Skyworks Solutions, Inc.

Good afternoon, and welcome to Skyworks Solutions' fourth quarter and fiscal year 2020 earnings call. This call is being recorded. At this time, I will turn the call over to Mitch Haas, Investor Relations for Skyworks. Mr. Haas, please go ahead.

Thank you, Rob. Good afternoon, everyone, and welcome to Skyworks' fourth fiscal quarter and year-end 2020 conference call. With me today are Liam Griffin, our President and Chief Executive Officer, and Chris Senesal, our Chief Financial Officer. 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 for many forward-looking statements made today. Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our prior practice. Please refer to our press release within the investor relations section of our company website for a complete reconciliation to GAAP. With that, I'll turn the call to Liam.

Thanks, Mitch, and welcome, everyone. Skyworks delivered exceptional results in the fourth fiscal quarter with revenue and earnings well ahead of our guidance. Importantly, the momentum spanned across our entire customer base, mobile, IoT, automotive, cognitive audio, and infrastructure. In fact, revenues in our mobile and broad markets portfolios each grew 30% sequentially and generated double-digit growth compared to Q4 of last year. Now, looking at the quarter in more detail, we delivered revenue of $957 million. more than $100 million above the high end of our guidance. We achieved gross margin of 50.4% and operating margin of 35%. We posted earnings per share of $1.85, exceeding our guidance by $0.34. And we generated strong operating cash flow, totaling $267 million in the quarter. Capitalizing on years of investment in next technology generation products We are now both driving and benefiting from the rollout of 5G in markets around the world. Recent data points highlight just how rapidly this adoption is accelerating. 38 countries have already launched 5G networks, with more regions set to deploy. And already in 2020, 12% of the world's smartphones are 5G enabled, with projections of over 50% by 2023. Notably, the world's leading smartphone manufacturer has just now released its entire lineup of new 5G devices, a key catalyst underpinning our growth thesis. Although we are only in the early innings, 5G has arrived, ushering in a new and expansive set of opportunities. During the quarter, our solutions powered a broad set of use cases, from the newest and most innovative smartphones to industrial IoT, automotive, cognitive audio, and touchless commerce. Specifically in mobile, we accelerated the ramp of our Sky5 portfolio while supporting leading 5G smartphone launches, including those from Samsung, Oppo, Vivo, Xiaomi, Google, and other major tier ones. In IoT, we enabled touchless point of sale systems at Square, powered Wi-Fi 6 access points for Amazon, ramped Wi-Fi 6 solutions for advanced routers at Netgear and Asus, and launched residential gateways at Verizon and Telecom Italia. We also supported Facebook's newest Oculus VR platform, and we further bolstered our position in low latency cognitive audio solutions. powering wireless headsets at Logitech, Razor, and Sony, among others. Now, moving to the industrial space, we introduced embedded connectivity modules, enabling Fibicom's latest enterprise IoT architectures. We delivered critical medical applications at Boston Scientific and GE, and also supported wireless utility metering at ITRON and Census. In infrastructure, we secured multiple design wins in next-generation MIMO base stations and small cell installations. And finally, in automotive, we ramped telematic subsystems for BMW and Tesla and launched high-speed connected car solutions for Daimler and leading OEMs in Japan and Korea. These engagements illustrate the diverse and expansive nature of our portfolio. supporting a broad array of customers and applications. Fundamentally, our ability to execute and deliver on successive technology nodes fuels above market growth. This momentum is underpinned by increasing demand for our unique system solutions, differentiated by performance, integration, scale, and most importantly, customer value. Skyworks is well positioned to capitalize on the rapidly changing landscape with deep customer relationships established over 20 years, experience across multiple technology transitions, strategic investments in global scale, a seasoned and talented workforce, and finally, an efficient cash flow engine that funds continuous development of market-leading solutions. With that, I will turn the call over to Chris for discussion of Q4 and the fiscal year, along with our outlook for Q1.