科沃 (QRVO) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Qorvo Q1 2016 conference call.

女士們、先生們，美好的一天，歡迎參加 Qorvo 2016 年第一季電話會議。

Today's call is being recorded.

今天的通話正在錄音。

I would now like to turn the call over to Doug DeLieto.

我現在想將電話轉給 Doug DeLieto。

Please go ahead, sir -- Vice President of Investor Relations.

請繼續，先生－投資者關係副總裁。

Thanks very much, Catherine.

非常感謝，凱瑟琳。

Hi, everybody, and welcome to our June 2015 earnings call.

大家好，歡迎參加我們 2015 年 6 月的財報電話會議。

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.

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。

As well as the risk factors associated with our business in our annual report on Form 10-K filed with the SEC, because these risk factors may affect our operations and financial results.

以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的營運和財務表現。

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 other 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其他可能掩蓋我們基本業績趨勢的項目的影響。

During our call, our comment 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.

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱我們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”部分查看。

In fairness to all listeners, we ask that each participant please limit themselves to one question.

為了公平對待所有聽眾，我們要求每位參與者只回答一個問題。

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.

今天和我坐在一起的是總裁兼執行長 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.

謝謝，道格。

Good afternoon, everyone, and welcome to our FY16 first-quarter earnings call.

大家下午好，歡迎參加我們的 2016 財年第一季財報電話會議。

Led by strength in Mobile Products, Qorvo's June quarterly revenue increased 6% sequentially and 23% year-over-year when compared to the combined revenue of RFMD and TriQuint in the June 2014 quarter.

在行動產品領域的強勁帶動下，與 RFMD 和 TriQuint 在 2014 年 6 月季度的總收入相比，Qorvo 6 月份的季度收入環比增長 6%，同比增長 23%。

We were pleased to see Mobile Products grow 12% sequentially and 35% year-over-year, as we continued to successfully capture a broad array of opportunities to fortify long-term trends.

我們很高興看到行動產品環比成長 12%，年成長 35%，因為我們繼續成功抓住了一系列鞏固長期趨勢的機會。

In particular, the global demand for broad-based data continues to proliferate, while front-end complexity and the performance requirements of RF solutions continue to expand.

特別是，全球對廣泛數據的需求持續激增，而射頻解決方案的前端複雜性和效能要求持續擴大。

The strength in Mobile Products was sufficient to offset a sharp sequential decline in wireless infrastructure related to a pause in LTE base station deployments.

行動產品的實力足以抵銷因 LTE 基地台部署暫停而導致的無線基礎設施連續急劇下降的影響。

Outside of wireless infrastructure, IDP revenue grew approximately 9% versus last year.

除了無線基礎設施之外，IDP 收入比去年增長了約 9%。

Within this opportunity-rich environment, Qorvo is winning by leveraging our expanding portfolio of products and technologies, and offering highly integrated system-level solutions to customers, channel partners and mobile operators.

在這個機會豐富的環境中，Qorvo 憑藉不斷擴大的產品和技術組合以及為客戶、通路合作夥伴和行動營運商提供高度整合的系統級解決方案而贏得勝利。

As a broad measure of success, our Mobile Products Group surpassed its operating model of 30% operating income on a preliminary basis.

作為衡量成功的廣泛標準，我們的行動產品集團初步超越了 30% 營業收入的營運模式。

That's all the more impressive when you consider our mobile product portfolio in June consisted entirely of legacy RFMD and TriQuint parts.

當您考慮到我們 6 月的行動產品組合完全由傳統 RFMD 和 TriQuint 零件組成時，這一點就更加令人印象深刻。

And we'd yet to in-source legacy TriQuint assembly, our largest cost synergy.

我們還沒有內部採購傳統的 TriQuint 組裝，這是我們最大的成本綜效。

We're designing and developing an increasing number of differentiated system-level solutions that integrate our legacy capabilities.

我們正在設計和開發越來越多的差異化系統級解決方案，這些解決方案整合了我們的遺留功能。

And these Qorvo parts will drive growth and improve profitability next fiscal year.

這些 Qorvo 零件將推動下一財年的成長並提高獲利能力。

Some early examples include our BAW-based highband RF Fusion, which secured multiple design wins during the June quarter.

一些早期的例子包括我們基於 BAW 的高頻段 RF Fusion，它在六月季度贏得了許多設計勝利。

And our recently introduced BAW-based RF Fusion iFEM for mobile Wi-Fi, which was announced last quarter and has already received production orders.

我們最近推出了用於行動 Wi-Fi 的基於 BAW 的 RF Fusion iFEM，該產品已於上季發布並已收到生產訂單。

These products demonstrate what our organization can achieve by leveraging our combined core competencies.

這些產品展示了我們的組織透過利用我們的綜合核心能力可以實現的目標。

There will be many more to come.

未來還會有更多。

Within IDP, we saw sequential strength across all our markets, other than wireless infrastructure.

在 IDP 中，我們看到了除無線基礎設施之外的所有市場的連續優勢。

In particular, I would like to highlight some of our achievements in Wi-Fi and GaN applications.

我特別想強調我們在 Wi-Fi 和 GaN 應用方面所取得的一些成就。

Qorvo is the leading supplier of RF GaN, and we have released over 100 GaN products during the past 18 months in both high-power and high-frequency applications.

Qorvo 是領先的 RF GaN 供應商，在過去 18 個月裡，我們在高功率和高頻應用領域發布了 100 多種 GaN 產品。

We offer the industry's broadest portfolio of GaN capabilities, with advanced low-cost packaging techniques, and we are transitioning to 6 inch wafers this year.

我們提供業界最廣泛的 GaN 功能組合以及先進的低成本封裝技術，今年我們將轉向 6 吋晶圓。

With over 15 years experience, Qorvo is the only GaN supplier at manufacturing Readiness Level 9. And we are recognized globally for environmental robustness and industry-leading reliability.

Qorvo 擁有超過 15 年的經驗，是唯一一家達到製造準備等級 9 級的 GaN 供應商。我們因環境穩健性和行業領先的可靠性而獲得全球認可。

We continue to see strength in both the cable, and defense and aerospace markets, where Qorvo is the GaN leader.

我們繼續看到電纜、國防和航空航太市場的實力，其中 Qorvo 是 GaN 的領導者。

We also sampled GaN macrocell power amplifiers to major base station customers.

我們也向主要基地台客戶提供了 GaN 宏單元功率放大器樣品。

And we continue to see GaN as a disruptive technology, displacing silicon LDMOS, which is the dominant technology today.

我們繼續將 GaN 視為一項顛覆性技術，取代當今的主導技術矽 LDMOS。

During June, GaN-related revenue increased 30% compared to the same quarter last year.

6月份，GaN相關營收與去年同期相比成長了30%。

In Wi-Fi, the design pipeline, especially for 5 gigahertz in the enterprise Wi-Fi space, is very strong.

在 Wi-Fi 領域，設計流程非常強大，尤其是企業 Wi-Fi 領域 5 GHz 的設計流程。

Qorvo is expanding our strategic relationships with the major chipset providers, as well as the leading suppliers of enterprise equipment.

Qorvo 正在擴大與主要晶片組供應商以及領先的企業設備供應商的策略關係。

In automotive, Qorvo was recently selected to be the preferred supplier for four out of five RF components in a next-generation automotive antenna.

在汽車領域，Qorvo 最近被選為下一代汽車天線中五分之四射頻元件的首選供應商。

Leading participants from across the mobile data ecosystem are engaging Qorvo to contribute more broadly and more strategically to industry growth, given our ability to deliver best-in-class system solutions.

鑑於我們提供一流系統解決方案的能力，來自整個行動數據生態系統的領先參與者正在與 Qorvo 合作，為產業成長做出更廣泛、更具策略性的貢獻。

As we've discussed previously, we have signed multiple NDAs with leading customers.

正如我們之前討論的，我們已與領先客戶簽署了多項保密協議。

And in the June quarter, we pursued additional opportunities to layer on incremental revenue, and we are moving aggressively to move these programs from the prototyping and sampling phase to production.

在六月季度，我們尋求更多機會來增加收入，我們正在積極行動，將這些項目從原型設計和樣品階段轉移到生產階段。

We're also working closely with the world's leading mobile operators to improve spectral efficiency and help them to maximize their investments in their available spectrums.

我們還與世界領先的行動營運商密切合作，以提高頻譜效率並幫助他們最大限度地利用可用頻譜的投資。

We are engaged with dozens of operators, and we continue to add to our carrier program.

我們與數十家營運商合作，並不斷增加我們的營運商計劃。

Because Qorvo offers a comprehensive suite of products and the industry's broadest portfolio of enabling technologies, we are uniquely positioned to implement system-level solutions that leverage both active and passive semiconductor content, without a bias or any one technology or approach.

由於 Qorvo 提供全面的產品套件和業界最廣泛的支援技術組合，因此我們具有獨特的優勢，可以實施利用主動和被動半導體內容的系統級解決方案，而不存在偏見或任何單一技術或方法。

With all major technologies under one roof, we can match the optimum technology to each customer's application, balancing the trade-off between performance and cost.

憑藉所有主要技術，我們可以將最佳技術與每個客戶的應用相匹配，平衡效能和成本之間的權衡。

We are in the early innings of the deployment of received carrier aggregation, which improves spectral efficiency.

我們正處於接收載波聚合部署的早期階段，這可以提高頻譜效率。

This is an important trend in the migration towards global and super-regional devices.

這是向全球和超區域設備遷移的重要趨勢。

It's placing a significant premium on higher-performance filters and switches, and it's giving Qorvo excellent visibility in the leading smartphone architectures for 2016 and 2017.

它非常重視高效能濾波器和開關，並讓 Qorvo 在 2016 年和 2017 年領先的智慧型手機架構中擁有出色的知名度。

As carriers focus increasingly on spectral efficiency, we also see transmit carrier aggregation driving RF content, first in China, and migrating elsewhere.

隨著營運商越來越關注頻譜效率，我們也看到傳輸載波聚合推動了射頻內容的發展，首先在中國，然後再遷移到其他地方。

Longer term, the global wireless industry is working towards a goal of 1-gigabit per second speed on the downlink and the uplink.

從長遠來看，全球無線產業正在努力實現下行鏈路和上行鏈路每秒 1 吉比特的速度目標。

Another significant driver for the RF TAM is the migration from three-mode to five-mode, and even six-mode devices.

RF TAM 的另一個重要驅動因素是從三模設備遷移到五模設備，甚至是六模設備。

Last year, it was estimated that less than 40% of 4G devices in China were five-mode, and we expect five- and six-mode devices will represent the vast majority within the next few years.

去年，估計中國不到 40% 的 4G 設備是五模設備，我們預計未來幾年內五模和六模設備將佔絕大多數。

Looking at diversity receive modules, an increasing percentage of these solutions are expected to combined premium BAW filters with high-performance, high throw count switches -- two areas where Qorvo maintains a competitive advantage.

就分集接收模組而言，預計越來越多的解決方案將優質 BAW 濾波器與高效能、高投擲數開關相結合，這兩個領域是 Qorvo 保持競爭優勢的領域。

This market is valued at approximately $1 billion today, and that's forecasted to expand to approximately $2 billion over the next three years.

目前該市場價值約 10 億美元，預計未來三年將擴大至約 20 億美元。

So the increasing global demand for data is driving an exponential increase in RF complexity, RF content, while the trend toward super-regional and global devices means greater performance and more functionality need to be packed in the smaller-size implementations.

因此，全球數據需求的不斷增長正在推動射頻複雜性和射頻內容呈指數級增長，而超區域和全球設備的趨勢意味著需要在更小的尺寸實現中封裝更高的性能和更多的功能。

The arrival of 5G, projected in the 2020 timeframe, will bring more bands, and likely higher frequencies, and even tougher RF challenges, extending the long-term revenue growth opportunity for Qorvo.

預計 5G 將於 2020 年到來，這將帶來更多頻段、可能更高的頻率，甚至更嚴峻的射頻挑戰，從而延長 Qorvo 的長期收入成長機會。

Pulling back a little bit closer in, there are moving pieces impacting industry demand and our September guidance.

稍微拉近一些，就會發現一些影響產業需求和我們 9 月指導的因素。

First, the LTE base station market is soft.

首先，LTE基地台市場疲軟。

This is a continuation of what we saw in the June quarter, and we expect wireless infrastructure to be down sequentially in the September quarter.

這是我們在 6 月季度看到的情況的延續，我們預計無線基礎設施將在 9 月季度連續下降。

For context, the infrastructure market provided about one-third of IDP revenue in March.

就背景而言，基礎設施市場提供了 3 月份 IDP 收入的約三分之一。

It dropped approximately 40% sequentially in June, primarily to a pause in LTE base station deployments.

6 月環比下降約 40%，主要是由於 LTE 基地台部署暫停。

That said, the wireless infrastructure market remains a great market, where Qorvo can do extremely well.

儘管如此，無線基礎設施市場仍然是一個巨大的市場，Qorvo 在這方面可以做得非常出色。

We're looking forward to the return of the wireless infrastructure market, and we're bringing out new GaN and SOI products to support this market and the continued global rollout of 4G networks.

我們期待無線基礎設施市場的回歸，並推出新的 GaN 和 SOI 產品來支援該市場以及 4G 網路的持續全球部署。

Second, we've seen a slowing among handset customers in China.

其次，我們看到中國手機客戶數量成長放緩。

Qorvo has secured excellent growth opportunities in China, and China Inc was our largest customer in June, if you combine all China-based brands.

Qorvo 在中國獲得了極好的成長機會，如果將所有中國品牌合併起來，中國公司是我們 6 月最大的客戶。

We currently believe some customers in China have a few weeks of excess inventory to work down, and this, too, is reflected in our September guidance.

目前，我們認為中國的一些客戶有幾週的過剩庫存需要處理，這也反映在我們 9 月的指導中。

While the China market has great fundamentals, it can be choppy, and we're seeing a bit of that now.

雖然中國市場有著良好的基本面，但也可能會出現波動，我們現在已經看到了一些這樣的情況。

At a high level, looking across our businesses, we are very much looking forward to the release of several marquee smartphones throughout the remainder of this calendar year.

從較高的層面來看，縱觀我們的業務，我們非常期待在今年剩餘時間內發布多款旗艦智慧型手機。

And long-term industry fundamentals are strong.

長期產業基本面強勁。

Design activity is robust.

設計活動穩健。

Engagements are expanding with customers, channel partners and carriers, and we are on track to achieve our financial model.

與客戶、通路合作夥伴和營運商的合作不斷擴大，我們正在實現我們的財務模式。

We're proud of our accomplishments in June.

我們為六月的成就感到自豪。

We expect to finish the calendar year very strong.

我們預計今年會非常強勁地結束。

And we believe calendar 2016 will be an even stronger year, and the best indicator yet of what Qorvo can achieve.

我們相信 2016 年將是更加強勁的一年，也是 Qorvo 能夠實現的目標的最佳指標。

And with that, I'll turn the call over to Steve for an in-depth review of our financials.

接下來，我會將電話轉給史蒂夫，讓他對我們的財務狀況進行深入審查。

Thanks, Bob.

謝謝，鮑伯。

In the June quarter, Qorvo grew revenue 23% year-on-year to $673 million, when compared to RFMD and TriQuint on a combined basis.

與 RFMD 和 TriQuint 的合併收入相比，Qorvo 在第二季的營收年增 23%，達到 6.73 億美元。

This above-market growth was led by Mobile, up 35% to $551 million.

這一高於市場水準的成長主要由行動業務帶動，成長了 35%，達到 5.51 億美元。

IDP's revenue declined 13% to $122 million, driven by a sharp decline in base station opportunities.

由於基地台機會急劇減少，IDP 的收入下降了 13% 至 1.22 億美元。

Outside of wireless infrastructure, IDP revenue grew approximately 9%.

除了無線基礎設施之外，IDP 收入成長了約 9%。

Qorvo had two 10% customers, the larger at approximately 33% 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 33%，代表了多個分包商對該最終客戶的總需求。

Our second 10% customer during the quarter was [Waway].

本季我們的第二個 10% 客戶是 [Waway]。

Gross margin was a record 51.5%, up sequentially from 50.4%, and up from 44.8% in the prior-year period for RFMD and TriQuint on a combined basis.

RFMD 和 TriQuint 的毛利率合計達到創紀錄的 51.5%，高於上一季的 50.4%，也高於去年同期的 44.8%。

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

Qorvo 毛利率的改善主要歸功於有利的產品組合和綜效。

Operating expenses were $159 million for the June quarter.

六月季度的營運費用為 1.59 億美元。

Year-on-year, operating expenses grew at half the rate of revenue growth.

與去年同期相比，營運費用成長率是收入成長率的一半。

Within this, R&D grew 19%, as we pursue opportunities in a healthy growth market.

其中，隨著我們在健康成長的市場中尋求機會，研發成長了 19%。

And all other operating expenses were flat.

所有其他營運費用均持平。

The realization of synergies is allowing us to grow investment in product and process development, while making solid progress towards our operating expense model.

協同效應的實現使我們能夠增加對產品和製程開發的投資，同時在營運費用模式方面取得紮實進展。

Operating income was $187.8 million versus $103.2 million in the year-ago period for RFMD and TriQuint combined.

RFMD 和 TriQuint 的營業收入合計為 1.878 億美元，而去年同期為 1.032 億美元。

This dramatic improvement was led by Mobile, which on a preliminary basis, achieved over 30% operating income, while growing the top line by 35%.

這一巨大的進步是由行動部門驅動的，該公司初步實現了超過 30% 的營業收入，同時收入成長了 35%。

Net income for the June quarter was $168.5 million or $1.09 per diluted share.

六月季度的淨利潤為 1.685 億美元，或攤薄後每股收益 1.09 美元。

This compares favorably to the original guidance of $1 to $1 10.

這與最初的 1 美元到 1 10 美元的指導相比是有利的。

We've been Qorvo for six months now, and there's a lot to be proud of.

我們加入 Qorvo 已經六個月了，有很多值得自豪的事情。

Revenue is up 33% over the combined TriQuint and RFMD revenue a year ago.

收入比一年前 TriQuint 和 RFMD 的總收入增加了 33%。

The most exciting part is the growth in operating income -- up 178%.

最令人興奮的部分是營業收入的成長——成長了 178%。

Synergy achievement and operating leverage are driving real improvements in our business.

協同效應和營運槓桿正在推動我們業務的真正改進。

We continue to make good progress on achievement of our synergy goals, and expect to exceed them in both years.

我們在實現協同目標方面繼續取得良好進展，並期望在這兩年中超越這些目標。

Looking forward, we see significant opportunities during calendar 2016, primarily in gross margin.

展望未來，我們看到 2016 年存在重大機遇，主要是毛利率方面。

We have a dedicated team and process focused on executing the cost reduction opportunities presented by the merger.

我們擁有專門的團隊和流程，專注於執行合併帶來的成本降低機會。

Total cash and investments was $558 million, and cash flow from operations totaled $141 million.

現金和投資總額為 5.58 億美元，營運現金流總額為 1.41 億美元。

Capital expenditures are $89 million, primarily to address continued growth in customer demand for our premium filters.

資本支出為 8,900 萬美元，主要是為了滿足客戶對我們優質過濾器持續成長的需求。

The Company repurchased approximately 602,000 shares at a total cost of $50 million.

該公司回購了約 602,000 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'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。

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 increase in RF content and complexity.

未來幾年，行動 RF 的潛在市場總量預計將以 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 內容和複雜性相關增加推動的。

It's noteworthy that Q1's year-on-year revenue growth of 23% easily exceeded this, despite significant headwinds in the base station market.

值得注意的是，儘管基地台市場存在巨大阻力，但第一季23%的營收年增率輕鬆超過了這個數字。

With a product portfolio serving the faster growing parts of our addressable market, we're excited about our 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，我們對我們的成長前景感到興奮，並認為我們可以超越行業的成長率。

Achieving 28% operating income reflects good progress towards our full-year goal of 30%.

實現 28% 的營業收入反映了我們在實現 30% 的全年目標方面取得了良好進展。

Add in the substantial synergies yet to come, and we feel confident we can hit our model, while making substantial 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，我們相信我們能夠實現我們的模式，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 quarter ending October 3. Quarterly revenue of approximately $690 million to $710 million, up 4% at the midpoint.

Qorvo 目前認為，其終端市場的需求環境支持以下截至 10 月 3 日的季度的非 GAAP 預期。季度營收約為 6.9 億美元至 7.1 億美元，中位數成長 4%。

Gross margin of approximately 50% to 51%.

毛利率約為50%至51%。

A tax rate in the range of 10% to 15%.

稅率在10%到15%之間。

Diluted EPS in the range of $1.05 to $1.15, based on approximately 155 million shares.

基於約 1.55 億股，稀釋後每股收益在 1.05 美元至 1.15 美元之間。

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 currently expect to report September quarter results on November 5.

我們目前預計將於 11 月 5 日報告 9 月份季度業績。

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）

Vivek Arya, Bank of America Merrill Lynch.

Vivek Arya，美銀美林。

Thanks for taking my question.

感謝您提出我的問題。

Bob, when I look at the September guidance, it's [missive] about $40 million, plus or so.

鮑勃，當我查看 9 月的指導時，[郵件]大約為 4000 萬美元，甚至更多。

Could you help us quantify how much is on the further weakness in IDP?

您能否幫助我們量化 IDP 的進一步疲軟程度？

How much is that excess inventory in China?

中國的過剩庫存有多少？

How much could be weakness or any content changes, actual large US and Korean customer?

有多少可能是弱點或任何內容變化，實際的美國和韓國大客戶？

I think we really need this kind of detail to give us more comfort around what caused the mess, and whether it's a short-term event or whether there is something else here.

我認為我們確實需要這種細節，以便讓我們更加了解造成混亂的原因，以及這是否是短期事件，或者是否有其他原因。

Vivek, thanks for your question.

維韋克，謝謝你的提問。

As far as changes to the outlook, again, we did not guide for the September quarter until today so I don't know that I can bridge to what was in your mind.

至於前景的變化，我們直到今天才對 9 月季度做出指導，所以我不知道我是否可以理解您的想法。

But I tried to size, in my opening comments, how significant the wireless infrastructure business is for us.

但我在開場白中試圖衡量無線基礎設施業務對我們的重要性。

It's well over $20 million -- almost $25 million from the high that we saw just a couple quarters ago.

這遠遠超過了 2000 萬美元——與我們幾個季度前看到的高點相比幾乎高出了 2500 萬美元。

It's a very significant number.

這是一個非常重要的數字。

Obviously no growth there.

顯然那裡沒有成長。

There's at least $25 million of some of that growth.

其中至少有 2500 萬美元的成長。

And some of the slowdown that we've seen in China that we believe is going to be deleted off over the next few weeks and will pick back up, and we'll be back on track in the December quarter.

我們在中國看到的一些放緩，我們相信將在未來幾週內消除，並將回升，我們將在 12 月季度重回正軌。

We feel pretty good about that.

我們對此感覺很好。

I don't know that I can size that, because we didn't give any guidance for it.

我不知道我可以確定它的大小，因為我們沒有為此提供任何指導。

But as far as content changes in any of the phones, or major losses, I don't see anything changing in what our expectations are for what we felt we had won, what we had won, and how we think it's going to play out for the rest of the year.

但就任何一部手機的內容變化或重大損失而言，我認為我們對我們認為自己贏得了什麼、我們贏得了什麼以及我們認為它將如何發揮的期望有任何變化今年剩下的時間。

Don't see any content changes, more just what's going on in the market in China, and what we said in the wireless infrastructure market.

沒有看到任何內容變化，更多只是中國市場發生的事情，以及我們在無線基礎設施市場所說的內容。

Maybe if I ask that question a different way, which is: of the 4% sequential growth that you're expecting, how should we think about growth in Mobile versus the sequential growth in IDP?

也許如果我以不同的方式問這個問題，即：在您預期的 4% 的環比增長中，我們應該如何考慮行動業務的成長與 IDP 的環比增長？

I think that's a great question, Vivek.

我認為這是一個很好的問題，維維克。

Again, that's why we spent some time explaining.

同樣，這就是我們花一些時間解釋的原因。

Last quarter, if you're remember, we said we thought that the IDP business would be down slightly.

如果您還記得的話，上個季度，我們說過我們認為 IDP 業務會略有下降。

It ended up being down significantly, as Steve has pointed out -- down about 13% quarter over quarter, or thereabouts.

正如史蒂夫所指出的那樣，它最終大幅下降——季度環比下降了約 13% 左右。

And that was more than made up from the strength that we saw in our Mobile business.

這不僅僅是我們在行動業務中看到的實力所彌補的。

This quarter, we expecting IDP to be flat.

本季度，我們預計 IDP 將持平。

So all the growth is in the Mobile business this quarter.

因此，本季所有的成長都集中在行動業務上。

Got it.

知道了。

And just lastly --

最後——

Vivek, if I could, what I said in my opening comments is, we are expecting the wireless infrastructure to be down, offset if you will, by what's going on in James' other businesses.

Vivek，如果可以的話，我在開場白中所說的是，我們預計無線基礎設施將會關閉，如果你願意的話，可以透過詹姆斯其他業務的情況來抵消。

IDP is roughly flat.

IDP 大致持平。

And then lastly, in terms of OpEx, I think it was in [a little lean] in terms of the cost synergies that you had outlined before.

最後，就營運支出而言，我認為就您之前概述的成本協同效應而言，它[有點精簡]。

How should we think about the OpEx trajectory for the next few quarters?

我們該如何看待未來幾季的營運支出軌跡？

Thank you.

謝謝。

Steve, do you want to handle that?

史蒂夫，你想解決這個問題嗎？

You had some comments in your script.

你的劇本中有一些評論。

You bet.

你打賭。

I expect OpEx to continue to be in the $150 millions, probably mid-$150 millions, as we average over the quarters.

我預計營運支出將繼續保持在 1.5 億美元，甚至可能在 1.5 億美元左右，正如我們每季的平均值一樣。

We did spend a bit in R&D as we pursued some additional opportunities that came to our attention, primarily engineering materials, prototype materials, type expenses.

我們確實在研發上花了一些錢，因為我們追求了一些引起我們注意的額外機會，主要是工程材料、原型材料、類型費用。

If you look year on year, or six months to six months, almost any of the comparisons, SG&A is flat year on year, despite significant revenue growth.

如果你看一下同比，或者六個月到六個月，幾乎所有的比較，SG&A 同比持平，儘管收入大幅增長。

That really reflects synergies offsetting inflation kind of costs.

這確實反映了抵銷通貨膨脹成本的綜效。

R&D is up less than the rate of revenue growth.

研發增速低於收入增速。

And the synergies there are allowing us to pursue some of these opportunities, which we feel very good about.

那裡的協同效應使我們能夠抓住其中一些機會，我們對此感到非常滿意。

Thank you.

謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Thank you for taking my question.

感謝您回答我的問題。

Maybe just a little more color on the weakness that you're seeing in the China mobile market?

也許只是對您在中國行動市場看到的疲軟狀況進行更多描述？

Is it primarily on the LT side, or 3G side?

主要是LT側還是3G側？

Any color on whether it's concentrated on a couple of customers or more broad-based than that?

對於它是集中在幾個客戶還是更廣泛的客戶有什麼看法嗎？

And if you have any sense anecdotally on when inventory could be back at more normalized levels?

您是否對庫存何時可以恢復到更正常的水平有任何了解？

Thanks.

謝謝。

Sure, thank you, Gabriela.

當然，謝謝你，加布里埃拉。

Just on a high level -- and I'll let Eric give a little more of the details.

只是在高層次上——我會讓埃里克提供更多細節。

Were still very much enjoying growth in China.

我們仍然非常享受在中國的成長。

We think the market is, like we said earlier, in the very early innings of its migration to 4G.

正如我們之前所說，我們認為市場正處於遷移到 4G 的早期階段。

Were seeing the trend of moving from three-mode to five-mode, six-mode.

我們看到了從三模轉變為五模、六模的趨勢。

All the macro things that we see in China are all intact.

我們在中國看到的所有宏觀的東西都完好無損。

The markets continue to migrate 2G to 3G, and some going to 4G.

市場繼續從 2G 遷移到 3G，有些甚至遷移到 4G。

So subs are being added.

所以正在添加潛水艇。

We feel real good about that.

我們對此感覺非常好。

We did see a little bit strength last quarter in our China market, and they're digesting some of that.

上個季度我們確實看到了中國市場的一點強勁，他們正在消化其中的一些。

I'll let Eric talk a little more.

我會讓埃里克多說一點。

I think you covered the high points really well.

我認為你很好地涵蓋了要點。

Long-term, nothing's changed.

長期來看，一切都沒有改變。

We think the China market is very much on track, and in one of our greatest growth opportunities.

我們認為中國市場正在步入正軌，並且是我們最大的成長機會之一。

We think our content there is set to grow, as well as our share opportunities.

我們認為我們的內容以及我們的分享機會將會成長。

We did have a very big quarter last quarter in China.

上個季度我們在中國確實有一個非常大的季度。

Basically all of the upside that we experienced to our expectations were due to China.

基本上，我們所經歷的所有超出預期的好處都歸功於中國。

And consequently, we're going through a cooling-off period, digesting some of that growth.

因此，我們正在經歷一個冷靜期，消化一些增長。

As we said, we think this is weeks, not months, of a correction here.

正如我們所說，我們認為這是幾週而不是幾個月的修正。

By the end of this quarter we expect things to be back on track, heading out of the quarter.

到本季末，我們預計事情將回到正軌，並在本季結束時出現。

And just a follow-up then, on the [ship] position in China, relative to three months or six months ago.

接下來是關於相對於三個月或六個月前在中國的[船舶]位置的後續行動。

Any update on how you feel the traction for products like RF Flex and RF Fusion are materializing with all of its expectations?

您對 RF Flex 和 RF Fusion 等產品的吸引力是否正在實現其所有期望有任何更新嗎？

And how you feel about your position in reference designs, as well?

您對自己在參考設計中的地位有何看法？

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

We did announce in the earnings release that we are in production with RF Flex.

我們確實在財報中宣布我們正在使用 RF Flex 進行生產。

Last quarter we said we had design-in, now we're already shipping production, just as we were exiting the quarter.

上個季度我們說我們已經進行了設計，現在我們已經開始生產，就像我們即將退出該季度一樣。

So we are seeing adoption of that.

所以我們正在看到它的採用。

And we're having a lot of design-in activity around Fusion, both with reference designs, as well as with the end customers there.

我們圍繞著 Fusion 進行了大量的設計活動，包括參考設計以及最終客戶的設計活動。

So great traction with the highly integrated products, which gives us the opportunity to address virtually all the RF content in any of these handsets.

高度整合的產品具有如此巨大的吸引力，這使我們有機會解決這些手機中幾乎所有的射頻內容。

We already have many of the flagship devices there with the leading suppliers, in which we have multiple dollars of content.

我們已經與領先的供應商合作推出了許多旗艦設備，其中我們擁有多美元的內容。

We see a good base and a lot of opportunity to grow from there.

我們看到了良好的基礎和大量的成長機會。

I appreciate the color.

我很欣賞它的顏色。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Mike Burton, Brean Capital.

麥克伯頓，布里恩資本。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

First, a two-parter.

首先是二人制。

I'm hoping you can help us understand how your orders tracked during the quarter and into the September quarter so far, that's causing the below-seasonal guide for the September quarter.

我希望您能幫助我們了解您的訂單在本季度以及到目前為止的 9 月份季度的跟踪情況，這導致了 9 月份季度的指南低於季節性。

And then secondly, if there is some inventory in China, how do you expect the December quarter to look at this point versus normal seasonality?

其次，如果中國有一些庫存，與正常季節性相比，您預計 12 月季度的情況如何？

I realize it bounces around quite a bit, but it's been right around the 5% range.

我意識到它的波動幅度很大，但一直在 5% 左右。

And lastly, just in line with that, in a recent conference call, you guys spoke about second half representing roughly 55% to 58% of the revenue for the year.

最後，與此一致的是，在最近的一次電話會議中，你們談到下半年約佔全年收入的 55% 至 58%。

I'm assuming that's changed a little bit.

我認為情況已經發生了一些變化。

I was wondering if you could update us on that?

我想知道您能否向我們通報最新情況？

Thanks.

謝謝。

Thanks, Mike.

謝謝，麥克。

A lot of parts to that, and I'll take a stab at that.

其中有很多部分，我會試試看。

As far as orders tracked in the quarter, other than the surprise that we saw in the wireless infrastructure, things pretty much were on track.

就本季追蹤的訂單而言，除了我們在無線基礎設施中看到的令人驚訝的情況外，一切都基本上已步入正軌。

If you take the drop that we saw in the wireless infrastructure -- I mentioned somewhere in the neighborhood of $25 million -- as an example, I mean, that's the difference between our guide and roughly an 8% guide quarter over quarter.

如果你以我們在無線基礎設施中看到的下降（我提到大約 2500 萬美元）為例，我的意思是，這就是我們的指導值與大約 8% 的季度指導值之間的差異。

Which actually would be quite healthy this season.

這實際上在這個賽季是相當健康的。

We typically expect the September quarter over June to be in the mid-single digits, followed by something a little bit higher in the December quarter.

我們通常預期 9 月季度的數據將較 6 月份為中個位數，隨後 12 月季度的數據會稍高一些。

We actually think, again, the Mobile business, that's much how our Mobile business is running.

實際上，我們再次認為行動業務就是我們行動業務的運作方式。

And what we're seeing is the lack of the infrastructure business -- like I said, we're seeing that down.

我們看到的是基礎設施業務的缺乏——就像我說的，我們看到它正在下降。

So if you take what that's down and add it to our guide over where we were a quarter ago, we're quite honestly tracking just like you said there.

因此，如果您將其記錄下來並將其添加到我們季度前的指南中，我們就會非常誠實地跟踪，就像您所說的那樣。

As far as the weighting between the two parts, I think we typically have said more like 45/55.

至於兩部分之間的權重，我認為我們通常所說的更像是 45/55。

And Steve, do you want to take that?

史蒂夫，你想接受這個嗎？

Yes, I think 45/55 is as good as any.

是的，我認為 45/55 是最好的。

Occasionally, based on my prior experience at TriQuint, we would wander up into the 57%, 58%.

有時，根據我之前在 TriQuint 的經驗，我們會徘徊在 57%、58% 之間。

I think though, long term, 55/45 is a good metric to go with, and I think that's as good a guess as any.

但我認為，從長遠來看，55/45 是一個很好的衡量標準，而且我認為這是一個很好的猜測。

Okay.

好的。

And then also looking forward at the carry aggregation comments that you made, just wondering on the timing from what you're hearing from some of your customers, as to when these are going to happen?

然後也期待您所做的套利聚合評論，只是想知道您從一些客戶那裡聽到的時間，以及這些何時會發生？

Obviously you mentioned first on TD-LT, but then looking forward to FTD, I was wondering if you give us some visibility that you're hearing about, when we would start to see that implemented into the high-end phones?

顯然，您首先提到了 TD-LT，但隨後期待著 FTD，我想知道您是否能給我們一些您所聽到的可見性，我們什麼時候開始看到它應用於高端手機？

Thanks.

謝謝。

The [cone] I think you're referring to is on the transmit uplink side carry aggregation, so I'll talk about that, as well as on the receive side.

我認為您所指的[錐體]是在傳輸上行鏈路側進行聚合，所以我將討論這一點以及接收側。

As you know, receive carrier aggregation is in the early innings, but already beginning to roll out, in effect, the premium tiers, especially in the US.

如您所知，接收載波聚合還處於早期階段，但實際上已經開始推出高級層，尤其是在美國。

We think the receive carrier aggregation continues to proliferate globally, and actually into China as well, early next year.

我們認為接收載波聚合將繼續在全球範圍內激增，實際上明年初也將進入中國。

And then really what you get on the receive carrier aggregation side is a real proliferation of modes and band combinations, that you try to build global skews.

然後，您在接收載波聚合方面真正得到的是模式和頻段組合的真正擴散，您試圖建立全局偏差。

That's one of the largest drivers for the RF TAM over the next couple years.

這是未來幾年 RF TAM 的最大驅動力之一。

Now, the comments on TX, or uplink carrier aggregation, we do see that actually beginning in China by the end of next year.

現在，關於 TX 或上行鏈路載波聚合的評論，我們確實看到這實際上將於明年年底在中國開始。

And then from there, it will begin to go out to the rest of the world-- or 2017 and 2018.

然後從那裡開始，它將開始走向世界其他地方——或者說 2017 年和 2018 年。

You're going to see most of the TAM driver and CA on the receive side for the next year.

明年您將在接收端看到大部分 TAM 驅動程式和 CA。

And then on the transmit side, kicking in after that.

然後在傳輸端，此後開始。

Okay, and then, sorry, just to follow up on my first question again, because I'm running the math here fast.

好吧，然後，抱歉，再次跟進我的第一個問題，因為我在這裡計算得很快。

I think the 45/55 implies a pretty massive December quarter.

我認為 45/55 意味著 12 月季度的規模相當大。

Was that comment really for how you expect the split to go on a go-forward basis?

這個評論真的是針對你預期拆分將如何繼續進行的嗎？

And then are we expecting a seasonal build in the mid-single digits, which then I think would put your year-over-year growth kind of flattish?

然後，我們是否預期季節性成長會達到中個位數，我認為這會使您的年成長趨於平緩？

Is that really the right way to think about it at this point?

在這一點上，這真的是正確的思考方式嗎？

Just any help there.

那裡有任何幫助。

Thanks.

謝謝。

I think we're better off sticking to that as a general rule of thumb versus providing guidance for the calendar fourth quarter.

我認為我們最好堅持將其作為一般經驗法則，而不是為日曆第四季提供指導。

So please treat it as a general seasonality comment versus an attempt to guide back into the year.

因此，請將其視為一般的季節性評論，而不是試圖引導回到今年。

Okay, thanks, guys.

好的，謝謝大家。

Harsh Kumar with Stephens.

嚴厲的庫馬爾和史蒂芬斯。

So the question I had is, I think the big concern around your guide today is about your growth rate being less than the other guys that supply to your largest customer.

所以我的問題是，我認為今天圍繞您的指南的最大擔憂是您的成長率低於向您最大客戶提供產品的其他人。

We've had a couple of those guys report -- those company's report.

我們收到了一些這樣的人的報告──那些公司的報告。

Could you comment relative to your business with your largest customer, if basically that business is up to your expectation, and all is whole with that particular customer?

如果基本上該業務符合您的期望，並且該特定客戶的一切都很好，您能否評論一下您與最大客戶的業務？

And the issues, first of all, are largely China and IDP?

首先，問題主要是中國和國內流離失所者？

That's one question, and I have a follow-up.

這是一個問題，我有一個後續問題。

Sure, thanks, Harsh.

當然，謝謝，哈什。

Eric, do you want to take part of that?

艾瑞克，你想參與其中嗎？

Sure.

當然。

I would say, just as Bob said earlier, there's no change in our content expectations on any of the platforms that we see ramping in the second half.

我想說，正如鮑伯之前所說，我們對下半年成長的任何平台的內容期望都沒有改變。

Great, that's helpful.

太好了，很有幫助。

And then the second question, I want to come back to Vivek's question.

然後是第二個問題，我想回到維韋克的問題。

I think that the street scene that investors want to triangulate on some part to the mix,.

我認為投資者希望對街景的某些部分進行三角測量以進行混合。

Could you maybe tell us how many weeks of inventory is there in China?

您能告訴我們中國有多少週的庫存嗎？

How much of a hit that was, either in dollars or units, to you?

這對你來說有多大的影響，無論是美元還是單位？

And if it is 2G, 3G, or LT?

如果是 2G、3G 還是 LT？

And also some similar commentary -- how much of a hit do you think you're taking on the infrastructure side in your revenue guide?

還有一些類似的評論——您認為您的收入指南中的基礎設施方面受到了多大的打擊？

On the revenue guide, I talked about the infrastructure side.

在收入指南上，我談到了基礎設施方面。

What I can't answer is what the street expected the infrastructure business to do, Harsh.

我無法回答的是街道期望基礎設施業務做什麼，哈什。

But what I've said is, we're down $20 million, $25 million over where we were just a couple quarters ago.

但我所說的是，我們比幾個季度前減少了 2000 萬至 2500 萬美元。

I bet the street was expecting that to grow, not decline significantly.

我敢打賭，華爾街預計這一數字將會成長，而不是大幅下降。

I think from normal seasonality, that's a normal seasonal growth for us, is, you take what the street had us in at [665], going to [745].

我認為從正常的季節性來看，這對我們來說是正常的季節性增長，就是，你把我們在[665]的街道上帶到[745]。

That's closer to double-digit growth, so that's a lot greater than the industry.

這接近兩位數的成長，因此比行業要高得多。

The primary delta that we see is the infrastructure business.

我們看到的主要增量是基礎設施業務。

And just to be clear on the inventory in China, we just said it's a few weeks.

為了澄清中國的庫存，我們只是說需要幾週的時間。

Got it.

知道了。

Thanks, Bob.

謝謝，鮑伯。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

So Eric, if orders outside of IDP were fairly normal, why the excess inventory in China?

那麼Eric，如果IDP之外的訂單相當正常，為什麼中國的庫存過剩呢？

And why do you think it's weeks, instead of months, of a correction there?

為什麼你認為調整需要幾週而不是幾個月的時間？

Is that what your customers are telling you?

您的客戶是這麼告訴您的嗎？

Are these on hubs?

這些在集線器上嗎？

Just give us a feel if, you could, on why you're so optimistic that it's not going to be a long-term correction?

請讓我們感受一下，您是否可以，為什麼您如此樂觀，認為這不會是長期的調整？

And then James, the big hit obviously to infrastructure -- and it sounds like it's going to be flat.

然後是詹姆斯，顯然對基礎設施造成了巨大打擊——而且聽起來似乎會持平。

Why do you think it's going to be flat instead of down?

為什麼你認為它會持平而不是下降？

Do the order patterns suggest that, that's firming up?

訂單模式是否表示價格正在走強？

And what other big areas of your business do you have that kind of exposure to?

您還涉足哪些其他業務領域？

I think Bob said it was like 30%.

我想鮑伯說的是 30% 左右。

So if you just help us really understand what are the big chunks that go up to make up your revenue, that would probably be helpful too.

因此，如果您只是幫助我們真正了解構成您收入的主要部分是什麼，這可能也會有所幫助。

All right, James, why don't we let Eric go first?

好吧，詹姆斯，我們為什麼不先讓艾瑞克離開呢？

You go ahead, Eric.

你繼續吧，艾瑞克。

Sure, Ed.

當然，艾德。

It is a little hard to track exactly where all the parts are going in China.

要準確追蹤所有零件在中國的去向有點困難。

Most of our parts are sold across multiple customers, as well as multiple base bands, in some cases.

我們的大多數零件都向多個客戶出售，在某些情況下也向多個基帶出售。

And as they're are shifted between base bands and also between customers, and then within models, as your customers, it's not possible to track exactly where every part is going.

由於它們在基帶之間以及客戶之間轉移，然後在模型內（作為您的客戶），不可能準確追蹤每個部件的去向。

Again, we saw a very strong June quarter in China, and a very healthy shift-in.

我們再次看到中國六月季度的表現非常強勁，並且出現了非常健康的轉變。

And then we saw a lot of mix change at our customers.

然後我們看到客戶的產品組合發生了許多變化。

And I think some of them in particular ended up with a lot more inventory than they were planning by the end of the quarter, and they just have to digest through that.

我認為他們中的一些人到本季末的庫存量比他們計劃的要多得多，他們只需要消化掉這一點。

Eric, let me talk a little bit at this change about wireless infrastructure.

艾瑞克（Eric），讓我談談無線基礎設施的這項變更。

We were down, as Bob said, about 40% quarter over quarter.

正如鮑伯所說，我們季度環比下降了約 40%。

I think we fared a little bit better than some of our competitors in that marketplace, but we were down about 40%.

我認為我們在該市場上的表現比一些競爭對手要好一些，但我們的表現下降了約 40%。

Go forward basis, we think we'll be down a little bit again this quarter.

展望未來，我們認為本季我們的業績將再次略有下降。

But it does feel like it's bottoming out.

但確實感覺已經觸底了。

We're seeing some positive signs from the market.

我們看到市場出現一些正面跡象。

And really our focus right now is to make sure we're ready for when it bounces back.

事實上，我們現在的重點是確保我們為經濟反彈做好準備。

We certainly see that the demand will be there long term, and come back.

我們當然看到需求將長期存在，並且會回來。

And there's no shortage of demand for the deployment of 4G around the world.

全球範圍內不乏部署4G的需求。

So as far as other businesses, we had a record quarter in cable, optical and Wi-Fi, and automotive businesses, were all strong.

就其他業務而言，我們在有線、光纖和 Wi-Fi 領域創下了創紀錄的季度業績，而汽車業務也表現強勁。

Our defensive business was relatively flat quarter over quarter.

我們的防禦性業務季度環比相對持平。

But that's typically been fairly lumpy for us, and we're expecting, on the defense side, to have a strong second half.

但這對我們來說通常相當不穩定，我們預計在防守方面會有一個強勁的下半場。

To Bob's note earlier, I think, again, it really was a wireless infrastructure pause for us, and we feel like we're starting to see the bottom of that.

對於鮑勃之前的說明，我再次認為，這對我們來說確實是無線基礎設施的暫停，我們感覺我們開始看到問題的根源。

And then Steve, your margin performance was excellent.

然後史蒂夫，你的利潤表現非常出色。

You're guiding for almost a similar -- a little bit of a decline.

你的預測幾乎是類似的——略有下降。

It was such a steep decline in IDP in the June period, which is typically much higher gross margins than your cellular business.

6 月 IDP 急劇下降，其毛利率通常比您的行動業務高得多。

And your cellular business didn't tail -- or, the consolidated margins didn't tail off here.

你的手機業務並沒有減少——或者說，這裡的綜合利潤率並沒有減少。

Does that suggest that your blend in cellular is permanently increased to a higher margin?

這是否意味著您的行動電話混合將永久增加到更高的利潤？

Is this the BAW business kicking in?

這是 BAW 業務的開始嗎？

I know we talked about the past expansions, and for the second half, is that happening at this point now?

我知道我們談論了過去的資料片，對於下半年來說，現在正在發生這種情況嗎？

And your CapEx is just more of the same in the second half?

下半年您的資本支出大致相同？

Just trying to get an idea of how the margin mix now between businesses -- especially during the BAW -- is shaking out.

只是想了解現在企業之間的利潤率組合（尤其是在 BAW 期間）是如何變化的。

Your thesis is basically correct.

你的論文基本上是正確的。

We saw, as we have in other quarters, above-average growth in our higher-margin premium filters and switches portion of Mobile.

正如我們在其他季度所看到的那樣，我們在行動業務中利潤率較高的優質過濾器和交換機部分的成長高於平均水平。

And overall, Eric and team, along with his friends in manufacturing, did a terrific job of improving the overall baseline margins in Mobile.

總的來說，埃里克和他的團隊以及他在製造業的朋友們在提高移動領域的整體基線利潤方面做得非常出色。

Between those two things, we were able to overcome the hit in the wireless infrastructure market.

在這兩件事之間，我們能夠克服無線基礎設施市場的衝擊。

And Steve, your consolidated margins are still lower than IDP, correct?

史蒂夫，你們的綜合利潤率仍然低於 IDP，對嗎？

That's correct.

這是正確的。

So once IDP comes back, and assuming that it does, then your consolidated margin profile will be a little higher than June, given the steep drop in IDP.

因此，一旦 IDP 回來，假設確實如此，那麼考慮到 IDP 的急劇下降，您的綜合保證金狀況將略高於 6 月。

Isn't that a fair assumption?

這不是一個公平的假設嗎？

If it were to come back --

如果能重來的話——

Certainly the last part of it will be accretive.

當然，最後一部分將是增值的。

Now, Mobile always has a capability of outgrowing, James, pretty handily.

現在，移動總是有能力超越，詹姆斯，很容易。

So your mileage will vary a little bit quarter by quarter.

因此，您的里程數每季都會略有不同。

But again, your thesis is correct.

但話又說回來，你的論文是正確的。

Seeing the wireless infrastructure come back will be very helpful for our overall margin.

看到無線基礎設施的恢復將對我們的整體利潤非常有幫助。

And the last time we spoke about BAW capacity expansion I think was -- in the December period, you were talking but doubling it by June, and I understand that has occurred now.

上次我們談到 BAW 產能擴張時，我認為是在 12 月期間，你們談論的是到 6 月將其擴大一倍，我知道現在已經發生了。

It sounds like you're continuing to expand.

聽起來你還在繼續擴張。

When do you run out of space in Texas?

德州的空間什麼時候用完？

The big move next for enhanced capacity -- and were talking for the -- handling the peak demand that we'd typically see a year from now, will be conversion of a substantial part of the BAW manufacturing line to 8-inch wafers.

接下來，為了應對我們通常在一年後看到的高峰需求，增強產能的重大舉措——我們正在討論——將把 BAW 生產線的很大一部分轉換為 8 英寸晶圓。

Historically, that's been real nightmare.

從歷史上看，這真是一場惡夢。

I know you guys have been working on it.

我知道你們一直在努力。

Where are you on that?

你在哪裡？

Have you got production stuff, or do you have stuff out of the engineering lab that looks like it could be in production?

你有生產的東西嗎？或者你有來自工程實驗室的看起來可以投入生產的東西嗎？

Any idea at all when you'd have 8-inch running?

你知道什麼時候可以運行 8 英寸嗎？

We have a pilot line in place.

我們有一條試點線。

We're comfortable with the progress.

我們對進展感到滿意。

We think our architecture may make life a little bit easier than some of the other architectures out in the BAW market.

我們認為我們的架構可能比 BAW 市場上的其他一些架構更容易一些。

We expect to be prototyping some samples by the end of the year, and in production next year.

我們預計在今年年底前製作一些樣品的原型，並在明年投入生產。

The team is pretty excited about what they're accomplished so far.

團隊對迄今為止所取得的成就感到非常興奮。

And quite honestly, things are on track.

老實說，事情正在步入正軌。

And as you know, Ed, you not only get space savings, which has become more of an issue for us in the Texas site, you also get some fairly significant cost reductions.

如您所知，Ed，您不僅可以節省空間（這對我們德克薩斯州站點來說已成為一個更重要的問題），還可以顯著降低成本。

So we're pretty excited about it.

所以我們對此感到非常興奮。

It's an important program for us.

這對我們來說是一個重要的計劃。

Great.

偉大的。

This is James.

這是詹姆斯。

If I can add, we're also transitioning our GaN to 6-inch in Texas, and that's right on the tail of moving our PM to 6-inch in Texas, as well.

如果我可以補充的話，我們也在德克薩斯州將我們的 GaN 過渡到 6 英寸，這正好是我們在德克薩斯州將 PM 轉移到 6 英寸的尾聲。

So quite a bit of transition.

所以有相當多的過渡。

Thanks.

謝謝。

Can you talk about how big GaN is for you now?

您能談談現在 GaN 對您來說有多大嗎？

Well, I won't go into the detailed numbers, but we are number one in the market in cable and in defense.

好吧，我不會透露詳細的數字，但我們在電纜和國防市場上排名第一。

We see both of those markets continuing to grow at a pretty strong pace.

我們看到這兩個市場繼續以相當強勁的速度成長。

Defense is really our strongest near-term growth opportunity, and we're doing very well there, both domestically and internationally.

國防確實是我們近期最強勁的成長機會，我們在國內和國際上都做得很好。

I think as we sample -- Bob talked earlier about sampling products into the base station, OEMs.

我認為，當我們進行抽樣時，鮑勃之前談到了將產品抽樣到基地台、原始設備製造商。

And we believe we're positioned well for revenue really to start in that market in 2016.

我們相信，我們已做好充分準備，2016 年該市場的收入將真正開始。

Overall, very positive.

總體而言，非常積極。

I think we'll grow faster than what we see the GaN market predicted to grow.

我認為我們的成長速度將超過 GaN 市場的預期成長速度。

Great, thanks, guys.

太好了，謝謝你們。

Thanks, Ed.

謝謝，艾德。

Steve Smigie, Raymond James.

史蒂夫·斯米吉，雷蒙德·詹姆斯。

Thanks a lot, guys.

非常感謝，夥計們。

I just wanted to follow up quickly.

我只是想快速跟進。

As we look out to December, is it possible to get something in that $800 million revenue range?

當我們展望 12 月時，是否有可能獲得 8 億美元收入範圍內的東西？

And if that's the case, does that require a recovery in the telco equipment business, or could you do that on wireless?

如果是這樣的話，這是否需要電信設備業務的復甦，或者你可以在無線領域做到這一點嗎？

Steve, as you know, we do not guide out two quarters.

史蒂夫，如你所知，我們不會指導兩個季度。

I think it's safe to say that what we are comfortable with is, we can keep up with industry growth rates.

我認為可以肯定地說，我們感到滿意的是，我們可以跟上行業的成長率。

And it's obviously -- we stated our plan, is to go slightly faster than that.

很明顯，我們說過我們的計劃是比這稍微快一點。

And we're going to stay with those comments at this time.

此時我們將保留這些評論。

Okay, fair enough.

好吧，很公平。

And you guys said you started to see a little bit of recovery in that telco equipment business.

你們說你們開始看到電信設備業務有所復甦。

So does that suggest to you maybe Q4 is the quarter?

那麼這是否表明您可能認為第四季度是季度？

I know everyone is trying to get at this across multiple semiconductor suppliers.

我知道每個人都在試圖透過多家半導體供應商來解決這個問題。

But does it seem, Q4, like a good quarter where we could see some of the bounce-back from that sharp decline?

但第四季度似乎是一個不錯的季度，我們可以看到從急劇下滑中出現一些反彈嗎？

Or maybe more Q1?

或者也許更多 Q1？

Well, again, I think it's important that we feel like we've seen the bottom.

好吧，我再說一遍，我認為重要的是我們感覺我們已經看到了底部。

And we're starting to see some signs that it's going to start to pick back up.

我們開始看到一些跡象表明它將開始回升。

I'm [certainly] not projecting that we'll be back into strong revenue in Q4, but I do feel like we're on the uptick, and things are starting to get better.

我[當然]並不預計我們將在第四季度恢復強勁的收入，但我確實覺得我們正在上升，而且情況開始好轉。

And I agree -- a lot of reports of whether it's going to be Q4 or Q1, or when that business returns.

我同意 - 很多報告都涉及第四季度還是第一季度，或者業務何時恢復。

Is it fair to say that -- obviously it dropped off sharply, largely due to China.

公平地說——顯然它急劇下降，很大程度上是由於中國。

Is it fair to think that, that might recover sharply?

認為可能會急劇復甦是否公平？

Or are we at somewhat lower levels?

還是我們的水平較低？

Well, I think it's fair to think of this as recovering quickly.

嗯，我認為認為這種情況恢復得很快是公平的。

And that's really the genesis of my comments earlier about making sure we stay very close to our customers, and we're ready for the return.

這確實是我先前評論的根源，即確保我們與客戶保持非常密切的關係，並且我們已準備好迎接回報。

Remember, the underlying expansion of 4G phones in China has not slowed down a whole lot, right?

請記住，中國 4G 手機的潛在擴張並沒有大幅放緩，對嗎？

And at some point, those phones are going to need base stations to communicate with.

在某些時候，這些手機將需要基地台進行通訊。

So we think this is a disturbance, if you will, in the market, caused by some external activities, versus a permanent reduction in demand for these products.

因此，我們認為，如果你願意的話，這在市場上是由一些外部活動造成的干擾，而不是對這些產品的需求的永久性減少。

Great.

偉大的。

If I could stick one last one in.

如果我能把最後一根插進去就好了。

And Bob, I apologize, because you're right, I've already bugged you about Q4, and I'm going to have to push it by going to Q1.

鮑勃，我很抱歉，因為你是對的，我已經就第四季度的問題騷擾過你，我將不得不通過第一季來推動它。

It sounds like you were saying Q4, no reason you would not see industry standards.

聽起來你說的是第四季度，你沒有理由看不到業界標準。

So is it fair to think at this point for Q1 that seasonal or industry performance is what you'd expect in Q1 also?

那麼，在第一季的這一點上，認為季節性或行業表現也是您對第一季的預期是否公平？

Yes, as you well-know, and everybody else on the call knows, March is typically a down quarter, and nothing that we've seen is changing what we currently expect for the industry.

是的，正如您所知，以及參加電話會議的其他人都知道，三月通常是一個下滑的季度，我們所看到的一切都不會改變我們目前對該行業的預期。

The primary thing I want everyone to understand is, we don't feel we've lost any major sockets since the last time we talked to you.

我希望每個人都明白的首要事情是，自上次與您交談以來，我們並不覺得我們失去了任何主要的插座。

We haven't seen any opportunities that we thought we were going to win that we can't still win or have won, from all those perspectives.

從所有這些角度來看，我們還沒有看到任何我們認為能夠贏得但我們仍然無法贏得或已經贏得的機會。

From the Mobile business, we feel very good about our position, and we believe we continue to grow faster than the market this year, as well is next fiscal year.

從行動業務來看，我們對自己的地位感到非常滿意，我們相信今年以及下一財年我們的成長速度將繼續快於市場。

I'd add to that.

我想補充一點。

I think 2017 has every chance of being a great year, calendar 2016.

我認為 2017 年很有可能成為偉大的一年，2016 年也是如此。

We're going to see some truly integrated product designs coming out of James' and Eric's shops.

我們將看到詹姆斯和埃里克商店中出現一些真正整合的產品設計。

You really bring switches and filters together, for example, to serve customer needs.

例如，您確實將開關和過濾器結合在一起來滿足客戶需求。

And you're going to see us really starting to add to the COG synergies, as we move ex TriQuint Mobile parts into our new China assembly and test facilities, among other things.

當我們將前 TriQuint Mobile 零件轉移到我們新的中國組裝和測試設施等時，您將看到我們真正開始增加 COG 協同效應。

But that's the largest synergy that's yet to come.

但這是尚未到來的最大協同效應。

So I think calendar 2016, FY17, is really going to have a lot going for it.

所以我認為 2016 年，也就是 2017 財年，確實會有很多事情發生。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Just a question on your second half.

只是問你下半場的問題。

When you look at your September, December quarters -- your calendar September, December quarters.

當您查看 9 月、12 月季度時——您的日曆 9 月、12 月季度。

[We are -- while as you surely planned], you usually have December quarter stronger than September quarter?

[我們—雖然正如您所計劃的那樣]，您通常 12 月季度比 9 月季度強？

Or they are split equally?

還是平均分配？

Typically, we see mid-single digits growth in September over June, and pushing high-single digits in December.

通常情況下，我們認為 9 月的成長率較 6 月為中個位數成長，而 12 月則為高個位數成長。

Typically, December is much larger than the September quarter in growth rate.

通常，12 月的成長率遠高於 9 月的季度。

Got it.

知道了。

And as we look at your capacity that you're adding on the BAW side, have you changed any expectations there?

當我們檢視你們在 BAW 方面增加的產能時，你們對這方面的期望有改變嗎？

How much capacity are you adding on the BAW side for the year?

今年 BAW 方面將增加多少產能？

And if you have thought about next year as well.

如果你也考慮過明年的話。

Thanks.

謝謝。

Steady as she goes.

她走的如此堅定。

We've completed the major adds supporting this busy selling season, and as stated earlier, we're working on a conversion of a substantial part of our manufacturing to 8-inch capability, to support the -- a year from now.

我們已經完成了支持這個繁忙銷售季節的主要新增工作，如前所述，我們正在努力將我們的大部分製造能力轉換為 8 英寸產能，以支持一年後的需求。

All right, thanks.

好的，謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Just wanted to follow up on that split of revs between September and December.

只是想跟進 9 月和 12 月之間的轉速分佈。

I think Steve, back at TriQuint, you guys often cautioned investors that the timing of the ramp of the largest customer, if it shifted out a week, it really affects the timing of revs between September and December.

我認為史蒂夫，回到 TriQuint，你們經常警告投資者，最大客戶的成長時間，如果它移出一周，它確實會影響 9 月到 12 月之間的轉速時間。

I'm just wondering, is that at all in play here for the September quarter guide?

我只是想知道，九月季度指南是否會發揮作用？

Are you taking a more cautious view on the timing of that ramp?

您對斜坡上升的時間持更加謹慎的看法嗎？

Or it's what you might call a more normal ramp for the largest customer, and it really doesn't have any impact on the timing of revs between September and December?

或者這就是您所說的針對最大客戶的更正常的增長，並且它確實對 9 月至 12 月之間的轉速時間沒有任何影響？

And then I've got a follow-up.

然後我有一個後續行動。

Quinn, your memory is excellent.

奎因，你的記憶力真好。

I often do caution, and I continue to caution, that very large customers' ramp timing can and has moved it a week here or there, and really pushes the sequential comparisons around.

我經常謹慎行事，並且繼續謹慎行事，非常大的客戶的斜坡時間可以並且已經在這裡或那裡移動了一周，並且確實推動了順序比較。

I don't believe that's a factor in our guide today.

我不認為這是我們今天指南中的一個因素。

That doesn't mean it's not going to happen.

這並不意味著它不會發生。

It means, if it's going to, we don't know about it yet.

這意味著，如果它會發生，我們還不知道。

Got it, understood, okay, great.

明白了，明白了，好的，太好了。

And then for Eric, you talked about the transmit CA starting to drive content late in 2016.

然後，對於 Eric，您談到傳輸 CA 在 2016 年底開始驅動內容。

Just wondering if you might be able to give us some sense, what's the dollar content increases of phone implements transmit carrier aggregation?

只是想知道您是否能給我們一些啟發，電話實現傳輸載波聚合的美元含量增加是多少？

In the first wave of transmit carrier aggregation, it will be done intra-band, which means that within the same band.

在第一波傳輸載波聚合中，它將在頻帶內完成，這意味著在同一頻帶內。

So there's minimal impacts.

所以影響很小。

Think of it as $0.50 or so of additional content.

將其視為 0.50 美元左右的附加內容。

That's still significant on the type of units we're doing.

這對於我們正在做的單元類型仍然很重要。

But when we get to the next phase after that, 2017, 2018, that's where we begin to see multiple power amplifier packs.

但當我們進入下一階段（2017 年、2018 年）時，我們開始看到多個功率放大器套件。

And you can easily get to $1.50 of additional content beyond that.

除此之外，您還可以輕鬆獲得 1.50 美元的額外內容。

In the near term, the receive carrier aggregation driving more like $1 to $1.50 in content happening, and then and another $0.50 with intra-band TX, and another $1.50 on top of that with intra-band, after that.

在短期內，接收載波聚合將推動內容髮生 1 至 1.50 美元，然後帶內 TX 又增加 0.50 美元，再之後帶內 TX 又增加 1.50 美元。

All of that as China is also migrating from the majority today, three-mode going to the vast majority being five- or six-mode over that same time period.

所有這些，因為中國也在從今天的大多數三模向同一時期的絕大多數五模或六模轉變。

That's why we're excited about being at the very beginning of a long-term growth in the overall TAM in China.

這就是為什麼我們對中國 TAM 整體長期成長的開端感到興奮。

And Eric, just another follow-up on that.

埃里克，只是另一個後續行動。

Would that mean if you have inter-band transmit carrier aggregation, you might actually have multiple PAs per frequency band or for frequency band range?

這是否意味著如果您有帶間傳輸載波聚合，您實際上可能在每個頻段或頻段範圍內擁有多個 PA？

Is that where the extra content comes in?

這就是額外內容的來源嗎？

That's exactly right.

完全正確。

As well as additional content in the switches, of course, to drive that, and filters and everything that comes along with it, basically.

當然，還有開關中的附加內容，以驅動它，以及過濾器和隨之而來的一切，基本上。

There's a lot of things under the planning now.

現在還有很多事情正在籌劃中。

This is a big part of our work with the carriers, and our program to work with the Mobile operators and drive these requirements, and understand the benefits of it and which bands we want to operate at the same time.

這是我們與營運商合作的重要組成部分，也是我們與行動營運商合作並推動這些要求的計劃，並了解其好處以及我們希望同時運作哪些頻段。

We're helping to define what can be done.

我們正在幫助定義可以做什麼。

And of course, we're encouraging them to make the RF requirements very stiff.

當然，我們鼓勵他們制定非常嚴格的射頻要求。

Make it really hard.

讓它變得非常困難。

Because we invest technologies to enable that, and they'll get the most return on their investment when they do.

因為我們投資科技來實現這一點，當他們這樣做時，他們將獲得最大的投資回報。

Great, thank you.

太好了謝謝。

Thanks, Quinn.

謝謝，奎因。

Tom Diffely, D.A. Davidson.

湯姆·迪夫利，D.A.戴維森。

Good afternoon.

午安.

First Steve, on the margin side, how much margin variance do you have inside of Mobile?

首先，史蒂夫，在利潤方面，行動業務內部的利潤差異有多少？

And is volume discounting the biggest variable there?

批量折扣是最大的變數嗎？

Sorry, your last comment was volume discounting?

抱歉，您最後的評論是批量折扣？

Well, I was wondering if volume discounts were the biggest variable inside the Mobile margin structure?

好吧，我想知道批量折扣是否是行動利潤結構中最大的變數？

No.

不。

I wouldn't characterize it as volume discounting.

我不會將其描述為批量折扣。

Most of our higher volume -- many of our higher volumes parts are custom, so there's not really a comparison like that.

我們的大部分大批量零件都是客製化的，因此實際上並沒有這樣的比較。

There is reasonable variation amongst our margins, both by customer and by product, and by product type.

我們的利潤率存在合理的差異，無論是按客戶、按產品或按產品類型。

So there's not a really very easy answer there.

所以這不是一個非常簡單的答案。

But yes, mix is a factor, both within IDP and Mobile, and between the two.

但是，是的，混合是一個因素，無論是在 IDP 內部還是在移動內部，以及兩者之間。

On an absolute basis, a few hundred basis points variance is common?

在絕對基礎上，幾百個基點的差異是常見的嗎？

Or what kind of range would you expect inside of Mobile?

或者您期望移動內部有什麼樣的範圍？

It really depends on the mix.

這實際上取決於混合。

I can't give you a simple answer there.

我無法給你一個簡單的答案。

Too many parts, too many customers, too many products.

太多的零件、太多的客戶、太多的產品。

Okay.

好的。

And on the BAW filter side, what's your view [that you see] of the market right now, the total market, the supply/demand equation, for BAW filters?

在 BAW 濾波器方面，您對 BAW 濾波器目前的市場、整個市場、供需方程式有何看法？

We still see that, of course, as one of the most exciting parts of the market, growing very rapidly.

當然，我們仍然認為這是市場上最令人興奮的部分之一，成長非常迅速。

We do see a lot of potential new applications for BAW.

我們確實看到了 BAW 的許多潛在新應用。

We've talked about diversity receive modules, for example, the Wi-Fi integrated fusion modules in which we'll really be anchored around our BAW filter capability.

我們已經討論了分集接收模組，例如 Wi-Fi 整合融合模組，其中我們將真正圍繞 BAW 濾波器功能進行錨定。

Again, working with the Mobile operators.

再次，與行動電信商合作。

Looking out further and further, we see a lot of bands that were traditionally done in SAW or TC SAW that may require BAW going forward.

展望未來，我們發現許多傳統上使用 SAW 或 TC SAW 製作的頻段可能需要 BAW 來實現。

Because we're trying to get more throughput out of the frequency range.

因為我們試圖在頻率範圍之外獲得更多的吞吐量。

So all this adds up to more of the same.

所以所有這些加起來就更多了。

It's one of the fastest, maybe the fastest growing part of the RF TAM, for the next few years.

它是未來幾年 RF TAM 中成長最快的部分之一。

And in terms of supply, we're just keeping up with demand.

在供應方面，我們只是滿足需求。

It's a very rational market right now.

現在是一個非常理性的市場。

We have pretty good visibility into the requirements, and we're keeping up, just keeping pace.

我們對需求有很好的了解，我們正在跟上，只是跟上步伐。

Okay.

好的。

It sounds like your competitor is just keeping pace as well, so there's not -- you don't have periods like gluts in the marketplace?

聽起來你的競爭對手也在跟上步伐，所以市場上沒有出現供過於求的時期？

That's exactly how it feels right now.

這正是現在的感覺。

It's a very good balance of demand and supply, managing through a pretty high-growth market pretty well.

這是一個非常好的供需平衡，很好地管理了一個相當高成長的市場。

All right, perfect.

好吧，完美。

Thank you.

謝謝。

Thanks, Tom.

謝謝，湯姆。

Cody Acree, Ascendiant Capital.

科迪·阿克里，Ascendiant Capital。

Thanks.

謝謝。

Eric, maybe with the excess inventories in China -- do you have a balanced view of 2G and 3G versus LTE?

Eric，也許由於中國庫存過剩，您對 2G 和 3G 與 LTE 的看法是否平衡？

Sure.

當然。

I think we're really talking about 4G here.

我認為我們這裡真正談論的是 4G。

2G, 3G is, I think we said last quarter, di minimus to us, less than 5% of revenues, basically.

我想我們上個季度說過，2G、3G 對我們來說是微不足道的，基本上不到收入的 5%。

So 3G is falling off pretty rapidly in terms of units being replaced by 4G.

因此，就被 4G 取代的設備而言，3G 正在迅速下降。

And the dollar content difference between 2G and 4G is dramatic.

2G 和 4G 之間的美元含量差異是巨大的。

Really what we're talking about here is wholly 4G, in our case.

實際上，就我們而言，我們在這裡討論的是完全 4G。

And are you seeing any positive or negative impacts of the baseband market share shifts, particularly with some of the largest OEMs?

您是否認為基頻市佔率的變化有任何正面或負面的影響，特別是對於一些最大的 OEM 廠商？

Long term, it doesn't make that much of a difference to us.

從長遠來看，這對我們來說沒有太大影響。

We have great opportunities on all the basebands out there, including the vertical ones, and the major independent ones, of course.

我們在所有基帶上都有很好的機會，包括垂直基帶，當然還有主要的獨立基帶。

Now of course, in any given quarter, the mix between those bands and which customers are using them and which models you're in, can definitely have a big effect.

當然，現在，在任何特定季度，這些頻段之間的組合以及使用它們的客戶以及您使用的型號肯定會產生很大的影響。

But it's not fundamentally because of the shift between basebands.

但這從根本上來說並不是因為基帶之間的轉變。

It's more just mix and churn in the market, and how things end at the end of the quarter.

更重要的是市場的混合和攪動，以及季度末情況的結束。

And Steve, just given timing on the layering in of some of the larger gross margin improvements, the in-sourcing or some of the new products coming out for next year?

史蒂夫，剛剛給了一些更大的毛利率改善、內包或明年推出的一些新產品的分層時機？

It's a little too soon to say, but right now, I would just fly it rateably through the year.

現在說這個還為時過早，但現在我只想全年都按比例飛行。

All right, great, thanks.

好的，太好了，謝謝。

Thanks, Cody.

謝謝，科迪。

Tim Long, BMO Capital Markets.

Tim Long，BMO 資本市場。

Thank you.

謝謝。

Two questions, if I could.

如果可以的話，有兩個問題。

First, any new changes in the competitive landscape, particularly any traction at all with any of the CMOS players in the market?

首先，競爭格局有什麼新的變化，特別是市場上任何 CMOS 廠商的吸引力嗎？

And then secondly, if you could touch on the other large vendors -- Samsung, they had been a double-digit, greater-than-10% customer.

其次，如果你能談談其他大型供應商——三星，他們已經是兩位數、超過 10% 的客戶。

They are no longer.

他們不再是了。

But it seems like the latest round enhancements did have more content though.

但最新一輪的增強似乎確實有更多內容。

Could you talk a little bit about what might be happening with the other large [handset] vendor?

您能談談其他大型[手機]供應商可能會發生什麼嗎？

Thank you.

謝謝。

Yes, this is Eric.

是的，這是埃里克。

I'd be happy to.

我很樂意。

First of all, regarding the competitive landscape, no significant difference at all.

首先，就競爭格局而言，沒有顯著差異。

And certainly no change in terms of traction with CMOS and so forth.

當然，CMOS 等的吸引力也沒有改變。

Overall, very, very similar landscape to what we've been dealing with this year.

總體而言，情況與我們今年所面臨的情況非常非常相似。

So that's on track.

所以一切都步入正軌了。

The question regarding Samsung, we talked, I think, last quarter as well.

關於三星的問題，我想我們在上季也討論過。

We definitely see that as one of our greatest opportunities for growth.

我們絕對認為這是我們最大的成長機會之一。

We're not at all happy with our share there this year, and it's got a lot of room for growth next year.

我們對今年的份額並不滿意，明年還有很大的成長空間。

We do think, even on soft to down units, that the dollar content at Samsung is going to grow nicely year over year.

我們確實認為，即使是軟到降的單位，三星的美元含量也將逐年大幅成長。

We are really lined up, with our investments, fully staffed, a lot of programs to capture significant value in handsets with that customer will be launching early next your.

我們確實已經做好了準備，我們的投資、人員配備齊全，還有很多計劃可以在手機中獲得巨大的價值，而該客戶將在下一個早些時候推出。

Okay.

好的。

And what you think the main challenge with Samsung for you has been this year, making it a tough year?

您認為三星今年對您來說面臨的主要挑戰是什麼，導致今年是艱難的一年？

It's really that the architecture shift that they made going to higher levels of integrated modules did not favor RFMD and TriQuint products, and we basically missed the generation.

事實上，他們向更高層級的整合模組進行的架構轉變並不利於 RFMD 和 TriQuint 產品，我們基本上錯過了這一代。

Of course, that's why we formed Qorvo, is to fix this problem.

當然，這就是我們成立Qorvo的原因，就是為了解決這個問題。

And now those are the exact products that we're focused on, and probably the best position to gain in.

現在，這些正是我們所關注的產品，而且可能是獲得收益的最佳位置。

They made the architecture shift a generation sooner than we thought they would.

他們讓架構的轉變比我們想像的早一代。

It's good news for us in the long run.

從長遠來看，這對我們來說是個好消息。

But we've got to close those product gaps and get our fair share next year.

但我們必須縮小這些產品差距，並在明年獲得公平的份額。

Okay, thank you.

好的謝謝。

Ian Ing, MKM Partners.

Ian Ing，MKM 合夥人。

Thanks for taking my question.

感謝您提出我的問題。

Eric, earlier, you mentioned a mix change led to some excess inventory at the China handset customers.

埃里克，早些時候，您提到組合變化導致中國手機客戶庫存過剩。

Was that a shift between different types of SKUs or tiers?

這是不同類型的 SKU 或等級之間的轉變嗎？

I was referring not only to that, but primarily between customers.

我指的不僅是這一點，而且主要是在客戶之間。

It's pretty remarkable how volatile the actual customer share can be.

實際客戶份額的波動性是相當驚人的。

The winners and losers, so to speak, within a quarter can change fairly significantly.

可以說，在一個季度內，贏家和輸家可能會發生相當大的變化。

I think overall, again, we've got tremendous opportunities to grow with all these customers.

我認為總的來說，我們再次獲得了與所有這些客戶一起成長的巨大機會。

But there's still a great variation between one customer to another, or one model to another.

但不同客戶之間，或一種型號與另一種型號之間仍存在很大差異。

So you can see this chopping is really affecting what you end up with, in terms of inventory at the end of the quarter.

所以你可以看到，就季度末的庫存而言，這種削減確實影響了你最終的結果。

So only some China OEMs are over-inventoried right now, it sounds like?

那麼目前只有一些中國整車廠庫存過剩，聽起來是這樣嗎？

Yes, correct.

是，對的。

Okay, great.

好的，太好了。

And then my follow-up.

然後是我的後續行動。

You talked about some co-developed parts showing up at the second half of this year.

您談到了今年下半年出現的一些共同開發的部件。

What levels of co-development are possible each model year?

每個車型年可以進行什麼等級的共同開發？

I think initially, you're talking about multi-chip packages, doing some integrations there.

我認為最初，您談論的是多晶片封裝，在那裡進行一些整合。

When are full monolithic parts possible, and you can do just everything potentially out there?

什麼時候可以使用完整的整體部件，並且您可以完成所有可能的事情？

That's an interesting question.

這是一個有趣的問題。

The interesting thing about RF, and especially the way we approach it, is that each individual component has its own technology which is unique to it.

RF 的有趣之處在於，尤其是我們處理 RF 的方式，每個單獨的組件都有自己獨特的技術。

We're not looking at monolithic integration is much as multi-chip module integration.

我們關注的不是單晶片集成，而是多晶片模組集成。

Which gives us not only the best performance, but the best flexibility to really customize the parts for each individual customer.

這不僅為我們提供了最佳性能，還為我們提供了真正為每個客戶量身定制零件的最佳靈活性。

And today at Qorvo, we're very fortunate to have the broadest portfolio of those individual technologies, which allows us to address virtually every single socket in the market.

今天，在 Qorvo，我們非常幸運地擁有最廣泛的這些單獨技術組合，這使我們能夠滿足市場上幾乎所有插座的需求。

So we're focusing the investments on the ones where we think we've got the most differentiation.

因此，我們將投資重點放在我們認為最具差異化的領域。

Obviously BAW filters, high-performance switching, high-performance power amplifiers, envelope tracking -- these are the areas where we see leadership today.

顯然，體聲波濾波器、高性能開關、高性能功率放大器、包絡追蹤——這些都是我們今天看到的領先領域。

We're focusing first on these modules.

我們首先關注這些模組。

We talked a lot about the highband RF Fusion awards in the press release.

我們在新聞稿中談論了很多有關高頻段 RF Fusion 獎項的內容。

We're seeing a lot of traction for that.

我們看到這方面有很大的吸引力。

And what's exciting is, it's not just the top-tier flagship guys going with that kind of fusion -- which is full capability module -- but it's also going into the mid-tier, and into many other handset customers, and reference designs, and even into China before we know it.

令人興奮的是，不僅僅是頂級旗艦產品採用這種融合（即完整的功能模組），而且它也進入了中端市場，並進入了許多其他手機客戶和參考設計，甚至在我們意識到之前就進入了中國。

That fusion level of integration -- which is power amplifiers, switching, all the filters and power management, all integrated into one high-performance, small-placement module -- that is definitely the trend.

這種融合等級的整合——即功率放大器、開關、所有濾波器和電源管理，全部整合到一個高性能、小佈局模組中——這絕對是趨勢。

And it's certainly an opportunity-rich environment for us now to execute on that.

現在對我們來說，這無疑是一個充滿機會的環境，可以讓我們執行這一目標。

Okay., thanks, Eric.

好的，謝謝，艾瑞克。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

I just wanted to follow back up, I think you said earlier in the call that no change to your context rotations in the second half.

我只是想跟進，我想你之前在電話中說過，下半場的背景輪換沒有變化。

To the extent that you can comment -- I know it's always tough -- there's already pictures of your largest customer's phone, and it looks like there's a highband pad.

就你可以評論的程度而言——我知道這總是很困難——已經有你最大客戶手機的照片，而且看起來有一個高頻段墊。

So when you say no change to your expectations, could you comment on what you expect your content to be with the largest customer?

因此，當您說您的期望不會改變時，您能否評論一下您希望最大客戶看到的內容是什麼？

Because obviously China is weak for you, but that seemingly should be going well for you.

因為顯然中國對你來說很弱，但這似乎對你來說應該很順利。

Blayne, as you know, it's always difficult to talk about our largest customer.

布萊恩，如你所知，談論我們最大的客戶總是很困難。

What I can tell you is that we have, between us, continued to gain share.

我可以告訴你的是，我們之間的份額不斷增加。

If you could add the two Companies together year over year over year, it's our current expectations this year, it's our current expectations next year.

如果你可以將這兩家公司逐年加在一起，那就是我們今年目前的預期，這是我們明年目前的預期。

Okay.

好的。

And then a similar comment -- the opportunity for you in the second half was to gain share.

然後是類似的評論——下半場你的機會是獲得份額。

You just talked about Samsung, but also China, some of the media tech platforms and such.

您剛剛談到了三星，還有中國、一些媒體技術平台等。

Does this inventory correction delay that?

此次庫存調整是否會延遲此情況？

Or are you still able to gain some content with those customers as you look at December?

或者，當您展望 12 月時，您是否仍然能夠從這些客戶那裡獲得一些內容？

Eric, do you want to take that?

艾瑞克，你想要那個嗎？

Yes, I guess I hadn't thought about it as a delay, because in any one particular slot, everything is still on track.

是的，我想我並沒有將其視為延遲，因為在任何特定的時段，一切都仍在正軌上。

But with the inventory and the mix shift between slots, I guess you could look at that as a delay, yes.

但隨著庫存和插槽之間的混合變化，我想你可以將其視為延遲，是的。

But not a significant change in the trajectory, just in the timing of all those slots.

但軌跡並沒有發生重大變化，只是所有這些時段的時間都發生了重大變化。

Our content growth opportunities on each of the platforms are still very high.

我們在每個平台上的內容成長機會仍然非常高。

Great.

偉大的。

And then I want to ask you, Bob, another tough question, so don't hate me.

然後我想問你，鮑勃，另一個棘手的問題，所以不要恨我。

As you look out to next year, obviously for the large platforms, you have to submit your parts already.

當你展望明年時，顯然對於大型平台來說，你必須已經提交你的部分。

How are you feeling about the road map that you have in place?

您對現有的路線圖感覺如何？

Obviously the combined parts are coming together now.

顯然，組合的部分現在正在組合在一起。

Did you have the right parts in place, in terms of performance, to continue your content gains to the largest customer?

在性能方面，您是否擁有合適的部件來繼續為最大的客戶帶來內容收益？

Blayne, not that tough a question, so I appreciate that one.

布萊恩，這不是一個很難回答的問題，所以我很欣賞這個問題。

And I want to clarify my comment on the prior question.

我想澄清我對前一個問題的評論。

I should have said content -- that we expect to be able to grow our content this year and next year.

我應該說內容——我們期望能夠在今年和明年增加我們的內容。

And I would broaden this to not just our largest customer, but many other customers.

我會將其範圍擴大到不僅是我們最大的客戶，還有許多其他客戶。

Marquee phones next year is really where we get our technology road maps and capabilities between those legacies -- TriQuint legacy, RFMD -- aligned.

明年的 Marquee 手機確實是我們在這些遺產（TriQuint 遺產、RFMD）之間調整技術路線圖和功能的地方。

We're feeling very good about next year's models, those marquee phones that will be launched, very good about our positioning for those phones.

我們對明年的機型、即將推出的那些大牌手機感覺非常好，對我們對這些手機的定位非常好。

Okay, thanks, Bob.

好的，謝謝，鮑伯。

Thank you.

謝謝。

Thank you.

謝謝。

And at this time, I'd like to turn the conference over to Management for any additional or closing remarks.

此時，我想將會議轉交給管理層，以發表任何補充或結束語。

Thank you for joining us on our first-quarter call.

感謝您參加我們的第一季電話會議。

Even as we achieve our initial synergies and deliver robust leverage, we believe Qorvo is just beginning to demonstrate what we're capable of.

儘管我們實現了初步協同效應並提供了強大的影響力，但我們相信 Qorvo 才剛開始展示我們的能力。

We're excited to build on our success as we introduce new products combining our legacy capabilities, outgrow our markets, and realize the full run rate of our synergies, and achieve our financial model.

我們很高興能夠在成功的基礎上再接再厲，推出結合了我們傳統能力的新產品，超越我們的市場，實現我們協同效應的全面運行，並實現我們的財務模式。

Thank you, and good night.

謝謝，晚安。

Thank you.

謝謝。

And again, ladies and gentlemen, that does conclude today's conference.

女士們、先生們，今天的會議到此結束。

Thank you all again for your participation.

再次感謝大家的參與。