思佳訊 (SWKS) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Skyworks Solutions First Quarter Fiscal Year 2023 Earnings Call. This call is being recorded. At this time, I will turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

下午好，歡迎來到 Skyworks Solutions 2023 財年第一季度收益電話會議。此通話正在錄音中。此時，我會將電話轉給 Skyworks 投資者關係部的 Mitch Haws。豪斯先生，請繼續。

Thank you, JP. Good afternoon, everyone, and welcome to Skyworks' First Fiscal Quarter 2023 Conference Call. With me today are Liam Griffin, our Chairman, CEO and President; and Kris Sennesael, our Chief Financial Officer.

謝謝你，JP。大家下午好，歡迎來到 Skyworks 的 2023 財年第一季度電話會議。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.

在我們開始之前，我想提醒大家，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解有關某些風險的信息，這些風險可能導致實際結果與今天所做的任何前瞻性陳述產生重大和不利的差異。

Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP. With that, I'll turn the call to Liam.

此外，我們將討論的結果和指導包括與我們過去的做法一致的非 GAAP 財務指標。請參閱我們公司網站投資者關係部分的新聞稿，了解與 GAAP 的完整對賬。有了這個，我會把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone. Skyworks delivered solid first fiscal quarter results with revenue exceeding consensus estimates, strong profitability and record cash flow performance.

謝謝，米奇，歡迎大家。 Skyworks 第一財季業績穩健，收入超出市場普遍預期，盈利能力強勁，現金流表現創紀錄。

Looking at Q1 in more detail. We delivered revenue of $1.329 billion, drove gross margin of 51.5% and operating margin of 37%. We posted earnings per share of $2.59 and we generated $773 million of operating cash flow, a quarterly record for Skyworks.

更詳細地查看第一季度。我們實現了 13.29 億美元的收入，推動毛利率達到 51.5%，營業利潤率達到 37%。我們公佈的每股收益為 2.59 美元，產生了 7.73 億美元的運營現金流，創下了 Skyworks 的季度記錄。

In addition to the solid financial results, we expanded our design win pipeline in several emerging high-growth segments. In IoT, we extended our broadening technology portfolio across a growing customer base. We partnered with AT&T to launch their first WiFi 6 gateways, unveiled the industry's first WiFi 7 networking system with TP-Link and leveraged our advanced connectivity portfolio to support 6 gigahertz fixed wireless access points at Cambium Networks.

除了穩健的財務業績外，我們還在幾個新興的高增長領域擴大了設計獲勝管道。在物聯網方面，我們將不斷擴大的技術組合擴展到不斷增長的客戶群。我們與 AT&T 合作推出了他們的首個 WiFi 6 網關，推出了業界首個採用 TP-Link 的 WiFi 7 網絡系統，並利用我們先進的連接產品組合支持 Cambium Networks 的 6 GHz 固定無線接入點。

Across infrastructure and industrial markets, we integrated Power-over-Ethernet functionality in Cisco modular switches for enterprise networks. We ramp timing platforms to meet high precision and speed requirements for the leading data centers. And we delivered frequency generation and clock distribution technology for 5G Massive MIMO deployments.

在基礎設施和工業市場中，我們在用於企業網絡的思科模塊化交換機中集成了以太網供電功能。我們提升計時平台以滿足領先數據中心的高精度和速度要求。我們還為 5G Massive MIMO 部署提供了頻率生成和時鐘分配技術。

In automotive, we achieved our sixth consecutive quarter of record revenue, strengthening our EV design win pipeline with onboard charger content at a Japanese automotive supplier. And securing design wins for digital radio platforms with a top European OEM.

在汽車領域，我們連續第六個季度實現了創紀錄的收入，加強了我們在一家日本汽車供應商的 EV 設計中標產品線和車載充電器內容。並與歐洲頂級 OEM 合作，確保數字無線電平台的設計獲勝。

Moving forward, the rapid expansion of mobile network traffic, advances in cloud and edge computing, IoT and the electrification of vehicles are major trends that drive complexity and demand for our highly integrated and customized solutions.

展望未來，移動網絡流量的快速擴張、雲和邊緣計算的進步、物聯網和車輛電氣化是推動我們高度集成和定制解決方案的複雜性和需求的主要趨勢。

A few highlights underscore these remarks. Wireless connections continue to proliferate with mobile network traffic doubling over the past 2 years. Market estimates project over 25 billion IoT devices to be installed by 2027.

一些要點強調了這些評論。無線連接繼續激增，移動網絡流量在過去 2 年翻了一番。市場估計到 2027 年將安裝超過 250 億個物聯網設備。

The automotive industry is undergoing a revolutionary shift towards electrification of autonomous vehicles with EVs projected to make up over 30% of the U.S. market by 2030. Skyworks is well positioned to capture growth upon these opportunities in transformative markets, leveraging key technologies, human capital and significant scale. Collaborating with our partners and customers, we are leveraging key technologies from TC-SAW to high-performance bulk acoustic wave filtering, gallium arsenide and state-of-the-art packaging.

汽車行業正在經歷一場革命性的轉變，向自動駕駛汽車的電氣化轉變，預計到 2030 年，電動汽車將占美國市場的 30% 以上。Skyworks 已做好充分準備，利用關鍵技術、人力資本和顯著的規模。通過與我們的合作夥伴和客戶合作，我們正在利用從 TC-SAW 到高性能體聲波濾波、砷化鎵和最先進封裝的關鍵技術。

These skills and capabilities position Skyworks to play a leading role in this fast evolving, rapidly growing landscape. With that, I will now turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q2.

這些技能和能力使 Skyworks 能夠在這個快速發展、快速發展的領域中發揮主導作用。有了這個，我現在將把電話轉給 Kris，討論上一季度的業績和我們對第二季度的展望。

Thanks, Liam. Skyworks' revenue for the first fiscal quarter of 2023 was $1.329 billion, exceeding consensus estimates. Mobile was approximately 65% of total revenue with weakness in Android as customers work down their inventory levels.

謝謝，利亞姆。 Skyworks 2023 年第一財季營收為 13.29 億美元，超出市場普遍預期。移動業務約佔總收入的 65%，而隨著客戶降低庫存水平，Android 業務表現疲軟。

Broad markets was approximately 35% of revenue with a strong contribution from automotive, infrastructure, industrial and the global shift to WiFi 6E and 7. Gross profit was $684 million, resulting in a gross margin of 51.5%, up 30 basis points year-over-year and up 20 basis points sequentially.

廣泛市場約佔收入的 35%，其中汽車、基礎設施、工業和全球向 WiFi 6E 和 7 的轉變做出了巨大貢獻。毛利潤為 6.84 億美元，毛利率為 51.5%，同比增長 30 個基點-年內連續上漲 20 個基點。

Operating expenses were $193 million or 14.5% of revenue. We generated $491 million of operating income translating into an operating margin of 37%. We incurred $16 million of other expense and our effective tax rate was 12.8% driving net income of $415 million and diluted earnings per share of $2.59.

運營費用為 1.93 億美元，佔收入的 14.5%。我們產生了 4.91 億美元的營業收入，轉化為 37% 的營業利潤率。我們發生了 1600 萬美元的其他費用，我們的有效稅率為 12.8%，推動淨收入為 4.15 億美元，攤薄後每股收益為 2.59 美元。

Turning to the cash flow. First fiscal quarter cash flow from operations was an all-time record of $773 million. Capital expenditures were $64 million, resulting in a record free cash flow of $709 million and a free cash flow margin of 53%. We paid $99 million in dividends and repurchased approximately 1.8 million shares of our common stock for a total of $166 million in the quarter.

轉向現金流。第一財季運營現金流創歷史新高，達到 7.73 億美元。資本支出為 6400 萬美元，自由現金流達到創紀錄的 7.09 億美元，自由現金流利潤率為 53%。本季度我們支付了 9900 萬美元的股息並回購了大約 180 萬股普通股，總計 1.66 億美元。

On a trailing 12-month basis, we have returned $1.2 billion to shareholders through dividends and buybacks. Also today, we announced that our Board of Directors has approved a new $2 billion stock repurchase program, highlighting their confidence in our business and its ability to continue generating strong free cash flow.

在過去 12 個月的基礎上，我們通過股息和回購向股東返還了 12 億美元。同樣在今天，我們宣布我們的董事會已經批准了一項新的 20 億美元的股票回購計劃，強調了他們對我們的業務及其繼續產生強勁自由現金流的能力的信心。

Now let's move on to our outlook for Q2 of fiscal 2023. We anticipate revenue between $1.125 billion and $1.175 billion. Gross margin is projected to be in the range of 50% to 50.5%. We expect operating expenses of approximately $189 million to $191 million. Below the line, we anticipate roughly $19 million in other expense and an effective tax rate of 12.5% to 13%. We expect our diluted share count to be approximately 159.5 million shares. Accordingly, at the midpoint of the revenue range of $1.150 billion, we intend to deliver diluted earnings per share of $2.02. And with that, I'll turn the call back over to Liam.

現在讓我們繼續談談我們對 2023 財年第二季度的展望。我們預計收入在 11.25 億美元至 11.75 億美元之間。毛利率預計在 50% 至 50.5% 之間。我們預計運營費用約為 1.89 億美元至 1.91 億美元。在此線之下，我們預計其他費用約為 1900 萬美元，有效稅率為 12.5% 至 13%。我們預計我們的稀釋後股份數量約為 1.595 億股。因此，在 11.5 億美元收入範圍的中點，我們打算實現每股 2.02 美元的攤薄收益。有了這個，我會把電話轉回給利亞姆。

Thanks, Kris. Skyworks delivered solid first quarter results, demonstrating strong profitability and record free cash flow generation. Importantly, our technology-centric operational scale and expanding set of innovative solutions are fueling a robust design win pipeline, positioning Skyworks to continue to outperform.

謝謝，克里斯。 Skyworks 第一季度業績穩健，展示了強勁的盈利能力和創紀錄的自由現金流生成。重要的是，我們以技術為中心的運營規模和不斷擴大的創新解決方案集正在推動強大的設計獲勝渠道，使 Skyworks 能夠繼續保持領先地位。

Despite a challenging macro environment, Skyworks remains well positioned with the most diverse customer and solution set in our history, a technically seasoned and talented workforce, a strong balance sheet and predictable cash generation underpinning our ability to fund future opportunities while returning cash to our shareholders. That concludes our prepared remarks.

儘管宏觀環境充滿挑戰，但 Skyworks 仍然處於有利地位，擁有我們歷史上最多樣化的客戶和解決方案、技術經驗豐富且才華橫溢的員工隊伍、強大的資產負債表和可預測的現金產生能力，這些都支持我們為未來機會提供資金同時向股東返還現金的能力.我們準備好的發言到此結束。

Operator, can we begin the question-and-answer session?

接線員，我們可以開始問答環節了嗎？

(Operator Instructions) Your first question comes from the line of Ambrish Srivastava from BMO Capital Markets.

（操作員說明）您的第一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

That was pretty good prepared remarks, Liam and Kris. Always appreciate it. But I just wanted to get a little bit of your thoughts on excess inventory Qorvo has talked about maybe a whole year before component inventory comes back in check. MediaTek has talked about finished goods inventory and overall 3.5 months, if I remember correctly, winding down to 2 months. So what's your take on the inventory -- excuse me, your inventory as well as in the channel? And then a quick follow-up on your own balance sheet, inventory was up quite a bit. How should we think about it going forward, Kris?

Liam 和 Kris，這是非常好的準備發言。永遠感激它。但我只是想了解一下您對 Qorvo 談到的過剩庫存的一些看法，即組件庫存可能會在整整一年內重新得到控制。聯發科談到成品庫存和整體 3.5 個月，如果我沒記錯的話，將減少到 2 個月。那麼您對庫存有何看法 - 對不起，您的庫存以及渠道？然後快速跟進您自己的資產負債表，庫存增加了很多。克里斯，我們應該如何考慮它的發展？

Sure. Yes. This is Liam. Of course, at Skyworks, we're a very operational-centric and technology company together. And a lot of our products, the lion's share of our products are done in-house in our own fabs and our own assembly and test locations. So we have really good eyes and ears on the balances here whether it be inventory on our sites or even with our partners. So we are very, very careful to ensure that we are aligning our revenue with natural demand. We always want to be right on step with our customers. I think our teams have done an incredible job. There are markets today right now that -- there has been some excess inventory, and we're just -- we're letting that bleed down.

當然。是的。這是利亞姆。當然，在 Skyworks，我們是一家非常以運營為中心的技術公司。我們的很多產品，我們產品的大部分都是在我們自己的工廠和我們自己的組裝和測試地點內部完成的。因此，無論是我們網站上的庫存，還是與我們合作夥伴的庫存，我們都非常關注平衡。因此，我們非常非常小心地確保我們的收入與自然需求保持一致。我們始終希望與客戶保持同步。我認為我們的團隊做得非常出色。現在有市場 - 存在一些過剩庫存，我們只是 - 我們正在讓它流血。

And our exposure there is extremely small. Some of the markets in China are a little bit more volatile. But in those cases, we have very little exposure. So I think it's important to note that we can control our ship and our products, working with the best customers out there, lots of great communication with our customers as well. So everybody is on the same page, and we feel really good about that. And I think it's something we'll continue to work through and be well positioned for the back half of the year.

我們在那裡的曝光度非常小。中國的一些市場波動性更大一些。但在那些情況下，我們的曝光率非常低。所以我認為重要的是要注意我們可以控制我們的船和我們的產品，與那裡最好的客戶合作，以及與我們的客戶進行大量良好的溝通。所以每個人都在同一頁上，我們對此感覺非常好。我認為這是我們將繼續努力解決的問題，並為今年下半年做好準備。

Yes. And Ambrish, as it relates to the inventory on our balance sheet, it's definitely somewhat at an elevated level, but I'm very comfortable with the level of inventory that we have right now. You have to take into account that we came out of a period where supply chains were challenged. We definitely wanted to make sure we support all the customer demand, we've been increasing some of the buffer stocks. And now more recently, of course, we have seen some softness due to some macroeconomic challenges. And we have been adjusting our wafer stocks and factory loadings accordingly. We've been doing that for a couple of quarters now proactively.

是的。而 Ambrish，因為它與我們資產負債表上的庫存相關，它肯定處於較高水平，但我對我們目前的庫存水平感到非常滿意。您必須考慮到我們正處於供應鏈受到挑戰的時期。我們絕對想確保我們支持所有客戶需求，我們一直在增加一些緩衝庫存。當然，最近，由於一些宏觀經濟挑戰，我們看到了一些疲軟。我們一直在相應地調整晶圓庫存和工廠裝載量。幾個季度以來，我們一直在積極主動地這樣做。

Having said that, again, it's a little bit elevated. So -- but you have to keep in mind that we are level loading our factories and we do expect, based on known design wins, the business to bounce back, especially in the second half of calendar year 2023. And so we will continue to level-load to support those big ramps based on known design wins with many of our customers.

話雖如此，它又有點高了。所以——但你必須記住，我們正在為我們的工廠加載水平，我們確實希望，根據已知的設計勝利，業務會反彈，尤其是在 2023 年下半年。因此我們將繼續水平負載支持那些基於已知設計的大型坡道贏得了我們許多客戶的青睞。

We also do expect some of the Android-based business in Korea and China to bounce back in the second half of the year. And so we will continue to make adjustments. I do expect that the days of inventory will come down back to a more normalized level in the second half of the calendar year.

我們也確實預計韓國和中國的一些基於 Android 的業務將在下半年反彈。因此，我們將繼續進行調整。我確實預計庫存天數將在日曆年下半年回落到更正常的水平。

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

你的下一個問題來自巴克萊銀行的 Blayne Curtis。

I had 2. And obviously, it's a tough mobile backdrop. I think these are pretty good results. Just curious if you can level set us for December. I don't know if you're willing to give how much your largest customer was but then in the March guidance, if you could just talk through how you're thinking about the iOS versus Android there? I mean, does Android bottom in December or March? And any thoughts on the recovery for Android.

我有 2 個。顯然，這是一個艱難的移動背景。我認為這些都是非常好的結果。只是好奇您是否可以為我們設置 12 月的水平。我不知道你是否願意透露你最大的客戶有多少，但在 3 月份的指導中，你是否可以談談你對 iOS 和 Android 的看法？我的意思是，Android 會在 12 月還是 3 月觸底？以及關於 Android 恢復的任何想法。

Yes. So as it relates to the large customer, revenue with that large customer was approximately 68% of total revenue. That clearly demonstrates great execution by the team supporting that large customer in the ramp of their new phone lineup. We have some great content in that phone, some really high-performance complex devices, many of those devices leveraging our bulk acoustic wave filtering. And so I think we did really well in the December quarter despite the fact that, as you know, the large customer talked about that, they were somewhat supply constrained due to some COVID-related issues in China. But the team here executed really well in December with that customer.

是的。因此，由於與大客戶相關，該大客戶的收入約佔總收入的 68%。這清楚地表明了支持該大客戶的團隊在他們的新電話陣容中的出色執行力。我們在那部手機中有一些很棒的內容，一些真正高性能的複雜設備，其中許多設備利用了我們的體聲波濾波。因此，我認為我們在 12 月季度的表現非常好，儘管如您所知，大客戶談到了這一點，由於中國的一些與 COVID 相關的問題，他們的供應有些受限。但是這裡的團隊在 12 月與該客戶的合作表現非常出色。

Yes. And Blayne, just to follow up. We are starting to get back on the saddle here with the Android portfolio. And as you know, we've actually been holding back because there was some inventory in that channel. I think there still is, but it's been bleeding. And the opportunity for us to have incremental gains there is a very high given the fact that we kind of stay on the sidelines until these inventory levels got to a more normalized position.

是的。還有 Blayne，只是為了跟進。我們開始通過 Android 產品組合重新回到馬鞍上。如您所知，我們實際上一直在阻止，因為該渠道中有一些庫存。我認為還有，但它一直在流血。鑑於我們在這些庫存水平達到更正常的位置之前一直處於觀望狀態，因此我們獲得增量收益的機會非常高。

It's not about the product. The products are ready to roll. We've got everything we need to drive that business, but we just want to be careful as the markets move forward. So -- but we have the design win momentum for sure.

這與產品無關。產品已準備好滾動。我們擁有推動該業務所需的一切，但我們只想在市場向前發展時保持謹慎。所以 - 但我們肯定有設計獲勝的勢頭。

And then I wanted to ask you on broad market. Whether you think that business would be up in March as part of the guidance. And then I know you had a record I&A quarter in September. Just kind of curious how that business is doing trajectory-wise.

然後我想在大盤上問你。作為指導的一部分，您是否認為該業務將在 3 月份上升。然後我知道你在 9 月份有一個創紀錄的 I&A 季度。只是有點好奇該業務的軌跡如何。

Yes. So in the broad markets, as we said, was in December, roughly 35% of our overall revenue. It was slightly down on a year-over-year basis as we see similar things that some of our peers and competitors are seeing in that market due to some macroeconomic headwinds, there's a little bit of a softer demand. But on the flip side, we definitely saw strength for Skyworks Solutions in the automotive segment, some parts of the infrastructure and industrial segments. And as we said as well, we see some really good traction in the upgrade to WiFi 6E, which is a big step-up in content as well as some early design wins that are being turned into revenue for WiFi 7.

是的。因此，正如我們所說，在 12 月份，在廣泛的市場中，大約占我們總收入的 35%。由於一些宏觀經濟逆風，我們看到一些同行和競爭對手在該市場看到的類似情況，因此與去年同期相比略有下降，需求略有疲軟。但另一方面，我們確實看到了 Skyworks Solutions 在汽車領域、基礎設施和工業領域的某些部分的實力。正如我們所說，我們看到升級到 WiFi 6E 的一些非常好的牽引力，這是內容的一大進步，以及一些早期的設計勝利正在轉化為 WiFi 7 的收入。

As it relates to the March quarter, we do expect broad markets to be slightly down sequentially, somewhat in line with normal seasonality.

由於與 3 月季度相關，我們確實預計大盤會環比略有下跌，這在某種程度上與正常的季節性一致。

Your next question comes from the line of Gary Mobley from Wells Fargo.

你的下一個問題來自 Wells Fargo 的 Gary Mobley。

There have been some teardown reports out there that have highlighted your content associated with the satellite link, I guess, in particular, with your largest customer, somewhere in the order of 4 or 5 specific sockets for you guys. Can you speak to the content opportunity for you, not only the iOS world, but as well the Android world?

那裡有一些拆解報告突出顯示了您與衛星鏈接相關的內容，我想，特別是與您最大的客戶，大約有 4 或 5 個特定插座供你們使用。你能談談你的內容機會嗎，不僅是 iOS 世界，還有 Android 世界？

Yes. I think we are engaged with all of the relative and meaningful applications. And I think if you're referring to Satcom, is that right?

是的。我認為我們參與了所有相關且有意義的應用程序。我想如果你指的是衛星通信，對嗎？

That's right.

這是正確的。

Yes, sure. Absolutely. So we have the technology, the IP and kind of the building blocks to make that work. It's an early -- it's still early in the global market, but it's definitely an opportunity to bring more scale to units. And so we definitely are -- we're engaged, we're involved. We have the technologies to make some of these work. We also have the partnerships with the companies that can do some of the -- kind of the groundwork to have that network evolve. And it would be a great opportunity for a company like Skyworks. We have many of the building blocks. We understand in the radio frequency space deeply, [any of the] Satcom world as well.

是的，當然。絕對地。因此，我們擁有實現這一目標的技術、IP 和構建模塊。這是一個早期 - 它在全球市場上還處於早期階段，但這絕對是一個為單位帶來更多規模的機會。所以我們肯定是——我們參與了，我們參與了。我們擁有使其中一些工作發揮作用的技術。我們還與可以做一些 - 使該網絡發展的基礎工作的公司建立了合作夥伴關係。對於像 Skyworks 這樣的公司來說，這將是一個很好的機會。我們有許多構建基塊。我們對無線電頻率空間有深刻的了解，[任何] 衛星通信世界也是如此。

So it's an evolving opportunity, and we'll definitely be at the table we are today, but more upside to come as the markets evolve.

所以這是一個不斷發展的機會，我們肯定會坐在今天的桌子上，但隨著市場的發展會有更多的上升空間。

Okay. This is my follow-up, I want to ask about utilization of your supply. It sounds like you won't have any underutilization charges associated with internal supply, at least not for the intermediate term. But maybe if you can speak to external supply, purchase commitments there and your ability to fully utilize those without taking these sort of reserve.

好的。這是我的跟進，我想問一下你們供應的利用率。聽起來你不會有任何與內部供應相關的未充分利用費用，至少在中期不會。但也許如果你能與外部供應商談，在那裡購買承諾，並且你有能力在不採取這些儲備的情況下充分利用這些承諾。

Yes, Gary. As indicated before, we have been managing this proactively for many quarters right now. And we are adjusting our factory loadings all the time, depending on the demand that we see. And of course, the earlier you do that, the more attractive you are, the more you can take the time to, of course, accordingly adjust your cost structure, taking out cost where needed. While at the same time, of course, continue to work on operational efficiencies, yield improvements and so on.

是的，加里。如前所述，我們現在已經在多個季度主動管理此問題。我們一直在根據我們看到的需求調整我們的工廠負荷。當然，你越早這樣做，你就越有吸引力，你就越能花時間相應地調整你的成本結構，在需要的地方扣除成本。與此同時，當然，還要繼續致力於提高運營效率、提高產量等。

We've done that with our internal factories. We've done that with our third-party purchasers and vendors as well. Having an open dialogue, making sure we have, on one hand, enough capacity in place, but at the same time, not overcommitting as well. And I think the team has executed pretty well on that.

我們已經通過我們的內部工廠做到了這一點。我們也與我們的第三方採購商和供應商一起這樣做了。進行公開對話，確保我們一方面有足夠的能力，但同時也不會過度投入。而且我認為團隊在這方面執行得很好。

Your next question comes from the line of Toshiya Hari from Goldman Sachs.

你的下一個問題來自高盛的 Toshiya Hari。

Liam, I was hoping you could provide a little bit more context, a little bit more color around your broad markets business. I think you talked about record revenue in your automotive business and strength across comms and the industrial end market as well. But specifically, I was hoping you could size those individual buckets within broad markets in calendar '22 where you landed from a revenue standpoint across those key end markets? And how you're thinking about the forward.

利亞姆，我希望你能提供更多背景信息，為你的廣泛市場業務提供更多色彩。我想你談到了你的汽車業務創紀錄的收入以及跨通信和工業終端市場的實力。但具體來說，我希望你能在 22 年日曆中從收入的角度在這些關鍵終端市場登陸的廣泛市場中確定這些個人桶的大小？以及你如何看待前鋒。

And on the forward, I guess, the commentary on automotive from most of your peers continues to be pretty bullish and pretty positive. But there are signs of moderation in comms and industrial. So I was hoping to hear what you're seeing in those markets as well.

我想，在未來，大多數同行對汽車的評論仍然非常樂觀和積極。但在通信和工業領域有放緩的跡象。所以我也希望聽到你在這些市場上看到的情況。

Sure. Well, we put a lot of energy into those markets, and we're getting great returns. And the size of the opportunity there is substantial and some of those products and markets that were not really the purview of Skyworks 2, 3, 4 years ago, but they are now. So the automotive opportunity for Skyworks has been incredible leveraging some of the IP that we brought in with the SLAB I&A deal, coupled with our own internal developments and design wins and technology partners. We've got a business now that is in the hundreds of millions of dollars a year, really at a time where EV and electrification of vehicles is really just starting. So I think this is going to be an incredible piece for us, one of the markets that will drive our broad market's portfolio.

當然。好吧，我們在這些市場上投入了大量精力，並且獲得了豐厚的回報。那裡的機會很大，其中一些產品和市場在 2、3、4 年前並不是真正屬於 Skyworks 的範圍，但現在是了。因此，Skyworks 在汽車領域的機會令人難以置信，它利用了我們通過 SLAB I&A 交易帶來的一些 IP，以及我們自己的內部開發和設計勝利以及技術合作夥伴。我們現在的業務每年達到數億美元，實際上是在電動汽車和汽車電氣化才剛剛起步的時候。因此，我認為這對我們來說將是一件令人難以置信的事情，它將成為推動我們廣泛市場投資組合的市場之一。

The other thing is the IoT space generally is really clicking now for us. And you've heard for years that if we think about our solutions, they're not just handsets. We leverage the handset because it's a great opportunity to demonstrate what benefits we could have as a user but we're starting to drive the same types of technologies in IoT, things like WiFi, for example, GPS, many other sensor technologies that we can populate with our solutions. So some of that core wireless engines don't have to be specific to smartphones, but that technology, that know-how, that scale, and the ability for Skyworks to uniquely develop end market solutions, I think, is quite a differentiator. And we're really just getting the wheels turning on those opportunities, but there's definitely quite a large opportunity set for us over the next 4 to 5 years.

另一件事是物聯網領域現在對我們來說真的很受歡迎。多年來您一直聽說，如果我們考慮我們的解決方案，它們不僅僅是手機。我們利用手機是因為這是一個很好的機會來展示我們作為用戶可以獲得哪些好處，但我們開始在物聯網中推動相同類型的技術，例如 WiFi，例如 GPS，以及我們可以使用的許多其他傳感器技術填充我們的解決方案。因此，一些核心無線引擎不必特定於智能手機，但我認為，這種技術、這種專業知識、這種規模以及 Skyworks 獨特開發終端市場解決方案的能力是一個很大的差異化因素。我們真的只是讓車輪轉動這些機會，但在未來 4 到 5 年內，我們肯定會有相當大的機會。

Got it. And then as a quick follow-up, one for Kris on gross margin. In the December quarter, your margins came in, in-line. They were up a little bit both sequentially and year-over-year despite revenue declining both sequentially and year-over-year. So curious what were some of the positive offsets in December? And then more importantly, for the March quarter, you're guiding gross margin's down, I guess, roughly 100 basis points, give or take. I mean is that primarily revenue or something else going on?

知道了。然後作為快速跟進，Kris 的毛利率。在 12 月季度，您的利潤率符合預期。儘管收入環比和同比均有所下降，但它們環比和同比都有所上升。很好奇 12 月的一些積極抵消是什麼？然後更重要的是，對於三月季度，你指導毛利率下降，我猜，大約 100 個基點，給予或接受。我的意思是主要是收入還是其他原因？

Yes. First of all, I'm pleased with the fact that in December, we did 51.5% gross margins, up 30 basis points year-over-year, up 20 basis points sequentially despite the challenging macroeconomic environment. And I think, again, kudos to the team who continue to drive operational efficiencies into our factories with great execution there. And that's really, I think, the main driver there, how we are able to keep up the margins where they are. Again, despite some of the adjustments that we make in terms of factory loadings.

是的。首先，我很高興在 12 月，儘管宏觀經濟環境充滿挑戰，但我們的毛利率為 51.5%，同比增長 30 個基點，環比增長 20 個基點。我認為，再次向團隊致敬，他們繼續以出色的執行力推動我們工廠的運營效率。我認為，這真的是那裡的主要驅動力，我們如何能夠保持利潤率。同樣，儘管我們在工廠負荷方面進行了一些調整。

As it relates to March, you have a little bit of a mix that comes into play and some of those headwinds, right, the revenue, as you indicated, that translate into the adjustments we make on the factory loadings. When you put it all together, I'm guiding margins in the low 50s.

與 3 月有關，你有一些混合因素在發揮作用，其中一些逆風，正確的，收入，正如你所指出的，轉化為我們對工廠裝貨量所做的調整。當你把它們放在一起時，我指導的利潤率在 50 多歲左右。

On one hand, I'm not happy with it. I wish it was 53%, and we're going to continue to work hard to get at 53%. But on the other hand, I'm happy with where we are from a margin point of view right now.

一方面，我對此並不滿意。我希望它是 53%，我們將繼續努力達到 53%。但另一方面，從利潤率的角度來看，我對我們現在所處的位置感到滿意。

Your next question comes from the line of Matt Ramsay from Cowen.

你的下一個問題來自 Cowen 的 Matt Ramsay。

Yes. I wanted to ask about sort of inventory levels. I mean there's been tons of conversation through this earnings cycle around inventory levels in the smartphone space. But I'm maybe more curious about the broad markets business. You guys mentioned a couple of times the obvious macroeconomic things that are going on and maybe affecting that business, having it be down a little bit.

是的。我想問一下庫存水平。我的意思是，在這個盈利週期中，圍繞智能手機領域的庫存水平進行了大量討論。但我可能對廣泛的市場業務更好奇。你們提到了幾次明顯的宏觀經濟事件，這些事情正在發生並且可能會影響該業務，讓它有所下降。

How diverse is the inventory situation in the broad markets business? Maybe you just kind of walk through, what business goes direct, what business goes through the channel and how you're seeing inventory levels just for broad markets in the near-term?

廣泛市場業務的庫存情況有多多樣化？也許您只是簡單地了解一下，哪些業務是直接進行的，哪些業務是通過渠道進行的，以及您如何看待短期內廣泛市場的庫存水平？

Sure. Sure. This is Liam. The good news here is the broad market portfolio is very diverse, extremely diverse. And it's leading towards a lot of great opportunity in many different end markets. So we have a pretty decent play there. And our teams on the operational side are highly sophisticated, we have our own supply chains. We do most of our stuff in-house. So we have a really good read on inventories are and where they should be. And I think we're managing it quite well. There's certainly some pockets of inventory out there, but really nothing that's going to impede the progress of the business.

當然。當然。這是利亞姆。這裡的好消息是廣闊的市場組合非常多樣化，極其多樣化。它在許多不同的終端市場帶來了很多巨大的機會。所以我們在那裡有一個相當不錯的發揮。我們在運營方面的團隊非常成熟，我們有自己的供應鏈。我們在內部完成大部分工作。因此，我們對庫存情況和庫存情況有很好的了解。我認為我們管理得很好。肯定有一些存貨，但實際上沒有什麼會阻礙業務的發展。

I think the really cool thing is the number of new customers that we're bringing in. And there's a mix issue when you're doing kind of the $10,000 and $20,000 accounts versus the $1 million accounts that you may have in some of the smartphone space. So a little bit of a different play. But the diversification, the margin profiles are outstanding.

我認為真正酷的是我們帶來的新客戶數量。當你在做 10,000 美元和 20,000 美元的賬戶與你在某些智能手機中可能擁有的 100 萬美元的賬戶時，存在一個混合問題空間。所以有點不同的玩法。但是多元化，利潤率非常出色。

And like you know, Skyworks is an operator. We do just about everything in-house. And the ability to do that also includes great supply chain management, our sales teams being online, understanding where distribution plays versus direct, there's a lot of angles there that we can control. It's not easy, but it's the way we work this business. And I think we're starting to really see the benefits there in broad market and the diversification.

如您所知，Skyworks 是一家運營商。我們幾乎所有的事情都在內部進行。做到這一點的能力還包括出色的供應鏈管理，我們的銷售團隊在線，了解分銷與直接銷售的關係，我們可以控制很多角度。這並不容易，但這是我們開展這項業務的方式。而且我認為我們開始真正看到廣闊市場和多元化的好處。

We've talked about a few major new segments like automotive. Automotive is really tough. You've got to get certification. You got to prove, your ability to execute in challenging environments. There's a lot there. We've done all that work. And we've really kind of flexed our muscles in some of the tough cases in mobile over the years, but those -- the efforts there and the knowledge that we've built is applicable for so many other markets.

我們已經討論了幾個主要的新領域，例如汽車。汽車真的很難。你必須獲得認證。你必須證明，你有能力在充滿挑戰的環境中執行任務。那裡有很多。我們已經完成了所有這些工作。多年來，我們在移動領域的一些棘手案例中確實展示了我們的力量，但那些——那裡的努力和我們積累的知識適用於許多其他市場。

So we look forward to it. There's always going to be a couple of bumps and a few wrinkles, but the diversification is playing well. The customer set is growing. And the lion's share of our top tier customers are really accounts and companies that matter. So we're looking forward to more as we go forward.

所以我們很期待。總會有一些顛簸和皺紋，但多元化運作良好。客戶群正在增長。在我們的頂級客戶中，絕大部分是真正重要的客戶和公司。因此，隨著我們的前進，我們期待更多。

Really appreciate it. Kris, just to follow up on that topic. You had said in your script about the business snapping back in the mobile business in the back half of the calendar year, and I think we're all kind of modeling that as we work our way through the inventory correction in smartphone. But just seasonally or based on the inventory comments that Liam just made, how do you think about the shape of the year potentially in broad markets? Is that a business that can still grow again for the fiscal year and just how should we think about the shape of that as it comes back?

真的很感激。克里斯，只是為了跟進那個話題。你在你的劇本中說過，在日曆年的下半年，移動業務的業務會迅速恢復，我認為我們都在建模，因為我們正在努力解決智能手機的庫存問題。但只是季節性或根據利亞姆剛剛發表的庫存評論，你如何看待今年廣泛市場的潛在形態？這是一家在本財年仍能再次增長的企業嗎？當它回歸時，我們應該如何考慮它的形態？

Yes. No, we -- our broad markets business, as you know, it's a $2 billion -- on or about $2 billion business on an annual basis. And despite some of those macroeconomic headwinds and challenges and somewhat softer demand and maybe a little bit of inventory correction that is going on, we do believe that we can grow our broad markets business this year. And I'm not going to repeat what Liam just said, but we have strong design win momentum. We play in some high-growth markets with some really key technologies. And based on all of that, we do believe we can grow our broad markets business.

是的。不，我們 - 我們的廣泛市場業務，正如你所知，它是一個 20 億美元的 - 每年約 20 億美元的業務。儘管存在一些宏觀經濟逆風和挑戰以及需求有所疲軟以及可能正在進行一些庫存調整，但我們確實相信我們今年可以發展我們的廣泛市場業務。我不想重複利亞姆剛才說的話，但我們有強大的設計取胜勢頭。我們利用一些非常關鍵的技術在一些高增長市場中發揮作用。基於所有這些，我們相信我們可以發展我們廣泛的市場業務。

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

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

Sounds like you're doing very well at your largest customers and you plan to do well again this year. But a real quick question about Samsung and first of all, did they broach 10% this quarter? More importantly, both in Samsung and in China, you've kind of missed a falling knife there because you don't really participate very much at all. I know that Samsung is converting over to modules in the [MASS ship], et cetera. What are your prospects for, let's say, revenue growth because everything is going to be content growth, specifically at Samsung this year because phone demand slowing for them, the ASPs in their flagship are way below where they were when they were doing a custom design. I know that the flip side is true for the MASS ship , but you don't play bigger than MASS ship .

聽起來你在最大的客戶方面做得很好，而且你計劃今年再次做得很好。但是關於三星的一個真正快速的問題，首先，他們本季度是否突破了 10%？更重要的是，無論是在三星還是在中國，你都錯過了一把落刀，因為你根本沒有真正參與其中。我知道三星正在轉換為 [MASS ship] 中的模塊，等等。你的收入增長前景如何，因為一切都將是內容增長，特別是今年三星，因為他們的手機需求放緩，他們旗艦產品的 ASP 遠低於他們進行定制設計時的水平.我知道 MASS ship 的另一面是正確的，但你玩的不是比 MASS ship 更大的遊戲。

So I'm trying to get a better profile of what you think seriously could occur this year, calendar year '22 at Samsung given all the different moving parts and the fact that luckily you weren't playing much there at all in the last year or 2. And then if you maybe you could break that down between flagship and MASS ship , what you think about each of those prospects, that would be helpful. And then I had a follow-up, please.

所以我試圖更好地了解你認為今年可能會發生的事情，三星的 22 日曆年，考慮到所有不同的活動部件，幸運的是你去年根本沒有在那裡玩太多或 2. 然後，如果您可以在旗艦船和 MASS 船之間進行分解，您對這些前景的看法會有所幫助。然後我有一個跟進，拜託。

Yes, just add. So Samsung was less than a 10% customer. I think it's very well documented. They are going through an inventory burn-off period right now. And again, proactively, we have reduced our shipments to that customer, especially in the December quarter. And I'll hand it over to Liam to provide some more color on Samsung.

是的，只是添加。所以三星不到 10% 的客戶。我認為它有很好的記錄。他們現在正在經歷庫存消耗期。再一次，我們主動減少了對該客戶的出貨量，尤其是在 12 月季度。我會把它交給 Liam 來為三星提供更多顏色。

Yes. I mean it's -- look, Samsung is a major player in the industry, and I think they got banged up a bit here in the cycle as did some other Android players. So we've been working through that, Ed. And the irony is like we've actually got some pretty good content in those phones. And so we look forward for the inventory to get cleared and we'll be up and to the right in terms of our business there. But I think some of that is just the volatility that the semiconductor industry and even beyond, I mean, the technology industry is going through and trying to sort through ways to get back on their feet, so to speak.

是的。我的意思是——看，三星是這個行業的主要參與者，我認為他們在這個週期中和其他一些 Android 參與者一樣受到了一些打擊。所以我們一直在努力解決這個問題，Ed。具有諷刺意味的是，我們實際上已經在這些手機中獲得了一些非常好的內容。因此，我們期待庫存得到清理，我們將在那裡開展業務。但我認為其中一些只是半導體行業乃至其他行業的波動，我的意思是，技術行業正在經歷並試圖通過各種方式重新站起來，可以這麼說。

And we're very focused on our own inventory and our own supply chain. So we have eyes and ears. We never want it too hot or too cold. We want to be able to deliver what the customers want. We stepped back a bit on Android as the inventory levels were building in the channel. We didn't want any part of that. Samsung is a great, great customer. Just having some bumps, we're going to work with them and ensure that we can do everything we can to help not only on the technology side, but even on the fulfillment side.

我們非常專注於我們自己的庫存和我們自己的供應鏈。所以我們有眼睛和耳朵。我們永遠不希望它太熱或太冷。我們希望能夠提供客戶想要的東西。由於渠道中的庫存水平正在增加，我們在 Android 上稍稍退後一步。我們不想要其中的任何一部分。三星是一個非常非常好的客戶。只是遇到了一些障礙，我們將與他們合作，並確保我們能夠盡我們所能，不僅在技術方面提供幫助，甚至在實現方面也提供幫助。

So I think that's a temporary blip, honestly, I think Samsung is going to continue to do very well. They're a significant company with a lot of technology and the markets in Korea are very dynamic in cell phones and technologies that we make are vital and viewed as a really critical asset for a person there. So we think that's going to flow over and we'll start to see more accretive revenue in the second half.

所以我認為這只是暫時的現象，老實說，我認為三星會繼續做得很好。他們是一家擁有大量技術的重要公司，韓國市場的手機和技術非常活躍，我們製造的技術至關重要，被視為對當地人來說非常重要的資產。所以我們認為這將會過去，我們將在下半年開始看到更多的增長收入。

And if I could, you've done particularly well at your BAW. It was rather surprising to see you go head to head with some of the leading BAW guys and actually win in that. So I'm trying to get my arms around second half of the year, say, content growth. We saw you took the satellite. We don't tear down. We got your satellite part. I think we illustrated that twice as many BAW filters in your TRx. You transmit the RX module as last year.

如果我可以的話，你在 BAW 方面做得特別好。看到你與一些領先的 BAW 人正面交鋒並真正獲勝，真是令人驚訝。所以我試圖在今年下半年左右，比如內容增長。我們看到你拿走了衛星。我們不拆毀。我們得到了你的衛星部分。我認為我們在您的 TRx 中說明了兩倍的 BAW 濾波器。您像去年一樣傳輸 RX 模塊。

And I know it sounds from this call and from what we've picked up is that you're pretty optimistic about second half content. Is it going to be a new -- should we be looking for new classes of parts like you did with satellite? Or is it going to be more content, especially in the BAW side of the business with some of the existing capabilities spread because we're also obviously hearing Qorvo didn't make no secret the fact that they're going to gain some in areas they had before like antennaplexers. So I'm just trying to get my arms around how competitive the market is going to be in BAW and where you guys think you'll fit in with that given what you've done in the last couple of years.

我知道從這次電話會議和我們了解到的情況來看，您對下半年的內容非常樂觀。它會是一個新的——我們應該像你在衛星上做的那樣尋找新的零件類別嗎？或者它會變得更加豐富，特別是在業務的 BAW 方面，一些現有的功能得到傳播，因為我們也顯然聽到 Qorvo 並沒有公開他們將在一些領域獲得一些的事實他們以前有像天線復用器。所以我只是想了解市場在 BAW 中的競爭程度，以及你們認為鑑於你們在過去幾年所做的事情，你們會在哪裡適應這個市場。

Yes. No, that's great. That's great. I mean you know the business and you know the technology. So the nice thing here is I felt like some of the technologies were ready to go, but the market wasn't there, right? The appetite, the consumer appetite or the customer appetite wasn't really jumping all over this technology. But now you're starting to see, as we get more and more nodes and we're starting to get more efficient in delivering high-speed data and it's just becoming an opportunity for us now for -- at a more broad level. And I think you're going to see a small set of players of which we're going to be one, of course, that can do what needs to be done with these incredible customers.

是的。不，那太好了。那太棒了。我的意思是您了解業務並且了解技術。所以這裡的好處是我覺得有些技術已經準備好了，但市場還不存在，對吧？胃口、消費者胃口或客戶胃口並沒有真正跳到這項技術上。但現在你開始看到，隨著我們獲得越來越多的節點，我們開始更有效地提供高速數據，這正成為我們現在的一個機會——在更廣泛的層面上。而且我認為你會看到一小部分玩家，我們當然會成為其中的一員，他們可以做這些令人難以置信的客戶需要做的事情。

I mean the customers today, it's changed so much from a standard cell phone that needs the requirements, the current consumption, the ability to run globally, it's becoming more and more complex, and we love that. That's exactly what we want to see. We want to solve the tough problems.

我的意思是今天的客戶，它與需要要求、電流消耗、全球運行能力的標準手機相比發生了很大變化，它變得越來越複雜，我們喜歡這樣。這正是我們希望看到的。我們要解決棘手的問題。

You know from the technology side, and this stuff is not easy, right? When you're bringing in all these disparate technologies into one simple module, apparently simple, right? It's really hard to do. And it's one of the things that our teams here at Skyworks love to do, our technologists, our operational team, all the way to sales. And so we love that opportunity. We love that complexity and the more use cases that emerge are great for us.

你從技術方面知道，這並不容易，對吧？當您將所有這些不同的技術引入一個簡單的模塊時，顯然很簡單，對吧？這真的很難做到。這是我們在 Skyworks 的團隊、我們的技術人員、我們的運營團隊，一直到銷售團隊都喜歡做的事情之一。所以我們喜歡這個機會。我們喜歡這種複雜性，出現的更多用例對我們來說非常好。

And just to illustrate that point, our revenue from devices that have BAW filters inside is getting really close to a $2 billion annualized run rate and so it's definitely a major success story, and we believe that number will continue to go up to the ride.

為了說明這一點，我們從內置 BAW 濾波器的設備中獲得的收入確實接近 20 億美元的年化運行率，因此這絕對是一個重大的成功案例，我們相信這個數字將繼續上升。

Your next question comes from the line of Chris Caso from Credit Suisse.

你的下一個問題來自瑞士信貸的 Chris Caso。

Question about the Android business in general and how that translates to linearity through the year. And you said last quarter that you thought that the China business would be the low point in December. What -- did that turn out to be true? Is that true in general for Android either in December or March and if that business is sort of bottoming out, does that have any implications for June? Do you think that March quarter would be the low point in the year for revenue?

關於 Android 業務的總體問題以及它如何轉化為全年的線性度。你上個季度說你認為中國業務將在 12 月達到最低點。什麼——事實證明這是真的嗎？ Android 在 12 月或 3 月是否普遍如此？如果該業務觸底反彈，這對 6 月有何影響？您認為 3 月季度將是今年收入的最低點嗎？

Yes. I think that's fair. December was low. March will continue to remain low as especially China. Oppo, VIVO, Xiaomi and to a certain extent, Samsung as well are still going through this inventory burn-off process. But then I think we will start seeing some improvements in the June quarter and then for sure, in the back half of calendar year 2023.

是的。我認為這很公平。十二月很低。 3 月將繼續保持低位，尤其是中國。 Oppo、VIVO、小米，在某種程度上，三星也在經歷這個庫存消耗過程。但我認為我們將在 6 月季度開始看到一些改善，然後肯定會在 2023 日曆年下半年看到一些改善。

Got it. That's helpful. And maybe a little longer term, as we look at the revenue prospects over the next 2 years or so after we get through this inventory correction that's going on right now, what do you expect to be the relative growth rates between the mobile business and broad markets? I know you've spoken a lot about the content that you expect to get in the mobile business. But do you expect that you can grow the mobile -- I'm sorry, the broad markets business at a faster rate? And maybe 2 years out, what do you expect broad markets to be as a percentage of revenue?

知道了。這很有幫助。也許從長遠來看，當我們審視未來 2 年左右的收入前景時，在我們完成目前正在進行的庫存調整後，您預計移動業務和廣泛業務之間的相對增長率是多少？市場？我知道您已經談了很多您希望在移動業務中獲得的內容。但是你是否期望你能以更快的速度發展移動——對不起，廣泛的市場業務？也許 2 年後，您預計廣闊市場佔收入的百分比是多少？

Yes. I would -- definitely, Chris, we're expecting double-digit top line in the broad markets for sure, mid-level top line, and we should be in the teens, I believe, given what we can do, what our products look like and obviously, when the air gets cleaned, the markets will be stronger. I think we're going to be in great shape.

是的。我會 - 克里斯，我們肯定會在廣泛的市場中期待兩位數的收入，中等水平的收入，而且我相信我們應該處於十幾歲，考慮到我們能做什麼，我們的產品是什麼看起來很明顯，當空氣得到淨化時，市場將會更加強勁。我認為我們的狀態會很好。

And then even on the mobile side, there's a lot of invention and unique technologies that are being brought up in mobile that people haven't really seen yet, but the best customers in the world know what they're doing, and there's a lot of incredible opportunity for the right types of technologies and the technologies that we make are those technologies.

然後即使在移動端，也有很多發明和獨特的技術出現在移動領域，人們還沒有真正看到過，但是世界上最好的客戶知道他們在做什麼，而且有很多為正確類型的技術和我們製造的技術提供難以置信的機會就是這些技術。

So I think we're going to have a nice combination with, again, our strength in mobile, which is a disciplined approach. We know what we're doing. We're working with the right people. It's not easy. We've made great steps in capital. A lot of our CapEx is behind us right now. It's another key point. We talked about the free cash flow on the call already.

所以我認為我們將再次與我們在移動領域的優勢完美結合，這是一種有紀律的方法。我們知道我們在做什麼。我們正在與合適的人合作。這並不容易。我們在資本方面邁出了一大步。我們的很多資本支出現在都落後了。這是另一個關鍵點。我們已經在電話中談到了自由現金流。

And then the diversification theme, Chris, is really playing nicely. You heard questions about satellite, for example, you look at the broad markets. Think about our hundreds of millions of dollars of automotive revenue that we didn't have 3 or 4 years ago. So we are -- we have really core technologies that we can take across a broad set of mobile and connected devices, but this is an extrapolation now of new applications. That is really driving the business. And you're going to see more and more of that as we go through it.

然後是多元化主題，克里斯，真的玩得很好。您聽到有關衛星的問題，例如，您查看了廣泛的市場。想想我們 3 或 4 年前沒有的數億美元的汽車收入。所以我們 - 我們擁有真正的核心技術，我們可以在廣泛的移動和連接設備上採用這些技術，但這是現在對新應用程序的推斷。這確實在推動業務發展。當我們經歷它時，你會看到越來越多的東西。

It's unfortunate right now that the market is just -- we're all in kind of a bit of a slowdown here as emerging, but we've got great stock that's ready to go and design wins that have been cemented, and those will roll out in the second half of the year for sure.

不幸的是，現在市場只是——隨著新興市場的發展，我們都在某種程度上放緩，但我們有大量的庫存準備就緒，設計勝利已經鞏固，這些將會滾動下半年肯定出。

Your next question comes from the line of Karl Ackerman from BNP Paribas.

你的下一個問題來自法國巴黎銀行的 Karl Ackerman。

Two questions, if I may. First, I know you have little exposure to China Android right now. But one of the investor concerns is that you may have lost content and so perhaps you won't receive as much of a snapback as some of your peers when China demand eventually recovers. I was hoping you could address why those concerns might not be warranted. I have a follow-up.

兩個問題，如果可以的話。首先，我知道您目前對中國 Android 知之甚少。但投資者的擔憂之一是，你可能已經失去了內容，因此當中國需求最終復甦時，你可能不會像你的一些同行那樣得到那麼多的回彈。我希望你能解決為什麼這些擔憂可能沒有必要。我有後續行動。

Yes. I mean I'm glad you asked the question. We're ready to roll with Android. We have the technologies. We have the products, but we're not going to fill the channels, right? I mean there was a bit of an overhang there. We want to run discipline in our business. But I will say that inventory overhang is going to -- is starting to abate already. We see it. We have product ready to go, high-quality, top-of-line technology that we can move in. And that's just -- I can't tell you exactly when, but it's definitely happening. And we're ready.

是的。我的意思是我很高興你問了這個問題。我們已準備好使用 Android。我們有技術。我們有產品，但我們不會去填補渠道，對吧？我的意思是那裡有點懸垂。我們希望在我們的業務中遵守紀律。但我要說的是，庫存過剩將會——已經開始減少。我們看到了。我們已經準備好產品，我們可以使用高質量的頂級技術。那隻是——我不能告訴你確切的時間，但它肯定會發生。我們準備好了。

So it's an upside in our pocket that we haven't really rolled out. But we've had years and years of great position in China, OVX specifically, Oppo, VIVO, Xiaomi and then Samsung on its own vector, which is a huge company. And it's just unfortunate that those markets got banged up because they're going through an inventory cycle now.

所以我們還沒有真正推出它是我們口袋裡的一個好處。但我們在中國多年來一直處於領先地位，特別是 OVX、Oppo、VIVO、小米，然後是三星，這是一家大公司。不幸的是，這些市場受到衝擊，因為它們現在正在經歷一個庫存週期。

But on our end, we never built the inventory up. We were trying -- we try to meet the demand as it is. We don't want to get ahead of it. And our teams were very disciplined. And you could see, even in the last quarter, we talked about China revenue is below 5%. That's because the market didn't need more than that, and we didn't want to sell more than that. So I do think as we get through this quarter and starting to see towards the second half of the year, more improving macro environment, we will be very well positioned to execute. And if things change, we can move faster if we need to. But it's not a technology issue. It's not an execution issue. It's really just trying to manage the business in the appropriate way for our shareholders.

但就我們而言，我們從未建立庫存。我們正在努力——我們努力滿足需求。我們不想搶先一步。我們的團隊紀律嚴明。你可以看到，即使在上個季度，我們談到的中國收入也低於 5%。那是因為市場不需要更多，我們不想賣得更多。所以我確實認為，當我們度過這個季度並開始看到今年下半年，宏觀環境進一步改善時，我們將非常有能力執行。如果情況發生變化，我們可以根據需要加快行動速度。但這不是技術問題。這不是執行問題。它實際上只是試圖以適合我們股東的方式管理業務。

Very clear, Liam. Kris, if I may, a question for you, more of a simple one, I suppose, but what's driving the big step down in CapEx in December? And I'm curious if this implies anything for content as we think about calendar '23.

很清楚，利亞姆。 Kris，如果可以的話，我想問你一個更簡單的問題，但是是什麼導致 CapEx 在 12 月大幅下降？我很好奇這是否對我們考慮日曆 '23 的內容有任何暗示。

Yes. No. As it relates to CapEx, we definitely expect our CapEx trend to moderate compared to what we have been doing over the last 5 years. Just as a reminder, the last 5 years, we were in the 10% to 12% of revenue. We've put a lot of capacity in place. We put a lot of technology-related investments in place, especially as it relates to bulk acoustic wave and now we have to leverage that capacity. We are focusing on yield improvements. We are focusing on die shrinks. We can create more capacity without putting more equipment in place.

是的。不。因為它與資本支出有關，我們絕對希望我們的資本支出趨勢與我們過去 5 年所做的相比有所緩和。提醒一下，過去 5 年，我們佔收入的 10% 到 12%。我們已經投入了大量的能力。我們進行了大量與技術相關的投資，尤其是與體聲波相關的投資，現在我們必須利用這種能力。我們專注於提高產量。我們專注於模具收縮。我們可以在不增加設備的情況下創造更多的能力。

And as a result of that, you will see a little bit of a more moderate, less capital intense CapEx in the next couple of years here. But again, we feel good about the investments that we make. And it really will help to further improve our strong cash flow that we have already. We started the year very strong. We expect further strong cash flow the remainder of the year, again, based on some moderate CapEx but we could drive our free cash flow over 30% in this fiscal year.

因此，在接下來的幾年裡，你會看到一些更溫和、資本密集度更低的資本支出。但同樣，我們對我們所做的投資感到滿意。這確實有助於進一步改善我們已經擁有的強勁現金流。我們今年開局非常強勁。基於一些適度的資本支出，我們預計今年剩餘時間的現金流將進一步強勁，但我們可以在本財年推動我們的自由現金流超過 30%。

Yes. Just to reiterate that, the capital base that we have, okay, is -- it took a long time to get to this scale. We did a tremendous amount of work, brick-and-mortar, site level in our own facilities, and it positions us now for kind of a downhill run from CapEx. We still have great technology, great equipment, but it's brand new, right? So we spent that money over the last 4 or 5 years, strategically to build up a competency in bulk acoustic wave and other filter technologies, very, very difficult stuff. It's not available in the merchant market.

是的。重申一下，我們擁有的資本基礎，好的，是——達到這個規模花了很長時間。我們在我們自己的設施中做了大量的實體工作和站點級別的工作，這使我們現在可以從資本支出中走下坡路。我們仍然擁有偉大的技術、偉大的設備，但它是全新的，對吧？所以我們在過去的 4 或 5 年里花了這筆錢，戰略性地建立了體聲波和其他濾波器技術的能力，這是非常非常困難的事情。它在商家市場上不可用。

So it was a make versus buy approach. We did the make. And so we developed solutions that are purpose-built for Skyworks and purpose-built for our customers. The great news is the capital is up and running. It's humming along. And sure, there'll be incremental CapEx spend over the next several years, but it won't be at the level that you look back in the last 3 or 4 because now those investments are in-house, at scale and running.

所以這是一種製造與購買的方法。我們做到了。因此，我們開發了專為 Skyworks 和我們的客戶打造的解決方案。好消息是首都已經啟動並開始運行。它在嗡嗡作響。當然，未來幾年資本支出會增加，但不會達到過去 3 或 4 年的水平，因為現在這些投資是內部的、大規模的和運行的。

Your next question comes from the line of Brett Simpson from Arete Research.

您的下一個問題來自 Arete Research 的 Brett Simpson。

Liam, I wanted to get your perspective on 3GPP release 17 and also WiFi 7 using 6 gigahertz. And when it comes to these upgrades, when do you think they're going to ramp more broadly, particularly in smartphones and consumer devices?

利亞姆，我想听聽您對 3GPP 第 17 版以及使用 6 GHz 的 WiFi 7 的看法。談到這些升級，您認為它們何時會更廣泛地推廣，尤其是在智能手機和消費設備方面？

And then just maybe from a business perspective, how should we think about the overall RF content when you start to scale up WiFi 7 and release 17 5G versus today's devices. It seems to be quite big architecture changes. So I was just curious how you think about this and the extent to which Skyworks could benefit.

然後也許從商業角度來看，當您開始擴展 WiFi 7 並發布 17 個 5G 與今天的設備時，我們應該如何考慮整體 RF 內容。這似乎是相當大的架構變化。所以我只是想知道您對此有何看法，以及 Skyworks 可以從中受益的程度。

Yes. No, that's a great question. Those technologies are just starting to emerge now, and they do add a great deal of complexity, and you mentioned that in your words. The good news here for us is that we've been making in-tandem investments in technology.

是的。不，這是一個很好的問題。這些技術現在才剛剛開始出現，它們確實增加了很多複雜性，你用你的話提到了這一點。對我們來說，好消息是我們一直在對技術進行同步投資。

So we've got, of course, the WiFi cycle that's going from 6 to 6E and WiFi 7. And that has its own set of incredible opportunities and kind of on the launch pad there and the complexity and the newest cycles and the new devices has been incredible for us. So we could definitely hit that and then back on other connectivity nodes, adjacent connectivity nodes are going through a similar space, and that's more on the IoT line.

因此，當然，我們有從 6 到 6E 和 WiFi 7 的 WiFi 週期。它有自己的一系列令人難以置信的機會，在發射台上，複雜性和最新的周期以及新設備對我們來說太不可思議了。所以我們肯定可以點擊它然後回到其他連接節點，相鄰的連接節點正在通過類似的空間，而且更多的是在 IoT 線上。

So those types of technologies we can deliver to the end market solutions. And that would be a big part of our broad market portfolio. And some of the most relevant players in that space, we've already had design wins with them at earlier stages, and we have a good trusted partnership. So it's definitely further into the year, but definitely an opportunity for us to get into '23, '24, '25 as we look out.

因此，我們可以將這些類型的技術提供給終端市場解決方案。這將是我們廣泛市場組合的重要組成部分。以及該領域的一些最相關的參與者，我們已經在早期階段與他們取得了設計勝利，並且我們擁有良好的可信賴合作夥伴關係。所以它肯定會進入今年，但絕對是我們進入 23 年、24 年、25 年的機會。

But definitely another cycle that we can leverage. And as you said earlier, much more challenging from a technology perspective, but the consumers benefit there would be amazing. So I think those new technologies, they're hard to do. We've got the IP, we've got the know-how and they can create their own cycles within the next set of IoT devices.

但絕對是我們可以利用的另一個週期。正如您之前所說，從技術角度來看更具挑戰性，但消費者從中受益將是驚人的。所以我認為那些新技術很難做到。我們擁有 IP，我們擁有專業知識，他們可以在下一組物聯網設備中創建自己的循環。

And is there a meaningful step-up in content, Liam just -- I mean, WiFi 7, for example, I think 6 gigs and quite a lot of changes on the modulation side and the MIMO side. So I'm assuming this should be a fairly healthy step-up in RF content base. I don't know if there's any numbers you can sort of share with us on that upgrade to WiFi 7.

在內容上是否有有意義的提升，Liam 只是——我的意思是，例如 WiFi 7，我認為 6 gigs 以及調製方面和 MIMO 方面的很多變化。所以我假設這應該是 RF 內容基礎的一個相當健康的提升。我不知道您是否可以與我們分享有關升級到 WiFi 7 的任何數字。

Yes. No, it's hard to handicap the numbers, but it's meaningful. I think you're going through. And it's kind of a pretty long step from WiFi 6 to 7. There's a lot of work being done there. And so work also means a lot of technology being embedded. So I think we could get a 10% to 15% CAGR on that segment. And then also kind of -- that's just on content. But then if we get the user count up, you've got a double whammy. So that's kind of what we're looking for and anything along the way there is going to be incremental.

是的。不，很難限制數字，但這很有意義。我想你正在經歷。從 WiFi 6 到 7 是相當長的一步。那裡有很多工作要做。因此，工作也意味著大量技術被嵌入。所以我認為我們可以在該細分市場上獲得 10% 到 15% 的複合年增長率。然後也有點——這只是內容。但是，如果我們對用戶進行統計，你就會遇到雙重打擊。所以這就是我們正在尋找的東西，一路上的任何事情都將是漸進的。

And maybe just one quick one for Kris. Just on the BAW filter, CapEx moderating. Can you talk a bit more about where the capacity for BAW looks today? And how should we think about Skyworks addressing 6 gigahertz with your BAW technology? And are you able to address that going forward?

對克里斯來說，也許只是一個快速的。就在 BAW 過濾器上，資本支出緩和。你能多談談今天 BAW 的容量嗎？我們應該如何看待 Skyworks 使用您的 BAW 技術解決 6 GHz 問題？你能解決這個問題嗎？

Yes. Again, if you look at the CapEx over the last couple of years in the $500 million, $600 million per year, the vast majority of that CapEx was going into expanding our bulk acoustic wave filter operation, where we have, of course, from a small base, doubled and doubled and doubled again the capacity there. Again, we're focusing really now on driving operational efficiencies, die shrinks, yield improvements, which gives us a lot more capacity, leveraging the installed base of the equipment that we have. And we are not done. I mean we're going to keep expanding that as we see fit. And we do believe that our revenue from devices that has bulk acoustic wave filters in will continue to grow very strongly. And we're ready for that, and we will not hesitate to put more capacity in place if and when needed.

是的。再一次，如果你看看過去幾年每年 5 億美元、6 億美元的資本支出，其中絕大部分資本支出將用於擴大我們的體聲波濾波器業務，當然，我們從小基地，那裡的容量翻了一番又翻了一番。同樣，我們現在真正專注於提高運營效率、縮小模具、提高產量，這為我們提供了更多的能力，利用了我們現有設備的安裝基礎。我們還沒有完成。我的意思是我們將繼續擴大我們認為合適的範圍。而且我們確實相信，我們從帶有體聲波濾波器的設備中獲得的收入將繼續強勁增長。我們已經為此做好了準備，如果需要，我們會毫不猶豫地投入更多的能力。

Your next question comes from the line of Harsh Kumar from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Harsh Kumar 系列。

Very incredible results, to be honest with you, in this turbulent environment. Liam, let me ask you about China. I'm sure you're tired of it, but I know that this is hopefully the last question on this topic. You de-risked China completely last go around. I think the message was that it was very close to 0. But what do you think the China opportunity is? And do you even want this business, given the volatility, the geopolitical nature of it and if you can remind us at the peak, let's say, how much it got to, let's say, over the last 5 years, maximum as a percentage of sales. I just want to gauge where you're playing and what you're really going after.

非常令人難以置信的結果，老實說，在這個動蕩的環境中。利亞姆，讓我問你關於中國的事。我相信您已經厭倦了，但我知道這是關於該主題的最後一個問題。你最後一次完全降低了中國的風險。我認為信息是它非常接近於 0。但是您認為中國的機會是什麼？考慮到它的波動性和地緣政治性質，你是否想要這項業務，如果你能在高峰時提醒我們，比方說，在過去的 5 年裡，它達到了多少，最大百分比銷售量。我只是想衡量你在哪裡玩以及你真正追求的是什麼。

Yes, yes. Good question. Well, we've always been -- we'll work with anybody that needs our technology. We'll partner with anyone. So there really isn't any bias around where we're going to go in our markets. But China has been a challenge, I think, for ourselves and the peers in the U.S. here. And you think about even back to the Huawei situation with Huawei shutting down, that was a big business for a lot of companies in our space. It's been a volatile market operationally and some of that is COVID and all kinds of things going on. But the technologies and the work that we're doing is applicable for anybody, right? There's no reason why -- I mean the China opportunity is as good as any opportunity.

是的是的。好問題。好吧，我們一直都是——我們會與任何需要我們技術的人合作。我們將與任何人合作。因此，我們在市場上的發展方向確實沒有任何偏見。但我認為，對我們自己和美國同行來說，中國一直是一個挑戰。你想想甚至回到華為關閉的情況，這對我們這個領域的很多公司來說都是一筆大生意。從運營上講，這是一個動蕩的市場，其中一些是 COVID 和正在發生的各種事情。但是我們正在做的技術和工作適用於任何人，對吧？沒有理由——我的意思是中國的機會和任何機會一樣好。

But unfortunately, there had been some inventory here that we've all talked about, not specific to Skyworks, but just in general, where the markets kind of got out of sync and created a bit of an inventory overhang. And that kind of weighs on the sector, I would say. But turning it back to Skyworks, you've heard us talk about our operational efficiencies and our know-how and Labs-to-Fabs approach. It's not -- those aren't just words. That's how we run this business.

但不幸的是，這裡有一些我們都在談論的庫存，不是 Skyworks 特有的，而是一般情況下，市場有點不同步，造成了一些庫存過剩。我想說，這對該行業構成了壓力。但回到 Skyworks，你已經聽到我們談論我們的運營效率和我們的專業知識以及實驗室到工廠的方法。這不是 - 這些不僅僅是文字。這就是我們經營這項業務的方式。

So we're very keen on what we're doing with our customers. We want to be great partners, but we also want to stay in sync with the market, right? That's really important for us. And this is just a case like that now. I think we've got a situation in China where that was in the inventory. There were some lockdowns. There were a lot of things that would impede the natural flow of revenue and engagement. And that's kind of where that market is.

因此，我們非常熱衷於與客戶一起做的事情。我們想成為很好的合作夥伴，但我們也想與市場保持同步，對吧？這對我們來說真的很重要。現在這只是一個例子。我認為我們在中國遇到了庫存中的情況。有一些封鎖。有很多事情會阻礙收入和參與度的自然流動。這就是那個市場所在的地方。

So we're standing ready to step back in. We have the -- it's not a technology issue. It's not even a gross margin issue really. It's about managing inventory and making sure that we're delivering to the right cadence. That's what we want to be able to do. So having said that, long dialogue, I would tell you that we think things will get better. Things will get better as the markets start to really kind of recover. And the technologies that we have are really good and we can populate just about anything out there with the solution suite that we have.

所以我們隨時準備重新介入。我們有 - 這不是技術問題。這甚至不是毛利率問題。這是關於管理庫存並確保我們以正確的節奏交付。這就是我們希望能夠做到的。所以話雖如此，長時間的對話，我會告訴你，我們認為事情會變得更好。隨著市場開始真正復甦，情況會好轉。我們擁有的技術非常好，我們可以用我們擁有的解決方案套件填充幾乎任何東西。

So there's really -- at this point, the bad news is flushed out for us and the opportunity to grow into those markets and deliver incremental growth is right there. So we're looking forward to making that happen. And I think things are starting to warm up a little bit already. So we feel good about that as we exit.

所以真的 - 在這一點上，壞消息對我們來說已經消失了，進入這些市場並實現增量增長的機會就在那裡。所以我們期待著實現這一目標。而且我認為事情已經開始有所回暖。因此，當我們退出時，我們對此感覺良好。

Okay. Liam, can I just ask maybe the similar question in a different way. Is it fair to say that you mostly look to sell standard products in China. So it doesn't -- it's not a lot of work for you outside of what you already do. And then you look to sort to service those customers while leveraging your own facilities. Is that a fair way to think about it without too much effort?

好的。利亞姆，我可以用不同的方式問類似的問題嗎？可以這麼說嗎？您主要希望在中國銷售標準產品。所以它不會——在你已經做的事情之外對你來說並不是很多工作。然後您希望在利用自己的設施的同時為這些客戶提供服務。這是一種不用太多努力就能考慮的公平方法嗎？

Yes. I mean, sure, we can take the business and the technologies. I mean every market has its own flavor and there's different technology nodes, higher or lower to more complex, and we're able to scale through all of it. So I would say that over time, the markets are going to get -- the markets are actually going to embrace higher levels of technology. I think a lot of the stuff that we're talking about right now, 2, 3 years today is going to be much harder, much more difficult and companies like Skyworks, I think, will have an incremental advantage.

是的。我的意思是，當然，我們可以接受業務和技術。我的意思是每個市場都有自己的風格，並且有不同的技術節點，從更高或更低到更複雜，我們能夠擴展所有這些節點。所以我想說，隨著時間的推移，市場將會變得——市場實際上將接受更高水平的技術。我認為我們現在正在談論的很多事情，今天的 2、3 年會變得更加困難，我認為像 Skyworks 這樣的公司將擁有增量優勢。

So I think you've got a China market that solved some macro things that weren't specific to mobile. But as we wake up here and the markets start to recover, the technologies have not sat by on the sidelines. The technologies have gotten more complex and more challenging and more powerful for the users.

所以我認為中國市場解決了一些並非特定於移動設備的宏觀問題。但是當我們在這裡醒來並且市場開始復蘇時，技術並沒有袖手旁觀。對於用戶而言，這些技術變得更加複雜、更具挑戰性和更強大。

So the one thing I would say is in the China market, have they been able to catch up with that technology? I'm not quite sure it's there. But I know that we can do that with the partners. So it's not a technology gap with us. It's not a revenue issue. It's really getting the China market to get back on their feet and then get that partnership where it should be, where it's in a natural supply and demand view. And I think we can do that. And we have no reason why we wouldn't want to do more business in China. But all those things that I mentioned, need to kind of clear up a little bit before the markets and the opportunity for us is what we want to see.

所以我要說的一件事是在中國市場，他們是否能夠趕上該技術？我不太確定它在那裡。但我知道我們可以與合作夥伴一起做到這一點。所以這不是我們的技術差距。這不是收入問題。這真的讓中國市場重新站穩腳跟，然後在應該的地方建立這種夥伴關係，在自然的供求關係中。我認為我們可以做到。我們沒有理由不想在中國開展更多業務。但是我提到的所有這些事情都需要在市場之前稍微澄清一下，我們希望看到的是我們的機會。

Got it. And for my follow-up, it's March. You probably know the content for the year because these wins happen about a year before. Units are going to be pretty depressed. I was curious if you could give us a sense of what, to the extent that you can, a sense of content this year? And also maybe a sense of 5G units, whether you expect 5G units to be up this year and then one for you, Kris, the 53% free cash flow number, that's a monster number, to put it bluntly. Is there something onetime out here? You talked about CapEx going down? Or is this something sustainable for Skyworks?

知道了。對於我的後續行動，現在是三月。您可能知道當年的內容，因為這些勝利發生在大約一年前。單位會很沮喪。我很好奇你是否可以讓我們了解一下今年的內容感？也可能是 5G 單位的感覺，無論你是否預計 5G 單位今年會增加，然後給你一個，Kris，53% 的自由現金流數字，坦率地說，這是一個巨大的數字。這裡曾經有什麼事嗎？你談到資本支出下降？或者這對 Skyworks 來說是可持續的嗎？

So Harsh, I'll take the cash flow question first, and then I'll turn it back to Liam. Very happy with the very strong cash flow and free cash flow, obviously, in December. I would say 3 elements. Our world-class profitability level, 37% operating margin, not a lot of companies and tax base doing that.

太苛刻了，我會先回答現金流量問題，然後我會把它轉回給利亞姆。很明顯，12 月份非常強勁的現金流和自由現金流讓我非常高興。我會說3個元素。我們世界一流的盈利水平，37% 的營業利潤率，沒有很多公司和稅收基礎這樣做。

Secondly, yes, great working capital management, although a good guy and a bad guy, right? Inventory is still somewhat elevated. We will work it down over time. But we definitely had strong collections in the December quarter, which is a little bit of a onetime item.

其次，是的，出色的營運資金管理，雖然是好人和壞人，對吧？庫存仍略有增加。隨著時間的推移，我們會努力解決它。但我們在 12 月季度的系列肯定很豐富，這有點像過時的東西。

And then thirdly, as we discussed earlier, some moderate CapEx in December and going forward. And the combination of those 3 delivered strong cash flow, and will continue to deliver strong cash flow. And then I'll turn it to Liam on the other question.

然後第三，正如我們之前討論的那樣，12 月和未來的一些適度資本支出。這三者的結合帶來了強勁的現金流，並將繼續帶來強勁的現金流。然後我會把它交給 Liam 來回答另一個問題。

Yes. So Harsh. The content, yes. Exactly. So yes, when we think about content it's -- the way we're seeing it now with the customers that we're working with, especially at the high end. It's not more of the same thing. It's not, hey, we had 2 devices now, there's 3 devices. It's really about what's going on inside. We're seeing a lot of innovation and performance and the new suite of technologies. Now I'm not going to give you the time line on this because this is kind of a cycle of improvement. So stay with me on that. But there's no question that if you look at where a high-end smartphone is today and the content that is available versus what we see 1, 2, 3, 4, 5 years out is going to be dramatically different. We really believe it.

是的。太苛刻了。內容，是的。確切地。所以是的，當我們考慮內容時——我們現在與我們合作的客戶一起看到它的方式，尤其是在高端。這不是一回事。不是，嘿，我們現在有 2 台設備，有 3 台設備。這真的是關於里面發生的事情。我們看到了很多創新和性能以及新技術套件。現在我不會給你時間線，因為這是一種改進週期。所以留在我身邊。但毫無疑問，如果你看看今天高端智能手機的位置，可用的內容與我們在 1、2、3、4、5 年後看到的內容將會大不相同。我們真的相信。

We have great engagement with customers, and we -- they're all kind of in the same spot. Everyone has a different way to get there. So the units I think are going to continue to be where they are. There'll be more growth. But the content and the usage cases are going to expand. And I say usage cases because that doesn't mean just a mobile phone. If you think about technologies like 5G, they're technology vectors. They connect things wirelessly. It could be an automobile, it be connected to a data center, a hi-fi WiFi solution. There's so many different applications with the right use cases. And I think if you think about Skyworks, it's not just about mobile. Mobile is an important vector, but all the other technology vectors that we can work through IoT and other markets will continue to grow.

我們與客戶有很好的接觸，而且我們 - 他們都在同一個地方。每個人都有不同的方式到達那裡。所以我認為這些單位將繼續保持原樣。會有更多的增長。但是內容和用例將會擴展。我說用例是因為這不僅僅意味著手機。如果您考慮 5G 等技術，它們就是技術向量。他們無線連接事物。它可以是一輛汽車，它可以連接到一個數據中心，一個高保真 WiFi 解決方案。有許多不同的應用程序具有正確的用例。而且我認為，如果您考慮 Skyworks，它不僅僅與移動設備有關。移動是一個重要的載體，但我們可以通過物聯網和其他市場開展工作的所有其他技術載體將繼續增長。

And the other thing that's great about that is they're on their own cyclical path. It doesn't go through the same kind of annual cycle that we do see in mobile, which is fine. But the opportunity to have an uncorrelated path in technologies that are not in a mobile phone. And I think we're going to see that more and more things like automobiles and data centers and some of these other really interesting IoT devices.

另一件很棒的事情是它們處於自己的循環路徑上。它不會經歷我們在移動設備中看到的那種年度週期，這很好。但是有機會在手機中沒有的技術中擁有一條不相關的路徑。我認為我們會看到越來越多的東西，比如汽車和數據中心，以及其他一些非常有趣的物聯網設備。

So keep that in the back of your mind because that part of the business is really moving. Mobile is doing great. We have super technologies. We're going to continue to do well. But the other side of the field is an incredible opportunity for our investors and the opportunity for Skyworks to deliver world-class solutions. So I'll leave you with that.

因此，請牢記這一點，因為這部分業務確實在發生變化。移動做得很好。我們有超級技術。我們將繼續做好。但該領域的另一端對我們的投資者來說是一個難得的機會，也是 Skyworks 提供世界級解決方案的機會。所以我會留給你。

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。我現在將電話轉回給格里芬先生，徵求任何結束意見。

Great. Thank you all. I appreciate your participation in today's call. Look forward to seeing you in upcoming conferences. Take care.

偉大的。謝謝你們。感謝您參與今天的電話會議。期待在即將舉行的會議上見到您。小心。

Ladies and gentlemen, that concludes today's conference call. We 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。我們感謝您的參與。您現在可以斷開連接。