思佳訊 (SWKS) 2018 Q3 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Third Quarter Fiscal Year 2018 Earnings Call.

下午好，歡迎來到 Skyworks Solutions 2018 財年第三季度收益電話會議。

This call is being recorded.

此通話正在錄音中。

At this time, I will turn the call over to Mitch Haws, Vice President of Investor Relations for Skyworks.

此時，我會將電話轉給 Skyworks 投資者關係副總裁 Mitch Haws。

Mr. Haws, please go ahead.

豪斯先生，請繼續。

Thank you, Carey.

謝謝你，凱里。

Good afternoon, everyone, and welcome to Skyworks' Third Fiscal Quarter 2018 Conference Call.

大家下午好，歡迎來到 Skyworks 2018 財年第三季度電話會議。

With me on the call today are Liam Griffin, our President and Chief Executive Officer; and Kris Sennesael, our Chief Financial Officer.

今天和我一起打電話的是我們的總裁兼首席執行官利亞姆·格里芬 (Liam Griffin)；和我們的首席財務官 Kris Sennesael。

Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements.

在我們開始之前，我想提醒大家，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。

Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K, for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解有關可能導致實際結果與今天所做的任何前瞻性陳述產生重大不利差異的某些風險的信息。

Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our past practice.

此外，我們將討論的結果和指導包括與我們過去的做法一致的非 GAAP 財務措施。

Please refer to our press release within 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，了解與 GAAP 的完整對賬。

With that, I'll turn the call over to Liam.

有了這個，我會把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone.

謝謝，米奇，歡迎大家。

The Skyworks team produced solid results once again in Q3.

Skyworks 團隊在第三季度再次取得了不錯的成績。

We generated revenue of $894 million, above consensus estimates.

我們創造了 8.94 億美元的收入，高於市場普遍預期。

We expanded gross margin to 50.9%, up 20 basis points both sequentially and year-over-year.

我們將毛利率擴大至 50.9%，環比和同比增長 20 個基點。

We delivered record Q3 earnings per share of $1.64, $0.05 better than our guidance.

我們實現了創紀錄的第三季度每股收益 1.64 美元，比我們的指導高出 0.05 美元。

And finally, we continued to deploy our cash to create shareholder value, returning nearly $300 million during the quarter through share repurchases and dividends.

最後，我們繼續部署現金以創造股東價值，本季度通過股票回購和派息返還近 3 億美元。

From a market perspective, we are entering the seasonally strong second half while on track for another year of record financial performance.

從市場的角度來看，我們正在進入季節性強勁的下半年，同時有望再次創下創紀錄的財務業績。

Based on our Q4 outlook, we will end the fiscal year with mid-single-digit revenue growth, greater than a 10% EPS increase and record cash returns, this despite a choppy market backdrop and a government-imposed trade ban on a sizable Chinese customer.

根據我們的第四季度展望，我們將在本財年結束時實現中等個位數的收入增長、超過 10% 的每股收益增長和創紀錄的現金回報，儘管市場背景動盪且政府對相當大的中國企業實施貿易禁令顧客。

Our confidence is underpinned by our product expansion and reach, spanning premier mobile and broad market accounts.

我們的信心得到了我們產品擴展和覆蓋範圍的支持，涵蓋了一流的移動和廣泛的市場客戶。

For example, during the quarter, we commenced production of access solutions for Cisco; captured content in Linksys new dual-band mesh networks; ramped connectivity engines for Amazon's 4K Fire TV, a leading voice-enabled streaming media platform; partnered with Sierra Wireless on LTE Cat-12 data cards for M2M applications; deployed networking solutions supporting AT&T/DIRECTV gateways; extended our footprint across Nest home automation platforms; enabled LTE telematics at GM and BMW; and we introduced high-precision GPS functionality, improving ridesharing, mobile payment and fleet management services.

例如，在本季度，我們開始為思科生產接入解決方案；在 Linksys 新的雙頻網狀網絡中捕獲的內容；為亞馬遜的 4K Fire TV 提供連接引擎，這是一個領先的支持語音的流媒體平台；與 Sierra Wireless 合作開髮用於 M2M 應用的 LTE Cat-12 數據卡；已部署支持 AT&T/DIRECTV 網關的網絡解決方案；將我們的足跡擴展到 Nest 家庭自動化平台；在 GM 和 BMW 啟用 LTE 遠程信息處理；我們引入了高精度 GPS 功能，改進了拼車、移動支付和車隊管理服務。

We also secured strategic flagship wins at Huawei, Samsung, Oppo, Vivo, LG and Nokia.

我們還贏得了華為、三星、Oppo、Vivo、LG 和諾基亞的戰略旗艦。

And in our infrastructure markets, we powered massive MIMO solutions for a leading European base station supplier.

在我們的基礎設施市場，我們為一家領先的歐洲基站供應商提供大規模 MIMO 解決方案。

In summary, we continue to expand the aperture of our design win pipeline spanning mobile, IoT and a broadening set of diverse end markets.

總而言之，我們繼續擴大我們的設計勝利管道的範圍，涵蓋移動、物聯網和更廣泛的多樣化終端市場。

With IoT, the rapid proliferation of volumes represents a significant growth opportunity for Skyworks.

借助物聯網，數量的快速增長為 Skyworks 帶來了重要的增長機會。

Ericsson, for example, estimates that there will be 29 billion connected IoT devices by 2022.

例如，愛立信估計到 2022 年將有 290 億台聯網的物聯網設備。

And at the same time, 5G is upon us.

與此同時，5G 即將到來。

The dramatically higher speeds and lower latency enabled by 5G will catalyze a wide range of usage cases from the connected factory to the autonomous car to artificial intelligence.

5G 帶來的顯著更高的速度和更低的延遲將促進從互聯工廠到自動駕駛汽車再到人工智能的廣泛使用案例。

In order to make the leap to 5G, system architectures require significantly more powerful connectivity engines to ensure performance hurdles are overcome.

為了實現向 5G 的飛躍，系統架構需要更強大的連接引擎來確保克服性能障礙。

Skyworks is leveraging our deep systems knowledge, strategic partnerships and formidable investments to accelerate the deployment of 5G, with our Sky5 platform providing end-to-end performance across this critically important new spectrum.

Skyworks 正在利用我們深厚的系統知識、戰略合作夥伴關係和強大的投資來加速 5G 的部署，我們的 Sky5 平台在這個至關重要的新頻譜上提供端到端的性能。

To that end, we reached key milestones this past quarter, including the launch of our Sky5 antenna tuning portfolio.

為此，我們在上個季度實現了關鍵里程碑，包括推出我們的 Sky5 天線調諧產品組合。

Our newest 5G solutions deliver enhanced bandwidth coverage from 60 megahertz to 6 gigahertz.

我們最新的 5G 解決方案提供從 60 兆赫到 6 千兆赫的增強帶寬覆蓋範圍。

This is an enormous and incremental source of content growth for Skyworks as the number of antennas increase substantially across 5G engines.

隨著天線數量在 5G 引擎中大幅增加，這對 Skyworks 來說是內容增長的巨大增量來源。

In addition, last quarter, we successfully demonstrated our proprietary fully integrated Sky5 sub-6 gigahertz engines, supporting new 5G NR radios across frequency bands n77, 78 and 79.

此外，上個季度，我們成功展示了我們專有的完全集成的 Sky5 sub-6 GHz 引擎，支持 n77、78 和 79 頻段的新 5G NR 無線電。

Quite simply, Sky5 is enabling new 5G networks and facilitating ubiquitous wireless connectivity for both people and things.

很簡單，Sky5 正在啟用新的 5G 網絡，並促進人和物無處不在的無線連接。

I will now turn the call over to Kris for a discussion of last quarter's performance and our financial outlook.

我現在將電話轉給 Kris，討論上一季度的業績和我們的財務前景。

Thanks, Liam.

謝謝，利亞姆。

Revenue for the third fiscal quarter of 2018 was $894 million, exceeding consensus estimates.

2018 年第三財季收入為 8.94 億美元，超出市場普遍預期。

Gross profit was $455 million with gross margin at 50.9%, up 20 basis points sequentially as well as year-over-year.

毛利潤為 4.55 億美元，毛利率為 50.9%，環比和同比增長 20 個基點。

Third quarter operating expenses were down sequentially to $130 million.

第三季度運營費用環比下降至 1.3 億美元。

As a result, we generated $325 million of operating income, translating into an operating margin of 36.3%.

結果，我們產生了 3.25 億美元的營業收入，轉化為 36.3% 的營業利潤率。

Our tax rate was 8.9% in the quarter.

本季度我們的稅率為 8.9%。

Net income was $300 million, translating into $1.64 of diluted earnings per share, exceeding our guidance by $0.05.

淨收入為 3 億美元，折合每股攤薄收益 1.64 美元，超出我們的指引 0.05 美元。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

Third quarter cash flow from operations was $258 million, and capital expenditures were $191 million, supporting further revenue growth in the second half of the calendar year as well as the necessary technology investments for emerging 5G opportunities and IoT markets.

第三季度運營現金流為 2.58 億美元，資本支出為 1.91 億美元，支持日曆年下半年的進一步收入增長以及新興 5G 機會和物聯網市場的必要技術投資。

Dividends paid were $58 million, and we repurchased 2.5 million shares of our common stock for a total of $240 million, bringing our total share repurchases this fiscal year to over 5 million shares.

支付的股息為 5800 萬美元，我們以總計 2.4 億美元的價格回購了 250 萬股普通股，使我們本財年回購的股票總數超過 500 萬股。

In fact, in fiscal '18, we have returned essentially all of our free cash flow back to the shareholders through our share repurchase program and dividend payments.

事實上，在 18 財年，我們通過股票回購計劃和股息支付將基本上所有的自由現金流返還給了股東。

And we entered the quarter with a cash and investment balance of over $1.6 billion and no debt.

進入本季度時，我們的現金和投資餘額超過 16 億美元，而且沒有債務。

Now moving on to our outlook.

現在繼續我們的展望。

For the third fiscal quarter -- or sorry, for the fourth fiscal quarter, we expect revenue to be up 11% to 13% sequentially or $1 billion at the midpoint.

對於第三財季——或者抱歉，對於第四財季，我們預計收入將連續增長 11% 至 13% 或中點 10 億美元。

We anticipate further gross margin expansion with fourth quarter gross margin between 51% and 51.5%.

我們預計毛利率將進一步擴大，第四季度毛利率將在 51% 至 51.5% 之間。

We expect operating expenses in the fourth quarter of $135 million.

我們預計第四季度的運營費用為 1.35 億美元。

Below the line, we expect roughly $4 million in other income, a tax rate of 9% and a diluted share count of 182 million shares.

在此線之下，我們預計其他收入約為 400 萬美元，稅率為 9%，稀釋後的股票數量為 1.82 億股。

Accordingly, at the midpoint of these ranges, we plan to deliver diluted earnings per share of $1.91, up 16% sequentially.

因此，在這些區間的中點，我們計劃實現每股攤薄收益 1.91 美元，環比增長 16%。

Finally, today, we also announced a 19% increase in our quarterly dividend to $0.38 per share, reflecting our confidence in Skyworks' business model and sustainable cash-generation capabilities.

最後，今天，我們還宣布將季度股息提高 19% 至每股 0.38 美元，反映出我們對 Skyworks 的商業模式和可持續的現金生成能力充滿信心。

With that, let me turn the call back to Liam.

有了這個，讓我把電話轉回給利亞姆。

Thanks, Kris.

謝謝，克里斯。

As our results and outlook demonstrate, Skyworks continues to financially outperform, driven by content-rich design wins covering a number of strategic customers and applications; increasingly strong momentum in broad markets; world-class operational execution and scale; our Sky5 platform enabling the 5G applications of tomorrow; decades of experience in developing innovative solutions over successive technology generations; and finally, superior cash flow performance allowing us to out-invest our competition while providing premium returns to our shareholders.

正如我們的結果和展望所表明的那樣，Skyworks 在贏得涵蓋許多戰略客戶和應用程序的內容豐富的設計勝利的推動下，繼續在財務上表現出色；廣闊市場的勢頭越來越強勁；世界一流的運營執行和規模；我們的 Sky5 平台支持未來的 5G 應用；在連續幾代技術中開發創新解決方案的數十年經驗；最後，卓越的現金流表現使我們能夠在為股東提供優質回報的同時超越競爭對手。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, let's open the line for questions.

接線員，讓我們打開問題熱線。

(Operator Instructions) And our first question comes from Craig Ellis from B. Riley FBR.

（操作員說明）我們的第一個問題來自 B. Riley FBR 的 Craig Ellis。

I'll just start with a clarification for you, Kris.

Kris，我首先要為您澄清一下。

Kris, could you help us with the segment breakouts in the fiscal third quarter?

Kris，你能幫我們解決第三財季的細分市場嗎？

And then as we look at the guidance for the 11% sequential growth in the fourth quarter, can you provide some color on how the segments can perform within that?

然後，當我們查看第四季度 11% 的環比增長指引時，您能否提供一些關於這些細分市場在其中的表現的顏色？

Yes, Craig.

是的，克雷格。

So broad market in Q3 was approximately 30% of total revenue, it was actually slightly above 30%, and so mobile was approximately 70% of total revenue.

因此，第三季度廣闊市場約佔總收入的 30%，實際上略高於 30%，因此移動市場約佔總收入的 70%。

Speaking about the broad market, we continue to see really nice growth there.

談到廣闊的市場，我們繼續看到那裡非常好的增長。

We are growing in the low to mid-teens year-over-year.

我們的增長速度在十幾歲到十幾歲之間。

And so we are now at a $1.1 billion annualized revenue run rate.

因此，我們現在的年收入運行率為 11 億美元。

So we see really good strength there across-the-board, especially the IoT segment that's including the connected home, the connected car, machine-to-machine industrial applications, some consumable applications.

因此，我們看到了全面的強大實力，尤其是物聯網領域，包括聯網家庭、聯網汽車、機器對機器工業應用和一些消費品應用。

And in addition to that, we also see some really good traction there on the infrastructure segment.

除此之外，我們還在基礎設施領域看到了一些非常好的吸引力。

So broad market is doing really, really well.

所以廣闊的市場表現非常非常好。

And the second part of that clarification question was the fourth quarter, would you expect broad markets to continue to grow in the fourth quarter?

該澄清問題的第二部分是第四季度，您是否預計第四季度大市場將繼續增長？

Historically, it's been up in some quarters, down in others.

從歷史上看，它在某些地區上升，在其他地區下降。

No.

不。

We definitely expect a strong sequential growth in broad market into the fourth quarter and so continue on that low to mid-teens year-over-year growth.

我們絕對預計第四季度廣泛市場將出現強勁的連續增長，因此將繼續保持這種低至中等的同比增長。

And now to the line of Mike Burton from Benchmark.

現在聽聽來自 Benchmark 的 Mike Burton 的話。

Great.

偉大的。

Congrats on the results.

祝賀結果。

First, on the China business, can you talk about how your Chinese OEMs faired in the June quarter?

首先，關於中國業務，您能否談談您的中國 OEM 在 6 月季度的表現如何？

And then update us on the size of that group relative to revenues and thoughts about how we should be thinking about the momentum of that business in the second half of calendar '18.

然後向我們更新該組相對於收入的規模，以及我們應該如何考慮 18 年下半年該業務發展勢頭的想法。

Sure.

當然。

Yes, so Q3, actually, China faired pretty well despite some of the choppiness in the market and the specter of trade dynamics, et cetera, we were able to put up some sequential growth into Q3.

是的，所以第三季度，實際上，儘管市場有些動盪和貿易動態的幽靈，但中國表現相當不錯，我們能夠在第三季度實現一些連續增長。

And if we look at China for Skyworks, it's about 25% to 30% of revenue.

如果我們看看 Skyworks 在中國的收入，它大約佔收入的 25% 到 30%。

And of course, China for us is mobile, there's infrastructure, there's IoT, there's many parts.

當然，中國對我們來說是移動的，有基礎設施，有物聯網，有很多部分。

It's been a great region for us to play emerging markets, right?

這是我們玩新興市場的好地方，對吧？

A number of our players in China, Oppo, Vivo, Xiaomi, et cetera, they also deliver globally to some of the most emerging places.

我們在中國的一些玩家，Oppo、Vivo、小米等，他們也在全球範圍內向一些最新興的地方提供服務。

So we're interested in that, we benefit from that.

所以我們對此感興趣，我們從中受益。

Should also note that we have a very diverse set of baseband partners that help us deliver in China.

還應該注意的是，我們有一組非常多樣化的基帶合作夥伴，可以幫助我們在中國交付。

So we've got -- within Huawei, we've got their HiSilicon product, we've got partnerships with MediaTek, we attach to Intel, we attach to Qualcomm.

所以我們有——在華為內部，我們有他們的 HiSilicon 產品，我們與聯發科建立了合作夥伴關係，我們依附於英特爾，我們依附於高通。

So we've got all the bases covered, and our position there is solid.

所以我們已經覆蓋了所有的基礎，我們在那裡的地位是穩固的。

Great.

偉大的。

And then on margins, last quarter, you talked about progress towards the 53% target in the second half with some cost initiatives to kick in.

然後關於利潤率，上個季度，你談到了下半年實現 53% 目標的進展，並採取了一些成本舉措。

It looks like, based on the guidance, it's going to dropping down about 54%, 55% next quarter, so some progress there.

看起來，根據指導，下個季度它將下降約 54%、55%，因此在那裡取得了一些進展。

But can you just update us on your -- the latest thoughts about some of those cost initiatives and maybe a time line for when we could get closer to that target?

但是，您能否向我們介紹您對其中一些成本計劃的最新想法，以及我們何時可以更接近該目標的時間表？

Right.

正確的。

So from a gross margin point of view, I'm pleased with the progress that we continue to make.

因此，從毛利率的角度來看，我對我們繼續取得的進展感到滿意。

So in the June quarter, Q3, we were up 20 basis points sequentially as well as 20 basis points year-over-year.

因此，在 6 月季度，即第三季度，我們連續上漲 20 個基點，同比上漲 20 個基點。

For Q4, we just guided 51% to 51.5%, which is up 10 to 60 basis points sequentially.

對於第 4 季度，我們剛剛指導 51% 至 51.5%，連續上漲 10 至 60 個基點。

So at the midpoint, up 35 basis points.

所以在中點，上漲 35 個基點。

So we continue to make really good progress towards our target model of 53%.

因此，我們繼續朝著 53% 的目標模型取得真正的進展。

And now to the line of Ambrish Srivastava from BMO.

現在是 BMO 的 Ambrish Srivastava 系列。

Kris, maybe I'll start with you.

克里斯，也許我會從你開始。

Good progress, good follow-through on the capital allocation via the divi increase.

良好的進展，良好的跟進通過增加 divi 進行資本配置。

But I was just a little puzzled, and I was hoping you could answer these questions.

但我只是有點困惑，我希望你能回答這些問題。

As free cash flow came down a lot this quarter and thanks largely to AR being up a lot as well as inventory, could you just help us understand what are the dynamics there?

由於本季度自由現金流大幅下降，這在很大程度上要歸功於 AR 和庫存的大幅上漲，您能否幫助我們了解那裡的動態？

And also kind of related to that is CapEx was up a lot, and you mentioned capacity as well as new investments, so does that mean that CapEx would be higher than what you had earlier guided to?

與此相關的是資本支出增加了很多，你提到了產能和新投資，這是否意味著資本支出會高於你之前指導的水平？

And then I had a quick follow-up for Liam, please.

然後我對利亞姆進行了快速跟進，請。

Yes.

是的。

So first of all, we have a very strong cash generation business model, and that continues to be very strong.

所以首先，我們有一個非常強大的現金生成商業模式，而且這種模式仍然非常強大。

Obviously, there are going to be some seasonal fluctuations.

顯然，會有一些季節性波動。

And typically, Q3 is somewhat of the softest cash generation quarter in part because inventory is going up, both in dollars as well as days of inventory, as we are in anticipation of a strong ramp in the September and December quarter.

通常，第三季度是現金產生最疲軟的季度，部分原因是庫存在增加，無論是美元還是庫存天數，因為我們預計 9 月和 12 月季度將出現強勁增長。

And also from a receivables point of view, we saw an increase of the receivables both in absolute dollars as well as DSOs because of the seasonality.

同樣從應收賬款的角度來看，由於季節性，我們看到以絕對美元和 DSO 計算的應收賬款都有所增加。

Typically, in the April and May months, you still have a seasonal decline, and then it flips over.

通常，在 4 月和 5 月，您仍然會有季節性下降，然後它會翻轉。

And starting in June, you see the start of the seasonal increases.

從 6 月開始，您會看到季節性增長的開始。

As a result of that, Q3 was, from a billings point of view, somewhat back-end loaded.

因此，從賬單的角度來看，第三季度有點後端負載。

And as a result of that, you see slightly higher DSO, slightly higher AR and it has somewhat of a muted impact on the cash generation within the quarter.

因此，您會看到 DSO 略高，AR 略高，並且它對本季度的現金產生的影響有些微弱。

But if you look at it from an LTM point of view, we continue to generate very strong cash, cash from operations as well as free cash flow.

但如果你從 LTM 的角度來看，我們將繼續產生非常強勁的現金、運營現金以及自由現金流。

Having said that, CapEx in the quarter, Q3, was $191 million, so it was definitely a heavy CapEx quarter, Again, all or most of the CapEx there is related to capacity expansion in preparation of the steep ramp that we have in front of us here in the September and December quarter, as well as some technology-related investment as we continue to be a technology leader and expand our capabilities there as well.

話雖如此，第三季度的資本支出為 1.91 億美元，因此這絕對是一個沉重的資本支出季度，同樣，所有或大部分資本支出都與產能擴張有關，以準備我們面前的陡峭斜坡我們在 9 月和 12 月季度在這裡，以及一些與技術相關的投資，因為我們繼續成為技術領導者並擴大我們在那裡的能力。

Okay.

好的。

And clearly no lack of confidence because you are raising your divi up a lot.

顯然不缺乏信心，因為你提高了你的 divi 很多。

I just wanted to make sure I understood the dynamics.

我只是想確保我了解動態。

So Liam, just on the third calendar quarter, when you look at the mobile and the trends that you're seeing there, and I don't even know if there's anything -- such a thing as seasonal anymore, but how would you characterize the environment?

所以 Liam，就在第三個日曆季度，當你看看手機和你在那裡看到的趨勢時，我什至不知道是否有任何東西——比如季節性的東西，但你如何描述環境？

This is somewhat seasonal, more or less, worse than that or better than that?

這有點季節性，或多或少，比那個更糟還是比那個更好？

Sure, yes.

當然，是的。

So you're saying the third calendar quarter.

所以你說的是第三個日曆季度。

So the third calendar quarter, we start to see this time of year preparation for some pretty sizable ramps with premier customers.

因此，在第三個日曆季度，我們開始看到每年的這個時候都在為主要客戶的一些相當大的坡道做準備。

And that work is ongoing.

這項工作正在進行中。

We are very comfortable in our ability to move content up and actually expand the reach of our content.

我們對將內容向上移動並實際擴大內容範圍的能力感到非常滿意。

That's even more important.

這更重要。

We're bringing more technologies, higher-grade functionality to really lift connectivity, improve data rate, reduce latency, manage some of the more intricate designs on our DRx platforms, bringing in MIMO architecture, just really bringing those rich solutions to our customers.

我們正在引入更多技術和更高級別的功能，以真正提升連接性、提高數據速率、減少延遲、管理我們 DRx 平台上的一些更複雜的設計，引入 MIMO 架構，真正為我們的客戶帶來這些豐富的解決方案。

So we're in the very, very early innings of those ramps, again, calendar Q3 and then moving into the calendar Q4 where the numbers should come up again.

因此，我們再次處於這些坡道的非常、非常早的幾局，日曆 Q3，然後進入日曆 Q4，數字應該再次出現。

That's how it's playing out right now.

這就是現在的情況。

We have very good visibility on this as well.

我們對此也有很好的了解。

And now to the line of Craig Hettenbach of Morgan Stanley.

現在請聽摩根士丹利的克雷格·赫滕巴赫 (Craig Hettenbach) 的話。

Can you discuss in terms of how you're thinking about guidance just with the ZTE ban recently lifted, how that's incorporated or not into the September quarter?

您能否討論一下您如何考慮最近解除中興通訊禁令的指導，如何將其納入或不納入 9 月季度？

Yes.

是的。

So our business with ZTE was approximately $25 million to $30 million per quarter.

因此，我們與中興通訊的業務每季度約為 2500 萬至 3000 萬美元。

Obviously, that was not there in Q3, in the June quarter.

顯然，在 6 月季度的第三季度不存在這種情況。

In the meantime, the ban has been lifted, which is good news.

與此同時，禁令已經解除，這是個好消息。

However, it will take time for ZTE to rebuild their supply chain.

然而，中興通訊重建其供應鏈需要時間。

That could take multiple months, if not multiple quarters.

這可能需要數月時間，如果不是多個季度的話。

So we do expect a little bit of revenue related to ZTE in Q4, but it's just a couple of million dollars.

所以我們確實預計第四季度會有一些與中興通訊相關的收入，但只有幾百萬美元。

Okay.

好的。

And then, just as a follow-up on capital allocation, and just a step-up of -- a noticeable uptick in buyback, increasing the dividend.

然後，作為資本配置的後續行動，以及回購的顯著增加，增加股息。

Liam, can you talk about that move in the context of how you're also viewing M&A opportunities?

利亞姆，你能在你如何看待併購機會的背景下談談這一舉措嗎？

Sure, sure.

一定一定。

Absolutely, Craig.

當然，克雷格。

Yes, I mean, fortunately, the cash machine and the Skyworks engine is continuing to do well.

是的，我的意思是，幸運的是，提款機和 Skyworks 引擎繼續表現良好。

The market backdrop is, I believe, very favorable for us.

我相信，市場背景對我們非常有利。

And we understand mobile, there's a lot of great stuff happening there.

我們了解移動，那裡發生了很多很棒的事情。

We're advancing the technology, expanding the reach, as I mentioned, and making some really strategic investments.

正如我提到的，我們正在推進技術，擴大影響範圍，並進行一些真正的戰略投資。

We also have 5G upon us, which is going to be an incredible opportunity for Skyworks in our ability to do the complex things well.

我們還有 5G，這對 Skyworks 來說是一個難以置信的機會，因為我們有能力做好複雜的事情。

In parallel, we talked about broad markets in double-digits.

與此同時，我們談到了兩位數的廣闊市場。

So there's a lot of really meaty opportunities on the table today with the card business.

因此，今天的卡片業務有很多非常豐富的機會。

Having said all that, we're fortunate to have the cash generation, the balance sheet and the powder to do acquisitions when they make sense.

話雖如此，我們很幸運能夠產生現金，資產負債表和粉末在有意義的時候進行收購。

So we'll continue to look at that.

因此，我們將繼續關注這一點。

And we have been looking at it, but we will continue to have a very high bar and a great deal of vigilance on transactions if we go forward.

我們一直在關注它，但如果我們繼續前進，我們將繼續對交易保持很高的標準和高度警惕。

So that's the best way I can frame it for you today, Craig.

因此，這是我今天可以為您構建的最佳方式，克雷格。

And now to the line of Blayne Curtis from Barclays.

現在是來自巴克萊銀行的 Blayne Curtis 系列。

Liam, I wanted to ask you, there's, you mentioned wins at a number of OEMs in China.

利亞姆，我想問你，你提到了在中國許多原始設備製造商的勝利。

I was kind of curious, as you look at (inaudible) and just the addition of carrier aggregation in China, your competitiveness (inaudible) versus broad-based solutions as that becomes a bigger part of the mix in the next couple of years?

我有點好奇，當你看到（聽不清）並且只是在中國增加載波聚合時，你的競爭力（聽不清）與基礎廣泛的解決方案相比，因為這將在未來幾年成為組合的更大組成部分？

Sure, Blayne.

當然，布萊恩。

Yes, I think if you look at China, as I mentioned, we've been working that region for years and have great partnerships and relationships and some incredible success stories with some of the leading players.

是的，我想如果你看看中國，正如我提到的那樣，我們多年來一直在該地區開展工作，並與一些領先企業建立了良好的合作夥伴關係和一些令人難以置信的成功故事。

So as I mentioned earlier, again, baseband partnership's agnostic.

因此，正如我之前提到的，基帶合作夥伴關係是不可知論者。

We're able to play all the angles.

我們可以玩所有的角度。

So as we start to move into extending into 5G where China's going to be a big, big player, there are going to be some new opportunities that are going to require unique filtering, expanding carrier aggregation, much greater focus on downlink data speed -- data rates and speed, which we do well with our DRx.

因此，隨著我們開始擴展到 5G，中國將成為一個非常大的參與者，將會有一些新的機會需要獨特的過濾、擴大載波聚合、更加關注下行鏈路數據速度——數據速率和速度，我們的 DRx 做得很好。

And the other thing is that the ability to solve those problems can be different depending on the supplier, depending on the customers' needs.

另一件事是解決這些問題的能力可能因供應商和客戶的需求而異。

And what we bring to the table is really that high degree of configurability where we can go in and lever TC SAW, we can lever our DRx, we can lever our homegrown gallium arsenide in our packaging to create really unique solutions, so each customer gets exactly what they want and only what they want.

我們帶來的是真正的高度可配置性，我們可以進入並利用 TC SAW，我們可以利用我們的 DRx，我們可以在我們的封裝中利用我們本土的砷化鎵來創造真正獨特的解決方案，因此每個客戶都可以正是他們想要的，而且只是他們想要的。

As you know, in China, you have more of kind of a proliferation of models rather than 1 or 2 flagships that serve global markets.

如您所知，在中國，您擁有更多型號的擴散，而不是服務於全球市場的 1 或 2 個旗艦。

So the ability to work with each customer and get it right based on their needs is really important.

因此，與每個客戶合作並根據他們的需求做出正確選擇的能力非常重要。

And that's what we intend to do, and I think it gives us a chance to really exceed our numbers here as we get into 2019 and beyond.

這就是我們打算做的，我認為這讓我們有機會在進入 2019 年及以後真正超越我們的數字。

And then this may be a hard question for you to answer, but I'm asking anyway.

然後這可能是一個很難回答的問題，但我還是要問。

Just curious on the [marquee] ramp as we kind of compare this year, the timing of those ramps versus the last couple of years.

只是好奇我們今年比較的 [marquee] 坡道，這些坡道的時間與過去幾年相比。

Obviously, last year was a little bit different than you did in the prior years before that.

顯然，去年與之前幾年有所不同。

I'm just kind of curious, as you look at it in terms of the guide, how it kind of compares with the marquee ramp?

我只是有點好奇，當你從指南的角度來看它時，它與選取框坡道相比如何？

Yes, so you're referring to the large customer ramp.

是的，所以你指的是大量客戶。

Is that right, Blayne?

是這樣嗎，布萊恩？

Yes, I think I'll assume that's what it was.

是的，我想我會假設那是事實。

Yes, so what we're seeing right now for ramps going through the second half of the calendar year, following a predictable cycle, obviously, there'll be some production that we need to put forth now, which we are doing, to support our larger customers for those ramps.

是的，所以我們現在看到的是今年下半年的斜坡，按照可預測的周期，顯然，我們現在需要推出一些產品，我們正在這樣做，以支持我們為這些斜坡提供更大的客戶。

And what we see today just on the outlook and the projections, things seem to be tracking the normal cycle, and we'll be prepared to deliver to that.

我們今天所看到的前景和預測，事情似乎正在追踪正常週期，我們將準備好實現這一目標。

And now to the line of Harsh Kumar from Piper Jaffray.

現在是 Piper Jaffray 的 Harsh Kumar 系列。

First of all, congratulations; volatile market, solid results by you guys.

首先，祝賀你；市場動盪，你們取得了可觀的成績。

At your largest customer, Liam, I was curious if this new generation of phones has a content increase that's built in?

對於你最大的客戶，利亞姆，我很好奇新一代手機是否有內置的內容增加？

And I'm curious if you could talk about, maybe generally speaking, if you saw a content increase.

我很好奇你是否可以談談，也許一般來說，你是否看到內容增加了。

And if you did, what kind of category would you put that, double digits, single digits, just broad color?

如果你這樣做了，你會把它歸為什麼樣的類別，兩位數，一位數，只是廣泛的顏色？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I can't get into too much detail, Harsh.

我不能說太多細節，Harsh。

But obviously, it's our mission every cycle to bring a greater level of technology and performance and value to our customers.

但顯然，我們每個週期的使命是為我們的客戶帶來更高水平的技術、性能和價值。

And I'm confident that, that's happening again here now.

我相信，現在這裡又發生了。

With the burden on mobile technology and the requirements continuing to stretch and become more daunting, it's great for Skyworks.

隨著移動技術的負擔和要求不斷增加並變得更加艱鉅，這對 Skyworks 來說非常好。

We talked about that.

我們談過那個。

We have such a wide set of technologies from Bluetooth to WiFi to LTE, GPS, DRx.

我們擁有如此廣泛的技術，從藍牙到 WiFi 再到 LTE、GPS、DRx。

All throughout mobile, the ability to create diversification across platforms is a big reason why we're able to raise content every year.

在整個移動領域，跨平台創造多樣化的能力是我們每年都能增加內容的一個重要原因。

And some of the new technology nodes that are upon us now, 5G, et cetera, they're not in the numbers today, but we're working on it now.

現在出現的一些新技術節點，5G 等等，今天還沒有出現，但我們正在努力。

We've got the blueprints and the prototypes in our labs to move forward there and be positioned for the '19, '20 and beyond ramps in 5G.

我們已經在我們的實驗室中獲得了藍圖和原型，可以向前推進並為 19 年、20 年及以後的 5G 發展做好準備。

Understood.

明白了。

And then for my follow-up, I think you said in the last call that you expected 3Q fiscal -- or sorry, 3Q calendar, which is the September quarter, to be up.

然後對於我的後續行動，我想你在上次電話會議中說你預計第三季度財政 - 或者抱歉，第三季度日曆，即 9 月季度，將會出現。

And then you expected 4Q calendar, which is the March -- I'm sorry, the December quarter, I apologize, to be up again.

然後你預計 4Q 日曆，即 3 月 - 抱歉，12 月季度再次出現。

Is that still kind of accurate, Liam, in your opinion?

在你看來，這仍然是準確的嗎，利亞姆？

Is that the way it shakes out this year?

這是今年的搖搖欲墜的方式嗎？

Yes, absolutely.

是的，一點沒錯。

That's right.

這是正確的。

And now to the line of Vivek Arya from Bank of America.

現在是來自美國銀行的 Vivek Arya 系列。

Maybe first one for Kris on CapEx.

也許是 Kris 在 CapEx 上的第一個。

I don't recall, Kris, whether you gave the number for Q4.

我不記得，克里斯，你是否給出了第四季度的數字。

And then as part of that, is 10% still a good assumption to use for CapEx for the next 1 or 2 years?

然後作為其中的一部分，10% 是否仍然是未來 1 年或 2 年用於資本支出的良好假設？

Yes, absolutely.

是的，一點沒錯。

So if you look even on an LTM basis, we are approximately 10% CapEx to revenue.

因此，如果您甚至在 LTM 的基礎上看，我們的資本支出佔收入的比例約為 10%。

There is some seasonality, right, some quarters are higher, other quarters are lower.

有一些季節性，對，有些季度較高，其他季度較低。

But if we look at it on a full year basis this year and even the next couple of years, on or about 10% CapEx to revenue is a good number.

但如果我們從今年乃至未來幾年的全年來看，資本支出佔收入的 10% 左右是一個不錯的數字。

Got it.

知道了。

And then, Liam, as we look at the back half, as I look at your September quarter outlook and maybe assuming December is kind of seasonal, do you expect mobile sales to be up year-on-year?

然後，利亞姆，當我們看後半部分時，當我看你的 9 月季度展望時，也許假設 12 月是季節性的，你預計移動銷售會同比增長嗎？

Because if content is up, is it just that we are still working through some of the unit fluctuations?

因為如果內容上去了，是否只是我們仍在努力應對一些單位波動？

At what point should we start to see your mobile sales start to grow year-on-year?

我們應該從什麼時候開始看到您的移動銷售額開始同比增長？

Yes.

是的。

You're going -- that's definitely in the cards for us here.

你要去——這對我們來說絕對是有可能的。

But we're not guiding December on this call, right?

但我們並沒有指導 12 月的這次電話會議，對吧？

We're just not able to go out another quarter with you.

我們只是不能再和你出去四分之一了。

But we are gaining content.

但我們正在獲得內容。

We are seeing our reach of technology expand, as I mentioned.

正如我提到的，我們正在看到我們的技術範圍在擴大。

And we do expect a solid sequential into December.

我們確實預計到 12 月會有一個穩定的順序。

We haven't finalized exactly what that number is, but we absolutely expect that to be in place, and it will be up year-over-year as well if we follow through with the solid sequential.

我們還沒有最終確定這個數字到底是多少，但我們絕對希望這個數字到位，如果我們按照可靠的順序進行下去，它也會同比增長。

So that's the best we can do today, but we feel good about making that happen.

所以這是我們今天能做的最好的事情，但我們對實現這一目標感到很高興。

And now to the line of Krysten Sciacca from Nomura Instinet.

現在是來自 Nomura Instinet 的 Krysten Sciacca 系列。

First question I have is a little broader.

我的第一個問題有點寬泛。

We've seen your major North American customer starting to reevaluate their BOM and try and minimize it as much as possible.

我們已經看到你們的主要北美客戶開始重新評估他們的 BOM 並嘗試盡可能地減少它。

And just given the history that we've seen with other Chinese OEMs almost kind of mimicking what the North -- what this North American customer does, do you expect to see this trend flow through at Chinese OEMs?

鑑於我們在其他中國原始設備製造商那裡看到的歷史幾乎有點模仿北方 - 這個北美客戶所做的事情，您是否希望看到這種趨勢在中國原始設備製造商中流傳？

Or do you think that content is still increasing there?

還是您認為那裡的內容還在增加？

Yes.

是的。

So what we are seeing in the Chinese OEMs today at face value, the content, vis-à-vis some of the larger players, the larger global players, the China opportunities are just lower in dollar value.

因此，我們今天在中國 OEM 中看到的表面價值，內容，相對於一些更大的參與者，更大的全球參與者，中國的機會只是美元價值較低。

They've been increasing.

他們一直在增加。

But you may have an LTE product that has $4 to $5 of content that potentially can move to $6 to $7, and we pursue that.

但是您可能有一個 LTE 產品，其內容價值為 4 到 5 美元，而這些內容可能會增加到 6 到 7 美元，而我們追求的是這一點。

If you look at the more significant players that lead the market, the content opportunity is much higher.

如果你看看引領市場的更重要的參與者，內容機會要高得多。

So if anything, if we could get some of the mid-tier China brands to mimic more of the 1 and 2 players in the industry, that would be good for us.

因此，如果有的話，如果我們能讓一些中端中國品牌模仿更多行業中的第一和第二玩家，那對我們來說是件好事。

And so it's a little bit of a back-and-forth there.

所以它有點來回。

And again, in China, they don't often sell a fully global roaming product.

而且，在中國，他們通常不會銷售完全全球漫遊的產品。

So if it's roaming just on China Mobile, China Unicom, for example, it doesn't necessarily need the same frequency bands that a global model would need.

因此，如果它僅在中國移動、中國聯通漫遊，則它不一定需要與全球型號相同的頻段。

So there's differences regionally.

所以有地區差異。

But we honestly see the need in every case for performance, and products are selected and customers' decisions are really based on how well the product will perform in their application, not so much on how much does it cost.

但老實說，我們在每種情況下都看到了對性能的需求，選擇產品和客戶的決定實際上是基於產品在他們的應用程序中的性能，而不是它的成本多少。

That's great.

那太棒了。

And then for my follow-up, sticking on the topic of China.

然後是我的跟進，堅持中國的話題。

I know the tariffs recently have kind of affected everyone a little bit differently.

我知道最近關稅對每個人的影響都有些不同。

How do you expect that to affect your business operations, if at all?

如果有的話，您認為這將如何影響您的業務運營？

Or do you fear any retaliation from China will affect your business outlook?

還是您擔心來自中國的報復會影響您的業務前景？

No.

不。

So we have seen very little impact or no impact from the trade war on our business with the exception, of course, of the export ban.

因此，我們看到貿易戰對我們業務的影響很小或沒有影響，當然，出口禁令除外。

We have ZTE where we lost revenue in Q3 and Q4.

我們有中興通訊，我們在第三季度和第四季度損失了收入。

The ban has been lifted, but it will take some time to recuperate that revenue.

禁令已經解除，但恢復收入需要一些時間。

If you look at the trade war and the tariffs, we are an exporter of components from the U.S., from Singapore, from Mexico into China and many other countries.

如果你看看貿易戰和關稅，我們是從美國、新加坡、墨西哥到中國和許多其他國家的零部件出口商。

There are no new import duties or tariffs on those components, and so that doesn't impact us at all.

這些組件沒有新的進口關稅或關稅，因此這根本不會影響我們。

It's definitely something that we will keep evaluating and see if there are any new developments, but for now we don't see any impact on our business.

這絕對是我們將繼續評估的事情，看看是否有任何新的發展，但目前我們沒有看到對我們的業務有任何影響。

And now to the line of Timothy Arcuri from UBS.

現在是來自瑞銀的蒂莫西·阿庫裡 (Timothy Arcuri)。

Kris, it looks like -- in December, it looks like -- well, it looks like based upon your guidance, you're going to grow maybe $15 million sequentially in the third calendar quarter.

克里斯，看起來——在 12 月，看起來——好吧，根據你的指導，你將在第三個日曆季度連續增長 1500 萬美元。

And if that includes only a few million dollars of ZTE, if I put that back, then it would suggest that the broad markets business is growing in excess of 20% year-over-year.

如果這只包括幾百萬美元的中興通訊，如果我把它放回去，那麼這表明廣泛的市場業務同比增長超過 20%。

Are there some one-timers in September?

九月份有一次性的嗎？

Or is that really the right sort of year-over-year growth rate going forward?

或者這真的是正確的同比增長率嗎？

No.

不。

Again, we can probably take this offline on the math.

同樣，我們可能可以在數學上將其離線。

What I see here is that broad markets in Q3 and in Q4, fiscal calendars, is growing at low to mid-teens year-over-year.

我在這裡看到的是，第三季度和第四季度的廣泛市場，財政日曆，同比增長低至十幾歲。

Okay.

好的。

And then can you talk a little bit about the competitive environment?

然後你能談談競爭環境嗎？

Are you seeing Qualcomm be sort of any more of a player?

你是否認為高通公司更像是一個參與者？

They now seem to have all the pieces with TDK, JV and Win Semi and stuff.

他們現在似乎擁有 TDK、JV 和 Win Semi 等所有產品。

Do you see them at any of your major accounts?

您是否在任何主要帳戶中看到它們？

Yes, the Qualcomm situation -- look, we respect Qualcomm, they're a great technology player and have been in mobile for a great deal of time.

是的，高通的情況——看，我們尊重高通，他們是一家偉大的技術公司，並且在移動領域已經有很長時間了。

But if we look at the landscape today on programs that we've been pursuing and programs that we're already in, we haven't seen a significant effect.

但是，如果我們看看今天我們一直在追求的項目和我們已經參與的項目的情況，我們並沒有看到顯著的影響。

And let me also remind you that there's a number of platforms where our RFs and our other chipsets will line up right next to the Qualcomm baseband, so we do have an ability to be a part of their system with our product.

我還要提醒您，在許多平台上，我們的 RF 和其他芯片組將與高通基帶並排排列，因此我們確實有能力通過我們的產品成為他們系統的一部分。

But their fully integrated solutions, we haven't seen too much of that.

但是他們完全集成的解決方案，我們還沒有看到太多。

And none of that really has impacted our revenue growth.

這些都沒有真正影響我們的收入增長。

And now to the line of Tristan Gerra from Baird.

現在來看 Baird 的 Tristan Gerra 血系。

I know you can only comment as much about ramping in North America for the second half.

我知道你只能對下半年在北美的增長發表評論。

Are you seeing, in general, a departure of the typical band of frequency range that you've been previously or up to now in smartphones with the new design wins that you have for the second half?

總的來說，您是否看到智能手機的典型頻段偏離了您之前或現在使用的智能手機，以及您在下半年獲得的新設計勝利？

And also any commentary around a potential shift in market share that you see driving this guidance, which is the strongest sequential revenue growth for the past 4 years for the quarter?

還有關於您認為推動這一指導的市場份額潛在變化的任何評論，這是過去 4 年來本季度最強勁的連續收入增長？

Sure, sure.

一定一定。

Yes.

是的。

Well, we continue to see very rich content opportunities put forth with the leading players in the industry.

好吧，我們繼續看到行業領先企業提出的非常豐富的內容機會。

And that's a theme that's continued for successive generations.

這是一個延續了幾代人的主題。

And bands can be added as customers want to get more reach with their customer base, so that happens.

當客戶希望擴大其客戶群的覆蓋範圍時，可以添加樂隊，這樣就會發生。

But the important thing is the more dense you get with technology, the more bands that you bring into an application, bringing in downlink opportunities on DRx and uplink opportunities on SkyOne, now thinking about getting into 2019 and '20 where we have unique 5G opportunities that are not yet resolved, it's going to put a tremendous amount of pressure on systems performance and a great opportunity for those that can deliver.

但重要的是，技術越密集，應用中的頻段就越多，在 DRx 上帶來下行鏈路機會，在 SkyOne 上帶來上行鏈路機會，現在考慮進入 2019 年和 20 年，我們將擁有獨特的 5G 機會尚未解決的問題，它將給系統性能帶來巨大壓力，並為那些能夠交付的人提供一個很好的機會。

So that's what we're looking at.

這就是我們正在研究的。

And with respect to this -- the last quarter here that we just spoke about, or the guide into Q4, we're very well prepared for it.

關於這一點——我們剛剛談到的最後一個季度，或者第四季度的指南，我們已經做好了充分的準備。

We certainly had good visibility on the designs that were required to make these numbers happen.

我們當然對實現這些數字所需的設計有很好的了解。

And it's about execution right now, and that's what we've been doing for years.

現在就是執行，這就是我們多年來一直在做的事情。

So we're looking forward to executing to the ramp and also following up over the next several years as we bring 5G to the market.

因此，隨著我們將 5G 推向市場，我們期待著在未來幾年內執行並跟進。

Okay, great.

好的，太好了。

And then as a quick follow-up, outside of North America, do you see any pocket of inventories in the smartphone supply chain?

然後作為快速跟進，在北美以外，您是否看到智能手機供應鏈中有任何庫存？

Or would you say that we're at a normal level relative to this time of the year?

或者你會說我們相對於一年中的這個時候處於正常水平嗎？

Yes.

是的。

We are absolutely at normal levels for this time of the year.

我們絕對處於一年中這個時候的正常水平。

And now to the line of Atif Malik from Citigroup.

現在是花旗集團的 Atif Malik 系列。

Congratulations on consistent execution on the dividend hike.

祝賀您始終如一地執行股息上漲。

First question for Liam on 5G.

利亞姆關於 5G 的第一個問題。

You guys have a very strong portfolio with Sky5.

你們擁有非常強大的 Sky5 產品組合。

Can you just talk about when should we expect a significant revenue ramp in your 5G products?

您能談談我們什麼時候可以期待您的 5G 產品收入大幅增長嗎？

I think in the past, you guys have talked about double-digit growth in fiscal second half '19.

我想在過去，你們談到了 19 財年下半年的兩位數增長。

So is there any update on when should we expect the significant ramp in 5G sales?

那麼，我們應該在什麼時候預計 5G 銷售量會大幅增加，是否有任何更新？

Sure, sure, great question.

當然，很好的問題。

Well, I mean the work is underway right now.

好吧，我的意思是這項工作現在正在進行中。

And I'm really proud of our team's ability to get in front of this and become one of the first movers in 5G, and we're thrilled to be in that position.

我為我們的團隊能夠走在這前面並成為 5G 的先行者之一感到非常自豪，我們很高興能處於這個位置。

So what we're seeing today is a lot of design activity on both the infrastructure side and also on really kind of the heartbeat of the connectivity within smartphones.

因此，我們今天看到的是基礎設施方面以及智能手機內部連接的真正心跳方面的大量設計活動。

We think -- again, you can get different answers, but we see revenue really being posted, probably by 2020, maybe late, late '19.

我們認為 - 再一次，你可以得到不同的答案，但我們看到收入真正公佈，可能到 2020 年，也許晚些時候，19 年底。

But 2020 is where I think kind of we triangulate around real revenue.

但我認為 2020 年是我們圍繞實際收入進行三角測量的地方。

Now of course, to get there, there's a lot of development work required.

當然，現在要實現這一目標，需要進行大量的開發工作。

And our teams are working with our customers and baseband providers and very close to the infrastructure side to make sure that all of this great technology comes together efficiently.

我們的團隊正在與我們的客戶和基帶提供商合作，並且非常接近基礎設施方面，以確保所有這些偉大的技術有效地結合在一起。

I'll also note, as Kris mentioned, we're making strategic capital investments that are unique to executing in a 5G world, very complex, very, very complex products that we want to make ourselves.

我還要指出，正如 Kris 提到的那樣，我們正在進行戰略資本投資，這些投資對於在 5G 世界中執行是獨一無二的，非常複雜，非常非常複雜的產品，我們想自己製造。

So that's what we're looking at.

這就是我們正在研究的。

And again, we've had some trials and some testing with some of our 5G solutions already.

同樣，我們已經對我們的一些 5G 解決方案進行了一些試驗和測試。

Things look good.

事情看起來不錯。

We're going to continue to refine and, again, continue to be in position to deliver at scale when these products come to market.

當這些產品推向市場時，我們將繼續改進，並再次準備好大規模交付。

Great.

偉大的。

Then as a follow-up, can you provide an update on your in-house BAW program and if you moved into some manufacturing?

那麼作為後續行動，您能否提供內部 BAW 計劃的最新情況，以及您是否進入了某些製造領域？

Sure, sure.

一定一定。

Actually, I don't want to share the playbook on that technology right now.

實際上，我現在不想分享有關該技術的劇本。

I think you know us pretty well.

我覺得你很了解我們。

We have some very crafty designs that will allow us to address all of the necessary frequency bands in both LTE and 5G.

我們有一些非常巧妙的設計，使我們能夠解決 LTE 和 5G 中所有必要的頻段。

And the work right now is progressing very, very well.

現在的工作進展得非常非常好。

And we'll give you more on that soon.

我們很快就會為您提供更多信息。

And now to the line of Bill Peterson from JPMorgan.

現在是來自摩根大通的比爾彼得森。

I wanted to ask a question on mobile a bit differently than others.

我想在移動設備上問一個與其他問題略有不同的問題。

So if you look at the mobile business in the September quarter, it looks like it's basically flat or slightly down from a year-on-year perspective.

因此，如果您查看 9 月季度的移動業務，從同比角度來看，它看起來基本持平或略有下降。

If you can break out the content gains versus maybe unit demand weakness amongst the large North American, Korean players in China, where are you seeing, let's say, the content gains versus maybe the unit demand weakness and so forth that brings it to relatively flat or slightly down?

如果你能在中國的北美、韓國大型玩家中打破內容增長與單位需求疲軟的關係，你在哪裡看到，比方說，內容增長與單位需求疲軟等等，這使它相對平穩或略有下降？

Yes.

是的。

So we'll try to unravel that the best we can.

因此，我們將盡我們所能來解決這個問題。

I mean certainly, we're not seeing -- China is okay, but we're not seeing it as robust as we would have expected.

我的意思是當然，我們沒有看到——中國很好，但我們沒有看到它像我們預期的那樣強大。

Okay, this is all in the $1 billion number here.

好的，這都是 10 億美元的數字。

We thought that would be a little bit better.

我們認為那會好一點。

It isn't.

它不是。

Some of that is ZTE, which is real, right?

其中一些是中興通訊，這是真實的，對吧？

We talked about that, $25 million to $30 million a quarter that's out.

我們談到了這一點，每季度 2500 萬到 3000 萬美元。

Samsung hasn't been as strong as other large accounts.

三星並不像其他大客戶那樣強大。

They're okay, but we haven't seen the uptick there that we thought we could enjoy.

他們還好，但我們還沒有看到我們認為可以享受的增長。

Some of that is really a choice that we've made, in certain cases, to not chase commodity business, and I think that serves us well.

在某些情況下，其中一些確實是我們做出的選擇，即不追逐商品業務，我認為這對我們很有幫助。

And the larger customers in mobile are continuing to advance the technology.

移動領域的大客戶正在繼續推進這項技術。

And I think all that kind of plays together.

我認為所有這些都是一起玩的。

And there is a bit of a unit issue, too, that jumps around.

還有一些單位問題會跳來跳去。

And as you all know, that with any customer's product ramp, it doesn't move 100% to 1 device.

眾所周知，隨著任何客戶的產品升級，它不會 100% 轉移到 1 台設備。

There's a roll-in, phase in, phaseout.

有一個引入，逐步引入，逐步淘汰。

So you always have a combination of new product, prior year model, maybe a year back model.

所以你總是有新產品、前一年的模型，也許是一年前的模型的組合。

So -- and that's the case with all of our customers.

所以 - 我們所有的客戶都是這種情況。

So things don't react in such a binary way.

所以事情不會以這種二元的方式做出反應。

But the content acquisition is what we drive, and I'm pleased with the team's ability to make that happen.

但內容獲取是我們推動的，我對團隊實現這一目標的能力感到滿意。

Switching over to broad markets.

轉向廣闊的市場。

I think infrastructure, has generally been kind of a weaker portion of your business, and a lot of other people in the market's business.

我認為基礎設施通常是您業務中較弱的部分，以及市場業務中的許多其他人。

But now you're talking about these MIMO opportunities and you're speaking more about infrastructure being a growth opportunity.

但現在你在談論這些 MIMO 機會，你更多地談論基礎設施是一個增長機會。

I'd like to understand in what regions you're seeing strength.

我想了解您在哪些地區看到了優勢。

And maybe if you could help us size these MIMO opportunities.

也許您可以幫助我們評估這些 MIMO 機會。

I believe you've talked about a $65-plus content opportunity, if you could help size these opportunities in the infrastructure market.

我相信你已經談到了 65 美元以上的內容機會，如果你能幫助確定基礎設施市場中的這些機會的話。

Yes.

是的。

A lot of that is in these high-performance antenna arrays and base stations, so these are new functions that are required to make 5G work.

其中很多都在這些高性能天線陣列和基站中，因此這些是使 5G 工作所需的新功能。

So you do have kind of a slow roll on infrastructure now with this catalyst to move to 5G and upgrade cycles that will drive 5G.

因此，隨著這種催化劑轉向 5G 和推動 5G 的升級週期，你現在的基礎設施確實有點緩慢。

We're also seeing a pretty nice step-up in small cell.

我們還看到小型基站的進步相當不錯。

Small cell infrastructure, small cell base stations, that can happen.

小型蜂窩基礎設施、小型蜂窩基站，這些都有可能發生。

And if you look really long into 5G, we could get into the millimeter wave technology, which we have in-house, and start to see kind of neighborhood-level deployments that will incorporate small cell-like functionality but using millimeter wave technology.

而且，如果您對 5G 的研究非常深入，我們可以進入我們內部擁有的毫米波技術，並開始看到一些鄰里級部署，這些部署將包含類似小型蜂窩的功能，但使用毫米波技術。

That's out there a bit, but all of that is kind of in our strike zone.

那有點在那裡，但所有這些都在我們的罷工區內。

And ladies and gentlemen, that does conclude 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. Griffin for any closing comments.

我現在將電話轉回給格里芬先生，徵求任何結束意見。

Thank you, all.

謝謝你們。

I appreciate your time this afternoon.

我很感激你今天下午的時間。

We look forward to seeing you at conferences going forward.

我們期待在未來的會議上見到您。

Thank you.

謝謝。

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

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。