科沃 (QRVO) 2017 Q4 法說會逐字稿

Good day, everyone, and welcome to the Qorvo, Inc.

大家好，歡迎來到 Qorvo, Inc.。

Q4 2017 Conference Call.

2017 年第四季電話會議。

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 Douglas DeLieto, Vice President, Investor Relations for Qorvo.

現在，我想將會議交給 Qorvo 投資者關係副總裁 Douglas DeLieto。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Dana.

非常感謝，達納。

Hello, everybody, and welcome to Qorvo's Fourth Quarter Fiscal 2017 Earnings Conference Call.

大家好，歡迎參加 Qorvo 2017 財年第四季財報電話會議。

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

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

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

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

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 noncash 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支出或其他可能掩蓋我們基本業績趨勢的項目的影響。

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

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。

For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website, qorvo.com, under Investors.

有關 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，可在我們的網站 qorvo.com 的「投資者」部分查看。

(Operator Instructions)

（操作員說明）

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 and Defense Products Group; as well as other members of Qorvo's management team.

今天和我坐在一起的是總裁兼執行長 Bob Bruggeworth；馬克‧墨菲，財務長； Eric Creviston，Qorvo 行動產品集團總裁； Qorvo 基礎設施與國防產品集團總裁 James Klein；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。

Hello, and welcome, everyone, to our fiscal 2017 fourth quarter call.

大家好，歡迎大家參加我們的 2017 財年第四季電話會議。

March quarterly revenue was approximately $642 million.

3 月份季度營收約為 6.42 億美元。

Gross margin expanded 190 basis points sequentially to 46.2%, and we achieved EPS above the midpoint of our provided range.

毛利率連續擴大 190 個基點，達到 46.2%，我們實現的每股盈餘高於我們提供的範圍的中點。

For the year, we delivered revenue of approximately $3 billion, representing 16% year-over-year growth, driven by 23% growth in IDP and 14% growth in Mobile Products.

今年，我們實現了約 30 億美元的收入，年增 16%，這主要得益於 IDP 成長 23% 和行動產品成長 14%。

We're very proud of what the Qorvo team delivered in fiscal 2017, and we're excited about our opportunities for continued growth in fiscal 2018.

我們對 Qorvo 團隊在 2017 財年交付的成果感到非常自豪，並且對 2018 財年持續成長的機會感到興奮。

Qorvo offers the industry's broadest portfolio of products, technologies and integration capabilities, and we are rapidly introducing new products that enable increasingly advanced and complex architectures.

Qorvo 提供業界最廣泛的產品、技術和整合能力組合，我們正在快速推出新產品，以支援日益先進和複雜的架構。

We are building a business that best addresses where our markets are headed.

我們正在建立一個最能滿足我們市場發展方向的業務。

In fiscal 2018, we expect continued strong revenue growth and margin expansion.

2018 財年，我們預計營收將持續強勁成長，利潤率將擴大。

In both Mobile Products and IDP, we are expanding our product portfolios to deliver superior performance and increasing functionality.

在行動產品和 IDP 方面，我們正在擴展我們的產品組合，以提供卓越的性能和不斷增加的功能。

This is translated into large design wins and has given us greater confidence in our growth drivers.

這轉化為巨大的設計勝利，並使我們對我們的成長動力更有信心。

Specifically, we expect to expand our dollar content at our largest customer later this year, and we're forecasting expanding dollar content at our second and third largest customers as next-generation flagship and mass-market platforms are launched.

具體來說，我們預計將在今年稍後擴大我們最大客戶的美元含量，隨著下一代旗艦和大眾市場平台的推出，我們預計將擴大我們第二和第三大客戶的美元含量。

Operationally, we continue to make progress in our conversion to 8-inch BAW and 6-inch temp-comp SAW, and we are on track to significantly reduce our BAW and SAW filter die sizes.

在營運方面，我們在向 8 吋 BAW 和 6 吋臨時補償 SAW 的轉換方面繼續取得進展，並且我們有望顯著減小 BAW 和 SAW 濾波器晶片尺寸。

We've completed multiple operational initiatives to reduce costs and enhance productivity, and we expect to see the benefits of these accomplishments in fiscal 2018, supporting an improvement in our return on invested capital.

我們已經完成了多項旨在降低成本和提高生產力的營運舉措，我們預計將在 2018 財年看到這些成就的好處，支持提高我們的投資資本回報率。

Looking to mobile.

尋找行動裝置。

Qorvo is a leader across multiple categories with exciting growth opportunities from the transceiver to the antenna.

Qorvo 是多個類別的領導者，擁有從收發器到天線的令人興奮的成長機會。

We are improving the RF performance of our customers' devices with highly integrated solutions, complemented by our expanding portfolio of highly differentiated discrete components.

我們正在透過高度整合的解決方案來提高客戶設備的射頻性能，並輔以不斷擴大的高度差異化分立元件產品組合。

We recently launched our BAW 5-based products, and customer pull has been strong.

我們最近推出了基於 BAW 5 的產品，客戶需求強勁。

Our first BAW 5 shipments commenced in the March quarter, with our industry-leading RF Fusion for WiFi iFEMs supporting Xiaomi, OPPO and Vivo.

我們的首批 BAW 5 於三月季度開始出貨，我們業界領先的 WiFi iFEM RF Fusion 支援小米、OPPO 和 Vivo。

We are broadly integrating BAW 5 filters across the portfolio.

我們在整個產品組合中廣泛整合 BAW 5 濾波器。

In mobile WiFi, we are combining our BAW 5 filters with our WiFi front-end modules, and we expect recent design wins will translate into strong growth.

在行動 WiFi 領域，我們將 BAW 5 濾波器與 WiFi 前端模組結合，我們預計最近的設計勝利將轉化為強勁的成長。

We believe the performance advantage of Qorvo's iFEMs will ultimately prove disruptive to the costly SIP architectures in use today in many marquee smartphones.

我們相信，Qorvo iFEM 的效能優勢最終將顛覆目前許多大型智慧型手機中使用的昂貴 SIP 架構。

The breakthrough performance of Qorvo's BAW 5 resonators and our proven design capabilities have received customer validation.

Qorvo BAW 5 諧振器的突破性性能和我們經過驗證的設計能力已得到客戶的驗證。

That's led to close collaboration with a key customer to support a major custom-product development project.

這導致了與關鍵客戶的密切合作，以支援主要的客製化產品開發專案。

We are combining multiple high-order multiplexers with PAs, switches and low-noise amplifiers to participate in the industry's most complex and most difficult-to-address product category.

我們將多個高階多工器與 PA、開關和低雜訊放大器結合，參與業界最複雜、最難解決的產品類別。

We're extremely pleased to have earned this opportunity that requires a multiyear commitment, and we're competing to win.

我們非常高興能夠贏得這個需要多年承諾的機會，我們正在努力爭取勝利。

It's opportunities like this that we expect will drive BAW-based revenue to represent approximately 40% of mobile's revenue in fiscal 2019.

我們預計，這樣的機會將推動基於 BAW 的收入佔 2019 財年行動收入的約 40%。

Now turning to premium-tier smartphones.

現在轉向高階智慧型手機。

We're enjoying strong demand for RF Fusion for cellular.

我們正享受到對蜂窩射頻融合的強勁需求。

In the March quarter, we added ZTE to the list of customers buying our full suite of RF Fusion solutions, combining low-band, mid-band and high-band placements.

在三月季度，我們將中興通訊加入購買我們全套 RF Fusion 解決方案的客戶名單中，該解決方案結合了低頻段、中頻段和高頻段的佈局。

These highly compact solutions cover multiple modes and bands and require more temp-comp SAW and more BAW.

這些高度緊湊的解決方案涵蓋多種模式和頻段，並且需要更多的溫度來補償 SAW 和更多 BAW。

For the performance tier, design activity for RF Flex has been robust across Huawei, OPPO, Vivo, Xiaomi and others.

在性能層面，華為、OPPO、Vivo、小米等公司的 RF Flex 設計活動都非常活躍。

During the March quarter, we achieved full certification of the first single-placement integrated module covering low, mid- and high bands on a MediaTek reference design.

在三月的季度中，我們在聯發科技參考設計上實現了第一個涵蓋低、中、高頻段的單佈局整合模組的全面認證。

To be clear, this module integrates all major RF functions required in the main path, including amplifiers, switches and filters for low, mid- and high frequencies in a single Qorvo placement.

需要明確的是，該模組在單一 Qorvo 佈局中整合了主路徑中所需的所有主要 RF 功能，包括用於低頻、中頻和高頻的放大器、開關和濾波器。

On our highly differentiated discrete solutions, Qorvo's ET capabilities are also driving growth.

在我們高度差異化的分立解決方案上，Qorvo 的 ET 功能也在推動成長。

Envelope trackers significantly enhance power efficiency and improve battery life.

信封追蹤器可顯著提高電源效率並延長電池壽命。

This is a unique competitive edge, and we expect solid year-over-year growth, with growth accelerating in the second half.

這是一種獨特的競爭優勢，我們預計將年比將穩健成長，下半年成長將加速。

We're also forecasting strong year-over-year growth for Qorvo's switches and tuners.

我們還預測 Qorvo 的開關和調諧器將實現強勁的同比增長。

During the March quarter, we secured multiple design wins at Samsung, Huawei, Xiaomi and others in support of our performance-tier smartphones.

在三月季度，我們贏得了三星、華為、小米等公司的多項設計勝利，以支援我們的高性能智慧型手機。

We also released our third-generation configurable impedance tuner for multimode, primary and secondary antenna applications, including 4-by-4 MIMO.

我們也發布了第三代可配置阻抗調諧器，適用於多模、主天線和副天線應用，包括 4×4 MIMO。

Similar to envelope tracking, we expect our switch and tuner revenue will expand this year with significant growth in the second half.

與包絡追蹤類似，我們預計今年的開關和調諧器收入將擴大，下半年將顯著成長。

Turning to Infrastructure and Defense.

轉向基礎設施和國防。

Qorvo continued to connect and protect with robust year-over-year revenue growth, reflecting the successful repositioning of our product portfolio to target high-growth segments.

Qorvo 繼續以強勁的同比收入成長來提供連接和保護，這反映出我們成功地重新定位了我們的產品組合，以瞄準高成長細分市場。

This is the seventh consecutive strong quarter for IDP, with key wins across all end markets and customer design wins pointing to another year of above-market growth.

這是 IDP 連續第七個季度表現強勁，所有終端市場的關鍵勝利和客戶設計勝利預示著另一年高於市場的成長。

IDP is a vertically integrated diversified business with a strategic focus on 6 secular growth markets: defense, base station, WiFi, optical transport, automotive and IoT.

IDP 是一家垂直整合的多元化企業，策略專注於 6 個長期成長市場：國防、基地台、WiFi、光傳輸、汽車和物聯網。

The markets we are addressing represent a combined $4 billion opportunity that's forecast to grow at a 5-year compound annual growth rate in the mid-teens.

我們所涉足的市場代表了總計 40 億美元的機遇，預計 5 年複合年增長率將達到 15% 左右。

In the Defense and Aerospace markets, we achieved over 20% year-over-year growth, driven by GaN-based products.

在國防和航空航太市場，在 GaN 基產品的推動下，我們實現了超過 20% 的年成長。

In addition, we're supporting a large portfolio of multiyear defense production programs.

此外，我們也支持大量的多年期國防生產計畫。

In base station, we continue to drive the migration from 4G to 5G.

在基地台方面，我們持續推動4G向5G的遷移。

We launched highly integrated receiving modules for pre-5G massive MIMO networks.

我們針對準5G大規模MIMO網路推出了高度整合的接收模組。

When combined with Qorvo's GaN-based integrated drivers and power amplifier modules, these dual channel, switched LNA modules provide a complete highly integrated solution for our wireless infrastructure customers seeking to quickly and cost effectively implement pre-5G massive MIMO networks.

當與Qorvo 基於GaN 的整合式驅動器和功率放大器模組結合使用時，這些雙通道開關LNA 模組可為尋求快速且經濟高效地實施5G 之前的大規模MIMO 網路的無線基礎設施客戶提供完整的高度整合解決方案。

We are also actively engaged with all major OEMs on next-generation 4G and 5G -- excuse me, pre-5G macro base station GaN power amplifiers.

我們也積極與所有主要 OEM 廠商合作開發下一代 4G 和 5G——對不起，是 5G 之前的宏基地台 GaN 功率放大器。

We continue to expand our portfolio of receive-and-transmit solutions for additional frequency bands for pre-5G and 5G wireless infrastructure.

我們繼續擴展我們的接收和傳輸解決方案組合，以支援 5G 之前和 5G 無線基礎設施的其他頻段。

In WiFi, IDP grew greater than 40% year-over-year, with notable strength in 5 gigahertz PAs and 802.11ac FEMs.

在 WiFi 領域，IDP 年比成長超過 40%，其中 5 GHz PA 和 802.11ac FEM 表現強勁。

Our product development emphasis is now on 802.11ax products.

我們的產品開發重點現在是 802.11ax 產品。

We have sampled key customers and believe we are positioned for strong growth and expanding market presence in fiscal 2018.

我們對主要客戶進行了抽樣調查，並相信我們已做好準備，在 2018 財年實現強勁增長並擴大市場份額。

During the quarter, we secured an important 802.11ac win in the recently released Sonos soundbar for home audio networks.

本季度，我們在最近發布的家庭音訊網路 Sonos soundbar 中取得了重要的 802.11ac 勝利。

This is strategically significant since this win includes a BAW filter, and integration of BAW filters into our WiFi solutions is a focus for IDP.

這具有戰略意義，因為此次勝利包括 BAW 濾波器，而將 BAW 濾波器整合到我們的 WiFi 解決方案中是 IDP 的重點。

We also secured a win in a recently launched dual-band 802.11ac wireless router, delivering up to 1.2 gigabits per second.

我們還贏得了最近推出的雙頻 802.11ac 無線路由器，其傳輸速度高達每秒 1.2 GB。

We are quickly filling the WiFi sales funnel, including for 802.11ax programs, and we anticipate strong growth well above the underlying WiFi market in fiscal 2018.

我們正在快速填補 WiFi 銷售管道，包括 802.11ax 計劃，我們預計 2018 財年的強勁成長將遠高於基礎 WiFi 市場。

In automotive connectivity, we launched auto qualified filtering and amplifier products to address the growing industry requirements for robust connectivity solutions.

在汽車連接領域，我們推出了汽車級過濾和擴大機產品，以滿足業界對強大連接解決方案日益增長的需求。

During the quarter, our Beijing facility achieved TS 16949 certification, recognizing that our quality management systems meet stringent automotive standards.

本季度，我們的北京工廠獲得了 TS 16949 認證，證明我們的品質管理系統符合嚴格的汽車標準。

This is our fifth facility to earn automotive certification, further validating our long-term commitment to the automotive market.

這是我們第五家獲得汽車認證的工廠，進一步驗證了我們對汽車市場的長期承諾。

In other IoT applications, Qorvo continues to support the proliferation of open-standard solutions, with the launch of our SoC that supports multiple protocols, including ZigBee, Bluetooth low energy and Thread.

在其他物聯網應用中，Qorvo 繼續支援開放標準解決方案的激增，推出了支援多種協定（包括 ZigBee、藍牙低功耗和 Thread）的 SoC。

Our SoC solution is ideally suited for remote control applications and opens the door for opportunities in additional connected home markets.

我們的 SoC 解決方案非常適合遠端控制應用，並為其他互聯家庭市場打開了機會之門。

Qorvo's opportunities in optical markets continue to expand.

Qorvo 在光學市場的機會不斷擴大。

During the March quarter, we released 5 PAM4 solutions for data center interconnect applications.

在三月季度，我們發布了 5 個針對資料中心互連應用的 PAM4 解決方案。

In the optical space, leading customers want greater speed and capacity with lower power consumption and costs, positioning our products for growth in fiscal 2018.

在光學領域，領先客戶希望獲得更高的速度和容量，同時降低功耗和成本，使我們的產品能夠在 2018 財年實現成長。

Across both mobile and IDP, Qorvo's focus on product and technology leadership is supporting large design wins, giving us greater confidence in our growth drivers.

在行動和 IDP 領域，Qorvo 對產品和技術領先地位的關注正在支持大型設計勝利，讓我們對成長動力更有信心。

In IDP, our focus on higher-growth segments continues to fuel an expanding sales funnel.

在 IDP 中，我們對高成長細分市場的關注繼續推動銷售管道的擴大。

In mobile, we expect to increase our dollar content at our largest customer later this year, and we are forecasting expanding dollar content at our second and third largest customers with the launch of next-generation flagship and mass-market smartphone platforms.

在行動領域，我們預計今年稍後將增加我們最大客戶的美元含量，並且預計隨著下一代旗艦和大眾市場智慧型手機平台的推出，我們第二大和第三大客戶的美元含量將擴大。

We look forward to discussing these and other opportunities at our upcoming Analyst Day on May 25.

我們期待在即將到來的 5 月 25 日分析師日討論這些機會和其他機會。

And with that, I'll turn it over to Mark for commentary on our financials.

接下來，我將把它交給馬克，讓他對我們的財務狀況發表評論。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

In the fourth quarter, Qorvo delivered continued year-over-year growth, higher sequential gross margin, and EPS in the upper end of our guidance range.

第四季度，Qorvo 實現了持續的同比增長、較高的環比毛利率以及每股收益位於我們指導範圍的上限。

Our fourth quarter non-GAAP revenue was $642 million, a year-over-year increase of 6% or approximately $35 million.

我們第四季的非 GAAP 營收為 6.42 億美元，年增 6%，約 3,500 萬美元。

Mobile Products revenue increased 2% year-over-year to $474 million.

行動產品營收年增 2%，達到 4.74 億美元。

IDP revenue increased 18% year-over-year to $168 million on continued growth in defense, WiFi and IoT.

由於國防、WiFi 和物聯網領域的持續成長，IDP 營收年增 18% 至 1.68 億美元。

Qorvo revenue for the full fiscal year '17 exceeded $3 billion, up 16% versus fiscal '16.

Qorvo '17 財年的營收超過 30 億美元，比 '16 財年成長 16%。

This exceptional growth reflects our strong technology position, broad market product portfolio and growing supply capabilities.

這種非凡的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 strong revenue growth in fiscal year '18.

我們預計我們的技術和產品線將繼續推動 18 財年的強勁收入成長。

Gross margin in the quarter was 46.2%, a sequential increase of 190 basis points.

該季度毛利率為 46.2%，季增 190 個基點。

We expect our positive gross margin trend to continue into the June quarter.

我們預計我們的積極毛利率趨勢將持續到六月季度。

Operating expenses were in line with expectations at $163 million, and operating income for the quarter was approximately $133 million.

營運費用為 1.63 億美元，符合預期，本季營運收入約為 1.33 億美元。

Non-GAAP net income was $112 million.

非 GAAP 淨利潤為 1.12 億美元。

Diluted earnings per share was $0.85 or $0.05 over the midpoint of our guidance range.

稀釋每股收益為 0.85 美元，比我們指導範圍的中位數高出 0.05 美元。

We ended fiscal '17 EPS at $4.57.

我們 17 財年的每股收益為 4.57 美元。

Fourth quarter cash flow from operations remain strong at $247 million, over 50% higher than last year.

第四季營運現金流依然強勁，達 2.47 億美元，比去年增長 50% 以上。

Capital expenditures were $166 million, primarily related to timing of filter capacity additions.

資本支出為 1.66 億美元，主要與增加過濾器容量的時間有關。

Free cash flow was $81 million, and cash at quarter-end increased to $545 million.

自由現金流為 8,100 萬美元，季末現金增至 5.45 億美元。

We returned $51 million to shareholders in the quarter under our $500 million share repurchase program.

根據 5 億美元的股票回購計劃，我們在本季向股東返還了 5,100 萬美元。

We intend to continue buying as part of an ongoing commitment to return capital to our 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。

Let's turn to our outlook.

讓我們轉向我們的展望。

In the fiscal year 2018 first quarter, we expect non-GAAP revenue between $610 million and $650 million, gross margin expansion to approximately 47%, a tax rate below 10% and diluted EPS between $0.70 and $0.90.

在2018財年第一季，我們預期非公認會計原則收入在6.1億美元至6.5億美元之間，毛利率擴大至約47%，稅率低於10%，攤薄後每股收益在0.70美元至0.90美元之間。

This guidance reflects normal seasonal effects at our largest customer and weaker-than-expected near-term China demand.

該指引反映了我們最大客戶的正常季節性影響以及近期中國需求弱於預期。

Operating expenses are forecast to increase sequentially approximately $5 million, in part to R&D related to custom product development for our largest customers.

預計營運費用將環比增加約 500 萬美元，部分用於與我們最大客戶的客製化產品開發相關的研發費用。

Our view on full year fiscal '18 remains positive.

我們對 18 財年全年的看法仍然樂觀。

We forecast revenue to strengthen through the year.

我們預計全年收入將增強。

We expect strong revenue growth, along with higher BAW-based product mix, higher utilization rates and ongoing productivity and quality improvements to help us achieve our 50% gross margin target exiting fiscal year '18.

我們預計強勁的收入成長，以及更高的基於 BAW 的產品組合、更高的利用率以及持續的生產力和品質改進，將幫助我們實現 18 財年 50% 的毛利率目標。

We expect OpEx efficiency to continue to improve and forecast operating expenses to be approximately 20% of sales for the year.

我們預計營運支出效率將持續提高，並預測營運費用將佔全年銷售額的 20% 左右。

We are resolute in hitting our operating model of 30% operating margin during the fiscal year '18.

我們決心在 18 財年實現 30% 營業利益率的營運模式。

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

我們的非 GAAP 稅率預計將保持在 10% 以下。

CapEx spend in '18 is currently forecast to decline to around $400 million as we complete our expansion to support multiyear above-market growth for our filter-based products.

隨著我們完成擴張以支持基於過濾器的產品多年高於市場的成長，預計 18 年的資本支出將下降至 4 億美元左右。

With strong revenue growth, expanding gross margins, improving OpEx efficiency and lower CapEx, we expect free cash flow to double from fiscal year '17 to '18.

隨著收入的強勁增長、毛利率的擴大、營運支出效率的提高和資本支出的降低，我們預計自由現金流將從 17 財年到 18 財年翻倍。

In summary, for the fourth quarter, we again delivered on our financial commitments.

綜上所述，第四季我們再次兌現了財務承諾。

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。

Our newly released BAW 5 technology has immediately gained commercial traction in cellular, WiFi and other applications.

我們新發布的 BAW 5 技術立即在蜂窩、WiFi 和其他應用中獲得了商業吸引力。

This technology, along with our proven design capabilities, is providing us the opportunity to work on the industry's most complex integrated modules and enabling us to participate in the largest and most attractive markets in RF.

這項技術加上我們經過驗證的設計能力，為我們提供了開發業界最複雜的整合模組的機會，並使我們能夠參與最大、最具吸引力的射頻市場。

IDP's portfolio continues to grow more attractive with broad-based exposure to many high-growth markets, including 5G, WiFi, automotive and other IoT.

IDP 的產品組合不斷變得更具吸引力，廣泛涉足許多高成長市場，包括 5G、WiFi、汽車和其他物聯網。

Though we're a bit slower out of the gate than expected due to near-term softness in China demand, our forecast outlook for the full year fiscal '18 looks good.

儘管由於中國需求近期疲軟，我們的起步速度比預期慢一些，但我們對 18 財年全年的預測前景看起來不錯。

Operationally, we continue to make solid 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紮實進展，以推動利潤率擴張。

We are serving our customers better and performing more consistently and efficiently in the process.

我們正在為客戶提供更好的服務，並在過程中表現得更一致和更有效率。

We are on track to meeting our operating margin target of 30%, and as mentioned, expect to double free cash flow in fiscal year '18.

我們預計將實現 30% 的營業利潤率目標，並且如上所述，預計 18 財年的自由現金流將增加一倍。

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) And we'll go first to Harsh Kumar with Stephens.

（操作員指示）我們將首先與史蒂芬斯一起前往哈什庫馬爾。

Bob and Mark, I had a quick question.

鮑伯和馬克，我有一個簡短的問題。

I think I want to take you back to last quarter.

我想我想帶你回到上個季度。

You had issues in China with 2 models that didn't come out.

你們在中國遇到了問題，有兩種型號沒有問世。

Curious if the guide for June has some of that impact.

很好奇六月的指南是否會產生一些影響。

Have the models started to ramp or come out?

這些模型是否已開始成長或問世？

Is the issue that you're talking about in this call in China, is that different?

您在中國的電話會議中討論的問題有什麼不同嗎？

Or similar or part?

或類似或部分？

And is there some optical impact, as we're hearing a lot of optical companies that are sort of struggling in China as well.

是否有一些光學影響，因為我們聽說很多光學公司在中國也陷入困境。

Could you just clarify some of that for me?

你能為我澄清一些嗎？

Harsh, it's Mark.

嚴酷的是，我是馬克。

So the guide we gave in June was 7% to 10% sequential growth off of the $630 million midpoint we had for the March quarter.

因此，我們 6 月給出的指引是比 3 月季度 6.3 億美元的中位數成長 7% 到 10%。

So that would've been $680 million, $685 million.

那麼這將是 6.8 億美元、6.85 億美元。

As you can see from our guide now, we're $50 million, $55 million off that.

正如您現在從我們的指南中看到的那樣，我們節省了 5000 萬美元、5500 萬美元。

The vast majority of that is China, and it's China Mobile specifically, China Mobile, our business.

其中絕大多數是中國，特別是中國移動，中國移動，我們的業務。

About $30 million of it is related to inventory not at our distributors, but at the end manufacturers that we were unaware of from December.

其中約 3000 萬美元與庫存相關，庫存不是我們經銷商的庫存，而是終端製造商的庫存，而我們從 12 月起就沒有意識到這一點。

And we became aware of it just recently and as a result, it's a $30 million variance to what we thought June would be, as the market works through that inventory.

我們最近才意識到這一點，因此，隨著市場透過該庫存進行運作，這與我們預期的 6 月情況存在 3000 萬美元的差異。

Additionally, we talked to you about handset delays.

此外，我們也與您討論了手機延遲的問題。

One of those handsets, one of the regional models actually ended up getting canceled.

其中一款手機，一款區域型號實際上最終被取消了。

So that was a $10 million impact.

這就是 1000 萬美元的影響。

And then the remaining $10 million was just we didn't see the recovery after Chinese New Year that we typically have seen.

然後剩下的 1000 萬美元只是我們沒有看到我們通常看到的農曆新年後的復甦。

And that was accountable for about $10 million of the variance.

這造成了大約 1000 萬美元的差異。

Got it.

知道了。

Mark, extremely helpful.

馬克，非常有幫助。

I'm going to switch over to technology.

我要轉向科技。

Bob, you mentioned a lot about winning in BAW.

鮑勃，你提到了很多關於在 BAW 獲勝的事情。

You're winning at a lot of the Chinese guys.

你贏了很多中國人。

Can -- are you winning also at what we would consider as your typical U.S.-based Tier 1 guys?

可以——你是否也在我們所認為的典型的美國一級球員中獲勝？

Also, when can we expect shipments of some of these BAW wins to come in?

另外，我們預計 BAW 的一些勝利何時能發貨？

And then you mentioned BAW could potentially be going to 40% by, I think, you said fiscal '19, which is like 1.5 years out.

然後你提到 BAW 可能會在 19 財年（大約 1.5 年後）達到 40%。

Could you give us an idea of where it's at today, if possible, so we can try to size the expansion there?

如果可能的話，您能否告訴我們目前的情況，以便我們嘗試確定那裡的擴張規模？

And then you -- last question, you mentioned that you're doing a custom project for somebody to combine PAs, RF.

然後你——最後一個問題，你提到你正在為某人做一個客製化專案來組合 PA、RF。

Are we talking about PAs and RF on the same chip?

我們是在談論同一晶片上的 PA 和 RF 嗎？

Just any color would be helpful.

任何顏色都會有幫助。

All right.

好的。

Harsh, I'll do my best to answer that, and I'm sure Eric would love to chime in.

嚴格地說，我會盡力回答這個問題，我相信艾瑞克很樂意插話。

So let me start with the opening comments I made about 40% of the mobile revenue in FY -- or 40% of the mobile revenue in FY '19 will be BAW based.

因此，讓我先發表開場白，我在 2019 財年的行動收入中約有 40%，或者說 2019 財年的行動收入的 40% 將基於 BAW。

Today, it's under 30%, and we talked about this on the last call, and growing in '18, growing to about 40% based on the products that we're working on and the wins that we have.

今天，這一比例低於 30%，我們在上次電話會議上談到了這一點，並在 18 年不斷增長，根據我們正在開發的產品和我們所取得的勝利，增長到了 40% 左右。

And Harsh, that's what gives us the confidence to be able to continue to invest the capital in BAWs.

嚴酷的是，這讓我們有信心能夠繼續在 BAW 上投入資金。

We made large investments in FY '17 and as Mark outlined for our capital expenditure in this FY '18, we will continue to expand our BAW.

我們在 17 財年進行了大量投資，正如 Mark 在 18 財年的資本支出中所概述的那樣，我們將繼續擴大我們的 BAW。

And as we mentioned on the prior calls that we need to get all that qualified before we can really ramp it in FY '19.

正如我們在之前的電話會議中提到的，我們需要先獲得所有資格，然後才能在 19 財年真正提升。

So we have to put the capital in place about a year ahead, and we talked about Farmers Branch.

因此，我們必須提前大約一年將資金到位，我們討論了法默斯布蘭奇。

So that's pretty much how all that's going.

事情的進展大致就是這樣。

As far as BAW revenues go, yes, we talked a lot about BAW 5 going into WiFi, also into the cellular, so into many of the phones made in Korea as well as in China, so broad-based.

就 BAW 收入而言，是的，我們談論了很多有關 BAW 5 進入 WiFi、蜂窩網絡、韓國和中國製造的許多手機的內容，基礎非常廣泛。

The product that I talked about in my opening comments that was one of the most challenging and complex that the industry has really seen is taking very complicated multiplexers that are BAW-based, putting them in a module with power amplifiers, switches and LNAs.

我在開場白中談到的產品是業界真正見過的最具挑戰性和最複雜的產品之一，它採用基於BAW 的非常複雜的多路復用器，將它們放入帶有功率放大器、開關和LNA 的模組中。

Some of those, obviously, Harsh, are on different technologies.

顯然，其中一些是採用不同的技術。

So I hope that answers your question.

所以我希望這能回答你的問題。

We'll go next to Ed Snyder with Charter Equity Research.

接下來我們將採訪來自Charter Equity Research 的Ed Snyder。

A bunch of questions, let's stick with the BAW topic since we're on it already.

有一堆問題，讓我們繼續討論 BAW 主題，因為我們已經討論過它了。

Last time we spoke, Bob, I think you were backing off the expansion of Farmers Branch.

鮑勃，上次我們談話時，我認為您放棄了 Farmers Branch 的擴張。

Is that back on?

那還開著嗎？

Are you spitting that fab up now?

你現在正在吐槽那個美妙的東西嗎？

Or is it still all just Richardson?

或仍然只是理查森？

And on your 40% of revenue for mobile, how many of those designs that would drive that number are, one, in hitting for production now versus what you're working on?

在您 40% 的行動收入中，與您正在開發的設計相比，有多少能夠推動這一數字的設計正在投入生產？

Just trying to get an idea of the visibility of that revenue versus -- I know there's a ton of projects out there that are pulling in BAW, but they're not -- they're still in the design phase.

只是想了解一下收入的可見性與 - 我知道有大量項目正在吸引 BAW，但他們沒有 - 他們仍處於設計階段。

So Ed, let me clarify what we implied with Farmers Branch is.

那麼艾德，讓我澄清一下我們對法默斯布蘭奇的暗示是什麼。

We put in a single thread of line that we were up at bringing up in the factory and qualifying.

我們放入了我們在工廠培養並進行排位賽的單線生產線。

That's what's in place and that's what we're working on right now, and it's going extremely well.

這就是我們現在正在做的事情，而且進展非常順利。

We're seeing distributions in the processing parameters.

我們看到處理參數的分佈。

They're very similar to what we're seeing in Richardson, so that's going well.

他們與我們在理查森身上看到的非常相似，所以進展順利。

The capital that we're talking about spending this year will be going into Farmers Branch, so we're not backing away from that.

我們今年討論的支出資金將投入法默斯布蘭奇，所以我們不會放棄這一點。

What we said is the timing of when we are in production will most likely be in FY '19.

我們所說的是我們投產的時間很可能是在 19 財年。

That really hasn't changed.

這確實沒有改變。

And the capital that we spent mostly in winding up right now is finishing the build-out of Richardson.

我們現在主要用於清盤的資金正在完成理查森的擴建。

So hopefully that's helpful.

希望這對您有所幫助。

And Ed, I believe the second question was what percent or coverage do we have of that 40%?

Ed，我認為第二個問題是我們對這 40% 的覆蓋率是多少？

Don't have that at my fingertips, Ed.

艾德，我的手邊可沒有這個東西。

What we did talk about was the BAW-based products, some of our high-band products that are going into various customers in China and Korea that's driving a lot of that growth this year and then the following year will be that continuation along with others that I talked about.

我們談論的是基於 BAW 的產品，我們的一些高頻段產品將進入中國和韓國的各種客戶，這推動了今年的大量增長，然後明年將與其他產品一起延續這種增長我談到過。

Great.

偉大的。

And then Eric, if I could, you led off the conference call talking about WiFi modules, which is a brand-new area for you and one of your competitors.

然後埃里克，如果可以的話，您在電話會議中首先談論了 WiFi 模組，這對於您和您的競爭對手之一來說是一個全新的領域。

Most of the time, you've been supplying components to other aggregators like Murata.

大多數時候，您一直在向村田等其他聚合商提供組件。

And I know you guys have been working on this for a while.

我知道你們已經為此努力了一段時間。

It sounds like you're continuing on that progress.

聽起來你正在繼續這進步。

Could you give us an update?

您能給我們更新一下嗎？

Are you just looking at designs that you're working on?

您只是在看您正在做的設計嗎？

It sounds like you've got a couple of your customers who are getting kind of excited about pulling your [quality].

聽起來您的一些客戶對提升您的[品質]感到有點興奮。

When do you think you're going to see production revenue on that product, if at all?

如果有的話，您認為什麼時候才能看到該產品的生產收入？

And Mark, if you could, I think you said you're going to grow revenue in fiscal year '18.

馬克，如果可以的話，我想你說過你將在 18 財年增加收入。

Last quarter, recall, you were talking about double-digit revenue for the year in '18 over '17.

回想一下，上個季度，您談論的是 18 年比 17 年的兩位數收入。

Is that still your target, double-digit revenue?

兩位數的收入仍是您的目標嗎？

Or have you kind of backed off that?

或者你已經放棄了這一點？

Want to take the WiFi first, Mark with a follow-up?

想先拿WiFi，標記一下後續嗎？

Sure.

當然。

Yes, we're very excited about the WiFi portfolio and have been now for a few quarters for sure as we've seen it -- that outgrowing a lot of other products.

是的，我們對 WiFi 產品組合感到非常興奮，正如我們所看到的那樣，現在已經有幾個季度了——它的成長超過了許多其他產品。

The actual concept of taking our leadership in BAW coexist filters and combining it then with power amplifiers, switches and LNAs, that's sort of one of our first Qorvo products that came about from the merger.

我們在 BAW 共存濾波器方面取得領先地位，然後將其與功率放大器、開關和 LNA 結合的實際概念是我們合併後產生的首批 Qorvo 產品之一。

As we started that development about 2 years ago and we're already shipping those previously with the past several quarters we've been ramping that business.

當我們大約兩年前開始進行這項開發時，我們已經在過去的幾個季度中交付了先前的產品，我們一直在擴大這項業務。

Now the opportunity, though, is to take our BAW 5 technology, which is really groundbreaking for that, and put that in the modules.

不過，現在的機會是採用我們的 BAW 5 技術（這確實是開創性的）並將其放入模組中。

And that's what is beginning to ramp into production.

這就是開始投入生產的產品。

And you're right, we are seeing just a lot of adoption for that.

你是對的，我們看到它被大量採用。

It really, in some way, simplifies, lowers the cost and increases the performance in WiFi when you do away with the SIP and go with our solution.

當您放棄 SIP 並採用我們的解決方案時，它確實在某種程度上簡化了 WiFi、降低了成本並提高了效能。

So the Chinese manufacturers, in particular, some of our leading customers there are really moving that way very rapidly.

因此，中國製造商，特別是我們的一些主要客戶，確實正在非常迅速地朝著這個方向發展。

And before handing it off to Mark, I mean, Ed, also in James' business in IDP, we're seeing the same phenomenon with people wanting to take that coexist filter and put into the same module.

在將其交給 Mark 之前，我的意思是，Ed，在 James 的 IDP 業務中，我們也看到了同樣的現象，人們希望採用共存過濾器並將其放入同一模組中。

So we're also -- that's beginning to drive our growth there with BAW 5, and I mentioned that in my opening comments as well as it's in the press release.

因此，我們也開始透過 BAW 5 推動我們的成長，我在開場白和新聞稿中都提到了這一點。

So Ed, it's Mark.

艾德，是馬克。

Still see growth of double digits in fiscal year 2018.

2018財年仍有望實現兩位數成長。

With the slow start in China, I'd say, yes, it's closer to 10% at this point.

由於中國起步緩慢，我想說，是的，目前接近 10%。

And as you can imagine, there's a lot of back half of the year not great visibility on timing and mix.

正如你可以想像的那樣，今年下半年的大部分時間在時間安排和組合方面都沒有很好的可見性。

But we still see 10% as a number that we're preparing to build to based on industry reports and customer demand signals.

但我們仍然認為 10% 是我們準備根據行業報告和客戶需求訊號建立的數字。

With that, you can imagine we would have a sizable ramp June quarter to September quarter.

這樣，您可以想像我們將在 6 月季度到 9 月季度出現相當大的成長。

That'd be over 30% sequential growth.

這將是超過 30% 的環比增長。

Then you'd see a peak in the December quarter, and then you'd see normal seasonality in the March quarter, down.

然後你會在 12 月季度看到高峰，然後在 3 月季度看到正常的季節性下降。

And we'll go next to Ambrish Srivastava with BMO.

接下來我們將與 BMO 一起前往 Ambrish Srivastava。

Mark, I just wanted to follow up on that commentary that you're providing for fiscal '18.

馬克，我只是想跟進您為 18 財年提供的評論。

Gross margin, given the fact that you don't have great visibility on the mix as well as the ramp, why and how are you feeling comfortable that you can deliver on the trajectory that you laid out a couple quarters ago?

毛利率，考慮到您對產品組合和成長沒有很好的了解，您為什麼以及如何對能夠按照幾個季度前製定的軌跡實現目標感到滿意？

Yes, Ambrish.

是的，安布里什。

We feel great about the trajectory.

我們對軌跡感覺很好。

And yes, the best data point is actuals, and we've beat our gross margin target in the December and March quarters.

是的，最好的數據點是實際數據，我們在 12 月和 3 月季度已經超過了毛利率目標。

And even if you add back the issues we had in the September quarter, we're actually very close to our guide there.

即使你把我們在九月季度遇到的問題加回去，我們實際上也非常接近我們的指南。

So we're in control and steadily increasing our margins.

因此，我們能夠控制並穩步提高我們的利潤率。

We have a guide with another 80 basis point margin expansion, and we see that expansion continuing through the year.

我們的指導方針是利潤率再擴張 80 個基點，我們預計這項擴張將持續到今年。

As you say, there's a lot of issues with mix and customer ramp timing.

正如您所說，混合和客戶增加時間安排存在許多問題。

And in order to get these productivity or to get these margin expansion benefits, there's a lot of productivity programs in flight.

為了獲得這些生產力或獲得這些利潤擴張的好處，有許多生產力計劃正在實施。

But we're doing very well.

但我們做得很好。

We still have visibility to 50%.

我們仍有 50% 的可見度。

But as you point out, there are a lot of risks.

但正如您所指出的，存在著許多風險。

Okay.

好的。

And I -- and you should be commended on hitting the 2 quarters on the gross margin.

我和你們在兩個季度的毛利率上都達到了目標，應該受到讚揚。

I wanted to just -- and I'm just struggling with this.

我只是想——而我正在為此苦苦掙扎。

I'm sure others on the call are as well, to try to compare your results with Skyworks.

我相信電話中的其他人也一樣，試圖將您的結果與 Skyworks 進行比較。

And we all get it, 1 quarter is not a barometer.

我們都明白，四分之一不是晴雨表。

But now 2 quarters the divergence between you, your results and theirs is huge.

但現在兩個季度你、你的結果和他們的結果之間的差距是巨大的。

Is it a mix issue at your specific program that you're in?

您所在的特定計劃是否有混合問題？

Is it a pricing or a content that you're losing that you had anticipated earlier on?

您失去的是您之前預期的定價或內容嗎？

Just trying to get a better sense and with any perspective along those lines would help.

只要嘗試獲得更好的感覺並從這些角度看待問題就會有所幫助。

Thanks, Tony, and you're right -- sorry, Ambrish.

謝謝，東尼，你是對的——抱歉，安布里什。

Sorry.

對不起。

You're right about that.

你是對的。

It is hard to judge us on 1 or even 2 quarters.

很難根據 1 個甚至 2 個季度來評判我們。

Because I think when we look out over the last 4 quarters, our fiscal year growth of 16%, I think that compares very favorably.

因為我認為，當我們展望過去 4 個季度時，我們的財年增長率為 16%，我認為這是非常有利的。

The last call, when we talked about June, we did share with you guys that we've lost a little bit of share at Huawei.

上次電話會議，當我們談到六月時，我們確實與大家分享了我們在華為失去了一點份額。

On this call, I did talk about gaining that back.

在這次電話會議上，我確實談到了重新獲得這一點。

We talked about at Samsung.

我們在三星討論過。

Quite honestly, we said we were going to grow our dollar content, but we didn't think we're going to grow our share.

老實說，我們說過我們將增加我們的美元含量，但我們不認為我們會增加我們的份額。

So if you recall, they did talk a lot about their growth at Huawei and Samsung.

所以如果你還記得的話，他們確實談論了很多關於華為和三星的成長。

So that must be what's driving their growth today.

所以這一定是他們今天成長的動力。

But again, we're confident in our growth.

但我們再次對自己的成長充滿信心。

I look at the first 2 full fiscal years that we've grown as a company.

我回顧了我們作為一家公司發展的前兩個完整財年。

We've grown very nicely double digits, and we just said we're going to do it again.

我們已經實現了兩位數的成長，我們剛剛說過我們會再做一次。

So we're not really trying to compare ourselves to Skyworks.

所以我們並不是真的想將自己與 Skyworks 比較。

We're saying we're going to grow as fast as the market and sometimes faster.

我們說我們的成長速度將與市場一樣快，有時甚至更快。

So we feel good about what we're doing.

所以我們對我們正在做的事情感覺良好。

We go next to Cody Acree with Drexel Hamilton.

我們和德雷塞爾·漢密爾頓一起去科迪·阿克里旁邊。

Maybe just on the Chinese side.

也許只是在中國這邊。

Can you just talk about maybe the overall percentage of revenue that China made up for mobile specifically?

您能否談談中國行動業務在整體收入中所佔的比例？

And then what is your level of visibility into the excess inventory situation, I guess?

我猜您對庫存過剩情況的了解程度如何？

What's your degree of confidence that this gets cleaned up in the relatively short term?

您對在相對短期內解決這個問題的信心有多大？

Cody, this is Eric.

科迪，這是埃里克。

I'll take that.

我會接受的。

Percentage of mobile revenue total China was about 35%, including Huawei.

包括華為在內，中國行動收入佔比約35%。

And in Huawei, it was just over 10% of mobile rev.

而在華為，這一比例略高於行動裝置轉速的 10%。

So open market China was about 24%, certainly lower than it traditionally is.

因此，中國的開放市場約為 24%，肯定低於傳統水準。

And then the other question about all the visibility into the inventory.

然後是關於庫存所有可見性的另一個問題。

Yes, it's -- so essentially, what happened is there are a lot more closer examination of the sell-through of the channel and looking at [GFA] reports and so forth and working with the customers, that's where we've uncovered the extra inventory that was being held over.

是的，本質上，發生的事情是對通路的銷售進行更仔細的檢查，查看 [GFA] 報告等，並與客戶合作，這就是我們發現額外的地方被保留的庫存。

As we began to go through April and saw actual recovery in the handsets, we saw that our recovery wasn't following, and that's how we were able to peel down and find the extra inventory.

當我們開始經歷四月並看到手機的實際復甦時，我們發現我們的復甦並沒有隨之而來，這就是我們能夠剝離並找到額外庫存的方式。

I think now we've had enough detailed discussion with our customers, and it's really limited to really just a couple of customers there that we're expecting a lot stronger ending to the last calendar year.

我認為現在我們已經與客戶進行了足夠詳細的討論，而且實際上僅限於少數客戶，我們預計上一日曆年會有更強勁的結局。

I think we've got very, very good visibility, both into the inventory as well as the new models and our design content, which continues to grow, and how they address the year's going to unfold.

我認為我們對庫存、新型號和我們的設計內容都有非常非常好的了解，這些內容不斷增長，以及它們如何應對今年的發展。

I guess, Eric, are you doing anything differently now to make sure that you guys don't get surprised like this with excess inventory?

我想，埃里克，你現在是否正在做一些不同的事情，以確保你們不會因為庫存過多而感到驚訝？

Well, it's -- there's always opportunities to improve.

嗯，總是有改進的機會。

There's better data there always improving the visibility into that market as it gets bigger.

隨著市場規模的擴大，更好的數據總是可以提高該市場的可見度。

So we're changing systems and adding tools continuously to try to learn from each of these and tighten up the controls going forward.

因此，我們正在不斷改變系統並添加工具，以嘗試從其中學習並加強未來的控制。

And then lastly, I guess, any issues with pricing that's maybe played into this particularly in China?

最後，我想，定價方面是否有任何問題，特別是在中國？

No, not at all.

一點都不。

We'll go next to Craig Hettenbach with Morgan Stanley.

接下來我們將採訪摩根士丹利的克雷格‧赫滕巴赫 (Craig Hettenbach)。

First question, just following up on China and really the trajectory of the market, understanding some of this is inventory digestion.

第一個問題，只是追蹤中國和市場的軌跡，了解其中的一些是庫存消化。

But we're also hearing just kind of the end growth has slowed a bit and then you actually have Apple into the back half of the year which probably soaks up some units.

但我們也聽說最終成長有所放緩，然後蘋果公司實際上會在今年下半年吸收一些單位。

So could China stay relatively muted as we go through the year because of those dynamics?

那麼，在這一年裡，中國是否會因為這些動態而保持相對沉默呢？

This is Eric.

這是埃里克。

I'll take that as well.

我也會接受。

I think we continue to see a lot of exciting trends going on in our customer base in China as we're working very closely with the architectures going forward going from Phase 2 to 3 to 5 to 6. We continue to see the opportunity to lead there and bring more and more differentiation and actually more dollar content.

我認為我們在中國的客戶群中繼續看到許多令人興奮的趨勢，因為我們正在與從第2 階段到第3 階段、第5 階段到第6 階段的架構密切合作。我們繼續看到領導的機會並帶來越來越多的差異化和更多的美元含量。

We see the content itself increasing as they're looking to export to various regions and adding those bands and also adding more carrier aggregation complexity and so forth.

我們看到內容本身在增加，因為他們希望出口到各個地區並添加這些頻段，並增加更多的載波聚合複雜性等等。

But what's uniquely exciting, I think, for Qorvo is, as we've progressed through each of these phases of architecture, where we have the opportunity to bring in a lot of our leading filter technology, like BAW 5 as well as our SAW and TC-SAW portfolio, adding multiplexers and seeing how we can increase our ability to help the customers get to market more quickly.

但我認為，對於 Qorvo 來說，特別令人興奮的是，隨著我們在架構的每個階段取得進展，我們有機會引入許多領先的濾波器技術，例如 BAW 5 以及我們的 SAW 和TC-SAW產品組合，增加多工器，並了解我們如何提高幫助客戶更快進入市場的能力。

With MediaTek, as an example, we kind of lead those space architectures from 2 through 6, as I mentioned.

以聯發科為例，正如我所提到的，我們在 2 到 6 的空間架構中處於領先地位。

Every generation, we've seen a closer interaction and we believe we've gotten into more and more of a leadership position there.

每一代人，我們都看到了更密切的互動，我們相信我們已經在其中佔據了越來越多的領導地位。

One example of that, we just announced that we've achieved a full certification of the first fully integrated module for MediaTek reference design.

舉一個例子，我們剛剛宣布我們已經獲得了聯發科參考設計第一個完全整合模組的全面認證。

So that includes all the RF functionality of the main path.

這包括主路徑的所有射頻功能。

It also has a mix of SAW and BAW filters in it covering low, mid and high.

它還混合了 SAW 和 BAW 濾波器，覆蓋低、中、高。

Extremely high performance, at least a 40% size reduction.

極高的性能，至少減少 40% 的尺寸。

And it, of course, helps customers get to market very rapidly.

當然，它可以幫助客戶快速進入市場。

You place the part and you're ready to go.

放置好零件後就可以開始使用了。

So overall, the trends in terms of units, we see increases in terms of content.

總的來說，從單位的趨勢來看，我們看到內容的增加。

We see increases and more and more we see that favoring our technology portfolio.

我們看到了成長，並且越來越多地有利於我們的技術組合。

Okay.

好的。

If I can ask a follow-up.

如果我可以問後續情況。

You talked about increasing content in the flagship launch in the back half of the year.

您談到了下半年旗艦發布中增加內容的問題。

Any context around that?

有相關背景嗎？

I know it can differ depending on baseband SKUs.

我知道它可能會因基帶 SKU 的不同而有所不同。

So is that a call in terms of where you're seeing that play out?

那麼，就您所看到的結果而言，這是一個呼籲嗎？

Or what gives you the confidence in terms of growing content in the [8th]?

或者是什麼讓您對在 [8th] 中增加內容充滿信心？

So from what we have visibility into in terms of our content and the architectures and so forth, we have confidence in growing dollar content, and that comment is not tied to any particular split of their platforms.

因此，從我們對內容和架構等方面的了解來看，我們對不斷增長的美元內容充滿信心，並且該評論與他們平台的任何特定劃分無關。

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。

First question, China was down, it looks like about 40% in March quarter-on-quarter.

第一個問題，中國下降了，3月季減了40%左右。

What is embedded for China in the June guidance?

6 月的指導意見包含了哪些針對中國的內容？

For China in the June guidance, it's roughly flat, Tim.

提姆，六月的中國指導意見大致持平。

It's roughly flat, Tim.

它大致平坦，蒂姆。

Okay, Mark.

好吧，馬克。

Awesome.

驚人的。

And then I have a question about this custom BAW product at your largest customer.

然後我有一個關於你們最大客戶的客製化 BAW 產品的問題。

They had a 3-year deal with one of your competitors.

他們與您的一位競爭對手簽訂了為期 3 年的協議。

So is this just beyond the 3-year window?

那麼這是否已經超過了 3 年窗口呢？

Or is this incremental to what they're doing with that peer?

或者這是否是他們與同行所做的事情的增量？

Sorry, don't know much about their deal to be able to be specific.

抱歉，對他們的交易了解不多，無法具體說明。

I don't even know when their quote "deal" started.

我什至不知道他們的報價“交易”是什麼時候開始的。

I only know what we're working on, to be honest.

老實說，我只知道我們在做什麼。

Sorry, about that Tim.

抱歉，關於提姆。

I don't know.

我不知道。

Eric, do you have anything that you can add?

艾瑞克，你還有什麼要補充的嗎？

No, we can't really discuss anything along those lines.

不，我們不能真正討論這些問題。

We're very excited about the work we're doing though.

不過，我們對我們正在做的工作感到非常興奮。

The complexity of the module is phenomenal.

該模組的複雜性是驚人的。

It's got more than a dozen BAW filters in it, highly complex, combined with all the other RF functionality.

它有十多個 BAW 濾波器，非常複雜，與所有其他 RF 功能相結合。

It is the single largest opportunity in our space, and we've had a long road competing for the right, I think there, to get the technology competitive, get our higher-order multiplexers working and then demonstrate fully-functional modules.

這是我們領域中最大的機會，我認為，為了獲得技術競爭力，讓我們的高階多路復用器正常工作，然後展示全功能模組，我們在爭奪權利方面還有很長的路要走。

All that's behind us now.

現在這一切都已經過去了。

We're in the running for the real business.

我們正在為真正的業務而努力。

We'll go next to Blayne Curtis with Barclays.

接下來我們將與巴克萊銀行一起去布萊恩柯蒂斯。

Mark, I just wanted to go back there comments about the growth for the full year.

馬克，我只是想回顧一下關於全年成長的評論。

Just kind of struggling to get there.

只是有點掙扎才能到達那裡。

Maybe you can help me.

也許你可以幫助我。

Just -- if September is up 30%-plus.

只是——如果 9 月上漲 30% 以上的話。

It's just hard to get to 10%, I guess.

我想達到10%是很難的。

You've typically not grown in December.

十二月你通常不會成長。

But I'm just trying to make sure I understood your comments correctly.

但我只是想確保我正確理解了你的評論。

Is plus 30% really closer to 40% or 50% to kind of get there?

加 30% 真的更接近 40% 或 50% 才能達到這個目標嗎？

Yes, Blayne.

是的，布萊恩。

We don't have the total demand signal all the way out through the year, as I try to make clear.

正如我試圖澄清的那樣，我們沒有全年的總需求訊號。

There's still mix of business.

仍然存在混合業務。

There's still timing of rollout of programs, all sorts of factors.

專案推出的時機仍然存在，還有各種因素。

We do believe that September will be over 30% sequential from the June quarter.

我們確實相信 9 月季度環比成長將超過 30%。

We do believe at this point that December will be bigger quarter than September.

目前我們確實相信 12 月的季度規模將大於 9 月。

And then we'll see a normal seasonal decline off of -- more or less off of December into the March quarter.

然後我們會看到從 12 月到 3 月季度的正常季節性下降。

And then just on the OpEx side.

然後是營運支出方面。

I wanted to understand also.

我也想了解一下。

You had one of these OpEx costs for a specific product before and I just want to know, is this something that you get the plus $5 million and then it comes back out later in the year?

您之前曾為特定產品承擔過其中一項營運支出成本，我只是想知道，這是您獲得額外 500 萬美元然後在今年稍後收回的費用嗎？

It's just tape out cost or expedite cost?

只是降低成本還是加快成本？

Or is that the new kind of baseline OpEx to go off?

或者這是一種新的基準營運支出？

Yes.

是的。

We should stay, and I'm not going to make an OpEx call on every given quarter through the year.

我們應該留下來，而且我不會在一年中的每個季度都進行營運支出電話會議。

We've given full year OpEx guidance.

我們給出了全年營運支出指引。

That would suggest we'll stay below $170 million.

這意味著我們將保持在 1.7 億美元以下。

I mean, this is an investment worth making, so we're working OpEx down in other areas in order to fund this.

我的意思是，這是一項值得進行的投資，因此我們正在其他領域降低營運支出，以便為此提供資金。

And we'll keep OpEx in control on a year-over-year basis.

我們將逐年控制營運支出。

OpEx as a percent of sales will go down, and I would anticipate that it would go down in future years.

營運支出佔銷售額的百分比將會下降，而且我預計未來幾年也會下降。

Got you.

明白你了。

And then I think I got this from your free cash flow doubling.

然後我想我是從你的自由現金流翻倍中得到這個的。

But just in terms of CapEx for June and the rest of the year, what's the right range.

但就 6 月和今年剩餘時間的資本支出而言，正確的範圍是多少。

You had talked about less than 10% of sales, but...

您談到了不到 10% 的銷售額，但...

Yes, there's a lot of -- we can modulate the CapEx spend based on certain requirements of capacity and again, customer rollout and so forth.

是的，有很多——我們可以根據容量的某些要求以及客戶推出等來調整資本支出。

And so I hesitate to give a number on a given quarter, plus there's just timing of payments and things like that.

因此，我猶豫是否要給出特定季度的數字，而且還有付款時間之類的問題。

We paid a bit more in fourth quarter than we thought and gives us more confidence that our actual spend in '18 will be $400 million-ish.

我們在第四季度支付的費用比我們想像的要多一些，這讓我們更有信心我們 18 年的實際支出將達到 4 億美元左右。

But I'm not going to call a quarter.

但我不會打電話給我。

We'll go next to Mike Burton with Longbow Research.

接下來我們將與長弓研究公司的麥克‧伯頓進行對話。

So just wanted to finish, circle the loop here on China.

所以我只想結束，在中國這裡繞一圈。

It sounds like now what you said was that you're actually expecting kind of flattish in June.

現在聽起來你所說的是，你實際上預計六月會持平。

Just curious, as you look at the second half, following this inventory correction, sounds like we might be coming -- or through the worst of it.

只是好奇，當你看看下半年，在這次庫存調整之後，聽起來我們可能會到來——或者經歷最糟糕的時期。

How do you expect, based upon your projected ramps with those customers, for that to progress in September.

根據您預期的這些客戶的成長情況，您預計 9 月的進展如何？

Presumably, I would expect some growth there before your largest customer kind of eats up all the supply in the channel.

據推測，在您最大的客戶耗盡管道中的所有供應之前，我預計會有一些成長。

Eric, you want to take that?

艾瑞克，你想要那個嗎？

We are projecting that continued growth throughout the fiscal year until the normal seasonality in March.

我們預計整個財年將持續成長，直到三月的正常季節性到來。

So Mike, we are seeing the end demand, as Eric pointed out, increasing now.

因此，邁克，正如埃里克指出的那樣，我們看到最終需求正在增加。

It's just we're depleting that inventory that was at our customers in their -- actually, in their factories.

只是我們正在耗盡客戶的庫存——實際上是他們工廠的庫存。

So the demand has already started to pick up.

因此需求已經開始回升。

Okay.

好的。

And then also, on -- sorry, if I missed on 10% customers, but then also, I presume that Samsung was beneath that.

然後，抱歉，如果我錯過了 10% 的客戶，但我認為三星的表現也低於這個數字。

I think in the past, we've talked about some expectation to get Samsung back over 10%.

我想過去我們曾討論過讓三星股價回升 10% 以上的預期。

Based upon your visibility in the second half or next year, how is that progressing?

根據您下半年或明年的能見度，進展如何？

And some opportunities, maybe if you could talk around that, maybe some high end or mid-tier or low end.

還有一些機會，也許你可以談談這個問題，也許是一些高端、中端或低端的機會。

Yes, maybe on the percent customer.

是的，也許是按客戶百分比。

So we had 1, 10% or better customer in the March quarter.

因此，我們在 3 月季度擁有 1%、10% 或更好的客戶。

One was very close.

其中一個非常接近。

And then in the June quarter, we expect 3, 10% customers.

然後在 6 月季度，我們預計會有 3% 至 10% 的客戶。

Eric, talk a little bit about Samsung.

艾瑞克，談談三星吧。

It was one of the bright spots going forward, so...

這是未來的亮點之一，所以......

Yes.

是的。

So actually, Samsung and Huawei both were 10% customers for mobile in the March quarter.

事實上，三星和華為在 3 月這個季度的行動客戶中所佔比例均為 10%。

The opportunities at Samsung do continue to grow.

三星的機會確實在持續成長。

We actually grew sequentially in March and will grow again sequentially with Samsung in June.

實際上，我們在 3 月實現了環比成長，並將在 6 月與三星再次實現環比成長。

So we have a solid position there, but we're not where we want to be.

所以我們在那裡擁有穩固的地位，但我們還沒有達到我們想要的目標。

So we're really focused on turning that around and gaining significant share.

因此，我們真正專注於扭轉這一局面並獲得可觀的份額。

We see opportunities to do that certainly by the next flagship launch.

我們看到了在下一個旗艦產品發佈時實現這一目標的機會。

Also, some really nice opportunities opening up in the mid-tier in the portfolio as it begins to move as well towards our strength, really adding complexity and higher performance.

此外，隨著產品組合的中間層開始向我們的優勢發展，一些非常好的機會出現，確實增加了複雜性和更高的性能。

So we're happy with the business with Samsung.

因此，我們對與三星的業務感到滿意。

We know we can do a lot better, and we have the visibility into how we're going to do that.

我們知道我們可以做得更好，並且我們清楚如何做到這一點。

We'll go next to Quinn Bolton with Needham & Company.

接下來我們將與 Needham & Company 一起去 Quinn Bolton。

Just wanted to see if you can give a little bit more detail.

只是想看看您是否可以提供更多細節。

You talked about this custom product, I think it was your biggest customer, that has BAW, PA multiplexers, switches.

你談到了這個客製化產品，我認為這是你最大的客戶，有 BAW、PA 多工器、開關。

Sounds kind of like a high-band PAD, so what's different for you to call it out?

聽起來有點像高頻段 PAD，那麼您認為它有什麼不同呢？

Is that kind of combination of mid-band and high-band?

是那種中頻段和高頻段的結合嗎？

Or is there some other functionality?

或是還有其他的功能嗎？

Can you give us any more details?

您能給我們更多詳細資訊嗎？

Yes.

是的。

I'm sorry, Quinn, we can't.

對不起，奎因，我們不能。

What I can tell you is that we're excited in the work that we put in the last couple of years in developing an improved BAW 5 process, the work that we've done with a resonator performance, demonstrating our ability to design.

我可以告訴您的是，我們對過去幾年在開發改進的 BAW 5 製程方面所做的工作感到興奮，我們在諧振器性能方面所做的工作證明了我們的設計能力。

We talked a lot about hexaplexers, et cetera.

我們談論了很多關於六工器等的問題。

That's why we're calling it out.

這就是我們呼籲它的原因。

We feel very good about the engagement that we have with our customer on the application, and it's driving some of our OpEx expenses as well.

我們對與客戶在應用程式上的互動感到非常滿意，這也推動了我們的一些營運支出。

And I think it's worthy of the investors to know that we're out there fighting hard for the hardest product to be produced in the industry for RF, but a very valuable part, very significant dollars per unit.

我認為值得投資者知道的是，我們正在努力爭取射頻行業中最難生產的產品，但這是一個非常有價值的部件，每單位的美元非常可觀。

But we're developing it and working hard to go get it.

但我們正在開發它並努力實現它。

And we thought it was important for investors to understand that.

我們認為投資人了解這一點很重要。

Got it.

知道了。

And you talked about 40% of mobile product revs in '19 would be BAW-based.

您談到 19 年 40% 的行動產品銷售將基於 BAW。

Does that include any assumptions for this customer or if you got that socket, would that be something that drives upside to that 40% figure you gave for fiscal '19?

這是否包括對該客戶的任何假設，或者如果您獲得了該插座，這是否會推動您為 19 財年給出的 40% 的數字上升？

This is Eric.

這是埃里克。

I'll take that.

我會接受的。

There's multiple ways to get there.

有多種方法可以到達那裡。

There's a lot of growing opportunity for BAW, and our BAW 5 has got a lot of adoption again across many cellular slots as well as WiFi working it into even the China ecosystem as we mentioned.

BAW 有很多成長的機會，正如我們所提到的，我們的 BAW 5 在許多蜂窩插槽以及 WiFi 中再次得到了廣泛採用，甚至進入了中國生態系統。

So there's a lot of ways to get there.

所以有很多方法可以到達那裡。

There's no question it's a lot easier with this module.

毫無疑問，使用這個模組會容易得多。

But we can get there, I think, either way.

但我認為，無論如何我們都可以到達那裡。

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

接下來我們將與高盛的 Toshiya Hari 進行對話。

So my first question is on content.

所以我的第一個問題是關於內容。

Bob, you talked about growing content not only in Europe at your top customer, but also your #2, #3 customers as well.

鮑勃，您談到不僅在歐洲為您的頂級客戶增加內容，而且還為您的第二、第三客戶增加內容。

But the recent teardowns, some of them at least would suggest otherwise and I realize teardowns can be spotty and oftentimes even misleading.

但最近的拆解，其中一些至少表明情況並非如此，我意識到拆解可能參差不齊，有時甚至具有誤導性。

But if you can help us reconcile your comment with some of the teardowns, that would be helpful.

但如果您能幫助我們將您的評論與一些拆解進行協調，那將會很有幫助。

Well, that would be quite challenging when you consider how many phone models our #2 and #3 customers have.

好吧，當您考慮到我們的#2 和#3 客戶擁有多少種手機型號時，這將是相當具有挑戰性的。

But we have a very strong position at Huawei in the mass-market phones, which usually don't get torn down, and we feel pretty good about that.

但華為在大眾市場手機領域擁有非常強大的地位，通常不會被推倒，我們對此感覺非常好。

I also commented that it was a second half phenomenon, so these phones hasn't been released, some of them.

我還評論說，這是下半年的現象，所以這些手機還沒有發布，其中一些。

So I think from that perspective, it's hard for me to say if you're comparing to what's already shipping, and I'm talking about things that are launching in the second half.

所以我認為從這個角度來看，我很難說你是否正在與已經發貨的東西進行比較，我說的是下半年即將推出的東西。

But we are confident in our ability there and when we talk about our Samsung, Eric went through the [mast] here and how things look there for some phones that they are going to be launching later this year.

但我們對我們在那裡的能力充滿信心，當我們談論我們的三星時，埃里克瀏覽了這裡的[桅杆]以及他們將於今年晚些時候推出的一些手機的情況。

We feel good about our content there.

我們對那裡的內容感覺良好。

Also, we said we're going to grow our content, so I don't know if your question was over share or dollars.

另外，我們說過我們將增加內容，所以我不知道您的問題是關於份額還是金錢。

We're looking at dollars that we can drive, and we don't always have visibility into who's winning what on every RF application.

我們著眼於我們可以推動的收入，但我們並不總是能夠了解誰在每個射頻應用中贏得了什麼。

But we feel good about our ability to grow our dollars at our second and third, along with our largest customer in the second half of the year.

但我們對今年下半年我們的第二和第三家以及我們最大的客戶的美元成長能力感到滿意。

Okay.

好的。

Got it.

知道了。

And then I had a follow-up on gross margins as well.

然後我也對毛利率進行了追蹤。

You're guiding June quarter margins up 80 basis points despite revenue being flat to down.

儘管收入持平或下降，但您預計 6 月季度的利潤率將成長 80 個基點。

Can you kind of reiterate what's driving that?

您能重申一下是什麼推動了這個趨勢嗎？

And then Mark, I think you were kind enough to provide a bridge a couple quarters ago, a relatively long-term bridge for gross margins.

然後馬克，我認為你在幾個季度前提供了一個橋樑，一個相對長期的毛利率橋樑。

If you can help us understand what drives your margins from 47% in fiscal Q1 to 50% exiting the fiscal year, that will be very helpful.

如果您能幫助我們了解是什麼推動您的利潤率從第一財季的 47% 上升到本財年結束時的 50%，那將非常有幫助。

Yes.

是的。

The -- on the first question, going from 46% to 47%, it's a function of just continued tracks on number of productivity projects, better yield, higher-quality items such as that.

關於第一個問題，從 46% 增加到 47%，這是對生產力項目數量、更好的產量、更高品質的項目等的持續追蹤的結果。

And then on the visibility to 50%, same factors are at play that I laid out, I believe it was November.

然後，當能見度達到 50% 時，我所列出的因素也在發揮作用，我相信那是 11 月。

And 3 major buckets, manufacturing-related activities, wafer conversions, yield improvements, other items, improve utilization across the fab network, and that's happening through the loading, which should occur in the second half and then the consolidation of some excess capacity into places like Oregon for GaAs and Texas for GaN.

三個主要方面，與製造相關的活動，晶圓轉換，良率提高，其他項目，提高整個晶圓廠網絡的利用率，這是通過裝載發生的，裝載應該發生在下半年，然後將一些過剩產能整合到地方例如俄勒岡州的 GaAs 和德克薩斯州的 GaN。

And then the -- just a raft of supply chain sourcing initiatives in silicon and other areas, GaAs and [cams] and other areas make up the difference, along with a number of other productivity programs.

然後，矽和其他領域、砷化鎵和[凸輪]和其他領域的大量供應鏈採購計劃以及許多其他生產力計劃彌補了這一差距。

And that mix, it changes in any given period.

這種混合在任何特定時期都會改變。

But it's roughly the same as I laid out then.

不過跟我當時說的差不多。

We'll go next to Srinivas Pajjuri with Macquarie Securities.

接下來我們將與麥格理證券 (Macquarie Securities) 聯繫 Srinivas Pajjuri。

Just want to go back to that custom product comment.

只是想回到那個客製化產品評論。

Given that you said it's roughly 12 filters and PAs and other RF components, I'm guessing the ASPs are pretty healthy.

鑑於您所說的大約有 12 個濾波器、PA 和其他 RF 組件，我猜 ASP 相當健康。

And just going by the number of units that customer ships, I would have thought that -- the 30% sequential growth is actually conservative.

僅從客戶發貨的數量來看，我就認為 30% 的環比增長實際上是保守的。

I'm just trying to understand if you expect to supply into 100% of the volume or you expect to supply into only certain SKUs?

我只是想了解您是否希望供應 100% 的數量，還是希望僅供應某些 SKU？

Any color on that would be helpful.

任何顏色都會有幫助。

Sure.

當然。

This is Eric.

這是埃里克。

We should clarify that.

我們應該澄清這一點。

This product is in development now and targeting our production launch next calendar year second half.

該產品目前正在開發中，目標是明年下半年投入生產。

So next calendar.

那麼下一個日曆。

It's not impacting your September quarter in '17?

這不會影響您 17 年的 9 月季度嗎？

Correct.

正確的。

Correct.

正確的。

Okay.

好的。

And then maybe you can help us understand the 30% sequential growth in September then.

然後也許你可以幫助我們了解 9 月 30% 的環比增長。

Is it primarily because of the seasonality at your largest customer?

主要是因為您最大客戶的季節性嗎？

Or you're expecting China to also recover in September?

或者您預計中國也會在九月復甦？

Clearly, the timing of marquee smartphones definitely impacts our September quarter, so that'll be the majority of it.

顯然，智慧型手機的上市時間肯定會影響我們九月份的季度，所以這將是其中的大部分。

But as Eric's already commented, we're expecting continued growth at Samsung.

但正如埃里克已經評論過的那樣，我們預計三星將持續成長。

I talked about some of the work that we're doing at our Huawei, along with some of the rebound that we saw -- we said we're already starting to see an end demand in China as well.

我談到了我們在華為所做的一些工作，以及我們看到的一些反彈——我們說我們也已經開始看到中國的最終需求。

So all will be drivers and let's not leave out IDP.

因此，所有人都將是司機，我們也不能忽略 IDP。

James is having a really good start to the fiscal year as well, so we're expecting IDP to grow.

詹姆斯本財年的開局也非常好，因此我們預計 IDP 將會成長。

And James, you want to talk a little bit about that, feel free.

詹姆斯，如果你想談談這個問題，請隨意。

I'd love to talk about it.

我很想談談它。

We did have a great year, particularly strong in WiFi, combining some of our best-in-class power amplifiers, our BAW coexist manage filters, and our integration capability has really led us to get significant traction in the market.

我們確實度過了美好的一年，尤其是在WiFi 領域，結合了我們一些一流的功率放大器、我們的BAW 共存管理濾波器以及我們的整合能力，確實使我們在市場上獲得了巨大的吸引力。

So we're focused on those high-end solutions of our customer in enterprise, and we're laying the foundation for this new WiFi 802.11ax standard coming through.

因此，我們專注於企業客戶的高端解決方案，並為新的 WiFi 802.11ax 標準的推出奠定基礎。

I also have to mention defense.

我還必須提到防守。

Very strong year in defense.

防守非常強勁的一年。

GaN was a big part of this, growing over 25%.

GaN 是其中的重要組成部分，成長超過 25%。

And we're also seeing significant growth with our ongoing multiyear defense contractors.

我們也看到我們持續多年的國防承包商的顯著成長。

Of note, our largest defense customer over doubled in FY '17 from FY '16, so that was a great accomplishment for us.

值得注意的是，我們最大的國防客戶在 17 財年比 16 財年增加了一倍多，所以這對我們來說是一項巨大的成就。

The defense market is a place where our brand promise really comes true.

國防市場是我們品牌承諾真正實現的地方。

Innovation, scale, speed, product leadership, those have really been the key for us growing in that part of the market.

創新、規模、速度、產品領先地位，這些確實是我們在該市場發展的關鍵。

Okay.

好的。

Got it.

知道了。

Then maybe one final question.

那也許還有最後一個問題。

Bob, obviously, you've been talking about BAW and the investments in CapEx, et cetera.

鮑勃，顯然，您一直在談論 BAW 和資本支出投資等。

Looks like your utilization is around 60% today.

看起來您今天的利用率約為 60%。

And if I look at the China market, LTE is mostly penetrated and the frequencies are fairly high in Band 39 [and about].

如果我看看中國市場，LTE 已基本普及，頻段 39 的頻率相當高。

I'm just curious as to why you're not seeing more demand for BAW filters in China today.

我只是好奇為什麼今天中國沒有看到對 BAW 濾波器的更多需求。

Obviously, you're expecting that to change going forward.

顯然，您期望這種情況未來會發生變化。

But I'm just curious, given that there is definitely a need and then as you look out the next year, what do you think will change that make the customers switch from TC-SAW and SAW to BAW next year?

但我只是很好奇，考慮到肯定有這種需求，然後當您展望明年時，您認為明年會發生什麼變化，使客戶從 TC-SAW 和 SAW 轉向 BAW？

First, let me say a couple of things.

首先，我要說幾件事。

One is you're correct, our utilization is low and it's actually lower than what you said there, and that's part of what's going to drive our margins as we continue to layer on.

一是你是對的，我們的利用率很低，實際上比你所說的要低，而這將是我們繼續分層提高利潤率的部分原因。

We've got a couple things going on there.

我們那裡發生了一些事情。

We are seeing demand increases, but as we're doing that, we're continuing to reduce our die sizes as well as expand our diameters from 6 to 8. We're just really in the beginning of that as well.

我們看到需求在增加，但在我們這樣做的同時，我們將繼續減少模具尺寸並將直徑從 6 擴大到 8。我們也才真正處於起步階段。

But just want to make sure that we're clear that we're seeing the demand increases, but are also expanding the capacity.

但只是想確保我們清楚我們看到需求增加，但也在擴大產能。

So utilization doesn't quite go up, as you pointed out.

因此，正如您所指出的，利用率並沒有完全上升。

But I'll let Eric talk about the end market.

但我會讓艾瑞克談談終端市場。

Yes.

是的。

So we are definitely seeing demand for BAW in China, both for WiFi coexist filters as well as for advanced multiplexers and in some cases, even for other discrete filters.

因此，我們確實看到了中國對 BAW 的需求，包括 WiFi 共存濾波器以及高階多工器，在某些情況下，甚至包括其他分離式濾波器。

So what's really going to drive it going forward is the increased complexity, as there's more demand for higher levels of carrier aggregation over across more bands so there's more loss.

因此，真正推動它向前發展的是複雜性的增加，因為對跨更多頻段的更高水平的載波聚合的需求越來越大，因此損失也更大。

Then the [insertion loss] of the filter is more important.

那麼濾波器的【插入損耗】就更加重要了。

So high-performance filters side have a premium and the new multiplexers that we're just bringing out right now in BAW 5 are seeing a lot of adoption that will be ramping into production later this year.

因此，高性能濾波器方面具有溢價，我們剛剛在 BAW 5 中推出的新型多路復用器已廣泛採用，並將於今年稍後投入生產。

We'll go next to David Wong with Wells Fargo.

接下來我們將與富國銀行的 David Wong 一起去。

With the expansion of your BAW footprint and revenues, can you give us some idea what proportion of the incremental BAW-based units are going into new sockets for you as opposed to replacing your own non-BAW products?

隨著您的 BAW 足跡和收入的擴大，您能否告訴我們，增量的基於 BAW 的單元中有多少比例將進入您的新插座，而不是替換您自己的非 BAW 產品？

Well, we can say in WiFi, I would say it's a little different phenomenon.

好吧，我們可以說在 WiFi 中，我想說這是一個有點不同的現象。

We're picking up the PA portion, the LNAs and the switches, matching them up to our BAW, so let's get that one out for WiFi, [typically] growing the other way.

我們正在挑選 PA 部分、LNA 和開關，將它們與我們的 BAW 相匹配，所以讓我們將其用於 WiFi，[通常] 以另一種方式增長。

And then clearly, as Eric talked about, the multiplexers for carrier aggregation and things like that, that's all new revenue for us.

然後很明顯，正如埃里克所說，用於載波聚合的多路復用器以及類似的東西，這對我們來說都是新的收入。

I think about the other ones.

我想想其他的。

Eric, I don't know...

埃里克，我不知道...

Yes, David, did you say replacing our other non-BAW products?

是的，David，您是說替換我們的其他非 BAW 產品嗎？

Is that what you said?

是你說的嗎？

That's right.

這是正確的。

Yes.

是的。

Yes.

是的。

I don't think that's much of a factor at all.

我認為這根本不是一個重要因素。

In my mind, I can't come up with any case of that.

在我看來，我想不出任何這樣的例子。

So we are replacing our older BAW with our new BAW, but mainly expanding the market.

因此，我們正在用新的 BAW 取代舊的 BAW，但主要是為了擴大市場。

The new BAW is significantly higher performance than in our previous, so that's allowing us to kind of bring more functionality and high performance to the market.

新的 BAW 的性能明顯高於我們以前的 BAW，因此這使我們能夠為市場帶來更多的功能和高性能。

And we'll go next to Bill Peterson with JPMorgan.

接下來我們將討論摩根大通的比爾彼得森 (Bill Peterson)。

I guess, when thinking about the, let's say, other products such as [tween], virtually receive, some of the WiFi parts you've been speaking about.

我想，當考慮其他產品（例如[補間]）時，實際上會接收您一直在談論的一些 WiFi 部分。

How should we think about the revenue growth opportunities and where -- obviously, what would be the highest growing?

我們應該如何考慮收入成長機會以及成長最快的機會在哪裡？顯然，什麼是成長最快的？

And try to square away your comments to get to like a 10% year-on-year fiscal year growth and how much of a contribution these are going to have within that.

並嘗試整理您的評論，以了解財政年度同比增長 10% 以及這些將在其中做出多少貢獻。

Yes.

是的。

That's a big topic, and of course, as you know, one of the unique opportunities we have is that we can compete everywhere, so we have the full suite of technologies needed to address each of these markets.

這是一個很大的話題，當然，正如您所知，我們擁有的獨特機會之一是我們可以在任何地方競爭，因此我們擁有解決每個市場所需的全套技術。

And we are trying to align our best opportunities not just in terms of dollar growth, but also in terms of profit growth and differentiations.

我們不僅在美元成長方面，而且在利潤成長和差異化方面努力調整我們的最佳機會。

So that's where the BAW 5-based products really rise to the top there.

這就是基於 BAW 5 的產品真正達到頂峰的地方。

And so our WiFi integrated modules, we already talked about BAW 5. Those are going to the large growth leaders this year.

因此，我們的 WiFi 整合模組，我們已經討論過 BAW 5。這些將成為今年的大型成長領導者。

As we focus on higher-order multiplexers and then integrating those into modules, one of the cases is the one for China we mentioned with the MediaTek certification.

由於我們專注於高階多工器，然後將其整合到模組中，其中一個案例就是我們提到的通過聯發科認證的中國案例。

That's got a lot of dollar content.

這裡面有很多美元內容。

It does have a BAW-based multiplexer at the heart of that thing, so that's going to drive dollar content, lot of differentiation in profit growth.

它的核心確實有一個基於 BAW 的多路復用器，因此這將推動美元內容，利潤成長的巨大差異。

Then we have these big, chunky modules like Bob mentioned, this custom product we're working on that also drive not only a lot of revenue dollars, but an outsized sort of differentiation or profit potential there to leverage the BAW technology.

然後我們有這些大而厚實的模組，就像鮑勃提到的那樣，我們正在開發的這款客製化產品不僅可以帶來大量收入，而且還可以利用 BAW 技術帶來巨大的差異化或利潤潛力。

Tuners, though, are another dramatic growth opportunity for us that's also outgrowing our overall market.

不過，調諧器對我們來說是另一個巨大的成長機會，它的成長也超越了我們的整體市場。

We have a highly differentiated position there, many years and successive generations of pushing the limits of what can be done.

我們在那裡擁有高度差異化的地位，多年來，連續幾代人都在突破我們所能做到的極限。

And tuning is really beginning to increase its complexity and its value in the handsets.

調優確實開始增加其複雜性及其在手機中的價值。

If you look at 4-by-4 MIMO, obviously, you got 4 antennas.

如果您查看 4×4 MIMO，顯然您有 4 個天線。

There's a lot more tuning challenges.

還有更多的調整挑戰。

But what's not so obvious is you can use the tuners to actually increase performance in MIMO sort of applications.

但不太明顯的是，您可以使用調諧器來實際提高 MIMO 類應用的效能。

So tuners, another great, great growth market for us.

因此，調諧器對我們來說是另一個巨大的成長市場。

And then, of course as well, our envelope tracking power management, very unique opportunity there to enable much better battery life in very complex phone front ends.

當然，我們的包絡追蹤電源管理也是一個非常獨特的機會，可以在非常複雜的手機前端中實現更長的電池壽命。

Okay.

好的。

And I'm going to switch over to IDP, I guess.

我想我會轉向 IDP。

It's nice to hear Jim as well.

很高興聽到吉姆的聲音。

I guess you exited the year with sort of significant [Jan] growth and now you're speaking about new opportunities in WiFi.

我想您在這一年結束時[一月]取得了顯著的成長，現在您正在談論 WiFi 領域的新機會。

Maybe a sneak preview in your March Analyst Day, but how would you rate your growth opportunities this year within IDP?

也許可以在三月分析師日進行預覽，但您如何評價今年 IDP 中的成長機會？

Yes.

是的。

I mean, looking forward, we're currently forecasting double-digit growth again in IDP, pretty similar story strength in IoT, strength in defense.

我的意思是，展望未來，我們目前預測 IDP 將再次實現兩位數成長，物聯網方面的故事強度和國防實力非常相似。

We're going to maintain our focus on these 6 high-growth markets that Bob talked about earlier: defense, base station, WiFi, optical, automotive and IoT.

我們將繼續關注鮑伯之前談到的這 6 個高成長市場：國防、基地台、WiFi、光學、汽車和物聯網。

To talk a little bit about GaN in particular, we grew GaN 25% in the year.

特別談談 GaN，我們今年 GaN 的產量增加了 25%。

I think even better than that, we positioned ourselves for strong growth next year, perhaps as much as doubling our GaN revenue.

我認為更好的是，我們為明年的強勁成長做好了準備，也許我們的 GaN 收入將翻倍。

So far that our strength is been in defense and in cable TV, and those should continue to be strong, but we're now starting to add wireless infrastructure into the mix.

到目前為止，我們的優勢在於國防和有線電視，這些領域應該會繼續保持強勁，但我們現在開始將無線基礎設施添加到其中。

And we're actively engaged with pretty much all the OEMs on both lower power slots from acid MIMO and higher power slots from macro base stations.

我們正在積極與幾乎所有 OEM 廠商合作，研究酸性 MIMO 的較低功率插槽和宏基地台的較高功率插槽。

So I think in general, we expect to see really good growth as we go through 2018 and GaN and our IoT slots will play a big part of that.

因此，我認為總的來說，我們預計 2018 年會出現非常好的成長，而 GaN 和我們的物聯網插槽將在其中發揮重要作用。

And with no further questions in the queue at this time, I'd like to turn the conference back over to management for any additional or closing remarks.

由於目前隊列中沒有其他問題，我想將會議轉回管理層以徵求任何補充或結束語。

Thank you for joining us tonight.

感謝您今晚加入我們。

Qorvo's leveraging our unique combination of competitive strengths to address our market's most complex, most rewarding and fastest-growing opportunities.

Qorvo 利用我們獨特的競爭優勢組合來抓住市場上最複雜、最有價值和成長最快的機會。

We are expanding our product portfolios to deliver superior performance and functionality, and our customer engagements are becoming increasingly more collaborative.

我們正在擴展我們的產品組合，以提供卓越的性能和功能，我們的客戶互動變得越來越協作。

In fiscal '18, we expect strong revenue growth, margin expansion, operating leverage, significant EPS growth and accelerating free cash flow.

在 18 財年，我們預計營收將強勁成長、利潤率將擴大、營運槓桿、每股盈餘顯著成長以及自由現金流加速。

Thanks again for joining us.

再次感謝您加入我們。

Have a good night.

祝你晚安。

And that does conclude today's presentation.

今天的演講到此結束。

We thank you for your participation.

我們感謝您的參與。