Synaptics Incorporated (SYNA) 2026 Q3 法說會逐字稿

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

各位好，感謝您稍候。歡迎參加新思（Synaptics）2026 會計年度第三季財報電話會議。（接線員指示）請注意，今日會議將被錄音。

I would now like to turn the conference over to your first speaker today, Munjal Shah. Please go ahead.

現在我想將會議交給今天的第一位講者，Munjal Shah。請開始。

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

各位下午好，感謝您今天參加新思（Synaptics）2026 會計年度第三季財報電話會議。我是 Munjal Shah，投資人關係副總裁。今天與我一同出席的有：我們的總裁暨執行長 Rahul Patel，以及財務長 Ken Rizvi。本次電話會議將透過網路進行即時直播，可至公司網站 synaptics.com 的投資人關係（Investor Relations）專區收看。

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. 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.

除了一份詳述本季業績的財報新聞稿外，我們亦已在投資人關係網站上發布補充簡報投影片以及本次預先準備的講稿。今日對財務結果的討論將以 GAAP（一般公認會計原則）為基礎，同時提供非 GAAP 的補充結果，非 GAAP 結果排除以股份為基礎之酬勞、併購相關成本，以及某些其他非現金或經常性或非經常性項目。

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. 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.

本次所討論的所有非 GAAP 財務指標，均已在我們的財報新聞稿及投資人關係網站上的補充資料中，與最直接可比的 GAAP 財務衡量指標進行調節（reconcile）。提醒各位，我們今天在預先準備的講稿、補充資料以及回覆各位提問時所討論的事項，可能包含前瞻性陳述。

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 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.

這些前瞻性陳述反映我們目前對公司財務狀況、營運結果、計畫、目標、未來表現與業務的預期與推估。儘管新思（Synaptics）認為支撐這些前瞻性陳述的估計與假設屬合理，但相關陳述仍受多項超出我們控制範圍的風險與不確定性影響。

Synaptics cautions that actual results may differ materially from any future performance suggested in the company's forward-looking statements. Therefore, we refer you to the company's earnings release issued today and our current and periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly reports 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 the date hereof. Except as required by law, Synaptics expressly disclaims any obligation to update this forward-looking information.

新思（Synaptics）提醒，實際結果可能與公司前瞻性陳述所暗示的任何未來表現存在重大差異。因此，我們請您參閱公司今日發布的財報新聞稿，以及向美國證券交易委員會（SEC）提交的現行與定期報告（包括最近一期 Form 10-K 年報與 Form 10-Q 季報），其中載有可能導致實際結果與任何前瞻性陳述所載內容出現重大差異的重要風險因素。所有前瞻性陳述僅截至本日為止有效。除法律要求外，新思（Synaptics）明確聲明不承擔更新此等前瞻性資訊之任何義務。

I will now turn the call over to Rahul.

現在我將把電話會議交給 Rahul。

Thank you, Munjal. Good afternoon, everyone, and thank you for joining our fiscal third quarter 2026 earnings call. Fiscal third quarter marked our sixth consecutive quarter of double-digit year-over-year revenue growth, driven by 31% year-over-year increase in our core IoT products.

謝謝你，Munjal。各位下午好，感謝各位參加我們 2026 會計年度第三季財報電話會議。會計年度第三季是我們連續第六個季度實現營收年增率達雙位數成長，主要受核心 IoT 產品營收年增 31% 所帶動。

We are seeing improving momentum and delivering consistent performance across the business. Our non-GAAP gross margin was above the midpoint of our guidance range and non-GAAP earnings per share of $1.09 was at the high end of the guidance and increased 21% year-over-year.

我們看到動能持續改善，並在整體業務上交出一致的表現。我們的非 GAAP 毛利率高於指引區間的中位數；非 GAAP 每股盈餘為 1.09 美元，位於指引高端，且年增 21%。

Let me start by highlighting the accelerating adoption we are seeing in physical AI and Edge AI with customer engagements continuing to expand. Last quarter, we announced our first humanoid design with a leading OEM for our touch controller and interface solutions. Since then, we have sampled silicon to three additional OEMs and our robotics pipeline has grown to more than 35 customers globally, including a leading generative AI OEM.

我先強調我們在實體 AI（Physical AI）與邊緣 AI（Edge AI）方面看到的採用加速，且客戶合作持續擴大。上季我們宣布與一家領先 OEM 合作，針對我們的觸控控制器與介面解決方案完成首個人形機器人（humanoid）設計。此後，我們已向另外三家 OEM 提供晶片樣品（sampled silicon），我們的機器人業務管線已成長至全球超過 35 家客戶，其中包括一家領先的生成式 AI OEM。

Customers are adopting our AI-enabled touch controllers for tactile sensing. Our capacitive sensing technology measures subtle changes in compressible layer to detect force, slip and proximity, enabling robots to handle objects, maintain grip and respond in real time. This capability extends beyond the hand to other contact surfaces, including the feet.

客戶正採用我們具 AI 功能的觸控控制器進行觸覺感測。我們的電容式感測技術可量測可壓縮層中的細微變化，以偵測施力、滑移與接近，讓機器人能夠抓取物體、維持握持並即時反應。此能力不僅適用於手部，也可延伸至其他接觸表面，包括足部。

These tactile controllers can pair with our Astra processors to aggregate sensor inputs and run AI locally, enabling real-time decision-making, improving response time and reducing the load on the robot central compute. In addition, our wireless portfolio, including Wi-Fi, Bluetooth and GPS GNSS, supports reliable connectivity as robots move and coordinate with one another and the network.

這些觸覺控制器可與我們的 Astra 處理器搭配，用於彙整感測器輸入並在本地端執行 AI，進而實現即時決策、提升反應速度並降低機器人中央運算的負載。此外，我們的無線產品組合（包括 Wi‑Fi、Bluetooth 與 GPS GNSS）可在機器人移動並彼此協作、以及與網路協同時，提供可靠的連線能力。

Further, our interface technology enables high bandwidth transport within a robotic system. For example, one of our customers is using it to interconnect multiple displays in a humanoid. Our content opportunity in robotics is substantially higher than in our other markets. Synaptics' broad and differentiated portfolio across processing, connectivity, sensing and interface solutions uniquely positions us to address this opportunity.

此外，我們的介面技術可在機器人系統內提供高頻寬傳輸。例如，我們的一位客戶正使用該技術在一款人形機器人中互連多個顯示器。我們在機器人領域的內容價值（content opportunity）顯著高於其他市場。新思（Synaptics）在運算、連線、感測與介面解決方案方面具備廣泛且差異化的產品組合，使我們能以獨特優勢掌握此一機會。

New use cases continue to emerge and our engagements are expanding with a growing set of customers. While still early, I am excited about this promising growth vector for Synaptics. This quarter, we also made solid progress in our partnership with Google, which continues to be a key driver of our Edge AI strategy.

新的使用情境持續出現，我們與日益增加的客戶群之合作也在擴大。雖然仍處於早期階段，但我對這個對新思（Synaptics）而言前景可期的成長向量感到振奮。本季我們也在與 Google 的合作夥伴關係上取得扎實進展，而這項合作仍是我們邊緣 AI 策略的關鍵驅動力。

We launched next-generation Coralboard powered by our Astra SL2610 processor and featuring the industry's first implementation of Google's Coral NPU integrated with Synaptics' Torq NPU architecture. The Coralboard provides developers with a turnkey platform to move quickly from prototyping to production and bring generative AI directly onto the device.

我們推出了新一代 Coralboard，採用我們的 Astra SL2610 處理器，並具備業界首個將 Google Coral NPU 與新思（Synaptics）Torq NPU 架構整合的實作。Coralboard 為開發者提供一個交鑰匙（turnkey）平台，可快速從原型開發走向量產，並將生成式 AI 直接帶到裝置端。

In the coming weeks, we and our partner will showcase Astra processor technology powering Google Gemma and other leading AI models at a high-profile industry event. At this event, we will also make the platform available to developers, system architects and OEMs looking to build real-world edge AI applications.

在接下來幾週，我們將與合作夥伴在一場高知名度的產業活動中展示由 Astra 處理器技術驅動的 Google Gemma 與其他領先 AI 模型。在該活動中，我們也將把此平台提供給開發者、系統架構師與 OEM，協助其打造真實世界的邊緣 AI 應用。

Next, let me update you on the next generation of our Astra SR series microcontrollers, a semi-custom AI native platform targeting emerging wearable applications. We successfully taped out the SoC last month and expect to begin sampling in the fall. The platform includes Synaptics' PMIC and a microcontroller that integrates advanced power management, Google's Coral NPU, our Torq NPU and a flexible memory architecture to deliver high-performance, low-power Edge AI processing.

接下來，我向各位更新我們下一代 Astra SR 系列微控制器的進展。這是一個半客製（semi-custom）的 AI 原生平台，鎖定新興穿戴式應用。我們已於上月成功完成 SoC 流片（taped out），並預期於秋季開始提供樣品。該平台包含新思（Synaptics）的 PMIC 與一顆整合先進電源管理、Google Coral NPU、我們的 Torq NPU，以及彈性記憶體架構的微控制器，以提供高效能、低功耗的邊緣 AI 運算。

For the initial variable application, our solution delivers up to 2 times battery life and reduces bill-of-materials by roughly 50%. Beyond this initial design, the SR-series represents a new class of AI-native microcontrollers that can extend across wearable platforms and into a broad range of Edge AI applications.

就初始目標應用而言，我們的解決方案可將電池續航提升最高達 2 倍，並將物料清單（BOM）成本降低約 50%。除這個初始設計之外，SR 系列代表一個全新類別的 AI 原生微控制器，可延伸至各式穿戴式平台，並進一步擴展到廣泛的邊緣 AI 應用。

Turning to design traction, we are securing Astra processor wins across multiple applications in various end markets. Notably, our processors are designed into a new class of medical devices that bring diagnostic imaging to a patient's home, extending access to healthcare in rural and underserved regions.

在設計導入動能方面，我們正於多個終端市場的多種應用中取得 Astra 處理器的設計採用（wins）。值得注意的是，我們的處理器已被導入一個新類別的醫療裝置，可將診斷影像帶到病患家中，擴大偏鄉與醫療資源不足地區的醫療可近性。

This customer selected Astra for its price performance, design flexibility, ease of software and hardware integration, and for the ability to run AI models locally on the device. We also secured a win in industrial with a leading North American fleet management OEM, where our ultra-low power vision platform provides intelligent asset monitoring.

該客戶選擇 Astra 的原因包括其性價比（price performance）、設計彈性、軟硬體整合的便利性，以及能在裝置端本地執行 AI 模型的能力。我們也在工業領域取得一家北美領先車隊管理 OEM 的案子，我們的超低功耗視覺平台可提供智慧化資產監控。

Our pipeline continues to expand across consumer and industrial markets, with increasing traction in IoT hubs, gesture-driven streaming devices, industrial gateways, UAV navigation and positioning, and smart home systems. Our key differentiation lies in tightly integrating compute and connectivity into a solution-oriented, software developer friendly platform, designed to reduce system complexity while enabling scalable and high-performance Edge AI deployments.

我們的業務管線持續在消費與工業市場擴張，並在 IoT 中樞、手勢驅動的串流裝置、工業閘道器、無人機（UAV）導航與定位，以及智慧家庭系統等方面取得更多進展。我們的關鍵差異化在於將運算與連線緊密整合為以解決方案為導向、對軟體開發者友善的平台，旨在降低系統複雜度，同時支援可擴展且高效能的邊緣 AI 部署。

Finally, we had a successful launch of our Astra-enabled Connected MCU at Embedded World, where it received a Best in Show award in the Microcontrollers, Microprocessors & IP category. This device is the industry's first to integrate Wi-Fi 7 and Bluetooth 6.0 connectivity with Edge AI compute in a monolithic SoC, delivering a highly differentiated solution.

最後，我們在 Embedded World 展會上成功推出由 Astra 驅動的 Connected MCU，並在「微控制器、微處理器與 IP」類別獲得 Best in Show 大獎。該裝置為業界首款在單晶片 SoC 中整合 Wi‑Fi 7 與 Bluetooth 6.0 連線能力及邊緣 AI 運算的產品，提供高度差異化的解決方案。

Customers are particularly attracted to its ability to concurrently host Bluetooth and Wi-Fi stacks, as well as the host application, enabling greater integration and efficiency. In addition, the integrated NPU in this SoC allows customers to develop and deploy differentiated AI features. We are currently sampling the product with multiple customers across a range of applications, including industrial power, home appliances, and security cameras.

客戶特別看重其可同時承載藍牙與 Wi-Fi 協定堆疊，以及主機應用程式的能力，從而實現更高的整合度與效率。此外，該 SoC 內建的 NPU 使客戶能夠開發並部署具差異化的 AI 功能。我們目前正向多家客戶提供產品樣品，涵蓋多種應用，包括工業電源、家用電器與安全攝影機。

Turning to Enterprise and Mobile Touch, demand from our enterprise customers continues to improve steadily. We remain focused on the premium tier of the market and will continue to closely monitor demand trends. In Mobile Touch, while some customers are navigating near-term challenges related to memory supply, we believe that we remain well positioned with some leading OEMs that are gaining share.

接著談企業與行動觸控（Enterprise and Mobile Touch），來自企業客戶的需求持續穩步改善。我們仍聚焦於市場的高階區隔，並將持續密切監測需求趨勢。在行動觸控方面，儘管部分客戶正面臨與記憶體供應相關的短期挑戰，我們相信，憑藉一些市占率正在提升的領先 OEM，我們仍處於有利位置。

We are currently shipping into the majority of flagship phones at a leading Korean OEM. We are also encouraged by our design wins in foldable smartphones and expect customers to launch new products in the second half of the calendar year. While still early, broader adoption of foldable smartphones by major OEMs has the potential to drive overall market growth.

我們目前已出貨至一家領先韓國 OEM 的多數旗艦手機。我們也對在摺疊式智慧型手機上的設計導入（design wins）感到鼓舞，並預期客戶將在曆年下半年推出新產品。雖然仍處於早期階段，但主要 OEM 更廣泛採用摺疊式智慧型手機，具有帶動整體市場成長的潛力。

To summarize, we are gaining strong traction in Physical AI and expanding our presence across a broad set of Edge AI markets. We are executing on our product roadmap, delivering highly differentiated products and solutions, and deepening our engagement with customers and ecosystem partners. These efforts position Synaptics for long-term growth and value creation.

總結來說，我們在實體 AI（Physical AI）方面取得強勁進展，並在廣泛的邊緣 AI 市場擴大布局。我們正按產品藍圖執行，提供高度差異化的產品與解決方案，並深化與客戶及生態系夥伴的合作。這些努力使 Synaptics 具備長期成長與價值創造的有利條件。

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

接下來我將把電話會議交給 Ken，請他回顧我們 2026 會計年度第三季的財務結果，以及 2026 會計年度第四季的展望。

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 third quarter of fiscal 2026. Revenue for fiscal Q3 was $294.2 million, above the midpoint of our guidance and up 10% on a year-over-year basis driven by strength in our Core IoT products.

謝謝你，Rahul，各位下午好。我將把重點放在我們的非 GAAP 結果；相關數字已在我們網站投資人關係專區的財報新聞稿表格中，與 GAAP 財務衡量指標進行調節。現在讓我談談 2026 會計年度第三季的財務表現。2026 會計年度第三季營收為 2.942 億美元，高於我們財測區間的中點，並在 Core IoT 產品強勁表現帶動下，年增 10%。

The revenue mix in the third quarter was 30% Core IoT, 57% Enterprise and Automotive and 13% Mobile Touch products. Core IoT product revenues increased 31% year-over-year, driven primarily by continued strength in our wireless connectivity products. Enterprise & Automotive product revenues were up 9% year-over-year as we are seeing a recovery in our enterprise portfolio. And Mobile Touch product revenues decreased 16% year-over year.

第三季的營收組合為：Core IoT 佔 30%、企業與車用（Enterprise and Automotive）佔 57%、行動觸控產品佔 13%。Core IoT 產品營收年增 31%，主要由我們無線連線產品持續強勁所帶動。企業與車用產品營收年增 9%，因我們看到企業產品組合正在復甦。而行動觸控產品營收則年減 16%。

Third quarter non-GAAP gross margin was 53.6%, slightly ahead of the mid-point of our guidance. Third quarter non-GAAP operating expenses were $104.6 million, better than the midpoint of our guidance. Our non-GAAP operating margin was 18.1%, up approximately 260 basis points year-over-year and non-GAAP net income in Q3 was $44.1 million. Non-GAAP EPS per diluted share came in toward the higher-end of our guidance at $1.09 per share, an increase of 21% on a year-over-year basis.

第三季非 GAAP 毛利率為 53.6%，略高於我們財測中點。第三季非 GAAP 營業費用為 1.046 億美元，優於我們財測中點。非 GAAP 營業利益率為 18.1%，年增約 260 個基點；第三季非 GAAP 淨利為 4,410 萬美元。稀釋後每股非 GAAP 盈餘（EPS）為每股 1.09 美元，落在我們財測區間的高端，年增 21%。

Now let me turn to the balance sheet. We ended the fiscal third quarter with approximately $404 million in cash and cash equivalents, reflecting $39 million of share repurchases in Q3. Through April of 2026, we have completed $93 million of share repurchases this fiscal year. Cash flow from operations was $21.8 million in the third fiscal quarter.

接著談資產負債表。我們在 2026 會計年度第三季末持有約 4.04 億美元的現金及約當現金，其中反映第三季回購股票 3,900 萬美元。截至 2026 年 4 月，本會計年度我們已完成 9,300 萬美元的股票回購。第三會計季度的營運現金流為 2,180 萬美元。

Capital expenditures for the third quarter were $11.9 million and depreciation for the quarter was $7.9 million. Receivables at the end of March were $162.5 million and the days of sales outstanding were 50 days, up from 39 days last quarter. Our ending inventory balance was $161.3 million and days of inventory were 106 days, compared to 101 days at the end of the last quarter.

第三季資本支出為 1,190 萬美元，當季折舊為 790 萬美元。3 月底應收帳款為 1.625 億美元，應收帳款週轉天數（DSO）為 50 天，高於上季的 39 天。期末存貨餘額為 1.613 億美元，存貨天數為 106 天，較上季末的 101 天增加。

Now, turning to our fiscal 2026 fourth quarter guidance. For Q4, we expect revenues to be approximately $305 million at the mid-point, plus or minus $10 million. Our guidance for the fourth quarter reflects an expected revenue mix from Core IoT, Enterprise & Automotive, and Mobile Touch products of approximately 33%, 54%, and 13%, respectively.

接下來談 2026 會計年度第四季財測。第四季我們預期營收中點約為 3.05 億美元，上下浮動 1,000 萬美元。第四季財測反映的預期營收組合約為：Core IoT 33%、企業與車用 54%、行動觸控 13%。

We expect our non-GAAP gross margin to be 53.5% at the mid-point, plus or minus 1% and non-GAAP operating expenses in the June quarter are expected to be $105 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 fourth quarter. Non-GAAP net income per diluted share is anticipated to be $1.20 per share at the mid-point plus or minus $0.15, on an estimated 40.4 million fully diluted shares.

我們預期非 GAAP 毛利率中點為 53.5%，上下浮動 1%；6 月季度的非 GAAP 營業費用預期中點為 1.05 億美元，上下浮動 200 萬美元。我們預期非 GAAP 淨利息與其他費用約為 200 萬美元，第四季非 GAAP 稅率預期介於 13% 至 15%。稀釋後每股非 GAAP 淨利預期中點為每股 1.20 美元，上下浮動 0.15 美元，係以估計 4,040 萬股完全稀釋後股數計算。

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

以上為我們事先準備的發言內容。接下來我想把電話會議交給接線員，開始問答環節。接線員？

(Operator Instructions)

（接線員指示）

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

Hi, guys. Thanks for asking a couple of questions. I guess the first one on the core IoT side of things. In the near term, it looked like it was a little weaker than you expected in the March quarter, but seems to be gaining that back in June. So in the near-term side, what's causing that volatility?

嗨，各位。謝謝讓我提幾個問題。我想第一個問題是關於 Core IoT。短期來看，3 月季度似乎比你們原先預期稍弱，但看起來在 6 月季度又把它補回來了。所以就短期而言，是什麼造成這種波動？

And then perhaps more importantly, longer term, you rattled off a whole bunch of good wins and traction in the Astra platform. How should we think about the revenue contribution of that folding in into the second half of this year and into calendar year and into calendar '27 as well? Has that become a meaningful tailwind? And if so, when?

然後可能更重要的是，從長期來看，你們提到 Astra 平台有一連串不錯的勝出案與進展。我們應該如何看待其營收貢獻在今年下半年、以及曆年 '27 的逐步反映？它是否已成為一股有意義的順風？如果是，會在何時？

So Ross, maybe I'll take -- this is Ken. Thanks for the question. I'll take that first part, and then I'll turn it over to Rahul on the second piece. But on the first piece, if you look -- and if I just step back, Ross, right, for the year and for -- based on our guidance for Q4 for Core IoT, we're going to do north of $385 million for Core IoT at the midpoint.

Ross，我先回答——我是 Ken。謝謝你的問題。我先回應第一部分，第二部分再交給 Rahul。不過就第一部分而言，如果你看——我先退一步說，Ross，對於今年以及——依照我們對第四季 Core IoT 的財測，我們在中點將可達到超過 3.85 億美元的 Core IoT 營收。

That grows by north of 40% on a year-over-year basis. And so there are always some movements quarter-to-quarter. But if I just step back, look at the business from a 30,000-foot view standpoint, we're seeing still very, very solid performance here throughout 2026 for Core IoT. And there will always be some movements here and there quarter-to-quarter. But in general, really very excited about the performance this year by the team.

這相較去年將成長超過 40%。因此，季度之間總會有一些變動。但如果我退一步，從更宏觀的角度來看這項業務，我們在 2026 年整體期間仍看到 Core IoT 非常、非常穩健的表現。季度之間難免會有些起伏，但整體而言，我對團隊今年的表現感到非常振奮。

Ross, this is Rahul. Regarding the IoT ramp on Astra processors. Well, I think we have stated in the past that we anticipate meaningful ramp in calendar 2027, and that remains. A couple of things. I indicated on the prepared remarks that we have taped out our semi-custom solution targeted towards end product, that's with a very large OEM. That is anticipated to go into production in the first half of calendar '27 and in the end products sometime about now next year and ramp up very nicely in the second half of '27 as well.

Ross，我是 Rahul。關於 Astra 處理器的 IoT 放量（ramp），我們過去曾表示，預期在曆年 2027 會有具意義的放量，而這點仍然不變。有幾點補充：我在事先準備的發言中提到，我們已完成針對終端產品的半客製化解決方案流片（taped out），合作對象是一家非常大型的 OEM。預期該方案將在曆年 '27 上半年進入量產，並在大約明年此時導入終端產品，同時也會在 '27 下半年有相當不錯的放量。

And regarding some of the design wins in robotics and physical AI, as you probably know, there's a lot of activity. There's a lot of market forecast. At this point, we are being very cautious in including those numbers in our plan for '27, largely because it's openly talked about as well. I think various research puts the numbers at very large quantities.

至於機器人與實體 AI（physical AI）方面的一些設計導入（design wins），如你可能知道的，市場活動非常熱絡，也有很多市場預測。但就目前而言，我們在把這些數字納入我們對 '27 的規劃時非常謹慎，主要原因是這些也都被公開討論。我認為各種研究都把數量估得非常龐大。

However, in my opinion, it's still a greenfield. And so we're not taking a lot of that into our '27 plan. What I will reiterate something that was in the remarks as well, that the dollar content is substantially different, materially higher than what we have seen in end products like Synaptics in the past. And so I remain excited about the opportunity in physical AI.

不過，以我看來，這仍是一片綠地市場（greenfield）。因此我們並沒有把太多這部分納入我們的 '27 規劃。我想重申一點，這在先前的談話中也提到過：其美元內容價值（dollar content）與我們過去在 Synaptics 的終端產品中看到的相比有顯著差異，實質上更高。因此我仍對實體 AI 的機會感到振奮。

I am seeing the conviction in the larger customer base around the capabilities, IP, product and technology that Synaptics brings to some of these platforms by virtue of the acceleration that we are seeing in our engagement and design activity with our customers and how quickly some of these engagements are turning into us shipping silicon. I mean, in one situation, in that case, pilot runs in a couple of other situations, I would be specific, maybe three, we've shipped samples. And so all of that is TBD in terms of material revenue, but Astra family of products and connectivity, definitely looking on track for '27.

我從我們與客戶互動與設計活動加速的情況、以及這些互動多快就轉化為我們出貨晶片（shipping silicon）來看，正看到更大客戶群對 Synaptics 能為部分平台帶來的能力、IP、產品與技術的信心。我的意思是，在某一個案例中是試產（pilot runs）；在另外幾個情況下，我具體說可能是三個，我們已經出貨樣品（samples）。因此就實質營收而言，這些仍有待觀察（TBD），但 Astra 產品家族與連線（connectivity）方面，確實看起來仍在朝 '27 的目標前進。

Perfect. And for my follow-up, just touching on kind of the PC-related and mobile-related side of things. Given the headwinds from the memory costs and all of that, and I fully realize you guys are at the premium end, so you might not be hit as hard. But how are you seeing your customers react to those pressures?

很好。那我追問一下，稍微談談與 PC 相關以及與行動裝置相關的部分。考量到記憶體成本等逆風，我也完全理解你們是在高階市場，所以可能不會受到那麼大的衝擊。但你們看到客戶對這些壓力的反應如何？

Do you think that the market can still grow if we look kind of out over the next few quarters? Or is that something where they're going to eventually feel that pain as well and maybe it's a meaningful headwind?

你認為如果我們把視野放到未來幾季，市場仍能成長嗎？還是說他們最終也會感受到那個痛點，並可能成為一個顯著的逆風？

Well, I think let me respond in two parts, right? PC, we had a good quarter. And where we are in our fiscal Q4, the current quarter, we continue to see reasonable momentum in the demand for our products. However, like you indicated and much of the market is saying as well, right, there could be headwinds in the second half of '26. We haven't seen that just yet.

我想我分兩部分回應，好嗎？PC 方面，我們這一季表現不錯。而在我們的會計年度 Q4（也就是目前這一季），我們仍看到對我們產品需求有合理的動能。不過，如你所指出、以及市場上許多人也在說的，'26 下半年可能會有逆風。我們目前還沒有看到。

But like with everybody else in the marketplace, we may not be immune to that as well if it comes about. What works, like you said, Ross, favorably for us is that our participation is in the enterprise class products and premium class products. And that potentially presents us with some form of cushion buffer because the affordability is a lot better in that class of products.

但就像市場上的其他公司一樣，如果真的發生，我們也未必能完全免疫。對我們有利的是，如你所說 Ross，我們參與的主要是企業級（enterprise class）與高階（premium class）產品。這可能會提供某種緩衝，因為在那個產品等級中，負擔能力（affordability）要好得多。

But you are absolutely right. Like everybody is saying, there could be headwinds in the second half, and we may not be immune to it. Now the size and the impact may be a little different than what everybody is seeing. Regarding smartphones, as you know, there is also this challenge with memory, particularly identified in China, and we see that in our China-based smartphone shipments as a result in our touch products.

但你完全說得對。就像大家所說的，'26 下半年可能有逆風，我們也未必能免疫。只是規模與影響可能會與大家看到的有些不同。至於智慧型手機，如你所知，也有記憶體方面的挑戰，特別是在中國更為明顯；因此我們也在以中國為主的智慧型手機出貨上看到影響，反映在我們的觸控（touch）產品上。

However, we are gaining market share, and we're doing very well in a Korean OEM who has access to memory. And so we are a beneficiary in that situation. And so even in the Mobile Touch, I think we don't know when the memory situation recovery happens for the China OEMs. However, we are a beneficiary on the other hand, with the Korean OEM where we are gaining market share and they have access to memory.

不過，我們正在提升市占，而且在一家能取得記憶體的韓國 OEM 表現非常好，因此在那種情況下我們是受益者。所以即便在行動觸控（Mobile Touch）方面，我們不確定中國 OEM 的記憶體狀況何時會復甦；但另一方面，我們在韓國 OEM 那邊因為市占提升且他們能取得記憶體而受益。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on the great results. And congratulations on all the new product and design activity. I just wonder if I could ask a little more about the robotics market, very exciting. But can you describe the attach rate you're getting, just kind of a range of if you had only the capacitive touch versus whether you had all your products through the connectivity products. What would be the range of the content in robotics?

恭喜你們交出很棒的成果，也恭喜所有新產品與設計活動。我想再多問一點關於機器人市場的部分，確實非常令人興奮。但你能否描述一下你們取得的搭載率（attach rate），大概給個範圍：如果只有電容式觸控（capacitive touch），相較於透過連線產品把你們所有產品都導入時，在機器人上的內容價值（content）範圍會是什麼？

Yes. Kevin, thank you for the question. I'm really personally very excited about the opportunity for Synaptics in robotics. And think of robotics as from a tactile sensing point of view, as an implementation on the backs of analog design, some localized computation that ultimately transcends the biological sensory capabilities of a human hand to a level that presents tremendous amount of robustness in adverse conditions, tremendous amount of accuracy and dexterity and also the latency of inference basically is at a different level, right? In all these vectors, you see transcending the human hand behavior basically.

是的。Kevin，謝謝你的問題。我個人對 Synaptics 在機器人領域的機會非常興奮。從觸覺感測（tactile sensing）的角度來看，機器人可視為建立在類比設計（analog design）之上、加上一些在地化運算（localized computation）的實作，最終能把人手的生物感測能力提升到更高層級：在不利環境下具備極高的強健性（robustness）、極高的精準度與靈巧度（dexterity），而且推論延遲（latency of inference）也基本上是在不同的層級。也就是說，在這些面向上，你會看到它基本上超越人手的行為表現。

And so if you kind of sum it up, that is right in the alley of what Synaptics technology is capable of delivering best-in-class touch capabilities that, again, is proven and embraced extremely well in the premium class of smartphone marketplace, our AI-native processing engines and also wireless connectivity.

所以如果你把它總結起來，這正是 Synaptics 技術最擅長交付的領域：同級最佳（best-in-class）的觸控能力——同樣已在高階智慧型手機市場被驗證並廣泛採用——我們的 AI 原生（AI-native）處理引擎，以及無線連線（wireless connectivity）。

And so being specific to your question about silicon content, currently, majority of our shipments are concentrated on tactile sensing and bus interface technologies. And you can think of the silicon content in terms of few tens of dollars per platform, largely on backs of those two capabilities.

針對你關於晶片內容價值（silicon content）的問題，目前我們的大多數出貨集中在觸覺感測與匯流排介面（bus interface）技術。你可以把每個平台的晶片內容價值想成是每平台數十美元的等級，主要就是基於這兩項能力。

We are seeing early engagements on Astra and wireless connectivity, and that is additive on top of that. And to be very clear, many platforms would have one or more capabilities from Synaptics in place. And so that's how we should think about it. And so the diversity of our product capabilities and our technology and the leadership capability in each of the categories that we are in, sensing, processing and connecting and interface is what is being appreciated in these platforms.

我們也看到 Astra 與無線連線的早期合作案（engagements），這會在上述基礎上再增加。我要非常清楚地說，許多平台會採用 Synaptics 的一項或多項能力。因此我們應該用這樣的方式來看待。而我們產品能力的多樣性、技術實力，以及我們在各類別——感測（sensing）、運算（processing）、連線（connecting）與介面（interface）——的領先能力，正是這些平台所重視的。

Great. Thanks for that detailed explanation. And maybe on the pipeline you have of 35 OEMs, how does that look geographically?

很好，謝謝這麼詳細的說明。那再問一下，你們有 35 家 OEM 的管線（pipeline），從地理分布來看是什麼樣子？

It's highly concentrated in advanced stages of engagement in North America, some in China and early stages in Europe.

在互動的較進階階段（advanced stages of engagement）高度集中於北美；中國也有一些；歐洲則是在較早期階段。

Neil Young, Needham & Company.

Neil Young，Needham & Company。

Hey, everyone. Thanks for letting me ask the question. So within Astra, I wanted to ask about the end markets. Are there any particular end markets where customer traction is moving fastest today? And then as those designs move toward production, should we think about the initial ramp as being concentrated in a few larger programs? Or is this more diversified across many smaller edge AI deployments?

各位好，謝謝讓我提問。在 Astra 方面，我想問終端市場（end markets）。目前是否有任何特定終端市場的客戶牽引（customer traction）進展最快？另外，當這些設計走向量產時，我們應該把初期爬坡（initial ramp）視為集中在少數較大型專案上嗎？還是會更分散在許多較小型的邊緣 AI（edge AI）部署？

Neil, this is Rahul. I have indicated in the past, and I think that's exactly how it's emerging in our current design activity. Consumer will ramp up first. Industrial will follow. We are seeing industrial design wins now taking shape. I described us getting into medical equipment as well.

Neil，我是 Rahul。我過去曾提過，我認為目前我們的設計活動正是以那樣的方式在發展：消費性（Consumer）會先起量，工業（Industrial）會跟上。我們現在也看到工業領域的設計導入正在成形。我也提到我們正在切入醫療設備（medical equipment）。

However, I think of this as equipment that would sit at the far end of the edge in people's homes. In industrial, I highlighted, I mean, one of the many designs, but the design around fleet management. Now industrial takes a lot more in terms of validation, hardening of the platform and ramping through various regulatory checkpoints basically.

不過，我把這視為會放在邊緣最末端、位於人們家中的設備。在工業方面，我強調過——這只是眾多設計之一——例如車隊管理（fleet management）相關的設計。工業領域在驗證、平台強固化（hardening）以及通過各種法規檢核點（regulatory checkpoints）方面需要更多工作。

And so it is slower to ramp than consumer and longer to hold than consumer in terms of the revenue time lines. And so that's exactly what we are seeing in our plans. Regarding your question about is it going to be singles and doubles or there's going to be one big home run customer.

因此相較於消費性，它的起量速度較慢；就營收時間線（revenue timelines）而言，持續時間也比消費性更長。這正是我們在規劃中所看到的。至於你問的是會是單打與二壘安打（singles and doubles），還是會有一個大型全壘打客戶（one big home run customer）。

Clearly, I think I've indicated we have a semi-custom design done for a very large OEM, who we are very closely partnering on multiple fronts from developing the IP around processing in our platforms for neural processing and many other things to engaging in building out the platform for the end product that is targeted for mass market consumer consumption in the first space. And so there are going to be singles and doubles, and there's going to be this big home run that will come into our calendar '27 revenue profile on Astra.

顯然，我想我已經指出，我們已為一家非常大型的 OEM 完成了一個半客製化設計；我們在多個面向與其緊密合作，從在我們平台上圍繞處理（processing）所開發的 IP（用於神經處理及許多其他事項），到參與打造面向最初第一個領域、以大眾市場消費者為目標之終端產品的平台。因此，會有一些單打與二壘打，而也會有一個很大的全壘打，將會在 Astra 的 2027 年曆年營收輪廓中體現。

Great. That's helpful. And then I wanted to ask about gross margin as core IoT continues to become a larger mix of the business and Astra-related products begin to ramp. Should we think about the current margin level as a reasonable baseline through FY27? Or are there other factors that can come in? Maybe just talk about where you see that going.

很好，這很有幫助。接著我想問毛利率，隨著核心 IoT 持續成為業務中更大的組成，以及 Astra 相關產品開始放量。我們是否應該把目前的毛利率水準視為到 FY27 都合理的基準？還是會有其他因素影響？也請談談你們認為走勢會如何。

Neil, it's Ken. I appreciate that. So we guide one quarter ahead, and you can see that margin profiles in that 53.5%, plus/minus 1% for our guide. We've been at this range. I would say behind the scenes, one of the things that we've been doing well and kudos to the operations team is like other semi players, we have seen cost increases, but we've been able to absorb those and maintain very healthy gross margins.

Neil，我是 Ken。謝謝你的提問。我們通常只提供往前一季的指引，你也可以看到我們指引的毛利率輪廓大約在 53.5%，上下 1% 的區間。我們一直維持在這個範圍。我會說在幕後，我們做得很好的一件事（也要稱讚營運團隊）是：像其他半導體業者一樣，我們確實看到成本上升，但我們能夠吸收這些成本並維持非常健康的毛利率。

On a longer-term basis, as we think about the core IoT business and specifically, as we think about the processing and processor capabilities, those should have a margin profile greater than the corporate average. And therefore, as that scales over time, that will help the overall mix of Synaptics.

從較長期來看，當我們思考核心 IoT 業務，特別是處理與處理器能力時，這些產品的毛利率輪廓應該會高於公司平均。因此，隨著其隨時間擴大規模，將有助於改善 Synaptics 的整體產品組合。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. First one, Ken, I had a question for you on revenues and gross margins. It seems like since early '24, your revenues have been growing roughly $10 million a quarter, and I understand it's hard to forecast.

是的，嗨，謝謝讓我提問。第一個問題，Ken，我想問你關於營收與毛利率。看起來自 24 年初以來，你們的營收大約每季成長 1,000 萬美元，我也理解預測很困難。

I'm just wondering, is there a hockey stick recovery ahead? Or is it going to be gradual? And on the gross margin side, I'm wondering if there's any leverage in the model from a gross margin drop-through standpoint since your gross margins have been remarkably stable around the 16.5% levels over the last several quarters despite revenues inching up slowly. And I have a follow-up for Rahul.

我只是想知道，接下來會有「曲棍球棒式」的復甦嗎？還是會是漸進式？另外在毛利率方面，我想知道在毛利率的 drop-through（增量毛利率）角度，模型是否有任何槓桿效應；因為儘管營收緩慢上升，你們的毛利率在過去幾季仍然非常穩定，約在 16.5% 的水準。我還有一個要問 Rahul 的追問。

Perfect. Okay. Thanks for the question. So if you look at the revenues, I think one of the factors over the last several quarters has been just working through, right, from the COVID boom and coming through a more challenging inventory environment post-COVID, we've worked through that inventory levels.

很好。好的，謝謝你的問題。若看營收，我認為過去幾季的一個因素是我們一直在消化、處理——對，從 COVID 榮景之後，進入 COVID 後更具挑戰的庫存環境，我們已經把那些庫存水位逐步消化掉。

And so inventories in the channel, even for us have been very -- have leaned out. And now over the last couple of quarters, we've been shipping towards end demand and gaining traction, as you've seen on the core IoT piece over the last several quarters. So that should continue to fuel our growth as we think about the outer years.

因此通路端的庫存，即使對我們而言，也已經非常——已經變得很精簡。現在在過去幾季，我們的出貨更貼近終端需求並且持續取得進展，正如你在過去幾季看到核心 IoT 的表現。當我們展望更外圍的年度時，這應該會持續推動我們的成長。

From a margin standpoint, a lot of it is dependent because we are fabless, it is dependent on the mix and in some cases, the mix within the mix. And so as I mentioned on my last -- the last question, one of the things the team has done a really fantastic job on the operations side is there have been headwinds in cost.

從毛利率角度來看，很多取決於產品組合；因為我們是無晶圓廠（fabless），所以取決於 mix，某些情況下甚至是 mix 裡面的 mix。正如我在上一個——上一題提到的，團隊在營運端做得非常出色的一點是：成本確實存在逆風。

We've done a great job maintaining that margin profile and absorbing it. I think on a longer-term basis, the mix and the mix of some of our products such as in the processor category, those are going to help fuel the long-term margins of the company. And so that's kind of where we are today.

我們在維持毛利率輪廓並吸收這些成本方面做得很好。我認為從較長期來看，產品組合以及我們某些產品（例如處理器類別）的組合，將有助於推動公司長期毛利率。因此，這就是我們目前的狀況。

That's very helpful. And then a quick follow-up for Rahul. On the Astra SR series, when will it be deployed? And is Google just partnering with you? Or are they using other silicon designers, too?

這非常有幫助。接著快速追問 Rahul：Astra SR 系列何時會部署？以及 Google 只是與你們合作，還是他們也在使用其他矽智財／晶片設計業者？

Hey, Krishna, thank you for the question. The SR series is our microcontroller -- AI-native microcontroller platform. It is targeting a mass market along with what we are doing for one large semi-custom customer on this program. So I'm not sure whether I'm answering your question, but your ask was very specific to a particular OEM, and I'm not at the liberty of giving you that or divulge into the name of the OEM at this point.

嗨，Krishna，謝謝你的問題。SR 系列是我們的微控制器——AI 原生（AI-native）微控制器平台。它鎖定大眾市場，同時也搭配我們在此計畫中為一位大型半客製化客戶所做的工作。所以我不確定我是否回答到你的問題，但你的提問非常針對某一家特定 OEM，而我目前沒有權限提供或揭露該 OEM 的名稱。

Fair enough. No, I understand Rahul. Thanks for that. I appreciate it.

了解，這樣可以。不，我理解，Rahul。謝謝你。我很感激。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Thanks for the question. And perhaps following up on that last one. Without divulging any customer names or details, if you could update us on the semi-custom chip opportunity. I don't know if you're able to size that or not yet? And then have you received any interest from others for semi-custom chips as well?

謝謝讓我提問，也許延續上一題。在不揭露任何客戶名稱或細節的前提下，能否更新一下半客製化晶片的機會？我不確定你們是否已能估算其規模？另外，你們是否也收到其他客戶對半客製化晶片的興趣？

Chris, this is Rahul. That semi-custom -- I mean, I think there was a question from Neil earlier, and I indicated, I think that semi-custom is -- the way we look at semi-custom is one that delivers a home run right off the bat, right? And I think that is how you should think about semi-custom for us.

Chris，我是 Rahul。那個半客製化——我的意思是，我想 Neil 先前也問過，我也提到，我們看待半客製化的方式是：它是一種一開始就能打出全壘打的案子，對吧？我認為你應該用這種方式來理解我們的半客製化。

The customer has got material skin in the game, and we will build a product that differentiates their platform and ultimately uniquely takes them to the marketplace across their entire portfolio of products in that class of products, right? And so I think -- we are also in multiple discussions on semi-custom designs. However, there's not much to share at this point.

客戶在這個案子上投入了相當實質的資源，而我們將打造一個能夠差異化其平台的產品，並最終在該產品類別中，跨其整個產品組合把他們以獨特方式帶向市場，對吧？因此我想——我們也正在就半客製化設計進行多方討論。不過目前沒有太多可以分享。

But going back to the portfolio, the IP capabilities that we present, clearly, both in physical AI and edge AI, there is strong customer interest to do semi-custom opportunity. We have a very clear set of OpEx envelope to work with, and we are very judicious in how we go through and evaluate those opportunities and work through them. But there is definitely a tremendous amount of interest in doing semi-custom with Synaptics.

但回到產品組合，我們所展現的 IP 能力，顯然在實體 AI（physical AI）與邊緣 AI（edge AI）兩方面，都有很強的客戶興趣來做半客製化機會。我們有一個非常明確的 OpEx（營運費用）框架可供運用，我們在評估這些機會並推進落實時也非常審慎。但市場對與 Synaptics 進行半客製化合作，確實有非常大量的興趣。

Excellent. And I apologize, it's a busy day if questions were asked already. I know you had some details around your Astra products, but you have a pretty extensive road map of new products coming as well, whether it's like MCU or connectivity, different flavors like Wi-Fi 7, for example. I was wondering if you could update us as to not sampling, but revenue ramps for a few of these new products.

很好。另外抱歉，今天問題很多，如果有些已經被問過。我知道你們分享了一些 Astra 產品的細節，但你們也有相當廣泛的新產品路線圖將推出，不論是 MCU 或連線產品，像 Wi-Fi 7 這類不同版本。我想請你們更新一下：不是指送樣（sampling），而是這些新產品中有幾項的營收放量時程。

And then lastly, in the Broadcom IP purchase, I think you had -- maybe it was UWB. There was a technology, I forgot exactly what it was. I think it was UWB, it might have been something else. But you weren't sure if you were going to pursue that and put R&D resources into that. Did you ever and it seems like maybe in robotics, there could be some functionality there. Just curious what you did with that.

最後，關於向 Broadcom 購買 IP 的那筆交易，我記得你們有——可能是 UWB。有一項技術，我不太確定具體是什麼；我想是 UWB，也可能是別的。但你們當時不確定是否要投入並配置研發資源去做。你們後來有做嗎？而且看起來在機器人領域可能會有一些功能性用途。想了解你們最後怎麼處理。

Yes. I think -- so two questions, I believe, you have. First one is the Astra revenue ramp. So we've guided this is going to be calendar '27 event. We'll start seeing the ramp towards the end of the year, calendar year and obviously, material as we progress through the year 2027. Regarding various products, we have -- right now in production, three Astra products and in multiple customer design engagements.

是的。我想——我認為你有兩個問題。第一個是 Astra 的營收放量。所以我們的指引是，這會是 2027 年曆年的事件。我們會在該曆年年底開始看到放量，並且隨著我們在 2027 年推進，會變得更為顯著。至於各式產品，我們目前已有三款 Astra 產品在量產中，並且正在與多家客戶進行設計導入合作。

One is in sample stage, which is our microcontroller with NPU or being AI native with Wi-Fi 7 Bluetooth all in a single die, and that is in sample stage. And then later this year, we will, in the fall, sample the semi-custom MCU with the Google Coral NPU embedded in it as well. And so that three or four products will ramp in calendar 2027, and that will be the Astra revenue in '27. I think you had a second question, I lost track of it.

其中一個目前處於樣品階段，也就是我們具備 NPU 的微控制器（MCU），或稱 AI 原生，並將 Wi‑Fi 7 與藍牙整合在單一晶粒（single die）上，這項產品目前在樣品階段。接著在今年稍晚、秋季，我們也會提供半客製（semi-custom）的 MCU 樣品，並在其中嵌入 Google Coral NPU。因此，這三到四項產品將在 2027 年曆年放量（ramp），那將會是 2027 年的 Astra 營收。我想你還有第二個問題，我一時沒跟上。

Yes. There was a -- it was a UWB.

是的。那是——是 UWB。

Yes, with the UWB. Yes, we do have that IP in our portfolio. And we are not doing a whole lot with it right now. However, we are consistently evaluating opportunities. UWB presents an interesting use case outside of digital car key in locationing. And so that use case absolutely is something that we constantly evaluate and especially for indoor applications.

是的，關於 UWB。是的，我們的產品組合中確實有那項 IP。不過我們目前並沒有在上面投入太多。然而，我們一直在持續評估機會。UWB 在定位（locationing）方面，除了數位車鑰（digital car key）之外，還有很有意思的使用情境。因此，那個使用情境絕對是我們持續評估的方向，尤其是室內應用。

Thank you very much, Rahul.

非常感謝你，Rahul。

Martin Yang, OpCo.

Martin Yang，OpCo。

Thank you for taking my question. First question on your engagement with robotics customers. Do you have direct relationship with all those 35 OEMs? Or are you able to leverage certain distributors or channel partners to engage those robotics customers?

謝謝讓我提問。第一個問題關於你們與機器人客戶的合作互動。你們與那 35 家 OEM 都有直接關係嗎？還是你們能夠透過某些經銷商或通路夥伴來接觸這些機器人客戶？

Hey, Martin, this is Rahul. All our engagements are direct at this point. And in many situations, it's direct engineering to engineering engagement largely because this is a new frontier in what the end platforms are trying to accomplish. And the depth of technology, engagement, implementation details is not something that is ready to be consumed through traditional channels like distribution.

嗨，Martin，我是 Rahul。目前我們所有的互動都是直接進行的。而且在很多情況下，都是工程師對工程師的直接合作，主要因為這是終端平台試圖達成的新領域。技術深度、互動與導入細節，還不到能透過傳統通路（例如代理/經銷）就能被消化的程度。

And so we are very mindful of what we do. We also have a partner that we have worked with that can get into a broader marketplace. We've announced and we have indicated that on multiple marketing forums, the partner is Grinn. And we will try to bring up other partners where they can go engage with other customers that we may not be able to scale on our own, and they help us scale. So they are a scaling partner for us. However, a majority of the designs that I described in tactile sensing are direct engagement that tactile sensing and interface are direct engagements with Synaptics.

因此我們對於要做什麼非常謹慎。我們也有一個合作夥伴，曾與其合作以進入更廣泛的市場。我們已經宣布並在多個行銷論壇上指出，該夥伴是 Grinn。我們也會嘗試引入其他夥伴，讓他們去接觸我們自身可能無法擴大覆蓋的其他客戶，並協助我們擴張。因此他們對我們而言是擴張（scaling）夥伴。不過，我先前描述的多數觸覺感測（tactile sensing）設計案，觸覺感測與介面仍是與 Synaptics 的直接合作。

One more question on robotics. So can you maybe educate us on the advantage of capacitive approach versus other potential sensing solutions, maybe optical, maybe pressure-based. Are the robotics customers taking capacitive as the winning solution? Or are they at this stage, still evaluating different approaches for tactile sensing?

再一個關於機器人的問題。你們能否說明一下電容式方案相較於其他可能的感測解決方案（例如光學、壓力式）的優勢？機器人客戶是否把電容式視為勝出的解決方案？還是他們在這個階段仍在評估不同的觸覺感測方法？

Yes. I think it's a very good question. And so something I indicated earlier, the performance along the lines of creating equivalency or transcending biological sensory capabilities of what a typical hand does on the dimension of robustness, latency of inference, the accuracy, the grip, all of that working in adverse conditions is going to, at some point, evolve requiring multimodal implementation and inference capabilities, and that's going to require more than one sensing capability.

是的。我覺得這是個非常好的問題。我先前也提到過，若要在效能上達到等同甚至超越生物感官能力——也就是一般手在耐用性、推論延遲（latency of inference）、準確度、抓握等面向，並且能在不利條件下運作——這些平台在某個時間點會演進到需要多模態（multimodal）的實作與推論能力，而那將需要不只一種感測能力。

However, all of that probably is a roadmap item on these platforms. Today, majority of them are seeing capacitive sensing in the capability that Synaptics is bringing to the forefront, the signal-to-noise ratio capabilities, the number of channels that we support, the level of accuracy, the latency of inference, the AI-enabled touch controlling implementations. I think those are the areas where Synaptics continues to excel in the eyes of customers when they bring capacitors touch sensing versus other sensing technologies in the platform.

不過，這些很可能是這些平台的路線圖項目。就目前而言，多數客戶看到的是電容式感測，以及 Synaptics 正在推向前台的能力：訊噪比（signal-to-noise ratio）表現、我們支援的通道數、精準度水準、推論延遲，以及 AI 使能的觸控控制實作。我認為這些是 Synaptics 在客戶眼中持續領先的領域，當他們在平台上比較電容式觸控感測與其他感測技術時尤其如此。

That's it for me. Thank you, Rahul.

我這邊就這些。謝謝你，Rahul。

Peter Peng, JPMorgan.

Peter Peng，摩根大通（JPMorgan）。

Hey guys, thanks for taking my question. You guys pointed out just the cross-selling opportunities in the humanoid with your products. Maybe can you point us to some example of other end applications that you guys are working on that you have the opportunity to also cross-sell with your multiple products?

嗨，各位，謝謝讓我提問。你們提到在人形機器人（humanoid）上，透過你們的產品有交叉銷售（cross-selling）的機會。你們能否舉一些你們正在推進的其他終端應用例子，說明也有機會用你們多項產品進行交叉銷售？

Yes. So I think, Peter, this is Rahul. No, robotics is a very broad category by itself. Humanoid is one big platform category within robotics. And in -- if you look at the dexterous hand, right, of a robot or a humanoid, you have the opportunity to combine our AI native processing capabilities along with our touch sensing capabilities and also wireless connectivity for peer-to-peer or robot-to-robot communication or robot to the network communication, right?

是的。所以 Peter，我是 Rahul。不，機器人本身就是一個非常廣泛的類別。人形機器人是機器人領域中的一個大型平台類別。而且——如果你看機器人或人形機器人的靈巧手（dexterous hand），你就有機會把我們的 AI 原生處理能力與觸覺感測能力結合起來，並加入無線連線，用於點對點（peer-to-peer）或機器人對機器人通訊，或機器人到網路的通訊，對吧？

And so I think you can see a lot of these ultimately lends to cross-selling of and pull-through of one product on the backs of the other product because we come in with a system-level solution sale, right? We come in with some pre-integrated software capabilities to the platform.

因此我認為你可以看到，很多這些最終都會帶來交叉銷售，以及在某個產品帶動下（pull-through）連帶導入另一個產品，因為我們是以系統層級的解決方案來銷售，對吧？我們也會為平台提供一些預先整合的軟體能力。

Regarding other platforms in Edge AI, absolutely. Every time there is an Astra sale, it pulls through our connectivity, right? However, I would also highlight our connectivity gets situated on many non-Synaptics processing platforms as well, and that opens the door for us to kind of ultimately bring in Astra to pair up with our connectivity. And so there's a lot of cross-selling across the company in terms of end markets going on right now.

至於 Edge AI 的其他平台，當然有。每一次 Astra 的銷售都會帶動我們的連線產品，對吧？不過我也要強調，我們的連線產品也會部署在許多非 Synaptics 的處理平台上，而這也為我們打開大門，最終把 Astra 帶進來與我們的連線產品配對。因此，目前公司在終端市場層面有很多交叉銷售正在進行。

Got it. And then just on the core IoT, I think the June quarter kind of implies kind of in this 20-ish percent year-on-year growth. Is that kind of the rate that we should expect before that big ramp in the first half of 2027? Maybe any color on whether that's a sustainable growth rate or maybe we have to wait for the first half to see further acceleration?

了解。接著關於核心 IoT，我想 6 月季度似乎暗示年對年成長大約 20% 左右。在 2027 年上半年那個大幅放量之前，這是否是我們應該預期的成長速度？能否補充一下這是否是可持續的成長率，或是我們得等到上半年才會看到進一步加速？

Peter, it's Ken. Thanks for the question. So I think if you look at the last year, right, we've actually had very nice growth on a year-over-year basis overall. So based on the midpoint of the guide, if you look at the core IoT segment, should be north of $385 million or so and call it, 40% plus type of growth on a year-over-year basis. There will always be some ebbs and flows quarter-to-quarter.

Peter，我是 Ken。謝謝你的問題。我想如果你看過去一年，對吧，我們整體其實在年對年基礎上有相當不錯的成長。以財測中位數來看，如果你看核心 IoT 部門，應該會超過約 3.85 億美元左右，年對年成長可說是 40% 以上的類型。季度之間一定會有一些起伏（ebbs and flows）。

But the goal that we outlined previously was on a longer-term basis, can we drive that core IoT business to be north of that 25% range overall. And so obviously, quarter-to-quarter ebbs and flows. But if you just step back, look on a holistic basis, and you look at this year and even last year, we've had really good performance in that portfolio.

但我們先前提出的目標是，從較長期的角度來看，我們能否推動核心 IoT 業務整體達到 25% 以上的成長區間。因此，當然季度之間會有起伏。但如果你退一步、用整體角度來看，無論是今年甚至去年，我們在那個產品組合上的表現都非常好。

Thank you.

謝謝。

This concludes our question-and-answer session. I would now like to turn it back to Rahul Patel for closing remarks.

我們的問答環節到此結束。接下來我想把時間交回給 Rahul Patel 做結語。

Before we close, I want to thank our global team for their continued focus and execution. Synaptics is making solid progress on strategic priorities and expanding its position in key growth areas. Thank you all for joining us today, and we appreciate your continued support. Have a great rest of the day.

在結束之前，我想感謝我們全球團隊持續的專注與執行力。Synaptics 在策略優先事項上取得紮實進展，並在關鍵成長領域擴大其地位。感謝各位今天的參與，我們也感謝各位持續的支持。祝各位今天剩下的時間愉快。

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

感謝各位參與今天的會議。本次議程到此結束。您現在可以中斷連線。