SiTime Corp (SITM) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to SiTime's third-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Wednesday, November 6, 2024.

下午好，歡迎參加 SiTime 2024 年第三季財務業績電話會議。（操作員說明）謹此提醒，本次電話會議將於今天（2024 年 11 月 6 日星期三）錄製。

I would now like to turn the conference over to your first speaker today, Brett Perry of Shelton Group Investor Relations. Brett, 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布雷特·佩里 (Brett Perry)。布雷特，請繼續。

Thank you, Amber. Good afternoon, and welcome to SiTime's third-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.

謝謝你，琥珀。下午好，歡迎參加 SiTime 2024 年第三季財務業績電話會議。執行長 Rajesh Vashist 參加了今天的 SiTime 電話會議；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 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，在本次電話會議期間，公司可能會就預期的未來結果做出前瞻性陳述，包括財務狀況、策略和計劃、未來營運、時機市場和其他領域的討論。公司管理階層不可能預測所有風險，公司也無法評估所有因素對其業務的影響，或任何因素或因素組合可能導致實際結果與任何前瞻性陳述中包含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。在本次電話會議之後，本公司沒有義務以任何理由公開更新前瞻性陳述，以使陳述符合實際結果或公司預期的變更。有關與該業務相關的風險的更多詳細信息，我們建議您參閱 2024 年 2 月 26 日提交的 10-K 中描述的風險因素，以及該公司隨後向 SEC 提交的文件。

During the call, we will refer to certain non-GAAP financial measures, which are considered to be an important measure of company's performance. These non-GAAP measures -- 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 expense, amortization of acquired intangibles, and acquisition-related expenses, which include transaction and certain other cash costs associated with business acquisition as well as changes in the estimated fair value of contingent consideration and earn-out liabilities. Please refer to the company's press release issued earlier 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，這些指標被認為是衡量公司績效的重要指標。這些非公認會計原則財務指標是在根據美國公認會計原則制定的財務績效指標之外提供的，而不是替代或優於這些指標。此 GAAP 與非 GAAP 調節包括基於股票的補償費用、所收購無形資產的攤銷以及收購相關費用，其中包括與業務收購相關的交易和某些其他現金成本以及或有對價和估計公允價值的變動盈餘負債。請參閱該公司今天稍早發布的新聞稿，以了解 GAAP 和非 GAAP 財務業績之間的詳細調整表。

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 執行長 Rajesh，請繼續。

Thank you, Brett. Good afternoon. I'd like to welcome new as well as existing investors to SiTime's Q3 2024 earnings call. SiTime is the leader in a dynamic new semiconductor category that we call “Precision Timing,” which is the heartbeat of modern electronics. Whether it is in AI data centers, networking infrastructure, automated vehicles, personal mobility, or IoT, SiTime's Precision Timing delivers better performance and reliability. This Precision Timing uses semiconductor technology to reimagine time and transform the $10 billion timing market.

謝謝你，布雷特。午安.我謹歡迎新舊投資者參加 SiTime 的 2024 年第三季財報電話會議。SiTime 是動態新半導體類別的領導者，我們稱之為“精密定時”，它是現代電子產品的心跳。無論是在人工智慧資料中心、網路基礎設施、自動駕駛汽車、個人行動或物聯網中，SiTime 的精確計時都能提供更好的效能和可靠性。這款 Precision Timing 使用半導體技術重新構想時間並改變價值 100 億美元的計時市場。

Our third quarter results demonstrate broad strength across financial metrics, customer segments, and regions. Revenue for the quarter grew by 62% to $57.7 million, and net income increased to 17% of revenue. Each of our customer segments and regions continued at least double-digit growth with CED, or communications, enterprise, and data center, Greater China and EMEA, all growing at triple-digits. Bookings for the fourth quarter are strong, and we expect Q4 to grow sequentially as previously forecasted.

我們第三季的業績展現了在財務指標、客戶群和地區方面的廣泛實力。該季度營收成長 62%，達到 5,770 萬美元，淨利潤佔營收的比例增至 17%。我們的每個客戶群和地區都持續保持至少兩位數的成長，CED（即通訊、企業和資料中心）、大中華區和歐洲、中東和非洲地區均以三位數的速度成長。第四季的預訂量強勁，我們預計第四季將如先前預測的那樣連續成長。

Looking back, November 2024 marks our fifth year as a public company. At the time of our IPO, SiTime made a commitment to building high-value timing products for high-growth applications and markets and we have significantly delivered. We have built high-growth, high-margin businesses with a diversity of revenue, customers, and applications. Since markets grow at different rates and on different timelines, we believe that this diversity benefits SiTime and makes us a unique semiconductor company.

回顧過去，2024 年 11 月是我們作為上市公司的第五年。在我們首次公開募股時，SiTime 承諾為高成長的應用和市場打造高價值的計時產品，我們兌現了承諾。我們建立了高成長、高利潤的業務，具有多樣化的收入、客戶和應用程式。由於市場以不同的速度和不同的時間線成長，我們相信這種多樣性有利於 SiTime 並使我們成為一家獨特的半導體公司。

Our Comms-Enterprise-Datacenter, or CED, business demonstrates the value of our products. In both Q2 and Q3 2024, CED has been a major driver of our growth, driven by Cloud Service Provider investments in AI infrastructure. CED revenue grew over 200% year-over-year in Q3, and, for FY24, it will more than double. Looking forward into 2025, we believe that the AI market will continue to grow as newer generations of AI servers and networking equipment are rolled out. We expect CED to continue to lead SiTime growth next year.

我們的通訊-企業-資料中心（CED）業務展示了我們產品的價值。在 2024 年第二季和第三季度，在雲端服務供應商對人工智慧基礎設施投資的推動下，CED 一直是我們成長的主要推動力。第三季 CED 營收年增超過 200%，24 財年將成長一倍以上。展望 2025 年，我們相信，隨著新一代人工智慧伺服器和網路設備的推出，人工智慧市場將持續成長。我們預計 CED 明年將繼續引領 SiTime 的成長。

In AI data center infrastructure, SiTime's products are solving difficult timing problems in applications such as top of the rack switches and optical modules. Additionally, CSPs, or cloud service providers, are investing in improving bandwidth and GPU utilization in the datacenter, which we believe results in more use of Precision Timing solutions with higher dollar content per application. SiTime's precision timing plays in high-speed connectivity applications such as Active Electrical Cables. We provide high-performance that is virtually immune to noise, in a very small form factor, which is quite valuable in these cases.

在人工智慧資料中心基礎設施中，SiTime 的產品正在解決架頂交換器和光模組等應用中的計時難題。此外，CSP（或雲端服務供應商）正在投資提高資料中心的頻寬和 GPU 利用率，我們相信這會導致更多地使用精確計時解決方案，並且每個應用程式的美元內容更高。SiTime 的精確計時適用於主動電纜等高速連接應用。我們提供幾乎不受噪音幹擾的高性能，且外形尺寸非常小，這在這些情況下非常有價值。

Another application is the direct connectivity between GPUs through a very fast dedicated switch, which improves GPU utilization rates with faster parallel processing of the AI workloads. Our clock generators acquired from Aura play a key role here as well, delivering multiple high-performance clocks from a single integrated device. In sum, we are in a leadership position in AI with Precision Timing and expect to grow our dollar content as this market grows.

另一個應用是透過非常快速的專用交換器在 GPU 之間進行直接連接，從而透過更快地並行處理 AI 工作負載來提高 GPU 利用率。我們從 Aura 購買的時鐘產生器在這裡也發揮關鍵作用，從單一整合設備提供多個高性能時鐘。總而言之，我們在精準計時人工智慧領域處於領先地位，並期望隨著該市場的成長而增加我們的美元含量。

Another macro trend is in building a more precise Global Navigation Satellite System, or GNSS, which is resilient to jamming and spoofing. Such a system has use cases in Defense and Aerospace and extends to Industrial, Automotive, and Mobile-IoT-Consumer.

另一個宏觀趨勢是建立更精確的全球導航衛星系統（GNSS），該系統能夠抵禦幹擾和欺騙。這樣的系統在國防和航空航太領域有用例，並擴展到工業、汽車和行動物聯網消費者領域。

In automotive, ADAS Level 2, Level 3 and 4, as well as robotaxis need such an enhanced GNSS to operate optimally. Such a GNSS will depend upon Precision Timing, and we are engaged with key players in multiple markets.

在汽車領域，ADAS 2 級、3 級和 4 級以及機器人軸需要這種增強型 GNSS 才能達到最佳運作。這樣的 GNSS 將依賴精確授時，我們正在與多個市場的主要參與者合作。

In autonomous and ADAS vehicles, we are now also offering FailSafe technology where the single device integrates resonators, oscillators, clocking, and advanced safety mechanisms for timing. This integration accelerates functional safety development and simplifies system architecture. We have multiple design wins with key electric vehicle companies and expect to begin shipments in volume quantities in 2025.

在自動駕駛和 ADAS 車輛中，我們現在還提供故障安全技術，其中單一設備整合了諧振器、振盪器、時鐘和先進的計時安全機制。這種整合加速了功能安全開發並簡化了系統架構。我們與主要電動車公司取得了許多設計勝利，預計將於 2025 年開始大量出貨。

In summary, our strategy is working as intended and delivering results. I'm confident of our success, now and in the future.

總而言之，我們的策略正在按預期發揮作用並取得成果。我對我們現在和未來的成功充滿信心。

I now want to turn the call over to Beth, our CFO, to discuss our financial results in more detail.

我現在想將電話轉給我們的財務長貝絲 (Beth)，更詳細地討論我們的財務表現。

Thanks, Rajesh, and good afternoon, everyone. Today, I'll discuss the details of our third quarter results and provide our outlook for the fourth quarter. As a reminder, I'll focus my discussion on the 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，我將討論我們第三季業績的細節，並提供我們對第四季的展望。提醒一下，我將重點討論非 GAAP 財務業績，這些業績在我們的新聞稿中與 GAAP 進行了調整。

We are pleased with our third quarter financial results as we continue to execute our financial model. We drove strong, sequential, and year-over-year revenue growth, expanding non-GAAP operating profit and earnings per share over twice as fast as revenue, while continuing to invest in our leading product road map. Our financial performance this quarter demonstrates our ability to successfully invest in our business while delivering strong financial results.

我們對第三季的財務業績感到滿意，因為我們繼續執行我們的財務模型。我們推動了收入的連續和同比強勁增長，非公認會計準則營業利潤和每股收益的增長速度是收入的兩倍以上，同時繼續投資於我們的領先產品路線圖。我們本季的財務表現顯示我們有能力成功投資業務，同時實現強勁的財務表現。

Third quarter revenue was $57.7 million, up 62% year-on-year, driven by increased volumes and favorable product mix.

在銷售增加和有利的產品組合的推動下，第三季營收為 5,770 萬美元，年增 62%。

Looking at growth by market, sales into our Communications, Enterprise, and Datacenter market were $19.7 million or 34% of sales, up 233% year-on-year. Sales into the Automotive, Industrial, and Aerospace market were $17.7 million or 31% of sales, increasing 51% year-on-year. And sales into the mobile, IoT, and consumer market were $20.3 million or 35% of sales, up 14% year-on-year, with sales to our largest customer totaling $13.1 million or 23% of sales.

從市場成長來看，通訊、企業和資料中心市場的銷售額為 1,970 萬美元，佔銷售額的 34%，較去年同期成長 233%。汽車、工業和航空航太市場的銷售額為 1,770 萬美元，佔銷售額的 31%，年增 51%。行動、物聯網和消費市場的銷售額為 2,030 萬美元，佔銷售額的 35%，年增 14%，向我們最大客戶的銷售額總計 1,310 萬美元，佔銷售額的 23%。

Non-GAAP gross margins were 58.1%, up 40 basis points sequentially, driven primarily by improved manufacturing absorption from higher volumes.

非 GAAP 毛利率為 58.1%，比上一季增加 40 個基點，主要是由於產量增加而導致製造吸收率提高。

Total non-GAAP operating expenses for the quarter were $29.5 million, with R&D expense of $17.1 million and SG&A expense of $12.4 million. Operating expenses were lower than expected, primarily related to the shift of R&D expense from Q3 to Q4.

本季非 GAAP 營運費用總額為 2,950 萬美元，其中研發費用為 1,710 萬美元，SG&A 費用為 1,240 萬美元。營運費用低於預期，主要與研發費用從第三季轉移到第四季有關。

Q3 marked the return to operating profitability with non-GAAP operating profit of $4 million, a significant improvement of $9.7 million versus the prior year and representing 75% flow-through of gross profit dollars. Third quarter non-GAAP net income was $9.6 million, representing 17% of revenue or $0.40 per share.

第三季標誌著營運獲利能力的恢復，非 GAAP 營運利潤為 400 萬美元，比上年大幅成長 970 萬美元，佔毛利美元流量的 75%。第三季非 GAAP 淨利為 960 萬美元，佔營收的 17%，即每股 0.40 美元。

Turning to the balance sheet. Accounts receivable was $30.2 million with DSOs of 47 days. Inventory at the end of the quarter was $71.9 million and accounts payable was $17.9 million -- sorry, inventory at the end of the quarter was $71.9 million and accounts payable was $17.9 million. During the quarter, we generated $8.2 million in cash from operations, invested $15 million in capital purchases, and paid $12.9 million to Aura as part of the transaction we announced last year. We ended the quarter with $435 million in cash, cash equivalents, and short-term investments.

轉向資產負債表。應收帳款為 3,020 萬美元，DSO 為 47 天。季度末的庫存為 7,190 萬美元，應付帳款為 1,790 萬美元——抱歉，季度末的庫存為 7,190 萬美元，應付帳款為 1,790 萬美元。在本季度，我們從營運中產生了 820 萬美元的現金，投資了 1500 萬美元進行資本購買，並向 Aura 支付了 1290 萬美元，作為我們去年宣布的交易的一部分。截至本季末，我們的現金、現金等價物和短期投資為 4.35 億美元。

Let me now review our outlook for the December quarter. In Q4, we expect revenue of $63 million to $65 million, non-GAAP gross margins to be in the range of 58% to 58.5%, non-GAAP operating expenses of $31 million to $31.5 million, interest income of approximately $4.5 million, and diluted outstanding shares of approximately 24.4 million shares. As a result, we expect non-GAAP EPS to be in the range of $0.39 to $0.45 per share.

現在讓我回顧一下我們對 12 月季度的展望。第四季度，我們預計收入為 6,300 萬美元至 6,500 萬美元，非 GAAP 毛利率為 58% 至 58.5%，非 GAAP 營運費用為 3,100 萬美元至 3,150 萬美元，利息收入約為 450 萬美元，稀釋後流通股約2440萬股。因此，我們預計非 GAAP 每股盈餘將在 0.39 美元至 0.45 美元之間。

In closing, we are pleased with our strong results and remain focused on driving revenue and profit growth. 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 executing our strategy, and our strategy is working.

最後，我們對我們的強勁業績感到滿意，並將繼續專注於推動收入和利潤成長。我們的產品組合不斷擴大，推出了能夠滿足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，我們正在執行我們的策略，我們的策略正在發揮作用。

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

這樣，我想將電話轉回給接線員詢問問題和解答。

(Operator Instructions) Suji Desilva, Roth Capital.

（操作員指令）Suji Desilva，Roth Capital。

Hi, Rajesh. Hi, Beth. Congrats on the progress here. Maybe you can talk about the data center market, Rajesh, the content here. Curious, optical top-of-rack switch versus you expanding into AECs. And it sounds like you have some content in the AI server or somewhere in the rack, other places, and you can elaborate on that maybe. What's the mix of those today? And what's the mix of those content positions maybe one to two years out, maybe some of those growth opportunities?

嗨，拉傑什。嗨，貝絲。恭喜這裡的進展。也許你可以談談資料中心市場，Rajesh，這裡的內容。好奇的光學架頂交換器與您擴展到 AEC 的對比。聽起來你在人工智慧伺服器或機架中的某個地方，其他地方有一些內容，你也許可以詳細說明這一點。今天這些的組合是什麼？一到兩年後，這些內容職位的組合是什麼，也許其中有一些成長機會？

Yeah. Thank you for that. We see that all of these will continue to grow over time. The tricky part is forecasting what -- how they're configured. But in general, we're talking about in the next few years, seeing that server content grows quite substantially. Where we see particularly large content growth is in the switches and some of the CPU servers, as well as the pluggables as well. So I think we see growth all across the market depending upon the configuration of these systems.

是的。謝謝你。我們看到所有這些都將隨著時間的推移而繼續增長。棘手的部分是預測它們的配置方式。但總的來說，我們正在談論未來幾年，伺服器內容將大幅成長。我們看到內容成長特別大的是交換器和一些 CPU 伺服器以及可插拔設備。因此，我認為我們看到整個市場的成長取決於這些系統的配置。

Okay. And maybe just a follow-up there. I know you've started off with strong traction in the optical pluggables. And I'm wondering, is there a multiplier of content to think about for a server switch or CPU server versus a pluggable? Or are they similar content-wise for you, opportunity?

好的。也許只是後續行動。我知道您已經開始對光學可插拔裝置產生強烈的興趣。我想知道，與可插拔伺服器相比，伺服器交換器或 CPU 伺服器是否需要考慮更多的內容？或者它們對你來說內容相似，有機會嗎？

The pluggable is probably the least in dollar amount, but the switches, the servers, the GPUs, of course, they all go up quite a bit. We do have Super NIC cards, which are used for compute, those that are used for storage. So, depending upon, again, it's a pretty complicated architecture, but those are all important places for SiTime's sales and revenue.

可插拔設備的價格可能是最少的，但是交換器、伺服器、GPU，當然，它們都會上漲很多。我們確實有超級 NIC 卡，它們用於計算，那些用於存儲。因此，再次強調，這是一個相當複雜的架構，但這些都是 SiTime 銷售和收入的重要場所。

Great. Sounds like a great opportunity. I'll pass it along. Thanks, Rajesh.

偉大的。聽起來是一個很好的機會。我會把它傳遞下去。謝謝，拉傑什。

Yeah. Thank you.

是的。謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey, guys. Congratulations on the nice results and outlook. I wanted to follow up on Suji's question. Rajesh, you, I think, perhaps mentioned GPU to GPU networks or others may know them as the scale-up networks in AI being particularly content-rich for your TCXOs. Wondering if you could just dive a little deeper into what the content could be in those scale-up networks. If you look at NVIDIA's latest generation NVL72 rack, nine of the 27 trays in that rack are dedicated to switching, and there's a lot of content to be had there, and it sounds like those switch trays could potentially use multiple TCXOs from the company. So just wondering if you could kind of expand on the use cases. And are these scale-up networks specifically with NVIDIA? Or are you seeing scale-up opportunities with some of the hyperscalers that are developing their own ASICs? Thanks.

嘿，夥計們。恭喜您取得了良好的成果和前景。我想跟進Suji的問題。Rajesh，我想，您可能提到了 GPU 到 GPU 網絡，或者其他人可能知道它們是 AI 中的擴展網絡，對於您的 TCXO 來說內容特別豐富。想知道您是否可以更深入地了解這些擴展網絡中的內容。如果您查看NVIDIA 最新一代的NVL72 機架，您會發現該機架中的27 個托盤中有9 個專用於交換，並且那裡有很多內容，而且聽起來這些交換托盤可能會使用該公司的多個TCXO。所以只是想知道您是否可以擴展用例。這些擴展網路是專門與 NVIDIA 合作的嗎？或者您看到一些正在開發自己的 ASIC 的超大規模企業有擴大規模的機會？謝謝。

Yeah. So, without naming customers' names, we have not made as many inroads into the hyperscalers. We have in some, but not in all. So, I think we are mostly seeing this in the people who are in the business of CPUs and GPUs.

是的。因此，在不點名的情況下，我們還沒有在超大規模領域取得如此多的進展。我們有一些，但不是全部。所以，我認為我們主要在從事 CPU 和 GPU 業務的人身上看到這一點。

But I basically believe that we are now talking -- we started with sub-$100, say, a couple of years ago. And now we're rack, but now fully populated racks are hundreds of dollars, quite high. Slightly less populated racks are still hundreds of dollars. So, it's whether we're talking about a high hundreds of dollars, a little bit more middle of the road, whether we're talking about GPU trays or NIC cards for storage compute or switches or top-of-the-rack switches, SiTime plays in all of them.

但我基本上相信我們現在正在談論——幾年前，我們的起價低於 100 美元。現在我們是機架式的，但現在裝滿的機架要幾百美元，而且相當高。稍微少一點的機架也還是幾百塊。所以，無論我們是在談論數百美元的高價，還是在中間路線，無論我們是在談論 GPU 托盤還是用於儲存運算的 NIC 卡、交換機或架頂交換機， SiTime 都參與了所有這些活動。

Additionally, of course, we continue to play across a large number of OEMs in the pluggable modules as well as in the AECs that are connecting and some of the AEC companies are doing quite well. I know you cover them. So, I think it's all part of a whole program, and that's why we could have the kind of growth, 200% that we saw year-on-year -- I mean, quarter-on-quarter.

此外，當然，我們繼續在可插拔模組以及正在連接的 AEC 領域與大量 OEM 合作，其中一些 AEC 公司做得相當不錯。我知道你掩蓋了它們。所以，我認為這都是整個計劃的一部分，這就是為什麼我們能夠實現 200% 的同比增長——我的意思是季度環比增長。

And Rajesh, just to confirm that, that high hundreds of dollars per rack, that's across all applications that would include AEC, pluggables, top-of-rack switches, scale-up switches, cheaper NIC cards, like everything you do.

Rajesh，只是為了確認這一點，每個機架高達數百美元，適用於所有應用程序，包括AEC、可插拔、架頂式交換機、縱向擴展交換機、更便宜的NIC 卡，就像您所做的一切一樣。

Yeah.

是的。

Okay. Got it.

好的。知道了。

I'm aggregating all of that because, yeah, it's a little bit tricky. And I don't think it should be that specific. So --

我匯總了所有這些，因為，是的，這有點棘手。我認為不應該那麼具體。所以--

Understand the customer sensitivities there. I guess the next question, CED was up over 200% in the quarter. It will double in '24 versus '23. I know you're not giving guidance for '25 yet, but what kind of growth rate do you expect in 2025 out of CED? I think you said in the prepared comments that CED would again lead the growth. So I assume if you're targeting 30% overall for the company, that CED is probably going to be well in excess of 30% next year. Is that kind of the right framework to be thinking about for 2025?

了解那裡的客戶敏感度。我想下一個問題是，CED 本季上漲了 200% 以上。與 23 年相比，24 年將翻倍。我知道您還沒有給出 25 年的指導，但您預計 2025 年 CED 的成長率是多少？我想您在準備好的評論中說過，CED 將再次引領成長。因此，我假設如果您的目標是公司整體 30%，那麼明年的 CED 可能會遠遠超過 30%。這是 2025 年值得考慮的正確架構嗎？

Yeah. So, as you recall, Quinn, several quarters ago, we took the unusual step of forecasting that we would grow by, give, or take, 30%, and looks like we're on target to do that for this year. We also took the sort of unusual step a quarter ago of saying that this growth of approximately 30% would carry on into the coming year and the year beyond. We still maintain that.

是的。因此，Quinn，正如您所記得的那樣，幾個季度前，我們採取了不尋常的步驟，預測我們將成長 30%，看起來我們今年的目標是實現這一目標。一個季度前，我們也採取了一種不尋常的舉措，表示這種約 30% 的成長將持續到來年和未來一年。我們仍然堅持這一點。

I think it's fair to say that given the diversity of our revenue, which is the strength of the company, there's always something that's growing at more than corporate growth rate. And I think in this case, CED qualifies for that because there's also something on the other side, which is not growing at the corporate growth rate. So, I think it balances itself out nicely so that we can deliver the promised 30%.

我認為可以公平地說，考慮到我們收入的多樣性（這是公司的優勢），總是有一些東西的成長速度超過公司的成長率。我認為在這種情況下，CED 符合這一條件，因為另一方面也有一些東西，它沒有以公司成長率的速度成長。所以，我認為它很好地平衡了自己，這樣我們就可以兌現承諾的 30%。

Perfect. Thank you. I'll get back in queue.

完美的。謝謝。我會回到隊列中。

Melissa Fairbanks, Raymond James & Associates.

梅麗莎·費爾班克斯，雷蒙德·詹姆斯及其同事。

Hi, guys. Yeah, I'll add my congratulations. I have a couple of questions for Beth actually to start. I'm surprised, normally, this is the first question that gets asked. Are you able to give us any sort of specificity on segment guidance for the fourth quarter? Obviously, CED is going to lead the growth, but any kind of color that you can give us on the other segments?

嗨，大家好。是的，我會補充我的祝賀。我有幾個問題要請貝絲開始。我很驚訝，通常這是被問到的第一個問題。您能否向我們提供有關第四季度細分市場指導的具體資訊？顯然，CED 將引領成長，但您能為我們提供其他細分市場的任何顏色嗎？

Sure. So, as we look at the segments, again, we expect growth in CED to lead the way. I think if you look at our consumer IoT mobile segment, that as well, right? We've got holiday season that should show good growth as well. And then, as we look at the auto, industrial, aerospace, we expect that to continue to grow as well. That's had some strong performance this year. But I'd say, again, growing across the board, but CED definitely leading the way.

當然。因此，當我們審視這些細分市場時，我們再次預期 CED 的成長將引領潮流。我想如果你看看我們的消費者物聯網行動領域，你也會發現，對吧？我們的假期也應該會顯示出良好的成長。然後，當我們關注汽車、工業、航空航太領域時，我們預計它們也將繼續成長。今年有一些強勁的表現。但我想說，雖然全面成長，但 CED 絕對處於領先地位。

Okay. Great. And then, as a follow-up, maybe I know this is like way less boring or way more boring than talking about CED, but on the OpEx line, I understand that some of the R&D got pushed to the December quarter. I think in our prior conversations, maybe we talked about going forward, maybe a couple of million dollars a year in OpEx growth, and then that drives a lot of leverage in the model. What are you thinking now that you've got all of these new opportunities? Should we expect a greater increase in OpEx? Or how should we be modeling OpEx going forward?

好的。偉大的。然後，作為後續行動，也許我知道這比談論 CED 更無聊或更無聊，但在 OpEx 方面，我知道一些研發被推遲到了 12 月的季度。我認為在我們之前的談話中，也許我們談到了未來，也許每年營運支出成長數百萬美元，然後這會在模型中帶來很大的槓桿作用。有了這些新機會，您現在在想什麼？我們是否應該預期營運支出有更大的成長？或者我們應該如何對未來的營運支出進行建模？

So we look at Q4, I'm expecting OpEx to be kind of $31 million to $31.5 million for the quarter. So that's for Q4. And then, I think what you're asking is looking forward into 2025 and how to think about that. So, if you annualize that number, you get to $124 million, $125 million-ish as kind of a baseline.

所以我們看看第四季度，我預計該季度的營運支出為 3,100 萬至 3,150 萬美元。這就是第四季的情況。然後，我認為你問的是對 2025 年的展望以及如何思考這一點。所以，如果你把這個數字按年計算，你會得到 1.24 億美元、1.25 億美元左右的基準。

And then I think, again, we'll grow a bit from there. As we've been talking about, I expect that revenue to grow much, much faster than OpEx, but we do want to be investing in the business. We want to be investing in R&D. We want to be investing in go-to-market. So, for those key growth areas, and we see a good ROI on investment, whether it's people or programs, we're going to make those investments. But again, as I said, I expect revenue to grow much faster than OpEx.

然後我再次認為，我們會在此基礎上有所成長。正如我們一直在談論的那樣，我預計收入的成長速度將比營運支出快得多，但我們確實希望投資於該業務。我們希望投資研發。我們希望投資進入市場。因此，對於那些關鍵成長領域，我們看到了良好的投資報酬率，無論是人員還是項目，我們都將進行這些投資。但正如我所說，我預期收入成長速度將遠遠快於營運支出成長速度。

Okay. Great. Thanks so much, Beth. Thanks so much, Rajesh.

好的。偉大的。非常感謝，貝絲。非常感謝，拉傑什。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Yes. Good afternoon. This is Jeremy on for Tore. And let me add my congratulations to a very strong quarter and outlook. I wanted to dig a little bit more deeply into the automotive segment. I know software-defined vehicles is something that's kind of been coming on pretty strong lately in the industry. I was wondering if you could give us more insight into your time and content and how it plays into the opportunity there? And how does that compare to legacy or more traditional vehicles in terms of your potential content and potential TAM, that would be great. Thank you.

是的。午安.這是托雷的傑里米。讓我對非常強勁的季度和前景表示祝賀。我想更深入地了解汽車領域。我知道軟體定義車輛最近在該行業中發展得相當強勁。我想知道您能否讓我們更深入地了解您的時間和內容以及它如何利用那裡的機會？就潛在內容和潛在 TAM 而言，與傳統或更傳統的車輛相比，這會很棒。謝謝。

Yeah. So, starting with the SAM, we probably have something like about $400 million to $500 million SAM in the automotive market, which is up substantially from the time when we went public when it was almost negligible. Most of the business that we have comes from the more innovative car companies, which tend to be electric vehicles, although it's not limited to that. We're not connected to that, but many of them are significantly EVs. So, with that in mind, we do rather well in China, where, as you know, there's a lot of automated driving and new car companies that have really ramped up volumes. We have done well in the United States with those electric car companies that have done well.

是的。因此，從 SAM 開始，我們在汽車市場上可能擁有約 4 億至 5 億美元的 SAM，這比我們上市時幾乎可以忽略不計時大幅上漲。我們的大部分業務來自更具創新性的汽車公司，這些公司往往是電動車，儘管不僅限於此。我們與此無關，但其中許多都是電動車。因此，考慮到這一點，我們在中國做得相當好，正如你所知，那裡有很多自動駕駛和新車公司，銷量確實有所增加。我們在美國和那些做得好的電動車公司做得很好。

And in terms of use case, the use case is mostly centered around automated driving, whether it is the full ADAS at Level 2 or Level 2.5 or design wins at Level 3 and Level 4 but also in the cameras or the sensors or the radar, the LiDAR and the GPS that connects some of these to positioning. So, it's really mostly in that ecosystem, although I will say that we are also in infotainment, we are also in some of the Ethernet cabling and so on. So, it's a pretty diverse use case, but it's mostly centered around automated driving. And as I mentioned, with our new failsafe technology, which is getting rolled out right now, we are likely to be used in other cars that want to increase the safety of their operation.

就用例而言，用例主要以自動駕駛為中心，無論是 2 級或 2.5 級的完整 ADAS，還是 3 級和 4 級的設計勝利，還有攝影機、感測器或雷達， LiDAR 和GPS 將其中一些連接到定位。所以，它實際上主要是在這個生態系統中，儘管我會說我們也在資訊娛樂領域，我們也在一些乙太網路佈線等領域。因此，這是一個相當多樣化的用例，但主要以自動駕駛為中心。正如我所提到的，隨著我們目前正在推出的新的故障安全技術，我們很可能會被用於其他想要提高運行安全性的汽車。

Great. Thank you for that color. I was wondering if you could also step back a little bit and look at the precision timing market versus quartz. If you can give us an update there, whether it's -- can you talk about your penetration rate maybe for new applications or emerging applications or even if you can segment it like high performance versus areas that you're not targeting? How are you seeing your uptake in precision timing versus quartz and things like how programmability impacts that decision for customers? Thank you.

偉大的。謝謝你的那個顏色。我想知道您是否也可以退後一步，看看精密計時市場與石英市場的比較。如果您可以向我們提供最新情況，無論是 - 您能否談談新應用程式或新興應用程式的滲透率，或者即使您可以將其細分為高效能與您不瞄準的領域？您如何看待精密計時與石英的採用情況，以及可程式化如何影響客戶的決策等問題？謝謝。

Right. So, our total market TAM is $10 billion, and that is divided into oscillators, which is $4 billion; clocks, which is a couple of billion, so that's $6 billion plus, the remaining is the resonators, even though we don't have any resonator products shipping, but we do have products in the other two categories. Our SAM, or our market that we serve, is a little bit less than $3 billion, but let's say it's $3 billion. And our revenue, as you know, is in the range of a little bit lower than $200 million as forecast by many of you. So really our penetration, our precision timing market is in that $3 billion category, and SiTime's penetration in that is significantly -- has a lot of room for growth from $200 million all the way up.

正確的。因此，我們的總市場 TAM 為 100 億美元，其中分為震盪指標，即 40 億美元；時鐘，需要數十億美元，所以超過 60 億美元，剩下的是諧振器，儘管我們沒有任何諧振器產品發貨，但我們確實有其他兩類產品。我們的 SAM，或者說我們所服務的市場，略低於 30 億美元，但我們假設它是 30 億美元。正如你們所知，正如你們許多人預測的那樣，我們的收入略低於 2 億美元。因此，我們的精確計時市場實際上屬於 30 億美元的市場，而 SiTime 在這方面的滲透率非常高，從 2 億美元一路上升，還有很大的成長空間。

The real issue here in terms of what makes up that $3 billion is, as we've said before, right now, data centers are doing very well. Enterprise technologies and communications are very important. I think they probably take over about $1 billion of that. We also have a significantly large consumer mobile IoT business, and that is a very large portion of that as well, whatever consumer devices you can think of that we can go to. The rest of it is around military, aerospace, defense, industrial, medical, and so on. So, we -- and as mentioned, we are probably around $0.5 billion for automotive.

正如我們之前所說，就這 30 億美元的組成而言，真正的問題是，目前資料中心的表現非常好。企業技術和通訊非常重要。我認為他們可能會接管其中約 10 億美元。我們還擁有相當大的消費者行動物聯網業務，這也是其中的很大一部分，無論你能想到什麼消費設備，我們都可以使用。其餘的則圍繞著軍事、航空航太、國防、工業、醫療等。因此，如同前面所提到的，我們在汽車領域的投入可能約為 5 億美元。

So, I think it all adds up to about $3 billion. And we have about 300 different applications inside that $3 billion SAM or served market. So it's a very diverse business, which is by design because we think that that adds significant strength to the company at the same time while we get a growth of 30% annually.

所以，我認為這一切加起來約為 30 億美元。在價值 30 億美元的 SAM 或服務市場中，我們擁有約 300 種不同的應用程式。所以這是一個非常多元化的業務，這是有意為之的，因為我們認為這會為公司帶來顯著的實力，同時我們每年也會實現 30% 的成長。

Great. Thank you.

偉大的。謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

A quick follow-up for Beth. Beth, I think last quarter, you had mentioned the gross margin was sort of weighed down by some new investments in tooling. Obviously, you guys have done a really nice job here in the near term, delivering higher-than-expected revenue. Just kind of wondering if you might be able to give us your latest thoughts on gross margin, what the trajectory might look like beyond the December quarter into March? Would you see a seasonal downtick as revenue may decline seasonally? And then, any thoughts on when you can get back to that 60% or higher gross margin target? Thank you.

貝絲的快速跟進。貝絲，我想上個季度，您曾提到毛利率受到一些新工具投資的拖累。顯然，你們在短期內做得非常好，提供了高於預期的收入。只是想知道您是否可以向我們提供您對毛利率的最新想法，從 12 月季度到 3 月之後的軌跡會是什麼樣子？由於收入可能會季節性下降，您是否會看到季節性下降？然後，您對何時可以回到 60% 或更高的毛利率目標有什麼想法嗎？謝謝。

Sure, Quinn. Let me talk a little bit about our gross margin. As you said, we did see some good improvement sequentially, 40 basis points. And I'd say, we're on track with where we expected to be as we ramp these new products and bring them in production. Long term, we still expect to be north of 60%. And in fact, if we continue on track as we expect, we would be getting back to kind of that 60% mark by probably the second half of 2025 as we get these products into production and really ramping there.

當然，奎因。讓我談談我們的毛利率。正如您所說，我們確實看到了一些良好的連續改善，40 個基點。我想說，隨著我們推出這些新產品並將其投入生產，我們正朝著我們預期的方向發展。長期來看，我們仍預期會超過 60%。事實上，如果我們繼續按預期走上正軌，到 2025 年下半年，當我們將這些產品投入生產並真正實現產能提升時，我們可能會回到 60% 的水平。

So again, I think we're on track with where we expected to be. We've seen nice improvement here sequentially. To your point, we typically see a seasonal decline Q4 to Q1. I think the average is roughly 20% seasonal decline in revenue. And so that's a little bit of a headwind there just for the March quarter. But long-term, even into 2025, I think we're on track with where we want to be.

再說一次，我認為我們正朝著我們預期的方向前進。我們已經連續看到了很好的改進。就您的觀點而言，我們通常會看到第四季度至第一季出現季節性下降。我認為收入季節性下降平均約為 20%。因此，對於三月季度來說，這有點不利。但從長遠來看，即使到 2025 年，我認為我們正在朝著我們想要的方向前進。

Perfect. Thank you.

完美的。謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yeah. Thank you. Good evening. I wonder if you could talk a little bit about your penetration or your attempt to penetrate the clock market in terms of the timing of that? And what sort of magnitude of benefit do you expect as you start to penetrate that? And is it really a function of just the pace of product development there? How quickly can you get products out into the market for that segment?

是的。謝謝。晚安.我想知道您是否可以談談您的滲透或您嘗試滲透時鐘市場的時間表？當您開始了解這一點時，您期望獲得多大的好處？這真的只是產品開發速度的函數嗎？您能多快將產品推向該細分市場？

Yeah. Thanks, Chris. Actually, it is -- the pace of this is predicated by the design win and the deployment of the products. So because of the Aura acquisition, we now have a significant number of the products that we want. There's still some in the pipeline that are getting rolled out, but most of the products are already out and getting design wins. So, what is predicating that rollout is the design win, which takes anywhere from nine months because a lot of these go into CED markets, industrial markets, automotive markets, which have about a 9-month to 12-month design win and then another equal number of months for the rollout of the product in volume, so call it two years.

是的。謝謝，克里斯。事實上，它的速度取決於設計的勝利和產品的部署。因此，由於收購了 Aura，我們現在擁有了大量我們想要的產品。仍有一些產品正在醞釀中推出，但大多數產品已經推出並獲得了設計勝利。因此，預測推出的是設計勝利，這需要 9 個月的時間，因為其中許多進入 CED 市場、工業市場、汽車市場，這些市場大約需要 9 個月到 12 個月的設計勝利，然後另一個批量推出產品的月數相同，因此稱之為兩年。

So because of that, we think we are very much on target with both our organic growth products in clocking, like the Chorus product that we launched recently, but also with the Aura-based products, such that our revenue over the coming years -- coming few years, not a long time, we expect to be from clocking to reach about $100 million. And we are well on that trajectory even though the revenue from clocking is still relatively small this year and, in fact, next year as well.

因此，我們認為我們在時鐘方面的有機增長產品（例如我們最近推出的 Chorus 產品）以及基於 Aura 的產品都非常符合目標，這樣我們在未來幾年的收入 -未來幾年，在不長的時間內，我們預計時鐘收入將達到約1 億美元。儘管今年的時鐘收入仍然相對較小，事實上明年也是如此，但我們仍然沿著這條軌道走得很好。

That's helpful. Thank you. As a follow-up, one for you, Beth. And I guess, you've been there a bit of a while now. Luckily, it appears that the market has now stabilized. So, we have a better idea of what we're dealing with here. What's your view of the margin structure for the company and kind of where you'd like to see it? And how should we think of not just for the next few quarters, but a little longer out, we should think about OpEx growth relative to revenue growth? And what sort of operating leverage we should see as the revenue grows?

這很有幫助。謝謝。作為後續行動，貝絲，給你一個。我想，你已經在那裡有一段時間了。幸運的是，目前市場似乎已經穩定下來。因此，我們對我們正在處理的事情有了更好的了解。您對公司的利潤結構有何看法？我們應該如何思考，不僅是在接下來的幾個季度，而且在更長的一段時間內，我們應該如何考慮相對於收入成長的營運支出成長？隨著收入的成長，我們應該看到什麼樣的營運槓桿？

Thanks, Chris. So, as I talked a little bit about, we haven't really, again, given guidance for '25. But as I think about some thoughts on the operating model and how we're thinking about it, as I've been saying, we are growing revenue. And given kind of our recent trajectory and the OpEx that we had coming into 2024, I think I still think that we can grow revenue much faster than OpEx. And so we've got good or great operating leverage in the model. This quarter, you saw that with a 75% flow-through of gross profit to the bottom line.

謝謝，克里斯。因此，正如我剛才談到的，我們還沒有真正再次給予 25 年的指導。但當我思考關於營運模式的一些想法以及我們如何思考它時，正如我一直所說的，我們正在增加收入。考慮到我們最近的發展軌跡和 2024 年的營運支出，我認為我仍然認為我們的收入成長速度比營運支出快得多。因此，我們在該模型中擁有良好或巨大的營運槓桿。本季度，您看到 75% 的毛利流入了利潤。

And so, while we do want to invest in OpEx, as I'm telling Melissa, we do want to make those strategic investments where we see good ROI. I do expect us to continue to grow revenue much quicker than OpEx, at least '25. And we'll see, again, at some point, we'll make more investments. But right now, I expect to see a lot of flow-through and operating leverage in the model.

因此，雖然我們確實希望投資於營運支出，但正如我告訴梅麗莎的那樣，我們確實希望在我們看到良好投資回報率的地方進行這些策略性投資。我確實預計我們的收入成長將繼續比營運支出快得多，至少是 25 年。我們將再次看到，在某個時候，我們將進行更多投資。但現在，我預計模型中會出現大量的流通和營運槓桿。

That's great. Thank you.

那太棒了。謝謝。

I am showing no further questions at this time. I would now like to turn the conference back to management for closing remarks.

我目前沒有提出任何進一步的問題。我現在想將會議轉回管理階層進行閉幕致詞。

Well, thank you very much. We are very glad that we've returned to a growth rate, and it's good to be here, and we look forward to talking to you in further detail as the quarters roll on. Thank you very much.

嗯，非常感謝。我們很高興我們已經恢復了成長率，很高興來到這裡，我們期待隨著季度的進展與您進行更詳細的交談。非常感謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。