思佳訊 (SWKS) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Third Quarter Fiscal Year 2022 Earnings Call. This call is being recorded. At this time, I will turn the call over to Mitch Haws, Investor Relations for Skyworks.

下午好，歡迎參加 Skyworks Solutions 2022 財年第三季度財報電話會議。正在錄製此通話。此時，我將把電話轉給 Skyworks 投資者關係部的 Mitch Haws。

Mr. Haws, please go ahead.

霍斯先生，請繼續。

Thank you, Joanne. Good afternoon, everyone, and welcome to Skyworks' Third Fiscal Quarter 2022 Conference Call.

謝謝你，喬安妮。大家下午好，歡迎參加 Skyworks 2022 財年第三季度電話會議。

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

今天和我在一起的是我們的董事長、首席執行官兼總裁 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. 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. Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

在開始之前，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。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，包括我們關於表格 10-K 的年度報告，以了解可能導致實際結果與今天做出的任何前瞻性陳述產生重大不利影響的某些風險的信息。此外，我們將討論的結果和指導包括與我們過去做法一致的非公認會計原則財務措施。請參閱我們公司網站投資者關係部分的新聞稿，以了解與 GAAP 的完全對賬。

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

有了這個，我會把電話轉給 Liam。

Thanks, Mitch, and welcome, everyone. Skyworks delivered record third quarter results with double-digit year-over-year growth in revenue and non-GAAP earnings per share, highlighting our resilient business model and disciplined execution with strong design win momentum across an expanding and diverse customer set, we are well positioned to drive sequential growth into the second half of the calendar year.

謝謝，米奇，歡迎大家。 Skyworks 實現了創紀錄的第三季度業績，收入和非 GAAP 每股收益實現了兩位數的同比增長，突出了我們有彈性的業務模式和嚴謹的執行，以及在不斷擴大和多樣化的客戶群中強大的設計贏得勢頭，我們很好定位於推動日曆年下半年的連續增長。

Looking at the quarter in more detail. We delivered record Q3 revenue of $1.23 billion, above consensus and up 10% compared to last year, highlighting our content expansion in premium 5G-enabled smartphones along with growth in automotive, data center and network infrastructure. We achieved gross margin of 51.2%. We posted earnings per share of $2.44, up 13% year-over-year. We have continued to return cash to shareholders through dividends and share repurchases. And today, we announced an 11% increase to our quarterly dividend. That marks our 8th consecutive year of dividend increases.

更詳細地查看該季度。我們第三季度的收入達到創紀錄的 12.3 億美元，高於市場預期，比去年增長 10%，突顯了我們在支持 5G 的高端智能手機的內容擴展以及汽車、數據中心和網絡基礎設施的增長。我們實現了51.2%的毛利率。我們公佈的每股收益為 2.44 美元，同比增長 13%。我們繼續通過股息和股票回購向股東返還現金。今天，我們宣布將季度股息提高 11%。這標誌著我們連續第八年增加股息。

In addition to generating solid results in a challenging macro environment, we are leveraging decades of targeted investments to drive a pipeline of design wins, spanning an array of market-critical solutions. Specifically in mobile, we delivered Sky5 platforms to the leading smartphone OEMs, including launches at Google, Samsung and many others. Skyworks technology leadership, innovation and scale has allowed us to continue to capture an outsized share of our mobile revenue from high-performance 5G platforms.

除了在充滿挑戰的宏觀環境中取得可觀的成果外，我們還利用數十年的有針對性的投資來推動一系列設計勝利，涵蓋一系列市場關鍵型解決方案。特別是在移動領域，我們向領先的智能手機 OEM 交付了 Sky5 平台，包括在谷歌、三星和許多其他公司的發布。 Skyworks 的技術領先地位、創新和規模使我們能夠繼續從高性能 5G 平台中獲得巨大的移動收入份額。

In enterprise and IoT, we powered tri-band access points at Cisco, ramped Orange Livebox 6, Europe's first carrier-grade 6E platform. We launched advanced solutions with Verizon for integrated WiFi and cellular gateways and supported Google's newest pixel watch with our cellular GPS, WiFi and Bluetooth technologies. In automotive, we achieved an all-time record revenue in this last quarter as we executed on our vision to drive connectivity and lead the shift to electrification. During the quarter, we ramped next-generation wireless and EV power technology across multiple top OEMs.

在企業和物聯網中，我們為 Cisco 的三頻接入點提供支持，增加了歐洲首個運營商級 6E 平台 Orange Livebox 6。我們與 Verizon 合作推出了用於集成 WiFi 和蜂窩網關的高級解決方案，並通過我們的蜂窩 GPS、WiFi 和藍牙技術支持 Google 最新的像素手錶。在汽車領域，我們在上個季度實現了創紀錄的收入，因為我們執行了推動互聯互通和引領電氣化轉變的願景。在本季度，我們在多家頂級 OEM 中推廣了下一代無線和 EV 電源技術。

We leverage our timing solutions with a market-leading robotaxi and driverless vehicle provider. And finally, in infrastructure and industrial, we captured multiple design wins at European equipment and service providers, fueling massive MIMO deployments. We delivered integrated timing solutions to the market leaders in data center and network infrastructure, and we ship modules for high-power industrial and IoT applications, supporting a prominent brand and smart energy.

我們利用我們的計時解決方案與市場領先的機器人出租車和無人駕駛汽車供應商合作。最後，在基礎設施和工業領域，我們贏得了歐洲設備和服務提供商的多項設計勝利，推動了大規模 MIMO 部署。我們為數據中心和網絡基礎設施的市場領導者提供集成計時解決方案，並為大功率工業和物聯網應用提供模塊，支持知名品牌和智能能源。

Moving forward, we see a continued expansion in data consumption, dependent on seamless, reliable and ubiquitous wireless connectivity. A few statistics illustrate this point. Global wireless data traffic is expected to grow at a 27% annual rate over the next 5 years. Machine-to-machine connections, the fastest-growing IoT category will soon surpass 15 billion users. By 2030, we expect 650 million connected cars, each consuming 25x the data that we see in today's smartphones. Over the past 2 decades, Skyworks has made critical investments to power this connectivity transformation, addressing all key network technologies from cellular to advanced WiFi, enhanced GPS and Bluetooth, among others. Capitalizing on both organic growth and strategic acquisitions, we are gaining momentum in high-growth verticals, while at the same time, diversifying our revenue and customer set.

展望未來，我們看到數據消費量持續增長，這依賴於無縫、可靠和無處不在的無線連接。一些統計數據說明了這一點。預計未來 5 年全球無線數據流量將以每年 27% 的速度增長。機器對機器連接，增長最快的物聯網類別將很快超過 150 億用戶。到 2030 年，我們預計將有 6.5 億輛聯網汽車，每輛汽車消耗的數據是我們在當今智能手機中看到的數據的 25 倍。在過去的 2 年中，Skyworks 為推動這種連接轉型進行了重大投資，解決了從蜂窩到高級 WiFi、增強型 GPS 和藍牙等所有關鍵網絡技術。利用有機增長和戰略收購，我們在高增長垂直領域獲得動力，同時使我們的收入和客戶群多樣化。

Looking ahead, our design win pipeline and unique in-house capabilities are positioning us for continued outperformance. Leveraging decades of innovation, we deliver purpose-built solutions underpinned by in-house gallium arsenide, temperature-compensated SAW filters, bulk acoustic wave technologies and customized packaging.

展望未來，我們的設計贏得管道和獨特的內部能力使我們能夠持續表現出色。利用數十年的創新，我們提供以內部砷化鎵、溫度補償 SAW 濾波器、體聲波技術和定制封裝為基礎的專用解決方案。

With that, I will turn the call over to Kris for a discussion of Q3 and our Q4 outlook.

有了這個，我將把電話轉給 Kris，討論第三季度和第四季度的展望。

Thanks, Liam. During the third fiscal quarter of 2022, Skyworks delivered record revenue of $1.23 billion, an increase of 10% year-over-year. The growth was fueled by expanding our technology reach at the largest smartphone OEMs, including Samsung and Google, partially offset by soft demand from China customers mainly as a result of the lockdowns early in the quarter. In addition, broad markets revenue was up 38% year-over-year as we continue to drive design wins and revenue with innovative solutions for fast-growing end markets, including automotive, industrial, data center and network infrastructure.

謝謝，利亞姆。在 2022 年第三財季，Skyworks 實現創紀錄的 12.3 億美元收入，同比增長 10%。這一增長得益於我們在包括三星和谷歌在內的最大智能手機原始設備製造商的技術覆蓋範圍擴大，部分被中國客戶的疲軟需求所抵消，這主要是由於本季度初的封鎖所致。此外，隨著我們繼續為快速增長的終端市場（包括汽車、工業、數據中心和網絡基礎設施）提供創新解決方案，推動設計勝利和收入，廣泛市場收入同比增長 38%。

Gross profit in the second quarter was $631 million, resulting in a gross margin of 51.2%, up 60 basis points compared to Q3 of last year. Operating expenses were $191 million, slightly down on a sequential basis. We generated $440 million of operating income, translating into an operating margin of 35.7%. We incurred $11 million of other expense and our effective tax rate was 8.1%, driving net income of $394 million.

第二季度毛利潤為 6.31 億美元，毛利率為 51.2%，比去年第三季度上升 60 個基點。運營費用為 1.91 億美元，環比略有下降。我們創造了 4.4 億美元的營業收入，轉化為 35.7% 的營業利潤率。我們產生了 1100 萬美元的其他費用，有效稅率為 8.1%，淨收入為 3.94 億美元。

Based on a further reduction of our weighted average share count to 161.5 million shares, we achieved earnings per share of $2.44, exceeding (inaudible) estimates and up 13% year-over-year.

基於我們的加權平均股數進一步減少至 1.615 億股，我們實現每股收益 2.44 美元，超過（聽不清）預期，同比增長 13%。

Turning to cash flow. Our third fiscal quarter cash flow from operations was $214 million, and our capital expenditures were $125 million. In terms of capital allocation during the quarter, we returned $209 million to shareholders, paying $90 million in dividends and repurchasing 1 million shares of our common stock for a total of $119 million.

轉向現金流。我們第三財季的運營現金流為 2.14 億美元，資本支出為 1.25 億美元。在本季度的資本配置方面，我們向股東返還了 2.09 億美元，支付了 9000 萬美元的股息，並以 1.19 億美元的總價回購了 100 萬股我們的普通股。

During the first 9 months of the fiscal year, Skyworks has returned more than $1 billion to shareholders through dividends and share repurchases, representing 129% of our free cash flow.

在本財年的前 9 個月，Skyworks 通過股息和股票回購向股東返還了超過 10 億美元，占我們自由現金流的 129%。

In summary, the Skyworks team delivered another solid quarter with Q3 record revenue and earnings per share, while making the investments in our technology and product road maps to support future growth.

總而言之，Skyworks 團隊在第三季度實現了創紀錄的收入和每股收益，同時對我們的技術和產品路線圖進行了投資以支持未來的增長。

Now let's move on to our outlook for Q4 of fiscal '22. We expect to deliver double-digit sequential revenue and earnings per share growth in the September quarter. Specifically, we anticipate revenue between $1.375 billion and $1.425 billion. At the midpoint of $1.4 billion, revenue for the quarter is expected to increase 14% sequentially. This outlook takes into account the seasonal impact from major product launches, leveraging our technology leadership, deep customer engagements and world-class in-house manufacturing capabilities.

現在讓我們繼續我們對 22 財年第四季度的展望。我們預計在 9 月季度實現兩位數的連續收入和每股收益增長。具體來說，我們預計收入在 13.75 億美元至 14.25 億美元之間。在 14 億美元的中點，本季度的收入預計將環比增長 14%。該展望考慮到主要產品發布的季節性影響，利用我們的技術領先地位、深入的客戶參與和世界一流的內部製造能力。

Gross margin is projected to be in the range of 51% to 51.5%. We expect operating expenses of approximately $190 million to $194 million. Below the line, we anticipate roughly $12 million in other expense and a tax rate of approximately 9%. We expect our diluted share count to be approximately 161 million shares. Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $2.90, an increase of 19% sequentially.

毛利率預計在 51% 至 51.5% 之間。我們預計運營費用約為 1.9 億至 1.94 億美元。在這條線以下，我們預計其他費用約為 1200 萬美元，稅率約為 9%。我們預計我們的稀釋股數約為 1.61 億股。因此，在收入範圍的中點，我們打算實現每股攤薄收益 2.90 美元，環比增長 19%。

Lastly, given our conviction in Skyworks' long-term strategic outlook and consistent cash generation, we announced an 11% increase to our quarterly dividend to $0.62 per share.

最後，鑑於我們對 Skyworks 的長期戰略前景和持續產生現金的信心，我們宣布將季度股息提高 11% 至每股 0.62 美元。

And 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. Skyworks decades-long investments are driving increasing opportunities across the market's fastest-growing segments, fueling our momentum going into the second half of the calendar year. With our customer count doubling year-over-year in a broad markets portfolio, on pace for $2 billion in annualized revenue, our business is more diverse than ever. Finally, our consistently strong profitability, cash generation and diverse revenue streams, fund our ability to invest and win while returning cash to our shareholders.

謝謝，克里斯。 Skyworks 長達數十年的投資正在為市場增長最快的領域帶來越來越多的機會，從而推動我們進入日曆年下半年的勢頭。隨著我們在廣泛的市場組合中的客戶數量同比翻番，年收入達到 20 億美元，我們的業務比以往任何時候都更加多樣化。最後，我們持續強勁的盈利能力、現金產生和多樣化的收入來源，為我們的投資和獲勝能力提供了資金，同時將現金返還給我們的股東。

That concludes our prepared remarks. Operator, let's open the line for questions.

我們準備好的發言到此結束。接線員，讓我們打開問題線。

(Operator Instructions)

（操作員說明）

First question comes from Raji Gill at Needham & Company.

第一個問題來自 Needham & Company 的 Raji Gill。

Congrats on managing -- providing good results through kind of a crazy cycle. Just a question on China. I know it's about 10% to 15% of your revenue, but wondering kind of what you're seeing in terms of the inventory situation there across the China handset OEMs. And just in general, if you can make a distinction on the premium level of handsets in the overall market versus low to mid-tier, how would you characterize the demand landscape there and the level of channel inventory in the market as you see it today?

恭喜管理——通過一種瘋狂的循環提供了良好的結果。只是一個關於中國的問題。我知道這大約佔您收入的 10% 到 15%，但想知道您在中國手機 OEM 的庫存情況方面看到了什麼。總的來說，如果您可以區分整個市場中手機的高端水平與中低端手機，您將如何描述那裡的需求格局以及您今天看到的市場渠道庫存水平?

Sure. Yes, it's been certainly a challenging market in China, and there's several factors that played out here, right? Of course, you had walk-downs in some of the major provinces and across many of the factories that impeded demand even with the larger customers. And then you also had a group of folks that were just a little bit less prepared for the lockdowns as well.

當然。是的，這在中國無疑是一個充滿挑戰的市場，這裡有幾個因素，對吧？當然，您在一些主要省份和許多工廠進行了罷工，即使是較大的客戶也阻礙了需求。然後你也有一群人，他們對封鎖的準備也稍差一些。

So if you look at the high-end market, China is still a market where you can get some very, very strong activity, tempered a bit by the lockdowns, which we think are going to abate rather quickly. But on the lower end, the OBX brands really hadn't performed too well at all. So that was an area that was weak generally. But if you look at the way Skyworks has been positioned, our aperture has been much more towards the mid- to high tier. So our exposure to the OBX market has come down. In many cases, it was our position to do that and our choice to do it.

因此，如果你看看高端市場，中國仍然是一個市場，你可以得到一些非常非常強勁的活動，但受到封鎖的影響，我們認為封鎖將很快減弱。但在低端，OBX 品牌的表現確實不太好。所以這是一個普遍薄弱的領域。但如果你看一下 Skyworks 的定位方式，我們的光圈更傾向於中高端。因此，我們對 OBX 市場的敞口有所下降。在許多情況下，這樣做是我們的立場，也是我們的選擇。

At the same time, in parallel, we had tremendous gains with names like Google and some of our other flagship players, Samsung, even doing quite well. So a lot going on there. China was definitely bumpy, but it's still a market that consumes the technology and we do think that some of the manufacturing issues and supply chain problems are going to abate, and we see even more of a tailwind.

與此同時，我們在谷歌和我們的其他一些旗艦公司三星等公司中獲得了巨大的收益，甚至做得很好。所以那裡發生了很多事情。中國肯定是顛簸的，但它仍然是一個消耗技術的市場，我們確實認為一些製造問題和供應鏈問題將會減輕，我們看到更多的順風。

I appreciate that. For my follow-up, last quarter, you cited $50 million pushout related to your top customer as they were having challenges assembling final components given the lockdowns in China and Singapore. And to account for that last month in April, you attempted to kind of derisk the June quarter and guided it down 7% to 8%, and you're kind of falling in that range. Wondering how you're thinking about the ramp in the September and December quarters as your top customer is through that process and start to launch new platforms with your content. Are you still selecting a steep ramp?

我很感激。對於我的後續行動，上個季度，您引用了與您的主要客戶相關的 5000 萬美元的推出，因為鑑於中國和新加坡的封鎖，他們在組裝最終組件方面遇到了挑戰。考慮到 4 月份的最後一個月，你試圖對 6 月份的季度進行貶低，並將其引導至 7% 至 8% 的水平，而你正處於該範圍內。想知道您如何看待 9 月和 12 月季度的增長，因為您的主要客戶正在經歷這個過程並開始使用您的內容推出新平台。你還在選擇陡坡嗎？

Yes, yes. So we have a lot more clarity on that side of the field. Again, we work with everyone, but we have a high degree of visibility in some of those premium brands. And we feel very good about that for 2 reasons. We think the appetite for the technologies continues to grow. The use cases continue to grow around connectivity and mobility. And the market leaders, the market leaders are actually consolidating. So -- and we know who the market leaders are, and we're very well positioned.

是的是的。因此，我們在該領域的這一方面更加清晰。同樣，我們與所有人合作，但我們在其中一些高端品牌中擁有很高的知名度。我們對此感覺非常好，原因有兩個。我們認為對這些技術的需求將繼續增長。用例圍繞連接性和移動性繼續增長。而市場領導者，市場領導者實際上正在整合。所以 - 我們知道誰是市場領導者，我們處於非常有利的位置。

So we're excited about that. We feel very good about where our technologies are going, the breadth of our offering, driving some incredible technologies with our bulk acoustic wave in-house gallium arsenide or packaging, doing all of this in our amazing fabs admits a market where everyone's challenged with supply chain. So a lot of good work going on there, and we do expect strength as we go into the second half of the year, really buoyed by some of these content gains that we've been discussing.

所以我們對此感到興奮。我們對我們的技術發展方向、產品的廣度、通過我們的體聲波內部砷化鎵或封裝推動一些令人難以置信的技術感到非常滿意，在我們令人驚嘆的晶圓廠中完成所有這些工作，承認了一個每個人都面臨供應挑戰的市場鏈。因此，那裡正在進行很多出色的工作，並且我們確實期待進入下半年的實力，這確實受到我們一直在討論的其中一些內容收益的鼓舞。

Yes. Maybe, Raji, just to add there. So we just guided September up 14% sequentially. And obviously, that is more and higher in terms of sequential growth at a large customer based on the known design wins that we are shipping today. And we do expect further sequential growth into the December quarter with that customer as well total Skyworks revenue.

是的。也許，拉吉，只是補充一下。因此，我們剛剛指導 9 月環比上漲 14%。顯然，基於我們今天交付的已知設計勝利，就大客戶的連續增長而言，這一數字越來越高。我們確實預計該客戶以及 Skyworks 總收入將在 12 月季度進一步連續增長。

Next question comes from Gary Mobley of Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Gary Mobley。

Could you share with us how big your largest customer was in the quarter? And were there any other greater-than-10% customers in the quarter?

您能否與我們分享本季度您最大的客戶有多大？本季度還有其他超過 10% 的客戶嗎？

Yes. So we have 2 plus 10% customers in the June quarter, obviously, the large customer, which was approximately 55% of total revenue. Just to compare last year in June, that was 53%. So we've continued to execute very well with that. And then Samsung is yet again a plus-10% customer. Again, great execution, great design wins at their flagship level as well in the rest of their product lineup.

是的。因此，我們在 6 月季度有 2 個加 10% 的客戶，顯然是大客戶，約佔總收入的 55%。與去年 6 月相比，這一比例為 53%。因此，我們繼續執行得很好。然後三星再次成為 10% 以上的客戶。同樣，出色的執行力、出色的設計在他們的旗艦級別以及其他產品陣容中獲勝。

Okay. So I know not all of your sales to your largest customers go into smartphones. But I think dominant portion of it does. So kind of doing back of the envelope calculation in your mobile business, I presume your business with customers outside of that large customer is in the ballpark of, what, $90 million to $100 million for the quarter?

好的。因此，我知道並非您對最大客戶的所有銷售都用於智能手機。但我認為它的主要部分確實如此。因此，在您的移動業務中進行粗略計算，我假設您與大客戶之外的客戶的業務在本季度的 9000 萬到 1 億美元之間？

$90 million with the large customer in broad markets?

9000 萬美元與廣闊市場的大客戶？

What I'm trying to get to is trying to get a sense of how much of your mobile business is comprised of customers outside of your largest. Just trying to get a sense of maybe where you stand with respect to bottoming in the Android market and whatnot.

我想要了解的是，您的移動業務中有多少是由您最大的客戶之外的客戶組成的。只是想了解你在 Android 市場觸底時的立場。

Yes. No. The vast majority of our growth markets revenue is not related to the large customer, right? We have more than 6,000 customers spread over connectivity solutions, automotive, which was an all-time record revenue, industrial customers, we have our audio business. We have our infrastructure networking business in there, and that's now on a $2 billion annualized run rate.

是的。不，我們增長市場的絕大部分收入都與大客戶無關，對吧？我們有超過 6,000 家客戶分佈在連接解決方案、汽車行業，這是創紀錄的收入、工業客戶，我們有我們的音頻業務。我們在那裡有我們的基礎設施網絡業務，現在年化運行率為 20 億美元。

Yes. And I would just say, in addition to the largest customer, we have several other significant ones we mentioned. Obviously, Samsung is very strong and even Google. So it's a balanced mix here.

是的。我只想說，除了最大的客戶之外，我們還有其他幾個我們提到的重要客戶。顯然，三星非常強大，甚至是谷歌。所以這是一個平衡的組合。

Next question comes from Vivek Arya of Bank of America Securities.

下一個問題來自美國銀行證券公司的 Vivek Arya。

Liam and Kris, I'm curious how much of a year-on-year headwind has China Android been for June and September? And does China Android bottomed for you in December or March or when. So just how much of a headwind year-on-year? Because when I look at your implied September mobile guidance, it still seems to be kind of flattish to down somewhat year-on-year. So I imagine that's the China Android headwind. So how much is that? And when does China bottom for you?

Liam 和 Kris，我很好奇中國 Android 在 6 月和 9 月的同比逆風有多大？中國安卓是在 12 月或 3 月或何時觸底。那麼，與去年同期相比，逆風有多少呢？因為當我查看您隱含的 9 月移動指南時，它似乎仍然有點平淡，同比有所下降。所以我想這是中國 Android 的逆風。那是多少？中國什麼時候會觸底？

So as it relates to China, we definitely saw some softness from a demand point of view, that's very well documented. We have played it very carefully. Even in the December quarter, almost a year ago, we started pushing the brakes. We actually pushed the brakes pretty hard in March and June. We did not want to end up with major inventory into the channel.

因此，就中國而言，從需求的角度來看，我們肯定看到了一些疲軟，這是有據可查的。我們玩得很仔細。即使在大約一年前的十二月季度，我們也開始踩剎車。實際上，我們在 3 月和 6 月非常努力地踩剎車。我們不想讓大量庫存進入渠道。

We do expect relatively minor revenue in the September guide for the China customers. But we do expect beyond that, of course, that the demand will bounce back. You already started seeing that in the June numbers when they were close to 29 million, 30 million phones being sold in China. And so we do expect a bounce-back, but that's not included in the September guide.

我們確實預計中國客戶 9 月指南中的收入相對較少。但我們確實預計，除此之外，需求將會反彈。你已經開始在 6 月份的數字中看到這一點，當時它們在中國銷售了 3000 萬部手機，接近 2900 萬部。因此，我們確實預計會出現反彈，但這並未包含在 9 月指南中。

Yes. And I'll just add one more comment is that the complexity in the performance nodes are getting more and more difficult and more challenging, which is great for us, and that's what we want to see. So there are some pockets in China that are very, very low end that are not really interesting for us, and that's fine, but we're building up a strong base in mid-tier and certainly leading the pack when it comes to the premium players.

是的。我只想再補充一點，性能節點的複雜性變得越來越困難和更具挑戰性，這對我們來說很好，這就是我們想要看到的。所以中國有一些非常非常低端的口袋對我們來說並不是很有趣，這很好，但我們正在中端建立強大的基礎，並且在高端方面肯定領先玩家。

Got it. And for my follow-up, I wanted to ask about your balance sheet inventory. So I understand and appreciate the need, right, that your customers have for supply assurance and you're making a very wide range of products. So I get that. But when I look at inventory days, I think they're among the highest that we have seen. So how are you planning to manage utilization and what impact, if any, will it have on your gross margins for the next handful of quarters?

知道了。對於我的後續行動，我想詢問您的資產負債表庫存。因此，我理解並理解您的客戶對供應保證的需求，並且您正在生產各種各樣的產品。所以我明白了。但是當我查看庫存天數時，我認為它們是我們所見過的最高天數之一。那麼，您打算如何管理利用率，以及它將對您接下來幾個季度的毛利率產生什麼影響（如果有的話）？

Yes. So Vivek, so we feel good about the business, right? And we just guided up 14% sequentially for September. We do expect further sequential growth into December and that is all based on known design wins with the large customer with other mobile players and even within broad markets. And as you know, we always have load our factories. We have higher filter content in many of those new devices that we bring to market. Filters typically are built many weeks or months in advance of product shipments and that accumulated into higher inventory, but the inventory is fully in line with our expectations and will help us in support the steep ramp here in September and December.

是的。所以Vivek，所以我們對這項業務感覺良好，對吧？我們剛剛在 9 月份連續上漲了 14%。我們確實預計到 12 月將進一步連續增長，這一切都基於與其他移動玩家甚至在廣闊市場中的大客戶贏得的已知設計。如您所知，我們的工廠總是有負載。在我們推向市場的許多新設備中，我們的過濾器含量更高。過濾器通常在產品發貨前數週或數月製造，並累積到更高的庫存中，但庫存完全符合我們的預期，並將幫助我們支持 9 月和 12 月的陡峭增長。

Next question comes from Harsh Kumar of Piper Sandler.

下一個問題來自 Piper Sandler 的 Harsh Kumar。

First of all, congratulations in a very tricky environment managing the business so well. We certainly appreciate it. Maybe I missed it in the press release, but could you -- would you mind giving us the breakdown of the mobile business versus the broadband business in June?

首先，祝賀在一個非常棘手的環境中管理業務如此出色。我們當然很感激。也許我在新聞稿中錯過了它，但你能 - 你介意在 6 月份給我們提供移動業務與寬帶業務的細分嗎？

And the second part of that same question is, how do you see the trend in September? I would suspect that mobile would be up in September given your largest customer or is that incorrect assumption?

同一個問題的第二部分是，您如何看待 9 月份的趨勢？考慮到您最大的客戶，我懷疑移動設備會在 9 月上升，還是這個假設不正確？

Yes. So the breakout was, broad markets was 38% of our total revenue. It was up 38% year-over-year. So very strong performance there. Mobile was 62% of total revenue. It was slightly down on a year-over-year basis despite the fact that we have strong performance at a large customer, strong performance with Samsung and Google, but offset with the softness that we just discussed in the China market. And going forward -- looking forward to the September quarter, obviously, that is a very strong mobile quarter as we execute on some of those launches with the large customer as well with many of our other customers, but we still expect our broad markets to be up double-digit year-over-year in the September quarter.

是的。所以突破是，廣闊的市場占我們總收入的 38%。同比增長 38%。那裡的表現非常強勁。移動業務佔總收入的 62%。儘管我們在大客戶處表現強勁，三星和谷歌表現強勁，但與我們剛剛討論的中國市場疲軟相抵消，但與去年同期相比略有下降。展望未來——顯然，期待 9 月季度，這是一個非常強勁的移動季度，因為我們與大客戶以及我們的許多其他客戶一起執行了其中一些發布，但我們仍然希望我們的廣闊市場能夠9 月季度同比增長兩位數。

Yes. And remember that as we discussed at the beginning here, the lockdown dynamics and some of the supply chain volatility did put a little pressure on what would be a normal seasonal guide. So all those factors play together, we have much less exposure to China, which is very helpful, but these weren't issues that were related to demand. And the demand is there. The demand was there and it still is, and we need to go execute on that. But some of the early lockdowns in the ripple effects there in supply chain added a little bit of a nip/tuck to the quarter.

是的。請記住，正如我們在這裡開始討論的那樣，鎖定動態和一些供應鏈波動確實給正常的季節性指南帶來了一點壓力。因此，所有這些因素共同作用，我們對中國的敞口要少得多，這非常有幫助，但這些都不是與需求有關的問題。需求就在那裡。需求一直存在，現在仍然存在，我們需要繼續執行。但是，供應鏈中連鎖反應的一些早期封鎖為本季度增加了一點小幅波動。

Understood. And maybe for my follow-up question, Liam, one for you. So the 5G handsets went through a rapid period of growth and sort of feature addition and node and band edition, are you still seeing very good content increase in the flagship mobile phones even at this point, like the ones that are coming up, maybe you can talk about.

明白了。也許對於我的後續問題，利亞姆，給你一個。所以 5G 手機經歷了一個快速的增長期和某種功能添加和節點和頻段版本，即使在這一點上，你是否仍然看到旗艦手機中的內容增加非常好，就像即將到來的那些，也許你可以談談。

And maybe talk to (inaudible) about some of the things that are driving that, it's -- are the bands still being added? Or is it things like wireless DRX. Just any color we would appreciate that.

也許與（聽不清）談論一些推動這一點的事情，它是——樂隊還在被添加嗎？或者是無線DRX之類的東西。任何我們都會欣賞的顏色。

Yes. I mean there's a great deal of enhancements that come through the cycle with the leading players and we have to back that up with core technology. And if you look at the CapEx that we've been delivering. And one of the themes that we've been talking a lot about is the level of customization and basically cracking those technologies in-house. You know that we're a rare breed that manufacturers end-to-end from high-end bulk acoustic wave, temperature-compensated SAW filtering, in-house gallium arsenide, in-house customized assembly and test, all those vectors come together and allow us to do very unique things customer by customer.

是的。我的意思是，在與領先玩家的循環中，有大量的改進，我們必須用核心技術來支持。如果你看看我們一直在提供的資本支出。我們一直在談論的主題之一是定制水平以及基本上在內部破解這些技術。你知道我們是一個稀有的品種，從高端體聲波、溫度補償 SAW 濾波、內部砷化鎵、內部定制組裝和測試，所有這些向量匯集在一起，允許我們一個接一個地做非常獨特的事情。

So we're able to go after a much, much broader set of accounts when we have that level of customization and technology know-how. So -- and that's one of the reasons why the mid- to high tier really appreciate Skyworks because we can do a lot of good work with those partners and really help lift their business with our teams beneath them under the wings here, supplying the right kinds of technology. So it's a good partnership there for both sides.

因此，當我們擁有這種水平的定制和技術知識時，我們能夠追求更廣泛的客戶群。所以 - 這也是中高層非常欣賞 Skyworks 的原因之一，因為我們可以與這些合作夥伴一起做很多出色的工作，並真正幫助他們提升他們的業務，讓我們的團隊在他們的翅膀下，提供合適的種技術。所以這對雙方來說都是一個很好的伙伴關係。

Next question comes from Blayne Curtis of Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to ask on the September guidance. Two things: one, you said broad markets would still be up double digits. I guess it doesn't give me an idea of which direction it is sequentially. So you had the issues -- I think you talked about supply chain in June, what's the outlook for broad markets in September?

我只是想問一下九月的指導。兩件事：第一，你說大盤仍將上漲兩位數。我想它並沒有讓我知道它是按順序排列的方向。所以你遇到了問題——我想你在 6 月份談到了供應鏈，9 月份廣闊市場的前景如何？

So as I just said, September will still be up double-digit year-over-year. It will actually be slightly down on a sequential basis. You have to keep in mind in broad markets that we continue to see very strong demand. In some cases, the demand is higher than the supply. That's the case in our audio business. That's the case in some of the automotive and infrastructure business that we have.

所以正如我剛才所說，9 月份仍將同比增長兩位數。它實際上會按順序略有下降。您必須記住，在廣闊的市場中，我們繼續看到非常強勁的需求。在某些情況下，需求高於供應。我們的音頻業務就是這種情況。我們擁有的一些汽車和基礎設施業務就是這種情況。

In addition to that, we also continue to see many of our customers still having kitting issues. They don't have the complete bond. As a result of that, they don't need to (inaudible) for now. But assuming that the chip shortage will get resolved over time, they will have to catch up, and that will then further fuel the growth for Skyworks content as well.

除此之外，我們還繼續看到我們的許多客戶仍然存在配套問題。他們沒有完全的聯繫。因此，他們現在不需要（聽不清）。但假設隨著時間的推移芯片短缺問題會得到解決，他們將不得不迎頭趕上，這也將進一步推動 Skyworks 內容的增長。

Okay. And then maybe just some comments on your own supply chain. I mean the fact that you're able to build that much inventory. Can you just talk about the constraints if any, that you're still seeing on your business from a foundry and back-end perspective?

好的。然後也許只是對您自己的供應鏈的一些評論。我的意思是你能夠建立那麼多庫存。您能否談談從代工廠和後端的角度來看您仍然在業務中看到的限制（如果有的話）？

Yes. As I just said, in the vast majority of our business, we are able to supply to what our customers want, especially as it relates to the products and the vast majority of the products that we do in-house, we have proactively invested in capacity and technology in our gallium arsenide fabs and our filter operation and our back-end operation. Where we struggle is on some of the smaller businesses that we have that are in a fabless business model where we depend on foundries and/or back end where in some cases, we don't have enough capacity. We're working it, we're working it hard, we're making improvements. We're getting and securing more capacity to fulfill the strong demand that we have in some of those areas, and we'll continue to work it.

是的。正如我剛才所說，在我們的絕大多數業務中，我們能夠滿足客戶的需求，尤其是與產品和我們內部生產的絕大多數產品有關的產品，我們積極投資於我們的砷化鎵工廠以及我們的過濾器操作和後端操作的能力和技術。我們掙扎的地方是我們擁有的一些小型企業，這些企業處於無晶圓廠商業模式中，我們依賴代工廠和/或後端，在某些情況下，我們沒有足夠的產能。我們正在努力，我們正在努力，我們正在改進。我們正在獲得併確保更多的能力來滿足我們在其中一些領域的強烈需求，我們將繼續努力。

Yes. I'm just going to add. I mean there's been a tremendous amount of technology investment in the portfolio. And a lot of that really has come through, you can see on the CapEx line. So there's some really important things, Blayne, that we're doing that sort of under the hood, so to speak, really driving performance in bulk acoustic wave, which is a tough technology.

是的。我只是要補充。我的意思是投資組合中有大量的技術投資。其中很多確實已經實現，你可以在資本支出線上看到。所以有一些非常重要的事情，Blayne，我們正在做那種在引擎蓋下的事情，可以這麼說，真正推動體聲波的性能，這是一項艱鉅的技術。

We've improved the efficiency of our TC SAW capabilities. We have, as you know, for years, we've got a customized gallium arsenide. It's a very unique technology in (inaudible) and we've been upgrading that at every cycle. So there's a lot of really interesting building blocks that go into the finished product here and the flexibility that we can bring. And I think it's one of the reasons why the discerning higher-end customers really appreciate that they have a voice in the decision with us.

我們提高了 TC SAW 功能的效率。如您所知，我們多年來一直在定制砷化鎵。這是一項非常獨特的技術（聽不清），我們在每個週期都在升級它。所以這裡的成品中有很多非常有趣的構建塊以及我們可以帶來的靈活性。我認為這也是挑剔的高端客戶真正欣賞他們在我們的決定中擁有發言權的原因之一。

There's a lot of collaboration when we launch technologies and products. We can do a great deal of customization understanding what the carriers are going to be and where those phones will grow. So there's a lot going on. And it comes with the capital that we put forth. And I think it's an advantage right now. And despite the ups and downs in supply chain, I'd rather have that in our house that we can deal with it. We can make decisions. We have a voice and we can do the right thing for the customers.

當我們推出技術和產品時，會有很多合作。我們可以進行大量定制，了解運營商將成為什麼以及這些手機將在哪裡增長。所以發生了很多事情。它伴隨著我們投入的資金。我認為這是現在的優勢。儘管供應鏈有起有落，但我寧願在我們家有這樣的東西，我們可以處理它。我們可以做出決定。我們有發言權，我們可以為客戶做正確的事。

Next question comes from Ambrish Srivastava at BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Kris, I just wanted to come back to the days of inventory and actually, more importantly, free cash flow. I know in the past, you have said that inventory does go up in March and June. So that's fine. That's consistent with your past comments. But I was looking at free cash flow to sales. And I had to go back to -- we're going back many years past. As a percent of sales, it's really at a very low number, and I had to go back to June 2018 to give that number.

克里斯，我只是想回到庫存時代，實際上，更重要的是，自由現金流。我知道過去，你說過庫存在 3 月和 6 月確實會增加。所以沒關係。這與您過去的評論一致。但我關注的是銷售的自由現金流。我不得不回到——我們要回到很多年前。作為銷售額的百分比，它確實是一個非常低的數字，我不得不回到 2018 年 6 月才給出這個數字。

I get the change in working capital, but how should we think about the trajectory of free cash flow? And good to see that you raised your dividend (inaudible) if I'm not missing anything on the actual absolute free cash flow number.

我知道營運資金的變化，但我們應該如何看待自由現金流的軌跡？很高興看到您提高了股息（聽不清），如果我沒有遺漏實際的絕對自由現金流量數字。

Yes. Ambrish, we can't manage the free cash flow quarter-by-quarter, and I look at it more on a 12-month trailing basis or 12-month rolling forward basis. And our free cash flow now is in the mid-20s as a percent of revenue and based on further growth of the top line and further expansion of the profitability, we have line of sight to get to plus 30% free cash flow margin.

是的。 Ambrish，我們無法按季度管理自由現金流，我更多的是在 12 個月的追踪基礎或 12 個月的滾動基礎上查看它。而且我們的自由現金流現在佔收入的百分比在 20 年代中期，並且基於收入的進一步增長和盈利能力的進一步擴大，我們可以看到超過 30% 的自由現金流利潤率。

And I think that's a pretty good number. Also taking into account what Liam just said, like, while we continue to invest in our technology roadmaps and our product roadmaps and continue to invest in our own factories that gives us a very strong competitive advantage to deliver high-performance products to our customers.

我認為這是一個相當不錯的數字。還考慮到 Liam 剛才所說的，例如，在我們繼續投資於我們的技術路線圖和我們的產品路線圖並繼續投資於我們自己的工廠的同時，這使我們具有非常強大的競爭優勢，可以向我們的客戶提供高性能產品。

And I think that's a pretty darn good number. Again, I'm not concerned about the June free cash flow, which is indeed was a little bit muted because of the inventory build that we did, fully supported by the known design wins and the revenue ramp that we will experience in the September and the December quarter.

我認為這是一個相當不錯的數字。同樣，我並不擔心 6 月份的自由現金流，由於我們所做的庫存建設，這確實有點低迷，完全由已知的設計勝利和我們將在 9 月份經歷的收入增長提供支持十二月季度。

Got it, Kris. I understand. And I don't look at it just on a quarterly basis. I just wanted to make sure I wasn't missing anything. Just a quick clarification on the December quarter, Liam. What's the right way to think about it? You did say you grow, should we think seasonal, sub-seasonal? Or how should we think about it for modeling purposes?

明白了，克里斯。我明白。而且我不只是按季度查看它。我只是想確保我沒有遺漏任何東西。利亞姆，只是對 12 月季度的快速澄清。思考它的正確方法是什麼？你確實說過你長大了，我們應該考慮季節性的，次季節性的嗎？或者我們應該如何考慮建模目的？

Yes. Yes. I mean it's still a little bit early, but I can tell you what moves the needle is the technology and what we're able to do to drive that and what we call is kind of really a technology reach, how do we create something more impactful for the customers, and we're doing that.

是的。是的。我的意思是現在還為時過早，但我可以告訴你，最重要的是技術，我們能夠做些什麼來推動它，我們稱之為真正的技術範圍，我們如何創造更多的東西對客戶有影響，我們正在這樣做。

And it's not 1 or 2 parts. I mean, the breadth of the technology and the reach of our performance, the engineer-to-engineer lineup is awesome. The relationships are awesome with the largest customer. And we certainly feel good about execution and the opportunity for the second half of the year very much so. And there's a lot of new invention going on, so to speak, and a lot of technologies that are opening up that are providing even more revenue opportunity for Skyworks as we go forward.

它不是 1 或 2 個部分。我的意思是，技術的廣度和我們的性能範圍，工程師對工程師的陣容非常棒。與最大客戶的關係很棒。我們當然對執行和下半年的機會感覺很好。可以這麼說，有很多新發明在進行，還有很多正在開放的技術，隨著我們的發展，為 Skyworks 提供了更多的收入機會。

So we feel really good about that cycle. Great collaboration with the people that matter and getting in again, shoulder to shoulder and our fabs together, a lot of really good work being done to ensure leadership at the high end. And we feel very good about that and I absolutely expect that to play out in revenue and in our numbers.

所以我們對那個週期感覺很好。與重要的人進行了良好的合作，並再次加入，肩並肩和我們的晶圓廠一起，做了大量非常好的工作，以確保在高端的領導地位。我們對此感覺非常好，我絕對希望這會在收入和我們的人數上發揮作用。

Next question comes from Edward Snyder at Charter Equity Research.

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

Liam, if we sit back and look at mobile from a whole list point of view, I would think from what we know of your product line from what you said here that you're much more exposed to high-end models than mid-tier. I know you're doing something that no one does, but if you got to break it out. I mean, you're not big in China. You're big in -- you mentioned Samsung, the flagship, I'm not sure if that means you're getting big gains in A Series.

Liam，如果我們坐下來從整個列表的角度來看移動設備，我認為從我們對您的產品線的了解和您在此處所說的情況來看，您更容易接觸到高端機型而不是中端機型.我知道你正在做一些沒人做的事情，但如果你必須打破它。我的意思是，你在中國並不大。你很重要——你提到了三星，旗艦，我不確定這是否意味著你在 A 系列中獲得了巨大的收益。

And of course, your largest customer is all high end. So just trying to get an idea if you could maybe bracket it for us. If you had to break out mobile, would you say it's 60-40, and I know it's an approximation, but just in general, 60-40 high end (inaudible) something closer to like 75-25?

當然，您最大的客戶都是高端客戶。所以只是想知道你是否可以為我們括號。如果你必須打破移動，你會說它是 60-40，我知道這是一個近似值，但一般來說，60-40 高端（聽不清）更接近於 75-25？

Yes. It's probably more 70% high-end, Ed. And what we're trying to do is actually take the low end and bring them along towards a higher level of technology and performance. And as a result, it would be revenue for us and also great for the consumer that gets a better product. So certainly, we -- our business -- so the way I think about it is that we want to hit the fast ball first, right? We want the 100-mile an hour pitch. And then from there, we can go downhill and take care of everybody else. But the DNA in our company is to go after the hard things and solve the hard problems and delight the customer, right?

是的。它可能是 70% 的高端產品，Ed。我們正在嘗試做的實際上是採用低端並將它們帶向更高水平的技術和性能。因此，這對我們來說將是收入，對於獲得更好產品的消費者來說也很重要。所以當然，我們——我們的業務——所以我的想法是我們想先打快球，對吧？我們想要時速 100 英里的球場。然後從那裡，我們可以走下坡路，照顧其他人。但是我們公司的 DNA 是追求困難的事情，解決困難的問題，取悅客戶，對吧？

And sometimes the customer doesn't even realize the amount of work and energy and technology know-how that comes through this. But ultimately, it's a great solution that they get. And so that's the way we can do this. Now we like to start with the tough problems and then go downhill, as I mentioned.

有時客戶甚至沒有意識到由此帶來的工作量、精力和技術知識。但最終，他們得到了一個很好的解決方案。這就是我們可以做到的方式。正如我所提到的，現在我們喜歡從棘手的問題開始，然後走下坡路。

And there's still a lot of really good work to do. You now hear a lot of discussion about some other customers that we haven't talked about too much. Samsung, Google, there's many others in mobile and many others in connectivity that we can serve. So it's a model that's worked for us and it's all about customer performance and uplifting their product and their ability to drive to their consumer markets. So it's always been a challenge for us, but we love that challenge, and it makes what we do really matter for us here at Skyworks.

還有很多非常好的工作要做。您現在聽到很多關於我們沒有過多討論的其他客戶的討論。三星、谷歌、移動領域還有很多其他的我們可以提供服務。所以這是一個對我們有用的模式，它完全關乎客戶績效和提升他們的產品以及他們推動消費市場的能力。所以這對我們來說一直是一個挑戰，但我們喜歡這個挑戰，它讓我們在 Skyworks 所做的事情對我們來說非常重要。

Okay. And given that, if I could. It seems clear from the report so far (inaudible) that in the low and the mid-tier, they're getting hit a lot harder with weakness due to varying factor. The recession now obviously is starting to take hold in that, it hasn't really hit the high end yet at all. But if it gets worse, obviously, most people think that it will. In that kind of a profile, especially with regard to your largest customer, it's kind of a unique relationship. When it comes time to start building a new model, it's like the gate opens and you can ship as much as you want, but you have to true up at the end of the year. And I know the last time they had a business dislocation was many years ago with success. But I'm just trying to get a feel of this when you normally would get indications that things are slowing down in that high end or it's Samsung to the high end. The launch starts, you usually saw a lot of phones to the (inaudible), but then (inaudible) demand starts showing up in January or February, the last time, I think it all happened in December and January. So I'm just -- visibility-wise, I know it looks good for a while. When do you think if there were probably you foresee it?

好的。考慮到這一點，如果可以的話。到目前為止（聽不清）的報告似乎清楚地表明，在低端和中端，由於各種因素，他們受到的打擊更大。現在的經濟衰退顯然已經開始佔據上風，它還沒有真正達到高端。但如果情況變得更糟，顯然，大多數人認為它會。在那種檔案中，特別是關於你最大的客戶，這是一種獨特的關係。到了開始構建新模型的時候，就像大門打開了，你可以隨心所欲地發貨，但你必須在年底完成。而且我知道他們上一次業務混亂是在很多年前取得的成功。但我只是想感受一下，當你通常會得到跡象表明高端市場的情況正在放緩，或者三星進入高端市場時。發布開始時，您通常會看到很多電話（聽不清），但隨後（聽不清）需求在 1 月或 2 月開始出現，最後一次，我認為這一切都發生在 12 月和 1 月。所以我只是 - 可見性方面，我知道它看起來不錯一段時間。您認為何時可能會預見到它？

Yes. No, that's a good question. You know what, it's interesting, Ed, now is -- the curve ball is the walk-down situation. So it's kind of an unusual thing. We all went through COVID and we knew what was going on there. It was just dark everywhere, right? There really wasn't any pockets of opportunity. I think what's happening now is just a little bit of a bifurcation, you've got -- those that play very hard in China and the OBX land, I think they're much more exposed to the downside. On the other hand, at Skyworks, we were continuing to raise mid- and high end, which has been beneficial for us and more profitable.

是的。不，這是個好問題。你知道嗎，有趣的是，Ed，現在是——曲線球是走下坡路的情況。所以這是一件不尋常的事情。我們都經歷了 COVID，我們知道那裡發生了什麼。只是到處都是黑暗的，對吧？真的沒有任何機會。我認為現在發生的事情只是有點分叉，你有 - 那些在中國和 OBX 領域打得非常努力的人，我認為他們更容易受到不利影響。另一方面，在 Skyworks，我們繼續籌集中高端產品，這對我們有利，也更有利可圖。

So it's kind of a tale of 2 different markets and (inaudible) stories. We want to pursue opportunities globally across every account, obviously, but the way our business is really kind of growing up here, like I said, the high end going down. We have opportunity to do more in some of the low-end markets. It's really more of a choice for us than a technical problem. We know how to do it. But we do think that the opportunities are still looking very good. There's a lot of demand that was not shipped with these issues in China. Some of these lockdowns really pinched some supply chain areas that it's still not unclogged today. And that's real. I mean, we can measure that in our hubs, and we have very good visibility on where that demand is. So it definitely gives us some color and some positive view on where we see the second half can go. And maybe there's a delays that go further into the second -- the early part of next year as well. So there's a lot going on here.

所以這是一個關於 2 個不同市場和（聽不清）故事的故事。顯然，我們希望在全球範圍內為每個客戶尋求機會，但我們的業務確實在這裡成長，就像我說的那樣，高端正在下降。我們有機會在一些低端市場做更多的事情。對我們來說，這實際上更像是一種選擇，而不是技術問題。我們知道該怎麼做。但我們確實認為機會看起來仍然非常好。在中國，這些問題並沒有帶來很多需求。其中一些封鎖確實扼殺了一些今天仍未疏通的供應鏈領域。這是真的。我的意思是，我們可以在我們的樞紐中衡量這一點，並且我們可以很好地了解需求所在。所以它肯定會給我們一些色彩和一些積極的看法，讓我們看到下半場的走向。並且可能會有更進一步的延遲 - 明年年初也是如此。所以這裡發生了很多事情。

The nuance being the supply chain wrinkle, not COVID-related necessarily, but the hard lockdown that we saw at the end of the quarter. So it kind of mixes altogether, but we still feel really good about the opportunity. And of course, we have great communication with our customers. So we're always in sync with what they need.

細微差別是供應鏈的皺紋，不一定與 COVID 相關，而是我們在本季度末看到的硬封鎖。所以它完全混合在一起，但我們仍然對這個機會感到非常高興。當然，我們與客戶有很好的溝通。因此，我們始終與他們的需求保持同步。

Next question comes from Srini Pajjuri of SMBC Nikko Securities.

下一個問題來自 SMBC Nikko Securities 的 Srini Pajjuri。

I have a question on broad markets, Liam. Obviously, it's growing nicely on a year-on-year basis. But sequentially, it was down almost 10%, and then you're guiding down for another sequential decline in an environment, which seems pretty stable, especially on the consumer side. You have a lot of secular drivers like the WiFi, IoT, et cetera. So I'm just curious as to what the headwind is for that business in the short term?

我有一個關於廣闊市場的問題，利亞姆。顯然，它在逐年增長的基礎上很好。但隨後，它下降了近 10%，然後你正在引導一個環境中的另一個連續下降，這似乎相當穩定，尤其是在消費者方面。你有很多世俗的驅動因素，比如 WiFi、物聯網等。所以我只是好奇短期內該業務的逆風是什麼？

And then along the same lines, some of that business is probably still sourced from external foundries. And obviously, the costs have been increasing. Have you implemented any pricing actions to kind of offset those cost increases? And if you can talk about where we are in that cycle in terms of the pricing actions, that will be helpful.

然後沿著同樣的思路，其中一些業務可能仍然來自外部代工廠。顯然，成本一直在增加。您是否實施了任何定價措施來抵消這些成本增加？如果你能談談我們在定價行動方面處於那個週期的哪個階段，那將會很有幫助。

Yes. Well, very good question. Yes, certainly, the challenges in the broad markets business, we can see more of an impact there with supply chain issues. So we don't have kind of the clarity that you have in a mobile device that's very, very -- we know exactly where we're going and where it's headed. Broad markets, it's more diverse. It goes to multiple customers with actually a broader set of technologies. So if we -- and it ties back to your question on supply chain.

是的。嗯，很好的問題。是的，當然，在廣闊市場業務的挑戰中，我們可以看到供應鏈問題對那裡的影響更大。因此，我們沒有您在移動設備中所擁有的那種清晰性，它非常非常 - 我們確切地知道我們要去哪里以及它的去向。廣闊的市場，它更加多樣化。它使用實際上更廣泛的技術集面向多個客戶。因此，如果我們 - 它與您關於供應鏈的問題有關。

So if you think about broad markets, it wasn't a demand constraint. It was a supply chain constraint. That's an area less so in mobile, but more so in broad market that we saw that. And with respect to pricing, we did take some action in pricing that was necessary. We do everything we continue to keep our customers healthy and strong, but together as partners, it was required that we had to raise our prices a little bit, and that was fine.

因此，如果您考慮廣闊的市場，那並不是需求限制。這是一個供應鏈約束。這是一個在移動領域不那麼重要的領域，但在我們看到的廣闊市場中更是如此。在定價方面，我們確實採取了一些必要的定價行動。我們盡一切努力讓我們的客戶保持健康和強壯，但作為合作夥伴，我們不得不稍微提高價格，這很好。

And I think that was healthy. But we do feel like the opportunity in broad markets is still a really strong part of our portfolio, lots of opportunities. We talked about the growth rate, 38% year-over-year revenue in broad markets. That's outstanding. And there's still a lot of stuff out there that we haven't hit. There's a huge pool of broad market opportunities that await us as we go forward. A lot of great things that are not at all tagged into our mobile business, a lot of unique markets, unique customers that are on their own vector in terms of top line. So looking forward to that.

我認為那是健康的。但我們確實覺得廣闊市場的機會仍然是我們投資組合中非常重要的一部分，機會很多。我們談到了增長率，在廣闊的市場中收入同比增長 38%。這很出色。還有很多東西我們還沒有擊中。在我們前進的過程中，有大量廣闊的市場機會等待著我們。很多偉大的事情根本沒有被標記到我們的移動業務中，很多獨特的市場，獨特的客戶，就收入而言，他們在自己的載體上。所以很期待。

Next question comes from (inaudible) at Raymond James.

下一個問題來自 Raymond James（聽不清）。

I'm just -- maybe as a follow-up to that, just wondering how much pricing inflation has played into your overall revenue growth versus, say, unit volumes or just mix trending higher.

我只是 - 也許作為後續行動，只是想知道定價通脹對您的整體收入增長與單位銷量或混合趨勢的影響有多大關係。

And then as a follow-up, I know this is one of your favorite questions. What should we expect in terms of generational content growth going forward? Where does content begin to max out? Are we even close to that?

然後作為後續行動，我知道這是您最喜歡的問題之一。在未來的世代內容增長方面，我們應該期待什麼？內容從哪裡開始最大化？我們甚至接近那個嗎？

So on the pricing, as Liam just explained, right, so in certain parts of our broad market business, especially which is based on the fabless foundry model, we've experienced some input cost increases, and we've been passing that on to our customers. That is a relatively small part of the overall Skyworks business. So I think that answers your first question.

所以關於定價，正如利亞姆剛剛解釋的那樣，對，所以在我們廣闊市場業務的某些部分，特別是基於無晶圓代工模式的部分，我們經歷了一些投入成本的增加，我們一直在將其傳遞給我們的顧客。這是整個 Skyworks 業務中相對較小的一部分。所以我認為這回答了你的第一個問題。

Yes. And with respect to content and content reach, we bought -- most of us here at the table here have been in this market for quite some time. And we do see incremental opportunities year after year after year. But I think what's changing now is that the -- if you think about Skyworks, it isn't just mobility. Mobility is great and wireless technologies are great. But what's different right now is the customer set and the application set that we're playing in. We talked today about data center. We talked about electric vehicles, much more on the infrastructure side. We have high-performance audio we have technology nodes that were not available to us 2, 3 years ago, and we created these new technologies, bulk acoustic wave, et cetera, in-house with our own people and our own capital. So I guess what I would say to you is think about connectivity at large and think about the markets that require this, right?

是的。關於內容和內容覆蓋面，我們買了——我們大多數人在這個市場上已經有一段時間了。我們確實看到了年復一年的增量機會。但我認為現在正在改變的是——如果你考慮 Skyworks，它不僅僅是移動性。移動性很棒，無線技術也很棒。但是現在不同的是我們正在使用的客戶集和應用程序集。我們今天討論了數據中心。我們談到了電動汽車，更多的是在基礎設施方面。我們擁有高性能音頻，我們擁有 2、3 年前無法使用的技術節點，我們在內部與我們自己的員工和自己的資金一起創造了這些新技術、體聲波等。所以我想我要對你說的是考慮整個連接並考慮需要這個的市場，對嗎？

It's a mobile phone, of course, but IoT, industrial, health care, business to business, all these interesting end markets rely very much on the kind of technologies that we bring. So we're looking forward to that. We'd love to give you guys more info around that vector. But we certainly see pools of opportunity that Skyworks and Skyworks technologies can address.

當然，這是一部手機，但物聯網、工業、醫療保健、企業對企業，所有這些有趣的終端市場都非常依賴我們帶來的那種技術。所以我們很期待。我們很樂意為你們提供有關該向量的更多信息。但我們當然看到了 Skyworks 和 Skyworks 技術可以解決的大量機會。

Your final question comes from the line of Matt Ramsay at Cowen.

您的最後一個問題來自 Cowen 的 Matt Ramsay。

I wanted to ask a couple of questions about the acquisition of the I&A business and sort of how that's playing out.

我想問幾個關於收購 I&A 業務的問題，以及它的進展情況。

So the first one is on the timing segment. I guess the thesis there was there were some really good timing technologies at Silicon Labs and you guys were going to add scale to those in the telecom market in the switching market and then maybe into cloud over time. And I just -- there's some big server disruptions that are going on in the cloud space, and I wonder if you might give me a little bit of an update as to how that thesis on the timing side is playing out there and what you're seeing? And then I have a follow-up on the automotive market.

所以第一個是在時間段上。我猜想，Silicon Labs 有一些非常好的計時技術，你們將在交換市場中擴大電信市場的規模，然後隨著時間的推移可能會進入雲計算。我只是 - 雲空間中正在發生一些大的服務器中斷，我想知道你是否可以給我一些關於時間方面的論文是如何發揮作用的更新以及你的內容再看？然後我對汽車市場進行了跟進。

Yes, Matt, let me just start high level. And I've said before, we're not breaking out every product line. But let me tell you that we're very pleased with the performance of the acquired business, it is exceeding our expectations by a lot, both from a revenue, gross margin and operating margin point of view. And there is still a lot of opportunities that we are working on. Keep in mind that, again, that business is supply constrained. The demand currently is a lot higher than what we were able to supply. But despite all of that, exceeding our expectations. And so I'll turn it over to Liam to answer your question on timing.

是的，馬特，讓我從高水平開始。我之前說過，我們不會打破每條產品線。但讓我告訴你，我們對被收購業務的表現非常滿意，無論是從收入、毛利率和營業利潤率的角度來看，它都大大超出了我們的預期。我們還有很多機會在努力。請記住，該業務再次受到供應限制。目前的需求比我們能夠供應的要高得多。但儘管如此，還是超出了我們的預期。所以我會把它交給 Liam 來回答你關於時間的問題。

Yes. So certainly, great opportunities coming out of our what we call (inaudible) portfolio, which is the I&A business (inaudible), really pleased with not only the products but with the people and the execution, so all good.

是的。所以當然，我們稱之為（聽不清）的投資組合，即 I&A 業務（聽不清）帶來了巨大的機會，不僅對產品而且對人員和執行感到非常滿意，所以一切都很好。

Markets like data center right now are really critical for the timing solutions that we have very high-performance timing solutions and growing that with additional investments from the larger core of Skyworks. We're also looking at a lot of EV work coming out of that portfolio as well. The I&A team had some great technology there that we're scaling. I think it's a case where you've got super technology is a great performance and great engineering talent. And now it's really going to be about scale, right? It's really going to be about scale. So one of the things that we do very well at Skyworks. You've heard that from us, verbally integrated. We do a lot of hardcore manufacturing technology development in-house, but we also do very, very well in high-scale big dollar markets.

現在，像數據中心這樣的市場對於我們擁有非常高性能的計時解決方案的計時解決方案非常重要，並且通過來自 Skyworks 更大核心的額外投資來發展這一解決方案。我們也在研究該投資組合中的許多電動汽車工作。 I&A 團隊有一些很棒的技術，我們正在擴展。我認為在這種情況下，您擁有超級技術是出色的表現和出色的工程人才。現在它真的是關於規模，對吧？這真的是關於規模的。這是我們在 Skyworks 做得很好的一件事。你已經從我們那裡聽到了，口頭整合的。我們在內部進行了很多核心製造技術的開發，但我們在大規模的大美元市場上也做得非常非常好。

And it sounds easy to say, but there's a lot of work behind that. And if you look at our business and the kind of the way that we talk to our customers and markets and the way we communicate to investors, we really are a company that looks at markets that can really move the dial. We've got some of these here. These are coming up. They're growing right now for us. It's early stage. But the tough part is getting the technology right. And the team in (inaudible) from Silicon Labs have gotten it right. So it's about scaling now and driving our sales and marketing teams further and capturing a great deal of opportunity that we haven't seen. So we're excited about it, and we'll certainly give you more color on the next call.

這聽起來很容易，但背後有很多工作要做。如果你看看我們的業務，以及我們與客戶和市場交談的方式，以及我們與投資者溝通的方式，我們確實是一家著眼於能夠真正改變錶盤的市場的公司。我們這裡有一些。這些即將出現。他們現在正在為我們成長。這是早期階段。但困難的部分是讓技術正確。 Silicon Labs 的團隊（聽不清）做得對。因此，現在要擴大規模，進一步推動我們的銷售和營銷團隊，抓住我們從未見過的大量機會。所以我們對此感到很興奮，我們肯定會在下一次電話會議上為您提供更多色彩。

As my follow-up, I want to ask, I was kind of intrigued with some of the automotive announcements. A lot of the call here is focused on handsets. But I guess the question on the automotive space for you guys is the opportunities that you're seeing, how would you characterize them in terms of split and in terms of sort of the competitive landscape across cellular WiFi, B2B, B2X, there's RF opportunities in a lot of different domains in automotive that are different than the handset market. So I just be interested in where you're seeing the traction and what the competitive landscape looks like?

作為我的後續行動，我想問一下，我對一些汽車公告很感興趣。這裡的很多電話都集中在手機上。但我想對你們來說，汽車領域的問題是你們看到的機會，你們如何描述它們的分裂以及蜂窩 WiFi、B2B、B2X 的競爭格局，還有 RF 機會在與手機市場不同的汽車領域的許多不同領域。所以我只是對你在哪裡看到牽引力以及競爭格局感興趣？

Yes. There's a lot of interesting notes that come together here in the EV side. You've got certainly technology coming through wireless nodes and 5G. We've got a lot of EV accounts right now that are being developed that we have design wins in now, and there's going to be a lot of investment that we put forth. And certainly, when you go further into EV connectivity and wireless connectivity, it's going to be pivotal. It's going to be one of the most critical elements in the whole process. And just think about from a safety perspective, from a latency perspective, there's going to be a lot of technology development that hasn't yet come through around electric vehicles, autonomous vehicles and that whole sector. So we're looking forward to it. But like I said, we've got a beachhead with our partners in Texas here. And we also have some great, great engineering minds and know-how across the greater Skyworks team to turn that into big dollars as we move forward.

是的。電動汽車方面有很多有趣的筆記。您肯定會通過無線節點和 5G 獲得技術。我們現在有很多正在開發的電動汽車賬戶，我們現在已經贏得了設計勝利，我們將投入大量投資。當然，當您進一步研究 EV 連接和無線連接時，它將變得至關重要。這將是整個過程中最關鍵的元素之一。從安全的角度考慮，從延遲的角度考慮，圍繞電動汽車、自動駕駛汽車和整個行業，將會有很多尚未實現的技術開發。所以我們很期待。但就像我說的，我們在這裡與德克薩斯州的合作夥伴建立了灘頭陣地。而且，我們在更大的 Skyworks 團隊中也有一些偉大的工程頭腦和專業知識，可以在我們前進的過程中將其轉化為大筆資金。

So it's going to be one of the bigger markets going forward for sure. And it is a market that absolutely needs high performance, low latency, high quality solutions. And those are the kind of things that we like to do. And we've already been working with many, many players in the EV space. Many of those customers don't want to have the conversations publicly about what we do. So we will respect that. But please note that we're deeply involved in the development and we're putting a great deal of investment into that part of the market.

因此，它肯定會成為未來更大的市場之一。這是一個絕對需要高性能、低延遲、高質量解決方案的市場。這些是我們喜歡做的事情。我們已經與電動汽車領域的許多參與者合作。其中許多客戶不想公開談論我們的工作。所以我們會尊重這一點。但請注意，我們深入參與了開發，並且在這部分市場上投入了大量資金。

Ladies and gentlemen, that concludes today's question-and-answer session. I'll now turn the call back over to Mr. Griffin for any closing comments.

女士們，先生們，今天的問答環節到此結束。我現在將把電話轉回給格里芬先生，以徵求任何結束意見。

Thank you all for participating on today's call. We look forward to talking to you at upcoming investor conferences. Thank you.

感謝大家參加今天的電話會議。我們期待在即將舉行的投資者會議上與您交談。謝謝你。

Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與。