思佳訊 (SWKS) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions' fourth quarter fiscal year 2024 earnings call.

下午好，歡迎參加 Skyworks Solutions 2024 財年第四季財報電話會議。

This call is being recorded.

此通話正在錄音。

At this time, I will turn the call over to Raji Gill, Vice President of Investor Relations for Skyworks.

此時，我會將電話轉給 Skyworks 投資者關係副總裁 Raji Gill。

Mr. Gill, please go ahead.

吉爾先生，請繼續。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone, and welcome to Skyworks fourth fiscal quarter 2024 conference call.

大家下午好，歡迎參加 Skyworks 2024 年第四財季電話會議。

With me today is Liam Griffin, our Chairman, Chief Executive Officer; and President; and Kris Sennesael, Chief Financial Officer for Skyworks.

今天與我在一起的是我們的董事長兼執行長 Liam Griffin；和主席；以及 Skyworks 財務長 Kris Sennesael。

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.

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.

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。

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.

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.

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。

Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

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.

謝謝拉吉，歡迎大家。

Skyworks executed well during the fourth fiscal quarter of 2024.

Skyworks 在 2024 年第四財季表現良好。

We posted revenue of $1.025 billion.

我們公佈的收入為 10.25 億美元。

We delivered earnings per share of $1.55 and generated free cash flow of $393 million.

我們的每股收益為 1.55 美元，自由現金流為 3.93 億美元。

Revenue gross margin and EPS met or exceeded the midpoint of our guidance.

收入毛利率和每股盈餘達到或超過我們指引的中點。

Our business model continues to deliver robust cash generation.

我們的商業模式持續帶來強勁的現金產生。

For the second year in a row, annual free cash flow was well above $1.6 billion, providing a strong foundation to invest in our technology and product road maps to support future growth.

年度自由現金流連續第二年遠高於 16 億美元，為投資我們的技術和產品路線圖以支持未來成長奠定了堅實的基礎。

In mobile, our revenue grew 21% sequentially, and we expect further growth in the December quarter as customer orders and channel inventory have normalized, and we continue to support seasonal product ramps.

在行動領域，我們的營收季增了 21%，隨著客戶訂單和通路庫存的正常化，我們預計 12 月季度將進一步成長，並且我們將繼續支持季節性產品的成長。

Based on our technology leadership position and in close collaboration with our mobile customers, we expand our reach, develop best-in-class high-performance connectivity solutions and drive more integration with advanced packaging, reducing the footprint and increasing energy efficiency.

基於我們的技術領先地位並與行動客戶密切合作，我們擴大了業務範圍，開發一流的高性能連接解決方案，並推動與先進封裝的更多集成，減少佔地面積並提高能源效率。

We believe that AI is poised to ignite a transformative smart phone upgrade cycle, propelling the demand for higher levels of RF complexity.

我們相信，人工智慧將引發一場變革性的智慧型手機升級週期，推動對更高層級射頻複雜性的需求。

As AI capabilities continue to advance, smartphones will evolve into more sophisticated and intelligent companions demanding more powerful solutions to support their enhanced functionalities.

隨著人工智慧功能的不斷進步，智慧型手機將演變成更複雜和智慧的伴侶，需要更強大的解決方案來支援其增強的功能。

We are in the early stages of this multiyear trend and Skyworks is well positioned to capitalize on it.

我們正處於這一多年趨勢的早期階段，Skyworks 已做好充分利用這一趨勢的準備。

In broad markets, we have seen signs of stabilization and have grown modestly since the bottom in the December quarter of 2023.

在廣泛的市場中，我們看到了穩定的跡象，並且自 2023 年 12 月季度觸底以來溫和成長。

Despite uneven demand dynamics and high customer inventory in certain segments.

儘管某些細分市場的需求動態不均勻且客戶庫存較高。

Long term, we remain bullish on broad markets, given secular trends in Edge IoT, automotive electrification, and advanced safety systems as well as AI-enabled workloads, driving cloud and data center upgrades.

從長遠來看，鑑於邊緣物聯網、汽車電氣化、先進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的長期趨勢，我們仍然看好廣闊的市場。

In Edge IoT, demand continues to improve as customers adopt WiFi 6E and 7 systems, which carry higher dollar content due to increasing complexity and additional bands.

在邊緣物聯網中，隨著客戶採用 WiFi 6E 和 7 系統，需求持續改善，由於複雜性的增加和額外的頻段，這些系統的價值更高。

We are in the early stages of a multi-year upgrade cycle with WiFi 7 shipments now ramping.

我們正處於多年升級週期的早期階段，WiFi 7 的出貨量正在增加。

As we indicated at the beginning of the year, inventory levels in traditional data center and wireless infrastructure remain stubbornly elevated, which is delaying the recovery.

正如我們在今年年初指出的那樣，傳統資料中心和無線基礎設施的庫存水準仍然居高不下，從而推遲了復甦。

We continue to undership natural demand.

我們繼續滿足自然需求。

However, over the medium to long term, we remain bullish on our product road map and design win funnel targeting AI data centers.

然而，從中長期來看，我們仍然看好我們的產品路線圖和針對人工智慧資料中心的設計獲勝漏斗。

Lastly, global demand remains muted in automotive and industrial markets as Tier 1s and OEMs work down excess inventory.

最後，隨著一級供應商和原始設備製造商減少過剩庫存，汽車和工業市場的全球需求仍然低迷。

Despite near-term headwinds, we continue to convert design wins into revenue across our connectivity, power isolation and digital broadcast solutions for the connected car and EV markets.

儘管近期面臨阻力，我們仍繼續將設計成果轉化為連網汽車和電動車市場連接、電源隔離和數位廣播解決方案的收入。

Turning to our quarterly business highlights.

轉向我們的季度業務亮點。

We secured 5G content for premium Android smartphones, including Google Pixel 9, Samsung Galaxy, Oppo OnePlus and several others.

我們保護了高階 Android 智慧型手機的 5G 內容，包括 Google Pixel 9、Samsung Galaxy、Oppo OnePlus 等。

We expanded our WiFi 7 design win pipeline with Linksys, Charter, NETGEAR, CommScope and TP-Link.

我們透過 Linksys、Charter、NETGEAR、CommScope 和 TP-Link 擴展了我們的 WiFi 7 設計獲勝管道。

For emerging IoT applications, we powered advanced audio solutions for wireless gaming and clinical-grade hearing aids.

對於新興的物聯網應用，我們為無線遊戲和臨床級助聽器提供先進的音訊解決方案。

Lastly, we increased our design win momentum in automotive including 5G front-end modules, infotainment and digital isolators.

最後，我們增強了汽車領域的設計獲勝動力，包括 5G 前端模組、資訊娛樂系統和數位隔離器。

In summary, the Skyworks team executed well despite a challenging macroeconomic climate.

總而言之，儘管宏觀經濟環境充滿挑戰，Skyworks 團隊仍表現出色。

We intend to leverage our robust cash generation to make critical investments that drive long-term profitable growth while diversifying the overall business.

我們打算利用強勁的現金產生能力進行關鍵投資，推動長期獲利成長，同時實現整體業務多元化。

With that, I will turn the call over to Kris for discussion of last quarter's performance and our outlook for Q1 of 2025.

接下來，我將把電話轉給 Kris，討論上一季的業績以及我們對 2025 年第一季的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks revenue for the fourth fiscal quarter of 2024 was $1.025 billion, slightly above the midpoint of our outlook.

Skyworks 2024 年第四財季營收為 10.25 億美元，略高於我們預期的中位數。

Mobile was approximately 65% of total revenue up 21% sequentially as we successfully supported the ramp of new products at our mobile customers.

由於我們成功支持行動客戶推出新產品，行動業務約佔總收入的 65%，比上一季成長 21%。

Broad markets were approximately 35% of total revenue, up $1 million sequentially.

廣大市場約佔總營收的 35%，比上一季增加 100 萬美元。

Gross profit was $476 million with gross margin at 46.5%, in line with expectations.

毛利為 4.76 億美元，毛利率為 46.5%，符合預期。

Gross margin grew 50 basis points sequentially, reflecting our ongoing cost reduction actions.

毛利率季增 50 個基點，反映了我們持續的成本削減行動。

Also, during Q4, we further reduced our internal inventory, resulting in seven consecutive quarters of reductions.

此外，在第四季度，我們進一步減少了內部庫存，從而實現了連續七個季度的減少。

Operating expenses were $203 million, reflecting our strategic investments in our technology and product road maps.

營運費用為 2.03 億美元，反映了我們對技術和產品路線圖的策略性投資。

We delivered $273 million of operating income, translating into an operating margin of 27%.

我們實現了 2.73 億美元的營業收入，相當於 27% 的營業利潤率。

We incurred $2 million of other expenses, and our effective tax rate was 8%, driving net income of $250 million and diluted earnings per share of $1.55, which is $0.03 above our guidance.

我們產生了 200 萬美元的其他費用，有效稅率為 8%，淨利潤達到 2.5 億美元，攤薄後每股收益為 1.55 美元，比我們的指導水準高出 0.03 美元。

During the fourth fiscal quarter, we delivered impressive cash generation, with cash flow from operations at $476 million, capital expenditures at $83 million, resulting in a free cash flow of $393 million, or 38% free cash flow margin.

在第四財季，我們創造了令人印象深刻的現金流，營運現金流為 4.76 億美元，資本支出為 8,300 萬美元，自由現金流為 3.93 億美元，自由現金流利潤率為 38%。

For fiscal 2024, we generated well over $1.6 billion of free cash flow, our second year in a row and ended the year with a record 40% free cash flow margin, translating into approximately $10.40 of free cash flow per share and a free cash flow yield of approximately 11.5%.

2024 財年，我們連續第二年創造了超過16 億美元的自由現金流，並以創紀錄的40% 自由現金流利潤率結束了這一年，相當於每股自由現金流和自由現金流約為10.40 美元收率約為11.5%。

We continue to drive robust cash flow through steady levels of profitability, prudent working capital management and moderating CapEx intensity.

我們繼續透過穩定的獲利水準、審慎的營運資本管理和適度的資本支出強度來推動強勁的現金流。

During fiscal Q4, we paid $112 million in dividends.

在第四財季，我們支付了 1.12 億美元的股息。

Cash and investments grew to approximately $1.6 billion, and we have $1 billion in debt, providing us with excellent optionality.

現金和投資成長到約 16 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。

Now let's move on to our outlook for Q1 of fiscal 2025.

現在讓我們繼續展望 2025 財年第一季。

We anticipate revenue of $1.050 billion to $1.080 billion, up 4% sequentially at the midpoint.

我們預計營收為 10.5 億美元至 10.8 億美元，比上一季中點成長 4%。

We expect our mobile business to be up mid-single digits sequentially, driven by seasonal product ramps.

我們預計，在季節性產品成長的推動下，我們的行動業務將持續成長中個位數。

In broad markets, we anticipate further modest sequential growth and a return to year-over-year growth.

在廣泛的市場中，我們預計將進一步實現溫和的環比增長並恢復同比增長。

The pace of the recovery is more measured than we anticipated, given excess inventory in select segments like industrial, automotive, infrastructure, and networking.

鑑於工業、汽車、基礎設施和網路等特定領域的庫存過剩，復甦的步伐比我們預期的更加謹慎。

Gross margin is projected to be 46% to 47%, and we expect operating expenses in the range of $209 million to $215 million, with sequential increases reflecting typical adjustments made at the start of a new fiscal year, including variable compensation accruals.

毛利率預計為 46% 至 47%，我們預計營運費用在 2.09 億美元至 2.15 億美元之間，連續成長反映了新財年開始時所做的典型調整，包括可變薪酬應計費用。

In addition, we are leveraging our strong cash flow generation to invest in technology and product road maps to drive share and increase diversification.

此外，我們還利用強大的現金流來投資技術和產品路線圖，以提高份額並增加多元化。

Below the line, we anticipate $3 million in other income an effective tax rate of 12.5% and a diluted share count of approximately 160 million shares.

在此線之下，我們預計其他收入為 300 萬美元，有效稅率為 12.5%，稀釋後股數約為 1.6 億股。

Accordingly, at the midpoint of the revenue range of $1.065 billion we intend to deliver diluted earnings per share of $1.57.

因此，在 10.65 億美元收入範圍的中點，我們打算實現每股攤薄收益 1.57 美元。

Operator, let's open the line for questions.

接線員，讓我們打開提問線路。

(Operator Instructions) Peter Peng, JPMorgan.

（操作員指示）Peter Peng，摩根大通。

Good job on the execution.

執行工作做得很好。

On your mobile business, can you talk about your Android portion of this?

關於您的行動業務，您能談談您的 Android 部分嗎？

And what kind of trends are you seeing? I think your peers talked about some weaknesses there.

您看到了哪些趨勢？我認為你的同行談到了那裡的一些弱點。

So I know this is a smaller part of your business, but maybe you can elaborate what you're seeing in the Android part of this business?

所以我知道這是您業務的一小部分，但也許您可以詳細說明您在該業務的 Android 部分中看到的內容？

Sure, absolutely.

當然，絕對。

In fact, we have a very robust pipeline with the Android players, specifically Google.

事實上，我們與 Android 廠商（特別是 Google）有著非常強大的合作管道。

They've been doing a great, great job and also Samsung.

他們做得非常非常出色，三星也是如此。

So we have incredible design wins there.

所以我們在那裡取得了令人難以置信的設計勝利。

Fortunately, they are investing in technology, the performance that we're seeing in those devices has been amazing for us.

幸運的是，他們正在投資技術，我們在這些設備中看到的性能對我們來說是驚人的。

It's a great match for Skyworks.

這對 Skyworks 來說是絕妙的搭配。

It gives us an opportunity really to demonstrate our technology reach, our scale and also moving in a diversified portfolio as well.

它為我們提供了真正展示我們的技術影響力、規模以及多元化投資組合的機會。

So we're doing very well as a business, and we expect much more in that company.

因此，我們的業務做得非常好，我們對該公司的期望更高。

Right.

正確的。

And Peter, just to level set, right, our Android revenue in more than $1 billion of revenue we just did in last quarter is less than $75 million of revenue in the quarter.

Peter，簡單說一下，上個季度我們的 Android 營收超過 10 億美元，但本季的營收還不到 7,500 萬美元。

Roughly half of that is with Google, 30%, 40% or so is with Samsung and less than 10% is with the China players.

其中大約一半是Google的，30%、40%左右是三星的，不到10%是中國企業的。

So we definitely have derisked our position with China.

因此，我們肯定已經放棄了與中國的立場。

We've talked about that before.

我們之前已經討論過這一點。

We are very selective as it relates to that part of the Android business with Samsung in China.

我們非常有選擇性，因為這涉及三星在中國的 Android 業務。

We are playing with those valued customers, but only in the areas where they value what we bring to the table which is high-performance RF connectivity.

我們正在與這些尊貴的客戶合作，但僅限於他們重視我們提供的高效能射頻連接的領域。

That plays out really well with Google.

這對谷歌來說效果非常好。

Google, who is making a lot of investments in their product road map who are switching the AI-enabled phones that drives a lot more complexity inside the phones, and that's all music to our ears, and that's why we have a strong relationship with them.

谷歌在他們的產品路線圖上進行了大量投資，他們正在更換支援人工智慧的手機，這使得手機內部變得更加複雜，這對我們來說都是美妙的，這就是為什麼我們與他們建立了牢固的關係。

Perfect.

完美的。

And then on the broad market, it's good to see you guys driving , I think, for the December quarter, that will be probably your fourth quarter of sequential growth.

然後在廣闊的市場上，很高興看到你們在 12 月的季度中推動，這可能是你們第四季度的連續成長。

I know there's a lot of puts and takes in that business.

我知道這個行業有很多投入和投入。

But as we kind of look into 2025, can you talk about the sustainability of this recovery?

但當我們展望 2025 年時，您能談談這種復甦的可持續性嗎？

Or do you think that there's going to be some seasonality that might impact growth into 2025?

還是您認為某些季節性因素可能會影響 2025 年的成長？

Yes.

是的。

And so you're absolutely right.

所以你是絕對正確的。

Our broad markets business bottomed in the December quarter of 2023, and we had now three quarters in a row of modest sequential growth, we are guiding to further modest sequential growth in the December quarter and a return to year-over-year growth, again, somewhat in the mid-single digits year-over-year growth in our broad markets business.

我們的廣泛市場業務於 2023 年 12 月季度觸底，目前已連續三個季度實現溫和環比增長，我們正在指導 12 月季度進一步實現溫和環比增長，並再次恢復同比增長我們廣泛的市場業務同比增長處於中個位數。

We do anticipate that at a certain point, the sequential growth is going to accelerate, but we have not really seen that for now.

我們確實預計在某個時刻，環比成長將會加速，但目前我們還沒有真正看到這一點。

And we all know why that is.

我們都知道這是為什麼。

There is still some excess inventory in certain markets like automotive, industrial, infrastructure and networking.

汽車、工業、基礎設施和網路等某些市場仍然存在一些過剩庫存。

We are under shipping natural demand, but eventually, that's going to clear and eventually, our growth is going to accelerate.

我們處於運輸自然需求之下，但最終，這種需求將會消失，最終，我們的成長將會加速。

We are very well aligned with some secular growth engines in our broad markets as we talked about in the prepared remarks, Edge IoT devices where we see an upgrade from WiFi 6 to WiFi 6E and 7, in automotive with advanced safety systems and electrification.

正如我們在準備好的發言中談到的那樣，我們與廣闊市場中的一些長期增長引擎非常一致，在邊緣物聯網設備中，我們看到從WiFi 6 升級到WiFi 6E 和7，在汽車領域具有先進的安全系統和電氣化。

And as well in AI data centers and networking where we play with our timing solutions.

在人工智慧資料中心和網路中，我們也使用我們的計時解決方案。

And so when I put this all together, we still believe that in the longer term, in a neutral macroeconomic environment, our broad markets business can grow mid-teens year-over-year.

因此，當我把所有這些放在一起時，我們仍然相信，從長遠來看，在中性的宏觀經濟環境中，我們的廣泛市場業務可以同比增長十幾歲。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

Thanks a lot.

多謝。

Maybe if we could touch on guys, obviously with what's going on with your largest customers has caused kind of a little bit of temporary or appears to be temporary upheaval.

也許我們可以談談大家，顯然你們最大的客戶所發生的事情已經造成了一些暫時的或似乎是暫時的劇變。

What's your feeling in terms of 2025, not for specific guidance on that, but it's already clear from our teardown that there's some content changes in the last flagship phone.

您對 2025 年有何感受，不提供具體指導，但從我們的拆解中已經可以清楚地看出，最後一款旗艦手機有一些內容變化。

And from what we can gather, there's going to be some additional changes.

據我們所知，還會有一些額外的變化。

So there's a lot of things moving -- a lot of moving pieces here.

所以有很多東西在移動——這裡有很多移動的部分。

What's your view of -- let me put it this way, the long term, say, 2025 to 2026 in terms of your ability to gain back content when they make a big shift and then perhaps grow from there.

你的看法是什麼——讓我這樣說，從長期來看，例如 2025 年到 2026 年，當他們做出重大轉變時，你是否有能力重新獲得內容，然後可能從那裡開始成長。

I know we've talked of AI in the past about its impact on the RFFE, given the road map starts out for three years, what are you seeing in terms of generic content growth in that kind of flagship of front end from AI?

我知道我們過去曾討論過人工智慧對 RFFE 的影響，鑑於路線圖已啟動三年，您對人工智慧前端旗艦產品的通用內容成長有何看法？

And then I have a follow-up.

然後我有一個後續行動。

Okay, okay.

好吧，好吧。

I'll unpack that with you, Edward.

我會和你一起解開這個謎團，愛德華。

Yes.

是的。

I mean, certainly, there's a tremendous opportunity for us to continue to grow in mobile.

我的意思是，我們當然有巨大的機會繼續在行動領域發展。

We've got an incredible technology bench.

我們擁有令人難以置信的技術平台。

We have the scale.

我們有規模。

We have the physical plant, and we have the flexibility to do what our customers need.

我們擁有實體工廠，可以靈活地滿足客戶的需求。

And I'm sure, as you know, we have a very good partnership with our largest customers.

我確信，正如您所知，我們與最大的客戶有著非常良好的合作關係。

So that back and forth is always going our way.

所以這種來回總是照著我們的方式進行。

We've got great people on both sides to make it work, and we expect to have more growth.

我們雙方都有優秀的人才來使其發揮作用，我們預計會有更多的成長。

Certainly, we had the last couple of quarters weren't so great, but we're popping up now.

當然，我們過去幾季的表現並不是那麼好，但我們現在正在崛起。

If you look at the road map that we're putting forward, it's very, very potent, and we definitely have the team to make that execution done.

如果你看看我們提出的路線圖，它非常非常有效，而且我們肯定有一個團隊來完成這項執行。

It's going to take a little time, of course, but we have the scale, we have the people.

當然，這需要一點時間，但我們有規模，有人才。

We have the ambition to make it happen.

我們有志向實現這個目標。

And most important, we have the confidence of our most important customer.

最重要的是，我們得到了最重要客戶的信任。

Okay.

好的。

Maybe if I could follow up.

也許如果我能跟進的話。

First, housekeeping, what was the percentage of your largest customer?

首先，客房服務，你們最大的客戶所佔的比例是多少？

And then secondly, you've been underrepresented at Samsung for a while.

其次，你在三星的代表性不足已經有一段時間了。

And again, sands are shifting there in terms of the RFFE.

再次，就 RFFE 而言，沙子正在向那裡轉移。

What's the prospect for that in the next, let's say, a year or so in terms of it becoming a larger customer for you given that I think there are more open slots available to you.

鑑於我認為有更多的空缺職位可供您使用，那麼接下來的前景如何，比如說，一年左右的時間，它將成為您的更大客戶。

Are you seeing good design traction in spring or fall?

您在春季或秋季看到良好的設計吸引力嗎？

Or do you get any indication of that at all right now?

或者你現在有任何跡象表明這一點嗎？

So Edward, in the September quarter, our largest customer was approximately 69% of our total revenue, which was up 21% sequentially.

愛德華，在 9 月這個季度，我們最大的客戶約占我們總收入的 69%，比上一季成長了 21%。

So the team really executed well, supporting our largest customer, ramping up their new products.

因此，該團隊執行得非常好，為我們最大的客戶提供支持，並推出了他們的新產品。

And I'll turn it over to Liam for the rest of your question.

我將把你剩下的問題交給利亞姆。

Yeah, sure.

是的，當然。

I mean, as we spoke, there's just tremendous opportunity there.

我的意思是，正如我們所說，那裡存在著巨大的機會。

We're diving much deeper in some of those platforms.

我們正在對其中一些平台進行更深入的研究。

And I would say the technology pipeline that we have at Skyworks and the investments that we've been making are really going to yield opportunities for us in growth.

我想說的是，Skyworks 擁有的技術管道和我們一直在進行的投資確實將為我們帶來成長機會。

So that's kind of what we're looking at right now.

這就是我們現在正在考慮的。

There's a lot of opportunity.

有很多機會。

We're executing.

我們正在執行。

Our engineers are making incredible progress on the next-generation solutions.

我們的工程師在下一代解決方案上取得了令人難以置信的進展。

There's a lot more going as you get into the AI world.

當你進入人工智慧世界時，還有很多事情要做。

And you can expect that Skyworks is right there ready to go.

您可以期待 Skyworks 已做好準備。

We're under the hood, so to speak, with some really incredible people on our side and with our partners.

可以說，在我們的幕後，有一些非常不可思議的人在我們身邊，還有我們的伴侶。

So we should look forward to that.

所以我們應該對此充滿期待。

That work is being done now, and we look forward to putting that into products very shortly.

這項工作現已完成，我們期待很快將其應用到產品中。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Kris, can you talk about what's included for the largest customer for December?

Kris，您能談談 12 月份最大客戶的內容嗎？

It seems like you did see some pull-ins into September just like most others did.

看來你確實看到了一些進入九月的拉動，就像大多數其他人一樣。

It was a little higher than what I think you thought it would be.

它比我認為你想像的要高一點。

Usually, that customer is about flat in December, but maybe it's down mid because of the pull-ins.

通常，該客戶在 12 月基本持平，但可能會因拉動而下降。

Can you talk about that?

你能談談嗎？

Yes.

是的。

First of all, we can't really go into the specifics as it relates with our large customer, but I can tell you that the business and the demand is fully in line with our expectations.

首先，我們無法真正討論具體細節，因為這與我們的大客戶有關，但我可以告訴你，業務和需求完全符合我們的預期。

So we didn't see any surprise in September, didn't see any or don't expect any surprise in December.

因此，我們在 9 月沒有看到任何驚喜，在 12 月也沒有看到任何驚喜或預計不會有任何驚喜。

The demand is in line with our expectations.

需求符合我們的預期。

And so as I just answered the question before, the large customer was up 21% sequentially in the September quarter, and we expect it to be up further in the December quarter in the 5% to 10% range on a sequential basis.

正如我之前回答的那樣，大客戶在 9 月季度環比增長了 21%，我們預計在 12 月季度將進一步增長 5% 至 10%。

Great, Kris.

太棒了，克里斯。

And then I noticed that the repo was quite low despite the strong free cash flow.

然後我注意到，儘管自由現金流強勁，回購協議卻相當低。

I might have thought it would have been a little stronger.

我可能以為它會更強一些。

Can you kind of talk

你能談談嗎

--?

——？

Yes.

是的。

Yes, absolutely.

是的，絕對是。

So first of all, I want to highlight here as well that we do have very strong free cash flow.

首先，我想在這裡強調，我們確實擁有非常強大的自由現金流。

And as we indicated in the prepared remarks, right, for the second time in a row, more than $1.6 billion of free cash flow.

正如我們在準備好的演講中指出的那樣，自由現金流連續第二次超過 16 億美元。

And that does take into account that we continue to make the necessary investments in our business.

這確實考慮到我們繼續對我們的業務進行必要的投資。

We continue to strengthen our technology and product road maps, and there's no hesitation there.

我們繼續加強我們的技術和產品路線圖，並且毫不猶豫。

We know where the opportunities are, we are making the necessary investments there to capture those opportunities.

我們知道機會在哪裡，我們正在那裡進行必要的投資以抓住這些機會。

In addition to that, we continue to invest in our manufacturing footprint, although at a much more moderate pace as we have seen in the last couple of years, but we continue to invest there as well, and so our free cash flow is very strong.

除此之外，我們繼續投資於我們的製造業務，儘管速度比我們過去幾年看到的要溫和得多，但我們也繼續在那裡投資，因此我們的自由現金流非常強勁。

Our balance sheet is very healthy.

我們的資產負債表非常健康。

We have $1.6 billion of cash on the balance sheet and only $1 billion in debt with no near-term maturities, and so we have plenty of optionality.

我們的資產負債表上有 16 億美元的現金，而只有 10 億美元的債務，而且沒有短期到期的債務，因此我們有很多選擇。

We have optionality to do M&A, although you know us, we're going to remain disciplined, but we have that optionality.

我們有進行併購的選擇權，儘管你了解我們，我們將保持紀律，但我們有這種選擇權。

And we have optionality to return excess cash back to the shareholders through a combination of our dividend program and our share buyback program.

我們可以選擇透過股利計畫和股票回購計畫結合，將多餘的現金回饋給股東。

On the dividend program, we just recently increased the dividend 3% to now $0.70 per share and so that's turning into a really nice dividend yield.

在股息計劃方面，我們最近剛剛將股息提高了 3%，目前為每股 0.70 美元，因此股息收益率非常不錯。

And we have the optionality to do buybacks.

我們可以選擇進行回購。

The Board and the management team are taking into account and into consideration multiple elements.

董事會和管理團隊正在考慮並考慮多種因素。

But as a matter of policy, I can't really share the details of those considerations.

但作為政策問題，我無法真正分享這些考慮因素的細節。

Having said that, it's our intent to continue to return all the excess cash back to the shareholders over time.

話雖如此，我們的目的是隨著時間的推移繼續將所有多餘現金回饋給股東。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Liam and Kris, thanks for the color on the December quarter, your large customer.

Liam 和 Kris，感謝你們的大客戶 12 月季度的色彩。

I'm just kind of curious, when you look at the December quarter compared to history, how is the demand linearity trending?

我只是有點好奇，當您將 12 月季度與歷史記錄進行比較時，需求線性趨勢如何？

And what does that imply for March quarter seasonality?

這對三月季度的季節性意味著什麼？

I had a follow-up.

我有一個後續行動。

So again, I will repeat what I just answered on the previous question, right?

那麼，我會重複一下我剛才在上一個問題中回答的內容，對吧？

It is fully playing in line with what we expected, a strong ramp in September followed with further ramp going into the December quarter.

它完全符合我們的預期，9 月出現強勁成長，隨後進入 12 月季度進一步成長。

Obviously, March is seasonally down, and we expect here again, our March quarter, especially in mobile to be seasonally down.

顯然，三月是季節性下降的，我們再次預期三月的季度，特別是移動領域會出現季節性下降。

Obviously, we only guide one quarter at a time.

顯然，我們一次只指導一個季度。

So it's too early to be more specific.

所以現在說得更具體還太早。

We do, however, our broad markets business to continue to grow sequentially, and we expect broad markets to be up modestly in the March quarter and beyond.

然而，我們確實，我們的廣泛市場業務將繼續連續成長，我們預計廣泛市場在三月季度及以後將小幅成長。

But as combined, of course, for Skyworks, we will have normal or expect normal seasonal declines into the March quarter.

但當然，對於 Skyworks 來說，綜合來看，我們將在 3 月季度出現正常或預期的正常季節性下降。

Got it.

知道了。

Really appreciate that.

真的很感激。

And then a quick follow-up on the WiFi 7 upgrade cycle.

然後快速跟進 WiFi 7 升級週期。

It seems like it's been pretty good for you.

看來這對你來說已經很好了。

I'm just curious like historically, how long has the growth inflection lasted for a WiFi upgrade cycle?

我只是很好奇，就像歷史上一樣，WiFi 升級週期的成長轉折點持續了多久？

And how should we think about how this profile would be versus prior cycles?

我們該如何考慮這個概況與之前的周期相比如何？

Sure, sure.

當然，當然。

Yes.

是的。

I mean, actually, you're right, the WiFi cycle had been somewhat muted here for a while.

我的意思是，實際上，你是對的，WiFi 週期在這裡已經有點安靜了一段時間了。

Fortunately, with the Skyworks team, we're in great position.

幸運的是，在 Skyworks 團隊的幫助下，我們處於有利地位。

The next generations WiFi solutions, WiFi 7.

下一代 WiFi 解決方案，WiFi 7。

We're working with companies like Motorola.

我們正在與摩托羅拉等公司合作。

We're looking at companies like Logitech.

我們正在尋找像羅技這樣的公司。

We've got some automotive plays in there as well.

我們也有一些汽車業務。

So the broad market businesses are coming up.

所以廣闊的市場業務正在興起。

It had been a rough ride there, but we're starting to look better.

那裡的旅程很艱難，但我們開始看起來好多了。

NETGEAR is another play we're in there, Charter Communications, we're in industrial markets.

NETGEAR 是我們涉足的另一家公司，Charter Communications，我們涉足工業市場。

We're engaged with Mercedes-Benz even on the auto side.

即使在汽車方面，我們也與梅賽德斯-奔馳合作。

So there's been a lot of activity and strength here in the broad markets.

因此，廣闊的市場上有很多活動和力量。

It's just that the design win pipeline is filling, and we'll get that through revenue.

只是設計獲勝管道正在填滿，我們將透過收入來實現這一點。

So we're very encouraged about the signs we're seeing there.

因此，我們對在那裡看到的跡象感到非常鼓舞。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

This is Michael Mani on for Vivek Arya.

我是邁克爾·馬尼 (Michael Mani)，代表維韋克·艾莉亞 (Vivek Arya) 發言。

To start, just across the various end markets that broad markets plays in, which areas have become maybe incrementally worse or better over the last 90 days?

首先，在廣泛市場參與的各個終端市場中，哪些領域在過去 90 天內可能變得越來越糟或越來越好？

And just where are you still undershipping to demand?

那麼，你們在哪些方面仍有出貨不足的情況？

So in broad markets, right, there's three parts.

因此，在廣闊的市場中，對吧，分為三個部分。

There is the Edge IoT connectivity where we play mostly with WiFi, but any other wireless connectivity protocol.

在邊緣物聯網連接方面，我們主要使用 WiFi，但也可以使用任何其他無線連接協定。

We've definitely seen improvements in that area, again, in part driven by a big step-up in content as the transitioning -- the multi-year transitioning is happening from WiFi 6 to 6E and 7.

我們確實再次看到了該領域的進步，部分原因是過渡過程中內容的大幅提升——從 WiFi 6 到 6E 和 7 的多年過渡正在發生。

I think we're still somewhat undershipping natural demand there, but there is definitely improvement in that area.

我認為我們的自然需求仍然有些不足，但該領域肯定有所改善。

Second part is our networking infrastructure and cloud.

第二部分是我們的網路基礎設施和雲端。

I think that's very well documented there.

我認為那裡有很好的記錄。

There is excess inventory that's being worked down.

過剩的庫存正在處理中。

That will take multiple quarters.

這將需要多個季度的時間。

I think we started seeing some improvements there.

我認為我們開始看到一些改進。

Bookings is improving.

預訂情況正在改善。

Backlog is improving, but it's still shipping way under natural demand.

積壓訂單正在改善，但在自然需求下仍在運輸。

And then last but not least, you have automotive and industrial.

最後但並非最不重要的一點是汽車和工業。

I think that's very well documented as well by many of our peers who talked about that part of the business.

我認為我們許多談論這部分業務的同行也對此進行了很好的記錄。

We're definitely undershipping natural demand there.

我們肯定無法滿足那裡的自然需求。

Again, I think we're doing fairly well given some design wins that we have able to put on the book a year or two years ago.

再說一次，我認為我們做得相當好，因為我們在一兩年前就已經取得了一些設計成果，並把它們寫在了這本書上。

Those design wins continue to ramp up and turn into revenue, but it's a soft environment.

這些設計成果不斷增加並轉化為收入，但這是一個軟環境。

And so I think that will continue to improve over time here.

所以我認為隨著時間的推移，這將繼續改善。

And that's why, as a whole, we are pleased on one hand that our markets continue to grow sequentially, although modestly.

這就是為什麼，作為一個整體，我們一方面很高興我們的市場繼續連續成長，儘管成長幅度不大。

But eventually, that sequential growth will accelerate.

但最終，這種連續成長將會加速。

Again, December year-over-year growth and that year-over-year growth will accelerate over time as well.

同樣，12 月的同比增長以及同比增長也將隨著時間的推移而加速。

Great.

偉大的。

And then just on gross margins.

然後是毛利率。

Given that broad markets might be taking a more measured upturn expected previously, what are the puts and takes for gross margin expansion from here?

鑑於廣泛的市場可能會出現先前預期的更加謹慎的好轉，那麼毛利率擴張的看跌期權和看跌期權是什麼？

I know you guided December contract essentially flat at the midpoint, but how do you think about expansion into 2025?

我知道您指導 12 月合約基本上持平於中點，但您如何看待擴展到 2025 年的情況？

And then maybe more broadly, as you think about an eventual return to 50% or greater gross margins, what would you rank order as the most important drivers to achieve this between utilization, product mix and a recovery in broad markets or any other factors?

然後，也許更廣泛地說，當您考慮最終恢復到50% 或更高的毛利率時，在利用率、產品組合和廣泛市場的復甦或任何其他因素之間，您認為實現這一目標的最重要驅動因素是什麼？

Yes.

是的。

So as it relates to gross margin, we did 46.5% in September, which was up 50 basis points, so that's a step in the right direction.

就毛利率而言，我們 9 月的毛利率為 46.5%，上升了 50 個基點，所以這是朝著正確方向邁出的一步。

For December, we guide 46% to 47%, so kind of flattish at the midpoint, but the range is 46% to 47%.

對於 12 月，我們的指導值為 46% 至 47%，因此中點持平，但範圍為 46% 至 47%。

Looking ahead to fiscal '25 and longer term, as you called out correctly, we drive gross margin improvements through better factory utilization through cost reductions, and we have a mix tailwind because broad markets has above-average gross margin compared to the mobile.

展望25 財年及更長期，正如您正確指出的那樣，我們透過提高工廠利用率和降低成本來推動毛利率的提高，而且我們擁有混合順風，因為與行動市場相比，廣闊市場的毛利率高於平均水平。

I think the team continued to execute well.

我認為團隊繼續表現良好。

We start seeing some improvement on the factory utilization.

我們開始看到工廠利用率有所改善。

The team is executing well on cost reductions internally as well as externally.

該團隊在內部和外部成本削減方面執行良好。

But as we talked already, the mix tailwind is not blowing as strong as we initially anticipated, right?

但正如我們已經討論過的，混合順風並沒有我們最初預期的那麼強勁，對嗎？

I think over time, broad markets will accelerate.

我認為隨著時間的推移，廣闊的市場將會加速發展。

But currently, the sequential growth is modestly.

但目前，環比成長溫和。

And so the mix tailwind there is not as strong as expected.

因此，混合動力並沒有預期的那麼強勁。

As a result of that, for now, we think that fiscal '25 on a full-year basis, gross margins is going to be flattish compared to fiscal '24.

因此，目前我們認為，與 24 財年相比，25 財年的全年毛利率將持平。

It will, of course, start improving towards the end of fiscal '25 and set us up well for further gross margin expansions in fiscal '26 and beyond.

當然，它將在 25 財年末開始改善，並為我們在 26 財年及以後進一步擴大毛利率做好準備。

We want to get as fast as we can back to the 50% gross margin.

我們希望盡快恢復到 50% 的毛利率。

And then we're going to keep grinding to our long-term target model of 53%.

然後我們將繼續努力實現 53% 的長期目標模式。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Kris, I just want to follow up on that gross margin comment with regard to fiscal '25.

克里斯，我只想跟進有關 25 財年毛利率的評論。

I guess, do you have an inventory days target because you continue to make good strides in reducing inventory days now in the 130 range, broad markets continues to improve.

我想，你們是否有一個庫存天數目標，因為你們在減少庫存天數方面繼續取得了很大進展，目前已在 130 個範圍內，廣泛的市場繼續改善。

And so if inventory days are at normal, presumably margins should go up.

因此，如果庫存天數正常，利潤率可能會上升。

So again, maybe tying the inventory days comment with what your comments just were around gross margins and how we see that stepping up over the next couple of quarters?

那麼，也許將庫存天數評論與您對毛利率的評論聯繫起來，以及我們如何看待未來幾季毛利率的提高？

Yes.

是的。

First of all, we have been reducing our internal inventory for seven quarters in a row now.

首先，我們已經連續七個季度減少內部庫存。

It peaked at well above $1.2 billion, and we are down now to less than $800 million.

其高峰遠高於 12 億美元，而現在已降至不到 8 億美元。

I think we can continue to drive inventory down a little bit more.

我認為我們可以繼續進一步降低庫存。

Obviously, that's not helping from a factory utilization point of view.

顯然，從工廠利用率的角度來看，這沒有幫助。

It's not helping from a gross margin point of view.

從毛利率的角度來看，這沒有幫助。

But I think it's the right thing to do.

但我認為這是正確的做法。

We want to rightsize the inventory.

我們希望調整庫存規模。

And I think we still can reduce that a little bit.

我認為我們仍然可以減少一點。

And so again, when you put it all together there, I think gross margin is going to be flattish in fiscal '25 start improving towards -- and we will have seasonality there, right?

再說一次，當你把所有這些放在一起時，我認為 25 財年的毛利率將持平，開始改善——而且我們將有季節性，對嗎？

We will have seasonality.

我們會有季節性。

Typically, gross margins go down in the March and June quarter and then start improving in the September and December quarter.

通常，毛利率在三月和六月季度下降，然後在九月和十二月季度開始改善。

Inventory days, again, there is seasonality, and so revenue goes up and down.

庫存天數同樣存在季節性，因此收入會上下波動。

The inventory doesn't follow necessarily the seasonality on the revenue side.

庫存不一定遵循收入方面的季節性。

But from an absolute dollars point of view, we're sub $800 million, continue to drive it down a little bit further.

但從絕對美元的角度來看，我們的成本低於 8 億美元，並繼續進一步降低。

Got it.

知道了。

As my follow-up, do you believe the M&A environment is more favorable from a regulatory and funding perspective in '25?

作為我的後續問題，您是否認為從監管和融資角度來看，25 年的併購環境更有利？

And if not, because of your very strong free cash flow generation and perhaps ability to further reduce inventory, can you be more aggressive on the buyback, if so?

如果沒有，由於您擁有非常強大的自由現金流產生能力，並且可能有能力進一步減少庫存，如果是的話，您能否在回購方面更加積極？

Yes.

是的。

I mean there's all kinds of options that we have with the cash flow that we've been putting forth, which is a great, great tool for us.

我的意思是，我們有各種各樣的選擇，我們已經提供了現金流，這對我們來說是一個非常非常好的工具。

So we're always looking for the optimal mix, whether it's an M&A play or whether another factor.

因此，我們一直在尋找最佳組合​​，無論是併購還是其他因素。

And so those are great options for Skyworks, and it's a testament of the ability to drive that cash, and it's going to be a hallmark of this company.

因此，這些對於 Skyworks 來說都是不錯的選擇，這證明了其推動現金的能力，並將成為該公司的標誌。

So we look at everything.

所以我們專注於一切。

We're very disciplined.

我們非常有紀律。

We think about our shareholders.

我們為股東著想。

We think about the longevity of the technology, and it's been a strategy that's worked quite well, and I think it will continue to be really purposeful for us as we go forward.

我們考慮了這項技術的壽命，這是一項非常有效的策略，我認為隨著我們的前進，它將繼續對我們產生真正的意義。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Liam, I had a question on Edge IoT to start with.

Liam，我首先有一個關於邊緣物聯網的問題。

And just wondering, how are you thinking about AI impact, if any, on the Edge IoT business?

只是想知道，您如何看待人工智慧對邊緣物聯網業務的影響（如果有的話）？

You've talked a lot about the smartphone side of it.

您已經談論了很多關於智慧型手機方面的內容。

Just wondering if there's anything investors should be thinking about in terms of AI and potential impacts as we look out over the next 12, 18 months?

只是想知道，當我們展望未來 12、18 個月時，投資者是否應該考慮人工智慧及其潛在影響？

Yes, absolutely.

是的，絕對是。

So I think we've got a couple of things.

所以我認為我們有幾件事。

Certainly, on the smartphone side, we are deeply entrenched with the most important customers learning together, executing and driving excellence.

當然，在智慧型手機方面，我們與最重要的客戶一起學習、執行和推動卓越。

So that's really, really key, and we're doing great work there.

所以這真的非常關鍵，我們在這方面做得很好。

But then now flipping back to the broad markets, we're doing very, very well in the IoT space and really engaging with companies that are real hallmarks in the business.

但現在回到廣闊的市場，我們在物聯網領域做得非常非常好，並且與真正具有行業標誌的公司進行了真正的合作。

We talked about Google and Samsung, but also the broad markets businesses.

我們討論了谷歌和三星，也討論了廣泛的市場業務。

We've got design wins with Mercedes.

我們贏得了梅賽德斯的設計勝利。

We have design wins with NETGEAR, Cambium Networks, Motorola, really, really meaningful companies that are now part of that portfolio that we have in broad markets.

我們與 NETGEAR、Cambium Networks、摩托羅拉等公司取得了設計勝利，這些非常非常有意義的公司現在已成為我們在廣闊市場中的投資組合的一部分。

And I'm 100% confident our team will continue to drive that with more opportunities, more diversification and more cash and more earnings for us.

我百分之百相信我們的團隊將繼續推動這一目標，為我們提供更多機會、更多元、更多現金和更多收益。

So look forward to that, but things look much better there in that market.

所以對此充滿期待，但該市場的情況看起來要好得多。

And a couple of quick ones for Kris.

還有一些給克里斯的快速的。

Kris, can you tell us about the impairment charge during the quarter and what that was related to?

克里斯，您能告訴我們本季的減損費​​用以及與什麼相關嗎？

And then finally, on CapEx ticked up a little bit.

最後，資本支出略有上升。

Any initial view on how we should think about CapEx for fiscal '25?

關於我們應該如何考慮 25 財年的資本支出，您有什麼初步看法嗎？

Right.

正確的。

So we did take an impairment charge in Q4 of fiscal '24, which was related to in-process R&D related to the I&A acquisition we did with Silicon Labs.

因此，我們確實在 24 財年第四季度提列了減損費用，這與我們與 Silicon Labs 進行的 I&A 收購相關的正在進行的研發相關。

As you probably know, at the time of an acquisition, you have to identify all the in-process R&D projects and have to put a valuation around that.

您可能知道，在收購時，您必須確定所有正在進行的研發項目，並對其進行估價。

As time goes by, some projects are being accelerated.

隨著時間的推移，一些專案正在加速推進。

Some projects are being pushed out.

一些項目正在被推遲。

Some projects are being redefined.

一些項目正在被重新定義。

And so that's all being taken into account and could potentially result in an impairment charge, which we took in Q4.

因此，所有這些都被考慮在內，並可能導致我們在第四季度計入的減值費用。

The business itself that we acquired is part of our broad markets business.

我們收購的業務本身是我們廣泛市場業務的一部分。

We are going through some inventory correction there because a lot of that business plays in the industrial automotive area.

我們正在那裡進行一些庫存調整，因為很多業務都在工業汽車領域進行。

But we are still very pleased with that business.

但我們仍然對這項業務感到非常滿意。

That business has great technology, great people, good customer contacts.

該企業擁有出色的技術、優秀的人才和良好的客戶關係。

And as we get through the inventory correction is well positioned for growth.

隨著庫存調整的完成，我們已經做好了成長的準備。

As it relates to CapEx, CapEx is running in fiscal '24 on or about 3% to revenue, which has been one of the lowest in many, many years.

就資本支出而言，24 財年的資本支出佔收入的比例約為 3%，這是多年來最低的水平之一。

Part of that, of course, is we didn't have to do any capacity expansion CapEx during fiscal '24, but all the CapEx we did was mostly for technology reasons.

當然，其中一部分原因是我們在 24 財年期間不必進行任何產能擴張資本支出，但我們所做的所有資本支出主要是出於技術原因。

Going forward, we think CapEx will remain moderate mid to longer term in the mid-single digits as a percent to revenue.

展望未來，我們認為中長期資本支出佔收入的百分比將維持在中等個位數。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

A couple of follow-ups.

一些後續行動。

Kris, on the broad market side, there are a lot of moving parts in there.

克里斯，在廣闊的市場方面，有很多活動部件。

Just trying to understand how big auto, industrial and IoT and infrastructure businesses are individually.

只是想了解汽車、工業、物聯網和基礎設施業務分別有多大。

A

一個

nd also, you talked about some inventory on the infrastructure and cloud networking.

此外，您還談到了基礎設施和雲端網路的一些清單。

I think you have a bit more exposure on the telco side.

我認為你們在電信方面有更多的曝光。

I just want to make sure because from everything that we see and hear, the cloud business is very strong right now.

我只是想確定一下，因為從我們所看到和聽到的一切來看，雲端業務目前非常強勁。

So I'm just curious as to what's causing that inventory build.

所以我只是好奇是什麼導致了庫存的增加。

Yeah.

是的。

So our broad markets, it's roughly 40%, 50% is the Edge IoT connectivity, 35%, 40% or so is our networking infrastructure and cloud and then 20%, 25% is industrial and automotive.

因此，我們廣闊的市場，大約 40%、50% 是邊緣物聯網連接，35%、40% 左右是我們的網路基礎設施和雲，然後 20%、25% 是工業和汽車。

As it relates to cloud and data center, we do see some good traction in the AI-related investments that -- where we play with our timing solutions, but investments in the more traditional cloud and data is somewhat muted, and there is still some ongoing inventory correction in that part of the market.

由於它與雲端和資料中心相關，我們確實看到人工智慧相關投資有一些良好的吸引力——我們在其中使用我們的計時解決方案，但對更傳統的雲端和資料的投資有些減弱，而且仍然有一些投資該部分市場正在進行庫存調整。

Okay.

好的。

That's clear.

很清楚。

And then I guess, on the December guidance, you kind of mentioned that everything is kind of tracking as you expected originally, but it is slightly below your normal seasonality.

然後我想，在 12 月的指導中，您提到一切都按照您最初的預期進行跟踪，但略低於正常的季節性。

I think historically, you have done kind of high single digits in December.

我認為從歷史上看，12 月的業績達到了較高的個位數。

So my question is, is that primarily on the Android side, the weakness or broad markets?

所以我的問題是，這主要是在Android方面，是弱點還是廣大的市場？

And then given the lower base, should we expect your March quarter to be slightly above seasonal?

然後考慮到基數較低，我們是否應該預期三月季度的業績會略高於季節性？

Right.

正確的。

So the revenue and the business with the large customer is fully in line with expectations and more normal from a seasonal point of view.

因此，收入和與大客戶的業務完全符合預期，從季節性角度來看也比較正常。

We're guiding slightly below Street expectation mostly because of broad markets.

我們的指引略低於華爾街預期，主要是因為市場廣闊。

Again, on one hand, pleased that we continue to see for the fourth quarter in a row sequential growth, but the sequential growth is less than what we anticipated three or six months ago.

一方面，我們再次高興地看到第四季連續成長，但環比成長低於我們三、六個月前的預期。

Vijay Rakesh, Mizuho Group.

維傑‧拉凱什 (Vijay Rakesh)，瑞穗集團。

Kris, just wondering on 2025, if you were to take a look at how do you see handset growth year on year and within that 5G?

Kris，只是想知道 2025 年，您是否想看看您如何看待 5G 領域手機的同比增長？

And then a follow-up.

然後是後續行動。

So we only guide one quarter at a time, and we're going to stick to that.

因此，我們一次只指導一個季度，並且我們將堅持這一點。

I mean visibility is, I think, okay.

我的意思是，我認為可見性還可以。

It's not bad or great.

這不錯，也不錯。

But as a matter, we only guide one quarter at a time, and we're going to stick to that.

但總的來說，我們每次只指導一個季度，並且我們將堅持這一點。

Got it.

知道了。

I was talking more of the industry.

我更多地談論了這個行業。

But as you look at -- one of the things that one of your peers have talked about is in China, there's been a trend towards entry level and some of the RF side moving to discrete.

但正如您所看到的，您的一位同行所談論的事情之一是在中國，出現了入門級的趨勢，並且一些射頻方面正在轉向離散。

Are you seeing any of that?

你看到這些了嗎？

That's it.

就是這樣。

Yes.

是的。

We actually don't do much in China in those markets.

實際上我們在中國這些市場上做得不多。

And if we were, they're really low-end stuff.

如果我們是的話，它們確實是低端產品。

And so we're naturally kind of out of that space and upgrading more with some of the other players that we talked about earlier, the Googles and Samsungs, et cetera.

因此，我們自然會超出這個空間，並與我們之前討論過的其他一些參與者（Google和三星等）進行更多升級。

So we still have a great Android business.

所以我們仍然擁有出色的 Android 業務。

It just happens to be a much more important strategic one.

這恰好是一項更為重要的策略。

Nicolas Doyle, Needham & Company.

尼古拉斯·道爾，李約瑟公司。

You mentioned tremendous opportunity in Android.

您提到了 Android 領域的巨大機會。

Can you be any more specific in terms of products or maybe the connectivity, if it's RF or WiFi type opportunities?

如果是 RF 或 WiFi 類型的機會，您能否在產品或連接方面更具體一些？

And I guess I assume that's mostly with Google.

我想我認為這主要是與谷歌有關。

Yes.

是的。

I mean you have two really strong players here that we're engaging with Google and Samsung.

我的意思是，這裡有兩個非常強大的參與者，我們正在與Google和三星合作。

And what I really like about those companies is that these are enterprise companies.

我真正喜歡這些公司的一點是它們都是企業公司。

It's great that they're smartphone players, and we can engage, that's wonderful, but they're also technology companies.

很高興他們是智慧型手機玩家，我們可以參與其中，這很棒，但他們也是科技公司。

They are companies that play in AI and other markets.

他們是涉足人工智慧和其他市場的公司。

So it's really a great opportunity for us.

所以這對我們來說確實是一個很好的機會。

We're pleased that we're able to engage at that level.

我們很高興能夠參與這個級別的活動。

We're learning a lot from those customers, very, very smart people with a lot of ideas and a lot of applications.

我們從這些客戶身上學到了很多東西，他們是非常非常聰明的人，有很多想法和很多應用程式。

So it's a broad market business of its own within the portfolio.

因此，它在投資組合中擁有廣闊的市場業務。

So you should expect more from us with those companies.

因此，您應該對我們和這些公司抱有更多期望。

We're making great progress and looking forward to continuing to raise the bar.

我們正在取得巨大進步，並期待繼續提高標準。

And so we're happy to be there.

所以我們很高興能在那裡。

Okay.

好的。

And maybe just a broader strategy question.

也許只是一個更廣泛的戰略問題。

You've seen broad markets grow modestly quarter-over-quarter, yet you've been under shipping kind of this whole time.

您已經看到廣闊的市場逐季度溫和成長，但您一直處於運輸狀態。

So why not halt those shipments more aggressively at the beginning of the year and kind of burn through that inventory quicker?

那麼，為什麼不在年初更積極地停止這些發貨並更快地消耗庫存呢？

Is there any sort of business strategy around that decision?

圍繞這個決定有什麼商業策略嗎？

Or that's just how business goes?

或者生意就是這樣進行的？

I mean we're always very careful.

我的意思是我們總是非常小心。

And when we talk about inventory, we talk about inventory in the channel and at the customer level.

當我們談論庫存時，我們談論的是通路和客戶層面的庫存。

And we're always trying to get a good read about that.

我們一直在努力深入了解這一點。

And there's no advantage or any good reason to go and build up channel inventory or excess inventory at the customer level.

在客戶層級建立通路庫存或過剩庫存沒有任何優勢或任何充分的理由。

We're always trying to ship in line with real end customer demand.

我們始終努力根據最終客戶的實際需求進行出貨。

Now sometimes our customers don't have it right either, and they are pounding the table to get more parts and then their end customer demand doesn't materialize and you end up with excess inventory somewhere in the channel could be at the distribution or could be at the end customer.

現在，有時我們的客戶也沒有做到這一點，他們正在敲桌子以獲得更多零件，然後他們的最終客戶需求沒有實現，您最終會在渠道中的某個地方出現多餘的庫存，可能是在分銷處，也可能是在通路中。

Nobody wants that, and we're always trying to manage that very carefully.

沒有人希望這樣，我們總是努力非常小心地管理它。

Ladies and gentlemen, that concludes today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

I will now turn the call back over to Mr. Griffin for any closing comments.

我現在將把電話轉回格里芬先生以徵求結束意見。

Thanks for participating on today's call.

感謝您參加今天的電話會議。

We look forward to talking to you at upcoming investor conferences during the quarter.

我們期待在本季即將舉行的投資者會議上與您交談。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

We thank you for your participation, and you may now disconnect.

我們感謝您的參與，您現在可以斷開連接。