Skyworks Solutions, Inc.

Good afternoon and welcome to the Skyworks Solutions second quarter fiscal year 2023 earnings call. This call is being recorded. At this time, I will turn the call over to Mitch Hayes, investor relations for Skyworks. Mr. Hayes, please go ahead.

Thank you, Joelle. Good afternoon, everyone, and welcome to Skyworks second fiscal quarter 2023 conference call. With me today are Liam Griffin, our chairman, chief executive officer and president, 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 complete reconciliation to GAAP. With that, I'll turn the call to Liam.

Thanks, Mitch, and welcome, everyone. The Skyworks team executed well in a challenging market environment, delivering second quarter revenue above consensus estimates with solid profitability and strong cash flow generation. Looking at Q2 in more detail, we delivered revenue of $1,153,000,000. We drove gross margin of 50% and operating margin of 33.5%. We posted earnings per share of $2.02 and we generated $412,000,000 of operating cash flow. In addition to the financial results, we expanded our design wind pipeline reflecting our success in diversifying our customer base and product portfolio. Across mobile and IoT, we delivered Sky5 platforms for Samsung's newly released smartphones. We launched Wi-Fi 6E and Wi-Fi 7 gateways for CommScope and Asus. And we secured 5G content with a mobile computing leader. Across infrastructure and industrial, we enable small cell deployments with a Japanese telecommunications company. We provided enhanced power over ethernet functionality to Cisco for their enterprise networks. We shipped programmable timing solutions to the top US satellite provider and leveraged our expanding industrial product suite with a leader in smart meter technology. In automotive, we continue to post year-over-year revenue growth while capturing EV onboard charging content with a top European supplier and ramping digital radio products with a leading Korean OEM. These engagements highlight the increasingly diverse and expansive nature of our business, supporting the broadest array of customers and applications in our history. Several key market trends underscore the growth potential of advanced connectivity in the rapidly evolving EV industry. For example, Wi-Fi continues to expand globally as the world's most affordable method of connecting the unconnected. Cisco forecasts the number of hotspots worldwide to reach 600 million this year. And as a market leader, Skyworks is uniquely positioned to benefit as deployments expand and the shift to Wi-Fi 7 drives increasing complexity. In addition, the average U.S. household today has more than 10 wirelessly connected devices. Each of these devices requires fast connections, low latency, and efficient battery life, all enabled by our integrated solutions. Further, the market for electric vehicles is expected to expand fourfold by 2027, leveraging our power isolation platforms, which are becoming a leading choice for global EV manufacturers. SkyWork's success in enabling these major technology transitions is underpinned by increasing demand for our leading-edge system solutions, differentiated by performance, integration, and most importantly, customer value. Moving forward, Skyworks is strategically equipped to capitalize on the rapidly changing connectivity landscape with an expanding set of customer relationships built over more than two decades, global scale and world-class manufacturing capabilities, a seasoned and talented workforce with a proven record of execution across multiple semiconductor cycles. and an efficient cash flow engine that funds innovation while providing consistent cash returns. With that, I will turn the call over to Chris for a discussion of last quarter's performance in our outlook for Q3.