科沃 (QRVO) 2018 Q2 法說會逐字稿

Good day, and welcome to the Qorvo Q2 2018 Conference Call.

美好的一天，歡迎參加 Qorvo 2018 年第二季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

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

Please go ahead.

請繼續。

Thanks very much, Kathy.

非常感謝，凱西。

Hello, everybody, and welcome to Qorvo's Second Quarter Fiscal 2018 Earnings Conference Call.

大家好，歡迎參加 Qorvo 2018 財年第二季財報電話會議。

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

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

We encourage you to review the safe harbor statement contained in the earnings 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業績。

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 obstruct -- or I'm sorry, 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阻礙我們基本業績趨勢的項目的影響——或者抱歉，模糊我們的基本業績趨勢。

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.

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱今天早些時候發布的收益報告，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。

Thanks, Doug.

謝謝，道格。

Qorvo delivered a very strong September quarter, with both revenue and EPS exceeding our guidance range.

Qorvo 的 9 月季度業績非常強勁，營收和每股盈餘都超出了我們的指導範圍。

In Mobile Products, revenue was $630 million with 38% sequential growth.

行動產品領域的營收為 6.3 億美元，季增 38%。

Qorvo supported the ramps of leading marquee smartphones and increased our dollar content on key customer programs.

Qorvo 支援領先的大型智慧型手機的發展，並增加了我們在關鍵客戶專案上的投入。

We also benefited from an improved demand environment in China with the launch of flagship devices at Huawei, Xiaomi, Oppo, Vivo and others.

隨著華為、小米、Oppo、Vivo 等公司推出旗艦設備，我們也受惠於中國需求環境的改善。

At Huawei, we supported the Mate 10 with BAW filters, antenna tuners, RF front-end modules and our envelope tracking power management solution.

在華為，我們透過 BAW 濾波器、天線調諧器、射頻前端模組和包絡追蹤電源管理解決方案為 Mate 10 提供支援。

At Xiaomi, we shipped more than $9 of RF content, including our highly integrated RF Fusion products into their top-tier Mi Mix 2, and we were honored to receive their partnership award.

在小米，我們銷售了超過 9 美元的 RF 內容，包括將我們高度整合的 RF Fusion 產品整合到他們的頂級 Mi Mix 2 中，我們很榮幸獲得他們的合作夥伴獎。

We expect our design momentum at both accounts to continue in next-generation flagship models.

我們預計我們在這兩個領域的設計勢頭將在下一代旗艦機型中繼續下去。

In IDP, revenue increased 21% year-over-year to a record $190 million, with standout performance in the defense and connectivity markets.

在IDP方面，營收年增21%，達到創紀錄的1.9億美元，在國防和連結市場表現優異。

IDP is targeting double-digit year-over-year revenue growth across a broad set of customers in defense, base station, automotive, smart home IoT, WiFi and optical.

IDP 的目標是在國防、基地台、汽車、智慧家庭物聯網、WiFi 和光學領域的廣大客戶中實現兩位數的同比收入成長。

Customers in these target markets require differentiated products with higher levels of integration, higher power, lower noise figure, better linearity and greater efficiency, and this is where Qorvo excels.

這些目標市場的客戶需要具有更高整合度、更高功率、更低雜訊係數、更好線性度和更高效率的差異化產品，而這正是 Qorvo 的優勢所在。

IDP has been putting up robust year-over-year revenue growth, and our design wins in the September quarter point to another strong quarter in December.

IDP 的營收年增強勁，我們在 9 月季度的設計勝利預示著 12 月又一個強勁的季度。

We're very confident in our long-term growth prospects, given the underlying macro trends of IoT, 5G and GaN.

考慮到物聯網、5G 和 GaN 的基本宏觀趨勢，我們對長期成長前景非常有信心。

In both mobile and IDP, Qorvo's benefiting as the increasing demand for data is ratcheting up the complexity, driving integration and increasing RF content.

在行動和 IDP 領域，隨著資料需求的不斷增加，複雜性不斷增加，Qorvo 受益匪淺，從而推動了整合並增加了 RF 內容。

The depth and breadth of our technology portfolio position us uniquely to selectively target the most attractive market segments based on the competitive environment, market or customer exposure, technologies required and the value we can bring.

我們技術組合的深度和廣度使我們能夠根據競爭環境、市場或客戶曝光度、所需技術以及我們能夠帶來的價值，選擇性地瞄準最具吸引力的細分市場。

Take, for example, our success in Wi-Fi iFEMs.

以我們在 Wi-Fi iFEM 領域的成功為例。

A few years ago, we saw this as a category we could disrupt by combining our market-leading BAW coexist filters with our WiFi front-end modules.

幾年前，我們認為將市場領先的 BAW 共存濾波器與 WiFi 前端模組結合，可以顛覆這個類別。

That's playing out today, and we can -- we see continued growth ahead for our Wi-Fi iFEMs across retail, CPE and mobile devices.

今天這種情況正在上演，我們可以看到零售、CPE 和行動裝置領域的 Wi-Fi iFEM 未來將持續成長。

The same is true with our industry-leading envelope tracking power management solutions.

我們業界領先的包絡追蹤電源管理解決方案也是如此。

We recognize the market opportunity for advanced power management over a decade ago, built a robust IP portfolio, and we're now expanding our product offerings to support not only cellular, but also WiFi applications.

我們在十多年前就認識到了先進電源管理的市場機會，建立了強大的 IP 產品組合，現在我們正在擴展我們的產品範圍，不僅支援蜂窩應用，還支援 WiFi 應用。

In the September quarter, we launched our ET PMIC for WiFi supporting a wearable device.

在九月季度，我們推出了支援穿戴式裝置的 WiFi ET PMIC。

This is an industry first, and we have additional opportunities ahead.

這是業界首創，我們未來還有更多機會。

Likewise, Qorvo's early innovation in antenna tuning is paying off today.

同樣，Qorvo 在天線調諧方面的早期創新如今也得到了回報。

The tuning content in marquee smartphones will nearly double this year, and we expect this segment will continue to outpace the overall RF market.

今年，大型智慧型手機的調諧內容將幾乎翻倍，我們預計該細分市場將繼續超過整個射頻市場。

Qorvo enjoys a strong leadership position, and we have multiple opportunities to expand our content across new and existing customers.

Qorvo 享有強大的領導地位，我們有多種機會向新舊客戶擴展我們的內容。

In GaN, Qorvo is an industry pioneer and technology leader, and our investments in GaN are supporting exceptional growth.

在 GaN 領域，Qorvo 是行業先驅和技術領導者，我們對 GaN 的投資正在支持卓越的成長。

In fact, our GaN-related revenue in the September quarter doubled year-over-year.

事實上，我們 9 月季度的 GaN 相關收入比去年同期翻了一番。

We've also seen our opportunities grow tremendously in IoT.

我們也看到物聯網領域的機會大幅成長。

Qorvo's IoT revenue in the September quarter increased by 50% versus last year.

Qorvo 第二季的物聯網營收比去年成長了 50%。

During the quarter, we secured an RF front-end module design win supporting the Tile tracker family.

在本季度，我們贏得了支援 Tile 追蹤器系列的射頻前端模組設計。

We also secured multiple design wins for automotive IoT applications, supporting top automakers with content per car up to $7.

我們還贏得了許多汽車物聯網應用設計勝利，為頂級汽車製造商提供每輛車高達 7 美元的內容支援。

In China, we enjoyed strong demand with the deployment of 900 megahertz narrow band IoT infrastructure.

在中國，900兆赫窄頻物聯網基礎設施的部署帶來了強勁的需求。

Qorvo's narrow band IoT solutions optimize performance and power consumption in high-volume, low-power IoT applications.

Qorvo 的窄頻 IoT 解決方案可優化大容量、低功耗 IoT 應用中的效能和功耗。

Finally, in defense, we secured multiyear design wins with a major defense contractor for high-power, high-efficiency GaAs components supporting several advanced radar applications.

最後，在國防領域，我們與一家主要國防承包商取得了多年的設計勝利，提供支援多種先進雷達應用的高功率、高效率 GaAs 組件。

All of these achievements represent strategic investments made by Qorvo that are paying off today.

所有這些成就都體現了 Qorvo 的策略投資，如今已初見成效。

Looking forward, let's cover a few examples of what we see driving our growth in the future.

展望未來，讓我們舉幾個例子來說明我們認為推動未來成長的因素。

As we've indicated before, we're leveraging a unique set of capabilities to target the most promising growth opportunities within the largest profit pools.

正如我們之前所指出的，我們正在利用一套獨特的能力來瞄準最大利潤池中最有前途的成長機會。

In infrastructure, we've expanded our product portfolio to include a line of small signal products that support the 600 megahertz band 71.

在基礎設施方面，我們擴展了我們的產品組合，包括一系列支援 600 兆赫頻段 71 的小訊號產品。

This makes Qorvo the only supplier to address all 5G frequency bands from 600 megahertz through 39 gigahertz.

這使得 Qorvo 成為唯一一家能夠滿足從 600 兆赫茲到 39 吉赫茲所有 5G 頻段的供應商。

We also expanded our family of GaN discrete transistor products with a GaN on silicon carbide dual transistor module.

我們也透過碳化矽上氮化鎵雙電晶體模組擴展了我們的氮化鎵分立電晶體產品系列。

The new module enables base station customers to achieve ultra-high levels of power efficiency and reduce costs versus traditional process technologies.

與傳統製程技術相比，新模組使基地台客戶能夠實現超高水準的功效並降低成本。

Finally, we're on track with a custom development program integrating multiple BAW multiplexers with PAs, switches and LNAs.

最後，我們正在製定一個客製化開發計劃，將多個 BAW 多工器與 PA、開關和 LNA 整合。

We believe these technologies and design capabilities will enable Qorvo to pursue the most attractive segments of the RF market.

我們相信這些技術和設計能力將使 Qorvo 能夠佔領射頻市場中最具吸引力的細分市場。

Qorvo's BAW delivers lower loss, higher Q and superior power handling capability, making it optimal for enabling carrier aggregation, and we expect BAW will be increasingly favored as operators require better power handling with the move to Power Class 2.

Qorvo 的BAW 具有更低的損耗、更高的Q 值和卓越的功率處理能力，使其成為實現載波聚合的最佳選擇，而且我們預計BAW 將越來越受到青睞，因為運營商需要向功率等級2 過渡，需要更好的功率處理能力。

Finally, with the migration of 5G, we expect the bands using BAW today will continue to use BAW, and some SAW bands will move to BAW.

最後，隨著5G的遷移，我們預計現在使用BAW的頻段將繼續使用BAW，並且一些SAW頻段將轉向BAW。

We view this as the inevitability of BAW.

我們認為這是BAW的必然。

We're developing and bringing to market a number of exciting BAW-based products for the main path as well as diversity path, and we expect to increase our BAW-based revenue as industry requirements favor our higher-performance products.

我們正在開發並向市場推出一些令人興奮的基於 BAW 的產品，用於主要路徑和多元化路徑，隨著行業需求有利於我們更高性能的產品，我們預計會增加基於 BAW 的收入。

Simply put, BAW growth outpaces filters.

簡而言之，BAW 的成長速度超過了濾波器。

Filter growth outpaces RF, and RF content will outpace smartphone units.

濾波器的成長速度超過了射頻，而射頻內容將超過智慧型手機。

With that as a backdrop, it's noteworthy that what sets Qorvo apart isn't any one best-in-class capability, it's the entirety of our product and technology portfolio.

在此背景下，值得注意的是，Qorvo 的獨特之處並不是任何一項一流的功能，而是我們整個產品和技術組合。

We see that as increasingly powerful as the discrete functions are integrated into single-placement modules.

我們看到，隨著離散功能整合到單佈局模組中，功能越來越強大。

Our customers are moving towards increasingly complex, more highly integrated placements, and Qorvo is focused on operational excellence and product and technology leadership to best address our customers' needs.

我們的客戶正在走向日益複雜、整合度更高的佈局，而 Qorvo 專注於卓越營運以及產品和技術領先地位，以最好地滿足客戶的需求。

In the September quarter, the Qorvo team executed extremely well, expanding product portfolios, generating design wins and earning the enhanced customer trust that accompanies the clean launch of key customer programs.

在 9 月季度，Qorvo 團隊執行得非常出色，擴大了產品組合，取得了設計成果，並贏得了客戶的信任，並伴隨著關鍵客戶專案的乾淨啟動而增強。

We strengthen our business processes to drive productivity while also investing in sustainable long-term growth and competing for the industry's most complex and most valuable placements where technology wins.

我們加強業務流程以提高生產力，同時投資於可持續的長期成長，並爭奪行業最複雜、最有價值的位置，以技術取勝。

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

接下來，我會將電話轉交給馬克。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the second quarter was $821 million, exceeded -- exceeding the midpoint of our guidance by $11 million.

Qorvo 第二季度的營收為 8.21 億美元，超出了我們指導的中位數 1,100 萬美元。

Mobile revenue was $630 million was driven by growth at our largest customer and stronger China business.

行動收入達到 6.3 億美元，主要得益於我們最大客戶的成長和中國業務的強勁成長。

IDP revenue of $190 million reflects continued strength in defense, including advanced radars and other electronic warfare products and in connectivity, including WiFi and emerging IoT applications.

IDP 收入 1.9 億美元反映了國防領域（包括先進雷達和其他電子戰產品）以及連接領域（包括 WiFi 和新興物聯網應用）的持續實力。

Gross margin in the quarter was 47.4%, a sequential increase of 10 basis points and a year-over-year increase of 460 basis points.

本季毛利率為47.4%，季增10個基點，較去年同期成長460個基點。

Gross margin in the quarter was negatively impacted by the aftereffects of Hurricane Irma, which caused an isolated air contamination issue in our Florida fab.

本季的毛利率受到颶風「艾爾瑪」的負面影響，颶風「艾爾瑪」導致我們佛羅裡達工廠出現孤立的空氣污染問題。

The operations team in Florida did a remarkable job to quickly identify root cause and bring the fab back up without any customer impact.

佛羅裡達州的營運團隊做得非常出色，能夠快速確定根本原因並在不影響客戶的情況下恢復晶圓廠。

Excluding these costs, gross margin in the quarter would have been above our guidance.

排除這些成本，本季的毛利率將高於我們的指引。

While, as expected, overall fab utilization weighed on margins in the quarter, operationally, the business is performing exceptionally well, supporting customers through seasonal ramps.

儘管正如預期的那樣，晶圓廠的整體利用率影響了本季的利潤率，但從營運角度來看，該業務的表現異常出色，可以透過季節性成長為客戶提供支援。

Operating expenses were $158 million, down on ongoing productivity efforts and spend timing.

營運支出為 1.58 億美元，因持續的生產力提升和支出時間表而下降。

Operating income for the quarter was approximately $231 million or 28.1% of sales, up 660 basis points from the prior quarter and 530 basis points versus last year.

該季度營業收入約 2.31 億美元，佔銷售額的 28.1%，比上一季成長 660 個基點，比去年增長 530 個基點。

During the second quarter, we took certain actions, including a headcount reduction program to reduce costs and improve operating efficiencies.

在第二季度，我們採取了一些行動，包括裁員計劃，以降低成本並提高營運效率。

As we've discussed, we're focused on achieving consistent operational excellence and continuously improving our effectiveness and efficiency.

正如我們所討論的，我們致力於實現持續的卓越營運並不斷提高我們的有效性和效率。

We believe a disciplined approach to managing our product portfolio, containing costs and driving a culture of continuous improvement will lead to greater sales growth and profitability and help us maximize free cash flow.

我們相信，採用嚴格的方法來管理我們的產品組合、控製成本和推動持續改進的文化將帶來更大的銷售成長和獲利能力，並幫助我們最大限度地提高自由現金流。

Non-GAAP net income was $198 million.

非 GAAP 淨利潤為 1.98 億美元。

Diluted earnings per share was $1.52, $0.09 over the midpoint of our guidance.

稀釋後每股收益為 1.52 美元，比我們指引的中位數高出 0.09 美元。

Second quarter cash flow from operations more than doubled sequentially at $220 million.

第二季營運現金流比上一季成長一倍多，達到 2.2 億美元。

Capital expenditures decreased to $68 million as we wrap up recent expansions, tool conversions and other investments to support future growth.

隨著我們完成近期的擴張、工具轉換和其他支持未來成長的投資，資本支出減少至 6,800 萬美元。

Cash at quarter end was $575 million.

季末現金為 5.75 億美元。

We repurchased $57 million of stock in the quarter and intend to continue buying as part of an ongoing commitment to return capital to shareholders.

我們在本季回購了 5,700 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.

讓我們轉向我們的展望。

In the fiscal year 2018 third quarter, we expect non-GAAP revenue between $830 million and $850 million; gross margin of approximately 47.5%; and diluted EPS of $1.60, at the midpoint of our guidance.

2018財年第三季度，我們預期非公認會計原則收入介於8.3億美元至8.5億美元之間；毛利率約47.5%；稀釋後每股收益為 1.60 美元，處於我們指引的中點。

This guidance reflects our view on near-term demand for our customers' flagship models and continued strength in IDP.

該指引反映了我們對客戶旗艦機型的近期需求以及 IDP 持續實力的看法。

Sequentially, we expect gross margin to remain roughly flat, primarily due to mix effects.

因此，我們預計毛利率將大致持平，這主要是由於混合效應。

We expect gross margin expansion to resume in the March quarter and into next year with improving mix, ongoing productivity efforts and increasing fab utilization.

我們預計，隨著產品組合的改善、生產力的持續提升以及晶圓廠利用率的提高，毛利率將在三月季度和明年恢復成長。

Operating expenses are forecast to remain flat at approximately $158 million for the December quarter.

預計 12 月所在季度的營運費用將保持不變，約 1.58 億美元。

Our outlook also reflects a recent event of the supplier.

我們的展望也反映了供應商最近發生的事件。

In mid-October, one of our laminate suppliers had a fire and shut down production.

十月中旬，我們的一家層壓板供應商發生火災並關閉了生產。

We quickly launched a recovery plan to minimize the impact of the event.

我們迅速啟動了恢復計劃，以盡量減少該事件的影響。

Thanks to close and collaborative working relationships with customers and our other qualified suppliers and the exceptional efforts of our engineering, operations, quality and sales teams, we don't expect any major customer impact.

由於與客戶和其他合格供應商的密切協作工作關係以及我們的工程、營運、品質和銷售團隊的卓越努力，我們預計不會對客戶產生任何重大影響。

Our estimate of revenue and cost impact to the event had been factored into today's guidance.

我們對此次活動的收入和成本影響的估計已納入今天的指導中。

For the remainder of fiscal '18, we forecast revenue to decline less than seasonally December to March.

對於 18 財年的剩餘時間，我們預期營收下降幅度將低於 12 月至 3 月的季節性下降。

In the second half, we expect double-digit year-over-year growth with gains on new mobile platforms and continued strong IDP growth.

下半年，隨著新行動平台的成長和 IDP 的持續強勁成長，我們預計將實現兩位數的年成長。

OpEx is forecast to be down in dollars from fiscal '17, as we continue to drive towards our operating model of 20% of sales or lower.

隨著我們繼續推動銷售額佔銷售額 20% 或更低的營運模式，營運支出預計將比 17 財年下降。

We project CapEx to trend lower through the rest of the year, ending the full year below $300 million or less than 10% of sales.

我們預計今年剩餘時間資本支出將呈下降趨勢，全年結束時將低於 3 億美元或低於銷售額的 10%。

So wrapping up, in the second quarter, we delivered another quarter above our guidance.

因此，在第二季度，我們的業績又高於預期。

For the second half, we're forecasting a return to double-digit year-over-year growth with expanding operating margins and increasing free cash flow.

對於下半年，我們預計隨著營業利潤率的擴大和自由現金流的增加，將恢復兩位數的同比增長。

Our technology investments are paying off.

我們的技術投資正在獲得回報。

Our operations are running well and ready for growth.

我們的業務運作良好，並為成長做好了準備。

Our operating costs are in control and declining, and our free cash flow is strong and improving.

我們的營運成本受到控制並且正在下降，我們的自由現金流強勁並且正在改善。

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) We'll take our first question from Mike Burton with Longbow Research.

（操作員說明）我們將回答 Longbow Research 的 Mike Burton 提出的第一個問題。

First, on the -- good to see a recovery in China in the September quarter.

首先，很高興看到中國在第二季出現復甦。

Do you think you outperformed the market in Q3 -- calendar Q3 due to those ramps that you mentioned?

您認為由於您提到的這些成長，您在第三季（日曆第三季）的表現是否優於市場？

And then looking to December, do you expect the market overall to be up?

那麼展望12月，您預期市場整體會上漲嗎？

And do you expect to be in line or better than that as those ramps continue to play through?

當這些斜坡繼續發揮作用時，您是否期望保持一致或比這更好？

Yes, Mike.

是的，麥克。

This is Eric.

這是埃里克。

I'll take that.

我會接受的。

We did have strength in the September quarter on China design wins in flagship products primarily.

我們在九月這個季度確實有實力，主要是在旗艦產品方面贏得了中國設計的勝利。

A lot of chunky dollar content across power amplifiers, switches, tuners and WiFi and so forth, as we mentioned it, and the Xiaomi win is just one example.

正如我們所提到的，功率放大器、開關、調諧器和 WiFi 等方面有很多大量的美元內容，小米的勝利只是一個例子。

So as those ramped up to begin filling their lines of distribution, we did see a bump in September.

因此，隨著這些人開始填補他們的分銷線，我們確實在 9 月看到了成長。

Going into December, we're continuing to be pretty cautious in terms of what we think the forecasted actual sell-through of those units will be in December.

進入 12 月，我們對這些單位 12 月的實際銷售預測仍持相當謹慎的態度。

We still see generally in China a mix toward the mid-tier, which, as of now, still doesn't require carrier aggregation, so little dollar content.

在中國，我們仍然普遍看到中端市場的混合，到目前為止，仍然不需要營運商聚合，因此美元含量很少。

The growth we are seeing in units is really heading towards India.

我們看到的單位數量成長確實是向印度傾斜。

Again, prices in RF content similar to mid-tier handsets instead of the flagship.

同樣，射頻內容的價格與中階手機類似，而不是旗艦手機。

So it's really very similar to what we saw last quarter, but with a bump in September due to the ramp of these new flagships with a lot of Qorvo content.

因此，這與我們上季度看到的情況非常相似，但由於這些帶有大量 Qorvo 內容的新旗艦產品的推出，9 月出現了增長。

Great.

偉大的。

And then also, for Eric, was Samsung a 10% customer in the quarter?

另外，對 Eric 來說，三星是本季 10% 的客戶嗎？

And what are your expectations for them going to Q4?

您對他們第四季的期望是什麼？

I think usually, they're down pretty hard in Q4, but just hoping you could help us detail your progress with them.

我認為通常情況下，他們在第四季度的表現會很差，但只是希望你能幫助我們詳細說明你與他們的進展。

Yes, Mike.

是的，麥克。

This is Mark.

這是馬克。

I'll just -- they were not a 10% customer in the quarter.

我只是 - 他們不是本季 10% 的客戶。

We'll go to our next question, Krysten Sciacca with Nomura (inaudible).

我們將討論下一個問題，Krysten Sciacca 和野村證券（聽不清楚）。

First question, did you have any other 10%-plus customers for the quarter?

第一個問題，本季您還有其他超過 10% 的客戶嗎？

We did have a 10% customer.

我們確實有 10% 的客戶。

Our largest customer was 40%.

我們最大的客戶是 40%。

Okay.

好的。

Excellent.

出色的。

And then moving on to the automotive design win you mentioned in your prepared comments, can you kind of describe what exact functionality that design win was for?

然後轉向您在準備好的評論中提到的汽車設計勝利，您能描述一下設計勝利的具體功能嗎？

And when we should expect to see that start to really show up in revenues?

我們什麼時候應該看到這一點開始真正體現在收入上？

I know that sales cycles can be a bit long there.

我知道那裡的銷售週期可能有點長。

This is James.

這是詹姆斯。

We're really focused on key aspects in the automotive being WiFi, LTE chipsets and SDARS.

我們真正關注的是汽車領域的關鍵方面，即 WiFi、LTE 晶片組和 SDARS。

The particular design wins we talked about there were LTE-based.

我們討論的特定設計勝利是基於 LTE 的。

And again, we would expect revenue to begin later this year or early next year.

同樣，我們預計收入將在今年稍後或明年初開始。

And we'll take our next question from Cody Acree with Drexel Hamilton.

我們將回答 Cody Acree 和 Drexel Hamilton 提出的下一個問題。

Maybe, Eric, if we could go back to China real quick.

也許，艾瑞克，如果我們能很快回到中國的話。

It sounds like there's some puts and takes that are maybe not giving you the best visibility.

聽起來有些看跌期權可能無法為您提供最佳可見性。

But if you look at it on an annual basis, maybe calendar '17, calendar '18, what are your expectations for growth?

但如果你以年度為基礎來看，也許是 17 年、18 年，你對成長的預期是什麼？

If you are getting flagship design wins that are giving you some dollar content, but you didn't get a shift towards these mid-tier products that are lesser, and then you're also getting growth outside of China that's probably also lesser dollar content.

如果你獲得了旗艦設計的勝利，這給你帶來了一些美元含量，但你沒有轉向這些較小的中端產品，那麼你在中國以外的地區也獲得了增長，這可能也較少美元含量。

Yes.

是的。

We think that the trend is clear.

我們認為趨勢是明確的。

I mean, timing is always hard to nail down, but the trend is very clear, just as it is with all of our markets.

我的意思是，時機總是很難確定，但趨勢非常明顯，就像我們所有市場一樣。

I mean, there is an ongoing demand for more data, and that does fundamentally drive the complexity in the RF and the value, as we've talked about many times.

我的意思是，對更多數據的需求持續存在，這確實從根本上推動了射頻和價值的複雜性，正如我們多次討論的那樣。

Currently, the lack of requirement for carrier aggregation, that's just a current cycle sort of situation.

目前，缺乏對載波聚合的要求，這只是當前週期的情況。

It's not long term we don't believe.

我們不相信這不是長期的。

As an example today, carrier aggregation is only required this year in handsets over RMB 3,000.

以今天為例，今年只有3,000元以上的手機才需要載波聚合。

And if that returns to handsets over RMB 1,500, as is the current proposal, that would take the market requirement from 15% CA enabled up to 50% CA enabled.

如果回到 1,500 元人民幣以上的手機（如目前的提議），市場要求將從 15% 啟用 CA 提高到 50% 啟用 CA。

And of course, that's a trend that we very much like to see.

當然，這是我們非常希望看到的趨勢。

We believe at some point next year, that requirement will come back.

我們相信明年某個時候，這項要求將會回歸。

That, combined with our customers looking at -- more and more looking at exporting into higher-value parts of the market, requiring more carrier aggregation for even EU SKUs and India as it transitions to more premium tiers, our China customers are ready to capitalize on that.

再加上我們的客戶越來越多地考慮出口到更高價值的市場部分，甚至在向更高端的市場過渡時，甚至需要對歐盟SKU 和印度進行更多的營運商聚合，我們的中國客戶已準備好利用這一優勢關於這一點。

The India spectrum actually is quite fragmented.

印度的頻譜其實相當分散。

And so as they demand higher data rates to compete with the rest of the world's carriers, it's natural that they'll need carrier aggregation.

因此，當他們需要更高的數據速率來與世界其他運營商競爭時，他們自然需要載波聚合。

The frequencies are higher.

頻率較高。

It's going to be BAW-based quadplexers for India as well.

印度也將採用基於 BAW 的四工器。

I think that's a real exciting market.

我認為這是一個真正令人興奮的市場。

As a matter of fact, not only our China customers with Samsung and others are doing well in.

事實上，不僅是我們中國的三星客戶，還有其他公司都做得很好。

And we think India could be as much as a billion-dollar opportunity for RF in calendar '20.

我們認為印度可能在 20 世紀為 RF 帶來高達 10 億美元的機會。

So the long-term trends are very much intact.

因此，長期趨勢非常完好。

So do you have a swag at what a longer-term CAGR is for that type of customer base?

那麼，您是否知道這類客戶群的長期複合年增長率是多少？

So I think, in general, it's growing roughly in line with our overall CAGR.

所以我認為，總的來說，它的成長與我們的整體複合年增長率大致一致。

I don't have an exact number off the top of my head, but in the 10% to 12% range still.

我腦子裡沒有一個確切的數字，但仍在 10% 到 12% 的範圍內。

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

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

I wanted to address the timing shifts that you'd mentioned.

我想解決你提到的時間變化問題。

If you look at the consensus guidance or consensus expectations on The Street going on the call, you guys are guiding about $50 million or so below that level.

如果你看看華爾街在電話會議上的共識指引或共識預期，你會發現你們的指引比這個水準低了約 5,000 萬美元。

I know you don't have access to all of our models, but can you give us any sort of sense how much revenue we may be talking about was affected by timing shifts from perhaps December into March?

我知道您無法訪問我們所有的模型，但是您能否告訴我們，我們可能正在談論的收入有多少受到了從 12 月到 3 月的時間變化的影響？

And then second question for Bob, you guys cutting heads here to streamline expenses, which is good to hear long term.

然後是鮑伯的第二個問題，你們在這裡削減開支以精簡開支，從長遠來看這是件好事。

But I think you talked about some very important projects.

但我認為你談到了一些非常重要的項目。

You've got this customer module development for your largest customer.

您已經為您最大的客戶開發了這個客戶模組。

I think you guys have also acknowledged that you're not spending a lot today in diversity receipts.

我想你們也承認，你們今天在多元化收入上的支出並不多。

So it seems like there's some pretty big opportunities that you could have diverted those resources towards.

所以看來你可以將這些資源轉移到一些相當大的機會。

Any reason why you didn't shift those resources to some of those projects?

您有什麼理由不將這些資源轉移到其中一些項目上？

Thanks, Quinn.

謝謝，奎因。

The first part of your question was, I think, you were expecting, I think you said $890 million and we gave you $840 million.

你問題的第一部分是，我認為你在期待，我想你說的是 8.9 億美元，我們給了你 8.4 億美元。

And number one, I think we exceeded last quarter by about $10 million.

第一，我認為我們比上個季度增加了約 1000 萬美元。

But let's not split hairs there, and IDP is tracking exactly as planned.

但我們不要在這方面爭論不休，IDP 正在完全按照計劃進行追蹤。

So it's a little bit off in the mobile area.

所以它在行動領域有點落後。

And I'll let Eric talk a little bit about it, then we'll address the second part of your question.

我會讓艾瑞克談談這個問題，然後我們將解決你問題的第二部分。

Yes, yes.

是的是的。

It is clear that the outlook for mobile in Q3 is lower than previous expectations.

顯然，第三季行動市場的前景低於先前的預期。

We've talked about it.

我們已經討論過了。

It's related to flagship product sales or at least our take on the forecast for those, what we're expecting.

它與旗艦產品銷售有關，或至少與我們對這些產品的預測、我們的期望有關。

It's across multiple customers not just one customer.

它涉及多個客戶，而不僅僅是一個客戶。

I think it's pretty, pretty clear and public now that our largest customer has a delayed overall product cycle compared to past years.

我認為現在非常非常清楚和公開的是，與過去幾年相比，我們最大的客戶的整體產品週期有所延遲。

That clearly has an effect.

這顯然有效果。

And many are speculating that it's affecting the entire market because a lot of the premium handset buyers are waiting to get their hands on the very latest models and want to try those before they decide regardless of what they buy.

許多人猜測這會影響整個市場，因為許多高階手機買家都在等待購買最新型號，並希望在決定購買什麼之前先嘗試一下。

So we feel, at least, like there's been a general pushout during this cycle.

所以我們至少覺得在這個週期中出現了普遍的退出。

Yes.

是的。

Maybe, Quinn, just to close the loop on revenues.

奎因，也許只是為了關閉收入循環。

So it is a difficult quarter to forecast for the reasons that Eric and Bob mentioned.

因此，由於埃里克和鮑勃提到的原因，這是一個很難預測的季度。

But -- and then as we look out into March, as far as what sort of seasonal dip we see, more muted than normal.

但是，當我們展望三月時，就我們看到的季節性下降而言，比正常情況更加溫和。

So right now, we're calling low to mid-single digits on a decrease from December to March.

所以現在，我們認為從 12 月到 3 月的下降幅度為低至中個位數。

And then as far as OpEx, we just -- we are not changing any priorities on our programs.

就營運支出而言，我們只是——我們不會改變我們計劃的任何優先事項。

In fact, we would view this as narrowing the focus on the most valuable opportunities we have.

事實上，我們認為這縮小了對我們擁有的最有價值機會的關注範圍。

The company's matured in its merger.

該公司在合併過程中已經成熟。

We're on a common system now.

我們現在在一個共同的系統上。

We've got -- done a lot of work around defining processes and making them more efficient, reducing defects, and it's just allowing us to be more efficient.

我們已經圍繞著定義流程、提高流程效率、減少缺陷做了很多工作，這讓我們變得更有效率。

So we -- we're at the point where we can take some more targeted actions that don't interfere with our growth plans, and we did that.

因此，我們現在可以採取一些更有針對性的行動，而不會幹擾我們的成長計劃，我們就這麼做了。

We ended up -- at the end of the day, we'll have, net, about 300 people that are reduced in the company.

最終，我們公司將淨減少約 300 名員工。

About 200 of those are cost of goods folks and 100 are in the OpEx category.

其中約 200 個屬於商品成本類別，100 個屬於營運支出類別。

So as I mentioned in my comments, we continue to see OpEx, specifically as a percent of sales, to trend down, this year, we believe, will end between 20% and 21% of sales, and then next year, see that drop.

因此，正如我在評論中提到的，我們繼續看到營運支出（特別是佔銷售額的百分比）呈下降趨勢，我們相信今年將佔銷售額的 20% 到 21%，然後明年會下降。

And we'll take our next question from Ambrish Srivastava.

我們將回答 Ambrish Srivastava 提出的下一個問題。

Could we get to the gross margin, please?

請問我們可以拿到毛利率嗎？

I'm just -- I just want to make sure I understand this.

我只是——我只是想確保我理解這一點。

In the fiscal third quarter, revenues are up, but you're guiding it down.

在第三財季，收入成長了，但你卻將其引導下降。

And I think you alluded to a mix issue.

我認為你提到了混合問題。

But -- so that was my first part, what mix issue?

但是——這就是我的第一部分，什麼混合問題？

And then related question is it sounds like -- are you backing out from the 50% target that you had given exiting the fiscal year?

然後相關的問題是，聽起來——您是否會放棄在本財年結束時設定的 50% 的目標？

And if you are, then how should investors think about the trajectory of the gross margin expansion that you said it will start to expand beyond March?

如果是的話，那麼投資人應該如何看待您所說的三月以後將開始擴大的毛利率擴張的軌跡？

Okay.

好的。

So let me -- this is Mark.

讓我——這是馬克。

I'll take the questions in the parts.

我將回答部分問題。

So first, on the second quarter, we reported 47.4%.

首先，在第二季度，我們報告了 47.4%。

And as you mentioned, the guide is relatively flat.

正如您所提到的，該指南相對平坦。

If you add back the Florida issue we had around air contamination, you end up with -- we were really 48% normalized margin.

如果你再加上佛羅裡達州的空氣污染問題，你最終會發現——我們的標準化利潤率實際上是 48%。

And the decrease from that 48% to the 47.5% that we guided, so 50 basis points, is primarily related to the increase of a -- of our low-band PAD in the mix, which we've been clear about before.

從我們指導的 48% 下降到 47.5%，即 50 個基點，主要與我們的低頻段 PAD 的增加有關，我們之前已經明確過這一點。

I've never indicated that the margin expansion that we have planned would be linear, and this is an example where we're increasing, but modestly.

我從未表示過我們計劃的利潤率擴張將是線性的，這是一個我們正在增加但幅度不大的例子。

And in fact, if you normalize the margins, second quarter we are down, but again, because of mix.

事實上，如果你將利潤率標準化，第二季我們會下降，但同樣是因為混合。

Talking gross margin more generally, we absolutely are not backing off on our target.

更廣泛地談論毛利率，我們絕對不會放棄我們的目標。

For the year, we don't foresee ending the year at 50% as we had hoped.

今年，我們預計年底成長率不會達到我們所希望的 50%。

But I will say that from -- this is our fourth consecutive quarter of a gross margin increase.

但我要說的是，這是我們的毛利率連續第四個季度成長。

And as we mentioned, we expect to increase that again in December and then again in the March quarters.

正如我們所提到的，我們預計將在 12 月再次增加，然後在 3 月季度再次增加。

And excluding this Florida effect in the second quarter, we've made or beat our gross margin guidance in each quarter over the past year.

排除第二季佛羅裡達州的影響，我們去年每季的毛利率都達到或超過了預期。

So the important thing is we're able to forecast.

所以重要的是我們能夠預測。

We understand the drivers.

我們了解司機。

I'm certainly not saying it's easy, but we do believe -- and there are things out of our control, as Florida indicated, but we do have a hand on what's going on.

我當然不是說這很容易，但我們確實相信——正如佛羅裡達州所表明的那樣，有些事情是我們無法控制的，但我們確實參與了正在發生的事情。

We're not pleased with the gross margin, as I said last quarter.

正如我上季所說，我們對毛利率不滿意。

Not where we want to be, not where we expected to be, but we do see a road map to 50% as we talked about before.

不是我們想要達到的目標，不是我們期望達到的目標，但我們確實看到了我們之前談到的 50% 的路線圖。

How are we going to get there?

我們怎樣才能到達那裡？

We're going to get there through volume growth, which we're -- as you heard in our Investor Day, we do expect to outpace the market.

我們將透過銷售成長來實現這一目標，正如您在投資者日聽到的那樣，我們確實預計會超過市場。

We expect that volume growth to be on our better-margin products.

我們預計銷售成長將來自我們利潤率更高的產品。

BAW enabled revenues specifically, which we've talked about the criticality of that in both mix and loading our fabs, tuners, PMICs.

BAW 特別促進了收入，我們已經討論了其在混合和加載我們的晶圓廠、調諧器、PMIC 方面的重要性。

And then IDP as a mix of the business generally has been increasing, and that helps us on the margin.

然後，IDP 作為業務組合總體上一直在增長，這對我們的利潤有所幫助。

Utilization, we've talked about, is our biggest drag on margin.

我們已經討論過，利用率是對利潤率的最大拖累。

And I'm happy to say that we believe we've reached the low point in this second quarter and forecast improvements on utilization through the rest of this year and into next year.

我很高興地說，我們相信我們已經在第二季度達到了低點，並預測今年剩餘時間和明年的利用率將有所改善。

Finally, we got a number of productivity projects that are still underway, improving yield, shrinking die, traceability of projects, and then of course, the wafer expansions that we've talked about before and reduce the capital intensity associated with that.

最後，我們有許多仍在進行中的生產力項目，包括提高產量、縮小晶片、項目的可追溯性，當然還有我們之前討論過的晶圓擴張，並降低與之相關的資本密集度。

So again, confident in our ability to reach that target and actually exceed it in time.

再次強調，我們對實現該目標並及時超越目標的能力充滿信心。

And for the rest of this year, we do expect margin expansion from December to March.

在今年剩下的時間裡，我們預計從 12 月到 3 月的利潤率將會擴大。

Okay.

好的。

Thank you for answering a difficult question, and you should be given credit from recovering from the trough.

感謝您回答了一個難題，您從低谷中恢復過來應該受到讚揚。

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

我們將回答高盛 Toshiya Hari 提出的下一個問題。

The first one, Eric, I was hoping you could give us an update on the development efforts at your largest customer, which you talked about last quarter.

第一個，艾瑞克，我希望您能給我們介紹一下您上季度談到的最大客戶的開發工作的最新情況。

How do you feel about that opportunity today relative to 3 or 6 months ago in terms of actually winning that business?

與 3 或 6 個月前相比，您對今天的機會在實際贏得業務方面有何看法？

And in terms of timing, when would you and when would we know whether or not you actually do win that business?

就時間而言，您和我們什麼時候才能知道您是否真的贏得了該業務？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

We're very excited about the opportunity.

我們對這個機會感到非常興奮。

We believe we continue to be on track.

我們相信我們將繼續走在正軌上。

We've learned a tremendous amount as we've gone through this development.

在經歷這發展過程中，我們學到了很多。

It's improving our technology and our design capability and our prototyping, and we're delivering high-volume samples today.

它正在改進我們的技術、設計能力和原型設計，我們今天正在交付大批量樣品。

And so we continue to believe we're on track.

因此，我們仍然相信我們正在走上正軌。

It's not over till it's over.

直到結束才結束。

And to answer your question, it's roughly the end of the calendar year approximately.

回答你的問題，現在大約是日曆年的年底。

That's how we should have more clarity on that.

這就是我們應該更清楚地了解這一點的方式。

In the meantime, as we commented earlier as well, the outcome from this in terms of technology and design capability and so forth is going to impact a lot of other programs as well as we see generally the industry's toughest most value problems are centered around enabling CA in the mid- and high bands and driving higher levels of integration there.

同時，正如我們之前評論的那樣，技術和設計能力等方面的結果將影響許多其他項目，而且我們通常認為行業中最棘手的最有價值的問題集中在使中高頻頻段的CA 並推動那裡更高水準的整合。

So this is a very, very important product.

所以這是一個非常非常重要的產品。

We're still quite confident that we're on track, and it's going to grow well beyond that with the capabilities it's bringing us.

我們仍然非常有信心我們正在走上正軌，並且憑藉它為我們帶來的功能，它的發展將遠遠超出這一目標。

Okay.

好的。

Great.

偉大的。

And then as a follow-up, we've all heard quite a bit over the past couple of days in terms of how market share in the modem market could potentially change going forward.

作為後續行動，過去幾天我們都聽到了很多關於調製解調器市場份額未來可能發生變化的消息。

I was hoping you guys can remind us how different your opportunity is with the Intel SKUs as opposed to the Qualcomm SKUs.

我希望你們能夠提醒我們，英特爾 SKU 與高通 SKU 的機會有多麼不同。

Yes, it's an interesting question to think about.

是的，這是一個值得思考的有趣問題。

Now if you step back from it, the fact is we're developing a full complement of RF solutions with all the functionality needed for the entire RF front end and driving, of course, particularly on the advanced carrier aggregation based systems that are in the premium tier.

現在，如果您退後一步，事實是我們正在開發一整套射頻解決方案，其中包含整個射頻前端和驅動所需的所有功能，當然，特別是在基於先進載波聚合的系統上高級。

And we really -- we make those up with all base bands out there, so Qualcomm, Intel, HiSilicon, MediaTek, Samsung LSI.

我們確實用所有基帶來製作這些產品，例如高通、英特爾、海思、聯發科、三星 LSI。

I mean, we're engaged in winning revenue and delivering production on all those platforms today.

我的意思是，我們今天致力於在所有這些平台上贏得收入並交付產品。

So on one sense, we're agnostic.

所以從某種意義上來說，我們是不可知論者。

We are a supplier to the entire industry, and the RF is selected, in many cases, separate from the baseband.

我們是整個產業的供應商，在許多情況下，射頻的選擇與基帶是分開的。

Having said that, if you look at what's in the market today, it's clear that we have very good alignment with Intel, and we do enjoy working with them.

話雖如此，如果你看看當今市場上的產品，很明顯我們與英特爾有著非常好的合作關係，而且我們確實喜歡與他們合作。

And I think our ET tracker, in particular, has been a real success there.

我認為我們的外星人追蹤器在這方面取得了真正的成功。

And we'll take our next question from Karl Ackerman with Cowen.

我們將回答卡爾·阿克曼和考恩提出的下一個問題。

I have two questions.

我有兩個問題。

First question is on inventory.

第一個問題是關於庫存。

Could you describe how you would characterize your own level of -- your own levels of modules in the channel, given all the ramps of new flagship devices you are seeing across your top customers?

考慮到您在頂級客戶中看到的新旗艦設備的所有升級，您能否描述一下您將如何描述您自己的渠道模組等級？

And I guess, given that your top 3 customers in mobile are ramping various devices, is there a greater propensity for you and your customers to engage in longer-term contract agreements with you on a quarterly basis that would increase your backlog and visibility more so than you've had historically?

我想，考慮到您的前 3 大行動客戶正在增加各種設備，您和您的客戶是否更有可能每季與您簽訂長期合約協議，這會增加您的積壓和可見度比您歷史上有過的？

And I have a follow-up, please.

我有一個後續行動，請。

Let me take a shot at that, Karl.

讓我試一下，卡爾。

As far as our major customers and how we do business, and I commented this on the last quarter as well, we have what we'll call schedule share agreements where they project or demand out for about a year, and we react to that.

至於我們的主要客戶以及我們如何開展業務，我在上個季度也對此發表了評論，我們有所謂的時間表共享協議，他們計劃或要求大約一年的時間，我們對此做出反應。

So from agreement perspectives, yes, we've got contracts like that, but the backlog -- it's visibility for a year.

因此，從協議的角度來看，是的，我們有這樣的合同，但積壓的訂單——這是一年的可見性。

So -- and we know it's going to change week to week because we, as consumers, don't know when we're going to buy phones.

因此，我們知道情況每週都會發生變化，因為身為消費者，我們不知道何時購買手機。

So that's the predominant share of our market today is done that way with our high-volume large customers.

因此，我們今天的市場主要份額就是透過我們的大量大客戶來實現的。

So as far as the ramps go with maybe some of our customers in China, they are getting more sophisticated as their phones get more complex.

因此，就我們中國的一些客戶而言，隨著手機變得越來越複雜，他們也變得越來越複雜。

And they need to ensure the capacity is in place and things like that.

他們需要確保能力到位等等。

So we are getting now much better visibility out of that set of customers that 2 years ago we sure didn't get.

因此，我們現在從這群客戶中獲得了更好的可見性，這是兩年前我們肯定無法獲得的。

So overall, I'd say, yes, it's improving and it's that perspective of understanding their plans.

所以總的來說，我想說，是的，它正在改進，這就是理解他們計劃的角度。

The issue is, as always, how successful are the phones when they get launched to market.

像往常一樣，問題在於這些手機上市後的成功程度如何。

I would just bring -- and Karl, maybe just bringing it to a tactical level, part of the reason our utilization has been poor, one of the factors is we are very much trying to drive our own inventory levels down.

我只想把——卡爾，也許只是把它帶到戰術層面，我們利用率低的部分原因是，我們非常努力地降低我們自己的庫存水平。

So not -- focusing on not loading the fabs for the purpose of inventory and all those associated risks and cash drain.

所以不是——為了庫存和所有相關的風險和現金流失而集中精力不裝載晶圓廠。

And then also related, we do see -- we're watching the China inventory channels very closely, and those have gotten more healthy through the year.

然後，我們確實看到，我們正在非常密切地關注中國的庫存管道，這些管道在這一年中變得更加健康。

So we're pleased about that development.

所以我們對這項進展感到高興。

I guess, as a follow-up to that then, and this relates to your longer-term margin profile.

我想，作為隨後的後續行動，這與您的長期利潤狀況有關。

I do understand that margins were a bit challenged due to some one-offs this quarter.

我確實理解，由於本季的一些一次性事件，利潤率受到了一些挑戰。

And of course, your current margin outlook is for 50% gross margins and 30% op margins.

當然，您目前的利潤率預期是 50% 的毛利率和 30% 的營運利潤率。

Though about 2 years ago, you had articulated being able to expand gross margins toward even up to 55% margins.

大約 2 年前，你們曾表示能夠將毛利率擴大到高達 55%。

Now that China smartphone is beginning to improve after a tumultuous first half and you are increasing shift more of your manufacturing at the larger-sized wafers next year and presumably, the headwind on this low-band PAD abates.

現在，中國智慧型手機在經歷了上半年的動盪之後開始有所改善，明年將把更多的製造轉移到更大尺寸的晶圓上，想必這種低頻段 PAD 的阻力會減弱。

I guess, what is inhibiting you from achieving that target over the next year or 2?

我想，是什麼阻礙您在未來一兩年內實現該目標？

I think, Karl, you have laid out the drivers that we believe we'll be able to achieve the target.

我想，卡爾，你已經列出了我們相信我們能夠實現目標的驅動因素。

I mean, back in that period, there was a lot of discrete BAW.

我的意思是，在那個時期，有許多離散的 BAW。

And as you heard Eric say, the requirement for CA dropped, and we've seen that BAW market get weaker than we expected.

正如您聽到 Eric 所說，對 CA 的要求下降了，我們看到 BAW 市場比我們預期的要弱。

We expect tremendous BAW growth over the next several years, and that's going to load our largest fab, which is our largest drain on margin.

我們預計未來幾年 BAW 將出現巨大成長，這將為我們最大的晶圓廠帶來負載，這也是我們最大的利潤消耗點。

Furthermore, we continue to make, just as we have from our last low-band PAD version to this one, continual improvements in manufacturing, yields and just the way that we do the product to improve the margin in that product.

此外，正如我們從上一個低頻段 PAD 版本到這一版本一樣，我們繼續不斷改進製造、產量以及我們生產產品的方式，以提高該產品的利潤率。

And those are certainly factors that will help us going forward on margin.

這些無疑將幫助我們在利潤率方面取得進展。

And we'll take our next question from Edward Snyder with Charter Equity Research.

我們將回答來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder) 提出的下一個問題。

I guess, one for each, if I could.

我想，如果可以的話，每人一份。

And I'll just put them out there and we can answer them in order.

我會把它們放在那裡，我們可以按順序回答它們。

Bob, you mentioned an ET PMIC for WiFi.

Bob，您提到了用於 WiFi 的 ET PMIC。

Is that in the mobile group or is that James' group?

是在移動組還是詹姆斯的組？

James, what's your GaN split between defense and cellular infrastructure?

James，您的 GaN 在國防和蜂窩基礎設施之間的分配是多少？

I know you're more heavily weighted to the former.

我知道你更重視前者。

Are you getting much traction in the cellular side of it?

您在蜂窩方面獲得了很大的關注嗎？

And if you could maybe give us an overview of where you are on most of your WiFi CPEs, but are you doing anything with the iFEM side of the business?

您是否可以向我們概述一下您在大多數 WiFi CPE 上的情況，但您是否在 iFEM 方面做了任何業務？

And then Eric, your tuner content seems to be ramping fairly rapidly.

然後艾瑞克，你的調諧器內容似乎成長得相當快。

How much of that correlates to the big increase we're seeing in antenna count and the flagship models?

其中有多少與我們看到的天線數量和旗艦機型的大幅成長有關？

And how much is just a wider spread of bands or quest for better performance on existing bands?

有多少只是擴大頻段或尋求現有頻段更好的性能？

And could you maybe update us on the WiFi FEM business, which seems to be taking off?

您能否向我們介紹一下似乎正在起飛的 WiFi FEM 業務的最新情況？

I know the Chinese OEMs were moving into it -- and are moving into it.

我知道中國的原始設備製造商正在進入這個領域——並且正在進入這個領域。

Are you shipping into production there?

你們要在那裡投入生產嗎？

You must be.

你一定是。

What do you think the chances are of that product moving into your largest customers?

您認為該產品進入您最大客戶的機會有多大？

And then finally, Mark, I know in a perfect world, what's your best guess on -- in a perfect world, if the gross margins are down on utilization and Richardson doesn't budge forever.

最後，馬克，我知道在一個完美的世界裡，你最好的猜測是什麼——在一個完美的世界裡，如果毛利率因利用率而下降，而理查森永遠不會讓步。

How much of a penalty did you take this quarter?

本季你受到了多少處罰？

I'm just trying to get an idea what it could have been if you were running at more normal levels.

我只是想知道如果你以更正常的水平跑步的話會發生什麼。

I know you said it bottomed this quarter, but I'm just trying to get a quantitative number on what you're suffering due to Richardson.

我知道你說過這個季度已經觸底，但我只是想得到一個定量數字，說明你因理查森而遭受的痛苦。

Ed, thanks for your questions, and I appreciate you giving me the easiest one.

艾德，謝謝你提出的問題，我很感激你給了我一個最簡單的問題。

The ETP mix that I mentioned for WiFi is in the cellular group, so I appreciate that one.

我提到的 WiFi 的 ETP 組合屬於蜂巢組，所以我很欣賞這個組合。

James, if you want to address the GaN split, CPE, infrastructure, defense, how many different places we sell GaN, that would be helpful for him.

James，如果你想解決 GaN 分裂、CPE、基礎設施、國防、我們在多少不同的地方銷售 GaN 的問題，這對他會有幫助。

And I'll do WiFi as well.

我也會做WiFi。

That would be great.

那太好了。

Thanks, Ed.

謝謝，艾德。

We continue to see strength with GaN.

我們繼續看到 GaN 的優勢。

As we reported, it doubled year-over-year.

正如我們報道的那樣，它同比翻了一番。

I think we'll see that trend moving forward into the next quarter.

我認為我們會在下個季度看到這種趨勢。

Largely been driven by defense, cable TV and our VSAT business.

很大程度上是由國防、有線電視和我們的 VSAT 業務推動的。

You asked when base station revenue will become material.

您問基地台收入什麼時候才會變得物質化。

And we see that in the next year or so as our products in both macro and massive MIMO base stations, including early things for 5G move into production ramp.

我們預計，在未來一年左右，我們的宏基地台和大規模 MIMO 基地台產品（包括 5G 的早期產品）將進入量產階段。

If we go into the WiFi side, what's really driven the business is you mentioned iFEMs.

如果我們進入 WiFi 方面，真正推動業務發展的是您提到的 iFEM。

It's been our work in iFEMs and being able to integrate some great technologies into a common box.

這是我們在 iFEM 方面的工作，能夠將一些偉大的技術整合到通用的盒子中。

That's fueled tremendous amount of growth in the connectivity business as well.

這也推動了連接業務的巨大成長。

That business was up 81% year-over-year.

該業務年增 81%。

So fantastic growth in that product set for the company.

該公司的產品組合取得瞭如此驚人的成長。

We're also laying the long-term foundation there as we transition to AX, and we believe our products will really enable that high throughput and the thermal performance that's required for the next standard coming along.

我們也在向 AX 過渡的過程中奠定了長期基礎，我們相信我們的產品將真正實現下一個標準所需的高吞吐量和熱性能。

Eric, do you want to pick up on WiFi as well and then move in to the tuner question?

Eric，您是否也想了解 WiFi，然後再討論調諧器問題？

Yes, absolutely.

是的，一點沒錯。

So the WiFi for mobile, the industry traditionally was served through system and package in which the WiFi FEMs and filters and so forth would be sold to a module integrator.

因此，行動 WiFi 產業傳統上是透過系統和軟體包提供服務的，其中 WiFi FEM 和濾波器等將出售給模組整合商。

And that's still where the flagship of a couple of our largest customers are.

這仍然是我們幾個最大客戶的旗艦店所在的地方。

And the China market, as you indicated, moved a little faster towards disintegrated that system in package and buying the integrated, premium modules from us.

正如您所指出的，中國市場的步伐更快，以更快的速度分解該系統，並從我們這裡購買整合的優質模組。

And certainly, for the flagship devices coming out of China today that are running 2x2 MIMO, they're typically using a pair of iFEMs for high performance.

當然，對於今天在中國推出的運行 2x2 MIMO 的旗艦設備，它們通常使用一對 iFEM 來實現高性能。

Now your question is the -- when might that penetrate our largest customers and their marquee handsets.

現在你的問題是——什麼時候可以滲透到我們最大的客戶和他們的大牌手機。

I think in order for that structural change to happen, it's going to be driven by technology like LAA whenever the WiFi and the cellular start actually co-mingling more directly and sharing antennas and amplifiers and so forth, especially in the 5-gig area.

我認為，為了實現這種結構性變革，只要 WiFi 和蜂窩網路開始真正更直接地混合併共享天線和放大器等，尤其是在 5-gig 領域，LAA 等技術就會推動這種變革。

That's where, I think, we could see a disruption that might change that architecture.

我認為，這就是我們可以看到可能改變該架構的顛覆之處。

Then -- let's see, the other -- the first question you asked was about the tuner content going up.

然後——讓我們看看，另一個——你問的第一個問題是關於調諧器內容的增加。

We are very pleased with the tuner business.

我們對調諧器業務非常滿意。

It's going very well for us.

我們進展順利。

It's driven, as you said, by the increased antenna count, in particular, support MIMO.

正如您所說，它是由增加的天線數量驅動的，特別是支援 MIMO。

But the complicated and actually increased further beyond that by the antenna sharing as well.

但由於天線共享，複雜性實際上進一步增加。

So once they're adding more antennas, but there's only so many antennas they can add.

因此，一旦他們添加更多天線，但他們只能添加這麼多天線。

There's just not that much physical space.

只是沒有那麼多的物理空間。

The transition to these full screen displays has made the area for antennas even less.

向全螢幕顯示器的過渡使得天線的面積變得更少。

So they're adding antennas, but they're doing their best to add the fewest they can.

所以他們正在添加天線，但他們正在盡最大努力添加盡可能少的天線。

So they're sharing antennas as much as possible between WiFi and cellular, as an example.

例如，他們在 WiFi 和蜂窩網路之間盡可能地共享天線。

And when they do that, there's a need for a couple of things, not just increased tuner content, but also these antenna-plexers so that you can multiplex signal in and out of a given antenna element to various places.

當他們這樣做時，需要做一些事情，不僅僅是增加調諧器內容，還需要這些天線復用器，以便您可以將給定天線元件進出的訊號復用到各個地方。

So just a tremendous amount of work and innovation going on right now.

因此，現在正在進行大量的工作和創新。

We have a fantastic team of applications engineers and designers working to help our customers really manage these antenna networks.

我們擁有一支出色的應用工程師和設計師團隊，致力於幫助我們的客戶真正管理這些天線網路。

So it is where a ton of value is being generated right now in the industry.

因此，這就是該行業目前正在產生大量價值的地方。

Thanks, Eric.

謝謝，埃里克。

Mark, the question about Richardson impact to gross margin.

馬克，關於理查森對毛利率影響的問題。

Yes, Ed, there's a lot of variables in this and a lot of complexity in the network.

是的，艾德，這裡面有很多變量，網路也很複雜。

The gross margin impact by our utilization on the fabs is around 200 basis points in the quarter and so more than offsets that depreciation benefit we talked about last quarter.

本季晶圓廠利用率對毛利率的影響約為 200 個基點，因此足以抵銷我們上季談到的折舊收益。

And Texas, as you know, is our largest fab, so it's over half of that.

如您所知，德克薩斯州是我們最大的晶圓廠，因此佔其中的一半以上。

We'll go to our next question Bill Peterson, JPMorgan.

我們將討論下一個問題，比爾彼得森，摩根大通。

I guess, just first off, a near-term question, if we think about just the December quarter, you talked about continued strength in IDP.

我想，首先，這是一個近期問題，如果我們只考慮 12 月季度，您談到了 IDP 的持續強勁。

But I guess, the sequential point of view, can you give us a feel for the sequential growth for IDP and I guess, Mobile Products?

但我想，從連續的角度來看，您能否讓我們感受一下 IDP 和行動產品的持續成長？

Give us a sec there, Bill.

請給我們一點時間，比爾。

And Bill, just to be clear, are you talking just for the quarter?

比爾，請澄清一下，您所說的只是本季的情況嗎？

Yes, just for the quarter.

是的，只是本季的情況。

I guess, what's embedded in the guidance, what kind of sequential growth, I guess, are we looking at for IDP?

我想，指南中包含了什麼內容，我想，我們正在為 IDP 尋找什麼樣的連續成長？

Mid-single digit.

中個位數。

Yes.

是的。

The business grew over 20% in the second quarter, and we're expecting similar year-over-year growth in the third quarter.

第二季該業務成長超過 20%，我們預計第三季也將實現類似的年成長。

Okay.

好的。

Terrific.

了不起。

So I guess that probably puts us on track to maybe perhaps exceed our 15%, I guess, prior target you mentioned last quarter from a year-on-year point of view.

因此，我想，從同比的角度來看，這可能會讓我們有望超過您上季度提到的 15% 的先前目標。

I guess, the details will come out on the Q in terms of operating performance.

我想，Q的運作效能方面的細節將會揭曉。

But can you give us a feel for how we are relative to the model of 60% gross margin, 30% ops.

但您能否讓我們了解一下我們與 60% 毛利率、30% 營運商的模型的關係如何？

I'll just make a general statement that James has managed to be well ahead of his model.

我只是做一個籠統的聲明，詹姆斯已經遠遠領先他的模型。

And in fact, in this quarter, he actually exceeded 30% operating margin in the business.

事實上，在這個季度，他的業務營運利潤率實際上超過了30%。

And we're expecting him to do it again next quarter.

我們期待他下個季度再次做到這一點。

Okay, perfect results in that segment.

好的，在該部分取得了完美的結果。

Great.

偉大的。

And we'll take our next question from Vivek Arya with Bank of America Merrill Lynch.

我們將回答美國銀行美林銀行的 Vivek Arya 提出的下一個問題。

Maybe one for Bob and one for Mark.

也許一份給鮑勃，一份給馬克。

For the first one, if my math is right, I think you're guiding March to roughly $70 million, so definitely better than seasonal.

對於第一個，如果我的數學是正確的，我認為你將 3 月份的收入預測為大約 7000 萬美元，所以絕對比季節性的要好。

Is that based on firm orders?

是基於確定訂單嗎？

Because March often tends to be seasonally quite soft.

因為三月通常季節性相當溫和。

The visibility is perhaps not as great.

能見度可能沒有那麼好。

So I'm just wondering, Bob, what are the assumptions underlying that?

所以我只是想知道，鮑勃，這背後的假設是什麼？

And for Mark, on the gross margin side, I think you mentioned gross margins will be flat in December because of mix.

對於馬克來說，在毛利率方面，我認為您提到由於混合，12 月的毛利率將持平。

But if your largest U.S. customer is perhaps weaker and IDP is better, and I assume you recover some of the fab issues, shouldn't gross margins be up sequentially in December?

但如果你最大的美國客戶可能較弱，而 IDP 較好，而且我假設你已經解決了一些晶圓廠問題，那麼 12 月份毛利率不應該環比上升嗎？

Vivek, I need to ask a clarifying question for the March quarter.

Vivek，我需要針對三月季度提出一個澄清問題。

What did you say you had revenue...?

你說你有收入…？

Basically, because you're saying second half will be up 10%.

基本上，因為你說下半年將上漲 10%。

So I'm just sort of trying to -- I hope my math is right, but if I...

所以我只是想——我希望我的數學是對的，但如果我…

Yes.

是的。

What we said is second half year-over-year would be double digits.

我們所說的是下半年同比將達到兩位數。

And then we also said, Vivek, that we'd be down December to March low to mid-single digits.

然後我們還說，Vivek，我們將在 12 月到 3 月期間將業績下降到個位數的低點。

Right.

正確的。

That's what I'm wondering that March you are guiding.

這就是我想知道的三月你所引導的。

But visibility and other things tend to be seasonally softer.

但能見度和其他因素往往會季節性減弱。

So is your forecast based on firm orders?

那麼您的預測是基於確定訂單嗎？

Or is it based on some other assumptions?

還是基於其他一些假設？

Vivek, number one, I want to make sure we don't agree with your $770 million or whatever.

Vivek，第一，我想確保我們不同意你的 7.7 億美元或其他什麼。

I couldn't hear you correctly.

我聽不清楚你的意思。

So what we think we're going to be down mid-single digits when we look at March versus December.

因此，當我們比較 3 月和 12 月的情況時，我們認為我們的成長率將會下降到個位數左右。

And that's based on, as always, our judgment of our customers' forecast.

一如既往，這是基於我們對客戶預測的判斷。

And as I said, the majority of our business is runoff scheduled shares.

正如我所說，我們的大部分業務都是決選定期股票。

So from a visibility perspective, provided the marquee phones sell as well as they do, the marquee phones that we know at our largest customer, the ramp of that profile is different than what we've seen in prior years.

因此，從可見性的角度來看，只要跑馬燈手機的銷售量和我們最大客戶所知道的跑馬燈手機的銷售量一樣好，那麼這種配置的成長就與我們前幾年看到的不同。

They've announced that.

他們已經宣布了這一點。

I'm sure tomorrow they'll add more color on it.

我確信明天他們會在上面添加更多的顏色。

So factoring in all these things, that's how we get to we think we're going to be down mid-single digits in the March quarter.

因此，考慮到所有這些因素，我們認為三月季度的業績將下降到個位數左右。

And then, Vivek, the -- on the margin, as we all know, this is unusual seasonality.

然後，Vivek，眾所周知，這是不尋常的季節性。

And so fact of the matter is that lower-margin product is larger in December than it was in September unlike last year.

事實上，與去年不同的是，12 月的低利潤產品比 9 月要多。

And then as far as IDP, yes, the IDP growth is going to help as far as mix, but there's also mix within IDP.

就 IDP 而言，是的，IDP 的成長將有助於混合，但 IDP 內部也存在混合。

So when it all shakes out, the dominant factor here is the mix of Mobile Products sequentially.

因此，當一切都改變時，這裡的主導因素是行動產品的組合。

And we'll take our next question from Srini Pajjuri from Macquarie Capital.

我們將回答麥格理資本的 Srini Pajjuri 的下一個問題。

Question on China.

關於中國的問題。

You mentioned you're seeing more progress in BAW there.

您提到您在 BAW 方面看到了更多進展。

Is there a way to think about how much BAW or what's the penetration of BAW in the premium segment, Bob?

鮑勃，有沒有辦法考慮 BAW 有多少或 BAW 在高端市場的滲透率是多少？

And then are you still running into TC-SAW-based solutions there?

那麼您是否還在遇到基於 TC-SAW 的解決方案？

Or are you seeing any of your BAW competitors also competing in that market?

或者您看到 BAW 的任何競爭對手也在該市場競爭？

Yes.

是的。

This is Eric.

這是埃里克。

So there are some discrete BAW solutions, which, of course, we are providing.

當然，我們正在提供一些分立的 BAW 解決方案。

So just to be clear, we didn't indicate that we are seeing an increase in BAW currently.

需要澄清的是，我們並未表示目前 BAW 有所增加。

What we were saying is we're forecasting when we return to the BAW penetration that was there last year, which was driven by carrier aggregation requiring quadplexers, which were primarily BAW-based, right?

我們所說的是，我們預測當我們回到去年的 BAW 滲透率時，這是由需要四工器的載波聚合驅動的，而四工器主要是基於 BAW 的，對嗎？

So if you go from a carrier aggregation requirement of about 15% of the market this year to 50% next year, that roughly triples the opportunity, let's say, for those BAW quadplexers.

因此，如果將今年市佔率約 15% 的載波聚合要求提高到明年的 50%，那麼對於 BAW 四工器來說，機會大約會增加兩倍。

And that's really the opportunity we're referring to.

這確實是我們所說的機會。

I guess, my question was more about the Huawei win that you mentioned, Eric.

我想，我的問題更多是關於你提到的華為的勝利，埃里克。

I'm guessing that has some BAW content in that.

我猜其中有一些 BAW 內容。

So I'm just curious if that's a new BAW design that you won against TC-SAW or you're displacing the existing BAW suppliers out there?

所以我只是好奇這是否是你們在對抗 TC-SAW 時贏得的新 BAW 設計，或者你們正在取代現有的 BAW 供應商？

Yes.

是的。

No, it's existing BAW bands.

不，它是現有的 BAW 樂團。

And we'll take our next question from Chris Caso with Raymond James.

我們將回答克里斯·卡索和雷蒙德·詹姆斯提出的下一個問題。

I just wanted to follow up with some of the comments on BAW and capacity utilization.

我只是想跟進一些有關 BAW 和產能利用率的評論。

Perhaps you could talk about what you think would be the profile of the improvement utilization as you go through.

也許您可以談談您認為改善利用率的概況。

And I know there's conviction in that utilization improving over a 3-year period.

我知道人們確信利用率在三年內有所提高。

What do you expect to be the profile of that?

您期望它的簡介是什麼？

And importantly, what would be the driver of that?

重要的是，驅動因素是什麼？

Eric, you had mentioned this potential for carrier aggregation on 15% of the TAM to 50% of the TAM.

Eric，您曾提到在 15% 到 50% 的 TAM 上進行載波聚合的潛力。

Is that something that you think is achievable over the next year?

您認為明年可以實現這個目標嗎？

Yes.

是的。

So I think the drivers of that are the carrier aggregation attach that we've talked about.

所以我認為其驅動因素是我們討論過的載波聚合附加。

Also, WiFi, we have the BAW in our coexistence filters for WiFi.

此外，WiFi，我們的 WiFi 共存過濾器中有 BAW。

Some of these antenna-plexers that I mentioned are BAW-based as well.

我提到的一些天線復用器也是基於 BAW 的。

And then of course, it's the custom module that we're working on today that has a tremendous amount of BAW content in it.

當然，我們今天正在開發的自訂模組包含大量 BAW 內容。

So there are several things that are going to layer in.

因此，有幾件事需要分層。

And again, the trend is clear that the timing of each of those is a little harder to predict, but there's clearly a trend towards layering out a lot of different opportunities for BAW.

再說一次，趨勢很明顯，每個的時機都有點難以預測，但顯然有一個趨勢為 BAW 提供許多不同的機會。

And then Chris, just as that BAW-enabled revenue increases, and we've talked about before, we're less than 25% now.

然後克里斯，正如我們之前討論過的，隨著 BAW 驅動的收入增加，我們現在還不到 25%。

We're going to be closer to 30% next year, and then that expands in the planning horizon.

明年我們將接近 30%，然後在規劃範圍內擴大。

That loads Richardson specifically, and then Farmers Branch.

這會專門加載理查森，然後是法默斯布蘭奇。

By mid-next year, we would expect to be 80% or so loaded if our plans play out as expected.

如果我們的計劃按預期進行，到明年中期，我們預計負載率將達到 80% 左右。

And then it becomes a case of just very carefully managing our CapEx.

然後就需要非常仔細地管理我們的資本支出。

And as we need additional capacity, we're doing it in the most cost-effective way, which the wafer size increase, the die shrink, all these other things we believe will reduce the capital intensity of the business going forward.

由於我們需要額外的產能，我們正在以最具成本效益的方式做到這一點，即晶圓尺寸增加，晶片縮小，所有這些我們相信將降低業務未來的資本密集度。

Okay.

好的。

And just as a follow-up to that, the 80 -- I think you said 80% number on your plans.

作為後續行動，80——我想你說的是你計劃中的 80%。

Does that contemplate BAW penetration at your largest customer?

這是否考慮到 BAW 在您最大客戶中的滲透率？

Or would that be additive to that?

或者這會是附加的嗎？

I'll just leave it, Chris.

我就離開它吧，克里斯。

In order to get the utilization that we want, we're going to need BAW-based revenue, without a doubt.

為了獲得我們想要的利用率，毫無疑問，我們將需要基於 BAW 的收入。

And we also continue -- need to continue to do well in winning SAW-based business and GaAs-based PA products and other things.

我們還需要繼續做好贏得基於 SAW 的業務和基於 GaAs 的 PA 產品和其他方面的工作。

So we are absolutely focused on increasing our profitability with high-quality products.

因此，我們絕對專注於透過高品質產品提高獲利能力。

And we'll take our next question from Atif Malik with Citi.

我們將回答花旗集團的 Atif Malik 提出的下一個問題。

The first question is on seasonality.

第一個問題是關於季節性。

Understand March quarter is better than seasonal because of the pushout of the flagship customer.

了解由於旗艦客戶的推出，三月季度比季節性好。

Do you think that the June quarter seasonality could be below seasonal because of the impact of that phone on the Korean customer launch every year?

您是否認為由於該手機每年對韓國客戶推出的影響，六月季度的季節性可能會低於季節性？

We're not giving March guidance.

我們不會提供三月的指導。

We're not going to give June guidance for sure.

我們不會肯定給出 6 月份的指導。

Okay.

好的。

Fair enough.

很公平。

And then Mark, I have a question on gross margins.

然後馬克，我有一個關於毛利率的問題。

I absolutely agree with Ambrish earlier that you guys have made a lot of progress on the gross margins.

我完全同意安布里什之前的觀點，你們在毛利率方面取得了很大進步。

But then you guys keep on running in new excursions, whether it's laminate, supplier issues.

但隨後你們繼續進行新的旅行，無論是層壓板還是供應商問題。

I mean, what is it with your manufacturing process?

我的意思是，你們的製造工藝是怎麼樣的？

Or is it complicated with BAW and SAW and everything?

還是 BAW 和 SAW 之類的東西很複雜？

Or -- we don't hear about these issues from other RF makers.

或者——我們沒有從其他射頻製造商那裡聽說過這些問題。

Maybe they're also having these issues but aren't talking about on their call.

也許他們也遇到了這些問題，但在電話中沒有討論。

But what is it about your manufacturing process that could help us get more comfortable with these excursions in the future?

但是你們的製造流程有什麼可以幫助我們在未來更輕鬆地應對這些旅行呢？

I think just very quickly, there's an important distinction.

我認為很快就會有一個重要的區別。

Last year, you could argue that it was something in our control, and we had a bad quarter, some manufacturing excursions and looked at ourselves and really cleaned up our processes.

去年，你可能會說這是我們可以控制的事情，我們度過了一個糟糕的季度，出現了一些生產偏差，我們審視了自己，並真正清理了我們的流程。

And it's paid off, and we have been running much better.

我們的努力得到了回報，而且我們的營運狀況也好多了。

The ramps this year are going very well.

今年的坡道進展順利。

And the 2 instance we mentioned here, in the interest of disclosure, I want to make sure folks understood it, I would say these are out of our control.

我們在這裡提到的第二個例子，為了揭露，我想確保人們理解它，我想說這些是我們無法控制的。

One is literally an act of God, the Hurricane Irma where interestingly, in the days after the hurricane, after the fab was back up and running, there were some defects associated with sulfur compounds on the wafer and -- or on the wafers, on the metal layers of the wafers.

其中一個實際上是上帝的行為，颶風艾爾瑪，有趣的是，在颶風過後的幾天裡，在晶圓廠恢復運行後，晶圓上和晶圓上以及晶圓上出現了一些與硫化合物相關的缺陷。晶圓的金屬層。

And it turns out that it was decaying vegetable, vegetable matter and conventional fab air filtration wasn't sufficient.

事實證明，這是腐爛的蔬菜、植物物質，而傳統的工廠空氣濾波是不夠的。

And so we changed some very good root cause analysis and recovery action by the team, changed the filtering and then just natural dissipation.

因此，我們改變了團隊的一些非常好的根本原因分析和恢復行動，改變了過濾，然後只是自然消散。

The problem went away, and we did not impact the customer.

問題消失了，我們沒有影響客戶。

That's the important thing.

這才是重要的事。

And then the -- this fire at a laminate supplier, again, out of our control.

然後，層壓板供應商發生的火災再次超出了我們的控制。

But what it speaks to is the good operational excellence on our part had some qualified suppliers.

但這說明我們擁有一些合格的供應商，並且擁有良好的營運能力。

We mobilized, worked with our customers, worked with these other (inaudible), worked with these other qualified suppliers.

我們動員起來，與客戶合作，與其他（聽不清楚）合作，與其他合格的供應商合作。

And as we see it, we're on track to have a minimal impact from this event.

正如我們所看到的，我們有望將這一事件的影響降到最低。

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

我們將回答摩根士丹利的 Craig Hettenbach 提出的下一個問題。

I wanted to come back to this opportunity on the mid- and high-band with Apple.

我想再次與蘋果一起抓住這個中高頻領域的機會。

And it looks like your competitor, at least on one of the versions of the current phone is shipping.

它看起來像你的競爭對手，至少在目前手機的其中一個版本上是這樣。

And so they've gone through all the processes and trials and sampling.

所以他們已經完成了所有的流程、試驗和取樣。

So does that change at all your thinking in terms of what the prospects are as you go into next year?

那麼，這是否會改變您對明年前景的看法？

Not at all.

一點也不。

Okay.

好的。

And so on the IDP business, which is running 20%, can you talk about some of the subsegments in that space in terms of where you see is driving the really robust growth?

那麼 IDP 業務佔 20%，您能否談談該領域的一些細分市場，您認為哪些領域正在推動真正強勁的成長？

Yes, as I talked earlier, our connectivity business was very strong with what we were able to do in WiFi.

是的，正如我之前所說，我們的連接業務非常強大，我們在 WiFi 方面能夠做到這一點。

And we had a great quarter in the defense business, substantial growth really across all our major submarkets, radar, EW comms and through our distribution channel there as well so we had a broad section of customers.

我們的國防業務季度表現出色，所有主要子市場、雷達、電子戰通訊以及我們的分銷管道都實現了大幅增長，因此我們擁有廣泛的客戶群。

We also had nice growth in the IoT segment.

我們在物聯網領域也取得了不錯的成長。

And as you're aware, we're first in the industry to have SoCs that can operate in multiple standards.

如您所知，我們是業內第一家擁有可以在多種標準下運行的 SoC 的公司。

We are seeing great attach rate of those chips.

我們看到這些晶片的附著率很高。

We've been able to get some industry first awards.

我們已經獲得了一些行業第一獎項。

Embedded computing, as an example, gave us the most innovative silicon product of the year.

例如，嵌入式運算為我們提供了年度最具創新性的矽產品。

So that's also created substantial growth.

這也創造了大幅成長。

And we talked about greater than 50% growth in our IoT business.

我們也談到了我們的物聯網業務成長超過 50%。

So been very broad-based.

所以基礎非常廣泛。

We also saw strength in small cell and NB IoT, as we talked about in Bob's script.

正如我們在 Bob 的腳本中談到的那樣，我們還看到了小型蜂窩和 NB IoT 的優勢。

We've been cautious about small cell for many years.

多年來我們一直對小型基地台持謹慎態度。

It looks like this maybe is the breakout year in the small cell activity.

看來今年可能是小蜂窩活動的突破年。

And in NB-IoT was also, we believe, is starting a ramp that could last a couple years in China.

我們相信 NB-IoT 也正在開始在中國持續幾年的發展。

So pretty broad-based, I guess, I would say.

我想，我會說，基礎相當廣泛。

And that concludes today's question-and-answer session.

今天的問答環節到此結束。

I'll turn the call back over to management for any additional or closing remarks.

我會將電話轉回給管理層，以獲取任何補充或結束語。

Thank you for joining us tonight.

感謝您今晚加入我們。

Qorvo is leveraging our industry-leading product and technology portfolio to target the most valuable opportunities and the largest profit pools across our diverse market growth -- growth markets.

Qorvo 正在利用我們領先業界的產品和技術組合，瞄準我們多元化市場成長（成長型市場）中最有價值的機會和最大的利潤池。

We thank you for joining us tonight, and we look forward to meeting with many of you at upcoming conferences.

我們感謝您今晚加入我們，我們期待在即將舉行的會議上與你們中的許多人見面。

Good night, and thank you.

晚安，謝謝。

And this does conclude today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。