Synaptics Inc (SYNA) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Synaptics' first-quarter fiscal year 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Munjal Shah, Vice President, Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Synaptics 2025 財年第一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第一位發言人，投資者關係副總裁 Munjal Shah。請繼續。

Thank you, Kathy. Good afternoon, and thank you, everyone, for joining us today on Synaptics' first quarter fiscal 2025 conference call. My name is Munjal Shah and I'm the Head of Investor Relations. With me on today's call are Michael Hurlston, our President and CEO; and Ken Rizvi, our Chief Financial Officer. 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.

謝謝你，凱西。下午好，感謝大家今天參加 Synaptics 2025 財年第一季電話會議。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我們的總裁兼執行長 Michael Hurlston；以及我們的財務長 Ken Rizvi。此次電話會議也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。

In addition to the supplemental slide presentation, we have also posted a copy of these prepared remarks on our Investor Relations website. 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 noncash or recurring or nonrecurring items. Please refer to our earnings press release issued after market close today for the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures presented, which can be accessed from the Investor Relations section of the company's website at synaptics.com. Additionally, we would like to remind you that during the course of this conference call, Synaptics will make forward-looking statements in our prepared remarks and may make additional forward-looking statements in response to your questions. These forward-looking statements give our current expectations and projections relating to our financial conditions, results of operations, plans, objectives, future performance and business.

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。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。請參閱我們今天收盤後發布的收益新聞稿，以了解最直接可比較的 GAAP 財務指標與所提供的非 GAAP 財務指標的調整表，該調整表可從公司網站 synaptics.com 的投資者關係部分存取。此外，我們想提醒您，在本次電話會議期間，Synaptics 將在我們準備好的發言中做出前瞻性陳述，並可能針對您的問題做出其他前瞻性陳述。這些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. Synaptics cautions that actual results may differ materially from any future performance suggested in company's forward-looking statements. Therefore, 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. Synaptics expressly disclaims any obligation to update the forward-looking information. I will now turn the call over to Michael.

儘管 Synaptics 認為我們的估計和假設是合理的，但它們仍面臨許多我們無法控制的風險和不確定性。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。因此，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預期結果有重大差異的重要風險因素。包含在任何前瞻性陳述中。Synaptics 明確不承擔更新前瞻性資訊的義務。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 delivered very solid performance this quarter. Revenue increased 8% year-over-year and exceeded the midpoint of our guidance range, driven by continued strength in Core IoT product sales, which were up 55% compared to the prior year. Our profitability continues to improve with non-GAAP gross and operating margins higher compared to the prior quarter and the year ago.

謝謝，蒙賈爾。我歡迎大家參加今天的電話會議。本季我們的業績非常穩健。在核心物聯網產品銷售持續強勁的推動下，營收年增 8%，超過了我們指導範圍的中點，與前一年相比成長了 55%。我們的獲利能力持續改善，非公認會計原則毛利率和營業利潤率比上一季和去年同期有所提高。

We delivered strong EPS growth with non-GAAP EPS increasing 56% year-over-year. We had another great quarter in Core IoT, led by our wireless and processor products. We are introducing new products, winning new designs, and increasing our pipeline. Our Core IoT funnel has grown nearly 30% since our last update a year ago, increasing from about $2.2 billion in September of 2023 to over $3 billion today. This design pipeline supports a compounded revenue growth of 25% to 30% over the next five years.

我們實現了強勁的每股盈餘成長，非 GAAP 每股盈餘較去年同期成長 56%。在無線和處理器產品的引領下，我們在核心物聯網領域迎來了一個出色的季度。我們正在推出新產品、贏得新設計並增加我們的產品線。自一年前上次更新以來，我們的核心物聯網漏斗成長了近 30%，從 2023 年 9 月的約 22 億美元增加到今天的超過 30 億美元。該設計管道支持未來五年 25% 至 30% 的複合收入成長。

In wireless, we're making progress in broad markets, which we define as a part of the wireless connectivity market that requires a lower power and lower cost solution. At our Analyst Day just over a year ago, we outlined our SAM from this market segment as approximately $3 billion. Our first broad markets chip is back from fab and is on track to sample this quarter, allowing us to address this opportunity for the first time. Given our level of differentiation, we expect to build share in broad markets and establish a meaningful position over the next two years. Meanwhile, in high-performance Wi-Fi, we continue to build our position with new customer wins and market share gains.

在無線領域，我們正在廣泛的市場中取得進展，我們將其定義為需要更低功耗和更低成本解決方案的無線連接市場的一部分。在一年多前的分析師日上，我們概述了該細分市場的 SAM 約為 30 億美元。我們的首款廣泛市場晶片已從晶圓廠返回，並有望在本季度提供樣品，這使我們能夠首次抓住這一機會。鑑於我們的差異化程度，我們預計將在未來兩年內在廣泛的市場中建立份額並建立有意義的地位。同時，在高效能 Wi-Fi 領域，我們繼續透過贏得新客戶和擴大市場份額來鞏固我們的地位。

The pace of new wins accelerated, nearly doubling in number as compared to just three months ago, and spanned across a broad range of customers and applications. In addition, we remain on track to sample the first Wi-Fi 7 device designed specifically for the IoT market later this month. While our overall share is still modest, we continue to believe that we can be a leading player in the next few years. Moving to processors. Our Astra products recently earned recognition from industry experts by winning the 2024 EDGE Awards in the Machine Learning and Deep Learning category.

新勝利的步伐加快，與三個月前相比，數量幾乎翻了一番，並涵蓋了廣泛的客戶和應用程式。此外，我們仍有望在本月稍後推出首款專為物聯網市場設計的 Wi-Fi 7 裝置樣品。雖然我們的整體份額仍然不大，但我們仍然相信我們可以在未來幾年成為領先者。轉向處理器。我們的 Astra 產品最近贏得了機器學習和深度學習類別的 2024 年 EDGE 獎，贏得了行業專家的認可。

Our solutions are gaining market traction with our funnel growing $300 million in the quarter. Our primary progress to date has been in designs for home automation, security and appliances. Additionally, we are seeing interest from OEMs and customers for an AI hub that connects to multiple devices, reducing or eliminating the need for cloud connectivity. Customers are drawn to our products because they bring AI capability to edge devices at very competitive price points. In this way, a decision doesn't need to be made immediately as to the AI use cases because our products are plug-and-play replacement for existing MPUs.

我們的解決方案正在贏得市場關注，本季我們的通路成長了 3 億美元。到目前為止，我們的主要進展是在家庭自動化、安全和電器的設計方面。此外，我們看到 OEM 和客戶對連接多個裝置的 AI 中心感興趣，從而減少或消除對雲端連線的需求。客戶被我們的產品所吸引，因為它們以極具競爭力的價格為邊緣設備帶來了人工智慧功能。透過這種方式，不需要立即就人工智慧用例做出決定，因為我們的產品是現有 MPU 的即插即用替代品。

In Enterprise & Automotive, we're seeing gradual improvement across the enterprise portfolio. Our PC product revenue increased by high single-digit percentage in the quarter, benefiting from market seasonality and incremental share gains. While 2024 was a year of stabilization in the PC market and notebook units didn't grow quite as expected, there is an increasing belief that demand will grow more appreciably in 2025 driven by multiple factors, including the age of the fleet, Windows 10 end-of-life, and new AI PCs. Given our market position in fingerprint sensors, touch pads and user presence detection, any growth will be beneficial to our top line numbers. Even with limited growth in units next year, we expect our UPD products to double in FY '25, albeit off this relatively small base.

在企業和汽車領域，我們看到整個企業產品組合逐漸改善。受益於市場季節性和份額增量，我們的個人電腦產品收入在本季度實現了高個位數百分比成長。儘管2024 年是PC 市場穩定的一年，筆記型電腦數量的增長也沒有達到預期，但人們越來越相信，在多種因素的推動下，2025 年需求將出現更明顯的增長，包括機群年齡、 Windows 10 結束-of-life 和新的人工智慧電腦。鑑於我們在指紋感應器、觸控板和用戶存在檢測方面的市場地位，任何成長都將有利於我們的營收數字。即使明年的銷售成長有限，我們預計我們的 UPD 產品將在 25 財年翻一番，儘管基數相對較小。

We are ramping design wins at our lead customer and sit on Intel's reference design for their Panther Lake platform. The progress with both Intel and our major customer shows the significant advantage we have. We expect to be able to bring those differentiators to new PC customers and to other applications, growing revenue for this product line over the next five years. Next, our video interface products are showing signs of life again as we have mostly worked down inventory. While revenue from these products improved a double-digit percentage compared to the year-ago quarter, they are still 40% or more below the normal run rate.

我們正在加強對主要客戶的設計力度，並採用英特爾 Panther Lake 平台的參考設計。英特爾和我們主要客戶的進展表明我們擁有顯著的優勢。我們希望能夠將這些差異化優勢帶給新的 PC 客戶和其他應用程序，從而在未來五年內增加該產品線的收入。接下來，我們的視訊介面產品再次顯示出生命力，因為我們基本上已經減少了庫存。儘管這些產品的收入與去年同期相比增長了兩位數，但仍比正常運行率低 40% 或更多。

Irrespective of the PC market, we believe our video interface products will see improvement in 2025 due to technology standard upgrades and increased manageability requirements. For example, next year's notebook models will include Thunderbolt 5, and our latest devices uniquely support its high-bandwidth requirement. Our latest video interface product, Carrera, should see a high rate of adoption as it enables more displays, higher refresh rates, and faster charging capability. Further benefiting this product line is the advent of new ARM-based PCs. Our newly introduced DisplayLink Pro is CPU and GPU agnostic and the only solution available that can support both ARM and x86 processors.

無論 PC 市場如何，我們相信由於技術標準升級和可管理性要求的提高，我們的視訊介面產品將在 2025 年得到改善。例如，明年的筆記型電腦型號將包括 Thunderbolt 5，而我們的最新設備則獨特地支援其高頻寬要求。我們最新的視訊介面產品 Carrera 應該會得到很高的採用率，因為它支援更多的顯示器、更高的更新率和更快的充電能力。基於 ARM 的新型 PC 的出現進一步使該產品線受益。我們新推出的 DisplayLink Pro 與 CPU 和 GPU 無關，也是唯一可以同時支援 ARM 和 x86 處理器的解決方案。

In Automotive, end-market demand has deteriorated and these products were actually down year-over-year. We remain cautious regarding this product line given the broader market slowdown, the continued decline in legacy DDIC products, and delays in the adoption of new technologies. In Mobile, our touch controllers are aligned with the high end of the Android market and are seeing good strength. We continue to win replacement designs with major customers and see opportunities down market with some OEMs. We are also introducing a new frequency-based touch controller, which should not only help build share in handsets, but also potentially unlocks new nonmobile applications.

在汽車領域，終端市場需求已經惡化，這些產品實際上比去年同期下降。鑑於更廣泛的市場放緩、傳統 DDIC 產品的持續下降以及新技術採用的延遲，我們對該產品線保持謹慎態度。在行動領域，我們的觸控控制器與安卓市場的高階市場保持一致，並且具有良好的實力。我們繼續贏得主要客戶的替代設計，並在一些原始設備製造商的下游市場中看到機會。我們還推出了一種新的基於頻率的觸控控制器，它不僅有助於擴大手機市場份額，而且還可能解鎖新的非行動應用程式。

We also plan to begin deploying capital this quarter. Ken will provide more details in his prepared remarks, but our focus will be on share repurchases. To conclude, we are making progress in Core IT, gaining share in high-performance Wi-Fi, while building a foundation in broad market connectivity and Edge IoT processors. In addition, our enterprise product sales are growing again and any further increase in end demand should result in improved margins. Finally, we are driving higher earnings and starting to return capital to shareholders.

我們也計劃本季開始部署資本。肯將在他準備好的演講中提供更多細節，但我們的重點將是股票回購。總而言之，我們正在核心 IT 領域取得進展，在高效能 Wi-Fi 領域獲得份額，同時在廣泛的市場連接和邊緣物聯網處理器方面奠定了基礎。此外，我們的企業產品銷售再次成長，終端需求的進一步增加將導致利潤率提高。最後，我們正在推動更高的收益並開始向股東返還資本。

Let me turn the call over to Ken for a review of our first quarter financial results and second quarter outlook.

讓我把電話轉給肯，請他回顧我們第一季的財務表現和第二季的前景。

Thanks, Michael, and good afternoon to everyone. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP financial measures in the earnings release tables found in the Investor Relations section of our website. Now let me turn to our financial results for the first quarter of fiscal 2025. Revenue for fiscal Q1 was $257.7 million, above the midpoint of our guidance, with sequential improvement across Core IoT, Enterprise & Automotive and Mobile products. Q1 revenues were up 8% on a year-over-year basis and up 4% sequentially.

謝謝邁克爾，大家下午好。我將重點討論我們的非公認會計準則業績，這些業績與我們網站投資者關係部分的收益發布表中的公認會計準則財務指標進行了協調。現在讓我談談 2025 財年第一季的財務表現。第一財季的營收為 2.577 億美元，高於我們指引的中位數，核心物聯網、企業與汽車和行動產品連續改善。第一季營收年增 8%，季增 4%。

Revenue mix in the first quarter was as follows: 23% Core IoT, 57% Enterprise & Automotive, and 20% Mobile products. Core IoT product revenues increased 55% year-over-year and 10% sequentially, reflecting new design ramps as well as further recovery in the overall wireless end-market. Enterprise & Automotive product revenue improved 3% sequentially and was down 5% on a year-over-year basis. Our PC products continued to improve sequentially, helped by both share gains and seasonality. The year-over-year decline was primarily due to our Automotive products, which were impacted by the overall market slowdown and the decline in legacy products.

第一季的營收結構如下：核心物聯網產品佔 23%，企業和汽車產品佔 57%，行動產品佔 20%。核心物聯網產品營收年增 55%，季增 10%，反映出新設計的成長以及整個無線終端市場的進一步復甦。企業與汽車產品營收季增 3%，年減 5%。由於佔份額成長和季節性因素，我們的個人電腦產品持續持續改善。年比下降主要是由於我們的汽車產品受到整體市場放緩和傳統產品下降的影響。

Mobile product revenue was up 14% year-over-year and 3% sequentially. And as a reminder, our Mobile products are largely driven by the high-end Android market. During the quarter, we had two customers greater than 10% of revenue, each at approximately 12%. First quarter non-GAAP gross margin was 53.9%, above the midpoint of our guidance. First quarter non-GAAP operating expense was $95.9 million and at the midpoint of our guidance range.

行動產品營收年增 14%，季增 3%。提醒一下，我們的行動產品主要是由高階 Android 市場驅動的。本季度，我們有兩位客戶佔營收的比例超過 10%，每位客戶的比例約為 12%。第一季非 GAAP 毛利率為 53.9%，高於我們指引的中位數。第一季非 GAAP 營運費用為 9,590 萬美元，處於我們指引範圍的中點。

Our non-GAAP operating income strengthened again in the first quarter, coming in at 16.7%, up by over 400 basis points on a year-over-year basis and up by over 200 basis points sequentially, driven by improved revenue and continued operating expense controls. Non-GAAP net income in Q1 was $32.5 million. Non-GAAP EPS per diluted share came in above the midpoint of our guidance at $0.81 per share, an increase of 56% on a year-over-year basis and 27% sequentially. Now turning to the balance sheet. We ended the quarter with approximately $854 million of cash and cash equivalents, down approximately $23 million from the prior quarter.

在收入增加和持續營運支出的推動下，我們的非 GAAP 營業收入在第一季再次走強，達到 16.7%，年成長超過 400 個基點，季增超過 200 個基點控制。第一季非 GAAP 淨利為 3,250 萬美元。非公認會計準則每股收益稀釋後每股收益高於我們指引的中點，為每股 0.81 美元，年增 56%，季增 27%。現在轉向資產負債表。本季結束時，我們的現金和現金等價物約為 8.54 億美元，比上一季減少約 2,300 萬美元。

Cash used in operations was $11.4 million, primarily due to the $30 million of cash taxes, including a onetime cash payment related to the onshoring of our intellectual property last quarter. Capital expenditures were $9.1 million and depreciation for the quarter was $7.2 million. Receivables at the end of September were $135.8 million and days sales outstanding were 47 days, down from 52 days last quarter. Our ending inventory balance was $119.6 million, up slightly compared to the last quarter to support customer demand for our second quarter. The calculated days of inventory on our balance sheet were 93 days.

營運中使用的現金為 1,140 萬美元，主要是由於 3,000 萬美元的現金稅，包括與上季度知識產權外包相關的一次性現金支付。本季資本支出為 910 萬美元，折舊為 720 萬美元。9 月底的應收帳款為 1.358 億美元，應收帳款天數為 47 天，低於上季的 52 天。我們的期末庫存餘額為 1.196 億美元，比上季略有增加，以支援第二季的客戶需求。經計算，我們資產負債表上的庫存天數為 93 天。

Now let me turn to our capital allocation priorities. First, we will continue to invest in our organic business as we see significant opportunities for growth, especially in our Core IoT and Enterprise & Automotive products. Second, we will continue to augment our internal capabilities with M&A in a disciplined manner, which we have done successfully over the last several years. Third, we will return capital via share repurchases. And finally, we will continue to maintain a strong balance sheet and liquidity profile, enabling us to remain nimble and allocate capital in an efficient manner.

現在讓我談談我們的資本配置優先事項。首先，我們將繼續投資我們的有機業務，因為我們看到了巨大的成長機會，特別是在我們的核心物聯網以及企業和汽車產品方面。其次，我們將繼續以嚴格的方式透過併購來增強我們的內部能力，我們在過去幾年中已經成功地做到了這一點。第三，我們將透過股票回購來回籠資本。最後，我們將繼續保持強勁的資產負債表和流動性狀況，使我們能夠保持靈活性並有效地分配資本。

Today our cash balance is higher than our operational requirements. And in addition, we have ample dry powder for tuck-in acquisitions. As a result, we intend to return a portion of our cash to shareholders, while also continuing to maintain a strong balance sheet. We are earmarking approximately $150 million or 150% of the free cash flow generated in fiscal 2024, for share repurchases over the next 12 months. Now let me turn to our second quarter of 2025 guidance.

今天，我們的現金餘額高於我們的營運需求。此外，我們還有充足的乾粉用於收購。因此，我們打算將部分現金回饋給股東，同時繼續維持強勁的資產負債表。我們指定約 1.5 億美元（即 2024 財年產生的自由現金流的 150%）用於未來 12 個月的股票回購。現在讓我談談 2025 年第二季的指引。

We expect revenues to be approximately $265 million at the midpoint, plus or minus $15 million. Our guidance for the second quarter reflects an expected revenue mix from Core IoT, Enterprise & Automotive and Mobile products in the second quarter to be approximately 24%, 59% and 17%, respectively. We expect non-GAAP gross margin to be 53.5% at the midpoint, plus or minus 1%. Non-GAAP operating expense in the December quarter is expected to be approximately $96 million at the midpoint of guidance, plus or minus $2 million. And we expect non-GAAP net interest and other expense to be approximately $5 million in the December quarter, and our non-GAAP tax rate to be in the range of 13% to 15%.

我們預計營收中點約 2.65 億美元，上下浮動 1,500 萬美元。我們對第二季的指導反映了第二季核心物聯網、企業與汽車和行動產品的預期收入組合分別約為 24%、59% 和 17%。我們預期非 GAAP 毛利率中點為 53.5%，上下浮動 1%。以指導中位數計算，12 月季度的非 GAAP 營運費用預計約為 9,600 萬美元，上下浮動 200 萬美元。我們預計 12 月季度的非 GAAP 淨利息和其他費用約為 500 萬美元，我們的非 GAAP 稅率將在 13% 至 15% 之間。

Non-GAAP net income per diluted share is anticipated to be $0.85 per share at the midpoint, plus or minus $0.20, on an estimated 40.5 million fully diluted shares. We are expecting another quarter of sequential growth in Q2. We have also worked through our internal inventory challenges, and our channel inventory is lean and even below normal in certain pockets. However, as revenue growth is still relatively muted, we will continue to appropriately manage the business and overall expenses while also ensuring adequate investments for our long-term growth. This wraps up our prepared remarks, and I'd like to turn the call over to the operator to start the Q&A session.

根據估計 4,050 萬股完全稀釋股票，非 GAAP 每股攤薄淨利潤預計為每股 0.85 美元（中點），上下浮動 0.20 美元。我們預計第二季將出現另一個季度的環比成長。我們也解決了內部庫存挑戰，我們的通路庫存很薄弱，在某些方面甚至低於正常水準。然而，由於收入成長仍然相對疲軟，我們將繼續適當管理業務和整體費用，同時確保為長期成長提供充足的投資。我們準備好的演講到此結束，我想將電話轉給接線生開始問答環節。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作員說明）克里斯多福羅蘭，薩斯奎哈納。

Congrats on the quarter. I guess, first of all, road maps and time lines for new products. Have you guys pulled any in or moved any out? And I think you have a broad markets chip coming. Perhaps you could talk about your expectations for that chip in the near term?

恭喜本季。我想，首先是新產品的路線圖和時間表。你們有拉進來或搬出去嗎？我認為你將擁有一個廣闊的市場籌碼。也許您可以談談您近期對該晶片的期望？

Chris, thanks for the question and thanks for paying attention to the call. Appreciate it very much. Number one, I think our time lines have remained consistent. We talked about in the Wi-Fi area being in a position to sample a Wi-Fi 7 chip this quarter for IoT applications, that's very much on target. And for our broad markets chip that we spent some time talking about it, and your question speaks to, again, on target to sample this quarter.

克里斯，感謝您提出問題，也感謝您關注電話。非常欣賞。第一，我認為我們的時間表保持一致。我們在 Wi-Fi 領域談到了本季能夠為物聯網應用提供 Wi-Fi 7 晶片樣品，這非常符合目標。對於我們廣泛的市場晶片，我們花了一些時間討論它，你的問題再次談到了本季採樣的目標。

So we've held our schedules fairly well. I think in the processor area, we're obviously in production with several of our Edge AI processors. We have a pretty big one coming out midyear next year. So that schedule is also holding. So in the Core IoT area, I'd say, generally, we're giving schedules, hitting those schedules.

所以我們的日程安排得很好。我認為在處理器領域，我們顯然正在生產幾種邊緣人工智慧處理器。明年年中我們將推出一款相當大的產品。所以這個時間表也維持不變。因此，在核心物聯網領域，我想說，一般來說，我們會給出時間表，並按照這些時間表進行。

I think the engineering team has done a good job. With respect to broad markets, I think that we are expecting that particular unit -- if you remember when you came to the Analyst Day in New York, we talked about three segments: high performance, broad markets and BLE. I think the revenue contribution in the 2028 time frame was roughly $150 million just from broad markets. And that appears on track. Given the funnel, given the sales opportunities we're generating in broad markets, I don't want to give a new number, I'd say generally we're tracking above that number given early traction.

我認為工程團隊做得很好。就廣泛的市場而言，我認為我們正在期待特定的單位——如果您還記得在紐約參加分析師日時，我們討論了三個部分：高性能、廣泛的市場和 BLE。我認為，到 2028 年，僅來自廣大市場的收入貢獻就約為 1.5 億美元。這似乎步入正軌。考慮到漏斗，考慮到我們在廣大市場中產生的銷售機會，我不想給出一個新的數字，我想說的是，考慮到早期的吸引力，我們通常會追蹤到高於該數字的數字。

But I think we've sort of outlined that that would be somewhere in the $150 million to $200 million contributor in that 2028 time frame. And that seems very good right now.

但我認為我們已經概述了，在 2028 年的時間範圍內，捐款金額將在 1.5 億至 2 億美元之間。現在看來這很好。

Excellent. Thank you, Michael. Also perhaps a follow-up on the Core IoT funnel, seems like great growth there, great revenue CAGR, 25% to 30% over the next five years, really strong there. Perhaps you can put a finer point on growth. Where is it coming from?

出色的。謝謝你，麥可。另外，也許是核心物聯網漏斗的後續行動，看起來那裡有巨大的成長，巨大的收入複合年增長率，未來五年將達到 25% 到 30%，那裡真的很強勁。也許你可以對成長提出更明確的觀點。它從哪裡來？

How much is Wi-Fi, how much is Bluetooth, how much is processors? Just kind of work up where you're maybe most excited and where you think like needle-moving growth is really going to be coming from here to track to that 25% to 30%.

Wi-Fi 更多錢、藍牙多少錢、處理器多少錢？只是在你可能最興奮的地方進行工作，並且你認為從這裡開始將出現針式增長，達到 25% 到 30%。

Yes. Very good question, Chris. I mean I think obviously, near term, it's all Wi-Fi. So our high-performance Wi-Fi, as we outlined in the call, doing super well. We're actually, again, I'd say, exceeding expectations at this point relative to design wins and projections we have coming out of our funnel.

是的。很好的問題，克里斯。我的意思是，我認為顯然，短期內，一切都是 Wi-Fi。因此，正如我們在電話中概述的那樣，我們的高性能 Wi-Fi 表現得非常好。事實上，我想說，在這一點上，相對於我們從漏斗中得出的設計勝利和預測，我們實際上超出了預期。

That is all kind of carries us through this fiscal year. In 2026, we start seeing contributions from this broad markets chip. I mean I don't think it's going to contribute in fiscal 2025 just given its sampling schedule. And then in 2026, we start to see the very early knee-up of the processor initiative, right? We've got our existing processors, as you know well, that are focused in these narrow verticals that are contributing revenue today.

這一切都支撐著我們度過了本財年。2026 年，我們開始看到這個廣大市場晶片的貢獻。我的意思是，僅考慮到其抽樣計劃，我認為它不會在 2025 財年做出貢獻。然後到 2026 年，我們開始看到處理器計畫很早就出現了轉折點，對嗎？如您所知，我們現有的處理器專注於這些狹窄的垂直領域，這些領域目前正在貢獻收入。

But the broad market processor with the AI capability, we'd expect to see first revenue late fiscal '26, but really contributing meaningful in '27. So that's kind of the rank order. BLE, you talked about. I think BLE, we got to look at very carefully our BLE strategy. That's one area where we are tracking behind a bit.

但具有人工智慧功能的廣泛市場處理器，我們預計將在 26 財年末看到首次收入，但真正在 27 財年做出有意義的貢獻。這就是排名順序。BLE，你談到了。我認為對於 BLE，我們必須非常仔細地審視我們的 BLE 策略。這是我們稍微落後的一個領域。

We've got to look at how we can find a way to accelerate our BLE opportunity, which I think in our 2028 projection in the SKUs -- and the stack-up that we gave to you at Analyst Day, was somewhere between $50 million and $100 million of contribution, so the smallest of the three Wi-Fi segments. But I would say right now, Chris, we're tracking a little bit behind on BLE.

我們必須考慮如何找到一種方法來加速我們的 BLE 機會，我認為在我們對 SKU 的 2028 年預測中，以及我們在分析師日向您提供的堆疊中，該機會大約在 5000 萬美元之間貢獻額為1 億美元，是三個Wi-Fi 細分市場中規模最小的。但克里斯，我現在想說的是，我們在 BLE 方面有點落後。

Excellent. That AI product sounds really cool too.

出色的。這個人工智慧產品聽起來也很酷。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Congratulations on the great results. Maybe my question is along the same line as Chris'. The Wi-Fi 7, as you're coming into that market, how would you compare that upgrade cycle to past Wi-Fi upgrade cycles? Are you getting more pull on that? Maybe just give a description of what's happening in that market.

祝賀取得的優異成績。也許我的問題和克里斯的問題是一樣的。Wi-Fi 7，當您進入該市場時，您如何將該升級週期與過去的 Wi-Fi 升級週期進行比較？你對此有更多的興趣嗎？也許只是描述一下該市場正在發生的事情。

Yes. Kevin, good -- as always, thanks for paying attention to the company and giving us all the coverage that you do. I would say very consistent actually. I mean what happens is you're going to get kind of a step function up, and we'd expect to see that in our fiscal 2026, probably a little earlier than the broad markets where you go from sort of 0 penetration in the IoT segment to something like 20% to 25% penetration, relatively rapidly, a pretty big step function because there are certain devices they're going to gravitate very naturally to Wi-Fi 7. A lot of the video transfer products that we've talked to you about before: drones, set-top boxes, things of that nature.

是的。凱文，很好，一如既往，感謝您對公司的關注並為我們提供了所有報導。我想說其實非常一致。我的意思是，會發生什麼情況，你將會得到某種程度的提升，我們預計會在 2026 財年看到這一點，可能比物聯網從 0 滲透率進入的廣泛市場早一點相對較快地細分到20% 到25% 的滲透率，這是一個相當大的進步函數，因為某些裝置會非常自然地傾向於Wi-Fi 7。我們之前與您討論過許多視訊傳輸產品：無人機、機上盒等此類產品。

Then it takes some time from 20% to 25% to, let's say, 50% penetrated, probably takes two to three years, right? That's kind of the normal curve. And then to get the last 50%, you start kind of mixing in, just thinking about legacy Wi-Fi standards, and by then we'll probably have Wi-Fi 8. You're really never going to see any one standard occupy more than 50% to 60% of the shipments. You're going to have older technologies occupy a good chunk and then you're going to see probably a similar step-up in Wi-Fi 8 as you do in Wi-Fi 7 getting to that 20% to 25%.

然後從20%到25%，再到50%滲透，需要一些時間，可能需要兩到三年，對吧？這就是正常曲線。然後為了獲得最後 50%，你開始混合，只考慮傳統的 Wi-Fi 標準，到那時我們可能會擁有 Wi-Fi 8。你真的永遠不會看到任何一種標準佔據超過 50% 到 60% 的出貨量。較舊的技術將佔據很大一部分，然後您可能會看到 Wi-Fi 8 中的份額與 Wi-Fi 7 中的份額類似，達到 20% 到 25%。

So for us to expect much more than 50% to 60% of all shipments on Wi-Fi 7, that would kind of defy historic norms. But we would expect a fairly fast step-up and then kind of a slow dribble from there up to kind of a normal share of the market.

因此，我們預計 Wi-Fi 7 的出貨量將超過 50% 至 60%，這有點違反歷史規範。但我們預計會出現相當快的上升，然後緩慢上升到正常的市場份額。

Okay. Great. And so as long as you're showing your customer product road map for upgrades, they stay with you through the cycles.

好的。偉大的。因此，只要您向客戶展示產品升級路線圖，它們就會在整個週期中陪伴您。

Yes. I mean it -- the way it works, Kevin, is when Wi-Fi 7 comes on, it will obviously ease in into the Wi-Fi 6 share. Wi-Fi 6 is probably now at that 50%, maybe slightly below 50%, penetrated. And Wi-Fi 4 and 5 still occupy a significant share of the overall market. So now as Wi-Fi 7 comes online, you'll see Wi-Fi 6 still hang in there for a good period of time, probably squeezing out Wi-Fi 4 and 5.

是的。我的意思是——凱文，它的工作方式是，當 Wi-Fi 7 出現時，它顯然會輕鬆進入 Wi-Fi 6 份額。Wi-Fi 6 目前的滲透率可能達到 50%，甚至略低於 50%。而Wi-Fi 4和5仍然佔據著整體市場的重要份額。因此，現在隨著 Wi-Fi 7 上線，您會看到 Wi-Fi 6 仍然會存在很長一段時間，可能會擠出 Wi-Fi 4 和 5。

And then when we get to Wi-Fi 8, similarly, you'll probably see very little Wi-Fi 4 and 5, and Wi-Fi 6 will start to get squeezed out. So that's kind of how it works. You pretty much have somewhere between three and 4 standard shipping at any one time, and it just depends on the application, the price point and so on. The good news for us, at least right now, is we have all of those standards covered, 4, 5, 6 and 7. So we're in pretty good shape.

然後，當我們到達 Wi-Fi 8 時，類似地，您可能會看到很少的 Wi-Fi 4 和 5，而 Wi-Fi 6 將開始被擠出。這就是它的工作原理。您幾乎可以同時擁有 3 到 4 個標準運輸，這僅取決於應用程式、價格點等。對我們來說，至少目前來說，好消息是我們涵蓋了所有這些標準：4、5、6 和 7。所以我們的狀態非常好。

Okay. Great. Maybe for just a little more detail, what are your end-market exposures as far, say, consumer, the IoT Wi-Fi in consumer maybe in the home, versus industrial? It seems in this earnings period that industrial has still been weak and maybe home is getting better. But I'd like to hear what you see is happening in the end-market.

好的。偉大的。也許更詳細一點，就消費者而言，您的終端市場曝險是什麼，消費者中的物聯網 Wi-Fi 可能是在家庭中，而不是工業領域？在這個獲利時期，工業似乎仍然疲軟，也許家庭正在好轉。但我想聽聽您所看到的終端市場正在發生什麼。

Yes. We have very little industrial. So that's one. We have very little automotive. I think we've talked about one win.

是的。我們的工業品很少。這就是其中之一。我們的車很少。我想我們已經討論過一場勝利了。

We are making progress in the automotive market with our Wi-Fi, but nothing to speak of yet outside of one win I think we talked about two earnings calls or so ago. Our exposure is predominantly consumer and then a reasonable mix of enterprise. That's kind of how we think about the Wi-Fi business, probably, I don't know, Munjal, 65% consumer, 35% enterprise.

我們正在透過 Wi-Fi 在汽車市場取得進展，但除了一場勝利之外還沒有什麼可說的，我想我們在大約兩次財報電話會議之前討論過。我們的業務主要面向消費者，然後是合理的企業組合。這就是我們對 Wi-Fi 業務的看法，我不知道，Munjal，65% 是消費者，35% 是企業。

Yes. That's the right way to think about it. And we may have some other end-markets. But to your main end-markets, Michael is right, primarily consumer, some enterprise, a little to no industrial and automotive.

是的。這是正確的思考方式。我們可能還有其他一些終端市場。但對於你的主要終端市場，麥可是對的，主要是消費者，一些企業，很少甚至沒有工業和汽車市場。

Krish Sankar, Cowen.

克里什桑卡，考恩。

Michael, one is you had nice sequential revenue growth this year every quarter. So as you look into March quarter, do we expect seasonality to impact this revenue growth cadence? Or do you think there are any green shoots that can help avoid the seasonality in March?

邁克爾，其中之一是您今年每個季度的收入都取得了不錯的連續成長。那麼，當您展望三月季度時，我們預期季節性因素是否會影響這種營收成長節奏？或者你認為有什麼新芽可以幫助避免三月的季節性？

Yes. Thanks, Chris. It's Ken here. Appreciate the question and ongoing support. If we look into -- we don't provide guidance more than one quarter ahead, right?

是的。謝謝，克里斯。這是肯。感謝您的提問與持續的支持。如果我們調查一下——我們不會提前超過四分之一提供指導，對吧？

We guided for our fiscal Q2. But as we look at March, typically we would see some seasonality, especially if we look at areas like the PC space into the March quarter. So we expect a little bit of seasonality. And right now, the automotive market is a little sluggish. So we'd expect those two factors to impact the March quarter.

我們為第二財季提供了指導。但當我們觀察 3 月時，通常我們會看到一些季節性因素，特別是如果我們觀察 3 月季度的 PC 領域等領域。所以我們預計會有一點季節性。目前，汽車市場有點低迷。因此，我們預計這兩個因素將影響三月的季度。

Got it. And then just a quick follow-up, you spoke a lot about the Wi-Fi 7. I'm kind of curious how to think about the ASP and gross margin differential between Wi-Fi 7 compared to Wi-Fi 6.

知道了。然後快速跟進，您談到了很多有關 Wi-Fi 7 的內容。我有點好奇如何看待 Wi-Fi 7 與 Wi-Fi 6 之間的平均售價和毛利率差異。

Yes. We have a first-mover advantage, Krish, so we definitely like our ASP and margin position. It's probably somewhere in the $1 to $2 range on a like-for-like. Of course, you have 1-by-1s and 2-by-2s. But if you think about on a like-for-like basis, you're going to get between a $1 and $2 ASP uplift and probably somewhere in the 8% to 10% margin uplift.

是的。Krish，我們有先發優勢，所以我們絕對喜歡我們的平均售價和利潤狀況。以同類價格計算，價格可能在 1 美元到 2 美元之間。當然，你有 1×1 和 2×2 的。但如果您以同類為基礎進行考慮，您將獲得 1 至 2 美元的平均售價提升，利潤率可能提升 8% 至 10%。

That will decay over time. Wi-Fi is a pretty competitive market, as you know. But we're able to -- just given our first-mover advantage, we would think that we could maintain that for a year or so until we start seeing a lot more price competition.

隨著時間的推移，它會衰減。如你所知，Wi-Fi 是一個競爭相當激烈的市場。但我們能夠——鑑於我們的先發優勢，我們認為我們可以將這種優勢維持一年左右，直到我們開始看到更多的價格競爭。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

I just wanted to start, kind of a follow-up to that green shoot question. You saw 3% growth, I think it was, quarter-to-quarter in Enterprise. And it sounded like you might be starting to see signs of demand stabilization or at least maybe perhaps a better outlook. And wondering if you could just expand on what you're seeing in enterprise IT. Are you seeing corporate IT budgets starting to firm?

我只是想開始，有點像是那個新芽問題的後續。我認為 Enterprise 季度環比增長了 3%。聽起來你可能開始看到需求穩定的跡象，或者至少可能有更好的前景。想知道您是否可以擴展您在企業 IT 中看到的內容。您是否看到企業 IT 預算開始堅挺？

And then the second question is, can you just describe what you're seeing on -- or in the general pricing environment across the processor and the wireless segments? Is it stable? Are you starting to see some pricing pressure, especially from Asia competitors?

第二個問題是，您能否描述一下您所看到的情況，或是在處理器和無線領域的一般定價環境中看到的情況？穩定嗎？您是否開始看到一些定價壓力，尤其是來自亞洲競爭對手的壓力？

Yes. Thanks, Quinn. First of all, I think you got the tone and tenor right. We certainly are liking enterprise for the first time in a while. We're seeing much better results in the enterprise area.

是的。謝謝，奎因。首先，我認為你的語氣和基調是正確的。我們確實在一段時間以來第一次喜歡上了企業。我們在企業領域看到了更好的結果。

I'm not totally sure that it's driven necessarily by some magic uptick in IT spending. I think it's driven a lot by refresh cycles. Our video interface products we talked about being up sequentially. There we've introduced two new devices that have pretty compelling use cases that are driving adoption. So I'd say that's happening there.

我並不完全確定這是否一定是由 IT 支出的神奇成長所推動的。我認為這在很大程度上是由刷新周期驅動的。我們談到的視訊介面產品依序上來。在那裡，我們推出了兩款新設備，它們具有非常引人注目的用例，正在推動採用。所以我想說那裡正在發生這種情況。

In PC, we're kind of bubbling with the market, but I think we've actually had some share gains that have led to some incremental revenue growth in the PC area. So if you look across the portfolio, we would expect now-ish, as we've talked about, that we get a much better sense for IT budgets. We feel that the IT budgets will be better. It looks like all the things that we've talked about relative to assets being sweat for longer, necessary updates coming to roost, looks like that could be better. And so I think outside of some of the seasonality that Ken talked about in Q1, which who knows where it ends up, but I think it's good to provide some caution, generally, we feel pretty good.

在個人電腦領域，我們正在與市場一起冒泡，但我認為我們實際上已經獲得了一些份額的成長，這導致了個人電腦領域收入的一些增量增長。因此，如果您縱觀整個投資組合，我們預計，正如我們所討論的，我們現在對 IT 預算有更好的了解。我們認為IT預算會更好。看起來我們討論過的所有與資產相關的事情都需要更長的時間，必要的更新即將到來，看起來可能會更好。因此，我認為除了肯在第一季談到的一些季節性之外，誰知道它最終會在哪裡，但我認為提供一些謹慎是有好處的，總的來說，我們感覺很好。

Yes, Quinn asked about pricing. Yes, also a good question. Still the pricing environment has not been that challenging. We certainly see it in the areas that we've highlighted, Wi-Fi, to a certain extent, in mobile, we see it. We don't have a lot of China exposure.

是的，奎因詢問了定價問題。是的，也是個好問題。不過，定價環境並沒有那麼具有挑戰性。我們當然在我們強調的領域看到了它，Wi-Fi，在某種程度上，在行動領域，我們看到了它。我們在中國的業務不多。

And so that, the Chinese pricing environment, as we understand, is a little bit of a challenge. But I would say right now the pricing pressure is plus. I mean, in other words, if I look at it historically in the semiconductor business, I don't think it's nearly as bad as it was 2015, 2016, maybe even 2017. It seems to be holding up relatively well. Yes, there are pockets of price pressure, the Wi-Fi touch controllers, some of the others.

因此，據我們了解，中國的定價環境是一項挑戰。但我想說，現在定價壓力很大。我的意思是，換句話說，如果我回顧半導體產業的歷史，我認為它不會像 2015 年、2016 年甚至 2017 年那麼糟糕。它似乎保持得相對較好。是的，確實存在一些價格壓力，例如 Wi-Fi 觸控控制器，還有其他一些。

But mostly we're able to hold pricing. On the other side, we don't see a lot of help from the suppliers on cost reductions on the input side.

但大多數情況下我們能夠維持定價。另一方面，我們沒有看到供應商在投入方面降低成本方面提供太多幫助。

Yes. And Quinn, maybe I'll just jump in here as well. It's Ken. Good to talk to you. I'd say, if you look at some of the markets we serve and some of the products that we have, we have very strong print positions, so on those products, there's very little pricing pressure just given our print position.

是的。奎因，也許我也會跳到這裡。是肯.很高興和你說話。我想說，如果你看看我們服務的一些市場和我們擁有的一些產品，我們擁有非常強大的印刷地位，因此在這些產品上，考慮到我們的印刷地位，定價壓力很小。

Peter Peng, JPMorgan.

彭彼得，摩根大通。

Congratulations on the strong guidance. It sounds like Enterprise is starting to finally move in the right direction. How would you kind of think about the recovery profile of this? Does this kind of follow how we would observe in the Core IoT? Do you think this is more muted?

恭喜您的大力指導。聽起來 Enterprise 終於開始朝著正確的方向前進了。您如何看待這個的恢復情況？這是否遵循我們在核心物聯網中觀察到的方式？你覺得這樣更低調嗎？

And then what kind of margin implications does this have given that this is a higher-margin segment?

那麼，這是一個利潤率較高的細分市場，這會對利潤率產生什麼樣的影響呢？

Yes. I mean I think, consistent with what we've said previously, it's going to really depend on IT budgets and IT spending. We definitely see signs of life, so that's a good news. I think you got the headline right. I do think that that's -- as I said to the previous question from Quinn, I think it's driven mostly by kind of things in our control, some new features, some market share gains and things like that.

是的。我的意思是，我認為，與我們之前所說的一致，這實際上取決於 IT 預算和 IT 支出。我們確實看到了生命跡象，所以這是一個好消息。我認為你的標題是正確的。我確實認為，正如我在回答 Quinn 的上一個問題時所說的那樣，我認為這主要是由我們控制的一些事情、一些新功能、一些市場份額的增長等等推動的。

On aggregate, we haven't seen a lot of IT spending increases. But I would say we feel better about that happening now in 2025. And should that happen, look, you're right, I mean it's mix within the mix. Always our margins are impacted by what we ship. If PC comes up, like we said in the prepared remarks, that won't help a whole lot on margin.

整體而言，我們還沒有看到 IT 支出大幅成長。但我想說，我們對 2025 年發生的事情感覺更好。如果發生這種情況，看，你是對的，我的意思是它是混合中的混合。我們的利潤始終受到我們出貨的影響。如果 PC 出現，就像我們在準備好的評論中所說的那樣，這對利潤率沒有多大幫助。

If we're able to see a better increase on our video interface products, some of our audio products, some of our enterprise telephony, that really does help the margin profile. So it depends a bit on where it comes from. PC is kind of in line with the corporate average in terms of margin, where these other segments will -- or product lines will definitely drag it up.

如果我們能夠看到我們的視訊介面產品、我們的一些音訊產品、我們的一些企業電話產品有更好的成長，那確實有助於提高利潤率。所以這在一定程度上取決於它來自哪裡。個人電腦的利潤率與企業平均值一致，而其他細分市場或產品線肯定會拖累其利潤率。

Great. My follow-up is on -- and thanks for disclosing your funnel for your Astra platform. Maybe if you can perhaps provide some color in terms of your customer engagement. How broad is it? Is there any geographic concentration?

偉大的。我的後續行動正在進行中——感謝您披露 Astra 平台的管道。也許你可以在客戶參與度方面提供一些色彩。它有多廣泛？是否存在地理集中？

Maybe you could give us some more color on that.

也許你可以給我們更多的資訊。

Yes. I mean it's the right question. I mean I was just debating our division leader on the phone just prior to our call on this topic. The answer is it's pretty broad. And what's going on right now is we're generally hunting and we're finding opportunities across segments, and we're trying to figure out where we best fit.

是的。我的意思是這是正確的問題。我的意思是，就在我們就這個主題進行通話之前，我剛剛在電話中與我們的部門領導進行了辯論。答案是範圍相當廣泛。現在發生的事情是，我們通常正在尋找跨細分市場的機會，並且我們正在努力找出最適合我們的地方。

I mean our products are very unique. They're super low power, very low cost, kind of in this $5, $6, $7 price point, and enabling quite a bit of compute. We're talking about 10, 12 teraOPS of inferencing that these devices are capable of. So you put that together, they can fit in a lot of different end-applications: home security, appliances, home automation, industrial, I think somebody was -- it was maybe Kevin who was asking about that segment a minute ago. There's a lot of different areas in which we can go.

我的意思是我們的產品非常獨特。它們具有超低功耗、非常低的成本，大約在 5 美元、6 美元、7 美元的價位，並且支援相當多的計算。我們談論的是這些設備能夠進行 10、12 teraOPS 的推論。所以你把它們放在一起，它們可以適應很多不同的終端應用：家庭安全、電器、家庭自動化、工業，我想有人——可能是凱文一分鐘前問過這個領域。我們可以去很多不同的領域。

So right now, we're kind of going broad with these devices. Our goal is probably first quarter, second quarter next year, to really finish the exploration process and narrow down on two or three segments and really go after it. So we feel good about where we are. I mean the funnel size speaks to that. A lot of opportunity in this area.

所以現在，我們正在廣泛使用這些設備。我們的目標可能是明年第一季、第二季度，真正完成探索過程，縮小到兩三個部分，真正去追求它。所以我們對自己所處的位置感覺良好。我的意思是漏斗的大小說明了這一點。這個領域有很多機會。

As I said, we're -- our value proposition to customers right now is, look, we can replace processors from our competitors in a plug-and-play type of fashion, no cost increase at all, and then you get all this AI capability. So when you figure out your AI use case, you're good to go, and you don't need to have that in mind right out of the chute.

正如我所說，我們現在對客戶的價值主張是，看，我們可以以即插即用的方式替換競爭對手的處理器，根本不會增加成本，然後你就得到了這一切人工智慧能力。因此，當你弄清楚你的人工智慧用例時，你就可以開始了，而且你不需要一開始就記住這一點。

Thank you. I'm showing no further questions at this time, and would now like to turn it back to Michael Hurlston for closing remarks.

謝謝。我目前沒有提出任何進一步的問題，現在想將其轉回邁克爾·赫爾斯頓（Michael Hurlston）進行結束語。

I'd like to thank all of you for joining us today. We look forward to speaking to you at our upcoming investor conferences during the quarter. Thanks so much.

我要感謝大家今天加入我們。我們期待在本季即將舉行的投資者會議上與您交談。非常感謝。

This does conclude the program, and you may now disconnect. Thank you.

這確實結束了程序，您現在可以斷開連接。謝謝。