思佳訊 (SWKS) 2023 Q2 法說會逐字稿

Good afternoon and welcome to the Skyworks Solutions Second Quarter Fiscal Year 2023 Earnings Call. This call is being recorded.

下午好，歡迎來到 Skyworks Solutions 2023 財年第二季度收益電話會議。此通話正在錄音中。

At this time, I will turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

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, Joelle. Good afternoon, everyone, and welcome to Skyworks' Second Fiscal Quarter 2023 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，喬爾。大家下午好，歡迎來到 Skyworks 的 2023 財年第二季度電話會議。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不利差異的某些風險的信息。

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的做法一致的非 GAAP 財務措施。請參閱我們公司網站投資者關係部分的新聞稿，了解與 GAAP 的完整對賬。

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

有了這個，我會把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone. The Skyworks team executed well in a challenging market environment, delivering second quarter revenue above consensus estimates with solid profitability and strong cash flow generation.

謝謝，米奇，歡迎大家。 Skyworks 團隊在充滿挑戰的市場環境中表現出色，第二季度的收入高於普遍預期，盈利能力穩健，產生的現金流強勁。

Looking at Q2 in more detail. We delivered revenue of $1.153 million. We drove gross margin of 50% and operating margin of 33.5%. We posted earnings per share of $2.02, and we generated $412 million of operating cash flow.

更詳細地看第二季度。我們實現了 115.3 萬美元的收入。我們推動了 50% 的毛利率和 33.5% 的營業利潤率。我們公佈的每股收益為 2.02 美元，產生了 4.12 億美元的運營現金流。

In addition to the financial results, we expanded our design win pipeline, reflecting our success in diversifying our customer base and product portfolio. Across mobile and IoT, we delivered Sky5 platforms for Samsung's newly released smartphones. We launched WiFi 6E and WiFi 7 gateways for CommScope and ASUS. And we secured 5G content with a mobile computing leader.

除了財務業績外，我們還擴大了設計獲勝管道，反映出我們在實現客戶群和產品組合多樣化方面的成功。在移動和物聯網領域，我們為三星新發布的智能手機提供了 Sky5 平台。我們為康普和華碩推出了 WiFi 6E 和 WiFi 7 網關。我們與移動計算領導者一起保護 5G 內容。

Across infrastructure and industrial, we enable small cell deployments with a Japanese telecommunications company. We provide enhanced Power over Ethernet functionality to Cisco for their enterprise networks. We ship programmable timing solutions to the top U.S. satellite provider and leverage our expanding industrial product suite with the leader in smart meter technology.

在基礎設施和工業領域，我們與一家日本電信公司合作實現小型基站部署。我們為 Cisco 的企業網絡提供增強的以太網供電功能。我們向美國頂級衛星供應商提供可編程計時解決方案，並利用我們不斷擴展的工業產品套件與智能電錶技術的領導者。

In automotive, we continue to post year-over-year revenue growth while capturing EV onboard charging content with a top European supplier and wrapping digital radio products with a leading Korean OEM. These engagements highlight the increasingly diverse and expansive nature of our business, supporting the broadest array of customers and applications in our history.

在汽車領域，我們繼續實現收入同比增長，同時與一家頂級歐洲供應商合作獲取 EV 車載充電內容，並與一家領先的韓國 OEM 合作包裝數字無線電產品。這些合作突出了我們業務日益多樣化和擴展的性質，支持我們歷史上最廣泛的客戶和應用程序。

Several key market trends underscore the growth potential of advanced connectivity in the rapidly evolving EV industry. For example, WiFi continues to expand globally as the world's most affordable method of connecting the unconnected. Cisco forecasts the number of hotspots worldwide to reach 600 million this year.

幾個關鍵的市場趨勢凸顯了快速發展的電動汽車行業中先進連接的增長潛力。例如，WiFi 繼續在全球範圍內擴展，成為世界上最經濟實惠的連接未連接方式的方法。思科預測今年全球熱點數量將達到 6 億。

And as a market leader, Skyworks is uniquely positioned to benefit as deployments expand and the shift to WiFi 7 drives increasing complexity. In addition, the average U.S. household today has more than 10 wirelessly connected devices. Each of these devices requires fast connections, low latency and efficient battery life, all enabled by our integrated solutions.

作為市場領導者，Skyworks 具有獨特的優勢，可以隨著部署的擴展和向 WiFi 7 的轉變推動複雜性的增加而受益。此外，如今美國家庭平均擁有超過 10 台無線連接設備。這些設備中的每一個都需要快速連接、低延遲和高效的電池壽命，所有這些都由我們的集成解決方案實現。

Further, the market for electric vehicles is expected to expand fourfold by 2027, leveraging our power isolation platforms which are becoming a leading choice for global EV manufacturers. Skyworks' success in enabling these major technology transitions is underpinned by increasing demand for our leading-edge system solutions differentiated by performance, integration, and most importantly, customer value.

此外，電動汽車市場預計到 2027 年將擴大四倍，利用我們的電源隔離平台，這些平台正成為全球電動汽車製造商的首選。 Skyworks 在實現這些重大技術轉型方面取得的成功得益於對我們領先的系統解決方案的需求不斷增長，這些解決方案在性能、集成以及最重要的客戶價值方面脫穎而出。

Moving forward, Skyworks is strategically equipped to capitalize on the rapidly changing connectivity landscape with an expanding set of customer relationships built over more than 2 decades, global scale and world-class manufacturing capabilities, a seasoned and talented workforce with a proven record of execution across multiple semiconductor cycles and an efficient cash flow engine that funds innovation while providing consistent cash returns.

展望未來，Skyworks 擁有戰略性的裝備，可以利用快速變化的連接格局，通過 20 多年建立的不斷擴大的客戶關係、全球規模和世界一流的製造能力、經驗豐富且才華橫溢的員工隊伍以及跨領域的良好執行記錄多個半導體週期和高效的現金流引擎，為創新提供資金，同時提供一致的現金回報。

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

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

Thanks, Liam. Skyworks revenue for the second fiscal quarter of 2023 was $1.153 billion, exceeding consensus estimates. Mobile was approximately 60% of total revenue with year-over-year revenue growth at our largest customer reflecting broad content gains across their product portfolio. This revenue growth was offset by weakness in demand from the Android ecosystem as it continues to destock inventory.

謝謝，利亞姆。 Skyworks 2023 年第二財季營收為 11.53 億美元，超出市場普遍預期。移動業務約佔總收入的 60%，我們最大客戶的收入同比增長反映了其產品組合中廣泛的內容收益。隨著 Android 生態系統繼續去庫存，該收入增長被 Android 生態系統的需求疲軟所抵消。

Broad markets reached 40% of total revenue for the first time with a strong contribution from the automotive, infrastructure and industrial markets. Gross profit was $577 million, resulting in a gross margin of 50%. Operating expenses of $190 million declined on a sequential and year-over-year basis given our focus on managing discretionary expense.

廣泛市場首次達到總收入的 40%，其中汽車、基礎設施和工業市場做出了巨大貢獻。毛利潤為 5.77 億美元，毛利率為 50%。鑑於我們專注於管理可自由支配的費用，運營費用為 1.9 億美元，環比同比下降。

We generated $386 million of operating income, translating into an operating margin of 33.5%. We incurred $13 million of other expense and our effective tax rate was 13.4%, driving net income of $323 million and diluted earnings per share of $2.02, in line with the guidance that we provided during the last earnings call.

我們產生了 3.86 億美元的營業收入，轉化為 33.5% 的營業利潤率。我們產生了 1300 萬美元的其他費用，我們的有效稅率為 13.4%，推動淨收入為 3.23 億美元，攤薄後每股收益為 2.02 美元，這與我們在上次財報電話會議上提供的指引一致。

Now turning to cash flow. Skyworks' business model continues to deliver very strong cash generation. Second fiscal quarter cash flow from operations was $412 million and capital expenditures were $45 million, resulting in a free cash flow of $366 million and cash flow margin of 32%.

現在轉向現金流。 Skyworks 的商業模式繼續提供非常強勁的現金流。第二財季運營現金流為 4.12 億美元，資本支出為 4500 萬美元，自由現金流為 3.66 億美元，現金流利潤率為 32%。

Through the first half of the fiscal year, we've generated record free cash flow of $1.1 billion and 43% free cash flow margin. Given our consistent level of profitability and lower CapEx spending, we expect free cash flow margin to remain well above our target of 30% for the fiscal year.

在本財年上半年，我們創造了創紀錄的 11 億美元自由現金流和 43% 的自由現金流利潤率。鑑於我們始終如一的盈利水平和較低的資本支出，我們預計自由現金流利潤率將遠高於我們本財年 30% 的目標。

Also, during fiscal Q2, we paid $99 million in dividends, repurchased $9 million of Skyworks stock and repaid $200 million of our variable rate term loan. In addition, we increased our cash and investment balance to almost $1.1 billion to provide sufficient liquidity to repay $500 million of bonds that will reach maturity during fiscal Q3.

此外，在第二財季，我們支付了 9900 萬美元的股息，回購了 900 萬美元的 Skyworks 股票，並償還了 2 億美元的可變利率定期貸款。此外，我們將現金和投資餘額增加到近 11 億美元，以提供足夠的流動性來償還將在第三財季到期的 5 億美元債券。

Now let's move on to our outlook for Q3 of fiscal 2023. Taking into account the ongoing challenging macroeconomic environment and a slower-than-expected recovery and inventory destocking, especially in the Android ecosystem, we anticipate revenue for our third fiscal quarter between $1.050 billion and $1.090 billion. Gross margin is projected to be in the range of 47% to 48%, reflecting the cyclical impact of lower factory utilization while we are reducing our internal inventory levels.

現在讓我們繼續對 2023 財年第三季度的展望。考慮到持續充滿挑戰的宏觀經濟環境以及低於預期的複蘇和庫存去庫存，尤其是在 Android 生態系統中，我們預計第三財季的收入在 10.5 億美元之間和 10.9 億美元。毛利率預計在 47% 至 48% 之間，反映了在我們降低內部庫存水平的同時工廠利用率降低的周期性影響。

We expect operating expenses of approximately $183 million to $187 million, down sequentially and year-over-year as we are optimizing operating efficiencies. We will continue to make the necessary investments in technology and product development to further enhance our leadership position in mobile and drive diversification and growth in our broad markets business.

由於我們正在優化運營效率，我們預計運營費用約為 1.83 億美元至 1.87 億美元，環比和同比下降。我們將繼續對技術和產品開發進行必要的投資，以進一步加強我們在移動領域的領導地位，並推動我們廣泛市場業務的多元化和增長。

Below the line, we anticipate roughly $13 million in other expense and an effective tax rate of 13.5% to 14%. We expect our diluted share count to be approximately 160 million shares. Accordingly, at the midpoint of the revenue range of $1.070 billion, we intend to deliver diluted earnings per share of $1.67.

在此線之下，我們預計其他費用約為 1300 萬美元，有效稅率為 13.5% 至 14%。我們預計我們的稀釋後股份數量約為 1.6 億股。因此，在 10.7 億美元收入範圍的中點，我們打算實現每股 1.67 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. Skyworks has delivered solid results through the first half of our fiscal year, demonstrating strong profitability and record free cash flow generation. With deep customer engagements underpinned by decades of technology investments in scale, Skyworks is well equipped to lead and continue to outperform.

謝謝，克里斯。 Skyworks 在本財年上半年取得了可觀的業績，展示了強勁的盈利能力和創紀錄的自由現金流生成。憑藉以數十年規模技術投資為基礎的深入客戶參與，Skyworks 具備領先地位並繼續超越市場的能力。

Moving forward, the Skyworks team remains focused on driving operational efficiency while leveraging leading-edge technologies to capture opportunities across a dynamic market for connectivity.

展望未來，Skyworks 團隊將繼續專注於提高運營效率，同時利用領先技術在充滿活力的連接市場中抓住機會。

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

我們準備好的發言到此結束。接線員，讓我們打開問題熱線。

(Operator Instructions) Your first question comes from Ambrish Srivastava with BMO.

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

Kris and Liam, you guys have spoiled us. I have to go back, I don't know, 8, 10 years to see a 4 handle on gross margin, and you have navigated through many quarters of sequential decline. I'm going back 10-plus 15, 20, and you've still been able to hold margins. So my first question is, what's going on the margin front. Is it pricing? Is it something structurally different this time versus going back to last 8, 10 years?

Kris 和 Liam，你們把我們寵壞了。我必須回去，我不知道，8 年、10 年才能看到 4 個毛利率，而且你已經經歷了許多連續下降的季度。我要回去 10 加 15、20，而你仍然能夠保持利潤率。所以我的第一個問題是，保證金方面發生了什麼。是定價嗎？這次與過去 8 年、10 年相比在結構上有所不同嗎？

Yes. Ambrish, I will take that question of you. And so first of all, Q2, we delivered 50% gross margin, which was within our guidance range. But we started already seeing some of the underutilization charges hitting our income statement in the second quarter.

是的。 Ambrish，我會回答你的問題。所以首先，第二季度，我們實現了 50% 的毛利率，這在我們的指導範圍內。但我們已經開始看到一些未充分利用的費用在第二季度影響了我們的損益表。

For Q3 -- fiscal Q3, we guided 47% to 48% as we are experiencing 400 to 500 basis points of underutilization charges, which are partially offset by ongoing cost reductions and operational efficiencies that we are driving. And the reason for the underutilization charges is a slower-than-expected recovery in the Android smartphone markets as they continue to work down inventory, their internal inventory, in a somewhat soft demand environment.

對於第三季度——第三財季，我們指導了 47% 到 48%，因為我們正在經歷 400 到 500 個基點的未充分利用費用，這部分被我們正在推動的持續成本削減和運營效率所抵消。未充分利用費用的原因是 Android 智能手機市場的複蘇慢於預期，因為他們在需求疲軟的環境中繼續減少庫存，即內部庫存。

Initially, we were anticipating a stronger second half of the fiscal year and calendar year. But we do see some signs of recovery, although I would say, later and slower than initially anticipated. As a result of that, we are adjusting our factory utilizations across all our factories. That's resulting in those 400 to 500 basis point of underutilization charges. And I would like to note that, unfortunately, those underutilization charges are having a negative impact on the gross margin, but they do not have a negative impact on our cash flow. And we will continue to generate strong cash flow.

最初，我們預計本財年和日曆年的下半年會更加強勁。但我們確實看到了一些復甦的跡象，儘管我會說，比最初預期的要晚，也更慢。因此，我們正在調整所有工廠的工廠利用率。這導致了 400 到 500 個基點的未充分利用費用。我想指出，不幸的是，這些未充分利用的費用對毛利率產生了負面影響，但它們對我們的現金流沒有負面影響。我們將繼續產生強勁的現金流。

And maybe last, we have been operating our business at a slightly elevated level of inventory in anticipation of a stronger recovery in the back half. Now that the recovery is going to be slower than expected, we are also going to adjust our internal inventory levels and rightsize that. Again, that doesn't help our gross margin, but it will further bolster our strong cash generation.

也許最後，我們一直在略高的庫存水平下運營我們的業務，以期預期下半年會有更強勁的複蘇。既然復甦將慢於預期，我們還將調整我們的內部庫存水平並對其進行調整。同樣，這對我們的毛利率沒有幫助，但它將進一步增強我們強勁的現金生成能力。

And my -- just my follow-up is on the gross margin side. (inaudible) inventory, you're sitting at 185 days. And target level is 85, if I remember correctly. 2 years ago or 3 years ago, you had given that to us. So if it has to come back to that level, then that headwind could sustain for more than a quarter, it could be a couple of quarters before inventory. At least 2, 3 quarters before it normalizes. Am I thinking about it the right way?

我的 - 我的後續行動是在毛利率方面。 （聽不清）庫存，你坐在 185 天。如果我沒記錯的話，目標等級是 85。 2 年前或 3 年前，你把它給了我們。因此，如果它必須回到那個水平，那麼逆風可能會持續超過四分之一，可能是庫存前幾個季度。至少需要 2、3 個季度才能恢復正常。我的思考方式正確嗎？

Yes. You think about it the right way. Well, first of all, inventory came slightly down already in Q2, but days were up on lower revenue. And so days will always be elevated in our 2 slowest seasonal quarters and will improve in our stronger seasonal quarters. But we will bring down inventory in absolute dollars as well as in days of inventory on a normalized level. And that, of course, will -- as a result of that, the gross margin will be on or about the same level for multiple quarters.

是的。您以正確的方式考慮它。好吧，首先，第二季度庫存已經略有下降，但由於收入下降，天數有所增加。因此，在我們的 2 個最慢的季節性季度中，天數總是會增加，而在我們較強的季節性季度中，天數會有所改善。但我們將降低絕對美元庫存以及標準化水平的庫存天數。當然，這將 - 因此，多個季度的毛利率將處於或大致相同的水平。

And then eventually will -- as the business starts improving, margins will get back. And I get back to your first question, right? So this is not a pricing issue or this is not a major cost issue. It is just a temporary underutilization issue.

然後最終會 - 隨著業務開始改善，利潤率將會恢復。我回到你的第一個問題，對吧？所以這不是定價問題，也不是主要的成本問題。這只是一個暫時的未充分利用問題。

Your next question comes from Blayne Curtis with Barclays.

你的下一個問題來自巴克萊銀行的 Blayne Curtis。

I had 2. Maybe I want to ask, you highlighted the weakness in Android. I think some other customers have seen some inventory correction at their largest customers. So I was curious what the percentage was in March and if you also have to work through some inventory at that customer.

我有 2 個。也許我想問，你強調了 Android 的弱點。我認為其他一些客戶已經在他們最大的客戶那裡看到了一些庫存調整。所以我很好奇 3 月份的百分比是多少，以及您是否還必須處理該客戶的一些庫存。

So the largest customer in March was approximately 64% of total revenue. And in terms of inventory, they manage their supply chain very well.

因此，3 月份最大的客戶約佔總收入的 64%。在庫存方面，他們對供應鏈的管理非常好。

Okay. And then a perspective on the guide on broad markets, just kind of curious, it was down a little bit in March. Kind of how do you see that trending in June?

好的。然後是對廣泛市場指南的看法，有點奇怪，它在 3 月份有所下降。您如何看待 6 月份的趨勢？

Yes, Blayne, I mean we definitely continue to diversify the broad markets portfolio. It continues to be very strategic for us. We're capturing new design wins every month. Automotive has been strong. We've got a little bit more action going in WiFi 7 and also in some of the infrastructure markets. So that business is looking really strong. And also the contribution from the I&A portfolio continues to track well.

是的，布萊恩，我的意思是我們肯定會繼續使廣泛的市場投資組合多樣化。這對我們來說仍然非常具有戰略意義。我們每個月都會贏得新的設計大獎。汽車一直很強勁。我們在 WiFi 7 和一些基礎設施市場上採取了更多行動。因此，該業務看起來非常強勁。 I&A 投資組合的貢獻也繼續保持良好狀態。

So still a lot of bright spots there in the other side of the business. Obviously, Kris mentioned some of the unique headwinds in mobile, but there are also some really dynamic activities going on in the broad market space.

所以在業務的另一邊仍然有很多亮點。顯然，Kris 提到了移動領域的一些獨特逆風，但在廣闊的市場空間中也有一些真正充滿活力的活動。

Your next question comes from Vivek Arya with Bank of America.

您的下一個問題來自美國銀行的 Vivek Arya。

I wanted to go back to where Skyworks is seeing the inventory issues because, Liam and Kris, I remember you guys were very early, right, and prudent to recognize the weakness in the China market last year. So I thought you had already taken care of the Android issue and any new issues would come with your largest customer. So I just wanted to reconfirm that the weakness you are seeing right now is still Android and not at your largest customer?

我想回到 Skyworks 看到庫存問題的地方，因為 Liam 和 Kris，我記得你們很早就、正確、謹慎地認識到去年中國市場的疲軟。所以我認為你已經解決了 Android 問題，任何新問題都會與你最大的客戶一起出現。所以我只是想再次確認你現在看到的弱點仍然是 Android 而不是你最大的客戶？

So Vivek, that is correct. The weakness is at Android. And you are correct, we have proactively managed that as good as we can in terms of our component inventory in the channel. What we cannot control is the inventory level at the customer, at the phone level, and that's where the main culprit is. And we see our customers continue to destock in a soft demand environment.

所以 Vivek，這是正確的。弱點在Android。你是對的，我們已經積極主動地管理渠道中的組件庫存。我們無法控制的是客戶、電話級別的庫存水平，這才是罪魁禍首。我們看到我們的客戶在疲軟的需求環境中繼續減少庫存。

All right. And for my follow-up, the fact that you are reducing factory utilization ahead of what is typically your strongest seasonal quarter, should we also be toning down our expectations of the mid-teens-plus kind of sequential growth that you usually have in September given all these macro factors?

好的。對於我的後續行動，事實上你在通常是你最強的季節性季度之前降低了工廠利用率，我們是否也應該降低我們對你通常在 9 月份出現的十幾歲以上連續增長的預期考慮到所有這些宏觀因素？

So we only guide 1 quarter at a time here. But sitting here today, we do expect some good sequential growth in September and December. As you know, our largest customer ramps up their new product launches. And as in the past, we will have some really good content in those phones that will ramp up in the back half of the calendar year.

所以我們在這裡一次只指導 1 個季度。但今天坐在這裡，我們確實預計 9 月和 12 月會有良好的連續增長。如您所知，我們最大的客戶加快了新產品的發布。和過去一樣，我們將在這些手機中提供一些非常好的內容，這些內容將在日曆年的下半年增加。

Your next question comes from Karl Ackerman with BNP Paribas.

你的下一個問題來自法國巴黎銀行的 Karl Ackerman。

I guess, Kris, I wanted to just follow up on some of the inventory discussions earlier. Obviously, June tends to be the seasonally weakest period of the year for you. But do you think you're actually shipping in line with sell-through at this point ahead of this seasonal ramp that you normally see in the second half of the year?

我想，Kris，我只想跟進之前的一些庫存討論。顯然，六月對你來說往往是一年中季節性最弱的時期。但是你認為在你通常在今年下半年看到的季節性斜坡之前，你此時的出貨量實際上與銷售量一致嗎？

So not in the Android ecosystem, we are still shipping below consumption because they still are burning through excess inventory at the phone level.

所以不是在 Android 生態系統中，我們的出貨量仍然低於消耗量，因為他們仍在消耗手機級別的過剩庫存。

Got it. Got it. Okay. And then, I guess, just going back to the margin discussion, when would you anticipate underutilization charges to abate? And I guess, as you address that question, are there any risks to inventory obsolescence? If you could just discuss that as well, that would be very helpful.

知道了。知道了。好的。然後，我想，回到保證金討論，您預計何時會減少未充分利用的費用？我想，當您回答這個問題時，庫存過時是否存在任何風險？如果你也能討論一下，那將非常有幫助。

Right. So this is -- as I said before, this is a multiple quarter event because it just takes time to -- for those underutilization charges to actually hit the income statement, right? It goes through inventory turns until it hits your income statement. But we are seeing this soft demand environment in Android. It's improving but slightly slower than expected. We are reducing inventory at the same time. And so this is a multi-quarter event. In terms of excess and obsolete, we don't see any major risk. We've managed pretty well through that.

正確的。所以這是 - 正如我之前所說，這是一個多季度事件，因為它只需要時間 - 那些未充分利用的費用實際上會影響損益表，對吧？它會經歷庫存周轉，直到達到您的損益表。但我們在 Android 中看到了這種軟需求環境。它正在改善，但比預期的要慢一些。我們正在同時減少庫存。所以這是一個多季度的活動。在過剩和過時方面，我們沒有看到任何重大風險。我們在這方面做得很好。

Yes. And just to jump in here, this is Liam. Obviously, this is kind of a macro cycle that we're going through. I mean every company has their own nuances here. But I would remind you, the cash returns are very, very solid. We paid our bills on CapEx. Free cash flow margins are going to be sustainable, 30%-plus. So there's a lot of positives around that.

是的。只是跳到這裡，這是利亞姆。顯然，這是我們正在經歷的一種宏觀週期。我的意思是每家公司在這裡都有自己的細微差別。但我要提醒你，現金回報非常非常可觀。我們用資本支出支付了賬單。自由現金流利潤率將是可持續的，超過 30%。因此，這有很多積極因素。

And we'll get through the cycle. We're very, very much focused on execution, and it has been a little tough from some of our customers and so working with them and getting the inputs that drive our business. But we continue to drive design win penetration in new markets, whether they're in broad or even some of our mobile players and IoT players. So there's a lot of positives there.

我們將度過這個循環。我們非常非常專注於執行，我們的一些客戶對我們來說有點困難，因此與他們合作並獲得推動我們業務的投入。但我們繼續推動設計贏得新市場的滲透，無論它們是廣泛的還是我們的一些移動玩家和物聯網玩家。所以那裡有很多積極因素。

And yes, we're enduring a tough cycle, and I think we're doing the right things here to ensure a better future as we go forward. But the business is still quite solid. Cash returns are robust. We've got customer engagements that continue to ramp, and we're very confident on the outlook.

是的，我們正在經歷一個艱難的周期，我認為我們正在做正確的事情，以確保在我們前進的過程中擁有更美好的未來。但是生意還是很穩固的。現金回報強勁。我們的客戶參與度持續上升，我們對前景非常有信心。

Next question comes from Gary Mobley with Wells Fargo.

下一個問題來自富國銀行的 Gary Mobley。

Want to ask about your largest customer. In the first half of the fiscal year, you've managed to grow your business for them narrowly. So my question to you is based on the content gains that you may see in the next-generation platform from them and all other things considered, do you think you can grow your revenue with them for the full year or more importantly, second half this year versus last year?

想問問你最大的客戶。在本財政年度的上半年，您已經成功地為他們擴大了業務。所以我問你的問題是基於你可能在下一代平台上看到的內容收益以及所有其他考慮因素，你認為你可以在全年或更重要的是今年下半年與他們一起增加收入嗎？年與去年？

Yes. Yes. I mean we can't give you the specifics, but we absolutely aspire to drive a better position in the second half on continuing to cement new programs that we'll get into '23 and '24.

是的。是的。我的意思是我們不能給你具體細節，但我們絕對渴望在下半年取得更好的成績，繼續鞏固我們將進入 23 年和 24 年的新計劃。

Okay. And on OpEx management, you're doing a good job with, I guess, tamping things down and if not decreasing your OpEx in this tough time. Is that -- does that involve any, I guess, proactive measures on head count or [might it] in the future?

好的。在 OpEx 管理方面，我猜你做得很好，在這個艱難時期，如果不減少你的 OpEx 的話，可以把事情搞砸。那是——我猜，這是否涉及任何關於人數的主動措施或 [可能] 在未來？

Yes. So we have been doing that. And you know at Skyworks we have been doing that consistently in the past. We add head count when needed in support of our technology and product road maps. And when things are getting tougher, we adjust. And we've made some downward adjustments in that area as well, of course, making sure that we can continue to support our major customers, our major programs. And it's really focusing on driving operational efficiencies and trying to trim down some discretionary spending. That's what we focus on.

是的。所以我們一直在這樣做。你知道在 Skyworks，我們過去一直在這樣做。我們會在需要時增加人數以支持我們的技術和產品路線圖。當事情變得越來越艱難時，我們會進行調整。當然，我們也在該領域進行了一些向下調整，以確保我們能夠繼續支持我們的主要客戶和主要項目。它真正專注於提高運營效率並試圖削減一些可自由支配的支出。這就是我們關注的重點。

Your next question comes from Edward Snyder with Charter Equity Research.

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

I'm a little confused, Liam. Maybe you could clear it up. Do you expect that [model to model] to see content up or down or flat in the second half of this year?

我有點困惑，利亞姆。也許你可以清理它。您是否預計 [model to model] 在今年下半年看到內容上升或下降或持平？

Ed, can you give -- I missed the first part, Ed. Can you give...

埃德，你能不能——我錯過了第一部分，埃德。你可以給...

Sorry, I'm just -- I'm not looking for revenue guidance at all because I just got all tangled up with macro and units and all that. I'm just looking at content in terms of new model releases year-over-year in the second half. Do you expect your content to be up? Or should we expect it to be flat or down?

抱歉，我只是——我根本不是在尋找收入指導，因為我只是被宏觀和單位等等所困擾。我只是在看下半年新型號同比發布的內容。您希望您的內容能夠上線嗎？還是我們應該期望它持平或下跌？

Yes. I mean we expect it to be up. That's our game plan. There's a lot of new technologies that emerge in the leaders, and we're hanging around the hoop on every one of them. So we've got our teams working with the best customers and fielding the best opportunity. So we'll have to see how that plays out in the second half, but that's definitely where we're headed.

是的。我的意思是我們希望它會起來。這就是我們的遊戲計劃。領導者中湧現出許多新技術，而我們正全力以赴地使用其中的每一項。因此，我們讓我們的團隊與最好的客戶合作，並抓住最好的機會。所以我們必須看看下半場的表現如何，但這絕對是我們前進的方向。

So in a fantasy world, the flat units year-over-year, no change at all? You would naturally expect to be higher in revenue to largest customer in the second half of the year?

那麼在幻想世界中，單位同比持平，根本沒有變化嗎？您自然會期望下半年最大客戶的收入更高？

That would be our plan, yes.

那將是我們的計劃，是的。

Perfect. Okay. And then on the Android, I know it's still kind of a mess. But there are some architectural changes going on at some of the flagship phones, even the low-end phones that are involved. I don't want to say integration, but more higher density modules that will show up probably in the next year or so.

完美的。好的。然後在 Android 上，我知道它仍然有點亂。但是一些旗艦手機正在發生一些架構上的變化，即使是涉及的低端手機也是如此。我不想說集成，但可能會在明年左右出現更多更高密度的模塊。

I know Skyworks has kind of avoided some of that competition in the past just because there was ASPs associated with it. But given that it kind of separates you from a lot of the domestic suppliers in China, is it like -- is it reasonable to assume that Skyworks would participate more aggressively in the Android food chain, say, in 5G smartphone with their entry or flagship in the next 2 years?

我知道 Skyworks 在過去有點避免了一些競爭，只是因為有與之相關的 ASP。但考慮到它有點將你與中國的許多國內供應商區分開來，是否可以合理地假設 Skyworks 將更積極地參與 Android 食物鏈，例如，5G 智能手機及其入門級或旗艦級在未來兩年內？

Yes. Ed, I would say yes to that because now as those models in Asia -- and Android become more complex, that's right up our alley, right? I mean so we -- our aperture is more to the mid- to the high end, and we want to lift those customers and help them create a better engine and a better solution.

是的。 Ed，我會同意這一點，因為現在亞洲的那些模型 - Android 變得更加複雜，這就在我們的胡同里，對吧？我的意思是我們 - 我們的孔徑更偏向中高端，我們希望提升這些客戶並幫助他們創造更好的引擎和更好的解決方案。

So we're there. And there's a lot of upside for us in that characteristic because we just -- we've been a little bit more high-end play. But as the complexity gets more and more embedded, that creates more and more opportunities for us. It's really -- it's hard to hit the hard pitch, right? We know how to do that, but we also got to take care of the other business as well.

所以我們在那裡。在這個特性上對我們來說有很多好處，因為我們只是 - 我們一直在玩更高端的遊戲。但隨著複雜性越來越深，這為我們創造了越來越多的機會。真的 - 很難擊中硬球，對吧？我們知道如何做到這一點，但我們也必須兼顧其他業務。

So we feel good about it. We definitely have the know-how to make it work, and I think it will be part of the recovery here as we get through the middle of the year.

所以我們對此感覺很好。我們絕對擁有讓它發揮作用的專業知識，我認為這將成為我們今年年中恢復的一部分。

Your next question comes from Harsh Kumar with Piper Sandler.

你的下一個問題來自 Harsh Kumar 和 Piper Sandler。

I was curious, Liam, if you could give us a sense of how much excess inventory of complete handsets is in the Chinese end market. In other words, I guess what I'm trying to understand is, I know you're undershipping, but curious how long or how many quarters it might take for selling [3 quarter] sellout.

我很好奇，利亞姆，你能否告訴我們中國終端市場的整機庫存過剩情況。換句話說，我想我想了解的是，我知道你發貨不足，但很好奇銷售 [3 季度] 售罄可能需要多長時間或多少個季度。

Right. Harsh, we don't have a specific number on the number of excess inventory on the handset level. But it is a couple of quarters, right? And initially, we anticipated it to be a couple of quarters, but now it might be a couple of quarters more. And that's what we -- that's the feedback we are getting from the customers. That's the feedback that -- and remarks that we see by our peers and competitors.

正確的。苛刻，我們沒有關於手機級別庫存過剩數量的具體數字。但這是幾個季度，對吧？最初，我們預計會持續幾個季度，但現在可能會多幾個季度。這就是我們——這就是我們從客戶那裡得到的反饋。這就是我們從同行和競爭對手那裡看到的反饋和評論。

That's fair, guys. And then for my follow-up, if I can ask you, if you could help us out with broadband. Do you think that broadband might be up in the June quarter on a sequential basis or a year-over-year basis? Any color would be great.

伙計們，這很公平。然後對於我的後續行動，如果我可以問你，你是否可以幫助我們解決寬帶問題。您認為寬帶在 6 月季度可能會環比增長還是同比增長？任何顏色都會很棒。

Right. So our broad markets business will be slightly down on a sequential basis into the June quarter. Again, it's -- as Liam already talked about that, right, we see certain areas of strength in automotive, some of our industrial markets. But there is some inventory overhang in some of the more consumer enterprise-oriented markets, again, very similar to what has been mentioned by peers and competitors that play in this field.

正確的。因此，我們的大市場業務將在 6 月季度環比略有下降。同樣，正如利亞姆已經談到的那樣，我們看到了汽車的某些優勢領域，我們的一些工業市場。但在一些更面向消費者企業的市場中存在一些庫存過剩，這與該領域的同行和競爭對手所提到的情況非常相似。

Your next question comes from Ruben Roy with Stifel.

您的下一個問題來自 Stifel 的 Ruben Roy。

Harsh asked the essence of my question, Liam. But I guess specifically on auto, was it up in the March quarter? And do you expect auto to continue to remain strong as you sort of characterized? And the reason I'm asking that is, obviously, there were some long lead times and that type of thing in auto components. I'm wondering how lead times look. Are they coming in and what the inventory assessment is in that market specifically as you think about the rest of the year?

利亞姆，嚴厲地問了我問題的本質。但我想特別是在汽車方面，它在 3 月季度上漲了嗎？您是否預計汽車會像您描述的那樣繼續保持強勁勢頭？我問這個問題的原因顯然是，在汽車零部件中有一些很長的交貨時間和那種類型的東西。我想知道交貨時間如何。他們會進來嗎？在您考慮今年餘下時間時，該市場的庫存評估具體是什麼？

Yes. Sure. Great question. As you know, we actually hadn't done much in automotive 2, 3 years ago, and we're now really making great progress. So the good news there, there's a tremendous amount of new territory that we can cover in automotive. We've already won a number of platforms and programs with key OEMs, EV players, et cetera. The partnership with our I&A business has been a real catalyst there as well for us.

是的。當然。很好的問題。如您所知，2、3 年前我們在汽車領域實際上並沒有做太多事情，而我們現在確實取得了很大進步。所以好消息是，我們可以在汽車領域覆蓋大量新領域。我們已經贏得了與主要原始設備製造商、電動汽車廠商等合作的多個平台和項目。與我們的 I&A 業務的合作夥伴關係對我們來說也是一個真正的催化劑。

So it's a fast-growing part of our portfolio. It has tremendous upside. We have low share relative to the pie. And that's going to make for pretty dynamic opportunities as we go forward. And it's definitely a grower for us this year. Despite all this inventory stuff we talked about, the auto market will definitely grow.

因此，它是我們投資組合中快速增長的一部分。它有巨大的好處。相對於餡餅，我們的份額很低。隨著我們的前進，這將為我們帶來非常有活力的機會。今年對我們來說絕對是一個種植者。儘管我們談到了所有這些庫存問題，但汽車市場肯定會增長。

That's helpful, Liam. And then just a quick follow-up on Ed's question earlier. Sort of thinking through design activity for next year, maybe in Android, how would you characterize that? It seems like there are a lot of in services moving to single module right now. Do you -- would you characterize design activity as strong right now ahead of sort of those ramps? Or do you think that's still something on the (inaudible) that you guys will be participating in bake-offs in later this year? What's the timing on that, I guess, is the question.

這很有幫助，利亞姆。然後快速跟進 Ed 之前的問題。通過明年的設計活動來思考，也許在 Android 中，你如何描述它？現在似乎有很多服務正在轉向單一模塊。你 - 你會認為設計活動在這些斜坡之前是強大的嗎？還是您認為你們將在今年晚些時候參加烘焙比賽（聽不清）？我想，問題是什麼時間。

Yes. Well, I mean, as you know, we've been focusing more high end, mid-tier, et cetera. But obviously, now the good news is that our customers want better performance. So we had been a little bit more cautious in engaging in some of the lower-end markets, but some of those products now and the appetite for connectivity is raised, which makes it much more profitable and more in the kind of down the alley for Skyworks. So you're going to see more opportunities for us emerge in the Android cycle.

是的。好吧，我的意思是，如你所知，我們一直在關注更高端、中端等。但顯然，現在的好消息是我們的客戶想要更好的性能。所以我們在進入一些低端市場時更加謹慎，但現在其中一些產品和對連接的需求提高了，這使得它更有利可圖，而且更適合天空工程。所以你會看到我們在 Android 週期中出現更多的機會。

Samsung is doing a lot better. Google is a player now for us. We're doing a lot there, and obviously, the players in China. China has been a little tough, but I think that, that will come back and that will be another catalyst for us.

三星做得更好。谷歌現在是我們的參與者。我們在那裡做了很多，顯然，中國的球員。中國有點強硬，但我認為那會回來，這將成為我們的另一個催化劑。

So we know how to make all that stuff and the stuff is not new at all. We know exactly how to handle it. Automotive, again, is a new market that we're doing very well on. And I think we get through some of these macro headwinds, we'll be able to really kind of shine a light on some of these strategic design wins that we have.

所以我們知道如何製作所有這些東西，而且這些東西根本不是新的。我們確切地知道如何處理它。同樣，汽車是一個我們做得很好的新市場。而且我認為我們克服了一些宏觀逆風，我們將能夠真正闡明我們擁有的一些戰略設計勝利。

Your next question comes from Harlan Sur with JPMorgan.

你的下一個問題來自摩根大通的 Harlan Sur。

On broad markets, I think 90 days ago, you guys had anticipated driving full year growth in this segment. But as you just mentioned, you've got dynamics in the consumer IoT market. I think even data center enterprise telco markets have continued to soften a bit here. So does the team still believe that they can drive full year growth in broad markets?

在廣闊的市場上，我認為 90 天前，你們已經預計到這一領域的全年增長。但正如你剛才提到的，你在消費物聯網市場上充滿活力。我認為即使是數據中心企業電信市場也繼續走軟。那麼團隊是否仍然相信他們可以在廣闊的市場推動全年增長？

Yes. I think -- Harlan, I think that's going to be a challenge, right? So we -- what we said is that we were expecting some modest year-over-year growth on a calendar year basis. But given some of the macroeconomic challenges that we have seen with high inflation and increased interest rates and the impact it has on consumer and enterprise spending, I think this is going to be challenging.

是的。我認為——Harlan，我認為這將是一個挑戰，對吧？因此，我們 - 我們所說的是，我們預計在日曆年的基礎上會有一些適度的同比增長。但考慮到我們在高通脹和利率上升方面看到的一些宏觀經濟挑戰及其對消費者和企業支出的影響，我認為這將具有挑戰性。

Having said that, I mean now I'm looking beyond calendar year '23 into fiscal '24, we do expect our broad markets business to grow in fiscal '24 over fiscal '23.

話雖如此，我的意思是現在我正在展望 23 財年之後的 24 財年，我們確實預計我們的廣泛市場業務將在 24 財年超過 23 財年增長。

Perfect. And then the team has done a great job proliferating your filter technology. I think last year, I think the team drove about 45% BAW filter attached to your mobile revenues, right? Given the design win pipeline for this year on new model launches in the second half, where do you see that attach rate moving to?

完美的。然後團隊在推廣您的過濾技術方面做得很好。我想去年，我認為團隊推動了大約 45% 的 BAW 濾波器附加到您的移動收入，對嗎？考慮到今年下半年新車型發布的設計獲勝渠道，您認為附加率將走向何方？

Yes. That attach rate continues to move higher and higher, and there's multiple nodes in bulk acoustic wave. So it's not one that fits all. There's a lot of innovation. There's a tremendous amount of R&D. And one of the other things that we talked about a little bit is our capital intensity. That's a plus for us as well. We've already gone through a pretty significant cycle in raising the capability and technology nodes with BAW. We have a lot of capacity right now that we're ready to roll on.

是的。附著率繼續越來越高，體聲波中有多個節點。所以這不是一個適合所有人的。有很多創新。有大量的研發。我們談到的另一件事是我們的資本密集度。這對我們來說也是一個優勢。我們已經經歷了一個相當重要的周期，以提高 BAW 的能力和技術節點。我們現在有很多容量可以繼續使用。

And it's a strategic technology. Not many companies know how to do it. And it can go beyond the smartphone as well. So the applications certainly today are in handsets, but there's a broader set of opportunities where BAW filter is a meaningful part of the strategy and a meaningful part of the performance. So you'll be able to see that more as we go through this year and following years.

這是一項戰略技術。沒有多少公司知道如何去做。它也可以超越智能手機。因此，今天的應用程序肯定是在手機中，但還有更廣泛的機會，其中 BAW 濾波器是戰略的重要組成部分和性能的重要組成部分。因此，在我們今年和接下來的幾年中，您將能夠看到更多。

Your next question comes from Kevin Cassidy with Rosenblatt Securities.

你的下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

And just to understand too, as you cut back on utilization, what's the shape of being able to bring that back up again? I guess if it -- your lead times start to stretch out and that's when you build your utilization back up again? Just kind of what's the strategy as business starts to come back?

而且還要了解，當您減少利用率時，能夠再次恢復它的形狀是什麼？我猜是不是——您的交貨時間開始延長，那是您再次建立利用率的時候？業務開始恢復時的策略是什麼？

Yes. So a lot of it will depend on how strong the business will bounce back. And once we start seeing -- and we already see it, right, some of recovery in the Android market. Once that gets stronger in combination then, of course with -- continue to grow our broad markets business, as we just indicated, and doing well with our largest customer, we will start ramping up the factory utilizations. But as I said earlier, it's a couple of quarters and then that will bounce back.

是的。因此，這在很大程度上取決於企業反彈的力度。一旦我們開始看到——我們已經看到了，對，Android 市場的一些復甦。一旦這種結合變得更強大，當然，正如我們剛才指出的那樣，繼續發展我們的廣泛市場業務，並與我們最大的客戶保持良好關係，我們將開始提高工廠利用率。但正如我之前所說，它會在幾個季度後反彈。

Okay. But to bring utilization back up, it's just a matter of rehiring people? Like it doesn't mean new equipment, you've just turned the equipment off?

好的。但是要提高利用率，僅僅是重新僱用人員的問題嗎？好像這並不意味著新設備，您剛剛關閉了設備？

No. The equipment is there. I mean we basically -- we know how to handle that. The capital, the scale, all that's ready to go. This is just more of a demand issue, but we know how to handle it. And there's going to be a tremendous amount of activity that will go through those cycles and go through those factories leveraging that capital, which is in great position and has a tremendous opportunity over the next several years to populate not only smartphones, as we said, but other bulk acoustic wave type of engine.

不，設備在那裡。我的意思是我們基本上 - 我們知道如何處理。資金、規模，一切準備就緒。這更像是一個需求問題，但我們知道如何處理它。並且將會有大量的活動將經歷這些週期並通過那些利用資本的工廠，這些資本處於有利地位並且在未來幾年內有巨大的機會不僅可以填充智能手機，正如我們所說的那樣，但其他體聲波型發動機。

Your last question comes from Matt Ramsay with TD Cowen.

你的最後一個問題來自 TD Cowen 的 Matt Ramsay。

I guess for my first question, some of your peer companies that also have some pretty high revenue exposure to your largest customer talked about a dynamic of maybe them buying a bit more early in this calendar year, pulling in some of their own inventory purchases and leaving a bit of air pocket before things ramp in the back half. Are you guys -- is some of the stuff reflected in the guidance that type of dynamic? Or am I -- or is it more lean toward Android as you've mentioned in some of your prepared comments?

我想對於我的第一個問題，你們的一些同行公司也對你們最大的客戶有相當高的收入敞口，他們談到了一種動態，即他們可能在這個日曆年的早些時候購買更多，拉動他們自己的一些庫存購買和在後半部分傾斜之前留下一點氣穴。伙計們——指南中是否反映了一些動態？或者我是——還是像您在一些準備好的評論中提到的那樣更傾向於 Android？

Yes. It's more towards the Android side at that point the way we go here. And so I think that's maybe what you're saying. But -- and there, again, I mean, we know how to manage through it.

是的。在這一點上，我們更傾向於 Android 方面。所以我認為這可能就是你所說的。但是——我的意思是，我們知道如何度過難關。

Got it. I guess, Kris, I wanted to ask a longer-term thing as my follow-up, and it's on free cash flow. You mentioned that some of the utilization charge, things that are going to happen in the short term with the factories are not cash flow hits. But given the dynamics in the business, could you talk a little bit about how -- are there any specific floors of free cash flow that you're managing to in terms of a free cash flow percentage? And just how do you think you plan to manage the business over the next 2, 3 years on a cash flow basis? I think that would be helpful.

知道了。我想，克里斯，我想問一個長期的問題作為我的後續行動，它是關於自由現金流的。你提到一些使用費，短期內工廠會發生的事情不是現金流沖擊。但是考慮到業務的動態，您能否談談如何 - 是否有自由現金流百分比方面的任何特定自由現金流下限？您認為您計劃如何在未來 2 年、3 年內以現金流量為基礎管理業務？我認為這會有所幫助。

Yes. No, that's a great question. And so our target model is a free cash flow margin of 30%. And last couple of years, we have been operating the business in the mid- to high 20s. And the reason why we were not at 30% is, as Liam just explained, we have made major investments in our technology, in our manufacturing assets, building out very high-class manufacturing capabilities.

是的。不，這是一個很好的問題。因此，我們的目標模型是 30% 的自由現金流利潤率。在過去的幾年裡，我們一直在 20 多歲的中期經營業務。正如利亞姆剛剛解釋的那樣，我們沒有達到 30% 的原因是，我們對我們的技術、我們的製造資產進行了重大投資，建立了非常高級的製造能力。

And -- but looking forward over the next couple of years, instead of running CapEx at 10% or 12% to revenue, we believe that in the next couple of years, we can run the business at mid-single digits as a percent of revenue for CapEx.

而且——但展望未來幾年，我們相信，在未來幾年，我們可以以中等個位數的百分比運營業務，而不是將資本支出佔收入的 10% 或 12%。資本支出的收入。

In addition to that, of course, we will continue to grow the business and run the business at high profit levels. And when you combine that with good working capital management, we believe we will be able to sustainably run this business at 30%, 30-plus percent free cash flow margin.

除此之外，當然，我們將繼續發展業務並以高利潤水平經營業務。當你將其與良好的營運資本管理相結合時，我們相信我們將能夠以 30%、30% 以上的自由現金流利潤率可持續地經營這項業務。

And again, just in the first 6 months of the year here, we've already generated more cash than we did last year, right, with $1.1 billion of free cash flow at 43% free cash flow margin. But again, sustainably well above 30% for the remainder of -- or the total of the fiscal year.

再一次，就在今年的前 6 個月，我們已經產生了比去年更多的現金，對，自由現金流為 11 億美元，自由現金流利潤率為 43%。但同樣，在剩餘時間或整個財政年度中，可持續遠高於 30%。

There are no further questions at this time. Please proceed.

目前沒有其他問題。請繼續。

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

感謝您參與今天的電話會議。我們期待在本季度即將舉行的投資者會議上與您交談。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

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，並請您斷開線路。