Silicon Laboratories Inc (SLAB) 2025 Q1 法說會逐字稿

Hello, my name is Dee Dee, and I will be your conference operator today. Welcome to the Silicon Labs first-quarter fiscal 2025 earnings call. (Operator Instructions)

您好，我叫 Dee Dee，今天我將擔任您的會議接線生。歡迎參加 Silicon Labs 2025 財年第一季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I will now turn the call over to Giovanni Pacelli, Silicon Labs' Senior Director of Finance. Giovanni, please go ahead.

請注意，今天的會議正在錄音。現在我將把電話轉給 Silicon Labs 的高級財務總監 Giovanni Pacelli。喬瓦尼，請繼續。

Thank you, Dee Dee, 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，Dee Dee，大家早安。我們正在錄製這次會議，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格也可在我們的網站上查閱。

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

今天與我一起出席的還有 Silicon Labs 總裁兼執行長 Matt Johnson；和財務長 Dean Butler。他們將討論我們的第一季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. 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.

我們將在準備好的評論後回答問題，我們今天的評論將包括受風險和不確定性影響的前瞻性陳述。這些前瞻性陳述是基於本次電話會議召開之日我們掌握的信息，並且不承擔將來更新這些陳述的義務。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。

Additionally, during our call today, we will refer to certain non-GAAP financial information. 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.

此外，在今天的電話會議中，我們將參考某些非 GAAP 財務資訊。我們的 GAAP 與非 GAAP 結果的對帳包含在本公司的收益新聞稿和我們網站的投資者關係部分。

I'd now like to turn the call over to Silicon Labs', Chief Executive Officer, Matt Johnson. Matt?

現在我想將電話轉給 Silicon Labs 的執行長馬特約翰遜。馬特？

Thanks Giovanni, and good morning to everyone. Silicon Labs drove strong first-quarter results, consistent with our outlook and showing momentum across the business. As we highlighted in our recent analyst day, we are well positioned to outperform the broader semiconductor market, and our Q1 results illustrate that with both sequential and year-over-year revenue growth in both of our business units.

謝謝喬瓦尼，大家早安。Silicon Labs 第一季業績表現強勁，符合我們的預期，並展現出整個業務的強勁發展勢頭。正如我們在最近的分析師日中所強調的那樣，我們已做好準備超越更廣泛的半導體市場，我們的第一季業績證明了這一點，我們兩個業務部門的收入均實現了連續和同比增長。

Our Home and Life business grew mid-single-digits sequentially, nearly doubling year over year, as share gains in connected healthcare continued materializing into production ramps. In addition, smart home applications showed signs of strength in the quarter.

我們的家庭和生活業務連續實現了中等個位數成長，比去年同期幾乎翻了一番，因為互聯醫療保健領域的份額增長繼續轉化為產量的增長。此外，智慧家庭應用在本季表現出強勁跡象。

Our Industrial and Commercial business continuing its recovery, growing high single digits sequentially in double digits compared to the same period last year, as design win ramps and smart metering and shipments to electronic shelf-labeling customers maintain their momentum.

我們的工業和商業業務繼續復甦，與去年同期相比，環比增長了高個位數，而隨著設計勝利、智慧計量和對電子貨架標籤客戶的出貨量保持成長勢頭。

While the overall macroeconomic environment remains uncertain, we expect to outperform the market given our leadership position in high growth markets and a multi-year history of shared gains. As we look at the current quarter and the balance of the year, our conversations with customers and distribution partners indicate that we have no reason to change our forecast due to the dynamics of global trade policy at this point.

儘管整體宏觀經濟環境仍不確定，但鑑於我們在高成長市場的領導地位和多年共享收益的歷史，我們預計表現將優於市場。當我們回顧本季和今年的餘額時，我們與客戶和分銷合作夥伴的對話表明，我們沒有理由因為目前全球貿易政策的動態而改變我們的預測。

Our outlook for sequential and year-over-year growth into Q2 is based on continued linear improvement in our bookings patterns and progress on new program ramps and secular growth areas like connected healthcare, smart home, commercial retail, and global metering deployments.

我們對第二季度環比和同比增長的展望是基於我們的預訂模式的持續線性改善以及新項目的增長和長期增長領域（如互聯醫療保健、智能家居、商業零售和全球計量部署）的進展。

Additionally, supply chain diversification is an area we focused on for several years, including as part of the roadmap for our next-generation Series 3 platform. Our current footprint is not significantly affected by the shifting geopolitical landscape, although it's too early to quantify the potential indirect impacts of tariffs on global economic demand. We have not yet seen any significant impact on our customers' forecasts.

此外，供應鏈多樣化是我們多年來關注的領域，包括作為下一代 Series 3 平台路線圖的一部分。儘管現在量化關稅對全球經濟需求的潛在間接影響還為時過早，但我們目前的足跡並未受到地緣政治格局變化的顯著影響。我們尚未看到對客戶預測的任何重大影響。

Our team is focused on delivering innovative products that reinforce our breadth, depth, and singular focus on the IoT space. This includes our latest Series 2 device, the BG29 family of Bluetooth low-energy SoCs designed to bring industry-leading performance, battery life, security, and increased memory capacity to the smallest form factor Bluetooth devices. The BG29 family represents a breakthrough in our ability to bring highly differentiated technology to connected healthcare applications, including blood glucose monitors, as well as other wearable health devices.

我們的團隊致力於提供創新產品，以增強我們在物聯網領域的廣度、深度和單一關注。這包括我們最新的 2 系列設備，BG29 系列藍牙低能耗 SoC，旨在為最小尺寸的藍牙設備帶來業界領先的性能、電池壽命、安全性和更大的內存容量。BG29 系列代表我們將高度差異化技術引入互聯醫療保健應用（包括血糖監測儀以及其他穿戴式健康設備）的能力的突破。

We also introduced our new BG22L and BG24L SoCs optimized for common Bluetooth applications. Notably, these devices bring the most competitive combination of security, processing power, and connectivity for high-volume, low-power applications, including asset tracking in small appliances. The BG24L SoC also supports advanced AI/ML acceleration and the latest in Bluetooth channel sounding ideal for radio-congested areas like warehouses, smart cities, and residential apartment complexes.

我們也推出了針對常見藍牙應用最佳化的新型 BG22L 和 BG24L SoC。值得注意的是，這些設備為大容量、低功耗應用（包括小型家電中的資產追蹤）帶來了最具競爭力的安全性、處理能力和連接性組合。BG24L SoC 還支援先進的 AI/ML 加速和最新的藍牙頻道，非常適合倉庫、智慧城市和住宅公寓大樓等無線電擁擠的區域。

Additionally, our recently announced Series 2 multi-protocol SoC, the MG26, is now generally available, accelerating developers' path to designing future-proof matter devices in smart home and commercial applications like LED lighting, switches, sensors, and locks. The MG26 also sets a new standard for concurrent Bluetooth and 15.4 wireless performance alongside best-in-class security, as well as for machine learning capabilities that enhance performance for critical tasks like predictive maintenance, anomaly, and keyword detection.

此外，我們最近發布的 2 系列多協議 SoC MG26 現已全面上市，加速開發人員在智慧家庭和商業應用（如 LED 照明、開關、感測器和鎖）中設計面向未來的物質設備的進程。MG26 還為併發藍牙和 15.4 無線性能以及一流的安全性設立了新標準，並為機器學習功能設定了新標準，從而提高了預測性維護、異常和關鍵字檢測等關鍵任務的性能。

As matter continues to pull Thread technology into the mainstream, we're seeing our 15.4 design win momentum accelerate. This reinforces our view that we are well-aligned with the increasing matter adoption as both the leader in Thread technology and trusted partner internet security providers and ecosystem partners who are building out matter infrastructure.

隨著 Thread 技術不斷成為主流，我們看到 15.4 設計獲勝的勢頭正在加速。這強化了我們的觀點，即作為 Thread 技術的領導者以及值得信賴的合作夥伴互聯網安全提供者和正在構建物質基礎設施的生態系統合作夥伴，我們與日益增長的物質採用保持一致。

Finally, at our Analyst Day, I was pleased to announce that our first Series 3 device, which was sampling last year, is now ramping to production. Series 3 will continue its broader alpha sampling this year, and we're already seeing strong design win momentum with the first device, which is a testament to the great execution of the Silicon Labs team. While we believe Series 3 will be even more impactful than our Series 2 over a longer time horizon, as we further expand our addressable market in Wi-Fi, compute, and AI inference, our ability to offer our customers both Series 2 and Series 3 in parallel with co-compatibility between the two platforms is a significant competitive differentiator for us.

最後，在我們的分析師日上，我很高興地宣布，我們去年推出的首款 Series 3 設備現已開始量產。系列 3 今年將繼續進行更廣泛的 alpha 採樣，我們已經看到第一款設備具有強勁的設計獲勝勢頭，這證明了 Silicon Labs 團隊的出色執行力。雖然我們相信，隨著我們進一步擴大在 Wi-Fi、運算和 AI 推理領域的潛在市場，Series 3 在更長遠的時間內將比 Series 2 產生更大的影響，但我們能夠同時為客戶提供 Series 2 和 Series 3，並且兩個平台之間相互兼容，這是我們的一個顯著的競爭優勢。

In conclusion, even amid trade uncertainty, we're highly confident in our ability to deliver sequential growth fueled by linear improvements in our order patterns and continued new product ramps across our business units. Looking ahead, we're well positioned to outperform based on our expanding presence in growing markets, differentiated product portfolio, and continued share gains.

總之，即使在貿易不確定的情況下，我們仍然對我們實現連續成長的能力充滿信心，這得益於我們訂單模式的線性改善和各業務部門新產品的持續成長。展望未來，憑藉我們在成長型市場中不斷擴大的影響力、差異化的產品組合以及持續的市場份額增長，我們已做好準備，取得優異表現。

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. Good morning to everyone. I will review the financial results for our recently completed quarter, followed by a discussion of our current outlook.

謝謝，馬特。大家早安。我將回顧我們最近完成的季度的財務結果，然後討論我們當前的前景。

Revenue for the March quarter was $178 million, up 7% sequentially and in line with the midpoint of our prior guidance. Year over year, consolidated revenue was up 67%.

3 月當季營收為 1.78 億美元，季增 7%，與我們先前預期的中位數一致。與去年同期相比，綜合收入成長了 67%。

In our Industrial and Commercial business, March-quarter revenue was $96 million, up 8% sequentially and up 47% from the same period last year. Sequentially, the growth was driven by better-than-forecasted customer ramps in smart metering and continued electronic shelf label market growth.

在我們的工業和商業業務中，3 月季度營收為 9,600 萬美元，較上季成長 8%，比去年同期成長 47%。連續成長的動力來自於智慧計量領域客戶成長優於預期以及電子貨架標籤市場持續成長。

Home and Life March-quarter revenue was $82 million, up 5% sequentially, and nearly doubling with a year-over-year growth rate of 99%. As we anticipated, the sequential increase in Home and Life was driven by strength in smart home applications and shipments to connected help customers.

家庭和生活用品三月季度營收為 8,200 萬美元，較上季成長 5%，較去年同期成長近一倍，較去年同期成長 99%。正如我們預期的那樣，家居和生活業務的連續增長得益於智慧家庭應用的強勁增長以及對聯網幫助客戶的出貨量。

Sell through at our distribution partners continue to gain momentum with channel inventory decreasing by 8 days to end at 48 days, which is down from 56 days in the prior quarter. This marks a new low level of channel inventory and is well below our targeted level of about 70 to 75 days. Distribution made up approximately 66% of our revenue mix for the quarter.

我們的分銷合作夥伴的銷售繼續保持成長勢頭，通路庫存減少了 8 天，至 48 天，低於上一季的 56 天。這標誌著通路庫存水準再創新低，遠低於我們設定的約 70 至 75 天的目標水準。本季分銷收入約占我們收入的 66%。

March quarter, gross margins saw positive improvements as long-tail channel sales and industrial applications benefited our mix. GAAP gross margin was 55%; non-GAAP gross margin was 55.4%, which was up from the prior quarter, above the midpoint of our prior guidance, and ahead of our forecasted progression.

三月季度，由於長尾通路銷售和工業應用使我們的產品組合受益，毛利率出現積極改善。GAAP毛利率為55%；非公認會計準則毛利率為 55.4%，高於上一季度，高於我們先前指引的中點，也高於我們預測的成長。

GAAP operating expenses were $130 million which includes share-based compensation of $20 million and intangible asset amortization of $5 million. Non-GAAP operating expense of $105 million reflects the normal [uptick] of the company's annual merit cycle and reset of the employee bonus programs. GAAP operating loss was $32 million, and non-GAAP operating loss was $7 million.

GAAP 營運費用為 1.3 億美元，其中包括 2,000 萬美元的股權激勵費用和 500 萬美元的無形資產攤銷費用。1.05 億美元的非公認會計準則營運費用反映了公司年度績效週期的正常[上升]和員工獎金計劃的重新設定。GAAP 營業虧損為 3,200 萬美元，非 GAAP 營業虧損為 700 萬美元。

During the quarter, we recorded a GAAP tax charge of approximately $2 million. Our non-GAAP tax rate remained 20%. GAAP loss per share was $0.94. Non-GAAP loss of $0.08 per share beat the midpoint of our guidance by $0.01.

本季度，我們記錄了約 200 萬美元的 GAAP 稅金。我們的非公認會計準則稅率維持在 20%。每股 GAAP 虧損為 0.94 美元。非公認會計準則每股虧損 0.08 美元，比我們的預期中位數高出 0.01 美元。

Turning to the balance sheet. We ended the quarter with $425 million of cash, cash equivalents, and short-term investments. Our days of sales outstanding was approximately 30 days.

轉向資產負債表。本季末，我們擁有 4.25 億美元的現金、現金等價物和短期投資。我們的應收帳款週轉天數約為30天。

During the quarter, we further reduced our internal inventory by $22 million, ending the quarter $83 million of net inventory, which contributed to our positive operating cash flow of $48 million for the March quarter, despite operating losses. Days of inventory on hand improved to 94 days, another sequential improvement from 125 days at the December quarter end.

在本季度，我們進一步減少了 2,200 萬美元的內部庫存，使本季度的淨庫存達到 8,300 萬美元，儘管出現了經營虧損，但這仍為我們 3 月份季度的 4,800 萬美元的正經營現金流做出了貢獻。庫存天數改善至 94 天，較 12 月季度末的 125 天連續改善。

I want to thank our supply chain team here at Silicon Labs for having successfully guided our internal inventory balance to our targeted level. And you should now expect to see an uptick in working capital deployment as we maintain these levels to support the ramp of new customer designs throughout 2025.

我要感謝 Silicon Labs 的供應鏈團隊成功地將我們的內部庫存平衡引導到目標水準。現在您應該會看到營運資本部署上升，因為我們將維持這些水準以支援 2025 年全年新客戶設計的成長。

Speaking of supply chains, we have completed a review of our supply chain and find that there is almost no direct impact to us under the current tariff rules as we know them today. Given our wide berth of customers and applications, there are likely to be varying degrees of potential impacts to customers.

說到供應鏈，我們已經完成了對供應鏈的審查，發現在現行的關稅規則下，我們幾乎沒有受到直接影響。鑑於我們的客戶和應用範圍廣泛，可能會對客戶產生不同程度的潛在影響。

The two outstanding questions are, one, what will the indirect impact of demand be when we are able -- and when we'll be able to measure that? And two, will the tariff rules change either positively or negatively as we go forward? As it stands today, our order patterns from customer bookings and distribution POS showed sequential improvement in the first quarter and have maintained this trajectory quarter to date into the June quarter, an indication to us that our end markets are progressing in their cyclical recovery. Additionally, our end-customer surveys continue to report that excess inventory is not currently a concern.

兩個懸而未決的問題是：第一，當我們有能力時，需求的間接影響是什麼？我們什麼時候才能衡量這種影響？第二，未來關稅規則會發生正面還是負面的改變？目前的情況是，我們來自客戶預訂和分銷 POS 的訂單模式在第一季度顯示出連續改善，並且一直保持這一趨勢直至第二季度，這表明我們的終端市場正在周期性復甦中取得進展。此外，我們的最終客戶調查繼續報告稱，庫存過剩目前並不是一個問題。

We are encouraged by these positive trends entering Q2, and as such, our confidence in above market growth this year remains intact, anchored by new product ramps rather than on a reliance of robust end-market demand.

我們對進入第二季度的這些積極趨勢感到鼓舞，因此，我們對今年高於市場的成長的信心依然堅定，這一信心的基礎是新產品的推出，而不是對強勁的終端市場需求的依賴。

We anticipate revenue in the June quarter to be in the range of $185 million to $200 million which at the midpoint would imply 32% year-over-year growth and an 8% sequential growth. Importantly, we have not witnessed any significant customer pull-ins and have kept our forecasting methodology consistent with prior quarters. We remain confident that Silicon labs will outperform the broader semiconductor market this year, despite the shifting trade dynamics, given our unique new program ramps.

我們預計 6 月季度的營收將在 1.85 億美元至 2 億美元之間，中間值意味著年增 32%，環比增長 8%。重要的是，我們沒有看到任何顯著的客戶吸引，並且我們的預測方法與前幾季保持一致。儘管貿易情況發生變化，但鑑於我們獨特的新計劃，我們仍然相信 Silicon Labs 今年的表現將優於更廣泛的半導體市場。

With improved mix of industrial applications and channel strength, we expect the gross margin improvements in the June quarter with both GAAP and non-GAAP gross margins to be in the range of 55% to 57%. We expect GAAP operating expenses in the June quarter to be in the range of $129 million to $131 million.

隨著工業應用組合和通路實力的改善，我們預計 6 月季度的毛利率將有所提高，GAAP 和非 GAAP 毛利率將在 55% 至 57% 之間。我們預計 6 月季度的 GAAP 營運費用將在 1.29 億美元至 1.31 億美元之間。

We expect non-GAAP operating expenses to modestly increase in the June quarter, driven by full-quarter accounting of payroll-related items, including the company's bonus plans and annual merit cycle, resulting in an expected range of $106 million to $108 million. Finally, GAAP loss per share is expected to be in the range of $0.55 to $0.95 loss on an assumed basic share count of 32.7 million shares. Non-GAAP earnings per share is expected to be in the range of $0.19 to a loss of $0.01 on an expected diluted share count of 33 million shares.

我們預計，6 月季度非 GAAP 營運費用將小幅增加，這主要受到全季薪資相關項目會計核算的影響，包括公司的獎金計劃和年度績效週期，預計範圍為 1.06 億美元至 1.08 億美元。最後，假設基本股數為 3,270 萬股，預計每股 GAAP 虧損將在 0.55 美元至 0.95 美元之間。預計非公認會計準則每股收益將在 0.19 美元至虧損 0.01 美元之間，預計稀釋股數為 3,300 萬股。

That wraps up our prepared remarks. I'd like to now hand the call back over to the operator to start the Q&A session. Operator?

我們的準備好的演講到此結束。我現在想將電話交還給接線員，開始問答環節。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hey, guys. Thanks for the question and congrats on the results here. I guess there is obviously some uncertainty in the back half here. You guys seem pretty comfortable around it and the variability there, but how are you thinking about the September quarter after a little bit of June upside here, or perhaps just how the second half is shaking up overall?

嘿，大家好。感謝您的提問，並祝賀所取得的成果。我想這後半部顯然存在一些不確定性。你們似乎對此和那裡的變化相當滿意，但是在 6 月份出現一些上漲之後，您如何看待 9 月份的季度，或者下半年的整體情況如何？

Yeah. I'll start that Christopher. So first, we're only guiding a quarter at a time, but I think the pieces that are important to think through -- and some of them were covered in the prepared remarks -- everything that we look at or see whether it's customer forecasts, bookings, billings, inventory level at our customers at our distributors, all these things are behaving very well linearly and as expected.

是的。我來開始吧，克里斯多福。首先，我們每次只指導一個季度，但我認為需要仔細考慮的重要部分——其中一些已經在準備好的評論中涵蓋——我們所關注的所有內容，無論是客戶預測、預訂、賬單、我們分銷商的客戶庫存水平，所有這些都表現得非常好，符合預期。

So right now, there's not anything out there to indicate that there's a big shift coming, which is important. Now, obviously, we're being hypervigilant, watching all these things, all the time as I think the rest of the industry is.

因此，目前還沒有任何跡象表明即將發生重大轉變，這一點很重要。現在，顯然，我們正在高度警惕，時刻關注所有這些事情，我認為其他行業也是如此。

The other thing that's really important as you're thinking through this, as we've said consistently, we're not looking for broad market strength to drive this year for us. We're looking for the performance this year to really come from the design win ramps that we've been talking about and that's what we're seeing here.

當你思考這個問題時，另一件真正重要的事情是，正如我們一直說的那樣，我們並不指望廣泛的市場力量來推動我們今年的發展。我們希望今年的表現真正來自於我們一直在談論的設計勝利坡道，而這就是我們在這裡看到的。

So we're encouraged by that, happy to see the ramps. They're not singular; they're broad. And that's really what's driving our growth, not a broad market recovery right now.

因此我們對此感到鼓舞，很高興看到這些坡道。它們並不是單一的；它們很寬廣。這才是真正推動我們成長的因素，而不是當前廣泛的市場復甦。

Great. Thanks so much, Matt. And then I believe you thought maybe last quarter that Home and Life would outperform I&C, but it seems like there was more I&C strength than Home and Life. It was kind of flipped. So perhaps you can talk about what was kind of unexpectedly good and bad between the segments and how they shook out.

偉大的。非常感謝，馬特。然後我相信您可能認為上個季度家庭和生活保險的表現會優於工業和消費保險，但看起來工業和消費保險的實力比家庭和生活保險更強。這有點顛倒了。所以也許你可以談談各個片段之間有哪些出乎意料的好與壞，以及它們是如何產生的。

Yeah, I don't know if there was necessarily unexpected, good or bad. A little bit of timing change, maybe, between the two of them. I would note that on a year-over-year basis, our Home and Life business was almost double, up 99%. And the Industrial and Commercial is up 47%. I think our expectation is, hey, could -- I&C, you'll grow that fast given sort of the sequential change that it had of about 8%, 9%, in the quarter.

是的，我不知道是否一定會有意外發生，無論是好的還是壞的。他們兩人之間的時間可能有一點變化。我想指出的是，與去年同期相比，我們的家庭和生活業務幾乎翻了一番，成長了 99%。工商板塊上漲了47%。我認為我們的預期是，嘿，I&C，考慮到本季約 8%、9% 的連續變化，你們的成長速度會那麼快。

The metering business, which we've said before, India specifically, that business has been ramping faster than what we've historically seen. And I think we're a little cautious whether that was able to continue, and that metering business continues to ramp and actually ramping better than we originally anticipated, Chris.

我們之前提到的計量業務，特別是在印度，其業務成長速度比歷史上任何時候都快。我認為我們對這種情況是否能夠持續下去持謹慎態度，並且計量業務繼續增長並且實際上比我們最初預期的要好，克里斯。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, guys. Thanks for taking my questions. My first one is just on inventory in the channel. So you guys have obviously worked that down pretty significantly. I think you said 48 days of inventory in channel versus target of 70 days. When you look at your June guidance, what's your target for channel inventory there? Are you going to refill that or take that to new high levels? Like just given the stronger demand environment, I'm curious what the strategy is for June.

嘿，大家好。感謝您回答我的問題。我的第一個只是關於渠道中的庫存。所以你們顯然已經相當努力了。我認為您說的是渠道庫存為 48 天，而目標是 70 天。當您查看 6 月的指導時，您對那裡的渠道庫存的目標是多少？您要重新填充它還是將其提升到新的高度？鑑於更強勁的需求環境，我很好奇六月的策略是什麼。

Yeah. Tom, the general expectation for the June quarter, we do not want to end June again at 48 or, heaven forbid, even lower. I think if we look at the way that we're running our forecasts, we would expect the channel forecast to come back above 50 days for the quarter, but certainly below 60. So I think low 50 is probably where it will likely stand when we forecast into June.

是的。湯姆，對於 6 月季度的普遍預期，我們不希望 6 月底的數字再次達到 48，甚至更低。我認為，如果我們看一下我們進行預測的方式，我們預計本季的通路預測將超過 50 天，但肯定低於 60 天。因此，我認為當我們預測 6 月時，它可能處於 50 以下的水平。

Eventually, we want to drive it back to the target level 70, 75 days. That is a multi-quarter progression. I would not expect to see us build the channel in the June quarter. Really, we're almost hand-to-mouth in a lot of these smaller, long-tail customers. But you won't see any big step-up progression, at least the way that we see it today, Tom.

最終，我們希望在 70 至 75 天內將其恢復到目標水準。這是一個跨多個季度的進展。我並不期望我們能在六月季度建立該管道。事實上，對於許多規模較小的長尾客戶來說，我們幾乎只能勉強維持生計。但你不會看到任何大的進步，至少我們今天不會看到這樣的進步，湯姆。

Helpful. And then you guys have talked, for a long time now, about specific company wins driving the growth versus broad market recovery. For just context, can you help us understand, as like a percentage of your revenue today, how much kind of in the March quarter or in the June quarter maybe, if that snapshot is easier, is new product versus stuff that you would deem like broad-based product?

很有幫助。長期以來，你們一直在談論推動成長的具體公司勝利與整體市場復甦。僅就背景而言，您能否幫助我們了解，例如您今天的收入百分比，在 3 月季度或 6 月季度可能有多少是新產品，以及您認為是廣泛產品的產品？

And then can you try to walk us through what the pricing difference is between some new products and something that you would sell on a broad based? I understand it needs to be probably loose commentary, but I think that'd be some helpful perspective just given how focused you are there.

然後您能否嘗試向我們介紹一些新產品和您廣泛銷售的產品之間的定價差異？我理解這可能需要一些廣泛的評論，但我認為考慮到你對此的專注程度，這將是一些有益的觀點。

Sure. This is Matt. I'll take a shot at that. Quick answers, easy way to think of it, we don't break out the total revenue that way, but I can say a majority of the incremental revenue you're seeing is definitely coming from those new grants. That's a very easy way to think of it.

當然。這是馬特。我會嘗試一下。快速回答，簡單的思考方式，我們不會以那種方式細分總收入，但我可以說，您看到的大部分增量收入肯定來自這些新補助金。這是一個非常簡單的思考方式。

And on pricing, not meaningfully different. In fact, I think you're seeing our gross margins progress each quarter even with this new ramp growth. So, not meaningfully different, and we see a path to being able to drive sequential revenue growth on design win ramps and sequential gross margin progression as well. So hopefully the sum of those two things gives you the full picture.

在定價方面，並沒有什麼顯著差異。事實上，我認為即使出現了這種新的成長，您也會看到我們的毛利率每季都在成長。因此，並沒有實質的差異，我們看到了一條能夠透過設計勝利坡道和連續毛利率成長來推動連續收入成長的途徑。所以希望這兩件事的總和能給你一個完整的畫面。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes. Thank you and congrats on the results. So Matt, I think in the past we've talked about, especially three new segments, potentially each one representing 10% of revenues this year. I think we're talking about the shelf label glucose meter and smart meter. Are things sort of still tracking towards that number?

是的。謝謝您並祝賀您所取得的成果。所以馬特，我想我們過去已經討論過，特別是三個新的細分市場，每個細分市場可能佔今年收入的 10%。我想我們正在談論貨架標籤血糖儀和智慧血糖儀。事情是否仍在朝著這個數字發展？

Yeah. So big picture, Tore, those are the three areas we've talked about the most, and we're seeing good progress in all three is the quick answer. And one thing that we covered in our Analyst Day that I'd also like to reinforce, not backing off of those three areas at all. Those are going to be growth engines for us for many, many years to come.

是的。所以總體來說，托爾，這是我們談論最多的三個領域，我們看到這三個領域都取得了良好的進展，這是快速的答案。我們在分析師日討論過的一件事，我也想強調一下，那就是完全不要放棄這三個領域。在未來的許多年裡，這些都將成為我們的成長引擎。

And we also have introduced additional growth engines such as matter. We mentioned that Wi-Fi is growing 40% for us; BLE, growing 80%. Both of those represent significant share gains. And we're really starting to see AI/ML start to increase as well.

我們還引入了物質等額外的成長引擎。我們提到，Wi-Fi 對我們來說成長了 40%； BLE，成長80%。這兩項數據都代表著顯著的市佔率成長。我們確實開始看到 AI/ML 也開始成長。

So quick answer is those areas are going well -- and you heard Dean mention -- maybe a little faster than expected in areas like metering in India. And we're also seeing additional growth vectors come online as well. So the combination is what's giving us that confidence to say we see a path to outperform the market and drive this growth, independent of how this all plays out with tariffs.

所以簡單的回答是，這些領域進展順利——正如你聽到 Dean 提到的——在印度的計量等領域可能比預期要快。我們也看到其他成長載體也紛紛湧現。因此，這些因素讓我們有信心說，我們看到了一條超越市場並推動成長的道路，而不管關稅如何影響這一切。

Tore, let me just give you one quick modification on a quantified number. You said 10% across all three; we had previously said the blood glucose is expected to be a 10% application. We had not quantified the other two, just so you have the right data point.

托爾，讓我給你對一個量化數字做一個快速的修改。你說這三個都是 10%；我們之前曾說過，血糖預計會達到 10% 的應用。我們沒有量化另外兩個，只是為了讓您獲得正確的數據點。

So 10% for one of them, not all three combined.

因此，其中一個是 10%，而不是三個加起來是 10%。

Got it. No, that's fair. And my follow-up question is on Series 2 and Series 3. Obviously, Series 3 is still very, very small. First of all, is Series 2 now more than half of revenues, and how should we think about ASP increases as Series 3 starts to rent more meaningfully?

知道了。不，這很公平。我的後續問題是關於系列 2 和系列 3 的。顯然，Series 3 仍然非常非常小。首先，第 2 季是否佔據了總收入的一半以上？隨著第 3 季的租賃開始變得更有意義，我們應該如何看待平均售價的上漲？

Yeah. So, we haven't broken out the Series 2 specific, but it's increasingly larger and larger piece of the total revenue, and it's what's driving the incremental growth you're seeing. All these design win ramps right now are talking about are Series 2 ramps, which is worth pointing out.

是的。因此，我們還沒有具體列出第 2 季的具體數據，但它在總收入中所佔的份額越來越大，這也是推動您所看到的增量成長的動力。值得指出的是，目前討論的所有這些設計獲勝坡道都是 2 系列坡道。

As I mentioned in our Analyst Day, we have shipped over 1 billion units in Series 2, lifetime to date. And we've secured one -- 5 billion or 6 billion more units that we'll be shipping in the coming years and quarters. So there's still a lot more to come out of Series 2.

正如我在分析師日上提到的那樣，迄今為止，我們的第 2 系列產品出貨量已超過 10 億台。我們已經確定了在未來幾年和幾個季度內將出貨 50 億或 60 億台設備。因此，第二季中還會有更多內容推出。

At the same time, we've already started production shipments on Series 3. And to answer your question on ASPs and expectations there, content is higher with increased wireless performance, increased compute, AIML, more memory scalability. So I would expect overall higher ASPs on Series 3 tour.

同時，我們已經開始第三系列的生產出貨。回答您關於 ASP 和期望的問題，隨著無線效能、運算能力、AIML 和記憶體可擴充性的提高，內容也會更高。因此我預計第三系列巡演的整體平均售價會更高。

So the most important thing for people to take away Series 2 is doing just fantastic in the marketplace and still has a lot to go. Series 3, our goal is to meaningfully outperform Series 2. And we're liking what we're seeing right now. We're already ramping production with a lot of products to follow.

因此，對人們來說，最重要的是第二季在市場上表現出色，並且仍有很大的發展空間。對於系列 3，我們的目標是顯著超越系列 2。我們很喜歡現在所看到的一切。我們已經在加大產量，接下來還會推出很多產品。

So that combination of current gen, next gen, just bringing what it brings, we like our positioning is the best way to say it.

因此，當前世代和下一代的組合，只帶來它帶來的東西，我們喜歡我們的定位，這是最好的說法。

Cody Acree, The Benchmark Company.

科迪·阿克里（Cody Acree），基準公司。

Thanks, guys, for taking my questions and congrats on the progress. Maybe if you can just give me a bit of a split for your expectations for the June quarter between your Home and Life, and Industrial and Commercial?

謝謝大家回答我的問題並祝賀你們的進展。也許您能給我提供一下對 6 月份季度家居生活和工業商業的預期劃分嗎？

Yeah. Cody, we expect that the mix between those probably be pretty consistent over the last couple of quarters. Last quarter to a first order, it landed Industrial and Commercial is about 55%, and Home and Life, about 45%. And that's been plus or minus 1% or 2% for the last sort of three quarters in a row.

是的。科迪，我們預計，過去幾個季度中，這些因素之間的組合可能會相當一致。上個季度的第一批訂單中，工業和商業領域約佔 55%，家庭和生活領域約佔 45%。過去三個季度，這一數字一直呈正負 1% 或 2% 的增幅。

I would expect that to also be the case as we go into the June quarter. And it's going to depend a little bit as all these new programs ramp, we might be off a point here or there, but to a first order kind of 55%, 45%.

我預計進入六月季度時情況也會出現這種情況。隨著所有這些新項目的推進，這將有一點依賴，我們可能會在這裡或那裡偏離某個點，但首先是 55%、45%。

Excellent. Thanks for the help. And then maybe just back to the tariff situation, can you just talk about some of those end markets, those end applications that you believe are more exposed to tariffs than others? I have a hard time thinking through your end-application mix and finding a lot that have tariff sensitivity, but maybe I'm just missing something.

出色的。謝謝你的幫忙。然後也許回到關稅情況，您能否談談一些終端市場，那些您認為比其他市場更容易受到關稅影響的終端應用？我很難思考您的最終應用程式組合並發現很多具有關稅敏感性的應用，但也許我只是錯過了一些東西。

Yeah. Well, I think the quick and honest answer is it's difficult to answer because we really cover so much in terms of GOs, end customers, applications, markets, et cetera. So extremely broad across tens of thousands as we've said before.

是的。嗯，我認為快速而誠實的回答是，這很難回答，因為我們確實涵蓋了 GO、最終客戶、應用程式、市場等很多方面。正如我們之前所說，其範圍極其廣泛，涉及數萬個。

But maybe a way to abstract it up, and Dean just talked about it, we do have an industrial consumer split of around 45-55 with industrial being the larger piece. So you know that's one way to think about it.

但也許可以將其抽象化，正如 Dean 剛才所討論的，我們的工業消費者比例確實約為 45-55，其中工業佔較大比重。所以你知道這是一種思考方式。

The big picture, we haven't found any one of our end markets or major markets that's uniquely susceptible or exposed to this, at least as they are presented and out there so far. But obviously we'll keep watching that closely. It's dynamic.

整體來看，我們還沒有發現任何一個終端市場或主要市場特別容易受到這種影響，至少就目前的情況來看是如此。但顯然我們會繼續密切關注。它是動態的。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, guys. Let me offer my congratulations on the nice results and outlook. I wanted to follow up on the inventory question, Dean. Looks like you're going to modestly increase channel inventory in the June quarter, and you said it would take several quarters to get back to the 70-, 75-day target. Is that something you would anticipate getting back to say by the end of the calendar year? Is that a good timeframe for us to be thinking about when you would normalize or look to normalize channel inventory?

嘿，大家好。我對取得的良好成績和前景表示祝賀。我想跟進庫存問題，迪恩。看起來你們將在 6 月季度適度增加通路庫存，並且您說過需要幾個季度才能恢復到 70 天、75 天的目標。您是否希望在今年年底前回覆這個問題？這對我們來說是一個很好的時間範圍，讓我們思考何時標準化或尋求標準化通路庫存？

I think that's, without a stake in the ground, directionally right? I think the problem that we face, Quinn, is as POS continues to grow as the channel outflow, the sales to all the sort of long-tail end customers, we're sort of chasing a catch-up, right? So as outflow increases, inflow sort of needs to increase in addition to that.

我認為，沒有地樁，方向性就對嗎？奎因，我認為我們面臨的問題是，隨著 POS 的持續成長、通路的流出、面向所有長尾終端客戶的銷售，我們正在追趕，對嗎？因此，隨著流出量的增加，流入量也需要隨之增加。

And I think we are likely the pipeline material in there to slowly grow it over the next few quarters. Is it get to 70 by the end of the calendar year? Maybe. It could take a quarter or two longer than that, just depends on how the POS side of that equation is going if that makes sense, Quinn.

我認為我們很可能將其中的管道材料在未來幾季內緩慢增長。到今年底能達到 70 嗎？或許。這可能需要多花一到兩個季度的時間，這取決於等式的 POS 方面如何進行，如果這有意義的話，Quinn。

Yeah. It sounds like it takes some time to stage the inventory on the way in and if POS is better or worse than expected, that obviously affects inventory. So yeah, I think it makes sense.

是的。聽起來好像在途中分階段整理庫存需要一些時間，如果 POS 比預期更好或更差，這顯然會影響庫存。是的，我認為這是有道理的。

And then I guess Matt and Dean, just a question. There continues to be sort of some chatter out there, sort of bottom of the cycle that pricing continues to be pretty aggressive. You guys are showing nice margin expansion. So it doesn't look like you're seeing any adverse effects from pricing.

然後我想問馬特和迪恩，只是一個問題。外界仍在流傳一些傳言，表示週期底部的定價仍然相當激進。你們的利潤率擴張表現良好。因此看起來您並沒有看到定價帶來的任何不利影響。

But just wondering if you could talk about what you're seeing in pricing on a like-for-like basis. I know the makeshift Series 2 And series 3 is a tailwind, but are you seeing fab competitors in particular get more aggressive with pricing sort of as we're near at the bottom of the cycle?

但我只是想知道您是否可以談談您在同類定價方面看到的情況。我知道臨時的第 2 系列和第 3 系列是一個順風，但是，隨著我們接近週期的底部，您是否看到晶圓廠競爭對手在定價方面變得更加激進？

Yeah. I guess it felt -- the quick answer on pricing is nothing has really changed. It's been consistent with what we've been seeing for a while now, where a lot of companies would like to have more revenue. And they're trying to use pricing to get more revenue. I haven't seen that meaningfully move the needle at all in terms of share shifts or anything out there in our space.

是的。我想感覺——關於定價的簡短回答是，實際上什麼都沒有改變。這與我們一段時間以來看到的情況一致，許多公司都希望獲得更多收入。他們正試圖利用定價來獲得更多收入。就份額變化或我們領域的其他任何事情而言，我尚未看到這產生任何有意義的變化。

We obviously need to be competitive on pricing, but we thrive relative to our competition on differentiation, bringing features, performance, capabilities that no one else has. And that's how we have a premium gross margin versus anyone we compete against. And that's how we've been able to do, I think, exactly what we said we'd do, which has been incrementally we start working back our gross margin coming through the cycle.

我們顯然需要在價格上具有競爭力，但我們在與競爭對手的差異化方面更勝一籌，能夠提供其他人所沒有的功能、性能和能力。這就是我們比其他競爭對手擁有更高毛利率的原因。我認為，這就是我們能夠做到的，正是我們所說的，我們開始逐步恢復整個週期的毛利率。

So quick answer is no meaningful change. I think the market is behaving as the market behaves, and no change in what we've been saying or our expectations.

所以快速的回答是沒有任何有意義的改變。我認為市場表現就是市場表現，我們所說或我們的期望沒有改變。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. Thank you. You sort of talked about customers. You haven't seen any evidence of pull-ins. Seems like inventories are still under control. Can you talk about what those conversations are like? Because I just imagine, we've seen two years of inventory leaning out, and now we're dealing with on-again, off-again tariffs all over the world. It seems like if I were running a customer's business, I would want to hold more inventory; I would want to build ahead of some of that. So you just give us some sense of what the interaction with customers is like during all of this?

偉大的。謝謝。您剛才談到了客戶。您還沒有看到任何拉入的證據。看來庫存仍然受到控制。可以談談這些對話是什麼樣的嗎？因為我想像一下，我們已經看到兩年的庫存下降，現在我們正面臨著世界各地反覆出現的關稅。好像如果我在經營客戶的業務，我會希望持有更多的庫存；我希望能夠提前做好一些準備。那麼，您能讓我們了解一下在這整個過程中與客戶的互動情況嗎？

Yeah, Joe. This is Matt. I think, the quick answer is -- and I'm not being wise about this, but fortunately, just having been through this inventory cycle with -- those numbers are all fresh, and we've been taking the inventory assessment of our end customers all along, and we had to stop that. So this has just been a continuation of coming out the other side of the inventory correction cycle.

是的，喬。這是馬特。我認為，快速的答案是——我對此並不明智，但幸運的是，剛剛經歷了這個庫存週期——這些數字都是新鮮的，我們一直在對最終客戶進行庫存評估，我們必須停止這樣做。因此，這只是庫存調整週期的延續。

And I think that the fast way to answer what you're asking, no meaningful changes in end-customer inventory, no one trying to build positions, that type of thing. But what we do see is a lot of, people saying the same thing, wondering what the trade policies will do over time, what will stick, what will go away, what the implications will be over time, and the honest answer is no one knows.

我認為回答您的問題的最快方式是，最終客戶庫存沒有發生有意義的變化，沒有人試圖建立職位，諸如此類的事情。但我們確實看到，很多人都在說同樣的事情，想知道貿易政策隨著時間的推移會產生什麼影響，什麼會堅持下去，什麼會消失，隨著時間的推移會產生什麼影響，而誠實的答案是沒有人知道。

So I think uncertainty is the easy way to define it. So what that uncertainty hasn't done is driven behavior around inventory, and we're watching that super close.

所以我認為不確定性是定義它的簡單方法。因此，這種不確定性並沒有推動庫存相關的行為，我們正在密切關注這一點。

That's very helpful. Thank you. And then, I want to follow up, at the Analyst Day, you had talked about sources of inorganic growth that you would be willing to think about, larger M&A, things like that. How do you see that in the current environment? Are those deals more difficult to do in this kind of global tension or just how are you thinking about that?

這非常有幫助。謝謝。然後，我想跟進一下，在分析師日上，您談到了您願意考慮的無機成長來源，例如更大規模的併購等等。在當前環境下您如何看待這一點？在這種全球緊張局勢下，這些交易是否更難達成？或者您對此有何看法？

Yeah. No change in our strategic desire there or direction. I think the quick answer is, right now, there's just a lot of uncertainty around trade and where this will land and how it'll play out. So I haven't seen any meaningful changes as a result of that. And I think it's probably too soon to say.

是的。我們的戰略願望和方向沒有改變。我認為簡單的答案是，目前，貿易方面存在著許多不確定性，包括貿易將走向何方以及如何發展。因此我沒有看到任何有意義的變化。我認為現在下結論還為時過早。

Thank you. I will now hand the call back to Giovanni Pacelli.

謝謝。我現在將電話轉回喬瓦尼·帕切利。

Thank you, Dee Dee, and thank you all for joining this morning and your interest in the company. Before concluding today's call, I would like to announce our upcoming participation in J.P. Morgan's 53rd Annual Global Technology, Media, and Communications Conference in Boston tomorrow, May 14. We'll also be participating in Stifel's cross-sector conference in Boston on June 4 and Baird's global technology Conference on June 5 in New York City. Thanks, again, and this concludes today's call.

謝謝你，Dee Dee，也謝謝大家今天早上的參加以及對公司的關注。在結束今天的電話會議之前，我想宣布我們即將參加明天（5 月 14 日）在波士頓舉行的摩根大通第 53 屆年度全球技術、媒體和通訊會議。我們也將參加 6 月 4 日在波士頓舉行的 Stifel 跨產業會議以及 6 月 5 日在紐約舉行的 Baird 全球技術會議。再次感謝，今天的通話到此結束。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。