Synaptics Inc (SYNA) 2025 Q4 法說會逐字稿

Hello, and welcome to Synaptics' fourth-quarter fiscal year 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to introduce Munjal Shah, Vice President, Investor Relations.

您好，歡迎參加 Synaptics 2025 財年第四季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我很高興介紹投資者關係副總裁 Munjal Shah。

Good afternoon, and thank you for joining us today on Synaptics' fourth-quarter and fiscal 2025 conference call. My name is Munjal Shah, and I am the Head of Investor Relations. With me on today's call are Rahul Patel, our President and CEO; and Ken Rizvi, our CFO. This call is being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at synaptics.com. In addition to a copy of our earnings press release detailing our quarterly results, a supplemental slide presentation and a copy of the prepared remarks have been posted on our Investor Relations website.

下午好，感謝您今天參加 Synaptics 第四季和 2025 財年電話會議。我叫 Munjal Shah，是投資人關係主管。和我一起參加今天電話會議的還有我們的總裁兼執行長 Rahul Patel 和我們的財務長 Ken Rizvi。本次電話會議將透過網路直播，您可透過公司網站 synaptics.com 的「投資者關係」板塊觀看。除了詳細介紹季度業績的獲利新聞稿外，我們還在投資者關係網站上發布了補充幻燈片簡報和準備好的演講稿。

Today's discussion of financial results is presented on a GAAP financial basis, along with supplementary results on a non-GAAP basis, which excludes share-based compensation, acquisition-related costs and certain other noncash or recurring or nonrecurring items. Please refer to our earnings press release for a reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures presented.

今天討論的財務結果以 GAAP 財務基礎呈現，同時也以非 GAAP 基礎呈現補充結果，其中不包括基於股票的薪酬、收購相關成本和某些其他非現金或經常性或非經常性項目。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. Although Synaptics believes these estimates and assumptions underlying these forward-looking statements to be reasonable, they are subject to a number of risks and uncertainties beyond our control.

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。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. Therefore, we refer you to the company's earnings release issued today and our current and periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q for important risk factors that could cause actual results to differ materially from those contained in any forward-looking statements.

Synaptics 警告稱，實際結果可能與公司前瞻性聲明中所暗示的未來表現有重大差異。因此，我們請您參閱本公司今天發布的收益報告以及我們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。

All forward-looking statements speak only as of the date hereof or the date specified on the call. Except as required by law, Synaptics expressly disclaims any obligation to update this forward-looking information.

所有前瞻性陳述僅代表截至本文發布之日或電話會議中指定的日期的觀點。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。

I will now turn the call over to Rahul.

現在我將電話轉給拉胡爾。

Thank you, Munjal. Good afternoon, everyone, and thank you for joining our fiscal and Q4 2025 earnings call. I am excited to speak with you today. I will start with a brief introduction, outline my initial observations and discuss strategic updates for the company. I will then cover highlights from our fourth quarter and turn the call over to Ken for financial results and guidance.

謝謝你，Munjal。大家下午好，感謝您參加我們的 2025 財年和第四季財報電話會議。我很高興今天能和你交談。我將首先做一個簡短的介紹，概述我的初步觀察並討論公司的策略更新。然後，我將介紹我們第四季的亮點，並將電話轉給肯，詢問財務結果和指導。

I have spent three decades driving growth in semiconductor industry, including more than 20 years in senior leadership roles at Qualcomm and Broadcom. At Qualcomm, I led the IoT business, scaling it from under $1 billion to multibillion dollars. This success was built on delivering highly differentiated products and compelling technology road map, strategically positioning the business for sustained growth, market leadership and enduring customer relationships.

我花了三十年時間推動半導體產業的發展，其中包括在高通和博通擔任高階領導職務的二十多年。在高通，我領導了物聯網業務，將其規模從不到 10 億美元擴大到數十億美元。這一成功建立在提供高度差異化的產品和引人注目的技術路線圖的基礎上，策略性地定位業務以實現持續成長、市場領導地位和持久的客戶關係。

I am energized by the opportunity to scale Synaptics into a much larger and differentiated Core IoT and Edge AI semiconductor solutions player. In the past two months, I have engaged closely with customers, partners, suppliers and our employees to better understand our strengths and opportunities.

我很高興有機會將 Synaptics 擴展為一個規模更大、差異化更強的核心物聯網和邊緣人工智慧半導體解決方案供應商。在過去的兩個月裡，我與客戶、合作夥伴、供應商和員工密切合作，以便更好地了解我們的優勢和機會。

Synaptics has a strong foundation in analog mixed signal, multi-core processors and wireless connectivity intellectual property. I believe that the combination of these three capabilities uniquely position the company in Core IoT to deliver long-term value for our stakeholders. Our engineering talent, technology portfolio, road map of differentiated products and solutions and customer intimacy position us well for leadership and growth.

Synaptics 在類比混合訊號、多核心處理器和無線連接智慧財產權方面擁有強大的基礎。我相信這三種能力的結合使公司在核心物聯網領域佔據獨特的地位，能夠為我們的利害關係人提供長期價值。我們的工程人才、技術組合、差異化產品和解決方案路線圖以及客戶親密度使我們在領導和發展方面佔據有利地位。

We are leveraging our strong foundation to accelerate growth in Core IoT, investing strategically in engineering, sharpening our go-to-market execution and delivering innovative, scalable platforms that align with our customers' need for performance, integration and flexibility. From industrial automation to smart home applications, Synaptics is uniquely positioned to capitalize on a vast emerging opportunity.

我們正在利用我們強大的基礎來加速核心物聯網的成長，在工程方面進行策略性投資，加強我們的市場執行力，並提供符合客戶對效能、整合和靈活性需求的創新、可擴展的平台。從工業自動化到智慧家庭應用，Synaptics 擁有獨特的優勢，能夠抓住巨大的新興機會。

With unmatched capabilities in sensing, processing and connectivity, we are driving differentiated solutions in Core IoT and Edge AI. From my vantage point, our priorities are clear. We plan to actively pursue opportunities to expand our share in our existing markets and explore new ones with the goal of accelerating growth in our Core IoT business.

憑藉在感測、處理和連接方面無與倫比的能力，我們正在推動核心物聯網和邊緣人工智慧領域的差異化解決方案。從我的角度來看，我們的優先事項很明確。我們計劃積極尋求機會擴大我們在現有市場的份額並探索新市場，以加速我們核心物聯網業務的成長。

We will continue evaluating our product portfolio and shape our products and solutions road map that we believe will position us for sustained success over the medium and long term. We expect to maintain a disciplined execution strategy that prioritizes investments in areas that offer the highest potential for sustained and profitable growth.

我們將繼續評估我們的產品組合，並建立我們的產品和解決方案路線圖，我們相信這將使我們在中長期內取得持續的成功。我們希望保持嚴謹的執行策略，優先投資於最有可能實現持續獲利成長的領域。

We look forward to providing more details at Synaptics' Analyst Day in 2026. Moving to our results and business update. We just completed our fiscal year 2025 with revenue increasing 12% to $1.074 billion. This growth was driven by strong performance of our Core IoT products, which grew 53% year-over-year and accounted for approximately one quarter of total company sales. As we enter fiscal 2026, we continue to focus on driving top line growth and increasing earnings while also continuing to invest in our growth initiatives.

我們期待在 2026 年 Synaptics 分析師日上提供更多詳細資訊。轉向我們的結果和業務更新。我們剛完成了 2025 財年，營收成長 12%，達到 10.74 億美元。這一成長得益於我們的核心物聯網產品的強勁表現，該產品年增 53%，約占公司總銷售額的四分之一。進入 2026 財年，我們將繼續專注於推動營收成長和增加獲利，同時繼續投資於我們的成長計畫。

For our fiscal fourth quarter, which ended in June 2025, revenue was $282.8 million, slightly above midpoint of our guidance and up 14% year-over-year. Non-GAAP gross margin was 53.5%, in line with the midpoint of our guidance, and non-GAAP EPS of $1.01 increased 58% year-over-year and was also in line with the midpoint of our guidance.

截至 2025 年 6 月的第四財季，營收為 2.828 億美元，略高於我們的預期中位數，年增 14%。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為 1.01 美元，年增 58%，也與我們的預期中位數一致。

Our Core IoT product sales increased 55% year-over-year in fiscal Q4 to $84 million, fueled by a strong contribution from our wireless portfolio. As we look to the future, our new Synaptics Wi-Fi 7 solutions introduced last quarter are gaining meaningful traction, offering a range of products from high performance to low-power capabilities. We see design opportunities across a wide range of customers for IoT, enterprise and automotive applications.

由於採用無線產品組合的強勁貢獻，我們的核心物聯網產品銷售額在第四季年增 55%，達到 8,400 萬美元。展望未來，我們在上個季度推出的全新 Synaptics Wi-Fi 7 解決方案正在獲得顯著的吸引力，提供從高效能到低功耗的一系列產品。我們在廣泛的客戶群中看到了物聯網、企業和汽車應用的設計機會。

These designs are expected to ramp throughout 2026 and beyond as customers launch their next generation of products. We have confidence that Synaptics is well positioned to gain market share during the Wi-Fi 7 technology transition.

隨著客戶推出下一代產品，這些設計預計將在 2026 年及以後推廣。我們相信，Synaptics 在 Wi-Fi 7 技術轉型期間將佔據有利地位，贏得市場份額。

Moving on to our portfolio of processors. The team has done an excellent job taping out our latest Edge AI native Astra processors. This new portfolio integrates a neural processor co-developed with Google Research, which supports transformer-based architecture.

繼續介紹我們的處理器產品組合。團隊在推出我們最新的 Edge AI 原生 Astra 處理器方面做得非常出色。這個新產品組合整合了與Google研究院共同開發的神經處理器，支援基於變壓器的架構。

This enables native execution of generative AI applications at the edge to support text, video, vision, audio and predictive maintenance workloads. It supports both current AI use cases and emerging AI models across a broad range of IoT applications and delivers high performance and low power consumption at truly disruptive price points.

這使得生成式人工智慧應用程式能夠在邊緣本地執行，以支援文字、視訊、視覺、音訊和預測性維護工作負載。它支援廣泛物聯網應用中的當前 AI 用例和新興 AI 模型，並以真正顛覆性的價格提供高效能和低功耗。

We believe the tight integration with our market-leading wireless connectivity solutions enables our customers to implement differentiated and affordable end applications. We are making great progress with lead customers and engineering samples are expected this quarter. We expect initial revenue contributions to start in the second half of calendar 2026.

我們相信，與我們市場領先的無線連接解決方案的緊密整合使我們的客戶能夠實現差異化且經濟實惠的終端應用。我們與主要客戶的關係正在取得重大進展，預計本季將推出工程樣品。我們預計初始收入貢獻將於 2026 年下半年開始。

While we are seeing a strong momentum in product development, design wins and pipeline expansion for our new platforms, our existing processor products are also gaining traction, benefiting from demand recovery and normalized inventories. We continue to see our design wins ramping into various deployments at key customers in 2026.

雖然我們看到新平台在產品開發、設計中標和管道擴展方面勢頭強勁，但受益於需求復甦和庫存正常化，我們現有的處理器產品也正在獲得發展動力。我們將繼續看到我們的設計成果在 2026 年逐漸在主要客戶的各種部署中得到應用。

We have secured a marquee win with a leading audio OEM. They chose us because of our ability to provide Edge AI-ready silicon, comprehensive software, robust connectivity, broad IoT ecosystem support and hardware security. Overall, our Core IoT pipeline continues to grow and gain momentum.

我們已與一家領先的音頻 OEM 達成了重大勝利。他們選擇我們是因為我們能夠提供 Edge AI 就緒的矽片、全面的軟體、強大的連接性、廣泛的物聯網生態系統支援和硬體安全性。總體而言，我們的核心物聯網管道持續成長並獲得發展動力。

Turning to Enterprise & Automotive. We continue to see modest recovery across our Enterprise portfolio. While order trends are improving, we are not seeing a broad-based PC refresh cycle just yet. In Automotive, demand remained soft, in line with the market segment. While we do not anticipate a material near-term recovery, we remain confident in the long-term potential driven by our innovative video display bridge solutions and adoption of OLED screens.

轉向企業和汽車。我們的企業投資組合持續呈現溫和復甦的勢頭。雖然訂單趨勢正在改善，但我們尚未看到廣泛的個人電腦更新週期。在汽車領域，需求依然疲軟，與市場區隔一致。雖然我們預計短期內不會出現實質復甦，但我們仍然對創新影片顯示橋接解決方案和 OLED 螢幕的採用所帶來的長期潛力充滿信心。

Finally, Mobile Touch performed better than our initial expectations and delivered solid sequential growth. Our portfolio is primarily targeted at the high-end Android smartphone market, where we saw healthy demand across multiple customers.

最後，Mobile Touch 的表現超出了我們最初的預期，並實現了穩健的連續成長。我們的產品組合主要針對高階 Android 智慧型手機市場，我們發現該市場對多個客戶都有良好的需求。

We are seeing strong traction for our latest touch architecture designed for foldable phones and other large screen applications. We are optimistic about the opportunity as the share of foldable phones continue to grow. We continue to collaborate with multiple OEMs for their current and next-gen designs.

我們看到，專為可折疊手機和其他大螢幕應用程式設計的最新觸控架構具有強大的吸引力。隨著可折疊手機份額的不斷增長，我們對這機會持樂觀態度。我們繼續與多家 OEM 廠商合作，共同開發其當前和下一代的設計。

Overall, business continues to improve as orders are steadily increasing, the backlog is growing and channel inventories remain lean. Our pipeline of opportunities continues to expand, and we remain confident in our ability to maintain our position in Enterprise & Automotive, Mobile Touch and drive long-term growth in Core IoT.

總體而言，隨著訂單穩定增加、積壓訂單不斷增加以及通路庫存保持低迷，業務持續改善。我們的機會管道不斷擴大，我們仍然有信心保持在企業和汽車、行動觸控領域的地位，並推動核心物聯網的長期成長。

With disciplined execution, we expect to deliver sustainable growth across our portfolio and create long-term shareholder value. In my time here so far, I have focused on deepening connections with our employees, customers, suppliers and partners. I'm now looking forward to building strong partnerships with our analysts and investors. We plan to be on the road in the coming weeks, and I hope to meet several of you in person.

透過嚴格的執行，我們期望實現整個投資組合的可持續成長並創造長期股東價值。到目前為止，我一直致力於加深與我們的員工、客戶、供應商和合作夥伴的聯繫。我現在期待與我們的分析師和投資者建立強有力的合作關係。我們計劃在接下來的幾週內上路，我希望能夠親自見到你們中的一些人。

I will turn the call over to Ken to review our fourth quarter fiscal year 2025 financial results and our fiscal 2026 first quarter outlook.

我將把電話轉給肯，以回顧我們 2025 財年第四季的財務表現和 2026 財年第一季的展望。

Thank you, Rahul, and good afternoon, everyone. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP financial measures in the earnings release tables found in the Investor Relations section of our website.

謝謝你，拉胡爾，大家下午好。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。

Let me start with our full year fiscal 2025 results. We had strong growth in fiscal 2025, with revenues increasing 12% to $1.074 billion, and earnings per share increasing by 61% to $3.62. Our growth was mainly driven by our Core IoT products, which increased 53% for the year.

讓我先介紹一下我們 2025 財年全年業績。2025財年，我們實現了強勁成長，營收成長12%，達到10.74億美元，每股盈餘成長61%，達到3.62美元。我們的成長主要得益於核心物聯網產品，該類產品全年成長了53%。

We also saw a recovery in our Enterprise & Automotive products, which increased by 7%. During fiscal 2025, our revenue trends continue to improve and channel inventories have been reduced to normalized levels. Non-GAAP gross margin for fiscal 2025 came in at 53.6%. Non-GAAP net income for fiscal ear 2025 was $143.9 million or $3.62 per diluted share.

我們的企業和汽車產品也出現復甦，成長了 7%。在2025財年，我們的收入趨勢持續改善，通路庫存已減少至正常水平。2025 財年非公認會計準則毛利率為 53.6%。2025 財年非公認會計準則淨收入為 1.439 億美元，即每股攤薄收入 3.62 美元。

We continue to generate strong cash flow, with fiscal year 2025 cash from operations of $142 million. During the year, we reduced total gross debt by approximately $134 million or 14%, repurchased shares of our common stock totaling $128 million and invested approximately $200 million to acquire certain assets from Broadcom in January, enhancing the capabilities in our Core IoT portfolio.

我們持續產生強勁的現金流，2025 財年的營運現金流為 1.42 億美元。在這一年中，我們將總債務減少了約 1.34 億美元（14%），回購了總計 1.28 億美元的普通股，並於 1 月投資約 2 億美元從 Broadcom 收購了某些資產，增強了我們核心物聯網產品組合的能力。

Now let me turn to our Q4 results. Revenue for fiscal Q4 was $282.8 million, above the midpoint of our guidance. Q4 revenues were up 14% on a year-over-year basis and 6% sequentially. The revenue mix in the fourth quarter was as follows, 30% Core IoT, 53% Enterprise & Automotive and 17% Mobile Touch products. Core IoT product revenues increased 55% year-over-year and 25% sequentially, driven primarily by increased demand for our wireless products.

現在讓我來談談我們的第四季業績。第四財季的營收為 2.828 億美元，高於我們預期的中位數。第四季營收年增 14%，季增 6%。第四季的收入結構如下：核心物聯網 30%、企業和汽車 53% 以及行動觸控產品 17%。核心物聯網產品營收年增 55%，季增 25%，主要得益於我們無線產品需求的成長。

Enterprise & Automotive product revenues improved 4% year-over-year, but were down 3% sequentially, mainly due to continued softness in automotive. Mobile Touch product revenues were higher than expected, increasing 8% sequentially and were roughly flat on a year-over-year basis. Fourth quarter non-GAAP gross margin was 53.5%, in line with the midpoint of our guidance.

企業和汽車產品營收年增 4%，但季減 3%，主要原因是汽車市場持續疲軟。行動觸控產品營收高於預期，季增 8%，年比基本持平。第四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。

Fourth quarter non-GAAP operating expense was $104.5 million, slightly above the midpoint of our guidance range, mainly due to the foreign exchange impact from a weakening US dollar. We estimate this impact for fourth quarter expense was approximately $2 million. Our non-GAAP operating margin was 16.5%, up approximately 208 basis points on a year-over-year basis and 95 basis points sequentially. And non-GAAP net income in Q4 was $39.5 million. Non-GAAP EPS per diluted share came in above the midpoint of our guidance at $1.01 per share, an increase of 58% on a year-over-year basis.

第四季非公認會計準則營運費用為 1.045 億美元，略高於我們預期範圍的中點，主要原因是美元疲軟帶來的外匯影響。我們估計這對第四季的支出影響約為 200 萬美元。我們的非公認會計準則營業利益率為 16.5%，較去年同期成長約 208 個基點，較上季成長 95 個基點。第四季非公認會計準則淨收入為 3,950 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 1.01 美元，年增 58%。

Now let me turn to the balance sheet. We ended the fiscal fourth quarter with approximately $452.5 million in cash, cash equivalents and short-term investments, up approximately $31.1 million from the prior quarter. Cash flow from operations was $57 million in the fiscal fourth quarter, and we repurchased $16 million of our shares in Q4. Our existing share repurchase authorization expired in July of 2025.

現在讓我來看看資產負債表。截至第四財季，我們擁有約 4.525 億美元的現金、現金等價物和短期投資，較上一季增加約 3,110 萬美元。第四財季的經營現金流為 5,700 萬美元，我們在第四季回購了價值 1,600 萬美元的股票。我們現有的股票回購授權將於 2025 年 7 月到期。

On August 5, 2025, our Board of Directors authorized a new repurchase program for up to $150 million of our common stock. This new authorization underscores the Board's confidence in our long-term strategy, and reflects our continued commitment to delivering shareholder value.

2025 年 8 月 5 日，我們的董事會批准了一項新的回購計劃，回購金額最高為 1.5 億美元普通股。這項新授權凸顯了董事會對我們長期策略的信心，並體現了我們對實現股東價值的持續承諾。

We remain disciplined in our capital allocation approach, balancing strategic investments in growth with opportunistic share repurchases. Capital expenditures was $6.6 million and depreciation for the quarter was $7.1 million. For the fiscal year 2025, total capital expenditure was $25.8 million and total depreciation was $28.9 million.

我們在資本配置方法上保持嚴謹，在成長策略投資和機會性股票回購之間取得平衡。本季資本支出為 660 萬美元，折舊為 710 萬美元。2025 財年，總資本支出為 2,580 萬美元，總折舊為 2,890 萬美元。

Receivables at the end of June were $130.3 million, and days of sale outstanding were 41 days, down from 45 days last quarter. Our ending inventory balance was $139.5 million, which increased by $6.6 million from the previous quarter. And the calculated days of inventory on our balance sheet were 95 days, essentially flat with last quarter.

6 月底應收帳款為 1.303 億美元，未結帳銷售天數為 41 天，低於上一季的 45 天。我們的期末庫存餘額為 1.395 億美元，比上一季增加了 660 萬美元。我們的資產負債表上計算的庫存天數為 95 天，與上一季基本持平。

Now turning to our first quarter of 2026 guidance. I want to first note that our guidance is subject to the fluid macroeconomic, global trade and tariff environment, which remains uncertain at this time. Please refer to our safe harbor statement in the earnings release and in our supplemental materials. For Q1, we expect revenues to be approximately $290 million at the midpoint, plus or minus $10 million.

現在談談我們對 2026 年第一季的預測。首先我想指出的是，我們的指導受到不斷變化的宏觀經濟、全球貿易和關稅環境的影響，目前這些環境仍然不確定。請參閱收益報告和補充資料中的安全港聲明。對於第一季度，我們預計營收中間值約為 2.9 億美元，上下浮動 1000 萬美元。

Our guidance in the first quarter reflects an expected revenue mix from Core IoT, Enterprise & Automotive and Mobile Touch products of approximately 32%, 53% and 15%, respectively. We expect non-GAAP gross margin to be 53.5% at the midpoint, plus or minus 1%. And non-GAAP operating expenses in the September quarter are expected to be $105 million at the midpoint of our guidance, plus or minus $2 million.

我們對第一季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 32%、53% 和 15%。我們預期非 GAAP 毛利率中間值為 53.5%，上下浮動 1%。9 月季度的非 GAAP 營運費用預計為 1.05 億美元（為我們預期的中位數），上下浮動 200 萬美元。

We also expect non-GAAP net interest and other expenses to be in the range of $1 million to $2 million in the first quarter, and our non-GAAP tax rate to be in the range of 13% to 15% for the first quarter and for fiscal 2026. Non-GAAP net income per diluted share is anticipated to be $1.05 per share at the midpoint, plus or minus $0.15 on an estimated 39.5 million fully diluted shares. This wraps up our prepared remarks.

我們也預期第一季非公認會計準則淨利息和其他支出將在 100 萬美元至 200 萬美元之間，第一季和 2026 財年的非公認會計準則稅率將在 13% 至 15% 之間。非公認會計準則每股攤薄淨收益預計為 1.05 美元，在預計 3,950 萬股完全攤薄股票的基礎上，上下浮動 0.15 美元。我們的準備好的演講到此結束。

I would like to turn the call over to the operator to start the Q&A session.

我想將電話轉給接線生，開始問答環節。

(Operator Instructions)

（操作員指示）

Kevin Cassidy, Rosenblatt securities.

凱文‧卡西迪 (Kevin Cassidy)，羅森布拉特證券公司。

Yeah, thanks for taking my question and congratulations on the great results. And welcome, Rahul. And my question is for Rahul. I'm certain at the Analyst Day, you'll go into more details, but you had great success in the IoT market at Qualcomm. And I just want to know how this strategy might change as you come to the Synaptics platform?

是的，感謝您回答我的問題，並祝賀您取得優異的成績。歡迎拉胡爾。我的問題是問拉胡爾的。我確信在分析師日上，您會詳細介紹，但您在高通的物聯網市場取得了巨大的成功。我只是想知道，當您來到 Synaptics 平台時，這項策略會發生怎樣的變化？

Thank you, Kevin, and thanks for the question. Clearly, I think, as I indicated in my prepared remarks, I'm really excited by what I see in our portfolio at Synaptics and the opportunity to road map it further into something that's going to be even more formidable offering. Like if you look at the building blocks in most of the IoT systems, you would have a processor, you would have some form of wireless connectivity and you would have some natural interface or interface with the physical world, which would be largely mixed signal.

謝謝你，凱文，謝謝你的提問。顯然，我認為，正如我在準備好的演講中所指出的，我對 Synaptics 的產品組合感到非常興奮，並且有機會進一步將其規劃為更強大的產品。例如，如果你看一下大多數物聯網系統中的建置模組，你就會有一個處理器，你會有某種形式的無線連接，你會有一些自然的介面或與物理世界的接口，這些介面主要是混合訊號。

And if you look at these three components, they're exactly where Synaptics is in its core capabilities right now. Mixed signal has been the core competence of the company for almost four decades of its life. It's been kind of definitely delivering best-in-class signal-to-noise ratio solutions, basically, as you know, in Mobile Touch for a very long time and many other things along those lines.

如果你看這三個元件，你會發現它們正是 Synaptics 目前的核心功能所在。在公司成立近四十年來，混合訊號一直是公司的核心競爭力。如您所知，它長期以來一直在 Mobile Touch 領域以及類似的許多其他領域提供一流的信噪比解決方案。

Second, in processors, they have got a nice presence already in the processor market. And with this Google Research partnership, bringing AI at the Edge by implementing not only the neural processing engine, but also in collaboration with Google, the accelerators that ultimately make the transformers on AI inference go really efficiently in the amount of bandwidth or horsepower we got to work with, along with every other co-processor engine that you have in the subsystem and then wireless connectivity.

其次，在處理器方面，他們在處理器市場已經佔有一席之地。透過與Google研究院的合作，我們不僅實現了神經處理引擎，還與Google合作，將人工智慧帶到了邊緣，最終使人工智慧推理的轉換器在頻寬或馬力方面真正高效運行，以及子系統中的所有其他協處理器引擎和無線連接。

They have the portfolio of intellectual property and capabilities that come from best-in-class in the marketplace, that is Broadcom. And they are being built into products that will be ultimately delivering at the not so high performance, but extremely low-power applications that ultimately build solutions to deliver extremely efficient, power-efficient, battery life efficient, days of use efficient solutions.

他們擁有來自市場上一流企業的智慧財產權和能力組合，那就是博通。它們被融入到最終性能不是很高但功耗極低的產品中，最終構建的解決方案可提供極其高效、節能、電池壽命高效、使用天數高效的解決方案。

And so you can see the opportunity over here is going beyond selling piece solutions as processor or wireless connectivity or as some analog mixed signal capability into a solution on a going-forward basis. And you'll see a lot more of those discussions come to the forefront as we move along in 2026 with Synaptics.

因此，您可以看到，這裡的機會不僅僅是將處理器或無線連接等單一解決方案或將某些類比混合訊號功能作為未來解決方案進行銷售。隨著我們與 Synaptics 一起邁入 2026 年，您會看到更多此類討論成為焦點。

And that in itself is now opportunity to add a lot more silicon content from Synaptics in the end product at the customer and also wrap it with the right software capabilities, AI model capabilities and potentially help us grow gross margin from where it is right now and approach our long-term models. So as you can tell, I can't stop talking enough about it. And I'm truly excited about the opportunity ahead in Core IoT for the portfolio that Synaptics has to offer today and grow from there into the road map products that we have in plans.

這本身就是一個機會，可以在客戶的最終產品中添加更多來自 Synaptics 的矽內容，並將其與正確的軟體功能、AI 模型功能結合起來，並有可能幫助我們從現在的水平提高毛利率，並接近我們的長期模型。所以正如你所看到的，我無法停止談論它。我對 Synaptics 目前提供的產品組合在核心物聯網領域的未來機會感到非常興奮，並將從那裡發展成為我們計劃中的路線圖產品。

That's great color. Thank you for that. And maybe just one other is the, are there other building blocks you might need to acquire to fill out the whole solution, maybe some other types of connectivity aside from the wireless connectivity?

顏色真棒。謝謝你。也許還有一個問題是，您是否需要取得其他建置模組來完善整個解決方案，除了無線連線之外是否還需要其他類型的連線？

Kevin, I think an excellent question again. I think our philosophy and my philosophy throughout my career has been to be very disciplined financially, right, and not get carried away, right? And I think some of these thoughts are common to Ken as well in how he kind of looks at the business and our investments.

凱文，我認為這又是一個非常好的問題。我認為我們的理念以及我整個職業生涯的理念都是在財務上非常自律，對吧，不要得意忘形，對吧？我認為肯在看待業務和投資時也抱持著同樣的一些想法。

So clearly, we have a portfolio organically that can grow. And so from investments point of view, our first place is going to be organic investments where we can continue to grow products and develop a road map that's highly differentiated.

顯然，我們的投資組合可以有機成長。因此，從投資的角度來看，我們的首要任務是進行有機投資，這樣我們就可以繼續發展產品並建立高度差異化的路線圖。

I'm very confident that we'll continue to deliver differentiated products based on everything that we have in our portfolio on a going-forward basis. I will not rule out inorganic opportunities to accelerate our growth in Core IoT as well. And then obviously, we'll do the right thing from a capital allocation point of view if we have surplus capital, and obviously, we'll look at ways to return it back to the shareholders.

我非常有信心，我們將繼續根據我們產品組合中現有的所有產品提供差異化產品。我也不會排除無機機會來加速我們在核心物聯網領域的成長。然後顯然，如果我們有剩餘資本，我們會從資本配置的角度做正確的事情，顯然，我們會尋找將其回饋給股東的方法。

So very disciplined. Net-net, organically, lot to do, and I think in the OpEx envelope, reasonable OpEx envelope where we have to work with. And then also not shy away from looking at inorganic options should they help us accelerate our growth in Core IoT

非常有紀律。總體來說，有機地，有很多事情要做，而且我認為在 OpEx 範圍內，我們必須在合理的 OpEx 範圍內開展工作。然後，不要迴避尋找無機選項，因為它們可以幫助我們加速核心物聯網的成長

Great, thank you.

太好了，謝謝。

Christopher Rowland, Susquehanna.

克里斯多福羅蘭，薩斯奎漢納。

Hey guys, thanks for the question and perhaps following on Kevin's. So welcome, Rahul. My questions are going to be a little bit more targeted. So have you identified some areas of perhaps product pruning or like low ROI investments? And then alternatively, have you found you might have some areas of pricing power or pricing optimization that you may be able to implement? And then lastly, Synaptics has historically not had a great channel presence. Have you thought about how to beef that up?

嘿夥計們，謝謝你的提問，也許我會繼續關注 Kevin 的問題。歡迎您，拉胡爾。我的問題會更有針對性。那麼，您是否已經確定了一些可能需要進行產品精簡或投資報酬率較低的領域？或者說，您是否發現您可能擁有一些可以實施的定價權或定價優化領域？最後，Synaptics 歷史上的通路影響力並不大。您是否考慮過如何加強它？

Chris, great questions. Thank you. First and foremost, absolutely. I think I -- in the first couple of months that I've been here, I've looked at every potential product category that we are in. I have established a good understanding of the value propositions those products provide, and on a forward-looking basis, how they would integrate into the larger drive for the company to be a formidable player in Core IoT.

克里斯，很好的問題。謝謝。首先，絕對是如此。我認為——在我來到這裡的頭幾個月裡，我已經研究了我們所涉及的每一個潛在產品類別。我對這些產品提供的價值主張有了很好的理解，並且從前瞻性的角度考慮，它們將如何融入更大的動力中，使公司成為核心物聯網領域的強大參與者。

And I can tell you, I have early views on what we are going to do. But if you give me some time, by Analyst Day, I will present to you very clear direction on what we are going to focus on and what we may defocus on.

我可以告訴你們，我對我們要做的事情已經有了初步的想法。但是如果您給我一些時間，到分析師日時，我會向您展示我們將要關注的重點和可能不再關注的重點的非常明確的方向。

Having said that, I'm really excited about the engineering talent we have in-house. And I do believe while we will be making choices, we will have need for some of our engineering talent to be repurposed in areas that are going to drive us into the growth trajectory, especially on Core IoT. In terms of channel, our products have just recently started to ramp into customers.

話雖如此，我對我們內部擁有的工程人才感到非常興奮。我確實相信，當我們做出選擇時，我們需要將一些工程人才重新投入到能夠推動我們進入成長軌蹟的領域，特別是在核心物聯網方面。從通路方面來說，我們的產品最近才剛開始進入客戶市場。

Today, we are in our journey for going from 10, 15 customers to 100 customers. The day will be not far in time where we will go from 100 to 1,000 customers and beyond 1,000 customers from a channel point of view. And we have established along the way when we will start investing in the channel strategy. It is important to formulate a strategy.

今天，我們正處於從 10、15 個客戶到 100 個客戶的旅程中。距離我們擁有 100 個客戶、1000 個客戶甚至超過 1000 個客戶的日子已經不遠了。我們已經確定了何時開始投資通路策略。制定策略很重要。

However, I'm going to be extremely judicious about when we go invest and double down on the channel strategy. And I think it's going to be more in the realm of time frame where we would be moving from hundreds of customers to thousands of customers.

然而，我將非常謹慎地決定何時進行投資並加倍實施通路策略。我認為這將更多地體現在時間範圍內，我們將從數百名客戶轉變為數千名客戶。

And Chris, just -- this is Ken. Just to add on, if you look at our sales team and go-to-market engine, that is an area we have been investing in over the last 6 to 12 months, and we'll continue to invest in that area as we think about our fiscal '26 in terms of business development, system architects and the like, so we can develop some of these differentiated products and solutions for that customer set.

克里斯，這是肯。補充一下，如果你看看我們的銷售團隊和市場引擎，你會發現這是我們在過去 6 到 12 個月中一直在投資的領域，並且我們將繼續在業務發展、系統架構師等方面投資於該領域，以便我們可以為該客戶群開發一些差異化的產品和解決方案。

And to add to what Ken is saying, I think I'll go back to something I said earlier. The drive to sell solutions effectively helps us increase total silicon content for every sales effort. And I think that in another way is also helping scale our SG&A. And so I think -- Chris, I think there's multiple ways to become a lot more efficient in our drive to grow our sales and everything is on the table at this point.

為了補充肯所說的內容，我想我會回到我之前說過的話。有效銷售解決方案的動力幫助我們提高每次銷售活動的總矽含量。我認為從另一個角度來看這也有助於擴大我們的銷售、一般和行政費用。所以我認為——克里斯，我認為有多種方法可以讓我們更有效地增加銷售額，目前所有方法都已擺在桌面上。

Excellent. And then this one is probably for you, Ken. I think in your prepared remarks, you said order activity, backlog and channel inventory levels have improved. Perhaps you can talk a little bit more about that order activity, like I don't know, like percentage of book versus turn that you need, backlog, anything like book-to-bill, et cetera. And then the channel inventory levels have improved.

出色的。那麼這個可能適合你，肯。我認為在您準備好的發言中，您說過訂單活動、積壓訂單和通路庫存水準有所改善。也許您可以多談談訂單活動，例如我不知道，例如您需要的訂單與週轉的百分比、積壓訂單、訂單出貨比之類的任何內容，等等。然後渠道庫存水準有所改善。

I think the channel is small now. So do you mean that channel inventories have gone down? Or maybe you could just expand on that, what you mean? And I assume you're filling the channel as you expand the channel, so this would be a benefit. Maybe talk about that benefit. Thank you.

我認為現在通道很小。那你的意思是渠道庫存下降了？或者也許您可以進一步解釋一下，您的意思是什麼？我認為您在擴展渠道時會填充渠道，因此這將是一個好處。也許可以談談那個好處。謝謝。

Sure, Chris. Now let me -- and if I don't answer the question, just ask what I didn't answer here. But first, in terms of the order activity, as we've talked about maybe the last several quarters and as we progress through 2025, just the overall order activity and backlog entering the quarter has improved. So we have great, great visibility into our September quarter, our Q1. And the backlog is healthy and building as we look at our Q2 as well.

當然，克里斯。現在讓我——如果我沒有回答這個問題，就問我在這裡沒有回答的問題。但首先，就訂單活動而言，正如我們討論過的過去幾個季度以及隨著我們進入 2025 年，進入本季度的整體訂單活動和積壓訂單都有所改善。因此，我們對 9 月季度，也就是第一季有很好的了解。當我們回顧第二季度時，積壓訂單情況良好且不斷增加。

So I think those are good trends and something we measure vis-a-vis crawl charts each and every week. In terms of the channel, I would say, overall, we're at very lean channel inventories as a company. We're at pre-COVID levels. Indeed, actually, in Q4, our channel inventory decreased slightly from Q3 levels and -- but we're very lean. So I think if we think about the next three, four quarters or as demand trends continue to improve, I would expect if we get back to normalcy that, that channel will also replenish, but that's not being forecasted in terms of our September outlook.

所以我認為這些都是好的趨勢，我們每週都會根據抓取圖表來衡量。就通路而言，我想說，總體而言，我們公司的通路庫存非常精簡。我們已恢復至疫情爆發前的水準。確實，在第四季度，我們的通路庫存比第三季度略有下降 - 但我們非常精簡。因此，我認為，如果我們考慮未來三、四個季度，或隨著需求趨勢的持續改善，我預計如果我們恢復正常，該管道也會得到補充，但就我們 9 月的展望而言，這並不是預測。

Awesome, thank you guys.

太棒了，謝謝大家。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. Welcome, Rahul. And Ken, first one for you, just to follow up on the previous question. Channel inventory is getting lower, backlog is improving. It looks like you're seeing some signs of improvement, especially on enterprise. I'm very curious how sustainable is this given the fact that IT spending budgets are still very tepid? How should we think about December or March quarter revenue trends overlaying any kind of seasonality we should expect?

是的，你好，謝謝你回答我的問題。歡迎光臨，拉胡爾。肯，首先我想問您一個問題，跟進一下上一個問題。通路庫存越來越低，積壓訂單正在改善。看起來你看到了一些改善的跡象，特別是在企業方面。我很好奇，鑑於 IT 支出預算仍然非常低迷，這種做法的可持續性如何？我們應該如何看待 12 月或 3 月季度的收入趨勢以及我們預期的任何季節性？

Sure, Chris. Good question. So I would say we typically have visibility three to six months. And within that three-month window, fairly healthy visibility. So as we think about the September quarter, we're guiding to that $290 million at the midpoint, and you can assume we have pretty good line of sight to that midpoint and the range around it.

當然，克里斯。好問題。所以我想說我們通常有三到六個月的可見性。在這三個月內，可見度相當高。因此，當我們考慮 9 月季度時，我們預計中點為 2.9 億美元，您可以假設我們對該中點及其周圍的範圍有相當好的把握。

And as we think about the December quarter, we're building that visibility. So what I can say is the backlog levels starting from this period and looking into December look healthy. And as we get through this quarter, we'll start to build that visibility even further. Historically, as we think about the March quarter, still a little early to call. There's typically some seasonality in the business, especially as we think about some of the consumer-oriented markets. So historically, we would expect some seasonality in the March quarter. We're not guiding for that today, but that would be the typical pattern as we think about the March quarter.

當我們考慮 12 月季度時，我們正在建立這種可見性。因此我可以說，從這個時期開始到 12 月，積壓水平看起來很健康。隨著本季的結束，我們將進一步提高這種知名度。從歷史上看，當我們考慮三月季度時，現在下結論還為時過早。業務通常具有一些季節性，特別是當我們考慮一些以消費者為導向的市場時。因此從歷史上看，我們預計三月季度會出現一些季節性現象。我們今天不會對此進行指導，但當我們考慮三月季度時，這將是典型的模式。

Super helpful, Ken. And then just as a follow-up for Rahul. I understand you're going to talk more about your strategy at the Analyst Day. But you kind of mentioned about scaling Synaptics larger, focus more on organic. I'm kind of curious, Synaptics historically has not had strength in industrial IoT. Is it a segment you think it's worth pursuing? Or is it tough to get traction organically or maybe you have to do an acquisition? Or is it something that doesn't make sense for Synaptics? Thank you.

非常有幫助，肯。然後只是作為拉胡爾的後續行動。我知道您將在分析師日上更多地談論您的策略。但您提到要擴大 Synaptics 的規模，並且更專注於有機性。我有點好奇，Synaptics 歷史上在工業物聯網方面並不具備實力。您認為這是一個值得追求的領域嗎？或者說，很難自然而然地獲得發展動力，或者也許你必須進行收購？或者這對 Synaptics 來說毫無意義？謝謝。

Yes. I think, Krish, first and foremost, thank you for welcoming me. I appreciate that. Regarding your question, I would draw your attention to our mixed-signal analog capabilities, along with AI at the processor. And if you net it out, right, you would see opportunity within the Core IoT that would yield applications like factory control, process control, charging infrastructure, EV charging infrastructure, point-of-sale scanners, drones, robotics, as you kind of go down that list.

是的。我想，克里什，首先感謝你歡迎我。我很感激。關於您的問題，我想請您注意我們的混合訊號模擬功能以及處理器上的人工智慧。如果你把它算出來，你會看到核心物聯網中的機會，它將產生諸如工廠控制、製程控制、充電基礎設施、電動車充電基礎設施、銷售點掃描器、無人機、機器人等應用，正如你所列出的。

And a lot of these applications will scale into industrial IoT as well, right? And so we will build platforms that will be able to scale across the entire landscape of opportunities from industrial IoT to consumer IoT. And I'm very confident.

而且許多這樣的應用也將擴展到工業物聯網，對嗎？因此，我們將建立能夠擴展到從工業物聯網到消費者物聯網的整個機會領域的平台。我非常有信心。

I think based on the capabilities that we have, especially in our processors, if you look at the class of processors that we are building, we are building microprocessor class, which is a little bit higher performance, lot more coprocessors, application-specific coprocessing in there. In combination with, if you look at our SKU map on the processors, they'll go all the way to very inexpensive value-oriented MCUs. And so you can see the scale going from industrial IoT to consumer IoT as a result.

我認為基於我們所擁有的能力，特別是我們的處理器的能力，如果你看看我們正在構建的處理器類別，我們正在構建微處理器類別，它的性能稍高一些，有更多的協處理器，以及特定於應用程序的協處理。結合起來，如果你看一下我們處理器上的 SKU 圖，它們將延伸到非常便宜的價值導向的 MCU。因此，您可以看到其規模從工業物聯網擴展到消費者物聯網。

Thanks, well, very helpful. Thank you.

謝謝，嗯，非常有幫助。謝謝。

Peter Peng, JPMorgan.

摩根大通的 Peter Peng。

Yeah, thanks for taking my questions and welcome, Rahul. Just when you look at just your three business segments, where do you -- any kind of color on whether you're going to be prioritizing certain segments? And where do you think Synaptics is in terms of this transformation journey to an IoT company? Is there a certain -- is divestiture something that you're considering? Maybe we'll start there.

是的，感謝您回答我的問題，歡迎您，拉胡爾。當您只看三個業務部門時，您會如何看待是否要優先考慮某些部門？您認為 Synaptics 在轉型為物聯網公司的過程中處於什麼位置？您是否正在考慮剝離某些資產？也許我們可以從那裡開始。

Well, I think -- thank you, first, Peter. Let's start with the last question first. I am looking at all assets and product categories within Synaptics. I'm also being very judicious about the core engineering capabilities associated with all products and categories that we are entering. Having said that, I value a lot the analog mixed signal capability that this company has, and it's been core to this company for a very long time.

嗯，我想──首先謝謝你，彼得。我們先從最後一個問題開始。我正在查看 Synaptics 內的所有資產和產品類別。我還非常謹慎地考慮與我們正在進入的所有產品和類別相關的核心工程能力。話雖如此，我非常看重這家公司的類比混合訊號能力，而且它在很長一段時間內一直是這家公司的核心。

The repurposing of that capability in context of Core IoT is extremely valuable and highly differentiating versus many of the Core IoT players in the marketplace. And so while there may be deemphasis on certain product categories, I do believe the product portfolio capabilities, especially core engineering capabilities are extremely valuable, and we'll repurpose them as we see needed to grow organically our Core IoT business, right?

在核心物聯網的背景下重新利用這種能力是非常有價值的，並且與市場上的許多核心物聯網參與者相比具有很大的差異化。因此，儘管某些產品類別可能會被淡化，但我確實相信產品組合能力，特別是核心工程能力非常有價值，我們會根據需求重新調整它們，以實現核心物聯網業務的有機增長，對嗎？

I think that's the way I'm parsing the portfolio and the capabilities in the company. In terms of giving you more color on what product categories remain with the company, what gets deemphasized or divested, you will see a lot more color at the Analyst Day.

我認為這就是我分析公司投資組合和能力的方式。為了讓大家更清楚地了解公司保留了哪些產品類別、哪些產品不再重要或被剝離，在分析師日上，您會看到更多細節。

Got it. Okay. Perfect. And then just maybe a more near-term question. Is there any signs of demand pull forward? And you alluded some typical seasonal trends in March. What is typical seasonality to you guys?

知道了。好的。完美的。這也許只是一個更近期的問題。有沒有需求提前的跡象？您也提到了三月的一些典型季節性趨勢。對你們來說，典型的季節性是什麼？

Yeah. Why don't -- Peter, why don't I take that? If you look at the seasonality question as we think about March, I think, is what you asked, typically, it would be down because of some of the consumer applications. And so we would normally see that down. We're not calling or guiding for that today.

是的。為什麼不──彼得，我為什麼不接受這個？如果你看一下三月的季節性問題，我想，這就是你所問的，通常情況下，由於一些消費者應用，它會下降。因此我們通常會看到這一點。我們今天不會為此呼籲或提供指導。

We guide only one quarter ahead. But in a normal environment, you'd see the March quarter, our fiscal Q3 seasonally down. So I think that was one of your questions. And the other one was around pull-ins. So if you look at pull-ins, I would say it's difficult for us to gauge the demand versus any potential pull-ins.

我們僅預測未來一個季度的情況。但在正常環境下，你會看到三月季度，我們的財政第三季出現季節性下滑。所以我認為這是你的問題之一。另一個是關於拉入的。因此，如果你看一下吸引力，我會說我們很難衡量需求與任何潛在的吸引力。

You can see that maybe in certain markets like the mobile market, we had strong demand in our fiscal Q4. And there are some incentives and other things in play globally that may be -- that it may cause demand to improve as a result of those incentives, and that may have helped Q4.

您可以看到，在某些市場（例如行動市場）中，我們第四財季的需求強勁。全球範圍內有一些激勵措施和其他因素正在發揮作用，這些激勵措施可能會導致需求改善，這可能對第四季度有所幫助。

You can see we're guiding for that segment to be down slightly for Mobile Touch into our fiscal Q1. And so I would say, in general, we feel like we're kind of shipping towards demand. And in certain markets like the Mobile Touch market, it's tough to say is there any pull ahead? Or is that as a result of some of the incentives that are in place globally?

您可以看到，我們預計，在第一財季，行動觸控業務的這一部分將略有下降。所以我想說，總的來說，我們感覺我們正在根據需求進行運輸。在某些市場，例如行動觸控市場，很難說是否存在領先優勢？或者這是全球實施的一些激勵措施的結果？

Peter, if I may add to what Ken is saying. I think, to draw your attention, I think despite sequentially mobile being softer than Q4, as Peter said -- as Ken indicated that it could be largely because of some incentives, I mean, at this point. However, our total revenue continues to grow in fiscal Q1.

彼得，我可以補充肯所說的內容。我認為，需要引起您的注意的是，儘管行動業務環比第四季度表現疲軟，但正如彼得所說 - 正如肯所指出的，這可能主要是因為一些激勵措施，我的意思是，就目前而言。不過，我們的總收入在第一季持續成長。

And it is largely fueled by the growth in Core IoT, which is sequentially growing quarter-over-quarter. And in Q1, again, year-over-year, we are potentially growing north of 50%. And so this new product initiative, new segment focus is definitely helping us deliver the sequential growth in fiscal Q1 despite what may be a soft fiscal Q1 for Mobile Touch.

這在很大程度上是由核心物聯網的成長所推動的，該成長逐季度環比增長。與去年同期相比，第一季我們的成長率可能超過 50%。因此，儘管 Mobile Touch 第一財季表現疲軟，但這項新產品計劃和新的細分市場重點無疑將有助於我們在第一財季實現連續成長。

Thank you.

謝謝。

Jacob Grandstaff, Mizuho.

雅各‧格蘭斯塔夫 (Jacob Grandstaff)，瑞穗。

Hey guys, This is Jacob on for Vijay at Mizuho. Thanks for letting ask question. And Rahul, welcome as well. First one is going to be on margins. You guided it flat quarter-over-quarter. That would be the third straight quarter with GMs at about 53.5%.

大家好，我是瑞穗的 Jacob，代替 Vijay。感謝您提出問題。我也歡迎拉胡爾。第一個是關於邊緣的。您指導其季度環比持平。這將是 GM 連續第三個季度達到 53.5% 左右。

At the last Analyst Day, you guys targeted 57% for margins. Can you walk us through the puts and takes to get back into that high 50% range? Would it just be an acceleration of Enterprise & Auto? Or is there something else we should think about to get back to that level? Thanks.

在上次分析師日，你們的利潤率目標為 57%。您能向我們介紹一下要回到 50% 的高點需要哪些條件嗎？這是否只是 Enterprise & Auto 的加速發展？或者我們應該考慮其他什麼來恢復到那個水平？謝謝。

Sure. No, thank you. Thanks for the question. This is Ken. So as we think about the margin profile, a couple of things. One, I think we've executed very well over the last few quarters and even into our guide for Q1, I think it's overall, very good results, not only on the margin side, but you can see that fall through to earnings as well.

當然。不，謝謝。謝謝你的提問。這是肯。因此，當我們考慮利潤率概況時，有幾件事。首先，我認為我們在過去幾季的表現非常好，甚至在第一季的指導中，我認為總體而言，結果非常好，不僅在利潤率方面，而且你還可以看到收益也有所下降。

As we think about the margin profile, a lot of this has to do with the mix profile and the ebbs and flows of that mix profile over time. So if we think about improving the margin profile from here, it will be a combination of mix within mix in certain of our product categories. And I think also, longer term, our ability to continue to differentiate our capabilities vis-a-vis solutions and products. I think that can be a driver of margin improvement over the mid- and longer-term period.

當我們考慮利潤概況時，這在很大程度上與混合概況以及該混合概況隨時間的起伏有關。因此，如果我們考慮從這裡改善利潤率，那麼它將是我們某些產品類別的混合組合。而且我認為，從長遠來看，我們有能力繼續在解決方案和產品方面脫穎而出。我認為這可以成為中長期利潤率提高的驅動力。

Vijay, if I may add, this is Rahul. First, thank you for welcoming me. As Ken said, and to be very specific, in my prepared remarks, I touched on some of the new product launches, especially the Astra family of products. As we bring Edge AI capability in hardware through neural processing and along with the transformer support that has been done with Google Research and collaborating between the two engineering teams, it will potentially help us take the margin mix up as that product mix comes to gather more in direction of the processors and wireless connectivity solutions, right?

維傑，如果我可以補充一下，那就是拉胡爾。首先，感謝你們的歡迎。正如肯所說，具體來說，在我準備好的演講中，我談到了一些新產品的發布，特別是 Astra 系列產品。當我們透過神經處理將 Edge AI 功能引入硬體時，以及與 Google Research 合作完成的變壓器支援以及兩個工程團隊之間的合作，它將有可能幫助我們提高利潤率，因為產品組合將更多地集中在處理器和無線連接解決方案的方向，對嗎？

And so we will be looking at a road map of growing gross margin over time. And so what we have suggested earlier is long-term gross margins are not outside the realm of possibility. And we'll give you a lot more update at the Analyst Day as to how we get there.

因此，我們將研究毛利率隨時間推移不斷增長的路線圖。因此，我們先前提到的長期毛利率並非不可能實現。我們將在分析師日向您提供更多關於我們如何實現這一目標的最新消息。

Awesome. I appreciate the color, and that's a good segue into my second one. I wanted to ask on Astra. So we talked last quarter, I think, Ken, you mentioned $300 million incremental design funnel from Astra. So just wondering what that looks like now, and how quickly you guys think you can ramp wins because you mentioned revenue starting with second half of '26. Thanks, guys.

驚人的。我很欣賞這個顏色，這很好地過渡到了我的第二個顏色。我想問一下 Astra。所以我們上個季度談過了，我想，肯，你提到了來自 Astra 的 3 億美元增量設計漏斗。所以我只是想知道現在的情況如何，以及你們認為可以多快地增加勝利，因為你們提到了從 26 年下半年開始的收入。謝謝大家。

Yes. This is Ken. So on the design funnel, the number I provided last quarter was actually referencing, I think, the September quarter of last year just for background. We'll provide -- the funnel, needless to say, is growing very nicely. We typically will provide an update once a year.

是的。這是肯。因此，在設計漏斗中，我上個季度提供的數字實際上只是參考了去年 9 月這個季度，僅供參考。我們將提供——不用說，漏斗正在非常好地增長。我們通常每年提供一次更新。

So you can assume here, I believe, next quarter or at the Analyst Day is the next time we'll provide an update on the funnel, but we're getting great traction. I think as Rahul stated in the prepared remarks, if you look at this next generation of Astra processor that is coming out and taped out, we're super excited about the capabilities.

所以你可以假設，我相信，下個季度或分析師日是我們下次提供漏斗更新的時間，但我們正在獲得很大的牽引力。我認為，正如拉胡爾在準備好的演講中所說的那樣，如果你看看即將推出和流片的下一代 Astra 處理器，我們會對其功能感到非常興奮。

The customers are excited about the capabilities, and that's where we're seeing some great traction. But we'll give you more specifics here over the next kind of three to six months, either on our next earnings call or perhaps at that Analyst Day. But needless to say, we're seeing great traction and a great build in the pipeline.

客戶對這些功能感到非常興奮，這就是我們看到的巨大吸引力。但我們將在未來三到六個月內向您提供更多具體信息，可能是在下一次收益電話會議上，也可能是在分析師日上。但毋庸置疑，我們看到了巨大的吸引力和管道建設的良好勢頭。

I think -- Vijay, I think we are very comfortable right now with our long-term growth projections on -- in the Core IoT market segment, right? And so that ultimately, obviously, we will give you a lot more color, as Ken indicated, in the next three to six months. But that is very promising right now. And it's -- by the day, I think our pipeline continues to grow.

我認為——Vijay，我認為我們現在對核心物聯網市場領域的長期成長預測非常滿意，對嗎？因此，正如肯所說，我們最終會在未來三到六個月內為您提供更多色彩。但現在看來，這是非常有希望的。而且我認為我們的產品線每天都在成長。

Nick Doyle, Needham & Company.

尼克·道爾 (Nick Doyle)，Needham & Company。

Hey guys, thanks for taking my questions and also welcome, Rahul. Congrats on a successful Astra tape out. I think that was executed a bit ahead of expectations. That Core IoT audio OEM marquee wins, I mean you listed the reasons why, but could you just expand on that win? How are you able to win so quickly after the first tape out? What does that audio customer really need that you're offering? And what kind of other opportunities are you looking at near term for that Astra SOC? Thanks.

嘿，大家好，感謝您回答我的問題，也歡迎您，拉胡爾。恭喜 Astra 成功流片。我認為這個執行比預期更早。Core IoT 音訊 OEM 品牌獲勝，我的意思是您列出了原因，但您能否詳細說明獲勝的原因？你們是如何做到在第一次錄製後如此迅速地獲勝的？音訊客戶真正需要您提供的什麼產品？您近期也為 Astra SOC 尋找哪些其他機會？謝謝。

Nick, first and foremost, thank you. I'll just provide some clarification. I think the chip that got taped out, as you indicated, was -- had taped out earlier than it was originally planned. And so kudos to our engineering team for kind of out executing on our plans. However, the design win for that audio OEM was with the predecessor chip, and that had some elements of AI processing through the audio processor capability that was embedded in that silicon.

尼克，首先，謝謝你。我僅提供一些說明。我認為，正如您所說，流片的晶片比原計劃的流片時間要早。因此，我們要對我們的工程團隊表示祝賀，他們出色地執行了我們的計劃。然而，該音訊 OEM 的設計勝利在於前代晶片，並且透過嵌入在晶片中的音訊處理器功能實現了某些 AI 處理元素。

And I want to be careful not shedding a whole lot of light because then I will be spilling the beans on our end customer. It's a brand name in North America, and they are very well known for delivering high-end speaker systems and, or wireless connectivity. And so you can find two or three of them, and one of the big ones is where this design is going.

我要小心，不要透露太多信息，因為這樣我就會把秘密洩露給我們的最終客戶。這是北美的一個品牌，以提供高端揚聲器系統和無線連接而聞名。因此，你可以找到其中的兩三個，其中一個大的就是這個設計的方向。

Having said that, I think there's a lot of AI capability built into the implementation that helps create a lot more synchronization of audio capability without compromising on high fidelity quality, along with the software that we provide to our customers in this equation of audio synchronousy at high fidelity levels basically.

話雖如此，我認為實施中內建了許多人工智慧功能，有助於在不影響高保真品質的情況下實現更多的音訊同步功能，以及我們在這個高保真音訊同步方程中為客戶提供的軟體。

And I'll just leave it at that. And when the time is right, I think we'll definitely share more details on this. But you get a sense of where these capabilities that we are embedding in our products are going to be valued and differentiated versus a typical MCU or a microprocessor that today is available in the marketplace.

我就不多說了。時機成熟時，我想我們一定會分享更多關於此事的細節。但是您可以感覺到，與目前市場上的典型 MCU 或微處理器相比，我們嵌入到產品中的這些功能的價值和差異化在哪裡。

Yeah, that's helpful. Near term, I mean, very strong Core IoT growth embedded in the guide. I mean, what's driving that? Is that more Wi-Fi, more Bluetooth, seeing some market growth there, and that's what's driving it? Like any more color would be really helpful. Thanks.

是的，這很有幫助。我的意思是，短期內，指南中嵌入了非常強勁的核心物聯網成長。我的意思是，是什麼推動了這個進程？是不是有更多的 Wi-Fi 和藍牙，看到了一些市場成長，這就是推動它發展的因素？就像任何更多的顏色都會非常有幫助。謝謝。

Majority of the growth is largely coming from wireless and Wi-Fi 7. Also, our new processors are ramping up. And so in combination, these two are driving majority of the growth in Core IoT today.

大部分成長主要來自無線和 Wi-Fi 7。此外，我們的新處理器正在加速發展。因此，兩者結合起來，推動了當今核心物聯網的大部分成長。

Thank you.

謝謝。

Thank you. And I'm showing no further questions. So with that, I'll hand the call back over to President and CEO, Rahul Patel, for any closing remarks.

謝謝。我沒有其他問題。因此，我將把電話轉回給總裁兼執行長拉胡爾·帕特爾 (Rahul Patel)，請他做最後發言。

Thank you, Andrew. Before we conclude, I would like to reiterate that I am confident in our path forward as Synaptics stands at the forefront of Core IoT and Edge AI innovation. I want to express my sincere gratitude to all our employees for their unwavering dedication and to our customers, partners and shareholders for their continued support and trust in us. Thank you very much.

謝謝你，安德魯。在結束之前，我想重申，我對我們的前進道路充滿信心，因為 Synaptics 站在核心物聯網和邊緣人工智慧創新的前沿。我要向全體員工的不懈奉獻以及客戶、合作夥伴和股東對我們的持續支持和信任表示誠摯的感謝。非常感謝。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝你們的參與。今天的節目到此結束，大家可以斷開連結了。