科沃 (QRVO) 2016 Q4 法說會逐字稿

Good day and welcome to the Qorvo, Inc.

美好的一天，歡迎來到 Qorvo, Inc.。

Q4 2016 year-end conference call.

2016年第四季年終電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Douglas DiLieto, Vice President of Investor Relations.

現在，我想將會議交給投資人關係副總裁 Douglas DiLieto。

Please go ahead, Mr. DiLieto.

請繼續，迪利托先生。

Thanks very much, Adam.

非常感謝，亞當。

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

大家好，歡迎參加 Qorvo 2016 財年第四季財報電話會議。

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, 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 Qorvo.com 的「投資者」下查看。

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

為了公平對待所有聽眾，我們要求每位參與者只提出一個問題和一個後續問題。

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

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

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

Qorvo 管理團隊的其他成員也加入了我的行列。

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

然後，我會將電話轉交給鮑伯。

Thanks, Doug.

謝謝，道格。

Good afternoon, everyone.

大家下午好。

Welcome to our FY16 fourth quarter earnings call.

歡迎參加我們的 2016 財年第四季財報電話會議。

Revenue for the March quarter totalled $607.1 million, exceeding our quarterly guidance, reflecting increased demand for our highly integrated solutions and a return to growth in IDP broad target markets.

3 月份季度的收入總計 6.071 億美元，超出了我們的季度指引，反映出對我們高度整合解決方案的需求增加以及 IDP 廣泛目標市場的成長恢復。

Gross margin was 50%, up 210 basis points sequentially, reflecting crisp execution by the Qorvo team.

毛利率為 50%，較上一季成長 210 個基點，反映出 Qorvo 團隊的干練執行力。

Operating margin was 26.4%, with operating expenses of approximately $143 million reflecting reduced variable compensation expense.

營業利潤率為 26.4%，營業費用約為 1.43 億美元，反映出可變薪酬費用的減少。

On February 17, we announced an accelerated share repurchase program; and during the March quarter, we were able to repurchase 10 million shares of common stock.

2月17日，我們宣布加速股票回購計畫；在三月季度，我們回購了 1,000 萬股普通股。

We expect to repurchase an estimated 500,000 shares in the June quarter as part of the ASR, and we have $250 million that remain authorized for future repurchases.

作為 ASR 的一部分，我們預計將在 6 月季度回購約 50 萬股股票，並且我們仍有 2.5 億美元的授權用於未來回購。

In Mobile Products, revenue was $465 million on the strength of content gains and smartphone program ramps.

在行動產品方面，由於內容成長和智慧型手機程式的增加，收入達到 4.65 億美元。

During the quarter, we launched an increasing number of highly integrated high-performance solutions that leveraged the breadth of our industry leading portfolio of products and technology.

在本季度，我們推出了越來越多的高度整合的高效能解決方案，這些解決方案充分利用了我們領先業界的產品和技術組合的廣度。

We enjoyed strong demand for our highly integrated solutions, led by products incorporating our premium filters.

我們對高度整合的解決方案有著強勁的需求，其中以採用我們優質過濾器的產品為主導。

We expect these highly integrated solutions will continue to drive our growth.

我們預計這些高度整合的解決方案將繼續推動我們的成長。

Qorvo's expanding family of RF fusion standards solutions stands out as an example.

Qorvo 不斷擴大的射頻融合標準解決方案系列就是一個突出的例子。

These tightly integrated compact solutions leverage our BAW and temp comp soft filters, our low loss high pro count SLI switches, and our high-performance low-noise amplifiers to deliver performance that's unmatched by competitive solutions.

這些緊密整合的緊湊型解決方案利用我們的 BAW 和溫度補償軟濾波器、低損耗高專業數 SLI 開關以及高性能低雜訊放大器來提供競爭解決方案無法比擬的性能。

In the China market, the deployment of carry aggregation and the migration to full mode devices is increasing the demand for our RF Flex solutions, our BAW-based quad flexors and a broad variety of our antenna control solutions.

在中國市場，承載聚合的部署和向全模式設備的遷移正在增加對我們的 RF Flex 解決方案、基於 BAW 的四屈肌和各種天線控制解決方案的需求。

Looking into calendar 2017, our customers in China are asking us to integrate our premium filters into RF Flex to reduce complexity and enhance smartphone performance as carrier aggregation proliferates and bands and modes are added.

展望 2017 年，隨著載波聚合的激增以及頻段和模式的增加，我們的中國客戶要求我們將優質濾波器整合到 RF Flex 中，以降低複雜性並提高智慧型手機效能。

Again, this strongly favors our broad product portfolio and integration capability.

這再次有力地支持了我們廣泛的產品組合和整合能力。

In IDP, revenue grew 9% sequentially to approximately $142 million, reflecting a return to growth in IDP's broad target market.

IDP 的營收季增 9%，達到約 1.42 億美元，反映出 IDP 廣泛的目標市場恢復成長。

We indicated last quarter that IDP had repositioned its diverse portfolio of businesses to accelerate growth, and we have begun to see the benefit of that sharpened focus.

我們上季度表示，IDP 已重新定位其多樣化的業務組合以加速成長，我們已經開始看到這種集中關注的好處。

In Automotive, IDP secured a significant design win with a tier one automotive supplier, meaningfully expanding our opportunity in automotive infotainment systems at several European car manufacturers.

在汽車領域，IDP 贏得了一級汽車供應商的重大設計勝利，有意義地擴大了我們在多家歐洲汽車製造商在汽車資訊娛樂系統方面的機會。

Elsewhere, in Connectivity, IDP leveraged the superior performance of our integrated solutions in efficiency, thermal dissipation, range, and a number of other key metrics to secure the lead position on Quantenna's QSR10G WiFi solution.

在其他方面，在連接方面，IDP 利用我們整合解決方案在效率、散熱、範圍和許多其他關鍵指標方面的卓越性能，確保了 Quantenna QSR10G WiFi 解決方案的領先地位。

This solution enables the industry first 10G wave 3 solution through a true 8 by 8 bi-mode configuration for 5 gigahertz networks and a 4 by 4 bi-mode configuration for 2.4 gigahertz networks.

該解決方案透過適用於 5 GHz 網路的真正 8 x 8 雙模配置和適用於 2.4 GHz 網路的 4 x 4 雙模配置，實現了業界首個 10G Wave 3 解決方案。

In Wireless Infrastructure, revenue grew by more than 25% sequentially and we returned to more historic levels in our base station business.

在無線基礎設施領域，營收季增超過 25%，我們的基地台業務回到了歷史最高水準。

And in GaN, we enjoyed increasing demand for Qorvo's high frequency and high-power solutions across both infrastructure deployments and advanced defense application.

在 GaN 領域，基礎設施部署和先進國防應用對 Qorvo 高頻和高功率解決方案的需求不斷增長。

Across all our markets, it's increasingly clear that Qorvo's industry leading portfolio of RF products and technologies represents a significant competitive advantage.

在我們所有的市場中，越來越明顯的是，Qorvo 業界領先的射頻產品和技術組合代表著顯著的競爭優勢。

Qorvo's offering our customers a combination of performance and integration that's not been available previously, putting us in a favorable position to gain content and outpace our market.

Qorvo 為我們的客戶提供了前所未有的性能和整合組合，使我們處於獲得內容並超越市場的有利地位。

Equally important is our unique ability to match the optimum technology or combination of technologies to each customer's application without bias towards any one technology or architecture.

同樣重要的是我們獨特的能力，可以將最佳技術或技術組合與每個客戶的應用相匹配，而不偏向任何一種技術或架構。

Only Qorvo delivers a comprehensive product portfolio of filters, switches, amplifiers, PMICs, LNAs, and tuners with the scale, integration capabilities, and system level expertise to supply an expanding variety of highly integrated solutions.

只有 Qorvo 提供濾波器、開關、放大器、PMIC、LNA 和調諧器的全面產品組合，其規模、整合能力和系統級專業知識足以提供不斷擴展的高度整合解決方案。

This is leading to deeper relationships with our customers, channel partners, and carriers as they see greater economic value in maximizing spectral efficiency.

這使得我們與客戶、通路合作夥伴和營運商建立了更深入的關係，因為他們看到了最大化頻譜效率帶來的更大經濟價值。

To monetize their respective investments, they are seeking increasingly precise, highly integrated solutions optimized to solve specific challenges related to the delivery of broadband data.

為了將各自的投資貨幣化，他們正在尋求日益精確、高度整合的解決方案，以解決與寬頻數據傳輸相關的特定挑戰。

Qorvo is unique in its ability to address that need.

Qorvo 的獨特之處在於它能夠滿足這項需求。

In both Mobile and IDP, Qorvo's leveraging our comprehensive product and technology portfolio to participate in the development of 5G standards to expand our growth opportunity.

在行動和 IDP 領域，Qorvo 利用我們全面的產品和技術組合參與 5G 標準的製定，以擴大我們的成長機會。

We are engaged in 5G field trials with infrastructure customers, and we are assisting in the development of key aspects of 5G next generation wireless communication standards as a member of 3GPP.

我們與基礎設施客戶一起進行5G現場試驗，並作為3GPP成員協助制定5G下一代無線通訊標準的關鍵面向。

In 2016, 3GPP is set to make significant progress in defining 5G use cases.

2016 年，3GPP 將在定義 5G 用例方面取得重大進展。

5G will enable speeds comparable to fixed broadband with ultra low latency and the capacity for massive scale networks, creating exciting opportunities in new markets, like wireless residential broadband, autonomous driving, robotics, virtual reality, urban sensor networks, and other applications leveraging deployment of the global Internet of Things ecosystem.

5G 將以超低延遲和大規模網路容量實現與固定寬頻相當的速度，從而在無線住宅寬頻、自動駕駛、機器人、虛擬實境、城市感測器網路以及其他利用部署的應用程式等新市場中創造令人興奮的機會。全球物聯網生態系統。

In IDP, we are introducing highly differentiated products that enable customers in high growth markets to introduce products at record speeds and with higher levels of functionality.

在IDP中，我們正在推出高度差異化的產品，使高成長市場的客戶能夠以創紀錄的速度推出具有更高功能水準的產品。

As an example, in Automotive, our highly integrated solutions maximize data throughput while solving the complex challenges related to spectrum congestion.

例如，在汽車領域，我們高度整合的解決方案最大限度地提高了資料吞吐量，同時解決了與頻譜擁塞相關的複雜挑戰。

The compound annual growth rate in automotive connectivity is forecasted to be 45% through the year 2020 and Qorvo's broad portfolio of RF solutions position us favorably for success.

預計到 2020 年，汽車連接領域的複合年增長率將達到 45%，Qorvo 廣泛的射頻解決方案組合使我們有利於成功。

Across all our markets, it's our goal to deliver breakthrough RF solutions that accelerate the delivery of broadband data and create value for our customers and our customers' customers.

在我們所有的市場中，我們的目標是提供突破性的無線射頻解決方案，加速寬頻資料的傳輸並為我們的客戶和客戶的客戶創造價值。

We intend to leverage our broad scale, industry-leading product and technology portfolio and strong organizational discipline to achieve operational excellence, capture value, and deliver superior financial results.

我們打算利用我們廣泛的規模、行業領先的產品和技術組合以及強大的組織紀律來實現卓越運營、獲取價值並提供卓越的財務業績。

We prioritize our uses of cash by investing in our business to drive growth, returning capital to shareholders through share repurchases, and exploring opportunities for M&A to supplement growth in IDP.

我們優先考慮現金的使用，投資於我們的業務以推動成長，透過股票回購向股東返還資本，並探索併購機會以補充 IDP 的成長。

Since our earnings conference call last quarter, we repurchased more than 10 million shares of common stock.

自從上個季度的收益電話會議以來，我們回購了超過 1,000 萬股普通股。

We made an acquisition to expand into the Internet of Things.

我們進行了一項收購，以擴展到物聯網領域。

We commenced production of 6-inch temp comp SAW in Florida and 6-inch SAW in Greensboro to support a marquee smartphone this calendar year, and we are in the final days of qualifying our 8-inch BAW process in Texas.

今年，我們開始在佛羅裡達州生產6 吋臨時補償SAW，並在格林斯伯勒生產6 吋SAW，以支援一款大型智慧型手機，而我們在德州的8 吋BAW 工藝正處於資格認證的最後幾天。

Our BAW-based [exeplexor] prototypes are demonstrating excellent performance and we have begun to sample a highly integrated RF Fusion that incorporates our [hexaplexors].

我們基於 BAW 的 [exeplexor] 原型展示了卓越的效能，並且我們已經開始對包含我們的 [hexaplexor] 的高度整合 RF Fusion 進行取樣。

We see strong growth and increasing customer pull for these types of solutions in the coming years.

我們看到未來幾年這些類型的解決方案將會強勁成長，客戶需求也會不斷增加。

We recently acquired clean room space near our Richardson campus to support customer demand for BAW filters, whether they be in discrete implementations, quad plexors, pentaflexors, hexaplexors, diversity received modules, or other highly integrated RF solutions.

我們最近在理查森園區附近購買了無塵室空間，以滿足客戶對BAW 濾波器的需求，無論它們是分立實施、四路復用器、五屈路濾波器、六路復用器、分集接收模組還是其他高度整合的射頻解決方案。

The facility is already fully operational, and it's our goal to incrementally convert the facility to BAW in the back half of next calendar year to support customer programs.

該設施已經全面投入運營，我們的目標是在下一個日曆年下半年逐步將該設施轉換為 BAW，以支援客戶計劃。

As the industry's leading supplier of SAW, temp comp SAW, and BAW devices, we are adding capacity to keep pace with the increasing customer demand for our high, mid, and low band products.

作為業界領先的 SAW、臨時補償 SAW 和 BAW 裝置供應商，我們正在增加產能，以滿足客戶對我們的高、中和低頻段產品不斷增長的需求。

In fact, Qorvo will soon be in production with low-band pads, mid-band pads, and high-band pads all in premium tier marquee LTE smartphones.

事實上，Qorvo 很快就會在高階 LTE 智慧型手機中生產低頻段墊、中頻段墊和高頻段墊。

Before handing off the call to Steve, I want to say a quick word about our acquisition of GreenPeak Technologies, which just recently closed.

在將電話轉交給史蒂夫之前，我想先簡單介紹一下我們剛完成的對 GreenPeak Technologies 的收購。

GreenPeak is a recognized leader in ultra low power short-range RF solutions, with an expanding business and customers all over the globe, a great number of who are already purchasing high-powered solutions from Qorvo.

GreenPeak 是超低功耗短距離 RF 解決方案領域公認的領導者，其業務和客戶遍布全球，其中許多客戶已經在購買 Qorvo 的高功率解決方案。

GreenPeak will become a part of IDP and will be run by Cees Links, their founder and CEO.

GreenPeak 將成為 IDP 的一部分，並由其創始人兼執行長 Cees Links 營運。

Cees Links is a recognized industry leader who was instrumental in the development and adoption of WiFi technology.

Cees Links 是公認的行業領導者，在 WiFi 技術的開發和採用方面發揮了重要作用。

We expect GreenPeak's ultra low power RF solutions and SOCs for the connected home and Internet of Things to nicely complement IDP's industry-leading portfolio of high-power solutions.

我們預計 GreenPeak 用於互聯家庭和物聯網的超低功耗 RF 解決方案和 SOC 能夠很好地補充 IDP 行業領先的高功率解決方案組合。

We have not included any revenue from GreenPeak Technologies in our June guidance.

我們並未將 GreenPeak Technologies 的任何收入納入 6 月的指引中。

In the September quarter, we will have a full quarter of GreenPeak revenue and we will begin to include it in our guidance then.

在 9 月的季度，我們將擁有 GreenPeak 整個季度的收入，屆時我們將開始將其納入我們的指導中。

And with that, I'll hand 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，讓他更詳細地了解我們的財務狀況。

Thanks, Bob.

謝謝，鮑伯。

Qorvo's revenue for the March quarter was $607 million, much better than typical seasonality relative to the December quarter.

Qorvo 3 月季度的營收為 6.07 億美元，比 12 月季度的典型季節性收入要好得多。

Mobile Products revenue declined 5%, to $465 million, while IDP showed continued strength, as revenue grew 9%, to $142 million.

行動產品營收下降 5%，至 4.65 億美元，而 IDP 表現持續強勁，營收成長 9%，至 1.42 億美元。

Content gains in the Samsung Galaxy were the largest driver of the healthy sequential performance in Mobile.

三星 Galaxy 的內容成長是行動領域健康連續表現的最大動力。

Qorvo had three 10% customers, the largest at approximately 33% of revenue, representing the aggregated demand of multiple subcontractors for this end customer.

Qorvo 擁有三個 10% 的客戶，其中最大的客戶約佔收入的 33%，代表了多個分包商對該最終客戶的總需求。

Our other 10% customers during the quarter were Samsung and Huawei.

本季我們另外 10% 的客戶是三星和華為。

Gross margin was 50%, up sequentially from 47.9%, reflecting the absence of a couple of yield issues experienced in the prior quarter.

毛利率為 50%，較上一季的 47.9% 上升，反映出上一季沒有出現一些收益率問題。

Operating expenses remained relatively low at $143 million, driven by reduced variable compensation expense.

由於可變薪酬費用減少，營運費用仍相對較低，為 1.43 億美元。

Operating income was $161 million, or just over 26% of revenue.

營業收入為 1.61 億美元，略高於收入的 26%。

Net income for the March quarter was $143 million, or $1.04 per diluted share, based on 137.5 million shares outstanding.

3 月季度的淨利潤為 1.43 億美元，即每股攤薄收益 1.04 美元（基於 1.375 億股流通股計算）。

Turning to the balance sheet.

轉向資產負債表。

Total cash and investments was $613 million and cash flow from operations totaled $160.5 million.

現金和投資總額為 6.13 億美元，營運現金流總額為 1.605 億美元。

Capital expenditures were $84.4 million, primarily to address growth in demand for our premium filters.

資本支出為 8,440 萬美元，主要用於滿足優質過濾器需求的成長。

The Company repurchased approximately 10 million shares during the March quarter under our $500 million accelerated share repurchase program.

根據價值 5 億美元的加速股票回購計劃，該公司在 3 月季度回購了約 1,000 萬股股票。

As the actual purchase occurred about halfway through the quarter, the impact on the March quarter share count was about 5 million shares.

由於實際購買發生在季度中期，對 3 月份季度股票數量的影響約為 500 萬股。

We expect to repurchase an estimated 500,000 shares this quarter as the ASR program is completed.

隨著 ASR 計畫的完成，我們預計本季將回購約 50 萬股股票。

The ASR is part of our previously announced $1 billion share repurchase program approved in November of 2015.

ASR 是我們先前宣布的 10 億美元股票回購計畫的一部分，該計畫於 2015 年 11 月獲得批准。

After giving effect to the ASR, approximately $250 million remain authorized under this program for future repurchases.

ASR 生效後，該計畫仍授權約 2.5 億美元用於未來回購。

We made good progress last quarter on significant long-term opportunities to improve our growth and profitability.

上季度我們在提高成長和獲利能力的重大長期機會方面取得了良好進展。

We acquired a highly respected IoT firm, improving our SAM and growth prospects.

我們收購了一家備受推崇的物聯網公司，改善了我們的 SAM 和成長前景。

We continue to improve both the fundamental performance capabilities of our SMR BAW process and the capacity to produce to growing customer demand.

我們不斷提高 SMR BAW 製程的基本性能以及滿足不斷增長的客戶需求的生產能力。

Our acquisition of a former Maxim plant just a few miles from our existing operation in Richardson will provide low-cost clean room capacity for the next leg of BAW growth.

我們收購了距離理查森現有工廠僅幾英里的前 Maxim 工廠，將為 BAW 的下一步發展提供低成本的無塵室產能。

We saw strong progress on large cost reduction initiatives, eight-inch BAW waivers, six-inch TC SAW wafers, and the insourcing of mobile assembly and test into our Chinese plants.

我們看到在大規模成本削減計劃、八英寸 BAW 豁免、六英寸 TC SAW 晶圓以及將移動組裝和測試內包到我們的中國工廠方面取得了強勁進展。

It's an exciting time in RF and at Qorvo.

對於 RF 和 Qorvo 來說，這是一個令人興奮的時刻。

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 the demand environment in its end markets supports the following non-GAAP expectations for the quarter ending July 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 7 月 2 日的季度的非 GAAP 預期。

Quarterly revenue of about $650 million, gross margin of about 50%, net interest expense of approximately $15 million, a tax rate at approximately 10%, and diluted earnings per share of approximately $1.05, based on approximately 133 million shares outstanding.

季度收入約 6.5 億美元，毛利率約 50%，淨利息支出約 1,500 萬美元，稅率約 10%，稀釋後每股收益約 1.05 美元（基於約 1.33 億股流通股）。

Our June revenue expectations indicate healthy 7% sequential growth, reflecting our strong book of business.

我們 6 月的營收預期顯示 7% 的健康環比成長，反映了我們強勁的業務。

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

實際的季度業績可能與這些預期有所不同，因此差異可能很大。

We currently expect to report June quarter results on August 2, 2016.

我們目前預計將於 2016 年 8 月 2 日報告 6 月季度業績。

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

在此，我歡迎您提出問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

The first question comes from Toshiya Hari from Goldman Sachs.

第一個問題來自高盛的 Toshiya Hari。

Thank you for taking my question and congrats on a very strong quarter.

感謝您提出我的問題，並祝賀本季表現強勁。

My first question is regarding your revenue performance both in the March quarter and in the June quarter.

我的第一個問題是關於你們在三月季度和六月季度的營收表現。

You seem to be clearly outperforming the overall industry.

你們的表現似乎明顯優於整個產業。

You talked to content gains in the Samsung Galaxy.

您談到了三星 Galaxy 的內容效益。

But were there any other things that led to this out performance?

但還有其他因素導致了這樣的表現嗎？

Thanks for your comments, Toshi.

感謝您的評論，托西。

Clearly, IDP had strong growth, as we touched on, in the infrastructure business, as well as the connectivity business in the March quarter for pretty good performance.

顯然，正如我們所提到的，IDP 在三月季度的基礎設施業務和連接業務方面都有強勁增長，表現相當不錯。

Also, as you pointed out, we saw good strength from one of our 10% customers.

此外，正如您所指出的，我們從 10% 的客戶之一中看到了良好的實力。

I think it would be good, as we look at the June guidance, we are expecting both businesses to grow in June.

我認為這會很好，當我們查看 6 月的指導時，我們預計這兩項業務都會在 6 月成長。

But I will tell you, the majority of the growth is going to be coming from the Mobile business.

但我會告訴你，大部分成長將來自行動業務。

So I'll let Eric talk a little bit about the growth.

所以我會讓埃里克談談成長。

Thanks, Bob.

謝謝，鮑伯。

Yes, I think in the June quarter, we are expecting to be up significantly, outside of our largest customer in particular, and that's driven primarily by just the continued content growth in China.

是的，我認為在六月季度，我們預計會大幅成長，特別是在我們最大的客戶之外，這主要是由中國內容的持續成長所推動的。

I think we're back on track with the next-generation solutions.

我認為我們已經回到了下一代解決方案的正軌。

We have announced our Flex gen 3 is already ramping into high volume production.

我們宣布我們的 Flex gen 3 已經投入大量生產。

That's helping to carry some of the sequential growth.

這有助於實現一些連續成長。

Okay.

好的。

Thank you.

謝謝。

And my follow-up is on the inventory situation.

我的後續行動是庫存狀況。

When I look at your balance sheet, I think inventory was up about $80 million on a year-over-year basis, while revenues were down about $25 million.

當我查看你們的資產負債表時，我認為庫存比去年同期增加了約 8000 萬美元，而收入則減少了約 2500 萬美元。

Should we be concerned about your inventory level or do your current bookings status support significant revenue growth so that we shouldn't be concerned here?

我們是否應該擔心您的庫存水平，或者您當前的預訂狀態是否支援顯著的收入成長，以便我們不應該在這裡擔心？

Thank you.

謝謝。

Yes.

是的。

I don't think you should be too concerned.

我認為你不應該太擔心。

But two things to think about here.

但這裡需要考慮兩件事。

One is we are doing some advance building in anticipation of growth later this year.

一是我們正在做一些提前建設，以應對今年稍後的成長。

And then second, I think our inventory levels are a little heavy and we can improve our turns performance and we expect do so.

其次，我認為我們的庫存水準有點高，我們可以提高我們的周轉績效，我們希望這樣做。

I don't have a concern about excess and obsolete type risks.

我不擔心過度和過時類型的風險。

We monitor that closely.

我們密切關注這一情況。

We just went through a quarterly review.

我們剛剛進行了季度審查。

And I don't have concerns there.

我對此並不擔心。

But I think that is an area where we can improve and we'll do so.

但我認為這是我們可以改進的領域，我們會這樣做。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

The next question comes from Mike Burton from Brean Capital.

下一個問題來自 Brean Capital 的 Mike Burton。

Please go ahead.

請繼續。

Hello, guys.

大家好。

My congratulations as well on the strong results, especially in this environment.

我也對取得的優異成績表示祝賀，尤其是在這種環境下。

Following up on that second question first.

首先跟進第二個問題。

Steve, if you could talk us through the puts and takes on gross margin, with revenues heading up in the June quarter, and then your thoughts about it going forward.

史蒂夫，您能否向我們介紹毛利率的買權和賣權，以及六月季度收入的成長，以及您對未來的看法。

Yes.

是的。

So relative to the June quarter, we're back to expectation for 50%.

因此，相對於六月季度，我們回到了 50% 的預期。

As you might remember, that's pretty much where we've been running the last several quarters.

您可能還記得，這幾乎就是我們過去幾季一直在做的事情。

Last quarter, we had a yield issue on a couple of parts that knocked us down to just under 48%.

上個季度，我們的幾個零件出現了良率問題，導致我們的良率降至略低於 48%。

In the absence of that, we are back to where we have been at.

如果沒有這種情況，我們就會回到原來的狀態。

Relative to the full year, I'll offer a couple of things, since you asked.

既然你問了，相對於全年，我將提供一些內容。

One is we continue to believe our market is growing at a 10% to 15% rate.

一是我們仍然相信我們的市場正在以 10% 到 15% 的速度成長。

And we believe we'll grow consistent with that.

我們相信我們會以此為基礎不斷成長。

Second, I think we have, with that growth rate, a good opportunity to see FY17 earnings per share getting pretty close to $5.00 a share.

其次，我認為，以這樣的成長率，我們有一個很好的機會看到 2017 財年每股收益非常接近每股 5.00 美元。

If all goes well, we might hit that $5.00.

如果一切順利，我們可能會達到 5.00 美元。

But I would say, by our modeling, I'd say we'll get up into the neighborhood, we'll get pretty close to $5.00.

但我想說，根據我們的模型，我們會進入社區，我們會接近 5 美元。

And beyond that, I'm going to -- gross margin and OpEx, that mix will depend on the type of business and opportunities we have as we go through the year.

除此之外，我將——毛利率和營運支出，這種組合將取決於我們這一年所擁有的業務類型和機會。

And I'll add, I think tax rates should be about 10%.

我還要補充一點，我認為稅率應該在 10% 左右。

And next quarter, we expect shares to be about 133 and we'll see what we do from there on.

下個季度，我們預計股價約為 133 股，我們將看看接下來會做什麼。

Great.

偉大的。

Then also, Eric, it sounds like China's picking up for you guys in Q2.

另外，艾瑞克，聽起來中國在第二季的表現正在好轉。

I wonder if you're already starting to see some progress that you were planning on making at Media Tech?

我想知道您是否已經開始看到您計劃在媒體技術領域取得的一些進展？

And also, if you could just clarify, I know you said growing in Q2, but was China up or down for you guys in Q1, as well?

另外，如果您能澄清一下，我知道您說過第二季度有所增長，但是第一季中國對你們來說是上升還是下降？

Yes.

是的。

Thanks, Mike.

謝謝，麥克。

No question we're much happier with our position in Media Tech now than we were six to nine months ago.

毫無疑問，與六到九個月前相比，我們現在對媒體科技領域的地位更加滿意。

We announced at Barcelona the RF Flex gen 3 solutions, which align with both Media Tech and Qualcomm, frankly, and saw a pretty good uptake.

我們在巴塞隆納宣布了 RF Flex 第 3 代解決方案，坦白說，該解決方案與 Media Tech 和高通保持一致，並且得到了相當好的採用。

Exiting the March quarter, we began to see China really take off.

結束三月季度後，我們開始看到中國真正起飛。

So they were okay in March, but they weren't really the factor that helped offset seasonality as much as Samsung was.

所以他們在三月還不錯，但他們並沒有像三星那樣真正幫助抵消季節性因素。

Mike, I would also point out, as we touched on last quarter, we let you guys know that we felt that the antenna tuners and a lot of those solutions, because of the metal cases starting to proliferate in our Chinese customers' designs, that that's a great opportunity for growth for us.

麥克，我還想指出，正如我們上個季度談到的那樣，我們讓你們知道，我們認為天線調諧器和許多此類解決方案，因為金屬外殼開始在我們中國客戶的設計中激增，這對我們來說是一個很好的成長機會。

It's not just the power amplifiers.

這不僅僅是功率放大器。

It's also our high-performance BAW filters, as well as some of our antenna tuners.

這也是我們的高性能 BAW 濾波器，以及我們的一些天線調諧器。

Thank you.

謝謝。

The next question comes from Harsh Kumar from Stephens.

下一個問題來自史蒂芬斯的 Harsh Kumar。

Hello, guys.

大家好。

Congratulations from me, as well.

我也表示祝賀。

Fantastic numbers.

很棒的數字。

Question, Bob, for you.

鮑勃，問你一個問題。

As you look in the back half of the quarter, you've given the June guide.

當您回顧本季度的後半部分時，您已經給出了六月的指南。

Steve's talked about the EPS for the year.

史蒂夫談到了今年的每股收益。

As you look on the back half of the calendar year, how do you see the market?

展望今年下半年，您如何看待市場？

An then I've got a follow-up.

然後我有後續行動。

Yes.

是的。

As far as the market goes, we're modeling pretty much flat handset growth.

就市場發展而言，我們對手機成長的預測基本上持平。

We're expecting people to continue to migrate up into the performance phones and as well as the marquee phones and driving the dollar content will continue to increase.

我們預計人們將繼續轉向高性能手機和大螢幕手機，從而推動美元含量將繼續增加。

So we still expect the RF TAM for the Mobile business to grow 10% to 15%.

因此，我們仍預期行動業務的 RF TAM 將成長 10% 至 15%。

We've repositioned James' business to start to get into the double-digit growth rates.

我們重新定位了詹姆斯的業務，並開始實現兩位數的成長率。

So the coming back of the infrastructure, we are expecting a pretty solid year as we go forward.

因此，隨著基礎設施的恢復，我們預計今年將是相當堅實的一年。

I just wanted to add, one of the exciting things in our business is the migration of the IDP business from a high- single-digits growth rate to a mid-teens growth rate, very comparable to what we see in the Mobile space.

我只是想補充一點，我們業務中令人興奮的事情之一是 IDP 業務從高個位數成長率轉變為中位數成長率，這與我們在行動領域看到的情況非常相似。

And this acquisition of GreenPeak is one more step in that direction.

此次收購 GreenPeak 是朝著這個方向又邁出了一步。

Got it.

知道了。

And then, Steve, I think you touched on it just very briefly.

然後，史蒂夫，我想你只是非常簡短地談到了這個問題。

I think you were supposed to have a major event with your cost reduction strategy with your move to China.

我認為你們應該在搬到中國時舉辦一場關於降低成本策略的重大活動。

I was wondering if you could get a small update on that as it relates to what's going on there?

我想知道您是否可以獲得有關該事件的一些小更新，因為它與那裡正在發生的事情有關？

Sure.

當然。

Happy to.

高興。

Most of the action is in the second half of the calendar year, as we can't really move parts that are in production.

大部分行動都發生在日曆年的下半年，因為我們無法真正移動正在生產的零件。

Our customers require us to start new parts in the location of manufacture.

我們的客戶要求我們在製造地點開始生產新零件。

And so that means we're intersecting with major product launches that, as typical, happen in the back half of the calendar year.

因此，這意味著我們將與通常在日曆年下半年發生的主要產品發布相交叉。

So that's when we will start to see the flow of savings at the level we expect.

因此，那時我們將開始看到儲蓄流量達到我們預期的水平。

So you'll see a little bit of the benefit this calendar year and you'll see all of the benefit next calendar year.

因此，您將在今年看到一些好處，並且在下個日曆年您將看到所有好處。

And we are on track for the second $75 million installment of our synergy expectations.

我們預計將實現協同預期的第二期 7500 萬美元。

Thank you.

謝謝。

The next question comes from Edward Snyder from Charter Equity Research.

下一個問題來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder)。

Please go ahead.

請繼續。

Thanks.

謝謝。

Eric, that was a long list of product groups that are now using BAW.

Eric，這是一長串現在正在使用 BAW 的產品組。

Everything from diversity modules to all-in-ones, like fusion.

從多樣性模組到一體化的一切，例如融合。

Can you speak up a little bit, Ed?

艾德，你能說一點嗎？

Hard to hear you.

很難聽到你的聲音。

Sorry.

對不起。

I know it's hard to believe, but --

我知道這很難相信，但是——

(Laughter) Let me speak normal voice now.

（笑聲） 現在讓我說正常的聲音。

Check.

查看。

Can you hear me now?

你聽得到我嗎？

(Laughter) You asked for it.

（笑聲）是你自找的。

Okay.

好的。

So Eric, so there's a long list of product groups now using BAW, everything from Diversity, I guess, to all-in-ones, like Fusion.

Eric，現在有一長串正在使用 BAW 的產品組，我猜，從 Diversity 到 All-in-one（如 Fusion），應有盡有。

Did that impact your mix enough in Mobile to drive growth in operating margins?

這是否對您的行動業務組合產生了足以推動營業利潤成長的影響？

And do you expect that to occur or accelerate as we move through the year?

您預計隨著這一年的推移，這種情況會發生或加速嗎？

And then, Steve, you touched on there the PAD facility in China.

然後，史蒂夫，您提到了中國的 PAD 設施。

Has much or any of Triquent product lines -- I guess it's mostly new corable product lines, because you can't move old ones back there.

擁有許多或任何 Triquent 產品線——我猜這主要是新的可折疊產品線，因為你不能將舊的產品線移回那裡。

Exactly.

確切地。

What percentage are you in terms of moving to the PAD facility at this stage?

現階段您遷移到 PAD 設施的比例是多少？

And then I have one for James.

我還為詹姆斯準備了一份。

I'll answer yours first.

我先回答你的。

I'd say we're under 50% right now, and maybe closer to 25%.

我想說我們現在還不到 50%，也許接近 25%。

So it's a relatively modest portion, just because of the lead times to equip the factory, start the prototypes, intersect with customer product launches.

因此，這是一個相對較小的部分，只是因為裝備工廠、啟動原型、與客戶產品發布相交的交貨時間。

So the vast majority of it will be second half of the calendar year.

因此，絕大多數將在日曆年下半年進行。

And to the first part, A, B and C of your question, the BAW product portfolio has filled out very nicely, as you said, and we are shipping, in addition to the Diversity receive modules now with BAW in it, several RF Fusion modules with BAW.

對於您問題的第一部分，A、B 和 C，正如您所說，BAW 產品組合已經非常完善，除了現在帶有 BAW 的 Diversity 接收模組外，我們還發貨了幾個 RF Fusion帶 BAW 的模組。

And as you know, we released our first quad plexor for the China CA market, also BAW-based.

如您所知，我們針對中國 CA 市場發布了首款四路復用器，也是基於 BAW 的。

And traction in all of those has been very strong in March and continuing on into June and certainly driving part of our growth.

所有這些方面的牽引力在 3 月份一直非常強勁，並持續到 6 月份，這無疑推動了我們的成長。

And as we've talked about, the gross margins on those are above our average.

正如我們所討論的，這些產品的毛利率高於我們的平均值。

So that supports the expansion in gross margin, but of course, the growth being driven by that also helps the operating margin, to your point.

因此，這支持了毛利率的擴張，但當然，就你的觀點而言，由此推動的成長也有助於營業利潤率。

Okay.

好的。

And then, James, most of -- this is a nice uptick in your business this quarter.

然後，詹姆斯，本季你們的業務取得了不錯的成長。

Was it most all 4G based stations?

大部分都是 4G 基地台嗎？

And was that spread evenly across your customers, or did you see more of a pocket of strength in certain areas?

這是否均勻地分佈在您的客戶中，或者您是否在某些領域看到了更多的優勢？

We had good growth in the wireless infrastructure, our base station business, and also in connectivity.

我們在無線基礎設施、基地台業務以及連接方面都有良好的成長。

As far as the base station side, it was really broad based across the regions and across all of our top-tier customers in the space.

就基地台而言，它確實在各個地區以及該領域的所有頂級客戶中具有廣泛的基礎。

Thank you.

謝謝。

The next question comes from Quinn Bolton from Needham.

下一個問題來自尼達姆的奎因·博爾頓。

Please go ahead.

請繼續。

Hello, guys.

大家好。

Let me add my congratulations.

讓我補充一下我的祝賀。

Bob, wondering if you could just comment about inventory levels at your largest customer.

鮑勃，想知道您是否可以評論一下您最大客戶的庫存水準。

It seems like they've obviously seen lower than expected demand.

看來他們的需求明顯低於預期。

I'm just wondering, do you think that that supply channel here as you come out of March looking into June is fairly clean, or do you think that there is excess component inventory that you may have shipped in previous quarters that still needs to be worked off?

我只是想知道，您是否認為從 3 月份到 6 月份，這裡的供應管道相當乾淨，或者您是否認為您在前幾個季度可能已經發貨的過剩組件庫存仍然需要清理下班了嗎？

And then I've got a follow-up for Eric.

然後我有埃里克的後續行動。

Well, I don't think you're going to like my answer, but I think things are fine.

好吧，我不認為你會喜歡我的回答，但我認為一切都很好。

We're in pretty good shape there.

我們在那裡的狀況非常好。

So not really much to add.

所以沒什麼好補充的。

I mean, things look fine to us.

我的意思是，我們看起來一切都很好。

Channel looks pretty clean from your perspective, it sounds like?

從你的角度來看，頻道看起來很乾淨，聽起來像嗎？

Yes.

是的。

And you know, and I'm sure you remember, we kind of took the medicine in the December quarter in terms of lowered expectations for that particular customer.

你知道，我相信你還記得，我們​​在 12 月這個季度採取了一些措施，降低了對該特定客戶的期望。

Right.

正確的。

Right.

正確的。

Okay.

好的。

Great.

偉大的。

And then for Eric.

然後是埃里克。

Obviously, very strong growth in China here looking into the June quarter.

顯然，展望六月季度，中國的成長非常強勁。

Wondering if you could give us some sense -- obviously, you're ramping gen 3 of RF Flex.

想知道您能否給我們一些啟發——顯然，您正在升級第 3 代 RF Flex。

But you also shipped some of the premium filters.

但你們也運送了一些高級過濾器。

Can you give us some sense, is it fairly well balanced between RF Flex and filters or is one of those businesses much larger than the other?

您能否告訴我們一些訊息，RF Flex 和濾波器之間是否相當平衡，或者其中一項業務比另一項業務大得多？

And then a follow-on question to that is last year you guys saw a massive June quarter in China and ended up leading to some inventory accumulation effect in September to December.

接下來的一個問題是，去年你們在中國看到了一個巨大的六月季度，最終導致了九月到十二月的一些庫存累積效應。

As you look forward right now, do you think that that strength in China continues in the back half of the year, or is it hard to have visibility that far out right now?

展望未來，您認為中國的這種強勁勢頭會在下半年持續嗎？還是說目前很難看到這麼遠的前景？

Yes.

是的。

Thanks for question.

謝謝提問。

The portfolio that's growing in June in China, in particular, is very, very diverse.

尤其是六月在中國成長的投資組合非常非常多元。

In addition to all the RF Flex and quad plexors and discrete filters and so forth that we're growing with most of the China suppliers, when we look at Huawei, that's a completely different dynamic.

除了我們與大多數中國供應商一起成長的所有 RF Flex、四路復用器和離散濾波器等之外，當我們看到華為時，這是一種完全不同的動態。

We also see them growing strongly in June, but based more on the RF Fusion portfolio, some of the more premium solutions and power management and so forth.

我們也看到它們在 6 月份強勁成長，但更多地基於 RF Fusion 產品組合、一些更優質的解決方案和電源管理等。

So really, I think it's fair to say our entire product portfolio is involved in one way or the other with various tiers and manufacturers throughout China.

所以說真的，我認為可以公平地說，我們的整個產品組合以某種方式與中國各地的各個層級和製造商相關。

And you have to remember, of course, even the below Huawei, the other suppliers, the other leading suppliers, like OPO, Vivo and [Xiaomei], we have very good, long-term relationships with these guys and they're looking to expand beyond just domestic consumption and export more, which is driving a need for more premium filters and more bands in their phones.

當然，你必須記住，即使是下面的華為、其他供應商、其他領先供應商，如 OPO、Vivo 和[小米]，我們與這些人都有非常良好的長期關係，他們希望不僅限於國內消費，也擴大出口，這推動了手機對更多優質濾波器和更多頻段的需求。

So that just plays right into where we're investing.

所以這正好適合我們的投資領域。

Regarding your second pound, yes, very good point.

關於你的第二磅，是的，非常好的一點。

Last year we also had a very strong start to June.

去年六月我們也有一個非常強勁的開局。

I think that has caused us to be pretty cautious.

我認為這導致我們非常謹慎。

We are being as careful as we can to make sure we're looking at the total demand and watching for customers that might be double ordering or chasing the same slots and so forth.

我們正在盡可能小心地確保我們正在關注總需求，並留意可能重複訂購或追逐相同時段等的客戶。

So we're watching that really carefully.

所以我們正在非常仔細地觀察這一點。

I think another big part of last year was the Media Tech phase 2 generation, where we were, frankly, behind by one or two quarters and it was hard to catch up once we got there.

我認為去年的另一個重要部分是媒體技術第二階段，坦白說，我們落後了一兩個季度，一旦我們到達那裡就很難趕上。

This transition, this time with phase 3 and then looking into phase 5 and phase 6, at this time, we look very, very well aligned with Media Tech, as well as the end customers.

此次過渡是第 3 階段，然後是第 5 階段和第 6 階段，此時，我們看起來與媒體技術以及最終客戶非常非常一致。

Thank you.

謝謝。

The next question comes from Cody Acree from Drexel.

下一個問題來自 Drexel 的 Cody Acree。

Please go ahead.

請繼續。

Thanks for taking my questions and congratulations, guys.

謝謝你們提出我的問題並祝賀你們。

Guys, on the BAW filter capacity with Sky Works now pretty openly talking about having BAW filters in 2017 and, of course, with them expanding their TC [sol] capacity, how do you see them changing the competitive landscape, especially with all the expansion in filter capacity you've done yourself?

夥計們，關於BAW 濾波器產能，Sky Works 現在非常公開地談論在2017 年擁有BAW 濾波器，當然，隨著他們擴大TC [sol] 產能，您如何看待他們改變競爭格局，特別是隨著所有的擴張過濾能力你自己做過嗎？

As far as BAW filters go, I don't believe we see that changing the dynamic there.

就 BAW 濾波器而言，我認為我們不會看到那裡的動態改變。

I think they're underestimating what it's going to take.

我認為他們低估了這將需要什麼。

I think the amount of IP, the capacity it's going to take.

我認為 IP 的數量以及它所需的容量。

We're moving to eight-inch.

我們正在轉向八英寸。

The performance keeps improving generation over generation.

性能一代又一代地不斷提高。

Quite honestly, I'm not sure where they're getting the technology or where they even have a factory to produce it.

老實說，我不確定他們從哪裡獲得技術，甚至不知道他們在哪裡有工廠來生產它。

We currently do know of suppliers out there that are limited in their ability to use BAW filters, coupled with a soft filter and you pick either you want the BAW in transmit or receive.

目前我們確實知道一些供應商在使用 BAW 濾波器和軟濾波器方面的能力有限，您可以選擇在發射或接收中使用 BAW。

So we're certainly familiar with those things, but just don't see it.

所以我們當然熟悉這些東西，但只是看不到而已。

And as far as temp comp SAW goes, high performance filters, whether they're BAW or temp comp SAW, continue to expand and grow.

就臨時補償 SAW 而言，高性能濾波器，無論是 BAW 還是臨時補償 SAW，都在繼續擴展和發展。

They are bigger than Qorvo in temp comp SAW.

它們在臨時補償 SAW 方面比 Qorvo 更大。

We are expanding capacity to programs that we've already won.

我們正在擴大我們已經贏得的項目的能力。

Like I said, we migrated to six-inch.

就像我說的，我們遷移到了六英寸。

We talked in the February call about how we qualified the six-inch process and were first in the industry to do that.

我們在二月份的電話會議中討論了我們如何驗證六英寸工藝，並且是業內第一個這樣做的。

This quarter, in my opening comments, I talked about how we're ramping temp comp SAW in Florida.

本季度，在我的開場白中，我談到了我們如何在佛羅裡達州提高臨時補償 SAW。

And again, that's for programs we've already won.

再說一遍，這是我們已經贏得的項目。

So we feel pretty good about the capacity we're putting in place in BAW, as well as in SAW.

因此，我們對 BAW 和 SAW 的產能感到非常滿意。

So when I talk about SAW filters in Greensboro, that's really to insource filters that we're buying outside that over time, that will be a margin improvement, as well.

因此，當我談論格林斯伯勒的 SAW 濾波器時，這實際上是為了內購我們在外部購買的濾波器，隨著時間的推移，這也將是利潤率的提高。

Thanks, Bob.

謝謝，鮑伯。

And one for Eric.

還有一張是給艾瑞克的。

Eric, when you talk about major drivers like carrier aggregation or diversity receive, can you talk about where we are in some of those adoption curves?

艾瑞克（Eric），當您談論載波聚合或分集接收等主要驅動因素時，您能談談我們在其中一些採用曲線中的位置嗎？

How much of the dollar content story are those major applications driving the content story and how much of that curve do we have left to go?

這些主要應用程式在推動內容故事方面佔了多少美元內容故事，我們還剩下多少曲線？

Yes.

是的。

It's a good question.

這是一個好問題。

I would say generally we're still in pretty early innings overall.

我想說的是，總的來說，我們仍然處於相當早的階段。

In addition to the transition to CA, which 50%, let's say, of the 4G phones overall this year will have CA, and eventually I'm confident they'll all have it over the next three to five years.

除了向 CA 的過渡之外，比如說今年 50% 的 4G 手機都將配備 CA，最終我相信它們都會在未來三到五年內配備 CA。

In China alone, as well, we think somewhere like a 25% to 33% of even the Chinese 4G phones will have carrier aggregation in the down link this year.

光是在中國，我們認為今年 25% 到 33% 的中國 4G 手機將在下行鏈路中支援載波聚合。

So I think overall, we're still in fairly early innings.

所以我認為總的來說，我們仍處於相當早期的階段。

Remember, I think we talked about this at analyst day.

請記住，我想我們在分析師日討論過這個問題。

It's the compounding effect of those, with reduced number of SKUs in the handset manufacturers pipeline, that drives the complexity up dramatically.

正是這些因素的複合效應，以及手機製造商管道中 SKU 數量的減少，導致複雜性急劇上升。

And so that overall trend, as well, we definitely see our number two and number three customer, in particular, driving towards more of a global SKU, like our largest customer does, and that also is still in the early innings of development.

因此，在整體趨勢上，我們肯定會看到我們的第二號和第三號客戶，特別是像我們最大的客戶一樣，正在朝著全球SKU 的方向發展，而這也仍處於發展的早期階段。

Thank you.

謝謝。

The next question comes in Ian Ing from MKM Partners.

下一個問題來自 MKM Partners 的 Ian Ing。

Please go ahead.

請繼續。

Yes.

是的。

Congrats again on outperforming other smartphone suppliers.

再次恭喜您超越其他智慧型手機供應商。

You talked about reference design exposure in China, places like Media Tech.

您談到了參考設計在中國的曝光，例如媒體科技。

What about trends towards captive base bands at [Xiaomei] and Huawei.

[小米]和華為的自備基帶趨勢如何？

Is there any implications her on RF Flex and RF Fusion?

她對 RF Flex 和 RF Fusion 有什麼影響嗎？

Thanks.

謝謝。

Sure.

當然。

Generally speaking, when you look at the value chain, the more base bands, the better, from an RF guy's perspective, right?

一般來說，當你檢視價值鏈時，從射頻人員的角度來看，基帶越多越好，對嗎？

So we like that.

所以我們喜歡這樣。

And in general, we are able to common, to make the products that we're developing relatively common in terms of platforms, and then we can make relatively minor adjustments to customize for each individual base band platform or end customer.

一般來說，我們能夠共同化，讓我們正在開發的產品在平台上相對通用，然後我們可以做相對較小的調整，為每個單獨的基頻平台或最終客戶進行客製化。

We don't see any of the vertical base band guys looking to develop a completely new RF architecture, for example.

例如，我們沒有看到任何垂直基頻人員尋求開發全新的射頻架構。

And we're already addressing those architectures that our customers fundamentally want.

我們已經在解決客戶根本上想要的那些架構。

So now it's only a matter of interfacing to those individual base bands, relatively straightforward thing to do and we're happy to do it.

因此，現在只需與各個基頻介面的問題，這是相對簡單的事情，我們很樂意這樣做。

Doing very, very well with all the internal vertical suppliers.

與所有內部垂直供應商合作得非常非常好。

Okay.

好的。

So a bit of a neutral.

所以有點中立。

Thanks.

謝謝。

My follow-up is, really nice June quarter guidance, $50 million of new revenues, flat gross margins.

我的後續行動是，6 月季度指引非常好，新收入 5,000 萬美元，毛利率持平。

Just wondering about the earnings fall through.

只是想知道收入會下降。

Is it really variable compensation coming back or are there some other factors getting to the EPS guidance?

可變薪酬真的會回來嗎？還是有其他因素影響每股盈餘指引？

Thanks.

謝謝。

Yes, good question.

是的，好問題。

We do expect variable comp to come back.

我們確實預計可變補償會回來。

That will lead to OpEx in the low 150s kind of range, maybe the mid 150s, depending on the magnitude.

這將導致營運支出在 150 秒以上的範圍內，也可能在 150 秒以上的範圍內，具體取決於規模。

It's unusual that we did not pay over the last six-month period.

我們在過去六個月內沒有付款，這很不尋常。

So you do see kind of contrast there, and I want to make it clear to folks to expect that.

所以你確實看到了一些對比，我想讓人們清楚地看到這一點。

Otherwise, we did improve gross margins sequentially.

除此之外，我們確實連續提高了毛利率。

A lot of that was due to yield differences.

其中很大一部分是由於產量差異造成的。

And then you have a bit more Mobile in the mix, typically, in the June quarter.

然後，通常在六月的季度，您會看到更多的行動裝置。

So all that leads to a guide of 50% gross margin.

因此，所有這些都導致​​了 50% 的毛利率指引。

Thank you.

謝謝。

The next question comes from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Please go ahead.

請繼續。

Hello, guys.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

You talked a lot about your China customers up in June.

你在六月談了很多關於你的中國客戶的事情。

Maybe you just talk about trends at your two largest customers, what you're embedding into that June guidance.

也許您只是談論兩個最大客戶的趨勢，以及您在六月指導中嵌入的內容。

And then Steve, I just wanted to follow up on the OpEx.

然後史蒂夫，我只想跟進營運支出。

You said put GreenPeak in September.

你說把 GreenPeak 放在九月。

What's the visibility to the close date?

截止日期的可見度如何？

I think you said within the quarter.

我想你說的是季度內。

And any guidance as to what to add in the September quarter, or would you rather just leave it out?

關於九月季度添加什麼的任何指導，還是您寧願將其省略？

Yes.

是的。

So with respect to GreenPeak, it just closed a few days ago.

GreenPeak 幾天前剛關閉。

So we'll have some fractional impact in the quarter and we will report that when we report the results of this quarter.

因此，我們將在本季度產生一些影響，我們將在報告本季業績時報告這一點。

But from an earnings perspective, consider it de minimus either way.

但從收益的角度來看，無論哪種方式，都將其視為微不足道的。

And then you're right, I would prefer to talk about GreenPeak financially when we guide the September quarter.

那麼你是對的，我更願意在我們指導 9 月季度時談論 GreenPeak 的財務問題。

And Blayne, as far as our two largest customers, I'm not sure you know who they are.

布萊恩，就我們最大的兩個客戶而言，我不確定你知道他們是誰。

I know you clearly know who the largest one is.

我知道你很清楚誰是最大的。

I want to be careful.

我想小心一點。

We're kind of splitting hairs maybe on this.

我們對此可能有些吹毛求疵。

But clearly, our largest customer, we're being conservative in our guidance.

但顯然，我們最大的客戶，我們的指導是保守的。

We do believe down to maybe flat.

我們確實相信跌幅可能會持平。

We'll just see.

我們拭目以待吧。

They've got some pretty good selling products that we've got nice dollar content in.

他們有一些非常暢銷的產品，而我們的產品也很有價值。

But down to flat for our largest.

但對於我們最大的來說，卻持平。

Our second largest, depending on which one of those you pick, one's going to be down slightly and one's going to be up.

我們的第二大，取決於你選擇哪一個，一個會稍微下降，一個會上升。

So I gave you the top three.

所以我給了你前三名。

How's that?

怎麼樣？

I guess the two largest in March.

我猜最大的兩個是三月。

Obviously, it changes.

顯然，它發生了變化。

But yes, thank you.

但是，是的，謝謝。

Thank you.

謝謝。

The next question comes from Tim [McCurry] from Cowen and Company.

下一個問題來自 Cowen and Company 的 Tim [McCurry]。

Please go ahead.

請繼續。

Thanks a lot.

多謝。

I guess the first question is, can you give us some sense in FY16 maybe what the percentage of your Mobile revenues came from Chinese OEMs?

我想第一個問題是，您能否給我們一些了解，2016 財年您的行動收入中來自中國 OEM 的比例是多少？

Over the last year in total?

去年總計？

Yes.

是的。

Are you including Huawei as a Chinese OEM or do you consider that global?

您是否將華為視為中國 OEM，還是將其視為全球 OEM？

Include them.

包括他們。

Yes.

是的。

So on the range of Mobile business, on the range of 40% probably, including Huawei.

所以在行動業務的範圍內，大概在40%的範圍內，包括華為。

Okay.

好的。

Great.

偉大的。

And then second question is on the share repo.

第二個問題是關於股票回購的。

You bought back 10 million shares in March.

您在 3 月回購了 1000 萬股。

I know that some of that's going to spill over in June from how it flows through the P&L.

我知道其中一些將透過損益表的流動方式在六月溢出。

But you said that you're only going to buy back 500,000 shares in June, which is down a lot, and that's still not even working through the $250 million that you have left on the repo.

但你說你只會在 6 月回購 50 萬股，已經下跌了很多，而且還沒用完你回購中剩下的 2.5 億美元。

So I'm wondering why you're cranking down the repo so much in June.

所以我想知道為什麼你在六月大幅減少回購。

Is that related to the stock price or is there something else happening there?

這與股價有關還是有其他事情發生？

Thanks.

謝謝。

A couple things.

有幾件事。

The ASR that we initiated was initiated mid-quarter of the March quarter.

我們啟動的 ASR 是在三月季度的季度中期啟動的。

And so we paid Bank of America $500 million.

因此我們向美國銀行支付了 5 億美元。

They tendered about 10 million shares to us.

他們向我們投標了大約 1000 萬股。

And since share count for a quarter is based on the average for that quarter, we get about half credit this quarter, half credit next quarter.

由於一個季度的股票數量是基於該季度的平均值，因此我們在本季度獲得大約一半的積分，在下個季度獲得一半的積分。

Next point, the ASR is not finished yet.

下一步，ASR 還沒有完成。

Our partner, Bank of America, is completing that program this quarter.

我們的合作夥伴美國銀行將於本季完成此計劃。

An exact share count tendered will depend on the average share price that we end up with.

投標的確切股份數量將取決於我們最終得到的平均股價。

So our estimate is we'll pick up another 0.5 million shares or so as that program comes to completion.

因此，我們估計，當該計劃完成時，我們將再購買 50 萬股左右的股票。

Once that program is complete, our Board will evaluate whether to proceed with a subsequent buyback, utilizing the remaining $250 million previously authorized.

該計劃完成後，我們的董事會將評估是否利用先前授權的剩餘 2.5 億美元進行後續回購。

Thank you.

謝謝。

The next question comes from [Atif Malik] from Citigroup.

下一個問題來自花旗集團的[Atif Malik]。

Please go ahead.

請繼續。

Hello.

你好。

Thanks for taking my question and good job on execution in the March quarter.

感謝您提出我的問題，並感謝您在三月季度的執行方面做得很好。

Both questions for Steve.

這兩個問題都問史蒂夫。

On the gross margin, you're guiding flat gross margins on 7% sequential revenue growth.

在毛利率方面，您指導毛利率持平，營收季增 7%。

How should we think about your long-term target model of 55%?

我們該如何看待你們 55% 的長期目標模式？

Has anything changed on that?

這方面有什麼改變嗎？

And then I have a follow-up for Eric.

然後我有一個關於埃里克的後續行動。

Yes.

是的。

So I think the big drivers for us, getting from where we're at, which is roughly 50%, to our long-term model of 55%, are really those big movers in the gross margin line we referred to earlier, moving BAW filters from six-inch wafers to eight-inch wafers, SAW and TC SAW from four-inch to six-inch.

因此，我認為對我們來說，從大約 50% 的水平到我們 55% 的長期模型的最大推動因素，實際上是我們之前提到的毛利率線的那些大推動者，即 BAW過濾從六英寸晶圓到八吋晶圓，SAW和TC SAW從四吋到六吋。

Both of those have an effect of taking roughly 33% of the cost out of the dye for BAW filters and SAW and TC SAW filters, very significant reductions.

兩者都可以將 BAW 濾波器以及 SAW 和 TC SAW 濾波器的染料成本降低約 33%，這是非常顯著的降低。

We'll be consolidating our gas production into a single foundry over the next year and a half.

在接下來的一年半內，我們將把天然氣生產整合到一家鑄造廠。

Insourcing, assembling tests for part of our Mobile business, the part that used to belong Triquent.

為我們的行動業務（以前屬於 Triquent）的一部分進行內包、組裝測試。

Each of these have a significant impact which is largely going to be felt in FY18.

其中每一項都會產生重大影響，並將在 2018 財年很大程度上感受到。

These will occur throughout the year, but the financial impact will be mostly in FY18.

這些將在全年發生，但財務影響將主要發生在 2018 財年。

And then we also simply have the scale benefits of the kind of growth I referenced earlier.

然後，我們還擁有我之前提到的那種成長的規模效益。

We have a fair amount of fixed cost.

我們有相當數量的固定成本。

And we will see scale benefits as we continue to grow to the market at what we expect will be a 10% to 15% rate.

隨著我們繼續以 10% 至 15% 的速度向市場發展，我們將看到規模效益。

I'm actually, you know, short term, I think we're going to fluctuate around, depending on the particulars of the quarter.

事實上，你知道，短期來看，我認為我們會根據本季的具體情況而波動。

But long term, these are big, substantial items that don't involve new laws of physics.

但從長遠來看，這些都是大而實質的項目，不涉及新的物理定律。

This is stuff we can do.

這是我們能做的事情。

We're well underway.

我們進展順利。

And I think we are on track to get to the target model over time.

我認為隨著時間的推移，我們有望實現目標模型。

Okay.

好的。

Then a follow-up for Eric.

然後是埃里克的後續行動。

Eric, is it possible for you to quantify what percentage of the bands that are getting aggregated globally are using BAW or F bar type filters?

Eric，您是否可以量化全球聚合的頻段中使用 BAW 或 F bar 類型濾波器的百分比？

Well, that's a pretty tough thing to do, actually, other than to say it's growing as a percentage of the total.

嗯，實際上，除了說它佔總數的百分比在成長之外，這是一件非常困難的事情。

It's substantial and growing.

它是巨大的並且正在增長。

But that would be a really hard thing to do, looking at all the different band combinations that we're addressing across so many different platforms.

但考慮到我們在眾多不同平台上處理的所有不同頻段組合，這將是一件非常困難的事情。

But obviously, it's meaningful today.

但顯然，今天它是有意義的。

You can tell that by the investments and what's happening in the industry, and it's continuing to grow.

您可以從投資和行業中發生的事情中看出這一點，並且它正在持續成長。

And there's no question, it's probably the highest growth rate, Eric, of our business right now are the high-frequency premium filters.

毫無疑問，艾瑞克，我們目前業務中成長率最高的可能是高頻優質濾波器。

We're doing very, very well.

我們做得非常非常好。

Yes.

是的。

And even if you look at our WiFi growth, which we haven't talked about that today at all, but we're also seeing very strong growth in our fusion module for WiFi, and that's primarily coming from customers that were doing chip on board implementations where they were using our BAW filter but maybe somebody else's FEM.

即使你看看我們的 WiFi 成長，我們今天根本沒有談論過這一點，但我們也看到我們的 WiFi 融合模組成長非常強勁，這主要來自於板上晶片的客戶他們使用我們的BAW 濾波器但也可能使用其他人的FEM 的實現。

And we've integrated all that together.

我們已經將所有這些整合在一起。

So when you look at the what the TAM or the addressable market effect is of the BAW filters, it can be quite big.

因此，當您查看 BAW 濾波器的 TAM 或潛在市場效應時，您會發現它可能相當大。

Thank you.

謝謝。

The next question comes from Steve Smigie from Raymond James.

下一個問題來自 Raymond James 的 Steve Smigie。

Please go ahead.

請繼續。

Thanks.

謝謝。

This is Vince Celentano on for Steve.

我是文斯塞倫塔諾 (Vince Celentano) 替史蒂夫發言。

I was hoping you could elaborate a little bit more on your new GaN design win.

我希望您能詳細闡述您的新 GaN 設計成果。

Does it relate at all to the power amplifier market for base station.

這和基地台功放市場有關係嗎？

Then overall, when do you expect revenues for these wins to start kicking in and overall what do you see as the potential revenue opportunity?

那麼總體而言，您預計這些勝利的收入何時開始生效？總體而言，您認為潛在的收入機會是什麼？

So several questions in there, again.

又是幾個問題。

But good design wins in both the commercial and defense business, both power amplifiers.

但良好的設計在商業和國防業務（功率放大器）中都會獲勝。

And yes, in the commercial side, it is towards a base station.

是的，在商業方面，它是面向基地台。

Not just design wins, but we have production orders in the books and we are shipping into both of those markets today.

不僅設計獲勝，我們還收到了生產訂單，並且今天正在向這兩個市場發貨。

Overall size of the market, I think the way I would say it is that market we model at growing at about 25% year over year.

市場整體規模，我認為我們模型中的市場年增長率約為 25%。

We're the market leader there today, and I think we will continue to grow at that rate and potentially even a little bit higher.

今天我們是那裡的市場領導者，我認為我們將繼續以這個速度成長，甚至可能更高一點。

Okay.

好的。

Thanks.

謝謝。

And in the past, you've said your IDP division is roughly an even split between defense, connectivity, transport, or wireless infrastructure.

過去，您曾說過您的 IDP 部門在防禦、連接、傳輸或無線基礎設施之間大致平均分配。

Is that still the case?

現在還是這樣嗎？

And if you have insight as to the relative growth rates of each of these sub segments?

您是否了解每個細分市場的相對成長率？

So yes, again, this is James.

是的，這又是詹姆斯。

The relative size, I think that's still a good estimate that it's broken into those four core areas of relatively same size.

相對大小，我認為這仍然是一個很好的估計，它被分成相對相同大小的四個核心區域。

And the growth rates, as we talked about before, probably single digits or so, high single digits in defense.

正如我們之前談到的，成長率可能是個位數左右，國防領域的成長率很高。

Our connectivity business, or WiFi business, we see growing close to that 20% range.

我們的連線業務或 WiFi 業務成長接近 20%。

That's what the market's doing.

這就是市場正在做的事情。

Those are really probably the big drivers in the business.

這些確實可能是該業務的主要驅動力。

I will say that with moving our portfolio around, we've repositioned into really some significant high-growth areas.

我想說，透過調整我們的投資組合，我們已經重新定位到一些重要的高成長領域。

We've moved about 60% of the business into what we consider above average growth markets, and those are markets that are growing in the 20% kind of range.

我們已將大約 60% 的業務轉移到我們認為高於平均成長水準的市場，而這些市場的成長幅度在 20% 左右。

The addition of GreenPeak really substantially helps that.

GreenPeak 的加入確實對此有很大幫助。

GreenPeak's market's targeted to grow at about 60% between now and 2020.

GreenPeak 的市場目標是從現在到 2020 年成長 60% 左右。

And so very high growth as we move into the connected home and really start to see IoT take off.

當我們進入互聯家庭並真正開始看到物聯網起飛時，成長速度非常快。

Thank you.

謝謝。

The next question comes from Edward Snyder from Charter Equity Research.

下一個問題來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder)。

Please go ahead.

請繼續。

Thanks a lot.

多謝。

Eric, Samsung came in a little better than expected this quarter.

艾瑞克（Eric），三星本季的表現比預期好一些。

I know you guys gained content, but they broke through the 10% barrier here.

我知道你們獲得了內容，但他們在這裡突破了 10% 的障礙。

Was that better content than you expected, a better mix of SKU sales for them, or just higher units overall?

內容是否比您預期的更好、SKU 銷售組合更好，還是整體銷售更高？

And then how do you see things trending at Samsung, not so much on the GS7, but do you expect to continue gaining content above and beyond what you saw in the GS7 in the second half or 2017 with Samsung?

那麼您如何看待三星的趨勢，在 GS7 上並沒有那麼明顯，但您是否期望在下半年或 2017 年三星繼續獲得超越 GS7 的內容？

This is Bob.

這是鮑伯。

As far as Samsung in the quarter, it played out just exactly how we expected it.

就本季的三星而言，它的表現完全符合我們的預期。

We expected to gain the content.

我們期望獲得內容。

We talked about it back on last quarter's conference call.

我們在上個季度的電話會議上討論過這個問題。

And it pretty much played out.

而且它幾乎已經完成了。

As far as things go in the future, I'll let Eric address that.

至於將來的事情，我會讓艾瑞克解決這個問題。

Yes.

是的。

Thanks.

謝謝。

Mine was easy.

我的很容易。

It was already done.

它已經完成了。

(Laughter)

（笑聲）

Samsung is really not unlike the rest of our customers, Ed.

三星確實與我們其他客戶沒有什麼不同，埃德。

We have the same opportunities there working across multiple base band solutions in their portfolio to really optimize the RF front ends to cover more and more capabilities going forward.

我們有同樣的機會在他們的產品組合中跨多個基頻解決方案進行工作，以真正優化射頻前端，以涵蓋未來越來越多的功能。

So when you look at the unique things we're bringing, from tuning and advanced (Indiscernible) low tracking power management, the full suite of BAW filters and so forth, the ability to integrate all of those into really highly compact solutions, I think Samsung is really just like all the other customers, from the mid tier all the way up to the highest tier in marquee smartphones, where we have the opportunities to help them really do a lot more with higher performance in a smaller space.

因此，當您看到我們帶來的獨特功能時，從調諧和先進的（難以辨別的）低跟踪電源管理、全套 BAW 濾波器等，我認為能夠將所有這些集成到真正高度緊湊的解決方案中三星實際上就像所有其他客戶一樣，從中端一直到頂級智慧型手機，我們有機會幫助他們在更小的空間中以更高的性能真正做更多的事情。

So yes, we think our opportunities there continue to get better.

所以，是的，我們認為我們在那裡的機會繼續變得更好。

Yes.

是的。

But on the highly integrated module, Sky Works offers that, too, and they've had some success.

但在高度整合的模組上，Sky Works 也提供了這一點，並且他們已經取得了一些成功。

So what I'm trying to get to here is how much of what you've just experienced at Samsung is due to their SKU reduction moving to these high density modules from more of a regional, discrete architecture versus gaining traction because you've got BAW, you've got nearly every technology that anybody could want, versus either [Vigo] or Sky Works, and it may lead to just straight up content gains.

因此，我想了解的是，您剛剛在三星經歷的事情有多少是由於他們的 SKU 減少，從更多的區域性、離散架構轉向這些高密度模組，而不是因為您有BAW，與[Vigo ] 或Sky Works 相比，您幾乎擁有任何人想要的所有技術，並且它可能會帶來直接的內容收益。

I'm trying to get a feel for where that falls on the current performance and then what you're seeing -- because you see the road map out for at least a year now -- how does that look for the next two phone?

我試圖了解當前性能的情況，然後你所看到的——因為你現在已經看到了至少一年的路線圖——接下來的兩款手機的情況如何？

Yes, that's what I was trying to address.

是的，這就是我試圖解決的問題。

I think we are well familiar with the content gains that we're seeing that's driving the overall industry to 10% to 15% growth, because of the SKU consolidations, CMOs and so forth.

我認為我們非常熟悉我們所看到的內容成長，由於 SKU 整合、CMO 等，內容成長正在推動整個產業成長 10% 到 15%。

So I tried to highlight at the beginning the things that we are maybe differentiated in, where we're bringing something in addition to that.

因此，我試圖在一開始就強調我們可能與眾不同的地方，除此之外我們還帶來了一些東西。

You know, tuning is a big area across our entire customer portfolio now.

您知道，調優現在是我們整個客戶組合的重要領域。

We really see that growing and we've got a lot of leadership there in bringing new solutions.

我們確實看到了這種成長，並且我們在帶來新解決方案方面發揮了很大的領導作用。

And envelope tracking power management, as well, we're the only open market solution for that and we're seeing a lot of traction driving there.

還有包絡追蹤電源管理，我們是唯一的開放市場解決方案，我們看到了很多牽引力。

So in addition to those fundamental drivers, we think Qorvo does bring a lot of unique things, as well, that really helps us.

因此，除了這些基本驅動因素之外，我們認為 Qorvo 確實帶來了許多獨特的東西，這對我們確實有幫助。

Thank you.

謝謝。

So that concludes today's question-and-answer session.

今天的問答環節就到此結束。

I'd like to turn the conference back to management for any additional or closing remarks.

我想將會議交還給管理階層，讓他們發表補充或結束語。

We'd like to thank each of you for joining us tonight.

我們要感謝你們每個人今晚加入我們。

We're launching an increasing number of highly integrated RF solutions, we're seeing a return to growth in many of IDP's broad markets, and we're excited about the long-term growth outlook for the RF market.

我們正在推出越來越多的高度整合的射頻解決方案，我們看到 IDP 的許多廣泛市場恢復成長，並且我們對射頻市場的長期成長前景感到興奮。

We believe our systems-level expertise, integration capabilities and comprehensive product portfolios of breakthrough RF solutions position us favorably to gain content and drive continued profitable growth.

我們相信，我們的系統級專業知識、整合能力和突破性射頻解決方案的全面產品組合使我們能夠有利地獲得內容並推動持續的獲利成長。

Thank you and have a good night.

謝謝您，祝您有個美好的夜晚。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。