思佳訊 (SWKS) 2020 Q2 法說會逐字稿

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

下午好，歡迎來到 Skyworks Solutions 2020 財年第二季度收益電話會議。

This call is being recorded.

此通話正在錄音中。

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.

豪斯先生，請繼續。

Thank you, Cheryl.

謝謝你，謝麗爾。

Good afternoon, everyone, and welcome to the Skyworks Second Fiscal Quarter 2020 Conference Call.

大家下午好，歡迎來到 Skyworks 2020 財年第二季度電話會議。

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

今天和我一起打電話的是我們的總裁兼首席執行官利亞姆·格里芬 (Liam Griffin)；和我們的首席財務官 Kris Sennesael。

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

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

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

請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解有關可能導致實際結果與今天所做的任何前瞻性陳述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 non-GAAP financial measures, consistent with past practice.

此外，我們將討論的結果和指導包括非 GAAP 財務措施，與過去的做法一致。

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 的完整對賬。

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

有了這個，我會把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone.

謝謝，米奇，歡迎大家。

Before we begin the overview of the business and our Q2 results, I wanted to provide an update on the COVID-19 outbreak impacting individuals, companies, governments and markets across the globe.

在我們開始概述業務和我們的第二季度業績之前，我想提供有關影響全球個人、公司、政府和市場的 COVID-19 爆發的最新情況。

Our thoughts are with the millions who have suffered the effects of this global pandemic.

我們與數百萬遭受這一全球流行病影響的人同在。

At Skyworks, we are deeply engaged with our own employees, a team of more than 9,000 deployed across the globe.

在 Skyworks，我們與自己的員工密切合作，該團隊在全球部署了 9,000 多名員工。

Since the crisis began, we have taken early and aggressive actions to protect our people.

自危機開始以來，我們及早採取了積極的行動來保護我們的人民。

We've implemented multiple safety protocols, including social distancing, daily temperature testing and heightened sanitation standards.

我們實施了多項安全規程，包括社交距離、每日體溫檢測和更高的衛生標準。

In addition, we initiated rotating shifts at our global manufacturing sites.

此外，我們在全球製造基地啟動了輪班制。

The implementation of these protective measures has collectively allowed Skyworks to better safeguard employee health while simultaneously supporting our business and manufacturing sites worldwide.

這些保護措施的實施共同使 Skyworks 能夠更好地保護員工健康，同時支持我們在全球的業務和製造基地。

Finally, an update on the temporary suspension of activity in our Mexicali facility.

最後，關於我們墨西卡利工廠暫停活動的最新消息。

After working in close collaboration with state and local officials in Mexico, we were given permission to resume operations last week.

在與墨西哥州和地方官員密切合作後，我們上週獲准恢復運營。

Assuming no further interruptions, we do not expect the temporary suspension to have a significant impact on our business going forward.

假設沒有進一步的中斷，我們預計臨時停工不會對我們未來的業務產生重大影響。

Now looking at the second quarter in more detail.

現在更詳細地看第二季度。

We reported revenue of $766 million, in line with our revised guidance.

根據我們修訂後的指引，我們報告的收入為 7.66 億美元。

We produced gross margin of 50.2% and operating margin of 32.5%.

我們的毛利率為 50.2%，營業利潤率為 32.5%。

We posted earnings per share of $1.34, and we generated strong operating cash flow totaling $280 million in the quarter.

我們公佈的每股收益為 1.34 美元，本季度產生了總計 2.8 億美元的強勁運營現金流。

Further, our design win momentum reflects our execution across a rapidly evolving business environment, one in which our wireless technologies are playing an essential and critical role.

此外，我們的設計獲胜勢頭反映了我們在快速發展的商業環境中的執行力，我們的無線技術在其中發揮著至關重要的作用。

We are enabling markets from telemedicine to emergency response, remote work, online education, real-time security, streaming entertainment and safe store-to-door food delivery.

我們正在推動從遠程醫療到應急響應、遠程工作、在線教育、實時安全、流媒體娛樂和安全的送貨上門食品等市場。

Our mission of connecting everyone and everything all the time has never been more relevant.

我們始終連接每個人和所有事物的使命從未如此重要。

During this time of social distancing and decreased travel, the technology Skyworks provides have become a primary means of connecting people all over the world.

在這個社交疏遠和旅行減少的時期，Skyworks 提供的技術已成為連接世界各地人們的主要方式。

The rollout and adoption of 5G and other advanced wireless technologies, such as WiFi 6 and enhanced GPS, have become the pillars in support of the vast connected economy.

5G 和其他先進無線技術（例如 WiFi 6 和增強型 GPS）的推出和採用已成為支持廣大互聯經濟的支柱。

Skyworks is proud to play an integral role in making these vital technologies and essential connections a reality.

Skyworks 很自豪能夠在實現這些重要技術和基本連接方面發揮不可或缺的作用。

During the March quarter, we expanded our engagement with leading customers, securing key design wins across numerous applications from the mobile phone to wireless infrastructure, IoT, automotive, machine-to-machine and medical applications.

在 3 月季度，我們擴大了與主要客戶的接觸，確保在從手機到無線基礎設施、物聯網、汽車、機器對機器和醫療應用的眾多應用中贏得關鍵設計。

In mobile, we are leveraging our Sky5 platform across multiple flagship 5G launches, including Samsung, Oppo, Vivo, Xiaomi and other Tier 1 players, and expanding our technology reach across our customized Diversity Receive platforms with new 5G-centric solutions driving sharp gains in design win count.

在移動領域，我們正在多個旗艦 5G 發布中利用我們的 Sky5 平台，包括三星、Oppo、Vivo、小米和其他一級玩家，並通過新的以 5G 為中心的解決方案在我們的定制分集接收平台上擴展我們的技術範圍，推動在設計獲勝計數。

In IoT, we are supporting high-performance 5G and WiFi-enabled tablets specifically developed for health, safety and telemedicine applications.

在物聯網方面，我們支持專為健康、安全和遠程醫療應用開發的高性能 5G 和支持 WiFi 的平板電腦。

Across mobile operators, we are powering 5G hotspots with Verizon and AT&T, supporting the expanding work-from-home trend.

在移動運營商中，我們與 Verizon 和 AT&T 一起為 5G 熱點提供支持，支持不斷擴大的在家工作趨勢。

We're extending our market leadership in WiFi 6 with home and enterprise gateways at Cisco.

我們正在通過思科的家庭和企業網關擴大我們在 WiFi 6 領域的市場領導地位。

We're enabling home security applications at Honeywell and ramping remote patient monitoring systems with GE.

我們正在 Honeywell 啟用家庭安全應用程序，並與 GE 一起擴展遠程患者監控系統。

We're also launching asset tracking and fleet management solutions with Juniper and Blackberry.

我們還與 Juniper 和 Blackberry 一起推出資產跟踪和車隊管理解決方案。

Moving to the infrastructure space, we're supporting 5G Massive MIMO and small cell base station deployments across the U.S., Europe and Japan.

轉向基礎設施領域，我們支持美國、歐洲和日本的 5G 大規模 MIMO 和小型基站部署。

And in automotive, we're accelerating connectivity content with leading brands, including Volkswagen, Renault, Hyundai and Nissan.

在汽車領域，我們正在加速與領先品牌的連接內容，包括大眾、雷諾、現代和日產。

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

這些亮點展示了我們的技術領先地位，這些產品類別以多樣化且不斷增長的關鍵產品類別為基礎，解決了日益複雜的架構問題，並讓我們的客戶為 5G 所需的性能提升做好準備。

In these unprecedented times, our existing technologies and connectivity protocols are processing extraordinarily high data traffic.

在這個前所未有的時代，我們現有的技術和連接協議正在處理異常高的數據流量。

This explosion in data consumption is taxing networks with real-time video, high-speed processing, streaming content and a long list of critical services, all dependent upon seamless, reliable and ubiquitous connectivity.

這種數據消費的爆炸式增長正在為實時視頻、高速處理、流媒體內容和一長串關鍵服務增加網絡負擔，所有這些都依賴於無縫、可靠和無處不在的連接。

To illustrate how the pressure on the network capacity is intensifying, just over the last few months, we've seen visits to Amazon website rise more than 30% year-over-year; Zoom video conferencing passing a milestone of 300 million daily participants; Microsoft Teams platform logging a single day record of 2.7 billion minutes.

為了說明網絡容量的壓力是如何加劇的，就在過去的幾個月裡，我們看到亞馬遜網站的訪問量同比增長超過 30%； Zoom 視頻會議突破了每日 3 億參與者的里程碑； Microsoft Teams 平台記錄了 27 億分鐘的單日記錄。

And now with 5G just beginning to launch, the average user today is still working with legacy technologies, showing system weakness in this high data demand environment.

現在 5G 剛剛開始推出，今天的普通用戶仍在使用傳統技術，在這種高數據需求環境中顯示出系統弱點。

Clearly, more than ever, always-on connectivity is paramount.

顯然，永遠在線的連接比以往任何時候都更加重要。

Skyworks and our partners in the mobile and wireless ecosystems are anticipating and accelerating the development and delivery of much needed cutting-edge technologies led by 5G, WiFi 6, enhanced GPS and other networking protocols.

Skyworks 和我們在移動和無線生態系統中的合作夥伴正在預測並加速以 5G、WiFi 6、增強型 GPS 和其他網絡協議為首的急需的尖端技術的開發和交付。

As Skyworks and the world navigate this challenging environment, our focus will continue to ensure streamlined high-speed connectivity, delivering a path for reliable, constant and safe communication, reaching all of our customers and their varied applications.

隨著 Skyworks 和世界應對這個充滿挑戰的環境，我們的重點將繼續確保簡化的高速連接，提供可靠、持續和安全的通信路徑，以覆蓋我們所有的客戶及其各種應用程序。

With that, I will turn the call over to Kris for a discussion of Q2 and our outlook for Q3.

有了這個，我將把電話轉給克里斯討論第二季度和我們對第三季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks revenue for the second fiscal quarter of 2020 was $766 million, in line with the March 4 updated outlook where we reduced our revenue guidance for the COVID-19 impact by approximately $45 million.

Skyworks 2020 年第二財季的收入為 7.66 億美元，與 3 月 4 日更新後的展望一致，我們將 COVID-19 影響的收入指導下調了約 4500 萬美元。

At $766 million, revenue is down 5% year-over-year.

收入為 7.66 億美元，同比下降 5%。

However, excluding Huawei-related revenue in both Q2 of fiscal '19 and fiscal '20, revenue is up 4% year-over-year despite the negative impact from COVID-19.

然而，排除 19 財年第二季度和 20 財年與華為相關的收入，儘管受到 COVID-19 的負面影響，收入仍同比增長 4%。

Gross profit in the second quarter was $384 million, resulting in a gross margin of 50.2%.

第二季度的毛利潤為 3.84 億美元，毛利率為 50.2%。

Operating expenses were $135 million, flat year-over-year as we continue to prudently manage OpEx while making the necessary investments to accelerate future growth of the business.

運營費用為 1.35 億美元，同比持平，因為我們繼續審慎管理運營支出，同時進行必要的投資以加速業務的未來增長。

We generated $249 million of operating income, translating into an operating margin of 32.5%.

我們產生了 2.49 億美元的營業收入，轉化為 32.5% 的營業利潤率。

Other income was $4.5 million, and our effective tax rate was 9.4%, driving net income of $230 million or $1.34 of diluted earnings per share.

其他收入為 450 萬美元，我們的有效稅率為 9.4%，推動淨收入達到 2.3 億美元或每股攤薄收益 1.34 美元。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

Second fiscal quarter cash flow from operations was $280 million and capital expenditures were $60 million, resulting in $220 million of free cash flow on $766 million of revenue, translating into a strong free cash flow margin of 29%.

第二財季運營現金流為 2.8 億美元，資本支出為 6000 萬美元，因此在 7.66 億美元的收入中產生 2.2 億美元的自由現金流，轉化為 29% 的強勁自由現金流利潤率。

We paid $75 million in dividends and repurchased 3.2 million shares of our common stock for a total of $284 million.

我們支付了 7500 萬美元的股息，並以總計 2.84 億美元的價格回購了 320 萬股普通股。

During the last 12 months, we have returned 92% of the free cash flow back to the shareholders through a combination of dividends and share buybacks.

在過去的 12 個月裡，我們通過股息和股票回購相結合的方式將 92% 的自由現金流返還給了股東。

We ended the second fiscal quarter with cash and investments of $1.1 billion, and we have no debt.

我們在第二財季結束時擁有 11 億美元的現金和投資，而且我們沒有債務。

Now let's move on to our outlook for Q3 of fiscal 2020.

現在讓我們繼續談談我們對 2020 財年第三季度的展望。

Given the supply chain and demand disruptions associated with COVID-19, visibility is limited for the June quarter, resulting in a wider revenue range compared to prior quarters.

鑑於與 COVID-19 相關的供應鍊和需求中斷，6 月季度的能見度有限，導致與前幾個季度相比收入範圍更廣。

For the third fiscal quarter of 2020, we anticipate revenue to be between $670 million and $710 million.

對於 2020 年第三財季，我們預計收入將在 6.7 億美元至 7.1 億美元之間。

We expect gross margin to be approximately 50%, and operating expenses flat with Q2 at approximately $135.5 million.

我們預計毛利率約為 50%，營業費用與第二季度持平，約為 1.355 億美元。

Below the line, we anticipate roughly $2.5 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 250 萬美元，稅率為 9.5%。

We expect our diluted share count to further reduce to approximately 170 million shares.

我們預計我們的稀釋後股份數量將進一步減少至約 1.7 億股。

Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $1.13.

因此，在收入範圍的中點，我們打算實現每股攤薄收益 1.13 美元。

Lastly, I would like to highlight that the company declared a cash dividend of $0.44 per share for Q3, and we intend to continue with our share repurchase program.

最後，我想強調的是，公司宣布了第三季度每股 0.44 美元的現金股息，我們打算繼續我們的股票回購計劃。

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

有了這個，我會把電話轉回給利亞姆。

Despite the macro headwinds, Skyworks remains uniquely positioned as a market leader in the most important sectors in technology, capitalizing on our strengths in 5G and other advanced wireless protocols.

儘管存在宏觀逆風，但 Skyworks 憑藉我們在 5G 和其他高級無線協議方面的優勢，在最重要的技術領域仍然處於市場領導者的獨特地位。

We have made the critical investments in human capital, intellectual property and manufacturing scale to usher in a new era of ubiquitous connectivity.

我們在人力資本、知識產權和製造規模方面進行了重要投資，以開創一個無處不在的連接新時代。

Our relentless focus on solving our customers' most challenging problems positions our partners to win by resolving complexity and advancing user experience.

我們不懈地專注於解決客戶最具挑戰性的問題，使我們的合作夥伴能夠通過解決複雜性和提升用戶體驗來取勝。

Skyworks' customer-first philosophy drives our product road maps, where we leverage unique, customized system-based solutions, purpose-built to offer interoperability, unprecedented levels of performance.

Skyworks 的客戶至上理念推動了我們的產品路線圖，我們利用獨特的、定制的基於系統的解決方案，專門構建以提供互操作性和前所未有的性能水平。

Powered by the strength of our balance sheet and our cash generation capabilities, we are funding the investments that drive sustainable growth, differentiating Skyworks as both the leading technology innovator and a strong provider of consistent cash returns to our shareholders.

憑藉我們強大的資產負債表和現金生成能力，我們正在為推動可持續增長的投資提供資金，使 Skyworks 成為領先的技術創新者和為股東提供持續現金回報的強大供應商。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, let's open the line for questions.

接線員，讓我們打開問題熱線。

(Operator Instructions) Vivek, your line is open.

（操作員說明）Vivek，您的線路已開通。

I actually had 2. One on the June quarter and then second on the calendar second half expectations.

我實際上有 2 個。一個在 6 月季度，然後在日曆下半年的預期中排名第二。

So Liam, on the June quarter, I was hoping you could give us some more color.

所以利亞姆，在六月季度，我希望你能給我們更多的顏色。

I know it's a little early, visibility is limited.

我知道現在有點早，能見度有限。

But how have bookings played out so far?

但到目前為止，預訂情況如何？

If you could give us some color by geography and mobile versus broad markets.

如果你能通過地理和移動與廣泛的市場給我們一些顏色。

And there are some glimmers that China might be recovering.

有跡象表明中國可能正在復蘇。

Have you seen that in your business?

你在你的生意中看到過嗎？

Just some more color around what you have seen so far in your June quarter.

到目前為止，您在 6 月這個季度所看到的只是一些更多的顏色。

Sure, Vivek.

當然，維維克。

Absolutely.

絕對地。

What we have seen coming through the March period and then moving into April, we are starting to see some improvement in the demand profile.

我們在 3 月份和 4 月份期間看到的情況是，我們開始看到需求狀況有所改善。

So obviously, we weathered some very bumpy seas here in the early part of the year, the whole industry.

很明顯，我們在今年年初在這裡經歷了一些非常顛簸的大海，整個行業。

But our ability to continue to drive design wins, and some of the design wins that we consummated earlier and at the end of 2019 started to pick up a bit.

但我們繼續推動設計勝利的能力，以及我們在 2019 年底完成的一些設計勝利開始有所回升。

So we were seeing a pretty rough period here coming through the end of March, but things have gotten -- improved, I would say, quite a bit as we've gotten into the first month of our June quarter.

因此，我們在 3 月底之前看到了一段相當艱難的時期，但隨著我們進入 6 月季度的第一個月，情況已經有了很大改善。

And we do expect -- again, there's some visibility issues out there, but we feel very confident about the range we put out on the June quarter, and we feel very good about the bottom end of that range and we certainly feel like there's a potential for us to go much higher.

我們確實預計 - 再次存在一些可見性問題，但我們對我們在 6 月季度推出的範圍非常有信心，我們對該範圍的底端感覺非常好，我們當然覺得有我們有可能走得更高。

Got it.

知道了。

And then, Liam, on the second half, how are you thinking about the seasonal ramps?

然後，利亞姆，在下半場，你如何看待季節性斜坡？

Because what we have heard from some of your peers in the mobile supply chain is that overall phone volumes are lower, but the 5G unit expectations are kind of hanging in there around the 170 million to 200 million unit number for this calendar year.

因為我們從移動供應鏈中的一些同行那裡聽到的是，整體手機銷量較低，但本日曆年的 5G 出貨量預期在 1.7 億至 2 億出貨量左右。

Is that consistent with what you're hearing?

這與你聽到的一致嗎？

Just in general, how should we think about your seasonal ramp going into September, right, which tends to be your strongest sequential growth quarter.

總的來說，我們應該如何看待您進入 9 月的季節性增長，對，這往往是您最強勁的連續增長季度。

Yes.

是的。

Great question.

很好的問題。

So a couple of things.

所以有幾件事。

We have high conviction and are really happy with the design win position we have going into the second half of the year.

我們有很高的信念，並且對我們進入下半年的設計獲勝位置感到非常滿意。

It is really about timing, Vivek.

這真的是關於時機，Vivek。

It really is.

確實如此。

We think the appetite from the consumer is very, very high.

我們認為消費者的胃口非常非常高。

There were supply chain issues earlier in the year for everybody.

今年早些時候，每個人都遇到了供應鏈問題。

And I think once those supply chain issues resolve, and they are resolving, the consumer then has an opportunity to capture that demand with high-end products.

而且我認為，一旦這些供應鏈問題得到解決，而且他們正在解決，消費者就有機會用高端產品來滿足這種需求。

So we have very good position with the leading players both in the U.S. and abroad, and we do believe that the second half calendar year and Q4 for us are going to be much stronger than what you see in Q3.

因此，我們在美國和國外的領先企業中處於非常有利的地位，我們相信下半年和第四季度對我們來說將比你在第三季度看到的要強得多。

Your next question comes from Ambrish Srivastava of BMO.

您的下一個問題來自 BMO 的 Ambrish Srivastava。

Kris and Liam, I just wanted to get a better sense for your operating plan.

Kris 和 Liam，我只是想更好地了解你們的運營計劃。

How are you modifying it in light of what we're seeing in COVID?

您如何根據我們在 COVID 中看到的情況對其進行修改？

And specifically, how should we be thinking about OpEx beyond the quarter, CapEx as well as cap allocation?

具體來說，我們應該如何考慮季度之後的運營支出、資本支出以及上限分配？

Are you going to continue with your share buyback?

你打算繼續你的股票回購嗎？

So just wanted more color on those.

所以只是想要更多的顏色。

And I have a follow-up.

我有一個後續行動。

Yes, Ambrish.

是的，安布里什。

So we are not changing our operating plan.

所以我們不會改變我們的運營計劃。

And of course, we're going to continue to drive the top line growth.

當然，我們將繼續推動收入增長。

And as Liam just pointed out, we see a lot of strength especially in -- or we expect a lot of strength, especially in the second half of the calendar year.

正如利亞姆剛剛指出的那樣，我們看到了很多力量，尤其是在 - 或者我們預計會有很多力量，尤其是在日曆年的下半年。

We are holding our margins above 50%.

我們將利潤率保持在 50% 以上。

And as the business starts growing, we will see back improvements from a gross margin point of view.

隨著業務開始增長，我們將從毛利率的角度看到回升。

From an OpEx point of view, as you know, we are running a very lean ship.

從運營支出的角度來看，如您所知，我們正在運營一艘非常精簡的船。

We will continue to do so.

我們將繼續這樣做。

We will continue to manage that.

我們將繼續管理它。

There is some discretionary spending reductions that we are putting in place.

我們正在實施一些可自由支配的開支削減。

But at the same time, we will continue to make the necessary investments in R&D and sales and marketing to support our customers and to support the growth in the second half there as well.

但與此同時，我們將繼續在研發、銷售和營銷方面進行必要的投資，以支持我們的客戶並支持下半年的增長。

From a capital allocation, very similar, we will continue with our CapEx plan.

從資本配置來看，非常相似，我們將繼續我們的資本支出計劃。

We will continue to manage that.

我們將繼續管理它。

So where we can see and possibly make some reductions, we will not hesitate to do that.

因此，在我們可以看到並可能進行一些減少的地方，我們會毫不猶豫地這樣做。

But keep in mind that most of the CapEx is driven by technology, new technology in filter, BAW filter, very complex assembly and test new technologies.

但請記住，大部分資本支出是由技術驅動的，濾波器新技術，BAW 濾波器，非常複雜的組裝和測試新技術。

And we will make those investments to support 5G ramps and so on.

我們將進行這些投資以支持 5G 坡道等。

And then last but not least, as we indicated, we will return most of our cash -- free cash flow back to the shareholder, combination of our dividend program as well as continue to execute on our share buyback program.

最後但同樣重要的是，正如我們所指出的，我們將把大部分現金——自由現金流返還給股東，結合我們的股息計劃以及繼續執行我們的股票回購計劃。

Okay.

好的。

Sounds good.

聽起來不錯。

It sounds like you're very confident about these things that you can control in light of what we're seeing.

聽起來你對這些你可以根據我們所看到的情況進行控制的事情非常有信心。

I had a very quick follow-up on the inventory days.

我對庫存日進行了非常快速的跟進。

Days went up a lot.

天數增加了很多。

We were expecting March in absolute dollars to go up.

我們預計 3 月份的美元絕對值會上漲。

Is there a risk of obsolescence here on the inventories side?

庫存方面是否存在過時的風險？

No.

不。

So from an inventory point of view, we are running slightly higher than normal.

因此，從庫存的角度來看，我們的運行速度略高於正常水平。

We actually increased inventory in the March quarter with $44 million and days of inventory is now at 155 days, which is slightly higher than normal, but it is by design, right?

我們實際上在 3 月季度增加了 4400 萬美元的庫存，庫存天數現在為 155 天，略高於正常水平，但這是設計使然，對吧？

We have increased our buffer stocks.

我們增加了緩衝庫存。

We have increased even finished goods inventory.

我們甚至增加了成品庫存。

We kept loading in our factories.

我們一直在我們的工廠裝貨。

Again, it's all in support of the ramp in the second half and we want to make sure we continue to deliver on time to our customers.

同樣，這一切都是為了支持下半年的增長，我們希望確保我們繼續按時交付給我們的客戶。

It actually came in pretty handy.

它實際上派上用場了。

As you know, we had a temporary suspension in our Mexicali factory.

如您所知，我們的墨西卡利工廠暫時停工。

We were able to continue to deliver products to our customers.

我們能夠繼續向客戶交付產品。

Luckily, that situation now has been resolved.

幸運的是，這種情況現在已經得到解決。

While we are building this inventory, there is very few or little risk from an E&O point of view.

在我們構建此庫存時，從 E&O 的角度來看，風險很小或很小。

And despite all of that, we continue to deliver a very strong free cash flow.

儘管如此，我們繼續提供非常強勁的自由現金流。

Our next question comes from Chris Caso of Raymond James.

我們的下一個問題來自 Raymond James 的 Chris Caso。

For first question, can you break down the revenue from the various segments?

對於第一個問題，您能否分解各個細分市場的收入？

And specifically with the broad market business, if you could talk about the near-term trends that you're seeing in that business as you go into June.

特別是對於廣泛的市場業務，如果你能談談進入 6 月份時你在該業務中看到的近期趨勢。

Yes, Chris.

是的，克里斯。

So in the March quarter, mobile was approximately 70% of total revenue, which was down mid-teens on a sequential basis, which is somewhat in line with normal seasonality.

因此，在 3 月季度，移動業務約佔總收入的 70%，環比下降了 15% 左右，這在某種程度上符合正常的季節性。

And it was flat on a year-over-year basis.

與去年同期相比持平。

Of course, that includes the reduction in Huawei.

當然，這包括華為的減少。

Because if I exclude Huawei in Q2 of fiscal '19 and Q2 of fiscal '20, the mobile revenue was actually up 9%, almost 10% on a year-over-year basis, driven by content gains as well as the early 5G ramp with our Chinese customers.

因為如果我將 19 財年第二季度和 20 財年第二季度的華為排除在外，移動收入實際上增長了 9%，同比增長近 10%，這主要是受到內容收益和 5G 早期增長的推動與我們的中國客戶。

So our broad markets business was approximately 30% of total revenue in the March quarter.

因此，我們的廣泛市場業務約佔 3 月季度總收入的 30%。

It was down mid-single digits sequentially, but we do expect it to be up sequentially in the June quarter, in part driven by the work-from-home, learn-from-home trend that results in strength in PC, tablets, wearables, WiFi hotspots, the adoption of WiFi 6 and other wireless protocols.

它連續下降了中個位數，但我們確實預計它會在 6 月季度連續上升，部分原因是在家工作、在家學習的趨勢導致 PC、平板電腦、可穿戴設備的強勁，WiFi熱點，採用WiFi 6等無線協議。

Okay.

好的。

Great.

偉大的。

As a follow-up, perhaps you can give us a little more color on the China business.

作為後續行動，也許你可以給我們更多關於中國業務的色彩。

And in particular, I think it's helpful to separate perhaps some of the production issues some of your customers may have had in the March quarter when some of their facilities shut in.

特別是，我認為將您的一些客戶在 3 月季度可能遇到的一些生產問題分開是有幫助的，當時他們的一些設施關閉了。

Obviously, it would have gotten better from there.

顯然，它會從那裡變得更好。

But perhaps what you get -- to the extent you have visibility in what's happening within demand and how those customers are selling through phones as they get to at least some degree of what's going to be the new normal particularly within China.

但也許你得到了什麼 - 在一定程度上你可以看到需求中發生的事情以及這些客戶如何通過手機進行銷售，因為他們至少在某種程度上將成為新常態，特別是在中國。

Sure, Chris.

當然，克里斯。

Yes.

是的。

What we're seeing is the Chinese account is actually recovering faster than some of the other players in the U.S. I think they were the first to be hit by the virus and they're the first to come out of it.

我們看到的是，中國賬戶實際上比美國的其他一些玩家恢復得更快。我認為他們是第一個受到病毒襲擊的人，也是第一個從病毒中走出來的人。

So we are benefiting from some of the key brands, Oppo, Vivo, Xiaomi, even some new growth now coming up with 5G with Samsung.

因此，我們受益於一些主要品牌，Oppo、Vivo、小米，甚至現在三星的 5G 帶來了一些新的增長。

And that portfolio right now is actually -- it's not quite where it was a year ago, but it's starting to move.

而現在的投資組合實際上是 - 它與一年前的情況不盡相同，但它開始發生變化。

The 5G penetration is strong and the velocity is picking up.

5G滲透力強，速度加快。

So I think the unit growth is starting to pick up, but the content within the units is really important to us.

所以我認為單位增長開始回升，但單位內的內容對我們來說真的很重要。

So we're seeing very meaningful content improvement in 5G in China.

因此，我們看到中國 5G 的內容改進非常有意義。

And again, we've talked about it before, but you have to have that backward compatibility for 3G, 4G then 5G.

再說一次，我們之前已經討論過，但你必須具有 3G、4G 和 5G 的向後兼容性。

So there's a really nice incremental move for us.

因此，對我們來說，這是一個非常好的漸進式舉措。

There's also a great deal of complexity for the customer.

對客戶來說也有很大的複雜性。

And our job is to resolve that and lever the integrated solutions like Sky5 to make it really easy for the client.

我們的工作是解決這個問題，並利用像 Sky5 這樣的集成解決方案，讓客戶真正輕鬆。

So we are starting to see that.

所以我們開始看到這一點。

And the Chinese brands today are really starting to move.

而今天的中國品牌真的開始行動了。

There's still a lot of upside there from our base today, but they are starting to show some real good progress.

今天我們的基地仍有很多上升空間，但他們開始顯示出一些真正的良好進展。

Your next question comes from Craig Hettenbach of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Craig Hettenbach。

Great.

偉大的。

Just following up on the broad markets business.

只是跟進廣泛的市場業務。

Any additional context you have in terms of supply versus demand?

在供求關係方面，您還有其他背景嗎？

Certainly, there's been some demand impact here but also customers kind of looking to secure supply.

當然，這裡有一些需求影響，但也有客戶希望確保供應。

So just curious to how you're seeing that play out in your broad markets business.

所以很好奇你如何看待它在你的廣泛市場業務中發揮作用。

Sure, Craig, and you're right.

當然，克雷格，你是對的。

I mean there was definitely a period of time and it's still being resolved with some imbalances in supply and demand.

我的意思是肯定有一段時間，但供需失衡仍在解決中。

There's been quite a bit of demand in broad markets for technologies like WiFi, WiFi 6, even some of the GPS technologies, and we deliver those.

廣泛的市場對 WiFi、WiFi 6 甚至某些 GPS 技術等技術有相當大的需求，而我們提供了這些技術。

So we, fortunately, do the lion's share of our business in-house, right, under our watch and our own factory.

因此，幸運的是，我們在內部完成了大部分業務，在我們的監督下和我們自己的工廠裡。

So we've been able to be more active, more agile in executing to those demands.

因此，我們能夠更積極、更敏捷地執行這些需求。

And a lot of those demands, as Kris mentioned, were driven by new applications, work-from-home.

正如 Kris 提到的，很多這些需求是由新的應用程序、在家工作驅動的。

Again, all of the services that are starting to create the opportunity, right, we're seeing today, whether it's safer home and entertainment, whatever it may be, the technologies that we make, not just 5G but the WiFi and GPS, are really moving fast.

同樣，所有開始創造機會的服務，對，我們今天看到的，無論是更安全的家庭和娛樂，無論是什麼，我們製造的技術，不僅是 5G，還有 WiFi 和 GPS，都是真的很快。

So we're getting to a point where the supply and demand intersection is closing.

因此，我們正處於供需交叉點正在關閉的地步。

But we do see a meaningful change in user appetite for the technologies, right?

但我們確實看到用戶對這些技術的興趣發生了有意義的變化，對吧？

I think you're going to see more and more folks now truly adopt telemedicine or truly adopt video conferencing, some of these things that were kind of nascent and really hadn't been played out.

我想你會看到越來越多的人現在真正採用遠程醫療或真正採用視頻會議，其中一些東西還處於萌芽狀態，而且還沒有真正發揮作用。

So we're looking forward to that.

所以我們很期待。

And the WiFi 6 technologies, as I said, are probably the leader in broad market.

正如我所說，WiFi 6 技術可能是廣泛市場的領導者。

But we're also generating new wins with very, very important customers globally that 3 or 4 years ago really weren't on our list, names like GE, names like Honeywell, Raytheon, to continue to really broaden that reach in that side of the market.

但我們也在與全球非常非常重要的客戶取得新的勝利，這些客戶在 3 或 4 年前確實不在我們的名單上，像通用電氣這樣的名字，像霍尼韋爾、雷神這樣的名字，以繼續真正擴大在這一方面的影響力市場。

Got it.

知道了。

And then just, Liam, just for a follow-up for the flagship phones in the back half of this year.

然後，利亞姆，只是為了今年下半年旗艦手機的跟進。

Can you talk about just kind of year-to-year, how you're feeling about kind of the content?

你能談談年復一年，你對內容的感受嗎？

Sure, sure.

一定一定。

Well, as I said, we've got some pretty important players launching 5G, and the 5G story is all about incremental content, also incremental complexity.

好吧，正如我所說，我們有一些非常重要的參與者推出了 5G，而 5G 的故事都是關於增量內容，也是增量複雜性。

And I think it will be revealed that our solutions fare very, very well, and our content opportunity was meaningful and we executed on that.

而且我認為這將表明我們的解決方案非常非常好，我們的內容機會很有意義並且我們執行了這一點。

So some of that stuff hasn't hit the market yet.

所以其中一些東西還沒有上市。

But we know what we're winning and where we're headed, and it's a positive move.

但我們知道我們正在贏得什麼以及我們的前進方向，這是一個積極的舉措。

We'll start to see that into Q4 and into our fiscal Q1, which would be the December quarter.

我們將開始看到第四季度和我們的第一財季，即 12 月季度。

So Q4, September through December, you're going to see a lot of that traction launch.

所以第四季度，從 9 月到 12 月，你會看到很多牽引力的發布。

Your next question comes from Blayne Curtis of Barclays.

你的下一個問題來自巴克萊銀行的 Blayne Curtis。

Liam, just curious, you went through your own factory shutdown, but the handset OEMs went through that issue in Q1.

利亞姆，很好奇，你經歷了自己的工廠停工，但手機原始設備製造商在第一季度經歷了這個問題。

You had an up quarter.

你有一個季度。

It's hard to disseminate because you're obviously, I think, coming off a very low level and maybe gaining some share.

很難傳播，因為我認為你顯然已經脫離了一個非常低的水平並且可能獲得了一些份額。

But I'm just kind of curious to your perspective on the Android market.

但我只是有點好奇您對 Android 市場的看法。

Was there any inventory that was built in Q1?

第一季度是否有任何庫存？

And did that rectify itself in Q2 with this guidance?

在這個指導下，這是否在第二季度得到了糾正？

Yes.

是的。

I think it feels like we're normalizing right now, Blayne, and starting to get to a point where there's real acceleration in supply chain.

Blayne，我認為我們現在正在正常化，並開始達到供應鏈真正加速的地步。

As you noted, throughout this period, getting from February to now, there's been a tremendous amount of supply chain breakdowns everywhere.

正如您所指出的，在整個這段時間裡，從 2 月到現在，到處都出現了大量的供應鏈故障。

We're fortunate that we have our own facilities and we can manage our house pretty well, but it's very challenging for the overall industry with some locations and some factories just not being able to get employees, right, for obvious reasons, for health reasons.

我們很幸運，我們有自己的設施，我們可以很好地管理我們的房子，但對於整個行業來說，這是非常具有挑戰性的，因為一些地方和一些工廠無法僱用員工，對吧，出於顯而易見的原因，出於健康原因.

But I feel like that's starting to abate now, and we're seeing more improvement.

但我覺得現在這種情況開始減弱，我們看到了更多的改善。

If you look at the Android cycle, we have really good print position with MediaTek, as an example, and they've been a real strong feeder for Asia and other emerging markets.

如果你看一下 Android 週期，例如，我們在聯發科的打印位置非常好，它們一直是亞洲和其他新興市場的真正強大的饋線。

Also, we're seeing some really good things, as I mentioned, with the Oppo, Vivo, Xiaomi names as we go forward.

此外，正如我所提到的，我們看到了一些非常好的東西，隨著我們前進，Oppo、Vivo、小米的名字。

And the supply chains today, again, are getting cleaned up pretty quickly, specifically in China and other Asian markets.

而且今天的供應鏈再次快速清理，特別是在中國和其他亞洲市場。

So we feel like that could pick up.

所以我們覺得這可能會好起來。

And it's another thing that the overall theme here is that we've got a great technology in 5G globally, the industry, and the consumer has not had a chance to get there, right?

另一件事是這裡的總體主題是我們在全球範圍內擁有 5G 的偉大技術，行業，而消費者還沒有機會到達那裡，對嗎？

We had supply chain issues.

我們有供應鏈問題。

We had some shocks -- supply chain shocks in some cases where the technology wasn't there.

我們受到了一些衝擊——在某些沒有技術的情況下，供應鏈受到衝擊。

We have people staying at home.

我們有人待在家裡。

They're not going to the stores.

他們不會去商店。

This is all going to abate, and the demand and the consumption for the technology is going to be there.

這一切都會減弱，對技術的需求和消費將會存在。

And I think wireless, in this period of time that we've all been dealing with here, stay-at-home period, we recognize that the wireless devices that we have really are the bread and butter of our communication, our ability to work, our ability to communicate with family.

而且我認為無線，在我們一直在這里處理的這段時間裡，呆在家裡的這段時間裡，我們認識到我們擁有的無線設備確實是我們溝通的基礎，我們的工作能力，我們與家人溝通的能力。

It's really important, and I think the appetite for the technology is going to only increase and the opportunity for companies like Skyworks, we're happy to play a role in advancing those technologies into the future.

這真的很重要，我認為對這項技術的興趣只會增加，而像 Skyworks 這樣的公司的機會，我們很高興在推動這些技術走向未來方面發揮作用。

And I just want to ask you on your BAW efforts and Qualcomm has been very vocal about their confidence in their SAW technology.

我只想問你關於 BAW 的努力，高通一直非常直言不諱地表達了他們對其 SAW 技術的信心。

You saw this Broadcom asset, I guess, ultimately not get sold.

你看到了這個 Broadcom 資產，我猜，最終沒有被出售。

Can you point out anything in terms of what you're shipping today for BAW?

你能指出你今天為 BAW 運送的東西嗎？

And then as you look out in the back half of next year in terms of shipping into mid-, high-band module, where do you see that for Skyworks down the road?

然後，當您展望明年下半年的中高頻段模塊出貨量時，您對 Skyworks 的前景有何看法？

Sure.

當然。

The story is getting better and better, Blayne, with respect to BAW.

Blayne，關於 BAW 的故事越來越好。

So we have some meaningful design wins that have been shipping, but the quantity of the device count now is going way up.

因此，我們已經交付了一些有意義的設計勝利，但現在設備數量正在增加。

So we're broadening the set of customers.

所以我們正在擴大客戶群。

And then some of the very strategic customers, the volumes and units, they are picking up.

然後是一些非常具有戰略意義的客戶，數量和單位，他們正在回升。

So we actually -- I'm going to give you like a highlight real stat here.

所以我們實際上 - 我要在這裡給你一個突出的真實統計數據。

We crossed 100 million units of BAW-enabled devices about 2 weeks ago since we launched the BAW technology.

自從我們推出 BAW 技術以來，大約 2 週前，我們支持 BAW 的設備數量突破了 1 億台。

So we're really pleased at the launch.

所以我們對發布感到非常高興。

It's taken a little time, but we're accelerating.

這花了一點時間，但我們正在加速。

We have opportunities across the board with new customers.

我們有機會與新客戶全面合作。

We have design wins with strategic customers today, and we're going to continue to advance that technology.

今天，我們已經贏得了戰略客戶的設計，我們將繼續推進這項技術。

And all of that stuff is being done in-house with our engineering teams, our fabs, our IP and just driving a technology solution that customers really want.

所有這些都是由我們的工程團隊、我們的晶圓廠、我們的知識產權在內部完成的，並且只是在推動客戶真正想要的技術解決方案。

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

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

Liam, you mentioned the sharp gain in DRx modules content or design wins based on 5G content.

利亞姆，你提到了 DRx 模塊內容的急劇增加或基於 5G 內容的設計勝利。

Is any of that due to finally getting a transmit function in the DRx modules to support MIMO or CA or Diversity?

這是否是由於最終在 DRx 模塊中獲得傳輸功能以支持 MIMO 或 CA 或分集？

Or is it still all on the receive side?

還是仍然全部在接收端？

And are you in production on the BAW duplexer yet?

您是否正在生產 BAW 雙工器？

Yes.

是的。

I mean it's a great question.

我的意思是這是一個很好的問題。

So the DRx category, as you know, has really been an incredible performer in mobile device, capitalizing on downlink.

因此，如您所知，DRx 類別在移動設備中的表現確實令人難以置信，它利用了下行鏈路。

And there are so many variants, Ed, for us.

埃德，我們有很多變體。

We have a really wide portfolio in that technology.

我們在該技術方面擁有非常廣泛的產品組合。

And we are starting to see greater usage across the board.

我們開始看到全面的使用量增加。

There are so many different versions, whether it's DRx, DSM, ultra-high-band, mid-band.

有這麼多不同的版本，無論是DRx、DSM、超高頻段、中頻段。

You can go across the board, and we're able to play in each one of those categories.

你可以全面考慮，我們可以在其中的每一個類別中發揮作用。

And it's a technology that requires very strong, very powerful filtering, the ability to work collectively with potentially LNAs and other technologies and then integrate in a way that works for the customer.

這是一項需要非常強大的過濾的技術，需要能夠與潛在的 LNA 和其他技術協同工作，然後以適合客戶的方式進行集成。

So we're doing really well there.

所以我們在那裡做得很好。

And we do want to continue on the BAW side to advance the technology into higher and higher bands and capture more and more of that pie.

我們確實希望繼續在 BAW 方面將技術推進到越來越高的頻段，並獲得越來越多的份額。

And I think we have some important customers and accounts that work with us that collaboratively we're trying to get to that solution together.

我認為我們有一些重要的客戶和客戶與我們合作，我們正在努力共同尋求解決方案。

But along the way, the DRx solutions are gaining a lot of share, a lot of traction.

但在此過程中，DRx 解決方案獲得了很大的份額和吸引力。

They're extremely valuable to the customer.

它們對客戶來說非常有價值。

It's a high-end solution at very fair pricing and allows the customer to get a great end solution.

這是一個價格非常公道的高端解決方案，可以讓客戶獲得出色的最終解決方案。

So it's -- that technology continues to move.

所以它 - 技術繼續發展。

The bulk acoustic wave technologies, again, continue to move up.

體聲波技術再次繼續向上發展。

We've demonstrated some volume now, but we still have a lot of room to move from here, I mean by no means have we captured all the businesses, a lot out there for us to go after.

我們現在已經展示了一些數量，但我們還有很大的發展空間，我的意思是我們還沒有抓住所有的業務，還有很多業務需要我們去追求。

And then on ultra-high-band, if I could.

然後是超高頻段，如果可以的話。

The sub-6 bands in China requiring both 77 and 79 and T-Mo have to use Sprint's Band 41 for 5G, I mean we're seeing up to 5 new transmit-receive chains being added to some of the high-end phones.

中國的 sub-6 頻段同時需要 77 和 79，而 T-Mo 必須使用 Sprint 的 Band 41 進行 5G，我的意思是我們看到一些高端手機添加了多達 5 個新的發射-接收鏈。

How many of your customers are putting more of a premium on size, so say favoring your dual-band solution versus flexibility on selecting individual bands that more of the kind of approach that China has taken?

您的客戶中有多少人更看重尺寸，比如更喜歡您的雙頻解決方案而不是靈活地選擇單個頻段，而中國採取的這種方法更多？

I'm trying to get a feel for, one, what solution is being favored.

我正在嘗試感受，其中之一，哪種解決方案受到青睞。

And two, are you seeing a lot of people opting for the kind of the fuller-end, high-end solutions that would require more integration?

第二，您是否看到很多人選擇需要更多集成的更全面、更高端的解決方案？

Yes.

是的。

No.

不。

It's a great question.

這是一個很好的問題。

So you're right.

所以你是對的。

I mean n77, n79 are really important right now in the 5G landscape.

我的意思是 n77、n79 現在在 5G 領域非常重要。

And you're also -- you hit another point that I didn't make.

而且你也 - 你提出了我沒有提出的另一點。

The integration is so vital.

整合是如此重要。

We don't -- the integration for us isn't just kind of a cool thing to package.

我們不——對我們來說，集成不僅僅是一種很酷的打包方式。

It is really about densifying the product.

這實際上是關於產品的緻密化。

And Kris mentioned some of our capital investments are really around packaging advancements.

Kris 提到我們的一些資本投資實際上是圍繞包裝進步進行的。

We, of course, are developing filters and trying to raise the bar on frequency with our filtering technology, but you also have to have incredible technology on the packaging side to create that miniaturization.

當然，我們正在開發濾波器並嘗試通過我們的濾波技術提高頻率標準，但您還必須在封裝方面擁有令人難以置信的技術才能實現這種小型化。

And with more and more technology squeezed in, you've got 3G, 4G and 5G incremental, you've got transmit, you've got receive, it's very, very complex architecturally.

隨著越來越多的技術被擠進來，你有 3G、4G 和 5G 增量，你有傳輸，你有接收，它在架構上非常非常複雜。

So those technologies that we have are critical.

因此，我們擁有的那些技術至關重要。

And customers do want to integrate it.

客戶確實希望集成它。

I mean there's an appetite, in some cases, for discretes, but that's really moving in the rearview mirror.

我的意思是，在某些情況下，人們對分立器件有胃口，但這確實在後視鏡中發生了變化。

And the new technology, specifically in 5G, are going to be around densification, packaging and then bringing all of those elements to the customer in an easy, easy form factor.

新技術，特別是 5G 技術，將圍繞緻密化、封裝，然後以一種簡單易行的形式將所有這些元素帶給客戶。

Your next question comes from Toshiya Hari of Goldman Sachs.

你的下一個問題來自高盛的 Toshiya Hari。

My first one was on your exposure in China.

我的第一個問題是關於你在中國的曝光率。

Kris, I think last quarter, you guys were kind enough to size your business with the non-Huawei, the OVX camp at around $100 million in the December quarter.

Kris，我認為上個季度，你們非常友好地在 12 月季度將非華為 OVX 陣營的業務規模定為 1 億美元左右。

Curious how big those guys were in the March quarter and what the outlook was into June.

好奇這些人在 3 月季度有多大，以及 6 月的前景如何。

And related to that, we're getting quite a few headlines related to the U.S.-China trade relationship.

與此相關的是，我們收到了很多與美中貿易關係相關的頭條新聞。

Any of this kind of potentially impact you guys down the line?

任何一種潛在的影響你們的方式嗎？

Then I have a quick follow-up.

然後我有一個快速跟進。

Yes.

是的。

Our China business remains on or about 20% of total revenue.

我們的中國業務仍佔總收入的 20% 左右。

And we definitely see strength with Oppo, Vivo, Xiaomi as they ramp their 5G phones with strong Skyworks content in it.

我們肯定看到了 Oppo、Vivo、小米的實力，因為他們推出了帶有強大 Skyworks 內容的 5G 手機。

Unfortunately, the business with Huawei remains at a much lower level than it was historically although we are able to continue to ship under the ban, which is still effective right now.

不幸的是，儘管我們能夠繼續在目前仍然有效的禁令下發貨，但與華為的業務仍遠低於歷史水平。

Got it.

知道了。

And then a quick follow-up on gross margins.

然後快速跟進毛利率。

I was positively surprised to see gross margins in the quarter essentially come in line with guidance despite lower revenue.

儘管收入較低，但我很驚訝地看到本季度的毛利率基本符合指引。

And I guess similarly into June, you're guiding to essentially flat gross margins with a reduced revenue outlook.

我想同樣進入 6 月，您將引導毛利率基本持平，收入前景下降。

So I guess I was curious, what were some of the offsets in the March quarter?

所以我想我很好奇，三月季度有哪些補償？

Kris, you spoke to maintaining factory loading.

Kris，你談到維持工廠負荷。

So maybe that's the explanation.

所以也許這就是解釋。

But were there any positives that sort of materialized in March?

但是，3 月份是否出現了任何積極因素？

And what are some of the potential offsets into June?

六月份的一些潛在抵消是什麼？

Yes.

是的。

No.

不。

I mean we continue to work really hard to improve gross margins.

我的意思是我們繼續努力提高毛利率。

And as I've talked about that before, one of the most important things is -- of course, is advancing the technology, higher complexity, more value-add new products, especially with 5G, WiFi 6 that we bring to market.

正如我之前談到的那樣，最重要的事情之一是——當然，是推進技術、更高的複雜性、更多增值的新產品，尤其是我們推向市場的 5G、WiFi 6。

And typically, those higher complex type of products demand a higher gross margin.

通常，那些更複雜的產品類型需要更高的毛利率。

And so as we bring those new products to market, you will see a boost from that.

因此，當我們將這些新產品推向市場時，您會看到它帶來的提升。

Unfortunately, yes, there is some disruption in the supply chain and some inefficiencies as a result of COVID-19.

不幸的是，是的，由於 COVID-19，供應鏈出現了一些中斷並且效率低下。

And so that's why we're not at 53% gross margin today.

這就是為什麼我們今天的毛利率不是 53%。

But we hope that once all those disruption gets out of the supply chain and we start ramping the business, we will see some nice further improvements on the gross margins.

但我們希望，一旦所有這些中斷都從供應鏈中消失並且我們開始擴大業務，我們將看到毛利率有一些不錯的進一步改善。

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

你的下一個問題來自 B. Riley FBR 的 Craig Ellis。

Congrats on the financial performance and, Liam, on the internal BAW milestone.

祝賀財務業績，利亞姆，祝賀內部 BAW 里程碑。

That's a big one for the company given your support there.

鑑於您在那裡的支持，這對公司來說意義重大。

Thanks, Craig.

謝謝，克雷格。

Yes.

是的。

You're welcome.

不客氣。

What I wanted to do with the first question is just to make sure I'm looking at what you're seeing with integrated mobile correctly over the -- say, the 12-, the 18-month time period.

對於第一個問題，我想做的只是確保我正確地查看了您在 12 個月、18 個月的時間段內使用集成移動設備看到的內容。

So we have been shipping Sky5.

所以我們一直在運送 Sky5。

We continue to do that and it sounds like broadened our OEM base in the quarter and so that sets up well for the back half.

我們繼續這樣做，這聽起來像是在本季度擴大了我們的 OEM 基礎，因此這為後半部分做好了準備。

You've got 5G Diversity Receive.

你有 5G 分集接收。

And I wasn't clear if you were saying that was going to ship in volume in the second half or really for next year.

我不清楚你是說下半年還是明年會大量發貨。

But in the second half, our 5G units should at least double half-on-half per industry just given the projections that are out there from some of the big guys.

但在下半年，根據一些大公司的預測，我們的 5G 單位每個行業至少應該翻一番。

And then next year, hopefully, we don't have a situation where we lose 10% of our sales days due to a virus crisis.

然後明年，希望我們不會出現因病毒危機而損失 10% 的銷售天數的情況。

So help me, one, understand if the timing for some of the new products is somewhat as I outlined in terms of their impact on financials.

所以幫助我，一個，了解一些新產品的時間是否有點像我概述的那樣，就它們對財務的影響而言。

And what does that mean for next year's growth?

這對明年的增長意味著什麼？

Are we solidly back in double-digit growth next year for integrated mobile?

明年我們是否會在集成移動方面穩步恢復兩位數的增長？

Yes.

是的。

Great.

偉大的。

Great questions and lots of ways to think about it.

很好的問題和很多思考它的方法。

So I'll tell you what we see now, Craig, and how it plays out into the future.

所以我會告訴你我們現在看到了什麼，克雷格，以及它如何影響未來。

We really are feeling good about the design consummation that we've made here.

我們真的對我們在這裡所做的設計完善感到滿意。

And those products, a lot of those products have not yet shipped.

還有那些產品，很多產品還沒有發貨。

And you hit a couple of key points.

你擊中了幾個關鍵點。

Sky5, great traction, a lot of room.

Sky5，牽引力大，空間大。

Diversity Receive, we're delivering that in low-band, mid-band and high-band on the receive side with some great technologies, all of that new.

分集接收，我們正在通過一些偉大的技術在接收端的低頻段、中頻段和高頻段提供它，所有這些都是新的。

Then we start to get into the broad markets.

然後我們開始進入廣闊的市場。

We're seeing more and more -- I mean Kris touched on some of it, but we're seeing a real nice run-up in some of the WiFi technologies, WiFi 6, and those are not low-end products.

我們看到越來越多——我的意思是 Kris 觸及了其中的一些，但我們看到一些 WiFi 技術、WiFi 6 有了真正好的發展，而且這些不是低端產品。

Those are very, very high-performing data drivers.

這些是非常非常高性能的數據驅動程序。

And in this work-in-home environment and some of the new applications that have been stimulated through this are not going to go away.

在這種在家工作的環境中，一些因此而受到刺激的新應用不會消失。

The appetite is there.

胃口就在那裡。

So when you get to the macro view of how do the numbers come together, it's really about timing.

因此，當您從宏觀角度了解這些數字是如何組合在一起的時，這實際上與時間有關。

The magnitude of the dollars will be up.

美元的幅度將上升。

We know that and we know -- we believe that with great conviction.

我們知道，我們知道——我們堅信這一點。

We're coming off of a low point as well.

我們也正在走出低谷。

I mean this is our pivot -- Q3 is our pivot quarter.

我的意思是這是我們的支點——第三季度是我們的支點季度。

This is our pivot quarter.

這是我們的關鍵季度。

We're going to be up and to the right from here.

我們將從這裡向右上方行駛。

And it's just about the rate of change or the rate of revenue and the timing, right?

這只是關於變化率或收入率和時間，對吧？

I mean the world really doesn't care about 90-day quarters.

我的意思是世界真的不關心 90 天的宿舍。

It's just about the actual growth and consummation of the demand.

這只是關於需求的實際增長和完善。

So we feel really good about it.

所以我們對此感覺非常好。

And there's a reason for it.

這是有原因的。

The products are better.

產品更好。

The 5G technologies are much faster.

5G技術要快得多。

They're more reliable, better latency.

它們更可靠，延遲更好。

You can move it into IoT.

您可以將其移至物聯網中。

There's just a lot to do.

有很多事情要做。

And unfortunately, this COVID-19 thing showed up.

不幸的是，這個 COVID-19 事件出現了。

No one expected it and it put the brakes on the business.

沒有人預料到這一點，它阻礙了業務發展。

And now we're starting to recover, but we still feel really good about the outcome and where we're headed.

現在我們開始恢復，但我們仍然對結果和我們前進的方向感到非常滿意。

Our factories are positioned well.

我們的工廠位置很好。

We're in extremely close communication with every one of our customers, working hand in hand to consummate and intersect their supply, our demand, their demand, our supply working together.

我們與我們的每一位客戶都保持著極其密切的溝通，攜手合作，完善和交叉他們的供應，我們的需求，他們的需求，我們的供應一起工作。

So it's a great opportunity for companies like Skyworks to shine.

因此，對於像 Skyworks 這樣的公司來說，這是一個大放異彩的好機會。

We have our own facilities.

我們有自己的設施。

We develop at a chip level then integrate at a systems level.

我們在芯片級開發，然後在系統級集成。

We can create flexibility for whatever market the customers want to roam in, what their size constraints may be, what their current consumption may be and weave that all together for a solution.

我們可以為客戶想要漫遊的任何市場創造靈活性，他們的規模限制可能是什麼，他們當前的消費可能是多少，並將所有這些結合在一起以獲得解決方案。

But we feel really good about the macro theme here.

但我們對這裡的宏觀主題感覺非常好。

It's been delayed, unfortunately, but we see that starting to come back by the end of this quarter and certainly into our Q4 in the second half calendar.

不幸的是，它被推遲了，但我們看到它在本季度末開始恢復，並且肯定會進入下半年的第四季度。

That's helpful.

這很有幫助。

And then the follow-up is just on broad markets, and one of the comments from your recent remarks and earlier.

然後跟進只是在廣泛的市場上，以及您最近和之前的評論中的評論之一。

As you went through some of the applications for which broad markets is seeing good demand and has some runway, whether it'd be auto or others, one of the things I don't think I've heard previously but was on today's call was telemedicine.

當你審閱一些廣泛市場需求旺盛且有一定跑道的應用程序時，無論是汽車還是其他，我認為我以前沒有聽過但在今天的電話會議上的一件事是遠程醫療。

And so the question is in the world that we're now in, beyond telemedicine, are there other application areas that are coming in to the broad markets portfolio as new incremental TAM for you?

因此，我們現在所處的世界的問題是，除了遠程醫療之外，是否還有其他應用領域作為新的增量 TAM 進入廣泛的市場組合？

And if so, what would they be?

如果是這樣，它們會是什麼？

Yes.

是的。

I think the video conferencing dynamic is incredible.

我認為視頻會議的動態令人難以置信。

I'm sure everybody that's on this call has been using that recently.

我敢肯定參加此電話會議的每個人最近都在使用它。

And even the best technology out there today is still not good enough, in my opinion.

在我看來，即使是當今最好的技術也仍然不夠好。

And I think the appetite for that is really going to create some interesting dynamics for us.

我認為對此的胃口真的會為我們創造一些有趣的動力。

I think that's one really important one.

我認為這是一個非常重要的問題。

I think the service community is going to be a big deal right now.

我認為服務社區現在將成為一件大事。

I mean people are -- you're seeing how the world has evolved.

我的意思是人們 - 你正在看到世界是如何演變的。

We talked about some stats, about whether it's Microsoft Teams or Zoom or stay-at-home, food delivery.

我們討論了一些統計數據，無論是 Microsoft Teams 還是 Zoom 還是待在家裡、送餐。

These are things that I don't think they're going to go away.

這些是我認為它們不會消失的東西。

Even when the COVID-19 pandemic is done, I think there's going to be some lasting behavior.

即使 COVID-19 大流行結束，我認為也會有一些持久的行為。

And some of that's very good behavior for our business, where the consumer is going to rely more and more on wireless technologies and remote technologies to live their life.

其中一些對我們的業務來說是非常好的行為，消費者將越來越依賴無線技術和遠程技術來過他們的生活。

And whether it's education, whether it's health care, whether it's entertainment, all of those services are provided and can be provided through wireless technologies that we bring to market.

無論是教育、醫療保健還是娛樂，所有這些服務都可以通過我們推向市場的無線技術提供。

Your next question is from Bill Peterson of JPMorgan.

你的下一個問題來自摩根大通的比爾彼得森。

I guess the first question as it relates to COVID-19 impacts, in this case, on the supply chain, it's good to see, obviously, Mexicali coming back.

我想第一個問題與 COVID-19 的影響有關，在這種情況下，對供應鏈的影響，很明顯，很高興看到墨西卡利回歸。

But there's obviously a lot of talk that there could be multiple phases of this virus.

但顯然有很多人說這種病毒可能有多個階段。

I'm wondering -- I guess what percentage is coming from Mexicali?

我想知道——我猜有多少百分比來自墨西卡利？

What are the opportunities?

有哪些機會？

Or have you considered outsourcing?

或者你考慮過外包嗎？

And what are the contingency plans?

應急計劃是什麼？

And I guess how conceivable is it if you did need to bring up a secondary or a third party to manufacture some of your products?

而且我想如果您確實需要引入第二方或第三方來製造您的某些產品，那有多大可能？

Yes.

是的。

So Bill, so approximately 70%, 75% of the revenue is being generated out of the back-end facility in Mexicali.

所以比爾，所以大約 70%，75% 的收入來自墨西卡利的後端設施。

Now before this whole COVID-19 pandemic started, we were already building a more diverse supply chain.

現在，在整個 COVID-19 大流行開始之前，我們已經在建立一個更加多樣化的供應鏈。

And so we have already started to shift part of our supply chain with third-party assembly and test houses out there, mostly in Asia.

因此，我們已經開始將我們的部分供應鏈轉移到第三方組裝和測試機構那裡，主要是在亞洲。

And so that's obviously a trend that we will continue to do so.

因此，這顯然是我們將繼續這樣做的趨勢。

Okay.

好的。

And I know you guys constantly talk about crafting solutions, working side by side with customers.

我知道你們經常談論制定解決方案，與客戶並肩工作。

I guess with a lot of the lockdowns in place globally, how has that impacted your design activities?

我想在全球範圍內實施了很多封鎖措施，這對您的設計活動有何影響？

I mean I presume, obviously, your second half design wins are well locked and loaded.

我的意思是，我假設，顯然，您的下半場設計勝利已經鎖定並加載。

But as we think about next year, how are you working with your customers to craft these solutions?

但考慮到明年，您將如何與客戶合作制定這些解決方案？

Yes.

是的。

I mean we are doing that, but it's not -- it has been far less of face-to-face, hand-to-hand kind of communication, right?

我的意思是我們正在這樣做，但它不是——它已經遠遠少於面對面、手到手的交流，對吧？

So we're not shoulder to shoulder the way we used to be.

所以我們不再像以前那樣肩並肩了。

And we will be again, but in the meantime, we've got really clever engineers with customers that are very smart, and we're using the technologies we talked about.

我們會再次出現，但與此同時，我們擁有非常聰明的工程師和非常聰明的客戶，並且我們正在使用我們談到的技術。

We're doing video conferencing, Microsoft Teams, a lot of conference calls, a lot of sharing of PowerPoint and openness as we go through this.

我們正在進行視頻會議、Microsoft Teams、很多電話會議、大量的 PowerPoint 共享和開放性。

So it is a different dynamic.

所以這是一種不同的動態。

I think most of us prefer the in-person contact, but it's one of the things that may change, right?

我想我們大多數人都更喜歡面對面的聯繫，但這是可能會改變的事情之一，對吧？

I think the world may change as a result.

我認為世界可能因此而改變。

There could be more and more distance-based communication.

可能會有越來越多的基於距離的通信。

And again, that's more of a wireless play.

再一次，這更像是一種無線遊戲。

But in the meantime, we're staying extremely close with our customers.

但與此同時，我們與客戶保持著極其密切的聯繫。

We're taking care of our people.

我們正在照顧我們的人民。

We're being good citizens in that regard, and we're hoping that we can all get through this together and look forward to better days.

在這方面，我們是好公民，我們希望我們都能一起度過難關，期待更好的日子。

Your last question comes from Harsh Kumar of Piper Sandler.

你的最後一個問題來自 Piper Sandler 的 Harsh Kumar。

So Liam or Kris, a question for you.

利亞姆或克里斯，問你一個問題。

In the last 6 months, revenues are down roughly, call it, $200 million, but your margins are within a band of basically 30 -- 20, 30 basis points.

在過去的 6 個月裡，收入大致下降了 2 億美元，但你的利潤率基本上在 30 - 20、30 個基點的範圍內。

So the question is how -- I mean what have you guys done here to basically keep your margins up despite the fact that your utilization, I assume, is down quite a bit despite the fact that you might have built a little bit of inventory?

所以問題是 - 我的意思是你們在這裡做了什麼來基本上保持你的利潤率，儘管你的利用率，我假設，儘管你可能已經建立了一點庫存，但下降了很多？

I'm just curious.

我只是好奇。

No.

不。

Harsh, I mean this is, as I indicated before, a lot of hard work from the team and there's multiple elements that come into play, right?

苛刻，我的意思是，正如我之前指出的那樣，團隊付出了很多努力，並且有多種因素在起作用，對吧？

There is more complex, higher value-add products that we bring to the market.

我們向市場推出了更複雜、附加值更高的產品。

That's very important.

這非常重要。

We continue to execute well.

我們繼續執行得很好。

Secondly, of course, it's driving down the cost in our factories and our third-party suppliers, building a very efficient operations.

其次，當然，它正在降低我們工廠和第三方供應商的成本，建立非常高效的運營。

And then, of course, we do have a little bit of a tailwind from a mix point of view as broad markets is growing and has some higher margins compared to the mobile business.

然後，當然，從混合的角度來看，我們確實有一點順風，因為廣泛的市場正在增長並且與移動業務相比具有更高的利潤率。

As you know, our target model is 53%.

如您所知，我們的目標模型是 53%。

If it wasn't for the headwinds that you just indicated, we would have been there already.

如果不是因為你剛才指出的逆風，我們早就到了那裡。

But unfortunately, we have to deal with those headwinds and we're dealing with it.

但不幸的是，我們必須應對這些不利因素，而且我們正在應對。

And so as I indicated before, in second half 2020 and beyond, when those headwinds become tailwinds, we will see some nice further gross margin improvements.

因此，正如我之前指出的那樣，在 2020 年下半年及以後，當這些逆風變成順風時，我們將看到毛利率進一步改善。

But it's pretty impressive, guys.

但這非常令人印象深刻，伙計們。

I just wanted to ask if there was anything going on.

我只是想問問有沒有什麼事。

And then secondly, we've heard a lot -- you guys have called out China, particularly the new 5G phones, Oppo, Vivo, et cetera, in the last few calls.

其次，我們聽到了很多——你們在最近幾次電話中都提到了中國，尤其是新的 5G 手機、Oppo、Vivo 等。

And I was curious if you guys are actually -- you think you're actually gaining a lot of share or is it just a situation where China as a country is going to 5G and you're just getting your fair share there?

我很好奇你們是否真的 - 你認為你實際上獲得了很多份額，或者只是中國作為一個國家正在走向 5G 而你只是在那裡獲得了公平的份額？

No.

不。

The way we see it, and we have really good intel on this, is that we are gaining a lot of share, and part of it is the ability to do that integration and make it easy for the customers.

我們看到它的方式，我們在這方面有非常好的情報，是我們獲得了很多份額，其中一部分是進行集成並讓客戶輕鬆使用的能力。

So there's a great deal of interest and appetite and demand in China for a 5G product.

因此，中國對 5G 產品有很大的興趣、興趣和需求。

And what we're doing is we're bringing in a highly complex, configured customer by customer, Sky5 platform so that those customers don't have to deal with all the complexity and burden of laying out 40, 50 different discrete devices to create a 5G engine.

我們正在做的是，我們正在引入一個高度複雜的、逐個客戶配置的 Sky5 平台，這樣這些客戶就不必處理佈置 40、50 個不同的分立設備來創建的所有復雜性和負擔5G引擎。

We're going to do it for them.

我們將為他們做這件事。

And so that's been really the play for us.

所以這對我們來說真的很重要。

And it's worked out great.

結果很好。

It gives our customers a faster time to market.

它為我們的客戶提供了更快的上市時間。

It lowers their need for engineering burden.

它降低了他們對工程負擔的需求。

We can do that for you.

我們可以為您做到這一點。

And then we bring it to the market uniquely and differentiated.

然後我們將它以獨特和差異化的方式推向市場。

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 will now turn the call back over to Mr. Griffin for any closing remarks.

我現在將把電話轉回給格里芬先生，聽取任何結束語。

Thank you all for participating on today's call.

感謝大家參加今天的電話會議。

We look forward to talking with you at upcoming events this quarter.

我們期待在本季度即將舉行的活動中與您交談。

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。