思佳訊 (SWKS) 2015 Q1 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions first-quarter FY15 earnings call.

下午好，歡迎參加 Skyworks Solutions 2015 財年第一季度財報電話會議。

This call is being recorded.

正在錄製此通話。

At this time, I will turn the call over to Stephen Ferranti, Senior Director of Investor Relations for Skyworks.

此時，我將把電話轉給 Skyworks 投資者關係高級總監 Stephen Ferranti。

Mr. Ferranti, please go ahead.

費蘭蒂先生，請繼續。

Thank you, Rochelle.

謝謝你，羅謝爾。

Good afternoon, everyone, and welcome to Skyworks' first-quarter FY15 conference call.

大家下午好，歡迎參加 Skyworks 2015 財年第一季度電話會議。

Joining me today are David Aldrich, Don Palette, and Liam Griffin.

今天和我一起的還有 David Aldrich、Don Palette 和 Liam Griffin。

Dave will begin today's call with a business overview, followed by Don's financial review and outlook.

戴夫將以業務概述開始今天的電話會議，然後是唐的財務審查和展望。

We will then open the lines for your questions.

然後，我們將為您的問題打開線路。

Please note that our comments today will include statements relating to future results that are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995.

請注意，我們今天的評論將包括與 1995 年《私人證券訴訟改革法案》中所定義的未來結果相關的前瞻性陳述。

Actual results may differ materially and adversely from those projected, as a result of certain risks and uncertainties, including, but not limited to, those noted in our earnings release, and those detailed from time to time in our SEC filings.

由於某些風險和不確定性，包括但不限於我們的收益發布中提到的以及我們在美國證券交易委員會文件中不時詳述的風險和不確定性，實際結果可能與預測的結果存在重大和不利的差異。

I would also like to remind everyone that the results and guidance we will discuss today are from our non-GAAP income statement, consistent with the format we've used in the past.

我還想提醒大家，我們今天將討論的結果和指導來自我們的非 GAAP 損益表，與我們過去使用的格式一致。

Please refer to our press release in the investor relations section of our Company website for a complete reconciliation to GAAP.

請參閱我們公司網站投資者關係部分的新聞稿，以了解與 GAAP 的完全對賬。

With that, I'll turn over the call to Dave for his comments on the quarter.

有了這個，我將把電話轉給戴夫，徵求他對本季度的評論。

Thanks, Steve.

謝謝，史蒂夫。

And welcome, everyone.

歡迎大家。

Well, we're off to a great start to FY15, with first-quarter revenue, profitability, and earnings all exceeding our guidance, driven by strong demand across our served markets and increasing adoption of our integrated system solutions.

好吧，我們在 2015 財年開局良好，第一季度的收入、盈利能力和盈利都超過了我們的預期，這得益於我們所服務市場的強勁需求以及越來越多地採用我們的集成系統解決方案。

We increased revenue by 59% year over year.

我們的收入同比增長了 59%。

We grew EPS by nearly 90%, and we posted record cash flow, as we continued to efficiently convert our strong earnings growth into cash returns.

隨著我們繼續有效地將強勁的盈利增長轉化為現金回報，我們的每股收益增長了近 90%，並公佈了創紀錄的現金流。

These financial results reflect our success in capitalizing on a number of powerful industry dynamics, while expanding our addressable opportunities, and enhancing our value-add in the marketplace.

這些財務結果反映了我們在利用許多強大的行業動態方面取得的成功，同時擴大了我們的潛在機會，並提高了我們在市場上的附加值。

In particular, we're benefiting from the proliferation of many forms of wireless data, as more and more applications leverage the power of connectivity.

特別是，隨著越來越多的應用程序利用連接的力量，我們正從多種形式的無線數據的擴散中受益。

Along with this, we're seeing a dramatic increase in analog complexity, driven by higher performance requirements, and these market dynamics have created greater content opportunities, closer engagements with our customers, and higher value solutions across the board, with a narrowing field of capable competitors.

與此同時，在更高性能要求的推動下，我們看到模擬複雜性急劇增加，這些市場動態創造了更多的內容機會，與我們的客戶更緊密的接觸，以及全面的更高價值的解決方案，但范圍越來越窄有能力的競爭對手。

Skyworks is uniquely positioned to capitalize in this environment, by providing integrated RF and analog solutions, which enable our customers to navigate increasingly more complex design challenges, resulting in above-market growth and superior financial returns for our shareholders.

Skyworks 通過提供集成的射頻和模擬解決方案，在這種環境中利用得天獨厚的優勢，使我們的客戶能夠應對日益複雜的設計挑戰，從而為我們的股東帶來高於市場的增長和卓越的財務回報。

This is playing out across our served markets today, as evidenced by our first-quarter results.

正如我們第一季度的業績所證明的那樣，這正在我們今天服務的市場中上演。

Specifically during the quarter, we delivered revenue of $806 million.

特別是在本季度，我們實現了 8.06 億美元的收入。

That's ahead of our guidance and up more than 59% year over year.

這超出了我們的指導，同比增長超過 59%。

We produced operating income of $282 million.

我們創造了 2.82 億美元的營業收入。

That's roughly double that of a year ago, translating into a 35% operating margin.

這大約是一年前的兩倍，轉化為 35% 的營業利潤率。

We posted $1.26 in earnings per share.

我們公佈的每股收益為 1.26 美元。

That's up 88% versus a year ago.

與一年前相比，增長了 88%。

We generated $383 million in cash flow from operations.

我們從運營中產生了 3.83 億美元的現金流。

And we ended the quarter with over $1 billion of cash on hand with no debt.

我們在本季度結束時手頭有超過 10 億美元的現金，沒有債務。

Looking ahead, we see our momentum continuing, and while March is normally a seasonal slower quarter in the mobile industry, our broadening market footprint, our new product ramps and an expanding solutions portfolio enable us to mitigate these seasonal patterns, a clear testament to our diversification.

展望未來，我們看到我們的勢頭仍在繼續，雖然 3 月通常是移動行業季節性放緩的季度，但我們不斷擴大的市場足跡、新產品的增加和不斷擴大的解決方案組合使我們能夠緩解這些季節性模式，這清楚地證明了我們的多樣化。

Our Q1 design wins highlight some of these diverse opportunities.

我們的第一季度設計勝利突出了其中一些多樣化的機會。

In mobile, our more notable wins include diversity received modules and smartphone platforms at several OEM customers, including Samsung.

在移動領域，我們更顯著的勝利包括在包括三星在內的多家 OEM 客戶中獲得多樣化的模塊和智能手機平台。

Now, this is a new product category for us, representing a compelling growth avenue for Skyworks.

現在，這對我們來說是一個新的產品類別，代表了 Skyworks 一個引人注目的增長途徑。

We also launched SkyLiTE.

我們還推出了 SkyLiTE。

These are highly integrated systems supporting MediaTek's latest SOC reference design across multiple smartphone platforms.

這些高度集成的系統支持跨多個智能手機平台的聯發科最新 SOC 參考設計。

Switching and connectivity modules across Xiaomi's leading smartphone platforms as well.

小米領先智能手機平台上的開關和連接模塊也是如此。

In the broad markets, we've successfully captured a suite of 10 Skyworks' products for Cisco's latest home gateway solution, supporting multiple cable operators; multiple analog devices and a leading telematics platform for GM vehicles; high reliability analog ICs and avionics systems for Talus; ZigBee connectivity modules for smart light bulbs with Phillips, LG and others; local area connectivity solutions for Echo and Fire TV; and streaming media devices at the leading online retailer.

在廣闊的市場中，我們為思科最新的家庭網關解決方案成功捕獲了一套 10 款 Skyworks 產品，支持多家有線電視運營商；用於通用汽車的多個模擬設備和領先的遠程信息處理平台；用於 Talus 的高可靠性模擬 IC 和航空電子系統； ZigBee 連接模塊，適用於飛利浦、LG 等公司的智能燈泡； Echo 和 Fire TV 的本地連接解決方案；和領先在線零售商的流媒體設備。

And we captured more than $10 of analog content, supporting Technicolor's latest set-top box platform for DIRECTV.

我們捕獲了超過 10 美元的模擬內容，支持 Technicolor 最新的 DIRECTV 機頂盒平台。

So in total, 2015 is shaping up to be another great year for Skyworks.

所以總的來說，2015 年將成為 Skyworks 又一個偉大的一年。

With the design momentum we have in place today, we're poised to continue our track record of above-market revenue growth, expanding profit margins, and earnings leverage.

憑藉我們今天的設計勢頭，我們準備繼續保持高於市場的收入增長、擴大利潤率和盈利槓桿的記錄。

Now, before providing a more detailed view of our market position, I'll turn the call over to Don for a more in-depth review of the financials.

現在，在更詳細地了解我們的市場地位之前，我將把電話轉給唐，以對財務狀況進行更深入的審查。

Thanks, Dave, and thanks for joining us, everyone.

謝謝，戴夫，謝謝大家加入我們。

We appreciate that.

我們對此表示讚賞。

Revenue for the first quarter was $805.5 million, ahead of our prior guidance of $770 million, and up more than 59% versus the year-ago quarter.

第一季度的收入為 8.055 億美元，高於我們之前 7.7 億美元的預期，與去年同期相比增長了 59% 以上。

Profit was $376.4 million, or 46.7% of revenue, ahead of our guidance, and up 220 basis points from the first quarter of FY14.

利潤為 3.764 億美元，佔收入的 46.7%，高於我們的預期，比 FY14 第一季度增長 220 個基點。

Operating expenses were $94.4 million, consisting of R&D expense of $58.7 million, and SG&A expense of $35.7 million.

運營費用為 9440 萬美元，其中研發費用為 5870 萬美元，SG&A 費用為 3570 萬美元。

We generated $282 million of operating income, roughly twice that of the year-ago quarter, yielding a 35% operating margin.

我們創造了 2.82 億美元的營業收入，大約是去年同期的兩倍，營業利潤率為 35%。

Our cash tax rate for the quarter was 13.5%, resulting in net income of $244.8 million, or $1.26 of diluted earnings per share, as compared with diluted EPS of $0.67 in the year-ago quarter.

我們本季度的現金稅率為 13.5%，淨收入為 2.448 億美元，或稀釋後的每股收益為 1.26 美元，而去年同期的稀釋後每股收益為 0.67 美元。

That's $0.08 ahead of our guidance, surpassing $5 in annualized EPS.

這比我們的指導高出 0.08 美元，年化每股收益超過 5 美元。

Turning to our first quarter balance sheet and cash flow statement, we generated $383 million in cash flow from operations, invested $87 million in capital expenditures, with depreciation of $36 million, and we exited the quarter with just over $1 billion in cash on hand and no debt.

談到我們的第一季度資產負債表和現金流量表，我們從運營中產生了 3.83 億美元的現金流，投資了 8700 萬美元的資本支出，折舊 3600 萬美元，我們在本季度結束時手頭現金剛剛超過 10 億美元，沒有債務。

Moving to our product mix for the first quarter of FY15, power amplifiers represented 31% of revenue, integrated mobile systems was 48%, and broad markets was 21%.

轉到我們 2015 財年第一季度的產品組合，功率放大器佔收入的 31%，集成移動系統佔 48%，廣闊市場佔 21%。

We saw healthy growth across all product categories, with the strongest being integrated mobile systems, which benefits from strong December quarter seasonal patterns.

我們看到所有產品類別的健康增長，其中最強勁的是集成移動系統，這得益於強勁的 12 月季度季節性模式。

As a reminder, this product category includes SkyOne, SkyLiTE, and our power amplifier duplexers, as well as analog products like power management, Wi-Fi and GPS.

提醒一下，該產品類別包括 SkyOne、SkyLiTE 和我們的功率放大器雙工器，以及電源管理、Wi-Fi 和 GPS 等模擬產品。

It's also worth noting that our broad markets product lines, which serve the connected home, networking, media, automotive and medical markets, grew at 26% year over year, significantly outpacing the broader semiconductor industry.

還值得注意的是，我們服務於互聯家庭、網絡、媒體、汽車和醫療市場的廣泛市場產品線同比增長 26%，大大超過了更廣泛的半導體行業。

Now, for our second-quarter business outlook.

現在，對於我們的第二季度業務展望。

We expect second-quarter revenue to be $750 million, representing 56% year-over-year top line growth, and significantly better than normal seasonality.

我們預計第二季度收入為 7.5 億美元，收入同比增長 56%，明顯好於正常的季節性。

At this revenue level, we suggest modeling gross margin in a range of 46% to 46.5%, with operating expenses of approximately $95.5 million.

在這個收入水平上，我們建議將毛利率建模在 46% 至 46.5% 的範圍內，運營費用約為 9550 萬美元。

Below the line, we anticipate $100,000 in expenses from interest income and other expenses, and a cash tax rate around 13.5%.

在這條線之下，我們預計利息收入和其他費用的支出為 100,000 美元，現金稅率約為 13.5%。

We project our tax rate to remain at these levels for the remainder of our FY15.

我們預計我們的稅率將在 2015 財年剩餘時間內保持在這些水平。

We expect the share count to be around 194.5 million shares, resulting in second-quarter EPS of $1.12.

我們預計股票數量約為 1.945 億股，第二季度每股收益為 1.12 美元。

Many of the drivers that support a strong 2015 are already in place, giving us a high level of confidence in our growth trajectory.

許多支持強勁 2015 年的驅動因素已經到位，使我們對我們的增長軌跡充滿信心。

We continue to see opportunities for sustainable margin expansion, as we leverage our ongoing capital investments and benefit from growing demand for our custom integrated solutions and precision analog products.

隨著我們利用持續的資本投資並受益於對我們定制集成解決方案和精密模擬產品不斷增長的需求，我們繼續看到可持續利潤率擴張的機會。

We recommend modeling 52% incremental gross margin, providing a path to continued margin improvement.

我們建議對 52% 的增量毛利率進行建模，以提供持續提高利潤率的途徑。

Longer-term, we are targeting a goal of a 50% gross margin for the Company, and we have a number of initiatives in place to accelerate our progress towards achieving this goal.

從長遠來看，我們的目標是為公司實現 50% 的毛利率，並且我們採取了許多舉措來加快實現這一目標的進程。

All of this gives us a high confidence level in our ability to extend our track record of best-in-class financial results, putting us on a path toward our goal of $7 in annualized EPS over the long term.

所有這一切使我們對我們擴大一流財務業績記錄的能力充滿信心，使我們走上了實現長期年化每股收益 7 美元的目標的道路。

With that, I'll turn the call back over to Dave for his comments on our market trends and growth strategy.

有了這個，我將把電話轉回戴夫，請他對我們的市場趨勢和增長戰略發表評論。

Thank you, Don.

謝謝你，唐。

Well, it's clear that our business is performing at a high level, as we execute on our strategy and maintain a clear focus on operational excellence.

好吧，很明顯，我們的業務表現良好，因為我們執行我們的戰略並保持對卓越運營的明確關注。

Now, for the remainder of the call, I would like to provide some additional perspective on the positive trends in our end markets, and how we positioned the Company to capitalize.

現在，在電話會議的剩餘時間裡，我想就我們終端市場的積極趨勢以及我們如何定位公司以進行資本化提供一些額外的觀點。

By all measures, wireless connectivity is exploding as an enabling technology.

無論如何，無線連接作為一種支持技術正在爆炸式增長。

In fact, this year's CES was a showcase of ground-breaking new devices, leveraging the power of wireless connectivity to enhance our daily lives.

事實上，今年的 CES 展示了突破性的新設備，利用無線連接的力量來改善我們的日常生活。

Much of the excitement at CES was around innovations in the connected car, the automated home, wearable technologies, and previously unimagined new categories like drones, all utilizing and enabling technologies like 4G, like GPS, local area networking, and near-field protocols like ZigBee and bluetooth.

CES 上的大部分興奮都圍繞著聯網汽車、自動化家庭、可穿戴技術以及無人機等以前無法想像的新類別的創新，所有這些都利用和支持 4G 等技術，如 GPS、局域網和近場協議，如ZigBee 和藍牙。

Our overarching mission is to make it effortless for customers to embrace these forms of connectivity, leveraging our decades of experience in mobile to enable more and more devices in adjacent markets to become seamlessly connected.

我們的首要任務是讓客戶毫不費力地接受這些形式的連接，利用我們在移動領域數十年的經驗，讓相鄰市場中越來越多的設備實現無縫連接。

Powering these will be a combination of sensors, micro controllers, and most importantly for Skyworks, connectivity and power management solutions.

為這些提供動力將是傳感器、微控制器的組合，最重要的是 Skyworks、連接和電源管理解決方案。

With a high proportion of analog content and comparatively low digital processing needs.

具有較高比例的模擬內容和相對較低的數字處理需求。

These products require high levels of integration and will need customized solutions, produced in massive scale, at attractive cost points.

這些產品需要高度集成，並且需要以具有吸引力的成本點大規模生產的定制解決方案。

All of these attributes play directly into Skyworks' core strengths.

所有這些屬性都直接體現了 Skyworks 的核心優勢。

In this way, Skyworks is a conduit into the Internet of Things.

通過這種方式，Skyworks 是進入物聯網的管道。

This is an exciting opportunity, but just one of many tailwinds we're capitalizing on today.

這是一個令人興奮的機會，但只是我們今天利用的眾多順風之一。

More broadly, as we enter the calendar year 2015, we see four major trends driving our growth.

更廣泛地說，隨著我們進入 2015 日曆年，我們看到了推動我們增長的四大趨勢。

First, leverage of our leadership in high-performance integrated systems.

首先，利用我們在高性能集成系統方面的領先地位。

In high end connected devices, performance is paramount for our customers to enable seamless, anytime access to on-demand content, social media, streaming services, and cloud data.

在高端連接設備中，性能對於我們的客戶來說至關重要，因為它可以隨時隨地無縫訪問點播內容、社交媒體、流媒體服務和雲數據。

At the same time, technical challenges like band proliferation, like the adoption of advanced uplink architectures, and the implementation of 802.11 AC and precision location services are resulting in an explosion in analog complexity, and the net result for Skyworks is an expanding addressable market, significantly outpacing unit growth.

與此同時，頻段擴散等技術挑戰，如採用先進的上行鏈路架構，以及 802.11 AC 和精確定位服務的實施正在導致模擬複雜性的爆炸式增長，而 Skyworks 的最終結果是不斷擴大的可尋址市場，顯著超過單位增長。

Second, enabling connectivity in emerging markets.

第二，在新興市場實現互聯互通。

We see tremendous opportunities for 4G devices in markets like China, India, Latin America, and Eastern Europe, where broadband penetration rates are low, and population densities are high.

我們在中國、印度、拉丁美洲和東歐等寬帶普及率低、人口密度高的市場看到了 4G 設備的巨大機遇。

Strategy Analytics estimates that smartphone shipments into India alone will grow at 40% compounded rate through the year 2020.

Strategy Analytics 估計，到 2020 年，僅印度的智能手機出貨量就將以 40% 的複合速度增長。

This new generation of devices is replacing a global install base of billions of 2G voice-only phones, where we have minimal addressable content.

新一代設備正在取代全球數十億部 2G 純語音電話的安裝基礎，我們在這些電話中可尋址的內容最少。

Over the next few years, we see significantly increased content opportunities in these markets, driven by more stringent performance requirements, and much higher complexity.

在接下來的幾年裡，在更嚴格的性能要求和更高的複雜性的推動下，我們看到這些市場的內容機會顯著增加。

Third, cultivating the Internet of Things.

三是培育物聯網。

Market analysts estimate that the number of connected devices is poised to explode over the next five years.

市場分析師估計，連接設備的數量將在未來五年內呈爆炸式增長。

Analysts project that the machine-to-machine connections alone will increase four-fold through 2020, accounting for nearly 800 million connections, adding to our other opportunities in the connected home, in wearables and other markets.

分析人士預測，到 2020 年，僅機器對機器的連接將增加四倍，連接數接近 8 億，這增加了我們在互聯家庭、可穿戴設備和其他市場的其他機會。

These applications all rely heavily on efficient connectivity solutions, providing incremental new growth opportunities for Skyworks, and enhancing our diversification, while dramatically expanding our served addressable markets.

這些應用程序都嚴重依賴高效的連接解決方案，為 Skyworks 提供增量新的增長機會，增強我們的多元化，同時顯著擴展我們服務的潛在市場。

And finally, aggressively expanding into new vertical markets.

最後，積極拓展新的垂直市場。

We're investing heavily to increase our market footprint in traditional analog segments like automotive, like medical, and industrial.

我們正在大力投資以擴大我們在汽車、醫療和工業等傳統模擬領域的市場份額。

These are highly attractive markets for us, characterized by longer product lifecycles, fewer competitors and higher margins.

這些對我們來說是極具吸引力的市場，其特點是產品生命週期更長、競爭對手更少、利潤率更高。

These new growth verticals outside of mobile remain a strategic priority for us, and we are investing significant resources in building out our presence in these markets.

這些移動以外的新增長垂直領域仍然是我們的戰略重點，我們正在投入大量資源來建立我們在這些市場的影響力。

These elements of our strategy have enabled us to consistently expand our served markets, and to significantly outpace the growth of the semiconductor industry, while offsetting the seasonal trends at the mobile market.

我們戰略的這些要素使我們能夠不斷擴大我們所服務的市場，並顯著超過半導體行業的增長，同時抵消了移動市場的季節性趨勢。

So in closing, we're quite optimistic about our prospects for the remainder of 2015 and beyond.

所以最後，我們對 2015 年剩餘時間及以後的前景相當樂觀。

We've created a unique business model, combining strong, consistent top line growth with the financial returns of a best-in-class diversified analog company.

我們創造了一種獨特的商業模式，將強勁、持續的收入增長與一流的多元化模擬公司的財務回報相結合。

And we've established a solid track record of delivering on that vision to produce superior financial returns.

我們已經建立了實現這一願景以產生卓越財務回報的可靠記錄。

This concludes our prepared remarks.

我們準備好的評論到此結束。

Operator, let's open the lines, please.

接線員，請打開線路。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Harsh Kumar of Stephens.

您的第一個問題來自斯蒂芬斯的 Harsh Kumar。

Please go ahead.

請繼續。

First of all, congratulations.

首先，恭喜。

Stellar quarter.

恆星季度。

Stellar guide.

恆星指南。

And special congratulations on hitting that 35% mark.

特別祝賀你達到了 35% 的大關。

That's like the gold standard in the semi business.

這就像半導體行業的黃金標準。

Thank you.

謝謝你。

I just wanted to say, your numbers in March, your guidance in march is better than seasonal.

我只是想說，你三月份的數字，你三月份的指導比季節性的要好。

I guess if there was any overarching reason why that is so, if you would just give us some color around that?

我想這是否有任何首要原因，如果你能給我們一些顏色？

Yes, thank you very much.

是的謝謝你。

Some of the assumptions in our Q2 guidance that allow us to offset seasonality are first, our broad markets products and the aggregate of all of our vertical markets are much less than seasonal, so that's helping.

我們第二季度指南中允許我們抵消季節性的一些假設首先是，我們的廣泛市場產品和我們所有垂直市場的總量遠低於季節性，所以這很有幫助。

We're seeing new opportunities that we're ramping, specifically in the connected home, significant wearables products, in fact.

事實上，我們看到了我們正在增加的新機會，特別是在互聯家庭、重要的可穿戴產品方面。

We also have some customers that are starting to ramp new mobile platforms for 2015 and they are doing so in the March quarter.

我們也有一些客戶開始在 2015 年推出新的移動平台，他們在 3 月季度開始這樣做。

So we're seeing content gains.

所以我們看到了內容收益。

We're seeing more high value-added analog systems, both in the mobile and in non-mobile, and that's helping Q2.

我們在移動設備和非移動設備中看到了更多高附加值的模擬系統，這對第二季度有所幫助。

Great.

偉大的。

As a follow-up, if you look beyond March, I think one of your customers had a pretty substantial ramp.

作為後續行動，如果您展望 3 月之後，我認為您的一位客戶有相當大的增長。

As you look beyond March, I'm not asking you to give color, but maybe some -- I'm not asking you to give numbers, but just some color.

當你展望三月之後，我不是要你給出顏色，但也許是一些——我不是要你給出數字，而只是一些顏色。

What would be the puts and takes on growth, let's say in the June and the September quarter and the rest of the year?

假設在 6 月和 9 月季度以及今年剩餘時間，增長的看跌期權和承擔額是多少？

Well, that's a good question.

嗯，這是個好問題。

Obviously, we don't provide guidance for the year, but if you look at our Q1 results and add our Q2 guidance, we're well over 50% top line growth through the first half.

顯然，我們不提供今年的指導，但如果您查看我們的第一季度業績並添加我們的第二季度指導，我們在上半年的收入增長超過 50%。

And so, if one were to take normal seasonal patterns for the rest of the year, and our track record of growing faster than market, we're looking at a very attractive, we think another high growth 2015.

因此，如果一個人在今年剩下的時間裡採用正常的季節性模式，並且我們的增長速度快於市場，我們正在尋找一個非常有吸引力的，我們認為 2015 年的另一個高增長。

Of course we've got strong visibility today, because we're actually ramping programs now.

當然，我們今天的知名度很高，因為我們現在實際上正在增加計劃。

So I think the positive dynamics that are going to continue to fuel this above-market performance for us, we'll continue to see big content gains in mobile and connectivity, particularly 4G and 11 AC, by the way.

因此，我認為積極的動力將繼續為我們帶來高於市場的表現，順便說一下，我們將繼續看到移動和連接方面的巨大內容收益，特別是 4G 和 11 AC。

We continue to see a small number of competitors and consolidation of share favoring those companies and led by Skyworks that can do a complete overall solution.

我們繼續看到少數競爭對手和份額整合有利於這些公司，並由 Skyworks 領導，可以提供完整的整體解決方案。

And our broad markets and vertical segments continue to outperform.

我們廣闊的市場和垂直細分市場繼續表現出色。

I think all of these will play out not only in Q1, Q2, but over the long haul.

我認為所有這些不僅會在第一季度、第二季度發揮作用，而且會在長期內發揮作用。

Okay, thank you.

好的謝謝你。

Your next question is from the line of Rick Schafer of Oppenheimer.

您的下一個問題來自奧本海默的 Rick Schafer。

Please go ahead.

請繼續。

Great, thanks.

太謝謝了。

I'll add my congratulations Nice job on the quarter.

我將祝賀本季度的出色工作。

I had a quick follow-up question, just kind of talking about the, or looking at what you guys sort of expect to see or what your expectations are for content increases this year with your two top wireless customers?

我有一個快速的後續問題，只是談論一下，或者看看你們期待看到什麼，或者你們對今年與你們的兩個頂級無線客戶的內容增加的期望是什麼？

As well as China and emerging markets.

以及中國和新興市場。

Is it too early to have a sense of what kind of content increase you could see, at particularly your two largest OEMs?

現在了解您可以看到什麼樣的內容增長還為時過早，尤其是在您的兩家最大的原始設備製造商處？

Okay.

好的。

Well, thanks, Rick.

好吧，謝謝，瑞克。

So obviously we can't comment specifically on customers.

所以顯然我們不能具體評論客戶。

However, in general, these analog architectures are getting much more complex, and that's across our entire customer base.

然而，一般來說，這些模擬架構變得越來越複雜，而且遍及我們的整個客戶群。

And mobile and non-mobile, by the way.

順便說一句，還有移動和非移動。

But in terms of our largest customers, this provides a tailwind for us.

但就我們最大的客戶而言，這為我們提供了順風。

We have consistently more addressable content with each successive design.

我們在每個連續的設計中始終擁有更多可尋址的內容。

And in fact, we continue to look out two to three years, as we become more of a systems producer, we're engaging very early in architectural selection.

事實上，我們會繼續觀察兩到三年，隨著我們成為更多的系統生產商，我們很早就參與了架構選擇。

So we have very good visibility in terms of how the architectures are going.

因此，我們對架構的進展情況有很好的了解。

And so I guess I would say that our clearly stated goal has been for a long time, is to gain content with each model, and as an incumbent, we've been very successful at maintaining and in fact growing our footprint.

所以我想我會說，我們明確聲明的目標已經很長時間了，就是為每個模型獲得內容，作為現任者，我們在維護和實際上擴大我們的足跡方面非常成功。

And that's aided, of course, by complexity that all of our customers need help in solving, particularly on the analog side, and that's our strength.

當然，這得益於我們所有客戶都需要幫助解決的複雜性，尤其是在模擬方面，這就是我們的優勢。

Maybe Liam could comment on China?

也許利亞姆可以評論中國？

Sure, Rick.

當然，瑞克。

This is Liam on China.

這是利亞姆談中國。

If you look at the China dynamic, we are very excited about the LTE opportunities this year.

如果你看看中國的動態，我們對今年的 LTE 機會感到非常興奮。

We've seen an LTE number in China that was probably about 92 million or so.

我們已經看到中國的 LTE 數量可能約為 9200 萬左右。

We think that number could go up 2X, maybe 3X over the next 12 months.

我們認為這個數字可能會在未來 12 個月內增長 2 倍，甚至可能增長 3 倍。

Here, we have an opportunity to bring in our multimode system solutions.

在這裡，我們有機會引入我們的多模系統解決方案。

Invariably, there's Wi-Fi, there's GPS, there's power management, very content-rich opportunities.

總是有 Wi-Fi、GPS、電源管理和內容豐富的機會。

Then adjacent to that, you mention emerging markets.

然後與此相鄰，您提到新興市場。

There's yet another set of developing markets that are looking for their first wave of connectivity.

還有另一組正在尋找第一波連接的發展中市場。

We support that and often times that could be $2 to $3 of incremental content, in markets where there really was no subscriber.

我們支持這一點，而且在真正沒有訂閱者的市場中，這通常可能是 2 到 3 美元的增量內容。

We're excited about both of those opportunities.

我們對這兩個機會都感到興奮。

It's early for that cycle to evolve.

這個週期的發展還為時過早。

Great, and just switching gears onto auto, I know Dave mentioned auto in his prepared remarks.

太好了，只是將檔位切換到汽車上，我知道戴夫在準備好的講話中提到了汽車。

Can you give us an idea, I guess, maybe what you're targeting or how you look at growth in that business, whether it's this year or the next couple of years, however you're comfortable talking about it?

你能給我們一個想法，我猜，也許你的目標是什麼，或者你如何看待該業務的增長，無論是今年還是未來幾年，但你願意談論它嗎？

In terms of are you going to outgrow the auto unit market by 2 or 3X, just some kind of target on what kind of growth rates we could see there, and actually what's primarily driving growth there for you?

就你是否打算將汽車市場增長 2 倍或 3 倍而言，只是一些關於我們可以在那裡看到什麼樣的增長率的目標，實際上是什麼主要推動了你的增長？

Sure.

當然。

As we've outlined with CES, and as you've seen with some of the new models that have been released, connectivity, infotainment, all a big part of the auto story.

正如我們在 CES 中所概述的那樣，正如您在一些已發布的新車型中所看到的那樣，連接性、信息娛樂性都是汽車故事的重要組成部分。

So what we've been doing so far is really leveraging our strength in SOI switching, in GPS technology, and in Wi-Fi technology, and leveraging some of the great tech products that we've built through our mobile portfolio.

所以到目前為止，我們所做的實際上是利用我們在 SOI 切換、GPS 技術和 Wi-Fi 技術方面的優勢，並利用我們通過移動產品組合構建的一些偉大的技術產品。

And we're growing that business quite well.

我們正在很好地發展這項業務。

We have initiatives to further increase content.

我們有進一步增加內容的舉措。

We're looking at unique solutions, even some cellular-based solutions are entering into automotive.

我們正在尋找獨特的解決方案，甚至一些基於蜂窩的解決方案正在進入汽車領域。

We look at that as a key part of the IoT portfolio.

我們將其視為物聯網產品組合的關鍵部分。

We have design wins with companies that we named here in the call, and we think that's going to continue to proliferate.

我們在電話會議中命名的公司贏得了設計勝利，我們認為這將繼續激增。

And we're excited about it, we have dedicated teams working that market as well, and we'll report more to you as the quarters transpire.

我們對此感到興奮，我們也有專門的團隊在該市場工作，隨著季度的發展，我們將向您報告更多信息。

Thank you.

謝謝你。

And the next question comes from the line of Vivek Arya of Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Vivek Arya。

Please go ahead.

請繼續。

Thank you for taking my question.

謝謝你接受我的問題。

Dave, when you look at the high end of the market in mobile phones, I think there's a perception that perhaps overall content might have saturated, because these phones already have so many LTE bands, and it's just not possible to grow anymore bands.

戴夫，當你看到手機市場的高端時，我認為可能整體內容可能已經飽和，因為這些手機已經擁有如此多的 LTE 頻段，而且不可能再增加頻段了。

What are you seeing on the ground?

你在地上看到了什麼？

What do you think can help to drive content up, even in the high end phones?

您認為什麼可以幫助提升內容，即使是在高端手機中？

So even if, let's say, units decelerate or are flattish, you could still see growth even on the high end of the market?

所以即使，比如說，單位減速或持平，即使在高端市場，你仍然可以看到增長？

Yes, thank you, Vivek.

是的，謝謝你，維維克。

It's a little bit of a complicated question.

這是一個有點複雜的問題。

I would say from a band standpoint into the foreseeable future, and I'm talking a few years out, we don't see any trend that is narrowing the number of bands.

我會說從樂隊的角度來看，在可預見的未來，我說的是幾年後，我們看不到任何縮小樂隊數量的趨勢。

And in fact, we see the opposite.

事實上，我們看到的恰恰相反。

If you pay attention to some of the auctions that are occurring right now for spectrum, I mean, they are moving higher and higher in frequency, on narrow bandwidths.

如果你關註一些目前正在發生的頻譜拍賣，我的意思是，它們在窄帶寬上的頻率越來越高。

I think that's going to drive a lot of complexity and the higher in frequency you go, by the way, the more differentiated the kinds of technologies we can produce are.

我認為這會帶來很多複雜性，而且頻率越高，順便說一句，我們可以生產的技術就越有差異化。

So that's a very good trend for us.

所以這對我們來說是一個非常好的趨勢。

That implies complex switching, complex amplification, filtering, and so on.

這意味著複雜的開關、複雜的放大、濾波等等。

On the receive side, by the way, now it's becoming equally important to have more and more of it streaming.

順便說一句，在接收端，現在讓越來越多的流媒體傳輸變得同樣重要。

So we're starting to see downlink architectures get very complicated.

所以我們開始看到下行鏈路架構變得非常複雜。

That's adding a lot of content in the next five years, we think, because it isn't just that you're transmitting all the time, you're actually streaming.

我們認為，這將在未來五年內增加大量內容，因為不僅僅是你一直在傳輸，你實際上是在流式傳輸。

So the performance of the battery, the bandwidth and so on is very important, how the antenna plays in that environment.

所以電池的性能、帶寬等非常重要，天線在那個環境中的表現如何。

And remember, Vivek, Skyworks is a little unique, because as, for example, as connectivity moves to AC and multiple modes of backward compatibility and Wi-Fi, that's a real strength of ours.

請記住，Vivek、Skyworks 有點獨特，因為例如，隨著連接轉移到 AC 以及向後兼容和 Wi-Fi 的多種模式，這是我們真正的優勢。

We're the leader in that space.

我們是該領域的領導者。

Power management and the voltage that these devices see is important, so we have a suite of power management devices.

電源管理和這些設備看到的電壓很重要，因此我們有一套電源管理設備。

We're in the camera flash, particularly in dual and high performance, and so on.

我們在相機閃光燈，特別是雙和高性能，等等。

So our systems capability is serving us very well.

因此，我們的系統能力為我們提供了很好的服務。

I think it would be a mistake to interpret the current suite of phones as being some kind of a high point in band proliferation.

我認為將當前的手機套件解釋為頻段擴散的某種高點是錯誤的。

I don't think there's anything that can stop that for the next several years.

在接下來的幾年裡，我認為沒有什麼可以阻止這種情況。

Got it.

知道了。

Very useful.

很有用。

And then as my follow-up, more on the operational and the supply chain side, you're growing at this 50% rate, probably seven to eight times the broader semiconductor industry, and I'm wondering, do you see any supply constraints on that growth?

然後作為我的後續行動，更多的是在運營和供應鏈方面，你正以 50% 的速度增長，可能是更廣泛的半導體行業的七到八倍，我想知道，你是否看到任何供應限制關於那個增長？

How are your front end and back end facilities owning up and supporting this kind of growth?

您的前端和後端設施如何擁有和支持這種增長？

Thank you.

謝謝你。

Well, if you look at our CapEx the last couple of years, you can see that we've had to grow our capacity.

好吧，如果你看看我們過去幾年的資本支出，你會發現我們不得不增加我們的能力。

We've done that significantly.

我們在這方面做得很出色。

We've maintained our flexible model where we have outsource partners for all of our critical processes and cooling, assembly and test and so on.

我們一直保持我們的靈活模式，我們的所有關鍵流程和冷卻、組裝和測試等都有外包合作夥伴。

So I -- we've made provisions for that.

所以我 - 我們已經為此做好了準備。

We have the capacity.

我們有能力。

Our on-time delivery remains very high.

我們的準時交貨率仍然很高。

I think we're all set, but we've had to make a significant investment over the last several quarters.

我認為我們都準備好了，但我們不得不在過去幾個季度進行重大投資。

Vivek, you look, we spent $200 million last year and we had $87 million from Q1, so it's, as Dave said, it's spending the CapEx to maintain that right ratio and those products that we do both internally and externally.

Vivek，你看，我們去年花費了 2 億美元，我們從第一季度獲得了 8700 萬美元，所以正如戴夫所說，它花費了資本支出來維持正確的比率以及我們在內部和外部所做的那些產品。

Remember, we outsource a significant percentage of our products.

請記住，我們將很大一部分產品外包。

The SOI products for power management, we run fabless.

用於電源管理的 SOI 產品，我們運行無晶圓廠。

So it's a nice balance, and we feel very comfortable about our ability to get products.

所以這是一個很好的平衡，我們對我們獲得產品的能力感到非常自在。

Vivek, I would make one final comment.

維韋克，我會做最後的評論。

The other piece in the last couple quarters, you've seen a significant investment in filter capacity.

在過去幾個季度的另一部分中，您已經看到了對過濾器容量的重大投資。

Our high performance temp comp duplexers, we're on track now to ship a billion in 2015.

我們的高性能臨時復合雙工器，我們現在有望在 2015 年出貨 10 億美元。

A billion.

十億。

And we're in good shape to do that as well.

我們也處於很好的狀態。

So we're -- we know how to do this, but it's a lot of capacity, I will admit.

所以我們 - 我們知道如何做到這一點，但這是很大的容量，我承認。

Thank you.

謝謝你。

Next question from the line of Sid Sinha of Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Sid Sinha。

Please go ahead.

請繼續。

Great, thanks for taking my questions, and congratulations on the strong results.

太好了，感謝您提出我的問題，並祝賀您取得了不錯的成績。

Dave, one of your leading Korean customers is trying to reduce the number of SKUs on handset models it produces by roughly a third, and focus perhaps more on super-regional phones.

Dave，您的一位主要韓國客戶正試圖將其生產的手機型號的 SKU 數量減少大約三分之一，並可能更多地關注超區域手機。

I interpret this as more content for Skyworks as these phones should not support more regional bands and frequencies.

我將此解釋為 Skyworks 的更多內容，因為這些手機不應支持更多區域頻段和頻率。

Is that a fair assessment?

這是一個公平的評價嗎？

Yes, I'll let Liam address that.

是的，我會讓利亞姆解決這個問題。

Yes, sure.

是的，當然。

I understand what you're alluding to there.

我明白你在暗示什麼。

What we are seeing with one of our larger customers is a move towards fewer SKUs, but the SKUs that are being provided are much more complex, and will handle more of a broader geography.

我們看到我們的一個大客戶正在向更少的 SKU 邁進，但所提供的 SKU 要復雜得多，並且將處理更廣泛的地理區域。

That's actually a great trend for us.

這對我們來說實際上是一個大趨勢。

That's what we do best.

這就是我們最擅長的。

We integrate solutions.

我們整合解決方案。

We're able to provide the breadth of not only the amplification, but the filtering, the power management switching, and the Wi-Fi.

我們不僅能提供放大功能，還能提供濾波、電源管理切換和 Wi-Fi。

So we see an opportunity uniquely with this customer now to gain significant content, platform over platform, and enable what we think to be a step up in functionality and performance on their end.

因此，我們現在看到了這個客戶獨特的機會，可以在平台上獲得重要的內容、平台，並實現我們認為的功能和性能的提升。

We're excited about it.

我們對此感到興奮。

You are on to that by your question, and we're seeing that coming to fruition this year.

你的問題是關於這一點的，我們看到今年將取得成果。

Great, thanks.

太謝謝了。

And just a follow-up to that question.

只是對這個問題的跟進。

The very same way you are facing competitive market dynamics from the Chinese smartphone OEM base.

同樣，您也面臨著來自中國智能手機 OEM 基地的競爭激烈的市場動態。

I guess simple way to ask, if the Chinese smartphone makers gain share from some of your existing non-Chinese android customers, would that in totality be a net positive or negative or neutral for Skyworks?

我想問一個簡單的方法，如果中國智能手機製造商從您現有的一些非中國 Android 客戶那裡獲得份額，那總體上對 Skyworks 來說是積極的還是消極的或中性的？

Well, actually, I think it's a net positive.

嗯，實際上，我認為這是一個淨積極因素。

We're starting to see a tremendous growth here in China.

我們開始在中國看到巨大的增長。

We talked about that in a prior question.

我們在之前的問題中談到了這一點。

You're seeing names like Xiaomi and OPPO and TCL and Lenovo that are executing very well in China, which is a huge market, but they are also delivering some compelling solutions into another set of emerging markets outside of China, so we're benefiting from that and we think the unit volume opportunity there, coupled with content gains, is a real compelling driver for us.

你會看到像小米、OPPO、TCL 和聯想這樣的公司在中國這個巨大的市場表現得非常好，但他們也在為中國以外的另一組新興市場提供一些引人注目的解決方案，所以我們從中受益由此，我們認為那裡的單位數量機會，加上內容收益，對我們來說是一個真正引人注目的驅動力。

And that will be around here for many years.

這將在這裡存在很多年。

Thank you.

謝謝你。

Next question, from the line of Anthony Stoss of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Anthony Stoss。

Please go ahead.

請繼續。

My congrats as well to all Skyworks employees.

我也祝賀 Skyworks 的所有員工。

Two parts.

兩部分。

If you could talk a bit more on what you're seeing on the infrastructure side, what you saw in December, and what you might think infrastructure-related business, up, down, or flat in the March quarter?

如果您可以多談談您在基礎設施方面看到的情況，您在 12 月看到的情況，以及您認為與基礎設施相關的業務在 3 月季度的上漲、下跌還是持平？

And then more of a bigger picture, Dave, now that it seems like the handful of the RF players in this space are all playing within their subsegments.

然後是更大的圖景，戴夫，現在看來這個領域的少數 RF 玩家都在他們的細分市場中玩。

Are you seeing less pricing pressure overall now than you did, say, a couple years ago, since everybody seems to be doing well and focused on their niches?

您現在看到的總體定價壓力是否比幾年前要小，因為每個人似乎都做得很好並專注於他們的利基市場？

Thanks.

謝謝。

I'll answer that, and then Liam can talk about infrastructure.

我會回答這個問題，然後 Liam 可以談談基礎設施。

I will say that we continue to see dramatic changes in the competitive dynamics in the market, for a couple of reasons.

我會說，出於幾個原因，我們繼續看到市場競爭動態的巨大變化。

One is that, the simple reality is that, our customers don't want, in fact many cases don't know what to do with discrete components.

一是，簡單的現實是，我們的客戶不想要，實際上很多情況下不知道如何處理分立元件。

Even the best in breed companies with whom we used to compete are unable to compete, many of them, in these advanced system architectures.

即使是我們曾經與之競爭的最優秀的公司也無法與這些先進的系統架構競爭，其中許多公司。

That's allowing us to capture content, simply because we have a solution, a breadth of product, and we have scale in this solution dynamic.

這讓我們能夠捕獲內容，僅僅是因為我們有一個解決方案、一個產品的廣度，並且我們在這個解決方案動態中具有規模。

We understand it, we approach it as a system, not as a bag of chips, if you will.

我們理解它，我們將其視為一個系統，而不是一袋籌碼，如果您願意的話。

That's helping us.

這對我們有幫助。

So we see consolidation of share, with or without consolidation of companies.

因此，我們看到了股份合併，無論是否合併公司。

Where we have seen consolidation that you alluded to, is actually I think healthy long-term for the market, because I'm really encouraged to see a reduction in underutilized manufacturing assets.

我們看到你提到的整合，實際上我認為對市場來說是長期健康的，因為看到未充分利用的製造業資產減少，我真的很受鼓舞。

Where we've seen some of these RF companies come together, that seems to be the trend, which is to shutter underutilized assets in the form of foundries, and so on, consolidate design centers.

我們已經看到其中一些射頻公司走到一起，這似乎是一種趨勢，即以代工廠等形式關閉未充分利用的資產，整合設計中心。

So we're finding it making it easier for us to hire the absolute best in breed engineers, and we're certainly seeing less -- a more rational environment from a pricing standpoint.

所以我們發現它讓我們更容易僱傭絕對最好的品種工程師，而且我們當然看到的更少——從定價的角度來看，這是一個更合理的環境。

I would put it that way.

我會這樣說。

Sure, and with respect to infrastructure, we are seeing that market slowly improve, commensurate with the increases in LTE developments and increasing data rates and demand for streaming and services.

當然，在基礎設施方面，我們看到市場在緩慢改善，這與 LTE 發展的增長、數據速率的提高以及對流媒體和服務的需求相稱。

Some of the beneficiaries that we see that we also supply to, companies like Nokia-Siemens, Huawei, Ericsson, ZTE, all now are starting to show vibrant signs of demand going into 2015, and even into 2016 in long-term forecasts.

我們看到我們還向諾基亞西門子、華為、愛立信、中興通訊等公司供貨的一些受益者，現在都開始顯示出充滿活力的需求跡象，進入 2015 年，甚至在長期預測中甚至進入 2016 年。

So that market, as we've outlined in the past, is a margin-rich portfolio for Skyworks.

因此，正如我們過去所概述的那樣，這個市場對於 Skyworks 來說是一個利潤豐厚的投資組合。

It's a big part of our story in broad market, and we're looking forward to rolling out some new design wins here this year.

這是我們在廣闊市場中故事的重要組成部分，我們期待今年在這裡推出一些新的設計勝利。

Thank you.

謝謝你。

Next question from the line of Tim Long of BMO Capital Markets.

BMO Capital Markets 的 Tim Long 提出的下一個問題。

Please go ahead.

請繼續。

Tim Long, your line is open.

蒂姆朗，你的電話是開放的。

We'll move on, operator.

我們繼續前進，接線員。

Okay, thank you.

好的謝謝你。

Next question is from the line of Cody Acree of Ascendiant Capital.

下一個問題來自 Ascendiant Capital 的 Cody Acree。

Please go ahead.

請繼續。

Thanks for taking my questions, and congratulations.

感謝您提出我的問題，並祝賀您。

Maybe if we can look at a split of revenue to the best you can, the details that you can give us on handset versus non-handset.

也許如果我們可以盡可能地查看收入分配，您可以向我們提供有關手機與非手機的詳細信息。

Obviously, the March quarter is much better than seasonal, and to the extent maybe you can give us a mix split, that's helping to drive that?

顯然，三月季度比季節性要好得多，在某種程度上，也許你可以給我們一個混合拆分，這有助於推動這一點？

Well, I think clearly December marks a high point in terms of the amount of mobile revenue you see, because obviously that's where you see some big programs ramping.

好吧，我認為 12 月顯然標誌著您看到的移動收入數量的一個高點，因為顯然這就是您看到一些大型項目加速發展的地方。

Our March guidance is to be much less than seasonal, as we expect a strong March quarter, and that will be driven by a lot of broad market activity, there will be some mobile phones launching, but in general, the outperformance there is broad market based.

我們的 3 月份指導遠低於季節性，因為我們預計 3 月份季度表現強勁，這將受到大量廣泛市場活動的推動，將會有一些手機發布，但總的來說，市場表現出色基於。

You'll see a reduction in mobile volume and an increase in broad market and vertical markets.

您會看到移動量減少，而廣闊市場和垂直市場增加。

Within mobile, where we're seeing by far the greatest strength is in these integrated system solutions, the power amplifier duplexers, SkyOne, Wi-Fi based products, power management, and the like.

在移動領域，我們目前看到的最大優勢在於這些集成系統解決方案、功率放大器雙工器、SkyOne、基於 Wi-Fi 的產品、電源管理等。

I hope that answers your question.

我希望這能回答你的問題。

Well, Dave, I guess as you look into -- really through the first half, are you seeing the non-handset markets grow as quickly as you're seeing opportunities for the handsets in units, or are you just seeing numerous new applications coming in that are driving that?

好吧，戴夫，我想當你調查時——真的是在上半年，你是否看到非手機市場的增長速度與你看到手機單元的機會一樣快，或者你只是看到大量新應用的出現在那開車那？

And then I would also like to get maybe your view on the inventory health as we wrap up the year, both China and non-China handsets.

然後我還想了解一下您對今年結束時庫存狀況的看法，包括中國和非中國手機。

Well, Cody, I think if you look at our last quarter, our year-over-year growth in broad markets was about 26%.

好吧，科迪，我想如果你看看我們上個季度，我們在廣泛市場的同比增長率約為 26%。

We've been growing that business 25% to 30%, which is far greater than anybody's estimation of what broad market semiconductor content is growing.

我們一直在將該業務增長 25% 到 30%，這遠遠超過任何人對廣泛市場半導體內容增長的估計。

We're doing it with connectivity.

我們正在通過連接來做到這一點。

We're doing it in the home.

我們在家裡做。

We're doing it in the automobile.

我們正在汽車上做這件事。

And I expect that to continue.

我希望這種情況會繼續下去。

Now, you know, over time, we see our mix shifting, less discrete power amplifier-like products, more integrated mobile systems within our mobile products, and more and more vertical market and broad market, but we are performing pretty darn well in our mobile business, so we don't see dramatic shifts in that overall split.

現在，你知道，隨著時間的推移，我們看到我們的產品組合發生變化，類似分立式功率放大器的產品越來越少，我們的移動產品中集成的移動系統越來越多，以及越來越多的垂直市場和廣闊市場，但我們在我們的移動業務，所以我們看不到整體分裂的巨大變化。

Okay.

好的。

Thank you.

謝謝你。

Next question from the line of Craig Ellis of B Riley.

B Riley 的 Craig Ellis 的下一個問題。

Please go ahead.

請繼續。

Thank you for taking the questions, and congratulations on the very strong execution.

感謝您提出問題，並祝賀非常強大的執行力。

Dave, I wanted to follow up on the helpful color you provided around calendar 2015 growth drivers.

戴夫，我想跟進你提供的關於 2015 年日曆增長驅動力的有用顏色。

When talking about internet of things and machine-to-machine, you mentioned a number of technologies.

在談到物聯網和機器對機器時，您提到了許多技術。

Clearly, Skyworks is very strong in connectivity, but there are other areas like MCU and sensing, where you can go down different paths, either developing or acquiring that technology, or partnering up.

顯然，Skyworks 在連接性方面非常強大，但在 MCU 和傳感等其他領域，你可以走不同的道路，要么開發或獲取該技術，要么合作。

What makes the most sense for Skyworks longer term?

從長遠來看，什麼對 Skyworks 最有意義？

Well, that's a great question, a complex one again.

嗯，這是一個很好的問題，又是一個複雜的問題。

If you look at some applications, if you open up the hottest-selling thermostats, for example, like Nest, you'll see a module that has a combination of controllers and code that has been provided by a partner where we've added connectivity, switching, filtering to create a module that's really easy for the system to use.

如果您查看一些應用程序，如果您打開最熱銷的恆溫器，例如 Nest，您會看到一個模塊組合了控制器和由我們添加了連接性的合作夥伴提供的代碼，切換，過濾創建一個真正易於系統使用的模塊。

We like that model.

我們喜歡那個模型。

It leverages our strength.

它利用了我們的力量。

We're doing more than -- yes, it's connectivity, but it's also the switching, the antenna tuning, the filtering, and all the logic that drives that -- the adoption of these connected devices in the markets you described.

我們所做的不僅僅是——是的，它是連接性，但它也是開關、天線調諧、過濾和所有驅動這些的邏輯——在你描述的市場中採用這些連接的設備。

We are -- the long-term strategy is not to be a micro controller company.

我們是——長期戰略不是成為一家微控制器公司。

We think that the relatively level of processing horsepower required is nominal, so we think we can partner, acquire and license, frankly, MCU technology.

我們認為所需的相對水平的處理能力是名義上的，因此我們認為我們可以坦率地說，我們可以合作、收購和許可 MCU 技術。

We are looking at investing in various forms of sensing, so you could picture that we have connectivity, analog system wrapped into an MCM that we produce, perhaps in our Mexicali factory with all the requisite componentry, we license an MCU and the piece of the puzzle we're working on very hard right now is how to do the sensing and control.

我們正在考慮對各種形式的傳感進行投資，因此您可以想像我們將連接性、模擬系統封裝到我們生產的 MCM 中，也許在我們的墨西卡利工廠中擁有所有必要的組件，我們許可 MCU 和我們現在正在努力解決的難題是如何進行傳感和控制。

And we're on track to use a couple different approaches, but they will likely be with partners.

我們正在使用幾種不同的方法，但它們可能會與合作夥伴一起使用。

That's helpful.

這很有幫助。

And then I wanted to clarify a related comment that you had.

然後我想澄清你的相關評論。

You indicated that broad market strength is helping to offset seasonality.

您表示，廣泛的市場力量正在幫助抵消季節性因素。

Was that, was that pointedly at the current quarter's outlook, or is that longer term?

是這樣嗎，是對當前季度的前景有針對性，還是長期如此？

Should we expect to see a year from now, relative to historic patterns a little less seasonality from the December quarter into the March quarter?

相對於從 12 月季度到 3 月季度的歷史模式，我們是否應該期望看到一年後的季節性？

I think it's both.

我認為兩者兼而有之。

I think it's both.

我認為兩者兼而有之。

It is clearly the case that the shift from mobile to broad market in Q2 is helping moderate some seasonality.

很明顯，第二季度從移動市場向廣泛市場的轉變有助於緩和一些季節性因素。

If you were, if you were a company focused purely on mobile, purely on high-end mobile, you would see far more seasonality than we're able to see.

如果你是，如果你是一家純粹專注於移動、純粹專注於高端移動的公司，你會看到比我們所能看到的更多的季節性。

If you go back and look last year, the year before that, I would expect you to think this way in years to come, we will be far less seasonal as a result of the diversification of our business model, both within mobile, but outside of mobile.

如果你回頭看看去年，前一年，我希望你在未來幾年也會這樣想，由於我們的商業模式多樣化，無論是在移動端還是在外部，我們的季節性都會大大降低的移動。

Okay.

好的。

Thank you.

謝謝你。

Next question from the line of Edward Snyder of Charter Equity.

Charter Equity 的 Edward Snyder 提出的下一個問題。

Please go ahead.

請繼續。

Dave, clarification, if you will.

戴夫，澄清一下，如果你願意的話。

Have you are or are adding premium filter capacity right now, and will you offer those discrete filters in the open market or are you planning on just consuming all that you build for your own use?

您現在是否正在或正在增加優質過濾器容量，您是否會在公開市場上提供這些離散過濾器，或者您是否打算只使用您構建的所有過濾器供自己使用？

We are, we are more -- in fact, we are significantly more than doubling our filter capacity.

我們是，我們更多——事實上，我們的過濾能力大大增加了一倍以上。

I think we'll probably ship -- our plan is, if not a billion, very close to a billion in 2015.

我認為我們可能會出貨——我們的計劃是，如果不是 10 億，2015 年將非常接近 10 億。

These are all high-performance TC duplexers, high frequency, narrow band.

這些都是高性能的TC雙工器，高頻，窄帶。

We're expanding into new bands that previously weren't addressable by SAW, by temperature compensating with some really slick processes.

我們正在擴展到以前 SAW 無法解決的新頻段，通過一些非常靈活的過程進行溫度補償。

We're doing it across multiple customers and multiple applications, both on the transmit and the receive side.

我們在發送端和接收端都在多個客戶和多個應用程序中進行此操作。

And no, I don't think for the time being we'll offer merchant discrete filters.

不，我認為我們暫時不會提供商家離散過濾器。

Okay, thank you.

好的謝謝你。

Next question, from the line of Vijay Rakesh of Sterne Agee.

下一個問題來自 Sterne Agee 的 Vijay Rakesh。

Please go ahead.

請繼續。

Congratulations on a strong quarter here and good guide.

祝賀這裡的強勁季度和良好的指導。

Looking at your content as you go into 2015, you talked about filters here growing to 1 billion.

進入 2015 年，看看你的內容，你談到這裡的過濾器增長到 10 億個。

Is that also doubling year on year in 2015?

2015年也是同比翻倍嗎？

And how have you been able to improve the opportunity, the performance on SAW or TC SAW versus let's say BAW actually going to the high frequency modes?

與假設 BAW 實際上進入高頻模式相比，您如何能夠改善機會、SAW 或 TC SAW 的性能？

Thanks.

謝謝。

Sure.

當然。

Well, I think when you do a comparison year over year, of course we didn't have that joint venture in-house the prior year.

好吧，我認為當您進行逐年比較時，當然我們在前一年沒有內部合資企業。

But it is true that we are ramping our production substantially.

但確實，我們正在大幅提高產量。

We have customers lined up to consume that capacity.

我們有客戶排隊消耗該容量。

As Dave mentioned, we're going to continue to add capital, and that's going to be a great driver for us.

正如戴夫所說，我們將繼續增加資本，這對我們來說將是一個很好的推動力。

And I think we have an opportunity now to leverage a proprietary temp comp process that will move us up from some of the traditional frequency bands that would be, to remain through SAW or TC SAW and move into areas that allow us to address an even greater set of end devices.

而且我認為我們現在有機會利用專有的臨時補償流程，這將使我們從一些傳統頻段上升，繼續使用 SAW 或 TC SAW，並進入允許我們解決更大問題的領域一組終端設備。

And when we talk about less devices going discretely or today really no devices discretely, what we're saying is these billion filters are enabling system-level solutions.

當我們談論更少的離散設備或今天真正沒有離散設備時，我們所說的是這些十億過濾器正在實現系統級解決方案。

PAD-like solutions.

類似 PAD 的解決方案。

SkyOne-like solutions that have very rich ASPs and a tremendous amount of systems level knowledge and know how that comes in through our team at Skyworks.

類似於 SkyOne 的解決方案具有非常豐富的 ASP 和大量系統級知識，並且知道這些知識是如何通過我們在 Skyworks 的團隊獲得的。

So it's not just the filter, but it's our ability to leverage our gallium arsenide technology, our switching technology, the Mexicali configurability of custom assembly and test house.

所以這不僅僅是濾波器，而是我們利用我們的砷化鎵技術、我們的開關技術、定制組裝和測試室的墨西卡利可配置性的能力。

Bringing all of that together is really special, and we're starting to see the benefits of that today.

將所有這些結合在一起真的很特別，我們今天開始看到這樣做的好處。

Got it.

知道了。

And just moving on to the capital allocation side of it, obviously very strong cash flow and big wads of cash now.

只是轉向它的資本配置方面，顯然非常強勁的現金流和大量的現金。

What do you see in terms of, dividends, share repurchases, or other mandates?

您對股息、股票回購或其他授權有何看法？

Thanks.

謝謝。

Thanks, Vijay.

謝謝，維杰。

Our allocation strategy, I think we've been pretty clear that we're -- and we're going to continue to focus on trying to distribute about 40% of the free cash flow to shareholders.

我們的分配策略，我認為我們已經很清楚我們 - 我們將繼續專注於嘗試將大約 40% 的自由現金流分配給股東。

We returned over 35% in 2014.

2014 年，我們的回報率超過 35%。

We initiated a dividend in 2014, and we've actually increased that in two quarters in 2014.

我們在 2014 年開始派發股息，實際上我們在 2014 年的兩個季度中增加了股息。

And we've repurchased a significant amount of shares.

我們已經回購了大量股票。

We're going to continue to do both of those.

我們將繼續做這兩件事。

As far as the dividend, the model looks really good.

就股息而言，該模型看起來非常好。

Earnings look good.

收益看起來不錯。

At a minimum, we're going to look at adjustments to that on an annual basis.

至少，我們將每年對其進行調整。

That's at a minimum.

這是最低限度的。

So we like -- having a strong cash balance gives us a competitive advantage.

所以我們喜歡 - 擁有強大的現金餘額給我們帶來了競爭優勢。

We like being in that position.

我們喜歡處於那個位置。

Okay, and the next question is from the line of Steve Smigie of Raymond James.

好的，下一個問題來自 Raymond James 的 Steve Smigie。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks a lot.

非常感謝。

I was hoping you could talk a little bit about market share in terms of units of handsets that you're on, and some dynamics around that, such as LTE increases as a percentage of the mix, does that suggest you might gain share as you're typically providing some higher-performance solutions?

我希望你能談談你所使用的手機單元的市場份額，以及圍繞這一點的一些動態，比如 LTE 作為組合的百分比增加，這是否表明你可能會隨著你的手機獲得份額'通常提供一些更高性能的解決方案？

Or is it, as you see, maybe a proliferation of more customers, like more Chinese handset guys, is it difficult to have the resources to keep up with all the new players there?

還是如您所見，可能是更多客戶的激增，比如更多的中國手機廠商，很難有資源跟上所有新玩家的步伐？

So hoping you could talk about your market share potential from a unit basis.

所以希望你能從單位的角度談談你的市場份額潛力。

Thanks.

謝謝。

I think it's a little hard to answer, because if you, if you look at our product portfolio within smartphones, there aren't very many smartphones -- there are no smartphone manufacturers where we don't have a position.

我認為這有點難以回答，因為如果你看看我們在智能手機中的產品組合，就會發現智能手機並不多——沒有智能手機製造商我們沒有一席之地。

And in fact, there aren't very many smartphone platforms in the world today where we don't have something.

事實上，當今世界上沒有多少智能手機平台沒有我們的東西。

The real -- so they are so complex, it isn't like you have 30% PA share or whatever, that's not the case.

真實的——所以它們是如此復雜，不像你擁有 30% 的 PA 份額或其他什麼，事實並非如此。

We're participating with virtually everybody and on every baseband platform.

我們幾乎與每個人在每個基帶平台上都參與其中。

So some cases like MediaTek where we'll go to a broad market, we're on that platform and we gain a lot of content and pull-through by working together with, for example, the indigenous subset of China customers.

所以像聯發科這樣的案例，我們將進入廣闊的市場，我們在那個平台上，通過與中國本土客戶的合作，我們獲得了很多內容和拉動效應。

So for us, it's more about more content.

所以對我們來說，更多的是更多的內容。

Now, the tailwind is that there is more content period to given complexities.

現在，順風是給定的複雜性有更多的內容週期。

There's more Wi-Fi, more modes of Wi-Fi, there's more bands, there's more filtering, there's more downlink architectures, more need for power and voltage management.

有更多的 Wi-Fi、更多的 Wi-Fi 模式、更多的頻段、更多的過濾、更多的下行鏈路架構、對電源和電壓管理的更多需求。

So that trend is going to happen anyways, and what's helping us in addition to that tailwind is that we see consolidation of share benefiting us, because our customers simply aren't going to the traditional discrete customer base any longer.

所以這種趨勢無論如何都會發生，除了順風之外，對我們有幫助的是，我們看到了份額的整合使我們受益，因為我們的客戶根本不會再去傳統的離散客戶群了。

They are looking for a system solution that may be a complicated set of integrated circuits, integrated in a multichip module with filtering and passives.

他們正在尋找一種系統解決方案，它可能是一組複雜的集成電路，集成在帶有濾波和無源器件的多芯片模塊中。

That's what we think we do better than anybody in the world.

這就是我們認為我們比世界上任何人都做得更好的事情。

It's those two things.

就是這兩點。

It's share capture by virtue of our system solution, our strong customer relationships, and it's a tailwind of content continuing to increase.

這是憑藉我們的系統解決方案、我們強大的客戶關係獲得的份額，並且是內容不斷增加的順風。

Okay, thanks.

好的謝謝。

And just a question on fully integrated solutions.

只是一個關於完全集成解決方案的問題。

Could you talk about what a 2015 SkyOne solution might incorporate?

您能否談談 2015 SkyOne 解決方案可能包含哪些內容？

I realize you have shared multiple wins but they are not all the same.

我意識到您已經分享了多次勝利，但它們並不完全相同。

Is it you're putting three power amplifiers, two filters, switch, something in there?

是不是你在裡面放了三個功率放大器、兩個濾波器、開關之類的東西？

Just give us a sense of what you've had in terms of -- just get some sense of the complexity of what you're building for 2015?

讓我們了解一下您的經歷——了解一下您為 2015 年構建的內容的複雜性？

Sure, Steve.

當然，史蒂夫。

Absolutely.

絕對地。

SkyOne is really becoming a mainstream part of our portfolio.

SkyOne 正在真正成為我們產品組合的主流部分。

As you've outlined and what we've learned is that one size does not fit all.

正如您所概述的，我們了解到的是，一種尺寸並不適合所有人。

And our ability to customize and configure account by account has been critical to our success.

我們逐個賬戶自定義和配置的能力對我們的成功至關重要。

So we have SkyOne solutions that could be six or seven bands with multiple filters, with power management, some switching, of course, all integrated with a very rich ASP.

所以我們有 SkyOne 解決方案，可以是六或七波段，帶有多個濾波器，帶有電源管理，一些開關，當然，所有這些都與非常豐富的 ASP 集成。

We could find some customers that want very specific regional SKUs, where you might have three or four filters and three or four frequency bands of amplification with maybe some receive side technology and some power.

我們可以找到一些需要非常特定區域 SKU 的客戶，您可能有三到四個濾波器和三到四個放大頻帶，可能還有一些接收端技術和一些功率。

It's really a unique development for each account.

對於每個帳戶來說，這確實是一個獨特的發展。

What makes it special for us, again, is our ability to do that systems work, knowledge of multiple baseband partners.

再次，它對我們來說特別之處在於我們能夠使系統正常工作，以及對多個基帶合作夥伴的了解。

So this is the baseband agnostic set of solutions.

所以這是與基帶無關的解決方案集。

And now with our filtering technology in house, we can be much more agile in how we pick and place and manage and select the right frequencies, the right technologies for that customer.

現在，憑藉我們內部的濾波技術，我們可以更加靈活地為客戶挑選、放置、管理和選擇正確的頻率和正確的技術。

Okay, thank you.

好的謝謝你。

Next question is from the line of Mike Burton of Brean Capital.

下一個問題來自 Brean Capital 的 Mike Burton。

Please go ahead.

請繼續。

Congrats on the great results and guidance.

祝賀偉大的成果和指導。

Don, first for you, just wondering if you could help us understand how we should be looking at OpEx going forward this fiscal year, especially as you have to support the broad markets ramp of many products across a bunch of diverse customer sets?

唐，首先為您服務，只是想知道您是否可以幫助我們了解我們應該如何看待本財年的運營支出，尤其是當您必須支持眾多產品在眾多不同客戶群中的廣泛市場增長時？

Sure, Mike.

當然，邁克。

We just spent $94.5 million for our Q1 results and guided up $1 million from that.

我們剛剛為第一季度的業績花費了 9450 萬美元，並由此增加了 100 萬美元。

I would expect, we have a merit increase midyear in our fiscal year.

我預計，我們的財年年中業績會有所增長。

So I would expect to add $1.5 million to $2 million a quarter as you model out through the balance of the year.

因此，當您在今年的餘額中進行建模時，我預計每季度將增加 150 萬至 200 萬美元。

That's a safe thing to do as we continue to grow when you have the model.

當您擁有該模型時，我們會繼續發展，這是一件安全的事情。

When you look at the revenue, the top line revenue opportunities that we have, you'll see there's still a tremendous amount of leverage.

當您查看收入時，我們擁有的最高收入機會，您會發現仍然存在巨大的槓桿作用。

Okay, great.

好，太棒了。

For Dave and Liam, very impressive guidance relative to seasonality.

對於 Dave 和 Liam，關於季節性的指導非常令人印象深刻。

I was hoping you could help us understand how the China market has done for you in December, and the outlook for that important region in the March quarter, as it heads into Chinese New Year?

我希望您能幫助我們了解中國市場在 12 月對您的影響，以及在進入農曆新年之際，該重要地區在 3 月季度的前景如何？

Thanks again.

再次感謝。

Sure.

當然。

With respect to China, actually, we're seeing China as a grower here in the March quarter, where there's something interesting dynamics now, with LTE really picking up.

關於中國，實際上，我們在 3 月季度看到中國是一個種植者，現在有一些有趣的動態，LTE 確實在回升。

We mentioned some of our lead customers Xiaomi, TCL, Lenovo, et cetera, so we're seeing that pick up.

我們提到了我們的一些主要客戶小米、TCL、聯想等，所以我們看到了這種增長。

And we're also seeing, as Dave outlined, the content opportunity in each one of these phones increase.

正如戴夫所述，我們還看到，每款手機的內容機會都在增加。

And of course, our ability to grow into that content has been important as well.

當然，我們成長為這些內容的能力也很重要。

China looks good.

中國看起來不錯。

Last quarter was about flat.

上個季度基本持平。

As we go into the December quarter, it wasn't a big part of our growth story.

當我們進入 12 月季度時，這並不是我們增長故事的重要組成部分。

We continued to work on design wins.

我們繼續致力於設計勝利。

And we're much more of the 4G play, and as you know, in China, the 2G and 3G market has sort of rolled off with the uptake of LTE, which is very good for us.

而且我們更多的是玩 4G，如你所知，在中國，隨著 LTE 的普及，2G 和 3G 市場已經開始下滑，這對我們非常有利。

And it's early stages.

這是早期階段。

This is a long-term growth cycle.

這是一個長期的增長周期。

We're well positioned.

我們的位置很好。

We've talked about some of our relationships with players like MediaTek and Spreadtrum, and of course Qualcomm.

我們已經談到了我們與聯發科和展訊等玩家的一些關係，當然還有高通。

We're real fortunate to be in that position, and we look forward to a long-term growth cycle there.

我們真的很幸運能處於這個位置，我們期待在那裡有一個長期的增長周期。

Thank you.

謝謝你。

The next question is from the line of Suji De Silva of Topeka.

下一個問題來自托皮卡的 Suji De Silva。

Please go ahead.

請繼續。

Congratulations on the quarter.

祝賀本季度。

In terms of the overall filter capacity for the industry, not just for you, would you say it's tight and the people are chasing demand, or you're taking share versus other guys?

就行業的整體過濾能力而言，不僅僅是你，你會說它很緊，人們在追逐需求，還是你在與其他人競爭？

I think, I think it's tight across the board.

我認為，我認為它是全面的。

In the case of high-performance filters, which is where we're producing our own, that is something where we're servicing our customers was very specific proprietary designs.

就我們自己生產的高性能過濾器而言，我們為客戶提供服務的地方是非常具體的專有設計。

But in general, the filter capacity industry-wide is quite tight.

但總的來說，全行業的過濾能力是相當緊張的。

Okay, great.

好，太棒了。

Then on SkyOne, it occurs to me you guys are providing a lot of value with integration and helping people get to market quickly.

然後在 SkyOne 上，我突然想到你們通過集成提供了很多價值，並幫助人們快速進入市場。

I don't know if you could talk about the relative margins of SkyOne versus your core margins, but are they going to be 10 points higher or something like that?

我不知道您是否可以談論 SkyOne 與您的核心利潤率的相對利潤率，但它們會高出 10 個點或類似的東西嗎？

You can walk people up the price curve with that?

你可以用它讓人們沿著價格曲線上升嗎？

I mean, is that something that SkyOne growth could be a material tailwind for your margins for several quarters?

我的意思是，SkyOne 的增長是否會對您幾個季度的利潤產生重大影響？

We haven't given a specific number, a specific 10 points, but they are meaningfully above our stand-alone power amplifiers, and they are accretive to where the business is typically today.

我們沒有給出具體的數字，具體的 10 分，但它們明顯高於我們的獨立功率放大器，並且它們對當今業務的典型情況有所增加。

The value-add proposition, for sure.

當然，增值主張。

Okay, thank you.

好的謝謝你。

Next question from the line of Alex Gauna of JMP Securities.

JMP Securities 的 Alex Gauna 的下一個問題。

Please go ahead.

請繼續。

Just wondering, has the favorable exchange rate, specifically for the Yen, improved or changed the way people are thinking about the value proposition of TC SAW versus BAW or F BAW alternatives?

只是想知道，有利的匯率，特別是日元，是否改善或改變了人們對 TC SAW 與 BAW 或 F BAW 替代品的價值主張的思考方式？

No, I would say that has minimal impact.

不，我會說影響很小。

It's had minimal impact on our results.

它對我們的結果影響很小。

Okay, and you have had a great track record of exceeding your guidance, but you absolutely crushed it now a couple quarters in a row.

好的，您在超出您的指導方面有著良好的記錄，但是您現在已經連續幾個季度完全粉碎了它。

I'm wondering, is there something that has materially exceeded your calculus that's led to such upside?

我想知道，有沒有什麼東西大大超出了你的微積分導致了這樣的上升空間？

Where were you off in terms of how you set guidance over the past couple of quarters?

在過去幾個季度中，您在如何設定指導方面偏離了方向？

Is it a single customer?

是單個客戶嗎？

Is it a certain platform ramp?

是某個平台坡道嗎？

Can you give us some color on that?

你能給我們一些顏色嗎？

I think we're capturing more of the -- we were probably most successful in the last few quarters, relative to our expectations, it would have to be in the amount of content we're sweeping in.

我認為我們正在捕捉更多——我們可能在過去幾個季度中最成功，相對於我們的預期，它必須是我們正在掃描的內容數量。

So if we capture -- let's suppose we engage with a, not a full up, but a SkyLiTE, kind of a light version of SkyOne product for a regional phone.

因此，如果我們捕獲 - 讓我們假設我們使用的不是完整的，而是 SkyLiTE，一種用於區域電話的 SkyOne 產品的輕型版本。

And then, of course, we're competing to try to then capture the receive side, we're trying to capture the antenna switching and tuning, we're trying to capture both Wi-Fi bands, if there are more than one.

然後，當然，我們正在競爭嘗試捕獲接收端，我們正在嘗試捕獲天線切換和調諧，我們正在嘗試捕獲兩個 Wi-Fi 頻段，如果有多個頻段的話。

And so we're continuing to do a better and better job of making the argument that it's easier for you to engage with Skyworks as a customer for the complete solution.

因此，我們將繼續做得越來越好，以證明您作為客戶更容易與 Skyworks 互動以獲得完整的解決方案。

Fewer moving parts.

更少的運動部件。

You let us handle more of the complexity.

您讓我們處理更多的複雜性。

We can help you solve the overall analog system solutions.

我們可以幫助您解決整體模擬系統解決方案。

That's such a benefit that when we are surprised, we're being surprised with more content within an existing win, I would say.

這是一個好處，當我們感到驚訝時，我們會對現有勝利中的更多內容感到驚訝，我會說。

Okay, thank you.

好的謝謝你。

And next question from the line of Ian Ing of MKM Partners, please go ahead.

MKM Partners 的 Ian Ing 的下一個問題，請繼續。

I share in my congratulations.

我分享我的祝賀。

In mobile, you've got top reference design exposure to all the merchant baseband partners, but how are your relationships with the internal baseband teams at OEMs that are trying to in-source, and what do you think their prospects are for success?

在移動領域，您已經獲得了所有商業基帶合作夥伴的頂級參考設計，但您與 OEM 內部基帶團隊的關係如何，他們試圖內購，您認為他們的成功前景如何？

That's a good question.

這是個好問題。

We certainly are engaged with every potential developer on the chipset side, and we have seen in some cases, specifically in Korea, there's been some success with an in-house solution, and we'll be lined up with that, with our product as well.

我們當然與芯片組方面的每一位潛在開發人員進行了合作，我們已經看到在某些情況下，特別是在韓國，內部解決方案取得了一些成功，我們將與此保持一致，我們的產品是出色地。

We do still see a couple of real big players out there, who you know.

我們仍然可以看到一些真正的大玩家，你知道的。

Qualcomm, MediaTek very powerful.

高通、聯發科很厲害。

We have great position with both.

我們對兩者都有很好的地位。

And, there's a lot happening in the space right now.

而且，現在這個領域發生了很多事情。

As Dave mentioned, a lot of complexity.

正如戴夫所提到的，很多複雜性。

Our customers are having to do much, much more with this technology, in addition to things outside of mobile.

除了移動設備之外，我們的客戶還必須使用這項技術做更多的事情。

If you look at the processing speeds, the display.

如果您查看處理速度，則顯示。

So what we're finding is for the most part, our job is to enable connectivity, enable solutions, be customer-friendly, be flexible.

所以我們發現在很大程度上，我們的工作是實現連接，實現解決方案，對客戶友好，靈活。

We're doing that.

我們正在這樣做。

And our products, we'll work with just about every baseband.

而我們的產品，我們將使用幾乎所有的基帶。

Great.

偉大的。

For my follow-up, the China 4G opportunity potentially doubling or tripling this year, what's your reliance on the two smaller carriers in China?

對於我的後續，今年中國 4G 機會可能翻倍或三倍，您對中國兩家較小的運營商的依賴是什麼？

To the best of my knowledge, they currently have trial 4G license in FDD, but not full commercial at this point.

據我所知，他們目前在 FDD 中擁有試用 4G 許可證，但目前還沒有完全商用。

Yes, I mean, we're still believing that we're going to see a number here, if you go off of a 90 million or so LTE shipment in 2014, and if we look at the estimates, the estimates are as high as 250 million to 300 million.

是的，我的意思是，我們仍然相信我們會在這裡看到一個數字，如果 2014 年 LTE 出貨量超過 9000 萬，如果我們查看估計值，估計值高達2.5億到3億。

We think the number, even if it's below that, it's going to be very explosive for us.

我們認為這個數字，即使低於這個數字，對我們來說也會非常具有爆炸性。

We work directly with the carriers, but we also work closely with all the OEMs that we mentioned and the chipset partners that we mentioned.

我們直接與運營商合作，但我們也與我們提到的所有 OEM 以及我們提到的芯片組合作夥伴密切合作。

We just had a special note with MediaTek and our SkyLiTE reference design with close collaboration, and that's tied closely to their OEM suite.

我們剛剛與聯發科和我們密切合作的 SkyLiTE 參考設計進行了特別說明，這與他們的 OEM 套件密切相關。

We're not seeing any particular advantage or disadvantage from one carrier to the next, if that's the nature -- if that's your question.

我們沒有看到從一個承運人到下一個承運人的任何特定優勢或劣勢，如果這是性質的話 - 如果這是你的問題。

We really don't see a particular difference one way or another.

我們真的看不出有什麼特別的區別。

Okay, thank you.

好的謝謝你。

And next question from the line of Tom Diffely of DA Davidson.

DA Davidson 的 Tom Diffely 提出的下一個問題。

Please go ahead.

請繼續。

Yes, good afternoon.

是的，下午好。

Maybe one more question on the Chinese market then.

那麼，中國市場上可能還有一個問題。

Do you see the relative pricing or margin trends, dealing with either the large or the smaller Chinese customers, versus your traditional customers?

您是否看到與您的傳統客戶打交道的中國大客戶或小客戶的相對定價或利潤率趨勢？

No, not really.

不，不是。

We're going in and selling systems-based solutions.

我們將進入並銷售基於系統的解決方案。

We think the market there has been great.

我們認為那裡的市場非常好。

We don't have any pricing issues there.

我們在那裡沒有任何定價問題。

And Tom, they are often different -- not often.

而湯姆，他們經常是不同的——不是經常。

They're usually different products designed for that price point and designed for perhaps that regional approach, or whether it's a three-mode design versus a five-mode design.

它們通常是針對該價格點設計的不同產品，並且可能針對該區域方法而設計，或者是三模式設計還是五模式設計。

The products are different.

產品不一樣。

So the margins there are very good.

所以那裡的利潤非常好。

But the products are usually quite different, tailored for that product.

但產品通常是完全不同的，為該產品量身定制。

We know what the market can bear, so we're able to tailor our design around that price point.

我們知道市場可以承受什麼，因此我們能夠圍繞這個價位定制我們的設計。

Okay, thank you.

好的謝謝你。

A question from the line of JoAnne Feeney of ABR Investment.

ABR Investment 的 JoAnne Feeney 提出的問題。

Please go ahead.

請繼續。

Congrats, everybody.

恭喜大家

Great execution.

偉大的執行。

I wanted to get into a longer-term question.

我想進入一個更長期的問題。

I think we all understand the content increases driven by higher bands and carrier aggregation.

我想我們都理解更高頻段和載波聚合驅動的內容增加。

We're clearly in a situation where carrier aggregation is just being implemented first for uploads, and then as you pointed out, two-speed download streaming.

我們顯然處於這樣一種情況，即首先為上傳實施載波聚合，然後正如您所指出的，雙速下載流。

One question, that I think is important, is what happens after a couple of years?

我認為很重要的一個問題是，幾年後會發生什麼？

And do you think the second level of carrier aggregation is complete in a couple of years?

您認為第二級載波聚合在幾年內完成嗎？

And do you have your sights on other technology changes and complexities, that might come after we get through that download improvement, from the second wave of carrier aggregation?

您是否對第二波載波聚合的其他技術變化和復雜性有所了解？

What is it that's going to drive content higher, once we're through that stage?

一旦我們經歷了那個階段，是什麼會推動內容更高？

Well, I think -- JoAnne, I think the content, I think downlink, you're right, there will be successive future generations of downlink.

嗯，我認為——JoAnne，我認為內容，我認為下行，你說得對，下行會有連續的後代。

I think that's going to be increasingly important.

我認為這將變得越來越重要。

You can see what's being driven by the carrier, user models, and simply what the user appetite is for streaming, and streaming of video and streaming of 4K video.

您可以看到運營商、用戶模型正在推動什麼，以及用戶對流媒體、視頻流和 4K 視頻流的需求。

You can just imagine that there will be constant demand for more bandwidth.

您可以想像對更多帶寬的持續需求。

So we think complexity is downlink.

所以我們認為複雜性是下行的。

We think complexity is on the transmit side, I will tell you, our experience, and our design activity today is very much around solving more and more and more complexity with more high frequency bands crowded on top of one another, coexistence issues across the board.

我們認為複雜性是在傳輸方面，我會告訴你，我們的經驗和我們今天的設計活動主要是圍繞解決越來越多的複雜性，更多的高頻頻段相互擁擠，全面共存問題.

I don't see anything turning the tables on this natural tendency towards complexity for the next five years.

在接下來的五年裡，我認為沒有任何事情可以扭轉這種自然趨於復雜的趨勢。

I mean, there really isn't any elegant solution that somehow says we got it.

我的意思是，真的沒有任何優雅的解決方案可以以某種方式說我們得到了它。

You can do this a lot easier.

你可以更容易地做到這一點。

It's going to be more of this kind of approach to analog design, and our ability to integrate more functionality into a system.

它將更多地採用這種模擬設計方法，以及我們將更多功能集成到系統中的能力。

Okay, thank you.

好的謝謝你。

And you have a question from the line of Quinn Bolton of Needham.

你有一個來自 Needham 的 Quinn Bolton 的問題。

Please go ahead.

請繼續。

Nice job on the results.

結果很好。

Just wanted to ask, you talked about the receive diversity opportunity in the prepared comments.

只是想問一下，您在準備好的評論中談到了接收多樣性的機會。

Wonder if you could shed a little bit more light on that?

想知道您是否可以對此有所了解？

What number of bands are you seeing being aggregated in those receive diversity modules?

您看到在這些接收分集模塊中聚合了多少頻段？

And then a second question, you talked about emerging markets, specifically India as a future opportunity.

然後是第二個問題，您談到了新興市場，特別是印度作為未來的機會。

Sounds like India 4G's been pretty quiet to date.

聽起來印度 4G 迄今為止一直很安靜。

When do you think India starts to see a ramp on the 4G handset side?

你認為印度什麼時候開始看到 4G 手機方面的坡道？

Thank you.

謝謝你。

Sure.

當然。

On the diversity received solutions, it really varies customer by customer.

關於收到的解決方案的多樣性，它確實因客戶而異。

We've seen some that the carrier aggregation band count could be quite small, but it's still incrementally beneficial.

我們已經看到一些載波聚合頻段數量可能非常少，但它仍然是漸進式的。

But as Dave has mentioned, if we look out at the road map and some of the designs that we're cementing today, we see very rich diversity received technologies on downlink, that have up to six or seven filters, multiple LNAs, low noise amplifiers, and their function to receive that signal and amplify it back through the chipset.

但正如 Dave 所提到的，如果我們查看路線圖和我們今天正在鞏固的一些設計，我們會看到下行鏈路上非常豐富的多樣性接收技術，具有多達六個或七個濾波器、多個 LNA、低噪聲放大器，以及它們接收該信號並通過芯片組將其放大回來的功能。

So we're seeing that happening.

所以我們看到這種情況正在發生。

SOI switching is embedded there.

SOI 開關嵌入其中。

And it's a content-rich opportunity that we're seeing today just in a few leading OEMs, but if you look out through 2015 and 2016 road maps, more and more customers will adopt this technology.

這是一個內容豐富的機會，我們今天在一些領先的 OEM 中看到了，但是如果你看一下 2015 年和 2016 年的路線圖，將會有越來越多的客戶採用這項技術。

Okay, thank you.

好的謝謝你。

And ladies and gentlemen, that concludes today's question and answer session.

女士們，先生們，今天的問答環節到此結束。

I'll now turn the call back over to Mr. Aldrich for closing comments.

我現在將電話轉回給 Aldrich 先生以徵求結束意見。

Okay.

好的。

Well, thank you so much, everyone, for participating, and we look forward to seeing you at upcoming conferences.

好的，非常感謝大家的參與，我們期待在即將舉行的會議上見到您。

Okay, thank you.

好的謝謝你。

And ladies and gentlemen, that does conclude today's conference call.

女士們，先生們，今天的電話會議結束了。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。