科沃 (QRVO) 2017 Q1 法說會逐字稿

Good day and welcome to the Qorvo, Inc. Q1 2017 conference call. Today's conference is being recorded. At this time I would like to turn the conference over to Doug DeLieto, Vice President Investor Relations for Qorvo. Please go ahead.

美好的一天，歡迎參加 Qorvo, Inc. 2017 年第一季電話會議。今天的會議正在錄製中。現在我想將會議轉交給 Qorvo 投資者關係副總裁 Doug DeLieto。請繼續。

Thanks very much, Keith. Hello, everyone, and welcome to Qorvo's first quarter FY17 earnings conference call. 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. We encourage you to review the Safe Harbor statement contained in the earnings statement published today, as well as the risk factors associated with our business and our annual report on Form 10-K filed with the SEC, because these risk factors may affect our operations and financial results.

非常感謝，基斯。大家好，歡迎參加 Qorvo 2017 財年第一季財報電話會議。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。我們鼓勵您查看今天發布的收益表中包含的安全港聲明，以及與我們業務相關的風險因素以及我們向 SEC 提交的 10-K 表格年度報告，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. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain non-cash expenses or other items that may obscure trends in our underlying performance.

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。我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較並分析財務業績，而不會受到某些非現金費用或其他可能掩蓋我們基本業績趨勢的項目的影響。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. 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.

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

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

為了公平地對待所有聽眾，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; Mark Murphy, Chief Financial Officer; Eric Creviston, President of Qorvo's Mobile Products Group; and James Klein, President of Qorvo's Infrastructure&Defense Products Group. I'm also joined by other members of Qorvo's management team.

今天和我坐在一起的是總裁兼執行長 Bob Bruggeworth；馬克‧墨菲，財務長； Eric Creviston，Qorvo 行動產品集團總裁； Qorvo 基礎設施與國防產品集團總裁 James Klein。 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. Good afternoon, everyone, and welcome to Qorvo's FY17 first-quarter earnings call.

謝謝，道格。大家下午好，歡迎參加 Qorvo 2017 財年第一季財報電話會議。

Revenue for the June quarter increased 4% year over year and 15% sequentially to approximately $698 million. Revenue was above our quarterly guidance provided May 4, reflecting strength in mobile and China, a large customer smartphone ramp, and growth in IDPs broad markets.

六月季度的營收年增 4%，季增 15%，達到約 6.98 億美元。收入高於我們 5 月 4 日提供的季度指導，反映了行動和中國的實力、智慧型手機客戶的大量成長以及國內流離失所者廣泛市場的成長。

During the quarter we SAW customer demand come in stronger than expected, well within lead times, and we worked hard to keep up with the demand. Our customers called on us and the Qorvo team delivered.

在本季度，我們發現客戶需求強於預期，且在交貨時間內，我們努力滿足需求。我們的客戶向我們提出要求，Qorvo 團隊交付了成果。

Gross margin was 48.2%, reflecting low-band PAD business exceeding expectations with higher than expected costs. Also, less of an impact but in the mix, early yields on high volume quadplexers for China were below plan. In both examples these were high-volume products.

毛利率為48.2%，反映低頻段PAD業務超出預期且成本高於預期。此外，影響較小，但綜合來看，中國大容量四工器的早期產量低於計畫。在這兩個例子中，這些都是大批量產品。

Operating margin was 24% and operating expenses were approximately $169 million. The sequential increase in OpEx reflected higher R&D expense, increased variable compensation expense, and the addition of GreenPeak Technologies.

營業利益率為 24%，營業費用約 1.69 億美元。營運支出的環比增長反映了研發費用的增加、可變薪酬費用的增加以及 GreenPeak Technologies 的加入。

The Company's higher R&D expense reflects increased investment in the designers of high performance filters, SAW and BAW process engineers, and associated material costs for prototypes. During the June quarter we completed our $500 million ASR, retiring an additional 400,000 shares.

該公司較高的研發費用反映了對高性能濾波器設計師、SAW 和 BAW 製程工程師的投資以及原型相關材料成本的增加。在六月季度，我們完成了 5 億美元的 ASR，另外註銷了 40 萬股。

Qorvo's June financial performance and September guidance provide context for two major initiatives underway. One, leveraging our BAW filter assets, and, two, establishing filter independence. We expect these initiatives to support margin expansion early next year as new customer programs ramp.

Qorvo 6 月份的財務表現和 9 月份的指引為正在進行的兩項主要舉措提供了背景。一是利用我們的 BAW 濾波器資產，二是建立濾波器獨立性。我們預計，隨著新客戶計畫的增加，這些舉措將在明年初支持利潤率擴張。

Qorvo today is number one or number two in the majority of our growth markets and we are investing to extend our leadership. We are building a technology moat to maintain leadership where we are number one. And where we are number two we are investing to advance from a challenger to the leader.

如今，Qorvo 在我們大多數成長型市場中排名第一或第二，我們正在投資以擴大我們的領導地位。我們正在建立一條技術護城河，以保持我們第一的領先地位。在我們排名第二的領域，我們正在投資以從挑戰者晉升為領導者。

How will we do this? First, we will leverage our BAW filters. The vast majority of our customers, from newcomers to market leaders, are requesting more highly integrated solutions with even greater capabilities, including received diversity modules with integrated LNA, RF flex modules with quadplexers, RF fusion models with hexiplexers, Wi-Fi fins with BAW filters, and multi-chip modules to support massive MIMO.

我們將如何做到這一點？首先，我們將利用 BAW 濾波器。我們的絕大多數客戶，從新進者到市場領導者，都要求具有更強大功能的高度集成解決方案，包括具有集成LNA 的接收分集模組、具有四工器的RF 柔性模組、具有六工器的RF 融合模型、具有BAW 的Wi-Fi 鰭片濾波器和多晶片模組以支援大規模 MIMO。

An increasing number of these solutions contain BAW filters, and BAW filters rank first among our growth drivers. BAW filters will also deliver the highest incremental margin for Qorvo. And BAW filters are a primary driver of our long-term operating model.

越來越多的此類解決方案包含 BAW 濾波器，而 BAW 濾波器在我們的成長動力中排名第一。 BAW 濾波器也將為 Qorvo 提供最高的增量裕度。 BAW 濾波器是我們長期營運模式的主要驅動力。

To keep pace with customer demand, we're staffing up our engineering teams to complete the upfit of our Richardson fab from six inch to eight inch. We're also bringing up an eight-inch line in a recently acquired fab in Farmers Branch, Texas. Today our BAW filter utilization is below optimal but we expect that to reverse as new programs ramp next year.

為了滿足客戶需求，我們正在為工程團隊配備人員，以完成理查森工廠從六英寸到八英寸的改造。我們還在德州法默斯布蘭奇最近收購的一家晶圓廠中建立了一條 8 吋生產線。目前，我們的 BAW 濾波器利用率低於最佳水平，但我們預計隨著明年新項目的增加，這種情況將會逆轉。

Demand for our first quadplexers has been robust, and we continue to enjoy large customer interest in our BAW-based hexiplexer prototypes. More importantly, we have delivered hexiplexer solutions utilizing a recently released next-generation BAW process, and customer feedback indicates we are very competitive.

對我們首款四工器的需求一直很強勁，而且客戶對我們基於 BAW 的六工器原型仍然很感興趣。更重要的是，我們已經利用最近發布的下一代 BAW 製程提供了六工器解決方案，客戶回饋表明我們非常有競爭力。

For the premium tier, we are integrating BAW-based hexiplexers into RF fusion. And in the performance tier, we are integrating BAW-based quadplexers.

對於高階產品，我們正在將基於 BAW 的六工器整合到射頻融合中。在性能層，我們正在整合基於 BAW 的四工器。

Second, we will achieve filter independence. We believe Qorvo's growth will rely increasingly on filters and filter-based products, and we're adding high-performance filter designers and SAW and BAW process engineers to insource all filters to improve our costs, accelerate time to market and deliver higher value solutions.

其次，我們將實現過濾器獨立性。我們相信Qorvo 的成長將越來越依賴濾波器和基於濾波器的產品，我們正在增加高性能濾波器設計師以及SAW 和BAW 製程工程師來內購所有濾波器，以降低我們的成本、加快上市時間並提供更高價值的解決方案。

Today, our largest revenue product, which is growing significantly this quarter, contains third-party SAW filters. By comparison, our RF flex modules next year will integrate high-performance and lower-cost internally sourced Qorvo filters for the first time. This will significantly enhance our product margins while creating a new competitive barrier to entry.

如今，我們最大的營收產品（本季大幅成長）包含第三方 SAW 濾波器。相較之下，我們的 RF 柔性模組明年將首次整合高性能、低成本的內部採購 Qorvo 濾波器。這將顯著提高我們的產品利潤，同時創造新的競爭進入障礙。

To insure we achieve filter independence, we are increasing from six to eight inch BAW in Richardson, and we are increasing from four to six inch temp-comp SAW in Florida. In Greensboro, we are converting our six-inch GaAs capacity to temp-comp SAW, and adding a new power metal process for SAW, which is another Qorvo first. Of note, Qorvo's power metal process for SAW is the final process needed in our tool box, if you will, clearing the path for us to achieve filter independence.

為了確保實現濾波器獨立性，我們將理查森的 BAW 從 6 英寸增加到 8 英寸，佛羅裡達州的溫度補償 SAW 從 4 英寸增加到 6 英寸。在格林斯博羅，我們正在將 6 英寸 GaAs 產能轉換為臨時補償 SAW，並為 SAW 添加新的功率金屬工藝，這也是 Qorvo 的另一項首創。值得注意的是，Qorvo 的 SAW 功率金屬製程是我們工具箱中所需的最後製程（如果您願意），為我們實現濾波器獨立性掃清了道路。

We're also moving our GaAs capacity from North Carolina to our Oregon fab, and transitioning our North Carolina GaN products to Texas. In China, we're bringing up our second package assembly and test facility. Even as these efforts add to COGS and R&D today, we expect them contributing to revenue and margin expansion related to large customer opportunities slated for 2017 and 2018.

我們還將把我們的 GaAs 產能從北卡羅來納州轉移到俄勒岡州晶圓廠，並將我們的北卡羅來納州 GaN 產品轉移到德克薩斯州。在中國，我們正在建造第二個封裝組裝和測試工廠。儘管這些努力增加了今天的銷貨成本和研發，但我們預計它們將有助於與 2017 年和 2018 年的大型客戶機會相關的收入和利潤擴張。

Looking at our June quarterly performance by segment, bubble product revenue was approximately flat year over year, and increased 18% sequentially to $547 million. Qorvo helped launch a number of premium and performance tier smartphones, and we benefited in China from a strong market and the migration from three mode to full mode smartphones for domestic and export markets.

從我們 6 月按部門劃分的季度業績來看，泡沫產品收入與去年同期基本持平，季增 18% 至 5.47 億美元。 Qorvo 協助推出了多款高階和性能級智慧型手機，我們在中國受益於強勁的市場以及國內和出口市場從三模智慧型手機向全模智慧型手機的遷移。

We saw strong demand for our recently launched quadplexers and for our second-generation RF flex modules which launched last year. In Wi-Fi, for handsets, we enjoyed 13% growth sequentially as we ramped our highly integrated RF fusion for mobile Wi-Fi.

我們看到對最近推出的四工器和去年推出的第二代射頻柔性模組的強勁需求。在手機 Wi-Fi 領域，隨著我們加大針對行動 Wi-Fi 的高度整合式射頻融合力度，我們實現了 13% 的環比成長。

Outside of handsets, mobile products grew 30% versus last quarter. Across all of mobile products, customer order activities strengthened throughout the June quarter with many orders placed well within lead times. Through the month of July, order activity in mobile remained very strong. It's clear to us the demand for broadband data continues to increase with the effect amplified for RF suppliers as content per device expands.

除手機外，行動產品較上季成長了 30%。在所有行動產品中，整個六月季度的客戶訂單活動均有所加強，許多訂單都在交貨時間內完成。整個 7 月份，行動端的訂單活動依然非常強勁。我們清楚看到，隨著每台設備內容的擴展，對寬頻數據的需求持續成長，對射頻供應商的影響也隨之放大。

We believe the expanding market requirements for carrier aggregation and 5G, among others, will favor our unique competitive strengths, and we expect this to support strong, longer-term dynamics and improving visibility into our growth drivers. Only Qorvo delivers a comprehensive 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.

我們相信，營運商聚合和 5G 等不斷擴大的市場需求將有利於我們獨特的競爭優勢，我們預計這將支持強勁的長期動力，並提高我們成長動力的可見性。只有 Qorvo 提供全面的濾波器、開關、放大器、PMIC、LNA 和調諧器產品組合，其規模、整合能力和系統級專業知識足以提供日益豐富的高度整合解決方案。

At IDP, revenue grew 24% year over year and 6% sequentially to $151 million. We're very pleased with the performance of IDP, particularly the revenue and margin performance, the addition of a great franchise in GreenPeak Technologies, and the achievement of another strong design win quarter.

IDP 的營收年增 24%，季增 6%，達到 1.51 億美元。我們對 IDP 的表現非常滿意，特別是收入和利潤表現、GreenPeak Technologies 的出色特許經營權的增加以及另一個強勁的設計勝利季度的成就。

GreenPeak is growing at a rapid clip, and we expect this acquisition to be accretive by the end of the year. IDP continues to reposition their product portfolio to support high-growth markets, and today they are a highly diversified business in a $3.8 billion serviceable market. IDP currently forecasts the markets they serve will grow at a compound annual rate of 17%, which nearly doubles their market by 2020 to $7 billion.

GreenPeak 正在快速成長，我們預計此次收購將在今年年底前實現增值。 IDP 繼續重新定位其產品組合以支持高成長市場，如今，他們已成為價值 38 億美元的可用市場中的高度多元化企業。 IDP 目前預測，他們所服務的市場將以 17% 的複合年增長率成長，到 2020 年，他們的市場將幾乎翻一番，達到 70 億美元。

In our infrastructure unit, we continue to see a stabilization in the China-based station market and strong customer activity, especially in GaN. We enjoyed robust demand for our 3.5 gigahertz GaN PAs during quarter. And we supplied duplexers, LNAs and PAs for small-cell solutions at multiple base station OEM customers.

在我們的基礎設施部門，我們繼續看到中國站市場的穩定和強勁的客戶活動，特別是在 GaN 領域。本季我們對 3.5 GHz GaN PA 的需求強勁。我們也為多個基地台 OEM 客戶的小型基地台解決方案提供雙工器、LNA 和 PA。

On the design front, our GaN PAs were selected by a major infrastructure provider for a massive MIMO active antenna system. Two global wireless infrastructure manufactures selected our 28 gigahertz and 5G base station GaN PAs. And a major infrastructure provider selected our 2.6 gigahertz PA, LNA, and switch for pre-5G MIMO deployment.

在設計方面，我們的 GaN PA 被一家主要基礎設施供應商選擇用於大規模 MIMO 主動天線系統。兩家全球無線基礎設施製造商選擇了我們的 28 GHz 和 5G 基地台 GaN PA。一家主要基礎設施供應商選擇了我們的 2.6 GHz PA、LNA 和交換器來進行 5G 之前的 MIMO 部署。

In connectivity, we saw strong momentum in CPE Wi-Fi, particularly 5 gigahertz. And we layered in GreenPeak Technologies during the quarter. GreenPeak is a recognized industry leader at ultra low power, short-range RF communications, and they expand our customer offering very nicely to include highly-integrated RF systems on a chip for the connected home and internet-of-things. The markets we are targeting are growing faster than 40%.

在連線方面，我們看到 CPE Wi-Fi 的強勁勢頭，尤其是 5 GHz。我們在本季對 GreenPeak Technologies 進行了分層投資。 GreenPeak 是超低功耗、短距離射頻通訊領域公認的行業領導者，他們很好地擴展了我們的客戶產品範圍，包括用於互聯家庭和物聯網的高度整合的射頻晶片系統。我們瞄準的市場成長速度超過 40%。

In transport, we began the production ramp of a quad linear 400G optical driver for a Tier 1 telecom equipment provider. We also reached record revenue levels for our CATV hybrid product, driven by the industry leaders. Both support the buildout of infrastructure to keep pace with the ever increasing demand for data.

在運輸領域，我們開始為一家一級電信設備供應商生產四線性 400G 光驅動器。在產業領導者的推動下，我們的 CATV 混合產品也達到了創紀錄的收入水準。兩者都支援基礎設施的建設，以滿足不斷增長的數據需求。

In defense, our business is up 30% year over year. Most of this growth has been driven by domestic active electronically scanned array radar programs and the proliferation of gallium nitride, especially for international markets. In the defense market alone, we anticipate greater than $300 million of potential opportunities for Qorvo's GaN products.

在國防領域，我們的業務年增 30%。這一增長大部分是由國內主動電子掃描陣列雷達計劃和氮化鎵的擴散（尤其是國際市場）推動的。光是在國防市場，我們預計 Qorvo 的 GaN 產品就有超過 3 億美元的潛在機會。

So, from a high level, whether you're looking at IDP or mobile products, Qorvo is delivering breakthrough RF solutions that accelerate the delivery of broadband data and create value for our customers and our customers' customers. In IDP, we're introducing breakthrough products using highly differentiated, internally developed technologies that enable our customers to introduce products at record speed and with higher levels of functionality. In mobile, we're leveraging the industry's most complete product and technology portfolio with our broad scale, integration capabilities, and system level expertise to offer high-performance RF solutions with unprecedented levels of integration.

因此，從較高的層面來看，無論您關注的是 IDP 還是行動產品，Qorvo 都在提供突破性的 RF 解決方案，加速寬頻資料的交付並為我們的客戶和客戶的客戶創造價值。在IDP中，我們使用高度差異化的內部開發技術推出突破性產品，使我們的客戶能夠以創紀錄的速度推出具有更高功能水平的產品。在行動領域，我們利用業界最完整的產品和技術組合以及廣泛的規模、整合能力和系統級專業知識，提供具有前所未有的整合水準的高效能射頻解決方案。

In summary, Qorvo saw customer order activity accelerate as the June quarter progressed, and the entire Qorvo team ran hard to satisfy that demand. In the September quarter, we continue to see strong demand in support of this year's most popular devises, and we're rapidly expanding our capabilities to develop new, highly integrated solutions for large customer opportunities launching in 2017 and 2018.

總而言之，隨著 6 月季度的進展，Qorvo 看到客戶訂單活動加速，整個 Qorvo 團隊都在努力滿足這項需求。在 9 月季度，我們繼續看到支援今年最受歡迎的設備的強勁需求，並且我們正在迅速擴展我們的能力，為 2017 年和 2018 年推出的大型客戶機會開發新的、高度整合的解決方案。

With that, I'll turn the call over to Mark.

這樣，我會將電話轉給馬克。

Thanks, Bob. Qorvo's non-GAAP revenue increased 15% sequentially for the June quarter to $698 million. Mobile products revenue increased 18% sequentially to $547 million. And infrastructure and defense products increased 6% sequentially to $151 million.

謝謝，鮑伯。 Qorvo 6 月季度的非 GAAP 營收季增 15%，達到 6.98 億美元。行動產品營收比上一季成長 18%，達到 5.47 億美元。基礎設施和國防產品較上季成長 6%，達到 1.51 億美元。

Qorvo had three 10% customers, the largest at approximately 29% of revenue, representing the aggregated demand of multiple subcontractors for this end customer. Our other 10% customers during the quarter were Huawei and Samsung.

Qorvo 擁有三個 10% 的客戶，其中最大的客戶約佔收入的 29%，代表了多個分包商對該最終客戶的總需求。本季我們另外 10% 的客戶是華為和三星。

Gross margin was 48.2%, impacted by low-band PAD business exceeding expectations with higher than expected costs. Upon transition to more integrated modules with Qorvo-produced filters, and completion of our fab conversions, we expect gross margin to expand.

毛利率為48.2%，受低頻段PAD業務超出預期以及成本高於預期的影響。在過渡到採用 Qorvo 生產的濾波器的整合度更高的模組以及完成晶圓廠改造後，我們預計毛利率將會擴大。

Operating expenses increased $169 million on higher R&D expenses to support ongoing development programs in premium filters, higher variable compensation expense, and the addition of our GreenPeak acquisition. In the September quarter we expect to achieve our OpEx goal of approximately 20% of sales, and we expect to sustain that performance through the December quarter.

營運費用增加了 1.69 億美元，原因是研發費用增加，以支援高級過濾器的持續開發計劃、可變補償費用增加以及對 GreenPeak 的收購。在 9 月的季度，我們預計將實現營運支出約佔銷售額 20% 的目標，我們預計將在 12 月的季度保持這一業績。

Operating income for the June quarter was $168 million or 24% of revenue. Net income was $143 million and earnings per share was $1.08.

六月季度的營業收入為 1.68 億美元，佔營收的 24%。淨利潤為 1.43 億美元，每股收益為 1.08 美元。

Turning to the balance sheet, total cash and short-term investments was $447 million. Cash flow from operations was $59 million, reflecting the working capital build associated with higher first-quarter sales and our September quarter outlook. Capital Expenditures increased to $130 million, primarily to address growing premium filter demand.

就資產負債表而言，現金和短期投資總額為 4.47 億美元。營運現金流為 5,900 萬美元，反映了與第一季銷售額增加和我們 9 月季度展望相關的營運資本建設。資本支出增加至 1.3 億美元，主要是為了滿足不斷增長的優質過濾器需求。

During the June quarter we completed our $500 million ASR, retiring an additional 400,000 shares. $250 million remains available under the $1 billion program authorized last November.

在六月季度，我們完成了 5 億美元的 ASR，另外註銷了 40 萬股。去年 11 月授權的 10 億美元計劃中仍有 2.5 億美元可用。

We continue to make progress on opportunities to improve our growth and profitability. In the quarter, we acquired GreenPeak, a producer of low-power RF devices, expanded our capabilities to serve IOT markets. Our BAW products are closing in on state-of-the-art performance and we're on a measured pace to add capacity needed to meet expected customer demand for premium filters.

我們繼續在提高成長和盈利能力的機會上取得進展。本季度，我們收購了低功耗射頻裝置生產商 GreenPeak，擴大了我們服務物聯網市場的能力。我們的 BAW 產品正在接近最先進的性能，我們正在穩步增加所需的產能，以滿足客戶對優質過濾器的預期需求。

As Bob mentioned, a large number of productivity projects are under way, including conversion to eight-inch BAW wafers in our Texas fab and six-inch SAW in our Florida fab, conversion of our North Carolina fab to TC SAW and SAW, consolidation of our GaAs capacity in Oregon, migration of GaN from North Carolina to Texas, and additional mobile products assembly and test capacity in China. We expect these new product capabilities, capacity additions and productivity initiatives to help us sustain above-market growth and drive margin expansion.

正如鮑勃所提到的，大量的生產力項目正在進行中，包括將我們德克薩斯州工廠的8 英寸BAW 晶圓轉換為8 英寸BAW 晶圓，在佛羅裡達州工廠轉換為6 英寸SAW，將我們的北卡羅來納州工廠轉換為TC SAW 和SAW，整合我們在俄勒岡州的 GaAs 產能，將 GaN 從北卡羅來納州遷移到德克薩斯州，以及在中國的額外行動產品組裝和測試能力。我們預計這些新產品功能、產能增加和生產力措施將有助於我們維持高於市場的成長並推動利潤率擴張。

Now let's turn to our business outlook. Qorvo currently believes customer demand supports the following non-GAAP expectations for the September quarter. Quarterly revenue between $820 million and $850 million, gross margin of approximately 47%, diluted EPS between $1.35 and $1.45, a tax rate of approximately 10%.

現在讓我們談談我們的業務前景。 Qorvo 目前認為客戶需求支援對 9 月季度的以下非 GAAP 預期。季度營收在 8.2 億美元至 8.5 億美元之間，毛利率約為 47%，攤薄後每股收益在 1.35 美元至 1.45 美元之間，稅率約為 10%。

Our September quarter guidance reflects strong broad-based demand. We expect gross margins to remain near the second-quarter level through the year on low-band product mix and while our fab conversions are under way. We expect OpEx to trend down through the back half of the year. We project CapEx to remain elevated as we align capacity additions with stronger customer demand for premium filters and our integrated modules.

我們的九月季度指引反映了強勁的廣泛需求。我們預計全年低頻段產品組合的毛利率將保持在接近第二季的水平，而我們的晶圓廠改造正在進行中。我們預計今年下半年營運支出將呈下降趨勢。我們預計，隨著產能增加與客戶對優質濾波器和整合模組的更強勁需求保持一致，資本支出將保持在較高水準。

With that, we'll open up the call to your questions.

這樣，我們將開始回答您的問題。

(Operator Instructions)

（操作員說明）

We'll take our first question from Harsh Kumar with Stephens.

我們將回答哈什·庫馬爾和史蒂芬斯提出的第一個問題。

Hi. First of all, let me ask for clarification on the September guide. Should we think that most of your growth is coming, again, from mobile, like almost all of it in the September guide?

你好。首先，請容許我對九月指南進行澄清。我們是否應該認為您的大部分成長同樣來自行動裝置，就像 9 月指南中的幾乎所有成長一樣？

Harsh, that's correct. Most of the growth we are seeing is in mobile. There will be some growth in IDP, but I think most of the growth is coming from mobile.

嚴厲，說得對。我們看到的大部分成長來自行動領域。 IDP 將會有一些成長，但我認為大部分成長來自於行動。

Okay. So you are expecting IDP to grow, as well, a little bit?

好的。那麼您預計 IDP 也會有所成長嗎？

Yes.

是的。

Okay, thank you. And then I wanted to exact gross margins. We've already started to get questions on that quite a bit. So I think the, quote/unquote, as people say in this business, the high watermark was somewhere around 50%, 51%, Bob. We're at 47% now. And you've got a bunch of initiatives going. And I think you mentioned in your script that it will start to reverse and go up next year. Will you be going up from a base of 46%, 47% where you're at, or are you thinking you can possibly start to climb up from the 50%s and then move up from there?

好的謝謝。然後我想精確計算毛利率。我們已經開始收到很多關於這方面的問題。所以我認為，引用/取消引用，正如人們在這個行業所說的那樣，高水位大約在 50%、51% 左右，鮑勃。我們現在是 47%。你們已經採取了一系列措施。我想你在劇本中提到明年它將開始逆轉並上漲。你會從 46%、47% 的基礎上開始上升，還是你認為你可以從 50% 開始上升，然後從那裡開始上升？

Harsh, thanks for the question. I just want to clarify. We've got a lot of initiatives and we're working on them. We have one product, if you will, problem today that we've got to reverse. And we'll continue to work hard to drive that.

嚴厲，謝謝你的提問。我只是想澄清一下。我們有很多舉措，並且正在努力實施。如果你願意的話，我們今天有一個產品存在問題，我們必須扭轉這個問題。我們將繼續努力推動這一目標。

It all comes down to how much of that product we sell can influence the gross margin percentage, as you can well imagine. It's got a lot of content that is not internally in our fabs. We don't see the benefits of it from a contribution margin, so that does play into it. When we have our Analyst Day, we'll outline and quantify a lot of those activities to help you model next year where we can get to on the gross margin.

這一切都取決於我們銷售的產品有多少可以影響毛利率，正如您可以想像的那樣。它有很多我們晶圓廠內部沒有的內容。我們沒有從貢獻邊際中看到它的好處，所以這確實發揮了作用。當我們舉辦分析師日時，我們將概述並量化許多此類活動，以幫助您建模明年我們可以達到的毛利率。

We'll go next to Vivek Arya with Bank of America.

接下來我們將與美國銀行一起前往 Vivek Arya。

Thank you for taking my question. Bob, maybe just to follow up on that gross margin, I just want to clarify, the lower gross margins that you are seeing is just because you're outsourcing a certain component. So, this is really a near-term Company-specific issue that can be corrected. This is not the sign of some industry-wide pricing dynamic, right? I just want to get that clarified explicitly.

感謝您回答我的問題。鮑勃，也許只是為了跟進毛利率，我只是想澄清一下，您看到的毛利率較低只是因為您外包了某個組件。因此，這確實是一個可以糾正的近期公司特定問題。這不是某些全行業定價動態的跡象，對吧？我只是想明確地澄清這一點。

Sure, Vivek. Let me start with, IDP is doing very well. Their margins held in there. No problem there.

當然，維韋克。首先，IDP 做得很好。他們的利潤就在那裡。那裡沒問題。

The majority of Eric's business did very well. You're right, we have one product. I'll be candid with you, it's also not yielding fantastic, but, for the most part, you've correct, it is a product-related not an industry structure issue. I would agree with your assessment, Vivek.

埃里克的大部分業務都做得很好。你是對的，我們只有一種產品。我會坦白告訴你，它的效果也不是很好，但是，在大多數情況下，你是對的，這是一個與產品相關的問題，而不是產業結構問題。我同意你的評估，Vivek。

Okay, very good. And then as my follow-up, when I look at the September quarter outlook, I sort of fell out of my chair when I saw the upside versus some of the street expectations. But I'm curious, is there a pull forward of demand, just because we are reminded of last year when the industry went through a lot of turbulence. So, you're literally $120 million above Street expectations. First, how much is GreenPeak out of that? And then how much is, do you think there's any pull forward of demand? And the last part of that is how to think about December quarter seasonality, given that you're having such a strong September quarter.

好的，非常好。然後，作為我的後續行動，當我查看 9 月季度前景時，當我看到與一些街頭預期相比的上行空間時，我有點從椅子上摔下來。但我很好奇，是否有需求的拉動，只是因為我們想起去年行業經歷了很多動盪。因此，您的實際收入比華爾街預期高出 1.2 億美元。首先，GreenPeak 能從中賺多少錢？那你認為需求有什麼拉動嗎？最後一部分是如何考慮 12 月季度的季節性，因為 9 月季度的表現如此強勁。

Number one, GreenPeak's in that $6 million, $7 million a quarter. So, that's not driving all the growth. Like we said, most of the growth is coming out of Eric's business.

第一，GreenPeak 每季的營收為 600 萬美元、700 萬美元。所以，這並沒有推動所有的成長。正如我們所說，大部分增長來自埃里克的業務。

I don't think we're seeing the pull forward. We've talked a lot about that. We still have a lot of demand that we're running hard to keep up with given the guide we even gave.

我認為我們沒有看到前進的勢頭。我們已經就此談了很多。鑑於我們提供的指南，我們仍然有很多需求，我們正在努力跟上。

As far as December goes, let me put it another way, Vivek. I think the growth that we're seeing this quarter as well as into December will be how well marquee phones sell. I think our own view is China, we're tempering our outlook for the second half of the calendar year.

就十二月而言，讓我換個說法，Vivek。我認為本季以及 12 月我們看到的成長將是大螢幕手機的銷售情況。我認為我們自己的觀點是中國，我們正在調整今年下半年的展望。

So, as we look into December, it depends on -- to your question -- how much of the demand is pulled in that we might be able to capture because we're all out right now. We ran very hard in the June quarter and we're now running pretty hard still staying through this quarter. So, as we look at things today, we're not seeing a pull forward. And as we look at our customer forecast and our own expectations for in particular the China market we could see December up.

因此，當我們展望 12 月時，這取決於——對於您的問題——我們可能能夠捕獲多少需求，因為我們現在已經全部出局了。我們在六月季度非常努力地運行，現在我們在本季度仍然非常努力地運行。因此，當我們今天審視事情時，我們並沒有看到任何進展。當我們審視我們的客戶預測和我們自己對特別是中國市場的期望時，我們可能會看到 12 月的價格上漲。

Thank you. We'll go next to Ambrish Srivastava with BMO Capital Markets.

謝謝。接下來我們將採訪 BMO 資本市場公司的 Ambrish Srivastava。

Hi thank you for taking my questions. This is Kunal Patel for Ambrish. My first question is on the increasing R&D spending, particularly for filter refiners. What drove the increase in OpEx for R&D given that you already have, it seems like, a mature BAW and SAW product?

您好，謝謝您回答我的問題。我是安布里什的庫納爾·帕特爾。我的第一個問題是關於不斷增加的研發支出，特別是過濾精煉廠的研發支出。鑑於您似乎已經擁有成熟的 BAW 和 SAW 產品，是什麼推動了研發營運支出的增加？

Eric, do you want to take that?

艾瑞克，你想要那個嗎？

Sure. Yes, I've talked many times about the portfolio is shifting towards more filter-based products, and we do continue to see that trend. In fact, if anything, accelerating through all tiers of the market now, customers asking us to integrate at a higher level and include more filters.

當然。是的，我已經多次談到產品組合正在轉向更多基於過濾器的產品，我們確實繼續看到這種趨勢。事實上，如果有什麼不同的話，那就是現在市場各個層面都在加速發展，客戶要求我們在更高的層面上進行整合並包含更多的過濾器。

And Bob mentioned our drive towards filter independence and making sure that we have the ability to design and manufacture at least the lion's share, if not all, of those filters internally. So, that includes regular SAW, as well as TC SAW and BAW. So, we will continue to need more R&D bandwidth to develop the processes but then also to develop the products and integrate them into our portfolio.

鮑勃提到了我們致力於實現過濾器獨立性，並確保我們有能力在內部設計和製造至少大部分（如果不是全部）這些過濾器。因此，這包括常規 SAW、TC SAW 和 BAW。因此，我們將繼續需要更多的研發頻寬來開發流程，同時也開發產品並將其整合到我們的產品組合中。

Thanks. And for my follow-up, how much growth do you see for China for your mobile business in the quarter?

謝謝。我的後續問題是，您認為本季中國的行動業務會有多少成長？

In the June quarter, it was pretty strong and in the September quarter we see it continuing as of now. The market is quite healthy and we are returning back to our normal share that we should have been at earlier in the year already.

在六月季度，它相當強勁，在九月季度，我們看到它到目前為止仍在繼續。市場相當健康，我們正在恢復到今年早些時候應該達到的正常份額。

We're seeing that compound effect probably. And added to the fact that the dollar content overall continues to grow as we see more and more five- and six-mode 4G phones being shipped into the market.

我們可能正在看到這種複合效應。隨著我們看到越來越多的五模和六模 4G 手機進入市場，整體美元含量持續成長。

Thank you. We'll go next to Cody Acree with Drexel Hamilton.

謝謝。接下來我們將與 Drexel Hamilton 一起前往 Cody Acree。

Thanks for taking my questions and congrats on the progress. Maybe, Mark, if you could, give a little bit of stratification on some of those initiatives, the gross margin drivers that you guys have layered the initiatives in, in the past and been able to make pretty significant and sometimes rapid progress, especially when it came to yields. Can you just maybe talk about the timing of some of those major buckets of initiatives?

感謝您提出問題並祝賀我的進展。也許，馬克，如果可以的話，對其中一些舉措進行一點分層，你們過去對這些舉措進行分層的毛利率驅動因素，並且能夠取得相當顯著的、有時是快速的進展，特別是當它來到了收益率。您能否談談其中一些主要舉措的時間表？

Yes, I think, Cody, right now we'll give more specifics at the November Investor Day, but we see a path to above 50% gross margin, with both the trends in the business, specifically a move to more BAW mix in the future, and then also all of the initiatives under way which you heard about. We're in the early innings of a number of those initiatives.

是的，我想，科迪，現在我們將在 11 月投資者日提供更多細節，但我們看到毛利率將達到 50% 以上，無論是業務趨勢，還是在業務中轉向更多 BAW 組合。未來，還有您聽說過的所有正在進行的舉措。我們正處於其中許多舉措的早期階段。

Within the next several quarters those will be completed and we expect, as you know, wafer conversions four to six, and six to eight provide significant benefit on throughput. And then we'll be over some of the yield issues that we're having.

這些工作將在接下來的幾個季度內完成，如您所知，我們預計晶圓轉換四到六，以及六到八可以顯著提高產量。然後我們將解決我們遇到的一些產量問題。

And maybe the follow-up then on yields, Bob said that those just weren't trending where you'd expected. What's the opportunity to improve those in the current spins and how quickly can those yields improve?

也許接下來是殖利率，鮑伯說，這些趨勢並沒有達到你的期望。在當前的旋轉中改進這些的機會是什麼？這些產量可以多快提高？

Hi, Cody, this is Eric. It's a little tough to answer that. They can improve tremendously. The rate depends upon exactly how we get from here to there.

嗨，科迪，我是艾瑞克。回答這個問題有點困難。他們可以取得巨大的進步。費率取決於我們如何從這裡到達那裡。

Part of the nature of these products is that they ramp into very high volumes very rapidly. So, sometimes by the time you realize there is a yield issue, you already have an awful lot of product in the pipeline. That's where we are here. So, we can improve them over the course of several quarters, is probably the best way to answer that.

這些產品的部分性質是它們的銷售量非常快。因此，有時當您意識到存在產量問題時，您已經有大量產品正在生產中。這就是我們現在的情況。因此，我們可以在幾個季度的時間內改進它們，這可能是回答這個問題的最佳方法。

Thank you. We'll go next to Mike Burton with Brean Capital.

謝謝。接下來我們將討論邁克·伯頓（Mike Burton）和布里恩資本（Brean Capital）。

Hi, guys, thanks for taking my questions. Congrats on a strong top and bottom line. You obviously got growth coming from a bunch of products with Wi-Fi and as well as the multiplexer. But I'm just curious if you could break out for us, or give us a sense, how big those businesses are now, where do you believe they can grow to, and then the effect on gross and operating margins for both of those products. Obviously multiplexers you talked about having some yield issues but just overall at a steady run rate what kind of gross margin profile do we expect.

嗨，夥計們，感謝您回答我的問題。祝賀您擁有強勁的頂線和底線。顯然，您的成長來自一系列具有 Wi-Fi 和多工器的產品。但我只是好奇你能否為我們介紹一下，或者讓我們了解一下，這些業務現在有多大，你認為它們可以發展到什麼程度，以及對這兩種產品的毛利率和營業利潤率的影響。顯然，您談到的多工器存在一些良率問題，但總體而言，在穩定的運行速度下，我們期望什麼樣的毛利率狀況。

Mike, on the multiplexer, the quadplexers in particular, for China, I'd be embarrassed to actually quote the gross margins. We expect those to be significantly above the corporate average. And Wi-Fi is about in family with the corporate average. We do fairly well there in general. And then, obviously, with the ones where we build the RF Fusion, RF flex for the WiFi, that does have a better than Company average margin.

麥克，關於多工器，特別是四路復用器，對於中國來說，我很難真正引用毛利率。我們預計這些將顯著高於企業平均。 Wi-Fi 與家庭和企業的平均值差不多。總的來說，我們在那裡做得相當好。然後，顯然，我們為 WiFi 建立 RF Fusion、RF Flex 的產品確實比公司平均利潤率更高。

Okay. And then also -- sorry, if I missed this -- but just you talked about some more R&D spend. Just thoughts of OpEx trending forward during this fiscal year.

好的。然後，抱歉，如果我錯過了這一點，剛才您談到了更多的研發支出。只是對本財年營運支出趨勢的思考。

What you'll see, Mike, you'll see OpEx in the second quarter on a dollar basis about in line with what you saw in the first quarter, but on a percent basis will be down towards our long-term target which is 20% of sales. And then you'll see OpEx on a dollar basis begin to drop off through the second half as some spending we know falls off and productivity programs continue.

麥克，您將看到第二季的營運支出（以美元計算）與您在第一季看到的大致一致，但按百分比計算將下降到我們的長期目標，即 20銷售額的百分比。然後你會看到以美元為基礎的營運支出在下半年開始下降，因為我們知道一些支出有所下降，而生產力計畫仍在繼續。

We'll go next to Toshiya Hari with Goldman Sachs.

接下來我們將與高盛的 Toshiya Hari 進行對話。

Hi, good afternoon, and thanks for taking my question. I also wanted to ask about gross margins, just to make sure I understand you guys correctly. In the quarter, what were some of the surprises that drove the miss in gross margins? And what's causing the leg down in the September quarter despite the huge ramp in revenue?

你好，下午好，謝謝你提出我的問題。我還想問毛利率，只是為了確保我正確理解你們。在本季度，有哪些意外因素導致毛利率低於預期？儘管收入大幅增長，但是什麼導致了九月季度的下滑？

Again, it's primarily a single product problem. It's a low-band PAD problem where we have significant outsourced filter content. That was a large volume product in the first quarter and it actually becomes larger in the second quarter as another low-band PAD product family comes on. That's the effect you're seeing in first and second quarter.

同樣，這主要是單一產品的問題。這是一個低頻段 PAD 問題，我們有大量外包的濾波器內容。這是第一季的大批量產品，隨著另一個低頻段 PAD 產品系列的出現，它實際上在第二季變得更大。這就是您在第一季和第二季看到的效果。

So, Toshi, we expected better costs, as well as our yields didn't hit where we expected to be at this point in time.

所以，Toshi，我們預期成本會更好，而且我們的收益率目前沒有達到我們預期的水平。

Okay, great. And as my follow-up I wanted to ask about BAW. You talked in your prepared remarks about utilization rates in your BAW business being sub optimal today. Could you maybe provide a bit more granularity here, and also comment on when you expect utilization rates to be at or above optimum levels in BAW? Thank you.

好的，太好了。作為我的後續行動，我想問 BAW 的情況。您在準備好的演講中談到，今天您的 BAW 業務的使用率並不理想。您能否在此提供更詳細的信息，並評論一下您預計 BAW 利用率何時達到或高於最佳水平？謝謝。

Sure, thanks, Toshi. What I said was we were not at optimal levels today. We've added capacity and we're continuing to add capacity as we expand from six to eight and adding eight inch in the Farmers Branch. Quite honestly, it's going to be the timing of new marquee phones that we're launching in, in calendar year 2017.

當然，謝謝，托西。我所說的是我們今天沒有達到最佳水平。我們已經增加了容量，我們將繼續增加容量，從 6 英寸擴展到 8 英寸，並在 Farmers Branch 中增加 8 英寸。老實說，這將是我們在 2017 日曆年推出新旗艦手機的時間。

I'll just add that we're going to pace that investment as we get clarity on customer demand. We feel very good about the customer demand and the quality of our products. So, we're comfortable making early commitments. But the actual construction spend, pace, will be determined by our clarity on wins.

我只想補充一點，當我們明確客戶需求時，我們將加快投資步伐。我們對客戶的需求和我們產品的品質感到非常滿意。因此，我們很樂意做出早期承諾。但實際的建設支出、速度將取決於我們對勝利的明確程度。

We'll take our next question from Craig Hettenbach with Morgan Stanley.

我們將接受摩根士丹利的 Craig Hettenbach 提出的下一個問題。

Yes, thank you. Just a question on the yield issue and as it relates to gross margin. You talked about gross margin staying here through the year. Do you have line of sight as to just the cost issue part of this, or any other color you can have in terms of how you may be being conservative or not as the recovery from this?

是的，謝謝。只是一個關於收益率問題以及與毛利率相關的問題。您談到了全年毛利率都保持不變。您是否對其中的成本問題有看法，或者您可以有任何其他顏色來了解您是否可以保守或不從這個問題中恢復？

Again, it's a little hard to tell the rate and pace of recovery. There are certain things that could move the needle actually relatively quickly. We're planning on it being a longer haul, as I said a couple quarters, to fix the issue, again primarily because there's a lot of volume in the line early part of the ramp.

同樣，很難判斷恢復的速度和速度。有些事情實際上可以相對較快地取得進展。我們計劃進行更長的運輸，正如我所說的幾個季度，以解決這個問題，這主要是因為在坡道的早期部分有大量的運輸量。

I think we're now well in in terms of the number of parts produced. We understand the yield issue quite well. So, I don't think there's a lot of uncertainty from this point forward, other than how rapidly we can implement the changes and get it through the pipeline.

我認為我們現在在生產的零件數量方面處於領先地位。我們非常了解產量問題。因此，我認為從現在開始，除了我們能夠以多快的速度實施變革並使其通過管道之外，還存在著許多不確定性。

Got it. And then as my follow-up, in terms of capital allocation, you did GreenPeak, which is tuck in, you've been fairly aggressive buying back stock. So, big picture, how you view best use of cash here in terms of your own stock versus attempts to diversify the business.

知道了。然後，作為我的後續行動，在資本配置方面，你做了 GreenPeak，這是隱藏的，你一直相當積極地回購股票。因此，從大局來看，您如何看待現金在您自己的股票方面的最佳使用與業務多元化的嘗試。

It's a good question. I'll start with buyback. We've repurchased 1.3 billion of shares in the last five quarters and we have $250 million remaining on our billing authorization. I'll add that we currently expect to continue buying our shares under that authorization.

這是一個好問題。我將從回購開始。我們在過去五個季度回購了 13 億股股票，我們的帳單授權還剩 2.5 億美元。我要補充的是，我們目前預計將根據該授權繼續購買我們的股票。

We're interested, obviously, in a thoughtful capital allocation framework that will consider organic growth opportunities, including CapEx needs, which we just talked about, on BAW. Those are very high return projects, relatively low risk from a project execution standpoint. So, those would be an early priority on spend.

顯然，我們對一個深思熟慮的資本分配框架感興趣，該框架將考慮有機成長機會，包括我們剛才談到的 BAW 的資本支出需求。從專案執行的角度來看，這些都是報酬率非常高的項目，風險相對較低。因此，這些將是支出的早期優先事項。

We're always looking at acquisition opportunities that would fit well with Qorvo. But I'll add that we're not capacity constrained from a balance sheet standpoint to doing those, but there's a very high bar on return requirements for allocation of capital to those opportunities. And then we expect to be, plan to be regular or steady buyers of our shares as part of this thoughtful capital allocation framework, and that's what we've done.

我們一直在尋找適合 Qorvo 的收購機會。但我要補充一點，從資產負債表的角度來看，我們做這些事情的能力並沒有受到限制，但將資本分配給這些機會的回報要求非常高。然後，我們期望、計劃成為我們股票的定期或穩定買家，作為這個深思熟慮的資本配置框架的一部分，這就是我們所做的。

Our next question is from Ed Snyder with Charter Equity Research.

我們的下一個問題來自 Charter Equity Research 的 Ed Snyder。

Thanks a lot. Eric, you said you were surprised by the gross margin on the low-band PAD coming in here, and several comments that intimated both it was a cost and yield issue. Yield I get, I suppose, because you can always be surprised. But can you explain what happened on cost? Was it the SAW filters? did they raise prices to you? Was it not bulk pricing? What changed from the time you did the prototype and you bid the part and won the part to the time you started producing the part that smacked margins as hard as they were?

多謝。 Eric，您說過您對這裡推出的低頻段 PAD 的毛利率感到驚訝，並且有一些評論暗示這是成本和產量問題。我想，我得到的收益是因為你總是會感到驚訝。但你能解釋一下成本方面發生了什麼嗎？是 SAW 濾波器嗎？他們給你漲價了嗎？不是批量定價嗎？從你製作原型、競標零件並贏得零件到你開始生產利潤率如此之高的零件，發生了什麼變化？

And then, as a follow-up, you've got gazillion programs going on here. You're moving to eight-inch in BAW in Richardson. Are you starting and eight-inch in Farmers Branch or are you ramping an eight-inch, meaning is it already up and running moving to eight-inch? You have six-inch in TC in Florida. You're launching, I'm assuming, a six-inch TC and a SAW in North Carolina, moving GaN to Texas, moving and GaAs to Oregon, and a new PAD facility in China.

然後，作為後續行動，這裡正在進行無數的程序。您將在理查森的 BAW 中轉向八英寸。您是在法默斯布蘭奇開始八英寸還是正在逐步增加八英寸，這意味著它已經啟動並運行到八英寸？佛羅裡達州的 TC 有六英寸。我假設，你們將在北卡羅來納州推出一個六英寸 TC 和一個 SAW，將 GaN 轉移到德克薩斯州，將 GaAs 轉移到俄勒岡州，並在中國建立一個新的 PAD 工廠。

Maybe you could take a few minutes to just walk through what the impact of some or all of these are on the margin issues -- maybe none, maybe some -- whether it's utilization, whatever, because, as I'm sure most of the other guys on this call, we're getting flooded with gross margin questions even before the call started. So, any help would be appreciated.

也許您可以花幾分鐘時間來了解其中一些或全部對邊際問題的影響 - 也許沒有，也許有些 - 無論是利用率，無論如何，因為，正如我確信大多數參加這次電話會議的其他人，甚至在電話會議開始之前，我們就已經被毛利率問題淹沒了。因此，任何幫助將不勝感激。

All right, I'll take the easiest one. We're starting out in Farmers Branch on eight-inch. We will start with what we believe will be our lowest cost there. And, again, we'll qualify the line in 2017 and be ready for production in 2018.

好吧，我就選最簡單的一個。我們從法默斯布蘭奇的八英寸開始。我們將從我們認為在那裡的最低成本開始。同樣，我們將在 2017 年對生產線進行鑑定，並在 2018 年做好生產準備。

As far as what's going on in the packaging assembly and test facility, again, that's one of the largest pre-merger synergies that we talked about, is because a lot of the legacy work is outside assembly houses. And, in fact, given the volume we're running right now we have a lot of work on the outside and that's why they're bringing up. And we had our grand opening in Dezhou just few weeks ago. And as we insource that, that is a significant cost savings for us.

至於封裝組裝和測試設施中正在發生的事情，這也是我們談到的最大的合併前協同效應之一，因為許多遺留工作都在組裝廠之外進行。事實上，考慮到我們現在的運行量，我們在外部還有很多工作要做，這就是他們提出來的原因。幾週前，我們在德州隆重開業。當我們將其外包時，這對我們來說可以節省大量成本。

As far as, yes, in Greensboro we're starting in six-inch with standard SAW and temp-comp SAW. It's a significant margin improvement over what we're paying outside, I'll say it that way. But it will take time to get those into the market and designed into current products. So, again, much more of a 2017 story than a 2016 story.

就目前而言，是的，在格林斯伯勒，我們從六英寸標準 SAW 和臨時補償 SAW 開始。與我們在外部支付的費用相比，這是一個顯著的利潤改善，我會這樣說。但將它們推向市場並設計到當前產品中還需要時間。所以，再說一次，這更像是 2017 年的故事，而不是 2016 年的故事。

And as far as the diameters, and you can do the math on what the savings is from six to eight. We'll give you a lot more color on the timing of that at the Analyst day. But, again, most of these things really take hold in 2017. I know you had a question for Eric, as well.

至於直徑，您可以計算一下從六到八可以節省多少。我們將在分析師日為您提供更多關於此時間表的資訊。但話又說回來，大多數事情在 2017 年才真正發生。我知道您也有問題要問 Eric。

We probably can't say much about the outsourced content, to your question, other than to say that it's a source that's clearly not a long-term viable candidate and there's not much flexibility in the near term in terms of pricing and what we can do with that supplier. Internally, though, the yields are related to specifications at the end product level but also, to your point, this is the first volume to ramp very hard in the new six-inch TC line, and we're definitely working out a lot of issues in there, as well. That's contributing certainly to the issue.

對於您的問題，我們可能無法對外包內容說太多，只是說它的來源顯然不是長期可行的候選者，並且短期內在定價和我們可以做什麼方面沒有太大的靈活性與該供應商合作。不過，在內部，產量與最終產品等級的規格有關，而且，就您而言，這是新的 6 吋 TC 系列中第一個非常努力提高產量的產品，我們肯定正在製定很多那裡也有問題。這肯定是造成這個問題的原因之一。

Thank you. We'll go next to Steve Smigie with Raymond James.

謝謝。接下來我們將與雷蒙德詹姆斯一起前往史蒂夫斯米吉。

Great, thanks a lot. I was wondering if you could comment on what you think your total dollar content gains were for premium phones, say, this year versus last year. And I know there's all kinds of SKUs and stuff, but a rough estimate, for the flagship phones.

太好了，非常感謝。我想知道您是否可以評論一下您認為今年與去年相比，高階手機的總美元內容收益是多少。我知道旗艦手機有各種各樣的 SKU 之類的東西，但只是粗略的估計。

What I do feel confident is we grew our dollar content. Clearly, at one of our customers, you guys know, we grew significantly more dollar content as they released phones throughout the year. If I look at our top three customers we've expanded our dollar content. And, to your point, it really gets down to mix on SKUs. But in aggregate we definitely increased our share as well as our dollar content.

我確實有信心的是我們增加了美元含量。顯然，你們知道，在我們的一個客戶那裡，隨著他們全年發布手機，我們的美元內容顯著增加。如果我看看我們的三大客戶，我們已經擴大了我們的美元含量。而且，就您而言，SKU 的混合確實很重要。但總的來說，我們的份額和美元含量確實有所增加。

Okay, great. And I just wanted to follow-up on Vivek's question a little bit around seasonality. You talked about growing in December. Does that growth suggest anything about how it might look into March? Typically you have a pretty steep tip. So, I'm just wondering if this is being pulled forward somewhat, does that suggest a more shallow March or would that trend more normally?

好的，太好了。我只是想稍微跟進一下維韋克關於季節性的問題。你談到了十二月的成長。這種增長是否預示著三月的情況？通常你的小費相當陡。所以，我只是想知道這是否有所提前，這是否表明三月會更淺，或者這種趨勢會更正常嗎？

To be clear, I don't believe I acknowledged there's any pull forward. I said if there was then it could impact December. But right now we don't view it as demand being pulled forward.

需要明確的是，我不認為我承認有任何推動力。我說如果有的話可能會影響12月。但目前我們並不認為這是需求的提前。

I think if you look at what happened last year, and I think it's pretty widely known, that some of the marquee phones didn't quite sell as well in the December quarter, which impacted December and slightly into March. I think it all does come down to, if you're asking what December and March are going to look like, as we said, China we seem to be getting back to our normal share levels there, so that's where the strength in the China market that we see. We see it continues to migrate from three-mode to five- and full-mode. That's dollar content.

我想如果你看看去年發生的事情，我認為這是眾所周知的，一些大牌手機在 12 月季度的銷量不太好，這對 12 月和 3 月都有影響。我認為這一切都歸結為，如果你問 12 月和 3 月會是什麼樣子，正如我們所說，中國似乎正在恢復到正常的份額水平，所以這就是中國的實力所在我們看到的市場。我們看到它繼續從三模向五模和全模遷移。那是美元含量。

We think the China market is doing well but we have a conservative view. In my comments for December, and to your point, typically March is down seasonally. And I don't think that's going to change from any other year.

我們認為中國市場表現良好，但我們持保守觀點。在我對 12 月的評論中，以及您的觀點中，三月通常會季節性下降。我認為這一點與其他年份相比都不會改變。

Thank you. We'll go next to Chris Caso with CLA.

謝謝。我們將與 CLA 一起前往克里斯·卡索 (Chris Caso) 旁邊。

Just a follow-up question with regard to China and the comments. And I think you've talked about tempering your expectations, yet the revenue growth is strong. So, maybe you could clarify more specifically what your expectations would be for China as you go into the September quarter, how much of that is dialed into your growth expectations, and then perhaps into the December quarter, as well.

只是關於中國和評論的後續問題。我認為你已經談到了調整你的期望，但收入成長強勁。因此，也許您可以更具體地澄清，當您進入 9 月季度時，您對中國的預期是什麼，其中有多少會納入您的成長預期，然後也許也會納入 12 月季度。

We do have growth in China dialed in. That's based on, actually, very strong backlog at this time and order activity and visibility into the dollar expansions that our customers are asking for for these phones. However, the majority of the growth is not driven by China this quarter. It's driven by other large customers and marquee phone ramps.

我們確實在中國取得了成長。實際上，這是基於目前非常強勁的積壓訂單以及訂單活動以及我們的客戶對這些手機要求的美元擴張的可見性。然而，本季的大部分成長並非由中國推動。它是由其他大客戶和大螢幕電話坡道推動的。

Great. And as a follow-up we've heard different commentary from different folks with regard to inventory levels at customers now, as you're going into the seasonally strong period of the year. Two questions on that. One is, although you took a hit from some inventory reductions back starting in last December quarter, do you think those still persisted in the June quarter such that you were shipping below customer consumption? And at this point, as we go into the September quarter, do you think the inventory reductions are now complete?

偉大的。作為後續行動，我們聽到了不同人士對客戶庫存水準的不同評論，因為現在正進入一年中的季節性旺季。對此有兩個問題。一個是，儘管您從去年 12 月季度開始就受到了一些庫存減少的打擊，但您認為這些影響在 6 月季度仍然持續存在，導致您的發貨量低於客戶消耗嗎？此時，當我們進入九月季度時，您認為庫存削減已經完成了嗎？

I'd rather just make this comment at a very high level. Typically, we ship into our customers well before they start selling because they build up their inventory to go. So, typically in June, we would typically be under-shipping what they're selling.

我寧願在非常高的水平上發表這個評論。通常，我們會在客戶開始銷售之前就向他們發貨，因為他們會累積庫存。因此，通常在六月，我們通常會少發貨他們所銷售的產品。

What I can say specifically about our business, we saw what was coming, we took actions in December, a little bit in March. But we were pretty much clean starting in June.

關於我們的業務，我可以具體說的是，我們看到了即將發生的事情，我們在 12 月採取了行動，在 3 月採取了一些行動。但從六月開始我們就基本乾淨了。

And, Chris, I'll add that our turns did increase about 10%. And then our inventory levels did go up about $30 million but that was, as you can see now, to prepare for the September and follow-on quarter.

克里斯，我要補充一點，我們的輪次確實增加了約 10%。然後我們的庫存水準確實增加了約 3000 萬美元，但正如您現在所看到的，這是為 9 月和後續季度做準備。

And our next question comes from Timothy Arcuri with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Timothy Arcuri。

Hello, this is Wayne Loeb for Tim. It appears that some major smartphone makers are now second sourcing their modems. Can you comment on your relative RF share when attached to an Intel versus Qualcomm high-end modem?

大家好，我是提姆的韋恩‧勒布。一些主要智慧型手機製造商似乎正在二次採購其數據機。您能否評論一下連接到英特爾與高通高階調變解調器時的相對射頻份額？

Sorry, we're not going to be able to comment.

抱歉，我們無法發表評論。

Okay. I'll try one more thing then. On envelope trackers are you seeing some traction on that? It seems like some other non-Qualcomm modems do not yet have an envelope tracker. Are you seeing some traction or any attachment to that?

好的。那我再嘗試一件事。您在信封追蹤器上看到了一些吸引力嗎？似乎其他一些非高通調變解調器還沒有包絡追蹤器。您是否看到了一些吸引力或對此有任何依戀？

I think Eric would love to talk about ET PMCs.

我認為 Eric 很樂意談論 ET PMC。

Yes, we've been in production for several generations now. We do continue to see increased traction, really, across all tiers of in market and with several baseband manufactures.

是的，我們已經生產了幾代了。我們確實繼續看到各個層次的市場和多家基帶製造商的吸引力不斷增加。

Thank you. We'll go next to Atif Malik with Citigroup.

謝謝。接下來我們將與花旗集團的 Atif Malik 對話。

Hi, thanks for taking my question. I have a question on gross margins, as well. Your peer Skyworks guided flat margins on revenue growth in September. You guys are guiding down gross margins. I understand there's no structural change in the pricing environment, but can you comment on maybe parts of the market, like low band PADs, which are more commoditized? And if you can also help me understand why you would be chasing low-band PADs if you have been stronger in the mid and high band historically.

您好，感謝您提出我的問題。我也有一個關於毛利率的問題。同行 Skyworks 公佈 9 月份營收成長率持平。你們正在降低毛利率。據我所知，定價環境沒有結構性變化，但您能否評論市場的某些部分，例如更商品化的低頻段 PAD？如果您也能幫助我理解，如果您歷史上在中高頻段表現更強，為什麼您會追逐低頻段 PAD。

Yes, I want to say quite clearly that this is not a pricing issue. I also actually take issue in saying low band PAD is a commoditized business. I don't think that's the case at all, especially these high-performance low-band PADs with temperature-compensated SAW filters in them.

是的，我想明確地說，這不是定價問題。事實上，我對低頻段 PAD 是商品化業務的說法也持異議。我認為根本不是這樣的，尤其是這些帶有溫度補償 SAW 濾波器的高性能低頻段 PAD。

These are very high-performance products. Very few people can manufacture them. It's not commoditized and there's not a pricing issue going on here at all. Because they are incredibly hard to manufacture, we're having some yields ramping a new one, and especially with, again, our new wafer line in it.

這些都是非常高性能的產品。很少有人能夠製造它們。它沒有商品化，而且根本不存在定價問題。因為它們的製造極其困難，所以我們正在提高新晶圓的產量，尤其是我們的新晶圓生產線。

So, why we're in the low-band PAD business, it's actually a premium product category and we see a lot of customers now asking us and giving us the opportunity to do the entire RF front end. You need to have low band, mid band and high band, all the switching and power management and so forth to be able to do that. It's an important part of the portfolio. It's going to be a very profitable part of the portfolio, as well, going forward.

所以，為什麼我們從事低頻段 PAD 業務，它實際上是一個優質產品類別，我們看到很多客戶現在向我們詢問，並給了我們做整個射頻前端的機會。您需要擁有低頻段、中頻段和高頻段、所有開關和電源管理等等才能做到這一點。它是投資組合的重要組成部分。展望未來，這也將成為投資組合中非常有利可圖的部分。

Great. And the follow-up, Mark, can you talk about the full FY17 CapEx expectations full year?

偉大的。馬克，您能談談 2017 財年全年資本支出預期嗎？

Yes, we're going to be about, if I recall, 15% of sales for the year if we maintain our pace of spend. Just to be clear, I mentioned that if we don't have the clarity we'll certainly slow down the spend. So I'd say I don't expect it to be any worse than about 15%.

是的，如果我沒記錯的話，如果我們保持支出速度，今年的銷售額將達到 15% 左右。需要明確的是，我提到，如果我們不明確，我們肯定會放慢支出。所以我想說我預計它不會比 15% 左右更糟。

Thank you. Our next question comes from Quinn Bolton with Needham & Company.

謝謝。我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

I just wanted to follow-up on that BAW capacity question. You mentioned a couple times on the call that you're not at optimal levels and I'm just wondering, are you referring to the fact you're under-utilized currently, or you guys are running full out and you need to add capacity in near term to meet demand? And then I have a follow-up question.

我只是想跟進 BAW 容量問題。您在電話會議上多次提到您沒有達到最佳水平，我只是想知道，您是指目前利用率不足的事實，還是你們正在全力以赴，需要增加容量短期內能否滿足需求？然後我有一個後續問題。

Quinn, we are not running at capacity or nowhere close to that. I would say we're under-loaded then from optimum.

奎因，我們沒有滿載運行，或遠遠沒有達到滿載運行。我想說的是，我們在最佳狀態下負載不足。

Got it. Okay, great. And then just coming back to the gross margin, obviously you talked a lot about the low-band PAD. I was wondering if you could make any comments about some of the China product gross margins, especially as you ramp the quadplexers, explexers. Is that the mobile product going into China carrying corporate or at least mobile product average gross margins? Is there anything you can distinguish in terms of gross margin contribution from China versus some of the premium customers?

知道了。好的，太好了。然後回到毛利率，顯然您談論了很多關於低頻段 PAD 的問題。我想知道您是否可以對一些中國產品的毛利率發表任何評論，特別是當您增加四工器、外工器時。進入中國的行動產品是否會帶來企業或至少是行動產品的平均毛利率？從中國和一些優質客戶的毛利率貢獻來看，您有什麼可以區分的嗎？

There's really not a large difference. There's a range of gross margins for the different product types that sell into China. In general, the portfolio, especially the newer products, are basically in line with the average mobile portfolio margins.

確實沒有太大差別。銷往中國的不同產品類型有不同的毛利率。總體而言，該產品組合，尤其是較新的產品，基本上與行動產品組合的平均利潤率一致。

Thank you. Our next question comes from Ian Ing with MKM Partners.

謝謝。我們的下一個問題來自 MKM Partners 的 Ian Ing。

Yes, thank you. Just wondering here on the revenue guidance as a range of $30 million versus in the past you could give us specific targets, what's some of the sensitivity there? What percent booked are you to get to the mid points?

是的，謝謝。只是想知道與過去相比，收入指引範圍為 3000 萬美元，您可以給我們具體目標，其中有哪些敏感度？您要達到中間點的預訂百分比是多少？

We have a great new CFO who thought that maybe we ought to be able to provide you guys with more of a range because of his experience and looking at our past performance, that it's probably more prudent to do that. And I think you also noticed one of our competitors also gave a range, who typically gave a point.

我們有一位出色的新任財務官，他認為也許我們應該能夠為你們提供更多的產品，因為他的經驗以及考慮到我們過去的表現，這樣做可能更謹慎。我想你也注意到我們的一位競爭對手也給了一個範圍，他通常會給出一個點。

We just thought it would be good to give you the clarity there in the range. And as far as book for the quarter, between our backlog customer forecast, things like that, we're in good shape.

我們只是認為為您提供該範圍內的清晰度會很好。就本季的預訂而言，在我們的積壓客戶預測之間，諸如此類的事情，我們狀況良好。

Good shape, okay, great. And then just a clarification on gross margins, low-band PADs impacted by the sourcing of filters. It sounds like you've got multiple products, multiple models. Can seasonality in the coming quarters ever cause a more favorable mix shift later this fiscal year, or are we really waiting for the FY18 manufacturing efficiencies and filters that come on line?

身材不錯，不錯，不錯然後澄清毛利率、低頻段 PAD 受濾波器採購的影響。聽起來你有多種產品、多種型號。未來幾季的季節性因素能否在本財年晚些時候帶來更有利的組合轉變，或者我們是否真的在等待 2018 財年的製造效率和過濾器上線？

This part, as you said, seasonality or sell-through of the end customers' products can definitely impact our percentage of gross margins. Absolutely.

這部分，正如您所說，終端客戶產品的季節性或銷售量肯定會影響我們的毛利率百分比。絕對地。

Our next question is from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Hi, guys, thanks for taking my question. Sorry for another gross margin one. Just wanted to clarify, the gross margin was weaker in June, and then in September it's down a little bit more. It sounds like two issues. You have an issue on multiplexers and then you have this low-band PAD. I'm just trying to understand what the impact was in both quarters so if you could quantify it. And then just understand what's the bigger driver between those two.

嗨，夥計們，感謝您提出我的問題。抱歉又是毛利率問題。只是想澄清一下，六月的毛利率較弱，然後九月又下降了一點。聽起來像是兩個問題。您遇到了多工器的問題，然後您就有了這個低頻段 PAD。我只是想了解這兩個季度的影響，以便您可以量化它。然後了解這兩者之間更大的驅動因素是什麼。

Blayne, the quadplexers had a larger impact in the June quarter than the low-band PAD. The low-band PAD has a bigger impact -- much bigger impact -- this quarter. And the quadplexers we've taken some actions and made some progress.

Blayne 表示，四工器在六月季度的影響比低頻段 PAD 更大。低頻段 PAD 在本季度產生了更大的影響——更大的影響。對於四工器，我們已經採取了一些行動並取得了一些進展。

Got you. And then just a follow-up, in terms of the yield issues, has that impacted any delivery dates or what's your lead time? And then in terms of fixing these issues, do these require redesigns of any of these parts, which then need to be requalified on phones, or is this something you could do on the fly in a given model?

明白你了。然後，就產量問題而言，這是否會影響任何交貨日期或您的交貨時間？然後，就解決這些問題而言，是否需要重新設計這些零件，然後需要在手機上重新進行資格認證，或者這是您可以在給定模型中即時完成的事情嗎？

Pretty detailed question. I would say yield issues, of course, we are working through those and assuring a continuation of the supply. Organization's working really hard to do that.

很詳細的問題。當然，我想說的是產量問題，我們正在解決這些問題並確保供應的持續。組織正在努力做到這一點。

In terms of redesign, not expected at all. Potentially test program changes and so roth that, of course, we'd coordinate with our customers. But these are things that can happen relatively quickly.

就重新設計而言，根本出乎意料。可能會測試程序變更等，當然，我們會與客戶進行協調。但這些事情可能發生得相對較快。

And holding up any phone shipments -- none.

並阻止任何手機發貨——沒有。

Thank you. Our next question is from Vijay Rakesh with Mizuho.

謝謝。我們的下一個問題來自 Mizuho 的 Vijay Rakesh。

Hi, guys, good guide here. Just going back on the gross margin question again, you guys [forced in] question for the FY17, I guess. But as you look at pulling the filters in-house, I know one of your peers is sitting on a lot of filter inventory. And then, obviously, the Japanese OEMs all have a lot of filter exposure, filter supply there. Does that create more filter pricing pressure? What's your thoughts there?

嗨，夥計們，這裡有很好的指南。再次回到毛利率問題，我猜你們[被迫]提出了 2017 財年的問題。但當您考慮在內部拉動過濾器時，我知道您的一位同行擁有大量過濾器庫存。然後，顯然，日本整車廠都有大量的濾清器曝光，那裡有濾清器供應。這是否會造成更大的過濾器定價壓力？你有什麼想法？

I'm not sure I fully understood the question.

我不確定我是否完全理解了這個問題。

I'm just wondering, as you pull your filters in-house, and there is obviously more excess filters in the supply chain, does that increase pricing pressure on the filter side?

我只是想知道，當您在內部拉動過濾器時，供應鏈中顯然有更多多餘的過濾器，這是否會增加過濾器方面的定價壓力？

I'm sorry, we're having a hard time following why pulling the filter products inside would create excess inventory of filters and create pricing pressure. It would go the opposite way, I think. Discrete filters are becoming a very small part of the market. The trend is that the filter is being integrated into higher level functionality such as our fusion modules and so forth.

抱歉，我們很難理解為什麼將過濾器產品拉入內部會造成過濾器庫存過剩並造成定價壓力。我認為，事情會走向相反的方向。離散濾波器正在成為市場中很小的一部分。趨勢是過濾器正在整合到更高級別的功能中，例如我們的融合模組等。

And then when they're integrated, just to be clear, they're wafer level packaged, post to a package, in a ceramic package, which is the way a discrete filter is sold.

然後，當它們整合時，需要明確的是，它們是晶圓級封裝，貼在陶瓷封裝中，這就是分立濾波器的銷售方式。

Got it. And you talked about six and then eight transition here. What do you expect your mix of six-inch and eight-inch by the end of calendar 2016, if you can give us some idea there. Thanks.

知道了。您在這裡談到了六個過渡，然後是八個過渡。如果您能給我們一些想法，您對 2016 年日曆年底前的 6 吋和 8 吋組合有何期望？謝謝。

Yes, as far as eight-inch BAW filters go, it's going to be a very low percentage. That's what we're converting to this year and, again, as I said bringing up in Farmers Branch.

是的，就 8 吋 BAW 濾波器而言，這個比例將非常低。這就是我們今年要轉向的目標，正如我在法默斯布蘭奇長大時所說的那樣。

And in SAW filters, as we continue to expand in Florida, as well as bringing up the North Carolina facility, that mix will start to move to six-inch, a much larger percentage. Don't have the percentage off the top of my head, again. We'll give you that at Analyst day but it will be a larger percentage six-inch.

在 SAW 濾波器中，隨著我們繼續在佛羅裡達州擴張以及北卡羅來納州工廠的建設，這種結構將開始轉向六英寸，比例要大得多。別再把百分比拋在腦後了。我們將在分析師日向您提供這一信息，但六英寸的比例將更大。

Thank you. We have a follow-up from Harsh Kumar.

謝謝。我們收到了 Harsh Kumar 的後續報導。

Hi, guys, thanks for the follow-up. I promise no gross margin question here. I was curious, Mark, if you ever gave China as a percentage of sales for either June or what your expectation is for September?

嗨，夥計們，感謝您的關注。我保證這裡沒有毛利率問題。我很好奇，馬克，您是否曾給出中國在 6 月份銷售額中所佔的百分比，或者您對 9 月份的預期是多少？

I don't think we did provide that.

我不認為我們確實提供了這一點。

Hold on a second, Harsh. Give us a minute. We'll go through it.

等一下，哈什。請給我們一分鐘。我們會完成它。

Okay. Then let me ask something else while you guys are looking at it. Mark, I think you mentioned that OpEx would fall as the back half approaches. Can I ask you to clarify will it fall as a percentage of sales or will it fall in absolute dollars from here?

好的。那麼在你們看的時候我再問一些別的問題。馬克，我想你提到隨著下半年的臨近，營運支出將會下降。我可否請您澄清一下，它是佔銷售額的百分比下降，還是絕對美元下降？

What I said, Harsh, was that it will be about flat on a dollar basis in the second quarter, the September quarter, and will drop as a percent of sales basis to about 20%. In the subsequent quarters, we expect it to drop on a dollar basis.

哈什，我所說的是，以美元計算，第二季（即 9 月所在季度）的銷售額將基本持平，佔銷售額的百分比將下降至 20% 左右。在接下來的幾個季度中，我們預計其以美元計算將會下降。

So next year, it could drop on a dollar basis. Got it, thanks.

因此明年，以美元計算，它可能會下降。知道了謝謝。

Just to be clear, drop in the second half of this fiscal year on a dollar basis.

需要明確的是，本財年下半年的美元匯率有所下降。

And, Harsh, excluding Huawei, who's a corporate 10% customer, as you know, the China business is about one-third of the mobile business in the June quarter, and a bit less than one-third in the September quarter.

而且，嚴格來說，不包括華為（華為是企業10% 的客戶），如您所知，中國業務約佔6 月季度移動業務的三分之一，而9 月季度略低於三分之一。

Thanks, guys.

多謝你們。

We'll also take a follow-up from Ed Snyder.

我們也將聽取艾德·史奈德的後續報導。

Thanks. You mentioned GaAs moving to Oregon. Bob, are you consolidating all GaAs fab in Oregon or will you still be split between Oregon and North Carolina/

謝謝。你提到砷化鎵搬到俄勒岡州。鮑勃，您是否正在整合俄勒岡州的所有 GaAs 晶圓廠，還是仍將分佈在俄勒岡州和北卡羅來納州/

And then TriQuint started TC SAW, was the first one to actually produce the filters years ago. And I know that one of your competitors leap frogged you in modules to your largest customer, so they were large in TC SAW. But I was a little surprised you have yield problems with TC SAW. Is it a new process, a new part. Given your legacy and how long you've been in this technology, what's changed there that made this a more difficult part -- just the filter itself, forget the module. Thanks.

然後 TriQuint 創辦了 TC SAW，這是多年前第一個真正生產濾波器的公司。我知道您的一位競爭對手在模組方面超越了您，成為您最大的客戶，因此他們在 TC SAW 領域規模很大。但我對 TC SAW 有良率問題感到有點驚訝。這是一個新的流程，一個新的部分嗎？考慮到您的遺產以及您在這項技術中使用的時間，那裡發生的變化使這成為一個更加困難的部分 - 只是過濾器本身，忘記模組。謝謝。

Ed, we are transitioning over time out of Greensboro gallium arsinide as well as GaN, and they will be focused on filters. And as far as the temp-comp SAW?

Ed，隨著時間的推移，我們正在從格林斯伯勒砷化鎵和氮化鎵過渡，他們將專注於濾波器。至於臨時補償 SAW？

I think you hit on it earlier. We're doing a lot right now, including adding factories, Florida and Greensboro, then also going from four-inch to six-inch, and managing issues of wafer breakage, as well as parameter distributions. As you really run more and more wafers through the new six-inch line, you begin to see the full distribution.

我想你很早就注意到了。我們現在正在做很多事情，包括在佛羅裡達州和格林斯博羅增加工廠，然後從四英寸到六英寸，以及管理晶圓破損問題以及參數分佈。當您確實通過新的六英寸生產線運行越來越多的晶圓時，您開始看到完整的分佈。

Also, I think, the requirements at the end module are tougher. Generation over generation, the requirements are getting harder. Dialing in these specifications at a very fine level is the issue.

另外，我認為，最終模組的要求更加嚴格。一代又一代，要求越來越嚴格。在非常精細的層面上調整這些規範是問題所在。

And I know you've mentioned it, Bob, but to buy parts on the outside market, like you're doing now, because everybody outsources SAW at this point, even your competitors, you're buying a package part from them, which is largely more expensive, et cetera. When you internally it will be a wafer scale packaging. Shouldn't we expect -- and I don't know what the mix is but I'm expecting you're using quite a bit of that product in some of your modules, low-band PAD, maybe diversity module. Shouldn't we expect to see significant improvement in gross margin given the fact that, one, you're producing it, and, two, it's going to be a smaller, more efficient part than what you could buy now, say, market ready? And just, if you could, maybe give us some idea of the timing of when you think you'll be independent in SAW.

我知道你已經提到過，鮑勃，但是要在外部市場上購買零件，就像你現在所做的那樣，因為此時每個人都外包SAW，甚至是你的競爭對手，你從他們那裡購買整套零件，這很大程度上更昂貴，等等。當你在內部時，它將是晶圓級封裝。難道我們不應該期待 - 我不知道混合是什麼，但我希望您在某些模組中使用相當多的該產品，低頻段 PAD，也許是多樣性模組。考慮到以下事實，我們不應該期望看到毛利率顯著提高嗎？第一，你正在生產它，第二，它將是比你現在可以購買的產品更小、更有效率的零件，比如說，市場準備好的產品？如果可以的話，也許可以告訴我們您何時會在 SAW 中獨立。

Maybe big picture, Ed, certainly you're on the right track. We absolutely expect that when we can insource these filters ourselves in our new larger factories that are well utilized, we will definitely see improvements in gross margin. And this is a multi-generational thing. This cannot happen overnight to completely eliminate outsourcing of the filters.

也許從大局來看，艾德，你肯定走在正確的道路上。我們絕對期望，當我們能夠在利用率良好的新的大型工廠中自行購買這些過濾器時，我們肯定會看到毛利率的增加。這是一個多代的事。要完全消除過濾器的外包，不可能一蹴可幾。

We're starting on it, we're adding the capacity, adding the filter designers to be able to do it. It will take two or three product cycles to get there.

我們正在開始，我們正在增加容量，增加過濾器設計人員來做到這一點。需要兩到三個產品週期才能實現這一目標。

Ladies and gentlemen, this will conclude our Q&A portion of the call. I'll return it to management for closing remarks.

女士們先生們，我們的電話問答部分到此結束。我會將其返回給管理層以供結束語。

As always, we thank you for joining us tonight. Qorvo is the leading participant in large, healthy markets with unique competitive strengths and improving visibility into macro trends, and large customer programs driving our growth. We anticipate strong demand in support of today's most popular devices. And we're expanding our capabilities to develop new highly integrated solutions for large customer opportunities launching in 2017 and 2018. Thank you.

一如既往，我們感謝您今晚加入我們。 Qorvo 是大型健康市場的領先參與者，擁有獨特的競爭優勢，提高了對宏觀趨勢的洞察力，以及推動我們成長的大型客戶計畫。我們預計對支援當今最受歡迎的設備的需求強勁。我們正在擴展我們的能力，為 2017 年和 2018 年推出的大型客戶機會開發新的高度整合的解決方案。謝謝。

This will conclude today's program. Thanks for your participation. You may now disconnect, and have a great day.

今天的節目到此結束。感謝您的參與。現在您可以斷開連接，祝您有美好的一天。