思佳訊 (SWKS) 2026 Q1 法說會逐字稿

Good afternoon and welcome to Skyworks Solutions first-quarter fiscal year 2026 earnings call. This call is being recorded. At this time, I will turn the call over to Raj Gill, Vice President of Investor Relations for Skyworks. Mr. Gill, please go ahead.

下午好，歡迎參加 Skyworks Solutions 2026 財年第一季財報電話會議。本次通話正在錄音。此時，我將把電話轉交給 Skyworks 投資者關係副總裁 Raj Gill。吉爾先生，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' first fiscal quarter 2026 conference call. With me today for our prepared remarks is Phil Brace, our Chief Executive Officer and President, and Philip Carter, Senior Vice President, and Chief Financial Officer for Skyworks. This call is being broadcast over the web and can be accessed from the Investor Relations section of the company's website at skyworksinc.com.

謝謝接線生。各位下午好，歡迎參加 Skyworks 2026 財年第一季電話會議。今天與我一起發表準備好的演講的是我們的執行長兼總裁菲爾布雷斯，以及 Skyworks 的高級副總裁兼財務長菲利普卡特。本次電話會議正在網路上進行直播，可透過公司網站 skyworksinc.com 的投資者關係部分存取。

In addition, the company's prepared remarks will be made available on our website promptly after their conclusion during the call. 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.

此外，公司準備好的發言稿將在電話會議結束後立即發佈在我們的網站上。在開始之前，我想提醒大家，我們的討論將包含有關未來業績和預期的一些陳述，這些陳述屬於或可能被視為前瞻性陳述。

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.

請參閱我們的獲利新聞稿和最近向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告，以了解可能導致實際結果與今天作出的任何前瞻性聲明存在重大不利差異的某些風險資訊。

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

此外，今天的討論還將包括非GAAP財務指標，這與我們過去的做法一致。有關與 GAAP 的完整對賬，請參閱我們公司網站投資者關係部分的新聞稿。接下來，我將把電話交給菲爾·布雷斯。

Thanks, Rajvi, and welcome, everyone. Before turning to the quarter, I want to briefly address our previously announced combination with CorVel. We believe this transaction is highly strategic and transformative, bringing greater scale, deeper R&D, and a broader technology portfolio. Together, this combination is expected to reduce historical mobile volatility and strengthen our competitive position, enhance our broad market capabilities and expand our TAM into dispense and aerospace, while creating a clear path to more than $500 million of synergies over time.

謝謝拉傑維，也歡迎各位。在討論本季之前，我想先簡單談談我們先前宣布的與 CorVel 的合併事宜。我們認為此次交易具有高度策略性和變革性，將帶來更大的規模、更深入的研發和更廣泛的技術組合。預計此次合併將降低行動業務的歷史波動性，增強我們的競爭地位，提升我們廣泛的市場能力，並將我們的目標市場拓展到分銷和航空航天領域，同時為未來實現超過 5 億美元的協同效應創造清晰的路徑。

As highlighted in our investor presentation on October 28, we believe this combination will deliver substantial financial benefits. We expect to achieve healthy gross margin through the cycles in the 50% to 55% range supported by significant operating leverage and enhanced earnings power. The combined company will generate robust free cash flow, underpinned by an extremely favorable capital structure with expected net leverage of approximately one at close. These advantages position us to drive long-term value for our shareholders and customers and support continued investment in innovation and growth.

正如我們在 10 月 28 日的投資者報告中所強調的那樣，我們相信此次合併將帶來巨大的財務收益。我們預計在顯著的經營槓桿和增強的獲利能力的支持下，透過週期性波動實現 50% 至 55% 的健康毛利率。合併後的公司將產生強勁的自由現金流，這得益於極其有利的資本結構，預計交易完成時淨槓桿率約為 1。這些優勢使我們能夠為股東和客戶創造長期價值，並支持對創新和成長的持續投資。

Since announcing the transaction on October 28, we've made solid progress. We've completed our initial regulatory filings. A shareholder vote has been scheduled, and our teams have begun integration planning. As is typical for a transaction of this scale, we expect a comprehensive regulatory review, and we are working closely with regulators around the world. We still expect the transaction to close in early calendar year 2027, subject to the receipt of required regulatory approvals, approval of both company shareholders and the satisfaction of other customary closing conditions.

自 10 月 28 日宣布交易以來，我們取得了實質進展。我們已完成初步監管申報。股東投票已安排妥當，我們的團隊也已開始製定整合計畫。按照此類規模的交易慣例，我們預計將會受到全面的監管審查，我們正在與世界各地的監管機構密切合作。我們仍預計該交易將於 2027 年初完成，但需獲得必要的監管批准、兩家公司股東的批准以及滿足其他慣例成交條件。

I'd also like to recognize the Qorvo team for the constructive and collaborative approach that brought to the integration planning process. We're off to a great start and excited about the opportunity ahead when we come together as one stronger organization.

我還要感謝 Qorvo 團隊在整合規劃過程中展現的建設性和協作。我們開局良好，對未來團結一致、成為更強大的組織所帶來的機會感到興奮。

I want to emphasize that we are committed to closing a transaction and believe in the long-term value creation opportunity that the deal unlocks for our customers and shareholders. Beyond these prepared remarks, we will not be discussing the transaction as today's call will focus on our results from the first fiscal quarter as well as our outlook for the March quarter.

我想強調的是，我們致力於完成這筆交易，並相信這筆交易將為我們的客戶和股東帶來長期的價值創造機會。除了這些準備好的演講稿之外，我們不會討論這筆交易，因為今天的電話會議將重點放在我們第一財季的業績以及我們對三月份季度的展望。

Turning now to Skyworks performance for this quarter. We stayed focused on what we can control, operational execution, customer engagement, and disciplined investment in our product road map. Our strategy remains straightforward, focused on our customers, invest in our core technologies and continue to grow broad markets.

接下來我們來看看Skyworks本季的業績表現。我們始終專注於我們能夠控制的事情，即營運執行、客戶互動以及對產品路線圖的嚴格投資。我們的策略依然簡單明了，以客戶為中心，投資核心技術，並持續拓展廣大市場。

Broad markets remains a key growth engine for the company, growing faster than the corporate average. Our products are designed into high-growth areas across a wide range of end markets, including connected vehicles, enterprise infrastructure, satellite communications, data center networking, and emerging edge AI applications. This breadth supports durability and reduces reliance on any single program. Skyworks delivered strong results, exceeding the high end of our guidance, driven by upside in both mobile and broad markets.

廣闊的市場仍然是該公司的關鍵成長引擎，其成長速度高於公司平均水平。我們的產品面向眾多終端市場的高成長領域，包括連網汽車、企業基礎設施、衛星通訊、資料中心網路和新興的邊緣人工智慧應用。這種廣泛性有助於提高持久性，並減少對任何單一程序的依賴。Skyworks 業績表現強勁，超越我們預期的上限，這主要得益於行動市場和整體市場的上漲。

We posted revenue of $1.04 billion, delivered earnings per share of $1.54 and generated $339 million of free cash flow and paid $106 million in quarterly dividends. Revenue, gross margin, and non-GAAP EPS all came in above the midpoint of our outlook.

我們公佈的收入為 10.4 億美元，每股收益為 1.54 美元，產生了 3.39 億美元的自由現金流，並支付了 1.06 億美元的季度股息。營收、毛利率和非GAAP每股盈餘都高於我們預期的中位數。

In mobile, we outperformed expectations supported by healthy sell-through and strong execution on new product launches at our top customer. Smartphone replacement cycles, while still lengthy, are beginning to shorten, this trend is driving increased unit growth as consumers upgrade more frequently, especially with the rise of new AI-capable devices and more integrated features.

在行動領域，我們憑藉著良好的銷售業績和在頂級客戶處新產品發布方面的出色執行力，取得了超出預期的成績。智慧型手機的更換週期雖然仍然很長，但正在開始縮短，隨著消費者更頻繁地升級換代，尤其是隨著具備人工智慧功能的新型設備和更多整合功能的出現，這一趨勢正在推動銷量成長。

While we are mindful of broader industry discussions around component pricing and availability, we have not seen an impact on demand to date. Reminder that the vast majority of our mobile revenue is tied to flagship and premium tier devices.

雖然我們注意到業內對零件定價和供應情況的廣泛討論，但迄今為止，我們尚未看到對需求產生影響。提醒大家，我們絕大部分的行動端收入都來自旗艦級和高階機種。

Channel inventory remains lean and we continue to closely monitor customer forecasts. As we look ahead to future business at our top customer, we successfully defended key mobile sockets and game content where architecture changes created opportunities with mix dynamics potentially moderating some of that progress.

渠道庫存依然緊張，我們將繼續密切關注客戶預測。展望未來，我們最重要的客戶將如何發展業務？我們成功地捍衛了關鍵的行動介面和遊戲內容，架構的變化創造了機遇，但混合動態可能會抑制部分進展。

Based on what we see today, we currently expect blended mobile content to be roughly flat year-over-year. We will not be commenting on specific sockets, models, or lunch timing. We remain bullish on the long-term drivers of RF content, supported by accelerated replacement cycles, coupled with rising complexity tied to AI-driven workloads and higher performance requirements.

根據我們目前觀察到的情況，我們預計混合移動內容與去年同期相比將大致持平。我們不會對特定的插座、型號或午餐時間發表評論。我們依然看好射頻內容的長期發展趨勢，這得益於加速的更新換代週期，以及與人工智慧驅動的工作負載和更高效能要求相關的日益增長的複雜性。

Broad markets delivered its eighth consecutive quarter of growth with revenue up double digits year-on-year reflecting strength across edge, IoT, data center and automotive. In Edge IoT, WiFi 7 momentum continues to build, supported by bandwidth-intensive applications in the home and workplace. WiFi 7's higher throughput, lower latency and reliability position it as an important enabler as AI inference move closer to the edge.

廣域市場連續第八個季度實現成長，營收年增兩位數，反映出邊緣運算、物聯網、資料中心和汽車領域的強勁表現。在邊緣物聯網領域，WiFi 7 的發展勢頭持續增強，這得益於家庭和工作場所中頻寬密集應用的支援。WiFi 7 具有更高的吞吐量、更低的延遲和更高的可靠性，使其成為人工智慧推理向邊緣端發展的重要推動因素。

Design win activity remains strong, backlog is healthy and we're already engaged with customers on early WiFi 8 programs positioning us well for the next cycle. Automotive demand remains solid, driven by increased connectivity across telematics, infotainment, and software-defined vehicle architectures. Our pipeline is broad, global, and aligned with long-cycle platforms across multiple OEMs and tiers, giving us good visibility into fiscal 2026.

設計贏得活動依然強勁，積壓訂單充足，我們已經與客戶就早期 WiFi 8 專案展開合作，為下一個週期做好了充分準備。受車載資訊系統、資訊娛樂系統和軟體定義車輛架構中日益增強的互聯互通的推動，汽車需求依然強勁。我們的產品線覆蓋範圍廣、遍及全球，並與多個原始設備製造商和不同層級的長週期平台相契合，這使我們能夠很好地展望 2026 財年。

In data center infrastructure, demand signals are improving across our customer base, supported by increasing design win activity. Timing and power management content is expanding as the ecosystem transitions to next-generation 800-gig and emerging 1.6-terabit architectures. We are seeing higher activity, particularly with cloud and networking customers that require tiding timing accuracy, improved power performance, and better synchronization across high-bandwidth systems.

在資料中心基礎設施方面，隨著設計得標活動的增加，我們客戶群的需求訊號正在改善。隨著生態系統向下一代 800G 和新興的 1.6Tb 架構過渡，時序和電源管理內容也不斷擴展。我們看到業務活動日益活躍，尤其是雲端和網路客戶，他們需要更高的定時精度、更佳的電源性能以及在高頻寬系統中更好的同步。

Broad markets continues to expand its reach across a more diversified set of customers while consistently delivering margins above the corporate average. The demand drivers across these end markets are long cycle and multiyear positioning the business well as we move into fiscal 2016 and beyond. With that, let me turn the call over to Philip for a discussion of last quarter's performance and outlook for Q2 of fiscal '26

Broad Markets 不斷擴大其客戶群，同時持續實現高於公司平均的利潤率。這些終端市場的需求驅動因素是長週期和多年周期的，這使得公司在進入 2016 財年及以後時能夠很好地定位業務。接下來，我將把電話交給菲利普，讓他討論上一季的業績以及2026財年第二季的展望。

Thanks, Phil. Skyworks delivered revenue of $1.035 billion, exceeding the high end of our guidance range. During the quarter, our largest customer accounted for approximately 67% of revenue, consistent with the prior quarter. Mobile represented 62% of total revenue and came in higher than our expectations, driven by healthy sell-through at our top customer.

謝謝你，菲爾。Skyworks 營收達到 10.35 億美元，超過了我們預期範圍的上限。本季度，我們最大的客戶貢獻了約 67% 的收入，與上一季持平。行動端收入佔總收入的 62%，高於我們的預期，這主要得益於我們最大客戶的良好銷售表現。

Broad markets also outperformed expectations, growing 4% sequentially and 11% year-over-year driven by growth across edge IoT, data center and cloud infrastructure and automotive. Gross profit was $482 million with gross margin of 46.6%. Operating expenses were $230 million at the low end of our guidance range, reflecting disciplined cost control while continuing to invest in priority growth areas. Operating income was $252 million, translating to an operating margin of 24.3%.

整體市場表現也超出預期，季增 4%，年增 11%，這主要得益於邊緣物聯網、資料中心和雲端基礎設施以及汽車產業的成長。毛利為 4.82 億美元，毛利率為 46.6%。營運支出為 2.3 億美元，處於我們預期範圍的下限，這體現了嚴格的成本控制，同時繼續投資於優先成長領域。營業收入為 2.52 億美元，營業利益率為 24.3%。

Other income was $6 million, and our effective tax rate was 10% resulting in net income of $232 million and diluted earnings per share of $1.54, $0.14 above the midpoint of our guidance. We generated $396 million of operating cash flow and capital expenditures of $57 million, resulting in free cash flow of $339 million or 33% free cash flow margin.

其他收入為 600 萬美元，實際稅率為 10%，淨收入為 2.32 億美元，稀釋後每股收益為 1.54 美元，比我們預期的中點高出 0.14 美元。我們產生了 3.96 億美元的營運現金流和 5,700 萬美元的資本支出，產生了 3.39 億美元的自由現金流，自由現金流利潤率為 33%。

We ended the quarter with approximately $1.6 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet and ample flexibility to support our strategic and financial priorities. Looking ahead to the second-quarter of fiscal '26, we expect revenue to range between $875 million to $925 million. We anticipate mobile to decline approximately 20% sequentially, consistent with seasonality.

本季末，我們擁有約 16 億美元的現金和投資以及 10 億美元的債務，保持了強勁的資產負債表和充足的靈活性，以支持我們的策略和財務重點。展望 2026 財年第二季度，我們預計營收將在 8.75 億美元至 9.25 億美元之間。我們預計行動端流量將環比下降約 20%，這與季節性因素相符。

We expect broad markets to be flat sequentially, representing 44% of sales and up high single digits year-over-year. Gross margin is projected to be approximately 44.5% to 45.5%, reflecting seasonally lower volume. We expect operating expenses to be between $230 million and $240 million as we continue to fund key R&D initiatives while maintaining tight control over discretionary spending.

我們預計整體市場將環比持平，佔銷售額的 44%，年成長接近兩位數。預計毛利率約為 44.5% 至 45.5%，反映出季節性銷量下降的情況。我們預計營運費用將在 2.3 億美元至 2.4 億美元之間，因為我們將繼續為關鍵研發項目提供資金，同時嚴格控制可自由支配的支出。

Below the line, we anticipate approximately $4 million in other income and effective tax rate of 10% and diluted share count of 151 million shares at the midpoint of our revenue outlook of $900 million, this equates to expected diluted earnings per share of $1.04. With that, I'll turn it back over to Phil for closing remarks.

下面，我們預計其他收入約為400萬美元，實際稅率為10%，以9億美元營收預期中位數計算，稀釋後股份數為1.51億股，這意味著預計稀釋後每股收益為1.04美元。接下來，我將把發言權交還給菲爾，請他做總結發言。

Thank you, Philip. Before we wrap up, a heartfelt thank you to our employees, customers, and partners. Your dedication fuels our success and sets the stage for continued leadership and growth. Operator let's open the line for questions.

謝謝你，菲利普。在結束之前，衷心感謝我們的員工、客戶和合作夥伴。你們的奉獻精神推動著我們的成功，並為我們持續的領先地位和發展奠定了基礎。接線員，我們來接聽提問電話。

(Operator Instructions)

（操作說明）

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

First of all, congratulations, guys. We know this is a tough environment, but you guys are doing really well in mobile specifically. Phil, I had a question for you. You mentioned two things. You said you won't take specific questions on the deal, but you mentioned you will see increased scale, deeper R&D capability, broader technology suite, et cetera. I was wondering if you could hit upon what maybe specifically are color wise what you expect to see out of this deal on these kind of fronts.

首先，恭喜你們！我們知道現在的市場環境很艱難，但你們在行動端做得非常好。菲爾，我有個問題想問你。你提到了兩件事。你說過你不會回答有關交易的具體問題，但你提到你會看到規模擴大、研發能力增強、技術組合更加廣泛等等。我想知道您能否具體談談您期望從這筆交易中獲得哪些顏色方面的資訊。

Yes. What I'm really excited about, thanks for the question. Look, what's always impressed me is the nature -- complementary nature of our portfolios. In fact, it's pretty clear. I mean Qorvo does a lot of the antenna side of the house, which we don't really have at all. So I'm really excited about bringing those complementary technologies together particularly on the RF side, it should result in reduced volatility.

是的。我很興奮的是，謝謝你的提問。讓我印象深刻的始終是我們投資組合的本質——互補性。事實上，這一點很清楚。我的意思是，Qorvo 負責房屋天線方面的許多工作，而我們根本沒有這方面的東西。因此，我非常高興能夠將這些互補技術結合起來，尤其是在射頻方面，這應該會降低波動性。

It should increase our scale on the RF side, giving us the opportunity to innovate across the RF chain, brings us lots of engineers that we think are highly valuable. And I just think there's just the feature is super bright and how we do that. And then we bring the combination together brings a fantastic broad market business as well. So super bullish about that, and I hope that answered your question.

它應該能擴大我們在射頻方面的規模，讓我們有機會在整個射頻鏈上進行創新，並為我們帶來許多我們認為非常有價值的工程師。我覺得這個功能非常出色，而且我們是如何實現這一點的。然後，我們將這些因素結合起來，也帶來了非常廣大的市場業務。所以我對此非常看好，希望這能解答你的疑問。

No, it does. And then as my follow-up, if I can ask you, you will have a pretty broad set of products to address your largest customer need. I think that's the biggest customer around that you want to be playing with, and you'll have kind of a pretty broad portfolio. So the question was, how do you see the combined company having the right kind of portfolio, what will you be focused on within that portfolio to address your customers' needs?

不，確實如此。然後，我還有一個後續問題，如果可以的話，我想問一下，你們的產品線應該相當廣泛，能夠滿足客戶最大的需求。我認為這是你想合作的最大客戶，而且你的業務組合也會相當廣泛。所以問題是，您認為合併後的公司如何擁有合適的業務組合？您將在該業務組合中重點關注哪些方面來滿足客戶的需求？

Yes. Look, I think that we bring a tremendous scale all the way from a lot of the antenna areas all the way back to the path in a number of different critical RF technologies and when we see the RF complexity evolving as AI workloads look more to the edge. There's more transmit capability and things coming down the pipe. From what we can see, having the broadest Star portfolio in the industry is going to be a really powerful opportunity for us.

是的。我認為，我們從許多天線領域一直到許多不同關鍵射頻技術的路徑，都帶來了巨大的規模，而且隨著人工智慧工作負載越來越趨向邊緣，射頻複雜性也在不斷演變。傳輸能力還有進步空間，還有一些新功能正在開發中。從我們目前所看到的來看，擁有業內最廣泛的 Star 產品組合將為我們帶來非常強大的機會。

And then also, I think, keep in mind, it gives us an opportunity to innovate in a variety of other areas, too, we talk about WiFi or some of the other areas as well. The world is connected wirelessly. There are billions of devices connected wirelessly. And I think it continues to give us a platform to invest in that for the future going forward

此外，我認為，請記住，這也給了我們一個在其他各種領域進行創新的機會，例如我們談論的 WiFi 或其他一些領域。世界已透過無線網路連線。目前有數十億台設備透過無線方式連接。我認為這將繼續為我們提供一個平台，讓我們能夠在未來繼續投資於此。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Two if I may. Your guide implies a broad markets will grow on a year-over-year basis for, I think, at least six consecutive quarters, I think you said even on a sequential basis. Could you discuss -- you spoke a little bit about some of the design wins, particularly around WiFi driving demand for edge.

如果可以的話，我想選兩個。您的指南暗示，大盤市場將同比增長，我認為至少會連續六個季度增長，我想您也說過，甚至會環比增長。您能否詳細談談——您剛才談到了一些設計上的成功案例，特別是 WiFi 如何推動了對邊緣運算的需求。

But could you also address where you're seeing the most strength of broad markets in the March quarter? And then which areas of this business, do you see that you have the most confidence in that can drive growth your long-term growth over the next two or three years? And I have a follow-up, please.

但您能否也談談您認為在三月的季度中，哪些大市場表現最為強勁？那麼，您認為貴公司哪些領域最有信心在未來兩三年內推動長期成長？我還有一個後續問題。

Yes, thanks. I mean, look, you're at this marks our eighth consecutive quarter of sequential growth with double-digit year-over-year revenue expansion. So we feel really good about that. When I look at kind of underneath the covers, what you asked for, I would I guess I would point to three major areas, right? The first would be WiFi, right?

好的，謝謝。我的意思是，你看，這標誌著我們連續第八個季度實現環比增長，同比增長兩位數。所以我們對這一點感到非常滿意。當我深入了解你所要求的方面時，我想我會指出三個主要方面，對吧？首先應該是WiFi吧？

WiFi 7 adoption continues to be very strong. And there are some reasons for that, right. The increased bandwidth, the increased security is really as AI moves continues to move out there to the edge, we see WiFi continuing to be a major platform for that. And the demand there remains robust. And certainly, we see a long push of innovation that leads out to WiFi and beyond.

WiFi 7 的普及率依然非常強勁。這其中是有原因的，對吧。隨著人工智慧不斷向邊緣發展，頻寬和安全性也隨之提高，我們看到 WiFi 將繼續成為這項發展的重要平台。當地的需求依然強勁。當然，我們看到了一股持續的創新浪潮，它將引領我們走向 WiFi 及其他領域。

So I'm particularly excited about that one. On the automotive stuff, for us, that's also been an area that we've seen good growth. And there's a lot of headlines in the news about auto markets, but we actually tend to be kind of in the sweet spot of the growth area because -- we're talking about vehicle-to-vehicle connectivity.

所以我對那件事特別興奮。在汽車領域，我們也看到了良好的成長。新聞中有很多關於汽車市場的報道，但我們實際上正處於成長領域的最佳位置，因為——我們談論的是車對車互聯。

We're talking about infotainment and power isolation products, which are really kind of independent of what kind of combustion engine you use.

我們討論的是資訊娛樂和電源隔離產品，這些產品實際上與你使用的內燃機類型無關。

And we've seen pretty broad-based wins across the board globally on that. So that seems to be some tailwind for us. And then finally, on the power and timing, which is really related to the data center side, I mean, we're seeing tremendous uptick in our activity, design wins particularly as we have a really strong lead in what we call jitter attenuating clocks, which are really important as the frequencies continue to go up to 800 gig 1.6 terabytes and then some of our power isolation products which really have to do with as the servers move to higher and higher voltage, you need to isolate the power that's coming in from the low-voltage power of tacosilicon devices.

我們已經看到全球範圍內在這方面取得了相當廣泛的勝利。所以這似乎對我們來說是個有利因素。最後，關於電源和時序，這實際上與資料中心方面密切相關。我的意思是，我們看到我們的業務活動和設計訂單數量大幅成長，尤其是在我們稱之為抖動衰減時鐘的領域，我們擁有非常強大的領先優勢。隨著頻率不斷提高到 800 Gb/1.6 TB，抖動衰減時脈變得非常重要。此外，我們的一些電源隔離產品也與伺服器電壓越來越高有關，因為需要隔離來自 Tacosilicon 裝置低電壓電源的輸入電源。

So I mean, I would characterize WiFi, automotive and then data center with power and timing is kind of being three structural tailwind things we have in our broad markets we're excited about.

所以我的意思是，我會把 WiFi、汽車和資料中心與電力和時效性結合起來，並認為這是我們廣大市場中三個令人興奮且具有結構性優勢的利好因素。

Got it. During the prepared comments, you spoke about how you're seeing strengthening position, our 5G position in premium Android handsets, including the upcoming Galaxy S6 launch, at the same time, you spoke about how your overall content should at least be stable, if not maybe a little bit better than that going forward.

知道了。在準備好的評論中，您談到了您如何看待我們在高階安卓手機（包括即將推出的 Galaxy S6）的 5G 地位的加強，同時，您也談到了您的整體內容至少應該保持穩定，如果未來能夠更好一些的話。

Having said that as kind of a backdrop, I guess, should we expect that fiscal '25 should be the trough in content at your largest customer? And I guess more broadly, could you describe your positioning your largest customer and whether a genetic AI could drive higher RF content gains in edge devices than in prior solar technology upgrade cycles as well.

綜上所述，我想，我們是否可以預期，2025 財年將是貴公司最大客戶的內容收入最低潮？更廣泛地說，您能否描述一下您最大的客戶的定位，以及基因人工智慧是否能夠比以往的太陽能技術升級週期在邊緣設備中帶來更高的射頻含量提升？

Yes. Thanks. Good question. Look, I think what I would say, look, we compete for business every single year at a large customer. I don't expect that to change. I'm pleased we defended our major sockets at all the mobile platforms. So I'm pleased we did that. I'm not satisfied that we did because I think we have the opportunity to do even better than that. But I'm pleased we defended the sockets.

是的。謝謝。問得好。我覺得我想說的是，我們每年都會與大客戶展開業務競爭。我不認為這種情況會改變。我很高興我們成功捍衛了所有行動平台上的主要介面。所以我很慶幸我們這麼做了。我對我們所取得的成績並不滿意，因為我認為我們有機會做得更好。但我很高興我們守住了這些插座。

And I think I think some of our prepared remarks and from our largest customers suggest there is a strong tailwind with both upgrade cycles, AI, demand pushing things to the edge. And we continue to see very strong demand so goes not just on the mobile side, but pretty much broad-based right now as well.

我認為，我們事先準備好的一些發言以及我們最大客戶的回饋表明，升級週期、人工智慧和需求都在強勁推動產品走向邊緣化。我們持續看到非常強勁的需求，不僅在行動端，目前在各個領域都是如此。

We're keeping a close eye on it, just given some of the commentary around component prices and things. But right now, we continue to see a very strong tailwind of unit demand.

鑑於一些關於零件價格等方面的評論，我們正在密切關注此事。但就目前而言，我們仍然看到強勁的單位需求成長動能。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

Ed, we're having some difficulty hearing you.

艾德，我們聽不太清楚你說話。

Sorry. Is that any better?

對不起。這樣好些了嗎？

Yes.

是的。

Sorry, guys. Yes. So a lot confused. You mentioned that you find sockets, you've got some good content gains, but you think they may offset by mix and given what we know about basically the mix here. I would have thought you'd have a little bit more of a tailwind in the second half of this year just from the sheer fact that you've gained back some content and the mix of modems at least is favoring you over what you did last year.

抱歉，各位。是的。真是太困惑了。你提到你找到了插槽，獲得了一些不錯的內容收益，但你認為它們可能會被混合所抵消，考慮到我們對這裡混合的了解。我原以為，今年下半年你們會更有發展勢頭，因為你們已經恢復了一些內容，而且至少調製解調器的組合情況比去年更有利於你們。

I thought last year would be your trough. But I know since CES, there's been a lot of discussion about the worst is yet to come, et cetera. So maybe you could help clarify that, why do you think mix is going to offset your content gains?

我以為去年會是你的低谷期。但我知道，自 CES 以來，關於最糟糕的情況尚未到來等等的討論很多。所以，您能否幫忙解釋一下，為什麼您認為 Mix 會抵銷您的內容收益？

I think -- thanks for the question. I think that we've got to be careful. It's difficult for us to really comment on specific models and launch timing and things like that. But I think that suffice to say, some of the content varies between particular models. And it's really hard for us to predict what ones they're going to sell, when they're going to launch and how they're going to do. So I think our best guess right now is our blended content should be flat. We defended our key sockets. We gained back some more architecture changes, and we think net overall could be flat.

我想——謝謝你的提問。我認為我們必須謹慎行事。我們很難對具體型號、發佈時間等問題發表評論。但我認為，可以說，某些內容在特定型號之間有所不同。我們很難預測他們會賣出哪些產品，何時推出以及銷售情況如何。所以我認為目前我們最好的猜測是，我們的混合內容應該保持穩定。我們守住了關鍵的插座。我們又進行了一些架構變更，我們認為整體而言可能會持平。

We do expect some tailwind with respect to some of the demand we're seeing, right? I mean it's very strong demand across the board. I'm happy that we did that. I'm not satisfied that we did, but I'm happy we did that, and we've got some more opportunities ahead. So hopefully, we try our best to kind of answer that. That's kind of where we're projecting a blended flat at this point.

我們預計目前看到的一些需求會受到一定程度的推動，對吧？我的意思是，各方面的需求都非常強勁。我很慶幸我們這麼做了。我並不完全滿意我們所取得的成果，但我很高興我們做到了，而且我們未來還有更多的機會。所以，希望我們能盡力解答這個問題。這就是我們目前對混合平面圖的想像。

Okay. And then if I could just ask, do you have a stock in Japan. I know you're underutilized in a couple of your factories, specifically with the filter factory in Osaka. Is that going to improve in the second half of the year substantially? Or should we expect kind of status quo me a little bit better?

好的。然後，請問一下，貴公司在日本有股票嗎？我知道你們有幾家工廠的產能沒有充分利用，特別是大阪的濾水器工廠。下半年情況會大幅改善嗎？或者我們應該期待現狀能稍微好一點？

Yes. Look, I think right now, it really depends on the technology base. We're not going to talk about specific loading or specific factories. I would say that in general, in the products that are being utilized, we are definitely -- we are at capacity, right? We are definitely hand to mouth from that.

是的。你看，我認為現在這真的取決於技術基礎。我們不談具體的裝貨量或具體的工廠。我想說，總的來說，就我們正在使用的產品而言，我們肯定——我們已經達到產能極限了，對吧？我們確實只能勉強維持生計了。

We are we're scrambling to meet REIT demand. And right now, our demand exceeds our supply. And so we're continuing to work that. There are pockets of areas where we talked about, for example, a specific facility, and that really has to do with more technology changes than anything like that.

我們正在竭盡全力滿足房地產投資信託基金（REIT）的需求。目前，我們的需求超過了供應。所以我們正在繼續努力。有些領域，例如我們討論過的特定設施，實際上更多的是技術變革，而不是其他類似的事情。

So I think that our gross margin guide, if you're kind of going there, that really reflects what we have best knowledge today of balancing mix, right, costs, prices and things where we want to go, right? It's something we keep a close eye on, and we're going to continue to work that going forward.

所以我認為，如果你要談到毛利率指導原則，那麼它確實反映了我們目前對平衡產品組合、成本、價格以及我們想要達到的目標的最佳理解，對吧？我們會密切關注此事，並將繼續努力推進這項工作。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

I think you have about $1.2 billion left on your repo authorization. The stock has obviously come in. I think you sound super confident on these synergies and the deal closure being on track. So can you buy back stock? I think you can repo stock with Qorvo management approval. Is that right? Can you kind of talk about that?

我認為你的倉庫授權額度還剩下大約 12 億美元。股票顯然已經到貨了。聽起來你對這些綜效以及交易順利完成都非常有信心。那麼，你可以回購股票嗎？我認為只要獲得Qorvo管理層的批准，你就可以回購股票。是這樣嗎？能談談這方面嗎？

Tim, yes, this is Phil Carter here. Yes, so our free cash flow this quarter was $339 million, 33% margin. We're sitting with $1.6 billion in cash. $1 billion in debt. So we do have ample opportunity and cash to buy the stock.

提姆，是的，我是菲爾卡特。是的，我們本季的自由現金流為 3.39 億美元，利潤率為 33%。我們目前手上有16億美元現金，負債10億美元。因此，我們有充足的機會和資金來購買股票。

During the pendency period, there are some requirements but we're constantly looking at how we can deploy our cash. We did announce in the press release that we are paying a $0.71 dividend to our shareholders. But we are constantly looking at the optionality. We do have to go to the debt markets in the next 12 months or so in anticipation of closing this deal. So we do want to maintain some level of financial prudence as well.

在等待期間，雖然有一些要求，但我們會不斷研究如何部署我們的資金。我們在新聞稿中宣布，我們將向股東派發每股 0.71 美元的股息。但我們始終在關注各種可能性。為了完成這筆交易，我們預計在未來 12 個月左右的時間內需要進入債務市場融資。所以我們也希望保持一定程度的財務審慎。

Okay. And then there was a huge amount of focus on the earnings call for your biggest customer around memory pricing and headwinds for their margins. So -- it seems like maybe it's a risk that they push back on you on pricing. So can you talk about that as a risk? You said content is flat, but is your pricing locked in with them? Because I would think that they are going to try to take everything out of all their suppliers that they can, given these memory cost headwinds?

好的。然後，大家的注意力都集中在你最大客戶的財報電話會議上，討論記憶體定價以及利潤率面臨的不利因素。所以——看來他們可能會在定價方面對你進行討價還價，這或許是一個風險。所以你可以把它看作是一種風險嗎？你說內容是固定的，但是你的定價和他們有鎖定關係嗎？因為考慮到記憶體成本的上漲，我認為他們會想辦法從所有供應商榨取每一分錢？

Yes. No, I think that -- I mean, first off, when we talk about some of those wild swings in what we've heard about the Manpack, there's simply no way for any company like Skyworks to be able to dampen that kind of opportunity out there. So the short answer is no. There's always competitive pricing dynamics at our largest customer.

是的。不，我認為——我的意思是，首先，當我們談到我們聽到的關於單兵背包的一些劇烈波動時，像 Skyworks 這樣的任何公司都不可能抑制這種機會的出現。所以簡而言之，答案是否定的。我們最大的客戶始終存在激烈的價格競爭。

Having said that, as I mentioned, we are hand them out, we are scrambling for every part we can build at this point. And so we're not seeing any pressure associated with that. And I mean I wouldn't really expect to either now could that change going forward, maybe, but we're not seeing it right now.

話雖如此，正如我之前提到的，我們正在分發這些零件，我們現在正竭盡全力製造每一個可以製造的零件。因此，我們沒有看到任何與此相關的壓力。我的意思是，我現在也不指望這種情況會發生，未來可能會改變，但目前我們還沒有看到這種改變。

Peter Pang, JPMorgan.

Peter Pang，摩根大通。

Just in terms of the overall unit assumptions should be thinking. I think you talked about a pretty strong upgrade cycle going. At the same time, I think there's a lot of concerns about memory.

僅就整體單位假設而言，就應該考慮這一點而言。我認為你剛才提到過，目前的升級週期相當強勁。同時，我認為人們對記憶體問題有很多擔憂。

And you guys historically have talked about low single-digit unit growth. Is that still the base case to assume for this year or because of some of the memory constraints that this could be more of a flat market? Maybe just if you can share some color on what you're seeing.

你們歷來都只談到個位數的銷售成長。今年的基本預期仍然是這個數字嗎？還是因為記憶體限制，市場可能會更加平穩？或許你可以分享一下你看到的情況。

Well, look, I think that we're only really guiding one quarter out. But I would say, I think, consistent with what has been said publicly on prior calls. I mean, we are seeing very strong unit demand. And we're certainly seeing that. So that's reflected in our numbers, certainly above seasonality and we're seeing very strong demand.

嗯，你看，我認為我們實際上只預測未來一個季度的情況。但我認為，這與先前在公開電話會議上所說的內容是一致的。我的意思是，我們看到市場對產品的需求非常強勁。我們確實看到了這一點。所以這一點從我們的數據中就能看出來，而且肯定超出了季節性因素的影響，我們看到了非常強勁的需求。

So I'll leave it at that. I don't think we want to project demand going forward because we really don't know. We just take the input from the customers and go look at it there. So but we do expect to see a stronger unit demand that perhaps you've seen publicly talked about before.

我就說到這兒吧。我認為我們不應該預測未來的需求，因為我們真的不知道。我們只是採納客戶的回饋，然後去現場查看。所以，我們預計會看到更強勁的單位需求，這或許您之前已經看到過公開討論過。

Got it. That's very helpful. And then just on -- in terms of -- seasonality given the potential different set of launches and you guys have historically had a bigger point certain schemes. How do you think about seasonality’s like in the year? Is it -- should we kind of just model based on historical seasonality or because of some of the different launch timing that we might just skew the seasonality a little bit.

知道了。那很有幫助。然後就季節性而言，考慮到可能不同的產品發布組合，你們歷來在某些方案上更有優勢。你如何看待季節性因素，例如一年中的變化？是應該根據歷史季節性來建模，還是因為不同的發佈時間，我們可能需要稍微調整一下季節性？

Yes. Obviously, we can't really talk about launch timing of our customers and what to do. I know there's been a lot of industry chatter on that, and that's not really something we are prepared to talk about nor frankly do we really know, to be honest, it's not something they don't review there, none of our customers review their particular plans with us. But I would say that as we look in the out quarters, I mean, I don't I think we're kind of -- what I would characterize it as fairly normal. We're not seeing anything abnormal with respect to that.

是的。顯然，我們不能討論客戶的產品發佈時間以及應該採取的措施。我知道業內對此有很多議論，但我們並不打算談論此事，坦白說，我們也不太清楚，他們不會審查，我們的客戶也不會和我們審查他們的具體方案。但我想說，當我們審視外部空間時，我的意思是，我認為我們有點——我會將其描述為相當正常。我們目前沒有發現任何異常情況。

So I would just -- nothing abnormal to strong demand, and I wouldn't say there's anything -- we're not seeing anything unusual with respect to that. So

所以我覺得——需求強勁，沒有什麼異常之處，而且我不會說有什麼——我們在這方面沒有看到任何不尋常的情況。所以

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Following on the prior comment, realizing you can't comment on your customers' product launch plans. But in principle, what impact would seasonally more muted business cycle or product launch cycle have on the company operational either in terms of production, factory loadings, overall gross margins or otherwise?

承接上一則評論，意識到你不能對客戶的產品發布計畫發表評論。但原則上，季節性較為平緩的商業週期或產品發布週期會對公司營運產生什麼影響，例如生產、工廠負荷、整體毛利率或其他方面？

Well, gee, let me -- look, overall, I think obviously, being our large customer, right, any sort of swings in demand are impactful for us in terms of how we manage that. Right now, we are very constrained across the board. We're fighting hand them out for products, and we continue to do that. I think we've been an effective -- we've done an effective job operationally managing that.

嗯，哎呀，讓我——你看，總的來說，我認為很明顯，作為我們的大客戶，任何需求波動都會對我們如何應對產生影響。目前，我們各方面都受到很大限制。我們正在努力阻止他們用產品換取獎勵，而且我們還會繼續這樣做。我認為我們在這方面做得非常有效——我們在營運管理方面做得非常有效。

I mean having some peaks and valleys with respect to demand is not unusual for that customer as they ramp up and down through the cycles. And so right now, I think that we tend to be in a situation where the demand is very strong, and we've seen these situations before. We're doing our best to manage them. And it should signal change, then we'll deal with that accordingly. I mean I'm not sure I can give you a better answer than that.

我的意思是，對於該客戶而言，需求出現一些高峰和低谷並不罕見，因為他們的需求會隨著週期而增加。所以現在，我認為我們往往處於需求非常強勁的局面，而我們以前也遇到過這種情況。我們正在盡力管理它們。這應該預示著變革，屆時我們將採取相應的措施。我的意思是，我不確定我還能給你比這更好的答案。

That's fair enough. And then maybe just as a quick follow-up. You talked about the sort of recovery in broad markets, which I think is kind of consistent with what your peers have reported. Can you maybe talk about sort of idiosyncratic product areas that you think is going to drive sort of outsized market growth relative to the market for you this year?

這很合理。然後或許可以簡單地跟進一下。你談到了整體市場的復甦，我認為這與你的同行所報告的情況基本一致。您能否談談您認為今年哪些具有獨特性的產品領域將推動市場相對於您所在市場實現超乎尋常的成長？

Yes. I think I kind of mentioned them before, some of the areas that I'm excited about. I mean we talked about WiFi being a big driver there. We talked about being in the auto segment growing faster -- the data center space with power and our timing products continues to be good one.

是的。我想我之前也提到過一些我感興趣的領域。我的意思是，我們之前討論過WiFi是推動這一趨勢的重要因素。我們談到汽車領域成長更快——資料中心領域，尤其是電力和我們的定時產品，也持續保持良好的發展勢頭。

Longer term, it's not yet big enough to talk about, but I'm excited about what we're doing in satellite comms too. I mean I just think we've got exposure in a number of areas. I mean, I just I try and remind everybody that I talk to. The world is connected wirelessly. We're in a very good spot for that.

從長遠來看，現在談論這個話題還為時過早，但我對我們在衛星通訊領域所做的工作也感到興奮。我的意思是，我認為我們在很多領域都有所涉足。我的意思是，我只是想提醒我跟每個人說的話。世界已透過無線網路連接起來。我們在這方面處於非常有利的地位。

And some of our products that play in the data center, including timing and power are also seeing a bit of tailwind. So I think we've got a lot of great stuff going on and our broad markets continues to grow and continues to perform at a better and corporate average. I think that will help us continue to get outsized earnings out in the future.

我們一些用於資料中心的產品，包括時序和電源產品，也獲得了一些成長動力。所以我認為我們有很多好事正在發生，我們的大市場持續成長，並且繼續以更好的企業平均值表現。我認為這將有助於我們未來繼續獲得超額收益。

Gary Mobley, Luke Capital.

Gary Mobley，Luke Capital。

I had just one question. In early December, you filed a Form S-4 in which you gave a revenue forecast specific to Skyworks business out through 2030 in -- and I believe that predates your down selection with your largest customer in the next-generation launch. So given what you know today on sort of your content in the upcoming launch -- do you still stand behind those revenue forecast outlined in the ESCO filing for 2026 and 2027?

我只有一個問題。12 月初，您提交了一份 S-4 表格，其中對 Skyworks 業務到 2030 年的收入進行了預測——我相信這早於您與下一代產品發布中最大的客戶達成協議。鑑於您目前對即將推出的內容的了解——您是否仍然堅持在 ESCO 文件中概述的 2026 年和 2027 年的收入預測？

Yes. Thanks for the question. It was obviously difficult for me to -- for a lot of reasons, I can't specifically comment on specific filings going to be back down. I just would say that I continue to be incredibly bullish about that combination going forward. I continue to believe in the strategic and financial benefits of that. We are committed to closing the transaction. And frankly, I can't wait to get it closed.

是的。謝謝你的提問。顯然，由於種種原因，我很難具體評論哪些特定的備案文件會再次下調。我只想說，我對這個組合未來的發展依然非常看好。我仍然相信這樣做具有策略和財務上的好處。我們致力於完成這筆交易。坦白說，我迫不及待地想把它關上。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

This is Yash on for Christopher Rolland. And I had a question on gross margins. So maybe just looking forward a couple of quarters. Are there any gross margin puts and takes we should consider just given the memory dynamics that was expressed by our largest customer. Any trends in mix, pricing? Any additional color there would be helpful.

這裡是Yash替Christopher Rolland報道。我還有一個關於毛利率的問題。所以或許只要展望未來幾季。鑑於我們最大客戶所表達的記憶體動態，我們是否應該考慮任何毛利率方面的交易策略？產品組合和定價有什麼趨勢嗎？如果能添加一些其他顏色就更好了。

Yes. So this is Carter. We don't give any guidance beyond one quarter. As we look to the next quarter guidance, we did guide margin down 160 basis points, and that's mostly due to typical seasonality in mobile and lower volume in the March quarter as well as slightly higher mix of Android.

是的。這位就是卡特。我們不提供超過一個季度的業績指引。展望下一季業績，我們預計利潤率將下降 160 個基點，這主要是由於行動端的典型季節性因素以及 3 月季度銷量較低，以及 Android 應用佔比略高。

We also have had three quarters in a row of exceeding the high end of our guidance range. And as a result, you can imagine you're getting a little bit more input costs on expedite fees and things like that to meet our on-time delivery targets with our customers. But yes, other than that, I would say we're not seeing anything abnormal from typical seasonality.

我們已經連續三個季度超過了預期範圍的上限。因此，您可以想像，為了達到我們向客戶承諾的準時交付目標，我們在加急費等方面需要投入更多的成本。但除此之外，我認為我們沒有看到任何與典型季節性現像不符的異常情況。

And then for Android, and I believe last call, you provided color, it was a little less than $100 million. So any update to that revenue? And how should we think about seasonality here through the year?

然後，就 Android 而言，我相信上次你們提供了色彩，金額略低於 1 億美元。那麼，關於這部分收入有什麼最新進展嗎？那麼，我們該如何看待一年中不同季節的變化呢？

I would say for the current quarter, as we look at Android, it's down quarter-to-quarter. We are anticipating an increase from the current quarter Q1 into Q2. And so yes, as we look at that, it will be actually double-digit growth from Q1 to Q2. But we do anticipate that to moderate as we go throughout the year. So we're not seeing huge Android growth throughout the year as we're very selective on the devices that we choose to play in.

我認為就本季而言，如果我們觀察安卓系統，會發現它環比下降。我們預計從本季（Q1）到第二季（Q2）將有所成長。所以，是的，從這個角度來看，從第一季到第二季度，實際成長率將達到兩位數。但我們預計隨著時間的推移，這種情況會逐漸緩和。因此，我們今年並沒有看到 Android 平台大幅成長，因為我們對選擇運行遊戲的裝置非常挑剔。

Liam Far, BofA.

Liam Far，美國銀行。

Appreciate it. I just wanted to have a quick clarification. When you said that your content gains at your largest customer, offset by mix, do you mean that offset is from the '17 becoming a greater part of the overall mix or by expected shifts between models of the same generation?

謝謝。我只是想快速確認一下。您提到，您最大的客戶的內容收益被產品組合所抵消，您是指 2017 年車型在整體產品組合中所佔比例增加，還是指同一代車型之間預期的變化所導致的抵消？

It's really -- I said it could be potentially moderated by mix because we don't really know, right? I mean the issue is that we don't really know, and I don't even think the customer knows how the particular models are going to sell, and that won't be clear for some time. And so I think that we're trying to give guidance one quarter at a time. We defended our key sockets -- we made progress where we could. We're just making the best prediction of what we think we can and we'll give guidance along the way as we go there.

確實——我說過，混合因素可能會起到一定作用，因為我們真的不知道，對吧？我的意思是，問題在於我們真的不知道，我甚至認為顧客也不知道這些特定型號的銷量會如何，而且這在一段時間內也不會明朗。所以我認為我們正在嘗試一個季度地給出指導意見。我們守住了關鍵的據點——我們在力所能及的範圍內取得了進展。我們只是盡我們所能做出最好的預測，並在過程中提供指導。

We think our content should be stable on a blended basis and how it actually gets quarter-to-quarter is really going to depend on how the models do. And we'll just continue to keep an eye on that as we go forward.

我們認為我們的內容應該保持穩定，並進行混合式開發，而實際的季度環比情況將取決於模型的表現。我們將繼續密切關注此事。

Makes sense. And then Shifting to broad markets. I was wondering if you could touch on just in terms of day center progress. Is it still any -- is it growing faster or slower than the overall segment average. And in Wi-Fi, maybe -- I don't want to talk too much about the deal, but in terms of how complementary those portfolios are and whether there's any opportunity for competition naturally between your two portfolios as you combine them?

有道理。然後轉向更廣泛的市場。我想請您談談日間照顧中心的發展。它目前的成長速度是否仍然高於或低於該細分市場的平均值？至於 Wi-Fi 領域，也許——我不想談論太多這筆交易，但就這些投資組合的互補性而言，以及當你們將這兩個投資組合合併時，它們之間是否自然會產生競爭機會？

Yes. On the data center side, one of the -- yes, the short answer is yes, that is growing faster than our overall broad markets. And let me give you an example of some of the power isolation products they have to put it in context. The power escalation products, what they do is they provide -- they basically isolate the very high voltage from the actual lower voltage microcontrollers and GPUs and things.

是的。就資料中心而言，其中一個——是的，簡而言之，答案是肯定的，它的成長速度比我們整體的大市場更快。讓我舉個例子，說說他們的一些電源隔離產品，以便更好地理解。功率提升產品的作用是－它們基本上將極高的電壓與實際的低電壓微控制器、GPU 等設備隔離。

And so as you -- all the trends with respect to having higher and higher voltage on the data center side, need to have very specialty products that basically isolate those powers. Because you can imagine, if you put 400 or 800-volt DC onto a GPU, it's probably not going to last very long. And so all of those products, so we're getting lots of demand in that space.

因此，隨著資料中心電壓越來越高的趨勢，我們需要一些專門的產品來隔離這些電源。你可以想像，如果給顯示卡施加 400 或 800 伏特直流電，它可能不會持續很長時間。因此，所有這些產品，我們在這個領域都獲得了極大的需求。

And then the timing products really around 1 point -- about 800 gig and 1.6 terabit with their low JR attenuating clocks are doing really well as well. So right now, right, those are growing definitely faster than corporate average. The margins are better than the corporate average. We just wish they'd be a lot bigger. So we're continuing to work that and invest in those. Those are continue to be core investment areas for us.

然後，時序產品在 1 點左右——大約 800 Gig 和 1.6 Trabit，以及它們的低 JR 衰減時鐘，表現也非常好。所以現在，這些企業的成長速度肯定比企業平均還要快。利潤率高於公司平均。我們只是希望它們能更大一些。所以我們會繼續努力，並對這些方面進行投資。這些領域仍然是我們的核心投資領域。

With respect to WiFi, you asked about the combination, right? I think that both of the products have their unique positions to do that. We'll evaluate that going forward in terms of what we want to do. What we told the customers is we continue to keep our commitments to them going forward in time, and we're going to make the best decisions on how we do that going forward.

關於 WiFi，你問的是組合使用的情況，對吧？我認為這兩款產品各有其獨特的優勢。接下來我們會根據我們想要做的事情來評估這一點。我們告訴客戶，我們將繼續履行對他們的承諾，並且我們將做出最好的決定來履行這些承諾。

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

女士們、先生們，今天的問答環節到此結束。現在我將把電話轉回給布雷斯先生，請他作總結發言。

Great. Thank you very much for joining the call today, and I look forward to seeing you in person at some of the upcoming conferences. Thanks again.

偉大的。非常感謝您今天參加電話會議，期待在即將舉行的一些會議上與您見面。再次感謝。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

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