Synaptics(US:SYNA)2024-08-23 21:18Acquisitions and Strategic Investments - The company completed the acquisition of GPS technology from Broadcom for $30.0 million in February 2023 and extended the exclusivity period for an additional $130.0 million in July 2023[12]. - The company acquired Emza for a total consideration of $15.8 million in October 2022, with results included in consolidated financial statements from that date[12]. - The company intends to pursue strategic relationships and acquisitions to expand its technological expertise and market presence[16]. Research and Development - The company plans to invest in research and development to reduce the size, cost, and power consumption of its product solutions while increasing their capabilities and performance[14]. - The company’s research and development programs focus on advancing existing technologies and developing new products to enhance customer competitive positions[46]. Product Solutions and Technology - The company aims to enhance its position in the IoT market by focusing on connectivity and processor solutions, AI-native applications, and wearables[15]. - The company’s ultra-low power edge AI platform is designed for battery-powered wireless devices, targeting consumer and industrial IoT applications[21]. - The company’s Astra family of AI solutions includes intelligent edge processors and AI/ML toolkits to support AI integration in edge devices[20]. - The company’s wireless connectivity solutions encompass Wi-Fi, Bluetooth, Zigbee, and GPS, addressing a wide range of IoT applications[19]. - The company’s Natural ID family of fingerprint ID products is designed for various applications, including notebook PCs and automobiles[26]. - The company’s TouchPad solutions offer advanced features such as scrolling and customizable tap zones, enhancing user interaction[27]. - The company’s mixed-signal integrated circuit technology optimizes its core ASIC engine for various products, enhancing performance in real-world signal interfacing[37]. - The company’s automotive portfolio includes an automotive-grade TDDI for displays up to 4K resolution, showcasing its commitment to advanced display technologies[45]. - The company’s diverse SoC solutions target significant growth markets, including home automation and smart assistant platforms, indicating a strategic focus on IoT applications[62]. - The company’s wireless technology includes high-performance, low-power Wi-Fi chipsets and Bluetooth solutions, supporting the latest standards like Wi-Fi 6 and Bluetooth 6.0[38]. Workforce and Employment - The company employs 1,248 people in technology, engineering, and product design functions across multiple countries as of the end of fiscal 2024[48]. - As of June 2024, the company employed 1,716 employees, with 22% in North America, 61% in Asia Pacific, and 17% in Europe and the Middle East[66]. - The average employee tenure globally is 5.0 years, indicating a lower voluntary attrition rate compared to benchmark data[66]. - Approximately 50% of the workforce participated in health and wellness events last year, reflecting a strong engagement in corporate wellness initiatives[67]. - As of June 2024, 20% of global employees and 20% of senior executive leadership positions identified as female, with 38% of the Board of Directors also identifying as female[69]. Financial Performance and Risks - Approximately 66% of sales in fiscal 2024 were made to companies located in China and Taiwan, indicating a strong reliance on these markets[56]. - International sales constituted nearly all revenue for fiscal years 2024, 2023, and 2022, highlighting the global nature of the company's operations[56]. - Costs denominated in foreign currencies were approximately 17% of total costs in fiscal 2024, up from 13% in fiscal 2023[219]. - A hypothetical 10% adverse change in currency exchange rates would have impacted operating income before taxes by approximately $18.1 million and net income by approximately $22.1 million for fiscal 2024[219]. - A 1% increase in interest rates would result in an increase in annual interest expense by approximately $5.8 million due to outstanding debt[221]. Governance and Sustainability - The company has adopted a supplier and vendor code of conduct, ensuring compliance with the Responsible Business Alliance (RBA) Code of Conduct[65]. - The Audit Committee oversees business risks and the company's Code of Conduct, while the Nominations and Corporate Governance Committee oversees ESG strategy[65]. - The company has implemented internal programs to improve sustainability and reduce natural resource consumption[64].