思佳訊 (SWKS) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions' First Quarter Fiscal Year 2022 Earnings Call. This call is being recorded.

下午好，歡迎參加 Skyworks Solutions 的 2022 財年第一季度財報電話會議。正在錄製此通話。

At this time, I will turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

此時，我將把電話轉給 Skyworks 投資者關係部的 Mitch Haws。霍斯先生，請繼續。

Thank you, Rachel. Good afternoon, everyone, and welcome to Skyworks' First Fiscal Quarter 2022 Conference Call. With me today are Liam Griffin, our Chairman, CEO and President; and Kris Sennesael, our Chief Financial Officer.

謝謝你，雷切爾。大家下午好，歡迎參加 Skyworks 2022 財年第一季度電話會議。今天和我在一起的是我們的董事長、首席執行官兼總裁 Liam Griffin；和我們的首席財務官 Kris Sennesael。

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 release and recent SEC filings, including our annual report on Form 10-K for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

在開始之前，我想提醒大家，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。請參閱我們的收益發布和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，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影響的某些風險的信息。

Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

此外，我們將討論的結果和指導包括與我們過去做法一致的非公認會計原則財務措施。請參閱我們公司網站投資者關係部分的新聞稿，以了解與 GAAP 的完全對賬。

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

有了這個，我會把電話轉給 Liam。

Thanks, Mitch, and welcome, everyone. Skyworks delivered a strong start to the fiscal year, establishing all-time quarterly records for revenue and free cash flow.

謝謝，米奇，歡迎大家。 Skyworks 在本財年取得了強勁的開局，創造了收入和自由現金流的歷史季度記錄。

Looking at the quarter in more detail. We delivered revenue of $1.51 billion, above consensus and up 15% sequentially, demonstrating the strength of our broadening product portfolio. Specifically, the mobile business grew 12% sequentially, driven by increasingly complex architectures in 5G phones at our largest customer and momentum across the Android ecosystem. In parallel, our broad markets business achieved a record $477 million in the quarter, up 23% sequentially and 46% year-over-year.

更詳細地查看該季度。我們實現了 15.1 億美元的收入，高於市場預期，環比增長 15%，顯示了我們不斷擴大的產品組合的實力。具體而言，移動業務環比增長 12%，這得益於我們最大客戶的 5G 手機架構日益複雜，以及整個 Android 生態系統的發展勢頭。與此同時，我們的廣闊市場業務在本季度實現了創紀錄的 4.77 億美元，環比增長 23%，同比增長 46%。

Our growth was fueled by both the continued adoption of our solutions across 5G, IoT, automotive and wireless infrastructure, and an expanding set of new customers and markets from our recently acquired I&A business. Importantly, Skyworks continues to drive strong profit margins and exceptional cash flow. We achieved gross margin of 51.2% and operating margin of 38.8%. We posted earnings per share of $3.14, above consensus and up 20% sequentially. Finally, we generated record Q1 operating cash flow of $582 million.

我們的增長得益於我們在 5G、物聯網、汽車和無線基礎設施中持續採用我們的解決方案，以及我們最近收購的 I&A 業務中不斷擴大的新客戶和市場。重要的是，Skyworks 繼續推動強勁的利潤率和出色的現金流。我們實現了 51.2% 的毛利率和 38.8% 的營業利潤率。我們公佈的每股收益為 3.14 美元，高於市場預期，環比增長 20%。最後，我們創造了創紀錄的第一季度運營現金流 5.82 億美元。

As our first quarter results illustrate, the growth trajectory we established in fiscal 2021 is extending into fiscal 2022. We continue to see deployments accelerating with 5G cellular subscriptions predicted to grow from 700 million today to more than 4.4 billion by the year 2027. As connectivity becomes more vital to the ways we work, educate and play, devices are increasingly integrating 5G with advanced WiFi, precision GPS, Bluetooth, Zigbee and other wireless protocols, creating the seamless and ultrafast experience demanded by our customers.

正如我們第一季度的業績所示，我們在 2021 財年建立的增長軌跡正在延伸到 2022 財年。我們繼續看到部署加速，預計到 2027 年 5G 蜂窩用戶將從今天的 7 億增長到超過 44 億。隨著我們的工作、教育和娛樂方式變得越來越重要，越來越多的設備將 5G 與先進的 WiFi、精密 GPS、藍牙、Zigbee 和其他無線協議集成在一起，從而創造出客戶所需的無縫和超快體驗。

The rapid adoption of new wireless technologies enables a proliferating set of use cases with design wins spanning mobile and broad markets, further bolstered by contributions from our recently completed acquisition. Specifically in mobile, we shipped Sky5 platforms across leading smartphone OEMs, including Samsung, Oppo, Vivo and Xiaomi, among others. In enterprise and IoT, we supported WiFi access points at Siemens, powered NETGEAR's latest WiFi 6 and 6E mesh system, partnered with British Telecom to launch 5G home routers, ramped WiFi 6 and 6E modules at Juniper Networks and Telus, and provided digital isolation solutions for GE Consumer Appliances.

新無線技術的快速採用使一系列用例激增，設計贏得了跨越移動和廣闊市場的勝利，這進一步得益於我們最近完成的收購的貢獻。特別是在移動領域，我們為領先的智能手機 OEM 提供 Sky5 平台，包括三星、Oppo、Vivo 和小米等。在企業和物聯網中，我們支持西門子的 WiFi 接入點，為 NETGEAR 最新的 WiFi 6 和 6E 網狀系統提供支持，與英國電信合作推出 5G 家庭路由器，在瞻博網絡和 Telus 增加 WiFi 6 和 6E 模塊，並提供數字隔離解決方案適用於 GE 消費電器。

Moving to automotive. We leverage Sky5 technology to enable telematics, security, driver assist and other advanced services at leading OEMs. We scaled volume production of timing and isolation products, enabling the leading EV manufacturers. And finally, across the infrastructure and industrial space, we captured design wins at Quectel for enterprise M2M platforms, delivered industrial IoT solutions to Itron, Honeywell and Thales, supporting smart energy and factory automation. We also expanded our position in timing applications at the top 5 data centers. And as markets evolve, we expect to deploy billions of wireless devices, capitalizing on a strong multiyear growth trend.

轉向汽車。我們利用 Sky5 技術為領先的 OEM 提供遠程信息處理、安全、駕駛員輔助和其他高級服務。我們擴大了定時和隔離產品的批量生產，為領先的電動汽車製造商提供支持。最後，在基礎設施和工業領域，我們在 Quectel 為企業 M2M 平台贏得了設計勝利，為 Itron、Honeywell 和 Thales 提供了工業物聯網解決方案，支持智能能源和工廠自動化。我們還擴大了我們在前 5 大數據中心的計時應用中的地位。隨著市場的發展，我們預計將部署數十億個無線設備，利用強勁的多年增長趨勢。

Advances in cloud and edge computing, autonomous vehicles and factory automation, together with the emergence of the Metaverse, we are intensifying the burden on existing networks, catalyzing demand for our highly integrated and customized platforms. From inception, Skyworks has been a driving force empowering the wireless network revolution, connecting people, places and things. We invested early and extensively to develop and fabricate cutting-edge technology at massive scale.

雲計算和邊緣計算、自動駕駛汽車和工廠自動化的進步，以及元界的出現，我們正在加重現有網絡的負擔，促進對我們高度集成和定制平台的需求。從一開始，Skyworks 就一直是推動無線網絡革命的推動力，將人、地點和事物連接起來。我們很早就投入了大量資金，以大規模開發和製造尖端技術。

Today, we're a global leader providing the essential elements required to deliver the highest performance connectivity platforms in the industry, producing billions of units, integrating core technology nodes, including gallium arsenide, bulk and surface acoustic wave as well as the most advanced multi-chip module test and assembly capabilities in the world.

今天，我們是全球領先的供應商，提供提供業界最高性能連接平台所需的基本要素，生產數十億個單元，集成核心技術節點，包括砷化鎵、體波和表面聲波以及最先進的多-芯片模塊測試和組裝能力在世界範圍內。

Underpinned by this powerful foundation, we are leading the transition of 5G, inspiring a new era of unrivaled innovation. The strength of our balance sheet and consistent outperformance demonstrates the significant value of our vertically-integrated model and the compelling advantages it delivers.

在這一強大基礎的支撐下，我們正在引領 5G 的轉型，開啟無與倫比的創新新時代。我們資產負債表的實力和始終如一的出色表現證明了我們垂直整合模型的重要價值及其提供的引人注目的優勢。

Looking forward, we are committed to supporting the strategic investments in technology, product development and world-class manufacturing scale to further extend our market leadership.

展望未來，我們致力於支持在技術、產品開發和世界級製造規模方面的戰略投資，以進一步擴大我們的市場領導地位。

With that, I will turn the call over to Kris.

有了這個，我會把電話轉給 Kris。

Thanks, Liam. Skyworks' revenue for the first fiscal quarter of 2022 was $1.51 billion, up 15% sequentially, driven by continued strong demand across our entire portfolio. Gross profit in the first quarter was $773 million, resulting in a gross margin of 51.2%, up 20 basis points sequentially. Operating expenses were $187 million or 12.4% of revenue, demonstrating leverage in our operating model while continuing our strategic investments in support of future growth. We generated $586 million of operating income translating into an operating margin of 38.8%, up 160 basis points sequentially.

謝謝，利亞姆。 Skyworks 2022 年第一財季的收入為 15.1 億美元，環比增長 15%，這得益於我們整個投資組合的持續強勁需求。第一季度毛利潤為 7.73 億美元，毛利率為 51.2%，環比上升 20 個基點。運營費用為 1.87 億美元，佔收入的 12.4%，顯示了我們運營模式的槓桿作用，同時繼續我們的戰略投資以支持未來的增長。我們創造了 5.86 億美元的營業收入，營業利潤率為 38.8%，環比增長 160 個基點。

We incurred $9 million of other expenses, and our effective tax rate was 9.3%, driving net income of $523 million. So strong revenue growth and execution on margins brought diluted earnings per share of $3.14, up 20% sequentially.

我們產生了 900 萬美元的其他費用，我們的有效稅率為 9.3%，淨收入為 5.23 億美元。如此強勁的收入增長和利潤率執行帶來了每股攤薄收益 3.14 美元，環比增長 20%。

Turning to the balance sheet and cash flow. First fiscal quarter cash flow from operations was a Q1 record of $582 million. Capital expenditures were $96 million, resulting in an all-time record free cash flow of $486 million and a free cash flow margin of 32%, driven by strong profitability and great working capital management. In fact, inventory levels were reduced by 22 days to 103 days, and receivables were reduced by 5 days to 47 days.

轉向資產負債表和現金流。第一財季運營現金流為創紀錄的 5.82 億美元。資本支出為 9600 萬美元，創造了創紀錄的 4.86 億美元的自由現金流和 32% 的自由現金流利潤率，這得益於強勁的盈利能力和出色的營運資金管理。事實上，庫存水平減少了 22 天至 103 天，應收賬款減少了 5 天至 47 天。

In terms of capital allocation during the quarter, we paid $93 million in dividends and repaid $50 million of our term loan, and we repurchased 1.7 million shares of our common stock for a total of $269 million.

在本季度的資本分配方面，我們支付了 9300 萬美元的股息並償還了 5000 萬美元的定期貸款，我們回購了 170 萬股普通股，總計 2.69 億美元。

In summary, the Skyworks team continues to execute well, delivering strong profitability and rapid free cash flow in the December quarter, with design wins across our growing product portfolio and customer set, positioning us to outperform through 2022.

總而言之，Skyworks 團隊繼續表現良好，在 12 月季度實現了強勁的盈利能力和快速的自由現金流，在我們不斷增長的產品組合和客戶群中贏得了設計勝利，使我們在 2022 年之前表現出色。

Now let's move on to our outlook for Q2 of fiscal '22. We expect to deliver double-digit year-over-year revenue and earnings per share growth in the March quarter. Specifically, we anticipate revenue between $1.3 billion and $1.36 billion. At the midpoint of $1.33 billion, revenue for the quarter is expected to increase 13.5% year-over-year. Gross margin is projected to be in the range of 50.75% to 51.25%. We expect operating expenses of approximately $186 million to $188 million. Below the line, we anticipate roughly $10 million in other expense and a tax rate of approximately 9.5%.

現在讓我們繼續我們對 22 財年第二季度的展望。我們預計第三季度的收入和每股收益將實現兩位數的同比增長。具體來說，我們預計收入在 13 億美元至 13.6 億美元之間。在 13.3 億美元的中點，該季度的收入預計將同比增長 13.5%。毛利率預計在 50.75% 至 51.25% 之間。我們預計運營費用約為 1.86 億美元至 1.88 億美元。在這條線之下，我們預計其他費用約為 1000 萬美元，稅率約為 9.5%。

We expect our diluted share count to be approximately 166 million shares. Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $2.62, an increase of 11% over Q2 of last year.

我們預計我們的稀釋股數約為 1.66 億股。因此，在收入範圍的中點，我們打算實現每股攤薄收益 2.62 美元，比去年第二季度增長 11%。

And finally, given our strong cash flow and confidence in the business model, we will continue to focus on investing in our business, while returning cash to the shareholders through both share repurchases and dividends.

最後，鑑於我們強勁的現金流和對商業模式的信心，我們將繼續專注於投資我們的業務，同時通過股票回購和股息向股東返還現金。

And with that, I'll turn the call back over to Liam.

有了這個，我會把電話轉回給利亞姆。

Thanks, Kris. Despite macro challenges and supply chain specific headwinds, Skyworks delivered excellent first quarter results, underscoring the increasingly diverse composition of our customer base and extending our track record of strong profitability and robust free cash flow generation.

謝謝，克里斯。儘管面臨宏觀挑戰和供應鏈特定的逆風，Skyworks 第一季度業績出色，突顯了我們客戶群日益多樣化的構成，並延續了我們在強勁盈利能力和強勁自由現金流產生方面的往績記錄。

This strong performance and outlook reflect our critical position within the wireless ecosystem and how complexity favors Skyworks with its vast IP, deep customer relationships, differentiated manufacturing capabilities and market-leading solutions. The momentum established in Q1 positions Skyworks for another year of record revenue and earnings. That concludes our prepared remarks.

這種強勁的業績和前景反映了我們在無線生態系統中的關鍵地位，以及復雜性如何憑藉其龐大的 IP、深厚的客戶關係、差異化的製造能力和市場領先的解決方案有利於 Skyworks。第一季度建立的勢頭使 Skyworks 的收入和收益再創歷史新高。我們準備好的發言到此結束。

Operator, let's open the lines for questions.

接線員，讓我們打開問題線。

(Operator Instructions) Your first question comes from the line of Chris Caso with Raymond James.

（操作員說明）您的第一個問題來自 Chris Caso 和 Raymond James。

I guess for the first question, can you help us detailing the breakout of broad markets versus mobile in the quarter? And what your expectations are for those markets as we go forward into March?

我想對於第一個問題，您能否幫助我們詳細說明本季度廣泛市場與移動市場的突破？隨著我們進入三月份，您對這些市場的期望是什麼？

Yes, Chris. So as we indicated in the prepared remarks, we had very strong performance in growth markets. It was roughly 32% of our total revenue compared to 22% last year. And so we saw a very strong growth, 23% sequentially, 46% on a year-over-year basis, and the growth was driven by ongoing strong demand for wireless connectivity, especially as it relates to IoT solutions.

是的，克里斯。因此，正如我們在準備好的評論中指出的那樣，我們在成長型市場中的表現非常強勁。與去年的 22% 相比，這大約占我們總收入的 32%。因此，我們看到了非常強勁的增長，環比增長 23%，同比增長 46%，增長是由對無線連接的持續強勁需求推動的，尤其是與物聯網解決方案相關的需求。

In addition to that, we have a strong contribution, all-time record from the acquired business of the Infrastructure & Automotive business as well. So great execution in growth markets.

除此之外，我們還從基礎設施和汽車業務的收購業務中獲得了強大的貢獻和歷史記錄。在成長型市場中執行如此出色。

On the flip side, of course, you have mobile, which was in the December quarter, approximately 68% of revenue. It was up 12% sequentially. It was down 13% year-over-year, but you have to take into account the timing of the ramp of flagships, especially last year, where you -- just to remember, the large customer was -- had a condensed ramp with a late launch in the late October, early November time frame. This year, the launch was spread over the September and the December quarter, but great execution there as well in mobile.

另一方面，當然，在 12 月季度，您擁有移動設備，約佔收入的 68%。環比上漲 12%。它同比下降了 13%，但你必須考慮旗艦店的時間，尤其是去年，你 - 只是要記住，大客戶是 - 有一個濃縮的斜坡，有一個10月下旬晚推出，11月初的時間框架。今年，發布分佈在 9 月和 12 月季度，但在移動端也有出色的執行。

As it relates to the March quarter, we typically don't really guide by segments, but we just provide the guidance for the March quarter, which is up 13.5% year-over-year. We do expect both segments to grow double-digit year-over-year, of course, stronger in broad markets than it is in Mobile.

由於它與 3 月季度相關，我們通常不會真正按細分市場進行指導，但我們只提供 3 月季度的指導，同比增長 13.5%。我們確實預計這兩個細分市場將同比增長兩位數，當然，在廣闊的市場中比在移動市場更強勁。

Okay. And just following on to some of the comments that you made with respect to seasonality. And last year, seasonality was skewed, as you said, because of the late launch of the phones. But this year, there were also capacity constraints affecting your customers also. So as your largest customer said that they weren't able to ship as much as they wanted in the December quarter. How does that affect seasonality for the March quarter this year? And does it have any implications for June as well, if some of your customers perhaps are catching up with unfulfilled demand during the March quarter?

好的。並繼續您對季節性的一些評論。正如你所說，去年，由於手機發布較晚，季節性出現了偏差。但今年，產能限制也影響了您的客戶。因此，正如您最大的客戶所說，他們無法在 12 月季度發貨。這對今年第三季度的季節性有何影響？如果您的一些客戶可能在 3 月季度趕上未滿足的需求，它對 6 月也有任何影響嗎？

Yes, Chris. So again, if you look at the guide we provided for March, down 12% sequentially, up 13.5% year-over-year. But the down 12% sequentially is actually slightly better than normal seasonality if you compare to the last 5 years for the March quarter. As you probably remember from the call of our large customer, they left some revenue on the table in the December quarter, and they're still trying to catch up, and they see improvements going into the March quarter.

是的，克里斯。同樣，如果您查看我們提供的 3 月份指南，環比下降 12%，同比增長 13.5%。但如果與過去 5 年的 3 月季度相比，環比下降 12% 實際上略好於正常的季節性。您可能還記得我們大客戶的電話，他們在 12 月季度留下了一些收入，他們仍在努力追趕，他們看到進入 3 月季度的改善。

Looking ahead for June, again, we only guide 1 quarter at a time, but sitting here today, I don't see any reason why June would not be in line with normal seasonality. So we do expect normal seasonality for the June quarter. Also, keep in mind that June is just a transition quarter, right? We feel very strong, based on our technology road map, the products, the design win momentum, and the design wins that we have on the book right now, we feel very strong for further sequential growth into the September and December quarter typically, as you see, with strong performance in the second half of the year.

再次展望 6 月，我們一次只指導 1 個季度，但今天坐在這裡，我看不出 6 月不符合正常季節性的任何理由。因此，我們確實預計 6 月季度會出現正常的季節性。另外，請記住，六月只是一個過渡季度，對吧？我們感覺非常強大，根據我們的技術路線圖、產品、設計獲胜勢頭以及我們目前在書上所擁有的設計獲勝，我們對進入 9 月和 12 月季度的進一步連續增長感到非常強烈，因為你看，下半年表現強勁。

The next question comes from the line of Gary Mobley with Wells Fargo Securities.

下一個問題來自富國銀行證券公司的 Gary Mobley。

I'm going to pick up right where you left off Kris, and ask specifically what you would classify or quantify as a typical June quarter-over-quarter seasonal comp focusing specifically on the Mobile business? And then I have a follow-up.

我將在您離開 Kris 的地方繼續，並具體詢問您將什麼分類或量化為典型的 6 月季度環比季節性組合，特別關注移動業務？然後我有一個跟進。

Yes. So for the total company, if you look at the average of the last 5 years, in June, we have been flat to down 5%. So call it, an average 3%, 4% down sequentially in the June quarter. That's the average over the last 5 years.

是的。因此，對於整個公司而言，如果您查看過去 5 年的平均值，在 6 月份，我們一直持平至下降 5%。可以這麼說，6 月季度平均下降 3%、4%。這是過去 5 年的平均值。

And that's Mobile specifically, to be clear?

明確地說，那是移動設備？

That is mostly driven by Mobile.

這主要是由移動驅動的。

Okay. All right. And then switching gears over to the broad markets business. I know that you have been capacity constrained for that business, but I presume given the upside that you delivered in the December quarter, that's less of an issue or turned out to be less of an issue. So maybe if you can give us an update on where you stand with expanding capacity to support the broad markets business, how the backlog is trending for that business in relationship to the improved supply? And that's it for me.

好的。好的。然後轉向廣闊的市場業務。我知道您對該業務的產能有限，但我認為考慮到您在 12 月季度交付的好處，這不是問題，或者結果不是問題。因此，如果您可以向我們提供最新信息，說明您在擴大產能以支持廣泛市場業務方面的立場，該業務的積壓與供應改善的關係如何？對我來說就是這樣。

Yes. Sure. This is Liam. Well, as noted in the prepared remarks, we had a record Broad Market quarter, $477 million, 46% year-over-year. There's just a lot more for us to do in those areas. We are extending the reach of customers -- new customers. We're driving more complex cellular engines, IoT engines to our customer base, also gaining some traction -- meaningful traction with the I&A portfolio from Silicon Labs. So that's coming together. And there's so much opportunity in the broad markets business, and we're happy to see the numbers that we're discussing now.

是的。當然。這是利亞姆。好吧，正如準備好的評論中所指出的，我們有一個創紀錄的廣泛市場季度，達到 4.77 億美元，同比增長 46%。在這些領域，我們還有很多事情要做。我們正在擴大客戶的範圍——新客戶。我們正在為我們的客戶群推動更複雜的蜂窩引擎、物聯網引擎，同時也獲得了一些牽引力——通過 Silicon Labs 的 I&A 產品組合獲得了有意義的牽引力。所以這是一起來的。在廣闊的市場業務中有很多機會，我們很高興看到我們現在正在討論的數字。

But the market TAM there is substantial if you think about the scale and scope of where we can take our products. So there's a lot of work to be done there, but we're really pleased with the effort. Our team is doing well, having some new customers in our corner is always great, and we're going to continue to drive in that way. So good stuff and a lot of good technical synergy as well. So most of these products do have a kind of a common core in some cases. So it does help us drive through our supply chain very effectively in high velocity and leveraging that scale that we talk so much about.

但是，如果您考慮我們可以將產品帶到哪裡的規模和範圍，那麼市場 TAM 是巨大的。所以那裡有很多工作要做，但我們對所做的努力感到非常滿意。我們的團隊做得很好，在我們的角落裡有一些新客戶總是很棒，我們將繼續以這種方式開車。這麼好的東西和很多好的技術協同作用。所以這些產品中的大多數在某些情況下確實有一種共同的核心。因此，它確實幫助我們非常有效地高速推進我們的供應鏈，並利用我們經常談論的規模。

The next question comes from the line of Ambrish Srivastava from BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Apparently tight execution on the balance sheet and on the cash flow side. Kris, just a quick -- this is a housekeeping. What should we expect CapEx to be for this year? And then I had a quick follow-up, please.

顯然在資產負債表和現金流方面執行嚴格。克里斯，快點——這是家務。我們應該期望今年的資本支出是多少？然後我有一個快速跟進，拜託。

Yes. So CapEx in the quarter was $96 million, which is somewhat light, but we don't really manage the CapEx quarter-by-quarter. We will definitely continue to invest. This is still early stages in a multiyear 5G upgrade cycle. As Liam just explained, there's a lot of growth opportunities and growth markets. And so we will continue to further invest in our manufacturing, adding more size and scale, but at the same time, also supporting the technology road maps. We have major success with bulk acoustic wave, and so we are -- the revenue of integrated devices that have BAW filters inside is growing very strong, and we're supporting that.

是的。因此，本季度的資本支出為 9600 萬美元，這有點少，但我們並沒有真正按季度管理資本支出。我們一定會繼續投資。這仍處於多年 5G 升級週期的早期階段。正如利亞姆剛剛解釋的那樣，有很多增長機會和增長市場。因此，我們將繼續進一步投資於我們的製造，增加規模和規模，但同時也支持技術路線圖。我們在體聲波方面取得了重大成功，因此我們 - 內置 BAW 濾波器的集成設備的收入增長非常強勁，我們支持這一點。

We're also making the necessary investments in Mexicali, in our back-end operation, supporting advanced packaging and test. And so again, we have a lot of growth opportunity for us. We will support that, and we will continue to expand the capacity and pay CapEx.

我們還在後端運營中對墨西卡利進行必要的投資，以支持先進的封裝和測試。同樣，我們有很多增長機會。我們將支持這一點，我們將繼續擴大產能並支付資本支出。

Sorry, Kris. So just in terms of numbers, double digit, low double digit is the right number to be modeling? For cap intensity?

對不起，克里斯。所以就數字而言，兩位數，低兩位數是建模的正確數字嗎？對於上限強度？

Double-digit.

兩位數。

Okay. Okay. And then for my follow-up is, Liam, for you on the broad markets business. What's -- now that you have included the Silicon Lab business, what's the right way to think about the longer-term CAGR for this business?

好的。好的。然後我的後續行動是，利亞姆，為你介紹廣闊的市場業務。什麼——既然您已經將 Silicon Lab 業務包括在內，那麼考慮該業務的長期 CAGR 的正確方法是什麼？

Yes, absolutely. We definitely see great opportunity in that portfolio as it is right now. And so levering around that is a very substantial sales team from the core Skyworks still leveraging the I&A portfolio. We've done really well in the last couple of months of introducing the I&A products and technologies to customers that we already have, proven customers that we do a lot of business with, which is a great synergy for us. We are scaling operationally, the majority of the portfolio and the I&A business had been more of a fabless play. Over time, we're going to bring that technology under our own roof here at Skyworks and leverage the great scale that we have.

是的，一點沒錯。我們肯定在該投資組合中看到了巨大的機會，就像現在一樣。因此，來自 Skyworks 核心的一個非常強大的銷售團隊仍在利用 I&A 產品組合。在過去的幾個月裡，我們在向我們已經擁有的客戶介紹 I&A 產品和技術方面做得非常好，這些客戶與我們有很多業務往來，這對我們來說是一個很好的協同作用。我們正在擴大運營規模，大部分投資組合和 I&A 業務更像是無晶圓廠。隨著時間的推移，我們將把這項技術帶到 Skyworks 自己的屋簷下，並利用我們擁有的巨大規模。

So it's a lot of really interesting things that we're doing on the inside, inward looking, but there's tremendous opportunity on the outbound side. So lot of activity, great people. The spirit in the business there is very high and the opportunity that we have is tremendous. We really have a small piece of the total opportunity size that product line can bring. So I think we're excited about the opportunity. We'll continue to report on our results. But thus far, things have been going really well.

所以我們在內部做很多非常有趣的事情，向內看，但在對外方面有巨大的機會。這麼多活動，很棒的人。那裡的業務精神非常高，我們擁有的機會是巨大的。我們確實在產品線可以帶來的總機會規模中佔了一小部分。所以我認為我們對這個機會感到興奮。我們將繼續報告我們的結果。但到目前為止，事情進展得非常順利。

The next question comes from the line of Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

Just wanted to follow back on the Mobile side and just make sure I heard you saying, just because we've heard it from so of the other companies. But in terms of the March seasonality, I mean, we've heard that the largest customer has been pulling more product and maybe has less than a typical seasonal period. They're also launching a new phone to add 5G. So that's all good. So I'm just trying to understand, are you seeing that -- because you made comments that June should be normal, and I think you've now had a couple of companies talk about June being down more, because March is stronger. I want to just go back to that point and make sure I understand what you're saying.

只是想回到移動端，確保我聽到你說，只是因為我們從其他公司那裡聽到過。但就 3 月的季節性而言，我的意思是，我們聽說最大的客戶一直在拉更多產品，而且可能比典型的季節性時期要少。他們還推出了一款添加 5G 的新手機。所以這一切都很好。所以我只是想明白，你看到了嗎 - 因為你發表評論說 6 月應該是正常的，而且我認為你現在已經有幾家公司談論 6 月下跌更多，因為 3 月更強勁。我想回到那個點，確保我明白你在說什麼。

Sure, Blayne. This is Liam. Yes, I think what you may see here is relatively typical demand cycle. But then within that demand cycle, where is the technology and how do you grow that technology even in constant units, right? So I mean, it won't be constant units, but if we have a baseline. Some of the enthusiasm around our view going into June is really about design wins that we have squarely in our sights. In some cases, design wins that have been consummated, they haven't shipped yet. So a lot of that is Skyworks-specific.

當然，布萊恩。這是利亞姆。是的，我認為您在這裡看到的是相對典型的需求週期。但是在這個需求週期內，技術在哪裡？即使以恆定的單位，您如何發展該技術，對嗎？所以我的意思是，它不會是恆定的單位，但如果我們有一個基線。圍繞我們進入 6 月份的觀點的一些熱情實際上是關於我們正視的設計勝利。在某些情況下，已經完成的設計勝利，他們還沒有發貨。所以其中很多都是 Skyworks 特有的。

But the typical calendar or fiscal cycles that we tend to see are still relatively in place. But I will tell you that the opportunity within the devices that we're serving and with the customers that we're serving, we're seeing growth potential there. And that's much more predictable for us. Because we know exactly what we're winning, we know exactly where that's going, we know how to prepare that operationally, and still do that shoulder-to-shoulder with the leading customers. So we feel really good about it. The macro seasonality could be a little bit different, but we feel very confident in what we're going to do.

但我們傾向於看到的典型日曆或財政週期仍然相對存在。但我會告訴你，我們所服務的設備以及我們所服務的客戶中的機會，我們在那裡看到了增長潛力。這對我們來說更容易預測。因為我們確切地知道我們正在贏得什麼，我們確切地知道它的去向，我們知道如何在運營上做好準備，並且仍然與領先的客戶並肩作戰。所以我們對此感覺非常好。宏觀季節性可能會有所不同，但我們對我們將要做的事情充滿信心。

And then just a question for Kris. I think when you bought the Silicon Labs business, you're going to require -- retire debt quite quickly. I think you were actually pretty active on the buyback for December. So with the pullback in the stock, are you thinking about that differently? And anything you can talk about for the remainder of this fiscal year in terms of buybacks versus debt retirement?

然後只是問克里斯的一個問題。我認為，當您購買 Silicon Labs 業務時，您會要求 - 盡快償還債務。我認為你實際上在 12 月的回購中非常活躍。那麼隨著股票的回調，你是否有不同的想法？在回購與債務退休方面，您可以在本財年剩餘時間談論什麼？

Yes, Blayne. So currently, we have still $2.2 billion of debt on the balance sheet in addition to $1 billion of cash. So we feel really good about our liquidity position today. In terms of even gross debt, it's less than 1 turn of EBITDA. And so given where the stock is trading today and what it was trading over the last 3 months, we have switched on the buybacks again, and we will continue to do so going forward.

是的，布萊恩。所以目前，除了 10 億美元的現金外，我們的資產負債表上還有 22 億美元的債務。所以我們今天對我們的流動性狀況感覺非常好。就甚至總債務而言，它還不到 EBITDA 的一圈。因此，鑑於股票今天的交易位置以及過去 3 個月的交易情況，我們再次開啟了回購，我們將繼續這樣做。

The next question comes from the line of Edward Snyder with Charter Equity Research.

下一個問題來自於特許股票研究的 Edward Snyder。

A couple if I could. So Liam, Skyworks traditionally has been very strong in WiFi, the 2.4 Gb section, I think you own when they use external amps. But that's always been shipped in the phone business into a SIP, a system-in-a-package, from Murata or somebody else, combined with a lot of other products.

如果可以的話，一對夫婦。所以 Liam，Skyworks 傳統上在 WiFi 方面非常強大，2.4 Gb 部分，我認為當他們使用外部放大器時你擁有。但在電話業務中，村田或其他公司總是將其與許多其他產品結合在一起，成為 SIP（系統級封裝）。

But it looks like now finally, the Android ecosystem is moving to more of an RF module architecture and where they'll break out the RF separately. So I kind of understand what that means from a content point of view, especially with WiFi 6E, but it poses a problem doesn't it, I mean because now in addition to the amps, you've got to have the best filters, 2.4 uses a [TUF] BAW filter and WiFi 6E will use a TUF BAW filter. So one, are you seeing this shift to modules in WiFi finally? And two, does it present any difference in content opportunity for you? Does it go up? Does it go down? Does it stay the same? How do you characterize Skyworks' positioning if the Android world moves en masse to this new architecture? And I have a follow-up.

但現在看來，Android 生態系統終於轉向了更多的射頻模塊架構，並且他們將在其中單獨拆分射頻。所以從內容的角度來看，我有點理解這意味著什麼，尤其是 WiFi 6E，但這會帶來問題，不是嗎，我的意思是因為現在除了放大器之外，你還必須擁有最好的過濾器， 2.4 使用 [TUF] BAW 濾波器，WiFi 6E 將使用 TUF BAW 濾波器。那麼，您是否最終看到了這種向 WiFi 模塊的轉變？第二，它對您來說內容機會有什麼不同嗎？它會上漲嗎？它會下降嗎？它保持不變嗎？如果 Android 世界大量轉向這種新架構，您如何描述 Skyworks 的定位？我有一個後續行動。

No, that's a good question. I think -- I don't know if everybody followed that, but I know where you are. So the bottom line on that, which is correct, we have an outstanding position in WiFi today. Just let me make that clear, very substantial. And it's been going great. But there has been improvements in technology and demand for higher speeds and higher performance. And in those cases, bulk acoustic wave is a critical element within the WiFi system. So we have ramped WiFi -- we have ramped our bulk acoustic wave technology, obviously, in smartphones with a lot of work, a lot of investment, and that's been going great.

不，這是個好問題。我想——我不知道是否每個人都遵循了這一點，但我知道你在哪裡。因此，底線是正確的，我們今天在 WiFi 領域處於突出地位。讓我說清楚，非常重要。而且進展順利。但是技術和對更高速度和更高性能的需求已經有所改進。在這些情況下，體聲波是 WiFi 系統中的關鍵元素。所以我們已經提升了 WiFi——我們已經提升了我們的體聲波技術，顯然，在智能手機中進行了大量的工作、大量的投資，而且進展順利。

And now we're seeing that move into WiFi. And we have design wins now that capture bulk acoustic wave within a WiFi system, multiple customers. So it's another vector of growth for Skyworks. And a lot of that is in the Broad Market side. It's very diverse. It's certainly -- we love our handset business, but you've got a handful of customers. When you get into the connectivity nodes around WiFi and other cases, you have a broadening there. So we're in good position there and a great position also now to start to lever up bulk acoustic wave beyond the mobile phone.

而現在，我們看到了 WiFi 的發展。現在，我們已經贏得了多個客戶在 WiFi 系統中捕獲體聲波的設計勝利。因此，這是 Skyworks 的另一個增長載體。其中很多是在廣泛的市場方面。它非常多樣化。當然——我們熱愛我們的手機業務，但您的客戶屈指可數。當您進入圍繞 WiFi 和其他情況的連接節點時，您會在此處進行擴展。所以我們在那里處於有利位置，現在也處於一個很好的位置，可以開始利用手機之外的體聲波。

So it's safe to say you're shipping a coexisting BAW filter at 2.4 Gb, which is one of the reasons I thought you even started the BAW to protect your WiFi business. Is that...

因此，可以肯定地說您正在運送一個 2.4 Gb 的共存 BAW 濾波器，這也是我認為您甚至啟動 BAW 來保護您的 WiFi 業務的原因之一。就是它...

We do we have that. We do have those today, and we're going to continue to go higher in frequency as we move along.

我們有。我們今天確實有這些，並且隨著我們的前進，我們將繼續提高頻率。

Okay. Then if I could, you did very well on flagship phones last round. They're now finally moving the transmitter into the diversity section and you landed that, which is a big coup. So 2 questions if I could. What does the content opportunity look like at your large customers in that area? Because it tends -- you tend to really dominate the diversity section and of course, the low bands, too. But now that they've already added that, are we going to see any bigger kickers or have we got most of what we need there?

好的。如果可以的話，你上一輪在旗艦手機上的表現非常好。他們現在終於將發射器移到了分集部分，而你得到了它，這是一個很大的妙招。如果可以的話，有兩個問題。該領域的大客戶的內容機會是什麼樣的？因為它傾向於——你傾向於真正主宰多樣性部分，當然還有低頻段。但是現在他們已經添加了這一點，我們會看到更大的踢球者還是我們已經得到了我們需要的大部分東西？

And then how does this play out with everybody else, Samsung, and the Chinese OEMs? One, when do you think they'll move to the transmit in DRx? And two, do you think the same dynamic competitively will play out where you're going to kind of sweep that out and push wherever else like Murata, out of it like you did on the flagships?

那麼這對其他所有人、三星和中國 OEM 有何影響？一，你認為他們什麼時候會轉移到 DRx 中的傳輸？第二，你認為同樣的動態競爭會在你想要掃除它並推動像村田這樣的其他地方，就像你在旗艦上所做的那樣發揮作用嗎？

Yes, yes. So on the higher end, the opportunity there, we talked about driving higher performance and filtering and moving up the data rate going to 6E, all that's working. But then if you go down to the mid-tier, there's just -- there's tremendous opportunity, because there's still -- the vast majority of phones in the Android world in some of the markets in China are just now stepping up with the higher-performing filters. And they get great performance return for that. So we're doing a lot of work and shoulder-to-shoulder designing work with customers to make sure they see the merits of this technology. And the performance upside that they gain for a couple of incremental dollars.

是的是的。所以在高端，那裡的機會，我們談到了推動更高的性能和過濾並將數據速率提高到 6E，所有這些都在起作用。但是，如果你降到中端市場，那就是 - 有巨大的機會，因為仍然存在 - 在中國的一些市場中，Android 世界中的絕大多數手機現在剛剛升級到更高 -執行過濾器。他們為此獲得了巨大的績效回報。因此，我們正在與客戶進行大量工作和肩並肩的設計工作，以確保他們看到這項技術的優點。以及他們通過增加幾美元獲得的性能優勢。

So I think there's a great opportunity there, coming from a low base, too. So that's not -- isn't just a simple upgrade cycle. It's coming from a very low base to mid- to higher end, and we'll continue to work along that curve. And the know-how that you build in Mobile and in RF translates very well. So all the hard work and the engineering talent that we have at Skyworks that's been working on flagship phones for years and years. They know how to scale when it goes into WiFi and some of these other wireless technologies. So we look forward to leveraging that skill set as we meet with new customers.

所以我認為那裡有很好的機會，也來自低基數。所以這不是——不僅僅是一個簡單的升級週期。它來自一個非常低的基數到中高端，我們將繼續沿著這條曲線工作。您在移動和射頻中構建的專有技術可以很好地轉化。因此，我們在 Skyworks 擁有的所有辛勤工作和工程人才已經在旗艦手機上工作了多年。他們知道如何在 WiFi 和其他一些無線技術中進行擴展。因此，我們期待在與新客戶會面時利用這些技能。

The next question comes from the line of Craig Ellis with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Craig Ellis。

Congratulations on the nice quarter and cash flow. I wanted to start with an operational question. So clearly, we've got a very strong demand environment out there right now. And Kris, it sounds like you expect the business to be seasonally strong in the back half of the year. So can you just talk a little bit about how you plan to manage manufacturing loadings as we go through the calendar first and second quarter or your fiscal second, third quarters?

祝賀季度和現金流。我想從一個操作問題開始。很明顯，我們現在有一個非常強勁的需求環境。還有克里斯，聽起來您預計該業務在今年下半年會出現季節性強勁增長。那麼，您能否談談您計劃在第一季度和第二季度或您的第二、第三財季日曆中如何管理製造負荷？

Should we expect to see that you'll build inventory to put yourself in a position or for whatever reason would inventory stay at a relatively lower level here?

我們是否應該期望看到您會建立庫存以使自己處於有利位置，或者出於任何原因，庫存會保持在相對較低的水平？

Yes, Craig. I mean we do that every year, because we do have some large seasonal swings in our business, right? We have typically strong sequential growth in September, December and then down in March and kind of flattish to slightly down in June. That's the seasonal pattern. We're, of course, trying to maximize factory utilization and drive efficient use of our capital equipment. And so we are always level loading as much as we can. It's not perfect. That's why you also see some seasonal fluctuations in the gross margins there as well. But we definitely will try to maximize that.

是的，克雷格。我的意思是我們每年都這樣做，因為我們的業務確實有一些較大的季節性波動，對吧？我們通常在 9 月、12 月和 3 月出現強勁的連續增長，然後在 3 月下降，在 6 月持平或略有下降。這就是季節性模式。當然，我們正在努力最大限度地提高工廠利用率並推動我們資本設備的有效使用。所以我們總是盡可能多地進行水平加載。這並不完美。這就是為什麼你也會看到那裡的毛利率出現一些季節性波動。但我們肯定會盡量做到這一點。

Also, you know in this business, the design wins, we know them way ahead, right? So we know what we win, we know the product. We can start building to a certain extent ahead of it, and we do that every year.

另外，你知道在這個行業，設計是贏家，我們知道他們遙遙領先，對吧？所以我們知道我們贏了什麼，我們知道產品。我們可以在一定程度上提前開始建設，而且我們每年都這樣做。

Yes. Got it. That's helpful. And then I'll flip one over to Liam. Liam, I think there's a general view out there that this year will be a year for somewhere around 40% growth in the smartphone market, really as we ship a lot more midrange 5G smartphones. So I know you just talked about some of the things you're excited about on the Android ecosystem. But is it possible to put a quantification around the degree of content gain that's left at that tier of the market and beyond that tier what's still possible for Skyworks?

是的。知道了。這很有幫助。然後我會把一份交給 Liam。 Liam，我認為人們普遍認為，今年智能手機市場將增長 40% 左右，因為我們出貨了更多的中端 5G 智能手機。所以我知道你剛剛談到了一些你對 Android 生態系統感到興奮的事情。但是，是否有可能量化該市場層級的內容增益程度，以及超出該層級的 Skyworks 仍有可能實現什麼？

Sure. Sure. Yes. I mean we have 2 vectors, right? We have kind of the mid-tier moving up and then you have the premium devices really stepping up with high performance. And both of those portfolios have been great for us. And I think our ability, the years and years of time and investment, and shoulder-to-shoulder engineer work, we basically follow the lead with our customers. So we're very flexible. We can go to the highest end and we can also bring companies that haven't engaged and get them on board. And so that continues to grow.

當然。當然。是的。我的意思是我們有 2 個向量，對吧？我們的中端設備有所提升，然後您的高端設備真正提升了高性能。這兩個投資組合對我們來說都很棒。而且我認為我們的能力、多年和多年的時間和投資，以及工程師肩並肩的工作，我們基本上跟隨著我們的客戶。所以我們非常靈活。我們可以走到最高端，我們也可以讓尚未參與的公司加入進來。因此，這種情況繼續增長。

And the merits of mobility and wireless connectivity, everyone on the call knows how important that is. So there's a lot of opportunity there. And then if you move out of smartphones, Craig, we had a question on that a few minutes ago. We just -- we're really excited by the potential for proliferating connectivity everywhere, right? You're hearing more about M2M, you're hearing more about automotive. These are real. These are real markets right now. There's WiFi opportunity. It could be cellular. All of these end markets have great promise for us beyond just the mobile phone and the technologies that we have and the in-house scale that we have really creates flexibility.

移動性和無線連接的優點，通話中的每個人都知道這是多麼重要。所以那裡有很多機會。然後如果你離開智能手機，克雷格，幾分鐘前我們有一個問題。我們只是 - 我們對無處不在的連接性增長的潛力感到非常興奮，對吧？你聽到更多關於 M2M 的消息，你聽到更多關於汽車的消息。這些是真實的。這些是現在真正的市場。有 WiFi 機會。它可能是蜂窩的。除了手機和我們擁有的技術以及我們真正創造靈活性的內部規模之外，所有這些終端市場都為我們帶來了巨大的希望。

So we don't have a one-stop shop. We can be very crafty and configured -- configurable with our customer, depending on the application. So there's a lot of really interesting design wins that we have that really come about with customer problems and our engineers huddling together to solve it. So it's really cool to see. And you're going to see more and more growth around that. But still, the connectivity vector is the primary element here to make it all work.

所以我們沒有一站式商店。我們可以非常狡猾和配置——根據應用程序，我們的客戶可以配置。因此，我們有很多非常有趣的設計勝利，這些勝利都是由客戶問題和我們的工程師擠在一起解決的。所以看到真的很酷。你會看到越來越多的增長。但是，連通性向量仍然是使這一切正常工作的主要元素。

The next question comes from the line of Brett Simpson with Arete Research.

下一個問題來自 Arete Research 的 Brett Simpson。

Maybe 2 big picture questions, and maybe for Liam. First, just Android as a market opportunity for Skyworks. I guess your mobile business is much more skewed towards iOS historically. But if I look at Android, we probably look at about $1 billion of revenue for Skyworks every year, and there's more than 1 billion units shipping for Androids. So you're getting sort of less than $1 today of RF content on average.

也許是兩個大問題，也許是 Liam。首先，Android 只是 Skyworks 的市場機會。我猜你的移動業務在歷史上更傾向於 iOS。但如果我看看 Android，我們可能會看到 Skyworks 每年的收入約為 10 億美元，Android 的出貨量超過 10 億台。因此，您今天獲得的 RF 內容平均不到 1 美元。

And I guess just moving to 5G and more modules, can you perhaps just talk about the opportunity that you see ahead of yourselves in terms of getting more strategic with customers or where you think you can really start to sort of grow your average content per unit in the Android ecosystem?

而且我想只是轉向 5G 和更多模塊，您能否談談您在與客戶之間獲得更具戰略性的機會，或者您認為您可以真正開始增加每單位的平均內容的機會在安卓生態系統中？

Sure. Sure. That's a great question. Yes, and you're right. I think there's a lot more opportunity in Android now for us to go get. And it's really about an education opportunity for us. And we're working with these customers. We're demonstrating what a little bit of incremental content can do in terms of the end user's experience. So there's a lot more of a drive there. We absolutely -- it's not a technical hurdle for us. I mean we know how to do it. It's more around how do we craft the solution that provides the technology and the performance and does it at a price point and a cost point for us, where it makes a lot of sense.

當然。當然。這是一個很好的問題。是的，你是對的。我認為 Android 現在有更多的機會讓我們去獲得。這對我們來說真的是一個教育機會。我們正在與這些客戶合作。我們正在展示一點點增量內容在最終用戶體驗方面的作用。所以那裡有更多的驅動器。我們絕對 - 這對我們來說不是技術障礙。我的意思是我們知道該怎麼做。更多的是關於我們如何制定提供技術和性能的解決方案，並以對我們來說很有意義的價格點和成本點來實現。

And that's happening now, because as you start to see 5G really accelerate, to really get the performance that's been promised and that's been desired, you've got to put in more content -- you got to put in more filtering as we talked about already in the call. You need to raise the performance of your gallium arsenide technologies, you got to bring them in. You got to look at your packaging and test, and the coexistence issues that happen when you have more and more of these technologies in a single application, whether the application is a phone or something else.

現在正在發生這種情況，因為當你開始看到 5G 真正加速時，要真正獲得承諾和期望的性能，你必須加入更多內容——正如我們所說的，你必須加入更多過濾已經在通話中。你需要提高你的砷化鎵技術的性能，你必須引進它們。你必須看看你的封裝和測試，以及當你在一個應用程序中擁有越來越多的這些技術時發生的共存問題，無論是該應用程序是電話或其他東西。

So there's a lot there. A couple of things I would say. In the last several months, we've been doing much, much better at the higher end of Android. Customers like Samsung have been very strong. And these are on the new platforms. These are on the highest performing new platforms that they're offering. And then we're going to bring along the Oppo, Vivo, Xiaomi, players.

所以那裡有很多。我想說幾件事。在過去的幾個月裡，我們在 Android 的高端方面做得非常好。像三星這樣的客戶非常強大。這些都在新平台上。這些位於他們提供的性能最高的新平台上。然後我們將帶來OPPO、vivo、小米等玩家。

In aggregate today, those are still very significant for us, but the content opportunity from today's baseline and where it could go over the next 2 to 3 years is quite substantial. So the point that you made at the beginning is definitely well taken.

總的來說，今天這些對我們來說仍然非常重要，但從今天的基線來看，以及未來 2 到 3 年的內容機會是相當可觀的。因此，您在開始時提出的觀點絕對是正確的。

So that's how we see that, and we've got great inroads right now on products that will -- they have a little bit of a different cycle than some of the large U.S. players, but you should see a lot more content from Skyworks in Android products going into the second half of the year and into 2023.

這就是我們的看法，我們現在已經在產品上取得了很大進展——它們的周期與美國的一些大型玩家有一點不同，但你應該會看到來自 Skyworks 的更多內容Android 產品進入下半年和 2023 年。

Great. Maybe just a follow-up, Liam, on Ed's question on WiFi. I guess, there's something like over 4 billion units of WiFi that ship every year. And I'd just love to understand the RF TAM or the opportunity set that you see, especially with the transition to 6E and some of the changes that we're going to see and how this is packaged up. But I guess we could expect PCs and routers and smartphones and TVs to move quite aggressively towards 6E over the next sort of year or 2. But is there anything you can share with us in terms of your strategy and how you plan to address this? Because I guess this transition should be quite positive for RF players like Skyworks that's done very well traditionally in the WiFi space.

偉大的。利亞姆，也許只是埃德關於 WiFi 的問題的後續行動。我猜，每年有超過 40 億台 WiFi 出貨。而且我很想了解 RF TAM 或您看到的機會集，尤其是在過渡到 6E 以及我們將要看到的一些變化以及這些變化是如何打包的。但我想我們可以期待 PC 和路由器、智能手機和電視在接下來的一兩年內非常積極地向 6E 邁進。但是就您的戰略以及您計劃如何解決這個問題，您有什麼可以與我們分享的嗎？因為我認為這種轉變對於像 Skyworks 這樣傳統上在 WiFi 領域做得很好的 RF 播放器來說應該是非常積極的。

Yes. No, that's a great point. So the appetite for high-end WiFi has really accelerated, and you can see the use case opportunity everywhere now, right? You do consumer products all the way to the super high end, you have WiFi, whether it's 6 or 6E. So that's all going to move in the right direction for us.

是的。不，這是一個很好的觀點。所以對高端 WiFi 的需求真的加速了，你現在到處都能看到用例機會，對吧？你做消費產品一直到超高端，你有 WiFi，無論是 6 還是 6E。所以這一切都將朝著我們的正確方向發展。

And so one of the things that will happen as we move along the curve in WiFi, it will actually create a cycle, not unlike what you see in mobile, where content grows and then content continues to move as the application and the burden on the technology rises, right. That the more important -- the higher the speed, the more efficient it needs to be, that's going to require better technology on the semiconductor and the filtering side. So that plays together very, very well for Skyworks. And think about us as kind of the mid- to high-tier player, but we can step into that low end of the market, too.

因此，當我們在 WiFi 中沿著曲線移動時會發生的一件事，它實際上會創建一個循環，與您在移動設備中看到的不同，內容會增長，然後內容會隨著應用程序和負擔繼續移動技術進步了，對。越重要——速度越高，它需要的效率就越高，這將需要在半導體和過濾方面有更好的技術。所以這對 Skyworks 來說非常非常好。並將我們視為中高端玩家，但我們也可以進入低端市場。

But we are seeing a lift when you start to look at 6 and 6E in WiFi. There's bulk acoustic wave filters there that we've already talked about on this call, but very, very important in the higher-end WiFi. And not today, highly populated. It's a cycle there that is on the upswing and it's still early. And we have the know-how to do it. So the wonderful thing there is we have the key elements to get it done. Similar elements that we would have in a high-end smartphone, but position and scale that configured in a way to deliver WiFi signals versus cellular.

但是，當您開始關注 WiFi 中的 6 和 6E 時，我們看到了提升。我們已經在本次電話會議中討論過體聲波濾波器，但在高端 WiFi 中非常非常重要。而不是今天，人口眾多。這是一個正在上升的周期，而且還為時過早。我們有訣竅來做到這一點。因此，奇妙的是，我們擁有完成它的關鍵要素。我們將在高端智能手機中擁有類似的元素，但位置和規模的配置方式是提供 WiFi 信號而不是蜂窩網絡。

So there's a lot of opportunity there, and it plays into core technologies that we have in-house. So that's a really good question, and it is a key element in our strategy in broad markets is to do more and raise the bar there on overall WiFi performance.

所以那裡有很多機會，它會影響我們內部擁有的核心技術。所以這是一個非常好的問題，我們在廣闊市場的戰略中的一個關鍵要素是做得更多並提高整體 WiFi 性能的標準。

The next question comes from the line of Tristan Gerra with Baird.

下一個問題來自 Tristan Gerra 與 Baird 的對話。

So you've talked about the strength and opportunities in the Android ecosystem. A few years ago, you really had a greenfield of opportunities in the 3 to 6 gigahertz range, notably at your key customer. So how should we look at the competitive landscape now with Qualcomm recently announced ultraBAW RF in the sub-70 Gb range, MediaTek also getting in that segment. So it feels like that 3 to 6 Gb segment is where you've gained a significant share a few years ago starting to get more crowded. And I'm wondering whether there could be ramifications of that, including in the Android ecosystem.

您已經談到了 Android 生態系統的優勢和機遇。幾年前，您確實擁有 3 到 6 GHz 範圍內的新機會，尤其是在您的主要客戶。那麼我們應該如何看待現在的競爭格局，高通公司最近宣布了低於 70 Gb 範圍的 UltraBAW 射頻，聯發科也進入了這一領域。所以感覺 3 到 6 Gb 段是幾年前你獲得顯著份額的地方，開始變得更加擁擠。我想知道這是否會產生影響，包括在 Android 生態系統中。

Yes. I mean we're actually in a pretty significant growth path with the bulk acoustic wave filtering technology that would populate the 3 to 6 Gb range. We also have a great deal of know-how and complexity on both transmit and receive and also the way to integrate the complexity around that. So when you're dealing with the high-end smartphones that would demand that kind of performance, you got to have the isolation, you've got to have the form fit and factor to integrate all of that. Because you're going to carry all of the existing 4G ,5G stuff around it, and then you have to populate when you get to 3 to 6 Gb, there's going to be some additional filtering. And that has to all be coexisting in a way that makes perfect sense within the device itself, current consumption, et cetera, size and scale.

是的。我的意思是，我們實際上正處於一個相當顯著的增長路徑中，體聲波濾波技術將填充 3 到 6 Gb 範圍。我們在發射和接收方面也有大量的專業知識和復雜性，以及整合複雜性的方法。因此，當您處理需要這種性能的高端智能手機時，您必須具有隔離性，您必須具有合適的外形和集成所有這些的因素。因為你要攜帶所有現有的 4G 、5G 東西，然後當你達到 3 到 6 Gb 時你必須填充，所以會有一些額外的過濾。這一切都必須以一種在設備本身、電流消耗等、尺寸和規模上完全有意義的方式共存。

So we know how to do that. There's absolutely no gap at all, and we are populating 3 to 6 Gb now. And as we mentioned, our BAW filter technology is very robust, extremely competitive and populating some of the most iconic highest-performing phones today.

所以我們知道該怎麼做。完全沒有差距，我們現在填充 3 到 6 Gb。正如我們所提到的，我們的 BAW 濾波器技術非常強大，極具競爭力，並且在當今一些最具標誌性的最高性能手機中佔有一席之地。

So that same recipe can scale across Android, can go to the highest end Smartphones, can find itself in applications that are not mobile applications, like automotive, for example. So we have the keys for that. So that's something to work on.

因此，相同的配方可以在 Android 上擴展，可以用於最高端的智能手機，可以在非移動應用程序（例如汽車）中找到自己。所以我們有鑰匙。所以這是需要做的事情。

The market, in some cases, is just starting to demand this technology. In some cases, the market has been behind the technology.

在某些情況下，市場才剛剛開始需要這種技術。在某些情況下，市場一直落後於技術。

But now we're starting to see the intersection with the high-performance technology and the needs of the consumer and the market together. And I think that's where things really are going to accelerate.

但現在我們開始看到高性能技術與消費者和市場需求的交集。我認為這就是事情真正要加速的地方。

Okay. Great. And then as a quick follow-up, obviously, you have opportunities for content increases and share gains. How do you look at the inventory situation in China smartphone OEMs? And is that something we should get concerned over the next few quarters?

好的。偉大的。然後作為快速跟進，顯然，您有機會增加內容並分享收益。您如何看待中國智能手機 OEM 的庫存情況？在接下來的幾個季度中，這是我們應該關注的事情嗎？

Yes. For us, we don't see anything -- I mean, there's some bumpiness there, but not in the portfolios that we're driving right now. We keep a very, very lean view of our products. And Kris mentioned, it in terms of our days of inventory, et cetera, we're very -- we're not a big distribution play. We're kind of like, we go direct. So we have a very clear view of where the demand is, where the products are. And for the most part, things have been kind of short in terms of supply chain, which has limited some of our customers and created some imbalances. I think some of that's getting ironed out now.

是的。對我們來說，我們沒有看到任何東西——我的意思是，那裡有一些顛簸，但在我們現在正在推動的投資組合中沒有。我們對我們的產品保持非常非常精益的看法。克里斯提到，就我們的庫存天數等而言，我們非常 - 我們不是一個大型的分銷公司。我們有點像，我們直接走。所以我們非常清楚需求在哪裡，產品在哪裡。在大多數情況下，供應鏈方面的情況有點短，這限制了我們的一些客戶並造成了一些不平衡。我認為其中一些現在已經解決了。

With Skyworks, as you know, we -- the lion's share of our business is done in-house. We have our own gallium arsenide technology. We have our own TC-SAW, standard SAW, bulk acoustic wave, assembly and test, all that stuff is in-house. So we're able to execute extremely well even if the conditions are choppy out there in the supply chain. So there can be some movement around that. But we feel very good about our ability to execute in that way.

如您所知，Skyworks 的大部分業務都是在內部完成的。我們擁有自己的砷化鎵技術。我們有自己的 TC-SAW、標準 SAW、體聲波、組裝和測試，所有這些都是內部的。因此，即使供應鏈中的條件不穩定，我們也能夠執行得非常好。所以可以有一些圍繞它的運動。但我們對我們以這種方式執行的能力感到非常滿意。

The next question comes from the line of Kevin Cassidy with Rosenblatt Securities.

下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

I'm just -- we're getting a lot of information around input costs going up. And I wonder how you're controlling that. It looks like even your OpEx stays kind of flat next quarter, but also just for all your manufacturing. How are you controlling input costs? And what's the outlook for the rest of the year?

我只是——我們得到了很多關於投入成本上升的信息。我想知道你是如何控制它的。看起來即使您的運營支出在下個季度也保持平穩，但也僅適用於您的所有製造。您如何控制投入成本？今年剩餘時間的前景如何？

Yes, Kevin, I mean, this is not a Skyworks-specific issue. There's definitely some input cost increases. But as Liam just said, I mean, we control a lot of our own supply chain. And we have -- most of the supply chain is actually in-house. Now we still do buy some third-party materials, and we have seen some increases there as well. But if you look at the gross margins, I mean, we have been able to slightly improve our gross margins, in part because we do have also a dynamic pricing policy. And that means we increase or decrease prices where we can, depending on our competitive landscape and depending on certain increases or decreases in our cost structure as well.

是的，凱文，我的意思是，這不是 Skyworks 特有的問題。肯定會增加一些投入成本。但正如利亞姆剛才所說，我的意思是，我們控制了很多我們自己的供應鏈。我們有——大部分供應鏈實際上是內部的。現在我們仍然購買一些第三方材料，我們也看到了一些增加。但如果你看看毛利率，我的意思是，我們已經能夠稍微提高我們的毛利率，部分原因是我們也有一個動態定價政策。這意味著我們會根據我們的競爭格局以及我們成本結構的某些增減情況，盡可能地提高或降低價格。

Okay. Great. And just a reminder on the I&A business that you just acquired, what's the manufacturing strategy with that for the longer term?

好的。偉大的。只是提醒一下您剛剛收購的 I&A 業務，長期的製造戰略是什麼？

Yes. I mean right now, we are still operating in kind of the fabless play, although still leveraging our teams in a way that's very cohesive. But there's definitely operational scale advantages with bringing some of the core technologies from the I&A SLAB business in the core Skyworks facilities. I mean, I think that's -- well, we know. I mean, that's something we're working on right now. And it is 100% in our control. We don't need help for it. We know exactly what we need to do. We just need to get it done. And we'll do a lot of things, because it will open up the portfolio greatly. There'll be more scale to drive the products.

是的。我的意思是現在，我們仍在以一種無晶圓廠的方式運作，儘管仍在以一種非常有凝聚力的方式利用我們的團隊。但是，將 I&A SLAB 業務中的一些核心技術引入 Skyworks 的核心設施中，無疑具有運營規模優勢。我的意思是，我認為那是——嗯，我們知道。我的意思是，這是我們現在正在做的事情。它100%在我們的控制之中。我們不需要幫助。我們確切地知道我們需要做什麼。我們只需要完成它。我們會做很多事情，因為它會極大地打開投資組合。將有更大的規模來推動產品。

And there's also, as I said earlier, a great synergy with the technologies that we have today and how they can dovetail with the I&A business, but also the very, very large roster of customers that the SLAB I&A business has that we can generate and engage our customers today with them. So there's going to be some great synergy there, upside synergy around revenue, and also synergy around operations. So looking forward to seeing that more as we pursue the business longer.

而且，正如我之前所說，與我們今天擁有的技術以及它們如何與 I&A 業務相吻合，以及我們可以產生的 SLAB I&A 業務擁有的非常非常大的客戶名冊，還有很好的協同作用。今天就與我們的客戶互動。因此，那裡將產生一些巨大的協同效應，圍繞收入的上行協同效應，以及圍繞運營的協同效應。因此，隨著我們更長時間地開展業務，我們期待看到更多。

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

謝謝你。女士們，先生們，今天的問答環節到此結束。我現在將把電話轉回給格里芬先生，以徵求任何結束意見。

Thank you all for participating on today's call. We look forward to talking to you at upcoming investor events. Thank you.

感謝大家參加今天的電話會議。我們期待在即將舉行的投資者活動中與您交談。謝謝你。

Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation.

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。