思佳訊 (SWKS) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Fourth Quarter and Fiscal Year 2021 Earnings Call.

下午好，歡迎參加 Skyworks Solutions 第四季度和 2021 財年財報電話會議。

This call is being recorded.

正在錄製此通話。

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

此時，我將把電話轉給 Skyworks 投資者關係部的 Mitch Haws。

Mr. Haws, please go ahead.

霍斯先生，請繼續。

Thank you, Rachel.

謝謝你，雷切爾。

Good afternoon, everyone, and welcome to Skyworks' Fourth Fiscal Quarter and Year-end 2021 Conference Call.

大家下午好，歡迎參加 Skyworks 第四財季和 2021 年年終電話會議。

With me today are Liam Griffin, our Chairman, CEO and President; and Kris Sennesael, our Chief Financial Officer.

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.

在開始之前，我想提醒大家，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。

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

請參閱我們的收益新聞稿和最近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 includes non-GAAP financial measures consistent with our past practice.

此外，我們將討論的結果和指導包括與我們過去做法一致的非公認會計原則財務措施。

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

請參閱我們公司網站投資者關係部分的新聞稿，以了解與 GAAP 的完全對賬。

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.

謝謝，米奇，歡迎大家。

Before I touch on the fourth fiscal quarter results, I want to highlight the significant accomplishments that underpin a record-breaking year for Skyworks.

在談到第四財季業績之前，我想強調一下支撐 Skyworks 破紀錄的一年的重大成就。

First, total revenue grew to $5.1 billion, 52% ahead of last year, representing an increase of over $1.7 billion.

首先，總收入增長至 51 億美元，比去年增長 52%，增幅超過 17 億美元。

We increased earnings per share to $10.50, up 71%.

我們將每股收益提高到 10.50 美元，增長 71%。

Operating cash flow expanded to $1.8 billion, an increase of 47%, and we completed a strategic and compelling acquisition, immediately diversifying our product portfolio and expanding our market reach.

經營現金流擴大至 18 億美元，增長 47%，我們完成了一項極具戰略意義的收購，立即豐富了我們的產品組合併擴大了我們的市場範圍。

Finally, with the investments we've made, Skyworks navigated a complex supply chain environment, leveraging world-class manufacturing capabilities across strategic technology.

最後，通過我們所做的投資，Skyworks 駕馭了複雜的供應鏈環境，在戰略技術中利用了世界一流的製造能力。

Now turning to Q4, where Skyworks delivered record performance.

現在轉向第四季度，Skyworks 實現了創紀錄的業績。

Revenues in our mobile and broad markets portfolios both grew at double-digit rates sequentially and year-over-year as we capitalized on broad-based momentum, fueled by demand for our unique connectivity solutions.

在對我們獨特的連接解決方案的需求推動下，我們利用廣泛的勢頭，我們的移動和廣泛市場投資組合的收入環比和同比均以兩位數的速度增長。

Specifically, we delivered revenue of -- $1.31 billion, achieved gross margin of 51% and operating margin of 37.2%.

具體來說，我們實現了 13.1 億美元的收入，實現了 51% 的毛利率和 37.2% 的營業利潤率。

We posted earnings per share of $2.62, exceeding our guidance by $0.09 and generated strong operating cash flow totaling $398 million in the quarter.

我們公佈的每股收益為 2.62 美元，超出我們的指引 0.09 美元，並在本季度產生了總計 3.98 億美元的強勁運營現金流。

The complexity inherent in 5G and the demand for highly integrated solutions were a major catalyst in driving our performance.

5G 固有的複雜性和對高度集成解決方案的需求是推動我們業績的主要催化劑。

The momentum in global 5G carrier subscription is building with estimates of 580 million users today, expanding to more than 3 billion users by the end of 2025.

全球 5G 運營商訂閱的勢頭正在增強，目前估計有 5.8 億用戶，到 2025 年底將擴大到超過 30 億用戶。

As expected, smartphones are leading the early transition but new innovative use cases are emerging from automotive and industrial IoT, to enhance virtual reality, gaming and telemedicine.

正如預期的那樣，智能手機正在引領早期轉型，但汽車和工業物聯網正在出現新的創新用例，以增強虛擬現實、遊戲和遠程醫療。

Importantly, the power of 5G is increasingly being harnessed to drive sustainability efforts across industries worldwide, providing the wireless backbone to AI-powered ecosystems, combining measurement, analysis and optimization.

重要的是，5G 的力量越來越多地被用來推動全球各行各業的可持續發展努力，為人工智能驅動的生態系統提供無線骨幹網，將測量、分析和優化相結合。

For example, a major U.S. manufacturer is combining wireless sensor-enabled cameras with artificial intelligence to reduce chemical usage by 90%.

例如，一家美國主要製造商正在將支持無線傳感器的攝像頭與人工智能相結合，以減少 90% 的化學品使用量。

And a European start-up is deploying wireless climate sensors and agricultural applications to drive crop yields up to 3x.

一家歐洲初創公司正在部署無線氣候傳感器和農業應用，以將作物產量提高 3 倍。

Looking ahead, 5G has the capacity to manage diverse connections across industries as it becomes the universal connector from the home to the office to the factory floor and to the farm.

展望未來，5G 有能力管理跨行業的各種連接，因為它成為從家庭到辦公室、工廠車間和農場的通用連接器。

Skyworks is uniquely positioned to capitalize on this transformation with decades of connectivity leadership.

Skyworks 具有獨特的優勢，可以利用數十年的連接領導地位來利用這一轉變。

The acceleration of 5G powered a broad set of use cases in Q4 with design wins encompassing the newest, most innovative smartphones and IoT devices, as well as gains in wireless infrastructure.

5G 的加速推動了第四季度的廣泛用例，其中包括最新、最具創新性的智能手機和物聯網設備的設計勝利，以及無線基礎設施方面的收益。

Specifically, in mobile, we accelerated the reach of our Sky5 portfolio, powering the latest launches at leading Tier 1 smartphone OEMs supporting more than 20 platforms.

具體而言，在移動領域，我們加快了 Sky5 產品組合的覆蓋範圍，為支持 20 多個平台的領先 1 級智能手機 OEM 的最新發布提供支持。

In addition, we shipped Sky5 solutions across Samsung Galaxy's tablet portfolio.

此外，我們還為三星 Galaxy 的平板電腦產品組合提供了 Sky5 解決方案。

In IoT, we continue to gain new customers and expand content.

在物聯網中，我們不斷獲得新客戶並擴展內容。

We delivered 5G CPE connectivity solutions to Nokia.

我們向諾基亞交付了 5G CPE 連接解決方案。

We partnered with Swisscom to launch their WiFi 6 GPON residential gateway.

我們與 Swisscom 合作推出了他們的 WiFi 6 GPON 住宅網關。

We ramped WiFi 6 and 6E platforms at NETGEAR and Cisco.

我們在 NETGEAR 和 Cisco 增加了 WiFi 6 和 6E 平台。

Launched connectivity and home security devices with Amazon, Ring and Comcast, and captured design wins at Garmin supporting mobile fitness applications.

與 Amazon、Ring 和 Comcast 合作推出連接和家庭安全設備，並在 Garmin 贏得支持移動健身應用程序的設計。

In automotive, we supported autonomous driving systems with a market-leading Robotaxi platform and enabled advanced Charge Control Unit systems for a Tier 1 European automotive OEM.

在汽車領域，我們通過市場領先的 Robotaxi 平台支持自動駕駛系統，並為歐洲 1 級汽車 OEM 啟用了先進的充電控制單元系統。

Across the infrastructure markets, we provided power isolation solutions to a strategic manufacturer of EV including residential solar and energy storage systems, and we secured multiple design wins in next-generation MIMO and small cell base station installations.

在整個基礎設施市場，我們為包括住宅太陽能和儲能係統在內的電動汽車戰略製造商提供電源隔離解決方案，並在下一代 MIMO 和小型蜂窩基站安裝中獲得多項設計勝利。

Moving ahead, we see a multiyear secular technology evolution with our aperture widening from smartphones to industrial, automotive and an expansive set of IoT devices.

展望未來，我們看到了多年的長期技術演變，我們的範圍從智能手機擴大到工業、汽車和廣泛的物聯網設備。

Skyworks is fueling this dramatic technological shift with our unique capabilities, integrating not only 5G, but increasingly with our other critical connectivity protocols, including high-performance Wi-Fi, Bluetooth and precision GPS.

Skyworks 憑藉我們獨特的能力推動了這一巨大的技術轉變，不僅集成了 5G，而且越來越多地與我們的其他關鍵連接協議集成，包括高性能 Wi-Fi、藍牙和精密 GPS。

As these opportunities emerge, Skyworks is positioned to win.

隨著這些機會的出現，Skyworks 有望獲勝。

With the breadth and depth of our customer relationships established over 20 years, our experience across multiple technology transitions and a dedicated and talented workforce that executed extraordinarily well during fiscal 2021.

憑藉我們 20 多年建立的客戶關係的廣度和深度、我們在多次技術轉型方面的經驗以及一支敬業且才華橫溢的員工隊伍，他們在 2021 財年表現出色。

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

有了這個，我會把電話轉給 Kris。

Thanks, Liam.

謝謝，利亞姆。

Skyworks revenue for the fourth fiscal quarter of 2021 was $1.311 billion, up 17% sequentially and up 37% year-over-year, driven by both mobile solutions and broad markets.

在移動解決方案和廣闊市場的推動下，Skyworks 2021 年第四財季收入為 13.11 億美元，環比增長 17%，同比增長 37%。

Gross profit in the fourth quarter was $668 million, resulting in a gross margin of 51% up 40 basis points sequentially and 60 basis points year-over-year.

第四季度毛利潤為 6.68 億美元，毛利率為 51%，環比增長 40 個基點，同比增長 60 個基點。

Operating expenses were $180 million or 13.8% of revenue, demonstrating leverage in our operating model while continuing our strategic investments in support of future growth.

運營費用為 1.8 億美元，佔收入的 13.8%，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。

We generated $488 million of operating income, translating into an operating margin of 37.2%.

我們創造了 4.88 億美元的營業收入，轉化為 37.2% 的營業利潤率。

We incurred $11 million of other expenses, and our effective tax rate was 8%, driving net income of $439 million.

我們產生了 1100 萬美元的其他費用，我們的有效稅率為 8%，淨收入為 4.39 億美元。

So top line momentum and execution on margins drove diluted earnings per share of $2.62 ahead of consensus estimates.

因此，頂線勢頭和利潤率執行推動每股攤薄收益超過共識預期 2.62 美元。

EPS grew 22% sequentially and increased 42% compared to Q4 of last year.

每股收益環比增長 22%，與去年第四季度相比增長 42%。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流。

Fourth fiscal quarter cash flow from operations was $398 million.

第四財季運營現金流為 3.98 億美元。

Capital expenditures were $263 million, and we paid $93 million in dividends and repaid $250 million of our term loan.

資本支出為 2.63 億美元，我們支付了 9300 萬美元的股息並償還了 2.5 億美元的定期貸款。

Let's also review our record-breaking full fiscal year performance.

讓我們也回顧一下我們創紀錄的全年業績。

Revenue grew 52% to $5.1 billion, adding over $1.7 billion in incremental revenue over fiscal 2020.

收入增長 52% 至 51 億美元，在 2020 財年增加了超過 17 億美元的增量收入。

Gross profit was $2.6 billion, resulting in a gross margin of 50.9%.

毛利潤為 26 億美元，毛利率為 50.9%。

Operating income increased 73% to $2 billion with an all-time record operating margin of 38.2%, up 450 basis points from the prior year.

營業收入增長 73% 至 20 億美元，營業利潤率達到創紀錄的 38.2%，比上年增加 450 個基點。

Net income was $1.8 billion, translating into $10.50 of diluted earnings per share, up 71% year-over-year.

淨收入為 18 億美元，相當於每股攤薄收益 10.50 美元，同比增長 71%。

Cash flow from operations was up 47% to $1.8 billion.

運營現金流增長 47% 至 18 億美元。

And during fiscal 2021, we returned $536 million of cash back to the shareholders with $340 million in dividends and $196 million in share buybacks, all during Q1 of fiscal '21.

在 2021 財年，我們在 21 財年第一季度向股東返還了 5.36 億美元現金、3.4 億美元的股息和 1.96 億美元的股票回購。

Starting in Q2 of fiscal '21, we temporarily suspended our share repurchase program in connection with the acquisition of the Infrastructure & Automotive business from Silicon Labs.

從 21 財年第二季度開始，我們暫時暫停了與從 Silicon Labs 收購基礎設施和汽車業務相關的股票回購計劃。

Given the strength of our business and the progress we have made on integrating the acquisition And given the low leverage ratio of less than one turn, going forward, we will, from time to time, consider share repurchases as part of our capital allocation strategy depending on market conditions, and in addition to our dividend program and further term loan repayments.

鑑於我們的業務實力和我們在整合收購方面取得的進展以及不到一圈的低杠桿率，展望未來，我們將不時考慮將股票回購作為我們資本配置策略的一部分，具體取決於根據市場情況，以及我們的股息計劃和進一步的定期貸款償還。

In summary, the Skyworks team executed exceptionally well, delivering record revenue, profitability and cash generation, while making the investments that advance our technology leadership and manufacturing footprint in order to drive long-term profitable growth.

總而言之，Skyworks 團隊執行得非常出色，創造了創紀錄的收入、盈利能力和現金生成，同時進行投資以提升我們的技術領先地位和製造足跡，以推動長期盈利增長。

Now let's move on to our outlook for Q1 of fiscal 2022.

現在讓我們繼續我們對 2022 財年第一季度的展望。

We expect to deliver another quarter of double-digit sequential revenue and earnings per share growth in the December quarter.

我們預計在 12 月季度將實現另一個季度兩位數的連續收入和每股收益增長。

Specifically, we anticipate revenue between $1.475 billion and $1.525 billion.

具體來說，我們預計收入在 14.75 億美元至 15.25 億美元之間。

At the midpoint of $1.5 billion, revenue for the quarter is expected to increase 14% sequentially.

在 15 億美元的中點，本季度的收入預計將環比增長 14%。

Gross margin is projected to be in the range of 51% to 51.5%.

毛利率預計在 51% 至 51.5% 之間。

We expect operating expenses of approximately $184 million to $187 million.

我們預計運營費用約為 1.84 億美元至 1.87 億美元。

And below the line, we anticipate roughly $10 million in other expense and a tax rate of approximately 9.5%.

在這條線以下，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 167.5 million shares.

我們預計我們的稀釋股數約為 1.675 億股。

Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $3.10, an increase of 18% sequentially.

因此，在收入範圍的中點，我們打算實現每股攤薄收益 3.10 美元，環比增長 18%。

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.

謝謝，克里斯。

Skyworks' record financial performance demonstrates our ability to capture robust demand across a diverse set of customers and end markets.

Skyworks 創紀錄的財務業績表明我們有能力在不同的客戶和終端市場中捕捉強勁的需求。

Our execution has been powered and fortified by deep customer relationships, coupled with decades of investments with a square focus on execution and best-in-class performance.

深厚的客戶關係以及數十年專注於執行和一流績效的投資，為我們的執行提供了動力和強化。

Looking ahead, Skyworks will continue to strategically invest in next-generation technologies and capital expansion, positioning us for market leadership and sustainable growth as a transition to 5G and other advanced connectivity technologies accelerates.

展望未來，Skyworks 將繼續對下一代技術和資本擴張進行戰略性投資，隨著向 5G 和其他先進連接技術的過渡加速，我們將在市場上處於領先地位並實現可持續增長。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, let's open the line for questions.

接線員，讓我們打開問題線。

(Operator Instructions) SP01 Thank you.

（操作員說明）SP01 謝謝。

And as a reminder, to ask a question.

並作為提醒，問一個問題。

And we draw your question, -- Given time constraints, please limit yourself to 1 question and 1 follow-up Your first question comes from the line of Gary Mobley from Wells Fargo Securities.

我們提出您的問題，-- 鑑於時間限制，請將您自己限制為 1 個問題和 1 個後續問題 您的第一個問題來自 Wells Fargo Securities 的 Gary Mobley。

I want to start out just simply by asking about the revenue mix between broad markets and mobile, not only for the quarter, but is embedded in your guidance?

我想首先簡單地詢問一下廣泛市場和移動市場之間的收入組合，不僅是本季度，而且包含在您的指導中？

Yes, Gary, I'll start with that, and I'll provide some numbers and then Liam can provide some more qualitative commentary.

是的，Gary，我將從這個開始，我將提供一些數字，然後 Liam 可以提供一些更定性的評論。

In Q4 the quarter -- the September quarter that we just closed, broad markets was approximately 29% of total revenue.

在第四季度——我們剛剛結束的 9 月季度，廣泛的市場約佔總收入的 29%。

So that was basically up 31% on a year-over-year basis and up 13% sequentially.

因此，這基本上同比增長了 31%，環比增長了 13%。

Also, I just want to point out on a full year basis, broad markets was over $1.4 billion in revenue, growing at 45% on a year-over-year basis.

此外，我只想指出，在全年基礎上，廣闊市場的收入超過 14 億美元，同比增長 45%。

So very strong performance in our broad markets business.

在我們的廣闊市場業務中表現非常強勁。

On the flip side, of course, we had mobile, in Q4 was 71% of our revenue, up 40% year-over-year and up 19% sequentially.

另一方面，當然，我們有移動業務，在第四季度占我們收入的 71%，同比增長 40%，環比增長 19%。

So really strong execution there, of course, as we supported the ramp of new phone platforms at our largest customer.

當然，那裡的執行力非常強大，因為我們支持我們最大的客戶推出新的手機平台。

On a full year basis, just in mobile, we did more than 3 point -- or approximately $3.7 billion of revenue, up 55% on a year-over-year basis, clearly, supported by the early adoption of 5G.

在全年的基礎上，僅在移動領域，我們就實現了超過 3 個百分點的收入，即大約 37 億美元的收入，同比增長 55%，這顯然得益於 5G 的早期採用。

And maybe, Liam, if you want to add something on broad markets.

也許，利亞姆，如果你想在廣闊的市場上添加一些東西。

Yes.

是的。

I mean, to reiterate Kris's comments, we continue to catalyze our broad market portfolio, gaining customers, gaining content, moving into new industries.

我的意思是，重申 Kris 的評論，我們將繼續促進我們廣泛的市場組合，獲得客戶，獲得內容，進入新行業。

The customer roster continues to get better and stronger, names like Honeywell, names like Ford, looking at some of the players that we see in the infrastructure space with Nokia and others and plenty of room to grow from there.

客戶名冊繼續變得更好，更強大，像霍尼韋爾這樣的名字，像福特這樣的名字，看看我們在諾基亞和其他人的基礎設施領域看到的一些參與者，以及從那裡成長的空間。

So good work in broad markets.

在廣闊的市場上做得很好。

As Kris noted, we've got some substantial top line.

正如克里斯所指出的，我們有一些實質性的收入。

We're going to continue to drive that.

我們將繼續推動這一點。

Our research and development folks are driving innovation every day, not just in broad but also deeply in mobile.

我們的研發人員每天都在推動創新，不僅在廣泛的領域，而且在移動領域的深度領域。

And that recipe is working very well.

這個食譜效果很好。

In addition, the manufacturing assets that we have and the technology development that we put forth really gives us the flexibility to hit each and every one of those customers in a way that they want to see the products.

此外，我們擁有的製造資產和我們提出的技術開發確實使我們能夠靈活地以他們希望看到產品的方式吸引每一位客戶。

As my follow-up, I wanted to do sort of a welfare check on the I&A acquisition to maybe perhaps ask if we can get an update on if they performed according to your expectation for the quarter?

作為我的後續行動，我想對 I&A 收購進行某種福利檢查，也許會問我們是否可以了解它們是否按照您對本季度的預期執行？

If it's performing according to your expectation as we start the new fiscal year?

當我們開始新的財政年度時，它的表現是否符合您的預期？

And then as well, now that it will be a full year contributor, what the overall impact to the company's gross margins may be?

此外，既然它將成為全年的貢獻者，那麼對公司毛利率的總體影響可能是什麼？

Yes, Gary.

是的，加里。

So we closed the acquisition of the Infrastructure & Automotive business of Silicon Labs on July 26.

因此，我們於 7 月 26 日完成了對 Silicon Labs 基礎設施和汽車業務的收購。

And so we had 2 out of the 3 months included into our September quarter.

因此，我們將 3 個月中的 2 個月納入了 9 月份的季度。

We are very excited and pleased with the acquisition.

我們對此次收購感到非常興奮和高興。

Again, I believe we paid a fair price for a very talented group of people with great technology, a strong product lineup in some really high-growth markets like electrical vehicles, the solar business, data center, data communication, 5G infrastructure and so on.

同樣，我相信我們為一群非常有才華的人付出了公平的代價，他們擁有出色的技術，在電動汽車、太陽能業務、數據中心、數據通信、5G 基礎設施等一些真正高增長的市場擁有強大的產品陣容.

So the business since we've acquired it in the last 2 months in September, has performed really well in line with our expectations.

因此，自從我們在 9 月的最後 2 個月收購它以來，該業務的表現非常好，符合我們的預期。

We are not going to break out every revenue of every subproduct line that we have in our portfolio.

我們不會列出我們投資組合中每個子產品線的所有收入。

We will report the revenue contributions within our broad market segment.

我們將報告我們廣泛細分市場的收入貢獻。

But again, the business is performing well.

但同樣，該業務表現良好。

We are really happy with the acquisition, and we'll continue to drive further growth in that business as we explained at the time of the acquisition.

我們對此次收購感到非常滿意，我們將繼續推動該業務的進一步增長，正如我們在收購時所解釋的那樣。

The next question comes from the line of Harsh Kumar from Piper Sandler.

下一個問題來自 Piper Sandler 的 Harsh Kumar。

First of all, let me just congratulate you guys on some pretty solid results based on all the volatility in the market and supply issues.

首先，讓我祝賀你們基於市場和供應問題的所有波動性取得了一些非常可靠的結果。

I wanted to follow up on Gary's question earlier.

我想更早地跟進 Gary 的問題。

You were gracious enough to give us a September breakdown.

你很客氣地給了我們九月份的故障。

But may I trouble you to ask about how you think mobile versus broadband will perform in the December quarter?

但我能否麻煩您問一下您認為移動與寬帶在 12 月季度的表現如何？

And then I've got a follow-up.

然後我有一個跟進。

Yes.

是的。

So we just guided for total company at $1.5 billion, which is up 14% sequentially.

因此，我們剛剛指導公司總規模為 15 億美元，環比增長 14%。

And we do see both mobile and broad markets growing at double digits sequentially, probably a little bit stronger in mobile than in broad markets, but both at the double-digit sequential growth.

我們確實看到移動市場和廣泛市場都以兩位數的順序增長，移動市場可能比廣泛市場強一點，但兩者都以兩位數的順序增長。

Okay.

好的。

Understood, guys.

明白了，伙計們。

And then there's a lot of talk about China trends right now, and there's a lot of mixed signals being given by the earnings that are coming out.

然後現在有很多關於中國趨勢的討論，並且即將公佈的收益給出了很多混合信號。

I was hoping you could -- Liam, you could talk about what you -- what kind of trends you're seeing in the Chinese market?

我希望你能-- Liam，你可以談談你-- 你在中國市場看到了什麼樣的趨勢？

If you're seeing any mix shift up or down either ways that may be benefiting you are not benefiting you?

如果您看到任何可能對您有利的混合方式向上或向下移動，但對您沒有好處？

Just curious what color you got in China.

只是好奇你在中國買了什麼顏色。

Sure.

當然。

Sure, Harsh.

當然，苛刻。

Appreciate it.

欣賞它。

Yes.

是的。

Well, as you know, we've been a player in China for years and have been able to navigate the ecosystems and the platforms regardless of baseband partnerships.

好吧，如您所知，我們多年來一直是中國的參與者，無論基帶合作夥伴關係如何，我們都能駕馭生態系統和平台。

And that continues.

而且這種情況還在繼續。

So we've got a great position with the OVX portfolios, continuing to drive them up into the 5G lanes, which brings content up for us.

因此，我們在 OVX 產品組合中處於有利地位，繼續推動它們進入 5G 通道，從而為我們帶來內容。

The business has been very solid for us.

業務對我們來說非常穩固。

Now we know there's tremendous upside given the low base relatively in China smartphone.

現在我們知道，鑑於中國智能手機的基數相對較低，存在巨大的上升空間。

So we're certainly well positioned to navigate through that.

因此，我們當然可以很好地解決這個問題。

We definitely have the technology that is needed to make that lift in China.

我們絕對擁有在中國實現這一提升所需的技術。

And our numbers there continue to look very strong.

我們在那裡的數字看起來仍然非常強勁。

So it's a great part of the portfolio.

所以它是投資組合的重要組成部分。

It definitely is an opportunity to kind of enrich the technology within those phones.

這絕對是一個豐富這些手機技術的機會。

They're still a little bit lighter than some of the flagships that we have in the U.S. But we have to know how to do it.

它們仍然比我們在美國擁有的一些旗艦產品輕一點，但我們必須知道如何去做。

The other thing about the China market is they want integration.

中國市場的另一件事是他們想要整合。

They want labs to fast types of products.

他們希望實驗室能夠快速生產各類產品。

They want our applications engineers.

他們需要我們的應用工程師。

They need people that can make the job easier for them and fulfill a smooth transition to the consumer.

他們需要能夠使他們的工作更輕鬆並實現向消費者的平穩過渡的人。

So all that stuff around the edges, that's our bread and butter.

所以所有邊緣的東西，這就是我們的麵包和黃油。

So we are a great advocate there, and we're a great partner to those OEMs.

所以我們在那裡是一個偉大的倡導者，我們是那些原始設備製造商的一個偉大的合作夥伴。

Your next question comes from the line of Timothy Arcuri from UBS.

您的下一個問題來自瑞銀的 Timothy Arcuri。

Kris, now that the fiscal year is over, can you give us a sense of what your top customer was for fiscal '21?

克里斯，現在財政年度結束了，你能告訴我們你在 21 財政年度的主要客戶是什麼嗎？

Yes.

是的。

The top customer came in at 59% of total revenue on a full year basis.

最大客戶佔全年總收入的 59%。

By the way, in Q4, that was approximately the same 59%, which is slightly up from the Q4 of fiscal '20, which was at 56%.

順便說一句，在第四季度，這一比例大致相同，為 59%，略高於 20 財年第四季度的 56%。

But of course, you have to take into account the timing of the launch of some of the new smartphone platforms there.

但是，當然，您必須考慮到那裡推出一些新的智能手機平台的時間。

This -- I mean, this is a big number, but it really underscores the deep customer engagement that we have with this customer, by the way, not only in their smartphone lineup, but almost in every other product that they have and that they sell, you will find Skyworks inside.

這 - 我的意思是，這是一個很大的數字，但它確實強調了我們與該客戶的深度客戶互動，順便說一下，不僅在他們的智能手機產品線中，而且在他們擁有的幾乎所有其他產品中，他們賣，你會在裡面找到Skyworks。

Also, in Q4, the quarter we just closed, the Skyworks team really executed well, supporting the launch and the ramp of a new smartphone platform that yet again, for now almost 10 or 13 times in a row, we were able to obtain higher dollar content per phone as witnessed by the tier downs that came out when the phone came out.

此外，在第四季度，也就是我們剛剛結束的那個季度，Skyworks 團隊的表現非常出色，支持了新智能手機平台的推出和坡道，目前我們已經連續 10 到 13 次獲得更高的成績。每部手機的美元內容，正如手機問世時出現的分層所證明的那樣。

And you can see when you look at the tier downs, we really provided multiple high-performance, very complex, highly integrated solutions, multiple sockets in that form that includes, in many cases, multiple best-in-class filters, including TC-SAW and bulk acoustic wave technology across the transmit chain, the receive chain as well as many other functionalities, including GPS and WiFi, of course.

當您查看分層時，您會看到，我們確實提供了多種高性能、非常複雜、高度集成的解決方案，這種形式的多個插槽，在許多情況下，包括多個一流的過濾器，包括 TC- SAW 和體聲波技術跨越發射鏈、接收鏈以及許多其他功能，當然包括 GPS 和 WiFi。

So great execution there by the team.

團隊在那裡執行得非常出色。

I guess as my follow-up, there's kind of a lot of noise in the China market.

我想作為我的後續行動，中國市場有很多噪音。

I know that you don't have as much exposure to the domestic market or at least the Chinese OEMs as some of your peers do, but there's some diverging data points.

我知道你們對國內市場或至少中國 OEM 的接觸不如你們的一些同行那麼多，但有一些不同的數據點。

I mean, end market sell-through is not great.

我的意思是，終端市場的銷售量並不大。

But definitely, the high tier seems pretty tight.

但可以肯定的是，高層似乎非常緊張。

So can you just talk about what you're seeing in China maybe -- and maybe you can have a distinction between sell-in and sell-through?

那麼你能不能談談你在中國看到的情況——也許你可以區分賣出和賣出？

Yes.

是的。

I mean the China market is important to us and we've played that quite well.

我的意思是中國市場對我們很重要，我們在這方面做得很好。

We have great partnerships with all the leading brands.

我們與所有領先品牌建立了良好的合作夥伴關係。

I think the key here, and Kris kind of mentioned it, it's all about performance.

我認為這裡的關鍵，Kris 提到過，這都是關於性能的。

It's not just -- it's not phone to phone, it's technology to technology.

這不僅僅是——不是電話對電話，而是技術對技術。

And you see a very, very different technology in the higher-end players in China, where they are embracing the kinds of increasingly complex signals that Kris mentioned, using bulk acoustic wave, using our TC-SAW, using an integrated approach, a Sky5 approach.

你會在中國的高端玩家看到一種非常非常不同的技術，他們正在接受 Kris 提到的日益複雜的信號，使用體聲波，使用我們的 TC-SAW，使用集成方法，Sky5方法。

In that side of the field, it's great, and we have a tremendous opportunity.

在球場的那一邊，這很棒，我們有一個巨大的機會。

We're continuing to grow the content because the complexity is going up.

我們正在繼續增加內容，因為複雜性正在上升。

The complexity is what's driving the content.

複雜性是驅動內容的因素。

So we're making that adoption happen rapidly depending -- independent of market conditions.

因此，我們正在使這種採用迅速發生，這取決於 - 獨立於市場條件。

And we're also trying to uplift the lower end.

我們也在努力提升低端。

There's still a pretty high percentage of lower-end phones in China that we want to uplift and bring them to full 5G capability.

在中國，仍有相當高比例的低端手機需要我們提升並使其具備完整的 5G 功能。

And in those cases, you could have a $2 to $3 content that could move to $4 to $5.

在這些情況下，您可能擁有 2 到 3 美元的內容，而內容可能會變為 4 到 5 美元。

And so there's pretty good leverage on that side.

所以這方面有很好的影響力。

So you've got multiple market focuses within China.

因此，您在中國擁有多個市場重點。

We're able to address all of them from the highest to the most economical.

我們能夠解決從最高到最經濟的所有問題。

And that's one of the strategies that's worked for us.

這是對我們有用的策略之一。

And very often, the first phone that we may work with a customer, we'll have that customer for 5 to 10 years and continue to move the dial on content and performance as we step along.

很多時候，我們可能與客戶合作的第一部電話，我們將擁有該客戶 5 到 10 年，並在我們前進的過程中繼續調整內容和性能。

So it's really a strategy around bringing the best technology to the customer and having that be enjoyed and celebrated by the end user.

因此，這實際上是一種將最好的技術帶給客戶並讓最終用戶享受和慶祝的戰略。

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

您的下一個問題來自 BMO 的 Ambrish Srivastava。

Liam, we heard conflicting commentary yesterday from 2 of your peers.

利亞姆，昨天我們從你的 2 位同行那裡聽到了相互矛盾的評論。

Just wanted your perspective on constraints.

只是想要你對約束的看法。

And if -- clearly, it seems like it's not impacted your business.

如果 - 顯然，它似乎沒有影響您的業務。

But how has that trended?

但趨勢如何？

And more importantly, given the very well-publicized shortfall in one of your large customers, what does that mean for the March quarter seasonality?

更重要的是，鑑於您的一位大客戶的短缺已廣為人知，這對 3 月季度的季節性意味著什麼？

And then I had a follow-up for you, Kris.

然後我為你做了一個跟進，克里斯。

Okay.

好的。

We'll try to unpack that one at a time.

我們將嘗試一次打開一個。

With respect to our ability to execute and deliver in cases maybe where some others were not able to do that, is really about investments that we've made and investments that we made early.

關於我們在其他人無法做到的情況下執行和交付的能力，實際上是關於我們已經進行的投資和我們早期進行的投資。

So if you let me indulge here for a minute, go back to where we were a year ago.

因此，如果您讓我在這裡沉迷一分鐘，請回到一年前的位置。

we went from $3.3 billion to $5.1 billion in 1 year, in 1 year with no M&A.

我們在 1 年內從 33 億美元增加到 51 億美元，在沒有併購的 1 年內。

How do we do that?

我們如何做到這一點？

Well, we made those investments months and months, 6 to 12 months before to ready ourselves to win.

好吧，我們在 6 到 12 個月之前進行了數月和數月的投資，以便為獲勝做好準備。

And also knowing that we have the right customer set that appreciated the performance and technology that we could bring to the market.

並且還知道我們擁有合適的客戶群，他們欣賞我們可以為市場帶來的性能和技術。

And so that worked great for us, and we executed tremendously.

所以這對我們很有效，我們執行得非常出色。

So the upside to that is those capital assets and those technology investments are there.

因此，這樣做的好處是那些資本資產和技術投資就在那裡。

They're on the job today, but there's a lot more we need to do.

他們今天在工作，但我們需要做的還有很多。

So of course, we were nipped up a little bit here in the supply chain issues and shortages.

因此，當然，我們在供應鏈問題和短缺方面受到了一些影響。

But having our assets in-house, and you've heard me talk about this for a long time, having those assets in-house are strategic.

但是讓我們的資產在內部，而且你已經聽到我談論這個問題很長時間了，擁有這些內部資產是戰略性的。

It's critical.

這很關鍵。

It's what customers want to see, all the way from gallium arsenide to packaging, assembly and test, TC-SAW, bulk acoustic wave, standard SAW, all of that.

這是客戶希望看到的，從砷化鎵到封裝、組裝和測試、TC-SAW、體聲波、標準 SAW 等等。

We can mix and match to put the right solution together.

我們可以混合搭配，將正確的解決方案組合在一起。

So that is one of the reasons why our numbers here that we're talking about today, they're very strong.

這就是為什麼我們今天在這裡談論的數字非常強大的原因之一。

And certainly, we're experiencing the same market environment, but it was the ability to invest early, drive that cash flow, drive that performance to continue to do that and then bring those products to market in ways that are very flexible and having the ability to go from IoT to 5G, to Bluetooth, to WiFi -- whatever the connectivity protocol may be, we will have the technology execution vehicles within our company to execute for our customers.

當然，我們正在經歷相同的市場環境，但它是早期投資的能力，推動現金流，推動業績繼續這樣做，然後以非常靈活的方式將這些產品推向市場，並擁有從物聯網到 5G、藍牙、WiFi 的能力——無論連接協議是什麼，我們都將在公司內部擁有技術執行工具來為我們的客戶執行。

Sorry.

對不起。

And what about the seasonality for March?

那麼三月的季節性呢？

Yes.

是的。

I mean we're not going to get into March at this point.

我的意思是我們現在不會進入三月。

March tends to be a little bit of the soft spot in the year.

三月往往是一年中的軟點。

I mean, that's been traditional, but we don't really have a guide here at March at this point.

我的意思是，這是傳統的，但目前我們在 3 月份還沒有真正的指南。

Got it.

知道了。

Got it.

知道了。

Okay.

好的。

Kris, I had a quick one and a longer one, sorry.

克里斯，我有一個很快的和一個更長的，對不起。

The quick one is capital -- CapEx for this fiscal year.

最快的是資本——本財年的資本支出。

And really just looking at your cap intensity, I think it ties back to what Liam just said.

真的只是看看你的上限強度，我認為這與利亞姆剛才所說的有關。

It's much higher than -- at least your closest peer.

它比——至少你最親密的同行要高得多。

So should we expect it to stay in the high single-digit, double-digit?

那麼我們是否應該期望它保持在高個位數，兩位數？

And then longer term, you now have a business that has a much bigger footprint of higher-margin, broad, diversified business segments (inaudible).

從長遠來看，您現在擁有的企業擁有更高利潤、廣泛、多元化的業務部門（聽不清）。

So is it the time to revisit the long-term margin target?

那麼是時候重新審視長期利潤率目標了嗎？

And why should it not trend up versus what you have given us in the past?

為什麼它不應該與你過去給我們的相比呈上升趨勢？

Yes.

是的。

So first of all, on the CapEx in fiscal '21, CapEx was running at about 12% to revenue, which is somewhat in line with the last couple of years.

因此，首先，在 21 財年的資本支出中，資本支出佔收入的比例約為 12%，這與過去幾年有些一致。

We've been in that 10%, 12% range.

我們一直在那個 10%、12% 的範圍內。

And we're very fortunate that we did make the investments.

我們非常幸運，我們確實進行了投資。

I mean as we just explained, we grew the revenue 50 -- more than 50% year-over-year.

我的意思是，正如我們剛剛解釋的那樣，我們的收入增長了 50 - 同比增長超過 50%。

If we would not have made the necessary investments in our manufacturing footprint.

如果我們不會對我們的製造足跡進行必要的投資。

By the way, not only just expanding the capacity but also adding new technology and improving the performance of our technology and our products that was a very smart decision by the team here, proactively putting that capacity in place.

順便說一句，不僅要擴大產能，還要添加新技術並提高我們的技術和產品的性能，這是這裡的團隊非常明智的決定，主動將產能落實到位。

And that's why -- I mean there is a lot of supply issues in the world, but it's not necessarily because of Skyworks.

這就是為什麼 - 我的意思是世界上有很多供應問題，但這不一定是因為 Skyworks。

I mean there is tightness and there are -- we're not perfect, right?

我的意思是有緊張，有——我們並不完美，對吧？

We -- the demand is higher than the supply, but Skyworks has, compared to peers and competitors and other industry players executed really well because we did not hesitate and put the CapEx in place.

我們 - 需求高於供應，但與同行、競爭對手和其他行業參與者相比，Skyworks 執行得非常好，因為我們毫不猶豫地實施了資本支出。

And again, this is just the beginning of a long 5G cycle, the beginning of WiFi upgrade, the beginning of proliferation of 5G outside of mobile into broad markets.

再說一次，這只是漫長的 5G 週期的開始，WiFi 升級的開始，5G 在移動之外向廣闊市場擴散的開始。

And so we are not going to hesitate that we are going to make the necessary investments to further continue and support the growth of the business.

因此，我們將毫不猶豫地進行必要的投資，以進一步繼續和支持業務的增長。

As it relates to gross margin, it's -- we did 51%, so we went up 40 basis points sequentially, up 60 basis points year-over-year.

因為它與毛利率有關，所以我們做了 51%，所以我們連續上升了 40 個基點，同比上升了 60 個基點。

I mean, we all wish it was higher, and the team will continue to work and drive it higher.

我的意思是，我們都希望它更高，團隊將繼續努力並推動它更高。

But I've talked about that before.

但我之前已經談過了。

We are still facing COVID-19 headwinds.

我們仍然面臨 COVID-19 的逆風。

And yes, it is a tight supply constrained environment, and we are facing some input cost increases right now.

是的，這是一個供應緊張的環境，我們現在正面臨一些投入成本的增加。

Again, the team is handling it very well.

同樣，團隊處理得很好。

We continue to drive further operational efficiencies.

我們將繼續提高運營效率。

And when you put it all together, we have a path to further improve gross margins over time.

當你把它們放在一起時，隨著時間的推移，我們有一條進一步提高毛利率的途徑。

Your next question comes from the line of Chris Caso from Raymond James.

您的下一個問題來自 Raymond James 的 Chris Caso。

Question is on the magnitude of the content gains this year.

問題在於今年內容收益的幅度。

And based on your guidance, it looks like second half mobile revenue is up about 9% year-on-year and looking at the second half to normalize for the different product launches.

根據您的指導，下半年移動收入似乎同比增長約 9%，並且下半年將針對不同的產品發布進行正常化。

But I guess the question is out of that 9%, is that all attributable to content?

但我想問題不在這 9% 之內，這是否都歸因於內容？

Is there any kind of unit growth in there?

那裡有任何單位增長嗎？

Is there any unit decline baked in those numbers?

這些數字中是否有任何單位下降？

I recognize that we're coming off some pretty exceptional content gains last year, but trying to gauge what they look like this year.

我認識到我們去年取得了一些非常出色的內容收益，但試圖衡量它們今年的樣子。

Yes, Chris, I mean, we certainly see the opportunity to again put forth greater content, greater value, and it comes with technology, right?

是的，克里斯，我的意思是，我們當然看到了再次推出更多內容、更大價值的機會，而且它伴隨著技術，對吧？

So I think our teams are constantly crafting and developing next-generation solutions and also broadening the reach.

因此，我認為我們的團隊正在不斷地制定和開發下一代解決方案，並擴大影響範圍。

So it isn't just a certain set of customers.

因此，它不僅僅是一組特定的客戶。

It's a broader set of customers.

這是更廣泛的客戶群。

And what we find is that there's just a tremendous need for performance, right?

我們發現對性能的需求非常大，對吧？

I mean, performance is really what's going to drive this.

我的意思是，性能確實是推動這一點的因素。

And then performance really means that you've got to deliver the technology behind that.

然後性能確實意味著您必須提供其背後的技術。

So we're spending a lot of money in that area.

所以我們在那個領域花了很多錢。

But strategically, we've got some great R&D folks in-house that are crafty that know how to get stuff done and developing solutions for the next wave, right?

但從戰略上講，我們內部有一些出色的研發人員，他們很狡猾，知道如何完成工作並為下一波開發解決方案，對吧？

Markets like WiFi 6 and 6E are also right now in a great position for growth as we move forward.

隨著我們向前發展，WiFi 6 和 6E 等市場現在也處於有利的增長位置。

And I think connectivity around WiFi is going to be great, and we'll complement what we're doing in classic mobile device.

而且我認為圍繞 WiFi 的連接將會非常好，我們將補充我們在經典移動設備中所做的事情。

So I think there's a lot of good stuff going on.

所以我認為有很多好事正在發生。

The appetite with our customers is fantastic.

我們客戶的胃口非常好。

I mean there's no end to the ideas, on the inquiries and the challenges that we're being asked to address, which is great.

我的意思是，關於我們被要求解決的詢問和挑戰，這些想法沒有止境，這很棒。

I mean, I'd much rather talk about that than worry about supply chains.

我的意思是，我更願意談論這個而不是擔心供應鏈。

And I think on the supply chain side, we're doing quite well.

我認為在供應鏈方面，我們做得很好。

But we really want to continue to raise our bar with our technology and our R&D teams and our execution to bring customers the performance levels that they really need.

但我們真的希望繼續通過我們的技術、研發團隊和執行來提高我們的標準，為客戶帶來他們真正需要的性能水平。

Okay.

好的。

Well, I was going to ask you a follow-up question on the supply chain then.

好吧，我當時打算問你一個關於供應鏈的後續問題。

So it's something you don't want to talk about.

所以這是你不想談論的事情。

But with regard to some of the supply constraints, and we've heard from many others in the industry that you weren't able to -- many haven't been able to ship everything that the customers wanted here in the second half of the year.

但是關於一些供應限制，我們從業內許多其他人那裡聽說您無法做到 - 許多人無法在下半年運送客戶想要的所有東西年。

Is that still happening with you folks?

你們這些人還在發生嗎？

Are you still constrained to the fact that you can't ship everything that customers ask for?

您是否仍然受制於無法運送客戶要求的所有東西這一事實？

And does that suggest that there's going to be some catch-up in terms of your shipments as you go into the seasonally slower first half of the calendar year?

這是否意味著隨著您進入日曆年上半年的季節性放緩，您的出貨量會有所回升？

Yes.

是的。

I mean it's a tricky situation.

我的意思是這是一個棘手的情況。

On one hand, the fact that we have our own manufacturing assets allows us to be really close to the demand curve.

一方面，我們擁有自己的製造資產這一事實使我們能夠真正接近需求曲線。

So we're not subject to these big overhangs where we're waiting and waiting and waiting and waiting for parts.

所以我們不受這些大懸垂的影響，我們在等待和等待，等待和等待零件。

We're making our products.

我們正在生產我們的產品。

So we're largely an in-house technology company with -- around the edges, we will use some fabless partners.

因此，我們在很大程度上是一家內部技術公司，在邊緣，我們將使用一些無晶圓廠合作夥伴。

So our exposure to that is much, much lower than others.

所以我們在這方面的接觸比其他人要低得多。

Do we still have some effects, of course, because it only takes 1 or 2 parts that could muck up a finished product and everybody understands that.

當然，我們是否還有一些影響，因為它只需要 1 或 2 個部件就可以破壞成品，每個人都明白這一點。

So it does create some wrinkles.

所以它確實會產生一些皺紋。

But I would say that given the work that we've done at Skyworks for years and then more lately, as we talked about, as evidenced by the 3.3% to 5.1%, the ability to stretch and scale the business is a pretty good indicator of what our capabilities are.

但我想說的是，鑑於我們在 Skyworks 多年來所做的工作，以及最近我們談到的，如 3.3% 至 5.1% 所證明的那樣，擴展和擴展業務的能力是一個非常好的指標我們的能力是什麼。

So I believe that we're going to do very, very well when we've got a tailwind, and we're going to do well when it's a muddy field.

所以我相信當我們順風時我們會做得非常非常好，當它是一個泥濘的領域時我們會做得很好。

We're capable of doing it either way.

無論哪種方式，我們都有能力做到這一點。

And again, a lot of that has to do with managing your own technologies, making those investments, with your own people, your own teams and platforms that you know exactly where they're going to go.

同樣，這在很大程度上與管理您自己的技術、進行這些投資、與您自己的人員、您自己的團隊和平台有關，您確切地知道他們要去哪裡。

So that's kind of our strategy as we go forward.

這就是我們前進的戰略。

And I think that going to work very, very well for the future.

我認為這對未來會非常非常有效。

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

您的下一個問題來自 Charter Equity Research 的 Edward Snyder。

Kris, one of the standout parts that you landed at your largest customer is the transmit diversity module, which is a very rich part uses BAW filters as well as I'm sure TC-SAW, you've not had that before.

Kris，您在最大客戶那裡獲得的傑出部件之一是發射分集模塊，這是一個非常豐富的部件，使用 BAW 濾波器以及我敢肯定 TC-SAW，您以前沒有過。

I know it's one part among many.

我知道這是眾多之一。

But given the content in that part, I would expect the margins on that are going to be better than, at least the average, if not highest among that.

但考慮到那部分的內容，我預計這部分的利潤率會好於平均水平，如果不是最高的話。

And given the customer the unit volumes would be pretty high.

考慮到客戶，單位數量會非常高。

Should we expect that we see more of those, not just at that customer, but at others as Samsung and those folks move to more of the sophisticated 5G features that would be a significant margin driver for you given the size of mobile and the size of these customers?

我們是否應該期望我們看到更多這樣的產品，不僅是在那個客戶身上，而是在其他人身上，因為三星和這些人轉向更多複雜的 5G 功能，考慮到移動設備的大小和移動設備的大小，這對你來說將是一個重要的利潤驅動因素這些客戶？

So I assume you can understand, I can't discuss specific gross margin on specific parts for specific customers.

所以我假設你可以理解，我不能為特定客戶討論特定零件的特定毛利率。

But it ...

但它 ...

But I think it was a trend.

但我認為這是一種趨勢。

I'm looking for the trend because 5G, obviously, for the high-end phones is now moving from basic connectivity to vast, the more advanced connectivity in part and parcel that are going to be transmit DRx modules, so this is the first one we see.

我正在尋找趨勢，因為 5G 顯然，對於高端手機來說，現在正在從基本連接轉向廣泛的、更先進的連接，部分和包裹將成為傳輸 DRx 模塊，所以這是第一個我們看。

So as we see more of those in all phones, especially from you, should we expect margin to increase too?

因此，隨著我們在所有手機中看到更多，尤其是來自您的手機，我們是否應該期望利潤率也會增加？

Yes.

是的。

No, absolutely.

不，絕對。

And I've talked about that before, right?

我之前已經談過了，對吧？

The largest contributor to our overall gross margin improvement strategy is to bring higher complexity, higher value-added, more highly integrated parts that really enhances the performance of the product of our customer.

對我們整體毛利率改善戰略的最大貢獻是帶來更高複雜性、更高附加值、更高集成度的零件，從而真正提高客戶產品的性能。

And our customers understand that, that requires a lot of R&D that, that requires CapEx dollars to be invested and that requires a certain value to be paid for that.

我們的客戶明白，這需要大量的研發，需要投資資本支出，並且需要為此支付一定的價值。

And that is how we have been driving the gross margin improvements for the last 20 years as we move from 2G to 3G to 4G and now to 5G and indeed adding more value to our products.

這就是我們在過去 20 年中一直在推動毛利率提高的方式，因為我們從 2G 到 3G 再到 4G，現在再到 5G，確實為我們的產品增加了更多價值。

You're absolutely right about that.

你是完全正確的。

Okay.

好的。

Let me -- and then if I could, you've kind of been under earning a little bit at Samsung.

讓我——如果可以的話，你在三星的收入有點少。

They were lower than -- they were high single-digit percentage revenue probably last quarter.

他們低於 - 他們可能是上個季度的高個位數百分比收入。

I know they're on the way up here.

我知道他們正在上來的路上。

Did they approach 10% this quarter?

他們本季度是否接近 10%？

And more importantly, if I look at the next couple of quarters, especially the beginning of next year, should we expect you to continue to gain ground here or will mix because I know they're favoring more of the lower-end products at this point?

更重要的是，如果我看看接下來的幾個季度，尤其是明年年初，我們是否應該期望你繼續在這裡取得進展，或者會混合，因為我知道他們更青睞低端產品觀點？

Will mix kind of hold lid on it for the short term, and then we just look for out periods, maybe late next year, so to see further gains?

會在短期內對它進行混合控制，然後我們只是尋找出局時間，也許是明年年底，所以看到進一步的收益？

Yes.

是的。

So they were not a 10% customer, but you are right, they are up to the right.

所以他們不是 10% 的客戶，但你是對的，他們是正確的。

So the trend is -- the business is growing sequentially as well as year-over-year as we -- as Liam pointed out before, we have great design win momentum with them.

所以趨勢是——正如利亞姆之前指出的那樣，我們的業務正在按年增長，正如我們之前所指出的那樣，我們與他們有很好的設計獲胜勢頭。

As you can see in some of the tier downs as well with some very rich complex parts in their phone line up.

正如您在某些層級中所看到的那樣，他們的電話線中有一些非常豐富的複雜部件。

And by the way, not the similar to with the large customer, not only in their phone lineup, but many of their other devices that they sell that have wireless connectivity embedded as well.

順便說一句，與大客戶不同，不僅在他們的電話陣容中，而且在他們銷售的許多其他設備中也嵌入了無線連接。

And if I could maybe a final one, Liam, for you.

如果我可以為你做最後一個，利亞姆。

It's no secret that Qualcomm is gaining some share in the low-end China phones low band.

高通在中國低端手機低頻段中獲得了一些份額，這已不是什麼秘密。

They've landed some of those, got a mid-high band.

他們已經登陸了其中一些，得到了一個中高頻段。

There's a lot of chatter in the chain anyway that it's kind of a combination of things.

無論如何，鏈條中有很多喋喋不休的東西，它是一種事物的組合。

The performance at low band filters has improved certainly.

低頻段濾波器的性能確實有所提高。

But also, as we saw yesterday, the shortages in chips is giving them even greater leverage and kind of compelling some of the smaller OEMs or the low end of the bigger OEMs to use some of their RF products.

而且，正如我們昨天看到的那樣，芯片的短缺給了他們更大的影響力，並在某種程度上迫使一些較小的 OEM 或較大的 OEM 的低端產品使用他們的一些 RF 產品。

How do you see that shaking out for your share in China short term?

您如何看待短期內您在中國的份額的動搖？

And maybe you could comment on the long-term trend with that.

也許你可以用它來評論長期趨勢。

Do you think it will be sticky given the supply and the modem?

考慮到供應和調製解調器，你認為它會很粘嗎？

Or will -- once supply chain eases up, we'll get a reversion back to the mean?

還是會——一旦供應鏈放鬆，我們會恢復到平均水平？

Yes, I think there's a lot of opportunity in China.

是的，我認為中國有很多機會。

We've been in the market the OVX portfolios and the Android portfolios for quite a while.

我們已經在市場上銷售 OVX 產品組合和 Android 產品組合已有一段時間了。

It seems like over the last year or so, the larger kind of higher-end players have done better vis-a-vis the overall market.

似乎在過去一年左右的時間裡，較大型的高端玩家相對於整個市場做得更好。

Now having said that, we serve everybody.

話雖如此，我們為每個人服務。

One of the things that is really advantageous for Skyworks, and we talked about the technologies and the in-house capacity and scale.

對 Skyworks 真正有利的一件事，我們談到了技術以及內部容量和規模。

It's going to help us quite a bit in China because in China, as you know, the content is not as rich as it is in some of the higher-end phones, but there's a tremendous opportunity to lift that content.

這將在中國對我們有很大幫助，因為在中國，如您所知，內容並不像某些高端手機那樣豐富，但有一個巨大的機會來提升這些內容。

And a lot of that comes down to the technical knowhow in demonstrating what a couple of dollars of incremental content can do to the user experience to the performance of the connected devices.

其中很多都歸結為技術訣竅，展示了幾美元的增量內容可以對用戶體驗和連接設備的性能產生什麼影響。

And it's significant.

這很重要。

And I think those that are deeply in this industry know that.

我認為那些深入這個行業的人都知道這一點。

So we have to do a little bit of engagement there to continue to demonstrate with our customers what performance can really mean to the user.

因此，我們必須在那裡進行一些參與，以繼續向我們的客戶展示性能對用戶的真正意義。

And we're getting very, very good response to that, and that's going to drive our content because you've got to have a catalyst to get that content up there.

我們對此得到了非常非常好的回應，這將推動我們的內容，因為你必須有催化劑才能將內容髮佈到那裡。

And I think when users can see the performance levels that really are right there in front of them, they just need to embrace it.

而且我認為，當用戶可以看到真正擺在他們面前的性能水平時，他們只需要接受它。

There's an opportunity for them to see a much better -- and gain a much better experience with connected solutions that we can provide.

他們有機會看到更好的東西 - 並通過我們可以提供的連接解決方案獲得更好的體驗。

So -- and we do that with many, many other customers with much higher end performance marks.

所以 - 我們與許多其他具有更高性能標記的客戶一起這樣做。

We know how to do it.

我們知道該怎麼做。

We have great application engineers that can work across each baseband as well.

我們擁有出色的應用工程師，他們也可以在每個基帶上工作。

So there's a lot to do there.

所以那裡有很多事情要做。

And I think it's one of the markets and one of the areas in the market that still has a tremendous opportunity of growth despite some of the things that we're talking about in supply chains.

我認為這是市場之一，也是市場中的領域之一，儘管我們在供應鏈中談論了一些事情，但仍然具有巨大的增長機會。

The next question comes from the line of Toshiya Hari from Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

Toshiya, if you're on mute, please unmute your line.

Toshiya，如果您處於靜音狀態，請取消靜音。

Rachel, go ahead and go to the next question.

雷切爾，繼續，去下一個問題。

Our next question comes from the line of Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to follow up on the broad markets.

我只是想跟進廣闊的市場。

I guess I was a little bit confused.

我想我有點困惑。

So the business is up about $40 million.

因此，該業務增長了約 4000 萬美元。

I think the acquisition adds more than double that.

我認為這次收購增加了一倍以上。

So I guess I didn't hear from you what's weak?

所以我想我沒有從你那裡聽到什麼是弱點？

Is it a supply issue?

是供應問題嗎？

I think if I had it right, I think Wi-Fi might have been a little weak in June, and I think you were looking for it to come back.

我想如果我做對了，我認為 6 月份的 Wi-Fi 可能有點弱，我想你正在尋找它回來。

So in respect of what's weak?

那麼關於什麼是弱點呢？

And then, I guess, you're forecasting it to rebound in December, what's driving that?

然後，我猜，你預測它會在 12 月反彈，這是什麼驅動？

Yes, Blayne, you're absolutely right.

是的，Blayne，你完全正確。

I mean there are -- when Liam talked about some of the tightness in the supply chain, it's especially more so in the broad markets business.

我的意思是——當利亞姆談到供應鏈中的一些緊張時，在廣闊的市場業務中尤其如此。

By the way, not only because Skyworks is not able to supply, but the issue of full bill of materials or kitting issues, right?

順便說一句，不僅是因為 Skyworks 無法供應，而且是完整的物料清單問題或配套問題，對吧？

Some of our customers are struggling to get parts from peers and competitors or other players in the industry.

我們的一些客戶正在努力從同行和競爭對手或業內其他參與者那裡獲得零件。

And so as a result of that, they don't necessarily need the Skyworks parts right now, they will need them later.

因此，他們現在不一定需要 Skyworks 部件，他們以後會需要它們。

So that I think was driving most of that in broad markets.

所以我認為這在廣闊的市場中推動了大部分的發展。

But again, looking ahead to December and then beyond, we do assume that some of the tightness in the supply gets resolved, that they will get to full bill of materials.

但同樣，展望 12 月及以後，我們確實假設供應中的一些緊張問題得到解決，他們將獲得完整的材料清單。

And that, of course, also Skyworks can resolve some of the tightness in its own supply chain, and that will further drive revenue growth in broad markets because if you look at it overall, high level, there is very strong demand for connectivity in a broad set of products.

當然，Skyworks 也可以解決其自身供應鏈中的一些緊張問題，這將進一步推動廣闊市場的收入增長，因為如果你從整體上看，高水平，在一個廣泛的產品。

If you look at automotive, industrial, some consumer type of applications, there is very strong demand, and we don't see that slowing down.

如果你看看汽車、工業和某些消費類型的應用，需求非常強勁，而且我們認為這種需求不會放緩。

Great.

偉大的。

And then can I ask a similar question on the mobile side?

然後我可以在移動端問類似的問題嗎？

I mean given the ample revenue that you reported, it's not perfect math, but it does seem like Android is down in September, maybe double digits.

我的意思是，鑑於您報告的大量收入，這並不是完美的數學計算，但 Android 似乎在 9 月份出現下滑，可能是兩位數。

And I'm just kind of curious if I had that math right?

我只是有點好奇我的數學是否正確？

Is it a similar issue with kitting or something else?

是否與配套或其他類似問題？

And I guess for December, the whole group should be -- the whole mobile group should be up double digits, as you said.

我猜在 12 月，整個團隊應該是 - 正如你所說，整個移動團隊應該是兩位數。

But I was just kind of curious if Android would be part of that given it was down in September.

但我只是有點好奇 Android 是否會成為其中的一部分，因為它在 9 月份就停產了。

No.

不。

That has been, for the last 5 years that I have been with the company, right, when in September and December, when the large customer launches their new platforms, they have priority in the supply chain, not only with Skyworks, but with many of the peers and competitors.

在過去的 5 年裡，我一直在公司工作，是的，在 9 月和 12 月，當大客戶推出他們的新平台時，他們在供應鏈中擁有優先權，不僅是 Skyworks，而且還有許多同行和競爭對手。

And so Android understands that, and they're not going to put up a fight for supply with the large North American customer, especially this year when it's very tight, even more so than in the last 5 years, you will see some seasonal fluctuations there, absolutely.

所以 Android 明白這一點，他們不會與北美的大客戶爭奪供應，尤其是今年非常緊張，甚至比過去 5 年更嚴重，你會看到一些季節性波動那裡，絕對。

Our final question comes from the line of Karl Ackerman from Cowen & Company.

我們的最後一個問題來自 Cowen & Company 的 Karl Ackerman。

I wanted to focus on your broad markets business, if I may.

如果可以的話，我想專注於您的廣闊市場業務。

You now do have a more diversified products in end markets within broad markets through the integration of SLAB's auto industrial business.

通過整合SLAB的汽車工業業務，您現在在廣闊的市場中擁有更多元化的終端市場產品。

I was hoping you could describe whether the acquisition is performing in line with your initial expectations?

我希望你能描述一下這次收購的表現是否符合你最初的預期？

And if you could peel back the onion and discuss some of the opportunities you are seeing for your timing, power isolation and WiFi products.

如果你能剝開洋蔥，討論一下你在計時、電源隔離和 WiFi 產品方面看到的一些機會。

Yes.

是的。

I'll start.

我會開始的。

And as I said before, yes, the I&A business, with now 2 months under our belt in September quarter and 1 month more here in the December quarter.

正如我之前所說，是的，I&A 業務，現在在 9 月季度有 2 個月的時間，在 12 月的季度還有 1 個月的時間。

It's -- we're really excited about that acquisition and great people, great technology, great product, great customer relationships, high-growth markets and the business is doing really well.

這是 - 我們對這次收購和優秀的人才、優秀的技術、優秀的產品、良好的客戶關係、高增長的市場和業務發展非常興奮感到非常興奮。

By the way, it's a fabulous business model, as you know.

順便說一句，如您所知，這是一個了不起的商業模式。

So there's definitely some tightness from a supply point of view.

因此，從供應的角度來看，肯定存在一些緊張。

The demand is bigger than the supply.

需求大於供給。

But there, the team as well is working on creating more supply and bringing on more supply.

但是在那裡，該團隊也在努力創造更多的供應並帶來更多的供應。

And so it's working out well.

所以它運作良好。

Yes.

是的。

And let me add to that.

讓我補充一下。

I mean there's a tremendous diversity -- diversification lever here with the I&A business from SLAB.

我的意思是有一個巨大的多樣性——這裡的多元化槓桿來自 SLAB 的 I&A 業務。

I mean there's tremendous opportunity in the technologies.

我的意思是在技術上有巨大的機會。

We have scale that is just incredible compared to the size that had been there before.

與之前的規模相比，我們的規模令人難以置信。

So we are working very closely on the strategic technologies within the I&A portfolio.

因此，我們在 I&A 投資組合中的戰略技術方面開展了非常密切的合作。

We're seeing some great, great opportunities there.

我們在那裡看到了一些很棒的機會。

And we're going to bring a lot of that stuff in-house, into our sites, into our factories and streamline.

我們將把很多這樣的東西帶到我們的內部，進入我們的站點，進入我們的工廠並簡化流程。

We're also going to do some strong kind of cross-pollinization of the sales team to make sure that we understand exactly where the opportunities are, and the scale plays are.

我們還將對銷售團隊進行某種強有力的交叉授粉，以確保我們準確了解機會在哪裡，以及規模效應在哪裡。

And I think there's a lot that can be done there.

我認為那裡可以做很多事情。

There's great technology there.

那裡有很棒的技術。

We just need to bring it to the right customers and raise the game.

我們只需要將它帶給正確的客戶並提升遊戲水平。

The supply chain issues kind of hit that portfolio a little bit harder than others, but it doesn't take us off our track.

供應鏈問題對這個投資組合的影響比其他問題要大一些，但這並沒有讓我們偏離正軌。

And the technologies that we acquired are outstanding, and we're going to cultivate and grow those technologies with customers for sure.

我們獲得的技術非常出色，我們肯定會與客戶一起培養和發展這些技術。

I appreciate that.

我很感激。

For my follow-up, if I may, I know this has been asked several times, so I will try and ask it in a different way.

對於我的後續行動，如果可以的話，我知道這已經被問過好幾次了，所以我會嘗試以不同的方式問它。

You suggested that mobile will grow double digits next quarter.

您建議下個季度移動設備將增長兩位數。

I'm curious if that reflects some moderation of mobile products within China.

我很好奇這是否反映了中國移動產品的一些節制。

And I ask because it seems that some of the demand in China has pushed from December into March.

我之所以這麼問，是因為中國的一些需求似乎從 12 月推到了 3 月。

And I'm curious if you would endorse that view.

我很好奇你是否贊同這種觀點。

Simply put, is this a supply issue?

簡單地說，這是供應問題嗎？

Is this a demand issue?

這是需求問題嗎？

And how would you see that being rectified over the next few quarters?

您如何看待在接下來的幾個季度中得到糾正？

Yes.

是的。

So when you look at the data, the demand for 5G phones in China continues to be very strong.

所以從數據上看，中國對5G手機的需求依然非常強勁。

There's no question about that.

毫無疑問。

I'm not talking here about 4G, 3G or 2G phones.

我在這裡不是在談論 4G、3G 或 2G 手機。

I'm talking about 5G phones.

我說的是5G手機。

Demand in China continues to be very strong.

中國的需求仍然非常強勁。

And there's multiple suppliers.

並且有多個供應商。

Of course, the large North American customer supplies into China and is doing really well there.

當然，北美的大客戶供應到中國，並且在中國做得很好。

And then, of course, there's the Android players as well.

當然，還有 Android 播放器。

Now as I said before, there is seasonality to that business.

現在，正如我之前所說，該業務存在季節性。

And September and December are not the strongest seasonal quarters for that business because a lot of the supply goes to the large North American customer.

9 月和 12 月不是該業務最強勁的季節性季度，因為很多供應都流向了北美的大客戶。

But you typically see somewhat of a rebound into the March quarter as well with Chinese New Year being part of that March quarter, and we expect that to play out this year as well.

但您通常會在 3 月季度看到一定程度的反彈，因為農曆新年是 3 月季度的一部分，我們預計今年也會出現這種情況。

Thank you.

謝謝你。

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

女士們，先生們，今天的問答環節到此結束。

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

我現在將把電話轉回給格里芬先生，以徵求任何結束意見。

Thank you all for participating on today's call.

感謝大家參加今天的電話會議。

We look forward to talking to you with you at upcoming investor conferences.

我們期待在即將舉行的投資者會議上與您交談。

Thank you.

謝謝你。