Good afternoon, and welcome to Skyworks Solutions' fourth quarter and fiscal year 2021 earnings call. This call is being recorded. At this time, I will turn the call over to Mitch Haws, investor relations for Skyworks. Mr. Haws, please go ahead. Thank you, Rachel. Good afternoon, everyone, and welcome to Skyworks' fourth fiscal quarter and year-end 2021 conference call. With me today are Liam Griffin, our Chairman, CEO, and President, and Kris Sennesael, 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. 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 to Liam. Thanks, Mitch, and welcome everyone. Before I touch on the fourth fiscal quarter results, I want to highlight the significant accomplishments that underpinned a record-breaking year for Skyworks. First, total revenue grew to $5.1 billion, 52% ahead of last year, representing an increase of over $1.7 billion. We increased earnings per share to $10.50, up 71%. Operating cash flow expanded to $1.8 billion, an increase of 47%. We completed a strategic and compelling acquisition, immediately diversifying our product portfolio and expanding our market reach. Finally, with the investments we've made, Skyworks navigated a complex supply chain environment, leveraging world-class manufacturing capabilities across strategic technologies. Now turning to Q4, where Skyworks delivered record performance. Revenues in our mobile and broad markets portfolios both grew at double-digit rates sequentially and year-over-year as we capitalized on broad-based momentum fueled by demand for our unique connectivity solutions. Specifically, we delivered revenue of $1.31 billion, achieved gross margin of 51% and operating margin of 37.2%. We posted earnings per share of $2.62, exceeding our guidance by $0.09, and generated strong operating cash flow totaling $398 million in the quarter. The complexity inherent in 5G and the demand for highly integrated solutions were major catalysts in driving our performance. The momentum in global 5G carrier subscription is building with estimates of 580 million users today, expanding to more than 3 billion users by the end of 2025. As expected, smartphones are leading the early transition, but new innovative use cases are emerging from automotive and industrial IoT to enhanced virtual reality, gaming, and telemedicine. Importantly, the power of 5G is increasingly being harnessed to drive sustainability efforts across industries worldwide, providing the wireless backbone to AI-powered ecosystems combining measurement, analysis, and optimization. For example, a major U.S. manufacturer is combining wireless sensor-enabled cameras with artificial intelligence to reduce chemical usage by 90%. A European startup is deploying wireless climate sensors in agricultural applications to drive crop yields up to three times. Looking ahead, 5G has the capacity to manage diverse connections across industries as it becomes the universal connector from the home to the office to the factory floor and to the farm. Skyworks is uniquely positioned to capitalize on this transformation with decades of connectivity leadership. The acceleration of 5G powered a broad set of use cases in Q4, with design wins encompassing the newest, most innovative smartphones and IoT devices, as well as gains in wireless infrastructure. Specifically in mobile, we accelerated the reach of our Sky5 portfolio, powering the latest launches at leading tier one smartphone OEMs, supporting more than 20 platforms. In addition, we shipped Sky5 solutions across Samsung Galaxy's tablet portfolio. In IoT, we continue to gain new customers and extend content. We delivered 5G CPE connectivity solutions to Nokia. We partnered with Swisscom to launch their Wi-Fi 6 GPON residential gateway. We ramped Wi-Fi 6 and 6E platforms at NETGEAR and Cisco, launched connectivity and home security devices with Amazon, Ring, and Comcast, and captured design wins at Garmin supporting mobile fitness applications. In automotive, we supported autonomous driving systems with a market-leading robotaxi platform and enabled advanced charge control unit systems for a tier-one European automotive OEM. Across the infrastructure markets, we provided power isolation solutions to a strategic manufacturer of EV, including residential solar and energy storage systems. We secured multiple design wins in next generation MIMO and small cell base station installations. Moving ahead, we see a multi-year secular technology evolution with our aperture widening from smartphones to industrial, automotive, and an expansive set of IoT devices. Skyworks is fueling this dramatic technological shift with our unique capabilities, integrating not only 5G, but increasingly with our other critical connectivity protocols, including high-performance Wi-Fi, Bluetooth, and precision GPS. As these opportunities emerge, Skyworks is positioned to win. With the breadth and depth of our customer relationships established over 20 years, our experience across multiple technology transitions, and a dedicated and talented workforce that executed extraordinarily well during fiscal 2021. With that, I will turn the call over to Chris. Thanks, Liam. Skyworks' revenue for the fourth fiscal quarter of 2021 was $1.311 billion, up 17% sequentially and up 37% year-over-year, driven by both mobile solutions and broad markets. Gross profit in the fourth quarter was $668 million, resulting in a gross margin of 51%, up 40 basis points sequentially and 60 basis points year-over-year. Operating expenses were $180 million or 13.8% of revenue, demonstrating leverage in our operating model while continuing our strategic investment in support of future growth. We generated $488 million of operating income, translating into an operating margin of 37.2%. We incurred $11 million of other expenses, and our effective tax rate was 8%, driving net income of $439 million. Top-line momentum and execution on margins drove diluted earnings per share of $2.62 ahead of consensus estimates. EPS grew 22% sequentially and increased 42% compared to Q4 of last year. Turning to the balance sheet and cash flow. Fourth fiscal quarter cash flow from operations was $398 million. Capital expenditures were $263 million, and we paid $93 million in dividends and repaid $250 million of our term loan. Let's also review our record-breaking full fiscal year performance. Revenue grew 52% to $5.1 billion, adding over $1.7 billion in incremental revenue over fiscal 2020. Gross profit was $2.6 billion, resulting in a gross margin of 50.9%. Operating income increased 73% to $2 billion, with an all-time record operating margin of 38.2%, up 450 basis points from the prior year. Net income was $1.8 billion, translating into $10.50 of diluted earnings per share, up 71% year-over-year. Cash flow from operations was up 47% to $1.8 billion. During fiscal 2021, we returned $536 million of cash back to the shareholders, with $340 million in dividends and $196 million in share buybacks, all during Q1 of fiscal 2021. Starting in Q2 of fiscal 2021, we temporarily suspended our share repurchase program in connection with the acquisition of the infrastructure and automotive business from Silicon Labs. Given the strength of our business and the progress we have made on integrating the acquisition, and given the low leverage ratio of less than one turn, going forward, we will, from time to time, consider share repurchases as part of our capital allocation strategy, depending on market conditions and in addition to our dividend program and further term loan repayments. In summary, the Skyworks team executed exceptionally well, delivering record revenue, profitability, and cash generation while making the investments that advance our technology leadership and manufacturing footprint in order to drive long-term profitable growth. Now, let's move on to our outlook for Q1 of fiscal 2022. We expect to deliver another quarter of double-digit sequential revenue and earnings per share growth in the December quarter. Specifically, we anticipate revenue between $1.475 billion and $1.525 billion. At the midpoint of $1.5 billion, revenue for the quarter is expected to increase 14% sequentially. Gross margin is projected to be in the range of 51%-51.5%. We expect operating expenses of approximately $184 million-$187 million. Below the line, we anticipate roughly $10 million in other expense and a tax rate of approximately 9.5%. We expect our diluted share count to be approximately 167.5 million shares. Accordingly, at the midpoint of the revenue range, we intend to deliver diluted earnings per share of $3.10, an increase of 18% sequentially. With that, I'll turn the call back over to Liam. Thanks, Kris. Skyworks' record financial performance demonstrates our ability to capture robust demand across a diverse set of customers and end markets. Our execution has been powered and fortified by deep customer relationships, coupled with decades of investments, with a sharp focus on execution and best-in-class performance. Looking ahead, Skyworks will continue to strategically invest in next-generation technologies and capital expansion, positioning us for market leadership and sustainable growth as the transition to 5G and other advanced connectivity technologies accelerates. That concludes our prepared remarks. Operator, let's open the line for questions. Thank you. As a reminder, to ask a question you will need to press star one on your telephone. To withdraw your question, just press the pound key. Given time constraints, please limit yourself to one question and one follow-up. Thank you. Please stand by while we compile the Q&A roster. Your first question comes from the line of Gary Mobley from Wells Fargo Securities. Please proceed with your question. Hey, guys. Thanks for taking my question. I want to start out just simply by asking about the revenue mix between broad markets and mobile, not only for the quarter, but as embedded in your guidance. Yes, Gary, I'll start with that, and I'll provide some numbers and then Liam can provide some more qualitative commentary. In Q4, the September quarter that we just closed, Broad Markets was approximately 29% of total revenue. That was basically up 31% on a year-over-year basis and up 13% sequentially. Also, I just wanna point out, on a full year basis, Broad Markets was over $1.4 billion in revenue, growing at 45% on a year-over-year basis. Very strong performance in our Broad Markets business. On the flip side, of course, Mobile in Q4 was 71% of our revenue, up 40% year-over-year and up 19% sequentially. Really strong execution there, of course, as we supported the ramp of new phone platforms at our largest customer. On a full-year basis, just in mobile, we did more than approximately $3.7 billion of revenue, up 55% on a year-over-year basis, clearly supported by the early adoption of 5G. Maybe Liam, if you wanna add something on broad markets. Yeah. I mean to reiterate Chris' comments, we continue to catalyze our broad market portfolio, gaining customers, gaining content, you know, moving into new industries. The customer roster continues to get better and stronger. You know, names like Honeywell, names like Ford, you know, looking at some of the plays that we see in the infrastructure space with Nokia and others, and plenty of room to grow from there. Good work in broad markets. As Chris noted, you know, we've got some substantial top line. We're gonna continue to drive that. Our research and development folks are driving innovation every day, not just in broad, but also deeply in mobile, and that recipe is working very well. In addition, the manufacturing assets that we have and the technology development that we put forth really gives us the flexibility to hit each and every one of those customers in a way that they wanna see the products. Appreciate the color, guys. As my follow-up, I wanted to do sort of a welfare check on the I&A acquisition to maybe perhaps ask if we can get an update on if it performed according to your expectation for the quarter, if it's performing according to your expectation as we start the new fiscal year. As well, now that it will be a full year contributor, what the overall impact to the company's gross margins may be. Thank you. Yes, Gary. We closed the acquisition of the infrastructure and automotive business of Silicon Labs on July 26. We had two out of the three months included into our September quarter. We are very excited and pleased with the acquisition. Again, I believe we paid a fair price for a very talented group of people with great technology, a strong product lineup in some really high growth markets like electric vehicles, the solar business, data center, data communication, 5G infrastructure and so on. The business, since we've acquired it in the last two months in September, has performed really well in line with our expectations. We are not gonna break out every revenue of every sub-product line that we have in our portfolio. We will report the revenue contributions within our broad market segment. Again, the business is performing well. We are really happy with the acquisition, and we will continue to drive further growth in that business as we explained at the time of the acquisition. Thanks, guys. Thank you. The next question comes from the line of Harsh Kumar from Piper Sandler. Please proceed with your question. Yeah. Hey, guys. First of all, let me just congratulate you guys on some pretty solid results based on all the volatility in the market and supply issues. I wanted to follow up on Gary's question earlier. You were gracious enough to give us a September breakdown, but may I trouble you to ask about how you think Mobile versus Broad Markets will perform in the December quarter? I've got a follow-up. We just guided for total company at $1.5 billion, which is up 14% sequentially, and we do see both mobile and broad markets growing at double digits sequentially. Probably a little bit stronger in mobile than in broad markets, but both at a double-digit sequential growth. Okay. Understood, guys. There's a lot of talk about China trends right now, and there's a lot of mixed signals being given by the earnings that are coming out. I was hoping, Liam, you could talk about what kind of trends you're seeing in the Chinese market, if you're seeing any mix shift up or down, either ways that may be benefiting you or not benefiting you. Just curious what color you got in China. Sure, Harsh. Appreciate it. Yeah. Well, as you know, we've been a player in China for years and have been able to navigate the ecosystems and the platforms, regardless of baseband partnerships, and that continues. You know, we've got a great position with the OVX portfolios, continuing to drive them up into the 5G lanes, which brings content up for us. The business has been very solid for us. Now, we know there's tremendous upside, given the low base relatively in China smartphones. We're certainly well-positioned to navigate through that. We definitely have the technology that is needed to make that lift in China. Our numbers there continue to look very strong. It's a great part of the portfolio. You know, it definitely is an opportunity to kinda enrich the technology within those phones. They're still a little bit lighter than some of the flagships that we have in the US, but we have the know-how to do it. The other thing about the China market is they want integration. They want, you know, labs to fabs types of products. They want our applications engineers. They need people that can make the job easier for them and fulfill, you know, a smooth transition to the consumer. All that stuff around the edges, that's our bread and butter. We are a great, you know, advocate there, and we're a great partner to those OEMs. Thank you, Liam. Thank you. Your next question comes from the line of Timothy Arcuri from UBS. Please proceed with your question. Thanks a lot. Chris, now that the fiscal year is over, can you give us a sense of what your top customer was for fiscal 2021? Yes. The top customer came in at 59% of total revenue on a full year basis. By the way, in Q4, that was approximately the same 59%, which is slightly up from the Q4 of fiscal 2020, which was at 56%. Of course, you have to take into account the timing of the launch of some of the new smartphone platforms there. This, I mean, this is a big number, but it really underscores the deep customer engagement that we have with this customer. By the way, not only in their smartphone lineup, but almost in every other product that they have and that they sell, you will find Skyworks inside. Also in Q4, the quarter we just closed, the Skyworks team really executed well, supporting the launch and the ramp of a new smartphone platform, that yet again, for now almost 10 or 13 times in a row, we were able to obtain higher dollar content per phone, as witnessed by the teardowns that came out when the phone came out. You can see when you look at the teardowns, we really provided multiple high performance, very complex, highly integrated solutions, multiple sockets in that phone that include in many cases, multiple best-in-class filters, including TC SAW and bulk acoustic wave technology across the transmit chain, the receive chain, as well as many other functionalities, including GPS and Wi-Fi, of course. Great execution there by the team. Thanks a lot for that, Chris. I guess as my follow-up, there's kind of a lot of noise in the China market. I know that you don't have as much, you know, exposure to the domestic, you know, market, or at least, you know, Chinese OEMs as, you know, some of your peers do. But there's some diverging data points. I mean, you know, end market sell-through is not great, but definitely the, you know, high tier seems pretty tight. So can you just talk about what you're seeing in China? Maybe and, you know, maybe you can have a distinction between sell-in and sell-through. Thanks. Yeah. I mean, the China market is important to us, and we've played that quite well. We have great partnerships with all the leading brands. I think the key here, and Chris kind of mentioned it's all about performance. It's not phone to phone, it's technology to technology. You see a very, very different technology in the higher end players in China, where they are embracing the kinds of increasingly complex signals that Chris mentioned, using bulk acoustic wave, using our TC SAW, using an integrated approach, a Sky5 approach. In that side of the field, it's great, and we have a tremendous opportunity. We're continuing to grow the content because the complexity is going up. The complexity is what's driving the content. We're making that adoption happen rapidly, independent of market conditions. We're also trying to uplift the lower end. There's still a pretty high percentage of lower end phones in China that we wanna uplift and bring them to full 5G capability. In those cases, you could have $2-$3 content that could move to $4-$5, and there's pretty good leverage on that side. You've got multiple market focuses within China. We're able to address all of them from the highest to the most economical, and that's one of the strategies that's worked for us. Very often, you know, the first phone that we may work with a customer, we'll have that customer for five to 10 years and continue to move the dial on content and performance as we step along. It's really a strategy around bringing the best technology to the customer and having that be, you know, enjoyed and celebrated by the end user. Thank you, Liam. Thank you. Your next question comes from the line of Ambrish Srivastava from BMO. Please proceed with your question. Hi, thank you very much. Liam, we heard conflicting commentary yesterday from two of your peers. Just wondered your perspective on constraints and if you know, clearly it seems like it's not impacted your business, but how has that trended? More importantly, given the very well-publicized shortfall in one of your large customers, what does that mean for the March quarter seasonality? I had a follow-up for you, Chris. Okay, we'll try to unpack that one at a time. You know, with respect to our ability to execute and deliver in cases maybe where some others were not able to do that, is really about investments that we've made and investments that we made early. If you let me indulge here for a minute, go back to where we were a year ago, you know, we went from $3.3 billion to $5.1 billion in one year with no M&A. How do we do that? Well, we made those investments months and months six to12 months before to ready ourselves to win. And also knowing that we had the right customer set that appreciated the performance and technology that we could bring to the market. That worked great for us, and we executed tremendously. The upside to that is those capital assets and those technology investments are there. They're on the job today. There's a lot more we need to do. Of course, we were nipped up a little bit here in the supply chain issues and shortages. Having our assets in-house, and you've heard me talk about this for a long time, having those assets in-house are strategic, it's critical, it's what customers wanna see. All the way from gallium arsenide to packaging, assembly and test, TC SAW, bulk acoustic wave, standard SAW, all of that. We can mix and match to put the right solution together. That is one of the reasons why our numbers here that we're talking about today, they're very strong. Certainly, you know, we're experiencing the same market environment, but it was the ability to invest early, drive that cash flow, drive that performance to continue to do that, and then bring those products to market in ways that are very flexible. Having the ability to go from IoT to 5G, to Bluetooth, to Wi-Fi, whatever the connectivity protocol may be, we will have the technology execution vehicles within our company to execute for our customers. Sorry, what about the seasonality for March? Yeah. I mean, we're not gonna get into March at this point. You know, March tends to be, you know, a little bit of a soft spot in the year. I mean, that's been traditional, but we don't really have a guide here to March at this point. Got it. Okay, thank you. Chris, I had a quick one and a longer one, sorry. The quick one is capital and CapEx for this fiscal year. Really just looking at your CapEx intensity, I think it ties back to what Liam just said. It's much higher than at least your closest peer. Should we expect it to stay in the high single digit, double digit? Then longer term, you now have a business that has a much bigger footprint of higher margin, broad, diversified business segments within that. Isn't it time to revisit the long-term margin target? Why should it not trend up versus what you have given us in the past? Thank you. Yeah. First of all, on the CapEx in fiscal 2021, CapEx was running around about 12% to revenue, which is somewhat in line with the last couple of years. We've been in that 10, 12% range. We're very fortunate that we did make the investment. I mean, as we just explained, we grew the revenue more than 50% year-over-year. If we would not have made the necessary investments in our manufacturing footprint, by the way, not only just expanding the capacity, but also adding new technology and improving the performance of our technology and our products, that was a very smart decision by the team here, proactively putting that capacity in place. That's why. I mean, there is a lot of supply issues in the world, but it's not necessarily because of Skyworks. I mean, there is tightness and there are. We're not perfect, right? The demand is higher than the supply, but Skyworks has, compared to peers and competitors and other industry players, executed really well because we did not hesitate and put the CapEx in place. Again, this is just the beginning of a long 5G cycle, the beginning of Wi-Fi upgrade, the beginning of proliferation of 5G outside of mobile into broad markets. We are not going to hesitate, and we are going to make the necessary investments to further continue and support the growth of the business. As it relates to gross margin, it's We did 51%, so we were up 40 basis points sequentially, up 60 basis points year-over-year. I mean, we all wish it was higher, and the team will continue to work and drive it higher. I've talked about that before. We are still facing COVID-19 headwinds, and yes, it is a tight supply constraint environment, and we are facing some input cost increases right now. Again, the team is handling it very well. We continue to drive further operational efficiencies. When you put it all together, we have a path to further improve gross margins over time. Thank you, Chris. Thank you. Your next question comes from the line of Chris Caso from Raymond James. Please proceed with your question. Yes, thank you. Good evening. The question is on the magnitude of the content gains this year. Based on your guidance, it looks like second half mobile revenue is up about 9% year-on-year, and looking at the second half to normalize for the different product launches. I guess the question is, out of that 9%, is that all attributable to content? Is there any kind of unit growth in there, or is there any unit decline baked in those numbers? I recognize that we're coming off some pretty exceptional content gains last year, trying to gauge what they look like this year. Yeah, Chris, I mean, we certainly see the opportunity to again put forth, you know, greater content, greater value, and it comes with technology, right? I think, you know, our teams are constantly, you know, crafting and developing next generation solutions and also broadening the reach, so it isn't just, you know, a certain set of customers, it's a broader set of customers. You know, what we find is that there's just a tremendous need for performance, right? I mean, performance is really what's gonna drive this. Performance really means that you've got to deliver the technology behind that. We're spending a lot of money in that area, but strategically, we've got some great, you know, R&D folks in-house that are crafty, that know how to get stuff done and developing solutions for the next wave, right? You know, markets like Wi-Fi 6 and 6E are also right now in a great position for growth as we move forward. I think connectivity around Wi-Fi is gonna be great, and will complement what we're doing in classic mobile device. I think, you know, there's a lot of good stuff going on. The appetite with our customers is fantastic. I mean, there's no end to the ideas and the inquiries and the challenges that we're being asked to address, which is great. I mean, I'd much rather talk about that than worry about supply chains. I think on the supply chain side, we're doing quite well. We really wanna continue to raise our bar with our technology and our R&D teams and our execution to bring customers, you know, the performance levels that they really need. Okay, well, I was gonna ask you a follow-up question on supply chain then. Something you don't wanna talk about. With regard to, you know, some of the supply constraints and, you know, we've heard from many others in the industry that many haven't been able to ship everything that the customers wanted here in the second half of the year. Is that still happening with you folks? Are you still constrained to the fact that you can't ship everything the customers ask for? Does that suggest that there's gonna be some catch-up in terms of your shipments as you go into the seasonally slower first half of the calendar year? Yeah. I mean, it's a tricky situation. You know, on one hand, the fact that we have our own manufacturing assets allows us to be, you know, really close to the demand curve. We're not subject to, you know, these big overhangs where we're waiting for parts. We're making our parts, you know. We're largely, you know, an in-house technology company with, you know, around the edges, we will use some fabulous partners. Our exposure to that is much lower than others. Do we still have some effects? Of course, you know, because it only takes one or two parts that could muck up a finished product, you know, and everybody understands that, so it does create some wrinkles. I would say that, you know, given the work that we've done at Skyworks for years, and then more lately as we talked about, you know, as evidenced by the 3.3-5.1, the ability to stretch and scale the business is a pretty good indicator of what our capabilities are. You know, I believe that we're gonna do very well when we've got a tailwind and we're gonna do well when it's a muddy field. You know, we're capable of doing it either way. And again, a lot of that has to do with managing your own technologies, making those investments, with your own people, your own teams, and platforms that you know exactly where they're gonna go. That's kind of our strategy as we go forward, and I think that strategy is gonna work very, very well for the future. Got it. Thank you. Thank you. Your next question comes from the line of Edward Snyder from Charter Equity Research. Please proceed with your question. Thanks a lot. Chris, one of the standout parts that you landed your largest customer is the transmit diversity module, which is a very rich part, uses BAW filters as well as, I'm sure, TC SAW. You've not had that before. I know it's one part among many, but given the content in that part, I would expect the margins on that are gonna be better than the average, if not the highest among that. Given the customer, the unit volumes should be pretty high. Should we expect that we see more of those, not just at that customer, but at others as Samsung and those folks move to more of the sophisticated 5G features? That would be a significant margin driver for you, given the size of mobile and the size of these customers. Ed, I assume you can understand I can't discuss specific gross margin on specific parts for specific customers. But I'm looking for the trend, though. I'm looking for the trend because 5G, obviously, for the high-end phones is now moving from basic connectivity to vastly more advanced connectivity, and part and parcel of that are gonna be transmit DRx modules, and this is the first one we see. As we see more of those in all phones, especially from you, should we expect margin to increase, too? Yeah, no, absolutely. I've talked about that before, right? The largest contributor to our overall gross margin improvement strategy is to bring higher complexity, higher value added, more highly integrated parts that really enhances the performance of the product of our customer. Our customers understand that requires a lot of R&D, that requires CapEx dollars to be invested, and that requires a certain value to be paid for that. That is how we have been driving the gross margin improvements for the last 20 years as we moved from 2G to 3G to 4G and now to 5G, indeed adding more value to our products. You're absolutely right about that. Okay. Then, if I could, you've kind of been under-earning a little bit at Samsung. They were high single-digit percentage revenue probably last quarter, and I know they're on the way up here. Did they breach 10% this quarter? And more importantly, if I look into the next couple quarters, especially the beginning of next year, should we expect you to continue to gain ground here, or will mix, because I know they're favoring more of the lower end products at this point, will mix kind of hold a lid on it for the short term, and then we just look for longer periods maybe late next year or so to see further gains? Yeah. Ed, they were not a 10% customer, but you are right, they are up and to the right. The trend is the business is growing sequentially as well as year over year. As Liam pointed out before, we have great design win momentum with them, as you can see in some of the teardowns as well, with some very rich, complex parts in their phone lineup. By the way, similar to the large customer, not only in their phone lineup, but many of their other devices that they sell that have wireless connectivity embedded as well. If I could, maybe a final one, Liam, for you. It's no secret that Qualcomm is gaining some share in the low-end China phones, low band. They've landed some of those, even got a mid-high band. There's a lot of chatter in the chain anyway that it's kind of a combination of things. The performance of low-band filters has improved certainly. But also, as we saw yesterday, the shortages in chips have given them even greater leverage and kind of compelling some of the smaller OEMs or the low end of the bigger OEMs to use some of their RF products. How do you see that shaking out for your share in China at the short term? Maybe you could comment on the long-term trend with that. Do you think it'll be sticky, given, you know, the supply in the modem? Or will, once the supply chain eases up, we'll get a reversion back to the mean? Yeah. I think there's a lot of opportunity in China, and we've been in the market, the OVX portfolios and the Android portfolios for quite a while. It seems like over the last year or so, you know, the larger kind of higher end players have done better vis-à-vis, you know, the overall market. Now having said that, we serve everybody. One of the things that is really advantageous for Skyworks, and we talked about, you know, the technologies and the in-house capacity and scale, it's gonna help us quite a bit in China because in China, as you know, you know, the content is not as rich as it is in some of the higher end phones, but there's a tremendous opportunity to lift that content. A lot of that comes down to the technical know-how and in demonstrating what, you know, a couple of dollars of incremental content can do to the user experience, to the performance of the connected devices. It's significant. I think, you know, those that are deeply in this industry know that. So we have to do a little bit of, you know, engagement there to continue to demonstrate with our customers what performance can really mean to the user. We're getting very, very good response to that, and that's gonna drive our content. 'Cause you gotta have a catalyst to get that content up there. I think when users can see the performance levels that really are right there in front of them and just need to embrace it, there's an opportunity for them to see a much better experience with connected solutions that we can provide. We do that with many other customers with much higher end performance marks. We know how to do it. We have great application engineers that can work across each baseband as well. There's a lot to do there, and I think it's one of the markets or one of the areas in the market that still has a tremendous opportunity of growth despite you know some of the things that we're talking about in supply chains. Great. Thanks. Sure. Thank you. The next question comes from the line of Toshiya Hari from Goldman Sachs. Please proceed with your question. Toshiya, your line is open. Let's move to the next. Toshiya, if you're on mute, please unmute your line. Rachel, go ahead and go to the next question. Okay, no problem. Our next question comes from the line of Blayne Curtis from Barclays. Please proceed with your question. Hey, thanks for taking my question. I just wanna follow up on the broad markets. I guess I was a little bit confused. The business is up about $40 million. I think, you know, the acquisition adds You know, more than double that. I guess I didn't hear from you what's weak. Is it a supply issue? I think, if I had it right, I think Wi-Fi might've been a little weak in June, and I think you were looking for it to come back. Just recap of what's weak, and then I guess you're forecasting it to rebound in December. What's driving that? Yeah, Blayne, you're absolutely right. I mean, there are. When Liam talked about some of the tightness in the supply chain, it's especially more so in the Broad Markets business. By the way, not only because Skyworks is not able to supply, but the issue of full bill of materials or kitting issues, right? Some of our customers are struggling to get parts from peers and competitors or other players in the industry. So as a result of that, they don't necessarily need the Skyworks parts right now. They will need them later. So that I think was driving most of that in Broad Markets. Again, looking ahead to December and then beyond, we do assume that some of the tightness in the supply gets resolved, that they will get to full bill of materials, and that, of course, also Skyworks can resolve some of the tightness in its own supply chain, and that will further drive revenue growth in Broad Markets. Because if you look at it overall high level, there is very strong demand for connectivity in a broad set of products. If you look at automotive, industrial, some consumer type of applications, there is very strong demand, and we don't see that slowing down. Great. Then can I ask a similar question on the mobile side? I mean, given the Apple revenue that you reported, it's not perfect math, but it does seem like Android's down in September, maybe double digits. I'm just kinda curious if I have that math right. Is it a similar issue with kitting or something else? I guess for December, the whole mobile group should be up double digits, as you said, but I was just kinda curious if Android would be part of that given you know it was down in September. No, that has been for the last five years that I have been with the company, right? When in September and December, when the large customer launches their new platforms, they have priority in the supply chain, not only with Skyworks, but with many of the peers and competitors. Android understands that, and they're not gonna put up a fight for supply with the large North American customer, especially this year when it's very tight, even more so than in the last five years. You will see some seasonal fluctuations there, absolutely. Thanks. Thank you. Our final question comes from the line of Karl Ackerman from Cowen and Company. Please proceed with your question. Yes, thank you. I wanted to focus on your Broad Markets business, if I may. You now do have a more diversified products and end markets within Broad Markets, through the integration of SLAB's auto and industrial business. I was hoping you could describe whether the acquisition, you know, is performing in line with your initial expectations and, you know, if you could peel back the onion and discuss some of the opportunities you are seeing, for your timing, power isolation and Wi-Fi products. Yeah. I'll start. As I said before, yes, the I&A business, we've now two months under our belt in September quarter and one month more here in the December quarter. We are really excited about that acquisition, and great people, great technology, great product, great customer relationships, high growth markets and the business is doing really well. By the way, it's a fabless business model, as you know. There's definitely some tightness from a supply point of view. The demand is bigger than the supply, but the team as well is working on creating more supply and bringing on more supply. It's working out well. Yeah, let me add to that. I mean, there's a tremendous diversification lever here with the I&A business from SLAB. I mean, there's tremendous opportunity in the technologies. We have scale that is just incredible compared to the size that had been there before. We are working very closely on the strategic technologies within the I&A portfolio. We're seeing some great opportunities there, and we're gonna bring a lot of that stuff in-house into our sites, into our factories and streamline. We're also going to, you know, do some strong kind of cross-pollination in the sales team to make sure that we understand exactly where the opportunities are and the scale plays are, and I think there's a lot that can be done there. There's great technology there. We just need to bring it to the right customers and raise the game. You know, the supply chain issues kind of hit that portfolio a little bit harder than others, but, you know, it doesn't take us off our track. The technologies that we acquired are outstanding, and we're gonna cultivate and grow those technologies with customers for sure. I appreciate that. For my follow-up, if I may, I know this has been asked several times, but I'll try and ask it a different way. You know, you suggested that mobile will grow double digits next quarter. I'm curious if that reflects some moderation of mobile products within China. I ask because it seems that some of the demand in China has pushed from December into March, and I'm curious if you would endorse that view. Simply put, is this a you know, supply issue? Is this a demand issue, and how would you see that being rectified over the next few quarters? Thank you. Yeah. When you look at the data, the demand for 5G phones in China continues to be very strong. There's no question about that. I'm not talking here about 4G, 3G, or 2G phones. I'm talking about 5G phones. Demand in China continues to be very strong. There's multiple suppliers. Of course, the large North American customer supplies into China and is doing really well there. There, of course, there's the Android players as well. Now, as I said before, there is seasonality to that business. September and December are not the strongest seasonal quarters for that business because a lot of the supply goes to the large North American customer. You typically see somewhat of a rebound into the March quarter as well with Chinese New Year being part of that March quarter. We expect that to play out this year as well. Thank you very much. Thank you, ladies and gentlemen. That concludes today's question and answer session. I'll now turn the call back over to Mr. Griffin for any closing comments. Thank you all for participating on today's call. We look forward to talking with you at upcoming investor conferences. Thank you.