思佳訊 (SWKS) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to Skyworks Third Quarter Fiscal 2023 Earnings Call. This call is being recorded. At this time, I will turn the call over to Mr. Kris Sennesael, Chief Financial Officer for Skyworks. Thank you. Please go ahead.

下午好，歡迎參加 Skyworks 2023 財年第三季度收益電話會議。此通話正在錄音。此時，我將把電話轉給 Skyworks 首席財務官 Kris Sennesael 先生。謝謝。請繼續。

Thank you, Lina. Good afternoon, everyone, and welcome to Skyworks' Third Fiscal Quarter 2023 Conference Call. With me today is Liam Griffin, our Chairman, Chief Executive Officer and President.

謝謝你，莉娜。大家下午好，歡迎參加 Skyworks 2023 年第三財季電話會議。今天與我在一起的是我們的董事長、首席執行官兼總裁利亞姆·格里芬 (Liam Griffin)。

Before we begin, I would like to remind everyone that our discussions will include statements relating to future results and expectations that are or may be considered forward-looking statements. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

在開始之前，我想提醒大家，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。請參閱我們的收益新聞稿和最近向 SEC 提交的文件，包括我們的 10-K 表格年度報告，了解可能導致實際結果與今天所做的任何前瞻性聲明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公認會計準則財務指標。請參閱我們公司網站投資者關係部分的新聞稿，了解與 GAAP 的完全一致。

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

然後，我會將電話轉給利亞姆。

Thanks, Kris, and welcome, everyone. The Skyworks team continued to execute well during the third fiscal quarter despite macro headwinds, delivering in-line revenue, along with solid profitability and strong cash flow. Specifically, we delivered revenue of $1.071 billion, posted earnings per share of $1.73, and generated $306 million of operating cash flow.

謝謝克里斯，歡迎大家。儘管面臨宏觀阻力，Skyworks 團隊在第三財季仍表現出色，實現了穩定的收入、穩健的盈利能力和強勁的現金流。具體來說，我們實現了 10.71 億美元的收入，每股收益 1.73 美元，並產生了 3.06 億美元的運營現金流。

During the quarter, we continued to advance our technology road map and introduced new high-performance connectivity and analog solutions while supporting product launches at an expanding set of mobile and broad market customers. As a result, we expect double-digit sequential revenue and earnings growth in the September quarter.

在本季度，我們繼續推進我們的技術路線圖，推出新的高性能連接和模擬解決方案，同時支持在不斷擴大的移動和廣泛市場客戶中推出產品。因此，我們預計第二季度的收入和盈利將實現兩位數的連續增長。

Turning to our quarterly business highlights. In mobile and IoT, we secured 5G content for Android smartphones across all tiers. We delivered Sky5 platforms for broadband CPEs of leading North American carriers. We supported WiFi 7 launches of tri-band routers for NETGEAR and TP-LINK and Powered Bell's WiFi 6E home gateway. In addition, we continue to gain design win momentum with our 5 gigahertz cognitive wireless audio solutions, supporting Samsung's Q-Symphony soundbars.

轉向我們的季度業務亮點。在移動和物聯網領域，我們為所有級別的 Android 智能手機提供了 5G 內容的保護。我們為北美領先運營商的寬帶 CPE 提供了 Sky5 平台。我們支持 NETGEAR 和 TP-LINK 的 WiFi 7 三頻路由器以及 Powered Bell 的 WiFi 6E 家庭網關的發布。此外，我們通過支持三星 Q-Symphony soundbar 的 5 GHz 認知無線音頻解決方案繼續獲得設計勝利的動力。

Across infrastructure and industrial, we enabled 5G small cell deployments with a top North American operator and ramp timing solutions for AI data centers at a leading cloud provider.

在基礎設施和工業領域，我們與北美頂級運營商一起實現了 5G 小基站部署，並在領先的雲提供商中為 AI 數據中心提供了斜坡計時解決方案。

In automotive, we continue to post double-digit year-over-year revenue growth while capturing designs for telematics applications across a broad range of manufacturers. And we extended our engagements by leveraging our power isolation portfolio with a North American EV supplier. These highlights demonstrate Skyworks' technology leadership in mobile, while executing on a diversification strategy in high-growth end markets.

在汽車領域，我們繼續實現兩位數的同比收入增長，同時為眾多製造商捕獲遠程信息處理應用的設計。我們通過利用我們的電源隔離產品組合與北美電動汽車供應商擴大了合作。這些亮點展示了 Skyworks 在移動領域的技術領先地位，同時在高增長的終端市場執行多元化戰略。

Additionally, several disruptive market trends are now unleashing new meaningful growth opportunities for Skyworks. For example, generative AI is proliferating on a global scale with rapid adoption, sparking exponential growth in the amount of data accessed from the network edge to the cloud. In turn, this will further drive complexity in wireless infrastructure networks as AI will require higher throughput, more secure connections, lower latency and improved power management.

此外，一些顛覆性的市場趨勢正在為 Skyworks 帶來新的有意義的增長機會。例如，生成式人工智能正在全球範圍內迅速普及並迅速普及，引發從網絡邊緣到雲端訪問的數據量呈指數級增長。反過來，這將進一步提高無線基礎設施網絡的複雜性，因為人工智能將需要更高的吞吐量、更安全的連接、更低的延遲和改進的電源管理。

Skyworks is uniquely positioned to benefit from these trends with our advanced integrated solutions, supporting wireless infrastructure, cellular connectivity for mobile devices as well as other leading wireless protocols used in billions of IoT products.

Skyworks 擁有獨特的優勢，可以通過我們先進的集成解決方案從這些趨勢中受益，支持無線基礎設施、移動設備的蜂窩連接以及數十億物聯網產品中使用的其他領先無線協議。

With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q4.

接下來，我將把電話轉給克里斯，討論上季度的業績和我們對第四季度的展望。

Thanks, Liam. Skyworks revenue for the third fiscal quarter of 2023 was $1.071 billion, slightly above the midpoint of our outlook. Mobile was approximately 59% of total revenue with broad content gains across our largest customer product portfolio, offset by ongoing weakness in demand from the Android ecosystem as these OEMs continue to reduce inventories.

謝謝，利亞姆。 Skyworks 2023 年第三財季收入為 10.71 億美元，略高於我們預期的中值。移動業務約佔總收入的 59%，我們最大的客戶產品組合中的內容獲得了廣泛的增長，但由於這些 OEM 繼續減少庫存，Android 生態系統的需求持續疲軟，抵消了這一影響。

Growth markets were approximately 41% of total revenue. We have another strong contribution from the automotive, infrastructure and industrial markets. Gross profit was $509 million, resulting in a gross margin of 47.5%, in line with expectations. Gross margin was down 370 basis points year-over-year, mostly driven by temporary factory underutilization as we rightsize our inventory levels.

增長市場約佔總收入的 41%。汽車、基礎設施和工業市場也為我們做出了巨大貢獻。毛利潤為5.09億美元，毛利率為47.5%，符合預期。毛利率同比下降 370 個基點，主要是由於我們調整庫存水平而導致工廠暫時利用率不足。

Operating expenses of $182 million declined 4% sequentially and year-over-year, given our ongoing focus on managing discretionary expenses. We generated $327 million of operating income, translating into an operating margin of 30.5%. We incurred $8 million of other expense and our effective tax rate was 13.2%, driving net income of $276 million and diluted earnings per share of $1.73, exceeding the guidance that we provided during the last earnings call.

鑑於我們持續關注管理可自由支配費用，運營費用為 1.82 億美元，環比下降 4%。我們產生了 3.27 億美元的營業收入，營業利潤率為 30.5%。我們產生了 800 萬美元的其他費用，有效稅率為 13.2%，淨利潤達到 2.76 億美元，攤薄後每股收益達到 1.73 美元，超過了我們在上次財報電話會議上提供的指導。

Now turning to cash flow. Skyworks' business model continues to deliver very strong cash generation. Third fiscal quarter cash flow from operations was $306 million and capital expenditures were $31 million, resulting in free cash flow of $274 million. In fact, for the first 3 quarters of the fiscal year, we've generated record free cash flow of $1.35 billion and record free cash flow margin of 38%. Also during fiscal Q3, we paid $99 million in dividends and repaid $500 million of our 2023 notes at maturity.

現在轉向現金流。 Skyworks 的業務模式繼續帶來非常強勁的現金生成能力。第三財季運營現金流為 3.06 億美元，資本支出為 3100 萬美元，自由現金流為 2.74 億美元。事實上，在本財年的前 3 季度，我們創造了創紀錄的 13.5 億美元自由現金流，創紀錄的自由現金流利潤率為 38%。同樣在第三財季，我們支付了 9900 萬美元的股息，並在到期時償還了 5 億美元的 2023 年票據。

Now let's move on to our outlook for Q4 of fiscal 2023. We expect to deliver double-digit sequential revenue and earnings per share growth in the September quarter. Specifically, we anticipate revenue between $1.190 billion and $1.240 billion. At the midpoint of $1.215 billion, revenue for the quarter is expected to increase 13% sequentially. This outlook considers the seasonal impact from major product launches, leveraging our technology leadership, deep customer engagements and world-class in-house manufacturing capabilities.

現在讓我們繼續展望 2023 財年第四季度。我們預計第二季度收入和每股收益將實現兩位數的連續增長。具體來說，我們預計收入在 11.9 億美元至 12.4 億美元之間。按 12.15 億美元的中值計算，本季度收入預計將環比增長 13%。這一展望考慮了主要產品發布的季節性影響，利用我們的技術領先地位、深入的客戶參與和世界一流的內部製造能力。

Gross margin is projected to be in the range of 47% to 48%, reflecting the cyclical impact of lower factory utilization, while we are reducing our internal inventories. We expect operating expenses in the range of $178 million to $182 million, down 6.5% year-over-year at the midpoint as we continue to optimize operating efficiencies while making 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.

毛利率預計在 47% 至 48% 之間，反映了工廠利用率較低的周期性影響，同時我們正在減少內部庫存。我們預計運營支出將在1.78 億美元至1.82 億美元之間，中間值同比下降6.5%，因為我們將繼續優化運營效率，同時對技術和產品開發進行必要的投資，以進一步增強我們在移動領域的領導地位。推動我們廣泛市場業務的多元化和增長。

Below the line, we anticipate roughly $8 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 $1.215 billion, we intend to deliver diluted earnings per share of $2.10, an increase of 21% sequentially.

在此線之下，我們預計其他費用約為 800 萬美元，有效稅率為 13.5% 至 14%。我們預計稀釋後的股份數量約為 1.6 億股。因此，在 12.15 億美元收入區間的中點，我們打算實現每股攤薄收益 2.10 美元，比上一季度增長 21%。

Lastly, given our conviction in Skyworks' long-term strategic outlook and consistent strong cash generation, we announced a 10% increase to our quarterly dividend to $0.68 per share.

最後，鑑於我們對 Skyworks 的長期戰略前景和持續強勁的現金生成能力的信心，我們宣布將季度股息增加 10% 至每股 0.68 美元。

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

然後，我會將電話轉回利亞姆。

Thanks, Kris. Skyworks continues to deliver solid financial results despite a challenging macro environment. At the same time, we have further advanced our cutting-edge technologies and product road maps, targeting leading market segments that allow us to both expand and diversify our customer base.

謝謝，克里斯。儘管宏觀環境充滿挑戰，Skyworks 仍繼續提供穩健的財務業績。與此同時，我們進一步推進我們的尖端技術和產品路線圖，瞄準領先的細分市場，使我們能夠擴大客戶群並使其多元化。

In addition, we are well positioned to benefit from powerful market trends, including the electrification and automation of vehicles, the expansion of the Internet of Things, the emergence of augmented and virtual reality and the rise of artificial intelligence, just to name a few.

此外，我們處於有利地位，可以從強大的市場趨勢中受益，包括車輛電氣化和自動化、物聯網的擴展、增強和虛擬現實的出現以及人工智能的興起等等。

Looking ahead, we expect to capitalize on these opportunities and deliver growth in our highly profitable business with sustainable strong cash generation.

展望未來，我們期望利用這些機會，通過可持續的強勁現金創造，實現高利潤業務的增長。

Operator, let's open the lines for questions.

接線員，讓我們開始提問吧。

(Operator Instructions) And your first question comes from the line of Harsh Kumar from Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Harsh Kumar。

Congratulations, Liam, Kris and the Skyworks team. Solid results and very significant leverage in the September guide. My first question was regarding your largest customer who typically comes out with a new phone in the September time frame, Liam. Can you talk about your content at that new particular phone that might be coming out this time around?

恭喜 Liam、Kris 和 Skyworks 團隊。九月份的指南取得了紮實的成果和非常重要的影響力。我的第一個問題是關於您最大的客戶，利亞姆，他們通常會在 9 月份推出新手機。您能談談您在這次可能推出的新手機上的內容嗎？

Sure, Harsh. Of course, I can't give you all the granularities here. But obviously, our engagement and our technical vectors here continue to be sharp. We expect to be among the leaders with our largest customer. We've got -- we have the know-how. We have the breadth of technology. We have the people and the manufacturing capabilities to execute. So we look forward to that, but we really can't give any further guidance, Harsh, as you know. But we certainly feel like our opportunities with our largest customer continue to be very quite large.

當然，嚴厲。當然，我無法在這裡向您提供所有細節。但顯然，我們的參與和技術向量仍然很敏銳。我們希望成為擁有最大客戶的領導者之一。我們有——我們有專業知識。我們擁有廣泛的技術。我們擁有執行的人員和製造能力。因此，我們對此充滿期待，但我們確實無法提供任何進一步的指導，Harsh，如您所知。但我們確實覺得我們與最大客戶的機會仍然非常大。

That's fair enough. Liam, if I can ask about your gross margin, you're working through some inventory that's affecting your margins. But if I look -- let's just say I look forward, what would be some of the drivers that you have to improve your gross margins from where they are? Would they be more sort of industry dependent such as Android and sort of handset unit dependent? Or would there more be kind of Skyworks specific actions that would be bigger drivers of your gross margin?

這很公平。利亞姆，如果我可以詢問您的毛利率，您正在處理一些影響您利潤的庫存。但如果我展望一下——讓我們展望一下，您必須提高毛利率的一些驅動因素是什麼？它們是否會更多地依賴於行業，例如 Android 以及手機設備？或者 Skyworks 是否會採取更多具體行動來更大地推動您的毛利率？

Yes, Harsh, I'll take that question. So first of all, we delivered 4.5% in the June quarter, in line with expectations. And at the last earnings call, I indicated that gross margins were going to trend sideways for a couple of quarters. And so we just guided September 47% to 48%, which is pretty much in line with what I said during the last earnings call.

是的，哈什，我會回答這個問題。首先，我們在 6 月份季度實現了 4.5% 的增長，符合預期。在上次財報電話會議上，我表示毛利率將在幾個季度內呈橫向趨勢。因此，我們剛剛將 9 月份的預期預測為 47% 至 48%，這與我在上次財報電話會議上所說的基本一致。

The main issue why gross margins are temporarily a little bit lower compared to the historical levels, which was in the low 50s is mainly because of the macro headwinds and the softer demand environment, especially, as you indicated, in the Android ecosystem, while those customers are themselves reducing their internal inventory levels.

毛利率暫時低於 50 多歲的歷史水平的主要原因是宏觀逆風和需求環境疲軟，特別是正如您所指出的，在 Android 生態系統中，而那些客戶自己也在降低內部庫存水平。

And so as the business over a couple of quarters, will eventually get back and stronger, especially in Android as well as our broad markets business, we will see further improvements in our gross margins.

因此，隨著幾個季度的業務最終將恢復並變得更加強勁，特別是在 Android 以及我們廣泛的市場業務方面，我們將看到毛利率進一步提高。

In addition to this as well, Harsh, as you know, we are also reducing our own inventory levels on the balance sheet. This is probably something Skyworks specific that will take a couple of quarters. That is also contributing to the underutilization. But once we get to the more normalized levels of internal inventory, we will increase factory utilizations and ramp up the gross margins. I do expect the gross margins, again, over time, gradually improve to the low 50s. And then we will continue to work it towards our target model of 53%.

除此之外，正如你所知，哈什，我們還在資產負債表上減少我們自己的庫存水平。這可能是 Skyworks 特有的事情，需要幾個季度的時間。這也導致了利用率不足。但一旦我們達到更正常的內部庫存水平，我們將提高工廠利用率並提高毛利率。我確實預計，隨著時間的推移，毛利率將逐漸提高到 50 左右。然後我們將繼續朝著 53% 的目標模型努力。

Yes. And in addition to that, Harsh, as you may know, on the plus side, if you look at the cash generation that we're putting forth, very, very strong results. We're looking at 30% to 35% free cash flow, and that's sustainable. So you've got the margin hit, which is basically underutilization, but all of that has been paid for. And we have now the upside opportunity with free cash flow.

是的。除此之外，正如您可能知道的那樣，從積極的一面來看，如果您看看我們提出的現金生成情況，就會發現非常非常強勁的結果。我們正在尋找 30% 到 35% 的自由現金流，這是可持續的。因此，你會受到利潤率的影響，這基本上是未充分利用的，但所有這些都已支付。我們現在擁有自由現金流的上行機會。

And your next question comes from the line of Chris Krastel from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Chris Krastel。

I guess just to start, a general market question, when we've been going through an inventory correction here for a number of quarters. It looks like a bit of the fourth quarter of double-digit revenue declines on a year-on-year basis. So where do we stand now with that inventory correction at your customers? Are we getting to the point where those customers are getting a bit back to normal? And what does that imply for the next couple of quarters in terms of revenue outlook?

我想這只是一個普遍的市場問題，我們已經經歷了幾個季度的庫存調整。看起來第四季度的收入同比出現了兩位數的下降。那麼，我們現在對您客戶的庫存修正處於什麼位置呢？我們是否已經到了這些客戶稍微恢復正常的程度了？這對未來幾個季度的收入前景意​​味著什麼？

Sure, Chris. Yes. I mean we do feel that the bottom is here for the most of the markets here that we address, and we should be seeing improving financials as we go forward. And if you look at our guide today, it looks pretty strong relative to the peers.

當然，克里斯。是的。我的意思是，我們確實認為我們所討論的大多數市場已經觸底，隨著我們的前進，我們應該會看到財務狀況的改善。如果你今天看看我們的指南，它相對於同行來說看起來相當強大。

But also the aperture that we have, not only with the larger players in mobile, which is certainly important, and we're very well positioned. But the broad markets business continues to grow. We're doing a lot of good work in automotive. We're doing a lot of good work in data center. A wide range of customers that are engaged with us that are also going through their cycle. But what we're seeing now is a bit of a turn up. We think it's sustainable. I think it's been a tough cycle in semis and tech in general. But our view is a little bit more optimistic now than it was last quarter for sure.

而且我們擁有的光圈，不僅是移動領域的較大玩家，這當然很重要，而且我們處於非常有利的位置。但廣泛市場業務仍在持續增長。我們在汽車領域做了很多出色的工作。我們在數據中心方面做了很多出色的工作。與我們合作的眾多客戶也正在經歷他們的周期。但我們現在看到的情況有所好轉。我們認為這是可持續的。我認為這對於半決賽和科技界來說是一個艱難的周期。但我們現在的看法肯定比上個季度更加樂觀。

Okay. And just a follow-up on perhaps, China, specifically, and that's an area where we've heard some more cautious commentary from one of your peer -- from some of your peers. Do you think that demand from your China customers has also turned the corner? And what should we expect there? What are you seeing now? And what should we expect there?

好的。也許只是針對中國的後續行動，特別是在這個領域，我們從你們的一位同行那裡聽到了一些更為謹慎的評論。您認為中國客戶的需求是否也出現了好轉？我們應該期待什麼？你現在看到了什麼？我們應該期待什麼？

Yes. It's starting to turn up, Chris. It's not where we want it to be yet, but we've been very, very careful the way we're guiding and have put kind of pretty low vectors on top line. So I don't think that we're going to be surprised at all in any way. So you look at that portfolio, it's still bumpy. But on the flip side, you have other markets in Android that are doing quite well. Samsung has an opportunity to continue to grow. You've got a few other players out there that are important. Google is another customer that has a lot of great opportunity in mobile and other products that we work with. But it does -- like I said, it feels like what we're seeing and the dialogue we have with our end customers being more constructive.

是的。克里斯，事情開始出現了。這還不是我們想要的地方，但我們的指導方式非常非常小心，並且在頂線上放置了相當低的向量。所以我認為我們不會以任何方式感到驚訝。所以你看看這個投資組合，它仍然崎嶇不平。但另一方面，Android 的其他市場表現也相當不錯。三星有機會繼續增長。還有其他一些重要的球員。谷歌是另一個客戶，在我們合作的移動產品和其他產品中擁有很多巨大的機會。但確實如此——就像我說的，感覺我們所看到的以及我們與最終客戶的對話更具建設性。

And your next question comes from the line of Matt Ramsay from TD Cowen.

您的下一個問題來自 TD Cowen 的 Matt Ramsay。

Yes. Maybe you could -- you guys report, obviously, the broad markets business and -- but there's a bunch of different end markets represented in there that I would imagine are seeing -- one thing I think the semiconductor cycle that you were speaking about has taught us is that different parts of the industry have different cycles that are not in amplitude or X, Y axes trying to be lined up with each other, and they're all over the place a bit.

是的。也許你們可以——顯然，你們報告了廣泛的市場業務——但是我想像那裡代表了一堆不同的終端市場——我認為你們所說的半導體週期已經發生了一件事情告訴我們的是，行業的不同部分有不同的周期，這些週期不是在振幅或X、Y 軸上試圖彼此對齊，而且它們有點分散。

So maybe you could break down what you're seeing in the broad markets business. I would assume maybe stronger in automotive, weaker in some consumer areas. But if you could go through the different subsectors, that would be really, really helpful.

所以也許你可以分解一下你在廣泛市場業務中看到的情況。我認為汽車領域可能會更強，而某些消費領域可能會更弱。但如果你能了解不同的子部門，那將非常非常有幫助。

Yes, sure. I'll give you as much as I can on that. So you mentioned automotive. That's a market that if you look back 2, 3 years ago at Skyworks, you'd see very, very little revenue at all. We're now we're well above the $200 million run rate. We expect that to accelerate substantially, a lot of great IP and technology that we brought forth with the Silicon Labs transaction. And also a lot of really organic work inside of Skyworks to drive more opportunities within these vehicles.

是的，當然。我會盡我所能地給你。所以你提到了汽車。如果你回顧 2、3 年前的 Skyworks，你會發現這個市場的收入非常非常少。我們現在遠遠高於 2 億美元的運行率。我們預計，我們通過 Silicon Labs 交易帶來的許多出色的知識產權和技術將大幅加速。 Skyworks 內部也進行了許多真正有機的工作，以在這些車輛中創造更多機會。

So that's going to be an important part of the business. It already is. If we look at some of these other new markets, cloud, for example, we've got design wins in that area now. We're doing extremely well in an important category in WiFi 6 and WiFi 7. It's going to be a grower in the industry. I think it's going to be meaningful for the RF players with Skyworks being certainly at the top of the pack. And it's just a lot of general diversified products that we came in with the slab transaction that just very, very broadly -- which has a number of design wins across multiple categories that's also growing.

所以這將成為業務的重要組成部分。已經是了。如果我們看看其他一些新市場，例如雲市場，我們現在已經在該領域取得了設計勝利。我們在 WiFi 6 和 WiFi 7 的重要類別中做得非常好。它將成為該行業的增長者。我認為這對於 RF 廠商來說意義重大，因為 Skyworks 無疑處於領先地位。我們在板坯交易中引入了很多普遍的多元化產品，這些產品非常非常廣泛——在多個類別中獲得了許多設計勝利，而且這些產品也在不斷增長。

So good stuff there. Plenty of room to go. I mean all these markets that we're dealing with have pretty, very significant TAM opportunities for us to grow into. So we're excited about that. We've made a lot of strategic additions in our sales force as well to try to penetrate more of these new markets and create that diversification vector. So we feel good about it. And we're just going to have to -- you're going to have to see it in the numbers, but we're certainly driving to those outcomes and expect we can do it.

那裡有那麼多好東西。有足夠的空間去。我的意思是，我們正在處理的所有這些市場都有非常非常重要的 TAM 機會供我們發展。所以我們對此感到興奮。我們還對銷售隊伍進行了大量戰略性補充，以嘗試滲透更多新市場並創建多元化載體。所以我們對此感覺良好。我們必須——你必須從數字中看到這一點，但我們肯定會努力實現這些結果，並期望我們能夠做到。

Just as my follow-up, Kris, maybe you could talk a little bit about your view into OpEx in the next few quarters. I think it was a hair below where we had modeled it anyway. And with some of the gross margin pressure given the utilization, maybe that makes sense. But there's a lot of opportunities ahead for you guys as well, particularly in the broad market to invest in. So if you could just kind of level set us on the next few quarters on the OpEx line, that would be helpful.

正如我的跟進者 Kris，也許您可​​以談談您對未來幾個季度運營支出的看法。我認為這是我們建模的地方下面的一根頭髮。考慮到利用率帶來的毛利率壓力，也許這是有道理的。但你們面前也有很多機會，特別是在廣闊的市場上進行投資。因此，如果你們能為我們設定未來幾個季度運營支出的水平，那將會很有幫助。

Yes. Thanks for that question. And so we can't control the macro, right, and we can't control some of the softness in some of the end markets that everybody industry is going through, but we can control, of course, our own operating expenses and the investments that we make in the business. And there, again, we're not hesitating.

是的。謝謝你提出這個問題。因此，我們無法控制宏觀經濟，對吧，我們也無法控制每個行業正在經歷的一些終端市場的疲軟，但我們當然可以控制我們自己的運營費用和投資我們在業務中製造的。在這裡，我們再次毫不猶豫。

We are going to continue to invest and play to win. But at the same time, we're going to continue. And Skyworks is pretty good at that, continue to focus on efficiencies and really spending the dollars where we get the biggest bang for the buck. And as you saw from the prepared remarks, we have been able to trim down a little bit the OpEx, again, without cutting into our key technology development and product road maps, just focusing on effectiveness and efficient processes.

我們將繼續投資並爭取勝利。但與此同時，我們將繼續下去。 Skyworks 在這方面非常擅長，繼續關注效率，真正把錢花在能帶來最大效益的地方。正如您從準備好的發言中看到的那樣，我們已經能夠再次削減一點運營支出，而無需削減我們的關鍵技術開發和產品路線圖，只關注有效性和高效流程。

Some of that was also we reduced a little bit of the variable compensation because of the top environment that we play in. That will kick back a little bit as we start the new fiscal year in the December quarter. But overall, I feel good about the level of spending that we do in support of our growth.

其中一些原因是，由於我們所處的頂級環境，我們減少了一點可變薪酬。當我們在 12 月季度開始新的財政年度時，這將會有所回升。但總體而言，我對我們支持增長的支出水平感到滿意。

And 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 的愛德華·斯奈德 (Edward Snyder)。

A couple of questions, if I could, please. First, there was a lot of talk earlier this year that Skyworks is going to lose some share in WiFi and the high-end handsets, not the CPE units or the stuff that goes into homes with handsets. And I guess there's some basis for that given how much content you have. I think you have and have had all the remote PAs for both 5-years and 2.5 as well as some LNAs in some flagship phones.

如果可以的話，請教幾個問題。首先，今年早些時候有很多人說 Skyworks 將失去 WiFi 和高端手機的部分份額，而不是 CPE 設備或家用手機產品。考慮到您擁有的內容量，我想這是有一定基礎的。我認為您已經擁有了 5 年和 2.5 的所有遠程 PA，以及一些旗艦手機中的一些 LNA。

Maybe you could provide a little color on that. Should we expect your share to moderate a little bit in the second half of this year? Do you feel like you're not giving up anything there given kind of your dominance of that space over the last several years, actually?

也許你可以對此提供一些顏色。我們是否應該預計您的份額在今年下半年會略有下降？事實上，考慮到過去幾年你在該領域的主導地位，你是否覺得你並沒有放棄任何東西？

Yes. Ed, that has been a stalwart within the business and the WiFi cycle very strong. We have great position, 6 and going into WiFi 7. I mean, you know these technologies, they're not easy, and there's a big leap between those 2 cycles, but we're in great shape. There's certainly a tremendous amount of consumer activity that hasn't been consummated. WiFi is a really important technology. I think everybody knows that. And it's used in so many different applications that we try to really deliver the best solutions. And that's been very powerful for us and our customers like the technology. And I think we've got a great opportunity over the next several years.

是的。 Ed，這一直是行業內的堅定支持者，WiFi 週期非常強勁。我們處於很好的位置，6 並進入 WiFi 7。我的意思是，你知道這些技術，它們並不容易，而且這兩個週期之間有很大的飛躍，但我們的狀態很好。當然還有大量的消費者活動尚未完成。 WiFi是一項非常重要的技術。我想每個人都知道這一點。它被用於許多不同的應用程序，我們試圖真正提供最好的解決方案。這對我們和我們的客戶來說非常強大，就像這項技術一樣。我認為未來幾年我們有一個很好的機會。

Okay. And if I could, the transmit DRx module, which is quickly -- it already has become one of the most lucrative modules and some of the high-end phones out there. You guys kind of own that space, but it's been really clear in the last year or so, that the competition for that spot has increased dramatically. I think even Avago is now trying to get into that. I know Qorvo tried to fill a piece. Qualcomm's always talked about, et cetera. Incumbency has a lot of inertia with it. We've seen that year after year after year in iPhone.

好的。如果可以的話，傳輸 DRx 模塊很快——它已經成為最賺錢的模塊之一，並且已經成為一些高端手機的模塊。你們有點擁有這個空間，但在過去一年左右的時間裡，很明顯，這個位置的競爭急劇加劇。我認為即使 Avago 現在也正在嘗試涉足這一領域。我知道 Qorvo 試圖填補一塊。人們總是談論高通等等。在職者有很大的慣性。我們年復一年地在 iPhone 上看到了這一點。

Is that still the case of this? Because the flip side of this, we haven't seen incumbency really help anybody in the ultra-high band. That shares bounced back and forth. You had some of it last year, Qorvo and Avago split it. This year, Qorvo is getting a little bit. So I'm just trying to get a feel for is incumbency worth more in the transmit diversity section, do you think, and think you'll continue to dominate that spot?

現在還是這樣嗎？因為另一方面，我們還沒有看到在職人員真正對超高頻段的任何人有幫助。該股來回反彈。去年，Qorvo 和 Avago 瓜分了其中的一部分。今年，Qorvo 有所進步。所以我只是想了解一下在傳輸分集部分中現任者是否更有價值，您認為並且認為您將繼續主導該領域嗎？

Yes, I would look at it at a high level, not necessarily any one specific customer, but performance wins and flexibility wins and supply chain wins and having incredible people on our team that can work shoulder to shoulder in the lab to create amazing outcomes. And I think that really is what differentiates us. And it's not just talk. I mean these are real actions, the people in our fabs, our factories we're using our own technologies, as you know, whether it's BAW or TC-SAW.

是的，我會從高層次來看待它，不一定是任何一個特定的客戶，而是性能勝利、靈活性勝利、供應鏈勝利，以及我們團隊中擁有令人難以置信的人才，他們可以在實驗室中並肩工作，創造令人驚嘆的成果。我認為這確實是我們的與眾不同之處。這不僅僅是說說而已。我的意思是，這些都是真實的行動，我們晶圓廠的人們，我們的工廠，我們正在使用我們自己的技術，如你所知，無論是 BAW 還是 TC-SAW。

All those recipes are really homegrown. I think it makes it unique for us. Our customers love it because they have a voice in the product. And if there's any fine-tuning or tweaking, technically, we could do it. So we love that.

所有這些食譜都是真正的本土菜譜。我認為這對我們來說是獨一無二的。我們的客戶喜歡它，因為他們對產品有發言權。如果技術上有任何微調或調整，我們可以做到。所以我們喜歡這樣。

And some of those products that you mentioned, you know probably more than anybody. These are really, really hard products, really difficult with demanding customers. But if you're able to handle that and hit that fast ball, it's great for the customer, and it's great for the supplier like us. So we're looking forward to more of that. We love challenges, and we're ready to do more.

您提到的某些產品，您可能比任何人都了解。這些都是非常非常困難的產品，對於要求嚴格的客戶來說真的很困難。但如果你能夠處理好這個問題並擊出快球，這對客戶來說是件好事，對像我們這樣的供應商來說也是件好事。所以我們期待更多這樣的事情。我們熱愛挑戰，並且準備做得更多。

And your next question comes from the line of Vivek Arya from Bank of America.

您的下一個問題來自美國銀行的 Vivek Arya。

This is Blake Friedman on for Vivek. I might have missed it in the prepared remarks, but I was hoping you could provide what percent of revenue came from your largest customer. And in addition to that, if you're able to quantify the percentage of your broad market sales that come from this largest customer, that would be helpful.

我是維韋克的布萊克·弗里德曼 (Blake Friedman)。我可能在準備好的評論中漏掉了這一點，但我希望您能提供來自您最大客戶的收入百分比。除此之外，如果您能夠量化來自這個最大客戶的廣泛市場銷售額的百分比，那將會很有幫助。

Yes. So the largest customer in the June quarter was approximately 64% of total revenue when -- if you do the math correctly, you will see that's kind of flattish, slightly up, maybe 1% on a year-over-year basis, which clearly illustrates that we continue to win big with that large customer.

是的。因此，6 月份季度最大的客戶約佔總收入的 64%，如果你計算正確的話，你會發現這與去年同期相比持平，略有上升，可能為 1%，這顯然說明我們繼續贏得該大客戶的青睞。

And as you indicate, yes, we went with that customer, not just at the phone, but in every product that they have and every product that they brought to the market and that they will bring to the market in the future. And so you will find not only Skyworks content in the iPhone, but you will also find it in the iPad and in the iMac and in the HomePod and in other products that it will bring to the market. And that's roughly on or about 15% of that revenue with the customer.

正如您所指出的，是的，我們與該客戶合作，不僅僅是通過電話，而是他們擁有的每一種產品以及他們帶到市場上的每一種產品以及他們將來將推向市場的每一種產品。因此，您不僅可以在 iPhone 中找到 Skyworks 內容，還可以在 iPad、iMac、HomePod 以及它將推向市場的其他產品中找到它。這大約相當於客戶收入的 15%。

Got it. Helpful. And then just maybe a longer-term question thinking about the recovery of certain aspects of the business. I know you derisked your China Android exposure early into the cycle, I believe they only account for 5% of sales or so. So as the market normalizes, I'm just trying to get a perspective on how we should think about your long-term China and broad disclosure in terms of total revenue?

知道了。有幫助。然後可能是一個考慮業務某些方面復甦的長期問題。我知道您在進入周期初期就規避了中國 Android 曝光的風險，我相信它們只佔銷售額的 5% 左右。因此，隨著市場正常化，我只是想了解一下我們應該如何看待你們的長期中國市場以及總收入方面的廣泛披露？

Yes. So currently, it's very low, right? As you point out, yes, China is less than 5% of our revenue. Samsung is less than 5% of our revenue. We still have Google, but also currently less than 5% of our revenue. As we all know, there is inventory overhang at most of those customers, they -- especially inventory overhang at the phone level that needs to be clear, it's improving. We see higher demand, higher bookings from those customers, but it's improving slowly.

是的。所以目前來說，它非常低，對吧？正如您所指出的，是的，中國市場僅占我們收入的不到 5%。三星只占我們收入的不到 5%。我們仍然有谷歌，但目前還不到我們收入的 5%。眾所周知，大多數客戶都存在庫存積壓，尤其是手機層面的庫存積壓，需要清理，這種情況正在改善。我們看到這些客戶的需求和預訂量有所增加，但情況正在緩慢改善。

Eventually -- and it's hard to predict the timing, but towards the start of 2024 that will be done and then there will be tremendous upside for us because we continue to win designs with those customers. And again, as that business will start ramping again, we are well positioned.

最終，很難預測具體時間，但到 2024 年初，這將會完成，然後我們將獲得巨大的好處，因為我們將繼續贏得這些客戶的設計。再說一次，隨著該業務將再次開始增長，我們處於有利地位。

And your next question comes from the line of Christopher Rolland from Susquehanna.

你的下一個問題來自薩斯奎哈納的克里斯托弗·羅蘭。

Thanks for the question. I would love to get into inventory and DOIs and how play into your gross margins and underutilization. You kind of hit on this, but would love a little bit more detail in terms of your outlook longer term. So ultimately, where do you guys want your DOIs to go? When do you think you can get there? And I believe the assumption should be gross margins would kind of hang around here for a while until you reach that level? Is that the correct assumption?

謝謝你的提問。我很想了解庫存和 DOI，以及如何影響您的毛利率和利用率不足。你有點突然想到了這一點，但希望了解更多關於你的長期前景的細節。那麼最終，你們希望自己的 DOI 去哪裡？你認為你什麼時候可以到達那裡？我相信這個假設應該是毛利率會在這裡停留一段時間，直到達到那個水平？這是正確的假設嗎？

Yes. So first, on inventory, we have now 2 consecutive quarters where inventory came down slightly in absolute dollars despite the fact that this was our 2 slowest seasonal quarters. Looking forward to September and December with much stronger revenue and strong sequential revenue growth into September and further into December, we will continue to substantially bring down inventory in absolute doors and of course, on higher revenue as well in terms of days of inventory.

是的。首先，在庫存方面，我們現在已經連續兩個季度庫存以絕對美元計算略有下降，儘管這是我們最慢的兩個季節性季度。展望 9 月和 12 月，收入將更加強勁，9 月和 12 月的收入將強勁連續增長，我們將繼續大幅降低絕對門庫存，當然，收入以及庫存天數也將增加。

The target is to try to get inventory on or about $1 billion or slightly below that. And -- but to your point, it will take a couple of quarters for us to be able to do that. And so the gross margin will trend sideways for a couple of quarters until we get through this inventory reduction on our side. And until, of course, the overall business starts picking up again, as we discussed with Android, the large customer, stronger tailwinds in the broad markets business and then the gross margin will start picking up again.

目標是努力使庫存達到或略低於 10 億美元。而且 - 但就您而言，我們需要幾個季度才能做到這一點。因此，毛利率將在幾個季度內呈橫向趨勢，直到我們完成庫存削減。當然，直到整體業務再次開始回升，正如我們與大客戶 Android 討論的那樣，廣泛市場業務的強勁推動力之後，毛利率將再次開始回升。

And perhaps one for Liam. You guys haven't emphasized at least on your call, your opportunity in BAW in some time. How are you guys feeling about that? I think you guys have done well, putting it into diversity receive, but would you expect some stand-alone BAW opportunities to kind of move the needle this year?

也許是利亞姆的一個。你們至少在電話會議上沒有強調你們在 BAW 的機會已經有一段時間了。你們對此感覺如何？我認為你們做得很好，將其納入多樣性接收中，但您是否期望今年有一些獨立的 BAW 機會能夠有所推動？

Yes, absolutely. We have certainly the most significant customers in very good shape and a lot of great development, shoulder-to-shoulder work, and that's been going well. But there's also BAW deployments in other markets that we can dive into, even in some of these things, access points and routers and infrastructure products. Think of BAW as a technology, not a product. So it's a very difficult technology and only a few companies know how to do it and also the manufacturing scale and the technology there as well is very unique, and there's just a few companies that can do it.

是的，一點沒錯。當然，我們擁有最重要的客戶，他們的狀態非常好，並且取得了很大的發展，我們並肩工作，一切進展順利。但我們也可以深入研究其他市場的 BAW 部署，甚至包括接入點、路由器和基礎設施產品等。將 BAW 視為一項技術，而不是產品。所以這是一項非常困難的技術，只有少數公司知道如何做到這一點，而且製造規模和技術也非常獨特，只有少數公司可以做到。

But the aperture around bulk acoustic wave filtering is really strategic. It's hard to do, and it doesn't have to be handset only, as you mentioned. And we do have a number of examples even in WiFi and some other markets and infrastructure. So it's a key technology. Not a lot of companies do it. There's certainly folks on this call that are listening to peers that do it, but it's not an easy job.

但體聲波濾波周圍的孔徑確實具有戰略意義。正如您提到的，這很難做到，而且不一定只是手機。即使在 WiFi 和其他一些市場和基礎設施中，我們也確實有很多例子。所以這是一項關鍵技術。這樣做的公司並不多。當然，參加這次電話會議的人正在傾聽同行的意見，但這並不是一件容易的事。

But I think our teams have worked really well. And the aperture that we have is quite wide. We continue to bring on more accounts. We also do a really good job of adopting -- of getting our customers to adopt the higher levels of performance that you get in bulk acoustic wave. So some of that is demonstrated in products and usually in the more difficult and challenging operating conditions, BAW really makes sense, and we're quite good at executing there.

但我認為我們的團隊工作得非常好。我們的光圈相當寬。我們繼續吸引更多客戶。我們在採用方面也做得非常好——讓我們的客戶採用體聲波所獲得的更高水平的性能。因此，其中一些在產品中得到了證明，通常在更困難和更具挑戰性的操作條件下，BAW 確實有意義，而且我們非常擅長在那裡執行。

And your next question comes from the line of Joe Moore from Morgan Stanley.

你的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could address any long-term ramifications from Huawei potentially coming back with its own 5G solution? Does that create long-term opportunity for you? Does that create risk to your existing Chinese customers? Just anything that we should think about how that affects Skyworks.

我想知道您是否能解決華為可能帶著自己的 5G 解決方案回歸所帶來的任何長期影響？這會為您創造長期機會嗎？這會給您現有的中國客戶帶來風險嗎？我們應該考慮這對 Skyworks 有何影響。

Yes. It appears that Huawei is really off the shelf right now. So it's not even in the forecast. Having said that, there's still opportunity for the China market to grow. Kris mentioned it a little bit. We talked about the opportunity for Android to turn back up and you get the Oppo, Vivo, Xiaomi players. So there's a lot of opportunity there. But Huawei itself as it is at this stage, it's really a nonstarter, could change. But in today's environment, it's really not a customer that we're working with.

是的。看來華為現在真的下架了。所以它甚至不在預測中。話雖如此，中國市場仍然有增長的機會。克里斯稍微提到過這一點。我們談到了 Android 復甦的機會，以及 Oppo、Vivo、小米播放器的機會。所以那裡有很多機會。但華為本身在現階段確實是一個不可能成功的企業，可能會改變。但在今天的環境中，我們與之合作的實際上並不是客戶。

And your next question comes from the line of Srini Pajjuri from Raymond James.

你的下一個問題來自 Raymond James 的 Srini Pajjuri。

Kris, you alluded to the December quarter growing as well. So given that we're coming off of a cyclical trough in Android, should we expect December to be somewhat about seasonal? If you can talk about directionally how you're thinking about December, that will be helpful.

克里斯，您提到 12 月季度也出現增長。因此，考慮到我們正在擺脫 Android 的周期性低谷，我們是否應該預期 12 月會有點季節性？如果你能有針對性地談論你對 12 月的看法，那將會很有幫助。

Yes. As you know, we only guide 1 quarter at a time, and so I'm going to stick to that. But directionally, yes, we do expect December to be up sequentially following a normal seasonal sequential growth patterns that we've experienced in the past.

是的。如您所知，我們每次只指導一個季度，因此我將堅持這一點。但從方向上看，是的，我們確實預計 12 月份將按照我們過去經歷過的正常季節性連續增長模式連續上漲。

Okay. Got it. And then maybe for Liam. Liam, there has been some news about China banning gallium and the germanium exports. Just wondering, given a lot of your products you use those materials, just wondering if there's any impact that you see in the short term on that.

好的。知道了。然後也許是利亞姆。利亞姆，有一些關於中國禁止鎵和鍺出口的消息。只是想知道，考慮到您的很多產品都使用這些材料，只是想知道短期內是否會對此產生任何影響。

Yes. We saw the note there. And I will tell you, there's really no risk for us right now. We understand those materials. We've been using them for a while. And our teams have looked deeply at this and looked at the opportunity, and we should be fine. I wouldn't worry about it. We've assessed that there's very little risk to the business, we're experts in these solutions and the materials behind it. So it's not -- in our view, it is that something to worry about.

是的。我們在那裡看到了這張紙條。我會告訴你，我們現在確實沒有風險。我們了解這些材料。我們已經使用它們有一段時間了。我們的團隊已經深入研究了這一點並尋找了機會，我們應該沒問題。我不會擔心這個。我們評估認為，業務風險很小，我們是這些解決方案及其背後材料的專家。因此，在我們看來，這並不是值得擔心的事情。

And 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卡爾·阿克曼。

I know the seasonality is a bit thrown out the window in the current down cycle. But I was hoping you might be able to comment, Kris, on the outlook between mobile and broad markets in September, particularly broad markets, broad markets is usually up, but I think we're going through a little bit of excess inventory. So if you could just highlight perhaps your outlook between mobile and broad markets for September, that would be quite helpful.

我知道在當前的下行週期中，季節性有點被拋到了窗外。但克里斯，我希望你能夠對 9 月份移動市場和廣泛市場之間的前景發表評論，特別是廣泛市場，廣泛市場通常會上漲，但我認為我們正在經歷一點點過剩的庫存。因此，如果您能強調一下您對 9 月份移動市場和廣泛市場的展望，那將會非常有幫助。

Yes. So obviously, September is a very strong mobile quarter, especially with the content that we have at our large customer and a big ramp that we have supported over the last 10 or 12 years. And so most of the sequential growth in the September quarter is coming from our mobile segment. Broad markets might be flat to slightly down a couple percent on a sequential basis for the reasons that you just mentioned, right, there is a little bit of inventory overhang in some of those end markets, very similar to what our peers and competitors have indicated over the last 2 weeks at their earnings calls. We are obviously not immune to that.

是的。顯然，9 月是一個非常強勁的移動季度，尤其是我們在大客戶處擁有的內容以及我們在過去 10 或 12 年中支持的大幅增長。因此，九月季度的大部分環比增長來自我們的移動業務。由於您剛才提到的原因，廣泛的市場可能會環比持平或略有下降幾個百分點，對吧，其中一些終端市場存在一點庫存積壓，這與我們的同行和競爭對手所表明的非常相似過去兩週的財報電話會議上。我們顯然也不能倖免。

Although, again, I think our markets business, we are -- as Liam indicated earlier, we are well positioned. There's a couple of spots, including automotive, right, that continues to grow double digit year-over-year. But overall, there's a little bit of inventory overhang that needs to be flushed out in the next couple of quarters. And then broad markets will start growing faster as well.

儘管我再次認為我們的市場業務，正如利亞姆早些時候指出的，我們處於有利地位。有幾個領域，包括汽車領域，每年繼續以兩位數的速度增長。但總體而言，有一些庫存積壓需要在未來幾個季度內消除。然後廣闊的市場也將開始更快增長。

Got it. I guess maybe just to follow up on that, if I may. If you could just speak broadly to how your inventory looks outside of the handset business. Again, it sounds like we have some inventory depletion that is still needed to reoccur. But the flip side of that argument then is how do you refill the channel once the channel is depleted, perhaps that exits -- perhaps it's more clean channel exiting the year. Just any thoughts into 2024 at a higher level in terms of how you look at broad markets once this inventory overhang abates?

知道了。如果可以的話，我想也許只是為了跟進此事。如果您能廣泛地談談您的庫存在手機業務之外的情況。同樣，聽起來我們仍然需要再次出現一些庫存消耗。但這個論點的另一面是，一旦通道耗盡，你如何重新填充通道，也許退出——也許今年退出的是更乾淨的通道。到 2024 年，一旦庫存過剩現象緩解，您對如何看待廣闊市場有什麼更高層次的想法嗎？

Yes. And maybe first, a clarification, right. A lot of the inventory overhang for -- as it relates to Skyworks is not in the distribution channel at the component level. We typically manage that proactively and try to keep inventory at the component level, at a healthy level. The issue is more that certain customers put components into products and then the products didn't fully sell through to the end customers at the level they were expecting. And so that needs to burn off.

是的。也許首先需要澄清一下，對吧。與 Skyworks 相關的大量庫存積壓並不在組件級別的分銷渠道中。我們通常會主動進行管理，並嘗試將組件庫存保持在健康的水平。問題更多的是，某些客戶將組件放入產品中，然後產品沒有按照他們期望的水平完全銷售給最終客戶。所以這需要燃燒掉。

As I said, like it's probably going to take a couple of quarters. But to your point, yes, once that is done, business will come back and we'll probably come back stronger as we will transition from under shipping to potentially shipping in line with end customer demand, and that will, by itself, fuel the growth.

正如我所說，這可能需要幾個季度的時間。但就你的觀點而言，是的，一旦完成，業務就會恢復，我們可能會變得更加強大，因為我們將從運輸中過渡到根據最終客戶需求進行潛在運輸，這本身就會推動生長。

And your last question comes from the line of Ruben Roy from Stifel, Nicolaus.

你的最後一個問題來自 Stifel 的 Ruben Roy，Nicolaus。

Liam, when you went through the segments or the various units in the broad markets piece, you didn't talk about communications infrastructure. And I think that historically, if you look at core Skyworks and then you add on top some of the timing stuff that you got from the I&A acquisition, that was probably a decent chunk of the business. And so I was wondering if I'm right about that. And then secondly, if you can give us an update on what you're seeing. It sounds like that's a pretty tough market right now and not a lot of visibility rest of this year and maybe even into next year. So would love to kind of understand how you're thinking about that business.

利亞姆，當您瀏覽廣闊市場的各個細分市場或各個部門時，您沒有談論通信基礎設施。我認為，從歷史上看，如果你看看 Skyworks 的核心，然後添加一些從 I&A 收購中獲得的時間信息，這可能是該業務的很大一部分。所以我想知道我的說法是否正確。其次，您能否向我們提供您所看到的最新情況。聽起來這是一個相當艱難的市場，今年剩餘時間甚至明年的可見度都不會很高。所以我很想了解一下您是如何看待這項業務的。

Yes. No, great question. Actually, I should have given that answer already. But no, we actually have meaningful numbers in the infrastructure side. And actually, in the last quarter, we actually had a record in the infrastructure side. So with all of the other chop that we see in handsets and some of the consumer products, the infrastructure business is actually quite strong. There's a lot of room for us to grow into that portfolio. We have very good relationships, and the infrastructure industry tends to be a little bit cyclical, and we're starting to see more opportunity there.

是的。不，很好的問題。事實上，我早就應該給出這個答案了。但不，我們實際上在基礎設施方面有有意義的數字。事實上，在上個季度，我們在基礎設施方面確實創下了記錄。因此，考慮到我們在手機和一些消費產品中看到的所有其他因素，基礎設施業務實際上相當強勁。我們有很大的空間來發展這個投資組合。我們有非常好的關係，而且基礎設施行業往往有點週期性，我們開始在那裡看到更多的機會。

Now some of that is just moving further up in 5G and other markets and even some of the upgrades that we see in WiFi and technologies like that. So they're all important to us, but infrastructure is still very solid, and we expect that to be a driver in '24.

現在，其中一些在 5G 和其他市場中正在進一步發展，甚至我們在 WiFi 和類似技術中看到的一些升級。所以它們對我們都很重要，但基礎設施仍然非常穩固，我們預計這將成為 24 年的驅動力。

Okay. Okay. And then I guess just as a quick follow-up, Liam, kind of another high-level question around sort of the macro and how you weigh that against design activity. It sounds like things are going well in some of these new areas that you're addressing auto. Obviously, WiFi has a cycle coming up. But I mean, generally, outside of mobile, if you look at broad markets, how would you assess design activity sort of as you look into the second half of the year versus maybe this time last year?

好的。好的。然後我想，作為一個快速的後續行動，利亞姆，這是另一個關於宏觀的高級問題，以及如何權衡設計活動。聽起來您正在解決的汽車新領域中的一些事情進展順利。顯然，WiFi有一個週期即將到來。但我的意思是，一般來說，在移動領域之外，如果你觀察廣闊的市場，你會如何評估今年下半年與去年這個時候的設計活動？

Yes. I tell you, it's really getting better. The design win activity is better, the customer engagements and discussions that we're having are getting better and more forward-looking. The portfolio is broader than it ever has been. We've got a lot more talent in the organization. Operationally, we've gone through some cyclical hits here with depreciation that we talked about with CapEx, but that's turning into a cash flow play right now that's going to really drive the business and allow us to put forth more powerful investments.

是的。我告訴你，情況確實在好轉。設計獲勝活動變得更好，我們正在進行的客戶參與和討論也變得更好、更具前瞻性。產品組合比以往任何時候都更廣泛。我們的組織中有更多的人才。在運營方面，我們經歷了一些週期性的打擊，其中包括我們與資本支出討論過的折舊，但這現在正在轉變為現金流遊戲，這將真正推動業務發展，並使我們能夠進行更強大的投資。

So we feel good about it. And I think the pieces can really drive a great 2024. We're getting through these quarters right now, the business is starting to improve, and we expect to have double-digit performance as we go forward.

所以我們對此感覺良好。我認為這些產品確實可以推動 2024 年的偉大發展。我們現在正在度過這些季度，業務開始改善，我們預計未來將實現兩位數的業績。

Thank you. Mr. Griffin, there are no further questions at this time. Please proceed.

謝謝。格里芬先生，目前沒有其他問題。請繼續。

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

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

Thank you. Ladies and gentlemen, that does conclude your conference for today. Thank you all for participating. You may all disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝大家的參與。你們都可以斷開連接。