思佳訊 (SWKS) 2018 Q4 法說會逐字稿

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

下午好，歡迎來到 Skyworks Solutions 第四季度和 2018 財年收益電話會議。

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, Investor Relations for Skyworks.

此時，我會將電話轉給 Skyworks 投資者關係部的 Mitch Haws。

Mr. Haws, please go ahead.

豪斯先生，請繼續。

Good afternoon, everyone, and welcome to Skyworks fourth fiscal and year-end 2018 conference call.

大家下午好，歡迎來到 Skyworks 第四財年和 2018 年底電話會議。

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非 GAAP 財務措施，與我們過去的做法一致。

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 delivered record Q4 and fiscal 2018 results, demonstrating the resilience of our business model within a choppy end-market environment.

Skyworks 團隊發布了創紀錄的第四季度和 2018 財年業績，展示了我們的商業模式在動蕩的終端市場環境中的彈性。

Let me begin with a few fourth quarter financial highlights.

讓我從第四季度的一些財務亮點開始。

We grew our top line by 13% sequentially and exceeded our guidance of $1 billion in revenue.

我們的收入連續增長了 13%，超過了我們 10 億美元的收入指導。

We expanded gross margin by 30 basis points sequentially to 51.2%.

我們將毛利率連續擴大了 30 個基點，達到 51.2%。

And we produced earnings per share of $1.94, up $0.30 or 18% sequentially and $0.03 better than our guidance.

我們的每股收益為 1.94 美元，比上一季度增長 0.30 美元或 18%，比我們的指引高出 0.03 美元。

From a fiscal year perspective, we generated revenues of $3.9 billion, up 6%, with earnings per share of $7.22, up 12% on a year-over-year basis.

從財政年度的角度來看，我們創造了 39 億美元的收入，增長 6%，每股收益為 7.22 美元，同比增長 12%。

And perhaps most importantly, we returned over $1 billion to shareholders through share buybacks and dividends, representing a 55% growth in cash returns as compared to the prior fiscal year.

也許最重要的是，我們通過股票回購和派息向股東返還了超過 10 億美元，與上一財年相比，現金回報增長了 55%。

Notably, the Skyworks team delivered our ninth consecutive year of record revenue and EPS, with strong design win traction across Internet of Things and mobile ecosystems.

值得注意的是，Skyworks 團隊連續第九年創造了創紀錄的收入和每股收益，並且在物聯網和移動生態系統中具有強大的設計吸引力。

Specifically, last quarter, we validated world-class performance of our Sky5 suite of 5G new radio solutions, powered Samsung's Galaxy flagship phones, launched millimeter wave RF technology at major avionic suppliers and we secured wireless networking sockets at Cisco for high-density enterprise applications.

具體來說，上個季度，我們驗證了 Sky5 5G 新無線電解決方案套件的世界級性能，為三星的 Galaxy 旗艦手機提供支持，在主要航空電子設備供應商處推出毫米波射頻技術，並在思科獲得用於高密度企業應用的無線網絡插座.

We supported DOCSIS 3.1 cable TV gateways with 2.4 and 5 gigahertz front-ends, enable smart audio solutions across Sony, Microsoft and Nintendo gaming consoles.

我們支持具有 2.4 和 5 GHz 前端的 DOCSIS 3.1 有線電視網關，支持跨索尼、微軟和任天堂遊戲機的智能音頻解決方案。

We captured LTE Cat M content within u-blox' machine-to-machine modules.

我們在 u-blox 的機器對機器模塊中捕獲了 LTE Cat M 內容。

And finally, we demonstrate exceptional momentum in automotive, ramping our connectivity and telematics solutions with BMW, Geely, Hyundai, Tesla and Toyota.

最後，我們在汽車領域展現出非凡的發展勢頭，與寶馬、吉利、現代、特斯拉和豐田一起提升我們的連接性和遠程信息處理解決方案。

In short, we are capturing large-scale design wins across all key segments spanning industrial, home automation, enterprise, automotive and defense as well as numerous flagship mobile platforms.

簡而言之，我們正在贏得涵蓋工業、家庭自動化、企業、汽車和國防以及眾多旗艦移動平台的所有關鍵領域的大規模設計勝利。

At a higher level, Skyworks is uniquely positioned to capitalize on the rapidly approaching 5G upgrade cycle and build upon the strong foundation we've established over the past decade.

在更高的層面上，Skyworks 具有獨特的優勢，可以利用即將到來的 5G 升級週期，並在我們過去十年建立的堅實基礎上再接再厲。

Our conviction is based on a number of strategic catalysts.

我們的信念基於許多戰略催化劑。

First, we're seeing a significant uptick in demand for our base station and small cell Massive MIMO solutions as carriers around the world require LTE advanced technologies to achieve multi-gigabit speeds, driving network efficiency, higher capacity and greater coverage.

首先，我們看到對我們的基站和小型蜂窩 Massive MIMO 解決方案的需求顯著增加，因為世界各地的運營商都需要 LTE 先進技術來實現數千兆比特的速度，從而推動網絡效率、更高的容量和更大的覆蓋範圍。

Skyworks' vast experience is at the forefront of these initial deployments, leveraging our complete portfolio including amplifiers, circulators and switches as well as system-level highly integrated engines.

Skyworks 的豐富經驗處於這些初始部署的最前沿，利用了我們完整的產品組合，包括放大器、環行器和開關以及系統級高度集成的引擎。

We are well positioned to support the rapid deployments of the world's leading infrastructure OEMs.

我們有能力支持世界領先的基礎設施 OEM 的快速部署。

Second, on the other hand of the broadband connection, our smartphone opportunity is poised for a step-up in architectural complexity, which in turn drives a dramatic increase in addressable content for us.

其次，另一方面，在寬帶連接方面，我們的智能手機機會會增加架構的複雜性，這反過來又會為我們帶來可尋址內容的急劇增加。

This expansion is driven by entirely new bands, complementing existing systems, re-farmed frequencies and expanded use of multichannel carrier aggregation.

這種擴展是由全新的頻段、補充現有系統、重新分配頻率和擴大使用多信道載波聚合驅動的。

And keep in mind, Skyworks already offers the industry's broadest portfolio for 4G LTE, proven and selected by the most discerning market-leading customers.

請記住，Skyworks 已經提供業界最廣泛的 4G LTE 產品組合，並被最挑剔的市場領先客戶證明和選擇。

We've demonstrated technology leadership across a vast set of critical product categories as our market-tested solutions resolve increasingly complex architectures, preparing us for the performance gains demanded in 5G.

隨著我們經過市場檢驗的解決方案解決日益複雜的架構問題，我們已經在大量關鍵產品類別中展示了技術領先地位，讓我們為 5G 所需的性能提升做好準備。

Our solutions uniquely cover the spectrum from low to high and ultra-high bands, leveraging SkyOne and DRx modules to optimize, transmit and receive performance.

我們的解決方案獨特地涵蓋了從低到高和超高頻段的頻譜，利用 SkyOne 和 DRx 模塊來優化、傳輸和接收性能。

And beyond cellular, we augment this portfolio with equally innovative WiFi, power management, precision GPS and tuning solutions.

除了蜂窩網絡之外，我們還通過同樣創新的 WiFi、電源管理、精確 GPS 和調諧解決方案擴充了該產品組合。

Further, we see compelling TAM growth driven by new product functionality including 4x4 MIMO, antenna multiplexing and new millimeter wave technologies.

此外，我們看到新產品功能（包括 4x4 MIMO、天線多路復用和新的毫米波技術）推動了 TAM 的顯著增長。

At the same time, the broader IoT category continues to accelerate.

與此同時，更廣泛的物聯網類別繼續加速發展。

With expanded 5G network capacity on the horizon, we expect 75 billion devices will be connected by 2025.

隨著 5G 網絡容量的擴大，我們預計到 2025 年將有 750 億台設備連接起來。

That's 3x today's installed base.

這是今天安裝基數的 3 倍。

Leveraging our leadership across all major wireless standards including 802.11ac and ax, LoRa, Bluetooth, ZigBee, Thread and Z-Wave as well as 4G LTE and 5G, we are well positioned to capture a disproportionate share of this growth, particularly with the advent of autonomous vehicles, virtual reality, industrial IoT and frictionless commerce.

憑藉我們在所有主要無線標準（包括 802.11ac 和 ax、LoRa、藍牙、ZigBee、Thread 和 Z-Wave 以及 4G LTE 和 5G）方面的領先地位，我們有能力在這一增長中佔據不成比例的份額，尤其是隨著自動駕駛汽車、虛擬現實、工業物聯網和無摩擦商務。

Finally, our complementary and synergistic acquisition of Avnera provides a strategic set of differentiated solutions as we see voice becoming a critical means of communication across a diverse array of AI and IoT applications.

最後，我們對 Avnera 的互補和協同收購提供了一套戰略性的差異化解決方案，因為我們看到語音成為跨各種人工智能和物聯網應用程序的重要通信方式。

The acquisition of Avnera will enable us to capitalize on the rapid proliferation of cognitive radios and its convergence with our advanced connectivity engines.

收購 Avnera 將使我們能夠利用認知無線電的快速普及及其與我們先進連接引擎的融合。

With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q1.

有了這個，我將把電話轉給 Kris，討論上一季度的業績和我們對第一季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks revenue for the fourth fiscal quarter of 2018 was $1,008,000,000, up 13% sequentially, exceeding our guidance and consensus estimates.

Skyworks 2018 年第四財季的收入為 10.08 億美元，環比增長 13%，超出了我們的指導和普遍預期。

Gross profit was $516 million, resulting in a gross margin of 51.2%, up 30 basis points sequentially following 20 basis points of sequential improvements in the June quarter.

毛利潤為 5.16 億美元，毛利率為 51.2%，繼 6 月季度環比提高 20 個基點後環比上升 30 個基點。

Operating expenses were $136 million or 13.5% of revenue.

運營費用為 1.36 億美元，佔收入的 13.5%。

We generated $380 million of operating income, translating into an operating margin of 37.6%, up 130 basis points from fiscal Q3.

我們產生了 3.8 億美元的營業收入，轉化為 37.6% 的營業利潤率，比第三財季高出 130 個基點。

Our effective tax rate was 9%, driving net income of $350 million or $1.94 of diluted earnings per share, up 18% sequentially and exceeding our guidance by $0.03.

我們的有效稅率為 9%，推動淨收入達到 3.5 億美元或每股攤薄收益 1.94 美元，環比增長 18%，超出我們的指引 0.03 美元。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

Fourth fiscal quarter cash flow from operations was $209 (sic) [$208] million and capital expenditures were $112 million.

第四財季運營現金流為 209 (sic) [208] 億美元，資本支出為 1.12 億美元。

We paid $68 million in dividends and repurchased 2.5 million shares of our common stock for a total of $235 million.

我們支付了 6800 萬美元的股息，並以總計 2.35 億美元的價格回購了 250 萬股普通股。

As this is the fourth quarter of fiscal 2018, let's also review our annual results.

由於這是 2018 財年第四季度，讓我們也回顧一下我們的年度業績。

We delivered a record $3.9 billion of revenue, up 6% year-over-year.

我們實現了創紀錄的 39 億美元收入，同比增長 6%。

Operating income was $1.5 billion and net income was $1.3 billion, translating into $7.22 of diluted earnings per share, up 12% year-over-year.

營業收入為 15 億美元，淨收入為 13 億美元，攤薄後每股收益為 7.22 美元，同比增長 12%。

In addition to our solid top and bottom line growth, we generated cash from operations of $1.3 billion.

除了穩固的收入和利潤增長外，我們還從運營中產生了 13 億美元的現金。

We returned over $1 billion to shareholders in fiscal 2018, well over 100% of our free cash flow, with $243 million of dividend payments and $760 million in share buybacks as we repurchased just under 8 million shares throughout the fiscal year.

我們在 2018 財年向股東返還了超過 10 億美元，遠超過我們自由現金流的 100%，我們在整個財年回購了近 800 萬股股票，支付了 2.43 億美元的股息和 7.6 億美元的股票回購。

We ended the fiscal year 2018 with cash and investments of $1,050,000,000 and we have no debt.

我們在 2018 財年結束時擁有 10.5 億美元的現金和投資，而且我們沒有債務。

Now let's move on to our outlook for Q1 of fiscal 2019.

現在讓我們繼續我們對 2019 財年第一季度的展望。

Continued strength in broad markets, coupled with the launch of a diverse set of new high-performance mobile solutions, is offsetting unit declines in premium smartphones and overall China softness.

廣泛市場的持續走強，加上一系列多樣化的新型高性能移動解決方案的推出，抵消了高端智能手機銷量下滑和中國整體疲軟的影響。

As a result, in the first fiscal quarter of 2019, we anticipate revenue to be between $1 billion and $1,020,000,000.

因此，在 2019 年第一財季，我們預計收入將在 10 億美元至 10.2 億美元之間。

We expect gross margin of 51.2%, plus or minus 10 basis points, and operating expenses of approximately $140 million.

我們預計毛利率為 51.2%，上下浮動 10 個基點，運營費用約為 1.4 億美元。

Below the line, we anticipate roughly $3 million in other income and a tax rate of 10%.

在此線之下，我們預計其他收入約為 300 萬美元，稅率為 10%。

We expect our diluted share count to further reduce to approximately 179 million shares.

我們預計我們的稀釋後股份數量將進一步減少至約 1.79 億股。

Accordingly, at the midpoint of these ranges, we intend to deliver diluted earnings per share of $1.91.

因此，在這些範圍的中點，我們打算提供 1.91 美元的每股攤薄收益。

With that, I will turn the call back over to Liam.

有了這個，我會把電話轉回給利亞姆。

Thanks, Kris.

謝謝，克里斯。

Skyworks delivered record results in fiscal 2018.

Skyworks 在 2018 財年取得了創紀錄的業績。

Despite the near-term market weakness, we have a clear path to deliver our 10th consecutive year of revenue and earnings growth in fiscal 2019.

儘管近期市場疲軟，但我們有一條清晰的道路可以在 2019 財年實現我們連續第 10 年的收入和盈利增長。

This outlook is driven by sustained double-digit growth across our broad markets business; our powerful and expanding design win pipeline, encompassing a wide range of customers and applications; world-class operational execution and scale; and finally, our unwavering commitment to creating shareholder value.

這一前景是由我們廣泛市場業務的持續兩位數增長推動的；我們強大且不斷擴展的設計贏得管道，涵蓋廣泛的客戶和應用程序；世界一流的運營執行和規模；最後，我們堅定不移地致力於創造股東價值。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, please open the lines for questions.

接線員，請打開問題線路。

(Operator Instructions) And our first question comes from the line of Craig Ellis from B. Riley.

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

So just the first question is following up on some of the prepared remarks regarding some of the things that you're seeing on the integrated mobile side.

因此，第一個問題是跟進一些關於您在集成移動端看到的一些事情的準備好的評論。

Is it possible to break out the relative impact of the unit issue that you're seeing with high-end smartphones versus the China softness that you're seeing vis-à-vis a flat headline guide versus what I think would be plus 5% to 6% seasonality?

是否有可能打破你在高端智能手機上看到的單位問題與你在平坦的標題指南中看到的中國疲軟以及我認為會增加 5% 的相對影響到 6% 的季節性？

Sure, Craig.

當然，克雷格。

This is Liam.

這是利亞姆。

Yes, if we look at Q4 and moving into Q1, I mean, what we have here is a great demonstration of content gain and moving up to some very complex engines within premier smartphones.

是的，如果我們看看第 4 季度並進入第 1 季度，我的意思是，我們在這裡很好地展示了內容的增加，並在頂級智能手機中升級到一些非常複雜的引擎。

And that had been a lot of hard work that we've done over the last 6 to 9 months to make that happen.

在過去的 6 到 9 個月裡，我們為實現這一目標付出了很多努力。

So those devices were ready and rolling and demonstrated a strong performance in Q4.

因此，這些設備已準備就緒，並在第四季度展示了強勁的表現。

And that same set of platforms rolling into Q1 were discounted on a unit basis.

進入第一季度的同一組平台按單位打折。

So again a lot of great content in premier Tier 1 smartphones, but a bit of a unit miss here that came in kind of late for us entering Q1.

因此，一流的 1 級智能手機中再次出現了很多很棒的內容，但是這裡缺少了一些單元，這對我們進入第一季度來說有點晚了。

And on the China front, China continues to be an important market for us.

在中國方面，中國仍然是我們的重要市場。

We have a very diverse position, strong relationships with Huawei, Oppo, Vivo, a great alignment with the MediaTek platforms as well.

我們的立場非常多元化，與華為、Oppo、Vivo 有著牢固的關係，與聯發科平台也非常一致。

So that market tends to have a little bit of seasonality going into Q1 as the premier Tier 1s tend to occupy and contain most of the share in the December quarter.

因此，該市場在進入第一季度時往往會有一點季節性，因為主要的一級供應商往往會在 12 月季度佔據並包含大部分份額。

But the China business is relatively in line with our expectation there.

但中國業務相對符合我們在那裡的預期。

That's helpful.

這很有幫助。

And then the follow-up, maybe a 2-part question, one part for you, one part for Kris.

然後是後續問題，可能是一個由兩部分組成的問題，一部分給你，一部分給 Kris。

Kris, can you specify what the Avnera contribution is in both fiscal fourth quarter?

Kris，你能具體說明 Avnera 在第四財季的貢獻是多少嗎？

And what you baked into your fiscal first quarter guide?

你在第一季度的財政指南中提到了什麼？

And then longer term, Liam, can you provide some parameters around how we should think about the way this business can scale within your broad markets group?

然後從長遠來看，利亞姆，你能否提供一些參數，說明我們應該如何考慮這項業務在你的廣泛市場集團內擴展的方式？

And to what extent is it going to gain leverage and traction from the channels that you have within integrated mobile?

它將在多大程度上從您在集成移動中擁有的渠道中獲得影響力和牽引力？

Sure, Craig.

當然，克雷格。

This is Kris here.

我是克里斯。

So we closed the Avnera acquisition on August 17.

因此，我們於 8 月 17 日完成了對 Avnera 的收購。

So we basically had 6 weeks of Avnera on our books in the September quarter.

因此，我們在 9 月季度的賬簿上基本上有 6 週的 Avnera。

Revenue was approximately $6 million at above average gross margin.

收入約為 600 萬美元，毛利率高於平均水平。

So we are very pleased with the acquisition there.

所以我們對那裡的收購非常滿意。

In the guidance for the December quarter, we included $15 million to $16 million of revenue for Avnera.

在 12 月季度的指導中，我們包括了 Avnera 1500 萬至 1600 萬美元的收入。

Right.

正確的。

And alongside that, Craig, just to kind of follow up on the broad markets piece, the Avnera portfolio lines up very well with the technologies that we've deployed already today.

除此之外，克雷格，只是為了跟進廣泛的市場，Avnera 產品組合與我們今天已經部署的技術非常吻合。

So if you think about historically, the acquisition of SiGe that we made several years ago, how we levered that unique technology, very specific technology and brought that through our channel not only in smartphones, but through a broad set of IoT customers, that same strategy will be deployed with Avnera.

所以如果你回顧歷史，我們幾年前對 SiGe 的收購，我們如何利用這種獨特的技術，非常具體的技術，並通過我們的渠道，不僅在智能手機，而且通過廣泛的物聯網客戶，同樣戰略將與 Avnera 一起部署。

And early innings look really good there.

那裡的早期局看起來真的很好。

And our next question comes from Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just curious, I know in this environment -- you probably don't want to venture too far into March.

只是好奇，我知道在這種環境下——您可能不想冒險進入 3 月太久。

But just kind of curious given it's reset and a quarter that's typically stronger, do you have any perspective as to how that translates into March?

但有點好奇，因為它被重置了，而且四分之一通常更強，你對這如何轉化為三月有什麼看法嗎？

Sure, Blayne.

當然，布萊恩。

Yes, I mean, it is a little tough to go into March here.

是的，我的意思是，在這裡進入三月有點困難。

But we feel that the dynamics that we're describing that are imputed in our guidance right now capture most of the pain here into Q1.

但我們認為，我們正在描述的動力現在被歸咎於我們的指導，將這裡的大部分痛苦捕捉到了第一季度。

And we expect -- I would expect normal seasonality going into the March quarter.

我們預計 - 我預計正常的季節性會進入 3 月季度。

That's the way we look at it.

這就是我們看待它的方式。

You still have a broad markets business that has been able to offset weakness in mobile.

您仍然擁有能夠抵消移動業務疲軟的廣闊市場業務。

When that occurs, we typically do have kind of some mobile seasonality in March, but there's nothing that we see today that would give us any kind of concern that there's going to be problems there.

當這種情況發生時，我們通常在 3 月份確實有一些移動季節性，但我們今天看到的任何東西都不會讓我們擔心那裡會出現問題。

So we feel good about it.

所以我們對此感覺很好。

We are seeing more and more gains in the broader markets, the Avnera business is going to help.

我們在更廣泛的市場上看到越來越多的收益，Avnera 業務將有所幫助。

So we're in better position than we had been in the past to weather the storm in a March quarter.

因此，與過去相比，我們在 3 月季度的風暴中處於更好的位置。

And then maybe just a question for Kris on gross margins.

然後可能只是 Kris 關於毛利率的問題。

The Avnera deal is accretive gross margin, but obviously, you're seeing a unit headwind.

與 Avnera 的交易增加了毛利率，但顯然，你看到了單位逆風。

So that should hurt some of your absorption.

所以這會傷害你的一些吸收。

Can you just walk us through the moving pieces there?

你能帶我們看看那裡的移動部件嗎？

I mean, if you look year-over-year margins are down a little bit.

我的意思是，如果你看利潤率同比下降了一點。

I know you've talked about kind of that margin clicking up over a longer horizon, 10, 20 bps a quarter.

我知道你已經談到了這種利潤率在更長的時間範圍內點擊，每季度 10、20 個基點。

Can you just walk us through the moving pieces there?

你能帶我們看看那裡的移動部件嗎？

Yes, absolutely.

是的，一點沒錯。

So first of all, in the September quarter, we further improved our gross margins with 30 basis points in addition to 20 basis points that we added in our second fiscal quarter.

因此，首先，在 9 月季度，除了我們在第二財季增加的 20 個基點之外，我們進一步提高了 30 個基點的毛利率。

So I'm pleased with that.

所以我對此很滿意。

We will continue to drive further gross margin improvements.

我們將繼續推動進一步提高毛利率。

Obviously, volume growth always helps with that.

顯然，銷量增長總是對此有所幫助。

And so the guidance for the December quarter is kind of flattish from a revenue point of view.

因此，從收入的角度來看，12 月季度的指引有點持平。

It's so also flattish from a gross margin point of view.

從毛利率的角度來看，它也很平淡。

But as we look into the back half of fiscal '19, we will continue to make further improvements on gross margin towards our target of 53%.

但當我們展望 19 財年的後半部分時，我們將繼續進一步提高毛利率，以實現我們 53% 的目標。

And our next question comes from the line of Chris Caso from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的克里斯卡索。

I guess, first question would be with regard to 5G content.

我想，第一個問題是關於 5G 內容。

And I guess, Liam, I'm not sure I feel like we have the whole picture here with regard to where your content is going to stand with 5G with some of the new frequency bands.

我想，利亞姆，我不確定我覺得我們是否了解關於您的內容在 5G 和一些新頻段上的位置的全貌。

Last quarter, I think the word you used is that you're being crafty.

上個季度，我認為你使用的詞是你很狡猾。

Is it safe to say that there are some new technologies that perhaps you're not ready to talk about now, but things that would strengthen your position allow them to -- allow you to address some of the new frequency bands and some new technologies needed as we go into 5G, more than what's been disclosed so far?

可以肯定地說，有些新技術您現在可能還沒有準備好談論，但是可以加強您的地位的事情可以讓他們——讓您解決一些新的頻段和一些需要的新技術當我們進入 5G 時，除了目前已披露的內容之外還有什麼？

Sure, Chris.

當然，克里斯。

Absolutely.

絕對地。

Good question.

好問題。

So let me just begin with the fact that we are extremely well positioned to lead in 5G.

因此，讓我先談談我們在 5G 領域處於領先地位的事實。

There's a big step-up in technical performance.

技術性能有了很大的提高。

We're working with customers today.

我們今天正在與客戶合作。

We're sampling.

我們正在抽樣。

We're getting feedback.

我們正在收到反饋。

We're getting validation on what we're doing and how that's going to work in their system, so that's for sure.

我們正在驗證我們正在做的事情以及這將如何在他們的系統中運作，所以這是肯定的。

And that will include enhancing and upgrading even the backward compatibility in 4G.

這將包括增強和升級 4G 的向後兼容性。

Even those devices will need to be altered in some way to work in a 5G world.

即使是這些設備也需要以某種方式進行更改才能在 5G 世界中工作。

And then when you move into 5G proper, when you start to really deliver frequencies above 3 gig and above 6 gig, there's some new technologies.

然後當你真正進入 5G 時，當你開始真正提供 3 gig 和 6 gig 以上的頻率時，就會出現一些新技術。

Millimeter wave is an opportunity and a technology that we have some great expertise on, and we think that would be compelling and differentiated in our customer solutions.

毫米波是一個機遇，也是一項我們在這方面擁有豐富專業知識的技術，我們認為這將在我們的客戶解決方案中具有吸引力和差異化。

And it's a technology that we're being asked to deliver now and asked to sample now.

這是一項我們現在被要求交付並要求立即取樣的技術。

You're going to see more and more work done in our filtering technology not only on the low band that gets enhanced in the mid-band, but we're going to start to really step up in high band.

你會看到越來越多的工作在我們的過濾技術中完成，不僅是在中頻帶得到增強的低頻帶，而且我們將開始真正提高高頻帶。

And having said that, actually, we've done a lot of work to develop our filter technology, and we've talked a little bit about it.

話雖如此，實際上，我們已經做了大量工作來開發我們的過濾技術，並且我們已經談了一些。

But we didn't fully disclose some of the work that we've been doing.

但是我們沒有完全披露我們一直在做的一些工作。

And today we're ready in BAW.

今天我們在 BAW 中準備就緒。

We're developing BAW in-house.

我們正在內部開發 BAW。

We've made targeted investments.

我們進行了有針對性的投資。

It's part of Kris' CapEx number here.

這是 Kris 資本支出數字的一部分。

And we're working on sampling and we have a number of customers that are very interested and we're iterating through the normal process that we have with all of our technologies.

我們正在進行抽樣工作，我們有許多非常感興趣的客戶，我們正在迭代我們所有技術的正常流程。

But we will be ready when 5G comes for full capability across the whole spectrum.

但是，當 5G 在整個頻譜範圍內發揮全部功能時，我們將做好準備。

All right, that's very helpful.

好吧，這很有幫助。

And if I could just return to some of your earlier comments with regard to some of the unit headwinds you are facing now.

如果我可以回到你之前對你現在面臨的一些單位逆風的一些評論。

And my interpretation of your comments is that, that was -- Tier 1 unit headwinds is what you're referring to.

我對你的評論的解釋是，你指的是一級單位逆風。

As you went to last year, there was some abnormal seasonality with regard to shipments, the timing was a little bit different.

去年，出貨量出現了一些異常的季節性，時間有點不同。

Did that have something to do as we're looking at the year-on-year growth that you're looking into the December quarter?

在我們查看您正在查看的 12 月季度的同比增長時，這是否與去年同期增長有關？

Does that also have something to do with it as well?

這也與它有關嗎？

And could you help us to do the math there?

你能幫我們在那裡做數學嗎？

Yes.

是的。

The timing is tricky.

時機很棘手。

I mean, as you know, Chris, our job is to put forth the most compelling content and grow that content and advance our customers' performance.

我的意思是，正如你所知，克里斯，我們的工作是提出最引人注目的內容並增加內容並提高客戶的績效。

And we did all of that.

我們做了所有這些。

So it's tricky to see how the dynamics are playing out.

因此，很難看到動態如何發揮作用。

I think some of the signals that the Tier 1 players have provided have been helpful that everybody's understanding and digesting that.

我認為 1 級玩家提供的一些信號有助於每個人的理解和消化。

As we get into March, as I mentioned on the last question, it is kind of early to tell, but we don't expect anything out of the ordinary.

當我們進入 3 月時，正如我在上一個問題中提到的，現在下結論還為時過早，但我們預計不會出現任何異常情況。

We still have the solid, robust broad markets business.

我們仍然擁有穩固、強勁的廣泛市場業務。

I mean, some of the APAC players don't have the negative cycle in the March quarter.

我的意思是，一些亞太地區的參與者在三月季度沒有出現負週期。

In some cases, that can be offset.

在某些情況下，這可以抵消。

The other thing I would say is, just reflecting back on the prepared remarks, we are still modeling growth in 2019.

我要說的另一件事是，回顧一下準備好的言論，我們仍在為 2019 年的增長建模。

So we're absolutely committed to delivering top line and EPS growth through the fiscal '19 quarter.

因此，我們絕對致力於在 19 財年季度實現頂線和 EPS 增長。

So it's only Q1 here that we're talking about, but we're comfortable with that.

所以我們在這裡談論的只是第一季度，但我們對此感到滿意。

And our next question comes from Ambrish Srivastava from BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

Liam, just so that we are all in the same page, how would you characterize normal seasonality for the March quarter?

利亞姆，為了讓我們都在同一頁面上，您如何描述三月季度的正常季節性？

I know the business has now got a little bit more of the broad-based segment as well.

我知道該業務現在也有更多的基礎廣泛的細分市場。

And then I had a follow-up for Kris.

然後我對克里斯進行了跟進。

Yes.

是的。

I mean, market seasonality, it tends to be 10% to 15%-ish or so, I'd say, 12% at the midpoint.

我的意思是，市場季節性，它往往是 10% 到 15% 左右，我想說，在中點是 12%。

I mean, we always aspire to do better.

我的意思是，我們總是渴望做得更好。

It is early to make that call.

現在下這個電話還為時過早。

We're just concluding Q4 and guiding Q1.

我們剛剛結束第四季度並指導第一季度。

But that's the typical range that we see.

但這是我們看到的典型範圍。

We certainly do expect some of the things that we do in nonmobile areas to offset potential mobile volatility.

我們當然希望我們在非移動領域所做的一些事情能夠抵消潛在的移動波動。

But net-net, as I said, we're committed to growth in the year.

但是，正如我所說，我們致力於今年的增長。

March, I'm sure we'll be fine in March, but that quarter's not fully guided.

3 月，我相信我們在 3 月會很好，但那個季度還沒有完全指導。

Okay.

好的。

And then on the modeling front, Kris.

然後在造型方面，克里斯。

What is the CapEx?

什麼是資本支出？

And then also the OpEx implications from the acquisition, please?

還有收購對運營支出的影響，好嗎？

Yes.

是的。

So from a CapEx point of view in fiscal '18, we spent slightly over $400 million in CapEx, which was just over 10% to revenue.

因此，從 18 財年的資本支出來看，我們在資本支出上的支出略高於 4 億美元，佔收入的 10% 多一點。

We continue to expand the capacity in our filter operation as well in our back-end operation.

我們繼續擴大我們的過濾器操作以及後端操作的能力。

And as Liam indicated as well, we continue to advance the technology in those factories and make the necessary technology-related CapEx investments as well.

正如利亞姆所指出的那樣，我們將繼續推進這些工廠的技術，並進行必要的與技術相關的資本支出投資。

So going forward I do expect our CapEx to stay on or about the same level as a percent to revenue as it was in fiscal '18.

因此，展望未來，我確實希望我們的資本支出與 18 財年的收入百分比保持在或大致相同的水平。

In terms of OpEx, you can see a little bit of a step-up here in the December guidance.

就運營支出而言，您可以在 12 月的指南中看到一點點提升。

And that's mainly driven by a full quarter of the Avnera OpEx that will hit us in the December quarter.

這主要是由 Avnera OpEx 的整個季度推動的，該季度將在 12 月季度對我們產生影響。

And our next question comes from the line of Vivek Arya.

我們的下一個問題來自 Vivek Arya。

First, just a clarification.

首先，澄清一下。

Kris, could you give us the mix of mobile in broad markets for September and what you're expecting for the December quarter?

Kris，你能給我們介紹一下 9 月份廣泛市場的移動組合以及你對 12 月季度的預期嗎？

Sure.

當然。

So in the September quarter, broad market was approximately 28% of total revenue.

因此，在 9 月季度，大盤收入約佔總收入的 28%。

It was growing double digit on a year-over-year basis.

同比增長兩位數。

As well on a full year basis, broad market was growing double digits, so we're very pleased with the performance there.

在全年基礎上，廣闊的市場也在以兩位數的速度增長，因此我們對那裡的表現感到非常滿意。

We have now an annualized run rate of $1.1 billion in our broad markets.

我們現在在廣泛的市場上的年化運行率為 11 億美元。

And looking ahead into Q1 of fiscal '19, we continue to see very strong double-digit year-over-year growth.

展望 19 財年第一季度，我們將繼續看到非常強勁的兩位數同比增長。

So on the flip side, of course, we have our mobile business, which was 72% of total revenue in the fourth quarter of fiscal '18.

因此，另一方面，當然，我們有我們的移動業務，佔 18 財年第四季度總收入的 72%。

And then maybe, Liam, one more on the visibility as we look forward, right, you mentioned that December is perhaps the bottom here and that you could get back to seasonal trends in March.

然後，利亞姆，也許還有一個關於我們期待的可見性，對，你提到 12 月可能是這裡的底部，你可以回到 3 月的季節性趨勢。

I'm curious what is giving you that confidence?

我很好奇是什麼給了你這樣的信心？

If you could perhaps give us some real-time sense of orders.

如果你能給我們一些實時的訂單感。

Have they stabilized?

他們穩定了嗎？

Just in general, right, give us some more confidence that December is the bottom and things could get back to normal for March.

總的來說，讓我們更有信心，12 月是底部，3 月情況可能會恢復正常。

Or is it primarily predicated on your broad market seasonally doing better and China that are getting back to growth and offsetting whatever remaining declines are at your larger U.S. customers?

或者它是否主要基於您的廣闊市場季節性表現更好以及中國正在恢復增長並抵消您較大的美國客戶的任何剩餘下降？

Right.

正確的。

No, that's great question.

不，這是個很好的問題。

As I said, it's really hard to give a full, complete view of the March quarter.

正如我所說，很難全面、完整地了解 3 月季度的情況。

What I would say is from where we stand today, we comprehended what we thought were the magnitude of the reductions that we could see, and we've contemplated out those in our guidance.

我要說的是，從我們今天的立場來看，我們理解了我們認為我們可以看到的減少幅度，並且我們已經在我們的指南中考慮了這些。

We look at the March quarter, and we expect it to be in the range that I just articulated somewhere in the 10% to 15% sequential, which is normal.

我們看看 3 月份的季度，我們預計它會在我剛剛闡明的 10% 到 15% 的連續範圍內，這是正常的。

We do have some positive catalysts around broad markets, so we think of better China environment in that period.

我們確實在廣泛的市場周圍有一些積極的催化劑，所以我們認為那個時期更好的中國環境。

And then we'll see what happens with Tier 1 smartphone units.

然後我們將看看一級智能手機單元會發生什麼。

But we should be positioned to outperform, and hopefully, the market warms up a little bit.

但我們應該定位於跑贏大盤，並希望市場稍微回暖。

But in any case, again, we are committing to a full year -- full fiscal year of growth and earnings, top line and bottom line.

但無論如何，我們再次致力於實現一整年——增長和收益、頂線和底線的完整財政年度。

And our next question comes from the line of Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Liam, just to follow up on that point, just looking at how the fiscal year could potentially play out.

利亞姆，只是想跟進這一點，看看本財年可能會如何結束。

So December and March would be down roughly 3% or 4% year-over-year.

因此，12 月和 3 月將同比下降約 3% 或 4%。

And to grow in the full fiscal year, is there anything you need happening right now from an inventory perspective or unique in the back half of next year you have kind of line of sight from a content just to get to growth after the first half looks to be a little challenged?

為了在整個財政年度實現增長，從庫存的角度來看，您現在是否需要發生任何事情，或者在明年下半年有什麼獨特之處？有點挑戰？

Yes.

是的。

I think we should expect some recovery going into the second half of the year.

我認為我們應該期待下半年會出現一些復甦。

And then we have a lot of new design wins in platforms and programs that we're ramping mobile, but in many cases, some of the broad market work that we're doing.

然後我們在平台和程序中獲得了許多新的設計勝利，我們正在推動移動，但在許多情況下，我們正在做的一些廣泛的市場工作。

Lots of opportunity with the Avnera channel.

Avnera 頻道有很多機會。

We're already seeing customers embrace the Skyworks brand and our scale.

我們已經看到客戶接受了 Skyworks 品牌和我們的規模。

Quite frankly, what we offer there is more than just the sales and marketing team.

坦率地說，我們提供的不僅僅是銷售和營銷團隊。

We have a tremendous reach operationally to do some high levels of integration where they have a discrete product line.

我們在運營上擁有巨大的影響力，可以在他們擁有離散產品線的地方進行一些高水平的整合。

So all of that's going to roll in, in addition to the core organic business.

因此，除了核心有機業務之外，所有這些都將投入使用。

So those are some of the things that give us a sense of bullishness as we look out into the second half and through the full 2019.

因此，當我們展望下半年和整個 2019 年時，這些都是讓我們感到樂觀的事情。

Got it.

知道了。

And then just to follow up on Avnera, and you mentioned kind of the SiGe success story.

然後只是跟進 Avnera，你提到了 SiGe 的成功故事。

Anything else you can kind of tie into that in terms of a playbook?

就劇本而言，您還有什麼可以與之相關的嗎？

Or how you see -- because Avnera's been around for a while, but just really your distribution and the ability to kind of ramp that business more strongly under the Skyworks' ownership.

或者你怎麼看——因為 Avnera 已經存在了一段時間，但實際上你的分佈和在 Skyworks 的所有權下更強大地提升該業務的能力。

Yes, absolutely.

是的，一點沒錯。

So a couple of things.

所以有幾件事。

There is certainly an element around customer engagement, and we have a great opportunity to leverage the years and years of customer work that we've done and the trust that we've built with our accounts to now bring Avnera through that channel.

客戶參與肯定有一個因素，我們有很好的機會利用我們多年來所做的客戶工作以及我們與客戶建立的信任，現在通過該渠道將 Avnera 帶到這裡。

That's one.

那是一個。

We also have some amazing ability to create new solutions that would be very difficult for them to do on their own, leveraging our ability to package and test and bundle.

我們也有一些驚人的能力來創建新的解決方案，這些解決方案對他們來說很難自己完成，利用我們打包、測試和捆綁的能力。

Kind of think of it as a point product versus an integrated solution, i.e.

可以將其視為單點產品而不是集成解決方案，即

SkyOne, right, how we've taken kind of fundamental technology and wrapped it up into an engine, a system that made it much easier, much easier for the customers to consume.

SkyOne，對，我們如何採用某種基礎技術並將其包裝到一個引擎中，一個讓客戶更容易、更容易使用的系統。

So they're doing some really special work in cognitive radio.

所以他們在認知無線電方面做了一些非常特別的工作。

So it's not just the audio portion, but it's also these highly sensitive microphones that listen and discern the voice or the signal to create a connection.

因此，不僅僅是音頻部分，還有這些高度敏感的麥克風可以聆聽和辨別語音或信號以建立連接。

So some incredible things that we can do together, and the partnership should really form well.

所以我們可以一起做一些不可思議的事情，合作關係應該真的很好。

It will take some time before we see all the revenue build up, but we do think there will be an impact positively in 2019; and in the outer-years, certainly a significant opportunity.

我們需要一些時間才能看到所有收入增加，但我們確實認為 2019 年會產生積極影響；在外面的歲月裡，當然是一個重要的機會。

Our next question comes from the line of Edward Snyder with Charter Equity Research.

我們的下一個問題來自 Charter Equity Research 的 Edward Snyder。

Liam, what do you mean by you're ready today in BAW?

利亞姆，你今天在 BAW 準備好了是什麼意思？

Have you sampled duplexers in BAW?

您對 BAW 中的雙工器進行過採樣嗎？

And if so, what bands?

如果是這樣，是什麼樂隊？

We've heard of single-band Rx filter samples.

我們聽說過單波段 Rx 濾波器樣本。

Beyond that, we've not seen anything.

除此之外，我們什麼也沒看到。

So I'm just curious, you seem to make a much stronger statement about BAW this quarter than I've heard in any of your periods in the past.

所以我很好奇，你本季度關於 BAW 的聲明似乎比我在過去任何時期聽到的都要強得多。

What's changed?

有什麼變化？

What's changed?

有什麼變化？

What's changed is that we've done a lot of hard work, Ed.

改變的是我們做了很多艱苦的工作，埃德。

We've made investments in the technology.

我們已經對該技術進行了投資。

Our engineering teams have been working this for a long time, and I haven't been talking about it because we weren't ready.

我們的工程團隊已經為此工作了很長時間，但我一直沒有談論它，因為我們還沒有準備好。

But we're ready now, and we are sampling with key accounts.

但我們現在準備好了，我們正在對關鍵客戶進行抽樣。

I don't want to get into all the details there, but we are sampling.

我不想深入了解那裡的所有細節，但我們正在抽樣。

We're getting feedback.

我們正在收到反饋。

There's credible iteration around the process and around the end products.

圍繞流程和最終產品進行可靠的迭代。

And as you know, we do it differently.

如您所知，我們的做法有所不同。

We're not going to be a discrete filter company.

我們不會成為一家離散的濾波器公司。

We're going to be a systems-level company.

我們將成為一家系統級公司。

We're going to leverage that technology in our Sky5 suite, and just stay tuned for more developments.

我們將在我們的 Sky5 套件中利用該技術，敬請期待更多的發展。

Is most of this going to be focused then in some of the new products, the future products that you're putting out, especially with regard to Sky5 and attacking -- and now there's going to be higher frequency bands in 5G.

大部分內容是否會集中在一些新產品上，你將推出的未來產品，特別是關於 Sky5 和攻擊——現在 5G 中會有更高的頻段。

Is that where we can expect to see the first samples of this?

那是我們可以期待看到第一批樣品的地方嗎？

Yes.

是的。

Yes.

是的。

So we wouldn't -- our role here and our ambition is to move forward into 5G.

所以我們不會——我們在這裡的角色和我們的雄心是進入 5G。

And there may be an opportunity for us to go back into legacy architectures, but I don't think that's really the sweet spot.

我們可能有機會回到遺留架構，但我認為這不是真正的最佳選擇。

It's really the leverage that we have in providing customers a full suite of proven LTE solutions from SkyOne to diversity received, augmenting that with 5G technology and then bringing some really compelling stuff in the high band to our customers.

這真的是我們在為客戶提供全套經過驗證的 LTE 解決方案方面所具有的影響力，從 SkyOne 到接收到的多樣性，通過 5G 技術對其進行增強，然後在高頻段為我們的客戶帶來一些真正引人注目的東西。

And I mean, clearly, this is something that's been on our agenda for a long, long time.

我的意思是，很明顯，這是我們議程上已經有很長時間的事情了。

We haven't talked much about it, but we're ready now.

我們還沒有談太多，但我們現在已經準備好了。

And you're right, this is a lot more than we've said in the past, and there's a good reason for it.

你是對的，這比我們過去所說的要多得多，這是有充分理由的。

That makes a lot more sense.

這更有意義。

And then if I could, it seems clear from this standpoint already that next year's premium phones, especially Tier 1 manufacturers, running headlong into this antenna problem.

然後，如果可以的話，從這個角度來看，明年的高端手機，尤其是一級製造商，似乎已經很清楚地遇到了這個天線問題。

And it looks like they'll pulling some BAW-based DRx functionality into this.

看起來他們會將一些基於 BAW 的 DRx 功能引入其中。

And I know they kind of redesigned the whole thing.

我知道他們重新設計了整個東西。

But where does that put Skyworks?

但這將 Skyworks 置於何地？

You've got a huge amount of content and that (inaudible) you've got significant increase year-over-year in content in that section, too.

你有大量的內容，而且（聽不清）你在該部分的內容也同比顯著增加。

I don't expect you to be locked out, giving you the premier supplier.

我不希望你被拒之門外，給你最好的供應商。

But does that put you at a little bit of a disadvantage for those bands that are looking at lowering insertion loss?

但這是否會讓您在那些尋求降低插入損耗的頻段中處於劣勢？

Or is it something you could do with this new technology you're talking about?

或者你可以用你正在談論的這項新技術做些什麼？

Yes.

是的。

No, we're very solid in the whole DRx family from low to mid to high, and that's been in place for a while.

不，我們在從低端到中端到高端的整個 DRx 系列中都非常穩固，而且已經存在了一段時間。

And there's obviously iterations and improvements in performance that we make annually.

顯然，我們每年都會對性能進行迭代和改進。

On the antenna multiplexing, I think that's a new opportunity for us that we will also pursue.

在天線多路復用方面，我認為這對我們來說是一個新的機會，我們也會追求。

So we will certainly protect our core on low band and high band and DSM as we go forward.

因此，在我們前進的過程中，我們肯定會在低頻段和高頻段以及 DSM 上保護我們的核心。

And our filtering technology today is perfect for that, and we know how to curate and alter that if we need to.

我們今天的過濾技術非常適合這一點，如果需要，我們知道如何策劃和改變它。

But some of the other opportunities that are out there are still on the drawing board, and we'll have the technology to address.

但其他一些現有的機會仍在繪圖板上，我們將擁有解決問題的技術。

It's not going to all happen in one cycle.

這不會在一個週期內全部發生。

But I'm really pleased with the team's performance, their patience, their diligence, the hard work, some of the devices that we're putting forth today, I'm really happy with.

但我對團隊的表現、他們的耐心、勤奮、辛勤工作以及我們今天推出的一些設備感到非常滿意，我真的很滿意。

And I think we'll be able to demonstrate that in the market very soon.

我認為我們很快就能在市場上證明這一點。

And our next question comes from the line of Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的蒂莫西·阿庫裡。

If I look at the overall revenue growth, you guys have sort of barely grown year-over-year despite all the content growth over the past couple of quarters and despite broad markets growing kind of like low teens year-over-year.

如果我看一下整體收入增長，儘管過去幾個季度內容有所增長，而且廣泛的市場同比增長有點像低青少年，但你們幾乎沒有同比增長。

So if I look into margin, I assume sort of a down 10 to 12 normal seasonal, you're going to be, it looks like, down again year-over-year in March.

因此，如果我研究利潤率，我假設正常季節性下降 10 到 12 個，看起來 3 月份再次同比下降。

So can you just again highlight why is that the case?

那麼你能否再次強調為什麼會這樣？

Is it really high-end smartphone?

它真的是高端智能手機嗎？

Is that why the company's not really growing the last 4 quarters?

這就是公司在過去 4 個季度沒有真正增長的原因嗎？

Yes.

是的。

Listen, we just grew fiscal '18.

聽著，我們剛剛增長了 18 財年。

We're going to grow fiscal '19.

我們將增加 19 財年。

We talked about that.

我們談過那個。

The fundamental change here from what would have been a more bullish guidance is really the unit change with some of the premier higher-end players where the content has been very significant.

與更樂觀的指導相比，這裡的根本變化實際上是一些內容非常重要的主要高端玩家的單位變化。

I mean, that's the fundamental issue.

我的意思是，這是根本問題。

I mean, there's some China softness, but that's not a big surprise for us.

我的意思是，中國有些疲軟，但這對我們來說並不奇怪。

I mean, that's something we've contemplated.

我的意思是，這是我們考慮過的事情。

And we have a broad set of accounts, we have a broad set of technologies that we're bringing to market.

我們擁有廣泛的客戶群，我們擁有將推向市場的廣泛技術。

We have new solutions coming out into 5G.

我們為 5G 推出了新的解決方案。

We have an IoT landscape that continues to grow at double digits and a broad markets that continues to grow at double digits.

我們擁有繼續以兩位數增長的物聯網格局和繼續以兩位數增長的廣闊市場。

So we're not guiding the whole quarter-by-quarter, but we are comfortable with providing an outlook for the year in total, which will be top line growth and bottom line growth.

因此，我們不會逐個季度指導整個業務，但我們很樂意提供全年的展望，這將是收入增長和利潤增長。

And our next question comes from the line of Srini Pajjuri with Macquarie.

我們的下一個問題來自 Srini Pajjuri 與 Macquarie 的對話。

I guess, Liam, just I want to understand -- I understand the outlook being a little bit weaker because of the unit weakness.

我想，利亞姆，我只是想了解——我知道由於單位疲軟，前景有點疲軟。

But given your content expansion, I would have expected a little bit more upside to the quarter.

但考慮到您的內容擴展，我預計本季度會有更多上漲空間。

You came in line, which is pretty decent.

你排在隊裡，這很不錯。

But I'm curious, did you -- I mean, have you started seeing the weakness in the quarter itself?

但我很好奇，你是否 - 我的意思是，你是否開始看到本季度本身的弱點？

Or were there any other puts and takes that impacted the quarter?

或者是否有任何其他影響該季度的看跌期權和看跌期權？

In the Q4 period, not really.

在第四季度，不是真的。

A little bit of softness in China.

中國有點軟。

I think it was a fairly strong quarter for us.

我認為這對我們來說是一個相當強勁的季度。

We exceeded guidance.

我們超出了指導。

We grew EPS by $0.30, 18%.

我們的每股收益增長了 0.30 美元，即 18%。

The Q1 impact is what we're seeing now and we're talking through.

第一季度的影響是我們現在看到的，我們正在討論。

So I think that's something that we've imputed into the guidance.

所以我認為這是我們已經歸因於指南的東西。

We think we've taken the right amount of pain in the guidance on that.

我們認為我們在這方面的指導中付出了適當的努力。

Our content position is solid.

我們的內容立場是穩固的。

There's no share loss in our leading platforms.

我們領先的平台沒有份額損失。

So it's not a case where we fumbled and didn't execute or weren't able to win the sockets that we'd pursued.

所以這不是我們摸索而沒有執行或無法贏得我們追求的套接字的情況。

But across the most compelling platforms, the larger Tier 1s who just -- there's a bit of an impact there.

但在最引人注目的平台上，更大的一級供應商只是 - 那裡有一點影響。

We'll be able to recover from it.

我們將能夠從中恢復過來。

There's other parts of the business that are doing really well, and I think this part of the business will recover as well.

該業務的其他部分錶現非常好，我認為這部分業務也會復蘇。

Great.

偉大的。

And then just to follow up on that, Liam.

然後只是跟進，利亞姆。

As you look out to the next fiscal year, I'm guessing 5G, it's a little bit early, but over the next 4 quarters, can you talk a little bit about the competitive environment in 4G?

當你展望下一財年時，我猜 5G 有點早，但在接下來的 4 個季度，你能談談 4G 的競爭環境嗎？

It looks like Qualcomm is definitely making some progress, and the market is not growing in terms of units.

看起來高通確實取得了一些進展，而且市場在單位方面並沒有增長。

And are you seeing any more pricing dynamics out there and any more intensity in terms of competitive nature?

您是否看到了更多的定價動態以及競爭性方面的更多強度？

What I'm seeing, and this has been a theme that's been going on for a while, is that the competitive landscape honestly is getting more and more driven by 2 or 3 players, right?

我所看到的，這是一個持續了一段時間的主題，老實說，競爭格局越來越多地由 2 或 3 個玩家驅動，對嗎？

Maybe 4. And you have to have a broad set of technologies and you have to have the agility to work with multiple customers and solve their problems.

可能是 4。你必須擁有廣泛的技術，你必須能夠靈活地與多個客戶合作並解決他們的問題。

And the complexity within mobile platforms, especially at the high end -- and the high end is where the all the money is being made by the way.

以及移動平台的複雜性，尤其是在高端——順便說一句，高端是所有賺錢的地方。

It's where the money is being made by the OEMs.

這是原始設備製造商賺錢的地方。

And they rely upon suppliers that can do the hard work for them.

他們依賴可以為他們完成艱苦工作的供應商。

The hard work: delivering very, very high-performance transmit and receive, WiFi tuning, having the scale and having the techniques to do the filtering that we've talked about in the last few questions, all of that.

艱苦的工作：提供非常、非常高性能的傳輸和接收、WiFi 調諧、具有規模和技術來進行我們在最後幾個問題中談到的過濾，所有這些。

So we don't really -- in fact, that environment has been very good for Skyworks.

所以我們不是真的 - 事實上，這種環境對 Skyworks 來說非常好。

It's given us a chance to outperform and leverage our technical expertise, our manufacturing scale and the investments that we've made in some of these high-performance filters.

它讓我們有機會超越並利用我們的技術專長、我們的製造規模以及我們在其中一些高性能過濾器上所做的投資。

So I think the competitive field is going to narrow, and the complexity and challenge is going to be very, very high.

所以我認為競爭領域會縮小，複雜性和挑戰會非常非常高。

And those that can deliver and meet that challenge will do well, and we'll be among the few that can do that.

那些能夠交付並迎接挑戰的人將會做得很好，我們將成為少數能夠做到這一點的人之一。

And our next question comes from the line of Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

I guess, when we think about the full year growth that you're talking about next year and implied it's going to be stronger in the second half, what is this driven by?

我想，當我們考慮你明年談論的全年增長並暗示下半年會更強勁時，這是由什麼驅動的？

Is it 5G?

是5G嗎？

Is it more content in China?

中國的內容多嗎？

Increased content in some of the flagships?

增加一些旗艦店的內容？

What type of products?

什麼類型的產品？

Is it tuning, plexing?

是調音，復用嗎？

More diverse receive?

更多樣化的接收？

If you could help us understand what's going to drive this growth next year, that would be helpful.

如果您能幫助我們了解明年將推動這種增長的因素，那將會很有幫助。

Yes.

是的。

I mean, there's certainly -- there's new developments across multiple parts of the business.

我的意思是，當然有 - 業務的多個部分都有新的發展。

And in the mobile side, we're continuing to drive a content move across all parts of the portfolio.

在移動端，我們將繼續推動產品組合所有部分的內容遷移。

So we talked a little bit about the high end.

所以我們談了一點關於高端的事情。

But also in the mid-tier, there's an equally important opportunity to take mid-tier players in China and other markets and even some of the Samsung portfolio to take mid-tier phones up a level to advance their technology in 4G.

但在中端市場，同樣重要的機會是讓中國和其他市場的中端廠商，甚至是三星產品組合中的一些，將中端手機提升到一個水平，以推進其 4G 技術。

And we are starting to see -- we are developing right now 5G solutions that we know are going to market, and they're going to create a meaningful catalyst.

我們開始看到——我們現在正在開發我們知道即將推向市場的 5G 解決方案，它們將創造一個有意義的催化劑。

We talked about that in the prepared remarks.

我們在準備好的評論中談到了這一點。

There will be meaningful new technologies in 5G product.

5G產品中會有有意義的新技術。

That is an opportunity for everyone in our space to pursue.

這是我們這個領域的每個人都可以追求的機會。

And I certainly like our opportunity given our experience with customers, the manufacturing assets that we have, the technologies that we have and the ability -- and I'll use the word crafty again, the ability to do very, very hard things with very high demands from customers and be able to have the flexibility to make it work for each and every one.

考慮到我們與客戶的經驗、我們擁有的製造資產、我們擁有的技術和能力，我當然喜歡我們的機會——我會再次使用“狡猾”這個詞，即用非常多的能力做非常、非常困難的事情的能力客戶的高要求，並能夠靈活地使其適用於每一位客戶。

The more you go long in the technology and you move into 5G, people do it differently, customers do it differently.

你在技術上投入的時間越多，你進入 5G 的時間越長，人們的做法就會不同，客戶的做法也會不同。

They select different bands.

他們選擇不同的樂隊。

They have different performance budgets, current budgets, and it makes it more challenging for the suppliers.

他們有不同的績效預算、當前預算，這對供應商來說更具挑戰性。

And having that know-how and that broad breadth of experience with baseband providers and multiple customers puts us in a good position.

擁有這種專業知識以及與基帶提供商和多個客戶的廣泛經驗使我們處於有利地位。

So we'll start to see that in the second half of this calendar year, more and more complex engines.

因此，我們將在本日曆年的下半年開始看到越來越複雜的引擎。

The IoT space continues to move up.

物聯網空間繼續向上移動。

The Avnera opportunity, we're getting our first year of that.

Avnera 的機會，我們正迎來第一年。

That's going to be incrementally positive for us as well.

這也將對我們產生積極的影響。

So there's a number of very positive catalysts going on here as we get through the Q1 and Q2 periods.

因此，隨著我們度過第一季度和第二季度，這裡出現了許多非常積極的催化劑。

Okay.

好的。

As my follow-up, maybe sticking on 5G.

作為我的後續行動，也許會堅持使用 5G。

You talked earlier about millimeter wave.

您之前談到了毫米波。

A competitor discussed in their call yesterday that millimeter wave would be required at launch next year.

一位競爭對手昨天在他們的電話中討論了明年推出時需要毫米波。

I guess, the first question is, do you agree with that?

我想，第一個問題是，你同意嗎？

And I guess, I would think that sub-6 would be more likely to start a millimeter perhaps later.

而且我想，我認為 sub-6 可能會晚一毫米開始。

But if you can expand on your expectations from the market perspective and then as well as expand on your own millimeter wave products both from maybe infrastructure as well as the smartphone?

但是，如果您可以從市場角度擴展您的期望，然後從基礎設施和智能手機擴展您自己的毫米波產品？

Sure.

當然。

Yes.

是的。

We are seeing a kind of a stepped-up pace on millimeter wave, and we'll be positioned to deliver on that.

我們看到毫米波正在加快步伐，我們將做好準備實現這一目標。

So that's something -- it could be a very positive catalyst for the industry.

所以這就是 - 它可能是該行業非常積極的催化劑。

We are absolutely positioned to execute on that area, certainly on the handheld side and also on the infrastructure side.

我們絕對有能力在該領域執行，當然是在手持設備方面，也包括在基礎設施方面。

There's a lot of IP in our company that goes back into the infrastructure days where we have a lot of IP around millimeter wave and some other technologies that we can deploy that typically hadn't been used, quite frankly, in handheld devices.

我們公司有很多 IP 可以追溯到基礎設施時代，我們有很多關於毫米波的 IP 和我們可以部署的一些其他技術，坦率地說，這些技術通常沒有在手持設備中使用過。

So if we're able to deliver that, I think that would be exceptional.

因此，如果我們能夠實現這一點，我認為那將是非常出色的。

We are working on it.

我們正在做這件事。

It's not new for us.

這對我們來說並不新鮮。

It's just about the pace in which our customers want to deploy the technology.

這只是關於我們的客戶希望部署該技術的速度。

We'll be ready on the semiconductor and system side.

我們將在半導體和系統方面做好準備。

It's really a matter of when does the market want to see this technology in a commercial use.

市場何時希望看到這項技術用於商業用途，這真的是一個問題。

Our next question comes from the line of Karl Ackerman with Cowen and Company.

我們的下一個問題來自 Karl Ackerman 與 Cowen and Company 的合作。

It would appear the acquisition of Avnera is a precursor for additional bolt-on M&A.

收購 Avnera 似乎是額外補強併購的先兆。

Are voice applications a primary focal point going forward?

語音應用程序是未來的主要焦點嗎？

Or are other areas, such as networking infrastructure, more palatable as you build your economic moat around 5G?

或者在您圍繞 5G 構建經濟護城河時，網絡基礎設施等其他領域是否更受歡迎？

And separately, how much cash do you think you need to run the business today?

另外，您認為今天經營業務需要多少現金？

Sure.

當然。

I'll start and then I'll pass it over to Kris.

我將開始，然後將其傳遞給 Kris。

Yes, I think one of the things, Karl, that we like is -- in our deals -- and obviously, we haven't done many, and those that we've done have worked out pretty well.

是的，卡爾，我認為我們喜歡的一件事是——在我們的交易中——顯然，我們做的不多，而我們所做的那些都取得了很好的效果。

We had a very discerning view on these transactions.

我們對這些交易有非常敏銳的看法。

But one of the things that we like about this technology is that it dovetails so well into the areas that we've already created some real value.

但我們喜歡這項技術的其中一件事是它與我們已經創造了一些實際價值的領域非常契合。

So there's a common set of customers in some areas, both in IoT and then somewhat in mobile.

所以在某些領域有一組共同的客戶，包括物聯網和移動領域。

There's an opportunity for an integration process to occur, leveraging their core IP more at the chip level and then wrapping that up with our MCM technology and our packaging technology to do something even bigger.

有機會進行集成過程，在芯片級更多地利用他們的核心 IP，然後用我們的 MCM 技術和封裝技術將其包裝起來，以做更大的事情。

And then we just have kind of a real broad customer scale opportunity across the globe.

然後我們在全球範圍內擁有真正廣泛的客戶規模機會。

But we have a big team at Skyworks that's in just about every mobile and IoT customer you could imagine and comparing that with a great organization at Avnera but just much, much smaller.

但我們在 Skyworks 有一個龐大的團隊，幾乎所有你能想像到的移動和物聯網客戶，並將其與 Avnera 的一個偉大組織進行比較，但規模要小得多。

So you could see how that leverage plays.

所以你可以看到槓桿是如何發揮作用的。

And the technology today is really good.

而且今天的技術真的很好。

We don't have to fix their technology.

我們不必修理他們的技術。

It works.

有用。

It's great.

這很棒。

It's just a matter of bringing it to market and maybe changing some of the form factors to create more upside and more configurability.

這只是將其推向市場並可能更改某些外形以創造更多優勢和更多可配置性的問題。

And so on the question of the cash to run the business, well, we ended last quarter in the fiscal year with just over $1 billion of cash and investments on the balance sheet.

等等關於經營業務的現金問題，好吧，我們在本財年的最後一個季度結束時，資產負債表上的現金和投資剛剛超過 10 億美元。

That's definitely a level that's very comfortable.

這絕對是一個非常舒服的水平。

We actually need a little bit less of cash just to run the business.

我們實際上只需要少一點現金來經營業務。

So we do have still excess cash given also the fact that we generate a ton of cash, we have a very strong cash flow from operations and very strong free cash flow.

因此，鑑於我們產生了大量現金這一事實，我們確實仍然擁有過剩現金，我們擁有非常強勁的運營現金流和非常強勁的自由現金流。

We continue to target a free cash flow margin of 30%.

我們繼續將自由現金流利潤率定為 30%。

And we will also continue with our cash returns to the shareholders.

我們還將繼續向股東提供現金回報。

As we indicated in the prepared remarks, we returned more than $1 billion of the cash to the shareholders during fiscal '18, and we will continue to do so in fiscal '19 through our dividend program as well as our share buyback program.

正如我們在準備好的評論中指出的那樣，我們在 18 財年向股東返還了超過 10 億美元的現金，我們將在 19 財年通過我們的股息計劃和股票回購計劃繼續這樣做。

And our final question comes from Harsh Kumar with Piper Jaffray.

我們的最後一個問題來自 Piper Jaffray 的 Harsh Kumar。

I had a follow-up on BAW.

我對 BAW 進行了跟進。

Congratulations, by the way, on getting BAW done in-house.

順便說一下，恭喜你在內部完成了 BAW。

We are hearing that the 5G handsets, at least some models, will be out in the second half of calendar next year.

我們聽說 5G 手機，至少是某些型號，將在明年下半年推出。

Liam, do you think your BAW products would be ready commercially around that time frame?

Liam，您認為您的 BAW 產品會在那個時間範圍內準備好投入商業使用嗎？

Yes, it's possible.

是的，這是可能的。

We're in the middle of our design work and our sampling right now, so I don't want to hang a date on that, but certainly in the next 12 to 18 months as I indicated.

我們現在正處於設計工作和抽樣階段，所以我不想確定具體日期，但肯定是在接下來的 12 到 18 個月內，正如我所說的那樣。

So it's possible it could be sooner.

所以它可能會更快。

There's a lot of work to be done to validate and kind of leverage that spectrum.

要驗證和利用該頻譜還有很多工作要做。

So we'll wait and see.

所以我們拭目以待。

But we're definitely going to be a player in that segment.

但我們肯定會成為該領域的參與者。

Got it.

知道了。

And then for my follow-up.

然後是我的後續行動。

I wanted to ask another question on China.

我想再問一個關於中國的問題。

I assumed that China is down in December.

我假設中國在 12 月處於低迷狀態。

Did I hear you say correctly that by the March time frame, that China would be back to normal seasonal trends?

我沒聽錯嗎，到 3 月，中國將恢復正常的季節性趨勢？

And maybe you could tell us what that might be?

也許你可以告訴我們那可能是什麼？

Is China usually ticking up in March?

中國通常在三月份上漲嗎？

Or is it usually down for you in March?

或者它通常在三月份對你來說是低迷的嗎？

No.

不。

The seasonal trend is a sequential decline into the December quarter, a pretty strong sequential decline into the December quarter.

季節性趨勢是進入 12 月季度的連續下降，進入 12 月季度的連續下降非常強勁。

But then typically in March, we see the business coming back with a sequential increase.

但通常在 3 月，我們會看到業務以環比增長的方式回歸。

Thank you all for participating on today's call.

感謝大家參加今天的電話會議。

We look forward to seeing you at upcoming conferences during the quarter.

我們期待在本季度即將舉行的會議上見到您。

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。

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。