科沃 (QRVO) 2015 Q4 法說會逐字稿

Good day, and welcome to the Qorvo, Inc.

美好的一天，歡迎來到 Qorvo, Inc.。

Q4 2015 conference call.

2015 年第四季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Douglas DeLieto.

現在，我想把會議交給Douglas DeLieto先生。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Travis.

非常感謝，崔維斯。

Hi, everybody and welcome to the Qorvo March 2015 earnings conference call.

大家好，歡迎參加 Qorvo 2015 年 3 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 in each company's most recent annual report on form 10-K, filed with the SEC because these risks may affect the operations and the financial results of the combined company.

您還應該閱讀並考慮 RFMD 和 TriQuint 向 SEC 提交的每家公司最近的 10-K 表格年度報告中與每項業務相關的風險因素，因為這些風險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費用或不尋常項目的影響，這些非現金費用或不尋常項目可能會掩蓋我們基本業績的趨勢。

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, www.qorvo.com under investors.

有關 GAAP 與非 GAAP 財務指標的完整對賬，請參閱今天早些時候發布的收益報告，該報告可在我們的網站 www.qorvo.com 的投資者欄目下查閱。

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 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.

今天坐在我旁邊的是總裁兼執行長 Bob Bruggeworth； Steve Buhaly，財務長； Eric Creviston，Qorvo 行動產品集團總裁； 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.

謝謝，道格，下午好。

I'm pleased to welcome everyone to Qorvo's FY15 fourth-quarter earnings call.

我很高興歡迎大家參加 Qorvo 2015 財年第四季財報電話會議。

Just four months into the merger of RFMD and TriQuint, Qorvo's accomplishing what our two organizations could not have achieved individually.

RFMD 和 TriQuint 合併僅四個月，Qorvo 就實現了我們兩個組織單獨無法實現的目標。

In mobile devices, infrastructure and defense applications, Qorvo is uniquely positioned to connect people, networks and things, both wirelessly and over global wired networks.

在行動裝置、基礎設施和國防應用領域，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。

Our financial results for March and our June quarterly guidance, clearly demonstrate the integration is progressing exceptionally well and the Qorvo team continues to find new ways to build upon our shared strengths.

我們 3 月的財務表現和 6 月的季度指引清楚地表明，整合進展非常順利，Qorvo 團隊繼續尋找新的方法來發揮我們的共同優勢。

Our markets are robust and our new product launches and customer design activity, point to significant revenue growth throughout calendar year 2015.

我們的市場強勁，我們的新產品發布和客戶設計活動表明 2015 年全年收入將大幅成長。

In addition, we are confident in our ability to deliver a run rate exceeding $75 million in synergies exiting this calendar year, and we see a clear path to a run rate of greater than $150 million in synergies, exiting calendar year 2016.

此外，我們對今年的綜效運行率超過 7,500 萬美元充滿信心，並且我們看到了 2016 年協同效應運行率超過 1.5 億美元的明確路徑。

Qorvo is leveraging our expanded portfolio of best in class products and technologies across growth markets and we are helping our customers to design, manufacture and launch their products more quickly and more efficiently.

Qorvo 正在利用我們在成長型市場中擴展的一流產品和技術組合，幫助客戶更快、更有效率地設計、製造和推出他們的產品。

We are also capturing incremental growth opportunities across diversified applications that favor our process technology expertise, engineering and manufacturing scale, advanced packaging capabilities and other unique competitive strengths.

我們也抓住多元化應用領域的增量成長機會，這些機會有利於我們的製程技術專業知識、工程和製造規模、先進封裝能力和其他獨特的競爭優勢。

It's worth noting that Qorvo offers the most complete product portfolio, targeting the highest growth segments of our market including filters, switches and tuners.

值得注意的是，Qorvo 提供最完整的產品組合，瞄準市場成長最快的領域，包括濾波器、開關和調諧器。

Qorvo is recognized globally in each of these categories as a performance leader and there's no company better suited than Qorvo to capture revenue, in either discrete or integrated implementations.

Qorvo 在每個類別中均被全球公認為績效領先者，無論是在分立實施還是整合實施中，沒有一家公司比 Qorvo 更適合獲取收入。

Whether you're talking about the internet of things, the connected car, wearables, tablets, Smartphones, smart homes, radar, avionic systems or communications infrastructure, we've got more tools and a deeper set of skills.

無論您談論的是物聯網、連網汽車、穿戴式裝置、平板電腦、智慧型手機、智慧家庭、雷達、航空電子系統還是通訊基礎設施，我們都擁有更多工具和更深入的技能。

And we are capitalizing on our unique set of competitive strengths to deliver highly differentiated, high value solutions to industry leaders and transformative growth markets.

我們正在利用我們獨特的競爭優勢，為產業領導者和變革性成長市場提供高度差異化、高價值的解決方案。

This positions Qorvo to outpace the rate of growth over underlying markets and deliver superior financial results.

這使得 Qorvo 能夠超越基礎市場的成長率並實現卓越的財務表現。

Looking at the March quarter, revenue increased 46% year over year to $634 million, when comparing to RFMD and TriQuint on a combined basis.

從 3 月季度來看，與 RFMD 和 TriQuint 合併後的收入相比，營收年增 46% 至 6.34 億美元。

Revenue growth was led by mobile products, which grew 61% year over year.

收入成長主要由行動產品帶動，較去年同期成長 61%。

Qorvo's gross margin was 50.4%, operating margin was 26.8% and earnings per share were $1.11.

Qorvo 的毛利率為 50.4%，營業利益率為 26.8%，每股盈餘為 1.11 美元。

Revenue, gross margin and EPS were all well ahead of our original guidance.

收入、毛利率和每股盈餘均遠高於我們最初的指引。

Supporting this strong performance, the demand for mobile data continues to explode.

支持這種強勁性能的是對行動數據的需求持續爆炸性成長。

Qorvo is a leading beneficiary of the robust growth in data traffic and we enjoy strong participation in the highest volume, highest value devices across the mobile, infrastructure and defense markets.

Qorvo 是數據流量強勁成長的主要受益者，我們在行動、基礎設施和國防市場中數量最多、價值最高的設備中享有盛譽。

In particular, I'd like to highlight some of our more exciting strategic achievements during the quarter, intended to diversify and grow our revenue.

我特別想強調我們在本季取得的一些更令人興奮的策略成就，旨在實現收入多元化和成長。

Qorvo secured a design win with a major bay station OEM with a 3.5 gigahertz GaN PA, who began field trials to support major operators in China, Europe, Japan and North America.

Qorvo 憑藉 3.5 GHz GaN PA 贏得了一家主要海灣站 OEM 的設計，該 OEM 開始進行現場試驗以支援中國、歐洲、日本和北美的主要營運商。

Qorvo launched a broad family of multimode PAs and duplexer modules, covering major cellular bands for the small sell bay station market.

Qorvo 推出了廣泛的多模 PA 和雙工器模組系列，涵蓋小型銷售站市場的主要蜂窩頻段。

We were selected as the primary supplier of 802.11ac, 5 gigahertz PA, for a next generation 0.11 AC wave 2 chipset.

我們被選為下一代 0.11 AC Wave 2 晶片組 802.11ac、5 GHz PA 的主要供應商。

We enjoyed increase design traction on leading mobile Wi-Fi reference design, including Wi-Fi front end solutions, integrating active components and filters into a single placement.

我們對領先的行動 Wi-Fi 參考設計（包括 Wi-Fi 前端解決方案、將主動元件和濾波器整合到單一佈局中）的設計吸引力不斷增加感到高興。

We launched production of our high performance GPS LNA filter modules for a leading fitness wearable device manufacturer.

我們為一家領先的健身穿戴裝置製造商開始生產高性能 GPS LNA 濾波器模組。

We secured our first received diversity module design win in support of a flagship Android smartphone, scheduled to launch in the second half of calendar year 2015.

我們贏得了第一個多樣性模組設計勝利，以支援旗艦 Android 智慧型手機，計劃於 2015 年下半年推出。

And finally, we received production orders for our RF Flex solution supporting a next generation Octa-Core 4G chipset, with shipments commencing in the current quarter.

最後，我們收到了支援下一代八核心 4G 晶片組的 RF Flex 解決方案的生產訂單，將於本季開始出貨。

I'm quite proud of the Qorvo team and their ability to achieve these many accomplishments while also executing on our internal initiatives targeting growth, diversification and margin expansion.

我對 Qorvo 團隊以及他們取得如此眾多成就的能力感到非常自豪，同時也執行我們旨在實現成長、多元化和利潤擴張的內部計畫。

Simply stated, it's our goal to drive revenue, diversify our revenue and earn more money off that revenue.

簡而言之，我們的目標是增加收入、多元化收入並從收入中賺取更多資金。

To that end, we are making steady progress towards our goal of bringing up our second facility in China, to insource the assembly and test of legacy TriQuint products and we expect to begin shipments in the December quarter.

為此，我們正在穩步推進在中國建立第二家工廠的目標，以外包傳統 TriQuint 產品的組裝和測試，預計將於 12 月所在季度開始出貨。

We are also leveraging our combined strengths to open new avenues of growth, many of which are coming in the form of highly integrated RF devices.

我們也利用我們的綜合優勢開闢新的成長途徑，其中許多途徑以高度整合的射頻設備的形式出現。

Qorvo's WiFi front end solutions, integrating active components and filters and our received diversity modules, are both excellent examples.

Qorvo 的 WiFi 前端解決方案整合了主動元件和濾波器以及我們的接收分集模組，都是很好的例子。

In the case of our received diversity modules, we have combined two of the fastest growing functions in RF, premium BAW filters and high performance, high throw count switches, in highly integrated, compact single placements.

就我們的接收分集模組而言，我們將射頻、優質 BAW 濾波器和高效能、高投擲次數開關中成長最快的兩種功能結合到高度整合、緊湊的單一佈局中。

This makes them unique in our industry and their intersecting customer demand at the right time, as smartphone manufacturers increasingly migrate from SAW to BAW to solve the interference challenges of higher band count and carrier aggregation.

隨著智慧型手機製造商越來越多地從SAW 遷移到BAW，以解決更高頻段數和載波聚合的干擾挑戰，這使得它們在我們的行業中獨一無二，並且在適當的時間滿足了交叉的客戶需求。

From a very high level, we believe we are just beginning to demonstrate the value of bringing our two companies together and we expect to build on that as we realize the full run rate of our cost synergies and introduce new products and technologies we could not have achieved individually.

從非常高的層面來看，我們相信我們才剛開始展示兩家公司合併的價值，我們希望以此為基礎，實現成本協同效應的全面運行，並推出我們無法擁有的新產品和技術單獨取得的。

In summary, our March quarterly performance coupled with our June quarterly guidance, and our expectations for a very strong calendar second half, point to an exceptional first year for Qorvo.

總而言之，我們 3 月份的季度業績加上 6 月份的季度指導，以及我們對下半年非常強勁的預期，表明 Qorvo 的第一年表現出色。

We are building momentum and we believe we can continue to build upon our financial performance in calendar year 2016.

我們正在積蓄動力，相信我們能夠在 2016 年的財務表現基礎上繼續取得進步。

Qorvo is well positioned to win more than our share of the industry's highest growth opportunities by leveraging our diversified product portfolio, systems level expertise, R&D and manufacturing scale and internal assembly and test capabilities.

透過利用我們多元化的產品組合、系統級專業知識、研發和製造規模以及內部組裝和測試能力，Qorvo 處於有利位置，能夠贏得行業最高成長機會的更多份額。

We expect to continue to improve our financial performance as we invest in building a wider technology mode, supporting better than industry growth, greater diversification, a richer mix of new products and an expanding gross margin.

隨著我們投資建立更廣泛的技術模式、支援優於行業的成長、更大的多元化、更豐富的新產品組合以及不斷擴大的毛利率，我們預計將繼續改善我們的財務表現。

And with that, I will turn the call over to Steve for further color on Qorvo's financial performance.

接下來，我將把電話轉給 Steve，以進一步了解 Qorvo 的財務表現。

Steve?

史蒂夫？

Thanks, Bob.

謝謝，鮑伯。

In the March quarter, Qorvo delivered a robust 46% year on-year growth in revenue, $634 million when compared to RFMD and TriQuint on a combined basis.

在 3 月這個季度，Qorvo 的營收年增 46%，與 RFMD 和 TriQuint 的合併收入相比達到 6.34 億美元。

Growth was led by mobile, up 61% to $493 million.

成長主要來自行動領域，成長 61%，達到 4.93 億美元。

IDP recorded revenue of $140 million, up 10% from the prior year quarter.

IDP 錄得營收 1.4 億美元，比去年同期成長 10%。

Qorvo had two 10% customers, the larger approximately 37% of revenue, representing the aggregated demand of multiple subcontractors for this end customer.

Qorvo 有兩個 10% 的客戶，其中較大的一個約佔收入的 37%，代表了多個分包商對該最終客戶的總需求。

Gross margin was a record 50.4%, up sequentially from 49% for RFMD and TriQuint on a combined basis.

RFMD 和 TriQuint 的毛利率合計為 49%，達到創紀錄的 50.4%。

The improvement in Qorvo's gross margin was primarily attributable to favorable product mix, improved yields and synergies.

Qorvo 毛利率的改善主要歸功於有利的產品組合、產量提高和綜效。

Operating expenses were $150 million for the March quarter.

三月季度的營運費用為 1.5 億美元。

Synergy driven reductions in G&A were offset in increased spending in R&D for masks and filter designers.

協同效應驅動的一般行政費用減少被口罩和過濾器設計人員研發支出的增加所抵銷。

Operating income was $169.6 million versus $25.3 million in the year-ago period for RFMD and TriQuint combined.

RFMD 和 TriQuint 的營業收入合計為 1.696 億美元，而去年同期為 2,530 萬美元。

Net income for the March quarter was $167.2 million, or $1.11 per diluted share on 150.5 million shares outstanding.

三月季度的淨利潤為 1.672 億美元，即 1.505 億股已發行股票的稀釋後每股收益為 1.11 美元。

This compares favorably to the original guidance of $0.80 to $0.90.

這比最初的 0.80 至 0.90 美元指導值要好。

Higher revenue and strong execution accounted for about $0.15 of the improvement from the midpoint of guidance, while lower taxes contributed $0.09 and share count, related to the timing of the merger, contributed the remaining $0.02.

較高的收入和強大的執行力使指導中點的改善貢獻了約 0.15 美元，而較低的稅收貢獻了 0.09 美元，與合併時間相關的股份數量貢獻了剩餘的 0.02 美元。

Total cash and investments was $544.6 million and cash flow from operations totaled $138 million.

現金和投資總額為 5.446 億美元，營運現金流總額為 1.38 億美元。

Capital expenditures were $120 million, primarily to address continued growth in customer demand for our premium filters.

資本支出為 1.2 億美元，主要是為了滿足客戶對我們優質過濾器持續成長的需求。

Finally, the Company repurchased approximately 760,000 shares at a total cost of $50 million.

最後，公司回購了約76萬股股票，總成本為5,000萬美元。

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 have 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。

In calendar 2015, we expect a 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.

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，下半年的收入比重更大。

With a product portfolio serving the faster growing parts of our addressable market, we are excited about the growth prospects and feel we can exceed the industry's growth rate.

憑藉著為我們目標市場中成長較快的部分提供服務的產品組合，我們對成長前景感到興奮，並認為我們可以超越行業的成長率。

At our Analyst Day last November, we increased our operating model goals to 50% gross margin and 30% operating margin.

在去年 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。

Achieving nearly 27% operating income in a seasonally weak quarter, is a great start for Qorvo.

在季節性疲軟的季度實現近 27% 的營業收入，對 Qorvo 來說是一個很好的開始。

Add in the substantial synergies yet to come and we feel we can hit these goals, while making significant investments in the process technologies and great products that sustain and enhance our competitive advantage.

再加上即將到來的巨大協同效應，我們認為我們可以實現這些目標，同時對製程技術和優質產品進行大量投資，以維持和增強我們的競爭優勢。

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the June 2015 quarter.

Qorvo 目前認為，其終端市場的需求環境支持以下 2015 年 6 月季度的非 GAAP 預期。

Quarterly revenue in the range of $660 million to $670 million.

季度營收在 6.6 億美元至 6.7 億美元之間。

Gross margin approximately consistent with a prior quarter, a tax rate in the range of 10% to 15% and diluted earnings per share in the range of $1 to $1.10, on about 154 million shares.

毛利率與上一季大致持平，稅率為 10% 至 15%，稀釋每股收益為 1 至 1.10 美元，每股收益約為 1.54 億股。

We are confident we can outpace our markets this year, and our guidance for June implies a robust 5% sequential revenue growth.

我們有信心今年能夠超越市場，我們對 6 月的指導意味著收入將實現 5% 的強勁環比增長。

Solid operating leverage is expected to drive operating income up about 10% sequentially.

穩健的營運槓桿預計將推動營運收入環比成長約 10%。

During FY16, we believe our tax rate will increase from the minimal level of the past to a more sustainable tax rate, as recent profitability has consumed much of our remaining net operating losses.

2016 財年，我們相信我們的稅率將從過去的最低水準提高到更可持續的稅率，因為最近的獲利能力已經消耗了我們剩餘的大部分淨營業虧損。

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

實際季度業績可能與這些預期有所不同，而且這種差異可能很大。

Finally, we currently expect to report June quarter results on July 29.

最後，我們目前預計將於 7​​ 月 29 日公佈 6 月季度業績。

With that, we welcome your questions.

因此，我們歡迎您提出問題。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

We will take our first question from Vivek Arya with Bank of America.

我們將回答美國銀行 Vivek Arya 提出的第一個問題。

Thank you for taking my question and very good job on the growth and execution.

感謝您提出我的問題，並在成長和執行方面做得非常好。

My first question, Bob, how should we think about seasonality in the back half?

我的第一個問題，鮑勃，我們應該如何考慮後半段的季節性？

If you could give us some color around visibility around content or design wins.

如果您能給我們一些關於內容或設計勝利的可見性的顏色。

I know in the past when I look at the pro forma models, the combined companies have grown at least about 20% in the back half, you know, calendar year versus the first half.

我知道，過去當我查看預計模型時，合併後的公司在下半年比上半年成長了至少約 20%。

Is that still a reasonable expectation for this year?

今年這仍然是合理的預期嗎？

Thanks, Vivek, thanks for your kind words and your question.

謝謝，Vivek，謝謝你的客氣話和你的問題。

As far as seasonality goes, number one, we have very good visibility into the major launches of marquee phones from multiple customers throughout the back half of the year.

就季節性而言，第一，我們對下半年多個客戶推出的大型手機的主要發布情況有很好的了解。

As far as what the industry is going to perform and how many phones actually get sold and all that, you know, tough for us to handle at this time.

至於該行業的表現以及實際售出的手機數量以及所有這些，您知道，目前對我們來說很難處理。

But I think a high level premise of, you know, the seasonality that you typically saw between the two companies, not much of that has changed yet.

但我認為，你知道，兩家公司之間通常看到的季節性的高水準前提尚未發生太大變化。

We are just really releasing, as I talked about in my opening comments, some of the newer products that we believe we can layer on top of what we typically had done to change that profile.

正如我在開場評論中談到的那樣，我們只是真正發布了一些新產品，我們相信我們可以在我們通常所做的更改該配置文件的基礎上分層。

But as a starting point, that's a great model that you threw out there, the real thing is, what's the industry going to do and it's way too early to comment on that, but thank you.

但作為一個起點，這是你提出的一個很棒的模型，真正的問題是，行業將做什麼，現在對此發表評論還為時過早，但謝謝你。

Thanks, Bob.

謝謝，鮑伯。

And as my follow-up, maybe one on gross margins, almost 300 basis points better than we expected.

作為我的後續行動，也許是毛利率，比我們預期的好近 300 個基點。

I'm curious why such a big delta and, you know, now that you have achieved your long-term gross margin target in the weakest seasonal quarter, what's next, you know, is it time to rethink the target model?

我很好奇為什麼會有如此大的增量，而且，既然您已經在最弱的季節性季度實現了長期毛利率目標，那麼下一步是什麼，您知道，是時候重新考慮目標模型了嗎？

Yes, so first, you know, it's tempting to take you up on that rethink of the target model and we wouldn't be thinking lower.

是的，所以首先，你知道，很容易讓你重新思考目標模型，我們不會考慮得更低。

We would be thinking higher, just to be clear.

需要明確的是，我們的想法會更高。

But, you know, that model is for a full year, we'd like a little bit more time to execute against that and really deliver that on a full-year basis, but your point is well taken.

但是，您知道，該模型適用於全年，我們希望有更多的時間來執行該模型並真正在全年的基礎上交付該模型，但您的觀點得到了很好的理解。

With respect to the margin in the quarter, I think one thing that helped that you might not have thought of is this is the seasonally low period for mobile.

就本季的利潤率而言，我認為您可能沒有想到的一件有幫助的事情是，這是行動裝置的季節性低谷時期。

And as you know, our revenue has higher inherent margins and so the weighted average benefits from that in the March quarter.

如您所知，我們的收入具有較高的固有利潤率，因此加權平均數受益於三月季度的收入。

Also a thing that was better than we expected was manufacturing yields, really stepped up in the quarter.

另外一件比我們預期更好的是製造產量，在本季確實有所提高。

A real tip of the hat to all of our manufacturing team and the engineers who contributed as well.

向我們所有的製造團隊和貢獻的工程師致敬。

We saw some really good performance there.

我們在那裡看到了一些非常好的表演。

And then, of course, synergies are starting to contribute to the model.

當然，協同效應也開始為此模式做出貢獻。

And it's always a little bit of a question how quick they will come in, but we did make some good progress in the quarter and, you know, I know you know this, but synergies tend to be cumulative as we go through the quarters and I think we are off to a pretty good start there.

他們的進來速度總是有點問題，但我們在本季度確實取得了一些良好的進展，你知道，我知道你知道這一點，但隨著我們經歷各個季度，協同效應往往會累積起來我認為我們已經有了一個很好的開始。

One last quick one, if I may.

如果可以的話，最後快一點。

What is the right mix, if I look long term of your mobile versus the non-mobile business?

如果我從長遠來看您的行動業務與非行動業務，什麼是正確的組合？

And what role, Bob do you think M&A could play in that?

鮑勃，您認為併購在其中可以扮演什麼角色？

Because you have a very solid balance sheet, you are generating a good amount of cash, how do you put it to better use through diversification in non-mobile markets?

因為您擁有非常穩健的資產負債表，所以您產生了大量現金，您如何透過非行動市場的多元化來更好地利用這些現金？

Thank you.

謝謝。

Thanks.

謝謝。

As far as looking at the two businesses today, I mean, you guys can do the math and I won't embarrass myself by telling you the percentages, but it's quite clear that the mobile business is a little bit bigger than the IDP business and growing a little bit faster.

就今天的這兩項業務而言，我的意思是，你們可以算一下，我不會因為告訴你們百分比而讓自己感到尷尬，但很明顯，移動業務比 IDP 業務大一點，而且增長得更快一些。

So obviously, if we are active in M&A opportunities and looking at targets, they would tend to be more in the IDP type of business to build that up.

顯然，如果我們積極尋找併購機會並尋找目標，他們往往會更多地從事 IDP 類型的業務來建立這種業務。

There are still areas of opportunities within the mobile business as well to acquire technologies or smaller companies that we can enable new products and things like that.

行動業務中仍然存在一些機會，可以收購技術或收購較小的公司，以便我們能夠實現新產品和類似的東西。

So I would say we will, and we are looking at opportunities in both businesses.

所以我想說我們會的，而且我們正在這兩項業務中尋找機會。

But I think over time if you listen to our talk about continuing to diversify our products, our markets and our technologies, that's going to tend to lean a lot more towards James' IDP business.

但我認為，隨著時間的推移，如果你聽我們談論繼續使我們的產品、市場和技術多樣化，你會發現，這將更傾向於詹姆斯的 IDP 業務。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

We will take our next question from Mike Burton with Brean Capital.

我們將回答來自 Brean Capital 的 Mike Burton 的下一個問題。

Hey, guys and congrats on really great results and guidance, especially on the gross margin side.

嘿，夥計們，恭喜你們取得了非常好的結果和指導，特別是在毛利率方面。

Looking at the June quarter guide, the mobile environment has definitely had some areas of strength on the high end with Apple and some weaker reports of the low and mid tier.

從 6 月季度指南來看，行動環境在高階領域肯定有蘋果的一些優勢，而在中低階領域則有一些較弱的報告。

Would you describe the strength you're seeing in the June quarter as broad based, or is it more concentrated in China per se, versus the top tier?

您是否認為六月季度的實力是廣泛的，還是更集中在中國本身，而不是頂級企業？

Yes, thanks for the comments, Mike.

是的，謝謝你的評論，麥克。

At a very high level, I mean, what we are seeing is, which everybody knows, the RF marketplace is still extremely strong.

我的意思是，在非常高的水平上，我們所看到的是，眾所周知，射頻市場仍然非常強勁。

It's really the macro shift to 4G.

這確實是向 4G 的宏觀轉變。

And I think most people know that a lot of that is being done in China through multiple customers, I mean diversification across their end products and customers, so that's what's really starting to drive that growth.

我想大多數人都知道，很多事情是透過多個客戶在中國完成的，我的意思是他們的最終產品和客戶的多元化，所以這才是真正開始推動成長的因素。

Okay.

好的。

And then following up on Vivek's question, I know you're not going to raise your margin target yet for us, but, you know, just wondering if we could -- what we should be thinking about for a contribution margin, season strong second half?

然後跟進 Vivek 的問題，我知道您不會提高我們的利潤率目標，但是，您知道，只是想知道我們是否可以 - 我們應該考慮什麼來實現貢獻利潤率，賽季第二強一半？

And then also on OpEx side, the -- I think you guys have spoken about, you know, a lot of the synergies really starting to hit in the second half.

然後在營運支出方面，我想你們已經談到了，許多綜效在下半年才真正開始發揮作用。

Any puts or takes we should be thinking about as we go into the second half of this calendar year?

當我們進入今年下半年時，我們應該考慮哪些看跌期權或看跌期權？

Thanks.

謝謝。

Yes, sure.

是的，當然。

On the gross margin side I think you should model a follow through of 55%.

在毛利率方面，我認為你應該建立 55% 的後續模型。

I think we can execute to that.

我認為我們可以做到這一點。

And with respect to operating expenses, we will see some synergies, we also may make investments, those are really contingent on the level of business we are able to earn.

就營運費用而言，我們將看到一些協同效應，我們也可能進​​行投資，這些實際上取決於我們能夠賺取的業務水平。

And I think you will see us continuing to drive towards our business model of 50, 20, 30.

我認為您會看到我們繼續朝著 50、20、30 的商業模式前進。

Thanks again, guys.

再次感謝你們。

Congrats.

恭喜。

Thank you.

謝謝。

Thanks.

謝謝。

We will take our next question from Steve Smigie with Raymond James.

我們將回答史蒂夫·斯米吉和雷蒙德·詹姆斯提出的下一個問題。

Great.

偉大的。

Thanks a lot, guys.

非常感謝，夥計們。

One thing you mentioned a few times is, obviously, that LTE will be a big driver of success for you.

您多次提到的一件事是，顯然 LTE 將成為您成功的一大推動力。

Can you talk about what your mix is of LTE or 4G, versus 3G at this point?

能談談目前 LTE 或 4G 與 3G 的組合是什麼嗎？

This is Eric.

這是埃里克。

Speaking for mobile, we have now well over 95% of our revenue is in 3G, 4G.

就行動而言，我們現在 95% 以上的收入來自 3G、4G。

We don't break out between them because we have a lot of components which are used in both, but it's clearly LTE that's driving due to not only the proliferation of LTE throughout China, but also just the overall content growth in literally all the markets that are running LTE today.

我們不會在它們之間進行區分，因為我們有很多組件同時用於這兩個領域，但顯然 LTE 是推動因素，不僅因為 LTE 在中國的普及，而且還因為幾乎所有市場的整體內容增長今天正在運行LTE。

Okay.

好的。

Great.

偉大的。

And you mentioned a number of good Wi-Fi and other wins.

您提到了一些很好的 Wi-Fi 和其他優點。

Can you talk a little bit about how big Wi-Fi opportunity is for you or what it is as a percentage of revenue and how big you think that opportunity could be going forward?

您能否談談 Wi-Fi 機會對您來說有多大，或者它佔收入的百分比是多少，以及您認為未來機會有多大？

I think what I will do, Steve, is since we've got Wi-Fi split between Eric and James, I will let them talk about what's driving their business from a Wi-Fi perspective.

史蒂夫，我想我要做的是，既然我們在艾瑞克和詹姆斯之間分配了 Wi-Fi，我會讓他們從 Wi-Fi 的角度談論是什麼推動了他們的業務。

Because we did talk about pretty exciting products for both groups in our prepared comments as well as in the press release.

因為我們在準備好的評論和新聞稿中確實討論了對這兩個群體來說非常令人興奮的產品。

James, you want to talk a little bit about Wi-Fi?

James，您想談談 Wi-Fi 嗎？

Yes, this is James.

是的，這就是詹姆斯。

Thanks for the question.

謝謝你的提問。

I mean, we are seeing two dynamics that are really helping us grow in the Wi-Fi market on my side of the world.

我的意思是，我們看到了兩種真正有助於我們在我所在地區的 Wi-Fi 市場中成長的動力。

The shift to 11ac has certainly been very beneficial for us and we are also seeing the carriers drive to more offload on Wi-Fi in high density areas, so both of those dynamics are really helping us grow.

轉向 11ac 無疑對我們非常有利，我們也看到營運商在高密度區域透過 Wi-Fi 卸載更多負載，因此這兩種動態確實有助於我們的成長。

Of course we are excited about new set of products that we've got released and being on some key reference designs in 5 gigahertz or higher power area, so it looks good so far.

當然，我們對我們發布的新產品系列以及 5 GHz 或更高功率區域的一些關鍵參考設計感到興奮，所以到目前為止看起來還不錯。

And then on the mobile side, it is one of our largest growth drivers this year in terms of just the overall opportunity.

然後在移動方面，就整體機會而言，它是我們今年最大的成長動力之一。

It's about a billion dollar opportunity out there in mobile Wi-Fi for us, and we are doing really, really well with some differentiated technology on the filter side.

對我們來說，行動 Wi-Fi 領域有大約十億美元的機會，而且我們在過濾器方面的一些差異化技術做得非常非常好。

And the part that we announced as one of the strategic highlights is something very similar to RF Fusion and what we do in the cellular modem, but this is in the Wi-Fi front end for mobile.

我們宣布的戰略亮點之一與 RF Fusion 和我們在蜂窩調製解調器中所做的非常相似，但這是在行動 Wi-Fi 前端。

In which we combine all the power amplifier switches and those differentiated filter components into a very compact single placement, high performance solution.

其中，我們將所有功率放大器開關和那些差異化濾波器組件組合成一個非常緊湊的單一放置的高性能解決方案。

And we are seeing participation now across the major reference designs and we are confident that's going to lead to revenue in the second half of the fiscal year.

我們現在看到主要參考設計的參與，我們相信這將在本財年下半年帶來收入。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

We will take our next question from Edward Snyder with Charter Equity Research.

我們將回答來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder) 提出的下一個問題。

Thanks a lot.

多謝。

Steve, can you please remind us where we are on the BAW filter expansion and how much that had in impact on the quarter of gross margins, you saw really good margins, but you named several things including synergies, so just trying to get a figure on where you are and what the official line is on that.

史蒂夫，您能否提醒我們BAW 過濾器擴張的進度以及這對本季度毛利率的影響有多大，您看到了非常好的利潤率，但您提到了包括協同效應在內的幾件事，所以只是想得到一個數字關於你在哪裡以及官方的說法是什麼。

I know you said double BAW capacity between, say, December of last year to June 1 and then at NWC there was talk about tripling it.

我知道你說過去年 12 月到 6 月 1 日期間 BAW 產能翻倍，然後在 NWC 上有人討論將其翻倍。

Just want to get an idea of where you are and what kind of impact that has on the big picture.

只是想了解您所處的位置以及這對整體情況有什麼樣的影響。

And then for Eric, in mobile, are you still shooting overall, are you still shooting to maintain a more even exposure to some of the bigger hits at OEMs?

那麼對於 Eric 來說，在移動領域，您是否仍在整體拍攝，是否仍在拍攝以保持更均勻地接觸 OEM 的一些更大的熱門產品？

I think we talked at one point like 5/20, 20% for sand, 20% apple, 20% Chinese OEM, 20% white label.

我想我們曾經討論過 5/20，20% 沙子，20% 蘋果，20% 中國 OEM，20% 白標。

Is that still your goal and are you structuring the new company to -- in order to achieve that by deemphasizing some and focusing more on others.

這仍然是您的目標嗎？您建立新公司的目的是為了透過淡化某些目標並更多地關注其他目標來實現這一目標嗎？

And then, James real quick, TriQuint had a real strong offering in 5 gigahertz Wi-Fi amp a couple years ago, but they seemed to deemphasize that late last year.

然後，James 說得很快，幾年前，TriQuint 在 5 GHz Wi-Fi 擴大機方面提供了真正強大的產品，但去年年底他們似乎淡化了這一點。

Is that where you're seeing your advantage in 5 gigahertz Wi-Fi, or is this, this new process that's helping out?

這就是您在 5 GHz Wi-Fi 中看到的優勢嗎？還是這個新流程正在發揮作用？

Thanks.

謝謝。

Thanks, Ed, appreciate getting everybody involved.

謝謝艾德，感謝大家的參與。

Steve, if you want to take the first one that had to do with the BAW filter expansion and where we are on that ramp.

Steve，如果你想看第一個與 BAW 濾波器擴充以及我們所處的階段有關的內容。

Thank you.

謝謝。

I'm glad you remembered that, Bob.

我很高興你還記得這一點，鮑伯。

So in terms of BAW filter capacity we are continuing to execute the aggressive ramp in capacity that we have been talking about for some time.

因此，就 BAW 濾波器產能而言，我們將繼續執行我們已經討論了一段時間的積極產能提升計劃。

We expect this phase to wrap up close to the end of this quarter, in preparation for a seasonally stronger revenue period and higher demand period that we will see in the second half of the year.

我們預計這一階段將在本季末左右結束，為下半年我們將看到的季節性強勁收入時期和更高需求時期做好準備。

And we feel very good, it's going very well, as you know it's fairly fungible, we are adding equipment as we go and increasing capacity somewhat linearly.

我們感覺非常好，進展順利，正如你所知，它是相當可替代的，我們正在不斷增加設備，並以某種線性方式增加容量。

So it's not like a big bang event and it's going very well and we are very pleased with it.

所以這不像是一次大爆炸事件，而且進展順利，我們對此感到非常滿意。

And I think we will be well positioned to serve the growth and demand that we expect to continue to see.

我認為我們將處於有利地位，可以滿足我們預計將繼續看到的成長和需求。

Okay.

好的。

Thanks, Steve.

謝謝，史蒂夫。

Big impact on margins this quarter, Steve?

史蒂夫，這個季度對利潤率影響很大嗎？

Not really, no.

不完全是，不是。

You know, a little bit, but not materially.

你知道，有一點，但不是實質的。

We don't depreciate equipment until it's put into service and the bulk of equipment actually placed into service will be in the current quarter.

在設備投入使用之前，我們不會對其進行折舊，並且實際投入使用的大部分設備將在本季度投入使用。

All right.

好的。

So I'll talk about target exposure to customers, if I understood the question right.

因此，如果我正確理解了這個問題，我將談論對客戶的目標曝光。

Just a high level strategy, I suppose, we don't want to be broadly exposed to the market which means we want the share of our revenue that each customer contributes to be roughly equal to the share of their opportunity.

我想，這只是一個高階策略，我們不想廣泛接觸市場，這意味著我們希望每個客戶貢獻的收入份額大致等於他們的機會份額。

So we are not looking to overweight or underweight on any particular segment or customer, but probably far more important than that is we are operating to, you know, a very disciplined financial model.

因此，我們並不打算在任何特定細分市場或客戶上增持或減持，但可能比這更重要的是我們正在經營一個非常嚴格的財務模型。

We are constantly seeking ways to grow the top line while improving profitability, and that happens at the product level not at the customer level.

我們不斷尋求在提高獲利能力的同時增加收入的方法，這發生在產品層面而不是客戶層面。

A lot of our products, which are highly profitable cut across most of our customers, frankly.

坦白說，我們的許多產品都是高利潤的，適合我們的大多數客戶。

So we are looking for those opportunities, that's what we are prioritizing in our investment, where do we get the highest profitability and the highest growth, and how do we continue to hit the financial mark.

所以我們正在尋找那些機會，這就是我們投資的優先順序，我們在哪裡獲得最高的獲利能力和最高的成長，以及我們如何繼續達到財務目標。

Thanks.

謝謝。

James, you want to talk a little bit about Wi-Fi and 5 gigahertz?

James，您想談談 Wi-Fi 和 5 GHz 嗎？

I think it's important to think about this a little different.

我認為以不同的方式思考這個問題很重要。

I'm going to really focus you on the CPE side, and so we are going to talk about gateway and enterprise predominantly.

我將重點放在 CPE 方面，因此我們將主要討論網關和企業。

Our focus has been in this 5 gigahertz area, so we have recently released what we think are the industry leading set of components on those PAs.

我們的重點是這個 5 GHz 領域，因此我們最近發布了我們認為是這些 PA 上領先業界的組件集。

And we continue to develop those products, so not really focused on the past and us getting out.

我們繼續開發這些產品，所以並沒有真正關注過去和我們的退出。

I think we are very, very focused on that market and we've got some great products.

我認為我們非常非常專注於這個市場，我們已經有了一些很棒的產品。

And does this have anything to do with HTP5?

這跟HTP5有關係嗎？

As always we continue to develop, you know, new next generation technologies and focusing on investing and make sure we've got the best processes in the industry.

您知道，我們一如既往地繼續開發下一代技術，並專注於投資，確保我們擁有業內最好的流程。

And so that next generation of HTP will certainly play a role in this part of the market.

因此下一代HTP肯定會在這部分市場中發揮作用。

We will take our next question from Harsh Kumar with Stephens, Inc.

我們將回答 Harsh Kumar 和 Stephens, Inc. 提出的下一個問題。

Hey, guys, first of all, congratulations, a lot of semi companies are missing numbers so really good to see you guys doing so well.

嘿，夥計們，首先恭喜，很多半成品公司都缺少數字，所以很高興看到你們做得這麼好。

I want to go back to the gross margin, to Vivek's point earlier, it was almost 300 basis points higher.

我想回到毛利率，正如 Vivek 之前所說，毛利率高出近 300 個基點。

I want to kind of understand what -- if there was any role that the cost cuts played yet and what roles -- and so continuation of that question is, you know, what are some of the major things that are planned?

我想了解一下，成本削減是否發揮了作用以及發揮了什麼作用，所以這個問題的繼續是，你知道，計劃中的一些主要事情是什麼？

I think you sort of officially just upped your expectation for cost cuts to a little over $75 million.

我認為你們正式將削減成本的預期提高到略高於 7,500 萬美元。

I want to understand what are some of the major projects around the way maybe the top two that -- if you want to highlight them.

我想了解一些主要項目是什麼，如果你想強調的話，也許是最重要的兩個項目。

Yes, sure.

是的，當然。

I would be happy to.

我很樂意。

I think sooner rather than later savings in the supply chain in particular, we do see some management efficiencies, if you will, and those are fairly, you know, we are able to get to those fairly quickly.

我認為，如果你願意的話，我們確實會看到一些管理效率的提高，特別是在供應鏈方面，早而不是晚，而且這些是相當的，你知道，我們能夠相當快地實現這些目標。

I think a very significant initiative that will be partially in place this year, mostly in place in the second calendar year, will be the migration of TriQuint's mobile parts into a new Chinese factory for assembly and test.

我認為今年將部分實施、大部分在第二年實施的一項非常重要的舉措是將 TriQuint 的移動部件遷移到新的中國工廠進行組裝和測試。

We think that will be significant driver of improved margins and savings for us.

我們認為這將成為提高我們利潤和節省成本的重要推動力。

So those are a couple of the bigger hitters.

所以這些是一些比較重要的人物。

Got it.

知道了。

And then one about the margin question, the 50% or so margins that -- and again I'm not complaining because those are great numbers, but just want to understand if cost cuts yet have played a function already, or it's all in the coming?

然後是關於利潤率問題，50%左右的利潤率——再說一遍，我不是抱怨，因為這些數字很大，只是想了解成本削減是否已經發揮了作用，或者這一切都在未來？

Yes, some of the supply chain savings came into effect pretty shortly after the merger was effective, right?

是的，有些供應鏈節省在合併生效後不久就生效了，對嗎？

You know, helped us out a little bit, gave us extra time to prepare.

你知道，幫助了我們一點，給了我們額外的時間準備。

We did take advantage of that and we were able to implement some of the savings almost immediately after the close.

我們確實利用了這一點，並且幾乎在交易結束後立即就實現了一些節省。

And so we did see benefit there and as mentioned earlier, some business unit mix benefits, with mobile being seasonably weak in the quarter, some mixed benefits within that with the strength in filters and switches.

因此，我們確實看到了那裡的好處，正如前面提到的，一些業務部門的混合好處，移動在本季度季節性疲軟，其中一些混合好處與過濾器和交換機的實力有關。

Higher growing parts of the business and finally, yield has really got better.

業務成長更快，最後，產量確實提高了。

The team just did a really good job driving waste out of the manufacturing process with better yield.

團隊做得非常好，以更高的產量消除了製造過程中的浪費。

Yes, and Harsh, that may not sound like it but that was a lot of sharing back and forth between the two organizations on how to improve yields.

是的，嚴酷的是，這聽起來可能不像，但這兩個組織之間就如何提高產量進行了大量的交流。

Got it, got it.

明白了，明白了。

Thanks, guys.

多謝你們。

And then as a follow-up, if I can ask you, I think China was -- the data from China seemed to be a little bit off in January and February, your competitor mentioned that things picked up substantially in the March timeframe.

然後作為後續行動，如果我可以問你的話，我認為中國的數據在一月和二月似乎有點偏離，你的競爭對手提到，情況在三月的時間範圍內大幅回升。

Could you just comment on maybe what you guys are seeing at a ground level in the Chinese market, maybe relative to expectations and guidance for June and then even beyond.

您能否評論一下您在中國市場的基本情況，也許是相對於 6 月乃至更長的預期和指導。

Yes.

是的。

I think, Harsh, you know, the quarter pretty much played out as we expected, except near the end of March things did start to pick up.

我認為，嚴酷，你知道，這個季度的表現幾乎符合我們的預期，除了接近 3 月底，情況確實開始好轉。

You know, we are continuing to see that and that's what's playing into our guidance, but I'll let Eric give a little more color, if you want.

你知道，我們正在繼續看到這一點，這就是我們的指導意見，但如果你願意的話，我會讓艾瑞克提供更多的色彩。

I think that's pretty much it.

我想差不多就是這樣了。

We said in January we expect it to be kind of slow until we got through the lunar new year and then it would pop up.

我們在一月份說過，我們預期它會有點慢，直到我們過了農曆新年，然後它就會突然出現。

We weren't sure how much exposure we would see in March, but it did turn up at the very end of March to start picking up, we've seen that continue into this quarter and the year is still looking to be very much on track.

我們不確定 3 月的曝光量有多少，但確實在 3 月底開始回升，我們已經看到這種情況持續到本季度，預計今年的情況仍然會非常好追蹤。

There's a lot of excitement about growth there and the 4G roll-out, as you know, the net ads have been running, averaging about $20 million a month for 4G in China.

那裡的成長和 4G 的推出令人興奮，如您所知，網路廣告一直在投放，中國 4G 每月平均收入約為 2000 萬美元。

So right now the market is pretty robust, there's going to be a need for a lot more 4G hand sets and we've got a tremendous opportunity for content growth there.

因此，目前市場相當強勁，將會需要更多的 4G 手機，而且我們在那裡有巨大的內容成長機會。

Thanks, guys.

多謝你們。

I do want to point out, though, there was also talk lately from a couple of people about a slight slowdown or a pause or a break or whatever you want to say in the infrastructure market.

不過，我確實想指出，最近也有一些人談論基礎設施市場的輕微放緩、暫停或休息或任何你想說的內容。

We actually had a very strong first quarter -- or, excuse me, March quarter in the infrastructure market.

實際上，我們的第一季非常強勁——或者，對不起，基礎設施市場的三月季度。

And for the first quarter we think that's going to be down, down some quarter over quarter, so we are seeing a little bit of a slowdown on the infrastructure side.

對於第一季度，我們認為這一數字將會下降，逐季度下降，因此我們看到基礎設施方面略有放緩。

We are in the community that believes it's an inventory issue.

我們社區認為這是庫存問題。

We think the underlying demand drivers are well intact and it's a matter of timing.

我們認為潛在的需求驅動因素完好無損，只是時間問題。

And we do expect a little bit of a burnoff period here in the June quarter and we have incorporated that into our guidance.

我們確實預計六月季度會有一點消耗期，我們已將其納入我們的指導中。

And to reiterate, that's on the infrastructure side of the business.

重申一下，這是業務的基礎設施面向。

Thanks for the clarification.

感謝您的澄清。

Great job, once again.

幹得好，再一次。

Thanks, Harsh.

謝謝，嚴酷。

We will take our next question from Quinn Bolton with Needham & Company.

我們將接受 Needham & Company 的 Quinn Bolton 提出的下一個問題。

Wanted to follow up on Harsh's question about China.

想跟進哈什關於中國的問題。

Looked at -- one of your partners, Mediatek, looks like they have a fairly soft first half, but are talking about 450 million smartphone chipsets which implies a very strong second half, I think up over 50% half on half.

看看——你的合作夥伴之一聯發科，看起來他們的上半年相當疲軟，但正在談論 4.5 億智慧型手機晶片組，這意味著下半年非常強勁，我認為上半年增長超過 50%。

Just wondering as you look past June, are you seeing sort of a similar strength in second half versus first half, or do you think your growth is going to be a little bit more linear through the year.

只是想知道，當您回顧六月時，您是否看到下半年與上半年類似的強勁勢頭，或者您是否認為全年的增長會更加線性。

And a second follow-on question for Steve, Steve, you talked about that tax rate stepping up to a range of 10% to 15%, but then you made a comment about a higher tax rate long term as you have now used up most of the NOLs.

史蒂夫的第二個後續問題，史蒂夫，你談到了稅率提高到 10% 到 15% 的範圍，但隨後你對長期更高的稅率發表了評論，因為你現在已經用完了大部分稅率NOL 的。

Is that higher rate 10% to 15%, or do you think it could step up beyond 10% to 15% say a year or two out in the future?

這個比率是 10% 到 15%，還是您認為未來一兩年內可能會超過 10% 到 15%？

Thanks.

謝謝。

Why don't I take the tax one first.

為啥我不先報稅呢。

So what's going on in 2016?

那麼2016年會發生什麼事呢？

We have two kind of contravening items.

我們有兩種違規物品。

First we are in the process of implementing a tax structure that's similar to what TriQuint has had in the place in the past, where we have Singapore is our international headquarters and recognize the international revenue in that jurisdiction.

首先，我們正在實施類似 TriQuint 過去的稅收結構，新加坡是我們的國際總部，並承認該司法管轄區的國際收入。

And we won't have that in place until probably August 1, so there's a little bit of a higher than normal impact there.

我們可能要到 8 月 1 日才能實施這項措施，因此影響會比正常情況大一些。

On the other hand we still have some remaining NOLs, so those are offsetting each other to some degree.

另一方面，我們仍然有一些剩餘的 NOL，因此它們在某種程度上相互抵消。

I think the rate beyond FY16 is still an open question.

我認為 2016 財年之後的利率仍然是一個懸而未決的問題。

Our bp tax, I have work left to do, a lot of it depends on where revenue gets recognized, different jurisdictions, where we sell, what the mix of products is.

我們的英國石油公司稅，我還有工作要做，很大程度上取決於收入在哪裡得到承認，不同的司法管轄區，我們在哪裡銷售，產品組合是什麼。

But I think that we will -- you know, it's hard to say.

但我認為我們會——你知道，這很難說。

It's possible to creep up just a little bit, but there's plenty of work left for us to do to get a better answer for you.

可能會稍微上升一點，但我們還有很多工作要做才能為您提供更好的答案。

This year, though, we feel like the cash rate will -- or non-GAAP rate will be in the 10% to 15% range.

不過，今年我們認為現金利率或非 GAAP 利率將在 10% 至 15% 的範圍內。

Thanks for the additional color, Steve.

感謝史蒂夫提供的額外顏色。

Thanks.

謝謝。

Eric you want to take --

艾瑞克你想帶——

Yes, I guess regarding the China question, we can't say a whole lot more than we have, Mediatek is pointed towards a good back half.

是的，我想關於中國問題，我們不能說太多，聯發科指向一個很好的後半部分。

We agree.

我們同意。

Too early to call the back half, but some things to look for are continued 4G net ads.

現在說後半部還為時過早，但有些東西值得尋找的是持續的 4G 網路廣告。

Also I think the export market is going to be pretty important to our China customers this year and of course Mediatek's hoping to help drive some of that.

此外，我認為今年出口市場對我們的中國客戶來說將非常重要，當然聯發科希望幫助推動其中的一些發展。

We're very well represented.

我們的代表非常充分。

We mentioned in our strategic highlights, both new 4G smartphones for -- you know, these are leading flagship smartphones that are launching now which will be in full production throughout the year, and which we've got multiple dollars of content.

我們在戰略亮點中提到，這兩款新的 4G 智慧型手機——你知道，這些都是目前正在推出的領先旗艦智慧型手機，將在全年全面生產，並且我們已經獲得了數美元的內容。

And then in addition to that, our first RF Flex, we just announced this in Barcelona, we've got production orders already, we're ramping shipments right now as we speak.

除此之外，我們剛剛在巴塞隆納宣布了我們的第一個 RF Flex，我們已經收到了生產訂單，就在我們講話的時候，我們正在增加發貨量。

And so we will have a full half year, the second half of the calendar year to be shipping RF Flex solutions.

因此，我們將有整整半年的時間，即日曆年的下半年來交付 RF Flex 解決方案。

A lot of things to be excited there in that market.

該市場有很多令人興奮的事情。

Great.

偉大的。

Thanks, Eric.

謝謝，埃里克。

Thank you.

謝謝。

We will take our next question from Cody Acree with Ascendiant Capital.

我們將接受 Ascendiant Capital 的 Cody Acree 提出的下一個問題。

Congratulation.

恭喜。

Eric, maybe on a roap map basis, now that you've got the assets of the two companies put together, how is that impacting your longer-term road map for products, and think about from maybe an RF fusion or a module integration strategy, how long does it take before we start to see some of those products on the market?

艾瑞克，也許是在路線圖的基礎上，現在您已經將兩家公司的資產放在一起，這對您的長期產品路線圖有何影響，並考慮射頻融合或模組整合策略，我們需要多長時間才能在市場上看到其中一些產品？

Yes, thanks for the question, I can tell you it's a very target rich environment right now.

是的，謝謝你的提問，我可以告訴你，現在是一個目標非常豐富的環境。

We literally have all the pieces we need now that we've put the company together.

現在我們已經把公司整合在一起了，我們確實擁有了所需的所有零件。

As you can imagine, the things that we are selling right now are still basically the road map of the previous companies, the legacy companies.

你可以想像，我們現在賣的東西基本上還是以前公司、遺留公司的路線圖。

The diversity receive modular you mentioned, the strategic highlight, is probably one of the first examples of a new product category that we are able to address as coreable which wasn't that attractive.

您提到的多樣性接收模組（戰略亮點）可能是新產品類別的第一個範例，我們能夠將其視為可核心的，但並不那麼有吸引力。

Again, we are executing on this financial model.

同樣，我們正在執行這種財務模型。

You looked at that of model separate companies, didn't really fit so much, but there's a couple reasons why that's exciting to Qorvo.

您查看了不同模型公司的情況，並不太適合，但有幾個原因讓 Qorvo 感到興奮。

One is, it combines the best in class switching with also now filters and LNAs as well.

一是，它將一流的開關與現在的濾波器和 LNA 結合。

And we think this is a great opportunity, it's about a billion dollar segment today that should double over the next three years, and we are essentially not playing at all until we have this launch this fall of the design win we announced.

我們認為這是一個很好的機會，今天它的價值約為 10 億美元，在未來三年內應該會翻一番，而且在今年秋天我們宣布的設計勝利推出之前，我們基本上不會參與其中。

So that's one example of a new product area where we think we can really differentiate by bringing BAW technology into that segment, which is all SAW today, and there's a lot of other examples.

這是新產品領域的一個例子，我們認為透過將 BAW 技術引入該細分市場（今天都是 SAW），我們可以真正實現差異化，還有很多其他例子。

RF flex and fusion were really helping to drive the integration levels higher in the industry.

RF 柔性和融合確實有助於提高行業的整合水準。

We're working out multiple generations now with, not only our key customers, but probably more importantly all of the major platform providers.

我們現在不僅與我們的主要客戶，而且可能更重要的是與所有主要平台提供者一起開發多代產品。

And the trend is crystal clear, it's about integration, it's about enabling real proliferation of high performance compact LTE systems and it's core technologies we bring in switches and filtering, power management and system architecture, that's what's enabling it.

這一趨勢非常明顯，它與整合有關，與實現高效能緊湊型 LTE 系統的真正普及有關，而我們在開關和濾波、電源管理和系統架構中引入的核心技術正是其實現的原因。

So target rich environment, we got a lot of opportunities.

所以目標豐富的環境下，我們得到了許多機會。

We are focusing on where we think we can grow and be the most profitable.

我們專注於我們認為可以成長並獲得最大利潤的領域。

And then maybe Eric, just following up on both tracking and carrier aggregation, can you talk about where we are in adoption of both of those technologies?

然後，也許埃里克（Eric）只是跟進跟踪和載波聚合，您能談談我們在採用這兩種技術方面的進展嗎？

And are those helping you to gain share, or just how is that impacting growth?

這些是否有助於您獲得份額，或者這對成長有何影響？

Yes, so envelope tracking as we have talked about, I think in Barcelona is still kind of relegated to the very top tier.

是的，正如我們所討論的，我認為在巴塞隆納，信封追蹤仍然屬於最頂級的。

We are hearing more discussions with a wider range of platform providers, that be taking it down in the mid tier, but that's going to take some time.

我們正在與更廣泛的平台提供者進行更多討論，將其降低到中間層，但這需要一些時間。

It's really kind of a next year activity, so envelope tracking is important but I wouldn't say it's a driver right now unless it's set in the very top tier.

這確實是明年的活動，因此包絡追蹤很重要，但我不會說它現在是一個驅動程序，除非它設置在最頂層。

The carrier aggregation is quite a bit more prominent.

載波聚合更為突出。

That is everywhere right now.

現在到處都是這樣的情況。

There's over 50 -- over 50 different combinations of carrier aggregation scenarios that we are now working to help enable, with different band combinations and different carriers and so forth.

我們現在正在努力幫助實現 50 多種不同的載波聚合場景組合，其中包括不同的頻段組合和不同的載波等等。

And the thing that's common about all of them is it drives requirements for switching and filtering, so we are very, very actively engaged with carrier aggregation work right now.

所有這些的共同點是它推動了交換和濾波的要求，因此我們現在非常非常積極地參與載波聚合工作。

I'm sure you're aware, even uplink carrier aggregation is coming next year as well for China mobile, so that's a definite driver in the design activity and what we are specifying our products in terms of capability.

我相信您知道，中國移動明年也會推出上行鏈路載波聚合，因此這是設計活動以及我們在功能方面指定產品的明確驅動力。

Great.

偉大的。

Thanks, guys.

多謝你們。

Good luck.

祝你好運。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

We will now take our next question from Blaine Curtis with Barclays.

現在我們將回答巴克萊銀行布萊恩柯蒂斯提出的下一個問題。

Hey, guys, thanks for taking my question.

嘿，夥計們，謝謝你提出我的問題。

Maybe for Bob or Eric, just curious as you're looking at junior mobile business, can you just talk about what's driving the growth.

也許對於鮑勃或埃里克來說，當您關注初級行動業務時，您只是好奇，您能談談推動成長的因素嗎？

You typically, your largest customer, you talked about 37% in March, that's maybe a stronger decline than others have seen.

通常，您最大的客戶在 3 月談到了 37%，這可能比其他人看到的下降幅度更大。

So you saw that last year where you were then saw more modest June, if you can just talk about some of the moving pieces.

所以你去年看到了，然後你看到了更溫和的六月，如果你能談談一些感人的部分的話。

You mentioned China up, any additional color there would be appreciated.

你提到了中國，如果有任何額外的顏色，我們將不勝感激。

Sorry, Blaine, could you clarify the number you said, we didn't understand.

抱歉，布萊恩，你能澄清一下你所說的數字嗎，我們不明白。

I think you said 37% decline?

我想你說的是 37% 的下降？

Your largest customer is 37% in March, which was about a 30% decline, so maybe you saw a little bit timing-wise, a little more seasonality in March.

您最大的客戶在 3 月為 37%，下降了 30% 左右，因此您可能會看到 3 月的時間表、季節性因素較多。

Just kind of as you look into June, what are the moving pieces to get the growth?

展望六月，有哪些推動成長的因素？

I think you were trying to compare us to others and again, I think we've got an extremely diversified product stream to that large customer.

我認為您試圖將我們與其他公司進行比較，我認為我們為該大客戶提供了極其多樣化的產品流。

And some go right to the supplier that builds the phone, some go to the sub suppliers, so there's timing differences all the time in our ramps up and down with any customer, doesn't matter.

有些直接流向製造手機的供應商，有些則流向子供應商，因此我們與任何客戶的上升和下降始終存在時間差異，這並不重要。

Many of them use different subs and things like that.

他們中的許多人使用不同的潛艇和類似的東西。

So Blaine, I wouldn't read too much into that, at least on that quarter.

所以布萊恩，我不會對此進行太多解讀，至少在那個季度是這樣。

So what was the question after that?

那麼之後的問題是什麼呢？

Sorry, I thought you were relating it to the June quarter.

抱歉，我以為您將其與六月季度聯繫起來。

That wasn't really the main part of the question.

這並不是問題的主要部分。

I was actually just asking, you are seeing some nice growth outside of that customer to June.

我實際上只是想問，到 6 月份，您會看到除該客戶之外的一些良好增長。

I was just looking for what are the big moving pieces there.

我只是在尋找那裡有哪些大的動人的部分。

Certainly in the mobile business it's China, it's what we have been talking about.

當然，在行動業務中，這是我們一直在談論的中國。

It's the new platform launches.

這是新平台的發布。

We are represented more on some of the reference designs, where we were previously represented a little less and overall content growth, unit growth in China.

我們在一些參考設計上有更多的代表，而我們之前在這些參考設計上的代表較少，整體內容增長，在中國的單位增長。

And then for, Steve, on the OpEx line, you talked about some nice synergies in terms of gross margin.

然後，史蒂夫，在營運支出方面，您談到了毛利率方面的一些不錯的協同效應。

From an absolute dollar amount, I guess seems like OpEx was down a few million as of June.

從絕對金額來看，我猜截至 6 月份，營運支出似乎下降了幾百萬美元。

What's the right level to look at?

應該看什麼程度適合？

I know you don't want to raise your long-term model here, but even with some growth in the second half you would be above that.

我知道你不想在這裡提高你的長期模型，但即使下半年有一些成長，你也會高於這個水平。

When you look at the trajectory of just your absolute OpEx dollars, do you think it would grow off the space or do you think you can still bring it down?

當您查看絕對營運支出的軌跡時，您認為它會超出這個空間，還是您認為您仍然可以降低它？

You know, it's independent on the book of business we have.

你知道，它獨立於我們的業務簿。

We are fundamentally going to drive for full-year 20% operating expense and if revenue is not as good as we think, we will cut more, if it's better, we will invest more.

從根本上來說，我們將推動全年20%的營運費用，如果收入不如我們想像的那麼好，我們將削減更多，如果情況更好，我們將增加投資。

So I don't think you should look at a lot of growth, you know, we will be managing it carefully, but it will be dictated by the level of revenue that we are able to achieve.

因此，我認為您不應該關注大量成長，您知道，我們將謹慎管理它，但這將取決於我們能夠實現的收入水平。

Okay.

好的。

Thanks.

謝謝。

Thanks.

謝謝。

Thanks, Blaine.

謝謝，布萊恩。

We will take our next question from Edward Snyder with Charter Equity Research.

我們將回答來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder) 提出的下一個問題。

Yes, thanks.

對了謝謝。

Couple questions.

幾個問題。

Eric, could you see content gains based on the technology from both companies in the second half of this year or, you know, there was a three way, there was a couple of three way ADA's signed last year, so given the timing of former ramps, would those be brought to bear anytime in the calendar year here?

艾瑞克（Eric），你能看到今年下半年基於兩家公司技術的內容增益嗎？或者，你知道，有一個三路，去年ADA 簽署了幾個三路，所以考慮到前一個協議的時間安排坡道，這些會在一年中的任何時候在這裡發揮作用嗎？

And then on your DRX models, do they all have LNAs in them, or are you also going to do passive devices as we have seen in the past where filters and switches on a module?

然後，在您的 DRX 型號上，它們是否都具有 LNA，或者您是否也打算使用被動設備，就像我們過去在模組上看到的過濾器和開關一樣？

And then, Bob in the bigger picture, I'm sure you saw a lot of the action on the stock in the last couple quarters, specifically last quarter, been a lot of bear concerns about declines in China, et cetera.

然後，鮑勃，從更大的角度來看，我相信您在過去幾個季度，特別是上個季度，看到了該股的許多走勢，這是對中國股市下跌等的許多熊市擔憂。

Holistically where do you think the bearish case on Qorvo is the most incorrect?

總體而言，您認為 Qorvo 的看跌案例在哪裡是最錯誤的？

I mean we're obviously wondering about China, 2G, 3G slowing down there, they are worried about maximizing content at some of the major OEMs.

我的意思是，我們顯然想知道中國的 2G、3G 速度是否會放緩，他們擔心一些主要 OEM 廠商的內容最大化。

So if you can just speak to where you think most people might have missed it on the down side, I would appreciate it.

因此，如果您能談談您認為大多數人可能錯過的缺點，我將不勝感激。

I think Ed, I'll take that first, Eric and give you a little bit of time to answer Ed's two other questions.

我想艾德，我會先回答這個問題，艾瑞克，然後給你一點時間來回答艾德的另外兩個問題。

I think, Ed, people are struggling with understanding that the RF market is growing, just high level macro.

我認為，艾德，人們正在努力理解射頻市場正在成長，只是高層宏觀。

I mean, you know, if base bands go down, everybody thinks we are going to go down, but what they miss is their base bands might be going down, but they are shifting to 4G which needs more RF, so at a high level it's still an extremely healthy market.

我的意思是，你知道，如果基帶下降，每個人都認為我們會下降，但他們錯過的是他們的基帶可能會下降，但他們正在轉向需要更多射頻的 4G，所以在高水平上它仍然是一個非常健康的市場。

I think the second area is, you know, we sell a lot of parts quite honestly, some of these filters are as small as a grain of rice and they are hard to find.

我認為第二個方面是，你知道，我們誠實地出售很多零件，其中一些過濾器只有一粒米那麼小，很難找到。

You know, when you look at some of our little switches and they are not identified and, you know, you kind of go through this and people do teardowns and, you know some of these phones we look at after they do their teardowns, because we know we are in them, we don't look for it and in fact in many of these places they are strengths of ours.

你知道，當你看到我們的一些小開關時，它們沒有被識別，你知道，你經歷過這個，人們會拆解，你知道，我們在拆解後會看到其中一些手機，因為我們知道我們就在其中，但我們不會去尋找它，事實上，在許多這些地方，它們是我們的優勢。

You know, we will find 30% to 40% was not even identified in a teardown.

要知道，我們會發現 30% 到 40% 在拆解中甚至沒有被辨識出來。

So, you know, I think, again, people have to first get their head around the complexity of what's in a 4G phone of not only integrated components, even in highly integrated phones there's a lot of discretes still out there.

所以，我認為，人們必須先了解 4G 手機中的複雜性，不僅包括整合組件，即使在高度整合的手機中，仍然存在許多分立元件。

And, you know, we enjoy a lot of that business, Ed, so again RF is a great place to be right now and we are enjoying it and we have the right products.

而且，你知道，我們很喜歡這項業務，Ed，所以 RF 現在是一個很好的地方，我們很享受它，我們有合適的產品。

I would throw in there and it's a similar comment, that I think our success in China has been underestimated.

我想說的是類似的評論，我認為我們在中國的成功被低估了。

I think that, you know, that's a diverse set of customers, it isn't quite as prone to the major event teardown kind of press event.

我認為，你知道，這是一個多元化的客戶群，他們不太容易參加大型活動拆解類新聞活動。

Going back to the pre merger, both companies have had real success there, the units of 4G are growing like wildfire and I just don't think the market fully understood both the volume increases and our success rate at that diverse set of customers.

回到合併前，兩家公司都取得了真正的成功，4G 設備像野火一樣成長，我只是認為市場沒有完全理解銷售量的成長和我們在不同客戶群中的成功率。

To that point, Steve, what is -- I mean, our micro in the previous question before the merger were kind of flattish in China, you grew really well in 4G and partly because you had the big exposure of 3G and your 2G was declining.

就這一點而言，史蒂夫，我的意思是，在合併之前的上一個問題中，我們的微業務在中國表現平平，你們在4G 領域增長得非常好，部分原因是你們在3G 領域擁有龐大的曝光度，而你們的2G 業務正在下降。

Where does that shake out this quarter?

本季會發生什麼變化？

Do you still have a significant revenue in 2G, 3G, or is it de minimis, and is China still flat in this period or have you turned the corner and that 4G is just starting to show up as a big driver there, even in that segment?

你在 2G、3G 方面是否仍然有可觀的收入，還是微乎其微？中國在這一時期是否仍然持平，或者你已經扭轉了困境，4G 剛開始成為那裡的一個重要推動力，即使在這個時期部分？

I think Eric, now he has three questions for you to answer.

我想埃里克現在他有三個問題需要你回答。

I pointed that to Steve, to give Eric a break.

我向史蒂夫指出了這一點，並讓艾瑞克休息一下。

Thanks for the try.

感謝您的嘗試。

So, yes, I mean, 2G is certainly de minimis in our business and the 3G entry for the most part is as well.

所以，是的，我的意思是，2G 在我們的業務中肯定是微不足道的，而 3G 的入口在很大程度上也是如此。

Again, it's hard to break out because a lot of 3G stuff is in the 4G handsets as well and a lot of our components are used in both modes.

同樣，它很難突破，因為 4G 手機中也有很多 3G 的東西，而且我們的許多組件都在這兩種模式下使用。

So it is a little hard to break it out.

所以破解有點困難。

But to your point, there's no question right now that the 2G, 3G headwinds are lighter than they were the past couple quarters for us and we are starting to see more of the full content growth from 4G.

但就您的觀點而言，毫無疑問，目前 2G、3G 的阻力比過去幾季要輕，而且我們開始看到 4G 帶來更多完整內容的成長。

If I could move back to the first couple of questions, the content gain second half, yes, so the product development cycles as you know are generally about 9 to 18 months.

如果我可以回到前幾個問題，內容會增加後半部分，是的，所以您知道，產品開發週期通常約為 9 至 18 個月。

And then with design ends and rampups, I mean, you know, you're not looking at major impacts from new content gains from the merger this fiscal year, it's really next fiscal year when you're going to begin to see a full portfolio of Qorvo products.

然後，隨著設計的結束和升級，我的意思是，你不會看到本財年合併帶來的新內容收益的重大影響，實際上是在下財年你才會開始看到完整的產品組合Qorvo 產品。

The diversity receive module, which you mentioned specifically, is one example where we are I think able to capture some of the content gains from the Qorvo merger during this fiscal year.

您特別提到的多樣性接收模組就是一個例子，我認為我們能夠在本財年從 Qorvo 合併中獲得一些內容收益。

And to answer your specific question about LNAs, as far as I know at least I believe, every one that we are developing will have LNA capability in it.

回答你關於 LNA 的具體問題，據我所知，至少我相信，我們正在開發的每一款產品都將具有 LNA 功能。

And the reason for that is we are really attacking the premium diversity receive module market.

原因是我們正在真正進攻優質分集接收模組市場。

So we are not going after the kind of diversity receive modules that have been in the phones in the past.

因此，我們不會追求過去手機中的那種分集接收模組。

We are going after the ones that are in the high band count, high carry aggregation requirement types of applications where, one, you need really good filters and really good switches, and then also, two, you do need LNA, you need some active components in there.

我們正在尋找高頻段數、高承載聚合要求類型的應用，其中，第一，您需要非常好的濾波器和非常好的開關，然後，第二，您確實需要 LNA，您需要一些有源裡面有組件。

That makes it a very attractive segment for us.

這使得它對我們來說是一個非常有吸引力的細分市場。

Doesn't that then suggest that competition -- traditional competition which is a lot of the Japanese firms were doing the passives, is declining because they don't have a very strong active offering?

這是否表明競爭——很多日本公司都在做被動的傳統競爭——正在下降，因為他們沒有非常強大的主動產品？

Or is it that bunch of people, plus you and skyworks and some new ones, is it more competitive or less competitive and are you seeing the Japanese increasingly aggressive in the amplifier side of it now?

或者是那群人，再加上你和skyworks以及一些新人，它的競爭力是更強還是更弱？你是否看到日本人現在在擴大機方面越來越咄咄逼人？

Like I said it's a target rich environment.

就像我說的，這是一個目標豐富的環境。

We are picking the ones where we think we have the most differentiation so, yes, we are going after segments where we think we have something really unique, high definition.

我們正在挑選那些我們認為最具差異化的細分市場，所以，是的，我們正在尋找我們認為擁有真正獨特、高清晰度的細分市場。

So that means the competition shouldn't be as strong at it.

所以這意味著競爭不該那麼激烈。

And, again, it's just defining the intersection of where we have those differentiated strengths, where there's also a problem our customer really, really needs to solve and that's exactly the case in these diversity receive modules.

再說一次，它只是定義了我們擁有這些差異化優勢的交集，其中還有我們的客戶真正需要解決的問題，而這些多樣性接收模組正是這種情況。

Thanks.

謝謝。

And final question for James.

最後一個問題要問詹姆斯。

So you saw with one of your major competitors a very big increase in their non-mobile business, but specifically around Wi-Fi.

因此，您看到您的主要競爭對手之一的非行動業務大幅成長，特別是在 Wi-Fi 方面。

Especially now we are going to two by two, three by three, I think even Broadcom's got a six by six design out there as a reference design now.

特別是現在我們要採用二乘二、三乘三的設計，我想即使博通現在也有六乘六的設計作為參考設計。

Are you seeing as much of an uptick, is it an area that you're starting to focus in, because you mentioned Wi-Fi here and again in the CPE side, seems to be what's driving a lot of the growth these days.

您是否看到了同樣多的成長，這是您開始關注的一個領域嗎？因為您在 CPE 方面多次提到 Wi-Fi，這似乎是當今推動大量成長的因素。

So two questions, one are you seeing a similar trend in your end demand and, two, how do you feel your position on the reference design, because a lot of it is reference design, at both say Broadcom and at Atheros, or any of the other vendors you talk to, thanks.

所以有兩個問題，一是您在最終需求中看到了類似的趨勢，二是您對參考設計的立場有何看法，因為其中很多都是參考設計，無論是在Broadcom 還是在Atheros，或者任何一家公司與您交談的其他供應商，謝謝。

So I would say, Ed, and thanks for the question.

所以我想說，艾德，謝謝你的提問。

We are on the verge of that, we've got some of our first key reference design wins in that area and we are starting to ramp up production on those products now.

我們正處於這一目標的邊緣，我們已經在該領域獲得了一些第一個關鍵參考設計勝利，並且我們現在開始提高這些產品的產量。

So I think as we do get to the back half we will start to see substantial growth in that area.

因此，我認為，當我們進入下半年時，我們將開始看到該領域的大幅成長。

Certainly that's where we are focused.

當然，這就是我們關注的重點。

We are really focused on supporting those reference designs and make sure that we have discriminating technology.

我們真正專注於支援這些參考設計，並確保我們擁有有差異的技術。

So I think we will start to see more and more ramp-up in the back half and it is a big focus area for us.

因此，我認為我們將開始看到後半區越來越多的成長，這對我們來說是一個重點領域。

And final question, I guess probably to Eric, so correct me if I'm wrong but you've enjoyed a tighter relationship with Qualcomm probably in the last six months or so, evolving relationship than you have in a long time prior to that.

最後一個問題，我想可能是問艾瑞克的，所以如果我錯了，請糾正我，但你可能在過去六個月左右的時間裡與高通公司建立了更緊密的關係，比在此之前很長一段時間內的關係不斷發展。

Is that starting to bear fruit on their reference designs?

他們的參考設計是否開始有成果？

Do you see more traction in their general products, or is it almost specifically focused on stuff that would have used R360?

您認為他們的一般產品更具吸引力，還是幾乎專門專注於使用 R360 的產品？

How is the Qualcomm relationship evolving?

高通的關係正在如何演變？

You're right, we've actually managed to have a good relationship with them.

你說得對，我們實際上已經與他們建立了良好的關係。

They still depend on us as well as other RF suppliers for the vast majority of their RF content on their reference designs and the products that they ship.

他們仍然依賴我們以及其他射頻供應商來獲取其參考設計和發貨產品中的絕大多數射頻內容。

So I think it really does scale with the overall opportunity and it's not just Qualcomm specific, but with each of the reference design houses we have an increasing amount of attention these days, and therefore content that's coming along with it.

因此，我認為它確實會隨著整體機會的擴大而擴大，這不僅僅是高通特有的，而且對於每個參考設計公司來說，我們現在受到越來越多的關注，因此隨之而來的內容也越來越多。

Thanks, guys.

多謝你們。

Appreciate it.

欣賞它。

Thank you, Ed.

謝謝你，艾德。

We will take our next question from Tom Diffely with D.A. Davidson.

我們將回答 Tom Diffely 和 D.A. 提出的下一個問題。戴維森。

Yes, good afternoon.

是的，下午好。

Just a quick question on the filter side.

只是一個關於過濾器方面的簡單問題。

Are you starting to see a blurring of the lines between the TC SAW and the BAW filters these days, and which of the two is the biggest kind of incremental opportunity for you on a near-term basis?

如今，您是否開始發現 TC SAW 和 BAW 濾波器之間的界線變得模糊，兩者中哪一個是您近期最大的增量機會？

Yes, this is Eric.

是的，這是埃里克。

I don't think there's really a blur in the line necessarily.

我認為這條線不一定是模糊的。

I mean, there are more and more frequency bands coming on and even with existing bands there are changes that are coming from the operators, we still work very closely with the carriers and helping to sort of influence the requirements for the filters.

我的意思是，越來越多的頻段即將出現，即使現有頻段也有來自運營商的變化，我們仍然與運營商密切合作，幫助影響濾波器的要求。

And there are some that are very well addressed by and we see in general the ones that are going to be addressed by BAW are growing more rapidly and those are the areas that we are primary focused on.

有些問題已經得到了很好的解決，而且我們總體上看到 BAW 將解決的問題成長得更快，而這些是我們主要關注的領域。

Okay.

好的。

So you're not seeing the TC SAWs and migrate over into where BAW filters have historically been the strongest?

那麼您沒有看到 TC SAW 並遷移到 BAW 濾波器歷史上最強的地方？

No, in fact we see several cases where BAW is taking what is more traditional SAW content.

不，事實上我們看到了一些 BAW 正在採用更傳統的 SAW 內容的案例。

TC SAW applies to a few bands, very specifically and very, very well, we don't see that changing.

TC SAW 適用於幾個頻段，非常具體，非常非常好，我們沒有看到這種變化。

The overall trend is kind of between SAW and BAW and the diversity receive modules, we have talked about several times today, are an example where we are able to take what was SAW before and replace that with BAW and actually add value to the customer.

整體趨勢介於 SAW 和 BAW 之間，我們今天已經多次討論過多樣性接收模組，這是一個例子，我們能夠採用以前的 SAW 並用 BAW 替換它，並實際上為客戶增加價值。

Hey, Tom, sometimes when you look out there, you see people talking about, I've seen TC SAWs encroaching and moving up the higher frequency.

嘿，湯姆，有時當你向外看時，你會看到人們在談論，我看到 TC SAW 正在蠶食並提高頻率。

Typically the source of those are people who only have access to TC SAW filter technology.

通常，這些人的來源是只能使用 TC SAW 濾波器技術的人。

And Qorvo, as you know produces both those, we are a neutral party and we will deliver the technology that serves the customer needs the best.

如您所知，Qorvo 生產這兩種產品，我們是中立方，我們將提供最能滿足客戶需求的技術。

Okay.

好的。

Very helpful.

很有幫助。

I appreciate it.

我很感激。

Thank you.

謝謝。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

At this time I will turn the conference back to management for any additional or closing remarks.

此時，我將把會議交還給管理層，以徵求任何補充或結束語。

We thank you for joining us today for Qorvo's fourth-quarter earnings call.

感謝您今天參加 Qorvo 第四季財報電話會議。

Qorvo is a primary beneficiary of the exploding demand for mobile data in the increasing RF content and connected devices.

Qorvo 是射頻內容和連接設備不斷增加的行動數據需求爆炸性增長的主要受益者。

We are outpacing our markets and expect to deliver strong operating leverage, as we implement our integration plans and capture merger synergies.

我們正在超越市場，並期望在實施整合計劃並獲取合併協同效應時提供強大的營運槓桿。

Thanks again and good night.

再次感謝，晚安。

That concludes today's presentation.

今天的演講到此結束。

Thank you for your participation.

感謝您的參與。