SiTime Corporation (SITM) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to SiTime's third quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, November 4, 2026.

下午好，歡迎參加 SiTime 2026 年第三季財務業績電話會議。(接線員指示) 提醒各位，本次電話會議將於今日 2026 年 11 月 4 日錄音。

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

現在我想把電話交給 Shelton Group 投資人關係部的 Brett Perry。Brett，請開始。

Thank you, Kelly, and good afternoon to those on the call. Welcome to SiTime's third quarter 2026 financial results conference call. Joining us on today's call are SiTime's Chief Executive Officer, Rajesh Vashist; and Chief Financial Officer, Beth Howe. Before we begin, I'd like to remind everyone that during today's call, management will make forward-looking statements regarding our business, financial performance, market opportunities, growth strategy and future operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today.

謝謝你，Kelly，也向線上各位致上下午好。歡迎參加 SiTime 2026 年第三季財務業績電話會議。今天與會的有 SiTime 執行長 Rajesh Vashist，以及財務長 Beth Howe。在開始之前，我想提醒各位，在今天的電話會議中，管理團隊將就我們的業務、財務表現、市場機會、成長策略與未來營運發表前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與今日討論內容有重大差異。

For a discussion of these risks and uncertainties, please refer to today's earnings press release and the company's filings with the SEC, including our most recent Form 10-K and subsequent Form 10-Q filings. SiTime undertakes no obligation to update any forward-looking statements, except as required by law. During this call, we will also discuss certain non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for measures of financial performance prepared in accordance with US GAAP.

關於這些風險與不確定性的討論，請參閱今日的財報新聞稿以及公司向美國證券交易委員會（SEC）提交的文件，包括我們最近一期的 Form 10-K 與後續的 Form 10-Q 申報。除法律要求外，SiTime 不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。這些指標應視為依照美國 GAAP 編製之財務績效衡量的補充，而非替代。

Reconciliations between GAAP and non-GAAP financial measures are included in today's earnings press release, which is available on the Investor Relations section of SiTime's website at www.sitime.com. Lastly, unless otherwise noted, all financial comparisons discussed on today's call are on a year-over-year basis.

GAAP 與非 GAAP 財務衡量指標之間的調節表已包含於今日的財報新聞稿中，該新聞稿可於 SiTime 官網 www.sitime.com 的投資人關係（Investor Relations）專區取得。最後，除非另有說明，今天電話會議中所討論的所有財務比較均以年對年為基礎。

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 的執行長。Rajesh，請開始。

Thank you, Brett. Good afternoon, everyone. Thank you for joining us today. I'm delighted to say that on July 1, we completed the acquisition of Renesas Timing Products Division, or TPD. Q3 was our full first full quarter of consolidated results.

謝謝你，Brett。各位下午好。感謝各位今天加入我們。我很高興地宣布，我們已於 7 月 1 日完成收購 Renesas 的 Timing Products Division（TPD，時序產品事業部）。第三季是我們合併報表後的第一個完整季度。

I'll break out TPD results today to give greater visibility into the performance of both businesses. SiTime had an outstanding third quarter. Combined revenue was $298.7 million, up 257% year-over-year. Gross margin was 70.7%, up 11.9-percentage-points, and we expect it to remain in this range. Operating margin was 43%, up 25-percentage-points, and EPS was $4.01, up 360%.

今天我會將 TPD 的業績單獨列示，以便更清楚呈現兩項業務的表現。SiTime 第三季表現非常出色。合併營收為 2.987 億美元，年增 257%。毛利率為 70.7%，提高 11.9 個百分點，我們預期將維持在此區間。營業利益率為 43%，提高 25 個百分點；每股盈餘（EPS）為 4.01 美元，年增 360%。

When we announced the acquisition, we said it would accelerate our path to $1 billion in annual revenue, and our Q3 results put us above that level on an annualized run rate basis. Our core SiTime business is strong and continues to deliver remarkable growth. Q3 revenue was $212.4 million, up 154% year-over-year. Our core CED business, or Communications, Enterprise and Datacenter, again led our growth with revenues up 202% year-over-year. Our other BUs also grew more than 75%, grew at least 55%, and two regions grew at triple-digit rates.

在我們宣布收購時，我們表示這將加速我們邁向年營收 10 億美元的進程，而第三季的結果使我們以年化運行率（annualized run rate）計算已高於該水準。我們的 SiTime 核心業務表現強勁，並持續交出亮眼成長。第三季營收為 2.124 億美元，年增 154%。我們的核心 CED 業務（即通訊、企業與資料中心）再次引領成長，營收年增 202%。我們其他事業單位也都成長超過 75%、至少成長 55%，且有兩個地區達到三位數成長率。

Demand is strong. Book-to-bill increased from Q2, average order size grew, and total distributor inventory remained below our target. Our visibility into 2027 and 2028 continues to improve with significant growth in backlog, average design-in value, and the size of our funnel. Our total funnel now stands at $10 billion and has quadrupled since 2025. TPD also delivered exceptional growth, exceeding expectations.

需求依然強勁。出貨比（book-to-bill）較第二季上升，平均訂單規模增加，通路商總庫存仍低於我們的目標水準。隨著積壓訂單（backlog）、平均設計導入價值（average design-in value）以及商機漏斗規模的顯著成長，我們對 2027 與 2028 年的能見度持續提升。我們的商機漏斗總額目前達到 100 億美元，自 2025 年以來已成長四倍。TPD 也交出超出預期的卓越成長。

Revenue was $86.3 million, up 67% from Q3 2025 when the business was part of Renesas. The integration has gone exceptionally well across the teams, customers, and road map. The TPD team is happy to be part of a company that shares their passion and focus on timing. We see positive responses in engagement and retention across TPD locations. With the addition of TPD, we can provide more complete timing solutions, increasing our content in customer systems and making SiTime a more strategic partner.

營收為 8,630 萬美元，較 2025 年第三季（當時該業務仍屬於 Renesas）成長 67%。在團隊、客戶與產品路線圖方面的整合進展非常順利。TPD 團隊很高興能加入一家同樣對時序技術充滿熱情並專注投入的公司。我們看到 TPD 各據點在員工投入度與留任方面都有正向回饋。隨著 TPD 的加入，我們能提供更完整的時序解決方案，提高我們在客戶系統中的內容占比，並使 SiTime 成為更具策略性的合作夥伴。

At our largest accounts, our 2027 revenue forecast has increased by 2 times to 5 times. Moreover, our greater focus is already creating new opportunities, and the pull-through that we envisioned is happening in both directions. In CED, rapidly changing data center architectures are creating new opportunities for SiTime. Optics is moving closer to compute, stitching together tens of thousands of GPUs with the bandwidth and latency needed to operate as one system. For SiTime, this creates two growth vectors: more complex optical modules and optics coming directly into the compute fabric.

在我們最大的客戶中，我們對 2027 年營收的預測已提高至原來的 2 倍到 5 倍。此外，我們更聚焦的策略已開始創造新的機會，而我們先前設想的拉動效應（pull-through）正以雙向方式發生。在 CED 領域，快速變化的資料中心架構正在為 SiTime 創造新的機會。光學（optics）正更靠近運算端，將數以萬計的 GPU 串接在一起，提供作為單一系統運作所需的頻寬與延遲表現。對 SiTime 而言，這帶來兩個成長向量：更複雜的光學模組，以及光學直接進入運算互連架構（compute fabric）。

First, the new optical module generations are ramping rapidly, and each one raises the bar with higher frequencies, lower jitter, and greater resilience, all areas where SiTime excels. Importantly, these generations overlap shipping at the same time, and new module types create additional timing opportunities with XPO, or extra dense pluggable optics, adding clocks along oscillators, doubling our content. Between data centers, coherent optics provides the bandwidth to connect large AI workloads. These modules require extremely low jitter timing in the gigahertz range, where our ASP can increase by up to 5 times. Second, when optics comes closer to the compute fabric, there is increasing bandwidth with lower power and latency.

第一，新一代光學模組正快速放量，每一代都以更高頻率、更低抖動（jitter）與更高韌性提高門檻，而這些正是 SiTime 的強項。重要的是，這些世代產品在同一時間重疊出貨，而新的模組類型也帶來額外的時序機會；例如 XPO（extra dense pluggable optics，超高密度可插拔光學）在振盪器之外增加時鐘，讓我們的內容占比加倍。在資料中心之間，相干光學（coherent optics）提供連結大型 AI 工作負載所需的頻寬。這些模組需要 GHz 等級、極低抖動的時序方案，在此領域我們的平均銷售單價（ASP）最高可提升至 5 倍。第二，當光學更靠近運算互連架構時，頻寬提升，同時功耗與延遲更低。

NPO, or near-packaged optics, drives up to 2 times more oscillators content, and CPO, or co-packaged optics, drives up to 3 times more timing content with high-value clocks. SiTime today has design wins with leading customers in XPO, coherent optics, NPO, and CPO. The trend is clear, more bandwidth requires more precision timing. In our other businesses, Mobile, IoT, and Consumer grew 133% year-over-year, driven by our largest consumer customer expanding its modem product across more platforms. At the same time, AI is moving from the cloud into personal devices.

NPO（near-packaged optics，近封裝光學）可帶動振盪器內容占比最高提升至 2 倍；CPO（co-packaged optics，共封裝光學）則可透過高價值時鐘，帶動時序內容占比最高提升至 3 倍。SiTime 目前已在 XPO、相干光學、NPO 與 CPO 領域取得領先客戶的設計導入（design win）。趨勢很明確：更高頻寬需要更高精準度的時序。在我們其他業務中，行動、IoT 與消費性產品年增 133%，主要受惠於我們最大的消費性客戶將其數據機產品擴展至更多平台。同時，AI 正從雲端走向個人裝置。

That requires more sensing, connectivity, localization, and always-on processing. Together, these trends increase the need for precise low-power timing, and we are seeing new designs in AI smart glasses and pendants that will ramp in 2027 using both Titan resonators and our oscillators. In our Aerospace, Defense, Automotive, and Industrial BU, our opportunities are expanding as systems become more autonomous, connected, and mission-critical. In aerospace and defense, our funnel has now reached $900 million, driven by radar, counter-drone systems, and resilient alternatives to GPS. Automotive is approaching $1 billion with increasing timing content in zonal architectures and autonomous commercial vehicles.

這需要更多的感測、連線、定位，以及永遠開啟（always-on）的處理能力。綜合而言，這些趨勢提升了對精準、低功耗時序的需求；我們也看到 AI 智慧眼鏡與吊墜式裝置（pendants）的新設計，將於 2027 年放量，並同時採用 Titan 諧振器與我們的振盪器。在我們的航太、國防、車用與工業事業單位中，隨著系統變得更自主、更互聯且更具任務關鍵性，我們的機會正在擴大。在航太與國防方面，我們的商機漏斗目前已達 9 億美元，主要由雷達、反無人機系統，以及具韌性的 GPS 替代方案所帶動。車用領域正接近 10 億美元，受惠於區域化架構（zonal architectures）與自動駕駛商用車中時序內容占比提升。

And finally, industrial has reached $1.4 billion, led by physical AI applications such as robotics and smart grid. As these systems continue to become more intelligent and autonomous, real-time decision-making and synchronization become critical, significantly increasing SiTime's timing content per system. A few quarters ago, we talked about the significant opportunities that come with deepening our relationships with leading semiconductor companies. We have now built a dedicated global sales team to engage customers when critical architecture and timing decisions are being made years ahead of production. This gives us early insight into future requirements and helps us develop differentiated solutions across AI training, inference, mobile, automotive, and other markets.

最後，工業領域已達到14億美元，主要由機器人與智慧電網等實體AI應用所帶動。隨著這些系統持續變得更智慧且更自主，即時決策與同步變得至關重要，並顯著提高SiTime在每套系統中的時序（timing）內容價值。幾個季度前，我們談到與領先半導體公司深化合作關係所帶來的重大機會。我們現在已建立一支專責的全球銷售團隊，在客戶於量產前數年做出關鍵架構與時序決策時即介入互動。這讓我們能及早洞察未來需求，並協助我們在AI訓練、推論、行動裝置、車用及其他市場開發具差異化的解決方案。

As a consequence, our semiconductor funnel has grown 8x to more than $4 billion, creating a substantial future revenue opportunity. Our rapid organic growth and the TPD acquisition have structurally changed SiTime. Here are three changes that define the new SiTime. First, our financial model is stronger with higher gross margins, sustainable operating margins of 40%, and broad-based growth across every BU. Our seasonality is less pronounced as CED becomes a larger portion of our overall business.

因此，我們的半導體商機漏斗已成長8倍，超過40億美元，創造可觀的未來營收機會。我們快速的有機成長以及TPD的收購，已在結構上改變了SiTime。以下是定義「新SiTime」的三項變化。第一，我們的財務模型更強健，具備更高的毛利率、可持續的40%營業利益率，以及各事業部（BU）全面性的成長。隨著CED在整體業務中的占比提高，我們的季節性波動也較不明顯。

Second, our relationships with customers are deeper and more strategic. Importantly, this early engagement allows us to influence decisions around new concepts like chiplets, synchronization, and trusted time, where better precision timing can improve performance and availability. We expect that these applications will create a new SAM of $2.5 billion by 2030. And third, we now have the scale to innovate faster. With the industry's largest team dedicated solely to timing, we can develop more products in parallel and extend the precision timing leadership.

第二，我們與客戶的關係更深且更具策略性。重要的是，這種早期介入讓我們能影響晶粒小晶片（chiplets）、同步（synchronization）與可信時間（trusted time）等新概念的相關決策，而更高精度的時序可提升效能與可用性。我們預期，這些應用將在2030年前創造25億美元的新SAM（可服務市場）。第三，我們如今具備更大的規模，能更快創新。憑藉業界規模最大的專職時序團隊，我們能並行開發更多產品，並延伸我們在精密時序領域的領導地位。

For all the progress we've made, we believe we're still in the early stages of what is possible. Our ambition remains clear. We want SiTime to be the trusted timing adviser to our customers and the default choice for precision timing in the world's most important electronic systems.

儘管我們已取得許多進展，我們仍相信這只是可能性的早期階段。我們的企圖心依然清晰。我們希望SiTime成為客戶信賴的時序顧問，並成為全球最重要電子系統中精密時序的預設首選。

I'll now turn the call over to Beth, our CFO, to review the financial details. Beth?

接下來我把電話會議交給我們的財務長Beth，請她說明財務細節。Beth？

Thanks, Rajesh. Today, I'll walk through our third quarter 2026 results and provide our outlook for the fourth quarter. As a reminder, my remarks focus on non-GAAP financial results, which are reconciled to GAAP in our press release. This quarter marks an inflection point in SiTime's evolution. As our business continues to scale, we now have a broader revenue base, a richer mix of higher-value products, and greater operating leverage.

謝謝你，Rajesh。今天我將說明我們2026會計年度第三季的業績，並提供第四季展望。提醒一下，我的發言聚焦於非GAAP財務結果，並已在我們的新聞稿中與GAAP進行調節。本季標誌著SiTime演進的一個轉折點。隨著業務持續擴張，我們現在擁有更廣的營收基礎、更豐富的高價值產品組合，以及更高的營運槓桿。

And with the addition of TPD, we are further solidifying our leadership in precision timing. This progress is reflected in our third quarter revenue growth, gross margin expansion, and meaningful improvement in net income. At the same time, we are continuing to invest in R&D and go-to-market to support the growth opportunities ahead. With that context, total revenue for the quarter was $298.7 million, up 257% year-over-year and up 90% sequentially. The newly acquired TPD business delivered revenue of $86.3 million, an increase of 67% compared with a year ago when the business was part of Renesas.

此外，隨著TPD的加入，我們進一步鞏固在精密時序領域的領導地位。這些進展反映在我們第三季的營收成長、毛利率擴張，以及淨利的顯著改善。同時，我們也持續投資研發與市場推進（go-to-market），以支持未來的成長機會。在此背景下，本季總營收為2.987億美元，年增257%，季增90%。新收購的TPD業務貢獻營收8,630萬美元，較一年前（當時該業務仍屬於瑞薩Renesas的一部分）成長67%。

Excluding TPD, revenue was $212.4 million, up 154% year-over-year, of which Communications, Enterprise and Datacenter delivered revenue of $127.3 million, up 202% year-over-year and up 26% sequentially. Automotive, Industrial and Aerospace Defense generated revenue of $35.5 million, up 76% year-over-year and up 43% sequentially. Mobile, IoT and Consumer revenue was $49.5 million, up 133% year-over-year and up 58% sequentially, reflecting strong sequential growth in our large consumer customer that contributed $42.7 million in the quarter. Third quarter gross margin was 70.7%, up 11.9 percentage points year-over-year and 3.6 percentage points sequentially. The primary driver was favorable product mix with a greater contribution from higher-value, higher-margin products in our core SiTime portfolio as well as the addition of TPD.

若排除TPD，營收為2.124億美元，年增154%。其中，通訊、企業與資料中心（CED）營收為1.273億美元，年增202%，季增26%。車用、工業與航太國防營收為3,550萬美元，年增76%，季增43%。行動裝置、IoT與消費性產品營收為4,950萬美元，年增133%，季增58%，反映我們大型消費性客戶的強勁季增；該客戶本季貢獻4,270萬美元。第三季毛利率為70.7%，較去年同期提高11.9個百分點，較前一季提高3.6個百分點。主要驅動因素是有利的產品組合：我們核心SiTime產品組合中更高價值、較高毛利產品的貢獻增加，並加上TPD的併入。

Importantly, this improvement reflects the products we are selling rather than price increases. Better manufacturing absorption from higher revenue also contributed. Operating expenses were $81.6 million, consisting of $48.6 million in R&D and $33 million in SG&A. Operating expenses increased $29.5 million sequentially, in line with the outlook I provided in August. We continue to invest in the engineering capacity, product development, and go-to-market needed to support our growth while maintaining discipline on our overall cost structure.

重要的是，這項改善反映的是我們所銷售的產品組合，而非漲價所致。由於營收提高帶來更佳的製造吸收（manufacturing absorption），也有所貢獻。營業費用為8,160萬美元，其中研發4,860萬美元、銷售一般及行政（SG&A）3,300萬美元。營業費用較前一季增加2,950萬美元，符合我在8月提供的展望。我們持續投資工程產能、產品開發與市場推進所需資源，以支持成長，同時也維持對整體成本結構的紀律。

Operating income increased to $129.5 million or 43% of revenue compared with 34% of revenue in Q2 and 18% a year ago. Other income was $0.8 million. As a result, non-GAAP net income increased over 5 times to $130.3 million, and non-GAAP earnings per share were $4.01. These results reflect strong revenue growth, favorable product mix, and meaningful operating leverage even as we continue to fund our product road map and invest for growth. Turning to the balance sheet and cash flow.

營業利益提升至1.295億美元，占營收43%，相較之下第二季占營收34，而一年前為18%。其他收益為80萬美元。因此，非GAAP淨利增加逾5倍至1.303億美元，非GAAP每股盈餘為4.01美元。這些結果反映強勁的營收成長、有利的產品組合，以及顯著的營運槓桿，即使我們仍持續投入產品藍圖並為成長投資。接下來談資產負債表與現金流。

DSO was 61 days in Q3, up 10 days from Q2, primarily reflecting the timing of collections related to TPD with those collections received in early Q4. Inventory increased to $112 million to support expected Q4 demand. Together, these working capital movements contributed to the $6.6 million use of operating cash in Q3. We expect working capital and cash flow to improve in Q4 as collection timing normalizes and integration progresses. Capital expenditures for the quarter were $11.2 million.

第三季應收帳款週轉天數（DSO）為61天，較第二季增加10天，主要反映與TPD相關收款時點的影響，相關款項已於第四季初收回。庫存增加至1.12億美元，以支應預期的第四季需求。綜合而言，這些營運資金變動導致第三季營運現金流出660萬美元。我們預期第四季隨著收款時點回歸正常且整合持續推進，營運資金與現金流將改善。本季資本支出為1,120萬美元。

We ended the quarter with $324 million in cash and short-term investments, providing significant liquidity and flexibility to continue investing in the business. Now looking ahead to Q4, the TPD integration is progressing extremely well. And going forward, we will provide our outlook and report our results on a combined basis. For Q4, we expect revenue of $331 million to $341 million, with both the core SiTime and TPD growing sequentially Q3 to Q4. We expect gross margin to remain around 70%, plus or minus 1 point, reflecting the expected mix of the business.

本季結束時，我們持有3.24億美元的現金與短期投資，提供充足的流動性與彈性，以持續投資於業務。展望第四季，TPD整合進展非常順利。未來，我們將以合併基礎提供展望並揭露業績。第四季我們預期營收為3.31億至3.41億美元，核心SiTime與TPD皆將自第三季至第四季呈現季增。我們預期毛利率將維持在約70%，上下浮動1個百分點，反映預期的業務組合。

Operating expenses are expected to remain roughly flat with Q3. We expect interest income of $2 million to $2.5 million and a diluted share count of approximately 32.8 million shares. At the midpoint of the range, we would expect Q4 non-GAAP EPS to be approximately $4.76 per share.

我們預期營業費用將與第三季大致持平。我們預期利息收入為200萬至250萬美元，稀釋後股數約為3,280萬股。以區間中點計算，我們預期第四季非GAAP每股盈餘約為每股4.76美元。

And finally, today, we announced a 3-for-1 stock split of SiTime common stock to make our stock more accessible to a broader base of investors. The shareholders of record at the close of business on December 3, 2026, will receive two additional shares for every outstanding share held on the record date, and trading will begin on a split-adjusted basis on Monday, December 7, 2026.

最後，今天我們宣布將 SiTime 普通股進行 1 拆 3 的股票分割，以使我們的股票對更廣泛的投資人群體更具可及性。截至 2026 年 12 月 3 日（週四）營業日結束時的在冊股東，將就記錄日所持每一股已發行在外股份獲配兩股額外股份；並將於 2026 年 12 月 7 日（週一）起以分割調整後的基準開始交易。

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

接下來，我把電話交回給接線員，開放提問。

(Operator Instructions)

（接線員指示）

Tori Fonberg of Stifel.

Stifel 的 Tori Fonberg。

Yes, thank you and congratulations on the very strong results. Rajesh, you gave us some great detail there on the exposure to AI data center within the various networks, especially on optical. I'm just curious from where you sit, where do you expect the content to increase the most for your products, whether it's clocks or oscillators? I mean it sounds like there's a step function in NPO. My understanding, there's a further step function then as we start to see CPO get deployed?

是的，謝謝，也恭喜你們取得非常強勁的成果。Rajesh，你剛才就 AI 資料中心在各類網路中的曝險提供了很棒的細節，尤其是在光學方面。我只是好奇，從你的角度來看，你預期你們產品的內容量（不論是時鐘或振盪器）在哪裡會增加最多？聽起來在 NPO 會有一個跳躍式提升。依我的理解，當我們開始看到 CPO 部署時，還會再有一個進一步的跳躍式提升？

Yeah, I think there's -- I think to answer your question, Tore, it's across the oscillators as well as the clocks. So one of the easiest ways to say it is my example of the low-jitter gigahertz products, they typically are going to be at a higher price, maybe 3 times, maybe 4 times. So a gigahertz oscillator may cost $6 to $8, whereas a megahertz oscillator might be around $1 to $2. So right there, there's an up level in pricing.

是的，我想——我想回答你的問題，Tore，這會同時發生在振盪器以及時鐘上。最簡單的說法之一是以我提到的低抖動 GHz 產品為例，它們通常會有更高的價格，可能是 3 倍，也可能是 4 倍。因此，一顆 GHz 振盪器可能要價 6 到 8 美元，而 MHz 振盪器可能約 1 到 2 美元。光是這點，價格層級就上移了。

The other thing that happens is that in NPO, for example, the number of DSPs are much greater. And wherever there are more DSPs, there are more oscillators. And there certainly is more clock being used in the NPOs as well, where, as you know, the electrical part of the switch is the optics are closer, and we have some design wins around that as well.

另一件會發生的事是，例如在 NPO 中，DSP 的數量要多得多。而只要 DSP 更多，就會需要更多振盪器。而且在 NPO 中也確實會使用更多時鐘；如你所知，交換器的電氣部分與光學部分更靠近，我們在那方面也有一些設計導入（design win）。

So overall, this is a question that's been asked a few times about what is the impact when there is less copper whenever that happens and more optics. And we have always maintained that SiTime benefits to the upside in this trend. And so we're confirming that with some more detail here.

總體而言，這個問題之前也被問過幾次：當銅線變少、光學變多時，影響是什麼。我們一直主張，SiTime 會在這個趨勢中受益、而且是向上受益。因此，我們在此用更多細節來加以確認。

Very good. As my follow-up, I'm very intrigued with the work that you've been doing with semiconductor companies, and I think you mentioned the funnel growing 8 times to about $4 billion. Could you maybe unpack a little bit how that works? I mean, do you get paid by the semiconductor companies for using your chips? Is this perhaps more of like a reference design? And when do we start to see that becoming or that $4 billion funnel materializing into more revenues? Thank you.

非常好。作為追問，我對你們與半導體公司合作所做的工作非常感興趣；我想你提到漏斗（funnel）成長了 8 倍，達到約 40 億美元。你能否稍微拆解一下這是如何運作的？我的意思是，半導體公司使用你們的晶片，你們會向他們收費嗎？這是否更像是一種參考設計（reference design）？而我們何時會開始看到這個 40 億美元漏斗逐步轉化為更多營收？謝謝。

So as I've mentioned before, I've talked in previous quarters and said that that's one area where we wanted to invest more money. And my point that I was making was that we now have a fully funded team of several people that are calling on anywhere from the Top 10 to Top 20 semiconductor companies and going even beyond that. So the answer is all of the above to how do we make revenue. First of all, we make revenue directly with some of the customers.

如我之前提過的，我在前幾季談到那是我們希望加大投資的一個領域。我想表達的是，我們現在已經有一個由數位成員組成、資金完全到位的團隊，正在拜訪前 10 到前 20 大的半導體公司，甚至還會再往外延伸。所以，關於我們如何創造營收，答案是「以上皆是」。首先，我們會直接向部分客戶創造營收。

In some of these cases, we're directly twinned with the product and sold to the semiconductor company itself and then they sell it. The second part is in the reference design, of course, we get to play in that. And third, there is this co-packaging piece going on, which is going on at a relatively little pace or low pace, which we expect to ramp up in '28 and '29 in particular. So given the time deadlines here, none of this or relatively smaller piece of this $4 billion funnel happens in '27.

在其中一些案例中，我們的產品會與其產品直接配對（twinned），並直接賣給該半導體公司，然後由他們再對外銷售。第二部分是在參考設計中，當然我們也能參與其中。第三，還有共同封裝（co-packaging）這一塊，目前進展相對較慢或節奏較低，但我們預期會在 2028 年與 2029 年特別加速放量。因此，考量這裡的時間節點，這個 40 億美元漏斗在 2027 年不會（或只會有相對較小的一部分）發生。

Most of it starts to ramp in '28 and '29. And we just wanted to say that there is another aspect, and that is when we engage with semiconductor companies, the conversation is extremely detailed and collaborative in changing architectures to recognize unique products from SiTime. And this gets us embedded further, but it also makes us more consequential to our customers. So I think it's just an amazing win for us, and I'm really glad that we have the team up and running.

大部分會在 2028 年與 2029 年開始爬升。我們也想補充另一個面向：當我們與半導體公司合作時，對話會非常深入且具協作性，會在架構上做調整，以納入 SiTime 的獨特產品。這讓我們更深度地被嵌入其中，同時也讓我們對客戶而言更具關鍵性。所以我認為這對我們來說是非常棒的勝利，我也很高興團隊已經建置完成並開始運作。

Thank you for that, and congratulations again.

謝謝你的說明，也再次恭喜。

Quinn Bolton, Needham & Company.

Needham & Company 的 Quinn Bolton。

Rajesh, I wanted to start with the TPD business. I know that segment has been fairly wafer constrained. I wondering if you could give us an update on how you see wafer availability for that business? Do you still expect constraints to last into perhaps as far as middle of next year? Or have you been successful with Renesas in increasing wafer support for the TPD business?

Rajesh，我想先從 TPD 業務開始。我知道那個部門一直以來晶圓供應相當受限。想請你更新一下，你如何看待該業務的晶圓可得性？你是否仍預期限制可能會延續到明年年中左右？或者你們是否已成功與 Renesas 合作，增加對 TPD 業務的晶圓支援？

Yes. So I think in general, constraints will continue through the coming year through 2027. It's the severity of the constraints that we have been very concerned about in this handoff not wanting to constrain our customers, frankly, our mutual customers because Renesas continues to sell to them and wanting to make sure that there are no severe consequences, lines down and such. So with that, we've been quite successful both with our team as well as the support from Renesas. But in general, as I said once before, we expect that we will get closer to the supply chain ourselves by Q1, and we'll start to resolve them.

是的。所以我想整體而言，限制會在接下來的一年、也就是 2027 年持續存在。我們一直非常關注的是限制的嚴重程度；在這個交接過程中，坦白說，我們不希望限制到我們的客戶——也是我們共同的客戶，因為 Renesas 仍持續對他們供貨——並且希望確保不會出現嚴重後果，例如產線停線等等。因此，在我們團隊的努力以及 Renesas 的支援下，我們已經相當成功。但總體而言，如我之前提過，我們預期在第一季（Q1）會更貼近供應鏈本身，並開始逐步解決這些問題。

The more severe issues exiting this quarter and getting into Q1, Q2, I think we should be in significantly better shape. However, I've said that is that there is constraints in the supply chain, particularly on the wafers because of the increased demand. Frankly, we neither we nor TPD had expected this huge surge in demand, and we're seeing significant growth, all to the good, but really something for us to manage, which I'm pretty confident we will by early part of next year, 2027.

較嚴重的問題在本季結束、進入 Q1、Q2 時，我認為我們的狀況會明顯改善。不過，我也說過，供應鏈仍存在限制，特別是在晶圓方面，因為需求增加。坦白說，無論是我們或 TPD 都沒有預期到這麼大的需求激增；我們看到顯著成長，這當然是好事，但也確實是我們需要管理的事情。我相當有信心，我們會在明年（2027 年）年初把它管控好。

And then a follow-up maybe for Beth. Just wondering, it sounds like the book-to-bill continues to strengthen. Wondering if you could give us a sense how far out do you have visibility or backlog? And what are lead times doing on the products? Are they increasing?

接著可能有個追問給 Beth。聽起來接單出貨比（book-to-bill）持續走強。想請你談談你們對能見度或在手訂單（backlog）的可視範圍大概有多遠？以及產品的交期（lead time）目前如何？有在拉長嗎？

Are they stable? Just any sort of comments on lead times and visibility?

它們穩定嗎？就交期與能見度方面，有沒有任何評論？

Yes. So we have exceptional visibility heading into 2027. I think we've got a strong design win funnel, and we've got a strong backlog going into the year. So we feel very well positioned as we kind of finish up '26 and going into '27. When you think about lead time, we're managing the lead times.

是的。所以我們在邁向 2027 年時有非常出色的能見度。我認為我們有很強的設計導入（design win）漏斗，而且我們在進入今年時也有很強的在手訂單（backlog）。因此，當我們接近完成 '26 並進入 '27 時，我們覺得自己的布局非常到位。談到交期，我們正在管理交期。

As Rajesh was just talking about in the supply-constrained environment, it's something that the ops team works really hard with our suppliers on in order to ensure that we can get products, and we're managing through it, I think, is the best way to frame it.

正如 Rajesh 剛才提到的，在供應受限的環境下，營運團隊會非常努力地與供應商合作，以確保我們能取得產品；而我們也正在把這件事管理過去——我想這是最貼切的說法。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

I think I heard you say the Renesas product business, you gave a year-over-year number, even though I know it's included for the first time this quarter. Did you say 67% year-over-year? And if you did, what end markets are the key drivers there? And how is that exposure different from SiTime's core end market exposure? Just to understand the sustainability of Renesas.

我想我聽到你提到 Renesas 產品業務，你給了一個年增率數字，雖然我知道這是本季才第一次納入。你是說年增 67% 嗎？如果是，主要的驅動終端市場是哪些？而這樣的曝險與 SiTime 核心終端市場曝險有何不同？只是想了解 Renesas 的可持續性。

Thanks, Suji. So you're correct. The TPD business grew 67% year-over-year, similar to comparable to when they were part of Renesas. The mix of that business is overwhelmingly probably 80-plus percent in what we would call our Comms, Enterprise, Datacenter and the other roughly 15% to 20% is in Industrial and Automotive for them. So that's the kind of mix of the businesses.

謝謝，Suji。你說得沒錯。TPD 業務年增 67%，這是以可比基礎來看，類似於它們仍屬於 Renesas 時的表現。該業務的組合中，絕大多數——大概 80% 以上——在我們所稱的通訊、企業、資料中心（Comms, Enterprise, Datacenter），其餘約 15% 到 20% 在工業與車用。這就是該業務的大致組合。

And like our business, over the last year plus, it has moved a bit more. They previously were more like 75/25. So it's moved a bit more in toward the CED, not unexpectedly, given the growth in the market.

而且和我們的業務一樣，在過去一年多，它的比重也稍微移動了一些。他們先前大概是 75/25。因此它稍微更往 CED 傾斜，考量到市場成長，這並不令人意外。

Okay. That's helpful color there. And then I know when you guys did the acquisition merger, you talked about Renesas' customer base as being an exciting part of the opportunity here and cross-sell synergies as they had established Fortune 100 customers. Any near-term kind of early updates there, Rajesh, on how those discussions are going, how the cross-sell opportunity looks to you? Is it going to take time?

好的，這些補充很有幫助。另外我知道你們在做併購整合時，曾談到 Renesas 的客戶基礎是這個機會中令人興奮的一部分，以及交叉銷售的綜效，因為他們已建立 Fortune 100 客戶。Rajesh，就近期而言，有沒有一些初步更新：這些討論進展如何、交叉銷售機會在你看來如何？這會需要時間嗎？

Or is that moving along at a nice pace?

還是說進展得相當順利？

Yes. No, that's what I sort of hinted at in my prepared remarks, Suji, that the focus has created new opportunities and the pull-through or the drag along, if you will, is happening in both directions. I think it's only been a quarter, and I think we've already seen the benefit of selling into the TPD customers that some of them they were very strong at. And I think the reverse where we have taken them in with the clocking products into customers that we were stronger at, I think, is already happening. I think clocking is clearly more architectural, more strategic to customers so that probably helps us, the old SiTime more, but it's also true that we are able to take them significantly into some of the new architectures, which will pay off in the future.

是的。不，我在事先準備的發言中其實有稍微暗示到這點，Suji：聚焦之後創造了新的機會，而所謂的帶動效應（pull-through）或你也可以說是「順勢帶動」（drag along），正在雙向發生。我想目前也才一個季度，但我們已經看到把產品賣進 TPD 客戶所帶來的好處，其中有些客戶他們原本就非常強。反過來，我們也把他們的時脈（clocking）產品帶進我們原本更強勢的客戶，我認為這也已經在發生。我認為時脈產品對客戶而言顯然更偏架構層面、更具策略性，所以這可能更有利於原本的 SiTime；但同時也確實，我們能把他們更大幅度地帶入一些新的架構中，這會在未來帶來回報。

So it's really working exactly the way I thought, including with the integration.

所以整體運作方式完全如我所預期，包括整合本身也是如此。

Gary Mobley.

Gary Mobley。

Gaurav Saini from StoneX on behalf of Gary Mobley. I just wanted to ask specifically about the design win pipeline. We're starting to hear more customers shift towards precision timing and away from quartz. So I'd love to get a sense at, a, how has your guys' opportunity pipeline changed over, call it, the last 12 to 24 months? And b, how are you sort of handling that on the resource side, both your own sales team and then also your distribution network?

我代表 Gary Mobley，StoneX 的 Gaurav Saini。我想特別問一下設計導入（design win）管線。我們開始聽到更多客戶轉向精密定時（precision timing），並逐步遠離石英（quartz）。所以我想了解：a，你們的機會管線在過去 12 到 24 個月之間有什麼變化？以及 b，在資源配置上你們如何因應——包括你們自己的銷售團隊，以及你們的通路/代理商網路？

I'd love to get some color on that.

想請你們多分享一些細節。

Yeah. So as I said, we've seen quite a surge in demand. I mean, especially when you widen the aperture from 12 to 24 months, there's no doubt that the increase in demand has been amazing. We can now see not just into and right, sitting here in '26, not only do we see into '27, but we can see into '28 as well. And there are new architectures that I talked about, whether it's with semiconductor companies or hyperscalers that we can see.

好的。正如我說的，我們看到需求大幅激增。我的意思是，尤其當你把視角從 12 個月拉長到 24 個月，毫無疑問需求的增加非常驚人。我們現在不只是能看到眼前與接下來的情況；坐在 '26 這個時間點，我們不僅看得到 '27，甚至也看得到 '28。而且我提到的一些新架構，不論是與半導體公司或 hyperscaler（超大規模雲端業者）相關的，我們都看得到。

That is also true, by the way, in the non-CED business. I think we have opportunities in military, Aerospace, Defense, and Industrial. We talked about robotics. We talked about the smart grid. I think, as you know, in Automotive, it's a little bit of a longer cycle, and we're starting to see some of those longer cycles play out now in our favor.

順帶一提，這在非 CED 業務也同樣成立。我認為我們在軍用、航太、國防與工業領域都有機會。我們談過機器人。我們談過智慧電網。我想你也知道，在車用方面週期稍長，而我們現在開始看到這些較長週期逐步對我們有利地展開。

So I think we have significant breadth coming in that. And so -- our funnel is larger. Our number of salespeople and FAEs is significantly larger. So we probably have the largest sales force now calling on it worldwide with special emphasis in China and in EMEA. So that's helping us.

所以我認為我們在這方面有相當大的廣度。因此——我們的漏斗更大了。我們的業務人員與 FAE（現場應用工程師）人數也顯著增加。所以我們現在可能擁有全球規模最大的銷售團隊在推進這件事，並特別強調中國與 EMEA（歐洲、中東與非洲）地區。這對我們很有幫助。

As far as distribution goes, as you know, we are fulfilling through distribution. We are a design win company that chooses to basically sell through. We don't have a distribution business that's very large, that's selling into stocking and then selling out of stocking programs. It's very much made for the customer, program to the customer, design for the customer thing. So our distributor inventory is at very healthy levels, and we are very happy with that.

至於通路方面，如你所知，我們是透過通路來履約供貨。我們是一家以設計導入為核心的公司，基本上選擇以通路銷售為主。我們並沒有一個很大的通路分銷業務去做備貨（stocking）再從庫存出貨的方案。我們更偏向為客戶量身打造、依客戶專案規劃、為客戶設計的模式。因此我們的通路商庫存水位非常健康，我們也對此非常滿意。

Got it. And then just my follow-up. I know you guys mentioned core CED grew over 200% year-over-year, which is great to see. So I just wanted to double-click on that. How has the mix shifted, call it, again, over the past few years between CPUs, GPUs, custom xPUs?

了解。接著我的追問是：我知道你們提到核心 CED 年增超過 200%，這很棒。我想再深入一點。過去幾年之間，CPU、GPU、自研/客製 xPU 的組合占比如何變化？

And I know you guys also mentioned optical modules. Just trying to get a better understanding of whether this has moved away from being GPU-centric and become much more diversified.

我也知道你們提到光模組。只是想更清楚了解，這是否已經從以 GPU 為中心，轉變為更分散、多元的結構。

Yes. I don't think we see a big change in that. We still see the connectivity part, the networking part as a very strong piece, call it, around 50% of our business is around modules, AECs, connectivity. But at the same time, on the rack side of the business, our business continues to grow with the switches, with the accelerator cards, with the level of inference where we get 2 times to 3 times more in the CPU and the servers and continued strong business in the GPU. So it's kind of like a 50-50 thing.

是的。我不認為我們看到那方面有很大的變化。我們仍然看到連接性（connectivity）、網路（networking）這一塊非常強；大約 50% 的業務是在模組、AEC、連接性相關。但同時，在機櫃（rack）端的業務，我們在交換器、加速卡，以及推論（inference）層面持續成長；在 CPU 與伺服器上，我們能取得 2 倍到 3 倍更多的內容價值（content），而 GPU 方面的業務也持續強勁。所以大致上是 50/50 的結構。

And both of those markets continue to grow solidly.

而且這兩個市場都持續穩健成長。

Sajal Dogra, Rosenblatt Securities.

Sajal Dogra，Rosenblatt Securities。

Congrats on the great results. So you said on your '27 revenue forecast that your largest customer accounts have increased 2 times to 5 times. So what does that compare against? And how does that increase? Like does that refer to TPD?

恭喜取得亮眼的成果。你在 2027 年營收預測中提到，你們最大客戶的帳戶規模已增加 2 倍到 5 倍。那這是相較於什麼基準？而這個增加是如何發生的？例如這是指 TPD 嗎？

Does it core SiTime? Or is it the combined portfolio? And can you give us a sense of the incremental dollars? And how much of this is already backed by firm customer orders?

是指 SiTime 核心業務嗎？還是指合併後的整體產品組合？另外你們能否讓我們了解增量金額大概是多少？以及其中有多少已經有客戶的確定訂單作為支撐？

Yes. Thank you, Sajal. Welcome to SiTime. Basically, what we are seeing yes, we're basically seeing a significant increase in design wins. So most of that refers back to the design win side of the business.

是的。謝謝你，Sajal。歡迎來到 SiTime。基本上，我們看到的是——是的——我們確實看到設計導入（design wins）顯著增加。所以其中大部分是回到業務中的設計導入面向。

And what we wanted to do was give our investors a flavor of how strong our pipeline for design wins is and how strong our funnel is. And so all of that refers to that, and it's all over in all areas really across the business. And maybe Beth wanted to say to add something to that.

我們想做的是讓投資人感受到我們在設計導入方面的管線有多強、漏斗有多強。因此這些內容都指向那一點，而且基本上涵蓋業務各個領域。也許 Beth 想補充幾句。

Yes. And in addition, it also points to the complementary nature of our TPD plus SiTime. As we talked about when we did the deal, there were a number of customers where they had a large installation and maybe were less of a customer for SiTime and some of SiTime's larger customers where TPD had less of a presence. And so one of the things that we're talking about here is this combination of now having TPD and SiTime. You're seeing that complementary nature in that increase in our forecast as we bring these 2 companies together and some of those customers where maybe SiTime hadn't had much of a presence previously, we now have a much larger presence.

是的。另外，這也凸顯了我們的 TPD 加上 SiTime 之間的互補性。如同我們在交易時談到的，有一些客戶在 TPD 端有很大的安裝基礎，但對 SiTime 來說可能不是那麼大的客戶；而 SiTime 的一些大客戶，TPD 的滲透率則較低。因此我們在這裡談到的一件事，就是現在把 TPD 與 SiTime 結合在一起。當我們把這兩家公司整合起來時，你會在預測上看到這種互補性帶來的提升；對於一些過去 SiTime 著墨不多的客戶，我們現在的存在感就大得多。

Got it. And so as my follow-up, I guess at OCP, we heard architects discussing a move from basically microsecond of synchronization error towards tens of nanoseconds. So in the design wins for '27, where does that first translate into a SiTime socket? Is it on the NIC side? Is it on the compute tray?

了解。那我追問一下，我想在 OCP 上，我們聽到架構師在討論從基本上微秒等級的同步誤差，往數十奈秒的方向移動。所以在 2027 年的設計導入中，這最先會轉化成 SiTime 的哪個插槽（socket）？是在 NIC 端嗎？是在運算托盤（compute tray）上嗎？

Or is that still like on the switch? And how much of that stuff is shipping in current design wins versus the next generation?

還是仍然是在交換器（switch）上？另外，這些內容在目前的設計導入中有多少已經在出貨，對比下一代又是多少？

Yes. Very little of that will be shipping in the '26 or even in the '27 time frame, Sajal. I think that's all directional. And I was at some part of it, and it's a very kind of a thoughtful conversation on where the system is headed. But I think directionally, you're correct.

是的。在 2026 年、甚至 2027 年的時間範圍內，這類產品實際出貨的比例會非常少，Sajal。我認為那更多是方向性的。我也參與了其中一部分討論，那是一場非常審慎的對話，關於系統未來會走向哪裡。但就方向而言，你的判斷是對的。

When it gets to that level of precision, I think there's almost nobody else who can supply what we are talking about with the kinds of latencies that we're talking about. Clearly, optics, the greater move into optics is going to drive more of that. And I think there's some innovative architectures that are happening now, but I wouldn't expect much beyond NICs and TCXOs from SiTime connecting, right? So the NIC cards connect with the high-precision TCXOs and there's just more use case of them on the accelerator parts.

當精度要求到那個等級時，我想幾乎沒有其他人能以我們所談的那種延遲水準提供相同的東西。很明顯地，光學（optics）以及更大幅度轉向光學的趨勢，會推動更多這類需求。我認為目前也有一些創新的架構正在發生，但我不預期 SiTime 會有超出 NIC 與 TCXO 的太多內容連結，對吧？所以 NIC 卡會搭配高精度 TCXO，而且在加速器相關部分會有更多使用情境。

Nicole Kozhukhov of Morgan Stanley.

Morgan Stanley 的 Nicole Kozhukhov。

Let's move on and we can come back to Nicole.

我們先往下進行，之後可以再回到 Nicole。

Jim Schneider, Goldman Sachs.

Jim Schneider，Goldman Sachs。

I know you don't want to guide more than 1 quarter in advance, but I was wondering if you could help us understand at least the specific design win in the smartphone segment at one of your large customers, what sort of seasonality will that have, if any, heading into the March quarter? Or would we think that some of the model ramps that are happening at the beginning of the year would more than offset that typical seasonality? Just wanted to make sure we're level set on that.

我知道你們不想提供超過提前一季的指引，但我想請你們協助我們理解，至少在智慧型手機領域、你們某個大型客戶的那個特定設計導入，進入 3 月季度時是否會有任何季節性影響？或者我們是否應該認為，年初發生的一些機型拉升（ramp）會足以抵消典型的季節性？只是想確認我們對此的認知一致。

Jim, this is Beth. Thanks for the question. So as we ramp that design win, I do think it will modulate the normal typical Q4 to Q1 seasonality a bit for at least for this '26 to '27 year.

Jim，我是 Beth。謝謝你的問題。因此，隨著我們拉升那個設計導入，我確實認為，至少在 2026 到 2027 這個年度，它會在一定程度上緩和一般典型的第四季到第一季季節性。

And then as we -- I mean, I guess, as we think about the CED business over the course of '27 and start to model that, how would you encourage us to think about the linearity of that revenue? Because I know there's many moving parts between your own business ramping with the design wins and also the Renesas business, presumably a little bit less supply constrained. And maybe give us -- if you can address anything about the supply constraint end of it, that would be great.

然後當我們——我的意思是，我想，當我們在 2027 年期間思考 CED 業務並開始建模時，你會建議我們如何看待該營收的線性度（linearity）？因為我知道其中有很多變動因素，包括你們自身業務隨設計導入而拉升，以及 Renesas 的業務（推測）供應限制較少。如果你能談到任何供應限制相關的部分，也會很有幫助。

So as we think about seasonality in CED, I think given all of the dynamics of that market and the way AI is evolving over the last many quarters, I think it's hard to necessarily talk about seasonality per se, but probably '27 looks a bit like '26, but I think it's really hard to predict the seasonality because it can come in the form of with these big customers, a little bit of revenue shifting from one quarter to another depending on when exactly we ship can move kind of those -- the growth percentages there. But '27 probably looks comparable to '26 from that perspective as we continue to see sequential growth in CED. So that's kind of as we see it today.

當我們思考 CED 的季節性時，我認為考量到該市場的所有動態，以及 AI 在過去多個季度的演進，要談季節性本身其實不容易；但 2027 年大概會有點像 2026 年。不過季節性真的很難預測，因為對這些大客戶而言，營收可能會以某一季到另一季之間的些微移轉形式出現，取決於我們實際出貨的時間點，這會影響那些成長百分比。但從這個角度看，2027 年大概會與 2026 年相近，因為我們仍預期 CED 會持續呈現逐季成長。這是我們目前的看法。

And to add to that, in terms of tightness of supply, I think that in the short term, in Q3 and Q4, we've struggled more with the supply chain from the acquisition of TPD because we've had to rely on TSAs from Renesas. And so as we have gotten closer to the business, trying to understand the specific needs has taken a little bit of time given the supply chain that we have had to deal with. As to the old core business, if you will, of SiTime, the old business of SiTime, sure, we have some supply constraints, but nothing that we can't manage. In general, we think we'll have managed all of this by the start of Q1. And certainly, the more stark parts of the shortages for the TPD business will probably be handled through this quarter, and we'll be in positive space in Q1.

再補充一下，關於供應緊俏程度，我認為短期內在第三季與第四季，我們在供應鏈方面因為收購 TPD 而遇到較多挑戰，因為我們必須依賴 Renesas 的過渡服務協議（TSA）。因此，當我們更貼近這項業務、試圖理解具體需求時，鑑於我們必須處理的供應鏈狀況，確實花了一點時間。至於你所說的舊核心業務——也就是 SiTime 原本的業務——當然我們也有一些供應限制，但沒有到無法管理的程度。整體而言，我們認為到第一季初就能把這些都處理好。而且，TPD 業務中較為嚴峻的短缺部分，應該會在本季內獲得解決，第一季我們會轉為較正向的狀態。

Chris Caso of Wolfe Research.

Wolfe Research 的 Chris Caso。

Question is about the diversification of the CED business. And I know that your share and your content isn't equal across all the platforms, but I know you're making some efforts in order to do so. Can you comment on that? And I mean, considering that some of the custom xPU solutions, we're expecting to probably grow faster than some of the merchant solutions over the next year. What does that mean for the CED business as you go into '27?

問題是關於 CED 業務的多元化。我知道你們在各個平台上的市占與內容價值（content）並不相同，但我也知道你們正在做一些努力來改善。你能評論一下嗎？另外，考量到一些客製化 xPU 解決方案，我們預期未來一年可能會比一些標準（merchant）解決方案成長更快。當你們進入 2027 年時，這對 CED 業務意味著什麼？

Yes. I think -- thanks, Chris. I think we expect that to have a pretty strong impact on growth because we are seeing multiple design wins in that space. So we expect that to do very well in CED in general. What we wanted to give was a sense in the -- when we talked about the funnel was a sense of how big it is and how pervasive across all applications it is, whether it is in the GPU, the CPU part, whether it is in NICs and switches, but also in the connectivity pieces.

是的。我想——謝謝你，Chris。我認為這將對成長帶來相當強勁的影響，因為我們在那個領域看到多個設計導入（design wins）。因此我們預期這在整體 CED 方面會表現得非常好。我們想在——當我們談到漏斗（funnel）時——提供的是它有多大、以及它在所有應用中有多普遍的概念，不論是在 GPU、CPU 端，或是在 NIC 與交換器中，也包括連線（connectivity）相關的部分。

And the 1 plus 1 equals 3 part, but getting the oscillators and the clocking solutions together of old SiTime and TPD for the new SiTime, I think it makes our portfolio complete and allows us to win designs against people who have been in the clocking business and gives us significant conversation around architectures that we didn't have. So it's really coming through for us the way we expected it to.

還有 1 加 1 等於 3 的那一部分，也就是把舊 SiTime 與 TPD 的振盪器與時鐘解決方案整合在一起，形成新的 SiTime；我認為這讓我們的產品組合更完整，使我們能在設計案上擊敗那些長期深耕時鐘領域的競爭者，也讓我們能就過去無法觸及的架構議題展開更深入的對話。所以它確實正如我們預期地為我們帶來成果。

Got it. As a follow-up, Beth, I know you've spoken about the necessity now that you brought the TPD business on to kind of fill in some of the things that didn't come along with TPD such as sales. What should we expect for OpEx as we go through the next year as you make some of those hires and you integrate that TPD business and fill in some of those blanks?

了解。追問一下，Beth，我知道你提過，現在把 TPD 業務納入之後，有必要補齊一些當初隨 TPD 一起併入但仍不足的部分，例如銷售。隨著你們在接下來一年進行招募、整合 TPD 業務並補上這些缺口，我們對營業費用（OpEx）應該有什麼樣的預期？

You're absolutely right, Chris. When we acquired TPD, we primarily acquired engineers, a few FAEs and a few folks in operations, and we're building out the infrastructure to support that business, whether it be finance, HR, legal, even building up a sales team as well to support that. So that growing that infrastructure combined with supporting the growth of our own business, I would expect that we continue to see kind of sequential increases in OpEx from Q4 to Q1, Q1 to Q2. In general, that's what I do expect is those sequential increases. Now from time to time, as we're seeing Q3 to Q4, the timing of program expenses or some of these items can be a little uneven quarter-to-quarter.

你說得完全正確，Chris。我們收購 TPD 時，主要取得的是工程師、少數 FAE（現場應用工程師）以及少數營運人員；我們正在建立支援該業務所需的基礎設施，不論是財務、人資、法務，甚至也在擴建銷售團隊來支援。因此，這些基礎設施的擴充再加上支援我們自身業務的成長，我預期我們會持續看到 OpEx 從 Q4 到 Q1、Q1 到 Q2 這樣的逐季增加。整體而言，我的確預期會是這種逐季上升。當然，有時候像我們看到的 Q3 到 Q4，專案費用或其中一些項目的時點可能會使得各季之間略有不均。

But overall, I would expect sequential growth as we go through '27.

但整體而言，我預期在 2027 年期間會呈現逐季成長。

Nicole Kozhukhov of Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Nicole Kozhukhov。

We figured this out. It's Joe Moore from Morgan Stanley. Somehow I got registered under the wrong name. I wonder if you could talk about the market share on 1.6 terabit. You've talked about being much higher market share than you were at 400 gigabit.

我們搞清楚了。我是摩根士丹利的 Joe Moore。不知怎麼我用錯名字註冊了。想請你談談 1.6 太比特（terabit）的市占率。你們提過你們的市占率比在 400G 時高得多。

Where are you now from a mix standpoint, 400, 800, 1.6? And should we think about that as a growth driver for you as 1.6 becomes a bigger part of the mix?

以組合（mix）的角度來看，你們目前在 400、800、1.6 各占多少？而當 1.6 在組合中的比重變大時，我們是否應把它視為你們的成長驅動因素？

Yes, absolutely. We should as it transitions towards from 800 to 1.6 and beyond that for that matter to 3.2. We didn't have a very large portion of our business in the 400. So while we are shipping in the 400 and we expect that to ship for a couple more years, we have a relatively small market share. In the 800, it grew over 4 times.

是的，絕對是。隨著它從 800 轉向 1.6，甚至進一步到 3.2，我們確實應該這麼看。我們在 400 這一代的業務占比並不大。因此，雖然我們有在出貨 400，且預期還會再出貨幾年，但我們的市占率相對較小。在 800 這一代，市占率成長超過 4 倍。

And I would say that in the 1.6, it grows again. So there's a unit uplift, market share uplift, but there's also an ASP uplift going from 800 to 1.6 terabit. And we have indicated that as being a significant value of growth in revenue because of performance and other attributes that we have.

而我會說在 1.6 這一代又會再成長一次。所以從 800 升級到 1.6 太比特，不僅有出貨量提升、市占率提升，還有 ASP（平均售價）提升。我們也已指出，基於我們在效能與其他特性上的優勢，這將成為營收成長的重要來源。

This concludes the question-and-answer session. I would now like to turn it back to Rajesh for closing remarks.

問答環節到此結束。接下來我想把時間交回 Rajesh 作結語。

Yes. Thank you for that. We really see ourselves as the company that after the acquisition has really transformed itself into this place where there's fundamental changes between our scale. I think the scale of engineers, the scale of sales, the scale of the business itself is very high, and it helps us to grow the financial transition over to high gross margin, high net operating margin company, I think, is already happening. And then the closer move to customers across the market, I think, has really changed SiTime.

好的。謝謝。我們確實認為自己在收購之後已經轉型成一家公司，在規模上出現了根本性的變化。我認為工程師的規模、銷售的規模、以及整體業務本身的規模都非常高，這也幫助我們推動財務轉型，朝向高毛利、高淨營業利益率的公司邁進；我認為這已經正在發生。此外，更貼近市場端客戶的作法，我認為也確實改變了 SiTime。

So I think our customers recognize it. Our partners recognize it. And I think we wanted to make sure that our investors get to see that we see ourselves as having fundamentally transformed from this $1 billion tipping point revenue onwards to greater growth and greater impact in the market. So with all that, we thank all our investors, and we invite them to join the ride for future and even better times. Thank you very much.

所以我認為我們的客戶看得出來。我們的合作夥伴也看得出來。我們也希望確保投資人能看到：我們認為自己已經從營收達到 10 億美元這個轉折點之後，完成了根本性的轉型，並將帶來更高的成長與在市場上更大的影響力。因此，在此我們感謝所有投資人，也邀請大家一起參與這段旅程，迎向未來、以及更好的時光。非常感謝。

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。本節目到此結束。您現在可以斷線。