思佳訊 (SWKS) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Skyworks' second quarter 2026 earnings conference call. This call is being recorded.

下午好，歡迎參加 Skyworks 2026 會計年度第二季財報電話會議。本次會議將進行錄音。

At this time, I will turn the call over to Raji Gill, Vice President of Investor Relations for Skyworks. Mr. Gill, please go ahead.

現在我將把電話交給 Skyworks 投資人關係副總裁 Raji Gill。Gill 先生，請開始。

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

謝謝，接線員。各位下午好，歡迎參加 Skyworks 2026 會計年度第二季財報電話會議。今天與我一同進行事先準備發言的有：我們的執行長兼總裁 Phil Brace，以及 Skyworks 財務長兼資深副總裁 Philip Carter。本次會議將透過網路直播，可於公司網站 skyworksinc.com 的投資人關係專區收看。

In addition, the company's prepared remarks will be made available on our website promptly after the conclusion during the call. Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements. 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.

此外，公司事先準備的發言稿將在本次電話會議結束後不久於我們網站提供。在開始之前，我想提醒各位，我們的討論將包含與未來結果及預期相關的陳述，這些陳述屬於或可能被視為前瞻性陳述。請參閱我們的財報新聞稿及近期向 SEC 提交的文件（包括 Form 10-K 年報），以了解可能導致實際結果與今日所作任何前瞻性陳述出現重大且不利差異的特定風險。

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

另外，今天的討論將包含與我們過往慣例一致的非 GAAP 財務衡量指標。請參閱公司網站投資人關係專區中的新聞稿，以取得與 GAAP 的完整調節表。

With that, I'll turn the call over to Phil Brace.

接下來我把電話交給 Phil Brace。

Thanks, Raji, and welcome, everyone. Let me begin by highlighting a few key developments. One, we secured a significant multigenerational design win with a leading Android OEM expected to generate over $1 billion in revenue through 2030. This win reflects our expanding footprint in premium AI-enabled devices, validating our RF content platform and our technology differentiation.

謝謝你，Raji，也歡迎各位。我先重點說明幾項關鍵進展。第一，我們與一家領先的 Android OEM 取得一項重要的跨世代設計導入（design win），預期至 2030 年可帶來超過 10 億美元營收。此項勝利反映我們在高階 AI 賦能裝置中的版圖持續擴大，驗證了我們的 RF 內容平台與技術差異化。

Two, we introduced a range of new product innovations, including BAW filters targeting early 6G FR3 spectrum and next-generation RF front-end solutions supporting frequencies above 7 gigahertz. We also expanded our timing portfolio with new clock buffers addressing data center, wireless infrastructure and PCIe Gen 7 applications.

第二，我們推出一系列新的產品創新，包括鎖定早期 6G FR3 頻譜的 BAW 濾波器，以及支援 7GHz 以上頻率的次世代 RF 前端解決方案。我們也以新的時脈緩衝器擴充時序產品組合，對應資料中心、無線基礎建設與 PCIe Gen 7 應用。

Moreover, we're actively engaged with customers on early WiFi 8 programs, positioning us well for the next upgrade cycle. Three, regarding the Qorvo combination, regulatory reviews are progressing as expected. We have entered Phase 2 of the China SAMR review and are maintaining constructive dialogue with the relevant antitrust authorities.

此外，我們正積極與客戶投入早期 WiFi 8 專案，讓我們在下一波升級循環中具備良好布局。第三，關於與 Qorvo 的合併案，監管審查正如預期推進。我們已進入中國國家市場監督管理總局（SAMR）審查的第二階段，並持續與相關反壟斷主管機關保持建設性對話。

While our formal guidance remains an expected closing early in calendar 2027, we are increasingly hopeful that we could close in late 2026. We continue to make good progress in our integration planning and remain confident in our ability to realize the anticipated synergies of $500 million or more.

雖然我們的正式指引仍為預期於 2027 年曆年初完成交割，但我們愈來愈樂觀，可能在 2026 年底完成交割。我們在整合規劃方面持續取得良好進展，並對實現預期 5 億美元或以上的綜效充滿信心。

Finally, in accordance with our operating covenants in our merger agreement, we supported Qorvo's $400 million share repurchase during the quarter, reflecting what we believe to be a prudent and efficient deployment of capital. Our confidence in the strategic and financial logic of this combination remains as strong as ever, and we look forward to closing and delivering its full value to shareholders and customers.

最後，依據合併協議中的營運契約條款，我們在本季支持 Qorvo 進行 4 億美元的庫藏股回購，反映我們認為這是審慎且有效率的資本運用。我們對此項結合在策略與財務上的合理性之信心一如既往地強勁，並期待完成交割，為股東與客戶帶來其完整價值。

With that, and consistent with prior practice, we won't be discussing the transaction further on today's call, and we'll focus on our second fiscal quarter results and June quarter outlook. Skyworks delivered strong results, driven by upsides in both mobile and broad markets. We posted revenue of $944 million, roughly $20 million above the high end of our guidance range, delivered earnings per share of $1.15, $0.05 above the high end of our guidance range, and paid $107 million in quarterly dividends.

接下來，依照以往慣例，我們今天不會進一步討論該交易，而將聚焦於我們第二會計季的業績以及 6 月季度展望。Skyworks 交出強勁成果，受惠於行動與廣泛市場（broad markets）兩大領域的優於預期表現。我們營收達 9.44 億美元，約較指引區間上緣高出 2,000 萬美元；每股盈餘為 1.15 美元，較指引區間上緣高出 0.05 美元；並支付 1.07 億美元的季度股利。

We continue to see solid demand across the portfolio with strength spanning mobile, WiFi, data center and automotive. We're mindful of the ongoing industry discussion around memory supply and pricing. Consistent with what we observed last quarter, we have not seen an impact on our business to date. Demand across mobile and broad markets has remained solid. Channel inventories are lean, and our portfolio is weighted towards premium high-complexity solutions where demand tends to be more resilient.

我們持續看到整體產品組合需求穩健，動能涵蓋行動、WiFi、資料中心與車用。我們也留意到產業對記憶體供給與價格的持續討論。與我們上季觀察一致，截至目前我們尚未看到對我們業務造成影響。行動與廣泛市場的需求仍維持穩健。通路庫存偏精實，而我們的產品組合更偏向高階、高複雜度解決方案，需求通常更具韌性。

We'll continue to monitor the environment closely, but our current outlook remains supported by what we're seeing across the customer base today. In mobile, we again outperformed expectations, supported by healthy sell-through and strong execution on new product launches at our key customers. We remain bullish on the long-term RF content opportunity.

我們將持續密切監控環境變化，但目前展望仍受到我們今日在客戶端所見情況的支持。在行動領域，我們再次優於預期，受惠於健康的終端銷售（sell-through）以及在主要客戶新產品上市上的強勁執行力。我們對長期 RF 內容機會仍維持樂觀。

Stronger unit backdrop and potential for increasing RF complexity driven by AI workloads continue to support our growth outlook. Stepping back, the long-term driver of this business is the steady expansion of a more connected wireless world with physical AI emerging as the next wave of growth. Future growth is going to be driven by four converging forces: one, more units. The installed base of wireless devices continues to expand globally.

更強勁的出貨量環境，以及 AI 工作負載帶動 RF 複雜度提升的潛力，持續支撐我們的成長展望。從更宏觀的角度來看，這項業務的長期驅動力，是更互聯的無線世界持續擴張，而實體 AI（physical AI）正成為下一波成長浪潮。未來成長將由四股匯聚的力量驅動：第一，更多的出貨量。無線裝置的全球裝機基數持續擴大。

Two, more RF content per device. Next-generation standards, including 6G, WiFi 7 and beyond and satellite connectivity will drive more bands, more antennas and more filters into every endpoint.

第二，每台裝置的 RF 內容更多。次世代標準（包括 6G、WiFi 7 及後續演進）與衛星連線，將把更多頻段、更多天線與更多濾波器導入每一個終端節點。

Three, AI-driven workloads. Edge inference is placing higher demands on wireless performance, particularly uplink, latency and power; and finally, 4 new form factors, robotics, autonomous platforms and edge AI devices are emerging as a new generation of connected endpoints.

第三，AI 驅動的工作負載。邊緣推論對無線效能提出更高要求，特別是在上行、延遲與功耗方面；最後，第四，新形態（form factors）正在出現：機器人、自主平台與邊緣 AI 裝置正成為新一代的連網終端。

Turning to broad markets. Nine consecutive quarters of growth, approximately $400 million in quarterly revenue and double-digit year-over-year growth. Our three growth engines, WiFi, data center and automotive, accounted for nearly two-third of our broad markets business and collectively grew 30% year-over-year.

接著談廣泛市場。我們已連續九個季度成長，單季營收約 4 億美元，且年對年維持雙位數成長。我們的三大成長引擎——WiFi、資料中心與車用——占廣泛市場業務近三分之二，合計年對年成長 30%。

Let me briefly talk about these three growth engines. One, WiFi. WiFi 7 adoption is accelerating as AI workloads push towards the endpoint. Strong design engagement, solid backlog and early collaboration with customers on WiFi 8 position us well for continued growth into the next cycle. Two, automotive. The connected car and infotainment are driving growth today with power and connectivity expanding our footprint further into FY '27.

我簡要談談這三大成長引擎。第一，WiFi。隨著 AI 工作負載推進至終端，WiFi 7 的採用正在加速。強勁的設計導入互動、穩健的訂單能見度（backlog），以及與客戶在 WiFi 8 的早期合作，使我們在下一個循環中持續成長具備良好定位。第二，車用。連網車與車載資訊娛樂系統正驅動當前成長，而電源與連線性將進一步擴大我們的布局，延伸至 2027 會計年度。

We're engaged with global OEMs and Tier 1 suppliers on multiyear vehicle programs. Three, AI data center. While still modest in absolute terms, this segment is expected to grow nearly 50% this year. The structural shift to higher data rates and rack density is driving demand for precision timing and advanced power delivery.

我們正與全球 OEM 與一級供應商（Tier 1）就多年期車款專案合作。第三，AI 資料中心。雖然就絕對規模而言仍屬不大，但預期該區隔今年將成長近 50%。朝向更高資料傳輸速率與更高機櫃密度的結構性轉變，正帶動對精準時序與先進電力傳輸的需求。

Skyworks is well positioned across 800-gig and 1.6 terabit platforms with leading hyperscalers, global ODMs and infrastructure OEMs as the industry transitions to 400-volt and 800-volt HVDC architectures. Together, these 3 engines are reshaping the mix of our broad markets business and driving the diversification thesis we've been executing on.

隨著產業轉向 400 伏與 800 伏高壓直流（HVDC）架構，Skyworks 與領先的超大規模雲端業者（hyperscalers）、全球 ODM 與基礎建設 OEM 合作，在 800G 與 1.6T 平台上具備良好布局。綜合而言，這三大引擎正在重塑我們廣泛市場業務的組合結構，並推動我們一直在執行的多元化策略主軸。

In summary, strong quarterly execution, broad-based performance across both mobile and broad markets with 9 consecutive quarters of growth in broad markets and double-digit year-over-year gains. Our outlook remains solid. Customer demand is healthy, channel inventory is lean, and our portfolio is positioned in segments with structural tailwinds. The Qorvo transaction is proceeding as expected. Regulatory process is on track, and we are confident in delivering the shareholder value.

總結來說，本季執行強勁，行動與廣泛市場皆呈現全面性表現；廣泛市場已連續九個季度成長，且年對年維持雙位數增幅。我們的展望仍然穩健。客戶需求健康、通路庫存精實，而我們的產品組合布局於具結構性順風的領域。Qorvo 交易正如預期推進。監管流程按計畫進行，我們有信心為股東創造價值。

Finally, the long-term setup is compelling, more endpoints, more content per device, AI at the edge and exposure to secular growth areas like data center, WiFi, satellites and more, we believe we are well positioned for what comes next.

最後，從長期來看，整體布局相當具吸引力：更多終端節點、每台裝置更多內容、邊緣端 AI，以及對資料中心、WiFi、衛星等長期結構性成長領域的曝險。我們相信，我們已為下一階段做好充分準備。

With that, let me turn the call over to Philip for a discussion of last quarter's performance and outlook for Q3 of fiscal '26.

接下來，讓我把電話交給 Philip，請他說明上季表現以及 2026 會計年度第三季的展望。

Thanks, Phil. Skyworks delivered revenue of $944 million, exceeding the high end of our guidance range. During the quarter, our largest customer accounted for approximately 60% of revenue. Mobile represented 58% of total revenue and came in higher than our expectations, driven by healthy sell-through at our top customer and product execution.

謝謝，Phil。Skyworks 營收達 9.44 億美元，超出我們指引區間的上緣。本季，我們最大客戶約占營收的 60%。行動業務占總營收的 58%，高於我們預期，主要受惠於最大客戶的健康終端銷售（sell-through）以及產品執行到位。

Broad markets also outperformed expectations, representing 42% of sales and grew 10% year-over-year, driven by growth across WiFi, data center and automotive. Gross profit was $425 million with gross margin of 45%, in line with the midpoint of guidance. Input costs remain a modest headwind to gross margin, but we continue to do a good job of containing those pressures through cost controls and selective price adjustments.

廣泛市場（Broad markets）表現也優於預期，占銷售的 42%，年增 10%，成長動能來自 WiFi、資料中心與車用等領域的全面增長。毛利為 4.25 億美元，毛利率 45%，符合指引中點。投入成本仍對毛利率造成些許逆風，但我們持續透過成本控管與選擇性調價，有效抑制這些壓力。

Operating expenses were $236 million, in line with the midpoint of our guidance range. Operating income was $189 million, translating to an operating margin of 20%. Other income was $3 million, and our effective tax rate was 10%, resulting in net income of $173 million and diluted earnings per share of $1.15, $0.11 above the midpoint of our guidance.

營業費用為 2.36 億美元，符合指引區間中點。營業利益為 1.89 億美元，對應營業利益率 20%。其他收益為 300 萬美元，有效稅率為 10%，因此淨利為 1.73 億美元，稀釋後每股盈餘為 1.15 美元，較指引中點高出 0.11 美元。

We ended the quarter with approximately $1.4 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet and ample flexibility to support our strategic and financial priorities. Looking ahead to the third quarter of fiscal 2026, we expect revenue to range between $900 million to $950 million. We anticipate mobile to decline approximately low single digits sequentially, consistent with normal seasonality.

本季末，我們持有約 14 億美元的現金與投資，以及 10 億美元的負債，維持強健的資產負債表，並具備充足彈性以支持我們的策略與財務優先事項。展望 2026 會計年度第三季，我們預期營收介於 9.00 億至 9.50 億美元。我們預期行動業務將季減約低個位數百分比，符合正常季節性。

We expect broad markets to be up modestly sequentially, representing 43% of sales and up high single digits year-over-year. Gross margin is projected to be approximately 44.5% to 45.5%, flat sequentially, reflecting seasonally lower volume and higher input costs. We expect operating expenses to be between $235 million and $245 million as we continue to fund key R&D initiatives while maintaining tight control over discretionary spending.

我們預期廣泛市場將小幅季增，占銷售的 43%，年增高個位數百分比。毛利率預估約為 44.5% 至 45.5%，與前季大致持平，反映季節性較低的出貨量以及較高的投入成本。我們預期營業費用介於 2.35 億至 2.45 億美元，因我們持續投入關鍵研發計畫，同時嚴格控管可自由裁量支出。

Below the line, we anticipate approximately $4 million in other expenses, an effective tax rate of 10% and a diluted share count of 151 million shares. At the midpoint of our revenue outlook of $925 million, this equates to expected diluted earnings per share of $1.03.

在營業利益以下項目方面，我們預期其他費用約 400 萬美元，有效稅率 10%，稀釋後股數為 1.51 億股。以營收展望中點 9.25 億美元計算，預期稀釋後每股盈餘為 1.03 美元。

With that, I'll turn it back to Phil for closing remarks.

接下來，我把時間交還給 Phil 作結語。

Thank you, Philip. Before we wrap up, a heartfelt thank you to our employees, customers and partners. And as the Qorvo team, we deeply respect what you've built, and we're energized by the opportunity ahead of us. Your dedication fuels our success and sets the stage for continued leadership and growth. Operator, let's open the line for questions.

謝謝你，Philip。在結束之前，我要由衷感謝我們的員工、客戶與合作夥伴。同時，作為 Qorvo 團隊，我們非常敬重你們所打造的一切，也對眼前的機會感到振奮。你們的投入驅動我們的成功，並為持續的領導地位與成長奠定基礎。接線生，請開放提問。

(Operator Instructions)

(接線生指示)

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Thanks a lot. So I wonder, can you talk a little bit about your content trajectory at your largest customer? I know you talked about this big Android win, and you've talked in the past about feeling like content would be pretty flat on a blended basis this fall. How do you feel about content looking into next year with this win? Does this bode well for your content at your largest customer?

非常感謝。我想請教一下，你們在最大客戶那邊的內容量（content）走勢能否多談一些？我知道你們提到這次在 Android 有一個重大勝出（win），而你們過去也談過，覺得今年秋季在綜合基礎上內容量可能會相當持平。有了這次勝出後，你們怎麼看明年的內容量？這是否意味著你們在最大客戶的內容量前景更佳？

Yeah, Look, I think we talked about in our last call -- by the way, thank you for the question. In our last call, we talked about generally holding serve where we need to serve -- need to hold serve. I mean, in general, when we look at our content position there, we feel good about it. I think that we're not seeing any -- there's been some industry chatter around different seasonality and things.

是的。你看，我想我們在上次電話會議已談到——順帶一提，謝謝你的問題。上次我們提到，整體而言就是在該守住的地方把份額守住。一般來說，當我們看我們在那裡的內容量位置時，我們感覺良好。我想我們沒有看到任何——業界確實有一些關於不同季節性之類的討論。

We're not seeing anything unusual with respect to that. We feel good about our content. And I think the win at the premium Android segment really emphasizes our technology play and the value proposition we can offer. So I think it bodes really well. I'm excited about it. I'm proud of the team for what they did and looking forward to the future.

就這方面而言，我們沒有看到任何不尋常的情況。我們對我們的內容量很有信心。而且我認為在高階 Android 區隔的勝出，確實凸顯了我們的技術布局以及我們能提供的價值主張。所以我認為這是非常正面的訊號。我對此感到很興奮。我也為團隊所完成的成果感到驕傲，並期待未來。

Thanks. And I guess just as a quick follow-up. So September is typically -- it's up usually like 13% to 14%, but the market had been a little weak last year. So are there any puts and takes where you would call out for the third calendar quarter that it would be any different than the usual up like 12%, 13%, 14% sequentially?

謝謝。我再快速追問一下。9 月通常會上升——一般大約季增 13% 到 14%，但去年市場相對偏弱。那麼在第三個曆年季度，你們是否看到任何拉鋸因素（puts and takes），使得表現會不同於往常那種約 12%、13%、14% 的季增？

We're only really guiding, as you know, 1 quarter in advance. But what we see so far, I mean, book-to-bill remains above 1. Our inventories are lean. We're keeping a close eye on it. We hear lots of chatter about it. But right now, I mean, we don't see anything that wouldn't expect to be otherwise seasonal for the back half of the year, and we'll continue to monitor it closely.

如你所知，我們實際上只提供往前 1 季的指引。但就目前我們看到的情況而言，book-to-bill 仍高於 1。我們的庫存水位偏精實。我們正密切關注。我們也聽到很多相關討論。但就目前而言，我們沒有看到任何跡象顯示今年下半年不會呈現正常的季節性，我們也會持續密切監控。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yeah, thanks. Good afternoon. The first question would be with regard to this Android win. If you could give us a little more color behind what this means? And would you expect that this represents share gain for Skyworks? Is it something that's a follow-on of the existing platform you have? Or would you consider this to be incremental?

好的，謝謝。下午好。第一個問題是關於這次 Android 的勝出。你能否提供更多背景，說明這代表什麼意義？你是否預期這代表 Skyworks 的市占提升？這是你們既有平台的延伸？還是你會認為這是額外新增（incremental）的？

Yeah, it's a good question. I'm going to just be careful to answer given the confidential nature of it. I mean, it obviously is a customer we've been working with in the past. I do think it represents incremental business for us going forward. It's in the premium part of the segment, and we think the gross margins will reflect that.

是的，這是個好問題。鑑於其具保密性，我會謹慎回答。我的意思是，這顯然是我們過去就一直合作的客戶。我確實認為，這代表我們未來將新增一些業務量。它位於該區隔的高階部分，我們認為毛利率也會反映這一點。

And I think it represents a really good technology statement for us across multiple generations. And I think it's really a testament to the technology we have, but also collaboration with the customer, right? They wouldn't have done that if we don't think that we could deliver sustained value generation over generation, and that's really what we've done here.

而且我認為，這在跨越多個世代的產品上，對我們而言是一個非常好的技術宣示。我想這確實證明了我們所具備的技術，同時也反映與客戶之間的協作，對吧？如果他們不認為我們能在一代又一代的產品中持續交付價值，他們不會做出這樣的選擇；而這正是我們在此所做到的。

Thank you. As a follow-up with regard to gross margins, I guess with the assumption from your prior answer, we're kind of seasonal in the back half of the year. We've got some continued momentum in broad markets. What do we see as the gross margin trajectory in the back half of the year, recognizing that you probably don't want to guide specifically?

謝謝。接著追問毛利率。依你前一題的回答假設，下半年大致呈現季節性走勢。同時廣泛市場仍有一些延續動能。在你可能不想具體給指引的前提下，我們該如何看待下半年毛利率的走勢？

Yes, this is Carter here. Yes. So as we look at the back half of the year, typically, our gross margin is down from Q2 to Q3 on average, 70 basis points over the last 5 years, and we're guiding flat. We are seeing some input costs increase as we're kind of going through the current quarter, incurring expedite fees, looking at gold prices, things like that.

是的，我是 Carter。是的。所以當我們看下半年時，通常我們的毛利率從第二季到第三季平均會下滑，過去 5 年平均約 70 個基點，而我們目前的指引是持平。我們確實看到一些投入成本在本季進行中有所上升，例如產生加急費用、關注金價等因素。

But we're actively pursuing cost reductions where we can, fab optimization, utilization rates. And so looking for that. We do see a slight increase in broad markets, and that does help a little bit as well as we look into the next quarter.

但我們正積極在可行之處推動成本降低，包括晶圓廠最佳化、稼動率提升。因此會朝這個方向努力。我們也看到整體市場略有回升，這在展望下一季時也會帶來一些幫助。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

Thanks a lot. Okay. So you've got an incremental Android win that's going to be $1 billion between here and 2030, which means it's not Apple. And you played with Google before, and it sounds like you're winning there. And everything you described suggests that maybe that's a win. In the past, they have -- I wouldn't say they're really sticky. The balance between you and Qorvo in the past. I'm just trying to get a handle on how sticky this is.

非常感謝。好的。所以你們拿到一個新增的 Android 設計案，從現在到 2030 年將帶來 10 億美元，這表示不是 Apple。你們以前和 Google 合作過，聽起來你們正在那邊取得勝利。而你描述的一切都暗示這可能就是那個勝利。過去他們——我不會說他們真的很黏著。過去你們和 Qorvo 之間的平衡。我只是想掌握這件事的黏著度到底有多高。

I guess the 2030 guidance gives you some answer to that. But do you expect, especially given your merger with the only real competitor there that that's why the guidance is $4 billion over 2030 because there's not going to be many other choices once this gets done? Or even if the merger didn't go through, you'd still think you'd have $1 billion there?

我想 2030 年的指引在某種程度上已經回答了這點。但你是否預期，特別是考量你們與那裡唯一真正競爭對手的合併，這就是為什麼 2030 年的指引是 40 億美元——因為一旦交易完成，選擇就不多了？或者即使合併沒有通過，你仍然認為那裡會有 10 億美元？

Yeah, it really has absolutely nothing to do with the merge, the opportunity in front of us with Qorvo. I really can't comment much more on that other than kind of what I said before. It's a multigenerational design win, significant RF content. It's a really great opportunity for us, and that's really all about I can say the stickiness of it, we've kind of -- I wouldn't say otherwise, I wouldn't say anything out to 2030 unless I was confident about the stickiness of it.

是的，這其實完全與合併無關，與我們和 Qorvo 之間眼前的機會無關。除了我先前說過的內容之外，我真的不能再多評論。這是一個跨多世代的設計案，RF 內容量很可觀。對我們來說是非常好的機會；至於黏著度，我能說的大概也就這些——如果我對其黏著度沒有信心，我不會把話說到 2030 年。

Well, Very good job there. And then my follow-up, -- so you guys have done a very good job. Memory isn't affecting you. We've seen it through the entire industry. So good job there. But obviously, that's because you decided years ago to exit the China market and focus on your largest customer, and they're not as affected by it.

嗯，做得非常好。接著我的追問——你們確實做得很好。記憶體並沒有影響到你們。我們在整個產業都看到了這個問題。所以你們做得很好。但顯然，這是因為你們多年前決定退出中國市場，並聚焦在你們最大的客戶，而他們受影響沒那麼大。

Is there anything out there that would suggest that you would change that strategy? I mean, obviously, it's gotten much worse since your decision to leave China, and I guess it was 2019 or so, and you're not playing a big role in Samsung for a reason. I mean I don't think it's competitive. I think you've decided not to be there because of the pricing problems at Samsung.

外部是否有任何跡象會讓你們改變這個策略？我的意思是，自從你們決定離開中國之後，情況顯然變得更糟；我猜大概是 2019 年左右，而且你們在 Samsung 那邊沒有扮演重要角色是有原因的。我的意思是，我不認為那是競爭力的問題。我認為你們決定不在那裡，是因為 Samsung 的定價問題。

So I'm just asking you, Phil, if you're looking out there, is there any reason why you would change that strategy of maybe reentering maybe high end in China or trying to compete for the Galaxy more aggressively at Samsung after the merger with Qorvo?

所以我只是想問你，Phil，你往外看，有沒有任何理由會讓你改變這個策略，例如重新進入中國的高階市場，或是在與 Qorvo 合併後，更積極地在 Samsung 競爭 Galaxy 的案子？

Yeah, Look, I think in general, like our strategy needs to be to continue to grow our business and do so in a way that grows our business profitably. And so really, it's around can we deliver products to any customers via Android, iOS or others in a way that customers are willing to pay for our value proposition, and we get compensated accordingly.

是的，你看，我認為整體而言，我們的策略必須是持續成長業務，而且要以能夠帶來獲利成長的方式來成長。因此重點在於：我們是否能透過 Android、iOS 或其他平台，向任何客戶交付產品，並且客戶願意為我們的價值主張付費，而我們也能獲得相應的報酬。

And that's kind of what we'll continue to look at. I mean it's our strategic and financial best interest to do so. What's not in our best interest to do so is to engage in designs that are extremely dilutive, in some cases, negative. And so we'll continue to be prudent about how we allocate our resources to maximize the return and benefit for our customers and our shareholders.

這就是我們會持續評估的方向。我的意思是，這符合我們在策略與財務上的最大利益。不符合我們最大利益的是，去參與那些極度稀釋獲利、在某些情況下甚至是負貢獻的設計案。因此我們會持續審慎地配置資源，以最大化回報，並為客戶與股東帶來最大的效益。

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

Hey guys, thanks for taking my questions. The first one is a follow-up on content. So I think when you guys gave a little guidance earlier, you talked about phone gen over phone gen. Can you give us an update on how content has trended since then? I think traditionally, you have some early design wins late in the year and then the board really gets set around April.

各位好，謝謝回答我的問題。第一個問題是關於內容量的追問。我記得你們先前給了一些指引時，談到的是一代手機對一代手機（gen over gen）。你們能否更新一下自那之後內容量的趨勢？我想傳統上，你們會在年底拿到一些早期設計案，然後大概在 4 月左右板子（配置）才真正定下來。

Has anything changed since we last talked at earnings? And then the follow-up is, it seems like you're pointing to normal seasonality for September and December. Historically, when you look at larger customers, you get a yearly forecast, but then as you get a little bit closer, those things change. Could you maybe talk about what type of lead times you have on the changes in order patterns there just so that people get comfortable around the idea that you wouldn't see any sort of changes as we got closer? Thank you.

自從我們上次在財報電話會議談過之後，有任何變化嗎？另外一個追問是，你們似乎指出 9 月與 12 月會呈現正常季節性。歷史上，當你看大型客戶時，你會拿到年度預測，但隨著時間更接近，這些預測會改變。你能否談談在那邊訂單模式變動時，你們通常能提前多久看到（lead time），讓大家對「越接近時點也不會看到任何變化」這個想法更安心？謝謝。

Yeah, Look, on the content, I think kind of we're going to go back to what we said before, right? I think that we feel good about our content position. I think that we can't really comment and front run our customers. And frankly, we don't really know, right, what models they're going to sell and how that's going to work. I just think we feel good about our content position. And I think we'll see how that plays out.

是的，你看，關於內容量，我想我們會回到之前說過的內容，對吧？我們對自己的內容量位置感到樂觀。但我們不能真的去評論、也不能搶先替客戶發言。坦白說，我們也不確定他們會賣哪些機型，以及會如何發展。我只是認為我們對自己的內容量位置感覺良好。接下來就看實際結果如何。

But we don't see anything today that would suggest anything other than abnormal seasonality. Our lead times are actually quite long. But our customers change the forecast all along. We're kind of dealing with some of that now. But I would say that, in general, we don't see anything that suggests abnormal seasonality.

但就目前而言，我們沒有看到任何跡象顯示會出現非正常的季節性。我們的交期其實相當長。但客戶會一路調整預測。我們現在也正在處理其中一些變動。不過我會說，整體而言，我們沒有看到任何顯示非正常季節性的訊號。

Our book-to-bill is above one. Our inventory is low, and we continue to get strong demand signals from pretty much across our customer base at this point. It's something we're keeping an eye on. But at this point, we feel really good about it.

我們的接單出貨比（book-to-bill）高於 1。我們的庫存偏低，而且目前從幾乎整個客戶群都持續收到強勁的需求訊號。這是我們正在密切關注的事情。但就目前而言，我們對此感覺非常好。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Hey, thank you for the question. Yeah, just maybe following on, on that last question about supply, about lead times. Maybe if you could elaborate there and also how it might play into pricing. I think you guys, in your prepared remarks, talked about select pricing adjustments. If you could talk about that, what that might mean actually for gross margin as well, that would be great.

嗨，謝謝讓我提問。是的，可能延續上一題關於供應、關於交期的問題。也許你可以再多說一些，並談談這可能如何影響定價。我想你們在事先準備的講稿中提到「選擇性的價格調整」。如果你能談談那代表什麼，以及它對毛利率可能意味著什麼，那就太好了。

Yeah, I mean I'll make some high-level comments, and I'll pass it over to Carter for any particular details. I mean, I think we talked about -- we're dealing with a very dynamic environment. As a matter of fact, if I look back over the past 12 months, you think about the number of black swan events that we've all been managing, it's been pretty challenging and the current supply environment is just challenging.

是的，我先做一些高層次的評論，然後把更具體的細節交給 Carter。我的意思是，我們談到——我們正處於一個非常動態的環境。事實上，如果我回顧過去 12 個月，想想我們大家一直在應對的黑天鵝事件數量，確實相當具挑戰性，而目前的供應環境也同樣充滿挑戰。

And so we are definitely seeing effects of input price increases pretty much across the board, you name it. I think our team has done a good job of trying to figure out ways to keep those costs down and manage other things. And we are certainly doing where we can, sharing some of the price increases with our customers and trying to be a balanced and disciplined way to help offset some of these price increases that we're seeing.

因此，我們確實看到投入成本上升的影響幾乎遍及各個面向，凡是你想得到的都有。我認為我們的團隊在努力找出降低這些成本並管理其他事項的方法方面做得很好。而且我們也確實在可行之處，將部分漲價與客戶分攤，並以平衡且有紀律的方式，協助抵消我們所看到的部分價格上漲。

So it tends to be targeted, and we're trying to manage both the short-term volatility of that as well as the long-term sustainability of the business. So we're taking a prudent approach to how to do it.

所以這通常是有針對性的，我們也在努力同時管理短期的波動，以及業務的長期可持續性。因此，我們在如何執行上採取審慎的做法。

Yeah, No, just to add to that, yes, some of the long-life products that we're able to increase price and pass those costs on. In the longer term, we are sticking with our long-term model of 50%, 55% post combination of the merger with Qorvo in terms of gross margin. So we do see a path to gross margin expansion in terms of favorable mix shift, lower cost structure through fab optimization, higher utilization. So yes, we're still excited about the future and the road map and margin improvement.

是的，不，補充一下，沒錯，對於一些長生命周期的產品，我們能夠提高價格並將這些成本轉嫁出去。從長期來看，就毛利率而言，在與 Qorvo 合併後，我們仍然堅持 50% 到 55% 的長期模型。因此，我們確實看到毛利率擴張的路徑，包括有利的產品組合轉移、透過晶圓廠優化帶來更低的成本結構、更高的產能利用率。所以是的，我們仍然對未來、路線圖以及毛利改善感到振奮。

Excellent. And perhaps a follow-up on the Android win, if you could maybe talk about -- I know there's some sensitivity here, but talk about how you got that win, how this product is differentiated in terms of getting the pricing that you want or wanted? And does this make you rethink the Android opportunity longer term? Or is this more of a one-off opportunity rather than category?

很好。另外也許追問一下 Android 的勝出案，如果可以的話，能否談談——我知道這裡有些敏感——你們是如何拿下這個案子、以及這個產品在差異化方面如何讓你們取得你們想要或希望的定價？這是否會讓你們重新思考 Android 的長期機會？還是說這更像是一個一次性的機會，而不是一個品類性的機會？

Yeah, I guess just let me zoom back and make a comment a little bit. I mean what we were able to do is offer a technology advantage solution that we believe will enable our customer to make a very competitive product. And by having kind of a multiple generation design win with that particular one, it enables us to basically focus some of this opportunity cost to the engineers so we continue to focus and deliver that generation over generation. And we think that's very competitive.

是的，我想先拉遠一點回顧並做個簡短評論。我們能做到的是提供一個具備技術優勢的解決方案，我們相信這將使客戶能夠打造非常具競爭力的產品。而且透過在那個特定客戶上取得跨多代的設計導入（design win），這讓我們基本上能把部分機會成本聚焦到工程師身上，讓我們持續專注並一代接一代地交付。我們認為這非常有競爭力。

And I think the customer supported that. And so that's really how that worked. With respect to longer-term opportunities, I'll kind of reiterate, I think Ed asked the question earlier. It's in our strategic best interest to continue to grow the business we can. We're an expert in the field of RF wireless communications. And to the extent that we can develop solutions and products that customers want to buy at economics that make sense for both of us, and we're going to continue to do that.

我認為客戶也支持這一點。所以這就是它運作的方式。至於更長期的機會，我再重申一下，我想 Ed 之前也問過這個問題。從策略上來看，持續擴大我們能成長的業務符合我們的最大利益。我們是射頻（RF）無線通訊領域的專家。只要我們能開發出客戶願意購買、且對雙方在經濟性上都合理的解決方案與產品，我們就會持續這麼做。

We get into situations where the economics are upside down, and that's when it doesn't work. And so we just continue to be financially disciplined about allocating our resources, our R&D, our technology and our capability around things that are going to provide benefit to the customer and deliver financial return for us and our shareholders.

當我們遇到經濟性顛倒、算不過來的情況時，那就行不通。因此，我們會持續以財務紀律來分配資源、研發、技術與能力，聚焦在能為客戶帶來效益、並為我們及股東帶來財務回報的事情上。

(Operator Instructions)

(接線員指示)

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. I had two of them. One is what is your total China revenues roughly this year? And within that, is the China handset revenues like really small, like less than $10 million a year right now?

是的，嗨，謝謝讓我提問。我有兩個問題。第一個是，今年你們來自中國的總營收大約是多少？在其中，中國手機相關營收是否真的很小，例如目前一年少於 1,000 萬美元？

Yeah, I would say looking at China, our overall business is less than -- annually would be less than $200 million and in handset, it would be less than $20 million.

是的，我會說就中國來看，我們整體業務按年計會少於 2 億美元，而在手機方面會少於 2,000 萬美元。

Got it. And then as a quick follow-up on the broad market side, if I remember right, your data center revenues is still under $100 million and your auto revenues are probably like $250 million a year. Is that still the right ballpark? And how do you expect that to grow as we look forward into the future?

了解。接著快速追問一下廣泛市場（broad market）方面，如果我沒記錯，你們的資料中心營收仍低於 1 億美元，而汽車營收大概一年 2.5 億美元左右。這仍是正確的大致區間嗎？展望未來，你們預期它會如何成長？

Yeah, Those are about right from a number standpoint. We do see really good growth, as Phil mentioned in the prepared remarks around those areas. I think in terms of ranking those data centers growing a lot stronger than our automotive business, but it's a great healthy business that we are getting good design win traction within. So yes, we're excited about those businesses, and we do see good bookings in those areas.

是的，從數字角度來看大致正確。正如 Phil 在事先準備的發言中提到的，我們確實看到那些領域有非常好的成長。我認為就排序而言，資料中心的成長會比汽車業務強勁得多，但汽車也是一個很棒且健康的業務，我們在其中取得了良好的設計導入動能。所以是的，我們對這些業務感到振奮，也確實看到這些領域有不錯的訂單（bookings）。

Peter Peng, JPMorgan.

Peter Peng，摩根大通（JPMorgan）。

Hey, thanks for taking my question. When you think about that Android customer, that $1 billion over the next four or five years, is -- should we kind of think about it as being linear in terms of revenue opportunity? Or is it kind of rising over each year from gen over gen? Maybe some color on how we should think about when we factor that into the model.

嗨，謝謝讓我提問。當你們談到那位 Android 客戶、未來四到五年 10 億美元時——我們是否應該把它視為營收機會線性成長？還是會隨著一代接一代而逐年上升？能否提供一些說明，讓我們在建模時該如何把它納入考量？

Yeah, we expect it to be rising year-over-year. We expect that to be a tailwind to growth from now through 2030.

是的，我們預期它會逐年上升。我們預期從現在到 2030 年，這將成為成長的順風（tailwind）。

Got it. Okay. And then just on RF content per device at your largest customer, I think it's been kind of stagnant for a number of years now. Just given when you look out the next couple of years, and you talked about some of the drivers like AI at the edge driving higher demand. Maybe you can talk about RF content potentially accelerating and growing.

了解。好的。另外，關於你們最大客戶每台裝置的 RF 內容價值，我認為多年來一直有點停滯。考量未來幾年，以及你們提到的一些驅動因素，例如邊緣端 AI 帶動更高需求。也許你們可以談談 RF 內容價值是否可能加速並成長。

Yeah, absolutely. I mean I think I've said in the past couple of times, if you look at what we said, I think the -- as we look at next year, we expect the blended content to be roughly flat, right? Some potential for some tailwinds there as they migrate towards the internal modem, which opens up some new opportunities for us. It's obviously difficult to predict different models and how that's going to work. But generally speaking, we feel good about our content.

是的，當然。我的意思是，我想我過去幾次也說過，如果你看我們所說的——我想——展望明年，我們預期整體混合內容價值大致持平，對吧？隨著他們轉向內建數據機（internal modem），可能會帶來一些順風，這也為我們打開一些新的機會。不同機型以及會如何演變，顯然很難預測。但總體而言，我們對我們的內容價值感到樂觀。

Going forward, we are absolutely seeing more RF complexity driven by increased number of bands, increased MIMO capability, increased power requirements, smaller devices. So we are absolutely seeing that pretty much across the board. And I think that should be a tailwind for us for content.

往前看，我們確實看到更多的 RF 複雜度，原因包括頻段數量增加、MIMO 能力提升、功率需求提高、裝置更小。所以我們確實幾乎在各方面都看到這種趨勢。我認為這應該會成為我們內容價值的順風。

And so as we kind of look out as we zoom out and we look at the mobile business in general, we talk about having just in general, more units out there. The more units get put out there now, the more come up for refresh when they eventually get done. There's more RF content that's going to come down and then we get into 6G. Then we've got also new form factors and shortening refresh cycles. So I think we've got a lot of tailwind here that we're pretty excited about. And we'll just keep monitoring that and keep executing in our playbook.

因此，當我們把視角拉遠、整體來看行動業務時，我們談到一般而言市場上會有更多的出貨量。現在投放出去的單位越多，未來到期時需要換機更新的也越多。RF 內容價值會增加，接著我們還會進入 6G。此外也會有新的外形規格，以及縮短的換機週期。所以我認為我們有很多順風因素，讓我們相當振奮。我們會持續監控並按照我們的作戰手冊持續執行。

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

各位女士、先生，今天的問答環節到此結束。現在我將把電話交回給 Phil Brace 先生，請他做任何結語。

Great. Thanks, everybody, for joining the call today, and we look forward to seeing you at upcoming conferences throughout the quarter.

很好。感謝各位今天參與電話會議，我們期待在本季接下來的各場會議上與各位見面。

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

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。