思佳訊 (SWKS) 2019 Q1 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions First Quarter and Fiscal Year 2019 Earnings Call.

下午好，歡迎來到 Skyworks Solutions 第一季度和 2019 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。

Thank you, Laurie.

謝謝你，勞裡。

Good afternoon, everyone, and welcome to Skyworks' first fiscal quarter 2019 conference call.

大家下午好，歡迎來到 Skyworks 2019 年第一財季電話會議。

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

今天和我在一起的是我們的總裁兼首席執行官 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.

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認為是前瞻性的。

Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K for more 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更多信息。

Additionally, the results and guidance that 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 財務指標，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。

Despite macro weakness across our global mobile business, Skyworks delivered solid financial results, driven by content gains, our expanding footprint in broad markets, the continued execution of our innovative product strategy and the strength of our business model.

儘管我們的全球移動業務整體疲軟，但在內容收益、我們在廣闊市場上不斷擴大的足跡、我們創新產品戰略的持續執行以及我們業務模式的優勢的推動下，Skyworks 實現了穩健的財務業績。

Specifically in Q1, we generated $972 million of revenue, delivered gross margin of 51% and operating margin of 36.7%.

特別是在第一季度，我們創造了 9.72 億美元的收入，毛利率為 51%，營業利潤率為 36.7%。

We posted an EPS of $1.83, and we produced $549 million in cash flow from operations, a new quarterly record for Skyworks.

我們公佈的每股收益為 1.83 美元，運營現金流為 5.49 億美元，創下了 Skyworks 的季度新紀錄。

In addition to achieving strong profitability and robust cash flow, we've clearly expanded our design win pipeline in several emerging high-growth categories.

除了實現強勁的盈利能力和強勁的現金流外，我們還明顯擴大了在幾個新興的高增長類別中的設計獲勝渠道。

Our solutions are now enabling the newest WiFi standards, along with the latest advances in MIMO base stations and across mobile payment platforms.

我們的解決方案現在支持最新的 WiFi 標準，以及 MIMO 基站和跨移動支付平台的最新進展。

For example, our WiFi 6 products are now powering NetGear routers, Charter Communications home gateways and Ruckus indoor access point, to name just a few.

例如，我們的 WiFi 6 產品現在為 NetGear 路由器、Charter Communications 家庭網關和 Ruckus 室內接入點提供支持，僅舉幾例。

We also partnered with Square, a market-leading mobile payment platform, powering their latest long-range retail systems.

我們還與市場領先的移動支付平台 Square 合作，為其最新的遠程零售系統提供支持。

And we supported next-generation, high-fidelity audio solutions for Bose, enabled by Alexa voice controls.

我們支持 Bose 的下一代高保真音頻解決方案，由 Alexa 語音控制啟用。

In addition, we ramped advanced wireless engine supporting Philips end-to-end streetlight management platforms.

此外，我們還推出了支持飛利浦端到端路燈管理平台的高級無線引擎。

And across the infrastructure space, we secured a number of Massive MIMO wins with leading base station providers as they prepare for the ramp to 5G.

在整個基礎設施領域，我們與領先的基站供應商取得了多項 Massive MIMO 勝利，因為他們正在準備升級到 5G。

Across automotive, we supported next-generation telematics solutions for leading German and Korean manufacturers.

在汽車行業，我們為領先的德國和韓國製造商提供下一代遠程信息處理解決方案支持。

And these results highlight our success as we continue to increase our product reach across a growing set of end markets, applications and customers.

這些結果突顯了我們的成功，因為我們繼續擴大我們的產品覆蓋範圍，覆蓋越來越多的終端市場、應用程序和客戶。

We have extended our technology leadership in cellular and are capitalizing more broadly across the Internet of Things, leveraging a diverse set of connectivity protocols, including WiFi, Bluetooth, ZigBee and GPS.

我們擴大了我們在蜂窩技術領域的技術領先地位，並更廣泛地利用物聯網，利用多種連接協議，包括 WiFi、藍牙、ZigBee 和 GPS。

Looking ahead, 5G technology will fuel a broad array of markets and applications ranging from industrial IoT, automotive, machine-to-machine, health care, smart cities as well as artificial intelligence.

展望未來，5G 技術將推動廣泛的市場和應用，包括工業物聯網、汽車、機器對機器、醫療保健、智慧城市以及人工智能。

Capitalizing on the advances of our mobile solutions, the launch of strategic product categories and the diversified strength of broad markets, we remain confident in our ability to outperform.

憑藉我們移動解決方案的進步、戰略產品類別的推出以及廣闊市場的多元化實力，我們對我們超越市場的能力充滿信心。

As a management team, we are squarely focused on operational excellence while continuing to invest strategically across innovative technologies and products, establishing a firm foundation for future growth.

作為一個管理團隊，我們專注於卓越運營，同時繼續對創新技術和產品進行戰略投資，為未來增長奠定堅實的基礎。

With that, I will now turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q2.

有了這個，我現在將把電話轉給 Kris，討論上一季度的業績和我們對第二季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Revenue for the first fiscal quarter of 2019 was $972 million.

2019 年第一財季的收入為 9.72 億美元。

Momentum in our high-growth broad markets business allowed us to partially offset unit declines across our mobile business that was mostly driven by weak end customer demand in China.

我們高增長的廣泛市場業務的發展勢頭使我們能夠部分抵消我們移動業務的單位下降，這主要是由中國終端客戶需求疲軟造成的。

In fact, revenue from broad markets continue to outperform in the first fiscal quarter with double-digit revenue growth compared to the first quarter of last year, demonstrating continued diversification across multiple end markets, customers and applications.

事實上，與去年第一季度相比，第一財季來自廣泛市場的收入繼續表現出色，收入增長兩位數，表明多個終端市場、客戶和應用程序的持續多元化。

Gross profit was $495 million, resulting in a gross margin of 51%, down 20 basis points sequentially on lower revenue.

毛利潤為 4.95 億美元，毛利率為 51%，由於收入下降，環比下降 20 個基點。

Operating expenses were $139 million or 14% of revenue, slightly below our guidance.

運營費用為 1.39 億美元，佔收入的 14%，略低於我們的指引。

We generated $356 million of operating income, translating into an operating margin of 36.7%.

我們產生了 3.56 億美元的營業收入，轉化為 36.7% 的營業利潤率。

First quarter effective tax rate was 9.7%.

第一季度有效稅率為 9.7%。

This drove net income of $325 million or $1.83 of diluted earnings per share.

這推動了 3.25 億美元的淨收入或 1.83 美元的攤薄後每股收益。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

First fiscal quarter cash flow from operations was a record $549 million.

第一財季運營現金流達到創紀錄的 5.49 億美元。

And capital expenditures were $129 million, resulting in a strong free cash flow margin.

資本支出為 1.29 億美元，帶來了強勁的自由現金流利潤率。

We paid $67 million in dividends and repurchased a record high of 4 million shares of our common stock for a total of $284 million.

我們支付了 6700 萬美元的股息，並回購了創紀錄的 400 萬股普通股，總計 2.84 億美元。

And we ended the quarter with a cash balance of $1.1 billion and no debt.

本季度結束時，我們的現金餘額為 11 億美元，沒有債務。

As noted in our separate press release issued today, Skyworks' Board of Directors has authorized a new $2 billion stock repurchase program.

正如我們今天發布的另一份新聞稿所述，Skyworks 董事會已批准一項新的 20 億美元股票回購計劃。

This new buyback plan reflects our confidence in Skyworks' business model and our ability to consistently produce strong free cash flow, allowing us to leverage share repurchases and dividends to generate higher shareholder returns.

這項新的回購計劃反映了我們對 Skyworks 的商業模式以及我們持續產生強勁自由現金流的能力的信心，使我們能夠利用股票回購和股息來產生更高的股東回報。

Our strong balance sheet and cash position provide important competitive advantages, allowing us to make the strategic investments in R&D, while funding the capital requirements for 5G as the complexity of our solutions intensifies.

我們強大的資產負債表和現金狀況提供了重要的競爭優勢，使我們能夠在研發方面進行戰略投資，同時隨著我們解決方案的複雜性加劇，為 5G 的資本需求提供資金。

Now let's review our outlook for the second quarter of fiscal 2019.

現在讓我們回顧一下我們對 2019 財年第二季度的展望。

We anticipate revenue in the range of $800 million to $820 million.

我們預計收入在 8 億至 8.2 億美元之間。

We expect gross margin to be between 50.5% and 51%, which is flat year-over-year at the midpoint of the range, despite lower year-over-year revenue.

儘管收入同比下降，但我們預計毛利率將在 50.5% 至 51% 之間，與該範圍的中點同比持平。

In light of the market backdrop, we will continue to drive operational efficiencies and prudently manage our operating expenses down to approximately $135 million.

鑑於市場背景，我們將繼續提高運營效率，並將我們的運營費用審慎管理至約 1.35 億美元。

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

在此線之下，我們預計其他收入約為 300 萬美元，有效稅率為 10%。

We expect our diluted share count to be approximately 175.5 million shares.

我們預計我們的稀釋後股份數量約為 1.755 億股。

Assuming a revenue midpoint of approximately $810 million, we plan to deliver diluted earnings per share of $1.43.

假設收入中點約為 8.1 億美元，我們計劃實現每股攤薄收益 1.43 美元。

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 indicate, we are continuing to deliver high levels of profitability with consistently strong cash flow.

正如我們的結果所表明的那樣，我們將繼續以持續強勁的現金流提供高水平的盈利能力。

More importantly, we have strategically positioned Skyworks to outperform as we seize upon a complex set of new opportunities in both mobile and broad markets.

更重要的是，我們在戰略上將 Skyworks 定位為跑贏大盤，因為我們抓住了移動和廣泛市場中一系列複雜的新機遇。

For example, the shift to 5G is a tremendous catalyst, representing an entirely new connected ecosystem, one where Skyworks will play a leadership role.

例如，向 5G 的轉變是一個巨大的催化劑，代表著一個全新的互聯生態系統，Skyworks 將在其中發揮領導作用。

At a higher level, 5G will be transformational, requiring step function increases in analog performance, advanced filtering and power efficiency.

在更高的層次上，5G 將是變革性的，需要在模擬性能、高級濾波和電源效率方面逐步提高。

With decades of experience spanning successive technology generations, Skyworks is well-positioned to capitalize, with strategic partnerships across all smartphone and IoT customers, differentiated system solutions, enabling unmatched levels of integration and performance, focused investments to expand our product portfolio, IP and scale, and finally, a business model that leverages both mobile and broad market diversification with leading financial performance.

憑藉跨越連續幾代技術的數十年經驗，Skyworks 有能力利用與所有智能手機和物聯網客戶的戰略合作夥伴關係、差異化的系統解決方案、實現無與倫比的集成和性能水平、集中投資來擴展我們的產品組合、IP 和規模，最後，一種利用移動和廣泛市場多元化並具有領先財務業績的商業模式。

We are committed to creating shareholder value, while executing on our ambitious vision of connecting everyone and everything all the time.

我們致力於創造股東價值，同時實現我們始終連接每個人和所有事物的雄心勃勃的願景。

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) Our first question, from Craig Ellis with B. Riley.

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

Guys, I want to start just by understanding the different dynamics in the business as we look at the second quarter.

伙計們，我想從了解第二季度業務的不同動態開始。

Kris, can you just clarify for us, what was the split between broad markets and integrated mobile in the first quarter?

Kris，您能否為我們澄清一下，第一季度廣泛市場和集成移動市場之間的差距是什麼？

And then, as we look at the second quarter, what are the gives and takes in the second quarter, Liam?

然後，當我們看第二季度時，第二季度的付出和收穫是什麼，利亞姆？

Do you think that can be a trough for the year in integrated mobile?

您認為這會成為今年集成移動領域的低谷嗎？

Or would that come later in the fiscal year?

還是會在本財年晚些時候出現？

Yes, Craig.

是的，克雷格。

I'll start by giving you some of the details there.

首先，我將向您提供一些詳細信息。

So in the December quarter, broad market was approximately 27% of total revenue.

因此，在 12 月季度，廣泛市場約佔總收入的 27%。

And of course, mobile was 73%.

當然，移動設備佔 73%。

So in terms of broad market, we are still running at over $1 billion on an annualized revenue run rate.

因此，就廣闊市場而言，我們的年收入運行率仍超過 10 億美元。

Also, as I mentioned in the prepared remarks, broad market was up double digits on a year-over-year basis in the December quarter.

此外，正如我在準備好的評論中提到的那樣，大盤在 12 月季度同比增長了兩位數。

So we continue to see a lot of strength in that business, in our infrastructure business, some of our wireless connectivity solutions, and as well, we start turning revenue in our automotive business as well.

因此，我們繼續看到該業務、我們的基礎設施業務、我們的一些無線連接解決方案以及我們的汽車業務也開始扭虧為盈。

Right, Craig.

對，克雷格。

And also, if you think about the back half of the year pivoting off Q2, which is seasonally down and certainly hit with some macro effects, we feel much better about where the second half is going, consummating strategic design wins, which we'll be launching in the back half of 2019.

而且，如果你考慮今年下半年從第二季度開始，這是季節性下降並且肯定會受到一些宏觀影響，我們對下半年的發展方向感覺好多了，完善戰略設計勝利，我們將將於 2019 年下半年推出。

And then, the follow-up question is on the new share buyback announcement.

然後，後續問題是新股回購公告。

So I believe it was a year ago that the program stepped up significantly to $1 billion, I think, around 88% of that was executed within 1 year.

所以我相信是在一年前，該計劃顯著增加到 10 億美元，我認為其中大約 88% 是在 1 年內執行的。

So the question is this, one, should we look at the new program as something that could be executed with similar pacing to last year's program?

所以問題是，一個，我們是否應該將新計劃視為可以以與去年計劃類似的節奏執行的計劃？

And if not, then should we think about other uses of cash, whether it be further M&A beyond Avnera or potential action with the dividend as things that the company would try and prosecute?

如果不是，那麼我們是否應該考慮現金的其他用途，無論是 Avnera 以外的進一步併購，還是公司將嘗試和起訴的股息的潛在行動？

So first of all, we continue to generate very strong cash flow, very strong cash from operations.

因此，首先，我們繼續產生非常強勁的現金流，非常強勁的運營現金。

And even when you look at the free cash flow, taking into account our CapEx, we continue to generate a very strong free cash flow.

即使您查看自由現金流，考慮到我們的資本支出，我們也會繼續產生非常強勁的自由現金流。

Obviously, in the December quarter, the free cash flow margin was approximately 43%.

顯然，在 12 月季度，自由現金流利潤率約為 43%。

We benefited there from a reduction in our DSOs.

我們從 DSO 的減少中受益。

But on an ongoing basis, we expect and we're well on track for the 30% free cash flow margin.

但在持續的基礎上，我們預計並且我們有望實現 30% 的自由現金流利潤率。

So we feel good about that part of the business.

所以我們對這部分業務感覺良好。

And yes, in January of 2018, we put a $1 billion buyback program in place.

是的，在 2018 年 1 月，我們實施了 10 億美元的回購計劃。

There was only $129 million left under that previous program, so that got canceled.

之前的計劃只剩下 1.29 億美元，所以被取消了。

And we did put a new $2 billion program in place right now.

我們現在確實實施了一項新的 20 億美元計劃。

If you look at cash return to the shareholders, in fiscal '18, we actually returned over 120% of our free cash flow back to the shareholders, a combination of our dividend program as well as our share buyback program.

如果你看看給股東的現金回報，在 18 財年，我們實際上將超過 120% 的自由現金流返還給了股東，這是我們的股息計劃和股票回購計劃的結合。

And we will continue to use those 2 programs to return substantial amount of the free cash flow back to the shareholder.

我們將繼續使用這兩個程序將大量自由現金流返還給股東。

Our next question, from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I wanted to ask about 5G, both on the infrastructure side as well as the mobile side going forward.

我想問一下 5G，無論是在基礎設施方面還是在移動方面。

Can you remind us how meaningful your infrastructure business is within broad markets?

您能否提醒我們您的基礎設施業務在廣闊市場中的意義？

And what kind of trends you're seeing there as it relates to 5G?

您在那裡看到了與 5G 相關的什麼樣的趨勢？

And then, on the mobile side, I believe it's more of a 2020 dynamic, but what are your thoughts on that as a potential driver for both units as well as content for your business?

然後，在移動端，我相信它更像是 2020 年的動態，但您如何看待這兩個部門的潛在驅動力以及您業務的內容？

Sure.

當然。

Well, we have been a consistent provider of infrastructure technology for years across a global set of customers in Europe, in Americas and in Asia.

好吧，多年來，我們一直是歐洲、美洲和亞洲全球客戶群的基礎設施技術提供商。

So that's something that hasn't changed.

所以這是沒有改變的事情。

We are starting to see some ramp-up in architectures in 5G on the base station side.

我們開始看到 5G 架構在基站方面有所提升。

There's new technologies, there's MIMO integration there as well.

有新技術，也有 MIMO 集成。

So that is definitely a driver and a catalyst for broad market.

因此，這絕對是廣闊市場的驅動力和催化劑。

And then, in parallel with that, we are absolutely committed to delivering 5G technology.

然後，與此同時，我們絕對致力於提供 5G 技術。

We're working on that right now with customers that matter.

我們現在正在與重要的客戶一起努力。

A lot of collaborative strategic dialogue between our customers and ourselves to craft the best possible solutions for 5G.

我們的客戶和我們自己之間進行了大量協作戰略對話，以製定 5G 的最佳解決方案。

It brings with it tremendous opportunities in filtering, tremendous opportunities in gallium arsenide technology, our ability to integrate physically these products in our own sites.

它帶來了過濾方面的巨大機會，砷化鎵技術的巨大機會，以及我們將這些產品物理集成到我們自己的站點的能力。

And we launched, as you know, our Sky5 platform here last year.

如您所知，我們去年在這裡推出了 Sky5 平台。

So we're making great strides.

所以我們正在取得長足的進步。

We think those products will come to market probably in 2020, and more readily in 2021, but great opportunity.

我們認為這些產品可能會在 2020 年上市，並在 2021 年更容易上市，但這是一個很好的機會。

And as we noted in the prepared remarks, a real catalyst for this industry and we'll be at the forefront.

正如我們在準備好的評論中指出的那樣，這是該行業的真正催化劑，我們將走在最前沿。

Great.

偉大的。

And as a quick follow-up, I wanted to ask about China smartphones.

作為快速跟進，我想詢問有關中國智能手機的問題。

What percentage of their revenue came from your Chinese customers within mobile in the December quarter?

在 12 月季度，他們的收入中有多少百分比來自您在移動領域的中國客戶？

And I guess, going forward, did you think the current quarter is the trough for that business?

我想，展望未來，您是否認為當前季度是該業務的低谷？

Or do you think we should prepare for multiple quarters of weakness, just given the inventory situation there?

或者你認為我們應該為多個季度的疲軟做好準備，只是考慮到那裡的庫存情況？

So in the December quarter, revenue from our Chinese customers was approximately 20% of our total revenue.

因此，在 12 月季度，來自中國客戶的收入約占我們總收入的 20%。

It was down substantially on a sequential basis, which is somewhat in line with normal seasonality.

它環比大幅下降，這在某種程度上符合正常的季節性。

However, we do expect, in the March quarter, a further minor sequential decline of that business.

然而，我們確實預計，在 3 月季度，該業務將進一步小幅環比下滑。

We'll go next to Blayne Curtis with Barclays.

我們將與巴克萊銀行一起去 Blayne Curtis 旁邊。

Maybe just following up on the last question.

也許只是跟進最後一個問題。

If you look, obviously, there's a lot of well-known weakness in mobile, but it equates to some down -- substantial down year-over-year.

顯然，如果你看的話，移動領域有很多眾所周知的弱點，但它等同於一些下降——同比大幅下降。

So I'm just kind of curious, as you look back at December, and then maybe even that whole fiscal year, in terms of your -- the market versus your share in your content, if you can kind of look back there and have analyzed what drove those substantial year-over-year declines and then kind of any perspectives as you look forward at that reversing?

所以我有點好奇，當你回顧 12 月，然後甚至整個財政年度，就你的市場與你在內容中的份額而言，如果你可以回顧那裡並有分析了是什麼導致了這些大幅的同比下降，然後在你期待這種逆轉時有什麼看法？

Sure, Blayne.

當然，布萊恩。

This is Liam here.

我是利亞姆。

So the way I would look at this is you've got a regional effect with China specifically, where the China demand really softened.

所以我看待這個問題的方式是你對中國產生了區域影響，特別是中國的需求確實減弱了。

And so think of that as a geography, that it certainly impacted customers in China.

因此，將其視為一個地理區域，它肯定會影響中國的客戶。

It also had a bit of a headwind on the export market where a lot of the China brands would populate technology from companies like Skyworks and then those products would go all over the world in emerging markets and they're hard to track but we knew there was revenue there.

它在出口市場上也有一些不利因素，許多中國品牌將採用 Skyworks 等公司的技術，然後這些產品將在新興市場走向世界各地，它們很難追踪，但我們知道那裡那裡有收入。

So you have the China consumption coming down.

所以你有中國消費下降。

You have export markets also coming down.

你的出口市場也在下降。

And then, we had some specific unique challenges with Tier 1 customers that had much more advanced richer content with a lot of value and technology, and their units coming down, some of that was China and some of that was other markets, but it was a culmination of that effect.

然後，我們遇到了一些與一級客戶有關的獨特挑戰，這些客戶擁有更先進、更豐富的內容、更多的價值和技術，他們的單位正在下降，其中一些是中國，一些是其他市場，但它是這種效果的高潮。

China, at a high level, and then you could port that into individual customers of Skyworks and kind of read through the -- even Samsung had some challenges here in the last quarter.

中國，在高層次上，然後你可以將其移植到 Skyworks 的個人客戶中，並仔細閱讀——甚至三星在上個季度也遇到了一些挑戰。

So that's what we've endured.

所以這就是我們所忍受的。

If you look out in time, I feel a lot better about where we're positioned.

如果你及時觀察，我對我們所處的位置感覺好多了。

We're executing on the things that we can control.

我們正在執行我們可以控制的事情。

We're delivering great content, high-performance technologies that our customers love.

我們正在提供客戶喜愛的優質內容和高性能技術。

We're readying for 5G.

我們正在為 5G 做好準備。

And then, in parallel, we've got a broad markets business that continues to grow double digits.

然後，與此同時，我們的廣闊市場業務繼續以兩位數的速度增長。

So we feel better about the second half.

所以我們對下半場感覺更好。

This was a tricky period here that we've navigated through, but we expect to show better results here as we get into the second half.

這是我們經歷的一個棘手時期，但我們希望在進入下半場時在這裡顯示出更好的結果。

And then, I just wanted to go back to the broad market.

然後，我只想回到廣闊的市場。

It seems like, in the press release, you mentioned some momentum into March, just kind of going back to the first question.

看起來，在新聞稿中，你提到了 3 月份的一些勢頭，只是回到第一個問題。

Is December the trough in broad markets?

12 月是大盤的低谷嗎？

And do you expect it to increase sequentially?

你預計它會依次增加嗎？

Yes, it should be.

是的，應該是。

I mean, we should continue to see some increases sequentially here.

我的意思是，我們應該繼續在這裡看到一些連續的增長。

It tends to run on its -- on an uncorrelated vector, right, vis-à-vis mobile.

它傾向於在其 - 一個不相關的向量上運行，對，相對於移動設備。

And we continue to be upside surprised by some of the new design wins that we bring forth.

我們繼續對我們帶來的一些新設計勝利感到驚訝。

And one of the nice things I will say is where mobile is fairly well-characterized in terms of customers and TAM and value, the broad markets business, there's nothing but headroom there.

我要說的一件好事是，移動在客戶、TAM 和價值、廣泛的市場業務方面具有相當好的特徵，那裡只有淨空。

So even in a market that could move sideways to down, we could grow.

因此，即使在可能橫盤向下的市場中，我們也可以增長。

And we're doing that.

我們正在這樣做。

And one of the things to remember is that the breadth of our wireless protocols, whether it's WiFi or Bluetooth or ZigBee or cellular, really offers a great opportunity for us as we look at increasingly diverse set of customers and providing a menu of options for those customers as they move to connected solutions.

要記住的一件事是，我們無線協議的範圍，無論是 WiFi、藍牙、ZigBee 還是蜂窩，確實為我們提供了一個很好的機會，因為我們關注越來越多樣化的客戶群，並為這些客戶提供一系列選項客戶轉向互聯解決方案。

And our next question, from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

This is Jamison calling in for Ambrish.

我是賈米森，正在為安布里什打電話。

First, I was wondering if you guys could give us a bit of an idea of when you expect your BAW revenue to become more meaningful.

首先，我想知道你們能否告訴我們一些關於您預計 BAW 收入何時變得更有意義的想法。

And how does this translate into margins?

這如何轉化為利潤率？

I guess, specifically, do you expect this to be a tailwind towards your 53% gross margin target?

我想，具體來說，您是否認為這會成為您實現 53% 毛利率目標的順風？

Sure.

當然。

Well, as we noted in the last earnings call, we've been making very good progress in our bulk acoustic wave portfolio.

好吧，正如我們在上次財報電話會議中指出的那樣，我們在體聲波產品組合方面一直取得了很好的進展。

And as you know, we've been a market leader in temperature compensated SAW.

如您所知，我們一直是溫度補償 SAW 的市場領導者。

We continue to invest in that category, and that's become and continues to become a real strategic weapon for us.

我們繼續投資於該類別，這已經並將繼續成為我們真正的戰略武器。

And the bulk acoustic wave technology is moving along very well.

體聲波技術進展順利。

We have design wins, we expect revenue in the second half.

我們贏得了設計，我們預計下半年會有收入。

I don't want to quantify too much of that right now, but we've made the kind of progress that we expected to make.

我現在不想量化太多，但我們已經取得了我們預期取得的進展。

We've made more investments in capital as well to fortify the scale of our BAW technology.

我們也進行了更多的資本投資，以擴大我們 BAW 技術的規模。

And it's just another great opportunity for us to expand TAM and create the most diverse set of solutions that we can provide our customers.

這只是我們擴展 TAM 並創建我們可以為客戶提供的最多樣化解決方案集的又一個絕佳機會。

Very meaningful for us in 5G as well as move into that category.

對我們在 5G 以及進入該類別非常有意義。

Great.

偉大的。

And my follow-up is, I guess, turning towards broad markets, I think you point to a bit of a macro slowdown, I guess, across your whole markets.

我想我的後續行動是轉向廣闊的市場，我想你指出整個市場都有一點宏觀放緩。

But looking at broad markets specifically, why are we not seeing, I guess, a slowdown there beyond infrastructure and IoT?

但具體來看廣泛的市場，我猜為什麼我們沒有看到基礎設施和物聯網以外的放緩？

What areas, I guess, are you seeing, I guess, a slowing?

我猜，你看到哪些領域正在放緩？

Right.

正確的。

Yes, so broad markets has provided an upside here and will continue to do so.

是的，如此廣泛的市場在這裡提供了上行空間，並將繼續這樣做。

Again, as I mentioned, there's just so much opportunity that we haven't yet covered.

同樣，正如我提到的，我們還沒有涵蓋太多機會。

We're doing great work with our WiFi product lines, with our ZigBee product lines, getting into the infrastructure space now, that's taken off again for us.

我們在 WiFi 產品線和 ZigBee 產品線方面做得很好，現在進入基礎設施領域，這對我們來說又一次起飛了。

A lot of connected devices in the home, security, working with customers like Amazon, like Nest.

家裡有很多連接設備，安全，與亞馬遜、Nest 等客戶合作。

We even have some defense business in our broad market portfolio.

我們甚至在廣泛的市場組合中也有一些國防業務。

So it creates a great opportunity because we're really not constrained by TAM in certain markets, we're growing the TAM, we're expanding our reach and we're getting into new customers and accounts.

所以它創造了一個很好的機會，因為我們在某些市場上確實不受 TAM 的限制，我們正在發展 TAM，我們正在擴大我們的影響範圍，並且我們正在進入新的客戶和賬戶。

So there's a lot of headroom for growth, even if some of the market dynamics, at a macro level, are not in our favor.

因此，即使在宏觀層面上，某些市場動態對我們不利，但仍有很大的增長空間。

Our next question, from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

This is Vinayak calling in for Craig.

我是 Vinayak 為 Craig 打電話。

I wanted to discuss like the opportunities do you see for content increase at your marquee customers when you look at appeal to in front of you?

我想討論一下，當您看到眼前的吸引力時，您是否看到了在您的大型客戶中增加內容的機會？

Like what are the key products that drive content increase to you and what kind of boost would 5G provide?

比如推動內容增長的關鍵產品是什麼，5G 會提供什麼樣的推動力？

Sure.

當然。

Well, if you look at the opportunities today, there's still an incredible ecosystem that lives and breathes on connected devices and smartphones, and the higher-end players really embrace that.

好吧，如果你看看今天的機會，仍然有一個令人難以置信的生態系統在連接的設備和智能手機上生存和呼吸，而高端玩家真的很喜歡它。

And if you look at what we have been seeing is we have been seeing an increasing opportunity in mobile devices, even in 4G, we've been seeing that.

如果你看一下我們所看到的，我們已經看到移動設備的機會越來越多，即使是在 4G 中，我們也已經看到了。

Much more complex solutions.

更複雜的解決方案。

Our DRx category, for example, our high-band solutions now bringing BAW to the table, all of that is moving in the right direction.

我們的 DRx 類別，例如，我們的高頻段解決方案現在將 BAW 帶到桌面，所有這些都在朝著正確的方向發展。

But the big inflection is going to be the step up into 5G, and that will absolutely happen.

但最大的轉折將是進入 5G，這絕對會發生。

And when that happens, it's necessary that new technologies are brought into that same physical form factor, that same handset, new technologies, new spectrum, new frequencies, more filtering, the ability to coexist with different devices brings in a tremendous amount of complexity and challenge and creates a unique opportunity for Skyworks and the top tier players in our space to win.

當這種情況發生時，有必要將新技術引入相同的物理外形，相同的手機，新技術，新頻譜，新頻率，更多過濾，與不同設備共存的能力帶來了巨大的複雜性和挑戰並為 Skyworks 和我們所在領域的頂級參與者創造獨特的獲勝機會。

So we're looking forward to that.

所以我們很期待。

And again, there's a parallel opportunity in the infrastructure side, but we're absolutely seeing the block diagrams, the expectations and the dialogue with our customers that point to tremendous opportunity when 5G arrives.

再一次，在基礎設施方面也有一個平行的機會，但我們絕對看到了方框圖、期望和與客戶的對話，這些都表明 5G 到來時會帶來巨大的機會。

Got it.

知道了。

That's very helpful.

這很有幫助。

And for my follow-up, just want to touch on Avnera, like could you just provide us an update how the integration is going?

對於我的後續行動，只想談談 Avnera，比如你能否向我們提供最新的整合進展情況？

Where do you see the key opportunities?

您在哪裡看到關鍵機會？

And any milestones that we should be looking forward as we measure your progress on that acquisition?

在衡量您在收購方面的進展時，我們應該期待的任何里程碑？

Right.

正確的。

So Avnera in the December quarter came in fully in line with our expectations.

因此，Avnera 在 12 月季度的表現完全符合我們的預期。

By now, we have fully integrated that business into our broad markets.

到目前為止，我們已經將該業務完全整合到我們廣闊的市場中。

And so we're really pleased with the Avnera there.

因此，我們對那裡的 Avnera 非常滿意。

It came with a very strong management team, some great IP and technology.

它擁有一支非常強大的管理團隊、一些出色的知識產權和技術。

And we see a lot of good progress there as we integrate that into our business.

當我們將其整合到我們的業務中時，我們看到了很多良好的進展。

Right.

正確的。

And if you think about the strategic rationale with Avnera, it's increasingly clear that voice is becoming one of the most important interfaces now in devices, whether it's connected devices, whether it's automotive, voice technology is very critical and it's going through a phase now of upgrades with more IP being layered in.

如果你考慮一下 Avnera 的戰略依據，就會越來越清楚，語音正在成為設備中最重要的接口之一，無論是連接設備，還是汽車，語音技術都非常關鍵，並且現在正在經歷一個階段隨著更多 IP 的分層而升級。

So that technology for us, by virtue of the Avnera deal, puts us in a great position to capitalize, levering their unique solutions and then allowing Skyworks with a greater scale and manufacturing and also a greater reach from a customer perspective to weave that all together to develop new sets of opportunities and new sets of revenue curves as we look out.

因此，憑藉與 Avnera 的交易，我們的技術使我們處於有利的地位，可以利用他們獨特的解決方案，然後讓 Skyworks 具有更大的規模和製造能力，從客戶的角度來看，也有更大的影響力，可以將所有這些結合在一起在我們展望未來時，開發新的機會集和新的收入曲線集。

Our next question, from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I guess, my first question is how to think about the shape of the year as you go through the end of the fiscal year?

我想，我的第一個問題是如何在財政年度結束時考慮年度的情況？

I think June is usually flat to up maybe a little bit, and September is usually up about 10%.

我認為 6 月通常持平或略有上漲，而 9 月通常上漲 10% 左右。

So are there any sort of weird things that you'd point to with the comps this year that would make this year sort of abnormal versus what is typical seasonally?

那麼，您是否會指出今年的比賽有什麼奇怪的事情會使今年與典型的季節性相比變得異常？

Sure.

當然。

It's a great question.

這是一個很好的問題。

As we look out, what you just modeled is kind of what we see as well.

正如我們所看到的，您剛剛建模的也是我們所看到的。

You typically have March quarter that's seasonally down.

您通常會遇到季節性下降的 3 月季度。

Obviously, more pronounced this year across this space.

顯然，今年在這個領域更為明顯。

And if you look at the June quarter, that's flattish, maybe up a little bit.

如果你看一下 6 月季度，那是持平的，可能會上漲一點。

And then, we get into the second half of the calendar year, our Q4, and then Q1 calendar, calendar and fiscal, we would expect higher levels of growth.

然後，我們進入日曆年的下半年，我們的第四季度，然後是第一季度日曆、日曆和財政年度，我們預計會有更高水平的增長。

So what we do know is that we are doing the work that's necessary to win in platforms that matter, and not just mobile platforms but also in broad markets and also in infrastructure.

所以我們所知道的是，我們正在做必要的工作，以在重要的平台上取勝，不僅是移動平台，還有廣闊的市場和基礎設施。

And the design win execution has been very favorable for us.

設計獲勝執行對我們非常有利。

It doesn't show up in the March quarter numbers.

它沒有出現在 3 月季度的數字中。

So we feel good about that.

所以我們對此感覺很好。

The breadth of the technology for us is really opening up and it's not 1 or 2 accounts, we're moving the dial with some of our unique solutions across normal players in mobile, and then the broad market is really just about adding new applications and customers.

技術的廣度對我們來說真的是開放的，而不是 1 或 2 個帳戶，我們正在通過我們的一些獨特的解決方案在移動設備的普通玩家中移動錶盤，然後廣闊的市場真的只是添加新的應用程序和顧客。

So we expect -- again, we're not guiding the full year, but we do expect, knowing what we know about our business and what we deliver on content, and a lot of cases, hasn't even shipped yet, we feel very good about that signature where you kind of have a flat to slightly up Q3, and then we move into a second half with a stronger top line and the financial performance and the bottom line should follow.

所以我們期望 - 再一次，我們不會指導全年，但我們確實期望，知道我們對我們的業務的了解以及我們在內容上提供的內容，以及很多情況，甚至還沒有發貨，我們覺得這個簽名非常好，你的第三季度持平到略有上升，然後我們進入下半年，收入更強勁，財務業績和利潤應該隨之而來。

Awesome.

驚人的。

And then, I guess, last -- the first half of the last fiscal year, you gave a little bit of granularity in terms of your largest customer there, a portion of your revenue, can you give us a sense in terms of what that was in December, and maybe what you think it will be in March?

然後，我想，最後 - 上個財政年度的上半年，你就那裡最大的客戶提供了一些粒度，你的收入的一部分，你能告訴我們這是什麼嗎？是在 12 月，也許你認為它會在 3 月？

Sure.

當然。

So in the December quarter, our largest customer was over 50% of our total revenue, pretty much in line with what it was in the December quarter a year ago.

因此，在 12 月季度，我們最大的客戶占我們總收入的 50% 以上，與一年前的 12 月季度幾乎持平。

Keep in mind that the December quarter is a very strong quarter for our large customer.

請記住，12 月季度對我們的大客戶來說是一個非常強勁的季度。

When you look at it on a full year basis, we expect that large customer to be in the mid-40s as a percent of total revenue, again, pretty much in line with what it was last year.

當你從全年來看時，我們預計這個大客戶佔總收入的百分比將在 40 多歲左右，這與去年幾乎持平。

And our next question, from Shawn Harrison with Longbow Research.

我們的下一個問題來自 Longbow Research 的 Shawn Harrison。

Just wanted to follow up on the commentary of increased investments for BAW.

只是想跟進對 BAW 增加投資的評論。

Does that change in any way the CapEx outlook for the year, which I think was around $400 million?

這是否會以任何方式改變今年的資本支出前景，我認為它約為 4 億美元？

No, not really.

不，不是真的。

I mean, we expect our CapEx to run slightly above 10% to revenue.

我的意思是，我們預計我們的資本支出將略高於收入的 10%。

It's a combination of some capacity expansion, CapEx that we do especially in our filter operation as we continue with our in-sourcing process that we talked about in the past.

這是一些產能擴張的結合，資本支出我們特別是在我們的過濾器操作中，因為我們繼續我們過去談到的內包流程。

But in addition to that, we are making the necessary technology-related CapEx investments in our filter operation and in our back-end operation.

但除此之外，我們還在我們的過濾器操作和後端操作中進行必要的與技術相關的資本支出投資。

And especially in the filter operation, a substantial part there is in support of our ramp with BAW filters.

特別是在濾波器操作中，很大一部分支持我們使用 BAW 濾波器的斜坡。

Okay.

好的。

As a follow-up, the OpEx guide of $135 million, you're only up about $3 million year-over-year despite Avnera.

作為後續行動，運營支出指南為 1.35 億美元，儘管有 Avnera，但你僅比去年同期增加了約 300 萬美元。

How much of kind of the OpEx you're taking out is temporary versus any permanent changes in that number?

您取出的 OpEx 中有多少是暫時的，而不是該數字的任何永久性變化？

Well, as a management team, we will manage our operating expenses.

那麼，作為一個管理團隊，我們將管理我們的運營費用。

We know what we can control.

我們知道我們可以控制什麼。

We will look at discretionary spending.

我們將研究可自由支配的支出。

Obviously, there is some variable operating expenses as well that's come down on lower revenue.

顯然，還有一些可變的運營費用也因收入下降而下降。

And so at the same time, we will not hesitate to make the necessary investments for our future and make the necessary investments to build those new technology building blocks that support 5G, all the good R&D activities to support further expansion of our broad market business.

因此，與此同時，我們將毫不猶豫地為我們的未來進行必要的投資，並進行必要的投資來構建支持 5G 的新技術構建模塊，所有良好的研發活動，以支持我們廣闊市場業務的進一步擴展。

So it's a combination of both.

所以這是兩者的結合。

Again, we will continue to very prudently manage our operating expenses and adjust if and when necessary.

同樣，我們將繼續非常謹慎地管理我們的運營費用，並在必要時進行調整。

We'll go next to Bill Peterson with JPMorgan.

我們將與摩根大通的比爾彼得森一起去。

I wanted to ask a question similar to the revenue trajectory for the year.

我想問一個類似於當年收入軌蹟的問題。

I guess, how should we think about gross margins given -- it sounds like you have a pretty good filter content later in the year for products that aren't released yet.

我想，我們應該如何考慮給定的毛利率——聽起來你在今年晚些時候對尚未發布的產品有很好的過濾內容。

How should we think about the gross margin expansion through the year?

我們應該如何看待全年的毛利率擴張？

So first, maybe a couple of numbers there, right?

所以首先，也許有幾個數字，對吧？

So December came in at 51%, down 20 basis points on lower revenue.

因此，12 月份的增長率為 51%，由於收入下降而下降了 20 個基點。

We guide March at 50.5% to 51%, which is sequentially down but in line with normal seasonality.

我們將 3 月份的增長率指引為 50.5% 至 51%，環比下降，但符合正常的季節性。

And so approximately flat on a year-over-year basis.

因此，與去年同期相比大致持平。

Looking forward to the remainder of the year and beyond that, I feel good about our ability to further expand the gross margin towards our target model of 53%.

展望今年剩餘時間及之後，我對我們將毛利率進一步擴大至 53% 的目標模型的能力感到滿意。

Obviously, if we have more revenue tailwinds, that will help us to get faster to the 53%.

顯然，如果我們有更多的收入順風，那將幫助我們更快地達到 53%。

But we are, again, focusing on operational efficiencies.

但我們再次關注運營效率。

We are driving the technology curve, we are introducing new products to the market that are more value-add type of products, and a combination of all of that will help us to further improve the gross margin.

我們正在推動技術曲線，我們正在向市場推出更多附加值類型的新產品，所有這些的結合將幫助我們進一步提高毛利率。

Okay.

好的。

And I guess, I think, in the past, broad markets you described as margin accretive, and presumably, that can grow faster than mobile.

而且我想，我認為，在過去，你描述為利潤增長的廣闊市場，並且大概可以比移動設備增長得更快。

I guess, do you think you can still, as you look at your design win pipeline, do you think that business can continue growing at a double-digit clip for the full fiscal year?

我想，當您查看設計獲勝管道時，您是否認為您仍然可以在整個財政年度內以兩位數的速度繼續增長業務？

Yes.

是的。

So it's -- broad market is above average gross margin, and we do believe that we can continue to grow that business double digit.

所以它 - 廣闊的市場毛利率高於平均水平，我們相信我們可以繼續將該業務增長兩位數。

And our next question, from Srini Pajjuri with Macquarie.

我們的下一個問題來自 Srini Pajjuri 和 Macquarie。

Liam, so if I look at the December quarter revenue and also the March quarter outlook, they're down almost double digits year-on-year, even though your content is up.

利亞姆，所以如果我看一下 12 月季度的收入和 3 月季度的展望，它們同比下降了近兩位數，儘管您的內容有所增加。

And then, broad markets is growing nicely in a double-digit pace.

然後，廣闊的市場正以兩位數的速度增長。

So my question is to what extent do you think your March quarter outlook actually reflects the end demand?

所以我的問題是，您認為您的 3 月季度展望在多大程度上真正反映了最終需求？

I mean, we know that, obviously, the end demand has been weak, but I'm just wondering if there's inventory at the component level that you need to work through.

我的意思是，我們知道，很明顯，最終需求一直疲軟，但我只是想知道您是否需要處理組件級別的庫存。

And then, the March quarter outlook is probably not a true reflection of what the end demand is.

然後，三月季度前景可能無法真實反映最終需求。

So if you could shed any light on that, that will be helpful.

所以，如果你能闡明這一點，那將會很有幫助。

Sure.

當然。

Yes, I mean, obviously, the way the quarter rolled out for us is not what we expected, not what we anticipated.

是的，我的意思是，顯然，本季度為我們推出的方式不是我們預期的，不是我們預期的。

And I think that sentiment is shared by a number of peers, not just in mobile but anyone in semis, and even in tech kind of absorbed this SAW reduction, this change.

而且我認為許多同行都有這種情緒，不僅在移動領域，而且在半成品領域的任何人，甚至在技術領域都吸收了這種 SAW 的減少，這種變化。

And again, it's not even specific to a customer.

再一次，它甚至不是特定於客戶的。

I think we had, as I mentioned, a China effect that really hurt us and then some other trickle down challenges.

正如我所提到的，我認為我們有一個真正傷害我們的中國效應，然後是其他一些涓滴挑戰。

But having said all that, where we are here off of our current guidance and into the March quarter, we feel it's the right guidance, it's balanced and positions ourselves well for recovery in the second half.

但話雖如此，我們已經脫離了當前的指導並進入了 3 月季度，我們認為這是正確的指導，它是平衡的，並且為下半年的複蘇做好了準備。

We're always keenly analyzing where the inventory is and what our customers have on hand if we can see that, and we usually can.

我們總是敏銳地分析庫存在哪里以及我們的客戶手頭有什麼，如果我們能看到的話，我們通常可以。

And one of the reasons why our number was down in Q2, quite frankly, is to reconcile that.

坦率地說，第二季度我們的人數下降的原因之一就是調和這一點。

So we feel that we created a balanced view here from our guide and are positioned to move forward and up from here.

因此，我們覺得我們從我們的指南中創建了一個平衡的視圖，並定位於從這裡向前和向上移動。

Got it.

知道了。

And then, you talked about 5G.

然後，您談到了 5G。

Obviously, that's probably a bigger driver next year, but it looks like several of your customers are going to announce 5G phones in the not-too-distant future.

顯然，明年這可能是一個更大的驅動因素，但看起來您的一些客戶將在不久的將來發布 5G 手機。

I'm just curious as to what you're seeing in terms of design win traction?

我只是想知道您在設計贏得牽引力方面看到了什麼？

And then, also, if you can comment on, when you talk about content expansion, what exactly will drive content expansion?

然後，如果您可以評論一下，當您談論內容擴展時，究竟是什麼將推動內容擴展？

Is it simply you need more powerful PAs and filters, or is it in a more band?

僅僅是您需要更強大的 PA 和濾波器，還是需要更多頻段？

So if you could shed some light on that, that will be helpful.

所以，如果你能闡明這一點，那將會很有幫助。

Yes, absolutely.

是的，一點沒錯。

So a couple of things, yes, you will see announcements for 5G in the next 12 months, there's no question about that.

所以有幾件事，是的，你會在未來 12 個月內看到 5G 的公告，這是毫無疑問的。

And we are absolutely going to be populating those phones when they're announced.

我們絕對會在這些手機發佈時進行安裝。

I think the big shift to the 5G ecosystem will probably be a little bit later, kind of end of 2020, into 2021, but there'll be steps along that path.

我認為向 5G 生態系統的重大轉變可能會稍晚一些，大約在 2020 年底到 2021 年，但沿著這條道路會有一些步驟。

Now if we look at the opportunity, if you could just envision what we're looking at here is you've got a 4G technology engine that is in place already in your device, and that is not going away.

現在，如果我們看看這個機會，如果你能想像我們在這裡看到的是你的設備中已經有了一個 4G 技術引擎，而且它不會消失。

5G is going to be incremental and additive to your current handset.

5G 將成為您當前手機的增量和補充。

So no one is walking around today with 5G frequencies in their phone or dealing with 6 gigahertz and above or dealing with millimeter wave in their phone, they're not doing that yet.

因此，今天沒有人在手機中使用 5G 頻率或處理 6 GHz 及以上頻率或在手機中處理毫米波，他們還沒有這樣做。

That is coming.

那即將到來。

So it's going to offer an increased opportunity for companies like Skyworks.

因此，它將為像 Skyworks 這樣的公司提供更多機會。

It's also going to drive a great deal of architectural complexity.

它還將帶來大量的架構複雜性。

And those that know how to handle that and companies that have the ability to be configurable and flexible in the architecture because what we are seeing in 5G is every customer wants it differently, whether it's a geographical roaming issue, it's a size issue, they're different.

那些知道如何處理這個問題的公司和有能力在架構中進行配置和靈活的公司，因為我們在 5G 中看到的是每個客戶都有不同的需求，無論是地理漫遊問題，還是規模問題，他們'重新不同。

These are not cookie-cutter devices, and that's great for us because it gives us an opportunity to shape the curve, work with the customers, provide the greatest technology and also be in early.

這些不是千篇一律的設備，這對我們來說很好，因為它讓我們有機會塑造曲線，與客戶合作，提供最好的技術，並且儘早參與。

So we're looking forward to it.

所以我們很期待。

We're making the investments.

我們正在進行投資。

We've round out our filter portfolio now with BAW.

我們現在通過 BAW 完善了我們的濾波器產品組合。

We've done a tremendous job today with our Sky5 platform on both transmit chain and receive side with the DRx technology.

今天，我們的 Sky5 平台在傳輸鍊和接收端都採用 DRx 技術，我們已經完成了巨大的工作。

We're even weaving in some of our devices in WiFi 6 and GPS in some of these applications.

我們甚至在其中一些應用程序中加入了 WiFi 6 和 GPS 中的一些設備。

So we're really looking forward to this.

所以我們真的很期待這一點。

And this -- again, this is forward-looking revenue that we'll be seeing late into this year and further into the 2020, 2021 time frame.

這——同樣，這是我們將在今年晚些時候以及 2020 年、2021 年的時間框架內看到的前瞻性收入。

We'll go to Tristan Gerra with Baird.

我們會和貝爾德一起去特里斯坦杰拉。

Elaborating on the previous 5G infrastructure question, would you be able to say whether you have content currently into the Asia geographies that are currently ramping, and I can think of China specifically in the second half of this year.

詳細說明之前的 5G 基礎設施問題，您能否說一下您目前是否有進入亞洲地區的內容，這些地區目前正在增加，我可以特別想到今年下半年的中國。

Just trying to see how impactful that ramp could be on your revenue line as you exit kind of in 2019?

只是想看看當你在 2019 年退出時，這種增長對你的收入線有多大影響？

And also, if you could give us a bit of color on how your market share looks like in 5G base station versus what you've had so far in 4G?

而且，您是否可以給我們一些顏色，說明您在 5G 基站中的市場份額與您目前在 4G 中的市場份額相比如何？

Sure.

當然。

Well, we expect to, and we are positioned, to support all of the global infrastructure players in 5G, the U.S. players, the European players and the players in Asia.

好吧，我們希望並且我們有能力支持 5G 領域的所有全球基礎設施參與者、美國參與者、歐洲參與者和亞洲參與者。

And all of them today are customers for us.

今天他們都是我們的客戶。

And the advances that we see in the MIMO architectures and the specific spectrum that's required to deliver the 5G waveforms, there's some great challenges there that we're going to work with these supplies and these infrastructure players to overcome.

我們在 MIMO 架構和提供 5G 波形所需的特定頻譜中看到的進步，我們將與這些供應商和這些基礎設施參與者合作克服一些巨大的挑戰。

So we have a balance to do.

所以我們需要平衡。

We've seen a lot of great work come out of Ericsson and Nokia-Siemens networks.

我們已經看到愛立信和諾基亞-西門子網絡做出了很多出色的工作。

There's obviously some players that we see in APAC.

我們在亞太地區顯然看到了一些玩家。

And we're well-positioned across the space.

我們在整個空間都處於有利位置。

We need that.

我們需要那個。

The infrastructure has to be in place for this new network to perform.

基礎設施必須到位，這個新網絡才能運行。

So we have great technology and opportunity in the handheld devices but we also have to pair that up with the infrastructure side, so we get that signal working together.

因此，我們在手持設備方面擁有出色的技術和機會，但我們還必須將其與基礎設施方面相結合，這樣我們才能讓信號協同工作。

And we're all over it in each one of those customers.

我們在每個客戶中都做到了這一點。

Okay.

好的。

And then, given that before we see a more meaningful work in 5G upturns in the U.S. in 2020, RF content increases in the U.S. this year are probably somewhat muted.

然後，鑑於我們在 2020 年看到美國 5G 好轉的更有意義的工作之前，今年美國 RF 內容的增長可能會有所放緩。

So are we -- should we be bullish on -- in terms of RF content increases specific to the China market, which is probably where there's going to be more 5G production this year?

那麼，我們是否——我們應該看好——就中國市場特有的 RF 內容增加而言，這可能是今年 5G 產量增加的地方？

How should we look at the year-over-year potential comps in your mobile business for this whole year?

我們應該如何看待您全年移動業務的同比潛在收入？

Yes.

是的。

So there's a lot there.

所以那裡有很多。

But what I would say is it's possible that China may be early in 5G, that's possible.

但我要說的是，中國有可能早於 5G，這是有可能的。

But I think you also got to look at the global theater here because, I think, you've got some tremendous technologies coming to market across the globe in Korea, from the U.S., Europe as well as China.

但我認為你還必須看看這裡的全球劇院，因為我認為，你有一些巨大的技術正在韓國、美國、歐洲和中國進入全球市場。

So I think it's going to be more balanced, in my perspective and what I'm seeing in my dialogue with customers, it's going to be a more balanced launch.

所以我認為它會更加平衡，從我的角度以及我在與客戶的對話中所看到的，這將是一個更加平衡的發布。

And as I also mentioned, you're going to have different flavors.

正如我也提到的，你會有不同的口味。

Technologies that are going to be -- some of these are just absolutely necessary, there's new frequencies and new spectrum that -- and products that go into these phones have to be able to deliver and manage and deliver signals across that spectrum.

未來的技術——其中一些是絕對必要的，有新的頻率和新的頻譜——進入這些手機的產品必須能夠在該頻譜上傳送、管理和傳送信號。

And we'll be one of those players.

我們將成為其中的一員。

There will be some other things that will be required as well.

還將需要一些其他的東西。

Just think about the coexistence of all of these technology in a single device is going to create lots of challenges, harmonics challenges, coexistence challenges that have to be overcome.

想想所有這些技術在單個設備中的共存將帶來許多必須克服的挑戰、諧波挑戰、共存挑戰。

We're working with our customers to do that.

我們正在與我們的客戶合作來做到這一點。

And there will be players in China, but I think it's going to be much more of a global impact.

中國也會有參與者，但我認為這將產生更大的全球影響。

And also remember, 5G is truly a technology.

還要記住，5G 確實是一項技術。

It's a technology that brings incredible data rate, low latency and capacity.

這是一項帶來令人難以置信的數據速率、低延遲和容量的技術。

So 5G is not just a catalyst for the mobile phone, it's going to create IoT opportunities, it's going to create small cell opportunities and enable markets that we haven't even seen before as we move into the future, automotive as well.

因此，5G 不僅僅是手機的催化劑，它還將創造物聯網機會，它將創造小型蜂窩機會，並在我們邁向未來時開啟我們從未見過的市場，汽車也是如此。

So there's a lot to look forward there and we're in good position working with market leaders globally.

因此，那裡有很多值得期待的地方，我們在與全球市場領導者合作方面處於有利地位。

Our next question, from Vijay Rakesh with Mizuho.

我們的下一個問題來自 Vijay Rakesh 和 Mizuho。

Just wondering on the BAW side, what is your roadmap there?

只是想知道在 BAW 方面，你們的路線圖是什麼？

And what do you see as mix of BAW revenues as you exit 2019?

當您退出 2019 年時，您如何看待 BAW 收入的組合？

Sure.

當然。

Well, what I will say is that we've been working on our BAW products for quite a while.

好吧，我要說的是，我們已經在 BAW 產品上工作了很長一段時間。

We haven't said much about it until the last earnings call, but we're making great advancements, great strides, sampling customers that matter, getting incredible feedback, delivering on the successes that we have and then also learning about new opportunities that we haven't yet addressed.

直到上次財報電話會議之前，我們都沒有過多地談論它，但我們正在取得巨大進步，取得長足進步，對重要的客戶進行抽樣，獲得令人難以置信的反饋，實現我們已經取得的成功，然後也了解我們的新機會還沒有解決。

So it certainly rounds out our portfolio.

所以它肯定會完善我們的投資組合。

There's a lot of players in that space as well but we're going to be a meaningful element in BAW.

這個領域也有很多玩家，但我們將成為 BAW 中一個有意義的元素。

As we go forward, as Kris mentioned, we made strategic investments in this technology.

在我們前進的過程中，正如 Kris 提到的，我們對這項技術進行了戰略投資。

So this isn't just IP, this is also being able to deliver the kind of technology and scale on the production side that makes this happen.

所以這不僅僅是知識產權，這也能夠在生產方面提供實現這一目標的技術和規模。

And the BAW process is very different than surface acoustic wave.

體聲波過程與表面聲波有很大不同。

It requires a whole different type of manufacturing complexity.

它需要完全不同類型的製造複雜性。

And we know how to get that done now with a lot of help.

我們現在知道如何在大量幫助下完成這項工作。

So you should just continue to see a steady growth in that area as we move forward.

因此，隨著我們的前進，您應該繼續看到該領域的穩定增長。

Our TC SAW technology is also vital for these architectures.

我們的 TC SAW 技術對於這些架構也至關重要。

We're seeing a lot of growth there as well and we continue to work that.

我們在那裡也看到了很多增長，我們將繼續努力。

But one of the things that we do differently than some of our peers is the integration.

但我們做的與一些同行不同的事情之一是整合。

It's bringing in the right filter, the right ICs, the right mix of gallium arsenide and SOI technology, the packaging and the configurability that we can offer each customer, I think, makes it unique.

它引入了正確的濾波器、正確的 IC、砷化鎵和 SOI 技術的正確組合、我們可以為每個客戶提供的封裝和可配置性，我認為，這使其獨一無二。

Having BAW now within our portfolio ready just solves another issue, and we're looking forward to delivering on that as time goes on.

在我們的產品組合中準備好 BAW 只是解決了另一個問題，我們期待隨著時間的推移實現這一目標。

Got it.

知道了。

And then, the inventory side, I know it's tough to get a handle on all the inventories, but your inventory went up, looks like, in the December quarter.

然後，在庫存方面，我知道很難掌握所有庫存，但您的庫存在 12 月季度似乎有所增加。

But as you're going to March, with the radius coming down, do you expect inventories in-house to go up again or do you see it coming down?

但是當你進入三月份時，隨著半徑的下降，你預計內部庫存會再次上升還是會下降？

And also, on the channel inventory side, any thoughts on how channel inventories look in China, et cetera?

還有，在渠道庫存方面，有沒有想過中國的渠道庫存情況等等？

What's your best guess there?

你最好的猜測是什麼？

So on the inventory on our own books in the December quarter was flat, slightly up $3 million versus the September quarter.

因此，我們自己賬面上的庫存在 12 月季度持平，比 9 月季度略高 300 萬美元。

And when you look at inventory going forward, of course, you have to take into account our seasonal pattern, where fiscal Q2 and fiscal Q3 are the lowest quarters.

當然，當您查看未來的庫存時，您必須考慮我們的季節性模式，其中第二財季和第三財季是最低的季度。

And then, we see strong sequential growth into fiscal Q4 and fiscal Q1.

然後，我們看到第四財季和第一財季的強勁連續增長。

We obviously want to maximize our capital equipment efficiency and trying to minimize our CapEx.

我們顯然希望最大限度地提高我們的資本設備效率，並儘量減少我們的資本支出。

So as a result of that, we will level out our operational activity into our factories.

因此，我們將把我們的運營活動平衡到我們的工廠。

And so during the low seasonal quarters, we typically build some internal inventory.

因此，在淡季，我們通常會建立一些內部庫存。

And so you will see inventories go up in fiscal Q2 and fiscal Q3, and then we start bleeding that off in Q4 and Q1, that's our own inventory level.

所以你會看到庫存在第二季度和第三季度增加，然後我們開始在第四季度和第一季度減少庫存，這是我們自己的庫存水平。

On the inventory -- in the distribution channel, I think Liam already talked about that.

關於庫存——在分銷渠道，我想利亞姆已經談過了。

We've definitely have seen some cautious behavior from most of our distributors, given the level of volatility and some of the macro headwinds out there.

考慮到波動程度和一些宏觀逆風，我們肯定已經看到大多數分銷商採取了一些謹慎的行為。

And so we are not fighting the tape there, we are working with our distribution partners and we keep a very healthy, normal level of inventory into the channel.

因此，我們並沒有在那裡與磁帶作鬥爭，我們正在與我們的分銷合作夥伴合作，我們將渠道中的庫存保持在非常健康、正常的水平。

And our last question is from Rajvindra Gill with Needham & Company.

我們的最後一個問題來自 Needham & Company 的 Rajvindra Gill。

With respect to the gross margin question.

關於毛利率問題。

So in terms of margins kind of stabilizing and potentially expanding as you increase your mix of broad markets, I was wondering about any particular pricing pressure you're seeing in your mobile business that could potentially offset that mix shift, that positive mix shift going forward?

因此，就利潤率而言，隨著您增加廣泛市場的組合而穩定並可能擴大，我想知道您在移動業務中看到的任何特定定價壓力可能會抵消這種組合轉變，這種積極的組合轉變正在向前發展？

Sure.

當然。

Yes, so certainly, the broad market portfolio has accretive margins to the company, but what I will say is as we move into enhanced 5G, the mobile business is going to get much more complex, and differentiation and execution and scale are going to matter.

是的，當然，廣泛的市場組合對公司有增加的利潤，但我要說的是，隨著我們進入增強型 5G，移動業務將變得更加複雜，差異化、執行力和規模將變得重要.

And we think we're going to do very well in that environment and provide a tremendous amount of value to our customer, but also get the kind of margin that we deserve for bringing that technology to market.

我們認為我們將在這種環境中做得很好，為我們的客戶提供巨大的價值，同時也獲得我們應得的將技術推向市場的利潤。

So we feel good about our outlook and gross margin as we move to 5G and beyond.

因此，隨著我們轉向 5G 及以後，我們對我們的前景和毛利率感到滿意。

And for my follow-up, with respect to the broad markets, I'm wondering if you can give us a sense of what percentage of that revenue is coming from ADAS and autonomous driving?

對於我的後續行動，關於廣泛的市場，我想知道你是否可以讓我們了解來自 ADAS 和自動駕駛的收入中有多少百分比？

And what's your position there?

你在那裡的職位是什麼？

What areas of growth?

哪些增長領域？

What specific products do you think you'll have outsized share gains, whether that's in WiFi, Bluetooth or the sub-6 gigahertz band or MIMOs?

您認為哪些具體產品將獲得巨大的市場份額收益，無論是 WiFi、藍牙還是低於 6 GHz 的頻段或 MIMO？

Wondering how you think about the 5G system architecture for the connected car?

想知道您如何看待車聯網的 5G 系統架構？

Sure.

當然。

That's a great question.

這是一個很好的問題。

We are, fortunately, today, before 5G has arrived, we've had a really strong, I would say, the last 1.5 years, a real strong uptake in automotive and engagement with a number of leading players.

幸運的是，今天，在 5G 到來之前，我想說，在過去的 1.5 年裡，我們在汽車領域的發展非常強勁，並與許多領先企業進行了接觸。

Some we can announce and some we just can't announce.

有些我們可以宣布，有些我們不能宣布。

And it started with some of the instrument clusters that work and infotainment work.

它始於一些有效的儀錶盤和信息娛樂系統。

And now we're doing a lot of the telematics work.

現在我們正在做很多遠程信息處理工作。

So -- and it's a meaningful part of our broad market revenue.

所以 - 這是我們廣泛市場收入的重要組成部分。

We don't segment auto as a specific product line but it's a meaningful piece and one of the fastest-growing.

我們不會將汽車細分為特定的產品線，但它是一個有意義的部分，也是增長最快的部分之一。

When you move to 5G, and we're working with the players now, the connectivity element is vital.

當你轉向 5G 時，我們現在正在與玩家合作，連接元素至關重要。

It is critical.

這很關鍵。

Again, you need the data rates 100x what we see in 4G.

同樣，您需要 100 倍於我們在 4G 中看到的數據速率。

Latency is absolutely at a premium, near 0 latency is required.

延遲絕對是寶貴的，需要接近 0 延遲。

And in many cases, redundant cellular engines are required to ensure reliability and performance.

在許多情況下，需要冗餘蜂窩引擎來確保可靠性和性能。

And each player has a different way of looking at this, but it's going to be a significant opportunity for connectivity and wireless connectivity.

每個玩家對此都有不同的看法，但這將是連接和無線連接的重要機會。

And then, from that, I think we can move further along within the automobile, collision avoidance and even some vision systems and things like that down the road.

然後，據此，我認為我們可以在汽車、防撞系統甚至一些視覺系統和類似的東西上走得更遠。

Some of that we don't have in the portfolio today, but we absolutely will be well-positioned on the core connectivity element, which are vital in 5G autonomous vehicle.

其中一些我們今天的產品組合中沒有，但我們絕對會在核心連接元素上處於有利地位，這對 5G 自動駕駛汽車至關重要。

So that's an exciting opportunity.

所以這是一個令人興奮的機會。

I'm happy that the team has been able to execute today on 4G opportunities and some other in-dash automobile solutions, but 5G for automotive is going to be really special.

我很高興該團隊今天能夠執行 4G 機會和其他一些儀表板汽車解決方案，但用於汽車的 5G 將非常特別。

And I'll now turn the call back over to Mr. Griffin for any closing comments.

現在，我會將電話轉回給格里芬先生，徵求任何結束意見。

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 investor conferences and events during the quarter.

我們期待在本季度即將舉行的投資者會議和活動中見到您。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes our teleconference for today.

女士們，先生們，我們今天的電話會議到此結束。

Thank you for using AT&T Executive TeleConference Service.

感謝您使用 AT&T Executive TeleConference 服務。

You may now disconnect.

您現在可以斷開連接。