Silicon Laboratories Inc (SLAB) 2025 Q2 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 second-quarter fiscal 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

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 財年第二季財報電話會議。（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 websites.

謝謝你，Dee Dee，大家早安。我們正在錄製本次會議，重播將在我們網站 investor.silabs.com 的投資者關係板塊提供四週。我們的獲利新聞稿以及隨附的財務表格也可在我們的網站上取得。

Joining me today are Silicon Labs' President and Chief Executive Officer, Matt Johnson; and Chief Financial Officer, Dean Butler. They will discuss our second 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。他們將討論我們第二季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，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。

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. A reconciliation of our GAAP to non-GAAP results is included in the company's earnings press release on the Investor Relations section of the Silicon Labs' website.

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。我們的 GAAP 與非 GAAP 結果的對帳表包含在 Silicon Labs 網站投資者關係部分的公司收益新聞稿中。

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, everyone. Silicon Labs delivered second quarter results in line with our outlook, driving strong, sequential and year-over-year growth in both sales and profitability while closely managing operating expenses.

謝謝，喬瓦尼，大家早安。Silicon Labs 的第二季業績符合我們的預期，在嚴格控制營運費用的同時，推動了銷售額和獲利能力的強勁、連續和同比增長。

We remain laser focused on converting our design win pipeline into production ramps, and this quarter's results demonstrate our consistent progress. Our current forecasts indicate that 10 of our 12 largest customer ramps are on track or ahead of plan for 2025.

我們仍然專注於將我們的設計勝利管道轉化為生產坡道，本季的結果表明我們不斷取得進展。我們目前的預測表明，我們 12 個最大客戶中的 10 個將在 2025 年實現產能提升，甚至提前完成計劃。

As we shared in our March Investor Day, our industry-leading Series 2 platform continues to drive rapid revenue growth and share gains across both of our business areas, including significant growth in Bluetooth and Wi-Fi products.

正如我們在三月投資者日所分享的那樣，我們行業領先的 2 系列平台繼續推動我們兩個業務領域的快速收入成長和份額成長，包括藍牙和 Wi-Fi 產品的顯著成長。

Looking at Q2, our Home & Life business was up double-digits year over year, driven by continued stabilization and smart home applications, as well as shipments to connected healthcare customers, as many of these designs began production in early 2025.

縱觀第二季度，我們的家居與生活業務同比增長了兩位數，這得益於持續的穩定和智慧家居應用，以及對聯網醫療保健客戶的出貨量，因為其中許多設計於 2025 年初開始生產。

In the smart home, we saw strength in home automation applications like gateways and smart lighting. Additionally, our newest Wi-Fi device, the 917, is providing battery-powered Wi-Fi connectivity for the Roku Battery Camera that is now available on Walmart shelves, as well as Roku Battery Camera Plus. Both models are available at Amazon and online at other major retailers.

在智慧家庭領域，我們看到了網關和智慧照明等家庭自動化應用的優勢。此外，我們最新的 Wi-Fi 設備 917 為目前在沃爾瑪貨架上銷售的 Roku 電池相機以及 Roku 電池相機 Plus 提供電池供電的 Wi-Fi 連接。這兩種型號均可在亞馬遜和其他主要零售商的網上商店購買。

Silicon Labs enables a high fidelity 1080p camera to operate on battery power for up to two years before needing to be replaced, an incredible breakthrough. Meanwhile, our healthcare initiatives are progressing well as we continue to ramp new customers. Overall, we remain confident in the strong growth potential of this market, including in continuous Roku's monitoring applications, which we continue to expect will become 10% of our revenue.

Silicon Labs 讓高傳真 1080p 攝影機能夠依靠電池供電運行長達兩年才需要更換，這是一個令人難以置信的突破。同時，隨著我們不斷增加新客戶，我們的醫療保健計劃進展順利。總體而言，我們仍然對該市場的強勁成長潛力充滿信心，包括 Roku 的連續監控應用程序，我們預計該應用程式將成為我們收入的 10%。

Our industrial commercial business was also up double-digits year over year. Sequentially, the growth was underpinned by strength in the electronic shelf labeling market and an ongoing recovery of broad-based industrial applications that are typically served through our distribution channel.

我們的工業商業業務也比去年同期實現了兩位數的成長。連續成長得益於電子貨架標籤市場的強勁表現以及通常透過我們的分銷管道提供服務的廣泛工業應用的持續復甦。

We're also seeing steady shipments to global smart metering customers, including India's electric metering rollout, and expect to begin shipments for Japan's metering refresh cycle later this year.

我們也看到對全球智慧計量客戶的出貨量穩定，包括印度的電力計量推出，並預計今年稍後開始為日本的計量更新周期出貨。

Looking beyond Q2 results, our Series 2 platform continues to drive the growth of our design win pipeline and positions us extremely well for continued market share expansion. This includes new design wins in applications like commercial building controls where utility companies are encouraging more efficient power consumption, utilizing our best-in-class multi-protocol solutions and domain expertise along with further traction in ecosystems like [Meta] and Amazon Sidewalk.

展望第二季業績之外，我們的 Series 2 平台將繼續推動設計贏單管道的成長，並為我們繼續擴大市場份額奠定極其有利的基礎。這包括在商業建築控制等應用領域取得的新設計勝利，公用事業公司正在鼓勵更高效的電力消耗，利用我們一流的多協議解決方案和領域專業知識，以及在 [Meta] 和 Amazon Sidewalk 等生態系統中的進一步吸引力。

We're also working towards establishing new partnerships in connected healthcare and are confident that our market share momentum in applications like diabetes management will continue. In addition, we have secured design wins and other emerging medical applications like remote vital sign monitors and medicine delivery applications as our products emerge as best-in-class for many of these market needs.

我們也致力於在互聯醫療保健領域建立新的合作夥伴關係，並相信我們在糖尿病管理等應用領域的市場份額勢頭將會持續下去。此外，我們的產品已成為滿足許多此類市場需求的最佳產品，因此，我們已獲得設計勝利和其他新興醫療應用，如遠距生命徵象監測器和藥物傳輸應用。

Finally, in our commercial business, we've seen strong engagement for logistics applications like real-time asset tracking. In fact, we recently won a new high volume design win with one of the world's largest palette makers, highlighting increasing customer interest and proximity-based tracking of higher value assets moving through their supply chains.

最後，在我們的商業業務中，我們看到了即時資產追蹤等物流應用的強勁參與度。事實上，我們最近贏得了世界上最大的調色板製造商之一的一項新的大批量設計訂單，凸顯了客戶日益增長的興趣以及在其供應鏈中移動的高價值資產的近距離跟踪。

Building on our track record of being first to introduce new to industry innovative features and capabilities on our Series 2 platform, we are excited to announce that our first Series 3 device, the 301, is shipping in volume production and now claims the title as the world's first device to achieve PSA Level 4 security certification. This milestone reinforces our long track record of industry first achievements and sets a new benchmark for trusted embedded computing.

基於我們在 Series 2 平台上率先推出行業創新特性和功能的記錄，我們很高興地宣布，我們的第一款 Series 3 設備 301 已開始量產，並成為世界上第一款獲得 PSA Level 4 安全認證的設備。這項里程碑鞏固了我們長期以來在業界的首創成就，並為可信任嵌入式運算樹立了新的標竿。

Additionally, another Series 3 device, the 302, will be sampling next year and will bring industry-leading energy efficiency and wireless performance to battery-powered devices that support both Bluetooth and matter applications, setting another industry performance benchmark.

此外，另一款 Series 3 設備 302 將於明年推出樣品，它將為支援藍牙和物聯網應用的電池供電設備帶來業界領先的能源效率和無線性能，樹立另一個行業性能標竿。

Moving forward, our market share momentum driven by our Series 2 platform and the introduction of our next-gen Series 3 platform positions us incredibly well to sustain outsized growth in our accelerating markets.

展望未來，我們的第二系列平台和下一代第三系列平台的推出推動了我們的市場份額成長，這使我們能夠在加速發展的市場中保持超額成長。

Looking near term, while the evolving tariff discussions somewhat limit our visibility, we have not observed significant changes to our customers' forecasts. Additionally, our customer surveys do not indicate and customer inventory bills and in many cases reveal lower inventory positions compared to 90 days ago.

短期來看，雖然不斷發展的關稅討論在一定程度上限制了我們的可見性，但我們並未觀察到客戶預測發生重大變化。此外，我們的客戶調查並未顯示客戶庫存帳單，而且在許多情況下，與 90 天前相比，庫存狀況較低。

Our outlook for sequential growth into the third quarter continues to be supported by share gains and secular growth markets, execution of new program ramps, and consistent improvements in our order patterns. This combination gives us confidence that we're on track to outperform the broader semiconductor market this year.

我們對第三季連續成長的預期繼續受到股價上漲和長期成長市場的支撐、新計畫的實施以及訂單模式的持續改善。這種結合讓我們有信心，今年我們有望超越更廣泛的半導體市場。

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 a recently completed quarter followed by a discussion of our current outlook. Revenue for the June quarter was $193 million, up 9% sequentially and in line with the midpoint of our prior guidance. Year over year, consolidated revenue was up 33%.

謝謝，馬特，大家早安。我將首先回顧最近一個季度的財務結果，然後討論我們當前的前景。六月當季的營收為 1.93 億美元，季增 9%，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 33%。

In our Industrial & Commercial business, June quarter revenue was $110 million, up 14% sequentially and up 25% from the same period last year. Sequentially, the growth was driven by customer ramps and electronic shelf label [deployments], continued smart meter rollouts and a steady demand improvement for a wide range of industrial applications.

在我們的工業和商業業務中，6 月季度營收為 1.1 億美元，較上季成長 14%，比去年同期成長 25%。隨後，成長受到客戶成長和電子貨架標籤部署、智慧電錶的持續推廣以及廣泛工業應用需求的穩定改善的推動。

Home & Life June quarter revenue was $83 million, up 2% sequentially and up 45% from the same period a year ago, driven by new design ramps with medical customers more than doubling versus the same quarter one year ago.

家庭和生活用品六月季度營收為 8,300 萬美元，比上一季增長 2%，比去年同期增長 45%，這得益於醫療客戶新設計的增加，比去年同期增長了一倍多。

During the quarter, distribution made up approximately 69% of our revenue mix, sell through at distribution partners continued to grow and channel inventory increased slightly to end at 51 days, up from 48 days in the prior quarter, despite our intention to begin moving toward our target range of 70 to 75 days.

在本季度，分銷約占我們收入組合的 69%，分銷合作夥伴的銷售額繼續增長，渠道庫存略有增加，最終為 51 天，高於上一季的 48 天，儘管我們打算開始向 70 至 75 天的目標範圍邁進。

June quarter gross margins saw positive improvements as the long tail channel sales and industrial applications continue to benefit our mix. GAAP gross margin was 56.1%, non-GAAP gross margin was 56.3%, which was up 90 basis points from the prior quarter and above the midpoint of our guidance.

由於長尾通路銷售和工業應用繼續使我們的產品組合受益，六月季度毛利率出現積極改善。GAAP 毛利率為 56.1%，非 GAAP 毛利率為 56.3%，較上一季成長 90 個基點，高於我們預期的中點。

GAAP operating expenses were $131 million which includes share-based compensation of $20 million and intangible asset amortization of $3 million. Non-GAAP operating expenses of $107 million was consistent with our prior guidance. GAAP operating loss of $23 million and non-GAAP operating income was $1 million.

GAAP 營運費用為 1.31 億美元，其中包括 2,000 萬美元的股權激勵費用和 300 萬美元的無形資產攤銷。非公認會計準則營運費用為 1.07 億美元，與我們先前的預期一致。GAAP 營業虧損為 2,300 萬美元，非 GAAP 營業收入為 100 萬美元。

During the quarter, we recorded a GAAP tax charge of approximately $3 million. Our non-GAAP tax rate remained 20%. GAAP loss per share was $0.67, and non-GAAP earnings of $0.11 per share beat the midpoint of our guidance by $0.02.

本季度，我們記錄了約 300 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 0.67 美元，每股非 GAAP 收益為 0.11 美元，比我們的預期中位數高出 0.02 美元。

Turning to the balance sheet. We ended the quarter with $416 million of cash, cash equivalents and short-term investments. Our days of sales outstanding was approximately 30 days. During the quarter, our balance sheet inventory remained essentially flat, ending the quarter at $81 million of net inventory. Days of inventory on hand improved to 86 days, a sequential improvement from 94 days at March quarter end.

轉向資產負債表。本季末，我們的現金、現金等價物和短期投資為 4.16 億美元。我們的應收帳款週轉天數約為30天。在本季度，我們的資產負債表庫存基本上保持不變，本季末的淨庫存為 8,100 萬美元。庫存天數改善至 86 天，較 3 月季度末的 94 天有所改善。

As it stands today, we have not seen a direct impact to our supply chain from the shifting tariff rules. While the outcome of ongoing tariff discussions and their potential indirect impact on global demand are still uncertain, conversations with our customers do not currently point to any meaningful pull forward in demand.

就目前情況而言，我們尚未看到關稅規則的變化對我們的供應鏈產生直接影響。儘管正在進行的關稅談判的結果及其對全球需求的潛在間接影響仍不確定，但目前與客戶的對話並未顯示需求有任何有意義的成長。

Order patterns from customer bookings and distribution POS continue to show positive improvement, extending a multi-quarter trend of positive progressions. This supports our view from last quarter that our end markets are making headway in their cyclical recovery. Additionally, our survey showed that our end customers' inventory ticked down in the quarter and in many cases revealed relatively low inventory positions.

來自客戶預訂和分銷 POS 的訂單模式繼續呈現積極改善，延續了多個季度的積極進展趨勢。這支持了我們上個季度的觀點，即我們的終端市場在周期性復甦中正在取得進展。此外，我們的調查顯示，我們最終客戶的庫存在本季有所下降，並且在許多情況下顯示相對較低的庫存水準。

Now for our current outlook. We anticipate revenue in the September quarter to be in the range of $200 million to $210 million, which at the midpoint would imply a strong 23% year-over-year growth rate and a 6% sequential growth.

現在談談我們目前的展望。我們預計 9 月當季的營收將在 2 億美元至 2.1 億美元之間，以中間值計算，這意味著同比增長 23%，環比增長 6%。

Importantly, we believe Silicon Labs is tracking to outperform the broader semiconductor market this year based on the execution of our new customer design ramps and further supported by improving cyclical demand.

重要的是，我們相信，憑藉我們新客戶設計提升的執行以及週期性需求改善的進一步支持，Silicon Labs 今年的表現將超越更廣泛的半導體市場。

With continued strength in industrial applications and sales through our distribution channel growing, we expect continued gross margin improvements in the September quarter, with both GAAP and non-GAAP gross margins expected to be in the range of 57% to 58%.

隨著工業應用的持續強勁以及透過分銷管道的銷售不斷增長，我們預計 9 月季度的毛利率將繼續提高，預計 GAAP 和非 GAAP 毛利率將在 57% 至 58% 之間。

We continue to manage operating expenses tightly and remain committed to our published financial model of growing expenses one-third the rates of revenue growth, allowing for rapid earnings acceleration moving forward.

我們繼續嚴格管理營運費用，並堅持我們公佈的財務模型，即費用增長率為收入增長率的三分之一，從而實現未來盈利的快速增長。

In line with that philosophy, we expect GAAP operating expenses in the September quarter to be in the range of $130 million to $133 million. We expect non-GAAP operating expenses to modestly increase in the September quarter to be in the range of $107 million to $110 million as the employee bonus pool is expected to accrue at a higher contribution given our return to profitability.

根據這一理念，我們預計 9 月季度的 GAAP 營運費用將在 1.3 億至 1.33 億美元之間。我們預計 9 月季度的非 GAAP 營運費用將小幅增加至 1.07 億美元至 1.1 億美元之間，因為考慮到我們恢復盈利，員工獎金池預計會以更高的貢獻率累積。

Finally, GAAP loss per share is expected to be a range of $0.60 loss to a $0.20 loss on a basic share account of 32.8 million shares. Non-GAAP earnings per share is expected to be in the range of $0.20 to $0.40 on an expected diluted share count of 33 million shares.

最後，預計每股 GAAP 虧損將在 3,280 萬股基本股票帳戶的 0.60 美元至 0.20 美元之間。預計非公認會計準則每股收益將在 0.20 美元至 0.40 美元之間，預計稀釋股數為 3,300 萬股。

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

我們的準備好的演講到此結束。現在我想將電話交給接線員，開始問答環節。迪迪？

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作員指示）Quinn Bolton，Needham & Company。

Hey, guys. Congratulations on the continued strong outlook. I wanted to ask a question just on the Home & Life business. I know it's up strongly year on year, but it was up 2% quarter on quarter, perhaps a little bit below my estimates.

嘿，大家好。祝賀您繼續保持強勁的前景。我只想問一個有關家居生活業務的問題。我知道它同比增長強勁，但環比增長了 2%，可能略低於我的預期。

How are you thinking about that business as you get into the second half of the year? I think you reiterated the target for continuous glucose monitors. They hit 10% of sales. Is that still on track for the second -- by the end of 2025?

進入下半年，您對這項業務有何看法？我認為您重申了連續血糖監測儀的目標。他們的銷售額達到了 10%。到 2025 年底，這是否仍有望實現？

Yeah. Sure, Quinn, this is Matt. Quick answer is, let's see, big picture, CGM still on track, still committed to that 10% number on the timeline we've mentioned. I think what's going on big picture here is we've said for many quarters, the primary driver of our growth are these share gains in these major ramps.

是的。當然，奎因，這是馬特。快速回答是，讓我們看看，總體而言，CGM 仍然在正軌上，仍然致力於我們提到的時間表上的 10% 數字。我認為，總體情況是，我們已經說過很多季度了，我們成長的主要動力是這些主要成長中的份額成長。

And those ramps can be lumpy, they can be some are ahead of schedule, some are behind, some are bigger, some are lower, but as we shared in the prepared remarks, we're tracking a tremendous amount of ramps, and of those our top 12, 10 of those are on track.

這些坡道可能不平整，可能有些提前了，有些落後了，有些較大，有些較低，但正如我們在準備好的評論中分享的那樣，我們正在跟踪大量的坡道，其中排名前 12 位的 10 個都已按計劃進行。

So in aggregate, we're able to say on track or better to our expectations and the easiest way to look at it is, our expectations by segment, by application and by customer haven't changed. So we feel good about the outlook and no major changes.

因此，總的來說，我們可以說我們的業績符合預期，甚至比預期更好，最簡單的看法是，我們對各個細分市場、各個應用程式和各個客戶的預期並沒有改變。因此，我們對前景感到樂觀，沒有重大變化。

Perfect. And I guess one for Dean. Dean, you've done a great job here on gross margin, getting back to, I think, your longer term target of 57% to 58%. Do you expect it to kind of hang out in this level going forward? Or do you see room for potential further improvement above that 57% to 58% level in future quarters?

完美的。我想 Dean 也應該得到一個。迪恩，您在毛利率方面做得很好，我認為，您已經回到了 57% 至 58% 的長期目標。您是否希望它未來能保持這種水平？或者您認為未來幾季該比例還有進一步提升的空間，超過 57% 至 58% 的水平？

Yeah. This is an area I think the team's done super well on, Quinn. Just to reiterate what our long-term financial model, it's 56% to 58%. So midpoint 57%. Where we are now, we're trending the high end of that range, we just got it 57% to 58%. So in that higher end of that portion.

是的。奎因，我認為團隊在這方面做得非常好。重申我們的長期財務模型，即 56% 到 58%。中點是 57%。目前，我們正處於該範圍的高端，剛剛達到 57% 到 58%。因此處於該部分的較高端。

My expectation is that we continue to drive into this higher end of it as distribution channel continues to contribute in a meaningful way as a lot of our industrial type customers are doing quite well in the marketplace, that's going to keep us in the high end of that zone.

我的期望是，隨著分銷管道繼續做出有意義的貢獻，我們將繼續朝著這一高端邁進，因為我們的許多工業類型客戶在市場上表現相當不錯，這將使我們保持在該區域的高端。

I do think over time, it will probably bounce between this 56% and 58%. I am not at a point where we're going to reassess the long term model and say hey we can you know go higher from that 58% mark, but at least from what we can see on the near term over probably the next couple of quarters given how distribution is trending, we look like we're going to stay in that high end.

我確實認為隨著時間的推移，它可能會在 56% 和 58% 之間波動。我還沒有到重新評估長期模型並說我們可以從 58% 的水平進一步提高的地步，但至少從我們短期內可能在接下來的幾個季度中看到的情況來看，考慮到分銷趨勢，我們看起來會停留在高端。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes. Let me echo my congratulations, especially on the operating leverage here. My first question, Matt, is on your design win pipeline. The growth is clearly driven by your execution towards that pipeline. Could you perhaps give us any updates as far as numbers? Is it growing? Just want a little bit more color on the actual pipeline. Thank you.

是的。讓我再次表示祝賀，特別是對這裡的經營槓桿。馬特，我的第一個問題是關於你的設計獲勝管道。成長顯然是由您對該頻道的執行所推動的。您能否向我們提供有關數字方面的更新資訊？它在成長嗎？只是想在實際管道上添加更多顏色。謝謝。

Yeah. Sure. Thanks, Tore. Big picture, we've shared that we've had a tremendous success over the last few years from a design win perspective. And we've really tried to pivot to making sure we ramp all those designs that we've secured, and that's exactly what we're starting to see here.

是的。當然。謝謝，托爾。總體而言，我們已經分享了從設計勝利的角度來看我們在過去幾年中取得的巨大成功。我們確實嘗試過轉向確保我們能夠提升所有已獲得的設計，而這正是我們在這裡開始看到的。

And we've been consistent and the primary driver of our growth this year are those share gains and ramps that are happening. But to answer your question directly, we still like what we see and we still have that moment.

我們一直保持一致，今年我們成長的主要動力是份額的成長和成長。但直接回答你的問題，我們仍然喜歡我們所看到的，我們仍然擁有那一刻。

The opportunity funnel is the largest it's ever been. We are on track for design wins, which are larger than they've been, and we have great momentum. The easiest way to think about it, Series 2 is still gaining market share and winning.

機會漏斗是有史以來最大的。我們正朝著贏得設計勝利的方向前進，這場勝利比以往更大，而且我們擁有強勁的發展勢頭。最簡單的思考方式是，Series 2 仍在獲得市場份額並取得勝利。

Wi-Fi is allowing us to increment up and start growing even faster. And now we're putting Series 3 in the mix with new to world capabilities and features. So no expectation that that'll slow down. So we like where we're at and we like what we're seeing.

Wi-Fi 讓我們能夠進一步提升並開始更快成長。現在，我們將 Series 3 與全球首創的全新功能和特性結合。因此，我們並不認為這一趨勢會減緩。所以我們喜歡我們現在所處的位置，也喜歡我們所看到的一切。

Very good. And that's my follow up. I had a question on the glucose meter business. I know you mentioned, multiple customers now. Again, could you perhaps give us some color on how many customers are ramping there? Because clearly, you're gaining share, and I think the last time you had a call, I think you talked about already working with 10 or dozen customers in glucose meters.

非常好。這就是我的後續行動。我對血糖儀業務有一個疑問。我知道您提到過，現在有多個客戶。再次，您能否告訴我們那裡有多少客戶在增加？因為很明顯，你們的市場份額正在擴大，而且我想上次你們打電話的時候，你們談到已經與 10 個或 12 個血糖儀客戶合作。

Yeah. Specific numbers, I hope I don't screw this up, guys, from Analyst Day, but I think what we shared with that is we are engaged with over 60 customers in the space and we are ramping more than 12 in the space. So that's where we're at.

是的。具體的數字，夥計們，我希望我沒有搞砸分析師日的數據，但我認為我們分享的是，我們與該領域的 60 多個客戶合作，並且我們正在該領域增加 12 多個客戶。這就是我們現在的處境。

And as we share in the prepared remarks, we're continuing to make progress on that in that particular space and even expanding out into additional applications within the medical and healthcare space where we're just finding our products are really dialed in. So liking what we see there, Tore.

正如我們在準備好的評論中所分享的，我們在該特定領域繼續取得進展，甚至擴展到醫療保健領域的其他應用，我們發現我們的產品確實很受歡迎。非常喜歡我們在那裡看到的東西，托爾。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey, guys. Thanks for taking my question. I've kind of the inverse question to Quinn into June. You saw some really strong trends in the industrial and consumer business. You've seen during this earnings period other large players talk about some pull forward in industrial.

嘿，大家好。感謝您回答我的問題。我對 Quinn 的提問有點反了，是在六月。您看到了工業和消費業務中一些非常強勁的趨勢。您已經看到，在此盈利期間，其他大型企業談到了工業領域的一些進步。

I was curious was there any geographic changes in the mix of revenue in the June quarter? I think you called out self-labeling, the [disti] channel and then India smart metering, but anything to note in terms of geo differences in that June quarter.

我很好奇，六月季度的營收結構是否有地域變化？我認為您提到了自我標籤、[disti] 管道以及印度智慧計量，但就六月季度的地理差異而言，有什麼值得注意的。

Yeah. Tom, this is Matt. Quick answer is no, pretty consistent across the board. In fact, it's worth pointing out, we're seeing that broadly that we acknowledge all the uncertainty that's out there around tariffs, and we're watching closely for,signs of build aheads, pull-ins and there has to be something going on out there around that. But the data is encouraging.

是的。湯姆，這是馬特。快速回答是否定的，整體而言相當一致。事實上，值得指出的是，我們普遍承認圍繞關稅存在各種不確定性，我們正在密切關注未來建設、拉動的跡象，並且肯定圍繞這些方面會發生一些事情。但數據令人鼓舞。

We see bookings consistent with what forecast was, no major anomalies there. Customers are in line with expectation, consistent improvements but linear, and inventory in line, right? Our internal inventory looks good. Just the inventory, if anything is low, as we're trying to build that up. And customer inventory on average is actually down over the last 90 days. So despite the uncertainty that's out there, the data is encouraging and going in the right direction.

我們看到預訂量與預測一致，沒有出現重大異常。客戶符合預期，持續改善但線性，庫存也符合預期，對嗎？我們的內部庫存看起來不錯。只是庫存，如果有任何低的話，我們正在努力建立它。過去 90 天內，客戶庫存平均實際上有所下降。因此，儘管存在不確定性，但數據令人鼓舞，並且朝著正確的方向發展。

Helpful. And then when I look at the gross margins, which are very impressive going into the September quarter, it looks like the incremental gross margin is close to 80% quarter over quarter. That's the highest you've done in the last couple of years.

很有幫助。然後，當我查看毛利率時，發現進入 9 月季度後，毛利率非常可觀，增量毛利率似乎比去年同期接近 80%。這是你過去幾年來取得的最高成績。

So if you look at the divergence and revenue trends in the September quarter, do you continue to see more disti and by that by that measure more Industrial & Commercial into the September quarter, but maybe you give us a little color on segment trends into September and then why you're seeing such a big step up on the gross margin side. Thank you.

因此，如果您查看 9 月份季度的差異和收入趨勢，您是否會繼續看到更多的分銷，並且以此衡量 9 月份季度的工業和商業會更多，但也許您可以給我們一些關於 9 月份細分趨勢的信息，然後您會看到毛利率有如此大的增長。謝謝。

Yeah. Tom, I think you got it right on segment and business mix. As you know, a lot of the industrial tends to go through the channel, and in the channel customers generally are long tail, lower unit count, and therefore generally higher ASP. So we do get a better margin step up as more and more things go over the channel, a lot of that is industrial based.

是的。湯姆，我認為你對細分市場和業務組合的看法是正確的。如您所知，許多工業產品傾向於透過通路銷售，而通路客戶一般都是長尾客戶，單位數量較少，因此平均售價通常較高。因此，隨著越來越多的產品透過通路銷售，我們的利潤率確實得到了更好的提升，其中許多都是基於工業的。

There are other like small benefits that you get through as revenue increases, right? You get some efficiencies on some of the fixed cost that you run your supply chain, but the majority here is really the dynamic around industrial customers are going through channel.

隨著收入的增加，您還會獲得其他類似的小福利，對嗎？您可以在營運供應鏈的一些固定成本上獲得一些效率，但這裡最主要的實際上是工業客戶通過管道的動態。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hey, guys. Thanks for the question. Yeah. Just regarding distribution in the channel, are there opportunities to refill the channel to grow the channel here. And like as we look over the next few quarters, maybe in terms of dollars, what could that opportunity be?

嘿，大家好。謝謝你的提問。是的。僅就通路分銷而言，是否有機會補充通路以擴大通路。當我們展望未來幾季時，從美元角度來看，這個機會可能是什麼？

Yeah. I mean, short answer, Chris, is we've been trying for the last couple quarters to actually fill the channel back to where it should be. We had this, call, 90 days ago and we said, hey, channel inventory at that point was 48 days, now this quarter is 51. We said, hey, we'd like to build the channel back up and start working toward our target and in fact during the June quarter, we anticipated trying to get more inventory in.

是的。我的意思是，克里斯，簡短的回答是，過去幾季我們一直在努力將管道恢復到應有的水平。90 天前我們就遇到這種情況，我們說，當時的通路庫存是 48 天，而本季是 51 天。我們說，嘿，我們想重建渠道並開始朝著我們的目標努力，事實上，在六月季度，我們預計將嘗試獲得更多庫存。

But the reality is the dynamic that's happening within the channel is as we ship into channel and try to refill, customers actually are taking that inventory in terms of POS and we can see it go out the other side in POS. We then follow up with a subset of our end customers that we can reach and we survey them and ask them, hey, what's happening with the with the inventory? Are you just taking POS and putting on your shelf?

但實際情況是，通路內發生的動態是，當我們將貨物運送到通路並嘗試補充時，客戶實際上正在透過 POS 獲取庫存，我們可以看到它從 POS 的另一端流出。然後，我們會跟進我們能夠聯繫到的最終客戶子集，對他們進行調查並詢問他們，嘿，庫存情況怎麼樣？您是否只是採用 POS 並將其放在貨架上？

And in fact, that doesn't seem the case. In fact, majority act to lower end customer inventory. So we're trying to track as it moves through channel. It looks like this is largely being consumed and deployed. I think it's a bunch of customers that are coming back slowly over time and we're seeing continued positive momentum.

但事實上，情況似乎並非如此。事實上，大多數措施都是為了降低最終客戶的庫存。因此，我們嘗試追蹤它在通道中的移動。看起來這在很大程度上被消費和部署了。我認為隨著時間的推移，一大批顧客正在慢慢回歸，我們看到持續的正面動力。

If we can refill the channel, we can, and like the last two quarters we've been trying. I don't think you'll see any big step up in any given quarter, but our intention is to move the channel from where we are to 51 days to start to move it toward our target of 70 to 75 days. I just think it's going to take a few quarters, Chris.

如果我們能夠重新填充管道，我們就可以，就像過去兩個季度我們一直在努力的那樣。我認為你不會在任何一個季度看到任何大的進步，但我們的目的是將管道從目前的 51 天移至 70 至 75 天的目標。我只是認為這需要幾個季度的時間，克里斯。

Excellent. Thank you, Dean. That that's actually a lot of fill at 70 to 75. It'll be nice to see. I guess for my second question here, how are you guys -- you mentioned tariffs, how are you thinking about tariffs and would you be passing this on to customers or would you eat some of it? What's your strategy here?

出色的。謝謝你，迪恩。這實際上在 70 到 75 之間有很多填充。很高興看到。我想我的第二個問題是，你們怎麼樣──你們提到了關稅，你們是如何考慮關稅的，你們會把這筆錢轉嫁給客戶嗎，還是你們會承擔一部分？你的策略是什麼？

Yeah. I think generally speaking, from our review of tariffs, which as you know, the rules keep changing, it's all about the specific rules when they get published and how those get rolled out. We've looked at a number of options among our supply chain. For the most part, it's relatively modest in its most extreme cases that we can kind of model out. It's a relatively modest impact on the company.

是的。我認為一般來說，從我們對關稅的審查來看，正如你所知，規則一直在變化，關鍵在於具體規則的發佈時間和如何實施。我們已經研究了供應鏈中的多種選擇。在大多數情況下，在我們可以建模的最極端情況下，它的波動性相對較小。這對公司的影響相對較小。

I think our intention would largely be to pass them along if that comes. Again, we think the impact in itself is modest. So we don't think that would cause any undue harm across the customer base if that were to come to play.

我認為，如果這種情況發生，我們的主要目的就是將它們傳遞下去。我們再次認為其本身的影響是有限的。因此，我們認為，即使發生這種情況，也不會對整個客戶群造成任何不當傷害。

And there are some geographic differences when we look at what is the amount of inventory that comes across the United States border was the big contentious one. For us, it's in the 10% range. So if whatever rate you want to assume on tariffs and every country has a different rate, generally, we're shipping directly in by Silicon Labs only about 10%. So that's how we get to this pretty modest impact, if you will, Chris.

當我們查看跨越美國邊境的庫存數量時，會發現一些地理差異，這是最大的爭議點。對我們來說，這個比例在 10% 左右。因此，無論您想假設關稅稅率是多少，並且每個國家都有不同的稅率，一般來說，我們透過 Silicon Labs 直接運送的稅率僅為 10% 左右。所以這就是我們如何得到這種相當適度的影響的，克里斯，如果你願意的話。

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, Matt, if you can help us with just any of the Wi-Fi strength that you mentioned, just any of the application wins and any of the ramps that you're seeing there?

謝謝大家回答我的問題並祝賀你們的進展。也許，馬特，你能幫助我們了解你提到的任何 Wi-Fi 強度、任何應用程式的勝利以及你在那裡看到的任何坡道嗎？

Yeah. Sure. So continued progress in Wi-Fi. The biggest one that we just shared in the prepared remarks, which is really worth pointing out is the Roku design. What's unique about that is where we have shined, where we have focused in this space is playing to our strengths, which is battery-powered applications.

是的。當然。因此，Wi-Fi 將繼續取得進步。我們剛剛在準備好的演講中分享的最大一點，真正值得指出的是 Roku 的設計。我們的獨特之處在於我們閃耀的地方，我們專注於發揮我們的優勢，即電池供電的應用。

So long battery life as we've shared our device, longest battery life in the world for a Wi-Fi application, and that's what Roku is taking advantage of. So they've put a 1080p camera out there that can operate for up to two years on battery power, which is pretty remarkable. That's on store shelves now at Walmart, available at Amazon and other retailers.

我們分享的設備電池壽命非常長，是世界上 Wi-Fi 應用中電池壽命最長的，而這正是 Roku 所利用的。因此，他們推出了一款 1080p 攝影機，可以依靠電池供電運行長達兩年，這非常了不起。這款產品目前在沃爾瑪的貨架上、亞馬遜和其他零售商處均有販售。

And I think that is a good example and indicative of what we're seeing in Wi-Fi overall, whereas we bring this capability to bear in the market. Customers are starting to take advantage of it, especially in battery powered applications to do things they could not do before. So we like what we see there. We like the progress. As always, it's a new market, it always takes longer than you want, but it's going in the right direction.

我認為這是一個很好的例子，顯示了我們在 Wi-Fi 領域看到的整體情況，而我們將這種能力帶到了市場上。客戶開始利用它來做以前無法做到的事情，特別是在電池供電的應用中。所以我們喜歡在那裡所看到的一切。我們喜歡這個進步。像往常一樣，這是一個新市場，它總是比你期望的花費更長的時間，但它正朝著正確的方向發展。

Thanks for that. And maybe just lastly, with your September back now above $200 million a quarter, your trajectory is definitely promising. But any thoughts on giving your pipeline and your visibility, when you would expect to be able to challenge your prior '22 highs? Do you think that's something you can achievably get into a range in '26?

謝謝。最後，隨著 9 月每季的營業額超過 2 億美元，您的發展軌跡絕對充滿希望。但是，您如何看待您的頻道和知名度，您預計何時能夠挑戰您之前 22 年的最高紀錄？您認為這是您可以在 26 年實現的目標嗎？

So we're not guiding beyond the corner, but maybe the most helpful thing that we can share is in line with what we shared not that long ago at our Analyst Day. We have been securing a tremendous amount of design wins over the last few years, and those are just now starting to ramp. And to help make that real, one stat that we shared was in our Series 2 platform, the current or prior gen, however you want to think of that, of what we've secured, we've only shipped a little over 1 billion units in that space.

因此，我們不會提供超出預期的指導，但也許我們可以分享的最有用的內容與我們不久前在分析師日上分享的內容一致。在過去的幾年中，我們已經贏得了大量的設計訂單，而這些訂單現在才剛開始增加。為了實現這一目標，我們分享了一個統計數據，那就是在我們的 Series 2 平台中，無論你怎麼想，無論是當前還是之前的一代，就我們所獲得的產品而言，我們在該領域的出貨量僅略高於 10 億台。

We've secured more than another 6 billion units of wins that we haven't shipped yet that are starting to ramp or will be ramping. So that gives you a sense of what's been won and what's to come, where as we said, at the same time, we're still many more designs on Series 2. It is still ultra-competitive while we're bringing in Series 3, the next generation.

我們已獲得另外 60 多億台尚未發貨的勝利，這些勝利正在開始增加或即將增加。這樣您就可以了解我們已經取得的成就以及未來將取得的成就，同時，正如我們所說，我們在第二系列上還有更多設計。當我們推出下一代產品 Series 3 時，競爭仍然異常激烈。

We had a press release yesterday where we brought the highest-level security to the IoT at the PSA Level 4, which is just an indication of what's going to start to come out on this platform as we introduce it new to industry, new to world capabilities, features and performance. So that combination, I think positions us really well for continued growth going into next year. But not specific on timeline and that's obviously not easy to call.

我們昨天發布了一則新聞稿，宣布我們為物聯網帶來了 PSA 4 級最高級別的安全性，這只是一個跡象，表明隨著我們向業界推出全新平台，向世界推出全新的功能、特性和性能，該平台將開始推出新的功能。因此，我認為，透過這種結合，我們為明年的持續成長做好了充分的準備。但沒有具體的時間表，這顯然不容易判斷。

Peter Peng, JPMorgan.

摩根大通的 Peter Peng。

Hey, guys. Thanks for taking my questions and congratulations on the strong results. I think back to your Analyst Day, you gave a number on your new customer ramps being 50% of your year-over-year growth in 2025, and if I work on what the consensus numbers are, that's about $100 million-plus.

嘿，大家好。感謝您回答我的問題，並祝賀您取得優異的成績。我回想起你們的分析師日，你們給了一個數字，即到 2025 年，新客戶數量將達到同比增長的 50%，如果我按照普遍共識來算，這個數字大約是 1 億美元以上。

Just given some of the commentaries about how you said (technical difficulty) those are on track. Are we surpassing that number and then more importantly, I guess does that number start to grow in 2026 as well?

剛才給了一些關於您所說的（技術難度）的評論，這些都是正確的。我們是否超過了這個數字？更重要的是，我猜這個數字在 2026 年是否也會開始成長？

Hey, Peter. It's Matt, I don't remember the exact number you're quoting, but maybe the most helpful thing around that is we mentioned, I think 10 of our top 12 ramps. And just to be clear, there's many more ramps that we're tracking as part of that. So that's just the biggest ones that have the easiest to track most visibility, but tip of the iceberg in terms of the ramps that we're working on managing.

嘿，彼得。我是馬特，我不記得你引用的具體數字，但也許最有幫助的是，我們提到了，我認為是我們前 12 個坡道中的 10 個。需要明確的是，我們正在追蹤更多的坡道。因此，這只是最容易追蹤、最容易看到的最大坡道，但就我們正在管理的坡道而言，這只是冰山一角。

So tough to correlate that to a specific number. But going back to the prior question and comments, we do expect continued ramps and continued growth based on design wins and share gains. That's the fastest and easiest way I can say it. We have been gaining share, and we believe we're going to continue gaining share and we have opportunity funnel and design and momentum to support that.

很難將其與具體數字關聯起來。但回到先前的問題和評論，我們確實預計基於設計勝利和份額成長，業務將繼續成長。這是我能說的最快、最簡單的方式。我們的市場份額一直在成長，我們相信我們將繼續成長市場份額，我們有機會通路、設計和動力來支持這一點。

Got it. Okay, that's helpful. And then when I look at your some of the seasonal trends typically your December quarter is flattish, but you guys been driving above seasonal trends for the past several quarters. And so, just given some of these positive booking trends and design win ramps, is it possible to drive sequential growth through the remainder of the year?

知道了。好的，這很有幫助。然後，當我查看你們的一些季節性趨勢時，通常 12 月季度比較平穩，但過去幾季你們的業績一直高於季節性趨勢。那麼，僅鑑於這些積極的預訂趨勢和設計勝利的增長，是否有可能在今年剩餘時間內推動連續增長？

Yeah. Peter, you're asking about Q4 guide which we're not at a point where we're ready to comment on. Look, most of our momentum really has been on design wins coming into production and if that's the case, you should actually outperform seasonality. One of the notable things which just so everybody has it is all throughout 2025, lead times that we're getting orders have been more and more turn space.

是的。彼得，您問的是第四季指南，我們還沒準備好對此發表評論。瞧，我們的大部分動力實際上都來自於投入生產的設計勝利，如果是這樣的話，你的表現實際上應該優於季節性。值得注意的一點是，在整個 2025 年，我們收到訂單的交貨時間將越來越長。

So it limits some of our visibility a little bit to be able to comment on hey, what does seasonality look like in a quarter or two from now and how that's evolving, but I think to the extent that design wins continue to be the primary growth driver, you should continue to do a little better than a steady state market driven only number.

因此，這在一定程度上限制了我們的可見性，我們無法評論從現在起一兩個季度後的季節性是什麼樣的，以及它將如何發展，但我認為，只要設計勝利繼續成為主要的增長動力，你的表現應該會繼續比僅由穩定狀態的市場驅動的數字要好一些。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yeah. Thank you. Just one quick one for you, Dean. 20% tax rate, obviously, with the Big Beautiful Bill, that number's probably going to change. So I don't know if you have any comments there. Should we just wait to see how things develop? Or do you have an early read on 26 tax rate?

是的。謝謝。迪恩，我只想告訴你一個問題。 20% 的稅率，顯然，隨著《美麗大法案》的出台，這個數字可能會改變。我不知道您是否有任何評論。我們是否應該等著看事情如何發展？或者您對 26 個稅率有初步了解嗎？

Well, so our non-GAAP long term tax rate of 20%, we tend to assess that on an annual basis or in as needed if a big structural change happens. In fact, this One Big Beautiful Bill that ended up passing on July 4 actually was on the very last day of our quarter. Our quarter ended on July 5, just given the fiscal cycle this time.

嗯，我們的非公認會計準則長期稅率為 20%，我們傾向於按年度或在發生重大結構性變化時根據需要進行評估。事實上，最終於 7 月 4 日通過的這項「一項偉大的美麗法案」實際上是在我們這個季度的最後一天。我們的季度於 7 月 5 日結束，正好是這次的財政週期。

So we have included all of the tax related adjustments that we think are in, but those are on the GAAP side of the books. On a non-GAAP basis, we haven't yet assessed what that impact would be longer term. I think it's marginally lower, but whether that ends up changing the longer-term time horizon that we yet to come to a conclusion on for.

因此，我們已將所有我們認為涉及的稅務相關調整納入其中，但這些調整都記錄在帳簿的 GAAP 部分。在非公認會計準則的基礎上，我們尚未評估這種長期影響。我認為這個數字略低，但這是否會改變長期時間範圍，我們尚未得出結論。

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 thank you for your interest in the company. Before concluding today's call, I'd like to announce our upcoming participation in KeyBanc's Technology Leadership Forum on August 11 in Deer Valley, Utah.

謝謝你，Dee Dee，也謝謝大家今天早上的參加，也謝謝你們對公司的關注。在結束今天的電話會議之前，我想宣布我們即將參加 8 月 11 日在猶他州鹿谷舉行的 KeyBanc 技術領導論壇。

This now concludes today's call. Thank you.

今天的電話會議到此結束。謝謝。

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。