思佳訊 (SWKS) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Fourth Quarter Fiscal Year 2022 Earnings Call. This call is being recorded. At this time, I'd like to turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

下午好，歡迎參加 Skyworks Solutions 2022 財年第四季度財報電話會議。正在錄製此通話。目前，我想將電話轉給 Skyworks 投資者關係部的 Mitch Haws。霍斯先生，請繼續。

Thank you, David. Good afternoon, everyone, and welcome to Skyworks' Fourth Fiscal Quarter and Year-end 2022 Conference Call. With me today are Liam Griffin, our Chairman, Chief Executive Officer and President; and Kris Sennesael, our Chief Financial Officer.

謝謝你，大衛。大家下午好，歡迎參加 Skyworks 第四財季和 2022 年年終電話會議。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.

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 10-K 表格的年度報告，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。

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.

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. Before reviewing the fourth fiscal quarter results, I want to highlight the significant accomplishments that underpinned another year of record financial performance for Skyworks. Specifically, for fiscal 2022, we generated a record $5.5 billion in revenue, a 7% year-over-year increase. We achieved a record $2 billion in revenue for our broad markets, up 37% year-over-year, representing 36% of total revenue. We drove earnings per share to a record of $11.24, and we returned $1.3 billion to shareholders through dividends and share repurchases.

謝謝，米奇，歡迎大家。在回顧第四財季業績之前，我想強調支持 Skyworks 又一年創紀錄財務業績的重大成就。具體來說，在 2022 財年，我們創造了創紀錄的 55 億美元收入，同比增長 7%。我們為廣闊的市場實現了創紀錄的 20 億美元收入，同比增長 37%，佔總收入的 36%。我們將每股收益提高到創紀錄的 11.24 美元，並通過股息和股票回購向股東返還了 13 億美元。

Now turning to the September quarter. Our diversified portfolio and expanding set of customers drove record Q4 performance. We delivered revenue of $1.4 billion, a Q4 record and above consensus estimates. We achieved gross margin of 51.3% and operating margin of 37.6%. And we posted earnings per share of $3.02, exceeding our guidance by $0.12. In addition to the record financial results, we continued building a foundation for long-term growth with strong operational execution and design win momentum.

現在轉向九月季度。我們多元化的投資組合和不斷擴大的客戶群推動了創紀錄的第四季度業績。我們實現了 14 億美元的收入，創第四季度的記錄，高於市場普遍預期。我們實現了 51.3% 的毛利率和 37.6% 的營業利潤率。我們公佈的每股收益為 3.02 美元，超出我們的指導 0.12 美元。除了創紀錄的財務業績外，我們還繼續以強大的運營執行力和設計製胜勢頭為長期增長奠定基礎。

In mobile, we delivered integrated platforms to the leading 5G smartphone OEMs, including flagship and mid-tier launches at Google, Samsung and others. In IoT, we continue to gain new customers and extend the content. We partnered with Vodafone to launch the U.K.'s first WiFi 6E platform. We shipped into tri-band platforms for Frontier Communications, and we launched connectivity solutions with Amazon, supporting their WiFi 6 power-over-ethernet access points.

在移動領域，我們為領先的 5G 智能手機 OEM 提供集成平台，包括谷歌、三星等的旗艦和中端產品。在物聯網中，我們不斷獲得新客戶並擴展內容。我們與沃達丰合作推出了英國首個 WiFi 6E 平台。我們為 Frontier Communications 提供了三頻平台，並與亞馬遜合作推出了連接解決方案，支持他們的 WiFi 6 以太網供電接入點。

Across the infrastructure and industrial markets, we provided programmable timing solutions for a leading optical transport OEM, simplifying 400G capacity in data centers and telco networks. We captured new infrastructure wins at Samsung, enabling service providers to expand mid-band capacity and coverage. And we delivered comprehensive timing technologies delivered to a leading O-RAN small cell provider.

在基礎設施和工業市場，我們為領先的光傳輸 OEM 提供可編程時序解決方案，簡化數據中心和電信網絡的 400G 容量。我們在三星贏得了新的基礎設施，使服務提供商能夠擴大中頻容量和覆蓋範圍。我們向領先的 O-RAN 小型基站提供商提供了全面的計時技術。

In automotive, we achieved another record of quarterly results with revenue strength highlighting our connectivity and power isolation portfolio. We secured digital radio platforms with a global EV leader as well as a top European luxury brand. We developed onboard charging solutions for a leading Korean OEM, and we received a key supplier award from Schneider Electric, highlighting the capabilities of our power isolation portfolio.

在汽車領域，我們的季度業績再創紀錄，收入實力突出了我們的連接和電源隔離產品組合。我們與全球電動汽車領導者以及歐洲頂級奢侈品牌獲得了數字廣播平台。我們為一家領先的韓國 OEM 開發了車載充電解決方案，並獲得了施耐德電氣頒發的關鍵供應商獎，突出了我們電源隔離產品組合的能力。

Moving forward, mobility, the shift to the cloud and the electrification of automobiles are all key catalysts driving demand for our unique solutions. The value and utility of mobile data continues to grow, with estimates of 750 million mobile subscribers being added by 2027. In parallel, global cloud revenues are expected to reach $1 trillion by 2028, representing an annual growth rate of 16%. And by 2030, an estimated 96% of new vehicles will feature onboard connectivity and nearly 25 of those vehicles will be electric. Each of these trends require complex connectivity engines underpinning the need for high-speed, ultra-reliable, low latency performance. Skyworks is uniquely positioned to craft faster, smaller and more efficient form factors, seamlessly integrating and customizing for an expanding set of customers, end markets and applications.

展望未來，移動性、向雲端的轉變和汽車的電氣化都是推動對我們獨特解決方案的需求的關鍵催化劑。移動數據的價值和效用持續增長，預計到 2027 年將增加 7.5 億移動用戶。與此同時，到 2028 年，全球雲計算收入預計將達到 1 萬億美元，年增長率為 16%。到 2030 年，估計 96% 的新車將配備車載網絡連接，其中近 25 輛將是電動汽車。這些趨勢中的每一個都需要復雜的連接引擎來支持對高速、超可靠、低延遲性能的需求。 Skyworks 具有獨特的優勢，可以打造更快、更小、更高效的外形尺寸，為不斷擴大的客戶、終端市場和應用程序集無縫集成和定制。

As these opportunities emerge, Skyworks is poised to win with a talented team that has executed extraordinarily well in the face of macroeconomic and geopolitical headwinds. With our market-leading profitability and scale, we are leveraging strategic technologies from high-performance filters to custom gallium arsenide and advanced packaging while elevating performance for a coveted set of diverse customers.

隨著這些機會的出現，Skyworks 已準備好憑藉一支在宏觀經濟和地緣政治逆風中表現出色的才華橫溢的團隊贏得勝利。憑藉我們市場領先的盈利能力和規模，我們正在利用從高性能過濾器到定制砷化鎵和先進封裝的戰略技術，同時為一群令人垂涎的不同客戶提升性能。

With that, I will turn the call over to Kris.

有了這個，我會把電話轉給 Kris。

Thanks, Liam. Skyworks revenue for the fourth fiscal quarter of 2022 was $1.407 billion, up 7% year-over-year and up 14% sequentially, driven by both mobile and broad markets. Broad markets were particularly strong at just over $500 million of revenue in the quarter, up 30% year-over-year and representing 36% of total revenue. Gross profit in the fourth quarter was $721 million, resulting in a gross margin of 51.3%, up 30 basis points year-over-year.

謝謝，利亞姆。在移動市場和廣闊市場的推動下，Skyworks 2022 年第四財季收入為 14.07 億美元，同比增長 7%，環比增長 14%。廣闊的市場表現尤為強勁，本季度收入剛剛超過 5 億美元，同比增長 30%，佔總收入的 36%。第四季度毛利潤為 7.21 億美元，毛利率為 51.3%，同比增長 30 個基點。

Operating expenses were $192 million or 13.7% of revenue. We generated $529 million of operating income, translating into an operating margin of 37.6%. We incurred $15 million of other expenses, and our effective tax rate was 5.3%, driving net income of $486 million. Top line growth and execution on margins drove diluted earnings per share of $3.02 ahead of consensus estimates and representing growth of 24% sequentially and 15% compared to Q4 of last year.

運營費用為 1.92 億美元，佔收入的 13.7%。我們創造了 5.29 億美元的營業收入，轉化為 37.6% 的營業利潤率。我們產生了 1500 萬美元的其他費用，有效稅率為 5.3%，淨收入為 4.86 億美元。營收增長和利潤率執行推動攤薄後每股收益超過共識預期 3.02 美元，環比增長 24%，與去年第四季度相比增長 15%。

Turning to cash flow. Fourth fiscal quarter cash flow from operations was $236 million and capital expenditures were $142 million. In terms of capital allocation, during the quarter, we returned $179 million to shareholders, paying $99 million in dividends and repurchasing approximately 800,000 shares of our common stock for a total of $80 million.

轉向現金流。第四財季運營現金流為 2.36 億美元，資本支出為 1.42 億美元。在資本配置方面，本季度，我們向股東返還了 1.79 億美元，支付了 9900 萬美元的股息，並以總計 8000 萬美元的價格回購了大約 800,000 股我們的普通股。

Let's also review our fiscal year '22 performance. Revenue grew 7% to a record of $5.5 billion, gross profit was $2.8 billion, resulting in a gross margin of 51.2%. Operating income reached $2 billion with an operating margin of 37.3%. Net income was $1.8 billion, translating into a record of $11.24 of diluted earnings per share, up 7% year-over-year. Cash flow from operations was $1.4 billion. And during fiscal '22, we returned $1.3 billion of cash back to the shareholders with $373 million in dividends and $887 million in share buybacks.

讓我們也回顧一下我們 22 財年的表現。收入增長 7% 至創紀錄的 55 億美元，毛利為 28 億美元，毛利率為 51.2%。營業收入達到 20 億美元，營業利潤率為 37.3%。淨收入為 18 億美元，攤薄後每股收益達到創紀錄的 11.24 美元，同比增長 7%。運營現金流為 14 億美元。在 22 財年，我們以 3.73 億美元的股息和 8.87 億美元的股票回購向股東返還了 13 億美元的現金。

So in summary, the Skyworks team delivered record revenue and earnings per share in fiscal '22, while fortifying the business with the investments that advance our technology leadership and support long-term profitable growth.

因此，總而言之，Skyworks 團隊在 '22 財年實現了創紀錄的收入和每股收益，同時通過提升我們的技術領先地位和支持長期盈利增長的投資來鞏固業務。

Now let's move on to our outlook for Q1 of fiscal 2023. Given broad demand weakness, we expect revenue to decline on a sequential basis. Specifically, we anticipate revenue between $1.300 billion and $1.350 billion. Gross margin is projected to be in the range of 51.25% and to 51.75%. We expect operating expenses of approximately $190 million to $193 million. Below the line, we anticipate roughly $16 million in other expense and a non-GAAP tax rate of approximately 12.5%. The increase in the tax rate from prior fiscal years reflects the impact of the U.S. tax loss requiring the capitalization and amortization of R&D expenses for tax purposes starting in Q1 of fiscal '23.

現在讓我們繼續對 2023 財年第一季度的展望。鑑於廣泛的需求疲軟，我們預計收入將連續下降。具體來說，我們預計收入在 13.00 億美元至 13.50 億美元之間。毛利率預計在 51.25% 至 51.75% 之間。我們預計運營費用約為 1.9 億至 1.93 億美元。在這條線以下，我們預計其他費用約為 1600 萬美元，非公認會計原則稅率約為 12.5%。上一財年稅率的增加反映了美國稅收損失的影響，要求從 23 財年第一季度開始出於稅收目的對研發費用進行資本化和攤銷。

Absent legislative action to reverse the R&D capitalization rules we expect our full year fiscal '23 non-GAAP effective tax rate to be consistent with the 12.5% we are estimating for Q1. We also expect our diluted share count to be approximately 160.5 million shares. Accordingly, at the midpoint of the revenue range of $1.325 billion we intend to deliver diluted earnings per share of $2.59.

由於缺乏立法行動來扭轉研發資本化規則，我們預計我們的 23 財年全年非公認會計原則有效稅率將與我們估計的第一季度的 12.5% 一致。我們還預計我們的稀釋股份數量約為 1.605 億股。因此，在 13.25 億美元收入範圍的中點，我們打算實現每股 2.59 美元的攤薄收益。

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. As our record financials demonstrate, our portfolio is powering an increasingly broad set of applications across the market's most essential and fast and growing -- fastest growing segments. Our proven execution and deep customer partnerships position Skyworks to outperform. Moving forward, our revenue diversification, profitability and cash generation will fuel long-term growth, while increasing shareholder returns through dividends and share buybacks.

謝謝，克里斯。正如我們創紀錄的財務數據所表明的那樣，我們的產品組合正在為市場上最重要、最快速且增長最快的細分市場中越來越廣泛的應用程序提供支持。我們久經考驗的執行力和深厚的客戶合作夥伴關係使 Skyworks 表現出色。展望未來，我們的收入多元化、盈利能力和現金產生將推動長期增長，同時通過股息和股票回購增加股東回報。

That concludes our prepared remarks. Operator, let's open the line to 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）

We'll take our first question from Harsh Kumar with Piper Sandler.

我們將從 Harsh Kumar 和 Piper Sandler 那裡得到我們的第一個問題。

Liam, Kris and team, first of all, congratulations. These are amazing results compared to the rest of the people in the industry. Liam and Kris, you talked about macro when you talked about the guide. I wanted to understand how much of a function China and inventory problems in China is part of the decline for the December quarter? Or is U.S. a part of that as well? And then most folks are indicating that China is pretty off. I'd be curious about how your business is doing in China. So any color you have there would be appreciated. And then I've got a follow-up?

首先，祝賀 Liam、Kris 和團隊。與業內其他人相比，這些都是驚人的結果。 Liam 和 Kris，當您談到指南時，您談到了宏觀。我想了解中國的功能和中國的庫存問題在多大程度上是 12 月季度下降的一部分？還是美國也是其中的一部分？然後大多數人都表示中國很糟糕。我很好奇你們在中國的生意怎麼樣。因此，您擁有的任何顏色都會受到讚賞。然後我有後續行動？

Sure, Harsh. Appreciate the question. Yes, it's certainly been volatile across the space, but I would say that China markets have been certainly a unique, unique situation. Now as you know, for us, we've been much more focused on the higher-end brands, although we're exposed to global markets broadly. What we have seen is Android markets contract quite a bit, and within there, the OVX portfolios and mobile have been hit quite hard. But the good news for us, Harsh, and I think you know this, is that we've been slowly driving more towards the higher-end brands. The exposure to the OVX markets have been radically reduced and derisked in our portfolio. Even going back to the early days of the Huawei and ZTE and coming down to the OVX markets, we've been able to manage through those headwinds.

當然，苛刻。欣賞這個問題。是的，整個空間肯定是不穩定的，但我想說的是，中國市場肯定是一個獨特的、獨特的情況。如您所知，對我們而言，儘管我們廣泛涉足全球市場，但我們更專注於高端品牌。我們所看到的是 Android 市場大幅收縮，在其中，OVX 產品組合和移動設備受到了相當大的打擊。但對我們來說，好消息是，Harsh，我想你知道這一點，我們一直在慢慢地向高端品牌邁進。在我們的投資組合中，OVX 市場的敞口已從根本上減少並降低了風險。即使回到華為和中興通訊的早期並進入 OVX 市場，我們也能夠克服這些不利因素。

But I would say that as we go forward, the portfolio that we have in front of us is outstanding, the technology developments that we put forth, the investments that we've made in scale and technology, the diversification themes that we put forth, they are all going to be incredible benefits and tailwinds for us once these markets normalize. So we feel really good about it. China is definitely a weak spot. I think in terms of relative strength, there's still some opportunity for us, but it's definitely a bumpy part of the landscape today.

但我想說的是，隨著我們前進，我們面前的投資組合非常出色，我們提出的技術發展，我們在規模和技術方面的投資，我們提出的多元化主題，一旦這些市場正常化，它們都將為我們帶來難以置信的好處和順風。所以我們對此感覺非常好。中國絕對是一個弱點。我認為就相對實力而言，我們仍然有一些機會，但這絕對是當今形勢中崎嶇不平的一部分。

And then for my follow-up, the question that we're already getting from investors is that everybody else is sort of hurting in the industry relative to you guys. So the question that we're getting is maybe as we start to look past December, do you think that the flush in China for at least Skyworks is largely contained in the December quarter? Or do you think it's possible that China gets materially worse for you as you look into the March and maybe even the June quarter?

然後對於我的後續行動，我們已經從投資者那裡得到的問題是，與你們相比，該行業的其他所有人都受到了傷害。所以我們得到的問題是，當我們開始回顧 12 月之後，你認為至少 Skyworks 在中國的同花順在很大程度上被包含在 12 月這個季度嗎？或者你認為當你展望 3 月甚至 6 月季度時，中國對你來說可能會變得更糟？

Yes. It's hard to tell for sure, Harsh. But I would say that the relationships that we have with the key customers and the visions that we have together on opportunities, we still feel like there can be some recovery here. Of course, this is unique circumstances for the industry in general, but I definitely would look at Skyworks to outperform on a relative basis. There may be some headwinds here continued, but I expect that our team is going to be able to navigate that better than others. It's not just words. The ability to manage our fabs to deliver very, very high-performance solutions in our factories and put those together with our customers day to day.

是的。很難確定，Harsh。但我想說的是，我們與主要客戶的關係以及我們對機會的共同願景，我們仍然覺得這裡可以有所恢復。當然，這對於整個行業來說是獨特的情況，但我肯定會認為 Skyworks 在相對基礎上表現出色。這裡可能會繼續遇到一些逆風，但我希望我們的團隊能夠比其他團隊更好地駕馭它。這不僅僅是文字。管理我們的工廠的能力，以便在我們的工廠中提供非常、非常高性能的解決方案，並將這些解決方案與我們的客戶每天放在一起。

So we're not a company that puts products on the shelf and looks for our customers to pull. We work together to drive a demand curve to be very, very much in lockstep with the players that we're with. And hopefully -- that has been in the past, and hopefully, we'll continue that we can continue to drive success with our customers knowing that we're a proven supplier and a proven solution for them.

因此，我們不是一家將產品放在貨架上並尋找客戶拉動的公司。我們共同努力，推動需求曲線與我們所在的玩家非常、非常一致。希望 - 這已經成為過去，並且希望我們將繼續與我們的客戶一起推動成功，因為我們知道我們是經過驗證的供應商和經過驗證的解決方案。

Yes. And maybe I would add there that December for China is definitely the low point. It can get much lower than that. The question is when does it switch back on? Is it in March? We expect some of it to start in March or the following quarter. But again, in December, it's completely derisked. It can get much lower than that.

是的。也許我會補充說，12 月對中國來說絕對是最低點。它可以比這低得多。問題是什麼時候重新開啟？是三月份嗎？我們預計其中一些將在 3 月或下一個季度開始。但同樣，在 12 月，它完全被淘汰了。它可以比這低得多。

Next, we'll go to Matt Ramsay with Cowen.

接下來，我們將與 Cowen 一起前往 Matt Ramsay。

I guess for my first question, Liam, maybe you could talk to me about the non-mobile business and the trends there? I know there'll be a lot of questions around inventory corrections and whatnot in the smartphone market in China and with your largest customer, but I wanted to focus on the broad markets business because it's a bit more diverse. Maybe you could kind of walk us through the different sort of subsegments of that collection of businesses, the stuff that you acquired, the core Skyworks business? And if there's any puts and takes on where you're seeing weakness? I know there's some folks that across consumer devices there's certainly some weakness.

我想我的第一個問題，Liam，也許你可以和我談談非移動業務和那裡的趨勢？我知道在中國的智能手機市場以及您最大的客戶中，關於庫存調整和諸如此類的問題會有很多問題，但我想專注於廣闊的市場業務，因為它更加多樣化。也許您可以帶我們了解一下該業務集合的不同類型的細分市場，您收購的東西，Skyworks 的核心業務？如果在你看到弱點的地方有任何看跌期權？我知道有些人在消費設備上肯定存在一些弱點。

There's been hints at the start of some weakness in industrial. You guys are exposed to data center where -- and wireless, where there's some different trends in different markets. But if you could just kind of walk through the puts and takes there and what you expect that broad markets business to do in the guidance on a sequential basis, that would be really helpful?

有跡象表明工業開始出現一些疲軟。你們接觸到數據中心——和無線，在不同的市場有一些不同的趨勢。但是，如果您可以逐步了解看跌期權，以及您期望大盤業務在指導中按順序執行的操作，那真的很有幫助嗎？

Sure. Sure. Good question. Just to kind of kick that off, we ended our fiscal '22 with a $2 billion broad markets business. So that's really good. 36% of annual revenue there. So a lot of good work going on. But the opportunity there is outstanding. If you look at some of the markets that we have today, really good position, a lot of strength in mobile, and that will continue. But the broad markets business has an entirely different set of opportunities. It's much broader. The technology nodes are more far reaching, and the customer set is extremely large. I think those are important, important points.

當然。當然。好問題。只是為了開始這一點，我們以 20 億美元的廣泛市場業務結束了 22 財年。所以這真的很好。年收入的 36% 在那裡。所以很多好的工作正在進行中。但是那裡的機會非常好。如果你看看我們今天擁有的一些市場，你會發現它的位置非常好，在移動領域有很大的實力，而且這種情況將繼續下去。但廣闊的市場業務擁有完全不同的機會。它更廣泛。技術節點更深遠，客戶群極其龐大。我認為這些很重要，很重要。

If you think about where we're going right now, we're making strides in the automotive business. We're making more and more headwind here -- or more an upside in infrastructure. The IoT portfolios continue to grow, a lot of connectivity in that, but also looking at more industrial applications and industrial customers. So there's a lot going on there in broad markets. And our sales and marketing teams are working every corner of the globe here to drive revenue. There's definitely for Skyworks, a lot of headroom coming from our current base, and we expect that to be a key driver going into FY '23 and beyond.

如果您考慮一下我們現在的發展方向，我們會在汽車行業取得長足進步。我們在這裡製造了越來越多的逆風——或者更多的是基礎設施方面的優勢。物聯網產品組合繼續增長，其中有很多連接性，但也在關注更多的工業應用和工業客戶。因此，在廣闊的市場上發生了很多事情。我們的銷售和營銷團隊正在全球各個角落工作以增加收入。 Skyworks 肯定有很大的空間，我們目前的基地有很多空間，我們預計這將成為進入 23 財年及以後的關鍵驅動力。

Got it. Just as my follow-up, Kris, a quick clarification in the guide for December, up, down, flat for broad markets. And I guess my second question is, we were talking to the folks at Qualcomm last night, they have a pretty good view of the global smart mobile market given their breadth. And they talked about weakness in mid-tier Android in China, which has been there for a while, sort of expanding to weakness globally and moving into higher tiers of the market, including the premium tier with customers wanting to hold less inventory, basically across the board in smartphone. Is that something that you guys are observing in sort of the premium tier of the market as well?

知道了。正如我的後續行動，克里斯，在 12 月指南中的快速澄清，對於廣泛的市場來說，上漲、下跌、持平。我想我的第二個問題是，我們昨晚與高通公司的人交談，鑑於他們的廣度，他們對全球智能移動市場有很好的看法。他們談到了中國中端 Android 的弱點，這種弱點已經存在了一段時間，在全球範圍內逐漸擴大到弱點，並進入更高層次的市場，包括客戶希望減少庫存的高端市場，基本上跨越智能手機中的板。這也是你們在高端市場中觀察到的嗎？

Yes. So clarification on broad markets, in the guide to December, so it's kind of flattish on a sequential basis, but still up on a year-over-year basis, low single digits.

是的。因此，在 12 月的指南中對廣泛的市場進行了澄清，所以它在連續的基礎上有點平淡，但仍然同比增長，低個位數。

Next, we'll go to Raji Gill with Needham & Company.

接下來，我們將與 Needham & Company 一起前往 Raji Gill。

Congrats as well on kind of better-than-expected results relative to peers for the December guide. But I'm just curious going back to the December guide and the commentary around China. My understanding that you had significantly derisked your China handset business December of last year as you started to stop basically shipping into the channel. And China was a relatively small percentage of revenue, 2%, 3%, 4% in terms of smartphones, I might be mistaken there.

也祝賀 12 月指南相對於同行的結果好於預期。但我只是好奇回到 12 月指南和中國各地的評論。據我了解，您在去年 12 月開始基本停止向該渠道發貨時，大大降低了您在中國手機業務的風險。而中國在收入中所佔的比例相對較小，就智能手機而言，分別為 2%、3%、4%，我可能弄錯了。

And so I'm just curious, the sequential decline in mobile phone when your kind of your top customers have been ramping pretty well, better than the expectations, so just curious why the smartphone business is down sequentially in Q4 given your top customer ramp and then given your limited exposure in China?

所以我很好奇，當你的頂級客戶增長得很好，好於預期時，手機的連續下降，所以很好奇為什麼智能手機業務在第四季度連續下降，因為你的頂級客戶增長和那麼鑑於你在中國的曝光度有限？

Yes. So there's 2 parts to the business, right? So there is the large customer and then is Android. Within Android, there are 2 large players as well. There is China, basically Oppo, Vivo, Xiaomi and then there is Samsung. We definitely have been derisking China for the last couple of quarters, given the COVID-19 lockdowns and the well-documented softness in end customer demand in the China market. But there is also a Korean player in Android where we have been doing really well. We have seen very strong year-over-year revenue growth in fiscal '22 with that customer. However, that customer is also not immune to some of the softness on the global demand, including some of the European markets. And so that -- it's very well documented as well there. There is some inventory overhang at that customer and that's definitely having an impact on our December guide.

是的。所以業務有兩個部分，對吧？所以有大客戶，然後是安卓。在 Android 內部，也有 2 個大玩家。有中國，基本上是 Oppo、Vivo、小米，然後是三星。鑑於 COVID-19 的封鎖和有據可查的中國市場終端客戶需求疲軟，我們在過去幾個季度肯定一直在降低中國的風險。但在 Android 中也有一個韓國玩家，我們在這方面做得非常好。我們在 22 財年與該客戶的收入同比增長非常強勁。然而，該客戶也不能倖免於全球需求疲軟的影響，包括一些歐洲市場。所以——那裡也有很好的記錄。該客戶有一些庫存過剩，這肯定會對我們的 12 月指南產生影響。

Yes. I would also say that despite the near-term bumps with that customer, there's a great opportunity for content gains, and so we're excited about that. And there's really -- there isn't anything that's going to impede on an effort. So there's a lot of opportunity for us to round that out. I think in the China case, we have derisked appropriately but we have a great deal of opportunity with the other leading smartphone players. So -- and we're -- our teams are all over that.

是的。我還要說，儘管該客戶在短期內遇到了挫折，但內容收益的機會很大，因此我們對此感到興奮。真的 - 沒有任何東西會阻礙努力。所以我們有很多機會來解決這個問題。我認為在中國的案例中，我們適當地降低了風險，但我們與其他領先的智能手機廠商有很多機會。所以——而且我們是——我們的團隊都在這方面。

Yes. And just for my follow-up, just a question on the inventory, both kind of internal inventory as well as inventory in the channel. So if I look at the absolute dollar inventory, it's up about almost 30% on a year-over-year basis relative to revenue growth of 7%. So number one, I just wanted to get understanding of how you're managing internal inventory? And then how would you characterize, I guess, smartphone channel inventory or any inventory in the broad market? That would be helpful.

是的。只是為了我的跟進，只是關於庫存的問題，包括內部庫存以及渠道中的庫存。因此，如果我看一下絕對美元庫存，相對於 7% 的收入增長，它同比增長近 30%。所以第一，我只是想了解您如何管理內部庫存？然後你會如何描述，我猜，智能手機渠道庫存或廣闊市場中的任何庫存？那會很有幫助。

Yes. So as it relates to the internal inventory, I'm comfortable with where inventory is on our books. Actually, in the September quarter, it came down 6 days in terms of days of inventory. You have to keep in mind that the products and the solutions that we bring to market are very complex, highly integrated solutions, and we're actually doing more and more in that. That also means that actually, your production cycle times are getting extended as you have to integrate more and more, especially filters, more and more filters into our integrated solutions.

是的。因此，由於它與內部庫存有關，我對我們賬簿上的庫存位置感到滿意。實際上，在 9 月季度，庫存天數下降了 6 天。您必須記住，我們推向市場的產品和解決方案是非常複雜、高度集成的解決方案，我們實際上在這方面做得越來越多。這也意味著實際上，您的生產週期時間正在延長，因為您必須將越來越多的過濾器，尤其是過濾器，越來越多的過濾器集成到我們的集成解決方案中。

In addition to that, I've talked about that before. In a supply chain challenged environment over the last couple of years, we definitely have increased buffer stocks, making sure that we can supply to our customers. In addition to that, we are level-loading our factories. We have seasonality in our business, and we are trying to maximize factory utilizations through level loading. Having said all of that, I think the supply chain disruptions and the tightness in the supply chain is probably going to get a little bit easier. So that will allow us to potentially in the future, reduce some of those buffer stocks and will further help us to gradually bring down the days of inventory. That's on the internal inventory.

除此之外，我之前也談到過。在過去幾年供應鏈面臨挑戰的環境中，我們肯定增加了緩衝庫存，以確保我們可以向客戶供應。除此之外，我們正在對我們的工廠進行水平加載。我們的業務具有季節性，我們正試圖通過水平裝載來最大限度地提高工廠利用率。說了這麼多，我認為供應鏈中斷和供應鏈緊張可能會變得更容易一些。因此，這將使我們有可能在未來減少一些緩衝庫存，並將進一步幫助我們逐漸降低庫存天數。這是內部庫存。

On the external, in terms of channel inventory, we manage that very carefully. I would say that's at a normal level. I think we're -- the bigger issue is some of the inventory at our customers, at the phone level, and again, that's been very well documented. There's definitely pockets of elevated inventory at the phone level, especially in the Android part of the business.

在外部，就渠道庫存而言，我們非常謹慎地管理。我會說這處於正常水平。我認為我們是 - 更大的問題是我們客戶的一些庫存，在電話級別，並且再次，這已經得到了很好的記錄。手機級別的庫存肯定會增加，尤其是在業務的 Android 部分。

Next we'll go to Gary Mobley with Wells Fargo Securities.

接下來，我們將與 Wells Fargo Securities 一起討論 Gary Mobley。

I need to congratulate you as well on a strong finish to the year. I wanted to start off by asking about some customer mix percentages for the fourth quarter. Specifically, what was the mix from your largest customer? And were there any other greater than 10% customers in the fourth quarter?

我還需要祝賀你在這一年取得了圓滿成功。我想首先詢問第四季度的一些客戶組合百分比。具體來說，您最大的客戶的組合是什麼？第四季度還有其他超過 10% 的客戶嗎？

Yes. So our largest customer in the September quarter was approximately 63% of our business. So great execution by the team here, reporting the launch of our largest customer, new products that translated into a 30% sequential growth or a 14% year-over-year growth. And now there is always a lot of question about this Skyworks game content or not, while those numbers clearly illustrate that we had a major uplift in content in the new products that have been launched by our large customer.

是的。因此，我們在 9 月季度的最大客戶約占我們業務的 63%。這裡的團隊執行得非常出色，報告了我們最大的客戶的推出，新產品轉化為 30% 的連續增長或 14% 的同比增長。現在總是有很多關於 Skyworks 遊戲內容與否的問題，而這些數字清楚地表明，我們的大客戶推出的新產品的內容有了重大提升。

The other greater than 10% customers?

其他大於 10% 的客戶？

No. That was the only plus 10% customer in the quarter.

不，這是本季度唯一增加 10% 的客戶。

Okay. As my follow-up question, what sort of big or double-clicks into your Q1 guide? So it looks like it's about few hundred million dollars shy of what you would normally expect given the normal seasonal sequential comp. Can you quantify how much of that is just general market weakness versus what is inventory drawdown from what sounds like your Samsung?

好的。作為我的後續問題，您的 Q1 指南中有哪些大的或雙擊的？因此，考慮到正常的季節性順序補償，看起來它比您通常預期的少了幾億美元。您能否量化其中有多少只是普遍的市場疲軟與聽起來像三星的庫存下降？

I think the biggest culprit is definitely an inventory overhang in Android, right? In China -- I'm talking at the phone level, not necessarily at the component level. China with Oppo, Vivo, Xiaomi and then more recently as well with our Korean customer. That is definitely the main culprit here.

我認為最大的罪魁禍首肯定是 Android 的庫存過剩，對吧？在中國——我說的是電話級別，不一定是組件級別。中國有 Oppo、Vivo、小米，最近還有我們的韓國客戶。這絕對是這裡的罪魁禍首。

Next we'll go to Amber Srivastava with BMO.

接下來我們將與 BMO 一起前往 Amber Srivastava。

What is the percent of the China Android business for you now, Kris?

Kris，您現在在中國 Android 業務中所佔的百分比是多少？

Very small. Very small. As I said, we've derisked it. We've been bringing it down over the last couple of quarters because we noticed that there was an inventory overhang building up, and so we derisked it, and it's now very small.

很小。很小。正如我所說，我們已經放棄了它。在過去的幾個季度中，我們一直在降低它，因為我們注意到庫存積壓，所以我們放棄了它，現在它非常小。

Yes. And that being largely -- we're talking about China here. Obviously, we have other Android players that are continuing to drive solutions and have some -- I think some really good opportunities that will flow through the year.

是的。這主要是——我們在這裡談論的是中國。顯然，我們還有其他 Android 廠商正在繼續推動解決方案，並且有一些——我認為今年會有一些非常好的機會。

That's okay. I understand. And so just to make sure, when you say very small, it's like low single digit as a percent of total sales. And what was it at the peak? And then a quick follow-up, Kris, what's the CapEx for the full year?

沒關係。我明白。所以只是為了確保，當你說非常小的時候，它在總銷售額中的百分比是低個位數。巔峰時期是什麼？然後快速跟進，克里斯，全年的資本支出是多少？

So in fiscal '22, we did $489 million, $490 million of CapEx, which was 9% to revenue. So we definitely will continue to invest in the business, but we also will do that in a smart way. And given some of the demand softness that we experience now, we definitely are going to manage our CapEx accordingly.

所以在 22 財年，我們做了 4.89 億美元，4.9 億美元的資本支出，佔收入的 9%。所以我們肯定會繼續投資這項業務，但我們也會以一種聰明的方式去做。鑑於我們現在經歷的一些需求疲軟，我們肯定會相應地管理我們的資本支出。

Next we'll go to Blayne Curtis with Barclays.

接下來我們將與巴克萊一起去 Blayne Curtis。

I just wanted to ask you, on March, and I know you don't want to guide March probably, but just the moving pieces, obviously, big misses from Qorvo and Qualcomm, but they did both highlight content games at Samsung, that seems to be the one offset for March.

我只是想在三月問你，我知道你可能不想指導三月，但只是動人的部分，顯然，Qorvo 和高通的重大失誤，但他們都突出了三星的內容遊戲，這似乎作為三月的一個抵消。

So I guess as a 2 part, how do you feel about your content and growth at that customer? And then if you can just more thoughts as to the 2 moving pieces, should the box inventory, I guess, 0, you're shipping basically nothing, but should the Korean inventory situation be done by then? And I guess, your prospects for growth kind of with new business there?

所以我想作為一個 2 部分，您對您在該客戶的內容和增長有何看法？然後，如果您可以對 2 個活動件多考慮一下，我猜盒子庫存應該是 0，您基本上什麼都不發貨，但是到那時韓國庫存情況應該完成嗎？我猜，你的增長前景與那裡的新業務有關嗎？

Sure, Blayne. This is Liam. The content opportunity for us continues to grow. We have penetrated some really unique solutions with our largest customer and really the opportunities going forward are very bright. The engagement is outstanding. And our ability to outperform technically with that customer is continuing, and I don't think that's going to change at all. So we're really bullish on that. When we go back to things like Samsung, I think there's a lot of opportunity there. We just got an odd turn right now the way that market grew it out. But the opportunities continue to be strong. We are, I think, right now dealing with some really nice new technology that we're bringing forth in the portfolio beyond handsets.

當然，布萊恩。這是利亞姆。我們的內容機會繼續增長。我們已經與我們最大的客戶一起開發了一些非常獨特的解決方案，並且未來的機會非常光明。訂婚非常出色。我們在該客戶的技術上超越的能力仍在繼續，我認為這根本不會改變。所以我們真的很看好這一點。當我們回到像三星這樣的東西時，我認為那裡有很多機會。我們現在只是在市場發展的方式上出現了奇怪的轉變。但機會仍然很大。我認為，我們現在正在處理一些非常好的新技術，這些技術我們正在手機以外的產品組合中推出。

If you look at where this business is going to go after some of the inventory burns down -- and we're very, very tight on that, by the way. We know how to work with the largest customer. We've been doing this for years, and we're very close in terms of the signals that we have that will help us manage inventories, et cetera. But a lot of good stuff going on there, and we should definitely expect from us to do more on the Android side, maybe absent some of the China players.

如果你看看在一些庫存燒毀後這項業務將走向何方——順便說一句，我們對此非常非常緊張。我們知道如何與最大的客戶合作。多年來，我們一直在這樣做，並且就我們擁有的有助於我們管理庫存等的信號而言，我們非常接近。但是那裡有很多好東西，我們絕對應該期待我們在 Android 方面做得更多，可能會缺席一些中國玩家。

And then I just wanted to get on Matt's question on broad markets and the moving pieces because obviously, consumer WiFi sounds very weak, maybe service provider and more mixed. And then you tell me, I guess, I'm curious the direction that the Silicon Labs business is because I know they were shorted for a while and have more in terms of exposure, maybe more industrial communications and such. So just thoughts on those kind of moving pieces as to what drove the beat? And then you're not seeing much of a dip in December. Are you seeing weakness in one area and its offset? Or are you just not seeing much weakness?

然後我只是想回答馬特關於廣闊市場和動態因素的問題，因為很明顯，消費者 WiFi 聽起來很弱，可能是服務提供商，而且更複雜。然後你告訴我，我猜，我很好奇 Silicon Labs 業務的方向，因為我知道他們被做空了一段時間，並且在曝光率方面有更多，也許更多的工業通信等等。所以只是想想那些動人的作品，是什麼推動了節拍？然後你在 12 月看不到多少下滑。您是否看到某個領域的弱點及其抵消？或者你只是沒有看到太多的弱點？

Yes. So I would look at 2 things. On the MSS lab portion, really good stuff. I know you've heard it from us before, but honestly, this is a deal that has gone better than we expected and it continues to increase. So we're really excited about that. A lot of new opportunities. But then on the WiFi portfolio, as we start to move through WiFi 6 and 6E, we've got a great lead in that product line. There's a lot of technology that we're bringing to bear. It's higher grade. It's higher performance. Consumers are just now starting to buy into that, think of that WiFi as kind of a cycle similar like 5G. There's a lot of replacement and new engagement around that portfolio, and we have a great solution. So we're feeling good about that.

是的。所以我會看兩件事。在 MSS 實驗室部分，非常好的東西。我知道你以前從我們這裡聽說過，但老實說，這筆交易比我們預期的要好，而且還在繼續增加。所以我們對此感到非常興奮。很多新的機會。但是在 WiFi 產品組合上，隨著我們開始通過 WiFi 6 和 6E，我們在該產品線中取得了巨大的領先優勢。我們正在使用很多技術。檔次比較高。它的性能更高。消費者現在才剛剛開始購買，將 WiFi 視為類似於 5G 的循環。圍繞該產品組合有很多替代品和新的參與，我們有一個很好的解決方案。所以我們對此感覺良好。

And then another market that's popped up, obviously through the slab deal was automotive, and we didn't talk that much about it today yet, but it's a really critical part of the portfolio. We've got a power isolation business that's doing incredible things. We've got customer engagements with names that we wouldn't have had with the Skyworks 2 or 3 years ago. So we're really excited about that. The brands are starting to extend the application set is getting stronger, and the technologies that we're populating are really, really critical and unique.

然後另一個突然出現的市場，顯然是通過平板交易，是汽車，我們今天還沒有談論太多，但它是投資組合中非常關鍵的一部分。我們的電源隔離業務正在做令人難以置信的事情。我們已經與 2 或 3 年前 Skyworks 所沒有的名稱進行了客戶互動。所以我們對此感到非常興奮。品牌開始擴展應用程序集變得越來越強大，我們正在填充的技術非常非常關鍵和獨特。

Next we'll go to Karl Ackerman with BNP Paribas.

接下來，我們將與法國巴黎銀行一起前往 Karl Ackerman。

I appreciate taking my question. I want to follow up on Blayne's last one, which was your comps in broad markets being flattish for December. That does seem exceptionally strong versus peers after coming off outperformance in September versus your previous guide, I think to the tune of roughly 10 points. And so I guess how much of the outperformance is from some of the backlog you have serviced that I think was initially challenged by match set issues in the last quarter or 2, that seems to be loosening up. So I guess, how much of that outperformance is driven by that? And then I have a follow-up.

我很感激提出我的問題。我想跟進 Blayne 的最後一個問題，即您在 12 月份在廣闊市場上的表現持平。在 9 月份表現優於您之前的指南之後，與同行相比，這似乎異常強勁，我認為大約有 10 個百分點。因此，我猜想有多少出色的表現來自您服務的一些積壓工作，我認為這些積壓工作最初在上一季度或第二季度受到比賽設置問題的挑戰，似乎正在放鬆。所以我想，這種表現有多少是由它驅動的？然後我有一個跟進。

Yes. I mean there's some gains with kind of unfreezing that backlog. But the truth is, it's really new design wins and new opportunities. And I know we've said it before in other calls, but the organization is really melding now into a period where we've got great technology. We have engagements with customers on both sides, the slab side and obviously the core Skyworks, and the business development is going really well. The revenue is growing better than we thought actually, and we continue to see more and more opportunities for growth. And also, you've got pretty solid margins in that portfolio as well. So it's going really well. A lot more to do. I would bet hard on data center and automotive here in that portfolio, that's starting to really ramp. But it's been a great transaction, and there's a lot more to go from there.

是的。我的意思是解凍積壓會有一些好處。但事實是，這確實是新設計的勝利和新的機遇。而且我知道我們之前在其他電話會議中已經說過了，但是該組織現在確實正在融入一個我們擁有出色技術的時期。我們與雙方的客戶都有接觸，平板側和顯然是核心 Skyworks，業務發展非常順利。收入的增長比我們實際想像的要好，我們繼續看到越來越多的增長機會。而且，您在該投資組合中也有相當可觀的利潤。所以進展非常順利。還有很多事情要做。我會在該投資組合中大力押注數據中心和汽車，這開始真正開始增長。但這是一筆很棒的交易，還有很多事情要做。

No, I appreciate that, Liam. I guess to that point, the I&A division you acquired brought you new opportunities in automotive connectivity and power isolation for electric vehicles and data center hardware. Could you just talk about that? Could you just double-click on some of those opportunities because they seem to be gaining much traction? So maybe any things you might call out on that.

不，我很感激，利亞姆。我想到目前為止，您收購的 I&A 部門為您帶來了電動汽車和數據中心硬件的汽車連接和電源隔離方面的新機會。你能談談嗎？您是否可以雙擊其中一些機會，因為它們似乎獲得了很大的吸引力？因此，也許您可能會對此提出任何要求。

Yes. I mean -- so I'll give you an example. We're dealing with companies like AWS and Google Cloud and data center. That wasn't there a year or 2 ago. We didn't have that business. We come around and look at automotive, power isolation, really critical technologies. We didn't have those a year ago or 2 years ago. There's a lot of great stuff going on in the infrastructure markets that we have had a position in, but now we're expanding. And you get deeper into the automotive space, there's just an amazing set of technologies that require wireless and/or high-performance semiconductor products, and that's what we do really well. It also helps us, as we start to move further and further into autonomous, where high-speed connectivity, wireless high-speed connectivity, is absolutely critical. We all know that.

是的。我的意思是——所以我給你舉個例子。我們正在與 AWS、谷歌云和數據中心等公司打交道。一年或兩年前還不存在。我們沒有那個業務。我們來看看汽車，電源隔離，真正關鍵的技術。一年前或兩年前我們還沒有這些。基礎設施市場上有很多很棒的東西，我們在其中佔有一席之地，但現在我們正在擴張。如果您深入汽車領域，就會發現一系列令人驚嘆的技術需要無線和/或高性能半導體產品，而這正是我們真正擅長的。它也有助於我們，因為我們開始越來越多地進入自主，其中高速連接、無線高速連接是絕對關鍵的。我們都知道。

So it is really a -- it's a dovetail between great customer engagement, technology and also really diversified end markets that are growing. So we're excited about it. And like I said, we've been outperforming on that transaction. We're putting more investment into that portfolio because it's returning phenomenally. And there have been some sticky spots with supply chain, and you mentioned that in your question, that was one of the things that would drag a bit, and I think we're getting through it. But it's a different business where Skyworks is a little bit more of a big game hunter approach, and that's fine. But the I&A portfolio is much broader. And with the support and funding from the larger Skyworks, I think there's just incredible things that we can do competitively, and we're looking forward to that.

所以它真的是——它是偉大的客戶參與、技術和正在增長的真正多樣化的終端市場之間的一種結合。所以我們對此感到興奮。就像我說的那樣，我們在那筆交易中表現出色。我們正在對該投資組合進行更多投資，因為它的回報驚人。供應鏈存在一些棘手的問題，你在問題中提到，這是會拖累一點的事情之一，我認為我們正在克服它。但這是一個不同的業務，Skyworks 更像是一種大型遊戲獵人方法，這很好。但 I&A 投資組合要廣泛得多。在更大的 Skyworks 的支持和資助下，我認為我們可以在競爭中做一些令人難以置信的事情，我們對此充滿期待。

Next, we'll go to Timothy Arcuri with UBS.

接下來，我們將與瑞銀一起去蒂莫西·阿庫裡（Timothy Arcuri）。

I have 2. Kris, I have a question on the December guidance. I mean even if I 0 out China Android and 0 out Samsung, the big customer is down about 10% year-over-year, and you were down 30% year-over-year in September. The units at least aren't a really big mystery for September. So I'm just trying to foot that and reconfirm that you actually gained share this launch. I think you were planning to gain 5% to 10% content. And maybe if you did gain the share, could it be that maybe that customer bought parts for this launch much earlier because of how much money they left on the table during the last cycle due to the constraints. Can you just help us fit all that?

我有 2 個。克里斯，我有一個關於 12 月指南的問題。我的意思是，即使我 0 出中國 Android 和 0 出三星，大客戶同比下降約 10%，而 9 月份你同比下降 30%。這些單位至少在 9 月並不是一個真正的大謎團。因此，我只是想以此為基礎，並再次確認您確實獲得了此次發布的份額。我認為您計劃獲得 5% 到 10% 的內容。也許如果你確實獲得了份額，那可能是因為客戶在上一個週期中由於限製而在桌面上留下了多少錢，所以可能更早購買了這次發布的零件。你能幫我們適應這一切嗎？

Yes, Tim, I think we probably will have to take that offline and go into a deeper dive there. I think you have to take into account that part of the large customer revenue is in broad markets as we sell many of our solutions into other devices than their phones, and I think that's part of the reconciliation there. But again, the business, as I said before with the large customer is strong. It was strong in September and continue to be relatively strong in December as we execute with content gains in the new form lineup and continue to support their ramp.

是的，蒂姆，我認為我們可能不得不將其離線並在那裡進行更深入的研究。我認為您必須考慮到大客戶收入的一部分來自廣闊的市場，因為我們將許多解決方案出售給他們手機以外的其他設備，我認為這是那里和解的一部分。但同樣，正如我之前所說，與大客戶的業務很強大。它在 9 月表現強勁，並在 12 月繼續保持相對強勁，因為我們在新形式陣容中執行內容收益並繼續支持他們的增長。

Okay. Yes. Let's take it offline. I guess then the second question is really on March. And I know there was a question just asked about this, but to ask it maybe a little different way. So seasonality this year, obviously, is a bit wonky because December is usually not down, and it's down this time. March is usually down low teens, sequentially. I would think maybe it could be a little bit better than that. Can you sort of give us a little bit of a sense on March just in light of how December is like so much below normal seasonal?

好的。是的。讓我們離線。我想第二個問題真的是在三月。我知道剛才有人問過這個問題，但問的方式可能有點不同。因此，顯然，今年的季節性有點不穩定，因為 12 月通常不會下降，這次下降了。三月通常會依次下降。我想也許它可能會比這更好一點。鑑於 12 月的季節遠低於正常季節，您能否在 3 月給我們一點感覺？

Tim, so this is a very volatile environment. There is macroeconomic headwinds. There is a war going on in Europe. There is COVID flares. So we're going to stick to guiding 1 quarter at a time. But I mean some of the elements that you mentioned there, of course, could potentially have an impact on the March quarter. We discussed before, it will depend to a certain extent on how the inventory at the phone level gets resolved and when some of that Android business start picking up again.

蒂姆，所以這是一個非常不穩定的環境。存在宏觀經濟逆風。歐洲正在發生一場戰爭。有COVID耀斑。因此，我們將堅持一次指導 1 個季度。但我的意思是你在那裡提到的一些因素，當然，可能會對 3 月季度產生影響。我們之前討論過，這在一定程度上取決於手機層面的庫存如何解決，以及部分 Android 業務何時開始回暖。

Yes. And I will say that we definitely will have visibility. So we're not blind. We're really close to the customers, and so we're on top of the transaction. So everything that Kris said is exactly true. And I would just add that our ability to look through the channel and be engaged with our customers and our suppliers is very strong.

是的。我會說我們肯定會有知名度。所以我們不是瞎子。我們非常貼近客戶，因此我們處於交易的首位。所以克里斯所說的一切都是真的。我只想補充一點，我們瀏覽渠道並與客戶和供應商互動的能力非常強。

And next, we'll go to Edward Snyder with Charter Equity Research.

接下來，我們將與 Charter Equity Research 一起前往 Edward Snyder。

Liam, first of all, congratulations on the content gain. It's a largest customer, especially with the transmit DRX parts, but I suppose that puts the rest, at least for the next year, the prelaunch rumors of a net decline in content and share loss. Our total on the part showed a lot of our filters which has been a trend for you over the last several years. I was just wondering, has this brought you to the point where you feel confident about competing for something like a mid-high band module?

利亞姆，首先，祝賀內容獲得。它是最大的客戶，尤其是傳輸 DRX 部件，但我想這至少在明年將剩下的部分放在發布前關於內容淨下降和份額損失的謠言中。我們的部分總數顯示了我們的許多過濾器，這在過去幾年中一直是您的趨勢。我只是想知道，這是否讓您對競爭中高頻段模塊之類的東西充滿信心？

Or is this reliance still on really complex MUX filters put it out of reach unless we see like an RFP architecture change that would pull those modules out. I'm just trying to get a feel for -- you said really good content gains in the last several years largely on new parts. So I'm just wondering if you're going to start looking at poaching off some of the stuff that's been around for quite a long time, but you didn't have the technology for in the past. And then I have a follow-up.

或者這種依賴仍然是對真正複雜的 MUX 過濾器的依賴，除非我們看到 RFP 架構更改會拉出這些模塊。我只是想感受一下——你說在過去幾年裡，內容收益非常好，主要是在新部分上。所以我只是想知道你是否會開始考慮偷走一些已經存在了很長時間但你過去沒有技術的東西。然後我有一個跟進。

Yes. Good question, and I appreciate that. Yes, I mean, you've heard me say it before, we like to take the fast ball early, right? So we try to really capitalize on the most challenging opportunities and then kind of go downhill, and that's what we've been doing. And we really do our best work in the higher-end most challenging environments, and our design teams are exceptional, and they really enjoy this -- again, they like the hunt as well. So you're going to see us to -- I appreciate your visibility on what we've done already, which is pretty solid and more to go.

是的。好問題，我很感激。是的，我的意思是，你以前聽我說過，我們喜歡早點拿快球，對吧？因此，我們嘗試真正利用最具挑戰性的機會，然後走下坡路，這就是我們一直在做的事情。而且我們確實在最具挑戰性的高端環境中盡了最大的努力，我們的設計團隊非常出色，他們真的很喜歡——再說一次，他們也喜歡狩獵。所以你會看到我們 - 我很欣賞你對我們已經完成的事情的了解，這是非常可靠的，還有更多的事情要做。

But our design teams and our engineers are fired up. They want to take more. We're going to try to grow the portfolio with the largest customer, but also with many, many others outside the largest customers. So as you know, performance wins; complexity, resolution wins; having the ability to put that all together and make it look really easy, that's what we try to do, and hopefully, that trend will continue.

但是我們的設計團隊和我們的工程師都被解雇了。他們想拿更多。我們將嘗試與最大的客戶一起擴大投資組合，但也與最大客戶之外的許多其他人一起擴大投資組合。如您所知，性能獲勝；複雜性，分辨率取勝；有能力將所有這些放在一起並讓它看起來很容易，這就是我們試圖做的事情，並且希望這種趨勢將繼續下去。

Okay. And then just as a kind of housekeeping there. By our calculations, that was in excess of about 10% content gain. I just want to check, Kris, maybe if you could give us a reality check on that. Is that in the ballpark? Or do we feel like we're a little low there? And then if I could, Liam, should we expect the architectures -- WiFi 7 is coming? And should we expect the architecture of that, especially in phones to shift back to external amps? And if so, can they use those frequencies will have to be gas because Qorvo, obviously mentioned last night, it's an area of growth for them. So I was just curious about the technology breakdown for that and then if you're seeing more competition in that area.

好的。然後就像那裡的一種家務。根據我們的計算，這超過了約 10% 的含量增益。我只是想檢查一下，克里斯，也許你能給我們一個現實檢查。是在球場上嗎？還是我們覺得我們在那裡有點低？如果可以的話，Liam，我們是否應該期待這些架構——WiFi 7 即將到來？我們是否應該期待這種架構，尤其是在手機中轉向外部放大器？如果是這樣，他們能否使用這些頻率將必須是天然氣，因為昨晚顯然提到了 Qorvo，這對他們來說是一個增長領域。所以我只是對技術故障感到好奇，然後你是否看到該領域的競爭更加激烈。

Yes. So first, yes, you did a great job about the teardowns and your conclusion of content gains in excess of 10% is absolutely true.

是的。所以首先，是的，你在拆解方面做得很好，你關於內容收益超過 10% 的結論是絕對正確的。

And our final question comes from Vivek Arya with Bank of America.

我們的最後一個問題來自美國銀行的 Vivek Arya。

This is Blake Friedman on for Vivek Arya. So just a quick question on your large Korean customer. I know one of your peers last night also highlighted various design wins there. So just curious, from your perspective, if you're seeing an overall expansion of the TAM at this customer or if you believe you're seeing share gains in any way?

這是 Vivek Arya 的布萊克弗里德曼。所以只是一個關於你的大韓國客戶的快速問題。我知道你的一位同行昨晚也強調了那裡的各種設計勝利。只是好奇，從您的角度來看，如果您看到該客戶的 TAM 整體擴張，或者您認為您以任何方式看到了份額增長？

Yes. Honestly, here, we're starting to see an expansion of TAM with the largest Korean customer. That's always been kind of a battle for lower cost versus performance. And what we're seeing is that performance is the driver. And if you look at the incremental user experience between a mid- to a higher-end phone is exceptional. And we see it here in the U.S. with the leading player, but it's also a great opportunity for mid-tier. So there's a lot to do there, and I think that's a great opportunity for us with the largest Korean player. We've got the China business derisked, and we've got great position with the top brand. So we're looking forward to getting through some of the bumps that we're dealing with right now and moving into a stronger 2023.

是的。老實說，在這裡，我們開始看到 TAM 與最大的韓國客戶一起擴張。這一直是一場成本與性能的較量。我們看到的是性能是驅動力。而且，如果您查看中高端手機之間的增量用戶體驗，那是非常出色的。我們在美國看到了領先的玩家，但這對於中端玩家來說也是一個很好的機會。所以那裡有很多事情要做，我認為這對我們擁有最大的韓國球員來說是一個很好的機會。我們的中國業務被貶低了，我們在頂級品牌中佔有重要地位。因此，我們期待度過我們目前正在處理的一些困難，並進入更強勁的 2023 年。

Great. And then just kind of a follow-up to that, maybe more at a higher level outside of the more on the content side. At this point with 5G penetration being about like 55%, 60% of the overall market and your largest customer mostly transitioned to a full 5G suite I was just kind of hoping you could talk about the future content opportunities as the cycle matures, and more importantly, from generation-to-generation, what on average maybe the expected content growth should be?

偉大的。然後只是一種後續行動，可能更多的是在內容方面之外的更高級別。在這一點上，5G 滲透率約為 55%，整個市場的 60% 和您最大的客戶大多過渡到完整的 5G 套件，我只是希望您能談論隨著周期成熟的未來內容機會，等等重要的是，從一代到另一代，平均預期的內容增長應該是多少？

Yes. I mean the utility of these high-end smartphones is so critical to the user. So we've been seeing consistently opportunity for growth in what we call content, our technology reach, and we're not seeing that abate. And the nice thing is it's also branching out. It isn't just -- we've done some great work with Bulk Acoustic Wave and TC-SAW and capitalizing on our in-house gallium arsenide, all these unique solutions and bringing them together in a holistic solution that can go into multi-end markets. The good news is, the companies that we deal with, especially the largest ones, they want to push the envelope. They want the performance to get stronger. They want the performance to drive more applications, and that drives more technology reach for Skyworks.

是的。我的意思是這些高端智能手機的實用性對用戶來說非常重要。因此，我們一直在我們所謂的內容和技術範圍內看到不斷增長的機會，而且我們並沒有看到這種減少。好消息是它也在擴展。這不僅僅是——我們在 Bulk Acoustic Wave 和 TC-SAW 方面做了一些出色的工作，並利用我們內部的砷化鎵，所有這些獨特的解決方案，並將它們整合到一個整體解決方案中，可以進入多領域終端市場。好消息是，與我們打交道的公司，尤其是最大的公司，他們想要挑戰極限。他們希望性能變得更強。他們希望性能能夠推動更多應用，從而推動 Skyworks 獲得更多技術。

So we really don't see that change. And the usage cases around mobility and connectivity, I think everyone on this call, we all know it. It's really vibrant. We'll have pockets at quarters where things get bumpy, but the net output here is going to be up onto the right and the technologies and the know-how to put that together and engage with the right customers is, I think, very critical, and it's something that we continually try to improve upon.

所以我們真的看不到這種變化。關於移動性和連接性的使用案例，我想本次電話會議上的每個人，我們都知道。真的很生機勃勃。我們將在事情變得崎嶇不平的地方有財力，但這裡的淨產出將上升到正確的水平，我認為將這些技術和訣竅放在一起並與合適的客戶互動是非常關鍵的，這是我們不斷嘗試改進的地方。

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 remarks.

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，以聽取任何結束語。

Thank you all for participating in today's call. We look forward to talking to you at upcoming investor conferences during the quarter. Thanks, again.

感謝大家參加今天的電話會議。我們期待在本季度即將舉行的投資者會議上與您交談。再次感謝。

Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation. You may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。