Skyworks Solutions (SWKS) 3 Nov 222022 Q4 Earnings call transcript

Company Profile

Participants

Mitch Haws	Investor Relations
Liam Griffin	Chairman, Chief Executive Officer & President
Kris Sennesael	Chief Financial Officer
Harsh Kumar	Piper Sandler
Matt Ramsay	Cowen
Raji Gill	Needham & Company
Gary Mobley	Wells Fargo Securities
Amber Srivastava	BMO
Blayne Curtis	Barclays
Karl Ackerman	BNP Paribas
Edward Snyder	Charter Equity Research
Blake Friedman	Bank of America

Call transcript

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Operator

Good afternoon, and welcome to Skyworks Solutions Fourth Quarter Fiscal Year 2022 Earnings Call. This call is being recorded. At this time, I'd like to turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

Mitch Haws

David. you, Thank and year-end everyone, Skyworks' fiscal fourth Good conference welcome call. and XXXX quarter afternoon, to With are Chief and President; me Executive and Chief today Kris Liam Griffin, Sennesael, our Financial Chairman, Officer. our Officer

will or I earnings would annual press to results remind our to Before we forward-looking include that statements. like relating are begin, cause statements report expectations certain release our outcomes on considered XX-K, including and everyone recent and on could to SEC that discussion for maybe and forward-looking today. materially refer risks differ future our Please that any statements actual filings, to information from Form adversely made

press and with With Investor Liam. Relations release financial guidance results website discuss will section measures of the our our include a GAAP. Please consistent practice. call to company complete reconciliation non-GAAP the to our within Additionally, past for that, the we to turn I'll refer

Liam Griffin

welcome, and Mitch, everyone. Thanks,

results, Before the quarter reviewing to that for performance record the accomplishments another Skyworks. highlight significant fourth year financial of fiscal I want underpinned

dividends fiscal XXXX, through we year-over-year and up billion share record repurchases. we X% year-over-year, markets, a a our billion of for We XX% $XX.XX, revenue. We shareholders for to per record and total earnings share a representing to achieved revenue revenue, $X increase. in record XX% $X.X broad drove of billion generated in Specifically, a returned $X.X

Now turning to quarter. the September

XX.X%. QX by earnings drove XX.X% $X.XX, QX Our of We guidance We $X.XX. diversified margin gross record estimates. portfolio posted consensus per exceeding record revenue operating performance. above achieved of and we of and customers of billion, our of and set delivered share $X.X a expanding And margin

content. we continue gain a long-term into We Google, and supporting record with X OEMs, integrated IoT, programmable launches Ethernet operational we we delivered others. including solutions to smartphone Samsung continued access partnered radio for our European received optical solutions a We key a power digital portfolio. supplier our brand. connectivity award we with small well transport to OEM, achieved service infrastructure centers In in quarterly capacity simplifying XXXG record delivered isolation with new foundation mobile, we flagship over enabling of highlighting a platforms to win isolation Korean design and secured comprehensive In a solutions addition and and delivered luxury leading strong and to financial and strength launch momentum. platforms the markets, for to as We first their Vodafone top and platforms O-RAN revenue new shipped XG results, results, In In the leader, Frontier to leading And Schneider leading tri-band for with capacity connectivity the the of a the Communications, technologies, provided telco data at execution as expand Across capabilities networks. providers and captured mid-tier growth, customers automotive, power Samsung, portfolio. Electric, EV UK's highlighting infrastructure building platform. industrial timing and the timing charging onboard Amazon, Power launched extend developed for mid-band with coverage. a another we Wi-Fi Wi-Fi We OEM, global and We leading XE provider. points. we wins from we cell at

engines, value data mobile driving are reach XXXX, parallel, of XXX of added expected by solutions. demand The underpinning of shift with of XX% new set Each for cloud And XXXX. these vehicles performance. form and by for end of XX%. efficient annual customizing and complex by forward, will need uniquely revenues nearly connectivity trillion onboard being of factors, an low seamlessly global representing XX and estimated integrating ultra-reliable, expanding markets craft utility of estimates an latency and and $X the more subscribers to growth mobile be for those positioned to connectivity million and high-speed, smaller continues electric. electrification to vehicles grow, our the customers, unique In the of an XXXX, is rate feature key automobiles trends cloud Moving will require all are faster, mobility, Skyworks the to catalysts applications.

packaging, call these gallium our customers. custom As extraordinarily the over headwinds. team a poised to market-leading diverse elevating set filters high-performance will a turn is we emerge, from has that, Kris. opportunities profitability technologies geopolitical advanced to with the for of Skyworks to and performance executed while and arsenide With that strategic of face leveraging and in With coveted talented macroeconomic scale, win, well are I

Kris Sennesael

XX% resulting Thanks, year-over-year representing and fourth $XXX of driving were X% were diluted translating XX margin Broad $X.XXX $X.XX, execution and We sequentially by was up incurred representing $XXX driven in growth revenue up strong XX.X%. the of drove XX% net million ahead operating broad quarter margin for fiscal was a million up other and and at gross the We and expenses effective and of our XXXX in Gross markets. million. year-over-year XX% to million expenses Top $XX of of in XX.X% XX.X%, revenue $XXX billion, of rate income of was markets over an of mobile year-over-year. or Liam. basis consensus Operating per revenue. quarter, Skyworks generated into million, XX% $XXX estimates tax on sequentially, of particularly X.X%, fourth margins earnings quarter income, last of the compared both year. and up total operating of just QX million, of XX% line share growth profit $XXX points of revenue.

flow. million. Fourth million were $XXX capital flow fiscal cash operations was and cash expenditures quarter $XXX to from Turning

paying our of capital of repurchasing million shares a million terms stock $XXX In for returned we during the total $XX approximately allocation, million. dividends in XXX,XXX and of quarter, common to $XX shareholders,

Operating was gross billion with profit Let's was $X.X $X.X income billion, performance. XX.X%. $X.X year to margin XXXX also of gross review a $X our operating in was X% Cash billion share fiscal shareholders income flow of grew the a in billion, reached to earnings cash X% year-over-year. from fiscal XX.X%. translating record $XXX returned an $XXX $XX.XX Net And of back $X.X share, we resulting a margin per million into operations $X.X XXXX, with buybacks. of of billion, and in Revenue million record of billion. up during dividends diluted

advance record the support summary, in delivered leadership fortifying Skyworks So long-term technology investments team XXXX, and profitable our the while growth. share in with per and fiscal revenue that business the earnings

outlook Now, let's our for move QX on fiscal to XXXX. of

revenue sequential a to Given on broad expect weakness, basis. decline demand we

to Gross XX.XX% and of anticipate XX.XX%. the projected margin between Specifically, range billion be $X.XXX revenue in $X.XXX we and to billion. is

of amortization with expenses non-GAAP rate capitalization operating approximately for We in and full purposes, starting capitalization we action of loss impact non-GAAP of in increase $XX XXXX. $XXX to the tax estimating are year reverse fiscal reflects the expect XX.X%. requiring tax fiscal The the to line, expect expense from R&D $XXX rules, approximately QX. tax tax XXXX anticipate the our R&D QX XX.X% of legislative we effective expenses for US roughly consistent other of rate prior be years the million we the rate million. in the and to Absent tax a fiscal million Below

per at billion, we I'll XXX.X diluted be share call share count of of Liam. our to to that, Accordingly, to We back also intend turn deliver And diluted shares. million of earnings $X.XXX with approximately over midpoint the the expect $X.XX. the range revenue

Liam Griffin

Thanks, Kris.

segments. broad As -- fast portfolio growing powering record applications market's increasingly and is most our our and across growing fastest demonstrate, financials an set the of essential

and deep execution customer Our proven Skyworks partnerships outperform. to position

increasing while concludes Moving the and long-term forward, and returns our cash buybacks. dividends Operator, our diversification, revenue will growth, share shareholder remarks. let's profitability open fuel through prepared to questions. generation line That

Operator

Kumar Piper Instructions] Sandler. question from our Harsh [Operator you. with take Thank first We'll

is line now open. Your

Harsh Kumar

Yes. Liam a in first well? of amazing China most your Hey, And congratulations. China indicating what US team, part doing guide. of results off. and rest is, are when in decline compared Kris, you in then, and function is part December about folks the about China. business the is is talked of that macro guys. about the inventory understand curious Liam, China be the the of a -- as quarter, much These problems I'd you or Kris pretty all, for that talked industry. I wanted are the of people to how to and how

So follow-up? any got color have you I've there would a appreciated. And be then,

Liam Griffin

Yes, question. the have been Appreciate across the I would situation. certainly Harsh. been But space. China the it's unique Sure, volatile certainly markets say a

that the we've I have to driving although slowly portfolio derisked we But themes and us, are developments Harsh, going Now, quite more front going as the we've as know we're markets, exposure the markets be tailwinds us scale Even been technology, exposed focused the benefits OVX you been is, those And brands. we they the we've would have What to news markets the OVX radically diversification markets we and early have through you put made contract that us able portfolios these and investments put brands, portfolio. But seen and higher-end in and been global all in higher-end we more outstanding the to we ZTE of to is that, there, our that forth, mobile within have down good the forth, a days us, the to broadly. hard. this, for OVX and of coming back go know, reduced headwinds. bit. Android on quite normalize. to been Huawei towards technology incredible been and we've hit manage the that markets I The that say is for think the for in once the forward, much

weak for China it's relative So strength, of but it. of bumpy we still is in about there's part really a some the good I landscape spot, today. opportunity terms a think, definitely definitely us, feel

Harsh Kumar

is my you Thanks, investors Liam. the everybody from in for the industry to already else relative that sort And hurting then that, of getting guys. follow-up, we're question is

we is that you it's So even or for gets materially you we're largely June contained maybe, March that possible to is, as into question as China, at and quarter, look Skyworks, quarter? in in least look for you flush the past think the the China worse the do start the December, maybe that getting do think you December

Liam Griffin

together and like on for have the have recovery here. that, I that It's sure, some with visions hard to that be would say still Harsh. But tell customers there relationships opportunities, Yes. feel the we can we key the we

course, is relative our I a the some Of at to circumstances general, look but that definitely in outperform would ability our our in solutions customers fabs, with factories to better here and It's be The that is expect to unique team for continued, be those Skyworks able not very going but basis. I may our There on this to industry, than others. high-performance to just put very, navigate together to manage day. words. day deliver headwinds

we're we're with very, curve our work much a that on a not a shelf knowing products company looks to that hopefully, and customers can drive a with. been in past, the solution together we'll the And very the and hopefully, pull. in to supplier be them. lockstep puts We that success So continue to demand continue to for for we our that that players with proven has we're proven customers drive and

Kris Sennesael

derisked. would back We in for December, there it in or on? I when But, maybe is that. to much March? it The switch completely much China lower get lower And in the can’t March than the following Yes. point. get again, some definitely it question it's can’t quarter. December start low that is, that. of than Is It It expect add does

Operator

Okay.

Ramsay we'll to go Cowen. with Matt Next,

open. Your line is now

Matt Ramsay

you. weakness. focus business, the puts you wireless, are if Yes. where and question, afternoon. hints businesses, acquired, I different takes some your to markets. the me on us some you any if walk core talk to know what on in But in you around weakness diverse. I that you data of markets and certainly business. there's Thank And you of sequential sort corrections there's business could the on I -- puts markets it's bit through Skyworks been more through in collection And of really you whatnot could that to the kind because and kind just there'll China center and Liam, do where customer, across guidance start know maybe broad There's a non-mobile devices, but and a there's some some and industrial, with to there? of walk folks the guess where smartphone stuff that about basis, first and my the of you're different trends market, lot exposed trends seeing of weakness? takes wanted that guys. guys different the be at Maybe you business broad in largest that helpful? the of the there could would subsegments I the Good consumer very Thank in a expect questions inventory much, be there's for

Liam Griffin

Sure. question. Sure. Good

Just of a business. with that XXXX our fiscal broad kind ended to markets kick off, $X we billion

really good. of that's revenue So there. XX% annual

So lot going work good there the a of is But outstanding. on. opportunity

some customer the and look today, of entirely mobile, of The are the It's has really at nodes broader. good opportunities. broad reaching, a But is the technology you in position, far that large. business have will If we extremely strength much and of an markets that continue. markets different set set lot more

points. are important, important those I think

business. automotive more in industrial IoT upside and about If We're portfolios continue making looking also right but where that, and grow, industrial more The customers. a infrastructure. we're more lot or here of to more making the in you in we're connectivity at going an think headwind applications now, strides

Skyworks, lot there lot our a XXXX broad base, definitely to revenue. globe we markets. from expect that coming there's to here going And for driver key headroom There's of beyond. a be into drive sales and on in the going marketing current our and FY corner are every So working a of teams and

Matt Ramsay

Thank you that, Liam. it. Got for

moving view clarification of last to the a well? follow-up, that second Android the board they talking while, Is at inventory you. mid-tier their my talked And the flat a Kris, are global the were is, guys of about across good you observing including of have in And pretty mobile China, quick of the of higher up, something been the smartphone. and question less sort there we which smart I guess guide has for market for wanting market as to December, they for sort in Just weakness hold markets. premium given customers globally as Qualcomm broad folks tiers night, a breadth. tier into the market, in down, to tier, expanding the in weakness in basically that with premium Thank my

Kris Sennesael

Yes.

guide in on single sequential so flattish kind low on So basis, clarification it's year-over-year up but markets broad on a digits. still to of December, a the basis,

Operator

right. All

to with Company. Next, we'll & go Raji Gill Needham

line open. Your is

Raji Gill

results December was My Yes. relative derisked guide basically back percentage as understanding significantly But of I to last might there. smartphones, terms I'm and X%, to handset business be commentary for questions my Thank your just you as had congrats in the of the China of X%, December peers And of for kind into the that going shipping December year, taking and well on you China. relatively small you guide. better-than-expected started curious around China mistaken stop revenue, channel. a X% to the

expectations. been phone curious, just your the decline than when better And in so, well, of you're mobile the customers I'm top have sequential kind pretty ramping

given China? your and top So just the QX, curious sequentially is exposure why limited your then business ramp given in smartphone customer down in

Kris Sennesael

Yes.

customer are is have parts then Within China player been business, Vivo, last Oppo, there where been we and there as Android, in couple the in right? players market. lockdowns two Korean Samsung. have and well. the China, Android. two in is demand quarters, also the large derisking is there's is really is the COVID-XX given there the end of well. So, there a basically But and We then There to large customer Android well-documented the So for definitely Xiaomi China softness doing

customer. very with seen revenue that in growth year-over-year strong fiscal have We XXXX

immune not markets. softness However, the some the the of on that customer including also European some to demand, of is global

and that it's well some is well on inventory -- impact an very There at there. guide. definitely having customer documented December overhang our so, And that's as that

Liam Griffin

that. say the Yes. that, I near-term an customer, content impede -- and about so that And we're would a also bumps going there's anything isn't gains, despite there opportunity for that's on really with there's to effort. great excited

to So that there's round for lot us opportunity out. of a

have great we case, of smartphone the opportunity with China have appropriately, the we but players. leading think I other derisked deal a

and all teams -- over we're So -- are our that.

Raji Gill

question inventory, And for kind inventory follow-up, the you as my channel. inventory Thank of in a both Yes. as for well just the on just that. internal

I look basis X%. the year-over-year dollar on if it's inventory, XX% absolute relative up a at to of revenue So almost growth about

wanted one, understanding managing then, I characterize, would get how in the you smartphone just So you. inventory how internal number be inventory I channel you're And That Thank to of market? broad inventory? guess, or helpful. would any

Kris Sennesael

Yes.

on days of internal inventory to the Actually, the days So where as in is terms in comfortable books. with September down of relates it it I'm quarter, came inventory. our six inventory,

that the that. into are more solutions, have integrate market filters, products solutions solutions. our integrated as extended and That we're and that have more the highly production times and bring filters and and You cycle keep getting mind actually, are actually more in that more, also means to doing integrated to complex, your you we very more to in more especially

In a last addition over supply definitely that that, increased our can customers. the sure years, couple challenged I've making supply have environment chain about of before. to stocks, that In to talked we we buffer

In that, we level-loading factories. addition to our are

little We the said the I level tightness maximize have chain and and our to bit disruptions of are to factory in is seasonality supply through probably think, trying in the loading. we going that, easier. chain Having supply all business, get utilizations a

the the the So that and will us gradually down internal days some stocks inventory. on of us external. of help those buffer the to reduce inventory, on to potentially will further That's in allow future, bring

In very say, at manage I terms of that's a carefully, level. normal would we inventory, that channel

well level, phone at and the of especially we're part our I There's the at again, is business. level, the that's some issue Android -- the the phone of of bigger inventory pockets very in the definitely been think documented. customers at elevated inventory

Operator

with Gary go Mobley to next, Fargo And Securities. Wells we'll

Your line is open.

Gary Mobley

for finish and my asking some Thanks fourth guys. congratulate to I about customer strong as Hey, quarter. to wanted off start on to a for the you taking by need question the percentages I year. well mix

Specifically, quarter? other customers what And any was the XX% your greater mix than largest there fourth were customer? in the from

Kris Sennesael

Yes.

customer in the September approximately largest our of was So XX% quarter business. our

execution not. team year-over-year know, new growth So of a lot reporting a always by about I into the is products game XX% content a Skyworks largest translated here, or our or XX% there great growth. that sequential is launch the question of customer,

had have by While those we large launched products a the been uplift that our customer. content illustrate new that in numbers clearly in major

Gary Mobley

greater other customers? XX% The than

Kris Sennesael

XX% was quarter. That No. the only plus the in customer

Gary Mobley

Okay.

big As of my guide. what into QX follow-up sort question, or double-clicks your

So Can what like about million it's shy it what is the normally sequential on would hundred market dollars weakness comp. just you much given of your versus normal what drawdown from looks expect, quantify how few like Samsung? sounds -- general is of inventory that you seasonal

Kris Sennesael

at I our an right? main is think not biggest inventory In at phone That the the Korean definitely customer. Xiaomi culprit more, here. as with is recently culprit in overhang -- level. level, China talking China with Oppo, Android, then the necessarily I'm the Vivo, component well definitely and

Operator

with to Next, Srivastava BMO. we'll Amber go

line open. is Your

Amber Srivastava

What Thank is percent much. for Hi. the Kris? very Android you you of now, the China business

Kris Sennesael

Very small. small. Very

overhang so there we've derisked bringing it been We've and As quarters, it. and we noticed we inventory small. up, building that the of over last very I was couple because now it said, it's an derisked down

Liam Griffin

think here. good drive to we opportunities and some largely some players Obviously, that year. -- flow really about are we're that talking the that Android And will China through other solutions Yes. have continuing -- I being, have

Amber Srivastava

understand. That's okay. I

of follow-up, peak? make sales. a single the And then total for at what's say it's it like was the CapEx sure, small, quick you the to Kris, full what year? so, a very digit And percent And low as just when

Kris Sennesael

to $XXX of fiscal XXXX, million, $XXX So X% was we million CapEx, in revenue. which did

invest the And accordingly. So our way. business, will now, we manage of demand do we given continue to experience definitely some are definitely in also CapEx the that will in going we that but we to smart a softness

Operator

Barclays. go Next, to Blayne with Curtis we'll

now Your line open. is

Blayne Curtis

on and moving both for That but March for ask misses Qualcomm, Thanks offset taking you, I to question. and big guys. games March, the Samsung. pieces, Hey, did don't at want I be to obviously, you but March. just wanted just highlight probably, my know seems they Qorvo from the to content guide one

you there? do as should it's guess about to that your How customer? two if the then I So and should shipping box part. guess, you zero, guess, the but for inventory feel at I thoughts by kind just pieces, can, be And situation the And growth then? two more you're content moving your I growth business with of nothing, basically done inventory, prospects Korean new

Liam Griffin

for This Sure, Liam. continues grow. opportunity Blayne. to is content us The

penetrated going customer to opportunities change solutions largest our outstanding. customer The don't with And to and is are have We that's with going really continuing, at forward ability technically and that unique our really very some outperform bright. all. the engagement I think is

just on So lot When go way turn strong. odd there's to it we're out. But like the to opportunity opportunities back that really Samsung, an I things be of bullish think a got grow that. the We we market there. now right continue

really nice right the portfolio are, We I in with dealing some technology handsets. now beyond that bringing we're forth new think,

you this work is how doing on to that, customer. we're very, years, after inventory where some of the at we in for cetera. If on very look Android there, the that been inventories, some down. and going And We've the signals with from more going know by way. players. the tight us largest the and to burns a us But absent good this terms We expect very that close on we go we're manage help to have do the et side, China lot of maybe stuff of will definitely of should business

Blayne Curtis

because such. the shorted of communications know business Labs more and sounds Wi-Fi wanted then, And just provider terms I weak, while go moving mixed. then, And in industrial me, the for I'm and Silicon and because to and markets more obviously, you curious I tell have the to pieces, I a question maybe service very maybe were on guess, is, exposure, direction Matt's Thanks. consumer they that broad more

drove much And So you're pieces, then in just those of beat? a moving of dip seeing weakness weakness? and seeing December. are in what as offset, or not on much not you seeing area its thoughts one to Are just the you kind

Liam Griffin

Yes.

I at two So would look things.

the has increase. portion, is it honestly, to than gone it continues this but deal good I better MSF us you've On from we a and stuff. know lab really heard before, that expected

grade. just bear. really new cycle So X line. a like portfolio, Consumers have excited the that, higher It's a to product that; Wi-Fi through then engagement lot around buy that in of It's There's of But as opportunities. higher to kind great about technology we're performance. of that XE, a of and on lot great and Wi-Fi a are think XG. now we've lot Wi-Fi portfolio, into start of that similar move and lead a that starting we we solution. as got replacement we're a bringing new to There's

it's about the that's So we're it isolation that's incredible yet, years part really another that with good critical of popped didn't portfolio. today wouldn't had much that. a and two feeling talk names but automotive, power we We've through things. or then the with market engagements that deal have about we was And got business three doing ago. the customer Skyworks got up, We've a obviously SLAB

populating technologies we're extend and the The really is really, that. critical and the brands are starting about So excited stronger, to really that we're set unique. are getting application

Operator

Okay.

go BNP with Next Ackerman Karl Paribas. to we'll

Your line is open.

Karl Ackerman

comps flattish peers points. of in does roughly broad XX want on guide, that follow off outperformance being one, last I to Yes. up Kris. to September coming after your December, for taking markets exceptionally my Blayne's was I your seem Liam Thanks strong and in appreciate versus previous question. versus which tune think, the I

you is I much initially some in have to the the issues guess, be And of from set by think was so, of up. challenged that match I seems loosening two, the that outperformance or serviced quarter backlog how last

of outperformance that? So, I driven have I a then And that is by follow-up. much guess, how

Liam Griffin

we've it a some with wins truth kind there's I great opportunities. unfreezing the said but of But it's design I And and before where new really in now we've Yes. that other really into know technology. new organization is, the backlog. got is gains mean, melting period calls,

customers the got and portfolio the continue we engagements thought for opportunities obviously going to is revenue growth. The more business and that pretty development And also, SLAB with we have and We side than growing solid as is core see both sides, margins Skyworks, you've on actually, well. really the and better in more well.

more going and it's a to a I really there. great to automotive would it's go portfolio, center bet there's But hard really data A to and and well. So lot do. been lot here ramp. starting more on transaction, from that that's

Karl Ackerman

much No, because seem that to Could acquired division to you be gaining I guess point, for on I electric traction. in power opportunities, I&A appreciate center Could that? that, about they vehicles connectivity Yes. talk and you you Liam. you those the isolation just brought opportunities new automotive data just and hardware. click see of some

any on Thank So out that. call might things you maybe you.

Liam Griffin

give great have two a dealing -- an We there There's or you mean year really like and didn't Cloud AWS have ago lot a that business. that markets ago. we amazing automotive high-performance ago. an And so with data that's a deeper but technologies there's of and semiconductor and/or and I in, wireless you the require just We're now space, a set products, we're Yes. center. expanding. That into those companies at position get Google wasn't example. around and have had I'll look technologies. that high-speed wireless high-speed going further what further absolutely year into that. isolation, we well. of as is all where move connectivity, us, and in years or two automotive, stuff infrastructure the come power We didn't critical on connectivity, autonomous, We helps critical. It to also really start we know We do

it's So technology markets dovetail and it diversified are engagement, a growing. customer also is really between that a really -- end great

different and putting it. into one the your about excited hunter that. from But broader. little I support bit forward business approach, transaction. and And was that returning phenomenally. I with we been we're and We're larger do investment a that think to that have But bit, Arcuri there we've of it's where big it's it. a looking the Skyworks, there's more outperforming would Skyworks with And game of and can that because to question, said, you Operator: we'll Next, the through getting is portfolio funding sticky we're go some drag in UBS. on incredible So And with fine. that things things Timothy portfolio, like and more we're a much mentioned competitively, that's chain, I&A a been is I think just the spots that supply

open. Your line is now

Timothy Arcuri

I customer I have a at Thanks zero September. aren't year-over-year, down out on and mean, and a out were about if is down year-over-year two. the I least December the Samsung, really units even for XX% big Kris, September. question in zero XX% mystery Android have you The big a I lot. China guidance.

So launch. I'm foot reconfirm and actually you this share that trying to gained that just

that I they And content. of parts on think constraints. us XX% you much left did just could to you the to maybe how the customer because the were planning that? to gain earlier, money gain fit much help all last that table be maybe due you if the during it X% share, this bought launch cycle for Can

Kris Sennesael

go into we there. dive that think I have probably Tim, offline to a Yes, take and deeper will

in with said be It and to support I in is I with to as that's to December, new strong take lineup of devices as is But have there. our you strong. the relatively continue their think other as many we large revenue broad again, business, form part September account the content than continue think of ramp. large phones, part before, in execute the of customer into that strong was markets, customer the into and in gains reconciliation I we solutions their the and sell

Timothy Arcuri

Okay. Yes.

offline. is a was on there but the then take And really way. just March. guess different about it know to Let's I this, second ask it a I question question little asked maybe

seasonal? Thanks. be a think like So would than light seasonality sense us down, is down little below of down obviously, much because wonky, March, a and is usually a Can it I this March a how December low in this year, sequentially. is bit maybe that. give bit December teens, normal time. of you so on bit sort could of it's little usually just not better is

Kris Sennesael

headwinds. very in There volatile COVID is flares. Tim, so war a There is is environment. on going There is a this macroeconomic Europe.

will guiding you could picking We resolved there, one and on gets that that have certain the we're So discussed extent on business of depend March mean, an before, start some to of stick quarter. it the up But, when at again. Android the impact a course, time. to inventory quarter of to level the elements at some mentioned going a phone potentially I how

Liam Griffin

visibility. say will I And we have definitely will Yes. that,

really not we're the customers. to blind. close So We're

And so, transaction. of on top we're the

our very I So Kris and exactly would and said customers everything is is engaged with channel ability be add just And that suppliers look true. that our to the through our strong.

Operator

we'll Research. with Equity next, Charter Edward And go Snyder to

open. is Your line now

Edward Snyder

decline loss. rumors Liam, that year, the lot. of share largest congratulations content of a rest, at suppose I the in for prelaunch and transmit net first Thanks on the all, but a the gain next especially puts DRx content the customer, through least parts,

unless RFP I really those around I'm a really largely of over for where for confident architecture test is of new for pull wondering, band modules mid-high point put filters, the years. see to you just content brought this reliance that or module, would -- good about on the MUX just you lot like has Our out. showed competing parts. years, been gains a has was complex change which still over it get something our filters feel last feel trying this several like the several the you trending on to out reach a a you we saw last part an

poaching have been follow-up. for So I'm you at of around time, long stuff in quite you're the have some start but that if off going past. a didn't the I looking And wondering, just a then, to for technology the

Liam Griffin

the go design downhill, like higher-end, and -- most Good again, challenging the our and work I are I as been doing. in really we've well. you've really we before, and hunt best opportunities Yes, right? they we our me to like that. Yes, environments enjoy they the take we ball And most it then try challenging of capitalize kind yes. really what appreciate teams exceptional, to heard fast that's mean, this question on and say early, do and the So

more the -- to more. customer, see visibility fired to are largest customers. But appreciate go. what also pretty already, our grow want and take many us to going the but and design largest many, with up. So is to We're to you're I solid try with on which going your done our teams we've engineers others outside the They to portfolio

that having will that wins, look wins, together we easy, know, to as hopefully, really all that's try make it resolution put what to performance and do, trend So complexity, continue. ability and the you

Edward Snyder

then should then, kind of us in the should do our And give so, I amps? on gas, frequencies a them. back to we're the in the we that to expect want have Okay. Qorvo, an area phones of Wi-Fi a be maybe check SiGe, of for gain. By that or Is it's to And architecture last -- X reality because calculations, if external we just could, architectures low And expect you Kris, if obviously we as will use the that. check, there? is especially can there. Liam, like I about housekeeping just And a coming? night, to if could in XX% that, little feel was mentioned ballpark, content they of excess growth shift

more was just area. then So I that breakdown in if for that curious seeing the technology and competition about you're

Kris Sennesael

Yes.

job excess a content and did true. in great XX% of is at you yes, first, the of your absolutely teardowns conclusion gains So,

Operator

question Arya final Vivek with America. of from comes our Bank And

Your line is open. now

Blake Friedman

This is Vivek Blake Friedman Arya. on

know various your last a customer. also just So highlighted night there. peers Korean of I design one large on your question wins quick

of overall perspective, if curious, way? believe share this from just any seeing expansion So gains you're customer an you're the at or your TAM in you seeing if

Liam Griffin

we're phone to see player, a incremental kind been is driver. it leading here higher-end a the that starting customer. if performance, we're to for user of versus mid it's between the opportunity a for also see but here, the And Honestly, a the always experience mid-tier. Yes. the at is largest great look you cost lower is US exceptional. battle with Korean And seeing an TAM and in of expansion we That's performance what with

and a China top Korean largest to that's think there, opportunity a great with business great derisked, do with got the we've a I for the the there's got lot us brand. player. and position So We've

we're right forward with So the we're looking dealing moving to a getting into through and now XXXX. bumps stronger some of that

Blake Friedman

hoping And matures, customer kind just more side. generation test, outside level about like largest penetration, XX%, more of content mostly generation, market of unit from transitioned importantly, maybe Great. we follow-up and average maybe the this the future a At could a XG the being and with should to at was talk on point a XX% higher of full of that, to growth content opportunities your the then, cycle the kind about XG be? to I just the what -- on you as suite. more expected the content overall

Liam Griffin

Yes. so I these high-end user. the utility critical of mean, is the smartphones to

nice ones, we're out. we've abate. the So thing great Wave them more together envelope. good we've for just that in the to these technology we some want TC-SAW the a for and performance been in-house work and They unique performance Skyworks. the on arsenide, drive -- reach, is want solutions drives capitalizing gallium deal push news Bulk Acoustic content, And seeing consistently solution applications, in It more we holistic call to can and get and all our growth They that companies multi-end also with, what want branching technology especially it's isn't markets. the The and reach not to that is, done with bringing stronger. into opportunity go seeing they that our the largest

the think we have here I around and it. very this everyone that is put improve bumpy, change. to really really know cases right net and technologies and be critical, vibrant. we call, mobility together upon. the onto get where usage is, It's we'll going output the don't quarters So all pockets something that the we customers see at the the right to on -- up and try And engage to things continually that know-how and think, it's connectivity, but I with

Operator

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

Liam Griffin

We Thank forward upcoming during at you talking look to Thanks conferences in all the quarter. again. for today's you participating call. to investor

Operator

Ladies for and conference that Thank participation. your conclude does gentlemen, call. you today's

You disconnect. may now

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