, as us that's at center quite the quite of for driven also data to XX-gig strong. FiberEdge probably clearly business, PON

strong And mentioned, well. quite I has very expect there and LoRa, as QX as So that's strong, doing bookings we then well. a

Operator

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

Harsh Kumar

on for ordering. your First double of results. a little think, are than congratulations, strong most reporting of I Actually, heard better all it's, very, look all, I time. bit And questions I guidance, when this very companies at the the

that understand, in I turns you've range. long trying I'm to about listening the you're had to My is XX% as So booked. XX%, you understanding remember, XX% for as can

at said you about estimated XX% were think year. I turns this the

the happen? question alternatively, and/or So padding in sort is, for you a do in terms this guide -- higher case is why not of cancellations

Mohan Maheswaran

Yes.

the So years. been turns first turns It's of CEO of that's It's XX% I've the -- XX and with my Harsh, all, accurate. . probably the need. company, company, lowest of the since we is all in percentage the

-- to of obviously Having achieving. we're what to unknowns. So low number a are lot a relatively there that, said it's used it's

around uncertainty still of lot consumer a there's think I the business.

to that's think. another I to be normal, starting North get think the back here America of going COVID-XX, resurgence especially broader cases, starting industrial is there just to and I in to

other have took there's I that approach we is just still taken, that's plan which that sure the to So we've think uncertainty, and and what conservatively. And companies done. guide conservatively we just several

Harsh Kumar

is then the up quarter? And for and China Or up got as a But will that but think think the infrastructure this aside? you set bookings that an and there was at possibility landscape, nobody of I that fastest in area or get know the LoRa LoRa removed, quarter, into question in first it's tensions we flaring LoRa. of do question, -- ramped sort I back up you do answer, open all, this is it a reason had the And that? knows get the the then look is you second dramatically? is on bookings probably again. hurdle outside Do caught ended think second are the could because that you saved that of the going because

Mohan Maheswaran

Let side. especially across board, with first, Harsh. part the infrastructure first the me start the bookings on strong The were

very was as And -- station very strong us Base the LoRa very center for as broader strong. strong. protection business. was on So protection was well data

those X main areas. So are the

I XX% Now China mean, for was from was but China, of down. LoRa of domain, are that and February a down. today, LoRa March, March, shut our the large revenues within remember shut February really and part obviously, still of it

areas out, soon be and come other in that it's smart now play said, cities. new and pick say, I some it we're the lot logistics, April, metering play into if and do as quite back, revenue but smart some LoRa But use the said, I versus like the COVID-XX and new came smart then mentioned up and I to I temperature home, to did buildings not that are older yet, seeing and play. is start a quite to and monitoring up quite and it's could of think say, smart like thing starting that smart to is, things I itself going revenue that of is And well. driving pick is but smart then -- revenue not significant for smart where health start pipeline as the I've material and they would So opportunity look cases like

use lot of a cases. different So

our we're So you additional most not I can of of say course, is happen restrictions. that something now. worried never I and things XX% opportunity could pipeline, China But mean, -- worse. could about outside no, think about really get our

continue of with we growth in a for us. work So, continue drive going of to to outside lot new do terms well wins working we that's also design and with our while opportunity and China there, to and China partners have

Operator

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

Tristan Gerra

it's China's the efforts that create is a able for impaired potentially but the lower medium the knowing government pushed and and being to in NB-IoT term, competitive TSMC time does extent own given that longer with and IoT, build it not IoT more not amount a notably term? that LoRa, that have of actually Hisilicon change actually that overlap longer in landscape for Chinese So could chips know the the demand where I NB-IoT perfect has that the at obviously to going restrictions to

Mohan Maheswaran

on depending I'd Tristan, but we're to Well, like not think that. so,

around to NB-IoT. to cases cellular The Chinese for use going the going going to push us, We're winning. to is continue world drive push For really where NB-IoT. government the -- stop to The not continue will that. Chinese is are guys LoRa

that's strategy. be going our think to I not

case to technology the they use the to get deliver for so life, way. an always our that is deploy really the in best use they to customers the can the system technology provide strategy the lowest efficient battery and that implementation Our -- need deploy

technology do, can and win. to do of that's more large think feeling and quite or other as really way to China. our create just going get in gap NB-IoT what certain new a and we're that's LoRa any can is, our the so they just out use And will more we what And products between Edge, like cases even what I -- we do LoRa in

Tristan Gerra

saw little gateway quick a then providing. -- In And LoRa. we a on per average on of the basically year, you're data that a last bit based decline Okay. node your fiscal in follow-up

in year-over-year? do the expect actually expect for China, Given coming the that also, for that year this per earlier was you quarter you of to given LoRa year, LoRa pretty number we to reacceleration LoRa up And this node this should weak increase see probably be gateway again year-over-year?

Mohan Maheswaran

do. yes, expect to So up I be I LoRa year-over-year.

obviously, at, How deployments nodes metric another around other per are gateways gateway very The that's world. that well, end Remember, doing are look gateway. comment on actually. And deployed. being many we the

XXX,XXX 'XX. of QX, mentioned, I end FY the As XXX,XXX gateways from in

to And to gateways. tells the in the really get concepts, are drives opportunities what that's we from And starting use the increase of and moving the their into us proof proof-of-concept cases, that deployment. they're -- significant that have end nodes. all So

more look allow a and on how we basis gateways, real-time to connected. end can how many it you gateways at but nodes say and So lot have many be the end deployed a nodes

sensors. the XXX,XXX at So gateways billion X drives moment, around

or nodes X to be those So connected nodes sensor gateways. can billion end

to then the use out case have modes just we plenty of the there's is follow. driven. capacity And the end there. That's capacity. And will So that's enough drive goal

start and see use the cases as end So then more deployed. more start nodes you'll to get emerge, and deployed to

Operator

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

Craig Ellis

the guys. us hoping was down sensing couple clarification just clarification can on wireless of within I say you LoRa? execution, I Yes. quarter-on-quarter. proximity that, you I a start was performed quarterly versus that The before Congratulations questions. tell with But is, I sensing XX% how good a could think heard

Mohan Maheswaran

They both have were that? down quite significantly. you Do

Emeka Chukwu

No.

Mohan Maheswaran

Let's see.

amount, the on from [indiscernible] a quite Yes, Just same percentage by I that standpoint, think, both a minute, down And Craig. were I hold both would down. information. about

lot was proximity and sensing was down shut of was a coming more consumer. think for China down mostly I smartphones, March. February because obviously, by, of the LoRa enabled down So driven

to -- that but -- thing, X sorry, dynamics was were on, came And yes, Craig, different there significantly. the other constraints some the -- other really there some that going So both supply the drove in then down is some and business, proximity sensing business of areas wireless business in for both that that and mostly be sensing that both down. in drove

Craig Ellis

then first you targets for different the metric like all question, sounded went Got you've it. that retained as your for it 'XX. And metrics through the LoRa Mohan, calendar

end would with difference million, business to is on $XXX of closer $XX the what $XX congratulations to the coming between at question the $XXX million the revenue a low versus So My range million? make high the that. million coming of in retained end,

Mohan Maheswaran

say, towards lot programs doing some are in timing going that even are difficulty would that that's -- we delay use going emergence to home a a business. us the don't -- COVID-XX, pickup impact mentioned, home more significant, I'll mentioned And quarter does, And going may into adopted on And things little we'll with the long-term but if -- mid- and delay think it a I by be the, if new it's QX. and we the see happens. for quarter. will and And next are year, to it and they how more bit logistics happen know as -- we'll scheduled delta consumers cases smart as drive we'll but to quickly. but depends really should it And I It's how the it's main probably to smart don't on. of by they have some consumer-ish, cases. going I more high-end, if We'll the see I of to in not think play on The do, use the QX. is are and it how was of a a be things two. see, whether it's monitor just the some report enterprises to smart or have it it moves that that those

Craig Ellis

And helpful. That's for Okay. lastly then you.

near-term Integrity, think it looked business part I of ahead part data near-term question, opportunities ahead of of that strength can business, center the of near-term base within to answer of question hyperscale for this earlier investors maintained? the given -- you the out duration the worried the half that back the do strength of different you be the in like The into your the station. about the greatest Signal companies, that chip are have of in the look is you as was strongest the noted year an some PON where confidence

Mohan Maheswaran

The now. QX being half Yes. back project difficult to is

China, knowing amount. those I will that customers, that okay. market in position they're planning, we a think the know think is going that we have And and good different customers we for very how to I think know this in we in we're market. year. We know a getting indications and example, our are they're of the do position base part station be that certain that know QX We deploying it

this is kind The especially becomes that's mentioned, XG I of play we lot the the things as business, PON-X going for year. one So think -- that XX-gig a a the PON, nice networks. to PON out the to of the play we handoff have that XG as a of we know, about

of brings encouraging. that's very so -- PON that's a really thought new And new a architectural a value kind new that and

AT&T, the clearly, often I not that's that biggest while see opportunity markets about both about the far, U.S. obviously, market Verizon, European we're see, and is understood we're think gigabit starting and by XG base by really the China PON, today talking now deployments. starting and and to PON, thing talking to really station is other

geographically, well. I is and as of a And so encouraging broadening opportunity which the think a very very good

need we base for for So centers. is be there drives lot but slowdown, half, clearly more honest with more that But the see second drives it PON, more to even so standpoint, much COVID-XX. a obviously, depends consumers, enterprise bandwidth clearly more you, that for don't from on need the and data a station, drives

continue. So we for think year, will this that at least

Craig Ellis

you sneak That mentioned or tailwind, the for makes I feel he's And the bit been a sense. if a I quarter flow-through I quarter with would Emeka, margin headwind one like could guess Emeka, gross first would in be second would mix revenue. but be a utilization that's effect that the a be of headwind. absorption neglected.

we year? things look gross exit quarter, your the get you do this to working XX% level could both second beyond way? we as of As the getting margins fiscal those we And see

Emeka Chukwu

all I Yes. listen margin. that those the very think Yes. are areas you we a with lot mean, the high coming have, to is gross of as Craig, that I expectation.

center, well. data PON protection industrial the applications XX-gig the So the PON, then as XG, the the and

to absorptions demand revenues to those going So higher and we gross our strong up of and type the driving stays move margins higher around think of up, level. XX% a mix allows us

Operator

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

Karl Ackerman

think of band some consumer to little FCC the the X if investors curious, may you bit may. this CAGR of ones, a I quick been Mohan, just decision just XX% LoRa how of worried in have Wifi. adoption gigahertz limit for the curious, about annual kind make environments. kind available Two that do I'm

connectivity. expensive hoping if As I for in-home it routers consumers opt for that, business much could about kind you longer would your LoRa just was higher talk more how term? impact but of consumer performance,

Mohan Maheswaran

way think of those complement ways, the platform, thinking different has about to -- Actually, WiFi routers really is enable systems a to and use complementary. platform about is to so WiFi still use but we are even in -- think sniffing LoRa they're great many type there WiFi don't latest our operate case. needs I how they LoRa it Yes. and cases and function, Edge our each that

WiFi impact that LoRa and all. WiFi seeing LoRa where things say becoming to valuable more at complementary, for like most no more anything, bandwidth cases. is and cases sensing high capability more really would if use we're power and really monitoring low I and use plus are and a So

complementary. it We as So just a competitive more see as Bluetooth much that like issue. don't we LoRa, plus XG or really LoRa see a plus

Karl Ackerman

helpful. Very

opportunity, who customer. that to most maybe one, the largely triage given I fact one On is there the have PAMX, if Just last appears early a designs it's one your relegated competitor to may. hyperscale just of one, in

could of First, that speak for two next material number have this interconnects market your I expect provider? you perhaps but the Tri-Edge opportunity do as cloud in to year, adoption a to the solutions? just relative be the you PAMX more XXX-gig position transitions you and the the was hoping quantify XXX- you both and year Second, noted center where diversified be U.S. opportunity more inside to data strong

Mohan Maheswaran

the just the important started thing we Well, -- to Tri-Edge first sample Yes. is we so just platform.

for center So we in very what's has that know position we have and the XXX-gig know good and but I customers, noted, early space, and be us, and the have it we very days data do needed, is a to think pretty strong position. a we

that our the reach we now use Initially for for question to and reach and those have. is so the short goal And XXX-gig platform is XXX-gig. then longer applications moving customers for

very a think we latency important. the do power important. PAMX that do lot the that slam use here, important. there's and felt there's but made was felt was -- and decision it's analog because I it's route of some felt to work not dunk the not we cases, of So yes, we but very challenges, -- to lot we We mean, know cost was go the strategic in that a We extremely a

that's And kind so to we why year, we We'll see next up be And don't revenues year, goal nicely. should just revenues we is the now this then to go that And PAMX -- up that wins, we ramp catch design have I of huge have was to this think that the space, the reason fact and think that see that. the to late our year. are more get year we sure this path. I there'll chose make this somewhat

be I think much next will stronger. year

Operator

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

Mitchell Steves

substantial a beat question of investor debate. I It here. a think 'XX, kind looks a like pretty I raise But on it's had more and just big like 'XX

So half it of sounds back of like. some guys what looks like sort the had view you

the going way to decelerate be would and any give year, I the us think that there very how out or a metric be similar there, back would is that's accelerate? useful. or July growth So qualitative to something to least model if Anything it to it half maybe help should of

Emeka Chukwu

now, have year. still I Yes, the everything decent we that from to think second half see we right of a expect Mitch,

However, there still how is there knows Mohan going to really nobody of. before like play that And recession not control a things COVID-XX, with things and out. we like that are whole know thing said regards in There out a to were that. we is talk of

good about bit but we So it. have have of also hint very little feel we caution half, second around of -- a the still just

some flattish a be that up probably slightly the would sort of we'll year. half expectation to see second So of maybe my

Mitchell Steves

a on then helpful. follow-up And very really quick That's Okay. LoRa. just

significant April, You like guys $XXX sounds the much in talked to wasn't July. It to million. there hence, to $XX million contribution pretty

out infrastructure and still with look any the 'XX in it, or sticking 'XX, the that XX% has call guys out Or you kind we next, when let's because build just XX% way? So of pushed got like it's are change rate growth out? meaningful

Mohan Maheswaran

have stick there's it's the only our use We'll seeing with not lot really capacity the that X of next that belief need for deployed, the these driven out being plenty really of are over No. cases, low-power CAGR a there. and by gateways years, XX% We're sensing.

to area I grow. the smart So it use the as low-power we'll take starting XX% And a we're to 'XX, 'XX market, the smart the clearly that home, emerging more today, of volume to some think, will wide I start gateways, and is smart they cases. tiny and logistics, higher network which I start see off, believe are FY connectivity FY think we CAGR. mentioned, tracking asset if see then consumer, which smart There much to number drive will,

Operator

Our of line comes from the with Financial. next question Khorsand BWS Hamed

Hamed Khorsand

it Can quantify sensing? And constraints? is wireless sales question. one all Just to the you it And was QX and from in QX? all slippage from the supply

Mohan Maheswaran

when Hamed, sales slippage, I you say think... so

Hamed Khorsand

you XX-Q, in to You there and guidance. the of disclosed towards an talking QX QX it XX-Q, was impact the on were you to were bottom the sales your about shifting

on So get that. I'm to trying clarity just

Mohan Maheswaran

Yes.

some of there I areas mean -- -- had constraint. we some think, are supply so I yes,

we for For down, anything. was business shut example, facilities Mexico High-Rel our in couldn't build our

to to So that we're -- clearly, again facility and that's actually have and planning that's we -- until start June. not

So that's shut still down.

ship So we can't anything from that.

down, some of from the million a our in to has some -- capacity small, say, that And million. business. shut And there. protection $X million fairly impact. then standpoint in have It's then reduced dollars there's operations So would capacity. of I few Again, we $X constraints our Malaysia our some

locations. fairly of it should numerous up. sites to different in most don't to it We going it's broad, adds that So in material I pick be think able And make it's it's all, and QX. difference all But a significant up. so

Operator

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

Tore Svanberg

follow-ups. just I have two Yes. quick

related First again, of than is versus to lower top on it you guiding some historical times, record the to but yet careful of with large $XX just sales, that, perfect economy a the that fairly Is all, sort And understand had still and it's million Help about POS, reconcile you us being know it's just million. record Huawei? what line. not number. $XX you're POS your right, I

Mohan Maheswaran

Yes.

the of above, all think Tore. I

out. come done of, So think in the to know I've regulations out put the restrictions that's in or what shipment just the any will Huawei going don't guide, will to some come that look, it we do what new way and terms because not two guide. quarters, in constraints more we're last I

matter. it doesn't So really

into the first the one. So guide no Huawei. shipments assumes more That's

going is other percentage standpoint, to to not be is work, really think come to quarter. and to as and the to North to enough whether we required okay. But different aspect demand and continue in turns a -- about And going it part I as going down we're the is regions. knowing back impact, a is shut going out see the from have back go COVID-XX how Europe America said, another to the lower play start virus in that of we're obviously, be again I or

So some guidance X -- I with have I think down capacity, of our think could probably sites we too say and you things have we about done, want don't uncertainties to right? the general, one we guided just But you would aggressively, we more in supply and have the feel that I XX% it good and the could conservatism there, our at bullish be -- there. that, but another still shut demand, in know out like X -- don't constraints

Tore Svanberg

you're actually dedicate Yes. if companies It -- the just opportunity That's LoRa of wondering on activity care a It downturn. business last sounds here enough as may of unit health you seeing Smart was you're like a sort in question. fair. side are I sort big seems a quite LoRa. care market one of health Healthcare. a of towards the using with lot bit the And where just the seeing like

with guys Just there, a are you dedicated health LoRa? care bit wondering being to too, more if

Mohan Maheswaran

Yes. That's a good that of question, answer sure Tore, and I'm to not the yet.

the they'll thing us see I -- partners for separate drive to probably LoRa have through believer kind of customers starting of area. use we've tracing, or occupancy I've to said, temperature are a I that makes management area. whether strategic a whether really We and nice start world on will if contact kind indicate strategically got being thinking I'm just more sensing, is quarantining. good this, But working set I it's that is remote LoRa successful help it And and longer-term as to of COVID-XX. LoRa of perfect we short-term to in some The mentioned and cases, is in that around said of deploying sense the this then and with think thinking smart opportunity.

functions. Our has both we and to which announced, sniffing new sniffing, GNSS Edge just just WiFi LoRa platform brought LoRa that the we market,

on the But think, same good got designed and Actually, huge to a I in platform, separate smart is in that we So logistics asset which a tracking, we be it, health the opportunity market. radios, all smart has going is focus really X chip. think and the market. same

tracing So we'll that. and like see, especially for contact things

areas to a is it adopt how going So if one the on keep to we'll those see we plays it's but market accelerate. close and have out, eye of it that to see

Operator

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

Christopher Rolland

a just And kind to follow-up Tore. of also

previously side booking of noticed of book-to-bill the some customer Huawei a of competitors. between and your On a correlation we've kind things, as from

want extra than you guys to know cancelable? is Was you marginal different a bit said you that's above? I Are about anything dated? that if little they would book-to-bill. bookings, strong had X.X maybe what don't guys there then just further? or Or about otherwise? I as it is describe those that, think you And were a they long think

Emeka Chukwu

how that out sort things referred you we push track of to. range requests the much we're our to the said have one the getting. call, of book-to-bill Chris, Mohan getting, continued. how have strong, pretty do the have So the on And consistently cancellations like bookings we actually And was of I is think been that that much much we're

indications apart very all pleased been being anything We've bookings that from the the is by something that is far, actual we that have demand. is we're so And not seeing are seen with ordinary. the really that driven

Mohan Maheswaran

not areas. out point of related would been We're the booking the has infrastructure I the other mentioned, seeing segments. was lot And a I in some same IoT and Yes. that strength strength, as in

-- broad. and been the fairly within infrastructure, it's that So

base you center, it's see broad communication strength, fairly PON, a see areas you IoT. of lot X or it's So within say, but normally, X data infrastructure, and broad where would it's I it's a it's station,

Operator

no remarks. over As closing floor any to would at further for the there to management I turn this questions like time, back are left

Mohan Maheswaran

with to challenges faced we the built partners and and challenges. strong of in appreciate responded balanced outperform market forward thank Thank look uncertain your over have all all We you. quickly quarter. this adapted our fair years, infrastructure us from these several the to updating in offering, operations. want provided pandemic. end us continued have our limited impact relationships, and leveraged has to support peers along COVID-XX with their closing, product I efforts that, share its last They And believe global help times. our employees of for to and our should to we the balanced In adjust Semtech resulting geographical With approach, all you our business diverse customer and next of

Operator

teleconference. concludes today's This

you at lines your a disconnect Thank your wonderful this have for day. now may You time. and participation,

Semtech (SMTC) 28 May 202021 Q1 Earnings call transcript