思佳訊 (SWKS) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Skyworks Solutions third-quarter fiscal year 2024 earnings call. This call is being recorded. At this time, I will turn the call over to Raji Gill, Vice President of Investor Relations for Skyworks. Ms. Gill, please go ahead.

下午好，歡迎參加 Skyworks Solutions 2024 財年第三季財報電話會議。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 Raji Gill。吉爾女士，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks third 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 their conclusion during the call.

謝謝你，接線生。大家下午好，歡迎參加 Skyworks 2024 第三財季電話會議。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。這次電話會議正在網路上進行現場直播，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 delivered solid results for the third fiscal quarter of 2024. We posted revenue of $906 million, delivered earnings per share of $1.21, and generated free cash flow of $249 million. Revenue, gross margin, and EPS met or were slightly above our prior guidance. Importantly, year-to-date free cash flow was $1.3 billion or 40% free cash flow margin, which reflects strong work in capital management and operational excellence.

謝謝，拉吉。歡迎大家。 Skyworks 在 2024 年第三財季取得了穩健的表現。收入、毛利率和每股收益達到或略高於我們先前的指引。重要的是，年初至今的自由現金流為 13 億美元，自由現金流利潤率為 40%，這反映了我們在資本管理和卓越營運方面的出色工作。

In mobile, we are seeing encouraging signs that inventory levels and order patterns are normalizing. We are energized about the prospects of generative AI, catalyzing a meaningful smartphone replacement cycle and driving higher levels of RF complexity. We expect new AI features will only be available on the latest next generation smartphones, potentially fueling a multi-year upgrade cycle. We are uniquely positioned, given our long-standing relationships with the leading smartphone OEMs, best-in-class RF technology, and a global manufacturing footprint.

在行動領域，我們看到庫存水準和訂單模式正在正常化的令人鼓舞的跡象。我們對生成式人工智慧的前景充滿信心，它可以促進有意義的智慧型手機更換週期並推動更高水平的射頻複雜性。我們預計新的人工智慧功能將僅在最新的下一代智慧型手機上提供，這可能會推動多年的升級週期。鑑於我們與領先的智慧型手機原始設備製造商的長期合作關係、一流的射頻技術以及全球製造足跡，我們處於獨特的地位。

In broad markets, we delivered two consecutive quarters of sequential growth since the December quarter. And we anticipate modest growth for the balance of 2024.

在廣泛的市場中，自 12 月所在季度以來，我們連續兩個季度實現了環比成長。我們預計 2024 年剩餘時間將出現溫和成長。

In Edge IoT, where demand is improving, we have a strong design-win funnel for Wi-Fi 7 systems. And we expect a healthy multi-year upgrade cycle, given faster data transfer speeds and lower latency.

在需求不斷改善的邊緣物聯網中，我們為 Wi-Fi 7 系統提供了強大的設計雙贏漏斗。鑑於更快的數據傳輸速度和更低的延遲，我們預計會有一個健康的多年升級週期。

In traditional data center and wireless infrastructure, inventory levels remain elevated, which is prolonging the recovery as we continue to under-shift natural demand. However, once industry conditions stabilize, we expect end customers to replenish inventory back to normal levels.

在傳統資料中心和無線基礎設施中，庫存水準仍然很高，隨著我們繼續減少自然需求，這延長了復甦時間。然而，一旦產業狀況穩定下來，我們預計終端客戶將補充庫存至正常水準。

Lastly, in automotive and industrial, we are working through excess inventory levels, but seeing signs of stabilization. We remain bullish on our design win pipeline across our power isolation, RF, and digital broadcast solutions.

最後，在汽車和工業領域，我們正在努力解決庫存水準過高的問題，但看到了穩定的跡象。我們仍然看好我們的電源隔離、射頻和數位廣播解決方案的設計贏得管道。

For the connected car and EV markets, over the medium to long term, we believe generative AI will migrate to the edge. Most significantly, we believe the rollout of compelling AI applications will drive a smartphone replacement cycle, one that is currently the longest in history standing at over four years.

對於連網汽車和電動車市場，從中長期來看，我們相信生成式人工智慧將遷移到邊緣。最重要的是，我們相信引人注目的人工智慧應用程式的推出將推動智慧型手機的更換週期，目前該週期是歷史上最長的，長達四年多。

In Edge IoT, AI-enabled devices increasingly incorporate machine learning to support language and computer vision models. Robust RF is critical to facilitate the continuous training to inference between device and cloud. Over time, automotive OEMs will train on big data in the cloud and stream software downloads through over-the-year updates, supporting higher levels of autonomy in vehicles. To facilitate these trends, OEMs need power and extremely fast RF connectivity.

在邊緣物聯網中，支援人工智慧的設備越來越多地結合機器學習來支援語言和電腦視覺模型。強大的射頻對於促進設備和雲端之間的推理持續訓練至關重要。隨著時間的推移，汽車原始設備製造商將在雲端中的大數據上進行培訓，並透過年度更新來串流軟體下載，從而支援更高水準的車輛自動駕駛。為了促進這些趨勢，原始設備製造商需要電源和極快的射頻連接。

For next-generation data centers, complex workloads supporting large language models will propel upgrade cycles in switch, compute, and optical networks. Over the medium to long term, Skyworks is well positioned with our high performance timing solutions, targeting 800 gig and 1.6 terabit ethernet switches in optical modules. Ultimately, our view is there will be a hybrid approach to AI computing, a combo of on-device and cloud-based.

對於新一代資料中心，支援大型語言模型的複雜工作負載將推動交換器、運算和光網路的升級週期。從中長期來看，Skyworks 憑藉我們的高效能計時解決方案處於有利地位，目標是光學模組中的 800 gig 和 1.6 terabit 乙太網路交換器。最終，我們的觀點是，人工智慧運算將會採用一種混合方法，即設備端運算和基於雲端運算的組合。

Data can be trained in the cloud and deployed to the edge for inference on new inputs. More complex AI tasks will be processed in the cloud and less complex on device. In addition to these new usage cases, AI-enabled smartphones will further elevate the technological burden, resulting in premium for onboard space, requiring higher levels of integration in advanced packaging, energy efficiency translating to lower power consumption, low latency pushing the boundary of signal integrity, and higher throughput and connectivity upgrades with 5G advanced and 6G. These increased technological demands play the Skyworks strength, given our deep customer relationships, exceptional engineering talent, and strong IP portfolio.

資料可以在雲端進行訓練並部署到邊緣以推斷新輸入。更複雜的人工智慧任務將在雲端處理，而不太複雜的任務將在設備上處理。除了這些新的使用案例之外，支援人工智慧的智慧型手機將進一步加重技術負擔，導致機載空間溢價，需要先進封裝的更高整合度，能源效率轉化為更低的功耗，低延遲推動訊號的邊界5G 進階和 6G 的完整性、更高的吞吐量和連接升級。鑑於我們深厚的客戶關係、卓越的工程人才和強大的 IP 產品組合，這些不斷增長的技術需求發揮了 Skyworks 的優勢。

Turning to our quarterly business highlights, we secured 5G content for premium Android smartphones, including Google Pixel 8a, Samsung Galaxy M, and Oppo Reno12, among others. We supported the launches of Wi-Fi 7 tri-band routers and access points with NETGEAR, TP-Link, and Cambium Networks. We accelerated our design wind pipeline in automotive, including telematics, infotainment, and CV2X. Despite a challenging demand environment, we continue to make strategic investments in our long-term growth areas, expand our customer base, and diversify the reach of the business.

談到我們的季度業務亮點，我們為優質 Android 智慧型手機提供了 5G 內容，包括 Google Pixel 8a、三星 Galaxy M 和 Oppo Reno12 等。我們支援 NETGEAR、TP-Link 和 Cambium Networks 推出 Wi-Fi 7 三頻路由器和存取點。我們加快了汽車領域的風設計流程，包括遠端資訊處理、資訊娛樂和 CV2X。儘管需求環境充滿挑戰，我們仍繼續在長期成長領域進行策略性投資，擴大客戶群，並使業務範圍多元化。

With that, I will turn the call over to Kris for discussion of last quarter's performance and our outlook for Q4 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 財年第四季的展望。

Thanks, Liam. Skyworks' revenue for the third fiscal quarter 2024 was $906 million, slightly above the midpoint of our outlook. Mobile was approximately 51% of total revenue, down 21% sequentially. Broke markets were approximately 39% of total revenue, up 1% sequentially.

謝謝，利亞姆。 Skyworks 2024 年第三財季的營收為 9.06 億美元，略高於我們預期的中點。行動業務約佔總營收的 51%，比上一季下降 21%。破產市場約佔總營收的 39%，比上一季成長 1%。

Gross profit was $416 million, with gross margin at 46%, in line with expectations. Gross margin grew 100 basis points sequentially, reflecting our ongoing cost reduction actions and favorable mix shift. Also, during Q3, we further reduced our internal inventory, resulting in six consecutive quarters of reductions.

毛利為4.16億美元，毛利率為46%，符合預期。毛利率季增 100 個基點，反映出我們持續的成本削減行動和有利的組合轉變。此外，在第三季度，我們進一步減少了內部庫存，從而實現了連續六個季度的減少。

Operating expenses were $197 million, reflecting our strategic investments in our technology and product roadmaps. We delivered $219 million of operating income, translating into an operating margin of 24%. We generated $3 million of other income and our effective tax rate was 12%, driving net income of $195 million and a diluted earnings per share of $1.21, which is in line with our guidance.

營運費用為 1.97 億美元，反映了我們對技術和產品路線圖的策略性投資。我們實現了 2.19 億美元的營業收入，相當於 24% 的營業利潤率。我們產生了 300 萬美元的其他收入，有效稅率為 12%，帶動淨利潤達到 1.95 億美元，攤薄後每股收益為 1.21 美元，這符合我們的指導。

Third fiscal quarter cash flow from operations was $274 million. Capital expenditures were $24 million or less than 3% of revenue, resulting in a free cash flow of $249 million. Year to date, we generated $1.3 billion of free cash flow, or 40% free cash flow margin. We continue to drive robust cash flow through consistent levels of profitability, careful work in capital management, and moderating capex intensity.

第三財季營運現金流為 2.74 億美元。資本支出為 2,400 萬美元，不到收入的 3%，自由現金流為 2.49 億美元。今年迄今為止，我們產生了 13 億美元的自由現金流，即 40% 的自由現金流利潤率。我們繼續透過穩定的獲利水準、謹慎的資本管理工作和適度的資本支出強度來推動強勁的現金流。

During fiscal Q3, we paid $109 million in dividends and repurchased 764,000 shares of our common stock for a total of $77 million. Cash and investment grew to nearly $1.3 billion, and we have $1 billion in debt, providing us excellent optionality. We remain committed to delivering shareholder value through a disciplined approach to capital allocation.

在第三財季，我們支付了 1.09 億美元的股息，並回購了 764,000 股普通股，總價值為 7,700 萬美元。現金和投資成長到近 13 億美元，我們有 10 億美元的債務，為我們提供了極佳的選擇權。我們仍然致力於透過嚴格的資本配置方法來提供股東價值。

Given our conviction in Skywork's long-term strategic outlook and consistent strong cash generation, we announced a 3% increase to our quarterly dividend to $0.70 per share.

鑑於我們對 Skywork 的長期戰略前景和持續強勁的現金產生能力充滿信心，我們宣布將季度股息提高 3%，達到每股 0.70 美元。

Now let's move on to our outlook for Q4 of fiscal 2024. We anticipate revenue of $1 billion to $1.04 billion. We expect our mobile business to be up approximately 20% sequentially, as demand and supply patterns appear to be normalizing. In broad markets, we anticipate modest improvements representing three consecutive quarters of sequential growth.

現在讓我們展望 2024 財年第四季。隨著需求和供應模式似乎趨於正常化，我們預計我們的行動業務將環比成長約 20%。在廣泛的市場中，我們預計將出現適度的改善，代表連續三個季度的環比增長。

Gross margin is projected to be in the range of 46% to 47%, increasing 50 basis points sequentially at the midpoint. We anticipate gross margin expansion during the remainder of 2024, driven by our cost reduction actions, favorable makeshift, and higher utilization rates.

毛利率預計在 46% 至 47% 之間，中位數比上一季增加 50 個基點。我們預計，在我們的成本削減行動、有利的臨時措施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。

We expect operating expenses in the range of $197 million to $203 million as we continue to make strategic investments in mobile and broad markets to drive share gains and increase defacilitation. Below the line, we anticipate roughly $3 million in other income, an effective tax rate of 12% and a denoted share count of approximately 161 million shares. Accordingly, at the midpoint of the revenue range of $1.02 billion, we intend to deliver the rooted earnings per share of $1.52.

我們預計營運費用將在 1.97 億美元至 2.03 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不利因素。在此線之下，我們預計其他收入約為 300 萬美元，有效稅率為 12%，指定股份數量約為 1.61 億股。因此，在 10.2 億美元收入範圍的中點，我們打算實現每股 1.52 美元的固定收益。

Operator, let's open the line for questions.

接線員，讓我們打開提問線。

(Operator Instructions) Matt Ramsay, TD Cowen.

（操作員說明）Matt Ramsay，TD Cowen。

Yes, thank you very much. Good afternoon, everybody. I guess from my first question, we've lots -- your company and all of your industry peers have been through this cyclicality in broad markets for you guys and lots of industrial businesses for your competition. And it's great to see us get back on sort of a sequential growth from a revenue perspective and a chain of that, which will, I assume, continue as you guys come out of the cyclicality here.

是的謝謝你。大家下午好。我想從我的第一個問題來看，我們有很多——你們的公司和你們所有的行業同行已經在你們的廣闊市場和你們的競爭對手的許多工業企業中經歷了這種週期性。很高興看到我們從收入角度恢復了連續成長，我認為隨著你們走出週期性，這種成長將會繼續下去。

But as you've revisited that diverse set of businesses, I mean, it's a question that a lot of companies in this space get. Any sense now of what the -- I don't know, kind of equilibrium sell-through revenue level is that this business supports right now? We were obviously overshipping for a bit, and then have undershipped for a bit to try to clear the channel.

但當你重新審視不同的業務時，我的意思是，這是這個領域的許多公司都會遇到的問題。我不知道該業務目前支援的均衡銷售收入水準是什麼？顯然，我們的發貨量有點多，然後又發貨量不足，以試圖清理渠道。

But any sense of where you are right now on the shipping levels you guys are guiding to relative to end consumption? And when we might get back to equilibrium? Thanks.

但是，您知道您們目前指導的相對於最終消費的運輸水平處於什麼位置嗎？我們什麼時候才能恢復平衡？謝謝。

Yeah, sure. This is Liam. So if we start to take a look at those markets, we are actually gaining some share in driving revenue. We're seeing opportunities in auto that are substantially being grown. We see the connected car as a significant opportunity for Skyworks. We already have meaningful design wins and I know we can do much more.

好，當然。這是利亞姆。因此，如果我們開始關注這些市場，我們實際上在推動收入方面獲得了一些份額。我們看到汽車產業的機會正​​在大幅成長。我們認為連網汽車對 Skyworks 來說是一個重大機會。我們已經取得了有意義的設計成果，我知道我們可以做得更多。

We're looking at more and more opportunities in safety systems, driver assist. We talked a little bit about that. All those markets are actually doing quite well, and we have a lot of room to grow. Then moving into some other markets that are quite powerful today are the Wi-Fi cycles.

我們正在安全系統、駕駛輔助上尋找越來越多的機會。我們對此進行了一些討論。所有這些市場實際上都表現得很好，我們有很大的成長空間。然後進入其他一些當今相當強大的市場是 Wi-Fi 循環。

We have a Wi-Fi 7 upgrade today that is going really well. Very important technology, lots of volume coming, and certainly an extension here as we get to more and more opportunities. Home enterprise, commercial, industrial, wearables, all of these markets fall into that category and have been really powerful for us. And we expect that to continue. And further, we have some great opportunities in infrastructure, leveraging networking and cloud, we talked about 800 gig and 1.6 terabit speeds; a lot of really powerful vectors there that can come about here as we move into the next quarter.

今天我們進行了 Wi-Fi 7 升級，進展非常順利。非常重要的技術，大量的產量即將到來，隨著我們獲得越來越多的機會，當然還會在這裡擴展。家庭企業、商業、工業、穿戴式設備，所有這些市場都屬於這個類別，對我們來說非常強大。我們預計這種情況會持續下去。此外，我們在基礎設施方面有一些巨大的機會，利用網路和雲，我們談到了 800 gig 和 1.6 terabit 速度；當我們進入下一個季度時，許多非常強大的向量可能會出現。

Got it, thanks Liam. I guess, as my follow up, if we look into the wireless market, it seems like the market has some fairly bullish expectations on units with your largest customer. And you guys had talked last quarter about how the content that changed there a little bit. I just wonder if you could give us any early thoughts, Kris, on sort of the shape of the year or this cycle in your wireless business? Maybe you have a chance to lean into Android a little bit more and there's the dynamics in both directions that I mentioned with Cupertino. So if you have any early thoughts, we'd appreciate it. I know it's early to ask about that, but I get asked about it a lot.

明白了，謝謝利亞姆。我想，作為我的後續行動，如果我們研究無線市場，似乎市場對擁有最大客戶的設備抱有相當樂觀的期望。你們上個季度討論過內容如何發生了一些變化。克里斯，我只是想知道您是否可以給我們一些關於無線業務今年或本週期的早期想法？也許您有機會更多地了解 Android，並且我在庫比蒂諾提到這兩個方向的動態。因此，如果您有任何早期想法，我們將不勝感激。我知道現在問這個問題還為時過早，但我經常被問到這個問題。

Yeah. Look, I mean, there's a lot of opportunity there. We are seeing stronger signals in demand for sure. We're starting to see that actually accelerate, leveraging some of the more unique products that we have in the Skyworks bench. So, it's a lot of opportunity there. Our outlook looks very good as we look forward.

是的。聽著，我的意思是，那裡有很多機會。我們確實看到了更強烈的需求訊號。我們開始看到，利用 Skyworks 工作台中的一些更獨特的產品，這種情況實際上正在加速。所以，那裡有很多機會。當我們展望未來時，我們的前景看起來非常好。

The technologies that we're working on right now are really difficult. They're very, very challenging. It takes great companies and great people to make it happen. As you've heard many, many times, our labs to fabs approach really does work. There's a lot of customization as we start to grow into some of these new markets, mobile and others.

我們現在正在研究的技術確實很困難。他們非常非常具有挑戰性。需要偉大的公司和偉大的人才來實現這一目標。正如您多次聽說的那樣，我們從實驗室到晶圓廠的方法確實有效。當我們開始進入一些新市場、行動市場和其他市場時，需要進行大量的客製化。

So, we feel really good about that and I think it's an opportunity for us to continue to move forward. We're just beginning to now engage in AI and we see that in the phone. We definitely see that as a major, major catalyst for smartphones. And I'll tell you, I don't think there's a company that can do that better than Skyworks.

所以，我們對此感覺非常好，我認為這是我們繼續前進的機會。我們現在才剛開始涉足人工智慧領域，我們在手機中看到了這一點。我們肯定將其視為智慧型手機的主要催化劑。我告訴你，我認為沒有一家公司能比 Skyworks 做得更好。

So we look forward for the opportunity. We've got the key pieces in place. And it's a time for us to just put up a little bit more revenue here.

所以我們期待這個機會。我們已經把關鍵部分準備到位了。現在是我們在這裡增加一點收入的時候了。

Appreciate the color, guys. Thank you.

欣賞一下這個顏色，夥計們。謝謝。

Sure.

當然。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes, thank you, good evening. The first question is on broad markets. And it seems like that revenue is just kind of bouncing along the bottom here. You mentioned expectations for some modest growth going forward. Can you speak to the different end markets within broad markets? I'd imagine that some of the consumer markets that corrected earlier are perhaps some of the ones that are coming out, but I know some of the industrial markets still have some inventory to go through.

是的，謝謝，晚上好。第一個問題是關於廣大市場的。看起來收入只是在底部反彈。您提到了對未來溫和成長的預期。您能談談廣大市場中的不同終端市場嗎？我想，一些先前修正的消費市場可能正在出現，但我知道一些工業市場仍然有一些庫存需要清理。

What's the stage of the inventory correction? And how much of that business is normalized? And how much of that still has customer inventory that needs to be burned through?

庫存調整到什麼階段了？該業務中有多少是正常化的？其中還有多少客戶庫存需要消耗？

Yes. Chris, great question. So, first of all, we did call out broad markets at the bottom in the December quarter. And so, we really turned a corner there and we have seen now two consecutive quarters of sequential growth. And we do expect further growth in the September quarter that's incorporated in our guidance. And we do, beyond the September quarter, further sequential growth and actually an acceleration of that sequential growth returning back to year-over-year growth in our broad markets business.

是的。克里斯，好問題。因此，首先，我們確實指出大市場在 12 月季度已觸底。因此，我們確實扭轉了局面，現在我們已經看到連續兩個季度的環比增長。我們確實預計九月季度將出現進一步成長，這一點已納入我們的指導中。在九月季度之後，我們確實實現了進一步的環比增長，而且實際上我們的廣泛市場業務加速了環比增長，恢復了同比增長。

Now, as you noticed, there's multiple different end markets there. As it relates to consumer enterprise, where we mainly play with our connectivity solutions, I would say that's getting a more stable environment. Most of the inventory correction is over there. And we are growing the business there, mostly because of a content uplift story.

現在，正如您所注意到的，那裡有多個不同的終端市場。由於它涉及消費者企業，我們主要使用我們的連接解決方案，我想說這正在獲得一個更穩定的環境。大部分庫存調整都在那裡。我們在那裡發展業務，主要是因為內容提升的故事。

As Liam indicated, Wi-Fi 7, a lot of good traction there. That's a big step up in content compared to Wi-Fi 6. Some of those other end markets, there's still an inventory correction ongoing. Automotive, industrial markets, very similar to what our peers and competitors have seen in that market. But again, as Liam indicated, we have strong design wind momentum there. We have great opportunities in EVs with our power isolation, or in the connected car with our connectivity solutions, Wi-Fi, 5G, digital radios. And so we are able to bug the trend there and see some stronger revenue growth opportunities.

正如利亞姆指出的那樣，Wi-Fi 7 在那裡有很大的吸引力。與 Wi-Fi 6 相比，這是內容的一大進步。汽車、工業市場，與我們的同行和競爭對手在該市場看到的非常相似。但正如利亞姆所指出的，我們在那裡擁有強勁的設計勢頭。我們在電動車中的電源隔離，或在連網汽車中的連接解決方案、Wi-Fi、5G、數位無線電方面擁有巨大的機會。因此，我們能夠抓住那裡的趨勢，並看到一些更強勁的收入成長機會。

Thank you. As a follow-up, I want to ask a question on gross margins. And understand you're guiding up 50 basis points for the September quarter. I know that you've taken some cost reduction actions, depreciations coming down. What would you say is the trajectory for gross margins as perhaps some revenue comes back and utilization comes up? What's the slope and the definition for the gross margins as those things occur?

謝謝。作為後續，我想問一個關於毛利率的問題。並了解您將 9 月季度的指導價上調 50 個基點。我知道你們已經採取了一些降低成本的措施，折舊率下降了。隨著一些收入的回升和利用率的提高，您認為毛利率的軌跡是什麼？當這些事情發生時，毛利率的斜率和定義是多少？

Yes, Chris. So there as well, March was the bottom for us, about 45%. You saw already 100 basis points improvements in the June quarter, and we just guided another 50 basis points improvement going into the September quarter. And we do expect further gross margins improvement in the December quarter. Obviously then, there is seasonality in our business, but when I look at fiscal '25 or '26 and beyond, we do expect further gross margins improvement. And it's basically a combination of multiple factors, right?

是的，克里斯。因此，3 月也是我們的最低值，約為 45%。您已經看到 6 月季度的業績改善了 100 個基點，我們剛剛指導 9 月季度再改善 50 個基點。我們確實預計 12 月季度的毛利率將進一步改善。顯然，我們的業務存在季節性，但當我考慮 25 財年或 26 財年及以後的情況時，我們確實預計毛利率會進一步改善。這基本上是多種因素的結合，對吧？

We continue to execute on cost reductions into our factory. As the top line is growing, we are getting better utilization into our factories. We are bringing higher value products to the market for which we are getting paid. And we have a little bit of a tailwind from a mixed point of view, as broad markets is growing at higher than above gross margins. So we think we are on the right track here and we will see ongoing further gross margins improvements.

我們繼續降低工廠的成本。隨著收入的成長，我們的工廠得到了更好的利用。我們正在為市場帶來更高價值的產品，並為此獲得報酬。從混合的角度來看，我們有一點順風，因為廣闊的市場正在以高於毛利率的速度成長。因此，我們認為我們正走在正確的軌道上，我們將看到毛利率持續進一步改善。

Thank you.

謝謝。

Timothy Arcuri, UBS

提摩西‧阿庫裡，瑞銀

Thanks a lot. Chris, can you give us a sense of how big the large customer was for June? And then in September, it's ranged between mid-50s when Android was higher to the high-60s last year. Any sense of how to think about how that's going to trend and what you're embedding in the guidance?

多謝。 Chris，您可以為我們介紹一下 6 月的大客戶有多大嗎？然後到了 9 月份，Android 的排名從 50 多歲左右上升到去年的 60 多歲左右。您知道如何思考這一趨勢的發展趨勢以及您在指南中嵌入的內容嗎？

Yeah. So our largest customer in the June quarter was approximately 65% of total revenue. Debt was down sequentially, maybe a little bit more than normal seasonality. And we explained that at the last earnings call where we saw some buildup of inventory in March, April timeframe. And so we pushed the breaks in June.

是的。因此，我們第二季最大的客戶約佔總營收的 65%。債務連續下降，可能比正常的季節性下降一些。我們解釋說，在上次財報電話會議上，我們看到 3 月、4 月的時間範圍內出現了一些庫存累積。所以我們把休息時間延後到了六月。

But looking ahead now into September, we think the largest customer will be slightly above 65% of total revenue. And it will be up or about 20% sequentially, right, as we execute and support our large customer in ramping up new products that they are bringing to market.

但展望 9 月份，我們認為最大客戶將略高於總收入的 65%。隨著我們執行和支持我們的大客戶推向市場的新產品，該數字將連續增長約 20%，對吧。

Thanks, Chris. And then can you give us a sense also of what December -- I mean, December's kind of all over the map seasonally, but it's up in the range of 10% usually. Is that a reasonable bogey to think about for December?

謝謝，克里斯。然後你能否讓我們了解 12 月的情況——我的意思是，12 月的季節性變化很大，但通常會上漲 10% 左右。對於 12 月來說，這是一個合理的柏忌嗎？

Yeah, so we only guide one quarter at a time and I would really stick with that. But yeah, it's clear that we do expect the further sequential growth going into the December quarter, but we will guide next quarter on that.

是的，所以我們一次只指導一個季度，我真的會堅持下去。但是，是的，很明顯，我們確實預計 12 月季度將出現進一步的環比增長，但我們將以此為指導下個季度。

Okay. Thank you.

好的。謝謝。

[Christopher Brolin, Cisco HANA]

[克里斯多福‧布洛林，思科 HANA]

Hi guys, thanks for the question. You referred to some AI smartphones and I think we all got excited about some new AI announcements this quarter driving a refresh cycle. So I guess my first question is, how much of this acceleration or pulling in the refresh cycle did you see or is in your September guidance? Did you see the same excitement that we all kind of felt? Or do you think this is something really to play out December and onward as we move through time and new product launches?

大家好，謝謝你們的提問。您提到了一些人工智慧智慧型手機，我認為我們都對本季一些新的人工智慧發布推動了更新周期感到興奮。所以我想我的第一個問題是，您在 9 月的指導中看到或看到了多少這種加速或拉動刷新週期的情況？您是否看到了我們所有人所感受到的同樣的興奮？或者你認為隨著時間的推移和新產品的發布，這真的會在 12 月及以後發生嗎？

Yeah, great question. I think this is an early stage of a very, very long ramp in mobile. There's no question that AI is going to make an impact. I really believe that, and I think most of the market does. But what comes with it is also a challenge. You have to have very, very difficult challenges to be able to manage the AI world.

是的，很好的問題。我認為這是行動領域非常非常長的發展的早期階段。毫無疑問，人工智慧將會產生影響。我真的相信這一點，而且我認為大多數市場也相信這一點。但隨之而來的也是一個挑戰。你必須面對非常非常困難的挑戰才能管理人工智慧世界。

Fortunately, with Skyworks, this is what we do all the time. And we're a deep technology company. We know how to handle the really challenging opportunities. We're dealing with higher levels of MIMO, more paths, uplink and downlink, bringing in carrier aggregation, better filtering. And you know that at Skyworks, it's really, really important to get those filters down and new frequency bands.

幸運的是，透過 Skyworks，這就是我們一直在做的事情。我們是一家深度技術公司。我們知道如何應對真正具有挑戰性的機會。我們正在處理更高層級的 MIMO、更多的上行鏈路和下行鏈路路徑、引入載波聚合和更好的過濾。您知道，在 Skyworks，降低濾波器和新頻段非常非常重要。

So it's a very challenging task to deliver. But fortunately, at Skyworks, these are technologies that we understand. So we are looking forward to this. It's very early stages, but I believe, and our team believes, that we're going to have a very meaningful cycle in mobile led by these technology innovations.

因此，這是一項非常具有挑戰性的任務。但幸運的是，在 Skyworks，我們了解這些技巧。所以我們對此充滿期待。雖然現在還處於早期階段，但我相信，我們的團隊也相信，在這些技術創新的引領下，我們將在行動領域迎來一個非常有意義的週期。

Thank you very much for that. My next question is around Android. So you talked about a couple of cool Android phones, Google, Samsung, Galaxy M, OPPO. Can you point to any marquee sockets, either new areas that you are playing or big chunky sockets? And then just more generally, how would you describe the Android environment and your outlook there and revenue contribution moving forward?

非常感謝你。我的下一個問題是關於 Android 的。你談到了幾款很酷的 Android 手機，Google、三星、Galaxy M、OPPO。您能指出任何選框插座嗎？然後更籠統地說，您如何描述 Android 環境以及您的前景以及未來的收入貢獻？

Yeah, that's great. I mean, we are certainly engaged on Android, and most specifically, with Samsung and Google. There's some great products there. The Pixel phone is an amazing phone. There's other products as well.

是的，那太好了。我的意思是，我們當然正在開發 Android，特別是與三星和谷歌合作。那裡有一些很棒的產品。 Pixel 手機是一款令人驚嘆的手機。還有其他產品。

Great partnership with Google, actually. And the technology inside is very rich, very impactful. So we should see more and more of that from Skyworks. Probably less of the low end in China, of course, but the higher end in Android has been really powerful and I think there's a lot more we can do from there.

事實上，與Google的合作非常好。而且裡面的技術非常豐富，非常有影響力。所以我們應該從 Skyworks 看到越來越多的這樣的事情。當然，中國的低階產品可能較少，但 Android 的高階產品確實非常強大，我認為我們可以做更多的事情。

Thanks, Liam. Appreciate it.

謝謝，利亞姆。欣賞它。

Sure.

當然。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yeah, thanks for taking the question. And Liam, nice to hear the enthusiasm about a smartphone refresh cycle in the middle of the 5G cycle. I wanted to follow up on that.

是的，感謝您提出問題。 Liam，很高興聽到人們對 5G 週期中期智慧型手機更新周期的熱情。我想跟進此事。

So as you look at the opportunity for AI to drive more up and down link content, increased carrier aggregation, and some of the other technologies that the company specializes in, can you talk about the content gain opportunities that might exist in Gen 2 and Gen 3 smartphones? Because I think from commentary a quarter ago, we may not be looking at so much in this year's version of your largest customer handset, but what could we look at in coming years from AI on the [content side]?

因此，當您看到人工智慧驅動更多上行和下行鏈路內容、增加載波聚合以及該公司專門從事的其他一些技術的機會時，您能談談Gen 2 和Gen 中可能存在的內容獲取機會嗎？因為我認為從一個季度前的評論來看，我們可能不會在今年最大的客戶手機版本中關注太多，但未來幾年我們可以從[內容方面]的人工智能中看到什麼？

Yeah, I think this is going to be a long, long run here, and a successful run in the industry if all the technology has come about the way that we see it. So we have some of this technology in place right now, and we're able to capitalize on that. But this is going to be -- Chris, this is going to be a long-term cycle here, a very meaningful, akin to the first 5G cycle in my expectation. But I think it's going to be much more powerful.

是的，我認為如果所有技術都按照我們所看到的方式發展，這將是一個漫長的過程，並且是行業的成功運作。所以我們現在已經有了一些這樣的技術，並且我們能夠利用它。但這將是——克里斯，這將是一個長期週期，一個非常有意義的週期，類似於我期望的第一個 5G 週期。但我認為它會更強大。

The challenges are much more demanding, more challenging. Fortunately for Skyworks, we can do a lot of this stuff in-house, very difficult, but we can do it in-house. And we can craft and curate account by account to get it right, because we are not seeing one fits all here. This is going to be a customized platform when you get into AI. And each customer has its own needs and specs.

挑戰更加艱鉅、更具挑戰性。對 Skyworks 來說幸運的是，我們可以在內部做很多這樣的事情，雖然非常困難，但我們可以在內部完成。我們可以逐一設計和策劃帳戶以使其正確，因為我們在這裡沒有看到一個適合所有情況的帳戶。當你進入人工智慧領域時，這將是一個客製化平台。每個客戶都有自己的需求和規格。

So it's early innings. The companies that are deeply involved are going to win. The customers that we pick are also going to be really important to us, but we're looking forward to it. I think it's going to be a significant move in the industry and certainly for Skyworks.

所以現在是早幾局。深度參與的公司將會獲勝。我們選擇的客戶對我們來說也非常重要，但我們對此充滿期待。我認為這將是整個行業的重大舉措，對於 Skyworks 來說當然也是如此。

Got it. And then a two-part follow-up. The follow-up, specifically, to the implications for revenue is what does this mean for the company to get back to the gross margins that it was executing at a couple years ago in the 50% range and maybe even up to that, 53% target?

知道了。然後是兩部分的後續行動。具體來說，對收入的影響的後續內容是，這對公司來說意味著什麼，使其毛利率恢復到幾年前的 50% 範圍內，甚至可能達到 53%目標？

And then switching gears, the company just continues to throw off tremendous cash. You talked about it in your comments. The dividend just raised again. You have very little debt. How are you thinking about what happens next with cash return? Is it a lot more buyback or are you thinking about strategic M&A? And if so, what type of cards might you be thinking about playing there? Thank you.

然後轉變策略，該公司繼續揮霍大量現金。您在評論中談到了這一點。股息剛剛再次上調。你的債務很少。您如何看待現金回饋接下來會發生什麼事？是進行更多的回購還是正在考慮策略併購？如果是這樣，您可能會考慮在那裡玩什麼類型的牌？謝謝。

Yeah, so maybe first on the gross margins. I think I already answered that question, right? I think we're going to continue to see further gross margins improvement. Obviously, we've accelerated revenue growth. We will have better utilization in the factories and that will exponentially result in further gross margins improvements. That is very clear.

是的，所以也許首先是毛利率。我想我已經回答了這個問題，對嗎？我認為我們將繼續看到毛利率進一步改善。顯然，我們加速了營收成長。我們的工廠將得到更好的利用率，這將呈指數級地進一步提高毛利率。這是非常清楚的。

As it relates to the financial output of this company, it's just outstanding. If you look at in the first nine months of the fiscal year, we generated $1.3 billion of cash. That's a 40% free cash flow margin. I think that is outstanding in the semiconductor business compared to many of our peers and competitors.

因為它與該公司的財務產出有關，所以它非常出色。如果你看看本財年的前九個月，我們就創造了 13 億美元的現金。這是 40% 的自由現金流利潤率。我認為與我們的許多同行和競爭對手相比，這在半導體業務中是突出的。

In addition to that, we have a strong balance sheet. We have almost $1.3 billion of cash on the balance sheet and only $1 billion of debt, which is cheap debt with long maturities. So we have a very strong position here that allows us to, on one hand, continue to invest in our business, in our technology and product roadmaps, continue to invest in our factories if and when needed. And so currently, the capital intensity of the business has come down a lot, but if and when needed, of course, we can make those investments as well to maintain our leadership position.

除此之外，我們還擁有強勁的資產負債表。我們的資產負債表上有近 13 億美元的現金，而債務只有 10 億美元，這些債務都是廉價且期限較長的債務。因此，我們在這裡擁有非常強大的地位，使我們能夠一方面繼續投資於我們的業務、技術和產品路線圖，並在需要時繼續投資我們的工廠。因此，目前，業務的資本密集度已經下降了很多，但如果需要的話，當然，我們也可以進行這些投資以保持我們的領導地位。

And in addition to that, there's not going to be any hesitation. We are going to return all the excess cash flow back to the shareholders. And we do that consistently through our dividend program and our share buyback program.

除此之外，不會有任何猶豫。我們將把所有多餘的現金流還給股東。我們透過股利計劃和股票回購計劃始終如一地做到這一點。

On the dividend program, we just announced a 3% increase up to $0.70 per share. Right now, that's translating into a 2.4% dividend yield. And as you noticed, in the June quarter, we restarted the buyback program. And so there's not going to be any hesitation to that.

關於股息計劃，我們剛剛宣布將股息增加 3%，至每股 0.70 美元。目前，這相當於 2.4% 的股息殖利率。正如您所注意到的，在六月季度，我們重新啟動了回購計畫。所以我們不會有任何猶豫。

In addition to that, we still have optionality for M&A. You know us, we're not going to do anything stupid. We're going to remain disciplined on that. And if there are no deals, we will return the cash flow.

除此之外，我們還有併購的選擇權。你了解我們，我們不會做任何愚蠢的事。我們將在這方面保持紀律。如果沒有交易，我們將返還現金流。

Thanks for the help, guys.

謝謝你們的幫助，夥伴們。

Sure.

當然。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Thanks for letting me ask questions. When you mentioned AI in the handsets, and I understand the improvement that you'll get in content, what about AI is moving out into all types of robotics and IoT-type of products? Do you have accelerated opportunities in that market too?

謝謝你讓我提問。當您提到手機中的人工智慧時，我了解您將在內容方面獲得的改進，那麼人工智慧正在滲透到所有類型的機器人和物聯網類型的產品中呢？您在該市場也有加速機會嗎？

Great question, great question. The good news is the technologies that we have can absolutely work in those environments. We just haven't gotten there yet. So we're making those investments. Obviously, we've got a great position in smartphones and the technologies that we've worked there.

好問題，好問題。好消息是我們擁有的技術絕對可以在這些環境中工作。我們只是還沒到達那裡。所以我們正在進行這些投資。顯然，我們在智慧型手機和我們所從事的技術方面擁有很好的地位。

But to take that through an IoT cycle across multi-markets is going to be a real powerful opportunity for Skyworks. The good news is we know what the technology, how they work, where they need to be, it's just about putting it together and getting into the right markets, the right partners. But we really do believe this could be a very powerful cycle independent of the smart phone, looking at the IoT opportunity.

但對於 Skyworks 來說，透過跨多個市場的物聯網週期來實現這一點將是一個真正強大的機會。好消息是我們知道科技是什麼、它們如何運作、它們需要在哪裡，只需將它們組合在一起並進入正確的市場、正確的合作夥伴即可。但我們確實相信，這可能是一個獨立於智慧型手機的非常強大的周期，著眼於物聯網機會。

So we look forward to it. It's a great question. And we'll hopefully update you more as we get more information, but we're very interested in making that happen. Thank you.

所以我們很期待。這是一個很好的問題。當我們獲得更多資訊時，我們希望能向您提供更多更新信息，但我們非常有興趣實現這一目標。謝謝。

Okay, yeah, great. Thank you for answering the question. Just maybe as a hint. Do you need more scalability to be able to service more customers?

好的，是的，太棒了。感謝您回答問題。也許只是作為一個暗示。您是否需要更高的可擴展性才能為更多客戶提供服務？

Well, I mean, we have customers that are actually working with us and asking us how they can engage in AI and using IoT as a vector. And so we're working with companies like that that we know already, but there's a whole range of other opportunities and applications that we haven't yet addressed. So I think it's going to be a meaningful part of the strategy at Skyworks here as we move forward, with a lot of runway that hasn't been covered.

嗯，我的意思是，我們有一些客戶實際上正在與我們合作，並向我們詢問他們如何參與人工智慧並使用物聯網作為載體。因此，我們正在與我們已經知道的這樣的公司合作，但還有一系列其他機會和應用我們尚未解決。因此，我認為，隨著我們向前邁進，這將成為 Skyworks 策略中有意義的一部分，還有許多尚未涵蓋的領域。

Okay, great. Thank you.

好的，太好了。謝謝。

Quinn Bolton, Needham and Company.

奎因·博爾頓，李約瑟公司。

This is Nick Doyle on for Quinn. If your largest customer switches to an internal modem, can you talk about how that change -- how that would impact Skyworks' content opportunity?

我是奎因的尼克·多伊爾。如果您最大的客戶改用內部數據機，您能否談談這種變化如何影響 Skyworks 的內容機會？

Yes, I hear you. We really can't go into specifics with that customer. But certainly, we have a great relationship. We're a trusted partner. There's a lot of opportunities that we can pursue, but we just really can't get into any details here.

是的，我聽到了。我們確實無法與該客戶詳細討論。但可以肯定的是，我們的關係很好。我們是值得信賴的合作夥伴。我們可以追求很多機會，但我們真的無法在這裡透露任何細節。

Okay. You mentioned that inventory remains elevated in the traditional data center and wireless infrastructure. Do you have a sense of how much inventory remains in days or dollars? And what types of products have the most inventory left?

好的。您提到傳統資料中心和無線基礎設施的庫存仍然很高。您知道剩餘庫存量（以天數或美元計）嗎？哪些類型的產品剩餘庫存最多？

That's really hard to answer that question. I mean it really depends from end market to end market. As I said before, I think in consumer enterprise, most of the inventory correction is over. Automotive, industrial, you've heard it from peers and competitors. There's definitely some excess inventory that's being flushed out.

這確實很難回答這個問題。我的意思是，這確實取決於終端市場。正如我之前所說，我認為在消費企業中，大部分庫存調整已經結束。汽車、工業，您已經從同行和競爭對手那裡聽過。肯定有一些多餘的庫存正在被清理掉。

And then if you look more at the infrastructure, networking, data center, there is still some excess inventory, but the demand is definitely improving in those areas. And it will be a long recovery in those markets. So again, it really depends end market to end market. But again, when you look at our broad markets business, we're growing it sequentially for three quarters in a row, and we'll start growing it on a year-over-year basis. And so there's definitely some good traction for Skyworks.

如果你更專注於基礎設施、網路、資料中心，仍然存在一些過剩庫存，但這些領域的需求肯定正在改善。這些市場的復甦將是一個漫長的過程。再說一遍，這確實取決於終端市場。但同樣，當你看看我們廣泛的市場業務時，我們正在連續三個季度連續成長，我們將開始逐年成長。因此，Skyworks 肯定有一些良好的吸引力。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Mine was just a broader industry dynamic on integration. A competitor at the recent analyst like kind of showed a slide with the mid- high-band socket integrating diversity receive over time in high-end Android. Can you talk about are you seeing the integration in some of the design wins that you're competing for today? And then could you just maybe speak to the fact is that only going to appear in high end markets? Do you see that across broad markets? Just where are you seeing the industry move to in terms of maybe silicon getting integrated into smaller duct space?

我的只是更廣泛的產業整合動力。最近分析師的一位競爭對手展示了一張幻燈片，其中顯示了高階 Android 中隨時間推移整合多樣性接收的中高頻段插座。您能否談談您是否看到了您今天競爭的一些設計勝利中的整合？那麼您能否談談這樣一個事實：它只會出現在高端市場？您在廣泛的市場中看到這種情況嗎？在將矽整合到更小的管道空間方面，您認為該行業將走向何方？

As you know, we really can't get into details with our customers and our design wins. But we certainly have the best-in-class RF technology and the manufacturing scale to compete to win for sockets. And frankly, the tech stacks are getting harder and harder every year.

如您所知，我們確實無法與客戶詳細了解，但我們的設計獲勝。但我們當然擁有一流的射頻技術和製造規模來贏得插座競爭。坦白說，技術堆疊每年都變得越來越困難。

On top of that, our customers are relentless in terms of driving higher levels of performance. And in this environment, only the strong will survive. And Skyworks, of course, this is what we do. This is our bread and butter. RF technology continues to get more and more difficult. And that's the way we want it. And so we expect more opportunities and more engagement, especially with the top-tier customers as we go forward.

最重要的是，我們的客戶不斷追求更高水準的效能。而在這種環境下，只有強者才能生存。當然，Skyworks 這就是我們所做的。這是我們的麵包和黃油。射頻技術變得越來越困難。這就是我們想要的方式。因此，我們期望有更多的機會和更多的參與，特別是在我們前進的過程中與頂級客戶的合作。

Helpful. And then just more broadly, when you talk about AI proliferating to the edge, I think people have generally a good idea of how they see that playing out. But when it comes to AI in the smartphone, do you think you could talk specifically as to where you see the content uplift? Is that just additional bands? Is that additional filtering? Like, can you just point to where you think in the near term you see additional content as it relates to AI in the smartphone?

有幫助。更廣泛地說，當你談論人工智慧擴散到邊緣時，我認為人們通常很清楚他們如何看待這種情況的發展。但當談到智慧型手機中的人工智慧時，您認為您可以具體談談您在哪些方面看到了內容的提升嗎？這只是額外的樂團嗎？這是額外的過濾嗎？例如，您能否指出您認為近期您會在哪裡看到與智慧型手機中的人工智慧相關的其他內容？

Yes. I mean, just at the high level, think about transmit back and forth, right? Transmit and receive, the burden to be able to do that in an AI environment, the speeds, the latency, all of that, the filtering, the range, all of those issues become problems that need to be solved, and that's exactly what we want to do.

是的。我的意思是，在高層，考慮來回傳輸，對嗎？傳輸和接收，在人工智慧環境中能夠做到這一點的負擔，速度，延遲，所有這些，過濾，範圍，所有這些問題都成為需要解決的問題，而這正是我們所要解決的問題想做。

And this is the stuff we do all the time. So we're going to take all the know-how, our own IP, our technologists, our capital assets, our scale in our factories to curate solutions that will meet the demands of AI. So it's not going to be a one-fits-all kind of thing. It's going to be highly curated and custom-ated.

這就是我們一直在做的事情。因此，我們將利用所有的專業知識、我們自己的智慧財產權、我們的技術專家、我們的資本資產、我們的工廠規模來策劃滿足人工智慧需求的解決方案。所以這不會是一件一刀切的事情。它將經過精心策劃和定制。

And, ladies and gentlemen, that concludes today's question-and-answer session. I will now hand the call back over to Mr. Griffin for any closing comments.

女士們、先生們，今天的問答環節到此結束。我現在將把電話轉回格里芬先生以徵求結束意見。

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

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。