Synaptics Inc (SYNA) 2025 Q2 法說會逐字稿

Thank you for standing by. And welcome to the Synaptics Inc, second quarter, fiscal year 2025 financial results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持。歡迎參加 Synaptics Inc 2025 財年第二季財務業績電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指令）

Again as a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Meng Jal Shah, Vice President, Investor Relations. Please go ahead.

再次提醒一下，今天的節目正在錄製。現在，我想介紹今天節目的主持人、投資者關係副總裁孟傑沙。請繼續。

Good afternoon. And thank you for joining us today on Synaptics second quarter, fiscal 2025 conference call. My name is Munjal Shah, and I am the head of Investor Relations.

午安.感謝您今天參加 Synaptics 2025 財年第二季電話會議。我叫 Munjal Shah，是投資人關係主管。

With me on today's call are Ken Rizvi, our interim CEO and Chief Financial Officer; Satish Ganesan, our SVP Intelligence Sensing Division and Chief Strategy Officer; Venkat Kodavati, SVP Wireless; and Vikram Gupta SVP of IT processors and Chief Product Officer.

今天與我一起參加電話會議的還有我們的臨時執行長兼財務長 Ken Rizvi； Satish Ganesan，我們的智慧感測部門資深副總裁兼首席策略長； Venkat Kodavati，無線資深副總裁；以及 IT 處理器資深副總裁兼首席產品長 Vikram Gupta。

In addition to our quarterly results, we will also discuss a recent agreement with Broadcom. 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.

除了我們的季度業績外，我們還將討論最近與博通達成的協議。本次電話會議將透過網路現場直播，您可從公司網站 synaptics.com 的投資者關係部分存取。

In addition to a supplemental slide presentation, we have posted a copy of the prepared remarks on our Investor Relations website.

除了補充幻燈片簡報外，我們還在投資者關係網站上發布了一份準備好的發言副本。

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.

除公司的 GAAP 結果外，管理層還將提供非 GAAP 基礎上的補充結果，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 our earnings' press release issued after market close today for a 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.

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 財務指標與非 GAAP 財務指標的對照表，您可以從公司網站 synaptics.com 的「投資者關係」部分存取該新聞稿。

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 in our supplemental materials and may make additional forward-looking statements in response to your questions.

此外，我們想提醒您，在本次電話會議期間，Synaptics 將在準備好的評論和補充資料中做出前瞻性陳述，並可能針對您的問題做出額外的前瞻性陳述。

These forward-looking statements give our current expectations and projections relating to our financial condition, results of operation, plans, objectives, future performance, and business. Although Synaptics believes the estimates and assumptions underlying these forward-looking statements to be reasonable, they are subject to a number of risks and uncertainties beyond our control.

這些前瞻性陳述給出了我們目前對財務狀況、經營成果、計劃、目標、未來業績和業務的預期和預測。儘管 Synaptics 認為這些前瞻性聲明所依據的估計和假設是合理的，但它們仍受到許多我們無法控制的風險和不確定性的影響。

Synaptics cautions that actual results may differ materially from any future performance suggested in the company's forward-looking statement.

Synaptics 警告稱，實際結果可能與公司前瞻性聲明中所預測的未來表現有重大差異。

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 statement.

因此，我們請您參閱本公司向美國證券交易委員會提交的當前和定期報告，包括我們最近的 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任何前瞻性聲明中的結果存在重大差異的重要風險因素。

Except as required by law, Synaptics expressly disclaims any obligation to update this forward-looking information. I will now turn the call over to Ken.

除法律要求外，Synaptics 明確表示不承擔更新此前瞻性資訊的任何義務。現在我將電話轉給肯。

Thanks Munjal. I'd like to welcome everyone to today's call. I have the pleasure of Vikram, Venkat, and Satish joining our call today. I first want to briefly comment on the news iWe announced on Monday that Michael Hurlston has stepped down as President and CEO and as a member of our board of directors to assume the role of CEO at Lumentum.

謝謝 Munjal。我歡迎大家參加今天的電話會議。我很高興 Vikram、Venkat 和 Satish 參加我們今天的電話會議。首先，我想簡要評論我們週一宣布的消息，邁克爾·赫爾斯頓 (Michael Hurlston) 已辭去總裁兼首席執行官和董事會成員職務，擔任 Lumentum 的首席執行官。

We thank Michael for his invaluable contributions and dedication to Synaptics over the last five years and wish him the best in his future endeavors.

我們感謝邁克爾在過去五年對 Synaptics 的寶貴貢獻和奉獻，並祝福他在未來的事業中一切順利。

The board has commenced a CEO search and will be considering both internal and external candidates. To ensure seamless execution during this transition, I will be serving as interim CEO and will work closely with our executive Chairman, Nelson Chan. Our board and our deep bench of experienced senior leaders to drive the continued execution of our growth strategy.

董事會已開始尋找首席執行官，並將考慮內部和外部候選人。為了確保過渡期間的順利執行，我將擔任臨時首席執行官，並與我們的執行主席 Nelson Chan 密切合作。我們的董事會和經驗豐富的高階領導團隊推動著我們成長策略的持續執行。

We have a strong foundation and leadership team in place and remain laser focused on capitalizing on the significant demand for our innovative products and solutions. Our strategy remains the same and has three key pillars.

我們擁有強大的基礎和領導團隊，並始終專注於滿足對我們創新產品和解決方案的巨大需求。我們的策略保持不變，有三個主要支柱。

First, we are investing in our core product lines within the enterprise, Automotive, and Mobile-touch markets. We are confident in the growth prospects of these franchise products as we hold a leadership position as either the number one or number two player in terms of market share in many of these markets.

首先，我們正在投資企業、汽車和行動觸控市場的核心產品線。我們對這些特許經營產品的成長前景充滿信心，因為我們在許多市場的市場份額中佔據第一或第二的領導地位。

Second, we continue to see tremendous growth opportunities in core IoT, specifically in our wireless and processor portfolio, as evidenced by our recent Broadcom Agreement, our tuck-in acquisition of packet craft, and our Google partnership. We are investing both organically and inorganically to scale and expand capabilities in these high-growth areas.

其次，我們繼續看到核心物聯網領域的巨大成長機會，特別是在我們的無線和處理器產品組合中，這從我們最近與博通達成的協議、對 Packet Craft 的收購以及與Google的合作中可見一斑。我們正在進行有機和無機投資，以擴大和拓展這些高成長領域的能力。

And finally, we remain prudent in our allocation of capital. During the second quarter, we retired our term loan B with a convertible note and cash on hand, reducing our total debt and cash interest expense while also returning approximately $75 million of capital, back to shareholders via share repurchases.

最後，我們在資本配置上依然保持審慎。在第二季度，我們用可轉換票據和現金償還了定期貸款 B，減少了我們的總債務和現金利息支出，同時透過股票回購向股東返還了約 7,500 萬美元的資本。

Before I go through the details of our second fiscal quarter, let me comment on our recent Broadcom Agreement. This was a $198 million all-cash transaction funded with cash from our balance sheet. We expect to generate over $40 million in annualized sales and expect the transaction to be slightly accretive to our non-GAAP EPS. We have posted slides on our website, outlining the transaction benefits.

在介紹第二財季的細節之前，我先來評論一下我們最近的博通協議。這是一筆價值 1.98 億美元的全現金交易，資金來自我們的資產負債表上的現金。我們預計該交易將產生超過 4,000 萬美元的年銷售額，並預計該交易將略微增加我們的非 GAAP 每股收益。我們在網站上發布了幻燈片，概述了交易的好處。

Let me turn you to slide 4 of that presentation. We believe our new agreement with Broadcom accelerates our edge AI strategy and further strengthens our leadership in IoT connectivity.

讓我翻到該簡報的第 4 張投影片。我們相信，與博通的新協議將加速我們的邊緣 AI 策略，並進一步加強我們在物聯網連接領域的領導地位。

As part of the transaction, we expand our portfolio of industry leading Wi-Fi 8 combo devices that include advanced bluetooth features, additional Wi-Fi 7 combo devices, ultra-wide band or UWB intellectual property, next generation GPS, GNSS products, and combo front-end modules. This transaction solidifies and secures our wireless road map for the next five plus years.

作為交易的一部分，我們擴展了業界領先的 Wi-Fi 8 組合設備產品組合，其中包括先進的藍牙功能、附加的 Wi-Fi 7 組合設備、超寬頻或 UWB 智慧財產權、新一代 GPS、GNSS 產品和組合前端模組。此交易鞏固並保障了我們未來五年以上的無線發展路線圖。

The agreement, also importantly, expands our field of use, allowing our Wi-Fi products to compete in AR/VR, Android smartphones, and the consumer audio markets, substantially increasing our serviceable market. Additionally, we are onboarding a highly skilled team of engineers, positioning us as one of the largest and most qualified teams in cutting edge wireless research and development.

同樣重要的是，該協議擴大了我們的使用領域，使我們的Wi-Fi產品能夠在AR/VR、Android智慧型手機和消費性音訊市場中競爭，大大增加了我們的可服務市場。此外，我們正在組建一支高技能的工程師團隊，使我們成為尖端無線研究和開發領域中規模最大、最合格的團隊之一。

Moving to slide 5. As AI continues to evolve at the edge, we believe smartphones will serve as one of the central hubs for controlling multiple edge IoT devices. By expanding our reach into these devices, we now have the ability to enable a complete ecosystem with centralized control at the hub in seamless end-to-end edge connectivity.

移至投影片 5。隨著人工智慧在邊緣不斷發展，我們相信智慧型手機將成為控制多個邊緣物聯網設備的中央樞紐之一。透過將我們的覆蓋範圍擴展到這些設備，我們現在能夠在無縫的端到端邊緣連接中實現集中控制的完整生態系統。

We believe we will be one of the first, if not the first to market with Wi-Fi [AI] technology, enabling AI at the edge. Now moving to slide 6, the Broadcom Agreement further strengthens our leadership and wireless connectivity, expanding our portfolio of high performance and broad markets IoT applications. In addition, we now have the foundational technology for UWB which we can integrate into future IoT devices.

我們相信，我們將成為第一批將 Wi-Fi [AI] 技術推向市場的公司之一，從而實現邊緣 AI。現在轉到第 6 張投影片，Broadcom 協定進一步加強了我們的領導地位和無線連接，擴大了我們的高效能和廣泛市場物聯網應用組合。此外，我們現在擁有 UWB 的基礎技術，可以將其整合到未來的物聯網設備中。

Finally, our portfolio now includes next generation GPS, GNSS devices, offering greater accuracy and improved power efficiency, enabling us to further expand our position in markets such as wearables, navigation devices, and asset trackers.

最後，我們的產品組合現在包括新一代 GPS、GNSS 設備，提供更高的精度和更好的電源效率，使我們能夠進一步擴大在穿戴式裝置、導航設備和資產追蹤器等市場的地位。

Moving to slide 7, as I mentioned, as part of the agreement, we have onboarded a great team of engineers. Since our initial acquisition of wireless assets from Broadcom in 2020, we've made significant strides in establishing leadership in wireless connectivity.

轉到第 7 張投影片，正如我所提到的，作為協議的一部分，我們已經組建了一支優秀的工程師團隊。自 2020 年首次從博通收購無線資產以來，我們在確立無線連線領域的領導地位方面取得了重大進展。

We started with a team of approximately 50-plus employees and now have built a world-class wireless engineering team. Our comprehensive portfolio for edge AI IoT applications, spans all generations of Wi-Fi devices, bluetooth, GPS, GNSS, and UWB.

我們最初擁有約 50 多名員工，現在已經建立了一支世界一流的無線工程團隊。我們針對邊緣 AI IoT 應用的全面產品組合涵蓋了所有代 Wi-Fi 設備、藍牙、GPS、GNSS 和 UWB。

We believe our cutting-edge research and development pushes the limits of performance efficiency and seamless connectivity.

我們相信，我們尖端的研究和開發將突破性能效率和無縫連接的極限。

In summary, Venkat, our Senior Vice President of wireless, worked closely with Broadcom to finalize this strategic transaction, adding multiple next-generation connectivity products and technologies to our portfolio.

總而言之，我們的無線高級副總裁 Venkat 與 Broadcom 密切合作，完成了這項策略交易，為我們的產品組合添加了多種下一代連接產品和技術。

We are excited to welcome our new team members to Synaptics and look forward to building a bright and successful future together, separately on the edge AI processor front. We recently announced a collaboration between Google and Synaptics, integrating Google's MLIR compliant machine learning core with our industry-leading Astra processor line.

我們很高興歡迎新團隊成員加入 Synaptics，並期待在邊緣 AI 處理器領域共同打造光明而成功的未來。我們最近宣布了 Google 與 Synaptics 之間的合作，將 Google 符合 MLIR 標準的機器學習核心與我們業界領先的 Astra 處理器系列相結合。

The AI solution combines Astra's neural processing engine with Google's standard core. We expect both companies to contribute compiler expertise and collaborate on advancing the technology road map. This AI solution will be incorporated into our upcoming Astra processors.

此人工智慧解決方案將 Astra 的神經處理引擎與Google的標準核心結合。我們期望兩家公司能夠貢獻編譯器專業知識並合作推進技術路線圖。該 AI 解決方案將納入我們即將推出的 Astra 處理器中。

One of the reasons Google chose Synaptics as a partner is due to our AI technology that is expected to deliver industry-leading inference for [wat]. This partnership speaks to our credibility in this emerging industry and is a validation of investments we have made to deliver high performance, ultra-low power edge AI solutions.

Google 選擇 Synaptics 作為合作夥伴的原因之一是我們的 AI 技術有望為[瓦]。此次合作證明了我們在這個新興產業的信譽，也是對我們為提供高效能、超低功耗邊緣 AI 解決方案所做投資的驗證。

We believe Google will be a strong partner in creating a thriving ecosystem for AI, attracting A I model developers and driving further proliferation of AI to the edge. We expect our collaboration to create opportunities in future Google and non-Google devices, serving this emerging ecosystem.

我們相信，Google將成為我們強大的合作夥伴，共同打造蓬勃發展的人工智慧生態系統，吸引人工智慧模型開發者，並推動人工智慧進一步向邊緣擴散。我們希望我們的合作能為未來的 Google 和非 Google 設備創造機會，服務於這個新興的生態系統。

Now let me turn to December quarter results. We delivered another solid quarter of growth with revenues increasing 4% sequentially, and 13% year over year to $267 million, which was slightly above the midpoint of our guidance range, led by strength in core IoT and enterprise products.

現在我來談談 12 月季度的業績。我們又實現了一個穩健成長的季度，營收季增 4%，年增 13%，達到 2.67 億美元，略高於我們預期範圍的中點，這得益於核心物聯網和企業產品的強勁成長。

Non-GAAP gross margin came in slightly above the midpoint of our guidance at 53.6%. Non-GAAP EPS increased 61% year over year to $0.92 and exceeded the midpoint of our guidance.

非公認會計準則毛利率略高於我們預期的中位數 53.6%。非公認會計準則每股收益年增 61% 至 0.92 美元，超過了我們預期的中位數。

In core IoT, our product sales increased 63% year over year to $61 million, driven by growth in both processor and wireless products. Our processor demand is improving as customer and channel inventory challenges are largely behind us.

在核心物聯網領域，我們的產品銷售額年增 63%，達到 6,100 萬美元，這得益於處理器和無線產品的成長。由於客戶和通路庫存挑戰基本上已過去，我們的處理器需求正在改善。

Additionally, we are collaborating with content providers to develop new AI use cases for operators and ramping new design ones. In wireless, we are sampling Wi-Fi 7 in broad market chips with customers.

此外，我們正在與內容提供者合作，為營運商開發新的 AI 用例並推出新的設計案例。在無線領域，我們正在與客戶一起在廣泛市場晶片中對 Wi-Fi 7 進行採樣。

To advance our BLE efforts, we acquired Packetcraft, a provider of advanced embedded BLE software. Packetcraft offers a low latency and compact software stack, enabling energy efficiency and economically interconnected systems.

為了推進我們的 BLE 工作，我們收購了先進嵌入式 BLE 軟體供應商 Packetcraft。Packetcraft 提供低延遲和緊湊的軟體堆疊，實現能源效率和經濟互連的系統。

With our recent transactions, organic development, growing pipeline, and design-win momentum, we continue to remain confident in our core IoT-growth vectors.

透過我們最近的交易、有機發展、不斷增長的管道和設計贏得的勢頭，我們繼續對我們的核心物聯網成長載體充滿信心。

Turning to enterprise and Automotive. On the enterprise side, we are seeing normal seasonal trends with customers placing orders only when and demand materializes as a result. While orders and bookings continue to show improvement, they do not yet indicate a refresh cycle.

轉向企業和汽車。在企業方面，我們看到正常的季節性趨勢，客戶只有在需求出現時才會下訂單。儘管訂單和預訂量繼續改善，但尚未表明進入更新週期。

For calendar year 2025, we remain optimistic about enterprise demand due to multiple factors. Contributions from new products, opportunities to continue to gain market share, lien customer, and channel inventories and the potential for APC refresh cycle.

對於2025年，由於多種因素，我們仍然對企業需求持樂觀態度。新產品的貢獻、持續獲得市場份額的機會、留置客戶和通路庫存以及 APC 更新週期的潛力。

At CES, we showcased several new technologies including user-presence detection or UPD. Our lead customer has launched new products, featuring our solution. And we expect them to ramp throughout calendar year 2025.

在 CES 上，我們展示了多種新技術，包括用戶存在檢測（UPD）。我們的主要客戶已經推出了採用我們解決方案的新產品。我們預計其產量將在 2025 年大幅提升。

We have also secured our first UPD design win at another major OEM, reinforcing our market position. We expect adoption and penetration of UPD technology to increase as customers recognize the value and power savings, privacy, and security.

我們也首次贏得了另一個大型 OEM 的 UPD 設計，鞏固了我們的市場地位。我們預計，隨著客戶認識到 UPD 技術的價值和節能、隱私和安全性，其採用和普及率將會增加。

In Automotive, we secured our first smart bridge design win with a customer in China. We remain encouraged by the long-term potential of this technology. Given its system level cost savings, exceptional contrast ratio and Automotive displays and best-in-class image quality. Overall, our business has been resilient.

在汽車領域，我們與中國客戶贏得了首個智慧橋樑設計勝利。我們仍然對這項技術的長期潛力感到鼓舞。鑑於其係統級成本節省、卓越的對比度和汽車顯示器以及一流的圖像品質。整體而言，我們的業務一直具有彈性。

However, we would expect to experience similar headwinds as other semi-conductor suppliers within the Automotive space as most of our exposure is to US and European customers. For the long term, we believe we are well positioned across major OEMs globally and will continue to pursue and expand opportunities in China.

然而，由於我們的業務主要面向美國和歐洲客戶，因此我們預計會遇到與汽車領域其他半導體供應商類似的阻力。從長遠來看，我們相信我們在全球主要原始設備製造商中佔據有利地位，並將繼續在中國尋求和擴大機會。

In Mobile touch, we are pleased to say the headwind from our large US customer is now fully behind us. Looking forward, our primary focus will be on the high-end Android smartphone market. In Q2, we saw revenue growth from China OEMs, benefiting from an increasing mix of flexible OLED screen technology.

在行動觸控領域，我們很高興地宣布，來自美國大客戶的逆風已經完全過去了。展望未來，我們的重點將放在高階 Android 智慧型手機市場。在第二季度，我們看到來自中國OEM廠商的營收成長，受益於柔性OLED螢幕技術的不斷增加。

The Android market saw solid recovery in 2024. And we expect to see continued growth in 2025 as the Android ecosystem gains share in industry incentives drive higher demand.

2024 年，Android 市場穩定復甦。隨著 Android 生態系統在產業激勵措施中份額的增加以及需求的增加，我們預計 2025 年將繼續成長。

Now let me turn to our second-quarter financial results and third-quarter outlook. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP financial measures in our earnings' release tables found in the Investor Relations section of our website.

現在我來談談我們的第二季財務業績和第三季展望。我將重點談論我們的非 GAAP 業績，該業績與我們網站「投資者關係」部分的收益發布表中的 GAAP 財務指標相協調。

Revenue for fiscal Q2 was $267.2 million, above the midpoint of our guidance with sequential and year-over-year improvement in both core IoT and enterprise and Automotive. Q2 revenues were up 13% on a year-over-year basis and up 4%, sequentially.

第二財季的營收為 2.672 億美元，高於我們預期的中位數，核心物聯網、企業和汽車業務均達到季比和年成長。第二季營收年增 13%，季增 4%。

Revenue mix in the second quarter was follows. 23% core IoT, 59% enterprise and Automotive, and 18% Mobile touch products. Core IoT product revenues increased 63% year over year and 3%, sequentially. Enterprise and Automotive product revenue improved 17% year over year and 8%, sequentially.

第二季度的收入結構如下。 23% 為核心物聯網、59% 為企業和汽車、18% 為行動觸控產品。核心物聯網產品營收年增 63%，季增 3%。企業和汽車產品營收年增 17%，較上季成長 8%。

Mobile touch product revenue was down 7%, sequentially and 25% year over year as product shipments to a large US customer have reached end of life.

由於向美國一家大客戶出貨的產品已達到使用壽命，行動觸控產品收入較上季下降 7%，較去年同期下降 25%。

Second quarter non-GAAP, gross margin was 53.6%, slightly above the midpoint of our guidance. Second quarter, non-GAAP operating expense was $97.1 million, slightly above the midpoint of our guidance range, primarily due to the inclusion of the Packetcraft acquisition as well as incremental variable expenses during the quarter.

第二季非公認會計準則毛利率為 53.6%，略高於我們預期的中位數。第二季度，非 GAAP 營業費用為 9,710 萬美元，略高於我們預期範圍的中點，主要原因是納入了 Packetcraft 收購以及本季度的增量變動費用。

Our non-GAAP operating margin strengthened again in the second quarter, coming in at 17.3%, up approximately 360 basis points on a year-over-year basis and 60 basis points, sequentially, driven by improved revenue and continued operating expense controls.

我們的非公認會計準則營業利潤率在第二季度再次增強，達到 17.3%，比去年同期增長約 360 個基點，比上一季度增長 60 個基點，這得益於收入增加和持續的營業費用控制。

Non-GAAP net income in Q2 was $36.6 million. Non-GAAP EPS per diluted share came in above the midpoint of our guidance at $0.92 per share, an increase of 61% on a year-over-year basis and 14%, sequentially.

第二季非公認會計準則淨收入為 3,660 萬美元。非公認會計準則每股收益每股攤薄收益高於我們預期的中點，為每股 0.92 美元，較去年同期成長 61%，較上季成長 14%。

Now, let me turn to the balance sheet. We ended the quarter with approximately $596 million of cash and cash equivalents, down approximately $258 million from the prior quarter. We fully retired our $582 million term loan B during the quarter. The total face value of debt decreased to $850 million from $982 million at the end of the September quarter.

現在，讓我來看看資產負債表。本季結束時，我們的現金和現金等價物約為 5.96 億美元，較上一季減少約 2.58 億美元。我們在本季全部償還了 5.82 億美元的定期貸款 B。債務總面額從 9 月底的 9.82 億美元降至 8.5 億美元。

In addition, we returned $74.5 million in capital through share repurchases this quarter. Purchasing approximately 1 million shares, cash flow from operations was $24 million.

此外，本季我們透過股票回購返還了 7,450 萬美元的資本。購買約100萬股，經營活動現金流為2,400萬美元。

As a reminder, subsequent to the quarter end, we did use $198 million of our cash for the Broadcom transaction. Now let me provide some details on our refinancing this past quarter.

提醒一下，在本季末之後，我們確實使用了 1.98 億美元現金用於 Broadcom 交易。現在，讓我提供一些有關我們上個季度再融資的詳細資訊。

In November, we issued $450 million of convertible notes with a coupon of 75 basis points due in 2031. We also purchased a cap call to mitigate dilution and economically protect us up to a stock price of approximately $150.

11 月份，我們發行了價值 4.5 億美元的可轉換票據，票面利率為 75 個基點，到期日為 2031 年。我們還購買了上限要求來減輕稀釋並在經濟上保護我們，最高股價約為 150 美元。

A table in our supplemental slides, outlines the dilution mitigation benefit of this cap call. We use the proceeds from our convertible offering and cash from our balance sheet to completely retire our $582 million term loan.

我們的補充幻燈片中的表格概述了此上限調用的稀釋緩解效益。我們利用可轉換發行所得和資產負債表中的現金來完全償還 5.82 億美元的定期貸款。

Capital expenditures were $4.7 million and depreciation for the quarter was $7.4 million. Receivables at the end of December were $146.5 million and days of sales outstanding were 49 days, up from 47 days, last quarter, our ending inventory balance was $119.5 million which was roughly in line with the prior quarter. The calculated days of inventory on our balance sheet were 87 days.

本季資本支出為 470 萬美元，折舊為 740 萬美元。12 月底的應收帳款為 1.465 億美元，未收帳款天數為 49 天，高於上一季的 47 天，我們的期末庫存餘額為 1.195 億美元，與上一季基本持平。我們的資產負債表上計算的庫存天數為87天。

Now turning to our third quarter of fiscal 2025 guidance, we expect revenues to be approximately $265 million at the midpoint, plus or minus $15 million. Our guidance includes a partial quarter of contribution from our recent acquisition of Broadcom assets.

現在談到我們的 2025 財年第三季指引，我們預期營收中間值約為 2.65 億美元，上下浮動 1,500 萬美元。我們的預期包括我們最近收購博通資產的部分季度貢獻。

Our guidance for the third quarter reflects an expected revenue mix from core IoT, enterprise, and Automotive, and Mobile touch products of approximately 2,558 and 17%, respectively.

我們對第三季的預期反映了核心物聯網、企業、汽車和行動觸控產品的預期收入組合分別約為 2,558 和 17%。

We expect non-GAAP gross margin to be 53.5% at the midpoint plus or minus 1%. Non-GAAP operating expenses in the March quarter are expected to be $101 million at the midpoint of guidance plus or minus $2 million.

我們預期非 GAAP 毛利率為 53.5%（中間值加減 1%）。根據非公認會計準則 (non-GAAP)，預計三月季度營業費用為 1.01 億美元，與指導值中位數相差 200 萬美元。

The increase in operating expenses is primarily due to headcount-related expenses from our Packetcraft acquisition and Broadcom transaction as well as incremental variable expenses.

營業費用的增加主要是因為我們收購 Packetcraft 和 Broadcom 的交易產生的員工人數相關費用以及增加變動費用。

We expect non-GAAP net interest and other expense to be approximately $1 million in the third quarter. And our non-GAAP tax rate to be in the range of 13% to 15%. 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 $39.5 million fully diluted shares.

我們預計第三季非公認會計準則淨利息和其他支出約為 100 萬美元。我們的非公認會計準則稅率在 13% 至 15% 之間。非公認會計準則每股攤薄淨利潤預計為 0.85 美元，在預計的 3,950 萬美元完全攤薄每股收益基礎上加減 0.20 美元。

To conclude, Synaptics has a strong portfolio of products with a leading share position in several end markets. We have an experienced leadership team that is laser focused on driving our product road map and business priorities. Our pipeline and our design wins continue to improve.

總而言之，Synaptics 擁有強大的產品組合，在多個終端市場中佔據領先地位。我們擁有一支經驗豐富的領導團隊，專注於推動我們的產品路線圖和業務重點。我們的管道和設計成果持續改善。

We are gaining market share and continue to drive innovation with new products. We remain committed to driving long-term sustainable growth for the company. This wraps up our prepared remarks. I'd like to turn the call over to the operator to start the Q&A session.

我們正在獲得市場份額，並繼續透過新產品推動創新。我們將繼續致力於推動公司的長期永續成長。我們的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) Quinn Bolton, Needham & Co.

（操作員指示） Quinn Bolton，Needham & Co.

Hey, guys. It's Neil Young on for Quinn Bolton. Thanks for taking the question. So you talked about the $40 million in annualized sales from the Broadcom transaction. Is that coming more into the core IoT segment or more into Mobile? Any color would be appreciated.

嘿，大家好。尼爾楊 (Neil Young) 取代奎因博爾頓 (Quinn Bolton)。感謝您回答這個問題。所以您談到了博通交易帶來的 4000 萬美元年銷售額。這是否更多地涉及到核心物聯網領域還是行動領域？任何顏色都值得讚賞。

Yeah, sure. Neil, thanks. This is Ken Rizvi. Thanks for the question. That will actually all fall into the core IoT segment because it's primarily wireless technologies.

是的，當然。尼爾，謝謝。這是 Ken Rizvi。謝謝你的提問。這些其實都屬於核心物聯網領域，因為它主要是無線技術。

Okay, great. Thanks. And then any specific areas that are driving the improvement in bookings and orders and enterprise? Maybe any areas of weakness within that you wanted to call out, as well.

好的，太好了。謝謝。那麼有哪些特定領域推動了預訂量、訂單量和企業的改善呢？或許您還想指出其中的任何薄弱環節。

Say that again. What -- reask the question there?

再說一次。什麼——在那裡重新提出這個問題？

Yeah. Sorry. So you talked about the improvement in bookings and orders within enterprise. So I was wondering if you wanted to call out any specific areas that are driving the improvement? And then on the flip side, any areas of weakness within enterprise?

是的。對不起。所以您談到了企業內部預訂和訂單的改善。所以我想知道您是否想指出推動改進的任何具體領域？那麼另一方面，企業內部還存在哪些薄弱環節呢？

Yeah. I would say it is fairly broad. We did talk about broadly speaking, on the peripheral side, we're starting to see some good traction there. And look, if I just step back and think about the entire business, I feel so much better today. Then maybe, six months ago, in terms of our visibility, overall for the entire business, one, we have very lean inventories overall at -- or below COVID levels.

是的。我想說它的範圍相當廣泛。我們確實從廣義上討論過，在外圍方面，我們開始看到一些良好的進展。瞧，如果我退一步思考整件事情，今天我會感覺好多了。那麼也許，六個月前，就我們的可見性而言，就整個業務而言，首先，我們的庫存總體上非常少，處於或低於 COVID 水平。

And then two, even in this kind of slower growth, economic environment, I definitely see a path for us to grow sequentially. About $10 million, plus or minus sequentially, throughout this calendar year. I think we're in very good shape. I see a path there.

其次，即使在這種成長較慢的經濟環境下，我仍然清楚地看到我們可以實現持續成長的道路。今年全年累計增減幅度約 1,000 萬美元。我認為我們的狀態非常好。我看見那裡有一條路。

Could it be slightly more in any given quarter or slightly less, the answer is yes. But we have a good path of growth ahead of us as we think out over the next four quarters through the end of this calendar year. And so, we're feeling very good about the business overall.

在任何一個季度中，這個數字可能會稍微多一些或稍微少一些嗎？但從我們對今年年底前未來四個季度的展望來看，我們的成長前景良好。因此，我們對整個業務感到非常滿意。

That's inclusive of the enterprise space and specifically, in the core IoT space, where we'll see some benefit this quarter from the Broadcom acquisition. We'll get the full benefit here starting in the June quarter. But we're very optimistic about the overall business.

這包括企業領域，特別是在核心物聯網領域，本季我們將看到收購博通帶來的一些好處。從二月季度開始，我們將獲得全部利益。但我們對整體業務非常樂觀。

The only area I would say that that is still a bit sluggish. We talked about this on the formal transcript is around the Automotive space. That's embedded in the comments I just outlined.

我想說的唯一一個領域就是仍然有點低迷。我們在正式記錄中討論了有關汽車領域的問題。這包含在我剛才概述的評論中。

Great. Thank you.

偉大的。謝謝。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券的凱文卡西迪 (Kevin Cassidy)。

Yes. Thanks for taking my question. And congratulations on the great quarter and the great transaction. And I wanted to learn a little more about the transaction of the products you have now licensed and now especially, the entry into the Android market and the AR/VR market.

是的。感謝您回答我的問題。恭喜本季取得的出色成績以及此出色的交易。我想進一步了解您現在授權產品的交易情況，特別是進入 Android 市場和 AR/VR 市場的情況。

Can you say -- are there designs in progress in those markets that maybe would be coming to production, say in the second half of this year or near term, anyway?

您能否說一下—這些市場中是否有正在進行的設計，可能會在今年下半年或近期投入生產？

Yeah. So Kevin, one, one, thank you for the support too. I think we also feel like this is a great transaction. It further extends the strength that we have in our overall core IoT segment and specifically around our wireless portfolio.

是的。所以 Kevin，首先，也謝謝你的支持。我想我們也覺得這是一筆偉大的交易。它進一步增強了我們在整個核心物聯網領域，特別是無線產品組合的優勢。

If you look at the revenue ramp, we've talked about a $40 million-plus opportunity, about $10 million-plus a quarter, we get the full benefit starting in the June quarter here. And you can expect us to continue to ramp our revenue, not only with the existing customer base.

如果你看一下收入成長，我們已經討論了 4000 多萬美元的機會，大約每季 1000 多萬美元，從 6 月這個季度開始我們將獲得全部收益。並且你可以期待我們繼續增加我們的收入，而不僅僅是現有的客戶群。

But we have an ability to ramp that technology with new customers, especially as we look into calendar year '26 and calendar year 2027.

但我們有能力透過新客戶來提升這項技術，特別是當我們展望26年和2027年時。

From a technology standpoint, what do we get? We get a Wi-Fi 8 combo chip set. We get advanced GNSS and GPS technology. We get IP around the UWB portfolio and then, we get front-end modules. So all of these things are actually fantastic additions to our overall portfolio.

從技術角度來看，我們得到了什麼？我們得到了一個Wi-Fi 8組合晶片組。我們獲得了先進的 GNSS 和 GPS 技術。我們獲得了圍繞 U​​WB 產品組合的 IP，然後獲得了前端模組。所以所有這些東西其實都是我們整體投資組合的絕佳補充。

In addition, we get some Wi-Fi 7 technology that's in production today, servicing that Android-related customer. I don't know, Venkat, do you want to add anything in terms of the contact?

此外，我們還獲得了一些目前正在生產的 Wi-Fi 7 技術，為 Android 相關客戶提供服務。我不知道，Venkat，你想在聯繫方面添加任何內容嗎？

No, I think you call it all. I can -- the only other thing I would add is that we also getting a clear set of team engineers as part of this transaction that will help us become one of the largest teams for IoT segment in the wireless.

不，我想你已經知道這一切了。我可以——我唯一想補充的是，作為此次交易的一部分，我們還獲得了一批明確的團隊工程師，這將幫助我們成為無線領域物聯網領域最大的團隊之一。

Perfect. Anything else, Kevin?

完美的。還有什麼嗎，凱文？

Yeah. Sorry, I had a little trouble hearing that answer. But yeah, because that I think you've mentioned what I'm going to ask next about, maybe with all this Wi-FI or just say wireless connectivity, that it will help you sell your processors into the AI network edge market.

是的。抱歉，我聽不清楚這個答案。但是的，因為我認為你已經提到了我接下來要問的問題，也許有了所有這些 Wi-FI 或者只是說無線連接，它將幫助你將處理器銷售到 AI 網路邊緣市場。

And you know, what percentage of -- it would you say your wireless connectivity customers can adapt your processes also.

您知道嗎，您認為無線連線客戶中有多少比例可以適應您的流程。

Vikram, do you want [to be from a bank]? Do you want to take this this call or this question? Go ahead.

維克拉姆，你想要嗎[來自銀行]？您想接聽這通電話或回答這個問題嗎？前進。

Yeah. So I think the way we see it is actually, this transaction helps us create a really good solutions that we can offer for the IoT and the Edge AI space.

是的。因此我認為我們實際上的看法是，這筆交易幫助我們創建了真正好的解決方案，可以為物聯網和邊緣人工智慧領域提供服務。

We have always been stressing the combination of our processes and connectivity together. And that story actually seems to be resonating across the board. The wireless portfolio is definitely in the full position right now.

我們一直強調流程和連結性的結合。這個故事似乎確實引起了廣泛的共鳴。目前，無線產品組合確實處於滿載狀態。

But as the processes are rolling out, we're seeing a pole living in the other direction. So we expect this trend to actually continue as we as we look ahead.

但隨著進程的推進，我們看到了另一個方向的趨勢。因此，我們預計，展望未來，這一趨勢將會持續下去。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Yeah. Hi. Thank you to my question. And congrats on the good results, Ken. The first question I had is when I look at your revenue, you're kind of being in this $250 million-plus amount, $50 million revenue run rate for almost like eight quarters or two years now.

是的。你好。感謝您回答我的問題。恭喜你取得如此好的成績，肯。我的第一個問題是，當我查看你們的收入時，發現你們的收入已經超過 2.5 億美元，近八個季度或兩年來，你們的收入運行率一直保持在 5,000 萬美元左右。

So if we strip out this Broadcom deal, I'm curious, are we just waiting for the cycle to inflect? Or do you see any kind of inflection coming imminently? Because I'm just wondering -- is this something Synaptics can do to outperform or generate out of the cycle compared to what we've been in this kind of a lull for like two years and then a follow up?

因此，如果我們去掉這筆博通交易，我很好奇，我們是否只是在等待週期的轉變？還是您預見到任何類型的轉變即將發生？因為我只是想知道——與我們已經處於兩年左右的低迷狀態然後又出現跟進相比，Synaptics 是否可以採取這種方式來超越或擺脫週期？

This is a good question. And so if you, if you wonder where the business now is, I feel very comfortable with the path ahead. Obviously, we can't call things out two years. But if you look at the trajectory of the business here through calendar year '25, we have much better visibility now than we did just even six months ago.

這是一個好問題。所以如果你想知道現在的業務進展如何，我對未來的道路感到非常有信心。顯然，我們無法用兩年的時間預測結果。但如果您回顧一下 25 日曆年的業務發展軌跡，我們現在的可見度比六個月前好得多。

And what I can say is I feel like we have a direct path to be able to grow the business from these levels. So we're -- we guided to $265 million. But I think sequentially, as we look out for the rest of this calendar year, there's definitely a path even in a low-growth environment to grow kind of $10 million or so, sequentially, in calendar year Q2, into calendar year Q3, and calendar year Q4.

我可以說的是，我感覺我們有一條直接的途徑可以從這些層面來發展業務。因此我們預計營收為 2.65 億美元。但我認為，當我們展望今年剩餘時間時，即使在低成長環境下，也肯定有辦法在日曆年第二季、日曆年第三季和日曆年第四季連續成長 1,000 萬美元左右。

So I think those are great signs in terms of where the business is at. And if you look even where we were a year ago. And one thing just to highlight, the business is up about 13%, sequentially on a revenue basis. But our earnings which are important are up 61%.

所以我認為，就業務現狀而言，這些都是好兆頭。如果你看一下我們一年前的情況。需要強調的是，該業務的收入較上季成長了約 13%。但我們重要的收入成長了61％。

So we've been able to show good revenue growth and better earnings growth in a slower growth environment. And I think part of our story here is that we have a number of great franchise businesses that we highlighted, where we're either number one or number two in a lot of critical markets in the enterprise space, in the Automotive space, and in the Mobile space.

因此，在成長較慢的環境下，我們能夠實現良好的收入成長和更好的獲利成長。我認為我們的故事的一部分是，我們擁有許多出色的特許經營業務，我們在企業領域、汽車領域和移動領域的許多關鍵市場中都位居第一或第二。

And we have this ability beyond that to really inflect our growth, especially as we look out into calendar '26 and '27. When you think about our core IoT segment, the Broadcom transaction augments our growth. But if you look at the capabilities we have within core IoT around wireless here as we think about this year and into next year.

除此之外，我們還有真正影響我們成長的能力，特別是當我們展望26年和27年的時候。當你考慮我們的核心物聯網領域時，博通交易會促進我們的成長。但是，如果您看看我們在核心物聯網中圍繞無線所擁有的功能，我們會想到今年和明年。

And then as we think about fiscal 2027, the ability to ramp the processor business with Astra specifically, those are really great story lines for the company. And it's an ability for us to grow above the market rates for our other end market.

然後，當我們考慮 2027 財年時，特別是透過 Astra 來拓展處理器業務的能力，對於公司來說，這些都是非常棒的故事情節。這也使我們能夠在其他終端市場上實現高於市場價格的成長。

So I feel like we're in a great position here. Obviously, we went through a very challenging period, post COVID. The business stabilized and bottomed about a year ago. And now, we're on this path for steady growth here and at least over the next three quarters through the end of this calendar year. I see a direct line of growth potential here in a slow growth, economic environment.

所以我覺得我們現在處於非常有利的地位。顯然，在疫情過後，我們經歷了一段非常具有挑戰性的時期。大約一年前，業務已趨於穩定並觸底。現在，我們正走在穩定成長的道路上，至少在未來三個季度到今年年底都是如此。在緩慢成長的經濟環境下，我看到了直接的成長潛力。

If things get better, we're obviously going to do much better. And so, very, very, very comfortable as we sit today.

如果情況好轉，我們顯然會做得更好。所以，我們今天坐得非常非常舒服。

Got you. Got you. Thanks for that explanation, Ken. Just a clarification, the follow-up question. The $10 million incremental revenue in June quarter, is that part of the $40 million run rate from the Broadcom acquisition?

明白了。明白了。謝謝你的解釋，肯。只需澄清一下，後續問題。6 月季度的 1,000 萬美元增量收入是博通收購帶來的 4,000 萬美元營業收入的一部分嗎？

Yes. So there is some in there, right? Because we do get a full quarter of benefit. This quarter, we're only going to get a partial quarter given when the transaction closed.

是的。那麼裡面有一些，對嗎？因為我們確實獲得了整整一個季​​度的利益。本季度，我們只能獲得交易結束時給出的部分季度數據。

And next year, next quarter, we'll get a full quarter of benefit from June and and then onward from there.

明年，下個季度，從六月開始我們將獲得整整一個季​​度的福利，然後從那時起繼續下去。

And then --

進而--

After that, after June, it will be normalized on a sequential basis. When you look at it, post June, it will be fully baked in. So September, December will be everything will be organic when you look at the sequential basis. And just one clarification the -- I mean, when you said 13%, it was 13% year-over-year growth.

此後，6月份以後將依序恢復正常。當你看它的時候，六月之後，它就完全成熟了。因此，從連續基礎來看，九月和十二月一切都將變得有機。需要澄清一點——我的意思是，當您說 13% 時，是指同比增長 13%。

Yeah. Yeah. I got it. Got it. Thanks a lot, Munjal. And I just like to follow up to that is the Google Deal announced. How to think about the quarterly revenue contribution. When will it start contributing to your top line? And along the same path if I bake in Broadcom and Google, is it fair to assume sequence in June should be up from March, September, [should have] from June and so on?

是的。是的。我得到了它。知道了。非常感謝，Munjal。我只是想跟進一下宣布的谷歌交易。如何考慮季度營收貢獻。它什麼時候會開始為您的營業收入做出貢獻？而且，如果我按照同樣的方法將博通和谷歌考慮進去，那麼是否可以合理地假設，6 月份的順序應該比 3 月份、9 月份、6 月份等等更高？

Yeah. So let me answer that. So the Google collaboration is really about the partnership and validation of our Astra platform. Nothing changes in terms of the forecast that we've outlined to investors in terms of the ramp it still in that fiscal '27 timeframe.

是的。那麼就讓我來回答這個問題。因此，與 Google 的合作實際上涉及我們 Astra 平台的合作與驗證。就我們向投資者概述的 27 財年時間範圍內的成長預測而言，沒有任何變化。

This just further solidifies the relationship with a large partner that is proliferating AI into edge applications in the edge ecosystem. If you look at the sequentials in terms -- so when we think about the revenue and revenue run rate, the Broadcom piece is part of my earlier comments.

這進一步鞏固了與大型合作夥伴的關係，該合作夥伴正在將人工智慧擴展到邊緣生態系統中的邊緣應用程式中。如果從連續性的角度來看，當我們考慮收​​入和收入運行率時，博通的部分就是我之前評論的一部分。

So in our guide here, in this quarter, we have a partial portion of the Broadcom revenue. We'll get the full portion here starting the June quarter. And as I mentioned before, as I think about it today, in this lower growth environment, I would think about sequential growth from here, without giving guidance into June, about $10 million more.

因此，在我們的本季指南中，我們列出了博通的部分收入。從六月季度開始，我們將在這裡獲得全部內容。正如我之前提到的，當我今天思考這個問題時，在這種較低增長的環境下，我會考慮從現在開始的連續增長，但不會對 6 月份做出預測，大約會增長 1000 萬美元。

And then another $10 million in -- into September and another $10 million into December. So I think we have a good path for growth. If the economic environment improves, hopefully, we'll do better.

然後 9 月又投入 1,000 萬美元，12 月又投入 1,000 萬美元。所以我認為我們有一條好的成長道路。如果經濟環境改善，希望我們會做得更好。

But I feel very comfortable in terms of where the business is positioned today, how the backlog is shaping up, where inventories are, and how our product portfolio is is shaping up for not only this year, but as we think about 2026.

但我對目前的業務定位、積壓訂單的進展、庫存情況以及我們的產品組合不僅在今年而且在 2026 年的進展感到非常滿意。

Awesome. Thank you again for the incremental color. Thank you. Appreciate it. Thank you.

驚人的。再次感謝您的增量色彩。謝謝。非常感謝。謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, Ken, thanks for the question. So yeah, I guess my first one is around the Broadcom piece. I know this. You've kind of talked about this being core IoT. But exactly, how meaningful can Mobile be over time. And the reason I bring that up is there was a belief that Broadcom really wasn't interested in long-tail Mobile customers.

嘿，肯，謝謝你的提問。是的，我想我的第一個問題與 Broadcom 有關。我知道這個。您已經討論過這是核心物聯網。但隨著時間的推移，行動裝置究竟能有多大意義呢？我之所以提起這件事，是因為人們認為博通對長尾移動客戶不感興趣。

They were really just focused on one, maybe 1.5. And there could be this pretty big opportunity for combo chips and other across the long tail of Mobile. And so, I was wondering if you could weigh in on that opportunity. And if maybe, three or four years from now, do you think Mobile will be larger from this deal? Or do you think [coal] IoT will be larger from this deal? Thank you.

他們實際上只專注於一個，也許是 1.5。這對於組合晶片和其他在行動領域長尾業務來說可能是一個相當大的機會。所以，我想知道您是否可以考慮這個機會。也許，從現在起的三到四年內，您是否認為行動業務會因為這筆交易而變得更大？或者您認為煤炭物聯網將會因這筆交易而變得更大嗎？謝謝。

Hey Chris, that's a great question. And if you look at our announcement, one of the benefits that we received as part of this transaction is the expansion of the field of use. So we're now able to go into that AR/VR segment, consumer audio, and importantly, the Android smartphone segment.

嘿，克里斯，這個問題問得真好。如果你看我們的公告，你會發現我們從這筆交易中獲得的好處之一就是使用領域的擴大。因此，我們現在能夠進入 AR/VR 領域、消費性音訊以及重要的 Android 智慧型手機領域。

So going forward, I think there will be a significant opportunity for us as we think about '26 and '27 in terms of penetrating some of these other Android accounts on the smartphone side.

因此，展望未來，我認為在2026年和2027年，我們將面臨重大機遇，可以在智慧型手機領域打入其他一些Android帳戶。

So that will be a focus of the team. Still early days, given that we just closed the transaction this quarter. But definitely, an area of focus for us as we think about the next two to four years. I know Venkat, you want to add to that.

所以這將成為團隊的重點。由於我們本季才剛完成交易，現在還為時過早。但毫無疑問，這是我們在未來兩到四年內關注的重點領域。我知道 Venkat，你想補充這一點。

Yeah. I think other markets that we will be able to address with this technology will be in the IoT space like Automotive and AR/VR glasses and ear buds and many other accessories. So it's just not going to be Mobile, but it's also going to be more on the high-end, high-performance segment that will be part of the IoT.

是的。我認為我們能夠利用這項技術滿足的其他市場將是物聯網領域，例如汽車、AR/VR 眼鏡、耳塞和許多其他配件。因此，它不僅僅是行動設備，而且還將更多地面向高端、高效能領域，成為物聯網的一部分。

And our organic development in the broad markets will start to actually kick in a FY26 and '27 and a calendar of '26 and '27 that will help us grow even bigger in the IoT wireless space.

我們在廣泛市場的有機發展將在 26 財年和 27 財年以及 26 年和 27 年的日曆中開始真正發揮作用，這將有助於我們在物聯網無線領域實現更大的發展。

Okay, great. And I don't know if you wanted to chime in on that question about what will be bigger a few years out Mobile or IoT? But I would appreciate that.

好的，太好了。我不知道您是否想回答這個問題：幾年後行動和物聯網哪個會發展得更快？但我會很感激。

And then if you could also talk about, let's say UWB that you're getting in this deal as well? I didn't know Broadcom had a great presence there. If you could maybe talk about that opportunity and engagements and how meaningful you think that could be on revenue as well. Thank you.

然後，如果您也可以談談，比如說您在這筆交易中也獲得了 UWB 嗎？我不知道博通在那裡有這麼大的存在。您能否談談這個機會和參與，以及您認為這對收入有多大意義。謝謝。

Yeah. So if you look at the breakout, I think it's too early to call Chris between the Mobile opportunity and our existing wireless opportunity within core IoT. Obviously, those are both areas will continue to look at and prosecute over the next couple of years. If you look at UWB, I think Venkat, I'll let you answer this one here.

是的。因此，如果你看一下突破，我認為現在將克里斯稱為行動機會和核心物聯網內現有的無線機會之間的差異還為時過早。顯然，這兩個領域都將繼續在未來幾年內受到關注和起訴。如果你看 UWB，我想 Venkat，我會讓你在這裡回答這個問題。

Yeah, Chris. I think UWB is just an IP at this point. But the good thing about it is it is in the advanced seven nanometer process node, which should help us both coming up with a stand-alone product or integrated combo, which will be needed for the high-end IoT segment as well as the Android ecosystem as well.

是的，克里斯。我認為 UWB 目前只是一種 IP。但它的好處是它採用了先進的七奈米製程節點，這有助於我們推出獨立產品或整合組合，這也是高階物聯網領域以及 Android 生態系統所需要的。

You're going to integrate that into Wi-FI Bluetooth?

您要將其整合到 Wi-FI 藍牙中嗎？

At some point as we look at this market, I think as the UW gets more traction. In the Android ecosystem, we will definitely consider that as well as building a standalone product. And this actually will be very helpful for us to go after those markets.

當我們審視這個市場時，我認為 UW 會越來越受到關注。在 Android 生態系統中，我們肯定會考慮這一點，並建立獨立的產品。這其實對於我們進軍這些市場非常有幫助。

Yeah. And I think just to highlight right now, if you look at it, it's the IP that we get as part of this transaction. And so -- and so that, that's what we will look at developing over the next couple of years. A lot of this will be dependent on where the market is and the use of this technology.

是的。我認為現在要強調的是，如果你看一下，這就是我們作為這筆交易的一部分所獲得的 IP。所以——這就是我們未來幾年要考慮發展的事情。這在很大程度上取決於市場所在地和該技術的使用。

But the key piece is that we get the IP. And we can proliferate that with our existing team and be able to develop that over the next several years.

但關鍵是我們獲得了 IP。我們可以利用現有的團隊擴大這一規模，並在未來幾年內進一步發展這一規模。

Fantastic. Thanks, guys.

極好的。謝謝大家。

David Lejo, Mizuho.

瑞穗的戴維‧萊霍 (David Lejo)。

Hi, thanks for the question. I'm on for Vijay of Mizuho. First one, I was wondering on your Astra Google platform. Has that prior $300 million funnel changed and maybe related to the recent accelerated deep seek hype with like smaller more performer model?

你好，謝謝你的提問。我代替瑞穗的維傑 (Vijay) 上場。首先，我對你們的 Astra Google 平台感到好奇。之前的 3 億美元漏斗是否發生了變化，也許與最近加速深度搜尋的炒作有關，例如更小、更有效率的模型？

I know you guys -- your models right now like millions of parameters. But just wondering if that has accelerated?

我了解你們——你們的模型現在有數百萬個參數。但只是想知道這是否已經加速了？

So one of the things that -- thanks for the question. By the way, this is Ken. One of the questions or one of the items that we did talk about on our last call was the pipeline for Astra. And we talked about it being $300 million or so, that continues to grow.

因此其中一件事—感謝您的提問。順便說一下，這是肯恩。我們在上次電話會議上討論的一個問題或事項是 Astra 的管道。我們說過這個數字是 3 億美元左右，而且這個數字還在增加。

So the interest, not a surprise continues to grow as people think about applications and the proliferation of AI 2 of the edge. So it's an -- we won't provide specifics on the pipeline. We'll do that once a year. But what I can say is that there continues to be strong interest across a variety of applications and to use this Astro technology as the chip set at the edge.

因此，隨著人們考慮應用和 AI 2 邊緣的擴散，興趣不斷增長（這並不奇怪）。所以這是一個——我們不會提供有關管道的具體資訊。我們每年都會這樣做一次。但我可以說的是，人們對各種應用繼續表現出濃厚的興趣，並將 Astro 技術用作邊緣晶片組。

But maybe Vikram, you want to comment further just on the trends that you're seeing at a very high level.

但是，維克拉姆，也許你只想進一步評論一下你在非常高的層面上看到的趨勢。

No, I think you covered it. I -- the thing that I would say is that subsequent to the Google announcement, we have seen you know, even more traction with our customer base. So the funnel is growing definitely faster. And again, it's been a validation coming from a really important hyper scalar of our technology, which is actually helping it.

不，我想你已經涵蓋了。我想說的是，在谷歌宣布這一消息之後，我們看到我們的客戶群受到了更大的關注。因此漏斗成長速度肯定更快。再次強調，這是對我們技術的一個非常重要的超標量的驗證，這實際上對它有幫助。

And just to add to your [deep sea] comment, I -- that's another -- you are actually spot on that. You know, given what deep sea has been able to show. There is going to be a proliferation of models going all the way from the high end down to the edge. And that just benefits us.

我只是想補充你關於 [深海] 的評論，那是另一回事 — — 你確實說對了。您知道，鑑於深海已經能夠展示的內容。從高端到邊緣的模型將會不斷激增。這對我們有利。

And the other aspect which is being highlighted by deep sea is the fact that they relied on the open-source community. And that's something that they're also stressing with this whole Google collaboration, which is somewhat unique to us as a silicon player. All of this is going to definitely help catalyze you know, are moving to be AI space. Perfect.

深海強調的另一個面向是他們依賴開源社群。這也是他們在整個與Google的合作中所強調的一點，對於我們作為矽片製造商來說，這在某種程度上是獨一無二的。所有這些肯定都將有助於催化人工智慧領域的發展。完美的。

Thank you. And I guess my follow up, I wanted to ask your user presence at Dell at 10% to 15% hatch rate? Is -- has that changed? Is your new one at the other OEM, similar, different? Yeah. Any color that would be great.

謝謝。我想接著問，戴爾的用戶參與率是否在 10% 到 15% 之間？那——有改變嗎？您在其他 OEM 購買的新產品是否類似，或者有什麼不同？是的。任何顏色都可以。

Yeah. So one of the things that we did highlight at CES was this UPD technology. And so what we talked about on the formal transcript was the fact that we penetrated one account. We don't name names. And we've now penetrated another large account in the compute space.

是的。因此，我們在 CES 上重點介紹的一項技術就是 UPD 技術。我們在正式記錄中談到的事實是，我們已經侵入了一個帳戶。我們不點名。現在，我們又在計算領域打入了另一個大帳戶。

And so it just is a data point and shows the traction that we're gaining with our UPD technology as we expand from one OEM into another very large OEM. We won't talk about the exact penetration rates.

所以它只是一個數據點，顯示了當我們從一個 OEM 擴展到另一個非常大的 OEM 時，我們的 UPD 技術所獲得的吸引力。我們不會談論確切的滲透率。

But I think what you can take is from this is that we're continuing to expand our capabilities within that space and continuing to win market share at new OEM. So I think those are both positive signs, not only for the adoption of this technology. But for Synaptics as a supplier, I don't know. Satish, if you want to add to this --

但我認為您可以從中了解到，我們將繼續擴展該領域的能力，並繼續在新的 OEM 中贏得市場份額。所以我認為這都是正面的訊號，不僅僅是對於這項技術的採用。但對於 Synaptics 作為供應商來說，我不清楚。Satish，如果你想補充這一點--

No, Ken. I think you answered it appropriately. Our goal here on the PC cycle is to increase the number of components that we sell within the PC. And like Ken said, we're not talking about attached to it specifically here. But the traction we're getting is pretty good and we're bullish about the technology.

不，肯。我認為你的回答很恰當。在 PC 週期中，我們的目標是增加我們在 PC 內銷售的組件數量。正如肯所說，我們在這裡並不是專門討論與它相關的內容。但我們取得的進展相當不錯，我們對這項技術充滿信心。

Thank you.

謝謝。

Peter Peng, JP Morgan.

摩根大通 (JP Morgan) 的 Peter Peng。

Hey guys, good job on the execution. And thanks for taking my question. I want to go back to the incremental $10 million revenue per quarter. Maybe if you can just rank order the top three or four things that are giving you confidence at this early juncture of being able to drive this kind of growth.

嘿夥計們，執行得很好。感謝您回答我的問題。我想回到每季增加 1000 萬美元的收入。也許您可以按順序列出在早期階段給予您信心能夠推動這種增長的三到四件事。

Yeah. Sure, Peter. I think it's a good question, right? We don't provide guidance more than one quarter ahead. But we wanted to provide some context and color. And it's a couple of factors. One, I would just say if you look at the visibility we have based on backlog and bookings those continue to improve, especially where we wore from six months ago.

是的。當然，彼得。我認為這是個好問題，對吧？我們不會提供超過一個季度的預測。但我們想提供一些背景和色彩。這有幾個因素。首先，我想說的是，如果你看看我們基於積壓訂單和預訂的可見性，這些可見性會繼續改善，特別是我們六個月前的可見性。

So definitely feel much more comfortable with the visibility that we have over the next few quarters. Number two, I would say from an inventory standpoint. It's one of the things that we have highlighted and talked about in the past. But inventories are very lean right now. Not only for us but I think other suppliers as well.

因此，我們對未來幾季的前景肯定感到更加放心。第二，我想從庫存的角度來看。這是我們過去強調和討論過的事情之一。但目前庫存非常少。不僅對我們如此，我認為其他供應商也是如此。

And I think that's a good sign because as you think about demand trends now, we are now seeing those demand trends impact our revenues. Whereas before, some of those demand trends were just pulling from the distribution channel. And so those are good signs for us.

我認為這是一個好兆頭，因為當你考慮到現在的需求趨勢時，我們現在看到這些需求趨勢影響著我們的收入。而之前，有些需求趨勢僅來自於分銷通路。這對我們來說都是好兆頭。

And then the third one is just continued build out of our portfolio. We're starting to and continue to see ramps especially in the core IoT segment and specifically, around the wireless side, this goes beyond the Broadcom acquisition.

第三個就是繼續擴大我們的投資組合。我們開始並將繼續看到成長，特別是在核心物聯網領域，特別是在無線方面，這超越了博通的收購。

And so continuing to see momentum there, as well as our other franchise businesses, you know, one of the things that maybe we don't highlight enough is that we have strong number one or number two positions in a lot of key markets targeting enterprise, Automotive, and the Mobile space.

因此，我們繼續看到那裡以及我們的其他特許經營業務的發展勢頭，你知道，也許我們沒有足夠強調的一件事是，我們在許多針對企業、汽車和移動領域的關鍵市場中佔據著第一或第二的位置。

And so we continue to execute on growing our share and continue to execute on a new product development. And that's the confidence I have as I look out over the next three quarters or so.

因此，我們將繼續努力擴大我們的份額，並繼續進行新產品開發。我對未來三個季度的展望充滿信心。

Got it. And then we talked a lot about the revenue implications of the transaction. Maybe you can touch a little bit on the margin front and maybe how that is -- could be beneficial or impact, your margin mix going forward?

知道了。然後我們詳細討論該交易對收入的影響。或許您可以稍微談談利潤方面的問題，以及利潤方面的問題對您未來的利潤組合有何益處或影響？

Yeah. I think -- look, we don't comment on a go-forward basis. You saw the margin guide here for our next quarter. I think the bid point right at about 53.5%. I think that that's a reasonable range. A lot of this will depend on the mix and I would say even the mix within the mix, right.

是的。我認為——看，我們不會對未來做出評論。您可以在這裡看到我們下一季的利潤指南。我認為出價點正好在 53.5% 左右。我認為這是一個合理的範圍。這在很大程度上取決於混合，我想說甚至取決於混合中的混合，對吧。

So we're not going to forecast that margin as we think about June, September, December quarters. What we wanted to try to outline is just where and how the trajectory of the business is sequentially as we think about the next few quarters.

因此，我們不會根據六月、九月、十二月季度的業績預測利潤率。我們想要嘗試概括的是，展望未來幾個季度，業務的發展軌跡將會如何。

And that's look, things can change. We're in a lower growth environment. But we feel pretty strongly that we have a great path to grow here throughout this calendar year. Could there be more revenues in one quarter and less than another? Absolutely, but we have a good path here and a good backlog and bookings trend to support that.

瞧，事情是會改變的。我們正處於較低成長環境。但我們堅信，我們今年將有一條偉大的發展之路。一個季度的收入可能多於另一個季度的收入，而另一個季度的收入可能少於另一個季度的收入嗎？當然，但我們有一條良好的道路，還有良好的積壓和預訂趨勢來支持這一點。

Perfect. Thank you, guys.

完美的。謝謝你們。

Martin Yang, [OpCo].

馬丁楊，[營運公司]。

Hi, thank you for taking my question. I'm curious about your thought of immediate synergy between your position, the high-end premium touch. And the Android opportunity for wireless that Broadcom brought you. Do you see any bundling opportunities in the near term to immediate term? And any way for you to expand your aggregate presence among the Android OEMs?

你好，謝謝你回答我的問題。我很好奇您對您的職位與高端優質觸感之間的直接協同作用的想法。還有 Broadcom 為您帶來的 Android 無線機會。您是否看到近期內有任何捆綁機會？有什麼方法可以擴大您在 Android OEM 中的整體影響力？

Yeah. So if you look at the history of the company, we have a strong presence in the touch market and a strong history there. And if you look for today's growth rate in terms of the Mobile space, today, we're very much focused on the high-end Android market. That's the go-forward path.

是的。所以如果你看看公司的歷史，你會發現我們在觸摸市場佔有重要地位，並且有著悠久的歷史。如果你看看當今行動領域的成長率，你會發現我們今天非常關注高階 Android 市場。這就是前進的道路。

And I think with this acquisition of these Broadcom assets, we're now able to have a complementary portfolio of not only the touch, but also Wi-Fi and and next-generation Wi-Fi, especially as we think about Wi-Fi 8 on a go forward basis.

我認為，透過收購這些博通資產，我們現在不僅能夠擁有一個互補的產品組合，還包括觸控螢幕、Wi-Fi 和下一代 Wi-Fi，特別是當我們考慮 Wi-Fi 8 的未來發展時。

So from a customer standpoint, same types of customers that we've been servicing for the last several years and more than a decade here, in terms of the Android platforms globally. But now we have an incremental ability to service them with a Wi-Fi chip sets and wireless technology on a go-forward basis.

因此從客戶的角度來看，就全球 Android 平台而言，我們過去幾年甚至十多年來一直服務於相同類型的客戶。但現在我們有能力透過 Wi-Fi 晶片組和無線技術為他們提供服務。

So very exciting for us early days, right? So I want to make sure that's outlined but very exciting as we think about '26 but really '27 and beyond in terms of our ability to prosecute those opportunities, win those designs and gain further scale. But Vanket or Satish, any anything else?

這對我們來說早期是非常令人興奮的，對吧？因此，我想確保這一點已經概述，但非常令人興奮，因為我們考慮的是26年，但實際上是27年及以後，就我們抓住這些機會、贏得這些設計並進一步擴大規模的能力而言。但是 Vanket 或 Satish，還有其他事情嗎？

Yeah. I can add. Right. So in general, I think there was a question earlier as well. You know, what do we do about the long tail. And in touch, we are shipping in a premium segment of Android phones across all of these customers.

是的。我可以補充。正確的。總的來說，我認為之前也有一個問題。你知道，我們該如何應對長尾問題嗎？另外，我們正在向所有這些客戶推出高階 Android 手機。

And we have a presence at each of these customers. And the reason we win is because of the differentiated technology that we have for these high-end flexible screens. I think with the wireless acquisition, we have similar differentiated technology.

我們在每一個客戶都有業務。我們之所以能成功，是因為我們擁有針對這些高階柔性螢幕的差異化技術。我認為，透過無線採集，我們擁有類似的差異化技術。

So it gives us the ability to go tackle and address these with the same set of vendors that we're already very familiar with. So it presents a good opportunity for us and to expand our presence at these customers.

因此，我們能夠與我們已經非常熟悉的同一組供應商一起解決這些問題。所以這對我們來說是一個擴大我們在這些客戶中的影響力的好機會。

Thank you. I have one more question the PC market recovery. So if we assume PC or high-end PC demand comes back in '25 or '26. Is there any way to look at the different product segments, UPD sensors, a touch pad. Do they come back in the same pace? Or is there any one or even video video interface included? Any one of the product categories will recover at a faster pace than market?

謝謝。我還有一個關於個人電腦市場復甦的問題。因此，如果我們假設 PC 或高階 PC 需求將在 25 年或 26 年回升。有沒有辦法查看不同的產品部分、UPD 感應器、觸控板。他們會以同樣的速度回來嗎？或者是否有任何一個甚至視訊視訊介麵包括在內？任何一個產品類別的復甦速度都會快於市場嗎？

Yeah. So if I look at the overall PC space, I mean, what we have seen is is some seasonal trends. But looking back over the last year, we've seen a nice steady improvement in both the PC and the peripheral market. I think one of the things that that we should highlight is we also continue to gain share with one of the large OEMs.

是的。所以，如果我看一下整個 PC 領域，我的意思是，我們看到的是一些季節性趨勢。但回顧過去的一年，我們看到個人電腦和周邊設備市場都取得了穩定的進展。我認為我們應該強調的事情之一是我們也繼續從一家大型 OEM 中獲得市場份額。

And so that's helped us as we think about the business. There'll still be some seasonal trends in any given quarter. But we continue to win share and continue to grow the revenue base there. The one thing that we did highlight on the formal presentation is that we still haven't seen this refresh cycle.

這對我們思考業務有幫助。在任何一個季度都會有一些季節性趨勢。但我們在那裡的市佔率不斷擴大，收入基礎也不斷成長。我們在正式演示中強調的一件事是，我們仍然還沒有看到這個刷新週期。

So if you just look back, typically enterprises refresh in every four years or every five years. And so we haven't seen this significant upgrade that we would expect or maybe some investors expect. Could it happen later in '25?

如果你回顧一下，你會發現企業通常每四年或每五年更新一次。因此，我們還沒有看到我們預期或一些投資者預期的重大升級。這可能在 25 年晚些時候發生嗎？

The answer is it could we're just not seeing it today. But the reality is sometime between '25 and '26, we would expect that a lot of the large enterprises will start to refresh their enterprise PCs. And along with that should come a lot of per peripheral refreshes as well. But Satish, do you want to add to this?

答案是，我們可能只是今天沒有看到它。但實際情況是，在 2025 年至 2026 年之間，我們預期許多大型企業將開始更新其企業電腦。且隨之而來的還有大量外圍設備的刷新。但是 Satish，你想補充一點嗎？

Yeah. You can answer very well already. So, in general, our -- we're trying to gain share in that market by doing new technologies and infusing AI into touch pads, fingerprints, and so on. But you know, the effects of those will be seen later.

是的。你已經可以回答得很好了。所以，總的來說，我們正試圖透過採用新技術並將人工智慧注入觸控板、指紋等來在該市場上獲得份額。但你知道，這些的影響稍後就會顯現。

In the short term, I think we continue to see and track the seasonal trends of PCs. And like Ken said, should the refresh cycle happen? We can see an upside. But right now it's a seasonal trend that we continue to see.

短期內，我認為我們將繼續看到並追蹤個人電腦的季節性趨勢。正如肯所說，刷新周期應該發生嗎？我們可以看到其好處。但目前我們仍然看到這種季節性趨勢。

Thank you very much. That's it for me.

非常感謝。對我來說就是這樣了。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。