思佳訊 (SWKS) 2020 Q4 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Fourth Quarter and Fiscal Year 2020 Earnings Call. This call is being recorded.

下午好，歡迎參加 Skyworks Solutions 第四季度和 2020 財年財報電話會議。正在錄製此通話。

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

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

Thank you, Rob. Good afternoon, everyone, and welcome to Skyworks' Fourth Fiscal Quarter and Year End 2020 Conference Call. With me today are Liam Griffin, our President and Chief Executive Officer; and Kris Sennesael, our Chief Financial Officer.

謝謝你，羅布。大家下午好，歡迎參加 Skyworks 2020 財年第四季度和年終電話會議。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. 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，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。請參閱我們的收益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 certain non-GAAP financial measures, consistent with our prior practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

此外，我們將討論的結果和指導包括某些非公認會計原則的財務措施，與我們之前的做法一致。請參閱我們公司網站投資者關係部分的新聞稿，以了解與 GAAP 的完全對賬。

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

有了這個，我會把電話轉給 Liam。

Thanks, Mitch, and welcome, everyone. Skyworks delivered exceptional results in the fourth fiscal quarter with revenue and earnings well ahead of our guidance. Importantly, the moment spanned across our entire customer base; mobile, IoT, automotive, cognitive audio and infrastructure. In fact revenues in our mobile and broad markets portfolios each grew 30% sequentially and generated double-digit growth compared to Q4 of last year.

謝謝，米奇，歡迎大家。 Skyworks 在第四財季取得了非凡的業績，收入和收益遠超我們的預期。重要的是，這一時刻跨越了我們的整個客戶群；移動、物聯網、汽車、認知音頻和基礎設施。事實上，與去年第四季度相比，我們的移動和廣泛市場投資組合的收入均環比增長 30%，並實現了兩位數的增長。

Now looking at the quarter in more detail. We delivered revenue of $957 million, more than $100 million above the high end of our guidance. We achieved gross margin of 50.4% and operating margin of 35%. We posted earnings per share of $1.85, exceeding our guidance by $0.34, and we generated strong operating cash flow, totaling $267 million in the quarter. Capitalizing on years of investment in next technology generation products, we are now both driving and benefiting from the rollout of 5G in markets around the world. Recent data points highlight just how rapidly this adoption is accelerating. 38 countries have already launched 5G networks with more regions set to deploy. And already in 2020, 12% of the world's smartphones are 5G-enabled with projections of over 50% by 2023.

現在更詳細地查看該季度。我們實現了 9.57 億美元的收入，比我們的指導上限高出 1 億多美元。我們實現了 50.4% 的毛利率和 35% 的營業利潤率。我們公佈的每股收益為 1.85 美元，超出我們的指導 0.34 美元，並且我們產生了強勁的經營現金流，本季度總計 2.67 億美元。憑藉多年來對下一代技術產品的投資，我們現在正在推動 5G 在全球市場的推廣並從中受益。最近的數據點突出了這種採用的加速速度。 38 個國家/地區已經啟動了 5G 網絡，更多地區將部署。到 2020 年，全球 12% 的智能手機支持 5G，預計到 2023 年將超過 50%。

Notably, the world's leading smartphone manufacturer has just now released its entire lineup of new 5G devices, a key catalyst underpinning our growth thesis. Although we are only in the early innings, 5G has arrived, ushering in a new and expansive set of opportunities.

值得注意的是，這家全球領先的智能手機製造商剛剛發布了其全新的 5G 設備系列，這是支撐我們增長論點的關鍵催化劑。儘管我們還處於早期階段，但 5G 已經到來，迎來了一系列新的廣闊機遇。

During the quarter, our solutions powered a broad set of use cases. From the newest and most innovative smartphones to industrial IoT, automotive, cognitive audio and touchless commerce. Specifically, in mobile, we accelerated the ramp of our Sky5 portfolio, while supporting leading 5G smartphone launches, including those from Samsung, Oppo, Vivo, Xiaomi, Google and other major Tier 1s.

在本季度，我們的解決方案支持了廣泛的用例。從最新、最具創新性的智能手機到工業物聯網、汽車、認知音頻和非接觸式商務。具體而言，在移動領域，我們加快了 Sky5 產品組合的發展，同時支持領先的 5G 智能手機發布，包括來自三星、Oppo、Vivo、小米、谷歌和其他主要一級供應商的產品。

In IoT, we enabled touchless point-of-sale systems at Square, powered WiFi 6 access points for Amazon, ramped WiFi 6 solutions for advanced routers at NETGEAR and ASUS, and launched residential gateways at Verizon and Telecom Italia. We also supported Facebook's newest Oculus VR platform. And we further bolstered our position in low latency cognitive audio solutions, powering wireless headsets at Logitech, Razor and Sony, among others.

在物聯網方面，我們在 Square 啟用了非接觸式銷售點系統，為 Amazon 提供 WiFi 6 接入點，為 NETGEAR 和 ASUS 的高級路由器增加 WiFi 6 解決方案，並在 Verizon 和 Telecom Italia 推出住宅網關。我們還支持 Facebook 最新的 Oculus VR 平台。我們進一步鞏固了我們在低延遲認知音頻解決方案方面的地位，為羅技、Razor 和索尼等公司的無線耳機提供動力。

Now moving to the industrial space. We introduced embedded connectivity modules enabling Fibocom's latest enterprise IoT architectures. We delivered critical medical applications, at Boston Scientific and GE and also supported wireless utility metering at Itron and Census.

現在轉向工業領域。我們推出了嵌入式連接模塊，支持 Fibocom 最新的企業物聯網架構。我們為波士頓科學公司和通用電氣提供了關鍵的醫療應用，還為 Itron 和 Census 提供了無線公用事業計量支持。

In infrastructure, we secured multiple design wins in next-generation MIMO base stations and small cell installations. And finally, in automotive, we ramp telematic subsystems for BMW and Tesla and launched high-speed connected car solutions for Daimler as leading OEMs in Japan and Korea. These engagements illustrate the diverse and expansive nature of our portfolio, supporting a broad array of customers and applications.

在基礎設施方面，我們在下一代 MIMO 基站和小型蜂窩安裝中獲得了多項設計勝利。最後，在汽車領域，我們為寶馬和特斯拉推出了遠程信息處理子系統，並為戴姆勒作為日本和韓國領先的原始設備製造商推出了高速互聯汽車解決方案。這些參與說明了我們產品組合的多樣性和廣泛性，支持廣泛的客戶和應用程序。

Fundamentally, our ability to execute and deliver on successive technology nodes fuels above-market growth. This momentum is underpinned by increasing demand for our unique system solutions, differentiated by performance, integration, scale and most importantly, customer value. Skyworks is well positioned to capitalize on the rapidly changing landscape with deep customer relationships established over 20 years, experience across multiple technology transitions. Strategic investments in global scale, a seasoned and talented workforce; and finally, an efficient cash flow engine that funds continuous development of market leading solutions.

從根本上說，我們在連續技術節點上執行和交付的能力推動了高於市場的增長。這種勢頭的基礎是對我們獨特的系統解決方案的需求不斷增長，這些解決方案在性能、集成、規模和最重要的是客戶價值方面具有差異化。 Skyworks 憑藉 20 多年建立的深厚客戶關係和跨越多種技術轉型的經驗，能夠充分利用瞬息萬變的環境。在全球範圍內進行戰略投資，擁有一支經驗豐富且才華橫溢的員工隊伍；最後，一個高效的現金流引擎，為市場領先解決方案的持續開發提供資金。

With that, I will turn the call over to Kris for a discussion of Q4 and the fiscal year, along with our outlook for Q1.

有了這個，我將把電話轉給 Kris，討論第四季度和財政年度，以及我們對第一季度的展望。

Thanks, Liam. Skyworks revenue for the fourth fiscal quarter of 2020 was $957 million, this is $117 million higher than the midpoint of the guidance coming into Q4. Revenue was up 30% sequentially and up 16% year-over-year, driven by increasing adoption of our mobile solutions and rising broad market momentum.

謝謝，利亞姆。 Skyworks 2020 年第四財季的收入為 9.57 億美元，比進入第四季度的指導中點高出 1.17 億美元。收入環比增長 30%，同比增長 16%，這主要得益於我們的移動解決方案的採用率不斷提高以及廣泛的市場勢頭不斷增強。

In fact, both mobile and broad markets revenue grew 30% sequentially and were up double digits compared to Q4 of last year. We established a new quarterly record of $295 million in broad markets revenue, while greatly expanding our customer reach. Gross profit in the fourth quarter was $482 million resulting in a gross margin of 50.4%, up 30 basis points sequentially. Operating expenses were $147 million or 15.4% of revenue, demonstrating leverage in our operating model while continuing our strategic investments in support of future growth.

事實上，移動和廣泛市場的收入環比增長了 30%，與去年第四季度相比增長了兩位數。我們在廣泛的市場收入中創造了 2.95 億美元的新季度記錄，同時大大擴大了我們的客戶範圍。第四季度毛利潤為 4.82 億美元，毛利率為 50.4%，環比增長 30 個基點。運營費用為 1.47 億美元，佔收入的 15.4%，顯示了我們運營模式的槓桿作用，同時繼續我們的戰略投資以支持未來的增長。

We generated $335 million of operating income, translating into an operating margin of 35%. We incurred $1 million of other expenses, and our effective tax rate was 6.5%, driving net income of $312 million. Top line momentum and execution on margins drove diluted earnings per share of $1.85, beating the guidance by $0.34. EPS grew 48% sequentially and increased 22% compared to Q4 of last year.

我們創造了 3.35 億美元的營業收入，轉化為 35% 的營業利潤率。我們產生了 100 萬美元的其他費用，我們的有效稅率為 6.5%，淨收入為 3.12 億美元。營收勢頭和利潤率執行推動攤薄後每股收益為 1.85 美元，超出預期 0.34 美元。每股收益環比增長 48%，與去年第四季度相比增長 22%。

Turning to the balance sheet and cash flow. Fourth fiscal quarter cash flow from operations was $267 million and capital expenditures were $146 million. We paid $84 million in dividends. And given our conviction in the underlying strength of our business, we repurchased 1.7 million shares of our common stock at an average price of approximately $140 per share for a total of $231 million.

轉向資產負債表和現金流。第四財季運營現金流為 2.67 億美元，資本支出為 1.46 億美元。我們支付了 8400 萬美元的股息。鑑於我們對業務潛在實力的信念，我們以每股約 140 美元的平均價格回購了 170 萬股普通股，總計 2.31 億美元。

As this is the fourth quarter of fiscal 2020, let's also review our annual results. We generated $3.4 billion of revenue with gross profit of $1.7 billion, resulting in a gross margin of 50.2%. Operating income was $1.1 billion with an operating margin of 33.7%. Net income was $1 billion, translating into $6.13 of diluted earnings per share. Cash flow from operations was $1.2 billion, and we returned nearly $1 billion to shareholders in fiscal 2020 with $307 million of dividend payments and $648 million in share buybacks as we repurchased 6.3 million shares throughout the fiscal year. And we ended the fiscal year with cash and investments of $1 billion, and we have no debt.

由於這是 2020 財年的第四季度，讓我們也回顧一下我們的年度業績。我們創造了 34 億美元的收入，毛利潤為 17 億美元，毛利率為 50.2%。營業收入為 11 億美元，營業利潤率為 33.7%。淨收入為 10 億美元，相當於每股攤薄收益 6.13 美元。運營現金流為 12 億美元，我們在 2020 財年向股東返還了近 10 億美元，支付了 3.07 億美元的股息和 6.48 億美元的股票回購，因為我們在整個財年回購了 630 萬股股票。我們以 10 億美元的現金和投資結束了本財年，而且我們沒有債務。

In summary, the Skyworks team executed exceptionally well despite a challenging environment. Navigating the COVID-19 pandemic and headwinds from U.S.-China trade relations. We delivered strong profitability and cash generation ended the fiscal year on a high note and position the company for future top and bottom line growth as we enter the new 5G era.

總之，儘管環境充滿挑戰，Skyworks 團隊的表現異常出色。駕馭 COVID-19 大流行和美中貿易關係的逆風。隨著我們進入新的 5G 時代，我們在本財年結束時實現了強勁的盈利能力和現金產生，並為公司未來的頂線和底線增長做好了準備。

Now let's move on to our outlook for Q1 of fiscal 2021. We expect to deliver another quarter of double-digit sequential revenue and earnings per share growth in our first fiscal quarter. Specifically, we anticipate revenue between $1.04 billion and $1.07 billion. At the midpoint of $1.055 billion. Revenue for the quarter is expected to increase 10% sequentially and 18% year-over-year. Gross margin is projected to be in the range of 50.25% to 50.75% as we continue to drive profitability expansion. We expect operating expenses of approximately $148 million.

現在讓我們繼續我們對 2021 財年第一季度的展望。我們預計在第一財季將實現另一個季度的兩位數連續收入和每股收益增長。具體來說，我們預計收入在 10.4 億美元至 10.7 億美元之間。在 10.55 億美元的中點。本季度的收入預計將環比增長 10%，同比增長 18%。隨著我們繼續推動盈利能力擴張，預計毛利率將在 50.25% 至 50.75% 之間。我們預計運營費用約為 1.48 億美元。

Below the line, we anticipate roughly $1 million in other expense and a tax rate between 9% and 10%. We expect our diluted share count to be approximately 168.5 million shares. Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $2.06, an increase of 11% sequentially and more than 20% on a year-over-year basis.

在這條線之下，我們預計大約 100 萬美元的其他費用和 9% 到 10% 的稅率。我們預計我們的稀釋股數約為 1.685 億股。因此，在收入範圍的中點，我們打算實現每股攤薄收益 2.06 美元，環比增長 11%，同比增長超過 20%。

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

有了這個，我會把電話轉回給利亞姆。

Thanks, Kris. Skyworks significantly exceeded September quarter expectations in revenue and earnings per share, capping off a fiscal year that tested and demonstrated the resilience and agility of our business. As 5G revolutionizes connectivity and proliferates in global platform launches, we are ramping our innovative Sky5 solutions across a rapidly expanding set of end markets. Clearly, Skyworks technologies are playing an essential role in today's challenging environment, enabling ubiquitous, reliable, ultra-fast and safe connections, driving momentum across our portfolio while positioning our business for continued growth.

謝謝，克里斯。 Skyworks 在收入和每股收益方面大大超出了 9 月季度的預期，為一個測試並展示了我們業務的彈性和敏捷性的財年畫上了句號。隨著 5G 徹底改變連接性並在全球平台發布中激增，我們正在快速擴展的終端市場中推廣我們的創新 Sky5 解決方案。顯然，Skyworks 技術在當今充滿挑戰的環境中發揮著至關重要的作用，實現了無處不在、可靠、超快速和安全的連接，推動了我們產品組合的發展勢頭，同時為我們的業務持續增長做好了定位。

Finally, our strong balance sheet and consistent cash generation provide a formidable platform for technology investment as we deliver premium returns to our stockholders.

最後，我們強大的資產負債表和持續的現金生成為技術投資提供了一個強大的平台，因為我們為我們的股東提供了溢價回報。

That concludes our prepared remarks. Operator, let's open the line to questions.

我們準備好的發言到此結束。接線員，讓我們打開問題線。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Vivek Arya from Bank of America.

您的第一個問題來自美國銀行的 Vivek Arya。

Congratulations on the strong results and the accelerating sales outlook. Liam, my first question is on your Q1 December quarter outlook. Where do you think we are in the 5G cycle when we look at the strength that you're seeing in December? Is this kind of the run rate business and we can annualize from here? Does it grow from here? Just how much did 5G -- is 5G contributing to December? And how much runway is there to grow off of these quarterly levels?

祝賀強勁的業績和加速的銷售前景。利亞姆，我的第一個問題是關於你 12 月第一季度的季度展望。當我們看到您在 12 月看到的實力時，您認為我們處於 5G 週期的哪個階段？這種運行率業務，我們可以從這裡年化嗎？它是從這裡生長的嗎？ 5G 到底有多少——5G 對 12 月的貢獻是多少？這些季度水平還有多少跑道可以增長？

Sure. Yes, great question. Well, let me start by saying, we saw a bit of the 5G ramp in Q4 and actually a larger part of that with our APAC customers. And so far, it's been going great. We have been winning business. We've been expediting products. The demand has been incredible, and so we're really thrilled about that. But it's also very, very early in the cycle. So our Q4 period, which accelerated rapidly towards the end of the quarter and brought momentum into Q1. Our Q4 period was typically led by the APAC region. As we move into our fiscal Q1, it's led by Tier 1 customers. And in both cases, we're very well balanced and well positioned. In addition to that, we round out with a great set of plays here in IoT and in broad markets, so really good strength that's moving into -- from Q4 and into Q1. And again, very, very early in the overall 5G landscape.

當然。是的，很好的問題。好吧，首先讓我說，我們在第四季度看到了一點 5G 的增長，實際上其中很大一部分來自我們的亞太地區客戶。到目前為止，進展順利。我們一直在贏得業務。我們一直在加速產品。需求令人難以置信，因此我們對此感到非常興奮。但這也處於週期的非常非常早的階段。因此，我們的第四季度在季度末迅速加速，並為第一季度帶來了動力。我們的第四季度通常由亞太地區主導。隨著我們進入第一財季，它由一級客戶領導。在這兩種情況下，我們都非常平衡且定位良好。除此之外，我們在物聯網和廣闊的市場上推出了一系列精彩的遊戲，從第四季度到第一季度，我們的實力非常強大。再一次，在整個 5G 格局中非常非常早。

Right. And for my follow-up, Liam, given the delayed start at one of your large customers, how should we think about the seasonality as we go into calendar Q1? Should we expect to see this strength sustain into calendar Q1? Just how -- conceptually, what visibility do you have into Q1? And if you could have any color around 2021, that would also be very helpful.

正確的。對於我的後續行動，利亞姆，鑑於您的一位大客戶延遲開始，我們應該如何考慮進入日曆 Q1 的季節性？我們是否應該期望看到這種實力持續到日曆第一季度？究竟如何——從概念上講，你對第一季度有什麼可見性？如果你能在 2021 年左右擁有任何顏色，那也將非常有幫助。

Sure. Sure. Well, as you see, coming off our Q4 guidance -- our Q4 delivery, which was $100 million above consensus and $200 million sequentially, just to make sure we get that right. And now we go into Q4, we're guiding about 10% at the midpoint. We feel comfortable with that. It's diversified across customer bases. There's certainly a couple of flagship players that are leading the charge. But we are working very quickly to get these products to the customer, and we know that the demand is there. So we feel very good about our outlook and look forward to delivering more as we go forward.

當然。當然。好吧，正如你所看到的，脫離我們的第四季度指導——我們的第四季度交付，比共識高出 1 億美元，連續 2 億美元，只是為了確保我們做對了。現在我們進入第四季度，我們在中點指導大約 10%。我們對此感到很自在。它在客戶群中多樣化。肯定有幾個旗艦玩家正在引領潮流。但我們正在非常迅速地將這些產品提供給客戶，我們知道需求就在那裡。因此，我們對我們的前景感覺非常好，並期待在我們前進的過程中提供更多。

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'm wondering, Kris, if you can give us an idea of what's assumed for the December guidance for broad markets? And then I also have a follow-up.

我想知道，Kris，您能否讓我們了解一下 12 月廣泛市場指引的假設？然後我也有後續行動。

Yes. So we're definitely very pleased with what we see in our broad markets. And just to talk maybe first a little bit about September quarters, right? It was approximately 31% of total revenue it was just shy of $300 million of revenue in the quarter, which is a new all-time record for broad markets. As Liam just indicated as well, it was up 30% sequentially, which is almost $70 million of incremental revenue that we saw into the September quarter. And so we are back to double-digit year-over-year growth in the September quarter. In the December quarter, so our Q1 of fiscal '21, we expect further sequential revenue growth in growth markets. So we will end up with a new all-time high in the December quarter. And so that translates into very, very strong double-digit year-over-year growth for broad markets.

是的。因此，我們絕對對我們在廣闊市場中看到的情況感到非常滿意。只是先談談九月份的幾個季度，對吧？它約佔總收入的 31%，本季度的收入略低於 3 億美元，這是廣泛市場的歷史新紀錄。正如利亞姆剛剛指出的那樣，它環比增長了 30%，這是我們在 9 月季度看到的近 7000 萬美元的增量收入。因此，我們在 9 月季度恢復了兩位數的同比增長。在 12 月季度，即我們的 21 財年第一季度，我們預計增長市場的收入將進一步連續增長。因此，我們將在 12 月季度創下歷史新高。因此，這轉化為廣闊市場非常非常強勁的兩位數同比增長。

In broad markets, the strength that we see is really across the board. And of course, it's in part driven by some strong demand for our wireless connectivity solutions, supporting work from home, play from home, learn from home, commerce from home, everything from home, right, or from any place. We also saw a really nice rebound in our industrial IoT as well in our automotive business. And we also have really good and great positive momentum in our cognitive audio business. And then last but not least, with the infrastructure business, supporting the build-out of 5G networks. And so when you put it all together, our broad markets business is doing really well, all-time records in September and guiding to an all-time record in December.

在廣闊的市場中，我們看到的實力確實是全面的。當然，部分原因是對我們的無線連接解決方案的強烈需求，支持在家工作、在家玩耍、在家學習、在家商務、在家中或任何地方進行一切。我們還看到我們的工業物聯網和汽車業務出現了非常好的反彈。我們在認知音頻業務方面也有非常好的積極勢頭。最後但同樣重要的是，基礎設施業務支持 5G 網絡的建設。因此，當您將所有這些放在一起時，我們的廣闊市場業務表現非常好，9 月份創下歷史新高，並在 12 月份創下歷史新高。

And then I guess my second question is on gross margin. There's very little incremental margins dropping through year-over-year in September. And then if I look at the December guidance, it's like the drop-through is not really much above what the overall margin levels are. And you're not too far away from the revenue that's assumed in the financial model, but we're still 250 basis points below on gross margin.

然後我想我的第二個問題是毛利率。 9 月份同比增長的利潤率幾乎沒有下降。然後，如果我查看 12 月的指導，就好像跌幅並沒有真正高於整體利潤率水平。而且您與財務模型中假設的收入相差不遠，但我們的毛利率仍低於 250 個基點。

So can you talk a little bit about what's going on there? Is it supply just mix?

那麼你能談談那裡發生了什麼嗎？供應只是混合嗎？

Yes. First of all, I'm pleased with the gross margin in the September quarter at 50.4%, up 30 basis points sequentially. And so we have been hinting at that. Quarter-over-quarter, we will continue to make steady progress at further gross margin improvement. And so we are guiding 50.25% to 50.75%. So again, up sequentially into the December quarter.

是的。首先，我對 9 月季度的毛利率為 50.4% 感到滿意，環比增長 30 個基點。所以我們一直在暗示這一點。環比季度，我們將繼續穩步推進，進一步提高毛利率。所以我們引導 50.25% 到 50.75%。再次，依次上升到 12 月季度。

Keep in mind that we still have some headwinds as a result of COVID-19 with social distancing, extra cleaning and sanitation and some disruption in the supply chain here that is hitting us. And so we expect over time to see further improvements there on the gross margin towards our target model of 53%.

請記住，由於 COVID-19，我們仍然面臨一些不利因素，包括社交距離、額外的清潔和衛生以及這裡的供應鏈中斷正在打擊我們。因此，我們預計隨著時間的推移，毛利率會進一步提高，達到我們 53% 的目標模型。

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

您的下一個問題來自高盛的 Toshiya Hari。

Congratulations on the strong results. Liam, how would you characterize or assess inventory today, both at Skyworks as well as at your customer base? Obviously, there's a big concern that some of your customers might be pulling in a little bit. Any thoughts there? And then I've got a quick follow-up.

祝賀你取得了不錯的成績。 Liam，您將如何描述或評估 Skyworks 以及您的客戶群的庫存？顯然，您的一些客戶可能會吸引一點點，這是一個很大的擔憂。有什麼想法嗎？然後我有一個快速跟進。

Yes. Honestly, we were working our tails off to deliver. We had customers that we were late on a lot of orders, scrambling to get these parts out. So we -- our inventories are very low. Our DSOs are down. It has been a breakneck pace operationally to deliver into this great cycle, so those have been the biggest challenges. There were some, I think, further back. We had some bumps with COVID issues in our own factories that created a little bit of difficulty in the supply chain. I think the 90% of that is bias and we're well positioned to continue to bring up the top line. But we had -- this Q4 and coming into Q1, it's been very aggressive demand. And a lot of that is unique to us. And it may not be to the total market, but for the things that we do, great portfolio right now, work at home portfolio that Kris mentioned. But really catalyst, whether it's Zoom video or Peloton or browsing real estate on your phone.

是的。老實說，我們正在努力交付。我們有客戶說我們在很多訂單上都遲到了，爭先恐後地把這些零件拿出來。所以我們 - 我們的庫存非常低。我們的 DSO 已關閉。進入這個偉大周期的運營速度非常快，因此這些都是最大的挑戰。有一些，我認為，更靠後。我們在自己的工廠中遇到了一些 COVID 問題，這給供應鏈造成了一些困難。我認為其中 90% 是偏見，我們有能力繼續提高收入。但是我們有 - 這個第四季度和進入第一季度，這是非常激進的需求。其中很多是我們獨有的。它可能不是針對整個市場，但對於我們所做的事情，現在很棒的投資組合，克里斯提到的在家工作的投資組合。但真正的催化劑，無論是 Zoom 視頻、Peloton 還是在手機上瀏覽房地產。

The move towards connectivity is real. It's sticky. It's going to stay with us. And then on the 5G handset side, great position with the leaders in China with a tremendous amount of technology-rich content gains crafted in-house and then also some very compelling solutions with our largest customer, again, highly customized, crafted in-house that are just now moving out into the customer. So it's been a -- we waited for this for a long time. We've invested in this for a long time. We've been talking about 5G for quite a while, and we were very articulate and clear about our ability, our ability to win, and that's what we're doing right now. We're winning.

向連通性邁進是真實的。它很粘。它會留在我們身邊。然後在 5G 手機方面，在中國的領導者中處於有利地位，擁有大量內部製作的技術豐富的內容收益，以及我們最大的客戶提供的一些非常引人注目的解決方案，再次，高度定制，內部製作剛剛轉移到客戶中。所以這是一個 - 我們等了很長時間。我們在這方面投入了很長時間。我們談論 5G 已經有一段時間了，我們非常清楚我們的能力，我們獲勝的能力，這就是我們現在正在做的事情。我們贏了。

Got it. And then, Kris, I just wanted to double-click on gross margins. Again, we're not seeing a ton of leverage here in the model. And I was hoping you could elaborate a little bit on sort of the headwinds that you're seeing that's sort of offsetting the increase in revenue. Is it customer mix? Is it mix between in-sourced product versus outsourced product? Is it COVID? We're hearing wafer pricing might be going up a little bit just given the tightness. Anything you can add there would be super helpful.

知道了。然後，克里斯，我只想雙擊毛利率。同樣，我們在模型中沒有看到大量的槓桿作用。我希望你能詳細說明你所看到的某種逆風，這在某種程度上抵消了收入的增長。是客戶組合嗎？是內包產品還是外包產品的混合？是新冠病毒嗎？我們聽說晶圓價格可能會因為供應緊張而略有上漲。您可以添加的任何內容都會非常有幫助。

Right. Yes. No, from a pricing point of view, it's business as usual. We don't see anything special there. And so again, the way we improve our gross margins, it's threefold. It's continue to bring new high added-value products to the market, especially as 5G is becoming a larger part of our portfolio. We do have a tailwind there. In addition to that, of course, we continue to drive operational efficiencies. But as I pointed out, due to COVID-19 and the pandemic. There are some inefficiencies today in our own factories as well as in the supply chain and the logistics. And unfortunately, that's there. It's not going away quickly. But hopefully, in a couple of quarters down the road, we will see some benefit from that as well. And then yes, there is always mix and mix changes.

正確的。是的。不，從定價的角度來看，一切照舊。我們在那裡沒有看到任何特別之處。同樣，我們提高毛利率的方式是三倍。它繼續為市場帶來新的高附加值產品，尤其是在 5G 正在成為我們產品組合的重要組成部分的情況下。我們確實有順風。當然，除此之外，我們還將繼續提高運營效率。但正如我所指出的，由於 COVID-19 和大流行。今天，我們自己的工廠以及供應鍊和物流存在一些低效率。不幸的是，它就在那裡。它不會很快消失。但希望在接下來的幾個季度中，我們也能從中受益。然後是的，總是有混合和混合變化。

As you know, broad market has a higher gross margin compared to our mobile segment. And definitely, the mobile segment is going to grow a little bit faster into the December quarter. So when you put that all together, again, we will continue to make further good progress at improving gross margins.

如您所知，與我們的移動市場相比，廣闊市場的毛利率更高。毫無疑問，移動業務將在 12 月季度增長得更快一些。因此，當您再次將所有這些放在一起時，我們將繼續在提高毛利率方面取得進一步的良好進展。

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。

Congrats on the results. Perhaps on the results. Just wanted to go back to a prior question. I just want to make sure I heard the answer correctly. As you look into the December quarter, just some comments on whether you expect Android to be up. Historically, that's been a down quarter for a lot of China, but obviously, with 5G and content, it may be up. I just wanted to understand what you were saying into December on the Android world.

祝賀結果。也許在結果上。只是想回到之前的問題。我只是想確保我聽到正確的答案。當您查看 12 月季度時，只需對您是否預計 Android 會出現一些評論。從歷史上看，對於很多中國來說，這是一個下降的季度，但顯然，隨著 5G 和內容的發展，它可能會上升。我只是想了解您在 12 月份對 Android 世界所說的話。

No, we see increase across the board, right, in mobile at all accounts, in growth markets at all accounts. So yes, of course, the large customer will be up sequentially. Samsung will be up sequentially. The key China customers, Oppo, Vivo, Xiaomi will be up sequentially. There's 1 exception, of course, and that's Huawei. As you know, based on the new export restrictions, we are no longer allowed to ship past September 14. As a result of that, the Huawei revenue in Q4 was actually slightly below our expectations at on or about 3% of revenue. And so in the December guide, we did not include any revenue for Huawei. Despite the fact that more recently, we did get a limited license to ship certain products to Huawei. But we are still figuring it out with the customer, which products they need, which products they want. And so we did not include that into our guide for the December quarter.

不，我們看到全面增長，對，在所有賬戶中，在所有賬戶中，在所有賬戶中的增長市場中。所以是的，當然，大客戶將依次上升。三星將依次上升。中國主要客戶OPPO、vivo、小米將依次上升。當然，有一個例外，那就是華為。如您所知，根據新的出口限制，我們不再允許在 9 月 14 日之後發貨。因此，華為第四季度的收入實際上略低於我們的預期，約為收入的 3%。因此，在 12 月的指南中，我們沒有將華為的任何收入包括在內。儘管最近，我們確實獲得了向華為運送某些產品的有限許可。但我們仍在與客戶一起弄清楚他們需要哪些產品，他們想要哪些產品。因此，我們沒有將其包含在 12 月季度的指南中。

I'm sorry, I just wanted to add one more to that. I think when you look at the Android cycle, that really kicked off in Q4, where I think that larger Tier 1 is more of a December quarter play. So very good position in the Android, which will stay with us, launch a little bit sooner in 5G, a. Lot of great solutions there, a lot of embedded MediaTek play as well. That will continue to roll. And then you have more of the December quarter being led by the top players.

對不起，我只是想再添加一個。我認為當您查看 Android 週期時，它真正開始於第四季度，我認為更大的第 1 層更像是 12 月季度的遊戲。在 Android 中的位置非常好，它將留在我們身邊，在 5G 中發布得更快一點，a。那裡有很多很棒的解決方案，也有很多嵌入式聯發科播放器。那將繼續滾動。然後你有更多的十二月季度由頂級球員領導。

And then maybe just a follow-up on the September quarter. You haven't always beaten by a huge amount, so it was a nice beat. I was just curious what you pointed to as surprising you most of the upside in the September quarter?

然後可能只是 9 月季度的後續行動。你並不總是被大量擊敗，所以這是一個很好的擊敗。我只是好奇你指出什麼讓你在 9 月季度的大部分上行空間中感到驚訝？

Yes, just really steep acceleration in 5G and also an incredible sticky set of opportunities in broad markets. The broad market business, not only did it set a record for -- a quarterly record, but it really had some incredible diversification with many, many new customers and we're really excited about that. We have a whole set of green shoot opportunities that we have consummated over the last couple of months that will continue to drive revenue for us into the future. So that was a great benefit. Some of those things with the pandemic as hard as it's been, there's been some opportunity that's come about. That's 1 area that certainly benefited.

是的，只是 5G 的急劇加速以及廣闊市場中一系列令人難以置信的粘性機會。廣闊的市場業務，不僅創造了一個季度的記錄，而且它確實有一些令人難以置信的多樣化，有很多很多新客戶，我們對此感到非常興奮。在過去的幾個月中，我們擁有一整套綠芽機會，這些機會將繼續為我們帶來未來的收入。所以這是一個很大的好處。大流行中的一些事情儘管過去很艱難，但已經出現了一些機會。這是肯定受益的 1 個領域。

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。

Your next question comes from the line of Karl Ackerman from Cowen & Company.

您的下一個問題來自 Cowen & Company 的 Karl Ackerman。

Liam, if I may go back to China handsets, clearly, Huawei has been impacted from U.S. trade restrictions. I know it's difficult to handicap. But with the election tomorrow, there seems to be a growing investor interest in how you may be positioned if Huawei were to procure smartphone components from U.S. suppliers. So I guess, how do you balance the enthusiasm you have for the order book versus making sure inventory across the supply chain remains balanced?

利亞姆，如果我可以回到中國手機，顯然，華為已經受到美國貿易限制的影響。我知道讓障礙很難。但隨著明天的大選，如果華為要從美國供應商那裡採購智能手機組件，投資者似乎對你的定位越來越感興趣。所以我想，您如何平衡對訂單的熱情與確保整個供應鏈的庫存保持平衡？

Sure. Well, first of all, Huawei, as Kris just indicated, is a very, very, very small piece of our business right now, very small. And we don't expect there to be any upside going forward. However, as Chris mentioned, we did get a license from commerce, and there's a door opening potentially for more opportunities. We had a great position with Huawei, a few years ago. And they were our #2 customers. So we know how to work with them. And they were a company that were more of a high-end player, appreciated the integration that we provided and the technologies that we provided. So unfortunately, the trade issues separated us and also separated some of our peers. But if that door opens up and we're able to deliver, again, we're right back at it. There's nothing lost.

當然。嗯，首先，正如克里斯剛剛指出的那樣，華為現在只是我們業務中非常、非常、非常小的一部分，非常小。我們預計未來不會有任何上行空間。然而，正如 Chris 所提到的，我們確實獲得了商業許可，並且有可能為更多機會敞開大門。幾年前，我們在華為的位置很好。他們是我們的#2 客戶。所以我們知道如何與他們合作。他們是一家更像是高端玩家的公司，讚賞我們提供的集成和我們提供的技術。所以不幸的是，貿易問題讓我們分開了，也讓我們的一些同行分開了。但是，如果那扇門打開了，我們能夠再次交付，我們又回來了。沒有任何損失。

But in the meantime, we're moving forward, we're working with all the other players in China that we mentioned the Android ecosystem and others. So we feel like we're very well balanced and hedged on that. If there's an opportunity, that's great. We know how to sell to that. We know how to design in. But we feel like a lot of that business has been redistributed, and we've been able to catch it on the other end. So we're not too concerned about it, but we'll certainly stay vigilant if opportunities emerge.

但與此同時，我們正在向前邁進，我們正在與我們提到的 Android 生態系統和其他中國的所有其他參與者合作。所以我們覺得我們非常平衡並對此進行了對沖。如果有機會，那就太好了。我們知道如何賣給那個。我們知道如何設計。但我們覺得很多業務已經重新分配，我們已經能夠在另一端抓住它。所以我們並不太擔心，但如果機會出現，我們一定會保持警惕。

Understood. Kris, for my follow-up, if I may, I know it's not usually your practice to comment beyond a quarter, but it appears your mobile business will grow high single digits in calendar 2020 when overall units should decline double digits. With expectations that 5G smartphone should increase from roughly 200 million phones this year to perhaps 500 million next year. Is there a fundamental reason why your content perhaps could not be as significant next year?

明白了。克里斯，對於我的後續行動，如果可以的話，我知道您通常不會在四分之一以上發表評論，但您的移動業務似乎將在 2020 日曆年實現高個位數增長，而總體單位應該下降兩位數。預計 5G 智能手機應該會從今年的大約 2 億部手機增加到明年的大約 5 億部。明年你的內容可能不會那麼重要，有什麼根本原因嗎？

No. I'm not going to really comment on the units. I mean, we definitely see strong adoption of 5G. But we will see what the units -- how that all plays out. On the flip side, yes, we do have very strong content increase and content gain as 5G being introduced in the phones, it's adding a lot more complexity. It's adding new bands, which are being layered on top of the existing 2G, 3G, 4G technology and that adds a lot of complexity. And that's, again, what Liam has been indicating. We've been investing into that for many years with our PAs, our filter business, our capability. We integrate all of that into our integrated solutions. And that's where we see really a big opportunity for Skyworks as more and more 5G adoption will happen over the next couple of years.

不，我不會真正評論這些單位。我的意思是，我們肯定會看到 5G 的廣泛採用。但我們將看到單位是什麼——這一切是如何發揮作用的。另一方面，是的，隨著手機中引入 5G，我們確實有非常強勁的內容增加和內容增益，這增加了更多的複雜性。它正在增加新的頻段，這些頻段被疊加在現有的 2G、3G、4G 技術之上，這增加了很多複雜性。這也是利亞姆一直在暗示的。多年來，我們一直在用我們的功率放大器、我們的過濾器業務和我們的能力對此進行投資。我們將所有這些集成到我們的集成解決方案中。這就是我們認為 Skyworks 真正擁有巨大機遇的地方，因為未來幾年將有越來越多的 5G 採用。

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。

Liam, it was very clear for Mark Teron of your largest customers flow, and you've really knocked the ball out of the park on this. You had 10 modules in the current version. Last year, you got 6. And I know some of the big content increases you're experiencing there and probably in China, given China mobile's requirements have pulled power amplifiers into what traditionally received only DRX section, which you dominate.

Liam，Mark Teron 非常清楚你最大的客戶流量，你真的在這方面把球踢出了公園。當前版本中有 10 個模塊。去年，您獲得了 6 個。而且我知道您在中國以及可能在中國正在經歷的一些大的內容增長，因為中國移動的要求已經將功率放大器拉入了傳統上只接收 DRX 部分，而您主導的部分。

My question is, given China Mobile's requirements for many more bands or several more bands than we and most of the industry expected, pulling in what I would consider to be out period 5G content into the current period and the inclusion of greater functionality in this broadcast MIMO in D.C., et cetera. I'd like to get your opinion about where we're going to see the growth next year. I'm sure the unit volume game is going to work in everybody's favor. We're going to see more phones using 5G next year. But maybe you could help us out with what you think the content increase would be because it sounds like you're capturing a lot of that in this first glut of 5G phones, both in Asia and in the flagship phones coming out this year. And I'm just kind of scratching my head, what we can expect from a content point of view in the next year or 2? And then I have a follow-up, please.

我的問題是，鑑於中國移動對頻段的要求比我們和大多數行業的預期要多得多或多幾個頻段，將我認為不屬於當前時期的 5G 內容拉入當前時期，並在此廣播中包含更多功能DC 中的 MIMO 等。我想听聽你對明年我們將在哪裡看到增長的看法。我敢肯定，單位體積遊戲將對每個人都有利。明年我們將看到更多使用 5G 的手機。但是，也許您可以幫助我們解決您認為內容增加的原因，因為聽起來您在亞洲和今年推出的旗艦手機中的第一批 5G 手機中捕捉到了很多內容。我只是有點摸不著頭腦，從內容的角度來看，未來一兩年我們可以期待什麼？然後我有一個跟進，請。

Sure. That's a good question. Well, as much as we're encouraged by the results that we've been putting forth and the content that we've gained, there's so much more out there, Ed. Tremendous opportunities that we haven't captured, new solutions that we're inventing right now that are going to be very different than what we have today. We're under the hood with all the customers and all the players. And one of the things that we do is we look and listen to see where the problems are, how can we make our parts better, how can we make Sky5 better, and we continue to do that. And that's the way we gain our content.

當然。這是個好問題。好吧，儘管我們對我們一直在提出的結果和我們獲得的內容感到鼓舞，但還有很多東西，Ed。我們尚未抓住的巨大機會，我們現在正在發明的新解決方案將與我們今天擁有的非常不同。我們與所有客戶和所有玩家都在幕後。我們所做的其中一件事就是我們觀察和傾聽問題出在哪裡，我們如何才能讓我們的零件變得更好，我們如何才能讓 Sky5 變得更好，我們會繼續這樣做。這就是我們獲得內容的方式。

A lot of it is just really getting in there under the hood, shoulder to shoulder with the best engineers in the world from Skyworks and our customers, and we try to figure it out together. And oftentimes, a solution is born. So I think the technologies that we're seeing now. First of all, we all know, everybody on this call knows that this is the early innings of 5G, early innings. And we think 5G today in 2021 and 2020 is going to be different in 2 or 3 years and there'll be a 6G. So there's a lot of work to be done, continuous work. Our customers are constantly pushing us. They want faster, they want more data, they want lower current consumption. And that wheel, that technology wheel continues to turn. So as much as we're happy with what we've been able to do so far. There's just so much more that we can do. So I feel very comfortable that early innings in 5G, you're getting read on that now from us, we can do a lot better. We think the adoption is going to go up faster and faster. We think the usage cases are going to continue to grow the same way they did in 3G and 4G. So I'm not too concerned about it. I think, for us, it's about investing in the right markets. It's about raising our technology bar and then executing with our customers. Those are the key key elements for us at this point.

其中很多只是真正進入引擎蓋下，與來自 Skyworks 和我們客戶的世界上最好的工程師並肩作戰，我們試圖一起解決這個問題。很多時候，一個解決方案就誕生了。所以我認為我們現在看到的技術。首先，大家都知道，這個電話大家都知道，這是5G的早期，早期的一局。我們認為今天的 2021 年和 2020 年的 5G 將在 2 或 3 年內有所不同，並且會有 6G。所以有很多工作要做，持續的工作。我們的客戶不斷地推動我們。他們想要更快，他們想要更多數據，他們想要更低的電流消耗。那個輪子，那個技術輪子繼續轉動。因此，儘管我們對迄今為止能夠做到的事情感到滿意。我們能做的還有很多。所以我對 5G 的早期階段感到很舒服，你現在從我們這裡讀到了，我們可以做得更好。我們認為採用率會越來越快。我們認為使用案例將繼續以與 3G 和 4G 相同的方式增長。所以我不太擔心。我認為，對我們來說，這關乎投資於正確的市場。這是關於提高我們的技術標準，然後與我們的客戶一起執行。在這一點上，這些是我們的關鍵要素。

Okay. That kind of messes with my second question because one of the things that we did pull from this is just in your and your largest customer has flown it was a stunning increase in the complexity, especially antenna system that went from 6 antennas to 13 on this phone. Which I know, and I saw that they pulled in a lot more antenna switch and control content from Skyworks, which is -- I know you've played it before, but it wasn't a huge area for you. And a lot of the stuff is being pulled into module. So doesn't this play into the gross margin, sorry? Because there's so many different ways this could go if you look at what ultra-wideband is doing in the phones, et cetera. They're throwing so much into the handset side of it. Is it more of a share gain from a module players point of view? I would say you and core will predominantly because the phone is getting so much more complicated in going so many directions that they're turning to you guys to really start integrating more of this? And is that where not just the content, but also where the opportunity for gross margin starts to play out, given this kind of a system in a module at this point versus just RF components?

好的。我的第二個問題有點混亂，因為我們從中得到的一件事就是你和你最大的客戶已經飛過它，它的複雜性驚人地增加了，尤其是天線系統從 6 個天線增加到 13 個電話。我知道，而且我看到他們從 Skyworks 中引入了更多的天線開關和控制內容，也就是說——我知道你以前玩過它，但這對你來說並不是一個很大的領域。很多東西都被拉進了模塊。所以這不會影響毛利率嗎，抱歉？因為如果你看看超寬帶在手機中的作用等等，這可能會有很多不同的方式。他們在手機方面投入了很多。從模塊玩家的角度來看，它更多的是份額收益嗎？我會說你和核心主要是因為手機在很多方向上變得越來越複雜，以至於他們轉向你們來真正開始整合更多功能？考慮到此時模塊中的這種系統與射頻組件相比，這不僅是內容，而且是毛利率機會開始發揮作用的地方？

Yes, I agree completely with that comment. I think we're getting into a world now where things are getting very complex. You can look at it from band count and 10 account, DRX, transmit receive, very, very complex. And our customers have a tremendous job on their end. So the burden on players like Skyworks is let's go solve this, let's go work it. And to try to configure in a platform in an integrated solution is just much, much better for the customer. It's difficult for the suppliers, but we are getting paid for that. And I think it's a unique set of technologies that we're seeing in 5G. We know there's more to do. It's one of the reasons why we've been an investor in our own fabs, whether it's BAW, whether it's TC-SAW, whether it's BGA capacity and packaging, all of these things, bring us the opportunity to deliver what our customers want unique. Each one having their own needs and satisfying those at every point. So there's a lot to do. We love doing it. And again, early innings, but there's plenty of upside from here that we got to just go earn.

是的，我完全同意該評論。我認為我們現在正在進入一個事情變得非常複雜的世界。你可以從頻段數和 10 個賬戶、DRX、發送接收來看，非常非常複雜。我們的客戶有一項艱鉅的工作。所以像 Skyworks 這樣的玩家的負擔是讓我們去解決這個問題，讓我們去解決它。並且嘗試在集成解決方案中的平台中進行配置對客戶來說要好得多。這對供應商來說很困難，但我們為此得到了報酬。我認為這是我們在 5G 中看到的一組獨特的技術。我們知道還有更多工作要做。這也是我們投資自家晶圓廠的原因之一，無論是 BAW，還是 TC-SAW，無論是 BGA 產能和封裝，所有這些都為我們提供了提供客戶想要的獨特產品的機會.每個人都有自己的需求，並在每一點上滿足這些需求。所以有很多事情要做。我們喜歡這樣做。再說一次，早期的一局，但從這裡我們必須去賺錢有很多好處。

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。

Kris, you seem to be especially popular today. So I'm going to stick with you as well. Just scratching my head a little bit on the gross margin side. If I look back at the last time you had a $1 billion in rev, you had a 51.2% gross margin. If I have the quarter right, that's September '18. The broad market business was a little bit smaller. So -- and then you talked about the positive and -- sorry, the headwinds and the tailwinds. So on the headwind, you mentioned COVID-19 cost and some other inefficiencies that you're working to remove. And then the positives are better, higher advanced products, so that should be incrementally positive for gross margin as well as your broad market business is growing.

克里斯，你今天似乎特別受歡迎。所以我也會和你在一起。只是在毛利率方面有點摸不著頭腦。如果我回顧一下你上次有 10 億美元的轉速，你的毛利率是 51.2%。如果我的季度正確，那就是 18 年 9 月。大盤業務規模小一些。所以 - 然後你談到了積極的 - 抱歉，逆風和順風。因此，在逆風中，您提到了 COVID-19 的成本以及您正在努力消除的其他一些低效率問題。然後積極的一面是更好、更先進的產品，因此這對毛利率以及您的廣闊市場業務正在增長應該是積極的。

Now it should cross the $300 million mark next quarter. So is it fair to assume that the COVID related cost is about 100 bps, and that's kind of the headwind that the margin is facing? And once we get past that, just a couple of quarters, that we should see gross margins come back to more in line with historical? And then given that broad market is getting bigger, that should help gross margin to get to your 53% target?

現在它應該在下個季度突破 3 億美元大關。那麼假設與 COVID 相關的成本約為 100 個基點是否公平，這就是利潤率面臨的逆風？一旦我們過去了，僅僅幾個季度，我們應該看到毛利率回到更接近歷史水平嗎？然後考慮到廣闊的市場越來越大，這應該有助於毛利率達到你 53% 的目標嗎？

Well, when you think about it the right way, Ambrish. So I've talked about that before. You have the COVID-19 headwind is in the 75 to 100 basis points range but will come down over time here. And so we're working it hard every quarter. And so there is definitely upside from that. And then you list all the other elements there that we see as well that give us conviction that over time, we will continue to further improve the gross margin.

好吧，當你以正確的方式思考時，Ambrish。所以我之前已經談過了。您的 COVID-19 逆風在 75 到 100 個基點範圍內，但隨著時間的推移會下降。所以我們每個季度都在努力工作。所以這肯定有好處。然後你列出了我們看到的所有其他元素，這些元素讓我們相信，隨著時間的推移，我們將繼續進一步提高毛利率。

Okay. And then my quick follow-up is really, again, on the broad markets business. Could you just help us understand how is the business looking more in terms of where you're seeing the growth opportunities, and it's up $1.2 billion plus annual revenue run rate, a fairly large business. And how has it changed from 2, 3 years ago? Liam, maybe it's a question for you.

好的。然後我的快速跟進真的是，再次，關於廣泛的市場業務。您能否幫助我們了解該業務在您看到增長機會方面的表現如何，並且增加了 12 億美元加上年收入運行率，這是一個相當大的業務。它與 2、3 年前相比有何變化？利亞姆，也許這是你的問題。

Yes. 2 or 3 years ago, a lot of it was pretty narrow. It was mainly low-end connections GPS, early WiFi and some infrastructure. And if you look at the portfolio today, it is really diversified. We've got players like Ring, NETGEAR, Amazon, Sonos, of course, one of our larger customers, there's a lot of work in broad markets, names like Google. We have Facebook, really cool applications. We have an audio business that had a great quarter. Thinking about gaming, technologies like that with good margins as well. So it's not -- even though some of these products sound consumer oriented, the technologies that we bring are not. We've actually grown the business in automotive and defense. Working with more IoT partners like Fibocom that we mentioned. Again, access points and routers with WiFi 6 coming in right now.

是的。 2 或 3 年前，很多都非常狹窄。它主要是低端連接 GPS、早期的 WiFi 和一些基礎設施。如果你今天看一下投資組合，它真的是多元化的。我們有像 Ring、NETGEAR、Amazon、Sonos 這樣的玩家，當然，我們的大客戶之一，在廣闊的市場上有很多工作，比如穀歌。我們有 Facebook，非常酷的應用程序。我們的音頻業務有一個很好的季度。考慮到遊戲，類似的技術也有不錯的利潤。所以它不是——儘管其中一些產品聽起來是面向消費者的，但我們帶來的技術卻不是。我們實際上已經發展了汽車和國防領域的業務。與我們提到的更多物聯網合作夥伴合作，例如 Fibocom。同樣，現在有 WiFi 6 接入點和路由器。

Some of the new applications that we've seen through this difficult pandemic I think we're going to be quite sticky when you look at whether it's work from home or work from anywhere. We're seeing those usage cases continue to grow. So we think that, that is a move up that is sustainable. We don't think that, that's a quarterly bump. We think that's a sustainable move. And invariably, we're going to start to see more and more wide area connections with 5G connecting some of these devices. So if you look at broad markets today, much of the connectivity is WiFi and Bluetooth and GPS. There are still some customers that are adopting 5G. But over time, I think you're going to see 5G converts of going beyond the handset and the and basically spreading into a number of applications, the car, the factory, some of the consumer options as well. And we're extremely well positioned there. I think that's one of the unique things about Skyworks.

我們在這場艱難的大流行中看到的一些新應用程序我認為當您查看它是在家工作還是在任何地方工作時，我們將會非常棘手。我們看到這些用例繼續增長。所以我們認為，這是一個可持續的提升。我們不這麼認為，這是一個季度的增長。我們認為這是一個可持續的舉措。而且，我們將開始看到越來越多的廣域連接與 5G 連接其中一些設備。因此，如果你看看今天的廣闊市場，大部分連接都是 WiFi、藍牙和 GPS。仍然有一些客戶正在採用 5G。但隨著時間的推移，我認為你會看到 5G 轉換超越手機，並且基本上擴展到許多應用程序、汽車、工廠，以及一些消費者選擇。我們在那裡的位置非常好。我認為這是 Skyworks 的獨特之處之一。

We can take the connectivity from low data rates, a very, very high data rate, and we can customize it by application. So that's an important part. And again, the customer reach in broad markets continues to extend. We'll report more next quarter as we look at more design wins and more players that we bring in, but it's definitely stepping up on its growth path, and we're really happy to see that.

我們可以從低數據速率、非常非常高的數據速率中獲取連接，並且我們可以通過應用程序對其進行定制。所以這是一個重要的部分。再次，廣闊市場的客戶覆蓋面繼續擴大。我們將在下個季度報告更多，因為我們會看到更多的設計勝利和我們帶來的更多玩家，但它肯定會在其增長道路上加緊，我們真的很高興看到這一點。

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, first question would be regarding use of cash, and obviously, that cash flow is increasing, given what's happening now. Any changes in your approach to that on what your plans are for the cash flow?

我想，第一個問題是關於現金的使用，顯然，鑑於現在發生的情況，現金流正在增加。你對現金流的計劃有什麼變化嗎？

No, no changes there. I mean we continue to deliver very strong free cash flow, and we continue to return all of that back to the shareholder, combination of our dividend program as well as our share buyback program. And so we've been very active from a buyback point of view and continue to be active there. That still leaves us $1 billion of cash on the balance sheet with no debt, and so there is optionality from an M&A point of view.

不，那裡沒有變化。我的意思是我們繼續提供非常強勁的自由現金流，我們繼續將所有這些返還給股東，結合我們的股息計劃和股票回購計劃。因此，從回購的角度來看，我們一直非常活躍，並繼續在那里活躍。這仍然在資產負債表上留下了 10 億美元的現金，沒有債務，因此從併購的角度來看是有選擇權的。

Got it. Just as a follow-up with what you're seeing in China and given the inability of Huawei to procure components, maybe you could talk a little bit about what you're seeing into those customers? And I guess it right to assume that some of the strength you're seeing at Oppo, Vivo, Xiaomi is M kind of stepping in and filling the void if Huawei is still unable to get components and that continues as you go into next year?

知道了。就像你在中國看到的情況的後續行動一樣，鑑於華為無法採購組件，也許你可以談談你對這些客戶的看法？我想假設你在 Oppo、Vivo、小米看到的一些優勢是 M 介入並填補空白，如果華為仍然無法獲得組件並且這種情況在你進入明年時繼續存在？

Yes, Chris, that's some of what we're seeing. So obviously, we're agnostic to baseband and customers. We want to win with everybody. So Huawei had been a major customer for us for a while -- for a long while, and we just indicated earlier in the Q&A here that they've obviously gotten a lot smaller due to trade, and it's great if they come back. We're ready to go. But what we are seeing is a redistribution of that technology. Obviously, the China market still love cellphones, the global market does as well. And we're able to fortunately, with some changes in our design and certain things that we need to do to calibrate for the customer. We've been able to move a lot of that technology to the Oppos, to the Vivos, to the Xiaomis, even Samsung, as well. And if things change at Huawei, that's fine. That's great. We'll step right in and work with them. We have no problem with that. There's no customer issue. It's more trade related. But I think the need and the desire to have a 5G phone is very real everywhere. And certainly, we want to serve China the best we can.

是的，克里斯，這就是我們所看到的。很明顯，我們對基帶和客戶是不可知的。我們想和大家一起贏。因此，華為在一段時間內一直是我們的主要客戶——很長一段時間，我們剛剛在這裡的問答中表示，由於貿易，他們顯然變得更小了，如果他們回來，那就太好了。我們準備好了。但我們看到的是對該技術的重新分配。顯然，中國市場依然熱愛手機，全球市場也一樣。幸運的是，我們能夠對我們的設計進行一些更改，以及我們需要為客戶進行校準的某些事情。我們已經能夠將很多技術轉移到 Oppos、Vivos、小米，甚至三星。如果華為的情況發生變化，那也沒關係。那太棒了。我們將介入並與他們合作。我們對此沒有任何問題。不存在客戶問題。它與貿易有關。但我認為擁有 5G 手機的需求和願望在任何地方都是非常真實的。當然，我們希望盡我們所能為中國服務。

Your final question comes from the line of Craig Ellis from B. Riley FBR.

您的最後一個問題來自 B. Riley FBR 的 Craig Ellis。

Congratulations on the strong revenues, guys. So I hopped on a little bit late, so apologies if this has already been asked. But Liam and Chris, can you provide some color on the relative strength that you would expect in the business going into the fiscal first quarter and then the follow-up to that is, how should we think about how the second quarter could perform relative to normal seasonality? And what would you characterize normal seasonality as in this environment?

伙計們，恭喜您獲得了強勁的收入。所以我跳得有點晚了，如果這已經被問到了，很抱歉。但是 Liam 和 Chris，您能否提供一些關於您對進入第一財季的業務的相對實力的預期，然後是後續行動，我們應該如何考慮第二季度相對於正常的季節性？在這種環境下，您會如何描述正常的季節性？

Sure. Sure. Good question. As we had said earlier in the call, we had a really strong acceleration of design wins that we've been working on for years in investment and started to really see that lift off in the back half of Q4 and resulted in a $200 million sequential gain, $100 million beat to consensus. So a lot of momentum there. And as we entered Q1, our current quarter, we continue to see that. We've got some great catalysts with the leading player in the market right now with some incredible technologies that are just being launched. The China market adopted a little bit earlier, and we've been shipping well to that ecosystem, Oppo, Vivo, Xiaomi, also partnering up with MediaTek to try to get that full pie of opportunity across APAC and doing very well with that. So our factories there are humming. Our teams are executing. The inventories are really lean right now. We're shipping overnight in many cases with our customers. So that's kind of where we see it.

當然。當然。好問題。正如我們之前在電話會議中所說的那樣，我們多年來一直致力於投資的設計贏得了非常強勁的加速，並在第四季度的後半段開始真正看到這種提升，並產生了 2 億美元的連續投資收益，超過共識 1 億美元。所以那裡有很大的動力。當我們進入當前季度的第一季度時，我們繼續看到這一點。我們現在已經與市場上的領先者一起獲得了一些很好的催化劑，一些令人難以置信的技術剛剛推出。中國市場採用得更早一些，我們一直在向那個生態系統發貨，Oppo、Vivo、小米，還與聯發科合作，試圖在整個亞太地區獲得充分的機會，並在這方面做得很好。所以我們那裡的工廠嗡嗡作響。我們的團隊正在執行。現在庫存真的很稀少。在許多情況下，我們會與客戶一起隔夜發貨。這就是我們看到的地方。

So when we look at the March quarter, it's a little bit too early to give you a guide on that. But if you just look at where we are, a $200 million sequential. We guided up 10% for Q1. We feel pretty good about the position. We also recognized, and I think we've mentioned this earlier, but it's true. These are the early innings of 5G. This is really the first quarter or so where these technologies are available. In many cases, in the U.S., there's still some products that people want, can't get yet. And that's going to happen. So there's a lot more to go, and the complexity is going to continue to move up, and the opportunity is going to continue to move up. And the adoption rate, which is extremely low right now, is going to move higher and higher every year. So there's a lot to do in the future. And we feel like we put up some really good performance here now, but we have a lot more to go as we move into 2021.

因此，當我們查看 3 月季度時，現在給您提供指導還為時過早。但是，如果您只看一下我們所處的位置，就會連續獲得 2 億美元。我們指導第一季度上漲了 10%。我們對這個職位感覺很好。我們也認識到了這一點，我想我們之前已經提到過，但這是真的。這些是 5G 的早期階段。這實際上是這些技術可用的第一季度左右。在許多情況下，在美國，仍然有一些人們想要但還得不到的產品。這將會發生。所以還有很多事情要做，複雜性將繼續上升，機會將繼續上升。而目前極低的採用率每年都會越來越高。所以未來還有很多事情要做。而且我們覺得我們現在在這裡取得了一些非常好的表現，但是隨著我們進入 2021 年，我們還有很多工作要做。

Yes. That's really helpful, Liam. And I agree that we're in the very early innings. And the follow-up question relates to that. So broad markets is annualizing at $1 billion far faster than I thought. So good for you and the team. But with 5G smartphone units, I think based on most industry observer forecasts, likely to increase 2x in 2021 and then doing the same thing in 2022. Is it possible for broad markets to pull in either additional programs in existing end markets for new end markets with new programs or new customers so that it could keep pace and keep the same level of revenue contribution on a relative basis? Or over the next couple of years, would we expect mix to swing significantly towards integrated mobile?

是的。這真的很有幫助，利亞姆。我同意我們處於早期階段。後續問題與此有關。因此，廣闊的市場年化 10 億美元的速度比我想像的要快得多。對你和團隊都很好。但我認為，基於大多數行業觀察家的預測，對於 5G 智能手機單位，2021 年可能會增長 2 倍，然後在 2022 年做同樣的事情。廣闊的市場是否有可能在現有終端市場為新終端市場引入額外的計劃與新計劃或新客戶合作，以便在相對基礎上保持同步並保持相同水平的收入貢獻？或者在接下來的幾年裡，我們是否會期望混合顯著轉向集成移動？

Yes. No, that's a great question. And the numbers, this -- last quarter are actually 30% sequential on each, so we had some really good balance. And if you look at what the market is bringing to us now, there's a tremendous amount of WiFi opportunity, GPS opportunity. And still some cellular opportunity that is going into broad market. So I think you've got 2 distinct portfolios that share a common supply chain and often can share a common technology that we can drive to.

是的。不，這是一個很好的問題。數字，這個 - 上個季度實際上每個季度都有 30% 的連續性，所以我們有一些非常好的平衡。如果你看看現在市場給我們帶來了什麼，就會發現有大量的 WiFi 機會、GPS 機會。還有一些進入廣闊市場的蜂窩機會。所以我認為你有 2 個不同的投資組合，它們共享一個共同的供應鏈，並且通常可以共享一個我們可以推動的共同技術。

So over the long term, we want to be the connectivity leader in any application. And we can take the application, whether it's a gaming headset or it's a cellular infrastructure or whether it's in defense or automotive. All of those end markets are really our targets for us. And we could certainly do better, but we are pleased with what we've been able to do in the last quarter or 2 and look forward to a great 2021.

因此，從長遠來看，我們希望成為任何應用程序的連接領導者。我們可以使用該應用程序，無論是遊戲耳機、蜂窩基礎設施，還是國防或汽車領域。所有這些終端市場確實是我們的目標。我們當然可以做得更好，但我們對我們在上一季度或第二季度所做的事情感到滿意，並期待著一個偉大的 2021 年。

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

女士們，先生們，今天的問答環節到此結束。我現在將把電話轉回給格里芬先生，以聽取任何結束語。

Thank you all for participating on today's call. We look forward to talking with you at upcoming conferences during the quarter. Take care.

感謝大家參加今天的電話會議。我們期待在本季度即將舉行的會議上與您交談。小心。

Ladies and gentlemen, that does conclude today's conference call, and we thank you for participating.

女士們，先生們，今天的電話會議結束了，我們感謝你們的參與。