Synaptics Inc (SYNA) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Synaptics first quarter fiscal year 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Synaptics 2026 財年第一季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的第一位發言人，投資者關係主管 Munjal Shah。請繼續。

Good afternoon, and thank you for joining us today on Synaptics' first quarter fiscal 2026 conference call. My name is Munjal Shah, and I'm 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 these prepared remarks have been posted on our Investor Relations website.

下午好，感謝各位今天參加 Synaptics 2026 財年第一季電話會議。我叫蒙賈爾‧沙阿，我是投資人關係主管。今天和我一起參加電話會議的還有我們的總裁兼執行長 Rahul Patel，以及我們的財務長 Ken Rizvi。本次電話會議將透過網路直播，您可造訪公司網站 synaptics.com 的「投資者關係」頁面觀看直播。除季度業績新聞稿外，補充幻燈片簡報和本次會議的發言稿也已發佈在本公司「投資者關係」網站上。

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. All non-GAAP financial metrics discussed are reconciled to the most directly comparable GAAP financial measures in our press release and supplemental materials available on our Investor Relations website. 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 that estimates and assumptions underlying these forward-looking statements to be reasonable, they are subject to a number of risks and uncertainties beyond our control.

今天的財務業績討論是按照美國通用會計準則 (GAAP) 財務基礎進行的，同時還提供了按照非美國通用會計準則 (non-GAAP) 基礎進行的補充業績，其中不包括股份支付、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。所有討論的非GAAP財務指標均已與最直接可比較的GAAP財務指標進行核對，相關內容可在我們投資者關係網站上的新聞稿和補充資料中找到。再次提醒各位，我們今天在準備好的發言稿、補充資料以及對各位提問的回答中討論的事項可能包含前瞻性陳述。這些前瞻性聲明表達了我們目前對財務狀況、經營績效、計畫、目標、未來表現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 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. All forward-looking statements speak only as of the date hereof. Except as required by law, Synaptics expressly disclaims any obligation to update this forward-looking information.

Synaptics提醒，實際結果可能與公司前瞻性聲明中暗示的任何未來業績有重大差異。因此，我們建議您參閱本公司今天發布的獲利報告以及我們向美國證券交易委員會提交的最新定期報告，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告，以了解可能導致實際結果與任何前瞻性聲明中包含的結果存在重大差異的重要風險因素。所有前瞻性陳述僅代表截至本新聞稿發布之日的資訊。除法律要求外，Synaptics明確聲明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.

現在我將把通話轉給拉胡爾。

Thank you, Munjal. Good afternoon, everyone, and thank you for joining our fiscal Q1 2026 earnings call. We had an outstanding start to our fiscal year, delivering strong results that reflect the continued momentum in our business. Revenue in our Core IoT portfolio grew by 74% year over year, driving 14% revenue growth for the company. Our strength was broad-based across both processors and wireless connectivity. We delivered strong earnings growth, with non-GAAP earnings per share up 35% year over year to $1.09.

謝謝你，蒙賈爾。各位下午好，感謝各位參加我們2026財年第一季財報電話會議。本財年開局出色，取得了強勁的業績，反映了我們業務的持續成長勢頭。我們核心物聯網產品組合的營收年增 74%，推動公司營收成長 14%。我們在處理器和無線連接方面都擁有強大的實力。我們實現了強勁的獲利成長，非GAAP每股盈餘較去年同期成長35%至1.09美元。

As a company, we are sharpening our focus and aligning our resources to capture the growing opportunity in Edge AI. In the last quarter, we met with customers across the globe and at our Tech Day here in San Jose. Those discussions have affirmed my confidence in our ability to strengthen our leadership in this market. By bringing together our unique capabilities in analog mixed-signal, multi-core processing, and advanced wireless connectivity, we are enabling customers to bring intelligence to the Edge.

作為一家公司，我們正在更加專注於邊緣人工智慧領域，並調整資源配置，以抓住該領域日益增長的機會。上個季度，我們與全球各地的客戶進行了會面，並在聖荷西舉辦了技術日。這些討論更加堅定了我對我們加強在該市場領導地位的能力的信心。透過整合我們在模擬混合訊號、多核心處理和先進無線連接方面的獨特能力，我們正在幫助客戶將智慧帶到邊緣。

This quarter, we reached a major milestone in our Edge AI roadmap with the successful launch of our next-generation Synaptics Astra Edge AI processors. Astra introduces a new class of AI-native silicon, built from the ground up to power the next wave of intelligent devices at the Edge. These products represent a decisive leap forward in our Edge AI strategy and reflect our strong execution and firm commitment to leadership in this market. Importantly, Astra is not just a standalone product, it brings together Synaptics' integrated approach to high-performance solutions by incorporating our processing, wireless connectivity, and mixed-signal capabilities. The response from customers, ecosystem partners, and the media has been very positive for the following reasons.

本季度，我們成功推出了下一代 Synaptics Astra Edge AI 處理器，這是我們在邊緣人工智慧路線圖上的一個重要里程碑。Astra 推出了一種全新的 AI 原生晶片，從底層架構開始構建，旨在為下一代邊緣智慧型裝置提供動力。這些產品代表了我們在邊緣人工智慧策略上的決定性飛躍，體現了我們強大的執行力和對該市場領導地位的堅定承諾。重要的是，Astra 不僅僅是一個獨立的產品，它融合了 Synaptics 的高效能解決方案整合方法，包括我們的處理、無線連接和混合訊號功能。來自客戶、生態系統合作夥伴和媒體的反應非常積極，原因如下。

First, we developed the new generation of Astra SL2600 series to enable billions of AI devices at the Edge, from battery-powered devices to high-performance industrial systems. It delivers industry-leading price performance to enable intelligence at the far Edge. Its scalable architecture allows our customers to address a wide range of applications, including those that require multimodal human-machine interface, vision, and voice capabilities across consumer, enterprise and industrial end markets. Customers can future-proof their designs as requirements for multimodal compute, power efficiency, application features, and AI models continue to evolve.

首先，我們開發了新一代 Astra SL2600 系列，以支援數十億台邊緣 AI 設備，從電池供電設備到高性能工業系統。它提供業界領先的性價比，可在遠端邊緣實現智慧。其可擴展的架構使我們的客戶能夠滿足各種應用需求，包括那些需要在消費者、企業和工業終端市場中實現多模態人機介面、視覺和語音功能的應用。隨著多模態運算、能源效率、應用功能和人工智慧模型的要求不斷演變，客戶可以使其設計面向未來。

Second, we introduced Synaptics Torq AI in the new generation of Astra processors. Torq combines a future ready neural processor architecture with open-source compilers, setting a new standard for IoT AI application development. Further, as part of our close collaboration with Google Research, we have integrated their open-source Coral NPU, a machine learning accelerator optimized for energy-efficient AI at the Edge. This silicon-level collaboration enables customers to develop innovative Edge products with AI inference across a broad range of applications.

其次，我們在新一代 Astra 處理器中引入了 Synaptics Torq AI。Torq 將面向未來的神經處理器架構與開源編譯器結合，為物聯網 AI 應用開發樹立了新的標準。此外，作為與Google研究院密切合作的一部分，我們整合了他們的開源 Coral NPU，這是一款針對邊緣節能人工智慧優化的機器學習加速器。這種矽晶片層級的合作使客戶能夠開發具有人工智慧推理功能的創新邊緣產品，並應用於廣泛的領域。

Third, the Synaptics and Google partnership is fundamentally about creating a robust and open software development environment that elevates AI-native Edge IoT product development from a highly fragmented, proprietary ecosystem into a unified, open-source approach. Developers now have access to multiple flexible and scalable programming frameworks, comprehensive software development kits and tools, and a rich repository of resources that include pre-optimized models, multimodal AI applications, and a curated developer experience supporting a wide range of use cases.

第三，Synaptics 和 Google 的合作從根本上來說是為了創建一個強大而開放的軟體開發環境，將 AI 原生邊緣物聯網產品開發從高度分散的專有生態系統提升為統一的開源方法。現在，開發人員可以使用多種靈活且可擴展的程式框架、全面的軟體開發工具包和工具，以及豐富的資源庫，其中包括預優化模型、多模態 AI 應用和精心策劃的開發者體驗，以支援各種用例。

Our lead customers have begun sampling the new Astra SL2600 devices, and we are already securing design wins. We expect initial revenue contributions to start in the second half of the calendar year 2026. This marks a significant execution milestone for our engineering and product teams, reflecting their outstanding commitment to innovation.

我們的主力客戶已經開始對新的 Astra SL2600 設備進行樣品測試，我們已經獲得了許多設計訂單。我們預計初步收入貢獻將於 2026 年下半年開始。這標誌著我們的工程和產品團隊取得了重要的執行里程碑，體現了他們對創新的傑出承諾。

Looking ahead, the AI inference compute opportunity is significant as hybrid compute across the data center and the Edge is taking shape. We are already seeing strong early traction and a healthy pipeline of customer engagements. We had hundreds of customers and partners join us at our Tech Day, where we showcased Edge AI use cases such as industrial vision, fleet management, home automation, smart appliances, IoT hubs, and robotics.

展望未來，隨著資料中心和邊緣混合運算的形成，人工智慧推理運算的機會非常巨大。我們已經看到了強勁的早期發展動能和健康的客戶互動管道。在我們的技術日活動中，數百名客戶和合作夥伴與我們見面，我們展示了邊緣人工智慧的應用案例，例如工業視覺、車隊管理、家庭自動化、智慧家電、物聯網中心和機器人技術。

Moving to our wireless connectivity portfolio, we had a solid quarter with strong execution across our strategic priorities. Our Wi-Fi 7 and broad-market solutions are starting to gain traction, and our roadmap remains firmly on schedule. Development of our wirelessly connected microcontroller with AI, all in a monolithic silicon, is advancing as planned, and we look forward to sharing more in the quarters ahead.

在無線連線產品組合方面，我們本季表現穩健，各項策略重點的執行力度也很強。我們的 Wi-Fi 7 和大眾市場的解決方案開始獲得市場認可，我們的產品路線圖也依然按計畫穩步推進。我們正在按計劃推進整合人工智慧的無線連接微控制器的研發，該微控制器整合在單晶片上，我們期待在接下來的幾個季度分享更多資訊。

Across our Core IoT portfolio, we achieved multiple wireless connectivity and processor design wins spanning a diverse range of end markets, including action and sports cameras, educational and commercial tablets, point-of-sale systems, unified communication platforms, operator solutions, and wearables. We're also seeing increasing customer commitments in home security systems, Matter-enabled IoT hubs, trackers, AI-enabled wearables, and body cameras. As we continue to invest in our roadmap, execute on our engineering goals, and deepen partnerships with our leading customers, we feel confident in our ability to deliver long-term growth across our processor and wireless connectivity portfolio centered on enabling AI at the Edge.

在我們的核心物聯網產品組合中，我們贏得了多個無線連接和處理器設計項目，涵蓋了各種終端市場，包括運動相機、教育和商業平板電腦、銷售點系統、統一通訊平台、營運商解決方案和穿戴式裝置。我們也看到客戶對家庭安全系統、支援 Matter 的物聯網中心、追蹤器、支援人工智慧的穿戴式裝置和執法記錄器的投入不斷增加。隨著我們持續投資於產品路線圖、執行工程目標並深化與領先客戶的合作關係，我們有信心在處理器和無線連接產品組合方面實現長期成長，從而在邊緣人工智慧領域賦能。

Let me now turn to our mixed-signal technology products. In Enterprise & Automotive, our PC products continue to show steady improvement, and our broader enterprise portfolio continues to recover. We have gained market share over the last year, and we expect the momentum to continue into the current quarter. While we continue to see softness in automotive due to subdued market demand, we are benefiting from the continuation of our existing designs and are actively investing in new innovative automotive solutions that will help increase our silicon content.

現在讓我來介紹一下我們的混合訊號技術產品。在企業和汽車領域，我們的 PC 產品持續穩定提升，我們更廣泛的企業產品組合也持續復甦。過去一年，我們獲得了市場份額，預計這一勢頭將延續到本季。儘管由於市場需求疲軟，汽車行業持續低迷，但我們受益於現有設計的延續，並且正在積極投資於新的創新汽車解決方案，這將有助於提高我們的矽含量。

In Mobile Touch, we are seeing strong customer traction with our next-generation touch controller, which features a differentiated multi-frequency architecture designed for foldable OLED phones and other large-screen applications. This new design enables thinner and larger panels and integrates advanced sensing and filtering capabilities to effectively manage display noise. It also supports continuous time sensing, offering customers greater design flexibility and more cost-effective integration.

在行動觸控領域，我們看到新一代觸控控制器獲得了客戶的強烈認可，該控制器採用了差異化的多頻架構，專為可折疊 OLED 手機和其他大螢幕應用而設計。這種新設計可以實現更薄、更大的面板，並整合了先進的感測和濾波功能，從而有效地控制顯示雜訊。它還支援連續時間感測，為客戶提供更大的設計靈活性和更具成本效益的整合。

We have secured marquee design wins with a top Android phone OEM and we are also seeing strong interest from OEMs in China for smartphones and tablets. We expect these wins to start contributing to revenue in the next fiscal year. Notably, our content in foldable phones will be more than twice that of our current smartphone designs. As the adoption of foldable phones increases, we are optimistic about the opportunity it creates for Synaptics.

我們與一家頂級安卓手機OEM廠商達成重要的設計合作，同時我們也看到中國OEM廠商對智慧型手機和平板電腦表現出濃厚的興趣。我們預計這些勝利將在下一個財政年度開始帶來收入。值得注意的是，我們在可折疊手機中的內容量將是目前智慧型手機設計的兩倍以上。隨著可折疊手機的普及，我們對它為 Synaptics 帶來的機會持樂觀態度。

Overall, we are seeing steady improvement in our financial performance, with both revenue and EPS increasing sequentially and year-over-year. This progress reflects the strong execution across our organization, particularly from our engineering teams, who continue to deliver on our product roadmap. Our pipeline of opportunities is expanding, and we believe we are well-positioned to build on this momentum. I am confident that our focus, innovation, and disciplined execution can drive long-term growth for Synaptics.

整體而言，我們的財務表現穩定改善，營收和每股盈餘均較上季和年成長。這項進展反映了我們整個組織，特別是我們的工程團隊的出色執行力，他們一直在按計劃推進我們的產品路線圖。我們的機會儲備正在不斷增加，我們相信我們已做好充分準備，能夠在此基礎上再創佳績。我相信，憑藉我們的專注、創新和嚴謹的執行力，Synaptics 能夠實現長期成長。

I will now turn the call over to Ken to review our first quarter financial results and outlook for our fiscal 2026 second quarter.

現在我將把電話交給 Ken，讓他回顧我們第一季的財務表現以及 2026 財年第二季的展望。

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. Now let me turn to our financial results for the first quarter of fiscal 2026. Revenue for fiscal Q1 was $292.5 million, above the midpoint of our guidance and up 14% on a year over year basis driven by strength from our Core IoT products. The revenue mix in the first quarter was as follows: 35% Core IoT; 51% Enterprise and Automotive; and 14% Mobile Touch products.

謝謝你，拉胡爾，大家下午好。我將重點介紹我們的非GAAP業績，這些業績已在公司網站投資者關係部分的盈利發布表格中與GAAP財務指標進行了核對。現在讓我來看看我們2026財年第一季的財務表現。第一財季營收為 2.925 億美元，高於我們預期的中位數，年增 14%，這主要得益於我們核心物聯網產品的強勁表現。第一季的營收組成如下：核心物聯網佔 35%；企業和汽車業務佔 51%；行動觸控產品佔 14%。

Core IoT product revenues increased 74% year over year, driven primarily by increased demand for our processor and wireless connectivity products. Enterprise & Automotive product revenues were flat year-over-year with strength in our enterprise portfolio offset by softness in Automotive. Mobile Touch product revenues were lower than expected, in part, due to supply chain constraints during the quarter. First quarter non-GAAP gross margin was 53.2%, in line with our guidance range. And first quarter non-GAAP operating expense was $104 million, slightly better than the midpoint of our guidance range.

核心物聯網產品營收年增 74%，主要得益於市場對我們的處理器和無線連接產品的需求增加。企業及汽車產品營收與去年同期持平，企業產品組合的強勁成長被汽車產品的疲軟所抵銷。行動觸控產品收入低於預期，部分原因是本季供應鏈受到限制。第一季非GAAP毛利率為53.2%，符合我們的預期範圍。第一季非GAAP營運支出為1.04億美元，略優於我們預期範圍的中點。

Our non-GAAP operating margin was 17.6%, up approximately 110 basis points sequentially and 90 basis points year over year. Non-GAAP net income in Q1 was $43.3 million. And non-GAAP EPS per diluted share came in above the midpoint of our guidance at $1.09 per share, an increase of 35% on a year over year basis.

我們的非GAAP營業利益率為17.6%，較上季成長約110個基點，較去年同期成長約90個基點。第一季非GAAP淨利為4,330萬美元。非GAAP每股攤薄收益達1.09美元，高於我們先前預期的中點，較去年同期成長35%。

Now, let me turn to the balance sheet. We ended the fiscal first quarter with approximately $459.9 million in cash, cash equivalents, and short-term investments, up approximately $7.4 million from the prior quarter. Cash flow from operations was $30.2 million in the first fiscal quarter. We repurchased $7.2 million of our shares during Q1 and a total of $15 million of our shares through today.

現在，讓我來看看資產負債表。截至本財年第一季末，我們持有約 4.599 億美元的現金、現金等價物和短期投資，比上一季增加了約 740 萬美元。第一財季經營活動產生的現金流量為 3,020 萬美元。我們在第一季回購了價值 720 萬美元的股票，截至目前，累計回購股票總額已達 1,500 萬美元。

Capital expenditures for the first quarter were $12.2 million, in part driven by lab build-outs to support our R&D efforts. Depreciation for the quarter was $7.5 million. Receivables at the end of September were $119.5 million and the days of sales outstanding were 37 days, down from 41 days last quarter. Our ending inventory balance was $143.1 million, which increased by $3.6 million from the previous quarter. The calculated days of inventory on our balance sheet were 94 days, essentially flat with the last quarter.

第一季資本支出為 1,220 萬美元，部分原因是實驗室建設，以支持我們的研發工作。本季折舊額為750萬美元。截至 9 月底，應收帳款為 1.195 億美元，應收帳款週轉天數為 37 天，低於上一季的 41 天。期末存貨餘額為 1.431 億美元，比上一季增加了 360 萬美元。我們資產負債表上的庫存週轉天數為 94 天，與上一季基本持平。

Now, turning to our second quarter of 2026 guidance. Our guidance is subject to the fluid macroeconomic global trade and tariff environment which continues to remain uncertain at this time. Please refer to our Safe Harbor Statement in the earnings release and in our supplemental materials.

現在，讓我們來看看我們對 2026 年第二季的業績展望。我們的指導意見受制於瞬息萬變的全球宏觀經濟貿易和關稅環境，而目前該環境仍有許多不確定性。請參閱盈利公告和補充資料中的「安全港聲明」。

For Q2, we expect revenues to be approximately $300 million at the mid-point, plus or minus $10 million. And our guidance for the second quarter reflects an expected mix from Core IoT, Enterprise & Automotive, and Mobile Touch products of approximately 31%, 53%, and 16%, respectively. We expect non-GAAP gross margin to be 53.5% at the mid-point, plus or minus 1%. And non-GAAP operating expenses in the December quarter are expected to be $106 million at the midpoint of our guidance, plus or minus $2 million.

我們預計第二季營收中位數為 3 億美元左右，上下浮動 1,000 萬美元。我們對第二季的預期是，核心物聯網、企業及汽車、行動觸控產品分別佔比約為 31%、53% 和 16%。我們預期非GAAP毛利率中位數為53.5%，上下浮動1%。預計 12 月季度的非 GAAP 營運費用為 1.06 億美元（以我們指引值的中點計算），上下浮動 200 萬美元。

We expect non-GAAP net interest and other expenses to be approximately $1 million and our non-GAAP tax rate to be in the range of 13% to 15% for the second quarter. Non-GAAP net income per diluted share is anticipated to be $1.15 per share at the mid-point plus or minus $0.15, on an estimated 40.4 million fully diluted shares.

我們預計第二季非GAAP淨利息和其他支出約為100萬美元，非GAAP稅率將在13%至15%之間。根據非GAAP準則，預計每股稀釋淨收益為1.15美元（取中間值加減0.15美元），預計完全稀釋股為4,040萬股。

This wraps up our prepared remarks. I would like to turn the call over to the operator to start the Q&A session.

我們的發言稿到此結束。我想把電話轉交給接線生，開始問答環節。

(Operator Instructions) Ross Seymour, Deutsche Bank.

（操作員指示）羅斯·西摩，德意志銀行。

I guess my first one for Rahul is a little bit of a longer-term one. Congrats on launching the Astra platform. I know you talked about significant interest and that the revenue contribution would start kind of in the second half of next year.

我想我給拉胡爾的第一個建議會比較長期一些。恭喜Astra平台成功上線。我知道您提到會有很大的興趣，而且收入貢獻大概會在明年下半年開始。

Could you give us any idea on the metrics that we could maybe track externally as to the success of that product, whether it be the TAM opportunity down the road or the number of design wins? Any sort of color that we could monitor as to the slope of the growth that you see coming forward with that product?

您能否為我們提供一些關於產品成功與否的外部指標建議，例如未來的市場規模或設計訂單數量？有沒有什麼顏色可以用來監測該產品未來成長的趨勢？

Thank you, Ross, for the question. I think we are really excited about the 2600 series that we launched. As you can tell, from the opening remarks, we have now secured design wins way ahead of when we thought we would be getting award letters, right?

謝謝你的提問，羅斯。我認為我們對推出的2600系列產品感到非常興奮。從開場白可以看出，我們現在已經提前獲得了設計獎項，比我們預期收到獲獎通知書的時間要早得多，對吧？

Clearly, there's a very wide range of designs coming into the pipeline as a result of what we are bringing in 2600 series products. And at this point, I'll share with you that the product is designed in such a way, it future-proofs IoT systems for multiple years, not only from having the ability to run a lot more capability because of the CPU complex as well as the multi-core processing capability, but also from an AI point of view. And we have a SKU map of pin compatible devices that on the same PCB can be swapped for newer capable devices.

顯然，由於我們推出了 2600 系列產品，因此有非常廣泛的設計方案正在研發中。在此，我要告訴大家，該產品的設計方式使其能夠面向未來多年，不僅因為其 CPU 複合體和多核心處理能力而具備運行更強大功能的能力，而且從人工智慧的角度來看也是如此。我們有引腳相容設備的 SKU 映射表，在同一塊 PCB 板上，這些設備可以與功能更強大的新設備互換。

And so that scale of technology that's been deployed here in this family of products is very compelling to a wide range of applications. We are seeing from home applications to industrial applications, from things like fleet management applications to robotics, lots of interest. And we have secured designs. And so when I say secured design, we've got a board letters already as we sample the part.

因此，該系列產品中部署的這種規模的技術對於廣泛的應用來說都非常具有吸引力。從家庭應用到工業應用，從車隊管理應用到機器人技術，我們看到了許多應用領域都引起了廣泛關注。我們已經獲得了設計方案。所以當我說設計安全可靠時，我們在零件取樣時就已經有了電路板上的字母標示。

I would not be surprised if we go to production sooner than what we had planned for, given the success that we are experiencing in the bring up with the product. And given that, I would anticipate our pipeline would develop very nicely over time over the next few months.

鑑於我們在產品試生產階段的成功，如果產品比原計劃更早投入生產，我不會感到驚訝。有鑑於此，我預計我們的產品線在未來幾個月內會逐步發展得非常順利。

Having said that, specifically to respond to your question, at some point, we will give you an update on the pipeline in the form of the size of the funnel. And when I say size of the funnel, I would be specifically talking about design that have been awarded to Synaptics and not the broader marketplace where people talk about the opportunity. We'll be very specific about the designs that have been awarded to Synaptics and the designs that are going into production with Synaptics through that award process.

話雖如此，具體來說，為了回答您的問題，我們會在某個時候以漏斗大小的形式向您提供管道的最新情況。我說的「通路規模」指的是 Synaptics 已經獲得的設計項目，而不是人們談論機會的更廣泛的市場。我們將詳細說明 Synaptics 已獲得的設計方案，以及透過此授予流程正在 Synaptics 投入生產的設計方案。

And so that is where we are going to go in terms of giving the ability to track our success with our processor line of products. I believe we are maybe a couple of quarters away from where we can start opening up and giving you that update. The intent also is to give you this update periodically, right? And so I'll keep you apprised of our progress on a going-forward basis. And so give us a couple of quarters or maybe a little bit less than that, and we'll get back to you with how we're going to track the method and the periodicity with which we'll be providing an update.

因此，我們將朝著這個方向努力，讓使用者能夠追蹤我們處理器產品線的成功情況。我認為我們可能還需要幾個季度才能開始對外開放並向大家提供最新資訊。我們的目的也是要定期向您提供此類更新，對嗎？因此，我會隨時向您報告我們的進展。所以，請給我們幾個季度的時間，或者稍微短一些，我們會盡快回覆您，說明我們將如何追蹤更新方法以及更新的周期。

Perfect. Looking forward to that. And I guess as my follow-up, a little bit of a nearer-term question, perhaps for Ken or Rahul for you, if you wanted to answer. But lots of intersegment volatility versus your original expectations.

完美的。非常期待。我想接著問一個更近期的問題，也許肯或拉胡爾，或者你們，如果你們願意回答的話。但與您最初的預期相比，各業務板塊之間的波動性很大。

The Core IoT up-sided significantly, the Mobile Touch down-sided a bit. Can you just talk about what drove those and perhaps how that applies to the guidance that you're implying for the fiscal second quarter as well?

核心物聯網大幅成長，行動觸控略有下降。您能否談談這些決定的驅動因素，以及這些因素如何應用於您對第二財季業績的預期？

Sure, Ross. I mean it's a good question. So in the prepared remarks, we did see -- I'll touch base on the Mobile Touch products. There were some supply constraints there. So that's why you're seeing some increase here as we move from the September quarter actuals to the December quarter guide.

當然可以，羅斯。我的意思是，這確實是個好問題。所以在準備好的演講稿中，我們確實看到了——我將簡要介紹 Mobile Touch 產品。那裡存在一些供應限制。所以，這就是為什麼從9月份季度的實際數據過渡到12月份季度的預期數據時，你會看到一些成長。

And then when we look at the Core IoT business, if we just step back and look over the last seven quarters or so, I think we've been averaging something like 50% plus year-over-year growth on a quarterly basis. So we've seen very strong growth in that Core IoT segment, driven by what Rahul commented earlier, both processors and the connectivity business. And so there's always some movement from a customer dynamic standpoint that can move quarter-to-quarter. But if you look holistically, we've done very well in terms of the growth rates on a year over year basis and very happy not only with the September results overall, but how we've guided in December.

然後，當我們審視核心物聯網業務時，如果我們回顧過去七個季度左右的情況，我認為我們每個季度的同比增長率平均達到了 50% 以上。因此，我們看到核心物聯網領域實現了非常強勁的成長，正如 Rahul 之前所提到的，這主要得益於處理器和連接業務的推動。因此，從客戶動態的角度來看，總是會有一些變化，這種變化可能會逐季度發生。但從整體來看，我們同比成長率表現非常出色，不僅對 9 月份的整體業績非常滿意，而且對我們 12 月份的業績指引也感到非常滿意。

Yeah. Just to add to what I think, Ross, I think even in the near term, if you look at the September quarter and you extrapolate from the guide, you combine the two quarters and you look at the half -- first half of the year versus the first half of the year -- fiscal year '25, we are north of 60% growth year over year. And so a little variation here or there, but the growth remains consistent. And I would add that we feel very comfortable with our guide of 25% to 30% growth for the fiscal year '26.

是的。羅斯，我再補充一點，我認為即使在短期內，如果你看看九月份的季度數據，並根據指導方針進行推斷，將這兩個季度合併起來，再看看上半年——今年上半年與今年上半年——2025 財年，我們的同比增長率將超過 60%。因此，雖然有些許波動，但成長總體上保持穩定。我還要補充一點，我們對 2026 財年 25% 至 30% 的成長預期感到非常有信心。

And so looking at all parameters and the fact that if you look at the actual dollars, we are now at a run rate of $400 million in IoT revenues on an annual basis. It's a substantial amount of business. It is growing at a very good clip rate, and we are further excited about the opportunity that our newer products are going to bring to the table. I would also add that the road map is very solidly building out.

因此，綜合所有參數來看，如果以實際金額計算，我們現在的物聯網年收入已達到 4 億美元。這是一筆相當大的業務量。它正以非常快的速度成長，我們對新產品將帶來的機會感到更加興奮。我還要補充一點，路線圖正在穩定地推進。

I did talk in my prepared remarks that we are building a product that is going to be wireless connectivity processor and AI integrated in a single die. And so this thing is going to go into multiple applications. It's going to broaden the coverage of end markets for us as a result between what we have launched in silicon as of now and what is coming in our pipeline in the next couple of quarters.

我在事先準備好的演講稿中提到，我們正在打造一款產品，它將無線連接處理器和人工智慧整合在單一晶片上。因此，這項技術將會應用於多個領域。這將擴大我們終端市場的覆蓋範圍，這得益於我們目前在矽晶片領域推出的產品，以及未來幾季即將推出的產品。

Neil Young, Needham & Company.

尼爾楊，Needham & Company。

So I just wanted to follow-up. You talked about some of those end markets that you're achieving design wins in. Specifically, are you seeing any outsized strength in any of those markets that you listed? If so, what do you think is driving that?

所以我想跟進一下。你談到了你在設計上取得突破的一些終端市場。具體來說，您認為您列出的那些市場中，有哪些市場表現異常強勁？如果是這樣，你認為是什麼原因造成的？

And then on the longer term, which end markets do you see becoming the largest?And then I have a follow-up.

那麼從長遠來看，您認為哪些終端市場會成為最大的市場？然後我還有一個後續問題。

Yeah. I think our big area of focus right now is to tap into the existing markets. However, on a going-forward basis, as AI and the need for AI comes to the far end of the Edge, which we believe is in design phases in many places, as you can tell from the AR glasses to many wearable devices to many things that you would have from home automation point of view, we see our marketplace expanding dramatically and in a place where we'll be highly differentiated.

是的。我認為我們目前的重點是開拓現有市場。然而，展望未來，隨著人工智慧及其需求發展到邊緣運算的極致（我們相信，邊緣運算在許多地方都處於設計階段，正如從擴增實境眼鏡到許多可穿戴設備，再到許多家庭自動化產品所展現的那樣），我們看到我們的市場將大幅擴張，並且我們將在這個領域實現高度差異化。

And so I'm very excited about markets where at the far end of the Edge, where AI plays a huge role for human machine interface and multimodal processing with voice, vision, and other computes for AI inference, along with industrial applications, such as robotics, humanoids. So the gamut is fairly wide open in terms of applications as we have designed our product and software platform.

因此，我對邊緣運算的遠端市場感到非常興奮，在這些市場中，人工智慧在人機互動和多模態處理（包括語音、視覺和其他用於人工智慧推理的運算）以及工業應用（如機器人、人形機器人）方面發揮著巨大作用。因此，就應用範圍而言，我們的產品和軟體平台設計得相當廣泛。

Great. Thanks. That's helpful. And then looking into the second quarter, if you were to force rank the sequential growth across the enterprise, PC and Auto, how do you see each of those markets shaking out? And then if you could maybe talk about what's driving the strength or weakness in each of those markets.

偉大的。謝謝。那很有幫助。然後展望第二季度，如果對企業、PC 和汽車領域的環比成長進行排名，您認為這些市場各自的最終結果會如何？然後，您能否談談是什麼因素導致了每個市場的強勢或弱勢？

Yeah. So I would say, as we look at -- you mentioned Enterprise, PC, Auto. So we don't break out the details in those categories. But if you look at the Enterprise and Auto market, as we highlighted on the prepared remarks, we're seeing strength in the enterprise space overall. There's been a nice recovery as we think about on a year over year basis, how that's trended.

是的。所以我想說，當我們審視——你提到了企業、PC、汽車。所以我們就不按這些類別來細分細節了。但如果你看看企業和汽車市場，正如我們在準備好的演講稿中所強調的那樣，我們看到企業領域整體表現強勁。從年比來看，復甦勢頭良好，發展趨勢也不錯。

And as we head into the December quarter, you can look at our guide that we're expecting that enterprise and auto space to be up sequentially September through December, which shows some nice sequential growth and growth overall. So that specific area, I would say, as we look into September, more driven by the Enterprise segment, and we would expect some continued strength as we move into December.

隨著我們進入 12 月季度，您可以查看我們的指南，我們預計企業和汽車領域在 9 月至 12 月期間將環比增長，這表明環比增長和整體增長都相當不錯。因此，我認為，展望 9 月份，該特定領域將更多地受到企業部門的推動，我們預計到 12 月份，這種強勁勢頭將持續下去。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Congrats on the results. I guess probably, Rahul, for you, as it comes to mobile, you guys have, I think, one major mobile player using your combo chips. But can you talk about possibilities for more, particularly handset OEMs potentially doing their own APs or elsewhere? And how possible are these opportunities for you guys?

恭喜取得好成績。拉胡爾，我猜對你來說，就行動端而言，你們可能只有一家主要的行動端玩家在使用你們的組合晶片。但您能否談談更多可能性，特別是手機 OEM 廠商可能自行開發 AP 或在其他地方開發 AP 的可能性？這些機會對你們來說有多大可能？

Yeah, Chris, excellent question. And you're absolutely right on the money in terms of the opportunity ahead for us in mobile. Clearly, there are many mobile phone OEMs that are going down the path of building their own apps processor, and that effectively presents an opportunity for players like ourselves who have clearly very solid wireless connectivity product to offer; however, don't have the ability to play in a bundle with apps processor offering, becomes an opportunity for us with a provisioning of very differentiated market-leading wireless connectivity for phone OEMs who want to build phones and tablets and use wireless connectivity from Synaptics basically.

是的，克里斯，問得好。您說的完全正確，行動領域蘊藏著我們未來的機會。顯然，許多手機OEM廠商都在走上自主研發應用處理器的道路，這實際上為像我們這樣擁有非常可靠的無線連接產品的廠商提供了一個機會；然而，由於我們無法將應用處理器產品與現有產品捆綁銷售，因此，我們有機會為那些希望製造手機和平板電腦並使用Synaptics連接的無線連接商無線連接的無線連接商提供無線連接裝置的市場領先。

And so we are very excited about that opportunity. We are also engaging with many OEMs in this area. I would also add, you did not ask, but very similar connectivity product can be extended to multiple other marketplaces because of the high-performance connectivity capability it brings to the table.

因此，我們對這個機會感到非常興奮。我們也在與該領域的許多原始設備製造商合作。我還要補充一點，雖然你沒問，但非常類似的連接產品由於其高性能的連接能力，可以擴展到多個其他市場。

And so there is also leverage going into high-performance set-top boxes, automotive, and other marketplaces with that level of wireless connectivity. And so there's clearly opportunity for us to leverage our strength in wireless connectivity beyond IoT marketplace with mobile and other places basically for wireless connectivity that's going to be high performance.

因此，在高性能機上盒、汽車以及其他具有這種水平無線連接的市場中，也存在著巨大的商機。因此，我們顯然有機會利用我們在無線連接方面的優勢，超越物聯網市場，拓展到行動裝置和其他領域，實現高效能的無線連線。

Fantastic. And you were speaking about your road map for new products in the prior question. You also mentioned Astra that you could potentially pull that in. I think it was a 2027 high-volume timetable for shipments. But I was wondering if you could update us in terms of the status on high-volume shipments for the MCU plus combo chip product you are talking about. And perhaps I think you have a broad markets MCU on your road map as well.

極好的。在上一個問題中，您談到了貴公司的新產品路線圖。你也提到了 Astra，你有可能也把它納入麾下。我認為那是2027年的大批量發貨時間表。但我很想知道您能否向我們介紹一下您所說的MCU加組合晶片產品的大量出貨情況。或許我認為你們的路線圖上也有面向廣泛市場的MCU產品線。

Yeah. I think, Chris, again, an excellent question, and thanks for asking this. The product that -- first and foremost, let me -- I think you asked about two products. We have what I call is a microprocessor class product, which is the product that we just launched, and it's in the hands of multiple customers in sample stages, and we are getting design awards for. That is the SL2600 series of products or family of products.

是的。克里斯，我覺得你又問了個好問題，謝謝你提問。首先，我想您問的是兩款產品。我們有一款我稱為微處理器級的產品，也就是我們剛推出的產品，目前很多客戶都在試用樣品，而且我們也獲得了設計獎項。那是SL2600系列產品或產品家族。

Those go into production in second half calendar 2026. That's when we start seeing the first revenue realization basically from those products. We would be seeing clearly a lot more momentum and revenue growth as we go from end of '26 -- calendar '26 into '27 and beyond. The highly integrated MCU class processor plus Wi-Fi 7 and Bluetooth integrated monolithic die implementation will sample in the second half of '26. And more likely, you will see at the earliest revenues in the second half of calendar '27 and, obviously, it will ramp from there.

這些產品將於 2026 年下半年投入生產。基本上，就是從那時我們開始看到這些產品帶來第一筆收入。從 2026 年底到 2027 年及以後，我們將明顯看到更大的發展勢頭和收入成長。這款高度整合的 MCU 級處理器，加上 Wi-Fi 7 和藍牙整合單晶片實現，將於 2026 年下半年提供樣品。更有可能的是，最早也要到 2027 年下半年才能看到營收，而且顯然，營收會從那時開始成長。

And that's what I had discussed in my prepared remarks. Having said that, the teams are building the next generation of products. We also have a semi-custom solution that is targeted for a major customer in the works, and it is expected to sample in the fall time period to that major customer. And so those are the big products that are in flight, and there are a couple of others that are in early stages of design. So the road map is building out very nicely from where we are with Astra line of products and the MCU class of products.

而這正是我在準備好的發言稿中所討論的內容。也就是說，各個團隊正在打造下一代產品。我們還有一個針對重要客戶的半客製化解決方案正在開發中，預計將在秋季向該重要客戶提供樣品。所以，這些都是正在研發中的大型產品，還有幾個產品處於早期設計階段。因此，從我們目前在 Astra 產品線和 MCU 系列產品方面的情況來看，路線圖正在穩步推進。

That semi-custom sounds interesting. You're going to have to tell us more next time.

那種半客製化的聽起來很有趣。下次你得告訴我們更多才行。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on the great results. Just to dig in a little more on the Core IoT and that strong growth you're seeing. On the wireless side, are you seeing -- is the growth being driven by more units? Or is it -- is there a strong upgrade cycle giving you a higher ASP?

祝賀你們取得如此優異的成績。讓我們更深入地探討核心物聯網以及您所看到的強勁成長。在無線領域，您是否看到成長是由更多設備推動的？或者說，是否存在強勁的升級週期，從而帶來更高的平均售價？

So Kevin, excellent question. On the wireless side, we are in a ramp-up phase basically. And so the contribution to the revenue is broad-based. And so it's a lot of new designs that are going into production that are contributing. So I can't tell you exactly today there is one particular market segment that's pushing the envelope more than the other.

凱文，問得好。在無線領域，我們目前基本上處於快速發展階段。因此，對收入的貢獻是廣泛的。因此，許多投入生產的新設計都為此做出了貢獻。所以，我現在還不能確切地告訴你，哪個細分市場比其他細分市場更具創新性。

However, I do believe in two or three quarters from now, things would get to a steady place in terms of one marketplace emerging as a faster-growing segment than the other. And at that point, we'll be able to highlight where the growth is primarily coming from. But at this point, broad-based ramp-up stage, both in wireless as well as connectivity.

不過，我相信再過兩三個季度，情況就會趨於穩定，屆時將會出現一個比另一個市場成長更快的細分市場。屆時，我們將能夠明確指出成長的主要來源。但目前，無論是無線連接還是網路連接，都處於廣泛的推廣階段。

Yeah. On the enterprise side, are you seeing any potential for a refresh cycle in docking stations? Or is the growth going to come just from PC components?

是的。從企業角度來看，您認為擴充座產品是否有更新換代的潛力？還是成長只會來自個人電腦零件？

I think, Kevin, as we look at that overall enterprise space, I would expect actually both areas as we think about calendar year 2026. I think what we've talked about on previous calls, we haven't seen this year any step function in terms of PC and enterprise upgrades. It's been more steady in terms of the growth. It's been positive, but more steady.

凱文，我認為，當我們審視整個企業領域時，考慮到 2026 年，我預計這兩個領域實際上都會有所發展。我認為正如我們在之前的電話會議中討論的那樣，今年我們在個人電腦和企業升級方面還沒有看到任何階躍式增長。成長方面則更為穩定。情況一直不錯，但比較穩定。

And I think that's the opportunity as we look into calendar year '26 if we see a significant upgrade cycle as a result of either Windows 10 or just the longevity of the PCs, which the last time we've had a significant upgrade was back in that '21, '22 period. So that's an opportunity for us as we think about calendar year '26.

我認為，展望 2026 年，如果我們看到由於 Windows 10 或 PC 使用壽命延長而導致的重大升級週期，那麼這就是一個機會。上一次出現重大升級還是在 2021 年和 2022 年。所以，當我們展望2026年時，這是一個機會。

Peter Peng, JPMorgan.

Peter Peng，摩根大通。

Congratulations on the results. The first question I have is just on expanding into outside your core consumer markets now into industrials, especially with the SL2600 launch and then also the broad markets. Maybe if you can just an update on the initiative there as you kind of build out that channel on that long tail of customers.

恭喜你取得好成績。我的第一個問題是關於你們如何將業務拓展到核心消費市場以外的工業領域，特別是隨著 SL2600 的推出，以及更廣泛的市場。或許您可以更新一下關於您如何拓展長尾客戶管道的計畫進度。

Yeah. I think, Peter, first of all, thank you. And then a great question. And so one thing I would share with you is we just put up some of the demonstrations that we had on our Tech Day on our YouTube channel. And so it just probably went live yesterday.

是的。彼得，首先，謝謝你。那是一個很好的問題。所以我想和大家分享的一件事是，我們剛剛在我們的 YouTube 頻道上發布了一些我們在技術日上的演示影片。所以它大概昨天才正式上線。

It will be great if you guys can check it out. I think you will see some of the industrial applications with our processors being demoed over there from a robotic arm that effectively is developed by a partner that has our touch controller in the palm and multiple instances of touch controller. It's got our processor, Astra processor in there and it's got our wireless connectivity as well. And so you can see, as a result, the potential of our products.

如果你們能去看一下就太好了。我認為你會看到我們處理器的一些工業應用演示，演示設備是一個由合作夥伴開發的機械臂，它配備了我們的掌上觸摸控制器和多個觸控控制器實例。它搭載了我們的處理器，Astra處理器，也具備我們的無線連線功能。因此，您可以看到我們產品的潛力。

I have said this in my last quarterly call that the combination of our analog mixed signal capabilities in the company and our connectivity along with the processor presents a total solution capability that goes from human machine interface to processing with AI inference capability, and it was -- it is on display in that demo that we have at our Tech Day. And it's a video of that demo as well on YouTube channel, along with multiple demos.

我在上一次季度電話會議上說過，公司模擬混合信號能力、連接能力以及處理器相結合，構成了一個完整的解決方案，涵蓋了從人機界面到人工智能推理能力的處理，而這一點在我們技術日的演示中得到了充分體現。YouTube 頻道上還有該演示的視頻，以及其他多個演示視頻。

We also have a demo of fleet management with our Astra processors on our YouTube channel. And so the other nature of these markets is such that consumer ramps much faster than industrial. And so we expect industrial to be lagging consumer in our ramp in the IoT business versus consumer ramps up faster and refresh cycles, refresh cycles happen much faster as well versus industrial.

我們的 YouTube 頻道上還有使用 Astra 處理器進行車隊管理的示範。因此，這些市場的另一個特徵是，消費者的成長速度比工業成長速度快得多。因此，我們預期在物聯網業務的擴張過程中，工業領域的擴張速度將落後於消費領域，因為消費領域的擴張速度更快，更新周期也比工業領域的更新周期快得多。

And so the capability in our product line, the engagement in building out solutions to support industrial applications is absolutely underway. And engagement with our customers is also underway. It's just that the designs for industrials will come a little later in a sizable manner versus consumer.

因此，我們在產品線方面的能力，以及為支援工業應用而建構解決方案的投入，正在全面展開。我們與客戶的互動也在進行中。只是工業產品的設計推出時間會比消費品晚一些，推出速度也會慢很多。

Got it. And then maybe if you can -- I think there's a lot of optimism about smart glasses and so forth. Maybe you can just talk about your engagement and what kind of content opportunities do you think you can have in this opportunity?

知道了。然後，如果你可以的話——我認為人們對智慧眼鏡等等抱持著很大的樂觀態度。或許你可以談談你的參與情況，以及你認為在這個機會中你可以獲得哪些類型的內容機會？

Yeah. I think I really don't want to kind of tip a whole lot on this topic, but you are touching a sweet spot for Synaptics' Astra line of products on a going-forward basis. With the product capabilities that I described earlier in the earlier question, clearly, the scale at which the volume needs to experience economic value is out there to be delivered by a solution supplier like Synaptics. And that in itself is a huge opportunity for us that we have our eyes set on in not just AR glasses, but also many variable opportunities on a going-forward basis. The combination of general purpose CPU with the optimal GPU, with the optimal audio processor, with the optimal vision processor and all working with a newer processor embedded.

是的。我覺得我不太想在這個主題上過多透露信息，但你提到的這一點對於 Synaptics 的 Astra 系列產品未來的發展來說至關重要。憑藉我在前面問題中描述的產品功能，顯然，像 Synaptics 這樣的解決方案供應商能夠提供達到一定規模的產品，從而創造經濟價值。這本身就是一個巨大的機遇，我們不僅關注 AR 眼鏡，還關注未來許多不同的機會。通用 CPU 與最佳 GPU、最佳音訊處理器、最佳視覺處理器相結合，所有這些都與嵌入式的新型處理器協同工作。

And also, like I said in my prepared remarks, taking the Coral NPU, open-source Coral NPU made available by Google, collaborating with Google to build out that system in the Astra 2600 series is an indication of exactly where we could be going for the variable sets of applications, AR glasses being one of them. And we are really excited about that opportunity, largely because the economic value equations that get addressed through Astra line of products is today up for grabs basically in the marketplace.

而且，正如我在準備好的演講稿中所說，採用Google提供的開源 Coral NPU，與Google合作在 Astra 2600 系列中建立該系統，這表明了我們在各種應用領域（包括 AR 眼鏡）的發展方向。我們對此機會感到非常興奮，主要是因為阿斯特捷利康產品線所解決的經濟價值問題，如今基本上都可以在市場上解決。

Robert Mertens, TD Cowen.

Robert Mertens，TD Cowen。

Hi, this is Robert Mertens on the line for Krish Sankar. I guess, just the first one, I know we talked a lot about your strategy going into Edge AI applications. But are there any core technologies that you think you need to develop either in-house or small tuck-in acquisitions or working with partners to bring into your Edge AI portfolio to be more attractive to the broader customer base, whether it's ultra-low power processing side or integration of your connectivity suite. Just anything there would be really helpful.

您好，我是羅伯特‧默滕斯，現在為您報克里什‧桑卡爾。我想，就第一個問題吧，我知道我們之前討論了很多關於你進軍邊緣人工智慧應用領域的戰略。但是，您認為有哪些核心技術需要自主研發，或透過小型收購或與合作夥伴合作，將其納入您的邊緣人工智慧產品組合，從而對更廣泛的客戶群更具吸引力？無論是超低功耗處理方面，還是連接套件的整合。任何幫助都將不勝感激。

Yeah, Robert, excellent question. I think our strategy has been largely to enable best-in-class solution for our customers. And in many situations, it would mean that we would provide a total solution. In some situations, it would mean that we may provide a processor, and the customer may choose some other components to build out the solution. And so we are fairly open in our engagement with our customers.

是的，羅伯特，問得好。我認為我們的策略主要是為客戶提供一流的解決方案。在很多情況下，這意味著我們將提供一套完整的解決方案。在某些情況下，這意味著我們可以提供一個處理器，而客戶可以選擇其他一些元件來建立解決方案。因此，我們在與客戶的溝通上採取了相當開放的態度。

Having said that, the biggest differentiation in our processor strategy is to not go down this path of building out walled gardens. We are a firm believer in open-source. Our software development platforms support multiple open-source communities. Our ability to enable our customers to work with the vast ecosystem of models that are being developed for various applications in form of AI inference capabilities is to enable them to bring those to our platforms much more easily and with very little effort from Synaptics' team. And so, this is our strategy to operate at scale.

話雖如此，我們處理器策略的最大差異在於，我們不走建構封閉生態系統的道路。我們堅信開源的力量。我們的軟體開發平台支援多個開源社群。我們能夠讓客戶使用為各種應用開發的龐大的 AI 推理模型生態系統，使他們能夠更輕鬆地將這些模型引入我們的平台，而 Synaptics 團隊也無需付出太多努力。所以，這就是我們實現規模化營運的策略。

And this strategy is developed in combination with Google Research. And so here, you have a company that also believes in open-source and enabling the software ecosystem, supporting the Synaptics approach in the bigger picture. And so that is how we are differentiating ourselves versus some of the peer set in the marketplace that have gone down this path of owning software development platforms. And effectively, in our opinion, it holds us back from scaling faster and enabling our customer base and the developer community as a result. And so that is our largest strategy.

這項策略是與Google研究院共同製定的。因此，這家公司也相信開源和軟體生態系統的發展，從更宏觀的角度來看，它支援 Synaptics 的方法。因此，這就是我們與市場上一些走上擁有軟體開發平台這條道路的同行們區分開來的方式。我們認為，這實際上阻礙了我們更快地擴大規模，從而無法更好地服務我們的客戶群和開發者社群。這就是我們最大的戰略。

Having said that, we are always going to be on the lookout for opportunities to inorganically fuel our growth in IoT. And that option is definitely on the table.

話雖如此，我們仍將始終尋找機會，透過非內生性成長來推動我們在物聯網領域的發展。這個選項絕對在考慮範圍內。

(multiple speakers) If I could just have one final question. Sorry about that. Just real quick, looking into your Enterprise and Automotive business, I know you've mentioned that the channel inventories have been improving over the last couple of quarters. Backlog levels seem to be normalizing. So just in that framework, what sort of other signs of improvement on a quarterly basis do you see there?

（多人發言）如果我可以問最後一個問題的話。抱歉。我簡單看一下您的企業和汽車業務，我知道您提到過渠道庫存在過去幾季有所改善。積壓工作量似乎正在趨於正常化。那麼，就這個框架而言，您還看到了哪些其他方面的季度性改善跡象？

I know you expected to rebound a bit into the December quarter. Is that something you expect to continue through the beginning of next year? Or is that more just pull-ins from various projects?

我知道你預期12月份的季度業績會反彈。你預計這種情況會持續到明年年初嗎？或者說，這更多是從各個項目引入的？

So I would say, overall, if you looked at the Enterprise and Automotive segment, within that, the Enterprise segment has done better over the last years, it has continued to improve. I think automotive has been more sluggish, but the enterprise piece has really performed nicely over the last 12 months or so.

所以總的來說，如果你看一下企業和汽車領域，你會發現企業領域在過去幾年表現得更好，並且一直持續改善。我認為汽車產業發展較為緩慢，但企業業務在過去 12 個月左右的時間裡表現非常出色。

And I think as we think about and look forward into calendar year '26, which is not too far away, the one other opportunity that's out there is around some of the upgrade cycles and not only for the PCs, but as you think about RTO activities and the like and as people refresh the workstations, those are great opportunities for Synaptics as well. So we're excited about that business in terms of the share that we have and the franchise positions we have, and there's some great opportunities ahead of us as we think about 2026.

我認為，當我們展望 2026 年（其實並不遙遠）時，另一個機會在於一些升級週期，這不僅適用於 PC，而且考慮到 RTO 活動等，以及人們更新工作站，這些對 Synaptics 來說也是絕佳的機會。因此，我們對目前的市場份額和特許經營地位感到非常興奮，展望 2026 年，我們面前還有一些絕佳的機會。

Just to add to what Ken indicated, I think a couple of other things. In the Enterprise segment, we are gaining market share in the PC business, right? And that, despite the market being largely flat to GDP-like growth, we are seeing strength in our business and largely driven by the share gains. And it is something that goes back to our analog mixed signal capabilities in the company. And we continue to do well in that regard versus our peer set in the marketplace.

除了 Ken 指出的以外，我認為還有幾點需要補充。在企業級市場，我們在個人電腦業務方面正在獲得市場份額，對嗎？儘管市場整體成長速度與GDP成長率基本持平，但我們的業務依然保持強勁勢頭，這主要得益於市場份額的成長。這與公司模擬混合訊號處理能力密切相關。在這方面，我們與市場上的同業相比，一直表現良好。

And it's also showcased extremely well in Mobile Touch as well. As in my prepared remarks, I indicated, right, clearly, our product -- our newer generation product that is targeted for the next generation of phones that would launch in the second half calendar 2026 time period showcases how different and differentiating is our analog mixed signal capability in our products and especially in touch area. And I think we continue to do well. We continue to invest very judiciously and bring out really good products that are effectively helping us increase total silicon content in the phone as well. And so really excited about what that business is capable of bringing to the table in the second half of calendar 2026 and beyond.

而且在 Mobile Touch 中也得到了非常出色的展現。正如我在準備好的演講稿中明確指出的那樣，我們的產品——我們面向下一代手機的新一代產品（將於 2026 年下半年推出）展示了我們產品（尤其是觸摸領域）的模擬混合信號能力是多麼不同和具有差異化。我認為我們繼續做得很好。我們繼續謹慎投資，推出真正優秀的產品，這些產品也有效地幫助我們提高了手機中的矽含量。因此，我對這家企業在 2026 年下半年及以後能夠取得的成就感到非常興奮。

I'm showing no further questions at this time. I'll now turn it back to President and CEO, Rahul Patel, for closing remarks.

我目前沒有其他問題要問。現在我將把發言權交還給總裁兼執行長拉胡爾·帕特爾，請他作總結發言。

Before we conclude, I would like to reiterate that the Synaptics team executed very well this quarter. We strengthened our leadership position in Edge AI with the launch of our new generation of AI-native Astra processors, and we continue to innovate on the next-generation of processors, wireless connectivity and mixed-signal products and solutions planned for delivery in calendar 2026 and beyond. Our financial results reflect our ongoing commitment to disciplined execution. I want to thank all my teammates in engineering and across Synaptics for their dedication and hard work in delivering on our commitments.

在結束之前，我想重申一下，Synaptics 團隊本季表現非常出色。我們推出了新一代 AI 原生 Astra 處理器，鞏固了我們在邊緣 AI 領域的領先地位，我們將繼續創新，研發下一代處理器、無線連接和混合訊號產品及解決方案，計劃於 2026 年及以後交付。我們的財務表現反映了我們對嚴謹執行的持續承諾。我要感謝 Synaptics 工程部以及整個公司的全體同事，感謝他們的奉獻和辛勤工作，使我們能夠履行承諾。

Equally importantly, I would like to thank all our shareholders for their continued support of Synaptics. I look forward to connecting with many of you at upcoming industry events and conferences. Have a great rest of the day.

同樣重要的是，我要感謝所有股東對 Synaptics 的持續支持。我期待在即將到來的行業活動和會議上與各位交流。祝您今天餘下的時間過得愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。