Skyworks Solutions, Inc.

Good afternoon, and welcome to Skyworks Solutions' first quarter fiscal year 2026 earnings call. This call is being recorded. At this time, I will turn the call over to Roger Gill, Vice President of Investor Relations for Skyworks. Mr. Gill, please go ahead.

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' first fiscal quarter 2026 conference call. With me today for our prepared remarks is Phil Brace, our Chief Executive Officer and President and Phillip Carter, Senior Vice President and Chief Financial Officer for Skyworks. This call is being broadcast 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 the 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, today's discussion will 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 Phil Brace.

Thanks, Raji, and welcome, everyone. Before turning to the quarter, I want to briefly address our previously announced combination with Corvo. We believe this transaction is highly strategic and transformative, bringing greater scale, deeper R&D, and a broader technology portfolio. Together, this combination is expected to reduce historical mobile volatility, strengthen our competitive position, enhance our broad market capabilities, and expand our TAM into dispense and aerospace, while creating a clear path to more than 500 million of synergies over time. As highlighted in our investor presentation on October 28th, we believe this combination will deliver substantial financial benefits. We expect to achieve healthy gross margins through the cycles in the 50% to 55% range, supported by significant operating leverage and enhanced earnings power. The combined company will generate robust free cash flow, underpinned by an extremely favorable capital structure with expected net leverage of approximately one at close. These advantages position us to drive long-term value for our shareholders and customers and support continued investment in innovation and growth. Since announcing the transaction October 28th, we've made solid progress. We've completed our initial regulatory filings, a shareholder vote has been scheduled, and our teams have begun integration planning. As is typical for a transaction of this scale, we expect a comprehensive regulatory review, and we are working closely with regulators around the world. We still expect the transaction to close in early calendar year 2027, subject to the receipt of required regulatory approvals, approval of both company shareholders, and the satisfaction of other customary closing conditions. I'd also like to recognize the Corvo team for the constructive and collaborative approach they brought to the integration planning process. We're off to a great start and excited about the opportunity ahead when we come together as one stronger organization. I want to emphasize that we are committed to closing the transaction and believe in the long-term value creation opportunity that the deal unlocks for our customers and shareholders. Beyond these prepared remarks, we will not be discussing the transaction, as today's call will focus on our results from the first fiscal quarter as well as our outlook for the March quarter. Turning now to Skyworks performance for this quarter. We stayed focused on what we can control, operational execution, customer engagement, and discipline investment in our product roadmap. Our strategy remains straightforward, focused on our customers, invest in our core technologies, and continue to grow BroadMarkets. BroadMarkets remains a key growth engine for the company, growing faster than the corporate average. Our products are designed into high-growth areas across a wide range of end markets, including connected vehicles, enterprise infrastructure, satellite communications, data center networking, and emerging edge AI applications. This breadth supports durability and reduces reliance on any single program. Skyworks delivered strong results, exceeding the high end of our guidance, driven by upside in both mobile and broad markets. We posted revenue of $1.04 billion, delivered earnings per share of $1.54, generated $339 million of free cash flow, and paid $106 million in quarterly dividends. Revenue, gross margin, and non-GAAP EPFs all came in above the midpoint of our outlook. In mobile, we outperformed expectations supported by healthy sell-through and strong execution on new product launches at our top customer. Smartphone replacement cycles, while still lengthy, are beginning to shorten. This trend is driving increased unit growth as consumers upgrade more frequently, especially with the rise of new AI-capable devices and more integrated features. While we are mindful of broader industry discussions around component pricing and availability, we have not seen an impact on demand to date. Reminder that the vast majority of our mobile revenue is tied to flagship and premium tier devices. Channel inventory remains lean, and we continue to closely monitor customer forecasts. As we look ahead to future business at our top customer, we successfully defended key mobile sockets and gained content where architecture changes created opportunities with mixed dynamics potentially moderating some of that progress. Based on what we see today, we currently expect blended mobile content to be roughly flat year over year. We will not be commenting on specific sockets, models, or lunch timing. We remain bullish on the long-term drivers of RF content supported by accelerated replacement cycles coupled with rising RF complexity tied to AI-driven workloads and higher performance requirements. BroadMarket's delivered its eighth consecutive quarter of growth, with revenue up double digits year on year, reflecting strength across edge, IoT, data center, and automotive. In edge IoT, Wi-Fi 7 momentum continues to build, supported by bandwidth-intensive applications in the home and workplace. Wi-Fi 7's higher throughput, lower latency, and reliability position it as an important enabler as AI inference moves closer to the edge. Design when activity remains strong, Backlog is healthy, and we're already engaged with customers on early Wi-Fi 8 programs, positioning us well for the next cycle. Automotive demand remains solid, driven by increased connectivity across telematics, infotainment, and software-defined vehicle architectures. Our pipeline is broad, global, and aligned with long cycle platforms across multiple OEMs and tiers, giving us good visibility into fiscal 2026. In data center infrastructure, demand signals are improving across our customer base, supported by increasing design wind activity. Timing and power management content is expanding as the ecosystem transitions to next generation 800 gig and emerging 1.6 terabit architectures. We are seeing higher activity, particularly with cloud and networking customers that require tidying timing accuracy, improved power performance, and better synchronization across high bandwidth systems. Broad Markets continues to expand its reach across a more diversified set of customers while consistently delivering margins above the corporate average. The demand drivers across these end markets are long cycle and multi-year, positioning the business well as we move into fiscal 26 and beyond. With that, let me turn the call over to Philip for a discussion of last quarter's performance and outlook for Q2 of fiscal 26.