Silicon Laboratories Inc (SLAB) 2024 Q4 法說會逐字稿

Hello, my name is Gigi, and I'll be your conference operator today. Welcome to Silicon Labs fourth quarter fiscal 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，我叫 Gigi，今天我將擔任您的會議主持人。歡迎參加 Silicon Labs 2024 財年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now turn the call over to Giovanni Pacelli, Silicon Labs Senior Director of Finance. Giovanni, please go ahead.

現在我將電話轉給 Silicon Labs 高級財務總監 Giovanni Pacelli。喬瓦尼，請說。

Thank you, Gigi, and good morning, everyone. We are recording this meeting and a replay will be available for four weeks on the investor relations section of our website at investor.silabs.com. Our earnings press release and the accompanying financial tables are also available on our website.

謝謝你，吉吉，大家早安。我們正在記錄這次會議，重播將在我們網站 investor.silabs.com 的投資者關係部分提供四週。我們的收益新聞稿和隨附的財務表也可在我們的網站上查閱。

Joining me this morning are Silicon Labs President and Chief Executive Officer, Matt Johnson; and Chief Financial Officer, Dean Butler. They will discuss our fourth quarter financial performance and review recent business activities.

今天早上與我一起參加的是 Silicon Labs 總裁兼執行長 Matt Johnson；和財務長 Dean Butler。他們將討論我們第四季度的財務表現並回顧最近的業務活動。

We will take questions after our prepared comments, and our remarks today will include forward-looking statements that are subject to risks and uncertainties. We base these forward-looking statements on information available to us as of the date of this conference call and assume no obligation to update these statements in the future.

我們將在準備好的評論後回答問題，今天的評論將包括受風險和不確定性影響的前瞻性陳述。我們根據本次電話會議召開之日掌握的資訊做出這些前瞻性陳述，並且不承擔將來更新這些陳述的義務。

We encourage you to review our SEC filings which identify important risk factors that could cause actual results to differ materially from those contained in any forward-looking statements. Additionally, during our call today, we will refer to certain non-GAAP financial information.

我們鼓勵您查看我們向美國證券交易委員會提交的文件，其中列出了可能導致實際結果與任何前瞻性陳述中的結果有重大差異的重要風險因素。此外，在今天的電話會議中，我們將參考某些非 GAAP 財務資訊。

A reconciliation of our GAAP to non-GAAP results is included in the company's earnings press release and on the investor relations section of our website.

我們的 GAAP 與非 GAAP 結果的對帳表包含在公司的收益新聞稿中以及我們網站的投資者關係部分中。

I'll now turn the call over to Silicon Lab's Chief Executive Officer, Matt Johnson. Matt?

現在我將把電話轉給 Silicon Lab 的執行長馬特約翰遜。馬特？

Thanks, Giovanni, and good morning, everyone. Silicon Labs has delivered fourth quarter results consistent with our outlook as we continue to drive momentum through a challenging market cycle. Looking back at 2024, we grew more than 90% from our trough one year ago. Underpinned by consistent improvement in both excess customer inventory and our bookings as well as share gains across both of our business units.

謝謝，喬瓦尼，大家早安。Silicon Labs 的第四季業績與我們的預期一致，我們繼續在充滿挑戰的市場週期中保持強勁發展勢頭。回顧 2024 年，我們較一年前的低谷增加了 90% 以上。得益於過剩客戶庫存和預訂量的持續改善以及兩個業務部門的份額增長。

Our Home & Life business entered a correction several quarters before our industrial commercial business has since grown sequentially each quarter in 2024. At the same time, our industrial and commercial business has seen a more modest recovery after entering its correction a couple of quarters after Home & Life.

我們的家居生活業務在幾個季度內進入了調整期，之後我們的工業商業業務在 2024 年每個季度都實現了連續成長。同時，我們的工業和商業業務在家居和生活業務之後進入幾個季度的調整期，並出現了較為溫和的復甦。

As we look at 2025, we are confident in the many growth opportunities ahead independent of a broad recovery in end market demand. As design wins in connected health care, smart metering, commercial retail and many other applications are now ramping into production.

展望 2025 年，我們相信，無論終端市場需求是否廣泛復甦，未來仍有許多成長機會。隨著互聯醫療保健、智慧計量、商業零售和許多其他應用領域的設計勝利，目前正在投入生產。

In connected health care, we're partnering with more than a dozen continuous glucose monitoring customers globally. In Q4, we shipped meaningful volume to multiple CGM customers, which helped drive the sequential growth of our Home & Life business last quarter. We continue to expect strong growth for us from CGM ramps throughout the coming year.

在互聯醫療保健領域，我們與全球十多家連續血糖監測客戶合作。第四季度，我們向多個 CGM 客戶出貨量顯著成長，這推動了我們家居和生活業務上季度的連續成長。我們繼續預計，未來一年 CGM 業務將實現強勁成長。

As an application, we see the potential for CGM to comprise nearly 10% of our revenue in the next 12 to 18 months and are laser-focused on further building momentum in this space across multiple regions with our industry-leading portfolio and security capabilities.

作為一個應用，我們看到 CGM 有可能在未來 12 到 18 個月內占到我們收入的近 10%，並且我們將利用我們行業領先的產品組合和安全能力，專注於在多個地區進一步推動這一領域的發展。

In smart metering, we have begun shipping millions of units to India's smart electric metering initiative using our Series 2 Sub-GHz products. India's smart metering rollout is progressing quicker than other geographic metering rollouts has historically, and we're well positioned to capture a majority share of this 250 million unit deployment in the years to come.

在智慧計量方面，我們已經開始向印度的智慧電錶計劃運送數百萬台採用我們的 2 系列 Sub-GHz 產品的設備。印度的智慧計量推廣速度比其他地區智慧計量推廣速度更快，我們有能力在未來幾年內佔據這 2.5 億個單位部署的大部分份額。

We are also continuing to gain share in more established metering markets, including in Japan's upcoming refreshment cycle, where we'll support a majority of the market with our higher content multi-protocol solutions for Sub-GHz and Wi-Fi connectivity.

我們也正在繼續擴大更成熟的計量市場的份額，包括日本即將到來的更新周期，我們將透過針對 Sub-GHz 和 Wi-Fi 連接的更高內容多協議解決方案來支援大多數市場。

Further, we see higher content deployments in next-generation US and European markets as well. In commercial retail, we drove strong momentum in the electronic shelf labeling market in 2024 shipping significant unit volume across multiple customers and regions while further bolstering our partnerships with the majority of the leading global ESL providers to support their anticipated rollouts and design plans.

此外，我們也看到下一代美國和歐洲市場的內容部署將會更高。在商業零售領域，我們在 2024 年推動了電子貨架標籤市場的強勁發展勢頭，向多個客戶和地區運送了大量產品，同時進一步加強了與大多數全球領先的 ESL 供應商的合作夥伴關係，以支持他們預期的推出和設計計劃。

In addition to connected health care, smart metering and electronic shelf labeling, we're also focused on driving continued share gains in Bluetooth, which is now our fastest-growing technology by revenue and opportunity funnel.

除了連網醫療保健、智慧計量和電子貨架標籤之外，我們還致力於推動藍牙領域的份額持續成長，藍牙現在是我們收入和機會管道成長最快的技術。

At CES this year, we showcased the first commercially available Bluetooth channel sounding solution enabled on our xG24 and which is now shipping to customers and opens a new addressable market for us in proximity based applications like asset tracking and geo fence. We also debuted our first generally available Wi-Fi six device at CES, the 917, which can deliver an industry-leading two year battery life on a single AAA battery.

在今年的 CES 上，我們展示了第一個基於 xG24 的商用藍牙頻道探測解決方案，該解決方案目前已開始向客戶發貨，為我們在資產追蹤和地理圍欄等近距離應用領域開闢了新的潛在市場。我們也在 CES 上推出了首款普遍可用的 Wi-Fi 6 設備 917，它使用一顆 AAA 電池即可實現業界領先的兩年電池壽命。

Initial design wins under 917 are bringing low-power Wi-Fi connectivity to white goods and home automation less. We've been investing significantly in Wi-Fi in recent years because of our belief in its immense growth potential within our IoT space. Early engagement with our existing customer base has been very strong as we work to support opportunities for pull-through of our Wi-Fi solutions.

917 項下的初步設計成果將為白色家電和家庭自動化帶來低功耗 Wi-Fi 連線。近年來，我們一直在大力投資 Wi-Fi，因為我們相信其在物聯網領域具有巨大的成長潛力。我們致力於支援 Wi-Fi 解決方案的推廣機會，與現有客戶群的早期合作一直非常緊密。

In addition to CES, we hosted our fifth annual works with conference series in the fourth quarter where we met more than 1,000 customers and partners, more than half of which were new to the company. We host works with each year to bring together our industry by connecting developers and large ecosystem partners including Amazon, Google, Samsung, NVIDIA and others with an aim to help foster collaboration and further accelerate adoption and deployment of wireless connectivity at the edge.

除了 CES 之外，我們還在第四季度舉辦了第五屆年度合作會議系列活動，會見了 1,000 多名客戶和合作夥伴，其中超過一半是公司新加入的客戶和合作夥伴。我們每年都會舉辦多項活動，透過連接開發商和大型生態系統合作夥伴（包括亞馬遜、谷歌、三星、NVIDIA 等）來將我們的行業聚集在一起，旨在幫助促進合作並進一步加速邊緣無線連接的採用和部署。

In total, it works with, we logged approximately 6,000 hours of high-impact engagement, which is a testament to our unique position as the preeminent thought leader in wireless connectivity for the IoT. We're also seeing record momentum for 154 connectivity in preparation for wider availability of matter enabled devices later this year and into the future.

總的來說，我們記錄了大約 6,000 小時的高強度工作，這證明了我們作為物聯網無線連接領域傑出思想領袖的獨特地位。我們也看到 154 連結正呈現創紀錄的發展勢頭，為今年稍後及未來更廣泛地普及物質設備做好準備。

As the leader in 154 technology, we remain very well positioned to benefit as matter continues to pull Thread and other device interoperability into the mainstream.

作為 154 技術的領導者，隨著 Thread 和其他設備互通性繼續成為主流，我們仍然處於非常有利的地位。

In fact, since the matter spec was released, we have secured more 154 design wins than the prior five years combined. In conclusion, the Silicon Labs team executed well against a challenging market backdrop in 2024.

事實上，自從物質規範發布以來，我們獲得的設計勝利已經比前五年加起來還多 154 個。總而言之，Silicon Labs 團隊在 2024 年充滿挑戰的市場背景下表現出色。

Looking ahead, the majority of our end customers have worked through their excess inventory and our bookings continue to move in the right direction, indicating to us that our end markets are making progress towards the cyclical recovery.

展望未來，我們的大多數終端客戶已經處理完了過剩庫存，我們的訂單繼續朝著正確的方向發展，這表明我們的終端市場正在朝著週期性復甦的方向前進。

That said, as I stated in my opening remarks, we are confident that we will drive growth throughout 2025, independent of a significant broad-based demand recovery due to the share gains that we've made with our industry-leading Series 2 products that bring best-in-class wireless performance, ultra-low power consumption and leading security to our tens of thousands of customers.

儘管如此，正如我在開場白中所說，我們有信心在 2025 年全年推動成長，不受廣泛需求顯著復甦的影響，這要歸功於我們業界領先的 2 系列產品的份額增長，這些產品為我們數以萬計的客戶帶來了一流的無線性能、超低功耗和領先的安全性。

We expect our share gains in areas such as connected medical, smart metering, commercial retail and many other applications to continue materializing into significant production ramps throughout 2025, placing us in a unique position to drive above market growth this year.

我們預計，我們在互聯醫療、智慧計量、商業零售和許多其他應用領域的份額成長將在 2025 年繼續實現顯著的生產成長，使我們處於獨特的地位，在今年推動超越市場的成長。

At the same time, we'll continue investing in technology innovation, including in our next-generation Series 3 platform that is now sampling and will maintain strong execution while driving toward our financial model.

同時，我們將繼續投資於技術創新，包括我們目前正在採樣的下一代 Series 3 平台，並將在推動我們的財務模型的同時保持強勁的執行力。

Now I'll hand it over to Dean for the financial update. Dean?

現在我將把財務更新交給 Dean。院長？

Thanks, Matt, and good morning to everyone. I will first review the financial results for our recently completed year-end and fourth quarter, followed by a discussion of our current outlook. Silicon Labs ended the fiscal year 2024 with revenue of $584 million, which represents a year-over-year decline of approximately 25%. The decline was most pronounced in the company's industrial and commercial products, which experienced a 32% decline as customers depleted excess inventory positions throughout the year.

謝謝，馬特，大家早安。我將首先回顧我們最近完成的年終和第四季度的財務業績，然後討論我們當前的前景。Silicon Labs 2024財年結束時的營收為5.84億美元，年減約25%。該公司工業和商業產品的下滑最為明顯，由於客戶全年消耗了過剩庫存，該產品的銷售量下滑了 32%。

The company's Home & Life products declined 14% versus the prior year. While the year on year sales decline was substantial, I'm happy to have seen a positive progression in both sales and profitability improvements throughout 2024 as customers depleted inventory and demand for the company's products began to return.

該公司的家居和生活產品比前一年下降了 14%。雖然銷售額比去年同期下降幅度很大，但我很高興看到 2024 年銷售額和盈利能力都取得了積極進展，因為客戶庫存耗盡，對公司產品的需求開始回升。

As a result, the company ended the fourth quarter of 2024 in a substantially better financial position with a GAAP operating loss of $29 million versus the same quarter one year ago GAAP operating loss of $73 million.

因此，該公司 2024 年第四季的財務狀況大幅改善，GAAP 營業虧損為 2,900 萬美元，而去年同期 GAAP 營業虧損為 7,300 萬美元。

Summarizing our fourth quarter results, revenue for the recently ended December quarter was $166 million, in line with the midpoint of our prior guidance and up 91% from the lowest trough point we experienced in the December quarter of 2023.

總結我們第四季的業績，最近結束的 12 月季度的營收為 1.66 億美元，與我們先前指引的中點一致，比 2023 年 12 月季度經歷的最低谷上漲了 91%。

In our Industrial and Commercial business, December quarter revenue was $89 million, down 8% sequentially, but up approximately 50% year over year as customers in this area work through much of their excess inventory positions.

在我們的工業和商業業務中，12 月季度收入為 8,900 萬美元，環比下降 8%，但同比增長約 50%，因為該領域的客戶正在處理大部分過剩庫存。

During the quarter, we saw a stabilization of demand signals for applications such as electronic shelf labeling and continue our early deployments of smart meters in the Indian market, which offset some of the slower recovery applications such as building controls and classic industrial and applications.

在本季度，我們看到電子貨架標籤等應用的需求訊號趨於穩定，並繼續在印度市場早期部署智慧電錶，這抵消了一些復甦較慢的應用，如樓宇控制和經典工業和應用。

Home & Life December quarter revenue was $78 million, up 11% sequentially and up nearly threefold year over year, led by new program ramps in medical applications. As we anticipated, the sequential quarter growth in Home & Life products in the December quarter was offset by industrial and commercial end markets, resulting in roughly flat sequential revenue performance in Q4 and relative to Q3 of 2024.

家庭和生活用品 12 月季度營收為 7,800 萬美元，比上一季增長 11%，比去年同期增長近三倍，這得益於醫療應用領域新項目的推進。正如我們預期的那樣，12 月季度家居和生活產品的環比增長被工業和商業終端市場所抵消，導致第四季度的收入表現與 2024 年第三季度基本持平。

Inventory in our distribution channel remains at lower levels than the company's target of 70 to 75 days. The December quarter saw channel inventory increase by only 3 days to end at 56 days, up from [53%] in the prior quarter. Distribution made up approximately 62% of our revenue mix for the quarter, a decrease from the prior quarter as ramps with new design win customers began early production.

我們分銷通路的庫存仍低於公司 70 至 75 天的目標水準。12 月季度通路庫存僅增加了 3 天，至 56 天，高於上一季的 [53%]。本季度，分銷收入約占我們收入結構的 62%，較上一季度有所下降，因為新設計得標客戶開始了早期生產。

For the December quarter, our GAAP gross margin of 54.3% and non-GAAP gross margin was 54.6%, which was approximately flat compared to the prior quarter and in line with our prior guidance. Although direct customers are now ramping at a faster pace than the broader distribution recovery, we expect to continue to improve our gross margin profile, which continues to reinforce the value of Silicon Labs market-leading product portfolio.

12 月季度，我們的 GAAP 毛利率為 54.3%，非 GAAP 毛利率為 54.6%，與上一季基本持平，符合我們先前的預期。儘管現在直接客戶的成長速度快於更廣泛的分銷復甦，但我們預計將繼續改善我們的毛利率狀況，這將繼續增強 Silicon Labs 市場領先的產品組合的價值。

GAAP operating expenses were $119 million, which includes share-based compensation of $16 million and intangible asset amortization of $5 million.

GAAP 營業費用為 1.19 億美元，其中包括 1,600 萬美元的股權激勵費用和 500 萬美元的無形資產攤銷費用。

Non-GAAP operating expense of $98 million was in line with the midpoint of our prior guidance range. GAAP operating loss was $29 million and non-GAAP operating loss was $7 million both of which were improvements from the prior quarter despite a similar level of top line sales.

非公認會計準則下的營業費用為 9,800 萬美元，與我們先前預期範圍的中位數一致。根據 GAAP 計算的營業虧損為 2,900 萬美元，非根據 GAAP 計算的營業虧損為 700 萬美元，儘管銷售額水準相似，但與上一季相比均有所改善。

During the quarter, we recorded a GAAP tax benefit of approximately $2 million our non-GAAP tax rate remained at 20%. GAAP loss per share was $0.73 and non-GAAP loss of $0.11 per share met the midpoint of our guidance range and was consistent with our expectations.

在本季度，我們記錄了約 200 萬美元的 GAAP 稅收優惠，我們的非 GAAP 稅率保持在 20%。每股 GAAP 虧損為 0.73 美元，每股非 GAAP 虧損為 0.11 美元，符合我們指引範圍的中點，並與我們的預期一致。

Turning to the balance sheet. We ended the quarter with $382 million of cash, cash equivalents and short-term investments. Our days of sales outstanding was approximately 30 days. During the quarter, we further reduced our internal inventory by $34 million, ending the quarter at $106 million of net inventory which contributed to our positive operating cash flow of $10 million for the December quarter despite operating losses.

轉向資產負債表。截至本季末，我們的現金、現金等價物和短期投資為 3.82 億美元。我們的應收帳款週轉天數約為 30 天。在本季度，我們進一步減少了 3,400 萬美元的內部庫存，本季末的淨庫存為 1.06 億美元，儘管 12 月季度出現經營虧損，但這仍為我們 12 月季度 1,000 萬美元的正經營現金流做出了貢獻。

Days of inventory on hand improved to 125 days another sequential improvement from 165 days in the September quarter end and significantly improved relative to the one quarter ago quarter of 407 days of inventory on hand.

庫存天數改善至 125 天，較 9 月底的 165 天連續改善，且相對於上一季的 407 天庫存天數有顯著改善。

Now let me turn to our March quarter outlook. I'm happy to report that our order patterns from new bookings and distribution POS continue to improve, which reinforces our viewpoint that demand for our products continues to make positive progress.

現在讓我來談談我們三月季度的展望。我很高興地報告，我們從新預訂和分銷 POS 獲得的訂單模式繼續改善，這強化了我們的觀點，即我們產品的需求繼續取得積極進展。

A majority of these orders are coming at shorter lead times, which limits our visibility, giving us caution not to over index on this trend too early. Our end customer checks report that excess inventory continues to deplete and that the majority of these customers claim minimal inventory at this point, any minor pockets that persist appear to be more customer-specific than macro driven.

大多數訂單的交付週期都較短，這限制了我們的可見性，因此我們謹慎行事，不要過早過度關注這一趨勢。我們的最終客戶檢查報告顯示，過剩庫存繼續減少，大多數客戶目前都聲稱庫存很少，任何持續存在的小額庫存似乎都更多地是由客戶特定而非宏觀因素驅動的。

As we enter Q1 and early 2025, we expect new program ramps at customers to be the prevailing driver of sales growth throughout the year, beginning now in the first quarter. As such, we anticipate revenue in the March quarter to be in the range of $170 million to $185 million, which at the midpoint would imply 67% year over year growth and 7% sequential growth.

隨著我們進入第一季和 2025 年初，我們預計從第一季開始，新的客戶計畫將成為全年銷售成長的主要動力。因此，我們預計 3 月季度的營收將在 1.7 億美元至 1.85 億美元之間，中間值意味著年增 67%，環比成長 7%。

Considering the end market order patterns and our visibility into upcoming design win ramps, we anticipate another quarter of outperformance by Home & Life products in the March quarter compared to industrial and commercial, mainly driven by shipments to connected health customers and smart home applications.

考慮到終端市場訂單模式和我們對即將到來的設計勝利的預見性，我們預計 3 月份家庭和生活產品的表現將優於工業和商業，這主要得益於對聯網健康客戶和智慧家居應用的出貨量。

Further, our guidance assumes a flat distribution days of inventory would limit to no expected increase in the quarter. We expect GAAP gross margin in the March quarter to be in the range of 54% to 56%. We expect non-GAAP gross margin to also be in the range of 54% to 56%.

此外，我們的指導假設庫存分銷天數持平將限製本季預期不會增加。我們預計 3 月季度的 GAAP 毛利率將在 54% 至 56% 之間。我們預計非 GAAP 毛利率也將在 54% 至 56% 之間。

We expect GAAP operating expenses in the March quarter to be in the range of $128 million to $130 million. We expect non-GAAP operating expenses to increase during the March quarter as the company enters a new fiscal year, resetting payroll-related expenses such as payroll taxes, bonus plans and the company's annual merit cycle, resulting in an expected range of $103 million to $105 million.

我們預計 3 月季度的 GAAP 營業費用將在 1.28 億美元至 1.3 億美元之間。我們預計，隨著公司進入新的財年，重新設定工資稅、獎金計劃和公司年度績效週期等與工資相關的費用，3 月份季度的非 GAAP 營業費用將會增加，預計範圍在 1.03 億美元至 1.05 億美元之間。

Finally, GAAP loss per share is expected to be in the range of $0.75 to $1.05 loss. Non-GAAP earnings per share is expected to be in the range of $0.01 to a loss of $0.19 and on expected basic share count of 32.5 million shares. This wraps up our prepared remarks.

最後，預計每股 GAAP 虧損在 0.75 美元至 1.05 美元之間。非公認會計準則每股收益預計在 0.01 美元至虧損 0.19 美元之間，預計基本股數為 3,250 萬股。我們的準備好的演講到此結束。

I'd like to now hand the call over to the operator to start the Q&A session. Operator?

我現在想將電話交給接線員，開始問答環節。操作員？

(Operator Instructions)

（操作員指令）

Quinn Bolton, Needham and Company.

奎因博爾頓，尼德漢姆公司。

Hey guys, Okay. So congratulations on the nice results and outlook. Dean, and I know visibility is pretty low given the high level of turns orders. But you guys seem very confident in your new program ramps in CGM, electronic shelf labeling.

嘿，大家好。恭喜您取得了良好的成績和前景。迪恩，我知道，由於轉彎命令等級很高，能見度很低。但你們似乎對 CGM、電子貨架標籤等新計畫的發展非常有信心。

Just wondering, you talked about sequential growth through the year. But Dean, can you help us shape what kind of growth you're looking at in terms of maybe quarter to quarter? What's realistic given the limited visibility you have right now?

只是想知道，您談到了全年的連續成長。但是 Dean，您能幫我們了解一下您所期望的季度成長嗎？鑑於目前的可見度有限，什麼是現實的？

Yeah. Good question, Quinn. So really what we're basing our outlook as we look forward into the remaining balance of 2025 is really around design win ramps. We think that should be relatively consistent throughout the year. Like you said, quarter to quarter visibility a little bit limited based on shorter lead times.

是的。好問題，奎因。因此，當我們展望 2025 年的剩餘時間時，我們的展望實際上是圍繞著設計勝利坡道進行的。我們認為全年應該保持相對一致。正如您所說，由於交貨時間較短，季度間可見度有點有限。

But we do have confidence that we will likely grow each quarter. I think it's sort of yet to be seen exactly how that rate plays through whether it's any unique pockets of seasonality throughout the year. But at this point, we are looking at likely a positive quarter on quarter throughout the year Quinn.

但我們確實有信心每季都會成長。我認為，目前還不清楚這一比率究竟如何發揮作用，以及它是否會在全年出現任何獨特的季節性現象。但目前，我們預計奎因全年的季度環比成長可能會呈現正面勢頭。

Great. Thanks for that. And then I guess maybe just you guys talked about the new 917 Wi-Fi device you showed at CES. Can you just sort of talk about the pipeline you've built up for that product, how it might compare to Bluetooth. And how do you see that contributing to revenue growth in calendar '25 and '26.

偉大的。謝謝。然後我想也許你們談論了在 CES 上展示的新型 917 Wi-Fi 裝置。您能否簡單談談您為該產品建立的管道以及它與藍牙相比如何？您認為這將如何促進 25 年和 26 年的收入成長？

Sure. So a bunch of things in there. I'll start with the pipeline. We shared some time ago that, that device actually generated the largest offering pipeline that we've ever seen for any product we've ever released or announced. We've had an incredibly strong reception to that device.

當然。裡面有很多東西。我將從管道開始。我們之前曾分享過，該設備實際上產生了我們所見過的最大的供應管道，這是我們發布或宣布的任何產品中最大的供應管道。我們對該設備的反應非常強烈。

And the pull-through, it's mostly pull-through existing customers. We have a very broad existing customer base. They have interest with products and it's really bringing new to industry capability as well as our support and capability that we bring to all of our customers.

而拉動，主要是拉動現有客戶。我們擁有非常廣泛的現有客戶群。他們對產品感興趣，這確實為業界帶來了新鮮活力，也增強了我們為所有客戶提供的支援和能力。

So the [ops] funnel has been strong. Design win momentum has been strong. We like what we see there. And that is going to be contributing to revenue starting pretty quick in 2025. So we're not talking about something that's far away conceptually.

因此，[ops] 頻道一直很強大。設計獲勝的勢頭一直很強勁。我們喜歡在那裡所看到的一切。從 2025 年開始，這將很快為收入做出貢獻。因此，我們談論的並不是概念上遙遠的事物。

The products generally released, opportunity is good, design win is good and revenue starving. So we like what we see there. To your other point on how does it compare to Bluetooth, much earlier days. If you think about it, we shared quite years ago that we're increasing our focus on Bluetooth. And that takes time, right?

產品普遍發布，機會好，設計勝利好，收入匱乏。所以我們喜歡在那裡所看到的一切。關於您提到的另一個問題，即它與更早的藍牙相比如何。如果你仔細想想，我們幾年前就說過，我們將加大對藍牙的關注。這需要時間，對吧？

A lot of products in the portfolio, support enablement. And as we've shared here, it's worked. Now our biggest opportunity funnel and fastest-growing revenue space we have and that's with the backdrop of our other technologies also all doing well. So Wi-Fi is earlier, these are really just the first products.

產品組合中的許多產品都支援支援。正如我們在這裡分享的，它已經發揮作用。現在，我們擁有最大的機會管道和成長最快的收入空間，這是在我們的其他技術也都表現良好的背景下的。所以 Wi-Fi 是較早的產品，而這些其實只是第一批產品。

So what you should expect is a lot more products coming down the road as we continue doing derivatives of Series 2 and introduce more products in Series 3, which will further accelerate what we're doing in Wi-Fi, which is unique because it's focused on the edge of IoT where we really focus and thrive. So hopefully, that helps.

因此，隨著我們繼續推出第 2 系列的衍生產品並在第 3 系列中推出更多產品，您應該期待未來會有更多產品推出，這將進一步加速我們在 Wi-Fi 領域的發展，這是獨一無二的，因為它專注於我們真正關注和發展的物聯網邊緣。希望這能有所幫助。

That's great. Thank you.

那太棒了。謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey guys, thanks for the question. I guess maybe my first question is around the Synaptics and Broadcom agreement, and this was around kind of next-gen technologies, including Wi-Fi 8, which is a little further out than your road map and these technologies are less low power and different from your portfolio.

嘿夥計們，謝謝你的提問。我想我的第一個問題可能與 Synaptics 和 Broadcom 的協議有關，這是關於下一代技術，包括 Wi-Fi 8，這比您的路線圖稍微遠一點，這些技術的低功耗程度較低，與您的產品組合也不同。

But I was wondering if you had any thoughts on this agreement, if you've looked at these assets from Broadcom and ultimately, your thoughts on them were they too overpriced or just absolutely not strategic in any way to you guys.

但我想知道您對這項協議有什麼看法，如果您看過博通的這些資產，您最終認為它們的價格是否過高，或者對您來說是否完全不具有戰略意義。

Yeah, sure. We're familiar with the technology. And the fastest way I can say it is, this isn't in our wheelhouse or backyard at all. What they're doing is focused on handsets in the handset space where we don't operate a play.

是的，當然。我們熟悉這項技術。我能最快速的說出來就是，這根本不在我們的掌控之中或後院。他們所做的主要焦點是手機領域中的手機，而我們並沒有參與其中。

So a way to think of it is it almost takes them further away from where we focus and our focus, as I was saying a few minutes ago, is really on that low power edge in the IoT space, which we have to develop Wi-Fi products specifically for that ground up.

所以可以這樣想，這幾乎使他們遠離了我們的重點，而我們的重點，正如我幾分鐘前所說的，實際上是在物聯網領域的低功耗優勢上，我們必須為此專門開發 Wi-Fi 產品。

So to those products don't play in our space and the IP is not applicable for this space as I think they share publicly in their comments. So quick answer is good technology but focused on handsets, not in our markets and kind of move them further away from us, not closer.

因此，這些產品不能在我們的領域發揮作用，而且 IP 也不適用於這個領域，因為我認為他們在評論中公開分享了這一點。因此，簡單的答案就是好的技術，但要專注於手機，而不是我們的市場，並且要讓它們離我們越來越遠，而不是越來越近。

Yeah. I figured as much. My second question is around distribution. Basically, you versus your competitors it sounds like you finally think you're in line, you're still a little bit below your target, I think, if you had any expectations to raise that. But would love to know how you think your competitors whether they're over allocated to distribution right now.

是的。我也是這麼想的。我的第二個問題是關於分佈的。基本上，與你的競爭對手相比，聽起來你終於認為自己已經達到了標準，但你仍然比你的目標低一點，我想，如果你曾期望提高這個目標的話。但我很想知道您如何看待您的競爭對手，他們現在是否分配了過多的分銷資源。

And then also kind of maybe a postmortem how to look at this to prevent the massive cyclical move that we've seen over the past couple of years here. What can we do to prevent that? Is it just keeping it super low moving forward? Is that your caution on disti inventory, would love the big picker take.

然後也許還可以進行事後分析，看看如何看待這個問題，以防止我們在過去幾年中看到的大規模週期性波動。我們可以做什麼來防止這種情況發生？以後是不是只能將其維持在極低的水平？這是您對分銷庫存的謹慎態度嗎？

Yeah. Maybe, Chris, I'll start off with just our viewpoint on inventory holdings versus us internally versus distribution channel. Look, one of the things that we've seen over the last few quarters is increasing short lead time orders, which really is a perfect fit for channel partners.

是的。克里斯，也許我將從我們對庫存持有量、內部持有量和分銷管道的觀點開始。你看，我們在過去幾季看到的一件事就是短交貨期訂單的增加，這對通路合作夥伴來說真的是一個完美的選擇。

Quite honestly, we've been working down our internal inventory, our balance sheet inventory. And what we'd like to have happen is have a larger sort of holding set distributors to service those short lead time orders.

坦白說，我們一直在減少我們的內部庫存，也就是我們的資產負債表庫存。我們希望擁有更大規模的經銷商來為這些交貨期短的訂單提供服務。

I think in the industry right now, there's quite a bit of inventory various supply points and people are able to deal with it. I think once you get back to sort of a normal steady-state environment, we would probably look to have our inventory holdings closer to 100 days in distribution close to 70 days. So it's really just a change between balance sheets between us sort of directly versus where the distributors are.

我認為目前在行業中，各個供應點都有相當多的庫存，人們能夠處理這些庫存。我認為，一旦回到正常的穩定環境，我們可能會希望我們的庫存持有量接近 100 天，分銷期將接近 70 天。因此，這實際上只是我們與分銷商之間的資產負債表之間的直接變化。

And certainly, when it comes to peers and sort of what's happening with some people around us, I think the distributors are sort of hesitant to take on a lot of extra inventory right now. I mean everybody sort of got their own nuanced model that they're trying to drive.

當然，當談到同行以及我們周圍一些人發生的事情時，我認為分銷商現在有點不願意承擔大量額外的庫存。我的意思是每個人都有他們自己想要推動的細緻入微的模型。

But I don't think I've seen any instances where distributors are taking too much or taking too little. It seems to be fairly balanced, at least from a Silicon Lab perspective, the last probably about four quarters, we've operate in the mode of let the distributors sort of naturally hold the amount of inventory they think is sufficient for supporting their working capital sort of models as well as customers.

但我認為我還沒有看到分銷商拿得太多或太少的情況。它似乎是相當平衡的，至少從 Silicon Lab 的角度來看是如此，過去大概四個季度，我們一直以這樣的模式運營：讓分銷商自然地持有他們認為足以支持其營運資金模型和客戶的庫存量。

I think as things continue to stabilize, you'll see them probably inch up in their holdings, relative to where they are now. Today, 56, we just ended the quarter with 70 to 75 days is our longer-term target.

我認為，隨著情況繼續穩定，你會看到他們的持股量相對於現在可能會增加。今天，56，我們剛結束了這個季度，70到75天是我們的長期目標。

I fully agree with what Dean saying. And maybe just an add as a reminder for everyone, we never really had a distribution or channel inventory problem throughout the cycle. The biggest challenge we had was really end customer excess inventory that's where there is a substantial build-up as we went throughout this cycle. And that's really what we've been focused on working down over the past year.

我完全同意 Dean 的說法。也許只是為了提醒大家，在整個週期中我們從未真正遇到過分銷或通路庫存問題。我們面臨的最大挑戰實際上是最終客戶的過剩庫存，在整個週期中，庫存大量累積。這正是我們過去一年來一直致力於解決的問題。

As Dean and I shared in my remarks, we've made substantial progress towards that end. So maybe a way to think about it is just like in the crisis where there was not enough supply, we maintained a really constructive relationship with our suppliers, and I think we fared better than most.

正如迪恩和我在我的發言中所分享的，我們朝著這個目標已經取得了實質的進展。因此，也許可以這樣想，就像在供應不足的危機中，我們與供應商保持了真正建設性的關係，我認為我們的表現比大多數供應商都要好。

And also on the other side of it, I think on the inventory side, we maintained a really constructive relationship with our distributors. And I think we fared better than most there. So the biggest challenge for us was really end customer excess versus channel, although never easy to navigate all the moving pieces.

另一方面，我認為在庫存方面，我們與分銷商保持了非常建設性的關係。我認為我們比那裡的大多數人表現都要好。因此，我們面臨的最大挑戰實際上是終端客戶與通路過剩，儘管駕馭所有移動部件從來都不容易。

Thank you very much. Very helpful, guys.

非常感謝。非常有幫助，夥計們。

Thanks, Chris.

謝謝，克里斯。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Yes, thank you and congrats on the continuous recovery here. You mentioned the glucose meter business could be 10% of revenue over the next 12 to 18 months. Do you have similar numbers perhaps for some of your other circular drivers, including the shelf label and the smart meter business?

是的，謝謝你，並祝賀你不斷康復。您提到血糖儀業務在未來 12 到 18 個月內可能會佔收入的 10%。對於您的其他一些循環驅動因素，包括貨架標籤和智慧電錶業務，是否也有類似的數據？

No. Tore, we haven't shared those. We just felt that in the CGM space where you can see it coming relatively quickly, it's better to get out ahead of it and share that.

不。托爾，我們還沒有分享這些。我們只是覺得，在 CGM 領域，您可以相對快速地看到它的到來，最好是走在前面並分享它。

Great. And as my follow-up, there seems to be a lot of activity on the matter side. I'm just wondering how we should think about this for circa labs going forward. Obviously, this is a standard. It pulls through, obviously, a lot of your components. But how should we think about this either from penetrating existing applications to even potentially penetrating some new applications and maybe even things like smartphones.

偉大的。根據我後續報道，此事方面似乎有很多活動。我只是想知道我們應該如何看待未來實驗室的發展。顯然，這是一個標準。顯然，它會拉動很多組件。但是，我們應該如何考慮這個問題，從滲透現有的應用程式到甚至可能滲透到一些新的應用程序，甚至是智慧型手機之類的東西。

Yeah, absolutely. So the net takeaway, I'll start with the headline is we see matter as net favorable to the industry in terms of device adoption and that favorable to Silicon Labs in terms of our position. For anyone not familiar, matter was really adopted for the industry to simply said, make it easier for companies to develop and deploy IoT technology and easier for consumers to adopt and deploy these technologies.

是的，絕對是如此。因此，我從標題開始說，我們認為此事對該行業在設備採用方面的淨收益是有利的，並且對我們的地位而言對 Silicon Labs 有利。對於那些不熟悉的人來說，該行業採取的措施實際上只是讓公司更容易開發和部署物聯網技術，讓消費者更容易採用和部署這些技術。

And there's frustration out there with some because it's taking longer than people expected. I don't particularly find myself in that camp. I think these big transitions that are worthwhile take a lot of time. There's a lot of moving pieces, a lot of companies. And I think the thing to focus on there is, does it continue to move forward in the right direction, and the answer is yes. It continues to move forward.

而有些人則感到沮喪，因為它花費的時間比人們預期的要長。我並不認為自己屬於這一類。我認為這些值得的重大轉變需要花費大量時間。有很多活動部件、很多公司。我認為需要關注的問題是它是否繼續朝著正確的方向前進，答案是肯定的。它繼續向前移動。

And if you look at where it's being adopted, the easy way to think of this is the Infrastructure is being built out for matter. And what that does is creates the real potential for us, which is the deployment of edge devices out there.

如果你看看它在哪裡被採用，很容易想到的是，基礎設施正在為此而建造。這為我們創造了真正的潛力，即邊緣設備的部署。

So as service providers and handsets put this technology in their devices, it lays the groundwork for all the edge devices. That's the big volume to adopt this technology, and that's where we thrive.

因此，當服務提供者和手機將這項技術應用於他們的設備時，它為所有邊緣設備奠定了基礎。採用這項技術的數量非常大，這也是我們繁榮發展的地方。

So as we've said all along, that's why we've leaned in on this. We have been the largest code provider for any semi company, more search than any company out there around Thread. And as I shared in my remarks, since that spec was ratified, which I think was roughly two years ago, we've won and secured more business, since then, than in the prior five years combined, which speaks to really the acceleration that you're seeing.

正如我們一直所說的，這就是我們依賴這一點的原因。我們一直是任何半導體公司最大的代碼提供商，搜尋量比 Thread 周圍的任何公司都多。正如我在演講中分享的那樣，自從該規範獲得批准以來（我想大約是兩年前），我們贏得並獲得的業務比前五年的總和還要多，這確實說明了您所看到的加速發展。

And to answer the question, yeah, existing devices definitely want to adopt and deploy, and we also see new devices where they say, okay, maybe it's time, maybe this makes it easier for us in terms of our development and for the likelihood that the outside world can adopt it. So we're cautiously optimistic that this is a win for the industry and a win for us and it continues to move in that direction.

回答這個問題，是的，現有的設備肯定想要採用和部署，我們也看到新的設備，他們說，好吧，也許是時候了，也許這會讓我們的發展更容易，也更有可能讓外界採用它。因此，我們謹慎樂觀地認為，這對產業和我們來說都是一個勝利，而且它將繼續朝著這個方向發展。

That's a great color. Thank you, Matt.

真漂亮的顏色。謝謝你，馬特。

Cody Acree, The Benchmark Company LLC.

Cody Acree，The Benchmark Company LLC。

Great, thanks guys for taking my questions and congrats on the nice annual turn. With -- if you look at the street estimates for '25, I think the street's got you up 7% annual, about a little over $200 million annual. If I look at the drivers that you laid out, glucose monitoring, electronic shelf labels and smart metering, can you maybe handicap your other growth drivers? Or how much of that 37% street estimate that you could realistically gain from those large drivers and how much is going to have to come from the rest of the company?

太好了，感謝大家回答我的問題，並祝賀你們度過了美好的一年。如果你看一下 25 年的華爾街預測，我認為華爾街的估值每年會為你帶來 7% 的成長，每年大約 2 億美元多一點。如果我看一下您列出的驅動因素，葡萄糖監測、電子貨架標籤和智慧計量，您是否可能會阻礙其他成長動力？或者，在街頭估計的 37% 中，你能從這些大型司機那裡實際獲得多少收益，又有多少必須來自公司的其他部分？

The rest of the company being other areas?

公司的其餘部分是其他領域嗎？

Yeah, just other applications?

是的，只是其他應用程式嗎？

Yeah, sure. So we haven't broken it out, but we want to be very clear about a few things. We talk about ESL -- sorry, electronic shelf labels, continuous glucose monitor smart metering, because there are applications that people understand, we have strong positions, there's awesome growth out there for both the industry and for us.

是的，當然。因此，我們還沒有將其詳細闡述，但我們想明確一些事情。我們談論 ESL——抱歉，是電子貨架標籤、連續血糖監測儀智慧計量，因為這些是人們能夠理解的應用，我們擁有強大的地位，對於產業和我們來說，都有驚人的成長空間。

But -- and so I'm not going to answer the question directly, what percent, but they have meaningful growth for us, and they're helping impact our expectation and outlook for the year. That being said, we've also mentioned just here on this call, we expect growth in Wi-Fi. We expect growth in Bluetooth some are in those applications and a lot that's independent of those applications.

但是——所以我不會直接回答這個問題，百分比是多少，但它們對我們來說具有有意義的成長，並有助於影響我們對今年的預期和展望。話雖如此，我們在這次電話會議上也提到，我們預計 Wi-Fi 將會成長。我們預期藍牙將會有成長，有些成長來自於這些應用，而許多成長與這些應用無關。

We just talked about matter, which is not included in those applications, which we see only accelerating as we move forward in time. So the point being those applications and there are multiple other applications that we see as growth drivers and there's multiple other technology trends that we see as growth drivers.

我們剛才討論了物質，它並不包含在這些應用中，我們看到它隨著時間的推移而加速。因此，重點在於這些應用程式以及我們認為是成長動力的其他多種應用程序，還有我們認為是成長動力的其他多種技術趨勢。

So I wouldn't over index on those three areas, although we really like what we see there, and they're giving us a good lift. There's a lot of other vehicles out there too that are giving us a tailwind.

因此，我不會過度關注這三個領域，儘管我們真的很喜歡在那裡看到的情況，而且它們給了我們很好的提升。還有許多其他車輛也為我們帶來順風。

Excellent. Thank you guys for that. Maybe if you could just talk about your gross margin puts and takes as we progress through the year. Any color would be appreciated.

出色的。感謝你們。也許您可以談談今年以來您的毛利率變化。任何顏色都值得讚賞。

Yeah, Cody, we've done a good job in improving our gross margins throughout 2024, as we enter the first quarter into '25, it looks like gross margins are coming up again a little bit. Looks like midpoint is 55% is what we're guiding for Q1.

是的，科迪，我們在 2024 年全年提高毛利率方面做得很好，隨著我們進入 2025 年第一季度，毛利率似乎又有所上升。看起來中點是 55%，這是我們對第一季的預期。

I think as we look forward into the balance of '25, we would expect sort of continued progress in gross margin. I don't think you're going to see any big sort of step function from here. We're pretty close to where we see ourselves as kind of our longer-term model, this mid to 50s or mid-high 50s.

我認為，當我們展望25年的平衡時，我們預期毛利率將繼續成長。我認為你不會從這裡看到任何大的階躍函數。我們已相當接近我們所預期的長期模型，即 50 年代中期或 50 年代中後期。

So we're in sort of the striking range now. So what I would like to see in progression of gross margins. One, as revenue continues to increase, you'll sort of get the absorption of fixed costs. So on a ratio basis, your margins will get a little bit better. As some of the new design wins ramp, I think that's helpful. But again, it's not a step function.

因此我們現在處於一種打擊範圍內。所以我希望看到毛利率的進步。首先，隨著收入的不斷增加，你會吸收固定成本。因此從比例來看，您的利潤率會稍微好一點。隨著一些新設計的成功，我認為這很有幫助。但同樣，它不是一個階躍函數。

One of the things I think is going to be key is to see sort of the broader distribution sort of the tens of thousands of customers continue to recover and improve from here. And that will probably bring up the margins.

我認為最關鍵的事情之一是看到更廣泛的分佈，成千上萬的客戶繼續恢復和改善。這可能會提高利潤率。

A lot of those distribution customers end up being servicing our industrial side of the house. And that tends to come with a little bit better gross margin as from a mix perspective, than some of the other areas. So I hope that helps, Cody.

很多分銷客戶最終都為我們的工業部門提供服務。從組合角度來看，這往往會帶來比其他領域更好的毛利率。所以我希望這會有所幫助，科迪。

It does. Thank you guys very much.

是的。非常感謝你們。

Yep.

是的。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

Yeah, hi, good morning guys. Matt, I was hoping you could maybe give us some additional color on when you talk about end customer inventory, not just the disti inventory but end customer inventory kind of still normalizing.

是的，大家早安。馬特，我希望您能在談論最終客戶庫存時為我們提供一些額外的信息，不僅僅是分銷庫存，而且最終客戶庫存仍然處於正常狀態。

Where do you see kind of what end markets or what customer types, where do you feel comfortable that inventory is back to normal? And where do you think there's still some excess that needs to be, I guess, corrected over the next few quarters?

您認為終端市場或客戶類型為何？您認為未來幾季還有哪些過剩現象需要修正？

Sure. So the quick answer is for anyone not familiar with what we do is we work with our top 60, 70 customers and really try to understand their end inventory situation. So again, not perfect science, but roughly right. And we've seen consistent progress there over the past year.

當然。因此，對於那些不熟悉我們工作的人來說，簡單的回答是，我們與前 60 到 70 個客戶合作，並真正試圖了解他們的最終庫存情況。所以再說一遍，這不是完美的科學，但大致正確。在過去的一年裡，我們看到了那裡持續的進展。

To the point now where the pockets that remain, as we said, are probably more customer-specific phenomena than market or industry phenomena that are going on there. So we're getting pretty close to that working its way out for us. I think the easiest way to say it is, there's still some, so we don't want to ignore that.

正如我們所說，現在剩下的部分可能更多是特定於客戶的現象，而不是正在發生的市場或行業現象。所以我們已經非常接近找到解決方案了。我認為最簡單的說法是，仍然存在一些，所以我們不想忽視它。

But if you can break it into the major three factors that we've been talking about for quite a while now, excess inventory, end market strength and design win ramps. And I think where we are right now, maybe the easiest way to conceptualize it is going forward, the biggest influencers first will be those design-in ramps.

但如果你可以將其分解為我們已經討論了一段時間的三個主要因素，即庫存過剩、終端市場實力和設計勝利坡道。我認為，就我們目前的狀況而言，也許最簡單的概念化方式就是繼續前進，首先最大的影響因素將是那些設計坡道。

Second will be broad market or end market strength that we're not seeing yet, but we do expect at some point. And third is inventory. So it's really moved down the list where last year, it would have been one, now it's down there. So I think it's really moving from a big factor to a much smaller factor and less consequential on our expectations moving forward. So hopefully, that's helpful.

第二是廣泛的市場或終端市場的實力，雖然我們還沒有看到，但我們確實預計在某個時候會出現。第三是庫存。因此，它在榜單上的排名確實下降了，而去年它本來是第一名，但現在卻下降了。因此，我認為它確實從一個大因素變成了一個小因素，對我們未來的期望的影響也越來越小。希望這會有所幫助。

Yeah. That's helpful. And then just a follow-up to one of the previous questions about -- I look at your outlook for the CGM going to 10% of sales in the next 12 to 18 months. But do you feel pretty good about the next few quarters. So there must be something else that's also contributing to that incremental growth, because your expectation for the end market is kind of relatively kind of stable.

是的。這很有幫助。然後只是對之前的一個問題的跟進——我看一下您對未來 12 到 18 個月內 CGM 將佔銷售額的 10% 的前景。但您對接下來的幾季感覺還好嗎？所以一定還有其他因素也促進了這種增量成長，因為你對終端市場的預期是相對穩定的。

So I'm just curious, what are some of the other new products that are driving that's giving you that confidence that you'll grow through the next few quarters in the year?

所以我很好奇，還有哪些新產品能帶給您信心，讓您相信公司將在接下來的幾年裡成長？

And also if you can talk about some of these markets are certain niche that, I guess, some of us don't have a very good idea how big these markets are. So if you can kind of give us some idea where you are in terms of penetration, how big these markets are. And any additional color will be helpful. Thank you.

另外，如果您可以談論其中一些市場是特定的利基市場，我想我們中的一些人可能不太清楚這些市場有多大。因此，如果您可以告訴我們您的滲透率處於什麼水平，這些市場有多大。任何額外的顏色都會有幫助。謝謝。

Sure. So let's see, there's a lot in there. Let me talk about first just kind of answer the first piece as directly as I can. CGM ramps have already started and they started across multiple customers. So that's important that, that's not just the down the road thing. That's a real-time thing. So that's one.

當然。讓我們看看，這裡面有很多內容。首先，讓我盡可能直接回答第一個問題。CGM 坡道已經開始，並且已為多個客戶開始。所以這很重要，這不僅僅是未來的事情。這是一個即時的事情。這就是其中之一。

And the way to think of that is if you go back a year ago, that was zero, so effectively. So that's all incremental growth for us as a company. So I don't want to downplay that piece. But to answer the question, the other areas we talked about, ESL has been ramping at a good clip, and that was already in motion metering, we've always had a strong position.

我們可以這樣想，如果回顧一年前，這數字其實是零。所以這對我們公司來說都是增量成長。所以我不想低估這一點。但要回答這個問題，我們談到的其他領域，ESL 一直以良好的速度發展，並且在運動計量方面，我們一直佔據強勢地位。

But as we shared in the prepared remarks, we're also starting to see new deployments globally like the India smart metering initiative, we're starting to ship millions of units into there. So that's starting to ramp for us. we're seeing that one move faster than other geos we've seen historically, which is encouraging to see.

但正如我們在準備好的發言中分享的那樣，我們也開始看到全球範圍內的新部署，例如印度智慧電錶計劃，我們開始向那裡運送數百萬台設備。所以這對我們來說開始有了進展。我們發現這項進展比我們歷史上見過的其他地理位置都要快，這是令人鼓舞的。

So the areas we've talked about are all contributing. It's not just those one and then I'd also say we expect to see growth in areas like from new products like Wi-Fi that we've talked about. BLE, we've shared is now our fastest-growing revenue space.

所以，我們討論的領域都是有貢獻的。不僅僅是這些，我還想說，我們預計會看到諸如我們所談到的Wi-Fi等新產品等領域的成長。我們分享的 BLE 目前是我們成長最快的營收領域。

So that's driving share gains and strong growth there. We expect to matter will continue to contribute favorably. When you see such an acceleration of design wins. The simple way to think of that is that's a precursor to an acceleration in revenue.

這推動了市場份額的成長和強勁成長。我們預期此事將繼續帶來有利貢獻。當你看到設計勝利的如此加速。簡單想就是，這是營收加速成長的前兆。

So all those are additional factors that we see contributing in addition to CGM to your original question. On the piece that some of these end markets seem niche are relatively small, I'd put it this way. Maybe I'll just focus on CGM continuous glucose monitors and shelf labels. I'd say this, both are markets that are relatively early in terms of their global adoption. That being said, they already represent hundreds of millions of units.

因此，我們認為除了 CGM 之外，這些都是對您最初的問題有貢獻的其他因素。關於其中一些終端市場似乎相對較小且利基的部分，我會這樣說。也許我只會關注 CGM 連續血糖監測儀和貨架標籤。我想說的是，這兩個市場從全球採用的角度來看都還處於相對較早的階段。話雖如此，他們已經代表了數億個單位。

We've shared on previous calls that we shipped over 300 million units in the ESL already, and it's early days in that market. So the way I'd take away for those markets, early days in terms of global adoption, I think the growth potential is substantial in all those markets over time. And our position is very strong within each of those markets. So we're well indexed for the future growth opportunity there.

我們在之前的電話會議上已經分享過，我們已經在 ESL 中出貨了超過 3 億台設備，而這個市場才剛起步。因此，我認為，就這些市場在全球採用的早期階段而言，隨著時間的推移，所有這些市場都具有巨大的成長潛力。我們在每個市場中都佔有非常強的地位。因此，我們已為那裡未來的成長機會做好了準備。

Very helpful. Thanks, Matt.

非常有幫助。謝謝，馬特。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey guys, thanks for taking my question. I wanted to ask about the dynamic between the disti and the direct inventory. It took a step down in the December quarter. Could you just -- can you just walk through what happened there? I think for a period of time, you had talked about moving up in terms of revenue towards disti and how that helped gross margin? That's question one.

嘿夥計們，謝謝你們回答我的問題。我想問一下分銷庫存和直接庫存之間的動態。12 月季度，該數字有所下降。能簡單介紹一下那裡發生了什麼事嗎？我想有一段時間，您曾談到提高分銷收入以及這如何有助於提高毛利率？這是第一個問題。

And then question two is, as it relates to the top 10% customer, you stopped breaking it out at the end of 2023. But could you give us an update on where that stands today? I would assume that given the direct customer has grown as a total dollar amount, that number has also grown as well. Any help with that would be helpful as well. Thank you.

第二個問題是，由於它與前 10％ 的客戶有關，您在 2023 年底就停止了它的細分。但您可否向我們介紹一下目前的情況？我認為，鑑於直接客戶的總金額成長，這個數字也會成長。任何幫助都會有幫助。謝謝。

Yeah, Tom, the direct versus distribution mix is actually pretty simple. We have been improving distribution versus direct as a percentage of revenue. Sort of throughout '24, it did take a step down in the fourth quarter. And it's actually pretty simple. So a lot of our industrial type business goes through the channel. That's a little bit slower right now.

是的，湯姆，直接與分銷的組合實際上非常簡單。我們一直在提高分銷與直接收入的百分比。在整個 24 年裡，它在第四季度確實有所下滑。事實上它非常簡單。因此，我們的許多工業類型的業務都是透過管道進行的。目前速度稍微慢了一點。

And at the same time, some of the ramping businesses through CGM that Matt talked about, actually tends to go direct and so what you see is distribution is not growing at the same rate that these new customer ramps are happening and that's thrown it off.

同時，馬特談到的一些透過 CGM 拓展的業務實際上傾向於直接發展，因此您會看到分銷量的成長速度與新客戶的成長速度不一樣，這就造成了分銷量下降。

What I would expect though, sort of throughout the year and going forward, is that industrial sort of starts coming back and sort of broader demand continues to return. I think you'll see that distribution channels continue to grow.

不過，我預計，全年乃至未來，工業將開始復甦，更廣泛的需求也將持續回升。我認為你會看到分銷管道持續成長。

And so you'll find probably in the near term, hey, what is the dynamic between some of these direct new design ramps versus sort of the broader long tail and I think it would probably just take a little while before they kind of get back to equilibrium.

因此，您可能會在短期內發現，嘿，這些直接的新設計坡道與更廣泛的長尾之間的動態是什麼樣的，我認為它們可能只需要一段時間才能恢復平衡。

As for your second question, Tom around top customers, generally speaking, our top customers that you might see in some of the SEC filings tend to be our distributors. So we sell direct distributors. Historically, that's roughly in the order of 70%, in some cases, 80% of our revenue goes to distributors. And so a lot of the top customers you see in that vein, the company for a long, long time has never had a 10% single end customer, and that continues to remain true.

至於您的第二個問題，湯姆，關於頂級客戶，一般來說，您可能會在一些美國證券交易委員會文件中看到的我們的頂級客戶往往是我們的經銷商。因此我們直接向經銷商銷售。從歷史上看，我們的收入大約有 70% 流向了經銷商，在某些情況下甚至達到 80%。因此，在您所看到的許多頂級客戶中，該公司很長一段時間內從未擁有過 10% 的單一終端客戶，而這種情況仍然如此。

Peter Peng, JP Morgan.

摩根大通 (JP Morgan) 的 Peter Peng。

Hey guys, thanks for taking my questions and congratulations on the results. Maybe on the March quarter, can you maybe talk about where we are in terms of shipment versus end consumption trends? I know you guys talked that most of your customers are done with going through inventory trends. But are you still continuing to under ship versus the end consumption trends?

嘿夥計們，感謝你們回答我的問題，並對你們取得的成績表示祝賀。也許就三月季度而言，您能否談談我們的出貨量與最終消費趨勢如何？我知道你們說過大多數客戶已經不再關注庫存趨勢了。但相對於最終的消費趨勢，你的出貨量是否還在持續下降？

Sure. Hey, Peter. So the quick answer is, as long as there is some excess inventory out there at our customers you can't say you're at consumption, I guess, is the fastest way to say it. But as I said earlier, I think as a component of the kind of dynamic and expectation moving forward, we're predominantly through this inventory correction for us specifically.

當然。嘿，彼得。因此，簡單的回答是，只要我們的客戶那裡有一些過剩庫存，你就不能說你在消費，我想，這是最快的說法。但正如我之前所說，我認為作為未來動態和預期的一個組成部分，我們主要透過這種庫存調整來實現這一目標。

And as we've shared, that's continued to move down to a rate now or a level now where I would prioritize it the way I said. Really, the primary driver of expectations moving forward is design win ramps, then broad market and then inventory.

正如我們所分享的，現在這個速度或水平已經持續下降，我將按照我所說的方式對其進行優先排序。實際上，推動預期向前發展的主要驅動力是設計勝利的提升，其次是廣泛的市場，然後是庫存。

So it's really moved down to a factor that gets way less visibility and influence of our expectations. So I don't say we're -- I can't say we're there because there's some excess out there, but it continues to work its way down. And it's no longer the primary factor like it was in '24 -- '25 is about other growth factors.

因此，它實際上已經成為一個對我們的預期影響和可見性都大大降低的因素。所以我不能說我們已經達到了這個水平，因為還存在一些過剩產能，但它正在繼續下降。它不再像 24-25 年那樣是主要因素，而是其他成長因素。

Got it. And then if I can get some of the seasonal trends, like March quarter is typically your softer period. Usually, it's more flattish to down slightly, but you guys are guiding for up 7%. And then June and September quarter is your seasonally stronger periods. So would it be just given all the design wins ramp that you guys talked about that revenue growth is going to be accelerating into the June and September.

知道了。然後，如果我可以得到一些季節性趨勢，例如三月季度通常是較為疲軟的時期。通常情況下，業績會持平或略有下降，但你們預計會上漲 7%。六月和九月季度是你們的季節性強勁時期。那麼，是不是因為你們談到的所有設計勝利都會導致收入成長在 6 月和 9 月加速？

Yeah, Peter, good observation. You're right, generally Q1 tends to be a little bit softer. We're bucking that trend with some of these new product ramps currently. I would say it's probably too early to call to what does June, September quarter look like. .

是的，彼得，觀察得很好。你說得對，一般來說，第一季的情況會稍微溫和一些。目前，我們正透過推出一些新產品來逆轉這一趨勢。我想說現在判斷 6 月和 9 月季度的情況可能還為時過早。。

Look, I do think we have lower visibility right now than we may historically have over the last couple of years. I wouldn't bank on sort of a significant acceleration from here. I mean sort of posting a March quarter 7% positive sequentially is pretty substantial in this market based on what we're hearing around some of our peers.

我確實認為，與過去幾年相比，我們現在的能見度可能要低一些。我不會指望從現在開始會出現顯著的加速。我的意思是，根據我們從一些同行那裡聽到的消息，3 月份季度環比增長 7% 在這個市場上已經是相當可觀了。

I would think that as you look forward into the summer months, you would probably enter with a little bit of caution, at least we do, and we look at the backlog and say, hey, things are going in the right direction. But we're not calling acceleration at this point, and that's maybe how I would frame it, Peter.

我認為，當你展望夏季時，你可能會有點謹慎，至少我們是這樣做的，我們會看看積壓的情況，然後說，嘿，事情正朝著正確的方向發展。但是我們此時還沒有稱之為加速，這也許就是我的想法，彼得。

Perfect. Thank you, guys.

完美的。謝謝你們。

Thank you. At this time, I will now hand the call back over to Giovanni Pacelli.

謝謝。現在，我將把電話轉回給喬瓦尼·帕切利。

Thank you, Gigi and thank you all for joining this morning. Before concluding today's call, I would like to announce our upcoming participation in Susquehanna's 14th Annual Technology Conference in New York City on February 27.

謝謝你，吉吉，也謝謝大家今天早上的參與。在結束今天的電話會議之前，我想宣布我們將於 2 月 27 日參加紐約市 Susquehanna 第 14 屆年度技術會議。

I would also like to announce our upcoming Analyst Day in New York City on March 11 at 9 AM Eastern. Matt, Dean and others from our executive team will provide an in-depth review of our long-term strategy key growth initiatives and financial outlook.

我還想宣布我們即將於 3 月 11 日東部時間上午 9 點在紐約舉辦分析師日。Matt、Dean 和我們執行團隊的其他成員將深入審查我們的長期策略、關鍵成長舉措和財務前景。

We look forward to connecting with you and providing a deeper insight into our business. A registration link is available now on our website at investor.silabs.com. The event will also be streamed live on our website. This now concludes today's call. Thank you.

我們期待與您建立聯繫並深入了解我們的業務。您現在可以在我們的網站 investor.silabs.com 上找到註冊連結。活動也將在我們的網站上進行直播。今天的電話會議到此結束。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。