科沃 (QRVO) 2016 Q3 法說會逐字稿

Good day welcome to Qorvo Inc Q3 2016 conference call.

歡迎參加 Qorvo Inc 2016 年第三季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

And at this time I would like to turn the conference over to Doug DeLieto, Vice President of Investor Relations.

現在我想將會議交給投資者關係副總裁 Doug DeLieto。

Please go ahead sir.

請先生繼續。

Thanks a lot, Matt.

非常感謝，馬特。

Hello everyone and welcome to Qorvo's third quarter FY16 earnings conference call.

大家好，歡迎參加 Qorvo 2016 財年第三季財報電話會議。

This call will include forward-looking statements that involve risks 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 saving 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節省，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結果。

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.

我們提供這些補充資訊是為了讓投資人能夠對經營業績進行額外的比較。

And to analyze financial performance without the impact of certain non-cash expenses or other items that may obscure trends in our underlying performance.

並在不受某些非現金支出或其他可能掩蓋我們基本績效趨勢的項目影響的情況下分析財務表現。

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

如需了解 GAAP 與非 GAAP 衡量標準的完整對照，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 Qorvo.com 上的「投資者」欄位中找到。

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

為了公平對待所有聽眾，我們要求每位參與者只提出一個問題和一個後續問題。

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

今天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.

大家下午好。

Welcome to our FY16 third quarter earnings call.

歡迎參加我們的 2016 財年第三季財報電話會議。

Revenue in the December quarter was approximately $620 million consistent with their pre-announcement issued January 7. Gross margin and operating margin held in at 47.9% and 25.3% respectively.

12 月季度的營收約為 6.2 億美元，與 1 月 7 日發布的預先公告一致。毛利率和營業利潤率分別維持在 47.9% 和 25.3%。

Operating expenses were down sequentially reflecting less variable compensation expense and seasonally lower spending.

營運費用較上月下降，反映出可變薪資費用減少和季節性支出下降。

Qorvo generated approximately $156.5 million in free cash flow and repurchased $250 million of stock to enhance shareholder value.

Qorvo 產生了約 1.565 億美元的自由現金流，並回購了 2.5 億美元的股票以提高股東價值。

In infrastructure and defense, revenue increased sequentially with improved performance in wireless infrastructure.

在基礎設施和國防領域，隨著無線基礎設施性能的提高，收入持續成長。

We expect this business to recover further in the near-term reinforcing our topline growth opportunities in calendar 2016.

我們預計該業務將在短期內進一步復甦，增強我們 2016 年營收成長的機會。

Our IDP team continues to sharpen its focus on the highest growth segments in its diversified business portfolio.

我們的 IDP 團隊持續加強對多元化業務組合中成長最快的細分市場的關注。

This focus drives alignment with the growth markets of the Internet of Things, connected home, connected car, and the high-growth segments within aerospace and defense.

這一重點推動了與物聯網、聯網家庭、聯網汽車以及航空航天和國防領域高成長細分市場的成長市場的結合。

By leveraging Qorvo's comprehensive product and technology portfolio, we are providing customers highly differentiated solutions, especially exciting in the growth rate of GaN solutions into many of IDPs key market segments, driving a compound annual growth rate of approximately 25% for the next few years.

透過利用Qorvo 全面的產品和技術組合，我們為客戶提供高度差異化的解決方案，特別是GaN 解決方案進入許多IDP 關鍵細分市場的成長率令人興奮，推動未來幾年約25% 的複合年增長率。

We expect growth rates in 2016 to be well above IDPs underlying markets and significantly above the legacy growth rates of our pre-merger multi-market organizations.

我們預期 2016 年的成長率將遠高於國內流離失所者的基礎市場，並顯著高於我們合併前的多市場組織的傳統成長率。

In mobile, the increase in global demand for broadband data and, always-on connectivity, continues to trigger a dramatic increase in the requirements for mobile networks and connected devices.

在行動領域，全球對寬頻數據和始終在線連接的需求不斷增長，持續引發對行動網路和連接設備的需求急劇增加。

For smartphone manufacturers and network operators it's become increasingly difficult to capitalize on this demand while also solving new challenges related to frequency crowding, as carrier signals are aggregated, distinct bands and protocols are operated in narrowly adjacent frequency bands, and popular new consumer applications increase the congestion on our networks.

對於智慧型手機製造商和網路營運商來說，利用這項需求同時解決與頻率擁擠相關的新挑戰變得越來越困難，因為載波訊號被聚合，不同的頻段和協定在緊密相鄰的頻段中運行，並且流行的新消費應用增加了頻率擁擠的影響。我們的網路擁塞。

For all these reasons it is increasingly clear that the most effective solutions available to network operators and device manufacturers are better performing, more highly integrated RF solutions.

基於所有這些原因，越來越明顯的是，網路營運商和設備製造商可用的最有效的解決方案是性能更好、整合度更高的射頻解決方案。

In fact, if you were to examine the product designs and development for tomorrow's networks and devices, you'd identify an increasing requirement for world class filters, switches, tuners, and amplifiers all tightly packaged in system-level implementations.

事實上，如果您要檢查未來網路和設備的產品設計和開發，您會發現對世界級濾波器、開關、調諧器和放大器的需求日益增長，所有這些都緊密密封裝在系統級實現中。

This is tilting the competitive playing field in Qorvo's favor.

這使得競爭環境向有利於 Qorvo 的方向傾斜。

Said another way, the RF suppliers with today's best performing, most tightly integrated solutions are at the forefront of the most challenging and most lucrative customer designs.

換句話說，擁有當今性能最佳、整合最緊密的解決方案的射頻供應商處於最具挑戰性和最有利可圖的客戶設計的最前沿。

This year, next year, and extending well into 2018.

今年、明年，一直延續到2018年。

As customers increasingly require more tightly integrated, high-performance system-level solutions this is favoring Qorvo's comprehensive portfolio of premium products.

隨著客戶越來越需要更緊密整合的高效能係統級解決方案，這對 Qorvo 全面的優質產品組合有利。

In fact, this is why we became Qorvo.

事實上，這就是我們成為 Qorvo 的原因。

Now, one year into the creation of Qorvo, the roughly 7,000 members of the Qorvo team have much to be proud of.

現在，Qorvo 創建已經一年了，Qorvo 團隊的大約 7,000 名成員有很多值得自豪的事情。

Looking at our first full year compared to calendar 2014, revenue grew 12%.

與 2014 年相比，我們的第一個全年收入成長了 12%。

Gross margin expanded more than 400 basis points and operating income increased more than 40%.

毛利率擴大超過 400 個基點，營業收入成長超過 40%。

In fact, the non-GAAP earnings we reported over the last four quarters equates to a little over $4.60 per share based on our Q3 share count of approximately 144 million shares.

事實上，根據我們第三季約 1.44 億股的股票數量，我們過去四個季度報告的非 GAAP 收益相當於每股略高於 4.60 美元。

On the design front, Qorvo's growing our dollar content in the most highly anticipated marquee smartphones launching this year at our three largest mobile customers.

在設計方面，Qorvo 在今年向我們三大行動客戶推出的最受期待的大型智慧型手機中增加了我們的美元含量。

It is worth pointing out that in December we released the industry's first six-inch temp-comp-SAW wafers in our Florida fab.

值得指出的是，去年 12 月，我們在佛羅裡達工廠發布了業界首款 6 吋臨時補償 SAW 晶圓。

Qualified six-inch SAW wafers in a Greensboro fab and demonstrated our first eight-inch BAW wafers in our Texas fab.

在格林斯博羅工廠生產合格的 6 吋 SAW 晶圓，並在德克薩斯州工廠展示我們的首款 8 吋 BAW 晶圓。

We can't overstate how important these achievements are.

我們怎麼強調這些成就的重要性都不為過。

We see our six-inch SAW capacity contributing to growth and profitability in the current year and we see our 8-inch SAW capacity doing the same in 2017.

我們認為我們的 6 吋 SAW 產能將有助於本年度的成長和獲利能力，我們預計我們的 8 吋 SAW 產能將在 2017 年做出同樣的貢獻。

We've commenced shipments of our recently launched BAW based quadplexers for FDD Bands 1 and 3, an industry first.

我們最近推出的用於 FDD 頻段 1 和 3 的基於 BAW 的四工器已開始發貨，這在業界尚屬首次。

And we've demonstrated BAW based hexaplexer prototypes.

我們還演示了基於 BAW 的六工器原型。

We've also been selected to support a number of key cellular platforms with the Next Generation envelope tracking PMIC.

我們還被選中透過下一代包絡追蹤 PMIC 來支援許多關鍵蜂窩平台。

We've commenced production shipments in support of a large global smartphone OEM and have landed a number of large-scale wins landing on later this year.

我們已經開始生產發貨，以支援一家大型全球智慧型手機 OEM，並在今年稍後取得了一些大規模的勝利。

We've also recently expanded our shipments of antenna control solutions into the China smartphone market.

我們最近也將天線控制解決方案的出貨量擴大到中國智慧型手機市場。

Previously Qorvo's antenna tuners and impedance tuners have been highly concentrated within a small number of high-volume marquee devices.

先前，Qorvo 的天線調諧器和阻抗調諧器高度集中在少數大批量的大型設備中。

So we are thrilled to be increasing our addressable markets in China as these customers add RF functionality to support their expanding presence in the worldwide market.

因此，我們很高興能夠擴大我們在中國的潛在市場，因為這些客戶添加了射頻功能，以支援他們在全球市場上不斷擴大的業務。

In IDP, December was an exceptionally strong design win quarter.

在 IDP 中，12 月是設計獲勝的特別強勁的季度。

Here are some of the highlights.

這兒是一些精彩片段。

We captured multiple key design wins for macro and small cell base station applications.

我們為宏基地台和小型基地台應用程式贏得了許多關鍵設計勝利。

We believe network capacity constraints will accelerate the adoption of small cell base stations and Massive MIMO active antennas.

我們相信網路容量限制將加速小型蜂窩基地台和大規模 MIMO 主動天線的採用。

Massive MIMO active antenna systems are driving a 10X increase in RF content in Next Generation base stations.

大規模 MIMO 主動天線系統正在推動下一代基地台中的 RF 內容增加 10 倍。

We continue to work on capturing new design wins as the market shifts from 4G LTE to LTE A, LTE Pro, and eventually 5G.

隨著市場從 4G LTE 轉向 LTE A、LTE Pro，並最終轉向 5G，我們將繼續致力於獲得新的設計勝利。

At this year's Consumer Electronics Show we supplied a suite of critical microwave components for a 5G Massive MIMO demonstration performed by a leading base station OEM.

在今年的消費電子展上，我們為一家領先的基地台 OEM 進行的 5G Massive MIMO 演示提供了一套關鍵微波組件。

The demo featured Qorvo's phase shifters, power amplifiers and switches.

此示範展示了 Qorvo 的移相器、功率放大器和開關。

We also expanded our presence in the connected home, with key design wins in gateways and access points highlighted by our design wins in flagship products at both NetGear and Linksys.

我們也擴大了我們在互聯家庭領域的業務，在網關和存取點方面取得了關鍵的設計勝利，其中最突出的是我們在 NetGear 和 Linksys 旗艦產品中取得的設計勝利。

We continue to believe that the rapidly increasing number of connected devices represented by the Internet of Things will be IDPs largest growth engine.

我們仍然相信，以物聯網為代表的快速成長的連接設備數量將成為IDP最大的成長引擎。

In defense, we are a market leader in GaN and we continue to experience strong growth with our GaN-based products.

在國防領域，我們是 GaN 市場的領導者，並且基於 GaN 的產品持續實現強勁成長。

For example, we secured a multi-year win on a Next Generation electronic warfare system using our patented Spatium solid state RF power technology with GaN mimics, with hundreds of system installations anticipated over the life of the contract.

例如，我們使用具有 GaN 模擬技術的 Spatium 固態射頻功率專利技術，在下一代電子戰系統方面取得了多年勝利，預計在合約期間內將安裝數百個系統。

On the synergy front, we continue to be on target to achieve our goals.

在協同方面，我們繼續致力於實現我們的目標。

The largest of which include the increase in-sourcing of module assembly and increased in-sourcing of SAW filters.

其中最大的變化包括模組組裝的內購增加和 ​​SAW 濾波器的內購增加。

So for Qorvo, across all of our businesses we believe industry fundamentals remain strong.

因此，對於 Qorvo 來說，我們相信我們所有業務的行業基本面依然強勁。

We are leveraging our comprehensive product portfolio of world-class RF solutions, rapidly introducing new products and technologies, expanding into new serviceable markets, and enjoying very favorable design win activity.

我們正在利用世界一流的無線射頻解決方案的全面產品組合，快速推出新產品和技術，拓展新的可用市場，並享受非常有利的設計獲勝活動。

We are growing our dollar content at our three largest mobile customers and the most highly anticipated marquee smartphones being released this year.

我們正在增加我們三大行動客戶的美元內容以及今年發布的最受期待的大牌智慧型手機。

And we anticipate strong growth in IDP.

我們預計 IDP 將強勁成長。

And with that I'll turn the call over to Steve for a more detailed look at 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 December quarter Qorvo's revenue decreased 12% sequentially to $620 million.

12 月季度，Qorvo 的營收季減 12% 至 6.2 億美元。

Mobile products revenue declined 15% to $489 million due to lower customer demand for existing business we'd already won.

由於客戶對我們已經贏得的現有業務的需求下降，行動產品收入下降了 15% 至 4.89 億美元。

In IDP revenue grew slightly to $130 million.

IDP 營收小幅成長至 1.3 億美元。

Qorvo had two 10% customers, the larger at approximately 42% 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 42%，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 47.9% down sequentially from 49.7%.

毛利率從上一季的 49.7% 下降到 47.9%。

The sequential decline reflects lower yields and inventory adjustments.

環比下降反映出收益率下降和庫存調整。

Operating expenses were approximately $140 million for the December quarter, down $17 million sequentially.

12 月所在季度的營運費用約為 1.4 億美元，比上一季減少 1,700 萬美元。

The decline was driven by reduced accruals for bonus expense and seasonally lower spending.

下降的原因是應計獎金支出減少和季節性支出減少。

Operating income was $156.9 million or just over 25% of revenue.

營業收入為 1.569 億美元，佔收入的 25% 多一點。

Net income for the December quarter was $148 million or $1.03 per diluted share.

12 月季度的淨利潤為 1.48 億美元，或攤薄後每股收益 1.03 美元。

Turning to the balance sheet, total cash and investments were over $1 billion and cash flow from operations totaled $218 million.

就資產負債表而言，現金和投資總額超過 10 億美元，營運現金流總計 2.18 億美元。

CapEx was $62 million primarily to address growth in demand for our premium filters.

資本支出為 6,200 萬美元，主要用於滿足我們優質過濾器需求的成長。

Finally, the Company repurchased approximately 4.6 million shares at a total cost of $250 million and has $750 million remaining in a share repurchase program.

最後，該公司回購了約 460 萬股股票，總成本為 2.5 億美元，股票回購計畫剩餘 7.5 億美元。

We are proud of Qorvo's first full-year performance and excited about the opportunities in the coming year.

我們對 Qorvo 的首次全年業績感到自豪，並對來年的機會感到興奮。

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在一起，並利用我們廣泛的能力，包括 BAW 濾波器和氮化鎵製程技術。

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。

With the first full year of Qorvo now in the books I'm pleased to report the Company exceeded its targets for achievement of an exit run rate of $75 million in synergies and is on track for the previously committed $150 million run rate reduction by the end of calendar 2016.

隨著 Qorvo 的第一個完整年度即將到來，我很高興地向大家報告，該公司超額完成了 7,500 萬美元退出運行率的目標，並預計在年底前實現之前承諾的 1.5 億美元運行率削減目標2016 年曆。

The largest remaining task is migration of all mobile segment parts to the Company's China-based assembly and test facilities.

剩下的最大任務是將所有移動部門零件遷移到公司位於中國的組裝和測試設施。

Now let's turn to our business outlook.

現在讓我們談談我們的業務前景。

Qorvo currently believes demand environment in its end markets supports the following non-GAAP expectations for the quarter ending April 2, [2016].

Qorvo 目前認為，其終端市場的需求環境支持以下截至 [2016 年] 4 月 2 日的季度的非 GAAP 預期。

Quarterly revenue of approximately $600 million, gross margin of about 50%, net interest expense of about $15 million, tax rate at approximately 3% and diluted earnings-per-share of $0.90 to $0.95 based on approximately 142 million shares.

季度收入約 6 億美元，毛利率約 50%，淨利息支出約為 1,500 萬美元，稅率約為 3%，基於約 1.42 億股計算的稀釋每股收益為 0.90 至 0.95 美元。

Our March revenue expectations are slightly below our pre-announcement, reflecting an overall conservative posture given the cautious environment, as well as the timing of new product ramps.

我們 3 月份的收入預期略低於我們預先宣布的水平，反映出考慮到謹慎的環境以及新產品投放時間的整體保守態度。

We think calendar 2016 will be a strong year for Qorvo.

我們認為 2016 年對 Qorvo 來說將是強勁的一年。

During which we'll continue to make progress on our target operating model while building a robust and defensible technology-mode.

在此期間，我們將繼續在目標營運模式上取得進展，同時建立強大且可防禦的技術模式。

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

實際季度業績可能與這些預期有所不同，因此這種差異可能很大。

We currently expect to report March quarter results on May 4, 2016.

我們目前預計將於 2016 年 5 月 4 日報告 3 月份季度業績。

Now on a personal note, I'm turning 60 at the end of this year and I've always had it as personal goal to retire by that point.

就我個人而言，今年年底我將年滿 60 歲，我一直將在那時退休作為我的個人目標。

But December also, fortuitously marks the end of our second year as Qorvo.

但 12 月也很偶然地標誌著我們作為 Qorvo 的第二年的結束。

And I'm proud to say we are on track to achieve the goals we've set for our first two year period.

我很自豪地說，我們正在實現我們為前兩年設定的目標。

It is been a pleasure being part of Qorvo and helping to shape its course.

很高興成為 Qorvo 的一員並幫助制定其發展方向。

The Company's on a fantastic trajectory and I'm really looking forward to helping with the transition to a new CFO and participating in the Company success over the balance of the year before moving on to more personal pursuits.

公司正處於一個美妙的發展軌道上，我真的很期待幫助新任財務長的過渡，並在今年餘下的時間裡參與公司的成功，然後再轉向更多的個人追求。

With that, I'm going to hand the call back to Bob

這樣，我將把電話轉回給鮑勃

Thanks, Steve.

謝謝，史蒂夫。

Before opening the call to questions I want to take a moment to thank Steve for the invaluable role he's played in creating Qorvo.

在開始提問之前，我想花點時間感謝 Steve 在創建 Qorvo 過程中所發揮的寶貴作用。

Steve has been instrumental in shaping our organization.

史蒂夫在塑造我們的組織方面發揮了重要作用。

He's helped put Qorvo on a very solid financial footing and he's assembled an outstanding finance organization.

他幫助 Qorvo 建立了非常堅實的財務基礎，並組建了一個出色的財務組織。

The entire Qorvo team is stronger as a result of his contribution and we are all very happy for him as he looks to spend more time with his family and friends.

整個 Qorvo 團隊因他的貢獻而變得更加強大，我們都為他感到非常高興，因為他希望花更多時間與家人和朋友在一起。

Until then, he'll play a major role in the selection of his successor and will continue to serve as Qorvo's CFO while the transition to that successor is completed.

在此之前，他將在繼任者的選擇中發揮重要作用，並將在繼任者的過渡完成期間繼續擔任 Qorvo 的財務長。

And with that Operator, we will now take questions.

現在我們將與該接線員一起回答問題。

(Operator Instructions)

（操作員說明）

Vivek Arya, Bank of America Merrill Lynch

Vivek Arya，美銀美林

Thank you for taking the question.

感謝您提出問題。

Bob, when I look at your implied FY15 sales growth, it was modest, and we all know because of the demand weakness around your largest customer.

鮑勃，當我看到你們 2015 財年的隱含銷售成長時，發現成長幅度不大，我們都知道，這是因為你們最大客戶的需求疲軟。

My question is as we look out to FY17, how fast do you think the total addressable market can grow, and do you think you can match that growth?

我的問題是，當我們展望 2017 財年時，您認為整個潛在市場的成長速度有多快？您認為您能趕上這種成長嗎？

Thanks, Vivek.

謝謝，維韋克。

FY16, as you pointed out, has been a solid year for us, but maybe not as strong as what we had liked.

正如您所指出的，2016 財年對我們來說是堅實的一年，但可能沒有我們希望的那麼強勁。

Clearly we had a few headwinds in the infrastructure market and as you pointed out, a rather large customers.

顯然，我們在基礎設施市場上遇到了一些阻力，正如您所指出的，我們有相當大的客戶。

So moving off of that, we are very confident in the IDP business growing significantly faster than its underlying markets.

因此，除此之外，我們對 IDP 業務的成長速度明顯快於其基礎市場非常有信心。

James and his team have done a great job of realigning their product portfolio to drive above industry growth there.

詹姆斯和他的團隊在重新調整產品組合以推動行業成長方面做得非常出色。

So I think you're going to see very nice rebound in growth beginning actually beginning of our FY17.

因此，我認為從 2017 財年開始，您將會看到非常好的成長反彈。

As you commented on the, in Eric's business, in the mobile phone business, clearly we've got a cautious view in the next couple quarters as we look out in our guidance that we gave for this quarter, along with the beginning of the next fiscal year.

正如您對埃里克的業務、行動電話業務的評論一樣，顯然我們對未來幾個季度持謹慎態度，因為我們在本季度以及下個季度初給出的指導中進行了展望。財政年度。

With that said, depending on the timing of new program ramps and our confidence in the wins that we already have at our largest three customers, I do believe the second half of FY17 will be very strong and should be above industry growth rates.

話雖如此，根據新計劃推出的時間以及我們對已在最大的三個客戶中取得的勝利的信心，我確實相信 2017 財年下半年將非常強勁，並且應該高於行業增長率。

I see.

我懂了。

And maybe Bob as follow-up to that, when you use the word cautious or conservative around demand, is it that your customers are building fewer units then you thought before?

也許鮑伯作為後續行動，當你在需求方面使用謹慎或保守這個詞時，你的客戶建造的單位是否比你之前想像的要少？

Is it comment on your content add those customers, is it a market share?

是對你的內容的評論加上那些客戶，是市場佔有率嗎？

What is giving you that caution?

是什麼讓你如此謹慎？

Thanks, Vivek.

謝謝，維韋克。

Let me start with absolutely customers are building less phones than what we expected just a month ago, even.

讓我先說的是，客戶生產的手機數量甚至比我們一個月前的預期還要少。

Some of that is demand.

其中一些是需求。

I think what's also important to know is, we didn't lose any sockets over the last four months that changed our outlook for the December quarter or the March quarter.

我認為同樣重要的是，我們在過去四個月中沒有失去任何插座，這改變了我們對 12 月季度或 3 月季度的前景。

So it is more volume.

所以體積更大。

And I think we are also being careful in the timing of new marquee phones that are ramping this quarter.

我認為我們在本季推出新款手機的時機上也很謹慎。

When you gain significant share, that depending on the timing of those ramps can influence our outlook, as well.

當您獲得顯著份額時，根據這些增長的時間也會影響我們的前景。

It is when I say cautious I'm thinking about that, as well.

當我說謹慎時，我也在考慮這一點。

Got it.

知道了。

Just lastly as a clarification for Steve.

最後向史蒂夫澄清一下。

In terms of OpEx trajectory I think, Steve, you mentioned cost synergies.

就營運支出軌跡而言，我認為史蒂夫，您提到了成本協同效應。

But when I look at your OpEx guidance in the mid-150s, that's flat versus last March, unless my math is wrong here.

但當我查看你們在 150 年代中期的營運支出指引時，這與去年 3 月持平，除非我的數學在這裡是錯的。

So where should we see the evidence of cost synergies?

那我們應該在哪裡看到成本綜效的證據呢？

Where can we see that in your reported numbers?

我們可以在您報告的數字中看到這一點？

Thank you.

謝謝。

Sure.

當然。

So if you look at the last four quarters revenue has grown about 12%, OpEx has been basically flat.

因此，如果你看看過去四個季度的收入成長了約 12%，那麼營運支出基本上持平。

So there have really been two uses for the OpEx synergies.

因此，營運支出綜效實際上有兩種用途。

First is we have grown revenue and kept OpEx totally flat.

首先是我們增加了收入並保持營運支出完全持平。

So that's an accomplishment.

所以這是一項成就。

And the second key thing is we've reinvested in R&D.

第二個關鍵是我們對研發進行了再投資。

So if you look line by line in OpEx you will see SG&A is down significantly, R&D is up roughly to a push in terms of total dollars.

因此，如果逐行查看營運支出，您會發現 SG&A 大幅下降，而研發費用則大致上升，以總美元計算。

But a much more productive avenue of spending.

但這是一種更有成效的支出途徑。

Apologies to my friends in the SG&A world, but we prefer to spend money in the research and product development.

向 SG&A 領域的朋友道歉，但我們更願意在研究和產品開發上花錢。

And a synergy achievement has been allowed us to do that and that's going to translate into a faster growth rate in the future.

協同效應使我們能夠做到這一點，這將轉化為未來更快的成長率。

Great question.

很好的問題。

Thank you.

謝謝。

Cody Acree, Drexel.

科迪·阿克里，德雷克塞爾。

Thanks for taking my questions, and Steve, congratulations on your retirement plans.

感謝您回答我的問題，史蒂夫，祝賀您的退休計劃。

Maybe just back to the guidance.

也許只是回到指導。

And as you look at what has changed over the last few weeks, is it more around your largest customer, or have you have seen any material month to month week to week linearity changes in orders maybe on a geographic or on an OEM basis?

當您查看過去幾週發生的變化時，是否更多地圍繞您最大的客戶，或者您是否看到訂單逐月逐週發生任何重大線性變化（可能是基於地理或 OEM 的基礎）？

I would say Cody, again customer demands are always changing that we see.

我想說科迪，我們看到客戶的需求總是在改變。

As far as units being produced, again, I think we are taking a cautious view.

就正在生產的單位而言，我認為我們再次持謹慎態度。

I think we learned a few lessons from December and I'd rather not get into calling out any specific customers at this time.

我認為我們從 12 月中吸取了一些教訓，我不想在這個時候呼籲任何特定的客戶。

And I'd also couple with that my comments about the demand that we're seeing on new marquee phone ramps and being cautious on that outlook, as well.

我還要結合我對新大螢幕手機需求的評論，並對這種前景持謹慎態度。

The caution is in mobile, not in IDP, just to be clear.

需要明確的是，需要注意的是行動領域，而不是 IDP 領域。

Is it more a matter of caution and conservatism, or is it based on what you're hearing from some of your peers?

這更多的是謹慎和保守的問題，還是基於您從一些同行那裡聽到的情況？

Or have you have seen some tangible change in order rates in the last few weeks?

或者您在過去幾週內看到訂單率發生了一些明顯的變化嗎？

I would say nothing's really changed.

我想說什麼都沒有真正改變。

The industry and always goes up and down, as you well know, Cody.

正如你所知，科迪，這個行業總是起起落落。

So I don't know what you are driving at.

所以我不知道你開車的目的是什麼。

We guided to $600 million, we feel very good about what we've just said and we will update you at the end of the quarter.

我們的目標是 6 億美元，我們對剛才所說的感到非常滿意，我們將在本季末向您通報最新情況。

Mike Burton, Brean Capital.

麥克伯頓，布里恩資本。

Hello.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

First one, I think understand the dynamics of the top two OEMs pretty clearly.

首先，我認為非常清楚地了解排名前兩名的原始設備製造商的動態。

But looking at the Chinese OEMs can you talk a little bit about the size of that business in the December quarter?

但是看看中國的原始設備製造商，您能否談談該業務在 12 月季度的規模？

How that trended in that quarter and your expectation for it in the March quarter?

該季度的趨勢如何以及您對三月季度的預期？

Thanks.

謝謝。

Eric, you want to take that?

艾瑞克，你想要那個嗎？

I'm assuming that was mobile related, Mike?

我猜這與移動設備有關，麥克？

Yes.

是的。

Yes, each year of course we're very excited about the year we're looking forward to in China really beginning to catch up on our share.

是的，當然，每年我們都對中國真正開始趕上我們份額的這一年感到非常興奮。

Our attach there, we're ramping into production this quarter our third-generation solution, our RF Flex solution for that market, it's CA-capable.

我們在那裡，我們將在本季投入生產我們的第三代解決方案，我們針對該市場的 RF Flex 解決方案，它具有 CA 功能。

And aligned with what Bob was saying, a lot of those phones are ramping after the lunar new years, second half of the March quarter.

與鮑伯所說的一致，許多手機在農曆新年之後，也就是三月季度的下半月開始銷售。

So that's when we're going to see the attach rate and pace of that, but there's no question that the train is coming.

因此，那時我們將看到其連接速度和速度，但毫無疑問火車即將到來。

And our share is going to be increasing there throughout the year.

我們在那裡的份額全年都會增加。

We're also expect a pretty good year in China generally.

我們也預計中國整體上將迎來美好的一年。

We see the subsidies being increased from the carriers and also the requirements for receive CA coming in throughout the year, which is going to drive a lot of unique solutions, that I think we are very well-positioned to provide.

我們看到營運商的補貼不斷增加，而且全年對接收 CA 的要求也不斷增加，這將催生許多獨特的解決方案，我認為我們非常有能力提供這些解決方案。

James, so any color from your perspective on China?

詹姆斯，那麼您對中國有何看法？

Mike, this is James Klein.

麥克，這是詹姆斯·克萊因。

We are seeing some rebound in the infrastructure market China.

我們看到中國基礎設施市場出現一些反彈。

I think overall we are up about 18% quarter over quarter in that part of the market.

我認為總體而言，我們在該市場部分的季度環比增長了約 18%。

I know we've talked about that for the last three or four quarters.

我知道過去三、四個季度我們已經討論過這個問題。

And we're also seeing positive book-to-bill and this is the first time we've seen a positive book-to-bill in that part of the market as well.

我們還看到了積極的訂單出貨比，這是我們第一次在該市場看到積極的訂單出貨比。

So it looks like there is some recovery on the infrastructure side beginning to happen.

因此，基礎設施方面似乎開始出現一些復甦。

Great.

偉大的。

The turning to Steve, on gross margins can you talk about the puts and takes for gross margins?

轉向史蒂夫，關於毛利率，你能談談毛利率的看跌期權和毛利率嗎？

What's driving the improvement in the March quarter?

是什麼推動了三月季度的改善？

And going forward is it utilization in March or mix and how should we be thinking about margin -- modeling margins on a contribution basis going forward?

展望未來，它是三月份的利用率還是混合利用率，我們應該如何考慮利潤率——未來基於貢獻的利潤率建模？

I think margins have been roughly around 50%.

我認為利潤率大約在 50% 左右。

Your mileage varies every quarter for 101 different reasons of mix and whatever goes on in the quarter.

由於 101 種不同的混合原因以及該季度發生的情況，您的里程數每季都會有所不同。

In the quarter we just completed we had a couple of yield issues and also December tends to be a higher quarter for excess and obsolete.

在我們剛完成的季度中，我們遇到了一些收益率問題，而且 12 月往往是過剩和過時的較高季度。

As our customers in mobile separate the winners from the losers and sometimes we've got to write off little inventory from the losers.

由於我們的行動客戶將贏家與輸家區分開來，有時我們必須沖銷輸家的少量庫存。

So that I think was a one-off kind of 200 basis point hit to margins in the December quarter, and so it is really coming to where -- to where we're running naturally is around 50%.

因此，我認為這是 12 月季度利潤率一次性下降 200 個基點的情況，所以它確實達到了我們自然運行的 50% 左右。

As you know our long-term goal is to move margins up to 55% and we are hard at work at both developing and implementing parts of our manufacturing cost-reduction roadmap.

如您所知，我們的長期目標是將利潤率提高到 55%，我們正在努力製定和實施製造成本降低路線圖的部分內容。

Including some significant changes in filter, wafer sizes and significant activities there.

包括過濾器、晶圓尺寸和重大活動方面的一些重大變化。

And finally our completion of our synergies, moving the former TriQuint mobile portfolio, assembling test activity into China.

最後，我們完成了協同效應，將先前的 TriQuint 行動產品組合轉移到中國，並將測試活動組裝到中國。

So I think there's some good stuff on the longer-term horizon.

所以我認為從長遠來看有一些好東西。

Next quarter I think we come back to our current run rate, which is right around 50%.

我認為下個季度我們會回到目前的運行率，即 50% 左右。

Harsh Kumar, Stephens.

嚴厲的庫馬爾，史蒂芬斯。

Hello.

你好。

I wanted a little bit of clarification.

我想要一點澄清。

I think you touched upon this earlier.

我想你之前已經提到過這一點。

Marquee handsets: you see strong demand in the second half, Bob.

Marquee 手機：你會看到下半年的需求強勁，鮑伯。

I was curious if these designs have been won, and also what kind of visibility do have for that September-December quarter ramp?

我很好奇這些設計是否已獲勝，以及 9 月至 12 月季度坡道的可見度如何？

Thanks, Harsh.

謝謝，嚴酷。

As I said in my opening comments plus we put in our press release that we feel very good about the design wins that we have in our top three customers, marquee phones that are launching this year.

正如我在開場白中所說，加上我們在新聞稿中表示，我們對今年推出的三大客戶的設計勝利感到非常滿意。

Some of the phones begin ramping later in this quarter and we will see some others as you typically see launches throughout the year and clearly they are in second half.

一些手機將在本季晚些時候開始上市，我們還會看到其他一些手機，因為您通常會在全年看到發布，顯然它們是在下半年。

I feel we have very good visibility into that.

我覺得我們對此有很好的了解。

Again, I think timing of any marquee phone can vary.

同樣，我認為任何大螢幕手機的時間安排都可能有所不同。

And when phones ramp at the end of quarters, they that can influence which quarter they fall in, depending on also what sub-cons you're shipping into.

當手機在季度末激增時，它們可能會影響它們屬於哪個季度，這也取決於您要運送到哪些子市場。

But Harsh, we feel very good about the wins.

但嚴酷的是，我們對勝利感覺非常好。

We feel very good about the second half of FY17 for our mobile products.

我們對 2017 財年下半年的行動產品感覺非常好。

Thank you, Bob.

謝謝你，鮑伯。

Then as a follow-up maybe going to Steve.

然後作為後續行動，可能會去找史蒂夫。

Steve you did a $250 million buyback.

史蒂夫，你回購了 2.5 億美元。

Was that basically on plan with what you were thinking going into the quarter, or did you get more aggressive because of where you saw the stock at?

這基本上是否符合您對本季的想法，或者您是否因為您看到的股票而變得更加積極？

And also the $750 million that you are talking about that you have left Steve, is there a time fuse on it?

還有你所說的留給史蒂夫的7.5億美元，這裡面有時間導火線嗎？

Does it have to be done a certain way?

是否必須以某種方式完成？

Would you just take us over those criterias?

您能帶我們看看這些標準嗎？

I would be delighted to.

我很樂意這樣做。

I would say the December quarter pretty much worked out as planned.

我想說，12 月季度幾乎按計劃進行。

And we do have some interest and some dollar costing concepts but we are also opportunistic.

我們確實有一些興趣和一些金錢成本的概念，但我們也是機會主義的。

So December was as planned.

所以 12 月是照計畫進行的。

The formal buyback program has nine more months left to go.

正式的回購計畫還有九個月的時間。

You and I both know that's a stroke of a pen with the Board of Directors.

你我都知道，這對董事會來說只是大筆一揮。

But that's the current plan of record.

但這是目前記錄的計劃。

And I do believe that at the current price when you look at the Street consensus and the cost of our stock, I think it is an attractive opportunity.

我確實相信，以目前的價格，當你看看華爾街的共識和我們股票的成本時，我認為這是一個有吸引力的機會。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

I have one short one and then a follow-up.

我先寫了一篇簡短的文章，然後再寫一篇後續文章。

The first one is regarding some of the design wins that you've talked at your three -- the three largest mobile customers.

第一個是關於您在三個最大的行動客戶中談到的一些設計勝利。

Can you maybe provide some granularity as to where you've gained the content and by how much?

您能否提供一些關於您從何處獲得內容以及獲得多少內容的詳細資訊？

I'll tell you, Toshiya, appreciate your question, we will do our best without giving way too much competitive advantage.

我告訴你，Toshiya，感謝你的問題，我們將盡最大努力，而不放棄太多的競爭優勢。

And I'll let Eric get a little more specific, but it is broad-based.

我會讓艾瑞克說得更具體一點，但它的基礎很廣泛。

It is across multiple products that we offer to the markets, so don't think of it as power amplifiers or just switches, or just tuners, or just diversity receive modules, et cetera, but it is pretty diverse.

它涵蓋我們向市場提供的多種產品，因此不要將其視為功率放大器或只是開關，或只是調諧器，或只是多樣性接收模組等等，但它非常多樣化。

But I don't know Eric if we can comment?

但我不知道Eric我們是否可以發表評論？

Yes, that's really the key point.

是的，這確實是關鍵點。

There are some certainly some particular slots that are very high dollar value.

當然有一些特定的老虎機具有非常高的美元價值。

But if the real strength I think in the design wins and this goes across all three of the customers.

但如果我認為設計的真正優勢獲勝，並且這適用於所有三個客戶。

The things we are looking to ramp this year is just the diversity of the applications that we are providing.

我們今年希望提升的就是我們提供的應用程式的多樣性。

As you know with our technologies we have in house we have access to virtually the entire RF front-end.

如您所知，憑藉我們的內部技術，我們幾乎可以存取整個射頻前端。

And so we are able to architect complete solutions and more and more as we go throughout this year you're going to see more adoption of more like a complete solution from Qorvo.

因此，我們能夠建立越來越多的完整解決方案，隨著今年的進展，您將看到更多類似 Qorvo 完整解決方案的採用。

And it includes, as Bob said, not just in a traditional power amplifier and switch and even filter markets, but antenna tuning is definitely continuing to increase and going down into the mid-tier now.

正如鮑勃所說，它不僅包括傳統的功率放大器和開關甚至濾波器市場，而且天線調諧肯定會繼續增加，現在已經進入中端市場。

So there is a lot of opportunity there.

所以那裡有很多機會。

And we mentioned ET power management, as well.

我們也提到了 ET 電源管理。

We're starting to see ET kick back in and move into other parts of the portfolio and other base band suppliers.

我們開始看到 ET 捲土重來，並進入產品組合的其他部分和其他基帶供應商。

So if you add all this together with the diversity modules and the RF fusion modules, FR Flex and so forth, we just have a broad portfolio.

因此，如果將所有這些與分集模組、射頻融合模組、FR Flex 等相加，我們就擁有了廣泛的產品組合。

We are winning in each of those areas.

我們在每個領域都取得了勝利。

Okay, great, thank you.

好的，太好了，謝謝。

My follow-up is regarding the Qualcomm/TDK joint venture, how do you view that joint venture from a competitive standpoint?

我的後續問題是關於高通/TDK合資公司，您從競爭角度如何看待該合資公司？

I'm guessing the impact in the short term is minimal, if anything.

我猜短期內的影響即使有的話也是微乎其微的。

But I was curious more how you viewed the landscape on a longer-term basis?

但我更好奇的是，您如何從長遠角度看待這種情況？

Thank you.

謝謝。

Thanks, Toshiya.

謝謝，俊哉。

I think on the long-term we would also echo your comments.

我認為從長遠來看，我們也會回應您的意見。

In fact it opens up opportunities for us.

事實上，它為我們提供了機會。

If you look at our Qorvo along with our competitors, there's a couple of interesting things that we all perform across multiple base phase manufacturers and work with them.

如果您看看我們的 Qorvo 以及我們的競爭對手，您會發現我們在多個基礎階段製造商中都進行了一些有趣的事情並與他們合作。

And TDK as you well know has been working with several of those manufacturers, as well.

正如您所知，TDK 也一直在與其中幾家製造商合作。

And quite honestly it is hard for us to think that immediate tack or pick whoever else you want is going to be able to share with them their front-end designs and their architectures when they know everything that they tell them is going to basically be given to Qualcomm and their RF 360 front end.

老實說，當他們知道他們告訴他們的一切基本上都會得到時，我們很難認為立即採取行動或選擇任何你想要的人能夠與他們分享他們的前端設計和架構高通及其 RF 360 前端。

So we actually look at this and go, this is probably going to open up some opportunities for us.

因此，我們實際上會考慮這一點並採取行動，這可能會為我們帶來一些機會。

We've made our investments in our filters, clearly us and our two largest competitors buy from TDK, and quite honestly we are just going to in source more of our own filters.

我們已經對過濾器進行了投資，顯然我們和我們最大的兩個競爭對手都是從 TDK 購買的，老實說，我們將採購更多我們自己的過濾器。

We're bringing up six-inch.

我們正在推出六英寸。

So we think it is going to help our P&L, as well.

所以我們認為這也將有助於我們的損益。

It is going to accelerate the movements that we are making there.

它將加速我們在那裡採取的行動。

But net-net at a high-level, nothing's really changed.

但從高層來看，一切都沒有真正改變。

That's been their partner since day one to build their modules, build the use filters, et cetera.

從第一天起，這就是他們的合作夥伴，建造他們的模組、建造使用過濾器等等。

If anything, we're looking at it and going wow, this could open up some other doors for us.

如果有什麼不同的話，我們正在研究它，然後哇哦，這可能會為我們打開一些其他的大門。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

Thanks.

謝謝。

Eric, you just said there were more adoptions in complete solutions.

艾瑞克，你剛才說完整的解決方案有更多的採用。

What does that mean?

這意味著什麼？

Does that mean more individual components at your largest customers, or are the second and third tier OEMs moving more to more integrated parts like pads or Flex or Fusion away from the streets?

這是否意味著您最大的客戶需要更多的獨立組件，或者第二層和第三層 OEM 是否會更多地轉向更整合的零件，例如煞車片、Flex 或 Fusion？

And then James, you are seeing rebound in infrastructure.

然後詹姆斯，你會看到基礎設施的反彈。

Is that predominately in China, or is it more widespread than that?

這種情況在中國占主導地位還是更普遍？

And is it exclusively 4G, or are you seeing a wider rebound?

是純 4G 還是您看到了更廣泛的反彈？

Eric, go ahead first.

艾瑞克，你先說。

Sure, so what I was referring to, Ed, is literally a transition where we're working with our largest customers, as well as some of the chipset providers, as well, to propose literally complete solutions.

當然，Ed，我所說的實際上是一個過渡，我們正在與我們最大的客戶以及一些晶片組提供商合作，提出真正完整的解決方案。

So we have Qorvo part numbers that span the entire RF front end.

因此，我們擁有涵蓋整個 RF 前端的 Qorvo 零件號碼。

And it's a question of just rate and pace of how soon we're able to bring each of the pieces in.

問題在於我們能夠以多快的速度將每件作品投入使用。

And get them to fit with the exact configuration that each individual customers are looking for essentially.

並使它們符合每個客戶本質上尋求的確切配置。

But going from a load where someone else is architecting the front end and giving us specs and we are responding to those may be influencing them, to where from the very beginning they say okay, architect the full front end of us.

但是，從其他人正在構建前端並向我們提供規格而我們正在響應那些可能會影響他們的負載，到從一開始他們就說好的，構建我們的完整前端。

It does X, Y, and Z.

它執行 X、Y 和 Z。

Okay, in the base station recovery, I would say it is broad-based across the OEMs.

好的，在基地台恢復方面，我想說它在 OEM 中具有廣泛的基礎。

Some a little more than others.

有些比其他多一點。

It's sometimes difficult for us to know exactly where our components go into what market.

有時我們很難確切地知道我們的組件進入哪個市場。

But as we look at what our customers are saying, it would appear that recovery is based somewhat in China.

但當我們看看客戶的說法時，復甦似乎在某種程度上是基於中國的。

And then I didn't hear the second part of your question.

然後我沒有聽到你問題的第二部分。

Is it mostly 4G base stations?

大部分都是4G基地台嗎？

Yes, mostly for 4G base stations.

是的，主要用於4G基地台。

One other thing I would say though is we are seeing just a significant amount of interest in LTE, A, and Pro.

我要說的另一件事是，我們看到人們對 LTE、A 和 Pro 非常感興趣。

We are seeing our multi-MIMO or Massive MIMO systems starting to get demonstrations happening.

我們看到我們的多 MIMO 或大規模 MIMO 系統開始進行演示。

So there's a lot of other things that also show that market in general is starting to gather some strength.

因此，還有很多其他事情也表明市場總體上開始積聚力量。

And a little bit in small cell, as well.

在小蜂窩中也有一點。

Great and then Eric follow-up to you if I could, you mentioned in the prepared remarks that envelope tracking looks like it might be ramping.

太棒了，如果可以的話，埃里克會對你進行後續跟進，你在準備好的評論中提到包絡跟踪看起來可能會增加。

Can you remind us, was that material?

你能提醒我們，那是材料嗎？

Has ET been material to your revenue line in the last year or so?

在過去一年左右的時間裡，ET 對您的收入線是否有重大影響？

And then it sounds like you are ramping in more than one major OEM.

聽起來你們正在向不只一家主要 OEM 廠商進軍。

Are these big flagship products launches or -- I was trying to get a scale of what this is?

這些大型旗艦產品是發布還是——我試圖了解這是什麼？

And I know you don't like talking ASPs, but just give us an idea of what the revenue opportunity in a TAM sense would be for envelope tracking?

我知道您不喜歡談論 ASP，但請讓我們了解 TAM 意義上的信封追蹤的收入機會是什麼？

And then a follow-up on tuning if I could.

如果可以的話，然後進行後續的調整。

Yes, so as you know you we had ramped ET pretty successfully into one of the leading OEMs a couple years ago now, I do remember the exact timing.

是的，正如您所知，幾年前我們已經相當成功地將 ET 推向了領先的 OEM 廠商之一，我確實記得確切的時間。

But for the past several quarters those phones had ramped down and has not been meaningful at all.

但在過去的幾個季度裡，這些手機的銷量已經下降，根本沒有任何意義。

So now it is being reinvigorated.

所以現在它正在重新煥發活力。

We've got a new version coming out and we are ramping with one of our leading customers currently as we speak with that technology.

我們已經推出了一個新版本，當我們談論這項技術時，我們目前正在與我們的領先客戶之一合作。

And will be profiting throughout their portfolio and potentially moving to other OEMs throughout the year

並將透過他們的產品組合獲利，並有可能全年轉移到其他原始設備製造商

Steve Smigie, Raymond James.

史蒂夫·斯米吉，雷蒙德·詹姆斯。

Great, thanks a lot.

太好了，非常感謝。

Sorry to beat a dead horse, but in some of the maybe shortfall on the March quarter versus what you were thinking a month ago, is it -- are you suggesting that it's -- the timing of the ramp here is just pushed out a little bit?

Sorry to beat a dead horse, but in some of the maybe shortfall on the March quarter versus what you were thinking a month ago, is it -- are you suggesting that it's -- the timing of the ramp here is just pushed out a little位元?

So at the end of the day, you just get it, it's just in a different quarter?

所以到最後，你就明白了，只是在不同的季度？

Am I understanding that right or am I reading too much into it?

我理解正確還是我讀太多了？

I will take a shot at that, Steve.

我會嘗試一下，史蒂夫。

At a higher-level I would say it is the demand from customers first and then the timing of the new product ramps.

在更高的層面上，我會說首先是客戶的需求，然後是新產品推出的時機。

I would weigh it a little bit differently maybe then the way you commented there.

我的權衡可能會與您在那裡評論的方式略有不同。

Okay, great.

好的，太好了。

And just in terms of IDP, in terms of new products, particularly around gallium-nitride, can you talk a little bit about how you see the power amplifier market developing there?

就 IDP 而言，就新產品而言，特別是氮化鎵方面，您能談談您如何看待那裡的功率放大器市場的發展嗎？

How much you think you will play in that, and GaN versus LDMOS replacement timing?

您認為您會在其中發揮多大作用，以及 GaN 與 LDMOS 的替代時機？

Let me talk broadly about the power amp market for GaN.

讓我廣泛地談談 GaN 的功率擴大機市場。

First of all, the fastest part of that market growth is really in the defense side, and there were obviously actively participating number one in the market.

首先，該市場成長最快的部分實際上是在防禦方面，並且市場上顯然有第一名積極參與。

Tremendous amount of products getting released really to cover a broad spectrum of low-frequency, high-power, all the way up into products that are covering KA-band.

大量產品的發布確實涵蓋了低頻、高功率的廣泛範圍，一直到覆蓋 KA 頻段的產品。

So great covers for us in the defense side, great growth for us in the defense side and a very broad-based.

我們在防守端有如此出色的掩護，我們在防守端有很大的成長，而且基礎非常廣泛。

In the base station if you look at what some of the forecast around the industry, it is projected that GaN will overtake LDMOS as far as total size somewhere in the next maybe three or four years.

在基地台方面，如果你看看業界的一些預測，預計 GaN 將在未來三四年內的總尺寸上超過 LDMOS。

So substantial growth in GaN, the LDMOS will continue to decline and that's driven by the trends that we've been talking about for the last several quarters.

由於 GaN 的大幅成長，LDMOS 將繼續下降，這是由我們過去幾季一直在討論的趨勢所驅動的。

Continuing increase in bandwidth, the move to Massive MIMO, all of those things are going to drive GaN more and more into this marketplace.

頻寬的持續增加、向大規模 MIMO 的轉變，所有這些都將推動 GaN 越來越多地進入這個市場。

And as far as our positioning we've got products out there released across multiple different bands, and we are engaged with the majority of the top OEMs in the space.

就我們的定位而言，我們已經發布了多個不同頻段的產品，並且我們與該領域大多數頂級 OEM 廠商都有合作。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

Hello.

你好。

Thanks for taking taken my question.

感謝您接受我的問題。

Just wanted to go back to the December miss.

只是想回到十二月的懷念。

Your largest customer wasn't down that much sequentially.

您最大的客戶並沒有連續下降那麼多。

I was wondering how much of the Android world contributed to that $100 million miss in December?

我想知道 Android 世界對 12 月 1 億美元的損失有多大貢獻？

Blayne, as far as expectations when we provided guidance to where we ended up, let's call it the non-Android part of the world.

Blayne，就我們對最終結果提供指導時的期望而言，我們將其稱為世界上的非 Android 部分。

Okay.

好的。

Then just on the gross margin and then the related inventories you talked about writing off some and then inventory still moved up.

然後就毛利率和相關庫存而言，您談到註銷了一些庫存，然後庫存仍然上升。

So, Steve, if you could talk about where you would like to get inventories to, and if you could just quantify how much you did write-off in the quarter?

那麼，史蒂夫，您是否可以談談您希望將庫存存放到哪裡，以及是否可以量化您在本季沖銷的金額？

Yes, the reason inventory didn't perform very well is we had a last minute reduction in the demand for our products.

是的，庫存表現不佳的原因是我們在最後一刻減少了對產品的需求。

We built the product and then we weren't able to ship it at the end of the quarter.

我們製造了產品，但無法在季度末發貨。

So that was -- that's why our turns were at 3.3, which is not anywhere near our expectations.

這就是為什麼我們的回合數是 3.3，遠低於我們的預期。

We things turns ought to be north of 4. For sure we think we can achieve that.

我們的事情應該是在 4 的北方。我們確信我們可以實現這一點。

But I would say that December quarter is somewhat of an anomaly due to the rather abrupt reduction demand from a particular large customer.

但我想說，由於某個特定大客戶的需求突然減少，12 月季度有點反常。

In terms of the write-off, it was about $4 million.

就沖銷而言，約400萬美元。

Rather -- bigger than typical, but not a huge amount.

相反地​​——比典型的大，但不是很大。

The 200 basis point miss in margins had a greater impact from yield than write-off of excess and obsolete.

利潤率下降 200 個基點對收益率的影響比超額和過時沖銷的影響更大。

But it was a factor.

但這是一個因素。

Tim Long, BMO Capital Markets.

Tim Long，BMO 資本市場。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Just two, if I could.

如果可以的話，就兩個。

Could talk a little bit on the mobile business?

能談談行動業務嗎？

You covered China pretty well.

你對中國的報道很好。

How do you think these are going in the non-China emerging markets for your customers?

您認為這些在中國以外的新興市場對您的客戶來說進展如何？

And the back to the cost synergies, sounds like a little ahead for the first year.

回到成本綜效，聽起來第一年有點超前。

Just curious to get to that 150 through the end of this fiscal year.

我只是想在本財年結束前達到 150 個。

What does the linear to look like for that?

其線性看起來是什麼樣的？

Would that be more backend loaded or do you think we could see some of that coming in the earlier part of next fiscal year?

這是否會增加後端負載，或者您認為我們可以在下一財年的早期看到其中的一些內容？

Thank you.

謝謝。

Yes, this is Eric.

是的，這是埃里克。

If I understood your question it was about the non-China emerging markets.

如果我理解你的問題，那是關於非中國新興市場的。

And that is an interesting question.

這是一個有趣的問題。

I think that is something that is going to percolate throughout the year.

我認為這將貫穿全年。

We think roughly 50 million units of 4G smart phones could be consumed in that kind of emerging market outside of China.

我們認為中國以外的此類新興市場可能會消費約 5,000 萬部 4G 智慧型手機。

The majority of those will be provided by our current customers, of course and a lot of the China brands.

其中大部分將由我們現有的客戶提供，當然還有許多中國品牌。

And one of things that's interesting is as China is moving towards 5-mode or full-mode handsets, those customers are getting better and better at including really complex RF in there.

有趣的事情之一是，隨著中國正在向 5 模或全模手機發展，這些客戶越來越擅長在其中加入真正複雜的射頻。

So when they look to these new emerging markets, instead of taking your traditional approach or doing kind of a real stripped-down, low-cost phone they're generally starting with their full-mode phones and adding the bands for those regions to them.

因此，當他們著眼於這些新興市場時，他們通常會從全模式手機開始，然後將這些地區的頻段添加到其中，而不是採用傳統方法或製作真正的精簡型低成本手機。 。

That's one of the things that's driving the antenna tuner demand we've talked about in China.

這是我們在中國談到的推動天線調諧器需求的因素之一。

Between that and the fact that they're also adopting very high-quality global look and feel handsets, if you will, that have metal cases for example, all the same things that drove antenna tuning into the highest Tier.

除此之外，他們還採用了非常高品質的全球外觀和觸感手機（如果你願意的話），例如具有金屬外殼的手機，所有這些都將天線調諧推向了最高層。

Really that's where our China-based customers are taking their products for all of these 4G markets.

事實上，這就是我們中國客戶為所有這些 4G 市場提供產品的地方。

With respect to timing of the remaining synergies, largely in the second half of the calendar year, while we talk about moving ex-TriQuint mobile parts, what it really amounts to is beginning new mobile parts in the factory that they're are going to be tested and assembled in.

至於剩餘協同效應的時間安排，主要是在日曆年的下半年，當我們談論移動前 TriQuint 移動部件時，它真正意味著在工廠開始生產新的移動部件。進行測試和組裝。

So it is the significant new product launches that happen in the fall that drive our ability to achieve those synergies.

因此，秋季推出的重要新產品推動了我們實現這些協同效應的能力。

Thank you.

謝謝。

Ian Ing, MKM Partners.

Ian Ing，MKM 合夥人。

Yes, thanks.

對了謝謝。

Congratulations on the earnings preservation despite the variable revenues.

儘管收入存在波動，但祝賀您的利潤得以保全。

First question is on half year splits, so calendar 2015, first half and second half split is actually about 50/50 terms of revenues.

第一個問題是關於半年分割，所以2015年上半年和下半年的分割其實大約是收入的50/50。

Steve, in the past you've made good calls in terms of splits; just wondering if you have thoughts on this calendar year?

史蒂夫，過去你在分裂方面做了很好的決定；只是想知道您對今年有什麼想法嗎？

I'm going to stay away from it this time.

這次我要遠離它。

The merger of RFMD/TriQuint, the numbers are a little different, and then there's so much impact in terms of how successful certain large customers are with their launches that I'm not confident enough to give you a fearless forecast.

RFMD/TriQuint 的合併，數字略有不同，而且對某些大客戶的產品發布的成功程度產生了很大的影響，我沒有足夠的信心給您一個無畏的預測。

Is it between 45/55 and 50/50 then, or that's --

那麼是在 45/55 和 50/50 之間，還是——

(laughter)

（笑聲）

Had to try.

不得不嘗試。

Appreciate the effort.

感謝您的努力。

Okay.

好的。

Well I get a follow-up then.

那我會得到跟進。

For sure.

一定。

For James, IDP base stations up 18%; that's a good chunk of that segment.

對 James 來說，IDP 基地台成長了 18%；這是該部分的很大一部分。

So what actually declined a bit in the quarter, and is that decline transient, James?

那麼，本季度實際上有所下降，這種下降是短暫的嗎，詹姆斯？

Thanks.

謝謝。

We saw a little bit of a slowdown in our transport business and that was probably one of the biggest offsets.

我們看到運輸業務略有放緩，這可能是最大的抵消之一。

Some of that was dissociated with the normal decrease in our pricing as we go through volume cuts.

其中一些與我們在減量過程中定價的正常下降無關。

Some of that we think was a little bit of inventory correction in that part of the business.

我們認為其中一些是該業務部分的庫存修正。

But I would say that was the most significant offset.

但我想說這是最重要的抵消。

And to tell you the truth we had, in that part of the transport business, we had a really strong first half in our cable part of the business, and it's returned sort of what I would call normal levels for the back half.

說實話，在運輸業務的這一部分中，我們的電纜業務上半年表現非常強勁，而後半部分的回報率達到了我所說的正常水平。

So it's between those two things that was predominant shift

所以這是這兩件事之間的主要轉變

Srini Pajjuri, CLSA Securities.

Srini Pajjuri，里昂證券證券。

Thank you.

謝謝。

Steve a question on CapEx, it came down a bit in the quarter.

史蒂夫問了一個關於資本支出的問題，資本支出在本季略有下降。

I'm just wondering how we should think about a CapEx the next few quarters?

我只是想知道我們應該如何考慮接下來幾季的資本支出？

And also, if the Qualcomm/TDK JV, wondering if that will have any impact in your CapEx?

另外，如果是高通/TDK 合資企業，想知道這是否會對您的資本支出產生任何影響？

Yes, so I'll answer the second question first, the answer is no.

是的，所以我先回答第二個問題，答案是否定的。

With regards to the first one -- I think that $60 million a quarter is a pretty fair run rate.

關於第一個——我認為每季 6000 萬美元是一個相當公平的運行率。

It might be $70 million a quarter, but it's somewhere in that zip code.

每個季度可能有 7000 萬美元，但它是在那個郵政編碼的某個地方。

The majority of that will be for filter capacity expansion, some of the wafer size increases where we are moving SAW and TC-SAW from 4-inch wafers to six-inch.

其中大部分將用於濾波器產能擴張，部分晶圓尺寸增加，我們將 SAW 和 TC-SAW 從 4 吋晶圓轉移到 6 吋晶圓。

BAW from six-inch wafers to eight-inch.

BAW從六吋晶圓到八吋。

And expanding our SAW footprint into the factory here in North Carolina.

並將我們的 SAW 足跡擴展到北卡羅來納州的工廠。

Okay, got it then maybe for Bob, Bob you mentioned that you were prototyping hexaplexers.

好吧，明白了，也許是給鮑勃的，鮑勃，你提到你正在製作六工器原型。

Just curious as to when you think will be shipping them for production?

只是好奇您認為什麼時候會將它們運送到生產中？

And also a follow-up to that.

還有後續行動。

As you go from discrete filters to quad and hex, what happens to your ASP?

當您從離散濾波器轉向四路和六路濾波器時，您的 ASP 會發生什麼變化？

The question is as you go from four filters to quad, does it just quadruple or do see additional increase in your ASP?

問題是，當您從四個過濾器變為四過濾器時，它只是增加了四倍還是您的 ASP 確實增加了？

Thank you.

謝謝。

So I will answer the second question first.

那我先回答第二個問題。

There is definitely a premium in the integration, a quadplexers is far more there's four filters put together.

整合方面肯定有溢價，四工器的價值要高得多，因為四個濾波器放在一起。

The circuit design, the ability to actually assemble them and maintain performance and so forth is critical.

電路設計、實際組裝和保持性能的能力等至關重要。

So there is a definite premium over just adding the number filters together.

因此，與僅將數位過濾器添加在一起相比，存在一定的溢價。

And regarding the hexaplexer, that's really going to be determined by the need for three CA and higher modes in the phones and the customers we ship.

至於六工器，這實際上取決於手機和我們發貨的客戶對三種 CA 和更高模式的需求。

We think we will have readiness second half of this year with the hexaplexers, so we can see production as early as this fall or definitely in calendar 2017.

我們認為我們將在今年下半年準備好六工器，因此我們最早可以在今年秋天或肯定在 2017 年看到生產。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Hello.

你好。

Just looking at, you mentioned on the mobile side there's a slight step down in demand.

只是看看，您提到行動端的需求略有下降。

Just wondering whether has been slowing down all the last month, or was it a step down?

只是想知道上個月是否一直在放緩，還是下降了？

And also when you look at the March quarter, is your implied OpEx actually going up sequentially?

另外，當您查看三月季度時，您的隱含營運支出實際上是否連續上升？

Steve, you take the OpEx.

史蒂夫，你承擔營運支出。

As far as customer demand goes, as Steve even commented about our inventory just a little bit ago it came at the end of the quarter and it kind of continued for a while.

就客戶需求而言，正如史蒂夫不久前評論我們的庫存一樣，它是在季度末出現的，而且這種情況持續了一段時間。

We believe we've seen the bottom.

我們相信我們已經看到底部。

We're taking a cautious view this quarter and as we look out into June.

我們對本季和六月持謹慎態度。

And again I think the big story here is our IDP business is returning to growth year-over-year.

我再次認為這裡的大事是我們的 IDP 業務正在逐年恢復成長。

And from the perspective of the mobile business we've locked down the design wins that we need to drive a strong second-half in FY17.

從行動業務的角度來看，我們已經鎖定了在 2017 財年下半年推動強勁成長所需的設計勝利。

And for OpEx, I think we're going to end up in high $140 millions, maybe $150 million in the March quarter.

對於營運支出，我認為我們最終將達到 1.4 億美元，而三月季度可能達到 1.5 億美元。

And then we will look to our planning process and look at the subsequent year.

然後我們將審視我們的規劃流程並展望接下來的一年。

We will clearly growth our OpEx well below the rate of revenue growth ago, but we will talk more about that next time we have a call.

顯然，我們的營運支出成長將遠低於先前的收入成長率，但我們會在下次電話會議時詳細討論這一點。

And we will have completed our annual planning process.

我們將完成年度規劃流程。

Got it.

知道了。

When you look at your six-inch mix as you ramp that, where do you see that it exiting 2016 on the SAW side?

當你看著你的 6 吋混音時，你會發現它在 2016 年 SAW 的表現如何？

And if you can give some color on how the eight-inch ramp looks in BAW, exiting calendar 2016?

您能否詳細說明 2016 年日曆中 8 吋坡道在 BAW 中的外觀？

Thanks.

謝謝。

As far as the conversion of four to six, again, we just qualified the process.

至於四到六的轉換，我們再次驗證了這個過程。

So we're getting those designed in, and it depends on sorry the timing of new program ramps and things like that.

因此，我們正在設計這些內容，這取決於新計劃的時間和類似的事情。

But it will not be the majority at the end of 2016, as far as temp-comp SAW six-inch goes in Florida.

但就佛羅裡達州 6 吋臨時補償 SAW 的市場情況而言，到 2016 年底，它還不會成為主流。

And then we are bringing up the six-inch in Greensboro that will be in production this year.

然後我們將在格林斯伯勒推出今年將投產的六吋產品。

As far as eight-inch goes, as I said in my opening comments, for BAW filters, we will be converting this year over to eight-inch and beginning the ramps in 2017.

就 8 英寸而言，正如我在開場白中所說，對於 BAW 濾波器，我們今年將轉換為 8 英寸，並於 2017 年開始升級。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

Thanks.

謝謝。

Round two.

第二輪。

Caution on your flagship phones shipping later this quarter.

請注意本季稍後出貨的旗艦手機。

Is that timing of the launch of all the models, or are you more exposed to specific SKUs with a lot of content gains so you don't know when those are shipping?

是所有型號的發佈時間，還是您更容易接觸到內容豐富的特定 SKU，因此您不知道這些產品何時發貨？

Then Bob, you just said that BAW would ramp on eight-inch in 2017, so essentially you will be on a six-inch in BAW for production in 2016.

那麼鮑勃，您剛才說 BAW 將在 2017 年生產 8 英寸，所以基本上您將在 2016 年生產 6 英寸的 BAW。

Is that how I should take that?

我該這樣看待嗎？

That's correct, Ed.

沒錯，艾德。

On the BAW filters we're six-inch, we're bringing up the eight-inch line now.

在 BAW 濾波器上，我們是六英寸，現在我們正在推出八英寸系列。

We're qualified, get qualified with customers are ramp in 2017, that's correct.

我們有資格，2017 年客戶數量會增加，這是正確的。

And as far as the flagship phones Eric, anything?

至於艾瑞克的旗艦手機，有什麼嗎？

It is not related to any specific SKUs, any geographic SKUs, Ed.

它與任何特定 SKU、任何地理 SKU 無關，Ed。

So it's just normal?

所以這只是正常的？

And then, Steve, you mentioned --

然後，史蒂夫，你提到——

--Share gains coming on a new platform and the timing of that is already naturally backend loaded in the quarter.

——新平台上的份額收益將在本季後端自然加載。

Then you have to be a little bit conservative about exactly how that ramp is going to go.

然後你必須對坡道的具體方向持保守態度。

I know you've seen that with a few flagships components, so I was trying to get to this whole ramp that it maybe fall on the other side of the quarter.

我知道你已經看到了一些旗艦組件的情況，所以我試圖到達整個斜坡，它可能會落在本季度的另一邊。

Steve, you had mentioned yield problems.

史蒂夫，你提到了產量問題。

Is that gas, filters, or SOI?

是氣體、過濾器還是 SOI？

I'm not going to go into the details or the specifics, but they were once in a while you hit those.

我不打算詳細討論細節，但你偶爾會遇到這些問題。

They were both confined to the quarter and have been resolved.

它們都被限制在該季度並已解決。

Harsh Kumar, Stephens.

嚴厲的庫馬爾，史蒂芬斯。

Yes, hello.

是的你好。

Thanks for letting me ask a follow-up here.

感謝您讓我在這裡詢問後續情況。

Real quickly, Steve, you mentioned $15 million of OpEx, I'm sorry interest expense guide.

真的很快，史蒂夫，你提到了 1500 萬美元的營運支出，我很抱歉利息支出指南。

How do we think about that on a full-year number?

我們如何看待全年數字？

Do we just roll that, or is there something built into that number?

我們是直接滾動這個數字，還是這個數字中內建了一些東西？

No, that's a good go forward number.

不，這是一個很好的前進數字。

So for each quarter 15 million bucks?

那麼每季 1500 萬美元？

Yes and yes, that's very fair number that's why wanted to make sure we guided to that one.

是的，是的，這是一個非常公平的數字，這就是為什麼我們想確保我們引導到這個數字。

And note that we only had half of a quarter's worth in December, so that's the jump sequentially.

請注意，我們 12 月的價值僅為四分之一的一半，因此這是連續的跳躍。

Got it.

知道了。

Then the second question was regards to the previously in a couple of quarters you had margins as high as 51%.

第二個問題是關於之前幾季你們的利潤率高達 51%。

Now that IDP is starting to come back for you, how do you feel about with all these cost cuts, I mean these in-sourcing actions that you've got going on and maybe this IDPs coming back strongly how do you feel about the margin profile as you go out?

現在 IDP 開始回歸，您對所有這些成本削減有何感想，我的意思是您正在進行的這些內包行動，也許 IDP 會強勢回歸，您對利潤有何看法外出時的個人資料？

Long-term we have a goal to get to 55%.

長期來看，我們的目標是達到 55%。

I think it is a goal founded on some significant cost-reduction opportunities.

我認為這是一個建立在一些重大成本降低機會的目標。

You are right, with IDP coming back that's accretive to our overall origins and it will be very helpful.

你是對的，IDP 的回歸會增強我們的整體起源，並且會非常有幫助。

For the quarter coming up I think we will be at 50% and there's lots of small puts and takes, but I think that's where the Company's operating at roughly over the last four quarters or so.

對於即將到來的季度，我認為我們將達到 50%，並且有很多小額看漲期權和看跌期權，但我認為這就是公司在過去四個季度左右的大致運營情況。

But again, I see a good opportunity for the Company to get to 55%, and growth in IDP is surely going to help

但我再次認為公司有機會達到 55%，IDP 的成長肯定會有所幫助

That does conclude the question and answer session.

問答環節到此結束。

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

此時，我會將電話轉回給管理層，以徵求任何補充或結束語。

We would like to thank everyone for joining us this evening.

我們要感謝大家今晚加入我們。

We're looking forward to seeing many of you at upcoming conferences and at Mobile World Congress in a few weeks in Barcelona.

我們期待在即將舉行的會議以及幾週後在巴塞隆納舉行的世界移動大會上見到你們。

Thanks again for your time.

感謝你的寶貴時間。

And good night.

晚安。

Once again, this does conclude today's conference call.

今天的電話會議再次結束。

Thank you all for your participation.

感謝大家的參與。