思佳訊 (SWKS) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Skyworks Fourth Quarter for year 2025 Earnings Call. (Operator Instructions)

感謝您的耐心等待。我叫凱瑟琳，今天我將擔任你們的會議接線生。在此，我謹代表 Skyworks 公司歡迎各位參加 2025 年第四季財報電話會議。（操作說明）

Thank you. I would now like to turn the call over to Raji Gill, Vice President of Investor Relations of Skyworks. Please go ahead.

謝謝。現在我將把電話交給 Skyworks 投資者關係副總裁 Raji Gill。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' Fourth Fiscal Quarter 2025 Conference Call. With me today for our prepared remarks is Phil Brace, our Chief Executive Officer and President; and Philip Carter, Senior Vice President and Chief Financial Officer for Skyworks. This call is being broadcast over the web and can be accessed from the Investor Relations section of the company's website at skyworksinc.com. In addition, the company's prepared remarks will be made available on our website complete after the conclusion during the call.

謝謝接線生。各位下午好，歡迎參加 Skyworks 2025 財年第四季電話會議。今天與我一起發表準備好的演講的有我們的執行長兼總裁菲爾布雷斯，以及 Skyworks 的高級副總裁兼財務長菲利普卡特。本次電話會議將透過網路直播，可透過本公司網站skyworksinc.com的「投資者關係」版面收聽。此外，會議結束後，公司準備好的演講稿將在網站上完整發布。

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

在開始之前，我想提醒大家，我們的討論將包含有關未來業績和預期的一些陳述，這些陳述屬於或可能被視為前瞻性陳述。請參閱我們的獲利新聞稿和最近向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告，以了解可能導致實際結果與今天作出的任何前瞻性聲明存在重大不利差異的某些風險資訊。

Additionally, today's discussion will include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

此外，今天的討論還將包括與我們以往做法一致的非GAAP財務指標。有關與 GAAP 的完整對賬，請參閱我們公司網站投資者關係部分的新聞稿。

Lastly, for detailed information regarding the Skyworks and Qorvo combination announced on October 28, I encourage you to review the press release investor presentation and related materials available on our Investor Relations website. Today's call, however, will focus on our fiscal fourth quarter and full year 2025 results as well as our outlook for the December quarter.

最後，有關 10 月 28 日宣布的 Skyworks 和 Qorvo 合併的詳細信息，我建議您查看我們投資者關係網站上提供的新聞稿投資者簡報和相關資料。不過，今天的電話會議將重點討論我們 2025 財年第四季和全年業績，以及我們對 12 月季度的展望。

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

接下來，我將把電話交給菲爾·布雷斯。

Thanks, Raji, and welcome, everyone. Before getting into the quarterly results, I want to take a moment to reflect on what we've accomplished over the past few quarters. One, we've had three straight quarters of solid execution with both revenue and non-GAAP EPS exceeding expectations. We're seeing strong momentum across mobile and broad markets as our teams continue to execute. Two, we streamlined our sales and marketing teams to be more customer-focused and enhanced collaboration with the engineering teams, appointed a new executive to lead global sales and welcomed a new Chief Financial Officer, further strengthening our leadership team as we position the company for its next phase of growth. Three, last quarter, we announced the consolidation of our Woburn facility to improve our long-term cost structure and support healthier gross margins. And finally, for last week, we announced an agreement to combine with Qorvo, a transformative deal that upon closing will add meaningful scale, diversification and a broader highly complementary technology and product portfolio.

謝謝拉吉，也歡迎各位。在介紹季度業績之前，我想花點時間回顧一下我們在過去幾季所取得的成就。第一，我們連續三個季度業績表現穩健，營收和非GAAP每股盈餘都超乎預期。隨著團隊的持續推進，我們在行動市場和更廣泛的市場都看到了強勁的發展勢頭。第二，我們精簡了銷售和行銷團隊，使其更加以客戶為中心，並加強了與工程團隊的合作；任命了一位新的高管來領導全球銷售；並迎來了一位新的首席財務官，進一步加強了我們的領導團隊，為公司進入下一個增長階段做好準備。第三，上個季度，我們宣布整合沃本工廠，以改善我們的長期成本結構並支持更健康的毛利率。最後，上週我們宣布了與 Qorvo 合併的協議，這是一項具有變革意義的交易，一旦完成，將顯著擴大規模、實現多元化，並擁有更廣泛、高度互補的技術和產品組合。

Moving to the quarter. Skyworks delivered strong results, fueled by a significant upside in mobile and sustained strength across broad markets. We posted revenue of $1.1 billion, delivered earnings per share of $1.76, and for the full fiscal year, we generated $1.1 billion of free cash, representing 27% free cash flow margin.

進入第四季。Skyworks 業績表現強勁，這得益於行動業務的顯著成長以及各大市場的持續強勁表現。我們實現了 11 億美元的收入，每股收益為 1.76 美元，整個財年共產生了 11 億美元的自由現金流，自由現金流利潤率為 27%。

In mobile, results again were strong, with revenue up 21% sequentially and 7% year-over-year. Our outperformance reflects healthy sell-through and a richer product mix at our top customer, along with continued growth in Android. Looking ahead, we see multiple drivers of long-term RF content growth. Internal modem adoption, added AI functionality, and higher RF complexity are expanding our opportunity inside the smartphone. We're also delivering more performance in smaller form factors supporting new features within existing sockets.

行動業務方面，業績再次表現強勁，營收季增 21%，較去年同期成長 7%。我們的優異業績反映了我們最大客戶的良好銷售和更豐富的產品組合，以及 Android 領域的持續成長。展望未來，我們看到射頻內容長期成長有多個驅動因素。智慧型手機內部數據機的普及、人工智慧功能的增加以及射頻複雜性的提高，正在擴大我們在智慧型手機內部的機會。我們還以更小的尺寸實現了更高的性能，並在現有插槽中支援新功能。

With our deep RF expertise, strong customer relationships and manufacturing scale, we are well positioned as the next phase of wireless innovation take shape. Broad Markets has delivered another solid quarter. Demand was broad-based across edge IoT, automotive and data center. In edge IoT, Wi-Fi 7 adoption continues to accelerate across home, enterprise and industrial applications. Customers are moving quickly to upgrade platforms that require faster connectivity, lower latency and better power efficiency.

憑藉我們深厚的射頻技術、強大的客戶關係和生產規模，我們已做好充分準備，迎接無線創新下一階段的到來。Broad Markets 又迎來了一個穩健的季度。需求廣泛，涵蓋邊緣物聯網、汽車和資料中心等領域。在邊緣物聯網領域，Wi-Fi 7 在家庭、企業和工業應用的普及速度持續加快。客戶正在迅速升級平台，以滿足更快的連線速度、更低的延遲和更高的電源效率需求。

Backlog and order trends remain solid and we anticipate continued strong adoption entering fiscal '26. We're also making good progress on next-generation Wi-Fi 8 programs to extend that leadership. In automotive, design activity remains robust as vehicles become more connected and intelligent. The run rate exiting fiscal '25 represents a new record for our automotive business, surpassing our previous high in fiscal '23. We're entering next year with a robust pipeline of design wins across 5G telematics, infotainment and power management systems across a broad set of global OEMs.

積壓訂單和訂單趨勢依然穩健，我們預計進入 2026 財年後將繼續保持強勁的成長動能。我們在下一代 Wi-Fi 8 專案方面也取得了良好進展，以鞏固我們的領先地位。在汽車領域，隨著汽車變得越來越互聯和智慧化，設計活動依然十分活躍。截至 2025 財年末，我們的汽車業務運作率創下新紀錄，超過了 2023 財年的最高紀錄。明年，我們將在 5G 車載資訊服務、資訊娛樂和電源管理系統等領域，為許多全球 OEM 廠商贏得一系列設計項目。

In data center infrastructure, activity continues to rebound as customer inventories have normalized. The recovery that began in mid-fiscal '25 has continued to gain traction and we see a favorable setup for further growth into fiscal '26. This quarter's momentum was supported by broad-based demand, including increasing timing design win activity for next-generation 800-gig platforms for data center and cloud infrastructure. Taken together, Broad Markets has evolved into a more balanced and durable growth engine for Skyworks. Now an approximately $1.5 billion business with positive momentum over the past seven quarters, expanding customer reach and margins above the overall corporate average.

在資料中心基礎設施領域，隨著客戶庫存恢復正常，業務活動持續回升。自 2025 財年中期開始的復甦勢頭持續增強，我們看到 2026 財年進一步增長的有利形勢。本季的成長勢頭得益於廣泛的需求，包括為資料中心和雲端基礎設施的下一代 800G 平台增加的時序設計中標活動。綜合來看，Broad Markets 已發展成為 Skyworks 更平衡和持久的成長引擎。目前，該公司業務規模約為 15 億美元，在過去的七個季度中保持著良好的發展勢頭，客戶覆蓋範圍不斷擴大，利潤率高於整體企業平均水平。

Before we move into the financial details, I'd like to take a moment and welcome Philip Carter as our new CFO. Philip brings extensive financial and accounting experience in the semiconductor space, having previously served as Skyworks' Principal Accounting Officer before becoming the Chief Accounting Officer at AMD. We're happy to have him back and look forward to working together as we continue building Skyworks for the long term.

在深入探討財務細節之前，我想花一點時間歡迎菲利普卡特擔任我們的新財務長。Philip 在半導體領域擁有豐富的財務和會計經驗，此前曾擔任 Skyworks 的首席會計官，之後成為 AMD 的首席會計官。我們很高興他能回來，並期待與他繼續合作，共同打造 Skyworks 的長期未來。

With that, I'll turn the call over to Philip for a discussion of last quarter's performance and outlook for Q1 of fiscal '26.

接下來，我將把電話交給菲利普，讓他討論上個季度的業績以及 2026 財年第一季的展望。

Thanks, Phil. I'm excited to be back at Skyworks and to work again with such a talented team, having spent many years here in my career, it's great to see the company's continued momentum and strong execution. I look forward to partnering with Phil and the rest of the leadership team to drive long-term value for shareholders. Now turning to our fourth fiscal quarter results. Skyworks delivered revenue of $1.1 billion, exceeding the high end of our guidance range.

謝謝你，菲爾。我很高興能回到 Skyworks，再次與這樣一支才華洋溢的團隊共事。我職業生涯中曾在這裡工作多年，很高興看到公司持續的發展勢頭和強大的執行力。我期待與菲爾以及其他領導團隊成員合作，為股東創造長期價值。現在來看我們第四財季的業績。Skyworks 營收達到 11 億美元，超過了我們預期範圍的上限。

During the quarter, our largest customer accounted for approximately 67% of revenue. Mobile represented 65% of total revenue, up 21% sequentially and 7% year-over-year, supported by stronger sell-through at our top customer and continued growth in Android. Broad Markets grew 3% sequentially and 7% year-over-year, driven by growth across edge IoT, automotive and data center. Gross profit was $511 million with gross margin of 46.5%. Operating expenses were $247 million, slightly above the high end of our guidance range, primarily due to higher employee incentive accruals tied to stronger quarterly revenue.

本季度，我們最大的客戶貢獻了約 67% 的收入。行動業務佔總收入的 65%，環比增長 21%，同比增長 7%，這得益於我們最大客戶的強勁銷售以及 Android 業務的持續增長。受邊緣物聯網、汽車和資料中心業務成長的推動，整體市場較上季成長 3%，較去年同期成長 7%。毛利為 5.11 億美元，毛利率為 46.5%。營運支出為 2.47 億美元，略高於我們預期範圍的上限，主要原因是與季度收入成長相關的員工激勵支出增加。

We're keeping a disciplined approach to spending, investing where it matters most for future growth. Operating income reached $264 million, translating to an operating margin of 24%. Other income was $11 million, and our effective tax rate was 4.1%, resulting in net income of $264 million and diluted earnings per share of $1.76. For the full fiscal year, we generated $1.3 billion of operating cash flow and capital expenditures of $195 million, resulting in annual free cash flow of $1.1 billion or 27% free cash flow margin. We do expect free cash flow to remain solid in fiscal '26 but below fiscal '25, given the lower expected revenue base and more normalized working capital trends, particularly as we no longer expect a tailwind from inventory reductions.

我們秉持嚴謹的支出方式，將資金投入對未來成長最有價值的領域。營業收入達 2.64 億美元，營業利益率為 24%。其他收入為 1,100 萬美元，實際稅率為 4.1%，淨收入為 2.64 億美元，稀釋後每股收益為 1.76 美元。整個財年，我們產生了 13 億美元的營運現金流和 1.95 億美元的資本支出，從而實現了 11 億美元的年度自由現金流，自由現金流利潤率為 27%。我們預期 2026 財年的自由現金流將保持穩健，但會低於 2025 財年，因為預期收入基數較低，營運資本趨勢更正常化，尤其是我們不再預期庫存減少會帶來利多。

We ended the quarter with $1.4 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet and ample flexibility to support our strategic and financial priorities. Looking ahead to the first quarter of fiscal '26, we expect revenue to be between $975 million to $1.025 billion. We anticipate mobile to decline low to mid-teens sequentially. We expect broad markets to be up slightly sequentially, representing 39% of sales and up mid- to high single digits year-over-year. Gross margin is projected to be approximately 46% to 47%.

本季末，我們擁有 14 億美元的現金和投資以及 10 億美元的債務，保持了強勁的資產負債表和充足的靈活性，以支持我們的策略和財務重點。展望 2026 財年第一季度，我們預計營收將在 9.75 億美元至 10.25 億美元之間。我們預計行動端使用量將季減十幾到五成。我們預期整體市場將較上季略有成長，佔銷售額的 39%，年成長中高個位數。預計毛利率約為 46% 至 47%。

We expect operating expenses between $230 million and $240 million as we continue to fund key R&D initiatives while maintaining tight control over discretionary spending. Below the line, we anticipate approximately $4 million in other income, an effective tax rate of 10% and a diluted share count of 150.5 million shares. At the midpoint of our revenue outlook of $1 billion, this equates to expected diluted earnings per share of $1.40.

我們預計營運支出將在 2.3 億美元至 2.4 億美元之間，因為我們將繼續為關鍵研發項目提供資金，同時嚴格控制可自由支配的支出。在財務報表下方，我們預計其他收入約為 400 萬美元，有效稅率為 10%，稀釋後的股份數量為 1.505 億股。以我們10億美元的營收預期中位數計算，這相當於預期稀釋後每股收益為1.40美元。

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

接下來，我將把發言權交還給菲爾，請他作總結發言。

Thank you, Phil. A heartful thank you to our employees, customers and partners. Your hard work and support fuels our success and sets the stage for continued leadership and growth. Operator, let's open the line for questions.

謝謝你，菲爾。衷心感謝我們的員工、客戶和合作夥伴。你們的辛勤工作和支持是我們成功的動力，也為我們持續的領先地位和發展奠定了基礎。接線員，我們來接聽提問電話。

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作說明）Harsh Kumar，Piper Sandler。

I guess, Phil and Phil, congratulations on solid results, what I think is a very good guidance as well. Phil Brace, I had a question for you. It was not that long ago that your company was telegraphing a loss of content at your largest customers, but all things considered, when I look at what you guys have done, your revenues are holding really well. I mean, extremely well. And I was curious what has changed or what didn't happen or maybe what went right for you, was it units? Or was it share or just traction in other areas that is causing you to outperform relative to that prognosis maybe six to nine months ago?

我想，菲爾和菲爾，祝賀你們取得了不錯的成績，我認為這也是一個非常好的指導。菲爾·布雷斯，我有個問題想問你。不久前，貴公司還在向最大的客戶發出內容流失的警告，但總的來說，從你們所做的一切來看，你們的收入保持得非常好。我的意思是，非常好。我很好奇發生了什麼變化，或者有什麼事情沒有發生，或者對你來說哪些方面做得好，是銷量嗎？或者說，是因為市場佔有率或其他領域的成長，才導致你目前的表現優於六到九個月前的預期？

Yes. Thanks, Harsh. It's a good question. Look, obviously, we've been pleased with our results. The mobile results were stronger than expected and our guide reflects that.

是的。謝謝你，哈什。這是個好問題。很顯然，我們對所取得的成績感到滿意。行動端的表現超出預期，我們的指南也反映了這一點。

I think there's a number of factors for that. First, obviously, units are better than expected. Our customers -- our collective customers, both our large ones as well as Android ones are seeing very positive uptake from the latest phone models, which I think has been successful. We've seen some of that. Frankly, we've also seen some mix in the underlying phones that have been geared towards our content as well.

我認為這其中有很多因素。首先，很明顯，單位的情況比預期好。我們的客戶——我們所有的客戶，包括我們的大客戶和安卓客戶——都對最新手機表現出了非常積極的接受度，我認為這是成功的。我們已經看過一些這樣的例子。坦白說，我們也看到一些針對我們內容的底層手機有差異。

So we've had a little bit about the unit benefit and a mix benefit, it's -- obviously, as you can imagine, it's a little difficult to predict that three or four quarters out, right? So there's a lot of things you can't predict out. The guidance going forward does comprehend the content comments that we made previously. So I would say it's a combination of both. And I think we've executed well in spite of all that.

我們已經稍微了解了單位收益和組合收益，顯然，正如你所想，要預測三到四個季度後的情況有點困難，對吧？所以有很多事情是無法預測的。未來的指導方針確實包含了我們先前提出的內容意見。所以我認為兩者兼具。儘管面臨種種困難，我認為我們仍然表現出色。

Very well. And for my follow-up, if I can ask you, you mentioned in your comments that you've streamlined sales, which I think was part of the problem. I was curious what just at a very high level, what you've done and how you went about it and how is it benefiting the business from here?

很好。另外，如果可以的話，我想問一下，您在評論中提到您簡化了銷售流程，我認為這是問題的一部分。我很好奇，從宏觀層面來說，你們都做了些什麼，你們是如何做的，以及這些舉措對公司有什麼好處？

Yes, it's a great question. I mean, obviously, recruited in a new executive, which I've been really happy with sometimes just having some fresh air is helpful. It's like listening to music, it brings a fresh air. It's a different perspective on the way to do things. From a structural perspective, what we've done is we've kind of put what I'll call the traditional product marketing functions, which were previously integrated into one group.

是的，這是一個很好的問題。我的意思是，很顯然，我們招募了一位新的主管，我對此非常滿意，有時呼吸一些新鮮空氣也很有幫助。這就像聽音樂一樣，讓人耳目一新。這是一種不同的做事方式。從結構角度來看，我們所做的就是將我稱之為傳統的產品行銷職能（以前這些職能整合在一個部門中）重新劃分出來。

We actually put that back into business units to really drive tighter alignment between the engineering and the product line road maps and frankly, have our sales team focused on what they should be focused on, which is revenue generation and customer acquisition.

我們實際上將這些資源重新投入到業務部門中，以真正推動工程和產品線路線圖之間的更緊密協調，坦白說，也是為了讓我們的銷售團隊專注於他們應該專注於的事情，即創收和客戶獲取。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

So I guess, first of all, for Phil, maybe on mergers and/or divestitures, obviously, besides big pending one. I think the story here at one point was to diversify outside of handset and a single large customer seems like you're actually doubling down the other way instead of diversifying. But are there still opportunities even when this is pending to do either mergers and divestitures. And is there a theme that could be involved here on the merger side, whether it be analog or IoT, obviously, without giving anything away, just -- I think we're waiting for a big strategic kind of update from you and maybe we were sidetracked or side-swiped by the Qorvo news. Thoughts on this diversification outside.

所以我想，首先，對菲爾來說，或許是關於併購和/或資產剝離，顯然，除了待決的大交易之外。我認為，公司原本的目標是實現手機業務以外的多元化發展，但現在看來，僅僅依靠一個大客戶反而是在走相反的路，而不是實現多元化發展。但即便此事仍在進行中，是否仍有機會進行合併和剝離？那麼，在合併方面，是否存在某種主題，無論是類比技術還是物聯網？顯然，我不會透露任何細節，只是——我認為我們都在等待您發布重要的策略更新，也許我們被 Qorvo 的新聞分散了注意力。關於這種外部多元化的思考。

Well, to be frank, I kind of disagree with your characterization on a couple of comments, but I'll say, look, when we go back to the Qorvo deal, I think you should just go back to the data that we talked about last week, but I think this gives us both scale and diversification.

坦白說，我對你的一些評論的描述不太認同，但我想說的是，當我們回到 Qorvo 的交易時，我認為你應該回到我們上週討論的數據，但我認為這筆交易既能給我們帶來規模，又能帶來多元化。

The customer concentration should actually go down. And I view this as a concentration in wireless, not just handsets. And so I think that solves a lot of both strategic and financial challenges for the company, and I'm excited about the combination. With respect to what occurs in dependency, both of our companies need to operate independently. We'll continue to do that.

客戶集中度實際上應該會下降。我認為這主要集中在無線領域，而不僅僅是手機領域。所以我認為這解決了公司在策略和財務方面的許多挑戰，我對這項合併感到興奮。至於可能出現的依賴關係問題，我們兩家公司都需要獨立運作。我們會繼續這樣做。

Obviously, right, they're subject to certain operating covenants that we both need to live through. And so we're going to continue to be focused on running our businesses and do that. I would not expect any major transformational activities and the like.

顯然，沒錯，他們都受到某些經營契約的約束，我們雙方都需要遵守這些契約。因此，我們將繼續專注於經營我們的業務，並做好這方面的工作。我不認為會有任何重大變革性活動之類的。

And from my point of view, this represents the biggest deal the company has done in its history and one of the biggest transformation deals in the RF industry in general. So I characterize -- disagree with your characterization being sideswiped but nevertheless, thank you for the question.

在我看來，這代表了該公司歷史上最大的一筆交易，也是整個射頻產業最大的轉型交易之一。所以，我雖然不同意你用「側擊」來形容這件事，但還是要感謝你的提問。

It won't be the first time that someone's disagreed with me and vocalized it. Perhaps, secondly, it does sound kind of your prepared remarks, actually, from your answer to Harsh's question. It sounds like you guys may be a little bit more optimistic on Android. You're seeing better things there. Does the kind of forward outlook, has it changed at all? Are you perhaps a little bit more optimistic on addressing Android in the future? Or do you still worry about kind of the commoditized offerings or treatment of RF in that space?

這並非第一次有人不同意我的觀點並公開表達。其次，從你對 Harsh 問題的回答來看，這聽起來確實像是你事先準備好的發言。聽起來你們對安卓系統似乎比較樂觀。你在那裡能看到更好的東西。這種前瞻性的展望是否有所改變？您對未來解決安卓系統問題是否更樂觀？或者，您是否仍擔心該領域射頻技術的商品化或處理方式？

Yes. I think, honestly, our biggest customer in that space is a mountain view of base customer, and that's -- we've got a very strong footprint there, and they tend to value the performance and integration and features that we can provide. I think that that's -- I guess, I would say the theme is us focusing on the premium part of the segment that value the integration performance that we can provide, and that's where it is. And so you've seen us kind of I'll say, defocus away from the more lower-end commodity space, it doesn't value that. And so I think that no change from our view on that area and our Android strength is really on one major customer in sentimental view.

是的。老實說，我認為我們在該領域最大的客戶是山景視圖基礎客戶，那就是——我們在那裡擁有非常強大的影響力，他們往往重視我們能夠提供的效能、整合和功能。我認為——我想，我會說，主題是我們專注於高端客戶群，他們重視我們能夠提供的整合效能，這就是關鍵所在。所以你們已經看到我們逐漸將重心從低端商品領域轉移開來，因為低端商品領域並不重視它。因此，我認為我們對這方面的看法不會改變，從情感角度來看，我們在安卓方面的優勢實際上來自於一個主要客戶。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

This is Hadi for Krish. Congrats on the results. I have a question on -- if we exclude the biggest customer, it looks like your revenues were up like 50% year-over-year. How most of that is driven by the units versus content? And how we should think about revenues outside the main customer going forward? And I have a follow-up.

這是哈迪對克里希的稱呼。恭喜取得好成績。我有個問題——如果我們排除最大的客戶，你們的收入看起來比去年同期成長了50%。其中大部分是由銷售而非內容驅動的嗎？那麼，未來我們該如何看待主要客戶以外的收入來源呢？我還有一個後續問題。

So the first part of your question was about the business within the main -- I missed the first part of your question, if you wouldn't mind please repeating that.

所以你問題的第一部分是關於主業務的——我錯過了你問題的第一部分，如果你不介意的話，請再重複一遍。

Yes, if we exclude the biggest customer, your revenues were up like 50% year-over-year. So I wonder what's driving that? Is it units? Is it content? What's the biggest bucket? And how we should think about that going forward, that segment?

是的，如果排除最大的客戶，你們的收入比去年同期成長了約 50%。所以我想知道是什麼原因導致這種情況？是單位嗎？這是內容嗎？最大的桶子是什麼？那麼，展望未來，我們該如何看待這一領域呢？

I think you're just referring to our Broad Markets business on that side, right? I'm just kind of looking -- or maybe Phil will help with that.

我想你指的是我們那邊的大眾市場業務，對吧？我只是隨便看看——或許菲爾會幫忙。

Yes. So as we look at our broad markets business, it's really strength across the board as we look at automotive, IoT, edge I mean we're seeing strength in kind of a lot of different markets within the broad market space, and that's really driving the growth outside of our largest customer.

是的。因此，當我們審視我們的大市場業務時，會發現各個領域都表現強勁，無論是汽車、物聯網還是邊緣運算，我們都看到了大市場領域內許多不同市場的強勁勢頭，這真正推動了我們最大客戶之外的成長。

All right. And a question about China. Your exposure there is below 10%. Your peer is trying to exit the market. So I think -- I wonder like how you guys think about the China market? And if you're comfortable with the level of exposure there today? Or do you have any plans to reduce that going forward?

好的。還有一個關於中國的問題。你在該領域的風險敞口低於 10%。你的同行正試圖退出市場。所以我想問大家對中國市場的看法？如果你覺得目前這種曝光程度可以接受的話？或者，你們未來是否有減少這比例的計畫？

I don't think we're changing our focus there. Look, our focus is really on the premium space in that segment. And I would like to point out, beyond handsets, we have other business there as well, including the automotive space and other areas where we have presence. We mentioned BYD and the like. So we do have other business there.

我認為我們不會改變這方面的重點。你看，我們真正關注的是該細分市場的高端領域。我想指出的是，除了手機之外，我們在那裡還有其他業務，包括汽車領域以及我們涉足的其他領域。我們提到了比亞迪之類的公司。所以，我們在那裡還有其他業務。

We're really focused on the customers and the opportunities that will value the technology and the performance that we bring. And so to that extent, particularly for some of the higher volume, lower SP handsets, we're choosing not to participate there because they're just economically not attractive businesses. And that hasn't changed, and our focus won't change there.

我們真正關注的是客戶以及那些能夠重視我們所帶來的技術和性能的機會。因此，在某種程度上，特別是對於一些銷量較高、SP較低的手機，我們選擇不參與其中，因為它們在經濟上沒有吸引力。這一點沒有改變，我們的焦點也不會改變。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

I was wondering if you could maybe talk about some of the dynamics you're seeing in the broad markets business. I mean clearly, you're seeing a recovery across the space and across the peer group. But I'm kind of curious given some of the data center or other dynamics you called out, Phil, how you would encourage us to think about the long-term structural growth rate of that business? Is this something that could easily be mid-teens long term? Or is that maybe a little bit too aggressive and just how we should think about that from a long-term perspective.

我想請您談談您在大盤市場業務中觀察到的一些動態。我的意思是，很明顯，整個領域和整個同儕群體都在復甦。但我很好奇，鑑於你提到的資料中心或其他方面的一些動態，菲爾，你會如何引導我們思考這個業務的長期結構成長率？這種情況很可能持續到青少年中期？或者，這種想法可能有點過於激進，我們應該從長遠角度來考慮這個問題。

Yes. I think we're looking at it as a long-term kind of double-digit grower. That's kind of where I would have it, where we've kind of got it pegged into and we're modeling and kind of shorter term and even in the medium term, I mean, some of the growth drivers behind that include Wi-Fi, Wi-Fi 7, moving to Wi-Fi 8. You think about some of the strength in automotive in terms of connectivity, in-vehicle entertainment, some of the broadcast radio, things like that. I think that's going to go well.

是的。我認為我們應該把它看作是一個長期保持兩位數成長的項目。這就是我的看法，我們已經把它定位在了那裡，我們正在建模，無論是短期還是中期，我的意思是，背後的一些成長驅動因素包括 Wi-Fi、Wi-Fi 7 以及向 Wi-Fi 8 的過渡。想想汽車在互聯性、車載娛樂、廣播等方面的優勢。我覺得事情會進展順利。

And then the infrastructure and cloud space timing and power opportunities. So we feel like we're attracted -- embedded in segments that have higher growth opportunities and are characterized by longer revenue cycle. So we think a double-digit growth is definitely possible in that business, and that's what we're building for and investing for.

然後是基礎設施和雲端空間的時機和電力機會。因此，我們感覺自己被吸引到了那些成長機會更高、收入週期更長的細分市場。所以我們認為，在這個行業中實現兩位數的成長是完全有可能的，這也是我們努力建立和投資的目標。

And then maybe as a follow-up, if you can maybe kind of speak to the growth rate you expect from OpEx from here on out. Can you sort of hold this December OpEx run rate into say, the first half of the next calendar year. Should we expect some kind of step-ups from here? Or how should we think about the structural run rate in that given the investments you're intending to make?

然後，作為後續問題，您能否談談您預期從現在開始營運支出 (OpEx) 的成長率？能否將 12 月的營運支出水準維持到明年上半年？我們是否可以期待接下來會有一些進步？或者，鑑於您打算進行的投資，我們應該如何看待其中的結構性運作率？

Yes. So as you look at the fourth quarter, we did have an extra week in there, which added about $7 million to the current quarter. As we look forward for the guide that we provided looking at targeted investments, but we don't anticipate anything above normal inflation as we maintain discipline over our spend.

是的。所以，當你查看第四季度時，我們多出了一周時間，這給了本季增加了大約 700 萬美元。展望未來，我們將提供一份關於定向投資的指南，但由於我們始終嚴格控制支出，因此預計不會出現高於正常通貨膨脹的情況。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

This is Sam Feldman on for Karl Ackerman. So Android was just under $100 million last quarter, driven by the Google product ramp. And it sounds like you saw strong unit volumes this quarter. So can you give us a sense of the magnitude and direction of the Android business this quarter and generally discuss the puts and takes of achieving $400 million run rate?

這裡是薩姆·費爾德曼，代卡爾·阿克曼為您報道。因此，上個季度 Android 的營收略低於 1 億美元，這主要得益於Google產品的快速成長。聽起來你們這季的銷售很強勁。那麼，您能否為我們介紹本季 Android 業務的規模和發展方向，並大致討論一下實現 4 億美元年營收目標的利弊？

Yes. Thanks for that. This is Raji. So as you said, yes, Android was roughly a little bit under $100 million, and it was up sequentially. It's primarily driven by Google. We expect it to increase again in the December quarter, again, driven by Google.

是的。謝謝。這是拉吉。正如你所說，Android 的銷售額略低於 1 億美元，並且環比成長。這主要由谷歌驅動。我們預計在谷歌的推動下，12 月季度這一數字將再次成長。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

So it's well understood that the mix that your largest customer isn't paving the internal solution, which is actually great for Skyworks, given you've got so much more content on the base model. So I'm curious, how much of the strength that you're seeing there is due to, say, mix versus units?

因此，大家很清楚，最大的客戶並沒有推動內部解決方案的發展，這對 Skyworks 來說其實是件好事，因為基礎模型上的內容要多得多。所以我很好奇，你看到的這種強勁勢頭有多少是因為產品組合而非產品數量造成的？

And more importantly, earlier this year, the guide was for a pretty steep decline overall in the fourth quarter. You've done better than that. But that was primarily just for the first couple of quarters because the mix of phones doesn't favor the baseball in the first several quarters, but the Pro Max are discontinued over the first year. So your base model runs for a whole year after that.

更重要的是，今年稍早的預測是，第四季整體將出現相當大幅度的下滑。你做得比這好得多。但這主要只是前幾季的情況，因為前幾季手機的組合對棒球不利，而 Pro Max 在第一年就停產了。所以你的基本款機型在那之後還能運作整整一年。

So I'm just trying to get an idea. I don't want you -- I know you haven't got a forecast out too far, but the strength you're seeing in content probably shouldn't fade as the high-end models disappear in the next, whatever, six to nine months, and you should -- this should provide you a pretty good base for increases next year. Is that a fair assessment?

我只是想了解一下狀況。我不想讓你——我知道你還沒有做出太長的預測，但你目前在內容方面看到的強勁勢頭，應該不會隨著高端機型在接下來的六到九個月內逐漸消失而減弱，你應該會為你明年的增長提供一個相當不錯的基礎。這種評價公平嗎？

Well, I think as you pointed out, and I think you kind of -- thanks as for the question, you probably -- I think you may have written a note included into this as well. It's actually very difficult to afford. First off, we can't. Second off, we shouldn't. And third off, it's super difficult to do because the actual demand and how it plays out depends not only on the mix of units within the phone, but the balance of phones between generations as well.

嗯，我想正如你所指出的，而且我想你也——謝謝你的提問，你可能——我想你可能也寫了一張附註。實際上，這很難負擔得起。首先，我們做不到。其次，我們不應該這樣做。第三，這非常難做到，因為實際需求及其表現不僅取決於手機內部單元的組合，還取決於不同代際手機之間的平衡。

And so some of the strength you saw in emerging markets could have been from different phone models and then there's mixes that we go in between there as well. I would say that it's fair to characterize that our guidance when we guide going forward, that includes our best understanding of where we're going to be both units and content-wise and I think that we'll just continue to guide that one quarter to the other. It has -- obviously, the net result has been better than we expected at this point, and we'll continue to guide one quarter at a time.

因此，你在新興市場看到的一些強勁表現可能來自不同的手機型號，此外，我們還會提供介於兩者之間的組合。我認為，我們未來發展方向的指導原則，包括我們對未來發展方向（包括部門和內容方面）的最佳理解，是可以公平地概括的。我認為我們將繼續按照這個思路，逐季度地進行指導。顯然，目前的最終結果比我們預期的要好，我們將繼續按季度給出業績指引。

But you got to benefit from both mix and units?

但你必須同時從混合模式和單元模式中獲益？

Yes, I think that's probably fair to say, both mix and units, yes.

是的，我認為這麼說應該沒錯，無論是混合還是單位，都是如此。

Great. And then I know it's too early to project because we haven't gotten to down select now either, but -- and I'm not looking for guidance here, but you know what you're up to bat against. Everybody knows what they're doing for the full year in the design competition. So you know what you're competing for and I know you've been kind of modest on your guidance for next year. Are we still kind of in that range, too? Or should we be thinking about maybe gains in modules that you had shared previously that maybe you're getting back more than you had on this year?

偉大的。我知道現在預測還為時過早，因為我們還沒有最終確定人選，但是——我不是在尋求指導，但你知道你將要面對的是什麼。在設計比賽中，每個人都知道自己全年要做什麼。所以你知道你要競爭的是什麼，而且我知道你對明年的計劃一直比較謙虛。我們現在也還在那個範圍內嗎？或者我們應該考慮一下，你之前分享過的某些模組，或許你今年獲得的收益比你之前獲得的收益更多？

Yes, it's too early to comment on that, as you might know, I mean, I think that clearly, our content direction has been a downward sloping line. I think I've talked about that. The goal is to change the slope of that line, and I think we'll get more clarity on that in the coming weeks and months, but too early to comment on that. At this point, it's a highly competitive environment, but we feel confident about our technology and the products we're delivering, but it's a highly competitive environment, and we'll see how it plays out.

是的，現在評論這個問題還為時過早，正如你可能知道的那樣，我的意思是，我認為很明顯，我們的內容方向一直在走下坡路。我想我之前已經談過這個問題了。我們的目標是改變這條線的斜率，我認為在接下來的幾週和幾個月裡我們會對此有更清晰的了解，但現在評論這一點還為時過早。目前市場競爭非常激烈，但我們對我們的技術和產品充滿信心，但市場競爭如此激烈，我們將拭​​目以待。

Your accounts receivables shot up. It's the second highest going back for, I don't know, at least five or six years. And I know it's stacked up because of the September quarter and the launch and all that. But I'm just trying to get -- is there something else going on that's a good incidence of both Google and your largest customers? So we're up 51% or -ish sequentially. Is there something else in there that we should be thinking about?

你的應收帳款大幅增加。這是近五、六年來的第二高水準。我知道積壓這麼多工作是因為九月的季度財報、產品發布等等原因。但我只是想了解——是否還有其他因素促成了Google和你們最大客戶的良好互動？所以我們月增了51%左右。還有其他我們應該考慮的因素嗎？

Yes. There's nothing unusual in AR. It really has to do the linearity of revenue and the timing of collections, but nothing out of the ordinary.

是的。AR領域沒有什麼不尋常的。這確實與收入的線性增長和收款時間有關，但沒什麼特別的。

Peter Peng, J.P. Morgan.

Peter Peng，摩根大通。

Congratulations on the results. I just want to follow up on the last question. So at your largest customer, is it the mix within the current generation? Or is it a better mix of the prior generation model that's driving better-than-expected content? Maybe you can clarify that.

恭喜取得好成績。我想就最後一個問題做個後續說明。那麼，你們最大的客戶群是當前一代嗎？或者說，是上一代模式的更好融合，才造就了超乎預期的內容？或許你能解釋一下。

It's all of the above. I mean it's better units. You've seen all the press, it's all of the above. We really can't get -- I mean, we really can't get into too much more on that. It's all of the above. It's better mix, it's better content. It's better -- it's lots of better results that are all included in the guidance. We can't really get into more than that.

以上皆是。我的意思是，這些部件性能更好。你已經看到了所有的媒體報道，以上所有情況都屬實。我們真的不能——我的意思是，我們真的不能再深入討論這個問題了。以上皆是。組合更豐富，內容更優質。它更好——指南中包含了許多更好的結果。我們不能透露更多細節了。

Okay. That's fair. And then I think your fair -- your Broad Market has been growing for the -- it's almost seven quarters in a row. And you guys are kind of in this high single digits. I think you guys have like three big buckets, your auto, your infrastructure and then your consumer IoT. Maybe if you can kind of give us a characterization of what is kind of back to normal growth? And what buckets are still kind of the more trend line growth?

好的。這很合理。而且我認為你們的公平市場——你們的廣泛市場已經連續成長了——幾乎連續七個季度了。你們的人數都接近個位數了。我認為你們的業務大致可以分為三大類：汽車、基礎設施和消費者物聯網。或許您可以為我們描述一下什麼是恢復正常成長？哪些類別仍保持著較明顯的成長趨勢？

Yes, sure.

當然可以。

Yes, that's a great question, Peter. So if you look at the guidance for broad markets, we're guiding it to be up slightly on a sequential basis. On a year-over-year basis, it's up kind of mid- to high single digits. The growth really is across the board, but it's being led primarily by Wi-Fi 7. The Wi-Fi 7 adoption is quite strong.

是的，彼得，你問得好。因此，如果您看一下對整體市場的預期，我們預計其環比將略有上漲。與去年同期相比，增幅在個位數中高段。成長確實是全方位的，但主要由 Wi-Fi 7 引領。Wi-Fi 7 的普及率相當高。

The backlog is very strong entering into fiscal '26. So there's a lot of momentum there. Second, we mentioned that the automotive business exiting fiscal '25 is at a record. So that's almost $65 million a quarter in automotive run rating exiting fiscal '25, and we feel good about the pipeline going forward. And then lastly, the data center and infrastructure business, after kind of several quarters of inventory digestion by a lot of our customers, we're starting to see those customers start to rebuild inventory again.

進入 2026 財年，積壓訂單非常充足。所以這方面勢頭很強。其次，我們提到，截至 2025 財年末，汽車業正處於歷史最高水準。因此，截至 2025 財年末，汽車業每季的營運評級接近 6,500 萬美元，我們對未來的發展前景感到樂觀。最後，資料中心和基礎設施業務方面，經過幾個季度許多客戶的庫存消化後，我們開始看到這些客戶開始重新重建庫存。

And we're also seeing some nice design wins, timing design wins on some 800 gig platforms that we mentioned on the prepared remarks. So all three are growing. We do expect some seasonality as we enter into fiscal '26, which you would expect after you burn off some inventory. So I would kind of factor that in. But overall, we're moving in the right direction in Broad Markets.

我們也看到一些不錯的設計成果，在一些 800 千兆平台上，我們在準備好的演講稿中提到了時間設計的成功。所以這三個都在成長。我們預計進入 2026 財年後會出現一些季節性因素，這是在消耗一些庫存之後所預期的。所以我會把這一點考慮進去。但總體而言，我們在大盤業務方面正朝著正確的方向前進。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Thanks for taking the question. I'll echo the congratulations on the execution. Phil Brace, I wanted to start with one for you. So in your prepared remarks, you mentioned some key executive changes, bringing in a new CFO, a new head of sales. The question is, as you look across the broader organization, do you feel like you have the right team in place across all the other functions or do you expect there to be additional changes and to what effect, whether it be in product, manufacturing, operations, et cetera?

感謝您回答這個問題。我謹代表大家祝賀這次行動成功。菲爾·布雷斯，我想先寫一個給你。所以，在您事先準備好的演講稿中，您提到了一些重要的管理階層變動，包括引進新的財務長和新的銷售主管。問題是，放眼整個組織，您是否覺得在所有其他職能部門都配備了合適的團隊，或者您是否預計會有額外的變化，以及這些變化會產生什麼影響，無論是在產品、製造、營運等方面？

That's a great question. I feel great about the leadership team that I have in place now, and I'm not anticipating any changes.

這是一個很好的問題。我對目前的領導團隊非常滿意，預計不會有任何變動。

All right. And then the second question is for Philip Carter. So it's a two-parter one. As we look at the business, we're clearly tracking well in the fiscal first quarter. But can you remind us what fiscal second quarter seasonality is in the eyes of Skyworks.

好的。第二個問題是問菲利普卡特的。所以這是一個分成兩個部分的故事。從業務狀況來看，我們在第一財季的業績表現明顯良好。但是，您能否提醒我們一下，在 Skyworks 看來，第二財季的季節性是什麼？

And related to that, as we think about some of the working capital dynamics of the business, how should we think the company is planning to manage things like inventory going into what is a seasonally softer period for its biggest segment for a couple of quarters.

與此相關的是，當我們考慮公司的一些營運資本動態時，我們應該如何看待公司計劃如何管理庫存等事項，因為在接下來的幾個季度裡，其最大的業務板塊將處於季節性淡季。

Yes. So I guess on the first question, we don't guide beyond one quarter out. I think, generally speaking, it does look like normal seasonality. In terms of working capital, so we did benefit greatly in terms of free cash flow in fiscal '25 as a result of burning down some inventory. I do not anticipate that to repeat next year. So there is going to be some inventory build as we get near the end of the year. But yes, otherwise, the business in terms of inventory is running well. There's low inventory levels in the channel. And so we have pretty good visibility there. So yes, that's what we're seeing.

是的。所以我想關於第一個問題，我們不提供超過一個季度的預測。總的來說，我認為這看起來確實像是正常的季節性現象。就營運資金而言，由於消耗了一些庫存，我們在 2025 財年的自由現金流方面獲得了巨大收益。我預計明年不會再發生這種情況。因此，隨著年底臨近，庫存將會增加。但除此之外，就庫存而言，業務運作狀況良好。渠道庫存水準較低。因此，我們在那裡的能見度相當不錯。是的，我們看到的就是這樣。

And there are no further questions. I will now turn the conference back over to Phil Brace, the CEO and President of Skyworks for closing remarks.

沒有其他問題了。現在我將把會議交還給 Skyworks 的執行長兼總裁 Phil Brace，請他致閉幕詞。

Great. Thanks for participating in today's call. I look forward to speaking with you at upcoming investor conferences throughout the quarter. Thank you.

偉大的。感謝您參加今天的電話會議。我期待在本季即將舉行的投資者會議上與您交流。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。