Silicon Laboratories Inc (SLAB) 2025 Q3 法說會逐字稿

Hello. My name is Didi, and I will be your conference operator today. Welcome to the Silicon Labs Third Quarter Fiscal 2025 Conference Call. [Operator Instructions] 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.

你好。我叫迪迪，今天我將擔任你們的會議接線生。歡迎參加 Silicon Labs 2025 財年第三季業績電話會議。【操作說明】請注意，今天的會議正在錄音。現在我將把電話交給 Silicon Labs 的高級財務總監 Giovanni Pacelli。喬瓦尼，請繼續。

Thank you, Didi, and good morning, everyone. We are recording this meeting, and a replay will be available for 4 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. Joining me today are Silicon Labs' President and Chief Executive Officer, Matt Johnson; and Chief Financial Officer, Dean Butler. They will discuss our third quarter financial performance and review recent business activities. We will take questions after our prepared comments, and our remarks today will include forward-looking statements that are subject to risks and uncertainties.

謝謝迪迪，大家早安。本次會議將進行錄音，錄音回放將在我們網站投資者關係頁面（investor.silabs.com）保留4週。我們的獲利新聞稿及相關財務報表亦可在網站上查閱。今天與我一同出席的有 Silicon Labs 的總裁兼執行長 Matt Johnson 和財務長 Dean Butler。他們將討論我們第三季的財務業績，並回顧近期的業務活動。我們將在準備好的演講稿發表完畢後接受提問，我們今天的演講將包含一些前瞻性陳述，這些陳述存在風險和不確定性。

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

這些前瞻性聲明是基於截至本次電話會議之日我們所掌握的信息，我們不承擔將來更新這些聲明的義務。我們建議您查閱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聲明中包含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，我們將提及某些非GAAP財務資訊。本公司獲利新聞稿和網站投資者關係部分均包含我們 GAAP 與非 GAAP 結果的調整表。現在我想把電話交給 Silicon Labs 的執行長 Matt Johnson。馬特？

Thanks, Giovanni, and good morning, everyone. Silicon Labs delivered third quarter results consistent with our outlook, demonstrating strong sales and profitability growth driven by disciplined execution throughout the company. Based on our Q3 results and Q4 outlook, we expect full year revenue growth of 34% compared to 2024. Even more exciting is the continued growth ahead with many customers at various stages of qualification and new production ramps leading into 2026 and beyond.

謝謝你，喬瓦尼，大家早安。Silicon Labs 第三季業績與我們的預期一致，在公司各部門嚴謹執行的推動下，實現了強勁的銷售額和獲利成長。根據我們第三季的業績和第四季的展望，我們預計全年營收將比 2024 年成長 34%。更令人興奮的是，隨著許多客戶處於不同的資質認證階段，以及新的生產計劃逐步推進，公司將在 2026 年及以後繼續保持成長勢頭。

Our industrial and commercial business continued its strong performance in the quarter, extending the momentum we have seen throughout the year. Demand for commercial applications such as building safety, lighting and access points experienced strong quarter-over-quarter sales growth, while normal variation in electronic shelf label shipments drove softened quarter-over-quarter results.

我們的工商業業務在本季持續保持強勁表現，延續了全年以來的發展動能。樓宇安全、照明和出入口等商業應用的需求實現了強勁的季度環比銷售增長，而電子貨架標籤出貨量的正常波動導致季度環比業績有所下滑。

In industrial, smart meter demand continues to build as utilities worldwide deploy near real-time tracking of critical infrastructure and resource usage. The rapid rise of artificial intelligence is driving new growth in energy demand, increasing the need for intelligent load balancing across the world's electrical grids. In response, many regions, including the United States, India and Japan are expanding, upgrading or installing new monitoring infrastructure to strengthen grid resilience.

在工業領域，隨著全球公用事業公司部署對關鍵基礎設施和資源使用情況的近實時跟踪，對智慧電錶的需求持續增長。人工智慧的快速發展正在推動能源需求的新成長，從而增加了對全球電網智慧負載平衡的需求。為此，包括美國、印度和日本在內的許多地區正在擴大、升級或安裝新的監測基礎設施，以增強電網的韌性。

This trend reinforces the importance of connected solutions that enable efficient data-driven management of energy systems. As the global leader in smart metering, we are well positioned to benefit from this trend.

這一趨勢凸顯了互聯解決方案的重要性，這些解決方案能夠實現對能源系統的高效數據驅動管理。作為智慧計量領域的全球領導者，我們完全有能力從這一趨勢中獲益。

Our Home & Life business grew as expected with smart home applications delivering another consecutive quarter of sequential growth with medical customers up nearly 60% year-over-year as we ramp new programs and continue to expand our market share in this area. Our strong customer engagements with high win rates in this space validate our conviction that Silicon Labs wireless solutions are setting the benchmark for continuous glucose monitoring and remote outpatient care. Markets where reliability, performance and security are critical. As connected health and smart living ecosystems mature, our differentiated portfolio positions us to capture substantial new design wins across next-generation monitoring, diagnostics and wellness devices.

我們的家庭與生活業務如預期般增長，智慧家庭應用連續第二個季度實現環比增長，醫療客戶同比增長近 60%，我們正在推進新項目並繼續擴大我們在該領域的市場份額。我們與客戶的緊密合作以及在該領域的高成交率，證實了我們堅信 Silicon Labs 無線解決方案正在為持續血糖監測和遠端門診護理樹立標竿。對可靠性、性能和安全性要求極高的市場。隨著互聯健康和智慧生活生態系統的成熟，我們差異化的產品組合使我們能夠在下一代監測、診斷和健康設備領域贏得大量新的設計訂單。

At this year's Works with Austin Summit, we were joined on stage by senior leaders from Amazon and Cisco as we introduced 2 groundbreaking design tools that are redefining how customers develop and deploy connected solutions. The first, Studio 6 is a fully revamped enablement platform that streamlines development, integration and debugging, reducing complexity for engineers across product lines. It offers a powerful suite of tools that have become the hallmark of Silicon Labs' success and a key differentiator valued by our channel partners and broad base. The second, the Simplicity AI software development kit, or SDK, is a new platform we believe will become the de facto standard for IoT developers. It enables customers to leverage Agentic AI train directly on Silicon Labs software design rules and frameworks, delivering a step function increase in the speed, quality and efficiency of customers' code creation and testing.

在今年的奧斯汀峰會上，我們與亞馬遜和思科的高級領導人一起登台，推出了兩款突破性的設計工具，它們正在重新定義客戶開發和部署互聯解決方案的方式。首先，Studio 6 是一個經過全面改進的賦能平台，它簡化了開發、整合和調試流程，降低了各產品線工程師的工作複雜性。它提供了一套強大的工具，這些工具已成為 Silicon Labs 成功的標誌，也是我們的通路合作夥伴和廣大客戶所重視的關鍵差異化因素。第二個是 Simplicity AI 軟體開發工具包（SDK），我們認為它將成為物聯網開發人員的事實標準。它使客戶能夠利用 Agentic AI 直接在 Silicon Labs 軟體設計規則和框架上進行訓練，從而顯著提高客戶程式碼創建和測試的速度、品質和效率。

While currently available to select customers, we believe this first-mover advantage demonstrates our continued innovation and leadership in this space. The combined impact of these tools is powerful, easier wireless adoption, faster development cycles and over time, entirely new applications created through human AI collaboration. Another emerging trend we see as a significant future growth opportunity is accelerating demand for active wireless asset tracking. Customers increasingly want to monitor high-value assets in real time, moving beyond today's passive RFID tags and costly cellular solutions that limit scalability in battery life. Silicon Labs' latest solutions make this possible with advanced radio location features that deliver real-time beaconing with high accuracy and ultra-long battery life.

雖然目前僅對部分客戶開放，但我們相信，這項先發優勢反映了我們在該領域持續的創新和領導地位。這些工具的綜合影響是強大的，它們可以更輕鬆地實現無線技術的應用，加快開發週期，並且隨著時間的推移，透過人機協作創造出全新的應用程式。我們認為另一個具有重大未來成長機會的新興趨勢是，對主動式無線資產追蹤的需求正在加速成長。客戶越來越希望即時監控高價值資產，不再使用目前被動式 RFID 標籤和成本高昂的蜂窩解決方案，因為這些方案限制了電池壽命的可擴展性。Silicon Labs 的最新解決方案利用先進的無線電定位功能，實現了高精度即時信標定位和超長電池續航力，從而讓這一切成為可能。

This enables real-time GPS-like precision at a fraction of the cost, which is an ideal for an increasing set of emerging applications. As supply chains and operations become more data-driven, secure and accurate asset tracking will become increasingly essential across logistics, shipping, retail, manufacturing and so many other environments. Looking ahead, we believe our technology leadership and scale in IoT uniquely position us to enable a new wave of IoT growth. Consistent with our existing plans to strengthen our supply chain resilience, this past week, we announced the expansion of our partnership with GlobalFoundries to manufacture industry-leading Series 2 wireless SoCs at its Malta, New York facility. This long-term partnership will add needed U.S. capacity for competitive IoT wireless solutions for the next decade and beyond and production will ramp over the next several years.

這使得即時定位精度能夠達到 GPS 的水平，而成本卻低得多，這對於越來越多的新興應用來說是一個理想的選擇。隨著供應鏈和營運越來越依賴數據，安全且準確的資產追蹤將在物流、航運、零售、製造以及許多其他領域變得越來越重要。展望未來，我們相信我們在物聯網領域的技術領先地位和規模優勢，使我們能夠獨樹一幟地推動新一輪物聯網成長。為了加強供應鏈的韌性，我們上週宣布擴大與 GlobalFoundries 的合作，在其位於紐約州馬耳他的工廠生產業界領先的 Series 2 無線 SoC。這項長期合作關係將為美國在未來十年及更長時間內提供具有競爭力的物聯網無線解決方案所需的產能，並且產量將在未來幾年內逐步提高。

Finally, the continued strength of our Series 2 platform, combined with the ramp of Series 3 that will be even more impactful, extends our leadership position in ultra-low power performance with next-generation compute, connectivity and security to bring more secure, interoperable IoT devices to market faster. The Silicon Labs team continues developing and deploying the next wave of IoT innovation, I'm proud of their consistent execution and remain confident in our strategic direction. Looking forward to next year, we expect continued momentum from our share gains converting into revenue, gross margin expansion and the benefits of disciplined operational management, all of which will support our commitment to delivering sustained earnings growth. With that, I'll turn it over to Dean for a closer look at the financials. Dean?

最後，憑藉我們第二代平台的持續強勁勢頭，以及第三代平台即將帶來的更大影響，我們將進一步鞏固我們在超低功耗性能領域的領先地位，並藉助下一代運算、連接和安全技術，更快地將更安全、可互通的物聯網設備推向市場。Silicon Labs 團隊持續開發和部署下一波物聯網創新，我為他們始終如一的執行力感到自豪，並對我們的策略方向充滿信心。展望明年，我們預計市場份額的成長動能將繼續轉化為收入、毛利率的擴大以及嚴格的營運管理帶來的益處，所有這些都將支持我們實現持續獲利成長的承諾。接下來，我將把工作交給迪恩，讓他更詳細地看一下財務狀況。院長？

Thanks, Matt, and good morning to everyone. I'll first review the financial results for our recently completed quarter, followed by a discussion of our current outlook. Revenue for the September quarter was $206 million, up 7% sequentially and in line with the midpoint of our prior guidance. Year-over-year, consolidated revenue was up 24%, which is twice the performance of our most comparable peer. The industrial and commercial side of the business was $118 million or 57% of consolidated revenue, up 7% sequentially and up 22% from the same period last year. Sequentially, the growth was driven by a diverse set of industrial applications like building automation, commercial lighting and access points.

謝謝馬特，大家早安。我將首先回顧我們最近一個季度的財務業績，然後討論我們目前的展望。9 月季度營收為 2.06 億美元，季增 7%，與我們先前預期的中點一致。與去年同期相比，合併收入成長了 24%，是同類最接近的競爭對手的兩倍。工業和商業業務收入為 1.18 億美元，佔合併收入的 57%，較上季成長 7%，比去年同期成長 22%。從順序上看，成長是由一系列不同的工業應用所推動的，例如樓宇自動化、商業照明和門禁系統。

Strong demand from smart metering customers also contributed. Home & Life September revenue was $88 million or 43% of consolidated revenue, up 6% sequentially and up 26% from the same period a year ago. Sequential growth was driven by strength in smart home automation customers and year-over-year growth is dominated by new ramps in continuous blood glucose monitors and other medical applications. During the quarter, distribution made up approximately 74% of our revenue mix, channel inventory ended at 61 days and channel point of sale saw a sequential increase in the September quarter as some of the stocking activity is anticipation of customer production plans. September gross margins saw another positive progression driven by strength from our product mix and increasing sales through our distribution channel.

智慧電錶用戶的強勁需求也是促成因素之一。家庭與生活業務 9 月的營收為 8,800 萬美元，佔合併收入的 43%，較上季成長 6%，比去年同期成長 26%。環比成長主要得益於智慧家庭自動化客戶的強勁表現，而年成長則主要得益於連續血糖監測儀和其他醫療應用領域的新成長。本季度，分銷收入約占我們收入的 74%，通路庫存週轉天數為 61 天，通路銷售點在 9 月季度環比增長，部分庫存活動是為了滿足客戶的生產計劃。9 月毛利率持續保持積極成長，這主要得益於我們產品組合的優勢以及透過分銷管道實現的銷售成長。

GAAP gross margin was 57.8%. Non-GAAP gross margin was 58%, which was above the midpoint of our guidance and up 170 basis points from the prior quarter and better than the same quarter a year ago by 350 basis points. GAAP operating expenses were $131 million, which includes share-based compensation of $20 million and intangible asset amortization of $2 million. Non-GAAP operating expenses of $109 million was consistent with our expectations. GAAP operating loss was $12 million and non-GAAP operating income was approximately $11 million. Our non-GAAP tax rate remained 20%. GAAP loss per share was $0.30 and non-GAAP earnings of $0.32 per share beat the midpoint of our guidance by $0.02, driven by our better-than-expected gross margins in the quarter.

GAAP毛利率為57.8%。非GAAP毛利率為58%，高於我們預期的中點，較上一季成長170個基點，比去年同期成長350個基點。GAAP 營運費用為 1.31 億美元，其中包括 2,000 萬美元的股份支付費用和 200 萬美元的無形資產攤銷費用。非GAAP營運費用為1.09億美元，與我們的預期一致。GAAP 營業虧損為 1,200 萬美元，非 GAAP 營業收入約 1,100 萬美元。我們的非GAAP稅率仍為20%。GAAP每股虧損0.30美元，非GAAP每股收益0.32美元，比我們預期的中位數高出0.02美元，主要得益於本季毛利率優於預期。

Turning to the balance sheet. We ended the quarter with $439 million of cash, cash equivalents and short-term investments. Our days of sales outstanding was approximately 30 days. Balance sheet inventory remained essentially flat, ending the quarter at $82 million of net inventory. Days of inventory on hand was also relatively unchanged at 85 days at quarter end. Our normal survey of end customers shows further decreasing of customer inventory and is now at the lowest levels since we began tracking this data point.

接下來看一下資產負債表。本季末，我們持有現金、現金等價物和短期投資共 4.39 億美元。我們的應收帳款週轉天數約為 30 天。資產負債表庫存基本維持不變，季末淨庫存量為 8,200 萬美元。季度末庫存週轉天數也基本維持不變，為 85 天。我們對終端客戶的常規調查顯示，客戶庫存進一步下降，目前已達到我們開始追蹤該數據點以來的最低水準。

Turning to our current outlook. We anticipate the revenue in the December quarter to be in the range of $200 million to $215 million, which at the midpoint would imply a 25% year-over-year growth and continued sequential growth. Q4 sequential revenue factors in seasonality effects, which is historically flat to slightly down sequentially. Product mix continues to support a further expansion of our gross margins into the September -- December quarter with both GAAP and non-GAAP gross margins expected in the range of 62% to 64%. At the midpoint of this guidance, it implies an 840 basis point non-GAAP improvement year-over-year. Q4 also includes an expected onetime benefit to gross margins, which adds approximately 200 basis points to our current forecast.

接下來談談我們目前的展望。我們預計 12 月季度的營收將在 2 億美元至 2.15 億美元之間，其中值意味著同比增長 25%，並將繼續保持環比增長。第四季環比收入已考慮季節性因素，歷史上環比收入基本持平或略有下降。產品組合將繼續支撐我們毛利率在 9 月至 12 月季度的進一步擴大，預計 GAAP 和非 GAAP 毛利率均在 62% 至 64% 之間。根據該指引的中點計算，這意味著非GAAP指標較去年同期改善840個基點。第四季還包括預期的一次性毛利率收益，這將使我們目前的預測增加約 200 個基點。

Given our improvement in profitability and our fiscal year-end, the variable portion of compensation will add approximately $2 million sequentially. resulting in expected non-GAAP operating expense in the range of $110 million to $112 million and a GAAP operating expense between $134 million and $136 million. As a reminder of our stated plans, we expect to limit our operating expense growth going forward and increasingly focus on driving earnings per share accretion faster than our top line revenue growth. The company has reached a level of technical capability where the need for further expansion of spending is reduced, and our shareholders should expect to see this accelerated earnings growth going forward. December earnings per share on a GAAP basis is expected to be in the range of $0.22 loss to a profit of $0.08 per share on a basic share count of 32.9 million shares. Non-GAAP earnings per share is expected to be in the range of $0.40 to $0.70 on an expected diluted share count of 33.2 million shares. This wraps up our prepared remarks. I'd like to now hand the call over to the operator to start the Q&A session. Didi?

鑑於我們獲利能力的提高以及本財年的結束，可變薪酬部分將環比增加約 200 萬美元，預計非 GAAP 營運費用將在 1.1 億美元至 1.12 億美元之間，GAAP 營運費用將在 1.34 億美元至 1.36 億美元之間。再次重申我們既定的計劃，我們預計未來將限制營運費用的成長，並越來越注重推動每股收益的成長速度超過營收成長速度。公司的技術能力已達到一定水平，因此不再需要進一步擴大支出，我們的股東應該期待未來獲利成長加速。根據美國通用會計準則 (GAAP) 計算，12 月每股盈餘預計在虧損 0.22 美元至獲利 0.08 美元之間，基本股數為 3,290 萬股。根據非GAAP準則，預計每股盈餘在0.40美元至0.70美元之間，預計稀釋後股數為3,320萬股。我們的發言稿到此結束。現在我將把電話交給接線員，開始問答環節。滴滴？

[Operator Instructions] And our first question comes from Tore Svanberg, Stifel.

[操作說明] 我們的第一個問題來自 Stifel 的 Tore Svanberg。

Congrats on the progress here. My first question is on the gross margin guidance for Q4, Dean. So you talked about the onetime benefit. Maybe you could clarify exactly what that is. Even without that benefit, gross margin is up pretty significantly. I think you mentioned mix was the main reason. Just wondering how we should think about that dynamic, especially going into 2026, just given how much higher the gross margin guidance was?

恭喜你們的進展。迪恩，我的第一個問題是關於第四季的毛利率預期。所以你談到了一次性收益。或許您可以具體解釋一下那是什麼。即使不考慮這項收益，毛利率也大幅上升。我認為你提到過混合是主要原因。我想知道我們應該如何看待這種動態，尤其是在展望 2026 年的時候，考慮到毛利率預期會大幅增加？

Yes, Tore, good question on gross margins. This is an area I think the company has done really well for the past year is continue to improve our gross margins. Last quarter, we ended at the high end of our long-term stable rate. Now we're pressing up above that. You're right to have cut about 200 basis points is a onetime benefit that we'll get in the December quarter. It's a credit that we're receiving and the way to recognize the credit is it has to be recorded all in one period. That's not expected to continue on a go-forward basis, which means at the midpoint, 63%, backing out 200 basis points, we're sort of at a stabilized 61%.

是的，Tore，關於毛利率的問題問得好。我認為公司過去一年做得非常好的一個領域就是持續提高毛利率。上個季度，我們的收盤價處於長期穩定利率的高端。現在我們正在向上施壓。您說得對，削減大約 200 個基點是一次性收益，我們將在 12 月季度獲得。這是我們獲得的貸項，確認貸項的方式是必須在同一期間內全部記錄。預計這種情況不會持續下去，這意味著中間值 63%，扣除 200 個基點後，我們大致穩定在 61%。

When I look into 2026, I think where we are at sort of this normalized 61%, we're probably going to be able to maintain that from what I can kind of see in mix and production ramps and over the next couple of quarters, we'll kind of be in the 60% to 61%. Eventually, it will go back toward our long-term range. But for now, at least for the next few quarters, I think we stay in this 60% range, Tore, if that's helpful.

展望 2026 年，我認為我們目前處於 61% 的正常水平，從我目前在產品組合和生產爬坡方面所看到的來看，我們可能能夠保持這個水平，在接下來的幾個季度裡，我們將達到 60% 到 61% 的水平。最終，它會回到我們長期的目標範圍內。但至少在接下來的幾個季度裡，我認為我們會保持在 60% 的範圍內，托雷​​，希望這能有所幫助。

That's very helpful. And just my follow-up is for Matt. Matt, you talked about the Works with conference and you introduced those 2 new tools. And particularly interested in the SDK-based Studio AI that you announced. I'm just trying to understand what that means for you financially over time because obviously, this is going to really accelerate the way third-party developers design a new product. So sort of any financial impact you could talk about from that new tool would be really interesting.

那很有幫助。我接下來要問的是馬特。Matt，你談到了 Works with 大會，並介紹了那兩個新工具。我對你們發布的基於 SDK 的 Studio AI 特別感興趣。我只是想了解從長遠來看，這對你的財務狀況意味著什麼，因為很明顯，這將大大加快第三方開發者設計新產品的方式。所以，關於這項新工具可能帶來的任何財務影響，都非常值得探討。

Yes, absolutely. So just a reminder for everyone, what this is, is an agentic AI development environment for our customers. And what we showed them is using this environment, it absolutely streamlines the steps, it accelerates the time and really eases the development. So what I would expect Tore to be very direct is for experienced developers, this will allow them to be more efficient. For new entrants, it will allow them to lower the bar in terms of what they need to know in terms of entering the IoT space and developing with a wireless solution. So what this should do over time is allow us to scale faster because one of the toughest things in the wireless domain is for someone who doesn't know how to use wireless technology to adopt wireless technology.

是的，絕對的。所以再次提醒大家，這是一個面向我們客戶的智慧體人工智慧開發環境。我們向他們展示了，使用這種環境，可以徹底簡化步驟，加快開發速度，並真正簡化開發流程。因此，我預計 Tore 會非常直接地表示，對於經驗豐富的開發人員來說，這將使他們更有效率。對於新入行者而言，這將降低他們進入物聯網領域和開發無線解決方案所需掌握的知識門檻。因此，隨著時間的推移，這將使我們能夠更快地擴展規模，因為無線領域最困難的事情之一就是讓不了解如何使用無線技術的人採用無線技術。

So this essentially makes it easier and opens the door to more people being more efficient, faster time to market with their IoT wireless development. So for us, it should result in scalability and more efficiency in terms of acquiring customers' designs and scaling. Not going to happen overnight, but we're already working with our first customers there. And as you've all seen, this space is moving fast. So we're pretty excited about this, and our customers are excited about it now, too.

因此，這實際上簡化了物聯網無線開發流程，並為更多人提高效率、加快產品上市速度打開了大門。因此，對我們來說，這應該會帶來可擴展性，並在獲取客戶設計和擴展方面提高效率。這不會一蹴而就，但我們已經開始與那裡的第一批客戶合作。如大家所見，這個領域發展迅速。所以我們對此感到非常興奮，我們的客戶現在也對此感到興奮。

And our next question comes from Christopher Rolland, Susquehanna.

下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

I guess mine are around both channel and customer inventories, which you did address in the prepared remarks. I guess, first of all, good job on filling the disti channel a little bit more here. I was wondering what your expectations are there? Could we eventually get to the 70, 75 target? And how long might that take? And on the customer side, you guys talked about kind of the lowest days ever. Perhaps if you could -- I know this isn't a perfect science, but if you could talk about a range, and obviously, we're at the bottom of the range, but your expectations for customer replenishment as well over the next few quarters?

我想我的問題主要集中在通路庫存和客戶庫存上，您在準備好的演講稿中也提到了這一點。首先，我覺得你做得很好，讓通路的內容更加豐富了。我想知道你對那裡有什麼期望？我們最終能達到 70、75 的目標嗎？那大概要花多久時間？而從客戶角度來看，你們也提到了有史以來最低的業績水準。或許您可以——我知道這並非一門完美的科學，但如果您能談談一個範圍，顯然，我們目前處於範圍的底部，那麼您對未來幾季的客戶補貨情況有何預期？

Yes. So Chris, this is Matt. So quick answer. Customer side, I'd say any excess inventory effects at end customers are effectively gone now. I think we can say that with confidence. And we're now operating with the market again and those inventory effects are gone. So that's an important milestone, and that's been something that we've been dealing with for a pretty long time as part of this cycle. So that's one. I think, two, on the disti side, we've been running on the lower end of our DSI closer to 50 with a target of 70 to 75 days and a goal of working that up each quarter if we can, on average, around 5 days. And this quarter, we went up around 10.

是的。克里斯，這位是馬特。簡單回答一下。從客戶角度來看，我認為終端客戶庫存過剩的影響現在基本上已經消失了。我認為我們可以很有信心地說這一點。現在我們又可以正常進行市場交易了，庫存的影響已經消失了。所以這是一個重要的里程碑，也是我們在這個週期中長期以來一直在處理的問題。這是其中之一。我認為，第二點是分銷方面，我們的 DSI 一直處於較低水平，接近 50 天，目標是 70 到 75 天，如果可以的話，我們每個季度都力爭將其提高到平均 5 天左右。本季度，我們上漲了約 10%。

And it's important, we saw strong POS growth, but we did make progress on those 5 days we wanted to make. And in addition to that, we had another 5 days that was around strategic stocking agreement with a customer in anticipation of their ramp. So that's the combination of those is how we got to the 10 days. Moving forward, we're going to keep trying to push around 5 days until we get to our target. That hasn't been linear. It's been lumpy. So I wouldn't expect it's perfect each quarter, but that's our goal, and we're continuing to push in that direction. And we'll get there over the coming quarters.

重要的是，我們看到了強勁的 POS 成長，但我們確實在想要實現的 5 天目標上取得了進展。除此之外，我們還有 5 天時間與客戶就策略性庫存協議進行磋商，以應對他們產能爬坡的情況。所以，綜合以上因素，我們最後得出了10天的結論。接下來，我們將繼續努力，爭取在 5 天內實現目標。這並非一帆風順。它凹凸不平。所以我並不指望每季都能做到完美，但這是我們的目標，我們會繼續朝著這個方向努力。我們將在接下來的幾個季度內實現這一目標。

Excellent. And without being too specific, maybe broad strokes for next year for '26, how you guys see that setting up, I guess, starting in March, I think you guys are you seasonally buck some of the other guys that are down in March. Perhaps if you could give us the setup for that year and which products are you kind of most excited about or do you think are going to carry growth the best through '26?

出色的。不打算說得太具體，但大概來說說你們對明年（2026 年）的看法，我想從三月份開始，你們的賽季安排會和其他一些三月份表現不佳的球隊有所不同。或許您可以為我們介紹那一年的發展規劃，以及您最看好哪些產品，或是您認為哪些產品在 2026 年之前最能推動成長？

Okay. Sure. So obviously, we're not calling '26, and I think it's a difficult time to call the broad market or macro with the uncertainty that's out there. But what we can say with confidence is just like this year, I think this year -- full year with this guide for Q4, Chris, we'll be at around 34% year-over-year for '25 versus '24, which I think is really strong. And at the same time, we've seen really good progress on gross margin and EPS. Next year, not calling the market, but whatever the market ends up being, we see a path to doing better than the market and taking continued market share. And as Dean was indicating, we see strong gross margin in there as well and solid EPS progress over that time frame.

好的。當然。所以很顯然，我們不會預測 2026 年的走勢，而且我認為，鑑於目前存在的不確定性，現在很難預測大盤或宏觀經濟的走勢。但我們可以自信地說，就像今年一樣，我認為今年——根據第四季度的指導，克里斯，2025 年的同比增長率將達到 34% 左右，而 2024 年的同比增長率將非常強勁。同時，我們在毛利率和每股盈餘方面也取得了非常好的進展。明年，我們不預測市場走勢，但無論市場最終如何，我們都看到了超越市場表現並持續擴大市場份額的途徑。正如迪恩所指出的那樣，我們也看到了強勁的毛利率和在此期間穩健的每股盈餘成長。

In terms of what's driving that, it's the same stuff. So we've been talking about the strength of Series 2 and increasing strength of Series 3 mixing in. And we have our metering space that's continuing to drive strength, ESL and CGM. We like what we see in each of those areas. We also shared that we're seeing increasing strength in asset tracking as a category that will mix into our growth over time. And I'd also add one other kind of tailwind is we've been talking about matter for a long time. I think next year, you're going to start to see matter revenue feathering in as well, which all of these serve as a foundation for continued growth for the years beyond that. So we're excited for 2026. And maybe easy takeaway, we have a positive bias right now, all things considered.

至於背後的驅動因素，其實是一樣的。所以我們一直在討論第二季的強勢地位，以及第三季日益增強的影響力。我們還有計量領域，它將繼續推動成長，包括 ESL 和 CGM。我們對在上述各領域所看到的情況都很滿意。我們也提到，資產追蹤領域正在蓬勃發展，隨著時間的推移，它將融入我們的成長之中。我還要補充一點，另一個有利因素是我們已經討論了物質很久了。我認為明年，你會看到物質收入也開始逐步成長，所有這些都將為未來幾年的持續成長奠定基礎。所以我們對2026年充滿期待。或許最簡單的結論是，考慮到所有因素，我們現在抱持著正面的偏見。

And our next question comes from Cody Acree, Benchmark Company.

下一個問題來自 Benchmark 公司的 Cody Acree。

Congrats on the great numbers. Dean, if you can maybe talk a bit about the gross margin incremental for Q4, even with the onetime and just the sequential bump is much more than I would think just normal mix shift would entail. So can you just talk about the details of the drivers sequentially?

恭喜取得如此佳績！迪恩，如果你能談談第四季的毛利率增幅就好了，即使只考慮一次性因素和季度環比增長，也遠遠超過我預期的正常產品組合調整所帶來的增長。那麼，您能依序詳細介紹一下各個驅動因素嗎？

Yes, Cody, there is -- within the mix, there are a couple of specific parts that have much better margins than the rest of the profile, which is actually incrementing it up. We don't want to get into too much detail on which specific part that is that way we -- customers don't get upset at us that might be buying that. The other element that we've also returned back into is above 70% of distribution is coming our sales. We just ended Q3 at 74%. That continues to sort of move margin up. But I would say within the mix, probably there's a couple of specific parts that's driving it incrementally higher. Throughout the year, just sort of as a macro trend for the last kind of 4 quarters or so, industrial has been performing extremely well for the company. That tends to come a little bit better gross margins for us as well. And that's sort of been kind of the yearly march as we've gone forward these last 4 quarters. And so hopefully, that helps give you a little bit more color, Cody.

是的，科迪，確實如此——在整體中，有幾個特定部分的利潤率比其他部分要高得多，這實際上提高了整體利潤率。我們不想過多透露具體是哪個部件，這樣我們——顧客就不會因為購買了該部件而對我們感到不滿。另一個我們重新採用的元素是，超過 70% 的分銷來自我們的銷售。第三季末，我們取得了74%的業績。這在一定程度上推高了利潤率。但我認為，在整體上，可能有幾個特定的部分在推動它逐步提高。從全年來看，過去四個季度左右的宏觀趨勢是，工業板塊對公司而言表現非常出色。這通常也會為我們帶來更高的毛利率。而這，也算是我們過去四個季度以來每年都會經歷的趨勢。希望這能讓你對事物有更清晰的認識，科迪。

Sure. And then I guess just any directional color on your different segments, Home, Life and I&C?

當然。然後，我想你就可以隨意選擇不同板塊（家居、生活和工業與商業）的定向顏色了吧？

This one, we -- you've gotten this wrong a couple of times so I hesitate to give you sort of a formal guide. Look, I will say it the way I said it last quarter, which is knowing no real differences, probably we're looking at a similar mix sort of quarter-on-quarter. Kind of the hesitation around that really is just around visibility of short order lead times. So turns are coming in right now inside of lead time. So we never really know how the total backlog is going to shape out for the entire quarter, and that's really our only hesitation.

這個問題，我們已經答錯好幾次了，所以我不太想給你正式的指導。聽著，我會像上個季度那樣說，也就是說，在沒有任何實質差異的情況下，我們可能會看到類似的季度組合。人們在這方面的猶豫，其實主要在於對短訂單交貨週期的可見度問題。所以現在訂單都在預定時間內就位了。所以我們永遠無法真正知道整個季度的積壓訂單總量會如何變化，而這正是我們唯一的顧慮。

And our next question comes from [Trip Smith] of Barclays.

下一個問題來自巴克萊銀行的[Trip Smith]。

This is Kyle Bleustein on for Tom O'Malley. I wanted to dig into the gross margin commentary a little bit more. I was just kind of curious like what has changed since the Analyst Day? Like has the product mix surprised you at all? And then when you're talking about it being stable for the next few quarters and coming back down, is that again on the mix side? Or is there anything to do with pricing? Just kind of your thoughts there?

這裡是凱爾·布魯斯坦，他代替湯姆·奧馬利解說。我想更深入探討毛利率的分析。我只是有點好奇，自分析師日以來發生了哪些變化？產品組合是否讓您感到驚訝？那麼，當你說未來幾季市場將保持穩定並回落時，這是否也與市場混合因素有關？還是這與價格有關？你有什麼想法嗎？

Yes. Nothing's really changed, Kyle, just to give you a little context from Analyst Day, that's intended to be our long-term sort of sustainable range that we think we run in, and that's 56% to 58%. Throughout the year, we've been pressing into that range and then at the high end of that range is where we landed at the end of the September quarter. Now piercing above 60%, sort of mid of our guidance 63%. That's really a relatively short-term phenomenon. We'll probably see that for the next few quarters, and Cody asked on his question on sort of specific product mix. That specific product mix probably is not a long-term multiyear sort of sustainable mix. I do think as we come up into the 60s, it takes a few quarters, but we'll gradually start moving back towards kind of the stated long-term range.

是的。Kyle，其實沒什麼變化。我只是想給你一些關於分析師日的背景信息，我們打算長期維持在56%到58%的區間內。今年以來，我們一直在努力將目標價位控制在這個範圍內，最終在九月季度末達到了這個範圍的上限。目前已突破 60%，接近我們預期的 63% 的中位數。這確實是一種相對短期的現象。接下來的幾季我們可能會看到這種情況，科迪也提出了一個關於具體產品組合的問題。這種特定的產品組合可能不是一種可持續的多年長期組合。我認為，隨著我們進入 60 年代，雖然需要幾個季度的時間，但我們會逐漸開始向既定的長期目標範圍靠攏。

But at least from what we can tell right now, that's not a fast movement back down. I think it's a fairly gradual movement back down. So I wouldn't say anything has really changed other than a couple of product-specific things that have done better. And of course, I also gave Cody some additional color on industrial throughout the year has done better as well. Distribution, we're making progress. So all those things sort of help. So I hope that answers your question, Kyle.

但至少從我們目前所看到的來看，這並非快速回落的趨勢。我認為這是一個相當緩慢的回落過程。所以除了少數產品方面有所改進之外，我認為並沒有發生任何真正的變化。當然，我也給 Cody 補充了一些關於工業方面的信息，他這一年的表現也越來越好。分銷方面，我們正在取得進展。所以這些因素多少都會有所幫助。希望這能解答你的疑問，凱爾。

Okay. That's helpful. And then just for my follow-up, can you kind of give an update on how the Series 3 rollout is going, either like expected percent of the mix? And then just overall, as that kind of ramps into your product portfolio, how we should think about overall pricing trends?

好的。那很有幫助。那麼，我還有一個後續問題，您能否簡要介紹一下 Series 3 的推出情況，例如預計的市場份額百分比？那麼，隨著這類產品逐漸融入您的產品組合，我們該如何看待整體定價趨勢？

Yes, sure. This is Matt, Kyle. I'll take that. So the easy setup to remember is Series 2, we've stated even in our Analyst Day, we have not even ramped -- we've ramped a small portion of what we've won there in the current platform, and we're still winning in Series 2. So Series 2, we're looking at many years of growth before we see that peaking. And as, I think, data point or testament to that, we just announced a partnership with GlobalFoundries to bring Series 2 to the U.S. as a U.S. manufacturing option because given the life we see there, that's going to be needed.

當然可以。這是馬特，凱爾。我接受。所以，要記住的簡單設定是 Series 2，我們甚至在分析師日上說過，我們還沒有全面擴張——我們只擴張了我們在當前平台上贏得的一小部分，但我們仍然在 Series 2 中獲勝。所以第二個系列，我們預計在達到頂峰之前，還需要很多年的增長期。我認為，這可以作為數據點或證明，我們剛剛宣布與 GlobalFoundries 建立合作夥伴關係，將 Series 2 引入美國，作為美國製造的選擇，因為考慮到我們看到的美國市場，這將是必要的。

So Series 2, think of that as ultra-successful de facto standard in the market today as we see it. Then bring in Series 3, which our expectation based on what we've done there will be even more impactful than Series 2. It's early days. We're just ramping our first product, and we're going to start -- you're going to start seeing a series of products come out at an increasing acceleration. So each year, more products coming off of that base platform and IP, and it will start feathering into our design wins and revenue over time. But just like Series 2, these things take time. So I wouldn't over-index on the revenue impact this year, next year. I think you're looking after that before material impact come. But why that matters is it's all about setting ourselves up for the future. And Series 3 is set up for the future, just like Series 2 was, and that's why it's so successful now.

所以，第二代產品，可以看作是目前市場上極為成功的產業標準。然後推出第三季，根據我們之前所做的工作，我們預計第三季的影響會比第二季更大。現在下結論還為時過早。我們正處於第一款產品量產階段，接下來你們將會看到一系列產品以越來越快的速度推出。因此，每年都會有更多的產品基於此基礎平台和智慧財產權推出，隨著時間的推移，這將逐漸轉化為我們的設計訂單和收入。但就像第二季一樣，這些事情都需要時間。所以，我不會過度強調今年和明年的收入影響。我認為你是在物質影響到來之前就考慮到這一點。但之所以說這很重要，是因為這一切都是為了讓我們為未來做好準備。第三季和第二季一樣，都是面向未來的，這也是它現在如此成功的原因。

And that's important because I can say here, and I'm proud of this, we have the largest opportunity funnel as a company we've ever had because of now the combined strength of these 2 platforms. And remember, they're software compatible, which is an awesome strength. And we're on track to record design wins once again. So the combination of all those things really sets us up good for the next few years and beyond, and we're excited and proud of that. And that's why I think we can say we have a positive bias sitting here today.

這一點很重要，因為我可以自豪地說，由於這兩個平台的強強聯合，我們公司現在擁有了有史以來最大的商機管道。而且別忘了，它們在軟體上是相容的，這是一個非常棒的優勢。我們有望再次創下設計訂單的新紀錄。因此，所有這些因素結合起來，確實為我們未來幾年乃至更長遠的發展奠定了良好的基礎，我們對此感到興奮和自豪。所以我覺得我們可以說，今天我們這裡都帶著正面的偏見。

And our next question comes from Quinn Bolton, Needham & Company.

下一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations on the nice outlook, especially on the margin side. I wanted to just come back to the active asset tracking, Matt, that you talked about in the prepared comments. It sounds like it could be a pretty meaningful opportunity. In the past, you guys have talked about CGM, smart meters, ESL as 3 of your more company-specific product ramps that can drive outsized growth. Wondering, would you start thinking about active asset tracking as maybe a fourth company-specific driver? Or would you not put it in the same sort of magnitude as the other 3 that you've previously talked about?

恭喜你前景看好，尤其是在利潤率方面。馬特，我想回到你在準備好的評論中提到的主動資產追蹤問題。聽起來這可能是個很有意義的機會。過去，你們曾談到 CGM、智慧電錶、ESL 是你們公司三個更具針對性的產品推廣項目，可以推動公司實現超額成長。我在想，您是否會考慮將主動資產追蹤作為第四個公司特有的驅動因素？或者你不認為它和你之前提到的其他三個事件處於同一級別嗎？

So we're being intentional and deliberate, Quinn, about introducing this as a concept. And that means we believe it has a lot of growth potential as an end market. And we believe that we have a lot of potential for strength in that market. We don't want to be talking to you all about a space that's not growing long term, and we don't have a very strong position. So we think it has that potential. That being said, it's early days. We're just introducing it as a concept for you all, but it does have that recipe. And we do see an acceleration in our engagement and position in that space. What we have as a company is very attractive to customers, just a great fit for us in terms of what we can do in technology. We're the largest company in this space. That's something our customers want to see. And we have the ability to turn products really quick to address the needs of this marketplace. So yes, it has potential, and we're excited about it. Don't want to over-index on it. It's early. But I think over time, it has really exciting potential.

所以，奎因，我們是經過深思熟慮，有意識地引入這個概念的。這意味著我們認為它作為終端市場具有很大的成長潛力。我們相信我們在這個市場擁有巨大的發展潛力。我們不想跟大家討論一個長期發展前景黯淡的領域，而且我們也沒有很強的市場地位。所以我們認為它有這種潛力。話雖如此，現在下結論還為時過早。我們只是把它當作一個概念介紹給大家，但它的確有那個配方。我們確實看到我們在該領域的參與度和地位正在加速提升。我們公司擁有的產品對客戶來說非常有吸引力，與我們在技術領域的能力非常契合。我們是這個領域最大的公司。這是我們的客戶希望看到的。我們有能力快速生產產品，以滿足市場需求。所以，是的，它很有潛力，我們對此感到興奮。不想過度重視它。現在還早。但我認為，隨著時間的推移，它具有非常令人興奮的潛力。

And Matt, just maybe a quick follow-up there. Was that the Bluetooth-6, I think it's channel sounding technology that's the basis for that active asset tracking? Or is that another wireless technology?

還有，馬特，或許我需要快速補充一下。那是藍牙6嗎？我記得它採用的是通道探測技術，這是主動資產追蹤的基礎？或者那是另一種無線技術？

Yes. BLE with channel sounding is and can be used in those applications and is interesting to a lot of those customers because not only can they kind of figure out where the things are, but they can figure out where they are relative to each other, which is really important in some applications. So that is one of the things that is driving interest.

是的。帶有通道探測功能的 BLE 可以在這些應用中使用，並且對許多客戶來說很有吸引力，因為他們不僅可以弄清楚物體在哪裡，還可以弄清楚它們彼此之間的相對位置，這在某些應用中非常重要。所以，這是引發人們興趣的因素之一。

Okay. Great. And then a follow-up question, just I think in the past, you thought the CGM could get to 10% of revenue by Q4 of '25 to the second quarter of 2026. Is that time line still sort of in the cards for the continuous glucose monitors?

好的。偉大的。然後還有一個後續問題，我記得您之前認為 CGM 可以在 2025 年第四季到 2026 年第二季之間達到收入的 10%。連續血糖監測儀的研發時間表是否仍在計畫中？

So the last thing I remember is us believe there's a path to being 10% in the first half of next year, and we still see that path.

所以我最後記得的是，我們相信明年上半年有一條路可以達到 10% 的目標，而且我們仍然看到這條路。

And our next question comes from Joe Moore, Morgan Stanley.

下一個問題來自摩根士丹利的喬·摩爾。

Congrats on the good margin performance here. I wonder if you could talk about sort of inorganic opportunities at the Analyst Day, you said that you were open to that. Is that still something that you're contemplating? It seems like you have a lot of organic growth here. Just how are you thinking about M&A opportunities?

恭喜你們取得了不錯的利潤率表現。我想知道您是否能在分析師日上談論非有機成長機會，您說過您對此持開放態度。你還在考慮這件事嗎？看來你們這裡有很多自然增長。您是如何看待併購機會的？

Yes, Joe, if you recall at the Analyst Day, we said we are open to M&A opportunities, but we have a pretty tight filter. And I think that hasn't changed, which means we're looking for things that can help accelerate our growth level, which is a tough filter to find these days sort of with Silicon Labs just posting a 34% year-on-year. And that growth doesn't look like it's changing anytime soon. We also don't want to add on technology or end markets that are not in our wheelhouse. So it has to be in our wheelhouse, accretive to our growth, which really means that there are not a whole lot of assets that are going to fit that stage. We also have a lot of the technology that we need.

是的，喬，如果你還記得分析師日的情況，我們說過我們對併購機會持開放態度，但我們有非常嚴格的篩選標準。我認為這一點並沒有改變，這意味著我們正在尋找能夠幫助我們加速成長的事物，而如今要找到這樣的事物並不容易，因為 Silicon Labs 剛剛公佈了 34% 的同比增長率。而這種成長勢頭似乎短期內不會改變。我們也不想增加我們不擅長的技術或終端市場。所以它必須是我們擅長的領域，能夠促進我們的成長，這意味著真正符合這個階段要求的資產並不多。我們也擁有許多所需的技術。

And so while we're open, I think the reality, what ends up meaning is M&A is probably something we're open to, but the more likely is to flow that excess cash flow back in terms of buyback. I think with the increasing profitability that we see now and as gross margins sort of keep going up and our operating expenses are starting to be held flat, that looks like increasing excess cash flow, and that's likely to lead us more down the path of buybacks going forward, just given that tight narrow lens on M&A.

因此，雖然我們持開放態度，但我認為現實情況是，最終意味著我們可能對併購持開放態度，但更有可能將多餘的現金流用於股票回購。我認為，隨著獲利能力的不斷提高，毛利率持續上升，營運費用也開始保持平穩，這看起來將會增加盈餘現金流，鑑於我們對併購的關注度如此之低，這很可能會讓我們在未來更多地走上股票回購的道路。

That's very helpful. And then with regards to your customers kind of drawing down inventory to these lower levels, I guess, just do you have conversations about some of the geopolitics of the situation? And I just -- I know you're not impacted by stuff like Nexperia, but it seems like that's creating line down situations. Like did the customers sort of feel like, okay, given these geopolitical uncertainties, I need to hold more inventory? Or just -- I don't think we've seen a lot of that activity, and I'm a little surprised that we haven't.

那很有幫助。至於您的客戶將庫存減少到較低水平的情況，我想，您是否就此局勢的一些地緣政治因素進行過討論？我知道你不會受到像Nexperia這樣的公司的影響，但這似乎正在造成線路中斷的情況。例如，顧客們是不是覺得，鑑於目前的地緣政治不確定性，我需要增加庫存？或者說——我認為我們還沒有看到很多這樣的活動，我對此感到有點驚訝。

Yes. We're not seeing customers building inventory around this. In fact, broadly, it's come down, not up. So -- and we're watching that very closely. I do think that the uncertainty, Joe, is just not helping anything. And I think that's worth saying that when you talk to customers, they're trying to navigate all this and they don't have as much clarity and visibility as they'd like. So I do think that, that weighs on their -- the way they talk about the future. But big picture, we're not seeing inventory builds around this. There might be a pocket here and there, but broadly, it's going the other way.

是的。我們沒有看到客戶圍繞此產品建立庫存。事實上，總體而言，它是下降的，而不是上升的。所以——我們正在密切關注此事。喬，我確實認為這種不確定性對任何事情都沒有好處。我認為值得一提的是，當你與客戶交談時，他們正試圖應對這一切，但他們並沒有像他們希望的那樣清晰和了解情況。所以我認為，這會影響他們談論未來的方式。但從整體來看，我們並沒有看到圍繞這一趨勢的庫存增加。或許會有個別例外，但整體而言，趨勢恰恰相反。

And our next question comes from Peter Peng, JPMorgan.

下一個問題來自摩根大通的彭彼得。

Just a follow-up to that point. So you guys are above $200 million in revenue levels and your end customers' inventories are decreasing. Do you still -- do you believe you're still kind of undershipping to end demand? And if so, how much?

對此我再補充一點。你們的營收已經超過 2 億美元，而你們的終端客戶的庫存卻在減少。你仍然認為——你仍然覺得你們的供貨量不足以滿足最終需求嗎？如果屬實，金額是多少？

No, we don't, Peter. We think we're as aligned with consumption and consumption as we've been in a very long time.

不，我們沒有，彼得。我們認為，我們與消費的契合度，在很長一段時間以來都達到了前所未有的高度。

Got it. Okay. And then my follow-up is just on your Wi-Fi. Can you probably share some updates on that and some program ramps? And maybe how you're thinking about that trajectory over the next year or 2?

知道了。好的。接下來，我的後續問題就跟你的Wi-Fi有關。您能否分享一下這方面的最新進展以及一些專案進度？或許您認為未來一兩年內的發展軌跡會是如何？

Great. Thank you for asking. I should have mentioned that more proactively. So Wi-Fi this year, strong growth. I can't remember the exact numbers, but 30% to 40% year-on-year. That's an area that is our newest of our 4 major technology cornerstones. And it's growing and winning share. And we have our existing products out there, but also we started hinting and teasing as part of our Series 3 platform, you're going to see a lot more from us in Wi-Fi, and that's coming soon. So I think the combination of that sets us up really well for -- simply said, relatively small compared to our other areas, but accelerated growth.

偉大的。謝謝你的提問。我應該更主動地提到這一點。今年Wi-Fi市場成長強勁。我記不清確切的數字了，但年增了 30% 到 40%。這是我們四大科技基石中最新的領域。而且它還在不斷發展壯大，不斷贏得市場份額。我們目前已經推出了一些產品，但作為 Series 3 平台的一部分，我們也開始暗示和預告，你們將會看到我們在 Wi-Fi 方面推出更多產品，敬請期待。所以我認為，這些因素結合起來，讓我們能夠很好地實現——簡單來說，雖然與我們的其他領域相比規模相對較小，但成長速度很快。

And maybe easy framing, right now, BLE is our fastest growing. Wi-Fi is our second fastest growing, even though we have leadership positions in the other 2 areas, 15.4 and -- yes, sorry, I just lost my train of thought, guys. 15.4 and subgig. So 15.4 subgig, leadership positions, strong growth, but the new areas, the newest areas for us are the fastest growing, and we're making really fast progress there. So an easy way to frame it, big funnel for Wi-Fi, strong design win momentum should set us up for continued growth and share gains in Wi-Fi for a long time to come, but it is still our smallest of the 4 areas.

或許簡單來說，目前 BLE 是我們成長最快的技術。Wi-Fi 是我們成長速度第二快的業務，儘管我們在其他兩個領域——15.4GHz 和——是的，抱歉，我剛才思路有點亂了。 15.4GHz 和 Sub-Gig 頻段。所以，15.4 個子任務、領導職位、強勁成長，但新領域，我們最新的領域，成長速度最快，我們在那裡取得了非常快速的進展。簡單來說，Wi-Fi 領域擁有巨大的成長潛力，強大的設計優勢將使我們在未來很長一段時間內持續成長並獲得 Wi-Fi 領域的市場份額，但它仍然是我們 4 個領域中最小的一個。

I will now hand the call back to Giovanni Pacelli.

現在我將把電話轉回給喬瓦尼·帕切利。

Thank you, Didi, and thank you all for joining this morning and for your interest in the company. Before concluding today's call, I would like to announce our upcoming participation in RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on November 19 in New York City. This now concludes today's call. Thank you.

謝謝迪迪，也感謝各位今天早上的到來以及對公司的關注。在結束今天的電話會議之前，我想宣布我們將參加 11 月 19 日在紐約市舉行的 RBC Capital Markets 全球科技、網路、媒體和電信會議。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了。