Good afternoon. Welcome to Skyworks' Third Quarter Fiscal 2023 Earnings C all. This call is being recorded. At this time, I will turn the call over to Mr. Kris Sennesael, Chief Financial Officer for Skyworks. Thank you. Please go ahead. Thank you, Ina. Good afternoon, everyone, and welcome to Skyworks' third fiscal quarter 2023 conference call. With me today is Liam Griffin, our Chairman, Chief Executive Officer, and President. Before we begin, I would like to remind everyone that our discussions 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 the complete reconciliation to GAAP. With that, I'll turn the call over to Liam. Thanks, Kris, and welcome everyone. The Skyworks team continued to execute well during the third fiscal quarter, despite macro headwinds, delivering in-line revenue along with solid profitability and strong cash flow. Specifically, we delivered revenue of $1.071 billion, posted earnings per share of $1.73, and generated $306 million of operating cash flow. During the quarter, we continued to advance our technology roadmap and introduced new high-performance connectivity and analog solutions, while supporting product launches at an expanding set of mobile and broad market customers. As a result, we expect double-digit sequential revenue and earnings growth in the September quarter. Turning to our quarterly business highlights. In mobile and IoT, we secured 5G content for Android smartphones across all tiers. We delivered Sky5 platforms for broadband CPEs of leading North American carriers. We supported Wi-Fi 7 launches of tri-band routers for NETGEAR and TP-Link and powered Bell's Wi-Fi 6E home gateway. In addition, we continue to gain design win momentum with our 5 GHz cognitive wireless audio solutions, supporting Samsung's Q-Symphony soundbars. Across infrastructure and industrial, we enabled 5G small cell deployments with a top North American operator and ramped timing solutions for AI data centers at a leading cloud provider. In automotive, we continue to post double-digit year-over-year revenue growth while capturing design for telematics applications across a broad range of manufacturers. We extended our engagements by leveraging our power isolation portfolio with a North American EV supplier. These highlights demonstrate Skyworks' technology leadership in mobile, while executing on a diversification strategy in high growth end markets. Additionally, several disruptive market trends are now unleashing new, meaningful growth opportunities for Skyworks. For example, generative AI is proliferating on a global scale, with rapid adoption sparking exponential growth in the amount of data accessed from the network edge to the cloud. In turn, this will further drive complexity in wireless infrastructure networks, as AI will require higher throughput, more secure connections, lower latency, and improved power management. Skyworks is uniquely positioned to benefit from these trends with our advanced integrated solutions, supporting wireless infrastructure, cellular connectivity for mobile devices, as well as other leading wireless protocols used in billions of IoT products. With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q4. Thanks, Liam. Skyworks revenue for the third fiscal quarter of 2023 was $1,071 million, slightly above the midpoint of our outlook. Mobile was approximately 59% of total revenue, with broad content gains across our largest customer product portfolio, offset by ongoing weakness in demand from the Android ecosystem as these OEMs continue to reduce inventories. Broad markets were approximately 41% of total revenue, with another strong contribution from the automotive, infrastructure, and industrial markets. Gross profit was $509 million, resulting in a gross margin of 47.5%, in line with expectations. Gross margin was down 370 basis points year-over-year, mostly driven by temporary factory underutilization as we rightsize our inventory levels. Operating expenses of $182 million declined 4% sequentially and year-over-year. given our ongoing focus on managing discretionary expenses. We generated $327 million of operating income, translating into an operating margin of 30.5%. We incurred $8 million of other expense, and our effective tax rate was 13.2%, driving net income of $276 million and diluted earnings per share of $1.73, exceeding the guidance that we provided during the last earnings call. Now, turning to cash flow. Skyworks' business model continues to deliver very strong cash generation. Third fiscal quarter cash flow from operations was $306 million, and capital expenditures were $31 million, resulting in free cash flow of $274 million. In fact, for the first three quarters of the fiscal year, we've generated record free cash flow of $1.35 billion, and record free cash flow margin of 38%. Also, during fiscal Q3, we paid $99 million in dividends and repaid $500 million of our 2023 notes at maturity. Now, let's move on to our outlook for Q4 of fiscal 2023. We expect to deliver double-digit sequential revenue and earnings per share growth in the September quarter. Specifically, we anticipate revenue between $1.19 billion and $1.24 billion. At the midpoint of $1.215 billion, revenue for the quarter is expected to increase 13% sequentially. This outlook considers the seasonal impact from major product launches, leveraging our technology leadership, deep customer engagements, and world-class in-house manufacturing capabilities. Gross margin is projected to be in the range of 47%-48%, reflecting the cyclical impact of lower factory utilization, while we are reducing our internal inventory. We expect operating expenses in the range of $178 million-$182 million, down 6.5% year-over-year at the midpoint, as we continue to optimize operating efficiencies while making the necessary investments in technology and product development to further enhance our leadership position in mobile and drive diversification and growth in our broad markets business. Below the line, we anticipate roughly $8 million in other expense and an effective tax rate of 13.5%-14%. We expect our diluted share count to be approximately 160 million shares. Accordingly, at the midpoint of the revenue range of $1,215 million, we intend to deliver diluted earnings per share of $2.10, an increase of 21% sequentially. Lastly, given our conviction in Skyworks' long-term strategic outlook and consistent strong cash generation, we announced a 10% increase to our quarterly dividend to $0.68 per share. With that, I'll turn the call back over to Liam. Thanks, Kris. Skyworks continues to deliver solid financial results despite a challenging macro environment. At the same time, we have further advanced our cutting-edge technologies and product roadmaps, targeting leading market segments that allow us to both expand and diversify our customer base. In addition, we are well positioned to benefit from powerful market trends, including the electrification and automation of vehicles, the expansion of the Internet of Things, the emergence of augmented and virtual reality, and the rise of artificial intelligence, just to name a few. Looking ahead, we expect to capitalize on these opportunities and deliver growth in our highly profitable business with sustainable, strong cash generation. Operator, let's open the lines for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your telephone keypad. Given time constraints, please limit yourself to one question and one follow-up. Should you wish to cancel your request, please press the star followed by the two. One moment, please, for your first question. Your first question comes from the line of Harsh Kumar from Piper Sandler. Please go ahead. Thank you very much for the question. Congratulations, Liam, Kris Sennesael, and the Skyworks team. You know, solid results and very significant leverage in the September guide. My first question was regarding your largest customer, who typically comes out with a new phone in the September timeframe. Liam, can you talk about your content at that new particular phone that might be coming out this time around? Sure, Harsh. You know, of course, I can't give you all the granularities here, but obviously, you know, our engagement and our technical vectors here continue to be sharp. We expect to be, you know, among the, the leaders, with our largest customer. We have the know-how, we have the breadth of technology, we have the people, and the manufacturing capabilities to execute. We look forward to that, we really can't give any, any further guidance, Harsh, as you know. We certainly feel like our opportunities with our largest customer continue to be very quite large. That's fair enough. Liam, if I can ask about your gross margin. You're working through some inventory, that, that's affecting your margins. If I look, let's just say I look forward. What would be some of the drivers that you have to improve your gross margins from where they are? Would they be more so industry dependent, such as Android and sort of handset unit dependent, or would they more be Skyworks specific actions that would be bigger drivers of your gross margin? Yes, Harsh, I'll, I'll, I'll take that question. First of all, we delivered 47.5% in the June quarter, in line with expectations. At the last earnings call, I indicated that gross margins were gonna trend sideways for a couple quarters. We just guided September 47%-48%, which is pretty much in line with what I said during the last earnings call. The main issue why gross margins are temporarily a little bit lower compared to the historical levels, which was in the low 50s, is mainly because of the macro headwinds and the softer demand environment, especially as you indicated in the Android ecosystem, while those customers are themselves reducing their internal inventory levels. As the business, over two quarters will eventually get back and stronger, especially in Android as well as our broad markets business, we will see further improvements in our gross margins. In addition, to this as well, Harsh, as you know, we are also reducing our own inventory levels on the balance sheet. This is probably something Skyworks specific that will take two quarters, that is also contributing to the underutilization. Once we get to the more normalized levels of internal inventory, we will increase factory utilizations and ramp up the gross margins. I do expect the gross margins, again, over time, gradually improve to the low 50s, and then we will continue to work it towards our target model of 53%. Yeah, in addition to that, Harsh, as you, as you may know, on the plus side, if you look at the cash generation that we're putting forth, very, very strong results. We're, we're looking at 30%-35% free cash flow, that's sustainable. You've got, you've got the margin hit, which is basically underutilization, but all of that has been paid for, and we have now the, you know, the upside opportunity with free cash flow. Thank you. Your next question comes from the line of Chris Caso from Wolfe Research. Please go ahead. Yes, thank you. I guess just to start, a general market question. When we've been going through an inventory correction here for a number of quarters, looks like it'll be the fourth quarter of double digit revenue declines on a year-on-year basis. Where do we stand now with that inventory correction at your customers? Are we getting to the point where, you know, those customers are getting a bit back to normal? And what does that imply for the next couple of quarters in terms of the revenue outlook? Sure, Chris. Yeah, I mean, we, we do feel that, you know, we're the bottom is here for most, for the most of the markets here that we address. We should be seeing improving financials as we go forward. You know, you can look at our guide today, it was pretty strong relative to the peers. Also, you know, the aperture that we have, not only with the larger players in mobile, which is certainly important and we're very well positioned, but the broad markets business continues to grow. We're doing a lot of good work in automotive. We're doing a lot of good work in data center. You know, a wide range of customers that are engaged with us, that are also going through their cycle. What we're seeing now is, you know, a bit of a turn up. We think it's sustainable. I think, you know, it's been a, it's been a tough cycle in semis and, and tech in general, you know, our view is, is, is a little bit more optimistic now than it was last quarter, for sure. Okay. Thank you for that. Just to follow up on, on perhaps China, specifically, and that's an area where, you know, we've heard some more cautious, cautious commentary from one of your peer, from some of your peers. Do you think that demand from your China customers has also turned the corner? What should we expect there? What are you seeing now, and what should you be expect there? Yeah, I... It, it's starting to, to turn up, Chris Caso. It's not where we want it to be yet, but we've, we've been very, very careful, the way we're guiding and have, and, and, and put, you know, kind of pretty low vectors on top line. I, I don't think that we're gonna be surprised at all in any way. You look at that portfolio, it's still bumpy. On the flip side, you know, you have other markets in Android that, that are doing quite well. Samsung has an opportunity to continue to grow. You got a few other players out there that, that are important. Google is another customer that is, you know, has a lot of great opportunity in mobile and other products that we work with. It, it does, like I said, it feels like what we're seeing and the dialogue we have with our end customers, being more constructive. Thank you. Your next question comes from the line of Matt Ramsay from TD Cowen. Please go ahead. Yeah, thank you very much. Good afternoon, guys. Maybe you could- you guys report obviously the broad markets business and, and, but there, there's a bunch of different, end markets represented in there... Yeah. that, I would imagine are seeing... One thing I think this semiconductor cycle that you were speaking about has taught us, is that different, different parts of the industry have different cycles that are not, in amplitude or, or... ... on XY axis trying to be lined up with each other, and they're all over the place a bit. Maybe you could break down what you're seeing in the broad markets business. I, I, I would assume maybe stronger in automotive, weaker in some consumer areas, but if you could go through- Yeah the different subsectors, that'd be really, really helpful. Thank you. Yeah, sure. I'll give you, I'll give you as much as I can on that. You mentioned automotive. That's a market that if you look back two,three years ago at Skyworks, you'd see very, very little revenue at all. We're now, we're, you know, well above the $200 million run rate. We expect that to accelerate substantially. A lot of great IP and technology that we brought forth with the Silicon Labs transaction, and also a lot of really organic work inside of Skyworks to drive more opportunities within these vehicles. That's gonna be an important part of the business. It already is. If we look at some of these other new markets, cloud, for example, we've, we've got design wins in that area now. We're doing extremely well in an important category in Wi-Fi 6 and Wi-Fi 7. It's gonna be a grower in the industry. I think it's gonna be meaningful for the RF players, with Skyworks being, you know, certainly at the top of the pack. You know, just a lot of general, you know, diversified products that we came in with the SLAB transaction that just, you know, very, very broadly, which has a number of design wins across multiple categories that's also growing. Good stuff there. Plenty of room to go. I mean, all these markets that we're, we're dealing with have, you know, pretty, pretty significant TAM opportunities for us to grow into. We're excited about that. We've made a lot of strategic additions in our sales force as well to try to penetrate more of these new markets and create that diversification vector. We feel good about it. We're just gonna have to, you know, you're gonna have to see it in the numbers, but, we're certainly driving to those outcomes and expect we can do it. Thank you for the detail there. Just as, as my follow-up, Kris, maybe you could talk a little bit about your view into OpEx in the next few quarters. I think it was a hair below where we had modeled it anyway, and, and with some of the, the gross margin pressure, given the utilization, maybe that makes sense. But there's a lot of opportunities ahead for you guys as well, particularly in the broad market, stuff to invest in. If you could just kind of level set us on the next few quarters on the OpEx line, that'd be helpful. Thanks. Yeah, thanks for that question. So we can't control the macro, right? There's we can't control some of the softness in some of the end markets that everybody, industry, is going through, but we can control, of course, our own operating expenses and the investments that we make in the business. There again, we're not hesitating. We are going to continue to invest and play to win, but at the same time, we're gonna continue, and Skyworks is pretty good at that, continue to focus on efficiencies and really spending the dollars where we get the biggest bang for the buck. As you saw from the prepared remarks, we have been able to trim down a little bit the OpEx, again, without cutting into our key technology developments and product roadmaps, just focusing on effectiveness and efficient processes. Some of that was also, we reduced a little bit of the variable compensation because of the tough environment that we play in. That will kick back a little bit as we start a new fiscal year in the December quarter. Overall, I feel good about the level of spending that we do in support of our growth. Thank you. Your next question comes from the line of Edward Snyder from Charter Equity Research. Please go ahead. Thanks a lot. A couple questions, if I could, please. First, there was a lot of talk earlier this year that Skyworks is gonna lose some share in Wi-Fi and the high-end handsets, not the CPE units or the, or the stuff that goes into homes, but handsets. I guess there's some basis for that, given how much content you have. I think you have and have had all the remote PAs for both 5 GHz and 2.5, as well as some LNAs and some flagship phones. Maybe you could provide a little color on that. Should we expect your share to moderate a little bit in second half this, this year? Do you feel like you're not giving up anything there, given, given kind of your, your dominance of that space over the last several years, actually? Yeah, Ed, that has been a stalwart within, within the business, the Wi-Fi cycle is very strong. We have great position, Wi-Fi 6, and going into Wi-Fi 7. I mean, you know these technologies, they're not easy, and there's a big leap between those two cycles. We're in great shape. You know, with this, there's certainly a tremendous amount of consumer activity that hasn't been consummated. Wi-Fi is a really important technology. I think everybody knows that, and it's used in so many different applications that we, we try to really deliver the best solutions, and that, and that's been very powerful for us and our customers like the technology, and I think we've got a great opportunity over the next several years. Okay, if I could, the transmit DRx module, which is, it's quickly, it already has become one of the most lucrative modules in, in some of the high-end phones out there. You guys kind of own that space, it's been really clear in the last year or so that the competition for that spot has increased dramatically. I think even Avago is now trying to get into that. I know Qorvo is trying to fill a piece, Qualcomm's always talked about it, et cetera. Incumbency has a lot of inertia with it. We've seen that year- after- year- after- year in iPhone. Is that still the case of this? Because the flip side of this, we haven't seen incumbency really help anybody in the ultra-high band. That share has bounced back and forth. You had some of it last year, Qorvo and Avago split it. This year, Qorvo is getting all of it. I'm just trying to get a feel for, is incumbency worth more in the transmit diversity section, do you think? Do you think you'll continue to dominate that spot? Yeah, I would look at it at a high level, not necessarily any one specific customer, but, you know, performance wins, and flexibility wins, and supply chain wins, and, you know, having incredible people on our team that, you know, can work shoulder to shoulder in the lab to create amazing outcomes. I think that really is what differentiates us. It's, you know, it's not just talk. I mean, these are real, these are real actions. The people in our fabs, our factories, we're using our own technologies, as you know, whether it's BAW, TC SAW. All those recipes are really homegrown. I think it makes it unique for us. Our customers love it because they have a voice in the product. If there's any, you know, fine-tuning or tweaking, technically, we can do it. We love that. You know, some of those products that you mentioned, you know, probably more than anybody, these are really, really hard products, really difficult with demanding customers. If you're able to handle that and hit that fastball, you know, it's, it's great for, for, for the customer, and it's great for the supplier like us. We're looking forward to more of that. You know, we love challenges, and we're ready to do more. Thank you. Your next question comes from the line of Vivek Arya from Bank of America. Please go ahead. Hi, this is Blake Friedman on for Vivek. Thanks for taking my question. I might have missed it in the prepared remarks, but I was hoping you could provide what percent of revenue came from your largest customer? In addition to that, if you're able to quantify the percentage of your broad market sales that come from this largest customer, that'd be helpful. Thanks. Yeah, the largest customer in the June quarter was approximately 64% of total revenue. If, if you do the math correctly, you will see that's kind of flattish, slightly up maybe 1% on a year-over-year basis, which clearly illustrate that we continue to win big with that large customer. As you indicate, yes, we, we, we win with that customer, not just at the phone, but in every product that they have and every product that they brought to the market, and that they will bring to the market in the future. You will find not only Skyworks content in the iPhone, but you will also find it in the iPad, and in the iMac, and in the HomePod, and, and in other products that they will bring to the market. That's, that's roughly, on or about 15% of that revenue with the customer. Got it. Helpful. Then just maybe a longer-term question, thinking about the recovery of certain aspects of the business. I know you de-risked your China Android exposure early into the cycle. I believe they only account for 5% of sales or so. As the market normalizes, I'm just trying to get a perspective on how we should think about your long-term China Android exposure in terms of total revenue. Yeah. Currently, it's, it's, it's very low, right? As, as you point out, yes, China is, is less than 5% of our revenue. Samsung is less than 5% of our revenue. We still have Google, but also currently less than 5% of our revenue. As, as, as we all know, there is inventory overhang at most of those customers. Especially inventory overhang at the phone level, that needs to be cleared. It, it's, it's improving. We see, we see higher demand, higher bookings from those customers, but it's, but it's improving slowly. Eventually, and it's, it, it's hard to predict the timing, but towards the start of 2024, that will be done, and then there will be tremendous upside for us, because we continue to win designs with those customers. Again, as that business will start ramping again, we're well positioned. Thank you. Your next question comes from the line of Christopher Rolland from Susquehanna. Please go ahead. Hey, guys. Thanks for the question. I would love to get into inventory and DOIs and how they play into your gross margins and underutilization. You, you kind of hit on this, but would love a little bit more detail in terms of your outlook longer term. Ultimately, where do you guys want your DOIs to go? When do you think you can get there? I, I believe the assumption should be gross margins would kind of hang around here for a while until you reach that level. Is that the correct assumption? Thanks. Yeah. First, on inventory, we have now two consecutive quarters where inventory came down slightly in absolute dollars, despite the fact that this was our two slowest seasonal quarters. Looking forward to September and December with much stronger revenue and a strong sequential revenue growth into September, and further into December, we will continue to substantially bring down inventory in absolute dollars and, of course, on higher revenue as well, in terms of days of inventory. The target is to try to get inventory on or about $1 billion, or slightly below that. To your point, it will take a couple quarters for us to be able to do that, and so the gross margin will trend sideways for a couple quarters, until we get through this inventory reduction on our side, and until, of course, the overall business starts picking up again, as we discussed with Android, the large customer, stronger tailwinds in the broad markets business, and then, and then the gross margin will start picking up again. Thank you, Kris. Perhaps one for Liam. Y-you guys haven't emphasized, at least on your call, your opportunity in BAW in some time. How are you guys feeling about that? I think you guys have done well putting it into diversity receive, but would you expect some standalone BAW opportunities to kind of move the needle this year? Thanks. Yeah, absolutely. You know, we, we have certainly, you know, the, the, the most significant customers, in, in, in very good shape and a lot of great development, shoulder-to-shoulder work, and that's been going well. There's also, you know, BAW deployments in other markets, that we can, we can dive into, even in, even in some of these things, access points and routers and infrastructure products. You know, think of BAW as a technology, not a product. It's, it's a very difficult technology and only a few companies know how to do it. And also, you know, the manufacturing scale and the technology there as well is very unique, and there's just a few companies that can do it. The aperture around bulk acoustic wave filtering is really, really strategic. It's hard to do, and it, it doesn't have to be handset only, as you mentioned. We do have a number of examples, even in Wi-Fi and some other markets, so, and infrastructure. It's, it's a key technology. You know, not a lot of companies do it. There's certainly folks on this call that are listening to peers that do it, but it's, it's not an easy job. I think our teams have worked really well, and, you know, the aperture that we have is quite wide. We, we continue to bring on more accounts. We also, you know, do a really good job of adopting... Of getting our customers to adopt the higher levels of performance that you get in bulk acoustic waves. Some of that is demonstrated in products, and usually in the more difficult and challenging operating conditions, BAW really makes sense, and we're quite good at executing there. Thank you. Your next question comes from the line of Joe Moore from Morgan Stanley. Please go ahead. Great, thank you. I wonder if you could address any long-term ramifications from Huawei potentially coming back with its own 5G solution. Does that create long-term opportunity for you? Does that create a risk to your existing Chinese customers? Just anything that we should think about how that affects Skyworks? you know, it, it, it appears that, that Huawei is, is really off the shelf right now, so, well, it's not, it's not even in the in the forecast. Having said that, you know, there's, there's still opportunity for the China market to grow. Kris mentioned it a little bit. We talked about, you know, the opportunity for Android to turn back up, and you got the Oppo, Vivo, Xiaomi players. There's a lot of opportunity there, but, you know, Huawei itself, as it is, at this stage, it's really a non-starter. Could change, but in, in today's environment, it's really, you know, not, not a customer that we're working with. Great. Thank you. Thank you. Your next question comes from the line of Srini Pajjuri from Raymond James. Please go ahead. Thank you. Kris, you alluded to the December quarter growing as well. You know, given that we are coming off of a cyclical trough in Android, should we expect December to be somewhat about seasonal? If you can talk about directionally, how are you thinking about December, that'll be helpful. Yes. As you know, we only guide one quarter at a time, I'm gonna stick to that. Directionally, yes, we do expect December to be up sequentially, following normal seasonal sequential growth patterns that we've experienced in the past. Okay, got it. Then, maybe for Liam. Liam, there's been some news about China banning gallium and germanium exports. Just wondering, given, you know, a lot of your products, you use those materials, just wondering if there's any impact that you see in the short term on that? Yeah, you know, we saw the note there, and I will tell you, you know, there's, there's, there's really no risk for us right now. We understand those materials. We've been using them for a while. You know, our teams have looked deeply at this and looked at the opportunity and, you know, we should be fine. I wouldn't worry about it. We've assessed it. There's very little risk to the business. You know, we're experts in these, in these solutions, and the materials behind it. It's not, in our, in our view, it is not something to worry about. Thank you. Thank you. Your next question comes from the line of Karl Ackerman from BNP Paribas. Please go ahead. Yes, thank you. I know the seasonality is a bit thrown out the window in this current down cycle, but I was hoping you might be able to comment, Kris, on the outlook between mobile and broad markets in September, particularly broad markets. Broad markets is, is usually up, but, you know, I think we're going through a little bit of excess inventory. If you could just highlight, perhaps your outlook between mobile and broad markets for September, that would be quite helpful. Yeah, obviously, September is a very strong mobile quarter, especially with the content that we have at our large customer and a big ramp that we have supported over the last 10 or 12 years. Most of the sequential growth in the September quarter is coming from our mobile segment. Our broad markets might be flat to slightly down a couple percent on a sequential basis for the reasons that you just mentioned, right? There is a little bit of inventory overhang in some of those end markets, very similar to what our peers and competitors have indicated over the last two weeks at their earnings calls. We are obviously not immune to that, although, again, I think our broad markets business, we are, as Liam indicated earlier, we are well-positioned. There's a couple of spots, including automotive, right? That continues to grow double-digit year-over-year. Overall, there's a little bit of inventory overhang that needs to be flushed out in the next couple of quarters, and then broad markets will start growing faster as well. Got it. Thank you for that. I guess maybe just to, to follow up on that, if I may. you know, if you could just speak broadly to how your inventory looks outside of the handset business. Again, it sounds like we have some inventory depletion that is still needed to reoccur, but the, the flip side of that argument then is: How do you refill the channel once the channel is depleted? Perhaps that exits, you know, perhaps it's more clean channel exiting the year. Just any thoughts into 2024 or, you know, at a higher level in terms of how you look at broad markets once this inventory overhang abates. Thank you. Yeah, yeah, maybe first, a clarification, right? A lot of the inventory overhang, for, as it relates to Skyworks, is not in the distribution channel at a component level. We typically manage that proactively and try to keep inventory at a component level, at a healthy level. The, the, the issue is more that certain customers put components into products, and then the products didn't fully sell through to the end customers at the level they were expecting. So that needs to, that needs to burn off. As, as I, as I said, like, it's probably gonna take a couple quarters. To your point, yes, once that is done, business will come back and will probably come back stronger, as we, as we will transition from under shipping to potentially shipping in line with end customer demand, and, and that will, that will, by itself, fuel the growth. Thank you. Your last question comes from the line of Ruben Roy from Stifel, Nicolaus. Please go ahead. Thank you. Liam, when you went through the segments or the, you know, various units in the broad markets piece, you didn't talk about communications infrastructure. I think that historically, if you look at core Skyworks and then you add on top, some of the timing stuff that you got from the I&A acquisition, you know, that was probably a decent chunk of the business. So I was wondering if I'm right about that. Then secondly, you know, if you can give us an update on what you're seeing. It sounds like, you know, that's a pretty tough market right now and not a lot of visibility, rest of this year and maybe even into next year. Would love to, you know, kind of understand how you're thinking about that business. Yeah. No, great question. Actually, I should have, I should have given you that answer already. No, we, we actually have, you know, meaningful numbers in, in the infrastructure side. Actually, in the last quarter, we actually had a record in, in the infrastructure side. With all the other chop that we see in handsets and some of the consumer products, the infrastructure business is actually quite, quite strong. There's a lot of room for us to grow into that portfolio. We have very good relationships, and the infrastructure industry tends to be a little bit cyclical, and we're starting to see more opportunity there now. Some of that is just, you know, moving further up in 5G and other markets, and even some of the, you know, upgrades that we see in, in Wi-Fi and technologies like that. They're all important to us, but infrastructure is still very, very solid, and we expect that to be a driver in 2024. Okay. Okay, then I guess, just as a quick follow-up, Liam, you know, kind of another high-level question around, you know, sort of the macro and, you know, how you weigh that against design activity. It sounds like, you know, things are going well in some of these new areas that you're addressing, auto. You know, obviously, Wi-Fi, you know, has a, has a cycle coming up. I mean, generally, outside of mobile, if you look at, you know, broader- broad markets, how would you assess design activity, sort of, as you look into the second half of the year versus maybe, you know, this time last year? Yeah, I tell you, it's really getting better. The design win activity is better. The customer engagements and discussions that we're having are, are getting better and more forward-looking. The portfolio is broader than it ever has been. We've got a lot more talent in the organization. Operationally, you know, we've gone through some, some cyclical hits here with depreciation we talked about with CapEx, but that's turning into a cash flow play right now that's gonna really drive the business and allow us to put forth, you know, more powerful investments. We feel good about it, and I think the pieces, you know, can, can really drive a, a great 2024. We're getting through these quarters right now. The business is starting to improve, and we expect to have a double-digit performance as we go forward. Thank you. Mr. Griffin, there are no further questions at this time. Please proceed. Well, thank you all for participating on today's call. We look forward to talking to you at upcoming investor conferences. Thank you. Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you.