SYNA - Earnings call transcript Q1 2020

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Operator

Good day, and welcome to the Synaptics First Quarter Fiscal 2020 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jason Tsai, Head of Investor Relations. Please go ahead.

Jason Tsai

Thank you, Brandon, and good morning. us Synaptics’ joining XXXX quarter for call. conference you today first on fiscal Thank Jason I Tsai of is name My and at Investor am Synaptics. Relations Head the

CEO, Michael With Senior Awsare, and our our call on of President our are Manager Division. me President and today’s Vice and IoT Dean General Saleel Butler, CFO, Hurlston,

This call accessed live website the Relations Investor broadcast synaptics.com. from the at web company’s the is over also section being be and of can

a presentation, supplementary form In these to copy our been addition posted supplemental earlier have results. investor of The report slide X-K remarks website. we furnished the on SEC to financial slides today our on on exhibit with our current prepared also add a and color filed also as relations an have additional

will non-recurring the supplementary results. press to items. share-based detailed non-GAAP compensation, the In Company’s provide today for and a basis, certain management reconciliation and and after release or costs, a of issued results, GAAP other which GAAP also non-GAAP to non-cash recurring acquisition excludes market on close results refer addition Please related

would Synaptics we statements. make to Additionally, the that will forward-looking conference this remind course of during like call you

of projections performance our statements expectations Forward-looking condition, objectives, to and plans, and current financial our results business. give operations, future relating

actual you Although XXXX, important cause Form XX-K subject may disclaims any with the ended statements. risk We and prove filed be factors expressly to update to may our and Company’s suggested to forward-looking including to any to Synaptics forward-looking for Synaptics June materially are actual materially statement. beyond and believes those differ results Synaptics Synaptics the this year could periodic from contained in forward-looking differ the current future our control reports obligation Company’s that the performance to information. fiscal for in XX, SEC, that estimates reasonable, a cautions risks they results and refer from assumptions the inaccurate. uncertainties number any of be

turn the now Michael. will call I to over

Michael Hurlston

of today everyone got I’d I actual in I’m earlier speaking audience future of I we first ourselves given I’m be since excited hope today’s Jason, and happy to our technology. bit call. welcome decent like joined We you to the so wide time August. for for Thanks, Certainly, Synaptics discussion. a to for ahead of out the a array to leadership maintained

profitable transformation With the strong become have CFO, this leadership to new continue Butler in began and more earlier to Dean our place corporate long-term. as a addition the of year team company to drive we company stronger, a the

a quarter. profit gross to ago. range. customers. months financial recap with me OEM the $XXX highly of this and all our exceeded many three one our high-end profitability of I’m operating our forecasts start of performance numerous from tier exceeded past report was million that successful happy quick launches Let and We Revenue product had with revenue, our

margins focusing to gross also begun better early results. margin as show the were we’ve Our begun have on higher products actions in

more disciplined achieved over gross with and selective also expected. Better This years spend time the resulted in operating we five is non-GAAP OpEx were over investments margins lower expenses that more project of XX%. that have than controls first

together increased we consistently great are million of going strong type believe result, the of I and to is performance non-GAAP $XX XXX% This this and $X.XX. to year a than net more non-GAAP more drive fiscal a As to sequentially income EPS putting our forward. pieces start

breaking align improve our opportunity I silos part corporate operations to us efficiencies. and by internal an down our transformation, for As of see better

profitability and performance. and further redundancy removing overall streamlining our we to have operations, our improve should By be able corporate

as long-term look of IP in growth in technology as for will strong deliver areas margins product portfolio and commoditized. are review We well to are higher invest more and undergoing and that investments our further areas reduce the our full company a where

let Now, to the most to which higher mobile, continuing enable some on and mobile advanced of we insights OLED flexible gross industry. businesses. designs the the In our shift some towards to and are market to of focus continues the PC displays updates margin, me provide premium segments in

We advanced controller smartphones mobile continue differentiating ICs OLED superior due with for to premium win tier-one features. our with OEMs and our to touch performance

of in Our a exceptional solutions and enabling with displays are touch phones bend. performance new fold that generation

One OEM IC success the continue recently launched designs that mobile across with is our in OLED controller with Android example for eliminates unmatched advanced dual that chip we and the three This most our powered capability require or to estate major more two need real OLED more by flagship leverages that phone a display flexible our touch leading win touchscreen drivers LCD. China on And both display a alternatives performance. single-chip, of are expensive. by pen solution and for y-octa enabled OLED world’s active first our

OLED Synaptics market to display business, IC. and flexible PC is touchpads Jumping sensors. to fingerprint leader same both paired premium our remain continues The driver our for also secure phone the share with

all design the HP, including and We Dell, OEM Lenovo. wins across leaders numerous have new

I that remain to wanted look and while business to we leadership we to differentiate. extend take to this innovate this as continuing opportunity to committed our make clear

to the over let on turn that, an business. With and me you IoT the have Saleel update give Saleel? call him

Saleel Awsare

Michael. Thank you,

of of the electronics our largest are We some excited launches even continues by successful several for build from we some with pipeline more saw solutions products the business companies world’s what’s relationships leading in world’s by upon the strong new to IoT OEMs. of and powered consumer our IoT Our XXXX.

one this quad-core provider SoC a a new search speaker, smart solution, and around franchise U.S. packs new building launched our router smart our with accelerators. Wi-Fi mesh both teraop of quarter, which are network computing We a and integrated edge performance using neural products, leading a of strong SoC

processing a as XX compared by AI improvement their locally. for The edge the to lower consumer and commands will in with product. proposition can is much and products previous performance learning generation new enable to these performance generation of with value times better the speed deliver This that at latency three

hardware that and We AI of introduced products platform. are XG being bars new service computing edge streamers strong have a globally from pipeline OEMs our by providers sound ranging and using media to gateways

the performance a of new building a our with voice, enable deliver and become These privacy better connected technology vision in offers expertise experience enhancing lives. and in multitude devices combination into consumer and more incorporating in more and AI these to computer that upon of that will greater seamless customization while By our capabilities. software, personalization more with for our user will security products pervasive video, intelligence solutions, edge any we firmware are of proprietary

new also featuring wake router Voice Far-Field home DSP Verizon, XG and integrated who announced Synaptics’ includes Alexa This a word technology.

will wired small made significantly franchise, high-speed connectivity last our expand a space our in this longer-term. TAM For quarter we that acquisition

seeing area. in wired connectivity our in over this are will opportunity increasing the to meaningfully invest years, key We next high-speed few continue and

we with digital for first headphones, headset. in with leading our USB-C a solutions audio box SoC last For a quarter, with flagship flagship OEM their launched Korean the wired shipping newest handset their

C standard by are looking Android for opportunity our We smartphone their flagship continue are handsets. headsets differentiating a more USB this make we excited and OEMs roadmap type wired seeing to to in as upcoming leading invest

auto our upon business. touch me let Lastly,

across future systems integrated are and a are lower and OEM’s of solution touchscreens, and pleased are capabilities China. design-ins to enabling Europe, We America, are opportunity very planning and these the leading transition the the Many platform major and excited majority our display North have at technology to we about simpler for to OEMs their Japan, long-term with winning of these using of sockets. cost TDDI six majority

With turn that, I'll the back to over Michael. call Michael?

Michael Hurlston

update for Thanks Saleel. the

of I've better financials, the place, Before really have still say continue team by that to We on to the I as the to onboard, to in that opportunity have company just turn Synaptics. Synaptics great broad I'm the lot call we I've over today. impressed of a long-term. the path strong differentiated discuss Since we become us stronger really about I'd ahead been excited have ahead and and an IP, to generate have place we technology I'm we drive portfolio blocks built partners confident and Dean for franchises of in profitability but sustainable our of the transformation that the been like even down building work and customers

let turn to our review and Dean over outlook the our to provide first call quarter financials Now me

Dean Butler

Thanks hello Michael, everyone. and

started, I'm excited I'd and to join say be of Before to just I like it's get that a Synaptics to me great an such for part honor company.

the Revenue end year. up $XXX the for the of million and quarter XX% guidance quarter, fiscal down fiscal range, XXXX preceding was first last of the XX% same above quarter from of X% approximately our from high

for beat expected customers the reflects and at from XX% above demand XX% revenue, of than We two better Huawei. revenue primarily XX%. Our had quarter

asset agreement. amortization, a partial of a loss our XX.X%, quarter, September previously which $XX.X compensation includes million intangible of was costs gross $X.X For margin the a of on share-based GAAP million supplier commitment reversal accrued and $XXX,XXX

the $XXX company. a expenses of $XX.X in of $X.X GAAP a acquisition charge September program were of million, expenses includes share-based million, costs million, and amortization million to start-up $X.X of restructuring $X.X of operating $X.X million, intangibles related compensation an technology million, quarter retention which

We of accrued quarter a GAAP tax the $X.X million. benefit in

per million, diluted $X.X of income for GAAP $X.XX quarter net the share. net or income was

from quarter the range On expenses reflects The a product guidance and quarter preceding of basis, million end the XX.X% above prudent an guidance primarily benefit primarily reflecting at management. our better our was non-GAAP non-GAAP overall expense range million of of September of end and September gross low quarter; in the we $X.X and margin high operating $XX.X quarter our the restructuring were mix. down below the June announced the non-GAAP

non-GAAP XX%. tax was Our rate

September diluted share, X% million, or the compared million, for per decline first in the share quarter fiscal year-over-year or was of $XX.X diluted with XXXX. $X.XX quarter income net Non-GAAP $XX.X per an $X.XX

our cash sheet, $XX balance partially flow quarter. driven of of $XX primarily of on The offset million share with from turning which Now was purchase increase hand, of our by million $XXX quarter the million the cash shares. cash million, increase the an for of by in to $XX program ended was in quarter the we approximately prior XXX,XXX from used for cash repurchase operations

$XXX XX days DSOs to dropped quarter. a the end of $XXX the Inventories Receivables evenly in reflecting and loaded quarter days million were prior were from XX, quarters. relative at days, September down to more XX were and prior inventory million

for and $X.X Capital depreciation was expenditures quarter $X.X were the million. million,

December million. bookings, our quarter expected the quarter we discuss of to now for on and let as anticipating $XXX well mix, million, approximately in forecasts, the be Based entering the subsequent December revenue $XXX Now me product customer of to million patterns, are sell-through product timing outlook. sell-in backlog $XXX as our range

revenue PC products XX% and expect our from XX%, the respectively. mix XX%, loT, be to We Mobile, and

better to fiscal remains three orders months to whether and to tariff is revenue maintain revenue. expected we rapidly than our end-demand near-term There of given significant expected remains our environment, of believe revenue simply strength it it QX uncertainty increases While as to fiscal or our December. so that determine guidance in full-year fiscal down the ago, are early is full-year XX macro what due QX stronger results outlook XX% we too XXXX this the changing we prudent compared our ahead trade

I will outlook with will outlook. now GAAP December our quarter, follow and for provide non-GAAP

We gross range be margins the XX% expect in to our of GAAP to XX%.

expense be GAAP $XXX of restructuring operating which stock accrue costs. compensation, also $XXX intangibles the to expect to million We for related and million retention charges to and costs includes range we amortization, in expect non-cash our

rate we XX% be to range Finally, GAAP to expect of fiscal for XX% tax in XXXX the fiscal the for year. our

outlook non-GAAP for now quarter. I provide our will December

margin gross and be second December XX.X% in margin our non-GAAP anticipate and non-GAAP above expect quarter consecutively gross We to XX.X%, with be quarter this XX%. the between to

operating expect quarter in expenses range the in of the million. be We million December $XX $XX to to non-GAAP

evaluate disciplined and longer continuing could to spend, are a and resource believe be allocation. cost with portfolio We more additional our savings there term

XX%. We to of fiscal in continue rate non-GAAP be range anticipate to tax the for our to XXXX XX%

share. Non-GAAP per in is share December anticipated diluted for to the $X.XX the to quarter net $X.XX range of be income per

This wraps Q&A to comments. Session. our the turn operator up prepared the over to now start the call I'd to like

Operator

question Please will go Anderson Instructions] Thank Company. with [Operator Dougherty your Charlie Our sir. first ahead from with question you. come &

Charlie Anderson

some on place? Synaptics maybe and first on congrats good call, And – what on the Yes under operations, of reasons welcome a could Michael, of financially? sort I’ve and thanks I you've And as start. if see the were questions. articulate for start to my first do Dean. just for that Michael you this And had then taking months got few since some And is to most where attracted wanted headroom belt operationally of a to a assessed your either improvement follow-up. your you you or then you're the the

Michael Hurlston

a Yes, and that opportunity was the still We of thought the thought the there good engaged – lot set-top with value. old competing certainly Also experience coming to what drive a returns have was some that lot question. Certainly, of technology against are I of products. having the touch have I underappreciated company shareholder on was encouraging. Synaptics Marvell – box here is drivers the but past I on business company potentially early products, with, work on the

a that the I and was familiarity marketing near terms with some believe lot of there the term and So can business help of in certainly sales activity. company of the

be key opportunity familiarity value motivating factors. shareholder some some with to drive seems were definitely the and to there products certainly So the

Charlie Anderson

in you that margins up have gross And a was great. in similar but you yet Okay, had gross basis the it that thought by then over on interesting mix XXX are September points. margin, market June, end I

if maybe there? between as going enhance on the maybe Thanks that was the in sort forward to we you you some that time, what I look profile your are of wonder on articulate can there, segments higher are products So so carry of going way margin of over products margin. guys the much. to within terms maybe what helped And a

Michael Hurlston

mobile Dean in mobile high was towards the think, more our products was similar I the products, the forward, within segment as products, more and products. try exactly better. on which and what to line, It particular, And on the as mix margin-favorable on go segments, maintain be to said was to as consistency our spoke, the those out. within is, in mix going the end revenue overall focus more where I gross although the margin intention read my I comments, we think, it's very Dean

pieces led within So of moving pieces although, to the those some moving you're the favorability. subsegments, macro right you on had each mix, and the

Dean Butler

a see add, margin that just us of this going as actually I'd for position maybe you Charlie, sustainable our we then believe for And is quarter, can guidance in this forward. kind

Charlie Anderson

Perfect. Thanks so guys. much

Operator

[Operator from come Thank the with will Anthony question question. you ahead. for next go Please Stoss Instructions] The Craig-Hallum.

Anthony Stoss

My or divisions congrats one Huawei or if Thank didn't strength thought at And you tell then related. December all for your or Michael be up and in well. Huawei? up know there can to at maybe tariff I of sequentially Welcome want guide, taking your Dean, you're expect elaborate was whether Dean. in you But to quarter would as share down? the you. terms do be sequentially you more you

Michael Hurlston

Relative let mix-related. share, Yes think more Anthony me start with the taking part. to first again, it's I

wins our we're a to the As forward, both we whether that see or remains said, think led to as continue we design favorability and their talked in that at about Dean Huawei as had customer looked at margin high of seen. Huawei, to but just we I and Huawei. is we taking revenue share end improving strength be on line, mix

Dean Butler

we kind and business question, comes business flat. relatively as do what believe quarter-on-quarter. mobile we business We so is flat IoT far think of our relatively should that second our PC for expect well, our it your as also Yes is

Anthony Stoss

any given thoughts Got transition unusual environment pressure it. Thanks. excuse – competitive it on strong me, do a Any past be competitive on has to Or would or you gross are mean – the mobile in Is OLED? of the in pricing? helpful. lot especially Synaptics the the just side there. I the margins the

Michael Hurlston

to low think your still to are market. that I Certainly there. of And Yes, we're it's related. much at continuing true. is pressure That very effect see mix really end the the comments

had handsets the which gross some shifted our think more really there, success tailwind. I to is what margin high-end and was attention done we've

Anthony Stoss

Thank you. guys. job nice Yes,

Operator

The with question. Raji ahead the come Gill for Needham Company. question you sir. & next will go from Please Thank

Raji Gill

my commentary on to Yes, basis. a you. The a congrats XX% to the around And thank keeping to annual welcome I quarter-by-quarter just prudent seems But me. the impact echo year-over-year of and as get I down well. wanted sense XX% guidance

might If so a be small big pickup like in. you not March and – really it June, in been of going and a assume orders to it's have pretty pulled seems lot a drop-off in that

balance March gains indicate Huawei, June. to trying because I'm the So Huawei, a at big at position drop-off and small a those pull versus competitive share in in recovery your in your pretty between

Dean Butler

Yes.

visibility imagine, dynamics mean the potential was trade you global for assess. war kind As placed difficult being out I on the of might in the on there pre-tariff action. It's

the first at typical So I you is we watermark, you and if typical cautious year, if here, be us look would versus seasonality, year in seasonality second from say a we full the kind really kind for half kind of a follow our of you But looking to on of typically that. of generally would half bit the of where back high a down kind up range we little would puts anticipated be which XXXX. of

Raji Gill

And mix Okay. mix a XX% improvement of terms mobile. gross at XX% PCs. the shift related within the positive a margin margin of really is on to mobile in XX% the – IoT, The margin, mobile, XX.X% based

sense get mobile And mix wanted is? point so to higher shift I to a of obviously margins to of that of sustainable there are IoT kind plans end products And improve to strategic how business of my you within back earlier forward kind which going when of margin mix plan improve IoT, as look the very at is go we high the forward? or Huawei

Dean Butler

something that put high-end think more behind to right I margin and sustainable. that mix believe Yes, we trying lot really a is We're arrow. on is wood is more the your read focusing wins the

mix. we the you that's two end, I at handset of and high the at helped margin traction reasonable like got know we've three OEMs major So think the as

area for to a IoT respect focus business, us. of huge the with think I it's

we segments. in wins both in line, edge the and like prospects design traction good design our win in in takes And I materialize revenue both But gross margin automotive our segment tariff SoC. I you line. to in those think our think semiconductor time as know the have we for there,

So we're very focused on it.

I think to in both sales some see those that to trying pull time to it's segments, going take we're drive of but through.

Raji Gill

last And from me question Saleel.

that wireless good you. others. be into cancellation traction some would sense, with in particular to rank guys buds you I seems of and market? on Cirrus there digital to are Thank So with air a want wired and the also how products. you moving get And noise headsets USB-C competing your kind technology your untethered

Saleel Awsare

we Great question said and headsets. to been has earlier, a And I robust And roadmap wireless And Type-C a have the in you to I’ve moving as lot place. the technology. I Raji. for just Yes, about true looking it. that with we I'm become continue today, in forward. share out for USB And have wired tethered, lead franchise our excited wireless us. don't is very a but

noise come market-leading cancellation. CES, you to ANC around great If believe you of will we I to our some and able be see demos have solutions.

Raji Gill

you. Thank

Operator

Thank will Vijay Mizuho. you next question ahead with come go for your the question. question, with from Rakesh sir. The Please

Vijay Rakesh

Mike hi Dean, and congratulations Welcome here. Yes, thanks.

Saleel, year you fiscal IoT that be on the versus for for side, down the the growing flat XX% let's are XX%? Just to to looking is in say being that – overall business that

Saleel Awsare

holding the teens spoke said going we for fiscal year, what in and and we to we so XXXX Vijay to double digit, to the last that we at are low holding grow XXXX are that. fiscal are call the in the we’ve

Michael Hurlston

the IoT. In

Saleel Awsare

you, to I yes be clear. that… Does want Michael. business, IoT Thank the In

Vijay Rakesh

it. And.. Got

Saleel Awsare

Yes go ahead.

Vijay Rakesh

half you the your – at Yes footprint, on be you do OLED had year? your smaller mentioned that single-chip OLED driver this what the next ICs you footprint, year lower that you the of if shipments at power would And of of OLED drives look helps. percent thanks. exiting think No, and lower first look

Michael Hurlston

my breakdown, it’s tip know if don’t have That’s us, I at the Again, know. the don't I hard I numbers to focus that a finger, calculate, for but how area Vijay. of actual

Vijay Rakesh

on Got you December going in there’s your last is mentioned pull-in. up as into Huawei December the quarter? – it. And Did go and your question. the know I – for mix you’ve potential

Dean Butler

entering we not as going mix quarter, is So December Huawei’s our the up.

think exposure quarter. we And what And here on our a in conservative on so for December it modeled taken how into is, view comfortable would say our we’re our Huawei Huawei we’ve outlook. we’ve – I really

Vijay Rakesh

Got it. Thanks.

Dean Butler

No change.

Michael Hurlston

Yes, overall no the that’s right. change exposure, in there’s

Vijay Rakesh

you. Thank Great.

Operator

will Rolland Instructions] International Christopher next go with from Please come question with Group. [Operator question. ahead The your Susquehanna

Christopher Rolland

for is you, aboard. welcome for quarter Thanks question. Michael. and Michael, guys. the Hey I the Great one here guess first

the thinking strategic map, longer-term bigger Just road Synaptics, of are for are, future to that that try fill focus might And consumer you about into how you’re about Are the tech map? you some to Synaptics. out of think areas? I talking kind to see need of you their help you you questions other kind think the there going to continue on tuck-ins or that road move some

I’d to lastly, is And Taiwanese theme technology that can then like overarching an and the almost Synaptics say, least sort cycle break on guys. for you for differentiate? cut-and-paste gunning of Any old here guys they’re Synaptics how early of at you thoughts seem this

Michael Hurlston

a Okay, the – same was got relatively The said and everybody a the I We’ve congratulated question. work Christopher. us do. of quarter on Thanks good. thing the to lot for and quarter. Look

I opportunity. still on that gross top is this think room to see we that on both grow think margin. and business line there the We

than what do the which company still part lot we while going? opportunity goes to we at road here your see map say it forecast, where would was of So of your have and it the I is, the second a better we that question –

the full in of that. we’re review. think off I portfolio evaluating a kicking process Dean is

of end piece are that the want market. me, this are where where to try avoiding your look certainly, that to tell from to really at bets. Chinese we last part the you be quarter in standpoint of and the and our We’re going do place the competitors question, I on embark generally a are can to response out we technology business. We the of Taiwanese low What at figure competitors,

line of not margin the grow profitability. in think there top worry has costs an and about I atmosphere at line been bottom all and past, the gross almost

altered top myself culture. disciplined We to and gross. profitably with that very I definitely growth be grow have line think in good Dean, and Saleel want

a to the blocks We from clear aren’t. yet don’t while So administration. substantially building have answer changed which on which technologies are has past be in theme we going the know that

Christopher Rolland

Excellent. Huawei, you. bit Is there. maybe why was a little little detail just you unit think across share do are do line? products? durable? into that that a taking taking just perhaps it the And is then share thing getting like the more Huawei so Thank stronger a really or about And What that leads the you bit the more, they you’re Synaptics on much Thanks.

Michael Hurlston

Yes, I mean, Dean to half. maybe during second first versus was part of it half it around alluded comments his

I quarter into think to than expected. a would took view up. the did how fairly better we going conservative the numbers as And shape Huawei

was wasn’t necessarily that share macro view problems. of tariffs trying other their on probably relatively So like to or be gains conservative and a forecast it prudent anything

better is were dragged answered view don’t that along question. – they and Christopher know Our we than expected, with far their got sales the I if that.

Christopher Rolland

working with Thanks great. guys. forward to that’s lot, you looking a Yes,

Michael Hurlston

as you. well, thank Me

Operator

will ahead question Simpson your from next Brett Research. The go you. question. Arete Thank with Please come with

Brett Simpson

has thanks the a this much. done review – you’re what with at transform ask are new level. business, mean, areas I you you very you’re the are higher has the business and can but opportunity today, and undergoing the IP from where I far? resources real most wanted maybe Synaptics sets excited about appreciate Thanks. the looking think most? what portfolio skill full to to you us and relatively just Yes, share a a I still What mean to Michael, the I just

Michael Hurlston

And say that didn’t emphasize that and two things in would true, our in think both One, the class. enough. mobile touch think products I I world are PC are we past, Brett. I that

focusing take and touch I share. for on us. I opportunity think and again, have big that’s leading technology, And opportunity think, end a we I that high think to

I about that. think two the of aspects network second the past. neural are big has in There thing that talked is this Saleel

in One Saleel some very to, want then intelligence built do use the have simple wake there of and really headset. advantage and computed SoCs is, that true and the talked of spoke secondly, in we to we words audio our take market commands be same use and the into is about differentiate. And solutions locally move networking wireless that intend edge area to for the of we’ve we neural into would past, but our technology that to that on the as

in I customers think using they’re more past the the and that are doing our differentiation. of network that neural

exercise is deliver network forward apply to to Our differentiation resources actually going software intention our to and neural our own more going customers.

Brett Simpson

think is acceptable Synaptics. going really to you mobile versus future is for end of really is And that trying the just of maybe I’m threshold follow-up, business of when think at look Great. commodity portion quick of just a the sort mobile say where business mobile of much a book what the that would how to sense more get below maybe is that on today, you you business a you acceptable of margins specifically, forward. margin Thanks.

Dean Butler

say, absolutely that don’t a look we And internally, we is but I would break externally. that is at out out Dean. this take Yes, something that

are make review aligning, As going a strategy through to Michael go that highest value forward to the alluded to, sure you portfolio be creation. should that shareholder our

Brett Simpson

very Thanks much. Okay.

Michael Hurlston

Brett. Thanks,

Operator

questions further CEO no will time. are at turn There call the Hurlston. Michael now you. over to I Thank this

Michael Hurlston

I want afternoon. you next I and attention to to this appreciate thank and again with us the spending everybody forward the time we quarter. to for questions look speaking

Operator

Ladies and today’s concludes you. this Thank event. gentlemen,

You your may lines. now disconnect

Synaptics (SYNA) 7 Nov 192020 Q1 Earnings call transcript