Synaptics Inc (SYNA) 2025 Q3 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Synaptics Inc., third-quarter fiscal year 2025 financial results webcast and conference call.

再會。感謝您的支持。歡迎收聽 Synaptics Inc. 2025 財年第三季財務業績網路廣播和電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的第一位發言者，投資者關係主管 Munjal Shah。請繼續。

Good afternoon. Thank you for joining us, today, on Synaptics' third-quarter fiscal 2025 conference call.

午安.感謝您今天參加 Synaptics 2025 財年第三季電話會議。

My name is Munjal Shah. And I'm Head of Investor Relations.

我的名字是 Munjal Shah。我是投資人關係主管。

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 IoT Processors and Chief Product Officer.

和我一起參加今天電話會議的還有我們的臨時執行長兼財務長 Ken Rizvi； Satish Ganesan，我們的情報感知部門高級副總裁兼首席策略長； Venkat Kodavati，無線高級副總裁；以及物聯網處理器高級副總裁兼首席產品官 Vikram Gupta。

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.

此次電話會議將透過網路進行現場直播，您可從公司網站 synaptics.com 的投資者關係部分存取。

In addition to a copy of our earnings press release detailing our quarterly results, a supplemental slide presentation and a copy of these prepared remarks have been posted on our Investor Relations website.

除了詳細介紹我們季度業績的收益新聞稿副本外，我們還在投資者關係網站上發布了補充幻燈片演示和這些準備好的評論的副本。

Today's discussion of financial results is presented on a GAAP basis, along with 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.

今天討論的財務結果以 GAAP 為基礎，同時也以非 GAAP 為基礎提供補充結果，其中不包括基於股票的薪酬、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 for reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures presented.

請參閱我們的收益新聞稿，以了解最直接可比較的 GAAP 財務指標與非 GAAP 財務指標的對帳。

As a reminder, the matters we are discussing today in our prepared remarks, in our supplemental materials, and in response to your questions, may contain forward-looking statements. These forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business.

提醒一下，我們今天在準備好的發言稿、補充資料以及對您的問題的回答中討論的事項可能包含前瞻性陳述。這些前瞻性陳述給出了我們對財務狀況、經營成果、計劃、目標、未來業績和業務的當前預期和預測。

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.

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 statements.

Synaptics 警告稱，實際結果可能與公司前瞻性聲明中提出的任何未來表現有重大差異。

Therefore, we refer you to the company's current and periodic reports filed with SEC, including the 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.

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任何前瞻性陳述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 these forward-looking information.

除法律要求外，Synaptics 明確表示不承擔更新這些前瞻性資訊的任何義務。

I will now turn the call over to Ken.

現在我將把電話轉給肯。

Thanks, Munjal.

謝謝，Munjal。

I'd like to welcome everyone to today's call. I have the pleasure of Vikram, Venkat, and Satish joining our call today.

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。

We delivered another strong quarter in March, with revenues increasing 12% year over year to $267 million, slightly above the midpoint of our guidance range.

我們三月又取得了強勁的季度業績，營收年增 12% 至 2.67 億美元，略高於我們預期範圍的中點。

Non-GAAP gross margin came in at 53.5%, in line with the midpoint of our guidance. And non-GAAP EPS grew 70% year over year to $0.90, exceeding the midpoint of our guidance.

非公認會計準則毛利率為 53.5%，與我們的預期中位數一致。非公認會計準則每股收益年增 70% 至 0.90 美元，超過了我們預期的中位數。

Our Core IoT product sales increased 43% year over year to $68 million, fueled by strong momentum across both our Wireless and Processor products. This growth reflects improving demand trends, the ramp of new design wins, and a clearing of prior inventories.

我們的核心物聯網產品銷售額年增 43%，達到 6,800 萬美元，這得益於無線和處理器產品的強勁成長動能。這種成長反映了需求趨勢的改善、新設計的成功增加以及先前庫存的清理。

Before we dive into the details of the quarter, I want to take a moment to address the global trade environment.

在我們深入了解本季的細節之前，我想花點時間談談全球貿易環境。

At present, the direct impact of existing and proposed tariff policies to Synaptics is minimal. We will continue to monitor potential indirect impacts from supply chain realignments and changes in end demand.

目前，現有和擬議的關稅政策對Synaptics的直接影響微乎其微。我們將繼續監測供應鏈調整和最終需求變化帶來的潛在間接影響。

While the broader implications of these indirect effects remain uncertain, based on our current lead times and order activity, we currently do not see unusual activity that would suggest a material pull-in or push-out due to tariffs impacting our near-term financial performance.

雖然這些間接影響的更廣泛含義仍不確定，但根據我們目前的交貨時間和訂單活動，我們目前沒有看到任何異常活動表明由於關稅影響我們的近期財務業績而出現實質性的拉動或推遲。

Over the last couple of quarters, we have seen encouraging trends across the business. The improvement in demand that started prior to the announced tariff changes has continued. Orders are steadily increasing, our backlog is growing, and customer and channel inventories remain lean.

在過去的幾個季度中，我們看到了整個業務令人鼓舞的趨勢。在宣布關稅調整之前就開始出現的需求改善仍在持續。訂單穩定增加，我們的積壓訂單不斷增加，而客戶和通路庫存仍然很少。

That said, we continue to operate with agility and discipline, in the face of an evolving macroeconomic landscape. We remain closely aligned with our customers to meet their changing needs. And our focus is firmly on the areas within our control.

儘管如此，面對不斷變化的宏觀經濟情勢，我們仍將繼續靈活、自律地開展業務。我們與客戶保持緊密聯繫，以滿足他們不斷變化的需求。我們的重點牢牢放在我們能控制的領域。

We are executing to our technology roadmap and growth initiatives, deepening relationships across our customer and partner ecosystem; and maintaining a disciplined approach to costs.

我們正在執行我們的技術路線圖和成長計劃，深化與客戶和合作夥伴生態系統的關係；並保持嚴謹的成本控制方法。

Through technology innovation, go-to-market expansion, and operational excellence, we are positioning Synaptics for long-term success.

透過技術創新、市場擴張和卓越運營，我們正在為 Synaptics 的長期成功做好準備。

Now, let me turn to some highlights in each of our product areas.

現在，讓我來介紹一下我們每個產品領域的一些亮點。

In Wireless, we expanded our Veros connectivity portfolio, with the launch of our first broad market device. As previously highlighted, this cost-effective solution for embedded edge-IoT applications opens an incremental $3 billion in serviceable market opportunity for Synaptics.

在無線領域，我們擴展了 Veros 連接產品組合，推出了首款廣泛市場設備。如前所述，這種針對嵌入式邊緣物聯網應用的經濟高效的解決方案為 Synaptics 帶來了價值 30 億美元的增量可服務市場機會。

Our die size is significantly smaller than our high-performance solutions, reducing system costs by up to 50% and consuming up to 50% less power, while still delivering top-level performance.

我們的晶片尺寸比我們的高效能解決方案小得多，可將系統成本降低高達 50%，功耗降低高達 50%，同時仍提供頂級效能。

In addition to opening a new SAM for embedded IoT connectivity solutions, we remain committed to maintaining our leadership performance in high-performance connectivity.

除了為嵌入式物聯網連接解決方案開設新的 SAM 之外，我們還致力於保持我們在高效能連線方面的領先地位。

\We have launched our first Wi-Fi 7 device for IoT applications. Our solution is designed to deliver up to 2 times higher throughput, greater transmit efficiency, and improved load balancing for greater reliability and reduced latency, compared to prior Wi-Fi generations.

\我們已經推出了第一款用於物聯網應用的 Wi-Fi 7 裝置。與前幾代 Wi-Fi 相比，我們的解決方案旨在提供高達 2 倍的吞吐量、更高的傳輸效率和改進的負載平衡，以實現更高的可靠性和更低的延遲。

These enhancements make Wi-Fi 7 ideally suited for any real-time and video-intensive applications, such as ultra-high-definition video streaming, interactive gaming, immersive AR-VR, security monitoring, and home and automotive entertainment.

這些增強功能使 Wi-Fi 7 非常適合任何即時和視訊密集型應用，例如超高清視訊串流、互動式遊戲、沉浸式 AR-VR、安全監控以及家庭和汽車娛樂。

Synaptics chips have been purpose-built for low power, ultra-low latency, and reliable long-range performance. We expect initial adoption in high-bandwidth applications, with broader proliferation, into other IoT devices over time.

Synaptics 晶片專為低功耗、超低延遲和可靠的遠端效能而設計。我們預計它將首先在高頻寬應用中採用，並隨著時間的推移逐漸擴展到其他物聯網設備。

This quarter also marked important advancements in our second Core IoT growth vector: Processors. Last month, at Embedded World, in Germany, we extended our AI-native Astra platform, with the launch of the SR series high-performance adaptive MCUs. These products feature a novel-tiering approach to dynamically manage power, depending on inference requirements.

本季也標誌著我們的第二個核心物聯網成長載體——處理器取得了重要進展。上個月，在德國嵌入式世界博覽會上，我們擴展了我們的 AI 原生 Astra 平台，推出了 SR 系列高效能自適應 MCU。這些產品採用新穎的分層方法，根據推理要求動態管理電源。

The SR series MCUs feature a compact form factor design that helps minimize cost, power consumption, and footprint-enabling integration across a wide range of edge-IoT applications. We see traction from customers across end markets including consumer, automotive, and industrial.

SR 系列 MCU 具有緊湊的外形設計，有助於最大限度地降低成本、功耗，並實現各種邊緣物聯網應用中的佔用空間整合。我們看到了來自消費、汽車和工業等終端市場客戶的吸引力。

In addition, our ecosystem investments are beginning to deliver results. OEM partners are building solutions and use cases on our Astra platform and are actively collaborating with OEMs to bring AI-enabled products to market.

此外，我們的生態系投資也開始產生成果。OEM 合作夥伴正在我們的 Astra 平台上建立解決方案和用例，並積極與 OEM 合作將支援 AI 的產品推向市場。

We are building on this momentum by investing in our go-to-market initiatives and adding to our business development and sales teams to drive growth in the edge-AI IoT market.

我們正在利用這一勢頭，投資於我們的市場進入計劃，並擴大我們的業務開發和銷售團隊，以推動邊緣人工智慧物聯網市場的成長。

In the year since launching our Astra platform, we have made significant progress. Our product development efforts, design wins, and customer engagements are on track.

自從推出 Astra 平台以來的一年裡，我們取得了重大進展。我們的產品開發工作、設計成果和客戶參與度都進展順利。

Turning to Enterprise & Automotive, our PC products performed slightly better than typical seasonality in the March quarter, reflecting continued market share gains. While we are not factoring in a PC refresh cycle in our expectations, the key drivers such as an aging installed base, Windows 10 end of life, and the rise of AI PCs, remain in play. We see opportunities for growth from share gains and higher content.

談到企業和汽車，我們的 PC 產品在 3 月季度的表現略好於典型季節性，反映出市場佔有率的持續成長。雖然我們的預期中沒有考慮 PC 更新週期，但諸如安裝基數老化、Windows 10 生命週期終止以及 AI PC 的興起等關鍵驅動因素仍在發揮作用。我們看到了市場佔有率成長和內容增加帶來的成長機會。

Our User Presence Detection solution continues to ramp with our lead customer. And we have expanded our engagement through design wins for next generation AI PCs built on Nvidia platforms.

我們的用戶存在檢測解決方案繼續與我們的主要客戶一起發展。我們還透過贏得基於 Nvidia 平台構建的下一代 AI PC 的設計來擴大我們的參與度。

Additionally, we are seeing traction in expanding this technology into new and adjacent categories.

此外，我們看到了將這項技術擴展到新的和相鄰類別的趨勢。

In Automotive, we continue to navigate near-term challenges and sluggish demand. Longer term, we expect to benefit from the adoption of OLED screens, as well as our innovative bridge technologies, to drive growth as customers prioritize system-level cost savings in next-generation platforms.

在汽車領域，我們繼續應對近期的挑戰和低迷的需求。從長遠來看，隨著客戶優先考慮下一代平台的系統級成本節約，我們預計將受益於 OLED 螢幕以及我們創新的橋接技術的採用，從而推動成長。

In Mobile Touch, our primary focus is on the high-end Android smartphone market. We continue to drive innovation with the introduction of next-generation touch ,controllers featuring a differentiated multi-frequency architecture designed for foldable OLED phones.

在 Mobile Touch 方面，我們主要專注於高階 Android 智慧型手機市場。我們持續推動創新，推出專為可折疊 OLED 手機設計的具有差異化多頻架構的下一代觸控控制器。

This new architecture offers low power consumption and low latency, enabling thinner and larger panels, while incorporating enhanced sensing and filtering capabilities to overcome display noise. It also offers continuous time sensing for more flexible and cost-effective touch integration.

這種新架構具有低功耗和低延遲的特點，可實現更薄更大的面板，同時結合增強的感測和過濾功能來克服顯示雜訊。它還提供連續時間感應，以實現更靈活、更具成本效益的觸控整合。

We are currently engaged with multiple OEMs and LCMs and expect the first product, based on this technology, to launch in calendar Q3.

我們目前正在與多家 OEM 和 LCM 合作，預計基於該技術的首款產品將於第三季推出。

The Android smartphone market has carried strong momentum into 2025, helped, in part, by China economic subsidies and a mixed shift to premium phones.

安卓智慧型手機市場將保持強勁勢頭，進入 2025 年，部分原因在於中國的經濟補貼和向高階手機的混合轉變。

Now, let me review our third-quarter financial results and fourth-quarter outlook. 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.

現在，讓我回顧一下我們的第三季財務業績和第四季度展望。我將重點放在我們的非公認會計準則 (non-GAAP) 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 (GAAP) 財務指標相協調。

Revenue for fiscal Q3 was $266.6 million, above the midpoint of our guidance; was sequential and year-over-year improvement in Core IoT products. Q3 revenues were up 12% on a year-over-year basis and flat sequentially.

第三財季的營收為 2.666 億美元，高於我們預期的中位數；核心物聯網產品實現了連續和同比的改進。第三季營收年增 12%，環比持平。

Revenue mix in the third quarter was as follows: 25%, Core IoT; 58%, Enterprise & Automotive; and 17%, Mobile products.

第三季的收入結構如下：25%，核心物聯網； 58%，企業和汽車； 17%為行動產品。

Core IoT product revenues increased 43% year over- year and 11% sequentially. Enterprise & Automotive product revenues improved 14% year over year and were down 3% sequentially, mainly due to continued softness in Automotive. Mobile product revenues were down 4% sequentially and 18% year over year, as product shipments to a large customer reached end of life.

核心物聯網產品營收年增 43%，較上季成長 11%。企業和汽車產品營收年增 14%，季減 3%，主要原因是汽車市場持續疲軟。由於向大客戶出貨的產品已達使用壽命，行動產品收入較上季下降 4%，較去年同期下降 18%。

Third-quarter non-GAAP gross margin was 53.5%, in line with the midpoint of our guidance. Third-quarter non-GAAP operating expense was $101 million, in line with the midpoint of our guidance range.

第三季非公認會計準則毛利率為 53.5%，與我們的預期中位數一致。第三季非公認會計準則營業費用為 1.01 億美元，與我們的指導範圍中點一致。

Our non-GAAP operating margin was 15.6%, up approximately 270 basis points on a year-over-year basis and down 170 basis points sequentially. The sequential decline was mainly due to an increase in operating expenses related to our Broadcom transaction, as well as incremental variable expenses.

我們的非公認會計準則營業利益率為 15.6%，較去年同期成長約 270 個基點，較上季下降 170 個基點。環比下降主要是由於與博通交易相關的營運費用增加以及增量變動費用所致。

Non-GAAP net income in Q3 was $35.3 million. And non-GAAP EPS per diluted share came in above the midpoint of our guidance at $0.90 per share, an increase of 70% on a year-over-year basis.

第三季非公認會計準則淨收入為 3,530 萬美元。非公認會計準則每股收益高於我們預期的中位數，為每股 0.90 美元，年增 70%。

Now, let me turn to the balance sheet. We ended the quarter with approximately $421.4 million in cash, cash equivalents, and short-term investments down approximately $174.7 million from the prior quarter.

現在，讓我來看看資產負債表。本季末，我們的現金、現金等價物和短期投資約為 4.214 億美元，較上一季減少約 1.747 億美元。

Cash flow from operations was $74 million.

經營活動產生的現金流為 7,400 萬美元。

During the quarter, we spent $198 million on the Broadcom transaction.

本季度，我們在博通交易上花費了 1.98 億美元。

In addition, we returned $37.9 million in capital through share repurchases, purchasing approximately 546,000 shares. In this fiscal year, we have returned approximately $128 million to shareholders through the repurchase of about 1.8 million shares or nearly 5% of our total shares outstanding.

此外，我們也透過股票回購返還了 3,790 萬美元的資本，購買了約 546,000 股。本財年，我們透過回購約 180 萬股股票（占我們流通股總數的近 5%）向股東返還了約 1.28 億美元。

Capital expenditures was $5.4 million. And depreciation for the quarter was $7.2 million. Receivables at the end of March were $132 million. And days of sales outstanding were 45 days, down from 49 days last quarter.

資本支出為 540 萬美元。本季折舊額為 720 萬美元。3月底應收帳款為1.32億美元。未償付銷售款項天數為 45 天，低於上一季的 49 天。

Our ending inventory balance was $132.9 million, which increased by $13.4 million from the previous quarter. The calculated days of inventory on our balance sheet were 96 days.

我們的期末庫存餘額為 1.329 億美元，比上一季增加了 1,340 萬美元。我們的資產負債表上計算的庫存天數為96天。

Now, turning to our fourth-quarter 2025 guidance. Broader macroeconomic conditions remain uncertain, influenced by tariff policies and the global trade environment.

現在，讓我們來談談我們對 2025 年第四季的預測。受關稅政策和全球貿易環境的影響，更廣泛的宏觀經濟狀況仍然不確定。

While the direct impact of tariffs on our financials has been immaterial, the potential indirect impact on future demand and supply chain remains unclear.

雖然關稅對我們財務的直接影響並不大，但對未來需求和供應鏈的潛在間接影響仍不清楚。

Based on our current view of the environment, we expect June quarter revenues to be approximately $280 million at the midpoint, plus or minus $15 million. Our guidance for the fourth quarter reflects an expected revenue mix from Core IoT, Enterprise & Automotive, and Mobile Touch products of approximately 30%, 54%, and 16%, respectively.

根據我們目前對環境的看法，我們預計 6 月季度營收中位數約為 2.8 億美元，上下浮動 1,500 萬美元。我們對第四季度的預期反映了核心物聯網、企業與汽車以及行動觸控產品的預期收入組合分別約為 30%、54% 和 16%。

We expect non-GAAP gross margin to be 53.5%, at the midpoint, plus or minus 1%. Non-GAAP operating expenses in the June quarter are expected to be $103 million ,at the midpoint of our ,guidance plus or minus $2 million.

我們預期非 GAAP 毛利率為 53.5%，中間值為正負 1%。預計 6 月季度的非 GAAP 營運費用為 1.03 億美元，介於我們預期的中位數上下 200 萬美元之間。

We expect non-GAAP net interest and other expenses to be approximately $1 million in the fourth quarter; and our non-GAAP tax rate to be in the range of 13% to 15%.

我們預計第四季度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。

Non-GAAP net income per diluted share is anticipated to be $1 per share ,at the midpoint, plus or minus $0.20, on an estimated 39.3 million fully diluted shares.

非公認會計準則每股攤薄淨收益預計為 1 美元（中間值加減 0.20 美元），完全攤薄後股份數量預計為 3,930 萬股。

To conclude, we delivered a strong quarter and successfully introduced several innovative and differentiated products. We continue to monitor and adjust to the evolving macroeconomic and geopolitical landscape.

總而言之，我們本季表現強勁，並成功推出了幾款創新和差異化的產品。我們將繼續監測並適應不斷變化的宏觀經濟和地緣政治格局。

Our design win momentum remains robust, with key programs progressing through the funnel. We're seeing encouraging signs of market share gains and content expansion across our franchise market.

我們的設計獲勝勢頭依然強勁，關鍵項目正在穩步推進。我們看到了特許經營市場中市場份額增長和內容擴展的令人鼓舞的跡象。

Overall, we remained focused on discipline execution, strengthening our competitive position, and driving long-term shareholder value.

整體而言，我們仍然專注於執行紀律、加強我們的競爭地位並推動長期股東價值。

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)

（操作員指示）

Quinn Bolton, Needham and Company.

奎因·博爾頓，尼德漢姆公司。

Hey, guys. [Nick], on for Quinn. Thanks for taking our questions.

嘿，大家好。 [尼克]，取代奎因。感謝您回答我們的問題。

Could you expand on what drove the strength in Core IoT in both the quarter and the guide? And specifically for June, how much of that strength is coming from either the Wi-Fi 7 ramps that you've talked about previously and/or the Broadcom Pixel-related ramp? I know that the Pixel ramp is expected to be pretty strong in June, as well.

您能否詳細說明本季和指南中核心物聯網的強勁表現？具體到 6 月份，這種成長有多少是來自於您之前談到的 Wi-Fi 7 的成長和/或 Broadcom Pixel 相關的成長？我知道 Pixel 的銷售在六月預計也會非常強勁。

Thank you.

謝謝。

Hey, Nick. It's Ken Rizvi. Thanks for the question. Thanks for the support.

嘿，尼克。我是肯·裡茲維。謝謝你的提問。謝謝支持。

If you look at the Core IoT business, a lot of that was driven by our Wireless growth. It's a couple of factors.

如果你看一下核心物聯網業務，你會發現其中很大一部分是由我們的無線成長所推動的。這有幾個因素。

One, we continue to see pretty strong demand from our existing product and portfolio.

首先，我們持續看到對現有產品和產品組合的強勁需求。

You highlighted Wi-Fi 7. That's really towards the tail end of this calendar year and, really, a 2026 driver of the business.

您突出顯示了 Wi-Fi 7。這實際上是今年年底的事情，也是 2026 年業務的真正推動力。

And then, as we look at the Broadcom acquisition -- as we talked before in our previous earnings call, our anticipation was that would add about $10 million a quarter, plus or minus. There's some puts-and-takes in any given quarter.

然後，當我們回顧博通的收購時——正如我們在先前的收益電話會議上所討論的那樣，我們預計這將使每季增加約 1000 萬美元，或多或少。任何特定季度都會有一些交易。

And if you recall, in our previous quarter, we were expecting something, like, $5 million. And in our guide, you can assume it was closer to that $10 million-plus type of run rate.

如果你還記得的話，在上一季度，我們預計收入約為 500 萬美元。在我們的指南中，您可以假設它更接近 1000 萬美元以上的運行率。

Helpful. Thank you.

很有幫助。謝謝。

And then, previously you've talked about your human presence detection win with Dell. And you talked about it, again, in the prepared comments.

然後，之前您曾談到與戴爾合作在人體存在檢測方面的成功。您在準備好的評論中再次談到了這一點。

Now, I believe Lenovo was able to switch from a competing FPGA-based solution to a Microsoft-based software-only solution.

現在，我相信聯想能夠從基於競爭 FPGA 的解決方案轉向基於微軟的純軟體解決方案。

Two questions. Do you see incremental opportunities to win versus FPGA-based solutions with that UPD? And on the other side: Do you see rising competition from this software-only-based solution in that application?

兩個問題。您是否看到了透過 UPD 贏得基於 FPGA 的解決方案的增量機會？另一方面：您是否看到該應用程式中僅基於軟體的解決方案的競爭日益激烈？

Thanks.

謝謝。

Yeah. Sure. Good question.

是的。當然。好問題。

I'll also turn it over to Vikram, here, who's with us. But if you look at our UPD or HPD portfolio, what we've said before is with one of the large OEMs, we have essentially swept most of the SKUs, if not all of the SKUs there; and are penetrating one of the other OEMs.

我還將把它交給在座的維克拉姆 (Vikram)。但如果你看一下我們的 UPD 或 HPD 產品組合，我們之前說過，對於其中一家大型 OEM，我們基本上已經覆蓋了那裡的大部分 SKU，如果不是全部的話；並正在滲透其他一家 OEM 廠商。

So we have two of the three large OEMs and continue to proliferate that technology and that platform.

因此，我們擁有三大 OEM 中的兩家，並將繼續推廣該技術和平台。

Relative to FPGAs out there, we have a much lower cost, much more power-efficient die, which is helpful for these types of applications; and, also, enables our customers to develop some unique software capabilities that really enhance the user experience there.

相對於現有的 FPGA，我們的晶片成本更低、能效更高，這對這些類型的應用很有幫助；並且還使我們的客戶能夠開發一些獨特的軟體功能，真正增強用戶體驗。

In terms of the software piece: I don't know, Vikram, if you had a comment on that?

就軟體部分而言：我不知道，維克拉姆，你對此有何評論？

The only thing I would add about the software-based solution is that we are pushing the boundaries of the technology, with this dedicated chip that we have. And we have a pretty strong roadmap of software features that we're enabling on using the power of that ASIC.

關於基於軟體的解決方案，我唯一想補充的是，我們正在利用我們擁有的專用晶片突破技術的界限。我們擁有一個非常強大的軟體功能路線圖，可以利用 ASIC 的功能來實現這些功能。

And we expect that we'll be able to continue to push the feature set forward, much faster than what others can keep up, with regards to a pure software-only solution.

我們希望，就純軟體解決方案而言，我們能夠繼續推動功能集的發展，比其他人跟上的速度快得多。

And we're already seeing the effects, in terms of the share that we're gaining at the OEMs that Ken mentioned. So we feel very confident about our roadmap, in that regard.

正如 Ken 所提到的，就我們在 OEM 中所獲得的份額而言，我們已經看到了效果。因此，從這個方面來說，我們對我們的路線圖非常有信心。

Thank you very much.

非常感謝。

Thanks, Nick.

謝謝，尼克。

Krish Sanker, TD Cowen.

Krish Sanker，TD Cowen。

Yeah. Thanks for taking my question.

是的。感謝您回答我的問題。

Ken, the first question I had is: Given all the tariff-related macro concerns, you said that it doesn't have any much impact yet. I'm curious: Have you seen any translation into how your order book or linearity is trending in June?

肯，我的第一個問題是：考慮到所有與關稅相關的宏觀擔憂，您說它目前還沒有太大的影響。我很好奇：您是否看到過關於 6 月訂單簿或線性趨勢的任何翻譯？

And if you can extrapolate how to think about beyond June, if you have any view into September or beyond.

如果您可以推斷出 6 月份以後的情況，或者您對 9 月份或以後的情況有什麼看法。

Sure, Krish. Hey. Thanks for the question.

當然，克里什。嘿。謝謝你的提問。

One, if you look at our Q3 result: excellent result. Really strong performance across the board here.

首先，如果你看一下我們第三季的業績：業績非常出色。這裡的整體表現確實非常強勁。

I have the three GMs and the entire Synaptics team -- really did a good job to execute in our most recent quarter.

我和三位總經理以及整個 Synaptics 團隊在最近一個季度確實表現得非常出色。

And if you look at the guide, we have very good visibility into our June guidance, right? And so, the backlog levels entering the quarter, the overall bookings, are very healthy.

如果你看一下指南，你會發現我們對 6 月的指導有很好的了解，對嗎？因此，進入本季的積壓訂單水準和整體預訂量都非常健康。

If we look even into September, I would say the starting backlog and the bookings rates are all healthy.

如果我們看一下九月的情況，我會說初始積壓量和預訂率都很健康。

I would say the only item which is news over the last quarter and is impacting everybody is the uncertainty around tariffs and what that could mean to end demand.

我想說，上個季度唯一有新聞且影響到每個人的是關稅的不確定性以及這可能對最終需求意味著什麼。

I think that's the question that we're looking out, as we look beyond the horizon.

我認為，這就是我們在放眼未來時所要思考的問題。

But if you look over the last couple of quarters, one of the things that I've highlighted, not only the backlog in the bookings -- but if we look at the inventory levels through the (inaudible) channel, those still remain very lean.

但如果你回顧過去幾個季度，我強調的一件事不僅是訂單積壓——而且如果我們透過（聽不清楚）管道查看庫存水平，就會發現庫存仍然非常少。

So I think all of the fundamentals are there. And the only question that we have, along with other semiconductor suppliers, is what is that potential impact of tariffs to end demand?

所以我認為所有基本要素都已具備。我們和其他半導體供應商唯一的問題是，關稅對最終需求的潛在影響是什麼？

And so, we're just continuing to monitor that. We're working with our customers, continue to work with our suppliers.

因此，我們會繼續監控。我們正在與客戶合作，並繼續與供應商合作。

But I would say, into the horizon -- meaning, as we think about our June quarter and how things are progressing even into the September quarter -- things are looking very healthy.

但我想說，展望未來——也就是說，當我們回顧 6 月季度以及 9 月季度的進展時——情況看起來非常健康。

Thanks for that, Ken.

謝謝你，肯。

And then, as a quick follow up: you mentioned, in the March quarter you saw better-than-season on the Enterprise PC product because of share gains and you talked about [proto] share gains and, maybe, higher content.

然後，快速跟進一下：您提到，在 3 月份季度，由於份額增長，企業 PC 產品的表現優於上一季度，並且您談到了 [proto] 份額增長，或許還有更高的內容。

Can you talk a little bit about where are those share gains coming from? And how to think about it, going forward, both on the share gain and the higher content side?

您能否稍微談談這些份額成長來自哪裡？那麼，從份額成長和內容提升兩個方面，未來您該如何看待這個問題呢？

Sure. I'll also probably have Satish answer to this, as well.

當然。我可能也會讓 Satish 來回答這個問題。

But if you look on the PC side, we've done a great job this year, overall, in terms of working with the three largest OEMs; in terms of Dell, HP, and Lenovo.

但如果從 PC 方面來看，今年我們在與三大 OEM 廠商的合作方面整體表現非常出色；就戴爾、惠普和聯想而言。

With one of those players, we have gained, actually, a reasonable amount of share, as we've progressed, based on not only the innovation that we delivered to them but the quality and the cost of our solutions.

實際上，隨著我們的進步，我們已經從其中一家公司獲得了相當多的份額，這不僅基於我們為他們提供的創新，還基於我們解決方案的品質和成本。

And so, we're still looking to further that, as we think about '26 and beyond.

因此，我們仍在尋求進一步發展，展望 26 年及以後。

Satish?

薩蒂什？

Yeah. Just to add on to what Ken said: the innovations that Ken is talking about, we talked about AI a lot, so we introduce a lot of AI elements into our touchpads and fingerprints and such.

是的。補充 Ken 所說的內容：Ken 談到的創新，我們談論了很多關於人工智慧的內容，所以我們在觸控板和指紋等方面引入了很多人工智慧元素。

That helped us gain share with all these customers. And we expect to continue the trend, going forward.

這幫助我們贏得了所有這些客戶的青睞。我們預計未來這一趨勢將持續延續。

Thank you.

謝謝。

Christopher Rowland, Susquehanna.

克里斯多福羅蘭，薩斯奎漢納。

Hi, guys. Thanks for the question.

嗨，大家好。謝謝你的提問。

Just, maybe, a quick clarification, to start. Ken, did you reconfirm the $10 million a quarter increase through the year in the model? Did I hear that?

也許，首先需要快速澄清一下。肯，你是否再次確認了模型中全年每季 1000 萬美元的成長？我聽到了嗎？

No. What I did say, Chris, is a couple things.

不。克里斯，我確實說了幾件事。

One is: in this quarter, super strong results in our most recent quarter. If you look at the guide, also, I think a good trajectory, guiding to $280 million at the midpoint.

一是：本季度，我們最近一個季度的業績非常強勁。如果你看一下指南，你會發現，這是一個很好的軌跡，中間點指向 2.8 億美元。

And if you look at the fundamentals -- so what are those fundamentals? The backlog, the booking rates, -- all of those are trending in the right direction, even as we look into our September quarter. All good signs.

如果你看一下基本面──那麼這些基本面是什麼？即使我們展望九月的季度，積壓訂單、預訂率等都朝著正確的方向發展。一切跡像都很好。

I think the only thing that is different, right now, versus, let's say, three months ago is the uncertainty around the tariffs and what that could mean to end demand.

我認為，與三個月前相比，現在唯一的不同之處在於關稅的不確定性以及這可能對最終需求意味著什麼。

If you look at the fundamentals, however, the business is performing very well. The fundamentals are very healthy.

然而，如果從基本面來看，該業務表現非常好。基本面非常健康。

We look at the inventory and the channel: very healthy, very lean. So all of those things are goodness, in terms of the overall business.

我們查看了庫存和管道：非常健康，非常精簡。因此，就整體業務而言，所有這些都是好事。

But we have to also be cognizant of the fact that there is a lot of uncertainty around tariffs. We have not seen any impact to our business, thus far. But we just need to continue to monitor that.

但我們也必須認識到關稅存在許多不確定性。到目前為止，我們尚未看到對我們的業務產生任何影響。但我們只需要繼續監控。

Okay. And so, if not for these tariffs, are we still on track for the $10 million, less than the $10 million, above the $10 million per quarter? Like, how would you size that up?

好的。那麼，如果沒有這些關稅，我們是否仍能實現每季 1,000 萬美元、低於 1,000 萬美元或超過 1,000 萬美元的目標？例如，您如何評估它的大小？

Yeah. I won't give any specifics.

是的。我不會透露任何具體細節。

Even last quarter, we didn't -- we provided it as a framework. And you can see that both our most recent results here, Chris, and even into the June quarter, are very healthy, right?

甚至上個季度我們也沒有——我們將其作為一個框架提供。克里斯，您可以看到，我們最近的業績，甚至是 6 月份季度的業績都非常健康，對嗎？

We went from $267 million here in our most recent quarter to guiding to $280 million at the midpoint in our June quarter.

我們的預期收入從最近一個季度的 2.67 億美元上升至 6 月中旬的 2.8 億美元。

So a very good trajectory. I think across the board, the businesses are performing well.

所以這是一條非常好的軌跡。我認為總體而言，業務表現良好。

I would say the only area of headwinds that we've highlighted, over the last couple quarters and still with us today, is around the Automotive space.

我想說，過去幾季我們強調的唯一不利因素是汽車領域，而且這種情況至今仍然存在。

Excellent. And, perhaps, if you could talk about the Broadcom acquisition, where we stand.

出色的。或許您可以談談博通收購案以及我們的現況。

I think you said $40 million of annualized revenue from the sale. Are you able to add any additional to that? Are you seeing any additional uptake, particularly on the mobile side?

我想您說的是銷售收入的年化收益為 4,000 萬美元。您能添加其他內容嗎？您是否看到了任何額外的增長，特別是在行動端？

And, yeah, if you have any other design ones or traction there, I would love to hear about it, as well.

是的，如果您有任何其他設計想法或見解，我也很樂意聽聽。

Yeah. Now that all of that is embedded into our Core IoT business, Chris, I would say, if you step back and look at the acquisition and look at the assets and, really, the people that joined us as a result of that acquisition, it's a fantastic transaction for Synaptics.

是的。克里斯，現在所有這些都已融入我們的核心物聯網業務，我想說，如果你退一步看看這次收購，看看資產，看看因為這次收購而加入我們的人員，你會發現這對 Synaptics 來說是一筆非常棒的交易。

It opens up a lot of doors in the long term, in terms of SAM expansion.

從長遠來看，它為 SAM 擴展打開了許多大門。

When we think about AR, VR; when we think about smartphones; when we think about consumer audio, these are all areas that are a new SAM potential for us. And we would expect to [prosecute] those over the next three to five years.

當我們考慮 AR、VR 時；當我們想到智慧型手機時；當我們考慮消費音訊時，這些都是對我們來說具有新的 SAM 潛力的領域。我們預計將在未來三到五年內對這些人進行起訴。

Thanks. And congrats.

謝謝。恭喜你。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Yeah. Thanks for taking my question. And I'll also say congratulations on the continued momentum.

是的。感謝您回答我的問題。我還要對這持續的勢頭表示祝賀。

Just the Wi-Fi 7 low power for IoT applications. Can you give us a description of what's happening in the competitive landscape? Is there anyone else that's targeting the IoT market like this? Or are they all just taking the standard Wi-Fi 7 and adding it onto -- and just trying to sell it to IoT companies?

僅適用於物聯網應用的 Wi-Fi 7 低功耗。您能向我們描述一下競爭格局的現況嗎？有其他人也像這樣瞄準物聯網市場嗎？或者他們只是採用標準 Wi-Fi 7 並將其添加到 - 然後試圖將其出售給物聯網公司？

Yeah. Let me turn it to our expert or GM, Venkat, here. He can answer some of the specifics.

是的。讓我把這個問題交給我們的專家或總經理 Venkat。他可以回答一些具體問題。

Yeah. I think on the competitive landscape, we are the first one to introduce Wi-Fi 7 to IoT market. And we are focused on some of the video applications to start with, using very low power.

是的。我認為在競爭格局中，我們是第一個將Wi-Fi 7引入物聯網市場的公司。我們首先關注的是一些使用非常低功率的視訊應用。

I think we are advanced in process node. We are using advanced process node to bring down the power; and, also, using some signal processing techniques to make the overall power consumption much lower than anybody out there.

我認為我們在流程節點上處於領先地位。我們正在採用先進的製程節點來降低功耗；並且還使用一些訊號處理技術使整體功耗比任何人都低得多。

So I think -- I cannot comment exactly where the competition stands but we stand much better than anybody else out there.

所以我認為——我無法準確評論競爭對手的立場，但我們的立場比其他任何人都要好得多。

That's all I can say, at this point.

目前我只能說這麼多。

Okay. Great. Sounds good.

好的。偉大的。聽起來不錯。

And then, just with the -- on your Astra platform, with the introduction of DeepSeek and other optimized LLMs, have you seen an increase in demand based on those? What's the drivers in that market?

然後，僅透過—在您的 Astra 平台上，隨著 DeepSeek 和其他優化的 LLM 的推出，您是否看到基於這些的需求增加？該市場的驅動因素是什麼？

Yeah. I would say: one, overall -- and I'll turn it over to Vikram, here -- if you look at the pipeline of activity, it continues to grow and the interest level continues to grow.

是的。我想說的是：首先，總體而言——現在我將把時間交給維克拉姆——如果你看一下活動管道，你會發現它在持續增長，興趣水平也在持續增長。

And how I would think about DeepSeek and others is it brings down the overall cost of compute, which means that compute at the edge can be even further proliferated and these applications at the edge become more important, which really fits where we're targeting our solutions in our ICs.

我認為 DeepSeek 和其他技術可以降低整體運算成本，這意味著邊緣運算可以進一步普及，邊緣應用將變得更加重要，這非常符合我們在 IC 中針對解決方​​案的目標。

Vikram, you want to add to that?

維克拉姆，你想補充一下嗎？

Yeah. With DeepSeek, they've just shown that you can run advanced models in a format that's suitable for the edge. And that just plays to our advantage.

是的。透過 DeepSeek，他們剛剛證明了可以以適合邊緣的格式運行高級模型。這對我們有利。

And your specific question about have you seen any uptake around our solutions because of it? Absolutely. In certain geos, there is definitely more interest on trying to move AI to the edge faster. And we are having a number of different engagements across a variety of applications.

您具體的問題是，您是否看到我們的解決方案因此而推廣？絕對地。在某些地區，人們肯定對嘗試更快地將人工智慧推向邊緣更感興趣。我們在各種應用程式方面都有許多不同的合作。

Okay. Sounds great. Thanks.

好的。聽起來很棒。謝謝。

Okay. Thanks, Kevin.

好的。謝謝，凱文。

(Operator Instructions)

（操作員指示）

Peter Peng, JPMorgan.

摩根大通的 Peter Peng。

Hey, guys. Good job on the quarter and guide. And thanks for taking my question.

嘿，大家好。本季和指南做得很好。感謝您回答我的問題。

Just wondering: When would we expect more of a synchronized growth in your end markets? If I look at just a quarter, even the guide, a lot of this is driven by your Core IoT.

只是想知道：我們什麼時候可以期待你們的終端市場出現更多的同步成長？如果我只看一個季度，甚至是指南，其中很多都是由核心物聯網驅動的。

So, maybe, if we look at it in the back half of the year, would we expect the growth to continue to be led by Core IoT? Or do you see some on Enterprise? Or, perhaps, your Mobile start contributing to the sequential growth?

那麼，如果我們看一下下半年的情況，我們是否會預期成長將繼續由核心物聯網引領？或者您在 Enterprise 上看到一些嗎？或者，也許您的行動裝置開始為連續成長做出貢獻？

I still think -- as we guide only one quarter ahead, Peter -- but I would say the Core IoT business and product lines did well, here, in our March quarter.

我仍然認為——正如我們預測的那樣，僅領先一個季度，彼得——但我想說，核心物聯網業務和產品線在我們三月的季度表現良好。

And if you look at the guide, we're expecting nice sequential growth and year-over-year growth into the June quarter.

如果你看一下指南，我們預計 6 月季度將出現良好的環比增長和同比增長。

And even if you just look, holistically, at the Core IoT business, I think we've now grown five consecutive quarters, sequentially. June would mark the sixth sequential quarter of growth.

即使你只是從整體上看核心物聯網業務，我認為我們現在已經連續五個季度成長。六月將是連續第六個季度實現成長。

So really nice momentum in that overall business and product line.

因此，整體業務和產品線的發展勢頭非常好。

If you look at the other areas like Enterprise & Automotive: I would say on the Enterprise & Automotive side, with both PCs and some of the peripherals and Video Interface and the like, we are doing very well.

如果你看看其他領域，例如企業和汽車：我想說在企業和汽車方面，無論是個人電腦還是一些週邊設備、視訊介面等，我們都做得很好。

I would say the one thing that we've highlighted that's continued into our March results and part of our June guide is that we're still seeing Automotive very sluggish, right, in terms of the demand profile.

我想說的是，我們強調的一件事一直延續到我們 3 月份的業績和 6 月份的指南中，那就是從需求狀況來看，我們仍然看到汽車行業非常低迷。

We'll see how that plays out for the rest of this calendar year. But that, in my mind, will continue to remain fairly sluggish.

我們將觀察今年剩餘時間的情況如何。但在我看來，這一進程仍將相當緩慢。

And even with that, we're seeing nice growth trends in our June quarter, relative to our March quarter.

即便如此，與 3 月季度相比，6 月季度的成長趨勢仍然良好。

And then, on the Mobile side, we're finally through that large customer in the end of life there, with the teams -- done a great job, in terms of really targeting the high-end Android market.

然後，在行動方面，我們終於透過團隊在生命末期贏得了那個大客戶，在真正瞄準高階 Android 市場方面做得很好。

We talked about in in our in our formal presentation about the fact that we are continuing to innovate, especially with with this multi-frequency touch device here. And in that space, customers come to us because we are the leaders on the technology front.

我們在正式演講中談到了我們正在不斷創新，特別是這個多頻觸控設備。在這個領域，客戶選擇我們是因為我們是技術領域的領導者。

And so, I would say if you think about that, business, long term, I think we have a good starting point from here. And over the next three to five years, we're going to continue to grow it.

所以，我想說，如果你考慮這一點，從業務的長期來看，我認為我們從這裡開始就有了一個很好的起點。在接下來的三到五年裡，我們將繼續發展它。

Got it. Thanks.

知道了。謝謝。

And then, just on your broad market. Historically, you, guys, have pretty concentrated customers. And, now, we're going to the broad markets, where there's a long tail of customers.

然後，就您的廣大市場而言。從歷史上看，你們的客戶群相當集中。現在，我們要進入廣闊的市場，那裡有大量的客戶。

In terms of just getting the marketing and sales and working with the right distribution, where are you in that stage?

就行銷和銷售以及與正確的經銷商合作而言，您目前處於哪個階段？

Yeah. I would say we're in the still in the early innings of our go-to-market strategy.

是的。我想說我們的行銷策略仍處於早期階段。

If you look, we have done a fantastic job, over time, in terms of the larger and larger scale customers, in terms of developing those one-on-one relationships for, let's say, our top 20 or so customers.

如果你看一下，你會發現，隨著時間的推移，我們在與越來越大規模的客戶，比如說我們前 20 名左右的客戶建立一對一關係方面做得非常出色。

One of the things that we have highlighted, over the last three or four months, is investments on the go-to-market side, both on the business development front, in terms of adding a team and resources there; also, all of the collateral that goes along with servicing a larger account profile.

在過去的三、四個月裡，我們強調的事情之一就是在市場進入方面的投資，包括業務發展方面，以及增加團隊和資源方面；此外，還有為更大的帳戶提供服務所需的所有抵押品。

And we'll continue to make those investments, here.

我們將繼續在這裡進行這些投資。

So as you think about not only the rest of our fiscal '25 but as we head into fiscal 2026, we'll continue to make those investments on the go-to-market engine because that's going to produce some fruit on a long-term basis, for us.

因此，當您考慮不僅我們 25 財年的剩餘時間，而且當我們邁入 2026 財年時，我們將繼續對市場進入引擎進行這些投資，因為從長遠來看，這將為我們帶來一些成果。

Vikram?

維克拉姆？

I was just going to say that the other aspect is that the investment in our partners is actually also paying off.

我只是想說，另一方面，我們對合作夥伴的投資實際上也獲得了回報。

You indicated in your opening remarks about how some of the OEMs you're working with are working with OEMs. And there have been some really exciting opportunities that have come up through that.

您在開場白中提到了您正在合作的一些 OEM 是如何與 OEM 合作的。由此也出現了一些真正令人興奮的機會。

And so, we will continue to invest in the partner network, as well.

因此，我們也將繼續投資合作夥伴網絡。

Thank you.

謝謝。

That concludes the Q &A session. This also concludes today's conference call.

問答環節到此結束。今天的電話會議也到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。