思佳訊 (SWKS) 2019 Q2 法說會逐字稿

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

下午好，歡迎來到 Skyworks Solutions 第二季度和 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, Kerry.

謝謝你，克里。

Good afternoon, everyone, and welcome to Skyworks' Second Fiscal Quarter 2019 Conference Call.

大家下午好，歡迎來到 Skyworks 2019 財年第二季度電話會議。

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

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

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

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

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

請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解有關某些風險的信息，這些風險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和不利的差異。

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

此外，我們將討論的結果和指導包括非 GAAP 財務措施，與我們之前的做法一致。

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 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。

Skyworks delivered another quarter of solid financial performance, leveraging the strength of our business model and momentum across our high-growth broad markets and IoT portfolio.

Skyworks 憑藉我們業務模式的優勢以及我們高增長的廣泛市場和物聯網產品組合的勢頭，實現了又一個季度穩健的財務業績。

Specifically, in Q2, we generated revenue of $810 million, drove gross margin of 50.7% and operating margin of 34.1% while posting an earnings per share of $1.47.

具體來說，在第二季度，我們創造了 8.1 億美元的收入，毛利率達到 50.7%，營業利潤率達到 34.1%，每股收益為 1.47 美元。

Our March quarter results were impacted by unit weakness in mobile, particularly across China.

我們 3 月季度的業績受到移動業務疲軟的影響，尤其是在中國。

In contrast, our broad markets business continue to outperform and is on path for double-digit growth again in fiscal '19.

相比之下，我們的大市場業務繼續跑贏大盤，並有望在 19 財年再次實現兩位數增長。

During the quarter, our design win execution accelerated, building a growing pipeline of new opportunities while positioning us for continued traction across a diverse set of end markets, applications and customers.

在本季度，我們的設計獲勝執行速度加快，建立了越來越多的新機會管道，同時使我們能夠在不同的終端市場、應用程序和客戶中繼續受到關注。

For example, in the quarter, we led the transition to the latest WiFi 6 standard with platform wins at Aruba, ASUS, Cisco and NetGear.

例如，在本季度，我們在 Aruba、ASUS、Cisco 和 NetGear 贏得了平台，引領了向最新 WiFi 6 標準的過渡。

We gained content with our SkyOne platform and DRx engines in Samsung's Galaxy S10 smartphones.

我們通過三星 Galaxy S10 智能手機中的 SkyOne 平台和 DRx 引擎獲得了內容。

We leveraged our portfolio of audio SoCs, supporting high-fidelity stereo headsets, premium sound bars and gaming applications.

我們利用我們的音頻 SoC 產品組合，支持高保真立體聲耳機、高級條形音箱和遊戲應用程序。

We enabled long-range machine-to-machine communications and smart meters and street lighting and we captured the first commercially available 5G indoor access point.

我們實現了遠程機器對機器通信、智能電錶和街道照明，並捕獲了第一個商用 5G 室內接入點。

We also secured massive MIMO infrastructure wins with Ericsson and Nokia as they roll out 5G.

在愛立信和諾基亞推出 5G 時，我們還贏得了大規模 MIMO 基礎設施。

We expanded our automotive footprint with LTE devices supporting eCall, remote entry, in-cabin entertainment and additional features.

我們通過支持 eCall、遠程進入、車內娛樂和其他功能的 LTE 設備擴大了我們的汽車足跡。

And we extended our reach across new categories in both aerospace and defense, leveraging our C-band filtering solutions.

我們利用我們的 C 波段濾波解決方案，將我們的業務範圍擴展到航空航天和國防領域的新類別。

As these achievements demonstrate, Skyworks is capitalizing on powerful macro trends, diversifying across new customers and segments while advancing our market leadership.

正如這些成就所表明的那樣，Skyworks 正在利用強大的宏觀趨勢，在新客戶和細分市場中實現多元化，同時提升我們的市場領導地位。

Our solutions empower everything from data center to cloud, media to entertainment to e-commerce and ride-hailing services.

我們的解決方案支持從數據中心到雲、從媒體到娛樂再到電子商務和叫車服務的一切。

Moving forward, the transformational technology of tomorrow is being built on a new generation of connectivity solutions, enabled by the rollout of 5G.

展望未來，未來的變革性技術將建立在新一代連接解決方案的基礎上，並由 5G 的推出提供支持。

The applications driving this revolutionary change require a step-function leap in performance, supporting the continuous interaction between client and cloud while delivering high-speed data, near 0 latency and perfect reliability.

推動這一革命性變化的應用程序需要性能的階梯式飛躍，支持客戶端與雲之間的持續交互，同時提供高速數據、接近零延遲和完美的可靠性。

Skyworks' unique systems expertise, strategic partnerships and global scale are critical to the success of 5G deployments.

Skyworks 獨特的系統專業知識、戰略合作夥伴關係和全球規模對於 5G 部署的成功至關重要。

Our strengths underpin a broad array of capabilities including an expanding set of MIMO devices, SkyOne and Sky5 system solutions, addressing low to ultrahigh bands and a family of diversity receive modules as well as emerging technologies in millimeter wave.

我們的優勢支撐著廣泛的能力，包括不斷擴展的 MIMO 設備、SkyOne 和 Sky5 系統解決方案、解決低至超高頻段和一系列分集接收模塊以及毫米波新興技術。

Our portfolio is further bolstered by the strategic investments we've made in advance filtering, spinning SAW, TC SAW and BAW while addressing spectrum from 700 megahertz to 6 gigahertz.

我們在處理從 700 兆赫茲到 6 千兆赫茲的頻譜時，在預先過濾、旋轉 SAW、TC SAW 和 BAW 方面進行的戰略投資進一步支持了我們的產品組合。

And as 5G traction takes hold, we expect to benefit from new product categories, targeting higher frequency spectrum in the future.

隨著 5G 的發展，我們預計將從新產品類別中受益，並在未來瞄準更高的頻譜。

As these technological demands intensify, Skyworks' competitive position is strengthened with growing content reach across a wide array of customers and applications, strong momentum in broad markets, world-class operational execution and scale, and decades of experience in developing breakthrough solutions over multiple technology generations.

隨著這些技術需求的增強，Skyworks 的競爭地位得到加強，內容越來越多地覆蓋廣泛的客戶和應用程序、廣闊市場的強勁勢頭、世界級的運營執行和規模，以及在開發多種技術的突破性解決方案方面的數十年經驗幾代人。

And importantly, superior cash flow, allowing us to out-invest our competition while providing premium returns to shareholders.

重要的是，卓越的現金流使我們能夠在為股東提供優質回報的同時超越競爭對手。

With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q3.

有了這個，我將把電話轉給 Kris，討論上一季度的表現和我們對第三季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Revenue for the second fiscal quarter of 2019 was $810 million.

2019 年第二財季的收入為 8.1 億美元。

As expected, continued strength in our high-growth broad markets business allowed us to partially offset unit declines across mobile and overall weakness in the Chinese end markets.

正如預期的那樣，我們高增長的廣泛市場業務的持續強勁使我們能夠部分抵消移動和中國終端市場整體疲軟的單位下降。

Gross profit was $411 million, resulting in a gross margin of 50.7%, flat compared to the second quarter of fiscal 2018.

毛利潤為 4.11 億美元，毛利率為 50.7%，與 2018 財年第二季度持平。

Operating expenses were $135 million, in line with our guidance and down 3% sequentially as we continue to effectively manage our operating expenses.

營業費用為 1.35 億美元，與我們的指導一致，並且隨著我們繼續有效地管理營業費用而連續下降 3%。

We generated $276 million of operating income, translating into an operating margin of 34.1%.

我們產生了 2.76 億美元的營業收入，轉化為 34.1% 的營業利潤率。

Second quarter effective tax rate was 8.3%.

第二季度有效稅率為8.3%。

This drove net income of $257 million or $1.47 of diluted earnings per share.

這推動了 2.57 億美元的淨收入或 1.47 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。

Second fiscal quarter cash flow from operations was $192 million, and for the first 6 months of the fiscal year, operating cash flow was $741 million.

第二財季運營現金流為 1.92 億美元，本財年前 6 個月的運營現金流為 7.41 億美元。

Second fiscal quarter capital expenditures were $97 million, and we distributed $66 million in dividends and repurchased 1.7 million shares of our common stock for a total of $142 million.

第二財季資本支出為 9700 萬美元，我們分配了 6600 萬美元的股息並回購了 170 萬股普通股，總計 1.42 億美元。

We ended the quarter with a cash balance of just under $1 billion with no debt.

本季度結束時，我們的現金餘額略低於 10 億美元，沒有任何債務。

Now looking ahead to the June quarter.

現在展望六月季度。

We expect sequential revenue and earnings growth, driven by strategic wins in content, games and mobile as well as traction across our broad market portfolio.

我們預計，在內容、遊戲和移動領域的戰略勝利以及我們廣泛市場組合的牽引力的推動下，收入和盈利將連續增長。

Specifically, we anticipate revenue in the range of $815 million to $835 million, gross margin between 50.5% and 51%, and operating expenses to be up slightly to approximately $137 million.

具體而言，我們預計收入在 8.15 億美元至 8.35 億美元之間，毛利率在 50.5% 至 51% 之間，運營費用將略微上升至約 1.37 億美元。

Below the line, we anticipate roughly $3.5 million in other income and an effective tax rate in the range of 9% to 9.5%.

在此線之下，我們預計其他收入約為 350 萬美元，有效稅率在 9% 至 9.5% 之間。

We expect our diluted share count to be approximately 173 million shares.

我們預計我們的稀釋後股份數量約為 1.73 億股。

Assuming a revenue midpoint of approximately $825 million, we plan to deliver diluted earnings per share of $1.50.

假設收入中點約為 8.25 億美元，我們計劃實現每股攤薄收益 1.50 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 illustrate, we continue to deliver strong levels of profitability, allowing us to make the pivotal investments that drive market leadership.

正如我們的結果所表明的那樣，我們繼續提供高水平的盈利能力，使我們能夠進行推動市場領導地位的關鍵投資。

In parallel, we are advancing our technological reach, positioning us to win in the connected economy of tomorrow, an unprecedented opportunity for Skyworks.

與此同時，我們正在推進我們的技術範圍，使我們能夠在未來的互聯經濟中取勝，這對 Skyworks 來說是前所未有的機會。

In summary, we are firmly committed to increasing shareholder value while executing on our ambitious vision of connecting everyone and everything all the time.

總之，我們堅定地致力於增加股東價值，同時執行我們始終連接每個人和所有事物的雄心勃勃的願景。

Operator, that concludes our prepared remarks.

接線員，我們準備好的發言到此結束。

Let's open the lines for questions.

讓我們打開問題熱線。

(Operator Instructions) And our first question comes from Toshiya Hari of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

My first one is a housekeeping question.

我的第一個問題是家政問題。

Can you provide the revenue split between mobile and broad markets for the March quarter, and what your expectations are into June, for both, please?

您能否提供 3 月份季度移動和廣泛市場之間的收入分配，以及您對 6 月份的預期？

Sure.

當然。

So in the March quarter, our broad market business was approximately 33% of total revenue.

因此，在 3 月季度，我們的大市場業務約佔總收入的 33%。

So we continue to run that business at more than $1 billion annualized revenue run rate.

因此，我們繼續以超過 10 億美元的年化收入運行率經營該業務。

We continue to see, as we said in the prepared remarks, continued strength there with both sequential as well as year-over-year growth.

正如我們在準備好的評論中所說的那樣，我們繼續看到連續增長和同比增長的持續增長。

And we're well on track to see double-digit year-over-year growth in that broad markets business.

我們有望看到該廣泛市場業務實現兩位數的同比增長。

Of course, on the flip side, we have our mobile business which was 67% of total revenue.

當然，另一方面，我們的移動業務佔總收入的 67%。

Got it.

知道了。

And then my follow up is on inventory, and hopefully, Kris you can provide some color here.

然後我的後續工作是庫存，希望 Kris 你能在這裡提供一些顏色。

It was up I think around 13% sequentially, close to 20% year-over-year.

我認為它環比增長了 13% 左右，同比增長接近 20%。

What drove the uptick and -- yes, what drove the uptick there?

是什麼推動了上漲——是的，是什麼推動了上漲？

And what are the expectations into June and do you expect inventory to be down or flat?

對 6 月份的預期是什麼？您預計庫存會下降還是持平？

Any color there would be helpful.

那裡的任何顏色都會有所幫助。

Sure, sure.

一定一定。

In the March quarter, which is our seasonally slowest quarter of the year, we did increase inventory levels both in absolute dollars as in days of inventory, fully in line with our expectations and driven by the fact that this year, even more so than ever before, we took advantage of the softness in the business to level load our factories mainly in support of new programs, known design wins with content gains with multiple large customers that are ramping in the second half of the calendar year.

在 3 月季度，這是我們一年中季節性最慢的季度，我們確實增加了庫存水平，無論是絕對美元還是庫存天數，完全符合我們的預期，並且受今年這一事實的推動，甚至比以往任何時候都多之前，我們利用業務的疲軟來平衡我們的工廠負載，主要是為了支持新項目，已知的設計贏得了多個大客戶的內容收益，這些客戶在日曆年下半年正在增加。

And so we're doing that to minimize future capital expenditures and to drive efficient usage of our capital equipment.

因此，我們這樣做是為了最大限度地減少未來的資本支出，並提高我們資本設備的使用效率。

In addition to that, as you know, we continue to execute on our filter insourcing strategy.

除此之外，如您所知，我們繼續執行我們的過濾器內包策略。

That gives us a cost advantage, quality advantage, better performance of our filters.

這使我們的過濾器具有成本優勢、質量優勢和更好的性能。

But as you know, when you produce your filters in-house compared to buying them from third parties, you have to carry a little bit more inventory in terms of raw materials, work in process and some buffer stocks.

但如您所知，與從第三方購買過濾器相比，在內部生產過濾器時，您必須在原材料、在製品和一些緩衝庫存方面持有更多的庫存。

Having said that, we expect inventory to be kind of flattish into the June quarter, but then we expect improvement in terms of days of inventory in the second half of the year -- of the calendar year as we execute on those product ramps.

話雖如此，我們預計 6 月季度的庫存將持平，但隨後我們預計今年下半年的庫存天數會有所改善 - 日曆年，因為我們會執行這些產品坡道。

I just want to point out that if you look at the first 6 months of the fiscal calendar, we have a free cash flow of 29%, and so we are well on track to deliver a full year free cash flow of 30%.

我只想指出，如果你看一下財政日曆的前 6 個月，我們的自由現金流為 29%，因此我們有望實現全年 30% 的自由現金流。

Yes.

是的。

Let me add, Toshi, to that -- to Kris' comments is that the products that we're working on right now and the inventory that is being built now is targeted directly for known design wins that we have in the second half, very complex, compelling solutions that we'll be delivering in the second half of the calendar year.

讓我補充一點，Toshi，Kris 的評論是我們現在正在開發的產品和正在構建的庫存直接針對我們在下半年獲得的已知設計勝利，非常我們將在本日曆年下半年提供複雜、引人注目的解決方案。

So we know exactly where this material is going.

所以我們確切地知道這些材料的去向。

And now to the line of Ambrish Srivastava from BMO.

現在是 BMO 的 Ambrish Srivastava 系列。

Liam, maybe a question on medium- to longer-term implications for your business with Qualcomm and Apple settling and Intel exiting the business.

利亞姆，也許是關於高通和蘋果解決以及英特爾退出業務對您的業務的中長期影響的問題。

So one assumption, and I'm not saying it's the right assumption, would be you would lose at the Intel business and then also Qualcomm would be able to bundle more, and hence, really have a negative impact on your business.

所以一個假設，我並不是說這是正確的假設，你會在英特爾業務上輸掉，然後高通也能夠捆綁更多，因此，真的會對你的業務產生負面影響。

So just kind of help us understand how we should be thinking about it, at least I get this question, number one, from investors.

所以只是幫助我們理解我們應該如何思考它，至少我從投資者那裡得到了這個問題，第一個。

And then I had a follow-up as well, please.

然後我也進行了跟進，請。

Sure, sure, Ambrish.

當然，當然，安布里什。

No problem.

沒問題。

Well, let me kind of go back in time a little bit and take a long view at this all.

好吧，讓我稍微回到過去，從長遠的角度看待這一切。

First of all, Skyworks, as you know, is baseband-agnostic.

首先，如您所知，Skyworks 與基帶無關。

Our products are interoperable with Qualcomm, with Intel, with MediaTek, Samsung LSI, Huawei, et cetera.

我們的產品可與高通、英特爾、聯發科、三星 LSI、華為等互操作。

So we've been able to navigate the baseband ecosystem and operate very effectively with all of those players.

因此，我們已經能夠駕馭基帶生態系統，並與所有這些參與者一起非常有效地運作。

I would also say with the largest customers, we've had tremendous amount of volatility in baseband but we've always grown our share.

我還要說的是，對於最大的客戶，我們在基帶方面的波動很大，但我們的份額一直在增長。

So if you look back in the early days of the largest customer where their baseband position was and there was a transition at one point, and then there was at times where we had 2 players going at once, all of that had no impact on our business.

因此，如果您回顧一下最大客戶的早期，他們的基帶位置是在某個時間點進行轉換，然後有時我們同時有 2 個播放器，所有這些都對我們沒有影響商業。

We continued to grow share, work with our customers, engineer to engineer, shoulder-to-shoulder design-in work to grow our content and our position.

我們繼續擴大份額，與我們的客戶合作，工程師對工程師，肩並肩的設計工作，以增加我們的內容和我們的地位。

And if we look out, one of the things that allows us to do that, Ambrish, is that have made the investments in the technologies.

如果我們仔細觀察，讓我們能夠做到這一點的其中一件事，Ambrish，就是對技術進行了投資。

We have in-house custom gallium arsenide technology, we have an array of filtering technology now that goes from SAW to TC SAW to bulk acoustic wave.

我們擁有內部定制的砷化鎵技術，我們現在擁有從 SAW 到 TC SAW 再到體聲波的一系列過濾技術。

We've made the investments to bring the scale to market which is also important.

我們已經進行了投資以將規模推向市場，這也很重要。

And one of the things that makes us really comfortable right now and really excited is this move to 5G.

現在讓我們感到非常舒服和興奮的事情之一就是向 5G 的轉變。

The 2G and 3G world, there was a lot of opportunity for players to expand from baseband and try to integrate RF, maybe use CMOS, maybe use another technology but it never really happened.

在 2G 和 3G 世界，玩家有很多機會從基帶擴展並嘗試集成 RF，也許使用 CMOS，也許使用其他技術，但從未真正實現過。

When you go to 5G, the complexity curve goes way up.

當你進入 5G 時，複雜性曲線會上升。

It is daunting.

這是令人生畏的。

It is challenging.

這是具有挑戰性的。

We're thrilled by the opportunity but it is by no stretch easy.

我們對這個機會感到興奮，但這絕非易事。

So the leap from baseband to RF is challenging enough, but when you start moving into 4G and now 5G, it's really in the sweet spot of Skyworks.

因此，從基帶到 RF 的飛躍已經足夠具有挑戰性，但是當您開始進入 4G 和現在的 5G 時，它確實處於 Skyworks 的最佳位置。

And we've invested a lot of time and energy, and we have the people in our company ready to execute on that agenda.

我們投入了大量時間和精力，我們公司的人員已準備好執行該議程。

Okay.

好的。

That's helpful prospectively.

這對前瞻性很有幫助。

And for my follow-up, Kris, maybe back to you on the inventory days, 123.

對於我的後續行動，Kris，也許會在 123 號盤點日回复你。

I went back and I can't see a day closer to that, I think, in 2016.

我回去了，我認為在 2016 年我看不到離那一天更近的一天。

So just please help us understand -- and there is no such thing as normal seasonality, but how should we be thinking -- taking your inventory comments you made earlier to an earlier question with kind of how should we be thinking about normal seasonality?

所以請幫助我們理解 - 沒有正常的季節性這樣的東西，但我們應該如何思考 - 將你之前發表的庫存評論與我們應該如何考慮正常季節性的問題結合起來？

And also, is there a higher level of inventory days that we should be thinking as a normalized level given that the broadband -- sorry, the broad-based businesses is a much bigger business and that naturally carries more inventory?

而且，鑑於寬帶——抱歉，基礎廣泛的業務是一個更大的業務，自然會承載更多的庫存，我們是否應該將更高水平的庫存天數視為正常水平？

Yes.

是的。

I mean I've listed the reasons why inventory is at least temporarily somewhat higher, right?

我的意思是我已經列出了庫存至少暫時較高的原因，對嗎？

We took advantage of the capacity we have in our factories due to the softness in the business.

由於業務疲軟，我們利用了工廠的產能。

And so we did more than ever before level-loading.

因此，我們在關卡加載方面做得比以往任何時候都多。

And so over time, as the business starts ramping in the second half, we will see a decline in inventory days.

因此，隨著時間的推移，隨著下半年業務開始增長，我們將看到庫存天數下降。

There's a couple of other elements.

還有一些其他元素。

One, I mentioned as well is the filter insourcing.

一，我也提到了過濾器內包。

That will be on a permanent basis result in some higher levels of inventory.

這將永久性地導致一些更高水平的庫存。

And then as you pointed out as well, I didn't point it out, but you're absolutely right about that, the broad market business, by its nature, being a lot more diversified, multiple SKUs for multiple customers in multiple end markets resulted in some higher level of inventory as well.

然後正如你所指出的，我沒有指出，但你是絕對正確的，廣泛的市場業務，就其本質而言，更加多樣化，為多個終端市場的多個客戶提供多個 SKU也導致了一些更高水平的庫存。

Having said that, I think for the June quarter, we expect inventory to be on or about the same level.

話雖如此，我認為對於 6 月季度，我們預計庫存將處於或大致相同的水平。

And then in the second half of the calendar year, we will see inventory levels coming down, but they will more than likely stay higher than where they were historically.

然後在日曆年的下半年，我們將看到庫存水平下降，但它們很可能會保持在高於歷史水平的水平。

And now to the line of Bill Peterson from JPMorgan.

現在是來自摩根大通的比爾彼得森。

Yes.

是的。

First, I had a question, actually, on your broad market.

首先，實際上，我有一個關於你的廣闊市場的問題。

It's nice to see the design wins with WiFi 6, massive MIMOs and so forth.

很高興看到設計贏得了 WiFi 6、大規模 MIMO 等。

I guess I was wondering, I guess first on massive MIMO, do we expect this to ramp this year?

我想我想知道，我想首先是大規模 MIMO，我們預計今年會增加嗎？

Are these in field trials?

這些是在現場試驗中嗎？

Or will these be more in mass production next year?

或者明年這些會更多地量產嗎？

And same for WiFi 6, it kind of had a slow start, but when do you see this really starting to move the needle?

WiFi 6 也一樣，起步有點慢，但你什麼時候看到它真正開始發揮作用？

And if you can quantify the growth for these, I guess, bigger segments within broad markets for us as far as the growth rates this year and into next.

如果你能量化這些增長，我想，就今年和明年的增長率而言，我們在廣泛市場中的更大細分市場。

Sure, Bill, sure.

當然，比爾，當然。

So I would say on the infrastructure side, we noted in the prepared remarks that we are seeing buildouts right now with Nokia, with Ericsson, also with Huawei.

所以我想說在基礎設施方面，我們在準備好的評論中指出，我們現在正在看到諾基亞、愛立信和華為的擴建。

So we're delivering some of our MIMO solutions, some of our really complex architectures that we have and switching and filtering and building out the 5G infrastructure.

因此，我們正在提供我們的一些 MIMO 解決方案，我們擁有的一些非常複雜的架構，以及交換和過濾以及構建 5G 基礎設施。

That's ongoing right now.

現在正在進行中。

It's still early innings but that infrastructure is rapidly being deployed, and we think there's a very long tail of opportunity here with 5G just starting to roll.

現在仍處於早期階段，但基礎設施正在迅速部署，我們認為隨著 5G 剛剛開始出現，這裡有很長的機會尾巴。

So that's on the infrastructure side.

所以這是在基礎設施方面。

If you look at the position in WiFi, we've had a really strong position within broad markets, leveraging WiFi from 11n to ax to now the newest standard WiFi 6. There's, again, a tremendous opportunity -- we named just a few design wins in today's call, but a number of our customers that are upgrading from 11ax to WiFi 6 are coming to us.

如果你看一下 WiFi 的地位，我們在廣泛的市場中佔據了非常強大的地位，利用從 11n 到 ax 到現在最新標準 WiFi 6 的 WiFi。這又是一個巨大的機會——我們只列舉了一些設計在今天的電話會議中獲勝，但我們的許多客戶正在從 11ax 升級到 WiFi 6 來找我們。

There's a lot of opportunity there.

那裡有很多機會。

And the product reach that we have and the customer reach that we have continues to expand.

我們擁有的產品範圍和我們擁有的客戶範圍繼續擴大。

It's home security, it's access points and routers, ring doorbell type application, just a myriad of really slick applications that are empowered by our connectivity solutions.

它是家庭安全、接入點和路由器、環形門鈴類型的應用程序，這些都是由我們的連接解決方案提供支持的無數非常巧妙的應用程序。

So it's early innings for WiFi 6, but we're a proven player there and we expect to gain.

所以現在是 WiFi 6 的早期階段，但我們在這方面是經過驗證的玩家，我們希望有所收穫。

I guess second, your guidance -- obviously, growth at the midpoint for the June quarter.

我想第二，你的指導——顯然，增長在 6 月季度的中點。

I'm curious about China, specifically China smartphone.

我對中國很好奇，特別是中國智能手機。

Sure, it's been weak in the first quarter as you -- the first calendar quarter you spoke to.

當然，第一季度它一直很疲軟，因為你是第一個日曆季度。

Do you see this directionally improving?

您是否看到這種方向性的改善？

And I guess what's driving that?

我猜是什麼原因造成的？

I mean we've also seen some sort of share shift in China where Huawei appears to be doing very well and other ones not so well.

我的意思是，我們在中國也看到了某種份額轉移，華為似乎做得很好，而其他公司則不太好。

What -- how do you see your business in China?

什麼——您如何看待您在中國的業務？

Sure.

當然。

Well, we were seeing quite a bit of softness in China in the March quarter, and that's what's read through in the numbers here.

好吧，我們在三月份的季度看到了中國的相當疲軟，這就是這裡的數字所讀到的。

And within that, there was also some dynamics of market share shifts with Huawei picking up a little bit more and the Oppo, Vivo, Xaiomi ecosystem being softer.

其中，市場份額也出現了一些動態變化，華為的份額增加了一點，而 Oppo、Vivo、Xaiomi 生態系統變得更加軟弱。

So that's something that we did experience in the March quarter.

所以這就是我們在三月季度確實經歷過的事情。

As we start to look out, we continue to see Huawei being strong, not only in mobile but also in the infrastructure side, and obviously, a much more significant player than some of the smaller smartphone folks.

當我們開始往外看時，我們繼續看到華為很強大，不僅在移動領域，而且在基礎設施方面，而且顯然，與一些較小的智能手機廠商相比，華為是一個更重要的參與者。

But we are starting to see some gradual pickup in the second-tier players in China in mobile.

但我們開始看到中國二線玩家在移動領域逐漸崛起。

And if you actually think long, the opportunity with the smaller players is quite impressive because today the content in those accounts is pretty light.

如果你真的想得長遠，小玩家的機會是相當可觀的，因為今天這些賬戶中的內容非常少。

But when you move to 5G, there will be unique technologies that are necessary that are absolute musts in a mobile device to basically operate on a 5G network.

但是，當您轉向 5G 時，移動設備必須具備獨特的技術才能基本在 5G 網絡上運行。

Therefore the content gains in the smaller accounts could actually be, on a ratio basis, even more impactful than what we have in a customer like Huawei today.

因此，按比例計算，小賬戶的內容收益實際上可能比我們今天在像華為這樣的客戶中獲得的收益更有影響力。

So there's a lot to look forward to there, but certainly, the March quarter, China was very tough, very challenging.

所以那裡有很多值得期待的地方，但可以肯定的是，三月季度，中國非常艱難，非常具有挑戰性。

I think it impacted some -- even the U.S. customers that sold into China.

我認為它影響了一些——甚至是向中國銷售產品的美國客戶。

But we're getting through that now and should start to see improving conditions in Q3 and also into the second half.

但我們現在正在度過難關，應該會開始看到第三季度和下半年的情況有所改善。

And now to the line of Edward Snyder from Charter Equity Research.

現在請聽來自 Charter Equity Research 的 Edward Snyder 的講話。

Liam, I hate to burn my first question on Qualcomm's RF claims.

利亞姆，我不想就高通的 RF 聲明提出我的第一個問題。

But Cristiano, on Qualcomm's call yesterday, made a big deal about RF wins.

但克里斯蒂亞諾昨天在高通的電話會議上，對 RF 的勝利大做文章。

But he didn't mention what they were like the CMOS millimeter-wave mimic that's burning through phones.

但他沒有提到它們就像通過手機燃燒的 CMOS 毫米波模擬器。

Just as a reality check, are you seeing Qualcomm -- some of the Qualcomm's toeholds that they got last year in RF being reversed on phones this year like the Pixel 4?

就像現實檢查一樣，你是否看到高通——他們去年在 RF 領域獲得的一些高通立足點在今年的手機上被逆轉，比如 Pixel 4？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

They have been working to expand their baseband position.

他們一直在努力擴大他們的基帶地位。

They have a great baseband, there's no question about that.

他們有一個很棒的基帶，這是毫無疑問的。

They're trying to move forward in the RF section.

他們正試圖在 RF 部分取得進展。

There have been a couple of spots where they popped up, but they really haven't really impeded our opportunities.

它們出現在幾個地方，但它們並沒有真正阻礙我們的機會。

We continue to do very, very well in the mid- to high end.

我們繼續在中高端領域做得非常非常好。

As you know well as a technologist, the complexity in 4G and into 5G now with some of the networks that we're seeing and some of the burdens that we see in the technology builds that we have is just very difficult, unless this is your bread and butter.

正如您作為技術專家所熟知的那樣，現在 4G 和 5G 的複雜性以及我們所看到的一些網絡以及我們在現有技術構建中看到的一些負擔非常困難，除非這是您的麵包和黃油。

And we've been working on this for years.

我們多年來一直致力於此。

We have a great position.

我們有一個很好的位置。

We can interoperate with Qualcomm all day long.

我們可以整天與高通互操作。

But in terms of their own RF and trying to move the needle here, I think it's going to be very difficult.

但就他們自己的 RF 和試圖在此處移動針頭而言，我認為這將非常困難。

We have years and years of experience here working with this.

我們在這裡有多年的經驗。

We have the in-house assets and technology.

我們擁有內部資產和技術。

We're building out our arsenal in filtering, and then our ability to integrate with SkyOne and Sky5 and create highly customized, configurable offerings to each one of our customers and the shoulder-to-shoulder engineering work that I mentioned as we go to market I think is quite compelling and some of the main reasons why we do win.

我們正在構建我們的過濾武器庫，然後是我們與 SkyOne 和 Sky5 集成的能力，並為我們的每個客戶創建高度定制、可配置的產品，以及我在進入市場時提到的肩並肩的工程工作我認為這是非常引人注目的，也是我們獲勝的一些主要原因。

So we recognize Qualcomm has an ambition to compete in RF.

因此，我們認識到高通有在 RF 領域競爭的雄心。

We're comfortable with where we are, but we'll continue to raise our game and raise our strength to ensure that we lead.

我們對自己的處境感到滿意，但我們將繼續提高我們的比賽水平並增強我們的力量以確保我們處於領先地位。

Great.

偉大的。

And then if I could, because you mentioned insourcing SAW filters.

然後如果可以的話，因為你提到了內購 SAW 濾波器。

Last check, which was just some time ago, now I thought you were generally in-sourced on all the SAWs, representing your modules, have been pulled in use, so I was a little surprised to see there was -- it was one of your drivers to inventory.

上次檢查，就在不久前，現在我認為你通常在所有 SAW 上採購，代表你的模塊，已經被拉到使用中，所以我有點驚訝地看到 - 它是其中之一你的司機盤點。

While we're on SAW -- while we're on filters, Liam, if I could, there's a lot of talk on BAW in the last couple of quarters.

當我們使用 SAW 時——當我們使用濾波器時，利亞姆，如果可以的話，在過去的幾個季度中有很多關於 BAW 的討論。

I know you guys have been diligently working on a part now.

我知道你們現在一直在努力工作。

We've heard that you sampled an Rx device.

我們聽說您對 Rx 設備進行了採樣。

Have you gotten to the point where you're sampling duplexers yet?

您已經到了對雙工器進行採樣的地步了嗎？

And does this play any role in your big module in with your largest customer BAW at all in the fall this year?

今年秋天，這在您與最大客戶 BAW 的大模塊中是否發揮了任何作用？

Right.

正確的。

So I'll start first on the inventories.

所以我先從庫存開始。

So maybe 1 year, 1.5 years ago, roughly 50% of the filters were in-house.

所以也許 1 年，1.5 年前，大約 50% 的過濾器是內部的。

We made a big move to the 75%, 80% in-house in the last couple of quarters.

在過去的幾個季度中，我們在內部實現了 75%、80% 的重大轉變。

And now, as we ramp the new products for the next cycle, we will get closer to 90%, 95%.

現在，隨著我們為下一個週期推出新產品，我們將接近 90%、95%。

Sure.

當然。

And following up on the BAW opportunity, Ed, now that we've kind of communicated that more broadly, we are in production right now supporting our BAW capabilities, and we have known design wins that would be similar to -- think of it as a Sky5-like module with BAW technology.

跟進 BAW 機會，Ed，現在我們已經進行了更廣泛的溝通，我們現在正在生產中支持我們的 BAW 功能，我們知道設計勝利類似於 - 將其視為具有 BAW 技術的類似 Sky5 的模塊。

It's not going to be a discrete filter.

它不會是一個離散的過濾器。

It's going to be a solution.

這將是一個解決方案。

We continue to expand the opportunity set.

我們繼續擴大機會集。

We're sampling a number of customers across the board.

我們正在全面抽樣一些客戶。

We're continuing to try to expand the reach of our BAW-filtering capability.

我們正在繼續嘗試擴大我們的 BAW 過濾功能的範圍。

We've made quite a few investments and spent quite a bit of money investing not only in capacity but also the technology that we need.

我們已經進行了大量投資，並花費了大量資金，不僅投資於產能，還投資於我們需要的技術。

And we're ready.

我們準備好了。

We're ready.

我們準備好了。

And we're really excited about delivering products in the second half, and we have some really slick opportunities that we're looking at in 2020.

我們對下半年交付產品感到非常興奮，我們在 2020 年看到了一些非常好的機會。

So we'll be well positioned, and there should be some evidence of our success here coming soon.

所以我們處於有利地位，應該會有一些證據表明我們很快就會在這裡取得成功。

And now to the line of Blayne Curtis from Barclays.

現在是來自巴克萊銀行的 Blayne Curtis 系列。

This is [Tom de Leon] for Blayne Curtis.

這是 Blayne Curtis 的 [Tom de Leon]。

In the prepared remarks, you guys highlighted some massive MIMO wins with Nokia and Ericsson.

在準備好的發言中，你們強調了諾基亞和愛立信在 MIMO 方面的一些巨大勝利。

Can you talk about where you're winning there?

你能談談你在那裡獲勝的地方嗎？

And as a percentage basis, how much can that contribute to your business over the next couple of years?

並且以百分比為基礎，在接下來的幾年中，這對您的業務有多大貢獻？

Yes.

是的。

It's a meaningful part of our business in broad market.

這是我們在廣闊市場上的業務的重要組成部分。

We have always been a pretty strong infrastructure player but that market had been slow in the last few years as 4G kind of just lulled along and there wasn't an inflection point.

我們一直是一個非常強大的基礎設施參與者，但過去幾年這個市場一直很緩慢，因為 4G 只是平靜下來並且沒有拐點。

So what we could do, there's a lot of things that we can do.

所以我們可以做的，我們可以做很多事情。

We do high-power amplifiers.

我們做大功率功放。

We have some antenna arrays and switch arrays that go into the infrastructure space.

我們有一些進入基礎設施領域的天線陣列和開關陣列。

There's even going to be some opportunity down the road here for millimeter-wave technology which is new, very complex.

毫米波技術在未來甚至會出現一些機會，這是一種非常複雜的新技術。

And we'll participate across the board.

我們將全面參與。

We've been a supplier to all the Tier 1s, the Nokia, to Ericsson, even Samsung and Huawei there.

我們一直是所有一級供應商的供應商，諾基亞、愛立信，甚至那裡的三星和華為。

So there's a large set of players that we have relationships with, and 5G is going to stimulate -- absolutely stimulate some new revenue opportunities.

因此，我們與大量參與者建立了關係，而 5G 將刺激——絕對會刺激一些新的收入機會。

Great.

偉大的。

And then my second one is just on the moving pieces in March here.

然後我的第二個就在三月份在這裡的移動件上。

You guys highlighted some weakness across China.

你們強調了中國的一些弱點。

Normally, that business is up double digits in March.

通常，該業務在 3 月份增長了兩位數。

When you guys are talking about weakness, do you still see growth in that business in March?

當你們談論疲軟時，您是否仍然看到 3 月份該業務的增長？

Or is the entire Android down in March?

還是三月份整個安卓都宕機了？

I just want to get a little more color on the vector of that weakness.

我只想在該弱點的向量上獲得更多顏色。

Yes.

是的。

Sure.

當然。

Well, I will tell you, in Q2 -- you're right, oftentimes, you have a holiday season, a holiday effect in December, a lot of growth.

好吧，我會告訴你，在第二季度——你是對的，通常，你有一個假期，12 月的假期效應，很多增長。

And then some of the U.S. names come down a bit in March in China.

然後一些美國名字在 3 月份在中國有所下降。

Typically, China can go sideways, maybe even up in the March quarter.

通常情況下，中國可以橫盤整理，甚至可能在三月季度上漲。

That's kind of a historical signature.

那是一種歷史簽名。

This year, we had a different experience.

今年，我們有了不一樣的體驗。

We had some pretty marked weakness in China broadly.

總體而言，我們在中國有一些非常明顯的弱點。

It hit all of the Tier 1s there and also the smaller players.

它擊中了那裡的所有一級玩家，也擊中了較小的玩家。

And then also I think the China economy's weakness also impacted some of the larger U.S. companies.

然後我認為中國經濟的疲軟也影響了一些較大的美國公司。

So it was an unusual period where there was weakness across the board in that market.

因此，這是一個不尋常的時期，該市場全面疲軟。

We are seeing the business improve in China as we look out into Q3, and we're hopeful we'll get back to normal cycle in the second half.

隨著我們展望第三季度，我們看到中國的業務有所改善，我們希望我們能在下半年恢復正常週期。

And again, the 5G opportunities and some of the things we talked about already in the call should really stimulate some new demand for us.

再一次，5G 機會和我們在電話中已經談到的一些事情應該真的會刺激對我們的一些新需求。

And now to the line of Craig Ellis from B. Riley.

現在是 B. Riley 的 Craig Ellis 系列。

Guys, I wanted to follow up on some of the inventory comments but move to a different line.

伙計們，我想跟進一些庫存評論，但轉到另一行。

So if we bounce up to the income statement, with inventory where it is after the level-loading, what are the implications, Kris, for gross margin expansion in the back half of the year?

因此，如果我們反彈到損益表，庫存在水平加載後的位置，那麼克里斯對下半年毛利率擴張的影響是什麼？

Can we still expect to see typical incremental gross margins?

我們還能期望看到典型的增量毛利率嗎？

Or would they be reduced given higher inventory?

或者他們會因為庫存增加而減少嗎？

No.

不。

Not at all.

一點也不。

I mean we continue to execute very well on our operational efficiency improvements.

我的意思是我們在提高運營效率方面繼續表現出色。

We will be bringing new, more complex products to the market in the second half.

我們將在下半年將新的、更複雜的產品推向市場。

And so a combination of those 2, we will see further gross margin improvements in the second half, and we will continue to work towards our target model of 53% gross margin.

因此，結合這兩者，我們將在下半年看到毛利率進一步提高，我們將繼續努力實現 53% 毛利率的目標模式。

Yes.

是的。

And Craig, let me just also add that if you go a little bit deeper here and look at some of the challenges that we've mentioned with inventory, we're still committed to delivering, and we're right on our free cash flow margin of 29% to 30%.

克雷格，我還要補充一點，如果你在這裡更深入一點，看看我們在庫存方面提到的一些挑戰，我們仍然致力於交付，我們的自由現金流是正確的利潤率為 29% 至 30%。

So even with some of the bumpiness here that we endured in Q2, we'll still be able to deliver -- we have expectations to deliver 30% free cash flow margin for the full year.

因此，即使我們在第二季度經歷了一些坎坷，我們仍然能夠實現——我們預計全年可以實現 30% 的自由現金流利潤率。

And then I'll just follow up on a comment that you just made in response to the last question.

然後我將跟進您剛剛針對最後一個問題發表的評論。

I think you were speaking about a hope to return to normal seasonality in the back half of the year.

我想你說的是希望在下半年恢復正常的季節性。

At times, you give us a glimpse of what you think the business can do, not guidance, but give us a sense of what's possible in the business in the back half.

有時，您只是讓我們瞥見您認為企業可以做什麼，而不是指導，而是讓我們了解企業後半段的可能性。

Any sense for that at this time?

此時有什麼意義嗎？

Yes.

是的。

I mean we're really not positioned to guide the Q4 and Q1 second half, but we do expect to see the market improve for us.

我的意思是，我們真的無法指導下半年的第四季度和第一季度，但我們確實希望看到市場對我們有所改善。

We do know that we have a very strong pipeline of design wins that -- it supports some incredible product for our customers.

我們確實知道我們擁有非常強大的設計勝利管道——它為我們的客戶提供了一些令人難以置信的產品。

We're very comfortable with that.

我們對此很滿意。

We see that.

我們看到了。

It's coming.

它來了。

It's one of the reasons why the inventory position is where it is, and so we certainly expect the second half to be better than the first half here.

這是庫存狀況保持現狀的原因之一，因此我們當然預計下半年會好於上半年。

And now to the line of Srini Pajjuri from Macquarie.

現在是來自 Macquarie 的 Srini Pajjuri 系列。

Liam, just a couple of questions.

利亞姆，只有幾個問題。

On 5G, given your enthusiasm, just curious how your design win pipeline is looking.

在 5G 上，鑑於您的熱情，我只是好奇您的設計獲勝管道是什麼樣子的。

And then also if you could give us some color as to where -- what kind of products historically have dominated the low-band pad and the DRx modules, et cetera?

然後，如果你能告訴我們一些關於哪裡的顏色 - 歷史上什麼樣的產品主導了低頻段墊和 DRx 模塊等？

So I'm just wondering if you could provide us some color as to where you're winning these designs.

所以我只是想知道您是否可以為我們提供一些關於您贏得這些設計的顏色。

Sure.

當然。

Yes.

是的。

We think of 5G as a technology, and then that technology is ported into different applications.

我們將 5G 視為一種技術，然後將該技術移植到不同的應用程序中。

So obviously, the smartphone is going to be one of the most compelling, 5G delivering that speed, that data rate, that performance in a smartphone.

很明顯，智能手機將成為最引人注目的智能手機之一，5G 可提供智能手機的速度、數據速率和性能。

And there, it's very clear for us to see the incremental content, the necessary building blocks that are required to make that 5G phone work.

在那裡，我們可以非常清楚地看到增量內容，以及使 5G 手機正常工作所需的必要構建塊。

And then you have the new markets that are being enabled by 5G, things like AR and VI -- AI and VR, machine-to-machine applications, where you're using a 5G signal to operate factories and robots, really cool stuff that hasn't happened yet.

然後你有了 5G 正在啟用的新市場，比如 AR 和 VI——AI 和 VR，機器對機器應用程序，你可以使用 5G 信號來操作工廠和機器人，非常酷的東西還沒有發生。

So we're starting to see that occur first in the smartphone.

所以我們開始看到它首先出現在智能手機上。

We do believe that this is a little bit more of a 2020 to 2021 dynamic.

我們確實相信這更像是 2020 年到 2021 年的動態。

I don't expect the market to see any significant 5G smartphone growth in 2019, but we're really excited about the design wins that we're working on and working with the right customers and seeing their product roadmaps and how we fit in.

我不希望市場在 2019 年看到任何顯著的 5G 智能手機增長，但我們對我們正在努力的設計勝利以及與合適的客戶合作並看到他們的產品路線圖以及我們如何適應感到非常興奮。

So there will be a lot of content, a lot of complexity.

所以會有很多內容，很多複雜性。

It's important to have the building blocks, I will say that.

擁有積木很重要，我會這麼說。

The fact that we have the technology in filtering from 700 meg to 6 gig, and even now into the millimeter-wave spectrum, we'll be well positioned.

事實上，我們擁有從 700 兆到 6 兆的過濾技術，甚至現在進入毫米波頻譜，我們將處於有利地位。

That decades of experience that we talked about is going to be necessary.

我們談到的那幾十年的經驗將是必要的。

This is hard stuff.

這是很難的事情。

And then having the scale, having the factory assets, the scale and the technology in-house is going to be a differentiator for us.

然後擁有規模，擁有工廠資產，內部規模和技術將成為我們的差異化因素。

So we look forward to all of that.

所以我們期待著這一切。

And I think it's going to be incredible to see the number of applications that are really going to be propelled and powered by 5G technology.

而且我認為看到真正將由 5G 技術推動和提供動力的應用程序數量將會令人難以置信。

Got it.

知道了。

And then more of a strategic question, Liam.

然後更多的是一個戰略問題，利亞姆。

So obviously, you made an acquisition that seems to be working out well, but you still have plenty of cash and generating a lot of free cash flow.

很明顯，你進行了一項似乎運作良好的收購，但你仍然擁有大量現金並產生大量自由現金流。

I'm just wondering how you're thinking about M&A going forward?

我只是想知道您如何看待未來的併購？

I mean obviously, the smartphone market is long a bit even with 5G.

我的意思是，很明顯，即使有 5G，智能手機市場也有點長。

You have a big customer concentration.

你有很大的客戶集中度。

I'm just curious what's your thought -- latest thoughts on M&A are.

我只是好奇你的想法是什麼——關於併購的最新想法是。

Sure.

當然。

Yes, we're still very excited about the opportunity that we have organically, and we're heading down that path.

是的，我們仍然對我們有機地擁有的機會感到非常興奮，並且我們正在沿著這條路前進。

But at the same time -- you're right.

但與此同時——你是對的。

I mean I'm really pleased with the cash flow generation that we're putting forth as a company, the power that we have available.

我的意思是，我對我們作為一家公司所產生的現金流以及我們擁有的力量感到非常滿意。

But we're going to be very discerning when it comes to M&A.

但在併購方面，我們會非常挑剔。

I mean that's been a signature of Skyworks for years.

我的意思是，多年來這一直是 Skyworks 的標誌。

It will continue to be.

它將繼續存在。

But if the right opportunity comes along, we'll be ready to take advantage.

但如果合適的機會出現，我們將準備好利用。

And now to the line of Chris Caso from Raymond James.

現在是雷蒙德詹姆斯的克里斯卡索系列。

Just a question on inventory levels.

只是關於庫存水平的問題。

And last quarter you talked about some caution on the part of customers with inventory amid the weakness.

上個季度，您談到了在疲軟的情況下有庫存的客戶的一些謹慎態度。

What do you feel is the situation right now with consumer inventory?

您認為目前消費者庫存情況如何？

And perhaps you could address Huawei more directly.

也許你可以更直接地稱呼華為。

I guess there's some fears about Huawei potentially building some inventories.

我猜有人擔心華為可能會增加一些庫存。

If you could address that as well, please.

如果你也能解決這個問題，請。

Yes.

是的。

So in general, when we talk about inventory levels in the channel, we made some remarks last earnings call where we saw some cautious behavior by our distributors.

因此，總的來說，當我們談論渠道中的庫存水平時，我們在上次財報電話會議上發表了一些評論，我們看到分銷商採取了一些謹慎的行為。

And as I told you last quarter, we are not fighting that tape.

正如我上個季度告訴你的那樣，我們不是在與那盤磁帶作鬥爭。

It's okay for now to have some lower levels of inventory or healthy levels of inventory in the channel.

現在渠道中有一些較低水平的庫存或健康水平的庫存是可以的。

That sets us up for a strong and stronger sequential growth in the second half.

這為我們在下半年實現強勁和強勁的連續增長奠定了基礎。

As it relates to Huawei, I know there is a lot of speculation about their inventory levels.

因為它與華為有關，我知道有很多關於他們庫存水平的猜測。

We don't have great visibility because we are in a hub arrangement.

我們沒有很好的知名度，因為我們處於樞紐安排中。

And so once they -- so we don't keep inventory in the channel for them, and we only recognize revenue once they pull their product out of their hub and then we don't have any visibility.

所以一旦他們 - 所以我們不會為他們保留渠道中的庫存，我們只會在他們將產品從他們的中心撤出時才確認收入，然後我們就沒有任何可見性。

As Liam said before, our business with Huawei is relatively strong given some of the overall weakness in the China market, but we believe that Huawei themselves are gaining share in the Chinese markets as well in mobile.

正如利亞姆之前所說，鑑於中國市場的一些整體疲軟，我們與華為的業務相對強勁，但我們相信華為本身在中國市場以及移動領域的份額正在增加。

They have strong infrastructure business, and we are very well positioned with them both with mobile and infrastructure.

他們擁有強大的基礎設施業務，我們在移動和基礎設施方面都處於非常有利的地位。

Right.

正確的。

And Chris, that's a key point.

克里斯，這是一個關鍵點。

If you really look at the Q2 number for us, we saw the Huawei numbers do okay, but the other smaller players in China have really come down.

如果你真的為我們看一下第二季度的數字，我們看到華為的數字還不錯，但中國其他較小的玩家確實有所下降。

So some of that was share shift.

所以其中一些是份額轉移。

We do know that Huawei is the most capable, from a technology perspective, if you look at Oppo, Vivo, Xiaomi and the others.

我們確實知道，從技術角度來看，華為是最有能力的，如果你看看 Oppo、Vivo、小米和其他公司。

So they're starting -- as the market starts to move towards complexity, they're likely going to outperform their peer group.

所以他們開始了——隨著市場開始變得複雜，他們很可能會超越同行。

So that was part of the readthrough in Q2.

所以這是第二季度通讀的一部分。

Okay, that's very helpful.

好的，這很有幫助。

As a follow-up, on the broad market business, the business has been decelerating for a couple of quarters now, and I suppose that's amid the market weakness as well.

作為後續行動，在大盤業務方面，業務已經減速了幾個季度，我想這也是在市場疲軟的情況下。

I guess, I wanted to be clear what you guys are saying here.

我想，我想弄清楚你們在這裡說的是什麼。

Are you still expecting double-digit growth for the year on that?

您是否仍期望今年實現兩位數的增長？

And as we go into the second half of the year, are you expecting some reacceleration in year-on-year growth in the broad markets business?

隨著我們進入今年下半年，您是否預計大市場業務的同比增長會再次加速？

And perhaps give some reasons behind that.

也許給出一些背後的原因。

Yes.

是的。

So if you look at the first half of the fiscal year, we're on or about 10% year-over-year growth in broad markets.

因此，如果你看一下本財年的上半年，我們在廣泛的市場上實現了或約 10% 的同比增長。

And so we expect on a full year basis on or about 10%, maybe slightly above 10% year-over-year growth.

因此，我們預計全年增長或約為 10%，可能略高於 10% 的同比增長。

So as a result of that, of course, in the second half, we see some on or about 10% or continuous 10% year-over-year growth.

因此，當然，在下半年，我們會看到一些或大約 10% 或連續 10% 的同比增長。

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

現在是 Piper Jaffray 的 Harsh Kumar 系列。

I was wondering, since you're somewhat new to the BAW technology, are there any gating factors that you can see that allow you to ramp in a very significant manner, particularly let's say, next year when your largest customer is now expected to come out with 5G phones?

我想知道，由於您對 BAW 技術有些陌生，是否有任何門控因素可以讓您以非常重要的方式提升，特別是明年，您最大的客戶現在預計會來出5G手機？

So Harsh, the question is are there any gating factors?

如此苛刻，問題是是否有任何門控因素？

Yes, technologically, is there any technology you're missing?

是的，從技術上講，您是否缺少任何技術？

Or is there a ramp factor that is unknown to you guys at this point?

或者目前是否有你們不知道的斜坡因素？

Yes, Harsh, this is Liam.

是的，Harsh，這是利亞姆。

Yes, I feel very good about our position in 5G, and there are a lot of challenges.

是的，我對我們在5G的地位感覺很好，挑戰也很多。

There are a lot of gating factors and gaps and opportunities.

有很多門控因素、差距和機會。

And that's what makes it great.

這就是它的偉大之處。

It's going to be very, very complex.

這將非常非常複雜。

It's going to call for a set of technologies that's never been put together in the same device before.

它將需要一組以前從未在同一設備中組合在一起的技術。

That's all new.

這都是新的。

And all of the crosstalk and noise and battle for current will occur in the device.

所有的串擾、噪聲和電流爭奪都將發生在設備中。

So companies like Skyworks, we're in there now, we're under the hood working with the leaders in the industry to put all this technology together.

所以像 Skyworks 這樣的公司，我們現在就在那裡，我們在幕後與行業領導者合作，將所有這些技術整合在一起。

And I think we've talked about this before.

我想我們之前已經談過這個了。

But remember, 5G is an incremental opportunity that overlays 4G and even 3G in a smartphone device.

但請記住，5G 是在智能手機設備中覆蓋 4G 甚至 3G 的增量機會。

So we got to bring all of that technology into a single form factor and manage the interoperability of that.

因此，我們必須將所有這些技術整合到一個單一的外形中，並管理它們的互操作性。

So there's a great deal of complexity.

所以有很大的複雜性。

What helps us is the in-house technologies.

對我們有幫助的是內部技術。

We talked about it.

我們談過了。

We have our own gallium arsenide, our assembly and testing house in Mexicali and our ability to span filtering from low bands all the way up to ultrahigh bands, and then select what is needed customer by customer, depending on what band they're going to roam in, what carriers they want to support and what geographies they're going to live in.

我們擁有自己的砷化鎵、我們在墨西卡利的裝配和測試室，以及我們從低頻段一直到超高頻段的過濾能力，然後根據客戶要使用的頻段，逐個選擇客戶需要的產品漫遊，他們希望支持哪些運營商以及他們將居住在哪些地區。

So a lot to that.

這麼多。

And there'll be plenty of challenges, but that turns out -- that translates into opportunity for us.

並且會有很多挑戰，但事實證明 - 這對我們來說轉化為機會。

Got it, Liam.

明白了，利亞姆。

And then as my follow-up, if I can ask you your thoughts on this year, for 2019, content versus units.

然後作為我的後續行動，如果我可以問你你對今年、2019 年內容與單位的看法。

How do you guys see those things -- those 2 factors playing out for your business and model?

你們如何看待這些事情——這兩個因素對你們的業務和模式產生影響？

Yes.

是的。

I would say content is going to be a big driver, and that's something that we control.

我會說內容將成為一個重要的驅動力，這是我們可以控制的。

So our focus is on executing on the controllables, and that's bringing the content up and executing on these new technologies that we see in 5G and some other areas.

因此，我們的重點是在可控方面執行，這就是在我們在 5G 和其他一些領域看到的這些新技術上提出和執行內容。

But again, units also have the potential now to move.

但同樣，單位現在也有移動的潛力。

I don't know if we're going to see a big spike in the second half of this year in units, but I think when 5G starts to pick up, there's going to be a reacceleration in replacement rate.

我不知道我們是否會在今年下半年看到出貨量大幅飆升，但我認為當 5G 開始回升時，更換率將會重新加速。

And then you have the double effect of a unit pop and then the unit pop that's going to carry more and more value and content.

然後你會得到一個單位流行音樂的雙重效果，然後這個單位流行音樂將帶來越來越多的價值和內容。

So that will eventually come together.

所以這最終會走到一起。

It may not happen in sync, but that will eventually start to come together for us and the industry.

它可能不會同步發生，但最終將開始為我們和整個行業走到一起。

And now to the line of Vijay Rakesh from Mizuho.

現在是來自 Mizuho 的 Vijay Rakesh 系列。

Just wondering, back on the competitive landscape on the handset side, especially there's been some talk about Murata being -- getting -- starting a company on the low-band side.

只是想知道，回到手機方面的競爭格局，特別是有人談論 Murata 正在——正在——在低頻段方面創辦一家公司。

Just wondering what you guys are seeing especially as you look at the back half.

只是想知道你們看到了什麼，尤其是當你們看後半部分時。

Well, Murata has always been in the game.

好吧，村田一直在遊戲中。

The focus more on mid- to low-end stuff in our space.

更多地關注我們領域中的中低端產品。

We compete with them all the time.

我們一直在和他們競爭。

We like our playbook.

我們喜歡我們的劇本。

We like our position.

我們喜歡我們的立場。

We have not seen them encroach on our low-band pad, and we're moving up now anyways.

我們還沒有看到它們侵占我們的低頻段墊，無論如何我們現在正在向上移動。

So our low-band pad is solid, but we're also moving into new categories.

所以我們的低頻墊很堅固，但我們也在進入新的類別。

Murata has always been around.

村田一直在身邊。

And they're a good competitor, but we feel very strongly about our position and our ability to defend and grow in the categories we're existing in today.

他們是一個很好的競爭對手，但我們對我們的地位以及我們在我們今天存在的類別中捍衛和發展的能力感到非常強烈。

Got it.

知道了。

And on the millimeter-wave side, I know you -- on broad markets, it looks like you talked about some nice design wins there with some of the bigger carriers.

在毫米波方面，我了解你——在廣闊的市場上，你似乎與一些更大的運營商談論了一些不錯的設計勝利。

But it looks like initially, at least on the European carrier side, it has been a little bit slower, especially the ramp versus some of the Chinese carriers or some of the guys like Huawei.

但看起來最初，至少在歐洲運營商方面，它有點慢，尤其是與一些中國運營商或華為等公司相比的增長速度。

So are you seeing any change in that ramp, especially in the European guys?

那麼，您是否看到斜坡有任何變化，尤其是在歐洲人身上？

Looks like some of the millimeter-wave rollouts got delayed.

看起來某些毫米波的推出被推遲了。

Appreciate any color.

欣賞任何顏色。

Yes.

是的。

No, those are good questions.

不，這些都是很好的問題。

So kind of 2 parts to that.

所以有兩部分。

So we are seeing -- we are actually seeing some nice growth with the European carriers, we are.

所以我們看到 - 我們實際上看到了歐洲航空公司的一些不錯的增長，我們是。

The European infrastructure players, the Ericssons, the Nokias, for example.

歐洲的基礎設施運營商，例如愛立信、諾基亞。

And that's been incrementally positive.

這是逐漸積極的。

If we look at millimeter-wave as a category, a great deal of complexity, it is new technology, it's new spectrum, it requires different types of devices to execute.

如果我們將毫米波視為一個類別，它非常複雜，它是新技術，它是新頻譜，它需要不同類型的設備來執行。

And so that's a bit of a game changer where I think a number of players are working on it but everybody comes to market with a different type of solution.

所以這有點改變了遊戲規則，我認為很多玩家都在努力，但每個人都帶著不同類型的解決方案進入市場。

It's not -- I don't think it's a case where the blueprint is the same for every carrier.

這不是——我不認為每個運營商的藍圖都是一樣的。

So I think there's still a lot of work being done competitively to see what's the right implementation of millimeter-wave.

所以我認為還有很多工作要做，看看什麼是毫米波的正確實施。

There's an infrastructure piece, there's kind of almost a -- what we would call a wide area network type of deployment as well that could be -- think of it as streetlights in a neighborhood delivering millimeter-wave technology.

有一個基礎設施，幾乎有一種——我們也可以稱之為廣域網類型的部署——可以把它想像成社區中提供毫米波技術的路燈。

And then eventually, I think further along, there will be some implementations in the smartphone itself.

然後最終，我認為更進一步，智能手機本身將有一些實現。

So that's another opportunity for the space that we're in here to see some real TAM growth.

所以這是我們在這裡看到一些真正的 TAM 增長的空間的另一個機會。

The millimeter-wave part I think is out a bit but we are working on it, and it's another element of 5G and could be a pretty, pretty significant driver over the next 3 to 5 years.

毫米波部分我認為有點過時了，但我們正在努力，它是 5G 的另一個元素，在未來 3 到 5 年內可能是一個非常非常重要的驅動力。

And our final question today comes from Christopher Rolland from Susquehanna.

我們今天的最後一個問題來自 Susquehanna 的 Christopher Rolland。

Perhaps tying into that last response.

也許與最後的回應有關。

As we move into higher frequencies, I understand that new materials might be used here, more ceramics, for example, or lumped element.

當我們進入更高的頻率時，我知道這裡可能會使用新材料，例如更多的陶瓷或集總元件。

Can you guys talk about your capabilities here and what you have, what you might be deficient in and what you might be looking to perhaps acquire out there?

你們能在這裡談談你們的能力以及你們擁有什麼，你們可能缺乏什麼以及你們可能希望從那裡獲得什麼嗎？

Sure.

當然。

That's a great question.

這是一個很好的問題。

In fact, we do have lumped element and ceramics, by the way.

事實上，順便說一句，我們確實有集總元素和陶瓷。

We noted some of that technology in the aerospace and defense comments earlier.

我們之前在航空航天和國防評論中註意到了其中的一些技術。

But you're right.

但你是對的。

I mean so in order to deliver across the entire spectrum, we go from 700 megahertz.

我的意思是，為了提供整個頻譜，我們從 700 兆赫開始。

Today, our technology gets up to about 2.5.

今天，我們的技術達到了 2.5 左右。

We can push it to 6 gig, and then you start to deal with millimeter-wave, which is new technology, in development.

我們可以將它推到 6 gig，然後你開始處理毫米波，這是一項正在開發中的新技術。

We don't have that in production.

我們在生產中沒有。

We have it in development.

我們正在開發中。

So there is going to be quite a bit of research and development and execution to make that millimeter-wave spectrum work.

因此，要使毫米波頻譜發揮作用，需要進行大量的研發和執行工作。

Again, there's a lot of great benefits to that technology but it's new.

同樣，該技術有很多好處，但它是新的。

So each supplier is working on it in a different way.

因此，每個供應商都在以不同的方式開展工作。

We've been a leader in integration on the Skyworks side.

我們一直是 Skyworks 方面集成的領導者。

So one of the things that's really important to the customer is to have a full solution, not just a piece of silicon.

所以對客戶來說真正重要的事情之一是擁有一個完整的解決方案，而不僅僅是一塊矽。

They want to have an integrated systems solution that works for them in their infrastructure side and also on the handheld side.

他們希望擁有一個集成的系統解決方案，既適用於他們的基礎設施端，也適用於手持設備端。

Our ability to reach into our filter portfolio, again, all the way from low bands to ultrahigh bands, leverage our gallium arsenide technology and then the in-house packaging, there's a great deal of complexity in packaging as well in millimeter-wave.

我們有能力進入我們的濾波器組合，再次，從低頻段到超高頻段，利用我們的砷化鎵技術，然後是內部封裝，封裝和毫米波都非常複雜。

We can put all of that together.

我們可以把所有這些放在一起。

But we're not going to do that in a mass market approach.

但我們不會以大眾市場的方式這樣做。

We're going to work with each customer and each carrier to make sure that we work in their fashion and hit their schedule, their time lines and their technology nodes because they're very different across the space.

我們將與每一位客戶和每一家運營商合作，以確保我們以他們的方式工作，並符合他們的日程安排、時間線和技術節點，因為他們在整個空間非常不同。

So there's a lot to learn in millimeter-wave in the industry right now.

所以現在業界在毫米波方面有很多東西要學。

It's going to be a big opportunity for the space.

這將是一個巨大的空間機會。

We've been making investments over time.

隨著時間的推移，我們一直在進行投資。

We're accelerating our work.

我們正在加快我們的工作。

We're sampling, and we're continuing to get feedback from the customers that matter, and we look forward again, as I noted, as an opportunity for us over the next few years.

我們正在抽樣，我們將繼續從重要的客戶那裡獲得反饋，正如我所說，我們再次期待著未來幾年的機會。

Great.

偉大的。

And then you guys talked about being baseband agnostic, and that totally makes sense.

然後你們談到了基帶不可知論，這完全有道理。

I get that.

我明白了。

But Qualcomm's out saying they plan on tuning their RF to work optimally with their modem, their baseband, particularly, when it comes to power, for example, as we move into some of these higher frequencies.

但是高通表示他們計劃調整他們的 RF 以最佳地與他們的調製解調器、他們的基帶一起工作，特別是在電源方面，例如，當我們進入其中一些更高的頻率時。

So I guess the story sounds really good.

所以我想這個故事聽起來很不錯。

But in your opinion, why is there no competitive advantage that can be gained from designing both the modem and the RF in the same system?

但在您看來，為什麼在同一系統中同時設計調製解調器和 RF 並不能獲得競爭優勢？

Well, they're totally different devices, different technologies.

好吧，它們是完全不同的設備，不同的技術。

It's completely different.

這是完全不同的。

So the RF technologies that we have, the gallium arsenide technologies that we have are very different than silicon and CMOS.

所以我們擁有的 RF 技術，我們擁有的砷化鎵技術與硅和 CMOS 非常不同。

When you look at the complexity today in 4G moving to 5G, it is incredible.

當您看到今天從 4G 過渡到 5G 的複雜性時，您會感到難以置信。

And companies that have done nothing but RF, okay, are having a hard, hard time executing in the 5G world.

好吧，那些除了 RF 什麼都沒做的公司在 5G 世界中執行起來非常困難。

So I think it's going to be challenging for Qualcomm that comes out of the digital baseband side.

所以我認為對於來自數字基帶方面的高通來說，這將是一個挑戰。

A great company, but for them to take that leap into 5G, I think, is really going to be a challenge.

一家偉大的公司，但我認為，對他們來說，邁向 5G 確實是一個挑戰。

The market has been around for a long time.

市場已經存在了很長時間。

Qualcomm has been around for a long time.

高通已經存在很長時間了。

We had 2G, we had 3G, we had 4G, and we really have not been threatened from them as we've moved along.

我們有 2G，我們有 3G，我們有 4G，在我們前進的過程中，我們真的沒有受到他們的威脅。

There's a lot of competition in this space, but we haven't seen the Qualcomm RF threat be significant for us.

這個領域有很多競爭，但我們還沒有看到 Qualcomm RF 威脅對我們有重大影響。

We respect the company.

我們尊重公司。

They have great technology.

他們有很棒的技術。

We've lined up with them in a number of handsets and interoperated with their baseband and delivered compelling end solutions for our customers.

我們已經在許多手機中與他們合作，並與他們的基帶進行互操作，並為我們的客戶提供了引人注目的終端解決方案。

But on the RF side, given the complexity that we're seeing right now and the challenges and bringing all this stuff to market in a 5G world, very, very hard.

但在 RF 方面，考慮到我們現在看到的複雜性和挑戰，以及將所有這些東西推向 5G 世界的市場，非常非常困難。

Very, very hard for companies that haven't spent time and energy and years working on that implementation.

對於那些沒有花費時間、精力和多年致力於該實施的公司來說，非常、非常困難。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's question-and-answer session.

女士們，先生們，今天的問答環節到此結束。

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

我現在將電話轉回給格里芬先生，徵求任何結束意見。

Well, thank you all for participating on today's call.

好的，謝謝大家參加今天的電話會議。

We look forward to seeing you at upcoming conferences.

我們期待在即將舉行的會議上見到您。

Thank you.

謝謝。

Thank you.

謝謝。

And ladies and gentlemen, that does conclude our conference for today.

女士們，先生們，我們今天的會議到此結束。

Thank you for your participation and for using AT&T Executive TeleConference Service.

感謝您的參與和使用 AT&T Executive TeleConference 服務。

You may now disconnect.

您現在可以斷開連接。