思佳訊 (SWKS) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Skyworks Q4 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Skyworks 2026 會計年度第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Raji Gill, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係副總裁 Raji Gill。請開始。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' fourth fiscal quarter 2026 conference call, our first as a combined company with Qorvo. 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. This call is being broadcast over the web and can be accessed from the Investor Relations section of the company's website at skyworks.com.

謝謝，接線員。各位下午好，歡迎參加 Skyworks 2026 會計年度第四季電話會議；這也是我們與 Qorvo 合併後、以合併公司身分舉行的第一場電話會議。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 的資深副總裁兼財務長 Philip Carter。本次電話會議將透過網路直播，可於 skyworks.com 公司網站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. We have also posted a new corporate overview presentation to the Investor Relations section of our website which outlines the combined company strategy, markets, technology portfolio, and investment highlights.

此外，公司事先準備的發言稿將在電話會議結束後不久於我們網站上提供。我們也已在網站投資人關係專區發布新的公司概覽簡報，說明合併後公司的策略、市場、技術產品組合與投資亮點。

Before we begin, I'd 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.

在開始之前，我想提醒各位，我們的討論將包含與未來結果與預期相關的陳述，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與近期向 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. A note on presentation. Because the Qorvo transaction closed on October 5, after the end of our fiscal fourth quarter, our September quarter results are Skyworks standalone, and our December quarter outlook is on a combined basis.

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。關於呈現方式補充說明。由於 Qorvo 交易於 10 月 5 日（在我們會計年度第四季結束後）完成，因此我們 9 月季度的結果為 Skyworks 單獨基礎，而 12 月季度的展望則以合併基礎呈現。

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 good afternoon, everyone. This is an important moment for our company. On October 5, we completed the combination of Skyworks and Qorvo, uniting more than 6 decades of innovation. We now have greater scale, a broader technology portfolio and an expanded manufacturing footprint, enabling us to continue to push the boundaries of what's possible. I want to thank our employees on both sides.

謝謝你，Raji，各位下午好。這對我們公司而言是重要的時刻。10 月 5 日，我們完成了 Skyworks 與 Qorvo 的合併，匯聚超過 60 年的創新成果。我們現在具備更大的規模、更廣的技術產品組合，以及更擴大的製造版圖，使我們能持續突破可能性的界限。我要感謝雙方的員工。

Bringing two companies together while continuing to deliver for customers takes enormous effort and our teams have stayed focused throughout. That focus on execution carried through our final quarter as a stand-alone company.

在持續為客戶交付成果的同時整合兩家公司，需要付出極大的努力，而我們的團隊始終保持專注。這種對執行力的專注，也延續到我們作為獨立公司最後一個季度的表現。

In the September quarter, Skyworks delivered revenue of $1.05 billion, above the midpoint of our guidance range, delivered non-GAAP diluted earnings per share of $1.28, $0.01 above the midpoint of our guidance, managed operating expenses to $237 million, near the low end of our guidance range and repurchased $107 million of stock at an average price of $66.27.

在 9 月季度，Skyworks 實現營收 10.5 億美元，高於我們指引區間的中點；非 GAAP 稀釋每股盈餘為 1.28 美元，較指引中點高 0.01 美元；營運費用控制在 2.37 億美元，接近指引區間下緣；並以平均價格 66.27 美元回購 1.07 億美元的股票。

In the quarter, demand was healthy across our end markets and book-to-bill was strong. Timing and power products continue to be a highlight with growing design engagement in AI data center. Automotive and industrial design activity was also robust.

本季度，我們各終端市場需求健康，接單出貨比（book-to-bill）表現強勁。計時與電源產品持續是亮點，在 AI 資料中心的設計導入互動持續增加。汽車與工業領域的設計活動也相當強勁。

In smartphone, we executed well in our seasonally strongest quarter, driven by healthy demand at our largest customer, partially offset by well-known softness in the Android market. Broad markets, which will form part of our diversified growth markets category going forward, delivered revenue of approximately $416 million, exceeding our expectations.

在智慧型手機方面，我們在季節性最強的季度執行良好，主要受最大客戶需求健康帶動，但部分被 Android 市場眾所周知的疲弱所抵銷。廣泛市場（未來將納入我們的「多元化成長市場」類別）營收約 4.16 億美元，超出我們預期。

Revenue grew 9% year-over-year in the quarter and approximately 10% for fiscal 2026, driven by strong growth in data center, Wi-Fi and automotive despite continued softness in consumer IoT.

本季度營收年增 9%，2026 會計年度全年約年增 10%，主要由資料中心、Wi‑Fi 與汽車的強勁成長所帶動，儘管消費性 IoT 仍持續疲弱。

Consistent with prior quarters, strong demand came against a challenging cost backdrop. Input costs remain a headwind to margins, and we expect that to continue. We are taking actions to mitigate these costs, including optimizing factory loading, securing long-term supply agreements, and continuing to raise prices as appropriate.

與前幾季一致，強勁需求是在具挑戰性的成本環境下出現。投入成本仍對毛利率造成逆風，我們預期此情況將持續。我們正採取行動以緩解這些成本，包括最佳化工廠稼動率、簽訂長期供應協議，以及在適當情況下持續調漲價格。

Looking ahead, we now have a full stack RF front-end platform for next-generation smartphones, weighted heavily toward premium devices, where RF content is greatest and where we will continue to focus. Expanded reach across four secular growth markets, physical AI, defense, infrastructure, and automotive. A broader technology portfolio, adding RF GaN, higher frequency capabilities, low-voltage power and wired broadband. A path to a compelling target financial model, which Philip will walk through.

展望未來，我們已具備面向下一代智慧型手機的全堆疊 RF 前端平台，且重心高度偏向高階機種，因為高階機種的 RF 內容量最大，也是我們將持續聚焦的領域。在四個長期結構性成長市場的觸及範圍擴大：實體 AI、國防、基礎建設與汽車。技術產品組合更為廣泛，新增 RF GaN、更高頻能力、低電壓電源與有線寬頻。並具備通往具吸引力的目標財務模型之路徑，Philip 將進一步說明。

Going forward, we will report our businesses in two categories: smartphone and diversified growth markets. Smartphone includes our formal mobile business and Qorvo's Advanced Cellular Group. Diversified growth markets include our former broad markets business and Qorvo's high-performance analog and connectivity and sensor groups. It's a large and growing part of the company with above-average gross margins and exposure to secular growth markets.

未來我們將以兩大類別揭露業務：智慧型手機與多元化成長市場。智慧型手機包含我們正式的行動業務以及 Qorvo 的先進蜂巢式通訊事業群（Advanced Cellular Group）。多元化成長市場包含我們過去的廣泛市場業務，以及 Qorvo 的高效能類比、連接與感測器事業群。這是公司中規模大且持續成長的部分，具高於平均的毛利率，並曝險於長期結構性成長市場。

On a pro forma combined basis, smartphone revenue was approximately $4.6 billion in fiscal '26, down approximately 11% year-over-year, reflecting the anticipated decline in Android revenue and content dynamics at our largest customer.

以備考（pro forma）合併基礎計算，2026 會計年度智慧型手機營收約 46 億美元，年減約 11%，反映 Android 營收預期下滑，以及我們最大客戶的內容量動態變化。

Broader content across each device should support steady results as our reliance on any single socket declines and our content opportunity expands. Looking further out, the smartphone is emerging as a primary AI device, which we believe supports a continued shift towards premium phones. At the same time, RF complexity is rising again.

每台裝置更廣泛的內容配置，應可在我們對任何單一插槽（socket）的依賴降低、內容機會擴大之際，支撐穩健的表現。再往後看，智慧型手機正逐漸成為主要的 AI 裝置，我們認為這將支持市場持續轉向高階手機。同時，RF 複雜度也再次上升。

5G advanced and then 6G bring higher power, more transmit and receive paths, new spectrum, and satellite connectivity, all of which require more filtering, more amplifications and more sophisticated antenna solutions. More bands, more paths, more performance, and more opportunities for Skyworks.

5G Advanced 乃至 6G 將帶來更高功率、更多發射與接收路徑、新頻譜以及衛星連接，這些都需要更多濾波、更多放大，以及更先進的天線解決方案。更多頻段、更多路徑、更高效能，也為 Skyworks 帶來更多機會。

On a pro forma combined basis, diversified growth markets revenue was approximately $2.9 billion in fiscal 2026, up approximately 12% year-over-year at attractive gross margins. Let me give you a little more color on what's contained within our diversified growth markets.

以備考合併基礎計算，2026 會計年度多元化成長市場營收約 29 億美元，年增約 12%，且毛利率具吸引力。我再補充一些多元化成長市場所涵蓋內容的細節。

Physical AI and Connected Edge, more than $1.6 billion in fiscal '26, covers connected devices at the edge, Wi-Fi access points and gateways, IoT devices and industrial automation and robots. As AI inference moves from the cloud into these edge devices, factories and robots, our wireless connectivity, power management, and power isolation technologies give us more content opportunity per device.

實體 AI 與連接邊緣（Connected Edge）在 2026 會計年度超過 16 億美元，涵蓋邊緣端連接裝置、Wi‑Fi 存取點與閘道器、IoT 裝置，以及工業自動化與機器人。隨著 AI 推論從雲端移向這些邊緣裝置、工廠與機器人，我們的無線連接、電源管理與電源隔離技術，讓我們在每台裝置上有更多內容機會。

Defense and aerospace, approximately $500 million is driven by modernization, space and electronic warfare and expanding satellite constellations. We bring more than 35 years of development in gallium arsenide, gallium nitride, filters, advanced packaging, along with Category 1A trusted foundry accreditation.

國防與航太約 5 億美元，主要由現代化升級、太空與電子戰，以及擴張中的衛星星座所驅動。我們在砷化鎵、氮化鎵、濾波器與先進封裝方面累積超過 35 年的研發經驗，並具備 Category 1A 可信賴晶圓代工（trusted foundry）認證。

Our products are fielded across air, land, sea, and space, supporting all branches of the US Armed Forces and allied forces worldwide in radar, electronic warfare, sensors, and secure communications. Defense customers are also increasingly engaging with us on power solutions to pair with our GaN amplifiers, further strengthening our position.

我們的產品已部署於空、陸、海與太空領域，支援美國武裝部隊各軍種及全球盟軍，在雷達、電子戰、感測器與安全通訊等方面提供能力。國防客戶也日益就電源解決方案與我們合作，以搭配我們的 GaN 放大器，進一步強化我們的市場地位。

Data center networking infrastructure, approximately $400 million, is our fastest-growing market, and we expect that to continue. In the AI data center, we provide high-precision timing, power isolation from the grid to the rack and power management for enterprise SSDs where AI inference is creating new tiers of storage. Automotive, approximately $340 million, continues to benefit as electrification, connectivity, autonomy, and infotainment raise content per vehicle from telematics and secured access to EV charging and battery management. We expect these trends to continue.

資料中心網路基礎設施（約 4 億美元）是我們成長最快的市場，我們預期此趨勢將持續。在 AI 資料中心中，我們提供高精度時序、從電網到機櫃的電源隔離，以及企業級 SSD 的電源管理；AI 推論正在創造新的儲存分層。汽車業務（約 3.4 億美元）亦持續受惠，因電動化、連網、自動化與車載資訊娛樂提升了單車內容價值，涵蓋從車聯網與安全存取到電動車充電與電池管理。我們預期這些趨勢將持續。

Now an update on our integration. We are off to a fast start. The initial consolidation of our management team is complete. Our HR systems are integrated, and we expect the remaining IT integration to be done in the first half of calendar 2027. We remain fully committed to the $500 million or more of annual cost synergies with roughly 2/3 from operating expenses and one-third from cost of goods sold.

接下來更新我們的整合進度。我們已快速起步。管理團隊的初步整併已完成。我們的人資系統已整合，並預期其餘 IT 整合將於 2027 年上半年完成。我們仍全力投入每年 5 億美元或以上的成本協同效益，其中約 2/3 來自營業費用，約 1/3 來自銷貨成本。

Operating expense savings will come first with cost of goods savings building over time as we optimize our factory footprint, and we expect the earnings benefit to build through fiscal 2027 weighted to the second half. What excites me the most is our expanded engineering capability. Our engineers are already working together, sharing ideas, and combining technologies with the goal of creating products that neither company could build alone.

營業費用節省將率先實現；隨著我們優化工廠布局，銷貨成本節省將隨時間逐步累積，我們預期獲利貢獻將在 2027 會計年度逐步增加，且偏重於下半年。最令我振奮的是我們擴大的工程研發能力。我們的工程師已開始共同合作、分享想法並整合技術，目標是打造任何一家公司單獨都無法完成的產品。

With that, I'll turn the call over to Philip to take you through our fourth quarter results and first quarter outlook as a combined company.

接下來我把電話會議交給 Philip，帶各位回顧我們第四季業績，以及作為合併後公司的一季度展望。

Thanks, Phil, and good afternoon. Because the transaction closed after our quarter end, our September quarter results are Skyworks stand-alone. Skyworks revenue for its fiscal quarter ended October 2 was $1.046 billion.

謝謝 Phil，大家下午好。由於交易在我們季度結束後才完成，我們 9 月季度的結果為 Skyworks 單獨口徑。Skyworks 截至 10 月 2 日止會計季度營收為 10.46 億美元。

Qorvo's revenue for its fiscal quarter ended October 3 was $937 million, which included an additional week, bringing combined September quarterly revenue to approximately $1.98 billion. Beginning with our February earnings call, we will only report on a fully combined basis with smartphone and diversified growth markets as our revenue categories and therefore, not providing legacy Skyworks or Qorvo details going forward.

Qorvo 截至 10 月 3 日止會計季度營收為 9.37 億美元，其中包含額外一週，使合併後的 9 月季度營收約為 19.8 億美元。自我們 2 月的財報電話會議起，我們將僅以完全合併口徑揭露，並以智慧型手機與多元成長市場作為營收分類，因此未來將不再提供 Skyworks 或 Qorvo 的歷史（legacy）細項。

For the Skyworks stand-alone September quarterly results, revenue was $1.046 billion and above the midpoint of our guidance range of $1.035 billion. Mobile represented approximately 60% of revenue, supported by healthy sell-through at our largest customer in our seasonally strongest quarter, partially offset by well-known softness in the Android market as we remain focused on the premium tier.

就 Skyworks 單獨口徑的 9 月季度結果而言，營收為 10.46 億美元，高於我們指引區間中點 10.35 億美元。行動業務約占營收 60%，受惠於我們最大客戶在季節性最強季度的健康終端銷售（sell-through），但部分被眾所周知的 Android 市場疲弱所抵銷；我們仍聚焦於高階機種。

Broad markets represented approximately 40% of revenue and grew 9% year-over-year in the quarter and approximately 10% for fiscal '26, led by strong growth in data center, Wi-Fi, and automotive. Our largest customer accounted for approximately 62% of revenue, including non-smartphone products.

廣泛市場（Broad markets）約占營收 40%，本季年增 9%，在 2026 會計年度約成長 10%，主要由資料中心、Wi‑Fi 與汽車的強勁成長帶動。我們最大客戶約占營收 62%，其中包含非智慧型手機產品。

Gross profit was $465 million or 44.4% of revenue, in line with our guidance. Input costs continue to remain a headwind. We are working toward offsetting them through cost controls and price increases and over time, through manufacturing synergies as we consolidate our factory footprint.

毛利為 4.65 億美元，或占營收 44.4%，符合我們的指引。投入成本持續構成逆風。我們正透過成本控管與漲價來抵銷，並隨時間推進，透過整併工廠布局所帶來的製造協同效益進一步改善。

Operating expenses were $237 million, about $3 million below the midpoint of our guidance as we continue to fund key R&D programs while maintaining tight control over discretionary spending. Operating income was $227 million, translating to an operating margin of 21.7%.

營業費用為 2.37 億美元，較指引中點低約 300 萬美元；我們在維持對關鍵研發計畫投入的同時，持續嚴格控管可自由支配支出。營業利益為 2.27 億美元，對應營業利益率 21.7%。

Other income and expense was roughly $12.5 million, and our effective tax rate was 10%, resulting in net income of $193 million and non-GAAP diluted earnings per share of $1.28, $0.01 above the midpoint of our guidance.

其他收益與費用約為 1,250 萬美元，我們的有效稅率為 10%，因此淨利為 1.93 億美元，非 GAAP 稀釋每股盈餘為 1.28 美元，較指引中點高 0.01 美元。

Turning to the balance sheet. We ended the quarter with approximately $2.6 billion in cash and investments and approximately $2.5 billion of debt, reflecting the roughly $2 billion of acquisition financing we completed ahead of the Qorvo closing.

接著看資產負債表。本季末我們持有約 26 億美元的現金與投資，以及約 25 億美元的負債，反映我們在 Qorvo 交易完成前已完成約 20 億美元的收購融資。

Turning to our outlook for the December quarter, our first as a combined company, we expect revenue of $1.8 billion to $1.9 billion. At the midpoint, this includes approximately $1.07 billion from legacy Skyworks and approximately $780 million from legacy Qorvo. This will be the last quarter in which we provide the split. As Qorvo did not provide guidance during the pendency of the transaction, we want to be clear on the starting point. Combined September quarterly revenue was approximately $1.98 billion, including an extra week at Qorvo worth approximately $70 million.

接著看 12 月季度（作為合併後公司的第一個季度）的展望，我們預期營收為 18 億至 19 億美元。以中點計算，其中約 10.7 億美元來自 Skyworks 歷史業務，約 7.8 億美元來自 Qorvo 歷史業務。這將是我們最後一次提供此拆分。由於 Qorvo 在交易進行期間未提供指引，我們希望清楚說明起點。合併後 9 月季度營收約為 19.8 億美元，其中包含 Qorvo 額外一週約 7,000 萬美元的貢獻。

Our outlook at the midpoint is down approximately 7% sequentially or approximately 3%, excluding the extra week. We expect smartphone revenue to decline in the low teens percentage sequentially, reflecting seasonality, well-known softness in the Android market as we remain focused on the premium tier and the extra week in Qorvo's September quarter.

以中點計算，我們的展望較前一季下降約 7%；若排除額外一週，則約下降 3%。我們預期智慧型手機營收將季減低十位數百分比（low teens），反映季節性因素、眾所周知的 Android 市場疲弱（我們仍聚焦高階機種），以及 Qorvo 9 月季度的額外一週。

We expect diversified growth markets revenue to grow in the low single digits sequentially despite the extra week in the prior quarter and in the high to low double digits year-over-year on a combined basis, representing more than 40% of sales led by data center and defense.

我們預期多元成長市場營收將在季比呈現低個位數成長，儘管前一季包含額外一週；以合併口徑計算，年比將呈現高個位數至低十位數成長，且占銷售比重超過 40%，由資料中心與國防帶動。

We expect non-GAAP gross margin of 46% to 48%, reflecting a favorable mix shift towards diversified growth markets, including higher-margin defense and infrastructure. This is partially offset by continued input cost increases, which we expect to persist. Over time, an increasing mix of diversified growth markets, manufacturing synergies, improved factory loading and pricing actions support our path towards our gross margin targets.

我們預期非 GAAP 毛利率為 46% 至 48%，反映產品組合有利地轉向多元成長市場，包括毛利較高的國防與基礎設施。但部分將被持續上升的投入成本所抵銷，我們預期此情況仍將延續。隨時間推進，多元成長市場占比提升、製造協同效益、工廠稼動率改善與定價措施，將支持我們朝毛利率目標邁進。

We expect non-GAAP operating expenses of $465 million to $505 million, reflecting the combined company as we continue to invest in our key technology road maps. Including our planned merit increases, we expect operating expenses to decline sequentially from December quarter levels throughout fiscal 2027 as synergies are realized. We expect the majority of the earnings benefit in the second half of fiscal '27. We expect to realize approximately $150 million of synergies in operating expenses within fiscal 2027 and to exit the year at an annualized run rate of approximately $250 million to $300 million. Below the line, we anticipate approximately $50 million of other expense at the midpoint, primarily reflecting a full quarter of interest expense on the acquisition financing.

我們預期非 GAAP 營業費用為 4.65 億至 5.05 億美元，反映合併後公司持續投資於關鍵技術路線圖。包含我們規劃的績效調薪在內，隨著協同效益逐步實現，我們預期營業費用將自 12 月季度水準起，在 2027 會計年度期間逐季下降。我們預期大部分獲利貢獻將落在 2027 會計年度下半年。我們預期在 2027 會計年度內於營業費用端實現約 1.5 億美元的協同效益，並在年底達到年化執行率約 2.5 億至 3 億美元。在業外項目方面，以中點計算我們預估其他費用約 5,000 萬美元，主要反映收購融資的整季利息費用。

We expect an effective tax rate of approximately 10% and a diluted share count of approximately 241 million shares. At the midpoint of our revenue outlook of $1.85 billion, this equates to expected non-GAAP diluted earnings per share of $1.25. As synergies are realized, we remain confident in the earnings power of the combined company.

我們預期有效稅率約為 10%，稀釋後股數約為 2.41 億股。以營收展望中點 18.5 億美元計算，對應預期非 GAAP 稀釋每股盈餘為 1.25 美元。隨著協同效益逐步實現，我們對合併後公司的獲利能力仍具信心。

Over the long-term, we target mid- to high single-digit revenue growth and once fully integrated within 24 to 36 months of close, non-GAAP gross margin of 50% to 55%, non-GAAP operating margin of 30% to 35% and adjusted EBITDA margin of 35% to 40%.

從長期來看，我們的目標是營收達到中至高個位數成長；並在交易完成後 24 至 36 個月內完成全面整合後，非 GAAP 毛利率達 50% 至 55%、非 GAAP 營業利益率達 30% 至 35%，以及調整後 EBITDA 利益率達 35% 至 40%。

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

接下來我把時間交還給 Phil 做結語。

Thank you, Philip. Before we open the line, I want to thank our employees, customers, and partners. This is our first quarter as one company and the energy across our teams is outstanding. Engineers from both sides are already working together, and I'm excited about what lies ahead. Together, we are stronger than either company on its own, broader technology, greater scale, and a much larger opportunity ahead. I've never been more excited about where we're heading.

謝謝你，Philip。在我們開放電話線之前，我想感謝我們的員工、客戶與合作夥伴。這是我們作為同一家公司運作的第一個季度，我們各團隊之間的能量非常出色。雙方的工程師已經開始一起合作，我對未來的發展感到振奮。攜手之下，我們比任何一家公司單打獨鬥都更強——技術更廣、規模更大，且前方有更龐大的機會。我從未像現在這樣對我們前進的方向感到興奮。

Operator let's open the line for questions.

接線員，請開放電話線供提問。

(Operator Instructions) Karl Ackerman, BNP Paribas.

(接線員指示) Karl Ackerman，法國巴黎銀行（BNP Paribas）。

Your broad markets continues to progress well. How are you thinking about the longer-term growth rate for broad markets as a combined entity now that you've closed Qorvo? And I guess the question is, can you sustain a similar rate or higher from the high single to low double-digit growth outlook that you laid out for December?

你們的廣泛市場業務持續進展良好。在完成 Qorvo 併購後，作為合併後的整體，你們如何看待廣泛市場業務的長期成長率？我想問的是：你們是否能維持與你們在 12 月所提出的「高個位數到低雙位數」成長展望相近或更高的成長速度？

Yes, Karl, thanks for the question. This is Phil. I'm glad you asked it. It's an important part of the portfolio. I'm glad you called it out.

是的，Karl，謝謝你的提問。我是 Phil。我很高興你問到這點。這是投資組合中很重要的一部分。也很高興你特別點出來。

I mean, if you look at the combined number back in fiscal '26, we talked about $2.9 billion. We talked about physical AI really at the $1.6 billion level. We've got defense and aerospace at $500 million, data center and infrastructure at $400 million and then auto at $340 million. For me, those are exciting growth areas, new technology. And right now, frankly, all of those businesses are supply constrained and the demand far exceeds our ability to supply them.

我的意思是，如果你看合併後在 2026 會計年度的數字，我們談到的是 29 億美元。我們談到實體 AI 大約在 16 億美元的水準。國防與航太為 5 億美元，資料中心與基礎設施為 4 億美元，然後汽車為 3.4 億美元。對我而言，這些都是令人興奮的成長領域與新技術。而且坦白說，目前這些業務全部都受限於供給，我們看到的需求遠遠超過我們的供應能力。

So we're working hand over fist in most cases. We are seeing a little bit of softness in the consumer IoT space. I think we talked about that. But certainly, in the other markets, we are supply constrained at this point. And so we're going to look to try and get as much supply as we can.

所以在多數情況下我們正全力以赴。我們在消費性 IoT 領域確實看到一些疲軟。我想我們也談過這點。但可以肯定的是，在其他市場，我們目前都受到供給限制。因此我們會設法爭取盡可能多的供應量。

Got it. Yes. If I may just follow up to that. I understand that broad market supply shortfall was part of a challenge in the past. It sounds like that narrowed a little bit in September. If you could just double-click on that a bit, Phil, with respect to your ability to procure more wafers or substrates or test capacity and what you can do to further attack the demand opportunity for you for broad markets.

了解。如果可以的話，我想就此追問一下。我理解過去廣泛市場的供給缺口曾是一項挑戰。聽起來在 9 月有所收斂一些。Phil，你能否就此再深入說明一下：在取得更多晶圓、基板或測試產能方面，你們的能力如何？以及你們能做些什麼來進一步把握廣泛市場的需求機會？

Yes. I think you're right to call it out. And certainly, in the September quarter, we did a good job on the -- we picked up -- we were able to secure some additional supply to our customers. And certainly, our data center business grew, I think, 90% year-over-year from that perspective. So that continues to grow really well, both the timing and the power products.

是的。我想你指出得沒錯。而且在 9 月季度，我們在——我們確實做得不錯——我們爭取到——我們得以為客戶取得一些額外供應。從這個角度來看，我們的資料中心業務年增大約 90%。因此該業務持續表現非常好，無論是時序產品或電源產品。

That continues to be an area we continue to work towards, right? And I kind of mentioned we've -- it's a tight market out there, and we're working hard to do it. It's something we're spending -- our operations team are spending a lot of time focused on for obvious reasons.

這仍然是我們持續努力推進的領域，對吧？我也提到過——外部市場供應仍然吃緊，我們正努力達成。出於顯而易見的原因，這也是我們營運團隊投入大量時間聚焦的事項。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Phil, I'll start with you, and it's a longer-term question. Can you just frame up how you look at the longer-term growth model for mid- to high single-digit revenue growth? And just talk about what you would expect the contribution to be from smartphone and then with diversified growth, are we sustaining these attractive double-digit growth rates? Or could you even see them accelerate?

Phil，我先從你開始，這是一個偏長期的問題。你能否說明一下，你如何看待「中至高個位數營收成長」的長期成長模型？並談談你預期智慧型手機的貢獻會是什麼；另外在多元化成長方面，我們是否能維持這些具吸引力的雙位數成長率？或者你甚至認為它們可能加速？

Yes. Thanks for asking the question. If you look at that the company as we break it out, and we've kind of tried to be clear about that. We've got the smartphone space, which has continued to be a major part of the business. We feel good about our expanded content position there.

好的，謝謝你的提問。如果你看我們拆分後的公司結構，我們也一直嘗試把這點說清楚。我們有智慧型手機業務，這一直是業務的重要組成。我們對於在那裡擴大的內容（content）布局感到樂觀。

We've got full access to the RF front-end stack now, and we really should be driving more stability there. I think that's one of the things we're trying to really get there is less variability per device. We're going to weight that -- those investments towards the premium segment where our content matters the most. We have more content opportunities there. We're trying to grab some stability there.

我們現在已能完整取得 RF 前端（RF front-end）堆疊，這確實應該能帶來更高的穩定性。我想我們真正想達成的一點是：每台裝置的波動性更小。我們會把——那些投資——更偏向高階（premium）區隔，因為我們的內容在那裡最重要。我們在那裡有更多內容機會。我們希望在那裡取得一些穩定性。

So that's going to be -- the focus of that business is really kind of around stability. We see content opportunities as we head into the 5G advanced in the 6G marketplace as more bands, more filters, more capabilities come in place. But long-term, we see that as kind of a low single-digit grower just based on the size and the scope of that. That's kind of what we're planning. So that really represents premium growth RF content opportunities, offset by normal integration, price compression, right, things you get normal.

所以該業務的重點大致會放在穩定性上。隨著我們邁向 5G Advanced 與 6G 市場，會有更多頻段、更多濾波器、更多能力到位，我們也看到內容機會。但長期來看，基於其規模與範疇，我們認為它大致會是低個位數成長。這是我們的規劃方向。因此，這主要代表高階成長的 RF 內容機會，並由正常的整合、價格下壓等常態因素所抵銷，對吧，這些都是一般會出現的。

So that's kind of how we see that. The diversified growth markets really have got four major pillars under there, right? We talked about the Physical AI and Connected Edge, right, which is the biggest part of that business now, really exposed to things like Wi-Fi, which is a good growth segment for us. You're seeing expanded areas in industrial and automation.

這大致就是我們的看法。多元化成長市場在其下其實有四大支柱，對吧？我們談到實體 AI 與連網邊緣（Connected Edge），這現在是該業務中最大的一部分，並且實際上與 Wi‑Fi 等領域高度相關，而這對我們而言是很好的成長區隔。你也看到工業與自動化領域正在擴展。

Defense is a new part for us. That's really a supply constrained area from that side. And I think that it's a state of the world where that type of technology will continue to be a major part there. Data center is our fastest-growing segment from that point; we don't see any slowdown in that segment. That's going to be supply constrained as well.

國防對我們而言是新的部分。從那一端來看，這也是一個受供給限制的領域。我認為在目前的世界局勢下，這類技術將持續成為其中的重要組成。資料中心是我們成長最快的區隔；我們不認為該區隔會有任何放緩。那也同樣會受到供給限制。

And we seem to be in the sweet spot in automotive with respect to connectivity, infotainment, electric vehicle charging and things like that. So we feel good about our portfolio of businesses, and we think that supports the growth outlook there. And frankly, we're going to be working hard to try and beat that. But I think I feel comfortable about that growth outlook now.

而在汽車方面，就連線、資訊娛樂系統（infotainment）、電動車充電等領域而言，我們似乎正處於甜蜜點。因此我們對自身的業務組合感到有信心，也認為這能支撐我們的成長展望。坦白說，我們會努力嘗試超越這個目標。但我認為我現在對這個成長展望感到踏實。

That's great. And then the follow-up is either for you or Phil Carter, help us understand how you see the path to the 50% to 55% gross margin level. How much is the contribution from volume, how much from mix, how much from some of the cost savings that come into the model in the latter part of the synergies capture period?

太好了。接下來的追問是給你或 Phil Carter：請幫我們理解你們如何看待達到 50% 到 55% 毛利率水準的路徑。其中有多少貢獻來自出貨量，有多少來自產品組合（mix），又有多少來自在協同效益捕捉期後段納入模型的一些成本節省？

Yes, I'll start and then Phil Carter can jump in here a little bit. I mean I think it's a combination of all those things. I think you're going to see us -- I think some of what you're going to see is as we continue to grow the diversified growth markets faster than the smartphone segment, you're going to see good mix, which should help lift that over time. You're also going to see some of the effects of the factory consolidations and some of the other things we're going to do over time. So I would say it's a mix of all those things.

是的，我先回答，然後 Phil Carter 也可以補充一下。我的意思是，我認為這是上述所有因素的綜合。我想你們會看到我們——我認為你們將看到的一部分是，隨著我們持續讓多元化成長市場的成長速度快於智慧型手機業務，你們會看到良好的產品組合，這應該會隨時間推升毛利率。你們也會看到工廠整併以及我們隨時間推進的其他措施所帶來的一些效果。所以我會說，這是所有這些因素的組合。

We have some non -- some headcount-related actions we'll take in that space as well. I will say to point out, I mean, it is an inflationary environment, as I mentioned in the report. So we do have some headwinds we're fighting against there that we're going to continue to work to mitigate. But that's kind of we see it. I don't know, Carter, do you want to.

我們在那個領域也會採取一些非——一些與人力編制相關的行動。我也要指出，如我在報告中提到的，這是一個通膨環境。因此我們確實面臨一些逆風，我們會持續努力加以緩解。但大致上我們就是這樣看待的。我不知道，Carter，你要不要補充。

Yes. No, that's exactly right. I think the last thing I would mention, just within the smartphone space, we are seeing a better mix shift towards the premium devices, right, as you kind of see a decline in the -- our intentional exit of the lower-end Android space. So yes, that captures it.

是的。不，完全正確。我想我最後要提的一點是，就智慧型手機領域而言，我們看到產品組合更偏向高階機種的更佳轉移，對吧，因為你們也看到——我們有意退出較低端的 Android 市場，導致那部分下滑。所以是的，這就涵蓋了。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I have like two questions, short-term and long-term. My first question is more short-term is congrats on closing the deal.

我有兩個問題，一個短期、一個長期。第一個比較偏短期：恭喜完成交易。

It looks like your largest customer; they decided to award RF content in calendar first quarter. And since the deal just closed a month ago, but they're probably aware of this deal, I'm just wondering, does it change their content award process this time given you are a bigger, much larger scale RF supplier? How to think about it going forward? And then I have a longer-term question.

看起來你們最大的客戶在日曆年第一季決定授予 RF 內容。由於交易是一個月前才完成，但他們可能已經知道這筆交易，我想問的是：鑑於你們現在是規模更大、體量大得多的 RF 供應商，這次他們的內容授予流程會不會因此改變？未來應該如何看待？然後我還有一個較長期的問題。

Yes, this is Phil. I'll take that. No, I don't expect their award process to change. I do think we're obviously a larger provider for them now, but I'm not expecting our largest customer to change anything with respect to what they do. For us, it remains to be a highly competitive market.

是的，我是 Phil。我來回答。不，我不預期他們的授予流程會改變。我確實認為我們現在顯然是他們更大的供應商，但我不預期我們最大的客戶會在他們的作法上做任何改變。對我們而言，這仍然是一個高度競爭的市場。

I expect that to remain to be so, and we're just going to have to continue to execute and deliver. I would -- I guess I would say one thing with respect to that just because of the different portfolio of products that we have, the seasonality may be a little different than what we've seen in the past just because of where some of those products are loaded.

我預期仍會如此，而我們只能持續執行並交付成果。我——我想就這點補充一句：由於我們的產品組合不同，季節性可能會與過去看到的略有不同，因為某些產品的導入時點不同。

So I think that historically, we'll try and do a better job of kind of talking about seasonality patterns going forward because I think there's some -- a little bit of variability from what we've seen in the past just based on that.

所以我認為，往後我們會嘗試更好地說明季節性模式，因為相較於過去，基於這些因素可能會有一些——些微的變動。

And then I think just to reiterate, the fact we've got more content per device now really should lead to less volatility because we've got, right, more stability going forward and less single socket volatility, which is really what we're trying to drive towards.

另外再重申一次，現在我們每台裝置的內容（content）更多，理論上應該會降低波動性，因為我們有——對吧——更高的穩定性，未來也會減少單一插槽（single socket）的波動，而這正是我們想要推動的方向。

Got it. Super helpful. And then a longer-term question. I think you spoke about the $150 million in synergies in fiscal '27, $250 million, $300 million exit run rate. I'm just kind of curious how to think about those synergies? How is it spread between COGS and OpEx? And how does the rationalization of the manufacturing footprint come into a factor for that?

了解。非常有幫助。接著是較長期的問題。我想你們提到在 2027 財年有 1.5 億美元的協同效益，以及 2.5 億到 3 億美元的退出（exit）年化運行率。我想了解應該如何看待這些協同效益？在銷貨成本（COGS）與營運費用（OpEx）之間如何分配？製造據點的合理化（rationalization）在其中扮演什麼角色？

Yes. I think we mentioned about two-third of the total $500 million will be OpEx related, about one-third will be COGS related. And when you think about the OpEx side, we commented in the prepared remarks, the IT integration system, the HR system is already done. A lot of that is timed to getting us IT milestones, which will happen in the first part of '27 as we combine and consolidate our ERP systems and things like that.

是的。我想我們提到過，總計 5 億美元中約三分之二與 OpEx 相關，約三分之一與 COGS 相關。談到 OpEx 端，我們在事先準備的講稿中也提到，IT 整合系統、HR 系統已經完成。其中很多是配合我們的 IT 里程碑時程，這些會在 2027 年上半年發生，因為我們會合併並整併 ERP 系統等。

So I would -- on the OpEx side, I expect things like SG&A to come first, R&D to come later and then COGS will start to work right away. But most of the COGS benefit will come near the tail end of the period as we talk about factory consolidation and things like that.

所以我會——在 OpEx 端，我預期像是銷售、一般及行政費用（SG&A）會先出現，研發（R&D）會較晚出現；而 COGS 會立刻開始發揮作用。但大部分的 COGS 效益會在期間尾端才會顯現，因為我們談到工廠整併等事項。

Joe Moore, Morgan Stanley.

Joe Moore，Morgan Stanley。

This is Ella on the line for Joe. Now that you're one company and with the dividend eliminated last quarter -- how are you thinking about capital allocation between buybacks, deleveraging, and strategic M&A?

我是 Ella，代 Joe 上線提問。現在你們已經是一家公司，而且上季取消了股利——你們如何在庫藏股回購、去槓桿（deleveraging）以及策略性併購（M&A）之間思考資本配置？

Yes. I would say we're definitely maintaining our flexibility. We have a bias towards share buybacks. But with the acquisition financing, we also want to build up a cash balance as we look forward. And we're going to be disciplined around accretive M&A that does grow gross margins and diversify the base.

是的。我會說我們肯定會維持彈性。我們偏好進行股票回購。但考量到併購融資，我們也希望在展望未來時建立更高的現金水位。同時，我們會在能帶來增益（accretive）的併購上保持紀律，這些併購必須能提升毛利率並讓營收基礎更多元。

But yes, we are maintaining some level of flexibility. We are -- we were glad to see that we got an investment-grade upgrade from Moody's to Baa3 and Fitch moved us to a stable. So good to see that. But yes, maintain some level of flexibility as we move forward.

但沒錯，我們會維持一定程度的彈性。我們——我們很高興看到穆迪（Moody's）將我們上調至投資等級 Baa3，Fitch 也將我們調整為穩定展望。所以看到這點很好。但沒錯，隨著我們往前走，會維持一定程度的彈性。

Great. And then for my second question, just at a high level, if we look out two or three years, what does success look like for the combined company? And what milestones should we be watching along the way?

很好。那我的第二個問題是，從較高層次來看，如果我們把時間拉到兩到三年後，合併後公司的成功會是什麼樣子？沿途我們應該關注哪些里程碑？

Yes. Thanks. I think as we look at two to three years, I'd expect investors to say we've achieved delivering on those synergies at that run rate. I think I would expect to see our diversified growth markets continue to grow faster than cell -- faster in our smartphone business, resulting in better diversification of our businesses from that side. And I think we should be on track towards hitting our business model target, 50%, 55% gross margin, 30%, 35% operating margin and 35% to 40% adjusted EBITDA margin.

是的，謝謝。我想在兩到三年的時間尺度上，我預期投資人會說我們已經以那個年化運行率達成並交付了協同效益。我也預期會看到我們的多元化成長市場持續以快於——快於我們智慧型手機業務的速度成長，從而在那一端帶來更好的業務多元化。而且我認為我們應該正走在達成商業模式目標的軌道上：50% 到 55% 的毛利率、30% 到 35% 的營業利益率，以及 35% 到 40% 的調整後 EBITDA 利潤率。

So a more diversified company, attractive growth segments, great financial profile, synergies realized off to the races.

也就是一家更多元化的公司、具吸引力的成長領域、優異的財務體質、協同效益落地，然後全速前進。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you could maybe speak to your customers' inventory levels, both your largest customer and then the broader Android market. And maybe kind of give us a sense about what your expectation is preliminarily around how the smartphone revenue in the March quarter might trend?

我想請問您是否可以談談客戶的庫存水位，包含你們最大的客戶以及更廣泛的 Android 市場。另外，也請您初步分享一下，您對 3 月季度智慧型手機營收走勢的預期大概會是如何？

Yes. Jim, this is Phil Carter. Yes, we generally only guide one quarter at a time. But as we look at the current quarter, we're kind of tracking to what we were expecting even at the end of last quarter in terms of our Apple revenue. We're seeing sequential growth with our largest customer at Skyworks stand-alone.

好的。Jim，我是 Phil Carter。是的，我們一般只針對單一季度提供指引。不過就目前這一季來看，就我們的 Apple 營收而言，進度大致符合我們在上一季末時的預期。我們看到在 Skyworks 單體（stand-alone）情況下，來自最大客戶的營收呈現季增。

So really no change in terms of what we're seeing in the marketplace for our largest customer in terms of units and volume. But yes, that's what I would say with that one.

所以就我們最大客戶在出貨單位數與量的面向來看，市場上我們所看到的狀況其實沒有變化。是的，這就是我對那一塊的看法。

Great. And then maybe just a little bit of color. I mean, clearly, the consumer electronics end market is softer for all the reasons I think we know. Can you maybe talk about the consumer IoT part of the broader diversified business? And maybe how much of a headwind that represented in the quarter or in the guidance?

很好。那再請您補充一點細節。我的意思是，很明顯地，消費性電子終端市場因為我們都知道的各種原因而轉弱。您能否談談更廣泛多元化業務中的消費型 IoT 部分？以及它在本季或在指引中造成了多大的逆風？

I don't think we're going down to that level of detail. I think, Jim, you've kind of -- if we look at that physical AI and Connected Edge kind of segment, and we looked at that there. I mean the Wi-Fi part continues to grow really well from that side. That continues to grow well. That's offset by other sorts of stuff you've got in there.

我想我們不會細到那個層級。我想，Jim，你其實已經——如果我們看「實體 AI 與 Connected Edge」那個分部，我們在那裡已經談過。我的意思是，Wi‑Fi 這一塊持續成長得非常好。這部分持續表現良好。但同時也被你們在那裡看到的其他一些項目所抵銷。

Pads and just other sort of consumer devices, consumer-focused Wi-Fi access points, things like that. So it's a lot of various stuff in there that I think goes on. But I think our Wi-Fi continues to grow well, and that's other softness stuff.

像是平板，以及其他各式各樣的消費裝置、以消費者為主的 Wi‑Fi 無線基地台（access points）之類的。所以裡面其實有很多不同的東西在發生。但我認為我們的 Wi‑Fi 仍持續成長良好，而其他部分則相對疲弱。

Yes. This is Raji. Just to add to that. So just on a stand-alone basis for Skyworks. So we ended the year in our broad markets business growing 10% year-over-year despite the softness in the consumer IoT.

是的。我是 Raji，補充一下。就 Skyworks 單體（stand-alone）來看。我們在消費型 IoT 走弱的情況下，年度結束時我們的廣泛市場（broad markets）業務仍年增 10%。

Our growth engines, whether it's Wi-Fi, data center, automotive are growing north of 25% year-over-year. So we're seeing a lot of growth in those markets. And as we look together as a combined entity, we're confident in the long-term growth rate in diversified growth markets driven by defense, data center and automotive. So we're excited about the growth trajectory in that business.

我們的成長引擎，不論是 Wi‑Fi、資料中心、車用，年增率都超過 25%。所以我們在那些市場看到很多成長。而當我們以合併後的整體來看，我們對由國防、資料中心與車用所驅動的多元成長市場之長期成長率很有信心。因此我們對該業務的成長軌跡感到振奮。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

Based on your report, it looks like for [Steno] and Skyworks, your largest customer is down about 12% per year. If we subtract broad markets, it could be a little bit better than that, like 10% or so, which is interesting because units year-over-year because of the staggered release is down substantially more than that. So it seems to suggest that maybe your content is a little bit better this year on the models that were released last year. I'm just trying to get clarity on that. And given the fact that you are seeing a different release schedule, this would suggest -- I know you don't guide to March, but why shouldn't I expect that you should do better than seasonal for the March period, at least in your largest customer?

根據你們的報告，看起來對於 [Steno] 和 Skyworks，你們最大的客戶年減大約 12%。如果把 broad markets 扣掉，可能會稍微好一些，大概年減 10% 左右；這很有意思，因為由於錯開發布（staggered release），單位數的年減幅度其實大得多。所以這似乎暗示，你們在去年發布的機型上，今年的單機內容（content）可能更好一些。我只是想釐清這點。另外，考量你們看到不同的發布時程，這也意味著——我知道你們不對 3 月季度提供指引——但為什麼我不應該預期你們在 3 月期間至少在最大客戶那邊會優於季節性表現？

Yes, Ed, I think -- I appreciate the question, and I'm sure you appreciate the subtlety of my answer, right? It's difficult -- we can't really comment on individual SKUs. I think we stand by what we said before in terms of content and content mix. The guide reflects what we think about in the current quarter. As you know, depending on how particular models ship and sell and when that things go, then that's how that's going to work.

是的，Ed，我想——謝謝你的問題，我也相信你能理解我回答中的微妙之處，對吧？這很難——我們無法對個別 SKU 發表評論。我想我們仍維持先前對內容（content）與內容組合（content mix）的說法。我們的指引反映的是我們對當前季度的看法。如你所知，取決於特定機型的出貨與銷售情況，以及發生的時間點，結果就會是那樣。

Our guide reflects what we believe for the quarter, and we'll continue to kind of do that going forward. We just can't really comment on how models are particularly going to go or individual SKUs and how that is. We just can't comment on that.

我們的指引反映我們對本季度的判斷，之後也會持續以同樣方式進行。我們確實無法評論特定機型的表現走向，或個別 SKU 的狀況與影響。我們就是無法對此置評。

Okay. Okay. But in the last couple of quarters, you said that you expect it to be relatively flat on the fiscal year, correct? Do I have that correct?

好的。好的。不過在過去幾個季度，你們曾說過你們預期在整個會計年度會相對持平，對嗎？我理解正確嗎？

Yes.

是的。

Okay. And so given all that's going on in the space, you seem to be doing better than that at this stage. So I'm just saying you're not varying your guidance for the fiscal year yet. We're just going to have to see how results play out. Is that kind of what we should see?

好的。那麼在這個領域發生這麼多事情的情況下，你們目前看起來表現比那個預期更好。所以我只是想確認：你們目前還沒有要調整對整個會計年度的指引。我們只能看結果如何發展。這就是我們應該理解的方向嗎？

Yes. And I think that's fair. Look, there's a lot of turbulence. You know there's just a lot of turbulence in the market on this topic. And I think we're just trying to guide one quarter at a time. We feel good about our position. We feel confident about our technology base. We've got great feedback, and we'll just continue to put one foot in front of the other, guide one quarter at a time.

是的。我想這樣理解是合理的。你看，市場上有很多動盪。你也知道，針對這個議題市場確實非常動盪。而我們只是試著一次只針對一個季度提供指引。我們對自身的定位感到樂觀。我們對我們的技術基礎很有信心。我們收到很好的回饋，我們會持續一步一步往前走，一次只針對一個季度提供指引。

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，RBC Capital Markets。

And let me echo my congrats on closing the deal. So one question on the gross margin side. When it comes to your internal factories now that it's a combined entity, can you give us some idea what the utilization levels are and where you see that going? And along the same lines, you talked about supply tightness and cost inflation. Any thoughts on kind of passing through some of those cost increases, especially in your faster-growing markets?

也讓我附和一下，恭喜你們完成交易。我有一個關於毛利率的問題。就你們內部工廠而言，現在成為合併後的單一實體，你們能否提供一些產能利用率（utilization levels）目前大概是多少，以及你們認為接下來會往哪個方向走？同樣地，你們提到供應吃緊與成本通膨。對於把部分成本上升轉嫁出去（pass through），你們有什麼想法嗎？特別是在成長較快的市場。

Yes. So as you can imagine, as two separate companies, you can only optimize your footprint so much. But as a single combined company, we can do much, much more in terms of looking at the technology, getting into a smaller footprint, and increasing utilization. So we're going through that process now. As Phil mentioned on the remarks, it takes longer to consolidate factory footprints and look at the technology and merge those together.

是的。所以如你所想像，當兩家公司各自獨立時，你能優化的製造版圖（footprint）其實有限。但作為合併後的單一公司，我們在檢視技術、縮小製造版圖，以及提高產能利用率方面，可以做得多得多。所以我們現在正在進行這個流程。如 Phil 在談話中提到的，整併工廠版圖、檢視技術並把它們合併在一起，需要更長的時間。

In terms of passing on costs, Phil talked about the cost headwinds. We're seeing that continue. In the diversified space, we're able to pass that on more quickly and over time. In the kind of handset smartphone space, it's a little bit more challenging because those are kind of annual contracts and sometimes two-year things.

至於成本轉嫁，Phil 談到成本逆風。我們看到這種情況仍在持續。在多元化領域（diversified space），我們能更快、並且隨時間逐步把成本轉嫁出去。在手機智慧型手機領域則比較具挑戰，因為那通常是年度合約，有時甚至是兩年期的安排。

And so it's a little bit tougher in that market to pass on those costs. And we are continuing to see those kind of cost headwinds come quarter after quarter. But yes, we have, as Phil mentioned, kind of entered into some deposits and prepays to some of our vendors to lock in cost and secure capacity to reduce some of those shortages and headwinds there as well. So that's the action we're taking today.

因此，在那個市場要把這些成本轉嫁出去會比較困難。而且我們持續看到這類成本逆風一季接著一季出現。不過是的，正如 Phil 提到的，我們已經與部分供應商進行了一些押金與預付款，以鎖定成本並確保產能，從而也能減輕部分短缺與逆風。所以這就是我們目前採取的行動。

And then my follow-up on the Android. Obviously, it's weak. It's well known. Qorvo was exiting some of the lower-end Android. I'm just curious where in that process we are?

接著我想追問一下 Android。顯然，它很疲弱。這點眾所周知。Qorvo 正在退出部分低階 Android。我只是好奇我們目前在這個進程中的哪個階段？

And maybe if you could kind of qualitatively talk about what percent of your sales roughly is Android now in terms of mobile? And then where do you see the Android business bottoming if Qorvo is still in the process of exiting that business -- the low end of that business, sorry?

另外，如果你能從定性角度談談，就行動裝置而言，你們目前銷售中 Android 大約占比多少？以及如果 Qorvo 仍在退出該業務——抱歉，是退出該業務的低階部分——你認為 Android 業務會在什麼水準觸底？

Yes. Yes, that's a great question. Yes. So as we look at the Android business and specifically, when we look at the Qorvo business, we guided down Qorvo 17%. Without the extra week, it was down 10%.

是的。是的，這是個很好的問題。是的。所以當我們看 Android 業務，特別是看 Qorvo 業務時，我們指引 Qorvo 下滑 17%。如果不計多出來的那一週，則下滑 10%。

And within that, the Android business is down over 20% sequentially, right? So we are seeing a reduction in the Android business. As we look into '27, with what we can see today, it does seem like we could be getting to a bottom in the Android space.

而在其中，Android 業務按季下滑超過 20%，對吧？所以我們確實看到 Android 業務在縮減。展望到 '27 年，以我們今天能看到的情況來看，Android 領域似乎可能正在接近觸底。

And looking forward, it should represent less than 10% of our overall kind of smartphone business. So we do think that we have visibility in that kind of bottoming over the next -- this coming fiscal year, and that's -- it's going to become a smaller and smaller portion of our revenue. So --

而往前看，它在我們整體智慧型手機業務中的占比應會低於 10%。因此我們確實認為，對於在接下來——也就是即將到來的這個會計年度——的觸底走勢，我們有一定能見度，而且它將在我們營收中占比愈來愈小。所以——

Tom O'Malley, Barclays.

Barclays 的 Tom O'Malley。

This is Kyle Bleustein on for Tom O'Malley. I just wanted to double click on some of the gross margin targets that were kind of laid out there. You guys are guiding for pretty significant expansion to that 50% to 55% range. And when I think about the overall market, there's a lot of cost increases and different pressure from memory. So I just wanted to see, in the short-term, can you maybe comment on how you see gross margin in fiscal year '27 with some of those pressures that are out there in the market?

我是代替 Tom O'Malley 的 Kyle Bleustein。我想再深入追問一下你們剛才提出的一些毛利率目標。你們指引毛利率將顯著擴張到 50% 到 55% 的區間。而當我看整體市場時，成本上升很多，記憶體也帶來不同的壓力。所以我想請教，短期內，面對市場上這些壓力，你們如何看待 '27 會計年度的毛利率走勢？

Yes. So I'd say, as Phil mentioned previously, the earlier part of fiscal '27, we give one quarter at a time, but high level, I would say the earlier part of '27, because the costs come in early and the price increases come in later in the fiscal year, the earlier part will have lower margins, but we'll start to see that expand as we move through fiscal '27.

是的。所以我會說，正如 Phil 先前提到的，'27 會計年度前半段——我們一次只給一季的指引——但從高層次來看，我會說 '27 年前半段，因為成本會先進來，而漲價會在會計年度後段才反映，所以前半段毛利率會較低，但隨著我們走過 '27 會計年度，我們會開始看到毛利率擴張。

Separate from that, the mix shift between, as we just mentioned, the lower-end Android business and the rest of the smartphone business, that mix shift will continue throughout the year. In addition, the diversified business, which is above corporate average in gross margin, will continue to expand at the low double-digit kind of rate over time. And so that combination will increase our margins.

此外，正如我們剛才提到的，低階 Android 業務與其餘智慧型手機業務之間的產品組合轉移，將在全年持續發生。另外，多元化業務的毛利率高於公司平均，且將隨時間以低雙位數的速度持續成長。因此，這些因素的組合將提升我們的毛利率。

And then the synergy realization as you kind of exit this year going into the 2028 and beyond, you'll start to see those actually improve our gross margin as well, and that's how we get to our 50% to 55% gross margin targets.

再者，當你們在今年結束、進入 2028 年及之後，協同效益的實現也會開始實際改善我們的毛利率，而這就是我們如何達成 50% 到 55% 毛利率目標的方式。

And then for my follow-up, I think you guys made a comment earlier on the call that content per device is coming up. I just wanted to check -- is that pro forma for the consolidated entity? So when you add Skyworks and Qorvo together, is content going up outside of just the base combination of what you have today and just layering on that when you think about some of the comments you made on 5G Advanced do you -- when does that layer in what could the size of that content increase be?

接著我的追問是，我記得你們在電話會議前面提到，每台裝置的內容價值（content per device）正在提升。我想確認一下——這是以合併後實體的備考（pro forma）口徑來看嗎？也就是把 Skyworks 和 Qorvo 加在一起後，除了目前既有組合的單純相加之外，內容價值是否還會進一步上升？另外，當你們談到 5G Advanced 的一些評論時——那會在什麼時候疊加進來？內容價值增加的幅度可能有多大？

Well, I think our overall SAM kind of increases because we've added new capabilities, right, and tuners, PMIC products that we don't have today. So our SAM per device has gone up, and therefore, our content naturally has gone up as well.

嗯，我認為我們整體的 SAM 會增加，因為我們新增了新的能力，對吧？像是我們目前沒有的調諧器（tuners）與 PMIC 產品。所以我們每台裝置的 SAM 提高了，因此我們的內容價值也自然隨之提高。

Going forward, I would say, for the first time in years or as we start to see, we've got a tailwind of content coming with more transmit bands, more receive bands, more satellite bands, more power devices. So we see a tailwind of content, more filters that we haven't seen in the past. Now that's offset by integration, competitive dynamics, and things like that.

往前看，我會說，多年來第一次，或是當我們開始看到時，我們會有內容價值的順風，因為會有更多發射頻段、更多接收頻段、更多衛星頻段、更多功率元件。所以我們看到內容價值的順風，還有更多我們過去沒看到的濾波器。當然，這會被整合、競爭動態等因素所抵銷。

Like we need to execute to deliver that, but that's kind of how we see that going forward. And I think the other part is because we've got more sockets per device, the single socket variability should go down a lot, which should provide some more stability for that business, which I think is just really important.

我們需要執行到位才能交付這些，但這大致就是我們對未來的看法。而我認為另一個部分是，因為我們每台裝置有更多插槽（sockets），單一插槽的波動性應該會大幅下降，這將為該業務帶來更多穩定性，我認為這非常重要。

Vivek Arya of Bank of America.

美國銀行（Bank of America）的 Vivek Arya。

This is Liam on for Vivek. So you talked about opportunities with the combined company, but I was wondering if you could elaborate more on the specific opportunities that you're most excited about in both iOS and Android and where you see the most upside relative to each.

我是代替 Vivek 的 Liam。你們談到合併公司帶來的機會，但我想請你們更具體說明一下，在 iOS 與 Android 兩邊，你們最感到興奮的具體機會是哪些？以及相較於各自的基準情境，你們認為哪一邊的上行空間最大？

Well, one of my -- one of the things I guess we -- just a couple of weeks ago, we had the opportunity to bring some of our -- the best and brightest engineers from both sides. These are areas that we weren't really able to talk about during the pendency period for obvious reasons, right? For the first time, we brought the best engineers together. And I got to tell you; I was just really excited about the energy in the room. I mean I think that -- we've got some of the broadest, if not the broadest RF talent in the industry, period.

嗯，其中一個——我想我們——就在幾週前，我們有機會把雙方一些最優秀、最傑出的工程師聚在一起。由於顯而易見的原因，在等待期（pendency period）期間，這些領域我們其實不太能談，對吧？這是第一次，我們把最好的工程師聚在一起。我得說，我對現場的能量感到非常興奮。我的意思是，我認為——我們擁有業界最廣泛、即便不是最廣泛的 RF 人才，毫無疑問。

And we now have the ability to have the entire RF signal chain. So I'm really looking forward to the opportunities that we could do to deliver more fulsome solutions to our customers. And I think it's early days. That's something that we haven't really talked about in terms of, let's call it, product synergy, upside synergy, revenue synergies, right? Those are -- we've really underwritten this deal on, frankly, cost synergies.

而且我們現在有能力涵蓋完整的 RF 訊號鏈。所以我非常期待我們能把握機會，為客戶提供更完整的解決方案。我認為現在還在早期階段。這也是我們在所謂產品協同、上行協同、營收協同等方面，還沒有真正談很多的部分，對吧？坦白說，我們對這筆交易的承作（underwrite）主要是基於成本協同。

And I'm really excited to see what the engineers are going to come up with from that side. And then we've got the same opportunity on the growth -- on the diversified growth market side. I imagine there's some other products we can expand in the defense and aerospace side; how can we expand that portfolio there. So I think there's a number of opportunities. It's early days.

我非常期待看看工程師們在那一端會提出什麼成果。然後在成長面——在多元化成長市場那一端——我們也有同樣的機會。我想在國防與航太領域，我們還能擴展一些其他產品；我們要如何在那裡擴充產品組合。所以我認為有很多機會。現在還在早期階段。

And honestly, I don't want to get ahead of our skis in talking about that because I want to let the engineers go through a cycle of innovation and get some feedback from customers. But I would say, early days, I'm incredibly optimistic about what can come out of that.

老實說，我不想在談到這件事時操之過急，因為我希望讓工程師先走完一個創新週期，並從客戶那裡取得一些回饋。但我會說，在早期階段，我對於最終能產出什麼感到非常樂觀。

Awesome. And then given your largest customer's recent long-term agreement with a competitor, is your addressable TAM there in the near to medium term, still the same now that -- RF front-end stack? And are there any sockets that combined company could compete for that Skyworks couldn't separately or Qorvo couldn't separately now you guys are combined?

太棒了。那麼，鑑於你們最大客戶近期與競爭對手簽訂了長期協議，你們在短到中期內可觸及的 TAM（總可服務市場）是否仍然相同——也就是 RF 前端堆疊？另外，現在你們合併後，是否有任何插槽（sockets）是合併公司可以競爭、但 Skyworks 單獨無法競爭或 Qorvo 單獨無法競爭的？

I think we view that this is a little bit related to the kind of the dynamic that came before. I mean that business is always going to be a hypercompetitive business. There continues to be a competitive environment there. Obviously, with the competitive environment has changed a little bit the number of suppliers in the space. However, it remains to be a competitive environment, and we still need to execute and deliver.

我認為我們看待這件事，多少與先前那種動態有點相關。我的意思是，那個業務永遠都會是高度競爭的業務。那裡仍然存在競爭環境。顯然，隨著競爭環境的變化，該領域的供應商數量也稍有改變。不過，它仍然是一個競爭環境，而我們仍需要執行到位並交付成果。

And our customer -- that largest customer is not going to just hand this business because all of a sudden, we're combined, right? We need to continue to earn it and earn it every single day, and we've got thousands of people that are working hard to do that.

而且我們的客戶——那個最大客戶——不會因為我們突然合併了，就把這門生意交給我們，對吧？我們必須持續去贏得它，而且每天都要贏得它；我們有成千上萬的人正在努力做到這一點。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Congrats on closing this. I guess my first question is, it's been a while since Qorvo has kind of been in limbo as you've been in regulatory. Just the asset that you thought you were buying and the puts and takes since it's actually sat in limbo, which parts of the business maybe have gotten a little better and which maybe have gotten a little worse during that time just since we haven't got any Qorvo updates over that time?

恭喜完成交割。我想我的第一個問題是，Qorvo 在監管審查期間處於不確定狀態已經有一段時間了。就你們原本以為要買到的資產，以及在實際處於不確定狀態期間的各種利弊取捨而言，這段時間裡業務的哪些部分可能變得更好、哪些部分可能變得更差？因為這段期間我們沒有收到任何 Qorvo 的更新。

Yes, I'll take a high-level view of that. And I'm not going to characterize necessarily as better or worse. I'll just say kind of what we see. I mean, obviously, there's been some things. I think in general, as we look, it's been a little bit more than -- a little less than a month now, I guess.

是的，我會從較高層次來看這件事。我不一定會把它描述為更好或更差。我只會說說我們看到的情況。我的意思是，顯然發生了一些事情。我想整體來看，從現在回頭看，大概已經稍微超過——或說不到一個月吧，我猜。

Most excited about the defense and aerospace side. I think that's super exciting. Most excited about the combination on the RF side for smartphones in terms of what we can do together there. I think that's really good and a lot of interesting opportunities there. And we know there's some things to do there because in another major customer, we have more of the RF signal chain. So we know there's system stuff of thing we can do. So I'm excited about that.

最讓我興奮的是國防與航太那一塊。我覺得那非常令人振奮。我也最期待在智慧型手機 RF 端的整合，看看我們能一起做到什麼。我認為那真的很好，而且有很多有趣的機會。我們也知道那裡還有一些事情可以做，因為在另一個主要客戶那邊，我們掌握了更多 RF 訊號鏈。所以我們知道在系統層面有一些事情可以做。所以我對此感到興奮。

I think one of the other areas, right, if you look, one of the other things that's happened is that since, I guess, we announced the deal, less -- a little over a year ago now, right, the Android market has changed pretty substantially, right? The memory shortages, the Android market. There's just been a lot of turbulence in that space. And that's been pretty well talked about for many years. So I would say that we've seen an increased deceleration in that part of the business, which ultimately isn't bad.

我想另外一個領域，對吧，如果你看，自從——我猜我們宣布這筆交易以來，距今不到——或說稍微超過一年了，對吧——Android 市場已經出現相當大的變化，對吧？記憶體短缺、Android 市場。那個領域一直有很多動盪。而且這在很多年來都被充分討論過。所以我會說，我們看到那部分業務的減速幅度進一步加大，而這最終其實不算壞事。

Actually, it's a richer mix of business. So I don't mind the switch. It's just -- as a matter of fact, I probably like it. It's just more about a change in dynamics, right? So that's what I would say.

實際上，這帶來的是更優質的業務組合。所以我不介意這個轉換。事實上，我可能還滿喜歡的。這更多是動態的改變，對吧？所以我會這麼說。

Excellent. And then just getting a little bit into the modeling nitty-gritty, just so that I understand it here. So if I understand it correctly, in the December quarter, there's little or no synergies. So that should be a clean base particularly for OpEx. And then I think you're saying exiting the year, we should be taking as an exit rate, $250 million to $300 million of synergies this year. So I think that leaves very little, maybe $50 million for OpEx beyond this fiscal year, if I have that correct.

很好。接著我想稍微深入到建模的細節，好讓我在這裡理解清楚。所以如果我理解正確，在 12 月季度，協同效益很少或幾乎沒有。因此那應該是一個乾淨的基準，特別是對 OpEx（營運費用）而言。然後我想你們的意思是，在本年度結束時，我們應該以退出率（exit rate）來看，今年的協同效益會達到 2.5 億到 3 億美元。所以如果我理解正確，這表示在本財年之後，OpEx 方面剩下的空間很小，可能只有 5,000 萬美元。

And then lastly, in terms of the one-third that's in COGS, should we just put that all in fiscal '28? Or how should we handle that as well?

最後，關於三分之一落在 COGS（銷貨成本）裡的部分，我們是否應該把它全部放到 2028 財年？或者我們也應該如何處理這部分？

Yes. This is Carter. So starting with the OpEx synergies, to your point, yes, as you look at where we see that $150 million rolling through the year, it is definitely back-end loaded. And we do see a path where OpEx could decline sequentially throughout the year, inclusive of our merit increases during the year. So we are seeing that benefit improve as we go throughout the year.

是的，我是 Carter。先從 OpEx 的協同效益開始，如你所說，是的，當你看我們認為那 1.5 億美元在年度內的落地節奏時，確實是偏向後段（back-end loaded）。而且我們確實看到一條路徑：OpEx 可能在全年逐季下降，並且已包含年度內的績效調薪（merit increases）。所以我們看到這項效益會隨著年度推進而改善。

In terms of the COGS synergies, yes, I think putting them out beyond this year, there will be some COGS synergies this year. They might be masked by those cost increases, but we are taking action, being decisive and making sure we're closely monitoring all the costs within COGS as well. It's just they get masked by the increases that Phil talked about. So -- but the OpEx ones, you will see those grow over time. And yes, I think what you said was accurate.

至於 COGS 的協同效益，是的，我認為把它們放在今年之後是合理的；今年也會有一些 COGS 協同效益。它們可能會被那些成本上升所掩蓋，但我們正在採取行動、果斷處理，並確保也會密切監控 COGS 內的所有成本。只是它們會被 Phil 提到的那些上升所掩蓋。所以——但 OpEx 的那些，你會看到它們隨時間成長。而且是的，我認為你剛才說的是正確的。

And I would now like to turn the conference back to Phil Brace for closing remarks.

現在我想把電話會議交回給 Phil Brace 作結語。

Great. I'd like to thank everybody for joining on the call today, and we look forward to seeing you at upcoming conferences throughout the quarter. Thank you.

很好。我要感謝各位今天參與這通電話會議，我們也期待在本季度接下來的各場會議上與各位見面。謝謝。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以掛線。