科沃 (QRVO) 2017 Q2 法說會逐字稿

Good day, and welcome to the Qorvo Incorporated Q2 2017 conference call.

美好的一天，歡迎參加 Qorvo Incorporated 2017 年第二季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Doug DeLieto, Vice President of Investor Relations.

現在，我想將會議交給投資者關係副總裁 Doug DeLieto。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Robbie.

非常感謝，羅比。

Hello, everyone, and welcome to Qorvo's second-quarter FY17 earnings conference call.

大家好，歡迎參加 Qorvo 2017 財年第二季財報電話會議。

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 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.

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。

Because these risk factors may affect our operations and financial results.

因為這些風險因素可能會影響我們的營運和財務表現。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。

We provide this supplemental information to enable investors to perform additional comparisons of operating results, and to analyze financial performance without the impact of certain non-cash expenses, or other items that may obscure trends in our underlying performance.

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

During our call, our 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 at 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 的投資者欄目下查閱。

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。

Now 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.

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 turn the call over to Bob.

然後，我會將電話轉給鮑伯。

Thanks, Doug.

謝謝，道格。

Good afternoon, everyone, and welcome to Qorvo's FY17 second-quarter earnings call.

大家下午好，歡迎參加 Qorvo 2017 財年第二季財報電話會議。

Revenue for Qorvo's fiscal second quarter increased 24% sequentially and 22% year over year to approximately $864 million.

Qorvo 第二財季的營收季增 24%，年增 22%，達到約 8.64 億美元。

Revenue was above our quarterly guidance provided August 2, reflecting broad-based demand.

收入高於我們 8 月 2 日提供的季度指引，反映了廣泛的需求。

Gross margin for the quarter was approximately 43%.

該季度的毛利率約為 43%。

Within the quarter, we experienced lower-than-expected manufacturing yields during a steep product ramp to a large customer.

在本季內，我們在向大客戶大量生產產品的過程中，生產產量低於預期。

To protect our long-term customer relationship, we did everything we could to assure supply of high-quality material to the customer while working through the internal yield issues.

為了保護我們的長期客戶關係，我們盡一切努力確保向客戶供應高品質的材料，同時解決內部良率問題。

And this significantly impacted our gross margin.

這極大地影響了我們的毛利率。

Operating expenses were $172.9 million, in line with our goal of 20% of sales.

營運費用為 1.729 億美元，符合我們佔銷售額 20% 的目標。

On the bottom line, earnings were $1.29 per share, an increase of 19% versus our prior quarter.

淨利潤為每股 1.29 美元，比上一季成長 19%。

Mark will walk you through additional details in a moment, and provide a bridge to our margin expectations.

馬克稍後將引導您了解更多詳細信息，並為我們的利潤預期提供橋樑。

In the meantime, I'll update you on some other major initiatives currently underway.

同時，我將向您介紹目前正在進行的其他一些重大舉措的最新情況。

During the September quarter, we brought up and released our TC-SAW process in Greensboro ahead of schedule, giving us the ability to support additional customer demand this quarter.

在 9 月的季度中，我們提前在格林斯博羅提出並發布了 TC-SAW 工藝，使我們能夠在本季度支援額外的客戶需求。

We are increasing the mix of six-inch TC-SAW in Florida, while moving all gas capacity to Oregon, transitioning all GaN products to Richardson.

我們正在增加佛羅裡達州 6 吋 TC-SAW 的組合，同時將所有天然氣產能轉移到俄勒岡州，將所有 GaN 產品轉移到理查森。

We're also ramping our new assembly and test facility in Jishou, China.

我們也在中國吉首建造新的組裝和測試工廠。

In Richardson, the organization has done an outstanding job releasing our most advanced next-generation BAW process, which delivers a significant improvement over our prior generation in key performance metrics.

在理查森，該組織在發布我們最先進的下一代 BAW 流程方面做得非常出色，該流程在關鍵性能指標方面比我們上一代產品有了顯著改進。

We've also brought up and are now designing products on our new eight-inch BAW line in Richardson.

我們也在理查森的新 8 吋 BAW 生產線上開發並正在設計產品。

We are enjoying broad-based demand for our BAW filter solutions, and we expect a ramp of new customer programs to improve our utilization rates in calendar 2017.

我們的 BAW 濾波器解決方案有著廣泛的需求，我們預計新客戶計畫的增加將提高我們 2017 年的使用率。

Notably, we continue to enjoy strong demand for our BAW-based multiplexer solutions, and we have delivered module prototypes containing our BAW-based hexaplexers.

值得注意的是，我們對基於 BAW 的多路復用器解決方案的需求持續強勁，並且我們已經交付了包含基於 BAW 的六工器的模組原型。

Looking at quarterly performance by segment, Mobile Products grew approximately 22% year over year, and 29% sequentially, to a record $706 million.

從各細分市場的季度業績來看，行動產品年增約 22%，環比成長 29%，達到創紀錄的 7.06 億美元。

Mobile Products supported the launch of highly popular, premium-tier smartphones.

行動產品支援推出廣受歡迎的高階智慧型手機。

And in the performance-tier smartphones, we enjoyed strong demand for our RF Flex solutions.

在性能層智慧型手機中，我們的 RF Flex 解決方案需求強勁。

In Wi-Fi for handsets, Qorvo's RF Fusion for mobile Wi-Fi delivered customers a unique, highly integrated solution, combining our high-performance BAW filters with our Wi-Fi front-end modules.

在手機 Wi-Fi 領域，Qorvo 的行動 Wi-Fi RF Fusion 為客戶提供了獨特的高度整合解決方案，將我們的高效能 BAW 濾波器與 Wi-Fi 前端模組結合。

In China, Mobile Products is benefiting as smartphone manufacturers migrate from three-mode to full-mode devices.

在中國，隨著智慧型手機製造商從三模設備轉向全模設備，行動產品正在受益。

By the end of this year, we expect more than half of all 4G smartphones manufactured for the China market will be full-mode.

到今年年底，我們預計中國市場生產的所有 4G 智慧型手機中一半以上將是全模。

Our largest customers in China are looking for ways to introduce fewer models with higher levels of RF content, to provide broader coverage of additional geographies as they move towards more of an export market.

我們在中國最大的客戶正在尋找方法來引入更少的型號和更高水平的射頻含量，以便在他們轉向更多的出口市場時提供更廣泛的覆蓋範圍。

Huawei stands out as an excellent example.

華為就是一個很好的例子。

They are adding more RF content to their smartphones as they build their global brand.

他們在打造全球品牌的同時，也正在為智慧型手機添加更多射頻內容。

Huawei was one of two 10% customers for Qorvo in our fiscal second quarter, and they are our largest customer in China.

華為是 Qorvo 第二財季兩個 10% 客戶之一，他們是我們在中國最大的客戶。

Finally, the expanding market requirements for carrier aggregation and the upcoming deployment of 5G favor our unique combination of competitive strengths.

最後，不斷擴大的載波聚合市場需求和即將到來的 5G 部署有利於我們獨特的競爭優勢組合。

Only Qorvo delivers a comprehensive portfolio of filters, switches, amplifiers, envelope trackers, LNAs and tuners, with the scale, integration capabilities and system-level expertise to supply a complete portfolio of highly integrated solutions.

只有 Qorvo 提供全面的濾波器、開關、放大器、包絡追蹤器、LNA 和調諧器產品組合，並具備規模、整合能力和系統級專業知識，可提供完整的高度整合解決方案組合。

Looking at IDP, revenue grew 22% year over year and 5% sequentially to $158 million, as our focus on higher-growth segments continue to bear fruit.

就 IDP 而言，營收年增 22%，環比成長 5%，達到 1.58 億美元，因為我們對高成長細分市場的關注持續取得成果。

We're very pleased with the performance of IDP.

我們對 IDP 的表現非常滿意。

In particular, the revenue growth, the initiatives to target faster-growing market segments, and the rate and pace of new product introductions.

特別是收入成長、針對成長更快的細分市場的舉措以及新產品推出的速度和步伐。

IDP has enjoyed a series of very strong quarters, and is closing in on its margin model of 60% gross margin and 30% operating margin.

IDP 經歷了一系列非常強勁的季度，並且正在接近其 60% 毛利率和 30% 營業利潤率的利潤模型。

IDP is a recognized global leader, with a product and technology leadership strategy that leverages internally developed best-in-class technologies to provide our customers with differentiated performance solutions.

IDP 是公認的全球領導者，其產品和技術領先策略利用內部開發的一流技術為我們的客戶提供差異化的效能解決方案。

IDP is highly diversified, and competes in a $3.8 billion serviceable market that's forecast by industry analysts to grow at a compound annual rate of 17%, nearly doubling to $7 billion by 2020.

IDP 高度多元化，在價值 38 億美元的可服務市場中競爭，產業分析師預測該市場將以 17% 的複合年增長率增長，到 2020 年將幾乎翻一番，達到 70 億美元。

In September, IDP released 49 new products, including power amplifiers for small cell, dual and quad linear drivers for optical applications, LNAs, and filters for automotive, and integrated front-end modules for Wi-Fi.

9月，IDP發布了49款新產品，包括用於小型蜂窩的功率放大器、用於光學應用的雙路和四路線性驅動器、LNA和汽車濾波器，以及用於Wi-Fi的整合前端模組。

The continued aggressive pace of product releases is creating a broad-based pipeline of differentiated solutions with long production tails across our portfolio of markets.

產品發布的持續快速步伐正在創建一個廣泛基礎的差異化解決方案管道，在我們的市場組合中具有較長的生產尾部。

IDP's strong performance last quarter was across all major market segments, highlighted by growth in wireless infrastructure, Wi-Fi, Defense & Aerospace, as well as the IoT.

IDP 上季度在所有主要細分市場均表現強勁，其中無線基礎設施、Wi-Fi、國防與航空航太以及物聯網的成長凸顯了這一點。

We've seen a continued recovery in the base station market, and we enjoy broad-based market share across all OEMs.

我們看到基地台市場持續復甦，並且在所有 OEM 廠商中享有廣泛的市場份額。

This helps buffer IDP from the ups and downs experienced by any one customer.

這有助於緩衝 IDP 免受任何一位客戶所經歷的起伏的影響。

Our view on the overall base station market is cautiously optimistic.

我們對整體基地台市場的看法是謹慎樂觀。

We are continuing our focus on the market's higher-growth segments, with an emphasis on the transition of base station power amplifiers to GaN technology, and implementation of massive MIMO.

我們將繼續關注市場的高成長細分市場，重點關注基地台功率放大器向 GaN 技術的過渡以及大規模 MIMO 的實施。

In connectivity, IDP enjoyed growth in both Wi-Fi and low-power wireless.

在連接方面，IDP 在 Wi-Fi 和低功耗無線方面都取得了成長。

With the acquisition of GreenPeak, Qorvo is a recognized leader in ultra low-power, short-range RF communications.

在收購 GreenPeak 後，Qorvo 成為超低功耗、短距離 RF 通訊領域公認的領導者。

We are expanding our low-power product portfolio to include highly integrated RF systems on a chip for the connected home, and the Internet of Things.

我們正在擴展我們的低功耗產品組合，以包括用於互聯家庭和物聯網的高度整合的射頻晶片系統。

And our target markets are growing faster than 40%.

我們的目標市場成長速度超過 40%。

In Wi-Fi, our growth was supported by continued wins in both the retail and set top box market segments.

在 Wi-Fi 領域，我們的成長得益於零售和機上盒市場領域的持續勝利。

In transport, growth was driven by strength in our cable TV products to support the rollout of DOCSIS 3.1, our traditional long-haul optical driver business, and ramping data center interconnect products.

在運輸方面，成長是由我們有線電視產品的實力推動的，以支援 DOCSIS 3.1、我們傳統的長途光驅動器業務的推出，以及不斷增加的資料中心互連產品。

Qorvo's transport business is at the forefront of the build-out of infrastructure to keep pace with the ever-increasing demand for data, and we continue to see an expanding set of opportunities.

Qorvo 的運輸業務處於基礎設施建設的最前沿，以滿足不斷增長的數據需求，而且我們不斷看到不斷擴大的機會。

In defense, our growth was driven by international and domestic GaN-on-silicon carbide sales, and a major ACIS program ramp.

在國防領域，我們的成長是由國際和國內碳化矽氮化鎵銷售以及主要 ACIS 項目的成長所推動的。

Design wins for our GaN on silicon carbide devices have been exceptionally strong in the market segments that are growing at over 25% per year.

我們的碳化矽基氮化鎵元件的設計在每年以超過 25% 的速度成長的細分市場中表現出色。

In summary, the Qorvo team did an excellent job delivering 22% year-over-year growth and achieving our goal of operating expenses at 20% of sales.

總而言之，Qorvo 團隊表現出色，實現了 22% 的同比增長，並實現了營運費用佔銷售額 20% 的目標。

At the same time, we made progress advancing core technologies and developing highly integrated Qorvo solutions for large customer opportunities in 2017 and 2018.

同時，2017 年和 2018 年，我們在推進核心技術和開發高度整合的 Qorvo 解決方案方面取得了進展，為大量客戶提供了機會。

It's clear we have work to do on our gross margin, and we're taking steps to address it.

很明顯，我們在毛利率方面還有很多工作要做，我們正在採取措施解決這個問題。

We continue to drive toward our operating model, including above market-revenue growth, and operating income above 30%.

我們繼續推動我們的營運模式，包括高於市場的收入成長和高於 30% 的營業收入。

Now before turning the call over to Mark, let's view our achievements and our comments today through the prism of Qorvo's long-term strategy.

現在，在將電話轉交給 Mark 之前，讓我們先從 Qorvo 長期策略的角度來審視我們今天的成就和評論。

Qorvo's growth strategy is based on three core principles.

Qorvo 的成長策略基於三個核心原則。

First, leverage our differentiated technologies and product leadership to achieve operational excellence, capture value and deliver superior financial results.

首先，利用我們的差異化技術和產品領先地位來實現卓越營運、獲取價值並提供卓越的財務表現。

Second, drive the integration of our two predecessor companies to achieve as Qorvo what neither could achieve alone.

其次，推動我們兩家前身公司的整合，以 Qorvo 的形式實現兩家公司單獨無法實現的目標。

Third, prioritize the use of cash on investments that grow our business, return capital to our stockholders through share repurchases and supplement growth in IDP through M&A.

第三，優先使用現金進行業務成長的投資，透過股票回購向股東返還資本，並透過併購補充 IDP 的成長。

Our long-term view of the RF industry envisions more modes, more bands, more complexity and more RF -- all driven by the ever-increasing demand for data and the limited frequency spectrum available to support that demand.

我們對射頻產業的長期看法是，更多的模式、更多的頻段、更多的複雜性和更多的射頻——所有這些都是由不斷增長的數據需求和可用於支援該需求的有限頻譜所驅動的。

In mobile products, only Qorvo can deliver a complete suite of multi-mode, multi-band solutions, combining premium BAW and [temcot] SAW filters, SAW filters, broadband power amplifiers, high-probe count switches, high-performance LNAs, envelope trackers and antenna control solutions.

在行動產品中，只有 Qorvo 能夠提供一整套多模式、多頻段解決方案，結合優質 BAW 和 [temcot] SAW 濾波器、SAW 濾波器、寬頻功率放大器、高探頭數開關、高性能 LNA、包絡跟踪器和天線控制解決方案。

And Qorvo is the only industry participant positioning itself to supply internally developed, internally manufactured and internally assembled system-level solutions serving all major cellular frequencies.

Qorvo 是唯一將自己定位為提供服務所有主要蜂窩頻率的內部開發、內部製造和內部組裝的系統級解決方案的行業參與者。

We see growing demand for low-, mid-, and high-frequency RF solution sales in the performance tier, as new cellular bands limit board space and pressure our customers' product development cycles.

我們看到性能層對低頻、中頻和高頻射頻解決方案銷售的需求不斷增長，因為新的蜂窩頻段限制了電路板空間並對客戶的產品開發週期帶來壓力。

In the premium tier, we anticipate demand from multiple customers for highly compact, single-placement solutions combining coverage of mid- and high-frequencies.

在高端市場，我們預期多個客戶對結合中頻和高頻覆蓋的高度緊湊、單佈局解決方案的需求。

To be clear, this will require more TC-SAW and BAW -- a distinct advantage for Qorvo.

需要明確的是，這將需要更多的 TC-SAW 和 BAW——這對 Qorvo 來說是一個明顯的優勢。

At IDP, our investments in internally developed best-in-class technologies, our sharpened focus on higher-margin, higher-growth markets and our introduction of hundreds of new products annually are combining to support excellent growth opportunities.

在 IDP，我們對內部開發的一流技術的投資、我們對高利潤、高成長市場的更加關注以及我們每年推出數百種新產品，這些相結合，為卓越的成長機會提供了支持。

These opportunities are underpinned by large secular trends extending into the foreseeable future.

這些機會得到了可預見未來的長期大趨勢的支持。

They include high-speed connectivity, the Internet of Things, the connected car, data centers and the proliferation of phased array technology.

它們包括高速連接、物聯網、連網汽車、資料中心和相控陣技術的普及。

In wireless infrastructure, cable TV and defense applications, we expect our GaN technology to be increasingly disruptive.

在無線基礎設施、有線電視和國防應用中，我們預計我們的 GaN 技術將越來越具有顛覆性。

So from a high level, Qorvo has assembled the technology, products, people and resources to deliver best-in-class, highly integrated, systems-level solutions.

因此，從高水準來看，Qorvo 匯集了技術、產品、人員和資源，以提供一流的、高度整合的系統級解決方案。

We are investing in highly differentiated internally sourced technologies, best-in-class products, adding manufacturing capacity to keep pace with customer demand, and we are leveraging our unique combination of competitive strengths to drive above-market growth.

我們正在投資於高度差異化的內部採購技術、一流的產品，增加製造能力以滿足客戶需求，並且我們正在利用我們獨特的競爭優勢組合來推動高於市場的成長。

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

然後，我會將電話轉給馬克。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's second-quarter non-GAAP revenue increased 24% sequentially and 22% year over year to 864 million.

Qorvo 第二季非 GAAP 營收季增 24%，較去年同期成長 22%，達到 8.64 億美元。

Mobile Products revenue increased 29% sequentially and 22% year over year to 706 million, on continued RF content growth, the ramp of the key customer product, and strong Asia customer demand.

由於射頻內容持續成長、主要客戶產品的成長以及亞洲客戶的強勁需求，行動產品收入環比成長 29%，年成長 22%，達到 7.06 億美元。

Infrastructure & Defense Products revenue increased 5% sequentially and 22% year over year to $158 million, on higher wireless infrastructure, Wi-Fi, Defense & Aerospace and IoT.

由於無線基礎設施、Wi-Fi、國防和航空航太以及物聯網的發展，基礎設施和國防產品收入季增 5%，年增 22%，達到 1.58 億美元。

We believe Qorvo is well-positioned to continue to outpace the market growth due to our strong technology position, comprehensive product portfolio and broad supply capabilities.

我們相信，憑藉強大的技術地位、全面的產品組合和廣泛的供應能力，Qorvo 處於有利地位，能夠繼續超越市場成長。

Gross margin was near 43%, and most negatively impacted by manufacturing yield issues on our highest-volume part in the quarter.

毛利率接近 43%，受到本季產量最高零件的製造良率問題的負面影響最大。

Manufacturing yield issues on this part, a low-VAM pad module, were related to SAW filters from a single fab.

此零件（低 VAM 焊盤模組）的製造良率問題與單一晶圓廠的 SAW 濾波器有關。

The impact was contained within Qorvo, and yields have stabilized in the fab, which will help support even stronger customer demand for that module in the third quarter.

此影響已在 Qorvo 內部得到控制，晶圓廠的產量已趨於穩定，這將有助於支持第三季度客戶對該模組的更強勁需求。

During the third quarter, we do expect margins to improve on more stable production.

在第三季度，我們確實預期利潤率將因生產更加穩定而改善。

However, higher mix of the low-VAM pad will partially offset the improvement.

然而，低 VAM 墊的更高混合將部分抵消改進。

Operating expenses were at our target 20% of sales, or $173 million.

營運費用佔銷售額的 20%，即 1.73 億美元。

During the quarter, we had higher expenses to support ongoing development programs, higher sales commissions, and the full-quarter effects of our GreenPeak acquisition.

在本季度，我們有更高的費用來支持正在進行的開發計劃、更高的銷售佣金以及收購 GreenPeak 的整個季度的影響。

Operating income for the quarter was approximately $197 million, with margins negatively impacted by the gross margin effects discussed.

該季度的營業收入約為 1.97 億美元，利潤率受到所討論的毛利率影響的負面影響。

Non-GAAP net income was $170 million, and diluted earnings per share was $1.29.

非 GAAP 淨利潤為 1.7 億美元，稀釋後每股收益為 1.29 美元。

Turning to the balance sheet and cash flow, cash increased to $469 million.

轉向資產負債表和現金流，現金增加至 4.69 億美元。

Cash flow from operations was $250 million on income growth and efficient working capital management, particularly inventories.

由於收入成長和高效的營運資本管理（尤其是庫存），營運產生的現金流為 2.5 億美元。

Capital expenditures of $120 million are largely addressing growing premium filter demand through SAW investments in North Carolina and BAW investments in Texas.

1.2 億美元的資本支出主要透過 SAW 在北卡羅來納州的投資和 BAW 在德克薩斯州的投資來滿足不斷增長的優質過濾器需求。

We yielded $130 million of free cash flow in the quarter.

本季我們產生了 1.3 億美元的自由現金流。

During the quarter, we repurchased $91 million of shares.

本季度，我們回購了 9,100 萬美元的股票。

And today, we announced the approval of a new $500 million share repurchase program.

今天，我們宣布批准一項新的 5 億美元股票回購計畫。

We intend to commence buying under this program when our window opens, as part of an ongoing commitment to return capital to shareholders.

我們打算在窗口打開時開始根據該計劃進行購買，作為向股東返還資本的持續承諾的一部分。

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 customer demand supports the following non-GAAP expectations for the December quarter.

Qorvo 目前認為客戶需求支援對 12 月季度的以下非 GAAP 預期。

Quarterly revenue between $800 million and $840 million, sequential gross margin expansion of 100 to 200 basis points, diluted EPS between $1.15 and $1.35, tax rate of approximately 8%.

季度營收在 8 億至 8.4 億美元之間，毛利率環比增長 100 至 200 個基點，攤薄後每股收益在 1.15 至 1.35 美元之間，稅率約為 8%。

Our December quarter guidance reflects continued strong demand, with projected year-over-year sales growth over 30%.

我們 12 月季度的指導反映了持續強勁的需求，預計銷售額將年增超過 30%。

We currently expect gross margins to improve from the second quarter and through the second half of the FY17, as our mix of low-band pad peaks in the third quarter, and our operations stabilize.

我們目前預計毛利率將從第二季到 2017 財年下半年有所改善，因為我們的低頻段組合在第三季達到頂峰，並且我們的營運趨於穩定。

We expect OpEx to remain near 20% of sales in the third quarter, and trend down in dollars through the rest of the fiscal year on lower commissions and an increase in productivity initiatives.

我們預計第三季營運支出將保持在銷售額的 20% 左右，並且由於佣金降低和生產力計劃增加，在本財年剩餘時間裡，營運支出將呈下降趨勢。

CapEx will remain elevated through the rest of the fiscal year, as we invest in premium filter capacity to support forecasted customer demand.

由於我們投資於優質過濾器產能以支援預測的客戶需求，資本支出將在本財年剩餘時間內維持在高水準。

As I close out my first quarter at Qorvo, I'd like to share my initial observations on the Company, and provide a longer-term outlook on the business.

在結束 Qorvo 的第一季時，我想分享我對公司的初步觀察，並提供對公司的長期展望。

I believe Qorvo is exceptionally well-positioned to address rapidly growing RF demand, and the design and production challenges posed by growing RF module complexity.

我相信 Qorvo 處於得天獨厚的優勢，能夠滿足快速增長的射頻需求，以及日益增長的射頻模組複雜性所帶來的設計和生產挑戰。

Qorvo has the key technologies, best-in-class design resources, advanced production capabilities and high-quality employees to succeed.

Qorvo 擁有成功所需的關鍵技術、一流的設計資源、先進的生產能力和高素質的員工。

While the Company has all the pieces to deliver extraordinary shareholder value, we have to improve our execution to reach this potential.

雖然公司擁有提供非凡股東價值的一切條件，但我們必須提高執行力才能發揮這一潛力。

The integration has gone well in many ways, validated our vision for the combined Company, and yielded a common culture and synergies.

此次整合在許多方面進展順利，驗證了我們對合併後公司的願景，並產生了共同的文化和協同效應。

But there is more that can be done on both the integration and general productivity.

但在整合和整體生產力方面還有更多工作要做。

For example, this past quarter was the first full quarter in which most of the Company was on a common ERP system.

例如，上個季度是公司大部分部門都使用通用 ERP 系統的第一個完整季度。

Going forward, we expect that improved visibility, increased financial discipline and rigor, and a broad-based commitment to operational excellence will help drive additional synergies and improve our financial performance.

展望未來，我們預計，透明度的提高、財務紀律和嚴謹性的加強以及對卓越營運的廣泛承諾將有助於推動更多的協同效應並改善我們的財務表現。

I'm enthusiastic about Qorvo's future, and pleased to be able to contribute to efforts to improve the operating discipline and efficiency of the Company.

我對 Qorvo 的未來充滿熱情，並很高興能夠為改善公司的營運紀律和效率做出貢獻。

Within six quarters, we expect to be at our target operating performance.

我們預計在六個季度內將達到我們的目標經營績效。

We currently expect double-digit sales growth to continue through FY18, and forecast over 30% operating margins by the fourth quarter of FY18.

我們目前預計 2018 財年銷售額將持續兩位數成長，並預計到 2018 財年第四季營業利潤率將超過 30%。

The Mobile Products segment is projected to benefit from continued content growth and demand for more complex modules using our premium filters.

預計行動產品領域將受益於內容的持續成長以及對使用我們的優質過濾器的更複雜模組的需求。

Our Infrastructure & Defense products segment has been repositioned to serve higher-growth markets, including Wi-Fi, automotive, IoT and wireless infrastructure.

我們的基礎設施和國防產品部門已重新定位，以服務高速成長的市場，包括 Wi-Fi、汽車、物聯網和無線基礎設施。

Looking forward through FY18, we expect IDP's growth to be in line with Mobile Products.

展望 2018 財年，我們預期 IDP 的成長將與行動產品保持一致。

For the rest of this fiscal year, we expect our margins will improve, as the operations stabilize and low-band pad mix declines.

在本財年剩餘時間內，隨著營運穩定和低頻段組合下降，我們預計我們的利潤率將會改善。

We expect to exit FY17 above 46% gross margins, and we believe that additional yield improvements, factory loading, sourcing and other productivity initiatives, will help drive margin expansion in FY18.

我們預計 2017 財年的毛利率將達到 46% 以上，並且我們相信，額外的產量提高、工廠裝載、採購和其他生產力舉措將有助於推動 2018 財年的利潤率擴張。

Factory-yield improvements from process maturity and larger-wafer production in SAW and BAW are expected to add approximately 100 basis points to gross margin in FY18.

SAW 和 BAW 的製程成熟度和更大晶圓生產帶來的工廠良率提高預計將使 2018 財年的毛利率增加約 100 個基點。

Higher volumes are projected to add over 150 basis points of margin, based on higher utilization of our BAW, SAW, and gas lines, as well as ramping our new Jishou assembly and test facility.

基於我們的 BAW、SAW 和天然氣生產線利用率的提高，以及我們新吉首組裝和測試設施的擴建，產量的增加預計將增加超過 150 個基點的利潤。

Next year, considering projected volumes and the impacts of consolidation efforts and measured capacity additions, we expect our global operations to be running near capacity.

明年，考慮到預計的銷售量以及整合工作和測得的產能增加的影響，我們預計我們的全球業務將接近產能運作。

Finally, we project an ongoing supply chain consolidation, and procurement initiatives, along with additional efforts to wring out merger savings, should drive another 150 basis points of gross margin expansion.

最後，我們預計持續的供應鏈整合和採購計劃，以及為節省合併成本而付出的額外努力，應該會推動毛利率再增加 150 個基點。

Together, by the end of FY18, we expect these efforts and a more favorable mix of higher-margin products should result in greater than 50% gross margins.

我們預計，到 2018 財年末，這些努力以及更有利的高利潤產品組合將帶來超過 50% 的毛利率。

In FY18, our OpEx is expected to grow at no more than half the rate of sales, which will drive OpEx to under 20% of sales.

2018 財年，我們的營運支出預計成長率不會超過銷售額的一半，這將使營運支出佔銷售額的比例降至 20% 以下。

The operating model Bob mentioned is intact.

鮑伯提到的營運模式完好無損。

It's a focus and imperative for our business team, and a goal we expect to achieve.

這是我們業務團隊的重點和當務之急，也是我們期望實現的目標。

We plan to exit FY18 at over 50% gross margins, OpEx below 20% of sales and operating margins over 30%.

我們計劃以超過 50% 的毛利率、低於銷售額 20% 的營運支出和超過 30% 的營運利潤率退出 2018 財年。

Achieving this performance would generate substantial free cash flow, which we plan to use for acquisitions and returning capital to our shareholders.

實現這一業績將產生大量自由現金流，我們計劃將其用於收購並向股東返還資本。

With that, I'll turn the call back over to the operator for questions.

這樣，我會將電話轉回給接線生詢問問題。

(Operator Instructions)

（操作員說明）

We'll take our first question from Ambrish Srivastava with BMO Capital Markets.

我們將回答 BMO 資本市場的 Ambrish Srivastava 提出的第一個問題。

Hi, thank you very much.

你好，非常感謝你。

And I do appreciate the color, the longer-term trajectory that you're providing.

我確實很欣賞你提供的顏色和長期軌跡。

But just near term, I just wanted to focus on the gross margin.

但就短期而言，我只想關注毛利率。

You had a gross profit.

你有毛利。

If I look at what you guided to versus what you reported, it seems like a negative impact from higher revenues.

如果我看一下您的指導內容與您報告的內容，這似乎是收入增加的負面影響。

Am I reading that correct, that this is a negative-margin business that you're winning incrementally?

我的理解是否正確，這是一項負利潤業務，而您正在逐步贏得勝利？

And then I had a follow-up.

然後我進行了跟進。

Well, Ambrish, this is Mark.

嗯，安布里什，這是馬克。

So it's a mix issue.

所以這是一個混合問題。

So if you look at what we reported in the second quarter, we reported roughly 43% gross margin.

因此，如果你看看我們第二季的報告，我們報告的毛利率約為 43%。

We pick up more than 200 basis points related to the yield issues that we had on our largest runner.

我們發現與我們最大的跑步者的收益率問題相關的超過 200 個基點。

We pick up another less than 100 basis points, but more inventory- and yield-related issues on smaller products.

我們又發現了不到 100 個基點，但更多的是較小產品的庫存和產量相關問題。

Now we lose 100 basis points related to higher volumes of a lower-margin product mix, especially the one part.

現在我們損失了 100 個基點，這與低利潤產品組合的銷售增加有關，尤其是其中一個部分。

And that's increasing to about 1.5 times the percent of our business mix that it was in the second quarter.

這一數字占我們第二季業務組合百分比的約 1.5 倍。

Okay.

好的。

And so my quick follow-up then is related to your guide, and I'm not if I caught it correct.

因此，我的快速跟進與您的指南有關，如果我理解正確的話，我就不是。

The improvement that you're seeing in the current quarter, in the margin, is that from the high-volume customer being down sequentially?

您在本季看到的利潤率改善是因為大量客戶數量連續下降嗎？

Or is there a structural improvement in your gross margin?

或者說你們的毛利率有結構性的改善嗎？

It's a structural improvement.

這是一個結構性的改進。

So that customer will still be up, Q over Q, right?

這樣客戶還是會起床，Q over Q，對吧？

Yes.

是的。

Strong business.

業務強勁。

Okay, I will cede the floor.

好吧，我讓出發言權。

Thank you.

謝謝。

Thank you.

謝謝。

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。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

This is [N.

這是[N.

I.] calling in for Greg.

I.] 打電話給格雷格。

Want to go back on gross margins.

想要恢復毛利率。

You're calling for 150 [of close] sequential improvement and continued improvement going forward, right?

您要求進行 150 項連續改進並繼續改進，對嗎？

Like just want to figure out like what line of visibility do you have there in terms of the various actions you will take?

就像只是想弄清楚，就您將採取的各種行動而言，您在那裡有什麼可見性？

Because I understand the mix perspective.

因為我了解混合視角。

But like what confidence do you have that the yield issue that you faced last quarter will be behind you as we go forward?

但是，您有什麼信心相信上季度面臨的收益率問題將在我們前進的過程中得到解決？

This is Mark again.

這又是馬克。

So we have very good visibility.

所以我們有很好的能見度。

So the walk I did initially walks to 200 basis points sequential improvement, a combination of better yield in the third quarter, fewer associated inventory write-offs, and then we lose some ground related to the higher volume associated with the lower-margin part.

因此，我最初所做的步行是連續改善 200 個基點，第三季度收益率提高，相關庫存沖銷減少，然後我們失去了一些與較低利潤部分相關的較高交易量相關的基礎。

So just a mix issue.

所以只是一個混合問題。

So that's a 200-basis point sequential improvement.

所以這是 200 個基點的連續改進。

We gave a range of a 100 to 200 basis points to deal with the fact that -- listen, we're doing record volumes, and we want to make sure that we meet our commitments and we have good line of sight to what the midpoint would be, 150 basis points.

我們給出了 100 到 200 個基點的範圍，以應對以下事實：聽著，我們正在做創紀錄的交易量，我們希望確保我們履行我們的承諾，並且我們對中點有良好的了解將為150個基點。

As far as the longer-term view, we've done a great deal of work to walk back up to margins that we used to be, and how are we going to get there.

就長遠來看，我們已經做了大量的工作來恢復到以前的利潤水平，以及我們將如何實現這一目標。

And as we've pointed out in several calls, including today, we have a large number of initiatives underway which begin to bear fruit -- well, they've benefited us recently.

正如我們在包括今天在內的多次電話會議中指出的那樣，我們正在進行大量舉措，這些舉措已開始取得成果——嗯，它們最近使我們受益。

But they continue to bear fruit through 2018, as our facilities are more mature, as they are fully loaded and our product mix turns over to higher-value parts.

但它們在 2018 年繼續結出果實，因為我們的設施更加成熟，滿載運轉，而且我們的產品組合轉向更高價值的零件。

So we feel confident in the business model and our gross margin objective in the fourth quarter of 2018.

因此，我們對2018年第四季的業務模式和毛利率目標充滿信心。

Got it, that's helpful.

明白了，很有幫助。

For my follow-up, wanted to talk about China smartphones as a group.

在我的後續活動中，我想談談中國智慧型手機作為一個整體。

Like you talked about the long-term confidence in that region, with more phones being full-mode, that's helping you guys with the long term.

就像您談到對該地區的長期信心一樣，隨著越來越多的手機成為全模式，這對您們的長期發展有幫助。

Can you just talk about some of the trends that you saw in September?

您能談談您在 9 月看到的一些趨勢嗎？

Did that group grow in September?

該群體在 9 月增長了嗎？

And what are your expectations for China smartphones in December?

您對12月中國智慧型手機有何期待？

This is Eric.

這是埃里克。

I'll take that.

我會接受的。

We did have yet another fantastic quarter of growth with our China-based customer set.

我們的中國客戶群確實又實現了驚人的季度成長。

Of course, Huawei was a 10% customer for the Company.

當然，華為是公司10%的客戶。

But beyond Huawei as well, with Oppo and Vivo and many others in China, we did benefit from the trend of higher-dollar content in the RF.

但除了華為之外，還有 Oppo 和 Vivo 以及中國的許多其他公司，我們確實受益於 RF 內容價格更高的趨勢。

We are expecting exiting the year as that over half the phones consumed in China will now be full-mode phones.

我們預計今年結束時，中國消費的手機一半以上將是全模手機。

We're also seeing many of our customers looking to export, and reducing their SKU count.

我們也看到許多客戶希望出口，並減少他們的 SKU 數量。

Which of course, those two things together drive up RF content further, as we look into next year.

當然，正如我們展望明年的那樣，這兩件事共同推動了射頻內容的進一步成長。

So for the December quarter specifically, to your question, we are remaining cautious on China, and being careful for any inventory pockets that might be out there.

因此，特別是對於 12 月季度，對於您的問題，我們對中國保持謹慎態度，並小心可能存在的任何庫存。

We see some customer-specific issues, but our products are used across all of our sets.

我們看到了一些客戶特定的問題，但我們的產品在我們所有的產品中都被使用了。

So we expect to work through that in December, and then back to growth next year.

因此，我們預計將在 12 月解決這個問題，然後在明年恢復成長。

Got it.

知道了。

Very helpful.

很有幫助。

We'll take our next question from Ed Snyder with Charter Equity.

我們將回答來自 Charter Equity 的 Ed Snyder 的下一個問題。

Thanks a lot.

多謝。

Couple questions here.

這裡有幾個問題。

Eric, have you identified the problem with the TC-SAW filter, and has it been corrected?

Eric，您是否已確定 TC-SAW 濾波器的問題並已修正？

I understand you can't correct it in real time, because you're in production with your largest customer.

我知道您無法即時糾正它，因為您正在與最大的客戶一起生產。

But if they were to say to you: hey, we'll take a break, we can recall this part -- would your yields on that part snap back to more traditional levels?

但如果他們對你說：嘿，我們休息一下，我們可以回憶一下這部分——你那部分的收益率會恢復到更傳統的水平嗎？

And then maybe if you could walk us through the bigger picture, Bob?

那麼鮑勃，你能否帶領我們了解更大的圖景？

You guys were at over 50% gross margin a couple times in the last 18 months or so, and it seems to have lost the recipe.

在過去 18 個月左右的時間裡，你們的毛利率有幾次超過 50%，但它似乎已經失去了秘訣。

Besides the TC-SAW part and low-band pad and all of that, it was dropping before then.

除了 TC-SAW 部分和低頻段焊盤以及所有這些之外，在此之前它一直在下降。

What are the problems that you faced since that time that are causing you such angst in the margin profile, outside of the yield issues?

從那時起，除了收益率問題之外，您還面臨哪些問題，導致您對利潤狀況感到如此焦慮？

And what is it going to take to get back on track?

怎樣才能重回正軌？

Thanks.

謝謝。

Okay, Ed, I'll start with the issues.

好的，艾德，我將從問題開始。

So we did identify the fact that our yield was lower than expected.

所以我們確實發現了我們的收益率低於預期的事實。

To go a little deeper than that, it's specific to the dye level yield within the SAW and TC-SAW manufacturing process.

更深入地說，它特定於 SAW 和 TC-SAW 製造過程中的染料水平產量。

I should be clear, it's not related to a design issue.

我應該澄清，這與設計問題無關。

In fact, it's not even related to the filter resonators themselves.

事實上，它甚至與濾波器諧振器本身無關。

It's really contained within the dye singulation process and wafer-level packaging.

它實際上包含在染料分割製程和晶圓級封裝中。

The fact is, we had, had a very steep ramp, the volume was heavily loaded towards the back of the quarter.

事實是，我們有一個非常陡峭的坡道，在本季度末，成交量負荷沉重。

Our dye-level screens that we have in place in the factory did not catch the issue, and so we found it once we had assembled the modules completely and we're well-into production.

我們在工廠安裝的染料級螢幕沒有發現這個問題，所以我們在完全組裝模組並投入生產後發現了這個問題。

Our top priority, of course, was protecting our customers' lines.

當然，我們的首要任務是保護客戶的線路。

We made sure that they had good material.

我們確保他們有好的材料。

It resulted in great many modules that needed to be scrapped at the finish good level.

這導致大量模組在完工後需要報廢。

However, by now we have produced, as you can imagine, tens of millions of the part.

然而，正如你想像的那樣，到目前為止我們已經生產了數千萬個零件。

We understand the problem very well.

我們非常了解這個問題。

We now have new dye-level screens which are targeting the issue and working effectively.

我們現在擁有新的染料級篩選，可以針對該問題並有效發揮作用。

So I think that it's behind us.

所以我認為它已經落後於我們了。

To your point, we can't make changes in the actual manufacturing process now that we're in production.

就你的觀點而言，我們既然已經投入生產，就無法改變實際的製造過程。

We do have some ability to make incremental improvements from here, which we're going to do.

我們確實有能力從這裡開始進行漸進式改進，我們將會這樣做。

But products that we release from this point forward will have improved manufacturing process, and not be subject to this yield at all.

但我們從現在開始發布的產品將改進製造工藝，並且根本不受此良率的影響。

And Ed, to your second question, getting back to the 50% gross margin, longer-term, Mark clearly walked you through all that.

Ed，關於你的第二個問題，回到 50% 的長期毛利率，Mark 清楚地向你介紹了這一切。

But if you kind of lock at what's been going on in our factories, we have our BAW factory full, and then we have our SAW factory full, and then we have our BAW factory full, and then we have SAW factory full.

但如果你了解我們工廠正在發生的事情，我們的 BAW 工廠已滿，然後我們的 SAW 工廠已滿，然後我們的 BAW 工廠已滿，然後我們的 SAW 工廠已滿。

So when we talked last quarter about our BAW factory was way under-loaded from optimum.

因此，當我們在上個季度談論我們的 BAW 工廠時，其負荷遠低於最佳狀態。

And that is a large part -- as you know, Ed, it's a very good margin product family.

這是很大一部分 - 正如你所知，艾德，這是一個利潤率非常高的產品系列。

And quite honestly, we missed that.

老實說，我們錯過了這一點。

And we also talked last quarter that some of our initial multiplexers weren't yielding real well.

上個季度我們也談到，我們最初的一些多工器的產量並不好。

And that's still in that mix, but we're committed to get back to the 50%-plus.

這仍然是其中的一部分，但我們致力於恢復到 50% 以上。

IDP continues to do extremely well.

IDP 繼續表現出色。

The balance of the mobile portfolio outside this one product family does extremely well, and we've got one area we got to go to work on.

這產品系列以外的行動產品組合的平衡表現非常好，我們有一個領域需要努力。

It looks like the revenue profile, from all of our checks, and what you said and everybody said, looks excellent for all the [RF semi] companies in terms of the business that you're chasing now.

從我們所有的檢查以及您所說的和每個人所說的來看，就您現在正在追求的業務而言，對於所有[射頻半導體]公司來說，收入狀況看起來都非常出色。

I know you guys are busy [it will get out those sky works at el zivago].

我知道你們很忙[它將在 el zivago 完成那些天空作品]。

But I guess the big question, Bob, is, the loading on the BAW factory dropped.

但鮑勃，我認為最大的問題是 BAW 工廠的負載下降了。

You've been expanding it even recently in anticipation of better utilization and content wins next year.

您最近一直在擴展它，期望明年能獲得更好的利用率和內容勝利。

How can you be sure that you're not making the same mistake this time that was made when you expanded capacity and didn't get the business last time?

如何確保這次不會重蹈上次擴容而沒有拿到業務的錯誤？

Well, clearly, Ed, we've got a lot more learning as the Companies come together.

嗯，很明顯，艾德，隨著公司的合併，我們學到了很多。

And I think if you look at our top line and what we've done already just the second half in driving the growth, our product execution has significantly improved.

我認為，如果你看看我們的營收以及我們下半年在推動成長方面所做的工作，我們的產品執行力已經顯著改善。

We're making great progress.

我們正在取得巨大進展。

I think also you're starting to see the market for BAW-based products expand much greater than just one customer.

我認為您也開始看到基於 BAW 的產品市場的擴張遠遠超出了單一客戶的規模。

So the risk that we look at whenever we make this investment is actually going down over time, because we have a larger customer base to sell BAW-based products.

因此，每當我們進行這項投資時，我們所考慮的風險實際上都會隨著時間的推移而下降，因為我們有更大的客戶群來銷售基於 BAW 的產品。

We'll take our next question from Toshiya Hari with Goldman Sachs.

我們將回答高盛 Toshiya Hari 提出的下一個問題。

Great, thanks so much for taking my question.

太好了，非常感謝您提出我的問題。

First, can you maybe share with us your preliminary expectations for content growth going into 2017 at your US, Korean and Chinese customers?

首先，您能否與我們分享您對 2017 年美國、韓國和中國客戶內容成長的初步預期？

Should we take history as a guide for next year and assume content growth in the teens?

我們是否應該以歷史為明年的指南並假設青少年的內容成長？

Or are there inflexions unique to 2017 that could lead to potential acceleration?

或者是否有 2017 年特有的拐點可能導致潛在的加速？

So for the mobile side, I'll say that we see a continuation really on a relatively consistent slope, if you will, more in the 10% to 15% range in terms of the overall TAM growth.

因此，對於行動端，我想說的是，我們確實看到了相對一致的斜率的延續，如果你願意的話，就整體 TAM 增長而言，更多地在 10% 到 15% 的範圍內。

And that is completely driven by content growth.

這完全是由內容成長所驅動的。

We are not counting on unit growth at all.

我們根本不指望單位增長。

And so it's a continuation of the thing we've been seeing this year, no real discontinuities.

所以這是我們今年所看到的事情的延續，沒有真正的間斷。

Yes, let me talk -- I'm going to jump in and talk a little bit about IDP growth.

是的，讓我談談──我要談談國內流離失所者的成長。

There's exciting things really going on in several of our key markets.

我們的幾個主要市場確實正在發生令人興奮的事情。

Over the past year or so, we've positioned the business to take care of some of those trends.

在過去一年左右的時間裡，我們對業務進行了定位，以適應其中一些趨勢。

Trends like connected car, connected home, the proliferation of phased arrays or massive MIMO, and the development of 5G.

連網汽車、連網家庭、相控陣或大規模 MIMO 的普及以及 5G 的發展等趨勢。

So as an example, GaN has been a great growth story for us.

舉個例子，GaN 對我們來說是一個偉大的成長故事。

Our capabilities have allowed us to capture key markets, things like DOCSIS 3.1 for cable TV and base stations, where they are moving to broader bandwidths and higher frequencies.

我們的能力使我們能夠佔領關鍵市場，例如用於有線電視和基地台的 DOCSIS 3.1，這些市場正在轉向更寬的頻寬和更高的頻率。

Also another area for us is IoT, particularly in the connected home.

我們的另一個領域是物聯網，特別是在互聯家庭。

Our system-on-chip capability brings some real advantages to our customers.

我們的系統系統能力為我們的客戶帶來了一些真正的優勢。

We offer benefits in multi-protocol, power consumption and range.

我們在多協定、功耗和範圍方面提供優勢。

And in the next few years for this, this will be a $1.5 billion market for us.

未來幾年，這對我們來說將是一個價值 15 億美元的市場。

Great.

偉大的。

And then as my follow-up, I had a question on M&A.

然後作為我的後續行動，我有一個關於併購的問題。

You've talked about M&A in the past, and specifically your focus on the IDP side of the business.

您過去曾談論過併購，特別是您對 IDP 業務的關注。

Just wanted to confirm if M&A is still a focus for you guys?

只是想確認併購是否仍是你們關注的焦點？

And if you can remind us what conditions you'd look for in an asset or a business as you filter through potential deals, that would be helpful.

如果您能提醒我們在篩選潛在交易時您會在資產或業務中尋找哪些條件，那將會很有幫助。

Thank you.

謝謝。

Sure, thanks, Toshiya.

當然，謝謝，東也。

Couple things.

夫婦的事情。

One is, Mark said in his comments, as we generate cash, M&A is absolutely one of the areas that we'll look to put that to work.

馬克在評論中說，其中之一是，當我們產生現金時，併購絕對是我們希望將其發揮作用的領域之一。

Last quarter we talked about the acquisition we made with GreenPeak for the low-power wireless.

上個季度我們討論了我們與 GreenPeak 進行的低功耗無線收購。

And that fit the criteria that we use when we look at an acquisition.

這符合我們在考慮收購時所使用的標準。

Number one, high growth.

第一，高成長。

Number two, good margin profile.

第二，良好的利潤狀況。

Number three, a nice market to help diversify our business in the fast-growing market of the IoT.

第三，這是一個很好的市場，可以幫助我們在快速成長的物聯網市場中多元化業務。

So we are willing to have M&A activities on smaller companies that are tuck-ins, that we believe we can grow in scale, given our own ability to grow in scale.

因此，我們願意對規模較小的公司進行併購活動，我們相信，鑑於我們自己的規模成長能力，我們可以擴大規模。

Obviously another area that we look at are technologies that we might want to tuck in, in either the mobile business or IDP, that we can then leverage.

顯然，我們關注的另一個領域是我們可能想要融入的技術，無論是行動業務還是 IDP，我們都可以利用這些技術。

But getting far-abreast of the RF field currently is not in our interest.

但目前我們對射頻領域的了解並不感興趣。

We think we're in great markets that are growing.

我們認為我們正處於一個不斷成長的巨大市場中。

The semiconductor industry, in general, is slowing.

總體而言，半導體產業正在放緩。

For as far as we can see, three to five years out, this will be one of the fastest, if not the fastest, segments of growth for the semiconductor industry.

據我們所知，三到五年後，這將是半導體產業成長最快（即使不是最快）的領域之一。

We have to continue to improve our execution and our productivity, as Mark pointed out.

正如馬克所指出的那樣，我們必須繼續提高我們的執行力和生產力。

But we think we're in a great place.

但我們認為我們處於一個很好的位置。

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

我們將回答哈什·庫馬爾和史蒂芬斯提出的下一個問題。

Hey, guys, I just want to clarify something you said earlier -- your largest customer will be up in December.

嘿，夥計們，我只是想澄清一下你們之前所說的話——你們最大的客戶將在 12 月到來。

And if that's the case, I'm just curious if you could provide us some color on what is affecting the December guidance, that we just had slightly $40 million-something down, curious any color on that?

如果是這樣的話，我只是好奇你是否能為我們提供一些關於影響 12 月份指導的因素的信息，我們剛剛減少了 4000 萬美元左右，好奇這方面有什麼顏色嗎？

Harsh, last quarter, we explained to the group that we were -- I know some were surprised at our guidance, and we said we were still taking a conservative stance, in particular on China.

嚴厲的是，上個季度，我們向小組解釋說，我知道有些人對我們的指導感到驚訝，我們說我們仍然採取保守立場，特別是在中國方面。

And we saw tremendous upside from China during the quarter, which is why we exceeded our revenue guidance.

我們在本季看到了中國的巨大成長，這就是我們超越收入指引的原因。

So we're taking, in general, for our Asia customers, a conservative view, and we're expecting them to be down significantly quarter over quarter.

因此，總的來說，我們對亞洲客戶採取保守的看法，我們預計他們的業績將逐季大幅下降。

We are expecting IDP to be flat to up slightly.

我們預計 IDP 將持平或略有上升。

But the majority of that drop is with our Asian customers.

但下降的大部分來自我們的亞洲客戶。

Have you seen that in the orders, or is that just your conservative viewpoint?

您在訂單中看到過這一點嗎？或者這只是您的保守觀點？

And then as my follow-up, I think your CFO gave peak-of-the-year issue is, I think, the December quarter, from what I understand.

然後，作為我的後續行動，我認為你們的財務長給出的年度高峰問題是，據我所知，我認為是 12 月季度。

Now I know your largest customer revenues will come down in March seasonally.

現在我知道你們最大的客戶收入將在三月季節性下降。

How should we think of that interplay between margins and revenues falling off as we go forward from December quarter?

隨著我們從 12 月季度開始，我們應該如何看待利潤率和收入之間的相互作用？

Thanks, Harsh.

謝謝，嚴酷。

Mark will take the gross margin.

馬克將計算毛利率。

As far as your question on orders, typically in Asia, we see strength in the beginning of the quarter, and then it drops off as we head towards Chinese New Year.

至於你關於訂單的問題，通常是在亞洲，我們看到本季初的訂單量強勁，然後隨著農曆新年的臨近而下降。

So we're taking conservative view.

所以我們採取保守的觀點。

We'll see.

我們拭目以待。

These customers are not very good at giving great forecasts, and usually, within lead time.

這些客戶不太擅長在交貨時間內提供良好的預測。

So we're not, quote, fully booked for the quarter, but I think we did the right thing in assuming that business was going to be down.

因此，我們本季的預訂並未全部預訂完畢，但我認為我們假設業務將會下降的做法是正確的。

That's fair.

這還算公平。

And Harsh, it's Mark.

哈什，是馬克。

So you'll see the reverse of the effect on the mix that you see in the third quarter, you'll see the reverse of that in the fourth quarter.

因此，您將看到與第三季度中看到的混合效果相反的效果，您將在第四季度中看到相反的效果。

So again, the improved yields that we see in the third quarter are partially offset by this mix drag on the higher volume of that low-band pad.

因此，我們在第三季看到的收益率提高部分被低頻段較高音量的混合拖累所抵消。

As that low-band pad decreases in the fourth quarter, we'll see a 100- to 200-basis point margin lift from that.

隨著第四季低帶墊的減少，我們將看到利潤率從此提升 100 到 200 個基點。

We'll take our next question from Mike Burton with Brean Capital.

我們將回答來自 Brean Capital 的 Mike Burton 的下一個問題。

Hey, thanks for taking my questions, and thanks for the detail on the margin expectations.

嘿，感謝您提出我的問題，並感謝您提供有關利潤預期的詳細資訊。

Bob just mentioned the multiplexer yield issues.

Bob 剛剛提到了多重化器良率問題。

Did I hear you correct that those yields are now up or satisfactory?

我是否聽到您糾正說這些收益率現在已經上升或令人滿意？

And is that part above or below corporate now?

現在這部分是高於還是低於公司？

And should it be going forward when it is at satisfactory yields?

當殖利率令人滿意時是否應該繼續推進？

This is Eric.

這是埃里克。

I'll take that, Mike.

我會接受的，麥克。

So yes, multiplexer yields are back up where they should be.

所以，是的，多工器的產量回到了應有的水平。

Margins on that product are roughly at our average right now.

目前該產品的利潤率大致相當於我們的平均值。

We've got newer products coming out for new multiplexers earlier next year on our new BAW process, with significantly better performance.

明年初，我們將在新的 BAW 製程上推出適用於新多工器的新產品，性能顯著提高。

We would expect those to be accretive to our standard margin.

我們預計這些將增加我們的標準利潤。

Okay, great.

好的，太好了。

And then definitely early here, but as we look forward to the March quarter, can you remind us kind of some of the seasonality for Qorvo now, especially after -- with GreenPeak and some of the changes in the model?

當然很早，但當我們期待 3 月份季度時，您能否提醒我們 Qorvo 現在的一些季節性，特別是在 GreenPeak 和模型中的一些變化之後？

How should we be thinking about, on an initial basis, seasonality for Qorvo?

我們最初應該如何考慮 Qorvo 的季節性？

And any color that you might want to add to that, Bob?

鮑勃，你想添加什麼顏色？

Thanks.

謝謝。

Yes, thank you.

是的，謝謝。

From an IDP perspective, typically, roughly flattish going into that March quarter.

從 IDP 的角度來看，進入 3 月季度後，通常情況大致持平。

A little too soon for us to call, but usually, it's typically around flat.

對我們來說現在打電話還為時過早，但通常情況下，價格基本上持平。

But as you notice when you look at what's transpired over the last few years, Q1 for the mobile business is usually down pretty significantly.

但正如您在查看過去幾年發生的情況時注意到的那樣，行動業務的第一季通常會大幅下降。

And it's been trending much closer to 15%, primarily as our largest customer ramps down significantly.

而這一比例一直在接近 15%，主要是因為我們最大的客戶數量大幅減少。

And it all depends on the timing of one of our other Asian customer's ramps, but I think it could be 15% in mobile, definitely.

這一切都取決於我們另一位亞洲客戶的成長時間，但我認為行動領域的成長肯定是 15%。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

We'll take our next question from Bill Peterson with JPMorgan.

我們將回答摩根大通的比爾彼得森提出的下一個問題。

Thanks for taking the questions, and thanks for providing the gross margin walk.

感謝您提出問題，也感謝您提供毛利率走勢。

Actually, first one for James.

事實上，第一個是詹姆斯的。

Can you level-set us on the size of the GaN business now in terms of an annual run rate?

您能否以年運行率的形式向我們介紹 GaN 業務的規模？

And where this could go in this fiscal -- let's say, the balance of the year in FY18?

在本財年（比如說 2018 財年的餘額）中，這可能會走向何方？

Yes, let me give you a couple of data points.

是的，讓我給你幾個數據點。

Let's first talk about base station.

我們先來說說基地台。

We see in the next three or four years probably 50% of the slots being GaN-based.

我們預計未來三、四年內可能有 50% 的插槽是基於 GaN 的。

So you guys can look at what that market size is, but that's a very large opportunity for us.

所以你們可以看看市場規模有多大，但這對我們來說是一個非常大的機會。

We continue to put investment dollars in there.

我們繼續在那裡投入資金。

Focus for us is really performance and trying to drive cost out.

我們真正關注的是性能並努力降低成本。

As you know, we're on -- GaN on silicon carbide.

如您所知，我們正在研究碳化矽上的 GaN。

We believe that's the performance play that will win the slots there.

我們相信，正是這樣的表演才能贏得那裡的席位。

And then our focus now has really been on driving cost out.

我們現在的重點其實是降低成本。

We were first in the industry to get to six-inch, and we're also doing a tremendous amount of work on very low-cost packaging for that marketplace.

我們是業內第一個達到六英寸尺寸的公司，我們也在為該市場開發成本極低的包裝方面做了大量工作。

So about 50% in base station.

所以大約50%在基地台。

And then in the defense side, we see that market somewhere being around $350 million or so in the next few years as well.

然後在國防方面，我們認為未來幾年該市場也將達到 3.5 億美元左右。

We're very well-positioned on the defense side, number one in the market.

我們在防守方面處於非常有利的位置，在市場上排名第一。

Both of those segments are growing above -- right around 25%.

這兩個細分市場的成長率都在 25% 左右。

Defense is perhaps a bit faster.

防禦速度可能會快一些。

But both very healthy.

但兩人都非常健康。

On top of that also is our cable business.

最重要的是我們的有線電視業務。

Maybe not the most rapidly growing, but we have great market share.

也許不是成長最快的，但我們擁有很大的市場份額。

And GaN really is the semiconductor of choice, especially for these DOCSIS 3.1 products that we've got out on the market now.

GaN 確實是首選半導體，特別是對於我們現在正在推出市場的這些 DOCSIS 3.1 產品而言。

Okay, thanks for the color.

好的，謝謝你的顏色。

And then switching back to mobile, I guess now that the new flagship [sells] from your largest customer, obviously the tear-downs are still indicating larger content in the Win1 modem-type, and evenly effectively none in the other.

然後切換回移動設備，我猜現在新的旗艦產品是從您最大的客戶那裡[銷售]的，顯然拆解仍然表明 Win1 調製解調器類型有更大的內容，而其他類型的內容幾乎沒有。

Can you just remind us what your blended RF content is, this generation third to, say, last year's generation?

您能否提醒我們您的混合式射頻內容是什麼，這一代是去年的第三代？

I'm not sure we're going to be able to give that to you right now.

我不確定我們現在能否提供給您。

I apologize for that.

我對此表示歉意。

What we can say is, we continue to grow there, continue to grow revenue dollars per handset each year.

我們可以說的是，我們繼續在那裡成長，每年每部手機的收入持續成長。

So we're in pretty good shape from that perspective.

所以從這個角度來看，我們的狀況非常好。

We'll take our next question from Timothy Arcuri with Cowen and Company.

我們將回答 Cowen and Company 的 Timothy Arcuri 提出的下一個問題。

Thank you very much.

非常感謝。

I had two.

我有兩個。

First of all, you're talking about a 50% margin target longer term.

首先，您談論的是 50% 的長期利潤目標。

I think -- I was looking back at my notes, and I think we used to talk about margins possibly pushing to 55%.

我想——我回顧了我的筆記，我想我們曾經討論過利潤率可能會提高到 55%。

So I guess the first question is sort of what happened to that 500 basis points?

所以我想第一個問題是這 500 個基點發生了什麼事？

Was there some permanent loss from these issues you've been having?

您遇到的這些問題是否為您帶來了永久性的損失？

As far as the gross margin targets, when we presented one time back in November a year ago, we talked about driving our margins between 50% and 55%.

至於毛利率目標，當我們在一年前的 11 月一次提出時，我們談到了將利潤率提高到 50% 到 55% 之間。

I think what Mark and I have both said today is, we're still comfortable with getting better than 50% gross margin.

我認為馬克和我今天所說的是，我們仍然對毛利率高於 50% 感到滿意。

So that's still in the realm of possibilities.

所以這仍然是有可能的。

Okay, thanks.

好的謝謝。

And then I guess I wanted to ask on the trajectory.

然後我想我想問一下軌跡。

To get back there, you had talked about it taking like six quarters.

回到那裡，你花了大約六個季度的時間談論這件事。

But is it a SKU-based issue so that when you move this low-band pad SKU off, when you cycle that through, that's when the margins are going to really come back, so that it's probably a bit more back-end-loaded as you look out the next six quarters?

但這是一個基於 SKU 的問題嗎？因此，當您將這個低頻段墊 SKU 移走時，當您循環使用時，利潤率就會真正回來，因此後端負載可能會更多一些您展望未來六個季度嗎？

First, I want to make sure that we understand -- we talked a little bit about this, I think, last quarter when we talked about that program.

首先，我想確保我們理解——我想，上個季度我們在談論該計劃時對此進行了一些討論。

Our expectations are, it's a multi-year program.

我們的期望是，這是一個多年期計劃。

So it does continue to live on, as you will, greater than 12 months.

因此，正如您所願，它確實會繼續存在超過 12 個月。

Many of the things that Mark talked about are, if you will, also a little bit out in time.

如果你願意的話，馬克談到的許多事情也有點過時了。

So when you couple those two things, it starts to really pick up on the out-quarters.

因此，當你將這兩件事結合起來時，外線的情況就會開始真正好起來。

Plus, as we also talked about, loading of our factories.

另外，正如我們也談到的，我們工廠的裝載。

Next year is when we expect that we're going to be very well-loaded in our SAW facilities, along with our BAW facilities.

明年，我們預計我們的 SAW 設施和 BAW 設施將滿載。

And we actually haven't enjoyed that.

我們實際上並沒有享受到這一點。

Yes, Tim, I think it's important to note that the path to 50%-plus does require that we have more BAW-based content.

是的，提姆，我認為值得注意的是，要達到 50% 以上，確實需要我們擁有更多基於 BAW 的內容。

It's higher-value business, we're solving more difficult problems, so the price point is better.

這是更高價值的業務，我們正在解決更困難的問題，因此價格更好。

And again, our lowest utilized fab at the moment is our BAW fab in Texas.

再說一次，我們目前利用率最低的晶圓廠是我們位於德州的 BAW 晶圓廠。

So once we load that, we're going to get tremendous benefits on the absorption, and then we also get the benefits on mix.

因此，一旦我們加載它，我們就會在吸收方面獲得巨大的好處，然後我們也會在混合方面獲得好處。

Thank you, Mark.

謝謝你，馬克。

Appreciate it.

欣賞它。

We'll take our next question from Quinn Bolton with Needham & Company.

我們將接受 Needham & Company 的 Quinn Bolton 提出的下一個問題。

Hi, Bob, hi, Mark.

嗨，鮑勃，嗨，馬克。

I wanted to follow up on gross margin.

我想跟進毛利率。

If I could go back to last quarter, you guys guided down gross margin, I thought, mostly because you had to use outsourced SAW filters in some of the high-volume runners.

如果我能回到上個季度，我想，你們降低了毛利率，主要是因為你們必須在一些大批量運行中使用外包的 SAW 濾波器。

This quarter, you're talking about having some yield issues on the SAW process that you've talked about.

本季度，您談到了 SAW 製程中存在的一些良率問題。

So I'm just trying to get a sense -- are you still buying a lot of SAW filters externally, and just not getting good margin on the pass-through?

所以我只是想了解一下——您是否仍在外部購買大量 SAW 濾波器，而只是在直通方面沒有獲得良好的利潤？

Or have you been able to in-source that production, and as you tried to ramp the in-source production, you ran into the field issue?

或者您是否能夠內源生產，並且當您試圖增加內源生產時，您遇到了現場問題？

And so we've had a changing impact on that gross margin?

那麼我們對毛利率的影響發生了變化嗎？

Quinn, we are still buying a tremendous amount of filters.

奎因，我們仍在購買大量的過濾器。

Last quarter, we talked an awful lot about filter independence.

上個季度，我們討論了很多關於過濾器獨立性的問題。

And as far as -- we're still continuing to add to our design resources.

就我們而言，我們仍在繼續增加我們的設計資源。

Mark talked a little bit about the OpEx increase.

馬克談到了營運支出的增加。

We're adding designers, and continue -- because we see a lot of opportunities to reduce our cost through that.

我們正在增加設計師，並且會繼續下去——因為我們看到了很多透過這樣做來降低成本的機會。

The part that we're talking about, yes, it does use outsource filters, but it also had some of our internal filters in there, and that's the yield issue that Eric talked through.

我們正在談論的部分，是的，它確實使用了外包過濾器，但它也有一些我們的內部過濾器，這就是艾瑞克談到的產量問題。

And I think we commented last call, but I'll make it clear again.

我想我們在上次通話中發表了評論，但我會再次澄清。

This is a product that we're not able to change the process nor the product design for its multi-year life.

這是一款我們無法改變其多年使用壽命的製程或產品設計的產品。

So we're going to have this for a while.

所以我們會持續一段時間。

What we do believe is that the low-band pad market is a good market for us.

我們確實相信低頻墊市場對我們來說是一個很好的市場。

We will have the right cost structure and we will remain competitive.

我們將擁有正確的成本結構，並保持競爭力。

Just a follow-up on that.

只是對此的後續行動。

Obviously you've got a near-term yield issue that you've identified and you fixed.

顯然，您已經發現並解決了近期收益率問題。

You fixed that yield issue -- does that go away and the overhang really is just the fact that you still use a fair amount of outsourced SAW filters?

您解決了良率問題——這個問題會消失嗎？懸而未決的問題實際上只是您仍然使用相當數量的外包 SAW 濾波器嗎？

Or can you not improve the yield in that particular pad for the life of that product?

或者您不能在該產品的使用壽命內提高該特定焊盤的產量嗎？

So Quinn, this is Eric.

奎因，這是埃里克。

I guess the detail on that is, we have certainly addressed the issue at the module yield level, which is the big dollars, of course, that fall out.

我想具體細節是，我們確實已經在模組良率水準上解決了這個問題，當然，這就是損失的大筆資金。

We're going to continue to run this product for its lifetime with sub-par line yields in the factory, if you will.

如果您願意的話，我們將繼續在工廠中以低於標準的生產線產量運行該產品的整個生命週期。

Now of course, the volumes will tail much lower next year and so forth, as the new handset ramps to replace the current one.

當然，隨著新手機逐漸取代現有手機，明年的銷售量將會大幅下降。

As we have new products that are brought up, we expect those to yield, as they should.

由於我們推出了新產品，我們希望這些產品能產生應有的效果。

So yield highly and improve the margin going forward.

因此，收益率很高並提高了未來的利潤率。

Got it.

知道了。

And then quickly, in the past quarters, you've given us a percent [last] from your largest customer.

然後很快，在過去的幾個季度裡，你們從你們最大的客戶那裡給了我們最後一個百分比。

I'm just wondering if you can provide that again this quarter?

我只是想知道您本季是否可以再次提供該服務？

I'm sorry, Quinn, could you repeat it?

對不起，奎因，你能再說一次嗎？

It was a little bit garbled.

有點亂碼。

I thought it was something about our largest customer?

我以為是我們最大客戶的事？

It was just, in past quarters, you've given us the percent of revenue from that largest customer, and I don't think I caught it.

只是，在過去的幾個季度中，您向我們提供了來自最大客戶的收入百分比，但我認為我沒有理解。

I apologize if I missed, but I don't think you gave that percent of revenue from your largest customer this quarter.

如果我錯過了，我深表歉意，但我認為您本季沒有從最大客戶那裡獲得該百分比的收入。

We'll give you that in just a second.

我們很快就會給你。

It's roughly 40% of mobile.

約佔行動裝置的 40%。

It's a little over 30% for the Company then.

那時公司的比例略高於30%。

Got it.

知道了。

Thank you.

謝謝。

We'll take our next question from Steve Smigie with Raymond James.

我們將回答 Steve Smigie 和 Raymond James 提出的下一個問題。

Great, thanks a lot, guys.

太好了，非常感謝，夥計們。

I was just curious.

我只是好奇而已。

And I believe you guys commented that you would expect to see double-digit revenue growth going forward.

我相信你們評論說，你們預計未來會看到兩位數的收入成長。

And I just wanted to make sure I heard that right.

我只是想確保我沒聽錯。

And would that be sort of each quarter, or on an average over a period of time you get double-digit revenue growth?

每個季度或一段時間內平均收入都會實現兩位數的成長嗎？

I guess we didn't really break it out.

我想我們並沒有真正打破它。

I think what we're very comfortable in is, we can grow the business next fiscal year double-digits.

我認為我們感到非常滿意的是，我們可以在下一個財年實現兩位數的業務成長。

Okay.

好的。

And then sort of following up on a previous question -- not necessarily for a particular customer, but overall, it seemed like you had been getting roughly 20% dollar content increase from one generation of phone to the next.

然後是對上一個問題的後續——不一定是針對特定客戶，但總體而言，從一代手機到下一代手機，您的美元內容似乎增加了大約 20%。

So sort of generically speaking, across the platforms you're winning, does it seem reasonable as we look forward into the coming year that you'd expect to see that 20%, or a little better or a little worse?

所以一般來說，在你獲勝的平台上，當我們展望來年時，你期望看到 20%，或者好一點還是差一點，這似乎合理嗎？

And your thoughts on that?

你對此有何看法？

Yes, for the mobile side, I think that is a possibility.

是的，對於行動端來說，我認為這是有可能的。

We're seeing a trend towards full solutions.

我們看到了全面解決方案的趨勢。

And really, this is across all tiers, both in our RF Flex portfolio, as well as RF Fusion.

事實上，這涉及我們的 RF Flex 產品組合和 RF Fusion 的所有層級。

We have customers now asking us to do a complete reference design, everything from the transceiver to the antenna essentially.

現在有客戶要求我們做一個完整的參考設計，從收發器到天線的所有內容。

And of course, Qorvo is unique in having that capability, of having all those products and the system architecture, and even power management, in-house.

當然，Qorvo 的獨特之處在於擁有這種能力，擁有所有這些產品和系統架構，甚至是電源管理，都是內部的。

So we do see great opportunities to actually see some phenomenal content growth across.

因此，我們確實看到了巨大的機會，可以真正看到一些驚人的內容成長。

Especially if you look at our Asia customer base, the tier 2 customers in Asia, which are driving now a great deal of the units in the industry.

特別是如果你看看我們的亞洲客戶群，亞洲的二級客戶，他們現在正在推動該行業的大量單位。

So I think as you average that out, we can continue to see those kind of content increases.

所以我認為，當你將其平均化時，我們可以繼續看到此類內容的增加。

And this is James.

這是詹姆斯。

That content story really holds for multiple markets.

這個內容故事確實適用於多個市場。

Things -- if you look in the Wi-Fi space, as we move to 8-by-8 MIMO, we see big content growth in the base station market.

事情——如果你看看 Wi-Fi 領域，當我們轉向 8×8 MIMO 時，我們會看到基地台市場的內容大幅成長。

As massive MIMO comes along, that's also a significant driver for us in content.

隨著大規模 MIMO 的出現，這也是我們內容的重要驅動力。

So that is really holding true for us in several of the markets that we serve.

因此，這對我們所服務的幾個市場來說確實如此。

Auto is another example.

汽車是另一個例子。

We're moving from traditional [SDARs] to now content with LTE.

我們正在從傳統的 [SDAR] 轉向現在的 LTE。

And even more in the future, we expect probably 350 million connected cars in the next few years.

更重要的是，我們預計未來幾年內將有 3.5 億輛連網汽車。

Yes, just to follow up on the question you asked, our top customer is 35% of total Qorvo revenues.

是的，為了跟進您提出的問題，我們的最大客戶佔 Qorvo 總收入的 35%。

Our top two 10% customers are 46% of our mix, and our top 10 customers are 63% of our mix.

我們前 2 位 10% 客戶占我們組合的 46%，前 10 位客戶占我們組合的 63%。

Thanks.

謝謝。

We'll take our final question from Blayne Curtis with Barclays.

我們將接受巴克萊銀行的 Blayne Curtis 提出的最後一個問題。

Hey, guys, thanks for taking my question.

嘿，夥計們，謝謝你提出我的問題。

And sorry to go back on the margins, I'm just trying to understand.

抱歉又回到了邊緣，我只是想理解。

Last call, you talked about all of these issues in terms of yields and low-band pads.

上次通話中，您談到了良率和低頻段焊盤方面的所有這些問題。

So I'm just trying to figure out -- and I'm assuming you knew that ramp was coming.

所以我只是想弄清楚——我假設你知道斜坡即將到來。

So I guess, what went against you?

所以我想，是什麼對你不利呢？

Were the yield issues greater than you expected?

收益率問題是否超出您的預期？

And just trying to understand the timeline there?

只是想了解那裡的時間表？

Yes, Blayne, this is Eric.

是的，布萊恩，這是艾瑞克。

The yield issue that we're reporting and talking about today is actually entirely different than what we were talking about on the last call.

我們今天報告和討論的收益率問題實際上與我們上次電話會議中討論的完全不同。

The last call, we were ramping, just beginning volume and seeing sort of garden-variety normal ramp issues, working on -- kind of tuning the filters themselves, and getting them in spec and so forth.

最後一次通話，我們正在增加，剛開始增加音量，看到了一些普通的正常增加問題，正在努力調整過濾器本身，並使它們符合規格等等。

And then as we said, late in the quarter, once we got into volume, we began to find parts that were out of spec essentially, that weren't caught in the dye-level screens.

然後，正如我們所說，在本季度末，一旦我們進入批量生產，我們就開始發現本質上不符合規格的零件，這些零件沒有被染料級螢幕捕獲。

And then I'm just curious, as you said that you'd fixed your quadplexer yields.

然後我只是好奇，正如您所說，您已經修復了四工器的產量。

And I'm curious, as you look forward to hexaplexers and closing the gap in terms of the lead there, when do you expect to have those shipping in volume next year?

我很好奇，當您期待六工器並縮小領先地位方面的差距時，您預計明年什麼時候可以批量發貨？

So the question is when do we expect to be shipping hexaplexers in volume?

所以問題是我們預計什麼時候可以大量出貨六工器？

Yes.

是的。

Yes, so the first part of your question on the quadplexer yields, just confirming again that we have got those straightened out.

是的，所以你關於四工器的問題的第一部分產生了，只是再次確認我們已經解決了這些問題。

That's shipping on our baseline process.

這是我們的基準流程中的運送。

The new advanced BAW process which we've just released will have quadplexers shipping first-half next year.

我們剛發布的新的先進 BAW 製程將於明年上半年推出四工器。

And currently expect hexaplexers to ship second-half next year also on that advanced BAW process.

目前預計六工器將於明年下半年出貨，同樣採用先進的 BAW 製程。

And I just want to ask you one follow-up question on the -- one of your Japanese competitors has been talking about improved SAW.

我只想問你一個後續問題——你的一位日本競爭對手一直在談論改進的 SAW。

Just curious your perspective, BAW versus improving TC-SAW?

只是好奇您對 BAW 與改進 TC-SAW 的看法有何不同？

Do you think -- particularly as you move to the carrier aggregation combinations, do you see any combinations where TC could insert itself?

您是否認為，特別是當您轉向載波聚合組合時，您是否看到 TC 可以插入自身的任何組合？

I think we see a lot of opportunity for modules that have both technologies in them.

我認為我們看到了包含這兩種技術的模組有很多機會。

And of course, we are agnostic, pretty much, to which one wins.

當然，我們對於誰勝誰負幾乎是不可知的。

But there are some conditions in which some bands are getting tougher, that were traditionally SAW or TC-SAW, that we see BAW moving into.

但在某些情況下，一些頻段變得越來越困難，即傳統的 SAW 或 TC-SAW，我們看到 BAW 正在進入這些頻段。

But I think the opportunity of putting both technologies into a module is unique for us, and that will help address some parts of the market.

但我認為將這兩種技術整合到一個模組中的機會對我們來說是獨一無二的，這將有助於解決某些市場問題。

And we do have time for a final question from Ian Ing with MKM Partners.

我們確實有時間回答 MKM Partners 的 Ian Ing 提出的最後一個問題。

Yes, thanks for fitting me in.

是的，謝謝你讓我融入。

You got a lot of questions on execution.

你有很多關於執行的問題。

But my question is, as you work with your top customer, how do you think they feel about the Qorvo supplier engagement?

但我的問題是，當您與您的頂級客戶合作時，您認為他們對 Qorvo 供應商參與有何看法？

Do you think they are getting fulfilled properly as they ramp their flagship?

您認為他們在提升旗艦產品時是否獲得了適當的滿足？

What are your thoughts on the future opportunities?

您對未來的機會有何看法？

They talked about shortages.

他們談到了短缺問題。

Thanks.

謝謝。

Yes, thanks, great question.

是的，謝謝，很好的問題。

And I think the relationship is very much intact.

我認為這種關係非常完好。

We've worked very closely together, as you can imagine.

正如您可以想像的那樣，我們合作非常密切。

And the Qorvo team, obviously we've never liked to have these sorts of issues.

對於 Qorvo 團隊，顯然我們從來不喜歡有這種問題。

But I tell you, the entire manufacturing team really buckled down and focused, and did some incredible work to make sure we were able to recover from the material that was taken out of the line, and still keep up with demand.

但我告訴你，整個製造團隊確實全力以赴，集中精力，做了一些令人難以置信的工作，以確保我們能夠從生產線中取出的材料中回收，並仍然滿足需求。

So I think overall, it's -- again, it's not the situation you want to have.

所以我認為總的來說，這不是你想要的情況。

But you can really learn a lot about each other, and you can actually gain some trust through these sort of situations.

但你們確實可以學到很多關於彼此的知識，並且實際上可以透過這些情況獲得一些信任。

Okay, thanks.

好的謝謝。

That's all I had.

這就是我所擁有的一切。

Thank you, Ian.

謝謝你，伊恩。

I'll now turn the program back over to our presenters for any additional or closing remarks.

現在，我將把節目交還給我們的主持人，讓他們發表補充或結束語。

Thank you for joining us today.

感謝您今天加入我們。

Qorvo is at the center of a growing global framework interconnecting people, places and things.

Qorvo 處於不斷發展的將人、地點和事物互聯的全球框架的中心。

And we are uniquely positioned as complexity drives higher levels of integration, narrowing the playing field and supporting superior financial results in the future.

我們處於獨特的地位，因為複雜性推動了更高水準的集成，縮小了競爭環境並支持未來卓越的財務表現。

Thank again, and have a good night.

再次感謝，祝您有個美好的夜晚。

And this does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect, and have a great day.

現在您可以斷開連接，祝您有美好的一天。