思佳訊 (SWKS) 2021 Q3 法說會逐字稿

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

下午好，歡迎參加 Skyworks Solutions 2021 財年第三季度財報電話會議。

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' Third Fiscal Quarter 2021 Conference Call.

大家下午好，歡迎參加 Skyworks 2021 財年第三季度電話會議。

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 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.

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。

Skyworks delivered record third quarter results with strong year-over-year growth in both revenue and earnings per share.

Skyworks 實現了創紀錄的第三季度業績，收入和每股收益均實現了強勁的同比增長。

Further, the completion of our acquisition of the infrastructure and automotive business of Silicon Labs, we have significantly expanded our market opportunity while accelerating our top and bottom line growth.

此外，我們完成對 Silicon Labs 的基礎設施和汽車業務的收購，顯著擴大了我們的市場機會，同時加速了我們的收入和利潤增長。

Here are a few highlights.

這裡有幾個亮點。

In the quarter, we delivered revenue of $1.116 billion, 52% above Q3 of last year.

本季度，我們實現收入 11.16 億美元，比去年第三季度增長 52%。

We posted a new Q3 record for earnings with EPS of $2.15, above consensus and representing a year-over-year increase of 72%.

我們發布了新的第三季度收益記錄，每股收益為 2.15 美元，高於市場預期，同比增長 72%。

And given our strong and predictable cash generation, we announced a substantial increase to our quarterly dividend.

鑑於我們強勁且可預測的現金產生，我們宣布大幅增加季度股息。

Looking ahead, we expect continued momentum as we execute on strong design wins with our mobile and broad market customers, levered by the performance gains of 5G.

展望未來，我們預計在 5G 性能提升的推動下，隨著我們在移動和廣泛市場客戶中取得強大的設計勝利，我們將繼續保持勢頭。

We are seeing a tipping point with 5G acting as the catalyst transforming entire industries from telemedicine and autonomous driving to factory automation and intelligent energy management.

我們看到了一個轉折點，5G 作為催化劑將整個行業從遠程醫療和自動駕駛轉變為工廠自動化和智能能源管理。

By increasing efficiency, these 5G-enabled applications are also lowering carbon footprints and driving renewable energy.

通過提高效率，這些支持 5G 的應用程序也正在降低碳足跡並推動可再生能源。

Skyworks is at the center of this unique technological shift and its reliance on wireless connectivity, with innovative solutions developed over 20 years and across multiple technology transitions.

Skyworks 處於這一獨特技術轉變及其對無線連接的依賴的中心，其創新解決方案開發了 20 多年，並跨越了多次技術轉變。

The combination of our innovative solutions, broad customer reach and unrivaled manufacturing scale drove another quarter of strong design win execution.

我們的創新解決方案、廣泛的客戶覆蓋範圍和無與倫比的製造規模相結合，推動了另一個季度的強大設計獲勝執行。

In mobile, we expanded the reach of our Sky5 portfolio, powering upcoming smartphone launches at Tier 1 manufacturers, including Google, Oppo, Vivo, Xiaomi, among others.

在移動領域，我們擴大了 Sky5 產品組合的覆蓋範圍，為一級製造商即將推出的智能手機提供支持，包括谷歌、Oppo、Vivo、小米等。

In IoT, we secured wins across a diverse set of customers.

在物聯網領域，我們贏得了不同客戶群的勝利。

Specifically, we delivered WiFi front-end modules to Facebook for their new portal launch, captured design wins at Peloton, supporting home fitness applications, partnered with Linksys on their newest WiFi 6E mesh network system and ramped additional advanced WiFi platforms at Altice, Charter Communications and Aruba Networks.

具體來說，我們為 Facebook 的新門戶發布提供 WiFi 前端模塊，在 Peloton 獲得設計勝利，支持家庭健身應用，與 Linksys 合作開發最新的 WiFi 6E 網狀網絡系統，並在 Altice、Charter Communications 推出更多高級 WiFi 平台和 Aruba 網絡。

We also launched connected home and security solutions at Honeywell, and shipped cognitive audio platforms to Samsung and Vizio for their home theater systems.

我們還在霍尼韋爾推出了互聯家庭和安全解決方案，並將認知音頻平台交付給三星和 Vizio，用於他們的家庭影院系統。

In wireless infrastructure, we continue to leverage our small cell and advanced MIMO expertise in support of multiple Tier 1 OEMs.

在無線基礎設施方面，我們繼續利用我們的小型蜂窩和先進的 MIMO 專業知識來支持多個 1 級 OEM。

And finally, in automotive, we strengthened our position across the global ecosystem with our integrated solutions, enabling advanced telematics for leading auto manufacturers.

最後，在汽車領域，我們通過集成解決方案鞏固了我們在全球生態系統中的地位，為領先的汽車製造商提供先進的遠程信息處理。

In summary, Skyworks' trusted technologies play a pivotal and essential role in the way we live, work, play and educate, enabling ubiquitous, reliable, ultra-fast connections, positioning our business for continued growth.

總而言之，Skyworks 值得信賴的技術在我們的生活、工作、娛樂和教育方式中發揮著舉足輕重的作用，實現了無處不在、可靠、超快速的連接，為我們的業務持續增長奠定了基礎。

Skyworks' success is underpinned by unique strengths, including our highly integrated connectivity engines, powering applications across an increasingly diverse array of customers in multiple high-growth end markets.

Skyworks 的成功得益於其獨特的優勢，包括我們高度集成的連接引擎，為多個高增長終端市場中日益多樣化的客戶群提供應用支持。

A differentiated manufacturing footprint, levering strategic technologies, from high-performance filters to custom gallium arsenide and advanced packaging.

差異化的製造足跡，利用戰略技術，從高性能過濾器到定制砷化鎵和先進封裝。

And finally, along with our seasoned and diligent workforce, we maintain deep collaborative relationships with our customers.

最後，與我們經驗豐富且勤奮的員工一起，我們與客戶保持著深厚的合作關係。

These advantages will be further enhanced by the acquisition of the I&A business.

收購 I&A 業務將進一步增強這些優勢。

This combination immediately broadens our product portfolio, augments our engineering prowess and expands our market reach while diversifying revenue and enhancing profitability.

這種組合立即擴大了我們的產品組合，增強了我們的工程實力並擴大了我們的市場範圍，同時使收入多樣化並提高了盈利能力。

With that, I will turn the call over to Kris for a discussion of Q3 and our outlook for Q4.

有了這個，我將把電話轉給 Kris 討論第三季度和我們對第四季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks posted another quarter of strong financial results, delivering record Q3 revenue of $1.116 billion, exceeding the midpoint of our guidance.

Skyworks 公佈了又一季度強勁的財務業績，第三季度收入達到創紀錄的 11.16 億美元，超過了我們指導的中點。

Total revenue grew 52% year-over-year, demonstrating exceptional performance across both mobile and growth markets.

總收入同比增長 52%，在移動市場和成長型市場均表現出色。

Mobile revenue grew 52% year-over-year as we capitalized on technology-rich content powering an impactful set of 5G customers.

移動收入同比增長 52%，因為我們利用技術豐富的內容為一組有影響力的 5G 客戶提供支持。

In parallel, broad markets revenue was up 50% year-over-year, benefiting from strong demand for IoT solutions, including WiFi 6 and 6E and smart audio as well as emerging use cases in industrial and automotive markets.

與此同時，廣泛市場收入同比增長 50%，這得益於對物聯網解決方案的強勁需求，包括 WiFi 6 和 6E 和智能音頻，以及工業和汽車市場的新興用例。

Gross profit in the quarter was $565 million, resulting in a gross margin of 50.6%, up 50 basis points year-over-year.

本季度毛利潤為 5.65 億美元，毛利率為 50.6%，同比增長 50 個基點。

Operating expenses were $161 million or 14.5% of revenue, demonstrating spending discipline while continuing our strategic investments to drive growth.

運營費用為 1.61 億美元，佔收入的 14.5%，顯示了支出紀律，同時繼續我們的戰略投資以推動增長。

We generated $403 million of operating income, translating into an operating margin of 36.1%, a 480 basis points improvement over Q3 of last year.

我們創造了 4.03 億美元的營業收入，轉化為 36.1% 的營業利潤率，比去年第三季度提高了 480 個基點。

Other expense was $3 million, reflecting a partial quarter of interest expense associated with the recently completed acquisition of the infrastructure and automotive business of Silicon Labs.

其他費用為 300 萬美元，反映了與最近完成的 Silicon Labs 基礎設施和汽車業務收購相關的部分季度利息費用。

Our effective tax rate was 10.4%, resulting in net income of $359 million or a net income margin of 32.1%.

我們的有效稅率為 10.4%，淨收入為 3.59 億美元，淨利潤率為 32.1%。

Execution on top and bottom line growth while expanding gross and operating margins drove record Q3 diluted earnings per share of $2.15 beating the guidance by $0.02 and an increase of 72% when compared to fiscal Q3 of 2020.

在擴大毛利率和營業利潤率的同時實現頂線和底線增長，推動第三季度攤薄後每股收益達到創紀錄的 2.15 美元，超出預期 0.02 美元，與 2020 財年第三季度相比增長 72%。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流。

Third fiscal quarter cash flow from operations was $273 million, capital expenditures were $115 million, and we paid $83 million in dividends.

第三財季運營現金流為 2.73 億美元，資本支出為 1.15 億美元，我們支付了 8300 萬美元的股息。

We ended the quarter with a net cash position of $1.5 billion with $3 billion in cash and investments and $1.5 billion in debt.

截至本季度末，我們的淨現金頭寸為 15 億美元，其中現金和投資為 30 億美元，債務為 15 億美元。

Moving to our outlook now for Q4 of fiscal 2021.

現在轉向我們對 2021 財年第四季度的展望。

Based on continued robust demand for connectivity solutions in mobile and broad markets and the inclusion of a partial quarter of revenue from the recently completed acquisition, we expect continued growth into the September quarter.

基於移動和廣泛市場對連接解決方案的持續強勁需求以及最近完成的收購的部分季度收入，我們預計到 9 月季度將繼續增長。

Specifically, in the fourth fiscal quarter of 2021, we anticipate revenue to be between $1.27 billion and $1.33 billion, with non-GAAP diluted earnings per share of $2.53 at the midpoint of our revenue range.

具體而言，在 2021 年第四財季，我們預計收入將在 12.7 億美元至 13.3 億美元之間，非美國通用會計準則攤薄後每股收益為 2.53 美元，處於我們收入範圍的中點。

This represents revenue growth of 36% and non-GAAP diluted earnings per share growth of 37% compared to the fourth fiscal quarter of 2020.

與 2020 年第四財季相比，這意味著收入增長 36%，非公認會計原則攤薄後每股收益增長 37%。

Exclusive of acquisition-related revenue, we expect double-digit sequential growth in both mobile and broad markets.

剔除與收購相關的收入，我們預計移動市場和廣闊市場將實現兩位數的連續增長。

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。

And we expect operating expenses to be between $180 million and $183 million.

我們預計運營費用將在 1.8 億美元至 1.83 億美元之間。

Below the line, we anticipate roughly $11 million in other expense, reflecting the interest expense associated with the acquisition financing.

在這條線之下，我們預計其他費用約為 1100 萬美元，反映了與收購融資相關的利息費用。

We expect a tax rate of approximately 10.5% and a diluted share count of approximately 167.5 million shares.

我們預計稅率約為 10.5%，稀釋後的股份數量約為 1.675 億股。

And lastly, given our conviction in Skyworks' strategic outlook and predictable strong cash generation, today, we also announced a 12% increase to our quarterly dividend to $0.56 per share.

最後，鑑於我們對 Skyworks 的戰略前景和可預測的強勁現金產生的信心，今天，我們還宣布將季度股息提高 12% 至每股 0.56 美元。

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 is clearly on track to deliver record financial results for fiscal 2021.

Skyworks 顯然有望在 2021 財年實現創紀錄的財務業績。

As mentioned, the addition of the I&A business further propels our expansion into strategic growth segments.

如前所述，I&A 業務的加入進一步推動了我們向戰略增長領域的擴張。

And with a widening array of usage cases, the proliferation of 5G is driving significant momentum for Skyworks.

隨著使用案例的不斷擴大，5G 的普及為 Skyworks 帶來了巨大的動力。

Our powerful generation -- cash generation capabilities, technology-centric operational scale, and global reach are fueling a robust design win pipeline.

我們強大的一代——現金生成能力、以技術為中心的運營規模和全球影響力正在推動強大的設計獲勝渠道。

And finally, the strength of our balance sheet allows us the flexibility to invest to win while delivering consistent shareholder returns.

最後，我們強大的資產負債表使我們能夠靈活地投資以贏得勝利，同時提供一致的股東回報。

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) Our first question comes from the line of Craig Ellis from B. Riley Securities.

（操作員說明）我們的第一個問題來自 B. Riley Securities 的 Craig Ellis。

Congratulations on the financial results, guys.

祝賀財務業績，伙計們。

Kris, I wanted to start with you and just see if I could get you to put a finer point on the contribution from A&I in the fiscal fourth quarter.

克里斯，我想從你開始，看看我能否讓你更詳細地說明第四財季 A&I 的貢獻。

Can you be a little bit more specific on what you'd expect from a revenue standpoint and the earnings contribution from the deal?

您能否從收入的角度更具體地說明您對交易的預期以及交易對收益的貢獻？

Yes.

是的。

Yes, Craig.

是的，克雷格。

So we are not going to report on any specific business line or product line within the quarter.

因此，我們不會在本季度報告任何特定的業務線或產品線。

But given that you ask, first of all, we're very excited about the conclusion and the closing of the acquisition on July 26, so earlier this week.

但鑑於您提出的問題，首先，我們對本週早些時候的 7 月 26 日完成收購感到非常興奮。

It's a great business, very diversified, new revenue streams and high-growth markets for us.

對我們來說，這是一項偉大的業務、非常多樣化、新的收入來源和高增長市場。

The business was running, and we told you that when we announced the deal at approximately $400 million of revenue on an annualized basis.

該業務正在運行，我們告訴您，當我們宣布這筆交易時，該交易的年收入約為 4 億美元。

So approximately $100 million of revenue on a quarterly basis if it's a full quarter.

因此，如果是一個完整的季度，那麼每個季度的收入約為 1 億美元。

But this is only a partial quarter.

但這只是部分季度。

So we only get 2 out of 3 months in this September quarter, we will get 3 out of 3 months in the December quarter.

因此，我們在這個 9 月季度只能獲得 3 個月中的 2 個月，而在 12 月季度我們將獲得 3 個月中的 3 個月。

So I hope that answers your question.

所以我希望這能回答你的問題。

That helps.

這有幫助。

And then I'll just stick with A&I, but may get a longer-term, more strategic question, and I'll flip it to you, Liam.

然後我會堅持使用 A&I，但可能會遇到一個更長期、更具戰略性的問題，我會把它轉給你，Liam。

Under Silicon Labs, this was a very high-quality business that steadily grew over time in 2 different end markets.

在 Silicon Labs 的領導下，這是一項非常高質量的業務，隨著時間的推移在兩個不同的終端市場穩步增長。

And now you have it, and I'm just hoping that you could spend a minute talking about your vision for what you can do from a synergy standpoint with channels, with customers with product road maps.

現在你有了它，我只是希望你能花一點時間談談你的願景，從與渠道的協同作用的角度來看，你可以做什麼，以及與產品路線圖的客戶。

And what do you think that means for the growth rate of the business on a multiyear basis from the base that Kris talked about, which is a $400 million business.

你認為這對 Kris 談到的基礎業務的多年增長率意味著什麼，這是一項 4 億美元的業務。

Yes, absolutely.

是的，一點沒錯。

Well, first of all, as Kris mentioned, we really are excited about taking on this acquisition.

嗯，首先，正如 Kris 提到的，我們真的很高興接受這次收購。

Great people, great technology, fabulous end markets.

偉大的人，偉大的技術，美妙的終端市場。

And the other really important thing is this is all uncorrelated to what we do in mobile.

另一個真正重要的事情是，這與我們在移動設備中所做的一切無關。

So this is really unique for us.

所以這對我們來說真的很獨特。

One of the things, Craig, that we absolutely will capitalize on is the quality of the technology that the Silicon Labs team has brought and our ability at Skyworks to scale, to scale at high levels.

克雷格，我們絕對會利用的一件事是 Silicon Labs 團隊帶來的技術質量，以及我們在 Skyworks 擴展的能力，以高水平擴展。

So we look at these products now that are great, and we think we can take them as is and bring them to newer customers, broader scale opportunities, proliferate much further than what we see today.

所以我們現在看看這些很棒的產品，我們認為我們可以把它們帶到新的客戶那裡，帶來更廣泛的機會，比我們今天看到的擴散得更遠。

And it's going to be a lot of fun doing that.

這樣做會很有趣。

And our folks at Skyworks, our operational team, the ability to do work in our own fabs, which is very strategic right now will definitely put some fuel behind it.

我們在 Skyworks 的員工、我們的運營團隊、在我們自己的晶圓廠中工作的能力，現在非常具有戰略意義，這肯定會為其提供一些動力。

So we're excited about it.

所以我們對此感到興奮。

A lot of great end markets, improves margin, improves diversification.

許多偉大的終端市場，提高了利潤率，提高了多元化。

There's some customers that we know very well that we can take to these products, and there are some new accounts that we're going to find together.

有一些我們非常了解的客戶可以使用這些產品，並且我們將一起尋找一些新客戶。

So we're really excited about the opportunity.

所以我們對這個機會感到非常興奮。

It's very early, but we're very, very excited about what we can do.

現在還為時過早，但我們對我們能做的事情感到非常非常興奮。

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

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

Liam and Kris, can you comment on shortages, in this case is a public comment Apple makes.

利亞姆和克里斯，你能對短缺發表評論嗎？在這種情況下，這是蘋果公司的公開評論。

So I can name them.

所以我可以命名它們。

I know we're not supposed to name your customers.

我知道我們不應該說出你的客戶的名字。

But they talked about shortages getting worse in the third quarter.

但他們談到第三季度短缺情況變得更糟。

From your perspective, are you seeing that impact your business in the third quarter -- in the calendar third quarter?

從您的角度來看，您是否看到第三季度（日曆第三季度）對您的業務產生影響？

And then I had a quick follow-up, please.

然後我有一個快速跟進，拜託。

Sure.

當然。

Well, on a general basis, I mean there is a supply chain crunch around semiconductors.

好吧，總的來說，我的意思是半導體周圍存在供應鏈緊縮。

I think we all understand that and it's affecting everybody to some degree.

我想我們都明白這一點，它在某種程度上影響著每個人。

I would say that Skyworks and if you know the company here, right, we're an investor in technology, and we have the lion's share of our technologies in-house in our own fabs, all the way from gallium arsenide to assembly and test, a bulk acoustic wave filtering, TC-SAW, a lot of really complex portfolios that we have and technologies that we bring in our own house.

我想說的是 Skyworks，如果你知道這裡的公司，對，我們是技術投資者，我們在自己的晶圓廠擁有大部分技術，從砷化鎵到組裝和測試、體聲波濾波、TC-SAW、我們擁有的許多非常複雜的產品組合以及我們在自己家裡帶來的技術。

So we have a -- the benefit of that scale and the investments that we've made over the years fortify our position in supply chain.

所以我們有一個 - 這種規模的好處以及我們多年來所做的投資鞏固了我們在供應鏈中的地位。

Now having said that, as we all know that any given platform, whether it's a smartphone or a piece of the infrastructure pie, all the components have to come together to create a solution for the customer.

話雖如此，我們都知道任何給定的平台，無論是智能手機還是基礎設施的一部分，所有組件都必須結合在一起為客戶創建解決方案。

So if anything is short anywhere in the food chain, it can impede demand, right?

因此，如果食物鏈中的任何地方出現短缺，就會阻礙需求，對吧？

Execution around demand.

圍繞需求執行。

So we are certainly seeing that.

所以我們肯定看到了這一點。

I feel like our teams are doing a good job navigating through, but it's clear that there's more demand opportunity now that hasn't really been executed.

我覺得我們的團隊在導航方面做得很好，但很明顯，現在還有更多的需求機會尚未真正執行。

So I think we're going to do work on our end to support our customers.

因此，我認為我們將竭盡全力支持我們的客戶。

We're certainly doing the work in our fabs, in our labs to be a little bit more efficient there and driving the technology.

我們肯定會在我們的晶圓廠和實驗室中進行這項工作，以提高效率並推動技術發展。

But it's clear that there is an impediment in demand right now globally in supply chain.

但很明顯，目前全球供應鏈中的需求存在障礙。

So that is a real issue.

所以這是一個真正的問題。

Got it.

知道了。

Got it.

知道了。

And you did flex your supply chain capability, if I remember correctly, in December quarter.

如果我沒記錯的話，你確實在 12 月季度展示了你的供應鏈能力。

I had a question on gross margin, maybe Kris, you can address that.

我有一個關於毛利率的問題，也許是 Kris，你可以解決這個問題。

And I'm just trying to do my math on the fly.

而我只是想在飛行中做我的數學。

Is it the delta -- and this -- we haven't seen this level in a while.

是三角洲——還有這個——我們已經有一段時間沒有看到這個水平了。

This delta is coming from impact from the contribution from Silicon Lab business because the cost headwinds are there and seem to be getting -- not getting any better.

這一增量來自 Silicon Lab 業務貢獻的影響，因為成本逆風存在並且似乎正在變得 - 並沒有變得更好。

So can you just walk us through the delta and gross margin, please?

那麼，您能簡單介紹一下增量和毛利率嗎？

Yes.

是的。

Well, first of all, I'm pleased with our execution on gross margin.

好吧，首先，我對我們的毛利率執行感到滿意。

We did 50.6% gross margin in the June quarter, up 50 basis points year-over-year, and that's just pure organic.

我們在 6 月季度的毛利率為 50.6%，同比增長 50 個基點，這只是純有機的。

We guided just 51% to 51.5%.

我們只指導了 51% 到 51.5%。

So that's up another 65 basis points sequentially or up 85 basis points on a year-over-year basis.

因此，這又增加了 65 個基點，或同比增加了 85 個基點。

As we indicated before, the I&A business is helping there because that's running at on or about 60% gross margin.

正如我們之前所指出的，I&A 業務正在幫助那裡，因為它的毛利率達到或約為 60%。

But you can clearly see as well that we continue to make further improvements in gross margins in our organic business as well as we execute on our technology road maps, get more and more 5G, WiFi 6, WiFi 6E, higher level of complexity, higher performance parts in our product mix.

但是您也可以清楚地看到，我們繼續進一步提高有機業務的毛利率，並執行我們的技術路線圖，獲得越來越多的 5G、WiFi 6、WiFi 6E，更高的複雜性，更高的我們產品組合中的性能部件。

Our next question comes from the line of Karl Ackerman from Cowen.

我們的下一個問題來自 Cowen 的 Karl Ackerman。

Great.

偉大的。

I wanted to focus first on the SLAB I&A division that just closed.

我想首先關注剛剛關閉的 SLAB I&A 部門。

I know it's -- you disclosed it a couple of days ago, but during your due diligence process, have you been able to find areas of cost overlap that may drive incremental synergies over the next few quarters?

我知道——你幾天前披露了它，但在你的盡職調查過程中，你是否能夠找到可能在未來幾個季度推動增量協同效應的成本重疊領域？

And I guess as you address that question, could you also describe any early indications on sales synergies in the broad markets division now that, that acquisition has closed, that I think will allow you to have a much broader solution set for customers.

我想當你回答這個問題時，你能否描述一下關於廣泛市場部門銷售協同效應的任何早期跡象，因為收購已經結束，我認為這將使你能夠為客戶提供更廣泛的解決方案。

Yes, absolutely.

是的，一點沒錯。

So on the cost side, clearly, the ability to take a Skyworks a $5 billion run rate revenue company and the infrastructure that we already have in-house and the technology know-how that we have is definitely a strategic piece of the equation with the Silicon Labs deal for sure.

因此，在成本方面，顯然，能夠讓 Skyworks 成為一家運營收入為 50 億美元的公司，以及我們已經擁有的內部基礎設施和我們擁有的技術訣竅，這絕對是與Silicon Labs 肯定會成交。

And then on the customer side, there's some great products that are ready to go right now that we just have as a team can lever up some of those portfolios so that the Silicon Labs team has brought to us, and we know where to take it.

然後在客戶方面，有一些很棒的產品現在準備好了，我們作為一個團隊可以利用其中的一些產品組合，以便 Silicon Labs 團隊帶給我們，我們知道把它帶到哪裡.

And we're also a big volume player at Skyworks.

我們也是 Skyworks 的大容量玩家。

So we are absolutely ready to go after big game.

因此，我們絕對準備好進行大型比賽。

We have the scale for it, we have the appetite for it.

我們有它的規模，我們有它的胃口。

We have the technology know-how and prowess to make that happen.

我們擁有實現這一目標的技術知識和實力。

So there's a lot of really good technologies that are there in the SLAB I&A team that we can scale with known customers in known markets.

因此，SLAB I&A 團隊中有很多非常好的技術，我們可以與已知市場中的已知客戶一起擴展。

And that's going to be an important part here.

這將是一個重要的部分。

And we've spent a lot of time working on it as we went through diligence on this process and both of those vectors are going to be strategic for us as we go forward.

我們花了很多時間來研究這個過程，因為我們對這個過程進行了盡職調查，隨著我們的前進，這兩個向量對我們來說都將是戰略性的。

And we have a game plan to make it happen.

我們有一個遊戲計劃來實現它。

I appreciate that, Liam.

我很感激，利亞姆。

For my follow-up, your outlook for September looks to be up 11% sequentially on even just an organic basis on par with one of your RF peers who reported this week.

在我的後續行動中，您對 9 月份的展望看起來比本週報告的一位 RF 同行相比，即使只是有機基礎上的增長 11%。

That peer indicated that some of the slowdown in Android production did impact results, but it's more really due to supply constraints.

該同行表示，Android 生產的一些放緩確實影響了結果，但實際上更多的是由於供應限制。

And I guess some of that would improve in the September quarter.

我想其中一些會在 9 月季度有所改善。

My question, and maybe dovetailing to an earlier question today, I was hoping you could address whether you see improvements in assembly and test or other areas of constraint that could allow you to propel strong results from here?

我的問題，也許與今天早些時候的問題相吻合，我希望您能解決您是否看到組裝和測試方面的改進或其他可以讓您從這裡推動強勁結果的約束領域？

Sure.

當然。

No, that makes total sense, and that's what we're seeing.

不，這完全有道理，這就是我們所看到的。

So for the most part, we have a great deal of control in our supply chain because we have our assets.

因此，在大多數情況下，我們對供應鏈有很大的控制權，因為我們擁有自己的資產。

But it only takes 1 or 2 devices that you don't make to create an impediment of demand.

但是只需要 1 或 2 台您不製造的設備就可以造成需求障礙。

So there's clearly levels of demand that are being delayed in terms of execution due to supply chain constraints.

因此，由於供應鏈的限制，顯然存在延遲執行的需求水平。

It's kind of a global issue right now.

現在是一個全球性的問題。

We're doing some really good work on our end.

我們正在做一些非常好的工作。

We're levering what we can on our side and working with our partners -- the outside partners that we may have.

我們正在盡我們所能並與我們的合作夥伴合作——我們可能擁有的外部合作夥伴。

But -- and I don't think this is going to be a long-term problem, but it's certainly a problem that it is making its way through the semiconductor cycle.

但是 - 我不認為這將是一個長期的問題，但它肯定是一個問題，它正在通過半導體週期。

Some companies had worse than others.

有些公司的情況比其他公司差。

We -- again, with our internal capabilities, I think we have some strength there that others may not have.

我們 - 再次，憑藉我們的內部能力，我認為我們在那裡擁有一些其他人可能沒有的實力。

But it is certainly a unique case where demand is being impeded to some degree with supply chain issues.

但這無疑是一個獨特的案例，供應鏈問題在一定程度上阻礙了需求。

And that is just a kind of a global issue now in the semiconductor space, a lot of work being done to get that free flow of demand again.

這只是現在半導體領域的一個全球性問題，需要做大量工作才能再次獲得這種自由流動的需求。

But the demand opportunity is there.

但需求機會就在那裡。

So I want to make that clear.

所以我想澄清一下。

I think the demand opportunity for the products that we have and the appetite from our customers is still very strong and the technologies that are coming to market are rich and powerful.

我認為我們擁有的產品的需求機會和客戶的胃口仍然非常強勁，即將上市的技術豐富而強大。

And I think that's all going to come to market here soon.

我認為這一切很快就會在這裡上市。

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

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Kris, this is probably a tough question to answer, given the addition of the SLAB revenue.

Kris，考慮到 SLAB 收入的增加，這可能是一個很難回答的問題。

But I'm just kind of wondering, as you look into December, if you were to strip that out, like it seems like December is normally up low teens.

但我只是想知道，當你展望 12 月時，如果你把它去掉，就像 12 月通常是十幾歲的孩子一樣。

So I'm wondering if you can look out into December, and if you excluded SLAB, is that sort of how you see things trending into December?

所以我想知道您是否可以展望 12 月，如果您排除了 SLAB，您是否會這樣看待 12 月的趨勢？

Yes.

是的。

So Tim, as you know, we only guide 1 quarter at a time and we feel really good about the guide that we provided for September.

所以蒂姆，如你所知，我們一次只指導 1 個季度，我們對 9 月份提供的指南感覺非常好。

Having said that, looking to December, you're absolutely right.

話雖如此，展望 12 月，你是絕對正確的。

We typically see further strong sequential growth into the December quarter as we execute on some high content-rich 5G phone ramps.

隨著我們在一些內容豐富的 5G 手機坡道上執行，我們通常會在 12 月季度看到進一步強勁的連續增長。

And we do expect our broad markets business organically, right, to further continue to grow into the December quarter.

我們確實希望我們的廣闊市場業務有機地繼續增長到 12 月季度。

And so -- plus in addition, as I mentioned before, we will have 3 months of the I&A business in the December quarter.

所以 - 另外，正如我之前提到的，我們將在 12 月季度進行 3 個月的 I&A 業務。

And so when you put that all together, we feel really good about December.

因此，當您將所有這些放在一起時，我們對 12 月感覺非常好。

Thanks, Kris.

謝謝，克里斯。

And I guess, typically, your concentration from your largest customer is -- in the June quarter is somewhere in the 45% to 50% range.

而且我猜，通常情況下，您對最大客戶的關注度在 6 月季度的某個時候在 45% 到 50% 的範圍內。

And I just -- typically, you sort of give us a sense of where that came in.

我只是 - 通常情況下，你有點讓我們了解它的來源。

Was it in that same range, 45% or 50%?

是在同一個範圍內，45% 還是 50%？

Yes.

是的。

So in June, it was slightly above 50%, which, by the way, was exactly the same percentage a year ago in the June quarter of 2020.

因此，在 6 月份，這一比例略高於 50%，順便說一句，這與一年前的 2020 年 6 月季度的百分比完全相同。

Our next question comes from the line of Ed Snyder of Charter Equity.

我們的下一個問題來自 Charter Equity 的 Ed Snyder。

Liam, the acquisition -- I think SLAB was a great acquisition.

利亞姆，收購——我認為 SLAB 是一次偉大的收購。

But if I look at this, it's very different than some of the others you've done.

但如果我看這個，它與你所做的其他一些非常不同。

And I think 1 of the best -- probably the best you ever did, 1 of the best in the industries was SiGe back in 2011.

我認為最好的之一——可能是你做過的最好的，行業中最好的之一是 2011 年的 SiGe。

But that was a screamer primarily because the technology they had was excellent and was coveted by some of your largest customers -- your largest customer, but they couldn't buy for them because they're too small, so when Skyworks got a hold of it off to the races, you win, and it's been a huge success, I'm sure.

但這主要是因為他們擁有的技術非常出色，並且被您的一些最大客戶——您最大的客戶所垂涎，但他們無法為他們購買，因為他們太小了，所以當 Skyworks 獲得開始比賽，你贏了，我敢肯定，這是一個巨大的成功。

This looks to be more like a TI-National acquisitions where it's kind of plug-and-play diversification role.

這看起來更像是 TI-National 的收購，它是一種即插即用的多元化角色。

I'm not clear -- I know you plan on growing it.

我不清楚——我知道你計劃種植它。

I know they've got a lot of great technologies and excellent profile in terms of margins.

我知道他們擁有很多出色的技術和出色的利潤率。

But can you give us some examples of where you think you can grow this into your customer base?

但是，您能否給我們一些示例，說明您認為可以在哪些方面將其發展為您的客戶群？

And most of it, I imagine, is going to be in broad markets.

我想，其中大部分將進入廣闊的市場。

So there's probably a little chance that you'd see anything close to the growth in this revenue line that you saw with SiGe because it's not going to go into your mobile customers, right?

因此，您可能會看到與您在 SiGe 中看到的收入線增長相近的任何東西，因為它不會進入您的移動客戶，對吧？

So maybe you can help us flash that out a little bit more on what the growth rate could be like and where you're going to see that growth specifically, if you could.

因此，如果可以的話，也許你可以幫助我們更多地了解增長率可能是什麼樣的，以及你將在哪裡看到這種增長。

Sure, Ed.

當然，埃德。

Sure.

當然。

Yes.

是的。

So obviously, through the process, we had deep dives into all the elements of the I&A business.

顯然，在整個過程中，我們深入研究了 I&A 業務的所有要素。

They have a very strong timing portfolio, which we can take the multiple customers and customers that we have right now.

他們有一個非常強大的時間組合，我們可以利用我們現在擁有的多個客戶和客戶。

They have an isolation business that's very strong.

他們有一個非常強大的隔離業務。

Their automotive portfolio is outstanding.

他們的汽車產品組合非常出色。

There's a lot we can do there.

我們可以在那裡做很多事情。

There's quite a bit of customer and sales synergy here that we can unlock.

這裡有相當多的客戶和銷售協同作用，我們可以解鎖。

One of the things I would say is their portfolio is very strong technically, but hadn't been as broad in terms of scale, right, going after the very, very large players.

我想說的一件事是，他們的產品組合在技術上非常強大，但在規模上並沒有那麼廣泛，對，追求非常非常大的玩家。

And that's something that we do very well here.

這就是我們在這裡做得很好的事情。

So we're going to lever up the scale.

因此，我們將擴大規模。

We're going to enhance the technology.

我們將加強技術。

We're going to invest in this portfolio.

我們將投資於這個投資組合。

Some great, great folks there, some great people, great end markets that we can pursue.

那裡有一些很棒的人，一些很棒的人，我們可以追求的很棒的終端市場。

And we think it's going to really be a special deal for us.

我們認為這對我們來說真的是一筆特別的交易。

And the early innings here what we're seeing and the engagements with their customers and what we're doing with our sales channel, I think, is going to be unique.

我認為，我們在這裡所看到的以及與他們的客戶的互動以及我們正在使用我們的銷售渠道所做的事情將是獨一無二的。

And then the manufacturing benefits, right?

然後是製造優勢，對嗎？

For the most part, the I&A business has been outsourced.

在大多數情況下，I&A 業務已外包。

And I think there's a great deal of synergy that we can use in our assembly and test operations, even if there's some fabless elements, just having the packaging, assembly and test in-house is a strategic advantage as well.

而且我認為我們可以在我們的組裝和測試操作中使用大量的協同作用，即使有一些無晶圓廠元素，在內部進行封裝、組裝和測試也是一種戰略優勢。

So we're really excited about it, and we spent a great deal of time working through this transaction, and we haven't done a lot of deals here at Skyworks.

所以我們對此感到非常興奮，我們花了很多時間來完成這項交易，而且我們在 Skyworks 還沒有完成很多交易。

We're very conservative with that.

我們對此非常保守。

And it has to fit before we go about an acquisition, and this is one of those transactions that as we move through the process, we like it more and more, and we really like it now and look forward to demonstrate that opportunity as we go forward.

在我們進行收購之前，它必須適合，這是我們在整個過程中越來越喜歡它的交易之一，我們現在真的很喜歡它，並期待在我們前進的過程中展示這個機會向前。

Great.

偉大的。

And then if I could shift to mobile perhaps.

然後，如果我可以轉向移動設備。

I mean, your largest customer leads the field in the complexity and sophistication of RF front end, I think everybody knows that.

我的意思是，您最大的客戶在射頻前端的複雜性和精密度方面處於領先地位，我想每個人都知道這一點。

And some of the things that they implemented last year and looked to be implementing this year, right to Skyworks' strength, obviously.

他們去年實施的一些事情，今年看起來正在實施，顯然是 Skyworks 的實力。

I mean, we saw the December quarter for last year was phenomenal.

我的意思是，我們看到去年 12 月季度的表現非常出色。

But in terms of the rest of the world, especially with regard to China, they lag and it looks like they're moving in that direction.

但就世界其他地區而言，尤其是就中國而言，他們落後了，看起來他們正朝著這個方向前進。

Now if I step back only 3,000-foot view, Skyworks Solutions is kind of, if I might, under-earned in China over the last several years, maybe overearned domestically.

現在，如果我只退到 3,000 英尺遠的地方，Skyworks Solutions 在過去幾年中在中國的收入可能有點低，在國內可能會超額。

But I'm wondering, as those technologies move into the VOX Group, does that present an opportunity?

但我想知道，隨著這些技術進入 VOX 集團，這會帶來機會嗎？

Do you think you'll be able to exploit that to gain a larger share?

你認為你能利用這一點獲得更大的份額嗎？

So should we expect to see more acceleration in growth in the Chinese OEMs, Android set coming out of there for Skyworks in the next year?

那麼，我們是否應該期望看到中國 OEM 的增長更快，Android 將在明年為 Skyworks 推出呢？

Yes, a great comment.

是的，很棒的評論。

I'm glad you brought it up.

我很高興你提出來。

And the answer is we are seeing a great opportunity there.

答案是我們在那裡看到了巨大的機會。

We went through the last calendar year with great success.

我們度過了最後一個日曆年，取得了巨大的成功。

We'll continue to do that with flagship models, largely domestic U.S. players.

我們將繼續在旗艦機型上做到這一點，主要是美國本土廠商。

And we're starting to see now the incremental move with the Oppo, Vivo, Xiaomi, MediaTek players as they bump up and bring their technology along in 5G.

現在，我們開始看到 Oppo、Vivo、小米、聯發科玩家在 5G 中崛起並將他們的技術帶入其中的漸進式移動。

And that's a great opportunity.

這是一個很好的機會。

And the content delta there can be substantial.

並且內容增量可能很大。

And we're working that very hard.

我們正在非常努力地工作。

We mentioned it in our prepared remarks, and that's a very strategic lever for Skyworks.

我們在準備好的評論中提到了它，這對 Skyworks 來說是一個非常具有戰略意義的槓桿。

And we're engaged.

我們訂婚了。

So this isn't a case where we have to break in and form a relationship, but we're already a supplier to these key players, but we're seeing the technology lift within their devices, exactly what we anticipated.

所以這不是我們必須闖入並建立關係的情況，但我們已經是這些關鍵參與者的供應商，但我們正在看到他們設備中的技術提升，這正是我們的預期。

So we should expect more from that corner of the world.

所以我們應該對世界的那個角落有更多的期待。

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

我們的下一個問題來自富國銀行證券的 Gary Mobley。

Your -- 1 of your competitors on their RF side.

您的 - 您的 1 個射頻方面的競爭對手。

They have been talking about certainly they have opportunity of roughly $10 billion that has opened up largely because of Huawei's business essentially dying out of buying and that being redistributed amongst more influential customers.

他們一直在談論他們肯定有大約 100 億美元的機會，這主要是因為華為的業務基本上死於購買，並且重新分配給更有影響力的客戶。

I'm wondering -- I was hoping to get your perspective on how that has benefited Skyworks in recent quarters, what inning we may be in with respect to that redistribution of market share and how it may impact you guys looking forward?

我想知道——我希望得到你的看法，了解這在最近幾個季度如何使 Skyworks 受益，我們在重新分配市場份額方面可能處於什麼階段，以及它可能如何影響你們的未來？

Yes.

是的。

No, it's an interesting question.

不，這是一個有趣的問題。

As we just mentioned with the last caller, we're deeply engaged in China across all the platforms, and we have good relationships there and we form those for years.

正如我們剛剛與上一位來電者提到的那樣，我們在所有平台上都深入參與了中國，我們在那裡建立了良好的關係，並且我們已經建立了多年。

So we've always been a trusted partner.

因此，我們一直是值得信賴的合作夥伴。

We have the know-how to create custom engines with our Sky5 portfolio that allows our end market customers to step in quickly with a solution that we've architected.

我們擁有使用 Sky5 產品組合創建定制引擎的專業知識，使我們的終端市場客戶能夠通過我們構建的解決方案快速介入。

So we see that demand opportunity as well as anyone.

因此，我們和任何人都看到了這種需求機會。

We have a more diverse portfolio that can address those markets as well.

我們擁有更多樣化的產品組合，也可以應對這些市場。

So it's not a single solution.

所以這不是一個單一的解決方案。

We can craft it, we can customize it.

我們可以製作它，我們可以定制它。

We could reach into our Sky5 portfolio and do exactly what the customer needs.

我們可以進入我們的 Sky5 產品組合，並完全滿足客戶的需求。

And so we look forward to that growth.

因此，我們期待這種增長。

So we see that same opportunity and it can be upside for us as we see the China move into 5G accelerate.

因此，我們看到了同樣的機會，隨著我們看到中國加速進入 5G，這對我們來說可能是有利的。

Okay.

好的。

As my follow-up, I wanted to -- I want to ask you about content growth at your lead customer, but I know you won't go there.

作為我的後續行動，我想 - 我想問你關於你的主要客戶的內容增長，但我知道你不會去那裡。

But I was hoping maybe you can give us a little more detail on sort of the frequency band support that will be needed as we move from one 5G phone to the next generation.

但我希望也許你可以向我們提供更多關於我們從一部 5G 手機轉移到下一代手機時所需的頻段支持的細節。

In other words, the cycles within the cycle, so to speak, as it relates to their interfaces.

換句話說，循環內的循環，可以這麼說，因為它涉及到它們的接口。

What sort of content growth do you think you can see long term and broad market related as these flagship phones need to support more frequency bands, in particular, things like millimeter wave support.

您認為您可以看到什麼樣的內容增長與長期和廣闊的市場相關，因為這些旗艦手機需要支持更多頻段，特別是毫米波支持。

And then related to that, perhaps what your current stance is with respect to millimeter wave?

然後與此相關，也許您目前對毫米波的立場是什麼？

Sure.

當然。

Well, I mean, as you've seen, the frequency opportunities continue to expand.

嗯，我的意思是，正如你所看到的，頻率機會繼續擴大。

If you look at the C-band auction, for example, that opened up a tremendous amount of technology, 3 to 6 gig, where we can capitalize immediately.

例如，如果你看一下 C 波段拍賣，它開闢了大量的技術，3 到 6 場演出，我們可以立即利用這些技術。

I think the appetite -- if we go high level, the appetite for this technology is really strong, right?

我認為胃口——如果我們走高水平，對這項技術的胃口真的很強烈，對吧？

The mobile technology that we see every year gets more complex, more challenging, whether it's in China, whether it's in the U.S., and we love that because we're a company that focuses on the high end, we focus on technology, we focus on excellence in our products and we see that opportunity be rewarded with our customers.

我們每年看到的移動技術變得更加複雜、更具挑戰性，無論是在中國還是在美國，我們都喜歡這一點，因為我們是一家專注於高端的公司，我們專注於技術，我們專注於我們產品的卓越性，我們看到這個機會得到了我們的客戶的回報。

So we can hit all of those nodes, whether it's a China play, whether it's the high end of the U.S., and we've grown the technology along with it.

所以我們可以觸及所有這些節點，無論是中國的遊戲，還是美國的高端遊戲，我們都在發展技術。

So that's how we go to market.

這就是我們進入市場的方式。

There's nothing new about the news around Huawei or anything like that, all that stuff is completely understood.

關於華為的新聞或類似的新聞沒有什麼新鮮事，所有這些東西都完全被理解了。

Millimeter wave, you mentioned.

你提到的毫米波。

Millimeter wave is an interesting technology.

毫米波是一項有趣的技術。

It works in certain areas.

它適用於某些領域。

It has some drawbacks as well that are well known.

它也有一些眾所周知的缺點。

And we listen to our customers, and we have great engagement with all the players that we need to work with.

我們傾聽客戶的心聲，我們與所有需要合作的玩家進行了密切的合作。

And together, we resolve the complexity and work on the end market solution.

我們一起解決複雜性並致力於最終市場解決方案。

So we have investments across that entire spectrum.

所以我們在整個範圍內都有投資。

We know what we need to do to win.

我們知道我們需要做什麼才能獲勝。

We also know what we need to do to allow our customers to win.

我們也知道我們需要做些什麼來讓我們的客戶獲勝。

And that's the recipe that's been working.

這就是一直有效的秘訣。

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 revisit the September guide.

我只想重溫九月指南。

So I guess when you look at it on an organic basis, it's a little over $100 million sequentially.

所以我想當你從有機的基礎上看它時，它的順序是略高於 1 億美元。

If you look back last year, your lead customer kind of contributed to that amount.

如果您回顧去年，您的主要客戶對這一數額做出了貢獻。

And with the earlier launch and content gains, we should think it would be more.

隨著更早的發布和內容的增加，我們應該認為它會更多。

So just trying to understand, are there some segments that are down?

所以只是想了解一下，是否有一些細分市場下降了？

Or are you adding some conservatism?

或者你是在增加一些保守主義嗎？

Just trying to understand with the acquisition, I know it's a great sequential, but just from looking at the moving pieces, should be a bit more in my mind.

只是試圖理解收購，我知道這是一個很好的順序，但僅僅從移動的部分來看，我應該更在意。

So just trying to figure out what I'm missing.

所以只是想弄清楚我錯過了什麼。

No, Blayne, I think as we indicated, it's -- we -- organically, we see double-digit sequential growth into September, both in our mobile and broad markets business.

不，Blayne，我認為正如我們所指出的那樣，從有機角度來看，我們看到到 9 月份我們的移動和廣泛市場業務都出現了兩位數的連續增長。

And we have really done well and executed well on the design win side.

我們在設計獲勝方面確實做得很好並且執行得很好。

We have higher content in multiple phones at all OEMs that are launching, and that will be launched here in the next couple of months or so.

我們在所有正在推出的 OEM 的多部手機中都有更高的內容，並且將在未來幾個月左右推出。

And so it -- sometimes, it becomes a little bit of a unit play.

所以它 - 有時，它變成了一個單元遊戲。

So we -- as you know, we always are somewhat conservative in our unit assumptions.

所以我們——如你所知，我們在單位假設上總是有些保守。

There is definitely strong demand for the products.

對產品的需求肯定很大。

We do take into account, as Liam earlier expressed, some of the global supply issues which are there, right?

正如利亞姆早些時候所說，我們確實考慮到了一些全球供應問題，對嗎？

And we need 100 parts to make a phone.

我們需要 100 個零件來製造一部手機。

If there are only 95, including this Skyworks parts, but there are missing some other parts from somebody else.

如果只有 95 個，包括這個 Skyworks 零件，但缺少其他人的一些其他零件。

You can't make a phone.

你不能做電話。

So that's all being taken into account.

所以這一切都被考慮在內。

Again, the growth will continue into the December quarter.

同樣，增長將持續到 12 月季度。

And so when you look at how we will execute in the second half of the calendar year, September and December combined, I think you will see some really nice strong year-over-year growth.

因此，當您查看我們在日曆年下半年（9 月和 12 月的總和）將如何執行時，我認為您會看到一些非常不錯的強勁同比增長。

Got you.

得到你。

And I guess maybe just drilling a finer point on broad markets.

而且我想也許只是在廣闊的市場上鑽了一個更細的點。

I know you don't want to break out the contribution, but maybe could you talk about would it be up on an organic basis into September?

我知道你不想打破捐款，但也許你能談談它會在 9 月份有機地上升嗎？

Yes.

是的。

No, that's exactly the point, right?

不，這正是重點，對吧？

So our broad markets business will be up double digits sequentially, excluding any contribution from the I&A business.

因此，不包括 I&A 業務的任何貢獻，我們的廣闊市場業務將連續兩位數增長。

And when you look on a year-over-year basis, it's up strong double digits, right?

當你看一年比一年的基礎上，它是強勁的兩位數，對吧？

We continue to be in that kind of on or about 30% year-over-year growth, organic.

我們繼續保持這種或約 30% 的有機增長。

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

我們的下一個問題來自雷蒙德詹姆斯的克里斯卡索。

First question on broad markets, and I know that WiFi is a big part of the broad market organic business and that's been strong in the WiFi 6 ramp.

關於廣闊市場的第一個問題，我知道 WiFi 是廣闊市場有機業務的重要組成部分，並且在 WiFi 6 坡道中表現強勁。

I guess the question is, for how long do you expect that WiFi 6 ramp to continue?

我想問題是，你預計 WiFi 6 的增長會持續多久？

It has been -- WiFi has been one of the segments that's benefited from work from home.

它一直 - WiFi 一直是受益於在家工作的細分市場之一。

But I guess what we've also heard is there's also an enterprise refresh on WiFi 6 that has to happen.

但我想我們也聽說過 WiFi 6 也必須進行企業更新。

And I guess, I'm not sure of the size of those particular segments on whether that gives it enough strength even if some of the work from home trend should subside if that allows that WiFi 6 trend to continue?

而且我想，我不確定這些特定細分市場的規模是否能給它足夠的力量，即使一些在家工作的趨勢應該會消退，如果這能讓 WiFi 6 的趨勢繼續下去？

Yes, Chris, the WiFi cycle, in some ways, almost parallel to what we're seeing in 5G.

是的，克里斯，WiFi 週期在某些方面幾乎與我們在 5G 中看到的相似。

We're seeing high complexity moving into the 6E, really complex stuff from consumer to enterprise, it continues to grow.

我們看到高複雜性進入 6E，從消費者到企業的真正複雜的東西，它還在繼續增長。

We have really good technologies in this area.

我們在這方面擁有非常好的技術。

We have great relationships with our customers.

我們與客戶有著良好的關係。

It's kind of a ubiquitous player in terms of connectivity.

就連接性而言，它是一種無處不在的參與者。

So it's been a strong driver for us and the complexity in the devices continues to go up.

所以它對我們來說是一個強大的驅動力，並且設備的複雜性繼續上升。

We have a really good business, Wi-Fi enhanced, but then we also have incredible opportunities when we look at the access point in routers that we're seeing today that are really scaling up significantly in terms of the performance and the data rates.

我們有一個非常好的業務，Wi-Fi 增強了，但是當我們看到我們今天看到的路由器中的接入點時，我們也有難以置信的機會，這些接入點在性能和數據速率方面確實顯著擴大。

And so that's continuing to move.

所以這種情況還在繼續。

And I don't think it's really just a work from home.

而且我不認為這真的只是在家工作。

I think we're starting to see that become a really must-have type of technology.

我認為我們開始看到它成為一種真正必備的技術。

So that's been a play for us.

所以這對我們來說是一場戲。

Other areas in broad markets grow.

廣闊市場的其他領域也在增長。

We're doing really good work in the infrastructure space.

我們在基礎設施領域做得非常好。

We've got customers like Honeywell in the industrial area, the wireless infrastructure side with names like Nokia and Ericsson are stepping up a bit.

我們在工業領域擁有像霍尼韋爾這樣的客戶，而像諾基亞和愛立信這樣的無線基礎設施方面正在加快步伐。

And as Kris mentioned, you're talking about 50% year-over-year in that business.

正如克里斯所提到的，您說的是該業務的年增長率為 50%。

So it is a unique portfolio, continues to grow, very diverse and also a great partner to tag with our I&A portfolio.

因此，它是一個獨特的投資組合，不斷增長，非常多樣化，也是我們 I&A 投資組合的絕佳合作夥伴。

So I think you're going to be able to bring some cross-selling and new customer engagement through that process as well.

因此，我認為您也將能夠通過該過程帶來一些交叉銷售和新客戶參與。

So we look forward to -- but WiFi, as you said at the beginning, is really strategic and we're very well positioned.

所以我們期待——但正如你在一開始所說的那樣，WiFi 確實具有戰略意義，我們處於非常有利的位置。

Okay.

好的。

As a follow-up, with some of the cost that you've been absorbing that have been a headwind to margins, in particular, some of the COVID costs that some of the production facilities have been running quite as efficiently as you've wanted.

作為後續行動，您一直在吸收的一些成本對利潤構成了不利影響，特別是一些生產設施一直以您想要的效率運行的一些 COVID 成本.

We've seen some reports that some of the subcontractors in Southeast Asia have had to take some shutdowns again.

我們已經看到一些報導稱，東南亞的一些分包商不得不再次停工。

What's your view of that?

你對此有何看法？

What's the headwind that you're still seeing from these costs?

您仍然從這些成本中看到的不利因素是什麼？

And is there a time frame that you could see that some of these costs would come out, and therefore, be a positive for gross margins?

是否有一個時間框架，您可以看到其中一些成本會出現，從而對毛利率產生積極影響？

Yes, Chris.

是的，克里斯。

So again, we executed well on gross margin with 50.6%, up 50 basis points year-over-year despite the fact that there are still a couple of the headwinds and the COVID-19 headwind costs are still there.

因此，儘管仍然存在一些不利因素並且 COVID-19 不利因素成本仍然存在，但我們再次以 50.6% 的毛利率執行良好，同比增長 50 個基點。

And I think, honestly, they're going to stay there for a couple more quarters.

而且我認為，老實說，他們將在那裡多呆幾個季度。

We're working it hard.

我們正在努力工作。

We're getting better at it, but those headwinds are still there.

我們在這方面做得越來越好，但那些逆風仍然存在。

In addition to that, as we discussed earlier, it's a very tight supply environment.

除此之外，正如我們之前所討論的，這是一個非常緊張的供應環境。

And so again, that's not really helping us.

再說一次，這並沒有真正幫助我們。

But despite that, we are further improving our gross margins.

但儘管如此，我們正在進一步提高我們的毛利率。

A lot of that, of course, helps as we scale up the business, right?

當然，其中很多都有助於我們擴大業務，對吧？

We -- last year, we did $3.3 billion, $3.4 billion of revenue.

我們——去年，我們做了 33 億美元，34 億美元的收入。

This year, we will be doing more than $5 billion of revenue.

今年，我們的收入將超過 50 億美元。

So we are able to mitigate some of those headwinds.

因此，我們能夠減輕其中一些不利因素。

And as I said before, we keep on climbing the technology ladder, right, higher complexity, higher performance, more 5G, more WiFi 6 and 6E.

正如我之前所說，我們不斷攀登技術階梯，對，更高的複雜性、更高的性能、更多的 5G、更多的 WiFi 6 和 6E。

And then in addition, you have the I&A business at higher margins.

此外，您還擁有利潤率更高的 I&A 業務。

So you combine all of that, you will see continuing further gross margin improvement.

因此，將所有這些結合起來，您將看到毛利率繼續進一步提高。

Once some of those headwinds will start turning and become tailwinds, we will make further improvements towards our target model of 53%.

一旦其中一些逆風開始轉向並成為順風，我們將進一步改進我們 53% 的目標模型。

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

我們的下一個問題來自高盛的 Toshiya Hari。

I've got 2 as well.

我也有2個。

My first one is on broad markets.

我的第一個是在廣闊的市場上。

In the June quarter, it grew really nicely on a year-over-year basis.

在六月季度，它的同比增長非常好。

I think you said 50%.

我想你說的是50%。

On a sequential basis, I think it was down about 10, which was a little bit below what you had -- you guys had guided to.

在連續的基礎上，我認為它下降了大約 10，這比你們所擁有的略低 - 你們指導的。

So just curious on what the delta there was, what some of the puts and takes?

所以只是好奇有什麼三角洲，有哪些看跌期權？

And then on the flip side, obviously, you're guiding that business up double digits in September.

然後另一方面，顯然，你在 9 月份引導該業務增長兩位數。

So if you can kind of speak to the drivers in September within broad markets, that would be super helpful.

因此，如果您可以在 9 月份與廣大市場的司機交談，那將非常有幫助。

Yes.

是的。

First of all, I mean, we were up 50%, 5-0, right?

首先，我的意思是，我們上漲了 50%，5-0，對吧？

50% year-over-year in growth markets in June.

6 月份增長市場同比增長 50%。

So I would say, great execution, maybe it was slightly below what we anticipated.

所以我會說，出色的執行力，也許它略低於我們的預期。

And some of that, to be honest, is supply because the demand is a lot stronger there, but we were supplying.

老實說，其中一些是供應，因為那裡的需求要強得多，但我們一直在供應。

And as Liam pointed out, we have some minor bumps and so that's part of it.

正如利亞姆所指出的，我們有一些小問題，這就是其中的一部分。

Again, we continue to see strong growth into September, guiding up sequentially double digits, continue to see very strong year-over-year growth across all those end markets.

同樣，我們繼續看到 9 月份的強勁增長，連續兩位數增長，在所有這些終端市場上繼續看到非常強勁的同比增長。

Got it.

知道了。

And then as a quick follow-up, I wanted to ask about cash usage going forward.

然後作為快速跟進，我想詢問未來的現金使用情況。

Congrats on closing SLAB.

恭喜關閉 SLAB。

You talked about raising the dividend as well.

你也談到了提高股息。

So that's pretty clear.

所以這很清楚。

Between CapEx and perhaps deleveraging the balance sheet and buybacks, how should we think about the balance going forward?

在資本支出和資產負債表去槓桿化和回購之間，我們應該如何看待未來的平衡？

Yes.

是的。

In terms of cash and cash usage and cash allocation, I would say, first of all, we will continue to invest in technology and innovation with our research and development activities that is key to what Skyworks is doing.

在現金和現金使用以及現金分配方面，我想說，首先，我們將繼續通過我們的研發活動對技術和創新進行投資，這對 Skyworks 所做的事情至關重要。

Secondly, we will also continue to further expand our manufacturing assets in gallium arsenide, in filter, advanced packaging.

其次，我們還將繼續進一步擴大我們在砷化鎵、過濾器、先進封裝方面的製造資產。

And so we will continue to contribute substantial amounts of CapEx to further expand our reach and expand our manufacturing assets.

因此，我們將繼續貢獻大量資本支出，以進一步擴大我們的業務範圍並擴大我們的製造資產。

Despite all of that, we will continue to deliver strong free cash flow.

儘管如此，我們將繼續提供強勁的自由現金流。

We have a free cash flow target of 30%.

我們的自由現金流目標是 30%。

We will continue to make further improvements towards that target and the free cash flow will be used, first of all, to pay the dividend.

我們將繼續朝著這個目標進一步改進，首先將使用自由現金流來支付股息。

And we just announced a 12% increase in dividend now at $0.56, and there is further room for improvement there.

我們剛剛宣布將股息增加 12%，現在為 0.56 美元，而且還有進一步改進的空間。

Secondly, we will focus on repaying the debt.

其次，我們將專注於償還債務。

We have $2.5 billion of debt on the balance sheet as of today, including a $1 billion term loan.

截至今天，我們的資產負債表上有 25 億美元的債務，其中包括 10 億美元的定期貸款。

We are going to focus on repaying that term loan.

我們將專注於償還該定期貸款。

We do have an authorized share buyback program, but we have temporarily suspended that as we, for now, focus on repaying that term loan.

我們確實有一個授權的股票回購計劃，但我們暫時暫停了該計劃，因為我們目前專注於償還該定期貸款。

But at a certain point in time, we can, of course, switch that back on.

但是在某個時間點，我們當然可以重新打開它。

Our next question comes from the line of Tristan Gerra of Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

I just wanted to expand a little bit on a prior question about RF content in next-generation 5G phones.

我只是想稍微擴展一下之前關於下一代 5G 手機中射頻內容的問題。

That increase in the first gen 5G phone was probably in the 30% range year-over-year.

第一代 5G 手機的同比增長可能在 30% 左右。

You've mentioned things like C-band that's going to continue to drive content increases.

您提到了諸如 C 波段之類的東西，它將繼續推動內容的增長。

But how should we look at that in second gen 5G phones this year?

但是我們應該如何看待今年的第二代 5G 手機呢？

Wouldn't be the increase down to maybe a high single digit year-over-year in terms of content?

就內容而言，同比增長不會下降到一個個位數的高位嗎？

And then the follow-up question is, in China, you did mention opportunities in China, but the adoption rate for 5G phones, there is almost 80%.

那麼接下來的問題是，在中國，你確實提到了中國的機會，但是5G手機的採用率，幾乎是80%。

So are you expecting to gain market share?

那麼，您期望獲得市場份額嗎？

Or is it that the second gen 5G phones in China are going to use much more RF content than the first generation because clearly, the adoption rate is up there already.

還是中國的第二代 5G 手機將使用比第一代更多的射頻內容，因為很明顯，採用率已經上升。

Sure, sure.

一定一定。

Let me try to unpack that question here.

讓我試著在這裡解開這個問題。

Well, first of all, what I would say is there's tiers of 5G in China.

嗯，首先，我要說的是中國有5G層級。

So you have a 5G phone that has a certain level of complexity, but you could have another 5G phone that is much higher in complexity and performance.

因此，您的 5G 手機具有一定程度的複雜性，但您也可以擁有另一款複雜性和性能更高的 5G 手機。

And we can scale through all of those nodes.

我們可以通過所有這些節點進行擴展。

So penetration may be still relatively high.

所以滲透率可能還是比較高的。

There's still a tremendous amount of 5G phones in China that need another click in performance to really move.

中國仍有大量 5G 手機需要再次點擊性能才能真正移動。

And we know that because I mean we see the entire market.

我們知道這一點，因為我的意思是我們看到了整個市場。

We see the market from end to end from the U.S. to Europe to Asia.

我們從頭到尾看到從美國到歐洲再到亞洲的市場。

And so there's a lot of opportunity for content gains from the current position in China.

因此，從中國目前的地位來看，內容收益有很多機會。

If you look at other markets, we're seeing the same push for technology, higher performing.

如果你看看其他市場，我們會看到同樣的技術推動力，更高的性能。

We're seeing more features, more applications and a higher burden that's put on the smartphones in 5G.

我們看到 5G 中的智能手機有更多的功能、更多的應用程序和更高的負擔。

And that's all good stuff for us.

這對我們來說都是好事。

It gives us the opportunity to come in with our solutions all the way from TC-SAW to bulk acoustic wave, assembly and test, packaging in-house in our own fabs.

它讓我們有機會從 TC-SAW 到體聲波、組裝和測試，以及在我們自己的晶圓廠內部封裝的所有解決方案。

So we're really excited about it.

所以我們對此感到非常興奮。

So we do see continuous growth in content, but the content is getting harder.

所以我們確實看到內容持續增長，但內容越來越難。

It's not more things.

這不是更多的事情。

It's more complex things.

這是更複雜的事情。

And so you need to have an architect that could bring this together and make it easier for our customers to assimilate.

因此，您需要一位架構師來將這些整合在一起，讓我們的客戶更容易接受。

That's what we do.

這就是我們所做的。

So every year, it's not just phone to phone, the phone -- the technology and the complexity within the device is rising.

所以每年，不僅僅是電話到電話，電話——設備內部的技術和復雜性都在上升。

And that, for us, is very, very good, and it limits the competition, and it puts us in a great position to delight the customer.

對我們來說，這非常非常好，它限制了競爭，它使我們處於取悅客戶的有利位置。

So we look forward to that.

所以我們很期待。

And overall, 5G penetration at a high level is still very low right now globally.

總體而言，目前全球範圍內的高水平 5G 滲透率仍然很低。

There's a lot of room to move from here.

從這裡有很多空間可以移動。

And there's a lot of upgrades that haven't yet commenced.

還有很多升級尚未開始。

So we're looking forward to it, but the technology is not stagnant.

所以我們很期待，但技術並沒有停滯不前。

It continues to get tougher and tougher, higher bar and opportunities for just a few players like Skyworks to execute.

對於像 Skyworks 這樣的少數玩家來說，它繼續變得越來越強硬、更高的標準和執行的機會。

Our last question comes from Kevin Cassidy of Rosenblatt Securities.

我們的最後一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

I just wanted to understand a little more about your order visibility.

我只是想進一步了解您的訂單可見性。

Are you getting orders that are -- do they have to be scheduled now into the fourth quarter or even going out to the fourth calendar quarter, that would be -- or the first quarter of calendar 2022?

您收到的訂單是否必須現在安排到第四季度，甚至必須排到第四季度，或者是 2022 年第一季度？

Yes.

是的。

Well, I mean, in general terms, the ability to get that demand through has been impeded, right.

好吧，我的意思是，總的來說，滿足這種需求的能力受到了阻礙，對。

We discussed through the call today.

我們今天通過電話進行了討論。

I would say that Skyworks uniquely, with our own fabs, our own assembly and test and assets, we're a manufacturer as well as a developer of technology.

我想說 Skyworks 是獨一無二的，我們擁有自己的晶圓廠、我們自己的組裝和測試以及資產，我們既是製造商又是技術開發商。

So we should be able to do better than peers that are more fabless.

所以我們應該能夠比那些更無晶圓廠的同行做得更好。

But at the same time, we're all dealing with this global chip shortage as we say.

但與此同時，正如我們所說，我們都在應對全球芯片短缺問題。

And so that is an impediment to demand.

所以這是需求的障礙。

We talked a bit about that, and hopefully, that can be unstuck to some level, but we are working with our customers closely.

我們對此進行了一些討論，希望這可以在一定程度上擺脫困境，但我們正在與客戶密切合作。

We're doing a -- our teams are working very hard to resolve any impediments in demand execution.

我們正在做——我們的團隊正在努力解決需求執行中的任何障礙。

And we certainly think that it will abate over time, but it does play through in the current quarter and into the second half of it.

我們當然認為它會隨著時間的推移而減弱，但它確實會在當前季度和下半年發揮作用。

Okay.

好的。

Great.

偉大的。

And just to make sure I understand that.

只是為了確保我理解這一點。

So if your customer isn't getting the full bill of material, they're asking to hold up deliveries, they're not building inventory of your product waiting for other products?

因此，如果您的客戶沒有獲得完整的材料清單，他們會要求推遲交貨，他們不會為您的產品建立庫存以等待其他產品嗎？

Yes, somewhat that's true.

是的，在某種程度上確實如此。

It just depends on how it's going.

這取決於它的進展情況。

Sometimes our parts are ready, and we're not holding anybody up, but someone else is holding us up, right?

有時我們的零件已經準備好，我們沒有阻止任何人，但其他人正在阻止我們，對嗎？

So it's kind of a -- everything has to be complete for an end product to ship.

所以這有點像——所有東西都必須完整，最終產品才能發貨。

So anything in the food chain that goes sour, it could be an impediment.

因此，食物鏈中任何變酸的東西都可能成為障礙。

But I think we'll navigate our part and we do see some -- the cloud is kind of clearing here in the next couple of few quarters and we should benefit from that.

但我認為我們將導航我們的部分，我們確實看到了一些 - 在接下來的幾個季度裡，雲在這裡有點清除，我們應該從中受益。

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'll 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。

Sir, please go ahead.

先生，請繼續。

Thanks, everyone, for participating today.

謝謝大家今天的參與。

We look forward to talking to you at our upcoming conferences in the quarter.

我們期待在本季度即將舉行的會議上與您交談。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。