Synaptics Inc (SYNA) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Synaptics Inc. second quarter fiscal year 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Munjal Shah, Vice President, Investor Relations.

美好的一天，感謝您的支持。歡迎參加 Synaptics Inc. 2024 財年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。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。

Thank you, Josh. Good afternoon, and thank you for joining us today on Synaptics' second quarter fiscal 2024 conference call. My name is Munjal Shah, and I'm Head of Investor Relations. With me on today's call are Michael Hurlston, President and CEO; and Dean Butler, our CFO.

謝謝你，喬許。下午好，感謝您今天參加 Synaptics 2024 財年第二季電話會議。我叫 Munjal Shah，是投資人關係主管。與我一起參加今天電話會議的是總裁兼執行長 Michael Hurlston；和我們的財務長迪恩巴特勒 (Dean Butler)。

This call is 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 posted a copy of these prepared remarks on our Investor Relations website.

此次電話會議正在透過網路進行現場直播，您可以透過該公司網站 synaptics.com 的投資者關係部分進行存取。除了補充幻燈片簡報之外，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 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.

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。

Please refer to the press release issued after the market closed today for a detailed reconciliation of GAAP and non-GAAP results, which can be accessed from the Investor Relations section of the company's website at synaptics.com.

請參閱今天收盤後發布的新聞稿，以了解 GAAP 和非 GAAP 業績的詳細對帳信息，可透過公司網站 synaptics.com 的投資者關係部分存取該資訊。

Additionally, we would like to 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, plan, objectives, future performance and business.

此外，我們想提醒您，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目前對我們的財務狀況、營運績效、計劃、目標、未來業績和業務的預期和預測。

Although Synaptics believes our estimates and 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 differ materially from any future performance suggested in the company's forward-looking statements.

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準確的。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 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 statements.

我們建議您參閱本公司向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，以了解可能導致實際結果與表中包含的結果有重大差異的重要風險因素。

Synaptics expressly disclaims any obligation to update this forward-looking information.

Synaptics 明確不承擔任何更新此前瞻性資訊的義務。

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 everybody to today's call. Synaptics delivered earnings that were largely in line with expectations. A small achievement in a period marked by industry wide uncertainty, reduced overall demand and accumulation of inventory.

謝謝，蒙賈爾。我歡迎大家參加今天的電話會議。Synaptics 的獲利基本上符合預期。在整個產業存在不確定性、整體需求減少和庫存累積的時期，這是一個小小的成就。

We recognize these issues about a year ago and took actions to align ourselves to the market environment. While that resulted in significantly lower top line revenue, we intend to use the downturn to position ourselves for the future by investing in our core IoT products.

大約一年前，我們認識到這些問題，並採取行動適應市場環境。雖然這導致營收大幅下降，但我們打算利用經濟低迷時期，透過投資我們的核心物聯網產品來為未來做好準備。

In fact, we can now see a path to sustained growth in core IoT, particularly in wireless. We continue to believe we're at the bottom of our cycle and do not foresee further decreases from this point forward. However, the shape and timing of the recovery remains uncertain.

事實上，我們現在可以看到核心物聯網持續成長的道路，特別是無線領域。我們仍然相信我們正處於週期的底部，並且預計從現在開始不會進一步下降。然而，復甦的形式和時間仍不確定。

Turning to the December quarter, revenue was slightly above the midpoint of our guidance range and flat compared to the prior three months. Our gross margins were at the midpoint of our guidance despite an unfavorable product mix headlined by mobile performing better than initially forecast. Our spending was lower than we originally expected, resulting in non-GAAP EPS toward the high end of the guidance range.

談到 12 月季度，收入略高於我們指引範圍的中點，與前三個月相比持平。儘管產品組合不利，尤其是行動裝置的表現優於最初預測，但我們的毛利率仍處於指導值的中點。我們的支出低於我們最初的預期，導致非公認會計準則每股收益接近指導範圍的高端。

For the past few quarters, we've been consciously working down inventory throughout our supply chain. As a result, in our PC, wireless and mobile product areas, stocking levels are at or very near historic norms. On the other hand, we still have some work to do in enterprise where inventories are moving slower than expected.

在過去的幾個季度中，我們一直在有意識地降低整個供應鏈的庫存。因此，在我們的個人電腦、無線和行動產品領域，庫存水準達到或非常接近歷史水準。另一方面，對於庫存移動速度慢於預期的企業，我們仍有一些工作要做。

We continue to attribute this to a slowdown in enterprise IT spending, which has impacted higher-margin areas of our business such as docking stations, enterprise telephony and high-end headsets.

我們仍然將此歸因於企業 IT 支出放緩，這影響了我們業務的利潤率較高的領域，例如擴充座、企業電話和高階耳機。

As we outlined last fall, we are focusing our investments in core IoT, which contains our wireless and processor products. We're seeing the first signs of success in our wireless area with the normalization of channel inventory. We now expect to see consistent sequential revenue growth in wireless, starting with the nearly 20% growth reflected in our March guidance.

正如我們去年秋天概述的那樣，我們將投資重點放在核心物聯網上，其中包括我們的無線和處理器產品。隨著通路庫存的正常化，我們在無線領域看到了成功的初步跡象。我們現在預計無線業務收入將持續連續成長，首先是我們 3 月指導中反映的近 20% 的成長。

While processors will be a longer road to measurable success, we are coming off of CES where we had increased customer engagement around both our general purpose, low end MCUs and higher and MPUs, both of which feature AI engines, which enable customers to deploy their own computer vision use cases.

雖然處理器要取得可衡量的成功還有很長的路要走，但我們在CES 上結束時，我們在通用、低端MCU 和高端MPU 方面增加了客戶參與度，這兩種產品都具有AI引擎，使客戶能夠部署他們的產品自己的電腦視覺用例。

Our wireless success is driven first by a return to normal inventory levels and a resumption of shipments to existing customers, but should be further bolstered by new design wins. For example, our lead module partner has begun shipping our first wireless automotive design win for in-car infotainment systems.

我們無線業務的成功首先得益於恢復正常庫存水準和恢復向現有客戶發貨，但新設計的勝利應該會進一步推動我們的發展。例如，我們的領先模組合作夥伴已開始交付我們首個針對車載資訊娛樂系統的無線汽車設計。

While initially hesitant about automotive as an end market for core IoT products, we are getting pulled into customer engagements and see perhaps more opportunity than we thought. Our wireless sales funnel continues to increase and we have new wins for our high performance products in audio equipment, consumer security and action cameras.

雖然最初對汽車作為核心物聯網產品的終端市場猶豫不決，但我們正在參與客戶互動，並看到可能比我們想像的更多機會。我們的無線銷售管道不斷擴大，我們的高效能產品在音訊設備、消費者安全和運動相機領域取得了新的勝利。

On the product front, our new cost-effective, high-performance, one by one device, the 43711 is enjoying initial success in home appliances, smart speakers, industrial qualified modules and security cameras. We remain on track to sample both the first Wi-Fi 7 device for IoT applications and our first broad market ship by the fourth quarter of 2024.

在產品方面，我們新推出的高性價比、高性能、一一設備43711在家用電器、智慧音箱、工業級模組和安全攝影機領域取得了初步成功。我們仍有望在 2024 年第四季之前對首款用於物聯網應用的 Wi-Fi 7 裝置進行採樣，並推出我們的首款廣泛市場產品。

In addition, we have ramped our second module partner, one that we discussed on the last call, and they have already been begun taking product from us and are shipping pre-production quantities to their customers. In core IoT processors, we recently announced our Astra platform.

此外，我們已經擴大了我們在上次電話會議中討論過的第二個模組合作夥伴的規模，他們已經開始從我們這裡獲取產品，並將預生產數量運送給他們的客戶。在核心物聯網處理器方面，我們最近發布了 Astra 平台。

Astra encompasses a family of processors ranging from high end MCUs to octa-core embedded NPUs. The platform also offers a full-featured software tool kit designed with the intent to simplify AI adoption in various IoT devices.

Astra 包含一系列處理器，從高階 MCU 到八核心嵌入式 NPU。該平台還提供功能齊全的軟體工具包，旨在簡化各種物聯網設備中人工智慧的採用。

It accepts commonly used customer frameworks to speed developers, AI integration and IoT products. At CES, there was tremendous interest in Astra, particularly from customers and partners that want to deploy simple AI use cases at the edge of the network rather than relying on models running in the data center.

它接受常用的客戶框架，以加快開發人員、人工智慧整合和物聯網產品的速度。在 CES 上，人們對 Astra 表現出了極大的興趣，尤其是那些希望在網路邊緣部署簡單的人工智慧用例而不是依賴資料中心運行的模型的客戶和合作夥伴。

We are extending our customer reach beyond our core processing customers and into deeply embedded applications such as appliances, industrial and video conferencing. Near term, our processor products are seeing traction in our traditional operator space, and we expect those wins to translate to revenue in fiscal year 2025.

我們正在將客戶範圍擴展到核心處理客戶之外，並擴展到家電、工業和視訊會議等深度嵌入式應用。短期內，我們的處理器產品在傳統營運商領域受到關注，我們預計這些勝利將轉化為 2025 財年的收入。

As stated earlier, our enterprise products have been largely characterized by persistent inventory and weaker than expected IT spending. As we look at the different products that compose enterprise two are worthy of further discussion. In our historic touchpad and fingerprint devices for client PCs, we have worked through customer and channel inventories and believe we are shipping on par with end demand.

如前所述，我們的企業產品的主要特點是庫存持續且 IT 支出低於預期。當我們檢視構成企業的不同產品時，有兩個值得進一步討論的問題。在我們用於客戶端 PC 的傳統觸控板和指紋設備中，我們已經研究了客戶和通路庫存，並相信我們的出貨量符合最終需求。

While the notebook PC market has normalized, predicted growth has yet to materialize. There are some optimism around both the four year COVID refresh and AI PCs driving market increases in the second half of the calendar year. We have yet to see anything that would indicate strong resurgence, but continue to control what we can by driving share, particularly at the high end of the market.

雖然筆記型電腦市場已經正常化，但預期的成長尚未實現。人們對四年來的新冠肺炎疫情更新和人工智慧個人電腦在下半年推動市場成長持樂觀態度。我們尚未看到任何表明強勁復甦的跡象，但我們將繼續透過提高份額來控制我們所能做到的，特別是在高端市場。

The second area to touch on is our user presence, detection technology. Some of you were able to see this in action and CES and its potential for ease of use, privacy and power savings. We were set to deliver our first chip for this application, which is specifically designed to drive our differentiated suite of AI algorithms at extremely low power levels. With both the tune device and the latest set of algorithms.

第二個要涉及的領域是我們的使用者存在、檢測技術。你們中的一些人已經在 CES 上看到了這一點，以及它在易用性、隱私性和節能方面的潛力。我們準備為此應用提供首款晶片，該晶片專門設計用於以極低的功耗水平驅動我們差異化的人工智慧演算法套件。具有調諧設備和最新的演算法集。

We expect to increase share at our current lead customer, penetrate additional PC OEMs and drive the application into accessory devices. Automotive products are continuing to do reasonably well as the transition from discrete touch and legacy DDICs to TDI plays out.

我們希望增加當前主要客戶的份額，滲透更多的 PC OEM，並將應用程式推向配件設備。隨著從離散觸摸和傳統 DDIC 到 TDI 的過渡，汽車產品繼續表現良好。

Adoption of TDDI based solutions is still a tailwind for seeing a sharper falloff in legacy DDIC products than initially forecast. Our aggregate automotive revenue will likely be choppy as the two curves crossover in the next couple of quarters. We continue to do well with our TDDI products, having recently won at multiple OEMs, including new models at Toyota and Porsche.

採用基於 TDDI 的解決方案仍然是一個有利因素，因為傳統 DDIC 產品的衰退程度比最初預測的要嚴重。隨著兩條曲線在未來幾季交叉，我們的汽車總收入可能會出現波動。我們的 TDDI 產品繼續表現出色，最近贏得了多家 OEM 廠商的青睞，其中包括豐田和保時捷的新車型。

Although early in the design cycle, our new Smart bridge product is central to our automotive strategy, adding a second product to the portfolio, giving us additional differentiation and delivering system cost savings while also helping defend our TDDI position.

儘管處於設計週期的早期，我們的新型智慧橋產品仍然是我們汽車策略的核心，它為產品組合添加了第二款產品，為我們帶來了額外的差異化優勢並節省了系統成本，同時也有助於捍衛我們的TDDI 地位。

Our mobile products had a strong quarter, driven by improved demand across our Chinese customer base, as well as the ramp of our new design win for the Samsung Galaxy S24. With the GS24 win, we shuffle solidified our leadership position in touch controllers for the high-end Android handset market.

我們的行動產品季度表現強勁，這得益於中國客戶群需求的改善，以及三星 Galaxy S24 新設計的成功。憑藉 GS24 的勝利，我們鞏固了我們在高階 Android 手機觸控控制器市場的領導地位。

As we look into the future, we see opportunities to maintain our differentiation at the high end. Customers are looking to introduce new displays that are even thinner, driving higher signal-to-noise ratios, which are precision analog circuits can resolve.

展望未來，我們看到了維持高端差異化的機會。客戶希望推出更薄的新型顯示器，進而提高訊號雜訊比，而精密類比電路可以解決這個問題。

In addition, we are seeing opportunities for our touch products in areas outside handsets such as gaming. In general, we believe our mobile inventories have normalized, and we expect our shipments to line and track and market demand.

此外，我們還看到我們的觸控產品在手機以外的領域（例如遊戲）的機會。總的來說，我們相信我們的行動庫存已經正常化，我們預計我們的出貨量將符合並追蹤市場需求。

As we said last quarter, our business has hit the bottom of the cycle and continues to stabilize. To a large extent, inventory has now cleared and we believe some of our businesses are at or near steady state. However, enterprise spending has been significantly reduced, which presents a new impediment to our higher margin products, keeping our overall top line revenue flat and margins below our outline targets.

正如我們上季度所說，我們的業務已經觸底週期並繼續穩定。在很大程度上，庫存現已清理完畢，我們相信我們的一些業務已處於或接近穩定狀態。然而，企業支出大幅減少，這給我們的高利潤產品帶來了新的障礙，使我們的整體營收持平，利潤率低於我們的目標。

Near term, we will see puts and takes in enterprise and automotive before it returns to steady state and tracks to sustain growth. The good news story was our core IoT business led by our wireless product line, which will increase nearly 20% quarter on quarter and should show sustained growth from this point forward. Overall, we're still confident in the long-term targets we outlined at our Analyst Day in September.

短期內，我們將看到企業和汽車產業的投入和投入，然後才恢復穩定狀態並維持成長。好消息是我們的無線產品線主導的核心物聯網業務將環比增長近 20%，並且從現在開始應該會呈現持續成長。總體而言，我們仍然對 9 月分析師日概述的長期目標充滿信心。

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

現在讓我把電話轉給迪恩，請他回顧我們第二季的財務表現和第三季的前景。

Thanks, Michael, and good afternoon to everyone. I will first review the financial results for our recently completed quarter and then provide our current quarter outlook. Revenue for the December quarter was $237 million, which was slightly above the midpoint of our prior guidance.

謝謝邁克爾，大家下午好。我將首先回顧我們最近完成的季度的財務業績，然後提供我們當前的季度展望。12 月季度的營收為 2.37 億美元，略高於我們先前指引的中位數。

Revenue from core IoT, enterprise and automotive and mobile were 16%, 58% and 26%, respectively. Year over year consolidated December quarter revenue was down 33%, but more importantly, we continued to stabilize the business sequentially.

來自核心物聯網、企業、汽車和行動的收入分別為 16%、58% 和 26%。12 月季度綜合收入年減 33%，但更重要的是，我們繼續穩定業務。

On a consolidated basis, our distribution channel inventory continued to decline in the quarter, although some products continue to experience high stock and slower inventory turns. While other products are beginning to see new restocking orders.

綜合來看，本季我們的分銷通路庫存持續下降，儘管某些產品的庫存仍然較高且庫存週轉速度較慢。而其他產品則開始出現新的補貨訂單。

Core IoT revenue was roughly flat sequentially and down 46% year over year. Over the last three quarters, we have worked tirelessly to deplete excess inventories where possible and believe we are finally reaching the point where we can expect to return to growth in our third quarter fiscal 2024.

核心物聯網營收與上一季大致持平，年減 46%。在過去的三個季度中，我們不懈努力，盡可能消耗過剩庫存，並相信我們最終將達到預期在 2024 財年第三季恢復成長的目標。

And enterprise and automotive, December quarter revenue was down 12% sequentially and down 40% year over year. Here many customers began their slowdown two to three quarters after we began experiencing declines in our core IoT products, which leads us to believe that enterprise may require some additional patients.

企業和汽車領域，12 月季度營收季減 12%，年減 40%。在我們的核心物聯網產品開始下降後兩到三個季度，許多客戶開始放緩，這使我們相信企業可能需要一些額外的患者。

Mobile product revenue was up 42% sequentially in the December quarter and up 10% year over year. This marks one of the strongest mobile quarterly sequential increases since our fiscal 2022. We are experiencing strength across the Android ecosystem in China. As well as ramps from new flagship smartphones.

12 月所在季度行動產品營收季增 42%，年增 10%。這標誌著自 2022 財年以來最強勁的行動季度環比增長之一。我們正在體驗中國 Android 生態系統的實力。以及新旗艦智慧型手機的崛起。

At this point, it's unclear whether the strength is due to fundamentally strong end market demand or if it's merely channel restocking ahead of the Chinese New Year. We continue to expect our mobile sales to remain subject to normal seasonality pattern.

目前尚不清楚這種強勁勢頭是由於終端市場需求基本強勁，還是只是農曆新年前的補貨管道。我們仍然預計我們的行動銷售將繼續遵循正常的季節性模式。

During the quarter, we had two customers greater than 10% of revenue at approximately 13% and 10%. For the December quarter, our GAAP gross margin was 46%, which includes $14.4 million of intangible asset amortization and $1.1 million of share-based compensation costs.

本季度，我們有兩位客戶佔營收超過 10%，分別為 13% 和 10%。12 月季度，我們的 GAAP 毛利率為 46%，其中包括 1,440 萬美元的無形資產攤銷和 110 萬美元的股權激勵成本。

December quarter non-GAAP gross margins was 52.5%, which was the midpoint of our guidance range. GAAP operating expenses in the December quarter were $126.9 million, which includes share-based compensation of $28.1 million and intangible asset amortization of $3.9 million.

12 月季度非 GAAP 毛利率為 52.5%，這是我們指引範圍的中點。12 月季度的 GAAP 營運費用為 1.269 億美元，其中包括 2,810 萬美元的股權激勵和 390 萬美元的無形資產攤銷。

December quarter non-GAAP operating expense of $92 million was down $4.7 million from the preceding quarter and below our guidance range. We continue to maintain vigilant expense control and given our expectations that return to a more normal sales level will likely take longer than previously expected.

12 月季度非 GAAP 營運費用為 9,200 萬美元，比上一季減少 470 萬美元，低於我們的指導範圍。我們繼續保持警惕的費用控制，並考慮到恢復到更正常的銷售水平可能需要比之前預期更長的時間。

Our cash bonus program now reflects a reversal benefiting operating expense in the December quarter. During the quarter, we recorded a GAAP tax benefit of $15 million and maintained our expected non-GAAP tax rate of 17% or $4.6 million expense. December quarter GAAP net loss was $9 million for a GAAP net loss of $0.23 per basic share.

我們的現金獎勵計劃現在反映了 12 月季度營運費用的逆轉。本季度，我們錄得 1500 萬美元的 GAAP 稅收優惠，並維持 17% 的預期非 GAAP 稅率或 460 萬美元的支出。12 月季度 GAAP 淨虧損為 900 萬美元，每股基本股 GAAP 淨虧損為 0.23 美元。

Non-GAAP net income in the December quarter was $22.5 million an increase of 11% from the prior quarter and a 75% decrease from the same quarter a year ago. Non-GAAP earnings per diluted share of $0.57 was near the high end of our guidance range.

12 月季度的非 GAAP 淨利潤為 2,250 萬美元，比上一季成長 11%，比去年同期下降 75%。非 GAAP 攤薄每股收益為 0.57 美元，接近我們指導範圍的上限。

Now turning to the balance sheet. We ended the quarter with $849 million of cash, cash equivalents and short-term investments on hand, a 3% sequential increase. Cash flow from operations was $39 million. Capital expenditures were $10.4 million and depreciation for the quarter was $6.8 million.

現在轉向資產負債表。截至本季末，我們手頭現金、現金等價物和短期投資為 8.49 億美元，季增 3%。營運現金流為 3,900 萬美元。本季資本支出為 1,040 萬美元，折舊為 680 萬美元。

Receivables at the end of December were $126.6 million and days of sales outstanding were 48 days, an increase of 6 days from last quarter. Ending inventory balance was $125.1 million, down $6.6 million as we continue to cautiously reduce our inventory purchases. Our calculated days of inventory on our balance sheet also declined to 99 compared to 105 at the end of the prior quarter.

12月底應收帳款為1.266億美元，應收帳款天數為48天，較上季增加6天。期末庫存餘額為 1.251 億美元，減少 660 萬美元，因為我們繼續謹慎減少庫存採購。我們計算的資產負債表上的庫存天數也從上一季末的 105 天下降至 99 天。

And now let me turn to our March quarter outlook, we are seeing stabilization at the current levels and plan to further reduce distributor inventories, particularly in enterprise focus products given the slow corporate IT, spending.

現在讓我談談我們的 3 月季度展望，我們看到當前水準趨於穩定，並計劃進一步減少分銷商庫存，特別是鑑於企業 IT 支出緩慢，在企業重點產品方面。

While we remain hopeful of a return to higher and more normalized run rates, the timing and shape of recovery remains uncertain. At a consolidated level, we anticipate the revenue in the March quarter to be in the range of $220 million to $250 million similar to the December quarter.

儘管我們仍然對恢復更高、更正常的運行率抱有希望，但復甦的時間和形式仍然不確定。綜合來看，我們預計 3 月季度的營收將在 2.2 億至 2.5 億美元之間，與 12 月季度類似。

Inventory appears to have largely bottomed for our core IoT products, and we expect the March quarter revenue to be up nearly 20% sequentially. Enterprise and automotive products have not yet fully bottomed and we believe will continue to decline into the March quarter.

我們的核心物聯網產品的庫存似乎已基本觸底，我們預計 3 月季度的營收將較上季成長近 20%。企業和汽車產品尚未完全觸底，我們認為進入三月季度將繼續下降。

Mobile is expected to decline due to seasonality and lack of customer ramps in the coming quarter. Given these dynamics, we expect our revenue mix from core IoT, enterprise and automotive and mobile products in the March quarter be approximately 19%, 57% and 24%, respectively.

由於季節性因素和下一季客戶成長不足，預計行動業務將出現下滑。鑑於這些動態，我們預計 3 月季度核心物聯網、企業、汽車和行動產品的營收組合分別約為 19%、57% 和 24%。

We expect GAAP gross margin in the March quarter to be in the range of 43.5% to 46.5%. We expect non-GAAP gross margin in the range of 52% to 54%, a small improvement from the December quarter. We expect GAAP operating expenses in the March quarter to be in the range of $130 million to $135 million, which includes intangibles, amortization and share-based compensation.

我們預計 3 月季度的 GAAP 毛利率將在 43.5% 至 46.5% 之間。我們預計非 GAAP 毛利率在 52% 至 54% 之間，較 12 月季度略有改善。我們預計 3 月季度的 GAAP 營運費用將在 1.3 億至 1.35 億美元之間，其中包括無形資產、攤銷和股權激勵。

We expect non-GAAP operating expense in the March quarter to be in the range of $94 million to $98 million. GAAP net loss per basic share for our March quarter is expected to be in the range of $0.80 to $1.10 and non-GAAP net income per diluted share is anticipated to be in the range of $0.35 to $0.65 per share on an estimated 40 million fully diluted shares. We expect both GAAP and non-GAAP net interest expense to be approximately $6 million in the March quarter.

我們預計第三季非公認會計準則營運費用將在 9,400 萬美元至 9,800 萬美元之間。3 月季度的 GAAP 每股基本淨虧損預計將在 0.80 至 1.10 美元之間，非 GAAP 稀釋後每股淨利潤預計將在 0.35 至 0.65 美元之間，完全稀釋後估計為 4000 萬美元。我們預計 3 月季度的 GAAP 和非 GAAP 淨利息支出約為 600 萬美元。

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

我們準備好的演講到此結束。我現在想將電話轉交給接線員，開始問答環節。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey, guys. Thanks for taking my question and thanks for all the details sort of segment by segment in terms of where you think you are in the inventory process. I guess I'm first question trying to get a sense of in a number of your product segments.

嘿，夥計們。感謝您提出我的問題，並感謝您逐段提供有關您認為自己處於庫存流程中的位置的所有詳細資訊。我想我的第一個問題是試著了解你們的一些產品領域。

You've said you think you have kind of reached a normalized inventory levels and you'll start to ship in line with consumption I guess my question is, do you think you're currently shipping at end consumption or does that return to end consumption imply growth over the next some number of quarters as you come back to shipping in line with consumption.

你說過你認為你已經達到了標準化的庫存水平，你將開始按照消耗量發貨我想我的問題是，你認為你目前是按最終消耗量發貨還是返回到最終消耗量意味著未來幾個季度的成長，因為航運與消費保持一致。

And I guess sort of related question is just as you look across all of your businesses, do you still think you're under-shipping consumption rates by as much as $100 million a quarter down here at the roughly $230 million, $235 million a quarter revenue level?

我想一個相關的問題是，當你審視你的所有業務時，你是否仍然認為你的消費率每季下降了 1 億美元，而每季約為 2.3 億美元、2.35 億美元收入水準？

Yes, Quinn, good question and I'll take a stab and let Michael to add on. Yes, I would say in general, there's it's actually a mixed bag across the different product groups, but I think it overall we're probably still under-shipping overall consumption.

是的，奎因，好問題，我會嘗試一下，然後讓邁克爾補充。是的，我想說，總的來說，不同產品組實際上是一個混合體，但我認為總的來說，我們可能仍然低於整體消費。

However, it differs across the different groups. For example, core IoT really was plagued with a lot of inventory we've been working on for three straight quarters as our fourth quarter now guiding into the March quarter up, it looks like we've depleted a large part, a portion of that.

然而，不同群體的情況有所不同。例如，核心物聯網確實受到了我們連續三個季度處理的大量庫存的困擾，因為我們的第四季度現在正進入三月份的季度，看起來我們已經耗盡了其中的很大一部分。

I mean there's still pockets within individual products even within core IoT, for example, in mobile and kind of PC related customers, largely that inventories resolved. Now we're just shipping back to end demand, as you know, PCs may be a little choppy mobile, seeing more recent strength.

我的意思是，即使在核心物聯網中，個別產品中仍然存在一些空間，例如，在行動和 PC 相關客戶中，主要是庫存解決。現在我們只是回到終端需求，如你所知，個人電腦可能會有點不穩定，行動裝置最近表現強勁。

And then probably enterprise, which is the most unclear at this point, is there certainly still inventory in channel. We're probably under shipping but I think the demand is sort of fundamentally shifted there just given corporate IT spending is down and it looks like at least in the near term, it's unlikely to come back up and any sort of rapid pace. I hope that helps Quinn.

然後可能是企業，目前最不清楚的是，渠道中是否仍然有庫存。我們可能正在發貨，但我認為，鑑於企業 IT 支出下降，需求從根本上發生了轉移，而且看起來至少在短期內，它不太可能回升，也不太可能以任何快速的速度回升。我希望這對奎因有幫助。

It does.

確實如此。

I don't have a lot to add to what Dean said.

對於 Dean 所說的，我沒有太多要補充的。

I was just going to ask it, it sounds like especially on the enterprise side of things that if demand is sort of softened with a slow corporate IT spending environment that ITO prior thoughts that you may be under-shipping demand by as much as $100 million sounds like we may need to temper that just given the sort of weaker macro environment. Should we think about where the revenue run rate might normalize as you finally clear, the inventory and enterprise. It sounds like that's part of the way we should be thinking about it.

我只是想問一下，聽起來尤其是在企業方面，如果需求因企業 IT 支出環境緩慢而有所減弱，ITO 之前認為您可能會導致需求不足多達 1 億美元聽起來，鑑於宏觀環境較弱，我們可能需要對此進行調整。當你最終清理庫存和企業時，我們是否應該考慮收入運行率可能會在哪裡正常化。聽起來這是我們應該思考的方式的一部分。

Yes, I think that's -- generally, that's right, Quinn. Look, I think we're -- there's two factors in enterprise. One is that there is still inventory. And we're still seeing inventory in pockets. And then two is, as we've kind of worked through the inventory, we realize that the demand is lower than perhaps we thought.

是的，我認為——總的來說，這是正確的，奎因。聽著，我認為企業有兩個因素。一是還有庫存。我們仍然看到口袋裡有庫存。第二個是，當我們整理庫存時，我們意識到需求可能比我們想像的還要低。

So those two factors are kind of leading us to where we are. I still think that demand is going to return, and obviously, we're going to clear out these inventory levels. So I think the statement remains consistent, but it's tied to that increase in enterprise spending. And once that happens, I think we're back in business.

所以這兩個因素引導我們走到現在的位置。我仍然認為需求將會恢復，顯然，我們將清理這些庫存水準。因此，我認為該聲明仍然是一致的，但它與企業支出的增加有關。一旦發生這種情況，我想我們就可以重新開始營業了。

Got it. Understood. And then I think in the script said a couple of times you think you've reached the bottom for revenue, which is great to hear. I understand that the pace of recovery is uncertain, but I think at least you put the line in the sand that you don't think sales go down from here.

知道了。明白了。然後我認為劇本中多次說過你認為你的收入已經觸底，這很高興聽到。我知道復甦的速度是不確定的，但我認為至少你已經明確了你認為銷售額不會從現在開始下降。

So we've got bottom in revs, but your gross margin also looks like you may be bottoming or 52.5% in December, guided to 53% in the March quarter, is -- can we also sort of infer that you think you've probably hit the bottom in gross margins in this range of, call it 52.5%, 53% that you saw December March?

因此，我們的轉速已觸底，但您的毛利率看起來也可能觸底，即 12 月份為 52.5%，指導為 3 月份季度的 53%，是 - 我們是否也可以推斷您認為您已經毛利率可能在這個範圍內觸底，稱之為52.5%，你看到12 月3 月是53% 嗎？

Yeah, I think that's right, Quinn. Look at 52.5% ended December. We're guiding up into March. So we do think that that even on the margin fronts hit its low points, it should work up from here. I mean, again as enterprise sort of recovers and may take a little bit longer, but I think the worst is behind us on the margin front.

是的，我認為是對的，奎因。截至 12 月，該比例為 52.5%。我們的指導一直持續到三月。因此，我們確實認為，即使利潤率觸及低點，它也應該從這裡開始上漲。我的意思是，隨著企業的復甦，可能需要更長的時間，但我認為最糟糕的情況已經過去了。

Excellent. Thank you, guys.

出色的。謝謝你們，夥計們。

Thanks, Quinn.

謝謝，奎因。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, guys, thanks for the question. You had some nice commentary on wireless IoT. And so I'd like kind of your thoughts more longer term here. Is this really this kind of snapback we're seeing? Is this kind of inventory related? Or is there, through your visibility on design wins or engagements? Is this a bonafide bottom? And would you expect a strong sustained rebound from here?

嘿，夥計們，謝謝你的提問。您對無線物聯網有一些很好的評論。所以我想聽聽你們更長遠的想法。這真的是我們所看到的這種反彈嗎？這種庫存有關係嗎？或透過您對設計勝利或參與的可見性來判斷是否存在？這是真正的底部嗎？您預計會從這裡強勁持續反彈嗎？

Yeah, Chris. We think -- we bottomed and we think that we have a sustained rebound. So the snapback, I think, is almost entirely due to getting the inventory out. We're not all the way there. I mean, they're actually Dean said it. And one of his comments are still even pockets in wireless, but I think we're largely through that. So the snapback that you characterized is largely a resumption of shipping to end demand.

是的，克里斯。我們認為——我們已經觸底，我們認為我們已經持續反彈。因此，我認為，反彈幾乎完全是由於庫存的清理。我們還沒有完全到達那裡。我的意思是，他們實際上是迪恩說的。他的一條評論甚至仍然存在於無線領域，但我認為我們基本上已經完成了這一點。因此，您所描述的快速回升主要是為了滿足最終需求而恢復運輸。

I think on top of that, as I said in my remarks, we are seeing a bunch of design wins. I mean, we've kind of characterized at Analyst Day, the size of the funnel. The funnel is very, very strong here. And we've actually converted a bunch of design wins, one of which we alluded to in the prepared remarks around automotive.

我認為最重要的是，正如我在演講中所說，我們看到了許多設計上的勝利。我的意思是，我們在分析師日對漏斗的大小進行了描述。這裡的漏斗非常非常強大。實際上，我們已經轉化了一系列設計成果，其中我們在有關汽車的準備好的評論中提到了其中一個。

So we feel like there's going to be another layer here, right? We're building toward this billion-dollar target in wireless. And I think that there's it right now. It's almost entirely just return to normal demand. But I think we're going to start soon seeing a layering in of all the design activity that we've had for the last year to 18 months.

所以我們覺得這裡還會有另一層，對嗎？我們正在努力實現無線領域這一十億美元的目標。我認為現在就是這樣。這幾乎完全只是恢復正常需求。但我認為我們很快就會開始看到我們過去一年到 18 個月的所有設計活動的分層情況。

Thank you, Michael. And then mobile, obviously or a great quarter here, looks like it takes maybe a small step back next quarter, but longer term? Are we getting something going here? Can you broaden that Samsung beyond the GS24? How are the other OEMs and engagements there?

謝謝你，麥可。然後移動，顯然或者是一個偉大的季度，看起來下個季度可能會退一步，但從長遠來看？我們這裡有事嗎？你能把三星的產品擴展到 GS24 之外嗎？那裡的其他原始設備製造商和合作情況如何？

I think Novatek has been talking up this market a little bit. I don't know if you have a similar kind of thought for the rest of the year.

我認為聯詠科技已經對這個市場做了一些宣傳。不知道今年剩下的時間裡，你是否也有類似的想法。

Yeah, I would say we are not a lot of upside opportunity. I mean, we are one of the things I think that I alluded to is sort of areas outside mobile. We've done a good job I think capturing at the high end of the market. We do see, Chris, some opportunity in mid-tier, and we're looking at that to see what we can do and we think we can do that at appropriate margin levels. But I'd say, generally speaking, we don't see a heck of a lot of upside in mobile from where we are today.

是的，我想說我們沒有太多上升的機會。我的意思是，我認為我提到的領域之一是行動以外的領域。我認為我們在佔領高端市場方面做得很好。克里斯，我們確實看到了中層的一些機會，我們正在研究這個機會，看看我們能做什麼，我們認為我們可以在適當的利潤水平上做到這一點。但我想說的是，一般來說，從目前的情況來看，我們並沒有看到行動領域有太大的優勢。

Understood. Thank you guys.

明白了。謝謝你們。

Peter Pang, JP Morgan.

彭彼得，摩根大通。

Thanks for taking my question. Just on the enterprise and automotive so it's based on the mix guidance, it's kind of implying a low single digit Q-on-Q decline. So we kind of factor in that PC seasonality at your traditional enterprise, that seems like it's kind of bottoming or declining at a slower pace. So do think that we're kind of at the bottom for the March quarter. And so it's more stability going forward? Or how should we think about the puts and takes of that?

感謝您提出我的問題。僅在企業和汽車領域，因此它是基於混合指導，這在一定程度上意味著環比下降幅度較低。因此，我們在某種程度上考慮了傳統企業的 PC 季節性因素，這似乎是以較慢的速度觸底或下降。因此，我們確實認為三月季度我們處於底部。那麼未來會更加穩定嗎？或者我們該如何考慮其中的投入和產出？

Yeah. You I think you actually got it right. We're forecasting in the PC market to be down sort of high single digits. So that's the biggest contributor. The other areas are coming back a bit. I mean, I think you got it right, net couple of percent.

是的。你我認為你確實做對了。我們預測個人電腦市場將出現高個位數的下降。所以這是最大的貢獻者。其他地區也有所恢復。我的意思是，我認為你說得對，淨幾個百分點。

So I think we're at the bottom. I think we are still trying to figure out when we see increases in that business. And I think it is tied, as Dean said, to the enterprise IT spending, but we feel pretty good I think for the second quarter, robot declaring absolute bottom and numbers are starting to reflect that.

所以我認為我們處於底部。我認為我們仍在試圖弄清楚何時會看到該業務的成長。正如 Dean 所說，我認為這與企業 IT 支出有關，但我認為第二季我們感覺很好，機器人宣布絕對底部，數字開始反映出這一點。

And then for just kind of on Chris's comment on the snapback in the core IoT, that's in the wireless portion that was a $200 million revenue run rate kind of business. Do you think that you can kind of get back to those levels some time in this calendar year? Or is this more of a first half 2025 calendar year kind of trajectory?

然後，克里斯對核心物聯網快速恢復的評論是，無線部分的收入運行率高達 2 億美元。您認為您可以在今年的某個時候恢復到這些水平嗎？還是這更像是 2025 年上半年的軌跡？

Yeah. Look, we feel very good about it. I mean, I think that line of sight to getting back to par here is much closer. I don't think we have necessarily perfect visibility on the timing, but we feel very good that's closer in and some of these other things in terms of the inventory levels. And then again, we are expecting to layer design wins on top of that. So our wireless business feels very good. Our confidence is generally very high.

是的。瞧，我們對此感覺非常好。我的意思是，我認為回到標準水平的視線更近了。我認為我們不一定對時間有完美的了解，但我們感覺非常好，就庫存水平而言，更接近了以及其他一些事情。再說一遍，我們期望在此之上獲得設計勝利。所以我們的無線業務感覺非常好。我們的信心總體上非常高。

Thank you guys.

謝謝你們。

Krish Sankar, TD Cowan.

克里斯·桑卡爾，TD·考恩。

Yeah, hi. Thanks for taking the question. I had close then, Michael, just on the last question on your answer, looks like you're guiding, the wireless core IoT is growing 20% sequentially and I'm not looking for guidance. But is it fair to assume that kind of growth rate is sustainable through the remaining quarters this year.

是的，嗨。感謝您提出問題。邁克爾，我當時很接近你回答的最後一個問題，看起來你正在指導，無線核心物聯網連續增長 20%，我不是在尋求指導。但假設這種成長率在今年剩餘的幾季中可持續，是否公平？

Again, we feel pretty good about the business. And I would say certainly we're going to see double digits sequentially from here quarter over quarter. So I think we feel really, really good about where that business is. We're really just trying to get it back.

再次，我們對這項業務感覺非常好。我想說，從現在開始，我們肯定會逐季看到兩位數的成長。所以我認為我們對該業務的定位感到非常非常滿意。我們真的只是想把它找回來。

As I think the previous questioner asked to the $200 million level. And we think that that's a relatively close and then growth from there. So I think it's fair for us to say that this level or somewhere in the kind of the double digits sequentially is very, very possible over the next few quarters.

我認為之前的提問者要求的金額是 2 億美元。我們認為這是一個相對接近的增長，然後是增長。因此，我認為我們可以公平地說，在接下來的幾個季度中，這個水平或類似兩位數的水平是非常非常有可能的。

Got it. And then a follow-up for Dean. When I look at your March quarter guidance, you guys kind of gave the product mix and it looks like three-quarters of your products. Our motors should be in the high 50% gross margin range you're guiding more like 52% to 54%.

知道了。然後是迪恩的後續行動。當我查看你們三月季度的指導時，你們提供了產品組合，看起來你們的產品有四分之三。我們的馬達應該處於您指導的 50% 高毛利率範圍內，更像是 52% 到 54%。

So I wanted to curious, I understand enterprise order has also inventory, but what is like the one or two biggest overhang on the gross margins? I know is it volume? Is it foundry pricing? Any color on that would be helpful.

所以我想好奇，我知道企業訂單也有庫存，但毛利率上最大的一兩個懸而未決的問題是什麼？我知道是音量嗎？是代工定價嗎？任何顏色都會有幫助。

Yeah. I mean, there's obviously many variables in that question, and there's absorption of at current revenue levels. There's always some prices improving on the supply side, is some actually going the opposite way, but more than any of that actually happens to be the product mix, you're generally you are enterprise bucket.

是的。我的意思是，這個問題顯然有很多變量，並且在當前的收入水平上有吸收。供應方面總是有一些價格在改善，有些實際上是相反的，但比任何一個實際上恰好是產品組合更重要的是，你通常是企業桶。

You tends to have a higher gross margin mix of its own products, even sort of within products. And I think Michael sort of touched on it a little bit in his prepared remarks. Some of our sort of best gross margin applications that go into like docking stations are high and audio headsets are seeing some of the most sort of hesitation from corporate IT buying.

您自己的產品（甚至是產品內部的產品）往往具有較高的毛利率組合。我認為邁克爾在他準備好的演講中稍微提到了這一點。我們的一些毛利率最高的應用程式（例如擴充座）的價格很高，而音訊耳機在企業 IT 採購中表現得最為猶豫。

And so that sort of contributed on to where we are on some margin mix. However, we're starting to see your upside into IoT and as core IoT grows, that is actually also helpful module as everything else moving around.

因此，這在一定程度上影響了我們的利潤率組合。然而，我們開始看到物聯網的優勢，隨著核心物聯網的發展，這實際上也是一個有用的模組，就像其他所有東西一樣。

Got it, thanks a lot, Dean.

明白了，非常感謝，迪恩。

Yeah, no problem, Krish.

是的，沒問題，克里什。

Gary Mobley, Wells Fargo.

加里‧莫布里，富國銀行。

Hey, guys. Thanks for taking my question. If I'm hearing you guys correctly, it sounds like perhaps structurally the market size or revenue potential in enterprise might be a little bit smaller than what you were thinking at your analyst day, at least the minimum pushed out further to the right.

嘿，夥計們。感謝您提出我的問題。如果我沒聽錯的話，聽起來從結構上看，企業的市場規模或收入潛力可能比你們在分析師日的想法要小一些，至少是最小值進一步向右推。

And therefore, the question is, does it is that causing you to sort of reevaluate the long-term gross margin target of 57%, which I believe is highly contingent on that very healthy margin mix from enterprise?

因此，問題是，這是否會導致您重新評估 57% 的長期毛利率目標，我認為這在很大程度上取決於企業非常健康的利潤率組合？

Yeah, Gary, I think you've got one phrase of the question, right? And that we see it as a push out. Nothing more. So I think that we feel good about the market sizes for our enterprise business. I think that you will certainly realize that behind some of the inventory there is a current depressed demand environment due to the enterprise IT spending.

是的，加里，我想你已經明白了這個問題的一個短語，對吧？我們認為這是一種排斥。而已。因此，我認為我們對企業業務的市場規模感到滿意。我想大家一定會意識到，在部分庫存的背後，存在著當前由於企業IT支出而導致的需求低迷的環境。

But we actually don't substantively believe that the demand profile in those long term has changed, right? We've actually gone out in a huge way to the enterprise customers to sort of assess and feel out, hey, what is the long-term demand in these businesses? And that has not changed.

但我們實際上並不認為長期的需求狀況發生了變化，對吧？實際上，我們已經大規模地向企業客戶進行了評估和摸索，嘿，這些企業的長期需求是什麼？這一點沒有改變。

So everybody is still bullish about docking station consumption, enterprise telephony. In fact, we've got a bunch of new refreshes coming on, both of those areas, both in doc and enterprise telephony that will be kicking in in the second half of this year and enterprise headset.

因此，大家仍然看好擴充座消費、企業電話。事實上，我們在這兩個領域都進行了一系列新的更新，包括今年下半年推出的文件和企業電話以及企業耳機。

So all three of those segments, which are definitely pronounced down due to the enterprise IT spending, big drivers of our margin line I don't think that there's any change. I mean, Dean, you can correct me if I'm wrong and sort of our view of the overall markets.

因此，所有這三個細分市場由於企業 IT 支出（我們利潤線的主要驅動因素）而顯著下降，我認為不會有任何變化。我的意思是，迪恩，如果我錯了以及我們對整體市場的看法是錯誤的，你可以糾正我。

No, yet I don't think there's a market destruction, if that's what you're sort of going for Gary, the second part of your question was dependent on that enterprise mix to drive 57%, which is the long-term target for the company on gross margin, we are dependent on enterprise actually performing well and coming back to a more normal level.

不，但我不認為市場會被破壞，如果這就是你想要的，加里，你問題的第二部分取決於企業組合能否推動 57%，這是長期目標就公司的毛利率而言，我們依賴企業實際表現良好並恢復到更正常的水平。

I think what you will see is we're going to continue to be dependent on it. And that means the timing to achieve 57% is probably a little bit longer and really is predicated on the enterprise spending sort of coming back.

我想你會看到我們將繼續依賴它。這意味著達到 57% 的時間可能會更長一些，而且實際上取決於企業支出的回升。

Thank you, guys for that. Dean you underspent on the OpEx side in the December quarter by roughly 6%. Sounded like that was more variable versus structural on terms of OpEx reduction, correct me if I'm wrong there, but I'm most curious about how we should model and think about the OpEx when revenue normalizes when you actually start to ship in aggregate to end demand, let's call it $300 million per quarter plus in revenue.

謝謝你們。Dean 您在 12 月所在季度的營運支出方面的支出不足了大約 6%。聽起來這與營運支出減少方面的結構性相比更具可變性，如果我錯了，請糾正我，但我最好奇的是，當您實際開始總體發貨時，當收入正常化時，我們應該如何建模和思考營運支出為了結束需求，我們稱之為每季 3 億美元加上收入。

Yeah. So first on the December quarter, you picked up exactly right, Gary, it was under our guidance and actually under the prior quarter, really from a onetime on variable expense. We're guiding into the March quarter that that doesn't reoccur. But as you sort of goes back to where sort of run rate spend level is. As you know, our committed level on operating expenses been $100 million a quarter or below and we've done a pretty good job sort of keep it maintained inside that range.

是的。因此，首先在 12 月的季度，加里，你的說法完全正確，它是在我們的指導下，實際上是在上一季的指導下，實際上是一次性的可變費用。我們預計進入三月的季度，這種情況不會再次發生。但當你回到運行率支出水準時。如您所知，我們承諾的營運支出水準為每季 1 億美元或以下，並且我們在將其保持在該範圍內方面做得相當不錯。

Now if you start to think about, hey, what does the company look like at a higher revenue base. We do anticipate that we would likely need to spend a bit more than that from here. And but I wouldn't say that it's monumentally more the way I think about it, Gary, it's probably something like have a 5% adder on operating expense kind of this mid, maybe high single digits that we would likely go up as revenue comes in.

現在，如果你開始思考，嘿，在更高的收入基礎上，公司會是什麼樣子。我們確實預計我們可能需要比現在多花一點錢。但我不會說這更像是我的想法，加里，這可能是像運營費用增加 5% 一樣，隨著收入的增加，我們可能會增加這個中位數，也許是高個位數。

I mean, you will see in the beginning of our fiscal year every year, there's sort of a little bit of resets on variable comp of the merit cycles, et cetera. I'd just remind you, we're a June year end, so that's kind of start to hit in the September quarter for us. (multiple speakers)

我的意思是，您會在每年的財政年度開始時看到，績效週期的可變薪酬等都會有一些重置。我只是提醒您，現在是六月年底，所以這對我們來說是九月季度的開始。（多個發言者）

Thank you.

謝謝。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Yes, hi, Michael and Dean. Good to hear a business's bottom. So just wondering, just looking at the rest of '24, just wondering how the seasonality plays out for you through 2024. Do you expect to get back to kind of that $300 million level exiting the year or something?

是的，嗨，邁克爾和迪恩。很高興聽到企業觸底。所以只是想知道，只是看看 24 年剩下的時間，只是想知道到 2024 年季節性因素對你的影響如何。您是否期望在今年結束時回到 3 億美元的水平或其他水平？

So Vijay, good questions. The one thing I would say is kind of calendar 2024. It's really tough for us to tell like what is going to happen from here. Look, we're sort of bottom. We're coming up. Core IoT is growing nicely. However, PC and mobile type applications are very seasonal. I think actually industry-wide people are trying to get a handle on, hey, how does the sequential sort of move from here?

維傑，問得好。我要說的一件事是 2024 年曆。我們真的很難判斷這裡會發生什麼事。瞧，我們有點墊底了。我們快到了。核心物聯網發展良好。然而，PC 和移動類型應用具有很強的季節性。我認為實際上整個行業的人們都在試圖弄清楚，嘿，順序排序是如何從這裡開始的？

I think the most comfort I have is, we're likely to move higher where you're almost unlikely to go lower. So it's higher. And I think you'd see more sequential growth sort of continually led by core IoT, enterprise is less clear for us. It's just tough for us to confirm, Vijay, exactly seasonality and what that pattern will look like. Core IoT right now is what we probably have the most confidence behind.

我認為最讓我感到安慰的是，我們很可能會走高，而你幾乎不可能走低。所以它更高。我認為你會看到更多由核心物聯網持續引領的連續成長，企業對我們來說不太清楚。Vijay，我們很難確認確切的季節性以及該模式會是什麼樣子。目前，核心物聯網可能是我們最有信心的。

Got it. And then on the AI PC side, any thoughts on how many PCs you expect with what I know you had a pretty good demo at CES. But with the Astra on that family of products into the AI PCs, how many PCs are deals think we see in 2024 with Synaptics on it?

知道了。然後在人工智慧 PC 方面，據我所知，您在 CES 上進行了相當不錯的演示，您對您期望有多少台 PC 有何想法。但是，隨著 Astra 系列產品進入 AI PC 領域，預計到 2024 年我們會看到多少台 PC 上搭載了 Synaptics？

Look, we're -- I mean, on our PC line, Vijay, we're forecasting very, very modest growth in the number of units. We certainly hear all this stuff about AI PCs, our customers keep talking about AI PCs and our customers are also talking about a pretty pronounced refresh in the back half of the year, given everybody bought new PCs four years ago with COVID, the onset of COVID.

聽著，我的意思是，在我們的 PC 產品線上，Vijay，我們預測單位數量的增長非常非常溫和。We certainly hear all this stuff about AI PCs, our customers keep talking about AI PCs and our customers are also talking about a pretty pronounced refresh in the back half of the year, given everybody bought new PCs four years ago with COVID, the onset of嚴重特殊傳染性肺炎.

Our numbers are much more muted. We certainly don't -- we're not baking any of that in, any of that enthusiasm. If it hits look, it will be very helpful because I think what we've done and what we're focusing on over the next couple of quarters is share. Where we are continuing to be excited -- you touched on it -- it's slightly different area is the whole user presence detection that we have.

我們的數字要安靜得多。我們當然不會——我們不會將任何熱情融入其中。如果它成功了，那將非常有幫助，因為我認為我們所做的以及未來幾季我們關注的重點是分享。我們繼續感到興奮的地方——你提到了——它略有不同的領域是我們擁有的整個用戶存在檢測。

And with one of the PC customers that's very AI centric, and we intend to take that product and make it more of a general purpose product that will enable us in the Astra area to have a general purpose MCU with AI capabilities.

對於一個非常以人工智慧為中心的 PC 客戶，我們打算採用該產品，使其更像是一款通用產品，這將使我們在 Astra 領域擁有具有人工智慧功能的通用 MCU。

So our customers pretty excited. I mean, they've seen this, and we've talked about in the prepared remarks, they've seen the sample of this AI MCU, they like it and they think it's incredible in terms of the level of performance and differentiation it brings. It will start shipping at the end of the calendar year and into next year. And if things go well for us, we expect to see a pretty big bounce on that product that adds to what we're currently selling into the PC platform.

所以我們的客戶非常興奮。我的意思是，他們已經看到了這一點，我們在準備好的發言中已經討論過，他們已經看到了這個AI MCU 的示例，他們喜歡它，並認為它帶來的性能水平和差異化令人難以置信。它將在今年年底開始發貨並持續到明年。如果一切進展順利，我們預計該產品將會出現相當大的反彈，從而增加我們目前在 PC 平台上的銷售量。

Got it. And one last question, if I can sneak it in. On the handset side, you had a pretty good pickup last quarter. Obviously, a big win with this '24 as well. I missed part of the comments, but where you are thinking that handset business mostly flat to the year, or how are you looking at that trending?

知道了。最後一個問題，我是否可以偷偷溜進去。在手機方面，上季的表現相當不錯。顯然，這也是 24 年的重大勝利。我錯過了部分評論，但您認為手機業務與去年基本持平，或者您如何看待這一趨勢？

And yeah, I mean, I think it's seasonal. I mean, Dean talk to that. And one of the questions. I'd say for where we there's limited upside. And I don't think there's a lot of downside, where we are from a share just given the performance of the IC and things of that nature.

是的，我的意思是，我認為這是季節性的。我的意思是，迪恩談到了這一點。以及問題之一。我想說的是，我們的上升空間有限。我認為，考慮到 IC 的性能和類似性質的東西，我們的股票不會有太多的缺點。

But our attach rate is very high in China and at Samsung at this point, we said -- we think we can get some more handsets in the mid-tier at Samsung. That's definitely possible given the work that the team has done. But on balance, I think we're going to kind of track Android handset shipments at this point and significant share gains will be more difficult.

但我們目前在中國和三星的購買率非常高，我們認為我們可以在三星獲得更多中階手機。考慮到團隊所做的工作，這絕對是可能的。但總的來說，我認為我們此時將追蹤 Android 手機的出貨量，而大幅提升份額將更加困難。

Got it. Thank you.

知道了。謝謝。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yeah, thanks for taking my question. Congratulations on the results. Just there's been a lot of weakness in IoT and you're calling the bottom and seeing it coming back. Can you talk about the design activity maybe China related to the past cycle. Is this activity up tremendously?

是的，謝謝你回答我的問題。祝賀結果。只是物聯網存在很多弱點，你呼喚底部並看到它回來。能談談中國與過去週期有關的設計活動嗎？這個活動漲得厲害嗎？

And then also, what are you MCUs and WiFi getting combined in these designs are kind of are you getting some leverage on your WiFi parts? Thanks.

另外，您的 MCU 和 WiFi 在這些設計中的組合是什麼？謝謝。

Yeah, Kevin, so first thanks for the thanks for the nice words. On core IoT, yeah, we are excited. I mean, I think that we've talked to a lot of you about design traction and now it's starting to hit again, very early innings, right?

是的，凱文，先感謝您的美言。在核心物聯網方面，是的，我們很興奮。我的意思是，我認為我們已經和你們很多人討論了設計牽引力，現在它又開始受到影響，很早的幾局，對吧？

We're still not happy with the overall revenue numbers because as previous questioner pointed out, we're still well below the $200 million mark, but we think we get there just based on what we had before and then these design wins start to layer in and we're doing well across the ecosystem with our wireless products.

我們仍然對整體收入數字不滿意，因為正如先前的提問者指出的那樣，我們仍然遠低於2 億美元大關，但我們認為我們只是基於先前的收入來實現這一目標，然後這些設計勝利開始分層我們的無線產品在整個生態系統中表現良好。

We highlighted a new area for us, which is automotive, as we think about the processors those ones are on a kind of a longer road. So they are yes, they are pulling through our wireless in every instance, we're trying to package up our wireless and our processors and Astra, which we had kind of a very, very soft launch before the end of the calendar year.

我們強調了一個新領域，即汽車領域，因為我們認為這些處理器正走在一條更長的道路上。所以他們是的，他們在任何情況下都在使用我們的無線設備，我們正在嘗試將我們的無線設備、處理器和 Astra 打包在一起，我們在今年年底前進行了一次非常非常軟的發布。

We've definitely lumped in our wireless drivers in that software offering. So it pulls through. What we have seen is, slower than expected customer ramp. All of these new wins we have are taking more time than before, largely because our customers have kind of cut their engineering budgets.

我們肯定已經將無線驅動程式集中在該軟體產品中。所以它成功了。我們看到的是，客戶成長速度慢於預期。我們取得的所有這些新勝利都比以前花費了更多的時間，很大程度上是因為我們的客戶削減了他們的工程預算。

And so the ramp up time has been slower than we've historically seen we're baking in now in our thinking in our numbers, generally slower ramp times, Kevin, than we saw before where we've historically been used to. But we don't think that any of these are losses at this point in time. We just think it's ramping a little bit slower than we had initially forecast.

因此，加速時間比我們歷史上看到的要慢，我們現在在數字中思考，一般來說，加速時間比我們以前看到的歷史上習慣的要慢，凱文。但我們認為目前這些都不是損失。我們只是認為它的成長速度比我們最初預測的要慢一些。

Great. Okay. Thank you.

偉大的。好的。謝謝。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

I thank you for taking my question. I have one question on enterprise and automotive. Have you start speaking with our customers regarding this year's annual budget cycle for enterprise spending. Do you get a feel that adjusting for inventory differences on '20 calendar '24, would be flat down, slightly up on a year-over-year basis.

我感謝您提出我的問題。我有一個關於企業和汽車的問題。您是否開始與我們的客戶討論今年企業支出的年度預算週期？您是否感覺到，對「20 日曆」和「24」的庫存差異進行調整後，同比將持平下降，略有上升？

Yeah, Martin, I mean, I think '24 is generally better than '23. So it's still an issue. We're obviously early in the year. We're staying close to the customers and their customers are giving forecasts. So we're one step removed from both, let's say, Dell and HP. Everybody is hopeful for the second half. I mean, I think there's a lot of optimism built into the second half, and we see that I think as we said in the prepared remarks, I think we're working through the inventory situation and although it's still there in pockets as Dean said, generally, now it's going to be what's the demand -- what's the demand in enterprise definitely optimism in the second half. We think that will probably the signals we're getting, but we're one step removed, as I said. So it's still the picture is still a bit cloudy.

是的，馬丁，我的意思是，我認為 24 總體上比 23 更好。所以這仍然是一個問題。我們顯然還處於今年年初。我們與客戶保持密切聯繫，他們的客戶也給出了預測。因此，我們距離戴爾和惠普都只有一步之遙。大家都對下半年充滿希望。我的意思是，我認為下半年有很多樂觀情緒，我們看到我認為正如我們在準備好的發言中所說的那樣，我認為我們正在解決庫存情況，儘管正如迪恩所說，庫存仍然在口袋裡總的來說，現在就是需求是什麼——下半年企業的需求是什麼，肯定是樂觀的。我們認為這可能是我們收到的訊號，但正如我所說，我們還差一步。所以圖片還是有點陰暗。

Got it. Thank you. That's it for me.

知道了。謝謝。對我來說就是這樣。

Thank Martin.

謝謝馬丁。

Thank you. I would now like to turn the call back over to Michael Hurlston for any closing remarks.

謝謝。我現在想將電話轉回給邁克爾·赫爾斯頓（Michael Hurlston），請他發表結束語。

I'd like to thank all of you for joining us today. We certainly look forward to speaking you at our upcoming investor conferences and again next quarter. Thanks a lot.

我要感謝大家今天加入我們。我們當然期待在即將舉行的投資者會議以及下個季度再次與您交談。多謝。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。