思佳訊 (SWKS) 2019 Q4 法說會逐字稿

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

下午好，歡迎來到 Skyworks Solutions 的第四季度和 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, Rob.

謝謝你，羅布。

Good afternoon, everyone, and welcome to Skyworks' Fourth Fiscal Quarter and Year-end 2019 Conference Call.

大家下午好，歡迎來到 Skyworks 的第四財季和 2019 年底電話會議。

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

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

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

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

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

請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解有關某些風險的信息，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南包括與我們之前的做法一致的非 GAAP 財務措施。

Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

請參閱我們公司網站投資者關係部分的新聞稿，了解與 GAAP 的完整對賬。

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

有了這個，我會把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone.

謝謝，米奇，歡迎大家。

The Skyworks team delivered solid profitability and strong cash flow in Q4 and throughout the fiscal year, demonstrating our technology leadership and the resilience of our business model, despite a challenging end market.

儘管終端市場充滿挑戰，但 Skyworks 團隊在第四季度和整個財政年度實現了穩健的盈利能力和強勁的現金流，展示了我們的技術領先地位和我們商業模式的彈性。

During the fourth fiscal quarter, we grew revenue 8% sequentially.

在第四財季，我們的收入環比增長了 8%。

And excluding Huawei, revenue was up 20% sequentially.

不包括華為，收入環比增長 20%。

We produced gross margin of 50.3% and operating margin of 34%.

我們的毛利率為 50.3%，營業利潤率為 34%。

We posted earnings per share of $1.52, ahead of our guidance and up 13% sequentially, and we generated exceptional operating cash flow totaling $417 million.

我們公佈的每股收益為 1.52 美元，高於我們的指引，並且連續增長 13%，並且我們產生了總計 4.17 億美元的出色運營現金流。

For the 2019 fiscal year, we delivered revenue of $3.4 billion, earnings per share of $6.17 and operating cash flow of $1.4 billion.

在 2019 財年，我們實現了 34 億美元的收入、6.17 美元的每股收益和 14 億美元的運營現金流。

We generated free cash flow of nearly $1 billion, up 16% from the prior year, representing a free cash flow margin of 29%, approaching our model target of 30%.

我們產生了近 10 億美元的自由現金流，比上一年增長 16%，自由現金流利潤率為 29%，接近我們 30% 的模型目標。

And we returned nearly $1 billion to shareholders through buybacks and dividends.

我們通過回購和派息向股東返還了近 10 億美元。

At a higher level, the 5G upgrade cycle is now fully underway, expanding across 4 continents with over 80 carriers and an expanding set of smartphone and IoT customers.

在更高的層面上，5G 升級週期現已全面展開，擴展到四大洲，擁有超過 80 家運營商和越來越多的智能手機和物聯網客戶。

We expect a substantial upgrade cycle as the 5 billion mobile subscribers today migrate from their 3 and 4G devices to 5G, creating a significant opportunity for Skyworks.

隨著當今 50 億移動用戶從他們的 3G 和 4G 設備遷移到 5G，我們預計會有一個實質性的升級週期，這為 Skyworks 創造了一個重要的機會。

Stakeholders are now seeing the compelling economics that this substantial technology inflection brings with the momentum building into 2020 and beyond.

利益相關者現在看到了這種重大技術轉變帶來的令人信服的經濟效益，以及 2020 年及以後的發展勢頭。

As we've said in previous calls, 5G is a technology, not a product.

正如我們在之前的電話會議中所說，5G 是一項技術，而不是產品。

It offers gigabit speeds, ultra-low latency and greatly enhance network capacity, catalyzing a wide set of usage cases while becoming the universal connector.

它提供千兆位速度、超低延遲並大大增強網絡容量，在成為通用連接器的同時促進了廣泛的使用案例。

Although the smartphone will lead the transition to 5G, we see an even more compelling opportunity in new markets and applications, including industrial IoT, autonomous transport, smart cities, artificial intelligence and the proliferation of high-definition streaming media.

儘管智能手機將引領向 5G 的過渡，但我們在新市場和應用中看到了更具吸引力的機會，包括工業物聯網、自主交通、智慧城市、人工智能和高清流媒體的普及。

More importantly, highly integrated connectivity engines will play a pivotal role in the deployment of this next-generation standard by resolving the daunting analog and RF complexities that challenge the capabilities of existing hardware and networks.

更重要的是，高度集成的連接引擎將通過解決挑戰現有硬件和網絡功能的令人生畏的模擬和射頻複雜性，在部署這一下一代標準中發揮關鍵作用。

Skyworks is squarely at the forefront of this sea change in connectivity.

Skyworks 正處於這場連接性巨變的最前沿。

We have a rich heritage in the design and execution of highly integrated and customizable system solutions, earning the trust of market leaders as they cross the chasm from 4G to 5G.

我們在設計和執行高度集成和可定制的系統解決方案方面擁有豐富的經驗，贏得了跨越 4G 到 5G 鴻溝的市場領導者的信任。

Our operational footprint goes far beyond units and scale.

我們的運營足跡遠遠超出單位和規模。

It is centered on unique strategic technologies crafted in our own fabs while creating sustainable competitive advantage.

它以我們自己的晶圓廠打造的獨特戰略技術為中心，同時創造可持續的競爭優勢。

Our technology strength is fortified by world-class performance and scale across a broad array of capabilities, including TC SAW and bulk acoustic wave filters, an expanded family of MIMO solutions and ultra-high band and diversity receive modules.

我們的技術實力得到了世界一流的性能和廣泛功能的擴展，包括 TC SAW 和體聲波濾波器、擴展的 MIMO 解決方案系列以及超高頻段和分集接收模塊。

Our highly customized system solutions support a broad set of wireless protocols, including GPS, WiFi, Bluetooth, LoRa, ZigBee, and of course, 4G and 5G.

我們高度定制的系統解決方案支持廣泛的無線協議，包括 GPS、WiFi、藍牙、LoRa、ZigBee，當然還有 4G 和 5G。

From our breakthrough SkyOne -- Sky5 uniforming platform, our 5G small cell solutions, Skyworks' comprehensive approach across both infrastructure and user equipment facilitates powerful, high-speed, end-to-end connectivity.

從我們突破性的 SkyOne——Sky5 統一平台、我們的 5G 小型基站解決方案，Skyworks 跨基礎設施和用戶設備的綜合方法促進了強大、高速、端到端的連接。

Now in our mobile business, traction in 5G is accelerating, with design wins at leading OEMs leveraging our broad and growing set of platforms.

現在，在我們的移動業務中，5G 的牽引力正在加速，利用我們廣泛且不斷增長的平台集在領先的 OEM 中贏得設計。

Our solutions are purpose-built to offer interoperability and customization across all baseband suppliers, including Qualcomm, MediaTek, Samsung LSI and HiSilicon.

我們的解決方案專為所有基帶供應商（包括高通、聯發科、三星 LSI 和海思）提供互操作性和定制化而設計。

And with the successful launch and expanding capabilities of our BAW filter portfolio, we are positioned to extend our reach across a broader spectrum of 4 and 5G bands.

隨著我們 BAW 濾波器產品組合的成功推出和擴展功能，我們有能力將我們的業務範圍擴展到更廣泛的 4G 和 5G 頻段。

Moving to the Internet of Things.

轉向物聯網。

We are ramping more than 10 new LTE-based design wins supporting Tier 1 automotive customers; we are powering Sonos' first all-in-one indoor/outdoor portable smart speakers; delivering LTE-powered IoT engines to Sierra Wireless for their industrial and transportation gateways; enabling a range of wearable devices, leveraging our GPS, WiFi and cellular connectivity engines; expanding our reach into high-performance audio with the introduction of our cognitive chipsets; and we are executing on the launch of our Wi-Fi 6 platforms, expanding our customer set with leaders, including Amazon, ARRIS, AT&T, Juniper, Linksys and NetGear.

我們正在贏得 10 多項基於 LTE 的新設計，以支持一級汽車客戶；我們正在為 Sonos 的第一款一體式室內/室外便攜式智能揚聲器提供動力；為 Sierra Wireless 的工業和交通網關提供 LTE 驅動的物聯網引擎；利用我們的 GPS、WiFi 和蜂窩連接引擎，支持一系列可穿戴設備；通過引入我們的認知芯片組，擴大我們在高性能音頻領域的影響力；我們正在執行我們的 Wi-Fi 6 平台的發布，擴大我們的客戶群，包括亞馬遜、ARRIS、AT&T、Juniper、Linksys 和 NetGear。

Now moving to the infrastructure markets.

現在轉向基礎設施市場。

Skyworks is leveraging its vast capability in gallium arsenide, BAW technology and ceramics to support strategic customers as they deploy their 5G networks.

Skyworks 正在利用其在砷化鎵、BAW 技術和陶瓷方面的強大能力來支持戰略客戶部署其 5G 網絡。

5G infrastructure requires new technologies and capabilities, which drive the need for a unique set of complex solutions.

5G 基礎設施需要新技術和新功能，這推動了對一套獨特的複雜解決方案的需求。

For example, massive MIMO increases RF content up to 8x per base station with new antenna systems utilizing multiple channels and beam steering to deliver gigabit speeds.

例如，大規模 MIMO 將每個基站的 RF 內容增加多達 8 倍，新的天線系統利用多通道和波束控制來提供千兆速度。

As a company, we remain focused on driving diversification across high-value markets while our customer set continues to expand and is now numbered in thousands.

作為一家公司，我們仍然專注於推動高價值市場的多元化，同時我們的客戶群不斷擴大，現已達到數千人。

In addition, we are gaining momentum in new verticals, enabling wins with automotive leaders like Continental, Audi and BMW, along with industrial players including Honeywell, Siemens, GE, Philips and Rockwell.

此外，我們在新的垂直領域獲得了發展勢頭，贏得了大陸、奧迪和寶馬等汽車領導者以及霍尼韋爾、西門子、通用電氣、飛利浦和羅克韋爾等工業企業的支持。

So in summary, Skyworks has strategic partnerships with the leading smartphone and IoT providers, along with a burgeoning set of entirely new customers enabled by the capabilities of 5G; differentiated system solutions with unmatched levels of integration and performance; focused in strategic investments, expanding our product portfolio, IP and scale; and finally, a predictable business model that yields premium profitability and strong cash flow.

因此，總而言之，Skyworks 與領先的智能手機和物聯網供應商建立了戰略合作夥伴關係，同時還擁有一批由 5G 功能支持的全新客戶；具有無與倫比的集成度和性能的差異化系統解決方案；專注於戰略投資，擴大我們的產品組合、知識產權和規模；最後，一種可預測的商業模式，可產生高額盈利能力和強勁的現金流。

The strength of our design win pipeline, coupled with our experience across multiple technology generations, position us well to convert these market opportunities into sustainable growth.

我們設計獲勝管道的實力，加上我們跨越多代技術的經驗，使我們能夠很好地將這些市場機會轉化為可持續增長。

With that, I will turn the call over to Kris for a discussion of our Q4 and fiscal year performance as well as our outlook for Q1.

有了這個，我將把電話轉給 Kris，討論我們第四季度和財政年度的業績以及我們對第一季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks' revenue for the fourth fiscal quarter of 2019 was $827 million, up 8% sequentially and $2 million above the midpoint of the outlook we provided in August.

Skyworks 2019 年第四財季的收入為 8.27 億美元，環比增長 8%，比我們 8 月份提供的展望中點高出 200 萬美元。

When excluding the revenue from Huawei in both the June and September quarters, our revenue increased 20% sequentially.

如果不包括 6 月和 9 月兩個季度來自華為的收入，我們的收入環比增長 20%。

This represents one of the strongest sequential growth rates for Skyworks.

這是 Skyworks 最強勁的連續增長率之一。

Gross profit in the fourth quarter was $416 million, resulting in a gross margin of 50.3%, in line with expectations.

第四季度毛利為4.16億美元，毛利率為50.3%，符合預期。

Operating expenses were $135 million, flattish to the March and June quarters.

運營費用為 1.35 億美元，與 3 月和 6 月季度持平。

Going forward, operating expenses will come down as we implemented certain cost reductions during the fourth fiscal quarter.

展望未來，隨著我們在第四財季實施了一定的成本削減措施，運營費用將會下降。

We generated $281 million of operating income, translating into an operating margin of 34%, up 110 basis points from fiscal Q3.

我們產生了 2.81 億美元的營業收入，轉化為 34% 的營業利潤率，比第三財季高出 110 個基點。

Other income was $3 million and our effective tax rate was 7.7%, driving net income of $262 million or $1.52 of diluted earnings per share, up 13% sequentially.

其他收入為 300 萬美元，我們的有效稅率為 7.7%，推動淨收入為 2.62 億美元或每股攤薄收益 1.52 美元，環比增長 13%。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

Fourth fiscal quarter cash flow from operations was $417 million and capital expenditures were $84 million, resulting in $333 million of free cash flow translating into a free cash flow margin of 40%.

第四財季運營現金流為 4.17 億美元，資本支出為 8400 萬美元，產生 3.33 億美元的自由現金流，轉化為 40% 的自由現金流利潤率。

We paid $75 million in dividends and repurchased 1.9 million shares of our common stock for a total of $146 million.

我們支付了 7500 萬美元的股息，並以總計 1.46 億美元的價格回購了 190 萬股普通股。

As this is the fourth quarter of fiscal 2019, let's also review our annual results.

由於這是 2019 財年第四季度，讓我們也回顧一下我們的年度業績。

We generated $3.4 billion of revenue with gross profit of $1.7 billion, resulting in a gross margin of 50.6%.

我們創造了 34 億美元的收入，毛利潤為 17 億美元，毛利率為 50.6%。

Operating income was $1.2 billion with an operating margin of 34.5%.

營業收入為 12 億美元，營業利潤率為 34.5%。

Full year effective tax rate was 8.5% and net income was $1.1 billion, translating into $6.17 of diluted earnings per share.

全年有效稅率為 8.5%，淨收入為 11 億美元，相當於每股攤薄收益 6.17 美元。

Cash flow from operations was $1.4 billion, up 8.5% from last year, with CapEx at $398 million, resulting in a strong free cash flow of close to $1 billion and our target free cash flow margin of 30%.

運營現金流為 14 億美元，比去年增長 8.5%，資本支出為 3.98 億美元，產生了接近 10 億美元的強勁自由現金流，我們的目標自由現金流利潤率為 30%。

We returned $932 million to shareholders in fiscal 2019, just under 100% of our free cash flow with $274 million of dividend payments and $658 million in share buybacks as we repurchased 8.9 million shares throughout the fiscal year.

我們在 2019 財年向股東返還了 9.32 億美元，略低於我們自由現金流的 100%，我們在整個財年回購了 890 萬股股票，其中支付了 2.74 億美元的股息和 6.58 億美元的股票回購。

We ended the fiscal year '19 with cash and investments of $1 billion and we have no debt.

我們以 10 億美元的現金和投資結束了 19 財年，而且我們沒有債務。

Now let's move on to our outlook for Q1 of fiscal 2020.

現在讓我們繼續我們對 2020 財年第一季度的展望。

The initial launch of 5G and gains across a diverse set of high-performance mobile solutions, matched with solid traction in broad markets, are driving accelerated growth into the December quarter.

5G 的首次推出和各種高性能移動解決方案的收益，加上廣泛市場的穩固牽引力，正在推動 12 月季度的加速增長。

For the first fiscal quarter of 2020, we anticipate revenue to be between $870 million and $890 million, representing sequential growth of 6.5% at the midpoint of the range.

對於 2020 年第一財季，我們預計收入將在 8.7 億美元至 8.9 億美元之間，按該範圍的中點計算，環比增長 6.5%。

We expect gross margin at approximately 50% and operating expenses of approximately $132 million, which is $7 million below Q1 of last year as we continue to manage our operating expense level.

我們預計毛利率約為 50%，運營費用約為 1.32 億美元，這比去年第一季度低 700 萬美元，因為我們將繼續管理我們的運營費用水平。

Below the line, we anticipate roughly $2.5 million in other income and a tax rate of 9%.

在此線之下，我們預計其他收入約為 250 萬美元，稅率為 9%。

We expect our diluted share count to further reduce to approximately 171 million shares.

我們預計我們的稀釋股數將進一步減少至約 1.71 億股。

Accordingly, at the midpoint of these ranges, we intend to deliver diluted earnings per share of $1.65.

因此，在這些範圍的中點，我們打算提供 1.65 美元的每股攤薄收益。

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

有了這個，我會把電話轉回給利亞姆。

Thanks, Kris.

謝謝，克里斯。

Skyworks continues to deliver consistently solid profitability while generating strong cash flow.

Skyworks 繼續提供穩定的盈利能力，同時產生強勁的現金流。

Looking ahead, our market-leading solutions are at the forefront of the next major cycle in connectivity.

展望未來，我們市場領先的解決方案處於連接性下一個主要周期的前沿。

However, unlike the prior 3G and 4G upgrades, which were largely paced by smartphone units, we see 5G as a transformational technology that will impact, disrupt and fuel a connected economy that we have not yet seen or comprehended in our markets today.

然而，與之前主要由智能手機單元推動的 3G 和 4G 升級不同，我們將 5G 視為一種轉型技術，它將影響、破壞和推動我們今天在市場上尚未看到或理解的互聯經濟。

We address this opportunity with a proven culture of success, driven by a talented team, deep customer relationships, strategic investments and global scale, positioning us to succeed at this very important stage of technology inflection while executing the financial discipline to ensure shareholder value.

在人才團隊、深厚的客戶關係、戰略投資和全球規模的推動下，我們以久經考驗的成功文化來抓住這個機會，使我們能夠在這個非常重要的技術轉變階段取得成功，同時執行財務紀律以確保股東價值。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, let's open the line for questions.

接線員，讓我們打開問題熱線。

(Operator Instructions) And your first question comes from the line of Karl Ackerman from Cowen.

（操作員說明）您的第一個問題來自 Cowen 的 Karl Ackerman。

I want to focus on 5G for a moment.

我想暫時關注 5G。

So some of your peers have guided at least 200 million 5G phones for next year.

所以你的一些同行已經指導了明年至少有2億部5G手機。

I would appreciate how you are thinking about your opportunity for 5G with regard to geography and whether or not we should anticipate the 40% content uplift that you've alluded to from 4G to 5G.

我很感激你如何考慮你在地理方面的 5G 機會，以及我們是否應該預期你提到的從 4G 到 5G 的 40% 內容提升。

Should that be realized over the duration of the ramp?

這應該在斜坡期間實現嗎？

Or is that recognized more immediately on initial devices?

還是在初始設備上更能立即識別出來？

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

Well, 5G, of course, is going to impact multiple markets, multiple customers and the timing of that can be different depending on the geography and the specific OEM.

嗯，當然，5G 將影響多個市場、多個客戶，而且時間可能會因地理位置和特定 OEM 的不同而有所不同。

We are 100% engaged with all the leading players.

我們與所有主要參與者 100% 接觸。

We have a really significant opportunity to gain content.

我們有一個非常重要的機會來獲取內容。

We're rolling that out now.

我們現在正在推出它。

The reach of our portfolio continues to expand.

我們產品組合的範圍不斷擴大。

And we have some really significant customers that are in production now.

我們現在有一些非常重要的客戶正在生產中。

And we also have some really big customers that are going to be launching next year.

我們也有一些真正的大客戶將在明年推出。

So we're in great shape.

所以我們的狀態很好。

We're demonstrating the capabilities that we've discussed in prior calls.

我們正在展示我們在之前的電話會議中討論過的功能。

I will tell you that the 5G implementation is incredibly powerful for the consumer but very challenging for the OEM.

我會告訴你，5G 的實施對消費者來說非常強大，但對 OEM 來說非常具有挑戰性。

And our job is to get in there and do the hard work with our customers and deliver the right kind of technology to make their systems work, and that's what we're doing.

我們的工作是進入那裡並與我們的客戶一起努力工作並提供正確的技術以使他們的系統正常工作，這就是我們正在做的事情。

I appreciate that.

我很感激。

On 5G infrastructure, you referenced some design wins for massive MIMO and the content being nearly 8x higher than 4G.

在 5G 基礎設施方面，您提到了大規模 MIMO 的一些設計勝利，內容比 4G 高出近 8 倍。

Do you see the revenue inflection more of a 2021 event?

您是否認為收入變化更像是 2021 年的事件？

Or is that something that can ramp in the back half of 2020?

或者這會在 2020 年下半年增加嗎？

Yes.

是的。

No, that's a great question.

不，這是一個很好的問題。

So the infrastructure side of 5G is still a little bit behind schedule.

所以 5G 的基礎設施方面仍然有點落後於計劃。

So we are seeing some great adoption with the handset players, and they'll be ready to roll.

因此，我們看到手機播放器的大量採用，他們將準備推出。

But infrastructure has been a little bit slow.

但是基礎設施有點慢。

We've made some great progress, specifically with Nokia and with Ericsson.

我們取得了一些重大進展，特別是與諾基亞和愛立信的合作。

On Nokia's platforms, we've got opportunities that are measured in the $10 to $15 per base station, significant opportunity.

在諾基亞的平台上，我們獲得了每個基站 10 到 15 美元的機會，這是一個重要的機會。

We're looking at antenna arrays that are very rich, high content, complex, high margin, going to be pivotal to that.

我們正在研究非常豐富、高含量、複雜、高利潤的天線陣列，這將是關鍵。

And they use a lot of unique technologies that we also bring to market, including some ceramic technologies and other filtering technologies as well as our gallium arsenide expertise.

他們使用了許多我們也推向市場的獨特技術，包括一些陶瓷技術和其他過濾技術以及我們的砷化鎵專業知識。

So we do have a great hand in the infrastructure side that we're working adjacent to what we see in the mobile phone.

因此，我們在基礎設施方面確實有很大的幫助，我們正在與我們在手機中看到的東西相鄰。

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

你的下一個問題來自美銀美林的 Vivek Arya。

Liam, for my first one, how are you positioned OpEx- and CapEx-wise when it comes to addressing the 5G market?

利亞姆，對於我的第一個問題，在解決 5G 市場問題時，您如何定位運營支出和資本支出？

I think you mentioned some OpEx rightsizing in the quarter.

我想你在本季度提到了一些 OpEx 調整。

Which areas did you rightsize?

您調整了哪些區域？

And just overall, and where my question is coming from is that in the past, you had one really large customer.

總的來說，我的問題來自於過去，你有一個非常大的客戶。

But as we come to the 5G opportunity, you'll probably need to address a much wider range of customers, I imagine, over a much wider range of products.

但隨著我們來到 5G 機會，我想你可能需要在更廣泛的產品範圍內滿足更廣泛的客戶。

So how are you managing OpEx and CapEx going into the 5G cycle?

那麼，您如何管理進入 5G 週期的運營支出和資本支出？

Sure.

當然。

Great question.

很好的問題。

So just to start, some of the reductions in OpEx were more around 2G, 3G products and legacy devices and moving R&D resources to higher-end platforms, like Sky5 and the 5G rollout.

因此，剛開始時，運營支出的一些減少更多是圍繞 2G、3G 產品和遺留設備，並將研發資源轉移到更高端的平台，如 Sky5 和 5G 的推出。

So that's one part of it.

這就是其中的一部分。

We are addressing all the customers and working across our market to deliver the right technology.

我們正在面向所有客戶，並在我們的市場中努力提供正確的技術。

Also note when you mentioned CapEx, one of the things that we do at Skyworks is we craft our technology and build it in-house.

另請注意，當您提到資本支出時，我們在 Skyworks 所做的其中一件事是我們精心設計並在內部構建技術。

We don't -- we very rarely outsource.

我們不——我們很少外包。

We do it in-house.

我們在內部進行。

We have incredible capabilities to customize a wide range of TC SAW products -- TC SAW-based products with that filter inside and also our bulk acoustic wave portfolio.

我們擁有令人難以置信的能力來定制各種 TC SAW 產品——內置該濾波器的基於 TC SAW 的產品以及我們的體聲波產品組合。

So the CapEx that we have is actually strategic technology investments.

因此，我們擁有的資本支出實際上是戰略技術投資。

These are not filters that we could buy in the open market.

這些不是我們可以在公開市場上購買的過濾器。

They're filters that we craft and customize and work customer-by-customer to implement.

它們是我們精心製作和定制的過濾器，並逐個客戶實施。

So it's a very different business dynamic and business model than some of our peers.

因此，與我們的一些同行相比，這是一個非常不同的商業動態和商業模式。

Got it.

知道了。

And for my follow-up, on gross margins, I think, Kris, you mentioned that it would be approximately 50%.

對於我的後續行動，關於毛利率，我認為，Kris，你提到它大約是 50%。

So I'm just curious, is it just mix that's driving them perhaps kind of flat to slightly lower?

所以我很好奇，是否只是混合驅動它們可能有點持平或略低？

And then how should we think about the trajectory of gross margins getting into March, which tends to be a seasonally down quarter?

然後我們應該如何考慮進入 3 月份的毛利率軌跡，這往往是一個季節性下降的季度？

Yes, Vivek.

是的，維維克。

So first of all, I'm pleased with our gross margin performance in the September quarter at 50.3%.

所以首先，我對我們在 9 月季度的毛利率表現為 50.3% 感到滿意。

You also have to take into account that we had some serious headwinds with the export ban on Huawei, which was our second-largest customer and most of those products were actually manufactured in-house.

您還必須考慮到我們對華為的出口禁令遇到了一些嚴重的阻力，華為是我們的第二大客戶，其中大部分產品實際上是在內部製造的。

So that was a serious headwind for us, but I think the company managed it very well.

所以這對我們來說是一個嚴重的逆風，但我認為公司處理得很好。

So we are guiding for December of approximately 50%.

因此，我們指導 12 月的增長率約為 50%。

So we still have some lingering issues there with the Huawei business.

所以我們在華為業務方面仍然存在一些揮之不去的問題。

And then of course, when you look ahead into March and June, we will go through our normal seasonality.

當然，當你展望 3 月和 6 月時，我們將經歷正常的季節性。

But then in the second half of 2020, as we get back to sequential growth, growth that is fueled by 5G, new, complex, highly integrated products as well as our broad market business, we will start seeing gross margin improvements all the way up to our target model of 53%.

但到 2020 年下半年，隨著我們恢復連續增長，由 5G、新的、複雜的、高度集成的產品以及我們廣泛的市場業務推動的增長，我們將開始看到毛利率一路上升達到我們 53% 的目標模型。

And your next question comes from the line of Ambrish Srivastava from BMO.

你的下一個問題來自 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。

So I was hoping that you guys could talk about -- a little bit more about 5G and piggybacking on Karl's commentary.

所以我希望你們可以多談談 5G 和 Karl 的評論。

With Qualcomm, he has talked about 200 million 5G smartphones in 2020.

對於高通，他談到 2020 年將有 2 億部 5G 智能手機。

And assuming you are able to get 50% market share and maybe half of the $25 content you've talked about in front-end value, that would imply about $1.3 billion in 5G revenue possible for you guys in 2020.

假設你們能夠獲得 50% 的市場份額，並且可能獲得你們在前端價值中談到的 25 美元內容的一半，這意味著你們在 2020 年可能獲得約 13 億美元的 5G 收入。

So I was wondering if you guys could talk about the revenue and percentage mix of 5G in your mobile segment this quarter and where do you expect revenues and mix to land in 2020 and beyond.

所以我想知道你們是否可以談談本季度移動領域 5G 的收入和百分比組合，以及您預計 2020 年及以後的收入和組合將在哪裡著陸。

Yes.

是的。

We don't -- we're not going to guide mix to 5G.

我們不會 - 我們不會將混合引導到 5G。

But I will tell you that we are at the forefront.

但我會告訴你，我們處於最前沿。

As we stated in the prepared remarks, we're at the forefront of this inflection, without question.

正如我們在準備好的評論中所說，毫無疑問，我們處於這種變化的最前沿。

And it's difficult to handicap how many units.

而且很難限制多少個單位。

But I will tell you, there's a lot of units coming.

但我會告訴你，有很多單位要來。

There's a lot of complexity on the table.

桌面上有很多複雜的東西。

Everyone's going to come to market with a different play, but it's a great opportunity for this industry.

每個人都會以不同的方式進入市場，但這對這個行業來說是一個很好的機會。

It really is.

確實如此。

And what we love about our company is the flexibility that we have and the tools that we have to put together configurations with every customer.

我們對我們公司的熱愛是我們擁有的靈活性以及我們必須與每個客戶一起配置的工具。

And let me also say that we are basically technology-agnostic or baseband-agnostic.

我還要說，我們基本上是技術不可知論者或基帶不可知論者。

We will sell with a Qualcomm baseband.

我們將與高通基帶一起銷售。

We'll work with a MediaTek platform.

我們將使用 MediaTek 平台。

We have incredible content there.

我們那裡有令人難以置信的內容。

We'll work with Samsung LSI.

我們將與三星 LSI 合作。

And if conditions change with Huawei, we'll work with HiSilicon.

如果華為的情況發生變化，我們將與海思合作。

So we have the tools and technology.

所以我們有工具和技術。

We've been investing in this for years.

多年來，我們一直在這方面進行投資。

When we talk about decades of technology, it's real.

當我們談論幾十年的技術時，它是真實的。

We've been through 2G, 3G, 4G.

我們經歷了 2G、3G、4G。

We know how hard it is in 5G, but it's a great opportunity.

我們知道 5G 有多難，但這是一個很好的機會。

So we're going to see an increasing level of revenue in 5G and it will not just be smartphone.

因此，我們將看到 5G 的收入水平不斷提高，而不僅僅是智能手機。

It will be smartphone with IoT, it will be enterprise, it will be factory automation and some incredible new avenues that we haven't even explored yet.

它將是具有物聯網的智能手機，它將是企業，它將是工廠自動化和一些我們尚未探索過的令人難以置信的新途徑。

So there's a lot coming and the business is ready to go.

所以有很多人來了，生意也準備好了。

We've made great investments in capacity and the right technologies and we're positioned for growth.

我們在產能和合適的技術方面進行了大量投資，我們已經做好了增長的準備。

Okay.

好的。

And for my follow-up, I was wondering if you could maybe touch on your plan for millimeter wave solutions just for your company, given where Qualcomm is with theirs.

對於我的後續行動，我想知道你是否可以談談你的公司的毫米波解決方案計劃，考慮到高通與他們的合作。

Any thoughts on the market in terms of viability and revenue for handsets will be appreciated.

任何關於手機市場可行性和收入的想法都將受到讚賞。

Sure.

當然。

Yes.

是的。

Well, millimeter wave is an interesting technology and does -- can offer some pretty compelling attributes around speed and performance.

好吧，毫米波是一項有趣的技術並且確實可以提供一些關於速度和性能的非常引人注目的屬性。

The challenge with it though is it has some technical roadblocks, right?

它面臨的挑戰是它有一些技術障礙，對吧？

You need to have some very complex beam steering to implement this.

你需要有一些非常複雜的波束控制來實現這個。

There's some line-of-sight limitations.

有一些視線限制。

There's some cost limitations to it.

它有一些成本限制。

And what we're seeing is some of our handset partners are just not ready right now to engage in that technology and opting for sub-6 gigahertz 5G technologies, where the market is pretty rich and the opportunity is pretty rich.

我們看到的是，我們的一些手機合作夥伴現在還沒有準備好參與該技術並選擇低於 6 GHz 的 5G 技術，那裡的市場非常豐富，機會也非常豐富。

So I think there's a possibility for millimeter wave to play a role in this industry in high-capacity environments, sporting events, college campuses, where there's a great deal of density.

所以我認為毫米波有可能在高容量環境、體育賽事、大學校園等密度很大的行業中發揮作用。

There could be an opportunity for that.

可能會有這樣的機會。

But right now, it's kind of still on the cusp of whether the adoption will take place or not.

但現在，是否會採用仍處於風口浪尖。

Meanwhile, we're hedging our bets.

與此同時，我們正在對沖我們的賭注。

We're investing in the technology.

我們正在投資這項技術。

We do a lot of our work internally, as I mentioned, with a gallium arsenide in filtering, so we know what the roadmap looks like to be a player in millimeter wave.

正如我提到的，我們在內部做了很多工作，在過濾中使用砷化鎵，所以我們知道成為毫米波玩家的路線圖是什麼樣的。

But we're going to take our time as we progress.

但隨著我們的進步，我們會慢慢來。

Your next question comes from the line of Blayne Curtis from Barclays.

你的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to go back to the 5G timing.

我只想回到5G時機。

You've seen Qorvo and Qualcomm talked about a March uptick.

您已經看到 Qorvo 和高通談論了 3 月份的增長。

And I'm just kind of curious as you put that with comments that some of the infrastructure is, it's taking a little bit more time.

我只是有點好奇，因為你評論說一些基礎設施需要更多的時間。

I know you don't want to guide March.

我知道你不想指導馬奇。

But I'm just kind of curious, would you be able to see an uptick even as early as the March quarter?

但我只是有點好奇，你能在三月季度就看到增長嗎？

Any comments on the direction there and then the pace for the rest of the year would be helpful.

任何關於那裡的方向以及今年剩餘時間的步伐的評論都會有所幫助。

Sure.

當然。

Yes, I mean there should really be no difference between the peer group on what the units are going to be, right?

是的，我的意思是，同齡人組之間在單元將是什麼方面真的應該沒有區別，對嗎？

So we can all handicap that.

所以我們都可以阻止它。

I think the issue and the opportunity, Blayne, is what we do, how do we execute and what kind of content can we gain in this industry.

Blayne，我認為問題和機會在於我們做什麼，我們如何執行以及我們可以在這個行業中獲得什麼樣的內容。

That's kind of more to the point for us.

這對我們來說更重要。

So a couple of things.

所以有幾件事。

If you look at the company year-over-year, we've done incredible enhancements in our TC SAW capability and rounding out low-band PAD and DRx across the board, which is great.

如果您逐年查看公司，我們在 TC SAW 功能方面取得了令人難以置信的增強，並全面完善了低頻段 PAD 和 DRx，這非常棒。

But we've also uplifted the technology with bulk acoustic wave.

但我們也提升了體聲波技術。

We're already delivering ultra-high band solutions right now that are very compelling, and our customers love them.

我們現在已經在提供非常引人注目的超高頻段解決方案，我們的客戶也很喜歡它們。

We're moving in the mid- and high-band also with accounts.

我們也正在通過帳戶進入中高頻段。

And then you have just an incredible inflection in infrastructure that we talked about.

然後你在我們談到的基礎設施方面發生了令人難以置信的變化。

And then further on, we'll start to see the 5G opportunity really penetrate multi-markets, automotive, machine-to-machine applications.

然後，我們將開始看到 5G 機會真正滲透到多個市場、汽車、機器對機器應用程序中。

We talked a little bit about that enterprise, a lot of really cool stuff that we're talking to customers about.

我們談了一點關於那個企業的事情，我們正在與客戶談論很多非常酷的東西。

And some of that may be later into '20 -- late 2020 into '21.

其中一些可能會在 20 世紀後期——2020 年底進入 21 世紀。

But there's a really significant tail on that.

但這有一個非常重要的尾巴。

But in the meantime, all the companies that you named and all the OEMs that are on the table, we are deeply engaged and we have been for quite a while and feeling really good about where this is moving.

但與此同時，你點名的所有公司和所有擺在桌面上的原始設備製造商，我們都在深入參與，我們已經參與了很長一段時間，對這件事的發展方向感覺非常好。

And then maybe just for Kris, just if you can give us any color in the September quarter, the mix between mobile and broad markets and any perspective into December between those segments in terms of growth.

然後也許只是為了 Kris，只要你能在 9 月季度給我們任何顏色，移動和廣泛市場之間的組合，以及這些細分市場在增長方面對 12 月的任何看法。

Yes, absolutely.

是的，一點沒錯。

So broad markets in the September quarter was approximately 33% of total revenue.

因此，9 月份季度的廣闊市場約佔總收入的 33%。

So it's running now well above $1.1 billion in annualized run rate.

因此，它現在的年化運行率遠高於 11 億美元。

This was down slightly on a sequential basis.

這在連續的基礎上略有下降。

But you have to take into account that we also had Huawei-related revenue in that broad market business.

但是你必須考慮到我們在那個廣泛的市場業務中也有與華為相關的收入。

If I exclude Huawei, actually it was up sequentially as well as year-over-year in the mid-single digits.

如果我排除華為，實際上它在中等個位數的情況下按順序和同比增長。

So very pleased with our performance in broad markets.

對我們在廣闊市場上的表現非常滿意。

There's multiple drivers there, the Wi-Fi 6 adoption, the 5G opportunity beyond the mobile phone as well as some good traction in our audio play that we have as well.

那裡有多個驅動因素，Wi-Fi 6 的採用，手機以外的 5G 機會以及我們在音頻播放方面的一些良好牽引力。

Yes.

是的。

And Blayne, let me add a couple of other interesting points here.

Blayne，讓我在這裡補充幾個其他有趣的觀點。

In addition to kind of the run rate opportunities in broad markets, we've really been focused on cost, what I call, customer acquisition, going out there and finding new accounts that we can populate with our technology.

除了在廣泛市場上的運行率機會之外，我們還真正關注成本，我稱之為客戶獲取，走出去並尋找我們可以用我們的技術填充的新客戶。

And we've made some really good progress.

我們已經取得了一些非常好的進展。

Design wins now with Honeywell, design wins with Ford, design wins with Continental, Rockwell, Siemens.

現在，設計贏得了霍尼韋爾，設計贏得了福特，設計贏得了大陸、羅克韋爾和西門子。

We have some other great accounts that we can't talk about yet that are on the cusp.

我們還有其他一些我們還不能談論的偉大客戶，它們正處於風口浪尖。

So we're really happy with the ability to run broad markets in a diversified way but also capture significant customers that just haven't been part of the Skyworks family, right, because we haven't been selling to these guys.

因此，我們真的很高興能夠以多元化的方式經營廣闊的市場，同時也吸引了不屬於 Skyworks 家族的重要客戶，對吧，因為我們沒有向這些人銷售產品。

And with the technology inflection in 5G and the need for these companies to go to a wireless engine, it's a great chance for us to do our work.

隨著 5G 的技術轉變以及這些公司對無線引擎的需求，這是我們開展工作的絕佳機會。

So there's some other cool things happening in broad markets that really weren't on the table a year or 2 ago.

因此，在廣泛的市場上發生了一些其他很酷的事情，這些事情在一兩年前還沒有出現過。

And your next question comes from the line of Craig Ellis from B. Riley FBR.

你的下一個問題來自 B. Riley FBR 的 Craig Ellis。

And congratulations on the performance, guys.

祝賀你們的表現，伙計們。

Liam, I wanted to follow up with some of the 5G commentary, both prepared and in Q&A.

利亞姆，我想跟進一些 5G 評論，既有準備的，也有問答的。

So I think if we look back at 4G, integrated mobile was a business that could consistently be a mid-teens year-on-year grower.

因此，我認為，如果我們回顧 4G，集成移動是一項可以持續保持年中十幾歲增長的業務。

And now with 5G, the company has expanded its filter portfolio with BAW.

現在，借助 5G，該公司通過 BAW 擴展了其濾波器產品組合。

You've got internal filter supply.

你有內部過濾器供應。

We've never had that before in our interface transition and you've got it top to bottom.

在我們的界面轉換中，我們以前從未有過這種情況，而您已經從上到下完成了。

So my question is as you look at the engagements that exist across your different OEMs, do you feel like you're gaining the line of sight for that segment to not only return to growth but to potentially return to mid-teens double-digit year-on-year growth?

所以我的問題是，當你審視不同 OEM 之間存在的合作時，你是否覺得你正在獲得該細分市場的視線，不僅要恢復增長，而且有可能回到十幾歲的兩位數年-同比增長？

Yes.

是的。

I think the -- as you know, I mean the opportunity is very, very strong right now.

我認為 - 正如你所知，我的意思是現在的機會非常非常大。

And the indications we have with the customers we've been working with are powerful.

我們與我們一直合作的客戶的跡像是強大的。

And the complexity is way up.

而且複雜性越來越高。

And some of the points that you just made about owning our facilities is a big deal.

您剛剛就擁有我們的設施提出的一些觀點很重要。

It's a big deal.

這是一件大事。

We could have gone outside to do that and had a lower-performing engine.

我們本可以到外面去做那件事，但引擎性能較低。

But it's not the way we want to go.

但這不是我們想要的方式。

So there's a lot of complexity right now.

所以現在有很多複雜性。

There's a customer engagement with us.

我們有客戶參與。

We're always reaching into our accounts, but they're coming into us, too.

我們總是在進入我們的賬戶，但他們也在進入我們。

So it's a difficult transition to make technically, but it has incredible benefits.

因此，從技術上講，這是一個艱難的過渡，但它具有令人難以置信的好處。

And so we saw a lot of great action in the last quarter, a lot of action in design wins, lots of discussions, lots of visits to our sites from our leading customers to go in and really kick the tires in some of the things that we're working on.

因此，我們在上個季度看到了很多偉大的行動，在設計獲勝方面採取了很多行動，進行了很多討論，我們的主要客戶對我們的網站進行了大量訪問，並在一些事情上真正發揮了作用。我們正在努力。

And those customers are walking away with confidence.

這些客戶滿懷信心地離開了。

So we think this is going to be a very significant -- this is more than a mobile inflection.

所以我們認為這將是一個非常重要的——這不僅僅是一個移動的變化。

This is a technology shift that's going to disrupt the markets that we all play in here, right?

這是一種技術轉變，將擾亂我們所有人都參與其中的市場，對嗎？

So I think there's some great stuff going on.

所以我認為有一些很棒的事情正在發生。

And we'll start to see more and more customers evolve, classic mobile customers but then kind of that second wave into IoT, enterprise, et cetera, where there's just a long tail of opportunity.

我們將開始看到越來越多的客戶在發展，經典的移動客戶，然後是第二波進入物聯網、企業等領域，那裡只有長長的機會尾巴。

So we feel good about it.

所以我們對此感覺很好。

I feel that the design win activity in the last 6 months or so has really accelerated the sampling activity across a whole set of OEMs, also some really good work with baseband partners.

我覺得過去 6 個月左右的設計獲勝活動確實加速了整套 OEM 的抽樣活動，以及與基帶合作夥伴的一些非常好的合作。

We've done some exceptional work with MediaTek, for example, transitioning from a strong position in Phase 6, now shifting to Phase 7, which is all 5G, launching the higher -- at the higher-frequency bands with BAW.

我們與聯發科合作完成了一些出色的工作，例如，從第 6 階段的強勢地位過渡到現在全部為 5G 的第 7 階段，推出更高的頻段——使用 BAW。

So it's a compelling time right now for Skyworks to execute.

因此，現在是 Skyworks 執行的絕佳時機。

We're not opportunity-constrained.

我們不受機會限制。

It's about getting out there and helping our customers win.

這是關於走出去並幫助我們的客戶取勝。

That's really helpful.

這真的很有幫助。

Kris, the next question is for you, and I wanted to follow-up on the comments that the gross margins could move from current levels up towards the 53% target model.

Kris，下一個問題是給你的，我想跟進有關毛利率可能從當前水平上升到 53% 目標模型的評論。

And what I wanted to do is break that down and get your help just on identifying what the specific drivers are.

我想做的是將其分解並獲得您的幫助來確定具體的驅動程序是什麼。

So can you just help us understand how we get from, first, 50% to 51%?

那麼您能幫我們了解一下我們是如何從 50% 到 51% 的嗎？

Is that all just going to be volume coming back and kind of making up for the loss of Huawei?

這一切只是為了銷量的回升，並彌補華為的損失嗎？

And then more significantly, I think, getting from 51% to 53%, if you could just help us understand how much of that is help from broad markets, Avnera, mix shift within the integrated mobile portfolio from 4G to 5G, et cetera, it would help give us some clarity on how we get to 53%.

然後更重要的是，我認為，從 51% 增加到 53%，如果你能幫助我們了解其中有多少來自廣泛市場的幫助，Avnera，集成移動產品組合中從 4G 到 5G 的混合轉變，等等，這將有助於讓我們更清楚地了解我們是如何達到 53% 的。

Yes, that's a good question.

是的，這是個好問題。

And so I've answered in the previous question there, right, some of the headwinds, of course, is Huawei revenue that almost disappeared.

所以我在上一個問題中已經回答了，對，當然，一些不利因素是華為的收入幾乎消失了。

And Huawei was running on or about 15% of total revenue.

華為的收入佔總收入的 15% 左右。

And so that's definitely a headwind.

所以這絕對是一個逆風。

But nevertheless, I think we have been able to keep the margins above the 50%.

但儘管如此，我認為我們已經能夠將利潤率保持在 50% 以上。

And looking forward, there are 3 major blocks to drive margin improvement.

展望未來，推動利潤率提高的主要因素有 3 個。

And the first one, the most important one, is continue to develop highly integrated, complex, a high value-added type of products to our customers that make their product better and that make the user experience better.

第一個，也是最重要的一個，是繼續為我們的客戶開發高度集成、複雜、高附加值的產品，讓他們的產品更好，讓用戶體驗更好。

And we do that all the time.

我們一直這樣做。

And 5G is a great opportunity to demonstrate our technology leadership and help improve, as a result of that, our margins.

5G 是展示我們技術領先地位並因此幫助提高我們利潤率的絕佳機會。

Of course, in addition to that, we will continue to work our operational cost structure and drive down the cost in our factories and with our suppliers and all of that.

當然，除此之外，我們將繼續調整我們的運營成本結構，並降低我們工廠和供應商的成本以及所有這些。

And then last but not least, of course, yes, there is a little bit of a tailwind in terms of mix.

最後但同樣重要的是，當然，是的，在混合方面有一點順風。

Our broad market business has a higher gross margin than our mobile business.

我們的廣泛市場業務的毛利率高於我們的移動業務。

And our broad market business has been growing and will continue to be growing faster than mobile.

我們廣泛的市場業務一直在增長，並將繼續以比移動業務更快的速度增長。

And so we get a little bit of a tail there as well.

所以我們也有一點尾巴。

Yes.

是的。

And I will add one thing to that comment.

我會在該評論中添加一件事。

I think that if you look at 5G and the complexity of 5G and the types of unique systems and engines that are being deployed, the margins there are going to be higher.

我認為，如果你看看 5G 和 5G 的複雜性以及正在部署的獨特系統和引擎的類型，那裡的利潤率會更高。

I think there's going to be fewer players in the industry that can execute to the level that our customers need to be successful.

我認為行業中能夠執行到客戶成功所需水平的參與者將會越來越少。

So I think you've got a case where the 5G inflection and the power of that connection and the value that, that's providing is going to translate to better gross margins.

所以我認為你有這樣一個案例，即 5G 的變化和這種連接的力量以及所提供的價值將轉化為更高的毛利率。

It's just the way that's going to run.

這就是將要運行的方式。

Now working within our factories is going to make it even easier for us.

現在，在我們的工廠內工作將使我們的工作變得更加輕鬆。

But there's going to be, and there should be for us, meaningful margin move with the rollout of 5G as we get a higher level of concentration there.

但是，隨著 5G 的推出，隨著我們在那裡獲得更高的集中度，對我們來說應該會有有意義的利潤率變動。

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

你的下一個問題來自摩根士丹利的 Craig Hettenbach。

First question, just, Liam, to follow up on the BAW activity.

第一個問題，利亞姆，跟進 BAW 活動。

Are you seeing that mostly in diversity receive at this point and then just how you think about it in the future layering in?

您是否看到此時主要接收多樣性，然後您如何看待它在未來的分層？

You mentioned kind of ultra-high band PAD and things like that.

你提到了一種超高頻段 PAD 之類的東西。

Sure, Craig.

當然，克雷格。

Yes.

是的。

So we actually, right now today, have been shipping in high volume on an ultra-high band PAD that includes our BAW device.

所以我們實際上，就在今天，已經在包含我們的 BAW 設備的超高頻段 PAD 上大量出貨。

And that's running at about 3.3 gig, Craig.

克雷格，這大約是 3.3 演出。

So we're looking at high-frequency, high-band devices.

所以我們正在研究高頻、高頻帶設備。

We're sampling more than 10 customers with our bulk acoustic wave technology across a broad set of frequencies and spectrum.

我們正在使用我們的體聲波技術在廣泛的頻率和頻譜範圍內對 10 多家客戶進行採樣。

And we've had strategic customers come and test our mettle and they like what they see.

我們有戰略客戶來測試我們的勇氣，他們喜歡他們所看到的。

So we're going to continue to advance in that category.

因此，我們將繼續在該類別中取得進展。

And we'll use the filtering technology that's best equipped for the application.

我們將使用最適合應用程序的過濾技術。

We'll continue to use TC SAW in some areas.

我們將在某些領域繼續使用 TC SAW。

We'll use bulk acoustic wave in some areas, maybe it will be in diversity receive, maybe it will be in transmit chain.

我們將在某些領域使用體聲波，可能會在分集接收中，可能會在傳輸鏈中。

So again, just having the ability to create that unique customization for each and every one of our accounts is important for us.

因此，再次強調，能夠為我們的每個帳戶創建獨特的定制對我們來說很重要。

So we've made those investments.

所以我們進行了這些投資。

And you should expect more from us on the BAW side as the year turns here and we get further into 2020.

隨著時間的推移，我們將進一步進入 2020 年，您應該在 BAW 方面對我們有更多期望。

Got it.

知道了。

And then just a follow-up for Kris.

然後只是克里斯的後續行動。

I know you guys have talked about as you in-source filters, the inventory is kind of higher than historic.

我知道你們在源過濾器中談到過，庫存有點高於歷史水平。

Just how you're thinking about managing that into what's typically the seasonally weaker March quarter.

您正在考慮如何將其管理到通常季節性較弱的 3 月季度。

Yes.

是的。

So I feel comfortable with where we are from an inventory level.

因此，我對我們的庫存水平感到滿意。

Actually, the days of inventory came down 4 days to 135 days and is expected to continue to come down in the December quarter.

實際上，庫存天數下降了 4 天至 135 天，預計 12 月季度將繼續下降。

But looking forward, inventory is going to fluctuate between 120 days to 140, 145 days.

但展望未來，庫存將在 120 天到 140、145 天之間波動。

And again, that is higher than a couple of years ago, mainly driven by our filter manufacturing, right?

再一次，這比幾年前要高，主要是由我們的過濾器製造推動的，對吧？

We continue to expand the capacity, not only in TC SAW but now also having made major investments to get bulk acoustic wave capacity into our filter operation.

我們繼續擴大產能，不僅在 TC SAW 方面，而且現在還進行了大量投資，以便將體聲波容量用於我們的濾波器操作。

And so that is driving the inventories into the 120 to 145 days.

因此，這將庫存推向了 120 到 145 天。

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

你的下一個問題來自 Raymond James 的 Chris Caso。

First question is on Huawei.

第一個問題是關於華為的。

And I think last quarter, your commentary was that the majority of the restrictions were on the infrastructure products.

我認為上個季度，您的評論是大多數限制都針對基礎設施產品。

But yet in the handset products sold to Huawei, you weren't getting demand signals.

但在賣給華為的手機產品中，你並沒有收到需求信號。

Could you give us an update on where that stands now, how much Huawei is in the guidance right now?

您能否向我們介紹一下目前的最新情況，華為目前在指導中有多少？

And do you expect that to come back at some point going forward from speaking to the handset side?

您是否希望在未來的某個時刻從聽筒端恢復過來？

Yes.

是的。

So the Huawei revenue played out exactly in line with our expectations.

因此，華為的收入完全符合我們的預期。

In the September quarter, we expected approximately $10 million of revenue.

在 9 月季度，我們預計收入約為 1000 萬美元。

And that's what it came in.

這就是它進來的原因。

So looking forward, we believe that Huawei will continue to run at approximately that level.

所以展望未來，我們相信華為會繼續在這個水平上運行。

Maybe it might be picking up a little bit.

也許它可能會有所回升。

But a lot of that will depend on this whole situation with Huawei and the export ban will evolve.

但這在很大程度上取決於華為的整體情況，出口禁令將會演變。

Yes.

是的。

I mean, Chris, this is really just about being in compliance with the export ban.

我的意思是，克里斯，這實際上只是為了遵守出口禁令。

It's not about share loss or gain.

這與份額損失或收益無關。

It's about being in compliance.

這是關於遵守規定。

And as Kris said, $10 million was the number for the quarter.

正如 Kris 所說，1000 萬美元是本季度的數字。

Over time, if things change, we could be right back in the saddle with this customer.

隨著時間的推移，如果情況發生變化，我們可能會立即回到這位客戶的身邊。

They were our #2 customer for us not long ago.

不久前，他們是我們的#2 客戶。

So it's not about technology on our end or market share, it's really about staying in compliance with U.S. law at this point.

所以這與我們的技術或市場份額無關，這實際上是關於在這一點上遵守美國法律。

And if things change, we'll be ready to alter.

如果情況發生變化，我們將做好改變的準備。

All right.

好的。

And as a follow-up -- I guess a follow-up on that.

作為後續行動——我猜這是一個後續行動。

And there was some investor concerns over other fallout around the trade tensions, where perhaps some Chinese customers would seek to be less reliant on U.S. content, perhaps even backsliding into discrete solutions.

一些投資者對貿易緊張局勢的其他影響表示擔憂，一些中國客戶可能會尋求減少對美國內容的依賴，甚至可能倒退到離散解決方案中。

Could you talk to that, what the customers are telling you?

你能談談，客戶告訴你什麼嗎？

Is there any evidence where you've got customers that perhaps would like to go away from U.S. content?

是否有任何證據表明您的客戶可能想要遠離美國內容？

And as you move into 5G and a higher complexity, is that even a feasible solution at this point?

當你進入 5G 和更高的複雜性時，這甚至是一個可行的解決方案嗎？

Can you develop a 5G phone that uses discrete solutions?

能否開發一款採用分立方案的5G手機？

Yes.

是的。

So I'll start -- I'll get the second part and then I'll go to the other -- the front end of your question.

所以我會開始——我會得到第二部分，然後我會轉到另一部分——你問題的前端。

So I think it's very difficult to deliver the kind of compelling technology that is needed in a 5G device, I really do.

所以我認為提供 5G 設備所需的那種引人注目的技術非常困難，我真的這麼認為。

I believe that.

我相信。

And I think U.S. companies have played a vital role in that area.

我認為美國公司在該領域發揮了至關重要的作用。

And I think we have this great technology.

我認為我們擁有這項偉大的技術。

It's difficult to do it without some of the things that we make here at Skyworks and some other -- some of our other peers.

如果沒有我們在 Skyworks 和其他一些 - 我們其他一些同行所做的一些事情，很難做到這一點。

So that's one.

這就是一個。

But at the other side here is the Huawei situation is a Huawei situation.

但另一方面，華為的情況就是華為的情況。

There are trade issues in China, we get it.

中國存在貿易問題，我們明白了。

But if you look outside Huawei and you look at Oppo, Vivo and Xiaomi, our business is very strong, very strong.

但如果你看看華為之外，看看 Oppo、Vivo 和小米，我們的業務非常強大，非常強大。

And there's a lot of 5G launches going on right now with Skyworks.

Skyworks 目前正在進行許多 5G 發布。

There were some initial launches where we had a baseband provider in there and there was some content in there that we didn't win.

有一些初始發布，我們在那裡有一個基帶提供商，那裡有一些我們沒有贏得的內容。

But that's turning over.

但情況正在好轉。

So we see tremendous momentum in what we call the OVX side, the Oppo, Vivo, Xiaomi side within China.

因此，我們在中國看到了我們所謂的 OVX 方面、Oppo、Vivo、小米方面的巨大勢頭。

So that continues to go on.

所以這種情況會繼續下去。

And as Kris noted, we're playing it down with Huawei.

正如 Kris 指出的那樣，我們正在淡化與華為的關係。

We've got a number now that's conservative.

我們現在有一個保守的數字。

We're going to focus on everybody else.

我們將專注於其他所有人。

And if Huawei comes back, like I said, that revenue will come back.

如果華為回來，就像我說的那樣，收入就會回來。

Your next question comes from the line of Edward Snyder from Charter Equity.

您的下一個問題來自 Charter Equity 的 Edward Snyder。

Liam, if I could, there's been a lot said about ultra-high band and sub-6 stuff.

利亞姆，如果可以的話，關於超高頻段和 sub-6 的東西已經有很多說法了。

Qualcomm, obviously based on their comments, is going to take it all.

顯然，根據他們的評論，高通公司將全力以赴。

They said something like virtually all baseband to antenna solutions for 200-something different 5G devices.

他們說幾乎所有基帶到天線解決方案都適用於 200 多種不同的 5G 設備。

Leaving that aside for now, any comments you want to make on where you're seeing competitive threats on that.

暫時擱置這一點，你想就你看到競爭威脅的地方發表任何評論。

But more importantly, it looks like the architectures that are coming out in the next year, by each from China Mobile will include all the 79 bands.

但更重要的是，看起來明年中國移動將推出的架構將包括所有 79 個頻段。

What's your opinion now on content for that device?

您現在對該設備的內容有何看法？

Ultra-high band has been out for a while probably nominally about $2 of content.

超高頻段已經推出一段時間了，名義上大概是 2 美元左右的內容。

Are you seeing this rise much faster than expected because you're including these extra bands in this?

您是否看到這種增長比預期快得多，因為您將這些額外的頻段包括在內？

And do you expect to capture your traditional share, which has been relatively high in that spot for the next year or so?

您是否希望獲得您的傳統份額，該份額在未來一年左右的時間裡一直處於相對較高的位置？

Or are you getting more competition?

或者你會得到更多的競爭？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

No, that's a great question, Ed, a lot of insight to that.

不，這是一個很好的問題，Ed，對此有很多見解。

So we are seeing some real good action on the UHB PAD, running around 3.3, 3.5.

所以我們在 UHB PAD 上看到了一些非常好的動作，運行在 3.3、3.5 左右。

And so what you've got there is some great opportunity to continue to expand that.

因此，您所擁有的是繼續擴展它的絕佳機會。

That's working out great.

效果很好。

We're also looking at a number of other solutions with our China customers and other OEMs.

我們還在與我們的中國客戶和其他原始設備製造商一起研究其他一些解決方案。

And then the other major catalyst for us in this area is MediaTek.

然後，我們在這一領域的另一個主要催化劑是聯發科。

And you know these guys really well.

而且你非常了解這些人。

We've done a lot of work with MediaTek back to the 2G days.

早在 2G 時代，我們就與聯發科一起做了很多工作。

And we had a nice position on Phase 6. But when you start to roll into Phase 7, our platform position at MediaTek is really compelling.

我們在第 6 階段的位置很好。但是當你開始進入第 7 階段時，我們在聯發科的平台位置真的很有吸引力。

We've got Sky5.

我們有Sky5。

We've got DRx technology.

我們擁有 DRx 技術。

We have UHB opportunities and just some incredible new technologies across that platform.

我們有 UHB 的機會和跨該平台的一些令人難以置信的新技術。

And we feel really good about that.

我們對此感覺非常好。

We could be looking at a $7 to $8 handle on MediaTek chipset attached here in Phase 7. So we're excited about that.

我們可能會在第 7 階段看到這裡連接的 MediaTek 芯片組的價格為 7 到 8 美元。所以我們對此感到興奮。

And in the meantime, we're continuing to do the work with Oppo, Vivo, Xiaomi.

與此同時，我們將繼續與 Oppo、Vivo 和小米合作。

Despite the baseband provider, whoever it may be, if it's MediaTek or not MediaTek, if it's Samsung LSI, we'll work it, if it's Qualcomm, we'll work it.

不管基帶廠商是誰，不管是聯發科還是不是聯發科，是三星LSI，我們就做，是高通，我們就做。

So there's a lot of action going on there.

所以那裡有很多行動。

But I would say that the MediaTek transition is going to be quite strong.

但我會說，聯發科的轉型將非常強勁。

It hasn't happened yet, but it's headed for the second half of the year to be a really compelling driver.

它還沒有發生，但它將在今年下半年成為一個真正引人注目的驅動程序。

And then I'm glad that you brought that up because that's my second question basically.

然後我很高興你提出這個問題，因為這基本上是我的第二個問題。

I mean the Chinese going in -- they're telling Phase 6 last year is the first full module design.

我的意思是中國人進入——他們去年告訴第 6 階段是第一個完整的模塊設計。

And for safety's sake, it looked like the core took most of the main path.

為了安全起見，核心似乎佔據了大部分主要路徑。

You guys were all over the place in the other sections of it.

你們在它的其他部分到處都是。

But it sounds like now, they liked it a lot to really accelerate the deployment of both Phase 6 and Phase 7 before MediaTek gets their 5G out.

但現在聽起來，他們非常喜歡在聯發科推出 5G 之前真正加速第 6 階段和第 7 階段的部署。

And we certainly saw that in some of the reports coming out on the quarter, big upside in not only a number of 5G phones, but a number that are using more of these high-content modules.

我們當然看到，在本季度發布的一些報告中，不僅許多 5G 手機有很大的優勢，而且還有一些使用更多這些高含量模塊的手機。

You kind of were set back a little bit last year just because on the transition to this new architecture, a lot of volumes just went for safety.

去年你有點受挫，因為在過渡到這種新架構時，很多卷只是為了安全。

And I know you're taking some of that back.

我知道你正在收回一些。

But outside of, say, the DRx and all the other areas, you guys were in tuners, we saw all that.

但是在 DRx 和所有其他領域之外，你們在調諧器中，我們看到了所有這些。

Outside of that packet of main path, do you expect to gain back some of the share now that the OEM is getting comfortable with that design?

在主要路徑包之外，既然 OEM 對這種設計感到滿意，您是否希望重新獲得一些份額？

Or are we going to see a bifurcation here, where it's you and Qorvo taking nearly all the content in this phone and it's just going to be bifurcated, main path for them and almost everything else for you guys?

還是我們會在這裡看到一個分叉點，你和 Qorvo 幾乎拿走了這部手機中的所有內容，它只會分叉，他們的主要路徑和你們幾乎所有其他東西？

What's your feeling on that?

你對此有何感想？

Yes, I think -- well, I think you've got a lot of that captured.

是的，我認為 - 好吧，我認為你已經捕獲了很多。

You definitely have an increased opportunity.

你肯定有更多的機會。

And we're certainly not going to get all the business, would like to get the lion's share, I think we will.

我們當然不會得到所有的業務，想要獲得最大的份額，我想我們會的。

But it's an increased opportunity.

但這是一個增加的機會。

And the complexity that you see in these new phones, these -- the Phase 7 devices specifically are daunting, right?

你在這些新手機中看到的複雜性，這些 - Phase 7 設備特別令人生畏，對吧？

It takes the best and the brightest to go out there and execute it.

它需要最好和最聰明的人去執行它。

So we're seeing that.

所以我們看到了。

But I will tell you that in addition to the traditional stuff that you've seen in low-band PAD and maybe some of the DRx, we're starting to move up to mid- and high-band.

但我會告訴您，除了您在低頻段 PAD 和某些 DRx 中看到的傳統內容之外，我們正開始向中高頻段移動。

We're starting to move up with mid- and high-band PADs, which could be a really meaningful, high-potency opportunity for us for content.

我們開始使用中頻和高頻 PAD，這對我們來說可能是一個真正有意義的、高效的內容機會。

You mentioned -- we talked about the UHB.

你提到 - 我們談到了 UHB。

That's continuing to gain, not just with MediaTek but with some other accounts.

這不僅與聯發科有關，而且與其他一些客戶一起繼續獲得收益。

So the aperture has widened a bit.

所以光圈擴大了一點。

But one of the common themes here is complexity.

但這裡的共同主題之一是複雜性。

Like you said, the number of devices, the number of handoffs, carrier aggregation, the power consumption and the efficiency required to drive these 5G devices, it's just going to be a game changer in terms of challenge.

就像你說的，驅動這些 5G 設備所需的設備數量、切換次數、載波聚合、功耗和效率，就挑戰而言，它只會改變遊戲規則。

And that's exactly what we want to see.

而這正是我們想要看到的。

So there's some really good stuff out there.

所以那裡有一些非常好的東西。

We hope to lead in this market, but it's a great opportunity for the industry as well.

我們希望在這個市場上處於領先地位，但這對行業來說也是一個很好的機會。

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

我們的最後一個問題來自摩根大通的比爾彼得森。

I have some questions around the broad markets business.

我對廣泛的市場業務有一些疑問。

And I guess, first, as a follow-up to Blayne's question, do you anticipate sequential growth in the December quarter, I mean, now that Huawei is kind of running at a low level?

我想，首先，作為 Blayne 問題的後續問題，你是否預計 12 月季度的連續增長，我的意思是，既然華為有點處於低水平？

And then I guess as you think about the fiscal year based off your design win pipeline, you talked about Wi-Fi 6 and some of the other opportunities.

然後我猜當你根據你的設計獲勝管道考慮財政年度時，你談到了 Wi-Fi 6 和其他一些機會。

How should we think about growth in that?

我們應該如何考慮其中的增長？

Can that return back to double-digit growth as we think about that in this fiscal year?

正如我們在本財年考慮的那樣，這能否恢復到兩位數的增長？

Yes.

是的。

Just for the December quarter, broad markets' normal seasonality is down 8% to 10%.

僅就 12 月季度而言，大盤的正常季節性下降了 8% 至 10%。

And we saw that in fiscal '18, we saw that in fiscal '19.

我們在 18 財年看到了這一點，在 19 財年也看到了這一點。

And so we expect something similar in the December quarter of fiscal '20, normal seasonality.

因此，我們預計在 20 財年的 12 月季度會出現類似的情況，這是正常的季節性。

Having said that, on a full year basis, yes, we do believe that broad markets, given all the drivers that we talked about it, could be back to double-digit year-over-year growth.

話雖如此，從全年來看，是的，我們確實相信，考慮到我們談到的所有驅動因素，廣闊的市場可能會回到兩位數的同比增長。

Yes.

是的。

And recall, if you look at the proxy for semis in 2019, you're looking at double-digit declines for most of those markets.

回想一下，如果你看一下 2019 年的半決賽，你會發現其中大多數市場都出現了兩位數的下滑。

So broad markets within our business, we felt, behaved pretty well and grew pretty nicely.

我們認為，在我們的業務中，廣闊的市場表現得很好，而且增長得很好。

But we're going to continue to invest and drive into 2020.

但我們將繼續投資並努力進入 2020 年。

Okay.

好的。

And I guess just lastly, a little housekeeping, how should we think about OpEx trajectory throughout the year?

我想最後一點，我們應該如何考慮全年的 OpEx 軌跡？

You're bringing it down here in the December quarter.

您將在 12 月季度將其降低。

Should we expect that to kind of grow somewhat in line as revenues continue to grow and maybe return to year-on-year growth?

我們是否應該期望隨著收入繼續增長並可能恢復同比增長而有所增長？

And then your tax rate, I guess, 9% should we just assume that for the fiscal year as well?

然後你的稅率，我猜，我們應該假設財政年度也是 9% 嗎？

Yes.

是的。

On OpEx, we're going to remain disciplined.

在 OpEx 上，我們將保持紀律。

But at the same time, we're not going to hesitate to make the necessary investments to fuel the growth of the business and make those necessary investments in technology, 5G, broad market, support of the broad market.

但與此同時，我們會毫不猶豫地進行必要的投資以推動業務增長，並在技術、5G、廣闊市場和廣泛市場支持方面進行必要的投資。

So yes, over time here in fiscal '20, we will see some modest increases in the OpEx.

所以是的，隨著時間的推移，在 20 財年，我們將看到 OpEx 略有增加。

It's running on or about 16% or so to revenue right now, which I do believe is world-class.

它目前的收入約為 16%，我相信這是世界級的。

And we'll continue to manage it.

我們將繼續管理它。

And then on the tax rate, yes, on a full year basis, on or about 9% is a good number.

然後是稅率，是的，在全年基礎上，9% 左右是一個不錯的數字。

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 remarks.

我現在將電話轉回給格里芬先生，聽取任何結束語。

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 during the quarter.

我們期待在本季度即將舉行的投資者會議上見到您。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。