思佳訊 (SWKS) 2021 Q1 法說會逐字稿

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

下午好，歡迎參加 Skyworks Solutions 2021 財年第一季度財報電話會議。

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, Rob.

謝謝你，羅布。

Good afternoon, everyone, and welcome to Skyworks' First Fiscal Quarter 2021 Conference Call.

大家下午好，歡迎參加 Skyworks 2021 財年第一季度電話會議。

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

今天和我在一起的是我們的總裁兼首席執行官 Liam Griffin；和我們的首席財務官 Kris Sennesael。

Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements.

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

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

請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解可能導致實際結果與今天做出的任何前瞻性陳述產生重大不利影響的某些風險的信息。

Additionally, the results and guidance we will discuss 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非公認會計準則財務指標，與我們過去的做法一致。

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 quarterly results in the first fiscal quarter of 2021, leveraging our expansive technology reach and deep customer engagements, spanning both mobile and broad markets.

Skyworks 在 2021 年第一財季實現了創紀錄的季度業績，利用我們廣泛的技術覆蓋範圍和深入的客戶參與，跨越移動市場和廣闊的市場。

We established new quarterly records for revenue, operating margin and earnings per share, demonstrating both the power of our financial model and unique opportunity to lead the global transition to more advanced wireless communications.

我們在收入、營業利潤率和每股收益方面創造了新的季度記錄，展示了我們財務模型的力量以及引領全球向更先進的無線通信過渡的獨特機會。

Now looking at the quarter in more detail.

現在更詳細地查看該季度。

We delivered revenue of $1.51 billion, more than $455 million above the midpoint of our guidance.

我們實現了 15.1 億美元的收入，比我們的指導中點高出 4.55 億美元。

We posted earnings per share of $3.36, exceeding our guidance by $1.30, effectively doubling year-over-year earnings.

我們公佈的每股收益為 3.36 美元，超出我們的預期 1.30 美元，實際上是同比收益翻了一番。

We achieved gross margin of 51.1% and record operating margin of 41.2%.

我們實現了 51.1% 的毛利率和 41.2% 的創紀錄營業利潤率。

And we generated strong operating cash flow totaling $485 million in the quarter.

我們在本季度產生了總計 4.85 億美元的強勁運營現金流。

As our results demonstrate, the demand for always-on connectivity is accelerating and extending into new applications, including telemedicine, high-speed video conferencing, remote learning, autonomous transport, essential services for the infrastructure markets, store-to-door delivery and touchless commerce.

正如我們的結果所表明的那樣，對永遠在線連接的需求正在加速並擴展到新的應用程序，包括遠程醫療、高速視頻會議、遠程學習、自主運輸、基礎設施市場的基本服務、商店到門的交付和非接觸式商業。

This is a global phenomenon where upgrades of key technologies are increasingly critical in the face of the ongoing pandemic.

這是一種全球現象，面對持續的大流行，關鍵技術的升級變得越來越重要。

The investments we've made over the last 2 decades have prepared Skyworks to address these challenges.

我們在過去 2 年中所做的投資使 Skyworks 做好了應對這些挑戰的準備。

The mobile and wireless ecosystems will benefit from these dynamics, yet outsized gains will largely accrue to those companies that have invested deeply in core technology and scale.

移動和無線生態系統將從這些動態中受益，但那些在核心技術和規模上進行深入投資的公司將獲得巨大收益。

These gains are being driven by both a growing device count and an expanding content per device, in some cases, doubling or even tripling for Skyworks.

這些收益是由不斷增長的設備數量和每台設備不斷擴大的內容推動的，在某些情況下，Skyworks 的數量翻了一番甚至三倍。

We are proud to play an instrumental role in shaping the fast-evolving landscape.

我們很自豪能夠在塑造快速發展的格局中發揮重要作用。

Collaborating with our partners and customers, leveraging key technologies from TC-SAW to high-performance bot filtering, SOI, gallium arsenide and state-of-the-art packaging technologies.

與我們的合作夥伴和客戶合作，利用從 TC-SAW 到高性能機器人過濾、SOI、砷化鎵和最先進的封裝技術的關鍵技術。

Our strong results in Q1 demonstrate our execution around these themes.

我們在第一季度的強勁業績證明了我們圍繞這些主題的執行。

Specifically, in mobile, we accelerated the ramp of our Sky5 portfolio, supporting the next wave of 5G launches at Samsung, Oppo, Vivo, Xiaomi and other Tier 1s.

具體而言，在移動領域，我們加快了 Sky5 產品組合的發展，支持三星、Oppo、Vivo、小米和其他 1 級廠商的下一波 5G 發布。

In IoT, we captured design wins across a diversified array of new and existing customers.

在物聯網中，我們在各種新老客戶中贏得了設計勝利。

Specifically, we partnered with ASUS, delivering the world's first WiFi 6E connected home router.

具體來說，我們與華碩合作，推出了全球首款 WiFi 6E 連接的家用路由器。

We shipped WiFi 6 solutions for access points at top network OEMs including Cisco, NETGEAR, CenturyLink and Aruba.

我們為 Cisco、NETGEAR、CenturyLink 和 Aruba 等頂級網絡 OEM 的接入點提供 WiFi 6 解決方案。

We captured new wins at Google for their latest Fitbit smartwatch.

我們在谷歌獲得了他們最新的 Fitbit 智能手錶的新勝利。

And we delivered low latency cognitive audio solutions, powering wireless gaming headsets at multiple Tier 1 accounts.

我們還提供了低延遲認知音頻解決方案，為多個 1 級賬戶的無線遊戲耳機供電。

In industrial, we ramped Itron's multistandard ISM connectivity solutions for smart cities.

在工業領域，我們為智慧城市增加了 Itron 的多標準 ISM 連接解決方案。

In infrastructure, we deployed 5G amplifier and receive modules, supporting multiple European base station OEMs.

在基礎設施方面，我們部署了5G放大器和接收模塊，支持多個歐洲基站OEM。

And finally, in automotive, we accelerated shipments of advanced connectivity solutions supporting the world's premier EV manufacturer.

最後，在汽車領域，我們加快了先進連接解決方案的出貨速度，為全球首屈一指的電動汽車製造商提供支持。

We leveraged V2X solutions with Volkswagen and Toyota for their enhanced safety systems; and partnered with MediaTek, for 5G reference designs, specifically targeted at automotive applications.

我們利用大眾汽車和豐田汽車的 V2X 解決方案來增強安全系統；並與聯發科合作開發 5G 參考設計，專門針對汽車應用。

Moving forward, we are seeing the confluence of multiple market developments, a significant rise in device complexity and expansion in wireless spectrum and band count, combined with a technology bar that has never been higher.

展望未來，我們看到了多種市場發展的匯合，設備複雜性顯著提高，無線頻譜和頻段數量不斷擴大，技術門檻達到前所未有的高度。

These trends directly translate to increased opportunity for Skyworks with both new and existing customers with essential technologies and scale, propelling performance gains across a broad set of applications.

這些趨勢直接轉化為 Skyworks 與擁有基本技術和規模的新老客戶的機會增加，從而推動了廣泛應用程序的性能提升。

Our purpose-built solutions address all key network protocols, spanning 5G, WiFi, enhanced GPS and Bluetooth.

我們專門構建的解決方案可處理所有關鍵網絡協議，包括 5G、WiFi、增強型 GPS 和藍牙。

Additionally, we expect the current C-band auction to be a catalyst.

此外，我們預計當前的 C 波段拍賣將成為催化劑。

With new spectrum creating significant content opportunities for our Sky5 platform.

新頻譜為我們的 Sky5 平台創造了重要的內容機會。

While smartphones were the first to embrace 5G, the performance gains will power a broad set of use cases, extending into billions of IoT devices.

雖然智能手機率先採用 5G，但性能提升將為廣泛的用例提供支持，並擴展到數十億的物聯網設備。

Looking ahead, we see 5G as a transformative technology, catalyzing new applications while acting as the universal connector from the home to the car to the factory floor.

展望未來，我們將 5G 視為一項變革性技術，它在催化新應用的同時充當從家庭到汽車再到工廠車間的通用連接器。

In summary, Skyworks is solidifying market leadership as connectivity meaningfully alters the way we live, work, play and educate not just from home but from anywhere.

總而言之，Skyworks 正在鞏固市場領導地位，因為連通性不僅在家裡，而且在任何地方都有意義地改變了我們生活、工作、娛樂和教育的方式。

Our record performance clearly reflects this dynamic.

我們創紀錄的表現清楚地反映了這種動態。

With that, I will turn the call over to Kris for a discussion of Q1 and our outlook for Q2.

有了這個，我將把電話轉給 Kris 討論第一季度和我們對第二季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks started fiscal '21 with very strong Q1 results, delivering all-time record revenue of $1.51 billion, adding more than $550 million of incremental sequential revenue and exceeding the midpoint of the guidance for Q1 by $455 million.

Skyworks 在 21 財年的第一季度業績非常強勁，創造了 15.1 億美元的創紀錄收入，增加了超過 5.5 億美元的增量連續收入，超過了第一季度指導的中點 4.55 億美元。

Revenue was up 58% sequentially and up 69% year-over-year driven by increasing adoption of our mobile solutions with all smartphone OEMs, along with record broad market revenue and customer reach.

由於所有智能手機 OEM 越來越多地採用我們的移動解決方案，以及創紀錄的廣泛市場收入和客戶覆蓋範圍，收入環比增長 58%，同比增長 69%。

Mobile revenue grew 80% sequentially as well as on a year-over-year basis, largely driven by widespread content increases as 5G phones are ramping with all major smartphone brands worldwide.

移動收入環比和同比增長 80%，主要是由於 5G 手機與全球所有主要智能手機品牌的普及，內容廣泛增加。

Broad markets revenue grew to $326 million, establishing a new quarterly record.

廣泛的市場收入增長至 3.26 億美元，創造了新的季度記錄。

This reflects revenue growth of 35% over Q1 of last year, benefiting from a diverse set of use cases, supporting work, play, learn from anywhere and the increasing adoption of technologies such as WiFi 6 and 6E, along with the continued momentum in our audio solutions business.

這反映了收入比去年第一季度增長了 35%，這得益於多樣化的用例，支持工作、娛樂、隨時隨地學習，以及 WiFi 6 和 6E 等技術的日益普及，以及我們的持續發展勢頭。音頻解決方案業務。

Gross profit in the first quarter was $771 million, resulting in a gross margin of 51.1%, up 70 basis points sequentially and up 100 basis points year-over-year.

第一季度毛利潤為 7.71 億美元，毛利率為 51.1%，環比增長 70 個基點，同比增長 100 個基點。

Operating expenses were $149 million or 10% of revenue, demonstrating strong leverage in our operating model, while continuing our strategic investments in support of future growth.

運營費用為 1.49 億美元，佔收入的 10%，顯示了我們運營模式的強大槓桿作用，同時繼續我們的戰略投資以支持未來的增長。

We generated $622 million of operating income, translating into an all-time record operating margin of 41.2%.

我們創造了 6.22 億美元的營業收入，轉化為創紀錄的 41.2% 的營業利潤率。

Other income was $1 million and our effective tax rate was 10%, resulting in net income of $560 million or a net income margin of 37.1%.

其他收入為 100 萬美元，我們的有效稅率為 10%，淨收入為 5.6 億美元，淨利潤率為 37.1%。

Top line momentum and execution on both gross and operating margins drove record diluted earnings per share of $3.36, beating the guidance by $1.30.

營收勢頭和毛利率和營業利潤率的執行推動每股攤薄收益達到創紀錄的 3.36 美元，超出預期 1.30 美元。

EPS grew 82% sequentially and doubled when compared to Q1 of last year.

每股收益環比增長 82%，與去年第一季度相比翻了一番。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流。

First fiscal quarter cash flow from operations was $485 million.

第一財季運營現金流為 4.85 億美元。

Capital expenditures were $119 million.

資本支出為 1.19 億美元。

We paid $83 million in dividends, and we spent $196 million to repurchase 1.4 million shares of our common stock at an average price of approximately $139 per share.

我們支付了 8300 萬美元的股息，並花費了 1.96 億美元以每股約 139 美元的平均價格回購了 140 萬股普通股。

Additionally, as noted in our separate press release issued today, Skyworks' Board of Directors has authorized a new $2 billion stock repurchase program.

此外，正如我們今天發布的另一份新聞稿中所述，Skyworks 的董事會已批准一項新的 20 億美元的股票回購計劃。

This new buyback plan reflects our Board's confidence in Skyworks' business model and in management's ability to consistently produce strong free cash flow, allowing us to leverage share repurchases and dividends to generate higher stockholder returns.

這項新的回購計劃反映了我們董事會對 Skyworks 的商業模式以及管理層持續產生強勁自由現金流的能力的信心，這使我們能夠利用股票回購和股息來產生更高的股東回報。

Now let's move on to our outlook for Q2 of fiscal 2021.

現在讓我們繼續我們對 2021 財年第二季度的展望。

We expect the continued and rapid adoption of multiple wireless protocols and expanding use cases to drive strong year-over-year growth for Skyworks.

我們預計，多種無線協議的持續快速採用和不斷擴大的用例將推動 Skyworks 實現強勁的同比增長。

Specifically, in the second fiscal quarter of 2021, we anticipate revenue to be between $1.125 billion and $1.175 billion, with non-GAAP diluted earnings per share of $2.34 at the midpoint of our revenue range.

具體來說，在 2021 年第二財季，我們預計收入將在 11.25 億美元至 11.75 億美元之間，非 GAAP 攤薄後每股收益為 2.34 美元，處於我們收入範圍的中點。

This translates into year-over-year revenue growth of 50% at the midpoint of the revenue range and year-over-year non-GAAP diluted earnings per share growth of 75%.

這意味著在收入範圍的中點，收入同比增長 50%，非公認會計原則攤薄後每股收益同比增長 75%。

Gross margin is projected to be in the range of 50.5% to 51%.

毛利率預計在 50.5% 至 51% 之間。

We expect operating expenses to be between $150 million and $152 million.

我們預計運營費用將在 1.5 億美元至 1.52 億美元之間。

And below the line, we anticipate roughly $1 million in other income and a tax rate of approximately 10%.

在這條線以下，我們預計其他收入約為 100 萬美元，稅率約為 10%。

We expect our diluted share count to be approximately 166.5 million shares.

我們預計我們的稀釋股數約為 1.665 億股。

And with that, I will 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 started the new fiscal year with record results, clearly demonstrating the breadth and depth of our business model from Tier 1 mobile to thousands of broad market customers.

Skyworks 以創紀錄的業績開始了新的財政年度，清楚地展示了我們從一級移動到成千上萬的廣泛市場客戶的商業模式的廣度和深度。

Importantly, the multiyear wireless transition is now underway, creating a burgeoning set of new opportunities and use cases.

重要的是，多年的無線轉型正在進行中，創造了一系列新興的機會和用例。

With deep customer engagements, underpinned by decades of technology investments and scale, Skyworks is uniquely positioned to lead.

憑藉數十年的技術投資和規模的深入客戶參與，Skyworks 具有獨特的領導地位。

Finally, our high levels of profitability and strong cash generation afford us the flexibility to invest and win while generating consistent returns to our stockholders.

最後，我們高水平的盈利能力和強大的現金生成能力為我們提供了投資和獲勝的靈活性，同時為我們的股東帶來了持續的回報。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, let's open the lines for questions.

接線員，讓我們打開問題線。

(Operator Instructions) And your first question comes from the line of Karl Ackerman from Cowen and Company.

（操作員說明）您的第一個問題來自 Cowen and Company 的 Karl Ackerman。

I guess with results and an outlook this strong, the elephant in the room is about sustainability both in terms of revenue growth, but also profitability.

我想，由於結果和前景如此強勁，房間裡的大像是關於收入增長和盈利能力的可持續性。

We know that 5G handsets will increase this year, but I would really appreciate if you could talk, perhaps, qualitatively, of how you see that outlook for the balance of the year as well as your view on broad markets, too, given what appears to be a multitude of design ramps across your WiFi 6 portfolio.

我們知道今年 5G 手機將會增加，但如果您能定性地談談您如何看待今年餘下時間的前景以及您對廣闊市場的看法，我將不勝感激。成為您 WiFi 6 產品組合中的眾多設計坡道。

Sure, absolutely.

當然，絕對。

Well, a couple of things.

嗯，有幾件事。

The 5G cycle really is just beginning, and that's clear.

5G 週期真的才剛剛開始，這一點很清楚。

And I think if you listen to Skyworks and what we've been saying, it's all about complexity, it's all about content gains and the culmination of those coming together with a tremendous unit launch in 5G, and again, very early in 5G.

而且我認為，如果您聽聽 Skyworks 和我們一直在說的話，一切都與復雜性有關，一切都與內容增益有關，以及與 5G 和 5G 早期的巨大單位推出相結合的高潮。

The estimates for unit uptake at 5G, if you think about 2020, maybe there were 200 million, 220 million phones.

如果您考慮到 2020 年，那麼 5G 的單位使用量估計可能有 2 億、2.2 億部手機。

Those numbers are going to be more than double going into '21, and they'll continue to move.

到 21 年，這些數字將增加一倍以上，而且還會繼續增長。

You've got almost 7 billion subscribers in the planet.

你在這個星球上擁有近 70 億訂閱者。

And the percentage that own a 5G phone are very, very low.

而擁有 5G 手機的比例非常非常低。

So there's a tremendous upside there in our core business in mobile and also advanced by great technology execution with our team.

因此，我們在移動方面的核心業務有巨大的優勢，而且我們團隊的出色技術執行也取得了進步。

So that's one big driver.

所以這是一個很大的驅動力。

The second driver that's been bubbling up for a while is our broad market portfolio.

一段時間以來，第二個推動因素是我們廣泛的市場組合。

We had tremendous gains in our broad market portfolio, 35% year-over-year with a broad set of customers, names like Nokia, names like Honeywell, names like GE, Bosch, just an entirely new landscape of customers that we've been able to engage with.

我們在廣泛的市場組合中獲得了巨大的收益，同比增長 35%，擁有廣泛的客戶群，如諾基亞、霍尼韋爾、通用電氣、博世等，這只是我們一直以來的全新客戶格局能夠參與。

And then we talked a lot about usage cases here in the call.

然後我們在電話會議中討論了很多關於使用案例的內容。

Usage cases, new applications that require connectivity, whether it's WiFi, whether it's Bluetooth, whether it's 5G.

使用案例，需要連接的新應用，無論是 WiFi，還是藍牙，還是 5G。

All of those trends are moving in the right direction for us, and they're sustainable.

所有這些趨勢對我們來說都朝著正確的方向發展，而且它們是可持續的。

If I could for a follow-up, one of the baseband companies in Asia the other day spoke about how they do not see any evidence of a build of inventory across the channel.

如果我可以跟進的話，前幾天亞洲的一家基帶公司談到他們沒有看到任何證據表明整個渠道的庫存增加。

Similarly, it's now well-known that there remains tightness across the foundry and component supply chain.

同樣，現在眾所周知，整個代工和零部件供應鏈仍然很緊張。

My question is how are these dynamics driving your discussions on both pricing and volume commitments to your customers?

我的問題是，這些動態如何推動您對客戶的定價和數量承諾的討論？

Sure.

當然。

Yes.

是的。

Great question.

好問題。

I think one -- and by the way, you're right about the tightness in supply and some of the challenges operationally.

我認為一個 - 順便說一句，你對供應緊張和運營上的一些挑戰是正確的。

And I would say that the Skyworks team did an incredible job executing in the Q1 period.

我想說的是，Skyworks 團隊在第一季度的執行工作令人難以置信。

And I think we'll continue to see that opportunity extend into the full year.

我認為我們將繼續看到這一機會延續到全年。

But I will say this, we have made the unique investments in capital and scale.

但我要說的是，我們在資本和規模上進行了獨特的投資。

We have our own 10 billion unit TC-SAW factory for customized filtering.

我們擁有自己的 100 億台 TC-SAW 工廠，用於定製過濾。

We have bulk acoustic wave in-house.

我們內部有體聲波。

We have our own assembly and test and packaging capabilities that are unique and purpose-built for this market.

我們擁有自己的組裝、測試和包裝能力，這些能力是獨一無二的，專門為這個市場打造的。

So we were able to avoid some of the real challenges in supply chain because we've built a lot of this in-house in our own factories.

因此，我們能夠避免供應鏈中的一些真正挑戰，因為我們已經在自己的工廠內部構建了很多這樣的東西。

But there certainly have been some bumps on the execution side throughout the landscape, the technology landscape and the connectivity landscape, but we're starting to see that clear.

但在整個領域、技術領域和連接領域，執行方面肯定存在一些顛簸，但我們開始看到這一點。

And fortunately, we're able to execute through that in the December quarter.

幸運的是，我們能夠在 12 月季度完成這一任務。

And your next question comes from the line of Ambrish Srivastava from BMO.

您的下一個問題來自 BMO 的 Ambrish Srivastava。

Liam and Kris, I was fooled for a second.

利亞姆和克里斯，我被愚弄了一秒鐘。

I thought I was reading a TI or ADI earnings release with that kind of operating margin.

我以為我正在閱讀具有這種營業利潤率的 TI 或 ADI 收益報告。

So that's pretty solid guys.

所以這是非常可靠的傢伙。

But let me address maybe a baby elephant that's running around, at least in our minds, which is China.

但讓我來談談至少在我們心目中四處奔跑的小象，那就是中國。

So there's been a lot of talk about overbuild in China, especially in the bots complex and how they're trying to take share from Huawei.

所以有很多關於中國過度建設的討論，特別是在機器人領域以及他們如何試圖從華為那裡獲得份額。

So maybe if you could just give us some sense quantitatively how big was the China business.

所以也許你能從數量上給我們一些感覺，中國的業務有多大。

And then qualitatively, just help us understand what's going on.

然後定性地幫助我們了解正在發生的事情。

And then I had a follow-up for Kris.

然後我對克里斯進行了跟進。

Sure.

當然。

Well, we've been a key element, a key supplier for the Oppo, Vivo, Xiaomi ecosystem, and that continues.

嗯，我們一直是關鍵元素，是 Oppo、Vivo、小米生態系統的關鍵供應商，而且還在繼續。

And we had great results with those accounts this year.

今年我們在這些賬戶上取得了很好的成績。

There's a lot of opportunity to grow their 5G base as well, and that's something that we should be looking forward to throughout the year.

還有很多機會來擴大他們的 5G 基礎，這是我們全年都應該期待的事情。

And it's a multiyear cycle, of course.

當然，這是一個多年周期。

But again, one of the things that we continue to say here at Skyworks, and it really rings true, is our ability to get in and help these customers customize and configure the complexity around 5G, leverage solutions like Sky5 that really integrate that tremendous amount of components and complexity and make it easy for the customer to go to market.

但同樣，我們在 Skyworks 繼續說的一件事，這確實是真的，是我們有能力進入並幫助這些客戶定制和配置 5G 的複雜性，利用像 Sky5 這樣的解決方案真正集成了巨大的數量組件和復雜性，使客戶更容易進入市場。

So we had some strong uptake there in the China space.

所以我們在中國領域有一些強烈的吸收。

We continue to see that looking good.

我們繼續看到這看起來不錯。

Obviously, there, you have a Chinese New Year opportunity here as we get into our new year.

顯然，在那裡，隨著我們進入新的一年，你在這裡有一個中國新年的機會。

So I think there's going to be some good signs of growth.

所以我認為會有一些良好的增長跡象。

But we have a good position there today, and I think there's just more room to move on units as we go through the year.

但是我們今天在那裡有一個很好的位置，我認為隨著我們一年的過去，還有更多的空間可以移動單位。

What was the growth in China, Liam, Q-over-Q?

Liam，Q-over-Q 在中國的增長是多少？

So our China business in the December quarter was up double digits sequentially.

因此，我們在 12 月季度的中國業務環比增長了兩位數。

And of course, very, very strongly on a year-over-year basis.

當然，同比增長非常非常強勁。

And of course, looking into March, we will have stronger than seasonal growth, double-digit growth, accelerating our year-over-year growth with those accounts.

當然，展望 3 月，我們的增長將超過季節性增長，兩位數的增長，這些賬戶將加速我們的同比增長。

Okay.

好的。

And a quick follow-up for you, Kris, since you are on the line.

Kris，因為您在線，所以需要快速跟進。

Just remind us on the capital allocation priorities.

只是提醒我們資本配置的優先事項。

Glad to see the $2 billion buyback.

很高興看到 20 億美元的回購。

But just kind of just walk us through divi, buyback and M&A, and I'm assuming M&A would mostly be in the broad markets.

但只是引導我們完成分權、回購和併購，我假設併購主要發生在廣闊的市場上。

Yes.

是的。

We're not changing our strategy there.

我們不會在那裡改變我們的策略。

We did have a $2 billion buyback program in place that had a 2-year life cycle, and so that came to an end.

我們確實有一個 20 億美元的回購計劃，該計劃的生命週期為 2 年，因此結束了。

And so we are replacing that program with a new $2 billion buyback program.

因此，我們正在用一項新的 20 億美元回購計劃來取代該計劃。

And so we will continue to return most of our free cash flow back to the shareholders, a combination of our dividend program and now the new $2 billion buyback program.

因此，我們將繼續將大部分自由現金流返還給股東，結合我們的股息計劃和現在新的 20 億美元回購計劃。

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

您的下一個問題來自瑞銀的 Timothy Arcuri。

I guess the first question is, the beat was so significant, and you guided just in early November.

我想第一個問題是，節拍非常重要，而您在 11 月初才進行了指導。

And you typically get pretty good visibility from your biggest customers.

而且您通常會從最大的客戶那裡獲得很好的知名度。

So I guess my first question is sort of like what drove the big beat.

所以我想我的第一個問題有點像推動大節拍的原因。

Was it a pull-in from your large customers?

是你的大客戶拉進來的嗎？

Can you just sort of double-click on what drove the beat?

你能雙擊一下是什麼推動了節拍嗎？

And then I had a follow-up.

然後我進行了跟進。

Sure.

當然。

Yes.

是的。

Well, it was certainly not pull-ins, that's for sure.

好吧，這肯定不是拉扯，這是肯定的。

I mean it was a quarter that started a little slow and really accelerated through the period.

我的意思是，這是一個開始有點緩慢的季度，並且在此期間確實加速了。

A tremendous amount of technology execution behind this on the mobile side.

在移動端這背後有大量的技術執行。

But again, in broad markets, we had a record 35% year-over-year.

但同樣，在廣闊的市場中，我們的年增長率達到了創紀錄的 35%。

So it's a culmination of strong 5G launches with the most important customers.

因此，這是與最重要的客戶一起推出強大的 5G 服務的高潮。

And within those launches, an extended reach of technology from Skyworks.

在這些發布中，Skyworks 的技術範圍更廣。

The content that we're putting forth right now is significantly more advanced and more impactful than what we've had in prior years.

我們現在提出的內容比我們前幾年的內容要先進得多，影響也更大。

And that comes through our own technology fabs, our own investments in R&D and in scale to make that happen.

這來自我們自己的技術工廠、我們自己在研發方面的投資以及實現這一目標的規模。

So you had a very strong mobile opportunity and then you had a broad market opportunity in parallel that was leveraging some of the core technologies as well.

所以你有一個非常強大的移動機會，然後你有一個廣泛的市場機會，同時也利用了一些核心技術。

But again, things like WiFi moved, GPS, Bluetooth, all the connectivity protocols, the new usage cases popped up, customers that we didn't have before emerged, so it was a culmination of multiple factors.

但同樣，WiFi 移動、GPS、藍牙、所有連接協議、新的使用案例、我們以前沒有的客戶出現了，所以這是多種因素的結果。

But those factors are sustainable.

但這些因素是可持續的。

I mean those customers that we've won are going to stay with us as we go through the next couple of quarters and years, and we look forward to more opportunity there.

我的意思是，在接下來的幾個季度和幾年中，我們贏得的那些客戶將留在我們身邊，我們期待在那裡有更多的機會。

Okay.

好的。

Got it.

知道了。

And then, I guess, Kris, oftentimes, you give us what your largest customer was in terms of revenue in the quarter.

然後，我猜，克里斯，你經常會告訴我們你最大的客戶在本季度的收入是多少。

I think last December, it was in the low 60s.

我認為去年 12 月，它處於 60 年代的低點。

So I imagine that's probably that or even higher in December.

所以我想這可能是 12 月甚至更高。

So can you give us that number?

那你能給我們這個號碼嗎？

Yes.

是的。

Revenue with the largest customer in the December quarter was approximately 70% of total revenue.

12 月季度最大客戶的收入約佔總收入的 70%。

Obviously, it was a great quarter with that large customer that just launched their first 5G phones, which with very rich Skyworks content inside.

顯然，對於剛剛推出第一款 5G 手機的大客戶來說，這是一個很棒的季度，其中包含非常豐富的 Skyworks 內容。

We talked about that and we indicated that 9, 12 months ago.

我們談到了這一點，並在 9 個月、12 個月前指出了這一點。

In addition to that, we do have some very nice, good content in some of their other products that, that large customer sells as well.

除此之外，我們在他們的一些其他產品中確實有一些非常好的、好的內容，大客戶也銷售這些產品。

But again -- so great execution there.

但又一次——那裡的執行力非常好。

We have a large customer.

我們有一個大客戶。

But as Liam indicated, the strength in the December quarter was not just with the large customer.

但正如利亞姆所指出的，12 月季度的實力不僅僅來自大客戶。

All our other customers, all our other segments, every region was up double digits sequentially and strong double digits on a year-over-year basis.

我們所有的其他客戶、所有其他細分市場、每個地區都連續兩位數增長，同比增長兩位數。

Yes.

是的。

And just to follow up with Kris.

只是為了跟進克里斯。

I think it is important to note that the growth with our large customer is also accelerating in their new application.

我認為重要的是要注意，我們的大客戶的增長也在他們的新應用程序中加速。

So it is not all just about smartphones.

因此，這不僅僅與智能手機有關。

A lot of other opportunities there that require the connectivity protocols that we bring to market, which is really great.

那裡有很多其他機會需要我們將連接協議推向市場，這真的很棒。

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

您的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just truly amazing results.

只是真正驚人的結果。

Maybe you can just help us a little bit with March.

也許你可以在三月幫我們一點忙。

Obviously, your large customer -- that very high numbers should have some seasonality.

顯然，您的大客戶——非常高的數字應該具有一定的季節性。

Curious your outlook maybe between mobile and broad market.

好奇您的前景可能介於移動市場和廣闊市場之間。

Do you expect broad markets to -- I guess, typically, it would be down.

您是否期望廣泛的市場 - 我想，通常情況下，它會下跌。

But within that outlook for March, do you expect it to be up?

但在 3 月份的前景中，您預計它會上漲嗎？

Yes.

是的。

No.

不。

Absolutely.

絕對地。

So the guide that we provided for March has some seasonality with the large customer, as you can expect.

因此，正如您所料，我們為 3 月份提供的指南對大客戶有一定的季節性。

But if you look at the revenue in mobile outside of a large customer as well as the revenue in growth markets, it will be up double digits sequentially, which is actually stronger than normal seasonality, a lot stronger than normal seasonality.

但是如果你看看大客戶以外的移動收入以及增長市場的收入，它將連續兩位數增長，這實際上比正常的季節性要強，比正常的季節性要強很多。

And it further accelerates our year-over-year revenue growth with all those accounts or the Korean, the Chinese as well as thousands of broad market customers.

它進一步加速了我們與所有這些客戶或韓國、中國以及成千上萬的廣泛市場客戶的收入同比增長。

Got you.

得到你。

And then I want to ask you also, I guess, within broad markets but has a mobile play as well.

然後我想問你，我想，在廣闊的市場中，但也有移動遊戲。

On WiFi 6E, Samsung launched a phone with that.

在 WiFi 6E 上，三星推出了一款帶有該功能的手機。

I'm assuming you'll see another mobile customer with that.

我假設您會看到另一個移動客戶。

And then, I guess, at some point, you'll see access points.

然後，我想，在某個時候，你會看到接入點。

Could you just talk about the content driver for you for WiFi 6E?

您能談談 WiFi 6E 的內容驅動程序嗎？

Sure.

當然。

Yes.

是的。

I mean we are seeing that roll out now very quickly.

我的意思是我們現在看到它的推出非常迅速。

A lot of great design wins with key customers today now.

如今，許多偉大的設計贏得了主要客戶的青睞。

And so I mean, there's a technology pop there, Blayne, when you look at the WiFi 6E product.

所以我的意思是，當你看到 WiFi 6E 產品時，那裡有一種技術流行。

There's even bulk acoustic wave opportunity within those systems.

這些系統中甚至還有大量聲波機會。

And the data rates and speed are demonstrably more powerful.

並且數據速率和速度明顯更強大。

You could see that in your Zoom costs or whatever.

您可以在 Zoom 費用或其他任何內容中看到這一點。

So WiFi 6E is a big driver for us, as is WiFi 6.

所以 WiFi 6E 對我們來說是一個很大的驅動力，WiFi 6 也是如此。

And that's one of the things to think about with Skyworks, it's really about connectivity.

這是 Skyworks 需要考慮的事情之一，它實際上是關於連接性的。

Connectivity can be 5G, connectivity can be WiFi 6, WiFi 6E, can be Bluetooth, all those protocols are there.

連接可以是 5G，連接可以是 WiFi 6、WiFi 6E，可以是藍牙，所有這些協議都在那裡。

But WiFi 6 and 6E are meaningful, and they are really now the product of choice in the work-at-home, work-from-anywhere dynamic.

但 WiFi 6 和 6E 很有意義，它們現在確實是在家工作、隨時隨地工作的首選產品。

And I think that's an opportunity for continued gains for us.and with content and also with adding additional customers.

我認為這對我們來說是一個持續收益的機會，包括內容以及增加更多的客戶。

Your next question comes from the line of Kevin Cassidy from Rosenblatt.

您的下一個問題來自 Rosenblatt 的 Kevin Cassidy。

I'll add to the congratulations on a stunning quarter.

我將祝賀一個令人驚嘆的季度。

For your outlook, is there any capacity constraints in your own manufacturing?

就您的前景而言，您自己的製造業是否存在產能限制？

Or is -- you brought inventory down.

或者是 - 你降低了庫存。

Is there -- is that a constrained number?

有沒有——這是一個受限制的數字嗎？

No.

不。

I think right now, we are in good shape from a capacity point of view.

我認為現在，從能力的角度來看，我們處於良好狀態。

In fact, I think we've been able to broaden the aperture a little bit on execution and drive more technologies through our own fabs.

事實上，我認為我們已經能夠稍微擴大執行範圍，並通過我們自己的晶圓廠推動更多技術。

So we should be in good shape.

所以我們應該保持良好的狀態。

I mean obviously, the December quarter really tested our mettle in terms of execution.

我的意思很明顯，12 月季度確實考驗了我們在執行方面的勇氣。

The team did very, very well.

球隊做得非常非常好。

We still had to navigate some supply chain hiccups here and there that were outside of our supply chains.

我們仍然必須解決我們供應鏈之外的一些供應鏈問題。

But for the most part, we executed very well.

但在大多數情況下，我們執行得非常好。

And we can take that momentum and the lessons learned through the December quarter to put us in better position to come through strong through the calendar year 2021.

我們可以利用這種勢頭和通過 12 月季度吸取的經驗教訓，讓我們處於更好的位置，在 2021 日曆年保持強勁勢頭。

Okay.

好的。

Great.

偉大的。

And just -- can you give us a time line for the C-band?

只是——你能給我們一個C波段的時間表嗎？

How does that move into revenue?

這如何轉化為收入？

And what kind of percentage increase would you expect those handsets with C-band having?

您預計那些具有 C 波段的手機會有什麼樣的百分比增長？

Yes.

是的。

No.

不。

That's a great question.

這是一個很好的問題。

So the C-band auction now is pretty much commenced.

因此，現在 C 波段拍賣幾乎已經開始。

And what it does, which is great, is it opens up new spectrum in mid-band.

它所做的很棒，它在中頻段開闢了新的頻譜。

So let's call it mid-band 1 gig to 6 gig.

所以我們稱之為中頻 1 gig 到 6 gig。

There's a lot of opportunity there that had been really kind of tied up pre-auction.

那裡有很多機會在拍賣前確實被捆綁了。

That will be very beneficial for Skyworks because we have a great portfolio of products in mid-band.

這對 Skyworks 非常有利，因為我們在中頻段擁有豐富的產品組合。

We have great product in ultra-high band and high-band as well.

我們在超高頻段和高頻段也有出色的產品。

But C-band is going to be unique here.

但 C 波段在這裡將是獨一無二的。

It's going to be an important piece of the 5G landscape, a very necessary piece going from low to mid to high, kind of the layer cake approach, if you will, with low band at the bottom, mid-band in the middle and then technologies like millimeter wave narrowly at the top.

它將成為 5G 格局的重要組成部分，從低到中到高的非常必要的部分，如果你願意的話，有點像層蛋糕的方法，低頻段在底部，中頻段在中間，然後毫米波之類的技術勉強位居榜首。

So that C-band auction will drive more technology.

因此，C 波段拍賣將推動更多技術。

We will be delivering 5G signals through that new spectrum.

我們將通過該新頻譜提供 5G 信號。

It will require upgrades in our Sky5 platform that we're ready to go on and that we'll be able to add content.

這將需要我們準備好繼續升級我們的 Sky5 平台，並且我們將能夠添加內容。

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

您的下一個問題來自 Raymond James 的 Chris Caso。

I guess the first question is just digging into what was different from your expectations going in the quarter again.

我想第一個問題只是再次挖掘與您在本季度的預期不同的地方。

And if I could ask the question maybe a little differently, we had talked about some supply constraints coming into the quarter.

如果我問的問題可能有點不同，我們已經談到了本季度的一些供應限制。

Was the nature of this beat just that you were able to get more supply out the door this quarter than you had expected?

這種節拍的本質是因為您在本季度能夠獲得比您預期更多的供應嗎？

And otherwise, when you guided back in September, that perhaps more of this would have been pushed into the March quarter?

否則，當您在 9 月份進行指導時，也許更多的內容會被推遲到 3 月季度？

Was it that either content or demand from your customers turned out to be better?

您的客戶的內容或需求是否變得更好？

Yes.

是的。

Chris, it really is a lot of -- there's elements of each comment.

克里斯，真的很多——每條評論都有一些元素。

So first of all, there was an accelerating demand signal here in the December quarter, which was great.

因此，首先，在 12 月季度出現了需求加速信號，這很好。

Things were a little bit slower in the Q4 period, and we started really seeing the wheels turn in the right way in December.

第四季度的情況稍微慢了一點，我們在 12 月開始真正看到車輪以正確的方式轉動。

And that accelerated.

這加速了。

That was -- the December quarter was a quarter that accelerated.

那是 - 十二月季度是一個加速的季度。

It didn't decelerate.

它沒有減速。

We've had other periods where we had launches that started out great and kind of tailed off.

我們曾有過其他時期，我們推出的產品一開始就很好，但有點落後。

That didn't happen.

那沒有發生。

And so what it did is it put a lot of focus on execution -- supply chain execution.

所以它所做的就是把重點放在執行上——供應鏈執行。

And fortunately -- and if you look at, obviously, our filings, we've been spending money on capital, on CapEx.

幸運的是——如果你看一下，顯然，我們的文件，我們一直在資本支出上花錢。

And that really isn't just adding lanes of new equipment.

這真的不僅僅是增加新設備的通道。

It's actually bringing new technology to the market.

它實際上將新技術推向市場。

So it was a culmination of supply chain execution, largely within Skyworks.

所以這是供應鏈執行的高潮，主要是在 Skyworks 內部。

And then we had a couple of hiccups outside.

然後我們在外面有幾個打嗝。

We don't make everything in-house, but most of it is done in-house.

我們不會在內部製作所有東西，但大部分都是在內部完成的。

So owning our own factories, delivering within our facilities, being efficient there, managing the constraints, but then also bringing that technology up.

因此，擁有我們自己的工廠，在我們的設施內交付，在那裡保持高效，管理約束，但同時也提升了這項技術。

And we learned a lot in that period.

我們在那段時間學到了很多東西。

It puts us in a much better position at the company.

它使我們在公司處於更好的位置。

The lessons learned when the intensity was high, I think, really are key for us and will make us a better company as we supply further.

我認為，當強度高時吸取的教訓對我們來說確實很關鍵，並且隨著我們進一步供應，這將使我們成為一家更好的公司。

But then some of the other things that Kris mentioned, this was not just the mobile launch.

但是克里斯提到的其他一些事情，這不僅僅是移動發布。

Mobile was great and was the highlight, but we really executed in our broad markets.

移動非常棒，是亮點，但我們確實在廣闊的市場上執行了。

And I'm really proud about that.

我對此感到非常自豪。

Some of the customer names I already rattled off, but really high-quality accounts that were not customers of Skyworks a year ago and they are today and they will be in the future.

一些客戶的名字我已經喋喋不休，但真正高質量的帳戶，一年前不是 Skyworks 的客戶，現在是，將來也是。

As a follow-up, with the big revenue growth, what can we think about margins as we go into next year?

作為後續行動，隨著收入的大幅增長，我們對明年的利潤率有何看法？

And I know that you may have been leaning on some production outsourcing given all the supply constraints and the big ramps that happened this year.

而且我知道，鑑於今年發生的所有供應限制和大幅增長，您可能一直依賴於一些生產外包。

With the investments that you're making now, will that allow you to get some more margin leverage on these very large revenue numbers and start to grow the gross margin line as we go into next year?

有了你現在正在進行的投資，這會讓你在這些非常大的收入數字上獲得更多的利潤槓桿，並在我們進入明年時開始增加毛利率線嗎？

Yes.

是的。

Chris, great question.

克里斯，好問題。

And so first of all, I'm pleased with the fact that we delivered 51.1% gross margin, up 70 basis points sequentially, up 100 basis points year-over-year and 35 basis points above the high end of what we guided, right, despite the fact that, as you pointed out, it was a very tight supply chain environment.

首先，我很高興我們實現了 51.1% 的毛利率，環比增長 70 個基點，同比增長 100 個基點，比我們指導的高端高 35 個基點，對吧，儘管正如您所指出的那樣，這是一個非常緊張的供應鏈環境。

And keep in mind, we still have some COVID-19 headwinds out there as well.

請記住，我們仍然有一些 COVID-19 的不利因素。

But as Liam indicated, great execution by the operational team, delivering more than $1.5 billion in revenue to our customers, right?

但正如利亞姆所說，運營團隊的出色執行為我們的客戶帶來了超過 15 億美元的收入，對吧？

And so as we move forward and as we move, of course, to our seasonal trends here and as some of those headwinds I just talked about will abate over time, we definitely will see further gross margins improvements here.

因此，隨著我們向前發展，當然，隨著我們在這裡的季節性趨勢以及我剛才談到的一些不利因素會隨著時間的推移而減弱，我們肯定會看到這裡的毛利率進一步提高。

And maybe just to add there, of course, I mean, we are focused on driving top line growth, and we are focused on driving gross margin improvements all the time.

當然，也許只是補充一下，我的意思是，我們專注於推動收入增長，我們一直專注於推動毛利率的提高。

But we also focus on overall profitability and operating margins improvements.

但我們也關注整體盈利能力和營業利潤率的提高。

And so there as well, very pleased with the delivery of the 41.2% operating margin in the December quarter.

因此，對 12 月季度 41.2% 的營業利潤率的交付感到非常滿意。

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

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

Excellent results, guys.

優秀的結果，伙計們。

Congratulations.

恭喜。

Kris, I'd like to ask, if possible.

克里斯，如果可能的話，我想問一下。

I mean, obviously, you've got a big boost from your largest customer.

我的意思是，很明顯，你從你最大的客戶那裡得到了很大的推動。

Their results yesterday, your comments on today's call, and clearly, your revenue line show that.

他們昨天的結果，你對今天電話會議的評論，很明顯，你的收入線表明了這一點。

But in terms of sustainability, why shouldn't we expect things to actually get materially better?

但就可持續性而言，我們為什麼不期望事情實際上會變得更好呢？

Because if you look at your content, I mean, you have a big content increase on the latest model, something like by our own teardown, about 20%.

因為如果你看你的內容，我的意思是，你在最新模型上的內容有很大的增加，比如我們自己的拆解，大約 20%。

But you still have a lot of runway at the Korean and Chinese customers where you've been kind of under earning last year.

但是你仍然在韓國和中國客戶那裡有很多跑道，去年你的收入有點低。

That seems to be coming back.

那似乎要回來了。

So can you maybe help characterize revenue growth maybe to '21?

那麼，您能否幫助描述 21 年的收入增長？

You've got a very strong one with the domestic suppliers.

你有一個非常強大的國內供應商。

What should we expect for the Koreans and China?

我們應該對韓國人和中國有什麼期待？

Sure.

當然。

Ed, I'll take this for the first question.

Ed，我將把這個作為第一個問題。

And if you have a follow-up, I'll throw it to Kris.

如果你有後續，我會把它扔給 Kris。

Yes.

是的。

I mean great question for you there.

我的意思是對你的好問題。

And I think one of the things that you know very well is the complexity in 5G and the nuances around that technology.

我認為您非常了解的一件事是 5G 的複雜性以及圍繞該技術的細微差別。

And really, all key elements need to come together.

確實，所有關鍵要素都需要結合在一起。

So we were able to put that forward with, of course, our largest customer, but we're also gaining in China with key players, the Oppo, Vivo, Xiaomi.

因此，當然，我們能夠與我們最大的客戶一起提出這一點，但我們也在中國與主要參與者 Oppo、Vivo、小米一起獲得了收益。

We've got great attachment with MediaTek as well.

我們對聯發科也有很好的依戀。

It's still so early.

現在還這麼早。

If you look at units in 5G versus where they could be in a couple of years, right?

如果您將 5G 中的單位與幾年後的單位進行比較，對嗎？

You've got 6.6 -- 6.5 billion to 7 billion mobile subscribers and we're talking about a couple of hundred million units of 5G phones in 2020.

你有 6.6 到 65 億到 70 億移動用戶，我們談論的是 2020 年有幾億部 5G 手機。

It'll probably double in 2021, but there's still a great opportunity for us at Skyworks.

它可能會在 2021 年翻一番，但 Skyworks 對我們來說仍然是一個很好的機會。

And the other thing that we do well is we are an under-the-hood player.

我們做得好的另一件事是我們是一名幕後球員。

We get in there with those customers and help them stitch together the necessary technologies to make it work in 5G.

我們與這些客戶一起進入，幫助他們將必要的技術整合在一起，使其在 5G 中運行。

When you look at the Oppo, Vivo, Xiaomi, I mean the people support that we provide is very unique.

當您查看 Oppo、Vivo、小米時，我的意思是我們提供的人員支持非常獨特。

The Sky5 platform is highly integrated and really puts them on a fast, fast time line to market, which is ideal.

Sky5 平台高度集成，真正將它們置於快速、快速的上市時間線上，這是理想的。

We're also seeing our large customer perform extremely well, extremely well and taking share globally, in our view.

在我們看來，我們還看到我們的大客戶表現非常好，非常好，並在全球範圍內佔有一席之地。

So there's a lot of positives there, and it's sustainable.

所以那裡有很多積極的一面，而且是可持續的。

5G, again, still early innings.

再次，5G 仍處於早期階段。

We believe this is a multiyear thematic cycle for us and others.

我們相信這對我們和其他人來說是一個多年的主題週期。

And then the inflection towards other markets, automotive, IoT, so many other markets that will consume these technologies.

然後轉向其他市場，汽車、物聯網，以及許多其他將使用這些技術的市場。

I think it just comes together for a good long-term thesis here.

我認為它只是為了一個好的長期論文而結合在一起。

So maybe my follow-up then kind of hits on that issue.

因此，也許我的後續行動對這個問題有所幫助。

I mean it was only, what, 18 months ago, 2 years ago that people were frightened about Chinese OEM -- component guys replacing the U.S. suppliers after the Huawei ban, which seems ridiculous on its base, and it's clearly not the case now.

我的意思是，18 個月前，2 年前，人們才對中國 OEM 感到害怕——在華為禁令之後替換美國供應商的零部件供應商，這在其基礎上似乎很荒謬，現在顯然不是這樣。

So what I'm trying to -- I guess the question really is, is that the complexity that we've already seen into your largest customers and is now being designed into some of the Chinese phones to acquire some of these more elaborate modules with all the system design, et cetera, that's also kind of porting into WiFi 6E and almost every wireless solution in the current standard at this point.

所以我想要做的——我想問題真的是，我們已經在你們最大的客戶身上看到了複雜性，現在正被設計到一些中國手機中，以獲取其中一些更複雜的模塊所有系統設計，等等，這也有點移植到 WiFi 6E 和目前標準中的幾乎所有無線解決方案中。

Are you seeing -- is the competitive dynamic changing much at all?

您是否看到 - 競爭動態是否發生了很大變化？

I mean do you, Qorvo, less -- to much lesser extent, Avago, because they don't play in a lot of these things, outside of that group, are you seeing anybody else?

我的意思是你，Qorvo，更少——在更小的程度上，Avago，因為他們在很多這樣的事情上都沒有打球，除了那個小組，你還有其他人嗎？

Or is it the reverse, the content that they were providing, especially some of the quasi dispute phones is now accruing to you and the other leader?

還是相反，他們提供的內容，尤其是一些準爭議電話現在正在累積到您和其他領導者身上？

Yes.

是的。

Ed, it was even in the prepared remarks.

埃德，甚至在準備好的評論中。

We are seeing a consolidation.

我們看到了整合。

I mean this stuff is it's great technology.

我的意思是這些東西是很棒的技術。

It's wonderful.

太棒了。

It's amazing for the consumer, but it's really, really hard.

這對消費者來說是驚人的，但它真的，真的很難。

And for those companies that have the ability to invest in scale and technology are going to win.

對於那些有能力在規模和技術上進行投資的公司來說，他們將會獲勝。

And that's not for everybody.

這並不適合所有人。

I mean it's not for everybody.

我的意思是它並不適合所有人。

And it's -- we're not the only game -- and I think we've done a great job of advancing in that area and developing the technology.

而且它 - 我們不是唯一的遊戲 - 我認為我們在該領域的進步和開發技術方面做得很好。

And we build our stuff in-house, which has been strategically advantageous for us.

我們在內部製造我們的東西，這對我們來說具有戰略優勢。

But when you look at China, we provide the perfect recipe.

但是當你看到中國時，我們提供了完美的食譜。

We can scale.

我們可以擴展。

We can provide content.

我們可以提供內容。

We can provide coaching and flexibility in the architectures and bring them to market in a technology that is just incredible today.

我們可以在架構中提供指導和靈活性，並以今天令人難以置信的技術將它們推向市場。

So all that comes together.

因此，所有這些都融合在一起。

And as you said, the smaller players right now, it's a difficult task.

正如你所說，現在的小玩家，這是一項艱鉅的任務。

It's a difficult task.

這是一項艱鉅的任務。

The technology bar is really, really high in 5G.

5G 的技術門檻真的非常高。

So it's not a slogan, right?

所以這不是口號，對吧？

It's not a -- it's a really, really high bar to get there.

這不是 - 這是一個非常非常高的到達那裡的標準。

So I think fewer and fewer companies can do it.

所以我認為能做到這一點的公司越來越少。

Those that can are going to be successful, and we want to be part of that.

那些可以成功的人，我們希望成為其中的一部分。

Your next question comes from the line of Harrison Barrett from Arete Research.

您的下一個問題來自 Arete Research 的 Harrison Barrett。

I just need to ask about millimeter wave.

我只需要問一下毫米波。

So what steps -- whether it's partnerships or investments, what steps have you taken towards millimeter wave capability?

那麼，您採取了哪些步驟——無論是合作夥伴關係還是投資，您都採取了哪些措施來實現毫米波能力？

And from your perspective, how do you see the adoption curve changing over the next couple of years?

從您的角度來看，您如何看待未來幾年的採用曲線變化？

Yes.

是的。

It's a great question.

這是一個很好的問題。

Well, certainly, it is -- it has been launched.

嗯，當然，它是——它已經啟動了。

It is available with certain carriers in certain phones.

它適用於某些手機中的某些運營商。

It is still a bit of a challenging technology today.

今天，它仍然是一項具有挑戰性的技術。

There's line of sight issues.

有視線問題。

There's power consumption issues and there's cost issues.

存在功耗問題和成本問題。

So it is early innings for millimeter wave.

所以現在是毫米波的早起。

In time, over time, it's possible that, that footprint could expand and millimeter wave become more pervasive in the smartphone.

隨著時間的推移，這種覆蓋範圍可能會擴大，毫米波在智能手機中變得更加普遍。

But I'll tell you, the interesting thing, though, is the C-band auction here opens up new spectrum that will allow immediate lanes of transmission back and forth that just haven't been there today that could step up and provide another path for 5G.

但我會告訴你，有趣的是，這裡的 C 波段拍賣開闢了新的頻譜，這將允許直接的來回傳輸通道，而今天還沒有，可以加強並提供另一條路徑對於 5G。

So I think millimeter wave will continue to move on.

所以我認為毫米波將繼續前進。

And it's a great application in certain environments, line of sight environments, campus environments, large stadiums, things like that would be perfect.

它在某些環境、視線環境、校園環境、大型體育場等環境中是一個很好的應用程序，這樣的事情會很完美。

But it's a bit more difficult for broad stream technology.

但是對於寬流技術來說，這有點困難。

So it's quite possible that as we build out 5G and the advancements are made, you're going to see that layer cake low band, mid-band and then millimeter wave at the top for certain applications.

因此，當我們構建 5G 並取得進步時，很有可能您會在某些應用中看到低頻段、中頻段和頂部的毫米波。

So I think all technologies there can play millimeter wave.

所以我認為那裡的所有技術都可以播放毫米波。

Right now is probably the lowest in terms of introduction and exposure.

就介紹和曝光而言，現在可能是最低的。

But I think there's opportunity for it to grow.

但我認為它有發展的機會。

And we're making investments in millimeter wave as well here at Skyworks to make sure that we're close to the action and doing what we need to do to support our customers.

我們也在 Skyworks 對毫米波進行投資，以確保我們接近行動並做我們需要做的事情來支持我們的客戶。

Great.

偉大的。

And as a follow-up, how should we think about M&A at Skyworks over the next couple of years?

作為後續行動，我們應該如何看待 Skyworks 未來幾年的併購？

Are you guys looking to bolster broad markets further at this stage?

你們是否希望在現階段進一步支持廣闊的市場？

Yes.

是的。

No, great question.

不，很好的問題。

First of all, we love our organic outlook.

首先，我們喜歡我們的有機外觀。

We love our business.

我們熱愛我們的事業。

And the markets that we play in have been incredible.

我們參與的市場令人難以置信。

They've been dynamic.

他們一直充滿活力。

They've been challenging, but they've been incredibly rewarding for us.

他們一直在挑戰，但他們對我們來說是難以置信的回報。

And so what we do, though, is as we pursue opportunities and work with customers, ideas and M&A opportunities come about, right, naturally.

因此，我們所做的是，當我們追求機會並與客戶合作時，想法和併購機會自然而然地就會出現。

So we continue to have our eyes and ears open on that front.

因此，我們繼續在這方面睜大眼睛和耳朵。

The opportunities do pop up.

機會確實出現了。

We have a tremendous cash machine at Skyworks.

Skyworks 有一台巨大的提款機。

You heard the data with our free cash flow margin and just the net cash that we have.

您聽到了我們的自由現金流邊際數據和我們擁有的淨現金。

So when the right opportunity comes together, we'll be ready to take advantage.

因此，當合適的機會出現時，我們將做好充分利用的準備。

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

您的下一個問題來自 Baird 的 Tristan Gerra。

In the -- the 3.5 gigahertz band, as we see more bands being added and some of that will come from the new C-band opportunity, at which point over the next few years you think that module moves from SAW filters to BAW filters?

在 3.5 GHz 頻段中，隨著我們看到更多頻段被添加，其中一些將來自新的 C 頻段機會，那麼在接下來的幾年中，您認為模塊會從 SAW 濾波器轉移到 BAW 濾波器嗎？

And how do you think you're positioned for -- ahead of that transition?

在過渡之前，您認為自己的定位如何？

Yes.

是的。

Yes.

是的。

So if you think about the transition here, as we move forward, and we have BAW, great technology in TC-SAW, a standard SAW and also ultra-high band bulk acoustic wave.

因此，如果您考慮這裡的過渡，隨著我們的前進，我們擁有 BAW、TC-SAW 中的出色技術、標準 SAW 和超高頻帶體聲波。

So we have the ability to play along that spectrum, that frequency spectrum and capture more and more opportunities.

所以我們有能力沿著那個頻譜，那個頻譜，抓住越來越多的機會。

I think where you're going to see probably the most incremental growth on the Skyworks front is the delivery of our bulk acoustic wave technology.

我認為您可能會看到 Skyworks 前沿的最大增量增長是我們的體聲波技術的交付。

And if you look back at our company a couple of years ago, we talked a little bit about BAW, but we were honest and we said, look, we just don't -- we don't have the scale a couple of years ago.

如果你回顧我們幾年前的公司，我們談到了一點 BAW，但我們很誠實，我們說，看，我們只是沒有 - 我們幾年前沒有規模前。

Now we're shipping hundreds of millions of units of bulk acoustic wave.

現在我們正在運送數億單位的體聲波。

And that technology is purpose-built for mid and high-band spectrum.

該技術專為中高頻段頻譜而設計。

So that is being laid out.

所以正在製定。

You're seeing it now in some of the teardowns or some of the phones that we're working with today that are on the shelves.

你現在在一些拆解或我們今天正在使用的一些手機上看到它。

And you'll see further advancement in our bulk acoustic wave technology embedded in new phones as we go out to the next set of devices in 2021, 2022.

隨著我們在 2021 年和 2022 年推出下一組設備，您將看到嵌入在新手機中的體聲波技術的進一步進步。

Okay.

好的。

Great.

偉大的。

And then as a quick follow-up, how would you characterize inventory levels at -- in the smartphone supply chain, notably in China, as some of the OEMs you've mentioned are basically battling for market share, taking grabs from Huawei?

然後作為快速跟進，您如何描述智能手機供應鏈中的庫存水平，特別是在中國，因為您提到的一些原始設備製造商基本上都在爭奪市場份額，從華為手中搶奪？

Yes.

是的。

In fact, we are still at a record low level, both internally at Skyworks, but also in the supply chain and in the distribution channel.

事實上，我們仍然處於創紀錄的低水平，無論是在 Skyworks 內部，還是在供應鍊和分銷渠道中。

Keep in mind that there still has been somewhat of a demand/supply imbalance, although that is improving as we now move into the March quarter.

請記住，仍然存在一定程度的供需失衡，儘管隨著我們現在進入三月季度，這種情況正在改善。

But given all of that, the inventory in the channel is extremely low.

但考慮到所有這些，渠道中的庫存極低。

And our final question comes from the line of Craig Ellis from B. Riley Securities.

我們的最後一個問題來自 B. Riley Securities 的 Craig Ellis。

Congratulations on the tremendous revenue strength and getting gross margins back up to 51% first time in 8 quarters, nice to see.

祝賀巨大的收入實力和毛利率在 8 個季度內首次回升至 51%，很高興看到。

Liam, the question I wanted to ask, and I typically wouldn't ask it this early in the year, but it really seems to be big given the strength of the business in the December quarter and in the March quarter.

Liam，我想問的問題，我通常不會在今年年初問這個問題，但考慮到 12 月季度和 3 月季度的業務實力，這似乎真的很大。

As we look ahead at the calendar year, I think we'd typically think that seasonally the business would be down a few percent in the calendar second quarter, just given the pause between first half builds and second half builds.

當我們展望日曆年時，我認為我們通常會認為季節性業務將在日曆第二季度下降幾個百分點，只是考慮到上半年構建和下半年構建之間的暫停。

But you did mention earlier the doubling in 5G smartphone units and ongoing content gains, and you and Kris both touched on the secular dynamics in broad markets.

但您之前確實提到了 5G 智能手機數量翻番和內容持續增長，您和 Kris 都談到了廣闊市場的長期動態。

And so the question is, in part, just how are you thinking about the gives and takes as we look towards the middle of the year?

所以問題是，在某種程度上，當我們展望年中時，你如何看待給予和索取？

And then given the strength we're seeing to start the year, can we still expect to see the typical type of seasonality we would expect in the second half of the year?

然後考慮到我們在年初看到的強勁勢頭，我們還能期待看到下半年的典型季節性嗎？

Or are we just starting so robustly that for whatever reason linearity would be flatter?

還是我們剛剛開始如此穩健以至於無論出於何種原因線性會更平坦？

Yes.

是的。

Yes, that's a great set of questions here, Craig.

是的，這是一組很好的問題，克雷格。

I think what we're seeing now is, again, great adoption right out of the gate with our 5G portfolio.

我認為我們現在看到的是，我們的 5G 產品組合一開始就被廣泛採用。

We're thrilled to see that early innings, so there's a lot to do.

我們很高興看到早期的一局，所以有很多事情要做。

And then in parallel, these broad market opportunities are really scaling right now.

與此同時，這些廣闊的市場機會現在正在真正擴大。

We talked a lot about WiFi 6. We've got Bluetooth.

我們談了很多關於 WiFi 6 的話題。我們有藍牙。

We've got GPS.

我們有GPS。

And we're in platforms that are just -- even with our largest customer, that the amount of revenue derived in nonphone devices or noncellular devices have been incredible, and that's a new area for us to see.

而且我們所處的平台 - 即使是我們最大的客戶，非電話設備或非蜂窩設備產生的收入數量也令人難以置信，這對我們來說是一個新領域。

So that's continuing to advance.

所以這繼續推進。

And broad markets, again, 35% year-over-year, incredible numbers.

廣闊的市場再次同比增長 35%，令人難以置信的數字。

And we're just really -- and that's a market that there's so much share that we haven't captured.

而且我們真的 - 這是一個我們沒有佔領的市場。

It's just -- it's compelling to continue to make those investments in people and in technology to grow that.

只是 - 繼續在人員和技術上進行投資以發展它是令人信服的。

And then the mobile business will continue to do very, very well.

然後移動業務將繼續做得非常非常好。

If you look at where we see the market, we continue to see new content opportunities that we chase and variably win.

如果你看看我們看到的市場，我們會繼續看到我們追逐並不斷贏得的新內容機會。

We've got a China position now that I think is going to inflect higher as the content there on a relative basis is still lower than it is in other markets.

我們現在有一個中國的立場，我認為中國的地位會更高，因為相對而言，那裡的內容仍然低於其他市場。

So there's a great opportunity to move.

所以這是一個很好的搬家機會。

And then the expansion of use cases.

然後是用例的擴展。

So it's customers and use cases that we just haven't seen.

因此，我們還沒有看到客戶和用例。

Some of that came through the pandemic, a difficult period of time.

其中一些來自大流行，這是一段艱難的時期。

And some of that were technologies that just emerged.

其中一些是剛剛出現的技術。

You think about Zoom, you think about Peloton, store-to-door delivery to your house, touchless payments, all of this stuff is not going to go away.

你想想 Zoom，你想想 Peloton，店到門送貨到你家，非接觸式支付，所有這些東西都不會消失。

It's not going to go away.

它不會消失。

But it's also going to be powered by connectivity.

但它也將由連接提供動力。

It's going to be connected by the kind of things that we offer, again, whether it's WiFi, whether it's 5G, whether it's Bluetooth.

它將通過我們提供的東西再次連接，無論是 WiFi、5G 還是藍牙。

I mean so there's a parallel market here that is building and creating unique momentum.

我的意思是，這裡有一個平行市場正在建立和創造獨特的勢頭。

I'm incredibly excited about the 35% broad market number in a period of time that typically was all about mobile.

我對在一段通常與移動有關的時期內 35% 的廣泛市場數字感到非常興奮。

So we're really demonstrating the ability to create diversification but still, in many cases, use common technology cores that run through our factories.

因此，我們確實展示了創造多樣化的能力，但在許多情況下，我們仍然使用貫穿我們工廠的通用技術核心。

That's really helpful.

這真的很有幫助。

It's pretty amazing to think that by late this year, those 2 businesses could be annualizing at $5 billion and $1.5 billion each.

令人驚訝的是，到今年年底，這兩家企業的年化收入可能分別為 50 億美元和 15 億美元。

So my follow-up really is for you and Kris, on the share buyback.

所以我的後續行動真的是為了你和克里斯，關於股票回購。

So nice to see the $2 billion buyback.

很高興看到 20 億美元的回購。

The question is this, with $700 million remaining on the existing buyback, can you just give us some color on why now with the new authorization?

問題是，現有的回購還剩 7 億美元，你能否給我們一些顏色，說明為什麼現在有了新的授權？

And what was it that dictated the $2 billion was the right amount versus, say, $1 billion or $1.5 billion or even $2.5 billion to $3 billion?

是什麼決定了 20 億美元與 10 億美元或 15 億美元，甚至 25 億至 30 億美元相比是正確的數額？

Yes, it's very simple.

是的，這很簡單。

The time expired on the prior authorization.

事先授權的時間已屆滿。

It's a $2 billion program for 2 years.

這是一個為期 2 年、耗資 20 億美元的計劃。

So that previous plan was put in place in January 2019 and expired in January 2021.

因此，之前的計劃於 2019 年 1 月實施，並於 2021 年 1 月到期。

And so we are putting in place a new $2 billion program covering the next 2 years.

因此，我們正在實施一項涵蓋未來 2 年的 20 億美元的新計劃。

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 remarks.

我現在將把電話轉回給格里芬先生，以聽取任何結束語。

Thank you all for participating on today's call.

感謝大家參加今天的電話會議。

We look forward to talking to you in upcoming investor conferences during the quarter.

我們期待在本季度即將舉行的投資者會議上與您交談。

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。