思佳訊 (SWKS) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to Skyworks Solutions Second Quarter Fiscal Year 2022 Earnings Call. This call is being recorded.

下午好，歡迎參加 Skyworks Solutions 2022 財年第二季度財報電話會議。正在錄製此通話。

At this time, I will turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

此時，我將把電話轉給 Skyworks 投資者關係部的 Mitch Haws。霍斯先生，請繼續。

Thank you, Rachel. Good afternoon, everyone, and welcome to Skyworks' Second Fiscal Quarter 2020 Conference Call. With me today are Liam Griffin, our Chairman, Chief Executive Officer and President; and Kris Sennesael, our Chief Financial Officer. .

謝謝你，雷切爾。大家下午好，歡迎參加 Skyworks 2020 財年第二季度電話會議。今天和我在一起的是我們的董事長、首席執行官兼總裁 Liam Griffin；和我們的首席財務官 Kris Sennesael。 .

Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements. 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，我想提醒大家，我們的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解可能導致實際結果與今天做出的任何前瞻性陳述產生重大不利影響的某些風險的信息。

Additionally, the results and guidance we will discuss 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.

此外，我們將討論的結果和指導包括與我們過去做法一致的非公認會計原則財務措施。請參閱我們公司網站投資者關係部分的新聞稿，以了解與 GAAP 的完全對賬。

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

有了這個，我會把電話轉給 Liam。

Thanks, Mitch, and welcome, everyone. Despite a challenging macro backdrop, I am pleased to report that Skyworks delivered record second quarter results, with double-digit year-over-year growth both revenue and earnings per share. We continue to benefit from a broad and diverse product portfolio. And with an expanding set of customers in high-growth markets, we are well positioned to outperform in the current environment. .

謝謝，米奇，歡迎大家。儘管宏觀背景充滿挑戰，但我很高興地報告，Skyworks 實現了創紀錄的第二季度業績，收入和每股收益均實現了兩位數的同比增長。我們繼續受益於廣泛而多樣化的產品組合。隨著高增長市場的客戶群不斷擴大，我們有能力在當前環境中表現出色。 .

Looking at the quarter in more detail. We delivered record Q2 revenue of $1.34 billion, above consensus and up 14% compared to last year, highlighting both our growing content within Tier 1 mobile and the increasing diversification of our customer base and technology reach. In fact, our broad market revenue rose to a record $523 million in the quarter, up 10% sequentially and 36% year-over-year.

更詳細地查看該季度。我們第二季度的收入達到創紀錄的 13.4 億美元，高於市場預期，比去年增長 14%，這突出了我們在一級移動領域不斷增長的內容以及我們的客戶群和技術範圍日益多樣化。事實上，本季度我們的廣泛市場收入增至創紀錄的 5.23 億美元，環比增長 10%，同比增長 36%。

In addition, we continue to drive solid profit margins, exceptional cash flow and consistent cash returns. We achieved gross margin of 51.2% and operating margin of 36.8%. We posted earnings per share of $2.63, up 11% year-over-year. We generated operating cash flow of $393 million, and we returned $509 million to shareholders through dividends and share repurchases.

此外，我們繼續推動穩健的利潤率、卓越的現金流和持續的現金回報。我們實現了 51.2% 的毛利率和 36.8% 的營業利潤率。我們公佈的每股收益為 2.63 美元，同比增長 11%。我們產生了 3.93 億美元的經營現金流，並通過股息和股票回購向股東返還了 5.09 億美元。

Our strong results this quarter were driven by a vast expansion of use cases from content-rich smartphones to complex IoT devices, to innovative solutions for the automotive markets, industrial and infrastructure. Specifically in mobile, we supported the top 5 OEMs with our Sky5 architectures, including flagship models from Google, Samsung and other Tier 1s. In parallel, we leverage our in-house temperature compensated SAW, BAW and gallium arsenide technologies, to extend the reach across further content opportunities in 5G.

我們本季度的強勁業績得益於從內容豐富的智能手機到復雜的物聯網設備，再到汽車市場、工業和基礎設施的創新解決方案的廣泛使用案例。特別是在移動領域，我們通過 Sky5 架構為前 5 家 OEM 提供支持，包括來自谷歌、三星和其他 1 級廠商的旗艦機型。同時，我們利用我們內部的溫度補償 SAW、BAW 和砷化鎵技術，在 5G 中擴展更多內容機會。

In Enterprise and IoT, we powered Comcast's latest WiFi 6 residential gateways, partnered with T-Mobile for their integrated 5G fixed wireless access service. We debuted the industry's first WiFi 6E gaming router featuring ultrafast quad-band performance. And we embedded Sky5 technology in rugged mobile computing devices for industrial-grade factory automation.

在企業和物聯網領域，我們為 Comcast 最新的 WiFi 6 住宅網關提供支持，並與 T-Mobile 合作提供其集成的 5G 固定無線接入服務。我們推出了業界首款具有超快四頻性能的 WiFi 6E 遊戲路由器。我們將 Sky5 技術嵌入堅固的移動計算設備中，以實現工業級工廠自動化。

In automotive, we are executing on our vision to lead the global transition while accelerating the shift to electrification trends that pave the way for cleaner and more efficient autonomous transport. Over the past quarter, we enabled next-generation wireless technologies across multiple leading OEMs. Further, our power isolation portfolio continue to gain momentum, with the global EV market leaders. And finally, in infrastructure and in Industrial. We captured milestone design wins at Tier 1 equipment and service providers for 5G macro and small cell deployments. We ramped high-performance clock solutions at used network systems, supporting LEO satellite networking, and we extended the reach of our cutting-edge timing portfolio across the leading fiber backhaul and data center equipment providers.

在汽車領域，我們正在實現引領全球轉型的願景，同時加快向電氣化趨勢的轉變，為更清潔、更高效的自動交通舖平道路。在過去的一個季度中，我們為多家領先的 OEM 啟用了下一代無線技術。此外，我們的電源隔離產品組合繼續獲得動力，成為全球電動汽車市場的領導者。最後，在基礎設施和工業領域。我們在 5G 宏蜂窩和小型蜂窩部署的 1 級設備和服務提供商處獲得了里程碑式的設計勝利。我們在使用過的網絡系統中增加了高性能時鐘解決方案，支持 LEO 衛星網絡，並且我們將我們尖端的時鐘產品組合擴展到領先的光纖回程和數據中心設備供應商。

Moving forward, ubiquitous connectivity, cloud computing and the massive shift to EV are fundamentally reshaping the way we live. As complexity intensifies, with billions of intelligent edge compute nodes that demand for high-speed ultra-reliable, low-latency solutions is accelerating. Skyworks is uniquely positioned to engineer and seamlessly integrate these advancements to increasingly smaller, more efficient form factors, purpose-built and customized for specific end markets and applications.

展望未來，無處不在的連接、雲計算和向電動汽車的大規模轉變正在從根本上重塑我們的生活方式。隨著複雜性的加劇，數十億智能邊緣計算節點對高速超可靠、低延遲解決方案的需求正在加速增長。 Skyworks 具有獨特的優勢，可以將這些進步設計和無縫集成到越來越小、更高效的外形尺寸中，專為特定終端市場和應用而設計和定制。

Lastly, our business aperture and market reach have never been broader as we scale investments in core and new technologies. We are pioneering the breakthroughs in RF, signal processing, power isolation, timing, audio, among others, propelling our diversification and growth into the future.

最後，隨著我們擴大對核心技術和新技術的投資，我們的業務範圍和市場範圍從未如此廣泛。我們在射頻、信號處理、電源隔離、定時、音頻等領域取得突破，推動我們的多元化和未來發展。

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

有了這個，我會把電話轉給 Kris。

Thanks, Liam. During the second fiscal quarter of 2022, Skyworks delivered record Q2 revenue of $1.34 billion, an increase of 14% year-over-year. Broad market revenue was a record $523 million, representing 39% of total Skyworks revenue in the quarter. Gross profit in the second quarter was $683 million, resulting in a gross margin of 51.2%, up 40 basis points compared to Q2 of last year. Operating expenses were $192 million or 14.4% of revenue, reflecting our investments in support of future growth. We generated $491 million of operating income, translating into an operating margin of 36.8%. We incurred $13 million of other expense and our effective tax rate was 9.6%, driving net income of $432 million. And based on a further reduction of our weighted average share count to 164.4 million shares, we achieved earnings per share of $2.63, up 11% year-over-year. .

謝謝，利亞姆。在 2022 年第二財季，Skyworks 實現了創紀錄的第二季度收入 13.4 億美元，同比增長 14%。廣泛的市場收入達到創紀錄的 5.23 億美元，佔 Skyworks 本季度總收入的 39%。第二季度毛利潤為 6.83 億美元，毛利率為 51.2%，比去年第二季度上升 40 個基點。運營費用為 1.92 億美元，佔收入的 14.4%，反映了我們為支持未來增長所做的投資。我們創造了 4.91 億美元的營業收入，轉化為 36.8% 的營業利潤率。我們產生了 1300 萬美元的其他費用，有效稅率為 9.6%，淨收入為 4.32 億美元。基於我們的加權平均股數進一步減少至 1.644 億股，我們實現每股收益 2.63 美元，同比增長 11%。 .

Turning to our balance sheet and cash flow. Second fiscal quarter cash flow from operations was $393 million and capital expenditures were $127 million. In terms of capital allocation during the quarter, we returned $509 million to shareholders, paying $91 million in dividends and repurchasing 3 million shares of our common stock for a total of $418 million.

轉向我們的資產負債表和現金流。第二財季運營現金流為 3.93 億美元，資本支出為 1.27 億美元。在本季度的資本配置方面，我們向股東返還了 5.09 億美元，支付了 9100 萬美元的股息，並以 4.18 億美元的總價回購了 300 萬股普通股。

During the first half of the fiscal year, Skyworks returned $871 million to shareholders through dividends and share repurchases.

在本財年上半年，Skyworks 通過股息和股票回購向股東返還了 8.71 億美元。

In summary, the Skyworks team delivered another solid quarter with Q2 record revenue and earnings per share, while continuing to make the investments in our technology and product road maps to support future growth in mobile and broad markets.

總而言之，Skyworks 團隊以第二季度創紀錄的收入和每股收益實現了又一個穩健的季度，同時繼續對我們的技術和產品路線圖進行投資，以支持移動和廣闊市場的未來增長。

Now let's move on to our outlook for Q4 of fiscal 2022. We expect to deliver double-digit year-over-year revenue and earnings per share growth in the June quarter. Specifically, we anticipate revenue between $1.2 billion and $1.26 billion. At the midpoint of $1.23 billion, revenue for the quarter is expected to increase 10% year-over-year. This outlook takes into account our current view of recent pandemic-related supply chain disruptions, which are impacting the ability of our customers to fulfill end market demand.

現在讓我們繼續我們對 2022 財年第四季度的展望。我們預計 6 月季度的收入和每股收益將實現兩位數的同比增長。具體來說，我們預計收入在 12 億美元至 12.6 億美元之間。在 12.3 億美元的中點，該季度的收入預計將同比增長 10%。這一展望考慮了我們目前對近期與大流行相關的供應鏈中斷的看法，這些中斷正在影響我們客戶滿足終端市場需求的能力。

Gross margin is projected to be in the range of 50.75% to 51.25%. We expect operating expenses of approximately $190 million to $192 million. Below the line, we anticipate roughly $10 million in other expense and a tax rate of approximately 9.5%. We expect our diluted share count to be approximately 163.5 million shares. Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $2.36, an increase of 10% over Q3 of last year.

毛利率預計在 50.75% 至 51.25% 之間。我們預計運營費用約為 1.9 億至 1.92 億美元。在這條線之下，我們預計其他費用約為 1000 萬美元，稅率約為 9.5%。我們預計我們的稀釋股數約為 1.635 億股。因此，在收入範圍的中點，我們打算實現每股攤薄收益 2.36 美元，比去年第三季度增長 10%。

And finally, given our consistently strong cash flow and confidence in our outlook, we are investing for diversified growth while returning cash to shareholders through both share repurchases and dividends.

最後，鑑於我們持續強勁的現金流和對我們前景的信心，我們正在投資多元化增長，同時通過股票回購和股息向股東返還現金。

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

有了這個，我會把電話轉回給利亞姆。

Thanks, Kris. Despite macro headwinds and supply chain disruptions, Skyworks remains squarely focused on delivering above-market growth across a diversified set of applications and end markets. Capitalizing on in-house technologies, scale and strategic customer relationships, we look forward to generating continued increases in revenue, earnings, profitability and free cash flow.

謝謝，克里斯。儘管存在宏觀逆風和供應鏈中斷，Skyworks 仍然專注於在多樣化的應用程序和終端市場中實現高於市場的增長。利用內部技術、規模和戰略客戶關係，我們期待收入、收益、盈利能力和自由現金流的持續增長。

Finally, our efficient balance sheet and consistent cash generation provide a formidable platform for long-term growth as we invest for the future and deliver premium returns to our shareholders.

最後，我們高效的資產負債表和持續的現金產生為長期增長提供了一個強大的平台，因為我們投資於未來並為我們的股東提供溢價回報。

Operator, that concludes our prepared remarks. Open the lines for questions.

接線員，我們準備好的評論到此結束。打開問題線。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Timothy Arcuri with UBS.

我們的第一個問題來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

So Kris, I just had a question around the dynamics in the quarter. Revenue was pretty much in line, but the mix was much different. Broad markets was supposed to be flattish, and it was actually up a lot and mobile was supposed to be a little better than normal seasonal on easier comp from your large customer, given some of their issues with respect to the supply chain.

克里斯，我剛剛對本季度的動態有疑問。收入幾乎一致，但組合卻大不相同。廣闊的市場應該是平淡的，實際上上漲了很多，移動應該比正常的季節性要好一點，因為你的大客戶更容易得到補償，因為他們在供應鏈方面存在一些問題。

But in fact, mobile was much weaker and broad markets was much better. So I guess the question is, one, what happened in the quarter? And two, can you give us a sense of what the split will be between mobile and broad markets that's assumed for the June guidance?

但實際上，移動市場要弱得多，而廣闊的市場要好得多。所以我想問題是，第一季度發生了什麼？第二，您能否讓我們了解一下 6 月份指引所假設的移動市場和廣泛市場之間的差異？

Yes. First, reflecting on the March quarter, mobile as a group, came out on or about as we expected, with strong performance at a large customer very strong performance at Samsung, which is now back being a plus 10% customer for Skyworks as well as a really nice ramp with Google in the Pixel 6 form. It's no surprise we've seen some softness in the China market, in part, as a result of the COVID-related lockdowns.

是的。首先，回顧 3 月季度，移動作為一個整體，如我們預期的那樣出現或大致如我們預期的那樣，在一個大客戶中表現強勁，在三星非常強勁的表現，現在重新成為 Skyworks 的 10% 以上的客戶，以及Pixel 6 形式的 Google 的一個非常好的斜坡。毫不奇怪，我們看到中國市場出現疲軟，部分原因是與 COVID 相關的封鎖。

On the flip side, our broad market business was doing really well, and it was across the board, IoT, Automotive, Infrastructure, but also, of course, the I&A business that we acquired from Silicon Labs was performing really well during the quarter, setting a new all-time revenue record. So that is for March.

另一方面，我們廣泛的市場業務表現非常好，它是全面的，物聯網、汽車、基礎設施，當然，我們從 Silicon Labs 收購的 I&A 業務在本季度表現非常好，創造了新的歷史收入記錄。所以這是三月。

I think in June, in mobile, of course, we will continue to see some COVID-related supply chain disruptions that are impacting the ability of our customers to fulfill the strong end customer demand, and so that is being contemplated into our June guide. But we will, there, as well on the flip side in broad markets, continue to see strong sequential as well as year-over-year growth in the, call it, high 30s, approaching 40% year-over-year growth in broad markets.

我認為，在 6 月，當然，在移動領域，我們將繼續看到一些與 COVID 相關的供應鏈中斷，這些中斷正在影響我們的客戶滿足強大的最終客戶需求的能力，因此我們正在考慮將其納入 6 月指南。但我們將在那裡，以及在廣泛市場的另一面，繼續看到強勁的連續和同比增長，稱之為高 30 年代，廣泛的同比增長接近 40%市場。

And then can you give us what the percent of revenue was for your largest customer in March?

然後你能告訴我們你最大的客戶在三月份的收入百分比是多少？

Yes. In March, the large customer was approximately 54% of total revenue. That clearly demonstrates strong demand from that customer as well, of course, as strong content gains that Skyworks have been able to obtain with that customer. Revenue for that customer was up more than 20% on a year-over-year basis in the March quarter.

是的。 3 月份，大客戶約佔總收入的 54%。當然，這也清楚地表明了該客戶的強勁需求，因為 Skyworks 已經能夠從該客戶那裡獲得強大的內容收益。該客戶的收入在 3 月季度同比增長 20% 以上。

And our next question comes from the line of Chris Caso with Raymond James.

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

Yes. Maybe we could dig into some of the China supply constraint issues a little more deeply. And you can you help us, I mean, one, to quantify the magnitude of how much that may impact the June quarter, whether that's more supply-related or on your customer side that you can't accept the product? And then finally, what that means for the September quarter does that allow because that's impacted now, do you presume that some of that comes back in September and the second half of the year?

是的。也許我們可以更深入地研究一些中國供應限制問題。您能否幫助我們，我的意思是，量化可能影響六月季度的程度，無論是更多與供應相關還是在您的客戶方面，您不能接受該產品？最後，這對 9 月季度意味著什麼，因為現在受到了影響，您是否認為其中一些會在 9 月和下半年重新出現？

Sure, Chris. Clearly, there's been some disruption around COVID and specifically in China. It happens to be a very, very strategic for back-end assembly and test for a number of our customers, including some of the bigger ones. So for the most part, that's where the inflection was, trying to manage through that dynamic with pretty stark lockdowns and operational sites.

當然，克里斯。顯然，圍繞 COVID 出現了一些混亂，特別是在中國。對於我們的許多客戶（包括一些較大的客戶）來說，這恰好是一個非常非常具有戰略意義的後端組裝和測試。因此，在大多數情況下，這就是拐點所在，試圖通過非常嚴格的封鎖和運營站點來管理這種動態。

So for Skyworks, obviously, the things that we do internally, we're continuing to execute with our filtering technology, our gallium arsenide, our in-house assembly. But again, it all comes down to your customer set. So we're doing the work today with some great companies, helping everybody get back on track in terms of demand.

因此，對於 Skyworks 而言，顯然，我們在內部做的事情，我們將繼續使用我們的過濾技術、我們的砷化鎵和我們的內部組裝來執行。但同樣，這一切都取決於您的客戶群。因此，我們今天正在與一些偉大的公司合作，幫助每個人在需求方面重回正軌。

It is not a lack of demand issue at all. It really is a supply chain issue and every company has their own elements, whether it's at chip level or it's at the back end assembly test. So that's kind of what's going on. We certainly think that this is going to abate as we go forward. It's not a long-term issue. We have great partnerships with the customers that we're leaning into. We're helping them, and we expect things to get a lot better as we get through the next few months.

這根本不是需求不足的問題。這確實是一個供應鏈問題，每家公司都有自己的元素，無論是芯片級還是後端組裝測試。這就是正在發生的事情。我們當然認為，隨著我們的前進，這種情況將會減弱。這不是一個長期的問題。我們與我們所依賴的客戶建立了良好的合作夥伴關係。我們正在幫助他們，我們希望在接下來的幾個月裡事情會變得更好。

Yes. Chris, as it relates to September, as you know, we only guide 1 quarter at a time, and I'm going to stick to that, guiding only 1 quarter at a time. But having said that, and as Liam just expressed, right, we feel good about our technology and product road maps. We have deep customer engagements and very strong design win momentum.

是的。克里斯，因為它與 9 月有關，如您所知，我們一次只指導 1 個季度，我將堅持這一點，一次只指導 1 個季度。但話雖如此，正如利亞姆剛剛所說，對，我們對我們的技術和產品路線圖感覺良好。我們有深入的客戶參與和非常強大的設計獲胜勢頭。

And we have the size and scale of our manufacturing assets to support some big important product launches and ramps in the second half of the calendar year as well in mobile and broad markets. And so we are very well positioned to see some strong sequential as well as year-over-year growth in the second half of the calendar year, of course, assuming no worsening of the geopolitical or macroeconomic or pandemic-related issues that we have seen in the past.

而且我們擁有製造資產的規模和規模，可以支持日曆年下半年以及移動市場和廣闊市場中一些重要的重要產品的發布和量產。因此，當然，假設我們所看到的地緣政治或宏觀經濟或與大流行相關的問題沒有惡化，我們很有可能在日曆年的下半年看到一些強勁的連續和同比增長在過去。

As a follow-up, I'll ask on gross margins. And we've been kind of hovering around this 51% plus or minus for a bit of a while. I know last year, you said there were some pandemic-related costs that were persisting. And I presume into June, some of the impact is persisting again, just kind of on a lower revenue base. What's the prospect for getting the gross margins a bit higher? What's your expectations for gross margin progress as we go through the year from here?

作為後續行動，我將詢問毛利率。我們已經在這個 51% 上下徘徊了一段時間。我知道去年，你說有一些與流行病相關的成本持續存在。而且我認為到 6 月，一些影響會再次持續存在，只是收入基礎較低。提高毛利率的前景如何？從今年開始，您對毛利率進展的期望是什麼？

Yes. So in March, we did 51.2%, which was up 40 basis points on a year-over-year basis. We are guiding on or about the same maybe slightly down for June on a sequential lower revenue. But then again, as we look into the back half of the year and see some steep ramps in September and December, we are geared up for -- to deliver some gross margin expansions. And again, I talked about that before, right? It's higher value add, higher complex custom build specific products for our customers that are ramping. Of course, size and scale helps as well. And then, of course, we have a little bit of a tailwind from broad markets that typically has some higher gross margin compared to the mobile space. And when you combine all of that, we have confidence in improving the gross margins towards our target model of 53%.

是的。因此，在 3 月份，我們實現了 51.2%，同比增長 40 個基點。由於收入連續下降，我們對 6 月份的指導或大致相同可能略有下降。但是話又說回來，當我們回顧今年下半年並看到 9 月和 12 月出現一些陡峭的斜坡時，我們已經做好準備——實現一些毛利率的擴張。再說一遍，我之前說過，對吧？它是為我們正在增長的客戶提供更高附加值、更高複雜度的定制構建特定產品。當然，大小和規模也有幫助。然後，當然，我們從廣泛的市場中獲得了一點順風，與移動領域相比，這些市場通常具有更高的毛利率。當您將所有這些結合起來時，我們有信心將毛利率提高到 53% 的目標模型。

And our next question comes from the line of Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I apologize, a lot going on tonight, so I apologize. But Kris, I thought you said that broad markets was $523 million up in June and the year-over-year would be kind of high 30s or 40%. I'm starting with that math, maybe they doing something wrong, but I just want to clarify by segment, that's what you're looking for?

對不起，今晚發生了很多事情，所以我道歉。但是克里斯，我想你說 6 月份廣闊的市場增長了 5.23 億美元，同比增長 30 多歲或 40%。我從那個數學開始，也許他們做錯了什麼，但我只是想逐段澄清，這就是你要找的？

So broad market was $523 million in March, which was up 10% sequentially and up 36% year-over-year, and we do expect further sequential growth in June that translates into a very similar year-over-year growth as well.

因此，3 月份廣闊的市場為 5.23 億美元，環比增長 10%，同比增長 36%，我們確實預計 6 月份的進一步環比增長也將轉化為非常相似的同比增長。

Okay. I guess I can check with you on the call back on that. The -- I guess the byproduct of that is mobile is down and you talked about the supply disruptions. I'm just kind of curious to your outlook on the overall handset market, maybe it's a lame question, but I think the overall market has kind of weakened. There's outlook for kind of even down 10%. Obviously, RF can grow faster. But just kind of curious your perspective on the overall market.

好的。我想我可以在回電時與您核實一下。 - 我猜移動的副產品是下降，你談到了供應中斷。我只是有點好奇你對整個手機市場的看法，也許這是一個蹩腳的問題，但我認為整體市場已經減弱了。甚至有可能下跌 10%。顯然，RF 可以增長得更快。但只是有點好奇你對整個市場的看法。

Yes. So I mean, overall market, as Kris mentioned, I'm going to get to mobile in a second. But really, we're also really excited about what we're doing in broad markets and the numbers we just reiterated $523 million in the quarter with a lot of momentum going forward.

是的。所以我的意思是，正如 Kris 提到的，我將在整個市場上進入移動市場。但實際上，我們也對我們在廣闊市場上所做的事情以及我們剛剛在本季度重申的 5.23 億美元的數字感到非常興奮，並且有很大的發展勢頭。

So just on the broad market story, things are looking very strong, very diverse, new customers, new end markets and growth in technology. So that's one important lever. On the mobile side, we're actually continuing to do very well. We were somewhat surprised that the continued COVID restrictions came down. It's not a case, honestly, where there's a demand issue.

因此，就廣泛的市場故事而言，事情看起來非常強大、非常多樣化、新客戶、新終端市場和技術增長。所以這是一個重要的槓桿。在移動端，我們實際上繼續做得很好。我們對持續的 COVID 限制下降感到有些驚訝。老實說，這不是存在需求問題的情況。

This is really about supply chain. We know the customers that we're working with, and we're extremely close in terms of the dynamics of where products need to be and when they need to be there. we feel very good about that, and that will drive our business forward into the second half on the mobile end. We also have made incredible strides with Samsung.

這真的是關於供應鏈。我們了解我們正在與之合作的客戶，並且在產品需要在哪里以及何時需要在那裡的動態方面我們非常接近。我們對此感覺非常好，這將推動我們的移動端業務進入下半年。我們在三星方面也取得了令人難以置信的進步。

And there's a customer that -- they're a great company, but we haven't done that much with them. A lot of it had to do with just technology. We're trying to go a high end and a lot of the opportunities there were a little bit more lower market. And we now moved up big time within that account. And so we have 3 of the most important companies in mobile right now, all with very good share and outlooks going into the second half of the year around new technologies and more around 5G, but also a lot of things that are coming up in the IoT side, looking at things even in WiFi that have all really stepped up.

有一個客戶——他們是一家很棒的公司，但我們對他們做的不多。其中很多都與技術有關。我們正在努力走向高端，很多機會都在低端市場。我們現在在該帳戶中大幅上漲。因此，我們現在擁有 3 家移動領域最重要的公司，它們都在下半年圍繞新技術和 5G 擁有非常好的份額和前景，而且還有很多事情正在發生物聯網方面，即使在 WiFi 中也能看到已經真正加強的東西。

So we feel really good about the business right now. These lockdowns came in a little bit late for us. And so it was a bit of a surprise, but we wanted to do the appropriate thing and reflect that in our guidance, but we feel very good about the second half of the year. We know the products that we've designed into. We know what our content looks like. And we're looking forward to fulfill that demand when sky is clear a little bit and demonstrate that through earnings.

所以我們現在對這項業務感覺非常好。這些封鎖對我們來說來得有點晚。所以這有點令人驚訝，但我們想做適當的事情並將其反映在我們的指導中，但我們對下半年感覺非常好。我們知道我們設計的產品。我們知道我們的內容是什麼樣的。我們期待在天空稍微晴朗時滿足這一需求，並通過收益證明這一點。

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

您的下一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to come back to the -- it's always us trying to figure out as well as I'm sure you guys whether it's demand versus supply-related issues. But the China market has been in flux for quite some time, Liam. So is there a point that you're seeing there, okay? This is not just supply? And what we're hearing is that the China handset guys have an over index exposure to the European market in Eastern European in particular? Is that causing concern to you? And kind of related to that, how big is the China market geo-wise for Skyworks?

我只是想回到 - 我們總是試圖弄清楚，我相信你們是否是需求與供應相關的問題。但中國市場在很長一段時間內一直在變化，利亞姆。那麼，你在那裡看到了一點，好嗎？這不只是供應嗎？我們聽到的是，中國手機廠商對歐洲市場尤其是東歐的指數敞口過高？這引起你的擔憂嗎？與此相關的是，Skyworks 的中國市場在地理方面有多大？

Yes, no, great question. So there's 2 elements. One is China itself, the geography. And that has -- so what we're dealing with now is more around China, the workforce, the assembly and test, the back end, all of that where there's been tremendous -- it doesn't matter whether it's a smartphone or whether it's an IoT device, right? So the lockdown issues are more around issues in China, COVID related. And that is a blanketed type of thing around technology. That's one.

是的，不，好問題。所以有2個元素。一是中國本身，地理。這已經 - 所以我們現在要處理的更多是中國，勞動力，組裝和測試，後端，所有這些都是巨大的 - 無論是智能手機還是智能手機都沒有關係這是一個物聯網設備，對吧？因此，封鎖問題更多的是圍繞中國的問題，與 COVID 相關。這是圍繞技術的一種籠統的東西。那是一個。

On the other side, we've consolidated our China business right now is really pushed by the higher end players. They're not necessarily the China brands. We have exposure with OBX, of course, but we are growing our business with the higher-end brands within China. So companies that may be in the U.S. that are doing really well in China or companies that are maybe have great technology in Korea and they're sold into China. So it's really about where the products land from a geographic perspective. But I will tell you, in all of those 3 companies, the major top 3 in mobile, we're gaining share, we're producing unique content.

另一方面，我們現在鞏固了我們的中國業務，這確實是由更高端的參與者推動的。他們不一定是中國品牌。當然，我們接觸過 OBX，但我們正在與中國的高端品牌開展業務。因此，可能在美國的公司在中國做得非常好，或者在韓國可能擁有出色技術的公司，它們被銷往中國。因此，從地理角度來看，這實際上是關於產品落地的地方。但我會告訴你，在所有這 3 家公司中，在移動領域的前 3 大公司中，我們正在獲得份額，我們正在製作獨特的內容。

We really like our position. And some of the lower-end brands quite frankly, are rolling off a little bit for us, and it's not really the business that we're interested in, but we're growing and gaining share and gaining value with the top players. So that's kind of how it shakes out.

我們真的很喜歡我們的職位。坦率地說，一些低端品牌對我們來說正在下降一點，這並不是我們真正感興趣的業務，但我們正在成長並獲得份額並獲得頂級玩家的價值。所以這就是它的動搖方式。

So it's a geographical issue, with COVID and then also looking at the elements of each of the mobile players in how we address those. So -- and honestly, the playbook that we have right now is working very well. We'll get through this bump here, around COVID in China, and things look very good from there. And we know the partners that we have are counting on us in terms of their execution as well. So it's a good spot to be in.

因此，這是一個地理問題，與 COVID 相關，然後在我們如何解決這些問題時還要考慮每個移動播放器的元素。所以 - 老實說，我們現在擁有的劇本運行良好。我們將在這裡度過這個難關，在中國的 COVID 周圍，從那裡看起來情況非常好。我們知道我們的合作夥伴在執行方面也指望我們。所以這是一個很好的地方。

And so Ambrish. So the total Chinese customers for total Skyworks is on or about 11%. Actually, in broad markets that's slightly higher. That means in mobile, it's less than 10% of revenue coming from the Chinese mobile customers.

所以安布里什。因此，Skyworks 的中國客戶總數約為 11%。實際上，在廣闊的市場上，這個數字略高。這意味著在移動領域，來自中國移動客戶的收入不到 10%。

So I mean, we've effectively derisked that low end market at this point and driving our attention and our content to higher value, higher margin players.

所以我的意思是，我們在這一點上已經有效地降低了低端市場的風險，並將我們的注意力和我們的內容推向了更高價值、更高利潤的玩家。

May I ask a quick follow-up, please? On the broad markets business, I don't think I've heard you guys talk about it. Has extended lead times really impacted this business at all? And I asked because there's a concern that all of us have is that is the demand real or not? And when you're guiding for 30%, 40% kind of growth year-over-year, that again begs the question, how much of that is because of lead times at setting out.

請問可以快速跟進嗎？在廣闊的市場業務上，我想我沒有聽到你們談論它。延長交貨時間真的對這項業務產生了影響嗎？我問是因為我們所有人都擔心需求是否真實？當您指導 30%、40% 的同比增長時，這又引出了一個問題，其中有多少是因為出發的提前期。

Yes. No, it's not a lead time thing. I think right now, we've -- quite frankly, if we could execute the full bill of materials on the end products, our numbers would be higher. I mean we -- in often cases, we've got a little bit ahead of the end market with our technology. But you have to stay in pace, right? You have to stay in the lane with your customer because ultimately, these devices that we're working on, whether they're IoT, whether they're automotive, whether they're mobile, right, they're complex, very, very complex goals of materials. And those builds of materials have to be 100% on point and working in perfect harmony when they get shipped.

是的。不，這不是提前期的事情。我認為現在，我們已經 - 坦率地說，如果我們能夠在最終產品上執行完整的材料清單，我們的數量會更高。我的意思是我們——在很多情況下，我們的技術領先於終端市場。但是你必須跟上節奏，對吧？您必須與客戶保持一致，因為最終，我們正在開發的這些設備，無論是物聯網，還是汽車，還是移動設備，對，它們很複雜，非常非常材料的複雜目標。這些材料的構建必須 100% 準確，並且在發貨時能夠完美協調地工作。

So what you see in this industry now is a lot of complexity, a lot of exposure in companies that did not invest, which is much harder. But the ability for us to kind of weave through some of those bumps around supply chain, I think it has been a -- it's not easy. It's not something that we wish for, but it tends to be an opportunity for us to outperform given our own operational levers here inside the building, all the way from, again, gallium arsenide do assembly and test a bulk acoustic wave for temperature compensated. So all the elements are there. So it's a little choppy there, but the demand is absolutely viable. It's just about getting these products together integrated in a seamless way and get the technology delivered to the end market.

所以你現在在這個行業看到的是很多複雜性，很多沒有投資的公司的曝光率，這要困難得多。但是，我們能夠通過供應鏈中的一些障礙來編織，我認為這是一個 - 這並不容易。這不是我們所希望的，但考慮到我們自己在建築物內的操作槓桿，它往往是我們超越表現的機會，從再次，砷化鎵組裝和測試體聲波以進行溫度補償。所以所有的元素都在那裡。所以那裡有點不穩定，但需求是絕對可行的。這只是將這些產品以無縫方式集成在一起，並將技術交付給終端市場。

Our next question comes from the line of Matt Ramsay with Colin.

我們的下一個問題來自 Matt Ramsay 和 Colin 的對話。

The first question, guys, I had was with respect to the broad markets business. my team covered Silicon Labs for a long time and a couple of the businesses that were in that I&A segment that we thought they could have done maybe a better job of scaling and maybe you guys have an opportunity to do that is the voltage isolation franchise and EVs, which you sort of addressed a bit in your script and also the timing business there had been sort of concentrated in wireless infrastructure, and there was a move to make a push into cloud. I wonder if you guys might comment a little bit on those 2 initiatives and those are things that you're investing in to grow that franchise further?

伙計們，我遇到的第一個問題是關於廣闊市場的業務。我的團隊很長一段時間都在關注 Silicon Labs 以及我們認為 I&A 領域中的一些業務，我們認為他們可以在擴展方面做得更好，也許你們有機會做到這一點，那就是電壓隔離專營權和電動汽車，你在你的腳本中稍微提到了一點，而且那裡的計時業務有點集中在無線基礎設施上，並且有進軍雲計算的舉動。我想知道你們是否可以對這兩項舉措發表一些評論，而這些是你們為進一步發展特許經營權而投資的東西？

Yes. Excellent. I'm really glad you asked that question. So at a very high level, the transaction with the I&A portfolio has been great. I mean we are really excited. It's doing better than we expected. And it's also had to endorse some supply chain issues because they're more granular around outsourced fabless players. But the great news is actually -- literally, line-by-line, you just mentioned are things that we're working hard on.

是的。優秀的。我真的很高興你問了這個問題。因此，在非常高的水平上，與 I&A 投資組合的交易非常好。我的意思是我們真的很興奮。它的表現比我們預期的要好。而且它還必須支持一些供應鏈問題，因為它們對外包的無晶圓廠參與者更加細化。但好消息實際上是 - 從字面上看，逐行，你剛才提到的是我們正在努力工作的事情。

Timing is a very, very interesting, attractive market and there's not many players that are going after it. The portfolio within I&A is very strong. It's very capable. It's got a great technology edge. And what we really need is for those great things to be matched up with significant powerhouses the industry companies that can scale with it. So we're working on that.

計時是一個非常、非常有趣、有吸引力的市場，並沒有多少玩家在追逐它。 I&A 的投資組合非常強大。它非常有能力。它具有強大的技術優勢。我們真正需要的是讓這些偉大的事物與可以與之擴展的行業公司相匹配。所以我們正在努力。

Again, the technology is there. This is about taking devices and technologies that already been honed in and have been diversified tremendously, but we also need to get scale, right? So we're working on that, making good strides, teams doing well. Isolation -- power isolation, specifically in automotive is a big, big market. And here again, leveraging some of the relationships that we have at Skyworks and some of the scale opportunities that we can bring to end customers, we're making really good progress on that end.

再次，技術是存在的。這是關於採用已經磨練出來並且已經非常多樣化的設備和技術，但我們也需要擴大規模，對嗎？所以我們正在努力，取得良好的進展，團隊做得很好。隔離——電源隔離，特別是在汽車領域是一個很大很大的市場。再一次，利用我們在 Skyworks 的一些關係以及我們可以為最終客戶帶來的一些規模機會，我們在這方面取得了非常好的進展。

Data center is another market that they have, supercool technology and just need more muscle to try to get it out more sales folks, more marketing people, more people, boots on the ground, leveraging customers that we already have, great customers that can put tremendous scale and have those customers meet the technologies that were in the I&A portfolio. So we're really excited about it.

數據中心是他們擁有的另一個市場，超酷的技術，只需要更多的力量來嘗試將其推出更多的銷售人員，更多的營銷人員，更多的人，在地面上的靴子，利用我們已經擁有的客戶，可以把巨大的規模，並讓這些客戶滿足 I&A 產品組合中的技術。所以我們對此感到非常興奮。

I think Kris mentioned it already. We're ahead of our expectations so far, early innings, but I really, really feel great about that deal and the team really driving behind it. So look forward to more things on that end. But again, broad markets at a high level. These are big numbers we're talking about now. We just -- we put over a $500 million print.

我想克里斯已經提到過。到目前為止，我們已經超出了我們的預期，早期的一局，但我真的，真的對這筆交易感覺很好，團隊真的在推動它。所以期待更多的事情。但同樣，廣闊的市場處於高位。這些都是我們現在談論的大數字。我們只是——我們進行了超過 5 億美元的印刷。

We're creating tremendous diversification. It's a $2 billion run rate. This is not Skyworks 3 years ago. We were at 3.3% in 2020. We're in the mid- $5.6 billion level now with a much more diversified portfolio. So we're looking forward to reflecting that in our valuation and delighting our customers.

我們正在創造巨大的多樣化。這是一個 20 億美元的運行速度。這不是 3 年前的 Skyworks。我們在 2020 年為 3.3%。我們現在處於 56 億美元左右的水平，擁有更加多元化的投資組合。因此，我們期待在我們的估值中反映這一點並取悅我們的客戶。

Thank you very much for all the color there. Just switching gears for my follow-up. You guys mentioned it sounded like some share gains within the portfolio at Samsung with them becoming a 10% customer again. I think last week, there was commentary from San Diego that they had upped their processor and baseband share at Samsung on the Galaxy 22 as opposed to the internal solutions. I wonder if you might comment about how you're aligned with that change there and how sustainable you think it might be?

非常感謝那裡的所有顏色。只是為我的後續行動換檔。你們提到這聽起來像是三星投資組合中的一些份額收益，他們再次成為 10% 的客戶。我想上週，聖地亞哥有評論稱，他們在 Galaxy 22 上提高了三星的處理器和基帶份額，而不是內部解決方案。我想知道您是否可以評論一下您如何與那裡的變化保持一致以及您認為它的可持續性如何？

Yes. I mean on the modem side, the baseband processor, we don't make that product, but we have technologies that will wrap around just about anybody's baseband, whether it's friend or foe. So we're agnostic to that. And our customers are really going to make the decisions that they need to make to get the best performance.

是的。我的意思是在調製解調器方面，基帶處理器，我們不生產那個產品，但我們擁有可以圍繞任何人的基帶的技術，無論是朋友還是敵人。所以我們對此不可知論。我們的客戶真的會做出他們需要做出的決定以獲得最佳性能。

So you could very well see a high-content device populated with a lot of very unique Skyworks that are all in-house, custom crafted, not fabless, done in-house in our building, in our factories with people that live and breathe wireless. And those same applications could have a baseband from Qualcomm or someone else. So we live with that all the time. But the interesting thing is with baseband, you've got a single kind of monolithic high-performance device, when you think about what's happening in a mobile phone today as we move into 5G and beyond, the number of connected things, the content, the size of the semiconductor devices thinking about filtering all the way from TC-SAW to bulk acoustic wave, leveraging gallium arsenide.

因此，您很可能會看到一個內容豐富的設備，其中裝有許多非常獨特的 Skyworks，這些都是內部定制的，而不是無晶圓廠的，在我們的大樓內部完成，在我們的工廠中與生活和呼吸無線的人一起完成.那些相同的應用程序可能有來自高通或其他人的基帶。所以我們一直忍受著它。但有趣的是基帶，你有一種單一的高性能設備，當你想到今天手機中發生的事情，隨著我們進入 5G 及以後，連接的東西的數量，內容，考慮使用砷化鎵從 TC-SAW 一直過濾到體聲波的半導體器件的尺寸。

There's a lot of complexity. And it's not done by any one company. So I think if you look at the number of nodes that we address within mobile, it's really, really high and diverse. So there are some cornerstone pieces, of course, in every device. But our solutions are gaining a lot of share and the flexibility that we have, given that in-house fabrication and assembly and test and in-house filtering.

有很多複雜性。而且它不是由任何一家公司完成的。所以我認為，如果你看看我們在移動設備中處理的節點數量，它真的非常非常高且多樣化。因此，當然，每個設備中都有一些基石。但是，鑑於內部製造和組裝以及測試和內部過濾，我們的解決方案正在獲得大量份額和我們擁有的靈活性。

So we can do a lot of things that are a little more crack unique customer-centric approach, I would say -- and it served us well. So there's room for more than 1 or 2 players in a high-end mobile device, but we feel really good about it. And I will say that we've been in this industry -- I've been this in a long time, and I'm really excited about the appreciation that our customers see and the technology that we can bring.

因此，我想說，我們可以做很多更獨特的以客戶為中心的方法——這對我們很有幫助。所以高端移動設備有超過 1 或 2 名玩家的空間，但我們對此感覺非常好。我會說我們一直從事這個行業——我從事這個行業已經很長時間了，我對我們的客戶看到的讚賞以及我們可以帶來的技術感到非常興奮。

And it's actually very clearly demonstrated with the leading brands. And oftentimes, the mid-tier players, they want to get better, they want their technology better, and they come to us to try to help them make that leap. So we feel good about that side.

領先品牌實際上已經非常清楚地證明了這一點。很多時候，中端玩家想要變得更好，他們想要更好的技術，他們來找我們，試圖幫助他們實現這一飛躍。所以我們對那方面感覺很好。

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

您的下一個問題來自於特許股票研究的 Edward Snyder。

You seem to be pretty excited this year about the content gains in mobile, especially in the second half of this year. I just wanted to dig into that a little bit. Should we expect similar gains in dual connectivity because that seemed to be a big growth last year, maybe fewer bands being added and more content for the bands you have? And to the extent that a millimeter wave comes out of phones, it sounds like the rumblings, maybe not for this year, maybe for the next year, does that have much of an impact on Skyworks' content? And then I have a follow-up, please.

今年你似乎對移動內容的增長感到非常興奮，尤其是在今年下半年。我只是想深入研究一下。我們是否應該期待雙連接也有類似的收益，因為去年這似乎是一個很大的增長，也許添加的頻段更少，而你擁有的頻段的內容更多？就手機發出毫米波而言，這聽起來像是隆隆聲，也許今年不會，也許明年不會，這對 Skyworks 的內容有很大影響嗎？然後我有一個跟進，請。

Sure. Yes. No, we are excited about the opportunity, and we feel really good about the design win positions that we have with strategic customers, some products haven't yet been taken to market, but they're ready. We are seeing more and more complexity in mobile device. A lot of opportunities still to grow, and our conviction is to continue to gain share and gain content, and I feel quite positive that, that will happen again in different ways and also with more specific devices which is good. So that feels really good.

當然。是的。不，我們對這個機會感到興奮，我們對我們在戰略客戶中贏得的設計職位感到非常滿意，有些產品尚未推向市場，但它們已經準備好了。我們看到移動設備越來越複雜。很多機會仍在增長，我們的信念是繼續獲得份額和內容，我感到非常樂觀，這將以不同的方式再次發生，並且使用更具體的設備也是好的。所以感覺真的很好。

And as we go forward, there's just a lot of other tools here that we're working. Our bulk acoustic wave technology is growing. It is continuing to hit higher and higher levels of performance and gaining value in some of the Tier 1 players with multiple Tier 1 players right now.

隨著我們的前進，我們正在使用許多其他工具。我們的體聲波技術正在發展。它正在繼續達到越來越高的性能水平，並在一些擁有多個 1 級玩家的 1 級玩家中獲得價值。

So there's a lot more to go on that end. We're still doing a great job on the broad market side. We talked about the numbers here, we're over 500 million clicks. And a lot of that technology as you know, that can be transferred. You could have a 5G engine that can go into a data center if you go into a mobile phone, it could go into an IoT device. So we really want to be the universal connector there around 5G and related technologies supporting multiple end applications.

所以在這方面還有很多事情要做。我們在廣闊的市場方面仍然做得很好。我們在這裡談到了數字，我們的點擊次數超過了 5 億次。正如你所知，很多技術都可以轉讓。如果你進入手機，你可以擁有一個可以進入數據中心的 5G 引擎，它可以進入物聯網設備。因此，我們真的希望成為 5G 和支持多種終端應用的相關技術的通用連接器。

And then for my follow-up, if I could. You brought 10% on Samsung this quarter. I'm sure it will drop below that in your big ramp for your largest customer in the second half of this year. But one, do you expect it to be 10% for the year overall? And then secondarily, and maybe more importantly, the big change going on here because it was pretty small. You were down to 3% to 4% of revenue at one point in the last year or so and now you're back above 10%. Is this largely due to their shift to modules in the mass tier? Or are you also seeing -- and to the extent that it is, how far into that program, do you expect your, I mean, that's a very big product line, so it's going to take several years to penetrate. How much more runway do you have in the shift to modules in the master, if that's where your content gain is? And maybe you could scale for us, how much of it is due to maybe a better content growth in the flagship, too?

然後，如果可以的話，我的後續行動。本季度你為三星帶來了 10% 的收益。我相信它會在今年下半年為您最大的客戶提供大幅增長。但是，您是否預計全年會達到 10%？其次，也許更重要的是，這裡發生的巨大變化，因為它非常小。在過去一年左右的某個時間點，你的收入下降到了 3% 到 4%，現在你又回到了 10% 以上。這主要是由於他們轉向大眾層的模塊嗎？或者您是否也看到了 - 就它而言，該計劃有多遠，您是否期望您的，我的意思是，這是一個非常大的產品線，因此需要幾年時間才能滲透。如果那是您的內容增益所在，那麼您在轉向主模塊中還有多少跑道？也許您可以為我們擴展，其中有多少是由於旗艦產品的內容增長更好？

Yes. No, that's a good question. And I know you seek this follow-through. So we've always been a partner with Samsung, but it had been challenging to sort of leap into the richer and more complex, more powerful connectivity modules and nodes I'm just doing a lot of really good work, shoulder-to-shoulder work engineer to engineer work with our team and the folks at Samsung to try to develop a more powerful solution that really demonstrates all these wonderful things that we can do with 5G.

是的。不，這是個好問題。我知道你在尋求這種跟進。所以我們一直是三星的合作夥伴，但要躍入更豐富、更複雜、更強大的連接模塊和節點一直很有挑戰性，我只是做了很多非常好的工作，肩並肩工作工程師與我們的團隊和三星的員工一起努力開發更強大的解決方案，真正展示我們可以用 5G 做的所有這些美妙的事情。

And so fortunately, our engineering teams and the know-how that we drop to market in other areas allowed us to do a great partnership job with the #2 player out there, and it's awesome. And it's not a one single -- one-trick-pony deal at all. I mean there's a lot of room here for us to go -- there's a lot of complexity that hasn't been resolved. We love that, and the value opportunity for us is going to be very strong. So we're really excited about it, quite frankly. I know we already talked a little bit about that in the call itself. But we're working with the top-tier players and the flexible customer-first approach, purpose-built technology is the way to go. We're not really focusing on year. We're leveraging high-performing assets, most of those being procured and delivered right out of our own factory. So we're excited about it.

幸運的是，我們的工程團隊和我們在其他領域投入市場的專業知識使我們能夠與那裡的排名第二的玩家進行出色的合作，這太棒了。而且這根本不是一個單一的——一招一式的小馬交易。我的意思是我們有很大的發展空間——還有很多複雜性尚未解決。我們喜歡這一點，我們的價值機會將非常強大。因此，坦率地說，我們對此感到非常興奮。我知道我們已經在電話會議中談了一點。但我們正在與頂級玩家合作，靈活的客戶至上方法，專用技術是要走的路。我們並沒有真正關注年份。我們正在利用高性能資產，其中大部分是從我們自己的工廠採購和交付的。所以我們對此感到興奮。

And those mid- to premium players love it. They want to see that. They want to see trust want to know where the products are being built. They want to have a decision on it and a voice and all that stuff is going well. So we think there's more to go. And we're pleased with Samsung, of course, coming into 10%, but there's still a lot of room for everybody else.

那些中高級玩家喜歡它。他們想看到這一點。他們想看到信任，想知道產品是在哪裡製造的。他們希望對此有決定權和發言權，所有這些事情進展順利。所以我們認為還有更多工作要做。當然，我們對三星的份額達到 10% 感到滿意，但對於其他所有人來說，仍有很大的空間。

And your next question comes from the line with Gary Mobley with Wells Fargo.

您的下一個問題來自富國銀行的 Gary Mobley。

Let me first apologize for the background noise. Going back to Kris' question to try to quantify what some of these shutdowns may mean for your June quarter revenue. Your large customer gave a specific impact range, which, I believe, is 4% of their overall revenue, 5% of product revenue. Is that about the right way to think about the impact for you in the June quarter, let's call it $50 million? .

首先讓我為背景噪音道歉。回到 Kris 的問題，試圖量化其中一些關閉對您的 6 月季度收入可能意味著什麼。你的大客戶給出了一個具體的影響範圍，我相信，這是他們總收入的 4%，產品收入的 5%。這是否是正確考慮六月季度對您的影響的方式，我們稱之為 5000 萬美元嗎？ .

Yes, I think, Gary, that's not about right. If you look at -- we guided down sequentially 6% to 10%, 8% at the midpoint. I think if you look at average historical sequential declines, it's in the 3% to 5% range. And so the only difference here is really the fact that our large customer as well as some other customers, right, are leaving revenue on the table in the June quarter, specifically because of the COVID-related lockdowns in April.

是的，我認為，加里，那是不對的。如果您看一下-我們將按順序下調6％至10％，中點為8％。我認為如果你看一下平均歷史連續下降，它在 3% 到 5% 的範圍內。因此，這裡唯一的區別實際上是，我們的大客戶以及其他一些客戶，對，在 6 月季度將收入留在桌面上，特別是因為 4 月與 COVID 相關的鎖定。

You've heard from many of those customers that the situation has improved since then, and the factories are reopening, and they're going to try to work hard to fulfill that strong end customer demand that they see. But it's going to be hard to make that all up in the June quarter.

您從許多客戶那裡聽說，自那時以來情況有所改善，工廠正在重新開工，他們將努力滿足他們看到的強勁的最終客戶需求。但在 6 月季度很難彌補這一切。

Appreciate the color there, Kris. And for the share buyback, I guess, probably the best word to use to describe your buyback in the March quarter was aggressive, $420 million. Can you sustain that pace? And are you willing to maybe be creative in the way you fund your share buyback given the press share price? .

欣賞那裡的顏色，克里斯。而對於股票回購，我想，用來描述你在 3 月份季度回購的最好用詞可能是激進的 4.2 億美元。你能保持這樣的速度嗎？考慮到媒體股價，您是否願意在為股票回購提供資金的方式上發揮創意？ .

Yes. It's something that we look at it day-by-day, week-by-week, $418 million in the March quarter was an all-time record. We've never spent more than that amount in 1 given quarter. We still have some firepower there, and we definitely are continuing to generate strong free cash flow. And we will use that cash flow to, of course, continue to pay the dividend, and there is room for improvement there as well and to use it for share buybacks.

是的。這是我們每天、每週都在觀察的東西，3 月季度的 4.18 億美元是歷史記錄。我們從來沒有在一個給定的季度花費超過這個金額。我們在那裡仍然有一些火力，我們肯定會繼續產生強勁的自由現金流。當然，我們將利用這些現金流繼續支付股息，那裡也有改進的餘地，並將其用於股票回購。

Yes. I mean given where the valuation is right now, obviously, we're all over that. As Kris said, there's room for more, and I'm glad we did what we did so far. But if more needs to be done, we can absolutely do it. The cash flow engine is very strong. The business is very solid. And we think as we go forward, more and more, that's going to come through here in the numbers.

是的。我的意思是考慮到現在的估值，顯然，我們已經完成了。正如克里斯所說，還有更多的空間，我很高興我們做了迄今為止所做的事情。但如果需要做更多的事情，我們絕對可以做到。現金流引擎非常強大。生意非常紮實。我們認為，隨著我們的前進，越來越多的數字會體現出來。

Your next question comes from the line of Harsh Kumar with Piper Sandler.

您的下一個問題來自與 Piper Sandler 的 Harsh Kumar。

I have 2 questions. One, Liam, I was thinking -- I was hoping that you could give us some clarity on the issues in China. I hate to focus on just 11% of your business, but it's causing some issues. The phones that are made in China for Chinese consumption, COVID aside, do you think that, that -- do you think, first of all, if there is any inventory of those unsold phones in China? And then secondly, COVID aside, do you think by the end of the June quarter, hopefully, that's burned off. So you get into the build season, you just see pro growth? And my follow-up, my second question, I'll ask right now. Can you help us think about your role with your large customer in a world where they're using their own motto? And what kind of help can you provide to them at that point in time?

我有 2 個問題。一，利亞姆，我在想——我希望你能給我們一些關於中國問題的澄清。我討厭只關注你業務的 11%，但這會導致一些問題。在中國製造供中國人消費的手機，除了新冠病毒，您是否認為，首先，您認為在中國是否有這些未售出手機的庫存？其次，除了 COVID 之外，您是否認為到 6 月季度末，希望這種情況會消失。所以你進入構建季節，你只是看到職業增長？我的後續行動，我的第二個問題，我現在就問。您能否幫助我們思考在大客戶使用自己的座右銘的世界中您的角色？在那個時候，你能為他們提供什麼樣的幫助？

Okay. All right, Harsh. I'll try to start from the beginning here. Well, certainly, the China situation, there's a lot of factors, right? I mean, the overarching factor right now is really just the final stages of assembly and test, where you see Foxconn, Pegatron -- that is -- China is where the lion's share of technology assembly and test and outbound, it's the biggest hub in the world. So many, many companies go through that hub, in multiple factories, multiple technologies. So that's just -- that is a macro China situation that I think will get better. There's not too much we can do right now. And therefore, we had to lower guidance based on the risk and conservatively take our numbers down.

好的。好吧，哈什。我會嘗試從這裡開始。那麼，當然，中國的情況，有很多因素，對吧？我的意思是，現在最重要的因素實際上只是組裝和測試的最後階段，你看到富士康、和碩——也就是說——中國是技術組裝、測試和出境的最大份額，它是中國最大的樞紐世界。如此多的公司通過該樞紐，在多個工廠，多種技術中進行。所以這只是 - 這是我認為會變得更好的宏觀中國情況。我們現在能做的不多。因此，我們不得不根據風險降低指導並保守地降低我們的數字。

But if you look at where we see things coming out, the appetite for the technology is still very, very robust. This is not -- I don't think that it's going to be a major, major hit to the industry at all. I think we're going to get through it. It's well understood. We know the parts of the equation that we manage our teams are all over technologies. Our fabs are working great. Our filter fabs are up and running. We're doing well here on the COVID side in the U.S., of course, you know that. But there's still some bumps.

但是，如果你看看我們看到的結果，對這項技術的需求仍然非常非常強勁。這不是 - 我認為這根本不會對該行業造成重大影響。我想我們會度過難關的。這很好理解。我們知道我們管理團隊的方程式的各個部分都與技術有關。我們的晶圓廠運轉良好。我們的過濾器工廠已經啟動並運行。我們在美國的 COVID 方面做得很好，當然，你知道的。但仍有一些顛簸。

And I think that those bumps will be smoothed out in a matter of months. And we'll do everything we can to make that happen. And meanwhile, we've also within China have kind of stepped up a little bit more towards the mid- to higher end tier within mobile in China. So we're starting to see a little bit more consumption in China, but not necessarily with the China brands.

我認為這些顛簸將在幾個月內消除。我們將盡一切努力實現這一目標。與此同時，我們在中國的移動業務也向中國移動的中高端市場邁進了一步。所以我們開始在中國看到更多的消費，但不一定是中國品牌。

So some of the China brands are rolling off a little bit, some of the major brands, the top 3 are actually gaining. And that's been a very important vector for us and it's something that we anticipated where the smaller companies really need to step up and do more or they're going to follow by the wayside top 3 majors are going to continue to drive. So that's a dynamic that is in play. And that's actually positive for us, quite frankly, because we're seeing more and more names like a Samsung that are stepping up and driving technology and working with Skyworks and others to try to really make that happen. So that's a positive for us rather than how do we make a lower cost bill of materials.

所以一些中國品牌正在下降，一些主要品牌，前三名實際上正在增長。這對我們來說是一個非常重要的載體，我們預計小公司確實需要加強並做更多的事情，否則他們將跟隨前三大巨頭將繼續推動的路邊。所以這是一個正在發揮作用的動態。坦率地說，這對我們來說實際上是積極的，因為我們看到越來越多像三星這樣的公司正在加緊推進技術，並與 Skyworks 和其他公司合作，試圖真正實現這一目標。所以這對我們來說是積極的，而不是我們如何製作成本更低的材料清單。

And then your last comment with respect to largest customers generically here? So I'll just say this, we have a very powerful relationship with very strategic customers, and we respect that every day. It is extremely important. It's not just the people side, which is great. It's also the technology and operation and the trust and the execution. And that comes with great people, but also comes with investments in the assets and know-how around the portfolio and understanding the nuances between the carriers and the manufacturers and all of the drill systems that we work with. And the way that works is it's a partnership where we can provide great technology to make our customers better. That's the initiative, that's what we want to be able to do. And we've been able to do that with some really important high bar players, and we love it. And I don't think that's going to change.

然後您對這裡的最大客戶的最後評論？所以我只想說，我們與非常具有戰略意義的客戶有著非常強大的關係，我們每天都尊重這一點。這是極其重要的。不僅僅是人民方面，這很棒。也是技術和運營，信任和執行。這伴隨著優秀的人才，但也伴隨著對資產和圍繞產品組合的專業知識的投資，以及了解運營商和製造商之間的細微差別以及我們使用的所有鑽井系統。有效的方式是建立合作夥伴關係，我們可以提供出色的技術來讓我們的客戶變得更好。這就是主動性，這就是我們希望能夠做到的。我們已經能夠與一些非常重要的高桿球員做到這一點，我們喜歡它。而且我認為這不會改變。

And with respect to modem changes, not going to be a problem. We've worked with top-tier customers with Qualcomm on the modem, with Intel on the modem, with MediaTek on the modem that we're agnostic, and we have to be. We would not be able to run the business the way we do if we didn't have that flexibility, and we've talked a little bit about that before, but just to reiterate, Skyworks' ability solder shoulder, engineer to engineer, we know how to solve problems. We know how to create success with our customers and that's the culture of our business. So that's not going to change. But I appreciate that was actually a good question just to really kind of cover some of the nuances around the real dynamics behind the technology, and we don't take any of that for granted. And every day, we just want to make our customers happier.

對於調製解調器的變化，這不會成為問題。我們與頂級客戶合作過，高通在調製解調器上，英特爾在調製解調器上，聯發科在調製解調器上，我們不知道，我們必須這樣做。如果我們沒有這種靈活性，我們將無法以我們的方式經營業務，我們之前已經談過一點，但重申一下，Skyworks 的焊接能力，工程師對工程師，我們知道如何解決問題。我們知道如何與客戶一起創造成功，這就是我們的企業文化。所以這不會改變。但我很欣賞這實際上是一個很好的問題，只是為了真正涵蓋圍繞技術背後的真實動態的一些細微差別，我們並不認為這是理所當然的。每一天，我們只想讓我們的客戶更快樂。

Thank you. And ladies and gentlemen, that concludes today's question-and-answer session. I'll now turn the call back over to Mr. Griffin for any closing comments.

謝謝你。女士們，先生們，今天的問答環節到此結束。我現在將把電話轉回給格里芬先生，以徵求任何結束意見。

Thank you all for participating in today's call. We look forward to seeing you at upcoming investor conferences. Thank you.

感謝大家參加今天的電話會議。我們期待在即將舉行的投資者會議上見到您。謝謝你。

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

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。