SiTime Corp (SITM) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to SiTime's first quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, May 7, 2025.

下午好，歡迎參加 SiTime 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次電話會議將於今天（2025 年 5 月 7 日）進行錄音。

I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Brett, please go ahead.

現在我想將電話轉給 Shelton Group 投資者關係部的 Brett Perry。布雷特，請繼續。

Thank you, Didi. Good afternoon, and welcome to SiTime's first quarter 2025 financial results conference call. Joining us today on the call from SiTime are Rajesh Vashist, Chief Executive Officer; and Beth Howe, Chief Financial Officer.

謝謝你，滴滴。下午好，歡迎參加 SiTime 2025 年第一季財務業績電話會議。今天參加 SiTime 電話會議的有執行長 Rajesh Vashist；以及財務長 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，在本次電話會議過程中，公司可能會對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.

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。

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 14, 2025, as well as the company's subsequent filings with the Securities and Exchange Commission.

有關業務相關風險的更多詳細信息，請參閱 2025 年 2 月 14 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。

Also during the call, we'll refer to 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 nor superior to measures of financial performance prepared in accordance with US GAAP.

此外，在電話會議中，我們也會提及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編製的財務績效指標的補充，並非替代或優於這些指標。

The 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.

GAAP 與非 GAAP 的對帳包括股票薪酬費用、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盈利負債的估計公允價值變動。請參閱公司今天稍早發布的新聞稿，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。

Thanks, Brett. Good afternoon. I'd like to welcome new as well as existing investors to SiTime's First Quarter 2025 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. Precision timing uses semiconductor technology to reimagine time and transform the $10 billion timing market.

謝謝，布雷特。午安.我歡迎新舊投資者參加 SiTime 2025 年第一季財報電話會議。SiTime 是充滿活力的新型半導體領域的領導者，我們稱之為精密計時，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、個人移動或物聯網中，SiTime 的精確時間都能提供更好的效能和可靠性。精密計時利用半導體技術重新定義時間並改變價值 100 億美元的計時市場。

SiTime is uniquely focused on high-value timing markets and applications and serving them with highly differentiated products that deliver exceptional value. With this strategy, we're building a strong business that is diverse across industries, applications and geographies. This has served us well. And even in this dynamic environment, it has enabled us to continue to grow rapidly.

SiTime 專注於高價值計時市場和應用，並為其提供具有卓越價值的高度差異化產品。透過這項策略，我們正在建立一個跨產業、跨應用、跨地域的強大業務。這對我們很有幫助。即使在這種動態的環境中，它也使我們能夠繼續快速成長。

The numbers speak for themselves. Q1 2025 was a great quarter where we delivered financial results well above our target. Revenue was 83% higher than the year ago at $60.3 million. Gross margins were 57.4%, and EPS was $0.26 per share. This growth was driven by all of our segments. The comms, enterprise, data center, or CED, business tripled year-over-year, and both the mobile, IoT, consumer and the auto, industrial, defense customer segments grew double-digit percentages.

數字說明了一切。2025 年第一季是個出色的季度，我們的財務表現遠超目標。營收比去年同期成長 83%，達到 6,030 萬美元。毛利率為 57.4%，每股盈餘為 0.26 美元。這一增長是由我們所有部門共同推動的。通訊、企業、資料中心或 CED 業務年增了兩倍，行動、物聯網、消費者以及汽車、工業、國防客戶領域均實現了兩位數的百分比成長。

Revenue from our largest customer grew over 75%. We expect this strength to continue in Q2. Our CED business has shown significant sequential growth for 4 consecutive quarters now driven by the strength of AI. Our OEM and cloud service provider customers continue to reaffirm their growth outlook, and we expect the data center business to continue to grow through 2025.

我們來自最大客戶的收入成長了 75% 以上。我們預計這種強勁勢頭將在第二季度持續下去。在人工智慧的推動下，我們的 CED 業務已連續 4 個季度呈現顯著的環比成長。我們的 OEM 和雲端服務供應商客戶繼續重申他們的成長前景，我們預計資料中心業務將在 2025 年繼續成長。

We know that AI infrastructure needs higher network bandwidth to improve GPU utilization rates, which directly impacts the consumption of SiTime's precision timing products. There are 2 trends that confirm this infrastructure upgrade. First, optical module and switch bandwidth is doubling, and we're shipping in high volume in 800G today. We're now seeing increased design activity for 1.6T modules, which we expect will become the mainstream in '26 and '27. SiTime has had success on 1.6T designs, and we have over 20 opportunities at customers worldwide.

我們知道AI基礎設施需要更高的網路頻寬來提高GPU的使用率，這直接影響了SiTime精密定時產品的消耗。有兩個趨勢證實了這項基礎設施升級。首先，光模組和交換器頻寬正在翻倍，目前我們800G的出貨量很大。我們現在看到 1.6T 模組的設計活動增加，我們預計它將成為 26 年和 27 年的主流。SiTime 在 1.6T 設計上取得了成功，我們在全球擁有超過 20 個客戶機會。

As a second trend, active electrical cables, or AEC, continue to replace passive cables within the data center rack with 2 times to 4 times higher bandwidth. In both these applications, SiTime continues to be a highly differentiated solution where we deliver significant value in performance and resilient supply.

第二個趨勢是，主動電纜（AEC）繼續取代資料中心機架內的被動電纜，頻寬提高 2 倍到 4 倍。在這兩種應用中，SiTime 繼續成為高度差異化的解決方案，我們在效能和彈性供應方面提供了巨大的價值。

Additionally, we are also very excited about our clocking business, which is central to the strategy of solving customers' needs across the timing subsystem. We continue to have a sustainable advantage because we uniquely have all the components required to make truly differentiated products. By integrating the oscillator with the clock and software, SiTime has created a new clock category that is a complete system solution, which delivers increased performance and simplified designs for our customers. This strategy has the potential to create the highest clocking revenue in the industry in the coming years across all the customer segments.

此外，我們對我們的時鐘業務也感到非常興奮，這是解決客戶在整個時鐘子系統的需求的策略的核心。我們之所以能繼續保持可持續的優勢，是因為我們擁有製造真正差異化產品所需的所有組件。透過將振盪器與時鐘和軟體集成，SiTime 創建了一個新時鐘類別，即完整的系統解決方案，可為我們的客戶提供更高的效能和簡化的設計。這項策略有可能在未來幾年為所有客戶群創造業界最高的計時收入。

SiTime has already launched three clocking products with higher ASPs and longer revenue streams, a trend that will continue for products in the future. Some examples are, in CED, our Cascade family offers the benefit of more resilient performance and has been designed into diverse applications, from switches and NIC cards, network interface cards in data centers to 5G equipment and fixed wireless access or FWA. In automotive, our Chorus family has over a dozen high-value designs in ADAS or automated driving applications where it offers the benefit of integration and higher reliability.

SiTime 已經推出了三款具有更高平均售價和更長收入來源的時鐘產品，這一趨勢仍將延續到未來的產品中。例如，在 CED 中，我們的 Cascade 系列具有更具彈性的效能優勢，並且已設計到各種應用中，從交換器和 NIC 卡、資料中心的網路介面卡到 5G 裝置和固定無線存取或 FWA。在汽車領域，我們的 Chorus 系列在 ADAS 或自動駕駛應用中擁有十幾種高價值設計，具有整合度高、可靠性高等優勢。

For the mobile, IoT, consumer market, we have recently introduced Symphonic, the industry's first integrated clock generator for 5G millimeter wave consumer products as well as asset trackers and GNSS or GPS receivers. Symphonic customers get high performance with environmental resilience, small size, system power efficiency and also find homes in industrial applications.

對於行動、物聯網和消費市場，我們最近推出了 Symphonic，這是業界首款用於 5G 毫米波消費產品以及資產追蹤器和 GNSS 或 GPS 接收器的整合時脈產生器。Symphonic 客戶可以獲得具有環境適應能力、小尺寸、系統功率效率的高效能，並且還可以在工業應用中找到用武之地。

In these dynamic times, our product differentiation is key to continued success. I'm confident in SiTime's ability to adapt to the rapid changes in the world today while continuing to grow revenue, profitability and market share.

在這些充滿活力的時代，我們的產品差異化是持續成功的關鍵。我相信 SiTime 有能力適應當今世界的快速變化，同時繼續增加收入、獲利能力和市場份額。

With that, I'll turn the call over to Beth, our CFO, to discuss financial results in more detail. Beth?

說完這些，我將把電話轉給我們的財務長貝絲，更詳細地討論財務結果。貝絲？

Thanks, Rajesh. Good afternoon, everyone. Today, I'll discuss first quarter 2025 results, and then I'll provide our outlook for the second quarter of fiscal 2025. As a reminder, 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 2025 年第一季的業績，然後我將提供我們對 2025 財年第二季的展望。提醒一下，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。

Our Q1 results highlight the momentum of our business. First quarter revenue increased 83% year-on-year to $60.3 million driven by ongoing strength in our data center business as well as growth in our mobile business. Sales to the communications, enterprise and data center customer segment were $29.3 million, up 198% year-on-year. Sales into the automotive, industrial and defense customer segment were $14.1 million, up 10% year-on-year. And sales into the mobile, IoT and consumer customer segment were $16.9 million, up 64% year-on-year, with sales to our largest end customer increasing 76% to $11.1 million.

我們第一季的業績凸顯了我們業務的發展動能。第一季營收年增 83% 至 6,030 萬美元，這得益於我們資料中心業務的持續強勁成長以及行動業務的成長。對通訊、企業和資料中心客戶部門的銷售額為 2,930 萬美元，年增 198%。汽車、工業和國防客戶領域的銷售額為 1,410 萬美元，年增 10%。行動、物聯網和消費者客戶領域的銷售額為 1,690 萬美元，年成長 64%，其中對最大終端客戶的銷售額成長 76%，達到 1,110 萬美元。

In terms of the mix of revenue, communications, enterprise, data center represented 49% of revenue, automotive, industrial and defense made up 23% of revenue, and the mobile, IoT, consumer represented 28% of total revenue.

從收入結構來看，通訊、企業和資料中心佔收入的49%，汽車、工業和國防佔收入的23%，行動、物聯網和消費者佔總收入的28%。

Gross margins for the quarter were 57.4% with gross margin dollars increasing 81% year-on-year. Total non-GAAP operating expenses were $32.5 million, flat sequentially and in line with expectations. For the quarter, R&D expense was $19.3 million, and SG&A expense was $13.2 million. Q1 non-GAAP operating income was $2.1 million, an improvement of $10.3 million or 16 percentage points versus the same quarter a year ago. Q1 non-GAAP net income was $6.3 million or $0.26 per share.

本季毛利率為 57.4%，毛利率年增 81%。非公認會計準則總營運費用為 3,250 萬美元，與上一季持平，符合預期。本季度，研發費用為 1,930 萬美元，銷售、一般及行政費用為 1,320 萬美元。第一季非公認會計準則營業收入為 210 萬美元，較去年同期增加 1,030 萬美元，增幅達 16 個百分點。第一季非公認會計準則淨收入為 630 萬美元，即每股 0.26 美元。

Turning to the balance sheet. Accounts receivable were $28.1 million, with DSO improving to 42 days versus 50 days in Q4. Inventory ended the quarter at $82.6 million compared with $76.7 million in Q4 as we ramp production for key new products and continue to maintain strong wafer balances for assurance of supply. During the quarter, we generated $15 million in cash from operations, up $1.5 million sequentially and up $13.3 million year-over-year.

轉向資產負債表。應收帳款為 2,810 萬美元，DSO 從第四季的 50 天改善至 42 天。由於我們增加了主要新產品的產量，並繼續保持強勁的晶圓平衡以確保供應，本季末庫存為 8,260 萬美元，而第四季為 7,670 萬美元。本季度，我們的營運活動產生了 1,500 萬美元的現金，比上一季增加 150 萬美元，比去年同期增加 1,330 萬美元。

CapEx was $16.4 million in the quarter driven largely by the purchases of production equipment, and we paid $5 million to Aura Semiconductor. Our balance sheet remains strong, and we ended the quarter with $398.9 million in cash and short-term investments and no debt.

本季資本支出為 1,640 萬美元，主要來自生產設備的採購，我們向 Aura Semiconductor 支付了 500 萬美元。我們的資產負債表依然強勁，本季末我們擁有 3.989 億美元的現金和短期投資，且沒有債務。

Now I'd like to provide our outlook for the June quarter. For Q2, we expect revenue growth of 45% to 50% year-on-year, which is $64.7 million at the midpoint, gross margins to be approximately flat compared with Q1, operating expenses to be in the range of $33 million to $33.5 million and interest income of approximately $3 million to $3.4 million. As a result, we expect second quarter non-GAAP EPS to be in the range of $0.25 to $0.31 per share.

現在我想提供我們對六月季度的展望。對於第二季度，我們預計營收年增 45% 至 50%，中間值為 6,470 萬美元，毛利率與第一季基本持平，營運費用在 3,300 萬美元至 3,350 萬美元之間，利息收入約為 300 萬美元至 340 萬美元。因此，我們預計第二季非 GAAP 每股盈餘將在 0.25 美元至 0.31 美元之間。

With that, I'll open it up for questions.

好了，現在我可以開始回答問題了。

(Operator Instructions) And our first question comes from Quinn Bolton of Needham & Company.

（操作員指示）我們的第一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations on the nice results and outlook. I guess first question, Rajesh, you mentioned a significant design win back in March at the Morgan Stanley Investor Conference with your largest customer. That customer is up, I think, 76% year-on-year. Can you give us a sense, do you expect that kind of growth to continue throughout the year? Just what should we be expecting as that customer launches phones with the internal modem where you have two timing sockets paired with that internal modem?

恭喜您取得的良好成績和前景。我想第一個問題，Rajesh，您提到了三月在摩根士丹利投資者會議上您與最大客戶贏得的一項重大設計勝利。我認為該客戶數量同比增長了 76%。您能否告訴我們，您是否預期這種成長勢頭會持續全年？當客戶推出內建數據機的手機時，我們該期待什麼呢？內建調變解調器上有兩個定時插座與內建調變解調器配對。

Yes. I think we should expect to have continued growth. I don't know if it will be in the same percentage. Clearly, there is strength. You mentioned those two design wins. I think those design wins are in good shape. What we -- what remains to be seen, however, as always is, first of all, as you know, it's a consumer product. So it typically cycles up and down a little bit more than others.

是的。我認為我們應該期待持續成長。我不知道它是否會是相同的百分比。顯然，這是有實力的。您提到了那兩場設計勝利。我認為這些設計成果非常好。然而，我們還有待觀察的是，一如既往，首先，如你所知，它是一種消費產品。因此，它的上下循環通常比其他的要多一些。

The second is it's the first one of its kind in the phone paired to their own certain chips that they have. So I think we've got to see where that goes. And finally, we do live in a very dynamic environment where you -- we don't know what the impact of tariffs or not tariffs or lesser tariffs or more tariffs are going to have. So all that being said, we continue to expect growth, yes.

第二，這是第一款與他們自己的特定晶片配對的手機。所以我認為我們必須看看事情會如何發展。最後，我們確實生活在一個非常動態的環境中，我們不知道關稅、不徵收關稅、降低關稅或更多關稅會產生什麼影響。所以，儘管如此，我們仍然期待成長，是的。

And maybe a follow-up for Beth is, Beth, I think as revenue grows into the second half of the year, I think you were expecting margin expansion. Can you give us a sense, do you still expect margins to expand in the second half? And I guess as part of that, to the extent your largest customer, which is in the consumer space, continues to grow at a pretty healthy clip, would that potentially represent some drag on margins that we should be thinking about?

也許 Beth 的後續問題是，Beth，我認為隨著下半年收入的增長，我認為您預計利潤率會擴大。您能否告訴我們，您是否仍預期下半年利潤率會擴大？我想，作為其中的一部分，如果你們最大的客戶（在消費領域）繼續以相當健康的速度成長，這是否會對利潤率造成一些拖累，我們應該考慮這一點？

Thanks for the question. So as we look at our gross margins, you indicated the two factors. So we do remain committed to the gross margin target for our core business of 60% that we've been working towards. As we've discussed, we're making improvements in our costs and yields for our new products as they ramp. In addition, as you mentioned, we do have this new consumer business, which does come at lower gross margins. And so while it does contribute incremental revenue and gross profit dollars and also provide significant value to us over the long term, it does put some pressure on our gross margin rate. And so overall, we're working to offset and mitigate that pressure to deliver the 60% by the end of the year, and that's what we're working towards.

謝謝你的提問。因此，當我們查看毛利率時，您指出了兩個因素。因此，我們確實仍然致力於實現我們核心業務 60% 的毛利率目標。正如我們所討論的，隨著新產品的不斷推出，我們正在降低成本並提高產量。此外，正如您所提到的，我們確實有這項新的消費者業務，其毛利率確實較低。因此，雖然它確實貢獻了增量收入和毛利，也為我們提供了長期的巨大價值，但它確實給我們的毛利率帶來了一些壓力。所以總的來說，我們正在努力抵消和減輕這種壓力，以便在年底前實現 60% 的目標，這就是我們的努力目標。

So 60% is still the target?

那麼 60% 仍然是目標嗎？

That's still our target. Clearly, we're working on it. We've got a little more work to do now with the new products.

這仍然是我們的目標。顯然，我們正在努力。目前我們還需要針對新產品做一些工作。

Our next question comes from Tore Svanberg of Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the strong results. So I know there's a lot of focus on your largest customer, but I mean the data center segment continues to be very robust, Rajesh. So I was just hoping you could elaborate a little bit more on your growth profile there.

恭喜您取得如此優異的成績。所以我知道你們的最大客戶備受關注，但我的意思是資料中心領域仍然非常強勁，Rajesh。所以我只是希望您能更詳細地闡述您的成長概況。

You definitely talked about 800-gig upgrade cycle moving to 1.6. You talked about the AECs. But my understanding is that you participate in a lot of different parts of the AI data center. So how should we think about the continuous momentum here throughout the year?

您肯定談到了 800-gig 升級週期轉向 1.6。您談到了 AEC。但我的理解是，您參與了人工智慧資料中心的許多不同部分。那麼，我們該如何看待全年持續的成長動能呢？

Well, the continuous momentum is strong. So you rightly point out that while I have given examples in the optical module and the connectivity, there are other opportunities in switches, in server racks, in the GPU, the CPU, accelerator cards and so on. And we are, in fact, in every one of those. We are also looking at new opportunities that are coming directly from GPUs that are being made by non-semiconductor companies, and we see that as a tremendous opportunity as well. So we stand pretty strongly behind continued growth, frankly, for years to come in the overall AI data center market because we see no slowdown in it.

嗯，持續的勢頭很強勁。所以你正確地指出，雖然我已經給出了光學模組和連接性方面的例子，但在交換器、伺服器機架、GPU、CPU、加速卡等方面還有其他機會。事實上，我們正​​處於其中的每一個階段。我們也在尋找直接來自非半導體公司生產的 GPU 的新機遇，我們也將其視為一個巨大的機會。因此，坦白說，我們非常堅定地支援未來幾年整個人工智慧資料中心市場持續成長，因為我們看到它不會放緩。

Very good. And as my follow-up, could you talk a little bit about which segments you expect to drive the sequential growth into the June quarter? And have you seen any sort of pull-in activity at all as related to potential tariffs?

非常好。作為我的後續問題，您能否談談您預計哪些部門將推動 6 月季度的連續成長？您是否看到過與潛在關稅相關的任何形式的拉動活動？

Yes. It's always hard to tell whether there is pull-in activity, but at this point, I would say it is minimal, if any. We haven't detected any pull-in activity. Our bookings natively just continue to be very strong, and customers are looking well beyond the 90-day tariff mark for Q3, Q4 and onwards. So our outlook continues very bright and very solid.

是的。總是很難判斷是否存在拉入活動，但目前，我會說它很小，如果有的話。我們沒有偵測到任何拉入活動。我們的預訂量本身就持續強勁，客戶對第三季、第四季及以後 90 天關稅期限的期望遠遠超出了預期。因此我們的前景仍然非常光明和穩固。

The growth will -- as we said, just like we look back on Q1 and see that the growth came from every one of those, every one of those, whether it's CED or data center -- I'm sorry, or mobile, IoT, consumer or auto, industrial, defense, it will continue to come from all aspects. Might be a little bit lighter from the auto side and -- but I think it's quite a uniform growth.

正如我們所說的那樣，成長將來自各個方面，無論是 CED 還是資料中心——對不起，還是行動、物聯網、消費者或汽車、工業、國防，它將繼續來自各個方面。從汽車方面來看可能會稍微輕鬆一些——但我認為這是相當均勻的增長。

And the reason for that, as always, is because of our differentiated products. Our premium products, our products tend to be premium, and they get sold in our customers' premium products, which are generally less impacted by weaknesses of any kind in the market. So that's why we think we're in a strong position.

一如既往，原因在於我們的產品具有差異化。我們的優質產品，我們的產品往往是優質的，並且它們在我們客戶的優質產品中銷售，這些產品通常受市場任何疲軟因素的影響較小。這就是我們認為我們處於強勢地位的原因。

(Operator Instructions) And our next question comes from Chris Caso of Wolfe Research.

（操作員指示）我們的下一個問題來自 Wolfe Research 的 Chris Caso。

I guess the first question is your outlook for the full year, and you had talked about, I think, 25% to 30% growth for the year. Given the differing landscape, both take into account perhaps some of the new design wins you spoke about but also some of the uncertainty in the market, is that still a valid goal for the year? Or is that too low of a goal, too high of a goal? And what do you expect to be the drivers for the year? How has that changed as compared to what you thought a quarter ago?

我想第一個問題是您對全年的展望，我認為您談到了全年 25% 到 30% 的成長。鑑於不同的情況，兩者都可能考慮到您提到的一些新設計成果，但也考慮到市場中的一些不確定性，這仍然是今年的有效目標嗎？還是這個目標太低，還是太高？您預計今年的驅動因素是什麼？與您一個季度前的想法相比，有什麼變化嗎？

Yes. So we are, of course, monitoring, like everybody else, to the extent we can the dynamic environment and what we see going on in the world at large. But having said that, we would still reaffirm our growth prospects at that number we talked about, 25% to 30% for the base business and additional growth based on the new design win that we have had. We see -- we again go back to the differentiation of our products and the breadth of our products. We go back to the fact that we are now in the system timing selling business with the clocking products, as I indicated in my prepared remarks and finally to the fact that our design win funnel continues very strongly, which matches the product funnel.

是的。因此，我們當然會像其他人一樣，盡可能地監測動態環境以及我們所看到的整個世界正在發生的事情。但話雖如此，我們仍然會重申我們之前談到的成長前景，基礎業務的成長率為 25% 至 30%，而基於我們獲得的新設計勝利，還會有額外的成長。我們看到—我們再次回到我們產品的差異化和產品的廣度。我們回到這樣一個事實：我們現在從事時鐘產品的系統計時銷售業務，正如我在準備好的發言中所指出的那樣，最後回到這樣一個事實：我們的設計獲勝漏斗繼續非常強勁，這與產品漏斗相匹配。

As far as where they come from, I'll reiterate the same thing I said earlier, which is it will happen in all segments. It's highly likely that CED led by data center will grow significantly strongly just as it did the last quarter, but all the others will also join in. So it's -- all boats will be going up, perhaps one or two higher than others.

至於它們來自哪裡，我將重申我之前說過的話，那就是它將發生在所有領域。很有可能，以資料中心為首的 CED 會像上一季一樣強勁成長，但其他所有領域也會加入這一行列。所以，所有的船都會漲價，也許有一兩艘船會比其他船高。

Got it. And then a question for Beth and just to follow up with some of your comments on gross margins. So what are the levers that you can pull to get to that 60% target at the end of the year while factoring in some of the lower-margin revenue? Is that a function of cost reduction on some of the products? Or is that a function of mix with regard to the rest of the business?

知道了。然後我向 Beth 提出一個問題，只是想跟進您對毛利率的一些評論。那麼，在考慮部分利潤率較低的收入的同時，您可以採取哪些措施來實現年底 60% 的目標呢？這是某些產品成本降低的結果嗎？還是這是與其他業務相關的組合功能？

Sure, Chris. So as we look at it, it's a function of a couple of things. So one is that we are making progress in terms of the new product introductions and the ramp there, improving the cost of those new products and improving the yields as those ramp. And that's the work we've been doing, we've been talking about. We also expect revenue growth as we go through the year. And so that -- you'd expect to see some operating leverage or manufacturing kind of leverage as we have more revenue. And as I said earlier, the new business does provide incremental gross profit dollars but is a bit of a pressure on the rate. And so we'll be looking to take additional actions to improve the cost structure in order to overcome some of those headwinds.

當然，克里斯。因此，當我們看它時，它是一些事物的函數。一方面，我們在新產品的推出和產量提升方面取得了進展，降低了這些新產品的成本，並提高了產量。這就是我們一直在做、一直在談論的工作。我們也預計今年的收入將會增加。因此，隨著我們收入的增加，您預計會看到一些經營槓桿或製造槓桿。正如我之前所說，新業務確實提供了增量毛利，但對利率造成了一些壓力。因此，我們將採取額外措施來改善成本結構，以克服其中的一些阻力。

Got it. And if I could ask one more, Rajesh, with regard to the data center business, you mentioned a couple of different trends within that business. Perhaps you could separate out your content going forward and things like 1.6-terabyte modules, active cables and that -- how does your content grow as some of these new technologies go in as compared to your penetration, just SiTime getting a bigger market share of some of these markets?

知道了。Rajesh，如果我可以再問一個關於資料中心業務的問題，您提到了該業務中的幾個不同趨勢。也許您可以將未來的內容與 1.6 TB 模組、主動電纜等分開——隨著這些新技術的出現，您的內容與您的滲透率相比如何增長，SiTime 是否在某些市場中獲得了更大的市場份額？

Yes. So I think the dollar content doesn't increase -- let's look at, our ASP doesn't increase as, say, going from 800 to 1.6 in any significant way. So that's one. That's not happening. Our dollar content remains steady in each of the design wins. The number of design wins increases for sure because the need for precision timing gets continued to be spread out more and more. As an example, it was only a year ago that we started to see our first AEC or active electrical cables being used. And some of the accelerator cards didn't use any of our precision products two years ago, and now some of them are using some of our most valuable, highly differentiated products.

是的。所以我認為美元含量不會增加——讓我們看看，我們的 ASP 不會以任何顯著的方式增加，例如從 800 增加到 1.6。這就是其中之一。這不會發生。在每次設計勝利中，我們的美元含量都保持穩定。由於對精確計時的需求不斷擴大，設計獲勝的數量肯定會增加。例如，僅在一年前，我們才開始看到第一條 AEC 或有源電纜被使用。而且有些加速卡兩年前還沒有使用我們的任何精密產品，而現在有些加速卡卻使用了我們一些最有價值、高度差異化的產品。

The third way is a greater penetration into customers because we -- while we have done a reasonably good job at penetrating some of our customers in the OEM semiconductor module space, there's still more penetration to be had there, so the expand inside after landing strategy. And then there are new customers, particularly as CSPs, that are still not directly meaningful customers of SiTime.

第三種方式是更大程度地滲透到客戶中，因為我們——雖然我們在滲透 OEM 半導體模組領域的一些客戶方面做得相當不錯，但那裡仍有更大的滲透空間，因此我們採取登陸後向內擴張的策略。然後還有一些新客戶，特別是 CSP，他們仍然不是 SiTime 的直接重要客戶。

So we really have a lot of levers to pull here. And there's also the change in architecture that happens in many cases. So one of them is, for example, going after a significantly denser architecture with significantly higher use case of SiTime's precision timing products per unit or increasing the density of usage. So all in all, we think that this is a big updraft for SiTime for some significant time to come.

因此我們確實有很多手段可以利用。在許多情況下，架構也會改變。因此，其中之一就是追求一種密度更高的架構，顯著提高 SiTime 精密計時產品的單位使用案例或提高使用密度。總而言之，我們認為這對 SiTime 未來相當長一段時間的業績來說將是一個巨大的上升勢頭。

Our next question comes from Suji Desilva of ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Suji Desilva。

Congrats on the success here -- the progress here. Can you talk about the platforms you called out, naming them, Rajesh, Cascade, Chorus, Symphonic, and just how you're trying to portray the product portfolio and road map here? I think it's the first time I've heard those called out together as sort of your platform.

恭喜您所取得的成功—所取得的進步。您能談談您提到的平台嗎？例如 Rajesh、Cascade、Chorus、Symphonic，以及您如何描述這裡的產品組合和路線圖？我想這是我第一次聽到有人把這些人聚集在一起，稱之為你們的平台。

Right, right. Thank you for that. Our Cascade family of products is much more on the CED side. It's being used in communications and enterprise and data center. It's our most complex chip in the clocking business. It's probably our first chip that we did in clocking. There are versions of it that are integrated with oscillators. There are versions of it that are not integrated. So there's a whole price performance level of it, and it's in the higher end of the range.

對，對。謝謝你。我們的 Cascade 系列產品更專注於 CED 方面。它正被用於通訊、企業和資料中心。這是我們時脈業務中最複雜的晶片。這可能是我們在時鐘領域製作的第一款晶片​​。它有一些與振盪器整合的版本。有一些版本尚未整合。因此，它的整體性價比處於較高水平。

The second one is relatively new, Chorus family of products, is for some reason -- not for some reason but for reason of integration and higher reliability is more attuned for the automotive market and the self-driving market primarily because of a significantly smaller size and significantly higher performance in terms of jitter and phase noise.

第二個相對較新的是 Chorus 系列產品，由於某種原因——不是因為某種原因，而是因為整合度和更高的可靠性，它更適合汽車市場和自動駕駛市場，主要是因為尺寸明顯更小，抖動和相位雜訊方面的性能明顯更高。

And the final one is the latest one. I think we just got the press release out on that a day or two ago, the Symphonic, which is a SiTime generated -- all of these are SiTime generated except Cascade, by the way, which comes from the Aura acquisition. But the Symphonic product is a multi-output clock generator more for the 5G millimeter wave, which we think, other than consumer products, is also getting used significantly in industrial applications. And that's based on the phase noise, the resilience, the small size, the low power.

最後一個是最新的一個。我想我們一兩天前剛剛發布了有關 Symphonic 的新聞稿，它是 SiTime 生成的——順便說一下，除了 Cascade 之外，所有這些都是 SiTime 生成的，Cascade 來自對 Aura 的收購。但 Symphonic 產品是多輸出時脈產生器，更適用於 5G 毫米波，我們認為，除了消費性產品之外，它在工業應用中也得到了廣泛的應用。這是基於相位雜訊、彈性、小尺寸、低功耗。

So these are multiyear efforts at cracking the market. And the point that I wanted to make was that with the launch of Symphonic in particular, we have increased our target revenue that we expect to get over the coming years. I've always said about $100 million in a few years from our clocking business, and I can say comfortably that we are highly likely to increase it significantly in the coming years because of the launch of some of these products. So very, very pleased with that and very pleased with the traction that we've been getting.

所以，我們花了多年時間才打入這個市場。我想說的是，特別是隨著 Symphonic 的推出，我們提高了未來幾年預期的目標收入。我一直說幾年後我們的鐘錶業務將創造約 1 億美元的收入，我可以肯定地說，由於推出了其中一些產品，我們很有可能在未來幾年大幅增加這一收入。對此我們非常非常高興，並且對我們所取得的進展也非常滿意。

Okay. And just to clarify the strong growth you're having in data center and optical, should I think of that as being majority Cascade? Or is that the oscillator products and shifting to more...

好的。為了澄清您在資料中心和光纖領域的強勁成長，我是否應該將其視為主要級聯？或是振盪器產品和轉向更多...

All the oscillators, yes, all the oscillators, the Epoch product, the Elite RF, the Elite itself, the Elite TCXOs, the clocking products, even some of the buffers from Aura, which are relatively undifferentiated but higher number in use case. I think we are -- this is the -- the CED business is the classic case we have always maintained is the one which is the highest growth, the greatest value proposition that SiTime can bring, the highest ASPs with the highest volumes, that balance and, of course, very sticky or very long-lived business. So it's very much a business that we are very focused on.

所有的振盪器，是的，所有的振盪器，Epoch 產品，Elite RF，Elite 本身，Elite TCXO，時脈產品，甚至 Aura 的一些緩衝器，它們相對沒有區別，但在使用案例中數量更多。我認為，這是 CED 業務的經典案例，我們一直堅持認為它是 SiTime 能夠帶來最高成長、最大價值主張、最高 ASP 和最高銷量的平衡業務，當然，也是非常黏性或非常長壽的業務。因此，這是我們非常關注的一項業務。

And we have a follow-up from Tore Svanberg of Stifel.

我們也收到了 Stifel 公司的 Tore Svanberg 的後續報導。

Rajesh, I know you've got a lot of momentum in the data center segment. I also know you have a lot of design wins in the telecom 5G communications market. Just wondering if that's starting to move or is that market still quite slow?

Rajesh，我知道您在資料中心領域發展勢頭強勁。我還知道你們在電信 5G 通訊市場中贏得了許多設計勝利。只是想知道這是否開始改變還是市場仍然相當緩慢？

Yes. It's -- thank you for that question, Tore. Yes, it is starting to move, and it isn't particularly large right now, but we expect to keep on growing in that. There are some initiatives going on in fixed wireless. In overseas, there are others in the enterprise space that are looking quite good. So we think we'll acquire new customers in this. So very enthused about it.

是的。謝謝你的提問，托爾。是的，它開始移動了，現在規模還不是特別大，但我們預計它會繼續成長。固定無線領域正在進行一些措施。在海外，企業領域的其他公司表現也相當不錯。因此我們認為我們會藉此獲得新客戶。我對此非常熱衷。

And I briefly mentioned software, and SiTime has, for the last year or so, been using the IEEE 1588 or synchronization software to add greater value to our customers. And that has allowed us to -- frankly, to charge more for our oscillator and clocking products because customers need that full solution of oscillator clocks and the synchronized software altogether. It's another example of our system sell.

我簡要地提到了軟體，SiTime 在過去一年左右的時間裡一直在使用 IEEE 1588 或同步軟體為我們的客戶增加更大的價值。坦白說，這使得我們可以為我們的振盪器和時鐘產品收取更高的費用，因為客戶需要振盪器時鐘和同步軟體的完整解決方案。這是我們系統銷售的另一個例子。

Very good. And as my last question, a question for Beth. Beth, the CapEx has been around $15 million, $16 million in the last three quarters. I assume that's for maybe a combination of things. But could you give us any sense for how much longer it would be at this more elevated level?

非常好。我的最後一個問題，是問貝絲的。貝絲，過去三個季度的資本支出約為 1500 萬美元至 1600 萬美元。我認為這可能是多種因素共同作用的結果。但您能否告訴我們，這種更高水準還能持續多久？

Thanks, Tore. Yes, we've been investing to build capacity for some of these new products that we've been talking about, the ones we talked about today, for example. I would expect we've got a little more to go in terms of Q2 at these levels, and for the full year, probably roughly in line with the total for 2024. So I would expect the total CapEx for the year to be kind of mid- to high 30s for the year.

謝謝，托爾。是的，我們一直在投資建造一些我們一直在談論的新產品的產能，例如我們今天談論的那些。我預計，就這些水準而言，我們第二季還有一段距離，而就全年而言，可能與 2024 年的總量大致相當。因此，我預計全年的總資本支出將在 35% 左右。

We have no further questions at this time. I'd like to turn it back to management for closing remarks.

目前我們沒有其他問題。我想將最後發言交還給管理階層。

Thank you, Didi. What I wanted to highlight here was that these are tough times somewhat from macro conditions. There are uncertainties in the market. It's highly dynamic. The news continues to change and evolve. And at SiTime, we ask ourselves, what is our role in all this? And our role in all of this is to navigate this with -- to the best of our ability.

謝謝你，滴滴。我想在這裡強調的是，從宏觀條件來看，現在是艱難時期。市場存在不確定性。它非常動態。新聞不斷變化和發展。在 SiTime，我們問自己，我們在這一切中扮演什麼角色？我們在這一切中的角色就是盡我們最大的能力去解決這一切。

And where we can do a great job is focus and stick to the things that we can control. So what do we control? We control the cadence and value of our parts. We're doing that with highly differentiated product. We continue -- we can control the acquisition of key customers and greater penetration. We continue to do that in many of our new customers. We have acquired new customers, new applications. We are obviously able to control our spending. And as you can see, our spending continues to be flattish as we go. And we control increasing our gross margins. So we're doing that as well.

我們能夠出色地完成工作的地方就是集中精力並堅持做我們能夠控制的事情。那我們控制什麼呢？我們控制我們部分的節奏和價值。我們正在透過高度差異化的產品來實現這一點。我們繼續——我們可以控制關鍵客戶的獲取和更大的滲透。我們繼續對許多新客戶這樣做。我們獲得了新客戶、新應用。我們顯然能夠控制我們的支出。如您所見，我們的支出持續保持穩定。我們控制著毛利率的增加。我們也這麼做。

So in general, we are managing our own destiny with the cards that we've been dealt. And I think that I feel very confident that by sticking to all of these valuable leverage, all of these valuable levers, we can come out on the other end of it very, very strong. And thank you for your attention to this and listening into our quarterly results.

所以總的來說，我們是在用手中的牌來掌控自己的命運。我認為，我非常有信心，透過堅持所有這些寶貴的槓桿，所有這些寶貴的槓桿，我們最終能夠變得非常強大。感謝您對此的關注和聆聽我們的季度業績。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。