Financial Performance - Q4 fiscal 2024 revenue was $247.4 million, with GAAP net income of $208.3 million, translating to $5.22 per diluted share[1][2] - For the full year fiscal 2024, net revenue reached $959.4 million, with GAAP gross margin at 45.8%, down from 52.8% in the prior year[2] - Net revenue for the three months ended June 2024 was $247.4 million, an increase from $227.3 million in June 2023, representing an 11.6% year-over-year growth[21] - Net income for the three months ended June 2024 was $208.3 million, a significant recovery from a net loss of $23.4 million in June 2023[21] - GAAP net income for the year ended June 2024 was $125.6 million, significantly higher than a net loss of $73.6 million in June 2023[25] - Non-GAAP diluted earnings per share for Q4 fiscal 2024 was $0.64, with a non-GAAP net income of $25.6 million[1] - Basic net income per share for June 2024 was $5.27, compared to a loss of $0.59 per share in June 2023[21] - Non-GAAP net income per share for June 2024 was $0.64, an increase from $0.49 in June 2023[23] Margins and Expenses - Non-GAAP gross margin for fiscal 2024 was 53.0%, down from 60.1% in the previous year[2] - Gross margin for the three months ended June 2024 was $113.4 million, compared to $101.2 million in June 2023, reflecting a 12.2% increase[21] - GAAP gross margin for June 2024 was $113.4 million, up from $101.2 million in June 2023, representing a 1.3 percentage point increase in gross margin percentage to 45.8%[23] - Non-GAAP gross margin for June 2024 was $132.2 million, compared to $126.7 million in June 2023, with a gross margin percentage of 53.4%[23] - Research and development expenses remained stable at $84.4 million for the three months ended June 2024, compared to $84.5 million in June 2023[21] - Research and development expenses for June 2024 were $84.4 million, slightly down from $84.5 million in June 2023[23] - The company reported acquisition-related costs of $17.8 million for the three months ended June 2024, down from $24.5 million in June 2023[21] - Acquisition-related costs for June 2024 were $21.7 million, down from $33.0 million in June 2023[23] Future Guidance and Market Outlook - Guidance for Q1 fiscal 2025 projects revenue of $255 million ± $15 million, with a gross margin of 45.0% ± 1.5%[4] - The company anticipates improved demand signals but remains cautious due to slow recovery in end markets[4] - Core IoT products grew 63% year-over-year in Q4, driven by the wireless group, indicating a positive demand trend[3] Balance Sheet and Cash Flow - Total current assets decreased to $1,162.3 million in June 2024 from $1,272.0 million in June 2023, a decline of 8.7%[20] - Total liabilities decreased slightly to $1,358.2 million in June 2024 from $1,368.0 million in June 2023, a reduction of 0.9%[20] - Long-term debt was $966.9 million in June 2024, slightly down from $972.0 million in June 2023[20] - Total stockholders' equity increased to $1,466.8 million in June 2024 from $1,243.4 million in June 2023, a growth of 18.0%[20] - Cash and cash equivalents at the end of June 2024 were $876.9 million, down from $924.7 million at the end of June 2023[25] - The company experienced a net change in cash and cash equivalents of $(47.8) million for the year ended June 2024[25] Strategic Initiatives - The launch of the native-AI compute platform, Astra, is expected to enhance content gains with new and existing customers[3] - The company maintains a strong balance sheet, providing flexibility to drive growth and fund strategic initiatives[4] - Operating expenses for Q1 fiscal 2025 are expected to be $135 million ± $4 million, with non-GAAP operating expenses at $96 million ± $2 million[4] - Non-GAAP operating income for June 2024 was $35.7 million, compared to $29.2 million in June 2023[23] - The company reported a non-cash operating item of $(19.8) million for the year ended June 2024, compared to $281.3 million in June 2023[25]

Core Viewpoint - Synaptics Incorporated will report its financial results for the fourth quarter of fiscal 2024 on August 8, 2024, after market close, and will host a conference call for analysts and investors to discuss these results and forward-looking information [1]. Group 1 - The conference call is scheduled for 2:00 p.m. PT (5:00 p.m. ET) [1]. - Registrants will receive dial-in information and a unique passcode to access the call, with a recommendation to join ten minutes early [2]. - Synaptics will provide a live and archived webcast of the conference call, accessible from the "Investor Relations" section of its website [5]. Group 2 - Synaptics is focused on enhancing human engagement with connected devices and data, offering innovative solutions across various environments such as home, work, and automotive [6]. - The company partners with leading intelligent system providers to integrate advanced technologies in touch, display, and biometrics, along with AI-enhanced processing capabilities [6].

To participate on the live call, analysts and investors should pre-register at Synaptics Q4 FY2024 Earnings Call Registration. https://register.vevent.com/register/BI2bc08f03d13942d0805b232e6eca6eef Synaptics will also offer a live and archived webcast of the conference call, accessible from the "Investor Relations" section of the Company's website at https://investor.synaptics.com. Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are ...

Financial Data and Key Metrics Changes - Revenue for the March quarter was $237.3 million, slightly above the mid-point of guidance, with year-over-year revenue down 27% but flat compared to the prior quarter [16][17] - GAAP gross margin was 46.5%, while non-GAAP gross margin was 52.9%, in line with guidance [20] - GAAP net loss for the March quarter was $18.1 million, or $0.46 per basic share, while non-GAAP net income was $21 million, a 72% decrease year-over-year [22] Business Line Data and Key Metrics Changes - Core IoT revenue increased 26% sequentially but was down 49% year-over-year [17] - Enterprise & Automotive revenue was roughly flat quarter-over-quarter, down 30% year-over-year [9][18] - Mobile product revenue was up 33% year-over-year but down 12% from the prior quarter due to seasonality [18] Market Data and Key Metrics Changes - The wireless products drove Core IoT revenue 26% higher compared to the prior quarter, with design wins in various sectors starting to ramp [8] - Automotive TDDI products saw strong demand, with design wins at several OEMs in North America and Europe [11] - The enterprise segment is experiencing suppressed demand, particularly in hardware and accessories, with IT spending at historically low levels [10] Company Strategy and Development Direction - The launch of the Astra processor platform targets a $20 billion silicon market opportunity for edge IoT devices, emphasizing AI integration [6][16] - The company is focusing on cross-selling initiatives, leveraging wins in video processors and collaboration devices to drive revenue [7] - There is an expectation of continued double-digit growth in Core IoT products as channel inventories normalize and demand improves [25] Management's Comments on Operating Environment and Future Outlook - Management noted that while inventory levels have normalized, demand remains lower than expected, particularly in the enterprise segment [31][36] - The company anticipates a gradual recovery in demand as enterprise spending returns, with expectations for revenue in the June quarter to be in the range of $230 million to $260 million [24][25] - Management expressed confidence in the wireless business returning to previous revenue levels as new products and design wins come online [58][60] Other Important Information - The company is in the process of searching for a new CFO, with discussions ongoing with qualified candidates [15] - The Astra platform's success at Embedded World generated significant customer interest across various industries [5][6] Q&A Session Summary Question: Inventory normalization and challenges - Management indicated that inventory has been worked down, with challenges primarily related to demand, particularly in the enterprise segment [31][32] Question: Legacy DDIC product impact - Management expects the legacy DDIC drag to decrease significantly by the second half of the year, potentially hitting zero by the fourth quarter [33][34] Question: Signs of recovery in demand - Management believes that natural demand is significantly higher than current levels and expects a pull-up in numbers as enterprise spending returns [36][39] Question: Wireless connectivity revenue and growth - Management confirmed confidence in returning to a $200 million revenue run rate for wireless, with new products and design wins expected to drive growth [58][60] Question: Mobile revenue outlook - Management indicated that mobile revenue is likely to remain flattish, with potential growth opportunities in the mid-tier Android space [61][63]

Financial Performance - In Q1 fiscal 2024, net revenue decreased to $237.3 million, down 27.3% from $326.6 million in Q1 fiscal 2023[129] - Revenue from Enterprise and Automotive product applications fell by 29.7% to $134.7 million, while Core IoT product applications dropped 49.3% to $47.3 million[129] - Gross margin for Q1 fiscal 2024 was $110.3 million, a decrease of 36.0% compared to $172.3 million in Q1 fiscal 2023[129] - The company reported a net loss of $18.1 million in Q1 fiscal 2024, compared to a net income of $10.4 million in Q1 fiscal 2023, representing a 274.0% decline[129] - Operating loss for Q1 fiscal 2024 was $17.4 million, a significant decrease from an operating income of $34.2 million in Q1 fiscal 2023[129] - Net revenue for the three months ended March 2024 was $237.3 million, a decrease of $89.3 million, or 27.3%, compared to $326.6 million for the same period in 2023[132] - For the nine months ended March 2024, net revenue was $712.0 million, down $415.8 million, or 36.9%, from $1,127.8 million in the same period in 2023[133] - Gross margin for the three months ended March 2024 was 46.5%, a decrease of 630 basis points from 52.8% in the same period in 2023[134] Expenses - Research and development expenses were $83.4 million, down 5.1% from $87.9 million in the prior year[129] - Research and development expenses for the three months ended March 2024 decreased to $83.4 million, down $4.5 million from $87.9 million in the same period in 2023[139] - Selling, general, and administrative expenses for the three months ended March 2024 decreased to $40.5 million, down $1.2 million from $41.7 million in the same period in 2023[141] Cash Flow and Liquidity - Cash and cash equivalents as of March 2024 were $828.1 million, a decrease of $96.6 million from $924.7 million as of June 2023[149] - Operating activities generated $70.9 million in cash for the nine months ended March 2024, compared to $237.0 million for the same period in 2023[151] - Cash used in investing activities during the nine months ended March 2024 was $146.7 million, compared to $28.1 million in the same period in 2023[153] - Cash used in financing activities for the nine months ended March 2024 was $20.4 million, a significant decrease from $134.2 million in the same period of 2023[155] - The company believes existing cash and cash equivalents, along with anticipated cash flows, will be sufficient to meet working capital needs for at least the next 12 months[163] Acquisitions and Investments - The company acquired technology assets from Broadcom for $130.0 million in July 2023[124] - The acquisition of Emza in October 2022 totaled $15.8 million, with results included in consolidated financial statements since the acquisition date[125] - The company has registered $100.0 million of common and preferred stock for issuance related to acquisitions[162] Debt and Obligations - For the nine months ended March 2024, the company paid $8.0 million in interest expense on $400.0 million of senior notes due 2029[158] - The revolving credit facility has a principal amount of up to $250 million, with no outstanding balance as of March 2024[159] - The company repaid $6.0 million of the principal on the $600.0 million term loan facility during the nine months ended March 2024[160] - Total contractual obligations as of March 2024 amounted to $1,466.2 million, with $48.8 million due within one year[165] Market Outlook - The company anticipates a rebound in demand extending into late calendar 2024, despite current macroeconomic uncertainties[127] - Elevated interest rates have increased borrowing costs, potentially limiting future acquisition financing opportunities[127] - A hypothetical 1% increase in interest rates could increase quarterly interest expense by approximately $1.5 million based on the outstanding balance of the term loan as of March 2024[169] - The undistributed earnings of foreign subsidiaries may incur state and foreign taxes if repatriated, impacting cash flows[164] Revenue Breakdown - Net revenue from Enterprise and Automotive product applications for the three months ended March 2024 was $134.7 million, representing 56.8% of total net revenue[132] - Net revenue from Mobile product applications increased to $55.3 million, or 23.3%, for the three months ended March 2024, driven by a 67.5% increase in units sold[132] Stock Repurchase - The common stock repurchase program has a cumulative authorization of $2.3 billion, with $893.9 million remaining as of March 2024[157]

Exhibit 99.1 Synaptics Reports Third Quarter Fiscal 2024 Results Q3'24 Financial Results and Recent Business Highlights SAN JOSE, Calif., – May 9, 2024 – Synaptics Incorporated (Nasdaq: SYNA), today reported financial results for its third quarter of fiscal 2024 ended March 30, 2024. Net revenue for the third quarter of fiscal 2024 was $237.3 million. GAAP net loss for the third quarter of fiscal 2024 was $18.1 million, or a loss of $0.46 per basic share. Non-GAAP net income for the third quarter of fiscal ...

Financial Data and Key Metrics Changes - Revenue for the December quarter was $237 million, slightly above the midpoint of prior guidance, but down 33% year-over-year [105] - Non-GAAP net income for the December quarter was $22.5 million, an increase of 11% from the prior quarter, but a 75% decrease from the same quarter a year ago [36] - GAAP gross margin for the December quarter was 46%, while non-GAAP gross margin was 52.5%, at the midpoint of guidance [35][114] - The company expects GAAP operating expenses in the March quarter to be in the range of $130 million to $135 million [106] Business Line Data and Key Metrics Changes - Mobile product revenue was up 42% sequentially in the December quarter and up 10% year-over-year, driven by demand in the Android ecosystem in China [1] - Core IoT revenue was roughly flat sequentially but down 46% year-over-year, with expectations for growth in the third quarter fiscal 2024 [15] - Enterprise and automotive revenue was down 12% sequentially and down 40% year-over-year, indicating a slowdown in enterprise IT spending [113] Market Data and Key Metrics Changes - The company is experiencing strength in mobile products, particularly with the Samsung Galaxy S24, solidifying its leadership in high-end Android handsets [33] - The enterprise market is characterized by persistent inventory and weaker-than-expected IT spending, impacting higher-margin products [11][23] - The wireless sales funnel is increasing, with new design wins in various sectors, including automotive [21] Company Strategy and Development Direction - The company is focusing investments in Core IoT, particularly in wireless and processor products, with expectations for consistent sequential revenue growth starting in March [20] - The company aims to clear excess inventories and position itself for future growth, particularly in the wireless segment [9][10] - Management believes the business has hit the bottom of the cycle and is stabilizing, with expectations for a gradual recovery [23][114] Management's Comments on Operating Environment and Future Outlook - Management noted that while the company is at the bottom of the cycle, the timing and shape of recovery remain uncertain [10][26] - There is optimism regarding a potential recovery in enterprise spending, but it may take longer than expected [69] - The company expects to see a return to higher and more normalized run rates, particularly in Core IoT [26][76] Other Important Information - The company ended the quarter with $849 million in cash and cash equivalents, a 3% sequential increase [25] - The calculated days of inventory on the balance sheet declined to 99 days compared to 105 days at the end of the prior quarter [25] - The company is set to deliver its first chip for user presence detection technology, which is expected to drive growth in the PC market [22] Q&A Session Summary Question: How is the mobile product demand looking? - Mobile products had a strong quarter, driven by improved demand across the Chinese customer base and the ramp of the Samsung Galaxy S24, with expectations to maintain differentiation at the high end [33] Question: What is the outlook for Core IoT revenue? - The company feels confident about returning to the $200 million revenue run rate in Core IoT, with expectations for double-digit sequential growth [43][55] Question: How is the enterprise market performing? - The enterprise market is currently experiencing a slowdown due to reduced IT spending, but management believes the long-term demand profile remains unchanged [68][70] Question: What are the expectations for gross margins? - Management believes gross margins have bottomed out and expects a sustained rebound, with guidance for non-GAAP gross margin in the March quarter to be between 52% and 54% [47][119] Question: How is the automotive segment performing? - The automotive segment is seeing a transition from legacy products to TDDI solutions, with new wins at multiple OEMs, although revenue may be choppy in the near term [104]

Safe Harbor Statement © 2024 Synaptics Incorporated 2 ___________________________ Note: As-reported Q2 fiscal year 2024, not proforma for any acquisition/divestiture activity over this timeframe See the tables at the end of this presentation for GAAP to Non-GAAP reconciliations Technology Leadership Across The Product Portfolio © 2024 Synaptics Incorporated 4 • Revenue of $237 million, down 33% YoY • Cash flow from operations of $39 million, cash and investments of $849 million on the balance sheet Q2'FY24 ...

Financial Performance - Net revenue for the first quarter of fiscal 2024 was $237.0 million, a decrease of 32.9% compared to $353.1 million in the same period last year[122]. - Net revenue for the three months ended December 2023 was $237.0 million, a decrease of $116.1 million, or 32.9%, compared to $353.1 million for the same period in 2022[125]. - For the six months ended December 2023, net revenue was $474.7 million, down $326.5 million, or 40.8%, from $801.2 million in the prior year[126]. - The company reported a net loss of $9.0 million, compared to a net income of $22.0 million in the same quarter last year, representing a 140.9% decline[122]. Revenue Breakdown - Enterprise and Automotive product applications revenue fell to $136.6 million, down 39.6% from $226.0 million year-over-year[122]. - Core IoT product applications revenue decreased by 46.3% to $37.5 million from $69.8 million in the prior year[122]. Gross Margin - Gross margin for the quarter was $109.0 million, a decline of 41.6% compared to $186.7 million in the same quarter last year[122]. - Gross margin for the three months ended December 2023 was 46.0%, down from 52.9% in the same period last year, reflecting a 690 basis point decrease[127]. Expenses - Research and development expenses were $82.0 million, down 8.2% from $89.3 million year-over-year[122]. - Research and development expenses for the three months ended December 2023 decreased to $82.0 million, down from $89.3 million in the prior year[131]. - Selling, general, and administrative expenses decreased by 6.4% to $39.7 million from $42.4 million in the previous year[122]. - Selling, general, and administrative expenses for the three months ended December 2023 decreased to $39.7 million, compared to $42.4 million for the same period in 2022[133]. Cash Flow and Liquidity - Cash and cash equivalents as of December 2023 were $846.1 million, a decrease of $78.6 million from $924.7 million as of June 2023[141]. - Operating activities generated $84.6 million in cash during the six months ended December 2023, down from $128.5 million in the same period last year[143]. - Cash used in investing activities during the six months ended December 2023 was $139.8 million, compared to $18.8 million in the prior year[145]. - Cash used in financing activities for the six months ended December 2023 was $23.9 million, a significant decrease from $115.0 million in the same period of 2022[147][148]. - The company believes existing cash, anticipated cash flows, and available credit will be sufficient to meet working capital needs for at least the next 12 months[155]. Debt and Obligations - The company paid $8.0 million in interest expense on $400.0 million senior notes due 2029 for the six months ended December 2023[150]. - As of December 2023, there was no balance outstanding under the $250 million revolving credit facility[151]. - The company repaid $4.5 million of the principal outstanding on the $600.0 million Term Loan Facility during the six months ended December 2023[152]. - Total contractual obligations as of December 2023 amounted to $1,481.2 million, with $66.1 million due within one year[157]. - A hypothetical 1% increase or decrease in interest rates would result in a quarterly interest expense change of approximately $1.5 million based on the outstanding balance of the Term Loan as of December 2023[162]. Acquisitions - The company acquired technology assets from Broadcom for $130.0 million in July 2023[116]. - The acquisition of Emza in October 2022 was completed for a total consideration of $15.8 million[117]. - The company made a $130.0 million prepayment to Broadcom to acquire developed technologies and extend product exclusivity for an additional three years[145]. - The company has registered $100.0 million of common and preferred stock for issuance related to acquisitions[154]. Future Outlook - The company anticipates a potential rebound in demand extending into late calendar 2024 and beyond due to current economic conditions[119]. Inventory and Sales - Days sales outstanding improved to 48 days from 65 days year-over-year, while annual inventory turns increased from three to four[144]. Foreign Earnings - The undistributed earnings of foreign subsidiaries may incur state and foreign taxes if repatriated, impacting cash flows[156].

© 2023 Synaptics Incorporated 15 () synaptics: Engineering Exceptional Experiences © 2023 Synaptics Incorporated 16 © 2023 Synaptics Incorporated 8 Q1'FY24 Financial Results | --- | --- | --- | --- | --- | --- | |-----------------------------|-------|-------------------------|---------|----------|-----------| | | | | | | | | $M (except EPS) | Q1'23 | Q4'23 | Q1'24 | QoQ | YoY | | Revenue | | $448.1 $227.3 $237.7 5% | | | (47%) | | GAAP Gross Margin % | 57.1% | 44.5% | 45.1% | 60 bps | -1200 bps | | GAAP Ope ...