Synaptics Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Maybe your view on where we are in the spending trajectory? You've been around AI for a long time in various fashions. But where are we in the spending trajectory? Do you think that this is maybe an over accelerated beginning of this ramp? And how are you addressing that as a company?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Yeah. Thanks for being here. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, SYNA.OQ - Synaptics Inc at Barclays Global Technology Conference

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So when we've seen investment dollars so far, you acutely mentioned that this is in the data center. We've seen hundreds of billions of dollars of CapEx on a yearly basis go towards building out large systems. And you have seen this push towards the Edge. You've seen glasses introduced. You've seen smart watches, in particular, two of the verticals that we see most of. But there's been a limiting factor in that you haven't really seen a critical application that's really pushed everyone to move to those devices. Generally still speaking, it's your smartphone, right? Everyone has a smartphone. And increasingly, you'll see more apps that drive more AI use cases. Now is your play one that can address the smartphone? Or are you more focused on some of these other Edge devices? And does that transition need to move away from the smartphone for you guys to have success?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So it sounds like if you look at the portfolio, you have an MCU, then you have a processor, then you have this connected processor and then you have a semi-custom chip. Can you talk about where you're seeing the most traction amongst customers? Like are you introducing the low end because you felt like you needed the low end to get to the high end? Or are you maintaining the low end because there's a lot of volume there today?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Helpful. So let's dig deeper into your relationship with the large hyperscaler. It's known to be Google. How does that originate? What has been to work like with them throughout this process here? You mentioned there's some Google IP that's in your solution as well. How does that help you go to market? Are you able to bring that IP to others? And then as you move to a more semi-custom solution, like how do you see that relationship developing over the longer term?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So you have the relationship with Google, but you also just did an acquisition with Broadcom, and I believe that it gets you kind of industry-leading Wi-Fi technology. Could you talk about how protected you are in that technology for the next couple of years? When can others step in? And why was it critical for you to kind of future-proof yourself one in two generations?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So put that all together, you've got the MCUs stretching all the way to the connected processors, what does that look like from a growth profile for your business? And then who are you increasingly running into from a competitive dynamic? You singled out a couple of things that make you very unique at the Edge. But as you move into the connected IoT realm, there are some larger players there. Who are you running up against? And what do you think kind of the TAM or growth trajectory, however you kind of want to describe it? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, SYNA.OQ - Synaptics Inc at Barclays Global Technology Conference

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And then competition as you move into the high --

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Yeah. That's what I was going to ask next is in terms of timing, when do you see the elbow in the curve, you sound like you have a very good technology profile. But as that converts to dollars is when you get more interest from the market in general, is it the idea that you can do a semi-custom chip? Is it the idea that Wi-Fi 7 is more broad based and in certain consumer applications? Like when do you see the revenue trajectory change more dramatically?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Let's go to the other side of the business in Enterprise and Auto. So Enterprise has PC inside of it. You've talked about Windows 10 end of life, PC upgrade cycles. Something that we're hearing more, and we haven't got a good soundbite on it yet in this conference, but it's memory shortages. So generally, there is a concern that consumer applications will not receive priority in terms of memory, just given that everything is going towards data center, those guys tend to be able to pay a little bit more. Are you concerned around any kind of memory issue into 2026 from a PC perspective? Kind of what's your base case on that market there?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And then the other side of that business is Auto. You guys have already pointed out sluggish auto trends. Any kind of sign of an inflection or an improvement there or still kind of early days? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, SYNA.OQ - Synaptics Inc at Barclays Global Technology Conference

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Last one to check the box on the business that's not the 90%, mobile, does foldable change the conversation for you guys in any way? Just to check up on the Android ecosystem. I get that question a lot. Does that change the dynamic looking forward?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Let's switch it to capital allocation. So it sounds like over the next couple of years, you've got pretty good line of sight to not only the piece of the business that you're most excited about growing, but also around profitability improving as well. Maybe talk about how the operating model is going to change and potentially where your priorities are in terms of capital return. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, SYNA.OQ - Synaptics Inc at Barclays Global Technology Conference

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Well, we're out of time. I very much appreciate you both being here. Things sound very exciting over the next couple of years. So good luck as it goes along. Appreciate it.