思佳訊 (SWKS) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to Skyworks third quarter 2026 earnings conference call. This call is being recorded. At this time, I will turn the call over to Raji Gill, Vice President of Investor Relations for Skyworks. Mr. Gill, please go ahead.

下午好，歡迎參加 Skyworks 2026 會計年度第三季財報電話會議。本次會議將被錄音。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 third fiscal quarter 2026 conference call. With me today for our prepared remarks are Phil Brace, our Chief Executive Officer and President; and Philip Carter, Chief Financial Officer and Senior Vice President of Skyworks.

謝謝，接線員。各位下午好，歡迎參加 Skyworks 2026 會計年度第三季電話會議。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。

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

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。此外，公司事先準備的發言稿將在會議結束後不久於我們網站上提供。

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

在開始之前，我想提醒各位，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。

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.

請參閱我們的財報新聞稿及近期向 SEC 提交的文件（包括我們的 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某些風險。

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

此外，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。接下來我把電話交給 Phil Brace。

Thanks, Raji, and good afternoon, everyone. Today, alongside our June quarter results, we're making several important announcements related to the Qorvo combination. One, an update on regulatory process; two, our financing plans; three, the expected leadership team for the combined company; and four, a new capital allocation framework. Let me take these first. The regulatory process continues to move forward.

謝謝你，Raji，各位下午好。今天，除了公布我們 6 月季度的業績外，我們也將就與 Qorvo 的合併發布幾項重要公告。第一，監管流程的最新進展；第二，我們的融資計畫；第三，合併後公司預期的領導團隊；第四，新的資本配置框架。我先談這些事項。監管流程持續推進。

In China, the review has advanced to Phase III with SAMR, and we are working constructively with regulators in all remaining jurisdictions. We are now optimistic that we can close within the calendar year, and we will be preparing to close as early as within this fiscal year. As always, the transaction remains subject to regulatory approvals and customary closing conditions.

在中國，審查已在國家市場監督管理總局（SAMR）推進至第三階段，我們也正與所有其餘司法管轄區的監管機構進行建設性合作。我們目前樂觀預期可在本曆年內完成交割，並將準備最早於本會計年度內完成交割。一如既往，本交易仍須取得監管核准並滿足慣常交割條件。

In connection with the transaction, we anticipate raising approximately $2 billion of debt financing in the near term, subject to market and other conditions. Philip Carter will cover the details, including what's already reflected in our September guidance. We're also announcing the expected leadership team for the combined company.

就本交易而言，我們預期在近期籌措約 20 億美元的債務融資，惟仍取決於市場及其他條件。Philip Carter 將說明細節，包括已反映在我們 9 月指引中的內容。我們也將公布合併後公司預期的領導團隊。

Philip Carter, Chief Financial Officer and Senior Vice President; Philip Chesley, Senior Vice President and President of High Performance Analog; Kari Durham, Senior Vice President, Human Resources; J K Givens, Senior Vice President and General Counsel, Secretary; Yusuf Jamal, Senior Vice President and General Manager of RF and Mixed-Signal Intelligence Solutions; Reza Kasnavi, Executive Vice President, Chief Operations and Technology Officer; Joel King, Senior Vice President and General Manager of Mobile Solutions Business; Todd Lepinski, Senior Vice President, Sales and Marketing; Frank Stewart, Senior Vice President and President of Advanced Cellular.

Philip Carter，財務長兼資深副總裁；Philip Chesley，高效能類比事業資深副總裁兼總裁；Kari Durham，人力資源資深副總裁；J K Givens，資深副總裁兼總法律顧問、公司秘書；Yusuf Jamal，射頻與混合訊號智慧解決方案資深副總裁兼總經理；Reza Kasnavi，執行副總裁、營運與技術長；Joel King，行動解決方案事業資深副總裁兼總經理；Todd Lepinski，銷售與行銷資深副總裁；Frank Stewart，先進蜂巢式通訊資深副總裁兼總裁。

Bob Bruggeworth, President and Chief Executive Officer of Qorvo, is expected to join the Board of Directors of the combined company.

Qorvo 總裁暨執行長 Bob Bruggeworth 預期將加入合併後公司的董事會。

This team brings together proven leaders from both organizations and the work that we've done to identify these leaders now means we're ready to execute from day one.

這個團隊匯聚了兩家組織中經驗證的領導者，而我們目前已完成辨識這些領導者的工作，意味著我們已準備好自第一天起就能執行。

Finally, our Board has approved a new capital allocation framework for the combined company. Let me first remind you why we're in a position to do this. We deliberately structured the transaction so the combined company starts with a favorable capital structure with modest net leverage. And as we said in October, we expect it to be immediately and meaningfully accretive to non-GAAP EPS post close.

最後，我們的董事會已核准合併後公司的新資本配置框架。我先提醒各位，為何我們有條件這麼做。我們刻意設計本交易，使合併後公司以有利的資本結構起步，淨槓桿水準溫和。並且如同我們在 10 月所說，預期交割後將立即且顯著提升非 GAAP 每股盈餘（EPS）。

That financial strength is the foundation for the framework. This combination creates a company with robust free cash flow and adjusted EBITDA generation, and we intend to put that capital to work wherever it creates the greatest long-term value, repurchasing shares, delevering the balance sheet and pursuing strategic and accretive M&A.

這項財務實力是該框架的基礎。此次合併將打造一家具有強勁自由現金流與調整後 EBITDA 產生能力的公司，我們打算將資本投入於能創造最大長期價值之處，包括回購股票、降低資產負債表槓桿，以及推動具策略性且具增益性的併購（M&A）。

We expect stock repurchases to be a key vehicle for returning capital to shareholders and to support that, the Board has replaced our repurchase authorization expiring in February 2027 with a new $2 billion stock repurchase program expiring in January of 2029.

我們預期股票回購將是向股東返還資本的關鍵工具。為支持此一方向，董事會已以新的 20 億美元股票回購計畫（將於 2029 年 1 月到期）取代原本將於 2027 年 2 月到期的回購授權。

As part of this framework, we have decided not to declare a quarterly dividend going forward, redirecting that capital toward these higher return uses. Taken together, we believe this framework returns more value to shareholders over time with far greater flexibility.

作為此框架的一部分，我們已決定未來不再宣告季度股利，並將該資本重新導向至這些報酬更高的用途。綜合而言，我們相信此框架將在更長時間內以更高的彈性為股東帶來更多價值。

Stepping back, the strategic logic of this combination is simple, scale and diversification. In mobile, we're creating a best-in-class RF portfolio with complementary capabilities that expands our reach across platforms and drives greater revenue stability.

回到更宏觀的層面，這次合併的策略邏輯很簡單：規模與多元化。在行動領域，我們正打造同級最佳的射頻（RF）產品組合，透過互補能力擴大我們在各平台的觸及範圍，並帶動更高的營收穩定性。

In broad markets, we're building a larger, more diversified business across defense and aerospace, edge IoT, AI data center and automotive, a key growth platform for the combined company.

在廣泛市場方面，我們正建立一個更大且更多元的業務版圖，涵蓋國防與航太、邊緣物聯網（IoT）、AI 資料中心與車用領域；其中車用是合併後公司的關鍵成長平台。

The same scale is what drives our cost opportunity, and we continue to make good progress in integration planning and remain confident in our ability to realize the anticipated synergies of $500 million or more. A lot of important news, all pointing in one direction.

同樣的規模也驅動了我們的成本機會；我們在整合規劃上持續取得良好進展，並仍有信心實現預期的協同效益，金額為 5 億美元或以上。這是一連串重要消息，且都指向同一個方向。

With that update on the transaction and consistent with prior practice, we won't be discussing it in any further detail on today's call and we will focus on our third fiscal quarter results and September quarter outlook.

以上為交易的最新進展。依照以往慣例，我們今天的電話會議將不再就此交易進一步討論，而會聚焦於我們 2026 會計年度第三季業績以及 9 月季度展望。

Now let me turn to the June quarter, where the business performed well. We delivered solid results with both revenue and earnings above the midpoint of our guidance, revenue of $935 million and non-GAAP diluted earnings per share of $1.08, $0.05 above the midpoint.

接著談 6 月季度，業務表現良好。我們交出穩健成果，營收與獲利皆高於指引中點：營收 9.35 億美元，非 GAAP 稀釋後每股盈餘 1.08 美元，較中點高出 0.05 美元。

Let me touch on the demand environment. What we see across our business is steady. Channel inventories are lean, demand in mobile remains solid as we head into the fall launch cycle and in parts of broad markets, demand is running ahead of what we can supply.

我簡要談一下需求環境。我們在各項業務看到的情況是穩定的。通路庫存偏精實；隨著我們進入秋季新品發布週期，行動端需求仍然穩健；而在部分廣泛市場領域，需求甚至高於我們目前可供應的水準。

On memory, I know it remains front of mind for many investors. We're not a buyer of memory, so I'll speak to what we can see directly. Our demand signals have remained stable, and our September guidance reflects what we see today, consistent with what we said in the past couple of quarters.

關於記憶體，我知道這仍是許多投資人最關注的議題。我們不是記憶體的採購方，因此我將就我們能直接觀察到的部分來說明。我們的需求訊號維持穩定，而我們的 9 月指引反映了我們目前所見，與過去幾個季度所說一致。

We recognize these dynamics are still playing out across the industry, and we're staying close to our customers and monitoring order patterns as we move through the second half. Our content sits predominantly in premium high-complexity platforms, which have historically been the most resilient part of the market.

我們理解這些動態仍在整個產業中持續發展；在進入下半年之際，我們將與客戶保持緊密聯繫並監測訂單型態。我們的內容主要集中在高階、高複雜度的平台上，而這些平台歷來是市場中最具韌性的部分。

In mobile, we executed well in what is seasonally a lighter quarter with revenue slightly ahead of our expectations, supported by healthy demand at our largest customer and successful new product ramps at our largest Android customer. Looking ahead, we're well positioned for the fall season. And over the long term, the demands placed on RF front end continue to expand, which is why we're confident in our growth thesis.

在行動領域，我們在季節性較淡的季度中執行良好，營收略高於我們的預期，主要受惠於最大客戶的健康需求，以及在最大 Android 客戶端的新產品順利放量。展望未來，我們已為秋季旺季做好充分準備。從長期來看，射頻前端所承受的需求持續擴大，這也是我們對成長論點保持信心的原因。

Let me spend a moment on those drivers. Uplink is becoming as important as downlink. Real-time applications like video, cloud AI and live translation demand higher transmit power and more sophisticated power amplification.

讓我花一點時間談談這些驅動因素。上行鏈路正變得與下行鏈路同樣重要。像是影片、雲端 AI 與即時翻譯等即時應用，要求更高的發射功率以及更精密的功率放大。

Receive paths are multiplying to carry more simultaneous data streams and satellite connectivity is going mainstream, requiring entirely new bands and components. All of this adds RF complexity to every device and complexity is what we do best.

接收路徑正在倍增，以承載更多同時的資料串流，而衛星連線也正走向主流，這需要全新的頻段與元件。所有這些都為每一台裝置增加了射頻（RF）複雜度，而複雜度正是我們最擅長的。

Turning to broad markets. Revenue of approximately $403 million, up 8% year-over-year. Our three growth engines, Wi-Fi, data center and automotive, again represented nearly 2/3 of our broad markets business and collectively grew 15% year-over-year. Demand for these products continues to run well ahead of what we can currently supply, and we are actively working to close that gap.

接著談廣泛市場。營收約 4.03 億美元，年增 8%。我們的三大成長引擎——Wi‑Fi、資料中心與車用——再次合計占我們廣泛市場業務近 2/3，並合計年增 15%。這些產品的需求持續遠高於我們目前可供應的水準，我們正積極努力縮小這個缺口。

Wi-Fi. Wi-Fi 7 adoption continues as AI workloads move toward the endpoint. Design engagement is strong, backlog is solid and our early collaboration with customers on Wi-Fi 8 positions us well. Automotive. The connected car and infotainment are driving growth today with power and connectivity expanding our footprint over time.

Wi‑Fi。隨著 AI 工作負載朝端點移動，Wi‑Fi 7 的採用持續推進。設計導入互動強勁、在手訂單穩健，而我們與客戶在 Wi‑Fi 8 上的早期合作也讓我們具備良好定位。車用。連網汽車與車載資訊娛樂系統正推動當前成長，而電源與連線能力將隨時間擴大我們的布局。

We are engaged with global OEMs and Tier 1 suppliers on multiyear vehicle platforms. AI data center, our fastest-growing business, is tracking ahead of the 50% annual growth we outlined last quarter, even with supply constraints.

我們正與全球 OEM 與一級供應商（Tier 1）就多年期車款平台合作。AI 資料中心是我們成長最快的業務，即使在供應受限下，其表現仍優於我們上季所提出的 50% 年成長軌跡。

We're engaged with leading customers on two fronts: high-speed connectivity as the industry moves to 800-gig and 1.6 terabit platforms and power as it shifts to 400 volt and 800 volt HVDC architectures. Rising data rates and rack density are driving demand for our precision timing and advanced power delivery solutions.

我們與領先客戶在兩個面向上合作：其一是高速連線，隨產業邁向 800G 與 1.6Tb 平台；其二是電源，隨架構轉向 400 伏與 800 伏高壓直流（HVDC）架構。資料速率與機櫃密度的提升，正帶動對我們精密時序與先進供電解決方案的需求。

Together, these engines are reshaping the mix of our broad markets business and validating the diversification strategy we've been executing. To summarize, we delivered another solid quarter of execution, revenue and earnings above the midpoint of guidance with continued traction in broad markets. The Qorvo combination is advancing. Regulatory reviews are progressing, and we are optimistic that we can close within the calendar year, and we will be preparing to close as early as within the fiscal year. We are preparing the combined company to execute from day one with our financing plan set, the expected leadership team announced and a new capital allocation framework in place centered on balance sheet flexibility.

綜合而言，這些引擎正在重塑我們廣泛市場業務的組合，並驗證我們一直在執行的多元化策略。總結來說，我們又交出一個執行穩健的季度，營收與獲利均高於財測中位數，且廣泛市場持續取得進展。與 Qorvo 的合併正在推進。監管審查持續進行，我們樂觀預期可在曆年內完成交割，並將為最早於本會計年度內完成交割做準備。我們正為合併後公司自第一天起的執行做好準備：融資計畫已確定、預期的領導團隊已公布，並已建立以資產負債表彈性為核心的新資本配置框架。

Demand is healthy and channel inventories are lean. And the long-term setup is compelling, more endpoints, more content per device, AI at the edge and growing exposure to secular growth markets, including data center, automotive, defense and aerospace. With that, let me turn the call over to Philip to take you through our third quarter results and fourth quarter outlook.

需求健康，通路庫存精簡。長期布局也相當具吸引力：端點更多、單一裝置內容價值更高、邊緣 AI，以及在資料中心、車用、國防與航太等長期成長市場的曝險持續提升。接下來，我把電話交給 Philip，請他帶各位回顧第三季業績並說明第四季展望。

Thanks, Bill. Skyworks delivered revenue of $935 million, above the midpoint of our guidance range. Mobile represented 57% of total revenue, supported by healthy sell-through at our largest mobile customer and strong execution of new product ramps at our largest Android customer. Our largest customer accounted for approximately 57% of total revenue. Broad markets represented 43% of sales and grew 8% year-over-year, led by strong double-digit growth in data center and automotive.

謝謝你，Bill。Skyworks 營收為 9.35 億美元，高於我們財測區間的中位數。行動業務占總營收 57%，主要受惠於我們最大行動客戶的終端銷售（sell-through）健康，以及我們最大 Android 客戶新產品放量的強勁執行。我們最大客戶約占總營收 57%。廣泛市場占銷售 43%，年增 8%，其中以資料中心與車用的強勁雙位數成長領軍。

Gross profit was $420 million with gross margin of approximately 45%, in line with our guidance. Input costs remained a headwind in the quarter, consistent with what we discussed last quarter, and we continue to work toward containing these pressures through disciplined cost controls and selective pricing actions.

毛利為 4.20 億美元，毛利率約 45%，符合我們的財測。投入成本在本季仍是逆風，與我們上季所討論一致；我們持續透過嚴謹的成本控管與選擇性的定價措施，努力抑制這些壓力。

Operating expenses were $238 million, slightly below the midpoint of our guidance as we continue to fund high-return R&D programs while maintaining tight control over discretionary spending. Operating income was $182 million, translating to an operating margin of 19.4%. Other income and expense was roughly neutral and our effective tax rate was 10%, resulting in net income of $164 million and non-GAAP diluted earnings per share of $1.08, $0.05 above the midpoint of our guidance. Turning to the balance sheet. We ended the quarter with approximately $814 million in cash and investments and $497 million of debt, having retired $500 million of notes that came due during the quarter.

營業費用為 2.38 億美元，略低於我們財測中位數；我們在維持對高報酬研發計畫投入的同時，也持續嚴格控管可自由裁量支出。營業利益為 1.82 億美元，對應營業利益率 19.4%。其他收益與費用大致持平，有效稅率為 10%，因此淨利為 1.64 億美元，非 GAAP 稀釋每股盈餘為 1.08 美元，較我們財測中位數高 0.05 美元。接著看資產負債表。本季末我們持有約 8.14 億美元的現金與投資，以及 4.97 億美元的負債；我們已償還本季到期的 5.00 億美元票據。

The balance sheet is well positioned to support the Qorvo transaction. In connection with the transaction, we anticipate raising approximately $2 billion of debt financing in the near term, subject to market and other conditions in preparation for an earlier close. Now to our outlook. For the fourth quarter of fiscal 2026, we expect revenue in the range of $1.010 billion to $1.060 billion. We expect mobile to grow sequentially in the high teens range, supported by the seasonal ramp of new product launches at our largest customer, while broad markets is expected to grow approximately 5% year-over-year, representing approximately 39% of total sales.

資產負債表已具備良好條件以支持 Qorvo 交易。就該交易而言，我們預期在近期籌措約 20 億美元的債務融資，視市場及其他條件而定，以便為可能更早完成交割做準備。接著談展望。對於 2026 會計年度第四季，我們預期營收介於 10.10 億至 10.60 億美元。我們預期行動業務將季增高十位數百分比，受惠於最大客戶新產品上市的季節性放量；而廣泛市場預期年增約 5%，約占總銷售 39%。

We expect gross margin in the range of 44% to 45%. This reflects the seasonal shift in mix towards mobile as new product ramps reach full volume.

我們預期毛利率介於 44% 至 45%。這反映產品組合因季節性因素轉向行動業務，因新產品放量達到滿載。

In addition, we noted last quarter, input costs continue to rise, and we expect that dynamic to persist. We are working to offset this through cost reductions and selective pricing adjustments. We expect operating expenses of $235 million to $245 million as we continue to invest in our key technology road maps. Below the line, we anticipate approximately $6 million in other expense, which includes approximately $5 million of incremental net interest expense, reflecting a partial quarter of financing costs for the Qorvo transaction. We expect an effective tax rate of approximately 10% and a diluted share count of 152 million shares.

此外，如同我們上季所提到的，投入成本持續上升，我們預期這一動態仍將延續。我們正透過成本降低與選擇性的價格調整來抵銷其影響。我們預期營業費用為 2.35 億至 2.45 億美元，因我們持續投資於關鍵技術路線圖。在損益表下方，我們預期其他費用約 600 萬美元，其中包含約 500 萬美元的新增淨利息費用，反映 Qorvo 交易融資成本僅計入部分季度。我們預期有效稅率約 10%，稀釋後股數為 1.52 億股。

At the midpoint of our revenue outlook of $1.035 billion, this equates to expected non-GAAP diluted earnings per share of $1.27. With that, I'll turn it back to Phil for closing remarks.

以我們營收展望中位數 10.35 億美元計算，對應預期非 GAAP 稀釋每股盈餘為 1.27 美元。接下來，我把電話交回 Phil 做結語。

Thank you, Philip. Before we open the line, I want to thank our employees, customers and partners for another quarter of outstanding execution. And to the Qorvo team, the closer we get, the more energized we are by what we can build together. Your dedication sets the stage for continued leadership and growth. Operator, let's open the line for questions.

謝謝你，Philip。在開放提問之前，我想感謝我們的員工、客戶與合作夥伴在本季再次展現卓越的執行力。也對 Qorvo 團隊說，越接近完成，我們就越對能共同打造的成果感到振奮。各位的投入為持續的領導地位與成長奠定基礎。接線員，請開放提問。

(Operator Instructions) Ruben Roy with Stifel.

(接線員指示) Stifel 的 Ruben Roy。

Phil, I understand sort of the commentary on memory pricing, and Skyworks is not a buyer of memory. But in May, you said you hadn't seen pricing pushback. I'm wondering if you could just kind of give us within the context of your guidance for the September quarter, how pricing has held up through the sort of the fiscal '27 negotiation cycle? And it sounds like there's still potentially some moving parts. Is that sort of the way to read into your comments on at least mobile at your largest customer?

Phil，我理解你對記憶體定價的評論，而 Skyworks 也不是記憶體買方。但在 5 月時，你說你尚未看到價格方面的反彈。我想請你在你們對 9 月季度的財測脈絡下，談談在 2027 會計年度的議價／談判週期中，價格表現如何？而且聽起來可能仍有一些變動因素。這是否就是你對至少在最大客戶的行動業務所做評論的解讀方式？

No. Thanks for the question. No, I just want to, typically, what happens is you go through a negotiation and it's negotiated at the time of down selection. There typically is not any price negotiation that happens post that. That's kind of part of the whole package that you win.

不是。謝謝你的問題。不是，我只是想說，一般情況是你會經歷一輪談判，而價格是在縮小選擇範圍（down selection）時談定的。通常在那之後不會再進行任何價格談判。那基本上就是你贏得案子時整個方案的一部分。

So there's no in-cycle negotiation on that. Now the flip side of that is we don't have the ability to adjust when input costs go up as well. So what you're seeing there is a little bit of pressure on the gross margin side, primarily driven by input cost increases that have been difficult.

所以在那方面沒有任何在週期內的協商空間。而其反面是，當投入成本上升時，我們也沒有能力同步調整。因此你看到的是毛利率端出現一些壓力，主要是由於投入成本上升所驅動，而這些上升一直很難消化。

We've been working to offset some of that with our own cost reductions and selective pricing improvements elsewhere, but that's where we see that. On the memory dynamics, look, we've been just watching this every quarter.

我們一直在透過自身的成本降低，以及在其他地方有選擇性的價格改善來抵銷其中一部分，但我們看到的情況就是如此。至於記憶體的動態，坦白說，我們每一季都在觀察。

We've been keeping our inventories low and the demand reflects what we believe to be reflective of that in the current quarter.

我們一直把庫存維持在低水位，而需求也反映出我們認為在本季所呈現的狀況。

Okay. Helpful. And then as a follow-up on the broad markets. I hate to sound picky here with the three growth engines happening, but with the kind of the guidance into September, you mentioned the demand versus supply. There is a little bit of deceleration.

好的。很有幫助。接著追問一下廣泛市場（broad markets）。我不想在三個成長引擎都在運作的情況下顯得吹毛求疵，但就你們對九月的指引而言，你提到了需求相對供給。看起來有一點點減速。

Is there a way to think about sort of what you're shipping against what the gap is between sort of demand against what I guess on the supply side and any specifics on components that are hard to come by?

有沒有一種方式可以理解你們的出貨相對於缺口的情況，也就是需求相對供給端之間的差距？以及是否能談談哪些零組件特別難取得？

Yes. I can't really get into specifics hard to come by. I would say the demand has accelerated from the prior quarter, particularly our data center demand is higher than the 50% we talked about last quarter. We've seen definitely, I would say, tightness across the board in some of those products that are growing faster. Offset that, we've seen some, I'd say, softness in more of the consumer exposed areas of the broad markets business, which is kind of causing a little bit of what you see there.

是的。我無法深入到哪些具體項目特別難取得。我會說需求相較上一季是加速的，尤其是我們的資料中心需求高於我們上季提到的 50%。我們確實看到，我會說，在一些成長更快的產品上，整體都有供應吃緊的情況。相對地，我們也看到在更偏向消費者曝險的廣泛市場業務領域有些疲軟，這也在某種程度上造成你所看到的情況。

But our growth engines continue to be strong. Supply shortages are pretty much across the board, what you read in the news, and we're kind of working to get more supply to supply our customers demand at this point.

但我們的成長引擎依然強勁。供應短缺幾乎是全面性的，就像你在新聞上看到的那樣，而我們目前正努力取得更多供應，以滿足客戶的需求。

Karl Ackerman with BNP Paribas.

BNP Paribas 的 Karl Ackerman。

One of your competitors in mobile intra-quarter announced a long-term supply agreement with your largest customer. How their long-term supply agreement impacting your ability, if at all, to regain content opportunities within mobile? And I have a follow-up, please.

你們在行動（mobile）領域的一位競爭對手在季中宣布，與你們最大的客戶簽訂了一項長期供應協議。他們的長期供應協議是否、以及在何種程度上，會影響你們在行動領域重新取得內容（content）機會的能力？我還有一個追問，謝謝。

Yes. Thanks for the question. Obviously, we can't really comment on peers or terms of agreement between our customers and third parties, frankly, we can't comment because we don't know the details. So that's number one. Number two, I want to observe, right, just from what you can get disclosed.

是的。謝謝你的問題。顯然，我們無法評論同業，或我們客戶與第三方之間協議的條款；坦白說，我們也無法評論，因為我們不知道細節。這是第一點。第二點，我想從已公開揭露的資訊來做個觀察。

So this seems to be consistent with similar multiyear agreements that they've had in the past. Our position has earned design win by design win, platform by platform. And frankly, our engagement and design win pipeline with that customer remain unchanged.

因此這看起來與他們過去曾有的類似多年期協議一致。我們的地位是一個設計案（design win）接著一個設計案、以平台為單位逐步贏得的。而且坦白說，我們與該客戶的互動以及設計案管線仍維持不變。

So I think what I can say as a combined company, we're going to have the broadest RF portfolio. I think nobody has shipped more RF components across the board than we have, and we're going to continue to invest in that.

所以我認為我能說的是，作為合併後的公司，我們將擁有最廣泛的 RF 產品組合。我認為在整體 RF 元件出貨量方面，沒有人比我們出貨更多，而我們也會持續投入。

And I think that, that breadth gives us a wider range of platforms that we'll be able to compete for. And frankly, some more improved revenue stability that I think is going to be important for us going forward as well.

我也認為，這樣的廣度讓我們能夠競爭更廣泛的平台。而且坦白說，也能帶來更好的營收穩定性，我認為這對我們未來同樣很重要。

Yes. I appreciate that. For my follow-up, as you indicated, one of the ways in which you regain content, we believe, is for the mix of the internal baseline modem share to increase over time, which we believe to be at 20% this cycle and 70% in devices as a whole.

是的。我很感謝這些說明。我的追問是，如你所指出，我們認為你們重新取得內容的一種方式，是內部基準數據機（internal baseline modem）占比隨時間提高；我們認為本週期約為 20%，而在整體裝置中約為 70%。

Do you still anticipate Skyworks content to be relatively flat this year? And then as you address that question, if you could also just talk about any additional timing or incremental commentary with respect to the $1 billion plus Android win that you have mentioned previously through 2030?

你們是否仍預期 Skyworks 的內容（content）今年大致持平？另外，在回答這個問題時，能否也談談你們先前提到、到 2030 年為止超過 10 億美元的 Android 設計案（win），在時程上是否有任何額外資訊或增量評論？

Yes, I'll take the first one. Obviously, what we said is we expect kind of blended content to be roughly flat. We're sticking with that. Obviously, we can't really comment on particular SKUs, particular timing, any of those sort of things. A, we don't know; and B, we don't know what's going to sell.

是的，我先回答第一個。顯然，我們先前說的是，我們預期整體混合內容（blended content）大致持平。我們維持這個看法。當然，我們無法評論特定 SKU、特定時點或任何這類細節。一是我們不知道；二是我們也不知道哪些會賣得好。

So our guidance really reflects what we believe to be the best view of what we have in the quarter, inclusive of where phones are going to shift to ramp our content, all the rest of that kind of stuff. With respect to the Android win, this is, continues to be a very strong customer of ours.

因此，我們的指引反映的是我們對本季所掌握情況的最佳判斷，包含手機將如何轉換、以帶動我們內容的爬坡，以及其他所有相關因素。至於 Android 的設計案，這仍然是我們非常強勁的一位客戶。

It's an existing customer of ours that we've had to date. It extends an agreement or an engagement we've had through 2030. And I think it's really demonstrative of our strong RF position and what we see there going forward. I think it gives an indication of kind of platform and capability that we have.

這是我們既有的客戶，我們一路合作至今。它延伸了我們既有的協議或合作關係，一直到 2030 年。我認為這非常能展現我們強勁的 RF 地位，以及我們對未來的看法。我認為這也顯示了我們所具備的平台與能力。

Krish Sankar with TD Cowen.

TD Cowen 的 Krish Sankar。

This is Steven calling on behalf of Krish. Actually, first question for Philip on the new capital returns program. Just kind of curious like in terms of some of the assumptions that are baked into the new program, does it assume in terms of the mobile market that the end market returns to growth next year? Or are you calibrating the program based on current conditions, first of all?

我是 Steven，代表 Krish 提問。第一個問題想問 Philip，關於新的資本回饋計畫。我有點好奇，就這個新計畫所採用的一些假設而言，是否假設行動市場的終端市場明年會恢復成長？或者你們是以目前的狀況來校準這個計畫？

No. I mean let's just make a comment. This is Phil Brace. I'll take this and then PhiI Carter can get into specific details. Look, when we looked at the capital allocation framework for the company, we feel very strongly that the combined company is an incredibly strong position.

不是。我的意思是，我先做個說明。我是 Phil Brace。我先回答，之後 Phil Carter 可以補充具體細節。你看，當我們檢視公司的資本配置架構時，我們非常堅信合併後的公司處於極其強勢的位置。

And we looked at the uses of capital, and we believe that this is the most accretive thing that we can do and do this, both buying back shares, delevering the company and looking for M&A to continue to diversify and expand the business.

我們檢視了資金用途，並相信這是我們能做、且最具增益（accretive）的事情：同時進行庫藏股回購、降低槓桿（delever）以及尋求併購（M&A），以持續多元化並擴展業務。

We're going to be disciplined and thoughtful about how we approach that. And it really was not reflective of any short-term dynamics, but represents kind of a longer-term framework for the combined company. And the new framework of $2 billion really gives us the opportunity to take advantage of dislocations we see in time.

我們會以紀律且審慎的方式來推進。這其實並非反映任何短期動態，而是代表合併後公司較長期的架構。而新的 20 億美元架構，確實讓我們有機會在不同時間點把握我們看到的錯位（dislocations）。

So it was not a short-term kind of view of any statement around that. It was a reflection of how we want to position the company going forward and the most effective use of capital to deliver value to the shareholders over the long term.

所以這不是一種短期的看法或任何相關表態。它反映的是我們希望如何定位公司未來，以及如何以最有效的資本運用，在長期為股東創造價值。

Understood. And as for my quick follow-up, just kind of curious on the selective price increases, a portion of the commentary earlier. I was wondering, is that more applicable to the mobile side of the business with the broad markets? And any additional specifics would be helpful.

了解。我快速追問一下，關於你先前提到的「有選擇性的價格上調」那部分。我想請問，這比較適用於行動業務，還是廣泛市場業務？若能提供任何額外細節會很有幫助。

Honestly, we're trying to do it everywhere we can. I mean we are trying to do our best to engage with all the customers and all the suppliers to make sure we do that, but to kind of minimize the impact the best we can.

老實說，我們正盡可能在所有能做的地方推動。我的意思是，我們正盡最大努力與所有客戶及所有供應商合作，確保能做到這點，同時盡可能把影響降到最低。

But we haven't undertaken price increases where the cost, where we just simply can't absorb the cost anymore. We're trying to do our best to try and mitigate these price increases with other actions we take amongst ourselves, cost reduction efforts and the like. And we've been trying to do that.

但在成本方面，我們尚未在那些我們根本無法再吸收成本的情況下採取漲價。我們正盡最大努力，透過我們內部採取的其他行動來緩解這些漲價壓力，例如降本措施等等。而我們一直在這麼做。

In certain cases, we just can't absorb them anymore. So we're working with our customers to pass some of those costs along.

在某些情況下，我們確實已經無法再吸收了。因此我們正與客戶合作，把其中一部分成本轉嫁出去。

Yes. And just to add to that, yes, so it's mostly on the broad market side. As Phil mentioned earlier in the call, right, our mobile business, we set prices pretty much annually. And so it's really focused on those long-life products that have long tails. And there's some selective price increases there. Some of them haven't taken effect yet, so they're kind of in the future as well.

是的。另外補充一下，是的，主要是在廣泛市場那一端。如 Phil 先前在電話會議中提到，我們的行動業務基本上是按年定價。因此重點其實是在那些生命週期長、尾端很長的產品上。那裡會有一些選擇性的漲價。其中有些尚未生效，所以也算是未來才會反映。

Srini Pajjuri with RBC Capital Markets.

RBC Capital Markets 的 Srini Pajjuri。

My first question is on broad markets. I think, Phil, you addressed it a little bit, but I'm looking for a bit more detail. You talked about consumer being a little softer. That makes sense. I'm just curious as to how big consumer market is.

我的第一個問題是關於廣泛市場。我想 Phil 你稍微提到了一點，但我希望能再多一些細節。你談到消費端稍微疲弱一些。這可以理解。我只是好奇消費市場的規模到底有多大。

Any additional detail because even for the outlook, you're guiding for about 5% despite the fact that your data center and auto seem to be growing in the mid-teens. I'm just trying to understand how much of a headwind that is going forward.

能否再多提供一些細節？因為即使在展望上，你們仍指引約 5% 的成長，儘管你們的資料中心與車用看起來都在中十幾%的成長。我只是想了解，往前看這會造成多大的逆風。

I don't think we break too much of that, much more detail down on that, Srini. I think the way that I kind of think about that is like our growth engines, our data center business is growing faster than what we guided before.

Srini，我想我們不會把那部分再拆得更細、提供太多額外細節。我自己的看法是，我們的成長引擎——資料中心業務——成長速度比我們先前指引的還要快。

Overall gross engines are growing at 15% year-over-year. That is actually supply constrained at that point, and the headwind really represents some more of the IoT consumer-related devices where we're seeing some softness. So that's about kind of the level of breakout we're giving at this point.

整體成長引擎年增約 15%。在那個層面其實是受供給限制，而逆風主要反映在一些與 IoT 消費相關的裝置上，我們看到有些疲弱。所以目前我們能提供的拆分大概就到這個程度。

Okay. Fair enough. And then on the acquisition closure, I understand there are sensitivities about additional details here, Phil, but you sound definitely much more confident than three months ago. So I'm just trying to understand what changed in the past couple of months that's giving you this confidence. You did talk about Phase III being completed.

了解。可以。另外關於併購案結案，我理解在這裡談更多細節會有敏感性，Phil，但你聽起來確實比三個月前更有信心。所以我想了解，過去幾個月有哪些變化讓你更有信心。你確實提到第三階段已完成。

I guess just to give us some pointers as to what are the next steps and how many more phases, if any, are there in terms of the SAMR approvals. Any additional color, I think, would be really helpful.

我想請你給我們一些指引：接下來的步驟是什麼？在 SAMR 核准方面，若還有的話，還剩下多少階段？任何額外的說明我想都會很有幫助。

Yes. Thanks. I think as everyone knows, the regulatory process is inherently uncertain, right? So you're not really kind of going through that. But we have, we continue to move forward.

是的。謝謝。我想大家都知道，監管流程本質上具有不確定性，對吧？所以你不太可能完全掌握它的走向。但我們一直在持續往前推進。

The Phase III of SAMR is, in fact, the final stage of that process. And we are working actively and constructively with the two remaining jurisdictions. And I think that based on the discussions we're having with them and based on the progress with SAMR leads us to believe an increased closing is possible. And frankly, we're preparing to close as early as this fiscal year.

SAMR 的第三階段事實上就是該流程的最後階段。而我們正積極且建設性地與剩下的兩個司法管轄區合作。我認為，基於我們與他們的討論以及 SAMR 的進展，讓我們相信提高結案機率是可能的。坦白說，我們正準備最早在本會計年度內完成結案。

Tom O'Malley with Barclays.

Barclays 的 Tom O'Malley。

This is Kyle Bleustein, on for Tom O'Malley. So in Mobile, June and September are both coming in seasonally. Just when I think long term about the industry, given all the memory, what's going on with memory and the different voice of customer build plans, is there anything that you can kind of comment on long term, if anything has changed in your view on either build plans or normal seasonality?

我是 Kyle Bleustein，代替 Tom O'Malley 提問。在行動業務方面，6 月與 9 月兩季都會呈現季節性走勢。從長期來看，考量記憶體的情況、記憶體市場正在發生的事，以及客戶對於建置計畫的不同說法，你是否能就長期面提供一些評論？例如你對建置計畫或正常季節性的看法是否有任何改變？

No, this is. I don't think there's anything, I mean, we just guide one quarter at a time, and we've been, I think the memory topic has been one that's been coming to the forefront of investors mind probably starting in CES of this year, and we've just been kind of keeping a close eye on it. We've been trying to guide one quarter in advance. And I think some of our customers are, if you look at certainly our largest customer, I think they've been doing ahead of some of the projections from that side. So we're guiding to the best of our ability like we've done in the past couple of quarters, and that's keeping a close eye on inventory and side of the customers and just watching it as often as we can.

沒有。我不認為有任何改變。我的意思是，我們一次只指引一個季度；而記憶體這個議題，我想大概從今年的 CES 開始就成為投資人關注的焦點，我們也一直密切留意。我們一直嘗試提前一季做指引。而我認為我們的一些客戶——如果你看我們最大的客戶——他們的表現其實領先於那邊的一些預測。所以我們就像過去幾季一樣，盡我們所能做出最佳指引：密切關注客戶端的庫存狀況，並盡可能頻繁地觀察。

Yes. And just to add to that, I guess, as we look at kind of sequentially, mobile is up high teens. Our largest customer is growing well above the blended rate on the seasonal ramp. We do see that partially offset by our Android customer, which was very strong in Q3. But to Phil's point, our demand signals seems steady.

是的。再補充一下，從季對季來看，行動業務成長在高十幾%。我們最大的客戶在季節性拉升（seasonal ramp）上的成長，明顯高於加權平均的成長率。我們確實看到部分被 Android 客戶所抵銷，該客戶在第三季表現非常強勁。但如 Phil 所說，我們的需求訊號看起來仍然穩健。

Our book-to-bill is above one. Inventory in the channel remains lean. So we're keeping a close eye, but we don't see anything at this point that would change our kind of go-forward consensus rate.

我們的接單出貨比（book-to-bill）高於 1。通路庫存仍維持精實。所以我們會持續密切關注，但目前沒有看到任何會改變我們對未來共識成長率看法的因素。

That's helpful. And just for a follow-up, you talked about adding more AI uplink to the phone. In the past, you guys have talked about AI being more on device and that needing more complex RF signals and shrinking some of the parts.

這很有幫助。再追問一下，你提到在手機端增加更多 AI 上行（uplink）。過去你們談到 AI 會更多在裝置端運行，而那會需要更複雜的 RF 訊號，並使部分零組件縮小。

So when I just think about the combination of that or in whichever shape or form it takes, can you kind of help me think about what the RF TAM CAGR could grow or the content CAGR could grow over the next couple of years?

所以當我思考這些因素的組合——或不論它最終以何種形式呈現——你能否幫我理解，未來幾年 RF 的 TAM CAGR 可能如何成長，或單機內容價值（content）CAGR 可能如何成長？

Yes. I think the way that we're trying to think about it, I'd say that our ability to monetize that is going to be our ability to deliver the parts and pricing competitively doing all the like. But what we do see and when I talk about that is when we look out in time, what we see, and we have some visibility in the industry out many years, as you might imagine. What we see is increased RF content over time. How that actually plays out in terms of ASP and content like is still a chapter in the book to be written.

是的。我想我們的思考方式是：我們能否把它變現，取決於我們能否以具競爭力的方式交付零組件與定價等等。但我們確實看到的是——當我談到這點時——隨著時間往前看，我們看到一些趨勢；如你所想，我們在產業中對未來多年有一定能見度。我們看到 RF 內容隨時間增加。至於它最終在 ASP 與內容價值上的呈現方式，仍是一本書裡尚待寫下的一章。

What's in the rearview mirror is content shrinking over time. What's in the headlights in the windshield now is RF content growth.

回顧過去，內容價值是隨時間縮小的。而現在往前看，擋風玻璃前方的趨勢是 RF 內容成長。

And I think we see that as a change from what's been happening in the past, and that's what we're getting excited about. And we see a lot of that change coming around, as I talked about in the prepared remarks, multiple bands, satellite bands, transmit complexity. For the first time in many years, we're seeing an increase in RF complexity, which should lead to kind of increased content.

我認為我們把這視為相較過去正在發生的事情的一個轉變，而這正是我們感到興奮的地方。而我們看到許多變化正在出現，正如我在事先準備的講稿中提到的：多頻段、衛星頻段、發射端複雜度。多年來第一次，我們看到 RF 複雜度提升，這應該會帶來內容價值的增加。

Joseph Moore with Morgan Stanley.

摩根士丹利的 Joseph Moore。

You just mentioned Android being strong in the quarter. Can you talk about the Android prospects in the second half? And what's different about that versus your biggest customer?

你剛才提到本季 Android 表現強勁。能否談談下半年 Android 的前景？以及這與你們最大客戶相比，有什麼不同？

Yes. So this is Phil Carter. In terms of our Android business, we announced the design win last quarter. And this quarter, we saw a great strength. And some of that is just the typical seasonality with our largest US customer.

是的。我是 Phil Carter。就我們的 Android 業務而言，我們在上季宣布拿下設計導入（design win）。而在本季，我們看到非常強勁的表現。其中一部分只是我們最大美國客戶的典型季節性因素。

On the flip side, in our kind of Asia Android business, we are seeing that come down this quarter as well as next quarter again, but that's being mostly offset by strength in the US Android customer. So we are still seeing strength. This quarter was somewhat of an anomaly based on their own seasonal patterns.

另一方面，在我們偏亞洲的 Android 業務這邊，我們看到本季以及下季都會再度下滑，但這大多被美國 Android 客戶的強勁表現所抵銷。所以我們仍然看到強勢。本季在他們自身的季節性模式下，算是有點異常。

So it won't repeat next quarter, but we are seeing an offset by the rest of the mobile space and that sequential growth there.

所以下季不會重演，但我們看到其餘行動裝置領域的表現可以抵銷，而且那邊有連續性的成長。

Great. And then separately, just kind of curious how you're thinking long term about M&A. Obviously, you're going to close this deal. What's the time frame to sort of integrate that? And do you still, is sort of diversification M&A still part of your long-term objective?

很好。另外，我也想了解你們長期如何看待併購（M&A）。顯然你們會完成這筆交易。整合大概需要多長時間？以及你們是否仍然把多元化的併購視為長期目標的一部分？

Yes, it's a good question. Thanks for asking. Look, right now, we are laser-focused on getting this deal closed, integrating it and delivering the benefits with respect to that and proving to ourselves and to our stakeholders that we can deliver value from that.

是的，這是個好問題。謝謝你的提問。你看，目前我們全神貫注在把這筆交易完成、把它整合好，並交付相關效益，同時向我們自己以及利害關係人證明，我們能從中創造價值。

I think long term, when we look at capital allocation framework, we talked about the fact share repurchases, delevering and frankly, strategic M&A. We're going to continue to work to diversify the company and bring some more stability there, and that's going to be an important part of our playbook going forward.

我認為長期來看，當我們檢視資本配置框架時，我們談到股份回購、去槓桿（delevering），以及坦白說，策略性併購。我們會持續努力讓公司更多元化、帶來更高的穩定性，而這將會是我們未來行動方針的重要一環。

So that's kind of our priority. Get the deal closed, integrate, start showing the value and then look where we go from there.

所以這就是我們的優先順序。先把交易完成、完成整合、開始展現價值，然後再看接下來要往哪裡走。

Edward Snyder with Charter Equity Research.

Charter Equity Research 的 Edward Snyder。

I just want to check on. You mentioned that Mobile was up 57% of revenue, but then you said your largest customer was 57% of revenue, which makes sense given how large it is in September. Given that, it's down, what, 12% year-over-year, which was expected given all that's going on with the miles and modems and ships and all that. But I wanted to ask you, of that decline because you're coming off a weak March also, of that decline, how should we read into that? How much of that is content shifts that we've been played with in the past?

我想確認一下。你提到行動（Mobile）占營收 57%，但你也說你們最大客戶占營收 57%，考量到 9 月那季規模很大，這是合理的。在此情況下，它年減大概 12%，這也符合預期，畢竟里程、數據機、出貨等等各種因素都在發生。但我想問的是，這個下滑幅度，因為你們也是從一個偏弱的 3 月季度走出來，對於這個下滑，我們應該怎麼解讀？其中有多少是我們過去看到的內容（content）變動所造成的？

How much of that is maybe just a different unit build, et cetera. So I'm just trying to get my arms around how to think about your decline. And your guidance for next quarter kind of suggests more of the same. I mean, the way you've guided Mobile comes out to about $625 million last year in September, Apple was $737 million in the September period. And again, this is expected, but I just want to be very clear how much of this is content, how much of this is just the cadence of how it's all going to be built?

又有多少可能只是不同的出貨量建置（unit build）等等？所以我只是想更清楚掌握該如何看待你們的下滑。而你們對下季的指引看起來也暗示差不多的情況。我的意思是，你們給的 Mobile 指引換算起來，去年 9 月大概是 6.25 億美元，而 Apple 在 9 月期間是 7.37 億美元。同樣地，這是預期之內，但我想非常清楚：這裡面有多少是內容（content），有多少只是整體建置節奏（cadence）會如何被生產出來？

Yes. This is Phil Carter. In terms of the specifics of content and whatnot, we're not going to go into details of specific SKUs or anything like that. But what I can say is in February, when we announced initially the content loss, we were indicating 20%, 25% decline. Now we're looking at somewhere in the low teens.

是的。我是 Phil Carter。就內容細節等等，我們不會深入到特定 SKU 或任何那類細節。但我可以說的是，在 2 月我們最初宣布內容流失（content loss）時，我們當時預期會下滑 20% 到 25%。現在我們看到大概是在十幾個百分點的低段（low teens）。

And so we are seeing some strength in units to offset that. Separately, on the compare, when we look at the current quarter as well as the next quarter, if you recall from the prior year, the prior year was benefiting from a higher, richer mix of legacy SKUs that were driving up the numbers.

因此我們看到一些出貨量（units）的強勁表現來抵銷那部分。另外，在比較基期方面，當我們看本季以及下季時，如果你還記得去年同期，去年受惠於較高、較佳的舊款 SKU 組合（legacy SKUs），把數字推高了。

And if you recall, we actually outperformed the high end of our revenue guidance and a lot of that driven by the largest customer unit sales. And so as we look at the current quarter and the next quarter, we're comparing against some tough compares in the prior year and low teens does not seem overly significant in light of that. As you also look at the next quarter guide, there was a 14th week in the prior year. So that's roughly $80 million for the prior year quarter. That puts us roughly above in a year-over-year growth situation for our guide at about 1% when you take that into consideration.

而且如果你還記得，我們實際上超越了營收指引的上緣，其中很大一部分是由最大客戶的單位銷售（unit sales）所帶動。因此當我們看本季與下季時，我們是在跟去年一些較嚴苛的比較基期相比；在這樣的背景下，十幾個百分點低段的下滑並不算特別顯著。另外你也看到下季指引，去年同期有第 14 週。那大約是去年該季度的 8,000 萬美元。把這點納入考量後，我們的指引在年對年成長上大約是 1% 左右。

Okay. Great. And then you've mentioned it, so I want to dig into this a little bit more. We've been tracking pretty closely what the standards are doing and what people are looking at in terms of the two to three year road map for phones. AI is obviously a big topic, but it seems to be, in our opinion, a farce to believe that AI in the phone is going to be significant versus interface to the cloud.

好的。很好。另外你提到了，所以我想再深入一點。我們一直密切追蹤標準的發展，以及大家在手機未來兩到三年路線圖上在看的方向。AI 顯然是個大議題，但我們認為，相信手機端 AI 會比連到雲端的介面更重要，這種看法有點像是迷思。

And if that turns out to be true, and you seem to be suggesting that's the case, the connectivity between the phone and the cloud is going to be significantly more important than what maybe had been previously expected.

如果最後證明確實如此，而你們似乎也在暗示是這樣，那麼手機與雲端之間的連線能力，將會比先前可能預期的更為重要。

So I'm just trying to get a feel for the things that you mentioned, like more transmit diversity receive, which is a very big issue, satellites kind of ancillary point, but then also download. Of those areas, Skyworks has typically been very, very strong in the diversity side of the business. There was some upset about share loss to Avago previously.

所以我想了解你提到的一些事情，例如更多的發射分集/接收（transmit diversity receive），這是非常大的議題；衛星算是次要點；但也包括下載。在這些領域中，Skyworks 一向在分集（diversity）這塊非常、非常強。過去也曾有一些對於市占流失給 Avago 的擔憂。

But if that is, in fact, the case that transmit diversity receive is going to be a big issue, I think it is and power. Why shouldn't we expect that in the next year or so, the content win is going to be at your back as we move to more, especially large customers trying to move to more AI in their phone?

但如果事實上發射分集/接收會成為重大議題——我認為會——以及功率（power）。那為什麼我們不應該預期，在接下來一年左右，隨著更多、尤其是大客戶嘗試在手機中導入更多 AI，你們的內容（content）勝出會成為你們的助力？

I think it could be. I don't think your thesis is necessarily incorrect, Ed. I think that's what we see. We need to execute and deliver on that. But I certainly, I don't think you're necessarily wrong.

我認為有可能。我不覺得你的論點一定不正確，Ed。我想這也是我們所看到的方向。我們需要把它執行到位並交付成果。

Christopher Rolland with Susquehanna.

Susquehanna 的 Christopher Rolland。

And perhaps just adding on to an earlier question on M&A. Do you guys have some sort of end market or just broad product category that you would be considering that is most desirable strategically for you guys? And perhaps if you could talk about valuations, whether you're comfortable with valuations out there as well.

也許接續先前關於併購（M&A）的問題。你們是否有某個終端市場，或只是更廣泛的產品類別，是你們在策略上最希望考慮的？另外也請談談估值，你們是否也對目前市場上的估值水準感到舒適？

Yes. Look, this is Phil Brace. Our number one goal is close this transaction as quick as we can, get started on delivering the synergies and prove to ourselves, our customers, our stakeholders that we can deliver value from that transaction. When you zoom back out, I do think that continuing to grow and diversify our business and doing so strategically and accretively is going to be an important playbook of that. We're not setting any time line.

是的。你看，我是 Phil Brace。我們的首要目標是盡快完成這筆交易，開始交付綜效，並向我們自己、客戶與利害關係人證明，我們能從這筆交易中創造價值。拉遠來看，我確實認為，持續成長並讓我們的業務更多元化，而且以策略性、具增益性（accretively）的方式來做，將會是其中一個重要的行動方針。我們沒有設定任何時間表。

We're not drawing any particular guardrails around it. I think you should expect me to be a disciplined allocator of capital. I've done that since I've been CEO here. This transaction should be immediately accretive and the things we'll look for, you might expect it to be gross margin accretive, operating margin accretive, EPS accretive and those kind of things, right? So we're not going to get into any specifics beyond that at this point.

我們不會就此設下任何特定的限制或框架。我想你們應該期待我會是一位嚴謹自律的資本配置者。自從我在這裡擔任執行長以來，我一直都是這麼做的。這筆交易應該會立即具增益效果；我們會關注的面向，你們可以預期會是毛利率增益、營業利益率增益、每股盈餘（EPS）增益之類的指標，對吧？所以在此刻，我們不會再進一步提供超出這些的具體細節。

Excellent. And then perhaps to balance sheet or cash flow questions. CapEx was a little bit higher. I don't know if this is a new level or not and whether it's related to some of the supply constraints you talked about. And then lastly, DOI is also high. I know you have the seasonal ramp, but it's even higher than prior years. Anything to read into there?

很好。接著可能是一些關於資產負債表或現金流的問題。資本支出（CapEx）稍微高了一些。我不確定這是否代表新的水準，以及是否與你提到的一些供應限制有關。最後，DOI 也偏高。我知道你們有季節性拉升，但它甚至比往年更高。這裡有什麼需要解讀的嗎？

Yes. So this is Phil Carter. Yes, to your point, it is mostly related to the planned inventory build ahead of the September mobile ramp for our largest customer. If you look at the last year, our inventory levels ran a little lower than we would have liked and provided less flexibility. And we have had some kind of stockouts and shortages that we've been dealing with as well as moving, having to move more towards our third-party manufacturers.

是的。我是 Phil Carter。是的，如你所說，這主要與我們為最大客戶在 9 月的行動裝置拉貨高峰之前，按計畫進行的庫存建立有關。如果你回看去年，我們的庫存水位比我們希望的略低，彈性也較不足。而且我們也遇到一些缺貨與短缺的情況；同時也必須更多地轉向我們的第三方製造商。

And so to your point, increasing internal capacity is definitely some of the increase in CapEx.

因此如你所說，提高內部產能確實是資本支出增加的一部分原因。

And with that, we do have an inventory build as well. I think if you look at more of a longer average, $1 billion is not out of the norm, especially in this period of the cycle and year. So yes, we are also monitoring the channel inventory, and we do see that, that's relatively lean. So as those numbers go down in the channel, we do maintain a little bit more buffer stock on our balance sheet to mitigate that risk. And we've seen more kind of mix changes, I'd say, more recently as companies move their product lines around.

此外，我們也確實在建立庫存。我認為如果以較長期的平均來看，10 億美元並不算異常，尤其是在這個景氣循環與年度的這個時點。所以是的，我們也在監控通路庫存，而我們看到通路端的庫存相對偏精實。因此當通路端的數字下降時，我們會在資產負債表上維持稍多一些的緩衝庫存，以降低該風險。而且我會說，近期也看到更多的產品組合變化，因為各家公司在調整其產品線配置。

So we have to have enough inventory to offset that risk as well.

因此我們也必須有足夠的庫存來抵銷這方面的風險。

Cody Acree with The Benchmark.

The Benchmark 的 Cody Acree。

I was just curious, given that your prior dividend yield is at the highest end of the industry, I was just curious as to your thought process to eliminate that completely. And have you gotten any pushback from those shareholder base that relies on that dividend?

我只是好奇，鑑於你們先前的股息殖利率在產業中屬於最高水準之一，我想了解你們決定完全取消股息的思考過程。另外，是否有收到仰賴該股息的股東基礎所提出的任何反彈或壓力？

Phil Brace. Obviously, a lot of discussions went in with my Board, about our Board about that. We spent a lot of time thinking about it. I personally spent a lot of time thinking about it, as you know, since I've been CEO returned at least $800 million of capital in terms of share buybacks plus the dividend plus authorizing Qorvo to buy back $400 million of their own stock. I think you've seen me to be a very disciplined allocator of capital.

Phil Brace。顯然，我和董事會就此進行了大量討論。我們花了很多時間思考這件事。如你所知，我個人也花了很多時間思考；自從我擔任執行長以來，我已透過庫藏股回購加上股息等方式，至少回饋了 8 億美元的資本，並且也授權 Qorvo 回購其自身股票 4 億美元。我想你們已經看到，我是一位非常自律的資本配置者。

When I look for the strategic framework in terms of the combined company going forward and I look for the best opportunities to deliver value for the shareholder, it was done in conjunction with the Board. A lot of analysis went into the discussion, and we determined that we would allocate the kind of that capital towards both share repurchases, delevering the balance sheet and strategic opportunistic M&A to help continue to diversify the businesses. And that's how we looked about that. It was just kind of a framework that we're using to deliver value to shareholders, and we think this is a much more accretive way to do it.

當我從合併後公司未來的策略框架來看，並尋找為股東創造價值的最佳機會時，這些都是與董事會共同完成的。討論中做了大量分析，我們判定將把這類資本配置到股票回購、降低資產負債表槓桿，以及策略性、機會型的併購（M&A），以協助持續分散業務。這就是我們看待此事的方式。這是一個我們用來為股東創造價值的框架，而我們認為這是一種更具增益效果的做法。

All right. And then lastly, just any puts and takes into your gross margin assumptions quarter-to-quarter, knowing that you've got some of your higher input costs, but it does sound like you've got some price increases and utilization rates should be trending higher, some positive offsets as well.

好的。最後，關於你們逐季的毛利率假設，有沒有什麼需要注意的正負因素？考量到你們有一些較高的投入成本，但聽起來你們也有一些漲價，而且產能利用率應該會走高，也會帶來一些正向抵銷。

Yes. This is Phil Carter. Yes, I would agree with that. We do have some positive offsets. Every year, we set out to reduce cost, increase efficiency and every ramp cycle, we look to reduce costs, right?

是的。我是 Phil Carter。是的，我同意。我們確實有一些正向抵銷因素。每一年我們都會致力於降成本、提效率；而每一次拉升週期，我們也都會尋求降低成本，對吧？

We set our prices essentially at the beginning of the year, and then we go into a new ramp where we have to ramp new technologies, new products, and we look to get efficiencies to bring up our gross margin. As we look right now, the input costs have been going up faster than we're able to save on other areas. In terms of mix, looking quarter-to-quarter, if that's what you're looking at, we do see a higher mix of Mobile in Q4, where 61% of revenue versus 57%, but yes, I think we're always looking to have more cost savings.

我們基本上在年初就設定價格，接著進入新的拉升期，需要拉升新技術、新產品，我們會尋求效率提升來拉高毛利率。以目前來看，投入成本上升的速度，快於我們在其他領域所能節省的速度。就產品組合而言，如果你問的是逐季變化，我們確實看到第四季行動裝置（Mobile）的占比更高，營收占比為 61%（相較 57%）；但沒錯，我們一直都在尋求更多的成本節省。

The other 40% of our business, broad markets where we have more opportunity to increase prices, there have been some price increases already, and we are looking at other areas where we could take action and selectively increase those prices as well to pass on the costs that we're incurring on the other side. So yes, longer term, just we are sticking with our 50% to 55% combined company longer term, and we're really focused on that as a combined organization, how we can achieve these cost synergies as a combined org, so.

我們業務的另外 40% 來自廣泛市場（broad markets），在那裡我們有更多提高價格的空間；目前已經有一些漲價，我們也在評估其他可以採取行動的領域，並選擇性地進一步調漲，以轉嫁我們在另一端所承擔的成本。所以是的，長期而言，我們仍維持合併後公司長期 50% 到 55% 的目標區間；我們也以合併後的組織角度高度聚焦，思考如何達成這些成本綜效，所以。

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

以上為今天的問答環節。接下來我將把電話交回 Phil Brace 先生，請他做結語。

Great. Thank you. Thank you for everyone attending the call. I look forward to seeing you in the coming quarter at the conferences and out there in the market. So thank you very much.

很好。謝謝。感謝各位參與本次電話會議。我期待在接下來一季於各項會議以及市場上與各位見面。非常感謝。

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