Synaptics Inc (SYNA) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Synaptics' second quarter fiscal year 2026 financial results conference call.

您好，感謝您的耐心等待。歡迎參加 Synaptics 2026 財年第二季財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

I would like to hand the conference over to your first speaker today, Munjal Shah, Vice President and Head of Investment Relations. Please go ahead.

我謹將會議交給今天的第一位發言人，投資關係副總裁兼主管蒙賈爾·沙阿先生。請繼續。

Good afternoon, and thank you for joining us today on Synaptics' second quarter fiscal 2026 conference call. My name is Munjal Shah, and I'm the Vice President of Investor Relations.

下午好，感謝各位今天參加 Synaptics 2026 財年第二季電話會議。我叫蒙賈爾‧沙阿，我是投資人關係副總裁。

With me on today's call are Rahul Patel, 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.

今天和我一起參加電話會議的有總裁兼執行長 Rahul Patel 和財務長 Ken Rizvi。本次電話會議正在網路上進行直播，可透過公司網站 synaptics.com 的投資者關係部分存取。

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

除了詳細介紹我們季度業績的獲利新聞稿副本外，補充幻燈片簡報和本次發言稿副本也已發佈在我們的投資者關係網站上。

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 cost, and certain other non-cash or recurring or non-recurring items. All non-GAAP financial metrics discussed are reconciled to the most directly comparable GAAP financial measures in our earnings press release and supplemental materials available on our Investor Relations website.

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財務指標均已在我們的獲利新聞稿和投資者關係網站上提供的補充資料中與最直接可比較的GAAP財務指標進行了核對。

As a reminder, the matters we are discussing today in our prepared remarks, in our supplemental materials, and response to your questions may contain certain forward-looking statements, give our current expectations and projections relating to a financial condition, results of operations, plans, objectives, future performance, and business. Although Synaptics believe the estimates and assumptions underlying these forward-looking statements to be reasonable, the statements are subject to a number of risks and uncertainties beyond our control.

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問題的回答中討論的事項可能包含某些前瞻性陳述，這些陳述反映了我們目前對財務狀況、經營業績、計劃、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，但這些聲明受到許多我們無法控制的風險和不確定性的影響。

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

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當前和定期報告，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所包含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 thereof. 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其發布之日的情況。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 second-quarter 2026 earnings call. We delivered another solid quarter with strong results and continued momentum across our business.

謝謝你，蒙賈爾。各位下午好，感謝各位參加我們2026財年第二季財報電話會議。我們又迎來了一個穩健的季度，業績強勁，業務持續保持成長勢頭。

Total company revenue increased 13% year over year, marking our fifth consecutive quarter of double-digit year-over-year growth. This performance was driven by 53% year-over-year growth in our core IoT products Disciplined execution helped deliver strong earnings growth with non-GAAP earnings per share increasing .32% year over year to $1.21.

公司總營收年增 13%，連續第五個季度實現兩位數年增。這項業績主要得益於我們核心物聯網產品年增 53%。嚴謹的執行力也協助實現了強勁的獲利成長，非 GAAP 每股盈餘年增 0.32% 至 1.21 美元。

The Consumer Electronics Show in January was a successful event for Synaptics. We saw meaningful engagement with customers and partners as we showcased the breadth of our latest technologies and solutions. We demonstrated several use cases across our portfolio, including Google's Gemma 3 model running natively on our multimodal processors, highlighted our differentiated WiFi sensing and Bluetooth channel sounding capabilities. And one of our partners, Grinn, demonstrated a robotic hand built using Synaptics processors, connectivity and sensing products.

1月的消費性電子展對Synaptics來說是個成功的盛會。我們展示了最新的技術和解決方案，並與客戶和合作夥伴進行了有意義的互動。我們展示了我們產品組合中的幾個用例，包括在我們的多模態處理器上原生運行的 Google Gemma 3 模型，重點介紹了我們差異化的 WiFi 感測和藍牙通道探測能力。我們的合作夥伴之一 Grinn 展示了一款使用 Synaptics 處理器、連接和感測產品構建的機械手。

We want to thank the analysts and investors who visited our booth.

我們要感謝蒞臨我們展位的分析師和投資者。

A defining theme at CES and across the industry is the accelerating shift towards physical and edge AI as intelligence moves closer to the device. This evolution aligns directly with Synaptics' strategic focus and core product strengths. Our portfolio is purpose-built to deliver power-efficient intelligent systems at the edge, and we believe this transition towards physical AI positions Synaptics for sustained long-term growth.

CES 和整個產業的一個顯著主題是，隨著智慧越來越靠近設備，實體和邊緣人工智慧正在加速發展。此發展方向與 Synaptics 的策略重點和核心產品優勢完全一致。我們的產品組合旨在提供高效節能的邊緣智慧系統，我們相信，向實體人工智慧的轉型將使 Synaptics 實現持續的長期成長。

We are seeing early but meaningful traction in robotics, where Synaptics brings differentiated capabilities across processing, connectivity, and sensing. One example is humanoids. Synaptics is actively engaged and sampling products with an industry leader that is building a lineup of advanced humanoids. These humanoids incorporate multiple Synaptics touch controllers designed to enable tactile sensing as well as our interface bridge product to support high-bandwidth data transport.

我們在機器人領域看到了早期但意義重大的進展，Synaptics 在處理、連接和感測方面帶來了差異化的能力。人形機器人就是一個例子。Synaptics 正在積極與一家行業領導者合作，為其提供產品樣品，該企業正在建造一系列先進的人形機器人。這些類人機器人整合了多個 Synaptics 觸控控制器，旨在實現觸覺感應，以及我們的介面橋接產品，以支援高頻寬資料傳輸。

Touch sensing is critical for humanoids to perform physical tasks, including sensing force, proximity, and surface characteristics. Our touch controllers integrate ML/AI algorithms that enable this level of dexterity, allowing a humanoid to modulate grip force ranging from delicate glassware to solid metal objects while distinguishing subtle pressure variations between plastic and paper cups. As we expand into new markets, we see growing applications for our intelligent sensing portfolio at the deep sensor edge.

觸覺感知對於人形機器人執行物理任務至關重要，包括感知力、距離和表面特徵。我們的觸控控制器整合了 ML/AI 演算法，能夠實現這種靈巧度，使人形機器人能夠調節抓握力，從易碎的玻璃器皿到堅固的金屬物體，同時還能區分塑膠杯和紙杯之間細微的壓力變化。隨著我們拓展到新市場，我們看到我們的智慧感測產品組合在深層感測器邊緣的應用越來越廣泛。

More broadly in robotics, we are engaging with a growing set of new customers and entering new markets. These engagements span multiple applications that tend to benefit from physical AI and leverage our portfolio of sensing, video interface, processors, and connectivity technologies.

更廣泛地說，在機器人領域，我們正在與越來越多的新客戶互動，並進入新市場。這些合作涵蓋多個應用領域，這些領域往往受益於實體人工智慧，並利用我們在感測、視訊介面、處理器和連接技術方面的豐富經驗。

Our recently introduced Astra multimodality microprocessors are seeing strong interest from both customers and partners. They are choosing Synaptics Astra over competing platforms because of its open-source architecture, developer-ready software, power efficiency, and differentiated AI capabilities enabled by Synaptics' Torque neural processing architecture developed in collaboration with Google.

我們近期推出的 Astra 多模態微處理器受到了客戶和合作夥伴的濃厚興趣。他們選擇 Synaptics Astra 而不是其他競爭平台，是因為 Synaptics Astra 具有開源架構、面向開發者的軟體、節能高效，以及由 Synaptics 與 Google 合作開發的 Torque 神經處理架構所實現的差異化 AI 功能。

We are engaging with customers across a wide range of industries. For example, a leading security and controls company is evaluating our Astra processors along with our connectivity technology as a complete solution, citing our differentiation in AI and power efficiency. Smart home appliance manufacturers are also showing strong interest in Astra for its low-power AI native design. As physical AI continues to gain momentum, we expect customers to embed increasing levels of intelligence across their devices.

我們正在與各行各業的客戶互動。例如，一家領先的安全和控制公司正在評估我們的 Astra 處理器以及我們的連接技術，將其視為完整的解決方案，並指出我們在人工智慧和能源效率方面具有差異化優勢。智慧家庭設備製造商也對 Astra 的低功耗 AI 原生設計表現出濃厚的興趣。隨著實體人工智慧的不斷發展，我們預計客戶會在其設備中嵌入更高層次的智慧。

Our partner ecosystem for processors continues to expand across industrial markets. We are collaborating with Toradex, a leader in single-board compute solutions serving industrial automation, healthcare, transportation, agriculture, smart city, and aerospace markets. This quarter, we also added another European partner focused on industrial applications.

我們在處理器領域的合作夥伴生態系統持續在工業市場擴展。我們正在與 Toradex 合作，Toradex 是單板運算解決方案的領導者，服務於工業自動化、醫療保健、交通運輸、農業、智慧城市和航空航太市場。本季度，我們也新增了一家專注於工業應用領域的歐洲合作夥伴。

In addition to our Linux-based Astra microprocessors, we are gaining meaningful traction with our high-performance AI-native Astra microcontroller portfolio. During the quarter, we secured a design with a Tier 1 consumer electronics OEM that selected Astra for its differentiated vision capabilities, enabling gesture-based system control in smart televisions. While this is one example, the Astra MCU supports a broad range of vision modalities, including presence, object detection, and security.

除了基於 Linux 的 Astra 微處理器之外，我們的高效能 AI 原生 Astra 微控制器產品組合也獲得了顯著的市場認可。本季度，我們與一家一級消費電子 OEM 廠商達成了一項設計合作，該廠商選擇 Astra 是因為其差異化的視覺功能，從而能夠在智慧電視中實現基於手勢的系統控制。雖然這只是一個例子，但 Astra MCU 支援多種視覺模式，包括存在檢測、物體檢測和安全檢測。

Customer engagements are continuing to broaden across multiple end markets, and we expect to share additional design wins in the coming quarters. As our current Astra products continue to gain traction, we are executing with discipline and advancing our roadmap. This quarter, we are further expanding our Edge AI portfolio by sampling two new products.

客戶合作範圍不斷擴大，涵蓋多個終端市場，我們預計在接下來的幾季中將獲得更多設計方面的成功案例。隨著我們目前的 Astra 產品不斷獲得市場認可，我們正在嚴謹地執行計劃，並推進我們的產品路線圖。本季度，我們將透過推出兩款新產品來進一步擴展我們的邊緣人工智慧產品組合。

First, our Astra MCU with connectivity that combines our low-power microcontroller, neural processing technology, and latest connectivity into a single monolithic system on a chip. Importantly, it is the only solution in its class to support Wi-Fi 7, Bluetooth 6, and Thread; while competing solutions remain anchored to Wi-Fi 6. This device also uniquely integrates front-end touch and voice interfaces, delivering a true system-level solution, enabling meaningful bill of material savings for customers.

首先，我們的 Astra MCU 具有連接功能，它將我們的低功耗微控制器、神經處理技術和最新的連接功能整合到單晶片系統中。重要的是，它是同類產品中唯一支援 Wi-Fi 7、藍牙 6 和 Thread 的解決方案；而競爭產品仍然僅限於 Wi-Fi 6。該設備還獨特地整合了前端觸控和語音介面，提供真正的系統級解決方案，從而為客戶節省大量物料成本。

Second, Synaptics connectivity SoC is our latest device that supports Wi-Fi 7, Bluetooth, BLE, and Thread. It is a stand-alone connectivity solution that can be easily integrated into systems using non-Astra compute platforms, furthering our participation in the broader edge IoT market. We are seeing strong interest for these products from home appliance manufacturers, security camera customers, drones, robotics, and broad-based IoT module makers, and we expect revenue contribution beginning in calendar 2027.

其次，Synaptics 連接 SoC 是我們最新的設備，支援 Wi-Fi 7、藍牙、BLE 和 Thread。它是一種獨立的連接解決方案，可以輕鬆整合到使用非 Astra 運算平台的系統中，從而進一步參與更廣泛的邊緣物聯網市場。我們看到家電製造商、安防攝影機客戶、無人機、機器人和廣泛的物聯網模組製造商對這些產品表現出濃厚的興趣，我們預計從 2027 年開始產生收入貢獻。

Turning to enterprise and mobile touch. We continue to focus on premium tier of the market. In enterprise, we have seen steady improvement as customers gradually upgrade their infrastructure to support return-to-office initiatives and replace an aging installed base. In Mobile touch, we secured another foldable design with a leading OEM in China, reinforcing the technology leadership we bring to this market with our next-generation touch architecture, and building on the momentum established by last quarter's win with a leading Korean OEM.

轉向企業級和行動端觸控。我們將繼續專注於高端市場。在企業領域，我們看到隨著客戶逐步升級基礎設施以支援重返辦公室計劃並替換老化的已安裝基礎，情況穩步改善。在行動觸控領域，我們與中國一家領先的 OEM 廠商達成了另一項可折疊設計合作，鞏固了我們憑藉下一代觸控架構在該市場上的技術領先地位，並延續了上個季度與韓國一家領先的 OEM 廠商合作所取得的良好勢頭。

As we have noted previously, our content is more than 2 times higher in foldables. We are actively engaged with additional smartphone OEMs and remain confident in being able to scale this technology to other large display applications. As we continue to focus the company on edge AI solutions, I am combining our processors and connectivity teams into a single organization. This better aligns our resources and accelerates our roadmap to more efficiently deliver world-class integrated processor and wireless system solutions.

正如我們之前提到的，我們的可折疊內容數量是其他內容的兩倍以上。我們正積極與其他智慧型手機OEM廠商接洽，並有信心將這項技術擴展到其他大螢幕顯示應用領域。隨著我們繼續將公司重心放在邊緣人工智慧解決方案上，我正在將我們的處理器團隊和連接團隊合併成一個組織。這樣可以更好地協調我們的資源，加快我們的路線圖，從而更有效率地提供世界一流的整合處理器和無線系統解決方案。

To summarize, we are seeing continued improvement in our financial performance with double-digit year-over-year revenue growth and operating profit growing at nearly twice the rate of revenue. We are accelerating our innovation and product road map to capitalize on growing physical and edge AI opportunity. With a differentiated platform and expanding pipeline and growing customer engagement, we believe Synaptics is well positioned for sustained long-term growth.

總而言之，我們的財務表現持續改善，營收年增兩位數，營業利潤成長速度幾乎是營收成長速度的兩倍。我們正在加速創新和產品路線圖的推進，以充分利用物理和邊緣人工智慧領域不斷增長的機會。憑藉差異化的平台、不斷擴大的產品線和日益增長的客戶參與度，我們相信 Synaptics 已做好充分準備，以實現持續的長期成長。

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

現在我將把電話交給 Ken，讓他回顧我們第二季度的財務表現以及 2026 財年第三季的展望。

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。

Now let me turn to our financial results for the second quarter of fiscal 2026. Revenue for fiscal Q2 was $302.5 million, above the midpoint of our guidance, and up 13% on a year-over-year basis, driven by strength in our core IoT products. The revenue mix in the second quarter was in line with our expectations, 31% core IoT, 53% enterprise and automotive, and 16% mobile touch products.

現在讓我來看看我們2026財年第二季的財務表現。第二財季營收為 3.025 億美元，高於我們預期的中位數，年增 13%，主要得益於我們核心物聯網產品的強勁表現。第二季的營收組成符合我們的預期，其中核心物聯網佔 31%，企業和汽車業務佔 53%，行動觸控產品佔 16%。

Core IoT product revenues increased 53% year over year, driven primarily by continued strength in our wireless connectivity products. Enterprise and automotive product revenues were up modestly year over year and slightly ahead of our expectations. Mobile touch product revenues increased 3% year over year. While supply constraints are improving, we still see challenges in certain areas.

核心物聯網產品營收年增 53%，主要得益於無線連線產品的持續強勁成長。企業和汽車產品營收年增幅度不大，略高於我們的預期。行動觸控產品營收年增 3%。雖然供應限制有所改善，但我們仍然看到某些領域面臨挑戰。

Second quarter non-GAAP gross margin was 53.6%, slightly ahead of the midpoint of our guidance. Second quarter non-GAAP operating expenses were $104.2 million, better than the midpoint of our guidance. Our non-GAAP operating margin was 19.2%, up approximately 160 basis points sequentially and 190 basis points year over year. Non-GAAP net income in Q2 was $48.4 million. And non-GAAP EPS per diluted share came in above the midpoint of our guidance at $1.21 per share, an increase of 32% on a year-over-year basis.

第二季非GAAP毛利率為53.6%，略高於我們預期的中位數。第二季非GAAP營運支出為1.042億美元，優於我們預期的中位數。我們的非GAAP營業利益率為19.2%，較上季成長約160個基點，較去年同期成長約190個基點。第二季非GAAP淨利為4,840萬美元。非GAAP每股攤薄收益達1.21美元，高於我們先前預期的中點，較去年同期成長32%。

Now let me turn to the balance sheet. We ended the fiscal second quarter with approximately $437.4 million in cash and cash equivalents, down $22.5 million from the prior quarter as we repurchased $36.4 million of our shares in Q2. Through fiscal Q2, we have bought a total of $43.6 million of our shares. Cash flow from operations was $30 million in the second fiscal quarter, and capital expenditures for the second quarter were $11.6 million.

現在讓我來看資產負債表。截至本財年第二季末，我們持有約 4.374 億美元的現金及現金等價物，比上一季減少了 2,250 萬美元，因為我們在第二季回購了價值 3,640 萬美元的股票。截至本財年第二季末，我們已累計回購價值 4,360 萬美元的股票。第二財季經營活動產生的現金流量為 3,000 萬美元，第二財季資本支出為 1,160 萬美元。

Depreciation for the quarter was $7.6 million. Receivables at the end of December were $132.7 million and days of sales outstanding were 39 days, up slightly from 37 days last quarter. Our ending inventory balance was $158 million, which increased by $15 million from the previous quarter. Days of inventory were 101 days compared to 94 days at the end of the last quarter. This increase reflects our strategic decision to purchase inventory slightly ahead of demand.

本季折舊額為760萬美元。截至 12 月底，應收帳款為 1.327 億美元，應收帳款週轉天數為 39 天，比上一季的 37 天略有上升。期末存貨餘額為 1.58 億美元，比上一季增加了 1,500 萬美元。庫存週轉天數為 101 天，而上一季末為 94 天。這一成長反映了我們略微領先於需求進行庫存採購的策略決策。

Now turning to our third quarter of 2026 guidance. Our guidance is subject to ongoing macroeconomic and global trade and tariff-related uncertainty. Please refer to our Safe Harbor statement in the earnings release and in our supplemental materials.

現在來看看我們對 2026 年第三季的業績展望。我們的指導意見受制於持續的宏觀經濟、全球貿易和關稅相關的不確定性。請參閱盈利公告和補充資料中的「安全港聲明」。

For Q3, we expect revenues to be approximately $290 million at the midpoint, plus or minus $10 million. And our guidance for the third quarter reflects an expected revenue mix from Core IoT, enterprise and automotive and mobile touch products of approximately 32%, 54% and 14%, respectively.

我們預計第三季營收中位數為 2.9 億美元左右，上下浮動 1,000 萬美元。我們對第三季的業績預期反映了核心物聯網、企業及汽車和行動觸控產品的營收佔比分別約為 32%、54% 和 14%。

We expect non-GAAP gross margin to be 53.5% at the midpoint, plus or minus 1%. Non-GAAP operating expenses in the March quarter are expected to be approximately $106 million at the midpoint of our guidance, plus or minus $2 million. We expect non-GAAP net interest and other expenses to be approximately $2 million and our non-GAAP tax rate to be in the range of 13% to 15% for the third quarter. Non-GAAP net income per diluted share is anticipated to be $1 per share at the midpoint, plus or minus $0.15 on an estimated 40.6 million fully diluted shares.

我們預期非GAAP毛利率中位數為53.5%，上下浮動1%。預計 3 月季度的非 GAAP 營運費用約為 1.06 億美元（以我們指引值的中位數計算），上下浮動 200 萬美元。我們預計第三季非GAAP淨利息和其他支出約為200萬美元，非GAAP稅率將在13%至15%之間。根據非GAAP準則，預計每股攤薄淨收益為1美元（取中間值），上下浮動0.15美元，預計完全稀釋股份為4060萬股。

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 Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

First question is probably a little bit of a negative spin, and the second will be a little more positive. So the first question is we're seeing some of the supply -- you mentioned some of the supply issues going away in mobile, but we're seeing more pressure on that with memory cost availability, et cetera. So I guess, do you guys see any issues with that in your mobile touch business and perhaps your PC business? And are those 2 still roughly 30%, 35% of total revenues?

第一個問題可能有點負面傾向，第二個問題則會比較正面一些。所以第一個問題是，我們看到一些供應問題——你提到行動領域的一些供應問題正在消失，但我們看到記憶體成本和可用性等方面的壓力越來越大。所以我想問的是，你們覺得這在你們的行動觸控業務以及PC業務中會有什麼問題嗎？這兩個收入來源是否仍佔總收入的 30% 或 35% 左右？

Ross, this is Rahul. As you know, majority of our mobile business, in fact, all of our mobile business is in the premium to high tier. And by virtue of us being in that category, we are not seeing, as of this moment, any substantial pressure on volumes that we had anticipated we were going to experience. And so relative to the rest of the mobile market where they may be seeing some supply pressures, the premium tier seems to be a lot more stable. And it feels like it's a bit immune to the supply challenges, especially if you are referring to memory-related challenges.

羅斯，這位是拉胡爾。如您所知，我們的大部分行動業務，實際上，我們所有的行動業務都屬於高端或高級市場。正因為我們屬於這一類，所以目前為止，我們還沒有看到我們之前預期的銷售會面臨任何實質的壓力。因此，相對於其他可能面臨供應壓力的行動市場而言，高端市場似乎穩定得多。感覺它似乎不太受供應挑戰的影響，尤其是如果你指的是與記憶力相關的挑戰。

Hey, Ross, this is Ken. Just to clarify, our comments were related to our ability to get supply for some of our products for the mobile touch market. If you recall, last quarter, we highlighted that that's starting to ease for us, but it is specific to us getting the supply for some of those touch products for the mobile market.

嘿，羅斯，我是肯。需要澄清的是，我們的評論與我們能否為行動觸控市場獲得某些產品的供應有關。如果你還記得的話，上個季度我們強調過，這種情況對我們來說開始有所緩解，但這僅限於我們為行動市場採購一些觸控產品的情況。

The PC half of that question?

這個問題中關於個人電腦的部分是什麼？

Same thing. If you look at the PC market, it's as Rahul highlighted, if you look at where we play, we play in the high end in the enterprise market. And so if you look at that demand elasticity, historically, that's a more inelastic market. If I just take a look at my own behavior for Synaptics as the CFO, if we have a new employee, I'm going to give them a PC. If that PC costs $50 or $100 more, they're going to need that PC.

一樣。如果你看看PC市場，正如Rahul所強調的那樣，如果你看看我們涉足的領域，我們涉足的是企業市場的高端領域。因此，從歷史數據來看，這是一個彈性較小的市場。如果我以 Synaptics 財務長的身份審視自己的行為，如果有新員工入職，我會給他們一台電腦。即使這台電腦要貴 50 美元或 100 美元，他們也需要這台電腦。

So for those portions of the market where we service, which is really that premium tier, as Rahul highlighted earlier, we believe there's a bit more demand elasticity in the sense that the enterprise and high-end consumer markets will still need to purchase those PCs as we go through this upgrade cycle.

因此，對於我們服務的那些市場部分，也就是真正的高端市場，正如 Rahul 之前強調的那樣，我們認為需求彈性更大一些，因為企業和高端消費市場在經歷這個升級週期時仍然需要購買這些 PC。

And I guess as the positive follow-up question, the Astra side, you guys had some great demos at CES. Thanks for showing those, and it sounded like some good traction, design wins, engagements, those sorts of things.

我想問一個積極的後續問題，關於 Astra，你們在 CES 上做了一些很棒的演示。謝謝你展示這些，聽起來進展不錯，設計方案也成功了，互動量也很高等等。

Rahul, when should we start to see that be a meaningful tailwind in your core IoT business? And does it also kick in on the gross margin line beyond just revenues?

Rahul，我們什麼時候才能看到這成為你核心物聯網業務的強大推動力？除了營收之外，它是否也會對毛利率產生影響？

Hey, Ross. As you have indicated earlier, we are still on track to see meaningful revenue contribution in calendar 2027 from our Astra line of products. And Astra, as a product category, is very accretive to gross margin. So you can see potentially contributing not only to the top line but also improving our gross margin contribution as well as a result.

嘿，羅斯。正如您之前所指出的，我們仍有望在 2027 年從 Astra 系列產品中獲得可觀的收入貢獻。而阿斯特捷利康作為產品類別，對毛利率的提升效果非常顯著。因此，您可以看到，這不僅有可能提高營收，而且有可能提高我們的毛利率。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Mine is on the guidance and gross margins in particular. If you look at the moving pieces, mobile is down the most. Obviously, volume is coming down a little bit. So you would expect a little bit of an impact from gross margin. But just with mobile being kind of the lowest gross margin business, you would expect some tailwinds there.

我主要關注的是業績指引和毛利率。若觀察各個變動因素，行動業務下滑幅度最大。很明顯，成交量略有下降。所以，毛利率會受到一些影響。但鑑於行動業務的毛利率相對較低，預計會有一些利多因素。

Anything in particular that you want to call out on gross margins into the March quarter? Is it just mix related and volume related?

關於三月季度的毛利率，您有什麼特別想強調的嗎？是否只與混音和音量有關？

Yeah, Tom. Hey, thanks for the question. I think we're still in this range here in that mid-53% range, 53.5% is where we guided. Obviously, there are some boundaries around it. We'll try to do better. But for the current mix of the product and portfolio for Q3, that's where we're ending up.

是的，湯姆。嘿，謝謝你的提問。我認為我們仍然在這個區間內，大概在 53% 左右，我們之前給出的預期是 53.5%。顯然，這其中存在一些限制。我們會努力做得更好。但就目前第三季的產品組合而言，這就是我們最終的成果。

Super helpful. And then maybe just a broader question on the portfolio. Where are you in the sampling process across new chips?

非常有用。然後或許可以問一個關於投資組合的更廣泛的問題。在新晶片的抽樣過程中，你們進行到什麼階段了？

You had kind of talked about the second half with the device with the lead customer that you kind of talked about. Any update there on timing? And what should we be paying attention to in terms of announcements, et cetera, in the coming months? Thanks a lot.

你之前和那位主要客戶討論過設備的後半部分，也談到了你提到的那位客戶。時間安排有最新進展嗎？那麼在接下來的幾個月裡，我們該關注哪些公告等等呢？多謝。

Tom, this is Rahul. So we have started to sample our microprocessor, Astra microprocessor last quarter towards the end of calendar quarter three, early part of calendar quarter four. And that sampling has gone just as expected, in fact, ahead of our plans. We anticipate going into production on that part end of this quarter, early part of next quarter.

湯姆，這是拉胡爾。因此，我們從上個季度末到第四季度初開始對我們的微處理器（Astra 微處理器）進行抽樣測試。抽樣調查進展順利，實際上甚至超出了我們的計劃。我們預計將於本季末或下季初開始生產該零件。

In my prepared remarks, I talked about two new products that are in early phase of sampling at this point. The one that we talked about is the Astra product is a microcontroller that is integrating an NPU. It's also integrating certain interface for benefiting of the bill of materials and many other things. But importantly, it is in its class, I can think of, based on what I can see from my side, the only MCU that has got Wi-Fi 7, BLE, and Bluetooth 6 and Thread integrated into silicon. That is sampling right now.

在我的演講稿中，我談到了目前正處於早期樣品測試階段的兩款新產品。我們討論的這款產品是 Astra，它是一款整合了 NPU 的微控制器。它還整合了一些接口，以便更好地利用物料清單和其他許多功能。但重要的是，就我目前所見，它是同類產品中唯一一款將 Wi-Fi 7、BLE、藍牙 6 和 Thread 整合到晶片中的 MCU。這就是目前的抽樣情況。

And we are not going to walk away from non-Astra opportunities. And so for that, we have also built a Synaptics connectivity part that is Wi-Fi 7, Bluetooth, BLE, and Thread that can integrate onto non-Synaptics processors as well. And so both of those products are in early phase of sampling.

我們不會放棄與阿斯特捷利康無關的機會。因此，我們也建置了一個 Synaptics 連接元件，它支援 Wi-Fi 7、藍牙、BLE 和 Thread，也可以整合到非 Synaptics 處理器上。因此，這兩種產品目前都處於早期樣品階段。

And then I believe you may have hinted about the semi-custom MCU that is still for a major customer that is still on track for being taped out in early part of the next quarter, more likely April time period. And so you can see the entire lineup on Astra processors as well as connectivity, standalone connectivity and integrated connectivity with market-leading WiFi 7, Bluetooth 6, and BLE and Thread is coming out from Synaptics in the first half of this year, calendar year.

然後，我相信您可能暗示過，我們正在為一位重要客戶開發半客製化 MCU，該 MCU 仍按計劃在下一季初完成流片，更有可能是在四月。因此，您可以看到 Astra 處理器的全系列產品，以及連接性、獨立連接性和整合連接性，包括市場領先的 WiFi 7、藍牙 6 和 BLE，而 Synaptics 的 Thread 將於今年上半年推出。

And believe me, I think there's a lot more in the store that we are working towards delivering in the second half of the calendar year as well, more Astra class processors. Obviously, we are doing other things in the interface business as well, and we'll talk about them as we are about to launch in the marketplace.

相信我，我認為我們還有很多產品正在研發中，我們將在今年下半年推出，包括更多 Astra 級處理器。顯然，我們在介面業務方面也做著其他事情，我們會在產品即將上市時再來討論。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

This is Travis on for Joe. So I had a question on automotive. I noticed you didn't touch on it in the prepared remarks. So I was just curious on how that did during the quarter. And secondly, how should we think about this portion of the business over the long term?

這裡是崔維斯，替喬提問。我有一個關於汽車的問題。我注意到你在準備好的發言稿中沒有提到這一點。所以我很好奇它在本季的表現如何。其次，我們該如何從長遠角度考慮這部分業務？

I remember you mentioning that you were investing in this area last quarter. So just curious on getting updated thoughts. Thanks.

我記得你上個季度提到你會在這個領域進行投資。只是想了解最新的想法。謝謝。

Hi, Travis, it's Ken. Thanks for the commentary. Yeah, if you look at automotive, it is a small portion of our overall business, and it's been in this range, I would say, range bound here the last few quarters. What's really propelled that enterprise and automotive space is primarily on the enterprise side.

嗨，崔維斯，我是肯恩。感謝您的評論。是的，如果你看一下汽車業務，它在我們整體業務中所佔比例很小，而且在過去的幾個季度裡，它一直處於這個區間內波動。真正推動企業和汽車領域發展的，主要是企業方面的需求。

And so, as we focus going forward, more of our -- not only R&D dollars, but just focus is around the enterprise market as well as around core IoT and Edge AI specifically.

因此，展望未來，我們的重點不僅在於研發資金，更在於企業市場以及核心物聯網和邊緣人工智慧。

And then I know you guys only guide like a quarter at a time, but Ken, can you help us understand like kind of what the June quarter typically looks like from a seasonality standpoint, just kind of as we calibrate our models?

我知道你們一次只提供季度指導，但是 Ken，你能幫我們了解一下從季節性角度來看，六月份的季度通常是什麼樣的嗎？這樣我們就可以校準我們的模型了。

Yeah, happy to. We don't provide guidance more than one quarter ahead, but maybe I can give you a little bit of a color here, a flavor here as we head into June. Historically, we would expect that quarter to be up a bit from the March quarter. If we look at the starting backlog as one data point, the starting backlog for Q4 compared to the same point in time for Q3 is up. Obviously, we need to continue to see progress in those trends in terms of bookings and the like, but that's at least a strong data point for us as we look to June.

是的，我很樂意。我們不會提供超過一個季度的業績指引，但或許我可以給你們透露一點信息，讓你們對即將到來的六月有所了解。從歷史數據來看，我們預計該季度業績會比三月的季度略有增長。如果我們把期初積壓訂單量當作一個資料點來看，第四季的期初積壓訂單量比第三季同期增加。顯然，我們需要繼續看到預訂量等方面的趨勢取得進展，但這至少是我們展望六月時的重要數據點。

Neil Young, Needham and Company.

尼爾楊，Needham and Company。

I wanted to ask on Astra. So regarding the pipeline for Astra, I'm not asking you to put a number out there, but could you maybe share the rough split of that pipeline by end market?

我想問關於Astra的問題。關於阿斯特捷利康的研發管線，我不是要你給出具體數字，但你能否分享一下該管線按終端市場劃分的大致情況？

Well, I think the way to think about Astra is our pipeline is growing really fast, right? And the benefit that Astra has is it is also having a very nice companion capability in our connectivity. And so combining the two, it becomes a very compelling solution and a starting point for many of our customers to engage with Synaptics. And so we are really encouraged by how fast the pipeline is building up on Astra and our connectivity combining together as a solution.

我認為看待阿斯特捷利康的方式是，我們的研發管線成長非常迅速，對吧？Astra 的優點在於，它在我們的連接方面也擁有非常出色的配套功能。因此，將兩者結合起來，就形成了一個非常有吸引力的解決方案，也是我們許多客戶與 Synaptics 合作的起點。因此，我們對 Astra 管道建設的快速發展以及我們各方面優勢的結合感到非常鼓舞，這為我們提供了一個解決方案。

Having said that, I think the nature of the market is such that the pipeline builds up fast for consumer applications and industrials follow. And I think it's just because of the design cycles and the entire decision-making process between consumer and industrial marketplaces, and that's how it's playing out. Our consumer pipeline is a lot larger than industrial, but it is as expected in our launch of the Astra lineup in the marketplace.

話雖如此，我認為市場的特性決定了消費應用領域的產品線會迅速積累，工業應用領域隨後跟進。我認為這完全是因為消費者市場和工業市場之間的設計週期和整個決策過程，事情就是這樣發展的。我們的消費品通路比工業通路大得多，但這與我們向市場推出 Astra 系列產品時的情況相符。

What's important is we have a SKU map, and that's extremely compelling to our customers. If you notice, we have a platform play that is built on open-source platforms, very friendly to developer community. And if you heard me in my prepared remarks or the question that Tom had asked earlier, we are building our SKU map out really fast, courtesy of phenomenal IP capability that we have developed in-house that allows us to create very fast turn SoCs on Astra. And I think that is being leveraged very nicely to build out a SKU map.

重要的是我們擁有 SKU 圖譜，這對我們的客戶來說極具吸引力。如果您仔細觀察，您會發現我們的平台是基於開源平台建構的，對開發者社群非常友善。如果你聽過我事先準備好的發言稿或湯姆之前提出的問題，就會知道，由於我們內部開發的卓越 IP 能力，我們能夠以非常快的速度構建我們的 SKU 地圖，這使我們能夠在 Astra 上創建快速週轉的 SoC。我認為這一點被很好地利用來建立 SKU 地圖。

And what that does to our engagement with our customers is makes it very compelling because their software investment can now scale across the entire SKU map very nicely. If they are focusing on audio modalities-based MCU application, then you have Astra. If they are focusing on vision modalities-based MCU, then you have an Astra. However, your base code line and your stack for application code basically doesn't have to dramatically change as you can work within the SKU map of Synaptics' Astra MCUs and microprocessors.

而這讓我們與客戶的互動變得更加有吸引力，因為他們的軟體投資現在可以很好地擴展到整個 SKU 範圍。如果他們專注於基於音訊模式的MCU應用，那麼Astra就是他們的選擇。如果他們專注於基於視覺模式的MCU，那麼你就有了Astra。但是，由於您可以在 Synaptics 的 Astra MCU 和微處理器的 SKU 映射範圍內工作，因此您的基礎程式碼行和應用程式程式碼堆疊基本上不需要發生巨大變化。

And so long-winded answer, Neil, but really excited about how fast the pipeline is building. Consumers -- definitely the lead marketplace industry is falling right behind consumers.

尼爾，你的回答有點長，但我真的很高興看到管道建設如此迅速。消費者——毫無疑問，市場產業的主導力量正緊跟著消費者。

And then my follow-up, you talked about humanoids in your prepared remarks. As you engage with customers on these platforms, the humanoid platforms, could you help us think about the typical architecture, specifically how many processing connectivity and sensing nodes one of these humanoid robots might require and where Synaptics tends to participate within that? Thank you.

然後我的後續問題是，您在準備好的演講稿中談到了人形機器人。當您與客戶在這些平台（即人形機器人平台）上互動時，您能否幫助我們思考典型的架構，特別是這類人形機器人可能需要多少個處理連接和感測節點，以及 Synaptics 在其中通常參與到什麼環節？謝謝。

Neil, in my prepared remarks, I talked about our engagement in humanoids. This has been in play for some time. What I was specifically calling out is we are now sampling silicon for pilot builds of humanoid at a major customer that's leading the marketplace and has made commitments to the marketplace to deliver pilots this year and go into production next year. This is on the backs of our touch sensory controllers and our bridge solutions that help transport high bandwidth data effectively in the humanoid.

尼爾，我在事先準備好的演講稿中談到了我們參與人形機器人專案的情況。這種情況已經持續了一段時間。我特別指出的是，我們現在正在為一家市場領先的主要客戶進行人形機器人試點項目的矽樣品測試，該客戶已向市場承諾今年交付試點產品，明年投入生產。這是得益於我們的觸控感應控制器和橋接解決方案，它們有助於在人形機器人中有效地傳輸高頻寬資料。

And so this is all underway. We are in the process of working with our customer, our lead customer, building out the pilot program that they are working towards basically and delivering in the marketplace this year.

這一切已經開始了。我們正在與我們的客戶，也就是我們的主要客戶，合作，建立他們正在努力實現並計劃在今年推向市場的試點項目。

We see our opportunity in humanoids extending into the larger robotics marketplace. And what it means is, from my point of view, robotics is a very broad market. It goes from home vacuum cleaner all the way to humanoid and everything in between. And in situations where you would have at the furthest end of the spectrum from humanoid, like a vacuum cleaner, an MCU class product with a native AI capability and wireless connectivity, not only Wi-Fi, Bluetooth, and thread, but also GNSS and GPS, if it is on an industrial floor, is very valuable. And that's the opportunity for Synaptics.

我們看到，我們在人形機器人領域的機會可以擴展到更大的機器人市場。在我看來，這意味著機器人技術是一個非常廣泛的市場。它涵蓋了從家用吸塵器到人形機器人等各種產品。而在一些與人形機器人相去甚遠的場景中，例如吸塵器，一款具備原生人工智慧功能和無線連接能力的MCU級產品，不僅具備Wi-Fi、藍牙和Thread功能，還​​具備GNSS和GPS功能，如果是在工業車間使用，那就非常有價值了。這就是 Synaptics 的機會。

If you take it up all the way back to the humanoid, you have sensory capabilities that are required, that are going to mirror not only what a typical human nervous system could do, but maybe with a higher precision. And so the number of touch controllers would vary. We have demonstrated at CES partner that has come out and built a platform using, I believe, 30-odd touch controllers in the palm of a robotic arm, combining it with Astra, combining it with a vision processor, and combining it with wireless connectivity. And so as you can see, this is where the opportunity is.

如果追溯到人形生物，你會發現它需要具備一些感知能力，這些能力不僅要反映典型的人類神經系統所能做到的事情，而且可能還要更精確。因此，觸控控制器的數量會有所不同。我們在 CES 上展示了我們的合作夥伴，他們打造了一個平台，我相信，該平台使用 30 多個觸控控制器安裝在機械手臂的掌心，並將其與 Astra、視覺處理器和無線連接相結合。所以你看，機會就在這裡。

And if you have a high-end humanoid, there may be a main processor, there may be a GPU, a data server-type processor. However, that requires a lot of ML and AI data to be locally at a section of the humanoid level processed from the sensory inputs like a touch controller so that there's effective decision-making taking place within the tolerance of the latency that the end application may require.

如果你有一個高階人形機器人，它可能有一個主處理器、一個GPU、一個資料伺服器類型的處理器。然而，這需要將大量的機器學習和人工智慧資料在人形機器人的某個部分進行本地處理，這些資料來自觸控控制器等感官輸入，以便在最終應用程式可能要求的延遲容忍度內進行有效的決策。

And so as you can see, the Synaptics portfolio scales very nicely from an MCU class AI native processing platform for a robotic and application to something that would be all the way to a humanoid. And you're seeing designs that are consuming our sensory capabilities, especially our touch interface and controller capabilities, not only in the palm, but also in the foot of a humanoid basically. And I think there's many things that will come about.

因此，正如您所看到的，Synaptics 產品組合可以很好地擴展，從用於機器人和應用程式的 MCU 級 AI 原生處理平台，一直到人形機器人。你會看到一些設計正在消耗我們的感官能力，特別是我們的觸控介面和控制器能力，不僅在手掌上，基本上也在人形機器人的腳部。我認為未來會發生很多事情。

But more importantly, again, I want to reiterate. What I was excited about in this quarter is we have started sampling our silicon for a pilot build to a company that's leading the marketplace, building multiple advanced humanoids to be delivered to the marketplace at the end of this year as pilots.

但更重要的是，我想再次重申這一點。本季最令我興奮的是，我們已經開始為一家市場領先的公司提供矽晶片樣品，用於試點生產。該公司正在製造多個先進的人形機器人，並計劃在今年年底作為試點產品交付市場。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

So I did want to circle back on the memory issues in PC and mobile. And I know like, for example, Qualcomm was out yesterday, and they said that there's no demand destruction that they expect because they play at the high end of the market. But also at the same time, what they said was mobile vendors, in particular, were working down their inventories. It sounded like chips, but also in process and finished inventories and that this could take as long as six months to kind of work through.

所以我想再談談PC和行動裝置的記憶體問題。例如，我知道高通昨天發布了聲明，他們表示，由於他們面向的是高端市場，因此不會出現他們預期的需求萎縮。但同時，他們也表示，特別是流動商販，正在減少庫存。聽起來像是晶片，但也包括半成品和成品庫存，而且這可能需要長達六個月的時間才能理清。

And so I wanted to make sure that there weren't any channel effects from that perspective that could affect you guys for both the PC market and the mobile market.

因此，我想確保從這個角度來看，沒有任何通路效應可能會對你們的 PC 市場和行動市場造成影響。

Yeah. So hey, Chris, it's Ken. Thanks for that note. So a couple of things. One, if you look at just overall mobile business relative to -- on the mobile touch relative to some of the other categories, it's a small category for us in terms of percent of sales.

是的。嗨，克里斯，我是肯恩。謝謝你的留言。有兩件事。第一，如果只看整體行動業務，相對於其他一些類別而言，行動觸達對我們來說是一個很小的類別，就銷售額百分比而言。

Number two is even if you look at our channel inventories, channel services for us, it's mostly logistics for us, but we monitor that because that's the best view we have into various markets and OEMs. And that inventory is very lean and remains very lean and has over the last few quarters.

第二點是，即使你查看我們的通路庫存、通路服務，對我們來說，它主要是物流，但我們會監控它，因為這是我們了解各個市場和原始設備製造商的最佳途徑。而且庫存非常精簡，過去幾季一直保持精簡狀態。

So it's tough for us to comment on other companies and their inventories and supply chains. For what we can see here, which we give guidance one quarter ahead, and I gave a few verbal comments in terms of how we're thinking about June. We play at that high end of the market, both on the enterprise side and on the mobile side. Obviously, it's something we'll continue to monitor and look at the memory market, it goes into many and multiple devices, as we all know. But from what we can see for our March quarter and at least the early signs in the June quarter, we still are seeing reasonable and robust and healthy backlog and bookings levels.

因此，我們很難對其他公司及其庫存和供應鏈發表評論。就我們目前所看到的，我們給出的指導意見將持續一個季度，而且我之前也口頭談過我們對六月的看法。我們在高階市場佔有一席之地，無論是企業級市場或是行動裝置市場。顯然，我們會繼續關注記憶體市場，因為眾所周知，記憶體被廣泛應用於各種設備。但從我們三月的季度數據以及六月季度的初步跡象來看，我們仍然看到合理的、強勁的、健康的積壓訂單和預訂量水平。

And then I guess, secondly, I know mobile is smaller for you guys, but combo chips, connectivity into mobile, there can be potentially high volumes there. Is this a real opportunity, call it, '27 and beyond? Or do you think just the IoT market is really all the focus and will ultimately be all the contribution?

其次，我知道對你們來說行動領域規模較小，但是組合晶片、與行動裝置的連接，這方面可能存在很大的市場潛力。2027 年及以後，這真的是個機會嗎？還是你認為物聯網市場才是真正的焦點，最終將會貢獻全部？

Chris, this is Rahul. From where we stand, let me start with connectivity. Connectivity for us is the entire SKU map. From IP development point of view to delivery of end products, we intend to build out the entire SKU map. As you probably may know, we have all the way from mobile platform class, premium mobile platform class, Wi-Fi 7, Bluetooth connectivity to an IoT class integrated into Astra processor, Wi-Fi 7, Bluetooth 6, BLE, Thread connectivity kind of a portfolio of products. And obviously, we have obviously prior generations as well.

克里斯，這是拉胡爾。從我們目前所處的位置來看，我想先談談連接性。對我們來說，連結性就是整個 SKU 圖譜。從智慧財產權開發到最終產品交付，我們打算建立完整的 SKU 圖譜。您可能已經知道，我們的產品組合涵蓋了從行動平台級、高級行動平台級、Wi-Fi 7、藍牙連接到整合到 Astra 處理器中的物聯網級、Wi-Fi 7、藍牙 6、BLE、Thread 連接等各種類型。當然，我們還有之前的世代。

We are also building out WiFi 8 as we speak and plan to sample Wi-Fi 8 by the end of this year to our customers. And so going back to your question, generally, we start at the high end and waterfall very quickly into the IoT class products with our WiFi capabilities and Bluetooth capabilities.

我們目前正在建造 WiFi 8，並計劃在今年年底前向我們的客戶提供 WiFi 8 的試用版。所以回到你的問題，一般來說，我們從高階產品入手，然後很快就過渡到具備 WiFi 和藍牙功能的物聯網產品。

And so going back to your specific question about play in mobile, we are going to be remaining very opportunistic in terms of the available platforms. We are not going to go head on in a platform chipset competitive situation because it just does not bode well for us in terms of competitive landscape. And so there can be opportunities as many phone OEMs are now also choosing to build their own apps processor. However -- and one of them has also gone down this path of building their own cellular modem, but many of them don't have their wireless connectivity in play.

所以回到你關於行動裝置遊戲的具體問題，我們將對現有平台保持非常靈活的態度。我們不會正面捲入平台晶片組的競爭，因為這對我們目前的競爭格局來說並不樂觀。因此，隨著許多手機廠商現在也選擇建立自己的應用程式處理器，可能會出現一些機會。然而——其中一位也走上了這條自製蜂窩調製解調器的道路，但他們中的許多人並沒有啟用無線連接。

And so opportunistically, because we are going to advance our wireless connectivity for our IoT marketplaces, we will continue to look for opportunities in smartphone where it would be a reasonable gross margin and profit contributing engagement for Synaptics. And that's how I would think of our play in mobile on a going-forward basis for wireless connectivity.

因此，我們將抓住機遇，推進物聯網市場的無線連接，繼續在智慧型手機領域尋找機會，為 Synaptics 帶來合理的毛利率和利潤貢獻。這就是我對未來我們在行動領域無線連接方面發展方向的想像。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on the great results. Just maybe even along those same lines as putting wireless connectivity and mobile, is there opportunities in PC? And maybe in a bigger question, what do you see in the enterprise PC market? Is there a refresh coming? Or has the DRAM shortage put a stall to that?

祝賀你們取得如此優異的成績。或許，沿著無線連線和行動科技發展的思路，個人電腦領域也存在這樣的機會？或許可以問一個更宏觀的問題：您如何看待企業級PC市場？會有更新嗎？或者說，DRAM 短缺是否阻礙了這個進程？

So Kim, this is Rahul. Let me first take on the enterprise PC. Our play in enterprise PC has benefited on two different vectors. First, we see the refresh gradually coming to play. Second, our team has done a phenomenal job gaining market share within the enterprise segment. And so, we got two things working for us in the PC space at this moment versus the larger PC marketplace, especially being in enterprise.

金，這位是拉胡爾。首先讓我談談企業級PC。我們在企業級PC領域的佈局受益於兩個不同的面向。首先，我們看到更新逐漸發揮作用。其次，我們的團隊在企業市場領域取得了巨大的市佔率成長。因此，目前我們在個人電腦領域，尤其是在企業領域，有兩件事對我們有利。

I think you were also asking about wireless connectivity in PC. We absolutely will not go there with wireless connectivity in PC, if that is what you're asking for, largely because it's a platform play, and it's a very tightly built platform by the x86 vendors. And it's not margin conducive. It's not P&L conducive to go down this path of investing in Windows at this time

我想你也問到了PC的無線連線問題。如果你問的是這個，我們絕對不會討論PC的無線連接，主要是因為這涉及到平台層面的問題，而x86廠商對這個平台的建構非常嚴格。而且這樣做不利於提高利潤率。目前來看，投資Windows這條路不利於損益管理。

And you've had tremendous growth in your wireless connectivity in the IoT market. Who do you see as your competitors in that market? And do you think you're outgrowing the market? It seems that it would be, but maybe if you could share some of what you see in the market.

你們在物聯網市場的無線連線方面取得了巨大的成長。你認為在這個市場中你的競爭對手是誰？你認為你的業務規模已經超過市場需求了嗎？看起來確實如此，但或許您可以分享一下您在市場上看到的情況。

Kevin, I can't think of any microprocessor or MCU company investing in wireless connectivity at the pace at which we are not only investing but also advancing to a newer generation of wireless connectivity. We have over 500 engineers right now working on Wi-Fi 8 at Synaptics, right? And we believe that an MCU play or processor play in absentia of wireless connectivity is depriving the customer of a solution and a starting point that is very cost effective to build the end product from basically. And I think that is where we are differentiating on advancing our roadmap being the first in the IoT world to bring wireless connectivity and also the AI native Astra processors.

凱文，我想不出有哪家微處理器或MCU公司像我們一樣，不僅在無線連接領域進行投資，而且還在向新一代無線連接技術邁進。Synaptics 目前有 500 多名工程師在從事 Wi-Fi 8 的研發工作，對吧？我們認為，在缺乏無線連線的情況下使用 MCU 或處理器，會剝奪客戶建構最終產品的經濟高效的解決方案和起點。我認為，這就是我們在推進產品路線圖方面與眾不同的地方，我們是物聯網領域第一個推出無線連接和原生AI Astra處理器的公司。

Having said that, I do realize that there is this huge opportunity of non-Astra MCUs and processors in the IoT world. And so if you reflect on my prepared remarks, we are also sampling host independent -- independent of what the host may be, a wireless connectivity solution, Wi-Fi 7, Bluetooth 6, BLE, Thread, SoC that can run its driver software by itself and not bother the host processor. However, make the non-Astra non-Synaptics processor platform extend with wireless connectivity very seamlessly. And so that is what we see as our SKU map doing.

話雖如此，我確實意識到物聯網領域存在著非 Astra MCU 和處理器的巨大機會。因此，如果您仔細想想我準備好的發言，我們也在測試獨立於主機的方案——無論主機是什麼，無線連接解決方案，Wi-Fi 7、藍牙 6、BLE、Thread、SoC，它可以獨立運行其驅動程式軟體，而不會幹擾主機處理器。但是，要讓非 Astra 非 Synaptics 處理器平台能夠非常無縫地擴充無線連接功能。這就是我們所看到的 SKU 地圖的作用。

Competitively, I don't see any MCU or microprocessor available outside of Synaptics that has Wi-Fi 7 integrated. The last thing I saw was Wi-Fi 6. And so competitively, we feel very strong about our position on wireless connectivity across the entire SKU map with our processors and being a wireless connectivity supplier without our processors and also where we are going on the roadmap with potentially bringing to life Wi-Fi 8 from Synaptics this year.

從競爭角度來看，除了 Synaptics 之外，我沒有看到任何其他 MCU 或微處理器整合了 Wi-Fi 7。我最後看到的是 Wi-Fi 6。因此，從競爭角度來看，我們對自己在整個 SKU 範圍內的無線連接地位感到非常自信，這得益於我們的處理器，以及作為無線連接供應商（即使沒有我們的處理器），我們還很有信心。此外，我們也計劃在今年推出 Synaptics 的 Wi-Fi 8，這有望成為現實。

Robert Mertens, TD Cowen.

Robert Mertens，TD Cowen。

This is Robert on behalf of Krish Sankar. Let's see. I know we've gone over a lot of the finer points of your Astra processor platform. But maybe if you could just take a larger view in terms of the customers that you're working with and the progress that they're making with the roadmaps.

我是羅伯特，代表克里什桑卡爾。讓我們來看看。我知道我們已經詳細討論過您的 Astra 處理器平台的許多細節。但或許你可以從更宏觀的角度來看你正在合作的客戶以及他們在產品路線圖上的進展。

Are you sort of expecting more of the additional demand to come from these industrial applications? Or is it a mix of both the industrial as well as consumer customers? Any sort of details of just sort of how that mix is playing out would be helpful.

您是否預期新增需求將更多來自這些工業應用領域？或者說，它是工業客戶和消費者的混合體？任何關於這種混合方式具體效果如何的細節都會很有幫助。

Yeah. I think excellent question. So I mean, if you noticed in my prepared remarks, every quarter for the last couple of quarters or last two or three quarters, I have cited examples of our designs. And those designs are generally with leading customers in that market category or that product category.

是的。我覺得這個問題問得很好。所以我的意思是，如果你注意到我準備的發言稿，在過去的幾個季度或兩三個季度裡，我每個季度都引用了我們設計的例子。這些設計通常是為該市場類別或產品類別中的領先客戶而設計的。

On this quarterly call, in prepared remarks, I talked about our Astra processor that brings the benefit of processing out-of-band certain vision modalities, ultimately creating an experience for a television OEM that is very unique and differentiating from interacting with the television. At the same time, television becoming very intelligent to understand who's in the room, what needs to be done, turning on parental control is an example, right?

在本次季度電話會議上，我在事先準備好的發言中談到了我們的 Astra 處理器，它能夠處理帶外的某些視覺模式，最終為電視 OEM 創造了一種非常獨特且與電視交互截然不同的體驗。同時，電視機變得越來越智能，能夠理解房間裡是誰，需要做什麼，開啟家長監護功能就是一個例子，對吧？

And so I think you will see some of these examples cited. Having said that, the scope of our engagement is a lot broader in the marketplace in terms of design activity. And majority of our initial ramp is going to be in the consumer side. There will be industrial designs that will ramp a little later than the consumer designs. At the same time, if you pull back and look at our edge IoT play, and I cited our play in humanoid, right, that in itself is an indication of where we will be going in the industrial marketplace with our product capabilities.

所以我想你會看到一些例子被引用。話雖如此，就設計活動而言，我們在市場上的業務範圍要廣泛得多。我們初期的大部分成長將來自消費者領域。工業設計產品的上市時間會比消費設計產品稍晚。同時，如果你退後一步，看看我們在邊緣物聯網領域的佈局，例如我剛才提到的我們在人形機器人領域的佈局，那麼這本身就表明了我們憑藉產品能力在工業市場的發展方向。

Now having said that, this one large important customer leading the market in humanoid has indicated to the world that they are going to ship pilots basically this year and go into production in 2027, late 2027, indicating exactly how the industrial marketplaces play out. And so giving you a taste of us leading in the consumer space from a revenue recognition point of view in '27 and maybe in '28, calendar '28 time period, you will see some revenue coming through industrial channels.

話雖如此，這家在人形機器人市場佔據主導地位的重要大客戶已經向世界表明，他們基本上將在今年交付試製樣機，並在 2027 年末投入生產，這恰恰表明了工業市場的走向。因此，從收入確認的角度來看，我們將在 2027 年和 2028 年（日曆年 2028 年）在消費領域處於領先地位，您將會看到一些收入來自工業通路。

And then just a quick follow-up. In terms of just your view into the market, what's your current view of channel inventory? Are we more normalized levels? Or are there any areas of your business where inventory levels could be a near-term headwind still?

然後還有一個簡短的後續問題。僅就您對市場的看法而言，您目前對通路庫存有何看法？我們是否已經恢復到正常水準？或者，貴公司業務的哪些方面，庫存水準在短期內仍可能構成不利因素？

Yeah. Thanks, Robert, it's Ken. On that front, if you look at our inventory levels in the channel, just to highlight, the disti channel for us is primarily a logistics-oriented channel for us. It remains very lean for us.

是的。謝謝你，羅伯特，我是肯。在這方面，如果你看一下我們通路中的庫存水平，需要強調的是，對我們來說，分銷通路主要是一個以物流為導向的通路。對我們來說，它仍然非常精簡。

We went through what I classify a couple of years ago, this COVID boom and COVID bust. And over the last three quarters or so, we finally leaned out where we're shipping really towards end market demand. So we're in good shape across the board when we look at those inventories.

幾年前，我們經歷了我所說的新冠疫情帶來的繁榮和蕭條。在過去的三個季度左右，我們最終調整了發貨方向，真正迎合了終端市場需求。所以從庫存情況來看，我們各方面狀況良好。

Peter Peng, JPMorgan.

Peter Peng，摩根大通。

You guys have intentions to move down to the broad market. So I guess just given the recent acquisition announcement in the space, how are you guys thinking about this part of the market now? Is it becoming I think more competitive because of potential cost advantages from the other players? Maybe just share your thoughts on that.

你們打算進軍大盤市場。鑑於最近該領域發生的收購事件，你們現在如何看待這部分市場？我認為，由於其他參與者可能帶來的成本優勢，競爭是否變得更加激烈了？或許你可以分享一下你的想法。

Peter, this is Rahul. First and foremost, we feel very strongly about the leadership that we have in certain edge IoT solutions play. We believe our portfolio in wireless connectivity from the edge IoT marketplace is bar none in the marketplace. And so we feel very strong about our position and what we are investing from a roadmap point of view versus everybody in this marketplace at this time, especially the MCU class and the microprocessor class products.

彼得，這位是拉胡爾。首先，我們對自身在某些邊緣物聯網解決方案領域的領導地位感到非常自信。我們相信，我們在邊緣物聯網市場的無線連接產品組合是市場上獨一無二的。因此，我們對自身地位以及從路線圖角度來看我們正在進行的投資感到非常有信心，尤其是在MCU類和微處理器類產品方面，我們與市場上的其他公司相比更有優勢。

Having said that, if you're referring to this one company that got acquired or is in the process of getting acquired, our markets did not overlap. They were largely focused on MCU with integrated BLE with some Wi-Fi coming, but not a whole lot of WiFi in their end products.

話雖如此，如果你指的是那家已被收購或正在被收購的公司，那麼我們的市場並沒有重疊。他們主要專注於整合 BLE 的 MCU，雖然也加入了一些 Wi-Fi 功能，但最終產品中並沒有太多 Wi-Fi 功能。

And so our play is vastly different. Our play is a lot more broader in terms of the end market participation within the larger edge IoT marketplace. And so we seem to be engaging with customers that I would think they may not be able to engage. And that's how I see our play on a going-forward basis continuing.

因此，我們的比賽方式截然不同。在更廣泛的邊緣物聯網市場中，我們的業務範圍更廣，涉及終端市場參與。因此，我們似乎正在與一些我認為他們可能無法與之互動的客戶互動。這就是我對我們未來比賽方式的展望。

And a follow-up question is you talked about the semi-custom project being on track. And I think last quarter, you talked about several other engagements as well. I guess, like when you think about just this opportunity, what are some of the criteria that you look for to drive the engagement, either in terms of volumes, like market success? Like maybe just give us some parameters on how you think about these certain engagements.

還有一個後續問題，您提到半客製化專案進展順利。而且我認為上個季度，你也談到了其他幾個項目。我想，當你考慮這個機會時，你會關注哪些標準來推動參與度，例如銷售或市場成功？或許您可以給我們一些關於您如何看待這些特定合作方式的參數。

Yes. Peter, it's an excellent question. I believe in anchoring our roadmaps to certain large customers' vision and roadmaps. And this semi-custom opportunity with our MCU is anchored to a large OEM that believes in hybrid compute for AI. And the edge of the consumer side is where we are engaged with this large company that builds products using our semi-custom MCU implementation.

是的。彼得，這是一個很好的問題。我認為應該將我們的產品路線圖與某些大客戶的願景和路線圖連結起來。而我們與一家大型 OEM 廠商合作，為 MCU 提供半客製化解決方案，該廠商相信混合計算在人工智慧領域的應用。而在消費者領域，我們正與一家大型公司合作，該公司使用我們半客製化的 MCU 實現方案來製造產品。

What will happen is this large OEM will build a software stack upon which various applications will reside. And ultimately, we become part of their reference -- our silicon becomes part of their reference design that is not only used in that first-party product, but also in the third-party product, very analogous to what you see in the phone marketplace. And so not the iOS phone market, but the other marketplace.

接下來，這家大型OEM廠商將建立一個軟體棧，各種應用程式都會運行在這個軟體棧上。最終，我們成為了他們參考設計的一部分——我們的晶片成為了他們參考設計的一部分，不僅用於他們自己的產品，還用於第三方產品，這與你在手機市場上看到的情況非常相似。所以，不是 iOS 手機市場，而是其他市場。

And so long story short, that is what entails a typical opportunity for semi-custom play for us on a going-forward basis. It is an opportunity that is not just point play, but it is also something that will build around the next chip that we provide to the same OEM for advancing their product as well as our roadmap in the process.

簡而言之，這就是我們未來進行半客製化遊戲的一個典型機會。這不僅僅是一次得分機會，而且還將圍繞我們向同一 OEM 提供的下一款晶片展開，以推進他們的產品發展，同時也將推進我們自身的產品路線圖。

And so along the same lines, I think in the world of humanoid and robotics, we have anchored ourselves to a very large leader in the marketplace that when the day comes, I think you will be able to say, yes, it is a large leading company in this marketplace. And so those are the things that you would see in decisions that we make when we do semi-custom play with end customers.

同樣地，我認為在人形機器人領域，我們已經依附於市場上的一家大型領導企業，到那時，我認為你可以說，是的，它是一家大型領導企業。所以，這些就是我們在為終端客戶進行半客製化遊戲時所做出的決策中會遇到的問題。

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

謝謝。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。

In closing, I want to emphasize that the Synaptics team is executing with focus as we advance our strategy. We are expanding our portfolio with new products that strengthen our leadership in Edge AI. Our financial results highlight our ability to grow the company with disciplined execution.

最後，我想強調的是，Synaptics 團隊正在專注地推動我們的策略。我們正在透過推出新產品來擴展產品組合，從而鞏固我們在邊緣人工智慧領域的領先地位。我們的財務表現凸顯了我們透過嚴謹的執行力實現公司成長的能力。

I want to thank our global team for their hard work and dedication, and to you all, our shareholders, for your continued support of Synaptics. Have a great rest of the day.

我要感謝我們全球團隊的辛勤工作和奉獻精神，也要感謝各位股東對 Synaptics 的持續支持。祝您今天餘下的時間過得愉快。

Thank you for your participation in today's conference. This concludes 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。