Thank you for standing by, and welcome to the Synaptics Inc second quarter fiscal year 2025 financial results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star one one on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Munjal Shah, Vice President, Investor Relations. Please go ahead. Good afternoon, and thank you for joining us today on Synaptics Second Quarter Fiscal 2025 Conference Call. My name is Munjal Shah, and I am the Head of Investor Relations. With me on today's call are Ken Rizvi, our Interim CEO and Chief Financial Officer, Satish Ganesan, our SVP, Intelligent Sensing Division and Chief Strategy Officer, Venkat Kodavati, SVP Wireless, and Vikram Gupta, SVP of IoT Processors and Chief Product Officer. In addition to our quarterly results, we will also discuss our recent agreement with Broadcom. This call is being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at synaptics.com. In addition to a supplemental slide presentation, we have posted a copy of the prepared remarks on our Investor Relations website. In addition to the company's GAAP results, management will provide supplementary results on a non-GAAP basis, which excludes share-based compensation, acquisition-related costs, and certain other non-cash or recurring or non-recurring items. Please refer to our earnings press release issued after market close today for a reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures presented, which can be accessed from the Investor Relations section of the company's website at synaptics.com. Additionally, we would like to remind you that during the course of this conference call, Synaptics will make forward-looking statements in our prepared remarks and in our supplemental materials and may make additional forward-looking statements in response to your questions. These forward-looking statements give our current expectations and projections relating to our financial condition, results of operation, plans, objectives, future performance, and business. Although Synaptics believes the estimates and assumptions underlying these forward-looking statements to be reasonable, they are subject to a number of risks and uncertainties beyond our control. 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 current and periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, for important risk factors that could cause actual results to differ materially from those contained in any forward-looking statement. Except as required by law, Synaptics expressly disclaims any obligation to update this forward-looking information. I will now turn the call over to Ken. Thanks, Munjal. I'd like to welcome everyone to today's call. I have the pleasure of Vikram, Venkat, and Satish joining our call today. I first want to briefly comment on the news we announced on Monday that Michael Hurlston has stepped down as President and CEO and as a member of our Board of Directors to assume the role of CEO at Lumentum. We thank Michael for his invaluable contributions and dedication to Synaptics over the last five years and wish him the best in his future endeavors. The board has commenced a CEO search and will be considering both internal and external candidates. To ensure seamless execution during this transition, I will be serving as Interim CEO and will work closely with our Executive Chairman, Nelson Chan, our board, and our deep bench of experienced senior leaders to drive the continued execution of our growth strategy. We have a strong foundation and leadership team in place and remain laser-focused on capitalizing on the significant demand for our innovative products and solutions. Our strategy remains the same and has three key pillars. First, we are investing in our core product lines within the enterprise, automotive, and Mobile Touch markets. We are confident in the growth prospects of these franchise products as we hold a leadership position as either the number one or number two player in terms of market share in many of these markets. Second, we continue to see tremendous growth opportunities in Core IoT, specifically in our wireless and processor portfolio. As evidenced by our recent Broadcom agreement, our tuck-in acquisition of Packetcraft, and our Google partnership, we are investing both organically and inorganically to scale and expand capabilities in these high-growth areas. And finally, we remain prudent in our allocation of capital. During the second quarter, we retired our Term Loan B with a convertible note and cash on hand, reducing our total debt and cash interest expense while also returning approximately $75 million of capital back to shareholders via share repurchases. Before I go through the details of our second fiscal quarter, let me comment on our recent Broadcom agreement. This was a $198 million all-cash transaction funded with cash from our balance sheet. We expect to generate over $40 million in annualized sales and expect the transaction to be slightly accretive to our non-GAAP EPS. We have posted slides on our website outlining the transaction benefits. Let me turn you to slide four of that presentation. We believe our new agreement with Broadcom accelerates our edge AI strategy and further strengthens our leadership in IoT connectivity. As part of the transaction, we expand our portfolio of industry-leading Wi-Fi 8 combo devices that include advanced Bluetooth features, additional Wi-Fi 7 combo devices, ultra-wideband or UWB intellectual property, next-generation GPS/GNSS products, and combo front-end modules. This transaction solidifies and secures our wireless roadmap for the next 5+ years. The agreement, also importantly, expands our field of use, allowing our Wi-Fi products to compete in AR/VR, Android smartphones, and the consumer audio markets, substantially increasing our serviceable market. Additionally, we are onboarding a highly skilled team of engineers, positioning us as one of the largest and most qualified teams in cutting-edge wireless research and development. Moving to slide five, as AI continues to evolve at the edge, we believe smartphones will serve as one of the central hubs for controlling multiple edge IoT devices. By expanding our reach into these devices, we now have the ability to enable a complete ecosystem with centralized control at the hub and seamless end-to-end edge connectivity. We believe we will be one of the first, if not the first, to market with Wi-Fi 8 technology enabling AI at the edge. Now moving to slide six, the Broadcom agreement further strengthens our leadership in wireless connectivity, expanding our portfolio of high-performance and broad markets IoT applications. In addition, we now have the foundational technology for UWB, which we can integrate into future IoT devices. Finally, our portfolio now includes next-generation GPS/GNSS devices, offering greater accuracy and improved power efficiency, enabling us to further expand our position in markets such as wearables, navigation devices, and asset trackers. Moving to slide seven, as I mentioned, as part of the agreement, we have onboarded a great team of engineers. Since our initial acquisition of wireless assets from Broadcom in 2020, we've made significant strides in establishing leadership in wireless connectivity. We started with a team of approximately 50+ employees and now have built a world-class wireless engineering team. Our comprehensive portfolio for edge AI IoT applications spans all generations of Wi-Fi devices, Bluetooth, GPS, GNSS, and UWB. We believe our cutting-edge research and development pushes the limits of performance, efficiency, and seamless connectivity. In summary, Venkat, our Senior Vice President of Wireless, worked closely with Broadcom to finalize this strategic transaction, adding multiple next-generation connectivity products and technologies to our portfolio. We are excited to welcome our new team members to Synaptics and look forward to building a bright and successful future together. Separately, on the edge AI processor front, we recently announced a collaboration between Google and Synaptics, integrating Google's MLIR-compliant machine learning core with our industry-leading Astra processor line. The AI solution combines Astra's neural processing engine with Google's standard core. We expect both companies to contribute compiler expertise and collaborate on advancing the technology roadmap. This AI solution will be incorporated into our upcoming Astra processors. One of the reasons Google chose Synaptics as a partner is due to our AI technology that is expected to deliver industry-leading inference per watt. This partnership speaks to our credibility in this emerging industry and is a validation of investments we have made to deliver high-performance, ultra-low-power edge AI solutions. We believe Google will be a strong partner in creating a thriving ecosystem for AI, attracting AI model developers and driving further proliferation of AI to the edge. We expect our collaboration to create opportunities in future Google and non-Google devices serving this emerging ecosystem. Now let me turn to December quarter results. We delivered another solid quarter of growth with revenues increasing 4% sequentially and 13% year- over- year to $267 million, which was slightly above the midpoint of our guidance range, led by strength in Core IoT and enterprise products. Non-GAAP gross margin came in slightly above the midpoint of our guidance at 53.6%. Non-GAAP EPS increased 61% year- over- year to $0.92 and exceeded the midpoint of our guidance. In Core IoT, our product sales increased 63% year- over- year to $61 million, driven by growth in both processor and wireless products. Our processor demand is improving as customer and channel inventory challenges are largely behind us. Additionally, we are collaborating with content providers to develop new AI use cases for operators and ramping new design wins. In wireless, we are sampling Wi-Fi 7 and broad market chips with customers. To advance our BLE efforts, we acquired Packetcraft, a provider of advanced embedded BLE software. Packetcraft offers a low-latency and compact software stack enabling energy efficiency and economically interconnected systems. With our recent transactions, organic development, growing pipeline, and design win momentum, we continue to remain confident in our Core IoT growth vectors. Turning to Enterprise and Automotive, on the enterprise side, we are seeing normal seasonal trends with customers placing orders only when end demand materializes. As a result, while orders and bookings continue to show improvement, they do not yet indicate a refresh cycle. For calendar year 2025, we remain optimistic about enterprise demand due to multiple factors: contributions from new products, opportunities to continue to gain market share, lean customer and channel inventories, and the potential for a PC refresh cycle. At CES, we showcased several new technologies, including User Presence Detection, or UPD. Our lead customer has launched new products featuring our solution, and we expect them to ramp throughout calendar year 2025. We have also secured our first UPD design win at another major OEM, reinforcing our market position. We expect adoption and penetration of UPD technology to increase as customers recognize the value in power savings, privacy, and security. In automotive, we secured our first SmartBridge design win with a customer in China. We remain encouraged by the long-term potential of this technology, given its system-level cost savings, exceptional contrast ratio in automotive displays, and best-in-class image quality. Overall, our business has been resilient. However, we would expect to experience similar headwinds as other semiconductor suppliers within the automotive space, as most of our exposure is to U.S. and European customers. For the long term, we believe we are well-positioned across major OEMs globally and will continue to pursue and expand opportunities in China. In Mobile Touch, we are pleased to say the headwind from our large U.S. customer is now fully behind us. Looking forward, our primary focus will be on the high-end Android smartphone market. In Q2, we saw revenue growth from China OEMs benefiting from an increasing mix of flexible OLED screen technology. The Android market saw solid recovery in 2024, and we expect to see continued growth in 2025 as the Android ecosystem gains share and industry incentives drive higher demand. Now let me turn to our second quarter financial results and third quarter outlook. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP financial measures in our earnings release tables found in the investor relations section of our website. Revenue for fiscal Q2 was $267.2 million, above the midpoint of our guidance, with sequential and year-over-year improvement in both Core IoT and Enterprise and Automotive. Q2 revenues were up 13% on a year-over-year basis and up 4% sequentially. Revenue mix in the second quarter was as follows: 23% Core IoT, 59% Enterprise and Automotive, and 18% Mobile touch products. Core IoT product revenues increased 63% year-over-year and 3% sequentially. Enterprise and Automotive product revenue improved 17% year-over-year and 8% sequentially. Mobile Touch product revenue was down 7% sequentially and 25% year-over-year as product shipments to a large U.S. customer have reached end of life. Second quarter non-GAAP gross margin was 53.6%, slightly above the midpoint of our guidance. Second quarter non-GAAP operating expense was $97.1 million, slightly above the midpoint of our guidance range, primarily due to the inclusion of the Packetcraft acquisition, as well as incremental variable expenses during the quarter. Our non-GAAP operating margin strengthened again in the second quarter, coming in at 17.3%, up approximately 360 basis points on a year-over-year basis and 60 basis points sequentially, driven by improved revenue and continued operating expense controls. Non-GAAP net income in Q2 was $36.6 million. Non-GAAP EPS per diluted share came in above the midpoint of our guidance at $0.92 per share, an increase of 61% on a year-over-year basis and 14% sequentially. Now let me turn to the balance sheet. We ended the quarter with approximately $596 million of cash and cash equivalents, down approximately $258 million from the prior quarter. We fully retired our $582 million Term Loan B during the quarter. The total face value of debt decreased to $850 million from $982 million at the end of the September quarter. In addition, we returned $74.5 million in capital through share repurchases this quarter, purchasing approximately 1 million shares. Cash flow from operations was $24 million. As a reminder, subsequent to the quarter end, we did use $198 million of our cash for the Broadcom transaction. Now let me provide some details on our refinancing this past quarter. In November, we issued $450 million of convertible notes with a coupon of 75 basis points due in 2031. We also purchased a capped call to mitigate dilution and economically protect us up to a stock price of approximately $150. A table in our supplemental slides outlines the dilution mitigation benefit of this capped call. We used the proceeds from our convertible offering and cash from our balance sheet to completely retire our $582 million term loan. Capital expenditures were $4.7 million, and depreciation for the quarter was $7.4 million. Receivables at the end of December were $146.5 million, and days of sales outstanding were 49 days, up from 47 days last quarter. Our ending inventory balance was $119.5 million, which was roughly in line with the prior quarter. The calculated days of inventory on our balance sheet were 87 days. Now turning to our third quarter of fiscal 2025 guidance. We expect revenues to be approximately $265 million at the midpoint, ± $15 million. Our guidance includes a partial quarter of contribution from our recent acquisition of Broadcom assets. Our guidance for the third quarter reflects an expected revenue mix from Core IoT, Enterprise and Automotive, and Mobile touch products of approximately 25%, 58%, and 17% respectively. We expect non-GAAP gross margin to be 53.5% at the midpoint, ± 1%. Non-GAAP operating expenses in the March quarter are expected to be $101 million at the midpoint of guidance, ± $2 million. The increase in operating expenses is primarily due to headcount-related expenses from our Packetcraft acquisition and Broadcom transaction, as well as incremental variable expenses. We expect non-GAAP net interest and other expenses to be approximately $1 million in the third quarter and our non-GAAP tax rate to be in the range of 13%-15%. Non-GAAP net income per diluted share is anticipated to be $0.85 per share at the midpoint, ±$0.20 on an estimated 39.5 million fully diluted shares. To conclude, Synaptics has a strong portfolio of products with a leading share position in several end markets. We have an experienced leadership team that is laser-focused on driving our product roadmap and business priorities. Our pipeline and our design wins continue to improve. We are gaining market share and continue to drive innovation with new products. We remain committed to driving long-term sustainable growth for the company. This wraps up our prepared remarks. I'd like to turn the call over to the operator to start the Q&A session. Certainly. And as a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. Our first question comes from the line of Quinn Bolton from Needham & Company. Your question, please. Hey, guys. It's Neil Young for Quinn Bolton. Thanks for taking the question. So you talked about the $40 million in annualized sales from the Broadcom transaction. Is that coming more into the Core IoT segment or more into mobile? Any color would be appreciated. Yeah, sure. Neil, thanks. This is Ken Rizvi. Thanks for the question. That will actually all fall into the Core IoT segment because it's primarily wireless technologies. Okay, great. Thanks. And then any specific areas that are driving the improvement in bookings and orders in enterprise? Maybe any areas of weakness within that you wanted to call out as well? Say that again. Re-ask the question there. Yeah, sorry. So you talked about the improvement in bookings and orders within enterprise. I was wondering if you wanted to call out any specific areas that are driving the improvement. And then on the flip side, any areas of weakness within enterprise? Yeah, I would say it is fairly broad. We did talk about, broadly speaking, on the peripheral side, we're starting to see some good traction there. And look, Neil, if I just step back and think about the entire business, I feel so much better today than maybe six months ago in terms of our visibility overall for the entire business. One, we have very lean inventories overall at or below COVID levels. And then two, even in this kind of slower growth economic environment, I definitely see a path for us to grow sequentially about $10 million, plus or minus, sequentially throughout this calendar year. I think we're in very good shape. I see a path there. Could it be slightly more in any given quarter or slightly less? The answer's yes, but we have a good path of growth ahead of us as we think out over the next four quarters through the end of this calendar year, and so we're feeling very good about the business overall. That's inclusive of the enterprise space and specifically in the Core IoT space, where we'll see some benefit this quarter from the Broadcom acquisition. We'll get the full benefit here starting in the June quarter, but we're very optimistic about the overall business. The only area I would say that is still a bit sluggish, we talked about this on the formal transcript, is around the automotive space. That's embedded in the comments I just outlined. Great. Thank you. Thank you, and our next question comes from the line of Kevin Cassidy from Rosenblatt Securities. for your question, please. Yeah. Thanks for taking my question and congratulations on the great quarter and the great transaction. Thanks. And I wanted to learn a little more about the transaction of the products you have now licensed and now, especially the entry into the Android market and the AR/VR market. Can you say, are there designs in progress in those markets that maybe would be coming to production, say, in the second half of this year or near term anyway? Yeah. So Kevin, one, thank you for the support. Two, I think we also feel like this is a great transaction. It further extends the strength that we have in our overall Core IoT segment and specifically around our wireless portfolio. If you look at the revenue ramp, we've talked about a $40 million-plus opportunity, about $10 million plus a quarter. We get the full benefit starting in the June quarter here. And you can expect us to continue to ramp our revenue not only with the existing customer base, but we have an ability to ramp that technology with new customers, especially as we look into calendar year 2026 and calendar year 2027. From a technology standpoint, what do we get? We get a Wi-Fi 8 combo chipset. We get advanced GNSS and GPS technology. We get IP around the UWB portfolio. And then we get front-end modules. So all of these things are actually fantastic additions to our overall portfolio. In addition, we get some Wi-Fi 7 technology that's in production today, servicing that Android-related customer. I don't know. Venkat, do you want to add anything in terms of the context? No, I think you covered it all, Ken. The only other thing I would add is that we're also getting a great set of engineers as part of this transaction that will help us become one of the largest teams for the IoT segment in the wireless. Perfect. Anything else, Kevin? Yeah, sorry. I had a little trouble hearing that answer, but yeah, because I think you've mentioned what I'm going to ask next about maybe with all this Wi-Fi or just say wireless connectivity, that it will help you sell your processors into the AI network edge market, and what percentage would you say your wireless connectivity customers can adopt your processors also? Vikram, do you want to, and Vikram and Venkat, do you want to take this call or this question? Sure. Go Go ahead. Yeah. So I think the way we see it is actually this transaction helps us create really good solutions that we can offer for the IoT and the edge AI space. We have always been stressing the combination of our processors and connectivity together, and that story actually seems to be resonating across the board. The wireless portfolio is definitely in the full position right now, but as the processors are rolling out, we're seeing a pull even in the other direction. So we expect this trend to actually continue as we look ahead. Okay. Great. Thank you. Thank you. And our next question comes from the line of Krish Sankar from TD Cowen. Your question, please. Yeah. Hi. Thanks for the question and congrats on the good results. Ken, the first question I had is, when I look at your revenue, you've kind of been in this $250 million ±$50 million revenue run rate for almost like eight quarters or two years now. So if we strip out this Broadcom deal, I'm curious, are we just waiting for the cycle to inflect, or do you see any kind of inflection coming imminently? Because I'm just wondering, is this something Synaptics can do to outperform or generate alpha through the cycle compared to what we've been in this kind of a lull for like two years? I'm going to have a follow-up. This is a good question, and so if you look at where the business now is, I feel very comfortable with the path ahead. Obviously, we can't call things out two years, but if you look at the trajectory of the business here through calendar year 2025, we have much better visibility now than we did just even six months ago, and what I can say is I feel like we have a direct path to be able to grow the business from these levels, so we guided to $265 million, but I think sequentially, as we look out for the rest of this calendar year, there's definitely a path, even in a low-growth environment, to grow kind of $10 million or so sequentially in calendar year Q2, into calendar year Q3, and calendar year Q4, so I think those are great signs in terms of where the business is at. And if you looked even where we were a year ago, and one thing just to highlight, the business is up about 13% sequentially on a revenue basis, but our earnings, which are important, are up 61%. So we've been able to show good revenue growth and better earnings growth in a slower growth environment. And I think part of our story here is that we have a number of great franchise businesses that we highlighted where we're either number one or number two in a lot of critical markets in the enterprise space, in the automotive space, and in the mobile space. And we have this ability beyond that to really inflect our growth, especially as we look out into calendar year 2026 and 2027 when you think about our Core IoT segment. The Broadcom transaction augments our growth, but if you look at the capabilities we have within Core IoT around wireless here as we think about this year and into next year, and then as we think about fiscal 2027, the ability to ramp the processor business with Astra specifically, those are really great storylines for the company, and it's an ability for us to grow above the market rates for our other end markets, so I feel like we're in a great position here. Obviously, we went through a very challenging period post-COVID. The business stabilized and bottomed about a year ago, and now we're on this path for steady growth here, and at least over the next three quarters through the end of this calendar year, I see a direct line of growth potential here in a slow-growth economic environment. If things get better, we're obviously going to do much better. And so very comfortable as we sit today. Gotcha. Gotcha. Thanks for that explanation, Ken. Just a clarification and a follow-up question. The $10 million incremental revenue in June quarter, is that part of the $40 million run rate from the Broadcom acquisition? Yeah. So there is some in there, right, because we do get a full quarter of benefit. This quarter, we're only going to get a partial quarter given when the transaction closed. And next quarter, we'll get a full quarter of benefit from June and then onward from there. And then just to give a follow-up. After June, it will be normalized. On a sequential basis, when you look at it post-June, it will be fully baked in. So September, December, everything will be organic when you look at the sequential basis. Just one clarification on Kevin's comment. When he said 13%, it was 13% year-over-year growth. Yeah. Yeah. Got it. Got it. Thanks for the window. Then just like the follow-up to that is the Google deal announced, how to think about the quarterly revenue contribution when it starts contributing to your top line. Along the same path, if I bake in Broadcom and Google, is it fair to assume sequentially June should be up from March, September should be up from June, and so on? Yeah. Let me answer that. The Google collaboration is really about the partnership and validation of our Astra platform. Nothing changes in terms of the forecast that we've outlined to investors in terms of the ramp. That's still in that fiscal 2027 timeframe. This just further solidifies the relationship with a large partner that is proliferating AI into edge applications and the edge ecosystem. If you look at the sequentials in terms so when we think about the revenue and revenue run rate, the Broadcom piece is part of my earlier comments. So in our guide here in this quarter, we have a partial portion of the Broadcom revenue. We'll get the full portion here starting the June quarter. And as I mentioned before, as I think about it today in this lower growth environment, I would think about sequential growth from here without giving guidance into June, about $10 million more, and then another 10 into September, and another 10 into December. So I think we have a good path for growth. If the economic environment improves, hopefully, we'll do better. But I feel very comfortable in terms of where the business is positioned today, how the backlog is shaping up, where inventories are, and how our product portfolio is shaping up for not only this year but as we think about 2026. Awesome. Thank you, Ken, for the incremental color. Thank you. I appreciate it. Thank you. Thank you. And our next question comes from the line of Christopher Rolland from Susquehanna. Your question, please. Hey, Ken. Thanks for the question. So yeah, I guess my first one is around the Broadcom piece. I know you've kind of talked about this being Core IoT, but exactly how meaningful can mobile be over time? And the reason I bring that up is there was a belief that Broadcom really wasn't interested in long-tail mobile customers. They were really just focused on one, maybe one and a half. And there could be this pretty big opportunity for combo chips and other across the long tail of mobile. And so I was wondering if you could weigh in on that opportunity and if maybe three or four years from now, do you think mobile will be larger from this deal, or do you think Core IoT will be larger from this deal? Thank you. Hey, Krish, that's a great question. And if you look at our announcement, one of the benefits that we received as part of this transaction is the expansion of the field of use. So we're now able to go into that AR/VR segment, consumer audio, and importantly, the Android smartphone segment. So going forward, I think there will be significant opportunities for us as we think about 2026 and 2027 in terms of penetrating some of these other Android accounts on the smartphone side. So that will be a focus of the team. Still early days, given that we just closed the transaction this quarter, but definitely an area of focus for us as we think about the next two to four years. I don't know. Venkat, do you want to add to that? Yeah. I think other markets that we will be able to address with this technology will be in the IoT space, like automotive and AR/VR glasses and earbuds and many other accessories. So it's just not going to be mobile, but it's also going to be more on the high-end, high-performance segment that will be part of the IoT. And our organic development in the broad markets will start to actually kick in in FY 2026 and 2027, calendar year 2026 and 2027. That will help us grow even bigger in the IoT wireless space. Okay. Great. I don't know if you wanted to chime in on that question about what will be bigger a few years out, mobile or IoT, but I would appreciate that. And then if you could also talk about, let's say, UWB that you're getting in this deal as well. I didn't know Broadcom had a great presence there. If you could maybe talk about that opportunity and engagements and how meaningful you think that could be on revenue as well. Thank you. Yeah. So if you look at the breakout, I think it's too early to call, Chris, between the mobile opportunity and our existing wireless opportunity within Core IoT. Obviously, those are both areas we'll continue to look at and prosecute over the next couple of years. If you look at UWB, I think, Venkat, I'll let you answer this one here. Yeah. Kris, I think UWB is just an IP at this point, but the good thing about it is it is in the advanced 7-nanometer process node, which should help us both coming up with a standalone product or integrated combo, which will be needed for the high-end IoT segment as well as the Android ecosystem as well. You're going to integrate that into Wi-Fi Bluetooth? At some point. As we look at these markets, I think as UWB gets more traction in the Android ecosystem, we will definitely consider that as well as building a standalone product. And this actually will be very helpful for us to go after those markets. Yeah. And I think just to highlight, right now, if you look at it, it's the IP that we get as part of this transaction. And so that's what we will look at developing over the next couple of years. A lot of this will be dependent on where the market is and the use of this technology. But the key piece is that we get the IP and we can proliferate that with our existing team and be able to develop that over the next several years. Fantastic. Thanks, guys. Thank you. And our next question comes from the line of David Liu from Mizuho. Your question, please. Hi. Thanks for the question. I'm on for Vijay and Mizuho. First one, I was wondering on your Astra Google platform, has that prior $300 million funnel changed and maybe related to the recent accelerated DeepSeek hype with smaller, more performant models? I know you guys, your models right now are like millions of parameters, but just wondering if that has accelerated. Yeah. So, one of the things. Thanks for the question, by the way. This is Ken. One of the questions or one of the items that we did talk about on our last call was the pipeline for Astra. And we talked about it being $300 million or so. That continues to grow. So the interest, not a surprise, continues to grow as people think about applications and the proliferation of AI to the edge. So we won't provide specifics on the pipeline. We'll do that once a year. But what I can say is that there continues to be strong interest across a variety of applications and to use this Astra technology as the chipset at the edge. But maybe, Vikram, you want to comment further just on the trends that you're seeing at a very high level. No, I think you've covered it. The thing that I would say is that subsequent to the Google announcement, we have seen even more traction with our customer base. So the funnel is growing definitely faster. And again, it's been a validation coming from a really important hyperscaler of our technology, which is actually helping it. And just to add to your DeepSeek comment, that's another you are actually spot on that given what DeepSeek has been able to show, there is going to be a proliferation of models going all the way from the high end down to the edge. And that just benefits us. And the other aspect which is being highlighted by DeepSeek is the fact that they relied on the open-source community. And that's something that they're also stressing with this whole Google collaboration, which is somewhat unique to us as a silicon player. All of this is going to definitely help catalyze our move into the AI space, edge AI space. Perfect. Thank you. And I guess my follow-up, I wanted to ask your User Presence at Dell, that 10%-15% attach rate. Has that changed? Is your new win at the other OEM similar, different? Yeah, any color there would be great. Yeah. So one of the things that we did highlight at CES was this UPD technology. And so what we talked about on the formal transcript was the fact that we penetrated one account. We don't name names. And we've now penetrated another large account in the compute space. And so it just is a data point and shows the traction that we're gaining with our UPD technology as we expand from one OEM into another very large OEM. We won't talk about the exact penetration rates, but I think what you can take from this is that we're continuing to expand our capabilities within that space and continuing to win market share at new OEMs. I think those are both positive signs, not only for the adoption of this technology, but for Synaptics as a supplier. I don't know, Satish, if you want to add to this. No, Ken, I think you answered it appropriately. Our goal here on the PC cycle is to increase the number of components that we sell within the PC. And like Ken said, we are not talking about attach rate specifically here, but the traction we are getting is pretty good, and we are bullish about the technology. Thank you. Thank you. And our next question comes from the line of Peter Peng from JP Morgan. Your question, please. Hey, guys. Good job on the execution, and thanks for taking my question. I want to go back to the incremental $10 million revenue per quarter. Maybe if you can just rank order the top three or four things that are giving you confidence at this early juncture of being able to drive this kind of growth. Yeah. Sure, Peter. I think it's a good question, right? We don't provide guidance more than one quarter ahead, but we wanted to provide some context and color. And it's a couple of factors. One, I would just say if you look at the visibility we have based on backlog and bookings, those continue to improve, especially where we were from six months ago. So definitely feel much more comfortable with the visibility that we have over the next few quarters. Number two, I would say from an inventory standpoint, it's one of the things that we have highlighted and talked about in the past, but inventories are very lean right now, not only for us, but I think other suppliers as well. And I think that's a good sign because as you think about demand trends now, we are now seeing those demand trends impact our revenues, whereas before some of those demand trends were just pulling from the distribution channel. And so those are good signs for us. And then the third one is just continued build-out of our portfolio. We're starting to and continue to see ramps, especially in the Core IoT segment and specifically around the wireless side. This goes beyond the Broadcom acquisition. And so continuing to see momentum there, as well as our other franchise businesses. One of the things that maybe we don't highlight enough is that we have strong number one or number two positions in a lot of key markets targeting enterprise, automotive, and the mobile space. And so we continue to execute on growing our share and continue to execute on new product development. And that's the confidence I have as I look out over the next three quarters or so. Got it. And then we talked a lot about the revenue implications of the transaction. Maybe you can touch a little bit on the margin front and maybe how that could be beneficial or impact your margin mix going forward. Yeah. I think, look, we don't comment on a go-forward basis. You saw the margin guide here for our next quarter. I think the midpoint right at about 53.5%. I think that's a reasonable range. A lot of this will depend on the mix, and I would say even the mix within the mix, right? So we're not going to forecast that margin as we think about June, September, December quarters. What we wanted to try to outline is just where and how the trajectory of the business is sequentially as we think about the next few quarters. And that's, look, things can change. We're in a lower growth environment, but we feel pretty strongly that we have a great path to grow here throughout this calendar year. Could there be more revenues in one quarter and less in another? Absolutely. But we have a good path here and a good backlog and bookings trend to support that. Perfect. Thank you, guys. Thank you. And our final question for today comes from the line of Martin Yang from Oppenheimer. Your question, please. Hi. Thank you for taking my question. I'm curious about your thought on immediate synergy between your position in a high-end premium touch and the Android opportunity for wireless that Broadcom brought you. Do you see any bundling opportunities in the near term to medium term and any way for you to expand your aggregate presence among the Android OEMs? Yeah. So if you look at the history of the company, we have a strong presence in the touch market and a strong history there. And if you look for today's growth rate in terms of the mobile space, today we're very much focused on the high-end Android market. That's the go-forward path. And I think with this acquisition of these Broadcom assets, we're now able to have a complementary portfolio of not only the touch, but also Wi-Fi and next-generation Wi-Fi, especially as we think about Wi-Fi 8 on a go-forward basis. So from a customer standpoint, same types of customers that we've been servicing for the last several years and more than a decade here in terms of the Android platforms globally. But now we have an incremental ability to service them with Wi-Fi chipsets and wireless technology on a go-forward basis. So very exciting for us. Early days, right? So I want to make sure that's outlined, but very exciting as we think about 2026, but really 2027 and beyond in terms of our ability to prosecute those opportunities, win those designs, and gain further scale. But Venkat or Satish, anything else? Yeah, I can add, right? So, in general, I think there was a question earlier as well, what do we do about the long tail? And in touch, we are shipping in a premium segment of Android phones across all of these customers, and we have a presence at each of these customers. And the reason we win is because of the differentiated technology that we have for these high-end flexible OLED screens. I think with the wireless acquisition, we have similar differentiated technology, so it gives us the ability to go tackle and address these with the same set of vendors that we are already very familiar with. So it presents a good opportunity for us to expand our presence at these customers. Thank you. I have one more question on the PC market recovery. So if we're assuming PC or high-end PC demand comes back in 2025 or 2026, is there any way to look at the different product segments, UPD, interface sensors, the touchpad? Do they come back in the same pace, or is there any one or even video interface included? Any one of the product categories will recover at a faster pace than market? Yeah. So if I look at the overall PC space, I mean, what we have seen is some seasonal trends. But looking back over the last year, we've seen a nice steady improvement in both the PC and the peripheral market. I think one of the things that we should highlight is we also continue to gain share with one of the large OEMs. And so that's helped us as we think about the business. There'll still be some seasonal trends in any given quarter, but we continue to win share and continue to grow the revenue base there. The one thing that we did highlight on the formal presentation is that we still haven't seen this refresh cycle. So if you just look back, typically enterprises refresh in every four years or every five years. And so we haven't seen this significant upgrade that we would expect or maybe some investors expect. Could it happen later in 2025? The answer is it could. We're just not seeing it today. But the reality is sometime between 2025 and 2026, we would expect that a lot of the large enterprises will start to refresh their enterprise PCs. And along with that, should come a lot of peripheral refreshes as well. But Satish, do you want to add to this? Yeah. Ken, you answered very well already. So in general, we are trying to gain share in that market by doing new technologies and infusing AI into touchpads, fingerprints, and so on. But the effects of those will be seen later. In the short term, I think we'll continue to see and track the seasonal trends of PCs. And like Ken said, should the refresh cycle happen, we can see an upside. But right now, it's seasonal trends that we continue to see. Thank you very much. That's it for me. Thank you. This does conclude the question and answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.