思佳訊 (SWKS) 2024 Q2 法說會逐字稿

(technical difficulty) I would like to introduce Raji Gill, Vice President of Investor Relations for Skyworks.

（技術難度）我想介紹Skyworks投資人關係副總裁Raji Gill。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' Second 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 年第二財季電話會議。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.

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。

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，以了解與 GAAP 的完全一致。

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

這樣，我就把電話轉給利亞姆。

Thanks, Raji, and welcome, everyone. Skyworks posted solid results for the second fiscal quarter of 2024. We delivered revenue of $1.046 billion. We posted earnings per share of $1.55, and generated $300 million of operating cash flow, which reflects strong working capital management and operational excellence. During the March quarter, in our mobile business, we saw below normal seasonal trends with lower than expected end market demand. In broad markets, the December quarter represented the bottom and we delivered modest sequential growth in March, reflecting a turning point. We expect the pace of the recovery will be measured throughout 2024 given ongoing weakness in certain end markets like infrastructure and automotive.

謝謝拉吉，歡迎大家。 Skyworks 公佈了 2024 年第二財季的穩健表現。我們公佈的每股收益為 1.55 美元，產生了 3 億美元的營運現金流，這反映出強大的營運資本管理和卓越的營運能力。在三月季度，在我們的行動業務中，我們看到低於正常的季節性趨勢，終端市場需求也低於預期。在廣泛的市場中，12 月的季度觸底，我們在 3 月實現了溫和的環比成長，反映了一個轉折點。鑑於基礎設施和汽車等某些終端市場持續疲軟，我們預計將在 2024 年衡量復甦速度。

In edge IoT, we have a solid WiFi 6E and WiFi 7 design win pipeline. We are in the early innings of a multiyear upgrade cycle with high-end access points now being offered. Over the coming quarters, we anticipate retailers to roll out mainstream models followed by carriers and MSOs for their gateways and router products.

在邊緣物聯網方面，我們擁有可靠的 WiFi 6E 和 WiFi 7 設計贏得管道。我們正處於多年升級週期的早期階段，現在正在提供高階存取點。在接下來的幾個季度中，我們預計零售商將推出主流型號，隨後營運商和 MSO 也將推出其網關和路由器產品。

The wireless infrastructure and traditional data center markets remain soft. We continue to undership natural demand as we allow the distribution channel and customers to consume excess inventory. Despite near-term headwinds, we remain bullish on AI workloads driving upgrades to Ethernet switches and optical modules, a positive long-term driver for our advanced precision timing solutions.

無線基礎設施和傳統資料中心市場仍然疲軟。我們允許分銷管道和客戶消耗多餘的庫存，從而繼續滿足自然需求。儘管近期存在阻力，但我們仍然看好人工智慧工作負載推動乙太網路交換器和光學模組的升級，這是我們先進的精密計時解決方案的積極長期驅動力。

Lastly, automotive and industrial markets remain under pressure as they continue to undergo a steep inventory correction. However, we see opportunities for long-term growth in our automotive business. Automotive OEMs are increasingly focused on software-defined vehicles, the connected car and in-cabin user experience, all of which are generating higher levels of radio complexity. Despite near-term headwinds, we remain positive on growing EV penetration, creating demand for our power isolation products.

最後，汽車和工業市場仍然面臨壓力，因為它們繼續經歷急劇的庫存調整。然而，我們看到了汽車業務長期成長的機會。汽車原始設備製造商越來越關注軟體定義的車輛、連網汽車和車內使用者體驗，所有這些都產生了更高水準的無線電複雜性。儘管近期面臨阻力，我們仍然對電動車普及率的不斷增長持樂觀態度，這將為我們的電源隔離產品創造需求。

Our strategy is to leverage connectivity technology across multiple growth segments, including edge-connected IoT devices, automotive electrification and advanced safety systems and AI infrastructure. Connectivity is crucial in enabling AI on decentralized edge systems. Our RF technology powers applications like the connected home, building automation, smart cities, machine-to-machine and wearables.

我們的策略是利用跨多個成長領域的連接技術，包括邊緣連接的物聯網設備、汽車電氣化和先進的安全系統以及人工智慧基礎設施。連接性對於在去中心化邊緣系統上實現人工智慧至關重要。我們的射頻技術為互聯家居、樓宇自動化、智慧城市、機器對機器和穿戴式裝置等應用提供支援。

We are particularly excited about the industry mandates and regulatory tailwinds leading to higher levels of connectivity inside the car. For example, the number of radios and antennas are growing in vehicles to support various communication standards, including 5G cellular, Bluetooth, WiFi, ultra wideband, NFC and C-V2X. The multitude of radios create challenges around coexistence, external interference and latency. Our advanced RF solutions can solve these complex problems for our OEMs.

我們對行業指令和監管推動帶來的車內連接水平感到特別興奮。例如，車輛中的無線電和天線數量不斷增加，以支援各種通訊標準，包括 5G 蜂巢、藍牙、WiFi、超寬頻、NFC 和 C-V2X。眾多無線電在共存、外部幹擾和延遲方面帶來了挑戰。我們先進的射頻解決方案可以為我們的 OEM 解決這些複雜的問題。

In data center, accelerated workloads supporting large language models are catalyzing networking and optical upgrades. We have a timing portfolio targeting next-generation 800-gig and 1.6 terabit Ethernet switches and optical modules, enabling AI infrastructure. During Mobile World Congress in Barcelona, we were excited to see several AI-enabled phones being introduced to the marketplace. We believe AI could propel a meaningful replacement cycle in the smartphone market, fueled by applications like real-time language translation, voice assistance, advanced camera and imaging and on-device personalization. Over time, AI-enabled phones could drive higher levels of RF complexity, including robust connectivity, higher throughput, further integration and lower power consumption.

在資料中心，支援大型語言模型的加速工作負載正在促進網路和光學升級。我們擁有下一代 800-gig 和 1.6 TB 乙太網路交換器和光學模組的計時產品組合，支援人工智慧基礎設施。在巴塞隆納世界行動通訊大會期間，我們很高興看到多款支援人工智慧的手機被引入市場。我們相信，在即時語言翻譯、語音輔助、先進相機和成像以及設備個人化等應用的推動下，人工智慧可以推動智慧型手機市場有意義的更換週期。隨著時間的推移，支援人工智慧的手機可以推動更高水準的射頻複雜性，包括強大的連接性、更高的吞吐量、進一步的整合和更低的功耗。

Turning to our quarterly business highlights. We delivered integrated platforms to the leading 5G smartphone OEMs, including flagship and mid-tier models with Samsung, Google, OPPO and others. We expanded our design-win pipeline and initiated new programs in automotive, including infotainment systems, traction inverters, cloud-enhanced driver assist and CV2X. We secured several audio SoC designs with Sony and Samsung.

轉向我們的季度業務亮點。我們為領先的 5G 智慧型手機 OEM 廠商提供整合平台，包括三星、Google、OPPO 等的旗艦和中階機型。我們擴大了設計獲勝管道，並啟動了汽車領域的新項目，包括資訊娛樂系統、牽引逆變器、雲端增強型駕駛員輔助和 CV2X。我們與索尼和三星合作獲得了多種音訊 SoC 設計。

In summary, Skyworks continues to execute well despite a challenging macro environment. While we are navigating near-term headwinds, we remain bullish on our long-term strategy.

總而言之，儘管宏觀環境充滿挑戰，Skyworks 仍然表現良好。雖然我們正在克服近期的逆風，但我們仍然看好我們的長期策略。

With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q3 of fiscal 2024.

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 財年第三季的展望。

Thanks, Liam. Skyworks revenue for the second fiscal quarter of 2024 was $1.046 billion, slightly above the midpoint of our outlook. Mobile was approximately 66% of total revenue down 19% sequentially. Broad markets were approximately 34% of total revenue, up 1% sequentially. Gross profit was $471 million, with gross margin at 45%, in line with expectations. Gross margin was down 140 basis points sequentially, reflecting our seasonally weakest period. Also, during Q2, we further reduced our internal inventory by $91 million to $836 million, which reflects 5 consecutive quarters of reductions.

謝謝，利亞姆。 Skyworks 2024 年第二財季營收為 10.46 億美元，略高於我們預期的中點。行動業務約佔總營收的 66%，比上一季下降 19%。廣大市場約佔總營收的 34%，比上一季成長 1%。毛利為4.71億美元，毛利率為45%，符合預期。毛利率較上月下降 140 個基點，反映了我們季節性最弱的時期。此外，在第二季度，我們進一步減少了內部庫存 9,100 萬美元，達到 8.36 億美元，這反映了連續 5 個季度的減少。

Operating expenses were $192 million, below the low end of the guidance range, reflecting our disciplined focus on managing discretionary expenses while continuing to invest in our technology and product road maps. We generated $279 million of operating income, translating into an operating margin of 26.7%. We generated $4 million of other income and our effective tax rate was 11.3%, driving net income of $251 million and diluted earnings per share of $1.55 which is $0.03 above the guidance that we provided during the last earnings call.

營運費用為 1.92 億美元，低於指導範圍的下限，反映出我們在繼續投資於我們的技術和產品路線圖的同時，嚴格地專注於管理可自由支配費用。我們產生了 2.79 億美元的營業收入，營業利益率為 26.7%。我們產生了 400 萬美元的其他收入，有效稅率為 11.3%，淨利潤達到 2.51 億美元，攤薄後每股收益為 1.55 美元，比我們在上次財報電話會議期間提供的指引高出 0.03 美元。

Despite the quarterly volatility, Skyworks business model generates strong cash flow. Second fiscal quarter cash flow from operations was $300 million. Capital expenditures were $28 million or less than 3% of revenue, resulting in a free cash flow of $273 million. We continue to drive robust cash flow through high levels of profitability, prudent working capital management and moderating CapEx. Also, during fiscal Q2, we paid $109 million in dividends. Our cash balances grew to over $1.2 billion, and we have $1 billion in debt. Our solid capital structure provides us with excellent flexibility and optionality.

儘管季度波動較大，Skyworks 的業務模式仍產生強勁的現金流。第二財季營運現金流為 3 億美元。資本支出為 2,800 萬美元，不到收入的 3%，自由現金流為 2.73 億美元。我們繼續透過高水準的獲利能力、審慎的營運資本管理和適度的資本支出來推動強勁的現金流。此外，在第二財季，我們支付了 1.09 億美元的股息。我們的現金餘額成長到超過 12 億美元，而且我們有 10 億美元的債務。我們堅實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 Q3 of fiscal 2024. We anticipate revenue of $900 million, plus or minus 2%. We expect our mobile business to be down sequentially below normal seasonal patterns as excess inventory clears. In broad markets, we anticipate further modest sequential growth as inventory levels appear to be normalizing in certain end markets.

現在讓我們展望 2024 財年第三季。我們預計，隨著過剩庫存的清理，我們的行動業務將持續下降至低於正常季節性模式。在廣泛的市場中，隨著某些終端市場的庫存水準似乎正在正常化，我們預計將比季進一步溫和成長。

Gross margin is projected to be in the range of 45% to 47%, improving 100 basis points sequentially at the midpoint. We anticipate gross margin expansion during the remainder of 2024, driven by our cost reduction actions, favorable mix shift and higher utilization rates. We expect operating expenses in the range of $192 million to $198 million as we continue to make strategic investments in mobile and broad markets to drive share gains and increased diversification.

毛利率預計在 45% 至 47% 之間，中位數較上一季提高 100 個基點。我們預計，在我們的成本削減行動、有利的組合轉變和更高的利用率的推動下，2024 年剩餘時間內毛利率將出現成長。我們預計營運費用將在 1.92 億美元至 1.98 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。

Below the line, we anticipate roughly $2 million in other income, an effective tax rate of 11.5% and a diluted share count of approximately 161.5 million shares. Accordingly, at the midpoint of the revenue range of $900 million, we intend to deliver diluted earnings per share of $1.21.

在此線之下，我們預計其他收入約為 200 萬美元，有效稅率為 11.5%，稀釋後股數約為 1.615 億股。因此，在 9 億美元收入範圍的中點，我們打算實現每股攤薄收益 1.21 美元。

Operator, let's open the line for questions.

接線員，讓我們打開提問線。

(Operator Instructions). Our first question comes from Chris Caso with Wolfe Research.

（操作員說明）。我們的第一個問題來自沃爾夫研究公司的克里斯·卡索。

I guess the first question with regard to the worse than seasonal mobile business. You speak about excess inventory. We've unfortunately, been hearing excess inventory in mobile for some time. Could you give a few more details on that? And specifically, was this from the Android space? Or was it beyond the Android space?

我想第一個問題是關於比季節性行動業務更糟糕的問題。你說的是庫存過剩。不幸的是，一段時間以來我們一直聽到行動裝置庫存過剩的消息。能否提供更多細節？具體來說，這是來自 Android 領域嗎？或者它超出了 Android 領域？

Yes, Chris, this is Kris here. Happy to provide some more color as it relates to our guidance for the June quarter. So specifically in our mobile business, towards the end of the March quarter, especially in the month of March, we saw some below normal seasonal trends with lower than expected end market demand. And unfortunately, that resulted in some buildup of inventory in the channel, right? And that was somewhat across our mobile business. Unfortunately, those trends also continued during the 4 weeks of April. And so we took that all into account as we set our guidance for the June quarter. And we do expect our mobile business to be down sequentially 20% to 25%, which is well below normal seasonal patterns, and it's mostly due to the fact that we have to clear out the excess inventory in the channel.

是的，克里斯，我是克里斯。很高興提供更多信息，因為這與我們對六月季度的指導有關。因此，特別是在我們的行動業務中，在三月季度末，特別是在三月份，我們看到一些低於正常的季節性趨勢，終端市場需求低於預期。不幸的是，這導致了渠道中庫存的積累，對吧？這在某種程度上貫穿了我們的行動業務。不幸的是，這些趨勢在 4 月的 4 週內仍在持續。因此，我們在製定六月季度的指導時考慮了所有這些因素。我們確實預計我們的行動業務將環比下降 20% 至 25%，這遠低於正常的季節性模式，這主要是因為我們必須清理渠道中的多餘庫存。

On the flip side, in our broad markets business, we do expect to see some modest sequential growth in addition to the modest sequential growth that we saw in the March quarter as well.

另一方面，在我們廣泛的市場業務中，除了我們在三月季度看到的溫和環比增長之外，我們確實預計還會看到一些溫和的環比增長。

I guess as a follow-up, what does this mean for the second half of the year? And typically, you don't guide for the second half on this call. But do you expect those inventory headwinds to persist? Obviously, you have new product launches as you go to the second half what does that mean for normal seasonality as you go through the second half of the year from these levels?

我想作為後續，這對下半年意味著什麼？通常情況下，你不會在這通電話的後半段進行指導。但您預計這些庫存逆風會持續下去嗎？顯然，進入下半年時會有新產品發布，這對下半年的正常季節性意味著什麼？

Yes, Chris, we only guide 1 quarter at a time. It's somewhat unpredictable what's going to happen 3, 4 quarters down the road. But we do expect that most of the inventory clearance will be done during the June quarter.

是的，克里斯，我們一次只指導一個季度。 3、4 個季度後會發生什麼事有些難以預測。但我們確實預計大部分庫存清理將在六月季度完成。

So is that just -- does that suggest kind of back to a normal revenue levels? Or I guess what you're saying is this is a very short-term issue in the June quarter?

那麼這是否意味著收入回到了正常水平？或者我猜你的意思是說這是六月季度的一個非常短期的問題？

Yes. From a demand point of view, that is correct.

是的。從需求的角度來看，這是正確的。

Our next question comes from Matt Ramsey with TD Cowen.

我們的下一個問題來自 Matt Ramsey 和 TD Cowen。

Guys, I wanted to follow on to Chris' question there on the mobile segment. And is there any correlation at all that we should draw between -- is this just a unit and inventory thing? Or is there any correlation we should draw to potentially expected content and programs that would launch later in the year as is there a further drawdown of inventory because maybe content has changed one way or the other? Or should we just not try to make that conclusion?

夥計們，我想繼續回答克里斯關於行動領域的問題。我們應該在兩者之間找出任何相關性嗎？或者，我們是否應該與今年稍後推出的潛在預期內容和計劃建立任何關聯，因為內容是否會因某種方式發生變化而進一步減少庫存？或者我們不應該試圖做出這樣的結論？

Yes. This is Liam. So there's interesting dynamics here, and I really can't comment on specifics related to our largest customer. However, we will provide as much directional color as possible here. So we were placed in a unique situation with our largest customer where we were unable to consummate an award that we expected and, frankly, thought we had earned. As a result, we expect content headwinds from the upcoming cycle. At the same time, we are strategically aligned with our largest customer, and we're ready to engage in all of their strategic initiatives going forward.

是的。這是利亞姆。所以這裡有一些有趣的動態，我真的無法評論與我們最大客戶相關的具體細節。但是，我們將在這裡提供盡可能多的定向顏色。因此，我們與最大的客戶處於一個獨特的境地，我們無法完成我們期望的獎項，坦白說，我們認為我們已經贏得了這個獎項。因此，我們預期即將到來的周期會出現內容逆風。同時，我們在策略上與我們最大的客戶保持一致，我們準備參與他們未來的所有策略舉措。

Yes. And Matt, just to add a little bit more color there. And again, we -- as you know, we can't really go into the specifics as it relates to the large customer, but we were able to partially offset the socket loss that Liam just talked about it. with some additional content gains, including some new sockets that we don't have in the current version of the phone. And so as a result, on a net-net we expect the content to be down a little more than 10% compared to the current phone model. And that will start having an impact in the September quarter.

是的。還有馬特，只是為了在那裡添加一點色彩。再說一遍，正如您所知，我們無法真正深入了解與大客戶相關的具體細節，但我們能夠部分抵消利亞姆剛才談到的插座損失。還有一些額外的內容增益，包括我們目前版本的手機中沒有的一些新插槽。因此，與目前手機型號相比，我們預計網路上的內容會減少 10% 以上。這將在九月季度開始產生影響。

Got it. No, I appreciate that very much, and I know it's super sensitive. I kind of need to ask a follow-up here, which is if you could -- Liam, if you could try to characterize maybe the chain of events that happened to the extent that you're able to, was this any kind of performance or quality or product issue with Skyworks program specifically? Was this a program change that they made? Any context as to when you guys sort of learned about this and how the whole thing came to pass. Again, I appreciate it's super sensitive if you're on a public call.

知道了。不，我非常欣賞這一點，而且我知道它非常敏感。我需要在這裡問一個後續問題，即你是否可以——利亞姆，如果你可以嘗試描述可能發生的一系列事件，在你能夠做到的範圍內，這是任何類型的表演嗎？計劃的品質或產品問題？這是他們所做的程式更改嗎？關於你們什麼時候了解到這件事以及整個事情是如何發生的任何背景。再次強調，如果您正在參加公開電話會議，那麼它會非常敏感。

Yes. I mean this is not performance related. It's not technology related. In fact, the product has been a stalwart in the portfolio. So nothing like that. Just a unique situation. I can't get into all the details. We're looking forward. We are partners with our largest customer, we expect to do more work in the future and looking forward to that.

是的。我的意思是這與性能無關。這與技術無關。事實上，該產品一直是產品組合中的中堅力量。所以沒有那樣的事情。只是一個獨特的情況。我無法了解所有細節。我們期待著。我們是我們最大客戶的合作夥伴，我們期望在未來做更多的工作，並對此充滿期待。

Our next question comes from 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。

A couple of questions, if I could. So Liam or Kris, doesn't matter, you got incremental gains in sockets which you didn't have last year. I think the general idea here is you won some Wi-Fi that is obviously coming out of mobile, not broad markets, first of all. And secondly, would you characterize any content losses in the second half of the year to be in a, what I would say, a primary product that tends to be very performance driven? Or is it kind of a marginal product where a number of different people compete and you could qualify for 2 or 3 different vendors? Then I have a follow-up, please.

如果可以的話，有幾個問題。所以利亞姆或克里斯，這並不重要，你在插座上獲得了去年沒有的增量收益。我認為這裡的總體思路是，您首先贏得了一些顯然來自行動而非廣大市場的 Wi-Fi。其次，您是否會將下半年的任何內容損失描述為，我想說的是，往往非常注重性能的主要產品？或者它是一種邊際產品，由許多不同的人競爭，您可能有資格獲得 2 或 3 個不同的供應商？那我有一個後續行動，請。

Yes. Unfortunately, I can't give you too much detail here. But as you know, I mean, we're striving to gain share in every sockets that we're addressing today. whether the largest customer or some of the other players. The technology is there. I mean this is not a technology gap. This is really some commercial issues that were unique and we're getting through it, and we expect to be able to turn up the revenue here as we go forward.

是的。不幸的是，我不能在這裡給你太多細節。但如您所知，我的意思是，我們正在努力在我們今天討論的每個套接字中獲得份額。無論是最大的客戶還是其他一些參與者。技術就在那裡。我的意思是這不是技術差距。這確實是一些獨特的商業問題，我們正在解決它，我們預計隨著我們的前進，能夠增加這裡的收入。

Maybe we can go out a little bit further. I know you don't like to give -- well I'm not looking for guidance, but just generally characterize as the content picture, saying '25, and I don't know if you want to go out to '26 or so, but it's clear that from our research, the AI showing up in phones, in any of the phones, especially the flagship models, is impacting the RF section in kind of an unforeseen way in that you're obviously not participating in the machine learning part of it, but to make room for batteries, make room for more processing and to squeeze the battery consumption in the footprint. It sounds like especially your flagship customers are starting to turn the screws to the RF guys to get smaller packaging. So even if performance doesn't change, it sounds like the packaging is, which is already quite difficult is going to get substantially more so. What impact do you expect this to have, generally speaking, on revenue and flagship phones? And will it occur in '25? Or we have to wait to '26 to start seeing these results.

也許我們可以出去遠一點。我知道你不喜歡給予——好吧，我不是在尋求指導，只是一般性地描述為內容圖片，說“25”，我不知道你是否想出去到“26”左右，但從我們的研究來看，很明顯，出現在手機中的人工智慧，在任何手機中，尤其是旗艦機型，正在以一種不可預見的方式影響射頻部分，因為你顯然沒有參與機器學習一部分，而是為電池騰出空間，為更多處理騰出空間，並將電池消耗壓縮在佔地面積中。聽起來尤其是您的旗艦客戶開始向射頻人員求助，以獲得更小的封裝。因此，即使性能沒有改變，聽起來包裝也發生了變化，這已經相當困難了，而且會變得更加困難。一般來說，您預計這會對收入和旗艦手機產生什麼影響？它會發生在25年嗎？或者我們必須等到 26 年才能開始看到這些結果。

Yes, Ed. Great question. I'm glad you asked. So as you know, if we think about the mobile phone today, which we can't live without, right? Everybody needs it, so much activity on that device, and it's an incredible, incredible product. But when you start to go into generative AI, as you know, the compute power and is going to be so, so high, their current consumption all of that action is going to burn up your bandwidth. So you've got to step up into a new set of solutions that we're working on right now that will be more power efficient that will be mark-to-market around mobility. But with Gen-I right in this right zone.

是的，艾德。很好的問題。我很高興你問了。如您所知，如果我們考慮一下今天我們離不開的手機，對嗎？每個人都需要它，該設備上有如此多的活動，這是一個令人難以置信的、令人難以置信的產品。但是，當你開始進入生成式人工智慧時，如你所知，運算能力將會非常非常高，所有這些操作的電流消耗都會消耗你的頻寬。因此，您必須採用我們目前正在開發的一套新解決方案，這些解決方案將更加節能，並且將圍繞移動性面向市場。但第一代就在這個正確的區域。

So we're really excited with that. And we've been talking to the larger customers and players with that as well. We have the toolbox to create unique solutions across multiple customer sets. But if you think about it, the technology burden there is going to be so high. The amount of data back and forth from the handheld to the server is going to be immense. And it's going to be very, very difficult. So I think it's going to narrow down the playing field in mobile for customers that you see and then opportunities at Skyworks to really work with the best and brightest in our space to create elegant new solutions. So we're really looking forward to that and more to come.

所以我們對此感到非常興奮。我們也一直在與更大的客戶和參與者進行討論。我們擁有為多個客戶群創建獨特解決方案的工具箱。但如果你仔細想想，那裡的技術負擔會非常高。從手持設備到伺服器來回的資料量將是巨大的。這將是非常非常困難的。因此，我認為這將縮小您所看到的客戶在行動領域的競爭範圍，然後為 Skyworks 提供真正與我們領域中最優秀、最聰明的人合作創建優雅的新解決方案的機會。所以我們真的很期待這一點以及未來的更多。

Our next question comes from 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。

I realize you've been moderating CapEx following a significant investment year in 2022. But CapEx is also down over 50% in the first half of 2024 relative to last year. And so I was curious, Kris, if you could give an updated view on your CapEx this year? And how do we reconcile that outlook with your longer-term opportunities that you discuss in broad markets as well as 5G handsets?

我知道，在 2022 年的重大投資年之後，您一直在調整資本支出。所以我很好奇，克里斯，您是否可以提供有關今年資本支出的最新看法？我們如何協調這一前景與您在廣闊市場以及 5G 手機中討論的長期機會？

Yes, Karl, we've talked about that before. We had multiple years where CapEx was running in the 10%, 11%, 12% to revenue where we build out our manufacturing assets especially our filter operation, adding substantial amount of capacity, but also in our back-end operation, where we do very complex integration, assembly and test. So those CapEx -- heavy CapEx years are behind us. We are now focusing more on driving efficiency, yield improvements, test time reductions, die shrinks, and we are creating additional capacity in doing so and focusing on those operational improvements.

是的，卡爾，我們之前已經討論過這個問題。多年來，我們的資本支出佔收入的比例分別為10%、11%、12%，我們建立了製造資產，特別是過濾器業務，增加了大量產能，而且在我們的後端業務中，我們也這樣做非常複雜的整合、組裝和測試。因此，那些資本支出──大量資本支出的歲月已經過去了。我們現在更加關注提高效率、提高產量、縮短測試時間、縮小晶片尺寸，並且我們正在為此創造額外的產能，並專注於這些營運改進。

In addition to that, as you know, revenue has been down year-over-year. So we do have underutilized factories right now, we can substantially grow the revenue without having to add a lot more CapEx. There will always be some CapEx, because we need to continue to advance our technology, advance our product road maps, and that will require some level of technology-driven CapEx. But it's going to remain for many, many years here in the low single digits as a percent to revenue, and that will continue to fuel a very strong free cash flow.

除此之外，如您所知，收入年減。因此，我們現在確實有未充分利用的工廠，我們可以大幅增加收入，而無需增加更多的資本支出。總是會有一些資本支出，因為我們需要繼續推進我們的技術，推進我們的產品路線圖，而這將需要一定程度的技術驅動的資本支出。但它在收入中所佔的百分比將在許多年中保持在較低的個位數，這將繼續推動非常強勁的自由現金流。

Yes. I appreciate that. If I may sneak in another one. Kris, you also mentioned about an expansion of gross margins in the second half. It sounds like broad markets is improving throughout the second half. It also sounds like gross margins have troughed in the March quarter, but perhaps could you just discuss some ways to which you can improve margins in the mobile business as volumes come back and perhaps could we also see 50% margins over the next couple of quarters? Any thoughts on timing of that?

是的。我很感激。如果我可以再偷偷溜進去一次。 Kris，您也提到了下半年毛利率的擴張。聽起來整個下半年整個市場都在改善。聽起來毛利率在 3 月季度已經觸底，但也許您可以討論一些隨著銷量回升而提高行動業務利潤率的方法，也許我們也可以在接下來的幾個季度看到 50% 的利潤率？關於時間安排有什麼想法嗎？

Yes, Karl. So we did 45% in March. We guided up 100 basis points at the midpoint of the guidance range for June. We also said in the prepared remarks that we continue to see further gross margin improvements in the remainder of 2024 and beyond. And the 3 key drivers, which is applicable to our broad markets as well as to our mobile business, right? It's driving cost reductions internally as well as externally with all the suppliers that we have already indicated that in my previous answer, yield improvements, test time reductions, overall cost reductions. And we are making good progress, and we actually can do a lot more, and the teams are working really hard on that.

是的，卡爾。所以我們 3 月完成了 45%。我們將 6 月份指導範圍的中點上調 100 個基點。我們也在準備好的發言中表示，我們將繼續看到 2024 年剩餘時間及以後的毛利率進一步改善。這三個關鍵驅動因素適用於我們廣闊的市場以及我們的行動業務，對吧？它正在推動內部和外部與所有供應商的成本降低，我們已經在我先前的回答中指出，產量提高，測試時間減少，整體成本降低。我們正在取得良好進展，實際上我們可以做更多事情，團隊正在為此努力。

The second element, as you indicated, yes, broad markets has above-average gross margin compared to mobile. And so we have a little bit of a mixed tailwind there as well.

第二個要素，正如您所指出的，是的，與行動市場相比，廣大市場的毛利率高於平均水平。因此，我們也有一些混合的順風。

And then thirdly, it's factory utilization. Keep in mind that we have been drastically reducing our internal inventory for 5 quarters in a row by now. And so we are -- I'm comfortable with where inventory levels are right now. So that is no longer going to be a headwind as well. And so as revenue will start growing here and no longer inventory reductions, we will start seeing improvements in factory utilization and a combination of all of that gives me confidence that gross margins will continue to improve from here.

第三，是工廠利用率。請記住，到目前為止，我們已連續五個季度大幅減少內部庫存。所以我們——我對目前的庫存水準感到滿意。因此，這也不再是一個阻力。因此，隨著這裡的收入將開始增長，並且不再減少庫存，我們將開始看到工廠利用率的提高，所有這些的結合使我相信毛利率將從這裡繼續提高。

Our next question comes from 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。

Two parter here for Kris. In the March quarter, could you give the percentage of revenue for your largest customer? And then just kind of following up on your comments related to March, you talked about some inventory work done at the customer. Could you, to your best of your knowledge, try to describe whether that's existing inventory that's related to the current phone? Or do you think that it's early stages of potentially working down the socket that may be associated with the next phone as well? Are they separate issues? Or could they potentially be related?

克里斯的兩位搭檔。在三月季度，您能給您最大客戶的收入百分比嗎？然後，在跟進您與三月相關的評論時，您談到了在客戶處完成的一些庫存工作。據您所知，您能否嘗試描述一下這是否是與當前手機相關的現有庫存？或者您認為現在還處於可能與下一款手機相關的插座工作的早期階段？它們是單獨的問題嗎？或者它們可能有關聯嗎？

No. It's all related to the current phone. We are not shipping for the next launch yet. So this is all related to the current phone. The large customer was approximately 68% of total revenue in the March quarter. That was down 19% sequentially, which is somewhat in line with normal seasonality. It was down 3% year-over-year, but as I indicated, we probably build up a little bit of inventory in the channel.

不，這都與當前手機有關。我們還沒有為下一次發布發貨。所以都跟現在的手機有關。大客戶約佔三月季度總營收的 68%。環比下降 19%，這在一定程度上符合正常的季節性。年比下降了 3%，但正如我所指出的，我們可能在通路中累積了一些庫存。

Helpful. And then just trying to parse out the pieces for June, you're kind of saying that mobile is down 20% to 25%, even if you set kind of your largest customer in that range, you still need to see double-digit declines on the Android side. So could you maybe describe what's happening in the Android business. I think some of your peers had talked about maybe a weaker Q2, but what are you seeing with those customers there?

有幫助。然後試著解析 6 月的數據，你會說行動業務下降了 20% 到 25%，即使你將最大的客戶設定在這個範圍內，你仍然需要看到兩位數的下降在Android端。您能否描述一下 Android 產業正在發生的事情？我想你的一些同行已經談到了第二季度可能會疲軟，但你對那裡的客戶有何看法？

Yes. Our Android business has been stabilizing. So it's approaching $100 million a quarter all our Android, which is Google, Samsung and the China players. It has been stabilizing. Obviously, there is some seasonality into that business. And yes, June is a little bit of a weaker seasonality in that business. But overall, it has been stabilizing. The inventory correction is over. We are making some good traction with design wins that as end customer demand will continue to improve over time, new design wins roll in. We do expect that business to contribute to some nice year-over-year growth in the next 4, 8 quarters here.

是的。我們的 Android 業務一直在穩定。因此，我們所有的 Android 系統（包括Google、三星和中國廠商）每季的營收都接近 1 億美元。它已經穩定下來。顯然，該業務存在一定的季節性。是的，六月對該行業的季節性有點弱。但整體而言，已經趨於穩定。庫存調整結束。我們正在透過設計勝利取得一些良好的牽引力，隨著最終客戶的需求將隨著時間的推移而不斷改善，新的設計勝利將不斷湧現。為同比增長做出貢獻這裡。

Our next question comes from Ruben Roy with Stifel.

我們的下一個問題來自魯本·羅伊和斯蒂菲爾。

Liam, I wanted to switch over to broad markets and just talk about sort of how you're seeing things. Great to see the bottom in December and the modest growth in March and the outlook for June. But relative to 90 days ago, how would you kind of characterize the recovery? Are you still sort of thinking incremental growth quarterly? Or has anything changed with inventory levels in some of the markets? The data points around auto industrial have been mixed. So maybe just if you could talk us through the big buckets, IoT, auto, industrial and comm infrastructure, that would be helpful.

利亞姆，我想轉向廣闊的市場，只是談談你如何看待事物。很高興看到 12 月觸底、3 月溫和成長以及 6 月展望。但相對於 90 天前，您如何形容復甦的特徵？您還在考慮季度增量成長嗎？或者某些市場的庫存水準發生了什麼變化？汽車工業的數據好壞參半。因此，如果您能向我們介紹一下物聯網、汽車、工業和通訊基礎設施等大領域，也許會有所幫助。

Yes, absolutely. So there's a lot of opportunity and growth that we're seeing in the broad markets. We've been doing a great job with the automotive segments, a lot of technology there, a lot of opportunity. We're growing that business. We continue to look at other players in the space doing quite well and industrial markets are coming up for us right now, solar markets are coming up. We're seeing some good action in PlayStation as well. So we've got kind of a consumer play there, but a lot of volume and a lot of content.

是的，一點沒錯。因此，我們在廣闊的市場中看到了很多機會和成長。我們在汽車領域做得很好，有很多技術，有很多機會。我們正在發展這項業務。我們繼續關注該領域其他表現良好的參與者，工業市場現在正在向我們走來，太陽能市場正在興起。我們在 PlayStation 上也看到了一些不錯的表現。所以我們在那裡有一種消費者遊戲，但數量很大，內容也很多。

So the portfolio is growing. It's diversifying and there's a lot more opportunity out there. We've been kind of focused more on some of the bigger names, but now we start to see a longer roster of opportunities that we can capture. And also just some of the technologies that we brought in from our MSS ex-lab deal is giving us more green shoots and opportunities as we look on.

因此，投資組合正在成長。它正在多元化，並且有更多的機會。我們一直更專注於一些較大的品牌，但現在我們開始看到更多我們可以抓住的機會。而且，我們從 MSS 前實驗室交易中引進的一些技術正在為我們帶來更多的萌芽和機會。

I guess just a quick follow-up. Just on the inventory levels around those buckets. Have they improved to kind of where you thought they would? Or as any of the big buckets been a little bit slower or not?

我想只是快速跟進。只是這些桶周圍的庫存水準。他們有進步到你想像的程度嗎？或任何大桶是否慢一點？

Yes. It depends on which part of the broad markets you are looking at. If you look more at the consumer IoT, the edge IoT connectivity products, that has been improving for many quarters now I think that market is getting stronger. We obviously have some strong technology transfer that is going on as we upgrade to WiFi 6 and 7. And bookings has been improving with a book-to-bill above one in that part of the market. .

是的。這取決於您正在關注廣大市場的哪一部分。如果你更專注於消費者物聯網、邊緣物聯網連接產品，這些產品已經在多個季度得到改善，我認為市場正在變得越來越強大。顯然，隨著我們升級到 WiFi 6 和 7，我們正在進行一些強大的技術轉移。 。

When you look at infrastructure, networking, data center, that market has been, as you probably have heard from peers and competitors a little bit soft. There is some inventory that needs to be cleared out. So we are undershipping natural demand right now. It's going to take a couple of quarters for that business to really bounce back and in the meantime, we have to clear out the inventory.

當你審視基礎設施、網路、資料中心時，正如你可能從同行和競爭對手那裡聽到的那樣，這個市場一直有點疲軟。有一些庫存需要清理。因此，我們現在的運輸量低於自然需求。這項業務需要幾個季度才能真正反彈，同時，我們必須清理庫存。

And then automotive and industrial, there again, you've heard from peers and competitors, there is definitely uncertain spots some excess inventory that needs to be flushed out. Again, for Skyworks, we're doing reasonably well in that market, given just the product cycle, the ramp of connectivity in the car the ramp with our power isolation for EV. We're doing well with our radio processor in the car. And so we are booking the trend a little bit in a tough environment.

然後是汽車和工業領域，您從同行和競爭對手那裡聽說，肯定存在一些不確定的地方，需要清理一些多餘的庫存。同樣，對於 Skyworks 來說，考慮到產品週期、汽車連接性的提升以及電動車電源隔離的提升，我們在該市場的表現相當不錯。我們的車內無線電處理器表現良好。因此，我們在艱難的環境下稍微預訂了這一趨勢。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

This is Aman here jumping in for Tim. I just wanted to ask what was the China mobile revenue kind of as a percentage of total mobile revenue? And what is your expectation for that business going forward as sell-through at certain China OEMs appears to be bouncing back? So how should we think about the trajectory of that going forward?

這是阿曼來代替提姆。我只是想問一下，中國行動收入佔行動總收入的比例是多少？隨著某些中國原始設備製造商的銷售似乎正在反彈，您對該業務的未來有何期望？那我們該如何思考未來的發展軌跡呢？

Yes. Our China mobile revenue is still de minimis. It has been improving quarter after quarter, but still on a relatively low level. I mean we have great relationship with OPPO, Vivo, Xiaomi, the 3 main players there. Design win momentum is picking up a little bit. But the overall end customer demand environment is still is still somewhat soft. I think that's the best way to characterize that. But again, I think over time, especially when I'm looking forward to fiscal '25, we do expect to see some meaningful year-over-year growth in that business.

是的。我們的中國行動收入仍然微乎其微。它逐季改善，但仍處於相對較低水平。我的意思是，我們與 OPPO、Vivo、小米這三大主要廠商有著良好的關係。設計獲勝的勢頭正在一點點增強。但整體終端客戶需求環境仍依然偏軟。我認為這是描述這一點的最佳方式。但我再次認為，隨著時間的推移，特別是當我期待 25 財年時，我們確實預計該業務將出現一些有意義的同比增長。

Our next question comes from Peter Peng with JPMorgan.

我們的下一個問題來自摩根大通的 Peter Peng。

On the Android point, you talked about it approaching $100 million. I believe your previous peak was kind of closer to $200 million per quarter. As you kind of look out into 2025 and 2026, is there anything that precludes you to getting back to those kind of levels?

關於Android，您談到它接近1億美元。我相信您之前的峰值接近每季 2 億美元。當您展望 2025 年和 2026 年時，是否有什麼因素阻礙您回到那樣的水平？

I think it's going to be difficult to go back to the highest peaks that we have seen in the past, because that was overdrive. Remember that was in the COVID years where all customers were screaming to get more parts and then they ended up with a lot of excess inventory that took more than a year to burn off. But directionally, yes, I mean it's at $100 million. I mean we want to get back to $125 million to $150 million, $200 million. And we are focused on that. We do have the technology. We are adding more resources in terms of product development to go after those opportunities. And as end customer demand improves and the design wins roll in, we will see some really good revenue growth in those segments.

我認為要回到我們過去見過的最高峰將會很困難，因為那是超速行駛的。請記住，在新冠疫情期間，所有客戶都尖叫著想要獲得更多零件，然後他們最終得到了大量多餘的庫存，花了一年多的時間才消耗掉。但從方向上來說，是的，我的意思是它是 1 億美元。我的意思是我們希望回到 1.25 億美元到 1.5 億美元，甚至 2 億美元。我們專注於此。我們確實有技術。我們正在產品開發方面增加更多資源來抓住這些機會。隨著最終客戶需求的改善和設計成果的不斷湧現，我們將在這些領域看到一些非常好的收入成長。

And I'll just jump in on that. If you think about where we are with Android, we've got really strong engagement with Google and Samsung, high-end players, a lot of volume. So it's not so much the OPPO, Vivo, Xiaomi for us, but it's more around the Samsung and Google players that right now are ramping very well.

我馬上就講到這一點。如果你想想我們在 Android 的進展，你會發現我們與Google和三星等高階廠商有著非常密切的合作，而且銷量很大。因此，對我們來說，與其說是 OPPO、Vivo、小米，不如說是三星和Google玩家，這些玩家目前發展得非常好。

Got it. And I have a follow-up. On the broad market. So you have 1 out of the 3 segments that's actually bottoming and recovering and you're still -- the implicit growth rate is 4%. So as we kind of look into the back half of the year, as things kind of -- inventory adjustment abate in the other 2 segments, should we kind of be expecting more of an accelerating sequential growth as we move through the year?

知道了。我有一個後續行動。在廣闊的市場上。因此，3 個細分市場中有 1 個實際上正在觸底並且正在復甦，但隱含成長率仍然是 4%。因此，當我們展望今年下半年時，由於其他兩個細分市場的庫存調整有所減弱，我們是否應該期待今年下半年會出現更多的加速環比成長？

Absolutely, absolutely. So currently, it's only modest, like in March, it was 1% sequentially in June we expect 2%, 3% sequentially. But then as we look out in the next couple of quarters, we do and expect an acceleration of that sequential growth getting back to initially modest year-over-year growth, but then translating into strong double-digit year-over-year growth in our broad markets business.

絕對，絕對。所以目前，它只是適度的，就像 3 月份一樣，6 月份環比增長 1%，我們預計將環比增長 2%、3%。但當我們展望未來幾個季度時，我們確實並預計這種連續增長會加速，回到最初溫和的同比增長，但隨後會轉化為強勁的兩位數同比增長我們廣闊的市場業務。

Our next question comes from Cody Acree with The Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Cody Acree。

You did mention Huawei in your specific comments around China. I guess any comments on that OEM given their success in that market?

您在有關中國的具體評論中確實提到了華為。鑑於該 OEM 在該市場的成功，我想對該 OEM 有什麼評論嗎？

Yes. We're still not engaged with Huawei. But again, we will work the Android markets with some of the other players that we talked about. So -- but Huawei for now, I think, has really been kind of on the bench.

是的。我們還沒有與華為合作。但我們將再次與我們討論過的其他一些參與者合作開發 Android 市場。所以，但我認為，華為目前確實處於替補席上。

Is there any specific reason for that?

有什麼具體原因嗎？

Well, there's still just a couple of things. I mean the product quality there that we look at is just not really up the snuff for us and still just a very difficult environment in that marketplace.

嗯，還有幾件事。我的意思是，我們看到的產品品質對我們來說並沒有真正達到要求，而且該市場的環境仍然非常困難。

Okay. And then, I guess, just lastly, any further comment on your AI comments in prepared remarks about content and dollar content opportunities in both -- in addition to just unit volume replacement cycles. Any framework of how you expect those dollar content increases to layer in as we're just now starting to get any kind of real Gen AI unit volumes across the channel?

好的。然後，我想，最後，除了單位數量的更換週期之外，在有關內容和美元內容機會的準備好的評論中對您的人工智慧評論進行任何進一步的評論。當我們剛開始在整個管道獲得任何類型的真正的人工智慧單位量時，您期望這些美元內容如何增加的任何框架？

Yes. Yes. Great question. So if we actually think about it right now, we've been really long in the tooth here with upgrades across the board in mobile, across the whole market. So without AI the market is, we believe, is going to inflect with a resurgence of growth in terms of units. That's one part.

是的。是的。很好的問題。因此，如果我們現在認真考慮一下，就會發現我們在整個市場的行動裝置全面升級方面已經投入了很長時間。因此，我們相信，如果沒有人工智慧，市場將會出現單位數量復甦的成長。這是一部分。

But when you get into the AI side, I talked about a little bit earlier, we're going to need to do some tremendous things in the smartphone world to actually catalyze what AI needs to do. There's going to be upgrades in servers. There's going to be upgrades on the device and it's going to drive tremendous power. And power is really, really important. When you think about data center, you hear all these things from NVIDIA, they're powered, they're powered to a server. Mobile is mobile. We're untethered.

但是，當你進入人工智慧方面時，我之前談到過，我們需要在智慧型手機領域做一些巨大的事情，以真正催化人工智慧需要做的事情。伺服器將會升級。該設備將會進行升級，並將帶來巨大的動力。權力真的非常非常重要。當您想到資料中心時，您會聽到 NVIDIA 提供的所有這些信息，它們是供電的，它們是為伺服器供電的。手機就是手機。我們不受束縛。

So the burden on technology in the smartphone world is really going to go up and it's going to narrow the playing field. And I love our chances. We've got a great business. We've got in-house technologies, great engineering, a long, long live set of solutions and know-how that we built over the years. So we're really looking forward to it. I think we talked about it already.

因此，智慧型手機領域的技術負擔確實會增加，競爭環境也會縮小。我喜歡我們的機會。我們的生意很好。我們擁有多年來累積的內部技術、出色的工程、一套長期有效的解決方案和專業知識。所以我們真的很期待。我想我們已經討論過了。

The smartphone market today already is kind of slowed down. It's turned for an upgrade right now. So the intersection between AI and smartphone growth could be really special. So we're looking forward to it. We have a lot of the key building blocks our engineering teams know exactly what to do to turn this on. So we're definitely anticipating some upside here.

如今的智慧型手機市場已經放緩了。現在已經轉向升級了。因此，人工智慧和智慧型手機成長之間的交叉點可能非常特別。所以我們很期待。我們有很多關鍵建置模組，我們的工程團隊確切地知道如何打開它。因此，我們肯定會期待一些好處。

I guess just further that, though, are there specific areas of the front-end module that you expect to benefit more in the short term as processing rates are going higher as connectivity demands are increased? Is it more a thermal issue? Is it more transferability or switching or intended tuning for that matter?

我進一步猜測，隨著連線需求的增加，處理速率會提高，您是否希望前端模組的某些特定領域在短期內受益更多？這更多的是散熱問題嗎？是否更具可轉移性、切換性或針對此問題的有意調整？

Yes. I mean there's more paths, uplink and downlink. We got carrier aggregation here, better filters that we do in-house, engaging in with WiFi as well. And there's also going to be a range of new frequency bands as you move forward into those devices. So there's a lot to do. And just that technology alone is going to be amazing, but also the smartphone opportunity today with all those legacy phones that want to turn over to a new upgrade, I think are all going to come together. So we're looking forward to that. We're doing the technical work to make it happen, and we'll keep you posted.

是的。我的意思是有更多的路徑，上行鏈路和下行鏈路。我們在這裡實現了載波聚合，比我們內部做的更好的過濾器，也參與了 WiFi。當您繼續使用這些設備時，也會出現一系列新的頻段。所以還有很多事情要做。僅憑這項技術就將是令人驚嘆的，而且今天的智慧型手機機會以及所有那些想要進行新升級的舊手機，我認為都將聚集在一起。所以我們對此充滿期待。我們正在做技術工作來實現這一目標，我們會及時通知您。

Our next question comes from Quinn Bolton with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

I guess I wanted to start -- you opened the call kind of talking about the slower demand environment in March and April that's led to this inventory correction in the June quarter. But I guess I'm -- I haven't heard you guys say that you've necessarily seen the end of that demand softness. And so what signals are you looking for, have you already seen that give you confidence that this inventory correction is going to be limited to only the June quarter? Are you starting to see demand signals strengthen as you look past the June quarter?

我想我想開始 - 您在電話會議中談到了 3 月和 4 月需求環境放緩，這導致了 6 月季度的庫存調整。但我想我──我還沒聽到你們說你們一定已經看到了需求疲軟的終結。那麼您在尋找什麼訊號，您是否已經看到這些訊號讓您相信庫存調整將僅限於六月季度？回顧六月季度，您是否開始看到需求訊號增強？

And Quinn, so this is not a major, major correction, right? This is just some softer-than-expected demand that we see. We're not talking here about a huge major correction. And again, based on customer forecast and our own intelligence about what's going on into the market, we think that will be mostly flushed out in the June quarter and in the guide that we provided for the June.

奎因，所以這不是一個重大的重大修正，對吧？這只是我們看到的一些低於預期的需求。我們在這裡談論的不是一次巨大的重大調整。同樣，根據客戶預測和我們自己對市場動態的了解，我們認為這將在六月季度和我們為六月提供的指南中大部分被淘汰。

Okay. So it sounds like the forecast from customers that leads you to believe it's largely limited to the June quarter.

好的。因此，聽起來客戶的預測會讓您相信這在很大程度上僅限於六月季度。

That's correct. Yes.

這是正確的。是的。

Understood. And then I know it's sensitive, but just coming back to the socket loss at the large customer. It sounds like you think this may be sort of a near-term commercial issue, but I guess I just wanted to ask, do you think there's any read-throughs from this that might signal a move to sort of a multi-sourcing strategy that customer where they're looking to bring in additional suppliers across all sockets just for supplier diversity reasons? Or again, do you think it's kind of more limited to 1 year, 1 socket?

明白了。然後我知道這很敏感，但只是回到大客戶的插座損失。聽起來你認為這可能是一個近期的商業問題，但我想我只是想問，你認為這是否有任何通讀可能表明採取某種多源策略的舉措出於供應商多樣性的原因，客戶希望在所有通路引進更多供應商？或者，您是否認為它更限於 1 年 1 個插座？

Yes. It's 1 year, 1 socket for sure. And we have very, very good eyes on that. Like I said, we'll wrap it up at the product and question we know how to make and we look forward to continuing to deliver that and others as we go forward. So we appreciate that.

是的。肯定是 1 年，1 個插座。我們對此有非常非常好的眼光。就像我說的，我們將把它總結為我們知道如何製作的產品和問題，我們期待在前進的過程中繼續提供該產品和其他產品。所以我們對此表示讚賞。

There are no further questions at this time. I'd like to turn the call back over to Liam for closing remarks.

目前沒有其他問題。我想將電話轉回給利亞姆，讓其結束語。

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

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

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。