Synaptics Inc (SYNA) 2014 Q4 法說會逐字稿

Good day, everyone, and welcome to the Synaptics fourth quarter FY14 earnings call. Today's conference is being recorded. At this time I would like to turn the conference over to Mr. Alex Wellins of Blueshirt Group. Please go ahead sir.

大家好，歡迎參加 Synaptics 2014 財年第四季度財報電話會議。今天的會議正在錄製中。這次我想把會議交給Blueshirt Group 的Alex Wellins 先生。請先生繼續。

Good afternoon and thanks for joining us today on Synaptics fourth quarter fiscal 2014 conference call. This call is also being broadcast live over the web and can be accessed from the Investor Relations section of company's website at Synaptics.com. With me on today's call and Rick Bergman, President and CEO, and Kathy Bayless, the Company's Chief Financial Officer.

下午好，感謝您今天參加 Synaptics 2014 財年第四季度電話會議。此次電話會議還通過網絡進行現場直播，您可以通過公司網站 Synaptics.com 的投資者關係部分進行訪問。出席今天電話會議的還有總裁兼首席執行官 Rick Bergman 和公司首席財務官 Kathy Bayless。

In addition to the Company's GAAP results, management will also provide supplementary results on a non-GAAP basis which excludes share-based compensation charges and certain non-cash or nonrecurring items. Please refer to the press release issued after the market close today for a detailed reconciliation of GAAP and non-GAAP results. Additionally, would like remind you that during the course of this conference call, Synaptics will make forward-looking statements.

除了公司的 GAAP 業績外，管理層還將提供非 GAAP 基礎上的補充業績，其中不包括基於股份的補償費用和某些非現金或非經常性項目。請參閱今天收盤後發布的新聞稿，了解 GAAP 和非 GAAP 業績的詳細調節表。此外，謹提醒您，在本次電話會議期間，Synaptics 將做出前瞻性聲明。

Forward-looking statements give our current expectations and projections related to our financial condition, results of operations, plans, objectives, future performance and business. Although Synaptics believes our estimates and assumptions to be reasonable, they are subject to a number risks and uncertainties beyond our control and may prove to be inaccurate. Synaptics cautions that actual results may differ materially from any future performance suggested in the company's forward-looking statements.

前瞻性陳述給出了我們當前對我們的財務狀況、運營業績、計劃、目標、未來業績和業務的預期和預測。儘管 Synaptics 認為我們的估計和假設是合理的，但它們受到許多我們無法控制的風險和不確定性的影響，並且可能被證明是不准確的。Synaptics 警告稱，實際結果可能與公司前瞻性聲明中建議的任何未來業績存在重大差異。

We refer you to the Company's current and periodic reports filed with the SEC including the Synaptics form 10-K for the fiscal year ended June 29, 2013, for important risk factors that could cause actual results to differ materially from those contained in any forward-looking statements. Synaptics expressly disclaims any obligation to update this forward-looking information. With that said, I'll turn the call over to Rick Bergman, Rick?

我們建議您參閱公司向SEC 提交的當前報告和定期報告，包括截至2013 年6 月29 日財年的Synaptics 表格10-K，了解可能導致實際結果與任何前瞻性報告中包含的結果存在重大差異的重要風險因素。尋找陳述。Synaptics 明確不承擔更新此前瞻性信息的任何義務。話雖如此，我會把電話轉給里克·伯格曼，里克？

Thanks Alex and I'd like to welcome everyone to today's call. As we kicked off fiscal 2014 we expected that our leadership [in touch] would drive another great year of 20% top line growth. I'm pleased to say that we healthily surpassed that goal. Posting a 27% revenue increase in our core business. At the same time we were exploring new opportunities that would help us sustain a strong level of growth over the long-term while further strengthening our competitive position.

謝謝亞歷克斯，我歡迎大家參加今天的電話會議。在 2014 財年伊始，我們預計我們的領導力（保持聯繫）將推動又一個偉大的一年實現 20% 的收入增長。我很高興地說我們健康地超越了這個目標。我們的核心業務收入增長了 27%。與此同時，我們正在探索新的機遇，以幫助我們長期保持強勁的增長水平，同時進一步加強我們的競爭地位。

With the successful acquisition of our new fingerprint (inaudible) business, we are able to far outpace our growth objectives for the year. Annual revenue was a record $948 million, up an unprecedented 43% from the prior year. And we closed fiscal 2014 with an impressive 54% sequential revenue increase as well as our first $300 million quarter. Only one year after hitting the $200 million milestone.

隨著成功收購我們的新指紋（聽不清）業務，我們能夠遠遠超過今年的增長目標。年收入達到創紀錄的 9.48 億美元，比上年增長了 43%，史無前例。2014 財年結束時，我們的收入環比增長了 54%，第一個季度收入達到 3 億美元。距離突破 2 億美元里程碑僅一年。

Non-GAAP net income for the year was a record $158 million or $4.25 per share up 37% over fiscal 2013 even after considering the additional shares issued for the validity transaction. Our vision to broaden our reach and technological advantage didn't stop with our fingerprint authentication as we announced an agreement to acquire Renesas SP drivers in June as a reminder, RSP is the leader for small and midsized display drivers with a revenue of over $650 million for their fiscal year ended March 20, 2014.

即使考慮到為有效交易而發行的額外股票，本年度非公認會計準則淨利潤也創紀錄地達到了 1.58 億美元，即每股 4.25 美元，比 2013 財年增長了 37%。我們擴大影響力和技術優勢的願景並沒有停止於我們的指紋認證，我們在 6 月份宣布了收購瑞薩 SP 驅動器的協議，提醒大家，RSP 是中小型顯示驅動器的領導者，收入超過 6.5 億美元截至2014 年3 月20 日的財政年度。

We are very excited about the expanded opportunities ahead of us by adding advanced display driver solutions to our broad product portfolio while also accelerating our touch and display driver integration efforts. I will now provide an update on our core markets then Kathy will review our fourth-quarter results in more detail and provide a current outlook before opening up the call to your questions.

通過將先進的顯示驅動器解決方案添加到我們廣泛的產品組合中，同時加快我們的觸摸和顯示驅動器集成工作，我們對面前的更多機遇感到非常興奮。我現在將介紹我們核心市場的最新情況，然后凱西將更詳細地回顧我們第四季度的業績，並在開始回答您的問題之前提供當前的前景。

The Synaptics team recently participated at Computex in Taipei displaying key design wins in forward-looking solutions to advance the Next Generation of human interface offerings. Our leadership position as the innovator for both touch and fingerprint solutions was evident with the excitement our offerings generated. The standing-room only crowd at our media briefing served as solid barometers of our position as a leading human interface solution provider.

Synaptics 團隊最近參加了台北國際電腦展，展示了前瞻性解決方案的關鍵設計成果，以推動下一代人機界面產品的發展。我們作為觸摸和指紋解決方案創新者的領導地位顯而易見，我們的產品令人興奮。在我們的媒體吹風會上，只有站著的人群是我們作為領先的人機界面解決方案提供商的地位的堅實晴雨表。

This provides a good backdrop for a discussion of the notebook PC market where we are starting to see a modest uptick in design activity and pockets of growth. This increasing market stability was evident in our Q4 results which reflected the initial ramp of new platforms with growing penetration of our [quickstroke] products and incremental ForcePad revenue. We head into the new fiscal year with a robust product lineup with ClickPad 2.0, precision TouchPad and Typeguard as key technologies that put us a tier above the competition.

這為筆記本電腦市場的討論提供了良好的背景，我們開始看到設計活動的適度增長和部分增長。這種日益增強的市場穩定性在我們第四季度的業績中得到了明顯體現，這反映了新平台的初步增長以及我們的 [quickrinkle] 產品滲透率的不斷提高和 ForcePad 收入的增加。我們帶著強大的產品陣容進入新的財年，其中 ClickPad 2.0、精密 TouchPad 和 Typeguard 等關鍵技術使我們在競爭中處於領先地位。

We are also excited about technologies such as SecurePad which integrates our fingerprint IDs solution into the corner of a TouchPad and is expected to launch this fiscal year. We also expect penetration of our touch screen enabled notebook offerings to increase with new models in the market by the holiday season. As we saw with the recently announced Microsoft Surface Pro3, our TouchPad solutions are being adopted into new device categories such as type covers.

我們還對 SecurePad 等技術感到興奮，該技術將我們的指紋 ID 解決方案集成到 TouchPad 的一角，預計將於本財年推出。我們還預計，到假日季節，我們的觸摸屏筆記本電腦產品的滲透率將隨著市場上新型號的推出而增加。正如我們在最近發布的 Microsoft Surface Pro3 中看到的那樣，我們的 TouchPad 解決方案正在被採用到新的設備類別中，例如鍵盤蓋。

And the convergence of solutions is taking place with our Notebook OEM customers such as Dell with the Venue 11 Pro 7139. This new PC Magazine editors choice for high-end business tablets features our ClearPad touchscreen solution with active stylus port, are ClickPad solution and our fingerprint IDs solution all contributing to the human interface. Further proof points of the convergence of our technologies include the adoption of both our fingerprint ID and ClearPad solutions in the Samsung 8.4-inch and 10.5-inch Galaxy Tab S table devices.

我們的筆記本電腦 OEM 客戶（例如戴爾）正在與 Venue 11 Pro 7139 進行解決方案的融合。這款新的PC 雜誌編輯選擇的高端商務平板電腦採用了我們的帶有有源手寫筆端口的ClearPad 觸摸屏解決方案、ClickPad 解決方案和我們的指紋ID 解決方案，所有這些都有助於實現人機界面。我們技術融合的進一步證明包括我們的指紋 ID 和 ClearPad 解決方案在三星 8.4 英寸和 10.5 英寸 Galaxy Tab S 台式設備中的採用。

We are happy to further our momentum in the tablet segment to see Samsung rolling out our fingerprint ID solutions broadly across this platform. Another example being the Galaxy S5 mini Smartphone. We are very excited about our growing participation in the mobile fingerprint ID solutions. We continue to expect our fingerprint touch sensor to be in the market in the second half of the calendar year and to see further adoption of our solutions in the next wave of flagship phones to launch around Mobile World Congress.

我們很高興看到三星在該平台上廣泛推出我們的指紋 ID 解決方案，進一步推動我們在平板電腦領域的發展勢頭。另一個例子是 Galaxy S5 mini 智能手機。我們對移動指紋 ID 解決方案的參與不斷增加感到非常興奮。我們仍然預計我們的指紋觸摸傳感器將在今年下半年上市，並在世界移動大會期間推出的下一波旗艦手機中進一步採用我們的解決方案。

We're also excited about Alipay's recent selection of a FIDO-based authenticator for the rollout of our mobile payment services in China using our fingerprint ID solution on the Samsung S5. This highly integrated security solution provides a compelling feature set as proven in the S5 and is ready for deployment in China. Key members of our mobile team also attended the SID event in San Diego. Where we delivered a presentation on the trend of display integrated solutions for Smartphone displays.

我們還對支付寶最近選擇基於 FIDO 的身份驗證器使用三星 S5 上的指紋 ID 解決方案在中國推出移動支付服務感到興奮。這一高度集成的安全解決方案提供了 S5 中所證明的引人注目的功能集，並已準備好在中國部署。我們移動團隊的主要成員也參加了在聖地亞哥舉行的 SID 活動。我們在會上介紹了智能手機顯示屏顯示集成解決方案的趨勢。

We've been discussing this trend for some time and believe as evidenced by a recently announced acquisition of RSP that the industry is on the verge of widespread adoption in smartphones at every performance level. The acquisition of RSP is marching to plan and we expect to formally close the transaction prior to our November Analyst Day.

我們已經討論這一趨勢有一段時間了，並相信最近宣布的對 RSP 的收購證明，該行業正處於各個性能級別的智能手機廣泛採用的邊緣。RSP 的收購正在按計劃進行，我們預計將在 11 月分析師日之前正式完成交易。

We will provide an update on our fiscal 2015 outlook for the combined business at the appropriate time following the close when we are in a better position to provide a more competence of view over go forward operations.

我們將在交易結束後的適當時間提供合併後業務的 2015 財年展望的最新信息，屆時我們將能夠更好地對未來運營提供更有能力的看法。

I can say that our initial post close priorities will center on integration, required investments in infrastructure and customer support as we transition RSP out of its current JV structure as well as incremental R&D investment as we accelerate our TDDI efforts. We have a tremendous opportunity ahead of us with the strengths of the combined companies, innovative technology, market leading products, and scale to drive revenue and operating profit growth.

我可以說，我們最初的密切關注重點將集中在整合、基礎設施和客戶支持方面所需的投資（隨著我們將RSP 從其當前的合資企業結構中轉型）以及隨著我們加速TDDI 工作而增加的研發投資。憑藉合併後公司的優勢、創新技術、市場領先的產品以及推動收入和營業利潤增長的規模，我們面臨著巨大的機遇。

Continuing on the topic of display integration solutions, which account for over 40% of our designs, Motorola has selected our single layer on-cell solutions for its 4.3-inch E and 4.5-inch G models. Significantly raising the performance bar for entry level smart phones. We are also proud to announce the Nokia Lumia 630 and 635 are the world's first single layer on-cell solutions to hit the shelves with our face detect capability.

繼續討論顯示集成解決方案（該解決方案占我們設計的 40% 以上），摩托羅拉為其 4.3 英寸 E 和 4.5 英寸 G 型號選擇了我們的單層 On-cell 解決方案。顯著提高入門級智能手機的性能標準。我們還自豪地宣布，諾基亞 Lumia 630 和 635 是全球首款憑藉我們的人臉檢測功能上市的單層 On-cell 解決方案。

Face detect is a patented technology that replaces traditional infrared sensors and turns off the LCD during phone operation lowering the total bomb cost. This is not to suggest that our discreet business is going away as the Nokia Lumia 530 also incorporates a single layer discrete solution from Synaptics. Our solutions portfolio allows us to closely partner with leading OEMs across a range of product implementations.

人臉檢測是一項專利技術，可取代傳統的紅外傳感器，並在手機操作期間關閉 LCD，從而降低總炸彈成本。這並不是說我們的離散業務將會消失，因為諾基亞 Lumia 530 也採用了 Synaptics 的單層離散解決方案。我們的解決方案組合使我們能夠在一系列產品實施方面與領先的 OEM 密切合作。

A case in point is LG who recently selected ClearPad family as the touch solution for its latest flagship smartphone, the 5.5-inch G3. LG also selected Synaptics as a touch interface for its G watch, its latest entry the expanding wearables market. Building on our inclusion in the Amazon kindle fire tablet with our ClearPad solution, a Synaptics in-cell solution is now deployed in the Amazon Fire Smartphone, another example of display integration within high-end models.

一個典型的例子是 LG 最近選擇 ClearPad 系列作為其最新旗艦智能手機 5.5 英寸 G3 的觸摸解決方案。LG 還選擇 Synaptics 作為其 G Watch 的觸摸界面，這是其進軍不斷擴大的可穿戴設備市場的最新產品。在我們將 ClearPad 解決方案納入 Amazon kindle fire 平板電腦中的基礎上，Synaptics 內嵌式解決方案現已部署在 Amazon Fire 智能手機中，這是高端型號中顯示集成的另一個示例。

With multiple OEMs going to market later this year with display integrated solutions and every major LCM engaged we are more confident than ever that our RSP acquisition was the right decision to accelerate market adoption of our technology. Meanwhile we continue to expect Synaptics initial TDDI solution to be in production within a smartphone this calendar year.

今年晚些時候，多家 OEM 廠商將推出顯示集成解決方案，並且每家主要 LCM 都參與其中，因此我們比以往任何時候都更有信心，收購 RSP 是加速市場採用我們技術的正確決定。與此同時，我們繼續預計 Synaptics 的初始 TDDI 解決方案將於今年在智能手機中投入生產。

Turning to the China Mobile market we've garnered multiple new designs with OEMs such as Huawei, ZTE, Oppo, BBK and Gionee. I wanted to note a few models that are significant because they highlight the industry's move towards display integration and models that each price point in each region. First, the Huawei ultraslim flagship the Ascend P7 features our in-cell solution as does that Huawei Honor 6.

轉向中國移動市場，我們已經與華為、中興、Oppo、步步高和金立等OEM廠商合作獲得了多種新設計。我想指出一些重要的模型，因為它們突出了行業向顯示集成方向發展的趨勢，以及每個地區每個價格點的模型。首先，華為超薄旗艦Ascend P7和華為榮耀6一樣採用了我們的in-cell解決方案。

I also wanted to call out the 6-inch ZTE Grand Memo II and Vsun HEXA which both feature our single layer on-cell solution. Our penetration in the China mobile market has been gaining traction over the last 12 months driven by our infrastructure investments with the most knowledgeable local technical support and the broadest set of human interface solution offerings available.

我還想提到 6 英寸中興 Grand Memo II 和 Vsun HEXA，它們都採用我們的單層 On-cell 解決方案。過去 12 個月，我們在基礎設施投資、最豐富的本地技術支持和最廣泛的人機界面解決方案的推動下，我們在中國移動市場的滲透率不斷提高。

Local OEMs such as [Yame] continue to grow in popularity and as the company plans its international expansion we continue to partner on industry-leading solutions and devices such as the (inaudible) notepad. We expect additional small and large touchscreen Yamee devices with our solutions to begin shipping later this year. While we expect to provide more details during our November Analyst Day, I'm happy to provide some year-end data on our share in our various markets excluding the main [captive] supplier as usual.

[Yame] 等本地 OEM 繼續受歡迎，隨著該公司計劃進行國際擴張，我們繼續在行業領先的解決方案和設備（例如（聽不清）記事本）方面進行合作。我們預計採用我們解決方案的更多小型和大型觸摸屏 Yamee 設備將於今年晚些時候開始發貨。雖然我們預計在 11 月分析師日期間提供更多詳細信息，但我很高興像往常一樣提供一些有關我們在各個市場（不包括主要[自營]供應商）份額的年終數據。

Over the past 12 months we've seen our position in the PC market tick up slightly and expect to exit fiscal 2014 with over 65% market share of touchpads among the top 10 OEMs. We've maintained our strong share in mobile phones of over 40% based on our continued leadership in high-performance smart phones as well as ongoing strength and execution in the China market. We believe that our solutions account for a majority of the rapidly growing fingerprint ID markets.

在過去 12 個月中，我們在 PC 市場的地位略有上升，預計到 2014 財年，我們將在十大 OEM 廠商中佔據超過 65% 的觸摸板市場份額。基於我們在高性能智能手機領域的持續領先地位以及在中國市場的持續實力和執行力，我們在手機市場的份額保持在40%以上。我們相信，我們的解決方案佔據了快速增長的指紋 ID 市場的大部分。

And lastly, we achieved our target of growing our large touchscreen revenue by two to three times over the prior year moving from a low [base] to a market share in the mid-teens and we're starting to layer on additional designs for touchscreen enabled Notebooks. As we look forward to fiscal 2015 we see some signs of stability in Notebook PCs along with strong but moderating growth rates for smart phones. We've continued strength in our core focus areas and fingerprint ID solutions now successfully Incorporated into our platform. We feel confident we can achieve another year of very strong top line growth, excluding RSP in the mid-20% range.

最後，我們實現了將大型觸摸屏收入比上一年增長兩到三倍的目標，從較低的[基礎]市場份額轉變為十幾歲左右的市場份額，並且我們開始對觸摸屏進行其他設計啟用的筆記本。當我們展望 2015 財年時，我們看到筆記本電腦出現了一些穩定的跡象，同時智能手機的增長率強勁但有所放緩。我們在核心重點領域持續保持優勢，指紋 ID 解決方案現已成功納入我們的平台。我們有信心能夠在新的一年實現非常強勁的營收增長（不包括 20% 左右的 RSP）。

To conclude my formal remarks we had a stellar fourth quarter and a phenomenal year. With strong performance in our core touchpad business, core touch business, coupled with big contributions from our fingerprint ID business with its first two quarters of operations. We are clearly excluding on our key growth levers with the adoption of our fingerprint ID platform, expanding penetration within large touchscreens, growing traction at display integrated solutions and a successful expansion in China.

最後，我的正式發言結束了，我們度過了出色的第四季度和非凡的一年。我們的核心觸摸板業務、核心觸控業務表現強勁，加上指紋ID業務前兩個季度的運營貢獻巨大。通過採用指紋 ID 平台、擴大大型觸摸屏的滲透率、顯示集成解決方案的吸引力不斷增強以及在中國的成功擴張，我們顯然排除了關鍵的增長槓桿。

We are very excited to accelerate our leadership in mobile display through the acquisition of RSP which we believe will further solidify our competitive advantage and enhance our ability to deliver and sustain strong profitable growth. Those of you have attended my presentations in the past remember that my focus is always been growth, growth and growth.

我們非常高興通過收購 RSP 來加速我們在移動顯示領域的領導地位，我們相信這將進一步鞏固我們的競爭優勢，並增強我們實現和維持強勁盈利增長的能力。過去參加過我演講的人都記得，我的關注點始終是成長、成長、再成長。

As we close out the year I'd like to thank our dedicated employees around the world who are instrumental in delivering that growth in what will be remembered as a transformational year for Synaptics. With that, I'll turn it over to Kathy for a review of our financial results.

在這一年即將結束之際，我要感謝我們在世界各地的敬業員工，他們為 Synaptics 實現這一增長做出了重要貢獻，這一年將被銘記為 Synaptics 的變革之年。這樣，我會將其交給凱西，以審查我們的財務業績。

Thanks, Rick. FY14 was an excellent year. Both revenue of $948 million and non-GAAP net income per share of $4. 25 represent records for an annual period an increased 43% and 37% year-over-year respectively. We are also extremely pleased with our June quarter results as both revenue of $315 million and non-GAAP net income per share of $1.46 represent records for a quarterly period and substantially exceeded our initial guidance range.

謝謝，瑞克。2014 財年是出色的一年。收入均為 9.48 億美元，非 GAAP 每股淨利潤為 4 美元。25 項代表年度記錄，同比分別增長 43% 和 37%。我們對 6 月季度的業績也非常滿意，因為 3.15 億美元的收入和 1.46 美元的非 GAAP 每股淨利潤都創下了季度記錄，並且大大超出了我們最初的指導範圍。

June quarter revenue increased 37% year-over-year and was up more than 54% sequentially. We achieved strong revenue growth across all of our product lines in Q4. Both year-over-year and quarter-over-quarter. While the revenue mix for mobile and PC products was approximately 77% and 23% respectively. Revenue for mobile products was up 40% year-over-year and up 61% quarter-over-quarter. While revenue from PC products was up 26% year-over-year and 35% quarter-over-quarter.

六月季度收入同比增長 37%，環比增長超過 54%。第四季度，我們所有產品線都實現了強勁的收入增長。同比和季度環比。而移動和PC產品的收入結構分別約為77%和23%。移動產品收入同比增長 40%，環比增長 61%。PC產品收入同比增長26%，環比增長35%。

Fingerprint ID product revenue which contributed to both mobile and PC revenue represented approximately 22% of total revenue in the June quarter. An increased 122% over the March quarter. Non-GAAP gross margin of 45.3% was within our guidance range and primarily reflects overall product mix. Non-GAAP operating expenses were $74.3 million, up $7.5 million from the prior quarter.

指紋 ID 產品收入對移動和 PC 收入都有貢獻，約佔第二季度總收入的 22%。較 3 月份季度增長 122%。45.3% 的非 GAAP 毛利率在我們的指導範圍內，主要反映了整體產品組合。非 GAAP 運營費用為 7,430 萬美元，比上一季度增加 750 萬美元。

The increase in non-GAAP operating expense was primarily due to our continued investment in technical and customer support personnel to expand market adoption of our new fingerprint ID solutions Our display integrated products including TDDI, ongoing investments in our touch product portfolio, an incremental incentive compensation expense associated with the strong financial performance this year.

非GAAP 運營費用的增加主要是由於我們持續投資於技術和客戶支持人員，以擴大市場對我們新指紋ID 解決方案的採用。我們的顯示集成產品包括TDDI、對觸摸產品組合的持續投資、增量激勵補償與今年強勁的財務業績相關的費用。

GAAP operating expenses in the June quarter where $100.5 million. And includes an increase of $13.1 million for change to contingent consideration and $9.1 million for share-based compensation. The change to contingent consideration primarily takes into account our current and anticipated post-acquisition success with our biometrics fingerprint solutions. In addition, GAAP operating expenses in the fourth quarter included approximately $3.6 million of incremental transaction related expenses associated with our pending acquisition of RSP.

6 月份季度的 GAAP 運營費用為 1.005 億美元。其中包括因或有對價變更而增加的 1,310 萬美元以及因股權激勵而增加的 910 萬美元。對或有考慮因素的改變主要考慮到我們當前和預期的收購後生物識別指紋解決方案的成功。此外，第四季度的 GAAP 運營費用包括與我們即將收購 RSP 相關的約 360 萬美元增量交易相關費用。

These cost have been excluded from our non-GAAP results as one time nonrecurring costs. Total transaction related cost included in our GAAP operating expenses for the year were approximately $5.6 million, including costs associated with the Validity acquisition earlier this year. We anticipate changes to the fair value of contingent consideration could continue to result in volatility in our GAAP operating results as we go forward through the earn out period.

這些成本已作為一次性非經常性成本從我們的非公認會計準則業績中排除。本年度 GAAP 運營費用中包含的交易相關成本總額約為 560 萬美元，其中包括與今年早些時候收購 Validity 相關的成本。我們預計，隨著盈利期的推進，或有對價公允價值的變化可能會繼續導致我們的 GAAP 經營業績出現波動。

The strong sequential increase in revenue and gross margin dollars in the June quarter drove 140% increase in our non-GAAP operating profit dollars. And increased operating margin to 21.7% from 13.9% last quarter. Our non-GAAP tax rate was 17% in the June quarter while our GAAP tax rate was 13.6%. Fourth-quarter non-GAAP net income was a record $56.8 million or $1.46 per diluted share. Compared with non-GAAP net income of $48.9 million or $1.39 per diluted share for the fourth quarter of FY13.

6 月份季度收入和毛利率連續強勁增長，推動我們的非 GAAP 營業利潤增長 140%。營業利潤率從上季度的 13.9% 提高到 21.7%。我們第二季度的非 GAAP 稅率為 17%，而 GAAP 稅率為 13.6%。第四季度非 GAAP 淨利潤達到創紀錄的 5,680 萬美元，即稀釋後每股收益 1.46 美元。相比之下，2013 財年第四季度非 GAAP 淨利潤為 4890 萬美元，或攤薄後每股收益 1.39 美元。

Turning to the balance sheet, we ended the quarter with $447 million of cash, cash flow from operations was very strong at $131.6 million. Employee participation, our equity incentive programs including the associated tax benefits provided net cash of $91.1 million for the year. We used $19.6 million for the acquisition of Validity and we used $70.3 million to repurchase approximately 5% of our shares outstanding. Similar to levels repurchased in each of the past several years.

轉向資產負債表，本季度末我們的現金為 4.47 億美元，運營現金流非常強勁，達到 1.316 億美元。員工參與、我們的股權激勵計劃（包括相關的稅收優惠）為本年度提供了 9110 萬美元的淨現金。我們使用 1,960 萬美元收購 Validity，並使用 7,030 萬美元回購約 5% 的已發行股票。與過去幾年每年回購的水平相似。

I'm also pleased to report that our Board of Directors has increased and extended the authorization for stock repurchases by $110 million for total current authorization of $200 million available through July 2016. Capital expenditures for the year were $38.7 million and included $10 million used for the purchase of two buildings adjacent to our San Jose headquarters. Depreciation was $14.2 million for the year. Receivables at the end of June were $195.1 million and DSOs where 56 days.

我還很高興地報告，我們的董事會已將股票回購授權增加並延長了 1.1 億美元，截至 2016 年 7 月，目前的授權總額為 2 億美元。本年度的資本支出為 3870 萬美元，其中 1000 萬美元用於購買聖何塞總部附近的兩棟建築。本年度折舊額為 1,420 萬美元。6 月底的應收賬款為 1.951 億美元，DSO 期限為 56 天。

While inventories where $83.3 million and inventory turns where 8. Now we will make a few comments regarding our quarterly outlook. Please note that the projections provided on the call today exclude the impending closure of the RSP out position.

雖然庫存為 8,330 萬美元，庫存周轉率為 8。現在我們將就我們的季度前景發表一些評論。請注意，今天的電話會議提供的預測不包括即將關閉的 RSP 平倉。

Our out-performance in the June quarter reflected a steep ramp of some new designs. And while we expect to post record September quarter revenue, it will be down on a sequential basis from the June quarter's all-time high revenue level. Based upon our backlog of approximately $132 million entering the typically backend loaded September quarter, customer forecasts, products [sell-in] and sell through patterns, as well as expected product mix, we anticipate revenue to be in the range of $275 million to $295 million.

我們在六月季度的優異表現反映出一些新設計的急劇增長。雖然我們預計 9 月份季度的收入將創歷史新高，但它將比 6 月份季度的歷史最高收入水平環比下降。根據進入通常後端負載的 9 月份季度的約 1.32 億美元的積壓訂單、客戶預測、產品[銷售]和銷售模式以及預期的產品組合，我們預計收入將在 2.75 億美元至 295 美元之間百萬。

And increase of 24% to 33% over the prior year. Our expected revenue range reflects strong year-over-year growth in mobile product revenue including significant incremental contributions from our fingerprint ID product. We expect the revenue mix from mobile and PC products to be similar to the preceding quarter. As we move through the year, we expect our business to reflect strong year-over-year growth trends including expanding momentum for our fingerprint ID product.

並比上年增長24%至33%。我們的預期收入範圍反映了移動產品收入的強勁同比增長，包括我們的指紋 ID 產品的顯著增量貢獻。我們預計移動和 PC 產品的收入組合將與上一季度相似。隨著這一年的發展，我們預計我們的業務將反映出強勁的同比增長趨勢，包括指紋 ID 產品的擴張勢頭。

Taking into account our overall revenue mix, we expect non-GAAP gross margin for the September quarter to be a approximately approximate 45% to 47%. With the steep ramp of our fingerprint ID solutions we have incurred some initial startup cost and expect to have opportunities in the supply chain to achieve some savings beginning this quarter. We expect non-GAAP operating expenses in the September quarter to increase modestly from the June quarter.

考慮到我們的整體收入組合，我們預計 9 月份季度的非 GAAP 毛利率約為 45% 至 47%。隨著我們的指紋 ID 解決方案的急劇增長，我們已經產生了一些初始啟動成本，並預計從本季度開始供應鏈中有機會實現一些節省。我們預計 9 月份季度的非公認會計準則運營費用將較 6 月份季度小幅增長。

We anticipate the FAS 123R charge in the first quarter to be in the range of $9.6 to $9.9 million. GAAP expenses will also include non-cash charges of approximately $6 million to $9 million related to intangible amortization and change to contingent consideration. However, the change to contingent consideration could vary depending upon changes to assumptions that drive the accounting value for the contingent consideration earnout.

我們預計第一季度的 FAS 123R 費用將在 9.6 至 990 萬美元之間。GAAP 費用還將包括與無形攤銷和或有對價變更相關的約 600 萬至 900 萬美元的非現金費用。然而，或有對價的變化可能會有所不同，具體取決於驅動或有對價盈餘會計價值的假設的變化。

We anticipate our non-GAAP cash-based tax rate for FY15 to remain in the range of 16% to 18%. Weighted shares are expected to be approximately 39.5 million shares. Non-GAAP net income per diluted share for the September quarter is expected to be in the range of $1.06 to $1.28 per share. In closing, we are extremely pleased with our record financial performance in FY14.

我們預計 2015 財年的非公認會計原則現金稅率將保持在 16% 至 18% 的範圍內。加權股份預計約為3950萬股。9 月份季度的非 GAAP 攤薄每股淨利潤預計為每股 1.06 美元至 1.28 美元。最後，我們對 2014 財年創紀錄的財務業績感到非常滿意。

And believe we are well-positioned to achieve record first-quarter revenue and non-GAAP net income to kick off FY15. We believe we continue to be very well-positioned to capitalize on the opportunities in front of us as the number one human interface company. And we look forward to another year of strong growth in FY15. With that, we will turn the call over to the operator to start the Q&A.

我們相信，我們有能力在 2015 財年伊始，實現創紀錄的第一季度收入和非 GAAP 淨利潤。我們相信，作為第一大人機界面公司，我們將繼續處於有利地位，能夠充分利用擺在我們面前的機遇。我們期待 2015 財年又是強勁增長的一年。這樣，我們會將呼叫轉交給接線員以開始問答。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Charlie Anderson, Dougherty & Company.

查理·安德森，多爾蒂公司。

Good afternoon. Thanks for taking my questions. I wondered if you could talk little bit about the underlying basis for the guidance req for FY15? What are some of your assumptions for market share in your core markets and then also pulled through for fingerprint in terms of book penetration for SWYPE, and then also for small area touch?

下午好。感謝您回答我的問題。我想知道您是否可以談談 2015 財年指導要求的基本基礎？您對核心市場的市場份額有何假設，然後對 SWYPE 的圖書滲透率以及小面積觸摸方面的指紋進行了哪些假設？

Okay, your getting a lot of value out of your one question. There's a lot of ground covered there. In our classic core touch markets, as I articulated earlier in the script, Charlie, our share is pretty good, given the competitive environment and so on. As I noted we expect to gain some further traction in the LTS area and TouchPad ad at 65% is pretty good, and we'll take that on an ongoing basis. And then smartphone certainly in the 40% neighborhood, also. That's pretty good. And, of course, we're helped by the underlying growth of those markets going forward.

好吧，你從你的一個問題中得到了很多價值。那裡有很多地面。在我們經典的核心觸摸市場中，正如我在劇本前面所闡述的那樣，查理，考慮到競爭環境等因素，我們的份額相當不錯。正如我所指出的，我們預計會在 LTS 領域獲得更多關注，而 TouchPad 廣告 65% 的比例相當不錯，我們將持續採用這一點。然後，智能手機肯定也在 40% 附近。那很好。當然，這些市場未來的潛在增長也對我們有所幫助。

On fingerprint in our share is very high right now. It is not going to go higher, given that it is purchases somewhere really high as competitive solutions enter the marketplace. But what will help there certainly is just the tremendous growth that I talked about in the last call going from 30 million, roughly units, in calendar 2013 to north of 500 a few years from now.

目前我們指紋識別的份額非常高。鑑於隨著競爭性解決方案進入市場，購買量非常高，因此它不會走得更高。但對這方面有幫助的肯定是我在上次電話會議中談到的巨大增長，從 2013 年的 3000 萬台（大約）到幾年後的 500 台以上。

We're seeing that trend or so we're certainly not going to back off those projections; very strong adoptions with virtually every mobile customer or PC customer out there is looking at adding additional biometric or fingerprint solutions. So it's kind of that mix of trends. I don't know if I totally hit on all your questions there, but please ask if you need further clarification.

我們看到了這種趨勢，所以我們當然不會放棄這些預測；幾乎每個移動客戶或 PC 客戶都在考慮添加額外的生物識別或指紋解決方案。所以這是一種趨勢的混合。我不知道我是否完全回答了您的所有問題，但請詢問您是否需要進一步澄清。

I was just going to -- just on maybe the pull for smaller area touch how much are you thinking a few flagship devices, or are you thinking of pretty broad pull through for that type of a product?

我只是想——也許就更小面積的吸引力而言，您對一些旗艦設備的考慮程度如何，或者您是否正在考慮對該類型產品的相當廣泛的吸引力？

Clearly, touch -- there's pull forward touch type of fingerprint solutions. And as we've said, we'll have our solution out there in the marketplace later this calendar year. It really depends. On the higher end phones, I'd say in general the pull is for a touch type of solution. As you get more into the mainstream or more value, the SWYPE continued to be popular as you look forward into 2015.

顯然，觸摸——有前拉觸摸式指紋解決方案。正如我們所說，我們將在今年晚些時候將我們的解決方案推向市場。這確實取決於。在高端手機上，我想說一般來說，拉動是針對觸摸類型的解決方案。隨著您越來越進入主流或越來越有價值，SWYPE 在您展望 2015 年時將繼續受歡迎。

Great, thank you so much.

太好了，非常感謝。

Rob Stone, Cowen and Company.

羅布·斯通，考恩公司。

Hello. I wanted to ask about the China market, and I'll see if I can get some mileage out of one question too, Rick. If you could comment on what you see in trends as far as feature set versus pricing for the phones and for your product? And also any comment on fingerprint design wins besides the ones with your largest customer?

你好。我想問一下中國市場的情況，我想看看能否從一個問題中得到一些啟發，Rick。您能否評論一下您所看到的手機和產品的功能集與定價方面的趨勢？除了您最大客戶的指紋設計之外，還有什麼關於指紋設計獲勝的評論嗎？

Okay. Let's start off with the China market first with feature set versus pricing. To me there's a bit of a misunderstanding in general that China is all about low end and price. It certainly isn't true. There's a number of high-end phones that have come out of are sold in China. We see that with our engagements with Huawei and Nokia and other vendors that are either based there or ship phones into those marketplaces.

好的。讓我們首先從中國市場的功能集與定價開始。對我來說，總體上存在一些誤解，認為中國都是低端產品和價格。這當然不是真的。已經有很多高端手機在中國銷售。通過與華為、諾基亞以及其他總部位於這些市場或向這些市場銷售手機的供應商的合作，我們看到了這一點。

That being said, a lot of the growth in China is for phones that are at least at the end-user level or priced at lower prices than you historically see in North America or Europe. A lot of that is they optimize their supply chain and/or their go to market methods. So we continue to see demand for what just a few months ago was high-end features, like glove and moisture performance, and as I mentioned, the face detect on the call, those type of things.

話雖如此，中國的增長很大程度上是針對終端用戶級別的手機，或者價格比歷史上在北美或歐洲看到的價格更低的手機。其中很大一部分是他們優化了供應鍊和/或進入市場的方法。因此，我們繼續看到對幾個月前高端功能的需求，例如手套和防潮性能，正如我提到的，通話中的面部檢測等。

But price plays a big role too. So it is actually a balance getting the right set of features. And then you can get a bit of a premium on the price.

但價格也起著重要作用。因此，這實際上是獲得正確功能集的平衡。然後你就可以在價格上獲得一點溢價。

In terms of additional fingerprint design wins clearly we've done quite well with Samsung on the various platforms that they've rolled out, and those are certainly high-volume. Of course, all the PC guys utilize our stuff as well. You will see additional design wins from other customers later this fall. And then expect to see a number of design wins come out in the first half of 2015.

在額外的指紋設計方面，顯然我們在三星推出的各種平台上都做得很好，而且這些平台的銷量肯定很大。當然，所有的 PC 人員也都使用我們的東西。今年秋天晚些時候，您將看到其他客戶贏得的更多設計。預計 2015 年上半年將會有多項設計成果問世。

Great. I'll jump back in the queue. Thanks.

偉大的。我會跳回到隊列中。謝謝。

John Vinh, Pacific Crest Securities.

約翰·文 (John Vinh)，太平冠證券 (Pacific Crest Securities)。

Hello, thanks for taking my question. Rick, I was wondering if you could just talk about your assumptions in FY15, in terms of what the mix of the SWYPE versus area is going to be? Also, the other question I had was on the competitive front there's been some concerns about some new competitive entrants, particularly at the high end. Is that having any impact in terms of your positioning in the high-end smartphone market?

您好，感謝您提出我的問題。Rick，我想知道您是否可以談談您對 2015 財年的假設，即 SWYPE 與區域的組合將會怎樣？另外，我的另一個問題是在競爭方面，人們對一些新的競爭者感到擔憂，特別是在高端領域。這對你們在高端智能手機市場的定位有影響嗎？

Okay. So let me take these two questions in order. So swipe versus area for the fiscal year. Obviously, from our perspective SWYPE has a role on that race, because here in the second half of the year there's multiple platforms that use SWYPE. So, I haven't actually fully done the math for our fiscal year. But I think it'd be hard for touch sensors to overcome that lead. So in our fiscal year I would clearly say that the swipe sensors will be the higher volume. But buy the -- in our Q4 to me it would be reversed, where we should be more touch sensors than SWYPE sensors.

好的。那麼讓我按順序回答這兩個問題。因此，請滑動對應財政年度的區域。顯然，從我們的角度來看，SWYPE 在這場比賽中發揮著作用，因為今年下半年有多個平台使用 SWYPE。所以，我實際上還沒有完全計算出我們財政年度的情況。但我認為觸摸傳感器很難克服這一領先優勢。因此，在我們的財年中，我會明確地說，滑動傳感器的銷量將會更高。但在我們的第四季度，對我來說，情況將會相反，我們應該使用更多的觸摸傳感器而不是 SWYPE 傳感器。

Now I've lost your second question (multiple speakers). Oh, new entrants into Smartphone.

現在我失去了你的第二個問題（多個發言者）。哦，智能手機的新進入者。

So John, you've followed us for awhile. You know that there has been new entrants continuously. I've been at the Company almost three years and there's a different major player that pops up every so often, or maybe a new start up. And at one point of course there were 30 different players in the touch controller market. So we're going to continue to innovate, and continue to drive, and we believe that the breadth of our technology, the team that we now have in place, we number over 1,200 employees totally focused on touch, that really nobody else can bring that level of capability.

約翰，你關注我們有一段時間了。你知道不斷有新的進入者。我在公司工作了快三年了，時不時就會出現一個不同的主要參與者，或者可能是一個新的初創公司。當然，觸摸控制器市場一度有 30 個不同的參與者。因此，我們將繼續創新，繼續推動，我們相信，我們技術的廣度、我們現有的團隊、我們超過 1,200 名員工完全專注於觸摸，這是其他人無法帶來的那種能力水平。

Are we going to have a 100% share of our customers? There's absolutely no way. With the volumes they drive, they want to have multi-sources. However, when they look for their number one strategic partner, that can provide the best discrete solutions, the best display integration solutions, and now in the future the best TDDI solution, there's just one and only one clear answer, which is Synaptics.

我們會擁有 100% 的客戶份額嗎？完全沒有辦法啊隨著數量的增加，他們希望擁有多個來源。然而，當他們尋找第一大戰略合作夥伴，能夠提供最好的分立解決方案、最好的顯示集成解決方案、以及現在未來最好的TDDI解決方案時，只有一個明確的答案，那就是Synaptics。

Got it, thank you. And just a follow-up question on the fingerprint revenues in the quarter, can you give us the split between PCs versus mobile?

收到了。謝謝。關於本季度指紋收入的後續問題，您能否告訴我們 PC 與移動設備之間的情況？

Hi John. On the fingerprint revenue, as I said the total was total percentage of revenue was 22% so very, very strong. The PC side of the revenue stream is as we've said for a couple of quarters its still in the low, the mid-single millions of dollars. Nice run rate, but the majority is the mobile side of the Business.

你好，約翰。關於指紋收入，正如我所說，總收入佔總收入的百分比為 22%，非常非常強勁。PC 方面的收入流正如我們所說，幾個季度以來仍處於較低水平，即數百萬美元左右。運行率不錯，但大部分是業務的移動端。

Great, thank you.

太好了謝謝。

Rajvindra Gill, Needham and Company

拉吉溫德拉·吉爾（Rajvindra Gill），李約瑟公司

Yes, thanks and congratulations on solid results. Your FY15, mid-25% mid-20s revenue growth rate, wondering if you could provide a little bit of color on some of the piece parts, the segments? Where do you see the growth coming from fingerprints, mobile phones, PC Notebooks? If you could maybe just qualitatively talk about that, that would be helpful?

是的，感謝並祝賀取得了可喜的成果。您的 2015 財年收入增長率為 25%，20 世紀 20 年代中期，想知道您是否可以為某些零部件、細分市場提供一些色彩？您認為指紋、手機、筆記本電腦的增長來自哪裡？如果您可以定性地談論這一點，那會有幫助嗎？

I'll take a shot at it and let Kathy if she wants to fill in any more details. Think of our business in three areas, TouchPad, ClearPad and fingerprints. Actually fiscal year over fiscal year, we're seeing growth on all three of those. Now on the two former ones, it's a little more modest, given, obviously, that we'll have a full year of fingerprint performance, and it still a ramping business. The majority of our growth will come from the fingerprint business going forward.

我會嘗試一下，如果凱西想填寫更多細節，我會告訴她。想想我們在三個領域的業務：TouchPad、ClearPad 和指紋。實際上，每個財年，我們都看到這三個方面都在增長。現在，對於前兩個，它的價格要溫和一些，顯然，我們將擁有一整年的指紋性能，而且它仍然是一項不斷增長的業務。我們的大部分增長將來自未來的指紋業務。

As a follow-up on that, can you talk a little bit about the attach rates that you think you'll be able to achieve in the overall market? Or what's your expectation of the attach rate for fingerprint sensors and the overall market FY15 ex-Apple? And are you seeing this being adopted outside of Samsung and Apple to other customers?

作為後續，您能否談談您認為在整個市場中能夠實現的附加率？或者您對指紋傳感器的普及率和 2015 財年（蘋果除外）的整體市場有何預期？您是否看到三星和蘋果以外的其他客戶也採用這種方式？

Clearly, on the latter part of your question, absolutely. As I mentioned, I think at this point every mobile Notebook customer is looking at increasing their attach rate. Some are coming from zero. The attach rates we are seeing in smart phones, that's probably a good question that we'll save for our November Analyst Day.

顯然，對於你問題的後半部分，絕對如此。正如我所提到的，我認為目前每個移動筆記本電腦客戶都在考慮提高他們的連接率。有些是從零開始的。我們在智能手機中看到的附加率，這可能是一個很好的問題，我們將在 11 月的分析師日討論。

I think overall, Raji, as Rick mentioned before, the market growth rates are definitely there. So we're still seeing the calendar 30 million fingerprints. And as Rick mentioned earlier, within the next couple of years at $500 million or 500 million unit TAM opportunity for fingerprint. So very rapid growth. Every customer is definitely interested in it.

我認為總體而言，拉吉，正如里克之前提到的，市場增長率肯定是存在的。所以我們仍然看到日曆上有 3000 萬個指紋。正如 Rick 之前提到的，在未來幾年內，指紋識別的機會將達到 5 億美元或 5 億單位 TAM。所以增長非常快。每個顧客肯定都對此感興趣。

Great, thank you

太好了謝謝

Sterne, Agee, Andrew Huang.

斯特恩、阿吉、安德魯·黃。

Thank you. I was wondering if you could talk a little bit more about your TDDI solution coming up this year? Would you consider that a high end solution or a low end solution? And maybe quantify some of the benefits to the customer of using TDDI?

謝謝。我想知道您是否可以多談談今年即將推出的 TDDI 解決方案？您認為這是高端解決方案還是低端解決方案？也許可以量化使用 TDDI 給客戶帶來的一些好處？

Sure. Today we're positioning TDDI, actually, as more of a midrange solution so the high end of the market will be discrete. TDDI will be more in the midrange, and then lower end you will see some of the other on-cell or just low-end discrete type of solutions down there where other factors into play around the supply chain.

當然。實際上，今天我們將 TDDI 定位為中端解決方案，因此高端市場將是離散的。TDDI 將更多地處於中端，然後是低端，您將看到一些其他 on-cell 或低端分立類型的解決方案，其中其他因素在供應鏈中發揮作用。

So what will be the benefits to the end users? Typically or not typically, in every case we've seen is that TDDI is an in-cell type of solution. So the consumer benefits from that approach because you get better clarity of the display. You get a thinner display, and typically over time it will translate to an overall lower-cost solution.

那麼最終用戶會得到什麼好處呢？無論通常與否，在我們所看到的每種情況下，TDDI 都是一種單元內類型的解決方案。因此，消費者可以從這種方法中受益，因為可以獲得更好的顯示清晰度。您將獲得更薄的顯示屏，通常隨著時間的推移，它會轉化為整體成本更低的解決方案。

So as a follow-on to that, do you think longer term could TDDI could become a high-end solution, as well? Could it get adopted by the high-end as well?

那麼作為後續，您認為從長遠來看 TDDI 也能成為高端解決方案嗎？它也能被高端採用嗎？

Over time potentially. What we're looking at here is what we call one plus one equals three type of solutions, which is what you are getting at. We don't see TDDI as just slapping two chips together and that is your value proposition going from two to one. No, we see some other benefits there around power potentially and around some interesting feature implementations that we could put in place. But that's more of a three-year time horizon. Next couple of years it will be a midrange. That's the resolutions and so on that we're targeting with TDDI.

隨著時間的推移，有可能。我們在這裡看到的是我們所說的一加一等於三類型的解決方案，這就是您所得到的。我們並不認為 TDDI 只是將兩個芯片拼湊在一起，而是從兩個芯片到一個芯片的價值主張。不，我們看到了圍繞潛在的功率和我們可以實施的一些有趣的功能實現的其他一些好處。但這更像是三年的時間範圍。未來幾年它將成為中端產品。這就是我們 TDDI 的目標分辨率等。

Thank you.

謝謝。

Jeff Schreiner, Feltl Company.

Jeff Schreiner，Feltl 公司。

Thank you for taking my question. I wanted to ask just about the -- roughly if you think the midpoint of September guidance of, roughly, $30 million sequential revenue decrease versus what we saw around $8 million last year. Is some of it due to the fact that more revenues were pulled into June? Or what's some of the underlying factors impacting the current September quarter guidance?

感謝您回答我的問題。我想問的是 - 粗略地說，如果你認為 9 月份的中點指導收入大約減少了 3000 萬美元，而我們去年看到的收入約為 800 萬美元。部分原因是六月份收入增加了嗎？或者影響當前九月季度指導的一些潛在因素是什麼？

Jeff, as far as the September quarter goes, we did have a very steep ramp in the June quarter. Multiple customers including a lot of China, so as far as what we are seeing in the September quarter, we do a lot from a sell-in standpoint, so the September quarter this year is more of an effect of some of this sell through patterns out in the marketplace.

傑夫，就九月季度而言，我們在六月季度確實有一個非常陡峭的增長。包括很多中國在內的多個客戶，就我們在九月季度看到的情況而言，從銷售的角度來看，我們做了很多工作，因此今年九月季度更多地是某些銷售模式的影響在市場上。

So overall, our particular solutions, we've got a very, very strong product pipeline. So we feel very good about the entire fiscal year. But it is a pattern where we had strong sell in in the June quarter, some timing overall in the September quarter and again, strong product portfolio overall.

總的來說，我們的特定解決方案，我們擁有非常非常強大的產品線。所以我們對整個財年感覺非常好。但在這種模式下，我們在 6 月季度的銷售強勁，在 9 月季度的整體時間安排上也出現了強勁的銷售，而且整體產品組合也很強勁。

Certainly, just to add a little bit Jeff as you know, we had -- for Q4 we had guidance actually in the same range that we now for Q1, 275 to 295, then we got reset it, to 300 to 310 when we announced the RSP acquisition on June the 11th. Then we are still wrong, even though we had just a couple of more weeks to finish up the quarter, and we ended up landing it on $315 million.

當然，正如你所知，傑夫補充一點，我們對第四季度的指導實際上與我們現在第一季度的指導範圍相同，275 至295，然後當我們宣佈時，我們將其重置為300 至310 6 月 11 日收購 RSP。那麼我們仍然錯了，儘管我們只剩下幾週的時間來完成這個季度，而且我們最終的目標是 3.15 億美元。

A lot of our customers want to be positioned to see the upsides in their markets, as well. And sometimes they make sure that they don't want their touch controllers to be in short supply, so they make sure they're well-stocked. And the market doesn't quite translate as strong as they had thought. So there was certainly that factor, as well. But, frankly, I will take the Q1 guidance that we gave. I think if you look at the two quarters that's a heckuva six months for Synaptics.

我們的許多客戶也希望能夠看到其市場的優勢。有時他們會確保不希望觸摸控制器供應短缺，因此他們會確保庫存充足。而且市場並沒有像他們想像的那麼強勁。所以肯定也有這個因素。但是，坦率地說，我將接受我們給出的第一季度指導。我認為，如果你看一下這兩個季度，對於 Synaptics 來說，這六個月是非常大的。

Q4 plus Q1divide by 2; 300 each, that's pretty good.

Q4加上Q1除以2； 300一個，很不錯了。

All right, thank you. Just wanted a little color. Thank you. Appreciate it.

好吧。謝謝。只是想要一點顏色。謝謝。欣賞它。

Kevin Cassidy, Stifel Nicolaus

凱文·卡西迪，斯蒂菲爾·尼克勞斯

This is Dean Gromlus calling in for Kevin. Thank you very much for taking my question. I was hoping you may provide some color on whether you are seeing customer interest or activity in the area of wearables and internet of things? And perhaps can you elaborate a little on whether these particular applications may represent another wave of opportunity for you?

我是迪恩·格羅姆魯斯來找凱文。非常感謝您回答我的問題。我希望您能提供一些信息，說明您是否看到客戶在可穿戴設備和物聯網領域的興趣或活動？也許您可以詳細說明一下這些特定的應用程序是否可能代表您的另一波機會？

Dean, certainly. In the script we mentioned one, so the LG Smart Watch that was announced utilizes our touch Controller. And we're seeing multiple other opportunities in the wearable area for our touch solutions and actually for our fingerprint solutions. The quick answer is yes. Of course volume-wise it doesn't compare to the 1.2 to 1.4 billion smart phones that are going to ship this year, so it's quite a couple magnitudes lower than that.

迪恩，當然。在腳本中我們提到了一個，因此發布的 LG 智能手錶使用了我們的觸摸控制器。我們在可穿戴領域看到了觸摸解決方案和指紋解決方案的許多其他機會。快速回答是肯定的。當然，就銷量而言，它無法與今年將要出貨的 1.2 至 14 億部智能手機相比，因此要低很多數量級。

But nevertheless it represents a new wave of potential growth and opportunity as we go out in a couple years. So we're certainly working with our strategic customers on wearable type of solutions.

但儘管如此，它代表了我們幾年後走出去時新一波的潛在增長和機遇。因此，我們當然正在與戰略客戶合作開發可穿戴類型的解決方案。

That's very helpful, thank you.

這非常有幫助，謝謝。

Cross Research, Osten Bernardez

交叉研究，奧斯滕·伯納德斯

Hello, good afternoon. Thanks for taking my questions. Would you be able to give me a line of sight as to where you are, what inning you think we're in with respect to your Chinese and Taiwanese go-to market strategies from a market share perspective? What is the share? I don't think you provided, of that business to -- is of your total revenue and how should we'd be thinking about the profitability that's coming out of that region? Thank you.

你好，下午好。感謝您回答我的問題。您能否從市場份額的角度向我介紹一下您的情況，您認為我們在中國和台灣的市場進入策略方面處於什麼階段？份額是什麼？我不認為您提供的該業務佔您的總收入，我們應該如何考慮該地區的盈利能力？謝謝。

Okay, I'll take the broad strokes and hope Kathy can give us some of the specific questions you asked her. As noted in the script, I'm quite pleased with the progress we've made over the past 12 months in China. We talked about this at our last Analyst Day that we had to set up, for us, really the first time, a distribution and capability to address a broader set of customers than we've historically have had.

好的，我會概括一下，希望凱西能給我們一些你問她的具體問題。正如劇本中所指出的，我對過去 12 個月我們在中國取得的進展感到非常滿意。我們在上一次分析師日談到了這一點，我們必須真正第一次為我們建立一個分銷和能力來滿足比我們歷史上更廣泛的客戶群體。

We've been a top 10 OEM customer. In China's -- the market is a bit more fragmented so we greatly staffed up in China, more than two x from our we started at the beginning of year and that's just not -- while it's sales folks there's also we've put in some development individuals in China, FAEs, as well as establishing close relationships with VARS and distributors, and it really paid off in Q4.

我們一直是排名前 10 位的 OEM 客戶。在中國——市場更加分散，所以我們在中國配備了大量人員，比我們年初開始的時候多了兩倍多，但事實並非如此——雖然是銷售人員，但我們也投入了一些人員在中國的開發人員、FAE 以及與VARS 和分銷商建立密切關係，這在第四季度確實得到了回報。

That was one of our key drivers, was the amount of business that we were able to do with the China customers in Q4, maybe softened some of the slowdown, or relative slowdown, of course in a strong market from other customers. So, again we are quite pleased.

這是我們的關鍵驅動因素之一，我們在第四季度能夠與中國客戶開展的業務量，可能會緩解一些放緩或相對放緩，當然是在來自其他客戶的強勁市場中。所以，我們再次感到非常高興。

And are we done in China? No, there's other customers we can go after and other opportunities we can seize on. Our lower end penetration isn't quite where we want it to be, so we continue to work on solutions there for that part of the marketplace.

我們在中國就完了嗎？不，我們還可以追求其他客戶，也可以抓住其他機會。我們的低端滲透率還沒有達到我們想要的水平，因此我們繼續致力於為該市場部分開發解決方案。

Kathy, you want to talk about our China?

凱西，你想談談我們的中國嗎？

Yes, I was going to say from a revenue standpoint what we've talked about for a few quarters is China's been growing rapidly with our overall business. So the numbers that I've given out for the last several quarters has been -- China handset revenue is -- domestic handset revenue as a percentage of our total revenue has been in the low teens.

是的，我想說的是，從收入的角度來看，我們幾個季度討論的是中國的整體業務一直在快速增長。因此，我過去幾個季度給出的數據是——中國手機收入——國內手機收入占我們總收入的百分比一直在十幾歲以下。

As you move -- as a think about that for the fourth quarter with total revenue at $315 million, that's a big chunk of revenue. And then, actually, the percentage actually ticked up a couple of points: got to the mid teens. So we are definitely picking up in China. And one thing that we've talked about as well is, when you think about China, display integration is a big activity there for us. The single layer on-cell activity last quarter and this quarter we've talked about how we're really starting to gain momentum in single layer, and then also with the in-cell. So that activity combined with some of the VARS that we've taken on recently, the broadening of our customer support services over there, we are really picking up significant traction in the China market, so we're really pleased about that.

當你移動時，想想第四季度的總收入為 3.15 億美元，這是收入的很大一部分。然後，實際上，這個百分比實際上上升了幾個百分點：達到了十幾歲左右。所以我們肯定會在中國有所發展。我們還討論過的一件事是，當你想到中國時，顯示集成對我們來說是一項重大活動。上個季度和本季度的單層 On-cell 活動我們已經討論過我們如何真正開始在單層以及 In-cell 領域獲得動力。因此，這項活動與我們最近開展的一些 VARS 以及我們在那裡的客戶支持服務的擴大相結合，我們確實在中國市場獲得了巨大的吸引力，所以我們對此感到非常高興。

Is there a way for us to be thinking about what the profitability trends out of China can be, let's say over the next 6 to 12 months? Or is that something you're willing to discuss?

有沒有辦法讓我們思考未來 6 到 12 個月中國的盈利趨勢是什麼？或者這是你願意討論的事情？

We haven't broken it out. The one thing, the only thing that we've said really about China and the China market in general is just if you think about smartphones is, the mix of the smartphone market, most of the growth is going forward, or a lot of the growth anyways, the midrange and the emerging side of the market. But with our solutions, the single layer solutions are targeted customer set that we are going after. We have very strong profitability, similar to a lot of the rest of our business. So again, we feel very good about the business overall.

我們還沒有破解它。有一件事，我們對中國和整個中國市場真正說過的唯一一件事就是，如果你考慮智能手機的話，智能手機市場的組合，大部分增長正在向前推進，或者很多無論如何，增長是市場的中端和新興市場。但對於我們的解決方案，單層解決方案是我們正在追求的目標客戶群。我們的盈利能力非常強，與我們其他許多業務類似。再說一次，我們對整體業務感覺非常好。

Liwen Zhang, Blaylock and Partners.

張立文，Blaylock 及其合夥人。

Thank you for taking my questions. And congratulations on another record quarter. Your revenue results actually exceed the high end of the raised guidance. However, the gross margin came a little bit lighter than the midpoint guidance. So what factors were in the gross margin pressure?

感謝您回答我的問題。祝賀又一個創紀錄的季度。您的收入結果實際上超出了所提高指導的上限。然而，毛利率略低於指導中值。那麼毛利率受壓是哪些因素造成的呢？

In the gross margins, again, it was within the guidance range, a couple of ticks a little bit below the midpoint. But gross margin is a mix of all the products that we sell. And one of the things I just talked about is as we move to the China market we said throughout the year that has been a little bit lower. And the fingerprint business, again, it's fairly reflective of the midpoint of the last couple of quarters from a gross margin standpoint.

毛利率再次處於指導範圍內，比中點略低一些。但毛利率是我們銷售的所有產品的總和。我剛才談到的一件事是，隨著我們轉向中國市場，我們說這一年的價格有所下降。從毛利率的角度來看，指紋業務也相當反映了過去幾個季度的中點。

And when I talked about in the outlook section, I said that we actually had incurred some start up cost associated with the initial ramps, that we expect to see some improvement there as we look at this quarter. Again it's a mix of the business. We have our broad range of gross margins. And it is just the mix overall, and we expect to see a little bit of improvement coming into the first quarter of the fiscal year.

當我在展望部分談到時，我說我們實際上已經產生了一些與初始斜坡相關的啟動成本，我們預計在本季度會看到一些改善。這又是業務的混合體。我們的毛利率範圍廣泛。這只是整體的組合，我們預計本財年第一季度會出現一些改善。

Thank you. Rick mentioned the relationship with the distributors. Do you have a percentage of the sales from distributors for the June quarter versus a year ago?

謝謝。里克提到了與經銷商的關係。您是否知道六月季度經銷商銷售額與去年同期相比的百分比？

I would say a year ago it was nominal. The activity with distributors, it is picking up but it is still not material to the overall business that we're doing in the China market. Again a lot of what we're doing, if you go back to thinking about the strategy in China, number one is we work with international brands on their product solutions, our customers. We're also working broadly with the big brands in the China market, the Huawei, ZTE, the Ohpos, Yamis, the [Lanobos], that's all direct activity and then the distributors, we're working with them more on to reach further to some of the smaller guys out there.

我想說一年前它是名義上的。與經銷商的活動正在增加，但對我們在中國市場的整體業務來說仍然不重要。我們正在做的很多事情，如果你回過頭來思考在中國的戰略，第一件事就是我們與國際品牌、我們的客戶合作，開發他們的產品解決方案。我們還與中國市場的大品牌進行廣泛合作，例如華為、中興、Ohpos、Yamis、[Lanobos]，這些都是直接活動，然後是經銷商，我們正在與他們更多地合作，以達到更遠的目標那裡的一些小傢伙。

Do you have percentage of sales from the distributors for the June quarter?

您有六月季度來自分銷商的銷售額百分比嗎？

No. We are not breaking that out. As I said it is not really material to the overall.

不。我們不會打破這個局面。正如我所說，這對整體來說並不重要。

Okay. Thank you. And my last one is, what percentage of sales were from Samsung? Thank you.

好的。謝謝。我的最後一個問題是，三星占銷售額的百分比是多少？謝謝。

The large customer for this quarter, I would say we had one customer that was over 10% for the quarter, and that particular customer came in at, I think it was, 30% -- 35%.

本季度的大客戶，我想說我們有一個客戶在本季度的佔比超過 10%，而該特定客戶的佔比我認為是 30% - 35%。

Thanks.

謝謝。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯，克雷格·哈勒姆。

Hey, Rick. I'm curious now that you have feet underneath you on the fingerprint sensor side is any detail you can give us in terms of design time, how that's shortening and how much quicker your new customers are able to get products out to the market?

嘿，瑞克。我很好奇，現在您在指紋傳感器一側有腳在您腳下，您可以向我們提供有關設計時間的任何詳細信息嗎？設計時間是如何縮短的，以及您的新客戶能夠以多快的速度將產品推向市場？

Also, do you think that the biometric ASPs will follow a similar curve to what you saw in the early days in touch? And lastly, Kathy, if you wouldn't mind giving us a view you talked about 2015 revenue growth, if you can give a sense of gross margins overall? Thanks.

另外，您認為生物識別 ASP 是否會遵循與您早期接觸時所看到的相似的曲線？最後，Kathy，您是否介意向我們介紹一下您談到的 2015 年收入增長情況，您是否可以介紹一下總體毛利率？謝謝。

Okay, your first question was basically the design win cycle. It actually is a similar pattern that we see on touch controllers and again this is, call it the median. And there's guys on either end of the extreme. But roughly speaking we started to see, for mobile world congress launch, as we see the design win activity begin during the summer timeframe. End of the summer-ish people start to make decisions and go forward. Then of course they ramp either late in the year, calendar year or early in the calendar year for the Mobile World Congress launches.

好的，你的第一個問題基本上是設計獲勝週期。它實際上與我們在觸摸控制器上看到的類似模式，再次將其稱為中值。極端的兩端都有人。但粗略地說，我們開始看到移動世界大會的啟動，因為我們看到設計獲勝活動在夏季開始。夏天即將結束，人們開始做出決定並繼續前進。當然，他們會在今年年底、日曆年或日曆年年初為世界移動大會的發布而進行升級。

The one difference, they both have different challenges on the touch controllers side the challenge is working with the display and each OEM has unique displays and requirements. On the fingerprint you're now part of the physical ID, so for example the Samsung phone our fingerprint sensor is of course in the button.

唯一的區別是，它們在觸摸控制器方面都面臨著不同的挑戰，挑戰在於與顯示器的配合，並且每個 OEM 都有獨特的顯示器和要求。在指紋上，您現在是物理 ID 的一部分，因此例如三星手機，我們的指紋傳感器當然位於按鈕中。

And that activity needs to start fairly early on, because they want to make sure the look and feel is consistent with the phone. So that's a dynamic that we're used to from a TouchPad perspective, but from a mobile phone perspective it's a new dynamic.

這項活動需要儘早開始，因為他們希望確保外觀和感覺與手機一致。從觸摸板的角度來看，這是我們已經習慣的動態，但從手機的角度來看，這是一種新的動態。

In terms of the ASP curves, that's a challenging one, because we have the touch solution coming in, which actually is going to drive the ASPs higher than the traditional SWYPE solution. So you will see this pop. Then I would expect the curves on the fingerprint solutions to come down. Certainly more aggressive than we are seeing on touch controllers today; probably somewhat consistent with call it the old days of touch controllers where there was a steeper price decline than there is now. (Multiple speakers)

就 ASP 曲線而言，這是一個具有挑戰性的曲線，因為我們推出了觸摸解決方案，這實際上將推動 ASP 高於傳統的 SWYPE 解決方案。所以你會看到這個流行音樂。然後我預計指紋解決方案的曲線會下降。當然比我們今天在觸摸控制器上看到的更激進；這可能與觸摸控制器的舊時代有些一致，當時價格下降幅度比現在更大。（多位發言者）

You had a question on gross margins going forward. For FY15, we haven't changed the target model, so we are looking at 45% to 47%.

您對未來的毛利率有疑問。對於 2015 財年，我們沒有改變目標模型，因此我們的目標是 45% 至 47%。

Great, thanks.

萬分感謝。

Cowen and Company, Rob stone.

考恩公司，羅布·斯通。

Hello, just a quick follow-up. You talked about some signs of strength and firming in PCs, and you were up nicely on a year-over-year basis, more so than the market. Any color you can provide on what's behind that mix of consumer versus business? Or is it feature set, what accounts for better revenue versus units?

您好，只是一個快速跟進。您談到了個人電腦領域的一些強勁和堅挺的跡象，並且您的同比增長很好，比市場上漲得更多。對於消費者與企業之間的混合背後的原因，您能提供什麼顏色嗎？或者是功能集，是什麼導致了比單位更好的收入？

The one thing Rob, is if you look at the end of June quarter we get the first round of some of the newer platforms for the back-to-school and holiday season. So, what we're seeing for the new round of the platforms is, we've talked about our ClickPad penetration for several years. We were running in the 30s: 30%, 35% for ClickPads. In the new platforms we're seeing our percentage of ClickPad business actually go up to 50% or more.

Rob 的一件事是，如果你看看六月末的季度，我們會得到第一輪針對返校和假期的一些新平台。因此，我們對新一輪平台所看到的是，我們已經討論了 ClickPad 的滲透率好幾年了。我們在 30 年代運行：ClickPad 為 30%、35%。在新平台中，我們看到 ClickPad 業務的百分比實際上上升到 50% 或更多。

So, we started seeing that affect the end of June quarter. So that's good for blended average ASP. The other things just in general, in the PC side of the house for Notebooks, we don't classify it there, but we do expect to see some additional designs for our larger touchscreens and Notebook computers going forward as well.

因此，我們開始看到這會影響六月底的季度。所以這對於混合平均 ASP 來說是有好處的。一般而言，在筆記本電腦的 PC 端，我們不會將其分類，但我們確實希望看到一些針對更大觸摸屏和筆記本電腦的額外設計。

So the strength this more about new design wins as opposed to this business refresh cycle, based on withdrawal support for XP?

那麼，基於對 XP 的撤回支持，與此業務更新周期相比，新設計的優勢更大嗎？

Now we do -- there is units volume increased because of that. So as Rick said, we are starting to see some lift, actually, in the PC side of the business. So, again, it seems like the market is more stable. We are getting some uplift for that. And then, again, we've got the move to a higher concentration of ClickPads. (Multiple speakers)

現在我們做到了——單位數量因此而增加。正如里克所說，實際上，我們開始在個人電腦業務方面看到一些提升。因此，市場似乎再次變得更加穩定。我們為此得到了一些提升。然後，我們再次轉向更集中的觸摸板。（多位發言者）

Is this consumer business that you see on the pull going forward?

您認為這個消費業務是未來的推動力嗎？

Consumer versus commercial?

消費者與商業？

Yes.

是的。

Both sides are looking pretty good right now.

目前看來雙方的狀態都不錯。

Okay, thank you very much.

好的，非常感謝。

With no other questions, I would like to turn the conference back over to management for any additional or concluding remarks.

沒有其他問題，我想將會議轉回管理層，以徵求任何補充或總結性意見。

Thank you, everyone for joining us on the call today, and we certainly look forward to seeing many of you at our Analyst Day in November. Thank you very much. Bye-bye.

感謝大家今天加入我們的電話會議，我們當然期待在 11 月份的分析師日見到你們中的許多人。非常感謝。再見。

With that ladies and gentlemen, that does conclude today's presentation. We do thank everyone for their participation.

女士們、先生們，今天的演講到此結束。我們非常感謝大家的參與。