Synaptics Inc (SYNA) 2023 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Synaptics Inc. Fourth Quarter Fiscal Year 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Synaptics Inc. 2023 財年第四季度財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Munjal Shah, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人、投資者關係副總裁 Munjal Shah。請繼續。

Good afternoon and thank you for joining us today on Synaptics’ fourth quarter, fiscal 2023 conference call. My name is Munjal Shah and I am the Head of Investor Relations. With me on today’s call are Michael Hurlston, our President and CEO, and Dean Butler, our CFO.

下午好，感謝您今天參加 Synaptics 2023 財年第四季度電話會議。我叫 Munjal Shah，是投資者關係主管。參加今天電話會議的有我們的總裁兼首席執行官 Michael Hurlston 和我們的首席財務官 Dean Butler。

This call is also being broadcast live over the web and can be accessed from the Investor relations section of the company’'s website at synaptics.com. In addition to a supplemental slide presentation, we have also posted a copy of these prepared remarks on our investor relations website.

此次電話會議還通過網絡進行現場直播，您可以通過該公司網站 synaptics.com 的投資者關係部分進行訪問。除了補充幻燈片演示之外，我們還在投資者關係網站上發布了這些準備好的評論的副本。

In addition to the Company's GAAP results, management will also provide supplementary results on a non-GAAP basis, which excludes share-based compensation, acquisition related costs, and certain other non-cash or recurring or non-recurring items. Please refer to the press release issued after market close today for a detailed reconciliation of GAAP and non-GAAP results, which can be accessed from the investor relations section at synaptics.com.

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，其中不包括股權激勵、收購相關成本以及某些其他非現金或經常性或非經常性項目。請參閱今天收盤後發布的新聞稿，了解 GAAP 和非 GAAP 業績的詳細對賬信息，您可以從 synaptics.com 的投資者關係部分訪問該信息。

Additionally, we would like to recommend -- remind you that during the course of this conference call, Synaptics will make forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. Although Synaptics believes our estimates such assumptions to be reasonable, they are subject to a number of risks and uncertainties beyond our control and may prove to be inaccurate. Synaptics cautions that actual results may 2 differ materially from any future performance suggested in the company's forward-looking statements. We refer you to the Company's current and periodic reports filed with the SEC, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, for important risk factors that could cause actual results to differ materially from those contained in any forward-looking statement. Synaptics expressly disclaims any obligation to update this forward-looking information.

此外，我們想建議——提醒您，在本次電話會議期間，Synaptics 將做出前瞻性聲明。前瞻性陳述給出了我們當前對我們的財務狀況、經營業績、計劃、目標、未來業績和業務的預期和預測。儘管 Synaptics 認為我們的估計此類假設是合理的，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陳述中建議的任何未來業績存在重大差異。我們建議您參閱公司向 SEC 提交的當前和定期報告，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告，了解可能導致實際結果與所包含結果存在重大差異的重要風險因素在任何前瞻性聲明中。 Synaptics 明確不承擔更新此前瞻性信息的任何義務。

I will now turn the call over to Michael.

我現在將把電話轉給邁克爾。

Thanks, Munjal. I'd like to welcome everyone to today's call. We completed a difficult fiscal year where excess inventory led to top line revenue challenges. The good news is that we believe revenue has hit bottom. We can clearly measure inventory reductions in the channel and are seeing far fewer push-out requests. While some areas of our business are quarters away from a pronounced upturn, we are starting to see a return to normalcy in others, specifically PC and Mobile. During the quarter, we opportunistically shifted our capital allocation to share buybacks and repurchased approximately 1 million shares adding to the 1 million shares purchased earlier in the fiscal year, totaling out to be about 5% of our shares outstanding.

謝謝，蒙賈爾。我歡迎大家參加今天的電話會議。我們度過了一個艱難的財政年度，庫存過剩導致營收面臨挑戰。好消息是我們認為收入已觸底。我們可以清楚地衡量渠道中的庫存減少情況，並且發現出貨請求要少得多。雖然我們的某些業務領域距離明顯好轉還有幾個季度的時間，但我們開始看到其他業務領域恢復正常，特別是 PC 和移動業務。在本季度，我們機會性地將資本配置轉向股票回購，並在本財年早些時候購買的 100 萬股基礎上回購了約 100 萬股，總計約占我們已發行股票的 5%。

Before providing our normal quarterly update, let me highlight the key aspects of our recently announced agreement with Broadcom. Most importantly, we get critical Wi-Fi 7 technology as part of the transaction which represents a 30% ASP uplift over Wi-Fi 6. It enables us to accelerate the high-performance part of our Wi-Fi Bluetooth combo roadmap, allowing us to sample Wi-Fi 7 products by the end of 2024. The agreement not only stretches our lead in high-performance Wi-Fi for IoT applications, but also allows us to focus our internal resources on the more critical, low power, broad market part of the roadmap.

在提供正常的季度更新之前，讓我先強調一下我們最近宣布的與博通協議的關鍵方面。最重要的是，作為交易的一部分，我們獲得了關鍵的Wi-Fi 7 技術，這意味著平均售價比Wi-Fi 6 提高了30%。它使我們能夠加快Wi-Fi 藍牙組合路線圖的高性能部分，使我們能夠到2024 年底推出Wi-Fi 7 產品樣品。該協議不僅擴大了我們在物聯網應用高性能Wi-Fi 方面的領先地位，還使我們能夠將內部資源集中到更關鍵、低功耗、廣闊的市場路線圖的一部分。

In addition, the transaction gives us Bluetooth 6.0 and Bluetooth enterprise, 2 important pieces that were on our technology roadmap. Finally, it gives us some market-leading devices to sell into our field of use, a critical Bluetooth chip for enterprise headsets, a Bluetooth standalone device that opens new markets for us; and lastly, a Wi-Fi 6E device that complements our existing high performance IoT portfolio. As part of the agreement, we extend the exclusivity of our license to IoT markets by an additional 3 years. Coupled with our internal efforts, this new deal gives me additional confidence that we can achieve our $1 billion wireless revenue target.

此外，此次交易還為我們帶來了藍牙 6.0 和藍牙企業，這是我們技術路線圖上的兩個重要部分。最後，它為我們提供了一些市場領先的設備來銷售到我們的使用領域，這是企業耳機的關鍵藍牙芯片，為我們打開新市場的藍牙獨立設備；最後，Wi-Fi 6E 設備補充了我們現有的高性能物聯網產品組合。作為協議的一部分，我們將物聯網市場的獨家許可期限再延長 3 年。加上我們的內部努力，這項新交易讓我更有信心，相信我們能夠實現 10 億美元的無線收入目標。

Moving to the June quarter. Revenue was slightly above the midpoint of our guidance range with our IoT products beating our prior forecast. The mix within IoT continued to shift away from enterprise applications, resulting in gross margin at the low end of the guide. We maintained our spending discipline and delivered non-GAAP EPS above the midpoint of the guidance range.

轉到六月季度。收入略高於我們指導範圍的中點，我們的物聯網產品超出了我們之前的預測。物聯網內部的組合繼續從企業應用程序轉移，導致毛利率處於指南的低端。我們維持了支出紀律，並實現了高於指導範圍中點的非公認會計準則每股收益。

As stated earlier, we made meaningful progress lowering customer and distributor inventories in the June quarter. We continued to under ship end demand but still believe it will take the remainder of the calendar year for channel inventories to return to normal levels. Dean will talk about gross margins in his remarks, but we believe those 2 will return to our long-term target of 57% as our product mix shifts back to IoT. Finally, we initiated targeted headcount reductions to ensure that we don't exceed our stated $100 million per quarter non-GAAP operating expense target while giving ourselves room to continue to hire into key investment areas.

如前所述，我們在六月季度在降低客戶和分銷商庫存方面取得了有意義的進展。我們繼續低於船端需求，但仍然相信，需要今年剩餘時間渠道庫存才能恢復到正常水平。 Dean 將在講話中討論毛利率，但我們相信，隨著我們的產品組合轉向物聯網，這兩個指標將回到我們 57% 的長期目標。最後，我們啟動了有針對性的裁員，以確保我們不超過規定的每季度 1 億美元的非 GAAP 運營費用目標，同時為我們自己留出繼續在關鍵投資領域招聘員工的空間。

On the product front, we've started a journey to expand our existing processor portfolio into more deeply-embedded applications. We have a few design wins now in this area, leveraging both existing software and hardware, differentiating with our AI capabilities. With limited investment, we believe we can unlock opportunities outside our traditional operator space in applications such as video conferencing, high-end smart appliances, point-of-sale terminals, factory automation and security solutions.

在產品方面，我們已經開始將現有的處理器產品組合擴展到更深入的嵌入式應用程序。我們現在在這一領域取得了一些設計成果，利用現有的軟件和硬件，利用我們的人工智能能力實現差異化。通過有限的投資，我們相信我們可以在視頻會議、高端智能家電、銷售點終端、工廠自動化和安全解決方案等應用領域釋放傳統運營商領域之外的機會。

We will also leverage work being done in human presence detection to introduce a chip that can serve as the basis for an M55-based processing device that has advanced AI features. While we begin some critical future product advancements, we are winning at present in both our traditional operator base with multimedia products as well as in headset customers. Panasonic's recently announced True Wireless Earbuds feature 2 of our audio processing devices that offer our most advanced ANC and ENC algorithms.

我們還將利用在人體存在檢測方面所做的工作來推出一款芯片，該芯片可以作為具有先進人工智能功能的基於 M55 的處理設備的基礎。雖然我們開始對未來的一些關鍵產品進行改進，但目前我們在多媒體產品的傳統運營商基礎以及耳機客戶中都取得了勝利。 Panasonic 最近推出的真正無線耳機採用了我們的 2 款音頻處理設備，可提供我們最先進的 ANC 和 ENC 算法。

In wireless, we continue to burn inventory at our key module partner and signed a onetime deal with a large customer to scrap parts in order to see order flow again. As we begin to work our way out of the inventory challenges, we continue to enjoy sales success, winning new customers on both our high-performance Wi-Fi Bluetooth combos and GPS product lines. We have a number of design wins at key customers such as Cisco, Google, Honeywell, Verisure and are building market share in the security, smart speaker, action camera and wearable segments. Beside the traction we are seeing with our direct customers, we are also making progress in adding new module partners to extend our market reach. We believe our wireless business has bottomed and should return to growth in the next quarter or so.

在無線領域，我們繼續消耗關鍵模塊合作夥伴的庫存，並與一家大客戶簽署了一項一次性協議，報廢零件，以便再次看到訂單流。當我們開始努力擺脫庫存挑戰時，我們繼續享受銷售成功，在我們的高性能 Wi-Fi 藍牙組合和 GPS 產品線上贏得新客戶。我們贏得了思科、谷歌、霍尼韋爾、Verisure 等主要客戶的多項設計，並正在安全、智能揚聲器、運動相機和可穿戴領域擴大市場份額。除了我們在直接客戶中看到的吸引力之外，我們在增加新的模塊合作夥伴以擴大我們的市場範圍方面也取得了進展。我們相信我們的無線業務已經觸底，並應在下個季度左右恢復增長。

Automotive continues to be an area of relative strength with stable demand. Our pipeline continues to grow, with new TDDI-based design wins for central information displays at Toyota, General Motors, Daimler, Volkswagen and Porsche. While our design win momentum and competitive position is strong in this market, we are experiencing pricing pressure for future designs. We plan to navigate this environment by focusing on introducing value-added enhanced solutions. In that vein, we are making progress with our SmartBridge product, which has vastly superior performance, particularly around local dimming and can save OEM customers between $10 and $15 on their bill of materials.

汽車仍然是需求穩定、相對強勢的領域。我們的產品線持續增長，豐田、通用汽車、戴姆勒、大眾和保時捷贏得了基於 TDDI 的中央信息顯示器新設計。雖然我們的設計贏得動力和競爭地位在這個市場上很強，但我們正面臨著未來設計的定價壓力。我們計劃通過專注於引入增值增強解決方案來駕馭這種環境。本著這一精神，我們的 SmartBridge 產品正在取得進展，該產品具有極其優越的性能，特別是在局部調光方面，可以為 OEM 客戶節省 10 至 15 美元的物料清單。

Our enterprise sector has been a double-edged sword. While we are winning new designs at a remarkable clip, we are also experiencing significant inventory challenges. This quarter, we introduced our Carrera platform for enterprise docking stations. I'm pleased to report that we already have 10 different designs kicking off at the world's 2 largest docking station customers. In addition, our first wireless dock will be available for retail purchase later this month. We continue to do well in enterprise telephony, adding video conferencing and Wi-Fi into a couple of platforms that have recently gone to production. Unfortunately, this area of our business has been subject to inventory accumulation and while we were able to reduce levels in the channel, full recovery is somewhat dependent on corporate spending budgets.

我們的企業部門是一把雙刃劍。雖然我們以驚人的速度贏得了新設計，但我們也面臨著巨大的庫存挑戰。本季度，我們推出了用於企業塢站的 Carrera 平台。我很高興地向大家報告，我們已經為全球最大的 2 個擴展塢客戶推出了 10 種不同的設計。此外，我們的第一個無線底座將於本月晚些時候可供零售購買。我們在企業電話領域繼續表現出色，在最近投入生產的幾個平台中添加了視頻會議和 Wi-Fi。不幸的是，我們的這一業務領域一直受到庫存積累的影響，雖然我們能夠降低渠道水平，但全面恢復在一定程度上取決於企業支出預算。

Moving to PCs. We are seeing demand recover with the June quarter marking the bottom. Customer inventories have come down to normal levels, but overall PC sales are somewhat muted, particularly in the enterprise notebooks, where we have outsized exposure. We're using the lull in the market to build share in our core fingerprint and touch pad technologies while also introducing our leading human presence solution to more platforms and more customers. This feature extends notebook battery life by 20% or more, so we are optimistic that it will gain traction, and we'll be sampling a new device later this year. In addition, we believe the advent of larger force-enabled touch pads, where we have a performance and technology lead, represents an opportunity for us to capture substantially higher ASPs and increased share.

轉向個人電腦。我們看到需求復蘇，六月季度觸底。客戶庫存已降至正常水平，但整體 PC 銷售有些低迷，特別是在企業筆記本電腦領域，我們在該領域擁有大量業務。我們利用市場的平靜期來擴大我們的核心指紋和触摸板技術的份額，同時向更多平台和更多客戶推出我們領先的人類存在解決方案。此功能可將筆記本電腦的電池壽命延長 20% 或更多，因此我們樂觀地認為它將獲得關注，並且我們將在今年晚些時候對新設備進行採樣。此外，我們相信，我們在性能和技術方面處於領先地位的更大的力驅動觸摸板的出現，為我們提供了獲得更高平均售價和增加份額的機會。

In mobile, the China Android market is stabilizing with channel inventory for our touch solutions returning to normal levels, and our shipments are now more aligned with end demand. We are benefiting from a larger TAM as more phones switch to flexible OLED technology, which requires our high-precision solution. We also continue to build momentum at Samsung with our first flagship phone launching a week or so ago, the Z Flip5. This phone features 2 of our touch ships. We expect to build share with this customer during the next year. Core mobile strength is offset by the decline of our legacy DDIC business, which will continue to asymptote to zero over the next 2 years or so.

在移動領域，中國安卓市場正在穩定，我們的觸摸解決方案的渠道庫存恢復到正常水平，我們的出貨量現在更加符合終端需求。隨著越來越多的手機轉向柔性 OLED 技術，我們受益於更大的 TAM，這需要我們的高精度解決方案。我們還繼續為三星打造動力，大約一周前推出了我們的第一款旗艦手機 Z Flip5。這款手機配備 2 個我們的觸摸船。我們希望在明年與該客戶建立份額。核心移動實力被我們傳統 DDIC 業務的下滑所抵消，該業務將在未來 2 年左右的時間內繼續漸近至零。

To conclude, the business performed as we had anticipated in Q4, and our expectations for a gradual recovery going into 2024 remain. We remain enthusiastic about our wireless opportunity, particularly in light of the new agreement with Broadcom. We are increasing our processor opportunity by moving our high-end products into adjacent markets and by introducing a mid-tier solution that features a complex neural network and target low-power applications. While the enterprise market is experiencing abnormally high inventory levels, we continue to be excited about the complete platforms we are introducing with numerous Synaptics semiconductors.

總而言之，第四季度的業務表現符合我們的預期，我們對 2024 年逐步復甦的預期仍然存在。我們仍然對我們的無線機會充滿熱情，特別是考慮到與博通的新協議。我們正在通過將高端產品轉移到鄰近市場以及引入具有復雜神經網絡和針對低功耗應用的中層解決方案來增加我們的處理器機會。雖然企業市場的庫存水平異常高，但我們仍然對我們推出的眾多 Synaptics 半導體的完整平台感到興奮。

I'm looking forward to seeing you all at our Investor Day on September 7 in New York, where we plan to update the investment community on our strategy to accelerate the IoT portfolio, provide insights in our investments and highlight our future growth opportunities.

我期待在 9 月 7 日於紐約舉行的投資者日見到大家，屆時我們計劃向投資界介紹我們加快物聯網投資組合戰略的最新情況，提供我們的投資見解並強調我們未來的增長機會。

Now let me turn the call over to Dean for a review of our fourth quarter financial results and first quarter outlook.

現在讓我把電話轉給迪恩，回顧一下我們第四季度的財務業績和第一季度的前景。

Thanks, Michael, and good afternoon to everyone. I'll start with a review of our financial results for the recently completed fiscal year and then provide our current outlook. We completed our fiscal year 2023 with net revenue of $1.36 billion, which was down 22% compared to $1.74 billion in the prior year, largely due to 36% year-over-year decline in our Mobile and PC product groups and a 14% decline in our IoT products. Nearly all of our markets were affected by demand and inventory corrections throughout the fiscal year. Despite this revenue decline, we maintained a profitable business with non-GAAP gross margin at 60.1%, 10 basis points higher compared to the prior year as our mix continued to be dominated by our IoT products.

謝謝邁克爾，大家下午好。我將首先回顧我們最近完成的財政年度的財務業績，然後提供我們當前的展望。 2023 財年，我們的淨收入為 13.6 億美元，與上一年的 17.4 億美元相比下降了 22%，這主要是由於我們的移動和 PC 產品組同比下降 36%，以及下降 14%在我們的物聯網產品中。整個財年，我們幾乎所有市場都受到需求和庫存調整的影響。儘管收入下降，但由於我們的產品組合繼續以物聯網產品為主，我們的業務仍保持盈利，非 GAAP 毛利率為 60.1%，比上年高出 10 個基點。

GAAP net income for the recently completed fiscal year was $73.6 million or $1.83 per diluted share compared to $257.5 million or $6.33 per diluted share in the prior year. Non-GAAP net income for the completed fiscal year was $326.4 million or $8.12 per diluted share compared to $551.2 million or $13.54 per diluted share in the prior year.

最近完成的財年的 GAAP 淨利潤為 7360 萬美元，即稀釋後每股收益 1.83 美元，而上一年為 2.575 億美元，即稀釋後每股收益 6.33 美元。已完成財年的非公認會計準則淨利潤為 3.264 億美元，即稀釋後每股收益 8.12 美元，而上一年為 5.512 億美元，即稀釋後每股收益 13.54 美元。

Revenue for the recently completed June quarter was $227.3 million, above the midpoint of our guidance. Revenue from IoT, PC and Mobile were 58%, 19% and 23%, respectively. This was largely in line with our prior expectations with our IoT products ending higher than forecast. Year-over-year, consolidated June quarter revenue was down 52% as the June 2023 quarter is now directly compared to our June 2022 peak revenue of $476 million. June quarter IoT product revenue was down 60% year-over-year and down 43% sequentially, reflecting soft demand across consumer and enterprise end markets and continued inventory depletion as previously discussed.

最近完成的 6 月份季度的收入為 2.273 億美元，高於我們指導的中值。來自物聯網、PC 和移動的收入分別為 58%、19% 和 23%。這在很大程度上符合我們之前的預期，我們的物聯網產品的結局高於預期。與去年同期相比，6 月季度的綜合收入下降了 52%，因為現在與 2022 年 6 月的峰值收入 4.76 億美元直接比較，2023 年 6 月的季度收入下降了 52%。 6 月份季度物聯網產品收入同比下降 60%，環比下降 43%，反映了消費者和企業終端市場的需求疲軟以及之前討論的庫存持續消耗。

In PC, our June quarter revenue was down 21% sequentially and down 48% year-over-year. We expect the June quarter represents the bottom for the PC market as customer inventories are largely depleted and normalization is likely to begin in the September quarter. A full and sustained recovery will be dependent on corporate enterprise IT spending trends, given our higher mix in commercial notebooks.

在 PC 領域，我們 6 月份季度的收入環比下降 21%，同比下降 48%。我們預計 6 月份季度代表 PC 市場觸底，因為客戶庫存已基本耗盡，並且正常化可能會在 9 月份季度開始。考慮到我們商用筆記本電腦的佔比較高，全面、持續的複蘇將取決於企業 IT 支出趨勢。

Our June quarter mobile product revenue was up 26% sequentially and down 17% year-over-year, largely in line with our prior expectations. Android smartphone sell-through, though volatile, has improved recently. And inventory is returning to normal levels as we see near-term turns orders and occasional customer order escalation. We expect this area to remain volatile on a quarterly basis as the strength in our high-end touch solutions offsets declines at our legacy mobile customer. During the quarter, we had one customer greater than 10% of revenue at approximately 14%.

我們 6 月份季度的移動產品收入環比增長 26%，同比下降 17%，基本符合我們之前的預期。 Android 智能手機的銷量雖然不穩定，但最近有所改善。隨著我們看到近期訂單周轉和偶爾的客戶訂單升級，庫存正在恢復到正常水平。我們預計該領域將按季度保持波動，因為我們高端觸摸解決方案的實力抵消了我們傳統移動客戶的下滑。本季度，我們有一個客戶佔收入的 10% 以上，約為 14%。

For the June quarter, our GAAP gross margin was 44.5%, which includes $24.5 million of intangible asset amortization, $1 million of share-based compensation costs. June quarter non-GAAP gross margin of 55.7% was below our guidance range, mainly due to product mix and some additional inventory write-downs as our forecast continue to remain weak in some specific products.

6 月份季度，我們的 GAAP 毛利率為 44.5%，其中包括 2450 萬美元的無形資產攤銷和 100 萬美元的股權激勵成本。 6 月份季度的非 GAAP 毛利率為 55.7%，低於我們的指導範圍，這主要是由於產品組合和一些額外的庫存減記，因為我們對某些特定產品的預測仍然疲軟。

GAAP operating expenses in the June quarter were $139.2 million, which includes share-based compensation of $29.2 million, intangible asset amortization of $8.5 million and a vendor settlement accrual of $4 million. June quarter non-GAAP operating expense of $97.5 million was down from the preceding quarter and slightly below our guidance as we continue to maintain vigilant expense control. We had a GAAP tax benefit of $20.9 million for the quarter and non-GAAP tax expense of $4 million.

6 月份季度的 GAAP 運營費用為 1.392 億美元，其中包括 2920 萬美元的股權激勵、850 萬美元的無形資產攤銷和 400 萬美元的供應商結算應計費用。由於我們繼續保持警惕的費用控制，6 月份季度的非 GAAP 運營費用為 9750 萬美元，較上一季度有所下降，略低於我們的指導。本季度我們的 GAAP 稅收優惠為 2090 萬美元，非 GAAP 稅收支出為 400 萬美元。

June quarter GAAP net loss was $23.4 million for a GAAP net loss of $0.59 per share. Non-GAAP net income in the June quarter was $19.5 million, a decrease of 74% from the prior quarter and a 88% decrease from the same quarter one year ago. Non-GAAP EPS per diluted share was $0.49 and was above the midpoint of our guidance range.

6 月季度 GAAP 淨虧損為 2,340 萬美元，每股 GAAP 淨虧損為 0.59 美元。 6 月份季度的非 GAAP 淨利潤為 1950 萬美元，比上一季度下降 74%，比一年前同季度下降 88%。非 GAAP 攤薄每股收益為 0.49 美元，高於我們指導範圍的中點。

Now turning to the balance sheet. We ended the quarter and the fiscal year with $934 million of cash, cash equivalents and short-term investments on hand. This is unchanged from the preceding quarter. Cash flow from operations was $94 million. Capital expenditures were $5.2 million and depreciation for the quarter was $7.2 million. Receivables at the end of June were $164 million. And days of sales outstanding were 65 days, up from 60 last quarter. Our ending inventory balance was $137 million, down $11 million as we continue to reduce our inventory purchases. Given lower top line sales, the calculated days of inventory on our balance sheet was 122.

現在轉向資產負債表。截至本季度和本財年，我們手頭現金、現金等價物和短期投資為 9.34 億美元。這與上一季度相比沒有變化。運營現金流為 9400 萬美元。本季度資本支出為 520 萬美元，折舊為 720 萬美元。 6月底的應收賬款為1.64億美元。銷售應收天數為 65 天，高於上季度的 60 天。我們的期末庫存餘額為 1.37 億美元，隨著我們繼續減少庫存採購，減少了 1100 萬美元。鑑於銷售額較低，計算得出的資產負債表上的庫存天數為 122 天。

We bought back approximately 1 million shares in the quarter for an aggregate cost of about $83 million. Our cash balance is at a healthy level even after the recently announced Broadcom transaction with ample flexibility to navigate our capital deployment needs. We continue to prioritize our capital allocation between M&A, share repurchases and debt management.

我們在本季度回購了大約 100 萬股股票，總成本約為 8300 萬美元。即使在最近宣布的博通交易之後，我們的現金餘額仍處於健康水平，具有足夠的靈活性來滿足我們的資本部署需求。我們繼續優先考慮併購、股票回購和債務管理之間的資本配置。

Now let me turn to the September quarter outlook. We remain consistent in our view of the near-term outlook and the dynamics in our business. Our focus continues to be on reducing customer and distribution inventories further in the upcoming quarter as the June quarter reduced inventory levels consistent with our expectations.

現在讓我談談九月季度的展望。我們對近期前景和業務動態的看法保持一致。我們的重點仍然是在下一季度進一步減少客戶和分銷庫存，因為六月份季度的庫存水平降低與我們的預期一致。

By market area, inventory levels have returned close to normal levels in our PC and mobile products as many customers appear to be moving in a positive direction on product orders. In IoT areas, where inventory levels were highest, we are still working through excess channel inventories but are now seeing signs of meaningful depletion. Within IoT, demand for our consumer-facing applications has begun to stabilize. While enterprise-focused customers, demand continues to be weak. The resulting mix shift is expected to be unfavorable to our gross margin profile. We expect the product mix to return to a more normal profile as recovery begins in early calendar 2024, and margin should correspondingly improve.

按市場區域劃分，我們的 PC 和移動產品的庫存水平已恢復到接近正常水平，因為許多客戶的產品訂單似乎正朝著積極的方向發展。在庫存水平最高的物聯網領域，我們仍在努力解決渠道庫存過剩的問題，但現在看到了明顯消耗的跡象。在物聯網領域，面向消費者的應用程序的需求已開始穩定。雖然以企業客戶為主，但需求依然疲弱。由此產生的組合轉變預計將不利於我們的毛利率狀況。我們預計，隨著 2024 年初復甦開始，產品組合將恢復到更加正常的狀態，利潤率也應相應提高。

Given these end market dynamics and expected channel inventory burn in the September quarter, we anticipate revenue to be in the range of $215 million to $245 million, roughly flat with the prior quarter as we expect this to mark the lowest trough point and is now behind us. We expect our revenue mix from IoT, PC and mobile products in the September quarter to be approximately 58%, 22% and 20%, respectively.

鑑於這些終端市場動態和9 月份季度的預期渠道庫存消耗，我們預計收入將在2.15 億美元至2.45 億美元之間，與上一季度大致持平，因為我們預計這將標誌著最低谷點，目前已經落後我們。我們預計第二季度來自物聯網、PC 和移動產品的收入組合分別約為 58%、22% 和 20%。

We expect GAAP gross margin for the September quarter to be in the range of 43.5% to 47.5%. We expect non-GAAP gross margin in the range of 52% to 55%, a decline from the previous quarter due to the mix dynamics I highlighted earlier. We expect GAAP operating expenses in the September quarter to be in the range of $139 million to $147 million, which includes intangible amortization, share-based compensation and restructuring costs. We expect non-GAAP operating expense in the September quarter to be in the range of $97 million to $100 million.

我們預計 9 月份季度的 GAAP 毛利率將在 43.5% 至 47.5% 之間。我們預計非 GAAP 毛利率在 52% 至 55% 之間，由於我之前強調的混合動態，較上一季度有所下降。我們預計 9 月份季度的 GAAP 運營費用將在 1.39 億美元至 1.47 億美元之間，其中包括無形攤銷、股權激勵和重組成本。我們預計 9 月份季度的非 GAAP 運營費用將在 9700 萬美元至 1 億美元之間。

In response to the demand environment, we're reallocating investments and deprioritizing certain projects but ultimately believe a robust pipeline of new products will be critical in shaping our future success. Therefore, we plan to maintain roughly $100 million per quarter. The recently announced transaction with Broadcom is not expected to affect our financial outlook for the quarter.

為了應對需求環境，我們正在重新分配投資並取消某些項目的優先順序，但最終相信，強大的新產品管道對於我們未來的成功至關重要。因此，我們計劃維持每季度大約 1 億美元。最近宣布的與博通的交易預計不會影響我們本季度的財務前景。

GAAP net loss per basic share for September quarter is expected to be in the range of $0.55 to $0.95, and non-GAAP net income per diluted share is anticipated to be in the range of $0.15 to $0.55 per share on an estimated 39.5 million fully-diluted shares. We expect non-GAAP net interest expense to be approximately $7.5 million in the September quarter. And finally, we expect our non-GAAP tax rate to remain unchanged in the range of 16% to 18%.

9 月份季度的 GAAP 每股基本淨虧損預計將在 0.55 至 0.95 美元之間，非 GAAP 稀釋後每股淨利潤預計將在 0.15 至 0.55 美元之間，估計為 3950 萬美元。稀釋後的股份。我們預計 9 月份季度的非 GAAP 淨利息支出約為 750 萬美元。最後，我們預計非 GAAP 稅率將保持在 16% 至 18% 的範圍內不變。

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

我們準備好的發言到此結束。我現在想將呼叫轉給接線員以開始問答環節。操作員？

(Operator Instructions) Our first question is from Kevin Cassidy of Rosenblatt Securities.

（操作員指令）我們的第一個問題來自羅森布拉特證券公司的凱文·卡西迪。

Just a couple of questions. First one is, last quarter, you thought you're undershipping demand by $75 million to $125 million. What was it for the June quarter? How much under shipping did you do? And are you expecting more in the September quarter?

只是幾個問題。第一個是，上個季度，您認為發貨需求不足 7500 萬至 1.25 億美元。六月季度的情況如何？你做了多少運費？您對九月季度的預期是否會有所增加？

Yes. Kevin, you remember that correctly. We still maintain that is still approximately right. In the June quarter, actually landed about in that expectation. And like we said last quarter, we continue to remain consistent this quarter. We think that range probably continues to persist throughout the calendar 2024. That's probably consistent.

是的。凱文，你沒記錯。我們仍然認為這仍然大致正確。在六月季度，實際上達到了這一預期。正如我們上季度所說，本季度我們繼續保持一致。我們認為這一範圍可能會在 2024 年全年持續存在。這可能是一致的。

Okay. The new agreement with Broadcom, I expect it will be just as successful as the last agreement, but this is IP only. And I guess the elephant in the room is, what was the cost or what was the finances behind it?

好的。與博通的新協議，我預計它會像上一份協議一樣成功，但這只是 IP。我想房間裡的大像是，成本是多少，或者背後的財務是什麼？

Yes, Kevin, it was $130 million. So we felt like we got a very good price on the deal, and it encompasses a bunch of things as we outlined it. There are a few finished chips that they've done since our last deal concluded that come to our side for use in our field of use. There's the Wi-Fi 7 technology that we talked about and then a couple of pieces of Bluetooth technology as well as an extension of the deal. So we feel like all of those elements together, this is -- obviously, Broadcom likes the transaction, but we really like the transaction. We think it's a good price for all the elements that we got as part of this.

是的，凱文，那是 1.3 億美元。所以我們覺得我們在這筆交易中得到了非常好的價格，並且它包含了我們概述的很多內容。自我們上次交易結束以來，他們已經完成了一些成品芯片，這些芯片來到我們身邊用於我們的使用領域。我們討論了 Wi-Fi 7 技術，然後是一些藍牙技術以及交易的擴展。所以我們覺得所有這些元素加在一起，顯然，博通喜歡這筆交易，但我們真的很喜歡這筆交易。我們認為對於我們在此過程中獲得的所有元素來說，這是一個很好的價格。

Yes. I agree with that. That's much lower than I was expecting, $130 million. Congratulations.

是的。我同意這一點。這比我預期的 1.3 億美元要低得多。恭喜。

Our next question comes from Christopher Rolland of Susquehanna International Group.

我們的下一個問題來自薩斯奎哈納國際集團的克里斯托弗·羅蘭。

Thanks, guys. So I didn't quite follow everything on the channel inventory side. I wanted to know where you thought they were most acute and where they might have normalized. It sounded like PC and mobile was high. But also, you mentioned maybe enterprise, which I thought skewed towards IoT. So if you could put that all together. And then I think you mentioned some module deal on connectivity where someone was scrapping parts. And any commentary there would be great, too.

多謝你們。所以我並沒有完全關注渠道庫存方面的一切。我想知道你認為哪些地方最嚴重，哪些地方可能已經恢復正常。聽起來 PC 和移動端都很高。而且，你也提到了企業，我認為它偏向於物聯網。所以如果你能把所有這些放在一起的話。然後我想你提到了一些關於連接的模塊交易，其中有人正在報廢零件。那裡的任何評論也都很棒。

Yes. A couple of pieces, and I'll have Dean follow. So number one, in terms of inventory, I would say we still have a couple of quarters of burn to go through because of the overshipment problem, but that burn is now skewed to IoT. So we feel a lot better about where PC and mobile inventories are. We're feeling better about some aspects of IoT. But as you highlighted in the question, enterprise, which a company encompasses things like our docking station business, some enterprise telephony, there's some issues in set-top box, we are still projecting that we're a couple of quarters away from burning through all of that inventory. So pretty good PC and mobile. IoT, a bit of a mixed bag. But IoT, for the most part, is where the issue is and, thus, as Dean characterized, the overall drag on gross margin.

是的。幾首，我會讓迪恩跟著。因此，第一，就庫存而言，我想說，由於超運問題，我們仍然需要消耗幾個季度的資金，但這種消耗現在偏向於物聯網。因此，我們對 PC 和移動設備庫存的情況感覺好多了。我們對物聯網的某些方面感覺更好。但正如您在問題中強調的那樣，企業（一家公司，包括我們的擴展塢業務、一些企業電話業務、機頂盒中存在一些問題），我們仍然預計，我們距離燒毀還有幾個季度的時間所有這些庫存。所以PC端和移動端都非常好。物聯網，有點魚龍混雜。但在很大程度上，物聯網才是問題所在，因此，正如 Dean 所描述的那樣，物聯網整體拖累了毛利率。

Yes. So I'll just take the last part of your question, Chris, which was around the scrap at a large customer. So we did enter into a onetime scrap agreement, which is cost of goods charge to scrap a bunch of parts that are specific for their use. So that answers that piece for you.

是的。所以我只回答你問題的最後一部分，克里斯，這是關於一個大客戶的廢品。因此，我們確實簽訂了一次性報廢協議，這是報廢一堆特定用途零件的貨物成本費用。這就是你的答案。

It was a module. I mean your question sort of led to a module. It was a separate nonmodule customer. We are burning inventory in our large module customer. That's more of an inventory situation. And then as Dean talked to, the scrap situation is a direct customer.

這是一個模塊。我的意思是你的問題有點導致了一個模塊。這是一個單獨的非模塊客戶。我們正在燃燒大型模塊客戶的庫存。這更多的是庫存情況。然後，正如迪恩所說，廢品情況是直接客戶。

Yes, I see now. Okay. And then pricing pressure, was that -- I wasn't quite sure what that -- was that just automotive, touch? Was that all of touch when you were talking about pricing pressure? And then pricing pressure, are there other parts of your business where you've seen this, for example, in connectivity with this extra kind of inventory out there? I think everyone on the connectivity side has seen a downtick with over-inventorying. Are you seeing pricing pressures there or any other part of your business?

是的，我現在明白了。好的。然後是價格壓力，是——我不太確定那是什麼——只是汽車、觸摸屏嗎？當你談論價格壓力時，這就是所有的接觸嗎？然後是定價壓力，您是否在業務的其他部分看到過這種情況，例如與這種額外庫存的連接？我認為連接方面的每個人都看到了庫存過剩的下降。您是否看到那里或您業務的任何其他部分面臨定價壓力？

Yes. So the comment in the prepared remarks was very specifically pointed at automotive, and we're certainly seeing some pricing pressure in our automotive business, which has actually held up really, really well for us. But these are designs that would be shipping in multiple years. In order to bid and win on those designs, we're seeing quite a bit of price pressure.

是的。因此，準備好的評論中的評論非常具體地針對汽車，我們當然看到我們的汽車業務面臨一些定價壓力，這實際上對我們來說非常非常好。但這些設計將在多年後推出。為了競標並贏得這些設計，我們面臨著相當大的價格壓力。

But to your question, we're certainly seeing some pricing pressure, as you alluded to, on Wi-Fi and a bid on our touch technology. But overall, remember, as we've sort of characterized on previous calls, our IoT business is largely pockets of strength or we're sole-sourced in many instances, and we have some pricing power. In areas that are more competitive, like the Wi-Fi like the touch and mobile, we're definitely seeing some pricing pressure.

但對於你的問題，正如你所提到的，我們確實在 Wi-Fi 和對我們的觸摸技術的競標方面看到了一些定價壓力。但總的來說，請記住，正如我們在之前的電話中所描述的那樣，我們的物聯網業務在很大程度上是實力雄厚的，或者在許多情況下我們是獨家採購的，並且我們有一定的定價能力。在競爭更激烈的領域，例如觸摸和移動等 Wi-Fi，我們肯定會看到一些定價壓力。

Our next question comes from Nick Doyle of Needham.

我們的下一個問題來自尼達姆的尼克·多伊爾。

For the COGS charge, did you guys quantify the impact to the margins? And do you anticipate any further write-downs for other parts?

對於銷貨成本費用，你們量化了對利潤率的影響嗎？您預計其他部分會進一步減記嗎？

Yes, Nick. So we didn't quantify. I mean there's obviously lots of moving pieces. I wouldn't focus so much on what the COGS charge is for the scrap portion. The largest piece of the movement around gross margin, which I think is the thing that you want to just sort of get focused on, is really around the imbalance of the mix of the products, specifically with some of the enterprise-focused customers actually driving that mix. Even within IoT, a little bit more unfavorable. So that is probably what I would sort of guide you to.

是的，尼克。所以我們沒有量化。我的意思是，顯然有很多移動的部分。我不會太關注報廢部分的銷貨成本費用。我認為毛利率變動的最大部分實際上是產品組合的不平衡，特別是一些以企業為中心的客戶實際推動的那種混合。即使在物聯網領域，情況也更加不利。這可能就是我要引導你做的事情。

I appreciate that. Yes, I was trying to get a little sense there. When you're talking about the Broadcom deal, there was a line that said you're trying to focus on the broad market part of the roadmap. Can you just expand on what products that is?

我很感激。是的，我試圖在那裡獲得一點感覺。當您談論博通交易時，有句話說您正在努力關注路線圖的廣泛市場部分。您能詳細介紹一下是什麼產品嗎？

Yes. I mean today, our product line is very much targeted to high performance. I think we've discussed it on in previous calls where, for the most part, we're moving video from one device to another. And that requires very high bandwidth. It requires quite high performance.

是的。我的意思是，今天我們的產品線非常注重高性能。我想我們在之前的電話會議中已經討論過這個問題，在大多數情況下，我們將視頻從一台設備移動到另一台設備。這需要非常高的帶寬。它需要相當高的性能。

Where we're aiming our roadmap over the next couple of years is a more basic connectivity, simple point-to-point connections, whether that be over Bluetooth, whether that be over the ZigBee technology, whether that be over Wi-Fi. There is kind of a margin-rich and high TAM area there that we have totally not tackled. So our engineering investment right now is very much geared toward retuning our roadmap to go after that broad market. Eventually, we think that there's going to be opportunities for us to bring in our SoCs, our processors and either through integration or through a bundling type of scenario where you can pull through a lot more content in that broad market area.

我們未來幾年的路線圖目標是更基本的連接、簡單的點對點連接，無論是通過藍牙、ZigBee 技術還是 Wi-Fi。那裡有一個利潤豐富且 TAM 高的區域，但我們完全沒有解決。因此，我們現在的工程投資很大程度上是為了重新調整我們的路線圖，以追逐廣闊的市場。最終，我們認為我們將有機會引入我們的 SoC、處理器，通過集成或捆綁類型的場景，您可以在廣闊的市場領域中獲取更多內容。

Our next question comes from Eddy Orabi of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Eddy Orabi。

This is Eddy for Krish. Congrats on signing the deal with Samsung, pretty interesting. It seems the industry has been trending more towards foldable phones, especially in Android. So can you remind us about Synaptics opportunity there? Like what percentage of mobile revenues go to foldable phones and whether the competitive environment is different there than regular phones? And I have another question, please.

這是克里什的艾迪。恭喜與三星簽署協議，非常有趣。業界似乎更傾向於可折疊手機，尤其是 Android 手機。您能否提醒我們 Synaptics 在那裡的機會？比如可折疊手機佔移動收入的比例是多少，以及那裡的競爭環境是否與普通手機不同？我還有一個問題。

Yes, Eddy, I don't know if we actually break out the specific revenue that's attached to foldable, and I don't know if I have it on hand. But what I would say is, we're very much on the flexible OLED displays, which are 100% of the fold market and of the flip market, if you will. So more and more attach is coming into the -- flexible OLED is becoming a much bigger portion of the market, and that's why I think we're doing unusually well.

是的，Eddy，我不知道我們是否真的能列出與可折疊設備相關的具體收入，而且我不知道我手頭是否有它。但我想說的是，我們非常關注柔性 OLED 顯示器，如果你願意的話，它佔據了折疊市場和翻轉市場 100% 的份額。因此，越來越多的產品進入——柔性 OLED 正在佔據更大的市場份額，這就是為什麼我認為我們做得異常出色。

On the Samsung deal, in particular, as we mentioned on the -- in the prepared remarks, we actually shipped 2 touch ICs, one for the front panel, and then one is as flips out and opens up into the full panel. We're not in the fold today. It represents an opportunity for us as we look out at the landscape, and we agree that there definitely is a trend line to more of these foldable phones, which play to our strength, for sure.

特別是在三星交易中，正如我們在準備好的評論中提到的那樣，我們實際上運送了 2 個觸摸 IC，一個用於前面板，然後一個用於翻轉並打開到整個面板。今天我們不在場。當我們展望未來時，這對我們來說是一個機會，我們同意更多的可折疊手機肯定存在趨勢線，這肯定會發揮我們的優勢。

Got it. And just on the Bluetooth 6 IP. First, just a clarification. Do you have a stand-alone Bluetooth product today for the Bluetooth 5? And second, you talked about Bluetooth 6 expanding product line to the enterprise headset market. Are there any other new markets that Wi-Fi 7 and Bluetooth 6 can open for you like in health care, industrial, et cetera?

知道了。就在藍牙 6 IP 上。首先，澄清一下。你們現在有針對藍牙 5 的獨立藍牙產品嗎？其次，您談到了藍牙 6 將產品線擴展到企業耳機市場。 Wi-Fi 7 和藍牙 6 是否還可以為您打開其他新市場，例如醫療保健、工業等？

Yes. I mean your question is a good one. So today, before this particular transaction, we had no stand-alone Bluetooth offering. We still need to work on the Bluetooth engine to make it truly, truly competitive. We can ship into certain markets today HID, human interface devices. We can ship into remote controls. We can ship into -- it opens up a bunch of new markets for us. But to get into industrial and into medical and some of these other things, we are -- this is where we intend to go.

是的。我的意思是你的問題問得很好。因此，今天，在這次特定交易之前，我們沒有獨立的藍牙產品。我們仍然需要研究藍牙引擎，使其真正具有競爭力。如今，我們可以向某些市場推出 HID、人機界面設備。我們可以運送到遠程控制。我們可以運送到——它為我們打開了許多新市場。但為了進入工業、醫療和其他一些領域，我們——這就是我們打算去的地方。

We have now with the Bluetooth 6 technology, we're already much closer to our competitors today than we were before this deal. So we've actually really closed the gap on Bluetooth. We will continue to evolve that. And our intent is to open up some of the markets that you alluded to, the industrial, medical, gaming. There's a lot of things that we think we can do with stand-alone Bluetooth that today we do not do.

現在，有了藍牙 6 技術，我們已經比這筆交易之前更接近我們的競爭對手了。所以我們實際上已經縮小了藍牙方面的差距。我們將繼續發展這一點。我們的目的是開放你提到的一些市場，工業、醫療、遊戲。我們認為可以使用獨立藍牙做很多事情，但今天我們沒有做。

And just a quick follow-up. Competitors in this market would be Silicon Lab and Nordic Semi, right?

只是快速跟進。這個市場的競爭對手是 Silicon Lab 和 Nordic Semi，對吧？

Yes. Perfect compare, Eddy.

是的。完美的比較，艾迪。

Our question comes from Gary Mobley of Wells Fargo.

我們的問題來自富國銀行的加里·莫布里。

Dean, in your earlier comments, you mentioned that you might ship to actual customer end demand by, I believe you said, the fourth calendar quarter of 2024. Did you mean the fourth calendar -- fourth quarter of fiscal year '24? Because I think that's what you previously communicated. And I just wanted to confirm, what's normal when you actually begin to shift to actual customer and demand? Is that roughly in the ballpark of $325 million, $330 million in revenue?

Dean，在您之前的評論中，您提到您可能會在 2024 年第四個日曆季度之前滿足實際的客戶終端需求。您的意思是第四個日曆 - 24 財年第四季度？因為我認為這就是您之前傳達的內容。我只是想確認一下，當你真正開始轉向實際的客戶和需求時，什麼是正常的？這大約是 3.25 億美元、3.3 億美元的收入嗎？

Yes, Gary, I think you have it right. I think it's yet to be seen exactly what that trajectory looks like and what quarter marks that return to sort of full normal end consumption. We're already starting to see we're getting pretty darn close on the PC side and the mobile side. It looks like a lot of that inventory has sort of now worked through. PC, specifically, it looks like that's probably behind us. Mobile is still sort of a little bit volatile bumping around a bit. IoT, though, it's going to take a few more quarters as you indicate, Gary, and like we talked about last quarter on last quarter's call. So I think what you'll see is inventory burn, right, for the next couple of quarters, somewhere around the current range. And then you'll start to see as inventory sort of gets depleted, top line start moving back as you approach end of true end demand over the subsequent quarters.

是的，加里，我認為你說得對。我認為，目前還不清楚該軌跡到底是什麼樣子，以及什麼季度才能恢復到完全正常的最終消費。我們已經開始看到我們在 PC 端和移動端已經非常接近了。看起來大部分庫存現在已經處理完畢。尤其是個人電腦，看起來可能已經落後於我們了。移動領域仍然有點波動。不過，正如你所指出的，加里，物聯網還需要幾個季度的時間，就像我們在上個季度的電話會議上談到的那樣。因此，我認為您將看到接下來幾個季度的庫存消耗，大約在當前範圍內。然後，您將開始看到，隨著庫存逐漸耗盡，當您在接下來的幾個季度接近真正的最終需求結束時，營收開始回落。

With respect to gross margin, so your guidance implies that you're going to run about 350 basis points below your long-term view, and I get the mix within the mix headwind in IoT. But is there also a factor playing here in that maybe it's a little bit more difficult to pass along price inflation from your foundry partners? And in a world where your enterprise IoT business bounces back to its previous level, do you still see 57% as the long-term gross margin target?

就毛利率而言，您的指導意味著您將比您的長期觀點低約 350 個基點，我在物聯網的混合逆風中得到了混合。但是否還有一個因素在起作用，即從代工合作夥伴那里傳遞價格上漲可能會有點困難？當您的企業物聯網業務反彈至之前的水平時，您是否仍將 57% 作為長期毛利率目標？

Yes, and I don't even think it's that necessarily far out. Where we are today, midpoint of the guide, actually, I think, is the bottom of the gross margin. It -- this incorporates probably the worst amount of mix that we've been confronted with, specifically the enterprise sort of facing customers, which come with a little bit better gross margin for the company. We will actually move back up toward that long-term rate of 57% gross margin, really as we get through this inventory burn and as the mix sort of rights itself. There's actually an interesting chart, if you want to take a look at it, Gary, in our supplemental slides posted on the Investor website. That actually gives a history of sort of how gross margins do, in fact, track with the product mix of the company. And therefore, I'm not really concerned about gross margin and sort of their return as IoT mix returns.

是的，我什至認為這不一定是遙遠的事情。我認為，我們今天所處的位置，指南的中點，實際上是毛利率的底部。它——這可能是我們遇到過的最糟糕的組合，特別是面向客戶的企業，這為公司帶來了更好的毛利率。實際上，當我們經歷了庫存消耗以及混合權利本身之後，我們實際上將恢復到 57% 的長期毛利率。實際上有一個有趣的圖表，如果你想看一下，加里，在我們發佈在投資者網站上的補充幻燈片中。這實際上提供了毛利率如何與公司的產品組合跟踪的歷史。因此，我並不真正擔心毛利率和物聯網混合回報帶來的回報。

Okay. And as far as offsetting higher foundry quotes, I imagine that's not much of an issue anymore or less of an issue, but maybe you can just talk about that ability to pass along price increases.

好的。至於抵消更高的代工報價，我想這不再是一個大問題，或者不再是一個問題，但也許你可以談論傳遞價格上漲的能力。

Yes. I mean it's lesser, Gary. And I think that sort of coming from our historic 60% run rate to 57% contemplates that. So I agree with what you said. We were running, I think for the year, Dean gave the number of 60%. As we think about long term, 57% contemplates input prices changing and it contemplates a much less ability. We do have pricing power, as I mentioned to a previous questioner, but I think our ability to pass on a significant majority of those increases, those days have gone.

是的。我的意思是它更少，加里。我認為我們的運行率從歷史性的 60% 降至 57% 就是考慮到了這一點。所以我同意你說的。我們在跑步，我想今年迪恩給出的數字是 60%。當我們考慮長期發展時，57% 的人認為投入價格會發生變化，而其能力則要小得多。正如我向之前的提問者提到的那樣，我們確實擁有定價權，但我認為我們有能力轉嫁大部分增長，那些日子已經一去不復返了。

Our next question comes from Martin Yang of OpCo.

我們的下一個問題來自 OpCo 的 Martin Yang。

My question is on sign of recovery and the timing for recovery across different sectors. I definitely understand the PC dynamic where it could stay in, I think, broader for a longer time. Do you see mobile recovery from the current bottom or normalized inventory much faster than the other 2?

我的問題是關於不同行業的複蘇跡象和復蘇時機。我絕對理解個人電腦的動態，我認為它可以在更廣泛的領域停留更長時間。您認為移動設備從當前底部或標準化庫存中恢復的速度是否比其他兩者快得多？

Yes, Martin. I mean I think what we're trying to get people oriented around is mobile and PC have largely recovered. I think in PC, we see inventory levels now close to normal. The complication is that the demand, particularly from enterprise, has not yet picked up. We forecasted picking up in the fourth quarter and into early next year, but it has not yet picked up. So although inventory is in pretty good shape, I think demand still remains a question, and that's largely pinging on enterprise spending.

是的，馬丁。我的意思是，我認為我們正在努力讓人們關注移動和個人電腦已經基本恢復。我認為在個人電腦方面，我們看到庫存水平現在接近正常水平。複雜的是，需求，特別是來自企業的需求，尚未回升。我們預計第四季度和明年初會出現回升，但目前尚未回升。因此，儘管庫存狀況相當不錯，但我認為需求仍然是一個問題，這在很大程度上影響了企業支出。

In mobile, we had a good quarter this quarter. I think we've got a tailwind with Samsung. We expect to do some additional business with Samsung in the ensuing quarters. As I think both Dean and I characterize, the one headwind we're experiencing in mobile is not necessarily to do with inventory or to do with end demand. It's to do with the roll-off of our display driver with our large customer. So that's -- as I said, it's now an increasingly immaterial part of our business, but it's still there. It's still a piece of the business. So we have work to do to offset that as it asymptotes to zero, as I said in my remarks.

在移動領域，本季度我們的季度表現不錯。我認為三星對我們有利。我們預計在接下來的幾個季度與三星開展一些額外的業務。正如我和 Dean 所描述的那樣，我們在移動領域遇到的一個阻力不一定與庫存或最終需求有關。這與我們的大客戶的顯示驅動程序的淘汰有關。正如我所說，它現在已成為我們業務中越來越不重要的一部分，但它仍然存在。這仍然是業務的一部分。因此，正如我在發言中所說，我們需要努力抵消這一影響，因為它逐漸趨近於零。

How material is the legacy DDIC business to mobile, if you measure it on a last 12-month basis?

如果以過去 12 個月為基礎進行衡量，傳統 DDIC 業務對移動業務的重要性如何？

Yes. It's a single-digit percentage, Martin.

是的。這是個位數的百分比，馬丁。

Thank you. I'm showing no further questions at this time. I would now like to turn the conference back to Michael for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請邁克爾致閉幕詞。

Yes. I'd like to thank all of you for joining us today, and we certainly look forward to speaking to you at our upcoming investor conferences during the quarter and more importantly, our Investor Day in September. Thank you.

是的。我要感謝大家今天加入我們，我們當然期待在本季度即將舉行的投資者會議上與您交談，更重要的是，在 9 月份的投資者日上與您交談。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。