SiTime Corporation (SITM) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to SiTime's second-quarter 2026 financial results conference call. (Operator Instructions)

下午好，歡迎參加 SiTime 2026 年第二季財務業績電話會議。(接線員指示)

As a reminder, this conference call is being recorded today, August 5, 2026, and I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Brett, please go ahead.

提醒各位，本次電話會議將於今日 2026 年 8 月 5 日錄音。現在我想把電話交給 Shelton Group 投資人關係部的 Brett Perry。Brett，請開始。

Thank you, Olivia. Good afternoon, and welcome to today's conference call to discuss SiTime's second-quarter 2026 financial results. Joining us on today's call from SiTime are Rajesh Vashist, Chief Executive Officer; and Beth Howe, Chief Financial Officer.

謝謝你，Olivia。下午好，歡迎參加今天的電話會議，討論 SiTime 2026 年第二季財務業績。今天與會的 SiTime 代表包括執行長 Rajesh Vashist，以及財務長 Beth Howe。

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

在開始之前，我想指出，在本次電話會議過程中，公司可能會就預期的未來結果發表前瞻性陳述，包括財務狀況、策略與計畫、未來營運、計時市場以及其他討論領域。公司管理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，或任何單一因素或多項因素的組合在多大程度上可能導致實際結果與任何前瞻性陳述中所載內容出現重大差異。

In light of these risks, uncertainties and assumptions, the forward-looking events discussed during this call may not occur, and actual results could differ materially and adversely from those anticipated or implied. Neither the company nor any person assumes responsibility for the accuracy and completeness of forward-looking statements. The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this conference call to conform statements to actual results or to changes in the company's expectations.

鑑於這些風險、不確定性與假設，本次電話會議中討論的前瞻性事件可能不會發生，實際結果可能與所預期或暗示的結果存在重大且不利的差異。公司或任何人士均不對前瞻性陳述的準確性與完整性承擔責任。公司不承擔在本次電話會議日期之後因任何原因公開更新前瞻性陳述的義務，以使陳述與實際結果或公司預期的變化相一致。

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 10-K for the year ended December 31, 2025, as well as the company's subsequent filings with the SEC, including the company's quarterly reports on Form 10-Q.

如需更詳細的業務風險資訊，請參閱公司截至 2025 年 12 月 31 日止年度的 Form 10-K 年報中所述的風險因素，以及公司其後向 SEC 提交的文件，包括公司的 Form 10-Q 季報。

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. This GAAP to non-GAAP reconciliation includes stock-based compensation expense, amortization of acquired intangibles, amortization of financing-related transaction costs and acquired 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.

在本次電話會議中，管理層將提及非 GAAP 財務衡量指標，該等指標被視為衡量公司績效的重要指標。這些非 GAAP 財務衡量指標係作為依照美國 GAAP 編製之財務績效衡量指標的補充，而非替代，亦不優於後者。此 GAAP 與非 GAAP 的調節項目包括：以股份為基礎的薪酬費用、收購無形資產攤銷、融資相關交易成本攤銷，以及已收購與收購相關費用（包括與企業收購相關的交易費用及若干其他現金成本），以及或有對價（earn-out）負債估計公允價值的變動與應付收購對價的折價攤銷（accretion）。

Please refer to the company's press release issued earlier today for a detailed reconciliation between GAAP and non-GAAP financial results. Unless otherwise specifically noted, all comparisons made during today's conference call are year-over-year comparisons with the corresponding year ago period.

請參閱公司今日稍早發布的新聞稿，以取得 GAAP 與非 GAAP 財務結果之間的詳細調節表。除非另有特別說明，今天電話會議中的所有比較均為與去年同期的年對年比較。

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

接下來，我很高興把電話交給 SiTime 執行長 Rajesh。請開始。

Thanks, Brett. Good afternoon, and thank you for joining us today. Today, I'm happy to introduce you to an expanded SiTime. We started with a simple vision: high-performance systems need high-performance, resilient timing or precision timing. We have delivered on that vision with the most compelling differentiated portfolio in the industry, that is oscillators, resonators and clocks, and we're the only company that is doing so.

謝謝，Brett。下午好，感謝各位今天加入我們。今天，我很高興向各位介紹一個更擴大的 SiTime。我們從一個簡單的願景出發：高效能系統需要高效能、具韌性的計時（timing）或精準計時（precision timing）。我們以業界最具吸引力且差異化的產品組合實現了這個願景，也就是振盪器、諧振器與時鐘，而且我們是唯一能做到這一點的公司。

The outstanding financial results that we are reporting reflect SiTime's success. The second quarter was truly exceptional. Revenue was $157.4 million, up 127% year over year. Gross margins were 67.1%, up 8.9% points. Operating margin was 34%, up from 10% a year ago.

我們所公布的亮眼財務成果反映了 SiTime 的成功。第二季確實表現非凡。營收為 1.574 億美元，年增 127%。毛利率為 67.1%，提高 8.9 個百分點。營業利益率為 34%，高於一年前的 10%。

And net income was $65.7 million or $2.34 per diluted share, up 400%. This strength is evidenced across all our end markets. Every BU or business unit grew more than 50% year over year, and every region grew more than 50%. Some were over 100%. Other markers of strength, book-to-bill, order size, ASPs, all grew on a higher value product mix.

淨利為 6,570 萬美元，或稀釋後每股盈餘 2.34 美元，成長 400%。這股強勁動能在我們所有終端市場皆有體現。每個 BU（事業單位）年增都超過 50%，每個地區也都成長超過 50%。其中有些超過 100%。其他強勁指標包括出貨比（book-to-bill）、訂單規模、ASP（平均售價）等，皆在更高價值產品組合帶動下成長。

Channel inventory held on to our tight target levels, reflecting strong pull-through. Now that many customers are placing orders 12 to 18 months in advance, our visibility into 2027 keeps improving. Other indicators that point to future demand such as average design-in value and funnel size grew significantly. Our Communications, Enterprise, and Data Center business or CED, is again the engine of our growth, but not the only one. CED grew 181% year over year and crossed $100 million in quarterly revenue, our ninth consecutive quarter of triple-digit growth.

通路庫存維持在我們嚴格的目標水位，反映出強勁的終端拉貨（pull-through）。隨著許多客戶現在提前 12 到 18 個月下單，我們對 2027 年的能見度持續提升。其他指向未來需求的指標，例如平均 design-in 價值與商機漏斗（funnel）規模，也大幅成長。我們的通訊、企業與資料中心業務（CED）再次成為成長引擎，但並非唯一動能。CED 年增 181%，單季營收突破 1 億美元，這是我們連續第九季維持三位數成長。

We expect CED's rapid growth to continue with several drivers behind it. The first driver is increasing bandwidth. The move to 1.6T, terabit, in optical modules is driven by the need for more networking in the data center. In 2027, we expect our 1.6T revenue to grow by 100%, while 800G also grows significantly. In both these applications, which we expect will be a combined $450 million of SAM in '27, SiTime has significant market share. These modules need higher frequencies and performance, which fits closely with SiTime's value propositions.

我們預期 CED 的快速成長將在多項驅動因素帶動下持續。第一個驅動因素是頻寬提升。光模組朝 1.6T（太位元）演進，是由資料中心需要更多網路連結所驅動。在 2027 年，我們預期 1.6T 營收將成長 100%，同時 800G 也將顯著成長。在這兩項應用中，我們預期 2027 年合計可服務市場（SAM）將達 4.5 億美元，而 SiTime 擁有可觀的市占率。這些模組需要更高頻率與更高效能，與 SiTime 的價值主張高度契合。

The second driver is the further adoption of synchronization by hyperscalers across both compute and networking nodes in the data center. This has increased demand for our Elite family of Super TCXOs, adding several hundred dollars of content per data center rack.

第二個驅動因素是超大規模業者（hyperscalers）在資料中心的運算與網路節點上，進一步採用同步（synchronization）。這提升了對我們 Elite 系列 Super TCXO 的需求，使每個資料中心機櫃增加數百美元的內容價值（content）。

The third driver is the expansion of AI data centers spending beyond traditional hyperscalers. SiTime products are now being used by new OEMs and ODMs, bringing demand that did not exist before this. We've talked several times about the diverse nature of SiTime's business, and a strong example is AI beyond data center and into cars, humanoid robots, drones, and personal AI devices, each of which opens a new opportunity for our precision timing.

第三個驅動因素是 AI 資料中心支出擴大至傳統超大規模業者之外。SiTime 產品目前已被新的 OEM 與 ODM 採用，帶來此前不存在的需求。我們多次談到 SiTime 業務的多元性，而一個強而有力的例子是：AI 不僅在資料中心，還延伸到汽車、人形機器人、無人機與個人 AI 裝置，這些都為我們的精準計時帶來新的機會。

In all types of vehicles, including agricultural and heavy equipment, our content increases significantly as more AI-based autonomous driving is built into the system. Positional accuracy is key to autonomous driving, a $400 million SAM and it depends upon precision timing. Customers choose SiTime's devices for resilience that deliver up to 10 times better positional accuracy.

在各類車輛中（包括農業與重型設備），隨著更多以 AI 為基礎的自動駕駛功能被整合進系統，我們的內容價值將顯著提升。定位精度是自動駕駛的關鍵；其可服務市場（SAM）為 4 億美元，而它仰賴精準計時。客戶選擇 SiTime 的裝置，是因其韌性可提供高達 10 倍更佳的定位精度。

In defense, we see a significant opportunity in assured PNT, which is Position, Navigation, and Timing, a $400 million market, where timing keeps working when GPS does not. As jamming and spoofing become prevalent, GPS-dependent platforms need a local timing backup that can be trusted. This is exactly where our precision timing shines. Our devices enable systems to be immune to spoofing and extend PNT validity. This opens a retrofit opportunity across the installed base as defense spending increases worldwide.

在國防領域，我們在「保證式 PNT」（assured PNT，即定位、導航與計時）看到顯著機會；這是一個 4 億美元的市場，在 GPS 無法運作時，計時仍能持續運作。隨著干擾（jamming）與欺騙（spoofing）日益普遍，依賴 GPS 的平台需要一個可信賴的本地計時備援。這正是我們精準計時的強項所在。我們的裝置可使系統對欺騙具備免疫力，並延長 PNT 的有效性。隨著全球國防支出增加，這也為既有裝機基礎帶來改裝（retrofit）機會。

In Mobile, IoT and Consumer, or MIC BU, personal AI devices, smart glasses, wearables, hearables, health devices are an emerging growth area. Since January, we have added significant oscillator opportunities to our funnel in these applications, and our Titan resonators continue gaining traction with partners and OEMs. Mobile demand continues to grow with visibility through 2027, and our MIC BU funnel is now over $1.2 billion.

在行動、物聯網與消費性（Mobile, IoT and Consumer，或 MIC）事業單位方面，個人 AI 裝置、智慧眼鏡、穿戴式裝置、助聽式裝置（hearables）、健康裝置正成為新興成長領域。自今年 1 月以來，我們在這些應用中已將大量振盪器機會納入商機漏斗，而我們的 Titan 諧振器也持續在合作夥伴與 OEM 之間獲得更多採用。行動需求持續成長，且能見度延伸至 2027 年；我們的 MIC 事業單位商機漏斗目前已超過 12 億美元。

On July 1, we closed the acquisition of Renesas' timing business, well ahead of our year-end goal. We call this business our Timing Products Division or TPD. To the TPD team worldwide, we say to you that you're in the right place for your talents and ambition, so welcome home.

7月1日，我們完成了對瑞薩（Renesas）時序業務的收購，遠早於我們年底前完成的目標。我們將此業務稱為時序產品事業部（Timing Products Division，TPD）。對全球TPD團隊，我們想說：你們的才華與抱負來對地方了，歡迎回家。

This 20-year clocking franchise is a highly respected provider of clocking products. Over its evolution from ICS to IDT to Renesas, this business has consistently delivered architecture, and the engineers are known for their technical prowess. Take two examples, FemtoClock and VersaClock, two proven clock families with many generations of products that are now part of our portfolio. FemtoClock has led the industry in jitter performance and features for over 20 years. VersaClock used across CED and industrial applications, has offered the best balance of power, jitter, size, and programmable flexibility for 25 years.

這個擁有20年歷史的時鐘（clocking）特許經營業務，是備受尊敬的時鐘產品供應商。從ICS到IDT再到瑞薩的演進過程中，該業務始終持續交付架構創新，而其工程師也以卓越的技術實力聞名。舉兩個例子：FemtoClock與VersaClock，這兩個經過驗證的時鐘產品家族，擁有多代產品，如今已納入我們的產品組合。FemtoClock在抖動（jitter）表現與功能方面，20多年來一直引領業界。VersaClock廣泛用於CED與工業應用，25年來在功耗、抖動、尺寸與可程式化彈性之間提供了最佳平衡。

Buffers, which are usually considered less differentiated, are over $100 million in revenue for TPD with a broad customer base. TPD's formula for success is to consistently lead the industry by 12 to 18 months in new architectures and performance.

緩衝器（Buffers）通常被認為差異化較低，但對TPD而言，其營收超過1億美元，且客戶基礎廣泛。TPD成功的公式，是在新架構與效能上持續領先業界12到18個月。

This business serves 10,000 customers with 70% gross margins and nearly 70% of the revenue coming from CED. The same factors that are driving the growth in SiTime's CED business also helped TPD. Our previous guidance of $300 million in revenue in the 12 months post close indicated a growth of 40% over the 2025 revenue.

該業務服務10,000名客戶，毛利率達70%，且近70%的營收來自CED。推動SiTime CED業務成長的相同因素，也同樣助益TPD。我們先前指引在交割後12個月營收為3億美元，意味著相較於2025年營收成長40%。

And while it's still early times, we expect that TPD could grow at a higher rate. This acquisition accelerates SiTime's path to $1 billion in revenue. It moves us closer to our goal to be the timing in every important system in the world.

雖然目前仍屬早期階段，但我們預期TPD的成長速度可能更高。這項收購加速了SiTime邁向10億美元營收的進程。也讓我們更接近目標：成為全球每一個重要系統中的時序解決方案。

I'd like to leave you with where our innovation is heading in the future. We're moving timing from a discrete component to something that's integrated into the heart of the system through chiplets, advanced substrates, and modules that enable higher performance and compute density.

最後我想談談我們未來創新的方向。我們正將時序從離散元件，推進到透過晶粒小晶片（chiplets）、先進基板與模組整合至系統核心，從而實現更高效能與更高運算密度。

In CED, we think that this expands our SAM by $2.5 billion by 2030 in opportunities that do not exist today. As AI moves outward from the center into physical, edge and personal systems, we expect this integration of timing will build similar higher-value opportunities as well.

在CED領域，我們認為到2030年，這將把我們的可服務市場（SAM）擴大25億美元，帶來目前尚不存在的機會。隨著AI從中心向外延伸至實體、邊緣與個人系統，我們預期這種時序整合也將建立類似的更高價值機會。

The opportunity in front of us has never been clearer. Modern electronics run on precision timing, a category we created. We lead it today with the strongest portfolio, the best customers and the balance sheet to invest through cycles and intend to lead it in the foreseeable future.

擺在我們面前的機會從未如此清晰。現代電子系統仰賴精準時序運作，而這正是我們所開創的類別。我們今天以最強的產品組合、最優質的客戶，以及可在景氣循環中持續投資的資產負債表領先市場，並打算在可預見的未來持續領先。

Thank you. Beth?

謝謝。Beth？

Thanks, Rajesh. Today, I'll walk through our second-quarter 2026 results, and then I'll provide our outlook for the third quarter. As a reminder, my remarks focus on non-GAAP financial results, which are reconciled to GAAP in our press release, unless otherwise noted. Q2 was another strong quarter and demonstrates the power of our model as revenue scales.

謝謝你，Rajesh。今天我將說明我們2026年第二季的業績，並提供第三季展望。提醒一下，除非另有說明，我的發言將聚焦於非GAAP財務結果；我們已在新聞稿中將其與GAAP進行調節。第二季再次表現強勁，展現了隨著營收規模擴大，我們商業模式的威力。

Revenue was $157.4 million, up 127% year-over-year and 39% sequentially. This performance was driven by broad strength across the businesses, led by Communications, Enterprise and Data Center, or CED. CED revenue was $101.2 million, up 181% year over year and up 34% sequentially. Growth in this segment continues to reflect expanding demand for precision timing across AI infrastructure, including optical modules, switches, accelerators and related high-performance systems.

營收為1.574億美元，年增127%，季增39%。此表現來自各業務的廣泛強勁動能，其中以通訊、企業與資料中心（Communications, Enterprise and Data Center，CED）領軍。CED營收為1.012億美元，年增181%，季增34%。該區隔的成長持續反映AI基礎設施對精準時序的需求擴大，包括光學模組、交換器、加速器及相關高效能系統。

Automotive, Industrial, and Aerospace defense revenue was $24.8 million, up 51% year over year and 18% sequentially, with continued adoption of precision timing across automotive, industrial automation and defense applications. Mobile IoT and Consumer revenue was $31.4 million, up 85% year over year and 89% sequentially, reflecting strong sequential growth from our large consumer customer, which delivered revenue of $22.8 million in the quarter.

汽車、工業與航太國防營收為2,480萬美元，年增51%，季增18%，精準時序在汽車、工業自動化與國防應用中的採用持續提升。行動、IoT與消費性營收為3,140萬美元，年增85%，季增89%，反映我們大型消費性客戶帶動的強勁季增；該客戶本季貢獻營收2,280萬美元。

Second-quarter gross margin was 67.1%, up 8.9 percentage points year over year and 2.6 percentage points sequentially. The year-over-year improvement was driven by product mix as well as better manufacturing absorption. Sequentially, the improvement was primarily driven by better manufacturing absorption. Importantly, the quarter reinforces the margin scalability of the model as we grow in high-value applications where precision timing is increasingly critical to system performance.

第二季毛利率為67.1%，年增8.9個百分點，季增2.6個百分點。年對年改善主要由產品組合以及更佳的製造吸收（manufacturing absorption）所帶動。季對季改善主要由更佳的製造吸收所驅動。重要的是，本季再次驗證：隨著我們在高價值應用中成長（精準時序對系統效能愈發關鍵），我們的模式具備毛利率可擴展性。

Operating expenses in the quarter were $52.1 million, consisting of $25.6 million in R&D and $26.5 million in SG&A. The increase of $18.8 million year over year reflects continued investment in growth, including personnel, product road map investments, revenue-linked go-to-market expenses and acquisition readiness. We are being deliberate in these investments to scale capabilities to support a substantially larger business while maintaining strong operating discipline.

本季營業費用為5,210萬美元，其中研發費用2,560萬美元，銷售、一般及行政費用（SG&A）2,650萬美元。年增1,880萬美元，反映我們持續投資成長，包括人員擴編、產品路線圖投資、與營收連動的市場推進（go-to-market）費用，以及收購整備。我們在這些投資上採取審慎策略，以擴大能力來支援顯著更大的業務規模，同時維持嚴謹的營運紀律。

Operating income was $53.5 million or 34% of revenue, compared with 10% of revenue a year ago and 28% in Q1. Other income totaled $12.2 million. The increase was driven by interest income earned on the proceeds from our May convertible notes offering prior to the July 1 close of the acquisition.

營業利益為5,350萬美元，占營收34%，相比一年前占營收10%，以及第一季占營收28%。其他收益合計1,220萬美元。增加主要來自我們5月可轉換公司債發行所得款項，在7月1日收購交割前所賺取的利息收入。

Going forward, this benefit will not recur at these levels as those proceeds were used to fund the cash consideration for the acquisition. Non-GAAP net income was $65.7 million and non-GAAP earnings per share were $2.34. These results reflect strong revenue growth, expanded gross margin and continued operating leverage.

展望未來，隨著該等款項已用於支付本次收購的現金對價，這項利益將不會以目前水準重複出現。非GAAP淨利為6,570萬美元，非GAAP每股盈餘為2.34美元。這些結果反映了強勁的營收成長、毛利率擴張以及持續的營運槓桿。

Looking at the balance sheet and capital structure. During the quarter, we completed our first convertible notes offering, issuing $1.35 billion of zero coupon convertible senior notes due 2031. This financing helped fund the cash portion of the Renesas timing acquisition while preserving significant financial flexibility.

接著看資產負債表與資本結構。本季我們完成首次可轉換公司債發行，發行13.5億美元、零息、2031年到期的可轉換優先票據。此融資在保留顯著財務彈性的同時，協助我們支付瑞薩時序收購案的現金部分。

Turning to working capital. DSO was 51 days compared with 44 days in Q1, primarily due to the timing of shipments in the quarter. Inventory increased to $103.9 million to support Q3 demand. During the quarter, cash flow from operations more than doubled to $40 million, up from $15.3 million a year ago.

再來談營運資金。應收帳款週轉天數（DSO）為51天，較第一季的44天增加，主要因本季出貨時點所致。存貨增加至1.039億美元，以支援第三季需求。本季營業活動現金流量增加逾一倍至4,000萬美元，高於一年前的1,530萬美元。

Capital expenditure totaled $12.9 million and free cash flow was $27.1 million. Overall, we exited the quarter with the acquisition funded, continued positive cash generation and the financial flexibility to support the next phase of growth.

資本支出合計1,290萬美元，自由現金流為2,710萬美元。整體而言，我們在本季結束時已完成收購資金到位、持續產生正向現金，並具備支援下一階段成長的財務彈性。

On July 1, we closed the acquisition of the Renesas timing business, or TPD. As we integrate this business, our priorities are clear: enhance the customer experience, expand supply, and move the business on to SiTime's operating platform. This is a transformational acquisition for us, and we are encouraged by the progress we have made in the months since we closed.

7月1日，我們完成對瑞薩時序業務（TPD）的收購交割。在整合該業務的過程中，我們的優先事項很明確：提升客戶體驗、擴大供應，並將該業務遷移至SiTime的營運平台。這對我們而言是一項具轉型意義的收購，我們對交割後數月所取得的進展感到鼓舞。

Our transition services agreement with Renesas provides continuity while we transfer customer relationships, manage the supply chain transition and expand our infrastructure to run this business as part of SiTime. While carve-outs of this scale are complex, we have an active partnership with Renesas to execute the transition plan, including manufacturing and test dependencies during the TSA period.

我們與瑞薩的過渡服務協議（TSA）在我們移轉客戶關係、管理供應鏈轉換並擴充基礎設施以在SiTime體系內營運該業務期間，提供了連續性。雖然如此規模的剝離（carve-out）相當複雜，但我們與瑞薩保持積極合作以執行過渡計畫，包括在TSA期間的製造與測試相依事項。

Our commercial teams are already working with customers and partners to transition customer backlog, support existing programs and position the combined portfolio for the long term. I am confident in our ability to execute in the integration and realize the value of this acquisition.

我們的商務團隊已經在與客戶與合作夥伴合作，推動客戶積壓訂單的轉移、支援既有專案，並為長期定位整合後的產品組合。我對我們在整合上的執行能力，以及實現這項收購價值的能力充滿信心。

Now looking ahead to the outlook for the third quarter. Since we closed the acquisition of TPD on July 1, the September outlook reflects our expectations for the performance of the combined business. For the third quarter, we expect revenue of $285 million to $295 million. Within this, I expect the SiTime revenue, excluding TPD, to increase to $200 million to $210 million or increase 30% sequentially at the midpoint. This is a step change in growth that reflects both the strength of our backlog and the confidence customers are signaling in their own demand forecast, particularly in CED. That confidence is translating into improved visibility, further reinforcing our expectation for sustained momentum throughout the year.

接下來展望第三季。由於我們已於7月1日完成TPD的收購，9月季度的展望反映了我們對合併後業務表現的預期。第三季我們預期營收為2.85億至2.95億美元。其中，我預期SiTime營收（不含TPD）將提升至2.00億至2.10億美元，以中位數計算季增30%。這是成長的躍升，反映出我們積壓訂單的強勁，以及客戶在其自身需求預測上所釋放的信心訊號，特別是在CED領域。這份信心正轉化為更佳的能見度，進一步強化我們對全年動能可望持續的預期。

For the newly acquired TPD business, we expect revenue of approximately $85 million. In addition, for the combined SiTime business, including TPD, we expect gross margin to be approximately 68%, plus or minus 1 point.

對於新收購的TPD業務，我們預期營收約為8,500萬美元。此外，對於合併後的SiTime業務（包含TPD），我們預期毛利率約為68%，上下浮動1個百分點。

Operating expenses in the range of $80 million to $85 million as we continue to invest in growth, interest income of approximately $4 million, and a share count of approximately 32.8 million shares, which include approximately 3.6 million shares issued in conjunction with the TPD acquisition. As a result, we expect Q3 non-GAAP EPS to be in the range of $3.50 to $3.65 per share.

營業費用預估介於8,000萬至8,500萬美元之間，因我們將持續投資成長；利息收入約400萬美元；股數約3,280萬股，其中包含因TPD收購而發行的約360萬股。因此，我們預期第三季非GAAP每股盈餘（EPS）將介於每股3.50至3.65美元。

In closing, Q2 reflects the continued strength of our core business and the scalability of our financial model. We delivered significant revenue growth, expanded gross margins and increased operating profitability while continuing to invest for the future. With the Renesas timing acquisition now closed, we are entering the next phase of SiTime's growth with a broader portfolio, expanded customer reach and a stronger financial platform. We remain focused on disciplined execution, clear integration milestones and building SiTime's leadership as the premier pure-play precision timing company.

總結來說，第二季反映出我們核心業務的持續強勁，以及財務模型的可擴展性。我們在持續投資未來的同時，實現了顯著的營收成長、擴大毛利率並提升營運獲利能力。隨著瑞薩（Renesas）時序（timing）收購案現已完成，我們正以更廣的產品組合、更大的客戶觸及範圍與更強健的財務平台，進入SiTime成長的下一階段。我們仍將專注於紀律化執行、明確的整合里程碑，並建立SiTime作為首屈一指的純精密時序公司之領導地位。

With that, I'll hand the call back to the operator to open the line for questions.

接下來我把電話交回接線員，開放提問。

(Operator Instructions)

(接線員指示)

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Rajesh and Beth, congratulations on the very strong outlook and especially on a run rate basis, looking like you'll get to about a $1.2 billion annualized run rate very, very soon.

Rajesh與Beth，恭喜你們給出非常強勁的展望，尤其以run rate來看，感覺你們很快、非常非常快就會達到約12億美元的年化run rate。

I guess, Beth, just a quick clarification before my two questions. Could you repeat the OpEx guidance? Maybe just my line, but it cut out there. And so I just want to make sure I had the right OpEx guide for Q3 on a combined basis.

我想，Beth，在我兩個問題之前先快速釐清一下。你可以再重複一次營業費用（OpEx）的指引嗎？可能是我的線路問題，但剛剛那段斷掉了。所以我想確認我拿到的是合併口徑下第三季正確的OpEx指引。

Absolutely. We expect OpEx of $80 million to $85 million for the combined company.

當然可以。我們預期合併後公司的OpEx為8,000萬至8,500萬美元。

Perfect. I wanted then to come back to the TPD acquisition. When you announced the deal at the beginning of the year, you thought in the 12 months post close, you would hit a $300 million annualized run rate. With $85 million in Q1, you're already tracking probably $40 million above that.

太好了。接著我想回到TPD收購案。你們在年初宣布交易時曾提到，在交割後12個月內，你們預期會達到3億美元的年化run rate。以第一季8,500萬美元來看，你們目前的進度可能已經高出那個目標約4,000萬美元。

And my guess is you expect growth going forward. So can you say what's changed over the last six or so months that makes that acquisition even stronger from a revenue contribution perspective?

而我猜想你們也預期未來還會成長。所以能否談談，過去大約六個月左右有哪些變化，使得這項收購在營收貢獻面向上看起來更強？

Sure. In terms of the TPD, what we've seen is continued strength in their business. Recall that about 75% of their revenue comes from what we call CED. And actually, as we were doing our diligence, we were a little surprised, frankly, by the modest growth rate expectations and results that they had. And they continued to see strong performance as we've gone through the year in Q2 and into Q3.

當然。就TPD而言，我們看到他們的業務持續強勁。回想一下，他們約75%的營收來自我們所稱的CED。其實在做盡職調查時，坦白說，我們對他們相對溫和的成長率預期與結果有點意外。而他們在今年第二季並延續到第三季，仍持續展現強勁表現。

And so the outlook that we see for the second half reflects that. And I think you're right; we're well on our way to exceeding that $300 million, but it's early days as well, and we're still working through the integration. And so as we get to know this business better, I think we'll have more to say about the outlook for the business.

因此，我們對下半年的展望也反映了這一點。我想你說得沒錯；我們確實正朝著超越3億美元的目標邁進，但目前也還在早期階段，我們仍在推進整合。隨著我們更深入了解這項業務，我想我們會對其業務展望有更多可以分享的內容。

Got it. And then the last question is, as we look to integrate TPD into our models, how do you expect to sort of report revenue going forward? Will TPD be included in your -- the CED bucket, the auto, industrial, Mil-Aero and then IoT consumer? Will you break it out separately?

了解。最後一個問題是，當我們把TPD納入模型時，你們預期未來會如何揭露營收？TPD會被納入你們的——CED類別、汽車、工業、軍工航太（Mil-Aero）以及IoT消費等分類嗎？還是會另外單獨拆分揭露？

And to the extent that you just included it into the three existing buckets, can you give us a sense -- it sounds like about 75% of TPD comes into CED. How does the other 25% split? Is it mostly in the industrial, auto? Or is there some consumer IoT in the TPD revenue stream?

以及如果你們只是把它納入既有三個分類中，能否給我們一些概念——聽起來TPD約75%會歸入CED。那其餘25%如何分配？主要是在工業、汽車嗎？或是TPD的營收結構中也有一些消費性IoT？

Sure, Quinn. So the business is -- the remaining business is the auto, aero, industrial. They do not have a consumer business. So it will split roughly 75/25 between CED and auto, aero, industrial.

當然，Quinn。其餘的業務是汽車、航太、工業。他們沒有消費性業務。因此大致會以約75/25在CED與汽車、航太、工業之間分配。

We wanted to give you visibility as we're just now assuming the business in terms of the TPD. But going forward, we will expect to integrate it into the overall SiTime business.

我們希望在目前剛開始承接TPD業務的階段，先讓你有一定的能見度。但往後我們預期會把它整合進SiTime整體業務之中。

Tore Vanberg, Stifel.

Tore Vanberg，Stifel。

Rajesh, Beth, congrats on the strong results and the closure of the Renesas acquisition. So how should we think about the growth by segment into Q3? I mean, I know you're obviously splitting the new acquisition and also core SiTime. But with the sort of traditional SiTime segments, how should we think about growth in each one for the September quarter?

Rajesh、Beth，恭喜你們的強勁成果以及完成瑞薩收購案交割。那麼，我們應該如何看待第三季各終端市場/區隔的成長？我的意思是，我知道你們會把新收購案與SiTime核心業務拆開來看。但就傳統的SiTime各區隔而言，我們應該如何看待9月季度各區隔的成長？

Sure. Well, let me focus on the SiTime ex TPD first because we've got the most visibility to that. As you can imagine, we're just now beginning the integration, the backlog, getting to understand their customers. But if I think about the SiTime business, excluding TPD, it's rolling out similar to what we discussed earlier. We expect the CED business to continue to show strong growth.

好的。我先聚焦在不含TPD的SiTime，因為我們對這部分的能見度最高。如你所想，我們才剛開始整合，包含積壓訂單、以及了解他們的客戶。但如果我看SiTime業務（不含TPD），其走勢與我們先前討論的相近。我們預期CED業務將持續展現強勁成長。

And again, triple-digit growth again in Q3. We also expect strong growth from all the businesses, AID continuing to show similar growth. And then consumer, as we've talked about, we expect to pick up significantly in the third quarter, given that's typically as we're getting ready for holiday, back half tends to be much stronger for our consumer business versus the front half.

同樣地，第三季仍將是三位數成長。我們也預期所有業務都會有強勁成長，AID將持續呈現類似的成長。至於消費性業務，如同我們先前談到的，我們預期第三季會顯著回升，因為通常在準備假期旺季時，下半年相較上半年會強很多。

And so we'd expect really strong growth in that. Also, we expect our large consumer customers to continue to roll out the new products -- our products into their next generation, and so that will drive growth as well.

因此我們預期那部分會有非常強勁的成長。此外，我們也預期大型消費性客戶會持續在其下一代產品中導入——導入我們的產品，因此也會帶動成長。

That's very helpful. And as my follow-up, for you, Rajesh, you said something at the end of your prepared remarks that really caught my attention. You talked about moving from discrete to more integrated solutions, chiplets, modules and so on. I assume these are significantly higher ASP products.

這非常有幫助。接著我的追問是，Rajesh，你在事先準備的講稿最後提到一點，真的引起我的注意。你談到從離散元件走向更整合的解決方案、chiplet、小模組（modules）等等。我猜這些應該是ASP顯著更高的產品。

So just curious, when should we start to see material revenue of some of those newer products?

所以我只是好奇，我們大概什麼時候會開始看到那些較新產品帶來的實質營收？

So Tore, you're always the one to get all the messages. So congratulations on doing that. Yes, there are two things that are going to happen. That's happening, what's the meta issue is that performance is going up, throughput is going up, latency is going down and delivering timing to the exact place that is needed is important without signal degradation and timing.

所以 Tore，你總是那個收到所有訊息的人。所以恭喜你做到這點。是的，接下來會發生兩件事。正在發生的、也就是更宏觀的議題是：效能在提升、吞吐量在提升、延遲在下降，而在不造成訊號劣化與時序偏差的情況下，把時序精準送到需要的確切位置變得很重要。

And we see this coming, whether it happens to companies that do it on the wafer level itself or think of it as some version of vertical timing delivery, this is coming, and SiTime is pioneering some of it.

我們看到這個趨勢正在到來，不管是發生在那些在晶圓層級就完成的公司，或把它視為某種版本的垂直時序傳遞，這都正在到來，而 SiTime 正在其中一些領域扮演先驅。

And the ASPs may go up, but more importantly, the density of use goes up. There's just more used. And perhaps, as you're right, ASP will also go up. But we think that it adds, as I said, a significant amount of money in the billions by 2030.

ASP 可能會上升，但更重要的是使用密度會提高。就是會用得更多。而且也許，正如你所說，ASP 也會上升。但我們認為，正如我說的，到 2030 年它會帶來數十億美元等級的顯著增量。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Beth, can you just give us a sense of sort of how the segments are going to grow? I know I'm not asking for the guidance that's being looked at for Q3.

Beth，你能不能讓我們大概了解一下各個區隔將如何成長？我知道我不是在問你們正在評估的第三季指引。

But more like the core SiTime business versus TPD, are they going to grow at similar rates, would you say, looking out the next few quarters? Or is there anything you would point out that would cause TPD, say, to grow faster than the core business?

而是比較像核心 SiTime 業務相對於 TPD，它們在接下來幾季的成長速度會差不多嗎？或者你會指出有什麼因素，可能讓 TPD 的成長速度比核心業務更快？

Well, as we look at it, I think both -- from a segment perspective, as I said earlier, I expect that the CED business, the core SiTime CED business to be the fastest growing as we continue to see the growth opportunities across AI, not only in data center, but as we think about inference computing and all the different areas as well as some growth in telecom and the rest of CED.

嗯，就我們的觀察，我認為兩者——從區隔角度來看，正如我先前提到的，我預期 CED 業務、也就是 SiTime 的核心 CED 業務，將會是成長最快的，因為我們持續看到 AI 帶來的成長機會，不僅在資料中心，當我們思考推論運算以及其他各個領域時也是如此，另外電信以及其他 CED 領域也會有一些成長。

With respect to the consumer business, we talked about that the biggest growth there will be the design win that we have as that proliferates across that customer's platform, and that will drive really significant growth in second half of '26, but also into '27.

至於消費性業務，我們也談到那裡最大的成長將來自我們拿下的設計導入案，隨著它在該客戶的平台上擴散，將在 2026 年下半年帶來非常顯著的成長，並延續到 2027 年。

When it comes to the TPD business, we are in very early stages of integrating that business. And at this point, as I talked about in my prepared remarks, we do have significant TSAs with Renesas as we begin that process, including the manufacturing supply chain test, we are relying on them for the next several quarters for the production. And so we're working really closely with them.

談到 TPD 業務，我們仍處於整合該業務的非常早期階段。而且目前，正如我在事先準備的發言中提到的，當我們開始這個流程時，我們與瑞薩（Renesas）有相當多的 TSA（過渡服務協議），包含製造、供應鏈與測試；接下來幾季的量產我們仍仰賴他們。因此我們正與他們非常緊密地合作。

We have seen from customers there is a lot of constraints in the business in the supply chain. And so we're working with them to improve that over the coming quarters. And as that improves, we should be able to see more growth with that business, but that's what we've got to work through here in the coming quarter.

我們也從客戶端看到，供應鏈在這項業務上有很多限制。因此我們正與他們合作，在接下來幾季改善這些狀況。隨著狀況改善，我們應該能看到該業務有更多成長，但這是我們在接下來這一季必須先解決的部分。

And then, Rajesh, I know that the Bosch agreement expires, I think, next March, I want to say. So I know you plan to renew it. But does the acquisition of TPD, does it change anything? And sort of how to -- just any updates you might have there?

另外，Rajesh，我知道 Bosch 的協議好像會在明年三月到期，我想是那時候。所以我知道你們計畫續約。但收購 TPD 會改變任何事情嗎？以及——你那邊有沒有任何更新可以分享？

Yes, Tim. There is no impact. The clocks, fundamentally, typical clocks don't use any resonators, MEMS or otherwise. Now TPD does have a small court-based oscillated business, which we are happy to continue to have grow or flourish as need be. But our agreement with them is, as you point out, up for renewal, I think you will find that we should have zero problems in doing that.

是的，Tim。沒有任何影響。時鐘產品基本上，一般的時鐘並不使用任何諧振器，不論是 MEMS 或其他形式。現在 TPD 的確有一小部分以石英為基礎的振盪器業務，我們也樂於讓它在需要時持續成長或發展。但我們與他們的協議，如你所指出的，確實即將到期需要續約；我想你會發現我們在續約上應該完全不會有問題。

Bosch is a close partner and we expect no issues on that, and it should be done relatively soon here.

Bosch 是緊密的合作夥伴，我們預期不會有任何問題，而且應該很快就能完成。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

This is Nicholas Welsch-Lehmann on for Chris. You mentioned that customers are placing orders 12 to 18 months in advance and that you have improved visibility. I was wondering if you would be able to make any early comments on the rate and pace of growth in the next year, particularly in CED. Give us any early thoughts on how the trajectory looks next year for the core CED SiTime business?

我是代替 Chris 的 Nicholas Welsch-Lehmann。你提到客戶會提前 12 到 18 個月下單，而且你們的能見度已經改善。我想請問你們是否能對明年的成長率與成長節奏做一些初步評論，特別是在 CED。能否分享一些初步看法，明年核心 CED SiTime 業務的成長軌跡看起來如何？

I think in general, we've always maintained that our investors should think about a multiyear growth of SiTime at 30% growth rate, give or take. Now when an AI comes in or a phone business comes in, I think those get accelerated like we are seeing. So I think it's pretty safe to say that a 30%, maybe a little bit higher is our multiyear, I think, five, six, seven, eight-year growth rate.

我想整體而言，我們一直主張投資人應以多年期的角度看待 SiTime 約 30% 左右的成長率，上下略有浮動。當 AI 進來或手機業務進來時，我認為這些會像我們目前看到的那樣加速。所以我認為可以相當有把握地說，30% 甚至可能略高，是我們多年期——我想是五、六、七、八年的——成長率。

In '27, we see no signs of slowdown. So we see the impact of AI, not just in CED, but also for TPD because 70% of the business is with data center and other AI, as I said, for our other two businesses to continue. So I think safe to say, we see '27 as a year of also of significant growth.

在 2027 年，我們看不到任何放緩的跡象。因此我們看到 AI 的影響不僅在 CED，也會在 TPD，因為該業務有 70% 來自資料中心與其他 AI，如我所說，對我們另外兩個業務也會持續帶來動能。所以我認為可以很有把握地說，我們把 2027 年也視為顯著成長的一年。

And maybe for my follow-up, could you speak briefly about the gross margin puts and takes heading into the third quarter and maybe over the next few quarters and kind of help us understand what the biggest drivers of gross margin performance in Q2 and then into Q3?

另外作為追問，你能否簡要談談進入第三季時毛利率的利多與利空因素，以及接下來幾季的情況，幫助我們理解第二季毛利率表現的最大驅動因素，以及延伸到第三季的主要驅動因素？

So as I talked about in the prepared remarks, the gross margins, we expect those to stay kind of above the 65% threshold in the next -- in the coming quarters, probably in the range of the 67%, 68% that we were talking about for Q2 and Q3.

正如我在事先準備的發言中提到的，毛利率方面，我們預期在接下來——未來幾季——會維持在 65% 以上，可能落在我們針對第二季與第三季所談的 67%、68% 的區間。

The drivers of that are really the increased manufacturing operating leverage, manufacturing absorption, combined with product mix. And we get product mix benefits not only from our CED business, but also the addition of the TPD business.

其驅動因素主要是製造端營運槓桿的提升、製造吸收（產能利用/固定成本吸收）的改善，再加上產品組合。而產品組合的效益不僅來自我們的 CED 業務，也來自新增的 TPD 業務。

And that, frankly, more than offsets the headwinds that we have with the bigger -- higher mix of consumer business in the second half, and those combined to give us those kinds of gross margins. And I expect the gross margins to kind of be in that range in the coming quarters as well.

坦白說，這些因素足以抵消我們在下半年因消費性業務占比提高所面臨的逆風；綜合起來就帶來這樣的毛利率水準。我也預期未來幾季毛利率大致會維持在這個區間。

(Operator Instructions)

（接線員指示）

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛（Goldman Sachs）。

I was wondering if you can maybe talk a little bit about the data center design win pipeline, Rajesh. If you think about what has driven your growth, both in terms of new server design wins and also market share gains, would you expect to be able to deliver further sort of new platform design wins and further market share gains?

Rajesh，我想請你談談資料中心設計導入案的管線。如果你回頭看是什麼驅動了你們的成長，包含新的伺服器設計導入案以及市占率提升，你是否預期未來仍能拿下更多新的平台設計導入案，並進一步提升市占率？

And maybe talk about how much is market share gain for you versus your competitors? And how much is growth of precision timing within the overall TAM for AI servers specifically?

另外也請談談，你們的成長有多少來自相對競爭對手的市占率提升？以及有多少是來自 AI 伺服器整體 TAM 中，精準時序（precision timing）滲透/需求的成長？

So I'm going to include the optical module business as part of it. And basically, there is definitely market share gain in optical modules as we go from 800G to 1.6T, our market share is significantly higher with those with higher ASPs. So that is helpful at the same time when 800G is also growing quite significantly.

所以我會把光模組業務也納入其中。基本上，當我們從 800G 走向 1.6T 時，光模組確實有明顯的市占率提升；在這些 ASP 較高的產品上，我們的市占率顯著更高。同時，800G 本身也正在相當顯著地成長，這也有幫助。

In the actual racks itself, we talked about the need for synchronization and synchronization, among other things, requires much higher precision SiTime oscillators, TCXOs, the highest ones that we have and the ASP of that and the numbers used because they are used more in density as well to enable synchronization, which means you're synchronizing multiple places in the system. That gives us the several hundred dollars of content per data center rack that we talked about.

在實際的機櫃本身，我們談到同步的需求；而同步等事項需要精度高得多的 SiTime 振盪器、TCXO，也就是我們最高等級的產品，以及其 ASP 與所使用的數量，因為它們也會以更高的密度被採用來實現同步，這表示你是在系統中的多個位置進行同步。這就帶來了我們先前提到的，每個資料中心機櫃可達數百美元的內容價值。

And in general, I think there is also a broadening of the data center market beyond the traditional hyperscalers, whether it is a growth in enterprise data centers or a growth in captive data centers or the Neocloud or indeed the sovereign data centers. I think all of those are contributing to significant growth overall in the business and the market.

而整體而言，我認為資料中心市場也正在從傳統的超大規模雲端業者（hyperscalers）之外擴大，不論是企業資料中心的成長、專用（captive）資料中心的成長、Neocloud，或是主權資料中心。我認為這些都在推動整體業務與市場的顯著成長。

And then maybe one for Beth. Given the change in mix and your very strong outlook for the September quarter, can you maybe give us a little bit of help on how you would expect each of the end markets to track in terms of either sequential or year-over growth?

接著可能有一題給 Beth。考量到組合的變化以及你們對 9 月季度非常強勁的展望，你能否稍微協助我們理解，你預期各終端市場在季增或年增方面會如何走勢？

So as we think about the markets -- and for now, I'll talk about the SiTime markets, excluding TPD, just as I said earlier, we're just a month into that integration. So when we think about the traditional SiTime CED, I would expect that again to be more than doubling or triple-digit growth in Q3 again or maybe -- and be a very strong quarter for the CED business.

當我們思考各個市場時——目前我先談 SiTime 的市場，不包含 TPD；如同我先前提到的，我們才整合一個月。因此，當我們看傳統的 SiTime CED，我預期第三季它仍會是超過倍增、也就是三位數成長，或許——並且會是 CED 業務非常強勁的一季。

Like I said, I expect strong growth to continue for our Aero, auto, industrial, similar to what we've been seeing on a year-over-year basis in the first half of the year. I expect that kind of growth rate to continue. And then I expect the year-over-year growth rate for the consumer business to actually accelerate in the second half and be significantly faster growth in Q3 than we've seen in the earlier part of the year, driven primarily by the proliferation of the design win that we have with our large consumer customer.

如我所說，我預期我們的航太、車用、工業等領域的強勁成長將會延續，與我們在上半年所看到的年增表現相近。我預期那樣的成長率會持續。另外，我預期消費性業務的年增率在下半年會實際加速，第三季的成長將明顯快於今年較早時期，主要由我們與大型消費性客戶取得的設計導入（design win）擴散所帶動。

I think there's a lot of information in the marketplace about the speed with which they're rolling out that design, and we would expect that to be reflected in our Q3 results as well.

我認為市場上有很多資訊談到他們推進該設計導入的速度，我們也預期這會反映在我們第三季的結果中。

Suji Desilva.

Suji Desilva。

Congratulations on the results here. For the Renesas product line acquired, any thoughts on when you might have combined company products in the road map? Is that something that we should look for?

恭喜你們的成果。關於所收購的 Renesas 產品線，你們是否有任何想法，何時可能在產品藍圖（road map）中看到合併後公司的整合型產品？這是我們應該期待的方向嗎？

Yes. I mean it really is just 30 days. But we already have some ideas. We think that SiTime already has unique products, which are integrated clocks with oscillators or clocks with resonators. That makes it unique.

是的。我的意思是，現在真的才 30 天。但我們已經有一些想法。我們認為 SiTime 本來就有獨特的產品，也就是把振盪器整合進去的時鐘，或是把諧振器整合進去的時鐘。這使得它很獨特。

And we think that that's an easy level of integration that is likely to happen in the future coming quarters. Easy in the sense conceptually easy. It's not easy to do. It's a new product and so on, but it's conceptually easy. I think that there is collaboration of a different nature, which is probably even more valuable.

而我們認為，這是一個相對容易的整合層級，未來幾個季度很可能會發生。所謂容易，是指概念上容易。實作並不容易。它是新產品等等，但概念上是容易的。我認為還有另一種性質的合作，可能更有價值。

And that is that some of the people at TPD have been in the clocking business since the old days of ICS; we're going back 26 years, 25 years. And so they have a very deep understanding of system architecture, clock architecture, clock trees, some of the issues with signals that I think is going to change the way we develop our products, at least some of our products, and be very, very beneficial.

也就是，TPD 的一些人自 ICS 的早期就一直在時鐘領域；我們回溯到 26 年、25 年前。因此他們對系統架構、時鐘架構、時鐘樹，以及一些訊號相關議題有非常深入的理解；我認為這將改變我們開發產品的方式，至少會影響我們的部分產品，並帶來非常、非常大的助益。

So I think we are definitely expecting right for now, we have -- we are not integrating the TPD group into SiTime. We're having them run independently as it were reporting to one of our very senior executives. But in a relatively short time, in some quarters, we expect that that integration -- after we have understood better with their strengths and our strengths, how we can combine them organizationally.

所以我認為我們確實預期——就目前而言，我們並沒有把 TPD 團隊整合進 SiTime。我們讓他們獨立運作，並向我們一位非常資深的主管匯報。但在相對短的時間內、在未來幾個季度，我們預期在更充分理解他們的強項與我們的強項之後，會進行那樣的整合——也就是在組織上如何把兩者結合。

But in any case, we already are deeply connected. I think that the sense of welcome that they have got from SiTime and the sense of hanging out with their brethren as it were, who are into timing and timing only is a good thing all around. Very happy with the way the integration has gone so far.

但無論如何，我們已經緊密連結。我認為他們從 SiTime 感受到的歡迎，以及能夠與同樣專注於 timing、只做 timing 的同業夥伴一起交流的感受，對各方都是好事。對目前為止的整合進展非常滿意。

Great. That sounds very promising. And then my other question, Rajesh, a couple of times in the Q&A, you noted the term density in terms of your deployments. I'm just curious, as you get -- what's driving the need for that if you double-click down, is it that there are larger GPU clusters and you need to sync more GPUs with each other?

很好。聽起來非常有前景。我還有另一個問題，Rajesh，在問答中你提到幾次「密度」這個詞，來描述你們的部署。我只是好奇，如果再深入一層，驅動這個需求的是什麼？是因為 GPU 叢集更大、你需要讓更多 GPU 彼此同步嗎？

And if so, is your content growing simply on a numerical basis with higher GPU cluster counts? Or is there more of a factor there than just that?

如果是這樣，你們的內容價值是否只是因為 GPU 叢集數量更高而在數量上成長？還是除了這點之外，還有其他因素？

Well, on the density issue, you're absolutely right. It is, in fact, based on the way you said. But additionally, it's not just more oscillators and GPUs and TPUs and CPUs, but also all around the subsystem, all around the racks in the switches, there's more of it, in the accelerator cards, there's more of it.

嗯，關於密度這個議題，你說得完全正確。事實上，確實就是你所描述的方式。但此外，不只是更多的振盪器以及更多的 GPU、TPU、CPU；在整個子系統、整個機櫃周邊、交換器上也更多；在加速卡上也更多。

In other words, the signal cannot afford to be out of sync anywhere as it makes its way through the rack, it needs to be in sync and therefore, get very accurate clock along the way, very accurate frequencies along the way. There is also, of course, the use case in which the level of -- we have TCXO, super TCXOs, we have emerging clock products that are some kind of a combination of them with even higher ASPs.

換句話說，訊號在穿越機櫃的過程中，任何地方都不能不同步；它必須保持同步，因此沿途需要非常精準的時鐘、非常精準的頻率。當然也有另一種使用情境：我們有 TCXO、超級 TCXO，也有正在推出的時鐘產品，某種程度上是它們的組合，且 ASP 更高。

So I think we are able to bring products that customers have not seen before because of our broad technology portfolio. And I expect that density, ASP and greater usage are all going to contribute to our growth in that business.

所以我認為，憑藉我們廣泛的技術組合，我們能帶來客戶以前沒見過的產品。我預期密度、ASP 與更高的使用量都將共同推動我們在該業務的成長。

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

目前顯示沒有其他問題。現在我想把時間交回給 Rajesh 做結語。

Well, thank you all very much. I think the results speak for themselves. It's a seminal time for SiTime. It's clearly an inflection point. We're hitting greater run rates of revenue.

好的，非常感謝各位。我想結果已不言自明。這對 SiTime 來說是個關鍵時刻。顯然是一個拐點。我們的營收正達到更高的運行水準（run rate）。

We're doing it highly profitably. We're doing it with diverse technologies in diverse markets with diverse products. As a leader, as a creator of a category, I think we are super well positioned. So thank you for being part of this journey.

而且我們是在高獲利的情況下做到的。我們以多元技術，服務多元市場，提供多元產品。作為領導者、作為一個品類的開創者，我認為我們的定位非常、非常好。因此，感謝各位成為這段旅程的一部分。

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

感謝各位參與今天的會議。本次議程到此結束。您現在可以中斷連線。