Skyworks Solutions, Inc.

Good afternoon and welcome to Skyworks Solutions first quarter fiscal year 2021 earnings call. This call is being recorded. At this time, I will turn the call over to Mitch Hawes, investor relations for Skyworks. Mr. Hawes, please go ahead.

Thank you, Rob. Good afternoon, everyone, and welcome to Skyworks first fiscal quarter 2021 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 from any forward-looking statements made today. 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. With that, I'll turn the call to Liam.

Thanks, Mitch, and welcome everyone. Skyworks delivered record quarterly results in the first fiscal quarter of 2021, leveraging our expansive technology reach and deep customer engagements. spanning both mobile and broad markets. We established new quarterly records for revenue, operating margin, and earnings per share, demonstrating both the power of our financial model and the unique opportunity to lead the global transition to more advanced wireless communications. Now, looking at the quarter in more detail, we delivered revenue of $1.51 billion, more than $455 million above the midpoint of our guidance. We posted earnings per share of $3.36, exceeding our guidance by $1.30, effectively doubling year-over-year earnings. We achieved gross margin of 51.1% and record operating margin of 41.2%. And we generated strong operating cash flow, totaling $485 million in the quarter. As our results demonstrate, The demand for always-on connectivity is accelerating and extending into new applications, including telemedicine, high-speed video conferencing, remote learning, autonomous transport, essential services for the infrastructure markets, store-to-door delivery, and touchless commerce. This is a global phenomenon where upgrades of key technologies are increasingly critical in the face of the ongoing pandemic. The investments we've made over the last two decades have prepared Skyworks to address these challenges. The mobile and wireless ecosystems will benefit from these dynamics, yet outsized gains will largely accrue to those companies that have invested deeply in core technology and scale. These gains are being driven by both a growing device count and an expanding content per device. in some cases doubling or even tripling for Skyworks. We are proud to play an instrumental role in shaping the fast-evolving landscape, collaborating with our partners and customers, leveraging key technologies from TCSaw to high-performance bulk filtering, SOI, gallium arsenide, and state-of-the-art packaging technologies. Our strong results in Q1 demonstrate our execution around these themes. Specifically, in mobile, we accelerated the ramp of our Sky5 portfolio, supporting the next wave of 5G launches at Samsung, Oppo, Vivo, Xiaomi, and other Tier 1s. In IoT, we captured design wins across a diversified array of new and existing customers. Specifically, we partnered with ASUS, delivering the world's first Wi-Fi 6E connected home router, We shipped Wi-Fi 6 solutions for access points at top network OEMs, including Cisco, Netgear, CenturyLink, and Aruba. We captured new wins at Google for their latest Fitbit smartwatch. And we delivered low-latency cognitive audio solutions, powering wireless gaming headsets at multiple Tier 1 accounts. In industrial, we ramped iTron's multi-standard ISM connectivity solutions for smart cities. In infrastructure, we deployed 5G amplifier and receive modules supporting multiple European base station OEMs. And finally, in automotive, we accelerated shipments of advanced connectivity solutions supporting the world's premier EV manufacturer. We leveraged V2X solutions with Volkswagen and Toyota for their enhanced safety systems and partnered with MediaTek for 5G reference designs, specifically targeted at automotive applications. Moving forward, we are seeing the confluence of multiple market developments, a significant rise in device complexity, an expansion in wireless spectrum and band count, combined with a technology bar that has never been higher. These trends directly translate to increased opportunity for Skyworks. with both new and existing customers. With essential technologies and scale propelling performance gains across a broad set of applications, our purpose-built solutions address all key network protocols, spanning 5G, Wi-Fi, enhanced GPS, and Bluetooth. Additionally, we expect the current C-band auction to be a catalyst with new spectrum creating significant content opportunities for our Sky5 platform. While smartphones were the first to embrace 5G, the performance gains will power a broad set of use cases, extending into billions of IoT devices. Looking ahead, we see 5G as a transformative technology, catalyzing new applications while acting as the universal connector. from the home to the car to the factory floor. In summary, Skyworks is solidifying market leadership as connectivity meaningfully alters the way we live, work, play, and educate, not just from home, but from anywhere. Our record performance clearly reflects this dynamic. With that, I will turn the call over to Chris for discussion of Q1 and our outlook for Q2.