科沃 (QRVO) 2016 Q2 法說會逐字稿

Good day, and welcome to the Qorvo Incorporated second quarter 2016 earnings conference call.

美好的一天，歡迎參加 Qorvo Incorporated 2016 年第二季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

At this time, I would like to turn the conference over to your host, Doug DeLieto, Vice President of Investor Relations.

現在，我想把會議交給主持人、投資人關係副總裁道格‧德利托 (Doug DeLieto)。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Careen.

非常感謝，卡琳。

Hello, everybody, and welcome to our September 2015 quarterly earnings call.

大家好，歡迎參加我們 2015 年 9 月的季度財報電話會議。

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 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.

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業績。

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 the 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.

我們提供補充訊息，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 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.

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有總裁兼執行長 Bob Bruggeworth、財務長 Steve Buhaly、Qorvo 行動產品集團總裁 Eric Creviston 以及 Qorvo 基礎設施和國防產品集團總裁 James Klein。

I am 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 second-quarter earnings call.

大家下午好，歡迎參加我們的 2016 財年第二季財報電話會議。

Qorvo's revenue in the September quarter increased approximately 5.2% sequentially to $708 million.

Qorvo 9 月季度的營收季增約 5.2%，達到 7.08 億美元。

In mobile products, revenue grew 5% sequentially, and 19% year-over-year driven by large customer product ramps.

在行動產品方面，由於客戶產品的大幅成長，營收季增 5%，年增 19%。

In infrastructure and defense, revenue grew 6% sequentially, and declined 13% year-over-year, with wireless infrastructure down approximately $24 million versus last year.

在基礎設施和國防領域，營收季增 6%，年減 13%，其中無線基礎設施收入比去年減少約 2,400 萬美元。

Supporting Qorvo's future growth across all segments, the global appetite for mobile data continues to expand, placing a greater premium on the limited frequency spectrum available to support that demand.

為了支援 Qorvo 在所有細分市場的未來成長，全球對行動數據的需求不斷擴大，從而更加重視可用於支援該需求的有限頻譜。

This is a global megatrend that remains early in adoption, and it's bigger than smartphones or smartphone product cycles.

這是一個全球大趨勢，仍處於早期採用階段，並且比智慧型手機或智慧型手機產品週期更大。

It is favoring the leading suppliers of premium RF solutions, and it will have far-reaching implications on how we interact within our communities, access content, and transact commerce.

它有利於優質射頻解決方案的領先供應商，並將對我們如何在社區內互動、存取內容和進行商務交易產生深遠的影響。

For smartphone manufacturers, the use case for smartphones continues to shift to more data intensive applications.

對於智慧型手機製造商來說，智慧型手機的用例繼續轉向數據密集型應用程式。

The phone we once used for voice and texting, we're now using for streaming video and media conferencing.

我們曾經用於語音和發短信的手機現在用於串流媒體視訊和媒體會議。

Soon the cellular airwaves will be home to immersive virtual reality content, and other data-hungry cloud-based applications.

很快，蜂窩無線電波將成為沉浸式虛擬實境內容和其他需要大量數據的基於雲端的應用程式的所在地。

For network operators, the limited frequency spectrum they have deployed is their most precious asset.

對於網路營運商來說，他們部署的有限頻譜是他們最寶貴的資產。

The continuing increase in the global demand for mobile data is driving network operators to seek new ways to optimize spectral efficiency and improve network capacity.

全球行動數據需求的持續成長正在推動網路營運商尋求新的方法來優化頻譜效率和提高網路容量。

Regardless of the device or application, the appetite for mobile data continues to expand, and that's increasing the economic value of RF to our customers, and to our customers' customers.

無論使用哪種設備或應用程序，對行動數據的需求都在不斷擴大，這增加了射頻對我們的客戶以及我們客戶的客戶的經濟價值。

To accommodate that demand and fuel our growth, Qorvo is investing in the industry's broadest portfolio of enabling technologies and products.

為了滿足這項需求並推動我們的成長，Qorvo 正在投資業界最廣泛的支援技術和產品組合。

We're putting an increasing number of highly integrated system-level solutions in our customers hands, and we are working closely with leading wireless carriers and infrastructure OEMs to help them increase throughput and enhance their competitive positions.

我們正在向客戶提供越來越多的高度整合的系統級解決方案，並且我們正在與領先的無線營運商和基礎設施 OEM 密切合作，幫助他們提高吞吐量並增強競爭地位。

Qorvo today is at the forefront of multiple long-term trends.

如今，Qorvo 處於多個長期趨勢的前沿。

In mobile products, we're capturing new opportunities as smartphones migrate from feature and value 4G devices to premium 4G and performance 4G smartphones.

在行動產品方面，隨著智慧型手機從功能和價值 4G 設備向優質 4G 和高效能 4G 智慧型手機遷移，我們正在抓住新的機會。

These performance and premium 4G devices contain up to $20 of RF content, versus $2 to $3 in the lower end devices.

這些高性能和優質 4G 設備包含高達 20 美元的 RF 內容，而低端設備則包含 2 至 3 美元。

They represent less a one-third of the smartphones built this year, and they are continuing to increase as a percentage of the mix as smartphone units grow.

它們僅佔今年生產的智慧型手機的不到三分之一，隨著智慧型手機銷量的成長，它們在智慧型手機中所佔的比例仍在增加。

Those measuring generic smartphone unit growth are missing an important distinction.

那些衡量通用智慧型手機銷售成長的指標忽略了一個重要的差異。

The greatest growth driver for RF suppliers is the RF content inside the smartphone, and that's what's growing.

射頻供應商最大的成長動力是智慧型手機中的射頻內容，而這正是不斷成長的內容。

We're adding new bands of coverage, and enabling increasing levels of performance, and that's driving unprecedented levels of functional density in Qorvo's most highly integrated products.

我們正在增加新的覆蓋範圍，並提高性能水平，這推動了 Qorvo 高度整合產品的功能密度達到前所未有的水平。

Take for example, the deployment of carrier aggregation which is adding RF content first in the receive path, and later in the transmit path.

以載波聚合的部署為例，它首先在接收路徑中加入射頻內容，然後在發送路徑中加入射頻內容。

Carrier aggregation is being pulled by the carriers to help maximize their investments in frequency spectrum.

營運商正在推動載波聚合，以幫助最大限度地提高頻譜投資。

This is increasing content and the complexity in the device, and that's creating new opportunities for RF suppliers.

這增加了設備的內容和複雜性，並為射頻供應商創造了新的機會。

For Qorvo, this is placing a premium on our higher performance filters and switches, while also giving us clear visibility into customer architectures that will be supporting the majority of the RF TAM growth in 2016 and 2017.

對於 Qorvo 來說，這讓我們更加重視我們更高效能的濾波器和開關，同時也使我們能夠清楚地了解客戶架構，這些架構將支援 2016 年和 2017 年大部分 RF TAM 的成長。

We're also seeing a steady migration from 3-mode LTE to 5-mode and 6-mode LTE among smartphone manufacturers in China.

我們也看到中國智慧型手機製造商從 3 模 LTE 穩步遷移到 5 模和 6 模 LTE。

Last year, it was estimated that fewer than half of the 4G devices were 5-mode, and we expect 5- and 6-mode devices to represent the majority in the next year.

去年，估計不到一半的 4G 設備是 5 模，我們預計明年 5 模和 6 模設備將佔大多數。

Again, this is incremental to the growth we're seeing in the RF TAM, as 4G devices become a larger percentage of that total handset mix.

同樣，隨著 4G 裝置在整個手機組合中所佔的比例越來越大，這也是我們在 RF TAM 中看到的成長的增量。

Layered on top of that, Qorvo has introduced new highly integrated solutions that incorporate multiple dollars of content including filters, switches and PAs.

除此之外，Qorvo 還推出了新的高度整合的解決方案，其中包含濾波器、交換器和 PA 等多種價值的內容。

These parts enhance performance and reduce product footprint.

這些部件可提高效能並減少產品佔用空間。

We've already locked down several wins including at our largest Korean customer and the ramps begin early next calendar year.

我們已經鎖定了幾項勝利，包括我們最大的韓國客戶，並且將於明年初開始。

As an example, we are combining premium BAW filters with high-performance switches to intersect the growing market for diversity receive modules.

例如，我們將優質 BAW 濾波器與高性能開關相結合，以適應不斷增長的分集接收模組市場。

The diversity market today is valued at approximate $1 billion, and is dominated by lower performance SAW filter technology.

當今的多樣性市場價值約為 10 億美元，並由性能較低的 SAW 濾波器技術主導。

It's expected to double over the next three years, as an increasing number of these solutions require premium BAW filter content.

由於越來越多的此類解決方案需要優質 BAW 濾波器內容，預計未來三年內將翻倍。

We're also uniquely positioned to reduce costs and enhance our operating model.

我們在降低成本和增強營運模式方面也具有獨特的優勢。

Our two largest synergy opportunities remains the insourcing of packaging, assembly and test, and the insourcing of SAW filters.

我們兩個最大的協同機會仍然是封裝、組裝和測試的內購以及 SAW 濾波器的內購。

We estimate these represent greater than $60 million in annualized savings.

我們估計，每年可節省超過 6,000 萬美元。

They are progressing on schedule, and the benefit is expected to favorably impact results beginning early next year.

他們正在按計劃取得進展，預計這一效益將對明年初開始的業績產生有利影響。

Now before handing the call over to Steve for a review of the financials, let's look at some quarterly highlights.

現在，在將電話交給史蒂夫審查財務狀況之前，讓我們先來看看一些季度亮點。

In mobile, we were very successful during the quarter, securing expanded content opportunity on marquee smartphones launching in calendar year 2016 and 2017.

在行動領域，我們本季非常成功，在 2016 和 2017 日曆年推出的大型智慧型手機上獲得了更多內容機會。

We entered the BAW-based multiplexer market with a family of quadplexers for smartphones, supporting carrier aggregation in China and Europe.

我們憑藉一系列用於智慧型手機的四工器進入了基於 BAW 的多路復用器市場，支援中國和歐洲的載波聚合。

Those parts are sampling at leading customers, and we expect production volumes beginning in the spring.

這些零件正在向主要客戶提供樣品，我們預計在春季開始量產。

Collaborating with our leading channel partners in China, we also captured multiple reference design wins on next-generation LTE reference design for multi-mode PAs, multi-mode transmit modules, switches, duplexers and multiplexers.

透過與中國領先的通路合作夥伴合作，我們還在多模 PA、多模傳輸模組、交換器、雙工器和多路復用器的下一代 LTE 參考設計方面贏得了多項參考設計。

In China, while we believe we have seen the underlying market fundamentals begin to rebound, we remain cautious, and believe we've embedded conservative expectations in our forward guidance related to China-based handset demand.

在中國，雖然我們相信我們已經看到潛在的市場基本面開始反彈，但我們仍然保持謹慎態度，並相信我們已經在與中國手機需求相關的前瞻性指引中嵌入了保守的預期。

Qorvo has excellent long-term opportunities in China, as smartphones continue to proliferate, as customers in China increase the number of phones they export, and as the RF content in China-based smartphones continues to expand.

隨著智慧型手機的不斷普及、中國客戶出口手機數量的增加以及中國智慧型手機中射頻含量的不斷增加，Qorvo 在中國擁有絕佳的長期機會。

Looking at IDP, we enjoyed strong design win activity, and signed multiple long-term supply agreements in defense and aerospace.

在 IDP 方面，我們享有強勁的設計獲勝活動，並在國防和航空航太領域簽署了多項長期供應協議。

In connectivity, we secured multiple high value 5 gigahertz PA and filter slots.

在連接方面，我們確保了多個高價值 5 GHz PA 和濾波器插槽。

And in transport, we won an increasing possessions of DOCSIS 3.1 sockets, leveraging best-in-class efficiency, bandwidth and power.

在傳輸領域，我們利用一流的效率、頻寬和功率，贏得了越來越多的 DOCSIS 3.1 套接字。

One achievement of note, in cable TV, Qorvo was especially strong, where our hybrid GaAs and GaN power doublers, saving operators 15 to 20 watts.

值得注意的一項成就是，Qorvo 在有線電視領域表現尤為強勁，我們的混合 GaAs 和 GaN 功率倍增，為營運商節省了 15 至 20 瓦。

These solutions mix and match our legacy technologies and capabilities, and they are especially strong in power efficiency, and needed in applications where power consumption is everything.

這些解決方案混合併匹配了我們的傳統技術和功能，它們在功效方面尤其強大，並且在功耗至關重要的應用中是必需的。

In wireless infrastructure, Qorvo was an active participant in pre-5G and 5G demos at major OEMs, and we sampled the five leading base station customers, our breakthrough GaN powered amplifiers, where also continue to see incremental opportunities driven for growth driven by small cell deployments, and the uptake of our SOI switches and GaN HPAs at leading base station OEMs.

在無線基礎設施方面，Qorvo 積極參與主要OEM 的5G 前和5G 演示，我們對五個領先的基地台客戶進行了抽樣調查，我們突破性的GaN 供電放大器也繼續看到由小基地台驅動的增長帶來的增量機會部署，以及我們的 SOI 開關和 GaN HPA 在領先的基地台 OEM 中的採用。

In China, we saw industry fundamentals begin to improve, and believe base station customer activity bottomed in the September quarter.

在中國，我們看到產業基本面開始改善，並相信基地台客戶活動已在九月季度觸底。

We're taking cautious view on wireless infrastructure in our December guidance, and expect the recovery to be gradual.

我們在 12 月的指導中對無線基礎設施持謹慎態度，並預計復甦將是漸進的。

Now looking a bit further out in time, I want to spend a few minutes highlighting how our IDP organization has essentially repositioned itself to accelerate growth above what our legacy IDP businesses had achieved historically.

現在，把目光放得更遠一些，我想花幾分鐘時間強調一下我們的 IDP 組織如何從本質上重新定位自己，以加速成長，超越我們傳統的 IDP 業務歷史上取得的成就。

As you know, IDP is structured around a diverse portfolio of businesses, all leveraging Qorvo shared core competencies, and focused on winning with premium products using highly differentiated, internally developed technology.

如您所知，IDP 圍繞著多元化的業務組合構建，所有業務都利用 Qorvo 共享的核心能力，並專注於利用高度差異化的內部開發技術以優質產品取勝。

To accelerate growth in IDP, we are increasing our focus on automotive, Internet of Things, data centers, and Wi-Fi, and we are increasing our resources in those value streams.

為了加速 IDP 的成長，我們正在加大對汽車、物聯網、資料中心和 Wi-Fi 的關注，並增加這些價值流中的資源。

We're also targeting segments that don't appear to enjoy the same dynamic growth, but have large niches that can be exploited with differentiated products based on Qorvo's technology.

我們也瞄準那些看似沒有同樣動態成長，但擁有龐大利基市場的細分市場，可以利用基於 Qorvo 技術的差異化產品來開發這些細分市場。

A few examples include Qorvo's GaN-based products in the base station market, and the traveling wave tube replacements in the defense and commercial markets using our patent-protected Spatium solid-state products.

一些例子包括 Qorvo 在基地台市場中的基於 GaN 的產品，以及在國防和商業市場中使用我們受專利保護的 Spatium 固態產品的行波管替代品。

We are especially enthusiastic about GaN as a disruptive technology.

我們對 GaN 作為一項顛覆性技術尤其充滿熱情。

We are continuing to penetrate the defense market with our expanded family of GaN-based products, and we're increasing our leading market share as measured by Strategy Analytics.

我們將繼續透過擴大的基於 GaN 的產品系列滲透國防市場，並且根據 Strategy Analytics 的衡量，我們正在增加我們的領先市場份額。

In automotive, we expect that by the year 2020, 75% of the automobiles shipped will feature connectivity.

在汽車領域，我們預計到 2020 年，75% 的汽車出貨量將配備連網功能。

That would equate to a market of approximately 69 million cars, and a CAGR of 45%.

這相當於約 6,900 萬輛汽車的市場，複合年增長率為 45%。

IDP is uniquely positioned in this market to deliver amplifiers and premium filtering solutions to Tier 1 automotive suppliers.

IDP 在該市場中處於獨特的地位，可為一級汽車供應商提供擴大機和優質濾波解決方案。

In telecom and datacom, Infonetics forecast 100G [force] will grow to over 4 million units by 2020, a 75% CAGR driven by the expansion of cloud and hyperscaled data centers.

在電信和資料通訊領域，Infonetics 預測，到 2020 年，100G 數量將成長到超過 400 萬台，在雲端和超大規模資料中心擴張的推動下，複合年增長率為 75%。

We fabricate our low power linear drivers by using proprietary semiconductor processes that push the state-of-the-art in power consumption and bandwidth.

我們使用專有的半導體製程製造低功耗線性驅動器，推動功耗和頻寬達到最先進水平。

In Wi-Fi, where the CAGR is forecasted to be 18% through 2020, we are winning by enabling higher frequency performance and higher data rates, and by solving complex spectrum congestion challenges with our market-leading 5 gigahertz PAs and BAW filters.

在Wi-Fi 領域，預計到2020 年複合年增長率將達到18%，我們透過實現更高的頻率性能和更高的數據速率以及利用市場領先的5 GHz PA 和BAW 濾波器解決複雜的頻譜擁塞挑戰來獲勝。

In the rapidly expanding vision of Internet of Things, industry sources are forecasting over 25 billion connected devices by 2020 resulting in a 65% CAGR.

在物聯網快速發展的前景中，業內人士預測，到 2020 年，互聯設備將超過 250 億台，複合年增長率將達到 65%。

This includes over 3 billion units for the connected home, which alone accounts for a projected $50 billion market for connectivity circuits.

其中包括超過 30 億個連網家庭設備，光是這一點就佔了預計價值 500 億美元的連接電路市場。

Many of these applications are undefined architecturally, but will require RF solutions similar to what we provide today to the Wi-Fi and automotive segments.

其中許多應用在架構上尚未定義，但需要類似於我們今天為 Wi-Fi 和汽車領域提供的射頻解決方案。

And finally, we look to pre-5G and 5G infrastructure upgrades.

最後，我們期待 5G 之前和 5G 基礎設施升級。

Ericsson has estimated that by 2020, communications infrastructure capacity will need to increase by a factor of 1,000.

愛立信預計，到2020年，通訊基礎設施容量需要增加1,000倍。

That's a staggering undertaking, and base station OEMs are experimenting with infrastructure solutions that operate in the millimeter wave spectrum to help them achieve these goals.

這是一項艱鉅的任務，基地台 OEM 正在試驗在毫米波頻譜中運行的基礎設施解決方案，以幫助他們實現這些目標。

These solutions will require advanced semiconductor geometries and leading-edge packaging, which are areas where our internal research is focused today.

這些解決方案將需要先進的半導體幾何結構和領先的封裝，這是我們目前內部研究的重點領域。

The pre-5G market is being driven by carriers looking to optimize existing spectrum through the use of small cells, distributed antenna systems, MIMO active antenna technologies and carrier aggregation.

營運商希望透過使用小型基地台、分散式天線系統、MIMO 主動天線技術和載波聚合來優化現有頻譜，從而推動 5G 之前的市場發展。

The systems are readily served by new Qorvo amplifier products using our production proven GaN technology.

使用我們經過生產驗證的 GaN 技術的新型 Qorvo 擴大機產品可輕鬆為這些系統提供服務。

In fact, we are already sampling these products today to leading infrastructure OEMs.

事實上，我們今天已經向領先的基礎設施原始設備製造商提供了這些產品的樣品。

So looking from a high level, IDP is targeting the highest growth segments within their diversified businesses, with compelling premium solutions, using highly differentiated internally developed technologies.

因此，從高層次來看，IDP 的目標是多元化業務中成長最快的細分市場，並利用高度差異化的內部開發技術，提供引人注目的優質解決方案。

They are moving the organization forward, from premerger levels where both companies saw low growth trajectories, to today where we see IDP on a path to grow their business 2 to 3 times those legacy growth rates.

他們正在推動組織向前發展，從合併前兩家公司都處於低成長軌蹟的水平，到現在我們看到 IDP 的業務成長速度是傳統成長率的 2 到 3 倍。

So for Qorvo, across all of our businesses, the industry fundamentals and our unique competitive positioning, give us ample opportunity for significant growth.

因此，對於 Qorvo 來說，在我們所有的業務中，行業基本面和我們獨特的競爭定位為我們提供了充足的顯著成長機會。

Our products and technologies are tightly aligned with customers, channel partners and carriers, and our design win traction in our first year as Qorvo has been very promising, finishing the year extremely strong.

我們的產品和技術與客戶、通路合作夥伴和營運商緊密結合，我們的設計在第一年就贏得了關注，因為 Qorvo 非常有前景，並以極其強勁的表現結束了這一年。

Looking into 2016, we are confident we will expand our content across marquee smartphones, and leading reference designs, and we're positioned to accelerate growth in IDP's target markets.

展望 2016 年，我們有信心將我們的內容擴展到大型智慧型手機和領先的參考設計，我們已準備好加速 IDP 目標市場的成長。

And with that, I'll turn the call over to Steve for a more detailed look of our financials.

接下來，我會將電話轉給史蒂夫，以便更詳細地了解我們的財務狀況。

Thanks, Bob.

謝謝，鮑伯。

In the September quarter, Qorvo grew revenue 12% year on year to $[708] million, when compared to RFMD and TriQuint on a combined basis.

與 RFMD 和 TriQuint 的合併收入相比，Qorvo 在 9 月季度的營收年增 12%，達到 [7.08] 億美元。

Year-over-year growth was led by mobile, up 19% to $578 million.

年比成長主要由行動領域帶動，成長 19%，達到 5.78 億美元。

In IDP, revenue declined 13% year-over-year to $129 million, due to the $24 million year-over-year decline in wireless infrastructure revenue.

在 IDP 中，由於無線基礎設施收入年減 2,400 萬美元，營收年減 13% 至 1.29 億美元。

Outside of wireless infrastructure, IDP revenue grew approximately 6% year on year.

除無線基礎設施外，IDP 收入年增約 6%。

Qorvo had two 10% customers, the larger at approximately 41% of revenue, representing the aggregate 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 41%，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 Huawei.

本季我們的第二個 10% 客戶是華為。

Gross margin was 49.7%, down sequentially from 51.5%, and up from 47.4% in the prior-year period for RFMD and TriQuint on a combined basis.

RFMD 和 TriQuint 合併後的毛利率為 49.7%，較上一季的 51.5% 有所下降，高於去年同期的 47.4%。

Product mix drove the sequential decline.

產品組合推動了環比下降。

Operating expenses were $156.8 million for the September quarter, down $2 million sequentially.

9 月季度的營運費用為 1.568 億美元，比上一季減少 200 萬美元。

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

營業費用年增率是收入成長率的一半。

Within OpEx, R&D grew 14% sequentially, as we pursued major growth opportunities, while sales and marketing and general administrative expenses declined -- I should say, grew 14% year on year.

在營運支出中，隨著我們尋求重大成長機會，研發環比成長了 14%，而銷售和行銷以及一般管理費用則有所下降——我應該說，同比增長了 14%。

The realization of synergies is allowing Qorvo to appropriately invest in product and process development, while driving towards our operating expense model.

協同效應的實現使 Qorvo 能夠適當投資於產品和流程開發，同時推動我們的營運費用模式的發展。

Operating income was $194.8 million, up 28% from the year ago period for RFMD and TriQuint combined.

RFMD 和 TriQuint 的營業收入合計為 1.948 億美元，比去年同期成長 28%。

This strong growth was led by our mobile products business unit, which on a preliminary basis achieved about 30% operating income, while growing the top line by 19%.

這一強勁成長是由我們的行動產品業務部門帶動的，該部門初步實現了約 30% 的營業收入，同時收入成長了 19%。

Net income for the September quarter was $183.3 million, or $1.22 per diluted share.

9 月季度的淨利潤為 1.833 億美元，或攤薄後每股收益 1.22 美元。

This compares favorably to our original guidance of $1.10 per diluted share.

這與我們最初的稀釋後每股 1.10 美元的指導相比是有利的。

Turning to the balance sheet, total cash and investments were $195.6 million, and cash flow from operations totaled $168.8 million.

資產負債表顯示，現金和投資總額為 1.956 億美元，營運現金流量總額為 1.688 億美元。

Capital expenditures were $80.3 million, primarily to address growth in demand for our premium filters.

資本支出為 8,030 萬美元，主要用於滿足優質過濾器需求的成長。

Finally, the Company repurchased approximately 9.1 million shares at a total cost of $500 million.

最後，該公司回購了約 910 萬股股票，總成本為 5 億美元。

This week, our Board authorized a new one year $1 billion share repurchase program, which we plan to implement on an opportunistic basis.

本週，我們的董事會批准了一項為期一年、價值 10 億美元的新股票回購計劃，我們計劃在機會主義的基礎上實施該計劃。

In the nine months since Qorvo's formation, revenue has grown 25% from the same period in the prior year, while non-GAAP operating income has nearly doubled.

自 Qorvo 成立以來的 9 個月內，營收較上年同期成長了 25%，而非 GAAP 營業收入幾乎翻了一番。

We're proud of this performance, and are excited about our opportunities in the coming year.

我們對這項業績感到自豪，並對來年的機會感到興奮。

Synergy achievement is on track, led by the consolidation of test and assembly into our China operations.

透過將測試和組裝整合到我們的中國業務中，協同效應正在步入正軌。

We're introducing an expanded set of new products, combining switches and filters, and leveraging our broad set of competencies including BAW filter, and gallium nitride process technologies.

我們正在推出一系列擴展的新產品，將開關和濾波器結合，並利用我們廣泛的能力，包括 BAW 濾波器和氮化鎵製程技術。

And all of this, is creating exciting new growth opportunities for Qorvo.

所有這一切都為 Qorvo 創造了令人興奮的新增長機會。

Now let's turn to our business outlook.

現在讓我們談談我們的業務前景。

Qorvo believes the current demand environment and its end products support the following non-GAAP expectations for the quarter ending January 2, 2016, quarterly revenue of approximately $720 million to $730 million, gross margin of approximately 50%, a tax rate of approximately 10%, and diluted earnings per share in the range of $1.25 to $1 30, based on approximately 147 million shares.

Qorvo 認為當前的需求環境及其最終產品支持以下截至 2016 年 1 月 2 日季度的非 GAAP 預期，季度收入約為 7.2 億至 7.3 億美元，毛利率約為 50%，稅率約為 10% ，稀釋後每股收益在1.25 美元至1×30 美元之間，基於約1.47 億股股票。

We think calendar 2016 will be a strong year for Qorvo, and believe we will fully achieve our target operating model of 30% operating income over the full year, while building a robust and defensible technology mode.

我們認為 2016 年對 Qorvo 來說將是強勁的一年，並相信我們將全面實現全年營業收入成長 30% 的營運模式目標，同時建立穩健且可防禦的技術模式。

Actually quarter results may differ from these expectations, and such differences may be material.

實際上，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 December quarter results on February 4. With that, we welcome your questions.

目前，我們預計將於 2 月 4 日報告 12 月季度業績。歡迎您提出問題。

(Operator Instructions)

（操作員說明）

Mike Burton, Brean Capital.

麥克伯頓，布里恩資本。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

First, can you help us understand the components that came in a little stronger for you in the September quarter?

首先，您能否幫助我們了解您在九月季度表現較好的組成部分？

Was it broadly a little bit better, or maybe concentrated on a single customer?

是整體上好一些，還是集中於單一客戶？

And then looking at your December guide, you typically have your top customer seeing strength, your top Korean customer declining.

然後看看你的 12 月指南，你通常會發現你的頂級客戶看到了強勢，而你的頂級韓國客戶則在下降。

I'm interested in what you are seeing from the Chinese OEMs in the December quarter?

我對您在 12 月這個季度從中國原始設備製造商那裡看到的情況感興趣？

Thanks.

謝謝。

Thanks, Mike.

謝謝，麥克。

From an overall business perspective, both the IDP business and the mobile business did a little bit better than planned.

從整體業務來看，IDP業務和行動業務都比計畫好一些。

I would say it's a little bit broader based.

我想說的是它的基礎更廣泛一些。

In regards to China, I will go ahead and let Eric talk a little bit more about his business for the December guide, but I think you have the moving pieces within our business fairly well understood, as far as how you describe what was going on in December but.

關於中國，我將繼續讓埃里克（Eric）在十二月指南中更多地談論他的業務，但我認為您對我們業務中的動態部分已經相當了解，就您如何描述正在發生的事情而言十二月但是。

In China, for the mobile group, I think we are beginning to see some improvement for sure.

在中國，對於行動集團來說，我認為我們肯定已經開始看到一些進步。

It's good, not great yet, but we're definitely seeing a little bit of our rebound as Bob said.

這很好，但還不是很好，但正如鮑勃所說，我們肯定會看到一些反彈。

Our inventory levels definitely in check now.

我們的庫存水準現在肯定受到了控制。

The 4G adds have been very stable, so we're starting to see a pickup.

4G 新增量非常穩定，因此我們開始看到回升。

Design win activity in particular is very, very strong right now.

現在設計獲勝活動尤其非常非常強勁。

That's not going to affect the December quarter particularly, but early 2016, I think we will see a really nice rebound.

這不會對 12 月季度產生特別影響，但到 2016 年初，我認為我們會看到非常好的反彈。

Thanks.

謝謝。

And then if I could, get a second.

如果可以的話，請再等一下。

Can you comment on your views of your relationship with Samsung and MediaTek?

您能談談您對與三星和聯發科關係的看法嗎？

Bob, you said Samsung was a sore spot for you guys in 2015, and MediaTek held some great promise as it ramped its second gen LTE solutions.

Bob，您曾說過三星在 2015 年是你們的痛處，而聯發科在推出第二代 LTE 解決方案時有著巨大的希望。

Can you update us on those relationships, and how you expect those platforms to develop for you in calendar 2016, versus the overall market growth?

您能否向我們介紹這些關係的最新情況，以及您預計這些平台在 2016 年相對於整體市場成長將如何為您發展？

Thanks.

謝謝。

I'd love to Mike, but Eric would probably strangle me.

我很想麥克，但埃里克可能會勒死我。

I think he really wants to talk about this, this is a real bright spot, and what he has worked on this year.

我認為他真的很想談論這個，這是一個真正的亮點，以及他今年所做的工作。

Yes, you're right.

你是對的。

That's been a real focus area for us.

這是我們真正關注的領域。

And first of all, I want to point out, Mike, there has never been any issue with the relationship.

首先，我想指出，麥克，我們的關係從來沒有任何問題。

So it hasn't been about relationships at all.

所以這根本就不是關係的問題。

In fact, we have very long and deep relationships, across all tiers of both of those companies.

事實上，我們在這兩家公司的各個層面都建立了長期而深厚的關係。

It's been about product placement, and having the right products for them.

這與置入性廣告以及為他們提供合適的產品有關。

And as you know Samsung made the leap up the integration curve, a generation earlier than we thought.

如您所知，三星在整合曲線上取得了飛躍，比我們想像的要早一代。

We weren't ready, as TriQuint went in [RFD], but that's exactly where why we formed Qorvo.

當 TriQuint 進入 [RFD] 時，我們還沒有準備好，但這正是我們成立 Qorvo 的原因。

We worked hard all year, and I am much, much more happy with the content opportunities we're going to see early 2016 from Samsung.

我們一整年都在努力工作，我對 2016 年初從三星看到的內容機會感到非常非常高興。

And really same applies to MediaTek.

聯發科也是如此。

We entered Phase II a quarter or two, behind our largest competitor.

我們進入第二階段，落後我們最大的競爭對手一兩個季度。

We're now a quarter or two further down the road.

我們現在已經走了一、兩個季度了。

We are seeing tremendous design activity there, and I think we are going to see the share come back to where it ought to be on MediaTek as well early 2016.

我們在那裡看到了巨大的設計活動，我認為我們將看到聯發科的份額在 2016 年初回到應有的水平。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Vivek Arya, Bank of America Merrill Lynch.

Vivek Arya，美銀美林。

Hi, this is Adam Gonzales bowing in on behalf of Vivek.

大家好，我是 Adam Gonzales 代表 Vivek 鞠躬。

Thanks for taking my question.

感謝您提出我的問題。

First I just wanted to ask on the IDP segment, I know that there's been some varying views on the health of the China base station recovery.

首先，我只想問一下 IDP 領域的問題，我知道對於中國基地台恢復的健康狀況存在一些不同的看法。

NXP and Freescale are saying it's weak.

恩智浦和飛思卡爾表示它很弱。

Xilinx is saying, it's stabilizing.

Xilinx 表示，它正在穩定下來。

IDT is saying it's growing.

IDT 表示它正在成長。

What is your reality as you see it?

你所看到的現實是什麼？

James, would you like to take that?

詹姆斯，你願意接受嗎？

Yes, this is James.

是的，這就是詹姆斯。

As Bob said, I think we saw it stabilize, bottom out in September, and we're starting to see signs of it picking back up as we go into this quarter.

正如鮑勃所說，我認為我們在 9 月看到了它的穩定和觸底，並且隨著進入本季度我們開始看到它回升的跡象。

We'll see growth in that area quarter over quarter, and it appears to be a fairly broad-based return.

我們將看到該領域逐季成長，而且回報似乎相當廣泛。

We are seeing orders out of -- growth out of most of the OEMs.

我們看到大多數原始設備製造商的訂單都在成長。

So looks like it's the final stage.

所以看起來現在已經是最後階段了。

Now we're being pretty cautious on how quickly it's going to recover.

現在我們對它的恢復速度非常謹慎。

Great.

偉大的。

Thanks.

謝謝。

And I guess, my second question would be more on the mobile side.

我想，我的第二個問題比較是在移動方面。

But is 10%-plus, I guess the 10% to15% long-term growth rate you've stated for that segment, is that still valid for calendar 2016, or do you see that may be slowing down to the lower end of that range?

但是 10% 以上，我想您為該細分市場所說的 10% 到 15% 的長期增長率對於 2016 年仍然有效，或者您是否認為可能會放緩至該細分市場的低端範圍？

Just your thoughts on that?

只是你對此的想法？

Thanks.

謝謝。

So our view is that the market opportunity for us is in the 10% to 15% range.

所以我們認為我們的市場機會在 10% 到 15% 的範圍內。

Over the next few years, we expect to be in line or better than that.

在接下來的幾年裡，我們預計會達到或更好。

Great.

偉大的。

Thanks.

謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Congrats on the solid results.

祝賀取得了紮實的成果。

Maybe just a little more detail on the opportunities that you have for content growth if you could?

如果可以的話，或許可以更詳細地介紹您所擁有的內容成長機會？

Do you expect these to materialize over the course of the year or be more weighted towards the first half or the second half?

您預計這些目標會在一年內實現，還是會更偏重於上半年或下半年？

And then to the extent you are willing to comment, what are the degree of visibility you have into the designs for the second half, that would also be helpful?

然後，如果您願意發表評論，您對下半年設計的了解程度如何，這也會有幫助嗎？

Thank you.

謝謝。

All right.

好的。

I believe that was mobile product-centric, or just the --?

我相信這是以行動產品為中心的，還是只是——？

That's right, yes.

沒錯，是的。

Yes, okay.

是的，好的。

Eric, go ahead.

埃里克，繼續吧。

Sure.

當然。

Well, we can say an awful lot about that.

嗯，關於這一點我們可以說很多。

The general trends that drove 2015 are going to continue into 2016, 2017 and 2018, where we are seeing just that incredible increase in mobile data, and the complexity that's driving in the RF front-end.

推動 2015 年發展的總體趨勢將持續到 2016 年、2017 年和 2018 年，我們將看到行動數據令人難以置信的成長，以及推動 RF 前端發展的複雜性。

Adding to that now, of course, carrier aggregation being brought it in multiple bands and multiple regions, it's having a multiplier effect really.

當然，現在再加上載波聚合被引入多個頻段和多個區域，它確實產生了乘數效應。

If you look at the complexity in those front ends, it takes so much R&D to get a phone to market, that customers are trying to cover more markets with fewer models, right?

如果你看看這些前端的複雜性，你會發現將手機推向市場需要大量的研發工作，以至於客戶試圖用更少的型號覆蓋更多的市場，對吧？

And when you do that, that just fundamentally drives up the amount of RF in each model.

當你這樣做時，就會從根本上增加每個模型中的射頻量。

And when you do that, the amount of complexity drives you to integration, and that's exactly where we come in.

當您這樣做時，複雜性會驅使您進行集成，而這正是我們的切入點。

And when you look at integrating all that complexity, it turns out there's a lot of switching in there, and there's a lot of high-performance filters, and that's where we are well-positioned.

當你考慮整合所有這些複雜性時，你會發現其中有很多切換，並且有很多高性能過濾器，而這正是我們所處的有利位置。

So it's really more of the same, just increasing in complexity and content over the next few years.

所以它實際上更多的是相同的，只是在接下來的幾年裡複雜性和內容不斷增加。

It's not isolated to any one or two or three OEMs, it's across every tier.

它並不孤立於任何一兩個或三個原始設備製造商，它遍及每一層。

So you've got some people in the performance range that are going to premium and global SKUs, but you've also got those that are going from regional 4G phones, up to multi regional, or even global export phones.

因此，有些人在性能範圍內購買優質和全球 SKU，但也有一些人購買區域 4G 手機、多區域手機，甚至全球出口手機。

So across really all tiers and all OEMs, we think the opportunities for content growth are very well-aligned with Qorvo's investments.

因此，在所有層級和所有 OEM 廠商中，我們認為內容成長的機會與 Qorvo 的投資非常契合。

That's very helpful.

這非常有幫助。

And just as a follow-up if I could, on the BAW multiplexer technology, maybe you could comment on what sort of interest you are seeing at the high-end from customers, what the feedback has been, and when you think this could mean material revenue?

作為後續行動，如果可以的話，關於 BAW 多路復用器技術，也許您可以評論一下您從客戶那裡看到的高端產品的興趣、反饋是什麼，以及您認為這可能意味著什麼物質收入？

Thank you.

謝謝。

Yes, the multiplexers were an important part of the portfolio, to solve some very important carrier aggregation bands.

是的，復用器是該產品組合的重要組成部分，用於解決一些非常重要的載波聚合頻段問題。

We are seeing interest once again, at all levels of the portfolio.

我們再次看到投資組合各層面的興趣。

At the higher end tiers, it's even higher orders of multiplexing than what we have so far announced.

在高端層，復用的階數甚至比我們迄今為止宣布的更高。

The ones that are in the market today are very well-suited for more of the China and Europe, more regionalized SKUs.

目前市面上的產品非常適合更多中國和歐洲、更區域化的 SKU。

But we are developing as you can imagine hexaplexers as well, and [fintaplexers] to complement the quadplexers we have on the market today.

但我們也在開發您可以想像的六工器和 [fintaplexers]，以補充我們當今市場上的四工器。

So we'll be seeing a lot of attention for those across all tiers.

因此，我們將看到所有級別的人員都受到很多關注。

Thanks for the color.

謝謝你的顏色。

I appreciate it.

我很感激。

Thank you.

謝謝。

Harsh Kumar, Stephens.

嚴厲的庫馬爾，史蒂芬斯。

Hey, guys.

大家好。

I have a couple questions.

我有幾個問題。

My first one is, Bob and Eric, typically you see a little bit of a bigger growth rate in revenues through the September quarter.

我的第一個問題是，鮑勃和埃里克，通常您會看到整個九月季度的收入成長率有所提高。

I'm curious -- I know that China is down and it looks like it's turning, but I'm curious are there other parts that are moving?

我很好奇——我知道中國正在衰落，而且看起來正在好轉，但我很好奇是否還有其他部分正在改變？

Is there perhaps an earlier build by one of your customers that is involved here?

這裡是否可能涉及您的一位客戶的早期構建？

Is this a normal going forward or just a one-time deal?

這是一項正常的後續交易還是只是一次性交易？

Harsh, this is Bob.

嚴厲，這是鮑伯。

I'll go ahead and take that.

我會繼續接受它。

I think you are right, we're taking a pretty cautious view on the China market right now.

我認為你是對的，我們現在對中國市場持相當謹慎的態度。

I think we kind of beat to death on our last call, that they got a little ahead of themselves in the first half.

我認為我們在最後一次判罰中被擊敗了，他們在上半場有點領先。

And I think things happen, timing of new program ramps, and all of that.

我認為事情會發生，新計劃的時間安排等等。

But I think this is more of a one-off case right now, and it is not our expectation this carries on into calendar 2016.

但我認為目前這更多的是一次性案例，我們預計這種情況不會持續到 2016 年。

Understood.

明白了。

Thank you.

謝謝。

And second question was, we get this a lot from investors.

第二個問題是，我們從投資者那裡得到了很多這樣的資訊。

There seems to be a viewpoint that the growth rate in handsets is slowing down, and the China growth rate is slowing down.

似乎有一種觀點認為，手機成長速度正在放緩，中國的成長速度也正在放緩。

You talked about China may be bottoming out, but could you also talk about what your expectation of the growth in China is next year, two years out, however you want to take it?

您談到中國可能正在觸底反彈，但您能否也談談您對明年、兩年後中國經濟成長的預期，無論您如何看待？

And then also, how do you -- the $1 billion buyback, there is not enough cash on the balance sheet, so how does -- Steve, how do you propose to fund that?

然後，你如何 - 10 億美元的回購，資產負債表上沒有足夠的現金，那麼 - 史蒂夫，你打算如何為其提供資金？

Steve, I'll go ahead and take the first part, and obviously if I don't complete it, Eric will add some color.

史蒂夫，我將繼續完成第一部分，顯然，如果我沒有完成它，埃里克會添加一些顏色。

Well, Harsh, I think we have to look at a couple different things.

好吧，哈什，我認為我們必須考慮幾個不同的事情。

One is for the China market itself, you have to remember there are people that also produce phones that are not Chinese.

一是針對中國市場本身，你必須記住，有些人也生產非中國手機。

And some of these players out there have had tremendous growth in the China market itself.

其中一些參與者在中國市場本身取得了巨大的成長。

Now what we do see is, so what we look at is the macro trends that I spoke about earlier, of those shifts from basically dimes to dollars that we talk about, as they migrate through their portfolio.

現在我們確實看到的是，我們看到的是我之前談到的宏觀趨勢，即當它們通過投資組合遷移時，我們談論的從基本一毛錢到美元的轉變。

And what we are seeing is, the China local OEMs are now starting to gear up for the export market.

我們看到的是，中國本土整車廠現在開始為出口市場做好準備。

So they are gearing more towards regional SKUs, and even some are going to global SKUs.

因此，他們更面向區域性 SKU，甚至有些轉向全球性 SKU。

I use somebody like a Huawei that will put in $15-plus into a phone.

我使用像華為這樣的公司，他們會花 15 美元以上購買一部手機。

So that trend is continuing, and we expected that to continue next year.

因此，這種趨勢正在持續，我們預計明年也會持續這種趨勢。

And then also, we have that trend from 3-mode to 5-mode for those phones at stay in China.

此外，我們在中國的手機也有從 3 模到 5 模的趨勢。

We do expect the RF content to continue to grow, like we said earlier in that 10% to 15% range.

我們確實預期 RF 含量將繼續成長，正如我們之前所說的 10% 到 15% 範圍內。

But I will say the China export market continues to grow, and that does drive the dollar content as well.

但我要說的是，中國出口市場持續成長，這也確實推動了美元含量。

Got it.

知道了。

What was your other question, Harsh?

哈什，你的另一個問題是什麼？

The buyback.

回購。

How do you fund the buyback, Steve?

史蒂夫，你如何為回購提供資金？

Oh, how do you fund it?

哦，那你要怎麼資助呢？

Well, the buyback is valid for a year, and Qorvo is going to be very cash flow positive over that period of time, which is a good piece of the story there.

嗯，回購有效期為一年，Qorvo 在此期間的現金流將非常積極，這是一個很好的故事。

And then if we elect to, we will opportunistically access the capital markets to supplement our cash flow from operations.

然後，如果我們選擇，我們將機會主義地進入資本市場，以補充我們的營運現金流。

Great, guys.

太棒了，夥計們。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Cody Acree, Drexel Hamilton.

科迪·阿克里、德雷塞爾·漢密爾頓。

Thanks for taking the question, guys.

謝謝你們提出問題，夥伴們。

This is David on for Cody.

這是科迪的大衛。

I want to get your thoughts on the adoption trends of RF Flex and RF Fusion, maybe where you are seeing the most traction?

我想了解您對 RF Flex 和 RF Fusion 的採用趨勢的看法，也許您認為其中最有吸引力？

And then also, knowing that that customized solution will be a little bit different, what is a good ASP range to think about for their RF Fusion engagements?

然後，知道客製化解決方案會有點不同，那麼對於他們的 RF Fusion 業務來說，一個好的 ASP 範圍是多少？

Yes, it's a bit of a complicated question actually, because many customers are working with both, for different parts of their portfolio.

是的，這實際上是一個有點複雜的問題，因為許多客戶在其產品組合的不同部分都使用這兩種方法。

So in general, of course, the RF Fusion is -- well, it's really being used in two different tiers.

所以總的來說，當然，射頻融合——嗯，它確實被用於兩個不同的層面。

In the highest tiers, you are definitely seeing that level of high level customization integration where there are several specialized RF Fusion modules to cover an entire global SKU.

在最高層，您肯定會看到高級客製化整合的水平，其中有幾個專門的 RF Fusion 模組可以覆蓋整個全球 SKU。

And then in the mid tier, RF Flex is certainly picking up a lot of traction, of course, as people are going from more discrete solutions to a level of integration that helps drive some of the complexity out, while it still gives them flexibility for different band combinations.

當然，在中端，RF Flex 無疑受到了極大的關注，因為人們正在從更離散的解決方案轉向有助於消除一些複雜性的整合水平，同時它仍然為他們提供了靈活性不同的頻段組合。

But then we also see Fusion coming into other tiers, like we've mentioned a new product ramp into a wearable.

但我們也看到 Fusion 進入其他領域，就像我們提到的穿戴式裝置的新產品。

And in this case, they're using Fusion, as the vast majority of the RF content is fully integrated into one placement, because it's a very compact high-performance wearable solution, where size is at a premium.

在這種情況下，他們使用 Fusion，因為絕大多數 RF 內容完全整合到一個位置中，因為它是一種非常緊湊的高效能穿戴解決方案，尺寸非常重要。

So really there's a wide array of applications, depending upon really the flexibility what the end customer is trying to accomplish with the product.

因此，實際上有各種各樣的應用程序，具體取決於最終客戶試圖使用該產品實現的靈活性。

Great.

偉大的。

And could you maybe give us a little color on your capacity expansion plans for filters?

您能否為我們介紹一下您的過濾器產能擴充計畫？

And how we should maybe think about linearly over the next few quarters, what are the largest impediments to growing that capacity faster?

我們應該如何線性地考慮在接下來的幾個季度中，更快地成長容量的最大障礙是什麼？

This is Steve Buhaly.

這是史蒂夫·布哈利。

We do plan to grow capacity primarily in premium filters, since that's where our demand is expanding most rapidly.

我們確實計劃主要增加優質過濾器的產能，因為這是我們需求成長最快的領域。

And our typical pattern is to put new capacity in place during the first half of the calendar year.

我們的典型模式是在今年上半年投入新產能。

It's a little slower period of time, and to be well-positioned for the aggressive customer ramp that often happens in late spring mid summer, and we're looking forward to that this year as well.

這是一段比較緩慢的時期，並且為春末夏初經常發生的積極的客戶增長做好了準備，我們也期待今年的情況。

Great.

偉大的。

Thanks for the time

感謝您抽出時間

Thank you.

謝謝。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

Thanks for taking my question.

感謝您提出我的問題。

I guess, just two quick ones.

我想，只有兩個快點。

You talked about the visibility to marquee handsets.

您談到了大螢幕手機的可見性。

Just want to understand.

只是想了解一下。

I know there has been some debate with your largest customer, but just want to make sure whether that design is done, and how you feel in general with your content there, if that was included in that marquee comment?

我知道與您最大的客戶存在一些爭論，但只是想確定該設計是否已完成，以及您對其中的內容總體感覺如何（如果該內容包含在該大屏幕評論中）？

And then, if could you just talk about in general, your view into March, the puts and takes?

然後，您是否可以概括地談談您對三月的看法以及看跌期權？

You talked about being conservative for China, Just wondering as you look into March, what gets you -- what are the puts and takes in terms of your other customers?

您談到了對中國持保守態度，只是想知道，當您展望三月時，您會想到什麼——您的其他客戶的看法是什麼？

Thanks.

謝謝。

I'll take the marquee question, because that was in my opening comments.

我將回答這個突出的問題，因為這是我的開場評論。

And I will let Eric and James, talk a little bit about seasonality in the March quarter for their respective businesses.

我將讓艾瑞克和詹姆斯談談他們各自業務在三月季度的季節性因素。

But I implied it to mean, as you know, there is only really a couple major players with some marquee phones.

但我的意思是，如你所知，只有少數主要廠商擁有一些大牌手機。

And we're confident in our ability to continue to grow our footprint and expand our dollar content in their phones for 2016 and 2017, based on what we've got all lined up.

基於我們已經做好的準備，我們有信心在 2016 年和 2017 年繼續擴大我們的業務範圍並擴大我們在手機中的美元含量。

Yes, there has been a lot of discussion out there about that, but it's really never changed in our mind.

是的，對此已經有很多討論，但我們的想法從未改變。

It's normal course of business, and how we work with these guys, and we feel very confident in our ability to continue to grow at those accounts.

這是正常的業務流程，也是我們與這些人合作的方式，我們對我們在這些客戶上繼續成長的能力非常有信心。

So James, do you want to talk a little bit about seasonality in your business?

詹姆斯，您想談談您業務中的季節性嗎？

Yes, in IDP, really being so broad market based, we don't see the traditional seasonality that you may be used to in Eric's business, and we'll, we should continue to see growth quarter over quarter.

是的，在 IDP 中，確實以如此廣泛的市場為基礎，我們沒有看到埃里克業務中可能習慣的傳統季節性，我們應該會繼續看到逐季增長。

Eric, can you talk about --?

艾瑞克，你能談談——嗎？

In mobile, as I think everyone knows, March is a tricky quarter.

我想大家都知道，在行動領域，三月是個棘手的季度。

There's a lot of moving pieces there, and it's typically down 10% to 15% for mobile, but you've got one kind of major handset platform ramping down sharply sequentially, and another one from another manufacturing ramping up at the end of the quarter.

其中有許多變動因素，行動裝置通常會下降 10% 到 15%，但一種主要手機平台會持續大幅下降，而另一種製造商的另一種平台會在本季末上升。

And exactly the timing and volumes of those ramps make a huge difference, in how the quarter ends up.

這些增長的時間和數量對本季的最終結果產生了巨大的影響。

But it's too early to say whether there will be anything out of the ordinary this year.

但現在判斷今年是否會出現異常還為時過早。

We certainly aren't aware of anything.

我們當然什麼都不知道。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Srini Pajjuri, CLSA Securities.

Srini Pajjuri，里昂證券證券。

Thank you.

謝謝。

Eric, just a clarification, and then I have a question.

艾瑞克，請澄清一下，然後我有一個問題。

So you said the Korean customer, your content opportunity is looking pretty good for early next year.

所以你說韓國客戶，明年初你的內容機會看起來相當不錯。

Can you talk about what sort of product that is?

您能談談那是什麼類型的產品嗎？

Whether it's a pad, discrete filters, or a [discrete] switch module?

是墊、分立濾波器還是[分立]開關模組？

Yes, the great news is, it's literally across, I think every product category we sell.

是的，好消息是，它確實涵蓋了我們銷售的每一個產品類別。

We've got a wide range of products with great opportunities in that platform, literally discrete switches, discrete BAW filters, Wi-Fi products, diversity receive modules, power amplifier base to pads and so forth.

我們在這個平台上擁有大量具有巨大機會的產品，包括分立開關、分立 BAW 濾波器、Wi-Fi 產品、分集接收模組、功率放大器基座到焊盤等等。

So we again, we've really focused on closing that gap on that platform, and I think we believe the prospects are pretty good.

因此，我們再次真正專注於縮小該平台上的差距，我認為我們相信前景非常好。

Okay.

好的。

And then, Bob, just a clarification again to the previous answer.

然後，鮑勃，再次對先前的答案進行澄清。

So when you talk about this content increase opportunities in the marquee phones, are you anticipating any share gains for you, or do you think the RF content itself is increasing, and you just participate in that content increase?

因此，當您談論大螢幕手機中的內容增加機會時，您是否預計會獲得任何份額收益，或者您是否認為 RF 內容本身正在增加，而您只是參與了內容的增加？

Well, I think it's clear content will continue to increase, as the complexity that we talked about, and we will have to wait and see how things end up.

嗯，我認為很明顯，內容將繼續增加，正如我們談到的複雜性一樣，我們將不得不等待，看看事情最終如何。

But I feel very good about our prospects and our ability to continue to grow.

但我對我們的前景和繼續發展的能力感到非常滿意。

Thank you.

謝謝。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Hi, thanks for taking the question.

您好，感謝您提出問題。

It's Amanda Scarnati on for Atif.

這是 Atif 的 Amanda Scarnati。

On Qualcomm's call yesterday, they talked about 3G/4G device shipments at about 10% year-over-year, next year, with device sales at low single-digits, which implies an ASP pressure for application processors.

在高通昨天的電話會議上，他們談到明年 3G/4G 設備出貨量將年增約 10%，設備銷售量僅為個位數，這意味著應用處理器的平均售價面臨壓力。

How should we think about gross margins for RF components in an environment when smartphone units are decelerating next year?

在明年智慧型手機銷售成長放緩的環境下，我們該如何考慮射頻組件的毛利率？

Yes, I think what's interesting is -- and I tried to address some of this in my opening comments, that if you look at smartphones, they are growing as you point out, single digits.

是的，我認為有趣的是 - 我試圖在開場白中解決其中的一些問題，如果你看看智慧型手機，它們正在像你指出的那樣以個位數增長。

But the real story in our business is the RF content is continuing to grow, and Eric spoke earlier,10% to 15% in his mobile business.

但我們業務中的真實情況是 RF 內容正在持續成長，Eric 早些時候談到，他的行動業務成長了 10% 到 15%。

And from an ASP perspective, given those kind of growth rates, we don't anticipate any change from the way the business has run almost the last two years.

從平均售價的角度來看，考慮到這樣的成長率，我們預計過去兩年的業務運作方式不會有任何變化。

So again, the RF content inside the phones is what is growing.

再說一遍，手機內的射頻內容正在不斷成長。

And in China, they are going from 3-mode to 5 and 6-mode.

在中國，他們正在從 3 模轉向 5 和 6 模。

That's significant increase in the dollars that are in a phone.

這對於手機來說是一個顯著的成長。

So we're in a different than the space on the application processors.

所以我們所處的空間與應用處理器的空間不同。

Okay.

好的。

And then just a question on the gross margins.

然後是關於毛利率的問題。

There's about 100 basis point miss off the guidance this quarter.

本季的指導值較指引低約 100 個基點。

Was there any impact from the transition, pulling in [RFMD] test and assembly, and how should we expect gross margins to trend going forward, once that test and assembly is fully rolled in?

過渡、引入 [RFMD] 測試和組裝是否有任何影響？一旦測試和組裝全面投入，我們應該如何預期毛利率的未來趨勢？

Yes.

是的。

So gross margins, I think fundamentally, the Company's running right around 50%, which is what we have guided for next quarter.

因此，我認為從根本上來說，公司的毛利率一直在 50% 左右，這也是我們對下個季度的指導。

Our mileage varies a little bit quarter to quarter, depending on the particulars of the mix, and I think that's what you saw in this quarter.

我們的里程數每個季度都會有所不同，具體取決於組合的具體情況，我認為這就是您在本季度看到的情況。

We expect the benefits from our assembly and test consolidation to largely accrue in the second half of the calendar year, as we intersect our customers with new products, with our products tested and assembled in China.

我們預計組裝和測試整合的效益將在今年下半年大幅顯現，因為我們將新產品與我們的客戶結合起來，並且我們的產品在中國進行測試和組裝。

And so, I'll, clearly it's going to be a positive.

所以，我會，顯然這將是積極的。

There are plenty of other factors.

還有很多其他因素。

I'll wait until we get closer to call it more specifically.

我會等到我們更接近時再更具體地稱呼它。

Great, thank you.

太好了謝謝。

You bet.

你打賭。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

I just want to follow up, Eric, on the China comments.

埃里克，我只想跟進有關中國的評論。

Obviously, I think you guys on the last call said, that the China business back in June had increased by over $100 million quarter on quarter.

顯然，我想你們在上次電話會議上說過，六月的中國業務環比增長了超過 1 億美元。

Wondering if you can give us any sort of comments on what that business did sequentially in September?

想知道您能否對該業務 9 月份的連續表現給我們任何評論？

Then just from your script, it sounds like you are starting to see recovery in unit shipments out of China, but you are guiding that business pretty cautiously.

然後，僅從您的腳本來看，聽起來您開始看到中國以外的單位出貨量出現復甦，但您正在非常謹慎地指導該業務。

I assume that the delta there is, you are going to continue to undership consumption, just to work down the inventory levels?

我假設存在三角洲，您將繼續減少消費，只是為了降低庫存水準？

Is that the right way to think about China?

這是看待中國的正確方式嗎？

Yes, that sounds about right.

是的，這聽起來很正確。

I think to characterize what we have seen, you are right.

我認為描述我們所看到的情況，你是對的。

The first couple of quarters of the calendar year, we saw tremendous growth, and we definitely in retrospect shipped faster, than the market at the time frame.

今年的前幾季度，我們看到了巨大的成長，而且回想起來，我們的出貨速度肯定比當時的市場要快。

As we've gone through the second half of the year, we still see our largest customer there who is now a 10% customer, considerably strong, compared to the rest of the pack.

經歷了今年下半年，我們仍然看到我們最大的客戶，現在佔 10% 的客戶，與其他客戶相比，相當強大。

And so, we're very pleased to be supporting that customer.

因此，我們非常高興能夠為該客戶提供支援。

And then, the rest of the pack has definitely slowed, and most are not achieving their original goals that they set [up] at the beginning of the year.

然後，其他公司的發展速度肯定已經放緩，而且大多數公司都沒有實現他們在年初設定的最初目標。

But it's still good.

但它仍然很好。

Like I said, not great, but good, and it's kind of returned to more a regular level.

就像我說的，不是很好，但是很好，而且已經恢復到更正常的水平。

Okay.

好的。

Thanks for the additional color.

感謝您提供額外的顏色。

And then, one for Steve.

然後是史蒂夫的一份。

Steve, I think in your guidance, you are now guiding tax to be at 10%, sort of at the lower end of your10% to 15% range.

史蒂夫，我認為在您的指導中，您現在指導稅率為 10%，有點處於 10% 至 15% 範圍的下限。

Is that going to be a temporary sort of December quarter effect, or does that carry into FY17?

這是否是 12 月季度的暫時影響，還是會延續到 2017 財年？

Yes.

是的。

Well, it will clearly pertain to the March quarter, right?

嗯，這顯然與三月季度有關，對吧？

We try to level-set it for the course of the year.

我們試圖在這一年中對其進行水平設定。

And as we look into the next fiscal year, I think I want to take a little bit of a hall pass on that, as we got some math to do on that.

當我們展望下一個財政年度時，我想我想在這方面採取一些通行證，因為我們需要對此進行一些數學計算。

We are running through our NOLs and credits.

我們正在執行我們的 NOL 和學分。

And yet on the other hand, we'll have more of our revenue going through Singapore for the full year.

但另一方面，全年我們將有更多收入通過新加坡。

So I am going to stick with the 10% to 15% for now for FY17, but I think it's fair to model 10% in for the March quarter as well.

因此，我目前將堅持 2017 財年的 10% 到 15%，但我認為在 3 月的季度中也採用 10% 的模型是公平的。

Thank you, Steve.

謝謝你，史蒂夫。

Steve Smigie, Raymond James.

史蒂夫·斯米吉，雷蒙德·詹姆斯。

Great.

偉大的。

Thanks a lot.

多謝。

Sorry if there is any repeat questions.

抱歉，如果有任何重複的問題。

But I'm just curious if you guys could talk about architectures a little bit on the marquee phones where, if you get your typical tear down, there may be four boxes typically on a phone or something like that, in terms of pads or whatever it may be.

但我只是好奇你們是否可以談論一下字幕手機的架構，如果你把典型的拆解下來，手機上通常可能有四個盒子或類似的東西，就墊或其他東西而言可能是的。

But then there is also lots of other filters and switches elsewhere in the phone.

但手機的其他地方還有很多其他過濾器和開關。

So as a company, as you guys gain content, can you have it stay in the same sort of four boxes?

因此，作為一家公司，當您獲得內容時，您能否將其保留在相同的四個盒子中？

Could there be more or less than four boxes on the phone?

手機上的盒子會多於還是少於四個？

Just talk about all the different variations that could happen out there?

只是談談可能發生的所有不同變化？

It just seems like there's a lot of different ways it could go.

似乎有很多不同的方式可以實現。

Go ahead, Eric.

繼續吧，埃里克。

I'll take a shot at it, I guess.

我想我會嘗試一下。

You are right, there's a lot of different ways it can go.

你是對的，它可以有很多不同的方式。

And so, what you tend to see I guess, is there's a generation, in which there is an integration around three or four large elements, and there is some discretes around it.

因此，我猜你傾向於看到的是，有一代人圍繞著三、四個大元素進行整合，同時也有一些離散的元素。

And the next generation, it generally stays roughly the same, in terms of the number of highly integrated components.

而下一代，在高度整合的組件數量方面，它通常保持大致相同。

It's pulling in a lot of stuff that was outside before, but then you end up with a bunch of discrete stuff around it a lot of times.

它吸收了很多以前在外面的東西，但很多時候你最終會在它周圍得到一堆離散的東西。

So there is no real one answer on that.

所以對此沒有真正的答案。

But I think generally, the trend is for higher levels of integration overall.

但我認為整體而言，趨勢是整體整合度更高。

And in particular, I think at the kind of mid tier of the market, they are adding in an awful lot of functionality.

特別是，我認為在中端市場，他們添加了大量的功能。

And they don't have the R&D or the bandwidth to glue together 50 different parts.

而且他們沒有研發能力或頻寬來將 50 個不同的部件黏合在一起。

And so, they are trying to get to higher levels of integration, fewer boxes as you would say, at that tier of the market as well.

因此，他們正試圖在該市場層面達到更高的整合度，並減少盒子數量。

But I think overall, Eric, I think people recognize there is different blocks, but I mean, there is a lot of content outside of those things.

但我認為總的來說，埃里克，我認為人們認識到存在不同的障礙，但我的意思是，除了這些之外還有很多內容。

And that's where a lot of the growth that we've enjoyed over the years, still there is a lot of discrete switches and tuners, and now we're getting the diversity receive modules and things like that.

這就是我們多年來享受的大量增長的地方，仍然有很多分立開關和調諧器，現在我們正在獲得多樣性接收模組和類似的東西。

Yes.

是的。

I don't want to oversimplify it down to four or five boxes, but there is revenue there.

我不想將其過度簡化為四到五個盒子，但那裡有收入。

And that architecture does -- and the lower end is moving more towards that.

這種架構確實如此——而且低端正在朝著這個方向發展。

But they're still on a big global phones, a lot of added dollar content outside of those boxes.

但它們仍然是一款大型全球手機，在這些盒子之外還有很多額外的美元內容。

Yes, it's a good point.

是的，這是一個好點。

It's not really just about the boxes, I guess, that's what you are saying, because if it's -- the boxes themselves have all different kinds of things in them, and then also the discretes are different lots of different types, and there's opportunities to differentiate just as much on some of those discrete parts, as there are on the big boxes too.

我想，這不僅僅是關於盒子，這就是你所說的，因為如果是的話——盒子本身裡面有各種不同的東西，而且離散的東西也是不同的，有很多不同的類型，並且有機會一些離散部件的差異化程度與大盒子上的差異化程度相同。

Right?

正確的？

So yes.

所以是的。

That's great.

那太棒了。

That's what I was looking for, thank you.

這就是我一直在尋找的，謝謝。

And then, I'm not sure, have you talked about 2016 overall?

然後，我不確定您是否談過2016年的整體情況？

And I apologize if that has been discussed, but typically you say some color, like hey, we're looking for such and such industry growth, and we expect to grow above that.

如果有人討論過這個問題，我很抱歉，但通常你會說一些顏色，比如嘿，我們正在尋找這樣那樣的行業增長，我們希望增長超過這個水平。

So just curious, if you have commented on what you think the industry growth for calendar 2016?

只是好奇，您是否對 2016 年產業成長有何評論？

We didn't comment too much on -- overall for the Company.

我們沒有對公司的整體情況發表太多評論。

But I believe we might have had a question earlier on, that the RF content will probably grow in that 10% to 15% range in the mobile business.

但我相信我們之前可能有一個問題，即行動業務中的 RF 含量可能會在 10% 到 15% 的範圍內成長。

And what's we will probably grow.

我們可能會成長什麼。

Okay, great.

好的，太好了。

Or (multiple speakers) faster than that.

或（多個發言者）比這更快。

Okay.

好的。

My question was just on mix of customers.

我的問題只是關於客戶的組合。

Obviously, there is the big guy in Cupertino, and the big guy in Korea, and then you've got maybe four or five big Chinese guys.

顯然，庫比蒂諾有一個大個子，韓國有一個大個子，然後可能還有四、五個中國大個子。

How much is that of your mix, or another way to ask it, how much business do you still get from like a Microsoft, Sony, HTC, all those guys down below there?

你的組合有多少，或者換句話說，你還能從微軟、索尼、HTC 等下面的所有這些公司獲得多少業務？

And how important are those guys to continue growth going forward?

這些人對於未來的持續成長有多重要？

Steve, do you want -- ?

史蒂夫，你想要──？

Yes, I'll take that.

是的，我會接受的。

Our top three customers added up to about 60% of our revenue last quarter.

上季我們的三大客戶合計約占我們營收的 60%。

And that's probably not out of line with the market structure.

這可能與市場結構並沒有脫節。

Of those three, Huawei's the one that we sell both IDP and mobile products to.

在這三家公司中，我們向華為銷售 IDP 和行動產品。

And then below that, you have a pretty large number, a very broad diversification of customers.

再往下，你有數量相當多、非常廣泛、多樣化的客戶。

Okay, great.

好的，太好了。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Tom Diffely, D.A. Davidson.

湯姆·迪夫利，D.A.戴維森。

Yes, good afternoon.

是的，下午好。

First, Steve, it looks like you're getting some very nice synergies on the operating margin line and the EPS line.

首先，史蒂夫，看起來你在營業利潤線和每股收益線上獲得了一些非常好的協同效應。

Where are we, as far as the initial goal of $75 million of cost cutting in the first and then second year?

就第一年和第二年削減 7500 萬美元成本的初始目標而言，我們現在進展如何？

Yes, we're in good shape on both counts.

是的，我們在這兩方面都處於良好狀態。

As you know, we have a very detailed management process, where we have a dedicated professional program manager who tracks all these things.

如您所知，我們有一個非常詳細的管理流程，我們有一位專門的專業專案經理來追蹤所有這些事情。

And I expect to beat both of our $75 million commitment for year one, and then a subsequent $75 million commitment for year two.

我預計將完成第一年 7500 萬美元的承諾，以及隨後第二年 7500 萬美元的承諾。

We're in good shape for year one.

我們第一年的狀態很好。

And then year two, it will be a bit back loaded.

然後第二年，它會有點回載。

About two-thirds of that commitment pertains to this migration, or insourcing of mobile assembly and test, and the remainder is a pretty broad variety of items.

該承諾的大約三分之二與這種遷移或移動組裝和測試的內包有關，其餘的則是相當廣泛的各種項目。

Okay, great.

好的，太好了。

And then previously, you talked about the -- your plans to ramp up the BAW filters a little bit here in the first half of the year.

之前，您談到了您計劃在今年上半年稍微提升 BAW 濾波器。

Where do you see the health of the industry supply and demand of BAW filters, and what do customers do right now, that can't get access to BAW filters?

您如何看待 BAW 濾波器的產業供應和需求的健康狀況？無法獲得 BAW 濾波器的客戶現在在做什麼？

Well, a lot of questions in there, but I would say that that supply and demand are broadly in balance.

嗯，其中有很多問題，但我想說的是，供需大致平衡。

The reason we had capacity in late winter spring is that is a little bit lower demand period in the cycle, and it's a good chance for us to add capacity for the next wave.

我們在冬末春季擁有產能的原因是，這是週期中需求較低的時期，這是我們為下一波增加產能的好機會。

For example, a lot of the diversity receive or carrier aggregation demand will be in the phones at launch in the fall, and we will want to have the capacity to support that as we approach it.

例如，許多分集接收或載波聚合需求將出現在秋季推出的手機中，我們希望有能力在接近這一目標時提供支援。

But generally, I'd say supply and demand are fairly matched, and I expect that will continue to be the case.

但總的來說，我認為供給和需求相當匹配，我預計這種情況將持續下去。

We build this capacity based on our customer forecasts, and while there maybe in error in an individual case, in aggregate they tend to be pretty decent.

我們根據客戶預測來建立這種能力，雖然個別情況下可能會出現錯誤，但總的來說，它們往往相當不錯。

Okay.

好的。

Should -- (multiple speakers)

應該－（多位發言者）

I might add to that -- to your point about what happens when customers can't get it.

我可能會補充一點——當客戶無法獲得它時會發生什麼。

I think the industry is beginning to understand the capacity curve, and when the capacity is available, and some customers actually plan their production around the time they know they are going to be able to get their filters.

我認為該行業已經開始了解產能曲線，當產能可用時，一些客戶實際上在他們知道他們將能夠獲得過濾器的時間左右計劃他們的生產。

They make longer term forecasts and commitments to us.

他們向我們做出長期預測和承諾。

That's right.

這是正確的。

All right.

好的。

Thank you.

謝謝。

That's perfect.

那很完美。

Thank you.

謝謝。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

Thanks, thanks very much.

謝謝，非常感謝。

So a couple things.

有幾件事。

Steve, nice (inaudible) OpEx this quarter, how do you expect that to trend in the next quarter, and then what's your plan for next year?

史蒂夫，本季的營運支出不錯（聽不清楚），您預計下一季的趨勢如何，然後您明年的計劃是什麼？

Are you going to scale up with some of these CapEx expansions in BAW and in SAW?

您是否打算透過 BAW 和 SAW 中的一些資本支出擴張來擴大規模？

And then, Eric, the merger required blending a lot of people in a lot of different sites.

然後，艾瑞克，合併需要在許多不同的地點混合很多人。

You have the Portland facility going.

波特蘭工廠正在運作。

How is that progressing overall, are you still working through it, or is it pretty much finished in terms of organizationally?

整體進展如何？您是否還在努力解決它，或者在組織方面基本上已經完成？

And how do you think it's going operationally, are you where to want to be, or has it impacted execution, especially on some of your newer designs?

您認為它的營運進度如何？您想要實現什麼目標，或者它是否影響了執行，尤其是對您的一些新設計？

So for my part, the OpEx, I think this quarter and next will be in the mid-[$150 millions].

因此，就我而言，我認為本季和下季的營運支出將在[1.5 億美元]左右。

So continue to be slightly down from what we just reported in Q2.

因此，繼續比我們剛剛在第二季報告的情況略有下降。

And what was the second part of the question?

問題的第二部分是什麼？

CapEx, I think he said.

資本支出，我想他是這麼說的。

What was the second part of the question, Ed?

艾德，問題的第二部分是什麼？

So on the -- I'm curious because your CapEx plans -- especially your filter fabs, and then you've got the pad facility, that I would expect OpEx to ramp up once those are installed, in order to staff them, and actually do all the design work that you are going to need to do --

因此，我很好奇，因為你們的資本支出計劃，特別是你們的過濾器工廠，然後你們有了墊設施，我希望一旦安裝了這些設施，運營支出就會增加，以便為它們配備人員，並且實際上完成了你需要做的所有設計工作——

Most of that goes into the cost of goods sold line.

其中大部分都計入銷售商品成本。

And by and large, that -- the implementation of those cost or bringing that online is coincident, with them being used for production, so tends to be reasonably well-matched.

總的來說，這些成本的實施或上線是一致的，它們被用於生產，所以往往相當匹配。

But I think we can say, Ed, yes, we will continue to invest in R&D, but it will be a much slower rate than what we are expecting for the top line to grow.

但我認為我們可以說，艾德，是的，我們將繼續投資於研發，但其速度將比我們預期的收入成長速度慢得多。

Yes, and consistent with our expectations of the 20% of revenue model that we have.

是的，這符合我們對 20% 收入模式的預期。

Great.

偉大的。

And then, Eric, on the merger?

那麼，埃里克，關於合併？

Yes.

是的。

So thanks for the question Ed, I couldn't be more pleased with the organization, frankly.

感謝艾德提出的問題，坦白說，我對這個組織非常滿意。

As you know, the culture match is very good between the two companies, a lot of people had worked at each, and so we had a lot of good immediate synergies socially and culturally.

如您所知，兩家公司之間的文化匹配度非常好，很多人都曾在這兩家公司工作過，因此我們在社會和文化方面產生了許多良好的直接協同效應。

And before close, we were able to already develop a new product development process, that combined the best of the both companies, and a lot of lessons learned.

在交易結束之前，我們已經能夠開發出新的產品開發流程，該流程結合了兩家公司的優點以及學到的大量經驗教訓。

So it was a great unique opportunity to wipe the slate clean, and come out with better practices and processes.

因此，這是一個絕佳的機會，可以將過去的事情一掃而光，並提出更好的實踐和流程。

We have combined some, several of our sites, and there is a little more to be done there, but so far completely without disruption.

我們已經合併了一些、幾個站點，還有一些工作要做，但到目前為止完全沒有中斷。

I am not aware of any execution issues that the merger has created.

我不知道合併造成的任何執行問題。

So it's a lot of fun actually.

所以這實際上很有趣。

It's a great opportunity.

這是一個很好的機會。

It's -- these product cycles, it takes a while to feel the entire effect of them, but they are coming on strong.

這些產品週期需要一段時間才能感受到它們的全部影響，但它們正在強勁發展。

In fact, I would just add, we're holding this call in our San Jose office.

事實上，我想補充一點，我們是在聖荷西辦公室舉行這次電話會議的。

That is consolidated between the two former offices here, and it's good to physically bring the teams together, and it's good to put the savings on the P&L.

這是在兩個前辦公室之間進行整合的，將團隊實際聚集在一起是件好事，而且將節省的費用計入損益表也是件好事。

So like that leads to my next question, on the MediaTek reference done for Phase II.

這樣就引出了我的下一個問題，第二階段的聯發科參考。

As far back as February, at MWDC we were talking with you about possible share gains there.

早在 2 月份，我們就在 MWDC 上與您討論了那裡可能的份額成長。

And you seemed fairly confident about it through most of the year, even when we met up several times since then.

在這一年的大部分時間裡，你似乎對此都相當有信心，即使從那時起我們見過幾次面。

And it didn't turn out that way.

但事實並非如此。

It sounds like SkyWorks got most of that thing.

聽起來 SkyWorks 已經掌握了大部分內容。

Is that just -- that's not an execution issue then, that was just a product issue?

那麼這不是執行問題，只是產品問題嗎？

I am just trying to get my arms around what happened on -- what was supposed to be one of the big highlights for the second half of the year?

我只是想了解發生的事情——什麼應該是今年下半年的一大亮點？

I understand Phase III coming, you didn't do much better on that, and there a bunch of other gains.

我知道第三階段即將到來，你在這方面並沒有做得更好，而且還有很多其他的收穫。

But I'm just curious then, if it wasn't execution, is it performance, is it, what is it?

但我只是很好奇，如果這不是執行力，那是性能，是，是什麼呢？

Yes, so.

是的，所以。

That's one of the things I guess, we keep maybe struggling to communicate correctly.

我猜這是其中一件事，我們可能一直在努力正確溝通。

Up until even this point today, we're still basically selling RFMD and TriQuint parts, parts that result from the merger, where we're able combine, and bring the new org, and the new technologies together.

直到今天，我們基本上仍在銷售 RFMD 和 TriQuint 零件，這些零件是合併後的零件，我們能夠將新組織和新技術結合在一起。

We're really just beginning to release the first ones.

我們真的才剛開始發布第一批。

So the integrated [fin] for Wi-Fi, the diversity modules and so forth.

因此，用於 Wi-Fi 的整合 [fin]、多樣性模組等等。

So Phase II, especially March quarter, June quarter of the year, I mean, that's where each of the two legacy companies basically were in their product cycles.

所以第二階段，特別是每年三月季度、六月季度，我的意思是，這就是兩家傳統公司基本上處於其產品週期的階段。

And we didn't have an org focused on that, as a matter of fact at RFMD.

事實上，在 RFMD，我們沒有一個組織專注於此。

And TriQuint as well was not really focused at all on that market.

TriQuint 也根本沒有真正關注該市場。

So when we formed Qorvo, we organized around it.

因此，當我們成立 Qorvo 時，我們就圍繞著它進行組織。

We got a business unit dedicated to that market, and MediaTek in particular.

我們有一個專門針對該市場的業務部門，特別是聯發科。

And so, they've been really working hard all year, and picking up a lot of momentum.

因此，他們這一整年都在努力工作，並獲得了巨大的動力。

And you're right, not as fast as we certainly would have liked, but picking up momentum on Phase II now significantly.

你是對的，雖然速度沒有我們希望的那麼快，但第二階段的勢頭現在顯著增強。

And we been aligned with Phase III all along for the MediaTek platform.

我們一直與聯發科平台的第三階段保持一致。

I think -- this is Bob.

我想——這是鮑伯。

So Ed, at a little higher level, I mean, our share on Qualcomm reference designs in China was significantly higher than on MediaTek.

所以埃德，在更高的水平上，我的意思是，我們在中國高通參考設計上的份額明顯高於聯發科。

And as you know what's playing out there, that's also worked against us.

正如你所知，這對我們來說也是不利的。

Yes.

是的。

So basically it's more legacy product, that you were competing individually from the companies for Phase II orders, Phase III, it will be the combined companies?

所以基本上它是更多的遺留產品，你與公司單獨競爭第二階段的訂單，第三階段，它將是合併後的公司？

That's a very good way to put it, yes.

是的，這是一個很好的表達方式。

Okay.

好的。

And then Bob, that was my next question actually.

然後鮑勃，這實際上是我的下一個問題。

You've guys have gotten much closer to Qualcomm over the last year.

去年，你們與高通的關係變得更加密切。

Qualcomm unfortunately hasn't been doing as well.

不幸的是，高通的表現並不好。

But in the net of it all, is it a net improvement still for you, both on the Wi-Fi side, and on the LTE reference design side of it?

但總而言之，無論是在 Wi-Fi 方面還是在 LTE 參考設計方面，這對您來說仍然是一個淨改進嗎？

Or because of their problems, it's a kind of a wash?

還是因為他們的問題，算是一種洗禮？

Oh, net total revenues.

哦，淨總收入。

I had to think through that, Ed.

我必須想清楚這一點，艾德。

I think you have got the assessment right.

我認為你的評估是正確的。

We continue to grow the relationship with them, into more than just quote, PAs and filters, and sitting on reference designs and working with them.

我們繼續發展與他們的關係，不僅僅是報價、PA 和過濾器，還有參考設計並與他們合作。

And then, to your point, we're making great progress with Wi-Fi for the IDP side, as well as the mobile side working with Qualcomm.

然後，就您而言，我們在 IDP 端以及行動端與高通合作的 Wi-Fi 方面取得了巨大進展。

But I don't think we've actually done any forward math to be able to answer that, Ed.

但我認為我們實際上並沒有做任何正向數學來回答這個問題，艾德。

As you know, what we're trying to do is be strong at each one of the platform providers, and each one of our customers, because they do tend to move around, who's number one and two over time.

如您所知，我們正在努力做的是對每位平台提供者和我們的每位客戶保持強勢，因為他們確實傾向於流動，隨著時間的推移，誰是第一和第二。

And then, along the same lines Bob, it's clear -- Qualcomm is -- obviously, we don't want to [belabor] problems.

然後，按照同樣的思路，鮑勃，很明顯——高通是——顯然，我們不想[詳細討論]問題。

But they are doubling down on RF360, they have been showing panel IDs around China, and are playing into that.

但他們正在加倍押注 RF360，他們一直在中國各地展示面板 ID，並正在發揮作用。

It sounds like they are going to make another gasp in this area.

聽起來他們又要在這區域發出喘息聲了。

I don't expect it will turn out any better, than it did for the first one, given what I think about the technology.

考慮到我對這項技術的看法，我預計它的結果不會比第一個更好。

Is your new relationship with them, make you the go-to guy if their solution doesn't work?

如果他們的解決方案不起作用，您與他們的新關係是否會讓您成為首選人員？

Because last time, kind of the same thing, right?

因為上次也有同樣的事情，對吧？

You guys were shipping them an amplifier, for the first version of it when it didn't work out.

你們給他們運送了一個放大器，作為它的第一個版本，但它不起作用。

So I'm just curious, because you did get closer to them last fall, if this falls apart in their face, and they need to ship, will you guys be the first one they turn to, to try and stop-gap the product?

所以我只是很好奇，因為去年秋天你們確實與他們走得更近了，如果這在他們面前分崩離析，他們需要發貨，你們會成為他們第一個求助的人，嘗試彌補產品的缺陷嗎？ ？

Well, I can't tell you what will happen in the future, Ed.

嗯，我無法告訴你未來會發生什麼，艾德。

But I think in the past, yes, we have worked very closely with them, when customers wanted a different solution.

但我認為在過去，是的，當客戶想要不同的解決方案時，我們與他們進行了非常密切的合作。

And I think that's an important point is, at the end of the day, the customers decide.

我認為重要的一點是，最終由客戶決定。

I mean, that's what really takes place.

我的意思是，這就是真正發生的事情。

In our business, you need to have very high performing, competitive parts.

在我們的業務中，您需要擁有非常高性能、有競爭力的零件。

And we work with them, so that we make sure we understand the architectures and where things are going.

我們與他們合作，以確保我們了解架構和事情的進展。

But at the end of the day, it's as much the customer.

但歸根究底，客戶也是如此。

But because we do work with them, we feel we've got that leg up and that opportunity.

但因為我們確實與他們合作，所以我們覺得我們已經獲得了優勢和機會。

And that's why we felt our share with so strong with them, throughout the last year as you pointed out.

正如您所指出的，這就是為什麼我們在過去的一年中與他們有如此強烈的共鳴。

Final question.

最後一個問題。

Sorry for so many, but so I knew you guys had won a DRX module on the Note 5, which, congratulations by the way, because I'm sure you had lots of competition for that [swap].

對這麼多人感到抱歉，但我知道你們贏得了 Note 5 上的 DRX 模組，順便恭喜你們，因為我確信你們在這個 [交換] 方面有很多競爭。

But then, Samsung didn't actually field that phone, which is unfortunate.

但不幸的是，三星其實並沒有推出這款手機。

But obviously, you had to allocate the filter capacity for that product.

但顯然，您必須為該產品分配過濾器容量。

And I would imagine -- and I don't know if that was BAW or TC, but the fact that didn't ship, did that free up some capacity, especially in the Florida facility?

我想——我不知道那是 BAW 還是 TC，但事實是沒有發貨，這是否釋放了一些產能，特別是在佛羅裡達工廠？

Or are you still impacted overall in filters?

或者您的過濾器總體上仍然受到影響嗎？

You want to take that, Eric?

你想接受這個嗎，艾瑞克？

Yes.

是的。

So as of now at least, all the diversity modules we are planning are based on BAW, so that was a BAW opportunity.

至少到目前為止，我們正在規劃的所有多樣性模組都是基於 BAW，所以這是一個 BAW 機會。

Volumes weren't tremendous on the SKU that we were on, so it did actually allow us to have more capacity available for a lot of Wi-Fi co-exist filters, and other things that we are shipping into the China market in general.

我們所使用的 SKU 的銷售量並不大，因此它實際上使我們能夠為許多 Wi-Fi 共存過濾器以及我們運送到中國市場的其他產品提供更多容量。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thanks, Ed.

謝謝，艾德。

Tom Sepenzis, Northland.

湯姆·塞彭齊斯，北國。

Hey, guys.

大家好。

I was just wanting to ask a future question in terms of 5G, and how -- is BAW capable of handling that millimeter wave type frequencies, that the government is talking about potentially using, at least in the cities in the 40 and 50 gig range?

我只是想問一個關於 5G 的未來問題，以及 BAW 如何能夠處理政府正在談論的可能使用的毫米波類型頻率，至少在 40 和 50 gig 範圍內的城市？

Or is that something you have to redesign from the ground up, to be able to handle those types of frequencies?

或者您必須從頭開始重新設計才能處理這些類型的頻率？

I would say, currently BAW today doesn't handle those frequencies.

我想說的是，目前 BAW 無法處理這些頻率。

But certainly there's tremendous amount of bandwidth available in the [millimeter] wave frequencies that could reduce that need a bit.

但毫無疑問，毫米波頻率中有大量可用頻寬，可以稍微減少這項需求。

And then, we certainly have a significant amount of product available in power amplifiers and other type technologies that will play in 5G.

然後，我們當然擁有大量可用於 5G 的功率放大器和其他類型技術的產品。

I think it's also important to remember that 5G, we always see as a layered on approach to what's in existing content in handset today.

我認為同樣重要的是要記住，我們始終將 5G 視為當今手機中現有內容的分層方法。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Tom.

謝謝，湯姆。

Harsh Kumar, Stephen.

嚴厲的庫馬爾，史蒂芬。

Hey, guys.

大家好。

A quick question, how should think -- so IDP has gone to blended (inaudible) in the last call it, six months.

一個簡單的問題，應該如何思考 - 所以 IDP 在最後一次通話中已經進入混合狀態（聽不清楚），六個月。

How do we think of IDP in 2016, what would be a good normal long-term growth rate for IDP for us to think about?

我們如何看待 2016 年的 IDP？我們應該考慮 IDP 的正常長期成長率是多少？

Good question, Harsh.

好問題，嚴厲。

So I will go ahead let James talk about it, because in my opening comments I talked about how he has tried to reposition -- not try -- but he has repositioned his product portfolio to drive growth out of what we typically have seen was the single digits.

因此，我將繼續讓詹姆斯談談這個問題，因為在我的開場白中，我談到了他如何嘗試重新定位——而不是嘗試——但他已經重新定位了他的產品組合，以推動我們通常看到的成長。個位數。

We will begin to see that this year, but go ahead.

今年我們將開始看到這一點，但請繼續。

We've traditionally talked about the business in that [5] to [7] point growth range.

我們傳統上討論的是 [5] 到 [7] 個點的成長範圍內的業務。

I think what you've heard from Bob today, is that we're repositioning to get that to be able to grow 2 or 3 times that rate.

我想你今天從鮑伯那裡聽到的是，我們正在重新定位，使其能夠以這個速度增長 2 到 3 倍。

That will start, as we go into 2016.

當我們進入 2016 年時，這一切就會開始。

In fact, it's started now.

事實上，現在已經開始了。

So I think you will start to see our growth rates pick up as we go into next year, and certainly as we move into 2017 and 2018.

因此，我認為，隨著明年的到來，尤其是 2017 年和 2018 年的到來，您將開始看到我們的成長率加快。

Understood, guys.

明白了，夥計們。

Thank you very much.

非常感謝。

Thanks, Harsh.

謝謝，嚴酷。

Thanks, Harsh.

謝謝，嚴酷。

And it appears, we have no further questions at this time.

看來我們目前沒有其他問題了。

I turn the conference back over to management for any additional or closing remarks.

我將會議轉回給管理層，以供任何補充或結束語。

Thank you for joining us this evening.

感謝您今晚加入我們。

It continues to be clear, that in any market environment, the global appetite for mobile data continues to expand.

顯而易見的是，在任何市場環境下，全球對行動數據的需求都在持續擴大。

That's placing a greater premium on the limited frequency spectrum available to support the demand, and expanding the economic value to our customers of Qorvo's premium solutions.

這就更加重視可用於支援需求的有限頻譜，並擴大了 Qorvo 優質解決方案為客戶帶來的經濟價值。

We appreciate your time, and look forward to meeting with you at our upcoming investor conferences, and at our Analyst Day on November 17.

感謝您抽出寶貴的時間，並期待在即將舉行的投資者會議以及 11 月 17 日的分析師日上與您會面。

Thank you.

謝謝。

And 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 for your participation.

感謝您的參與。