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Synaptics Inc. (NASDAQ: SYNA) is leading the revolution in human interface solutions for intelligent devices. Specializing in touch, display, and biometrics, Synaptics offers a broad portfolio of products that enhance user experiences across mobile, PC, automotive, and IoT sectors. The company's cutting-edge technologies power interfaces for touch, display, fingerprint, video, audio, voice, AI, and connectivity functions, ensuring intuitive interactions with electronic devices.
Synaptics leverages a robust R&D foundation and extensive intellectual property to deliver innovative solutions that combine functionality, ease of use, and aesthetic appeal. The company derives a significant portion of its revenue from China and operates in a single segment dedicated to developing, marketing, and selling semiconductor products used in various electronic devices.
Recent financial results indicate a period of stabilization and strategic growth. For the first quarter of fiscal 2024, Synaptics reported net revenue of $237.7 million and a GAAP net loss of $55.6 million. However, on a non-GAAP basis, the company achieved a net income of $20.3 million. In the second quarter, Synaptics' net revenue was $237.0 million, with a GAAP net loss of $9.0 million and a non-GAAP net income of $22.5 million. The third quarter continued this trend with net revenue of $237.3 million and a GAAP net loss of $18.1 million, but a non-GAAP net income of $21.0 million.
Synaptics is proactively addressing inventory challenges and focusing on growth in its Core IoT segment, particularly with its wireless product family. The recent launch of the Astra™ platform positions the company to capitalize on a $20 billion market opportunity for embedded edge AI processors in IoT devices.
The company's strategic partnerships and product innovations, such as the collaboration with Valens Semiconductor and Good Way Technology, demonstrate its commitment to expanding its market presence and delivering advanced connectivity solutions. Synaptics' DisplayLink technology, integrated into new products, offers simplified, cost-effective solutions for video conferencing and video wall markets.
With a strong balance sheet and positive cash flow, Synaptics is well-equipped to invest in future growth and navigate macroeconomic challenges. The company's long-term initiatives, including advancements in AI and connectivity technologies, are set to drive sustained growth and innovation in the coming years.
Synaptics announced pricing of $400.0 million convertible senior notes due 2031 with 0.75% interest rate, payable semi-annually. The initial conversion price is $99.69 per share, representing a 32.5% premium over the current stock price. The company plans to use $44.4 million for capped call transactions, $67.0 million to repurchase 890,483 shares, and the remainder plus $307.0 million cash on hand to repay its term loan facility. The notes will be redeemable after December 6, 2028, subject to certain conditions.
Synaptics announced plans to offer $400 million in convertible senior notes due 2031, with an additional $50 million option for initial purchasers. The notes will be senior, unsecured obligations with semi-annual interest payments. The company plans to use the proceeds to fund capped call transactions, repurchase up to $100 million of common stock, and repay its term loan facility. The notes will be convertible under certain conditions, with settlements in cash and potentially shares. Synaptics will have redemption rights after December 6, 2028, if stock price exceeds 130% of conversion price.
Synaptics (Nasdaq: SYNA) reported its Q1 fiscal 2025 results, ending September 28, 2024. Revenue was $257.7 million with a GAAP gross margin of 46.9% and a non-GAAP gross margin of 53.9%. The company posted a GAAP net loss of $23.1 million, or $0.58 per share, while non-GAAP net income was $32.5 million, or $0.81 per diluted share. Synaptics highlighted a 55% year-over-year growth in Core IoT products and continuous sequential growth in revenues. For Q2 fiscal 2025, the company projects revenues of $265M ± $15M, a GAAP gross margin of 45.0% ±1.5%, and a non-GAAP gross margin of 53.5% ± 1.0%. Expected GAAP loss per share is ($0.45) ± $0.20, with non-GAAP earnings per share of $0.85 ± $0.20. CFO Ken Rizvi stated the company continues to support growth initiatives and share repurchases despite forward visibility in some markets.
Synaptics (Nasdaq: SYNA) has expanded its presence in Hsinchu, Taiwan, making it the company's largest employee base globally. The expansion aims to capture opportunities in the $24B AI IoT market across consumer, automotive, enterprise, and industrial applications. The facilities will house teams developing AI-enabled Edge devices and serve as a hub for finance, sales, operations engineering, supplier management, wireless product development, and PC touch and fingerprint sensor solutions.
Synaptics Incorporated (Nasdaq: SYNA) has announced that it will release its financial results for the first quarter of fiscal 2025 on Thursday, November 7, 2024, after the market closes. The company will also host a conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET) on the same day. During this call, management may discuss the company's financial performance and outlook. This announcement provides shareholders and interested parties with advance notice of when to expect Synaptics' latest financial information and the opportunity to participate in the earnings call.
Synaptics has launched the Veros™ Seamless Intelligent Connectivity brand, introducing high-performance systems on chip (SoCs) for Wi-Fi® 6E, Bluetooth®, and 802.15.4. The new SoCs, SYN4383 and SYN43756E, target devices requiring high Wi-Fi throughput and range with seamless network interoperability. These chips extend Synaptics' wireless portfolio, known for superior performance, interoperability, and power efficiency.
The SYN4383 offers real simultaneous dual-band (RSDB) operation and greater system integration, while the SYN43756E adds a 6E Wi-Fi band and LE Audio to existing 2x2 Wi-Fi and Bluetooth combo SoCs. Veros integrates with Synaptics Astra™, an AI-native compute platform, to enhance Edge AI product development for various applications.
Synaptics Incorporated (Nasdaq: SYNA) has won the 2024 EDGE Award in the Machine Learning and Deep Learning category for its Synaptics Astra™ AI-native IoT compute platform. The annual awards, presented by Endeavor Media, recognize outstanding innovation in product design and function for the engineering industry.
The Astra platform simplifies Edge AI deployment by combining scalable hardware, unified software, open-source AI, a broad partner ecosystem, and best-in-class wireless connectivity. It is built on the SL-Series of AI systems on chip (SoCs) featuring Arm® Cortex® A-series CPUs and onboard NPU, DSP, and GPU engines. These processors deliver up to 8 TOPS performance for Edge inferencing and multi-modal processing.
The Astra Machina™ Foundation Series development kit supports the SL-Series, helping both beginners and experts quickly leverage the processors' AI capabilities, processing power, and wireless connectivity features. This recognition highlights Synaptics' leadership in enabling the rapid development and deployment of context-aware IoT Edge devices for consumer, enterprise, and industrial applications.
b<>com and Synaptics Incorporated (Nasdaq: SYNA) have announced the implementation of b<>com's *Sublima*™ algorithm on Synaptics' VS680 multimedia system on chip (SoC). This marks the first AI-enabled frame-accurate, dynamic SDR-to-HDR video conversion for set-top boxes. The algorithm leverages the VS680's optimized neural processing unit (NPU), 7.9 TOPS performance, heterogeneous architecture, and security capabilities.
The combination provides an efficient, AI-enriched approach to process video in real-time for enhanced experiences on STBs, OTT streaming devices, and smart TVs. The implementation will be showcased at IBC in Synaptics' Booth Hall 1, C.20. The VS680 platform enables a more compact and efficient way to convert video content to HDR format while maintaining quality and competitive pricing for consumer and industrial video systems.
Synaptics (Nasdaq: SYNA) has announced its participation in an upcoming investor conference. Michael Hurlston, President & CEO, and Ken Rizvi, CFO, will represent the company at Citi's 2024 Global TMT Conference and GEMS Conference on Thursday, September 5, 2024.
This event provides an opportunity for investors to gain insights into Synaptics' strategies, financial performance, and future outlook. The participation of top executives suggests the company's commitment to maintaining open communication with the investment community and showcasing its position in the technology sector.
Synaptics Incorporated (Nasdaq: SYNA) has announced its participation in two upcoming investor conferences. The company's CFO, Ken Rizvi, will be representing Synaptics at these events:
1. The 5th Annual Needham Virtual Semiconductor & SemiCap 1x1 Conference on Thursday, August 22, 2024. Rizvi will participate virtually in this event.
2. The Jefferies Semiconductor, IT Hardware & Communications Technology Conference on Wednesday, August 28, 2024.
These conferences provide Synaptics with opportunities to engage with investors and discuss the company's performance, strategies, and outlook in the semiconductor industry.
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