思佳訊 (SWKS) 2025 Q3 法說會逐字稿

Good day, and welcome to the Skyworks third quarter fiscal year 2025 earnings call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 Skyworks 2025 財年第三季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Raji Gill, Vice President, Investor Relations and Corporate Development. Please go ahead.

現在我想將電話轉給投資者關係和企業發展副總裁 Raji Gill。請繼續。

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

謝謝您，接線生。大家下午好，歡迎參加 Skyworks 2025 財年第三季電話會議。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 臨時財務長 Rob Schriesheim。

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.

本次電話會議將透過網路直播，您可透過公司網站 skyworksinc.com 的投資者關係板塊觀看。此外，公司準備好的發言稿將在電話會議結束後立即發佈在我們的網站上。

Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

在我們開始之前，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。

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.

此外，今天的討論將包括與我們過去的做法一致的非公認會計準則財務指標。請參閱我們公司網站投資者關係部分中的新聞稿，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. Skyworks delivered strong results this quarter, fueled by an upside in mobile and sustained strength across broad markets. We posted revenue of $965 million, delivered earnings per share of $1.33 and generated free cash flow of $253 million.

謝謝，拉吉，歡迎大家。受行動市場上漲和廣泛市場持續強勁的推動，Skyworks 本季業績表現強勁。我們公佈的營收為 9.65 億美元，每股收益為 1.33 美元，並產生了 2.53 億美元的自由現金流。

Revenue, gross margin and EPS exceeded the high end of our guidance. We returned $430 million to shareholders this quarter through share repurchases and dividends and more than $1 billion across the past two quarters, supported by strong free cash flow and disciplined working capital management.

收入、毛利率和每股盈餘都超出了我們預期的上限。本季我們透過股票回購和股息向股東返還了 4.3 億美元，在強勁的自由現金流和嚴格的營運資本管理的支持下，過去兩個季度我們已向股東返還了超過 10 億美元。

In Mobile, revenue came in above seasonal trends with strength continuing into the September quarter, supported by healthy sell-through at our top customer and new product launches in Android. While in-demand signals remain solid, we're actively monitoring the channel and are maintaining a disciplined approach to inventory.

在行動領域，由於我們最大客戶的健康銷售和 Android 新產品的推出，收入高於季節性趨勢，並且這種強勁勢頭持續到了 9 月季度。雖然需求訊號依然強勁，但我們正在積極監控管道並保持嚴謹的庫存管理方法。

Looking ahead, we see multiple drivers of long-term RF content growth, including opportunities from internal (inaudible) adoption, higher RF complexity with AI features and a larger addressable footprint within the smartphone. At the same time, we'll continue to deliver more performance in smaller form factors, enabling richer features within current sockets.

展望未來，我們看到長期 RF 內容成長的多個驅動因素，包括內部（聽不清楚）採用的機會、具有 AI 功能的更高 RF 複雜性以及智慧型手機內更大的可尋址空間。同時，我們將繼續在更小的尺寸中提供更高的效能，在目前的插槽中實現更豐富的功能。

Smartphone replacement cycles remained historically long, now averaging over four years, even as our top customer maintains a record installed base. The first wave of AI-capable phones is reaching scale and early demand signals are encouraging.

儘管我們最大的客戶保持著創紀錄的安裝基數，但智慧型手機的更換週期仍然保持著歷史性的長，目前平均超過四年。首波具有人工智慧的手機正在達到規模，早期需求訊號令人鼓舞。

As AI capabilities become more intuitive and integrated, we believe this could drive an inflection in upgrade cycles, leading to a potential tailwind to volumes and content over time. Our deep RF expertise, strong customer relationships and advanced manufacturing put us in a strong position to lead through this next phase.

隨著人工智慧功能變得更加直觀和集成，我們相信這可能會推動升級週期的轉變，從而隨著時間的推移為數量和內容帶來潛在的順風。我們深厚的射頻專業知識、牢固的客戶關係和先進的製造技術使我們在下一階段處於領先地位。

Broad markets continue to gain momentum, driven by new customer engagements across Edge, IoT and automotive. We are seeing stronger order flow, healthy book-to-bill levels and lean channel inventory. In Edge IoT, WiFi 7 adoption is accelerating across consumer, enterprise and industrial applications.

在邊緣運算、物聯網和汽車領域新客戶的推動下，廣大的市場持續獲得發展動力。我們看到了更強勁的訂單流、健康的訂單出貨比水準和精益的通路庫存。在邊緣物聯網中，WiFi 7 在消費者、企業和工業應用中的採用正在加速。

These systems demand faster speeds at ultra-low latency, translating to greater RF complexity. Looking ahead, we're already investing in WiFi 8 to support the next wave of performance.

這些系統要求在超低延遲下實現更快的速度，這意味著更高的射頻複雜性。展望未來，我們已經開始投資 WiFi 8，以支援下一波效能提升。

Automotive remains a key growth driver for Skyworks, supported by long design cycles that offer greater visibility and more durable revenue streams. We broadened our reach across a growing roster of global OEMs, securing programs with BYD, Ford, Geely, Nissan and others.

汽車仍然是 Skyworks 的主要成長動力，得益於可提供更高可見度和更持久收入來源的較長設計週期。我們擴大了與越來越多的全球原始設備製造商的聯繫，並與比亞迪、福特、吉利、日產等公司簽訂了專案合作。

As vehicles become more software-defined and connected, the need for secure wireless links continues to grow, from 5G telematics to over-the-air updates in infotainment, all of which increase our content opportunity. In traditional data center and infrastructure, business activity is rebounding as inventory normalizes. Meanwhile, accelerating AI workloads are driving upgrades to 800 gig and 1.6 terabit switches, increasing demand for our precision timing solutions.

隨著車輛越來越軟體化和互聯化，對安全無線鏈路的需求持續增長，從 5G 遠端資訊處理到資訊娛樂中的無線更新，所有這些都增加了我們的內容機會。在傳統資料中心和基礎架構中，隨著庫存恢復正常，業務活動正在反彈。同時，人工智慧工作負載的加速成長正在推動交換器升級到 800 千兆和 1.6 太比特，從而增加了對我們的精確計時解決方案的需求。

Altogether, our markets is becoming a stronger, more resilient growth engine for Skyworks, and we expect this momentum to continue with both sequential and year-over-year growth in the September quarter. In aggregate, this is a $1.5 billion business with a double-digit long-term growth profile and gross margins above the corporate average, a core part of our portfolio that we believe remains underappreciated relative to its scale and contribution.

總而言之，我們的市場正在成為 Skyworks 更強大、更具彈性的成長引擎，我們預計這種勢頭將在 9 月季度繼續保持環比和同比增長。總體而言，這是一項價值 15 億美元的業務，具有兩位數的長期成長前景和高於企業平均水平的毛利率，是我們投資組合的核心部分，我們認為，相對於其規模和貢獻，它仍未得到充分重視。

Today, we're taking action to optimize our manufacturing footprint with the planned closure of our Woburn manufacturing facility and the consolidation of operations into our Newbury Park site. This move is designed to drive higher fab utilization, lower fixed costs and improve overall efficiency in the future.

今天，我們正採取行動優化我們的製造足跡，計劃關閉沃本製造工廠，並將業務合併到紐伯里公園工廠。此舉旨在提高晶圓廠利用率、降低固定成本並提高未來的整體效率。

As our product mix shifts towards more advanced higher-value content, this consolidation positions us to expand gross margins over time, while reinvesting in next-generation technologies and maintaining the scale and technical capability required to serve our premium customers at the highest levels.

隨著我們的產品組合轉向更先進的高價值內容，這種整合使我們能夠隨著時間的推移提高毛利率，同時對下一代技術進行再投資，並保持為我們的高端客戶提供最高水準服務所需的規模和技術能力。

Before we dive into the numbers, I want to welcome Rob Schriesheim to the team in his role as interim CFO. Rob has served on the Skyworks Board for nearly 20 years and knows our business, strategy and leadership team exceptionally well.

在我們深入研究數字之前，我想歡迎 Rob Schriesheim 加入團隊並擔任臨時財務長。Rob 在 Skyworks 董事會任職近 20 年，非常了解我們的業務、策略和領導團隊。

His appointment ensures continuity as we move through this transition. On the CFO search, we've been taking a deliberate approach and have a number of strong candidates in the pipeline. I expect the process to conclude shortly.

他的任命確保了我們在這段過渡時期的連續性。在尋找財務長方面，我們一直採取深思熟慮的方法，並且已經有許多實力雄厚的候選人。我希望這一進程很快就會結束。

With that, I'll turn the call over to Rob for a discussion of last quarter's performance and outlook for Q4 of fiscal '25.

接下來，我將把電話轉給 Rob，討論上個季度的表現以及 25 財年第四季的展望。

Thanks, Phil. It's a privilege to step in as interim CFO and support the Skyworks team during this transition. I've been serving on the board for nearly two decades, and being a shareholder, I know the company well and have confidence in our strategy, our financial discipline and our long-term growth opportunities.

謝謝，菲爾。我很榮幸能夠擔任臨時財務長並在過渡期間為 Skyworks 團隊提供支援。我在董事會任職近二十年，身為股東，我非常了解公司，並對我們的策略、財務紀律和長期成長機會充滿信心。

Turning to our third fiscal quarter results. Skyworks delivered revenue of $965 million, exceeding the high end of our guidance range. During the quarter, our largest customer accounted for about 63% of revenue.

談到我們的第三財季業績。Skyworks 的營收達到 9.65 億美元，超出了我們預期的最高水準。本季度，我們最大的客戶貢獻了約63%的收入。

Mobile represented 62% of total revenue, up 1% sequentially and 8% year-over-year, driven by stronger sell-through at our top customer and new product launches in Android. Broad markets, which includes Edge IoT, automotive, industrial, infrastructure and cloud grew 2% sequentially and 5% year-over-year.

行動業務佔總營收的 62%，比上一季成長 1%，比去年同期成長 8%，這得益於我們最大客戶的銷售成長和 Android 新產品的推出。包括邊緣物聯網、汽車、工業、基礎設施和雲端在內的廣泛市場環比成長 2%，較去年同期成長 5%。

This marks the sixth consecutive quarter of growth and reflects stronger end demand and further inventory normalization across key verticals. Gross profit was $454 million, with gross margins of 47.1%, above expectations, driven by product mix and ongoing cost discipline.

這是連續第六個季度的成長，反映出更強勁的終端需求和主要垂直行業的庫存進一步正常化。毛利為 4.54 億美元，毛利率為 47.1%，高於預期，這得益於產品組合和持續的成本控制。

We see further opportunities to expand margins over time as we execute on our manufacturing efficiency road map. Operating expenses totaled $230 million, aligned with our long-term product road map. We remain disciplined with spend, balancing investment in future growth with prudent cost management.

隨著我們實施製造效率路線圖，我們看到了進一步擴大利潤的機會。營運費用總計 2.3 億美元，與我們的長期產品路線圖保持一致。我們在支出方面保持紀律，平衡未來成長的投資和審慎的成本管理。

Operating income reached $224 million, translating to an operating margin of 23.3%. Other income was $1 million, and our effective tax rate was 11.2%, resulting in net income of $200 million and diluted earnings per share of $1.33, $0.09 above our guidance.

營業收入達 2.24 億美元，營業利益率為 23.3%。其他收入為 100 萬美元，我們的有效稅率為 11.2%，導致淨收入為 2 億美元，每股攤薄收益為 1.33 美元，比我們的預期高出 0.09 美元。

Cash flow remains strong, with operating cash flow of $314 million and capital expenditures of $61 million, resulting in free cash flow of $253 million or 26% of revenue. Over the past two years, our free cash flow has benefited from effective working capital management as we've reduced inventory levels.

現金流依然強勁，營運現金流為 3.14 億美元，資本支出為 6,100 萬美元，自由現金流為 2.53 億美元，佔收入的 26%。在過去兩年中，由於我們降低了庫存水平，有效的營運資本管理使我們的自由現金流受益匪淺。

We returned $430 million to shareholders during the quarter, comprised of $104 million in dividends and $330 million in share repurchases. Over the past two quarters, we've returned more than $1 billion to shareholders.

本季我們向股東返還了 4.3 億美元，其中包括 1.04 億美元的股息和 3.3 億美元的股票回購。過去兩個季度，我們向股東返還了超過10億美元。

We ended the quarter with $1.3 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet and ample flexibility to support our strategic and financial priorities. Looking ahead to the fourth quarter of fiscal 2025, we expect revenue to range between $1 billion to $1.03 billion.

本季結束時，我們的現金和投資為 13 億美元，債務為 10 億美元，保持了強勁的資產負債表和充足的靈活性，以支持我們的策略和財務重點。展望 2025 財年第四季度，我們預計營收將在 10 億至 10.3 億美元之間。

In Mobile, we anticipate mid-single-digit sequential growth. We're seeing healthy sell-through, lean channel inventories and solid order visibility heading into the September quarter. Broad markets is set to grow again this quarter with year-over-year trends accelerating and continued strength in bookings, backlog and channel sell-through.

在行動領域，我們預計將實現中等個位數的連續成長。我們看到九月季度的銷售情況良好、通路庫存精簡、訂單可見度良好。本季度，廣闊的市場將再次成長，年比趨勢將加速，預訂量、積壓量和通路銷售量將持續保持強勁。

Gross margin is projected to be approximately 47%, plus or minus 50 basis points, reflecting the stable product mix and ongoing cost discipline. We expect operating expenses between $235 million and $245 million as we continue to fund key R&D initiatives while maintaining tight control over discretionary spend.

預計毛利率約為 47%，上下浮動 50 個基點，這反映了穩定的產品組合和持續的成本控制。我們預計營運費用將在 2.35 億美元至 2.45 億美元之間，因為我們將繼續為關鍵研發計畫提供資金，同時嚴格控制可自由支配的支出。

As a reminder, the September quarter includes a 14th week, which adds about $7 million incremental expenses. Below the line, we anticipate approximately $4 million in other income, an effective tax rate of 13% and a diluted share count of 149.5 million shares. At the midpoint of our revenue outlook, this equates to expected diluted EPS of $1.40.

提醒一下，9 月季度包括第 14 週，這增加了約 700 萬美元的增量支出。低於該標準，我們預計其他收入約為 400 萬美元，有效稅率為 13%，稀釋股數為 1.495 億股。按照我們收入預期的中間值，這相當於預期稀釋每股收益 1.40 美元。

With that, I'll turn it back to Phil for closing remarks.

最後，我將把發言時間交還給菲爾，請他做最後的總結發言。

Thank you, Rob. 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.

謝謝你，羅布。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 Instructions)

（操作員指示）

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

I guess the first question is within the handset business, is there anything that you consider that's changed over the last 90 days or with respect to what you expect on content, would you expect on unit sales? Just a little bit of color about what may have been changing within the Mobile landscape.

我想第一個問題是在手機業務方面，您認為過去 90 天有什麼變化嗎？或者就內容而言，您對單位銷售有何預期？這只是對移動領域可能發生的變化的一點介紹。

Thanks for the question. Look, I think, in general, we've just seen strong demand. I mean strong demand for some of our products. I think our largest customer had a conference call the other day and kind of reflected that in some very strong demand.

謝謝你的提問。我認為，總體而言，我們看到了強勁的需求。我的意思是我們的某些產品的需求很強。我認為我們最大的客戶前幾天召開了電話會議，並反映出了一些非常強大的需求。

And we're seeing the benefit of strong unit demand and frankly, shipments that benefit us from a mix point of view. So that continues to be strong as reflected in our results and our forward-looking guidance.

我們看到了強勁的單位需求帶來的好處，坦白說，從混合角度來看，出貨量也對我們有利。因此，正如我們的業績和前瞻性指引所反映的那樣，這一勢頭將繼續保持強勁。

Okay. And just with regard to the extra week that you talked about in the September quarter. Well, how should we think about December quarter seasonality both given some of the content changes that your largest customer, typical seasonal effects and then the impact of the absence of the extra week as you go into the December quarter?

好的。關於您提到的 9 月份季度的額外一周。那麼，考慮到您的最大客戶的一些內容變化、典型的季節性影響以及進入 12 月季度時缺少額外一周的影響，我們應該如何看待 12 月季度的季節性？

Well, we're not obviously not guiding beyond the current quarter. And I would say that we're seeing solid demand across the board, both in Mobile and in nonmobile. Our book-to-bill remains strong, and we have low inventories at this point.

嗯，我們顯然不會對當前季度之後的情況做出預測。我想說的是，我們看到了全面而強勁的需求，無論是在行動領域還是非行動領域。我們的訂單出貨比依然強勁，目前庫存較低。

So that's as we are. I think it's been December quarter has been a little bit more volatile than others over the past couple of years.

我們就是這樣的。我認為過去幾年中 12 月季度的波動性比其他季度更大一些。

I think just given by other factors. So it's hard for us to say we're just focused on one step at a time, continuing to execute and deliver and our guidance for the quarter kind of stands.

我認為只是由其他因素決定的。因此，我們很難說我們只是專注於一步一個腳印，繼續執行和交付，我們對本季的指導也是如此。

And just a quick follow-up, Chris. This is Raji. The extra week did not have an impact on the revenue for the September guide. It just has an impact on the OpEx.

還有一個簡短的後續問題，克里斯。這是拉吉。額外一週對九月份指南的收入沒有影響。它只會對營運支出產生影響。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德（Edward Snyder），憲章公平研究公司。

So you talked at length earlier this year about the changes as your largest customer, this new product release. I want to touch on a couple of things. Obviously, that has a lot to do with the kind of odd mix of phones that they'll be releasing this year.

所以今年早些時候，您作為最大的客戶詳細談論了這次新產品發布的變化。我想談幾件事。顯然，這與他們今年將發布的奇特手機組合有很大關係。

I know you can't talk about details, but as we move into 2026, if the trends that they've talked about, other companies like Qualcomm have talked about and other (inaudible) have hinted that, if they actually play out as expected with the mix starts favoring an internal modem, does that naturally increase your blended content?

我知道你不能談論細節，但隨著我們進入 2026 年，如果他們談論的趨勢，其他公司如高通談論的趨勢以及其他（聽不清）暗示的趨勢，如果它們實際上按照預期發揮作用，混合開始青睞內部調製解調器，這是否自然會增加您的混合內容？

Not so much on the phones that are being produced now, but if everything, if you take a snapshot and hold things constant on internal versus external for 2026, would that give you guys a significant boost? Or are things going to change significantly or could change significantly for that next year's model? So everything is back up in the and we got to figure all out from zero again.

對現在生產的手機影響不大，但如果一切順利，如果你拍攝快照並保持 2026 年內部和外部情況不變，這會給你們帶來顯著的提升嗎？或者明年的模型會發生重大變化或可能發生重大變化？所以一切都恢復正常，我們必須從零開始解決所有問題了。

Yeah. I mean, look, for this particular cycle, we kind of commented that, generally speaking, we have more content available to us in the internal modem as some parts were previously unavailable to us and now become available to again. So I think that, that apples-to-apples, that remains to be seen through and constant through cycle.

是的。我的意思是，看，對於這個特定的周期，我們有點評論說，一般來說，我們在內部調製解調器中可以使用更多內容，因為某些部分以前對我們來說是不可用的，現在又可以使用了。所以我認為，蘋果與蘋果之間的比較仍有待觀察，並且在整個週期中保持不變。

As we look at things that affect our overall business, right, that's one factor, mix of what the customer ships between the various different phones is another factor, mix of the various different iPhone, particular models, geography. There's a whole bunch of factors that reflected that.

當我們研究影響我們整體業務的因素時，對的，這是一個因素，客戶在各種不同手機之間運送的產品組合是另一個因素，各種不同 iPhone、特定型號和地理位置的組合。有很多因素都反映了這一點。

And I think right now, we've got a little bit of tailwind with respect to we're getting solid demand across the phones that have our content in. So what happens going forward, we'll see. But right now, it's good.

我認為現在我們有一些順風，因為我們的內容在手機上的需求很強。那麼未來會發生什麼，我們拭目以待。但現在，一切都很好。

But part if I could follow up, part of the hand you were dealt this year, this fall was basically because that in term of moment is such a small percentage of total phones sold here that do something on the part is it's clear you have talked about it. We've talked about at length, the transmit (inaudible) your module.

但是如果我可以跟進的話，您今年遇到的部分問題，也就是今年秋天遇到的問題，基本上是因為就目前的情況而言，這裡銷售的手機總量中所佔比例很小，所以在這方面有所作為，很明顯您已經談到了這一點。我們已經詳細討論了傳輸（聽不清楚）您的模組。

It's hard to split that when you're only doing maybe 10% or 15% until volume. I guess my question is, is it a rational expectation that, that might get split on the internal modem when volumes pick up as a natural consequence of one, you're gaining back share in that exact part in the upcoming phone on the external multiple?

當你只完成了 10% 或 15% 的音量時，很難將其分開。我想我的問題是，當音量自然上升時，內部調製解調器可能會被分割，而您在即將推出的手機中通過外部多路復用技術重新獲得該部分的份額，這是一個合理的預期嗎？

So clearly, you qualify for that party against Avago, Broadcom. So I'm just trying to get a handle on, is it a rational assumption to assume that if that volume picks up on that phone, the mix starts favoring you?

因此，很顯然，您有資格參加與 Avago 和 Broadcom 的競爭。所以我只是想弄清楚，如果手機音量增大，混音效果就會對你有利，這是一個合理的假設嗎？

And it's large enough to start splitting you to get a bigger chunk of that. Because if your content is already up on that without the transmit (inaudible) received, and that's what you said, then one would expect to be up significantly with it, right?

而且它足夠大，可以開始分裂你以獲得更大的一塊。因為如果您的內容已經在沒有傳輸（聽不清楚）接收的情況下，並且這就是您所說的，那麼人們會期望它有顯著的提升，對嗎？

Yes. I mean, all things being equal, I think that's probably fair. But I mean all things aren't necessarily equal, just depends on what zones they ship and all the rest of that stuff.

是的。我的意思是，如果其他條件都相同，我認為這可能很公平。但我的意思是，所有的事情並不一定都是平等的，只是取決於他們運送到哪些區域以及所有其他的東西。

But generally speaking, we do have more content to us available and the internal model versus the external modem. So as that shifts more to the internal modem, there's a natural tailwind for us there, I would say that.

但一般來說，與外部數據機相比，我們確實擁有更多可用的內容和內部模型。因此，我想說，隨著這種趨勢進一步轉向內部調製解調器，我們將自然而然地獲得順風。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

This is Tim Feldman on for Karl Ackerman. So you indicated Android revenues were flat on a sequential basis in March quarter at around [$70 million]. How should we think about your Android business in this quarter relative to last quarter? And going forward, can you grow from these levels?

這是卡爾阿克曼 (Karl Ackerman) 的 Tim Feldman。所以您說 Android 收入在 3 月份季度環比持平，約為[7000萬美元]與上一季相比，我們應該如何看待本季的 Android 業務？展望未來，您能從這些層面上獲得成長嗎？

Yeah. So this is Raji. So our Android revenue in the June quarter was up significantly. It was up just under $100 million. And this is really primarily related to our ramp with Google, and we expect continued growth into the September quarter when we're thinking about Android.

是的。這就是拉吉。因此，我們 6 月季度的 Android 收入大幅成長。漲幅略低於 1 億美元。這實際上主要與我們與 Google 的合作有關，當我們考慮 Android 時，我們預計 9 月季度將繼續成長。

Great. And I have a follow-up. So is there any way to discern between demand points ahead of tariffs versus improved demand? And what inventory levels are you seeing at your end customers compared to last quarter?

偉大的。我還有一個後續問題。那麼，有什麼方法可以辨別關稅之前的需求點和改善的需求嗎？與上一季相比，您看到的最終客戶的庫存水準如何？

Yeah, we're trying to keep a really close eye on it. I think we've talked about in our prepared remarks. So in the past year, we've really been trying to be disciplined to take our inventory down.

是的，我們正在密切關注此事。我想我們在準備好的發言稿中已經討論過了。因此，在過去的一年裡，我們一直在努力嚴格控制庫存。

Our inventories right now are very, very thin, lean levels. And so we're trying to maintain focus on that. Obviously, our customers don't always tell us why they're ordering products. We just try and deliver it where we can.

我們目前的庫存非常非常少，處於低水準。因此，我們正努力將注意力集中於此。顯然，我們的客戶並不總是告訴我們他們訂購產品的原因。我們只是盡力將其交付給我們。

And we're just trying to keep our inventories low to manage that. And our current guidance kind of reflects what we believe is the current environment with respect to tariffs and all the rest.

我們只是試圖保持低庫存來應對這種情況。我們目前的指導反映了我們認為的與關稅和其他所有方面有關的當前環境。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Congrats on the results. Phil, maybe for you now that you've had some more time to look deeply at things at Skyworks. Have you kind of solidified your view on the importance of diversification beyond handset?

恭喜取得成果。菲爾，也許現在你有更多的時間深入了解 Skyworks 的事。您是否已經明確了對於手機以外業務多元化的重要性的看法？

And perhaps, do you have any thoughts just broadly without obviously identifying any targets, but thoughts on end markets or products that are desirable for Skyworks? Or alternatively, would you be open to a larger merger within the RF industry, how might you feel on that? Thank you.

或許，您是否有一些廣泛的想法，雖然沒有明確指出任何目標，但對 Skyworks 所期望的終端市場或產品有什麼想法？或者說，您是否願意接受射頻產業內更大規模的合併，您對此有何感想？謝謝。

Yeah. I mean look, that's a very broad question. And I would say, certainly, I mean, at the company, and it's hard not to think that the single customer concentration we have is certainly probably suppressing our multiples compared to what it otherwise would be elsewise.

是的。我的意思是，這是一個非常廣泛的問題。我想說，當然，我的意思是，在公司，很難不去想，與原本的情況相比，我們的單一客戶集中度肯定會抑制我們的倍數。

So obviously, kind of diversification and growing the business is important. Having said that, right, I mean we remain incredibly focused on continuing to keep our eye on the ball where our current bread is better, right? We kind of maintain a major focus on that.

顯然，業務多樣化和成長非常重要。話雖如此，對吧，我的意思是我們仍然非常專注於繼續關注我們目前的麵包更好的地方，對嗎？我們對此保持高度關注。

And so my message internally the team is you need to walk and chew gum at the same time, right? We need to continue to be focused on executing cleanly delivering the best parts we can for our largest customer. And then frankly, we continue to look ways to grow and diversify our businesses elsewhere.

所以我向團隊內部傳達的訊息是，你們需要邊走邊嚼口香糖，對嗎？我們需要繼續專注於乾淨地執行，為我們最大的客戶提供最好的零件。坦白說，我們將繼續尋找在其他地方發展和多元化業務的方法。

I think if you ask me about priorities and how I look at things in general, I'd probably look for things that are gross margin accretive, a little stickier, have a little, we'll say, a longer time constant of the revenue to help balance some of the potential volatility that comes from being in the handset market.

我想，如果你問我優先事項以及我如何看待事物，我可能會尋找那些可以增加毛利率、更具黏性、收入具有更長的時間常數的東西，以幫助平衡手機市場帶來的一些潛在波動。

So that's how I prioritize that. And in terms of size and scale, I mean I'm really going to be focused on making sure that we can do things that are accretive. And I think, that's going to be kind of an important focus for us and the management team.

這就是我優先考慮的事情。就規模和範圍而言，我的意思是我將真正專注於確保我們能夠做一些有增值作用的事情。我認為，這將是我們和管理團隊關注的重點。

And perhaps as a follow-up, are there any economics attached with closing the Woburn facility or consolidating that? Are there any other opportunities? And more broadly, maybe you can just talk to OpEx growth from here, how you kind of view it on a multiyear basis?

或許作為後續問題，關閉或合併沃本工廠是否會帶來經濟效益？還有其他機會嗎？更廣泛地說，也許您可以從這裡談談營運支出成長，您如何從多年期角度看待它？

Yeah. On the factory question, you kind of, I mean, long term on that is we're not really breaking out specific numbers at this time, primarily because, right, it takes a while to get through that. We've got to manage a bunch of parts and do that.

是的。關於工廠問題，我的意思是，從長遠來看，我們目前並沒有公佈具體的數字，主要是因為，對，這需要一段時間才能實現。我們必須管理很多部分並做到這一點。

And frankly, the end gross margin that we have is going to be driven by the utilization and all the things we get there. Having said that, I mean, clearly, this will represent a tailwind, both in factory utilization, CapEx reduction, OpEx improvement and overall utilization of fixed cost assets.

坦白說，我們最終的毛利率將取決於利用率以及我們在那裡獲得的所有東西。話雖如此，我的意思是，顯然，這將代表著一種順風，無論是在工廠利用率、資本支出減少、營運支出改善還是固定成本資產的總體利用率方面。

And so it should remain a tailwind, and we'll continue to guide that as it goes on. Rob, do you have any other comments on that?

因此，它應該保持順風狀態，並且我們會繼續引導它向前發展。羅布，你對此還有其他評論嗎？

Yeah, a couple of comments. First of all, having been on this Board for almost, I'm embarrassed to say, 20 years, one of the things we were excited about when we brought Phil in was not only is he got heavy operational focus and chops and discipline, but he thinks very strategically and he acts very decisively and the fab consolidation or optimization was very much in line with that.

是的，有幾則評論。首先，我很尷尬地說，我已經在這個董事會任職近 20 年了，當我們聘請 Phil 來擔任董事時，讓我們興奮的事情之一不僅是因為他高度重視運營、能力和紀律，而且他的思維非常具有戰略性，行動非常果斷，而晶圓廠的整合或優化與此非常一致。

He made that decision very quickly, and it was clearly focused on where the business is going, where the industry is going to forward invest in more advanced technologies. As to your second question on operating expenses, as I indicated in my prepared remarks, $235 million to $245 million in the September quarter, and we just did $230 million in the June quarter.

他很快就做出了這個決定，而且顯然重點關注的是業務的發展方向，以及產業將在哪些方面進一步投資於更先進的技術。關於您關於營運費用的第二個問題，正如我在準備好的發言中所指出的，9 月份季度的營運費用為 2.35 億美元至 2.45 億美元，而 6 月份季度的營運費用剛剛達到 2.3 億美元。

Now that $235 million to $245 million in the September quarter includes about $7 million related to the 14th week. So excluding that, OpEx is up only modestly quarter-over-quarter. And we'd expect it to trend lower in the December quarter.

現在，9 月季度的 2.35 億美元至 2.45 億美元包括與第 14 週相關的約 700 萬美元。因此，除此以外，營運支出較上季僅小幅上漲。我們預計 12 月季度該數字將呈下降趨勢。

So for the full year, the 16% year-over-year increase in FY25 reflects both the timing dynamic and targeted investments we've made to support R&D programs. But I would also say, looking ahead to FY26 and beyond, Phil's made it very clear that we're going to be very disciplined.

因此，就全年而言，2025 財年年增 16% 反映了我們為支持研發專案所做的時間動態和有針對性的投資。但我還要說，展望 26 財年及以後，菲爾已經明確表示，我們將非常自律。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

This is Liam Farr on for Vivek. On the first one, just what is your content visibility in flagship phones into next year?

我是 Liam Farr，代替 Vivek 報道。第一個問題，明年你們在旗艦手機的內容可見度如何？

Well, I'm hesitating on the question because, I mean, clearly, it depends on lots of things. If you're asking what the next down selection happens, that typically doesn't happen until the late fall in the Christmas January time frame.

嗯，我對這個問題猶豫不決，因為，我的意思是，顯然這取決於很多因素。如果您詢問下一次選擇會發生什麼，那通常要等到聖誕節一月深秋才會發生。

So we won't have any other visibility other than that other than what we've already shared. Having said that, right, I mean, I think you can see our results suggest that our customer shipping good mix of the phones where we have high content now. And if I look out long term, what am I encouraged about?

因此，除了我們已經分享的內容之外，我們不會有任何其他可見性。話雖如此，對，我的意思是，我認為你可以看到我們的結果表明，我們的客戶出貨的手機種類繁多，我們現在擁有豐富的內容。如果我著眼於長遠，我會受到什麼鼓舞？

I'm encouraged about our content growth as more transit capabilities come online as the inter modem comes online. And as, frankly, if the customer gets a good uptick in the refresh cycle. So those things will kind of affect our performance going forward.

隨著互連數據機的上線，越來越多的傳輸功能也跟著上線，我對我們的內容成長感到鼓舞。並且，坦白說，如果客戶在更新周期中獲得良好的成長。所以這些因素都會影響我們未來的表現。

Makes sense. Okay. So then in terms of kind of this pricing environment and you're bidding for new sockets, has there been any material change there over the last kind of 90 days or 6 months as you kind of continue to work for those sockets for expanding off of your current base, but also maybe regaining the ones that you've lost your top customer?

有道理。好的。那麼，就這種定價環境和您對新插座的競標而言，在過去 90 天或 6 個月內是否有任何實質性變化，因為您繼續努力擴大這些插座以擴大現有基礎，但也可能重新獲得那些您失去的頂級客戶？

Yeah. I mean look, the pricing, it is a highly competitive environment. We compete with very, very capable and credible competitors. And that those competition makes us stronger. I mean, when you're playing in this game, you got to like that game.

是的。我的意思是，看看定價，這是一個高度競爭的環境。我們的競爭對手非常非常有能力且值得信賴。這些競爭使我們更加強大。我的意思是，當你玩這個遊戲時，你必須喜歡這個遊戲。

It's a competitive game and you got to thrive in that. And we do. And I think that the pricing environment really hasn't changed. They expect us to deliver the best part of the best price, and we're kind of focused on doing that.

這是一場競爭激烈的比賽，你必須在其中茁壯成長。我們確實這麼做了。我認為定價環境確實沒有改變。他們期望我們以最優惠的價格提供最好的產品，我們也專注於做到這一點。

I mean long term, what I'm encouraged about is we've got some of the stuff I talked about, long-term content drivers include the movement to internal modem more transmit capability, a balance of increased transmit, which will drive more RF content.

我的意思是，從長遠來看，令我感到鼓舞的是，我們已經得到了我談到的一些內容，長期的內容驅動因素包括向內部調製解調器的更多傳輸能力的轉變，增加傳輸的平衡，這將推動更多的射頻內容。

And frankly, a refresh capability on AI. So I kind of look at it and stepping even further back, I go 99 point as far out as you can go for some of the devices connected to the Internet are going to be connected wirelessly. And kind of I feel good about that spot too.

坦白說，這是一種刷新人工智慧的能力。因此，我稍微回顧一下，我盡可能地往前追溯 99 點，因為一些連接到網路的裝置將以無線方式連線。我對那個地方也感覺很好。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德（Edward Snyder），憲章公平研究公司。

Great. So Phil, I don't know if you want to pontificate about it or not, but we've talked about before, do you feel like this year is probably your low point in content at your largest customer, given all the other trends?

偉大的。那麼菲爾，我不知道您是否想對此發表高談闊論，但是我們之前已經討論過，考慮到所有其他趨勢，您是否覺得今年可能是您在最大客戶那裡的內容的低谷？

Well, yes, look, I mean, we've obviously had a couple of down selections that have not worked in our favor. And I think someone quoted happiness as an upward sloping line. And so I think we've got to change the trajectory of the downward sloping line to the upward sloping line. I think we're all laser-focused on that.

嗯，是的，你看，我的意思是，我們顯然做了一些不利於我們的選擇。我認為有人曾說過幸福是一條向上傾斜的線。所以我認為我們必須將向下傾斜的軌跡改為向上傾斜的軌跡。我認為我們都高度關注這一點。

And then if I could ask, Woburn is being closed out, and I know you don't want to give too many specifics about the factory. But obviously, I would imagine one of the goals here is to increase utilization in Newbury Park.

然後我可以問一下，沃本工廠即將關閉，我知道您不想透露太多關於工廠的具體資訊。但顯然，我想這裡的目標之一是提高紐伯里公園的利用率。

When are we likely to see the first results of that? Is it something we're going to see in a quarter or two? Do we wait until next calendar year?

我們什麼時候可以看到第一批成果？這是我們會在一兩個季度內看到的事情嗎？我們要等到明年嗎？

Not in the next quarter or two. I mean some of the products that are there, we've got to actually transition them to the Newbury Park side and some of them are long lead time items. So it will take a little while. But long term, but you're 100% correct.

在接下來的一兩個季度內不會。我的意思是，我們必須將那裡的一些產品實際轉移到紐伯里公園地區，其中一些是交貨週期較長的產品。所以這需要一點時間。但從長遠來看，你是 100% 正確的。

Long term, this positions us to invest in leading technology in Newbury Park, drive increased factory utilization, better fixed cost utilization which should benefit gross margin and reduce CapEx and all the rest of it.

從長遠來看，這使我們能夠投資紐伯里公園的領先技術，提高工廠利用率，提高固定成本利用率，從而提高毛利率並降低資本支出以及其他所有費用。

Any color on the timing on Woburn? Is it two years or one year?

沃本的時間安排有什麼詳情嗎？是兩年還是一年？

No comment right now.

目前沒有評論。

Okay. And then am I correct assuming that it's all gas in Woburn? And is most of that gas for broad markets or mobile, is it split?

好的。那麼，我是否正確地假設沃本全是天然氣？這些天然氣大部分是用於廣泛市場還是行動市場，是分開的嗎？

It's split. I mean, the gas technology is used for as for amplifiers, right? So it's split.

它分裂了。我的意思是，氣體技術是用於放大器的，對嗎？所以它分裂了。

But it is all gas, right?

但它全是氣體，對嗎？

Yeah.

是的。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I actually had like three of them. First one, in terms of the auto business, can you say how big the auto business is today? Is it mid-single-digit percentage, 10%?

我實際上有三個。第一個問題，就汽車業務而言，您能說一下現在汽車業務的規模有多大嗎？是中等個位數百分比，10% 嗎？

And could this double in the next year? How to think about it? And then I have two follow-ups.

明年這個數字會加倍嗎？該如何去思考呢？然後我還有兩個後續問題。

Yeah, it's a great question, Krish. This is Raji. So automotive is now tracking around $60 million a quarter and up significantly on a year-over-year basis. And in the press release, we talked about a number of programs that we won, particularly at BYD, Nissan, ford.

是的，這是一個很好的問題，克里什。這是拉吉。因此，汽車產業目前每季的營收約為 6,000 萬美元，與去年同期相比大幅成長。在新聞稿中，我們談到了我們贏得的一些項目，特別是比亞迪、日產和福特。

And it's really across a variety of our products, whether it's 5G telematics, infotainment, power isolation. So we are quite bullish on that business and it's very long design cycles and more durable revenue stream. So we have a good pathway there to continue to accelerate that revenue.

它確實涉及我們的各種產品，無論是 5G 遠端資訊處理、資訊娛樂還是電源隔離。因此，我們對該業務非常看好，它的設計週期非常長，收入來源也更持久。因此，我們有一條良好的途徑來繼續增加收入。

Got it. And then on the Mobile side, how solid is the visibility of your largest customer versus Android compared to, let's say, three months ago? Are you seeing stronger sales due to content or units? Or any color on as Android visibility for the three months would be helpful. And then I have one last follow-up.

知道了。然後在行動方面，與三個月前相比，您最大客戶的 Android 可見度如何？您是否看到銷售額因內容或單位而成長？或者，三個月內任何顏色作為 Android 可見性都會有所幫助。然後我還有最後一個後續問題。

I don't, I mean, right now, our visibility is strong across the board, primarily book-to-bill is higher than one. Channel inventories are low. And so and our visibility is solid at this point, we don't see any material difference between the two.

我不這麼認為，我的意思是，現在，我們的全面可見性很強，主要是訂單出貨比高於 1。渠道庫存低。因此，就目前情況而言，我們的可見性是穩固的，我們沒有看到兩者之間有任何實質的差異。

Got it. And then lastly, how do you think about OpEx into next year? Like or I should say, OpEx this year relative to pursuing opportunities in 2026. Is there flexibility on it?

知道了。最後，您如何看待明年的營運支出？就像或我應該說，今年的營運支出是相對於 2026 年的追求機會而言的。它有彈性嗎？

Or should we assume that's going to kind of grow for future revenue growth? How do you think about OpEx?

或者我們是否應該假設這將會增加未來的收入？您如何看待 OpEx？

Yeah. I think when I started, I kind of mentioned, look, we're going to be taking a very disciplined view of the OpEx. I think over the past couple of years, the company has made significant increased investments and you can look at that as OpEx.

是的。我想當我開始時，我提到過，看，我們將對營運支出採取非常嚴謹的看法。我認為在過去幾年中，公司已大幅增加投資，您可以將其視為營運支出。

And that was really designed to frankly, focus on our R&D. We are an engineering-focused company.

坦白說，這確實是為了專注於我們的研發。我們是一家專注於工程的公司。

And to the extent we do have some any modest increase in OpEx, it will be really targeted on core R&D. Having said that, we're going to be disciplined about that. I wouldn't expect anything other than kind of nominal rates of OpEx improvement over time.

如果我們的營運支出確實有適度增加，那麼我們將真正專注於核心研發。話雖如此，我們還是會對此保持紀律。除了隨著時間的推移，營運支出名義上的改善率以外，我不會期待任何其他事情。

Nicolas Doyle, Needham.

尼古拉斯·道爾，尼德姆。

Asking about the infrastructure networking cloud sub segment. In fiscal '24, you guys talked a lot about inventory digestion impacting the business, and I think that lasted through the year. But we're seeing a lot of positive demand signals from those end markets.

詢問有關基礎設施網路雲子部分的情況。在 24 財年，你們談論了很多關於庫存消化對業務的影響，我認為這種情況持續了一整年。但我們從這些終端市場看到了很多積極的需求訊號。

So can you just talk about how that business is performing in the quarter? And any specific demand drivers? I think you mentioned 800 gig and 1.6 transition helping as well.

那麼您能談談該業務本季的表現如何嗎？還有什麼具體的需求驅動因素嗎？我認為您也提到了 800 gig 和 1.6 過渡有幫助。

Yeah. I mean I think you got it exactly right. I think in the past couple of quarters, we talked about that, the fact that we did continue to see a little bit of inventory overhang in that space.

是的。我的意思是我認為你的理解完全正確。我認為在過去的幾個季度中，我們討論過這個問題，事實上我們確實繼續看到該領域有一點庫存過剩。

That does appear to be behind us at this point, inventory seems to be low, and we're starting to continue to get seeing orders in order to grow. So it does appear to be that the inventory issue is behind and that our supply demand is kind of aligned with consumption at this point.

目前看來，這種情況已經過去了，庫存似乎很低，我們開始繼續收到訂單以實現成長。因此看起來庫存問題已經解決，並且我們的供應需求目前與消費基本一致。

Okay. On the Apple broad markets piece, I mean, any reason to think that's very different from the average 15% of overall Apple revenue in 3Q or 4Q?

好的。關於蘋果大盤部分，我的意思是，有什麼理由認為這與蘋果第三季或第四季整體營收的平均 15% 有很大不同？

Yeah. Nick, this is Raji. So our top customer in the quarter in June was roughly 63% of sales. The split was roughly 85% mobile, 15% broad markets, thereabouts, and we expect both a similar percentage of sales and a similar split going into the September quarter.

是的。尼克，這是拉吉。因此，我們 6 月季度的最大客戶約佔銷售額的 63%。其中，行動市場佔比約為 85%，廣泛市場佔比約為 15%，我們預計 9 月季度的銷售額和份額也將保持相似。

Thank you.

謝謝。

I'm showing no further questions at this time. I'd like to turn the call back over to Phil Brace for closing remarks.

我目前沒有其他問題。我想將電話轉回給 Phil Brace 最後發言。

Great. I'd like to thank everybody for participating on today's call, and I look forward to speaking with you at upcoming investor conferences during the quarter. Thank you.

偉大的。我要感謝大家參加今天的電話會議，並期待在本季即將舉行的投資者會議上與大家交談。謝謝。

Thank you for your participation. You may now disconnect. Good day.

感謝您的參與。您現在可以斷開連線。再會。