Skyworks Solutions, Inc.

I would like to introduce Roger Gill, Vice President of Investor Relations for Skyworks.

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' second fiscal quarter 2024 conference call. With me today is Liam Griffin, our Chairman, Chief Executive Officer and President, and Chris Senesal, Chief Financial Officer for Skyworks. This call is being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at skyworksinc.com. In addition, the company's prepared remarks will be made available on our website promptly after their conclusion during the call. 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. 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. With that, I'll turn the call over to Liam. Thanks Raji and welcome everyone.

Skyworks posted solid results for the second fiscal quarter of 2024. We delivered revenue of 1.046 billion. We posted earnings per share of $1.55 and generated 300 million of operating cash flow, which reflects strong working capital management and operational excellence. During the March quarter in our mobile business, we saw below normal seasonal trends with lower than expected end market demand. In broad markets, the December quarter represented the bottom, and we delivered modest sequential growth in March, reflecting a turning point. We expect the pace of the recovery will be measured throughout 2024, given ongoing weakness in certain end markets, like infrastructure and automotive. In Edge IoT, we have a solid Wi-Fi 6E and Wi-Fi 7 design windpipe line. We are in the early innings of a multi-year upgrade cycle, with high-end access points now being offered. Over the coming quarters, we anticipate retailers to roll out mainstream models, followed by carriers and MSOs for their gateways and router products. The wireless infrastructure and traditional data center markets remain soft. We continue to undership natural demand as we allow the distribution channel and customers to consume excess inventory. Despite near-term headwinds, we remain bullish on AI workloads, driving upgrades to Ethernet switches and optical modules, a positive long-term driver for our advanced precision timing solutions. Lastly, Automotive and industrial markets remain under pressure as they continue to undergo a steep inventory correction. However, we see opportunities for long-term growth in our automotive business. Automotive OEMs are increasingly focused on software-defined vehicles, the connected car, and in-cabin user experience, all of which are generating higher levels of radio complexity Despite near-term headwinds, we remain positive on growing EV penetration, creating demand for our power isolation products. Our strategy is to leverage connectivity technology across multiple growth segments, including edge-connected IoT devices, automotive electrification and advanced safety systems, and AI infrastructure. Connectivity is crucial in enabling AI on decentralized edge systems. Our RF technology powers applications like the connected home, building automation, smart cities, machine to machine, and wearables. We are particularly excited about the industry mandates and regulatory tailwinds leading to higher levels of connectivity inside the car. For example, The number of radios and antennas are growing in vehicles to support various communication standards, including 5G cellular, Bluetooth, Wi-Fi, ultra-wideband, NFC, and CD2X. The multitude of radios create challenges around coexistence, external interference, and latency. Our advanced RF solutions can solve these complex problems for our OEMs. In Data Center, accelerated workloads supporting large language models are catalyzing networking and optical upgrades. We have a timing portfolio targeting next generation 800 gig and 1.6 terabit Ethernet switches and optical modules, enabling AI infrastructure. During Mobile World Congress in Barcelona, we were excited to see several AI-enabled phones being introduced to the marketplace. We believe AI could propel a meaningful replacement cycle in the smartphone market, fueled by applications like real-time language translation, voice assistance, advanced camera and imaging, and on-device personalization. Over time, AI-enabled phones could drive higher levels of RF complexity, including robust connectivity, higher throughput, further integration, and lower power consumption. Turning to our quarterly business highlights, we delivered integrated platforms to the leading 5G smartphone OEMs, including flagship and mid-tier models with Samsung, Google, Oppo, and others. We expanded our design wind pipeline and initiated new programs in automotive, including infotainment systems, traction inverters, cloud-enhanced driver assist, and CV2X. We secured several audio SOC designs with Sony and Samsung. In summary, Skyworks continues to execute well despite a challenging macro environment. While we are navigating near-term headwinds, we remain bullish on our long-term strategy. With that, I will turn the call over to Chris for a discussion of last quarter's performance and our outlook for Q3 of fiscal 2024.