思佳訊 (SWKS) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions' First Quarter Fiscal Year 2024 Earnings Call. This call is being recorded. At this time, I will turn the call over to Rajvindra Gill, Vice President of Investor Relations for Skyworks. Mr. Gill, please go ahead.

下午好，歡迎參加 Skyworks Solutions 2024 財年第一季財報電話會議。此通話正在錄音。此時，我會將電話轉給 Skyworks 投資者關係副總裁 Rajvindra Gill。吉爾先生，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' First Fiscal Quarter 2024 Conference Call. With me today is Liam Griffin, our Chairman, Chief Executive Officer and President; and Kris Sennesael, Chief Financial Officer for Skyworks. This call is being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at skyworksinc.com. In addition, the company's prepared remarks will be made available on our website promptly after the conclusion during the call.

謝謝你，接線生。大家下午好，歡迎參加 Skyworks 2024 第一財季電話會議。今天與我在一起的是我們的董事長、執行長兼總裁 Liam Griffin；以及 Skyworks 財務長 Kris Sennesael。這次電話會議正在透過網路進行現場直播，您可以透過該公司網站 skyworksinc.com 的投資者關係部分進行存取。此外，公司準備好的評論將在電話會議結束後立即發佈在我們的網站上。

Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today. Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP. With that, I'll turn the call over to Liam.

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，以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資訊。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，以了解與 GAAP 的完全一致。這樣，我就把電話轉給利亞姆。

Thanks, Raji, and welcome, everyone. Skyworks continued to execute well during the first fiscal quarter of 2024 despite a volatile macroeconomic environment. We delivered revenue of $1.202 billion. We posted earnings per share of $1.97 and generated $775 million of operating cash flow. Free cash flow was also a record at $753 million or 63% free cash flow margin, which reflects strong working capital management and moderating CapEx intensity.

謝謝拉吉，歡迎大家。儘管宏觀經濟環境動盪，Skyworks 在 2024 年第一財季繼續表現良好。我們實現了 12.02 億美元的收入。我們公佈的每股收益為 1.97 美元，營運現金流為 7.75 億美元。自由現金流也創歷史新高，達到 7.53 億美元，自由現金流利潤率為 63%，反映出強大的營運資本管理和適度的資本支出強度。

Let's review both near- and long-term secular trends in our end markets. After two challenging years across Android ecosystems, we see signs that the industry is stabilizing. Excess supply conditions are abating and inventory levels in the distribution channel and at the OEM level are normalizing. Customers are starting to restock inventory, albeit gradually as supply and demand dynamics improve and new phones are introduced into the market. Moreover, we've made strategic investments in product development, positioning us to compete for design wins and share gains focusing on highly integrated platforms for the leading mobile OEMs.

讓我們回顧一下終端市場的近期和長期長期趨勢。 Android 生態系統經歷了充滿挑戰的兩年後，我們看到該行業正在穩定的跡象。供應過剩狀況正在緩解，分銷管道和 OEM 層面的庫存水準正在正常化。客戶開始補充庫存，儘管隨著供需動態的改善以及新手機進入市場而逐步進行。此外，我們在產品開發方面進行了策略性投資，使我們能夠在設計方面競爭並分享收益，並專注於領先的行動 OEM 的高度整合平台。

We are pleased with our competitive positioning and technology road map and are poised to return to growth when the markets recover. Within broad markets, we see (inaudible) but many factors are moving in the right direction. In consumer IoT, we believe that we are past the bottom as inventory levels in the channel have normalized and demand signals are improving. Furthermore, we are executing on the upgrade cycle to WiFi 6E and 7. We see significant design win momentum across our retail, carrier and enterprise channels. These systems carry substantially higher dollar content.

我們對我們的競爭定位和技術路線圖感到滿意，並準備在市場復甦時恢復成長。在廣大的市場中，我們看到（聽不清楚）但許多因素正在朝著正確的方向發展。在消費者物聯網領域，我們相信，隨著通路庫存水準已經正常化並且需求訊號正在改善，我們已經觸底。此外，我們正在執行 WiFi 6E 和 7 的升級週期。我們看到零售、營運商和企業通路的設計贏得了巨大的動力。這些系統的美元含量要高得多。

Because of the addition of the new 6 gigahertz band and the inclusion of BAW filtering technology, we expect wireless infrastructure and traditional data center will remain a headwind throughout 2024, as OEMs continue to digest excess inventory. Despite this, we remain bullish on several new product cycles, including major design wins in Ethernet for high bandwidth networks and 400-gig and 800-gig optical module upgrades.

由於新的 6 GHz 頻段的增加以及 BAW 濾波技術的加入，我們預計無線基礎設施和傳統資料中心在整個 2024 年仍將是一個阻力，因為 OEM 繼續消化過剩的庫存。儘管如此，我們仍然看好幾個新產品週期，包括高頻寬網路乙太網路以及 400 G 和 800 G 光學模組升級的重大設計勝利。

Lastly, automotive and industrial markets are experiencing a near-term inventory correction. However, we see opportunities for growth in our automotive business, driven by higher adoption rates of connectivity in the vehicle, along with growing EV penetration, driving demand for our power isolation products.

最後，汽車和工業市場正在經歷近期庫存調整。然而，由於汽車連接採用率的提高以及電動車普及率的不斷提高，我們看到了汽車業務的成長機會，推動了對我們電源隔離產品的需求。

Taken together, we anticipate December quarter represents the bottom in the broad markets business. There are several long-term secular growth dynamics that leverage our differentiated technology, including the proliferation of intelligent edge connected IoT devices, automotive electrification and advanced safety systems and AI-enabled workloads, driving cloud and data center upgrades. Each of these trends require intricate connectivity engines underlying the need for speed, ultra-reliable low latency performance.

總的來說，我們預計 12 月季度代表了廣泛市場業務的底部。有幾個長期的長期成長動力利用了我們的差異化技術，包括智慧邊緣連接物聯網設備的激增、汽車電氣化和先進的安全系統以及人工智慧支援的工作負載，推動雲端和資料中心升級。這些趨勢中的每一個都需要複雜的連接引擎，以滿足對速度、超可靠的低延遲效能的需求。

In addition, 5G technology is expanding beyond the smartphone into more use cases in broad markets, including private cellular networks in factories and stadiums, customer premise equipment supporting Verizon and T-Mobile and multiband automotive telematics and wearables to name a few.

此外，5G 技術正在從智慧型手機擴展到廣闊市場的更多用例，包括工廠和體育場的專用蜂窩網路、支援 Verizon 和 T-Mobile 的客戶端設備以及多頻段汽車遠端資訊處理和可穿戴設備等。

We also remain bullish on the long-term RF content stored in smartphones, coupled with growing 5G penetration. We see increasing levels of complexity and content with each new generation. For example, 5G advanced is driving higher RF content, including the addition of satellite bands, 4x4 MIMO on the downlink and uplink, higher bandwidth, more carrier aggregation, upgrades to WiFi and GPS and other innovations. Lastly, we are energized about the prospect of generative AI migrating to the smartphone, sparking a potential major upgrade cycle. As the performance bar rises every year to support AI-enabled phones, the complexity requirements of RF will continue to increase, driving the need for more integration, lower power consumption, smaller footprint and spectral efficiency.

我們仍然看好智慧型手機中儲存的長期射頻內容，以及不斷增長的 5G 普及率。我們看到每一代的複雜性和內容都在增加。例如，先進的5G正在推動更高的射頻內容，包括增加衛星頻段、下行鏈路和上行鏈路上的4x4 MIMO、更高的頻寬、更多的載波聚合、WiFi和GPS的升級以及其他創新。最後，我們對生成式人工智慧遷移到智慧型手機的前景充滿信心，從而引發潛在的重大升級週期。隨著支援人工智慧手機的效能標準逐年提高，射頻的複雜性需求將不斷增加，從而推動對更高整合度、更低功耗、更小佔用空間和頻譜效率的需求。

5G is the ideal standard for on-device AI applications as it takes advantage of lower latency, faster transmission speeds and higher frequency ranges. In addition, AI-enabled workloads are driving demand for high-speed connectivity for data-intensive infrastructure and cloud upgrades, accelerating the demand for our high precision timing products.

5G 是設備端人工智慧應用的理想標準，因為它具有更低的延遲、更快的傳輸速度和更高的頻率範圍。此外，人工智慧支援的工作負載正在推動資料密集型基礎設施和雲端升級的高速連接需求，從而加速對我們高精度計時產品的需求。

Turning to our quarterly business highlights. We secured several design wins in infrastructure, including optical transport products with a major operator in India and timing devices for 5G small cells for private networks. We expanded the WiFi design pipeline with Cisco's enterprise access points, Linksys Tri-Band Mesh Router and TP-Link's Tri-Band Gaming Router. We increased design win momentum in automotive including telematics, infotainment systems and onboard chargers across the leading OEMs. Lastly, in emerging IoT, we delivered next-generation smart energy solutions with Google's Nest Temperature Sensors and Itron's residential gas meters.

轉向我們的季度業務亮點。我們在基礎設施方面獲得了許多設計勝利，包括與印度一家主要營運商合作的光傳輸產品以及用於專用網路的 5G 小型基地台的定時設備。我們利用 Cisco 的企業存取點、Linksys 三頻網狀路由器和 TP-Link 的三頻遊戲路由器擴展了 WiFi 設計流程。我們增強了領先 OEM 廠商在汽車領域的設計獲勝動力，包括遠端資訊處理、資訊娛樂系統和車載充電器。最後，在新興物聯網領域，我們透過 Google 的 Nest 溫度感測器和 Itron 的住宅瓦斯表提供了下一代智慧能源解決方案。

In summary, Skyworks delivered solid financial results despite a challenging macro environment. Our strong balance sheet, record cash flow and profitability reflect our resilient business model, diverse customer base and technology scale. With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q2 of fiscal 2024.

總而言之，儘管宏觀環境充滿挑戰，Skyworks 仍實現了穩健的財務表現。我們強勁的資產負債表、創紀錄的現金流量和獲利能力反映了我們富有彈性的商業模式、多元化的客戶群和技術規模。接下來，我將把電話轉給 Kris，討論上一季的業績以及我們對 2024 財年第二季的展望。

Thanks, Liam. Skyworks' revenue for the first fiscal quarter of 2024 was $1.202 billion, slightly above the midpoint of our outlook. Mobile was approximately 71% of total revenue, an increase of 7% sequentially as we supported the ramp of new high-performance solutions at our largest customer. Android-related revenue with Google, Samsung and the Chinese OEMs grew modestly sequentially. Broad markets were approximately 29% of total revenue, down 18% sequentially, mostly driven by some specific inventory corrections in wireless infrastructure, automotive and industrial. Gross profit was $557 million with gross margin at 46.4% in line with expectations.

謝謝，利亞姆。 Skyworks 2024 年第一財季的營收為 12.02 億美元，略高於我們預期的中位數。行動業務約佔總營收的 71%，季增 7%，因為我們支援最大客戶推出新的高效能解決方案。 Google、三星和中國 OEM 廠商的 Android 相關營收較上季小幅成長。廣泛市場約佔總收入的 29%，比上一季下降 18%，主要是受到無線基礎設施、汽車和工業領域某些特定庫存調整的推動。毛利為 5.57 億美元，毛利率為 46.4%，符合預期。

Gross margin was down 70 basis points sequentially, driven by an unfavorable mix shift resulting from lower broad markets revenue. Also, during Q1, we reduced our internal inventory by $193 million to $927 million, well below our target of $1 billion. Operating expenses were $191 million, below the low end of the guidance range, given our ongoing focus on managing discretionary expenses while continuing to invest in our technology and product road maps. We generated $366 million of operating income, translating into an operating margin of 30.4%.

由於廣泛市場收入下降導致不利的組合轉變，毛利率環比下降 70 個基點。此外，在第一季度，我們將內部庫存減少了 1.93 億美元，達到 9.27 億美元，遠低於我們 10 億美元的目標。鑑於我們持續專注於管理可自由支配開支，同時繼續投資於我們的技術和產品路線圖，營運費用為 1.91 億美元，低於指導範圍的下限。我們產生了 3.66 億美元的營業收入，營業利益率為 30.4%。

We incurred $7 million of other expense and our effective tax rate was 11.7%, driving net income of $317 million and diluted earnings per share of $1.97, which is $0.02 above the guidance that we provided during the last earnings call.

我們產生了 700 萬美元的其他費用，有效稅率為 11.7%，淨利潤達到 3.17 億美元，攤薄後每股收益為 1.97 美元，比我們在上次財報電話會議期間提供的指引高出 0.02 美元。

Skyworks' business model continues to generate very strong cash flow. First fiscal quarter cash flow from operations increased to an all-time record of $775 million. Capital expenditures were reduced to $22 million or less than 2% of revenue, resulting in an all-time record free cash flow of $753 million or 63% free cash flow margin.

Skyworks 的商業模式持續產生非常強勁的現金流。第一財季營運現金流增至 7.75 億美元，創歷史新高。資本支出減少至 2,200 萬美元，佔收入的比例不到 2%，自由現金流達到歷史最高水準 7.53 億美元，自由現金流利潤率為 63%。

Strong profitability combined with great working capital management and lowering the CapEx intensity of the business drove the record cash flow numbers. Also, during fiscal Q1, we paid $109 million in dividends and repaid the remaining $300 million on our term loan. We ended the quarter with over $1 billion in cash and investments and $1 billion in debt, creating a net positive cash position and an optimal capital structure, providing us with superior flexibility and optionality.

強勁的獲利能力、良好的營運資金管理以及降低業務資本支出強度推動了創紀錄的現金流量。此外，在第一財季，我們支付了 1.09 億美元的股息，並償還了剩餘的 3 億美元的定期貸款。本季結束時，我們擁有超過 10 億美元的現金和投資以及 10 億美元的債務，創造了淨現金部位和最佳的資本結構，為我們提供了卓越的靈活性和選擇性。

Now let's move on to our outlook for Q2 of fiscal 2024. We anticipate revenue between $1.02 billion and $1.07 billion. We expect our mobile business to be seasonally down consistent with historical patterns, while in broad markets, we anticipate modest growth of the December bottom as inventory levels are normalizing in certain end markets.

現在讓我們展望 2024 財年第二季。我們預計營收在 10.2 億美元至 10.7 億美元之間。我們預計我們的行動業務將按照歷史模式出現季節性下降，而在廣泛的市場中，隨著某些終端市場的庫存水準正常化，我們預計 12 月底部將出現溫和成長。

Gross margin is projected to be in the range of 45% to 46%, reflecting our seasonally weakest period of the year. We anticipate margin expansion during the remainder of 2024, benefiting from our disciplined management of our manufacturing and operational cost structure, both internal and external, along with higher factory utilization rates. We will also benefit from a favorable mix shift as our broad markets business recovers and accelerates.

毛利率預計在 45% 至 46% 之間，反映了我們今年季節性最弱的時期。我們預計 2024 年剩餘時間內的利潤率將擴大，這得益於我們對內部和外部製造和營運成本結構的嚴格管理，以及更高的工廠利用率。隨著我們廣泛市場業務的復甦和加速，我們也將受益於有利的組合轉變。

We expect operating expenses in the range of $193 million to $197 million, as we continue to make strategic investments in mobile and broad markets to drive share gains and increased diversification. Below the line, we anticipate roughly $4 million in other expense and an effective tax rate of 11.5% and a diluted share count of approximately 161 million shares. Accordingly, at the midpoint of the revenue range of $1.045 billion we intend to deliver diluted earnings per share of $1.52. Operator, let's open the line for questions.

我們預計營運費用將在 1.93 億美元至 1.97 億美元之間，因為我們將繼續在行動和廣泛市場進行策略性投資，以推動份額成長並增加多元化。在此線之下，我們預計其他費用約為 400 萬美元，有效稅率為 11.5%，稀釋後股數約為 1.61 億股。因此，在 10.45 億美元收入範圍的中點，我們打算實現每股攤薄收益 1.52 美元。接線員，讓我們打開提問線路。

Ladies and gentlemen. (Operator Instructions) And our first question coming from the line of Matt Ramsay with TD Cowen.

女士們，先生們。 （操作員說明）我們的第一個問題來自 Matt Ramsay 和 TD Cowen 的電話。

Liam, I wanted to ask a bit about the broad market trends and it's obviously as the name implies, a diverse business. I was pleasantly, but I was a little bit surprised at the commentary that you had visibility for that business to be up so quickly, I guess, in March, it's been an inventory correction that's lasted a bit longer. And some of your peers and in other companies, and we've seen industrial maybe get a little bit worse. So I mean, if you could maybe expand -- I know you did some in the prepared script, but if you could expand a little bit on maybe some of the individual end market trends you're seeing in broad markets. And maybe what the pace of this potential recovery starting from March and through the rest of the year could look like coming off the bottom?

利亞姆，我想問一些有關廣泛市場趨勢的問題，這顯然是一個多元化的業務，顧名思義。我很高興，但我對評論感到有點驚訝，你可以看到該業務增長得如此之快，我想，在三月份，這是一個持續時間更長的庫存調整。以及您的一些同行和其他公司，我們已經看到工業可能變得更糟。所以我的意思是，如果你可以擴展 - 我知道你在準備好的腳本中做了一些，但如果你可以擴展一點，也許你在廣闊的市場中看到了一些個別的終端市場趨勢。也許從 3 月開始到今年剩餘時間，這種潛在復甦的步伐會是什麼樣子？

Sure. Sure. Absolutely. One of the interesting things here with our broad markets business is that there's so many opportunities that we haven't yet scaled. So if we look at the business unlike some of the other mobile markets that are well defined and there's still great opportunities. We look at the broad markets as more of an open-ended play for us. We're leveraging the technologies that we know how to work with. We have a great set of customers and that continues to grow and expand. But yes, I mean, the team has done a really good job. This has been a tough year across the landscape across semis. We're happy to deliver some positive results here today, and we do think there's a turn.

當然。當然。絕對地。我們廣闊的市場業務中有趣的事情之一是，我們尚未擴大規模的機會太多。因此，如果我們看一下與其他一些行動市場不同的業務，這些市場定義明確，並且仍然存在巨大的機會。我們將廣大的市場視為一場開放式的遊戲。我們正在利用我們知道如何使用的技術。我們擁有大量客戶，並且還在不斷成長和擴大中。但是，是的，我的意思是，團隊做得非常好。今年對於半決賽來說是艱難的一年。我們很高興今天在這裡取得了一些積極的成果，我們確實認為情況出現了轉變。

Again, in that portfolio, it's very diverse. And mobile is a part of it, but the lion's share is really diversified products with some really great names as well. And most of those broad market companies, we have low share. There's still a tremendous amount of room to grow within those accounts. So I think those are some of the themes. We've been working on this for quite a while. And finally putting up some meaningful top line, leveraging that broad markets business. The other thing, we continue to remind our customers and even the investors, a lot of the stuff we do in-house. So we're able to craft and curate specialty products. We have our own fabs. We do things a little bit differently, and I think that helps our outcome.

同樣，在該投資組合中，它非常多樣化。行動裝置是其中的一部分，但最大的份額是真正多元化的產品，其中也有一些非常偉大的名字。對於大多數那些廣大市場的公司，我們的份額很低。這些帳戶仍有巨大的成長空間。所以我認為這些是一些主題。我們已經為此努力了一段時間。最後，利用廣泛的市場業務，實現一些有意義的收入。另一方面，我們不斷提醒我們的客戶甚至投資者，我們內部所做的很多事情。因此我們能夠製作和策劃特色產品。我們有自己的晶圓廠。我們做事的方式有點不同，我認為這有助於我們取得成果。

Got it. I guess, as my follow-up, and this is going to be a thematic that we talk about in the PC market maybe this year and then into next year in the smartphone market, as you alluded to, sort of AI making its way into these products and potentially catalyzing a bit of an upgrade cycle. So I guess my question is, I mean, it's pretty straightforward for us to envision if you get air interface upgrades from 4G to 5G to what comes next, that can expand the RF TAM pretty meaningfully for your smartphone business. Are you anticipating the growth potential from AI and smartphones to be primarily a unit driver for the market and therefore, for your company? Or are there things that you guys can do in AI-enabled phones that could meaningfully change the content? Or are we sort of waiting for the next air interface before the content could possibly inflect for the TAM again?

知道了。我想，作為我的後續行動，這將是我們今年在個人電腦市場討論的主題，然後是明年在智慧型手機市場的主題，正如您所提到的，人工智慧正在進入這些產品並有可能促進升級週期。所以我想我的問題是，我的意思是，我們很容易設想如果您將空中介面從 4G 升級到 5G 以及接下來的技術，這可以為您的智慧型手機業務擴展 RF TAM 非常有意義。您是否預期人工智慧和智慧型手機的成長潛力將成為市場乃至貴公司的主要驅動力？或者你們可以在支援人工智慧的手機上做一些可以有意義地改變內容的事情嗎？或者，在內容可能再次影響 TAM 之前，我們是否正在等待下一個空中介面？

Yes, I think it's a secular opportunity. This is a really unique period for us and in the industry. The way we look at it, you look at AI and a lot of that is really intense servers data center, and that's extremely important. Then you take it down kind of to the middle ground and then you're kind of in a different position. But getting that to mobile is going to be a challenge. It's going to be a challenge, but it will happen. The consumer wants that. The consumer wants to have that compute power in their hand. And it's not there yet, but we really believe that it will come. And I think it's going to set up the industry for a whole range of new opportunities still carrying radio frequency. So really excited about it.

是的，我認為這是一個長期的機會。對我們和整個產業來說，這是一個非常獨特的時期。從我們的角度來看，你會看到人工智慧，其中許多都是非常密集的伺服器資料中心，這是極其重要的。然後你把它降低到中間立場，然後你就處於不同的位置。但將其推廣到行動裝置將是一個挑戰。這將是一個挑戰，但它將會發生。消費者想要這樣。消費者希望擁有這種運算能力。雖然它還沒有到來，但我們堅信它會到來。我認為這將為該行業帶來一系列仍帶有無線電頻率的新機會。對此我真的很興奮。

And again, we have the building blocks and the know-how to do really interesting things and do it account by account as well. Not everybody wants the same solution. But we really do believe that heavy compute power has got to get matched up with something in your hand. That handheld device has got to step up. It's got to grow, it's going to be more -- it's going to need to be faster, lower latency. And that's all good because those are problems that we can solve.

再說一次，我們擁有做真正有趣的事情的構建模組和專業知識，並且也逐一進行。並非每個人都想要相同的解決方案。但我們確實相信強大的計算能力必須與您手中的東西相匹配。該手持設備必須加強。它必須成長，它會變得更多——它需要更快、更低的延遲。這一切都很好，因為這些都是我們可以解決的問題。

And our next question coming from the line of Chris Caso with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的克里斯·卡索。

First question is about the Android market right now. It sounds like that market has finally grown for you after several quarters of inventory correction. Can you speak to what your expectations are for that as you go through the year? I suppose at this point, the inventory correction is behind us. What's your level of optimism of getting back to more normal growth rates in that part of the business?

第一個問題是關於目前的Android市場。經過幾季的庫存調整後，這個市場似乎終於成長了。您能談談您對這一年的期望嗎？我想此時此刻，庫存調整已經過去了。您對這部分業務恢復正常成長率的樂觀程度為何？

Yes, Chris. Yes, you're right. It's been a little bit bumpy through the ecosystem here, but we see green shoots here popping up in Android. We know how to make these products. I think there was a little bit of a soft spot there in the industry. The newer phones are coming up with a little bit more technology. We like that. And we can broaden that base. So we are going to -- in the prepared remarks, we commented on that, and you should expect more growth in the Android ecosystem as we go forward. These are products that we can execute to in the pipeline right now and give us continuing strength getting in -- going through '24 and '25.

是的，克里斯。你是對的。這裡的生態系統經歷了一些坎坷，但我們看到 Android 中出現了萌芽。我們知道如何製造這些產品。我認為這個行業有一點軟肋。新款手機配備了更多技術。我們喜歡這樣。我們可以擴大這個基礎。因此，我們將在準備好的發言中對此發表評論，隨著我們的前進，您應該期待 Android 生態系統出現更多增長。這些是我們現在可以在管道中執行的產品，並為我們提供持續的力量——經歷'24和'25。

Okay. As a follow-up on gross margins, if you speak to your expectations as we proceed through the year. One thing you mentioned is it sounds like you're internal inventory was below target. Should we read that to mean utilization starts going higher? And what the effect on that will be on gross margins as we go through the year.

好的。作為毛利率的後續行動，請談談您對今年的預期。您提到的一件事是，聽起來您的內部庫存低於目標。我們是否應該將其解讀為利用率開始上升？全年毛利率將受到怎樣的影響？

Yes, Chris. So I'm really -- when you look at gross margins, we did 46.4% in Q1. We're still impacted there by underutilization, a little bit of a headwind from a mix point of view as well, that continues somewhat in the March quarter that we guided. But then when I look beyond the March quarter, we will see some really nice gross margin uplift in the remainder of the fiscal and the calendar year.

是的，克里斯。所以我真的——當你看看毛利率時，我們第一季的毛利率為 46.4%。我們仍然受到利用率不足的影響，從混合的角度來看也有一點逆風，這種情況在我們指導的三月季度中有所延續。但當我展望三月季度之後，我們將看到本財年和日曆年剩餘時間的毛利率出現非常好的成長。

Part of that is higher utilization because we will no longer have to focus on a reduction of inventory. That is behind us. We reduced the inventory by almost $200 million in the December quarter. There is maybe still a little bit of opportunity there, but we feel good about the inventory levels where they are right now. In addition to that, our broad markets business is going to grow faster than the mobile business. And so that gives us a little bit of a mix tailwind as well.

其中一部分是更高的利用率，因為我們將不再需要專注於減少庫存。那是在我們身後。我們在 12 月季度減少了近 2 億美元的庫存。也許仍然存在一些機會，但我們對目前的庫存水準感到滿意。除此之外，我們廣泛的市場業務的成長速度將快於行動業務。這也為我們帶來了一點混合動力。

And then in addition to that, we will really benefit from all the cost reductions that we've done over the last 12 months. We really focused on taking out structural parts of the cost structure. We focused on operational efficiencies, driving yield improvements and test time reductions. And in addition to internal cost, we also start seeing some benefit from external cost. And so when you put it all together, we will see some nice gradual gross margin improvement after the March quarter.

除此之外，我們將真正受益於我們在過去 12 個月中所做的所有成本削減。我們真正專注於剔除成本結構的結構性部分。我們專注於營運效率、提高產量和縮短測試時間。除了內部成本之外，我們也開始看到外部成本帶來的一些好處。因此，當你把所有這些放在一起時，我們將看到三月季度後毛利率逐步改善。

And our next question coming from the line of Christopher Rolland with Susquehanna.

我們的下一個問題來自克里斯多福羅蘭與薩斯奎哈納的對話。

I guess, first of all, in broad markets, if you can -- you had some great color as to how you break those out into kind of subsegments. I would love to know kind of what those look like, how they're trending. And then also, you alluded to the gross margin benefits as we move through the year. I don't know if you can talk to the broad markets effect on gross margin as we move through the year.

我想，首先，在廣闊的市場中，如果可以的話，你對如何將這些細分為不同的細分市場有一些很棒的見解。我很想知道它們是什麼樣子，它們的趨勢如何。然後，您也提到了我們今年的毛利率收益。我不知道您是否可以談談今年大市場對毛利率的影響。

Yes. So as it relates to broad markets, roughly 40%, 45% is IoT, more consumer IoT where we provide connectivity solutions in tablets, in wearables and PCs, your home connectivity with routers and all the access points that tap into that. There has been an inventory correction for multiple quarters, but we are getting towards the end of the inventory correction there. In addition to that, we see strong growth in that part of the market due to an uplift in content as we transition from WiFi 6 into WiFi 6E and 7 type of solutions that have a substantially higher RF content of Skyworks inside.

是的。因此，就廣泛市場而言，大約40%、45% 是物聯網，更多的是消費者物聯網，我們在平板電腦、穿戴式裝置和PC 中提供連接解決方案，透過路由器和所有接入點實現家庭連線。多個季度都進行了庫存調整，但我們的庫存調整即將結束。除此之外，隨著我們從 WiFi 6 過渡到 WiFi 6E 和 7 類型的解決方案（內部具有更高的 Skyworks RF 內容），由於內容的提升，我們看到該部分市場的強勁成長。

The next 30%, 35% is infrastructure, cloud, data center, enterprise networking. There is definitely an inventory correction going on in that part of the business that has started in the December quarter and will continue for a couple of quarters here. Nevertheless, that as well, I think in that market, we're very well positioned with some key customers, including our timing solutions for data centers. And then the last part is 20%, 25% is automotive and industrial. There as well, I think we're well positioned. But you've heard it from many of our peers, there is an inventory correction going on. I don't think it will be a long drag-out inventory correction. It's probably December, March, two quarters of an inventory correction.

接下來的30%、35%是基礎設施、雲端、資料中心、企業網路。這部分業務肯定會在 12 月季度開始進行庫存調整，並將持續數個季度。儘管如此，我認為在該市場中，我們在一些關鍵客戶方面處於非常有利的地位，包括我們的資料中心計時解決方案。最後一部分是20%，25%是汽車和工業。我認為我們也處於有利位置。但您已經從我們的許多同行那裡聽說，庫存正在調整。我認為這不會是長期拖累的庫存調整。可能是12月、3月這兩季的庫存調整。

And then again, we are very well positioned in that market (inaudible) that eventually become an autonomous car as well as EV, where we play with our power resolution solutions. And so again, when you put it all together, December is the bottom for our broad markets. We start seeing some sequential growth in March and beyond. And as you know, yes, those markets typically have a higher gross margin compared to broad markets and that will help us to lift the gross margin.

再說一次，我們在這個市場（聽不清楚）中處於非常有利的位置，最終成為自動駕駛汽車和電動車，我們在其中發揮我們的功率解析度解決方案。同樣，當你把所有因素放在一起時，12 月是我們廣泛市場的底部。我們開始看到三月及以後出現一些連續增長。如您所知，是的，與廣泛市場相比，這些市場通常具有更高的毛利率，這將有助於我們提高毛利率。

You guys already talked about AI smartphones, but also you called out AI-enabled workloads driving cloud and data center upgrades. You also talked about 800 gig and this being an opportunity for you. Is that all related to your timing business from your acquisition? Or are there other ways that you're leveraging infrastructure around AI as well?

你們已經討論了人工智慧智慧型手機，但你們也提到了推動雲端和資料中心升級的人工智慧工作負載。你還談到了 800 場演出，這對你來說是一個機會。這一切都與您收購的計時業務有關嗎？或者有其他方法可以利用人工智慧基礎設施嗎？

Yes, largely through the infrastructure business that we have and some of the technology that we brought forth in our Silicon Labs deal, that's driving new vectors for us at Skyworks in the industrial markets and the data center markets, and it's a really vibrant growth source for us, and there's a lot of room to grow there as well. So lots more to do, but we've been making some great progress in that area.

是的，主要是透過我們擁有的基礎設施業務以及我們在Silicon Labs 交易中帶來的一些技術，這為我們Skyworks 在工業市場和資料中心市場推動了新的發展方向，這是一個真正充滿活力的成長源對我們來說，那裡也有很大的成長空間。還有很多事情要做，但我們在該領域已經取得了一些巨大進展。

Our next question is coming from the line of Edward Snyder with Charter Equity Research.

我們的下一個問題來自特許股票研究公司的愛德華·斯奈德。

I'd like to touch on, if we could, later this year, especially in mobile, it seems pretty clear at this point, given your largest customer scrambled to get their thing done by 2025 (inaudible) attention is on that and that we're going to have kind of a -- I don't know the best way to put it, but basically, kind of on hold -- not on hold, but a repeat of what we've seen before, nothing -- not much new in the new one and the competition (inaudible).

如果可以的話，我想在今年晚些時候談一談，尤其是在行動領域，鑑於您最大的客戶爭先恐後地在2025 年之前完成他們的工作（聽不清），這一點似乎很清楚，我們的注意力集中在這一點上將會有一種——我不知道最好的表達方式，但基本上，有點暫停——不是暫停，而是重複我們之前看到的，什麼都沒有——不是新的和競爭中有很多新的東西（聽不清楚）。

So basically, I would expect in the fall, you're going to see more competition or you already (inaudible) talk about a lot on Wednesday. So I'm trying to get a feel for the profile of your mobile business in the second half of the year. It sounds like it might be weaker than we have normally seen since Qualcomm share got to come out of somebody. If you could maybe characterize or just without getting into too much detail about what should we look at in terms of the mix in the second half, you're already talking about broad markets being much stronger. The mobile by implication is going to be a little bit weaker. And is that mostly just organic growth? Or is there going to be some share loss? Or how do we think about that? And then I have a follow-up, please.

所以基本上，我預計在秋天，你會看到更多的競爭，或者你已經（聽不清楚）在周三談論了很多。所以我想了解你們下半年移動業務的情況。聽起來它可能比我們通常看到的要弱，因為高通的份額必須來自某人。如果您可以描述或只是不詳細說明我們應該在下半年的組合方面關注什麼，那麼您已經在談論廣泛的市場將變得更加強勁。暗示行動裝置會稍弱一些。這主要是有機成長嗎？或者說會出現一些份額損失嗎？或者我們如何看待這個問題？然後我有一個後續行動，請。

Yes. Well, of course, we're deeply engaged with mobile in all angles, right? So we have a broad set of technologies that are applicable to multiple customers, including the largest. And that's our craft. That's the largest part of our portfolio. We're growing across other markets, but certainly the know-how that we have in RF, the ability to do things in-house, as you know, and the vectors that we put forth to drive this company. So we're all over it at every angle, and we're continuing to work on market share and new innovations. Delighting our customers, over current consumption, expanding the reach, doing a little bit more in the Android markets that we've kind of hinted around that. We're going to continue to execute there and still drive the best performance solutions that we can.

是的。嗯，當然，我們在各個方面都深入參與移動，對吧？因此，我們擁有廣泛的技術，適用於多個客戶，包括最大的客戶。這就是我們的手藝。這是我們投資組合中最大的部分。我們正在其他市場上不斷發展，但我們在射頻方面的專業知識、內部做事的能力（如您所知）以及我們為推動這家公司而提出的向量無疑是成長的。因此，我們從各個角度進行了研究，並將繼續致力於市場份額和新的創新。取悅我們的客戶，超越當前的消費，擴大覆蓋範圍，在 Android 市場上做更多我們已經暗示過的事情。我們將繼續在那裡執行，並仍然盡我們所能推動最佳性能的解決方案。

Okay. Maybe I could follow up with a different angle here. You're going to grow in Android, you've kind of been under-earning there for several years, I think on purpose because you've done very well outside of that market. R&D is going up in order to address the products yet because it's a different product market. But margins typically are lower in that whole market. Competition is a lot more intense, one, should we expect to see revenue growth in the second half? It's a little early, but revenue growth in the second half of the year, whether it's on an inventory snapback or new product wins and Android try to take up some of that slack.

好的。也許我可以從不同的角度跟進。你將在 Android 領域發展，幾年來你的收入一直低於預期，我認為這是故意的，因為你在該市場之外做得很好。為了解決產品問題，研發正在增加，因為這是一個不同的產品市場。但整個市場的利潤率通常較低。競爭更加激烈，第一，我們是否應該預期下半年看到收入成長？雖然現在還為時過早，但下半年的收入將會成長，無論是庫存回升還是新產品的成功，Android 都在努力彌補這一不足。

And then, Kris, maybe you could articulate how that -- how you're going to offset the margin, the natural margin dilution of Android over, say, the U.S. customer and then, of course, all mobile dilution against broad markets in the second half, if you could, please.

然後，克里斯，也許你可以闡明如何——你將如何抵消利潤，Android 對美國客戶的自然利潤稀釋，當然還有針對美國廣大市場的所有移動稀釋。下半場，如果可以的話，拜託了。

Yes. So yes, we're working on that. So there's a lot of opportunity for us to be more aggressive across the Android ecosystem. It's not just China. You get names like Google and Samsung, they are tremendous opportunities that we can drive. We're built for this kind of stuff. And we have an end-to-end process that we continue to improve and refine at every turn. It helps our customers. It helps our gross margin and our utilization. We have incredible factories, homegrown stuff that we have here in Irvine that really, really is the solution of choice as far as I know, with our technology know-how and the ability to be flexible and customizable to each account. And I think that's an asset for us, and I think we'll continue to drive that portfolio.

是的。所以是的，我們正在努力解決這個問題。因此，我們有很多機會在 Android 生態系統中更加積極進取。不僅僅是中國。像Google和三星這樣的名字，它們是我們可以推動的巨大機會。我們是為這類事情而生的。我們有一個端到端的流程，我們在每個環節都不斷改進和改進。它可以幫助我們的客戶。它有助於我們的毛利率和利用率。據我所知，我們在爾灣擁有令人難以置信的工廠和本土產品，這確實是我們的首選解決方案，憑藉我們的技術知識以及針對每個帳戶靈活定制的能力。我認為這對我們來說是一項資產，我認為我們將繼續推動該投資組合。

Yes, as it relates to gross margin, the gross margin profile of our mobile customers is on or about the same. And part of that is because you know, we are somewhat selective. We are not sliding down in the mid or low end of the market. We stay at the high end. We stay at the high-performance part. And in that part of the market, you compete based on performance. It's not a price competition. You compete based on performance. And again, that's why gross margins are somewhat the same in -- with all the customers in that segment.

是的，由於與毛利率相關，我們移動客戶的毛利率狀況是相同或大致相同的。部分原因是你知道，我們是有選擇性的。我們不會在中低階市場下滑。我們停留在高端。我們停留在高性能部分。在這部分市場中，你的競爭取決於績效。這不是價格競爭。您根據表現進行競爭。再說一遍，這就是為什麼該細分市場的所有客戶的毛利率都有些相同。

And our next question coming from the line of Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的加里‧莫布里 (Gary Mobley)。

I want to start with a quick housekeeping question. What was the mix of revenue from your largest customer in the quarter?

我想先問一個簡單的內務問題。本季來自您最大客戶的收入組合是怎樣的？

The largest customer was approximately 73% of total revenue which is high, obviously, because the December quarter is the top quarter with the largest customer. And given that the broad markets was bottoming out in December, you get to on or about 73%. Obviously, when you look forward on a full year basis or even in March, it will be well below the 73%.

最大客戶約佔總收入的 73%，這顯然很高，因為 12 月的季度是最大客戶最多的季度。考慮到大盤在 12 月觸底，你的漲幅大約是 73%。顯然，當你展望全年甚至三月時，這一比例將遠低於 73%。

I want to ask Ed's previous question in perhaps a more direct way. Doing the math, it would indicate that your Android-related mobile customers are trending now at about a $400 million annualized rate or at least that was the case for the December quarter. But in the past, fiscal year '22, I believe that level is closer to $800 million. And so my question is, if we see a rebound in the Android market and based on your design win footprint that you currently have today, can we expect that segment of your business to bounce back to the previous level?

我想以更直接的方式問艾德之前的問題。計算一下，這表示您的 Android 相關行動客戶現在的年化趨勢約為 4 億美元，或至少是 12 月季度的情況。但在過去的 22 財年，我認為這一水準接近 8 億美元。所以我的問題是，如果我們看到 Android 市場反彈，並且根據您目前的設計勝利足跡，我們是否可以期望您的該業務部分反彈到之前的水平？

Yes, absolutely. We've got, as I said, a lot of opportunity to go harder and stronger and more direct on the Android ecosystem. We absolutely have the technology to make it work. We have the manufacturing scale and know-how to get it done. So yes, I mean, it's certainly a play for us there, and I think we'll take advantage.

是的，一點沒錯。正如我所說，我們有很多機會在 Android 生態系統上更加努力、更強、更直接。我們絕對擁有使其發揮作用的技術。我們擁有實現這一目標的製造規模和專業知識。所以，是的，我的意思是，這對我們來說肯定是一場比賽，我認為我們會利用這一優勢。

And our next question coming from the line Karl Ackerman with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的卡爾‧阿克曼 (Karl Ackerman)。

Two questions, if I may. On mobile, your largest customer is down on a seasonal basis in March. But at the same time, given your improving execution within Android, does Android grow sequentially in March? How do we think about that within mobile, please? And I have a follow-up.

如果可以的話，有兩個問題。在行動領域，您最大的客戶在 3 月出現季節性下滑。但與此同時，鑑於您在 Android 中的執行力不斷提高，Android 在 3 月是否會較上季成長？請問我們在行動領域如何看待這一點？我有一個後續行動。

Yes. Android is kind of flattish, slightly up into March.

是的。 Android 的表現有些平淡，進入 3 月後略有上升。

Got it. At the same time, I do want to touch on mobile one more time. It's been asked in several different ways, but I guess I'll try it again. You are less tied to China (inaudible) but are you seeing any changes to the competitive landscape in China? I ask because there are anecdotes supporting China RF suppliers winning content in low band SAW and TC-SAW. But at the same time, as you indicated earlier, Kris, you're not necessarily competing in that particular on the market. So if you can just highlight the committed landscape and what you're seeing in China, that would be very helpful.

知道了。同時，我確實想再接觸一次行動裝置。有人以多種不同的方式詢問過這個問題，但我想我會再試一次。您與中國的聯繫較少（聽不清楚），但您是否看到中國的競爭格局有任何變化？我問這個問題是因為有一些軼事支持中國射頻供應商贏得低頻段 SAW 和 TC-SAW 內容。但與此同時，正如您之前指出的，克里斯，您不一定在市場上的特定領域中競爭。因此，如果你能強調一下你所承諾的景觀以及你在中國所看到的情況，那將會非常有幫助。

Yes. I mean the OVX players, we do some reasonable business there. We could probably do a little bit more on the Android side, but we really don't step down much further there. We're not in the low end at all. We could be, but I think we generate a better outcome for our customers and our shareholders to drive that mid and high end. So it's something we can do. But I think the way our business runs, I think, we're more accretive as a company going down the playbook that we have today.

是的。我指的是 OVX 玩家，我們在那裡做一些合理的生意。我們可能可以在 Android 方面做更多的事情，但我們實際上不會在這方面進一步退縮。我們根本不處於低端。我們可以，但我認為我們為我們的客戶和股東創造了更好的結果，以推動中高端市場的發展。所以這是我們可以做的事情。但我認為，我們的業務運作方式，作為一家按照我們今天的劇本行事的公司，我們會更有增值性。

And our next question coming from the line of Vivek Arya with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

This is Blake Friedman on for Vivek. I just wanted to focus on OpEx, it seems spending has returned to levels seen prior to the industry downturn. So I was curious how we should think about the trajectory of OpEx for the remainder of the year?

我是維韋克的布萊克‧弗里德曼 (Blake Friedman)。我只是想專注於營運支出，支出似乎已經恢復到行業低迷之前的水平。所以我很好奇我們該如何考慮今年剩餘時間的營運支出軌跡？

Yes. So as it relates to OpEx, I think we did a good job in the December quarter at $191 million. We are guiding with a little step-up in March to $195 million. Keep in mind that this is the start of a new calendar year. And so you get a reset of the social charges and some of that, that kicks in. In addition to that, we are going to continue to invest in our technology and product road maps.

是的。因此，就營運支出而言，我認為我們在 12 月季度做得很好，達到 1.91 億美元。我們預計 3 月的目標將小幅提高至 1.95 億美元。請記住，這是新日曆年的開始。因此，你會重置社會費用，其中一些費用就會生效。除此之外，我們將繼續投資於我們的技術和產品路線圖。

We feel good about our position with our mobile players. As Liam articulated, we have plenty of opportunity in our broad markets. And we're going to continue to invest. Now we're going to do it the Skyworks way. We focus on efficiency, effectiveness. We're not wasting any dollars here. And so -- but yes, we're going to continue to invest. And so OpEx will continue to gradually move up in the remainder of the fiscal and calendar year.

我們對我們在移動玩家中的地位感到滿意。正如利亞姆所說，我們在廣闊的市場中有很多機會。我們將繼續投資。現在我們將按照 Skyworks 的方式進行。我們注重效率、效果。我們不會在這裡浪費任何美元。所以——但是，是的，我們將繼續投資。因此，營運支出將在本財年和日曆年的剩餘時間內繼續逐步上升。

Got it. And then kind of quickly circling back on some of your comments. I know the broad markets business is a key initiative for Skyworks. And just with the business kind of returning to this cash positive level and generating pretty strong cash flow from here. Just curious how you think about M&A and anything in particular you guys would look to add to the broad markets assets?

知道了。然後快速回顧一下你的一些評論。我知道廣泛的市場業務是 Skyworks 的關鍵舉措。隨著業務恢復到這種現金正值水準並從這裡產生相當強勁的現金流。只是好奇您如何看待併購以及您特別希望添加到廣泛市場資產中的任何東西？

Yes. First of all, the cash flow is outstanding, and it's definitely something that we focus on. And so we generate a ton of cash. As you have seen in the last couple of quarters, we have used that cash flow. Of course, to continue to invest in the business. We pay our dividends every quarter. And we have been paying off the term loan that, as you probably know, had a variable interest rate and was getting a little expensive there. But we are done with that.

是的。首先，現金流非常出色，這絕對是我們關注的重點。因此我們產生了大量現金。正如您在過去幾個季度所看到的，我們已經使用了該現金流。當然，還要繼續投資業務。我們每季支付股息。我們一直在償還定期貸款，正如您可能知道的那樣，該貸款具有可變利率，並且在那裡變得有點貴。但我們已經完成了。

And so now, again, looking forward, we have -- we will continue to drive a very strong free cash flow. It's not going to be every quarter 63%. We feel we have a sustainable plus 30% free cash flow margin on a fiscal or calendar year basis. But that's generating a lot of cash. And of course, we want to put that cash to work. We have optionality.

因此，現在，再次展望未來，我們將繼續推動非常強勁的自由現金流。不會是每季 63%。我們認為，在財政年度或日曆年的基礎上，我們的自由現金流利潤率可持續增長 30% 以上。但這正在產生大量現金。當然，我們希望將這些現金投入使用。我們有選擇權。

We can switch on the buybacks or we can be active from an M&A point of view. And as you know, we -- yes, we focus on becoming a more diverse company despite the fact that we like the mobile business, but we focus on becoming a more diverse company in part through organic investments in that business but we have the optionality to accelerate through M&A, and we're working that.

我們可以開啟回購，或是從併購的角度積極進行。如你所知，我們——是的，我們專注於成為一家更加多元化的公司，儘管我們喜歡行動業務，但我們專注於成為一家更加多元化的公司，部分是透過對該業務的有機投資，但我們有選擇權透過併購加速，我們正在努力。

And our next question coming from the line Thomas O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的托馬斯·奧馬利。

I just wanted to understand the underutilization charges into the March quarter. Obviously, gross margin being guided down slightly but you're seeing broad market step-up. So that mix should help you. Where are you seeing more of those underutilization charges? Are those as a percentage basis coming more on the mobile side or more on the broad market side?

我只是想了解三月季度的未充分利用費用。顯然，毛利率略有下降，但你會看到廣泛的市場上升。所以這種組合應該對你有幫助。您在哪裡看到更多未充分利用費用？這些百分比是行動端更多還是廣泛市場端更多？

So no, it's not really tied to one of the businesses. But we have been bringing down the utilization of our factories in part because the revenue is down year-over-year, but also because we have been focusing on driving down the inventory, right? We are taking our medicine now. We're not just building inventory to protect the gross margin. Now it takes a little bit of time for those underutilization charges to hit the P&L. It goes through an inventory cycle, right? That's why you continue to see slightly down gross margins on a sequential basis into the March quarter. But again, we have confidence that March is the bottom in terms of gross margin, and you will start seeing gradual improvements after the March quarter.

所以不，它與其中一項業務並沒有真正的聯繫。但我們一直在降低工廠的利用率，部分原因是營收年減，但也因為我們一直致力於降低庫存，對嗎？我們現在正在吃藥。我們不僅僅是為了保護毛利率而建立庫存。現在，這些未充分利用的費用需要一點時間才能計入損益表。它經歷一個庫存週期，對吧？這就是為什麼您在三月季度繼續看到毛利率環比略有下降的原因。但我們再次相信，3 月的毛利率是最低的，在 3 月的季度之後，您將開始看到逐步的改善。

Helpful. And then just on the moving pieces for the back half of the fiscal year. It sounds like Android is getting better typical seasonality on the -- on your largest customer side in mobile. But I just want to get a feel for what you guys kind of are looking at in terms of the reacceleration of broad markets. If you look at March for your guidance, up slightly, you're still down 20% year-over-year. Do you think that kind of exiting your fiscal year, are you looking to kind of be growing year-over-year? Or just can you give us any kind of color on the pace of recovery there just because I know things are improving, but just how quickly is something that I think is a little more difficult to wrap our heads around.

有幫助。然後是本財年後半段的動態。聽起來 Android 在行動領域最大的客戶方面的典型季節性正在變得更好。但我只是想了解你們對大市場重新加速的看法。如果你看看 3 月的指引，雖然略有上升，但仍比去年同期下降 20%。您認為在您的財政年度結束後，您是否希望逐年成長？或者你能否給我們關於恢復速度的任何信息，因為我知道情況正在改善，但我認為我們很難理解到底有多快。

Yes, sure. There's a lot there, but I think I get your point. So we definitely believe there's going to be more acceleration in revenue in the broad markets. We have a roster of incredible companies that we're serving right now from Cisco to Ford, Daimler, Nest, we talked about before and Google company. It's a very diverse set of products and customers in the broad markets portfolio, and that's what we like. Each one has their own vector. And we're continuing to nurture that and grow into that. And it also have a great opportunity on the sales side because we do have quite a bit of revenue in mobile. But the number of accounts that we haven't served yet is still very, very high, and that's a great opportunity for us to go after.

是的，當然。有很多東西，但我想我明白你的意思。因此，我們確信廣大市場的營收將會加速成長。我們現在正在為一系列令人難以置信的公司提供服務，從思科到福特、戴姆勒、Nest，我們之前談過，還有谷歌公司。這是廣泛市場組合中非常多樣化的產品和客戶，這正是我們所喜歡的。每個都有自己的向量。我們將繼續培育這一點並不斷成長。它在銷售方面也有很大的機會，因為我們在行動領域確實有相當多的收入。但我們尚未服務的客戶數量仍然非常非常高，這對我們來說是一個很好的機會。

Thank you. And our last question in queue is coming from the line of Quinn Bolton with Needham.

謝謝。我們隊列中的最後一個問題來自奎因·博爾頓和李約瑟。

Its been a couple of questions on the call that seem to be alluding to perhaps you guys may be losing content at your largest customer in the second half of the year. And I haven't heard you guys specifically address that. Can you give us any thoughts as you look into the second half, how you're feeling content-wise for that largest customer? And then I've got a follow-up for Kris on the gross margins.

電話會議上的幾個問題似乎暗示你們可能會在今年下半年失去最大客戶的內容。我還沒聽到你們具體談到這個問題。當您展望下半年時，您能否給我們一些想法，您對最大客戶的內容有何感想？然後我對克里斯的毛利率進行了跟踪。

Yes. I think we have a great position with our largest customer. Nothing really is concerning on that point. I mean we know exactly who we are and who they are, and we have great partnerships and will continue to drive success.

是的。我認為我們與我們最大的客戶有著良好的關係。在這一點上沒有什麼真正值得關注的。我的意思是，我們確切地知道我們是誰，他們是誰，我們擁有良好的合作關係，並將繼續推動成功。

Okay. And then for Kris, you've kind of talked about the gross margin drivers. Potentially pretty quick recovery post the March bottom. I'm just kind of curious. Is there -- can you give us any sense how quickly can you get back to 50%? Is that something you think you can do in the calendar year '24. And does it require you to get to a certain revenue level to get rid of some of those underutilization charges or are things like product mix, a much bigger factor as well as the cost reductions you've taken to getting back to that 50%, so it tends to be maybe a little bit less driven by a certain revenue level? Just what's the best way to think about getting back to 50%?

好的。對於克里斯，您談到了毛利率驅動因素。三月觸底後可能很快就會復甦。我只是有點好奇。您能否告訴我們您能多快恢復到 50%？這是你認為你可以在 24 年做的事情嗎？是否需要達到一定的收入水平才能消除一些未充分利用的費用，或者產品組合等因素是一個更大的因素，以及您為恢復到 50% 所採取的成本削減措施，所以它往往不太受一定收入水平的驅動？恢復到 50% 的最佳方法是什麼？

Yes. I mean, we guide only one quarter at a time, and there's a reason for it, right? There's a lot of puts and takes that go into the equation. But again, we have confidence that March, 45%, 46% guide is the bottom and we'll start seeing gradual improvement from there. We obviously want to get as fast as we can back to the 50%, right? And then once we get back to the 50%, we're not going to stop there.

是的。我的意思是，我們一次只指導一個季度，這是有原因的，對嗎？有很多的投入和投入都需要考慮。但我們再次相信，3 月的指導值 45%、46% 是底部，我們將開始看到逐步改善。我們顯然希望盡快回到 50%，對吧？一旦我們回到 50%，我們就不會就此止步。

Our long-term target model calls for 53% gross margin, and we believe we can do that. There is no structural impairments in the business that will prevent us that. But obviously, yes, we need revenue growth and we need to get better factory utilization and that in combination with all the cost efficiencies internally and externally that we have been working on and will continue to work on, right? It gives us the conviction that we will get back to the 50% in a reasonable amount of time. And then we're going to keep driving it towards our target normal of 53%, but we'll provide an update on a quarter-by-quarter basis.

我們的長期目標模型要求毛利率達到 53%，我們相信我們可以做到這一點。業務中不存在任何結構性缺陷會阻止我們這樣做。但顯然，是的，我們需要收入成長，我們需要獲得更好的工廠利用率，並與我們一直在努力並將繼續努力的所有內部和外部成本效率相結合，對嗎？它讓我們堅信，我們將在合理的時間內恢復到 50%。然後我們將繼續推動其實現 53% 的正常目標，但我們將按季度提供更新。

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。現在我將把電話轉回格里芬先生以徵求結束意見。

Thank you all for joining. Look forward to seeing you at upcoming conferences. Thanks.

感謝大家的加入。期待在即將舉行的會議上見到您。謝謝。

Ladies and gentlemen, this 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。您現在可以斷開連線。