思佳訊 (SWKS) 2025 Q1 法說會逐字稿

Good afternoon and welcome to Skyworks Solutions' first-quarter fiscal year earnings call.

下午好，歡迎參加 Skyworks Solutions 財年第一季財報電話會議。

This call is being recorded.

本次通話正在錄音。

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

現在，我將把電話轉給 Skyworks 投資者關係副總裁 Raj Gill。

Mr. Gill, please go ahead.

吉爾先生，請繼續。

Thank you, operator.

謝謝您，接線生。

Good afternoon, everyone and welcome to Skyworks' first-fiscal-quarter 2025 conference call.

大家下午好，歡迎參加 Skyworks 2025 財年第一季電話會議。

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

今天，與我一起發表準備好的演講的有我們的執行長兼總裁 Liam Griffin 和 Skyworks 的財務長 Kris Sennesael。

Following the conclusion of the prepared remarks, Kris will be available for Q&A.

在準備好的演講結束後，Kris 將參與問答環節。

This call is being broadcast 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.

這次電話會議將透過網路播出，您可以從公司網站 skyworksinc.com 的投資者關係部分存取。此外，電話會議結束後，公司準備好的演講稿將在我們的網站上及時公佈。

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.

在我們開始之前，我想提醒大家，我們的討論將包括與未來結果和預期有關的陳述，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的 SEC 文件，包括我們的 10-K 表年度報告，以獲取有關可能導致實際結果與今天做出的任何前瞻性陳述存在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非公認會計準則財務指標，這與我們過去的做法一致。

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」部分內的新聞稿，以了解與 GAAP 的完整對照組。

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

說完這些，我將把電話轉給 Liam。

Thanks, Raji and welcome, everyone.

謝謝，拉吉，歡迎大家。

Before we get into the details of the results, I want to address the succession planning we announced today.

在我們了解結果細節之前，我想談談我們今天宣布的繼任計劃。

After an incredible 20-plus years at Skyworks, with the last nine as President and CEO, I will be stepping down.

在 Skyworks 度過了令人難以置信的 20 多年後，其中最後 9 年擔任總裁兼首席執行官，現在我將卸任。

Skyworks has chosen Philip Brace as our next President and CEO.

Skyworks 已選擇 Philip Brace 作為我們的下一任總裁兼執行長。

He will join the company on February 17, at which point, I will shift to an advisory role for a few months to help ensure a smooth transition.

他將於 2 月 17 日加入公司，屆時，我將轉任顧問職位數月，以幫助確保順利過渡。

Today, we also announced that Christine King, who has been our Skyworks' Lead Independent Director, has been appointed Chairman of the Board.

今天，我們也宣布，擔任 Skyworks 首席獨立董事的 Christine King 被任命為董事會主席。

She is an excellent choice.

她是個絕佳的選擇。

Phil's appointment follows a robust succession planning process by the Skyworks Board.

Phil 的任命是在 Skyworks 董事會制定了嚴格的繼任計畫流程之後做出的。

Phil is an accomplished technology executive who has served as President and CEO of Sierra Wireless from 2021 to 2023.

Phil 是一位經驗豐富的技術主管，曾於 2021 年至 2023 年擔任 Sierra Wireless 總裁兼執行長。

He currently serves on the Board of Directors of BlackBerry, Lantronix, and Inseego.

他目前擔任 BlackBerry、Lantronix 和 Inseego 的董事會成員。

He brings a deep knowledge of the technology industry and extensive experience in scaling and leading successful businesses.

他擁有深厚的技術行業知識以及在擴展和領導成功企業方面的豐富經驗。

I want to offer my sincerest congratulations to Phil on his appointment and I'm excited for you to meet him.

我要向菲爾的任命表示最誠摯的祝賀，並且我很高興你能見到他。

I look forward to watching Skyworks' business prosper under his leadership through continued innovation, ingenuity, and hard work.

我期待在他的領導下，透過不斷的創新、獨創性和努力工作，Skyworks 的業務能夠蓬勃發展。

Let's now move into a discussion of Skyworks' first fiscal quarter of 2025.

現在讓我們來討論 Skyworks 2025 財年第一季。

Skyworks began the new fiscal year with solid results.

Skyworks 以穩健的表現開始了新的財年。

We posted revenue of $1.068 billion.

我們公佈的收入為 10.68 億美元。

We delivered earnings per share of $1.60. And generated free cash flow of $338 million.

我們實現每股收益 1.60 美元。並產生了3.38億美元的自由現金流。

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

收入、毛利率和每股收益達到或超過了我們預期的中位數。

In Mobile, our revenue grew 6% sequentially, as we successfully supported multiple product launches across our top mobile customers.

在行動領域，我們的收入環比增長了 6%，因為我們成功支援了頂級行動客戶的多款產品發布。

The global adoption of generative AI on smartphones is still in its nascent stage.

智慧型手機上生成式人工智慧的全球應用仍處於起步階段。

We anticipate this to be a multi-year trend that will catalyze smartphone upgrades and increase the complexity and requirements for our [app] solutions.

我們預計這將成為一種多年的趨勢，它將催化智慧型手機的升級並增加我們的[應用程式]解決方案的複雜性和要求。

In Broad Markets, we have experienced modest growth for four consecutive quarters.

在廣泛市場中，我們已經連續四個季度經歷了溫和的成長。

We anticipate further growth as demand signals and backlog improve.

隨著需求訊號和積壓訂單的改善，我們預計還會進一步成長。

In certain segments, supply and demand dynamics are in equilibrium and channel inventories have normalized.

在某些細分市場，供需動態處於平衡狀態，通路庫存已正常化。

Meanwhile, Industrial and Infrastructure remain subdued, due to persistent inventory challenges.

同時，由於持續的庫存挑戰，工業和基礎設施仍然低迷。

Overall, we are encouraged by the recent momentum in Broad Markets and are energized about new product cycles in Automotive, Electrification, Edge IoT, and AI data center, fueling long-term growth.

總體而言，我們對廣泛市場的近期發展勢頭感到鼓舞，並對汽車、電氣化、邊緣物聯網和人工智慧資料中心的新產品週期充滿信心，從而推動長期成長。

In Edge IoT, we are observing higher levels of intelligence and combined with more nodes being added to the edge of the network, driving higher levels of RF complexity.

在邊緣物聯網中，我們觀察到更高水準的智能，並且結合添加到網路邊緣的更多節點，從而推動更高水準的射頻複雜性。

Artificial intelligence and machine learning increases the range of functionality.

人工智慧和機器學習增加了功能的範圍。

Learning models like voice and computer vision.

學習語音和電腦視覺等模型。

RF connectivity is the conduit for secure, robust, and lower-powered AI applications.

RF 連接是安全、穩健且低功耗的 AI 應用的管道。

Moreover, the adoption of Wi-Fi 6E and 7 systems, by customers, is contributing to the improvement in demand.

此外，客戶採用Wi-Fi 6E和7系統也促進了需求的改善。

These systems, characterized by enhanced complexity and utilization of additional bands, enable transmission of higher value content.

這些系統的特點是複雜性增強和利用附加頻段，能夠傳輸更高價值的內容。

We are currently in the emerging stages of a multi-year upgrade cycle, with Wi-Fi 7 shipments experiencing a ramp-up.

我們目前正處於多年升級週期的新興階段，Wi-Fi 7 的出貨量正在增加。

We are seeing growth in wireless gaming, wireless home audio, and wireless headsets, where customers are adopting Skyworks' connectivity and audio technology.

我們看到無線遊戲、無線家庭音訊和無線耳機領域的成長，客戶正在採用 Skyworks 的連接和音訊技術。

In Automotive, we return to year-over-year growth, despite a soft demand environment, as design wins in the Connected Car, on-board charging and infotainment are gradually converting into revenue.

在汽車領域，儘管需求環境疲軟，我們仍恢復了同比增長，因為連網汽車、車載充電和資訊娛樂領域的設計勝利正在逐漸轉化為收入。

Specifically, we expect our RF content per vehicle to grow, driven by 5G Cellular, Wi-Fi, Bluetooth, and V2X.

具體來說，我們預計，在 5G 蜂巢、Wi-Fi、藍牙和 V2X 的推動下，每輛車的射頻內容將會成長。

Lastly, the Industrial segments remain a headwind, as we continue to [undershaft] demand.

最後，由於我們持續抑制需求，工業領域仍面臨逆風。

Turning to our quarterly business highlights, we secured 5G content for premium Android smartphones, including Samsung Galaxy, Xiaomi, Asus, and several others.

談到我們季度的業務亮點，我們為高階 Android 智慧型手機提供了 5G 內容，包括三星 Galaxy、小米、華碩等。

We supported Gemtek's launch of the first AI router with voice-enabled, AI-powered healthcare service.

我們支援 Gemtek 推出首款具有語音功能和人工智慧醫療服務的人工智慧路由器。

We enabled Asus's award-winning quad-band Wi-Fi 7 gaming routers.

我們啟用了華碩屢獲殊榮的四頻 Wi-Fi 7 遊戲路由器。

And expanded our design win pipeline in Automotive with cellular connectivity and power management solutions.

並透過蜂窩連接和電源管理解決方案擴展了我們在汽車領域的設計勝利管道。

With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q2 of fiscal '25.

接下來，我將把電話轉給克里斯，討論上個季度的表現以及我們對 25 財年第二季的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks' revenue for the first fiscal quarter of 2025 was $1.068 billion, slightly above the midpoint of our outlook.

Skyworks 2025 財年第一季的營收為 10.68 億美元，略高於我們預期的中位數。

Mobile revenue was 67% of total revenue and increased 6% sequentially, as we successfully supported multiple product launches.

由於我們成功支持了多款產品的發布，行動收入佔總收入的 67%，環比增長 6%。

Broad Markets was up, slightly, sequentially and returned to year-over-year growth at 2%.

廣泛市場環比小幅上漲，並恢復到 2% 的同比增長。

Q1 fiscal '25 marked the fourth consecutive quarter of modest sequential growth since the Q1 fiscal '24 bottom, despite a muted demand environment and ongoing inventory digestion across selective end markets.

儘管需求環境低迷且特定終端市場持續消化庫存，2025 財年第一季仍是自 2024 財年第一季觸底以來連續第四個季度實現溫和成長。

Gross profit was $497 million, with gross margin at 46.5%, in line with expectations.

毛利為4.97億美元，毛利率為46.5%，符合預期。

Also, during Q1, we further decreased our internal inventory, slightly below $700 million, resulting in eight consecutive quarters of reductions.

此外，在第一季度，我們進一步減少了內部庫存，略低於 7 億美元，連續八個季度減少。

Operating expenses were $212 million, reflecting our strategic investments in our technology and product roadmaps.

營運費用為 2.12 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 $285 million of operating income, translating into an operating margin of 27%.

我們實現了 2.85 億美元的營業收入，營業利潤率為 27%。

We generated $9 million of other income and our effective tax rate was 12.2%, driving net income of $258 million and diluted earnings per share of $1.60, $0.003 above our guidance.

我們產生了 900 萬美元的其他收入，我們的有效稅率為 12.2%，推動淨收入達到 2.58 億美元，每股攤薄收益為 1.60 美元，比我們的預期高出 0.003 美元。

For the first quarter of fiscal 2025, we demonstrated robust cash generation, with operating cash flow of $377 million, capital expenditures of $39 million, and a free cash flow of $338 million, representing a 32% free cash flow margin.

2025 財年第一季度，我們展現強勁的現金創造能力，營運現金流為 3.77 億美元，資本支出為 3,900 萬美元，自由現金流為 3.38 億美元，自由現金流利潤率為 32%。

During fiscal Q1, we distributed $112 million in dividends.

在第一財季，我們派發了 1.12 億美元的股息。

Our cash and investment balance increased to approximately $1.75 billion while we maintained a debt level of $1 billion, providing us with ample financial flexibility.

我們的現金和投資餘額增加至約 17.5 億美元，同時我們的債務水準保持在 10 億美元，為我們提供了充足的財務靈活性。

Now, let's move on to our outlook for Q2 of fiscal 2025.

現在，讓我們來看看 2025 財年第二季的展望。

We anticipate revenue of $935 million to 965 million.

我們預計營收為 9.35 億美元至 9.65 億美元。

We expect our Mobile business to decline, mid- to high-teens sequentially, in line with historical seasonality.

我們預計，我們的行動業務將環比下降 15% 至 18% 左右，與歷史季節性一致。

In Broad Markets, we anticipate additional sequential growth and a further improvement in year-over-year growth.

在廣泛的市場中，我們預計會出現額外的連續成長和同比增長。

We are seeing positive momentum in booking trends, backlog, and sell-through patterns across Broad Markets.

我們看到廣泛市場的預訂趨勢、積壓訂單和銷售模式都呈現積極的勢頭。

However, inventory headwinds remain acute in Industrial and Infrastructure.

然而，工業和基礎設施領域的庫存阻力依然巨大。

Gross margin is projected between 45.5% and 46%, which is seasonally adjusted for lower sales volume.

預計毛利率在 45.5% 至 46% 之間，根據較低的銷售量進行季節性調整。

We anticipate operating expenses in the range of $220 million to $228 million, utilizing our robust cash flow generation to invest in technology and product roadmaps.

我們預計營運費用在 2.2 億美元至 2.28 億美元之間，利用我們強勁的現金流來投資科技和產品路線圖。

The sequential increase is mostly driven by a reset of the social charges at the beginning of the calendar year, as well as an increase in R&D project expenses.

環比增長主要由於年初社會費用重置以及研發項目費用的增加。

Below the line, we anticipate $6 million in other income, an effective tax rate of 12% to 12.5%, and a diluted share count of approximately $158.5 million shares.

低於該線，我們預計其他收入為 600 萬美元，有效稅率為 12％至 12.5％，稀釋股數約為 1.585 億股。

Accordingly, at the midpoint of the revenue range of $950 million, we intend to deliver diluted earnings per share of $1.20.

因此，在 9.5 億美元的營收範圍中間值，我們打算實現每股 1.20 美元的攤薄收益。

Finally, our Board of Directors has approved a new $2 billion stock repurchase program, as part of our disciplined capital allocation strategy.

最後，作為我們嚴謹的資本配置策略的一部分，我們的董事會批准了一項新的 20 億美元股票回購計畫。

Before moving into Q&A, I want to briefly reflect on our business and address our strategic partnership with our largest customer.

在進入問答環節之前，我想簡單回顧一下我們的業務，並談談我們與最大客戶的策略夥伴關係。

Over the past 25 years, we have built a strong technology company, a leader in RF connectivity for mobile solutions and expanded those RF capabilities with analog and mixed signal expertise, in our growing Broad Markets business.

在過去的 25 年裡，我們在不斷發展的廣泛市場業務中建立了一家強大的技術公司，成為行動解決方案射頻連接領域的領導者，並透過類比和混合訊號專業知識擴展了這些射頻能力。

And over the last 18 years, we have benefited from a truly collaborative partnership with our largest customer, who has constantly pushed us to develop innovative, high-performance, and highly-integrated RF solutions.

在過去的 18 年裡，我們與最大的客戶建立了真正的合作夥伴關係，受益匪淺，他們不斷推動我們開發創新、高效能、高度整合的射頻解決方案。

We have partnered with that customer since the launch of their first phone, which has resulted in significant content and revenue growth over the years.

自從該客戶推出第一款手機以來，我們就一直與其合作，多年來取得了顯著的內容和收入成長。

However, the last couple of years have been challenging, as the competitive landscape has intensified.

然而，由於競爭情勢愈發激烈，過去幾年的發展充滿挑戰。

As it relates to the upcoming phone cycle, expected to be launched in the fall of 2025, the Skyworks team developed a suite of high-performance RF solutions.

為了與即將到來的手機週期（預計將於 2025 年秋季推出）相關，Skyworks 團隊開發了一套高效能 RF 解決方案。

Despite our rich product offering, we did not get the result that we targeted.

儘管我們提供豐富的產品，但我們並未獲得預期的結果。

Although we were able to secure multiple sockets, including several highly-integrated RF modules, our content position is expected to be down 20% to 25%.

儘管我們能夠確保多個插座，包括幾個高度整合的射頻模組，但我們的內容位置預計將下降 20% 至 25%。

This decline will start impacting our revenue in the fourth quarter of fiscal '25 and throughout fiscal '26.

這種下降將開始影響我們25財年第四季以及整個26財年的營收。

While we are disappointed with this outcome, we remain steadfast in our commitment to invest and innovate around our technology roadmaps.

雖然我們對這個結果感到失望，但我們仍然堅定不移地致力於圍繞我們的技術路線圖進行投資和創新。

We have already started the development of a new suite of solutions for the next-generation phone, with an expanding set of products and addressing more opportunities than ever before.

我們已經開始為下一代手機開發一套新的解決方案，其產品範圍不斷擴大，抓住的機會也比以往更多。

In addition, we will continue to pursue growth opportunities with our other mobile customers.

此外，我們將繼續與其他行動客戶共同尋求成長機會。

Although, on a selective basis, focusing on those segments of the market that demand high-performance RF.

儘管如此，我們還是選擇性地專注於那些需要高效能射頻的細分市場。

And we will continue to drive our diversification strategy, supported by multiple secular growth trends in Broad Markets.

我們將繼續推動我們的多元化策略，並得到廣泛市場多種長期成長趨勢的支持。

We expect those opportunities to partially offset the revenue decline, at a large customer, in fiscal '26 and position us for growth in fiscal '27.

我們預計這些機會將部分抵銷26財年大客戶的營收下滑，並為27財年的成長做好準備。

Now let me hand it back to Liam for some final remarks.

現在，讓我將發言權交還給 Liam，請他發表一些最後的評論。

To wrap it up, I would like to thank all of our Skyworks employees and stakeholders for their support during the last 25 years.

最後，我要感謝所有 Skyworks 員工和利害關係人在過去 25 年裡的支持。

It has truly been a privilege and the highlight of my career to lead this company.

領導這家公司確實是我的榮幸，也是我職涯的亮點。

I strongly believe the Skyworks team, with the support of our Board of Directors and under new leadership, will execute on the strategic path of profitable growth.

我堅信，在董事會的支持和新領導的領導下，Skyworks 團隊將在獲利成長的策略道路上前進。

I will turn it over to Kris now, who will be taking Q&A this quarter.

現在我將把話題交給 Kris，他將負責本季的問答環節。

Operator, let's open the line for questions.

接線員，讓我們打開熱線來回答問題。

(Operator Instructions)

（操作員指令）

Edward Snyder, Charter Equity Research.

愛德華‧史奈德 (Edward Snyder)，特許權益研究公司。

Thanks very much.

非常感謝。

First off, Liam, congratulations on retiring.

首先，利亞姆，恭喜你退休。

I'm going to miss you.

我會想念你的。

You did a phenomenal job.

你做得非常出色。

I always appreciate how frank and straightforward you've been on everything.

我始終欣賞你對一切事物的坦率和直率。

And I think you did a bang-up job.

我認為你做得非常出色。

So hate to see you go.

我很不願意看到你離開。

Hope things are better when you run off on the sunset or whatever you're going to wind up doing.

希望當你奔向夕陽或無論你最終要做什麼時，事情都會變得更好。

As for Apple -- or your largest customer -- I know it sounds like the new competition is in one of your largest modules and I know you, guys, are making a big push towards that in the fall.

至於蘋果——或者你們最大的客戶——我知道這聽起來像是你們最大的模組之一中的新競爭對手，而且我知道你們將在秋季大力推動這一目標。

And there's a whole another round of this coming up in the year out.

今年還會出現又一輪類似的情況。

First off, I'd like to get a feel for if you think it's a target you can hit, given how rich that part is in BAW filters.

首先，考慮到 BAW 濾波器中該部分的豐富程度，我想了解您是否認為這是一個可以達到的目標。

And secondarily, you, guys, have got to be one of the most favored suppliers [by] your largest customer.

其次，你們必須成為最大客戶最青睞的供應商之一。

There's a lot of other parts on this version and what's going to be the next couple of versions that will change over the years.

此版本中還有很多其他部分，並且接下來的幾個版本將隨著時間的推移而變化。

Maybe you could help characterize what the content opportunity is in other areas that don't necessarily involve a lot of BAW filters but, maybe, more in the Wi-Fi side of the sections, your ultra-high-band, that thing.

也許您可以幫助描述其他領域的內容機會，這些領域不一定涉及大量的 BAW 濾波器，但也許更多的是在 Wi-Fi 方面的部分，即超高頻段，那個東西。

So maybe give us an idea of what you think the landscape looks like in the next couple of years.

因此，您能否向我們介紹一下未來幾年的情況？

This is Chris here.

我是克里斯。

Thanks for your question and your remarks.

感謝您的提問與評論。

As you know, I can't really go into too much specifics, as it relates to our largest customer, and go into specifics on specific sockets or certain design wins.

如您所知，我無法真正談論太多細節，因為它與我們最大的客戶有關，也無法談論特定的插座或某些設計勝利的細節。

But having said that, I think we have a long partnership relation with that customer.

但話雖如此，我認為我們與該客戶有著長期的合作關係。

We developed really high-performance RF solutions.

我們開發了真正高效能的 RF 解決方案。

And unfortunately, we didn't really get what we targeted.

不幸的是，我們並沒有真正達到我們的目標。

And part of that is most of the sockets that we targeted, we actually were able to keep.

其中一部分是，我們所針對的大多數插座實際上都能夠保留。

But instead of being single-sourced on one particular socket, it's being dual-sourced.

但它並非單從某個特定插座供電，而是雙從供電。

And that's a little bit of a setback.

這真是一點挫折。

Having said that, we are already working on the next-generation phone that is expected to be launched in the fall of 2026.

話雖如此，我們已經開始研發下一代手機，預計將於 2026 年秋季推出。

We actually have been working for many months on that.

事實上，我們已為此工作了好幾個月。

And as we said in the prepared remarks, we are expanding our reach.

正如我們在準備好的演講中所說，我們正在擴大我們的影響力。

We are developing more parts than ever before, targeting more opportunities than ever before, and we collaborate very strongly with our customers on that.

我們正在開發的零件比以前更多，瞄準的機會比以前更多，並且我們在這方面與客戶進行了非常密切的合作。

And we will continue to support our customers in their baseband transition.

我們將繼續支持客戶的基帶轉型。

And that's what we need to do.

這正是我們需要做的。

Okay.

好的。

If I could -- I'm sorry for the interruption -- so you are sharing a socket that you may not have shared last year.

如果可以的話 - 我很抱歉打擾了 - 所以您正在共享一個去年可能沒有共享過的插座。

Is that what you're saying?

你是這個意思嗎？

That is correct.

正確。

Okay.

好的。

Actually then, you are competitive.

事實上，你是有競爭力的。

I'm sorry, the way we're characterizing it, I thought you didn't qualify at all.

很抱歉，根據我們的說法，我認為你根本不符合條件。

So actually, you are competitive for that socket.

所以實際上，你在那個插座上是有競爭力的。

Now, it's going to be horse-trading from here on out, right?

現在，從現在開始就要進行討價還價了，對嗎？

You didn't lose the whole thing.

你並沒有失去一切。

That is absolutely correct.

這絕對正確。

Again, we have been investing, for many years, in our technology and product roadmaps.

再次強調，多年來，我們一直在對技術和產品路線圖進行投資。

We've been investing in our filter technology, both (TC) SAW and BAW.

我們一直在投資我們的濾波技術，包括（TC）SAW 和 BAW。

And, as I said many times before, I do believe we are at the gold standard.

而且，正如我之前多次說過的，我確實相信我們處於金本位。

Our BAW filters are as good as anybody else.

我們的 BAW 濾波器與其他濾波器一樣好。

Now, we still need to develop a product and get to the best performance.

現在，我們還需要開發產品並達到最佳性能。

And in many cases, we do get to the best performance.

在很多情況下，我們確實取得了最佳表現。

But, as you indicated as well, the competition has intensified.

但正如您所說，競爭已經愈演愈烈。

It used to be -- there are only about five major RF players and we used to swim in our own swim lanes.

過去的情況是——只有大約五個主要的 RF 參與者，並且我們都在自己的泳道中游泳。

But more recently -- including Skyworks, right?

但最近——包括 Skyworks，對吧？

We're reaching out and we cross swim lanes.

我們伸出雙手，跨越泳道。

And so the competition has intensified.

因此競爭變得更加激烈。

But we are stepping up, we're developing more products.

但我們正在加緊努力，開發更多產品。

We keep expanding our technology and improving our technology.

我們不斷擴展我們的技術並改進我們的技術。

And the customer is asking.

顧客正在詢問。

The customer is demanding and asking for better and higher RF products, in part because, as you all know, they're bringing AI capabilities to the phone, which is increasing the technological burden inside the phone.

客戶對更好、更高的射頻產品的需求越來越大，部分原因是，正如大家所知，他們正在將人工智慧功能引入手機，這增加了手機內部的技術負擔。

They are asking for smaller footprint, lower power consumption, lower latency, and higher throughput and, overall, higher performance.

他們要求佔用更小的空間、更低的功耗、更低的延遲、更高的吞吐量以及整體更高的效能。

And we're stepping up.

我們正在加緊努力。

We demonstrated that our technology and products can do it.

我們證明了我們的技術和產品可以做到這一點。

Unfortunately, we didn't get a single source.

不幸的是，我們沒有得到任何消息來源。

We were dual-sourced on one important part.

在一個重要部件上，我們採用雙重來源。

Great.

偉大的。

Thanks, Kris.

謝謝，克里斯。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey.

嘿。

Thanks for the question.

謝謝你的提問。

And congrats to Liam and Phil.

並恭喜 Liam 和 Phil。

Just a little more clarity on the down 20% to 25%.

對下降 20% 至 25% 的情況有更清晰的了解。

It sounds like you're sharing a socket instead of it sole-sourced.

聽起來你正在共享一個套接字，而不是單一來源的。

I'm assuming that would be the rumors.

我猜那隻是謠言。

So you've been hearing about diversity

你們聽過多樣性

[received].

[已收到]。

I don't know if that would fully account for the 20% to 25%.

我不知道這是否能完全解釋那 20% 到 25%。

And the other question is the lost sockets to Qualcomm, would you take those back?

另一個問題是高通丟失的插座，您會把它們拿回來嗎？

And then, sorry, the last question here is this for all phones coming in the fall or is this just for the ones with the new modem?

然後，抱歉，最後一個問題是，這是否適用於秋季推出的所有手機，還是僅適用於配備新數據機的手機？

Thank you.

謝謝。

The content loss is really a result of the share loss.

內容的損失實際上是份額的損失。

That accounts for all of it because we, actually, in certain sockets, have been able to win back slots that we lost, that we talked about nine months ago.

這就是全部原因，因為實際上，在某些領域，我們已經能夠贏回我們九個月前談論過的失去的位置。

So we've been executing well there.

因此我們在那裡的表現一直都很好。

We've been gaining content.

我們一直在獲取內容。

But unfortunately, on an existing slot, we lost share as we moved from single-sourced to dual-sourced.

但不幸的是，在現有的時段，隨著我們從單一來源轉向雙重來源，我們失去了市場份額。

I assume that answer to your question.

我假設這就是你問題的答案。

Yes.

是的。

I did.

是的。

Except -- just the follow-ups to that -- any update on the Qualcomm socket and getting, that back that you lost?

除了 - 只是後續問題 - 有關於高通插座的最新消息以及收回您丟失的東西嗎？

And then, is this all the phones or just the phones with the new modem?

那麼，這是所有手機的問題還是只是裝有新調製解調器的手機的問題？

Right.

正確的。

Again, I can't really go into the specifics.

再說一遍，我無法真正談論具體細節。

But we've indicated that it's unlikely or impossible that we win back those sockets, as it relates to the Quaker modem.

但我們已表示，我們不太可能或不可能奪回這些插座，因為它與桂格調製解調器有關。

But we've done well, as it relates to the internal modem.

但我們做得很好，因為它與內部調製解調器有關。

And maybe last point we, we indicated a range of 20% to 25%.

也許最後一點，我們指出的範圍是 20％ 到 25％。

The reason of that is because we are dual-sourced.

原因在於我們有雙重來源。

And so the final results will still depend on the mix.

因此最終結果仍取決於組合。

In the mix, of course, you have to think about new product versus legacy product.

當然，在組合中，您必須考慮新產品與傳統產品。

And also, the mix within the new product between different basebands, as well as within a certain baseband -- the mix between certain skews that are lined up.

此外，新產品中還混合了不同的基帶，以及特定基帶內排列的某些傾斜之間的混合。

And so a lot of it will depend on what the demand will materialize and how that all plays out.

因此，很大程度上取決於需求將如何實現以及這一切將如何發展。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼（Karl Ackerman）。

Thank you.

謝謝。

I was hoping you could clarify whether you're able to repurpose some of the RF designs that you spent so much time on within R&D for some of these new content wins within 5G Android and Samsung.

我希望您能澄清一下，您是否能夠重新利用在研發中花費大量時間的一些射頻設計，以獲得 5G Android 和三星中的一些新內容。

And then, secondarily, while the content in iOS devices, at least in the handsets, is not what you targeted, I was hoping you could discuss your dollar content opportunities you see across the consumer electronic markets such as watches, tablets, and PCs of the coming quarters.

其次，雖然 iOS 裝置（至少是手機）中的內容不是您的目標，但我希望您可以討論一下您在未來幾季看到的消費性電子市場（如手錶、平板電腦和個人電腦）中的美元內容機會。

Thank you.

謝謝。

Right.

正確的。

We developed technology for our Mobile business that, of course, can be deployed at a large customer and within Android, with Google, Samsung, and China.

我們為我們的行動業務開發的技術當然可以部署在大客戶和 Android 中，與Google、三星和中國合作。

And some of that actually does spill over into our Broad Markets as well.

其中一些實際上也蔓延到了我們的廣泛市場。

So that's the technology building blocks.

這就是技術基石。

As it relates to the product development for certain products for our large customers, obviously, they are proprietary for our large customers.

由於它與我們為大客戶開發某些產品有關，因此顯然這些產品是我們大客戶的專有產品。

And, there, again, most of the developments we did are resulting in revenue.

而且，我們所做的大多數開發都產生了收入。

Unfortunately, not in a single-sourced position but in a dual-sourced position.

不幸的是，不是處於單一來源的位置，而是處於雙來源的位置。

And typically, of course, what we learn from the large customer -- the technology and the expertise that we learn -- we can leverage that and develop in the Android market.

當然，通常情況下，我們從大客戶那裡學到的技術和專業知識，我們可以利用它們在 Android 市場上進行開發。

\

\

The Android market, as you probably know and we've talked about that before, we are going to remain selective.

正如你們可能知道的，我們之前也討論過 Android 市場，我們仍將保持選擇性。

We focus on the high end of the market where they demand high-performance RF.

我們專注於需要高效能射頻的高端市場。

And we believe that we are well-positioned to grow that part of the business, going forward.

我們相信，我們已做好準備，在未來發展這部分業務。

As it relates -- your second part of the question, as you probably know, we have substantial revenue with a large customer.

至於您問題的第二部分，您可能知道，我們從一位大客戶那裡獲得了可觀的收入。

Roughly 85% of that revenue is related to the phone and approximately 15% of that is related to all their other products that they bring to market: the watch, the tablet, the PC, the home port, the vision products, and so on.

其中約 85% 的收入與手機有關，約 15% 的收入與他們推向市場的所有其他產品有關：手錶、平板電腦、個人電腦、家庭端口、視覺產品等等。

And in that part of the business, we continue to do well, in terms of design wins.

在這部分業務中，我們在設計勝利方面繼續表現良好。

And we do expect, this year and next year, that part of the business will continue to grow.

我們確實預計今年和明年這部分業務將繼續成長。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

Hi.

你好。

Thank you so much for taking the question.

非常感謝您回答這個問題。

I just had one question for you, Kris.

我只想問你一個問題，克里斯。

Given the content dynamics of the largest customer, I'm curious if you plan on making any permanent changes to the manufacturing footprint of the company.

考慮到最大客戶的內容動態，我很好奇您是否計劃對公司的製造足跡做出任何永久性改變。

And how to think about gross margins, going forward, as part of that.

作為其中的一部分，如何考慮未來的毛利率。

And then, similarly, for OpEx, I know you're guiding the OpEx to grow in the near term but any intent or any plans to adjust to the new backdrop if you will?

然後，同樣，對於 OpEx，我知道您正在指導 OpEx 在短期內成長，但您是否有任何意圖或計劃來適應新的背景？

Thank you.

謝謝。

That's a series of good questions there.

這是一系列很好的問題。

I'll try to address them one by one.

我將盡力一一解決這些問題。

First of all, as it relates to CapEx, we are currently operating the business with a lot less capital intensity.

首先，就資本支出而言，我們目前營運業務的資本密集度要低得多。

As you probably know, we have underutilization in our factories and so we didn't have any capacity expansion CapEx in our plans.

您可能知道，我們的工廠利用率不足，因此我們的計劃中沒有任何產能擴張資本支出。

And, obviously, now that we recently learned about the downselection for the upcoming phone, we do not have to add or subtract any of the CapEx.

而且，顯然，既然我們最近了解了即將推出的手機的選擇範圍縮小的情況，我們就不必增加或減少任何資本支出。

So the CapEx plan will remain on or about the same.

因此，資本支出計劃將保持不變或大致相同。

As it relates to manufacturing footprint, we do not plan to make changes there.

由於它與製造足跡有關，我們不打算在那裡做出改變。

But, of course, independent of what just recently happened, we will always continue to evaluate our overall manufacturing footprint and make the necessary adjustments if and where we can.

但是，當然，無論最近發生了什麼，我們都將始終繼續評估我們的整體製造足跡，並在可能的情況下做出必要的調整。

And as it relates to the gross margin, I've talked before about gross margin and there's basically three major drivers for gross margin improvement.

至於毛利率，我之前談過毛利率，毛利率提高基本上有三個主要驅動因素。

First is revenue growth that translates into better factory utilization.

首先是收入成長意味著工廠利用率的提高。

Second, it's operational efficiencies and cost reductions in our internal factories, as well as throughout the supply chain and working with our suppliers.

其次，這是我們內部工廠、整個供應鏈以及與供應商合作的營運效率和成本降低。

And then thirdly, it's a mixed tailwind as Broad Markets grows faster than Mobile and Broad Markets has above average gross margin.

第三，這是一個好壞參半的順風，因為廣泛市場的成長速度快於移動，並且廣泛市場的毛利率高於平均水平。

Obviously, here, with the latest information, revenue growth is going to be challenged.

顯然，在這裡，有了最新的信息，收入成長將面臨挑戰。

And so we are going to remain with underutilization in our factories for a little bit longer than we initially anticipated.

因此，我們工廠的利用率不足的情況將比我們最初預期的持續一段時間持續下去。

And so that is not going to help in gross margins improvement.

所以這無助於提高毛利率。

But, of course, we are going to continue and actually double down on trying to find operational efficiencies in our factories as we deal with this situation.

但是，當然，在應對這種情況時，我們將繼續並加倍努力提高工廠的運作效率。

And thirdly, the gross margin tailwind from Broad Markets is actually going to blow stronger as Broad Markets is going to become a bigger part of the overall business.

第三，隨著廣泛市場在整個業務中所佔比例越來越大，來自廣泛市場帶來的毛利率順風實際上將會更加強勁。

And then, maybe, last, on operating expenses.

最後，也許是關於營運費用。

We will, of course, continue to manage our operating expenses like we've always have done at Skyworks.

當然，我們將繼續管理我們的營運費用，就像我們在 Skyworks 一直以來所做的那樣。

We run a very tight ship here.

我們這裡的管理非常嚴格。

But we have, already, as I indicated also, started, for many months, the development of new products -- a whole new suite of products -- in support of our large customer.

但正如我所指出的，我們已經開始了幾個月的新產品開發——一整套新產品——以支持我們的大客戶。

More products than ever before, right?

比以前更多的產品，對嗎？

Addressing more opportunities than ever before.

抓住比以往更多的機會。

And, obviously, we're going to continue with those developments that position as well to capture more content in the next-generation phone that's expected to be launched in 2026.

顯然，我們將繼續這些開發，以便在預計 2026 年推出的下一代手機中捕獲更多內容。

In addition to that, we've talked a little bit about that in the prepared remarks, our Broad Markets business is back to year-over-year growth.

除此之外，我們在準備好的發言中已經談到了這一點，我們的廣泛市場業務已恢復同比增長。

We expect that year-over-year growth to accelerate and improve over time.

我們預計，隨著時間的推移，年成長將會加速並改善。

And we see plenty of growth opportunities based on secular growth engines.

我們看到了大量基於長期成長引擎的成長機會。

And, of course, we need to continue to invest into the growth of our Broad Markets as well.

當然，我們還需要繼續投資於廣泛市場的成長。

Having said all of that, we understand that the setback on revenue will require a deep dive.

儘管如此，我們明白收入的下降將需要深層思考。

And we will, as a management team, continue to look at every opportunity to limit the OpEx spending.

作為管理團隊，我們將繼續尋找一切機會來限制營運支出。

Obviously, there will be an adjustment to the variable compensation, as we will not hit the targets that we set for ourselves.

顯然，由於我們無法達到我們為自己設定的目標，因此可變薪酬將會進行調整。

And we will continue to look at any opportunity to further decrease our discretionary spending.

我們將繼續尋找任何機會進一步減少可自由支配的開支。

Peter Peng, J.P. Morgan.

摩根大通的 Peter Peng。

Hey.

嘿。

Thanks for taking my question.

感謝您回答我的問題。

Just bigger picture, I think for, like, two years in a row, you've lost some content, not because of your technology positioning but

從更大的角度來看，我認為連續兩年，你們已經失去了一些內容，這不是因為你們的技術定位，而是因為

(inaudible)

（聽不清楚）

How are you thinking about your relationship with that customer, longer term?

您如何看待與該客戶的長期關係？

And does this put you into a more diversification -- accelerate your diversification strategy even faster?

這是否會讓您的多元化策略更加多元—甚至更快地加速您的多元化策略？

No.

不。

We are not changing the strategy here.

我們不會改變此策略。

Again, we've been working with that customer for 18 years.

再說了，我們已經與該客戶合作了18年。

We've built a very strong relationship -- that relationship remains intact.

我們已經建立了非常牢固的關係——這種關係仍然完好無損。

Obviously, the last couple of years has been challenging, right?

顯然，過去幾年充滿挑戰，對吧？

In part, because the competition has been intensifying; in part, because of the multi-year baseband or modem transition, which has created some turbulence amongst the RF players.

部分原因是競爭日益激烈；部分原因是由於多年的基頻或數據機轉換，這在 RF 參與者中造成了一些動盪。

But we continue to collaborate very strongly with that customer.

但我們繼續與該客戶保持密切合作。

And, as I said before, we are developing more parts than ever before, addressing more opportunities than ever before.

而且，正如我之前所說，我們正在開發的零件比以往更多，解決的機會比以往更多。

In part, because we've been asked by that customer to go do that.

部分原因是因為客戶要求我們這麼做。

And so we definitely will continue that relationship.

因此我們肯定會繼續這種關係。

And having said that, [depacification] and focusing on Broad Markets has always been part of the strategy.

話雖如此，[去太平洋化] 和專注於廣泛市場一直是該策略的一部分。

And that will, of course, remain the case.

當然，情況仍將如此。

We like our Broad Markets business.

我們喜歡我們的廣泛市場業務。

It's a very diverse business, addressing multiple markets from consumer to enterprise to infrastructure, networking and cloud, and industrial and automotive markets.

它是一項非常多元化的業務，涉及從消費者到企業到基礎設施、網路和雲端以及工業和汽車市場的多個市場。

We have some key technologies and product offerings in those markets, with strong customer relationships.

我們在這些市場擁有一些關鍵技術和產品，並建立了牢固的客戶關係。

And, of course, we will continue to invest in that market and drive growth.

當然，我們將繼續投資該市場並推動成長。

As I said before, we think our Broad Markets business should be growing double digits, more than 10% year over year.

正如我之前所說，我們認為我們的廣泛市場業務應該實現兩位數成長，年成長 10% 以上。

And that's the target.

這就是目標。

And we will continue to invest and support that business.

我們將繼續投資和支持該業務。

Got it.

知道了。

And then on the Android space, what was the revenue number for the quarter?

那麼在 Android 領域，本季的營收數字是多少？

I think last quarter was somewhere in that $75 million.

我認為上個季度的金額大約在 7,500 萬美元左右。

Do you think that we're at a stable level and we can grow from those levels?

您是否認為我們處於穩定水平，並且可以從該水平基礎上進一步發展？

That is correct.

正確。

It was in December quarter, flat sequentially.

12 月季度，環比持平。

And as you know, the Android segment is Google, Samsung, and China.

如你所知，Android 部門由Google、三星和中國組成。

There is seasonality in that business and sometimes it's offsetting seasonality.

該業務具有季節性，有時它會產生抵消季節性。

But there is definitely a seasonality in that business as well.

但該行業肯定也存在季節性。

We continue to have a strong relationship with Google.

我們與Google繼續保持著牢固的合作關係。

We have already won substantial design wins for next year and the year after.

我們已經贏得了明年和後年的大量設計訂單。

And so I think we're well positioned there.

所以我認為我們在這方面處於有利地位。

And then, as well, as it relates to Samsung and China, we will remain selective.

然後，就三星和中國而言，我們仍將保持選擇性。

But there is design win momentum that starts turning into revenue.

但設計成功的勢頭已開始轉化為收入。

And we do believe that we can grow our Android business, as a whole, this year and the year after and beyond.

我們確實相信，今年、明年乃至以後，我們的 Android 業務能夠實現整體成長。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Good afternoon.

午安.

This is [JaMar], calling for Tim.

我是 [JaMar]，正在呼叫 Tim。

Thanks for taking our questions.

感謝您回答我們的問題。

Kris, first, on your largest customer, I was hoping you could speak to competitive dynamics there?

克里斯，首先，關於你最大的客戶，我希望你能談談那裡的競爭動態？

More specifically, do you see this dual-sourcing strategy potentially reverse in future phones?

更具體地說，您是否認為這種雙重採購策略在未來的手機中可能會逆轉？

At large customer, you win because you have the best performance parts.

對於大客戶來說，您會獲勝，因為您擁有性能最佳的零件。

That's the rule.

這就是規則。

And so if there is only one supplier, obviously, that supplier will win the business.

因此，如果只有一個供應商，那麼顯然該供應商將贏得業務。

If there are two or more suppliers but one supplier has a substantially better part than anybody else, that supplier can get all the business.

如果有兩個或兩個以上的供應商，但其中一個供應商的零件品質明顯優於其他供應商，那麼該供應商就可以獲得所有業務。

If there are two or three suppliers and they are tied in terms of performance, the customer could decide to dual-source that, especially on the larger, more expensive parts.

如果有兩三家供應商，且它們在性能方面旗鼓相當，那麼客戶可以決定進行雙重採購，尤其是對於較大、較昂貴的零件。

I think that's the reality and we have to acknowledge that and face that.

我認為這就是現實，我們必須承認它並面對它。

And so it's up to us and the team to, again, continue to strengthen our technology roadmaps to develop high-performance parts and sockets that are better than our competitors.

因此，我們和團隊需要繼續加強我們的技術路線圖，並開發出比競爭對手更好的高性能零件和插座。

We, again, have the teams in place.

我們再次安排好隊伍。

We have the R&D resources and the strength and the capabilities in place.

我們擁有研發資源、實力和能力。

But we need to focus on execution and get those best performance parts in front of our customers.

但我們需要專注於執行，並將那些表現最佳的部件呈現在客戶面前。

Again, in the one particular socket that is causing some pain here, we developed a really high-performance part that is as good as our competitors' part.

再一次，在那個造成一些麻煩的特定插座中，我們開發出了一種性能真正高的部件，其品質與競爭對手的部件一樣好。

But it wasn't necessarily much better.

但情況不一定會好很多。

As a result of that, the customer decided to dual-source it.

因此，客戶決定採用雙重來源。

Got it.

知道了。

Very helpful.

非常有幫助。

And then, maybe, just a housekeeping item.

然後，也許，只是一個家事而已。

If you could just tell us what the percentage of your largest customer was this quarter?

您能告訴我們本季您最大客戶的佔比是多少嗎？

Thank you.

謝謝。

Yes.

是的。

In the December quarter, the largest customer was 72% of total revenue, which was up 9% sequentially, as we supported that customer with the ramp of their current phone.

在 12 月季度，最大的客戶佔總收入的 72%，比上一季成長 9%，因為我們為該客戶推出了其現有手機。

Also, again, I want to want to reiterate, right?

另外，我想再次重申，對嗎？

That revenue with the large customer is not just on the phone, roughly 85% -- it fluctuates a little bit from quarter to quarter -- but roughly 85% of that revenue is related to the phone.

大客戶的收入不僅僅來自電話，約 85%（每季都有波動），但約 85% 的收入與電話有關。

The other 15% is related to all other products that that customer has out in the market.

其餘 15% 與該客戶在市場上推出的所有其他產品有關。

Vivek Arya, Bank of America.

美國銀行的維韋克·阿里亞（Vivek Arya）。

Hi.

你好。

This is Liam Pharr, on behalf of the Vivek Arya.

我是 Liam Pharr，代表 Vivek Arya。

Thank you for taking the question.

感謝您回答這個問題。

I want to focus on China.

我想把重點放在中國。

With the competitor exiting that market, what is your longer-term strategy for China?

隨著競爭對手退出中國市場，您對中國的長期策略是什麼？

And if you could, how do you expect tariffs to come into play in terms of the inventory of the overall market?

如果可以的話，您認為關稅會對整個市場的庫存產生什麼影響？

Thank you.

謝謝。

Right.

正確的。

So with China and Samsung, we are remaining selective.

因此，對於中國和三星，我們仍保持選擇性。

We have a longstanding relationship with those customers.

我們與這些客戶保持著長期的合作關係。

But, many years ago, we've decided not to compete for their mid- or low-end of their products.

但是，很多年前我們就決定不去競爭他們的中階或低階產品。

But we compete for sockets with them in the high-end of the market.

但我們在高端市場上與他們競爭插座。

That's what they need us -- or our competitors, right?

這就是他們需要我們——或者我們的競爭對手，對嗎？

That's what they need high-performance RF.

這就是他們所需要的高效能射頻。

And we see opportunities there.

我們在那裡看到了機會。

As I said before, we are getting some design win momentum that is starting to ramp-up in revenue.

正如我之前所說，我們獲得了一些設計勝利的勢頭，收入開始增加。

And we will continue to do that on a selective basis.

我們將繼續有選擇地這樣做。

Thank you.

謝謝。

And just to follow-up.

只是為了後續跟進。

Looking forward to June, how are you looking at seasonality?

展望六月，您如何看待季節變化？

And how are you seeing it shape out through this first half?

您覺得上半年的情況如何？

Thank you.

謝謝。

We only got one quarter at a time.

我們每次只能得到四分之一。

But I don't see anything different, right now, than normal seasonality in our business.

但目前，我沒有發現我們的業務與正常的季節性有什麼不同。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Hey.

嘿。

This is [Eddie], for Krish.

這是 [Eddie]，代表 Krish。

Thanks for taking my question.

感謝您回答我的問題。

It sounds like your competitor has improved the performance of their product, meaningfully, this year, which pushed your main customer to dual-sourced.

聽起來你的競爭對手今年已經顯著提高了其產品的性能，這促使你的主要客戶轉向雙重採購。

But I wonder if you can quantify where the performance GAAP stands, today, between your product and that competitor's product and how that compares to last year?

但我想知道，您是否可以量化目前您的產品與競爭對手的產品之間的 GAAP 績效，以及與去年相比如何？

And I wonder if you can share any metrics or technical specifications that we can follow, that would give us an idea how that GAAP is developing, going forward, between you guys and your

我想知道你們是否可以分享一些我們可以遵循的指標或技術規範，讓我們了解 GAAP 在您和你們公司之間的發展。

[main-tier]?

[主層]？

Thank you.

謝謝。

Right.

正確的。

Again, we can't really go into the specifics, at that detailed-level, as it relates to our large customer.

再次強調，由於這與我們的大客戶有關，我們無法深入討論細節。

And performance is being measured on 5 or 10 different parameters.

並且根據 5 到 10 個不同的參數來衡量性能。

So this would become a very technical discussion.

所以這將會成為一場非常技術性的討論。

But I want to go back to the beginning of your question.

但我想回到你問題的開頭。

It's not that our competitor improved, a lot, their performance of their part.

這並不意味著我們的競爭對手在其部分的表現上有太大的進步。

That competitor, in the past, has not competed for that product.

該競爭對手過去並未參與該產品的競爭。

And it was the first year that that competitor competed for that product.

這是該競爭對手第一次競爭該產品。

And so that's the dynamic there.

這就是那裡的動態。

Got it.

知道了。

Thank you.

謝謝。

Nick Doyle, Needham.

尼克·道爾，尼德姆。

Okay.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

Broad Markets should see improving growth next quarter and it sounds like that's driven by the large customer and Wi-Fi, where inventory is more aligned.

下個季度，廣泛的市場應該會看到成長改善，這聽​​起來像是受到大型客戶和 Wi-Fi 的推動，其中庫存更加一致。

Do you have any indication of how long inventory headwinds will slow the Industrial and Infrastructure piece?

您能說明庫存阻力將在多長時間內拖累工業和基礎設施板塊嗎？

When can it reach that double-digit growth, year over year, that you discussed?

什麼時候才能達到您所說的年成長率達到兩位數呢？

Thanks.

謝謝。

That's a very good question.

這是一個非常好的問題。

But, unfortunately, visibility is not that great.

但不幸的是，能見度並不是那麼好。

I'm listening to all my peers and competitors that have huge exposure to industrial and infrastructure markets there as well.

我正在聽取所有在工業和基礎設施市場有大量經驗的同行和競爭對手的意見。

And it seemed we all struggle, a little bit, with lack of visibility there.

看起來我們都在為缺乏可見性而苦苦掙扎。

And part of that is because there is persistent excess inventory at the customer level, where we don't really have good visibility.

部分原因是由於客戶層面持續存在庫存過剩，我們對此並沒有很好的可視性。

But, now, the inventory and the distribution channel is clean -- has been cleared out.

但現在，庫存和分銷管道已經清理乾淨。

But there is still inventory at the customer level.

但客戶層面仍存在庫存。

Again, for Skyworks, that is not the biggest part of our Broad Markets, right?

再說了，對於 Skyworks 來說，這不是我們廣泛市場中最大的部分，對嗎？

We're a much bigger player in our connected IoT devices, which is roughly 40% to 45% of the business.

我們在連網物聯網設備領域佔有更大的份額，約佔業務的 40% 至 45%。

Our Automotive business, which is roughly 20% or so of our Broad Markets business.

我們的汽車業務約占我們廣泛市場業務的 20% 左右。

And so we have less exposure on some of those markets, where there is still, unfortunately, some persistent inventory correction.

因此，我們對某些市場的曝光較少，不幸的是，這些市場仍然存在持續的庫存調整。

Thank you.

謝謝。

And can you expand on the socket or anything around the type of 5G premium Android content that you won?

您能否詳細說明您贏得的 5G 優質 Android 內容類型？

Maybe, how big is the combined opportunity, any timing?

也許，綜合的機會有多大，什麼時候？

Thank you.

謝謝。

Sorry.

對不起。

The 5G -- can you repeat that?

5G——你能再說一次嗎？

The first point in your press release talked about a 5G premium Android content win?

你們新聞稿中的第一點提到了 5G 優質 Android 內容的勝利？

In Android, we continue to be selective.

在 Android 方面，我們繼續保持選擇性。

We have design wins, including with Samsung -- in the Galaxy -- and as well as many of their other products.

我們獲得了包括三星在內的多方設計合作，包括 Galaxy 產品以及他們的許多其他產品。

And that will continue, going forward.

而這種情況將會持續下去。

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

女士們、先生們，今天的問答環節就到這裡。

I'll now turn the call back over to Mr. Sennesael for any closing comments.

現在我將把電話轉回給森尼薩爾先生，請他發表最後評論。

Yes.

是的。

I would like to thank everybody for your participation at today's call.

我想感謝大家參加今天的電話會議。

And I'm looking forward to talk to you, together with Raji and Phil, at the upcoming investor meetings.

我期待著與拉吉和菲爾一起在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.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。