思佳訊 (SWKS) 2020 Q3 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Third Quarter Fiscal Year 2020 Earnings Call.

下午好，歡迎參加 Skyworks Solutions 2020 財年第三季度收益電話會議。

This call is being recorded.

此通話正在錄音。

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

此時，我會將電話轉給 Skyworks 投資者關係部的 Mitch Haws。

Mr. Haws, please go ahead.

霍斯先生，請繼續。

Thank you, Rob.

謝謝你，羅布。

Good afternoon, everyone, and welcome to Skyworks' Third Fiscal Quarter 2020 Conference Call.

大家下午好，歡迎參加 Skyworks 2020 年第三財季電話會議。

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

今天與我在一起的有我們的總裁兼首席執行官利亞姆·格里芬 (Liam Griffin)；以及我們的首席財務官 Kris Sennesael。

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

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

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

請參閱我們的收益新聞稿和最近向 SEC 提交的文件，包括我們的 10-K 表格年度報告，了解可能導致實際結果與今天所做的任何前瞻性聲明產生重大不利差異的某些風險的信息。

Additionally, the results and guidance we will discuss include certain non-GAAP financial measures, consistent with our past practice.

此外，我們將討論的結果和指導包括某些非公認會計準則財務指標，與我們過去的做法一致。

Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

請參閱我們公司網站投資者關係部分的新聞稿，了解與 GAAP 的完全一致。

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

這樣，我就把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone.

謝謝米奇，歡迎大家。

Before we discuss our Q3 results, I want to briefly comment on the COVID-19 pandemic, which continues to impact families, businesses and markets worldwide.

在我們討論第三季度業績之前，我想簡要評論一下 COVID-19 大流行，該流行病繼續影響全球的家庭、企業和市場。

I'd like to start by recognizing the tireless efforts of our talented Skyworks team as we've rapidly adapted and responded to a new working environment.

首先，我要對我們才華橫溢的 Skyworks 團隊的不懈努力表示認可，因為我們已經迅速適應並響應了新的工作環境。

We've implemented rigorous protocols designed to protect the health and safety of our employees, along with our valued customers and trusted partners.

我們實施了嚴格的協議，旨在保護我們員工以及我們尊貴的客戶和值得信賴的合作夥伴的健康和安全。

In parallel, we continue to deliver the vital connectivity solutions that people worldwide are depending upon to navigate the pandemic.

與此同時，我們繼續提供全世界人民賴以應對疫情的重要連接解決方​​案。

Now we'll turn to an overview of our third quarter performance.

現在我們將回顧第三季度的業績。

Skyworks delivered results well above consensus in the June quarter as our Sky5 platform gains traction, powering innovation in 5G applications at the leading smartphone OEMs and increasingly across our IoT customers.

Skyworks 在 6 月份季度的業績遠高於共識，我們的 Sky5 平台獲得了關注，推動了領先的智能手機 OEM 廠商以及越來越多的物聯網客戶的 5G 應用創新。

For the third quarter, we reported revenue of $737 million, nearly $50 million above our guidance.

第三季度，我們報告收入為 7.37 億美元，比我們的預期高出近 5000 萬美元。

We achieved gross margin of 50.1% and operating margin of 31.3%.

我們的毛利率為 50.1%，營業利潤率為 31.3%。

We posted earnings per share of $1.25, beating our guidance by $0.12.

我們公佈的每股收益為 1.25 美元，比我們的指引高出 0.12 美元。

And we generated strong operating cash flow, totaling $259 million in the quarter.

我們產生了強勁的運營現金流，本季度總計 2.59 億美元。

Our momentum continues to improve, reflecting on our execution across a rapidly evolving business landscape as well as the broadening adoption of 5G.

我們的勢頭持續改善，反映了我們在快速發展的業務環境中的執行力以及 5G 的廣泛採用。

A few data points highlight the growth of this critical technology.

一些數據點突顯了這項關鍵技術的發展。

Globally, 5G subscriptions are continuing to grow with estimates approaching $3 billion over the next 5 years.

全球範圍內，5G 用戶數量持續增長，預計未來 5 年將接近 30 億美元。

5G handset demand is accelerating across a diversified set of customers and geographies.

不同客戶和地區的 5G 手機需求正在加速增長。

In fact, in China, during the month of June, approximately 60% of all smartphones sold were 5G-enabled.

事實上，在中國，6 月份銷售的所有智能手機中約有 60% 是支持 5G 的。

And a new 3GPP standard was also released, validating the extension of 5G technology into IoT, V2X, multimedia broadcast and other services.

同時還發布了新的3GPP標準，驗證了5G技術向物聯網、V2X、多媒體廣播等業務的擴展。

Clearly, 5G, along with other advanced wireless technologies such as WiFi 6 and enhanced GPS are spawning new usage cases and fortifying the backbone of an expanding connected economy.

顯然，5G 以及 WiFi 6 和增強型 GPS 等其他先進無線技術正在催生新的使用案例，並鞏固不斷擴大的互聯經濟的支柱。

During the quarter, we secured key design wins across numerous applications, from the mobile phone to industrial IoT, automotive, cognitive audio, aerospace and defense.

本季度，我們在眾多應用中獲得了關鍵設計勝利，從手機到工業物聯網、汽車、認知音頻、航空航天和國防。

Specifically in mobile, we are expanding our Sky5 platform across multiple flagship 5G models at Samsung, Motorola, Oppo, Vivo and Xiaomi.

特別是在移動領域，我們正在將 Sky5 平台擴展到三星、摩托羅拉、Oppo、Vivo 和小米的多款旗艦 5G 機型。

In addition, we are populating some of the highest performing 5G platforms that we'll be launching later this year.

此外，我們正在填充一些性能最高的 5G 平台，這些平台將於今年晚些時候推出。

In IoT, we're enabling AT&T's tri-band gateways with our WiFi 6 solutions; ramping indoor and outdoor access points at Aruba, Juniper and Linksys; powering integrated connectivity in Amazon and Ring security systems; launching voice assistant solutions and mesh routers at Google; and we're leveraging our 4x4 MIMO and WiFi engines and premium sound bars at Sonos.

在物聯網領域，我們通過 WiFi 6 解決方案支持 AT&T 的三頻網關；增加 Aruba、Juniper 和 Linksys 的室內和室外接入點；為 Amazon 和 Ring 安全系統中的集成連接提供支持；在谷歌推出語音助手解決方案和網狀路由器；我們正在利用 Sonos 的 4x4 MIMO 和 WiFi 引擎以及優質條形音箱。

In addition, we delivered new cognitive wireless audio solutions, powering the leading gaming headsets.

此外，我們還提供了新的認知無線音頻解決方案，為領先的遊戲耳機提供動力。

Now moving to the industrial space.

現在轉向工業領域。

We are supporting IoT platforms at Bosch and Gemalto, and leveraging our GPS circulator in advanced filter solutions at leading aerospace and defense companies.

我們為博世和金雅拓的物聯網平台提供支持，並在領先的航空航天和國防公司的先進過濾器解決方案中利用我們的 GPS 循環器。

And in automotive, we're capturing new designs with Sky5 at BMW, Ford and other leading manufacturers.

在汽車領域，我們正在利用 Sky5 為寶馬、福特和其他領先製造商捕捉新設計。

These wins demonstrate our market leadership, underpinned by a diverse and growing set of critical technologies, resolving increasingly complex architectures and preparing our customers for the performance gains demanded in 5G.

這些勝利證明了我們的市場領先地位，以多樣化且不斷增長的關鍵技術為基礎，解決了日益複雜的架構，並幫助我們的客戶為 5G 所需的性能提升做好準備。

During the pandemic, we have witnessed a sharp inflection in the usage case of our core technology, enabling a variety of work-from-home applications, online learning and education, media and gaming, at-home fitness, safe telemedicine and a sustainable shift to touchless commerce.

在大流行期間，我們見證了我們核心技術的使用案例的急劇變化，實現了各種在家工作應用程序、在線學習和教育、媒體和遊戲、家庭健身、安全遠程醫療和可持續轉變非接觸式商業。

Given this increased demand for high-speed data consumption, networks are being taxed as never before.

鑑於對高速數據消費的需求不斷增加，網絡正面臨著前所未有的徵稅。

To illustrate how the pressure on the network is intensifying, on a typical day, in just 1 second, there are 96,000 gigabytes of Internet traffic, 85,000 videos watched on YouTube, 84,000 Google searches and 5,000 Skype calls.

為了說明網絡壓力是如何加劇的，在典型的一天中，在短短 1 秒內，就有 96,000 GB 的互聯網流量、85,000 個 YouTube 視頻觀看次數、84,000 次 Google 搜索和 5,000 次 Skype 通話。

Now more than ever, always-on connectivity is paramount, creating a compelling market opportunity for Skyworks' proven solutions.

現在，永遠在線的連接比以往任何時候都更加重要，這為 Skyworks 成熟的解決方案創造了引人注目的市場機會。

Whether it's Zoom, Teams, Facetime, telemedicine or touchless home delivery, at Skyworks, our commitment is to make these connections seamless and efficient.

無論是 Zoom、Teams、Facetime、遠程醫療還是非接觸式送貨上門，在 Skyworks，我們的承諾都是使這些連接無縫且高效。

Looking forward, we are not bounded by handset volumes as our reach continues to expand across the IoT space, enabling a wide range of industries, applications and customers, all benefiting from the performance and utility of our solutions.

展望未來，我們將不受手機銷量的限制，因為我們的業務範圍將繼續擴大到物聯網領域，使廣泛的行業、應用程序和客戶都受益於我們解決方案的性能和實用性。

In short, our unique technologies have never been more valuable, essential and critical, with an expanding opportunity set emerging in ways that we have never imagined.

簡而言之，我們獨特的技術從未如此有價值、必要和關鍵，並且不斷擴大的機會以我們從未想像過的方式出現。

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

接下來，我將把電話轉給克里斯，討論第三季度和第四季度的前景。

Thanks, Liam.

謝謝，利亞姆。

Skyworks' revenue for the third fiscal quarter of 2020 was $737 million, which is $47 million higher than the midpoint of the guidance coming into Q3.

Skyworks 2020 年第三財季的收入為 7.37 億美元，比第三季度指引的中值高出 4700 萬美元。

Revenue was down 4% year-over-year.

收入同比下降 4%。

However, excluding Huawei-related revenue in both Q3 of fiscal '19 and fiscal '20, revenue was up 2.5% year-over-year, despite the negative impact from COVID-19.

然而，排除 19 財年第三季度和 20 財年第三季度與華為相關的收入，儘管受到 COVID-19 的負面影響，收入仍同比增長 2.5%。

Gross profit in the third quarter was $369 million, resulting in a gross margin of 50.1%.

第三季度毛利潤為3.69億美元，毛利率為50.1%。

Operating expenses were $139 million, up slightly year-over-year as we continue to prudently manage OpEx while making the necessary investments in research and development to accelerate future growth of our business.

運營費用為 1.39 億美元，同比略有增長，因為我們繼續審慎管理運營支出，同時對研發進行必要的投資，以加速我們業務的未來增長。

We generated $230 million of operating income, translating into an operating margin of 31.3%.

我們創造了 2.3 億美元的營業收入，營業利潤率為 31.3%。

We had $2.3 million of other expenses, mainly driven by ForEx losses.

我們還有 230 萬美元的其他費用，主要是外匯損失造成的。

And our effective tax rate was 7.5%, driving net income of $211 million or $1.25 of diluted earnings per share, which is $0.12 above the midpoint of the guidance.

我們的有效稅率為 7.5%，淨利潤為 2.11 億美元，攤薄後每股收益為 1.25 美元，比指導中值高出 0.12 美元。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

Third fiscal quarter cash flow from operations was $259 million.

第三財季運營現金流為 2.59 億美元。

Capital expenditures were $72 million, resulting in $187 million of free cash flow.

資本支出為 7200 萬美元，自由現金流為 1.87 億美元。

On a trailing 12-month basis, our free cash flow margin is 32%.

在過去 12 個月的基礎上，我們的自由現金流率為 32%。

We paid $73 million in dividends and repurchased approximately 670,000 shares of our common stock at an average price of $87.42 for a total of $59 million.

我們支付了 7,300 萬美元的股息，並以平均價格 87.42 美元回購了約 670,000 股普通股，總計 5,900 萬美元。

During the first 3 quarters of fiscal 2020, we have repurchased 4.6 million shares.

2020財年前3季度，我們回購了460萬股股票。

And during the last 12 months, we have returned 84% of the free cash flow back to the shareholders through a combination of dividends and share buybacks.

在過去 12 個月中，我們通過股息和股票回購的方式將 84% 的自由現金流返還給股東。

We ended the third fiscal quarter with cash and investments of $1.2 billion, and we have no debt.

截至第三財季末，我們擁有 12 億美元的現金和投資，並且沒有債務。

Now let's move on to our outlook for Q4.

現在讓我們繼續展望第四季度。

We expect double-digit sequential revenue and earnings per share growth, driven by the strong demand for our market-leading solutions.

在對我們市場領先解決方案的強勁需求的推動下，我們預計收入和每股收益將實現兩位數的連續增長。

Specifically, we anticipate revenue to be between $830 million and $850 million.

具體來說，我們預計收入將在 8.3 億美元至 8.5 億美元之間。

We expect gross margin in the range of 50% to 50.5% and operating expenses of approximately $142.5 million.

我們預計毛利率在 50% 至 50.5% 之間，運營費用約為 1.425 億美元。

Below the line, we anticipate roughly $1 million in other income and a tax rate of 9.5%.

在此線之下，我們預計其他收入約為 100 萬美元，稅率為 9.5%。

We expect our diluted share count to further reduce to approximately 168 million shares.

我們預計稀釋後的股份數量將進一步減少至約 1.68 億股。

Accordingly, at the midpoint of the revenue range, we expect to deliver diluted earnings per share of $1.51.

因此，在收入範圍的中點，我們預計稀釋後每股收益為 1.51 美元。

Lastly, given our confidence in Skyworks' strategic outlook and strong cash flow generation, we announced a 14% raise to our quarterly dividend to $0.50 per share.

最後，鑑於我們對 Skyworks 的戰略前景和強勁的現金流產生充滿信心，我們宣布將季度股息提高 14% 至每股 0.50 美元。

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

然後，我會將電話轉回利亞姆。

Thanks, Kris.

謝謝，克里斯。

With 5G gaining traction, we are now at the cusp of a multiyear upgrade cycle, one in which Skyworks is uniquely positioned to outperform.

隨著 5G 越來越受歡迎，我們現在正處於多年升級週期的風口浪尖，在這一周期中，Skyworks 具有獨特的優勢，能夠跑贏大盤。

Our Sky5 platform provides tremendous flexibility to our customers, purpose-built to be baseband agnostic, while powering the most innovative 5G handsets.

我們的 Sky5 平台為客戶提供了巨大的靈活性，專為基帶無關而設計，同時為最具創新性的 5G 手機提供支持。

In addition, these same 5G solutions are now expanding across industrial and automotive applications.

此外，這些 5G 解決方案現在正在擴展到工業和汽車應用。

And as complexity intensifies, we are aggressively adding to our enabling technologies.

隨著複雜性的加劇，我們正在積極增加我們的支持技術。

With ongoing investments in both TC-SAW and Bulk Acoustic Wave filtering.

持續投資於 TC-SAW 和體聲波濾波。

In fact, we just exceeded shipments of 150 million BAW-enabled modules, and we see strong momentum for this technology in both mobile and broad markets.

事實上，我們剛剛突破了 1.5 億個支持 BAW 的模塊的出貨量，並且我們看到了該技術在移動市場和廣泛市場中的強勁勢頭。

Our proven ability to advance key connectivity protocols, delivering higher speeds and lower latency across 3G, 4G and now 5G, positions us well to capitalize on rapidly evolving market opportunities.

我們在推進關鍵連接協議方面擁有成熟的能力，能夠在 3G、4G 和現在的 5G 領域提供更高的速度和更低的延遲，這使我們能夠很好地利用快速發展的市場機遇。

Indeed, our mission of connecting everyone and everything all the time has never been more relevant.

事實上，我們始終將每個人和所有事物聯繫起來的使命從未如此重要。

Finally, the strength of our balance sheet and cash generation capabilities allow us to accelerate the investments that fuel long-term profitable growth while enabling Skyworks to deliver premium returns for our stockholders.

最後，我們強大的資產負債表和現金生成能力使我們能夠加快投資，推動長期盈利增長，同時使 Skyworks 能夠為我們的股東帶來豐厚的回報。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Let's open the line for questions.

讓我們打開提問熱線。

(Operator Instructions) And your first question comes from the line of Vivek Arya from Bank of Montreal -- or America, sorry.

（操作員說明）您的第一個問題來自蒙特利爾銀行（或美國銀行）的 Vivek Arya，抱歉。

Yes, Bank of America.

是的，美國銀行。

Congratulations, Liam and Kris, on the strong results and execution.

祝賀 Liam 和 Kris 取得的出色成果和執行力。

Liam, I'm curious, what drove the $50-million-or-so upside in the quarter -- in the June quarter and what's driving the strength in September?

Liam，我很好奇，是什麼推動了本季度 6 月季度 5000 萬美元左右的上漲，以及是什麼推動了 9 月份的強勁增長？

I asked that because a few weeks ago, one of your competitors had mentioned the possibility of a delay in one of the flagship 5G phone.

我之所以這麼問，是因為幾週前，你們的一位競爭對手提到了一款旗艦 5G 手機可能會延遲上市。

So I was wondering if you were impacted by that or by any potential kind of supply-related or trade tension-related pull-ins by any Chinese customer.

所以我想知道您是否受到了這種情況的影響，或者受到任何中國客戶潛在的與供應相關或與貿易緊張相關的拉動的影響。

So just give us a sense for what the upside kind of tells us about the true state of demand and your progress with customers?

那麼，請讓我們了解一下正面的情況告訴我們什麼是需求的真實狀態以及您與客戶的進展？

Sure.

當然。

Well, the upside came from a number of opportunities that we're able to execute upon, largely the launch -- the initial launch of 5G products much through China with some of our partners that we mentioned, Samsung, Oppo, Vivo and others.

好的方面來自於我們能夠利用的許多機會，主要是發布——與我們提到的一些合作夥伴（三星、Oppo、Vivo 等）在中國首次推出 5G 產品。

We also had some nice penetration in our WiFi portfolio.

我們的 WiFi 產品組合也取得了不錯的滲透率。

Our Wi-Fi 6 launches, they were beneficial to us.

我們推出了 Wi-Fi 6，它們對我們有利。

But there was still a great opportunity in core mobile to grow.

但核心移動領域仍然存在巨大的增長機會。

We did have to combat some supply chain issues to be fair, but we started to improve through the quarter with acceleration through the last month of the quarter that's now propelling us into Q4.

為了公平起見，我們確實必須解決一些供應鏈問題，但我們在整個季度開始有所改善，並在本季度最後一個月加速，現在正推動我們進入第四季度。

So we're very comfortable with where we are right now.

所以我們對現在的處境感到非常滿意。

I think the team did a good job.

我認為團隊做得很好。

Still navigating the COVID-19 headwinds for sure, but executing well through our factories and delivering what our customers need.

當然，我們仍然在應對 COVID-19 的逆風中，但我們的工廠表現良好，並滿足客戶的需求。

Got it.

知道了。

And for my follow-up, does -- how should we think about then seasonality going into December?

對於我的後續行動，我們應該如何考慮進入 12 月的季節性？

Because I imagine that this year is perhaps more special because there are these big 5G ramps, but there is also all the disruptions because of COVID and the macro headwinds because of COVID.

因為我認為今年可能更特別，因為有這些巨大的 5G 發展，但也有由於新冠肺炎而造成的所有乾擾以及因新冠肺炎而產生的宏觀逆風。

So how should we think about your December quarter seasonality given all these puts and takes?

那麼，考慮到所有這些看跌期權和看跌期權，我們應該如何考慮 12 月季度的季節性？

Sure.

當然。

Sure.

當然。

Now obviously, today, we guided our Q4 quarter.

顯然，今天我們指導了第四季度。

But as we start to think about December, based on the traction that we're working and the demand for this 5G technology, which is still just tremendous, we think that the December quarter should be strong for us.

但當我們開始考慮 12 月份時，基於我們正在努力的牽引力以及對 5G 技術的需求（仍然是巨大的），我們認為 12 月份的季度對我們來說應該是強勁的。

And that will come across with a number of customers, but we have some really powerful design wins that we've created.

許多客戶都會遇到這種情況，但我們已經創造了一些非常強大的設計勝利。

We talk a lot about content reach here at Skyworks, and I think you're going to see that when you look at some of the new launches that will happen at the end of the year.

我們談論了很多關於 Skyworks 的內容，我想當您查看今年年底將發布的一些新產品時，您會看到這一點。

So we're very well positioned for it.

所以我們已經做好了充分的準備。

As we've always talked about, complexity is our friend.

正如我們一直談論的那樣，複雜性是我們的朋友。

The technology bar is high.

技術門檻很高。

That's exactly what we want to see, and we'll be able to demonstrate that through 5G handsets here in the second half, for sure.

這正是我們希望看到的，並且我們肯定能夠在下半年通過 5G 手機來證明這一點。

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。

Congrats on the strong results.

祝賀取得的強勁成果。

I guess my first question is on broad markets.

我想我的第一個問題是關於廣闊的市場。

Kris, if you can help out by sort of sharing what percentage of revenue came from the broad markets business in the quarter.

克里斯，如果您能幫忙分享一下本季度來自廣泛市場業務的收入百分比。

And I guess more importantly, Liam, you talked about a number of businesses within broad markets and kind of the design wins there.

我想更重要的是，利亞姆，您談到了廣闊市場中的許多業務以及那裡的設計勝利。

But what were some of the key drivers in Q2 and if you were to highlight 1 or 2 perhaps?

但第二季度的一些關鍵驅動因素是什麼？您是否要強調 1 或 2 點？

And what's the outlook into September in broad markets?

整個市場 9 月份的前景如何？

Yes.

是的。

So broad markets revenue in the June quarter was approximately 31% of total revenue.

因此，第二季度的廣泛市場收入約佔總收入的 31%。

As a result of that, broad markets was approximately flat on a sequential basis compared to the March quarter there.

因此，與三月份季度相比，大盤市場環比基本持平。

Looking forward into the September quarter, we do see an acceleration of the business there.

展望九月季度，我們確實看到那裡的業務加速增長。

And we do expect in the September quarter, our broad markets to be up double digits on a sequential basis.

我們確實預計在九月季度，我們的廣泛市場將環比增長兩位數。

Yes, Toshi.

是的，托西。

And just a little bit of color on customers and design wins.

只要一點點色彩就能贏得客戶和設計的青睞。

A lot of new customers brought under our umbrella here this last quarter, more design wins with names like Sonos, did some really good work with AT&T on gateways, design wins at Honeywell, infrastructure designs with Ericsson and Fujitsu.

上個季度，許多新客戶加入了我們的保護傘，贏得了更多像Sonos 這樣的品牌的設計，與AT&T 在網關方面做了一些非常好的工作，贏得了霍尼韋爾的設計，贏得了愛立信和富士通的基礎設施設計。

So a very broad reach of broad markets.

因此，市場範圍非常廣泛。

And then also, our audio portfolio is starting to gain some momentum here, and we've got some great wins with cognitive audio in some of the gaming platforms.

此外，我們的音頻產品組合開始在這裡獲得一些動力，並且我們在一些遊戲平台上通過認知音頻取得了一些巨大的勝利。

So a pretty diverse portfolio in broad.

因此，總的來說，這是一個相當多樣化的投資組合。

There's a lot more we can do on the top line.

在營收方面我們還有很多事情可以做。

We're going to be up strong in Q4 in broad markets, and the customer roster continues to grow.

我們將在第四季度在廣闊的市場中強勁增長，並且客戶名單將繼續增長。

Got it.

知道了。

And then a quick follow-up on BAW.

然後是 BAW 的快速跟進。

You talked about exceeding the 150 million mark recently.

您最近談到突破1.5億大關。

I think a couple of months ago, you put out a press release on passing 100 million.

我想幾個月前，你們發布了一篇關於突破一億的新聞稿。

So you're clearly seeing good momentum there.

所以你顯然看到了良好的勢頭。

Curious, what are some of the key applications where you're seeing the ramps at your customers?

好奇，您在哪些關鍵應用中看到了客戶的需求？

And for context, I was hoping you could provide roughly what percentage of your business today is BAW?

就背景而言，我希望您能提供一下 BAW 目前在您的業務中所佔的大致比例是多少？

I imagine it's still pretty small at this point, but if you can kind of share how big or how small at this point BAW is, that would be helpful.

我想現在它仍然很小，但如果你能分享一下 BAW 目前有多大或多小，那會很有幫助。

Sure.

當然。

Sure.

當然。

Well, the way that we look at our technologies, filters of any kind, whether it's TC-SAW or Bulk Acoustic Wave, they're going to be enabling technologies that will go into a system solution like a Sky5.

好吧，我們看待我們的技術、任何類型的濾波器的方式，無論是 TC-SAW 還是體聲波，它們都將成為能夠進入像 Sky5 這樣的系統解決方案的技術。

So we're addressing that right now.

所以我們現在正在解決這個問題。

There were times where we were procuring that with third parties or actually trying to develop solutions with a different technology node to try to compete with BAW.

有時我們會與第三方採購，或者實際上嘗試開發具有不同技術節點的解決方案，以與 BAW 競爭。

Now we have it in-house.

現在我們內部有它。

Now we have it within our own factories.

現在我們在自己的工廠裡擁有它。

It gives us a great deal of flexibility.

它給了我們很大的靈活性。

Certainly, in the cellular world, our reach extends with Bulk Acoustic Wave technologies.

當然，在蜂窩世界中，我們的影響範圍隨著體聲波技術而擴展。

We've got design wins in ultra-high band pads.

我們在超高頻段墊方面取得了設計勝利。

We've got some design wins in other areas.

我們在其他領域取得了一些設計成果。

And again, it's -- 150 million units is great, but there's so much more market share out there for us to go get.

再說一次，1.5 億台固然很棒，但我們還有更多的市場份額需要爭取。

So it's early innings.

所以現在是早幾局。

I'm happy with the team's progress.

我對球隊的進步感到高興。

We've invested in the technologies deliberately and carefully over the years to be ready for this, and I think the team is accelerating really well.

多年來，我們特意謹慎地投資了技術，為此做好了準備，我認為團隊的加速進展得非常好。

We've got a lot of traction with customers, a lot of interest.

我們對客戶有很大的吸引力和興趣。

And that design win pipeline should fortify here over the next 6 to 12 months.

在接下來的 6 到 12 個月內，設計獲勝渠道應該會得到加強。

And your next question comes from the line of Craig Hettenbach from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Craig Hettenbach。

Liam, just a follow-up on that, on BAW.

Liam，只是 BAW 的後續行動。

Can you just talk about today kind of positioning within the receive pass versus transmit path?

您能談談今天接收通道與發送路徑中的定位嗎？

And maybe how that evolves for you kind of over time in the next few years?

也許在接下來的幾年裡，你的情況會如何發展？

Sure, Craig.

當然，克雷格。

Well, I mean, the application for BAW can be in many different segments, we can go UHB, we can go mid band, high band.

嗯，我的意思是，BAW 的應用可以在許多不同的領域，我們可以走 UHB，我們可以走中頻段、高頻段。

We're actually -- we actually have opportunities in our WiFi modules as well.

事實上，我們的 WiFi 模塊也有機會。

So there's a lot of growth that we can capture.

因此，我們可以抓住很多增長機會。

Now certainly, some segments are more challenging than others.

當然，某些細分市場比其他細分市場更具挑戰性。

But when you start to look at 5G, you've also -- you're also dealing in 5G with a TDD, time division duplexing, which does create some unique opportunities for BAW and for our technology.

但是，當您開始關注 5G 時，您還會發現 5G 具有 TDD（時分雙工），這確實為 BAW 和我們的技術創造了一些獨特的機會。

So we'll see some growth there of technologies that have been in handsets and then new technologies that are 5G only, we can capture with BAW.

因此，我們將看到手機技術的一些增長，然後是我們可以通過 BAW 捕獲的僅限 5G 的新技術。

And then we can also deploy the technology in other markets, like I said, WiFi and some other adjacent markets.

然後我們還可以在其他市場部署該技術，就像我說的，WiFi 和其他一些相鄰市場。

So it's a great technology that have under our roof.

所以這是我們擁有的一項偉大的技術。

As I said, we've been cultivating it for a long time.

正如我所說，我們已經培育它很長時間了。

We understand the mechanisms.

我們了解其中的機制。

We understand what filters belong and what frequencies and what spectrum.

我們了解濾波器所屬的範圍以及頻率和頻譜。

But you should expect more from us, and we'll continue to update you.

但您應該對我們抱有更多期待，我們將繼續為您提供最新信息。

Got it.

知道了。

And then just as a follow-up, just since it's been a little while since you completed the Avnera acquisition in broad markets.

然後作為後續行動，自從您在廣泛市場完成對 Avnera 的收購以來已經有一段時間了。

Would love to get an update on just how that's performing.

我很想了解其表現的最新情況。

What being part of Skyworks has helped in terms of perhaps your scale and reach and just any update there?

加入 Skyworks 對你們的規模和影響力以及任何更新有什麼幫助？

Sure.

當然。

Sure.

當然。

Great question.

很好的問題。

Well, we had a really exciting, I'd say, 6 months here with Avnera, and the acceleration of the technology has been incredible.

嗯，我想說，我們與 Avnera 一起度過了非常令人興奮的 6 個月，技術的加速令人難以置信。

We're seeing some great lift now in products like gaming headsets, high-performance audio.

我們現在看到遊戲耳機、高性能音頻等產品取得了巨大的進步。

We're moving to technologies now that have not only just audio itself, but really the voice synthesizing, right?

我們現在正在轉向的技術不僅具有音頻本身，而且還具有語音合成功能，對嗎？

Thinking about voice as an interface is a very, very powerful thing.

將語音視為一種界面是一件非常非常強大的事情。

Looking at what we're dealing with the pandemic and touchless commerce and touchless transactions, some really good stuff.

看看我們正在處理的流行病、非接觸式商務和非接觸式交易，有一些非常好的東西。

So having said all that, our momentum has accelerated.

話雖如此，我們的勢頭已經加速。

We don't have BU by BU, we basically don't report by segment on BUs.

我們沒有按業務單元劃分的業務單元，我們基本上不按業務單元的部門進行報告。

But we have a really strong portfolio in the AIS business, what we call AIS.

但我們在 AIS 業務方面擁有非常強大的產品組合，我們稱之為 AIS。

And it's been -- this last quarter was our -- the best quarter we've had so far, and we expect that to continue to grow over the next several quarters.

上個季度是我們迄今為止最好的季度，我們預計這一季度將在接下來的幾個季度繼續增長。

But really good momentum there.

但那裡的勢頭確實很好。

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

你的下一個問題來自巴克萊銀行的 Blayne Curtis。

Liam, I'm curious, this latest restriction on Huawei does seem like has some teeth, and I think they're going to shift to emerging solutions.

利亞姆，我很好奇，對華為的最新限制似乎確實有一些效果，我認為他們將轉向新興解決方案。

I'm just kind of curious what you've seen either -- I think maybe update us, I think Huawei is very small for you.

我只是好奇你看到了什麼——我想也許可以告訴我們最新情況，我認為華為對你來說很小。

Is there any opportunities, I guess, with them?

我想，他們有什麼機會嗎？

And then as we look out, maybe the box could gain some share.

然後，當我們觀察時，也許這個盒子可以獲得一些份額。

Have you seen anything change in terms of positioning once that restriction happens?

一旦限制發生，您是否發現定位方面發生了任何變化？

Yes, Blayne, it's still an interesting dynamic.

是的，布萊恩，這仍然是一個有趣的動態。

On one hand, the exposure that we have has really come down quite a bit.

一方面，我們的曝光度確實下降了很多。

So as a result of the trade ban, our revenues with Huawei have come down, not at 0, but they have come down.

因此，由於貿易禁令，我們與華為的收入下降了，不是0，而是下降了。

We've been able to offset that with more position here, increasing position with the European players, the Nokias, the Ericssons, even Fujitsu, on infrastructure.

我們已經能夠通過在基礎設施方面提高與歐洲企業、諾基亞、愛立信甚至富士通的地位來抵消這一影響。

Most of the Huawei business for us is on the infrastructure side.

我們華為的大部分業務都在基礎設施方面。

So it has been a headwind.

所以這是一個逆風。

And -- but at the same time, we've been able to do quite well with other players in China, Oppo, Vivo, Xiaomi.

但與此同時，我們與中國的其他廠商（Oppo、Vivo、小米）合作得很好。

Again, we continue on the infrastructure side to diversify with Ericsson and Nokia.

我們再次在基礎設施方面繼續與愛立信和諾基亞合作實現多元化。

And I would say that the worst is behind us right now with respect to Huawei.

我想說，對於華為來說，最糟糕的時期已經過去了。

They certainly were a large customer for us, but it's been slowly coming down, and we've been able to offset that with design wins in other markets in adjacent spaces.

他們當然是我們的大客戶，但它正在慢慢下降，我們已經能夠通過在鄰近空間的其他市場的設計勝利來抵消這一點。

So I think we've weathered that storm, but it had been -- has been a bit of a headwind, but it's been abating.

所以我認為我們已經度過了這場風暴，但它一直是——有點逆風，但它已經減弱了。

Got you.

明白你了。

And then maybe another question on Android.

也許還有一個關於 Android 的問題。

Just curious to your perspective on the trajectory of the market.

只是好奇您對市場軌蹟的看法。

You mentioned 60% 5G.

你提到了60% 5G。

I think it's been coming at the expense of 4G.

我認為這是以犧牲 4G 為代價的。

I do think there are mid-range phones coming later in the year.

我確實認為今年晚些時候會有中端手機推出。

I'm just kind of curious as you look to the back half of the year, your perspective on the overall handset market.

我只是有點好奇，當你展望今年下半年時，你對整個手機市場的看法。

Obviously, 5G content is good for you either way.

顯然，無論哪種方式，5G 內容都對您有好處。

I'm just kind of curious to your perspective as to whether you see this market reaccelerating in the back half.

我只是對您的觀點感到好奇，您是否認為這個市場在下半年會重新加速。

Yes, you're right.

你是對的。

I mean 5G is going to be an inflection for all segments.

我的意思是 5G 將成為所有領域的轉折點。

So obviously, at the highest end, we're going to have the most complex technology and the richest level of content.

顯然，在最高端，我們將擁有最複雜的技術和最豐富的內容。

But if you think about it on a relative basis, many of the opportunities that we have in China and even at Samsung, the return on the content is significant.

但如果你相對地考慮一下，我們在中國甚至三星擁有的許多機會，內容的回報是巨大的。

So you could be looking at platforms that in a 4G world maybe offered $4 to $5 for us, in a 5G world, it could be $8 to $10 or even $15.

因此，您可能會考慮在 4G 世界中為我們提供 4 到 5 美元的平台，在 5G 世界中，它可能是 8 到 10 美元甚至 15 美元。

So on a relative basis, there's more of a pop-up in some of the mid- and lower-end platforms than they may be in the larger ones.

因此，相對而言，一些中低端平台上的彈出窗口比大型平台上的彈出窗口要多。

Now the large ones, of course, can have more units and give you a little bit more dense.

當然，現在大型的可以有更多的單位，並且密度更大一些。

But we've done quite well with populating the China brands.

但我們在推廣中國品牌方面做得很好。

We're doing much better at Samsung right now because we've set our sights on the high-performing technologies, the 5G solutions, and kind of really stepped a little bit away from 3G and 4G there, and that's worked out great for us.

我們現在在三星做得更好，因為我們把目光投向了高性能技術、5G 解決方案，並且確實遠離了 3G 和 4G，這對我們來說非常好。

It gives us a chance to really demonstrate the technology prowess that we bring.

它讓我們有機會真正展示我們所帶來的技術實力。

So we're going to have a nice combination in that area, but I think now it's kind of meshing together.

所以我們將在這個領域有一個很好的組合，但我認為現在它是一種嚙合在一起。

And one of the things that we do well as a supplier is just to create the right solution for the right customer.

作為供應商，我們擅長做的事情之一就是為合適的客戶創建合適的解決方案。

So a Sky5 engine for one customer may be very different than what we do with someone in China or somewhere in Korea.

因此，為某個客戶提供的 Sky5 發動機可能與我們為中國或韓國某個地方的客戶提供的發動機有很大不同。

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

您的下一個問題來自雷蒙德·詹姆斯 (Raymond James) 的克里斯·卡索 (Chris Caso)。

I wonder if you could give a little more granularity about what you're talking about with regard to Sky5 and where you're seeing traction on that.

我想知道您是否可以更詳細地介紹一下您所談論的有關 Sky5 的內容以及您在哪些方面看到了這方面的吸引力。

And given that, that Sky5 is a higher-end product, where you'd be competing a little more against Qualcomm modems, where, obviously, they're trying to get their RF there, how that's helping you to compete against Qualcomm's own RF solution?

考慮到這一點，Sky5 是一款高端產品，您將與高通調製解調器進行更多競爭，顯然，他們正試圖將自己的 RF 帶到那裡，這如何幫助您與高通自己的 RF 競爭解決方案？

Yes, Chris, I think one of the things to remember, and I know you've been following this for a long time, is that the technology inflections have always been a challenge.

是的，克里斯，我認為要記住的一件事是，技術的變化一直是一個挑戰，而且我知道你長期以來一直在關注這一點。

2G to 3G was years ago, but that was a challenge.

2G 到 3G 是幾年前的事了，但那是一個挑戰。

3G to 4G was much harder.

3G到4G要困難得多。

But the leap from 4G to 5G is really significant, and I think anyone in this industry would agree with that.

但從 4G 到 5G 的飛躍確實意義重大，我想這個行業的任何人都會同意這一點。

And so one of the things that has allowed us and positioned us to be ready and at the precipice of all this is that we've been working on these markets for years.

因此，讓我們能夠做好準備並處於這一切邊緣的原因之一是我們多年來一直在這些市場上努力。

This has been our bread and butter.

這是我們的麵包和黃油。

Working in wireless technologies, cultivating and crafting the right enabling solutions, bringing in our own TC-SAW, bringing in our Bulk Acoustic Wave, leveraging our own gallium arsenide in Boston and L.A., we're crafting this stuff.

我們致力於無線技術，培育和製定正確的解決方案，引進我們自己的 TC-SAW，引進我們的體聲波，利用我們在波士頓和洛杉磯的砷化鎵，我們正在打造這些東西。

So when we go in, we call it Sky5, but that Sky5 could have 8 to 10 permutations depending upon the customer need, depending upon the baseband.

因此，當我們進入時，我們將其稱為 Sky5，但 Sky5 可以根據客戶需求和基帶有 8 到 10 種排列。

So we want our products to be baseband agnostic.

因此，我們希望我們的產品與基帶無關。

They can work with Qualcomm, they'll work with MediaTek, whoever.

他們可以與高通合作，也可以與聯發科合作，無論是誰。

And that's an important thread for us.

這對我們來說是一條重要的線索。

So I think that's what makes us unique.

所以我認為這就是我們的獨特之處。

And there's some great solutions out there, point solutions.

並且有一些很棒的解決方案，單點解決方案。

But what we've been seeing is our customers want to pick the very, very best solutions and create their own architectures and really not just run off of a baseband reference design.

但我們所看到的是，我們的客戶希望選擇非常非常好的解決方案並創建自己的架構，而不僅僅是使用基帶參考設計。

So that's the way we see it.

這就是我們的看法。

We understand the complexity in 5G.

我們了解 5G 的複雜性。

It's more than just the product itself, it's the people engagement, it's the FAE engagement, ensuring that the know-how that we have at Skyworks can transfer over to our customers and put them in position to win.

這不僅僅是產品本身，還包括人員參與、FAE 參與，確保我們在 Skyworks 擁有的專業知識能夠轉移給我們的客戶，並幫助他們贏得勝利。

For a follow-up, I guess, the question on use of cash and Liam, how you're positioning the company over the next few years.

我想，對於後續行動，關於現金和利亞姆使用的問題，你如何在未來幾年對公司進行定位。

And you're starting to see the fruits of the 5G cycle.

您開始看到 5G 週期的成果。

It sounds like you guys are really confident in your ability to generate cash from that.

聽起來你們對自己從中賺取現金的能力非常有信心。

How are you going to use that cash and sort of position the company beyond this cycle?

在這個週期之後，你將如何使用這些現金以及如何定位公司？

This historically runs a couple of years.

從歷史上看，這會持續幾年。

And what are you thinking after this?

這之後你在想什麼？

What's the sort of longer-term plan beyond this 5G cycle?

5G 週期之外的長期計劃是什麼？

Yes.

是的。

So first of all, I think we're very well positioned from a balance sheet point of view.

首先，我認為從資產負債表的角度來看，我們處於非常有利的位置。

We have $1.2 billion of cash, no debt.

我們有 12 億美元現金，沒有債務。

We will continue to generate a lot of cash despite the fact that we make major investments advancing the technology.

儘管我們為推進技術進行了大量投資，但我們仍將繼續產生大量現金。

We will continue to invest in R&D.

我們將繼續投資研發。

As you can see in our operating expense level, we will continue to invest in our factories as well with our CapEx, which is running on or about 10% to revenue.

正如您在我們的運營費用水平中看到的那樣，我們將繼續投資我們的工廠以及我們的資本支出，資本支出佔收入的 10% 左右。

Most of the cash that's being generated is being returned back to the shareholders, a combination of our dividend program.

所產生的大部分現金都將返還給股東，這是我們股息計劃的結合。

And we've just increased our dividend by 14% as well, of course, as continue to be active from our share buyback program.

當然，我們剛剛將股息增加了 14%，因為我們的股票回購計劃繼續活躍。

But yes, we are continuing to make major investments, advancing the technology on all the levels in our power amplifiers, our filter business, TC-SAW and more and more so BAW as well as driving those complex integrated solutions.

但是，是的，我們正在繼續進行重大投資，在我們的功率放大器、濾波器業務、TC-SAW 以及越來越多的 BAW 的各個層面上推進技術，並推動這些複雜的集成解決方案。

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

您的下一個問題來自瑞銀 (UBS) 的蒂莫西·阿庫裡 (Timothy Arcuri)。

This is Seth on for Tim.

這是賽斯替蒂姆發言。

I was wondering if you could give us a little bit more color on the gross margin.

我想知道您是否可以給我們更多關於毛利率的信息。

It seems to have come in a bit lighter than we would have expected at these revenue levels.

在這些收入水平上，它的收入似乎比我們預期的要少一些。

If there's anything additional to call out there?

還有什麼需要補充的嗎？

Yes.

是的。

First of all, I'm pleased with the gross margin performance in the June quarter.

首先，我對六月季度的毛利率表現感到滿意。

We did 50.1%.

我們做到了50.1%。

We guided on or about 50%.

我們的指導價為 50% 左右。

So we beat that just by 10 basis points.

因此，我們僅領先 10 個基點。

And so we just guided September to be up sequentially into the 50% to 50.5% range.

因此，我們剛剛指導 9 月份的增幅達到 50% 至 50.5% 的範圍。

So making some good traction at improving the gross margins.

因此，在提高毛利率方面取得了一些良好的進展。

Part of that is, of course, driven by a richer mix with more 5G products into our overall mix.

當然，部分原因是我們的整體產品組合中加入了更豐富的 5G 產品。

There is a little bit of a headwind as a result of COVID-19.

COVID-19 帶來了一些阻力。

There is some disruption in the supply chain, logistic costs as well as in our own factories.

供應鏈、物流成本以及我們自己的工廠都出現了一些中斷。

But I -- we'll continue to work that, and I assume that over time, that headwind will go away as well.

但我——我們將繼續努力，我認為隨著時間的推移，這種逆風也會消失。

And then we will continue -- as we grow the top line, as we continue to execute on our cost reduction actions, as we see more and more 5G as the overall mix, we will continue to make further improvements on the gross margin towards our target of 53%.

然後我們將繼續——隨著我們收入的增長，隨著我們繼續執行降低成本的行動，隨著我們看到越來越多的5G 作為整體組合，我們將繼續進一步提高毛利率，以實現我們的目標。目標為53%。

And just as a follow-up.

並且只是作為後續行動。

I was wondering, you gave some good color on China smartphones.

我想知道，你給中國智能手機帶來了一些不錯的色彩。

I was just wondering if you could give us maybe a little bit more color on how the revenue kind of trended in June, percent of revenue or any other details.

我只是想知道您是否可以給我們更多關於 6 月份收入趨勢、收入百分比或任何其他細節的信息。

And kind of what the demand looks like, specifically from China, going forward.

以及未來的需求，特別是來自中國的需求。

Yes.

是的。

So China, overall China revenue is approximately 23% of total revenue.

所以在中國，中國整體收入約佔總收入的23%。

Mostly of that is Oppo, Vivo, Xiaomi.

其中大部分是 Oppo、Vivo、小米。

There's very little Huawei left.

華為所剩無幾了。

And then, of course, some other smaller Chinese customers.

當然，還有其他一些較小的中國客戶。

As Liam indicated before, 5G is really kicking off in China.

正如 Liam 之前所指出的，5G 在中國真正拉開帷幕。

And so we have great relationship with those customers.

因此我們與這些客戶有著良好的關係。

There is a big step-up in content in those 5G phones compared to the 4G phones.

與 4G 手機相比，5G 手機的內容有了很大的提升。

And as a result of that, our revenues with the Chinese players is up on a year-over-year basis and is expected to further accelerate strongly into the September quarter.

因此，我們與中國玩家的收入同比增長，預計到九月份季度將進一步強勁加速。

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 的愛德華·斯奈德 (Edward Snyder)。

Liam, 150 million BAW-enabled modules, which is very good.

Liam，1.5億個支持BAW的模塊，非常好。

The BAW on those modules, is that all manufactured by Skyworks?

那些模組上的BAW，都是Skyworks生產的嗎？

Or do you still source from other suppliers as it make sense for your manufacturing plan?

或者您是否仍然從其他供應商處採購，因為這對您的製造計劃有意義？

And given your discussion of 5G, it sounds like a lot of that would be coexist and receive side filters, which is right up your power alley, have you started shipping production shipments out of BAW duplexers?

鑑於您對 5G 的討論，聽起來很多都是共存的，並且接收側濾波器也正是您的電源通道，您是否已經開始從 BAW 雙工器中發貨？

And then I have a follow-up, please.

然後我有一個後續行動，請。

Sure.

當然。

Well, the good news that it is all organic under our roof now.

好消息是，現在我們的屋簷下一切都是有機的。

So we've been working on this for quite a while.

所以我們已經為此努力了一段時間。

Team has been doing a great job.

團隊一直做得很好。

We've got some great technologists working not only in the labs, but also in the factories to get this right.

我們有一些優秀的技術專家不僅在實驗室工作，而且在工廠工作以實現這一目標。

So that technology is still early innings.

所以這項技術仍處於早期階段。

150 million units is great, but you and I both know that these are -- there's 1 billion units out there to be captured.

1.5 億個單位固然很棒，但你我都知道，還有 10 億個單位可供捕獲。

So we're -- still a long way to go, but the technology looks good right now.

所以我們還有很長的路要走，但技術現在看起來不錯。

And it's been endorsed by all important customers, so that's good.

它得到了所有重要客戶的認可，所以這很好。

And the second part of your question is also true.

你問題的第二部分也是如此。

So we're leveraging not only BAW on the transmit side, but the diversity receive technology is equally important in bringing downlink speeds up.

因此，我們不僅在發送端利用 BAW，而且分集接收技術對於提高下行鏈路速度也同樣重要。

So we're going to be able to populate both ends with Bulk Acoustic Wave.

因此，我們將能夠在兩端填充體聲波。

So we're really looking forward to executing there.

所以我們真的很期待在那裡執行。

And we've got some great traction now, and we're going to be seeking out more customers as we move forward.

我們現在已經有了一些巨大的吸引力，隨著我們的前進，我們將尋找更多的客戶。

But most of that is on the receive side, given your strength in DRx, right?

但考慮到您在 DRx 方面的實力，其中大部分都在接收方，對嗎？

And then...

進而...

Yes, it is today.

是的，就是今天。

But I think we're going to broaden that reach and start to also look at TX chain add and I think we have some design wins with customers there, too.

但我認為我們將擴大這一範圍，並開始考慮 TX 鏈添加，我認為我們也與那裡的客戶取得了一些設計勝利。

But the lion's share of the print today has been on the DRx side, but we certainly can take that technology and drive it in the transmit chain.

但今天的大部分打印都在 DRx 方面，但我們當然可以採用該技術並在傳輸鏈中驅動它。

We've got customers that want us there as well.

我們也有客戶希望我們在那裡。

And with our Sky5 solution, we can create some really unique, highly performing engines that make it very simple for our customer to use in a 5G spectrum.

借助我們的 Sky5 解決方案，我們可以創建一些真正獨特的高性能引擎，使我們的客戶能夠非常輕鬆地在 5G 頻譜中使用。

So it's going to be a really important technology for us.

所以這對我們來說將是一項非常重要的技術。

And as I said, early indications are strong.

正如我所說，早期跡像很明顯。

But isn't it the case that the transmit is coming to you rather than you going to transmit?

但情況難道不是由你來傳輸而不是由你來傳輸嗎？

Given what's going on in 5G, especially with China mobile and the dual connectivity they're looking at, it sounds like transmit is starting to show up in the DRx section, which would actually make it much easier for you guys to address kind of a BAW duplex without trying to go head-to-head with Avago or Qorvo.

考慮到 5G 的發展，特別是中國移動和他們正在考慮的雙連接，聽起來傳輸開始出現在 DRx 部分，這實際上會讓你們更容易解決某種問題BAW 雙工，無需嘗試與Avago 或Qorvo 正面交鋒。

Yes.

是的。

No, no, you're right on that.

不，不，你說得對。

That's correct.

這是正確的。

That is correct.

那是對的。

So that's going to create another door for us to drive technology as well.

因此，這也將為我們推動技術創造另一扇門。

Yes, with some of the partitioning that we see in those 5G solutions, there is some unique opportunities that are opening up as well.

是的，隨著我們在 5G 解決方案中看到的一些劃分，也出現了一些獨特的機會。

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

您的下一個問題來自富國銀行證券公司的加里·莫布里 (Gary Mobley)。

At the risk of being accused of asking you guys a softball question, I wanted to ask about your relative performance on the mobile unit versus the market.

冒著被指責問你們壘球問題的風險，我想問一下你們在移動設備上與市場上的相對錶現。

So if my math serves me correct, your -- you drove 2% year-over-year growth in the first half of calendar year '20, and that's against the backdrop of maybe a 20% unit decline in the mobile handset units.

因此，如果我的數學正確的話，你的——你在 20 日曆年上半年推動了 2% 的同比增長，而這是在移動手機銷量可能下降 20% 的背景下實現的。

Can you, in rank order, sort of walk us through how you've been able to manage so well against a tough market and in particular, with respect to share gains and content growth?

您能否按排名順序向我們介紹一下您是如何能夠在艱難的市場中取得如此出色的管理，特別是在份額增長和內容增長方面？

Sure.

當然。

That's a great question.

這是一個很好的問題。

So I'll try to go high level and maybe get a little more detailed as we go through it.

因此，我會嘗試更深入地討論，也許在我們討論的過程中會更詳細一些。

So I think the underpinning catalyst for growth here is the 5G inflection, and it's really -- that's the genesis of this.

所以我認為這裡增長的基礎催化劑是 5G 的轉變，這確實是它的起源。

So what you get there is if you look back 2018 and early '19, everybody's phone was either 2G, 3G or 4G.

所以，如果你回顧 2018 年和 19 年初，你會發現每個人的手機都是 2G、3G 或 4G。

5G just didn't exist, right?

5G根本不存在，對吧？

The technologies were being readied.

技術正在準備就緒。

They were almost to market, but they hadn't yet launched.

它們即將上市，但尚未推出。

So the initial stages of 5G launch now are starting to show up.

因此，5G 推出的初始階段現在已經開始顯現。

They showed up in our Q3, and they're going to show up strong in Q4.

他們出現在我們的第三季度，他們將在第四季度表現強勁。

And so with that, we have known content, known content, customizable stuff that we created specifically for 5G that we'll start laying in to these platforms.

因此，我們已經有了專門為 5G 創建的已知內容、已知內容、可定制的內容，我們將開始將其部署到這些平台上。

And the 5G additive is incremental to what you already have.

5G 附加功能是您已有功能的增量。

So you already have a 4G phone that has whatever the content you want to call it, $8 or $9 in print, maybe $15.

所以你已經有了一部 4G 手機，裡面有你想叫它的任何內容，印刷版售價 8 美元或 9 美元，也許 15 美元。

And then you add 5G as an incremental engine on top of the 4G engine.

然後在 4G 引擎之上添加 5G 作為增量引擎。

So that's really important.

所以這非常重要。

So it's -- you're going to have a device now in 5G that still carries 3G, it carries 4G and then carries the incremental high-complexity, high-performing 5G engine.

所以，你現在將擁有一個 5G 設備，它仍然承載 3G，它承載 4G，然後承載增量的高複雜性、高性能 5G 引擎。

So that's a big deal.

所以這是一件大事。

And we are still very early in this cycle.

我們還處於這個週期的早期階段。

This is very early.

這還很早。

Some of the most compelling platforms have not yet launched, and we know that they will.

一些最引人注目的平台尚未推出，但我們知道它們將會推出。

So we have a lot to look forward there.

所以我們有很多值得期待的地方。

So that's one of the most important things.

所以這是最重要的事情之一。

When we think about how that growth profile looks, we cited a few stats that said, look, over the next 5 years, we could have 3 billion subscribers carrying 5G technology.

當我們思考增長情況時，我們引用了一些統計數據，這些數據顯示，在未來 5 年內，我們可能會擁有 30 億用戶使用 5G 技術。

Today, that number is really low.

如今，這個數字確實很低。

It's in a couple of hundred million units.

它的數量有幾億單位。

So there's really much to do in capturing the opportunity in 5G.

因此，要抓住 5G 機遇，還有很多工作要做。

And in addition to the handset, there's great usage cases now in IoT and some of the other markets that we've seen.

除了手機之外，物聯網和我們所看到的其他一些市場現在也有很好的使用案例。

The work-from-home markets are showing a need for much faster technology that could be delivered with 5G or WiFi 6. So some really interesting themes that are coming together right now at this time that can propel our business significantly.

在家工作市場顯示出對更快技術的需求，這些技術可以通過 5G 或 WiFi 6 提供。因此，現在出現的一些非常有趣的主題可以極大地推動我們的業務發展。

Okay.

好的。

Appreciate that.

感謝。

As my follow-up question, I wanted to ask about the emergence of the mid-tier price point in China.

作為我的後續問題，我想問一下中國中端價位的出現。

So China has been great in the first half of the year, perhaps driving 250 million 5G units in 2020 globally.

因此，中國在今年上半年表現出色，可能會在 2020 年帶動全球 5G 設備數量達到 2.5 億台。

But I'm curious to know your relative positioning as the midyear portion of the 5G market in China opens up and how that compares to where you're positioned at the same sort of price tier in 4G.

但我很想知道隨著中國 5G 市場年中部分的開放，你們的相對定位以及與你們在 4G 相同價格層的定位相比如何。

Yes.

是的。

I mean so we have had a very good reputation and position with the players in China, the Oppo, Vivo, Xiaomi names for the most part, and have done very well and had a great partnership.

我的意思是，我們在中國的玩家中擁有非常好的聲譽和地位，其中大部分是 Oppo、Vivo、小米，並且做得非常好，並建立了良好的合作夥伴關係。

We've been able to leverage our 4G solutions extremely well.

我們已經能夠很好地利用我們的 4G 解決方案。

And when we get into 5G, one of the things that really is unique for Skyworks is that the breadth of our technology and the knowledge base that our team has in developing these solutions, we become a really good partner for the China brands to launch these technologies.

當我們進入 5G 領域時，Skyworks 的真正獨特之處之一是我們的技術廣度和我們團隊在開發這些解決方案方面所擁有的知識庫，我們成為中國品牌推出這些解決方案的真正良好合作夥伴。技術。

5G is very difficult.

5G非常困難。

I said it already.

我已經說過了。

But having a partnership with Skyworks, not just on the hardware, but actually on the FAE side, the people side, to get these products to market and get them to launch, we've been great at that, and it's allowed us to really line up and be very close to the names that matter.

但是，與Skyworks 建立合作夥伴關係，不僅是在硬件方面，而且實際上是在FAE 方面、人員方面，為了將這些產品推向市場並讓它們推出，我們在這方面做得很好，這讓我們真正能夠排隊並靠近重要的名字。

So we think there's a great opportunity in China.

所以我們認為中國有一個很好的機會。

It's already happening now.

現在已經發生了。

But there's still -- as I said, if you look at total units globally and where units could be in 5 years, there's a huge upside.

但正如我所說，如果你看看全球的總銷量以及 5 年後的銷量，就會發現還有巨大的上升空間。

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

您的下一個問題來自 B. Riley FBR 的 Craig Ellis。

Nice job on the execution, guys.

伙計們，執行得很好。

Liam, I wanted to go back and just understand the BAW module business a little bit better.

Liam，我想回去更好地了解 BAW 模塊業務。

So it looks like shipments were up about 50% in the last quarter, we're at 150 million.

看起來上一季度的出貨量增長了約 50%，達到 1.5 億部。

But from the press release, it looks like you're shipping BAW modules on both integrated mobile and broad markets.

但從新聞稿來看，您似乎正在向集成移動市場和廣泛市場提供 BAW 模塊。

So can you give us some sense for how that splits out now?

那麼你能給我們一些關於現在如何分裂的感覺嗎？

And as you ramp BAW module significantly over the next 4 to 6 quarters, how does that split play out?

當您在接下來的 4 到 6 個季度大幅增加 BAW 模塊時，這種分配會如何進行？

We've got the huge units in integrated mobile, but ultimately, IoT units in broad markets will be even bigger.

我們在集成移動領域擁有巨大的單位，但最終，廣闊市場中的物聯網單位將更大。

So how do you see that playing out intermediate to long term?

那麼，您如何看待這種情況在中長期的發展？

Yes.

是的。

Yes.

是的。

No, that's a good question.

不，這是個好問題。

So right now, for the most part, we're probably 80% 5G mobile with our Bulk Acoustic Wave solutions.

因此，目前，在大多數情況下，我們的 5G 移動設備可能使用我們的體聲波解決方案。

And again, those solutions are integrated in Sky5.

同樣，這些解決方案已集成到 Sky5 中。

We are seeing a growing opportunity in technologies like WiFi.

我們看到 WiFi 等技術的機會越來越多。

We're using filtering within our integrated WiFi solution, it creates a great technical performance.

我們在集成 WiFi 解決方案中使用過濾，它創造了出色的技術性能。

So that's an opportunity.

所以這是一個機會。

But I will say that if you think about the number of units that we produce, just as a statistic that we've said before, we manufacture about 8 billion TC-SAW filters a year, about 8 billion.

但我要說的是，如果你考慮一下我們生產的設備數量，就像我們之前說過的統計數據一樣，我們每年生產大約 80 億個 TC-SAW 濾波器，大約 80 億個。

And our BAW modules, we're doing great.

我們的 BAW 模塊做得很好。

We did 150 million.

我們做了1.5億。

There could be more than 2 filters in the device potentially.

設備中可能有超過 2 個過濾器。

But the difference between where we are in technologies like TC-SAW and where we are in BAW, it's incredible the opportunity that we're going to have.

但我們在 TC-SAW 等技術領域與 BAW 技術領域之間的區別在於，我們將擁有令人難以置信的機會。

We're still crafting the technology.

我們仍在開發這項技術。

We're happy with what we've done so far, but there's just so much more to go.

我們對迄今為止所做的事情感到滿意，但還有很多工作要做。

So there's going to be a clear line of sight in mobile because the mobile device print today has BAW, right, and if there are sockets that are there right now that we could address.

因此，移動領域將會有一個清晰的視線，因為今天的移動設備打印有 BAW，對吧，如果現在有我們可以解決的插座。

As we move into IoT in some of the broad markets, it will be a kind of a teachable performance for us.

當我們進入一些廣闊市場的物聯網時，這對我們來說將是一種可教的表現。

We're going to basically try to power some of these solutions that maybe weren't wireless before.

我們基本上將嘗試為其中一些以前可能不是無線的解決方案提供支持。

Maybe they were wired, and we try to create technologies that will unwire them.

也許它們是有線的，而我們試圖創造能夠將它們無線化的技術。

Maybe we do more in WiFi, leveraging Bulk Acoustic Wave.

也許我們可以利用體聲波在 WiFi 方面做更多的事情。

So it's going to be much more individual market-specific solutions that will go to the IoT space.

因此，物聯網領域將出現更多針對特定市場的個性化解決方案。

But then back in mobile, which we know so well and we're under the hood with every customer, those opportunities we can see directly today, and it's on us to go out and capture it.

但回到移動領域，我們非常了解移動領域，我們與每個客戶都在幕後，我們今天可以直接看到這些機會，我們有責任走出去並抓住它。

That's really helpful.

這真的很有幫助。

Then the follow-up question is related to both the near term that you're seeing and then longer term.

那麼後續問題與您所看到的近期和長期有關。

So clearly, the business is running very robustly right now, and you've got very strong guidance for the September quarter, and you're seeing very good trends seasonally in the December quarter.

很明顯，該業務目前運行非常強勁，並且您對 9 月份季度有非常強有力的指導，並且您在 12 月份季度看到了非常好的季節性趨勢。

The question is this, as we look at the longer-term performance of the business before industry ran into trade and entity list and COVID Buzzsaws, yours was a business that could do $1 billion plus per quarter.

問題是這樣的，當我們在行業陷入貿易和實體清單以及新冠疫情圓鋸之前，看看該業務的長期業績，您的業務每季度可以實現 10 億美元以上的收入。

As you look at your pipeline and your design wins that, at this point, should be extending well into next year, do you feel like you're starting to get the visibility for when the business can get back to that $1 billion a quarter level?

當您查看您的管道並且您的設計獲勝時，此時應該會很好地延續到明年，您是否覺得您開始了解業務何時可以恢復到每季度 10 億美元的水平？

Or is that only going to come to you as you work through things in the first half of next year?

或者只有當你在明年上半年處理事情時才會出現這種情況？

Yes.

是的。

No, that's a great point, and we were there, right?

不，這是一個很好的觀點，我們就在那裡，對吧？

We know how to play at the $1 billion a quarter level.

我們知道如何達到每季度 10 億美元的水平。

And certainly, the opportunity in front of us, I think, is actually much more favorable and conducive to what we do now than it was 3 years ago.

當然，我認為，我們面前的機會實際上比三年前更有利於我們現在所做的事情。

And I say it because these technologies that we've been talking about are really difficult.

我這麼說是因為我們一直在談論的這些技術確實很困難。

5G is hard to do, really hard to do.

5G很難做，真的很難做。

And you have to have great people with experience, but you also have the -- you have to have the technologies.

你必須擁有經驗豐富的優秀人才，但你還必須擁有技術。

It's not a fabless play.

這不是一部無晶圓廠的劇。

You've got to craft the stuff.

你必須製作這些東西。

So I think the fact that we're going into an inflection that requires daunting technological performance from your factory to your FAEs, right to the customers' installation, that's going to play well for us.

因此，我認為，我們正在進入一個需要從工廠到 FAE，再到客戶安裝的令人畏懼的技術性能的轉變，這對我們來說將是有利的。

That's going to play well.

這樣會玩得很好。

And we wouldn't be where we are if we didn't put the 20 years of work into this technology, years and years of work.

如果我們沒有在這項技術上付出 20 年的努力，年復一年的努力，我們就不會取得現在的成就。

And now that work is starting to really flow in the right direction for us.

現在，這項工作開始真正朝著對我們來說正確的方向發展。

So we're looking forward to that.

所以我們對此充滿期待。

And I think over time that the revenue is going to take care of itself if we just continue to knock out the design wins.

我認為，隨著時間的推移，如果我們繼續取得設計成果，收入就會自然增長。

We know the content has been increasing.

我們知道內容一直在增加。

And the other thing is, I talked about it in the prepared remarks, the usage cases around connectivity right now are really important.

另一件事是，我在準備好的發言中談到了這一點，現在圍繞連接的用例非常重要。

And I don't think this is going to go away when we hopefully clear this pandemic.

我認為，當我們希望消除這一流行病時，這種情況不會消失。

I think there's going to be some lasting behavior around connectivity and wireless performance, and it's going to be used by the masses.

我認為圍繞連接和無線性能將會出現一些持久的行為，並且它將被大眾使用。

So we really -- that's something that we weren't thinking about a year or 2 ago, but we're starting to see that now as a new theme around our portfolio, and it's something that could be quite positive for Skyworks.

所以我們真的——這是我們一兩年前沒有考慮過的事情，但我們現在開始將其視為我們產品組合的一個新主題，這對 Skyworks 來說可能是非常積極的。

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

我們的最後一個問題來自考恩 (Cowen) 的卡爾·阿克曼 (Karl Ackerman)。

I wanted to focus first on just kind of the near term.

我想首先關注近期的情況。

What sort of visibility do you have into orders for the second half?

您對下半年的訂單有什麼了解？

I ask because while production plans seem extremely strong, I think there's some investor consternation that improving production plans may fall on weaker consumer demand over the next several quarters in the context of just the challenges we've been seeing with COVID-19.

我之所以這麼問，是因為雖然生產計劃似乎非常強勁，但我認為，在我們看到COVID-19 帶來的挑戰的背景下，生產計劃的改善可能會因未來幾個季度消費者需求的疲軟而受到影響。

So I guess, how do you handicap that in the context of your inventory depletion and gross margin expectations over the next several quarters?

所以我想，在未來幾個季度庫存耗盡和毛利率預期的背景下，您如何限制這一點？

Yes.

是的。

So we have very good visibility of -- into demand right now, and we don't take that lightly all.

因此，我們現在對需求有很好的了解，我們不會掉以輕心。

I mean we understand the volatility that we've all seen with the COVID situation, and we continue to see it.

我的意思是，我們了解新冠肺炎疫情所帶來的波動性，而且我們還將繼續看到這種情況。

But we have a very strong backlog position right now with some core technologies.

但我們現在在一些核心技術上有非常強大的積壓。

We have to go ahead and execute all that.

我們必須繼續執行這一切。

But it is -- looking at where we are now and looking at other periods of time, we're in a very good position to execute through the second half of the year.

但事實是——看看我們現在的處境以及其他時期，我們處於非常有利的位置，可以在今年下半年執行。

I'll let Kris talk a little bit more about the inventory situation.

我會讓克里斯多談談庫存情況。

Yes.

是的。

No.

不。

I feel very comfortable where the inventory level is right now, given that we just guided a very strong sequential growth into September, and we are -- and we expect further strong sequential growth into the December quarter.

我對目前的庫存水平感到非常滿意，因為我們剛剛指導了 9 月份的非常強勁的環比增長，而且我們預計 12 月季度將進一步強勁的環比增長。

We have been loading our factories in order to drive maximum usage of our capital equipment and then trying to minimize our capital expenditures.

我們一直在為工廠裝載貨物，以最大限度地利用我們的資本設備，然後努力最大限度地減少資本支出。

And so most of the inventory that we have is based on backlog and firm orders that we have on the books.

因此，我們擁有的大部分庫存都是基於賬面上的積壓訂單和確定訂單。

So there is very little risk for E&O.

因此，E&O 的風險很小。

And so I feel really good about where we are from an inventory point of view and being able to serve our customers as the business continue to grow in September and December.

因此，從庫存的角度來看，隨著 9 月和 12 月業務的持續增長，我對我們的現狀感到非常滿意，並且能夠為客戶提供服務。

Great.

偉大的。

And for my follow-up, if I may, you are baseband agnostic, but I'd love to hear your thoughts on the growing opportunity -- content opportunity at MediaTek, that would seem to be a healthy driver for you targeting low to mid-tier 5G handsets over the next year or 2.

對於我的後續行動，如果可以的話，您對基帶不可知論，但我很想听聽您對不斷增長的機會的想法——聯發科的內容機會，這似乎是您瞄準中低端市場的健康驅動力- 未來一兩年推出5G 手機。

Yes, absolutely.

是的，一點沒錯。

I agree.

我同意。

MediaTek is one of the key players for us in the baseband agnostic world.

聯發科是我們在基帶不可知論領域的關鍵參與者之一。

We're doing a lot of good work there.

我們在那裡做了很多出色的工作。

We've got great performance on a number of their new platforms.

我們在他們的許多新平台上都取得了出色的性能。

And as you know, they're a great feeder system into China and even other emerging markets.

如您所知，它們是進入中國甚至其他新興市場的重要支線系統。

So we've got -- some of our platforms are $6 to $8 in MediaTek right now that are growing.

因此，我們的一些平台目前聯發科的售價為 6 至 8 美元，而且還在不斷增長。

We've done a great job with them in 4G, and we're now helping them in 5G.

我們在 4G 方面與他們合作做得很好，現在我們正在 5G 方面幫助他們。

We've got -- not only do we have transmit chain, but we have some really good DRx receive side technology that we talked about on a different question.

我們不僅擁有傳輸鏈，而且擁有一些非常好的 DRx 接收端技術，我們在另一個問題上討論過這些技術。

And their volumes are starting to pick up in 5G.

他們的銷量在 5G 中開始回升。

So MediaTek, they've been around for a while, but they're starting to really emerge again as a leader in the emerging markets and in the China landscape.

聯發科已經存在了一段時間，但他們開始真正再次成為新興市場和中國市場的領導者。

So they're supporting a lot of the names that we talked about, Oppo, Vivo, Xiaomi.

所以他們支持我們談到的很多名字，Oppo、Vivo、小米。

Very often, you have that MediaTek baseband inside those solutions, and we have a great alignment with the MediaTek baseband as well.

通常，這些解決方案中都包含聯發科基帶，而且我們也與聯發科基帶保持著良好的一致性。

So they've been a great partner for us, and we see momentum on their end.

所以他們一直是我們很好的合作夥伴，我們看到了他們的勢頭。

Ladies and gentlemen, that concludes today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

I'll now turn the call back over to Mr. Griffin for any closing remarks.

現在我將把電話轉回給格里芬先生，讓其作結束語。

Thank you all for participating on today's call.

感謝大家參加今天的電話會議。

We look forward to seeing you at upcoming conferences.

我們期待在即將舉行的會議上見到您。

Thank you.

謝謝。

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

女士們先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。