SiTime Corp (SITM) 2025 Q4 法說會逐字稿

Good afternoon and welcome to SiTime fourth quarter 2025 financial results conference call.

下午好，歡迎參加SiTime 2025年第四季財務業績電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference call is being recorded today, February 4, 2026.

再次提醒，本次電話會議將於2026年2月4日進行錄音。

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

現在我將把會議交給謝爾頓集團投資者關係部門的布雷特·佩里。布雷特，請繼續。

Thank you, Tawanda. Good afternoon and welcome to today's conference call to discuss SiTime fourth quarter and full year 2025 financial results as well as SiTime proposed acquisition of Renaissance tech timing business.

謝謝你，塔萬達。下午好，歡迎參加今天的電話會議，我們將討論 SiTime 2025 年第四季和全年財務業績，以及 SiTime 擬收購 Renaissance Tech 計時業務的事宜。

Joining us on today's call from SiTime are Rajesh Vashist, Chief Executive Officer, and Beth Howe, Chief Financial Officer. Please note, in addition to the respective press releases issued this afternoon, supplemental slide deck related to the proposed acquisition is available in the investor relations section of the companies. Website at investor.sitime.com.

今天參加電話會議的 SiTime 代表有執行長 Rajesh Vashist 和財務長 Beth Howe。請注意，除了今天下午發布的相應新聞稿外，與擬議收購相關的補充幻燈片可在各公司的投資者關係部分獲取。網址為 investor.sitime.com。

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 positions, strategy and plans, future operations, the timing, market, and other areas of discussion.

在開始之前，我想指出，在本次電話會議期間，公司可能會就預期的未來業績發表前瞻性聲明，包括財務狀況、策略和計劃、未來營運、時間表、市場以及其他討論領域。

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，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聲明中所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 the 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。本公司及任何個人均不對前瞻性陳述的準確性和完整性負責。

The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of today's call to conform statements to actual results or to changes in the company's expectations.

本公司不承擔在今天電話會議日期之後因任何原因公開更新前瞻性聲明的義務，以使聲明與實際結果或公司預期的變化相符。

For more detailed information on risks associated with the business, we refer you to the risk factors described in the company's annual report on Form 10k for the year ended December 31, 2024, as well as the company's subsequent filings with the SEC, including the company's quarterly report on Form 10Q for the quarter ended September 30, 2025.

有關與業務相關的風險的更多詳細信息，請參閱公司截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告中描述的風險因素，以及公司隨後向美國證券交易委員會提交的文件，包括公司截至 2025 年 9 月 30 日止季度的 10-Q 表格季度報告。

During the call management will 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.

在電話會議期間，管理階層將提及非GAAP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GAAP財務指標是依照美國GAAP編製的財務績效指標的補充，而非替代或優於後者。

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 earn out liabilities and accretion of acquisition consideration payable.

GAAP 與非 GAAP 的調整包括股份支付費用、收購無形資產攤銷以及收購相關費用，其中包括與業務收購相關的交易成本和其他現金成本，以及或有負債估計公允價值的變動和應付收購對價的增值。

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 CEO Rajesh. Please go ahead.

有關 GAAP 和非 GAAP 財務業績的詳細調整表，請參閱本公司今天稍早發布的新聞稿。接下來，我很高興將電話交給 SiTime 的執行長 Rajesh。請繼續。

Thank you, Brett. Good afternoon, everyone. Thank you for joining us today. We have a lot to talk about.

謝謝你，布雷特。大家下午好。感謝您今天蒞臨。我們有很多話要說。

We announced exceptional results for 2025, and we also announced a transformational acquisition. I'll begin with our business and our performance, and then I'll turn to the transaction.

我們公佈了 2025 年的卓越業績，同時也宣布了一項變革性收購。我先介紹一下我們的業務和業績，然後再談談這筆交易。

Q4 2025 was another exceptional quarter for SiTime.

2025年第四季對SiTime來說又是另一個非凡的季度。

We delivered $113.3 million in Q4, up 66% year over year, and earnings per share tripled from $0.48 to $1.53. In Q4, every end customer segment grew year on year, as did every region.

第四季度，我們實現了1.133億美元的收入，年增66%，每股收益從0.48美元成長了兩倍，達到1.53美元。第四季度，所有終端客戶群以及所有地區都實現了同比增長。

Gross margins in the quarter grew significantly up 61.2%. I'm particularly pleased about this achievement. In the beginning of 2025, we said we would exit the year at greater than 60% gross margins, and we achieved it.

本季毛利率大幅成長 61.2%。我對這項成就感到格外高興。2025年初，我們曾說過，年底毛利率將超過60%，而我們達成了這個目標。

We predicted this expansion of gross margins because we anticipated mixed changes to higher value products, and we reduced new product costs as they moved into volume production.

我們預測毛利率會擴張，因為我們預期高價值產品會出現混合變化，隨著新產品進入批量生產階段，我們降低了新產品的成本。

For all of 2025, we delivered $326.7 million, up 61% year over year. Every end customer segment and region showed growth. Earnings per share more than tripled from $0.93 to $3.20.

2025 年全年，我們實現了 3.267 億美元的收入，年增 61%。所有終端客戶群和地區都實現了成長。每股收益成長了兩倍多，從 0.93 美元增至 3.20 美元。

Demand remaining remained very strong exiting the year, which is an indication of significant future growth in 2026. While we don't usually discuss our book to bill, we wanted to give you a metric of the demand strength across a customer base as we go into a strong year.

年末需求依然非常強勁，預示著 2026 年將顯著成長。雖然我們通常不討論訂單出貨比，但隨著今年業績強勁，我們想向您提供一個衡量客戶群需求強度的指標。

So, our book to bill was over 1.5 at the end of Q4, and we have excellent visibility for the year. Channel health remained solid exiting 2025. Distributor and contract manufacturer inventory levels were in line with a target, reflecting strong sell-through and disciplined supply management.

因此，截至第四季末，我們的訂單出貨比超過 1.5，我們對全年的業績有非常清晰的預期。截至2025年底，通路健康狀況依然穩健。經銷商和合約製造商的庫存水準符合目標，反映出強勁的銷售情況和嚴格的供應管理。

Design when momentum remains solid across all end customer segments and regions, another indication of growth in 2026 and beyond.

當所有終端客戶群和地區的成長勢頭保持強勁時，這種設計將是 2026 年及以後成長的另一個跡象。

Q4 growth was again led by comms Enterprise Data Center CED Business, which grew 160% year over year. This marks the seventh consecutive quarter of over 100% year over year growth. Additionally, our 2026 CED forecast has grown since our last earnings call, driven by increases in AI CapEx spending.

第四季成長再次由通訊企業資料中心 (CED) 業務引領，該業務年增 160%。這標誌著連續第七個季度年增超過100%。此外，受人工智慧資本支出增加的推動，我們 2026 年的 CED 預測值自上次財報電話會議以來有所增長。

The two to 4x increase in computing power of the new XPUs, GPUs, CPUs is driving the need for faster networking infrastructure and accelerating the adoption of 1.6 terabit optical modules. Our customers have recently increased the 2026 forecast for our oscillators used in 1.60 optical modules by 50%, which is over and above the increase that we reported in November.

新型 XPU、GPU 和 CPU 的運算能力提高了 2 到 4 倍，這推動了對更快網路基礎架構的需求，並加速了 1.6 太比特光模組的普及。我們的客戶最近將 2026 年用於 1.60 光模組的振盪器的預測提高了 50%，這也高於我們在 11 月報告的增幅。

This moves to 1.6% drives the need for higher clocking frequencies from oscillators, for which we get higher ASPs or average selling prices. The increase in 1.60 modules notwithstanding, demand for oscillators used in 800g optical module continues to remain strong. In parallel to the increase in bandwidth of networking infrastructure, the hyperscale's are deploying more XPUs for training as well as getting ready for inference.

這項變更將佔比提高到 1.6%，從而對振盪器的時脈頻率提出了更高的要求，進而導致平均售價 (ASP) 的提高。儘管 1.60 模組有所增加，但對 800g 光模組中使用的振盪器的需求仍然強勁。隨著網路基礎設施頻寬的增加，超大規模資料中心正在部署更多的 XPU 用於訓練，並為推理做好準備。

Since November, this trend has driven a 50% increase in 2026 forecast of our super TCXOs, which are used in both computing infrastructure and the supporting smarts or network interface cards.

自 11 月以來，這一趨勢推動了我們對 2026 年超級 TCXO 需求預測的 50% 成長，這些超級 TCXO 既用於運算基礎設施，也用於配套的智慧型裝置或網路介面卡。

CIA's goal has always been to deliver predictable revenue growth. At IPO, CED was just 12% of our revenue, and then we created a strategic plan to expand it to 40% to 50%. Since then, our focused investments in product development as well as customer acquisition have paid off handsomely.

CIA的目標始終是實現可預測的收入成長。在公司上市時，CED 僅占我們收入的 12%，然後我們制定了一項策略計劃，將其擴大到 40% 到 50%。自那時以來，我們對產品開發和客戶獲取的重點投資已經獲得了豐厚的回報。

CED today makes up 53% of our revenue, and that is exactly where we want to be. I'm also very pleased that a large portion of this revenue comes from high value products reflecting the sustained benefit that we bring to our customers.

CED 目前占我們收入的 53%，而這正是我們想要達到的目標。我也非常高興地看到，這筆收入的很大一部分來自高價值產品，這反映了我們為客戶帶來的持續利益。

Our CED strategy laid the foundation of our success today, and we're using this as a blueprint for rapid growth in our other businesses. We continue to grow across all other end segments. Aerospace defence, automotive, and industrial are all benefiting from increased adoption of autonomous systems and physical AI. Where systems perceive, reason, and interact in the physical world in real time.

我們的 CED 策略為我們今天的成功奠定了基礎，我們將以此為藍圖，推動我們其他業務的快速成長。我們在其他所有終端細分市場也持續成長。航空航太國防、汽車和工業領域都受益於自主系統和物理人工智慧的日益普及。系統能夠即時感知、推理和與物理世界互動。

These systems need accurate positioning, sensor fusion, motor control, and precise synchronization, where precision timing is essential. For example, in humanoid robots, we see up to $20 of a precision timing product, and robot axis in level four -- or self-driving cars require up to $15 of precision timing content.

這些系統需要精確定位、感測器融合、馬達控制和精確同步，其中精確計時至關重要。例如，在人形機器人中，我們看到高達 20 美元的精密計時產品，而四級機器人軸——或者自動駕駛汽車——需要高達 15 美元的精密計時組件。

In defence, where worldwide spending is accelerating, our product resilience is driving adoption in a variety of applications. In the next few years, we expect that each of our automotive, defence, and industrial businesses to exceed $100 million annually.

在國防領域，隨著全球支出加速成長，我們的產品韌性正在推動其在各種應用領域的普及。未來幾年，我們預計汽車、國防和工業業務的年營業額都將超過 1 億美元。

Entering 2026, demand drivers remain firmly in place. Our strategy remains unchanged to lead in high value precision timing applications. Deliver differentiated system level solutions and scale our operating model to drive a long-term value creation. The combination of deep engagement in AI infrastructure and broad participation across diverse segments positions us exceptionally well for continued growth.

進入2026年，需求驅動因素依然穩固。我們的策略依然不變，即在高價值精密計時應用領域中保持領先地位。提供差異化的系統級解決方案，並擴展我們的營運模式，以推動長期價值創造。我們在人工智慧基礎設施領域的深度投入以及在各個領域的廣泛參與，使我們擁有了持續成長的絕佳優勢。

I'm confident in our trajectory and excited about the opportunities ahead. With that, I'll now turn the call over to Beth, our CFO to review the financial details, after which we'll be happy to take your questions.

我對我們的發展方向充滿信心，並對未來的機會感到興奮。接下來，我將把電話交給我們的財務長貝絲，由她來回顧財務細節，之後我們很樂意回答您的問題。

Thanks, Rajesh.

謝謝你，拉傑什。

Today I'll walk through our fourth quarter and full year 2025 results, and then I'll provide our outlook for the first quarter of fiscal 2026. As a reminder, my remarks focus on non-GAAP financial results which are reconciled to GAAP in our press release.

今天我將介紹我們 2025 年第四季和全年的業績，然後我將展望 2026 財年第一季的業績。再次提醒，我的發言主要針對非GAAP財務業績，這些業績已在我們的新聞稿中與GAAP進行了核對。

Fiscal 2025 has been a pivotal year for the company, one in which we delivered exceptional revenue growth, expanded gross margins, and demonstrated meaningful operating leverage. Our results reflect the scalability of our operating model, the strength of demand across our target customer segments, and the growing strategic value of our products and solutions.

2025 財年是公司發展的關鍵一年，我們在這一年實現了卓越的收入成長，擴大了毛利率，並展現了顯著的營運槓桿效應。我們的業績反映了我們營運模式的可擴展性、目標客戶群的強勁需求，以及我們產品和解決方案日益增長的策略價值。

For the full year, revenue reached $326.7 million an increase of 61% from the prior year. Gross margins for the year were 59.3%, and operating expenses were $135 million. Non-GAAP operating profit was $58.6 million an increase of $58 million year on year, or 18% of revenue.

全年營收達 3.267 億美元，比上年成長 61%。本年度毛利率為59.3%，營業費用為1.35億美元。 （非GAAP準則）營業利潤為 5,860 萬美元，比去年同期增加 5,800 萬美元，佔營收的 18%。

For fiscal 2025, our non-GAAP earnings per share more than tripled to $3.20. Cash flow from operations was $87.2 million for the year, a strong improvement compared to $23.2 million in 2024, reflecting the combined benefit of higher revenue, richer mix, and disciplined expense management. Overall, our momentum reflects a company operating with focus, efficiency, and increasing strategic impact.

2025 財年，我們的非 GAAP 每股盈餘成長超過三倍，達到 3.20 美元。該年度的經營活動現金流為 8,720 萬美元，與 2024 年的 2,320 萬美元相比有了顯著改善，這反映了收入增加、產品組合更加豐富以及嚴格的費用管理帶來的綜合效益。整體而言，我們的發展動能反映出公司營運專注、高效，並不斷提升策略影響力。

Turning to our fourth quarter results, Q4 was a milestone quarter for the company as we surpassed $100 million in quarterly revenue for the first time and generated operating margins of 30%.

再來看我們第四季的業績，第四季是公司的一個里程碑式季度，因為我們的季度營收首次突破了 1 億美元，並實現了 30% 的營業利潤率。

Revenue in Q4 was $113.3 million up 66% year over year and 36% sequentially.

第四季營收為 1.133 億美元，年增 66%，季增 36%。

Revenue was significantly higher than expected as customer demand continued to strengthen in the quarter. Communications Enterprise and Data Center continued to be the primary growth engine, contributing $64.6 million or 57% of total revenue and rising 160% year over year.

由於本季客戶需求持續增強，營收遠超預期。通訊企業和資料中心繼續成為主要的成長引擎，貢獻了 6,460 萬美元，佔總收入的 57%，年增 160%。

Growth in this segment was broad-based and driven by multiple customers across AI and data centers. Automotive, industrial and aerospace delivered $24.5 million or 22% of revenue, increasing 19% year over year and consumer IoT and mobile revenue was $24.2 million or 21% of total revenue, up 7% year on year, with our largest consumer customer contributing $17 million for the quarter.

該領域的成長基礎廣泛，由人工智慧和資料中心領域的眾多客戶共同推動。汽車、工業和航空航太業務貢獻了 2,450 萬美元，佔總收入的 22%，年增 19%；消費物聯網和行動業務收入為 2,420 萬美元，佔總收入的 21%，年增 7%，其中我們最大的消費客戶在本季度貢獻了 1,700 萬美元。

Gross margins in Q4 were 61.2%, representing a 240-basis point improvement year over year and ending the year above 60% as we had forecast at the beginning of 2025. The increase was primarily driven by continued mixed shift toward higher margin products. Improving manufacturing overhead absorption also contributed meaningfully to the margin expansion.

第四季毛利率為 61.2%，比去年同期提高了 240 個基點，並最終實現了我們在 2025 年初預測的 60% 以上的全年目標。成長的主要原因是市場持續向高利潤產品轉變。提高製造費用分攤率也對利潤率的提升做出了顯著貢獻。

Operating expenses for the quarter were $35.5 million consisting of $19 million in R&D and $16.5 million in SG&A. This was in line with expectations and driven by higher headcount, variable compensation tied to revenue performance, and continued investments to support our long-term roadmap.

本季營運費用為 3,550 萬美元，其中研發費用為 1,900 萬美元，銷售、管理及行政費用為 1,650 萬美元。這符合預期，主要得益於員工人數增加、與收入績效掛鉤的浮動薪酬，以及為支持我們的長期發展路線圖而進行的持續投資。

Operating income for the quarter was $34 million an increase of $26 million year over year, demonstrating strong leverage and discipline in our cost structure as revenue scales.

本季營業收入為 3,400 萬美元，比上年同期成長 2,600 萬美元，這表明隨著收入規模的擴大，我們在成本結構方面擁有強大的槓桿作用和紀律性。

Interest and other income and expense was $7.4 million. Non-GAAP net income was $41.3 million or $1.53 per share, more than triple the $0.48 reported a year ago.

利息及其他收入和支出為740萬美元。 （非GAAP準則）淨利潤為 4,130 萬美元，即每股 1.53 美元，是去年同期報告的每股 0.48 美元的三倍多。

Now let me turn to the balance sheet. Accounts receivables ended the quarter at $45 million with days' sales outstanding at 36 days, up from 24 days in Q3 as linearity returned to more normal patterns. Inventory declined to $81.7 million from $86.7 million in Q3, driven by customer shipments during the quarter and continued focus on inventory management.

現在讓我來看資產負債表。本季末應收帳款為 4,500 萬美元，應收帳款週轉天數為 36 天，高於第三季的 24 天，線性度恢復到更正常的模式。受本季客戶出貨量增加以及持續關注庫存管理的影響，庫存從第三季的 8,670 萬美元下降至 8,170 萬美元。

During the quarter, we generated $25.4 million in cash from operations. We also invested $12.6 million in capital expenditures.

本季度，我們從經營活動中獲得了 2,540 萬美元的現金。我們也投入了1260萬美元用於資本支出。

Finally, we paid $42.2 million to Aura, including the final payment for dye deliveries. We ended the quarter with strong liquidity position of $808 million in cash and short-term investments. Now let me move to our outlook for the March quarter.

最後，我們向 Aura 支付了 4,220 萬美元，其中包括染料交付的尾款。本季末，我們擁有強勁的流動性，現金和短期投資總額達 8.08 億美元。現在讓我談談我們對三月季度的展望。

Because of the acquisition of Renaissance timing business is not expected to close in Q1, it has no impact on our guidance.

由於對 Renaissance Timing 業務的收購預計不會在第一季完成，因此對我們的業績指引沒有影響。

Looking ahead to Q1, we expect first quarter seasonality to be less than our historical average, and that our comms Enterprise Data Center or CED business will grow sequentially.

展望第一季度，我們預計第一季的季節性因素將低於歷史平均水平，並且我們的通訊企業資料中心或 CED 業務將環比成長。

Since consumer is typically down seasonally sequentially in the first quarter, the higher mix of CED and the lower mix of consumer is also expected to contribute to stronger gross margins in Q1. Thus, we project revenue in the range of$101million to $104 million up roughly 70% year over year at the midpoint. Gross margin to be approximately 62% plus minus 0.5 point given our expected product mix for Q1. Operating expenses in the range of $39 to $40 million.

由於消費者業務通常在第一季會季節性地環比下降，因此，CED業務佔比較高、消費者業務佔比較低預計也將有助於提高第一季的毛利率。因此，我們預計營收將在 1.01 億美元至 1.04 億美元之間，以中間值計算，年增約 70%。根據我們對第一季產品組合的預期，毛利率約為 62%，上下浮動 0.5 個百分點。營運費用在 3900 萬至 4000 萬美元之間。

Instant interest income of approximately $7 million and a share count of $27million to 27.5 million shares. As a result, we expect Q1 non-GAAP earnings per share to be in the range of $1.10 to $1.17.

即時利息收入約 700 萬美元，股份數量為 2,700 萬股至 2,750 萬股。因此，我們預計第一季非GAAP每股收益將在1.10美元至1.17美元之間。

With that, I'll hand the call back to Rajesh to discuss our intent to acquire Renaissance's timing business. Rajesh.

接下來，我將把電話轉回給拉傑什，討論我們收購文藝復興科技公司計時業務的意圖。拉傑什。

Thanks, Beth.

謝謝你，貝絲。

To reflect a little bit, over the past two decades, SiTime created the precision timing category and fundamentally transformed the timing market by delivering highly differentiated products that solve customers' tough timing problems.

回顧過去二十年，SiTime 開創了精密計時類別，並透過提供高度差異化的產品來解決客戶棘手的計時問題，從根本上改變了計時市場。

Along the journey, there were a handful of defining inflection points. Acquiring Renaissance's timing business is perhaps the largest and one of the most exciting. This business similar to SiTime has a differentiated broad product portfolio, except that it's in clocks where we have a small footprint.

這段旅程中，出現了一些決定性的轉捩點。收購 Renaissance 的計時業務或許是規模最大、也最令人興奮的收購之一。這家公司與 SiTime 類似，擁有差異化的廣泛產品組合，只不過它專注於鐘錶領域，而我們在鐘錶領域的市場份額很小。

Additionally, they have an enviable financial profile, a respected team, and a 30-year heritage that started as ICS, then IDT, and finally Renaissance. We are really glad to have this business as part of SiTime.

此外，他們還擁有令人羨慕的財務狀況、一支受人尊敬的團隊，以及30年的歷史傳承，其前身是ICS，然後是IDT，最後是文藝復興科技公司。我們非常高興這家企業能成為 SiTime 的一部分。

We have always said that customers need complete timing solutions which include oscillators, resonators, and clocks. Our oscillators and resonators are semiconductors, MS-based, and we've been investing in this technology for the past 20 years.

我們一直強調，客戶需要完整的計時解決方案，其中包括振盪器、諧振器和時鐘。我們的振盪器和諧振器是半導體，基於MS技術，我們在過去20年裡一直在投資這項技術。

To grow SiTime clock business, we invested in our own development. In parallel in 2023, we acquired Aura's clock products which had leadership IP and 50 clock products. Now, Renaissance's timing business takes us to scale in clocking. They are the preeminent brand with 500 highly differentiated clock products.

為了發展SiTime時鐘業務，我們投資自體研發。同時，在 2023 年，我們收購了 Aura 的時鐘產品，該公司擁有領先的智慧財產權和 50 款時鐘產品。現在，Renaissance 的計時業務使我們在計時領域實現了規模化。他們是擁有 500 種高度差異化鐘錶產品的頂級品牌。

Because they're focused on clocking in CED, industrial and automotive, they complement our high-performance oscillator revenue.

因為他們專注於 CED、工業和汽車領域的時鐘，所以他們補充了我們的高性能振盪器收入。

These 160 engineers that come over to SiTime at close gives us an opportunity to build an exciting roadmap of products that would not have been previously possible.

臨近下班時加入 SiTime 的這 160 位工程師，讓我們有機會制定出以前不可能實現的令人興奮的產品路線圖。

With this acquisition, our revenue mix continues its transformation and increases scale in CED on a pro forma basis, our 2025 CED revenue will almost double with Renaissa's 2025 AI data center coms revenue. To this, we'll add our rapid organic growth in 2026 and combine it with their growth.

透過此次收購，我們的收入結構持續轉型，按備考基準計算，CED 的規模不斷擴大，加上 Renaissa 2025 年的 AI 資料中心通訊收入，我們 2025 年的 CED 收入將幾乎翻倍。此外，我們預計 2026 年我們將實現快速的有機成長，並將其與他們的成長相結合。

The breadth and diversity of our customers will grow significantly with this acquisition, along with faster access to customers that we would have secured only several years in the future.

此次收購將顯著擴大我們客戶的廣度和多樣性，同時讓我們更快獲得原本需要幾年時間才能獲得的客戶。

This acceleration of customers will include 10 hyper scalers, seven AI server leaders, 10 networking and communication vendors, and leading automotive OEMs and tier ones, and leaders in mobile, IoT and consumer.

此次客戶加速成長將包括 10 家超大規模企業、7 家 AI 伺服器領導者、10 家網路和通訊供應商、領先的汽車 OEM 和一級供應商，以及行動、物聯網和消費領域的領導者。

On Renaissance SiTime common customers, there is minimal product overlap, and we have an opportunity to generate new revenue by selling our differentiated oscillators to them. It's an unprecedented opportunity for both HighT and our customers to collaborate and build on our 20- and 30-year heritage to reach an extraordinary level of success in precision timing.

Renaissance SiTime 的共同客戶與我們的產品重疊度很低，我們有機會透過向他們銷售我們差異化的振盪器來創造新的收入。對於 HighT 和我們的客戶而言，這是一個前所未有的合作機會，我們可以在我們 20 到 30 年的歷史基礎上，在精準計時領域取得非凡的成功。

This is also an exceptional business with great financials. It's expected to add 300 million in the 12 months after close, with approximately 70% in gross margins. 75% of the revenue comes from the fast-growing CED segment, which is strategically important to us. It also maintains SiTime long-term growth rate of 25% to 30%.

這也是一家財務狀況非常出色的優秀企業。預計交易完成後12個月內將新增3億美元收入，毛利率約70%。其中75%的收入來自快速成長的CED業務板塊，該板塊對我們具有重要的戰略意義。它還保持了 SiTime 25% 至 30% 的長期成長率。

This acquisition is a monumental milestone towards fulfilling our vision to transform the timing market, solve our customers' toughest timing challenges, and accelerate our path to $1 billion in revenue.

此次收購是實現我們願景的一個里程碑，即改變計時市場，解決客戶面臨的最嚴峻的計時挑戰，並加速我們實現 10 億美元營收的目標。

We see remarkable opportunities ahead, and we are more excited than ever about the future of SiTime.

我們看到了未來非凡的機遇，我們對 SiTime 的未來比以往任何時候都更加充滿信心。

I'll turn the call over to Beth to provide more details, Beth .

我將把電話轉給貝絲，讓她提供更多細節。貝絲。

Thanks, Rajesh. Building on Rajesh's overview of the strategic rationale, I'll walk through how this acquisition strengthens our financial profile and accelerates our long-term growth trajectory. What is most compelling is the alignment between the strategic value of this business and its financial contribution, both of which meaningfully enhance SiTime scale, profitability, and cash generation capacity.

謝謝你，拉傑什。在 Rajesh 對策略理由的概述基礎上，我將詳細介紹此次收購如何增強我們的財務狀況並加速我們的長期成長軌跡。最引人注目的是，這項業務的策略價值與其財務貢獻一致，這兩者都顯著提高了 SiTime 的規模、獲利能力和現金創造能力。

Financially, this acquisition significantly elevates SiTime revenue profile, margin structure, and cash flow potential. Approximately 75% of the acquired revenue comes from our comms enterprise data center sector.

從財務角度來看，此次收購顯著提升了 SiTime 的收入水準、利潤率結構和現金流潛力。收購所得收入約有 75% 來自我們的通訊企業資料中心領域。

A fast growing and strategically important segment for our long-term success. The remainder is diversified across automotive and industrial, further expanding our reach into durable, attractive applications across timing.

這是一個快速成長且對我們的長期成功具有重要戰略意義的領域。其餘部分則多元化地應用於汽車和工業領域，進一步擴大了我們在耐用、有吸引力的應用領域的覆蓋範圍，涵蓋了各種時序應用。

As we integrate the business, we intend to invest in go to market capabilities to fully capture these opportunities. Importantly, as Rajesh mentioned, our long-term annual revenue growth target of 25 %to 30% remains firmly intact.

隨著業務的整合，我們計劃投資市場拓展能力，以充分掌握這些機會。重要的是，正如 Rajesh 所提到的，我們 25% 至 30% 的長期年度收入成長目標仍然保持不變。

The acquired portfolio operates with approximately 70% gross margins reflecting the value and differentiation of the products. This positions SiTime to reach the upper end of our 60% to 65% long-term gross margin target more quickly while expanding operating margins to above 30% as we scale and benefit from increased operating leverage.

收購的產品組合毛利率約為 70%，反映了產品的價值和差異化。這使得 SiTime 能夠更快地達到我們 60% 至 65% 的長期毛利率目標的上限，同時隨著我們規模的擴大和營運槓桿的提高，營業利潤率也將提高到 30% 以上。

The transaction is also expected to be accretive to SiTime non-GAAP EPS in the first full year post close. And finally, with a combination of our organic growth and the attractive profitability of the acquired business, we expect to generate meaningful cash flow.

預計該交易還將在交易完成後的第一個完整年度內提升 SiTime 的非 GAAP 每股收益。最後，憑藉我們自身的成長以及收購業務帶來的可觀獲利能力，我們預期將產生可觀的現金流。

We have structured this transaction to maintain financial strength and flexibility under the terms of the agreement. SiTime will acquire certain assets related to the Renaissance timing business for $1.5 billion in cash and approximately $4.13 million newly issued SiTime shares. Subject to a potential adjustment and a 15% symmetrical collar determined by the 10-day volume adjusted weighted average share price as of the three days prior to the execution of the agreement.

我們已根據協議條款，對本次交易進行了結構化安排，以保持財務實力和靈活性。SiTime 將以 15 億美元現金和約 413 萬股新發行的 SiTime 股票收購與 Renaissance 計時業務相關的某些資產。可能會進行調整，並根據協議執行前三天的 10 天成交量調整加權平均股價確定 15% 的對稱區間。

We plan to finance the cash portion using a combination of cash on hand and approximately $900 million of committed debt financing from Wells Fargo.

我們計劃利用自有現金和富國銀行承諾的約 9 億美元債務融資來為現金部分融資。

Given the strong free cash flow generation of the combined business, we have a clear path to reducing leverage to under 2 times within 24 months following the closing. The transaction is expected to close by the end of 2026, subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.

鑑於合併後業務強勁的自由現金流，我們有明確的途徑在交易完成後的 24 個月內將槓桿率降低到 2 倍以下。該交易預計將於 2026 年底完成，但需滿足慣例成交條件，包括獲得相關監管部門的批准。

We are thrilled to announce the intent to acquire this highly complementary preeminent clocking business as we enter the next phase of our transformation. The combination strengthens our strategic position, accelerates our financial performance, and enhances our long-term value creation potential.

我們很高興地宣布，隨著我們進入轉型的下一階段，我們計劃收購這家與我們高度互補的卓越考勤企業。此次合併將增強我們的策略地位，加速我們的財務業績，並提升我們的長期價值創造潛力。

With that, I'll open the call for questions, operator.

接下來，我將開始接受提問，接線生。

(Operator Instructions)

（操作說明）

Tore Svanberg with Stifel Nicolaus. The line is open.

Tore Svanberg 與 Stifel Nicolaus 合作。線路已開通。

Yes, thank you very much, Rajesh and Beth, congratulations on the strong results and especially on this, highly strategic acquisition. I guess my first question on the core business, so you talked about a book to bill of 1.5.

是的，非常感謝 Rajesh 和 Beth，祝賀你們取得了優異的成績，尤其祝賀你們完成了這項極具戰略意義的收購。我想問的第一個問題是關於核心業務的，所以您提到了帳面出貨比為 1.5。

I know you're not going to give us guidance sort of by segment, but could you give us a sense for, where the most of those bookings are coming from, as those bookings obviously generalize, generate revenues for the year.

我知道您不會按細分市場為我們提供指導，但您能否大致說明一下，大部分預訂來自哪裡？因為這些預訂顯然是全年收入的主要來源。

Thank you.

謝謝。

Well, it's no surprise that most of those bookings will come from CED because of the tremendous growth in CED and I think that our customers are seeing the growth going out through the year through 2026, and many of them are booking in advance of real demand of demand.

不出所料，大部分預訂都將來自 CED，因為 CED 的成長非常迅猛。我認為我們的客戶已經看到了這種成長勢頭，這種成長將持續到 2026 年，而且他們中的許多人都在實際需求出現之前就已經預訂了。

I don't mean they're ahead of it. I mean they're on top of it and I think, but the others are not lagging behind. We still continue to see a diversified growth in all the other BUs as well, but it just happens to be that just because of its scale, the CD is a bigger portion.

我不是說他們領先一步。我的意思是，他們在這方面做得很好，而且我認為，其他人也沒有落後。我們看到其他所有業務部門也繼續保持多元化成長，但恰好因為規模較大，CD 佔比更大。

Very good. And as a follow-up, I had a question on the acquisition and how this is going to play out. So again, it sounds like 75% of the revenue is aligned with your CED mix, which is great, I guess that that means that you know there's, end markets or applications that Renaissance is targeting that did not come with the acquisition.

非常好。作為後續問題，我還有一個關於收購以及最終結果如何的問題。所以，聽起來 75% 的收入都與你們的 CED 組合一致，這很棒，我想這意味著你們知道 Renaissance 瞄準的終端市場或應用領域並沒有隨著收購而來。

But you also mentioned that you know you might be able to participate in some of those with your resonator products, so I was just hoping if you could elaborate a little bit on that, especially on the timing of that potential additional growth engine.

但您也提到，您知道您的諧振器產品或許可以參與其中的一些項目，所以我只是希望您能詳細說明一下，特別是關於這個潛在的額外增長引擎的時間安排。

Thank you.

謝謝。

Right, so just to be clear, we're getting 100% of the timing business. Whatever is in the timing business that's called TPD timing products division is coming over to site and there isn't any business which is being left behind.

好的，所以說清楚點，我們獲得了100%的計時業務。任何與正時相關的業務，也就是所謂的 TPD 正時產品部門，都將併入該廠址，沒有任何業務會被落下。

The integration possibility that we are exploring through the MOU is a completely different one than timing as you may know, Renaissance is a prominent player in the MCU business, in the microcontroller business, and there's an opportunity for SiTime resonators, the Titan family of product, to be integrated in their microcontrollers, and that's the one we're exploring.

我們正在透過諒解備忘錄探索的整合可能性與時間上的整合完全不同，您可能知道，Renaissance 是 MCU（微控制器）行業的領導者企業，而 SiTime 諧振器（Titan 系列產品）有機會整合到他們的微控制器中，這正是我們正在探索的。

There's a several billion-dollar revenues that they get from their MCUs, and we're exploring that and being a timing partner to Renaissance another way of thinking about this story is that given the fact that the CEO is joining SiTime board at the end, at the closing, this becomes really quiet a partnership. This makes sure that not only are we a supplier to them.

他們從MCU中獲得了數十億美元的收入，我們正在探索這一點，並且作為Renaissance的時機合作夥伴，另一種看待這個故事的方式是，考慮到CEO將在最後加入SiTime董事會，這將成為一項非常低調的合作關係。這確保我們不僅是他們的供應商。

But we are also a partner to them as we go through the integration process and the TSAs and so on. So that's what gives me a lot of confidence in the success and the integration of this business.

但我們也與他們合作，共同完成整合過程、過渡服務協議 (TSA) 等事宜。所以，這讓我對這項業務的成功和整合充滿信心。

Makes a lot of sense.

很有道理。

Thank you and congrats again.

謝謝，再次恭喜你。

Thank you.

謝謝。

N. Quinn Bolton with Needham & Company. Your line is open.

N.奎因·博爾頓與尼德姆公司合作。您的線路已開通。

Hi Rajesh and Beth, I'll offer my congratulations both on the strong results as well as the acquisition, I guess, like try wanted to start with a question on the core business. You talked about demand strengthening through the fourth quarter, the book to bill of 1.5%. You guys have been growing the coms business at, over 100% for seven.

嗨，Rajesh 和 Beth，我要祝賀你們取得如此優異的業績以及成功完成收購。我想先問一個關於核心業務的問題。您提到第四季需求走強，訂單出貨比為 1.5%。你們的通訊業務已經連續七年維持 100% 以上的成長速度。

Consecutive quarters and so I guess Rajesh I know you're not guiding the 2026 but certainly feels like the growth engines are there to drive better than your long-term average 25% to 30% growth rate in the core business in 2026 and so just wondering as you think about, what the core business can do in 2026, is there any framework you might be able to provide for sort of that overall growth rate in 2026.

連續幾個季度，所以我想 Rajesh，我知道你沒有對 2026 年做出預測，但感覺成長引擎已經到位，可以推動核心業務在 2026 年實現高於長期平均 25% 至 30% 的成長率。所以我想知道，當你思考核心業務在 2026 年能取得什麼成就時，你是否可以提供一些框架來預測 2026 年的整體成長率。

Well, qualitatively, and I'll have Beth jump in to give you the level of specificity that she wants to give you qualitatively that's absolutely true. We've been growing, we grew in 24% at 40%, we grew in 25% at north of 60%. The business continues. You see Google spending; you see meta spending.

嗯，從定性角度來說，我會讓貝絲補充一些她想提供的具體細節，從定性角度來說，這絕對是真的。我們一直在成長，成長了 24%，達到 40%，成長了 25%，超過 60%。業務仍在繼續。你會看到谷歌的支出；你會看到元支出。

There is no stopping in the AI data center world, and then there is the inference part of it or the LLMs come to physical reality, whether it's humanoid robots or other kinds of ideas around that. So, I expect that this is.

人工智慧資料中心的世界沒有停止的腳步，接下來還有推理部分，或者說，LLM（邏輯邏輯模型）將走向物理現實，無論是人形機器人還是圍繞它的其他想法。所以，我估計就是這樣。

A series of a series of growth years coming from the AI business even beyond data centers, but I'll let Beth add what she thinks.

人工智慧產業即將迎來一系列成長年，其影響範圍甚至超越了資料中心，但我還是讓貝絲來補充她的看法吧。

Sure, thanks, Rajesh. No, I think you know we do expect it to continue to be led by our comms enterprise data center as Rajesh talked about as he also alluded, I think we do see opportunities across automotive, industrial, and aerospace and some specific opportunities, especially within aerospace off a small base, but given the increase in drones and other kinds of defense applications.

當然，謝謝你，拉傑什。不，我想你知道，我們確實期望它繼續由我們的通訊企業資料中心引領，正如 Rajesh 所談到的，他也暗示過，我認為我們確實看到了汽車、工業和航空航天領域的機遇，以及一些具體的機遇，尤其是在航空航天領域，儘管基礎較小，但考慮到無人機和其他國防應用的增長。

We see a lot of opportunity there and then finally in the consumer space we do expect to see continued growth there as some of our design wins ramp in 2026 and so those are all some of the opportunities and tailwinds we see for the year and so we're really excited about 2026 and where we can go from here and in terms of the opportunities.

我們看到了很多機會，最後，在消費領域，我們預計隨著我們的一些設計項目在 2026 年逐步推進，我們將看到持續成長。這些都是我們所看到的今年的一些機會和利好因素，所以我們對 2026 年以及我們未來的發展方向和機會感到非常興奮。

Excellent. The question I had on the acquisition, obviously Renaissance is one of the preeminent players in the clocking business. I'm wondering on, a lot of the boards or sockets where Renaissance plays, are they typically, paired up with.

出色的。關於此次收購，我提出的問題是，顯然 Renaissance 是鐘錶產業最傑出的企業之一。我很好奇，Renaissance 經常使用的許多電路板或插槽，它們通常是和哪些設備搭配使用的。

To oscillators representing an opportunity for you to cross sell or do you feel like the SiTime FY mems oscillators are already pretty well placed on, a lot of the boards where Renaissance timing or clock products are currently used? I'm just trying to get a better sense for, how much cross selling opportunity you see bringing these two businesses under one roof.

對於振盪器而言，這是否代表著您交叉銷售的機會？或者您覺得 SiTime FY mems 振盪器已經在 Renaissance 目前使用的許多定時或時脈產品所在的電路板上佔據了相當好的位置？我只是想更了解一下，您認為將這兩家公司合併到一起能帶來多少交叉銷售機會。

Yeah, you exactly put your finger on it, Quinn. We have very little, we have some reasonably solid overlap on customers, but typically on products there's very little. So, to your point, they are designed in in clocking where the solution is quartz crystal.

沒錯，奎因，你說得太對了。我們之間的重疊很少，雖然在客戶方面有一些相當不錯的重疊，但在產品方面通常重疊很少。所以，如你所說，它們的設計初衷就是為了滿足時脈的要求，而解決方案就是石英晶體。

And this gives us tremendous opportunity to expose the values of our semiconductor differentiated mems-based solutions to the customers and see how we can get design wins for the future. So, this is the cross-selling opportunity one way, but there's also a cross-selling opportunity another way because we have design wins in AI, in GPUs, and accelerator cards and switches where it's not our clock that's in there, the site time native clocks. It is, either their clock or the clock of somebody of another competitor.

這為我們提供了一個絕佳的機會，向客戶展示我們基於半導體差異化 MEMS 解決方案的價值，並了解我們如何在未來贏得設計訂單。所以，這是一種交叉銷售機會，但還有另一個交叉銷售機會，因為我們在人工智慧、GPU、加速卡和交換機等領域贏得了設計訂單，而這些產品中使用的不是我們的時鐘，而是站點的本地時鐘。要嘛是他們的時鐘，要嘛是其他競爭對手的時鐘。

So that gives us the next iteration, it gives us another opportunity to present the customer with a value proposition of an integrated solution. It's of course not physically integrated. It is notionally integrated or put together as making it easy for the customer to use it.

因此，這為我們提供了下一個迭代版本，也給了我們另一個機會，向客戶展示整合解決方案的價值主張。當然，它們在物理上並沒有真正融合在一起。它的概念性整合或組合是為了方便顧客使用。

As well as to get the performance they need and of course the source of supply, which is critical in all of these situations where they need to have one source of supply, so some things are not out of whack in that. So yeah, clearly that is the case.

除了要獲得他們所需的性能之外，當然還有供應來源，這在所有這些情況下都至關重要，因為他們需要一個供應來源，所以有些方面並沒有失衡。是的，顯然情況就是這樣。

Thank you, Rajesh, and one last quick one for Beth on the regulatory front, would you expect to require China Sammer approval to close, or do you think, you do not need China Sammer to close the transaction?

謝謝 Rajesh，最後一個關於監管方面的問題想問 Beth，您認為完成交易需要中國 Sammer 的批准嗎？還是您認為不需要中國 Sammer 的批准？

Thanks for the question. So, we are going through the required regulatory processes in the countries that have jurisdiction at this point in time we do not expect to need Sammer as part of those regulatory approvals.

謝謝你的提問。因此，我們正在相關國家辦理必要的監管手續，目前我們預計不需要 Sammer 作為這些監管批准的一部分。

Perfect, thank you very much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Jim Snyder with Goldman Sachs. Your line is open.

吉姆·史奈德，高盛員工。您的線路已開通。

Good afternoon. Thanks for taking my question. First of all, on the SiTime with [Renesis], can maybe talk a little bit more about within the data center, the specific synergies between, your products on the oscillator side and what, Renesis is doing perhaps on the memory side or otherwise and beyond the cross sell, do you expect.

午安.謝謝您回答我的問題。首先，關於 SiTime 與 [Renesis] 的合作，能否再多談談資料中心內部的具體協同效應，你們的產品在振盪器方面與 Renesis 在記憶體方面或其他方面所做的工作之間的具體協同效應，以及除了交叉銷售之外，你們有何預期？

There could be some consolidation of overall board timing content away from other suppliers toward a more holistic solution. In other words, is there a way that you could provide a more holistic solution between the two of you that would maybe would would be disadvantageous using another supplier?

可能會有一些整體董事會時間安排內容從其他供應商轉移出去，從而形成更全面的解決方案。換句話說，你們雙方能否找到更全面的解決方案，而這個方案如果換用其他供應商可能會帶來不利影響？

Right, so to be very clear, there is no product other than timing that we are going to be bringing into this. So, you mentioned memory somewhat, onto the side. We have no influence on that. We have no connection with that.

好的，所以說清楚點，除了時間安排之外，我們不會引入任何其他產品。所以，你剛才稍微提到了記憶體方面的問題。我們對此沒有發言權。我們與此事沒有任何關係。

We're only working on one thing and one thing only, which is a timing product division which used to belong to IDT, before that to ICS. So, it's a timing business that we're acquiring and our influence in timing. But the point that you made, Jim, is a very good one, which is that today we have products that are oscillators and resonators on one side and clocks on the other.

我們目前只專注於一件事，那就是計時產品部門，該部門以前屬於 IDT，再之前屬於 ICS。所以，我們正在收購的是一家時間相關的企業，以及我們在時間領域的影響力。但吉姆，你提出的觀點非常好，那就是如今我們的產品一方面是振盪器和諧振器，另一方面是時鐘。

With their 160 engineers, with our almost double that number of engineers, I think we would be able to address, the issues of density, power, resilience, higher throughput. By delivering solutions, by delivering products that are somehow integrated, not just physically integrated, but somehow integrated to deliver vastly superior solutions because the need for performance, for jitter, for high speed, for throughput, for lower latencies, for lower power, those remain undiminished, not just in AI and data centers where they're extreme.

他們有 160 名工程師，而我們的工程師人數幾乎是他們的兩倍，我認為我們能夠解決密度、功率、彈性、更高吞吐量等問題。透過提供解決方案，透過提供某種集成的產品，不僅僅是物理集成，而是以某種方式集成，從而提供遠勝於其他解決方案的解決方案，因為對性能、抖動、高速、吞吐量、低延遲、低功耗的需求依然存在，而且不僅僅在人工智能和數據中心這些需求極端的情況下也是如此。

But in all other areas, including consumer, including military aerospace defense, in terms of the one part of AI where clock is not being used right now, and we'll have to see whether there's a place for it is in the whole optical networking, in the cabling, in the smart cables, and the read timers. Typically, those are not using clocks, those are oscillators.

但在所有其他領域，包括消費領域、軍事航空航太防禦領域，就人工智慧而言，目前還沒有使用時鐘的領域，我們得看看它是否能派上用場，那就是整個光網路、佈線、智慧電纜和讀取計時器。通常情況下，這些電路不會使用時鐘，而是使用振盪器。

But either way there's an enormous opportunity because as the market is $11 billion for all timing and SiTime only a very small portion of it, and Renaissance, large as it is, the timing business, it's still also a very small portion of it. There's a significant amount of competitors out there, and it gives us an ability to influence at the highest level, the highest differentiated, most performance centric customers, allows us to influence that.

但無論如何，這其中蘊藏著巨大的機遇，因為所有時間交易的市場規模為 110 億美元，而 SiTime 只佔其中很小的一部分，Renaissance 雖然規模龐大，但它的時間交易業務也只佔其中很小的一部分。市場上有許多競爭對手，這讓我們有能力影響最高層級、最具差異化、最注重績效的客戶，使我們能夠影響他們。

That's helpful, thank you and then relative to the model for 2026, maybe give us a little bit of help on two, vectors one on the 1.5 times book to bill. Can you give us a sense about the duration of that backlog? Is that 6months, 12months 18 months or longer? And then separately talk about, what the relative expected growth rate will be in the mobile and consumer business. Do you think you can sort of match the growth rate you put up in 2025?

這很有幫助，謝謝。另外，關於 2026 年的模型，能否請您就以下兩個方面提供一些幫助：一個是帳面價值與實際價值之比的 1.5 倍。您能大概說說積壓的工作需要多久嗎？是6個月、12個月、18個月還是更長？然後分別討論一下行動和消費業務的相對預期成長率是多少。你認為你能在2025年維持目前的成長率嗎？

Thank you.

謝謝。

Maybe I'll start with that one, Jim. So, in terms of the book to bill, I think Rajesh talked about the fact that we are seeing customers maybe book out a little longer, but typically that's well within 12 months, we see a lot of ordering over the next couple of quarters.

吉姆，或許我可以先從那個開始。所以，就訂單到帳單的周期而言，我認為 Rajesh 談到了這樣一個事實：我們看到客戶的訂單週期可能會稍微延長一些，但通常情況下，這都在 12 個月以內，我們看到未來幾個季度會有很多訂單。

But we are seeing some customers book meaningfully in the second half already as well, but I would say definitely waited to Q1 and Q2 in terms of that as far as our consumer business, again there's a lot of activity there and we've got a design win that we do expect to ramp meaningfully in, as we go through the year and so I think that will drive a lot of the performance of that sector.

但我們也看到一些客戶在下半年也進行了大量的預訂，但就我們的消費者業務而言，我認為肯定會等到第一季和第二季。同樣，這方面也有很多活動，我們贏得了一個設計項目，我們預計隨著年內推進，該項目將大幅增長，所以我認為這將很大程度上推動該領域的業績。

Thank you.

謝謝。

Thank you.

謝謝。

Tom O'Malley with Barclays. Your line is open.

巴克萊銀行的湯姆·奧馬利。您的線路已開通。

Hey guys, thanks for taking my question. Looking at your long-term gross margin model 60 to 65, you're saying the acquisition adds a potential to the high end of that. If I look at your business standalone over the last year, you've had two quarters where your incremental gross margins are dropping through at 68%. 70% you obviously have a mixed factor that's helping the gross margins in the March quarter, but as we look at 2026, should we be thinking about something a little bit ahead of that original target just because of the mix of business moving more towards AI? Anything you can help us with on the margin side as we look through 26?

各位好，感謝你們回答我的問題。從您長期毛利率模型 60% 到 65% 來看，您認為此次收購有可能使毛利率達到該車型的高端。如果我單獨分析您過去一年的業務，會發現有兩個季度您的增量毛利率分別下降到 68% 和 70%。顯然，3 月季度的毛利率受到多種因素的影響，但展望 2026 年，鑑於業務組合向人工智慧方向發展，我們是否應該考慮將目標略微提前一些？在分析第26期資料時，您能否在邊際收益方面提供一些幫助？

So, as we think about our, I'll start with the gross margin. So, mix will be the biggest driver of gross margins in the year. And so, I think there's a couple of factors that are contributing to that. The CED growth and mix clearly is a very favourable component of that mix. And then the other is the consumer business. So, in quarters where the consumer business is a lower percentage of the total, that is. A tailwind to gross margins in quarters where you see a stronger mix of consumer that can be a bit of an offset to those strong CED gross margins.

所以，當我們思考這個問題時，我將從毛利率開始。因此，產品組合將是今年毛利率的最大驅動因素。所以，我認為有幾個因素導致了這種情況。CED 的成長和組合顯然是該組合中非常有利的組成部分。另一部分是消費者業務。所以，在消費者業務佔總業務比例較低的季度裡，情況就是這樣。在消費者業務佔比較高的季度，毛利率會受到提振，這在一定程度上可以抵銷消費支出業務強勁的毛利率。

So that'll, as we go through the year, I do expect you know that mix between those two to be the biggest driver of the gross margin in the quarter and then as I think about operating margin, I do expect to continue to see favourable operating leverage. In the model, so I do expect to continue to grow revenue faster than operating expenses. We do want to continue to invest in the business in a disciplined way to really be able to capture all the growth that we've been talking about. And so, we do want to make investments both in our go to market as well as R&D to continue to have these world class platforms in order to be able to deliver value to customers, but there is still meaningful operating leverage in the business.

因此，隨著今年的推進，我預計這兩者之間的結合將成為本季毛利率的最大驅動因素，而就營業利潤率而言，我預計將繼續看到有利的經營槓桿作用。因此，根據模型，我預期收入成長速度將繼續超過營運支出成長速度。我們確實希望繼續以嚴謹的方式投資於這項業務，以便真正實現我們一直在談論的所有成長。因此，我們希望在市場推廣和研發方面進行投資，以繼續擁有這些世界一流的平台，從而能夠為客戶創造價值，但業務中仍然存在著重要的營運槓桿。

Helpful and then on the acquisition I just wanted to understand the OpEx side. Could you maybe give us the split of OpEx between R&D and SG&A of the acquired asset? And then when you look at areas where you can see synergies, could you maybe give us some feel for COGS or OpEx where you could see, some of the cost coming out?

很有幫助，然後關於收購，我只是想了解營運支出方面的情況。能否提供一下所收購資產的營運支出中研發費用及銷售、管理及行政費用的佔比？然後，當您考察可以發現協同效應的領域時，您能否向我們介紹銷售成本或營運支出方面的情況，看看能否減少一些成本？

Thank you.

謝謝。

So, in terms of the transaction that we announced today, we are acquiring the assets from Wanessa of their timing division as Rajesh talked about. So, this is a carve out and we're acquiring just those specific assets, and we will be, once we close the acquisition, we will be integrating that into our own, our business and our manufacturing operations and taking those over, they have a similar OSA model as we do and so that will be really the focus for us. We'll talk more about the specifics of the model and the cost structure once we get to close.

所以，就我們今天宣布的交易而言，正如 Rajesh 所說，我們將從 Wanessa 收購其計時部門的資產。所以，這是一項剝離，我們只收購這些特定的資產，一旦完成收購，我們將把這些資產整合到我們自己的業務和製造營運中，並接管它們。它們的 OSA 模型與我們類似，因此這將是我們真正的關注點。等交易完成時，我們會更詳細地討論該模式的具體細節和成本結構。

Thank you.

謝謝。

Chris Caso with Wolfe Research. Your line is open.

克里斯‧卡索，沃爾夫研究公司。您的線路已開通。

Yes, thank you. First question is, on the business as you go into '26, with regard to content and can you speak to, the content gains that you realize on the 1.60 platforms and then. What do you think will be the growth rate of those 1.60 platforms, how meaningful is that, as a part of your business as you go through '26, given those content gains.

是的，謝謝。第一個問題是，關於您進入 2026 年的業務，就內容而言，您能否談談您在 1.60 平台上實現的內容收益，以及之後的情況。您認為這 1.60 個平台的成長率會是多少？考慮到這些內容收益，這對您 2026 年的業務發展有多重要？

Yeah, Chris, the content gains on the, on, the 1.6, I think is going to be pretty good. It may not be, we mentioned it's in the tens of percent up in ASP, and there is an increased number of units being deployed on that, far more than we had thought on our last call in November.

是的，克里斯，我認為1.6版本的內容更新會相當不錯。可能並非如此，我們提到過，ASP 增加了百分之幾十，而且部署的單位數量也增加了，遠遠超過我們在 11 月上次通話時所預想的。

So, we have, we're very optimistic about that business, but at the same time our business in other in other optical modules like 800 we called out continues as well as in some of the lower ones, so I think this is a very healthy business we are designed into a large number of suppliers. In the optical module, but also in the AECs, the active cables, as well as in the SiTime business. So, the whole networking part of this business of SiTime is very strong.

所以，我們對這項業務非常樂觀，但同時，我們在其他光模組（如我們提到的 800 系列）以及一些較低級別的模組的業務也在繼續，所以我認為這是一個非常健康的業務，我們與眾多供應商建立了合作關係。不僅在光模組中，而且在 AEC、主動電纜以及 SiTime 業務中也是如此。所以，SiTime 的整個業務網絡都非常強大。

Thank you. As a follow-up, it's just a question on the transaction, and you speak about the combined business, staying on your 25% to 30%, growth targets, for the existing business.

謝謝。作為後續問題，這只是一個關於交易的問題，您談到了合併後的業務，以及現有業務保持 25% 到 30% 的成長目標。

Obviously you've been growing at a faster rate than that now, so, as you go forward within that 25% to 30%, are you expecting, is basically each business growing at that 35% to, I'm sorry, 25% to 30% going forward, and maybe you could talk about the growth rate of that business that had been within Renaissance in the past, had that been, steadily growing at that 25% to 30% rate.

顯然，你們現在的成長速度比這快得多，那麼，隨著你們繼續保持 25% 到 30% 的成長速度，你們預計，基本上每個業務的成長速度都會達到 35% 到，抱歉，是 25% 到 30% 嗎？也許你們可以談談過去在 Renaissance 旗下業務的成長率，看看它們是否一直以 25% 到 30% 的速度穩定成長。

Yeah, we've always maintained that resonators, I'm sorry, oscillators are a system business because it has a resonator and it has a clock, so it's a system business and in this, in resin Oscillators are being used in some places where clocks.

是的，我們一直認為諧振器，抱歉，振盪器，是一個系統，因為它既有諧振器又有時鐘，所以它是一個系統，而且在樹脂振盪器中，它在某些地方也使用時鐘。

Not so for example, in military aerospace defence, oscillators tend to be used over that. Earlier I just mentioned certain use cases in networking in AI, the optical modules and such, where there isn't a use case yet for clocks.

但例如在軍事航空航太防禦領域，振盪器往往比振盪器更常用。我之前提到了一些人工智慧網路中的用例，例如光模組等等，但目前還沒有時鐘的用例。

But in general, I think therefore clocking is a slower growth business. Then oscillators are, so I think we will get a very good growth rate for the combined business because as you mentioned, we are indeed in our oscillator-based business, which is most of our business today is quite a high growth business since '24.

但總的來說，我認為打卡產業是一個成長速度較慢的產業。那麼，振盪器就是，所以我認為合併後的業務將會獲得非常好的增長率，因為正如您所提到的，我們確實在以振盪器為基礎的業務中，而我們目前的大部分業務都是自 2024 年以來增長相當快的業務。

But we think that adding the clocking business, even though it grows at a somewhat slower rate, still keeps growing at such a healthy rate that we are 25% to 30%. We're very confident on that for the combined business that is.

但我們認為，即使打卡業務的成長速度稍慢一些，但其成長速度仍然非常健康，我們目前的成長率為 25% 至 30%。我們對合併後的業務前景非常有信心。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Suji Desilva with Roth Capital. Your line is open.

Suji Desilva，羅斯資本。您的線路已開通。

Hi, Rajesh. Hi Beth. Congratulations on this transaction.

你好，拉傑什。嗨，貝絲。恭喜您完成此交易。

Great news. I was curious, yeah, and I read the MOU with Renaissance as part of this transaction and the, I guess the integration of the resonator into the microcontroller SOC products of Renaissance. I'm curious, is that ahead of the rest of the industry or other folks, are you working with other folks on similar efforts? Just curious, how that is positioned. Competitively, yeah.

好消息。是的，我很好奇，我閱讀了與 Renaissance 簽署的諒解備忘錄，作為此次交易的一部分，我想其中提到了將諧振器整合到 Renaissance 的微控制器 SoC 產品中。我很好奇，這是否領先於業內其他公司或其他人？你們是否與其他公司合作類似專案？只是好奇，它的定位如何？從競爭角度來看，是的。

So as thank you, as the Titan family of products is a breakthrough family. There isn't any other resonator, in any technology at that, level of quality, reliability, size, power, and use case. So many customers, many semiconductors. Customers and many system customers are looking at designing it in and as we've mentioned in the past it's a somewhat slower design when particularly when it goes in into somebody else's chips, right?

所以，為了表達感謝，Titan 系列產品是突破性的系列。在任何技術領域，沒有其他諧振器能夠達到相同的品質、可靠性、尺寸、功率和應用場景。客戶眾多，半導體產品也很多。客戶和許多系統客戶都在考慮將其融入設計中，正如我們過去提到的，當它被應用到其他人的晶片中時，設計速度會慢一些，對吧？

So, I think it takes a little bit longer to get the design when certainly there's nothing exclusive about this but and we're talking to them. But I think that they are ahead of making this commitment, and I think this is, as you see in the remarks by their CEO Shabata, that they are using this as a way to pivot this sale toy time of the timing business and the MOU as a way to pivot.

所以，我認為設計方案的製定需要更長的時間，雖然這並沒有什麼特別之處，但我們正在與他們談判。但我認為他們在做出這項承諾方面走在了前列，而且我認為，正如你從他們的首席執行官沙巴塔的講話中看到的那樣，他們正在利用這一點來調整其銷售策略，而諒解備忘錄正是他們調整策略的一種方式。

Deeper into their what they are calling their core business and embedded compute, so I think it's a win win for both of us and and certainly as a potential customer of yimims that becomes a bit of a flagship design when if and when it happens.

更深入地了解他們所謂的核心業務和嵌入式計算，所以我認為這對我們雙方來說都是雙贏的，而且作為 yimims 的潛在客戶，如果真的發生這種情況，它肯定會成為一款旗艦設計。

Okay.

好的。

Helpful call over Rajesh and then, and CD you've talked about it a lot, the usual suspects growing here plugables, AECs, re-timers. I'm wondering if there's any other applications which are emerging in growth above and beyond those that you'd call out with the strong growth there or whether it remains those ones we kind of already know roughly.

Rajesh，你打了個電話很有幫助，然後，CD，你也談到了很多，這裡常見的那些東西正在滋生，比如可插拔的、AEC、重新定時器。我想知道除了那些成長強勁的應用之外，是否還有其他應用正在湧現，或者是否仍然是我們已經大致了解的那些應用。

Yeah, so once we know there are no new categories, but they're new design ends and the density, we always maintained our growth story comes from three legs. One is whatever design wins we have, the end product sells more units, right? So that's one.

是的，所以一旦我們知道沒有新的類別，但有新的設計終點和密度，我們一直堅持認為我們的成長故事來自三個支柱。其一是無論最終採用哪種設計，最終產品都能賣出更多台，對吧？這是其中之一。

The second is there's an upgrade in functionality from win to win. And there's an upgrade in density of chips used in a particular functionality. So, what we are experiencing now in some of these with our native clock products is that there were design winds along with oscillators, and there were more of clocks, and then there were more clocks being used in a design win.

第二點是功能從雙贏升級到了雙贏。特定功能中使用的晶片密度也得到了提升。所以，我們現在在一些本地時鐘產品中遇到的情況是，設計方案中既有振盪器，也有時鐘，然後在設計方案中又使用了更多的時鐘。

So, I think that trend continues and finally there's a new use case for our products that didn't exist. An example would be an L4, ADAS, or indeed even the re-timers which didn't meet our level of performance sometime back.

所以，我認為這種趨勢還會持續下去，最終我們的產品有了以前不存在的新用途。例如 L4、ADAS，甚至重定時器，它們在之前都未能達到我們的性能水準。

Okay, great, thanks Rajesh.

好的，太好了，謝謝拉傑什。

Thank you.

謝謝。

Gary Mobley with Loop Capital. Your line is open.

Gary Mobley，來自 Loop Capital。您的線路已開通。

Everybody, let me, extend my congratulations as well.

各位，也請容許我向你們表示祝賀。

I wanted to ask about the strong growth that you're seeing in in the ability to support that growth from a supply chain perspective. Are there any capacity constraints that you see now or on the horizon that are causing your, ordered lead times to extend and I guess conversely, do you see a situation where some of your crystal-based competitors are struggling to fill, surging demand which seems to be industrywide and are you able to take advantage of that with your quick turns, I guess supply chain.

我想問一下，您目前在供應鏈方面支援業務成長的能力是否也出現了強勁成長。您目前或未來是否看到任何產能限制導致您的訂單交貨期延長？反過來，您是否看到一些水晶製品競爭對手難以滿足行業內激增的需求？您是否能夠憑藉快速的供應鏈利用這種情況？

We know of no data that shows that crystal suppliers are struggling. It may be, but we don't know that. But what I can say is that just on the merits of the SiTime programmability, SiTime supply chain, the integrity of those given semiconductors, and specifically the quality and reliability of our products, SiTime is the preferred solution even when there isn't a performance requirement. In fact, we get to charge a premium on our products even when there's no performance simply based on our quality, reliability, support, programmability.

我們目前沒有發現任何數據顯示水晶供應商面臨困境。也許是這樣，但我們不知道。但我可以肯定的是，僅就 SiTime 的可編程性、SiTime 的供應鏈、所提供半導體的完整性，特別是我們產品的品質和可靠性而言，即使沒有性能要求，SiTime 也是首選解決方案。事實上，即使產品性能不佳，我們也能憑藉產品品質、可靠性、支援和可程式性收取溢價。

We think that we don't have to rely upon anybody's struggle or weakness. We think we rely on our strength. Our value proposition is strong and sustainable, and customers are recognizing that with every passing quarter, if you will, and we keep on adding to our customer base, both in existing customers and existing applications, but also new applications. So, we feel generally very confident in our supply chain.

我們認為，我們不必依賴任何人的奮鬥或弱點。我們以為我們依靠的是自身的力量。我們的價值主張強大且可持續，客戶也逐漸認識到這一點，每個季度我們都在不斷擴大客戶群，包括現有客戶和現有應用程序，以及新的應用程式。因此，我們對我們的供應鏈總體上非常有信心。

We are, we have, we had some challenges in the beginning of last year when we were trying to launch new products at the same time when demand was surging. But we're more than caught up in Q3, Q4, and we look forward with a lot of confidence to this year in terms of supply chain.

去年年初，我們遇到了一些挑戰，當時我們試圖在需求激增的同時推出新產品。但我們已經完全趕上了第三季和第四季的進度，並且對今年的供應鏈充滿信心。

And I think the other thing we continue to work very closely with our supply chain partners as we see the industry evolving and our mindful of our costs and working very closely with them to ensure that we can continue to secure the supply that we need and the lines that we need, and again watch the cost as well as we see the tightening that I think everybody is seeing.

我認為另一點是，我們將繼續與供應鏈合作夥伴密切合作，因為我們看到行業正在發展，我們關注成本，並與他們密切合作，以確保我們能夠繼續獲得所需的供應和生產線，同時我們也密切關注成本，因為我們看到大家都在關注成本收緊的情況。

Thanks, as my follow-up. I wanted to ask about a few details on the on the acquisition or the asset carve out, just to confirm this is a fabulous business model and you're related, is there any foundry crossover and I just want to confirm that, most of the engineering team, I presume is down the street from SiTime headquarters, correct?

謝謝，這是我的後續回覆。我想詢問一些關於收購或資產剝離的細節，以確認這是一個絕妙的商業模式，並且你們之間有關聯，是否存在代工廠的交叉業務？我還想確認一下，我猜大部分工程團隊都在 SiTime 總部附近，對嗎？

Well, starting with the engineering team, it is located mostly in North America. There is a large group in Ottawa, which is the IDT group.

首先說說工程團隊，它主要位於北美。渥太華有一個很大的團體，那就是IDT團體。

Ottawa seems to have a long time ago Zarlink also, so there's a nice pool of people, that we could hire from in analog design. The next one, as you rightly point out, is right here in South San Jose. And available, and the third one, which is rather large as well, is in Tempe, Arizona, and we're looking forward to that as a new location for us.

渥太華似乎很久以前就有了 Zarlink，所以我們可以從模擬設計領域招募到一群優秀的人才。正如你所指出的，下一個就在南聖荷西這裡。而且，第三個地點也相當大，位於亞利桑那州坦佩市，我們很期待把它作為我們的新地點。

They also have some people in Shanghai, which is new, and then there's people across some parts of Asia in smaller numbers in terms of, the other question, which was around fables, actually, it's a really very good match. They are mostly, they're all IDT and therefore they are TSMC 0.18 micron, which is fantastic since TSMC is already a great supplier toy time.

他們在上海也有一些人，這是新加入的；此外，他們在亞洲其他一些地區也有人數較少的人。至於另一個關於寓言的問題，實際上，這真是一個非常好的匹配。它們大多是IDT，因此都是台積電0.18微米，這很棒，因為台積電本身就是一個很棒的供應商。

And also they are with Global Foundries in the 55 nanometer, which is great. On the back end there's almost complete great connection with ASC and Carsem and some of the others in Asia. So, we're very confident that we can make this the back end of the supply chain work really well.

而且他們還與 Global Foundries 合作開發 55 奈米工藝，這很棒。後端與 ASC、Carsem 以及亞洲其他一些公司建立了幾乎完全良好的聯繫。因此，我們非常有信心能讓供應鏈的後端環節能有效率地運作。

Thanks again.

再次感謝。

Yes.

是的。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Rajesh for closing remarks.

女士們先生們，隊列中不再顯示任何問題。現在我想把電話轉回給拉傑什，請他做總結發言。

Look, this has been a long time coming, and we've been on this path when we raised money, many of you asked us what it's for, and we've always been very clear that our next M&A would be in timing. It would be at scale.

你看，這件事醞釀已久，我們從籌集資金時就一直在朝著這個方向努力，你們中的許多人問過我們這些錢是做什麼用的，我們一直非常明確地表示，我們的下一次併購將在時機上進行。這將是大規模的。

It would be equal to or better than our gross margins. It would be equal to or better than our net profit margins, and it would not take down the growth rate of 25% to 30%. That's SiTime long-term growth model.

它將等於或高於我們的毛利率。它將等於或高於我們的淨利潤率，並且不會降低 25% 到 30% 的成長率。這就是SiTime的長期成長模式。

I think we have fulfilled that on every count and not only have we been able to get a clocking business, but there also couldn't be, there isn't one, there isn't a better clocking business than this in the world. The coming together of all of this.

我認為我們已經在各個方面都實現了這一點，我們不僅成功創辦了一家打卡公司，而且世界上也不可能有比這更好的打卡公司了。這一切匯聚到了一起。

By our standards, makes us a big company, but we'd still be a pretty small company in the in the large timing business. The timing business is $10billion to $11 billion and it grows at 5% to 6% year on year. At the end of these 10 years, we'll probably be $17billion to $18 billion in size, SiTime has a long way to get be a player.

以我們的標準來看，這使我們成為一家大公司，但在大型計時產業中，我們仍然是一家相當小的公司。計時業務規模為 100 億至 110 億美元，並且每年以 5% 至 6% 的速度成長。10 年後，我們的規模可能會達到 170 億至 180 億美元，SiTime 要成為業界領導者還有很長的路要走。

Coincidentally, or by design, we don't intend to be a large player. We're not a market share game. We're a value differentiation, high growth game and so I really look forward, given our spectacular results and our outlook for 2026.

或許是巧合，或許是刻意為之，我們並不打算成為產業巨頭。我們追求的不是市佔率。我們是一家價值差異化、高成長型企業，鑑於我們取得的輝煌業績和對 2026 年的展望，我對此充滿期待。

Plus, this new acquisition whenever it closes to create a billion-dollar company that is solely dedicated to solving tough timing problems of our customers. Timing, as we know, is the heartbeat of all electronics, and SiTime is dedicated to it.

此外，這項新的收購一旦完成，將打造一家價值十億美元的公司，專門致力於解決客戶在時間表上遇到的棘手問題。眾所周知，時序是所有電子設備的命脈，而 SiTime 正是致力於此。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。