思佳訊 (SWKS) 2020 Q1 法說會逐字稿

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

下午好，歡迎來到 Skyworks Solutions 的 2020 財年第一季度收益電話會議。

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, Rob.

謝謝你，羅布。

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

大家下午好，歡迎來到 Skyworks 的 2020 財年第一季度電話會議。

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 related 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，以了解有關某些風險的信息，這些風險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和不利的差異。

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

此外，我們將討論的結果和指導包括與我們過去的做法一致的非 GAAP 財務指標。

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 over 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。

Skyworks exceeded December quarter expectations driven by a global demand for high-performance connectivity solutions.

在全球對高性能連接解決方案的需求推動下，Skyworks 超出了 12 月季度的預期。

As our results demonstrate, Skyworks is leveraging decades of experience, scale and vertical integration capabilities, along with our highly advanced Sky5 platform, accelerating the adoption of 5G technology across a broadening set of end markets and customers.

正如我們的結果所示，Skyworks 正在利用數十年的經驗、規模和垂直整合能力，以及我們高度先進的 Sky5 平台，加速 5G 技術在更廣泛的終端市場和客戶中的採用。

Now looking at the first quarter in more detail.

現在更詳細地看第一季度。

We grew revenues by 8% sequentially to $896 million, produced gross margin of 50.1% and operating margin of 35.2%.

我們的收入環比增長 8% 至 8.96 億美元，毛利率為 50.1%，營業利潤率為 35.2%。

We posted earnings per share of $1.68, $0.03 ahead of our guidance and up 11% sequentially.

我們公佈的每股收益為 1.68 美元，比我們的指引高出 0.03 美元，比上一季度增長 11%。

And we generated exceptional operating cash flow, totaling $398 million in the quarter.

我們產生了出色的運營現金流，本季度總計 3.98 億美元。

At a higher level, Skyworks is ushering in an age of truly ubiquitous connectivity, enabling richer, smarter and more convenient ways to live, work, play and educate.

在更高的層面上，Skyworks 正在開創一個真正無處不在的連接時代，讓生活、工作、娛樂和教育的方式更豐富、更智能、更便捷。

Smartphones are leading this early transition with substantial volumes of 5G-enabled devices shipping this quarter.

智能手機正在引領這一早期過渡，本季度出貨了大量支持 5G 的設備。

But more importantly, over time, we expect an incredible unit uptake outside of mobile, where connected devices and things will be measured in tens of billions.

但更重要的是，隨著時間的推移，我們預計移動設備以外的設備數量將達到驚人的增長，其中連接的設備和事物將以數百億計。

And as we've noted in prior calls, 5G catalyzes new markets from IoT, autonomous transport, artificial intelligence and high-definition streaming media.

正如我們在之前的電話會議中指出的那樣，5G 催生了物聯網、自主運輸、人工智能和高清流媒體等新市場。

Currently, in the U.S., there are approximately 8 networked devices per person.

目前，在美國，每人大約有 8 台聯網設備。

A number that is expected to climb to 14 devices by 2022.

到 2022 年，這一數字預計將攀升至 14 台。

That represents a 50% increase.

這代表了 50% 的增長。

And as a recent example, a higher percentage of U.S. households now subscribe to a streaming media service rather than traditional pay TV.

最近的一個例子是，現在有更高比例的美國家庭訂閱流媒體服務，而不是傳統的付費電視。

Clearly, our world continues to rely upon seamless, high-speed connectivity, and this trend will only accelerate as 5G adoption grows and novel usage cases emerge.

顯然，我們的世界繼續依賴無縫、高速連接，而且隨著 5G 普及率的提高和新用例的出現，這一趨勢只會加速。

Recall, 5G is a technology, not a product, not a brand or a slogan.

回想一下，5G是一項技術，而不是產品，更不是品牌或口號。

It offers gigabit speeds, ultra-low latency and greatly enhanced network capacity, fueling a wide range of applications while becoming the universal connector.

它提供千兆位速度、超低延遲和大大增強的網絡容量，在成為通用連接器的同時推動了廣泛的應用。

Skyworks is playing a pivotal role in the deployment of this standard with a rich 20-year heritage in designing and delivering highly integrated and customized system solutions.

Skyworks 在設計和交付高度集成和定制的系統解決方案方面擁有 20 年的豐富經驗，在該標準的部署中發揮著關鍵作用。

We have demonstrated technology leadership across a vast set of critical product categories, resolving increasingly complex architectures and preparing our customers for the performance gains demanded in 5G.

我們在大量關鍵產品類別中展示了技術領先地位，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。

As we look ahead, the expanding product pipeline at Skyworks is clearly generating strong design win momentum across both mobile and broad market segments.

展望未來，Skyworks 不斷擴大的產品線顯然在移動和廣泛的市場領域產生了強大的設計獲胜勢頭。

Specifically, in our mobile business, traction in 5G is gaining strength with our Sky5 platform powering launches at Oppo, Vivo, Xiaomi and Samsung.

具體來說，在我們的移動業務中，5G 的吸引力正在增強，我們的 Sky5 平台為 Oppo、Vivo、小米和三星的發布提供支持。

Our baseband agnostic solutions offer interoperability and are being deployed across leading chipset suppliers, including MediaTek, Samsung and Qualcomm.

我們的基帶不可知解決方案提供互操作性，並正在跨領先的芯片組供應商部署，包括聯發科、三星和高通。

And with our expanding filter capabilities in TC SAW and bulk acoustic wave, we help our customers navigate complex challenges while extending our reach across a broader spectrum of 4 and 5G bands.

憑藉我們在 TC SAW 和體聲波中不斷擴展的濾波器能力，我們幫助客戶應對複雜的挑戰，同時將我們的覆蓋範圍擴展到更廣泛的 4G 和 5G 頻段。

Moving on to broad markets.

轉向廣闊的市場。

At CES, Skyworks announced a unique set of 5G-enabled solutions, including massive MIMO IoT, a suite of connected home devices and high-fidelity smart audio products.

在 CES 上，Skyworks 宣布了一套獨特的支持 5G 的解決方案，包括大規模 MIMO 物聯網、一套聯網家庭設備和高保真智能音頻產品。

Specifically, we are powering rapidly emerging IoT applications with cellular-based platforms certified by KDDI, NTT Docomo, SoftBank and Verizon.

具體而言，我們正在通過 KDDI、NTT Docomo、SoftBank 和 Verizon 認證的基於蜂窩的平台為快速新興的物聯網應用提供支持。

We're driving growth with the launch of our WiFi 6 platforms, expanding our customer reach with industry leaders, including AT&T, Cisco, NETGEAR, ARRIS and Aruba.

我們通過推出 WiFi 6 平台推動增長，擴大我們與行業領導者的客戶範圍，包括 AT&T、思科、NETGEAR、ARRIS 和 Aruba。

We're advancing automotive content with SkyOne in our emerging V2X portfolio and supplying low-power, long-range IoT products at Ring and many others.

我們在新興的 V2X 產品組合中使用 SkyOne 推進汽車內容，並在 Ring 和許多其他產品中提供低功耗、遠程 IoT 產品。

In the infrastructure space, Skyworks is leveraging its capabilities in silicon germanium, SOI, gallium arsenide, bulk acoustic wave and ceramic filters, while powering 5G MIMO and small cell base station design wins.

在基礎設施領域，Skyworks 正在利用其在矽鍺、SOI、砷化鎵、體聲波和陶瓷濾波器方面的能力，同時為 5G MIMO 和小蜂窩基站設計提供支持。

In addition, we are gaining momentum in automotive, enabling new wins with leaders like Continental, Nissan and Renault, along with industrial players, including Honeywell, Bosch and GE.

此外，我們在汽車領域的發展勢頭強勁，與大陸、日產和雷諾等領先企業以及霍尼韋爾、博世和通用電氣等工業企業取得了新的勝利。

As these highlights suggest, we remain focused on driving diversification across high-value segments and markets with more than 2,000 products supporting thousands of customers.

正如這些亮點所表明的那樣，我們仍然專注於推動高價值細分市場和市場的多元化，擁有 2,000 多種產品，支持數以千計的客戶。

So in summary, Skyworks has decades of connectivity experience across multiple technology transitions, uniquely positioning us to meet the performance demands of 5G.

因此，總而言之，Skyworks 在多個技術轉型中擁有數十年的連接經驗，這使我們在滿足 5G 的性能需求方面處於獨特的地位。

Our portfolio of highly integrated customized connectivity engines bolstered by the early strategic investments we have made, anticipating both the complexity and the immense opportunity across our end markets.

我們高度集成的定制連接引擎產品組合得到了早期戰略投資的支持，我們預測了終端市場的複雜性和巨大機遇。

And finally, a highly profitable and predictable business model that allows us to invest aggressively while providing consistent returns to our shareholders.

最後，高利潤和可預測的商業模式使我們能夠積極投資，同時為我們的股東提供穩定的回報。

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

有了這個，我將把電話轉給克里斯討論第一季度和我們對第二季度的展望。

Thanks, Liam.

謝謝，利亞姆。

Skyworks' revenue for the first fiscal quarter of 2020 was $896 million, up 8% sequentially and $16 million above the midpoint of the outlook we provided in November, driven by the successful launch of flagship phones and the early success of our Sky5 product portfolio as new 5G phones start ramping globally.

Skyworks 2020 年第一財季的收入為 8.96 億美元，環比增長 8%，比我們在 11 月份提供的預期中點高出 1600 萬美元，這主要得益於旗艦手機的成功發布以及我們 Sky5 產品組合的早期成功新的 5G 手機開始在全球範圍內大量湧現。

Gross profit in the first quarter was $449 million, resulting in a gross margin of 50.1%, in line with expectations.

第一季度毛利為4.49億美元，毛利率為50.1%，符合預期。

Operating expenses were $134 million, down 4% year-over-year as we continue to prudently manage OpEx while making the necessary investments to accelerate future growth of the business.

運營支出為 1.34 億美元，同比下降 4%，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 $315 million of operating income, translating into an operating margin of 35.2%, up 120 basis points from fiscal Q4.

我們產生了 3.15 億美元的營業收入，轉化為 35.2% 的營業利潤率，比第四財季高出 120 個基點。

Other income was $1 million, and our effective tax rate was 8.9%, driving net income of $289 million or $1.68 of diluted earnings per share, up 11% sequentially.

其他收入為 100 萬美元，我們的有效稅率為 8.9%，推動淨收入為 2.89 億美元或每股攤薄收益 1.68 美元，環比增長 11%。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

First fiscal quarter cash flow from operations was $398 million.

第一財季運營現金流為 3.98 億美元。

Capital expenditures were $111 million, resulting in $287 million of free cash flow on $896 million of revenue, translating into a strong free cash flow margin of 32%.

資本支出為 1.11 億美元，在 8.96 億美元的收入中產生 2.87 億美元的自由現金流，轉化為 32% 的強勁自由現金流利潤率。

We paid $75 million in dividends and repurchased 742,000 shares of our common stock for a total of $74 million.

我們支付了 7500 萬美元的股息，並以總計 7400 萬美元的價格回購了 742,000 股普通股。

During the last 12 months, we have returned 87% of free cash flow back to the shareholders through a combination of our dividends and share buyback program.

在過去 12 個月中，我們通過股息和股票回購計劃將 87% 的自由現金流返還給了股東。

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

我們在第一財季結束時擁有 12 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 Q2 of fiscal 2020.

現在讓我們繼續談談我們對 2020 財年第二季度的展望。

Early momentum from the initial launch of 5G as we ramp design wins in our mobile business matched with solid traction in broad markets are driving better-than-seasonal performance in the March quarter.

隨著我們在移動業務中贏得設計勝利，加上廣泛市場的穩固牽引力，5G 首次推出的早期勢頭推動了 3 月季度好於季節性的業績。

For the second fiscal quarter of 2020, we anticipate revenue to be between $800 million and $820 million.

對於 2020 年第二財季，我們預計收入將在 8 億美元至 8.2 億美元之間。

At the midpoint of the range, our revenues would be flat to last year's Q2.

在該範圍的中點，我們的收入將與去年第二季度持平。

However, including Huawei or excluding Huawei in the second quarter of fiscal '19 and fiscal '20, revenue is expected to be up mid-teens year-over-year.

然而，在 19 財年第二季度和 20 財年的第二季度，包括華為或不包括華為在內，收入預計將同比增長 15% 左右。

We expect gross margin between 50% and 50.5% and operating expenses of approximately $135 million.

我們預計毛利率在 50% 至 50.5% 之間，運營費用約為 1.35 億美元。

Below the line, we anticipate roughly $2 million in other income and a tax rate of 9%.

在此線之下，我們預計其他收入約為 200 萬美元，稅率為 9%。

We expect our diluted share count to further reduce to approximately 171 million shares.

我們預計我們的稀釋股數將進一步減少至約 1.71 億股。

Accordingly, at the midpoint of these ranges, we intend to deliver diluted earnings per share of $1.46.

因此，在這些範圍的中點，我們打算提供 1.46 美元的每股攤薄收益。

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

有了這個，我會把電話轉回給利亞姆。

Thanks, Kris.

謝謝，克里斯。

Skyworks delivered strong results to start fiscal 2020.

Skyworks 在 2020 財年開始時取得了強勁的業績。

Looking ahead, we are in the early innings of a multiyear technology cycle with 5G gaining momentum and the growth of connected people and things continuing to expand.

展望未來，我們正處於多年技術週期的早期階段，5G 勢頭強勁，互聯的人和物的增長將繼續擴大。

We have invested aggressively ahead of this transition, and we are uniquely positioned with strategic technologies crafted in our own fabs, providing sustainable, competitive advantage.

我們在這一轉變之前進行了積極的投資，並且我們在自己的晶圓廠中精心打造的戰略技術處於獨特的地位，提供可持續的競爭優勢。

At the same time, through crisp operational execution and a strong business model, we are translating these results into long-term shareholder value.

與此同時，通過清晰的運營執行和強大的商業模式，我們正在將這些成果轉化為長期的股東價值。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, let's open the lines for questions.

接線員，讓我們打開問題熱線。

(Operator Instructions) And your first question comes from the line of Vivek Arya from Bank of America Merrill Lynch.

（操作員說明）您的第一個問題來自美銀美林的 Vivek Arya。

Congratulations on the strong results and guidance, good to see the recovery in the sector after a while.

祝賀強勁的業績和指導，很高興看到一段時間後該行業的複蘇。

So Liam, I had 2 questions.

利亞姆，我有兩個問題。

First, just on the core business, I'm curious, you mentioned the start of the 5G ramp.

首先，關於核心業務，我很好奇，你提到了 5G 的開始。

How much of that ramp are you seeing in the March quarter?

您在三月季度看到了多少坡道？

And just roughly, what is the direction of content that you're seeing in these 5G smartphones?

粗略地說，您在這些 5G 智能手機中看到的內容方向是什麼？

And I think you mentioned integration.

我想你提到了整合。

Is it kind of a winner-take-all in some of these initial wins or are you still kind of maintaining your share in the specific component that you have expertise in?

在這些最初的勝利中，這是贏家通吃，還是您仍然在某種程度上保持您在您擁有專業知識的特定組件中的份額？

Sure.

當然。

Well, the way we're seeing it right now, we believe we're absolutely gaining share in 5G, and the rollouts of these new highly complex phones are exactly what we want to see.

好吧，我們現在看到的方式是，我們相信我們絕對在 5G 中獲得份額，而這些高度複雜的新型手機的推出正是我們希望看到的。

We're continuing to gain share with our Sky5 platform.

我們將繼續通過我們的 Sky5 平台獲得份額。

We're doing the very difficult things that we've been talking about in prior calls, really crafting and creating these wonderful devices that are going into 5G-enabled phones.

我們正在做我們在之前的電話中一直在談論的非常困難的事情，真正地製作和創造這些用於支持 5G 的手機的美妙設備。

We're seeing that across a number of customers, great position in China with a number of leading players, position at Samsung, and then also with some of the larger players in the U.S. that haven't even launched their 5G phone yet.

我們在許多客戶中看到了這一點，在中國有很多領先的玩家，三星的位置，然後還有一些甚至還沒有推出 5G 手機的美國大玩家。

So there's a lot of positive momentum there.

所以那裡有很多積極的勢頭。

And we feel very upbeat about where we're going in the second half.

我們對下半年的發展方向感到非常樂觀。

Got it.

知道了。

And my follow-up is kind of a strategic question.

我的後續行動是一個戰略問題。

So you have been developing your internal BAW capability for some time, but one of your competitors put up their RF assets for sale.

因此，您已經開發內部 BAW 功能一段時間了，但您的一個競爭對手將其 RF 資產出售。

I'm curious if those assets get sold to a potential competitor or customer, what's the impact?

我很好奇如果這些資產被出售給潛在的競爭對手或客戶，會產生什麼影響？

Or are those assets something that you might be interested in taking a look at?

還是您可能有興趣了解這些資產？

Just how should we think about kind of the impact of this potential consolidation on Skyworks?

我們應該如何考慮這種潛在整合對 Skyworks 的影響？

Sure, sure, appreciate the question.

當然，當然，感謝這個問題。

Well, we really can't get into any specifics around M&A.

好吧，我們真的無法了解有關併購的任何細節。

We're well aware of the opportunity that you just suggested.

我們很清楚您剛才建議的機會。

But at the same time, we are really happy with what we're doing in our organic business, and we see a tremendous opportunity there with 5G now just starting and the momentum in our demand really accelerating.

但與此同時，我們對我們在有機業務中所做的事情感到非常滿意，我們看到了巨大的機會，5G 現在才剛剛開始，我們的需求勢頭正在加速。

So we feel good about it.

所以我們對此感覺很好。

But at the same time, we have to look at M&A opportunities.

但與此同時，我們必須關注併購機會。

And I'm pleased to say that we have the powder and the cash flow to do deals when deals are necessary.

我很高興地說，我們有足夠的資金和現金流在需要交易時進行交易。

But at this point, we really just can't comment on anything specifically.

但在這一點上，我們真的不能對任何具體的事情發表評論。

And your next question comes from the line of Timothy Arcuri from UBS.

你的下一個問題來自瑞銀的 Timothy Arcuri。

Kris, can you give us the splits for both businesses for December and how you think about it for the guidance for March?

Kris，你能告訴我們 12 月份這兩項業務的拆分情況以及你如何看待 3 月份的指導嗎？

Yes.

是的。

So our broad markets business in the December quarter was approximately 27% of total revenue that is in line with what we saw last year.

因此，我們在 12 月季度的廣泛市場業務約佔總收入的 27%，這與我們去年看到的情況一致。

Keep in mind that the December quarter is typically a very strong mobile quarter with, obviously, a lot of business with our large customer and then the ramp of 5G phones.

請記住，12 月季度通常是一個非常強勁的移動季度，顯然，我們的大客戶有很多業務，然後是 5G 手機的增長。

So mobile was 73% of total revenue.

因此，移動業務佔總收入的 73%。

Looking forward into the March quarter, that is why we see a little bit of a flip, right?

展望三月季度，這就是為什麼我們會看到一些翻轉，對吧？

This is typically a stronger broad markets quarter.

這通常是一個更強勁的廣泛市場季度。

We do expect some mid-single-digit sequential growth in our broad markets business, and we will see some mid-single to -- yes, mid-single year-over-year growth in broad markets in the March quarter.

我們確實預計我們的大市場業務將出現一些中等個位數的連續增長，我們將在 3 月季度的大市場中看到一些中等個位數到 - 是的，中等個位數的同比增長。

And then, of course, even further stronger growth in the second half of 2020.

然後，當然，2020 年下半年會出現更強勁的增長。

Great.

偉大的。

And can you just talk about Huawei and how it ended up playing out?

您能談談華為及其最終結果嗎？

I think you expected about $10 million.

我想你預計大約 1000 萬美元。

And my guess is that it was maybe a little bit better than that.

我的猜測是它可能比那好一點。

But how did it play out in sort of -- how do you think not just about them as a customer, but how do you think about how the export restrictions might change and how that is impacting what that customer and what your other Chinese customers are pulling, how hard they might be pulling?

但它是如何發揮作用的——你如何看待他們不僅是客戶，而且你如何看待出口限制可能發生的變化以及這將如何影響該客戶以及你的其他中國客戶是什麼拉動，他們拉動的力度有多大？

Are they perhaps double ordering?

他們可能是雙重訂購嗎？

Sure.

當然。

Well, obviously, it's an evolving situation.

好吧，顯然，這是一個不斷發展的情況。

And we have a really dynamic business today in China with Oppo, Vivo, Xiaomi and even some of the MediaTek ecosystem supported.

我們今天在中國擁有非常活躍的業務，支持 Oppo、Vivo、小米，甚至聯發科的一些生態系統。

Huawei, of course, there's been some limitations in what we can do.

華為，當然，我們能做的有一些限制。

As we've said in the past, we can't provide a quarter-by-quarter guidance by customer, but I will say that in the Q1 time frame, Huawei came in a little bit better than we expected, but I will tell you that we are derisking exposure to Huawei in the business.

正如我們過去所說，我們無法按客戶提供季度指導，但我會說在第一季度，華為的表現比我們預期的要好一些，但我會告訴你說我們正在降低在業務中接觸華為的風險。

We're still going after the design wins.

我們仍在追求設計勝利。

We're going to do everything we can to gain share when it's available, but we are derisking that in our financial outlook as we go forward.

我們將盡我們所能在可用時獲得份額，但在我們前進的過程中，我們將在我們的財務前景中消除這種風險。

So we want to make sure that, that's clear to the investors.

所以我們想確保投資者清楚這一點。

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

你的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results.

祝賀你取得了優異的成績。

Liam, I was hoping you could talk a little bit about the infrastructure business within broad markets.

利亞姆，我希望你能談談廣泛市場中的基礎設施業務。

A couple of your peers have talked a pause in activity on the part of your customers.

您的幾個同行談到了您的客戶暫停活動。

Is that sort of the case with Skyworks?

Skyworks 是否屬於這種情況？

And if so, how much of a drag was it in the quarter?

如果是這樣，該季度的拖累有多大？

And more importantly, I guess, what's the outlook into fiscal Q2 and the back half of the year?

更重要的是，我想，第二財季和下半年的前景如何？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

Yes.

是的。

I mean the infrastructure business has been a little bit slow, and I don't think it's changed in terms of its pace, but it's a very necessary element in 5G.

我的意思是基礎設施業務有點慢，我認為它的步伐沒有改變，但它是 5G 中非常必要的元素。

And I know some of the players like Ericsson and Nokia are really stepping up right now.

而且我知道一些像愛立信和諾基亞這樣的公司現在真的在進步。

Obviously, there's Huawei opportunities in there as well.

顯然，那裡也有華為的機會。

They have some limitations, but it's obviously an opportunity.

他們有一些局限性，但這顯然是一個機會。

So I see the infrastructure space still very vital for us.

所以我認為基礎設施領域對我們來說仍然非常重要。

We do some incredible work there with our MIMO solutions, antenna arrays, some of the filtering that we mentioned, including ceramic filters.

我們在那裡用我們的 MIMO 解決方案、天線陣列、我們提到的一些過濾（包括陶瓷濾波器）做了一些令人難以置信的工作。

So we have a role and we have the necessary role in that area, but I would expect infrastructure to pick up in the second half of the year.

所以我們有一個角色，我們在那個領域有必要的角色，但我預計基礎設施將在今年下半年回升。

It's also a positive margin driver for us across broad markets.

這也是我們在廣泛市場上的一個積極的利潤驅動因素。

We know how to operate in those industries.

我們知道如何在這些行業中運作。

We have very good relationships with the customers.

我們與客戶的關係非常好。

So we should expect a better climate there in the second half.

所以我們應該期待下半年那裡的氣候會更好。

Got it.

知道了。

That's great.

那太棒了。

And then as a follow-up, this one is for Kris.

然後作為後續行動，這是給 Kris 的。

On your last call, you guys talked about gross margins potentially hitting your 53% target in the back half of the fiscal year.

在上次通話中，你們談到毛利率可能會在本財年下半年達到你們 53% 的目標。

I just wanted to confirm it's still the case?

我只是想確認它仍然是這種情況？

And if so, what were some of the key drivers on a half-over-half basis?

如果是這樣，那麼一半以上的關鍵驅動因素是什麼？

Yes.

是的。

First of all, I'm pleased with our gross margin execution.

首先，我對我們的毛利率執行情況感到滿意。

So on the December quarter, we came in at 50.1%, slightly above what we guided.

因此，在 12 月季度，我們的收入為 50.1%，略高於我們的指導水平。

And so we are guiding slightly up in the March quarter at 50% to 50.5% despite our normal seasonal decline in revenue going into the March quarter.

因此，儘管我們進入 3 月季度的收入出現正常的季節性下降，但我們在 3 月季度的指導率略有上升，達到 50% 至 50.5%。

And then in the back half of 2020, I do expect further gross margin improvements towards our longer-term goal of 53%.

然後在 2020 年下半年，我確實預計毛利率會進一步提高，以實現我們 53% 的長期目標。

And I didn't say last time that we were going to hit 53% at the end of 2020, but continue to make very good progress towards that target, longer-term target of 53%.

我上次並沒有說我們要在 2020 年底達到 53%，而是繼續朝著這個目標取得非常好的進展，即 53% 的長期目標。

And 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。

This is Tom O'Malley on for Blayne Curtis.

這是布萊恩柯蒂斯的湯姆奧馬利。

I just want to clarify real quick, Kris, you made a comment about broad markets into March.

我只想快速澄清一下，Kris，你對 3 月份的大市場發表了評論。

You originally said that it was going to be up mid-single digits.

你最初說它會上升到中個位數。

And then you said mid-single-digit growth year-over-year.

然後你說同比中個位數增長。

Could you just clarify, is it sequential or year-over-year?

你能澄清一下，它是順序的還是同比的？

So it's both.

所以兩者都是。

So sequentially, it's mid-single digits as well as year-over-year, it's mid-single digits, excluding Huawei, right?

所以按順序，它是中等個位數，同比也是中等個位數，不包括華為，對吧？

Because we have some Huawei infrastructure business that was part of that broad markets.

因為我們有一些華為基礎設施業務是那個廣闊市場的一部分。

Obviously, due to the ban, we lost most or almost all of that.

顯然，由於禁令，我們失去了大部分或幾乎全部。

And so if I exclude Huawei, we will be back to a mid-single-digit year-over-year growth in March and then potentially even stronger year-over-year growth, excluding Huawei, in the second half of 2020.

因此，如果我排除華為，我們將在 3 月份恢復到中等個位數的同比增長，然後在 2020 年下半年（不包括華為）可能實現更強勁的同比增長。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just a broader question.

然後只是一個更廣泛的問題。

When you guys are looking at design wins, particularly in 5G.

當你們關注設計勝利時，尤其是在 5G 領域。

You guys have a competitor that also does the modems.

你們有一個競爭對手也做調製解調器。

Clearly, the competition is pretty fierce there, and there's a lot of talk about them being attached with the RF on many early solutions.

顯然，那裡的競爭非常激烈，並且有很多關於它們在許多早期解決方案中與 RF 相關聯的討論。

Just how do you compete there?

你在那裡如何競爭？

And how do you break down kind of the bundling aspect?

您如何分解捆綁方面的種類？

Sure.

當然。

Well, our customers drive that.

好吧，我們的客戶推動了這一點。

And our customers want solutions from Skyworks, the integration capabilities that we bring, specifically in 5G where the architectures are substantially more complex than they were in 4G.

我們的客戶需要 Skyworks 的解決方案，即我們帶來的集成功能，特別是在架構比 4G 複雜得多的 5G 中。

Integration around solutions, such as our Sky5 platform, are ideal for customers moving into 5G.

圍繞解決方案的集成，例如我們的 Sky5 平台，非常適合進入 5G 的客戶。

And I mean, the proof is in the pudding.

我的意思是，證據就在布丁裡。

If you look at the devices today, the 5G devices that are going to market right now, you're going to see that kind of integration from Skyworks.

如果你看看今天的設備，即現在即將上市的 5G 設備，你會看到來自 Skyworks 的那種集成。

It's not being driven by the chipset provider.

它不是由芯片組供應商驅動的。

That may work in small markets where the customer doesn't have a level of sophistication and they want a turnkey solution all-in, but that's not what we're seeing right now.

這可能適用於客戶不成熟的小型市場，他們想要一個全面的交鑰匙解決方案，但這不是我們現在看到的。

We're seeing best-in-class solutions, leveraging integration, looking for companies that have their own facilities like us, from filter to gallium arsenide to assembly and test, customizing and crafting a solution.

我們看到一流的解決方案，利用集成，尋找像我們這樣擁有自己設施的公司，從過濾器到砷化鎵到組裝和測試，定制和製作解決方案。

That's how we win.

這就是我們獲勝的方式。

And by the way, we work with every baseband supplier, whether they're a friend or a foe.

順便說一句，我們與每個基帶供應商合作，無論他們是朋友還是敵人。

And we take our lead from the customer, and that's always worked for us.

我們以客戶為主導，這對我們一直很有效。

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

你的下一個問題來自 BMO 的 Ambrish Srivastava。

Liam, you may not have to worry about that, whether you have to buy their business or not, looks like a PR hit the tape as soon as your call started that.

利亞姆，你可能不必擔心，無論你是否必須購買他們的業務，看起來你的電話一開始就出現了公關。

Oh, really.

哦真的嗎。

Okay.

好的。

Yes.

是的。

They signed a multiyear deal with Apple.

他們與蘋果公司簽署了一項多年協議。

Maybe should just focus on you guys.

也許應該只關注你們。

What does your portfolio look like for 5G for BAW?

您的 5G for BAW 產品組合是什麼樣的？

And then within your portfolio, where do you think you have the most opportunity to gain content in 5G?

然後在您的投資組合中，您認為您最有機會在 5G 中獲取內容的哪些地方？

Sure.

當然。

Well, I mean, just to take a long look, just a little bit of a backdrop here.

好吧，我的意思是，只是仔細看一下，這裡只是一點點背景。

Understand right now 4G phones are basically driving spectrum from 700 megahertz to about 2.5 to 3 gig, right?

了解現在 4G 手機基本上將頻譜從 700 兆赫提升到大約 2.5 到 3 gig，對嗎？

So all that action continues in a mobile phone today.

所以今天所有這些動作都在手機中繼續進行。

And then you add to that with 5G solutions, unique solutions that roam at 5G spectrum, let's say, 3 to 6 gig or 6 gig and higher.

然後你添加 5G 解決方案，在 5G 頻譜漫遊的獨特解決方案，比方說，3 到 6 gig 或 6 gig 或更高。

That's an incredible opportunity.

這是一個難得的機會。

It's all incremental physical content.

這都是增量物理內容。

And each one of the players in our space looks at it differently.

我們這個領域的每一位參與者都有不同的看法。

What we want to do is capture the maximum opportunity, work with our customers, give them absolute choice on the kind of componentry they want, the markets that they're going to roam in, their current budget, all of these things and then craft an integrated solution for them.

我們想做的是抓住最大的機會，與我們的客戶合作，讓他們絕對選擇他們想要的組件類型、他們將要涉足的市場、他們目前的預算，所有這些，然後製作為他們提供綜合解決方案。

So when we say Sky5 is a platform, it's a platform.

所以當我們說 Sky5 是一個平台時，它就是一個平台。

It could be very different from the largest customer, to a customer in Korea, to customers in China, and that is a unique Skyworks differentiator.

它可能與最大的客戶、韓國的客戶、中國的客戶截然不同，這是 Skyworks 獨特的差異化因素。

And we have the tool sets to do that.

我們有工具集來做到這一點。

Now we've added bulk acoustic wave.

現在我們添加了體聲波。

We have high capacity in TC SAW.

我們在 TC SAW 方面有很高的能力。

We have standard SAW.

我們有標準的 SAW。

We have crafted assembly and test with facilities under our watch, really unique stuff.

我們在我們監督下的設施中精心設計了組裝和測試，真正獨一無二的東西。

And that makes a big difference for us.

這對我們來說意義重大。

And it broadens the opportunity reach that we have in any given 5G device.

它擴大了我們在任何給定 5G 設備中的機會範圍。

Okay.

好的。

And my follow-up for Kris is on the operating model.

我對 Kris 的後續行動是關於運營模式的。

And as you try to avail of the opportunities, what does it do to OpEx and also CapEx as we think through?

當您嘗試利用這些機會時，我們認為它對運營支出和資本支出有何影響？

And just remind us what CapEx was, the guidance for this year as well, if that changes or not.

提醒我們什麼是資本支出，今年的指導方針，無論是否改變。

Yes.

是的。

Yes.

是的。

So in terms of operating model, we are driving the business and growing the top line above market.

因此，就運營模式而言，我們正在推動業務發展，並在市場之上增加收入。

We are driving operational efficiencies and bringing high added value products to the market that will drive the gross margins towards our long-term target of 53% and our operating margins approaching 40%.

我們正在提高運營效率，並將高附加值產品推向市場，這將推動毛利率向我們 53% 的長期目標邁進，我們的運營利潤率接近 40%。

Currently, OpEx is running on or about 15%.

目前，OpEx 運行在 15% 左右。

And I think we can do a little bit better there.

我認為我們可以在那裡做得更好。

So you get to an operating margin that approach 40%.

因此，您的營業利潤率接近 40%。

At the same time, we're very much focused on driving free cash flow at 30% or slightly above 30%.

與此同時，我們非常專注於將自由現金流提高到 30% 或略高於 30%。

And you saw last quarter, we had 32% of free cash flow margin.

你看到上個季度，我們有 32% 的自由現金流利潤率。

We will continue to invest in the business.

我們將繼續投資於該業務。

There's no question about that.

毫無疑問。

As Liam just explained, one of our strengths is our operational footprint with our gallium arsenide fabs, our filter operation as well as our back-end operation.

正如 Liam 剛剛解釋的那樣，我們的優勢之一是我們的砷化鎵工廠、過濾器操作以及後端操作的運營足跡。

And we continue to expand the capacity in those fabs, and we continue to develop new technology, package technologies and filter technologies.

我們繼續擴大這些晶圓廠的產能，我們繼續開發新技術、封裝技術和過濾技術。

And that, of course, requires sufficient CapEx support.

當然，這需要足夠的資本支出支持。

CapEx is running on or about 10% to revenue.

資本支出佔收入的 10% 左右。

And I think in the foreseeable future, that's what you have to put into your models.

我認為在可預見的未來，這就是你必須放入模型中的東西。

And your next question comes from the line of Bill Peterson from JPMorgan.

你的下一個問題來自摩根大通的比爾彼得森。

Coming back to broad markets.

回到廣闊的市場。

You spoke to the infrastructure opportunities.

你談到了基礎設施的機會。

Of course, a large portion is your WiFi and IoT.

當然，很大一部分是你的 WiFi 和 IoT。

You mentioned that infrastructure is kind of back half weighted, but trying to get a feel for how you expect the ramp of WiFi to progress and I guess, how that manifests itself in your broad markets growth really for the full year -- for the full fiscal year and especially in the back half?

你提到基礎設施有點後半加權，但試圖了解你對 WiFi 增長的預期如何，我猜，這如何在你全年的廣泛市場增長中真正體現出來 - 全年財政年度，尤其是下半年？

Sure.

當然。

Yes, no, makes sense, Bill.

是的，不，有道理，比爾。

So I think if you look at broad markets in total, want to give you a little bit more of a broad view here.

所以我認為，如果你總體上看一下廣闊的市場，我想在這裡給你更多一點廣闊的視野。

So we have, first of all, a wide set of protocols to reach for, right?

因此，首先，我們有一套廣泛的協議可供使用，對嗎？

5G, WiFi 6, Bluetooth, GPS, Zigbee, LoRa, all those are opportunities for us to connect things with our customer.

5G、WiFi 6、藍牙、GPS、Zigbee、LoRa，所有這些都是我們與客戶連接事物的機會。

The WiFi 6 now is really gaining momentum.

WiFi 6 現在勢頭正猛。

We've got some new strategic design wins that are just coming about in this last quarter and looking into the second half of the year, more ramps with names like AT&T and Cisco and NETGEAR.

我們在上個季度剛剛取得了一些新的戰略設計勝利，並展望了今年下半年，還有更多像 AT&T、思科和 NETGEAR 這樣的名字。

And we've also done some great work moving into industrial and automotive spaces.

我們還在進入工業和汽車領域方面做了一些出色的工作。

So we're securing wins now with Bosch, Honeywell, Siemens, GE.

所以我們現在正在與博世、霍尼韋爾、西門子、通用電氣取得勝利。

These were not customers 2 or 3 years ago.

這些不是 2 或 3 年前的客戶。

They were not at all on the playing field for Skyworks.

他們根本不在 Skyworks 的競爭環境中。

And now we're also moving in automotive.

現在我們也在向汽車領域進軍。

We've got wins with Continental, BMW, Renault, Nissan and others, so a lot of really cool things.

我們與大陸、寶馬、雷諾、日產和其他公司取得了勝利，所以有很多非常酷的事情。

And even some amazing consumer products, we've got some devices now, infant monitoring with Procter & Gamble.

甚至一些令人驚嘆的消費產品，我們現在已經有了一些設備，寶潔公司的嬰兒監護儀。

Of course, we're lined up with Ring.

當然，我們與 Ring 保持一致。

We've got a lot of product with Amazon.

我們在亞馬遜上有很多產品。

So it's a really rich portfolio that goes from high end to mid tier.

所以這是一個非常豐富的產品組合，從高端到中端。

But the key for us, Bill, is it levers technology and it levers connectivity.

但對我們來說，比爾，關鍵在於它利用技術和連通性。

And the fact that we have that broad set of protocols, we can pick and choose with our customer what's the right connectivity protocol to lock into their solution.

事實上，我們擁有廣泛的協議集，我們可以與客戶一起挑選合適的連接協議來鎖定他們的解決方案。

So we feel really good about that.

所以我們對此感覺非常好。

And we think that, that momentum is going to carry forward for many, many years.

我們認為，這種勢頭將持續很多年。

Okay.

好的。

And I guess, if you think about the 5G phones that are going to be launched here in the first half of this year, of course, Samsung already launched 5G phones last year.

我想，如果你考慮一下今年上半年將在這裡推出的 5G 手機，當然，三星去年已經推出了 5G 手機。

You have the, as you guys call it, OVX.

正如你們所說，你們有 OVX。

Can you speak specifically to the 5G wins you have, I guess, for really like ultra-high?

你能具體談談你所擁有的 5G 勝利嗎，我想，真的很像超高？

And I know that the 4G bands are clearly important, LTE, LTE Advanced Pro and so forth.

我知道 4G 頻段顯然很重要，LTE、LTE Advanced Pro 等等。

But can you speak to the design wins you have in the OVX camp and Samsung?

但是您能談談您在 OVX 陣營和三星的設計勝利嗎？

Yes, absolutely.

是的，一點沒錯。

So the 5G momentum, the early momentum in 5G, a lot of that is actually led by the China names.

所以 5G 的勢頭，5G 的早期勢頭，其中很多實際上是由中國名字引領的。

So we have great position in 5G solutions.

因此，我們在 5G 解決方案方面處於領先地位。

So this is again 5G.

所以這又是5G。

So we still have great 4G position with these accounts, but we're overlaying incremental content in 5G with names like Oppo, Vivo and Xiaomi.

因此，我們在這些帳戶中仍然擁有很好的 4G 地位，但我們正在使用 Oppo、Vivo 和小米等名稱在 5G 中覆蓋增量內容。

So those players, we're very strong.

所以那些球員，我們非常強大。

We're doing some good work partnering with chipset providers.

我們正在與芯片組供應商合作，做一些很好的工作。

MediaTek is one, as an example, in their Phase 7 designs.

例如，聯發科在其 Phase 7 設計中就是其中之一。

We've got great position, designed reference position.

我們有很好的位置，設計參考位置。

These are all 5G solutions.

這些都是5G解決方案。

And again, early moves with China with those players that I named, but also some really significant moves that we expect later in the year with some of the larger customers as well, where you'll see substantial content gains as well.

再一次，與我提到的那些玩家在中國的早期行動，還有一些我們預計在今年晚些時候與一些更大的客戶一起採取的非常重要的行動，在那裡你也會看到實質性的內容收益。

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

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

Liam, we talk a lot about 5G.

利亞姆，我們經常談論 5G。

I'd like to clarify, if we could.

如果可以的話，我想澄清一下。

And especially regarding your comments about share gains with some of the new products coming out, the smartphone products coming out here.

特別是關於您對一些新產品的份額收益的評論，智能手機產品在這裡出現。

If we divide the world into like 4G, 4G Advanced, 4G Pro and then pure 5G content, which is mostly ultra-wideband, are you referring to both?

如果我們將世界分為 4G、4G Advanced、4G Pro，然後是純 5G 內容（主要是超寬帶），您指的是兩者嗎？

Are you referring to one?

你指的是一個嗎？

I know you guys were strong in some of the initial ultra-high band last year, and I know they're wrapping not only that, but also the band, n77 bands into the Chinese phone.

我知道你們去年在一些最初的超高頻段很強大，而且我知道他們不僅將這些頻段，而且還將 n77 頻段包裝到中國手機中。

Is that where you're seeing most of your share gains?

那是您看到大部分股票收益的地方嗎？

Yes, exactly.

對，就是這樣。

So we're continuing to have the 4G placement, which is basically kind of backward compatibility.

所以我們繼續擁有 4G 位置，這基本上是一種向後兼容性。

And then UHB bands, n77, n79, unique products there that are incremental that you wouldn't see in a 4G phone, but there'd be incremental dollars that would lay into a 5G phone.

然後是 UHB 頻段、n77、n79，以及獨特的產品，這些產品在 4G 手機中是看不到的，但在 5G 手機中會有增量資金。

And the other point that we've been making here is, and as you know, the more complexity that you have, the more devices that we have physically, we've got to deal with size, we've got to deal with competition for current consumption, coexistence and all the challenges that you get when you put more and more semiconductors together.

我們在這裡提出的另一點是，正如你所知，你擁有的越複雜，我們物理上擁有的設備就越多，我們必須應對規模，我們必須應對競爭電流消耗、共存以及將越來越多的半導體放在一起時遇到的所有挑戰。

So our approach with that is to offer that customer the Sky5 platform and configure it in such a way that some of those challenges that one would have in putting together a complex device may be resolved with Skyworks overlaying that into a platform solution.

因此，我們的方法是為該客戶提供 Sky5 平台，並以這樣一種方式對其進行配置，即通過 Skyworks 將其疊加到平台解決方案中，可以解決人們在組裝複雜設備時遇到的一些挑戰。

But the incremental comment, it's UHB, it's n77, n79.

但增量評論，它是 UHB，它是 n77，n79。

There's more bands coming out over time.

隨著時間的推移，會有更多的樂隊出現。

But we're in really good position to capitalize as 5G continues to roll out.

但隨著 5G 的不斷推出，我們處於非常有利的地位。

Yes.

是的。

And you've done really well there.

你在那裡做得很好。

So as a separate part of that, then let's talk about the 4G, if we could for a while.

因此，作為其中的一個單獨部分，如果可以的話，讓我們談談 4G。

China went to Phase 6 last year.

中國去年進入了第六階段。

As we all know, Qorvo took a lot of that because there's a lot of nervousness on the OEMs' part about going to a fully integrated front end so they wanted one guy.

眾所周知，Qorvo 採取了很多措施，因為原始設備製造商對轉向完全集成的前端非常緊張，所以他們想要一個人。

We've gotten feedback that, that's starting to change now and that Skyworks is starting to carve out your traditional low-band part of that platform.

我們收到的反饋表明，這種情況現在開始發生變化，Skyworks 開始開拓該平台的傳統低頻段部分。

Are you seeing that to any material extent?

您是否在任何實質性程度上看到了這一點？

And then and the larger question, how do you -- I know your BAW filter program is coming along very well.

然後是更大的問題，你如何 - 我知道你的 BAW 過濾器程序進展順利。

You've got some receive devices now and they're going to have duplexers, but that seems to be a long way from being able to offer the kind of performance that you have to offer to actually capture the mid and high bands, too.

您現在已經有了一些接收設備，它們將配備雙工器，但距離提供您必須提供的性能以實際捕獲中高頻段似乎還有很長的路要走。

Is there a path to that mid-, high-band portion of the 4G section of these phones over the next year or so or is it going to be something further out?

在未來一年左右的時間裡，這些手機的 4G 部分的中高頻段是否有路徑，或者它會更遠一些？

Yes.

是的。

Yes.

是的。

So let me try to capture both.

所以讓我試著捕捉兩者。

So on the MediaTek side, when you're getting to the lower band opportunities, there's a tremendous amount of Skyworks opportunity there with low-band PAD, with DSM, et cetera.

因此，在聯發科方面，當你獲得低頻段機會時，Skyworks 有大量低頻段 PAD、DSM 等機會。

So that's the 4G space.

這就是4G空間。

When you go to the ultra-high band or mid- and high-band solutions, we recognize that's a challenge, but we're on pace right now to address it.

當您使用超高頻段或中高頻段解決方案時，我們認識到這是一個挑戰，但我們現在正在努力解決這個問題。

We've done some good work with some UHB opportunities.

我們已經利用一些 UHB 機會做了一些很好的工作。

We do recognize the performance merits with some of the leading players in mid and high band, and we aspire to get there.

我們確實認識到一些中高頻段領先玩家的性能優勢，我們渴望實現這一目標。

We're doing the work internally, but we understand that it is going to be a task, it's going to be a challenge, but we have the expertise, growing expertise, engagement with customers.

我們正在內部進行這項工作，但我們知道這將是一項任務，這將是一個挑戰，但我們擁有專業知識，不斷增長的專業知識，與客戶的互動。

The facilities are important.

設施很重要。

We've got some facilities here and fab position that will help us.

我們這裡有一些設施和優越的地理位置，可以幫助我們。

But yes, we're on the path to achieving the highest grade, but we still have a lot of work to do, quite frankly.

但是，是的，我們正朝著最高等級邁進，但坦率地說，我們還有很多工作要做。

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

你的下一個問題來自 B. Riley FBR 的 Craig Ellis。

Congratulations on the good execution, guys.

祝賀你們執行得很好，伙計們。

Liam, I wanted to follow up on that last question and maybe tie it into one that Vivek, you answered, and really focus on a longer-term dynamic.

利亞姆，我想跟進最後一個問題，也許將它與 Vivek 的問題聯繫起來，你回答了，並真正關注長期動態。

So Skyworks is historically working with customers 18 months out of a handset launch on new products.

因此，Skyworks 歷來在手機新產品發布後 18 個月與客戶合作。

So from the vantage point that you have now, what does content gain look like in the funnel for things that will be launching in calendar '21 versus the early content gain that you're getting in year 1 of 5G?

因此，從您現在所擁有的有利位置來看，與您在 5G 第一年獲得的早期內容增益相比，將在 21 年日曆中推出的內容在漏斗中的內容增益是什麼樣的？

Is it flat?

它是平的嗎？

Is it up?

起來了嗎

If it's up, to what extent would it be up next year as you continue to try and flex into things like mid-band or high-band PADs with your BAW capability?

如果它上升了，那麼明年它會上升到什麼程度，因為您將繼續嘗試使用您的 BAW 功能進入中頻或高頻 PAD 之類的東西？

Sure.

當然。

Sure.

當然。

So let me just be really clear about one thing.

所以讓我真的很清楚一件事。

The technologies that we have right now, we don't have everything.

我們現在擁有的技術，我們還沒有擁有一切。

But the technologies that we have right now in 4G and the new technology that we have in 5G are going to add substantial content to our opportunities, no question about that.

但是我們現在擁有的 4G 技術和我們擁有的 5G 新技術將為我們的機會增加大量內容，這是毫無疑問的。

So now we're talking about further out in BAW, what else can we do?

所以現在我們正在談論 BAW 的更遠，我們還能做些什麼？

We've got aspirations to continue to do more, but the things that we're doing now today, leveraging BAW, leveraging Sky5 as a platform, leveraging the incremental content that 5G bands bring are going to be a great, great opportunity for us to step up.

我們有繼續做更多事情的願望，但我們今天正在做的事情，利用 BAW，利用 Sky5 作為平台，利用 5G 頻段帶來的增量內容，對我們來說將是一個非常非常好的機會加強。

And one of the things that's helping us is the complexity.

幫助我們的事情之一是複雜性。

And we keep saying this but it's really important.

我們一直這麼說，但這真的很重要。

The technology burden in a 5G device is substantially harder and more difficult to implement, more challenging for the customer and then bring that to market quickly.

5G 設備的技術負擔更難實施，對客戶來說更具挑戰性，然後將其快速推向市場。

So there's a lot there.

所以那裡有很多。

We are the experts at doing that.

我們是這方面的專家。

That's why we talk about decades of experience.

這就是我們談論數十年經驗的原因。

We've been through these transitions.

我們經歷了這些轉變。

This is one of the harder ones.

這是比較難的之一。

And that's great for us, and it's great for the top players in the market because we're going to be able to enjoy solving our customers' problems and putting them in a position to win.

這對我們來說很棒，對市場上的頂級玩家來說也很棒，因為我們將能夠享受解決客戶問題的樂趣，並讓他們處於獲勝的位置。

So we're excited about it.

所以我們對此感到興奮。

We're going to lever all of our technologies, our TC SAW capability, our packaging technology, bulk acoustic wave, ceramic.

我們將利用我們所有的技術，我們的 TC SAW 能力，我們的封裝技術，體聲波，陶瓷。

But all of these technologies that we have will play a role, but the content opportunity is absolutely there.

但是我們擁有的所有這些技術都將發揮作用，但內容機會絕對存在。

We've talked about that before in presentations, prepared remarks, but we see meaningful dollars of content opportunity.

我們之前已經在演示文稿、準備好的評論中討論過這個問題，但我們看到了有意義的內容機會。

And some of that will start in the second half of this year.

其中一些將在今年下半年開始。

And with regards to that last point, with content kicking in, in the second half of the year beyond what we're seeing with momentum in the business here in the quarter that you're just guiding to, which is above seasonal.

關於最後一點，隨著內容的出現，在今年下半年，我們在您剛剛指導的季度中看到的業務勢頭超出了季節性。

So is it fair to think that with the content that you've got, you've got a year where integrated mobile can drive consistently above seasonal performance in the business or is it just too early to be able to have that kind of visibility from where you are today?

因此，認為有了您所擁有的內容，您有一年的時間可以在業務中持續推動超過季節性的業績，或者現在就能夠從中獲得這種可見性還為時過早嗎？你今天在哪裡？

Yes.

是的。

Yes.

是的。

I mean it's difficult to figure out what the natural seasonality is going to be, but we definitely see improving opportunities for us, design wins that have been consummated that haven't yet shipped.

我的意思是很難弄清楚自然的季節性會是什麼，但我們肯定會看到我們的改進機會，已經完成但尚未發貨的設計勝利。

And let's also look at where the customers are.

讓我們也看看客戶在哪裡。

One of the largest customers, great customer hasn't put a 5G phone out yet.

最大的客戶之一，偉大的客戶還沒有推出 5G 手機。

So that's another thing to think through.

所以這是另一件需要考慮的事情。

So I think there's plenty on the horizon.

所以我認為地平線上有很多。

We're really excited about it.

我們真的很興奮。

We just delivered a beat and raised Q1 and Q2.

我們剛剛發布了一個節拍並提高了 Q1 和 Q2。

I think the broad markets business is going to accelerate.

我認為廣泛的市場業務將會加速發展。

We talked a little bit about that with Kris.

我們和克里斯談了一點。

The 5G opportunities are right there in front of us.

5G機遇就在我們面前。

We're executing fully.

我們正在全力執行。

We're adding capital.

我們正在增加資本。

And we're really enthused about the opportunities that are in front of us.

我們真的對擺在我們面前的機會充滿熱情。

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

你的下一個問題來自 Raymond James 的 Chris Caso。

I guess first question is, if you could characterize the strength that you're seeing and kind of where the strength is coming from that's driving the better seasonal Q1.

我想第一個問題是，如果你能描述你所看到的力量以及力量來自哪裡，那將推動更好的季節性 Q1。

I guess I'm assuming that the new Chinese 5G phones are a large part of that, if you can clarify that.

我想我假設新的中國 5G 手機是其中的很大一部分，如果你能澄清的話。

And then as we go through the year, what is going to be the pace of new introductions and your content gains from the Chinese phones?

然後，隨著我們度過這一年，新推出的速度和您從中國手機獲得的內容收益將如何？

Is that going to be something that's steady through the year?

這會是全年穩定的事情嗎？

Is it more kind of front-end loaded?

它更像是前端加載的嗎？

Maybe give some clarification on that.

也許就此做出一些澄清。

Sure.

當然。

Sure, Chris.

當然，克里斯。

Well, a couple of things.

好吧，有幾件事。

This is the first period that we're actually talking about 5G in devices and bringing revenue to the table.

這是我們真正談論設備中的 5G 並帶來收入的第一個時期。

So we're early, early innings and we're already seeing some improvements in our numbers, Q1 and Q2.

所以我們很早就開始了，我們已經看到我們的數字、Q1 和 Q2 有所改善。

And that's the early part of 5G.

這就是 5G 的早期部分。

And if I were to look at that, a lot of that is China.

如果我要看的話，其中很多是中國。

It's Oppo, Vivo, Xiaomi, names like that.

是 Oppo、Vivo、小米，諸如此類的名字。

But we're also seeing ramps coming in with Samsung.

但我們也看到了三星的加入。

I think there's going to be some really nice ramps with one of the larger customers, again, hasn't put a 5G phone out.

我認為其中一個較大的客戶將會有一些非常好的斜坡，同樣，還沒有推出 5G 手機。

And the complexity that we see that I've talked about on this call is real, and it's a great opportunity for Skyworks.

我在這次電話會議上談到的複雜性是真實存在的，這對 Skyworks 來說是一個很好的機會。

I mean we're the company that knows how to do the complex things very well.

我的意思是我們是知道如何把複雜的事情做好的公司。

We know mobile.

我們知道移動。

We've been doing this for 20 years.

我們已經這樣做了 20 年。

So the transition from 2G to 3G to 4G, talked about that.

所以從 2G 到 3G 再到 4G 的過渡，談到了這一點。

5G is much harder.

5G要難得多。

And it's calling upon the resources, our people, our know-how, the facilities, the ability to troubleshoot, all that really good stuff is coming to bear right now and allowing us to win business and allowing our customers to be successful.

它需要資源、我們的人員、我們的專業知識、設施、故障排除能力，所有這些真正好的東西現在都將發揮作用，讓我們贏得業務，讓我們的客戶取得成功。

So there's a lot going on, on that end.

因此，在這方面發生了很多事情。

And then the broad market business, the numbers bounce around a little bit, but I can tell you that one of the metrics that we look at is customer acquisition.

然後是廣泛的市場業務，數字略有反彈，但我可以告訴你，我們關注的指標之一是客戶獲取。

We want to add customers.

我們想增加客戶。

We want to add high-class, high-end players, margin-rich customers.

我們希望增加高級、高端玩家、利潤豐厚的客戶。

And we're doing it.

我們正在這樣做。

Some of the names that we talked about, Bosch, Raytheon, names like that.

我們談到的一些名字，博世、雷神，諸如此類的名字。

Getting into industrial and automotive, working with companies like BMW and Nissan.

進入工業和汽車領域，與寶馬和日產等公司合作。

I mean that's really cool stuff, and it still plays on the connectivity core.

我的意思是那真的很酷，而且它仍然在連接核心上發揮作用。

And what's really important for Skyworks is connectivity.

對 Skyworks 來說真正重要的是連通性。

And we still can lever those technologies and those resources to port into other markets outside of the mobile phone.

我們仍然可以利用這些技術和資源將其移植到手機以外的其他市場。

That's helpful.

這很有幫助。

As a follow-up to really what you just said.

作為您剛才所說內容的後續行動。

How does that affect your capacity planning as you go through the year?

這對您全年的容量規劃有何影響？

And your CapEx has been fairly steady, I guess, maybe up a little bit.

而且你的資本支出一直相當穩定，我猜，可能會上升一點。

But as the 5G ramp proceeds, are there scenarios where you need to put in more substantial CapEx in order to meet that?

但隨著 5G 的推進，是否存在需要投入更多資本支出才能滿足的情況？

And at what point in time do you need to make some of those decisions?

您需要在什麼時間點做出其中一些決定？

No.

不。

We're making those decisions on a continuous basis.

我們正在不斷地做出這些決定。

Just look at the December quarter, we put in an additional $100 million of CapEx.

看看 12 月這個季度，我們又投入了 1 億美元的資本支出。

And so we will continue to do so every quarter.

因此，我們每個季度都會繼續這樣做。

And again, it's a combination.

再一次，它是一個組合。

Some of that is pure capacity-related, right, and expanding the capacity so we can handle the higher volumes.

其中一些是純粹的容量相關的，正確的，並擴大容量，以便我們可以處理更高的數量。

But a big part of that is also technology-related, different and more complex type of packaging and testing, expanding our reach in filter technologies as well as with our gallium arsenide power amplifiers.

但其中很大一部分也與技術相關，不同且更複雜的封裝和測試類型，擴大了我們在濾波器技術以及我們的砷化鎵功率放大器方面的影響力。

So again, count on or about 10% of CapEx.

因此，再次指望資本支出的 10% 左右。

And despite that, we will continue to drive a 30-plus percent free cash flow margin.

儘管如此，我們將繼續推動 30% 以上的自由現金流利潤率。

And your next question comes from the line of Karl Ackerman from Cowen.

你的下一個問題來自 Cowen 的 Karl Ackerman。

I have 2, if I may.

如果可以的話，我有 2 個。

First of all, could we just go back to the March quarter outlook, there's a question on inventory.

首先，我們能否回到 3 月季度展望，有一個關於庫存的問題。

But how would we classify or how would you classify your inventory across the channel given all top 6 smartphone suppliers are launching flagships in the March and April time frame and it seems to be kind of a fairly tight window?

但是，鑑於所有前 6 大智能手機供應商都在 3 月和 4 月的時間框架內推出旗艦產品，而且這似乎是一個相當緊迫的時間段，我們將如何分類或您將如何對整個渠道的庫存進行分類？

And I have a follow-up.

我有一個後續行動。

The inventory in the channel seems to be very healthy, at least as far as we have visibility, right, on the component level.

渠道中的庫存似乎非常健康，至少就我們在組件級別上的可見性而言是這樣。

There is definitely a little bit of a buildup in anticipation of Chinese New Year.

對農曆新年的期待肯定會有所增加。

But what we see is that the supply chain is actually struggling a little bit to keep up with the launches of those new 5G phones and so inventory in the channel is pretty healthy.

但我們看到的是，供應鏈實際上有點難以跟上這些新 5G 手機的發布，因此渠道庫存非常健康。

Got it.

知道了。

That's helpful.

這很有幫助。

As my follow-up, there's been a lot of noise and I guess perhaps overly concerned on the FCC's decision to halt satellite operators from offering private auctions of the C-band for cellular 5G services here in the United States.

作為我的後續行動，有很多噪音，我想也許過度關注 FCC 決定停止衛星運營商在美國提供 C 波段蜂窩 5G 服務的私人拍賣。

Do you think that creates a delay in the implementation of 5G-enabled phones here?

您是否認為這會延遲在這裡支持 5G 的手機的實施？

Should we be worried about it at all?

我們應該為此擔心嗎？

Any color there would be helpful.

那裡的任何顏色都會有所幫助。

Sure.

當然。

Yes, I don't think that it is going to affect us in any way.

是的，我認為它不會以任何方式影響我們。

In fact, and if they open it up to the public, then it may be an opportunity to have more spectrum and create more opportunities for us to roam, have our devices roam on.

事實上，如果他們向公眾開放，那麼這可能是一個擁有更多頻譜並為我們創造更多漫遊機會的機會，讓我們的設備繼續漫遊。

But the base case right now doesn't assume any upside from the 3.5 auction on our end, but that's a good question.

但是現在的基本情況並沒有假設我們這邊的 3.5 拍賣有任何好處，但這是一個很好的問題。

We'll probably learn more over time, but I don't think there's a negative spin on that on our end.

隨著時間的推移，我們可能會學到更多，但我不認為這對我們有負面影響。

I think we've pretty much positioned 5G and we're very well aligned with the standards boards and where the spectrum is going to be.

我認為我們已經很好地定位了 5G，並且我們與標準板和頻譜的位置非常一致。

So we're all over that, but we'll definitely keep our eyes on the opportunity.

所以我們已經結束了，但我們一定會密切關注這個機會。

If there's more spectrum that's added, we'll absolutely be able to develop solutions that will support transmission and communication over that spectrum.

如果添加更多頻譜，我們絕對能夠開發出支持該頻譜傳輸和通信的解決方案。

And our last question comes from the line of Harsh Kumar from Piper Jaffray.

我們的最後一個問題來自 Piper Jaffray 的 Harsh Kumar。

Two questions as well.

還有兩個問題。

Liam, one for you.

利亞姆，一個給你。

There's a lot of debate on whether the first generation of 5G handsets in the U.S. will be millimeter wave capable.

關於美國第一代 5G 手機是否支持毫米波，存在很多爭論。

Clearly, they'll have some sub-6.

顯然，他們會有一些 sub-6。

I was curious, where does Skyworks and you guys stand on that thought process?

我很好奇，Skyworks 和你們在這個思考過程中的立場是什麼？

And then also, how is your preparedness for millimeter wave at this point?

然後，您目前對毫米波的準備情況如何？

Then I had a follow-up.

然後我進行了跟進。

Sure, Harsh.

當然，苛刻。

Well, millimeter wave, it's an interesting technology.

好吧，毫米波，這是一項有趣的技術。

It's an interesting technology, and it has some benefits.

這是一項有趣的技術，它有一些好處。

Theoretically, it has tremendous speed and latency opportunities, but at the same time there's some drawbacks.

從理論上講，它具有巨大的速度和延遲機會，但同時也有一些缺點。

It's expensive.

它的價格昂貴。

It draws a lot of current.

它消耗大量電流。

You have line of sight impediments there.

你那裡有視線障礙。

So it isn't something that we're seeing today.

所以這不是我們今天看到的東西。

We're working with all these customers where it's going to be a kind of a standard offer.

我們正在與所有這些客戶合作，這將成為一種標準報價。

It may be a great technology for high-density areas, whether college campuses or going into a stadium and you need some really high-speed connection over a short distance that's unimpeded by any objects.

對於高密度區域來說，這可能是一項很棒的技術，無論是大學校園還是進入體育場，你都需要在短距離內不受任何物體阻礙的真正高速連接。

It's possible, but there's some challenges.

這是可能的，但也有一些挑戰。

Now over time that could evolve.

現在隨著時間的推移可能會發展。

And maybe there's a way for the technology to evolve and make it cost effective and also performance effective.

也許有一種技術可以發展並使其具有成本效益和性能效益的方法。

But right now, it's a little bit out of the aperture.

但是現在，它有點超出了光圈。

A lot of our customers are not looking at it right now.

我們的很多客戶現在都沒有關注它。

Some are.

有些是。

We do have some small incremental bets on millimeter wave.

我們確實在毫米波上有一些小的增量賭注。

And as we've talked about, we have our own fab so we can run some of the technologies that we need to if that starts to blossom.

正如我們所說，我們擁有自己的晶圓廠，因此我們可以運行一些我們需要的技術，如果它開始開花結果。

But we talk to our customers, and that's where we get our cues, and we share information about technology, of course, that help them.

但是我們與我們的客戶交談，這就是我們獲得線索的地方，我們分享有關技術的信息，當然，這對他們有幫助。

But at this point, I don't think it's going to be a significant element in 5G, at least for the next year.

但在這一點上，我認為它不會成為 5G 的重要元素，至少在明年是這樣。

Understood, and very helpful.

明白了，很有幫助。

And then I think at the beginning of the call, I think Vivek had asked a question on content increases.

然後我想在電話會議開始時，我想 Vivek 問了一個關於內容增加的問題。

And I believe you answered a lot of stuff, but I think you might have skipped that part.

我相信你回答了很多問題，但我認為你可能跳過了那部分。

I was curious what ex WiFi upgrades and other kind of things, like Bluetooth upgrades that might be happening on the RF side, just pure cellular content increase in 5G over 4G.

我很好奇 WiFi 升級和其他類型的事情，比如射頻端可能發生的藍牙升級，只是純蜂窩內容在 5G 中比 4G 有所增加。

What are you guys seeing?

你們在看什麼？

Would you put that as in line with historical or greater than that or even if you want to give a number and be generous with us, we'll take that.

你會把它與歷史保持一致還是比它更好，或者即使你想提供一個數字並對我們慷慨解囊，我們也會接受。

No, it's going to be more than -- okay, I'll tell you.

不，它會超過——好吧，我告訴你。

It's going to be higher than the 3G to 4G upgrade, that I definitely believe.

它會比 3G 升級到 4G 更高，我堅信這一點。

And again, it's because the content, it's the physical content and the specific devices that are necessary to build the 5G solution.

再一次，這是因為內容，它是構建 5G 解決方案所必需的物理內容和特定設備。

That incremental value is bigger than the incremental value that went from 3G to 4G.

該增量值大於從 3G 到 4G 的增量值。

That's an absolute fact.

這是絕對的事實。

Now the question is, who is best positioned to capitalize?

現在的問題是，誰最適合利用？

We have an incredibly broad reach.

我們的影響力非常廣泛。

We have engagements with all the customers.

我們與所有客戶都有約定。

We have the unique technologies that we've noted, not just for capacity, but as Kris said, technology.

我們擁有我們注意到的獨特技術，不僅是為了容量，而且正如 Kris 所說，技術。

So we love that.

所以我們喜歡它。

So we think there's going to be a meaningful multi-dollar opportunity.

所以我們認為這將是一個有意義的多美元機會。

We've talked about in our presentations maybe $5 to $7 or more incremental from 4G.

我們在我們的演講中談到了 4G 可能增加 5 到 7 美元或更多。

And then the capture on that is all about how do you execute, how do you provide the best solution to your customer and how you bring that to market on time.

然後捕獲的就是你如何執行，你如何為你的客戶提供最好的解決方案，以及你如何按時將其推向市場。

So those are the factors.

所以這些就是因素。

And that's the stuff we love to do.

這就是我們喜歡做的事情。

I mean that's the strength of our company.

我的意思是這就是我們公司的實力。

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

女士們，先生們，今天的問答環節到此結束。

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

我現在將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 seeing you at upcoming investor conferences during the quarter.

我們期待在本季度即將舉行的投資者會議上見到您。

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。