思佳訊 (SWKS) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions second quarter fiscal year 2025 earnings call. This call is being recorded. At this time, I will turn the call over to Raji Gill, Vice President of Investor Relations and Corporate Development for Skyworks. Mr. Gill, please go ahead.

下午好，歡迎參加 Skyworks Solutions 2025 財年第二季財報電話會議。此通話正在錄音。現在，我將電話轉給 Skyworks 投資者關係和企業發展副總裁 Raji Gill。吉爾先生，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks second fiscal quarter 2025 conference call. With me today for our prepared remarks is Phil Brace, our Chief Executive Officer and President, and Kris Sennesael, Chief Financial Officer for Skyworks. 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.

謝謝您，接線生。大家下午好，歡迎參加 Skyworks 2025 財年第二季電話會議。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 Phil Brace 和 Skyworks 財務長 Kris Sennesael。這次電話會議將透過網路進行廣播，您可以從公司網站 skyworksinc.com 的投資者關係部分存取。此外，公司準備好的評論將在電話會議結束後立即在我們的網站上公佈。

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. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today. Additionally, today's discussion will include non-GAAP financial measures, consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

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。請參閱我們的收益新聞稿和最近提交給美國證券交易委員會 (SEC) 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做出的任何前瞻性陳述產生重大不利差異的某些風險的資訊。此外，今天的討論將包括非公認會計準則財務指標，這與我們過去的做法一致。請參閱我們公司網站投資者關係部分中的新聞稿，以了解與 GAAP 的完整對帳。

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

說完這些，我會把電話轉給菲爾。

Thanks, Raji, and welcome, everyone. I'm excited to join you today for my first earnings call as CEO of Skyworks. Over the past few months, I've engaged with our customers, partners, employees and shareholders, and I'm energized by the opportunities. Since stepping into the role, I spent time getting to know our teams across the company and I've been incredibly impressed by the depth of talent and expertise throughout the organization. We have some of the smartest engineers I've ever worked with, and there's a real energy and passion for innovation that you can feel everywhere.

謝謝，拉吉，歡迎大家。我很高興今天能作為 Skyworks 執行長參加我的第一次財報電話會議。在過去的幾個月裡，我與我們的客戶、合作夥伴、員工和股東進行了交流，這些機會讓我充滿活力。自從我擔任這個職位以來，我花了很多時間去了解我們公司的各個團隊，整個組織的人才和專業知識的深度給我留下了深刻的印象。我們擁有一些我曾經共事過的最聰明的工程師，而且你可以隨處感受到一種真正的創新活力和熱情。

There's also a competitive edge and a hunger to win. It's been exciting to jump in and be part of such a strong and capable team. Skyworks sits at the center of the wireless revolution backed by a rich history in our innovation. Our proprietary technologies power some of the most demanding connectivity platforms in the world from 5G and WiFi to automotive and edge IoT, and we're continuing to push the bounds of what's possible. Now let's review our fiscal Q2 results.

還有競爭優勢和獲勝的渴望。能夠加入並成為這樣一個強大而有能力的團隊的一員是令人興奮的。Skyworks 處於無線革命的中心，擁有豐富的創新歷史。我們的專有技術為世界上一些要求最嚴格的連接平台提供支持，從 5G 和 WiFi 到汽車和邊緣物聯網，並且我們正在繼續突破可能的界限。現在讓我們回顧一下我們的第二季財務表現。

Skyworks delivered solid performance driven by our diversified portfolio and disciplined execution. We posted revenue of $953 million, delivered earnings per share of $1.24, and generated free cash flow of $371 million. Revenue, gross margin, and EPS exceeded the midpoint of our guidance. We returned a record $600 million to shareholders through share repurchases and dividend payments, the highest amount ever. This underscores our confidence in the long-term outlook as well as our commitment to delivering value to shareholders. Let's provide some additional color on the business.

在多元化的產品組合和嚴謹的執行力推動下，Skyworks 取得了穩健的表現。我們公佈的營收為 9.53 億美元，每股收益為 1.24 美元，並產生了 3.71 億美元的自由現金流。收入、毛利率和每股盈餘都超過了我們預期的中位數。我們透過股票回購和股息支付向股東返還了創紀錄的 6 億美元，這是有史以​​來的最高金額。這凸顯了我們對長期前景的信心以及我們為股東創造價值的承諾。讓我們為該業務提供一些額外的資訊。

In mobile, we experienced typical seasonal patterns during the March quarter while executing on multiple new product launches with our leading mobile customers. Smartphones are evolving with AI, driving more uplink intensive workloads like real-time voice processing and enhanced imaging. Over time, this trend should drive higher transmit power, better efficiency, and expanded uplink MIMO areas where Skyworks is strongly positioned.

在行動領域，我們在三月季度經歷了典型的季節性模式，同時與領先的行動客戶一起推出了多款新產品。智慧型手機正在隨著人工智慧的發展而不斷發展，推動更多上行鏈路密集型工作負載，如即時語音處理和增強成像。隨著時間的推移，這一趨勢將推動更高的發射功率、更好的效率，並擴大 Skyworks 佔據強勢地位的上行鏈路 MIMO 領域。

In our diversified businesses, we've seen a steady recovery underway for more than a year with five consecutive quarters of sequential revenue growth, and two quarters of positive year-over-year comparisons. This improvement is being driven by strength in automotive, edge IoT, and WiFi 7 adoption across consumer and enterprise devices.

在我們的多元化業務中，我們已經看到了一年多以來的穩定復甦，連續五個季度的收入連續增長，並且兩個季度的同比增長。這項改進得益於汽車、邊緣物聯網和 WiFi 7 在消費者和企業設備上的大力採用。

Demand signals are firming, bookings are improving, and in most segments, we're seeing inventory normalization across the distribution channel. In Edge IoT, WiFi 7 adoption is accelerating to meet real-time demands like high-resolution video and smart sensors. It's advanced capabilities are driving greater RF content per system, creating strong momentum for our connectivity portfolio. In addition, we've already begun early development on WiFi 8 to solidify our technology leadership in the next-generation wireless connectivity.

需求訊號正在增強，預訂量正在改善，在大多數領域，我們看到整個分銷管道的庫存正在正常化。在邊緣物聯網中，WiFi 7 的採用正在加速，以滿足高解析度視訊和智慧感測器等即時需求。它的先進功能正在推動每個系統產生更大的射頻內容，為我們的連接產品組合創造強勁動力。此外，我們已經開始對 WiFi 8 進行早期開發，以鞏固我們在下一代無線連接方面的技術領先地位。

In automotive, the move to software-defined vehicles is driving the need for robust wireless connectivity. As these vehicles rely on over-the-air updates, real-time sensor data processing and interconnectivity between vehicle systems. The RF content should also scale up. Lastly, as AI drives more complex data center workloads, the need for tighter integration between timing devices and processors is growing. While still early, we see a long-term opportunity to capitalize on this trend with our precision timing portfolio.

在汽車領域，向軟體定義汽車的轉變正在推動對強大無線連接的需求。因為這些車輛依賴無線更新、即時感測器數據處理和車輛系統之間的互聯互通。RF 內容也應擴大。最後，隨著人工智慧推動更複雜的資料中心工作負載，對計時設備和處理器之間更緊密整合的需求也日益增長。雖然還處於早期階段，但我們看到了一個利用精確計時產品組合來利用這一趨勢的長期機會。

Overall, we're encouraged by the momentum in our diversified businesses our position in next-generation product cycles from automotive connectivity to edge IoT to timing reinforces our long-term trajectory. Turning to our quarterly business highlights. We secured design wins across 5G premium Android smartphones and for in-vehicle infotainment systems with major OEMs. We also expanded WiFi 7 across enterprise access points, routers, and home mesh networks.

總體而言，我們多元化業務的發展勢頭令我們感到鼓舞，我們在從汽車連接到邊緣物聯網再到計時的下一代產品週期中的地位鞏固了我們的長期發展軌跡。談談我們季度的業務亮點。我們贏得了主要 OEM 的 5G 高階 Android 智慧型手機和車載資訊娛樂系統的設計訂單。我們也將 WiFi 7 擴展到企業存取點、路由器和家庭網狀網路。

Before I turn the call over to Chris for a discussion of last quarter's performance and outlook for Q3 of fiscal '25, I would like to highlight some changes to the executive leadership team.

在我將電話轉給克里斯討論上個季度的表現和 25 財年第三季的展望之前，我想強調一下執行領導團隊的一些變化。

First, Mark Dentinger will be succeeding Kris as the CFO of Skyworks effective June 2, 2025. Mark brings significant CFO level and strategic experience across the technology sector. His deep expertise and proven track record make him a strong addition to the Skyworks leadership team. Chris will be stepping down to pursue another professional opportunity. On behalf of the entire Board and everyone at Skyworks, I'd like to thank him for his valuable contributions and wish him success in his new endeavors.

首先，Mark Dentinger 將於 2025 年 6 月 2 日起接替 Kris 擔任 Skyworks 財務長。馬克在整個技術領域擁有豐富的財務長級別和策略經驗。他深厚的專業知識和出色的業績記錄使他成為 Skyworks 領導團隊的強大補充。克里斯將辭去職務去尋求另一個職業機會。我謹代表整個董事會和 Skyworks 的所有人，感謝他的寶貴貢獻，並祝福他在新的工作中取得成功。

Second, Todd Lepinski will be succeeding Carlos Bori of Skyworks' Senior Vice President, Sales and Marketing, effective June 2, 2025. Todd brings experience driving global revenue growth and building high-performance teams in the semiconductor and technology sectors. Carlos will be shifting to an advisory role to help ensure a smooth transition. I'm looking forward to partnering with Mark and Todd and leveraging their strong leadership capabilities as we execute on our long-term strategic initiatives.

其次，Todd Lepinski 將接替 Carlos Bori 擔任 Skyworks 銷售和行銷資深副總裁，該任命將於 2025 年 6 月 2 日起生效。托德擁有推動全球收入成長和在半導體和技術領域建立高績效團隊的經驗。卡洛斯將轉任顧問角色，以協助確保順利過渡。我期待與馬克和托德合作，並在我們執行長期戰略計劃時利用他們強大的領導能力。

Thanks, Phil. First of all, I would like to thank all Skyworks stakeholders, including the Board, the executive team, and employees around the world for many years of strong collaboration. It's been an honor and privilege to serve as Skyworks CFO for the last right years. I only work for a short period of time with Phil, but I know that under his leadership with the help of Mark and Todd and the rest of the executive team, Skyworks will prosper in the years ahead.

謝謝，菲爾。首先，我要感謝 Skyworks 的所有利害關係人，包括董事會、執行團隊和全球員工多年來的密切合作。過去幾年擔任 Skyworks 財務長是我的榮幸。我與菲爾共事的時間並不長，但我知道，在他的領導下，在馬克、托德和其他執行團隊成員的幫助下，Skyworks 在未來幾年將會蓬勃發展。

Now let's turn to the quarterly results. Skyworks revenue for the second fiscal quarter of 2025 was $953 million, above the midpoint of our outlook. Mobile revenue was 62% of total revenue, down 17% sequentially, consistent with historical seasonal patterns as demand normalizes following peak holiday shipments.

現在讓我們來看看季度業績。Skyworks 2025 財年第二季的營收為 9.53 億美元，高於我們預期的中位數。行動收入佔總收入的 62%，季減 17%，與歷史季節性模式一致，因為假期出貨高峰後需求恢復正常。

Revenue from our broad market portfolio, which includes edge IoT, automotive and industrial, and infrastructure networking and cloud increased 2% sequentially, and grew 3% year-over-year, marking our fifth consecutive quarter of growth since reaching a cyclical low in the December quarter of 2023. This sustained momentum reflects the expanding diversification of our business, even amid a volatile macro environment and ongoing inventory digestion in certain end markets.

我們廣泛的市場組合（包括邊緣物聯網、汽車和工業、基礎設施網路和雲端）的收入環比增長 2%，同比增長 3%，這是自 2023 年 12 月季度達到週期性低點以來我們連續第五個季度實現增長。這種持續的發展勢頭反映出，即使在宏觀環境動盪且某些終端市場持續消化庫存的情況下，我們的業務仍在不斷多樣化。

Gross profit was $445 million with gross margin at 46.7%, exceeding our expectations, driven by favorable mix, continued execution on our cost reduction initiatives, and operational efficiencies. We also made further progress in improving our working capital position, marking our ninth consecutive quarter of inventory reduction. Operating expenses were $223 million, aligned with our strategic priorities. These investments support our long-term technology and product road maps. Looking ahead, we remain focused on striking an appropriate balance investing in innovation and strategic market expansion, while maintaining cost controls to protect and grow profitability.

毛利為 4.45 億美元，毛利率為 46.7%，超出我們的預期，這得益於良好的產品組合、持續執行的成本削減計劃以及營運效率。我們也在改善營運資金狀況方面取得了進一步進展，這標誌著我們連續第九個季度減少庫存。營運費用為 2.23 億美元，與我們的策略重點一致。這些投資支持我們的長期技術和產品路線圖。展望未來，我們將繼續致力於在投資創新和策略市場擴張之間取得適當的平衡，同時保持成本控制以保護和提高獲利能力。

We delivered operating income of $222 million, translating into an operating margin of 23.3%, demonstrating financial discipline as we invest for growth. We generated $5 million of other income and our effective tax rate was 13.4%, driving net income of $197 million and diluted earnings per share of $1.24, $0.04 above our guidance.

我們實現了 2.22 億美元的營業收入，營業利潤率為 23.3%，體現了我們在投資成長的同時所採取的財務紀律。我們產生了 500 萬美元的其他收入，我們的有效稅率為 13.4%，推動淨收入達到 1.97 億美元，每股攤薄收益為 1.24 美元，比我們的預期高出 0.04 美元。

We demonstrated robust cash generation, with operating cash flow of $410 million, capital expenditures of $39 million, and a free cash flow of $371 million or a 39% free cash flow margin. Our ability to consistently convert earnings into cash is a cornerstone of our financial strategy. Throughout the second fiscal quarter, we remain committed to disciplined capital allocation, returning value to shareholders through both dividends and share repurchases.

我們展示了強勁的現金創造能力，營運現金流為 4.1 億美元，資本支出為 3,900 萬美元，自由現金流為 3.71 億美元，自由現金流利潤率為 39%。我們將收益持續轉化為現金的能力是我們財務策略的基石。在整個第二財季，我們將繼續致力於嚴格的資本配置，透過股利和股票回購為股東帶來價值回報。

During fiscal Q2, we distributed $111 million in dividends and repurchased 7.4 million shares of our common stock for a total of $500 million, translating to over $600 million capital returned to shareholders, the largest quarterly return ever. After the end of the quarter and through May 2, we repurchased an additional 3.6 million shares of our common stock for a total of $212 million under an established 10b5-1 program.

在第二財季，我們派發了 1.11 億美元的股息，並回購了 740 萬股普通股，總額達 5 億美元，相當於向股東返還了超過 6 億美元的資本，這是有史以​​來最高的季度回報。本季結束後至 5 月 2 日，我們根據既定的 10b5-1 計畫額外回購了 360 萬股普通股，總計 2.12 億美元。

At quarter end, we maintained a solid cash position and a well-structured balance sheet, with over $1.5 billion in cash and investments and $1 billion in debt, providing us with financial strength and flexibility to support both near and long-term priorities. We view our strong balance sheet and consistent free cash flow as key strategic assets.

在本季末，我們保持了穩固的現金狀況和結構良好的資產負債表，擁有超過 15 億美元的現金和投資以及 10 億美元的債務，為我們提供了財務實力和靈活性，以支持近期和長期優先事項。我們將強勁的資產負債表和持續的自由現金流視為關鍵策略資產。

Before we go into the details of our outlook for Q3 of fiscal 2025, I'd like to briefly address the recent macroeconomic and tariff developments. While the evolving tariff landscape presents new complexities, we believe our diversified global supply chain positions us to navigate potential disruptions as this is a dynamic environment we will continue to actively monitor the situation.

在我們詳細介紹 2025 財年第三季的展望之前，我想先簡單介紹一下最近的宏觀經濟和關稅發展。儘管不斷變化的關稅格局帶來了新的複雜性，但我們相信，我們多樣化的全球供應鏈使我們能夠應對潛在的中斷，因為這是一個動態的環境，我們將繼續積極監控情況。

With that context, for the third quarter of fiscal 2025, we anticipate revenue of $920 million to $960 million. We expect our mobile business to decline low single digits sequentially, in line with typical seasonal patterns. Broad markets remain on track for another quarter of sequential growth with year-over-year trends accelerating.

基於此，我們預計 2025 財年第三季的營收為 9.2 億至 9.6 億美元。我們預計，我們的行動業務將環比下降個位數，符合典型的季節性模式。大盤仍有望實現又一個季度的連續成長，且年比趨勢正在加速。

We are encouraged by improving bookings, backlog and channel sell-through. Gross margin is projected to be between 46% and 47%. We anticipate operating expenses in the range of $220 million to $230 million. As we continue to invest in our technology and product development road maps, fueled by our strong cash flow generation. Below the line, we anticipate $5 million in other income, an effective tax rate of approximately 13% and a diluted share count of approximately 152 million shares. Accordingly, at the midpoint of the revenue range of $940 million, we intend to deliver diluted earnings per share of $1.24.

預訂量、積壓訂單量和通路銷售量的提高令我們感到鼓舞。預計毛利率在46%至47%之間。我們預計營運費用將在 2.2 億美元至 2.3 億美元之間。在強勁現金流的推動下，我們將繼續投資於我們的技術和產品開發路線圖。低於該標準，我們預計其他收入為 500 萬美元，有效稅率約為 13%，稀釋股數約為 1.52 億股。因此，在 9.4 億美元的收入範圍中點，我們打算實現每股 1.24 美元的稀釋收益。

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

現在，讓我將發言權交還給菲爾，請他做最後的評論。

Thank you, Kris. As we wrap up, I want to take a moment to reflect on some key business initiatives. First, we must reinforce our leadership position in mobile, focusing on what we do best, developing the most innovative solutions in the industry and delivering the highest performance RF products to our customers. Second, accelerate the growth in our diversified businesses. Third, optimize operational efficiency with cost discipline and gross margin improvements.

謝謝你，克里斯。最後，我想花點時間回顧一些關鍵的業務舉措。首先，我們必須鞏固我們在行動領域的領導地位，專注於我們最擅長的領域，開發業內最具創新性的解決方案，並為我們的客戶提供最高性能的射頻產品。二是加速多元化業務發展。第三，透過控製成本和提高毛利率來優化營運效率。

Before I close, I want to thank our employees for their incredible dedication and our customers and partners for their continued trust and collaboration. Operator, let's open the line for questions.

最後，我要感謝我們員工的非凡奉獻精神以及客戶和合作夥伴的持續信任與合作。接線員，讓我們打開熱線來回答問題。

(Operator Instruction)

（操作員指令）

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Hi, good morning. I hope you can hear me now. So well done, Phil and Kris, we'll certainly miss you. But perhaps, Phil, the first question would be for you. you haven't been at Skyworks long, but I'm sure you've been working hard to kind of dig in here. perhaps some initial thoughts about strategy, about sort of where you're looking to take the company just kind of an assessment of particular strategic changes you might be contemplating at the moment.

嗨，早安。我希望你現在能聽到我的聲音。菲爾和克里斯，你們幹得真棒，我們一定會想念你們的。但菲爾，也許第一個問題應該問你。您在 Skyworks 工作的時間並不長，但我相信您一直在努力在這裡紮根。也許是一些關於策略的初步想法，關於您希望帶領公司走向何方，只是對您目前正在考慮的特定策略變化進行評估。

Thanks, Chris. I appreciate the acknowledgment. Some of the things I've been most excited about so far, I mean, first, when you look at the core technology and the core engineers that we have, some of the smartest people I've worked with in my career and really are at the foundation of kind of the core wireless capability you have. And so one of the things I'm most excited about when you think about where Skyworks positioned long term, you look at how many devices are out there connected to the Internet and the vast majority of them are and will be connected wirelessly. And some of our core technology is right in the center of that.

謝謝，克里斯。我非常感謝您的認可。到目前為止，我最興奮的事情是，首先，當你看到我們擁有的核心技術和核心工程師時，我職業生涯中曾與一些最聰明的人共事，他們確實是我們所擁有的核心無線功能的基礎。因此，當您考慮 Skyworks 的長期定位時，我最興奮的事情之一就是看看有多少設備連接到互聯網，其中絕大多數都是並將以無線方式連接。我們的一些核心技術就位於其中。

And so I think you can imagine that some of the things I'm looking for going forward is how do we take and build upon that core wireless capability and look for adjacencies that continue to fuel that growth. And that's really where I'll be focused on of my energy.

因此我想你可以想像我正在尋找的一些事情是我們如何利用和建立核心無線功能並尋找繼續推動這種成長的鄰接關係。這才是我真正要集中精力的地方。

Great. As a follow-up question is with regard to broad markets. And it sounds like you've seen a little bit of bookings improvement and certainly some sequential growth there. What sort of -- I guess, in the short term, what sort of growth do you think -- well, I guess to start, do we think that customer inventories have now normalized. And therefore, we're getting on a more normal growth path here?

偉大的。後續問題是關於廣大市場的。聽起來你已經看到預訂量有所改善，而且肯定有一些連續的增長。我想，在短期內，您認為會有什麼樣的成長？嗯，首先，我們是否認為客戶庫存現在已經正常化了。因此，我們正走上更正常的成長道路？

And what do you think that growth path is likely to be? Where do you see the longer-term growth in this broad markets business where is the trajectory for the rest of the year?

您認為成長路徑可能是什麼樣的？您如何看待這個廣大市場業務的長期成長？今年剩餘時間的發展軌跡如何？

I think it is a good question. I think in general, like if we look, step back and look overall at those businesses in general, I think if we look in general, A lot of those businesses still had pretty significant inventory corrections post-COVID. In many cases, some of the businesses had infamous golden screw, right? And so as a result, customers just bought tonnes and tonnes of inventory, I think in general, across the landscape, we've seen a normalization of that.

我認為這是個好問題。我認為，總的來說，如果我們退一步，從整體上看這些企業，我認為如果我們從總體上看，很多企業在疫情後仍然進行了相當大的庫存調整。很多時候，有些企業都有臭名昭著的金螺絲，對吧？因此，客戶購買了大量庫存，我認為總體而言，我們已經看到這種情況正常化。

We started to see inventories getting back to normal positions, booking trends continue. So I think in general, what we're seeing is kind of that hangover that we experienced we think that's behind us. If we dig down, right, and look at the kind of the three segments underneath it, with Edge IoT, that's really about WiFi 7 adoption, right? That is really at the early ages or early innings, I would say, of deployment that has more RF content per device, more performance, strong customer value proposition. I think that will be a tailwind for us going forward.

我們開始看到庫存恢復到正常水平，預訂趨勢持續。所以我認為總的來說，我們所看到的是我們經歷過的那種宿醉，我們認為那已經過去了。如果我們深入挖掘，請看看其下面的三個部分，對於 Edge IoT，這實際上與 WiFi 7 的採用有關，對嗎？我想說，這確實處於部署的早期階段或早期階段，每個設備具有更多的射頻內容、更高的效能和強大的客戶價值主張。我認為這將成為我們前進的順風。

On the automotive side, we're seeing good year-over-year growth there. And it's really important to note that, that -- what we're seeing there really is not just tied to EVs or particular how that combustion engines, whether it's EV combustion engines or hybrids, it's really around the software-defined vehicles and all the connectivity that's around that. And so we're seeing good growth there. And then on the Infrastructure Networking Cloud, that's an area were still a little bit choppy from that side. But I think long term, some of the secular trends with respect to what's happening in the data centers and the connectivity space, I think that's going to continue to normalize there as well.

在汽車方面，我們看到了良好的同比增長。值得注意的是，我們所看到的不僅與電動車或內燃機有關，無論是電動車內燃機還是混合動力車，它都與軟體定義的汽車以及與之相關的所有連接有關。因此我們看到那裡出現了良好的增長。然後在基礎設施網路雲方面，這是一個仍然有點不穩定的領域。但我認為從長遠來看，資料中心和連接領域發生的一些長期趨勢也將繼續正常化。

So on balance, I think we've seen, right, overall inventory correction, we're starting to see some return to normal growth. And then underneath that, it's WiFi 7 connected cars and infrastructure that we can connect. That's kind of how we see that.

所以總的來說，我認為我們已經看到了整體庫存調整，我們開始看到一些恢復正常成長。在這之下，我們可以連接 WiFi 7 連網汽車和基礎設施。我們就是這麼看的。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

This [Young Poo], on for Karl Ackerman, thank you for taking my question. So I just want to touch on tariffs. I know it's a fluid topic, but I just want to understand, how your view -- how do you view tariffs and what portion of your costs could get qualified for USMCA import exam status given that you have the Mexico fab? As you, I just said, could you also discuss how you can -- how much of your -- is your ability to pass on tariff cost to and the customers like -- Thank you very much.

我是 [Young Poo]，代表 Karl Ackerman 提問，感謝您回答我的問題。我只想談關稅問題。我知道這是一個不確定的話題，但我只是想了解，您如何看待關稅，以及考慮到您擁有墨西哥工廠，您的哪一部分成本可以獲得 USMCA 進口考試資格？正如我剛才所說，您能否也討論一下您如何——您有多少能力將關稅成本轉嫁給客戶——非常感謝。

So this is Phil. Maybe I'll just take a high-level remark, and then I'll pass it over to Kris for any particular details on it. Look, in general, the tariff environment is incredibly dynamic, right? As you can probably imagine, I'm not telling you any news there.

這就是菲爾。也許我只是發表一個高層次的評論，然後我會把它交給克里斯來了解任何具體的細節。總的來說，關稅環境非常活躍，對嗎？您可能可以想像，我不會告訴您任何新聞。

I think our current assessment, though, given our supply chain and where we are, the current guidance really reflects any impact that we see that, and we're continuing to monitor that daily, and I think our guidance reflects what we believe to be the current environment right now. And I think our diversified supply chain where we ship things, how we ship them, where we get the manufactured, with free trade zones, all sorts of other things that are happening. I think all of that is reflected in our current guidance. Having said that, obviously, we monitor every single day, and we'll continue to do so. But right now, the current guidance reflects what we believe is the current environment for tariffs.

不過，我認為，考慮到我們的供應鏈和我們所處的位置，我們目前的評估確實反映了我們所看到的任何影響，而且我們將繼續每天監控這一點，我認為我們的指導反映了我們認為的當前環境。我認為我們的多元化供應鏈包括運送貨物的管道、運送方式、製造產品的地點、自由貿易區等各種正在發生的事情。我認為所有這些都反映在我們當前的指導中。話雖如此，顯然我們每天都在監控，而且我們會繼續這樣做。但目前，目前的指導反映了我們認為的當前關稅環境。

No. Just I mean, based on our current understanding of the tariff landscape, we don't see any major direct impact on our business. Obviously, we will continue to work with our customers and supply chain partners. But for now, as it stands, no major direct impact on our business.

不。我的意思是，根據我們目前對關稅狀況的了解，我們認為我們的業務不會受到任何重大的直接影響。顯然，我們將繼續與我們的客戶和供應鏈合作夥伴合作。但就目前情況而言，對我們的業務沒有重大的直接影響。

Thank you. And as a follow up, can you discuss -- would you be able to maintain your cap outlook or do you have any intention to move around your manufacturing locations to avoid tariffs? Thank you.

謝謝。作為後續問題，您能否討論一下——您是否能夠維持您的上限前景，或者您是否有意轉移您的製造地點以避免關稅？謝謝。

Our CapEx spending is really focused on on new product, new technology development versus any sort of production capacity. So any -- most of the CapEx you see, the vast majority of is on is on new technology development. So I wouldn't necessarily see -- I wouldn't expect to see any change with the respect to our CapEx plans based on that.

我們的資本支出實際上集中在新產品、新技術開發上，而不是任何類型的生產能力。因此，您所看到的大部分資本支出，絕大多數都用於新技術開發。因此，我不會期望看到我們的資本支出計劃發生任何變化。

And just CapEx is running on or about mid single digits as a percent to revenue.

僅資本支出就佔收入的百分比就達到或接近個位數。

Thank you very much.

非常感謝。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德（Edward Snyder），憲章公平研究公司。

Thank you very much. A couple of questions, if I could. First off, it looks like based on the content and your largest customers following from the [business] we've done and other folks have done and stuff we saw from last year that is it fair to assume that you think your content will bottom end of this year and then maybe make a slow recovery. I know it depends a lot on mix and I know it's hard to predict. I think Qualcomm guided 30-70 mix favoring their solution. So I just want to get an update on your view of where you think your content will bottles customers?

非常感謝。如果可以的話，我有幾個問題。首先，根據內容和您的最大客戶對我們和其他人所做的[業務]以及我們從去年看到的情況，可以合理地假設您認為您的內容將在今年年底觸底，然後可能會緩慢復甦。我知道這很大程度上取決於混合，而且我知道這很難預測。我認為高通引導了 30-70 的混合以支持他們的解決方案。所以我只是想了解您的看法，您認為您的內容會在哪些方面阻礙客戶？

It's Phil. Nice to talk with you again. As you might imagine, we we can't really comment on specific customers' plans and what's get going. But generally speaking, let me try and give you a little bit of color.

我是菲爾。很高興再次與您交談。正如您可能想像的那樣，我們無法真正評論特定客戶的計劃及其進展。但總的來說，讓我試著給你一點色彩。

I mean when I look holistically, I think we have some tailwinds behind us in that regard. The first is we've got to deliver better products and compete for the sockets that we believe we have the chance to win. And I think we're putting our best foot forward there on that. Second, I think there's going to be a trend that's going to have more RF content, as I talked about with complexity workloads, MIMO capabilities and those kind of things. And then thirdly, I do think there's some potential content differences that may happen with respect to certain solutions that may happen on the baseband side.

我的意思是，當我從整體上看時，我認為我們在這方面有一些順風。首先，我們必須提供更好的產品，並爭取我們認為有機會贏得的市場。我認為我們正在為此盡最大努力。其次，我認為將會出現一種趨勢，即包含更多的 RF 內容，正如我談到的複雜性工作負載、MIMO 功能和諸如此類的事情。第三，我確實認為，對於基頻方面的某些解決方案，可能會出現一些潛在的內容差異。

And I think some of those trends, right, should play in our favor. So look, I think overall, I think there's 3 things. And then you overlay that, we're hopefully, you got some tailwind on the unit side with respect to AI adoption, and I think we've got some things that work in our favor. -- look, we have to continue to execute. As I've always said, we've got to deliver great products.

我認為其中一些趨勢應該對我們有利。所以，我認為總的來說，有三件事。然後疊加這一點，我們希望在人工智慧採用方面，在單位方面能獲得一些順風，我認為我們已經取得了一些對我們有利的進展。 ——瞧，我們必須繼續執行。正如我一直說的，我們必須提供優質的產品。

You have a great product you win. You have a [indiscernible] and you have a bad product loose. And that's the game we're planned. So that's what we're focused on.

您擁有出色的產品，您贏了。您有一個[音頻不清晰]並且有一個鬆散的劣質產品。這就是我們計劃的遊戲。這就是我們所關注的重點。

My follow-up. I know that your filters are built out of Japan and BAW is anyway. And then the part that you kind of gave up to Avago used a lot of those, and so you got utilization issues. That -- first of all, between the lower utilization and some of the advances you made in filters reducing the die size, is it fair to assume that even if you were to win a larger module that takes a lot more filters, you would have to put a lot more CapEx into that facility? Or it depends on the module like the mid-high band et cetera.

我的後續行動。我知道您的濾鏡是日本製造的，而且 BAW 也是。然後，您交給 Avago 的部分使用了很多這些，因此您遇到了利用率問題。首先，在較低的利用率和您在減小晶片尺寸的過濾器方面取得的一些進展之間，是否可以公平地假設，即使您贏得了一個需要更多過濾器的更大模組，您也必須在該設施中投入更多的資本支出？或取決於中高頻段等模組。

It's got 22 filters in it. No matter what, if that were to come about, you're still going to need CapEx expansion even with where you are today?

它裡面有 22 個過濾器。不管怎樣，如果這種情況發生了，即使在現在的情況下，你仍然需要擴大資本支出嗎？

I think one clarity is the particular area you talked about, I would characterize that as a jump ball where we split versus clear win where we got 100%. So it wasn't -- I would just say that. And the other -- to your point on CapEx expansion. I mean, look, right now, I think we are sufficiently capitalized from a production capability. I don't expect to have any capacity concerns with respect to that.

我認為一個清晰度是你談到的特定領域，我會將其描述為我們分裂的跳球與我們獲得 100% 的明確勝利。所以事實並非如此——我只是想這麼說。另外—關於您關於資本支出擴張的觀點。我的意思是，現在，我認為我們的生產能力已經夠資本化了。我預計不會對此產生任何容量方面的擔憂。

Our capacity investments right now are really focused on new technology development that we need that we need to power the innovation forward. So right now, I'm not expecting -- certainly not expecting any incremental capacity need for production based on what I can see as far as I can see.

我們目前的產能投資主要集中在推動創新所需的新技術開發。因此，就目前而言，我並不期望——就我所知，當然也不期望生產需要增加任何產能。

Okay, but just to be clear, you have to have the capacity in place before you're awarded a big module, any big OEM correct. This can't be done after after the fact, correct?

好的，但需要明確的是，在獲得大模組之前，您必須具備相應的產能，任何大型 OEM 都是正確的。事後這不可能做到，對嗎？

Right. And so, we do have plenty of capacity in place to absorb a potential large upside to the business.

正確的。因此，我們確實有足夠的能力來吸收業務潛在的巨大優勢。

Great, thank you.

太好了，謝謝。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hi guys, thanks so much for taking my question. I really just have a multi-part question, and that's it. Phil, you highlighted your three priorities, one of which is stabilizing and maybe regrowing your business with your leading smartphone customers. So do you feel any differently today versus what you communicated last quarter with respect to your blended content in upcoming -- the upcoming smartphone launch at your largest customer? And then with respect to optimizing operational efficiency, could you give us a sense of where your utilization rates are now and what those -- what the goal may be in terms of optimizing that manufacturing footprint.

大家好，非常感謝您回答我的問題。我實際上只有一個由多個部分組成的問題，僅此而已。菲爾，您強調了您的三個優先事項，其中之一就是穩定並可能重新發展與主要智慧型手機客戶的業務。那麼，關於即將向最大客戶推出的智慧型手機的混合內容，您今天的感覺與上個季度傳達的感覺有什麼不同嗎？然後關於優化營運效率，您能否告訴我們您目前的利用率是多少，以及在優化製造足跡方面的目標是什麼。

Let me try, and I'll have Kris jump in here. I think the one thing I guess I would characterize, if you look at -- in general, the mobile business in general, it's characterized by very short product cycles, you got to earn the business every year, every other year, you got to deliver highly competitive parts, and it's a very competitive landscape. I believe we've got some of the best, if not the best offer engineers in the planet. But sometimes having the best team on the floor doesn't necessarily mean you win every game.

讓我試試，然後我會讓克里斯跳進來。我認為我想描述的一件事是，如果你看一下——總的來說，行動業務的特點是產品週期非常短，你必須每年、每隔一年贏得業務，你必須提供極具競爭力的零件，這是一個競爭非常激烈的領域。我相信我們擁有世界上一些最優秀的工程師，即使不是最好的。但有時擁有最好的球隊並不一定意味著你能贏得每一場比賽。

But I'm feeling very good about where we are, the investments we're making, the people we've got and we're working really hard to do it. And we're laser-focused on doing it. And frankly, I'm taking no excuses kind of thing, right? We just got to deliver better parts period. The answer is we've got to deliver better parts.

但我對我們目前的狀況、我們正在進行的投資、我們擁有的人才以及我們正在為此付出的努力感到非常滿意。我們全心全意地致力於此。坦白說，我不會接受任何藉口，對吧？我們只需要提供更好的零件。答案是我們必須提供更好的零件。

So there's a lot of rhetoric around stuff being done to us, and I just don't like that rhetoric at all. I think the reality is we've got to deliver the best parts and we'll take care of ourselves. And that's what we need to be focused on. I think your other question was around (multiple speakers) utilization.

因此，針對我們所遭受的事情存在著許多言論，而我一點也不喜歡這些言論。我認為現實情況是我們必須提供最好的部分，我們會照顧好自己。這正是我們需要關注的。我認為您的另一個問題是關於（多個揚聲器）利用率的。

Its maximizing that --

它最大化了--

Yeah, Gary, as it relates to utilization rates, obviously, we have multiple factories in the U.S., in Japan and Singapore and in Mexico. The utilization rate varies by manufacturing location, but I would go back to my previous answer, we have plenty of capacity in those factories. And so as future revenue growth is going to fuel better factory utilization that will lead to gross margin improvements without us having to put much capacity in place to fulfill future revenue growth. And Gary, maybe as it relates to, of course, the blended content at the next upcoming phone, that obviously has not changed.

是的，加里，就利用率而言，顯然我們在美國、日本、新加坡和墨西哥擁有多家工廠。利用率因製造地點而異，但我回到先前的回答，這些工廠有足夠的產能。因此，未來的收入成長將推動更好的工廠利用率，從而提高毛利率，而我們無需投入太多產能來實現未來的收入成長。加里，也許這與下一款即將推出的手機的混合內容有關，這顯然沒有改變。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hi, guys. Thanks for the question and welcome, Phil, and Chris, sorry to see you leave. Phil, you mentioned some wireless excellence at the company. And looking at adjacent markets, also you came from the IoT world, previously. Could that be an adjacency for you whether it's cellular or unlicensed?

嗨，大家好。感謝您的提問，歡迎菲爾和克里斯，很遺憾看到你們離開。菲爾，你提到了公司在無線領域的一些卓越成就。看看鄰近的市場，您之前也來自物聯網領域。無論是蜂窩網絡還是未經授權的網絡，這對您來說都是一種鄰接嗎？

Look, I'm not going to comment on particular areas of focus there. Obviously, it came from the IT side. But I would say my purview is a very wide wide landscape. I mean some of our core technologies are acoustic resonators, filter designs, some of the core processes that are involved in that packaging multichip packaging modules, very tight integration.

聽著，我不會對那裡特別關注的領域發表評論。顯然，它來自IT方面。但我想說我的視野非常廣闊。我的意思是，我們的一些核心技術是聲學諧振器、濾波器設計，以及涉及封裝多晶片封裝模組的一些核心工藝，非常緊密的整合。

I mean the technology required to deliver some of our solutions is just incredible. And so I look to a wide range of things where we could go there. So I'm not going to comment on specific areas as you might guess.

我的意思是，提供我們的某些解決方案所需的技術簡直令人難以置信。因此，我期待著我們可以去那裡的各種各樣的地方。因此，正如您可能猜到的那樣，我不會對特定領域發表評論。

Fair enough. And then secondly. And saw and typically lower frequencies you have made a push in the bar, but we haven't had any major updates there I think in a little bit. Is this a focus for you and is there kind of you see any evidence of greater traction in moving forward and doubling your efforts there? Thanks.

很公平。其次。並且看到，通常較低的頻率你已經在酒吧里做出了推動，但我認為我們還沒有在那裡進行任何重大更新。這是您的關注點嗎？您是否看到任何證據表明您在這方面取得更大進展並加倍努力？謝謝。

Look, I think as like a critical component of our technology, and we remain significantly invested in that, and we've got a very robust road map going forward. And so I think we've seen good traction in that, and that continues to be a cornerstone of our investment.

看，我認為這是我們技術的關鍵組成部分，我們仍然對此進行大量投資，並且我們有一個非常強大的未來路線圖。因此我認為我們已經看到了良好的進展，並且這將繼續成為我們投資的基石。

Thanks a lot.

多謝。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey, guys. Thanks for taking my question and film Mark, congrats on the roles. I look forward to working with you, a tactical first and then a longer term one in the March and the June quarter, can you guys give what Android did, in both of those quarters in the mobile business?

嘿，大家好。感謝您回答我的問題，並祝賀電影馬克獲得這些角色。我期待與您合作，首先是戰術層面的合作，然後是三月和六月季度的長期合作，您能否介紹一下 Android 在這兩個季度的行動業務表現如何？

Yeah, so Android was in the March quarter flat on a sequential basis. So in that on about $70 million range. But we do expect a sizable sequential bump up in the June quarter for Android.

是的，Android 在 3 月季度的銷量與上一季持平。所以這個數字大約在 7,000 萬美元左右。但我們確實預計 Android 六月季度銷量將大幅環比成長。

Okay, and then I guess the second one is the broader one, and that kind of encompasses the answer there. But when you're looking at what you think is pulled forward, obviously there's a new phone that's launching. Or that just launched here that's going to help you with some content.

好的，我想第二個問題比較廣泛，它涵蓋了那裡的答案。但是，當你看到你認為被拉到前面的東西時，顯然有一款新手機即將推出。或者剛剛在這裡推出的可以為您提供一些內容幫助的內容。

But obviously, buying patterns are a bit different and Android traditionally isn't seasonally up in June. Can you guys like try to parse out to the extent that you can, what you're seeing, what is a pull for, what is better demand, and how you guys are going about that internally to protect against potentially like stronger first half weaker second half? Thank you.

但顯然，購買模式有些不同，而且 Android 傳統上在 6 月不會出現季節性上漲。你們能否盡可能地分析一下，你們看到了什麼，什麼是拉動因素，什麼是更好的需求，以及你們內部是如何應對這些問題的，以防止上半年表現強勁、下半年表現疲軟？謝謝。

Yeah, it's a good question. Look, we continue to monitor that care closely. I don't think, order patterns now represent what we've seen historically and represent seasonality. And if you look at kind of our results, it was kind of in where we in the range or a little bit above the range where we started in January, which is before a lot of this turbulence. So I would say that what we've seen is pretty typical order patterns at this point. Obviously, we're trying to manage it closely and we're keeping a close eye on it, but that's the best we can say now. No evidence of anything other than what we'd expect to see seasonally at this point.

是的，這是個好問題。瞧，我們會繼續密切監測這種護理。我不認為，現在的訂單模式代表了我們在歷史上所看到的情況和季節性。如果你看一下我們的結果，你會發現它處於我們一月份開始時的範圍內，或者略高於那時的範圍，那時還沒有出現很多動盪。所以我想說，我們現在看到的是相當典型的訂單模式。顯然，我們正在努力嚴密管理並密切關注此事，但這是我們現在能說的最好的話。除了我們目前預期看到的季節性現象之外，沒有其他證據。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Yeah, hey, congratulations, Phil. Look forward to working with you, Chris. I've worked with you multiple years. We'll certainly miss you and best of luck to you. So I wanted to ask you about follow up maybe on the new modem at this large customer and what that means to you. Typically with that there comes a lot of shifting around of content and provides a lot of opportunities for people. So I'd be curious how you view this content and maybe you could talk about what this means to you and what you might have won and what you think you can do with this, and I've got a follow up.

是的，嘿，恭喜你，菲爾。期待與您合作，克里斯。我和你合作多年了。我們一定會想念你，並祝你好運。所以我想問一下您對這個大客戶的新調製解調器的後續情況以及這對您意味著什麼。通常，隨之而來的是內容的大量變化，並為人們提供了許多機會。所以我很好奇您如何看待這個內容，也許您可以談論這對您意味著什麼，您可能贏得了什麼，以及您認為可以用它做什麼，我會跟進。

Yeah, so look, I think that it's -- we can't really get into those specifics per individual customer and segments and what happens really. It's not something we can do. But let me just comment just in general why I think there's some tailwinds. I would focus on probably, what I would say, is more secular long term trends with respect to increased RF content as a result of things like more transmit, higher power requirements, lower battery requirements, new frequency bands. And certainly, any particular choice they have with baseband may result in some potential incremental content opportunities for us.

是的，所以看，我認為——我們無法真正了解每個客戶和細分市場的具體情況以及實際發生的情況。這不是我們能做的事情。但讓我概括地評論一下為什麼我認為存在一些順風。我可能會關注的是，我想說的是，由於更多的傳輸、更高的功率需求、更低的電池需求、新的頻段等因素，射頻內容會增加，從而帶來更長期的趨勢。當然，他們對基帶的任何特殊選擇都可能為我們帶來一些潛在的增量內容機會。

But I think in general I would just focus on we -- I think that over time we're going to see increased RF content. As the workloads demanded as the RF complexity gets harder, and the requirement to kind of manage power continues to be a key component. I think in general, I think we do -- now clearly we have to execute. We have to deliver the best parts, but I think we've got the canvas upon which we can draw a pretty good picture.

但我認為總的來說我只會關注我們——我認為隨著時間的推移我們將看到 RF 內容的增加。隨著射頻複雜度要求的工作負載變得越來越大，管理電源的要求仍然成為關鍵因素。我認為總的來說，我認為我們確實做到了——現在顯然我們必須執行。我們必須提供最好的部分，但我認為我們已經擁有了可以繪製出漂亮圖畫的畫布。

That's it. Thank you.

就是這樣。謝謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Great, thank you. It is Jamal Khan for Tim. So Chris, I want to double click on the guidance, specifically what changed versus 90 days ago? What segments you've seen improve, what got worse? And can you speak to that bump up in in Android in the June quarter, what's driving that?

太好了，謝謝。提姆的名字是賈馬爾汗 (Jamal Khan)。那麼克里斯，我想雙擊指南，具體來說與 90 天前相比有什麼變化？您發現哪些部分有所改善，哪些部分會惡化？您能否談談 Android 在 6 月季度的銷售成長，原因是什麼？

Well, I am Phil, I'll let Chris jump in here because he was in the part. I mean, I don't think we necessarily got it two quarters ahead. So I think what we're doing now reflects our current view of the next quarter ahead and I would say that in general, certainly on the mobile side, we're seeing pretty typical order patterns, the Android segment up as a result of new product launches that we talked about.

好吧，我是菲爾，我會讓克里斯加入進來，因為他出演了這個角色。我的意思是，我認為我們不一定能提前兩個季度實現這一目標。所以我認為我們現在所做的反映了我們對下一季的當前看法，我想說，總的來說，當然在行動端，我們看到了非常典型的訂單模式，Android 部分的訂單量因我們談到的新產品發布而上升。

And in broad markets, we're just seeing continued, sequential year over year, sequential growth and continued year over growth as I talked about. So I wouldn't say there's anything abnormal and so mobile, I would say is seasonal, added on a product launch and a broad market, it's kind of a continuation of the trend we've seen for the past few quarters.

在廣闊的市場中，我們看到的是持續的、連續的、逐年的成長，正如我所說的。因此，我不會說有什麼不正常的現象，所以我認為移動是季節性的，加上產品發布和廣闊的市場，它是我們過去幾個季度看到的趨勢的延續。

Got it. And. Then one quick on pricing on pricing at your largest customer, do you expect to see any sort of pricing pressures in the coming quarters given the most recent tariffs?

知道了。和。那麼，關於您最大客戶的定價問題，考慮到最近的關稅，您是否預計未來幾季會出現任何形式的定價壓力？

No, I'm obviously not going to comment on that. I'll just say it's a highly competitive market and we are expected to deliver the best performance parts at a very aggressive cost point. And that continues to be the game across the board in this industry. So I don't think there's anything changed, and we have to deliver great parts at the right price. Thanks, guys.

不，我顯然不會對此發表評論。我只想說這是一個競爭非常激烈的市場，我們有望以極具競爭力的成本提供最佳表現的零件。這仍然是這個行業普遍存在的現象。所以我認為沒有任何改變，我們必須以合適的價格提供優質的零件。謝謝大家。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great, thank you. In terms of your priorities for the business, you talked about growing the diversified part of the business. Can you talk about organic versus inorganic priorities there and just how you think about that, and do you think M&A is even sort of doable in the current environment?

太好了，謝謝。就您的業務重點而言，您談到了擴大業務多元化部分。您能否談談有機與無機的優先事項以及您對此的看法，您認為在當前環境下併購是否可行？

Yeah, hi Joe. Nice to talk to you again. Yeah, look, when we look at overall strategies and certainly capital structure and capital capital allocation priorities, I think we have enough firepower to enable us to pursue a number of different options. Both organic investments and I talked about. Some of those we clearly continue to invest in a level that allows us to sustain a robust innovation roadmap that we have and so I feel good and comfortable about that.

是的，你好，喬。很高興能再次和你交談。是的，當我們審視整體策略以及資本結構和資本配置優先事項時，我認為我們有足夠的火力來讓我們追求多種不同的選擇。我談到了有機投資。其中一些我們顯然會繼續投資，以使我們能夠維持現有的強勁創新路線圖，因此我對此感到滿意和安心。

And clearly on the M&A front, I mean, there's a number of different things we can look at. I'm going to be really focused on making sure that's in our strategic priority. We can get the right value and focus on making sure that we can deliver value to shareholders as we look at that. I think with respect to the overall M&A environment, It's obviously a little complex right now. But I think that there's no shortage of things we can look at, and it certainly is something I'll be spending some time on as CEO.

顯然，在併購方面，我們可以考慮很多不同的事情。我將全心全意確保這是我們的策略重點。我們可以獲得正確的價值，並專注於確保我們能為股東帶來價值。我認為就整體併購環境而言，現在顯然有點複雜。但我認為，我們可以研究的事情還有很多，作為首席執行官，我肯定會花一些時間來研究這件事。

Appreciate it, thank you.

非常感謝，謝謝。

Peter Peng, JP Morgan.

摩根大通 (JP Morgan) 的 Peter Peng。

Hey guys, thanks for taking my question. You guys talked about seeing seasonal trends on the wireless side for the March and June quarter. But then when you listen to the earnings call from your largest customer, they're clearly talking about some inventory build for some tariff mitigation. So I'm just wondering why there's this kind of discrepancy between what your end customers saying and between some of the suppliers they're seeing?

嘿夥計們，謝謝你們回答我的問題。你們談到了三月和六月季度無線方面的季節性趨勢。但是，當你聽到最大客戶的收益電話會議時，他們顯然在談論建立一些庫存以降低關稅。所以我只是想知道為什麼您的最終客戶所說的話和他們所看到的一些供應商所說的之間存在這種差異？

So, Peter, maybe I'll take a shot at that. As there are -- it's a very complex supply chain and there are multiple partners between us and the end customer. There are distributors, there are contract manufacturers. Each of them act a little bit as a buffer and have their own inventory dynamics. Again, if you look at the March quarter, we got it to [950] and we delivered [953], so we did not really see pullings or anything like that. And as we guide for the June quarter, we assumed there's no pullings and we have no clear evidence of that.

所以，彼得，也許我會試試看。因為這是一個非常複雜的供應鏈，我們和最終客戶之間有多個合作夥伴。有分銷商，有合約製造商。它們各自起到一點緩衝的作用，並且有自己的庫存動態。再說一次，如果你看一下 3 月份的季度，我們達到了 [950] 並且交付了 [953]，所以我們實際上並沒有看到拉動或類似的東西。正如我們對 6 月季度的預測一樣，我們假設沒有出現拉動現象，而且我們也沒有明確的證據證明這一點。

Got it. Okay, that's helpful. And then just for the broad markets, you guys are back in the -- you're in your growth for number of quarters now. Can you maybe just talk about within that bucket which markets are showing you in your growth which still has some work to do to get to your growth trajectories?

知道了。好的，這很有幫助。然後就整個市場而言，你們已經回到了——已經連續幾個季度處於成長狀態。您能否談談在這個範圍內哪些市場顯示出成長，哪些市場仍需做一些工作才能達到成長軌跡？

Yes, this is Phil, I'll take a crack at that. I mean, look, the strongest tail when you have growth is Wifi 7, right? That's just, and I think that's in early days and we're seeing that should be a tailwind for us for a while. I think only a small percentage, single digit percentage of the units out there are Wi Fi 7, so I think we're the early innings of that. So that's a strong one.

是的，我是菲爾，我會試試看。我的意思是，你看，當你有成長時，最強的尾巴是 Wifi 7，對嗎？這只是，我認為這還處於早期階段，我們看到這對我們來說應該會是一段時間的順風。我認為只有很小一部分，也就是個位數百分比的設備配備了 Wi-Fi 7，所以我認為我們正處於早期階段。所以這是一個強而有力的證據。

Automotive is another good year-over-year growth comparison, as I talked about, as more and more cars are being connected in independent of their combustion mechanism. And then I think the other area where we got some more work to do is, I would say, on the infrastructure side. That side, it's kind of inching along a little bit, but there's more ups and downs, and we'll be seeing some growth there. But that's probably the area where we've got some more growth that we need to see in the future.

正如我所說，汽車是另一個很好的同比增長比較，因為越來越多的汽車獨立於其燃燒機製而連接起來。然後我認為我們還需要做更多工作的另一個領域是基礎設施方面。這方面，它正在緩慢地前進，但還會有更多的起伏，我們會看到一些增長。但這可能是我們未來需要看到更多成長的領域。

Perfect. Thank you.

完美的。謝謝。

Nick Doyle, Needham.

尼克·道爾，尼德姆。

Hey, guys. Thanks for seeing my questions and welcome, Phil and Mark. How big was a large customer in the quarter and directionally how is their broad markets piece performing? Thanks.

嘿，大家好。感謝你們看到我的問題，歡迎菲爾和馬克。本季的大客戶有多大？其廣大的市場表現如何？謝謝。

Yes, so the large -- largest customer in the March quarter was approximately 66% of total revenue. And we've seen a split between mobile and broad markets in line with historical trends there, roughly 85% ends up in mobile and roughly 15%, maybe a top more in broad markets. And we expect that to continue in the next couple of quarters.

是的，因此 3 月季度最大的客戶約佔總收入的 66%。我們看到，行動市場和廣泛市場之間的分化與歷史趨勢一致，約 85% 的投資集中在行動市場，約 15% 的投資集中在廣泛市場，或許更高一些。我們預計這種趨勢將在接下來的幾個季度持續下去。

Thank you. And then for the gross margins they're kind of holding steady above this 45% level now, even with revenue dropping down a little bit next quarter, I guess how are you able to hold these above 45% even as we kind of the utilization levels remain a little bit lower? Thank you.

謝謝。然後，就毛利率而言，他們現在穩定在 45％ 以上的水平，即使下個季度的收入略有下降，我想問一下，即使我們的利用率水平仍然略低，你如何能夠將毛利率保持在 45％ 以上？謝謝。

Yeah, well, if you look at the at the June quarter, you have mobile being down sequentially and broad markets being up sequentially, and so you have a continuous benefit there from a mixed point of view. As I said before, even within broad markets, we see some mixed shift that is favorable for gross margins, and that's why we're comfortable to guide to this [46%, 47%] range for the June quarter.

是的，如果你看一下 6 月季度的數據，你會發現行動裝置銷量環比下降，而大盤銷量環比上升，因此從混合角度來看，你將獲得持續的收益。正如我之前所說，即使在廣泛的市場中，我們也看到了一些有利於毛利率的混合變化，這就是為什麼我們願意將 6 月季度的毛利率預測控制在這個 [46%，47%] 範圍內。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Hi, this is Liam Pharr on Vivek. Thank you so much for taking our questions. Just looking at the Android market, you've been pretty selective in pulling back somewhat in some parts of the Android ecosystem. As AI and RF complexity rises, how do you think about re-engaging more deeply with Android AMs to capture more incremental content? or are you just kind of remaining to, focus and keeping focused on that high-end tier of the Android ecosystem? Thank you.

大家好，我是 Vivek 的 Liam Pharr。非常感謝您回答我們的問題。僅從 Android 市場來看，你們在 Android 生態系統的某些部分做出了相當有選擇性的撤退。隨著 AI 和 RF 複雜性的增加，您如何考慮與 Android AM 進行更深入的合作以獲取更多增量內容？或者您只是繼續關注 Android 生態系統的高端層面？謝謝。

Yeah, look, I guess what I would say is, I mean, we're certainly always open to working with customers where we can deliver value and get value the performance and the solutions that we provide in an economic, that's economically viable for us. And so to the extent that there's trends that lend itself to that favor, then we're going to be trying to take advantage of that.

是的，看，我想我要說的是，我的意思是，我們當然始終願意與客戶合作，我們可以提供價值並獲得價值，我們提供的性能和解決方案在經濟上對我們來說是可行的。因此，只要存在有利於這一趨勢的趨勢，我們就會嘗試利用它。

But I think we're just -- we're taking an economic ROI based view of where we do. We've got -- the opportunity cost for engineers is really high. A lot of these solutions are highly complex, highly engineered, tightly integrated. And frankly, we look for environments where we can deliver the value to the customer and frankly, get paid in return ourselves. And so we'll continue to look for those solutions.

但我認為我們只是——我們以經濟投資回報率為基礎來看待我們所做的事情。我們已經知道——工程師的機會成本確實很高。許多這樣的解決方案都是高度複雜、高度工程化、緊密整合的。坦白說，我們尋找的是能夠向客戶提供價值並且自己也能獲得回報的環境。因此我們將繼續尋找這些解決方案。

Thank you, and just a quick follow up on your largest customer. Looking ahead at 2026 models and even 2027, how are you -- in terms of the timeline and engagement with that customer, when should investors be looking to hear from it and how are you kind of best setting up to hedge against any more jump balls that are split?

謝謝，我只是想快速跟進一下您最大的客戶。展望 2026 年甚至 2027 年的車型，就時間表和與客戶的互動而言，您感覺如何？投資者應該何時聽到消息，以及您如何最好地進行設置以對沖任何分裂的跳球？

Well, I mean. It's -- obviously, I can't comment on specific things like that. But let's just say this we have been engaging deeply with that particular customer, but all our customers in general, but that one for a long time. And so there's a typical investment design cycle that happens year in and year out. And frankly, in many cases, you're continuing to invest ahead of the curve to develop technologies that can go there. And you work and yourself, you're self-critical along the way.

嗯，我是說。顯然，我無法對這樣的具體事情發表評論。但我們只能說，我們與那位特定客戶，以及我們所有的客戶，都進行了深入的接觸，但那位客戶已經與我們接觸了很長時間。因此，典型的投資設計週期年復一年地發生。坦白說，在許多情況下，您會繼續提前投資來開發可以實現這一目標的技術。在工作和自我的過程中，你會不斷自我批判。

You're to use a sports analogy, you're looking at game film, you're trying to understand what you did, what you didn't do better. You're doing competitive analysis, you're trying to look at the limit of what's possible with the physics. You're developing new technology, and you're putting all those things together and you're delivering a part and that gets benchmarked to get other parts competitively. And if you do a good job, you win. And that's what we're trying to do.

用體育來打個比方，你正在觀看比賽影片，你試圖了解你做了什麼，你沒有做得更好。你正在進行競爭分析，你正在嘗試探索物理學的極限。您正在開發新技術，並將所有這些東西整合在一起，然後交付一個零件，並以該零件為基準，使其他零件具有競爭力。如果你做得好，你就贏了。這正是我們正在努力做的事情。

I really don't think there's any change in dynamic and I think, with respect to insulating what we can do, I think that frankly, the best insulation is continuing to execute and execute cleanly. You know that customer is a very demanding customer and requires a lot of focus on it and but it's such a big customer that you can't necessarily take your foot off the gas. You have to keep pedals of metal all year long, and that's what we need to do.

我真的不認為動態有任何變化，而且我認為，就隔離我們能做的事情而言，坦白說，最好的隔離就是繼續執行並乾淨利落地執行。您知道該客戶要求非常高，需要您投入大量精力，但是由於該客戶非常大，您不能放鬆對它的要求。你必須全年保持金屬踏板，這就是我們需要做的。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that concludes today's question-and-answer session. I'll now turn the call back over to Mr. Brace for any closing comments.

謝謝。女士們、先生們，今天的問答環節到此結束。現在我將把電話轉回給布雷斯先生，請他發表最後評論。

Great, thank you. Thank you for participating in today's call. I look forward to speaking with you at upcoming investments during the quarter, and we'll talk soon.

太好了，謝謝。感謝您參加今天的電話會議。我期待著與您就本季即將進行的投資進行交談，我們很快就會交談。

And ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。