科沃 (QRVO) 2017 Q3 法說會逐字稿

Good day and welcome to the Qorvo, Inc.

美好的一天，歡迎來到 Qorvo, Inc.。

Q3 2017 conference call.

2017 年第三季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time I would like to turn the conference over to Doug DeLieto, VP of IR.

現在我想把會議交給 IR 副總裁 Doug DeLieto。

Please go ahead.

請繼續。

Thanks very much.

非常感謝。

Hello everybody and welcome to Qorvo's third quarter fiscal 2017 earnings conference call.

大家好，歡迎參加 Qorvo 2017 財年第三季財報電話會議。

This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations.

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。

We encourage you to review the Safe Harbor statement contained in the earnings release published today as well as the risk factors associated with our business in our annual report on Form 10-K filed with the SEC, because these risk factors may affect our operations and financial results.

我們鼓勵您查看今天發布的收益報告中包含的安全港聲明，以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的營運和財務結果。

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

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

We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain non-cash expenses or on the 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支出或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 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.

有關 GAAP 與非 GAAP 財務指標的完整對賬，請參閱我們今天早些時候發布的收益報告，該報告可在我們的網站 Qorvo.com 上的「投資者」欄位中找到。

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

為了公平對待所有聽眾，我們要求每位參與者只提出一個問題和一個後續行動。

Sitting with me today are Bob Bruggeworth (technical difficulties) and CEO; Mark Murphy, Chief Financial Officer; Eric Creviston, President of Qorvo's Mobile Products Group; and James Klein, President of Qorvo's Infrastructure and Defense Products Group; as well as other members of Qorvo's management team.

今天和我坐在一起的是 Bob Bruggeworth（技術難題）和執行長；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；以及 Qorvo 管理團隊的其他成員。

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

然後，我會將電話轉交給鮑伯。

Thanks Doug.

謝謝道格。

Hello and welcome, everyone.

大家好，歡迎光臨。

I'm happy to report Qorvo's fiscal 2017 quarterly financial results.

我很高興向您報告 Qorvo 2017 財年季度財務表現。

Revenue for the quarter was approximately $825 million.

該季度的營收約為 8.25 億美元。

That's a significant increase of 33% year-over-year, driven by strong demand for our integrated solutions and highly differentiated discrete components.

由於對我們的整合解決方案和高度差異化分立元件的強勁需求的推動，這一數字同比大幅增長 33%。

We hit our gross margin target, increasing 150 basis points sequentially.

我們實現了毛利率目標，季增了 150 個基點。

OpEx was 19% of sales better, than our long term model.

與我們的長期模型相比，營運支出佔銷售額的比例提高了 19%。

And EPS was $1.35, a company record and at the high end of our provided range.

每股收益為 1.35 美元，創公司紀錄，處於我們提供的範圍的高端。

The December quarter featured multiple business achievements for Qorvo.

12 月季度 Qorvo 取得了多項業務成就。

We supported the launch of the world's SmartKey smartphones and leading China based OEMs, and delivered record quarterly revenue in IDP driven by Wi-Fi, defense, infrastructure, Internet of Things and other growth markets.

我們支持全球 SmartKey 智慧型手機和領先的中國 OEM 廠商的推出，並在 Wi-Fi、國防、基礎設施、物聯網和其他成長市場的推動下，在 IDP 方面實現了創紀錄的季度收入。

We did this while qualifying cutting edge technologies for top customer programs, introducing over 100 new products and achieving key milestones on operational initiatives.

我們在實現這一目標的同時，也為頂級客戶計畫驗證了尖端技術，推出了 100 多種新產品，並實現了營運計畫的關鍵里程碑。

I'm extremely proud of what the team delivered to position Qorvo for anticipated double digit revenue growth in FY18.

我對團隊為 Qorvo 實現 2018 財年預期兩位數營收成長所做的努力感到非常自豪。

I'm extremely pleased to report that we achieved breakthrough performance in our BAW filter resonator performance and now we are competing on the most complex BAW based product opportunities.

我非常高興地報告，我們在 BAW 濾波器諧振器性能方面取得了突破性的表現，現在我們正在爭奪最複雜的基於 BAW 的產品機會。

Our BAW 5 process achieves a 40% increase in Q factor for improved insertion loss and a 20% increase in coupling factor to provide wider bandwidths.

我們的 BAW 5 製程將 Q 因數提高了 40%，以改善插入損耗；將耦合因數提高了 20%，以提供更寬的頻寬。

We now expect sales of BAW based products will increase from less than a third of mobile revenue in FY18 to approaching 40% in FY19.

我們現在預計基於 BAW 的產品銷售額將從 2018 財年佔行動收入的不到三分之一增至 2019 財年的接近 40%。

These products will include discrete BAW placements, as well as highly integrated front end integrating BAW and in some cases BAW and SAW.

這些產品將包括離散的 BAW 佈局，以及整合 BAW 以及在某些情況下整合 BAW 和 SAW 的高度整合前端。

Looking more closely at mobile, our new BAW 5 process delivers exceptional performance improvements, which our team began working on more than a year ago.

更仔細地觀察行動設備，我們的新 BAW 5 流程提供了卓越的效能改進，我們的團隊一年多前就開始致力於這項工作。

The results are clear.

結果很明顯。

Our resonators are now on par or better than anything available from anyone in the industry today.

我們的諧振器現在與當今業內任何人提供的任何產品相當或更好。

We validated this through our internal benchmarking as well as through key customer feedback.

我們透過內部基準測試以及關鍵客戶回饋驗證了這一點。

We released a number of solutions utilizing our BAW 5 process in December including multiplexors and RF Fusion for cellular and Wi-Fi.

我們在 12 月發布了許多利用 BAW 5 流程的解決方案，包括用於蜂巢和 Wi-Fi 的多工器和 RF Fusion。

We've commenced sampling and received our first BAW 5 production orders for a key handset design win for our RF Fusion for mobile Wi-Fi.

我們已經開始取樣並收到了第一批 BAW 5 生產訂單，這是我們用於行動 Wi-Fi 的 RF Fusion 的關鍵手機設計勝利。

Qorvo's RF Fusion for mobile Wi-Fi solutions combine our industry leading BAW co-existence filters with our Wi-Fi PAs, switches and L&As.

Qorvo 的行動 Wi-Fi 解決方案 RF Fusion 將我們業界領先的 BAW 共存濾波器與我們的 Wi-Fi PA、交換器和 L&A 結合。

We believe RF Fusion for Wi-Fi will be disruptive to today's costly SiP architectures in smartphones, as carriers introduce license assisted access, or LAA.

我們相信，隨著營運商引入許可證輔助存取（LAA），Wi-Fi 的 RF Fusion 將顛覆當今智慧型手機中昂貴的 SiP 架構。

Qorvo is a leader in co-exist filters and LAA requires additional co-exist filtering in 5GHz band.

Qorvo 是共存濾波器領域的領導者，而 LAA 需要在 5GHz 頻段進行額外的共存濾波。

We're also forecasting strong growth for RF Fusion for cellular across all frequencies.

我們也預測所有頻率的蜂窩射頻融合將出現強勁成長。

During the quarter, we secured multiple design wins for complete RF front-end systems combining low, mid and high band RF Fusion placements in support of smartphones and connected devices.

在本季度，我們獲得了多個完整射頻前端系統的設計勝利，該系統結合了低、中和高頻段 RF Fusion 佈局，以支援智慧型手機和連接設備。

These solution sales command up to $10 of Qorvo content and we expect them to represent an increasing percentage of mobile revenue, given customer design activity and the breadth of our product portfolio.

這些解決方案的銷售收入高達 10 美元的 Qorvo 內容，考慮到客戶設計活動和我們產品組合的廣度，我們預計它們在行動收入中所佔的比例會越來越大。

We've also secured a mid band RF Fusion win in support of a flagship smartphone ramping this year.

我們還贏得了中頻 RF Fusion 的勝利，以支援今年旗艦智慧型手機的推出。

For the high band, our solutions operate up to the ultra high band 42.

對於高頻段，我們的解決方案可運作至超高頻段 42。

That is a clear competitive strength that is supported by our recently launched GaAs HBT5 process, which we believe delivers the industry's best performance.

這是我們最近推出的 GaAs HBT5 工藝所支持的明顯競爭優勢，我們相信該工藝可提供業界最佳的性能。

Finally, it's worth highlighting our move into diversity received modules.

最後，值得強調的是我們進入多樣性接收模組。

With the proliferation of carrier aggregation, the diversity received market has grown rapidly.

隨著載波聚合的普及，分集接收市場迅速成長。

Historically, this market has been served by SAW and more recently, [temcom] SAW.

從歷史上看，這個市場一直由 SAW 提供服務，最近又由 [temcom] SAW 提供服務。

However, customer designs are calling for enhanced performance and smaller system level solutions, and this favors the breadth of our filter portfolio, as well as our technology leadership in high pro count switches.

然而，客戶設計需要增強的性能和更小的系統級解決方案，這有利於我們濾波器產品組合的廣度，以及我們在高專業數開關方面的技術領先地位。

Customer requirements are increasingly favoring performance, integration, and system level optimization, and we see no company better positioned to satisfy the market.

客戶的要求越來越偏向於效能、整合和系統級最佳化，我們認為沒有一家公司能夠更好地滿足市場需求。

Frankly, our challenge isn't can we compete, it's where do we compete.

坦白說，我們的挑戰不是我們能否競爭，而是我們在哪裡競爭。

We've built a business that best serves where the industry is headed.

我們建立了一個最能服務產業發展方向的業務。

We've got the right products, we're investing in innovation to expand our technology mode, and we're enhancing productivity through a culture of lean and continuous improvement.

我們擁有合適的產品，我們正在投資創新以擴展我們的技術模式，並且我們正在透過精益和持續改進的文化來提高生產力。

We've moved GaN products from Greensboro to Richardson to consolidate GaN fabrication in Richardson.

我們已將 GaN 產品從格林斯伯勒轉移到理查森，以鞏固理查森的 GaN 製造。

We've migrated new GaAs based designs from Greensboro to Hillsborough, and we brought up our newest GaAs process, HBT5.

我們已將基於 GaAs 的新設計從 Greensboro 遷移到 Hillsborough，並推出了最新的 GaAs 工藝 HBT5。

We are well on our way in our transition from 6 to 8 inch BAW and from 4 to 6 [temcom] SAW, and we've begun work on significantly reducing filter die sizes in both SAW and BAW.

我們正在從 6 吋 BAW 過渡到 8 吋 BAW 以及從 4 吋 SAW 過渡到 6 [temcom] SAW，並且我們已經開始致力於顯著減小 SAW 和 BAW 中的濾波器晶片尺寸。

Finally, we're continuing to add state of the art assembly and test capacity in our facility in Dezhou, China.

最後，我們將繼續在中國德州工廠增加最先進的組裝和測試能力。

Turning to infrastructure and defense, Qorvo continued to connect and protect in the December quarter across high growth markets, including IoT smart home, automotive, GaN for defense, GaN for base stations, optical transport and Wi-Fi.

談到基礎設施和國防，Qorvo 在 12 月季度繼續在高成長市場提供連接和保護，包括物聯網智慧家庭、汽車、國防 GaN、基地台 GaN、光傳輸和 Wi-Fi。

We're enjoying broad based growth since we repositioned our portfolio focus into higher growth segments where differentiated products create value for our customers.

自從我們將產品組合重點重新定位到更高成長的細分市場以來，我們正在享受廣泛的成長，在這些細分市場中，差異化產品為我們的客戶創造價值。

We're benefiting from our broad market exposure, scale advantages and extensive portfolio of internally developed technologies, which we use to drive differentiation versus our competition.

我們受益於廣泛的市場曝光、規模優勢和廣泛的內部開發技術組合，我們利用這些技術來推動與競爭對手的差異化。

IDP continues to establish winning positions in high growth segments with differentiated product offerings in radar, electronic warfare, bay station and Wi-Fi.

IDP 憑藉雷達、電子戰、海灣站和 Wi-Fi 領域的差異化產品，繼續在高成長細分市場建立致勝地位。

Customers are increasingly looking for higher levels of integration and IDP continues to pace the industry with product releases that address the needs across the market.

客戶越來越尋求更高水準的集成，IDP 不斷推出滿足整個市場需求的產品，引領產業發展。

In base stations, we're focussed on high growth opportunities like the implementation of Massive MIMO and the transition to GaN technology.

在基地台方面，我們專注於高成長機會，例如大規模 MIMO 的實施和向 GaN 技術的過渡。

This includes Qorvo's GaN high powered PAs, for ultra-high band 42 and 3.5GHz, which we're shipping in production today.

這包括 Qorvo 的 GaN 高功率 PA，適用於超高頻段 42 和 3.5GHz，我們今天正在生產中發貨。

In 5G we announced last week that Qorvo was the first RF solutions supplier to join China Mobile's 5G innovation center.

在5G方面，我們上週宣布Qorvo成為第一家加入中國移動5G創新中心的射頻解決方案供應商。

Qorvo is unique and our combined leadership in mobile devices and infrastructure applications, and this positions us to accelerate the creation and delivery of market-leading 5G solutions.

Qorvo 是獨一無二的，我們在行動裝置和基礎設施應用方面處於領先地位，這使我們能夠加速創建和交付市場領先的 5G 解決方案。

We are also a full voting member of the 3GPP standard body advising on 5GRF solutions.

我們也是 3GPP 標準機構的正式投票成員，為 5GRF 解決方案提供建議。

We supported dozens of 5G field trials with global infrastructure providers and we expect to be a critical link in the seamless connection of billions of things that deep cloud based computing power and advanced analytics.

我們與全球基礎設施供應商一起支援了數十個 5G 現場試驗，我們希望透過基於雲端的運算能力和進階分析，成為數十億事物無縫連接的關鍵環節。

And as next generation 5G networks are deployed, we see expanding opportunities for growth, autonomous vehicles will generate and receive massive quantities of data, every home appliance will be a candidate for connectivity and individuals will live increasingly connected.

隨著下一代 5G 網路的部署，我們看到成長機會不斷擴大，自動駕駛汽車將產生和接收大量數據，每台家用電器都將成為連接的候選者，個人的生活將變得越來越互聯。

Qorvo is strategically positioned to be both an enabler and beneficiary of an explosive growth in data by delivering the broadest range of 5G connectivity solutions.

Qorvo 的策略定位是透過提供最廣泛的 5G 連線解決方案，成為資料爆炸性成長的推動者和受益者。

In Wi-Fi, as I indicated earlier, we released our next generation of integrated front ends.

在 Wi-Fi 領域，正如我之前指出的，我們發布了下一代整合前端。

Key to our success on the enterprise and retail side, we launched a broad family of new 802.11ac FEMs, enabling smaller more efficient routers, gateways and other network devices.

我們在企業和零售方面取得成功的關鍵是，我們推出了一系列新型 802.11ac FEM，支援更小、更有效率的路由器、網關和其他網路設備。

For the smart home and IoT, we introduced the industry's first multi-protocol SOC to integrate ZigBee 3.0, Thread and Bluetooth Low Energy protocols in a single chip for sensors and actuators throughout the home.

對於智慧家庭和物聯網，我們推出了業界首款多協定 SOC，將 ZigBee 3.0、Thread 和藍牙低功耗協定整合到單一晶片中，用於整個家庭的感測器和執行器。

We also announced a partnership with ubisys to deliver the first IoTivity platform on a multi-chip radio.

我們也宣布與 ubisys 合作，提供第一個基於多晶片無線電的 IoTivity 平台。

Through this partnership, Qorvo will help simplify wireless communications across various devices by integrating a ZigBee 3.0 and Green Power based smart home network within the IoTivity framework.

透過此次合作，Qorvo 將在 IoTivity 框架內整合基於 ZigBee 3.0 和 Green Power 的智慧家庭網絡，幫助簡化各種設備之間的無線通訊。

During the quarter, IDP enjoyed broad based design win activity highlighted by a complete RF solution win with content above $5 at a leading Wi-Fi router OEM.

本季度，IDP 享受了廣泛的設計勝利活動，其中最突出的是在一家領先的 Wi-Fi 路由器 OEM 中贏得了內容超過 5 美元的完整 RF 解決方案。

Multiple GaN wins for radar, electronic warfare and wireless infrastructure, and the adoption of BAW filters and automotive applications.

GaN 在雷達、電子戰和無線基礎設施以及 BAW 濾波器和汽車應用方面取得了許多勝利。

Looking forward, as 5G field trials and pre-5G deployment gains traction, the move to phase away architectures and emphasis on broader bandwidth and higher frequencies will favor Qorvo's comprehensive family of GaN PAs.

展望未來，隨著 5G 現場試驗和預 5G 部署的推動，逐步放棄架構並強調更寬的頻寬和更高的頻率將有利於 Qorvo 的全面 GaN PA 系列。

Across of all IDP's diversified markets, we're releasing new products at an aggressive pace and we're building a broad based pipeline of highly differentiated solutions with long production tails.

在 IDP 的所有多元化市場中，我們正在以積極的速度發布新產品，並且正在建立基礎廣泛、具有長生產尾部的高度差異化解決方案管道。

IDP is a double digit growth business that is highly diversified and is closing in quickly on a target model of 30% operating margin.

IDP 是一項兩位數成長的業務，高度多元化，正迅速接近 30% 營業利潤率的目標模式。

It's among the largest in its peer group and is consistently generating superior financial results.

它是同行中規模最大的公司之一，並且持續創造卓越的財務表現。

Essentially, it is a diversified analog company operating within Qorvo.

本質上，它是一家在 Qorvo 內部運營的多元化模擬公司。

In March the impact of a few customer delays on revenue can't dampen our enthusiasm for FY18.

3月份，一些客戶的延誤對收入的影響並不能澆熄我們對2018財年的熱情。

Qorvo has won significant share on these flagship programs and we expect to benefit as the programs roll out.

Qorvo 在這些旗艦項目中贏得了重要份額，我們預計隨著這些項目的推出而受益。

Current expectations are for these bills to begin in March and hit significant volume in the June quarter.

目前預計這些帳單將於三月開始，並在六月季度達到顯著數量。

In FY18, we expect double digit year-over-year revenue growth driven by continued broad based growth in IDP and increasing demand for our mobile products including multiplexors, diversity receive modules, Wi-Fi, RF Fusion and RF Flex.

2018 財年，我們預計營收將實現兩位數的同比增長，這主要得益於IDP 的持續廣泛增長以及對我們的行動產品（包括多路復用器、分集接收模組、Wi-Fi、RF Fusion和RF Flex）的需求不斷增加。

We're also forecasting year-over-year content gains in marketing smartphones driven by low-band PADs, envelope trackers and tuners.

我們也預測，在低頻段 PAD、包絡追蹤器和調諧器的推動下，行銷智慧型手機的內容將逐年成長。

In closing, I'm extremely proud of what the team delivered in the December quarter to position us for anticipated double digit revenue growth and FY18.

最後，我對團隊在 12 月季度所交付的成果感到非常自豪，這些成果使我們能夠實現預期的兩位數收入成長和 2018 財年。

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

這樣，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 delivered a strong December quarter of exceptional growth, higher gross margin consistent with our guidance, lower than expected OpEx and EPS at the top of our range.

Qorvo 在 12 月季度實現了強勁的非凡成長，更高的毛利率符合我們的指引，營運支出和每股盈餘低於預期，處於我們的區間頂部。

Qorvo's third quarter non-GAAP revenue of $825 million increased 33% or 206 million year-over-year on strong handset RF content and broader market growth.

由於強勁的手機 RF 內容和更廣泛的市場成長，Qorvo 第三季非 GAAP 收入為 8.25 億美元，較去年同期成長 33%，即 2.06 億美元。

We had two 10% customers in the quarter.

本季我們有兩個 10% 的客戶。

The largest at approximately 37% of revenue and the other, Huawei, at 11%.

最大的約佔收入的 37%，另一家是華為，約佔 11%。

Mobile Products revenue increased 34% year-over-year on contact growth, a low-band PAD ramp and strong Asia strong customer demand.

由於聯繫人成長、低頻段 PAD 成長以及亞洲客戶的強勁需求，行動產品收入較去年同期成長 34%。

IDP increased 29% year-over-year to a record $169 million on growth and wireless infrastructure, Wi-Fi, defense, IoT, and other markets.

IDP 年成長 29%，達到創紀錄的 1.69 億美元，涉及成長和無線基礎設施、Wi-Fi、國防、物聯網和其他市場。

Qorvo's robust growth in the quarter and year-to-date reflects our strong technology position, broad market product portfolio and growing supply capabilities.

Qorvo 本季和年初至今的強勁成長反映了我們強大的技術地位、廣泛的市場產品組合和不斷增長的供應能力。

We expect our technology and product pipeline to continue to drive double digit revenue growth in FY18.

我們預計我們的技術和產品線將繼續推動 2018 財年兩位數的營收成長。

Gross margin in the December quarter was 44.3%, a sequential increase of 150 basis points and reflecting improved manufacturing yields.

12 月季度的毛利率為 44.3%，季增 150 個基點，反映出製造業產量的提高。

We expect gross margin to further improve in the March quarter on seasonal mix effects and ongoing productivity and quality efforts.

我們預計，由於季節性混合效應以及持續的生產力和品質努力，三月季度的毛利率將進一步提高。

Operating expenses were better than expected in the quarter at $157 million on lower development expenses and personnel costs.

由於開發費用和人員成本下降，本季營運費用為 1.57 億美元，優於預期。

We achieved better than model OpEx at 19% of sales and expect cost reduction activities now under way to sustain model or better performance in FY18.

我們的營運支出佔銷售額的 19%，優於模型，預計目前正在進行的成本削減活動將在 2018 財年維持模型或更好的業績。

Operating income for the quarter was approximately $209 million or 25.3% of sales, a 250 basis-point sequential improvement on higher gross margin and lower OpEx.

該季度的營業收入約為 2.09 億美元，佔銷售額的 25.3%，比上一季提高了 250 個基點，毛利率更高，營運支出更低。

Non-GAAP net income was $177 million and diluted earnings per share was $1.35, at the top end of our guidance range and up 31% year-over-year.

非 GAAP 淨利潤為 1.77 億美元，稀釋後每股收益為 1.35 美元，處於我們指引範圍的上限，年增 31%。

Cash flow from operations was $220 million on income growth and lower working capital.

由於收入成長和營運資本減少，營運現金流為 2.2 億美元。

Inventory turns remain their historic highs with days of inventory at 79.

庫存週轉率仍維持歷史高位，庫存天數為 79 天。

DSOs improved to 46 days.

DSO 縮短至 46 天。

Capital expenditures were $137 million in the quarter, principally addressing the need to support projected premium filter demand, particularly BAW.

本季資本支出為 1.37 億美元，主要滿足支援預期的優質濾波器需求，特別是 BAW。

As Bob mentioned, we expect BAW based products to increase from less than a third of Qorvo's mobile business in FY18, to approaching 40% in FY19 as performance requirements and the need for integrated modules increase.

正如 Bob 所提到的，隨著效能要求和整合模組需求的增加，我們預計基於 BAW 的產品將從 2018 財年佔 Qorvo 行動業務的不到三分之一增加到 2019 財年的接近 40%。

Free cash flow is $84 million and cash at quarter end increased to $496 million.

自由現金流為 8,400 萬美元，季末現金增至 4.96 億美元。

We returned $67 million to shareholders under our recently announced $500 million repurchase program.

根據最近宣布的 5 億美元回購計劃，我們向股東返還了 6,700 萬美元。

We intend to continue buying as part of an ongoing commitment to return capital to shareholders.

我們打算繼續購買，作為向股東返還資本的持續承諾的一部分。

Now let's turn to our outlook.

現在讓我們來談談我們的展望。

In the fiscal fourth quarter we expect non-GAAP revenue between $610 million and $650 million.

在第四財季，我們預計非 GAAP 收入在 6.1 億美元至 6.5 億美元之間。

Gross margin of approximately 46%, tax rate of 8%, and diluted EPS between $0.70 and $0.90.

毛利率約為 46%，稅率為 8%，稀釋後每股收益在 0.70 美元至 0.90 美元之間。

This guidance primarily reflects a greater than historical sequential decline in the March quarter, as two of our leading customers in China and a Tier 1 customer in Korea delay flagship smartphone launches.

該指引主要反映了三月份季度的環比跌幅大於歷史水平，因為我們在中國的兩個主要客戶和韓國的一個一級客戶推遲了旗艦智慧型手機的發布。

The increase in gross margin is consistent with earlier guidance.

毛利率的成長與先前的指引一致。

OpEx is forecasted to be up less than 5% sequentially on development program timing and seasonal payroll effects.

由於開發計劃時間表和季節性薪資影響，預計營運支出將環比增長不到 5%。

We expect CapEx for FY17 to total around $500 million, down from earlier estimates.

我們預計 2017 財年的資本支出總額約為 5 億美元，低於先前的估計。

Looking out to the June quarter, we currently are forecasting normal seasonal sequential growth.

展望六月季度，我們目前預測正常的季節性環比成長。

As we move past June through FY18, we expect revenue to strengthen as new programs launch and plan to end the year with double digit year-over-year revenue growth.

隨著 2018 財年 6 月的到來，我們預計隨著新計劃的推出，收入將有所增強，並計劃在年底實現兩位數的同比收入增長。

We expect this double digit, growth along with increased BAW-based product mix, higher utilization rates, and ongoing productivity and quality improvements will help us achieve 50% gross margin exiting FY18.

我們預計，這種兩位數的成長以及基於 BAW 的產品組合的增加、更高的利用率以及持續的生產力和品質改進將幫助我們在 2018 財年實現 50% 的毛利率。

We expect OpEx efficiency to continue to improve and project OpEx to be below 20% of sales for the year.

我們預計營運支出效率將持續提高，預計今年營運支出將低於銷售額的 20%。

Hitting our operating model of 30% operating margin remains our objective during FY18.

實現 30% 營業利潤率的營運模式仍然是我們 2018 財年的目標。

Our non-GAAP tax rate is forecasted to be below -- remain below 10%.

我們的非 GAAP 稅率預計將低於 10%。

CapEx spend will remain elevated in FY18 but is expected to be down from previous estimates to around $400 million.

2018 財年資本支出仍將保持在較高水平，但預計將低於先前的估計，約 4 億美元。

With double digit revenue growth expanding gross margins, improving OpEx efficiency and lower CapEx, we expect free cash flow to double from FY17 to FY18.

隨著兩位數的收入成長擴大了毛利率，提高了營運支出效率並降低了資本支出，我們預計自由現金流從 2017 財年到 2018 財年將翻倍。

In summary, we delivered on our financial commitments through the December quarter.

總之，我們在整個 12 月季度兌現了財務承諾。

We also made progress on positioning the company for growth and margin expansion.

我們也在公司的成長和利潤擴張定位方面取得了進展。

We validated our core BAW technology and design capabilities for the markets most complex integrated modules.

我們針對市場上最複雜的整合模組驗證了我們的核心 BAW 技術和設計能力。

With our premium filters, PAs, ETP mix, switches and other device capabilities and our packaging technologies, we're positioned to address the widest range of advance mobile applications.

憑藉我們的優質濾波器、PA、ETP 組合、開關和其他設備功能以及我們的封裝技術，我們能夠滿足最廣泛的先進行動應用的需求。

With our PAs and BAW filters we expect our [high-band] products to allow us to grow above market in Wi-Fi.

憑藉我們的 PA 和 BAW 濾波器，我們希望我們的 [高頻段] 產品能夠幫助我們在 Wi-Fi 領域實現高於市場的成長。

Our position in GaN is providing us opportunities in a number of other high growth IDP markets.

我們在 GaN 領域的地位為我們提供了許多其他高成長 IDP 市場的機會。

We believe we are well positioned to address where the markets are headed.

我們相信，我們已做好充分準備來應對市場的發展趨勢。

Operationally we continue to make progress on yield improvements, wafer size conversions, capacity rationalizations, sourcing initiatives, and other productivity efforts to drive margin expansion.

在營運方面，我們繼續在產量提高、晶圓尺寸轉換、產能合理化、採購計劃和其他生產力努力方面取得進展，以推動利潤率擴張。

We are focussed on achieving strong revenue growth, improving operating leverage, and driving free cash flow.

我們專注於實現強勁的收入成長、提高營運槓桿並推動自由現金流。

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）

Ambrish Srivastava, BMO Capital Markets

Ambrish Srivastava，BMO 資本市場

Hi, this is Kulin Patel, I'm calling in for Ambrish.

大家好，我是庫林‧帕特爾，我是來接安布里什的。

Thanks for taking my questions.

感謝您回答我的問題。

You mentioned a delay with three of your major customers for flagships?

您提到了您的三個主要客戶的旗艦產品延遲了？

Are you expecting them to ramp in the June quarter, and is it fair to assume June should be up strongly, potentially up double digit year-over-year?

您是否預計它們會在六月季度出現增長，並假設六月應該強勁增長（可能同比增長兩位數）是否公平？

So as far as the -- my opening comments, what I talked about was the flagship phones will be begin to ramp in March, but they're really going to be in high volume in the June quarter.

就我的開場白而言，我談到的是旗艦手機將於三月開始銷售，但它們確實會在六月季度大量銷售。

So you have to see the amount that we're going to be up in the June quarter, but again we do expect those phones to launch late in the March quarter but really hit high volume in the June quarter.

因此，你必須看到我們將在六月季度增加多少數量，但我們確實預計這些手機將在三月季度末推出，但在六月季度確實會達到高銷量。

Okay.

好的。

For my follow-up, you mentioned BAW would be one third of mobile in fiscal 2018.

在我的後續行動中，您提到 BAW 將在 2018 財年佔據行動業務的三分之一。

How much of it in the fiscal 2017?

2017財年有多少？

This is Eric.

這是埃里克。

BAW content in the Mobile Products group was just under 30% of revs in FY17.

2017 財年，行動產品組的 BAW 含量略低於轉速的 30%。

Okay, thank you.

好的謝謝。

Harsh Kumar, Stephens

史蒂芬斯·哈什·庫馬爾

Mark, I was wondering if you were given a bridge for gross margins that spanned out several quarters into the future.

馬克，我想知道你是否獲得了跨越未來幾季的毛利率的橋樑。

You talked a little bit about it in the commentary.

你在評論中談到了一點。

I was wondering if those rough guidelines are still intact for June and December and beyond to get back to 50%?

我想知道這些粗略的指導方針是否在 6 月和 12 月及以後仍然保持不變，以恢復到 50%？

Yes, they are, Harsh, and we gained confidence of course, that we hit our target in the third quarter.

是的，他們是，嚴厲，我們當然獲得了信心，我們在第三季實現了目標。

What happened, we thought would happen.

發生的事情，我們以為會發生。

We were up about 250 basis points related to yield improvements and better quality performance and then we lost a bit on mix.

由於產量提高和更好的品質表現，我們上漲了約 250 個基點，然後我們在組合方面損失了一些。

So we were up net 150 basis points.

因此我們淨上漲 150 個基點。

You know, as our projection to the fourth quarter, we're going to pick up about 100 basis points associated with better mix, principally lower low band pad volumes and we think we're going to get another 50 basis points on cost-related activities.

你知道，正如我們對第四季度的預測，我們將獲得約100 個基點，這與更好的組合相關，主要是較低的低帶墊交易量，我們認為我們將在成本相關方面再獲得50個基點活動。

So again, up just north of 150 basis points to 46%.

再次上漲 150 個基點以上，達到 46%。

And then on a -- looking out, Harsh, to the June, September, December, March quarters.

然後，嚴酷地展望 6 月、9 月、12 月、3 月季度。

You know, in the June quarter we're thinking probably in the, between 46.5%, 47%, closer to 48%, mid-fiscal year.

你知道，在 6 月季度，我們認為財年中期的比例可能在 46.5% 至 47% 之間，更接近 48%。

And then again our target is to be around 50 exiting the year.

我們的目標是今年退出 50 家左右。

Great.

偉大的。

And then as a follow-up.

然後作為後續。

Bob, if I can ask you, just going back to the previous question, because I think that's the big issue today with the stock.

鮑勃，如果我可以問你的話，回到上一個問題，因為我認為這是今天股票的大問題。

Why -- if these phones will ramp in June at full volume, roughly when would you start to ship these products to these customers, timing-wise?

為什麼 - 如果這些手機將在 6 月滿載生產，那麼您大概什麼時候開始向這些客戶運送這些產品？

And what is the lead time here, and why would you not see a large balloon-up, if you will, in the June time frame?

這裡的交貨時間是多少？如果你願意的話，為什麼在六月的時間範圍內看不到大型氣球升空？

Yes, so we'll begin shipping components into these during this quarter, just much later in the quarter than we had anticipated, into March.

是的，所以我們將在本季開始將組件運送到這些設備中，只是比我們預期的要晚得多，直到三月。

And so then the growth in June, we do expect overall in our China business and in particular to recover nicely in the June quarter.

那麼六月的成長，我們確實預期我們中國業務的整體成長，特別是六月季度的良好復甦。

Harsh, to add a little more color to that, what we're saying is, I do expect significant growth in the June quarter.

嚴格地說，為了增加一點色彩，我們所說的是，我確實預計六月季度將出現顯著增長。

I also think we're being a little bit cautious.

我還認為我們有點謹慎。

One of our larger customers, to reemphasize what Eric said, we're pretty bullish on our China customers and what is going on there.

我們的一位大客戶，再次強調艾瑞克所說的話，我們非常看好我們的中國客戶以及那裡正在發生的事情。

It is quite well known our Korean customer, and what is all going to play out there.

我們的韓國客戶眾所周知，那裡會發生什麼。

We're being a little bit conservative but we do expect June to see significant growth quarter over quarter.

我們有點保守，但我們確實預計 6 月將出現季度將比去年同期顯著成長。

Thank you.

謝謝。

Cody Acree with Drexel Hamilton

科迪·阿克里和德雷塞爾·漢密爾頓

Thanks, guys, for taking my question.

謝謝你們回答我的問題。

Maybe just to follow up there.

也許只是為了跟進那裡。

Maybe give us a range of what you would consider normal seasonality?

也許給我們一個您認為正常季節性的範圍？

The last four years, I think you have been anywhere from up 4% up 26% in the June quarter?

在過去的四年裡，我認為你們在六月季度的成長率是從 4% 到 26% 不等？

So maybe a little narrowing down, if you could?

如果可以的話，也許可以縮小範圍？

Yes, Cody, I would say -- this is Mark -- in the June quarter, we would say March to June up to 10%, between 7% to 10%.

是的，科迪，我想說——這是馬克——在六月季度，我們會說三月到六月達到 10%，在 7% 到 10% 之間。

And then I guess also, on with your Korean customer, your larger competitor had made some comments that a ramp at that same customer would have a positive effect in the March quarter, offsetting some of their normal seasonality.

然後我想，對於您的韓國客戶，您的較大競爭對手發表了一些評論，認為同一客戶的成長將對三月份季度產生積極影響，抵消他們的一些正常季節性。

I guess, can you help us maybe square the comments with what you're seeing today?

我想，您能幫助我們將這些評論與您今天看到的內容進行比較嗎？

Sure, can.

當然可以。

This is Eric.

這是埃里克。

I think we all know that delay of the new flagship is out there and the timing is a little uncertain there.

我想我們都知道新旗艦的延遲已經存在，而且時機有點不確定。

I think we have a bit of a Company-specific issue in that the North America SKU of the legacy model, which was intended to backfill that, was heavily based on Qorvo content.

我認為我們遇到了一些公司特有的問題，因為舊車型的北美 SKU 很大程度上是基於 Qorvo 內容，而該模型旨在回補這一問題。

We had a lot of dollar content on that particular SKU, and the fact is that the backfill has not been happening.

我們在該特定 SKU 上有很多美元內容，但事實是回填尚未發生。

So that particular SKU of the legacy platform has been reduced considerably more than the other SKUs, basically.

因此，傳統平台的特定 SKU 基本上比其他 SKU 減少得更多。

So we're disproportionately affected by that while waiting for the new launch to take place.

因此，在等待新產品發佈時，我們受到了不成比例的影響。

I see.

我懂了。

Thank you.

謝謝。

Steve Smigie, Raymond James

史密吉、雷蒙詹姆斯

Thanks, this is Vince Celentano on for Steve.

謝謝，我是文斯塞倫塔諾 (Vince Celentano) 為史蒂夫報道。

I was wonder if you can tell us, as far as the total Chinese smart from OEM market, what was that as a percentage of revenue in the most recent quarter?

我想知道您能否告訴我們，就中國智慧OEM市場總量而言，最近一個季度佔收入的百分比是多少？

Going forward in this calendar year 2017, what do you think it can grow to?

展望2017年，您認為它會發展到什麼程度？

Mark, you want to -- what it was this quarter?

馬克，你想知道──這個季度是什麼？

For China and ex-Huawei it is less than 40% in the quarter.

對於中國（包括華為除外），該季度這一比例還不到 40%。

And -- go on, I'll get it.

而且——繼續，我會得到它。

More specific numbers.

更具體的數字。

Yes, in for mobile, of course, so it's in the 30% range for the December quarter results and we see that being flat to down as a percentage slightly, in the March outlook.

是的，當然，對於行動裝置來說，12 月季度業績的成長幅度在 30% 範圍內，我們認為在 3 月的展望中，這一比例持平甚至略有下降。

And then for the year, I think it's a little too soon to call because now you're asking to us guesstimate how well some of the marquee phones are going to do.

然後對於今年，我認為現在打電話還為時過早，因為現在你要求我們猜測一些大螢幕手機的表現如何。

But if you question is, do we believe we can grow in China in this calendar year?

但如果你的問題是，我們相信今年我們能在中國成長嗎？

The answer is absolutely.

答案是絕對的。

How does the inventory look in the China channel for mobile?

中國移動渠道的庫存如何？

Yes, we don't see any particular concern there, other than these models that the ramp has been delayed on, So of course there is inventory sitting there waiting to ramp these phones.

是的，除了這些型號的出貨量已被推遲之外，我們沒有看到任何特別的擔憂，因此當然有庫存等待著這些手機的出貨量。

But otherwise, it's nothing of concern.

但除此之外，沒什麼好擔心的。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Quinn Bolton, Needham

奎因·博爾頓，李約瑟

I just wanted to come back to the Korean customer, and wondering if you could talk about any potential content gains on that platform as it ramps late March into the June quarter?

我只是想回到韓國客戶那裡，想知道您是否可以談談該平台在 3 月下旬進入 6 月季度期間的任何潛在內容收益？

So I think if you're referring to generation over generation platform gains, we're kind of expecting stability there amongst all of the RF suppliers for the most part.

因此，我認為，如果您指的是一代又一代的平台增益，那麼我們預計所有射頻供應商在很大程度上都會保持穩定。

So it will depend from SKU to SKU, but overall we think it is pretty stable.

所以這取決於不同的SKU，但總的來說我們認為它是相當穩定的。

So your dollar content gen to gen is flat?

那麼你們的美元含量一代又一代是持平的嗎？

Or your market share, share of content is stable, relative to our competitors, but grows with the new generation?

或者，相對於我們的競爭對手，您的市場份額、內容份額是穩定的，但隨著新一代的成長而成長？

Just trying to clarify?

只是想澄清一下嗎？

Yes, I was referring to share between the competitors.

是的，我指的是競爭對手之間的份額。

Okay.

好的。

So you should grow with the overall content in that phone?

那麼您應該隨著手機中的整體內容而成長嗎？

That's right.

這是正確的。

That's correct.

這是正確的。

Got it.

知道了。

Second question, obviously you guys had used [out soft filters] in the low band pad in this current generation.

第二個問題，顯然你們在目前這一代的低頻段墊中使用了[軟濾波器]。

I wonder if you can give us any update where you are in terms of ramping that SAW capacity?

我想知道您能否向我們提供有關提高 SAW 產能的最新進展？

You mentioned the ramp of the six inch wafers in Florida.

您提到了佛羅裡達州六吋晶圓的坡道。

Are you going to get that production qualified and think you can source internally those SAW filters for low band pads here in calendar 2017?

您是否打算獲得生產資格，並認為您可以在 2017 年內部採購用於低頻段墊的 SAW 濾波器？

Let me try and answer this the best way I can.

讓我嘗試以最好的方式回答這個問題。

We're making very good progress on qualifying what we're bringing up in 6-inch in Greensboro.

我們在格林斯博羅 6 吋賽道的排位賽上取得了非常好的進展。

In fact, we talked about bringing up the ten pumps on there for customer shipments.

事實上，我們討論過將那裡的十個泵用於客戶發貨。

So we're making very good progress on that.

所以我們在這方面取得了很好的進展。

We are starting to insource filters that we have bought externally and they will be in production most likely next year, 2018.

我們開始內購從外部購買的過濾器，它們很可能將於明年（2018 年）投入生產。

Got it.

知道了。

We'll have some volume in 2017 but the most -- the real margin improvement that we want to see is going to be 2018.

我們將在 2017 年獲得一些銷量，但我們希望看到的真正利潤率改善將在 2018 年實現。

Okay.

好的。

Thank you.

謝謝。

And just to tie off on that one question for you.

只是為了回答你這個問題。

The mobile business, China, ex-Huawei, is 30%.

中國移動業務（不包括華為）佔 30%。

And as I mentioned, Huawei is a 11% customer, so 41% in mobile, ex--

正如我所提到的，華為是 11% 的客戶，因此 41% 是行動領域的客戶，例如—

Including.

包括。

Including Huawei.

包括華為。

Craig Hettenbach, Morgan Stanley

克雷格·海滕巴赫，摩根士丹利

Yes, thank you, just following up on the China customer delay, any read-through there on that market?

是的，謝謝，只是跟進中國客戶的延誤，有關於該市場的通讀嗎？

Is it taking a pause?

是不是要暫停一下？

Is it anything from an inventory burn-through before they launch new products?

是因為他們推出新產品之前庫存耗盡了嗎？

It's always a tricky time to talk about China when you're right in the middle of the Lunar New Year cycle.

當你正值農曆新年期間時，談論中國總是一個棘手的時刻。

We'll know a lot more in a couple more weeks when people come back and we see what the sell-through was.

再過幾週，當人們回來並了解銷售情況時，我們就會了解更多資訊。

In this particular case we had two handset models, one with each of two of our largest customers, one had a critical component that had a supply shortage and delayed the ramp.

在這種特殊情況下，我們有兩種手機型號，一種型號是我們最大的兩個客戶的型號，一種型號的關鍵部件出現供應短缺並延遲了生產。

The other one had a qualification issue.

另一位則有資格問題。

Both were non-RF related, and certainly not related to us.

兩者都與射頻無關，當然也與我們無關。

They're just the kind of things that happen.

它們只是發生的事情。

They happen to be units that have a lot of RF content, that we had the majority of and sort of volumes that run into millions of months.

它們恰好是包含大量 RF 內容的單元，我們擁有大部分且數量長達數百萬個月的內容。

So it created a bit of a hole in the March quarter.

因此，這在三月季度造成了一些漏洞。

Got it.

知道了。

Thanks for the color there.

感謝那裡的顏色。

As my follow-up, on a diversity received side, you guys haven't played there to date.

作為我的後續行動，在多元化接收方面，你們迄今為止還沒有在那裡玩過。

If you can give more context in terms of what is changing in your visibility into the type of business that you can do on that front?

您是否可以提供更多背景信息，說明您對可以在這方面開展的業務類型的可見性發生了哪些變化？

Sure.

當然。

It's a very exciting product category for the industry, of course.

當然，這對行業來說是一個非常令人興奮的產品類別。

And we have had some success there in a flagship phone last year.

去年我們在旗艦手機方面取得了一些成功。

We basically have that choice of where to compete.

我們基本上可以選擇在哪裡競爭。

We've got so many opportunities in BAW-based, and even SAW-based power amplifier and integrated RF fusion projects, that we haven't really dove in with both feet on the diversity received module.

我們在基於 BAW、甚至基於 SAW 的功率放大器和整合式射頻融合專案中有很多機會，但我們還沒有真正投入分集接收模組。

But it is a $1.5 billion industry and growing at least as fast as rest of the mobile TAM.

但這是一個價值 15 億美元的產業，而且成長速度至少與行動 TAM 的其他產業一樣快。

And the shift we're seeing is really a need for higher performance in that category, as our customers put higher band counts in the cone and more carrier aggregation.

我們看到的轉變實際上是對該類別中更高性能的需求，因為我們的客戶在錐體中放置了更高的頻帶數和更多的載波聚合。

There is a need for higher diversity modules, and I think that is where we have an opportunity.

需要更高多樣性的模組，我認為這就是我們的機會。

So we're in, going at it in a bit of a metered pace because we do have a lot of other opportunities to invest in.

所以我們正在以一定的節奏進行，因為我們確實有很多其他的投資機會。

But we're picking and choosing the areas we think we can differentiate with performance and in particular bring our BAW filter technology into the diversity module.

但我們正在挑選我們認為可以透過性能實現差異化的領域，特別是將我們的 BAW 濾波器技術引入多樣性模組。

And in some cases we'll have diversity modules with a mix of SAW and BAW as well, to optimize for various market opportunities.

在某些情況下，我們還將擁有混合了 SAW 和 BAW 的多樣性模組，以針對各種市場機會進行最佳化。

We're very excited about it and we'll begin to see traction in FY18.

我們對此感到非常興奮，我們將在 2018 財年開始看到它的吸引力。

FY19 is when it will become more meaningful.

2019財年將會變得更有意義。

Got it.

知道了。

Thanks.

謝謝。

Chris Caso, CLSA.

克里斯卡索，里昂證券。

Yes, thank you.

是的，謝謝。

Question is regarding the gross margin target, and I guess you guys have talked about where you expect to be at varied points during the year?

問題是關於毛利率目標，我想你們已經討論過你們預計在一年中的不同時間點達到什麼水平？

Could you talk about what steps you need to take in order to get there?

您能否談談您需要採取哪些步驟才能實現這一目標？

And I guess specifically, how dependent is that 50% target on revenue growth that you're getting some leverage on the higher revenue?

我想具體來說，50% 的目標對收入成長的依賴程度如何，你對更高的收入有一定的影響力？

Yes Chris, fortunately not much has changed in our view.

是的，克里斯，幸運的是我們的觀點沒有太大改變。

Last quarter we gave it a walk, and the initiatives that we were undertaking then continue, and will continue through the end of FY18.

上個季度我們進行了嘗試，隨後我們正在採取的舉措將繼續下去，並將持續到 2018 財年末。

So what I said last quarter was, about 100 basis points we'd get from wafer diameter and other manufacturing yield-related issues.

所以我上個季度所說的是，我們可以從晶圓直徑和其他與製造良率相關的問題中獲得大約 100 個基點。

About 150 from utilization-related benefits.

大約 150 個來自與利用相關的收益。

And that has something to do with volume, obviously.

顯然，這與數量有關。

And rationalizations we're doing in the plants.

我們正在工廠中進行合理化。

And then about 150 basis points associated with supply chain and other productivity initiatives.

然後是與供應鏈和其他生產力計劃相關的約 150 個基點。

And that's largely the same roadmap for the expansion now.

這與現在的擴張路線圖基本上相同。

It's a bit more balanced across the three now, than it was.

現在三者之間的關係比以前更平衡了。

But largely the same, Chris.

但基本上是一樣的，克里斯。

The other thing I would point out -- gross margins are guided to go up and revenues are down, to support what Mark is talking about.

我要指出的另一件事是——毛利率被引導上升，收入下降，以支持馬克所說的。

Okay.

好的。

And as a follow-up, you talked in the past, your BAW fabs have been underutilized but BAW is increasing as a percentage of the total now.

作為後續，您過去談到過，您的 BAW 晶圓廠一直未得到充分利用，但現在 BAW 佔總數的百分比正在增加。

As you exit the year and you hit what I think you said was a 40% target for BAW, what does that do to utilization rates of the BAW fabs?

當你結束這一年時，你達到了我認為你所說的 BAW 40% 的目標，這對 BAW 晶圓廠的利用率有何影響？

Yes, Chris, the 40% is in FY19, but we expect the BAW-related fab, which is Richardson 6-and 8-inch, to be over 80% in fiscal -- in fourth quarter of FY18.

是的，克里斯，40% 是在 2019 財年，但我們預計與 BAW 相關的晶圓廠，即理查森 6 英寸和 8 英寸，在 2018 財年第四季度的財年將超過 80%。

Currently it is closer to -- closer to 50%, 60%.

目前它接近——接近50%、60%。

And so we expect that to expand.

因此我們預計這種情況會擴大。

And we're actually -- there were some developments through the quarter to figure out how to optimize the capital spend and customer ramps and so forth.

事實上，我們整個季度都取得了一些進展，以找出如何優化資本支出和客戶成長等。

And we're actually able to do a conversion to 8-inch faster than we expected.

事實上，我們能夠比我們預期更快地轉換為 8 英寸。

And as a result the CapEx profile will be a bit less in the short term, and the need for farmer's branch will be pushed out a bit.

因此，短期內資本支出將有所減少，對農戶分公司的需求將被推遲一些。

Helpful.

有幫助。

Thank you.

謝謝。

Edward Snyder, Charter Equity Research

愛德華·斯奈德，特許股票研究

Thanks a lot.

多謝。

First, Eric, you are talking about DRX box, and you have played there very sparingly, and only used BAW.

首先，Eric，你說的是DRX盒子，你玩得很少，只用過BAW。

It sounds like you're now -- is it primarily still going to be a BAW game for you and you augment it with SAW as necessary And why the big change here?

聽起來你現在——對你來說，它主要還是一款 BAW 遊戲，你會根據需要用 SAW 來增強它？為什麼這裡會有這麼大的變化？

Is it upload carrier aggregation doing this or is it a lot of phones moving to more modules from discretes?

是上傳載波聚合來執行此操作，還是許多手機從分立裝置轉向更多模組？

You seem to be busier than all get-out on all of the other products too, so it attacking this market might be asking more than the engineering capacity for.

您似乎比所有其他產品都更忙，因此攻擊這個市場可能需要的不僅僅是工程能力。

And you mentioned, Mark, you mentioned you're running 50%, 60% BAW?

你提到，馬克，你提到你正在運行 50%、60% BAW？

Are you still adding capacity farmers to Richardson?

你們還在為理查森增加產能農民嗎？

And do you expect it to layer on much more as you go through the year?

你是否期望在這一年裡它會變得更多？

Do you think you're good for the year as it stands right now?

您認為目前的情況對這一年來說還好嗎？

Eric, you want to take the first part?

艾瑞克，你想參加第一部分嗎？

Yes, thanks, Ed.

是的，謝謝，艾德。

Again we are seeing a drive towards, really it's the proliferation of the carrier aggregation modes into the open market in particular, where customers want to go to market fast with a lot of different versions.

我們再次看到了一種推動力，實際上是載波聚合模式擴散到開放市場，特別是客戶希望以許多不同的版本快速進入市場。

And we believe that we can help a lot with the loss in the front end, especially in the carrier ag mode with the BAW filters.

我們相信，我們可以為前端的損耗提供很大幫助，尤其是在具有 BAW 濾波器的載波 AG 模式下。

Although, in some of those applications, not every single band has to have BAW, and in some cases SAW might be better suited.

不過，在其中一些應用中，並非每個頻段都必須具有 BAW，並且在某些情況下 SAW 可能更適合。

So we'll use that to complement, as you said, the BAW.

因此，正如您所說，我們將用它來補充 BAW。

And you're right, we have a lot of opportunities without even doing the diversity receive, but there is several places where I think with the BAW differentiation, it makes sense to do it to help the customer's performance.

你是對的，我們甚至在沒有進行多元化接收的情況下也有很多機會，但我認為在某些地方，透過 BAW 的差異化，這樣做有助於提高客戶的績效是有意義的。

And on your question on BAW capacity, we will continue to add capacity as planned.

關於你提到的BAW產能問題，我們將繼續按計畫增加產能。

Mark commented that we throttled some of that back through some of the things that we've decided to do through the last quarter on how to get the capacity in place going to 8-inch faster.

Mark 評論說，我們透過上個季度決定要做的一些事情來限制其中的一部分，以確保產能更快達到 8 英吋。

But again, as we commented in the -- or I commented in my opening comments about how much we expect our BAW-based revenue to grow in FY19, which is really counter to the year 2018, we have to have that in place and qualify that up in the 8-inch this year.

但同樣，正如我們在開場評論中評論的那樣，我們預計 2019 財年基於 BAW 的收入將增長多少，這與 2018 年確實相反，我們必須落實這一點並符合條件今年8英寸。

So we're going to continue to build that out to support revenues in calendar 2018.

因此，我們將繼續擴大這一規模，以支持 2018 年的收入。

To that end, Bob, nobody assigns design wins a year ahead of the actual production, and you're talking out more than a year.

為此，鮑勃，沒有人會在實際生產之前一年分配設計勝利，而你卻談論了一年多。

Is it safe to assume a lot of your projections on BAW, or everything you're seeing with tier aggregation and even the white box in China starting to move much more complicated funds.

假設你對 BAW 的大量預測，或者你在層級聚合中看到的一切，甚至中國的白盒開始轉移更複雜的資金，是否安全？

Driving demand for open market BAW, whether discrete or modules, is that what is making you so optimistic about here?

推動開放市場 BAW 的需求，無論是分立式還是模組式，這就是讓您如此樂觀的原因嗎？

Or do you see product road maps at some of your larger customers pulling a lot more of this product in, and you think with new BAW 5 you will be more competitive?

或者您看到一些較大客戶的產品路線圖吸引了更多該產品，並且您認為有了新的 BAW 5，您將更具競爭力？

I think it is both, Ed, really.

我認為兩者都是，艾德，真的。

Our largest customers, but in particular maybe the open market is where we see the fastest growing part of that segment.

我們最大的客戶，尤其是開放市場，我們看到該領域成長最快的部分。

And we're just really thrilled with the performance of the BAW 5, and especially in the higher order multi-plexing sort of applications but also in Wi-Fi.

我們對 BAW 5 的性能感到非常興奮，尤其是在高階復用類型的應用中，而且在 Wi-Fi 中也是如此。

We mentioned LAA coming in Wi-Fi.

我們提到 LAA 將加入 Wi-Fi。

We know that is a couple of years off but people are already beginning to think hard about that and that is really going to drive significant increase in BAW content, even for Wi-Fi there in the 5 gig band.

我們知道這還需要幾年的時間，但人們已經開始認真思考這一點，這確實會推動 BAW 內容的顯著增加，即使是 5 gig 頻段的 Wi-Fi 也是如此。

There is an awful lot of opportunities.

有很多機會。

We have great technology now and a lot of places to take it.

我們現在擁有先進的技術，並且有很多地方可以利用它。

Your largest customer -- your largest competitor in BAW has excess capacity I would say significant relative to what they had in the past.

你最大的客戶——你在 BAW 的最大競爭對手，我想說相對於他們過去的產能來說，產能過剩相當大。

Are you seeing them in China, whether it is the China, Inc., the big boys there or white box or is it still pretty much your market in BAW?

你在中國看過他們嗎？無論是中國公司、那裡的大公司還是白盒公司，或者這仍然是你在 BAW 的市場嗎？

And just to touch again, DRX, are you going to offer any DRX products that don't use BAW?

再問一下，DRX，你們會提供不使用 BAW 的 DRX 產品嗎？

So, let's answer first one first.

那麼，我們先來回答第一個。

We don't see any significant change in the competitive dynamics in the BAW market with our largest competitor there.

我們認為 BAW 市場與我們最大競爭對手的競爭動態沒有任何重大變化。

I think it's status quo and we've got the opportunity to take the enhanced technology out and go in several directions with it.

我認為這就是現狀，我們有機會採用增強型技術並朝多個方向發展。

So then the second question was about the DRX module, again, the road map is not firm.

那麼第二個問題是關於 DRX 模組的，同樣，路線圖並不確定。

I don't want to rule anything out.

我不想排除任何可能性。

It is possible we could do some that don't have BAW in them, but given our recourse constraint, as you said, it makes sense to focus on areas with highest differentiation.

我們可能會做一些沒有 BAW 的項目，但正如您所說，考慮到我們的追索權限制，專注於差異化程度最高的領域是有意義的。

I would say the other aspect here is that we are moving towards full system solutions in a lot of cases in which we've got a majority if not all of the main line content.

我想說的另一個方面是，在許多情況下，我們正在轉向完整的系統解決方案，在這些情況下，我們已經獲得了大多數（如果不是全部）主線內容。

So when we're in those positions, customers are happy to bolt on diversity receive and other items from us, like Wi-Fi.

因此，當我們處於這些位置時，客戶很樂意使用我們提供的多樣性接收和其他產品，例如 Wi-Fi。

So these opportunities are kind of disproportionately easier to capture maybe, once we have the full solution.

因此，一旦我們有了完整的解決方案，這些機會可能會更容易抓住。

That is probably another dynamic change that you're seeing in terms of why we're getting more excited about DRX now.

這可能是您所看到的另一個動態變化，這也是我們現在對 DRX 更加興奮的原因。

Just maybe a comment, add a bit on this capacity on BAW.

也許只是評論一下，在 BAW 上添加一點此功能。

So as I mentioned, between 50%, 60% now, we expect to be around 80% by this time next year and next calendar year.

正如我所提到的，現在在 50% 到 60% 之間，我們預計到明年這個時候和下一個日曆年將達到 80% 左右。

March quarter of 2018.

2018 年 3 月季度。

And, a few things that the migration from 6 to 8, as I mentioned we figured out some things to do there that we can increase capacity with more efficiently.

而且，從 6 遷移到 8 的一些事情，正如我所提到的，我們找到了一些可以做的事情，以便我們可以更有效地增加容量。

And it's allowed us to push out the farmer's branch tool installs.

它使我們能夠推出農民的分支工具安裝。

And then there is just a wide range of customer opportunities on BAW that will diversify the revenue and allow us to better load what capacity we do have.

BAW 上有廣泛的客戶機會，這將使收入多樣化，並使我們能夠更好地加載現有的產能。

Diversity receive, as Eric mentioned, increased use of BAW in Wi-Fi.

正如 Eric 所提到的，多樣性增加了 BAW 在 Wi-Fi 中的使用。

There is, of course, large customer socket opportunities and then in which are more BAW intensive.

當然，存在大量客戶插座機會，其中 BAW 更為密集。

And of course there is even faster-growing market for BAW in China which we're very well positioned.

當然，BAW 在中國還有一個成長更快的市場，我們處於非常有利的地位。

So feeling great about the technology and where it stands and the capacity plan associated with it.

因此，我對這項技術、它的現狀以及與之相關的容量計劃感到非常滿意。

My apologies.

我很抱歉。

Last question and I'll get back in the queue.

最後一個問題，我會回到隊列中。

So this time next year I'm sure we'll be talking about upload tier aggregation a lot more, given the impact its going to have on the front end there.

因此，明年這個時候，我確信我們會更多地討論上傳層聚合，因為它會對前端產生影響。

It would seem to be the case given the power requirements and ET requirements, et cetera, on this that your hand would be strengthened as we move into that.

考慮到功率需求和 ET 要求等，情況似乎就是這樣，當我們進入這一點時，你的手將會得到加強。

I'm sure you're looking at those designs right now and actually competing in those designs since they'll be in production next year.

我確信您現在正在查看這些設計，並且實際上正在參與這些設計的競爭，因為它們將於明年投入生產。

How does that look preliminarily here?

初步看起來怎麼樣？

Is it a narrower market for suppliers because of the power thing or is that still going to be off board and not really affect who you're seeing in competition for those slots?

對於供應商來說，由於電力問題，市場是否會縮小，或者仍然會被排除在外，並且不會真正影響您所看到的誰在爭奪這些席位？

I think it absolutely narrows the field and it's not just upload carrier aggregation.

我認為它絕對縮小了領域，而不僅僅是上傳載波聚合。

We're seeing move to higher frequency bands.

我們看到向更高頻段的發展。

We're getting out to an early lead in the ultra high band, band 42 space as well with the advanced (inaudible).

我們在超高頻段、42 頻段以及高級頻段（聽不清楚）方面取得了早期領先地位。

We're seeing L&As become more important across the board because of all that complexity as well.

由於所有這些複雜性，我們看到 L&A 變得更加重要。

We have some technology there and our tuners, especially as we go to advanced antenna systems and potentially 4x4 (inaudible) and so forth, our tuner content continues to be a very key asset for us and very differentiated.

我們在那裡擁有一些技術和我們的調諧器，特別是當我們採用先進的天線系統和潛在的4x4（聽不清楚）等時，我們的調諧器內容仍然是我們非常關鍵的資產，並且非常與眾不同。

All of these things come together and as customers look for suppliers to provide more and more of the entire RF front end system, the more those differentiators you have, the better.

所有這些因素結合在一起，隨著客戶尋找供應商提供越來越多的整個射頻前端系統，您擁有的差異化優勢越多越好。

Vivek Arya, Bank of America

維韋克‧阿里亞 (Vivek Arya)，美國銀行

Thank you for taking my question.

感謝您回答我的問題。

Bob, I just wanted to revisit this roughly $90 million or so delta between the midpoint of your outlook and what the consensus expectations were?

鮑勃，我只是想重新審視一下您的前景中點與共識預期之間大約 9000 萬美元左右的增量？

Especially because that's such a big contrast with one of your peers who raised their outlook for March.

尤其是因為這與一位提高了三月前景的同行形成了鮮明對比。

Now, from what I heard on the call, there were three factors.

現在，從我在電話中聽到的情況來看，有三個因素。

One was not backfilling the US queue for your large Korean customer, second was China, third was delay in the new Korean phone.

一是沒有為您的韓國大客戶填補美國的隊列，二是中國，三是新的韓國手機的延遲。

I know we are getting a better granular but is there a way to help us understand these three different factors, especially what can come back in June and where there is still some uncertainty?

我知道我們正在獲得更好的粒度，但有沒有辦法幫助我們理解這三個不同的因素，特別是六月會出現什麼以及仍然存在一些不確定性？

I just want to make sure I get it right as to, are these company-specific factors or market-specific factors.

我只是想確保我正確理解這些是公司特定因素還是市場特定因素。

Sure.

當然。

I'll give you a little bit more highlight and allow Eric to add some more color.

我會給你更多的亮點，並允許艾瑞克添加更多的色彩。

Number one, when we look at things that are very high level, trying to compare us to any one competitor given our current product mixes and different phones we go after and different marquee phone launches, if you really look at the last three or four quarters, none of us have really been in sync.

第一，當我們著眼於非常高水平的事物時，考慮到我們當前的產品組合、我們追求的不同手機以及不同的大牌手機發布，試圖將我們與任何一個競爭對手進行比較，如果你真的看看過去三、四個季度的話，我們都沒有真正同步過。

So let us just put that aside.

所以讓我們把它放在一邊。

And then to what we were trying to get across through our press release, along with our opening comments, was that what you said about our two customers in China, their phones are delayed.

然後，我們試圖透過我們的新聞稿以及我們的開場評論傳達的是，您所說的關於我們在中國的兩位客戶的情況，他們的電話被延遲了。

Eric outlined earlier why they're being delayed.

埃里克早些時候概述了他們被推遲的原因。

It is not because of us, it is not because of RF.

這不是因為我們，也不是因為 RF。

It is being delayed.

它正在被推遲。

And what I said was they would begin in June, the month of June, in production and really hitting high volume in the June -- sorry -- in March they would begin production, in the June quarter we would see significant volume.

我所說的是，他們將在六月開始生產，並在六月真正達到高產量——抱歉——在三月他們將開始生產，在六月季度我們將看到大量產量。

And that's the two phones that are primarily driving us in China.

這就是我們在中國的主要驅動力的兩款手機。

And as we talked about with our largest customer in Korea, we had very large dollar content.

正如我們與韓國最大的客戶談論的那樣，我們有非常大的美元含量。

I think it's pretty well known in the North American SKU, and quite honestly, they haven't seen a sell-through in one of their phones that they expected, and we're seeing some coming down off of that, coupled with the delay in their next marquee phone.

我認為它在北美 SKU 中相當出名，而且老實說，他們的一款手機的銷量並沒有達到他們預期的水平，而且我們看到一些手機的銷量有所下降，再加上延遲在他們的下一個字幕手機中。

So when you put all that together, that is the bulk of the delta that you're looking for.

因此，當您將所有這些放在一起時，這就是您正在尋找的增量的大部分。

Got it.

知道了。

And then on gross margins, the prior thinking was that it would perhaps take a product redesign to improve margins for some of the sockets you had at your largest customer, which would have been perhaps harder to do for this year's product.

然後在毛利率方面，先前的想法是，可能需要重新設計產品來提高最大客戶的某些插座的利潤率，這對於今年的產品來說可能更難做到。

But I think, Mark, from what you're describing, it sounds like this supply chain efficiencies and manufacturing changes and perhaps a better mix of BAW can get you to your target model for gross margins?

但我認為，馬克，從你的描述來看，聽起來供應鏈效率和製造變化以及 BAW 的更好組合可以讓你達到毛利率的目標模型？

Did I not understand the prior issue, I'm trying to understand what has now changed to get you back to model this year in gross margins versus actually waiting for a product redesign effort?

我是否不明白之前的問題，我試圖了解現在發生了什麼變化，讓您今年回到毛利率模型，而不是實際等待產品重新設計工作？

Yes, let me I make sure I answer this way.

是的，讓我確保我這樣回答。

You're correct about making major changes to the filters themselves within the modules.

您對模組內的過濾器本身進行重大更改是正確的。

What we have been doing is working hard to improve the yields on the current filters that we have in there.

我們一直在努力提高現有過濾器的產量。

So I want to make sure when you say getting to our gross margin target, what Mark talked about was in March, which is very consistent with what we said before, so in our mind, no change.

所以我想確定一下，當你說達到我們的毛利率目標時，馬克所說的是三月份，這與我們之前所說的非常一致，所以在我們看來，沒有變化。

So if we said something and implied that, I apologize for that.

因此，如果我們說了一些話並暗示了這一點，我會為此道歉。

But we're making the progress that we set out.

但我們正在取得我們設定的進展。

That's why we hit our gross margin goal that we set and guided to in December.

這就是我們實現 12 月設定和指導的毛利率目標的原因。

That's why we believe we are going to be up in March, as Mark outlined with mix being down of the low band pad this particular quarter.

這就是為什麼我們相信我們將在三月上漲，正如馬克所概述的那樣，該特定季度的低帶墊組合將下降。

And as he outlined we're still on track for 50% in the March quarter.

正如他所概述的那樣，我們仍有望在 3 月季度實現 50% 的目標。

So, Mark, if you want to add some color to that, feel free.

所以，馬克，如果你想為此添加一些色彩，請隨意。

That covers it.

這涵蓋了它。

We're continuing to make a number of improvements in the manufacturing process for low band pad filters and modules.

我們將繼續對低帶墊濾波器和模組的製造流程進行多項改進。

It's going to remain, as it is in our product portfolio at one of the lower-margin products.

它將保留下來，因為它是我們產品組合中利潤率較低的產品之一。

But a good product and a high technology product.

而是一個好產品，一個高科技產品。

Toshiya Hari, Goldman Sachs

Toshiya Hari，高盛

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I had a question on IDP, 29% growth on a year-over-year basis is obviously very impressive.

我有一個關於 IDP 的問題，29% 的同比增長顯然非常令人印象深刻。

If you can kind of elaborate on some of the growth drivers there, and how sustainable that growth rate is going forward, that would be great?

如果您能詳細說明那裡的一些成長動力，以及未來成長率的可持續性如何，那就太好了？

And kind of related to IDP, when you talk about your gross margin bridge for the overall Company, IDP doesn't really come in, at least you guys don't talk about it explicitly.

與 IDP 有點相關，當你談論整個公司的毛利率橋時，IDP 並沒有真正參與進來，至少你們沒有明確談論它。

If IDP continues to outgrow mobile, should that provide a tailwind for gross margins as well?

如果 IDP 的成長持續超過行動業務，這是否也會為毛利率帶來推動力？

You would take the gross margin question first and then I'll go?

你先問毛利率問題，然後我再問？

Yes, part of my, Toshiya, the number of operational improvements I mentioned affect both businesses.

是的，Toshiya，我提到的營運改善數量的一部分影響了這兩家公司。

So part of that is in, benefits IDP, but you are correct that to the extent that IDP is able to outgrow mobile, we would see a favorable mix effect on gross margin.

因此，其中一部分是有利於 IDP，但你是對的，只要 IDP 能夠超越行動業務，我們就會看到對毛利率有利的混合效應。

You know, so this is James, let me talk about the growth.

你知道，這就是詹姆斯，讓我談談成長。

It was really broad-based.

這確實是基礎廣泛的。

We positioned the business in six rapidly growing markets and that includes smart home, automotive, optical, defense scan, base station GaN and Wi-Fi, and we're really winning significant slots in all of those growth segments.

我們將業務定位於六個快速成長的市場，其中包括智慧家庭、汽車、光學、國防掃描、基地台 GaN 和 Wi-Fi，我們確實在所有這些成長領域贏得了重要地位。

In this quarter Wi-Fi led the way.

本季 Wi-Fi 處於領先地位。

We talked a little bit about the design -- some of the design wins in Wi-Fi.

我們討論了一些設計——Wi-Fi 領域的一些設計勝利。

But defense, base station and automotive also had great quarters.

但國防、基地台和汽車領域也有不錯的表現。

I'm excited going forward, you talked a little bit about going forward, both in automotive and IoT.

我對未來感到很興奮，您談到了汽車和物聯網領域的未來。

In automotive we see up to $10 of content going forward.

在汽車領域，我們預計未來的內容將高達 10 美元。

In IoT our acquisition at GreenPeak has really been a game changer for us.

在物聯網領域，我們對 GreenPeak 的收購確實改變了我們的遊戲規則。

It gave us access into the really high growth IoT market, and the new products they will release this year at CES, we think are going to create significant growth going forward.

它讓我們進入了真正高成長的物聯網市場，他們今年將在 CES 上發布的新產品，我們認為將在未來創造顯著的成長。

GaN based products also continue to do very well across all the markets that we address, defense, broadband and base stations.

基於 GaN 的產品在我們涉足的所有市場（國防、寬頻和基地台）中也繼續表現出色。

And we'll increase our GaN revenue over 20% this year.

今年我們的 GaN 收入將增加 20% 以上。

And to be honest, next year I expect it to be significantly better than that.

說實話，我預計明年的情況會比這好得多。

On a go forward basis, you can model IDP growth to be in line with what we say in the Company, 10% to 15%.

展望未來，您可以將 IDP 成長建模為與我們在公司中所說的 10% 到 15% 一致。

And we'll keep pushing forward.

我們將繼續前進。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And as my follow-up I had a question on OpEx.

作為我的後續行動，我有一個關於營運支出的問題。

Clearly you've done a great job managing OpEx at current levels.

顯然，您在當前水準的營運支出管理方面做得非常出色。

Can you remind us some of the initiatives, what kind of initiatives you have in place today?

您能否向我們介紹一些措施？您今天採取了哪些措施？

And when you talk about sustainability in OpEx going forward, are you thinking in absolute terms or as a percentage of sales?

當您談論未來營運支出的可持續性時，您會考慮絕對值還是佔銷售額的百分比？

Thank you.

謝謝。

Yes, Toshiya, a number of initiatives.

是的，Toshiya，有很多舉措。

We're certainly spending a lot of time on development costs for new products.

我們確實在新產品的開發成本上花費了大量時間。

Are we working most efficiently with our customers, is our design cycle as efficient as it could be, and a number of other efforts to make sure our R&D costs are as low as possible.

我們與客戶的合作是否最有效，我們的設計週期是否盡可能高效，以及其他許多努力來確保我們的研發成本盡可能低。

That is the largest part of the cost stack in OpEx.

這是營運支出成本堆疊中最大的部分。

Sales and marketing and G&A, being very disciplined about labor costs and being efficient as we grow, we'll certainly benefit, given the growth rates of the Company, that we'll naturally decrease OpEx as a percent of sales.

銷售、行銷以及一般行政費用，在我們成長過程中嚴格控制勞動力成本並提高效率，考慮到公司的成長率，我們肯定會受益，我們自然會降低營運支出佔銷售額的百分比。

And we're working to keep it flattish on a dollar basis, is the goal.

我們的目標是努力保持以美元為基礎的持平。

And just get that natural operating leverage going forward.

並繼續獲得自然的營運槓桿。

So, my guidance for FY18 is to be at or below model, which is 20% of sales and OpEx, and that would require that we, on a dollar basis are keeping those costs contained.

因此，我對 2018 財年的指導是達到或低於模型，即銷售額和營運支出的 20%，這要求我們以美元為基礎控制這些成本。

Bill Peterson, JPMorgan

比爾彼得森，摩根大通

Yes, thanks for sneaking me in and good job on the gross margin execution.

是的，感謝您偷偷地邀請我參與，並在毛利率執行方面做得很好。

Maybe just more of a near term question on IDP, obviously you would say most of the drop-off is in mobile.

也許更多的是關於 IDP 的近期問題，顯然你會說大部分下降是在行動領域。

But in the March quarter, what kind of sequential or year on year growth should we be expecting for the IDP business?

但在 3 月的季度中，我們應該預期 IDP 業務會出現什麼樣的環比或年成長？

We're expecting to be flat.

我們預計會持平。

Or as we say, flattish.

或者正如我們所說，平淡。

And, again, that will represent again a fourth quarter in a row for us to be substantially up year-over-year.

而且，這將再次代表我們連續第四個季度同比大幅成長。

And so it's going to really wind up for us a great year where we'll grow up in those mid-20s and I think our strategy is working.

因此，這對我們來說確實是美好的一年，我們將在 20 多歲的時候成長，我認為我們的策略正在發揮作用。

I couldn't be happier with the technology we have, the products we have, and the team we have.

我對我們擁有的技術、產品和團隊感到非常滿意。

In general I think we're going to wrap up a great year and be prepared for that kind of good growth again next year.

總的來說，我認為我們將結束美好的一年，並為明年的良好成長做好準備。

Okay.

好的。

Thanks for that.

感謝那。

And it sounds like you're still confident in the overall 10% to 15% year on year growth?

聽起來您對整體同比增長 10% 至 15% 仍然有信心？

So I guess in terms of the overall picture with -- to get to your double-digit growth for FY18, what is embedded in terms of your expectations for SmartPhone growth to be able to achieve, in this case it would be close to double digit growth in the Mobile Products business?

因此，我認為，就總體情況而言，為了實現 2018 財年的兩位數成長，您對智慧型手機成長能夠實現的預期包含哪些內容，在這種情況下，它將接近兩位數行動產品業務的成長？

We're basically modeling SmartPhone growth itself to be up very little.

我們基本上將智慧型手機成長本身建模為成長幅度很小。

Low to mid-single digits in the overall handset units themselves maybe flat or down a bit as feature phones really taper off.

隨著功能手機的逐漸減少，整個手機單位本身的低至中個位數可能持平或略有下降。

We're not embedding any drastic assumptions about units.

我們沒有嵌入任何關於單位的極端假設。

As you probably know our TAM is really driven by the content store and growing a number of bands and a number of CA combinations.

您可能知道，我們的 TAM 實際上是由內容儲存以及不斷增長的樂隊數量和 CA 組合推動的。

Wi-Fi is also, we believe, growing even faster than a SmartPhone RF10 currently, and we think we have a great opportunity there.

我們相信，Wi-Fi 目前的成長速度甚至比智慧型手機 RF10 還要快，我們認為我們在這方面有很大的機會。

And also I think really just the mid-tier especially in the China-based handset market, those guys are really generating some pretty big volumes now and still growing rapidly and they're really adding a lot of RF content especially as they look to export models.

而且我認為，實際上只是中階產品，尤其是在中國的手機市場，這些人現在確實產生了相當大的銷量，並且仍在快速增長，他們確實添加了大量射頻內容，特別是當他們希望出口時楷模。

The whole story about dollars per handset on average growing, that is what is driving the TAM in the double digits year-over-year.

每支手機的平均售價不斷成長，這就是推動 TAM 年比實現兩位數成長的原因。

Thanks for the color.

謝謝你的顏色。

It is now my pleasure to turn call back over to Qorvo management for any closing or final remarks.

現在，我很高興將電話轉回 Qorvo 管理層，以聽取結束或最後的評論。

Thank you for joining us tonight.

感謝您今晚加入我們。

Qorvo is building a business that best serves where the industry is headed.

Qorvo 正在打造一家能夠最好地服務於產業發展方向的企業。

We're building a broad based pipeline of highly differentiated, discrete and integrated solutions and we're enjoying robust design win activity.

我們正在建立一個基礎廣泛的高度差異化、分立和整合解決方案管道，並且我們正在享受強勁的設計獲勝活動。

We expect to drive double digit revenue growth in FY18 and with it margin expansion, operating leverage, robust EPS growth and accelerating free cash flow generation.

我們預計 2018 財年營收將達到兩位數成長，利潤率將擴大，營運槓桿將強勁，每股盈餘將強勁成長，並加速自由現金流的產生。

Thanks again for joining us and have a good night.

再次感謝您加入我們，祝您有個美好的夜晚。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect at any time and have a great day.

您可以隨時斷開連接，祝您度過愉快的一天。