SiTime Corp (SITM) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, and welcome to the SiTime second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的支持，歡迎參加 SiTime 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Leanne Sievers of Shelton Group Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，謝爾頓集團投資者關係部的 Leanne Sievers。請繼續。

Thank you. Good afternoon, and welcome to SiTime’s second-quarter 2024 financial results conference call. Joining us on today's call from SiTime are, Rajesh Vashist, Chief Executive Officer; and Beth Howe, Chief Financial Officer.

謝謝。下午好，歡迎參加 SiTime 2024 年第二季財務業績電話會議。參加今天 SiTime 電話會議的有執行長 Rajesh Vashist 和財務長 Beth Howe。

Before we begin, I'd like to point out that during the course of this call, the company may make forward-looking statements regarding its expected future results, including financial position, strategy and plans, future operations, the timing market, and other areas of discussion. It's not possible for the company's management to predict all risks nor can the company assess the impact of all factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.

在我們開始之前，我想指出的是，在本次電話會議過程中，公司可能會對其預期的未來業績做出前瞻性陳述，包括財務狀況、策略和計劃、未來營運、時機市場和其他討論領域。公司管理階層不可能預測所有風險，也不可能評估所有因素對其業務的影響，或任何因素或因素組合導致實際結果與任何前瞻性陳述中的結果有重大差異的程度。

In light of these risks, uncertainties, and assumptions, the forward-looking events discussed during this call may not occur and actual results could differ materially and adversely from those anticipated or implied. Neither the company nor any person assumes responsibility for the accuracy and completeness of forward-looking statements. The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform statements to actual results or to changes in the company's expectations. For more detailed information on risks associated with the business, we refer you to the risk factors described in the 10-K filed on February 26, 2024, as well as the company's subsequent filings with the SEC.

鑑於這些風險、不確定性和假設，本次電話會議中討論的前瞻性事件可能不會發生，實際結果可能與預期或暗示的結果有重大不利差異。本公司或任何個人均不對前瞻性陳述的準確性和完整性承擔責任。本公司不承擔在本次電話會議召開之日後以任何理由公開更新前瞻性聲明以使聲明符合實際結果或公司預期變化的義務。有關業務相關風險的更多詳細信息，請參閱 2024 年 2 月 26 日提交的 10-K 文件中描述的風險因素，以及公司隨後向美國證券交易委員會提交的文件中。

During the call, we'll refer to certain non-GAAP financial measures, which are considered to be an important measure of company performance. These non-GAAP financial measures are provided in addition to and not as a substitute for or superior to measures of financial performance prepared in accordance with US GAAP. This GAAP to non-GAAP reconciliation includes stock-based compensation, as well as acquisition related items related to amortization of intangible assets, one-time acquisition related charges, and expense or income related to changes in the estimated fair value measurement of acquisition, consideration payable, and sales-based earn-out liabilities. Please refer to the company's press release issued today for a detailed reconciliation between GAAP and non-GAAP financial results.

在電話會議中，我們將參考某些非公認會計準則財務指標，這些指標被視為衡量公司績效的重要指標。這些非公認會計準則財務指標是依照美國公認會計準則所編製的財務績效指標的補充，而非替代或優於這些指標。此 GAAP 與非 GAAP 調節表包括股票薪酬、與無形資產攤銷有關的收購項目、一次性收購相關費用以及與收購、應付對價和基於銷售的盈利負債的估計公允價值計量變動有關的費用或收入。請參閱本公司今天發布的新聞稿，以了解 GAAP 和非 GAAP 財務結果之間的詳細對帳。

With that, it's now my pleasure to turn the call over to SiTime's CEO. Rajesh, please go ahead.

現在我很高興將電話轉給 SiTime 的執行長。Rajesh，請繼續。

Thank you, Leanne. Good afternoon. I'd like to welcome new as well as existing investors to SiTime's Q2 2024 earnings call.

謝謝你，Leanne。午安.我歡迎新舊投資者參加 SiTime 2024 年第二季財報電話會議。

For those of you that are not as familiar with SiTime, we are the leader in a dynamic new semiconductor category called precision timing. In electronics, timing is ubiquitous and ensures reliable functioning. SiTime's precision timing solution serves the needs of AI, data center, automated driving, IoT, and 5G.

對於不太熟悉 SiTime 的人來說，我們是精密定時這一充滿活力的新型半導體領域的領導者。在電子領域，計時無所不在，並確保可靠運作。SiTime 精確的定時解決方案滿足人工智慧、資料中心、自動駕駛、物聯網和 5G 的需求。

We're in the early days of transforming the $10 billion timing market. Q2 results exceeded the high end of our outlook. Revenue for the quarter was $43.9 million, which was well above our guidance of $40 million to $42 million. Operating profit and EPS were both higher than expected. Each of our reported end markets grew in Q2 at double digit rates, both sequentially and year over year.

我們正處於改變價值 100 億美元的計時市場的初期。第二季度的業績超出了我們預期的上限。本季營收為 4,390 萬美元，遠高於我們預期的 4,000 萬至 4,200 萬美元。營業利潤和每股收益均高於預期。我們報告的每個終端市場在第二季度都實現了兩位數的成長，無論是環比還是同比。

The drag of excess inventory over the last few quarters has passed and we see that inventory is now at normal levels. Bookings for the second half of 2024 are strong and we expect both Q3 and Q4 to grow sequentially as forecasted.

過去幾季庫存過剩的拖累已經過去，我們看到庫存現在處於正常水平。2024 年下半年的預訂量強勁，我們預計第三季和第四季都將如預測的那樣連續成長。

From a geographic perspective, our 2024 revenue in every major region is expected to be strong. Revenue from each of Greater China, North America, and Europe is expected to grow by double-digit percentages.

從地理角度來看，我們預計 2024 年每個主要地區的收入都將保持強勁。大中華區、北美和歐洲的收入預計將分別實現兩位數的百分比成長。

What makes SiTime unique apart from our technology is the diversity that we have built in applications, customers, and products. The growth across all of these occurs at different times as we have previously forecasted. For example, while all our end markets are expected to grow throughout the year, the CED, or Communications-Enterprise-Datacenter market, will grow at the fastest rate, more than 50%.

除了我們的技術之外，SiTime 的獨特之處在於我們在應用程式、客戶和產品方面所建構的多樣性。正如我們之前預測的那樣，所有這些領域的成長都發生在不同的時期。例如，雖然我們所有的終端市場預計全年都會成長，但 CED 或通訊-企業-資料中心市場的成長速度最快，將超過 50%。

This is also a market segment with high ASPs, or prices, margins, and significant architectural differentiation. Five years ago, SiTime laid out a CED strategy of investing significantly in R&D and customers, and we will continue to do so in the future.

這也是一個平均售價（ASP）較高、利潤率較高、架構差異化明顯的細分市場。五年前，SiTime制定了大力投資研發和客戶的CED策略，未來我們仍將繼續這樣做。

We're confident of reaching a $100 million mark in this CED market as previously forecasted. Within CED, we've made progress in our AI business over several quarters and I will spend time today to provide greater color on this.

我們有信心像之前預測的那樣，在這個 CED 市場中達到 1 億美元大關。在 CED 內部，我們的人工智慧業務在過去幾個季度取得了進展，今天我將花一些時間來對此進行更詳細的闡述。

We have design wins with our Precision Timing products in all key applications of the AI ecosystem, including GPU and CPU boards, interconnect switches, optical modules, NIC cards, accelerator cards, active cables, and switches. To provide a sense of scale in 2024, we will ship 70 unique part numbers across 14 product families to 30 customers, 30 different customers who are all developing AI hardware.

我們的精準計時產品在 AI 生態系統的所有關鍵應用中都獲得了設計勝利，包括 GPU 和 CPU 板、互連交換器、光學模組、NIC 卡、加速器卡、有源電纜和交換器。為了在 2024 年提供規模感，我們將向 30 個客戶運送 14 個產品系列的 70 個獨特零件編號，這 30 個不同的客戶都在開發 AI 硬體。

To provide greater specificity, we are focused on the revenue and growth from NIC, or Network Input Interface Cards, interconnected switches, and top-of-the-rack switches, where we deliver higher performance, smaller size, and higher reliability. The Precision Timing content in each of these systems can range from $8 to $25, and includes our highest end products, such as Super-TCXOs, OCXOs, as well as the network synchronizer clocks from our recent acquisition of the Aura products.

為了提供更高的特異性，我們專注於 NIC 或網路輸入介面卡、互連交換器和機架頂部交換器的收入和成長，我們提供更高的效能、更小的尺寸和更高的可靠性。每個系統中的精確計時內容價格範圍從 8 美元到 25 美元不等，包括我們的最高端產品，例如 Super-TCXO、OCXO，以及我們最近收購的 Aura 產品中的網路同步器時鐘。

SiTime is the preferred supplier in these applications because of our capability to customize our devices to the application requirement and deliver performance benefits. Also, as the only company to focus solely on precision timing, we offer the broadest portfolio of oscillators, clocks and synchronization software, simplifying the customer's design and purchase decisions.

SiTime 是這些應用中的首選供應商，因為我們能夠根據應用需求客製化我們的設備並提供效能優勢。此外，作為唯一專注於精確計時的公司，我們提供最廣泛的振盪器、時鐘和同步軟體產品組合，簡化客戶的設計和購買決策。

Cloud service providers have been in a race to invest, and we expect that trend to continue at a level that helps fuel SiTime's growth. In fact, we now see a greater trend towards improving system bandwidth and utilization, which will require high performance and therefore more complex Precision Timing from SiTime. Obviously, this bodes well for us as we have all the key technologies to service this trend.

雲端服務供應商一直在競相投資，我們預計這種趨勢將持續下去，以推動 SiTime 的成長。事實上，我們現在看到了提高系統頻寬和利用率的更大趨勢，這將需要 SiTime 提供高效能，因此也需要更複雜的精確性時。顯然，這對我們來說是個好兆頭，因為我們擁有滿足這一趨勢的所有關鍵技術。

For example, as optical module and active cable bandwidth increases from 800 gigabits per second to 1.6 terabits all the way to 3.2 terabits in the next few years, we expect a corresponding increase in several performance areas of timing such as frequency, jitter, phase noise, stability, and environmental resilience. We're confident that SiTime has the products today and in our product roadmap to meet these needs. In data centers, we also see an increasing need for synchronization of which we also offer a complete solution.

例如，隨著光模組和主動電纜頻寬在未來幾年內從每秒 800 千兆位元增加到 1.6 太比特，一直到 3.2 太比特，我們預期時間的幾個效能領域（如頻率、抖動、相位雜訊、穩定性和環境彈性）將相應增加。我們相信 SiTime 目前的產品和我們的產品路線圖能夠滿足這些需求。在資料中心，我們也看到了日益增長的同步需求，我們也為此提供了完整的解決方案。

To summarize, we believe that SiTime's strategy of increasing diversity across applications, customers and products is paying off. By focusing on high-value applications, we're accelerating our customer acquisition. Our expanding portfolio is delivering superior benefits in new applications that need precision timing. And as the only semiconductor company that's uniquely focused on timing, we're well positioned to continue our success.

總而言之，我們相信 SiTime 增加應用、客戶和產品多樣性的策略正在發揮成效。透過專注於高價值應用，我們正在加速客戶獲取。我們不斷擴大的產品組合為需要精確計時的新應用提供了卓越的優勢。作為唯一一家專注於時間的半導體公司，我們已準備好繼續取得成功。

I'll now turn the call over to Beth to discuss our financial results in more detail. Beth?

現在我將把電話轉給貝絲，讓她更詳細地討論我們的財務表現。貝絲？

Thanks, Rajesh, and good afternoon, everyone. Today I'll discuss the details of our second quarter results and provide our outlook for the third quarter. I'll focus my discussion on non-GAAP financial results, which are reconciled to GAAP in our press release.

謝謝，拉傑什，大家下午好。今天我將討論我們第二季業績的細節並提供對第三季的展望。我將重點討論非 GAAP 財務結果，這些結果在我們的新聞稿中與 GAAP 相協調。

In Q2, we delivered strong revenue and earnings growth that exceeded our outlook.

在第二季度，我們實現了強勁的營收和獲利成長，超出了我們的預期。

Q2 revenue was $43.9 million, up 58% year on year and up 33% sequentially, with growth in each of our end markets. Sales into the communications, enterprise, and data center market were $15.2 million, up 208% year on year and 55% sequentially. Sales into the automotive, industrial, and aerospace market were $14.8 million, increasing 20% year on year and 15% sequentially. And sales into the mobile, IoT and consumer markets were $13.8 million up 33% year on year and 34% sequentially, with sales to our largest customer totaling $7.9 million or 18% of sales.

第二季營收為 4,390 萬美元，年增 58%，季增 33%，我們各個終端市場均成長。通訊、企業和資料中心市場的銷售額為 1,520 萬美元，較去年同期成長 208%，較上季成長 55%。汽車、工業和航空航太市場的銷售額為 1,480 萬美元，較去年同期成長 20%，較上季成長 15%。行動、物聯網和消費市場的銷售額為 1,380 萬美元，年增 33%，季增 34%，其中對最大客戶的銷售額總計 790 萬美元，佔銷售額的 18%。

Non-GAAP gross margins were 57.7%, down 20 basis points sequentially. The impact of improved manufacturing absorption with higher volumes was more than offset by the higher overhead and other manufacturing costs as we continue to support our growth plans. Total non-GAAP operating expenses for the quarter were $28.1 million, with R&D expense of $16.1 million, and SG&A expense of $12.0 million.

非公認會計準則毛利率為57.7%，較上一季下降20個基點。隨著我們繼續支持我們的成長計劃，製造吸收率提高和產量增加的影響被更高的管理費用和其他製造成本所抵消。本季非公認會計準則總營運費用為 2,810 萬美元，其中研發費用為 1,610 萬美元，銷售、一般及行政費用為 1,200 萬美元。

Total operating expenses were up $0.7 million sequentially due to higher commissions on increased revenue as well as strategic hiring. The Q2 non-GAAP operating loss was $2.8 million, a significant improvement versus the prior quarter operating loss of $8.3 million. Interest in other income was $5.6 million and Q2 non-GAAP net income was $2.8 million or $0.12 per share, compared with a $1.9 million loss last quarter.

由於收入增加以及策略性招聘帶來的佣金增加，總營運費用較上季增加 70 萬美元。第二季非公認會計準則營業虧損為 280 萬美元，較上一季 830 萬美元的營業虧損有顯著改善。其他收入利息為 560 萬美元，第二季非 GAAP 淨收入為 280 萬美元或每股 0.12 美元，而上一季虧損 190 萬美元。

Turning to the balance sheet, accounts receivable was $21.0 million with DSOs of 43 days down three days sequentially. Inventory at the end of the quarter was $70.8 million, down from $74.4 million last quarter. During the quarter, we consumed $0.2 million in cash from operations, invested $2.6 million in capital purchases and paid $69.0 million to Aura as part of the transaction we announced last year. We ended the quarter with $453.0 million in cash, cash equivalents, and short-term investments.

從資產負債表來看，應收帳款為 2,100 萬美元，應收帳款週轉天數為 43 天，比上一季減少 3 天。本季末庫存為 7,080 萬美元，低於上一季的 7,440 萬美元。在本季度，我們消耗了 20 萬美元的營運現金，投資了 260 萬美元用於資本購買，並根據我們去年宣布的交易向 Aura 支付了 6,900 萬美元。本季末，我們擁有 4.53 億美元的現金、現金等價物和短期投資。

Let me now review our outlook for the September quarter. In Q3, we expect to continue to deliver strong revenue growth and to return to operating profitability. We also expect increased costs in both costs of goods and operating expenses as a result of higher costs associated with ramping our new products. Specifically, we expect revenue to increase 25% to 27% sequentially to about $55.0 million at the midpoint.

現在讓我回顧一下我們對九月季度的展望。我們預計第三季營收將繼續強勁成長，並恢復營運獲利能力。我們也預計，由於新產品的推出導致成本增加，商品成本和營運費用也將增加。具體來說，我們預計營收將環比成長 25% 至 27%，中間值約為 5,500 萬美元。

Gross margins to be stable to slightly improving, trending towards 58%. Operating expenses to be in the range of $30.5 million to $31.0 million an interest income of at least $5.0 million. As a result, we expect non-GAAP EPS to be in the range of $0.23 to $0.27 per share.

毛利率維持穩定或略有提高，趨向於58%。營運費用在 3,050 萬美元至 3,100 萬美元之間，利息收入至少為 500 萬美元。因此，我們預計非 GAAP 每股盈餘將在 0.23 美元至 0.27 美元之間。

In closing, we are executing on our strategy. Our product portfolio continues to expand with differentiated products that address large and growing markets, and our customers are clearly recognizing our value proposition. All in all, we are excited about our market position and our growth prospects ahead.

最後，我們正在執行我們的策略。我們的產品組合不斷擴大，提供針對龐大且不斷成長的市場的差異化產品，我們的客戶也清楚地認識到我們的價值主張。總而言之，我們對我們的市場地位和未來的成長前景感到興奮。

With that, I'd like to hand the call back to the operator for questions and answers. Operator?

說完這些，我想把電話交還給接線員，好讓他們回答問題。操作員？

(Operator Instructions) Tom O'Malley, Barclays.

（操作員指示）巴克萊銀行的湯姆奧馬利。

Hey, guys, thanks for taking my question. I just wanted to talk about the recovery into the second half. So you talked on the last call about kind of expanding the opportunities that you were chasing as revenue reaccelerated. Could you just talk about what you're seeing off the bottom here? Is it really just a return to accelerated demand in some end markets now that the inventory correction is kind of behind you? Or are you kind of seeing that traction in the additional kind of opportunities that you're chasing?

嘿，夥計們，謝謝你們回答我的問題。我只是想談談下半年的復甦。因此，您在上次電話會議上談到了隨著收入重新加速成長，擴大您所追求的機會。您能談談您在這裡看到的情況嗎？現在庫存調整已經結束，這真的只是一些終端市場需求加速回升嗎？或者您是否在您所追求的其他機會中看到了這種吸引力？

I guess that's part one. And then part two is if you look at that guidance in the September quarter, you obviously talked about CED, the growth engine for the remainder of the year. But could you just give us a little color on those end markets and what you would expect from each kind of trending into the September quarter?

我想這是第一部分。第二部分是，如果你看一下 9 月季度的指引，你顯然會談到 CED，也就是今年剩餘時間的成長引擎。但是，您能否向我們介紹一下這些終端市場的情況，以及您對 9 月份季度各種趨勢的預期？

Right. So it's a bit of both, Tom, on the first question. In other words, inventory is down as we said it would be a couple of quarters ago and that happened and demand is up. Now demand isn't up in a monolithic way. There are some places where demand is up a little bit less and others where demand is up a lot. So the demand is up a lot is in the area specifically of AI, specifically in the optical markets and the interconnects and some of the NIC Card business. In general, all AI is up and we continue to see it grow up. I know there's a lot of headlines around that, but we specifically believe that this growth continues over time as we progress.

正確的。所以湯姆，對於第一個問題，兩者都有一點。換句話說，庫存下降，正如我們幾個季度前所說的那樣，這種情況確實發生了，而需求卻上升了。現在需求並不是單一地上升。有些地方的需求成長較少，有些地方的需求成長較多。因此，在人工智慧領域、特別是光學市場、互連和部分 NIC 卡業務方面的需求大幅增加。總體而言，所有人工智慧都處於上升階段，並且我們將繼續見證它的成長。我知道有很多關於這個的頭條新聞，但我們堅信，隨著我們的進步，這種增長將會持續下去。

Now, the nice part about SiTime, of course, is that everything else is also growing. Our automotive business, along with the mil aerospace, industrial, all of that, that whole category grows, as does our consumer, IOT and mobile category. So all of them are growing, but some are growing faster than others just as I said.

現在，SiTime 的優點當然是其他一切也在不斷發展。我們的汽車業務、軍用航空航太、工業等整個類別都在成長，我們的消費者、物聯網和行動類別也在成長。所以它們都在增長，但正如我所說，有些增長速度比其他的快。

As far as what is exactly happening, we certainly see that the drive towards higher performance solutions in optical and active cables is very critical, very important. And we see a lot of active behavior in that, including interconnects and so on.

就目前的具體情況而言，我們確實看到，推動光纖和有源電纜的更高效能解決方案非常關鍵，非常重要。我們看到其中有很多活躍的行為，包括互連等等。

So just the general part of data centers is all growing. And we anticipate that that whole category of communications, enterprise and data center continues to grow as communications start to catch up along with enterprise in the coming quarters. In other words, we also expect that to grow in the coming quarters as some of the newer products from SiTime get adopted in those markets.

因此，資料中心的整體部分都在不斷增長。我們預計，隨著未來幾季通訊業開始趕上企業業，整個通訊、企業和資料中心類別將持續成長。換句話說，隨著 SiTime 的一些新產品在這些市場中被採用，我們預計未來幾季這一數字還會成長。

Yeah. So you're referencing the newer products. And I think in your prepared remarks, you talked about both the COGS and some of the STEM being a little higher as it relates to those newer products. If you look at gross margin for the remainder of the year, you're kind of guiding to flattish into the September quarter, kind of trending more towards 58%. How should we be thinking about the gross margin long-term?

是的。所以您指的是較新的產品。我認為，在您準備好的演講中，您談到了與這些新產品相關的 COGS 和一些 STEM 會略高一些。如果您查看今年剩餘時間的毛利率，您會發現 9 月季度的毛利率將趨於平穩，趨向於 58%。我們應該如何考慮長期毛利率？

I would assume that new product integration and launch is a one to two quarter event, and then you start to see growth after that, but could you help kind of give the cadence been helpful in the past kind of getting back to that 60%-mark. Are we still thinking about the same time frame kind of early next year or have the new products kind of change that out with a bit?

我認為新產品的整合和發布是一個一到兩個季度的活動，然後你會開始看到成長，但你能否幫助將過去的節奏恢復到 60% 的水平？我們是否仍在考慮明年年初的相同時間框架，或者新產品是否會對此做出一些改變？

Sure, Tom. I'll take that one. Thanks for the question. So we still expect gross margins to be above 60% over the longer term. So no change there. And as you'd expect, we are seeing the benefit of the manufacturing absorption with the revenue growth.

當然，湯姆。我要那個。謝謝你的提問。因此我們仍然預期長期毛利率將在60％以上。因此沒有變化。正如您所期望的，我們看到了製造業吸收收入帶來的好處。

But as I said, over the next couple of quarters, we do expect that the gross margins will be -- well, maybe improving a little bit not growing at that faster clip as we're supporting these growth plans and ramping these new products into mass production. So it'll take a couple of quarters.

但正如我所說，在接下來的幾個季度裡，我們確實預計毛利率將會提高，但不會以更快的速度成長，因為我們正在支持這些成長計畫並將這些新產品投入大規模生產。所以這需要幾個季度的時間。

As you know, yields improve. And as we go through that, we expect improvement over time, but it will take a couple of quarters as we're ramping these different products. You may recall as well that while previously we might have launched one product or one platform in a given year, in the last couple of years, we were able to invest and reinvest a lot of the profits in the last couple of years into R&D and those product platforms are now coming into mass production. And so we have several new products that are ramping here in the next couple of quarters.

正如你們所知，收益率提高了。隨著我們不斷推進這一進程，我們預計情況會隨著時間的推移而改善，但由於我們正在逐步推出這些不同的產品，因此這需要幾個季度的時間。您可能還記得，雖然以前我們可能在某一年推出一款產品或一個平台，但在過去幾年裡，我們能夠將過去幾年的大量利潤投入並再投資於研發，這些產品平台現在已經投入大規模生產。因此，我們將在接下來的幾個季度內推出幾款新產品。

But over the long term, we do expect to still be able to get the margins back above 60%.

但從長遠來看，我們確實預期利潤率仍能回到 60% 以上。

And then Beth, just circling back on the first question, just the trajectory of those businesses into the September quarter. any color on what's generating the uptick, the kind of growth amongst all the different segments or any particular color there?

然後，貝絲，回到第一個問題，即這些業務在 9 月季度的發展軌跡。能否用顏色來說明是什麼導致了這種成長，各個不同部門的成長類型，或是有什麼特定的顏色？

So, as we look at -- we expect all three segments to grow year on year. We would expect that the data center fueled by AI would be the fastest growing next quarter as it was this quarter.

因此，我們預計這三個部分都將逐年成長。我們預計，由人工智慧驅動的資料中心將在下個季度像本季一樣成長最快。

Thank you.

謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes, thank you. Good evening. I guess the first question would be a prior call, you talked about 30% growth through the year potentially being on the table, you know, given the guidance for September. That certainly looks more achievable now.

是的，謝謝。晚安.我想第一個問題應該是之前的通話，您談到根據 9 月的指導，全年可能實現 30% 的成長。現在看來，這個目標無疑更容易實現了。

Could you give some kind of -- you know, with that, some comments on what you might expect on December, understanding that you probably don't want to provide guidance at this point, but any sort of color on that? Is there any seasonality in play? Or is there any lumpiness to perhaps some of these AI drivers in the CED segment as you go into the December quarter?

您能否給出一些關於 12 月份預期的評論，我知道您現在可能不想提供指導，但對此有什麼具體說明嗎？是否存在季節性因素？或者，進入 12 月季度時，CED 領域的一些 AI 驅動因素是否會出現任何不平衡現象？

Yeah, we are -- we still believe in that 30%. So we do expect that growth for SiTime. The thing is that I don't see that there's a particular lumpiness to it other than SiTime's ability to deliver the product, which we think is solid. And so we don't expect any lumpiness per se in the December quarter or through the year.

是的，我們仍然相信那 30%。因此我們確實期待 SiTime 的成長。問題是，除了 SiTime 交付產品的能力之外，我認為它沒有特別的不穩定性，我們認為 SiTime 的產品交付能力很強大。因此，我們預計 12 月季度或全年不會出現任何波動。

Because there's just a big pent up demand for these products, these end products in data centers and I see that whether they are US-based or whether they're China-based, as you know many of the China-based people also deliver for the big data center companies, I think we see a very solid performance in those markets.

因為對這些產品、這些資料中心的終端產品有著巨大的壓抑需求，而且我發現，無論他們是在美國還是在中國，正如你所知，許多中國人也為大型資料中心公司提供服務，我認為我們在這些市場看到了非常穩健的表現。

I got it. Helpful. Thank you. I guess as a follow-on question, if perhaps you could provide some color on the impact of some of the new products on what's going on right now?

我得到了它。很有幫助。謝謝。我想作為後續問題，您是否可以提供一些新產品對當前情況的影響的詳細資訊？

And just using CED, as an example, we obviously go through an inventory correction, and we're getting back to the run rates that we're seeing kind of late '21, '22 before some of the shortages emerged. And I guess as we compare now to then, how much do some of these new products come into play in terms of driving the growth that was independent of some of the supply disruptions and inventory correction?

僅以 CED 為例，我們顯然經歷了庫存調整，並且正在恢復到 21 年末、22 年短缺之前的運行率。我想，當我們將現在與當時進行比較時，這些新產品在推動獨立於供應中斷和庫存調整的成長方面發揮了多大作用？

Yes, they're significant. In fact, they are very much these new products are very much part of it. All across the board whether it is the oscillators that are used in the optical products from customers, those did not exist in '21 in volume and they exist now. So we are good with that.

是的，它們很重要。事實上，它們在很大程度上是這些新產品的一部分。總體而言，無論是客戶光學產品中使用的振盪器，在 21 世紀還不存在，但現在卻存在了。所以我們對此很滿意。

There are the higher end TCXOs, Super TCXOs, OCXOs, and then not to mention our products from our Aura acquisition. And I think those are all coming together to not only get us numerous design wins, but also allow us, as I mentioned to 14 product families. So I think it's safe to say that at least half of these product families are new, maybe even more than half of these are new.

有高端的 TCXO、超級 TCXO、OCXO，更不用說我們收購 Aura 的產品了。我認為所有這些結合在一起，不僅讓我們獲得了無數的設計勝利，而且正如我所提到的那樣，還讓我們擁有 14 個產品系列。因此我認為可以肯定地說，這些產品系列中至少有一半是新的，甚至可能超過一半是新的。

And just one more follow-up, if I could. With those new products, I understand you're saying now that as you're ramping new products, there's a learning curve, these yields, and such. But structurally, as you ramp some of these new products with higher precision, should we expect that structurally those represent higher margins than what you've seen in the past?

如果可以的話，我再問一個問題。對於這些新產品，我明白您現在說的是，隨著您推出新產品，會有一個學習曲線、這些收益等等。但從結構上看，隨著您以更高的精度推出一些新產品，我們是否應該預期，從結構上看，這些新產品的利潤率會比過去更高？

Right. We said that -- I said that my prepared remarks as well that the CED business is important to us from a long time ago, because we see higher ASPs, higher margins, greater stickiness if you will, our greater architectural differentiation, greater definition with customers of jointly or performance. As such, it makes for -- and given the size of it, we have other of higher ASPs in, for example, mil aerospace defense but the size of that market isn't as big as this is.

正確的。我們說過——我在準備好的發言中也說過，CED 業務對我們很久以前就很重要，因為我們看到了更高的 ASP、更高的利潤率、更大的粘性、更大的架構差異化、與客戶更明確的聯合或性能。因此，考慮到它的規模，我們在軍事航空航天防禦等領域擁有更高的 ASP，但該市場的規模並不像這個那麼大。

So that is why we are we're putting the CED business front and center as we did several years ago. And we'll continue to do in the future.

這就是為什麼我們像幾年前一樣將 CED 業務放在首位。我們將來還會繼續這樣做。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you and congratulations on the solid recovery here. Rajesh, I had a clarifying question on the communications, data center, and enterprise business. I think you said you expected the growth 50%-plus for the year. I mean, based on the current run rate, it's tracking significantly above that. I mean, are we talking about much more than 50%? Any color you can add there, please.

是的，謝謝你，並祝賀你在這裡穩步復甦。Rajesh，我有一個關於通訊、資料中心和企業業務的澄清問題。我想您說過您預計今年的成長率將超過 50%。我的意思是，根據目前的運行率，它的追蹤速度明顯高於這個水平。我的意思是，我們談論的這個數字遠超 50% 嗎？請問您可以在那裡添加任何顏色。

Yes, Tore, your math is always right. It is significantly above 50%, might even be closer to 70%-plus.

是的，托爾，你的數學總是正確的。它遠高於 50%，甚至可能接近 70% 以上。

Perfect, thank you. And as my follow-up, you talked about how diversified the AI business or the AI data center business is. You mentioned the number of customers and so on and so forth. Could you also talk about how the design in process works here.

非常好，謝謝。作為我的後續提問，您談到了人工智慧業務或人工智慧資料中心業務的多樣化程度。您提到了顧客數量等等。能否也談談這裡的設計過程是如何進行的？

You mentioned that you are a preferred supplier in many platforms. I also believe you have some reference designs with the processor company. So help us just understand a little bit how the design in process works as you continue to ramp this business?

您提到您是許多平台的首選供應商。我還相信您與處理器公司有一些參考設計。那麼，在您持續拓展這項業務的同時，能否幫助我們稍微了解一下設計流程是如何運作的呢？

Yeah. So the design in process obviously can happen either with the semiconductor company that is a supplier of GPUs, CPUs, or it can be directly with people who do accelerator cards, active cables, and so on. So it is with those people. But then it's a complex supply chain as you know.

是的。因此，設計過程顯然可以由作為 GPU、CPU 供應商的半導體公司進行，也可以直接由生產加速卡、主動電纜等的人員進行。那些人也是如此。但如你所知，這是一個複雜的供應鏈。

There are ODMs, and then there are contract manufacturers, and then there are the consumers of the product itself, whether -- that's an AWS or whether that's a Google. So for SiTime, even though the design win occurs at one place, we have to support everybody along the way.

有 ODM，有合約製造商，還有產品本身的消費者，無論是 AWS 還是 Google。因此對於 SiTime 來說，即使設計勝利發生在一個地方，我們也必須一路支持每個人。

And that's what makes it particularly complex selling the value proposition of SiTime or articulating the value proposition of SiTime all through the supply chain. And it's gratifying to be able to see that that value proposition is understood and accepted for SiTime.

這使得銷售 SiTime 的價值主張或在整個供應鏈中闡明 SiTime 的價值主張變得特別複雜。我們很高興地看到 SiTime 理解並接受了這個價值主張。

And the value proposition, of course, is around performance around environmental resilience, but it's also around supply chain. One of the things that we see quite clearly is that the quick ramp--as you have seen some of the providers like AMD and Nvidia have mentioned that they have a particularly aggressive rate of new product introduction.

當然，價值主張是圍繞環境復原力的表現，但也圍繞著供應鏈。我們非常清楚看到的一件事是快速成長——正如你所看到的，一些供應商如 AMD 和 Nvidia 提到他們推出新產品的速度特別積極。

If SiTime is to be a major supplier in this, we have to match that. That means we have to accelerate even further our product development in these markets. And so that's exactly what we have decided to do and that's exactly what we're doing.

如果 SiTime 要成為該領域的主要供應商，我們必須與之匹敵。這意味著我們必須進一步加快在這些市場的產品開發。這正是我們決定要做的，也是我們正在做的事。

That's great insight. Just one last one on Aura. So it sounds like Aura is already starting to contribute to your revenue growth and so forth. I was just wondering, does that change at all the payment terms for the acquisition or should we still assume that the timing of the payments are still the same?

這是非常深刻的見解。關於 Aura 的最後一點。聽起來 Aura 已經開始為您的收入成長等做出貢獻了。我只是想知道，收購的所有付款條款是否會改變，還是我們仍應假設付款時間仍然相同？

Yeah. I think the timing of the payments remains the same. I think what the Aura products do, for example, the network synchronizer that I mentioned in my prepares marks, that is a very complex product and it has a long design win/design-in cycle and it takes a while to ramp up.

是的。我認為付款時間保持不變。我認為 Aura 產品的功能，例如我在準備標記中提到的網路同步器，是一種非常複雜的產品，它具有很長的設計獲勝/設計週期，需要一段時間才能完成。

I mean, we're not in any volume with that of any particular note and will not be outside of the payment cycle. So in other words, whatever we have indicated in the past for payouts to Aura based on revenue will probably likely be still the case.

我的意思是，我們的交易量不包含任何特定票據，也不會超出支付週期。換句話說，我們過去根據收入向 Aura 支付的任何款項可能仍然如此。

And Tore, to add to that -- hey, Tore just to add to that. The $69 million I referenced this quarter is overwhelmingly the next payments for the assets. As you may recall, we did the deal back in December. We said we would be acquiring the die over time in '24 and actually in '25 as well. So many of the deliverables for '24 occurred in Q2, hence, the cash payment. We've got one more small one in Q3 beyond just the earn out. So the vast majority of that was part of the transaction that was expected to occur in '24.

托爾，補充一下——嘿，托爾，補充一下。我本季提到的 6,900 萬美元絕大部分是下一筆資產付款。您可能還記得，我們​​在去年 12 月就達成了這筆交易。我們說過，我們將在 24 年以及 25 年逐漸獲得模具。'24 的許多交付成果都發生在第二季度，因此採用現金支付。除了獲利之外，我們在第三季還有一個小目標。因此，其中絕大部分是預計在 24 年發生的交易的一部分。

And to just put in a plug for the Aura acquisition. All of it is integrated, all the products are coming over as we expected, and I really must commend the Aura team. I think they have shown exceptional professionalism and cooperation in transferring these products. And with the team integration, I think I honestly can't believe that it could have gone any better.

這只是對 Aura 收購的宣傳。一切都已整合，所有產品都如我們預期的那樣出現，我真的必須讚揚 Aura 團隊。我認為他們在轉移這些產品時表現出了卓越的專業和合作精神。隨著團隊的整合，我真的不敢相信事情會變得更好。

And the performance of their products is equal to or better than we expected. All of this we understood when we did the acquisition, but now we see clear evidence that it was clearly the right thing to do with the right group of people.

而且其產品的性能達到或超越了我們的預期。我們在進行收購時就明白了這一切，但現在我們看到了明確的證據表明，這顯然是與合適的人一起做的正確的事情。

That's all great color. Thank you so much.

這些都是很棒的顏色。太感謝了。

(Operator Instructions) Suji Desilva of Roth Capital.

（操作員指示）Roth Capital 的 Suji Desilva。

Hi, Rajesh. Hi, Beth. Congrats on the progress here. Just to follow up on Tore's last question somewhat, just to clarify, these Aura wins these have in CED, were those secured post-acquisition or were those design wins pre-acquisition? I'm just trying to understand if pre-acquisition have any wins have been secured post-acquisition or is it the combined product? Just any color there will be helpful.

你好，拉傑什。你好，貝絲。恭喜你在這裡的進展。只是為了稍微跟進 Tore 的最後一個問題，只是為了澄清一下，這些 Aura 在 CED 中獲得的勝利是在收購後獲得的，還是在收購前獲得的設計勝利？我只是想知道在收購前是否已經獲得了任何收益，或者收購後是否獲得了合併後的產品？任何顏色都有幫助。

Yeah, I think those are definitely post-acquisition because the network synchronization product, for example, was an important one that came across. There are some buffers in there that were pretty important as well into different markets, not the data center market necessarily. So all of these have been very quick and very brief, but the revenue of course still takes a little bit of time, Suji.

是的，我認為這些肯定是收購後發生的，因為網路同步產品就是我們遇到的重要產品。其中有一些緩衝區對於不同的市場也非常重要，不一定是資料中心市場。所以所有這些都非常快而且非常簡短，但是收入當然仍然需要一點時間，Suji。

That's fair. Just wanted to clarify that part. And then more broadly, I mean, I think you're gaining traction here in the data center. I'm presuming reliability, lifetime between failures is probably the main thing, attracting these data centers. Clarify if that's -- my assumption there is correct? And if so, do you have any metrics around how much less frequently you fail than, say, a quartz space solution?

這很公平。只是想澄清一下那部分。更廣泛地說，我的意思是，我認為你們在資料中心領域正在獲得發展動力。我認為可靠性、故障間隔時間可能是吸引這些資料中心的主要因素。請澄清一下－我的假設是否正確？如果是這樣，您是否有任何指標來衡量您的失敗頻率與石英空間解決方案相比低多少？

Yeah, we do. In general, we have a FIT rate which is about 100 that of quartz in general. But in specific products, it may vary because, for example, OCXOs in the quartz world have a particularly more tough time in performance across change of environment. But to be very specific about your question, it's less the reliability, which always of course comes into play, as does the supply chain, but it more has to do with performance.

是的，我們知道。一般來說，我們的 FIT 率大約是石英的 100 倍。但在具體產品中，情況可能會有所不同，因為例如石英領域的 OCXO 在環境變化時的表現會更糟。但具體到你的問題，它與可靠性關係不大，當然可靠性總是會發揮作用，供應鏈也是如此，但它與性能的關係更大。

At the end of the day, everybody's performance hungry. I threw out a certain number of performance areas, frequency jitter, phase noise, stability, and of course, environmental resilience which doesn't sound like performance, but it is the environment, it's the cloud under which all these products must work. So you can always get a phase noise at a certain stability, but under a tough environmental condition of, say, temperature spiking or airflow, that may degrade dramatically, unlike SiTime's products.

一天結束的時候，每個人都渴望獲得表演。我拋出了一定數量的性能領域，頻率抖動、相位噪聲、穩定性，當然還有環境彈性，這聽起來不像是性能，但它是環境，是所有這些產品必須在其下工作的雲。因此，您始終可以獲得具有一定穩定性的相位噪聲，但是在諸如溫度飆升或氣流等惡劣環境條件下，噪聲可能會急劇下降，這與 SiTime 的產品不同。

So that's where we win. That's where our customers have agreed that we are superior. And some of them have decided to exclusively deal with SiTime, and some of them have gone a step further and have decided to define products with us for coming generations. So that of course gives us a significant viewpoint into the customer and it was always thus.

這就是我們的勝利。我們的客戶已經認可我們的優越性。其中一些公司已決定與 SiTime 獨家合作，而另一些公司則更進一步，決定與我們一起定義未來幾代產品。因此，這當然為我們了解客戶提供了重要的視角，而且我們一直都是如此。

This is what we always wanted. This is what all semiconductor companies do. This is what typical SOC companies do. And that's all we're doing. We're connecting with our best customers and solving tough problems for them, which otherwise they would not solve.

這正是我們一直想要的。所有半導體公司都是這麼做的。這就是典型的 SOC 公司所做的事情。這就是我們所做的一切。我們正在與最好的客戶聯繫並為他們解決棘手的問題，否則他們將無法解決這些問題。

Okay, thanks for the insight, Rajesh.

好的，謝謝你的見解，Rajesh。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hi, Rajesh. Hi, Beth. Wanted to add my congratulations. Wanted to come back to the gross margin, just try to get a better understanding of the new product ramp issues. Are these new products -- is it kind of new analog die, new MEMS die, that you just have to come up the yield curve? Or are there new package types? Sort of surprised given how much revenue is increasing quarter to quarter that you're not seeing a higher margin lift.

你好，拉傑什。你好，貝絲。想表達我的祝賀。想要回到毛利率問題，只是想更了解新產品的成長問題。這些新產品－是新型類比晶片、新型 MEMS 晶片嗎？您是否只需要提高殖利率曲線？或有新的封裝類型嗎？考慮到收入逐季度都在增加，但利潤率卻沒有提高，這有點令人驚訝。

And I guess a follow up to that is I just want to make sure you guys aren't seeing any changes in pricing at the customers. There's no particular mix shift to say mobile IOT or no new product ramps from large consumer companies that may be skewing the mix here in the second half of the year?

我想接下來要說的是，我只是想確保你們沒有看到客戶的價格有任何變化。行動物聯網沒有特別的組合變化，或者大型消費品公司沒有推出新產品，可能會扭曲下半年的組合？

Hey, Quinn, this is Beth. So as we look at it, you rattled off MEMS, CMOS packaging, it's really all of the above. As we think about these new products into multiple markets, Rajesh has talked a bit about the AI markets, and so we're clearly launching a lot of new products there. I expect over time we'll see those yields improve.

嘿，奎因，我是貝絲。因此，當我們看一下你所說的 MEMS、CMOS 封裝時，它實際上就是以上所有內容。當我們考慮將這些新產品推向多個市場時，Rajesh 談到了一些關於人工智慧市場的問題，因此我們顯然會在那裡推出許多新產品。我預計隨著時間的推移，我們會看到這些收益有所提高。

We also look at from time to time the mix of equipment purchases, whether we purchase the equipment or whether the OSAT does. And that, again, you pay for it either way looking at that, as well as we think about the cost of bring up, we kind of -- every product, we evaluate that mix of how much equipment we're investing versus the OSATs and typically we both invest there.

我們也會不時查看設備採購的組合，無論是我們購買設備還是 OSAT 購買。而且，無論如何你都要為此付出代價，同時我們也會考慮啟動成本，我們會評估每種產品以及我們投資的設備與 OSAT 的設備的組合，通常我們都在那裡投資。

But nothing unusual. It's just as we've got so many new products coming into mass production, that's really what's driving it.

但沒什麼不尋常的。因為我們有這麼多新產品進入量產，這才是真正的推手。

So it sounds like there may be some, given if you're purchasing some of that equipment, there may be a little bit higher fixed cost coming into the cost of goods line that as you grow from here, you'll get absorption on that, but it serves as a headwind in their term given the ramp of those new products?

因此聽起來可能存在一些問題，因為如果您購買其中一些設備，那麼商品成本中可能會有稍微高一點的固定成本，隨著您從這裡開始發展，您會吸收這些成本，但考慮到這些新產品的增長，這會成為他們任期內的阻力？

I think that's a fair assessment. We look at that and evaluate the economics on a product-by-product basis where we think it makes more sense to make some investment or share the investment versus have it come through on a unit basis as the products are assembled by the OSATs.

我認為這是一個公平的評價。我們對此進行了研究，並根據每個產品對經濟效益進行了評估，我們認為進行一些投資或分擔投資比在 OSAT 組裝產品時按單位進行投資更有意義。

Got it. And then a follow up for Rajesh, for a couple quarters now about strength in the CED, and you gave us some color on content per application. But I guess I wanted to come back and see if you might be able to give us, I think you'd said dollar content in some of these CED applications could be $8 to $25. Is that what you might get in an AI server? Is that what you would get in a switch? You've talked about optical modules, you've talked about AEC cables.

知道了。然後是 Rajesh 的後續活動，關於 CED 的優勢，已經有幾個季度了，您給了我們每個應用程式內容的一些詳細資訊。但我想我回來看看您是否可以給我們，我想您說過其中一些 CED 應用程式中的美元內容可能是 8 到 25 美元。這是你在 AI 伺服器中能得到的嗎？這就是你在 switch 得到的嗎？您談到了光學模組，談到了 AEC 電纜。

I'm wondering, could you give us a sense, is like an AEC cable or an optical module, is that like a $1 to $5 of content for a TCXO? Could you give us some sense what you might get on a typical NIC card? Because just trying to get a little bit more specificity on what the timing content is in some of these pretty high volume applications. Thanks.

我想知道，您能否告訴我們，像 AEC 電纜或光學模組這樣的 TCXO 的價格是否在 1 到 5 美元之間？您能否告訴我們在典型的 NIC 卡上可以得到什麼？因為只是想更具體地了解這些相當大容量的應用程式中的時間內容。謝謝。

Yeah. So, typically the optical products tend to be lower in pricing. So they're closer to that $1 pricing rather than the $5 price. But when we -- in an ethernet switch, when we sell a clock which is anywhere from $5 to $10, and OCXO, which is anywhere from $15 to $25, it kind of adds up pretty quickly. And then it depends upon the consumption amount of these.

是的。因此，光學產品的價格通常較低。因此，它們的定價更接近 1 美元，而不是 5 美元。但是，當我們在乙太網路交換器中以 5 到 10 美元的價格出售時鐘，以 15 到 25 美元的價格出售 OCXO 時，它們的價格很快就會增加。然後這取決於這些的消費量。

So, for example, some of the switches sell in tens of thousands, but we believe that the NIC cards, which may have a total content of $5 to $10, will probably increase at a faster rate in units over time. The GPU boards, of course, and the CPU boards, we do well at the $10 plus range but then those are relatively limited in units. So where we flourish is when you get the sweet spot of highish ASPs and highish volumes rather than the lower volume and high number.

例如，一些交換器的銷量為數萬台，但我們認為，NIC 卡的總價格可能為 5 至 10 美元，隨著時間的推移，其銷量可能會以更快的速度增長。當然，GPU 板和 CPU 板在 10 美元以上的範圍內表現良好，但數量相對有限。因此，當我們獲得較高的平均售價和較高的銷售量的最佳平衡點時，而不是較低的銷售量和較高的數量時，我們就會蓬勃發展。

Either way, when we look at the breadth of our design wins, CPU boards, GPU boards, switches, ethernet switches, NIC cards, accelerator cards, optical modules, CE cables, or active cables, I think it's astonishing that when AI sort of started to take off about a year ago, many of you asked us how we would perform in that. And if you recall, I said these early days we're trying to see the market ourselves.

無論如何，當我們審視我們設計成果的廣度時，CPU 板、GPU 板、交換器、乙太網路交換器、NIC 卡、加速器卡、光學模組、CE 電纜或有源電纜，我認為令人驚訝的是，當人工智慧在大約一年前開始起飛時，你們中的許多人問我們在這方面的表現如何。如果你還記得的話，我說過，早期我們正試著親自觀察市場。

And what I'm gratified to see is that exactly what we saw happening has happened which is that our customers' customers make huge, hundreds of billions of dollars, tens of billions of dollars investment in the data centers, but then they want to keep on extracting more bandwidth, more utilization, more uptime, more synchronization. And that's where timing comes in.

我很高興地看到，我們看到的情況確實發生了，我們的客戶的客戶在資料中心投入了數千億美元、數百億美元的巨額投資，但他們還想繼續獲取更多的頻寬、更高的利用率、更長的正常運行時間和更多的同步。這就是時機的重要性。

And that's why I'm very confident that even when the overall market you know, there's been a lot of talk about commitment to dollars and capex by these large companies. I'm very confident that SiTime will continue to grow even if it slackens off a bit because this is a portion that will always get more money and we will benefit from that.

這就是為什麼我非常有信心，即使在整體市場中，人們也一直在談論這些大公司對資金和資本支出的承諾。我非常有信心，即使 SiTime 的成長速度有所放緩，它仍將繼續成長，因為這個部分總是會獲得更多的資金，而我們將從中受益。

Got it. Thanks, Rajesh.

知道了。謝謝，拉傑什。

At this time, I'm showing no further questions. I would now like to turn it back to Rajesh Vashist, CEO, for closing remarks.

目前，我沒有其他問題。現在我想請執行長 Rajesh Vashist 致最後總結。

Well, thank you all very much for joining us. Very happy to see the upturn in SiTime as we promised it would happen in the second half and will continue throughout the year and hopefully in the coming years. That certainly is our design. Look forward to meeting you guys on the road. Talk to you soon. Thank you very much.

好吧，非常感謝大家加入我們。很高興看到 SiTime 的復甦，正如我們承諾的那樣，這將在下半年發生，並將持續全年，並希望在未來幾年繼續下去。這當然是我們的設計。期待在路上與你們相遇。很快再和你聊。非常感謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。