科沃 (QRVO) 2018 Q1 法說會逐字稿

Good day, and welcome to the Qorvo Fiscal 2018 First Quarter Conference Call. Today's conference is being recorded. At this time, I would now like to turn the conference over to Doug DeLieto, Vice President of Investor Relations for Qorvo. Please go ahead.

美好的一天，歡迎參加 Qorvo 2018 財年第一季電話會議。今天的會議正在錄製中。現在，我想將會議轉交給 Qorvo 投資者關係副總裁 Doug DeLieto。請繼續。

Thanks very much, Melinda. Hello, everybody, and welcome to Qorvo's First Quarter Fiscal 2018 Earnings Conference Call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings 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.

非常感謝，梅琳達。大家好，歡迎參加 Qorvo 2018 年第一季財報電話會議。本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。我們鼓勵您查看今天發布的收益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. 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.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較並分析財務業績，而不會受到某些非現金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. 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. (Operator Instructions)

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。有關 GAAP 與非 GAAP 財務指標的完整對帳信息，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。（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. And with that, I'll hand the call over to Bob.

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。然後，我會將電話轉交給鮑伯。

Hello, everyone, and welcome to Qorvo's Fiscal 2018 First Quarter Conference Call. On our call today, we'll discuss our quarterly performance and provide an update on market dynamics. We'll address these dynamics within the context of our longer-term goal of creating a more profitable and diversified company that's built to outpace underlying markets.

大家好，歡迎參加 Qorvo 2018 財年第一季電話會議。在今天的電話會議上，我們將討論我們的季度業績並提供市場動態的最新資訊。我們將在我們的長期目標的背景下解決這些動態問題，即創建一家利潤更高、多元化的公司，以超越基礎市場。

In the June quarter, the Qorvo team executed well, with revenue and EPS at the high end of our guidance, and continued progress toward achieving our margin targets. On the revenue line, IDP was a standout with record revenue of $184 million, up 22% year-over-year. IDP's repositioned product portfolio is targeting the highest growth opportunities. As the June quarter unfolded, demand was stronger than expected and the organization worked hard to support our customers.

在六月季度，Qorvo 團隊表現良好，收入和每股盈餘處於我們指導的高端，並且在實現我們的利潤目標方面不斷取得進展。在營收方面，IDP 表現出色，營收達到創紀錄的 1.84 億美元，年增 22%。IDP 重新定位的產品組合瞄準了最高的成長機會。隨著六月季度的展開，需求強於預期，該組織努力為我們的客戶提供支援。

In Mobile Products, June quarter revenue was in line with expectations, reflecting the growth at Samsung and a modest demand recovery in China. Looking to the September quarter and beyond, we are confident in our content gains at large customers and we expect mobile revenue will track the ramp profiles of marquee devices.

在行動產品方面，六月季度的營收符合預期，反映出三星的成長和中國需求的溫和復甦。展望九月季度及以後，我們對大客戶的內容成長充滿信心，我們預期行動收入將追隨大螢幕裝置的成長曲線。

Across both Mobile Products and IDP, we are developing highly integrated single placements and highly differentiated discrete solutions for industry leaders. We are expanding our product and technology portfolios to deliver greater functionality and superior performance in miniaturized form factors and we are addressing our industry's most complex architectures where performance wins.

在行動產品和 IDP 領域，我們正在為產業領導者開發高度整合的單一佈局和高度差異化的離散解決方案。我們正在擴展我們的產品和技術組合，以小型化的外形尺寸提供更強大的功能和卓越的性能，並且我們正在解決業界最複雜的、以性能取勝的架構。

Our highest priority initiative is to support our growth and margin targets with an emphasis on BAW-based opportunities. We are converting to larger diameter wafers and we are shrinking die sizes. It's our intent to reduce BAW costs and increase asset throughput, and BAW utilization is a primary driver of our gross margin performance.

我們的首要任務是支持我們的成長和利潤目標，重點是基於 BAW 的機會。我們正在轉向使用更大直徑的晶圓，並且正在縮小晶片尺寸。我們的目的是降低 BAW 成本並提高資產吞吐量，而 BAW 利用率是我們毛利率表現的主要驅動力。

We've launched multiple BAW 5 based discrete and integrated solutions, and we expect the market will continue to require more BAW filters as consumers demand more mobile data and as carriers work to increase the capacity of their networks. Of note, in Mobile Products, we continue to be pleased with our progress on the development program with our largest customer for a module that combines multiple high-order BAW multiplexers. As we discussed at our Analyst Day, this is our single largest opportunity for driving growth and utilization. And we are on track with this development program.

我們已經推出了多個基於 BAW 5 的分立和整合解決方案，並且隨著消費者需要更多的行動數據以及營運商努力增加其網路容量，我們預計市場將繼續需要更多的 BAW 濾波器。值得注意的是，在行動產品領域，我們繼續對與我們最大客戶合作開發結合多個高階 BAW 多工器的模組的開發計劃取得的進展感到滿意。正如我們在分析師日討論的那樣，這是我們推動成長和利用率的最大機會。我們正在按計劃實施此開發計劃。

Looking at our June quarterly performance by segment. Infrastructure and Defense grew 22% year-over-year and 9% sequentially. Since repositioning IDP to focus on secular high-growth markets, we have absolutely been hitting our stride. We've seen 8 consecutive quarters of strength and the sales funnel continues to expand. In base station, we launched the industry's first GaN silicon carbide 5G front-end module for the 39 gigahertz frequency band. The module's compact design integrates 2 powerful GaN MMiCS and uniquely addresses the complex challenges faced by telecom equipment manufacturers designing next generation millimeter wave systems.

按部門查看我們 6 月份的季度業績。基礎設施和國防業務年增 22%，較上季成長 9%。自從重新定位 IDP 以專注於長期高成長市場以來，我們一直在穩步前進。我們已經看到連續 8 個季度的強勁表現，並且銷售管道持續擴大。基地台方面，我們推出了業界首款39GHz頻段的GaN碳化矽5G前端模組。該模組的緊湊設計整合了 2 個強大的 GaN MMiCS，以獨特的方式解決了電信設備製造商設計下一代毫米波系統所面臨的複雜挑戰。

In addition, we helped advance the development of 5G with a newly launched portfolio of ultra high-performance 28 gigahertz solutions. These hardware solutions draw upon Qorvo's process expertise in both GaN silicon carbide and gallium arsenide to deliver leading-edge performance in miniaturized footprints.

此外，我們也透過新推出的超高效能28GHz解決方案組合幫助推動5G的發展。這些硬體解決方案利用 Qorvo 在 GaN 碳化矽和砷化鎵方面的製程專業知識，以小型封裝提供領先的性能。

It's also worth noting that we are seeing an increase in customer pull for our high-powered BAW for the 3.5 gigahertz band for 5G massive MIMO antennas. Our Defense business was also particularly strong. GaN and BAW have been a big part of the strength, growing over 25%. We are experiencing significant growth with our ongoing multiyear defense contracts supporting programs like F-15, 16 and the F-35. In fact, first quarter revenue with our largest defense customer more than doubled year-over-year.

另外值得注意的是，我們發現客戶對 5G 大規模 MIMO 天線 3.5 GHz 頻段高功率 BAW 的需求增加。我們的國防業務也特別強勁。GaN 和 BAW 一直是其實力的重要組成部分，成長超過 25%。透過持續多年的國防合約來支持 F-15、16 和 F-35 等項目，我們正在經歷顯著的成長。事實上，我們最大的國防客戶第一季的營收年增了一倍多。

In Wi-Fi, IDP grew greater than 50% year-over-year. Of note, during the June quarter, IDP launched new BAW filters that enabled triple the range for smart home and enterprise applications. These new band edge and coexistence Wi-Fi filters delivered robust coverage across the entire allocated spectrum and are half the size of earlier generation solutions.

在 Wi-Fi 領域，IDP 年增超過 50%。值得注意的是，在第二季度，IDP 推出了新的 BAW 濾波器，使智慧家庭和企業應用的範圍擴大了三倍。這些新型頻帶邊緣和共存 Wi-Fi 濾波器在整個分配的頻譜上提供了強大的覆蓋範圍，並且尺寸僅為前一代解決方案的一半。

IDP also supported the transition to 802.11ax, as customers implemented our recently released portfolio of BAW filters and 2.4 and 5 gigahertz FEMs. These newest Qorvo Wi-Fi solutions provide the high throughput and extreme thermal efficiency that are critical to high density 802.11ax connectivity. Our customers are quickly filling the Wi-Fi sales funnel and we continue to expect robust growth in fiscal 2018.

IDP 也支援向 802.11ax 的過渡，因為客戶實施了我們最近發布的 BAW 濾波器以及 2.4 和 5 GHz FEM 產品組合。這些最新的 Qorvo Wi-Fi 解決方案提供高吞吐量和極高的熱效率，這對於高密度 802.11ax 連接至關重要。我們的客戶正在迅速填補 Wi-Fi 銷售管道，我們繼續預計 2018 財年將出現強勁成長。

Mobile Products also drove growth in IoT, supporting a range of applications, including automotive, asset tracking, meter reading, agricultural, industrial and even the large bicycle sharing services in China, all with mobile M2M solutions. On the design front, we were selected by the leading China-based smartphone OEM to support a marquee device ramping this fall with Qorvo power amplifiers, premium filters, high-performance switches and an [ET payment]. We've also secured design wins for a broad suite of BAW 5 products, including quadplexers for carrier aggregation, Wi-Fi FEMs for OPPO, Xiaomi, LG, ZTE and Nokia, and a Wi-Fi coexistence filter for a marquee smartphone platform. We also enabled a new smartphone entering in the Android ecosystem, winning more than $12 of Qorvo content in a smartphone expected to ship very soon. We're also recognized as a partner by the China Mobile 5G Innovation Center, formalizing our alliance with China Mobile and defining what 5G can make possible. And we were honored by Vivo with their Innovation Technology Partner Award.

行動產品也推動了物聯網的成長，支援一系列應用，包括汽車、資產追蹤、抄表、農業、工業，甚至中國的大型自行車共享服務，所有這些都採用行動 M2M 解決方案。在設計方面，我們被一家領先的中國智慧型手機 OEM 選中，為今年秋季推出的大型設備提供 Qorvo 功率放大器、優質濾波器、高性能開關和 [ET 支付]。我們還贏得了一系列廣泛的BAW 5 產品的設計，包括用於載波聚合的四工器、用於OPPO、小米、LG、中興和諾基亞的Wi-Fi FEM，以及用於大型智慧型手機平台的Wi -Fi 共存濾波器。我們還讓一款新智慧型手機進入 Android 生態系統，贏得了預計很快發貨的智慧型手機中價值超過 12 美元的 Qorvo 內容。我們也被中國移動 5G 創新中心認可為合作夥伴，正式與中國移動結盟並定義 5G 的可能性。我們也被 Vivo 授予了創新技術合作夥伴獎。

Now for the open market, we released a broad family of premium BAW 5 filters and quadplexers that are critical for enabling the continued proliferation of carrier aggregation and high-performance Wi-Fi. We also commenced shipments of our next-generation antenna tuners which reduced the complex design challenges related to the band proliferation, the deployment of carrier aggregation, the implementation of MIMO and popularity of new features like shrinking bezels and dual cameras which require the already limited board space available for antennas.

現在，針對開放市場，我們發布了一系列優質 BAW 5 濾波器和四工器，它們對於實現載波聚合和高性能 Wi-Fi 的持續成長至關重要。我們也開始交付下一代天線調諧器，這減少了與頻段擴展、載波聚合部署、MIMO 實施以及縮小邊框和雙攝像頭等新功能的普及相關的複雜設計挑戰，這些新功能需要本已有限的電路板可用於天線的空間。

Across our mobile product platform, we are offering leading-edge solutions that compete on performance, not price. The long-term market trend is migrating to more functional, higher-content performance-tier phones, and we expect this trend will drive growth in not just BAW filters but also in envelope tracking, switching, antenna tuning and amplifiers.

在我們的行動產品平台上，我們提供領先的解決方案，以性能而非價格為競爭優勢。長期市場趨勢是向功能更強大、內容更高的性能層手機遷移，我們預計這一趨勢不僅會推動 BAW 濾波器的成長，還會推動包絡追蹤、開關、天線調諧和放大器的成長。

So at a high level, looking at both Mobile and IDP, Qorvo is a recognized global leader serving a diverse set of markets, products and customers with an expanding portfolio of innovative solutions. In the current quarter, we are forecasting strong sequential revenue growth primarily on the strength of mobile content gains on marquee platforms, modest improvements in the China market and continued strength in IDP.

因此，從較高的層面來看，無論是行動還是 IDP，Qorvo 都是公認的全球領導者，透過不斷擴大的創新解決方案組合為多元化的市場、產品和客戶提供服務。在本季度，我們預計營收將出現強勁的環比成長，這主要得益於大型平台上行動內容的成長、中國市場的適度改善以及 IDP 的持續強勁。

We are booked for record sales of GaN solutions. The market for our switches and tuners is robust. We are advancing the design, performance and breadth of our filter multiplexer portfolios. And the broad strength of our product and technology portfolio is enabling Qorvo to grow content on multiple future generations of marquee platforms. We're building our industry's most highly integrated RF solutions and we are targeting the most complex and most profitable opportunities.

我們的 GaN 解決方案銷售量創下歷史新高。我們的開關和調諧器的市場非常強勁。我們正在改進濾波器多工器產品組合的設計、性能和廣度。我們產品和技術組合的廣泛優勢使 Qorvo 能夠在多個未來幾代的大型平台上增加內容。我們正在建立業界整合度最高的射頻解決方案，並瞄準最複雜和最有利可圖的機會。

And with that, I'll turn it over to Mark for a 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. Qorvo revenue for the first quarter was $640 million, exceeding the midpoint of our guidance by $10 million. The variance was driven by our IDP business of $184 million, with stronger-than-expected demand for defense, Wi-Fi and broader IoT products.

謝謝鮑勃，大家下午好。Qorvo 第一季的營收為 6.4 億美元，比我們指引的中位數高出 1,000 萬美元。這一差異是由我們 1.84 億美元的 IDP 業務推動的，其中國防、Wi-Fi 和更廣泛的物聯網產品的需求強於預期。

Mobile Products revenue was in line with expectations of $456 million. Gross margin in the June quarter was $47.3 million, a sequential increase of 110 basis points and 30 basis points above our guidance. Operating expenses were $166 million and operating income for the quarter was approximately $137 million. Non-GAAP net income was $114 million. Diluted earnings per share was $0.87 or $0.07 over the midpoint of our guidance.

行動產品收入 4.56 億美元符合預期。6 月季度的毛利率為 4730 萬美元，環比增長 110 個基點，比我們的指導值高出 30 個基點。該季度營運費用為 1.66 億美元，營運收入約為 1.37 億美元。非 GAAP 淨利潤為 1.14 億美元。稀釋後每股收益為 0.87 美元，較我們指引的中位數高出 0.07 美元。

First quarter cash flow from operations was down seasonally to $104 million but approximately 75% higher than last year. Capital expenditures were down sequentially to $124 million and will continue to decline as we wrap up recent expansions, tool conversions and other investments to support future growth. Cash at quarter end was $513 million. We repurchased $32 million of stock in the quarter and intend to continue buying as part of an ongoing commitment to return capital to shareholders.

第一季營運現金流量季節性下降至 1.04 億美元，但比去年同期成長約 75%。資本支出連續下降至 1.24 億美元，隨著我們完成最近的擴張、工具轉換和其他支持未來成長的投資，資本支出將繼續下降。季末現金為 5.13 億美元。我們在本季回購了 3,200 萬美元的股票，並打算繼續回購，作為向股東返還資本的持續承諾的一部分。

Let's turn to our outlook. In the fiscal year 2018 second quarter, we expect: non-GAAP revenue between $800 million and $820 million, a 27% sequential increase at the midpoint; gross margin of approximately 47.8%, up 50 basis points from the prior quarter; and diluted EPS of $1.43, at the midpoint of our guidance. This guidance reflects seasonal effects at our largest customer and modest improvements in the China market, with continued strength in IDP. Operating expenses are forecast to remain flat sequentially as productivity improvements are offset in part by R&D related to custom product development for our largest customer.

讓我們轉向我們的展望。在 2018 財年第二季度，我們預期： 非 GAAP 營收在 8 億至 8.2 億美元之間，中點較上季成長 27%；毛利率約47.8%，較上季上升50個基點；稀釋後每股收益為 1.43 美元，處於我們指引的中點。該指引反映了我們最大客戶的季節性影響以及中國市場的適度改善以及 IDP 的持續強勁。預計營運費用將保持平穩，因為生產力的提高被我們最大客戶的客製化產品開發相關的研發部分抵消。

For full year fiscal '18, we forecast revenue to strengthen from the September to December quarter, followed by a seasonal decline in March. We project double-digit year-over-year growth in the second half with a stronger China market, gains on new mobile platforms and continued above-market IDP growth.

對於 18 財年全年，我們預計 9 月至 12 月季度的營收將有所增強，隨後 3 月將出現季節性下降。我們預計，隨著中國市場的走強、新行動平台的成長以及持續高於市場水平的 IDP 成長，下半年將實現兩位數的同比增長。

With our current topline outlook and efforts to minimize inventories, utilization rates are lower than expected. But we still see opportunities for gross margin expansion through improving mix, yield improvements and other productivity efforts, and lower-than-previously-projected CapEx spend and depreciation. OpEx is forecast to be down in dollars for fiscal '17 and end the full year at between 20% and 21% of sales. We are modeling an 8.5% tax rate.

根據我們目前的收入前景和盡量減少庫存的努力，利用率低於預期。但我們仍然看到透過改善組合、​​提高產量和其他生產力努力以及低於先前預測的資本支出和折舊來擴大毛利率的機會。預計 17 財年營運支出（以美元計算）將下降，到年底將佔銷售額的 20% 至 21%。我們正在模擬 8.5% 的稅率。

We've lowered our view on CapEx for the year from around $400 million to less than $300 million to take into account improvements in fab yields, successful wafer size conversions, progress on die shrink programs and a near-term focus on improving utilization. Projected CapEx for the year is less than 10% of sales, an over 800 basis point drop from last year. And combined with operating cash flow, we expect this will lead to a tripling of free cash flow in fiscal '18.

考慮到晶圓廠產量的提高、晶圓尺寸的成功轉換、晶片縮小計劃的進展以及近期對提高利用率的關注，我們將今年的資本支出預期從約 4 億美元下調至不到 3 億美元。今年預計資本支出不到銷售額的 10%，比去年下降了 800 個基點以上。結合營運現金流，我們預計這將導致 18 財年的自由現金流增加兩倍。

The view we laid out at Investor Day is intact. We have the technology and product portfolio to address industry trends, the advanced design capabilities to engage on the most difficult RF product development projects, a world class manufacturing footprint capable of supporting low-cost double-digit growth and an organization committed to operational excellence.

我們在投資者日闡述的觀點完好無損。我們擁有應對行業趨勢的技術和產品組合、從事最困難的射頻產品開發項目的先進設計能力、能夠支持低成本兩位數增長的世界一流製造足跡以及致力於卓越運營的組織。

In IDP, we have a broadly diversified high-growth business leveraging our technologies, including BAW, GaAs and GaN, and serving IoT, 5G and other emerging markets. In Mobile, we're competing on the most advanced slots at the most challenging customers for the most valuable parts of the RF TAM. We're focused on BAW-based revenue because BAW filters are increasingly required to meet customer performance requirements for the most attractive part of the RF TAM. Our core BAW technology and production capability provide a significant competitive advantage that we are leveraging to win higher-margin performance-driven designs at leading customers.

在IDP，我們擁有廣泛多元化的高成長業務，利用我們的技術，包括BAW、GaAs和GaN，並服務於物聯網、5G和其他新興市場。在行動領域，我們正在與最具挑戰性的客戶爭奪最先進的插槽，以獲得 RF TAM 中最有價值的部分。我們專注於基於 BAW 的收入，因為越來越需要 BAW 濾波器來滿足客戶對 RF TAM 最具吸引力部分的效能要求。我們的核心 BAW 技術和生產能力提供了顯著的競爭優勢，我們正在利用這些優勢贏得領先客戶的更高利潤的性能驅動設計。

While the exact timing of customer technology adoption is hard to predict in the short-term, over time, the trends of more advanced filtering and more integration are inevitable. We strongly believe the comprehensive nature of our product and technology portfolio anticipates where our industry is heading and enables us to best support our customers' requirements for performance, integration and cost.

雖然短期內很難預測客戶技術採用的確切時間，但隨著時間的推移，更先進的過濾和更多整合的趨勢是不可避免的。我們堅信，我們的產品和技術組合的綜合性預示著我們行業的發展方向，並使我們能夠最好地支援客戶對性能、整合和成本的要求。

Our mid to long-term growth and margin expectations are unchanged. We intend to outgrow the market, expand annual operating margins 10 points by fiscal year 2020, and plan to generate substantially more free cash flow going forward on stronger operating results and lower capital intensity.

我們的中長期成長和利潤率預期保持不變。我們打算超越市場，到 2020 財年將年度營業利潤率擴大 10 個百分點，併計劃在未來憑藉更強勁的經營業績和更低的資本密集度產生更多的自由現金流。

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) And we'll go to Toshiya Hari, Goldman Sachs.

（操作員指示）我們將前往高盛的 Toshiya Hari。

Mark, sorry if I missed this. But I think 3 months ago, you guys talked about growing top line double digits year-over-year in fiscal year '18. Is that still intact today? Or have you made changes? And if so, what's changed over the past 3 months?

馬克，抱歉，如果我錯過了這個。但我認為 3 個月前，你們談到了 18 財年的營收年增兩位數。今天它還完好無損嗎？或者你已經做出改變了嗎？如果是的話，過去 3 個月發生了什麼變化？

Yes, so good question, Toshi. So our full year right now looks to be not far off what the current external view is of our full year, so between 4% and 5%. Again, if you look at our first half, it's been a weaker China than we expected. And most of the variance is related to the slower pickup in China and rest-of-year view on China. Some marquee phone effect, but really, that's the smaller effect. And we believe the worst is behind us at this point. As we mentioned in our opening comments, we do expect a sequential increase September to December. And at this point, we see a bit of a less-than-normal seasonal decline in the March quarter. And so if you look where the year has been, a bit softer out the gate in the first half followed by a double-digit year-over-year growth in the second half, you get a full year that's in the 4% to 5% range.

是的，很好的問題，托西。因此，我們現在的全年業績看起來與當前外部對全年業績的預期相差不遠，即 4% 到 5% 之間。再說一次，如果你看看我們的上半場比賽，你會發現中國隊比我們預期的還要弱。大部分差異與中國經濟復甦放緩以及今年剩餘時間對中國的看法有關。一些字幕電話效果，但實際上，這是較小的效果。我們相信最糟糕的時期已經過去了。正如我們在開場評論中提到的，我們確實預計 9 月至 12 月將出現環比增長。目前，我們看到三月季度的季節性下降幅度略低於正常水平。因此，如果你看看今年的情況，上半年的表現有些疲軟，下半年則出現兩位數的同比增長，你會發現全年的增長率在 4% 到 5% 之間。 ％ 範圍。

Got it, very helpful. And then my second question on IDP. Very nice growth here. Acceleration from last quarter to this quarter despite a higher base. Bob, you kind of walked through some of the end markets. But I was hoping if you can elaborate on the 1 or 2 things that really drove growth in the quarter. And if you can talk to sustainability in those businesses going forward, that would be great.

明白了，非常有幫助。然後是我關於 IDP 的第二個問題。這裡的成長非常好。儘管基數較高，但從上季到本季仍呈現加速成長。鮑勃，你好像走過了一些終端市場。但我希望您能詳細說明真正推動本季成長的一兩件事。如果你能談論這些企業未來的永續發展，那就太好了。

Yes, I would like to. But I believe James would love to. I'd let him have his moment; he's earned it.

是的，我願意。但我相信詹姆斯會很樂意這麼做。我會讓他有屬於自己的時刻；他贏得了它。

We are particularly strong in Wi-Fi, combining best-in-class power amplifier, technology in our BAW filters and integrating those. It allows us to get significant traction in the market. And we're focused on those high-performance slots and also on the transition to AX. So in that market, we believe that will be sustainable. And as Bob mentioned, we grew 50% year-over-year in Wi-Fi. Defense also has been particularly strong, really across all of the submarkets inside defense and broad reaching inside our channel as well. GaN and BAW has been a big part; both grew over 25%. And we also experienced significant growth on our multiyear defense contract supporting the programs that Bob mentioned earlier. And I'm particularly proud of the ability to double our largest customer in that space year-over-year. And again, I think we see, with defense, a long-term sustainability in that part of the market.

我們在 Wi-Fi 領域尤其強大，將一流的功率放大器、BAW 濾波器技術結合併將其整合。它使我們能夠在市場上獲得巨大的吸引力。我們專注於那些高效能插槽以及向 AX 的過渡。因此，在這個市場中，我們相信這將是可持續的。正如鮑伯所提到的，我們的 Wi-Fi 業務年增了 50%。防禦也特別強大，實際上是在所有子市場的內部防禦以及我們管道內的廣泛影響力。GaN 和 BAW 一直是重要組成部分；兩者均成長超過25%。我們的多年國防合約也經歷了顯著增長，以支持鮑勃之前提到的項目。我特別自豪的是，我們在該領域的最大客戶數量逐年增加了一倍。再說一次，我認為，透過防禦，我們看到了這部分市場的長期可持續性。

Thanks, James.

謝謝，詹姆斯。

We'll next go to Vivek Arya, Bank of America Merrill Lynch.

接下來我們將拜訪美國銀行美林公司的 Vivek Arya。

This is Willis Miller for Vivek. Given your commentary regarding your marquee phone as it pertains to the September quarter, should we assume above seasonal growth in the December quarter? And if so, by how much?

我是維韋克的威利斯·米勒。鑑於您對 9 月份季度的大螢幕手機的評論，我們是否應該假設 12 月份季度的成長率高於季節性成長？如果是的話，幅度是多少？

As far as our comments have been, is that we are expecting December to be up quarter-over-quarter compared to September. We are not guiding, at this time, December. But we believe is going to be up.

就我們的評論而言，我們預計 12 月將比 9 月環比增長。目前，12 月我們還沒有提供指導。但我們相信將會上漲。

That's helpful. And then maybe can you just talk about the demand environment and how it's shaping up in China in the second half? And just kind of some color on how visibility is there around inventory?

這很有幫助。那麼能否談談下半年中國的需求環境以及情況如何？關於庫存的可見性如何？

Eric, you want to take that?

艾瑞克，你想要那個嗎？

Sure. We've mentioned in the prepared comments a modest recovery in China. I think that's a good way to characterize it. We're clearly seeing units turn around and begin to pick up well. We're seeing channel inventory coming to healthy levels this quarter. The only drag on it is the mix is towards lower content phones so far in the cycle. So we're seeing less uptake in particular of like carrier aggregation and super high-performance Wi-Fi components and so forth. So we expect as we go through the year, we'll see more flagship models released which will bring those features back in. But we're glad to see the units turning around. It's definitely becoming a healthy sequential growth for us coming out at this point.

當然。我們在準備好的評論中提到了中國的溫和復甦。我認為這是描述它特徵的好方法。我們清楚地看到單位扭虧為盈並開始好轉。我們看到本季通路庫存達到健康水準。唯一的拖累是，到目前為止，該組合正在向低內容手機發展。因此，我們發現，特別是載波聚合和超高性能 Wi-Fi 元件等的使用量正在減少。因此，我們預計，今年我們將看到更多旗艦機型的發布，這些機型將重新引入這些功能。但我們很高興看到這些單位有所改善。對我們來說，此時出現的情況肯定會成為一個健康的連續成長。

We'll next go to Edward Snyder, Charter Equity Research.

接下來我們將請來特許股票研究部的愛德華‧史奈德 (Edward Snyder)。

First off, Mark, your CapEx guidance has declined a bit. What does that say about Farmers Branch? Have you brought that up? Is it in quality, slowing down? Can you give us some color on specifically where you are with that ramp for the qualified line? And then James, sounds like a great quarter here overall. Are you seeing a demand for -- I know the Wi-Fi was very strong and there's been a lot of push for modules on the mobile side of it. I know that Eric's group is starting to look at iFEMs in there. Are your customers looking at any of that type of product? Or be given that you're such a higher-performance, higher-power solution, is it still mostly discrete? Or are they talking about a down period? And then one for Eric if I could. In terms of the profile for next year, I know it's too early to tell because you haven't been awarded wins, et cetera. But in general, all else being equal, it your confidence on, say, antenna tuners or LNAs or BAW filters higher heading into next year in terms of growth prospect by technology from where we are right now?

首先，馬克，您的資本支出指導有所下降。這對法默斯布蘭奇來說意味著什麼？你有提到這個嗎？品質下降了嗎？您能給我們一些關於合格線路坡道具體位置的資訊嗎？然後詹姆斯，總體來說聽起來像是一個很棒的季度。您是否看到了這樣的需求——我知道 Wi-Fi 非常強大，而且行動端的模組也得到了大力推動。我知道 Eric 的團隊正在開始研究那裡的 iFEM。您的客戶正在尋找此類產品嗎？或者考慮到您是一個性能更高、功耗更高的解決方案，它仍然主要是分立的嗎？或者他們正在談論衰退期？如果可以的話，再給艾瑞克一份。就明年的情況而言，我知道現在下結論還為時過早，因為你還沒有獲得勝利等等。但總的來說，在其他條件相同的情況下，您對明年的天線調諧器、LNA 或 BAW 濾波器等技術的成長前景是否抱有更高的信心？

Okay, that's good. Mark, you want to take the Farmers Branch, our plans there?

嗯，很好。馬克，你想佔領農民分部，我們在那裡的計畫嗎？

Yes, Ed, we continue to get the qual line done at Farmers Branch; we're moving quickly on that. We want the facility ready for when we're going to need it, which is going to probably be fiscal year '19. And it's, again, going very well. The yields there are in line with what we had in Richardson, which is outstanding. So I would say it's going better than expected. Steve Grant would say it's going absolutely as expected. And so great job by the team there and it's going to be ready when we need it.

是的，艾德，我們繼續在法默斯布蘭奇完成品質線；我們正在迅速採取行動。我們希望該設施能夠在我們需要時（可能是 19 財年）做好準備。而且一切再次進展順利。那裡的產量與我們在理查森的產量一致，這是非常出色的。所以我想說，事情比預期的還要好。史蒂夫·格蘭特會說一切進展完全符合預期。那裡的團隊做得非常出色，當我們需要時它就會準備好。

Thanks, Mark. James, you want to go about iFEMs in your market, where it's more performance?

謝謝，馬克。James，您想在您的市場中推廣 iFEM，哪裡的表現更好？

Yes, Ed, the growth in Wi-Fi was particularly in our retail space. I wanted to clarify that, and largely with our -- some of our customers in Asia. The uptick of iFEMs has been very positive in the market. So we, as Bob talked about earlier, we are seeing integration and we are putting BAW inside those integrated FEMs in some cases and we do have films out for both 2.4 and 5 gigahertz.

是的，艾德，Wi-Fi 的成長尤其是在我們的零售領域。我想澄清這一點，主要是向我們的一些亞洲客戶澄清這一點。iFEM 的成長在市場上表現非常正面。因此，正如鮑勃之前談到的，我們正在看到集成，在某些情況下，我們將 BAW 放入這些集成 FEM 中，並且我們確實推出了 2.4 和 5 GHz 的電影。

Thanks. Eric?

謝謝。艾瑞克？

Yes, so in terms of confidence looking into next year's new product ramps, certainly BAW is going to be critical for us, and we're working on some very complex BAW modules with higher multiplexers in them. Our confidence continues to grow every single week that we can get closer in the development. We're really getting outstanding performance out of these modules today and delivering in relatively high volumes considering where we are in the program. So very excited with what the team is doing. We're confident that's going to lead to tremendous growth in our BAW-based revenue next year. Tuners overall are just a fantastic opportunity for us. It's one of the largest growth areas in our available market and we've got a lot of generation-over-generation technology improvements coming. And the market demand or the need for the improvements is greater than ever, with more antennas coming in on the handsets, new case designs, MIMO and so forth. And it's not just in the premium or flagship gear. We are seeing it now move well into many of our China customers down into their portfolio as well. We have a lot of expertise there. So our confidence is quite high in that growing as well next year.

是的，因此，就明年新產品投放的信心而言，BAW 對我們來說無疑至關重要，我們正在開發一些非常複雜的 BAW 模組，其中包含更高的多路復用器。我們的信心每週都在不斷增長，我們可以更接近開發。今天，我們確實從這些模組中獲得了出色的性能，並且考慮到我們在該計劃中的位置，交付量相對較高。對團隊所做的事情感到非常興奮。我們相信，這將導致我們明年基於 BAW 的收入大幅成長。總的來說，調諧器對我們來說是一個絕佳的機會。這是我們可用市場中最大的成長領域之一，我們即將迎來許多一代又一代的技術改進。隨著手機上安裝更多天線、新外殼設計、MIMO 等，市場需求或改進需求比以往任何時候都更大。而且它不僅僅存在於高端或旗艦設備中。我們看到它現在也很好地融入了我們許多中國客戶的產品組合中。我們在那裡擁有很多專業知識。因此，我們對明年的成長充滿信心。

And then if I could, the competitive environment in tuners is quite a little bit different than it is in most of the other areas that you're competing to. I know there are folks starting to sell it. I know you guys landed head-to-head with Skyworks and a few other guys who landed slots in what would traditionally wouldn't be considered your strong area. How -- can you give us a thumbnail sketch of the competitive environment in that versus -- today, versus say, filters? And then if I could, Mark, Bob highlighted a number of progress points on BAW, both in quadplexers and filters in the open market. Now you guys are landing more slots there. Clearly, that's coming out of Richardson at this point. Can you just give us a idea, has utilization moved up there? Has the unit volumes pushed it back down? Where are you with regard to that? And if you land the marquee part that you've been talking about for next year, you're absolutely going to have to have Richardson to supply that, are you not?

如果可以的話，調音師的競爭環境與您競爭的大多數其他領域有很大不同。我知道有人開始賣它。我知道你們與 Skyworks 以及其他一些人進行了正面交鋒，他們在傳統上不被認為是你們的強項領域佔據了席位。您能提供我們當時的競爭環境與今天的過濾器相比如何嗎？然後，如果可以的話，Mark、Bob 強調了 BAW 的一些進展點，包括公開市場的四工器和濾波器。現在你們在那裡登陸了更多的插槽。顯然，這是理查森此時所說的。您能否給我們一個想法，利用率是否有提升？單位銷售量是否已使其回落？你對此有何看法？如果你能獲得你一直在談論的明年的大牌部分，你絕對需要理查森來提供，不是嗎？

Okay. Eric, first part?

好的。艾瑞克，第一部分？

Okay, so regarding the competitive environment in tuners. It is different, as you point out, from other parts of the radio primarily because you're working with the customer as part of his case design, so electromechanical team. And so it also has got quite a bit of applications experience required. So our many, many years in this industry, and I think we've got the industry's best talent by far working in this area, the intimacy we built with our customers to help them, I think, is a key competitive advantage for us and I think there are few that can replicate that.

好的，關於調音師的競爭環境。正如您所指出的，它與無線電的其他部分不同，主要是因為您是與客戶合作作為其外殼設計的一部分，因此是機電團隊。因此它也需要相當多的應用程式經驗。因此，我們在這個行業工作了很多年，我認為我們擁有迄今為止在該領域工作的行業最優秀的人才，我們與客戶建立的密切關係以幫助他們，我認為，這是我們的關鍵競爭優勢，我認為很少有人能夠複製這一點。

Mark, utilization, BAW and Richardson?

馬克、利用率、BAW 和理查森？

Yes, the utilization in Texas -- at Richardson is not what we want it to be. It's not what we expected it to be. The slow start in China has weighed on that facility's utilization. And as you know, with the 8-inch conversion going on there, it's actually -- I don't want to say it made the problem worse, but certainly on that metric, it's worse in that we -- it's just more output for a given input. So we are, that's part of the reason that -- between that and yields improving and other things, we just -- we don't need the same level of spend that we needed before. I think we knew that, that the capital intensity of the business would go down. That's been accelerated a bit here. So we -- that's why we called the forecast down. I think it bears repeating, Eric's comment that BAW is BAW growth and these advance modules requiring BAW are absolutely critical to our growth plans. It's critical for our margin expansion plans. Not only because of the higher-margin BAW product mix, but the increased utilization has a tremendous effect on our margin going forward.

是的，德克薩斯州理查森的利用率並不是我們想要的。這不是我們所期望的。中國的起步緩慢影響了該設施的使用率。如你所知，隨著 8 英寸轉換的進行，實際上 - 我不想說這讓問題變得更糟，但當然就這個指標而言，更糟糕的是我們 - 它只是更多的輸出給定的輸入。所以，這就是我們不需要與以前相同程度的支出的部分原因。我想我們知道，企業的資本密集度將會下降。這裡已經加速了一點。所以我們——這就是我們取消預測的原因。我認為值得重複一遍，Eric 的評論是 BAW 是 BAW 的成長，這些需要 BAW 的高階模組對我們的成長計畫絕對至關重要。這對我們的利潤擴張計畫至關重要。不僅因為利潤率較高的 BAW 產品組合，而且利用率的提高對我們未來的利潤率產生了巨大影響。

We'll next go to Harsh Kumar with Stephens.

接下來我們將和史蒂芬斯一起去哈什·庫馬爾。

A question for you, Bob. For your -- excuse me, for your large -- you've got a pretty large sequential increase in the mobile side. Some companies give a ratio, call it, a coverage ratio. I suspect it pertains to how much orders you have hard on the books. Is there anything like that, that applies here? And then you also mentioned the full year guide of between, call it, a metric of between 4% and 5%. I'm trying to spread it out. And maybe if you could provide some color on how much is typical March seasonality in your viewpoint, that would be helpful.

有個問題想問你，鮑伯。對於你的——對不起，對於你的大——你在移動端有相當大的連續增長。有些公司給出一個比率，稱之為覆蓋率。我懷疑這與你的帳本上有多少訂單有關。有類似的東西適用於此嗎？然後您還提到了全年指南，稱之為 4% 到 5% 之間的指標。我正在努力將其傳播開來。也許如果您能提供一些關於您認為三月典型季節性的信息，那將會有所幫助。

Yes, Harsh, as far as backlog coverage and things like that, in some ways, that's really outdated. We're on a lot of schedule share programs with many of our customers. And I think the main point here is we've got visibility to the demand that we are very comfortable with what we guided. So let's leave it at that. We have some customers that book and some of it's schedule share, Harsh. And the second part, normal seasonality, again, there's a large range. Sometimes it's down 15% or more. Sometimes a little bit less. So this time we're thinking it's going to be maybe double digits but not up towards 15%.

是的，嚴厲，就積壓覆蓋率和類似的事情而言，在某些方面，這確實已經過時了。我們正在與許多客戶開展許多計劃共享計劃。我認為這裡的要點是我們已經了解了我們對我們所指導的內容非常滿意的需求。那我們就這樣吧。我們有一些預訂的客戶，其中一些是共享的時間表，很嚴酷。第二部分，正常的季節性，同樣，範圍很大。有時會下降 15% 或更多。有時會少一點。所以這次我們認為可能會達到兩位數，但不會達到 15%。

Understood. And then for my follow-up, I just want to say pretty tremendous job on gross margin execution guidance. It's been going up. I guess my question is, it's going up again in September. What would you say is the biggest thing that's driving it? Is it just the revenue ramp? And then also, are we -- is 50% still in sight to be hit some point in time this year?

明白了。然後，對於我的後續行動，我只想說毛利率執行指導的工作非常出色。一直在上漲。我想我的問題是，九月它會再次上升。您認為推動此趨勢的最大因素是什麼？僅僅是營收成長嗎？另外，今年的某個時間點是否仍有望達到 50%？

Yes, good questions, Harsh. And I would -- we're not giving -- we're -- on the walk to September, there's a lot of puts and takes, some positive as you can imagine, some negative. On the positive side, we've got just continued productivity improvements. That's much of what I talked about before. We have low-band pad ramping, which is a headwind. But this generation of low-band pad is more profitable than the last generation. That's a positive. And then finally, as we were just our normal course of accounting activities and as we were spending for all these conversions that arose, that's converting SAW processes from 4 to 6 and BAW processes for 6 to 8, it was just apparent we could reuse a lot of the tool sets and equipment. So based on this, we reevaluated useful lives and adjusted depreciation schedules to reflect this, which we had to do. So it's a large percent of the process tools for the conversions are reused, up to 90%. On the negative, we've got June to September, we have an increased mobile mix. So just the business mix is unfavorable on -- against gross margins sequentially. Again, low-band pad, though this particular version is higher margin than the last, it's still lower margin than much of our average margin. And then you heard the question from Ed and the utilization in the fab network, specifically Texas, is really weighing on us. So puts and takes, but that's the summary.

是的，好問題，哈什。我會——我們不會給予——我們會——在走向九月的路上，有很多的調整和調整，有些是你可以想像的積極的，有些是消極的。從積極的一面來看，我們的生產力持續提高。這就是我之前談到的大部分內容。我們有低頻段墊坡道，這是一個逆風。但這一代的低頻段墊比上一代更有利可圖。這是積極的。最後，由於我們只是進行會計活動的正常過程，並且我們為所有這些發生的轉換支出，即將 SAW 流程從 4 轉換為 6，BAW 流程從 6 轉換為 8，很明顯我們可以重複使用很多工具組和設備。因此，基於此，我們重新評估了使用壽命並調整了折舊計劃以反映這一點，這是我們必須做的。因此，很大一部分用於轉換的流程工具被重複使用，高達 90%。不利的一面是，從 6 月到 9 月，我們的行動裝置組合有所增加。因此，僅業務組合對毛利率不利。同樣，低頻段墊，雖然這個特定版本的利潤比上一個更高，但它仍然低於我們的平均利潤的大部分。然後你聽到了埃德的問題，晶圓廠網絡的利用率，特別是德克薩斯州，確實給我們帶來了壓力。所以放和取，但這就是摘要。

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

接下來我們將去長弓研究中心的 Mike Burton。

So I was wondering -- sorry if we missed it. But if you could just repeat your 10% customers for the quarter? And then can you provide some more color on your progress with Samsung? You sounded very confident in getting them above 10% on a previous call. I was curious how they tracked for you, both last quarter and your expectations for the rest of this year.

所以我想知道——如果我們錯過了，抱歉。但如果您可以在本季重複 10% 的客戶呢？那麼您能否提供更多關於您與三星合作的進展？在上次通話中，您聽起來非常有信心讓他們的支援率超過 10%。我很好奇他們如何追蹤您的情況，包括上個季度以及您對今年剩餘時間的預期。

We have 2 10% customers in the quarter. One is 27%. And the second...

本季我們有 2 個 10% 的客戶。一是27%。而第二個...

Samsung was 10%. Outlook for the year on Samsung?

三星為10%。三星今年的展望？

11%, yes.

11%，是的。

Okay, so -- gentlemen.

好的，所以——先生們。

So the outlook for our business with Samsung is we continue to actually make a lot of progress there across multiple tiers. There's a lot of opportunity for us opening up now, more to next fiscal year but early in the fiscal year in their mass tier programs, which have a lot of volume. We've always had switch participation there. But a lot of opportunity now opening up in integrated modules for both the mid and high band, and low band for that matter. And we've got similar trends as we do with Huawei where we got a little out of sync with them last year. We're coming back into focus now. I think Huawei, even much sooner than Samsung, you're going to see significant turnaround in our share there.

因此，我們與三星的業務前景是，我們實際上將繼續在多個層面取得重大進展。我們現在有很多機會開放，更多是在下一個財年，但在本財年初期，他們的大規模計劃有很大的數量。我們一直都有交換參與。但現在中高頻和低頻段的整合模組中出現了很多機會。我們也有與華為類似的趨勢，去年我們與他們有點不同步。我們現在又回到焦點了。我認為華為，甚至比三星早得多，您將看到我們在那裡的份額發生重大轉變。

And then Mark, on OpEx going forward, what are the puts and takes as we look past the September quarter on the OpEx side?

然後馬克，關於未來的營運支出，當我們回顧 9 月季度的營運支出方面，看跌期權和看跌期權是什麼？

Yes, Mike. We expect OpEx to continue to trend down on a dollar basis. It's just due to a number of productivity programs underway. The whole organization is being trained on Lean, better documented processes and things like that, working on improving our prototyping efficiency. And then this depreciation benefit I talked about earlier, there's a little bit that goes down into OpEx, and going forward, that helps a bit. So we're just expecting to get much better leverage off of our fixed cost base going forward. And that's driving us to close the gap with our peers.

是的，麥克。我們預計營運支出以美元計算將持續呈下降趨勢。這只是由於許多正在進行的生產力計劃所致。整個組織正在接受精益、更好記錄的流程等方面的培訓，致力於提高我們的原型設計效率。然後，我之前談到的折舊收益，有一點會影響到營運支出，並且展望未來，這會有所幫助。因此，我們只是期望未來能夠從我們的固定成本基礎中獲得更好的槓桿作用。這促使我們縮小與同行的差距。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Yes, Mark, just a follow-up question on gross margins. Wasn't clear if you're saying kind of 50% target for March is on track. Or there's puts and takes for that to play out?

是的，馬克，這只是關於毛利率的後續問題。不清楚您是否說 3 月 50% 的目標已步入正軌。或有哪些因素可以發揮作用？

Thanks, Craig, for asking the question, and Harsh, I apologize for not getting to the back half of your question. We certainly -- it still remains our target. But since we're not providing fourth quarter '18 guidance, I'll refrain from making a commitment. What I can say, Craig, is that we continue to make progress and expect to be over 50% as BAW mix increases and the Texas fabs are fully utilized. I think related, remind you that our operating margin model is 30%. So gross margin 50%, OpEx 20% for an operating margin of 30%. We expect to be over that actually this year in the December quarter. So we're making progress, yes, down to the operating margin line. I expect the gross margin progress to continue. But again, as we said a couple of times here, BAW is critical to making that happen.

謝謝克雷格提出這個問題，哈什，我很抱歉沒有回答你問題的後半部。當然，這仍然是我們的目標。但由於我們不提供 18 年第四季的指導，因此我不會做出承諾。克雷格，我能說的是，隨著 BAW 組合的增加以及德克薩斯州晶圓廠的充分利用，我們將繼續取得進展，並預計將超過 50%。我認為相關，提醒您一下，我們的營業利潤率模型是30%。因此，毛利率為 50%，營運成本為 20%，營運利潤率為 30%。我們預計今年 12 月季度的實際產量將超過這一數字。所以我們正在取得進展，是的，一直到營業利潤線。我預計毛利率將持續成長。但正如我們多次說過的，BAW 對於實現這一目標至關重要。

Got it. I appreciate the extra color. And then just any thoughts on capital allocation? It looks like CapEx is coming down a bit. I mean, historically, you've done buybacks and some tuck-ins. But how are you thinking about best use of cash here, and updated thoughts on M&A opportunities?

知道了。我很欣賞額外的顏色。那麼關於資本配置有什麼想法嗎？資本支出似乎有所下降。我的意思是，從歷史上看，你已經進行了回購和一些折衷。但您如何考慮這裡的現金最佳利用以及併購機會的最新想法？

Yes it's -- yes, we do have, Craig, decisions to make on the free cash flow. We're committed to continue to return it to shareholders just as we communicated at the Investor Day. We'll first look at if there's any acquisitions, inorganic growth, that make sense. IDP is a business in particular that we would look at opportunities there, as bolt-on technology or markets. But we're comfortable with our leverage, and barring any acquisition opportunities, would likely return cash to shareholders.

是的，克雷格，是的，我們確實需要對自由現金流做出決定。正如我們在投資者日所傳達的那樣，我們致力於繼續將其返還給股東。我們首先會看看是否有任何有意義的收購、無機成長。IDP 是一項特別值得我們關注的業務，例如附加技術或市場。但我們對我們的槓桿率感到滿意，除非有任何收購機會，否則我們可能會向股東返還現金。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

There's been some fears in the market about pricing, people being more aggressive on pricing. I guess in some of the wins you have at the leading Chinese maker as well as the other smartphone manufacturers in China, how should we think about your design wins with BAW or iFEMs or some of the other content gains you have? Should these be -- I mean, how's pricing -- I mean, what's the impact of gross margins on some of these newer platforms?

市場對定價有一些擔憂，人們對定價更加激進。我想，在您為中國領先製造商以及中國其他智慧型手機製造商贏得的一些勝利中，我們應該如何考慮您在 BAW 或 iFEM 方面的設計勝利，或者您擁有的其他一些內容收穫？這些應該是——我的意思是，定價如何——我的意思是，毛利率對這些新平台的影響是什麼？

Right. We're really focused on the premium tier and driving towards highly integrated solutions with a few competitors. And in that market, you really win or lose by having the product ready on time and meeting the performance requirements. So pricing isn't as much an issue for us in that market.

正確的。我們真正專注於高端產品，並與一些競爭對手一起推動高度整合的解決方案。在這個市場中，您真正的輸贏取決於是否按時準備好產品並滿足性能要求。因此，在該市場上，定價對我們來說並不是什麼問題。

Okay, very good. And then maybe switching to IDP. James, great -- continued great results in IDP. And you talked about some of the near term dynamics. I guess embedded in the 15-plus percent year-on-year growth which looks beyond even the next quarter or two, what will be scenarios of the outperformance? And what would be any areas that could be holding it back?

好的，非常好。然後也許會切換到 IDP。詹姆斯，太棒了——在 IDP 中繼續取得出色的成績。您談到了一些近期動態。我猜想，考慮到 15% 以上的同比增長（甚至超出了未來一兩個季度），表現優異的情況會是什麼？哪些領域可能會阻礙它的發展？

Yes, I think we'll see a similar story as we go through the rest of the year, significant strength in our Defense business and in our IoT part of the business. IoT will really be both around our Wi-Fi products but also what we call low-power wireless. We are seeing a very nice growth here with the GreenPeak Technologies that we brought into the company about a year ago. So really, against those 3 areas, any headwinds would be some pressure on our base station business and predominantly in China and a little bit of headwinds on our traditional long-haul optical business. Base station, we are modeling to be down between 5% and 10% year-over-year for the full year. So that's a bit of a headwind for us. Long term, that market's -- the trends still look very, very positive as we see GaN aggressively moving in, 5G coming on board, massive MIMO systems getting deployed. All those, we think, are very, very positive trends. Same thing with optical. I think as optical begins to rebound, we believe we've got some of the best performance technology in the market for next-generation drivers in long-haul metro. And those will continue to drive growth in that business.

是的，我認為在今年剩下的時間裡，我們會看到類似的情況，我們的國防業務和物聯網業務部分將展現出巨大的實力。物聯網實際上將不僅圍繞著我們的 Wi-Fi 產品，而且圍繞著我們所謂的低功耗無線產品。大約一年前，我們將 GreenPeak 技術引入公司，我們看到了非常好的成長。因此，實際上，針對這三個領域，任何不利因素都會對我們的基地台業務（主要是在中國）造成一些壓力，並對我們傳統的長途光纖業務產生一些不利因素。基地台，我們預計全年將年減 5% 至 10%。所以這對我們來說有點不利。從長遠來看，該市場的趨勢仍然非常非常積極，因為我們看到 GaN 正在積極進入，5G 即將到來，大規模 MIMO 系統正在部署。我們認為，所有這些都是非常非常積極的趨勢。光學也是如此。我認為，隨著光學技術開始反彈，我們相信我們已經為長途地鐵的下一代駕駛提供了市場上一些性能最佳的技術。這些將繼續推動該業務的成長。

Cody Acree, Drexel Hamilton.

科迪·阿克里、德雷塞爾·漢密爾頓。

Maybe Eric, if you can go back to China and just -- I'm just trying to better understand that the delta between last quarter's conviction that you were thinking about a 10% annual growth and now 4% to 5%. It sounds like it's largely around China. So I'm just trying to get a better understanding what changed.

也許艾瑞克，如果你能回到中國，我只是想更好地理解上個季度你所考慮的年增長率為 10% 與現在的 4% 到 5% 之間的差異。聽起來主要是在中國各地。所以我只是想更了解發生了什麼變化。

Yes, it is largely China. It's -- as we mentioned, the recovery is taking off slowly in terms of units. But what's more important to us is the actual mix towards the higher end of the portfolio. We're heavily levered towards carrier aggregation, high-performance Wi-Fi, envelope tracking, sort of solutions which many of our largest customers in China are clearly designing and moving forward with. But it's in their more premium part of their handsets. I think in general, people all over the world, but in China in particular, are waiting to kind of see what happens with our largest customers ramp this year, decide what competitive looks like in that premium tier and then decide which exact models they're going to release and roll out after that. So we've taken a relatively cautious stance on how the units are going to continue to go on China once they do turn around in full steam. A large part of our fiscal year will potentially be behind us. So that's kind of the color behind the guide.

是的，主要是中國。正如我們所提到的，就單位而言，復甦正在緩慢起步。但對我們來說更重要的是投資組合高端的實際組合。我們大力利用載波聚合、高效能 Wi-Fi、包絡追蹤等解決方案，我們在中國的許多最大客戶正在明確設計和推進這些解決方案。但這是他們手機中更高階的部分。我認為，總的來說，世界各地的人們，尤其是中國的人們，都在等著看看今年我們最大的客戶成長會發生什麼，決定該高端市場的競爭力是什麼樣子，然後決定他們的具體型號。之後我們將發布並推出。因此，我們對這些單位在全面扭虧為盈後如何繼續在中國開展業務採取了相對謹慎的立場。我們財政年度的很大一部分可能已經過去了。這就是指南背後的顏色。

Eric, do you think that there's been some structural share loss in China? Or is it just really kind of a shift in timing of some of these programs?

艾瑞克（Eric），您認為中國存在一些結構性份額損失嗎？或者這只是其中一些項目的時間安排的改變？

Yes, share loss in as much as the mix is more towards the low end, which doesn't use as much of our products. I mean, in any one product segment we compete, I don't think there's any issue there. But the handset mix is more towards lower end. If that continues, that will add up to share loss.

是的，份額損失與產品組合更偏向低端市場，而低端市場並沒有使用我們那麼多的產品。我的意思是，在我們競爭的任何一個產品領域，我認為都不存在任何問題。但手機組合更偏向低階。如果這種情況繼續下去，這將導致股票損失。

And then lastly, in years past, we've had your largest customer at times really front-end load their build for the launch. This last season, it seemed to be a little more paced, a little more measured demand or build pacing with what they were seeing as demand. If we go back into kind of the success, what was very front-end loaded, they got into problems, I guess. What are you expecting this year as far as that largest customer's build pattern?

最後，在過去的幾年裡，我們最大的客戶有時會在發佈時真正前端加載他們的建置。上一季，需求節奏似乎更有節奏，更有節制，或是按照他們所認為的需求建立節奏。如果我們回顧一下成功的情況，我猜他們會遇到前端負載很大的問題。就最大客戶的建置模式而言，您對今年有何期望？

Sorry, we're not able to comment on anything actually that's not been announced publicly. We've given you our guidance and that's the best we can do.

抱歉，我們無法對尚未公開宣布的任何內容發表評論。我們已經為您提供了指導，這是我們能做的最好的事情。

And we'll go to Ambrish Srivastava, BMO Capital Markets.

我們將拜訪 BMO 資本市場部的 Ambrish Srivastava。

This is Kulin Patel calling for Ambrish. I know your balance sheet inventory ticked up a bit in the June quarter. What's driving that? And how should we expect that to trend in the September quarter and I guess throughout the year?

我是庫林·帕特爾 (Kulin Patel) 正在呼叫安布里什 (Ambrish)。我知道你們的資產負債表庫存量在六月季度增加。是什麼推動了這一點？我們該如何預期九月份季度乃至全年的趨勢？

Sure. As far as the inventory buildup, it's pretty much seasonal for us. If you've studied us over the years, we typically build inventory in June to support a big September ramp. And given our guidance, we expect to consume that in September. And we've also made comments that we're expecting a strong December. So we are expecting inventory to come down over the next few quarters.

當然。就庫存累積而言，這對我們來說幾乎是季節性的。如果您多年來研究過我們，我們通常會在 6 月建立庫存，以支持 9 月的大幅成長。根據我們的指導，我們預計將在 9 月消耗掉。我們也表示，我們預計 12 月將會表現強勁。因此，我們預計庫存將在未來幾季下降。

Okay, and how much of your mobile business was from China? I think last quarter you mentioned it was 35%?

好的，您的行動業務有多少來自中國？我想上季您有提到是 35%？

Actually, Huawei is about 30% of mobile in the June quarter.

事實上，華為在第二季的行動業務中所佔份額約為 30%。

And [Chris Kessler], Raymond James.

還有[克里斯·凱斯勒]、雷蒙·詹姆斯。

Just the first question on the depre -- your comments on adjusting the depreciation schedule. Could you clarify that a bit in terms of what's the timing of that adjustment and what's the magnitude of the adjustment on margin?

這是關於折舊的第一個問題——您對調整折舊計劃的評論。您能否澄清一下調整的時間以及保證金調整的幅度是多少？

Yes, the timing and the adjustment -- Chris, I think you need to put your phone on mute; we're getting a bad echo here. Timing the adjustment would be the second quarter, you'll see it. We actually put it in place this fiscal year, but it only had an effect on -- a small effect on the OpEx in the first quarter, $0.01 or so on EPS. It was considered in our guide. And then in the second quarter, you begin to see the effects of that on gross margin. It's 150 basis points, give or take, on gross margin. And then one quick question -- or one quick comment while I have the floor here. Just on the free cash flow and the use of cash, I just want to make it clear. I'm not going to indicate rate and pace of the buyback because there is -- could be acquisition opportunities or some other location of cash or other issues which may impact the timing of the use of that cash. We assume for guidance purposes and our EPS that we just offset dilution. I wanted to make that clear.

是的，時機和調整——克里斯，我想你需要把手機調成靜音；我們這裡的迴聲很差。調整的時間是第二季度，你會看到的。我們實際上在本財年實施了它，但它只對第一季的營運支出產生了很小的影響，每股收益約為 0.01 美元左右。我們的指南中已經考慮到了這一點。然後在第二季度，您開始看到這對毛利率的影響。毛利率或多或少是 150 個基點。然後是一個簡短的問題——或者當我在這裡發言時發表一個簡短的評論。關於自由現金流和現金的使用，我只想說清楚。我不會透露回購的速度和速度，因為可能有收購機會或其他現金地點或其他可能影響現金使用時間的問題。出於指導目的和每股收益，我們假設我們只是抵消稀釋。我想澄清這一點。

Okay, thank you. And just as a follow-up. If you talk about that the -- you said that the BAW opportunity with your largest customer was on track. Could you clarify what on track means? Any kind of update you can provide there? And what potential timing -- we would -- have a more substantial update on that on whether or not that project may go forward.

好的謝謝。並且只是作為後續行動。如果您談到這一點，您會說與您最大客戶的 BAW 機會已步入正軌。您能解釋一下“on track”是什麼意思嗎？您可以在那裡提供任何類型的更新嗎？以及關於該項目是否可以繼續進行的潛在時間安排——我們將——獲得更實質性的更新。

There's very little color we can add. On track means we're competing head-to-head and we still have every reason to believe that we can win a portion of the business. And in terms of clarity, it will increase throughout the year. It will likely be into this calendar year or maybe a little into next year before we have full clarity.

我們可以添加的顏色非常少。步入正軌意味著我們正在正面競爭，我們仍然有充分的理由相信我們可以贏得一部分業務。而且就清晰度而言，全年都會增加。在我們完全清楚之前，這可能會持續到今年，或者可能會持續到明年。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

I just wanted to follow up on a couple of comments. First, the less than seasonal decline in March. Bob, was that really being driven by the timing of marquee phone wins? Or was there some other dynamic reason leading you to believe that March could be better than seasonal this year?

我只是想跟進一些評論。首先，3月降幅小於季節性。鮑勃，這真的是由大牌手機獲勝的時機驅動的嗎？或者有其他一些動態原因讓您相信今年三月可能比季節性更好？

Yes, I think integrating all of the customers, what we talked about is some of the wins that we've got in the back half of the year. We talked about China, talked about the shift of what we see going on there. We talked about coming back at Samsung. We talked about coming back at Huawei. I think layering all that in, that's why we've made the comment.

是的，我認為整合所有客戶，我們談論的是我們在今年下半年取得的一些勝利。我們談論了中國，談論了我們所看到的那裡正在發生的變化。我們談到了回到三星。我們談到了回到華為。我認為將所有這些分層，這就是我們發表評論的原因。

Got it. And it sounds like part of that, it does anticipate sort of this more positive mix shift in China going from the low-end back towards the premium phone sometime in the December or March timeframe.

知道了。聽起來像是其中的一部分，它確實預計中國將在 12 月或 3 月的某個時候從低階手機回歸到高階手機，這種更積極的組合轉變。

That is correct.

那是對的。

Great. And just one for James. You mentioned that the 39 Ghz and 28 Ghz solutions for 5G. Wasn't clear if those are PA-based solutions. Are they filter-based solutions? Or just give us a little bit more color on what you're supplying for the 5G mass MIMO antenna array.

偉大的。而這只是詹姆斯的一件。您提到了 5G 的 39 Ghz 和 28 Ghz 解決方案。不清楚這些是否是基於 PA 的解決方案。它們是基於過濾器的解決方案嗎？或者讓我們進一步了解您為 5G 大規模 MIMO 天線陣列提供的產品。

For reference, there's a couple of nice press releases that we did before MTT that will kind of give you a little bit more detail about what's in there. Basically, PA-based films and mix technology in some cases where we're integrating both gallium nitride and GaAs to support those high-frequency ranges. But not discrete power amplifiers, it's more of integrated solutions.

作為參考，我們在 MTT 之前發布了幾篇不錯的新聞稿，可以讓您更詳細地了解其中的內容。基本上，在某些情況下，我們會整合基於 PA 的薄膜和混合技術，以支援這些高頻範圍。但不是分立式功率放大器，它更多的是整合解決方案。

Srini Pajjuri, Macquarie Securities.

Srini Pajjuri，麥格理證券。

Bob, just a question on the BAW opportunity that you talked about. Given that you still don't know for sure what your market share might be, why cut CapEx now? Because that's a large customer. The opportunity could be pretty significant.

鮑勃，只是關於您談到的 BAW 機會的問題。鑑於您仍然不確定自己的市場份額可能是多少，為什麼現在要削減資本支出？因為那是一個大客戶。這個機會可能非常重要。

I'm sorry, I didn't understand totally the question. Would you repeat the last part?

抱歉，我沒有完全理解這個問題。您能重複最後一部分嗎？

Yes, yes, I was just curious as to why reduce CapEx when you don't have visibility into how big the BAW opportunity for next year could be?

是的，是的，我只是好奇為什麼要減少資本支出，因為你無法了解明年的 BAW 機會有多大？

Yes, I think those are 2 separate things. As far as -- CapEx is not related to that project. I think Mark outlined, things are going pretty well there. We've got Farmers Branch still on track to support significant growth in FY '19. We're cutting back -- we are making the transition to 8 inches going extremely well. We've talked prior about our die size reductions; things are going well there. So those aren't even related.

是的，我認為這是兩件不同的事情。就資本支出而言，與該項目無關。我認為馬克概述了，那裡的事情進展順利。我們的 Farmers Branch 仍有望支持 19 財年的顯著成長。我們正在削減開支——我們正在向 8 英寸過渡，進展非常順利。我們之前已經討論過我們的晶片尺寸減小；那裡的事情進展順利。所以這些甚至沒有關係。

Okay, fair enough. And then a question on the content expansion, Bob. Can you give us an idea how much content expansion you are expecting in the second half of this year? And then if there's a significant difference between different SKUs?

好吧，很公平。然後是關於內容擴充的問題，鮑伯。您能否告訴我們您預計今年下半年的內容擴充程度為何？那麼不同的SKU之間是否有顯著差異呢？

Sorry. As I commented earlier, we are not able to comment on anything that hasn't been made public yet. Sorry about that.

對不起。正如我之前評論的那樣，我們無法對尚未公開的任何內容發表評論。對於那個很抱歉。

David Wong, Wells Fargo.

大衛黃，富國銀行。

Can you give us some idea on the degree of visibility you have on these very big jumps that you're seeing? Do you have some bookings extending into December deliveries? Have you got forecasts through December? Or perhaps even into the March quarter yet?

您能否向我們介紹一下您所看到的這些巨大跳躍的可見度？您是否有一些訂單延續到 12 月交貨？您有 12 月的預測嗎？或者甚至可能進入三月季度？

Yes, as far as -- David, with several of our customers, yes, we have bookings through December and some of James' business actually goes out a year, so depending on a particular business. In Mobile, for our large customers, we have visibility in their production plans for well over the next year. And that's what we actually quote book orders on. So we have good visibility into what their plans are. But just like you, we don't have great visibility into how many of their phones are actually going to sell. But as far as what their plans are, we have very good visibility.

是的，就大衛而言，我們的一些客戶，是的，我們有 12 月的預訂，詹姆斯的一些業務實際上會持續一年，所以取決於特定的業務。在莫比爾，對於我們的大客戶來說，我們可以了解他們明年的生產計劃。這就是我們實際引用圖書訂單的依據。因此我們可以很好地了解他們的計劃。但就像您一樣，我們不太清楚他們的手機實際銷售量有多少。但就他們的計劃而言，我們有很好的了解。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

I apologize if this was already asked. But just in the September quarter, just curious what the bigger driver. You're seeing a big step up in Mobile. Just curious between marquee smartphone and the recovery in China that you noted, what's the bigger driver for that special growth?

如果已經有人問過這個問題，我深感抱歉。但就在九月這個季度，我只是好奇更大的推動因素是什麼。您會看到行動領域取得了巨大進步。只是好奇你提到的大牌智慧型手機和中國的復甦之間，這種特殊成長的更大驅動力是什麼？

Yes, thanks, Blayne. As far as the majority of the driver, it is the launch of new phones. And I'd make that plural, if I could. And then the second part would be the recovery in China.

是的，謝謝，布萊恩。對大多數駕駛者來說，是新手機的發布。如果可以的話，我會把這個字變成複數。第二部分是中國的復甦。

Helpful. And then maybe, Mark, just on the change in the depreciation schedule. Maybe I missed this, just curious. What was the prior length? And what is it now? And when was this implemented?

有幫助。馬克，也許只是折舊表的變化。也許我錯過了這個，只是好奇。之前的長度是多少？現在又怎樣了？這是什麼時候實施的？

Yes, we -- it's a mix of assets, Blayne. So that's a difficult question to answer. You'll see the disclosure in the Q, which we'll file tomorrow. I've given you the highlights. And I think it's important to realize that while we hadn't done the review and back-in yet in the fall when we gave our original guidance, again, a lot of puts and takes. Some things have gone our way. This happened to be an accounting justification that was better matches, the lives of those assets with our use. And some things have not gone our way, specifically the BAW utilization in Texas which is actually the effect of that is 200 basis points or more. So that's it on that.

是的，我們——這是資產的組合，布萊恩。所以這是一個很難回答的問題。您將在我們明天提交的問題中看到披露的內容。我已經跟你介紹了重點。我認為重要的是要認識到，雖然我們在秋季給出最初的指導時還沒有進行審查和回顧，但再次進行了大量的調整和調整。有些事情已經照我們的意願發展了。這恰好是一個更符合這些資產的壽命與我們的使用的會計理由。有些事情並沒有按照我們的意願發展，特別是德克薩斯州的 BAW 利用率，其影響實際上是 200 個基點或更多。就這樣吧。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

When you look at the BAW ramp, can you give us especially what percentage of June quarter was BAW, BAW filters? And as you look at the September quarter, what's the mix of BAW so we can get an idea of the BAW ramp? And also the depreciation expense?

當您查看 BAW 成長時，您能否特別告訴我們 BAW、BAW 濾波器佔 6 月季度的百分比是多少？當您查看 9 月季度時，BAW 的組合是怎樣的，以便我們了解 BAW 的成長情況？還有折舊費用？

We don't give that level of detail quarter-to-quarter.

我們不會按季度提供這種詳細程度。

Yes, okay. And the depreciation expense, just following back on Blayne's question. Is that going up or down with the adjustment? And the second part was on this fiscal '19 ramp on the Farmers Branch. Is that '18's ramp for fiscal '19? Thanks.

是的，好的。以及折舊費用，就在布萊恩的問題上。調整後是上升還是下降？第二部分是關於 Farmers Branch 的 19 財政年度坡道。這是 18 年 19 財年的成長嗎？謝謝。

Farmers Branch, as far as what we are qualifying in Farmers Branch today and the line that we are qualifying is 8-inch. So that factory will be all 8-inch. In the Richardson factory, it was originally pulled up on 8-inch tools for 6-inch diameters. So about 90% of those tools we're converting to 8-inch as we ramp. And as far as Blayne's question on depreciation, it will be going down on the assets that were currently in place. As Mark pointed out, various different lives. And that's taking effect this quarter from a gross margin perspective.

法默斯布蘭奇，就我們今天在法默斯布蘭奇的排位賽而言，我們排位賽的線是 8 英寸。所以那個工廠將全部是8吋的。在理查森工廠，它最初是用 8 英寸工具拉出 6 英寸直徑的。因此，隨著我們的發展，我們將大約 90% 的工具轉換為 8 英吋。至於布萊恩關於折舊的問題，目前現有的資產將會下降。正如馬克所指出的，各種不同的生活。從毛利率的角度來看，這將在本季生效。

And that does conclude today's question-and-answer session. I will now turn the conference over to management for any additional or closing remarks.

今天的問答環節到此結束。我現在將把會議轉交給管理層，以便發表補充或結束語。

Thank you for joining us tonight. Qorvo's at the heart of the systems and technologies that connect the world, both wired and wirelessly. We've built a strong foundation on innovation and we are targeting our industry's most complex and most profitable opportunities. In fiscal 2018, we anticipate strong operating performance, highlighted by revenue growth, margin expansion, operating leverage, EPS growth and a tripling of free cash flow. Thank you again for joining us, and have a good night.

感謝您今晚加入我們。Qorvo 是有線和無線連接世界的系統和技術的核心。我們已經在創新方面建立了堅實的基礎，我們的目標是行業中最複雜和最有利可圖的機會。2018 財年，我們預計將實現強勁的經營業績，其中營收成長、利潤率擴張、營運槓桿、每股收益成長和自由現金流將增加兩倍。再次感謝您加入我們，祝您有個美好的夜晚。

And that does concludes today's conference call. We thank you all for joining us.

今天的電話會議到此結束。我們感謝大家加入我們。