科沃 (QRVO) 2015 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by.

下午好，女士們先生們，感謝你們的支持。

Welcome to the Qorvo, Inc.

歡迎來到 Qorvo, Inc.

December 2014 Quarterly Financial Results conference call.

2014 年 12 月季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Now I would like to introduce your host for today's call, Douglas DeLieto.

現在我想介紹今天電話會議的主持人道格拉斯·德利托 (Douglas DeLieto)。

Mr. DeLieto, you may begin.

德利托先生，您可以開始了。

Thanks very much, Kelly.

非常感謝，凱利。

Hello, everybody, and welcome to the Qorvo December 2014 earnings conference call.

大家好，歡迎參加 Qorvo 2014 年 12 月財報電話會議。

This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations.

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。

We encourage you to review the Safe Harbor Statement contained in the earnings release published today, as well as our most recent SEC filings for a complete description.

我們鼓勵您查看今天發布的收益報告中包含的安全港聲明，以及我們最近向 SEC 提交的文件，以獲取完整的說明。

You should also read and consider the risk factors associated with each of the businesses of RFMD and TriQuint, and each company's most recent annual report on Form 10-K filed with the SEC because these risk factors may affect the operations and financial results of the combined Company.

您還應該閱讀並考慮與 RFMD 和 TriQuint 各自業務相關的風險因素，以及每家公司向 SEC 提交的 10-K 表中的最新年度報告，因為這些風險因素可能會影響合併後的營運和財務業績公司。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。

We provide this supplemental information to enable investors to perform additional comparisons of operating results, and to analyze financial performance without the impact of certain non cash expenses or unusual items that may obscure trends in our underlying performance.

我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較，並分析財務業績，而不會受到某些非現金支出或可能掩蓋我們基本業績趨勢的異常項目的影響。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results.

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。

For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website Qorvo.com under Investors.

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱今天早些時候發布的收益報告，可在我們的網站 Qorvo.com 的「投資者」部分查看。

Please note, the December results for Qorvo preceded the completion of the merger with TriQuint, and therefore reflect only the financial results of RF Micro Device.

請注意，Qorvo 12 月的業績是在與 TriQuint 合併完成之前發布的，因此僅反映 RF Micro Device 的財務表現。

On today's conference call, we'll report the December results for RFMD and TriQuint separately, then we'll provide the outlook for the March quarter for Qorvo.

在今天的電話會議上，我們將分別報告 RFMD 和 TriQuint 12 月份的業績，然後我們將提供 Qorvo 3 月份季度的展望。

In fairness to all listeners, we ask that each participant please limit themselves to one question and a follow-up.

為了公平對待所有聽眾，我們要求每位參與者只提出一個問題和一個後續問題。

Sitting with me today are Bob Bruggeworth, President and CEO, Steve Buhaly, Chief Financial Officer, Eric Creviston, President of Qorvo's Mobile Products Group, and James Klein, President of Qorvo's Infrastructure and Defense Products Group.

今天與我坐在一起的有總裁兼執行長 Bob Bruggeworth、財務長 Steve Buhaly、Qorvo 行動產品集團總裁 Eric Creviston 以及 Qorvo 基礎設施和國防產品集團總裁 James Klein。

I'm also joined by other members of Qorvo's management team.

Qorvo 管理團隊的其他成員也加入了我的行列。

And with that, I'll hand the call over to Bob.

然後，我會將電話轉交給鮑伯。

Thanks, Doug, and good afternoon, everyone.

謝謝，道格，大家下午好。

I'm very pleased to welcome you to the first quarterly earnings conference call for Qorvo.

我非常高興歡迎您參加 Qorvo 首次季度收益電話會議。

With the close of the merger of RFMD and TriQuint, we have combined two companies globally recognized for driving growth and innovation in the greater than $10 billion and growing RF industry.

隨著 RFMD 和 TriQuint 合併的完成，我們合併了兩家全球公認的公司，它們在價值超過 100 億美元且不斷發展的 RF 產業中推動了成長和創新。

As Qorvo, our expectations are to accomplish what neither of us could have achieved individually.

作為 Qorvo，我們的期望是實現我們個人無法實現的目標。

We are a highly diversified and growth oriented company, with greater than $2.3 billion in trailing 12-month revenue.

我們是一家高度多元化和以成長為導向的公司，過去 12 個月的收入超過 23 億美元。

And unique capabilities in mobile devices, infrastructure, and defense application.

以及行動設備、基礎設施和國防應用的獨特功能。

We have assembled a world-class team with a legacy of innovation and a sharp focus on superior financial results.

我們組建了一支世界一流的團隊，擁有創新傳統並高度重視卓越的財務表現。

Our expectations are to outpace the growth rate of our underlying markets, and achieve our target operating model of 50% gross margin, 20% operating expenses, and 30% operating margin.

我們的期望是超越基礎市場的成長率，並實現毛利率 50%、營運費用 20% 和營運利潤率 30% 的目標營運模式。

In the markets we serve, the demand for mobile data continues to expand.

在我們服務的市場中，對行動數據的需求不斷擴大。

And Qorvo has a full suite of core enabling technologies necessary to help our customers accelerate their products to market.

Qorvo 擁有一整套必要的核心支援技術，可協助我們的客戶加速將產品推向市場。

We have broad strength in premium filters, switches, low noise amplifiers, power amplifiers, antenna tuners and RF power management.

我們在優質濾波器、開關、低雜訊放大器、功率放大器、天線調諧器和射頻電源管理方面擁有廣泛的實力。

And we're able to offer our customers RF solutions that are highly integrated and highly differentiated, and therefore, much more valuable.

我們能夠為客戶提供高度整合和高度差異化的射頻解決方案，因此更有價值。

We're leveraging Qorvo's best-in-class product portfolio, packaging expertise, process technologies, and engineering scale to target new opportunities and expand our target market.

我們正在利用 Qorvo 一流的產品組合、包裝專業知識、製程技術和工程規模來尋找新機會並擴大我們的目標市場。

Looking at just a few examples.

僅看幾個例子。

We're leveraging our broad strength and high-performance filters, gas PA efficiency, LNA design, systems level expertise and internal assembly and tests to expand our opportunities in mobile devices and network infrastructure.

我們正在利用我們廣泛的實力和高性能過濾器、氣體 PA 效率、LNA 設計、系統級專業知識以及內部組裝和測試來擴大我們在行動裝置和網路基礎設施領域的機會。

We're integrating filters and amplifiers for applications including mobile devices, automotive, and small cell.

我們正在為行動裝置、汽車和小型基地台等應用整合濾波器和放大器。

We're leveraging our Wi-Fi and filter portfolios, coupled with our flip chip capabilities and manufacturing scale to create new product categories.

我們正在利用我們的 Wi-Fi 和濾波器產品組合，再加上我們的倒裝晶片能力和製造規模來創建新的產品類別。

Whether you're talking about mobile devices, radar, avionics systems or communications infrastructure like base stations, point to point radio, or optical and cable networks.

無論您談論的是行動裝置、雷達、航空電子系統還是基地台、點對點無線電或光纖和有線網路等通訊基礎設施。

Qorvo is uniquely positioned to connect people, networks, and things, both wirelessly and over global wired networks.

Qorvo 具有獨特的優勢，可透過無線和全球有線網路連接人、網路和事物。

As our new tag line says so well, Qorvo is all around you.

正如我們的新口號所說，Qorvo 就在您身邊。

And with that, we'll move to RFMD's financial results.

接下來，我們將討論 RFMD 的財務表現。

As Doug said earlier, the December results for Qorvo reflect only the financial results for RFMD.

正如 Doug 之前所說，Qorvo 12 月的業績僅反映 RFMD 的財務表現。

I'll report the December results for RFMD, and Steve will report TriQuint's December results and provide Qorvo's expectations for the March quarter.

我將報告 RFMD 12 月份的業績，Steve 將報告 TriQuint 12 月份的業績並提供 Qorvo 對 3 月份季度的預期。

Looking at RFMD's December quarter, revenue grew 9% sequentially and 37% year over year to $396 million.

從 RFMD 12 月季度來看，營收季增 9%，年增 37%，達到 3.96 億美元。

CPG revenue was $342 million, and MPG revenue was $54 million.

CPG 營收為 3.42 億美元，MPG 營收為 5,400 萬美元。

RFMD's two largest customers represented 40% and 14% of revenue.

RFMD 的兩個最大客戶分別佔收入的 40% 和 14%。

The larger of the two represents the aggregated demand of multiple subcontractors for one end customer.

兩者中較大的一個代表多個分包商對一個最終客戶的總需求。

Gross margin for the quarter was 49.3%, and operating margin was 30.7%.

本季毛利率為 49.3%，營業利益率為 30.7%。

Operating expenses were $73.8 million, or 18.6% of sales.

營運費用為 7,380 萬美元，佔銷售額的 18.6%。

Non-GAAP taxes were approximately $12.8 million, and net income for the quarter was $108.4 million or $0.36 per diluted share, which compares favorably to RFMD's guidance of $0.33.

非 GAAP 稅金約為 1,280 萬美元，本季淨利潤為 1.084 億美元，即稀釋後每股收益 0.36 美元，優於 RFMD 的指導值 0.33 美元。

Revenue, gross profit, operating income, operating margin, and EPS were all records.

收入、毛利、營業收入、營業利益率和每股盈餘均創歷史新高。

Cash, cash equivalents, and short-term investments totaled approximately $296 million.

現金、現金等價物及短期投資總計約2.96億美元。

Cash flow from operations was $72.1 million, and free cash flow was $51.4 million.

營運現金流為 7,210 萬美元，自由現金流為 5,140 萬美元。

DSOs were 49.4 days, and inventory was $170 million with turns of 4.9.

DSO 為 49.4 天，庫存為 1.7 億美元，週轉率為 4.9 天。

Net BP&E was $228.6 million, and capital expenditures for the quarter were $20.7 million.

淨 BP&E 為 2.286 億美元，本季資本支出為 2,070 萬美元。

With depreciation of $13 million, and intangible amortization of $5.5 million.

折舊 1300 萬美元，無形攤提 550 萬美元。

Before handing the call over to Steve, I want to congratulate both organizations for staying focused, continuing to take care of our customers, and delivering such strong financial results.

在將電話轉交給史蒂夫之前，我要祝賀這兩個組織保持專注，繼續照顧我們的客戶，並取得瞭如此強勁的財務業績。

I credit both RFMD and TriQuint, not only for outstanding performance in December, but also for the operational excellence and dramatic improvement in financial results demonstrated by both organizations over the past 18 months.

我對 RFMD 和 TriQuint 表示讚賞，不僅因為 12 月的出色表現，還因為這兩個組織在過去 18 個月中表現出的卓越營運和財務表現的顯著改善。

In the March 2013 quarter, when RFMD kicked off its margin expansion initiatives the stated goal was for 300 to 400 basis points of improvement.

在 2013 年 3 月的季度，當 RFMD 啟動其利潤擴張計畫時，其既定目標是提高 300 至 400 個基點。

In the time since, gross margin expanded by nearly 1,500 basis points.

此後，毛利率增加了近 1,500 個基點。

As Steve will tell you in a moment, the dynamic was similar with TriQuint.

史蒂夫稍後會告訴您，TriQuint 的情況與此類似。

Both organizations executed successfully on long-term initiatives to affect systemic organizational change, and those continued efforts underpin our organization today.

兩個組織都成功執行了影響系統性組織變革的長期舉措，這些持續的努力支撐著我們今天的組織。

And with that, I'll hand the call over to Steve, who will review TriQuint's December results, and provide Qorvo's guidance for the March quarter.

接下來，我將電話轉交給 Steve，他將審查 TriQuint 12 月份的業績，並提供 Qorvo 3 月份季度的指導。

Thanks, Bob.

謝謝，鮑伯。

In the December quarter, TriQuint delivered a robust 27% sequential growth in revenue to $344.9 million.

在 12 月季度，TriQuint 的營收季增 27%，達到 3.449 億美元。

Compared to the same quarter of the prior year, revenue grew 29%, driven by demand for 4G phones and supporting infrastructure.

與去年同期相比，在 4G 手機和配套基礎設施需求的推動下，營收成長了 29%。

The sequential growth was led by mobile, up 37%.

環比增長由行動裝置帶動，增長了 37%。

TriQuint's end market revenue split was 73% mobile devices, 17% network infrastructure, and 9% defense and aerospace.

TriQuint 的終端市場收入分配為 73% 的行動裝置、17% 的網路基礎設施以及 9% 的國防和航空航太。

TriQuint had one 10% customer at approximately 50% of revenue, representing the aggregated demand of multiple subcontractors for this end customer.

TriQuint 擁有一個 10% 的客戶，約佔收入的 50%，代表了多個分包商對該最終客戶的總需求。

Gross margin was 48.8%, up sequentially from 46.6%.

毛利率為 48.8%，高於上一季的 46.6%。

The improvement in TriQuint's gross margin was primarily attributable to improved deals and utilization.

TriQuint 毛利率的提高主要歸功於交易和利用率的提高。

Operating expenses were $76.7 million for the December quarter, up $2 million sequentially.

12 月所在季度的營運費用為 7,670 萬美元，比上一季增加 200 萬美元。

Net income for the December quarter was $89.6 million, or $0.48 per diluted share.

12 月季度的淨利潤為 8,960 萬美元，或攤薄後每股收益 0.48 美元。

This compares favorably to TriQuint's original guidance of $0.40 to $0.45.

這與 TriQuint 最初的指導價 0.40 美元至 0.45 美元相比是有利的。

Revenue, gross profit, operating income, operating margin, and EPS were all records.

收入、毛利、營業收入、營業利益率和每股盈餘均創歷史新高。

Total cash and investments increased to $264.7 million during the December quarter.

12 月所在季度的現金和投資總額增至 2.647 億美元。

Cash flow from operations totaled $110.3 million, while capital expenditures were $105.2 million, primarily to address continued growth in customer demand for our premium filters.

營運現金流總計 1.103 億美元，資本支出為 1.052 億美元，主要是為了滿足客戶對我們優質過濾器的持續成長需求。

Clearly, RFMD and TriQuint delivered terrific December quarterly results, and we're proud to be launching Qorvo on the strength of such exceptional performance.

顯然，RFMD 和 TriQuint 交付了出色的 12 月季度業績，我們很自豪能夠憑藉如此出色的性能推出 Qorvo。

Similar to Bob's comments, I want to recognize the TriQuint team for the crisp execution and remarkable improvement in financial performance.

與 Bob 的評論類似，我想對 TriQuint 團隊的乾脆執行力和財務表現的顯著改善表示認可。

Compared to the December period a year ago, gross margin dollars grew by nearly 70%, and operating income tripled.

與去年同期相比，毛利率成長了近 70%，營業收入成長了兩倍。

The performance was phenomenal, and we're eager to build on this solid foundation as Qorvo.

性能非常出色，我們渴望在 Qorvo 的堅實基礎上再接再厲。

Now, let's turn to our business outlook.

現在，讓我們談談我們的業務前景。

In Qorvo, we've created a new leader in RF that can outpace the growth rate of our underlying markets.

我們在 Qorvo 中打造了 RF 領域的新領導者，其成長速度可以超過我們基礎市場的成長率。

The total addressable market for mobile RF is forecasted to grow at a compound annual growth rate of 10% to 15% over the next few years, driven primarily by unit growth of 4G phones and the associated dramatic increase in RF content and complexity.

預計未來幾年行動 RF 的整體潛在市場將以 10% 至 15% 的複合年增長率增長，這主要是由 4G 手機銷量增長以及 RF 內容和復雜性相關的急劇增加推動的。

The exploding demand for data, and therefore data traffic, are long-term secular growth drivers that favor broadly capable suppliers such as Qorvo.

對數據和數據流量的爆炸性需求是長期的長期成長驅動力，有利於 Qorvo 等能力廣泛的供應商。

And support multiple diverse growth opportunities across mobile products, wireless infrastructure, and optical applications.

並支援跨行動產品、無線基礎設施和光學應用的多樣化成長機會。

Qorvo is uniquely positioned to enhance the smartphone user experience, help device manufacturers accelerate to market better performing products and help operators expand network capacity, and more quickly monetize their spectrum investments.

Qorvo 具有獨特的優勢，可增強智慧型手機用戶體驗，幫助設備製造商加速將性能更好的產品推向市場，幫助營運商擴展網路容量，並更快地將其頻譜投資貨幣化。

In calendar 2015, we expect the growth profile for the industry to mirror prior years, with March the only quarter down sequentially and revenue weighted more heavily toward the second half of the calendar year.

在 2015 年，我們預計該行業的成長狀況將與前幾年保持一致，其中 3 月是唯一一個環比下降的季度，並且收入在下半年的比重更大。

At our analyst day in November, we increased our operating model goals to 50% gross margin and 30% operating margin.

在 11 月的分析師日，我們將營運模式目標提高至 50% 毛利率和 30% 營運利潤率。

A quick look at RFMD's and TriQuint's results for the December 2014 quarter helps demonstrate why we're optimistic we'll achieve that goal.

快速瀏覽 RFMD 和 TriQuint 2014 年 12 月季度的業績有助於說明為什麼我們對實現這一目標持樂觀態度。

You'll find that information in our earnings release under the heading selected Non-GAAP Results.

您可以在我們的收益發布中選定的「非公認會計準則結果」標題下找到該資訊。

While the December quarter is seasonally strong and our goal is for the full year, we're off to a great start.

雖然 12 月季度季節性強勁，而且我們的目標是全年，但我們已經有了一個良好的開端。

We expect to make progress on our operating model this year, while growing ahead of our markets and yielding significant free cash flow.

我們預計今年我們的營運模式將取得進展，同時領先市場並產生大量的自由現金流。

Qorvo currently expects the demand environment in its end markets support the following non-GAAP expectations for the March 2015 quarter: quarterly revenue in the range of $615 million to $625 million, gross margin in the range of 46% to 48%, g tax rate in the range of 5% to 10%, and diluted EPS in the range of $0.80 to $0.90.

Qorvo 目前預計，其終端市場的需求環境將支持 2015 年 3 月季度的以下非 GAAP 預期：季度收入在 6.15 億美元至 6.25 億美元之間，毛利率在 46% 至 48% 之間，g 稅率5 ％至10％範圍內，稀釋後每股收益0.80美元至0.90美元範圍內。

Actual quarterly results may differ from these expectations, and such differences may be material.

實際的季度業績可能與這些預期有所不同，而且這種差異可能是重大的。

We're confident that we can outpace our markets this year and our revenue guidance for March implies greater than 40% year-over-year growth.

我們有信心今年能夠超越市場，我們 3 月的營收指引意味著年增超過 40%。

Before opening the call for questions, we've got a few housekeeping items.

在開始提問之前，我們有一些家務用品。

For those of you modeling revenue, please note that going forward Qorvo will report two segments, mobile products and infrastructure and defense products.

對於那些進行收入建模的人，請注意，Qorvo 今後將報告兩個細分市場：行動產品以及基礎設施和國防產品。

We expect to release our March quarterly results in early May.

我們預計在五月初發布三月份的季度業績。

With that, we'd like to welcome your questions.

因此，我們歡迎您提出問題。

Kelly?

凱莉？

Thank you.

謝謝。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Harsh Kumar with Stephens.

嚴厲的庫馬爾和史蒂芬斯。

First of all, congratulations on the formation of Qorvo and your first call.

首先，恭喜 Qorvo 的成立以及您的第一通電話。

Bob, as I look to your Company, now that you've had it for let's say a month, a month and a half.

鮑勃，正如我所看到的，你的公司已經運作了一個月、一個半月了。

As you look out midterm, what do you think is your biggest competitive advantage relative to maybe the two or three guys that you compete against actively in cellular?

當你展望中期時，你認為相對於你在行動領域積極競爭的兩三個人來說，你最大的競爭優勢是什麼？

Thanks, Harsh.

謝謝，嚴酷。

So from a cellular perspective, I would say much like my opening comments, I think there's four areas I would talk about.

因此，從細胞的角度來看，我想說的很像我的開場白，我認為我要討論四個領域。

The technology, products, internal manufacturing, and some of our customer relationships.

技術、產品、內部製造以及我們的一些客戶關係。

From a process perspective, I think we do have some industry leading technologies.

從工藝角度來看，我認為我們確實擁有一些領先業界的技術。

Whether that's access to SAW filters, temp comp SAW filters.

無論是存取 SAW 濾波器、臨時補償 SAW 濾波器。

We talk about zero drift, we talk about BAW filters, we talked about the work that we've done with SOI to lead the industry, and continued to improve performance there as well.

我們談論零漂移，我們談論 BAW 濾波器，我們談論我們為引領行業而使用 SOI 所做的工作，並繼續改進那裡的性能。

Also outside of cellular, Gallium nitride is clearly a technology that we're able to differentiate and gain business.

同樣在蜂窩之外，氮化鎵顯然是一項我們能夠實現差異化並贏得業務的技術。

So, from the technology side, I think we've got, if you will, a pallet of technologies that our engineers can choose from to develop tremendous products that give us that breadth across all different tiers of smartphones or different applications.

因此，從技術方面來看，如果你願意的話，我認為我們擁有一系列技術，我們的工程師可以從中選擇來開發巨大的產品，使我們能夠跨越所有不同級別的智慧型手機或不同應用程式。

Whether that's Wi-Fi, and also in IDP, again, using Gallium nitride and some of those same technologies to take care of our customers in those areas.

無論是 Wi-Fi 還是 IDP，再次使用氮化鎵和一些相同的技術來照顧我們在這些領域的客戶。

So tremendous product breadth by bringing the two together.

透過將兩者結合在一起，產品範圍如此巨大。

I think you're going to see as we come together and operationalize our two organizations, growing the business there.

我想當我們走到一起並經營我們的兩個組織時，您將會看到，在那裡發展業務。

And when I talk about internal manufacturing, I think it has been a significant advantage for us and some of our competitors do have that.

當我談論內部製造時，我認為這對我們來說是一個顯著的優勢，我們的一些競爭對手確實擁有這一優勢。

But we're going to be able to in-source a tremendous amount of work that currently was done outside in Assembly and Test as we bring up our second factory in China to improve our margins.

但是，隨著我們在中國建立第二家工廠以提高利潤，我們將能夠將目前在組裝和測試方面在外部完成的大量工作外包出去。

So that is also something that's a little bit different that we're going to be able to do.

所以這也是我們能夠做的有點不同的事情。

And then clearly, the customer relationships that we both bring are deep.

顯然，我們雙方帶來的客戶關係都很深刻。

We talked about the three-way NDAs.

我們討論了三向保密協議。

Customers were excited about bringing us the other.

顧客很高興為我們帶來了另一個。

But again, we're able to engage with our customers across their full product portfolios.

但同樣，我們能夠透過客戶的完整產品組合與他們互動。

From their entry-level phones to their mid-tier to their high-end smartphones.

從入門級手機到中階手機再到高階智慧型手機。

So I think we're going to be well diversified with a broad product offering with the right technologies, Harsh.

因此，我認為我們將透過提供廣泛的產品和正確的技術來實現多元化，哈什。

Thanks, Bob.

謝謝，鮑伯。

And as a follow-up, I can't help but notice when I look at your numbers and TriQuint's numbers for December, you're already very close.

作為後續行動，當我查看你們的數據和 TriQuint 12 月的數據時，我不禁注意到，你們已經非常接近了。

I know December is a peak quarter, but you're not that far from your long-term goal, and you still have all the $150 million or more, $150 million, call it, cost saves left.

我知道 12 月是高峰季度，但距離長期目標並不遙遠，而且您仍然擁有 1.5 億美元或更多，1.5 億美元，稱之為成本節省。

Is it conceivable that you could actually do better than your goal in the mid to longer term?

從中長期來看，你是否真的可以比你的目標做得更好？

Hey, that's a great question, Harsh.

嘿，這是一個很好的問題，哈什。

And as you remember, we raised those goals in November after noticing the same really pretty cool trends in the business, across both businesses.

正如您所記得的，我們在 11 月註意到這兩個業務領域存在同樣非常酷的趨勢後，我們提高了這些目標。

And we think the prospects continue to be good for achieving synergies on the cost side through in-sourcing our Assembly and Test, working with our suppliers to get Qorvo level pricing, and a variety of other opportunities we have.

我們認為，透過內包組裝和測試、與供應商合作獲得 Qorvo 等級的定價以及我們擁有的各種其他機會，在成本方面實現協同效應的前景仍然良好。

So I feel real good about that.

所以我對此感覺很好。

And then, we actually have some really good opportunities from a revenue synergy standpoint.

然後，從收入協同的角度來看，我們實際上有一些非常好的機會。

So I think there are good opportunities to have a good year this year, and an exceptional year in 2017 as you see the full power of the merger come into play.

因此，我認為今年有很好的機會度過美好的一年，2017 年也是非凡的一年，因為您將看到合併的全部力量正在發揮作用。

Thank you, and congratulations.

謝謝你，恭喜你。

Thank you, Harsh.

謝謝你，嚴酷。

Vivek Arya with Bank of America.

Vivek Arya 與美國銀行。

Thanks for taking my question.

感謝您提出我的問題。

And, Bob and Steve, good December quarter execution.

而且，鮑勃和史蒂夫，12 月季度執行情況良好。

When I look at the March quarter guidance just to sort of knit pick, I know it's above street estimates.

當我查看三月季度的針織品指導時，我知道它高於街頭估計。

But I believe it's down about 16% sequentially, sort of the lower end of the 10% to 15%.

但我相信它比上一季下降了約 16%，大約是 10% 至 15% 的較低水平。

I'm wondering if there's anything more to read into that, or it's just nitpicking from our side?

我想知道是否還有更多值得閱讀的內容，或者這只是我們這邊的吹毛求疵？

Thanks, Vivek.

謝謝，維韋克。

I think if you really look at what's going on in the marketplace today, and you look at some of the leading smartphone manufacturers and you look at what they're going to be down.

我認為，如果你真正關注當今市場上正在發生的事情，以及一些領先的智慧型手機製造商，你會發現他們將會陷入困境。

You look at our exposure there and you look at timing of some other new program ramps, looking at the China market, et cetera, I think we're very comfortable with the guidance that we gave.

你看看我們在那裡的曝光度，你看看其他一些新項目的時機，看看中國市場等等，我認為我們對我們提供的指導非常滿意。

I think again, if you look at it year-over-year, we are up at greater than 40%.

我再次認為，如果你逐年查看，我們的增幅超過 40%。

Clearly, that's more than the market, and we feel good about how we're positioned to grow this year.

顯然，這不僅僅是市場，我們對今年的成長定位感到滿意。

All right.

好的。

And then as a follow-up, if, Steve, you could give us some sense of non-GAAP OpEx in Q1, and how you're looking at the trajectory over the next few quarters?

作為後續行動，史蒂夫，您能否為我們介紹第一季度的非 GAAP 營運支出，以及您如何看待未來幾季的發展軌跡？

Yes, I think non-GAAP OpEx will be down slightly from the prior quarter.

是的，我認為非 GAAP 營運支出將比上一季略有下降。

It's a little higher than it would otherwise be because it is the first quarter of the calendar year.

它比其他情況要高一些，因為這是日曆年的第一季。

We have a lot of FICA expense that comes back into play.

我們有很多 FICA 費用又重新發揮作用。

And then as you know, we've had a fair amount of performance vested shares and options that have either vested or are being exercised in the first quarter.

如您所知，我們在第一季擁有相當數量的業績歸屬股票和選擇權，這些股票和選擇權要么已歸屬，要么正在行使。

Which also raises the FICA expense as we match that W-2 income.

當我們與 W-2 收入相符時，這也會增加 FICA 費用。

So I think it will be down maybe $2 million or $3 million sequentially, and then we'll see some opportunities as that FICA effect washes out.

所以我認為它可能會連續下降 200 萬美元或 300 萬美元，然後隨著 FICA 效應的消失，我們會看到一些機會。

Got it.

知道了。

And then finally, on gross margins, as my last question.

最後，關於毛利率，這是我的最後一個問題。

As you look at the milestones to get towards your longer term targets, what are some of the near-term milestones we can track?

當您審視實現長期目標的里程碑時，我們可以追蹤哪些近期里程碑？

What are some of the longer term milestones?

有哪些長期里程碑？

Thank you.

謝謝。

Sure.

當然。

I think there's just a lot of blocking and tackling and getting the synergies driven into cost of goods sold.

我認為有很多阻礙和解決，並將協同效應轉化為銷售商品的成本。

And Dean Priddy is doing a phenomenal job of organizing and focusing those projects, and leading the execution of them along with the rest of the Qorvo team.

Dean Priddy 在組織和集中這些專案方面做得非常出色，並與 Qorvo 團隊的其他成員一起領導這些專案的執行。

So I think whether it's Assembly and Test, supplier cost reductions, or some other consolidation opportunities across the whole Qorvo, it's blocking and tackling.

因此，我認為無論是組裝和測試、供應商成本降低，還是整個 Qorvo 的其他一些整合機會，它都在阻礙和應對。

It's a little bit of work every day.

每天都有一點點工作。

And so I think you'll see it show up over time in our gross margin, along with all the other factors in the business.

因此，我認為隨著時間的推移，您會看到它以及業務中的所有其他因素都會顯示在我們的毛利率中。

Whether it's product mix, pricing, all those are elements, but you'll see those play out over the course of the next 18 months.

無論是產品組合、定價，所有這些都是要素，但您將在接下來的 18 個月中看到這些因素的發揮。

Thank you.

謝謝。

Good luck.

祝你好運。

Thank you, Vivek.

謝謝你，維維克。

We'll now go to Mike Burton with Brean Capital.

現在我們將與布林資本 (Brean Capital) 聯繫 Mike Burton。

Hey, guys, and congrats on the great December numbers.

嘿，夥計們，恭喜 12 月份的出色數據。

Following up on the March quarter guidance, just wondering if we could get a little more detail there.

繼三月季度指導之後，只是想知道我們是否可以在那裡獲得更多細節。

Is it down slightly more than seasonal, or were there any production issues that you guys can point to?

是否比季節性下降略多，或者你們可以指出任何生產問題嗎？

I think there's been some talk about that, at least at one of TriQuint's largest customers.

我認為至少在 TriQuint 最大的客戶之一中已經有過一些討論。

And then maybe if you could help us understand how we should expect mobile versus infrastructure to play out?

那麼也許您可以幫助我們了解我們應該如何預期行動與基礎設施的發展？

And then last part of that is one is really just the on China.

最後一部分其實是關於中國的。

You mentioned that, Bob.

你提到過這一點，鮑伯。

Do you expect that to be down in Q1?

您預計第一季這數字會下降嗎？

And how big is China for you guys now?

對你們來說，中國現在有多大？

Thanks.

謝謝。

Okay, Mike.

好吧，麥克。

We may not be able to get all these, but I'll do my best.

也許我們無法得到所有這些，但我會盡力而為。

I don't know of any production issues that are limiting revenue, so I'll just categorically say that.

我不知道有任何生產問題限制了收入，所以我只是明確地說。

I know you asked about China.

我知道你問過中國。

I think it would be good if Eric and James comment a little bit about China business, so they can roughly size that for both mobile products as well as IDP.

我認為，如果 Eric 和 James 對中國業務發表一些評論，那就太好了，這樣他們就可以大致確定行動產品和 IDP 的規模。

Sure, I'll go first.

當然，我先走了。

So regarding China, we're looking at very exciting year in China.

因此，就中國而言，我們期待中國非常激動人心的一年。

The rollout of 4G, as you know, was quite strong in 2014, and we're in the very early innings there.

如您所知，2014 年 4G 的推出相當強勁，而我們正處於起步階段。

So in general, we have a backdrop of great growth and a lot of opportunities in China this year.

所以總的來說，今年我們在中國有巨大的成長和許多機會的背景。

The March quarter itself, we're counting on basically flattish sales for ourselves into China, growing in 4G.

3 月這個季度，我們預計中國市場的銷售額將基本持平，但 4G 業務將有所成長。

But we still have 2G and 3G business that is rolling down quite significantly.

但我們的 2G 和 3G 業務仍然大幅下滑。

James, any comments about that China market from your perspective?

James，您對中國市場有什麼看法嗎？

For us, we expect in China which is mainly for me driven by base station and the fill in of the rest of back haul to have another strong year going forward.

對我們來說，我們預計在中國，這主要是由基地台和其餘回程的填補所推動的，未來的一年將會表現強勁。

And so we expect continued strength in the marketplace.

因此，我們預計市場將持續強勁。

Great.

偉大的。

Thanks.

謝謝。

And then, if -- Eric, if I could just follow up on RF fusion progress.

然後，埃里克，如果我能跟進射頻融合進展。

Skyworks talked a lot about what they're doing with their product.

Skyworks 談論了很多他們正在使用他們的產品所做的事情。

And I'm just curious if you're seeing any RF 360 out in the marketplace as well, and if you could just give us an update on where RF fusion is.

我只是好奇您是否也在市場上看到任何 RF 360，以及您是否可以向我們介紹 RF 融合的最新情況。

Thanks.

謝謝。

Sure, thanks, Mike.

當然，謝謝，麥克。

The fusion, as we mentioned in the press release, we are ramping into production with our first high volume opportunity today.

正如我們在新聞稿中提到的那樣，我們今天正在透過我們的第一個大批量機會投入生產。

It's a pretty exciting opportunity, too.

這也是一個非常令人興奮的機會。

This product that's ramping actually supports six modes and 18 bands of operation.

該產品實際上支援 6 種模式和 18 個工作頻段。

It's carrier aggregation and ET capable.

它具有載波聚合和 ET 功能。

And It's the beginning of a family of devices.

它是一系列設備的開始。

We're engaged with many OEMs right now on various classes of models, mostly in the mid tier for this RF fusion category.

我們目前正在與許多原始設備製造商合作開發各種型號的型號，其中大多數是射頻融合類別的中階型號。

And of course as Qorvo, we have a lot to bring to the table.

當然，作為 Qorvo，我們可以提供很多東西。

We're very uniquely positioned for these high-level integrated modules with it's also a broad family of filter technologies.

我們在這些高級整合模組方面擁有非常獨特的定位，它也是一個廣泛的過濾器技術系列。

Literally every type of technology we'd need for every band.

從字面上看，我們需要為每個樂團提供各種類型的技術。

And of course leadership in switching and tuning and power amplifiers as well.

當然，在開關、調諧和功率放大器方面也處於領先地位。

So we're real excited about our fusion, and I think we're getting some great traction.

所以我們對我們的融合感到非常興奮，而且我認為我們正在獲得一些巨大的吸引力。

Great.

偉大的。

Thanks again, and congrats.

再次感謝，並恭喜。

Thank you, Mike.

謝謝你，麥克。

And from Ascendiant, we'll go to Cody Acree.

從 Ascendant 出發，我們將前往 Cody Acree。

Thanks, guys, and congrats on the performance.

謝謝大家，恭喜你們的表現。

Maybe back to gross margins.

也許回到毛利率。

Could you talk about maybe puts and takes in the first quarter with the range getting all the way down to maybe the lower end or where maybe some of the expectations have been?

您能否談談第一季的看跌期權和看跌期權，範圍可能一路下降到下限，或者可能是一些預期的水平？

And then as you look through the rest of the year, how does big does facility consolidation play into your plans, and how long before you might make a decision on your Gallium Arsenide [facility]?

然後，當您回顧今年剩餘時間時，大型設施整合對您的計劃有何影響，以及您需要多長時間才能對砷化鎵[設施]做出決定？

Yes, so the gross margin is slightly softer, primarily just due to a little bit of lower revenue in the period.

是的，所以毛利率略有下降，主要是由於該時期的收入略有下降。

And so I think it's a modest effect.

所以我認為這是一個適度的影響。

I think we continue to make progress this year towards the 50% gross margin goal we outlined earlier.

我認為今年我們將繼續朝著我們之前概述的 50% 毛利率目標取得進展。

I feel very good about that.

我對此感覺很好。

And then in terms of facility consolidation, I don't expect that to be a meaningful factor during FY16.

然後就設施整合而言，我預計這不會成為 2016 財年的一個有意義的因素。

And then just to follow up, if you look at where you're positioned in China, and you gave some percentages or some size.

然後跟進，如果你看看你在中國的定位，你給了一些百分比或一些規模。

But as you look at the market share shifts from some of the larger international players to some of the local vendors, maybe, Eric, can you just talk about some of the positioning you're having with the local vendors versus some of the more dominant global players?

但是，當您看到市場份額從一些較大的國際參與者轉移到一些本地供應商時，也許，埃里克，您能否談談您與本地供應商相對於一些更具主導地位的供應商的一些定位全球玩家？

Sure, I'd be happy to.

當然，我很樂意。

We're actually quite well positioned with the local suppliers.

事實上，我們與當地供應商的關係非常好。

Of course, as you know, we've had a very long-term relationship with China.

當然，如你所知，我們與中國有著非常長期的關係。

We've had a tremendous amount of R&D over there over the years, as well as factory footprint and great relationships, of course, with Mediatech as well as the Qualcomm resources there in China.

多年來，我們在中國進行了大量的研發工作，並擁有工廠足跡和良好的關係，當然還有與 Mediatech 以及高通在中國的資源。

So we work closely across all the reference designs.

因此，我們在所有參考設計中密切合作。

I think what we're really excited about is especially in the second half of this calendar year, a lot of the China majors are going to be growing, and the reference design wins we referenced in the press release will really start kicking in, in the second half.

我認為我們真正感到興奮的是，特別是在今年下半年，許多中國專業公司將會成長，我們在新聞稿中提到的參考設計勝利將真正開始發揮作用，下半場。

I think our overall attachment rate and share across the leading reference designs for the China handset OEMs is only going to grow throughout the year.

我認為我們在中國手機原始設備製造商的領先參考設計中的整體附著率和份額全年只會增長。

Excellent.

出色的。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

We'll go next to Steve Smigie with Raymond James.

接下來我們將與雷蒙德詹姆斯一起前往史蒂夫斯米吉。

Thanks a lot.

多謝。

And I'll add my congratulations on the great results.

我還要對取得的巨大成果表示祝賀。

Can you talk a little bit about gross margin as we go into June?

進入六月份，您能談談毛利率嗎？

Because obviously, as you answered in the last call you've kind of had a down seasonal quarter.

因為顯然，正如您在上次電話中回答的那樣，您經歷了一個淡季季度。

But is it fair to argue you have had a pretty decent pop into June and we march up from there?

但是，你可以說你已經在六月取得了相當不錯的增長，而我們從那裡開始前進，這公平嗎？

I guess that ties into your comments about 50% for the year.

我猜這與您今年的評論有 50% 相關。

Hello, Steve.

你好，史蒂夫。

I don't really want to guide the subsequent quarter.

我真的不想指導下一個季度。

And as you know, margin is a little bit of a correlation with revenue.

如您所知，利潤率與收入有一定的相關性。

But again, I think we're going to make good progress over the course of the full year towards our expectation of having a 50% gross margin over a full year period.

但我再次認為，我們將在全年中取得良好進展，實現全年毛利率 50% 的預期。

So I think that we'll make good progress, but I don't want to give you a specific number for the next subsequent quarter.

因此，我認為我們會取得良好進展，但我不想給您下一個季度的具體數字。

That's helpful.

這很有幫助。

And could you give some color on what the gross margin might be by the two major business units?

您能否詳細說明一下這兩個主要業務部門的毛利率是多少？

Just directionally, the infrastructure and defense tends to be a higher gross margin, and a fairly similar operating margin as you will see when we start reporting by segments.

從方向上看，基礎設施和國防往往具有更高的毛利率，並且營業利潤率相當相似，正如我們開始按細分市場報告時所看到的那樣。

Okay.

好的。

The last question was just a housekeeping item.

最後一個問題只是一個家務事。

As we look at that tax rate, is that the rate we should be assuming, the one you guided for the March quarter, is that what we should be assuming for Qorvo going forward?

當我們考慮該稅率時，我們應該假設的稅率（您為 3 月季度指導的稅率）是我們應該為 Qorvo 未來假設的稅率嗎？

I think for this year it's a decent modeling assumption.

我認為今年這是一個不錯的建模假設。

Beyond that, I would think we would level out in the 10% to 15% as our tax position normalizes.

除此之外，我認為隨著我們的稅收狀況正常化，我們的稅率將保持在 10% 至 15% 之間。

Okay, great.

好的，太好了。

Thanks.

謝謝。

We'll now go to Edward Snyder with Charter Equity Research.

現在我們請來特許股票研究中心的愛德華‧史奈德 (Edward Snyder)。

Thanks very much.

非常感謝。

Eric, I know you've got a lot of 2G and 3G in China.

Eric，我知道中國有很多 2G 和 3G。

How much more do you have in China to go given it seems to be pressuring your sales in that region and maybe offsetting some or a lot of your 4G?

鑑於中國似乎對您在該地區的銷售造成壓力，並可能抵消部分或大部分 4G 業務，您在中國還有多少發展空間？

And how much of that 2G, 3G, especially the 3G, do you think is share loss given your largest competitor seems to be growing really well in 3G GaAs at this point?

鑑於您最大的競爭對手目前在 3G GaAs 領域似乎成長得非常好，您認為 2G、3G，尤其是 3G 有多少份額損失？

And then, Bob, you pointed to share as your largest customer as one of the reasons for a little more than seasonal down in March.

然後，鮑勃，您指出，作為您最大的客戶，分享是 3 月略高於季節性下降的原因之一。

Is that spread across both of your largest customers, so it's like overall demand for handsets, or is it more of a share shift do you think between handset OEMs?

這種情況是否分佈在你們最大的兩個客戶身上，就像對手機的整體需求一樣，還是你認為這更多的是手機 OEM 之間的份額轉移？

And then I've got a follow-up for Steve, please.

然後我有一個關於史蒂夫的後續行動。

Eric?

艾瑞克？

Yes, so with the transition of our China business towards 4G, as of the March quarter, if it plays out the way it's looking right now, 4G will be more than 85% of our sales in China.

是的，隨著我們中國業務向4G過渡，截至3月份季度，如果以現在的方式發展，4G將占我們在中國銷售額的85%以上。

So we'll have most of the headwinds there past us, but I don't know if it's really share loss as much as just the overall trend in the industry there.

因此，我們將面臨大部分阻力，但我不知道這是否真的是份額損失，以及該行業的整體趨勢。

We're seeing a lot of users I think converting directly from 2G to 4G, and that's the dimes to dollars conversion opportunity for us we've been talking about.

我認為我們看到很多用戶直接從 2G 轉換到 4G，這就是我們一直在談論的從一角錢到美元的轉換機會。

So we're really focused things getting a lot of traction on the 4G side of the business there.

因此，我們真正關注的是在 4G 業務方面獲得大力支持的事情。

And, Ed, to answer your question what I was talking about was it's no secret that the largest player in the industry and the one that spends the most money announced that their handset units are going to be down, and pretty substantially.

Ed，為了回答你的問題，我所說的是，行業中最大的參與者和花費最多錢的參與者宣布他們的手機銷量將大幅下降，這已經不是什麼秘密了。

And my comment would be actually with our second largest customer, we're probably going to be up this quarter.

我的評論實際上是針對我們的第二大客戶，我們本季的業績可能會上漲。

They just don't put as many dollars in the phone.

他們只是沒有在手機上投入那麼多美元。

Hope that helps, Ed.

希望有幫助，艾德。

Thanks.

謝謝。

And, Steve, March is normally a slower period.

而且，史蒂夫，三月通常是一個較慢的時期。

But do you expect maybe higher excess capacity charges at some of your plants in March, especially the Florida plant?

但您是否預計 3 月您的一些工廠（尤其是佛羅裡達工廠）的過剩產能費用可能會更高？

Or is that about normal?

或者說這也算是正常的吧？

And then as a follow-up, Eric, given now that you've got the BAW business under your belt and given the demand, and more importantly the margins in your BAW products.

然後，作為後續行動，艾瑞克，鑑於您現在已經掌握了 BAW 業務並考慮到了需求，更重要的是您的 BAW 產品的利潤。

Would you expect that -- I would even expect that to have a bigger impact on the next few quarters, especially given that Texas can add capacity incrementally.

我甚至預計這會對未來幾季產生更大的影響，特別是考慮到德州可以逐步增加產能。

You don't need to put bricks and mortars in there.

你不需要在那裡放磚塊和灰漿。

Are you not seeing that, or is it capacity limit?

你沒看到嗎，還是容量限制？

Or you just don't have the demand for BAW?

還是你只是對BAW沒有需求？

Why isn't BAW starting to I would think it would form, not just your revenue growth but your margin profile in CPG, more in the next quarter or two?

為什麼 BAW 沒有開始，我認為它不僅會形成你的收入成長，而且會在未來一兩個季度形成更多的 CPG 利潤率？

Thanks.

謝謝。

That was such a long question, I almost forgot the one you asked me, Ed.

這是一個很長的問題，我幾乎忘了你問我的問題，艾德。

With lower revenue, we do have a bit of a few fixed costs in operations, so gross margin does have a little bit of -- is a little impacted by the lower revenue, not the least of which you divide that fixed cost by a lower revenue number.

由於收入較低，我們的營運中確實有一些固定成本，因此毛利率確實受到收入較低的影響，尤其是您將固定成本除以較低的收入收入數。

So very modest effect, but there is an effect there.

所以效果非常有限，但確實有效果。

I think, Ed, to your question on the BAW filters and margins.

Ed，我想回答你關於 BAW 濾波器和裕度的問題。

Clearly as we ramp that, it will improve the margins of the business.

顯然，當我們加強時，業務的利潤率將會提高。

No doubt about it.

毫無疑問。

I think we've been just careful when making sure that you don't get too far ahead of yourselves in modelling how we expect to get to our 50% gross margin, which is our commitment to you guys.

我認為我們一直很小心，確保你們在建模我們期望如何達到 50% 的毛利率時不會走得太遠，這是我們對你們的承諾。

And that's what we're going to get.

這就是我們將要得到的。

I think -- okay, but TriQuint had said they were going to double capacity in their BAW plant starting, I guess they gave the guidance in October, and that it would be completed by, say, 4th of July.

我認為 - 好吧，但 TriQuint 曾表示，他們將從 BAW 工廠開始將產能提高一倍，我想他們在 10 月就給出了指導，並將在 7 月 4 日之前完成。

And they're doing about $480 million by the end of the year, and, Steve, I think we talked about this previously, you're about $425 million.

到今年年底，他們的收入約為 4.8 億美元，史蒂夫，我想我們之前討論過這一點，你的收入約為 4.25 億美元。

Or you already added some capacity, and then it will come on incrementally versus your largest competitor in BAW which has to put in a big brick and mortars facility.

或者您已經增加了一些產能，然後與您在 BAW 的最大競爭對手相比，它會逐步增加，後者必須建立大型實體設施。

So if BAW is increasing every quarter because you're adding incremental capacity in Texas and the margin profile is anything close to what I think most people expect it to be, you would think -- and is that side of the revenue of kick for CPG that would you start seeing some of that before then.

因此，如果 BAW 每個季度都在增長，因為您在德克薩斯州增加了增量產能，並且利潤率狀況與我認為大多數人的預期接近，您會想 - 這就是 CPG 收入的另一面在那之前你會開始看到其中的一些內容嗎？

And my question is, are you still capacity limited, and that's why it's not having a bearing?

我的問題是，你的能力仍然有限，這就是為什麼它沒有軸承嗎？

Or is the demand profile slowing down a little bit, or is there something else happening?

或是需求狀況是否有所放緩，或是發生了其他情況？

Thanks.

謝謝。

Yes, I would say demand and supply are fairly well matched right now.

是的，我想說目前需求和供應相當匹配。

As you know, the peak demand it tends to be in the Fall.

如您所知，需求高峰往往出現在秋季。

And so we're benefiting both from some incremental adds to capacity, and the seasonality in the mobile business.

因此，我們既受益於容量的增量增加，也受益於行動業務的季節性。

I would also add, Ed, that we are continuing to diversify the customer base for that.

艾德，我還要補充一點，我們正在為此繼續實現客戶群多元化。

Great.

偉大的。

Thanks, guys.

多謝你們。

And JoAnne Feeney with ABR Investment Strategy has our next question.

ABR 投資策略部的 JoAnne Feeney 提出了我們的下一個問題。

Thanks, and congratulations.

謝謝，並祝賀。

I just wanted to follow up on the question about the LTE and com infrastructure situation in China.

我只是想跟進一下有關中國LTE和com基礎設施情況的問題。

You think it's going to be strong this year.

你認為今年會很強。

I'm wondering if you could elaborate, and if you're seeing, yet, any new orders come in for that build out?

我想知道您能否詳細說明一下，如果您看到了，是否有任何新訂單進來？

Yes, this is James.

是的，這就是詹姆斯。

So we expect it to have another strong year.

因此，我們預計今年將是另一個強勁的一年。

I think we've guided in the past that we saw a big ramp going into last year.

我認為我們過去已經指出，去年我們看到了一個巨大的成長。

We expect it to be flat, relatively flat this year, but very, very strong year.

我們預計今年會持平，相對持平，但今年會非常非常強勁。

We're also seeing growth in small cell and in [GAM] adoptions, so those are both also helping us.

我們也看到小型基地台和 [GAM] 採用的成長，因此這些也都對我們有幫助。

And now we're starting to see back haul products come into play as well to affect both our optical and point to point business.

現在我們開始看到回程產品也開始發揮作用，影響我們的光學和點對點業務。

So in general, to reiterate, I think another strong year for us in infrastructure build out in China.

因此，總的來說，重申一下，我認為我們在中國的基礎設施建設方面又迎來了強勁的一年。

Are you seeing, though, any orders yet, indicating a pickup?

不過，您是否看到任何表明提貨的訂單？

Some have commented that there was a bit of a slowdown at the end of the year.

一些人評論說，年底出現了一些放緩。

I'm just wondering if you're seeing anything concrete that suggests that's turning around.

我只是想知道你是否看到任何具體的跡象表明情況正在好轉。

I think nothing materially different at this point in time.

我認為目前沒有什麼實質的不同。

Generally, this time of year in China, with the new year, we see a little bit of a gap there.

一般來說，在中國，每年的這個時候，隨著新年的到來，我們會看到一些差距。

But I don't think it's anything different than we would have seen in other years.

但我認為這與我們在其他年份看到的情況沒有什麼不同。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then if we could just go back to the operating expenses this year and the merger integration.

然後我們是否可以回到今年的營運費用和合併整合。

Can you elaborate a little bit on the timing and what we might expect over the course of the year as to delivering those savings from the merger that you anticipate?

您能否詳細說明時間安排以及我們在這一年中對實現您預期的合併節省費用的預期？

Is that something you expect still to get done in 4 to 6 quarters?

您是否仍期望在 4 到 6 個季度內完成這項工作？

Or has the progress you've already made largely gotten you to where you think you need to be from the merger synergy?

或者您已經取得的進展是否已在很大程度上使您達到了您認為需要透過合併綜效達到的目標？

Thanks, Joanne.

謝謝，喬安妮。

I think we'll make pretty consistent progress over that 4 to 6 quarter period.

我認為我們將在 4 到 6 個季度內取得相當一致的進展。

Some savings have been achieved pretty much right off the bat, others take time to occur.

有些節省幾乎是立即實現的，而有些則需要時間才能實現。

One of the milestones for us will be integrating our two SAP systems, and proving that we've completed that process successfully.

我們的里程碑之一將是整合我們的兩個 SAP 系統，並證明我們已經成功完成了流程。

But it will happen over the process of time, and I think that it will happen in a way that we meet our objectives of the $75 million run rate savings after year one, and the same after the second year.

但這會隨著時間的推移而發生，我認為，我們將實現第一年和第二年節省 7500 萬美元運行費的目標。

So again, Dean's run on a very extensive collection of projects, and many of those involve operating expenses of various sorts.

再說一次，迪恩負責的項目非常廣泛，其中許多項目涉及各種營運費用。

And I think we're in good shape to achieve our objectives there.

我認為我們處於良好狀態，可以實現我們的目標。

Great.

偉大的。

That's really helpful.

這真的很有幫助。

And one final question if I could.

最後一個問題是我可以嗎？

I'm wondering if you're seeing any AXP pressures on your components in the handset space?

我想知道您是否發現 AXP 對手機領域的組件造成壓力？

Eric, any comments on the pricing environment?

Eric，對定價環境有何評論？

No, I'd say pricing is just steady as she goes.

不，我想說的是，她的定價是穩定的。

Nothing unusual.

沒什麼不尋常的。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thank you.

謝謝。

We'll hear next from Sid Sinha with Canaccord Genuity.

接下來我們將聽到 Canaccord Genuity 的 Sid Sinha 的演講。

Thanks for taking my questions.

感謝您回答我的問題。

Bob, RFMD and TriQuint in the past have had a good track record in consistently growing or maintaining content in next generation smartphones and almost all the prior retirations.

Bob、RFMD 和 TriQuint 過去在持續成長或維護下一代智慧型手機以及幾乎所有先前退役的內容方面擁有良好的記錄。

As you step into 2015 and given your current design win pipeline, would it be fair to assume that is still the expectation?

當您步入 2015 年並考慮到您目前的設計獲勝管道時，是否可以公平地假設這仍然是預期？

As far as this year, you're saying calendar 2015, just to be clear?

就今年而言，您說的是 2015 年月曆，只是為了清楚起見？

Yes.

是的。

Yes, yes.

是的是的。

Eric, do you want to comment about smartphones and our ability to continue to expand our dollar content given all these new toys you have to play with?

艾瑞克（Eric），考慮到您必須玩的所有這些新玩具，您想對智慧型手機以及我們繼續擴大美元內容的能力發表評論嗎？

Sure, I'd be happy to.

當然，我很樂意。

The trends, as you know, with bloating demand for mobile data is driving a lot of opportunity in the RF front end.

如您所知，行動數據需求不斷增長的趨勢正在為射頻前端帶來大量機會。

And it's a great time in this industry, in particular if you do have the ability to take all the core components that are best-in-class and offer customers higher levels of integration.

這是這個行業的美好時光，特別是如果您確實有能力採用所有一流的核心組件並為客戶提供更高級別的整合。

So, to the trend that you're referring to, when you're able to do that, especially in a differentiated way, you just have access to a bigger piece of the market.

因此，對於你所指的趨勢，當你能夠做到這一點時，尤其是以差異化的方式，你就可以進入更大的市場份額。

And that's what we intend to capitalize on [next] year.

這就是我們明年打算利用的。

I'll just add to Eric's comment.

我將添加埃里克的評論。

I think we believe that most of the growth in the market over the next two or three years is going to come from highly integrated solutions, not from discrete components.

我認為我們相信未來兩三年市場的大部分成長將來自高度整合的解決方案，而不是分立元件。

And Qorvo's breadth of process of product offerings really play to our customer's needs for more highly integrated solutions.

Qorvo 廣泛的產品供應流程真正滿足了客戶對更高整合度解決方案的需求。

Great.

偉大的。

Thanks.

謝謝。

And then just any color on the IDP business for the March quarter.

然後是三月季度 IDP 業務的任何顏色。

Is it sequentially going to be up or flat or down versus December?

與 12 月相比，它會依次上升、持平還是下降？

And then just looking out longer term, during the analyst day, you talked about a 5% to 10% annual growth for the IDP business.

然後，從長遠來看，在分析師日期間，您談到 IDP 業務的年增長率為 5% 到 10%。

Is that still a fair growth rate assumption?

這仍然是一個合理的成長率假設嗎？

So two questions, this is James again.

那麼兩個問題，這又是詹姆斯。

We're expecting quarter over quarter to be relatively flat.

我們預計季度環比將相對持平。

And as far as the growth rate to model the business, we've typically said mid to high single-digit growth rates for the market.

就業務建模的成長率而言，我們通常表示市場的中高個位數成長率。

And we'll move on to Ian Ing with MKM Partners.

我們將轉向 MKM Partners 的 Ian Ing。

Thanks a lot.

多謝。

First question, just housekeeping, what sort of share counts should we think of for March?

第一個問題，只是內務管理，我們應該考慮三月的股票數量是多少？

I get 151 million on a straight conversion of shares.

我透過直接轉換股票獲得了 1.51 億美元。

And what should the range be going forward as you manage the 4Q?

當您管理第四季度時，未來的範圍應該是多少？

I think for the quarter on a fully diluted basis, you should think in the range of 154 million, 155 million shares.

我認為，在完全稀釋的基礎上，本季的股票數量應該在 1.54 億股至 1.55 億股之間。

And for the full year, I think it might be just a little bit more than that.

對於全年來說，我認為可能只是多一點點。

We'll give you more information as we go forward.

隨著我們的進展，我們將向您提供更多資訊。

Okay.

好的。

And a question on premium filters.

還有關於高級過濾器的問題。

Where are we with TC SAW and BAW potentially getting into some previously unreachable bands?

TC SAW 和 BAW 可能會進入一些以前無法達到的頻段，我們處於什麼位置？

I noticed some tough bands to do like 25 and 41 in North America.

我注意到北美有一些很難做的樂隊，像是 25 和 41。

I think some bands, the specs are getting loose ends.

我認為有些樂團的規格正在變得鬆散。

Just where are you with getting into some previously unreachable bands?

您現在進入了一些以前無法接觸到的樂團嗎？

So that's really the highlight for the LowDrift and NoDrift filter technologies we're talking about.

因此，這確實是我們正在討論的 LowDrift 和 NoDrift 濾波器技術的亮點。

We think we're leading in the industry of giving our customers the ability to address those bands with both temp comp SAW as well temp comp BAW now, and in fact really NoDrift.

我們認為，我們在行業中處於領先地位，讓我們的客戶能夠使用臨時補償 SAW 和臨時補償 BAW 來解決這些頻段問題，事實上，真正的 NoDrift。

And that allows the filters to pass a lot more energy in the path band while still rejecting those very closed in frequencies.

這使得濾波器能夠在路徑頻帶中傳遞更多的能量，同時仍然拒絕那些頻率非常接近的能量。

And for the interoperability issues you're talking about, and coexistence with Wi-Fi, and public safety bands and so forth, these are really, really tough requirements.

對於您所談論的互通性問題，以及與 Wi-Fi 和公共安全頻段等的共存，這些都是非常非常嚴格的要求。

And you're right, up until the time of our release of these filter technologies, customers have had to back off power levels and so forth to meet those requirements.

您是對的，在我們發布這些濾波器技術之前，客戶必須降低功率等級等才能滿足這些要求。

And we're going to allow customers to have much better performance in their band of operation, while still coexisting with those bands.

我們將允許客戶在其操作頻段中獲得更好的性能，同時仍與這些頻段共存。

Do you have a sense of your coverage at this point of the bands out there?

您對目前樂團的覆蓋範圍有了解嗎？

Is it 80% or 90% or something?

是80%還是90%還是什麼？

I think it's fair to say that we have the ability to cover 100% of the bands.

我認為可以公平地說，我們有能力覆蓋 100% 的頻段。

Exactly what we have in production today, I don't have a good sense for.

對於我們今天生產的產品，我不太了解。

But I think we have the ability to cover all the bands.

但我認為我們有能力涵蓋所有頻段。

Okay, thank you.

好的謝謝。

And Quinn Bolton with Needham has our next question.

奎因·博爾頓和李約瑟提出了我們的下一個問題。

Hello, guys, congrats on the quarter.

大家好，恭喜本季。

This is Kristin Schocken for Quinn Bolton.

我是奎因·博爾頓的克里斯汀·肖肯。

Just one quick question for you.

我只想問你一個簡單的問題。

Given the supply tightness on the filter side, do you guys think that you've left any demand unfulfilled in December?

鑑於過濾器方面的供應緊張，你們認為 12 月還有未滿足的需求嗎？

The question was, do you think with tightness that was in the filter capacity versus demand, did we leave any revenue in December that we weren't able to capture in December?

問題是，您是否認為由於過濾器容量與需求之間的緊張關係，我們是否在 12 月留下了我們無法在 12 月獲得的收入？

I believe that was the question.

我相信這就是問題所在。

Is that correct?

那是對的嗎？

Yes, that's correct.

對，那是正確的。

Yes, I think we had tightness across several commodities, not just filters, but also SOI, for example, and our teams were working really hard to align supply with demand.

是的，我認為我們在多種商品上都存在緊張，不僅是過濾器，還有 SOI，例如，我們的團隊正在非常努力地調整供應與需求。

I think at the end of it, potentially a little, but it would be very little.

我認為最終可能會有一點，但會很小。

I think for the most part that we've kind of got to parity now with supply and demand.

我認為在很大程度上，我們現在已經達到了供需平衡。

Okay, great.

好的，太好了。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

We will move next to David Duley with Steelhead Securities.

接下來我們將轉向 Steelhead 證券公司的 David Duley。

Thanks for taking my questions.

感謝您回答我的問題。

Congratulations on a spectacular quarter.

恭喜您度過了一個精彩的季度。

Just a couple of questions here.

這裡只有幾個問題。

As far as your two largest customers, now that you've combined the Company, do you see content increased capabilities with your integrated products for those two large IDM customers?

就您的兩個最大客戶而言，既然您已經合併了公司，您是否認為您的整合產品為這兩個大型 IDM 客戶提供了內容增強功能？

Yes, we sure do, of course.

是的，我們當然知道。

And that's, of course, one of the primary motivations behind the merger was to put these two companies together and come up with a portfolio which is unprecedented, and our largest customers stand to benefit from that.

當然，合併背後的主要動機之一是將這兩家公司合併在一起，並提出一個前所未有的產品組合，我們最大的客戶將從中受益。

And we've mentioned several times previously there was -- we were requested to sign up three-way NDAs, even before we were able to close so that we could begin that development even sooner.

我們之前曾多次提到過，甚至在我們能夠關閉之前，我們就被要求簽署三向保密協議，以便我們可以更快地開始開發。

So I think there's excitement across our entire customer base, really.

所以我認為我們整個客戶群都非常興奮，真的。

Not just our largest customers, but even in these 4G handsets in China and some of the lower end reference designs.

不僅是我們最大的客戶，甚至在中國的這些 4G 手機和一些低階參考設計中也是如此。

The trends are towards higher levels of integration.

趨勢是朝著更高水準的整合方向發展。

And we've been talking a lot today about filtering.

今天我們已經談論了很多關於過濾的內容。

And you think of these advanced really tough bands and some of the coexistence problems, and a lot of that's around just getting cellular to work next to WiFi and even the entry level phones to have do that.

你會想到這些先進的、非常棘手的頻段和一些共存問題，其中很多都是圍繞著讓蜂窩網絡與 WiFi 一起工作，甚至入門級手機也能做到這一點。

So the opportunities to leverage the premium filters with all of the other capabilities we have and integrate into higher levels that really effects all tiers of our market.

因此，有機會將高級過濾器與我們擁有的所有其他功能結合起來，並整合到真正影響我們市場各個層面的更高層級。

James, you want to add a little bit?

詹姆斯，你想補充一點嗎？

Because it also applies to your business.

因為它也適用於您的業務。

I would add, as well, we're seeing benefits in several different markets to be able to integrate.

我還要補充一點，我們看到了幾個不同市場整合的好處。

An example would be Wi-Fi, where we were able to address segments of the market that perhaps we weren't able to as separate companies.

一個例子是 Wi-Fi，我們能夠解決我們作為獨立公司可能無法解決的細分市場問題。

We're now able to put together some great amplifier technology, filter and switching and offer an integrated solution.

我們現在能夠將一些出色的擴大機技術、濾波器和開關組合在一起，並提供整合解決方案。

So it's been a benefit really across multiple different market segments.

因此，這確實是跨多個不同細分市場的好處。

Would you expect your customer concentration with those two customers to go up, down, sideways going forward given that you seem to be able to pick up incremental slop from those guys?

鑑於您似乎能夠​​從這兩個客戶那裡獲得增量傾斜，您是否預期您對這兩個客戶的客戶集中度會上升、下降、橫向發展？

I think at one level you have to decide how well they're going to do in the market, let's be honest.

老實說，我認為在某種程度上你必須決定他們在市場上的表現如何。

But I think as we see other players bring out LTE phones, and we've also discussed about the China OEMs also starting to build their brands, not only within China but outside of China.

但我認為，當我們看到其他廠商推出 LTE 手機時，我們也討論了中國 OEM 廠商也開始建立自己的品牌，不僅在中國境內，而且在中國境外。

We've grown very nicely, both Companies have in the past.

我們發展得非常好，兩家公司過去都是如此。

So, what we expect is to be able to drive our share consistent across all the customers, so our exposure will be more or less what the end OEMs exposure is of the markets.

因此，我們期望能夠在所有客戶中保持一致的份額，因此我們的曝光度將或多或少與最終原始設備製造商在市場中的曝光度相同。

But clearly, our two largest today we believe we can continue to grow with them and expand our content there.

但顯然，我們今天最大的兩家公司相信我們可以繼續與他們一起成長並擴展我們的內容。

But I also want to make sure everybody understands there's tremendous growth outside of the top two.

但我也想確保每個人都明白，除了前兩名之外，還有巨大的成長。

Just as a follow-up housekeeping question, what sort of utilization rates are you guys seeing in your internal capacity for the filters?

作為後續的內務管理問題，你們看到過濾器內部容量的使用率是多少？

And I guess what other key metrics -- power amplifiers, however you measure it?

我猜還有哪些關鍵指標──功率放大器，如何測量？

If you could just help us understand what the utilization rates are, and how you're going to have to spend money going forward to address the growth.

如果您能幫助我們了解利用率是多少，以及您將如何花錢解決成長問題。

Thank you.

謝謝。

I'll start with GaAs capacity.

我將從 GaAs 容量開始。

Both Companies have been running very comfortably and continue to take on more business, so we don't expect to be adding GaAs capacity.

兩家公司一直運作得非常順利，並繼續承擔更多業務，因此我們預計不會增加砷化鎵產能。

As far as Assembly and Test goes, as we said earlier, part of the synergies was to in-source the Assembly and Test of a lot of the product that TriQuint currently produces in our supply base.

就組裝和測試而言，正如我們之前所說，協同效應的一部分是將 TriQuint 目前在我們的供應基地生產的許多產品的組裝和測試內包。

So from a CapEx perspective, RFMD had already started building a second factory in China.

因此從資本支出的角度來看，RFMD已經開始在中國建造第二家工廠。

So as Qorvo, we will continue to do that, facilitize it, bring in equipment and in-source that work.

因此，作為 Qorvo，我們將繼續這樣做，為其提供便利，引進設備並內包這項工作。

And it has a tremendous return, a quick payback, and you'll start to see that in the gross margins as we continue to bring production in in the second half of this calendar year.

它具有巨大的回報，快速的回報，隨著我們在今年下半年繼續投入生產，您將開始在毛利率中看到這一點。

Then as far as filters go, TriQuint had already been on an expansion plan in Texas as well as in Florida.

然後就過濾器而言，TriQuint 已經在德克薩斯州和佛羅裡達州制定了擴張計劃。

And as Qorvo, we will continue to make those investments that we've already outlined actually to the -- on last quarter's conference call.

作為 Qorvo，我們將繼續進行我們在上個季度電話會議上實際概述過的那些投資。

Thank you.

謝謝。

A follow-up from Edward Snyder with Charter Equity Research.

愛德華‧史奈德 (Edward Snyder) 與特許股票研究公司 (Charter Equity Research) 的後續報導。

Thanks.

謝謝。

Eric, I just want to go back to China again.

艾瑞克，我只是想再次回到中國。

Normally, how large was China for CPG last quarter?

通常情況下，上季中國的快速消費品市場規模有多大？

And maybe if you could give us kind of a guesstimate on the sequential growth in China, you may have seen if you didn't see any decline in 2G at all.

如果您能給我們一個關於中國連續成長的猜測，您可能已經看到 2G 是否有任何下降。

And then, Bob, we've heard a lot of talk from you and Skyworks and a bunch of other guys on integration, higher density modules which certainly seems to be the trend in architectures.

然後，鮑勃，我們聽到了您和 Skyworks 以及其他一些人關於整合、更高密度模組的許多討論，這似乎是架構的趨勢。

When does that start showing up in performance?

這什麼時候開始體現在性能上？

When do we start seeing your revenue or margins start to improve materially based on integration?

我們什麼時候開始看到您的收入或利潤因整合而開始實質改善？

I know a few people have taken a few (inaudible) have taken samples of it, but --

我知道有些人已經採集了一些（聽不清楚）樣本，但是——

Ed?

艾德？

Sorry, Ed?

對不起，艾德？

Edward, go ahead.

愛德華，繼續吧。

Check, check.

檢查，檢查。

Are you there?

你在嗎？

Can you hear me?

你聽得到我嗎？

Now we can, Ed.

現在我們可以了，艾德。

Because I went through three questions.

因為我問了三個問題。

You didn't hear any of them?

你沒有聽到他們中的任何一個人嗎？

No, we got enough to answer them if you'd like to us start.

不，如果你願意的話，我們已經有足夠的時間來回答他們了。

Go ahead.

前進。

So the first question was about our China business.

第一個問題是關於我們的中國業務。

It's roughly 25% of Qorvo mobile business today.

目前，該業務約佔 Qorvo 行動業務的 25%。

And if you hadn't seen any 2G decline, Eric, would it have been up substantially?

如果你沒有看到任何 2G 下降，Eric，它會大幅上升嗎？

You talk about a direct 2G to 4G and dimes to dollars.

您談論的是直接 2G 到 4G 以及一毛錢到美元。

So you would naturally lead us to expect that it would be a significant uptick in China just based on the 4G migration.

因此，您自然會引導我們預期，僅基於 4G 遷移，中國的用戶數量就會顯著上升。

Sounds like there's been pressure, and you're not alone, but if 2G and 3G on those guys applied it.

聽起來好像有壓力，而且你並不孤單，但如果2G和3G對那些人應用了它。

So can you just rough in guesstimate what China would have been if you hadn't seen 2G decline?

那麼，您能否粗略地猜測一下，如果沒有看到 2G 的衰落，中國會是什麼樣子？

Our 4G business was up about 10%.

我們的4G業務成長了約10%。

So, yes, you would see the 10% on 25% of the business.

所以，是的，你會看到 10% 到 25% 的業務。

So it might effect it by a couple of points as a percentage of the total.

因此，它可能會影響總數的幾個百分點。

2G is just not a big business for the Company these days.

如今，2G 對公司來說並不是一項大業務。

Yes, and it's really down to under 5% of CPG or of mobile revenue.

是的，它確實下降到 CPG 或行動收入的 5% 以下。

And, Ed, to your question on margins and integration, both Companies have been shipping power amplifiers with filters and various numbers of filters in them over the time we both have significantly improved gross margins.

Ed，對於你關於利潤率和集成度的問題，兩家公司一直在運輸帶有濾波器和各種數量的濾波器的功率放大器，我們都顯著提高了毛利率。

So I would point out that I think we've already started seeing that.

所以我想指出，我認為我們已經開始看到這一點。

And from a RF fusion perspective, we're just in the beginning of that ramp as well.

從射頻融合的角度來看，我們也剛處於這個階段的開始。

And as we've said, we expect our margins to increase as Qorvo.

正如我們所說，我們預計 Qorvo 的利潤率將會增加。

And I think it will certainly help with the historic TriQuint pads and such to have the advantage of using the internal Test and Assembly facilities in China.

我認為這肯定會對具有歷史意義的 TriQuint 墊等有所幫助，從而獲得使用中國內部測試和組裝設施的優勢。

And then, Steve, while we're at it, you've mentioned that you saw BAWs pretty well balanced, at least for TriQuint, in terms of supply and demand this quarter.

然後，史蒂夫，當我們討論這個問題時，您提到您看到 BAW 在本季度的供需方面非常平衡，至少對於 TriQuint 來說是這樣。

Has that changed your expansion plans for Texas?

這是否改變了您在德克薩斯州的擴張計劃？

Are you going to wait and see how the things develop?

你打算等等看事情如何發展嗎？

Bob, you sound a little cautionary on the filter business, or is it full steam ahead?

鮑勃，你對過濾器業務聽起來有點謹慎，還是說它正在全速前進？

No, it's pretty much what we expected.

不，這幾乎是我們所期望的。

It's a seasonally weak period, and that provides a little bit of relief.

現在是季節性淡季，這讓情況有所緩解。

We're continuing to add capacity on an incremental basis, so we would remediate bottlenecks as we go along.

我們將繼續以增量方式增加容量，因此我們將在前進過程中修復瓶頸。

And we expect to be ready to roll for a seasonally strong second half of the calendar year.

我們預計將做好迎接下半年季節性強勁的準備。

How do you feel in TC SAW?

您對 TC SAW 有何感想？

You have ample?

你有充足的嗎？

You're short?

你矮嗎？

You're really short?

你真的很矮嗎？

How is it?

如何？

TC SAW?

TC 鋸？

Yes, TC SAW.

是的，TC SAW。

TC SAW is in a reasonable balance right now.

TC SAW 目前處於合理的平衡狀態。

As you know, that was an area of shortage in the Fall on the SOI, and I think we managed through it.

如您所知，這是 SOI 秋季專案的短缺領域，我認為我們已經解決了這個問題。

And, Ed, the thing I'd like to point out there is, we actually spent a lot of time down there on some lean manufacturing.

Ed，我想指出的是，我們實際上花了很多時間進行精益生產。

And the team down there did a fantastic job of significantly increasing the output without spending the capital.

那裡的團隊做得非常出色，在不花費資金的情況下顯著提高了產量。

So it's not always just about spending capital.

因此，這並不總是與資本支出有關。

It's more efficient use of the capital.

這是更有效地利用資本。

And the team down there in Florida did a fantastic job in the December quarter.

佛羅裡達州的球隊在 12 月季度的表現非常出色。

Thanks, guys.

多謝你們。

Appreciate it.

欣賞它。

Thanks, Ed.

謝謝，艾德。

We'll hear now from DA Davidson's Tom Diffely.

我們現在將聽取地方檢察官戴維森 (DA Davidson) 的湯姆·迪菲利 (Tom Diffely) 的演講。

Good afternoon.

午安.

First question, getting back to your in-sourcing of the Assembly and Test.

第一個問題，回到組裝和測試的內包問題。

Is the main driver there cost, or is it really capabilities that you have versus an outsourcing model?

主要驅動因素是成本，還是您相對於外包模式所擁有的真正能力？

The primary is cost.

主要是成本。

Clearly, we also have some technologies that we have in-sourced that are not outside some of the shielding technologies that we do have.

顯然，我們還有一些內購技術，這些技術不屬於我們現有的一些屏蔽技術之外。

As more and more of these highly integrated modules need shielding capabilities, so that customers don't have to place shields on their phones.

隨著越來越多的這些高度整合的模組需要屏蔽功能，這樣客戶就不必在手機上放置屏蔽罩。

But the primary driver is cost.

但主要驅動因素是成本。

We also have cycle time and our ability to respond quickly to customers' fluctuations in their demand as well.

我們還具有週期時間和快速回應客戶需求波動的能力。

Okay.

好的。

And is that a specialty that can -- is there a variable component that can ramp up and down with the seasonality and cyclicality of the business?

這是一個可以——是否有一個可變的組成部分可以隨著業務的季節性和周期性而上下波動的專業？

It's no different than what we historically have done for RFMD, and even in down quarters we're able to improve margins.

這與我們歷史上為 RFMD 所做的沒有什麼不同，即使在經濟衰退的時期，我們也能夠提高利潤率。

So we're able to do a pretty good job of that.

所以我們能夠在這方面做得很好。

Significantly cheaper than the outside as well.

價格也比外面便宜很多。

So even if you're not at full utilization, it's still cheaper to produce it inside.

因此，即使您沒有充分利用，在內部生產仍然更便宜。

Good to hear.

很高興聽到。

And then second question on the competitive front, I'm curious more about the second tier Asian competitor.

然後是關於競爭方面的第二個問題，我對亞洲二線競爭對手更好奇。

Have you seen any progress that they've made on integrated solutions to date, or are they still pretty much a point solution or a discrete solution at this point?

您是否看到他們迄今為止在整合解決方案方面取得的任何進展，或者目前它們仍然是單點解決方案或離散解決方案？

Since I don't know who you are talking about, I'll assume they've made no progress.

因為我不知道你在說誰，所以我假設他們沒有任何進展。

All right.

好的。

And then I guess on the same front, would you expect ASPs to remain fairly strong for integrated solutions until you get, or unless you would get more of a hungry competitor?

然後我想在同一方面，您是否期望 ASP 在整合解決方案方面保持相當強大的實力，直到您獲得，或者除非您獲得更多飢餓的競爭對手？

Sure.

當然。

There's no reason to expect anything to change within the near term horizon for the integrated solutions.

沒有理由期望整合解決方案在短期內發生任何變化。

There's very few people capable of doing these, and we're all investing to the R&D and so forth to expand the industry.

能夠做到這些的人很少，我們都在研發等領域進行投資以擴大這個產業。

So I think that's going to be the continuing model.

所以我認為這將是持續的模式。

Okay, thank you.

好的謝謝。

Thank you.

謝謝。

And we'll take a follow-up from Joanne Feeney with ABR Investment Strategy.

我們將聽取 Joanne Feeney 的 ABR 投資策略的後續報導。

Thank you.

謝謝。

Just a couple housekeeping items.

只是一些家務用品。

I'm hoping you can help us out on the full-year outlook for CapEx?

我希望您能幫助我們了解全年資本支出的前景？

Yes.

是的。

CapEx I think will be -- normal CapEx rate of expenditure for Qorvo is probably going to be in the 5% to 6% of revenue.

我認為 Qorvo 的正常資本支出支出率可能會佔收入的 5% 到 6%。

I think it the might be a little bit higher this year as we round out our investment in China Assembly and Test and in premium filters.

我認為，隨著我們完成對中國組裝和測試以及優質過濾器的投資，今年的價格可能會更高一些。

So if you modeled 7% to 8% of revenue for this year, I think you'd be in the ballpark.

因此，如果您對今年收入的 7% 到 8% 進行建模，我認為您的情況是差不多的。

Great.

偉大的。

Thanks.

謝謝。

And then how about depreciation and amortization for the year?

那麼本年的折舊攤提又如何呢？

Yes, so depreciation is probably going to run around $160 million for the year.

是的，所以今年的折舊可能約為 1.6 億美元。

And I'd guess amortization might be another $10 million.

我猜攤銷可能還需要 1000 萬美元。

We don't report amortization in our non-GAAP results.

我們不會在非公認會計準則績效中報告攤銷。

Okay, perfect.

好的，完美。

And then in terms of the new segment breakdown, I believe that's just a straight combination of the segments of the two Companies.

然後就新的細分市場細分而言，我認為這只是兩家公司細分市場的直接組合。

Was there any shuffling around between what are now defined as mobile and the other one?

現在定義的行動裝置和其他裝置之間是否存在任何混亂？

You are right, Joanne, and there is some minor shuffling, but it's in the rounding error.

你是對的，喬安妮，有一些輕微的洗牌，但它是在舍入誤差中。

So I think it's a pretty safe assumption to combine the two Companies' mobile groups, and the two Companies' Infrastructure and Defense, and that will be our segments going forward.

因此，我認為將兩家公司的行動部門以及兩家公司的基礎設施和國防部門合併起來是一個相當安全的假設，這將是我們未來的業務部門。

Okay.

好的。

So if it's sufficiently minor, then there's no need for you to publish historical data on that breakdown?

因此，如果它足夠小，那麼您就沒有必要發布有關該故障的歷史資料？

Correct.

正確的。

Great.

偉大的。

Well, thanks for taking my follow-up.

嗯，謝謝您接受我的跟進。

Thank you, JoAnne.

謝謝你，喬安妮。

And at this time, I'd like to turn the conference back to management for closing remarks.

此時，我想將會議轉回管理階層進行閉幕致詞。

Again, I want to thank our team for the incredible journey we've been on, and express how enthusiastic we are to build on our shared strengths and deliver superior long-term shareholder value.

我要再次感謝我們的團隊所經歷的令人難以置信的旅程，並表達我們對發揮共同優勢並提供卓越的長期股東價值的熱情。

Qorvo is uniquely positioned to capitalize on the proliferation of 4G, and capture the increasing RF content in connected devices.

Qorvo 擁有獨特的優勢，能夠利用 4G 的普及，並捕捉連網裝置中不斷增加的 RF 內容。

We intend to outpace our underlying growth markets, deliver robust operating leverage, and continue to improve upon our strong financial performance.

我們打算超越我們的潛在成長市場，提供強勁的營運槓桿，並繼續改善我們強勁的財務表現。

Thanks again, and good night.

再次感謝，晚安。

Again, that does conclude today's conference.

今天的會議到此結束。

Thank you all for joining us.

感謝大家加入我們。