SiTime Corp (SITM) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to SiTime's second-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, August 6, 2025.

下午好，歡迎參加 SiTime 2025 年第二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 8 月 6 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, Shannon. Good afternoon, and welcome to SiTime's second quarter 2025 financial results conference call. Joining us on today's call from SiTime are Rajesh Vashist, Chief Executive Officer; and Beth Howe, Chief Financial Officer. 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.

謝謝你，香農。下午好，歡迎參加 SiTime 2025 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。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。

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.

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.

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。

The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this conference call to conform statements to actual results or to changes in the company's expectations. For more detailed information on the 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.

本公司不承擔在本次電話會議召開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 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。

During the call, management will 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 nor superior to measures of financial performance prepared in accordance with US GAAP.

在電話會議中，管理階層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編製的財務績效指標的補充，並非替代或優於這些指標。

GAAP to non-GAAP reconciliations include 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. With that, it's now my pleasure to turn the call over to SiTime's CEO, Rajesh. Please go ahead.

GAAP 與非 GAAP 的對帳包括股票薪酬費用、所收購無形資產的攤銷和收購相關費用，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。現在我很高興將電話轉給 SiTime 的執行長 Rajesh。請繼續。

Thank you, Brett. Good afternoon, everyone. Thank you for joining us today. We appreciate the continued support from our long-time investors and warmly welcome new SiTime investors. SiTime is pioneering a new category in semiconductors, precision timing, part of the broader $11 billion timing market.

謝謝你，布雷特。大家下午好。感謝您今天加入我們。我們感謝長期投資者的持續支持，並熱烈歡迎新的 SiTime 投資者。SiTime 正在開拓半導體領域的新領域——精密計時，它是價值 110 億美元的廣闊計時市場的一部分。

To drive growth, we are focused on high-value applications in AI data centers, automated driving, defense and industrial, and successfully delivered differentiated products with exceptional performance and reliability. This focus continues to pay off as we build a high-growth, diverse business across markets, applications and geographies.

為了推動成長，我們專注於人工智慧資料中心、自動駕駛、國防和工業領域的高價值應用，並成功交付具有卓越性能和可靠性的差異化產品。隨著我們在各個市場、應用和地理建立高成長、多元化的業務，這種專注繼續帶來回報。

Q2 2025 was another exceptional quarter for SiTime. We delivered revenue of $69.5 million, which was a 58% increase year-over-year. Gross margin increased to 58.2%, and as new products contribute to a higher percentage of revenue, we expect to see gross margin expansion with revenue growth.

2025 年第二季對 SiTime 來說又是一個非凡的季度。我們實現了 6,950 萬美元的收入，年增 58%。毛利率上升至58.2%，隨著新產品對營收的貢獻率上升，我們預期毛利率將隨著營收的成長而擴大。

EPS increased to $0.47, up from $0.12 a year ago, and every customer segment grew in Q2 2025. Exiting the quarter, we have robust bookings and a healthy funnel. In today's world of significant AI growth, it's no surprise that our data center customer segment continues to lead our growth significantly.

每股收益從一年前的 0.12 美元增至 0.47 美元，並且 2025 年第二季每個客戶群均成長。本季結束時，我們的預訂量強勁，通路健康。在當今人工智慧快速發展的時代，我們的資料中心客戶群持續顯著引領我們的成長也就不足為奇了。

In fact, it grew 137% year-over-year. Here, our Elite family of oscillator products, Elite, Elite RF, Elite X, continue to shine along with our Cascade clocking family. These products' performance drove strong design win momentum across the market, including switches, NIC cards, optical modules and AEC or active electrical cables.

事實上，它比去年同期增長了 137%。在這裡，我們的 Elite 系列振盪器產品 Elite、Elite RF、Elite X 繼續與我們的 Cascade 時鐘系列一起大放異彩。這些產品的性能推動了整個市場強勁的設計勝利勢頭，包括交換器、NIC 卡、光學模組和 AEC 或主動電纜。

SiTime continues to be the only company that offers a full suite of precision timing solutions that includes oscillators, clocks and software, giving us architectural advantages. As we expand our offerings with new products, our dollar content in the application will grow. For example, in a cloud service provider's 102 terabit switch design, SiTime's dollar content increased by 125% with the addition of a customized lock.

SiTime 仍然是唯一一家提供全套精密定時解決方案的公司，該解決方案包括振盪器、時脈和軟體，為我們帶來了架構優勢。隨著我們不斷推出新產品，我們在應用程式中的價值也將隨之成長。例如，在某雲端服務供應商的102T位元交換器設計中，透過增加客製化鎖，SiTime的美元含量增加了125%。

Similarly, in a silicon provider's network switch design, SiTime's dollar content increased by 100% with the addition of multiple clock chips. Already in 2025 in AI, we have added design wins worth several hundred millions of dollars. For SiTime, winning the AI data center market is important, and we will accelerate product development and customer acquisition to expand further in these markets.

類似地，在矽片供應商的網路交換器設計中，由於增加了多個時脈晶片，SiTime 的美元含量增加了 100%。到了 2025 年，我們在人工智慧領域已經獲得數億美元的設計勝利。對於 SiTime 來說，贏得 AI 資料中心市場至關重要，我們將加速產品開發和客戶獲取，以進一步擴大這些市場。

In this age of accelerated innovation and fast deployment of AI hardware, SiTime is very well qualified to meet the rapid growth in customers' demands. Our programmable product architecture works very well here, and our team and our suppliers have done a phenomenal job of keeping up with demand. One of SiTime's strengths lies in the diversity of our business.

在這個AI硬體加速創新和快速部署的時代，SiTime完全有能力滿足客戶需求的快速成長。我們的可程式產品架構在這裡運作良好，我們的團隊和供應商在滿足需求方面做得非常出色。SiTime 的優點之一在於業務的多元性。

This was again evident in Q2 2025, where all markets and geographies demonstrated continued growth. Our revenue grew double-digit percentages year-over-year in both mobile, IoT, consumer and auto, defense, industrial as well as every region. In the automotive, defense and industrial markets, a growth theme is around fully autonomous operations playing directly to SiTime's strengths.

2025 年第二季度，此現象再次顯現，所有市場和地區均呈現持續成長。我們在行動、物聯網、消費和汽車、國防、工業以及每個地區的收入都比去年同期成長了兩位數。在汽車、國防和工業市場，成長主題是完全自主的運營，直接發揮 SiTime 的優勢。

Precision timing from SiTime is required for accurate positioning, sensing, motor control and synchronization for fully autonomous operations in L3+ and L4 ADAS vehicles, drones and factory robots. In automotive, robotaxis are gaining significant traction. In warehouses, millions of robots are automating tasks and defense spending is accelerating with NATO, for example, expected to spend at an 8x faster growth rate.

SiTime 的精確計時是 L3+ 和 L4 ADAS 車輛、無人機和工廠機器人完全自主操作的精確定位、感應、電機控制和同步所必需的。在汽車領域，自動駕駛計程車正獲得顯著發展。在倉庫中，數百萬台機器人正在自動執行任務，國防開支也在加速成長，例如，北約的國防開支預計將以 8 倍的速度成長。

We are designed in into the leading robotaxi, robot and defense equipment, and as these markets scale, so will our revenue. SiTime has significant experience with a decade of investments in these markets, and we have learned how to anticipate the needs and generate products and features that will drive revenue from these applications.

我們被設計用於領先的自動駕駛計程車、機器人和防禦設備，隨著這些市場的擴大，我們的收入也將隨之擴大。SiTime 在這些市場投資了十年，擁有豐富的經驗，我們已經學會如何預測需求並創造出能夠從這些應用中獲得收入的產品和功能。

Lastly, in the mobile IoT consumer market, our newly announced Symphonic mobile clock generator chip provides significant power and accuracy advantages to GNSS and 5G applications. It has already started to contribute to our revenue, and we expect its contribution to grow significantly in 2026 and beyond.

最後，在行動物聯網消費市場，我們新發布的 Symphonic 行動時鐘產生器晶片為 GNSS 和 5G 應用提供了顯著的功率和精度優勢。它已經開始為我們的收入做出貢獻，我們預計它的貢獻在 2026 年及以後將大幅成長。

As we move into the second half of 2025, we anticipate sequential revenue growth in each of Q3 and Q4, supported by a strong demand in AI infrastructure and continued momentum across markets. This is the second consecutive year where we expect to grow revenue by at least 40%. We also see that as more customers experience the benefits of our precision timing, more opportunities come to us.

隨著進入 2025 年下半年，我們預計第三季和第四季的營收將實現連續成長，這得益於人工智慧基礎設施的強勁需求和整個市場的持續成長。這是我們連續第二年預計營收成長至少 40%。我們也看到，隨著越來越多的客戶體驗到我們精準計時的好處，我們迎來了更多的機會。

To seize them, we will continue to invest in both R&D and customer acquisition while improving operating leverage. To summarize, our success is being driven by both the depth of our engagement in AI, data centers and the breadth of our reach across diverse markets. This balance gives us resilience and positions us for sustainable growth. I'm confident in our trajectory and excited about what lies ahead.

為了把握這些機會，我們將繼續投資研發和客戶獲取，同時提高營運槓桿。總而言之，我們的成功得益於我們在人工智慧、資料中心領域的深度參與以及我們在不同市場的廣度。這種平衡賦予我們韌性並使我們實現永續成長。我對我們的發展軌跡充滿信心，並對未來充滿興奮。

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

現在我將把電話轉給我們的財務長 Beth Howe，以更詳細地討論我們的財務表現。貝絲？

Thanks, Rajesh, and good afternoon, everyone. Today, I'll walk through our second quarter fiscal 2025 results and then provide our outlook for the third quarter. As a reminder, I'll focus on non-GAAP financials, which are reconciled to GAAP in our press release. In the second quarter, revenue increased 58% year-on-year to $69.5 million, fueled by CED, which grew 137% year-on-year to $36 million.

謝謝，拉傑什，大家下午好。今天，我將介紹我們 2025 財年第二季的業績，然後提供我們對第三季的展望。提醒一下，我將重點關注非 GAAP 財務數據，這些財務數據在我們的新聞稿中與 GAAP 進行了協調。第二季度，營收年增 58% 至 6,950 萬美元，這得益於 CED 年增 137% 至 3,600 萬美元。

Our other markets grew double digits with sales into automotive, industrial and defense market up 11% year-on-year to $16.5 million, and sales into the mobile IoT and consumer market up 23% year-on-year to $17 million. Sales to our largest end customer totals $11.8 million. In terms of the mix of revenue, the comms, enterprise, data center market represented 52% of revenue, while the automotive, industrial and defense market as well as the mobile, consumer, IoT market each represented 24% of revenue.

我們的其他市場也實現了兩位數成長，其中汽車、工業和國防市場的銷售額年增 11%，達到 1,650 萬美元，行動物聯網和消費市場的銷售額年增 23%，達到 1,700 萬美元。我們向最大終端客戶的銷售額總計 1,180 萬美元。從收入結構來看，通訊、企業、資料中心市場佔收入的 52%，而汽車、工業和國防市場以及行動、消費者、物聯網市場各佔收入的 24%。

Non-GAAP gross margin was 58.2% for the quarter, up 80 basis points sequentially, driven by favorable product mix and improving product costs. Total non-GAAP operating expenses were $33.3 million, in line with expectations. For the quarter, R&D expense was $19.5 million and SG&A expense was $13.8 million.

本季非公認會計準則毛利率為 58.2%，較上一季上升 80 個基點，這得益於良好的產品組合和產品成本的改善。非公認會計準則總營運費用為 3,330 萬美元，符合預期。本季度，研發費用為 1,950 萬美元，銷售、一般及行政費用為 1,380 萬美元。

We remain disciplined in our approach to investing to drive future growth. Q2 non-GAAP income -- operating income was $7.2 million, an improvement of $9.9 million or 16 percentage points versus the same quarter a year ago. Q2 non-GAAP net income was $11.6 million or $0.47 per share.

我們將繼續嚴格遵循投資方法，以推動未來成長。第二季非公認會計準則收入－營業收入為 720 萬美元，比去年同期增加 990 萬美元，增幅為 16 個百分點。第二季非公認會計準則淨收入為 1,160 萬美元，即每股 0.47 美元。

Turning to the balance sheet. Accounts receivable were $26.9 million, with DSO improving to 35 days versus 42 days in Q1 due to better revenue linearity. Inventory at the end of the quarter was $84.1 million compared with $82.6 million in Q1 as we ramped production for key new products and continue to maintain strong wafer balances for assurance of supply.

轉向資產負債表。應收帳款為 2,690 萬美元，由於收入線性較好，DSO 從第一季的 42 天改善至 35 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，本季末的庫存為 8,410 萬美元，而第一季的庫存為 8,260 萬美元。

During the quarter, we generated $15.3 million in cash from operations and invested $18.3 million in capital expenditures. I expect CapEx to step down from these levels in the second half of 2025. During the quarter, we completed a follow-on public offering of 2 million shares at $200 per share, raising $388 million in net proceeds. These proceeds strengthen our balance sheet and support strategic investments in innovation.

本季度，我們從營運中產生了 1,530 萬美元的現金，並投資了 1,830 萬美元的資本支出。我預計資本支出將在 2025 年下半年從這些水準下降。本季度，我們以每股 200 美元的價格完成了 200 萬股的後續公開發行，籌集了 3.88 億美元的淨收益。這些收益增強了我們的資產負債表並支持對創新的策略投資。

Our balance sheet remains strong, and we ended the quarter with $796.7 million in cash and short-term investments and no debt. Now I'd like to provide our outlook for the September quarter. For Q3, we expect revenue of $77 million to $79 million, gross margins of between 58% and 59%, and operating expenses to be in the range of $34 million to $34.5 million.

我們的資產負債表依然強勁，本季末我們擁有 7.967 億美元的現金和短期投資，且沒有債務。現在我想提供我們對九月季度的展望。對於第三季度，我們預計營收在 7,700 萬美元至 7,900 萬美元之間，毛利率在 58% 至 59% 之間，營運費用在 3,400 萬美元至 3,450 萬美元之間。

Reflecting the offering we completed in June, we expect interest income of $7.5 million to $8 million, and a diluted share count of approximately 26.8 million shares. As a result, we expect third quarter non-GAAP EPS to be in the range of $0.67 to $0.75 per share. In closing, our results demonstrate strong top line momentum and the meaningful operating leverage in our model as we scale.

考慮到我們 6 月完成的發行，我們預計利息收入為 750 萬至 800 萬美元，稀釋股數約為 2,680 萬股。因此，我們預計第三季非 GAAP 每股盈餘將在 0.67 美元至 0.75 美元之間。最後，我們的結果證明了隨著規模擴大，我們的模型具有強勁的營收成長動能和有意義的營運槓桿。

Our expanding product portfolio is delivering differentiated solutions in large growing markets and customer engagement continues to validate our value proposition. We believe we are well positioned to drive sustained growth, operating leverage and long-term value creation. With that, I will open it up for questions. Operator?

我們不斷擴大的產品組合正在為不斷成長的大型市場提供差異化的解決方案，客戶參與也不斷驗證我們的價值主張。我們相信，我們已做好準備，推動持續成長、提高營運槓桿率並創造長期價值。好了，現在我可以開始回答問題了。操作員？

(Operator Instructions)

（操作員指示）

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes, thank you. Good evening. So, for the first question, if you could go through what your expectations are for growth by segment as you get to the guidance.

是的，謝謝。晚安.因此，對於第一個問題，您是否可以按照指導說明您對各個細分市場的成長預期是什麼。

Sure. So I'll take that one, Chris. As we think about the different markets, again, I would expect that our CED led by AI continues to be our strongest growth area. In addition, as we get to the second half, we typically see stronger seasonality in our consumer markets and so we would expect that as well.

當然。所以我會接受這個，克里斯。當我們考慮不同的市場時，我再次預期由人工智慧主導的 CED 將繼續成為我們最強勁的成長領域。此外，進入下半年，我們通常會看到消費市場出現更強的季節性，因此我們也預期會出現這種情況。

And then our auto, aero, industrial, we've seen some strong growth in several applications in that area, better traction in aerospace, for example, as well as good traction in industrial. And so we expect growth in all three markets there. But I would focus on CED, it's probably our strongest grower in the back half similar to the front half.

然後是我們的汽車、航空、工業，我們看到該領域的多個應用都出現了強勁增長，例如航空航天領域的牽引力更好，工業領域的牽引力也很好。因此我們預計那裡的三個市場都會實現成長。但我會專注於 CED，它可能是我們後半部分成長最強勁的部分，與前半部分類似。

Okay. Great. That's helpful. Just as a follow-up, I guess one question would be anything extraordinary of note in your guidance with regard to the mobile segment for the third quarter? And I guess in the past, within that segment, you've had sort of a policy of not including new design wins in guidance unless the products have actually shipped and you confirm you've been in there.

好的。偉大的。這很有幫助。作為後續問題，我想問一個問題是，您對第三季度移動領域的指導中有什麼特別值得注意的地方嗎？我想，在過去，在該領域，你們有這樣一種政策，即不將新的設計勝利納入指導中，除非產品實際已經發貨，並且你們確認已經進入其中。

I guess, one is anything extraordinary to say within the guidance? And then secondly, is that still your policy with regard to the mobile segment?

我想，指導中有什麼特別之處嗎？其次，這仍然是你們針對行動領域的政策嗎？

Yes. First, let me address the policy, Chris. The policy is that generally, as you know, consumer products, but particularly, mobile products tend to be very volatile. So we only give guidance when we can see it. When we talk about the 40% growth in my prepared remarks, that comprehends the mobile because we now have enough visibility this year to be able to say that.

是的。首先，讓我來談談這項政策，克里斯。該政策是，一般來說，如你所知，消費品，特別是行動產品往往非常不穩定。因此，我們只有在看到的情況下才會給予指導。當我們在我準備好的發言中談到 40% 的成長時，這包括行動業務，因為今年我們已經有足夠的可見度可以這麼說。

When it comes to the next year, we'll probably do what we did at the beginning of this year, which we'll carve out that portion of the business, simply because we wait till greater visibility, and we get visibility. We start to give you pass through that visibility to you. So hopefully, that helps.

談到明年，我們可能會像今年年初一樣，將那部分業務分割出來，只是因為我們要等到更高的知名度，然後我們就可以獲得知名度。我們開始向您提供這種可見性。希望這能有所幫助。

Right. So to summarize, for product launching this year, you would include that in your guidance because now you do have that level of visibility?

正確的。所以總結一下，對於今年推出的產品，您會將其納入指導範圍嗎，因為現在您確實具有這種程度的知名度？

Correct.

正確的。

Got it. That's helpful.

知道了。這很有幫助。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you and congrats on the strong results. I mean, not to sort of pick on a very good trend, but I was a little bit surprised to see your mobile, IoT, consumer business kind of flat sequentially, and I think your largest customer was just barely up sequentially. So just curious if there's some puts and takes there in the business, especially given your sort of new content and some of the devices there.

是的，謝謝你，並祝賀你取得如此好的成績。我的意思是，並不是要挑出一個很好的趨勢，但我有點驚訝地看到您的行動、物聯網、消費者業務環比持平，而且我認為您的最大客戶環比只是略有增長。所以我只是好奇在這個行業中是否存在一些投入和產出，特別是考慮到你們的新內容和一些設備。

Yes. So as we look at the mobile, IoT, consumer business, I think there's -- as you know, overall, our main focus is in our comms, enterprise, data center or CED market, both because of the extraordinary growth opportunities we see there as well as the fact that we're investing in new products for that market because it is often the tip of the spear in terms of extensions into aerospace, industrial, automotive and some of those other markets.

是的。因此，當我們審視行動、物聯網和消費者業務時，我認為——正如你所知，總體而言，我們的主要重點是通訊、企業、資料中心或 CED 市場，因為我們在那裡看到了非凡的成長機會，也因為我們正在為該市場投資新產品，因為它通常是向航空航太、工業、汽車和其他一些市場擴展的先鋒。

So that's where the majority of our investments and our focus is. We do see some opportunities in mobile, IoT and consumer, and so we will kind of surgically go after those where they exist, including kind of a recent win that we've had this year with that customer.

這就是我們大部分的投資和重點所在。我們確實在行動、物聯網和消費者領域看到了一些機會，因此我們將有針對性地抓住這些機會，包括我們今年與該客戶取得的最新勝利。

Looking at the consumer seasonality, as you can imagine, when you launch a product, there's -- that initial quarter, there's the sell-in kind of as you're filling the channel with that new product that you see in the first quarter of launch.

從消費者的季節性來看，你可以想像，當你推出一款產品時，在第一個季度，你會在通路中看到新產品的銷售情況。

In addition, consumer typically has seasonality where the second half of the year and particularly in Q3 and Q4 tend to be stronger versus the first half of the year. So I think that's what you're seeing in our results today.

此外，消費通常具有季節性，下半年，特別是第三季和第四季的消費往往比上半年更強勁。所以我認為這就是您今天在我們結果中看到的。

And Tore, Rajesh here. I wouldn't look too much into it. It's the consumer business. It's dynamic. We know it. It's up, it's down. So I wouldn't read too much into that.

還有 Tore，Rajesh。我不會對此進行過多的探究。這是消費者業務。它是動態的。我們知道。一會兒上升，一會兒下降。所以我不會對此進行過多的解讀。

No, that's fair. And I guess as my follow-up for you, Rajesh. As we go into the second half of the year, I think SiTime has a pretty unique view into all end markets given your diversified revenue base. Obviously, the data points remain very, very strong on data center.

不，這很公平。我想這是我對你的後續跟進，Rajesh。隨著我們進入下半年，我認為，鑑於 SiTime 多元化的收入基礎，它對所有終端市場都有相當獨特的見解。顯然，資料中心的資料點仍然非常非常強大。

But I would say in sort of more traditional analog markets like industrial and auto, the data points are quite mixed, especially because of tariffs. So I'm just curious, what are you seeing in some of your non-data center segments, not just in Q3 but even into Q4?

但我想說，在工業和汽車等更傳統的模擬市場中，數據點相當混雜，尤其是因為關稅。所以我很好奇，您在一些非資料中心領域看到了什麼，不僅僅是在第三季度，甚至在第四季度？

Yes. I think there is a little bit of softness in automotive. We see that, but we still grow. We definitely see strength in industrial. We see significant strength, no surprise, in aerospace, military, defense. I mean it's not a very large business for us, but it's going to grow very rapidly, and we have high expectations and hope for it.

是的。我認為汽車產業存在一些疲軟現象。我們看到了這一點，但我們仍在成長。我們確實看到了工業領域的實力。毫不奇怪，我們看到航空航太、軍事和國防領域表現出顯著實力。我的意思是，對我們來說這不是一個很大的業務，但它將會成長得非常快，我們對此抱有很高的期望和希望。

But even in the automotive market, if I look out to the design wins that we are getting out into the -- and hence, my reference to L3+ and L4 and ADAS, if I look into that and robotaxis, I think we see significant growth in the coming years, perhaps not in '26 because many of them may not be launching in high volume, but further out in '27 and '28. We see a tremendous opportunity in automotive.

但即使在汽車市場，如果我關注我們所獲得的設計勝利——因此，我提到了 L3+、L4 和 ADAS，如果我研究這些和自動駕駛出租車，我認為我們在未來幾年會看到顯著的增長，也許不是在 26 年，因為其中許多可能不會大量推出，但在 27 年和 28 年會更遠。我們在汽車領域看到了巨大的機會。

And as far as industrial goes, we singled out robots, industrial robots, all kinds of robots for mention. But they're all really being driven by this need for autonomy, by this need for being synchronized and aware, presence aware.

就工業而言，我們特別提到了機器人、工業機器人和各種機器人。但它們實際上都是受到自主性需求、同步性和感知性以及存在感知需求的驅動。

So the whole sensing, the motor control, synchronization piece, that's where we really shine, and that's common across all three of these industrial, automotive and military aerospace defense. So it's a very unique place, and we like that quite a bit, and we intend to make significant investments in that.

因此，整個感測、馬達控制、同步部分是我們真正出色的地方，而這在工業、汽車和軍事航空航天防禦這三個領域都很常見。所以這是一個非常獨特的地方，我們非常喜歡它，並且我們打算對其進行大量投資。

Sounds good. Congrats again.

聽起來不錯。再次恭喜。

Thank you.

謝謝。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

Hi, Beth. You talked about gross margin tailwinds coming in the next quarters from new products increasing in the mix. Maybe you can help us understand where new products are as a percent of revenues now by that designation? Where they were a year ago? And what would be the pace of the increase in the next year or two to help the margins?

你好，貝絲。您談到了下一季新產品的增加將為毛利率帶來利好。也許您可以幫助我們了解新產品目前佔收入的百分比？一年前他們在哪裡？未來一兩年內，為了提高利潤率，成長速度會是多少？

Well, the -- I don't know if I can give you regular percentages, but I can give you some indications. And the indications are that I referred to the Elite family of products. Those are definitely all our new products, Elite, Elite X, Elite RF, and the Cascade family. And in fact, our whole clocking family, whether it's the Chorus and so on.

嗯，我不知道我是否可以給你常規的百分比，但我可以給你一些指示。有跡象表明我指的是 Elite 系列產品。這些肯定都是我們的新產品，Elite、Elite X、Elite RF 和 Cascade 系列。事實上，我們整個鐘錶家族，無論是合唱團還是其他什麼團體。

Definitely in the area of data centers, even in enterprise and communications, so the whole what we call CED, we expect more of the new products than of the older products. It's certainly true that the new products are significantly higher ASP. They are -- as I've mentioned before, they're anywhere from $3, $4 to $10, $12. And so they're significantly valuable in that regard.

毫無疑問，在資料中心領域，甚至在企業和通訊領域，也就是我們所說的整個 CED 領域，我們對新產品的期望要高於舊產品。新產品的平均售價確實明顯較高。正如我之前提到的，它們的價格從 3 美元、4 美元到 10 美元、12 美元不等。因此，從這個方面來說，它們非常有價值。

The design wins coming out in the military, aerospace, defense as well as in the automotive and industrial are also significantly in the new areas. Consumer tends to lag a little bit. And as you know, we have spent most of our R&D in the first two that I said. But consumer, mobile, IoT, we have a bunch of products.

軍事、航空航太、國防以及汽車和工業領域的設計勝利也顯著地來自新領域。消費者往往會稍微滯後一些。如你所知，我們的大部分研發精力都投入了我所說的前兩個領域。但是針對消費者、行動、物聯網，我們有許多產品。

And of course, the Symphonic product, we have a lot of high hopes for in this year, the second half as well as in the coming year. So I think it's going to be pretty evenly spread in these markets, but I expect that 2026 will be significant in the new product space. I think this is definitely a transitional year.

當然，我們對 Symphonic 產品今年、下半年以及明年的表現寄予厚望。因此我認為它將在這些市場中均勻分佈，但我預計 2026 年將在新產品領域中具有重要意義。我認為這絕對是過渡的一年。

Okay. And then maybe kind of digging into the data center content that you've gained, just maybe one level down. Like when you have the opportunity to win a higher dollar clock in some equipment, but other equipment, maybe it's less content.

好的。然後也許會深入挖掘您所獲得的資料中心內容，可能只是向下一層。就像當你有機會贏得一些裝備時價值更高的美元，但其他裝備，也許它的價值就更低。

Can you just help us distinguish what gets you that higher content and whether you have upgrade opportunities in other places where you have content or how that lays out across the data center equipment, the switches, the AECs and so forth?

您能否幫助我們區分什麼可以為您帶來更高的內容，以及您是否有在擁有內容的其他地方進行升級的機會，或者這些內容在資料中心設備、交換器、AEC 等中的佈局如何？

Yes. I think what is unique for SiTime is the fact that we sell a full system, right? We are the only company which has natively produced oscillators and natively produced clocks. So we can bundle them together, not as a bundled unit, but as a system because at the end of the day, the customer needs, the timing needs to be fulfilled, and going to one kind of supplier, typically a quartz crystal supplier for oscillators and going to a clocking company for clocks is a challenge in these very high performance, low latency, high throughput, challenging environmental conditions.

是的。我認為 SiTime 的獨特之處在於我們銷售整套系統，對嗎？我們是唯一擁有本土生產振盪器和本土生產時鐘的公司。因此，我們可以將它們捆綁在一起，不是作為捆綁單元，而是作為一個系統，因為最終，客戶需要、需要滿足時間要求，而在這些非常高性能、低延遲、高吞吐量、具有挑戰性的環境條件下，從一種供應商（通常是石英晶體供應商）購買振盪器，再從時鐘公司購買時鐘，是一項挑戰。

So for example, in the terabit switch design that we did get, the addition of the dollar content came through adding a very customized clock. Most clocks are customized. In the addition of the networking, we just added multiple clock chips and made that come through. So it's a system play. It's solving the customers' problems at the architecture level. And this is the same playbook that we are using in all the other areas.

例如，在我們獲得的太比特交換器設計中，美元內容的增加是透過添加非常客製化的時鐘來實現的。大多數時鐘都是客製化的。在增加網路功能時，我們只需添加多個時脈晶片並使其實現。所以這是一個系統性的玩法。它在架構層面解決客戶的問題。我們在所有其他領域都採用相同的策略。

Frankly, we use that same one in higher-end consumer products as well. I mean the Symphonic product is part -- is a unique product, which has clocking and an oscillator built into it. So that systems approach is one that might be helpful to think about.

坦白說，我們在高端消費產品中也使用同樣的產品。我的意思是 Symphonic 產品是一款獨特的產品，它內建有時鐘和振盪器。因此，系統方法可能值得思考。

All right, very helpful, Rajesh. Thanks.

好的，非常有幫助，Rajesh。謝謝。

Yeah.

是的。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hi Rajesh and Beth, let me offer my congratulations on the nice results and outlook. I guess I wanted to start, Rajesh, I think in the past, you guys have addressed your content opportunity on some of the GPU rack platforms that have been announced over the past, say, six to 12 months.

你好，Rajesh 和 Beth，請允許我對你們取得的良好成績和前景表示祝賀。我想先談談 Rajesh，我想在過去，你們已經討論了過去 6 到 12 個月內宣布的一些 GPU 機架平台上的內容機會。

But wondering if you have similar content opportunities on the hyperscaler ASIC-based platforms? Do you tend to see similar opportunity on those ASIC platforms as the merchant GPU platforms? And then I've got a follow-up.

但想知道您是否在基於超大規模 ASIC 的平台上有類似的內容機會？您是否傾向於認為這些 ASIC 平台與商用 GPU 平台有類似的機會？然後我有一個後續行動。

Yes. So the hyperscalers -- the short answer is yes. But we are variously penetrated, right? We are not equally penetrated in all the key hyperscalers. Some of them a little bit more, some of them a little bit less. So the places where we are, we do have significant penetration in the same way, but it's also a little bit behind because at the end of the day, semiconductor companies that we -- that do GPUs, CPUs tend to be a little bit faster moving ahead of the curve.

是的。因此，對於超大規模企業來說，簡短的回答是肯定的。但我們被各種方式滲透了，對嗎？我們並未在所有主要的超大規模企業中達到同等程度的滲透。有的稍微多一點，有的稍微少一點。因此，在我們所處的地方，我們確實以同樣的方式實現了顯著的滲透，但也稍微落後了一點，因為歸根結底，我們生產的 GPU、CPU 等半導體公司往往能夠更快地領先於其他公司。

And so, we, connecting with them, we get a better lead in into the use case and into the market. And there are also the ones who typically they -- the semiconductor companies are typically the ones that are more focused on not just the CPU and the GPU accelerators, but also the NIC cards and the switches and even the pluggables. So it's no surprise that we go there more, though we are cracking in more and more into the hyperscalers. But I would say the architectural advantages come greater because we can go after a larger market with the merchant silicon guys, if that makes any sense.

因此，透過與他們建立聯繫，我們可以更好地進入用例和市場。還有一些典型的半導體公司通常不僅專注於 CPU 和 GPU 加速器，還專注於 NIC 卡、交換器甚至可插拔設備。因此，儘管我們正在越來越多地進入超大規模市場，但我們更多地去那裡也就不足為奇了。但我想說的是，架構優勢會更大，因為我們可以與商業矽片公司一起開拓更大的市場，如果這有任何意義的話。

Yes, it does. It does. Thank you. And then a follow-up on the Symphonic product. I guess a couple of questions. I believe that targets more of the mobile, consumer, IoT segment. Wondering if there are particular applications where you're seeing success with Symphonic.

是的。確實如此。謝謝。然後對 Symphonic 產品進行後續報道。我想有幾個問題。我相信這主要針對行動、消費者和物聯網領域。想知道是否有特定的應用程式能夠讓 Symphonic 獲得成功。

And you mentioned it's a clock plus an oscillator. Does that meaningfully increase your ASP in some of those mobile IoT product categories? Or does it come in at similar ASPs to products that you already sell into that end market?

您提到它是一個時鐘加一個振盪器。這是否會顯著提高某些行動物聯網產品類別的平均售價？或者它的平均銷售價格與您已經在終端市場銷售的產品相似？

Yes. No, it definitely comes at a higher ASP simply because, as I said, it's a system-level approach. So we're solving multiple problems. It's not just that we are integrating, oh, here's the cost x and a price x and price y of an oscillator plus a clock, you put them together, you don't get x plus y, you get something more than that because when you do it as a system, you solve many, many other problems on the board, on the bill of materials that the customer now doesn't have to use, whether it's discrete, whether it is the way the clocks are laid out and so on. When we did Symphonic, we were looking at the 5G market.

是的。不，它的平均售價肯定會更高，因為正如我所說，這是一種系統級方法。所以我們正在解決多個問題。這不僅僅是我們將成本 x 和價格 x 以及振盪器加時脈的價格 y 整合在一起，你把它們放在一起，你不會得到 x 加 y，你會得到更多的東西，因為當你將它作為一個系統來執行時，你解決了電路板上、物料清單上許多其他問題，客戶現在不必使用這些問題，無論是分立的，還是時鐘的佈局等等。當我們製作 Symphonic 時，我們關注的是 5G 市場。

We were looking at the GPS market. We were looking at the millimeter wave market. And those markets will come, but we don't see them happening today. I think they'll come maybe in a year or so, particularly in the area of IoT, particularly in the area of factory and enterprise-based IoT that will use 5G private networks, and we see that coming. But it's a little bit of ways, but we are going to be ready for the market and we'll be there well ahead of anybody else.

我們正在關注 GPS 市場。我們正在關注毫米波市場。這些市場終將出現，但我們目前還沒有看到它們出現。我認為它們可能在一年左右的時間內就會出現，特別是在物聯網領域，特別是在將使用 5G 專用網路的工廠和企業物聯網領域，我們已經看到它們的到來。雖然還有點距離，但我們已經為市場做好了準備，並且將比其他任何人都領先一步。

Okay, thank you very much.

好的，非常感謝。

(Operator Instructions)

（操作員指示）

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey guys, thanks for taking my questions and congrats on the nice results. So if I look at last quarter where you kind of let things off, at the high end of guidance, you kind of talked about 30% kind of plus growth for the full year. You're clearly indicating a stronger growth profile now of greater than 40% versus where you were 90 days ago. You're obviously highlighting CED strength as one of the reasons for the uptick.

嘿，大家好，謝謝你們回答我的問題，恭喜你們取得了好成績。因此，如果我看一下上個季度，您在指導的高端放開了一些，您談到了全年 30% 以上的成長。您明確地表明，與 90 天前相比，現在的成長情況更加強勁，超過 40%。您顯然強調了 CED 實力是上漲的原因之一。

But more specifically, could you talk about what inside of CED is getting stronger? And like, did you just take some conservatism when you were standing there last quarter? Or have things materially improved in the last kind of 90 days?

但更具體地說，您能談談 CED 內部哪些方面正在變得更強大嗎？那麼，上個季度你站在那裡時是否採取了一些保守主義？或者說在過去的 90 天裡情況有實質的改善嗎？

Yes. I mean it's a tail of all the segments, Tom. The CED, we're talking particularly with data center. In data center, we're talking about the networking, the accelerators, the switches in particular. We have, no surprise, greater visibility because 90 days have passed, as you said, and we can see better into the second half of the year.

是的。我的意思是它是所有片段的尾部，湯姆。我們討論的是 CED，特別是資料中心。在資料中心，我們討論的是網路、加速器、交換器。正如您所說，90 天已經過去了，因此我們的可見度更高，這一點並不令人意外，我們可以更好地預測下半年的情況。

So we see that. We see continued strength. We see continued growth. We see continued demand from our customers, and we're building up a very nice backlog and a very nice funnel. On -- having said that, back to the earlier question that was asked, we also have greater insight into our consumer, mobile, IoT business where -- which is typically higher, as you know, in Q3, Q4 to fulfill demand at that point.

我們看到這一點。我們看到了持續的強勢。我們看到了持續的成長。我們看到客戶的需求持續成長，我們正在建立非常好的積壓訂單和非常好的管道。話雖如此，回到先前提出的問題，我們對消費者、行動、物聯網業務也有了更深入的了解，正如你所知，這些業務在第三季、第四季通常會更高，以滿足當時的需求。

We see that -- we can see that growing nicely as well. And then the rest of the business just continues to grow, as we have said, at a nice little pace. So yes, it's just -- last year around this time, also, it took us some -- a little while to get to that 40%, at least 40%, but now we have line of sight to that.

我們看到——我們也看到它正在順利發展。然後，正如我們所說，其餘業務將繼續以良好的速度成長。是的，只是——去年這個時候，我們也花了一些時間才達到 40%，至少 40%，但現在我們已經接近這個目標了。

Helpful. And then just something on kind of the trajectory of the year. So you obviously have the consumer portion, particularly the one customer that's stronger in the second half. And you've said that CED is leading the growth in the second half. Does that mean CED is up the most sequentially in Q3 and in Q4?

很有幫助。然後就是關於今年的發展軌跡的一些事情。因此，您顯然擁有消費者部分，特別是下半年實力更強大的客戶。您曾說過，CED 將引領下半年的成長。這是否意味著 CED 在第三季和第四季的漲幅最大？

Or does it mean CED is up the most in aggregate between those two quarters? I'm just trying to understand because it looks like you should see a really big pickup in that consumer bucket into the September quarter. Just maybe help me understand that a little better.

或者這是否意味著 CED 在這兩個季度中總體漲幅最大？我只是想了解一下，因為看起來你應該會看到九月份季度的消費者群體大幅成長。也許能幫助我更理解這一點。

So Tom, this is Beth. When I was looking at that, I was thinking year-over-year in terms of -- in aggregate, as I look to the year. We expect the strongest growth in CED for the year. As I also said, the consumer, we expect to pick up in second half, and we expect some acceleration there, and that's more of a sequential comment and the seasonality that you would expect with the consumer business and with that customer.

湯姆，這是貝絲。當我回顧這一情況時，我考慮的是同比變化——總體而言，回顧這一年。我們預計今年 CED 將實現最強勁的成長。正如我之前所說，我們預計消費者業務將在下半年回暖，並且預計會出現一些加速，這更多的是一個連續的評論，以及您對消費者業務和該客戶所預期的季節性。

Thanks guys.

謝謝大家。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yeah, thank you. I just had a few follow-ups, if you don't mind. First of all, Rajesh, on data center architectures, I'm just curious if there -- because of rack level infrastructure now, obviously, you participate in a lot of different applications. But I'm just wondering if something is going on there from a timing perspective. I mean, clearly, you're trying to sell oscillators and clocks. But just wondering if there's anything else going on there that you could potentially participate in a bigger way?

是的，謝謝。如果您不介意的話，我只是進行了一些後續行動。首先，Rajesh，關於資料中心架構，我只是好奇——由於現在的機架級基礎設施，顯然，您可以參與許多不同的應用程式。但我只是想知道從時間角度來看那裡是否發生了什麼事情。我的意思是，顯然您正在嘗試銷售振盪器和時鐘。但我只是想知道那裡是否有其他活動您可以以更大的方式參與？

No, I think the -- it's just that these systems are getting way more complicated and complex. As I reflect, I look back on the last two years or 2.5 years of watching this grow. I mean the pace of innovation in this space is astonishing. And I've been doing this for a long time, and this is just an absolutely astonishing speed of innovation of trying to get more throughput at lesser heat, smaller size, lower latencies, greater performance.

不，我認為──這些系統只是變得越來越複雜。當我回想起來時，我回顧了過去兩年或兩年半以來見證這段成長的過程。我的意思是這個領域的創新速度令人驚訝。我已經做這件事很長時間了，這絕對是一個令人驚嘆的創新速度，試圖在更少的熱量、更小的尺寸、更低的延遲和更高的性能下獲得更高的吞吐量。

I mean it's absolutely amazing. And that is what is driving an overall need, which says, we do need the timing products from SiTime to be even more advanced. For example, when we started in this business, the jitter requirements were something at the order of 70 femtosecond. As we look out into the future, we're targeting something which is lower than 20 femtoseconds, and that's just in three years.

我的意思是這真是太神奇了。這就是推動整體需求的因素，也就是說，我們確實需要 SiTime 的計時產品更先進。例如，當我們開始從事這項業務時，抖動要求大約是 70 飛秒的數量級。展望未來，我們的目標是低於 20 飛秒，而這只需三年即可實現。

And that's -- this is just one metric of jitter out of like 15 different metrics that we could talk about that includes synchronization, that includes stability, that include phase noise, that include temperature and so on and so on. So it's just the innovation rate of our customers is astonishing. Therefore, our innovation rate has also become more faster, more.

這就是 — — 這只是抖動指標中的一個，我們可以討論的 15 個不同指標包括同步、穩定性、相位雜訊、溫度等等。因此，我們的客戶的創新速度令人驚嘆。因此我們的創新速度也變得更快、更多。

And no surprise, it tends to be at a higher ASP, and it tends to be a collection of products rather than one spot product. But yes, give me this one spot product and we'll be done. So perhaps if I can answer your question stepping back the way you asked it, I would say there's more need for system-level solutions. There's more need for higher innovation and, therefore, higher ASP solutions needed in timing.

毫不奇怪，它的平均售價往往較高，而且往往是一系列產品，而不是單一的現貨產品。但是的，只要給我這個現貨產品，我們就完成了。因此，如果我可以按照您提出的方式回答您的問題，我想說我們更需要係統級解決方案。需要更高水準的創新，因此需要及時提供更高的 ASP 解決方案。

Yes. That's great color. And then just one last one. I know you have still quite a bit of design wins in the 5G space. I know a lot of the focus here near term is still on data center in CED. But just curious if that communications revenue basis is starting to move a little bit.

是的。顏色真棒。最後再說一句。我知道你們在 5G 領域仍然取得了不少設計勝利。我知道近期的焦點仍然集中在 CED 的資料中心。但我只是好奇通信收入基礎是否開始有所改變。

Yes, it is. And we expect more in the coming year. We expect deployments in the coming year. There are geographical deployments outside the United States, they're looking pretty good. India comes to mind.

是的。我們期待來年會有更多進展。我們預計明年將進行部署。在美國以外也有地理部署，看起來相當不錯。我想到的是印度。

And I think we should be seeing that. I know we -- there's a bright object here in the AI data center space, but we do call it communications enterprise because there's plenty happening in enterprise as well, not just in communications and classic, yes, end customers.

我認為我們應該看到這一點。我知道我們——在人工智慧資料中心領域有一個光明的目標，但我們確實稱之為通訊企業，因為企業中也有很多事情發生，不僅僅是在通訊和傳統的最終客戶領域。

Sounds good, thank you.

聽起來不錯，謝謝。

Yeah, thanks.

是的，謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to management for closing remarks.

謝謝。我目前沒有其他問題。現在我想把話題交還給管理階層，請他們做最後發言。

Well, thank you all for this. All I'd like to say is that these are wonderful times, and we're very happy to be rolling out our products and delivering the solutions to our customers. So thank you for joining us along in this journey.

好吧，謝謝大家。我想說的是，這是一個美好的時刻，我們很高興推出我們的產品並為客戶提供解決方案。感謝您與我們一起踏上這段旅程。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。