科沃 (QRVO) 2018 Q3 法說會逐字稿

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

大家好，歡迎來到 Qorvo, Inc.。

Q3 2018 Conference Call.

2018 年第三季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

現在，我想把會議交給投資人關係副總裁Douglas DeLieto先生主持。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Rebecca.

非常感謝，麗貝卡。

Hello, everyone, and welcome to Qorvo's Third Quarter Fiscal 2018 Earnings Conference Call.

大家好，歡迎參加 Qorvo 2018 年第三季財報電話會議。

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

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

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

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

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 obscure trends in our underlying performance.

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

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

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

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

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱我們今天早些時候發布的收益報告，該報告可在我們的網站 Qorvo.com 的「投資者」下查看。

(Operator Instructions) 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.

（操作員說明）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。

Thank you, Doug.

謝謝你，道格。

Qorvo delivered an exceptional December quarter, with revenue and EPS exceeding our guidance range.

Qorvo 的 12 月季度表現出色，收入和每股收益超出了我們的指導範圍。

In Infrastructure and Defense, quarterly revenue grew 20% year-over-year to a record $203 million, led by strength in defense, IoT and GaN.

在基礎設施和國防領域，在國防、物聯網和 GaN 領域的強勁帶動下，季度營收年增 20%，達到創紀錄的 2.03 億美元。

In Mobile Products, revenue increased sequentially to $642 million, led by a very strong ramp in support of our largest customer.

在行動產品方面，營收連續成長至 6.42 億美元，這得益於對我們最大客戶的支援的強勁成長。

The December quarter played out largely as expected.

12 月季度的表現基本上符合預期。

IDP's business continued to strengthen while smartphone ramps were consistent with our expectations.

IDP 的業務持續增強，而智慧型手機的成長符合我們的預期。

Beginning late in the quarter, demand trends in mobile deteriorated at our largest customer and also in China.

從本季末開始，我們最大客戶以及中國的行動需求趨勢惡化。

This weakness is impacting our near-term expectations and is reflected in our guidance for the March quarter.

這種疲軟正在影響我們的近期預期，並反映在我們對三月季度的指導中。

As we look forward, we expect continued robust growth in IDP in 2018, and in mobile, we're gearing up for an aggressive ramp of a custom mid/high-band PAD in the second half of the calendar year.

展望未來，我們預計 2018 年 IDP 將持續強勁成長，而在行動領域，我們正準備在今年下半年積極推出客製化中/高頻段 PAD。

This is the most valuable and highly integrated placement in mobile RF, representing what we call the integration hub in the main path of the RF system.

這是行動射頻中最有價值、整合度最高的位置，代表著我們所謂的射頻系統主路徑中的整合樞紐。

This is a significant customer validation of our BAW technology and multiplexing expertise.

這是客戶對我們 BAW 技術和多路復用專業知識的重要驗證。

Coupled with gains in antenna tuning and envelope tracking, we expect this to drive another generation of year-over-year growth at this top customer.

再加上天線調諧和包絡追蹤方面的進步，我們預計這將推動該頂級客戶實現又一代的同比增長。

Across the mobile landscape, leading phone manufacturers and baseband suppliers are adopting more highly integrated mid/high-band architectures.

在整個行動領域，領先的手機製造商和基頻供應商正在採用更高整合度的中/高頻段架構。

This is increasing the customer demand for high-order BAW-based multiplexing from industry leaders like Qorvo, and we are migrating a greater percentage of our design resources to higher-value BAW-based RF solutions.

這增加了客戶對 Qorvo 等行業領導者基於高階 BAW 的多路復用的需求，我們正在將更大比例的設計資源遷移到更高價值的基於 BAW 的射頻解決方案。

To that end, we've sampled a custom mid/high-band PAD to another Tier 1 smartphone customer for a 2019 platform.

為此，我們為 2019 年平台的另一家 1 級智慧型手機客戶提供了客製化中/高頻段 PAD 樣品。

In addition to these engagements, with marquee customers, we've commenced production of our next-generation RF Fusion portfolio for Phase 6 architectures, including both mid/high-band and low-band integrated PAD modules.

除了這些合作之外，我們還與知名客戶開始生產適用於第 6 階段架構的下一代 RF Fusion 產品組合，包括中/高頻段和低頻段整合 PAD 模組。

This solution supports all major cellular frequency bands and more efficiently enables key regional carrier aggregation combinations.

此解決方案支援所有主要蜂窩頻段，並更有效地實現關鍵區域載波聚合組合。

In both premium and performance tier smartphones, Mobile Products is targeting the most valuable opportunities with the highest barriers to entry.

在高階和高效能智慧型手機中，行動產品都瞄準了進入障礙最高的最有價值的機會。

Premium filters clearly fit within this category as do antenna tuners, envelope trackers and antenna plexers and our integrated mid/high and low/mid/high solutions featuring our BAW filters.

高級濾波器顯然屬於這一類別，天線調諧器、包絡追蹤器和天線復用器以及我們採用 BAW 濾波器的整合中/高和低/中/高解決方案也是如此。

In China, mobile operators are requiring improved data throughput across a larger percentage of smartphones this year.

在中國，行動電信商今年要求提高更多智慧型手機的數據吞吐量。

China Unicom and China Telecom recently mandated Band 1 and Band 3 downlink carrier aggregation in handsets above RMB 1,500 for the mass market.

中國聯通和中國電信最近強制要求大眾市場 1,500 元以上的手機支援頻段 1 和頻段 3 下行鏈路載波聚合。

For higher-tier handsets, those greater than RMB 3,000, China Mobile recently mandated Band 40 and Band 41 downlink carrier aggregation.

對於3000元以上的高階手機，中國移動最近強制要求使用頻段40和頻段41下行鏈路載波聚合。

Phones with these features are expected to be available as early as the middle of this calendar year.

具有這些功能的手機預計最快將於今年年中上市。

Supporting our long-term outlook, we see a broad slate of new applications emerging in cellular IoT, which can support billions of incremental units.

支持我們的長期前景的是，我們看到蜂窩物聯網中出現了大量新應用，這些應用可以支援數十億個增量單位。

Qorvo recently announced the co-development of the industry's smallest low-power, System-in-a-Package module with Nordic Semiconductor for global LTM -- LTE-M and Narrowband IoT applications.

Qorvo 最近宣布與 Nordic Semiconductor 共同開發業界最小的低功耗系統級封裝模組，用於全球 LTM（LTE-M）和窄頻物聯網應用。

This opportunity includes the PA, switch, controller die as well as module design and manufacturing, including our proprietary integrated RF shielding.

該機會包括 PA、開關、控制器晶片以及模組設計和製造，包括我們專有的整合式射頻屏蔽。

Finally, we now expect the first 5G smartphones will launch as early as the first half of calendar 2019.

最後，我們現在預計首款 5G 智慧型手機最快將於 2019 年上半年推出。

5G will enable new use cases by expanding data throughput, reducing latency to near 0 and enabling massive machine-to-machine connectivity.

5G 將透過擴大資料吞吐量、將延遲減少到接近 0 並實現大規模機器對機器連接來實現新的用例。

5G will require more complex and more valuable RF solutions than 4G, continuing the ongoing expansion of the RF TAM.

5G 將需要比 4G 更複雜、更有價值的 RF 解決方案，從而持續擴展 RF TAM。

Qorvo is uniquely positioned to accelerate the transition to 5G.

Qorvo 在加速向 5G 過渡方面具有獨特的優勢。

We offer the industry's broadest portfolio of RF products and we intend -- or we introduced the industry's first 5G RF front-end nearly a year ago.

我們提供業界最廣泛的射頻產品組合，並且我們打算在近一年前推出業界首款 5G 射頻前端。

We're helping define 5G standards as a delegate to 3GPP, and we're collaborating closely with the leading wireless infrastructure manufacturers, network operators, chipset providers and smartphone manufacturers on their 5G programs.

我們作為 3GPP 代表幫助定義 5G 標準，並且與領先的無線基礎設施製造商、網路營運商、晶片組提供商和智慧型手機製造商就其 5G 專案密切合作。

We are extremely pleased with what the Mobile Products team has done to deliver the industry's most valuable mid/high RF placement.

我們對行動產品團隊為提供業界最有價值的中/高射頻佈局所做的工作感到非常滿意。

We validated our ability to capture the industry's most attractive RF placements and we have line of sight to expanding content on marquee smartphones.

我們驗證了我們捕捉業界最具吸引力的 RF 位置的能力，並且我們有能力擴展大型智慧型手機上的內容。

Turning now to IDP.

現在轉向 IDP。

We're enjoying broad-based growth supported by the Internet of Things, the evolution of the wireless ecosystem, the deployment of GaN, the emergence of 5G and other secular macro trends.

我們正在享受物聯網、無線生態系統的演變、GaN 的部署、5G 的出現和其他長期宏觀趨勢支援的廣泛成長。

These are long-term trends capable of supporting continued above-market growth.

這些是能夠支持持續高於市場成長的長期趨勢。

In fact, our design wins this quarter were up over 40% compared to the same quarter last year.

事實上，我們本季的設計勝利比去年同期成長了 40% 以上。

In the connected car, IDP is supplying the front-end module for Qualcomm's Cellular Vehicle-to-Everything reference design, delivering superior performance to support low-latency transmission in the 5.9 gigahertz intelligent transportation system band.

在連網汽車中，IDP 為高通的蜂窩車聯網參考設計提供前端模組，提供卓越的效能，支援 5.9GHz 智慧交通系統頻段的低延遲傳輸。

We also secured a major win with a Tier 1 automotive supplier for a LTE network access device.

我們也與一家一級汽車供應商就 LTE 網路接取設備取得了重大勝利。

For the smart home, ecosystem are forming around voice assistance, and products that support multiple protocols are becoming the norm in the marketplace.

對於智慧家庭來說，圍繞語音輔助的生態系統正在形成，支援多種協定的產品正在成為市場的常態。

Qorvo is the only company to support Thread, ZigBee 3.0, ZigBee RF4CE and ZigBee Green Power in a single radio.

Qorvo 是唯一一家在單一無線電中支援 Thread、ZigBee 3.0、ZigBee RF4CE 和 ZigBee Green Power 的公司。

We are advancing this trend by mating our multi-stack, multiprotocol system-in-a-package with the HUMAX Chorus voice assistant.

我們透過將我們的多堆疊、多協定係統級封裝與 HUMAX Chorus 語音助理結合來推動這一趨勢。

In defense, for both domestic and international markets, electronic warfare and missile defense have become top of mind in the industry.

在國防領域，無論是國內還是國際市場，電子戰和飛彈防禦已成為業界的首要關注點。

IDP participates heavily in both applications and we're at the forefront of the technology shift to GaN-based phased array system architectures.

IDP 大力參與這兩個應用，並且我們處於轉向基於 GaN 的相控陣系統架構技術的前沿。

Our GaN products and the Spatium high-power amplifier family continue to ramp.

我們的 GaN 產品和 Spatium 高功率放大器系列繼續發展。

The focus on high-value sockets and technologies has resulted in greater than 50% year-over-year growth in our defense business.

對高價值插座和技術的關注使我們的國防業務年增超過 50%。

In Infrastructure, we're also helping to lead migration to GaN to improve the performance of LTE base stations and small cells.

在基礎設施領域，我們還協助引導向 GaN 的遷移，以提高 LTE 基地台和小型基地台的效能。

As LTE moves to higher frequencies above 2.5 gigahertz, the incumbent technology of silicon LDMOS is unable to achieve the level of performance required.

隨著 LTE 向 2.5 GHz 以上的更高頻率發展，現有的矽 LDMOS 技術無法達到所需的性能等級。

GaN is becoming the technology of choice for transmit amplifiers at all major base station OEMs.

GaN 正在成為所有主要基地台 OEM 發送擴大機的首選技術。

In WiFi, CPE, the proliferation of distributor WiFi networks, coupled with the need for more bandwidth, is driving rapid growth in both consumer and enterprise solutions, and IDP is a primary beneficiary, winning on both performance and integration.

在 WiFi、CPE 領域，經銷商 WiFi 網路的激增，加上對更多頻寬的需求，正在推動消費者和企業解決方案的快速成長，而 IDP 是主要受益者，在效能和整合方面獲勝。

Our broad portfolio of power amplifiers, front-end modules, switches, LNAs and filters continue to win in 802.11ac sockets and positions us well for the 802.11ax wave coming this year.

我們廣泛的功率放大器、前端模組、開關、LNA 和濾波器產品組合繼續贏得 802.11ac 插座的青睞，並使我們在今年即將到來的 802.11ax 浪潮中佔據有利地位。

Overall, IDP has delivered 9 out of 10 sequential growth quarters since we repositioned our portfolio to target defense, base station, automotive, smart home, IoT, WiFi and optical markets.

總體而言，自從我們重新定位產品組合以瞄準國防、基地台、汽車、智慧家庭、物聯網、WiFi 和光學市場以來，IDP 實現了 10 個連續成長季度中的 9 個季度。

Our outlook for IDP is one of continued growth, with annualized revenue run rate quickly moving towards $1 billion.

我們對 IDP 的展望是持續成長，年化營收運作率迅速邁向 10 億美元。

In both mobile and IDP, our deep technology moat and rich product offerings enable us to target the most attractive opportunities as measured by the technologies required, competitive environment, value creation and other critical metrics.

在行動和 IDP 領域，我們深厚的技術護城河和豐富的產品組合使我們能夠根據所需技術、競爭環境、價值創造和其他關鍵指標來瞄準最具吸引力的機會。

We're delivering best-in-class products that help customers achieve higher levels of performance, and we're targeting opportunities where we have a distinct advantage with both technology and scale.

我們正在提供一流的產品，幫助客戶實現更高水準的性能，並且我們瞄準了我們在技術和規模方面都具有明顯優勢的機會。

Calendar 2017 was an excellent year for IDP.

2017 年對於 IDP 來說是極好的一年。

In mobile, we made significant advances in the business in terms of technology, cost and portfolio management.

在行動領域，我們在技術、成本和產品組合管理方面取得了重大進展。

As we look into calendar year 2018, IDP is positioned for continued growth and margin expansion, and mobile is set to support the industry's most valuable RF solutions.

展望 2018 年，IDP 的定位是持續成長和利潤擴張，而行動領域將支援業界最有價值的射頻解決方案。

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

這樣，我會將電話轉給馬克。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the third quarter was $845 million, exceeding the midpoint of our guidance by $5 million.

Qorvo 第三季的營收為 8.45 億美元，比我們指引的中位數高出 500 萬美元。

Mobile revenue of $642 million was driven by product launches at our largest customer.

6.42 億美元的行動收入得益於我們最大客戶的產品發布。

IDP revenue of $203 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 2.03 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。

This was the seventh consecutive quarter of double-digit year-over-year growth in IDP.

這是 IDP 連續第七個季度實現兩位數年增長。

Non-GAAP gross margin in the December quarter was 48%, 50 basis points higher than our guidance, a sequential increase of 60 basis points and a year-over-year increase of 370 basis points.

12 月季度的非 GAAP 毛利率為 48%，比我們的指引高 50 個基點，較上季成長 60 個基點，較去年同期成長 370 個基點。

We expect continued progress on gross margins as we optimize our product portfolio and drive additional operational improvements.

隨著我們優化產品組合併推動進一步的營運改進，我們預計毛利率將持續進步。

Operating expenses were $151 million or 17.9% of sales, down $7 million sequentially on ongoing productivity efforts and development program spend timing.

營運費用為 1.51 億美元，佔銷售額的 17.9%，由於持續的生產力工作和開發計畫支出時間安排，營運費用比上一季減少了 700 萬美元。

We're ahead of schedule with OpEx reductions, but by no means are we letting up on our focus on getting more efficient.

我們提前削減了營運支出，但我們絕不放棄對提高效率的關注。

We have additional productivity initiatives underway to sharpen R&D spend and lower SG&A.

我們正在進行額外的生產力計劃，以提高研發支出並降低銷售、一般管理費用 (SG&A)。

Operating income for the quarter was $254 million or 30.1% of sales, up 200 basis points sequentially and 480 basis points versus last year.

該季度營業收入為 2.54 億美元，佔銷售額的 30.1%，比上一季成長 200 個基點，比去年同期成長 480 個基點。

Last year, we committed to achieving a quarter in fiscal year '18 with an operating margin exceeding 30%, and we delivered on that commitment in the December quarter.

去年，我們承諾在 18 財年的一個季度實現營業利潤率超過 30%，並在 12 月的季度兌現了這一承諾。

This is a particularly noteworthy accomplishment when you consider that mobile volumes and fab utilization have fallen short of our expectations this fiscal year.

考慮到本財年的移動產量和晶圓廠利用率未達到我們的預期，這是一項特別值得注意的成就。

We're pleased that our broad-based efforts are yielding results and intend to continue our disciplined approach to controlling costs and improving margins.

我們很高興我們廣泛的努力正在取得成果，並打算繼續我們嚴格的方法來控製成本和提高利潤。

On net income, I will start with our GAAP results.

關於淨利潤，我將從我們的 GAAP 業績開始。

In the December quarter, a GAAP loss of $33 million was impacted by tax expense resulting from the enactment of the U.S. Tax Cuts and Jobs Act.

在 12 月季度，由於美國減稅和就業法案的頒布而產生的稅收費用影響了 GAAP 虧損 3,300 萬美元。

Specifically, we incurred a $96 million net tax expense, which was largely the result of the immediate taxation of cumulative foreign earnings, and which was partially offset by revaluing net deferred tax liabilities on a lower U.S. tax rate.

具體來說，我們產生了 9,600 萬美元的淨稅費，這主要是對累積外國收入立即徵稅的結果，並透過以較低的美國稅率重新評估淨遞延稅負債而部分抵銷。

I encourage you to review our forthcoming 10-Q filing for the additional disclosure on taxes.

我鼓勵您查看我們即將發布的 10-Q 備案文件，以了解有關稅收的額外披露。

Non-GAAP net income in the December quarter was $220 million, and non-GAAP diluted earnings per share was $1.69 or $0.09 over the midpoint of our guidance.

12 月季度的非 GAAP 淨利為 2.2 億美元，非 GAAP 攤薄每股收益為 1.69 美元，比我們指引的中位數高出 0.09 美元。

December cash flow from operations increased to $270 million, helping drive record free cash flow of $225 million.

12 月營運現金流增加至 2.7 億美元，推動自由現金流達到創紀錄的 2.25 億美元。

Capital expenditures decreased sequentially to near $45 million, and we expect CapEx to end the full fiscal year below 10% of sales, down from 18% of sales last year.

資本支出連續下降至近 4,500 萬美元，我們預計整個財年結束時資本支出將低於銷售額的 10%，低於去年的 18%。

We are committed to a model of higher margins, lower capital intensity and greater free cash flow, and we are demonstrating clear progress towards those objectives.

我們致力於建立更高利潤率、更低資本密集度和更大自由現金流的模式，並且我們正在展示在實現這些目標方面取得的明顯進展。

Cash at quarter end was $841 million, and with recent tax legislation, we can more freely deploy cash for investments in growth and repurchasing shares.

季度末現金為 8.41 億美元，根據最近的稅收立法，我們可以更自由地部署現金用於成長投資和回購股票。

In the December quarter, we repurchased $80 million of stock.

在 12 月季度，我們回購了 8,000 萬美元的股票。

Turning to our outlook.

轉向我們的展望。

In the fourth quarter of fiscal year 2018, we expect non-GAAP revenue between $645 million and $665 million, gross margin to be flat-to-up 50 basis points sequentially and diluted EPS of $1.05 at the midpoint of our guidance.

在 2018 財年第四季度，我們預計非 GAAP 收入在 6.45 億美元至 6.65 億美元之間，毛利率將持平至上升 50 個基點，稀釋後每股收益為 1.05 美元，處於我們指引的中點。

We expect a quarter of over 20% year-over-year growth in IDP and project IDP to be over 30% of Qorvo's revenue in the March quarter.

我們預計本季 IDP 年成長將超過 20%，預計 IDP 將佔 Qorvo 3 月季度營收的 30% 以上。

For mobile, this guidance reflects our current view on near-term demand for our customers' flagship models.

對於行動設備，本指引反映了我們目前對客戶旗艦機型近期需求的看法。

In the March quarter, we expect gross margins to increase sequentially by up to 50 basis points, due primarily to reduced volumes of low-band PADs and an increased mix of our higher-margin IDP business.

在 3 月的季度，我們預計毛利率將環比增長最多 50 個基點，這主要是由於低頻段 PAD 銷量的減少以及利潤率較高的 IDP 業務的增加。

Operating expenses are forecast to increase slightly to approximately $153 million on development program spend and seasonal factors, including payroll taxes.

由於開發計劃支出和季節性因素（包括工資稅），營運費用預計將小幅增加至約 1.53 億美元。

Free cash flow is expected to be around $200 million.

自由現金流預計約2億美元。

We expect our fourth quarter non-GAAP tax rate to remain below 8.5%.

我們預計第四季非 GAAP 稅率將維持在 8.5% 以下。

Based on our outlook and our current interpretation of recent U.S. tax law changes, we project our fiscal year '19 non-GAAP tax rate to be 10% or lower.

根據我們的前景以及我們目前對美國最近稅法變更的解釋，我們預計 19 財年的非公認會計原則稅率為 10% 或更低。

Our efforts to leverage our technology position and improve the operating performance of our business are paying off, and we expect to sustain this progress.

我們利用我們的技術地位和提高業務營運績效的努力正在取得回報，我們希望能夠維持這一進展。

In fiscal year '19, we expect robust IDP growth to continue, supported by trends in defense, IoT and GaN.

在 19 財年，我們預計在國防、物聯網和 GaN 趨勢的支持下，IDP 將持續強勁成長。

As Bob mentioned, we are hitting key milestones to realign the mobile product portfolio from lower- to higher-margin products and securing design wins in the industry's most attractive segments.

正如鮑伯所提到的，我們正在實現關鍵的里程碑，將行動產品組合從利潤率較低的產品重新調整為利潤率較高的產品，並確保在行業最具吸引力的細分市場中贏得設計勝利。

We expect to see significant benefits from these efforts starting in the second half of this year -- calendar year.

我們預計從今年下半年開始，這些努力將帶來顯著效益。

As our product mix and overall fab utilization improve, we expect gross margins to continue to expand.

隨著我們的產品組合和整體晶圓廠利用率的改善，我們預計毛利率將繼續擴大。

We project significant improvements in utilization at our BAW fab in Richardson, our GaAs fabs and our China assembly and test factories.

我們預計理查森 BAW 工廠、GaAs 工廠以及中國組裝和測試工廠的使用率將顯著提高。

This will be partially offset by lower utilization rates in our SAW fabs as we migrate resources to bolster recent successes and future opportunities in BAW, and more selectively compete for SAW-based opportunities.

這將被我們的 SAW 工廠利用率較低所抵消，因為我們將遷移資源以支持 BAW 的近期成功和未來機會，並更有選擇性地競爭基於 SAW 的機會。

With a more focused product portfolio, restructuring efforts taking full effect and productivity remaining a priority, we also expect OpEx efficiency to improve further.

隨著產品組合更加集中、重組工作充分發揮作用以及生產力仍然是首要任務，我們也預期營運支出效率將進一步提高。

We are on track to achieve the operating margin target we laid out at Investor Day last May of 33% by fiscal year '20.

我們預計在 20 財年實現去年 5 月投資者日上設定的 33% 的營業利潤率目標。

With more profitable growth in mobile and robust growth in IDP, expanding operating margins and lower levels of CapEx, we are targeting free cash flow of $800 million in fiscal year '19.

隨著行動業務的獲利成長和 IDP 的強勁成長、營業利潤率的擴大和資本支出水準的降低，我們的目標是 19 財年自由現金流達到 8 億美元。

So wrapping up, in the third quarter, we posted another quarter above guidance and delivered strong operating leverage.

因此，在第三季度，我們的業績又高於預期，並實現了強勁的營運槓桿。

While our near-term revenue outlook has been impacted by weaker demand signals from our largest customer and from China, we see gross margins improving up to 50 basis points and strong free cash flow in the March quarter.

雖然我們的近期營收前景受到我們最大客戶和中國需求訊號減弱的影響，但我們預計 3 月季度的毛利率將提高至 50 個基點，自由現金流強勁。

In fiscal year 2019, we expect our premium mobile products and continued strength in defense, IoT and GaN to support revenue growth, margin expansion and greater free cash flow in fiscal year '19.

在 2019 財年，我們預計我們的優質行動產品以及在國防、物聯網和 GaN 領域的持續實力將支持 19 財年的收入成長、利潤率擴張和更大的自由現金流。

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 your first question will come from Krysten Sciacca with Nomura Instinet.

（操作員說明）您的第一個問題將來自 Nomura Instinet 的 Krysten Sciacca。

I just want to clarify one point in particular.

我只想特別澄清一點。

So for the SUPER PAD, did you say that you're sampling at an additional marquee customer?

那麼對於 SUPER PAD，您是否說過您正在向其他大客戶提供樣品？

As far as mid/high-band PAD, as what's in one of the bullets in the press release as well, we did began sampling another Tier 1 customer as well.

就中/高頻段 PAD 而言，如新聞稿中的一項要點所述，我們也開始對另一家 1 級客戶進行抽樣。

Okay.

好的。

And then for the ramp at your largest customer in the second half of calendar '18, do you expect those content gains to be, let's say, more or less than what you saw in this past ramp?

然後，對於您最大的客戶在 18 年下半年的成長，您預計這些內容增益會比您在過去的成長中看到的多還是少？

This is Eric.

這是埃里克。

I'll take that.

我會接受的。

We're currently projecting we'll have the largest actual generation over generation content increase we've seen driven by many product categories.

我們目前預計，在許多產品類別的推動下，我們將實現最大的實際世代內容成長。

I mean, we see tuning continuing to increase, envelope tracking as well as BAW-based product.

我的意思是，我們看到調諧、包絡追蹤以及基於 BAW 的產品不斷增加。

And next, we'll hear from Bill Peterson with JPMorgan.

接下來，我們將聽取摩根大通比爾彼得森 (Bill Peterson) 的演講。

This design win is a terrific result after a lot of effort.

這場設計勝利是經過大量努力後的一個了不起的結果。

I guess the question is, how should we really think about seasonality?

我想問題是，我們應該如何真正考慮季節性？

I know it's difficult to provide out-quarter revenue guidance, but how should we think about seasonality beyond the March quarter with the second half in mind?

我知道很難提供季度外收入指導，但考慮到下半年，我們應該如何考慮三月季度之後的季節性？

Yes, Bill, at this point, we're not going to give guidance beyond the March quarter.

是的，比爾，目前我們不會在三月季度之後提供指導。

We've -- yes, I don't think we can make any changes yet about seasonality because we haven't gotten customer demand signals yet, and we're actually in our plan process at this moment.

我們——是的，我認為我們還不能對季節性做出任何改變，因為我們還沒有收到客戶需求訊號，而且我們目前正在規劃過程中。

So we'll provide more detail around both fiscal year '19 and about seasonality during the May call.

因此，我們將在 5 月的電話會議期間提供有關 19 財年和季節性的更多詳細資訊。

Okay.

好的。

Let me try a different angle.

讓我嘗試一下不同的角度。

I guess, you mentioned that you expect the China Telecom/Unicom lowering the price point, should increase carrier aggregation, you talked about the middle of the year.

我想，你提到你期望中國電信/聯通降低價格點，應該增加營運商聚合，你談到了年中。

I guess, what -- how should we think about attach rates of this and if we consider ET PMIC, tuning and [iFEMs] in China, how should we think about your content growth opportunities in China, I guess, this -- particularly this year?

我想，我們應該如何考慮這個附加率，如果我們考慮中國的 ET PMIC、調整和 [iFEM]，我們應該如何考慮您在中國的內容成長機會，我想，這個——特別是這個年？

Yes, this is Eric, I'll take that as well.

是的，這是艾瑞克，我也接受。

We look at the attach rate of the Band 1, 3 quadplexer to enable carrier aggregation going from about 15%, maybe 15% to 20% as we exited CY '17, up to about 50% attach rate based on the guidance of the carriers for any handset over RMB 1,500 to require the capability.

我們研究了頻段 1、3 四工器的附加率，使載波聚合在 CY '17 退出時從大約 15%（也許是 15% 到 20%），根據運營商的指導，附加率高達大約 50% 1500元以上的手機都需要該功能。

So that's a pretty significant step up and gets us back to where we were, frankly, in 2016 with the attach of that component.

因此，這是一個非常重要的進步，坦白說，它讓我們回到了 2016 年附加該組件的狀態。

And as we look forward, as you mentioned, ET is moving into that tier.

正如您所提到的，正如我們所期待的，外星人正在進入這一級別。

We're seeing a lot of design work with our customers for our Phase 6 solution, we're the first to market with that solution and ramping into production now.

我們看到我們的第六階段解決方案與客戶進行了大量的設計工作，我們是第一個將解決方案推向市場的公司，現在已經投入生產。

Phase 6, does several things for our customers.

第 6 階段為我們的客戶做了幾件事。

It increases the integration level, which speeds their time-to-market.

它提高了整合度，從而加快了上市時間。

It also reduces the size by at least 40% and in most cases, about 50% of their current designs.

它還將目前設計的尺寸減小了至少 40%，在大多數情況下減少了約 50%。

And it increases the output power at the same time, enabling Power Class 2. So we do all of that in fewer placements by integrating the vast majority or, in some cases, all of the filter content into our 2 placement solution that does all that for the front end.

同時它也提高了輸出功率，從而實現了功率等級2。因此，我們透過將絕大多數或在某些情況下將所有過濾器內容整合到我們的2 放置解決方案中，以更少的放置位置完成所有這些工作。對於前端。

So we see that integration factor and the Phase 6 opportunity for us has been a very key content driver for us throughout this year.

因此，我們認為整合因素和第六階段的機會一直是我們今年非常關鍵的內容驅動因素。

From Raymond James, Chris Caso.

來自雷蒙德詹姆斯、克里斯卡索。

I guess the first question with regard to gross margins and the impact of utilization.

我想第一個問題是關於毛利率和利用率的影響。

Given what you're expecting in China as well as the high/mid PAD, where do you think you get the utilization exiting this year of the BAW facilities, and what impact does that have in the gross margins?

考慮到您對中國以及高中/PAD 的預期，您認為今年 BAW 設施的使用率如何？這對毛利率有何影響？

Are you talking this calendar year, Chris, or are you talking fiscal year?

克里斯，你是在談論本日曆年，還是在談論財政年度？

For the calendar year.

對於日曆年。

Yes, so we're not going to give specific guidance on gross margin that far out.

是的，所以我們不會就那麼遠的毛利率給出具體指引。

I'll make a few comments on gross margin.

我將對毛利率發表一些評論。

This will certainly help the Richardson fab, in particular, but -- I'll get to that in a moment.

這肯定會對理查森晶圓廠有幫助，尤其是，但是——我稍後會談到這一點。

But our December quarter, we were up again 50 basis points.

但我們 12 月季度再次上漲 50 個基點。

So excluding the hurricane effects in the September quarter, we beat 5 out of our last 5 gross margin guides.

因此，排除 9 月季度的颶風影響，我們超過了過去 5 個毛利率指南中的 5 個。

And if you look at our guides, the 5 previous before 5 ago, we didn't do so well.

如果你看看我們的指南，前 5 個指南，前 5 個指南，我們做得不好。

So we've certainly become more predictable and that's a positive, allowing us to get more productivity, better visibility and so forth.

因此，我們確實變得更加可預測，這是積極的，使我們能夠獲得更高的生產力、更好的可見度等等。

We've also had, obviously, steady progression on gross margin from what was the low in the second quarter of '17 of 42.8% to our current guide which is 48% to 48.5%.

顯然，我們的毛利率也從 17 年第二季的低點 42.8% 穩步上升到我們目前的指導值 48% 至 48.5%。

So we're really back at levels that we were back in fiscal year '16.

所以我們確實回到了 16 財年的水準。

So again, undoubtedly, we're getting better at forecasting and we're clearly getting better on improving the business since we're up 500 basis points from trough to the midpoint of the current guide.

因此，毫無疑問，我們在預測方面做得越來越好，而且我們顯然在改善業務方面也做得越來越好，因為我們從當前指南的低谷到中點上漲了 500 個基點。

All this has been in an environment of weak volume, it's been with a low-margin, low-band PAD, and it's been, candidly, in a company that was still working its way through a transition.

所有這一切都是在銷量疲軟的環境下進行的，是在低利潤、低頻帶 PAD 的情況下進行的，而且坦率地說，這是在一家仍在轉型過程中的公司中進行的。

So if we look where we've been and we think about the progress that we've made, we have great confidence about the gross margin as we look out.

因此，如果我們看看我們一直在哪裡，想想我們所取得的進步，我們對我們的毛利率充滿信心。

Fabs are running exceptionally well, we've got capacity available that we're going to fill.

晶圓廠運作得非常好，我們有足夠的產能來填補。

The fabs are competitive and ready for business.

這些晶圓廠具有競爭力並已準備好開展業務。

The technology investments we've made are allowing us to move into markets that are most attractive, and we're securing wins now.

我們所做的技術投資使我們能夠進入最具吸引力的市場，我們現在正在確保勝利。

And then you've got a management team that's absolutely focused on gross margin and free cash flow and exhibiting the right behaviors.

然後你就有了一個完全專注於毛利率和自由現金流並表現出正確行為的管理團隊。

So the market, of course, Chris, is going to dictate at the end short-term utilization of the fabs, but we do expect to, at least in a quarter, touch 50% in fiscal year '19.

因此，克里斯，當然，市場最終將決定晶圓廠的短期利用率，但我們確實預計，至少在一個季度內，19 財年的利用率將達到 50%。

That's certainly what we're working through as we're building our plan now, and I'm confident that we'll certainly be above 49% for the year average.

這當然是我們現在製定計劃時正在努力解決的問題，我相信我們的年平均成長率肯定會高於 49%。

And that contemplates Richardson, our largest fab, moving up over 80% utilization in the next 6 months, as well as increased utilization in GaAs, as I mentioned in my comments, and over 80% utilization in our back-end operations.

正如我在評論中提到的，我們最大的晶圓廠理查森(Richardson) 的利用率將在未來6 個月內提高80% 以上，並且GaAs 的利用率也會提高，而我們的後端業務的利用率也會提高80% 以上。

The -- yes, the one headwind is what I mentioned during my prepared remarks about our SAW utilization going down.

是的，一個阻力就是我在準備好的關於我們的 SAW 使用率下降的評論中提到的。

But on average, fab utilization should be a positive effect going into '19.

但平均而言，晶圓廠利用率應該會對 19 年產生正面影響。

Okay.

好的。

That's very helpful.

這非常有幫助。

My follow-up question was actually going to be on SAW.

我的後續問題其實是關於 SAW 的。

And if, perhaps, you could clarify some of those comments.

也許您可以澄清其中一些評論。

I mean, it sounds like that with the success in BAW, there would be a less emphasis in SAW, and that's understandable given the margin structure there.

我的意思是，聽起來隨著 BAW 的成功，SAW 的重要性將會減弱，考慮到那裡的利潤結構，這是可以理解的。

But as we get into the second half of the calendar year, should we expect SAW to actually to be down year-on-year, where would be some shift from SAW to BAW because of some of these design engagements?

但當我們進入日曆年下半年時，我們是否應該預期 SAW 實際上會同比下降？由於其中一些設計活動，從 SAW 到 BAW 的轉變會在哪裡？

Or is that just sort of less emphasis from a design win perspective going forward?

或者說，從未來設計獲勝的角度來看，這只是不太強調？

Yes, our current projection would indicate SAW will be down year-over-year in the second half.

是的，我們目前的預測顯示 SAW 將在下半年年減。

We're investing in a lot of key technologies in SAW, which will help enable many different products that are coming, but the majority of those products that we're going to focus going forward on products that combine BAW with SAW to really make unique product offerings and leverage that asset further.

我們正在投資 SAW 的許多關鍵技術，這將有助於實現即將推出的許多不同產品，但我們將專注於將 BAW 與 SAW 結合的大多數產品，以真正打造獨特的產品產品供應並進一步利用該資產。

From Longbow Research, Mike Burton.

來自長弓研究中心，麥克伯頓。

First, I guess maybe for Eric.

首先，我想也許是為了艾瑞克。

Can you talk about the China market and maybe inventory levels?

您能談談中國市場以及庫存水準嗎？

At the end of 2017, you guys had been a relative gainer as you got back on track at Huawei.

2017年底，你們在華為重回正軌，是相對的贏家。

What percent of sales were the China OEMs and how do you expect that to trend in Q1?

中國原始設備製造商佔銷售額的百分比是多少？您預期第一季的趨勢如何？

Obviously down, but we saw MediaTek this guiding for shipments down about 30%.

明顯下降，但我們看到聯發科的出貨量下降了約 30%。

I'm wondering if you kind of subscribe to that sort of -- that level.

我想知道你是否會訂閱那種級別的內容。

Yes, so we're doing our best to maintain tight control of the channel inventories, and so we're following the volumes as they come.

是的，所以我們正在盡最大努力保持對渠道庫存的嚴格控制，因此我們會追蹤數量的變化。

You see that in our guide essentially.

您基本上可以在我們的指南中看到這一點。

To answer your question specifically, in the December quarter, the China guys were roughly 20% of our revenue, and that's of course, lower than historically.

具體回答你的問題，在 12 月這個季度，中國業務約占我們收入的 20%，這當然低於歷史水準。

And looking into March, it's -- we're consistent with our guide.

展望三月，我們與我們的指南保持一致。

We're following the directions and taking our judgment to the current plans and trying to make sure that first and foremost, we keep the channel tight so that whenever the end market recovers, we'll see that demand immediately.

我們正在遵循指示並對當前計劃做出判斷，並努力確保首先保持通路緊張，以便每當終端市場復甦時，我們都會立即看到需求。

Okay, and then maybe a 2-parter for Mark.

好吧，然後馬克可能會拍兩部曲。

Just the low-band PAD trajectory, obviously, you've talked about it being down in Q1.

顯然，只是低頻段 PAD 軌跡，您已經談到它在第一季下降。

And we've spoken in the past about being able to migrate to a -- you're going to migrate to a new low-band PAD with in-source filters.

我們過去談到能夠遷移到—您將遷移到具有源內濾波器的新低頻段 PAD。

When is the timing of that migration?

遷移的時間是​​什麼時候？

And can you help us size kind of the margin impact for that?

您能幫我們估算一下這對利潤率的影響嗎？

And then also, the second part is just the shape of CapEx and OpEx going forward.

另外，第二部分是未來資本支出和營運支出的形狀。

I'm just curious if that's -- if you can help us understand that relative to the high-band PAD win and also the potential for a new customer next year.

我只是好奇您能否幫助我們了解與高頻段 PAD 的勝利以及明年新客戶的潛力相關的情況。

Yes, on low-band PAD, I think all I'll say on that is that we've continued to make improvements to the product.

是的，在低頻段 PAD 上，我想我只想說的是，我們一直在對產品進行改進。

They have been some changes in the filters, [slight] filters required by the customer and that helped a bit.

他們對過濾器進行了一些更改，客戶要求的[輕微]過濾器，這有所幫助。

But mostly it's just improved manufacturing efficiencies and improvements in that product over time.

但大多數情況下，它只是隨著時間的推移提高了製造效率和改進了該產品。

Yes, the -- it's still a net drag on the business.

是的，這仍然是對業務的淨拖累。

So as it sort of tails off in the portfolio, there's a positive mix effect associated with that and that helps us in the margin going forward.

因此，當它在投資組合中逐漸減少時，就會產生正面的混合效應，這有助於我們未來的利潤率。

As far as the outlook on CapEx, we are making great strides in becoming less capital intensive.

就資本支出的前景而言，我們在降低資本密集度方面正在取得長足進步。

We are doing everything we can to leverage the foundry network where we can, and then where we have unique device requirements that require our own production, we're being very thoughtful about what we add and, of course, driving all the productivity programs you've heard before.

我們正在盡一切努力利用代工網絡，如果我們有獨特的設備要求，需要我們自己生產，我們會非常考慮我們添加的內容，當然，也會推動您的所有生產力計劃以前聽說過。

And that's helped us achieve this lower CapEx profile that we see going forward.

這幫助我們實現了未來較低的資本支出。

This year, we'll be below 10% of sales CapEx.

今年，我們的資本支出將低於銷售額的 10%。

Next year, we think we'll probably be below 8% of sales on CapEx.

明年，我們認為資本支出可能會低於銷售額的 8%。

And one example is we're going to be able to increase our BAW capacity, 70%, from current capacity to fiscal year '20 at only about $80 million of spend.

一個例子是，到 20 財年，我們只需花費約 8,000 萬美元，就能將 BAW 產能從當前產能提高 70%。

So a lot of positive things there on CapEx which, of course, when you combine it with the growth we expect and the margin expansion we see, a very strong free cash flow story.

因此，資本支出方面有很多積極的事情，當然，當你將其與我們預期的成長和我們看到的利潤擴張結合起來時，這是一個非常強勁的自由現金流故事。

Yes, we're -- again, we're in the midst of the planning process, Mike, so I'm not going to give specific dollar guidance on OpEx.

是的，麥克，我們再次處於規劃過程中，所以我不會就營運支出給予具體的美元指引。

But what I will say is, Bob is -- in part, his productivity drive, is really working the organization to become more efficient on OpEx.

但我要說的是，鮑伯在某種程度上，他的生產力驅動力，確實使組織在營運支出方面變得更有效率。

And we've seen great progress this year as evidenced by this quarter actually where we were at 17.9% of sales and really at a $600 million run rate number.

今年我們已經看到了巨大的進步，本季的銷售額實際上達到了 17.9%，運轉率實際上達到了 6 億美元。

Now of course, I'm not forecasting that, but what I will say that in -- we're striving to build a plan that's certainly below 20% of sales on OpEx for fiscal year '19.

當然，我並不是在預測這一點，而是我要說的是——我們正在努力製定一項計劃，該計劃的營運支出肯定低於 19 財年銷售額的 20%。

Next, we'll hear from Quinn Bolton with Needham & Company.

接下來，我們將聽取來自 Needham & Company 的 Quinn Bolton 的演講。

I wanted to ask a question on your comments about SAW utilization dropping in the second half of calendar '18.

我想就您關於 18 年下半年 SAW 利用率下降的評論提出一個問題。

Are we to read into that, that your low-band PAD share is declining?

我們是否應該理解你們的低頻段 PAD 份額正在下降？

I mean, is there a socket change going on, on the low-band PAD side that's behind that lower SAW utilization?

我的意思是，低頻段 PAD 端是否發生了插座變化，導致 SAW 使用率較低？

And then I got a follow-up.

然後我得到了跟進。

Quinn, thanks for the question.

奎因，謝謝你的提問。

I think it's best to say that our utilization is going down.

我認為最好的說法是我們的利用率正在下降。

Yes, there is some percentage in share shifts in the low-band PAD.

是的，低頻段 PAD 的份額發生了一定比例的變化。

I think what is important is that, as Eric's already mentioned and I commented in my script, that we're shifting our resources to what we believe is a more attractive profit pool but in the same time, we still see plenty of opportunities to utilize the technologies that we developed in SAW where we can leverage both BAW and SAW.

我認為重要的是，正如埃里克已經提到的以及我在腳本中評論的那樣，我們正在將資源轉移到我們認為更具吸引力的利潤池，但與此同時，我們仍然看到大量的機會來利用我們在 SAW 中開發的技術，我們可以同時利用 BAW 和 SAW。

So I think that's the best way to answer that.

所以我認為這是回答這個問題的最佳方式。

Great.

偉大的。

And just a question on Samsung.

只是關於三星的問題。

They tend to have a stronger March quarter.

他們的三月季度往往表現強勁。

Obviously, you guys are guiding March down reflecting your largest customer and what you're seeing in China.

顯然，你們正在引導三月的業績下滑，這反映了你們最大的客戶以及你們在中國所看到的情況。

But just wondering if you could give us any sense as you look to the next marquee platform at your largest Korean customer, what do you see in terms of your content in that ramp as we look into March?

但只是想知道，當您展望您最大的韓國客戶的下一個大型平台時，您能否給我們任何啟發？當我們展望 3 月份時，您對該坡道中的內容有何看法？

Yes, this is Eric.

是的，這是埃里克。

I'll address that.

我會解決這個問題。

And actually, I'll talk maybe Huawei at the same time.

事實上，我可能會同時談論華為。

Throughout last year, we had talked about we had gotten a little out of step with Samsung and as well with Huawei.

去年全年，我們一直在談論我們與三星和華為的步調有些不一致。

We began to turn the corner with Huawei in their fall flagship launch.

我們開始與華為一起渡過難關，推出秋季旗艦產品。

I think that's clearly demonstrated now.

我認為現在已經清楚地證明了這一點。

We're also committing to increasing our content from each platform forward with Huawei.

我們也致力於與華為一起增加每個平台的內容。

So we'll have greater content in their spring launch and even greater in next fall beyond that.

因此，我們將在春季推出更多內容，並在明年秋季發布更多內容。

So we've begun the turn with Huawei but we've also been clear that we don't expect that to be the case with Samsung in this launch.

因此，我們已經開始與華為合作，但我們也明確表示，我們預計三星在這次發布中不會出現這種情況。

So the spring cycle for Samsung, we're not expecting any growth in content, not expecting much help there.

因此，對於三星來說，春季週期，我們預計內容不會有任何成長，也不會帶來太多幫助。

However, second half of this year, both in the mass tier and in their second half flagship launch, we do expect to turn the corner and start to see meaningful change in share and particularly, large opportunities for Samsung in their spring next year launch.

然而，今年下半年，無論是在大眾市場還是在下半年旗艦產品的推出中，我們確實預計會出現轉機，並開始看到份額的有意義的變化，特別是三星在明年春季推出的機會。

We did mention we have sampled a second custom multi -- or mid/high-band PAD to another marquee customer as an example.

我們確實提到過，我們已經向另一家大客戶採樣了第二個客製化多頻段或中/高頻段 PAD 作為範例。

And I think James would love to talk about Samsung as well.

我認為詹姆斯也很樂意談論三星。

Yes.

是的。

I want to talk a little bit.

我想談談。

Samsung is becoming a very strong customer for IDP and we mentioned in the press release how we've had a great design win with the remote controls.

三星正在成為 IDP 的強大客戶，我們在新聞稿中提到我們如何在遙控器方面取得了巨大的設計勝利。

That's really with our ZigBee SoC.

我們的 ZigBee SoC 確實如此。

So great win for that organization.

該組織取得瞭如此巨大的勝利。

And on top of that, we're also starting to do very well with their infrastructure business.

最重要的是，我們的基礎設施業務也開始做得很好。

So you're seeing us supply into things like their demonstrations that are going to go in the Olympics next month and also into other 5G trials.

因此，您會看到我們為他們的演示以及其他 5G 試驗提供了支持，這些演示將在下個月的奧運會上進行。

Moving on, we'll hear from Edward Snyder with Charter Equity Research.

接下來，我們將聽到來自 Charter Equity Research 的 Edward Snyder 的演講。

Mark, outlook, if I could touch on real quick.

馬克，展望一下，如果我能很快講到的話。

How should we be thinking about the margin improvement when it comes to your low-band PAD over the -- new one over the old one?

當談到低頻段 PAD 相對於舊 PAD 的新產品時，我們應該如何考慮利潤率的改善？

Are you talking hundreds or thousands of bps?

你說的是幾百還是幾千bps？

Or has there even a new one on the horizon in terms of production?

或是在生產方面即將出現新的產品？

Or is most of the benefit been coming from tailing off of the old one?

或者說大部分的好處都來自於淘汰舊的？

And then Eric, you mentioned, you called out ET a couple of times as an area of growth this year.

然後埃里克，你提到，你多次稱 ET 作為今年的成長領域。

Is that just more OEMs adopting ET or spreading it to more form lines or are you starting to see or expecting to see some demand for more ET for uplink carrier aggregation in production this year?

這只是更多的 OEM 廠商採用 ET 或將其擴展到更多的生產線，還是您開始看到或預計今年生產中對更多 ET 用於上行鏈路載波聚合的需求？

And if I could, maybe, James, 802.11ax appears to have some fits and starts in the handset side of the business.

如果可以的話，James，802.11ax 似乎在手機業務方面出現了一些斷斷續續的情況。

On your side, are you seeing this coming in size in the next year or so?

就您而言，您是否認為這種情況在明年左右會變得更大？

Or is it just beginning?

或者一切才剛開始？

Where do you stand on the ax ramp?

你站在斧頭坡道的哪裡？

James?

詹姆士？

Yes.

是的。

I'm going to let James go first.

我要先讓詹姆斯走。

Yes, let me go first on ax.

是的，讓我先用斧頭。

So we are seeing that ramp, I believe, this year.

所以我相信今年我們會看到這種成長。

We are -- already have products that are going out now.

我們已經有產品即將上市。

Standard is not released but the products that are in development to support that standard are in development now.

標準尚未發布，但支援該標準的產品正在開發中。

A lot of the products that we released last year were in support of sort of the evolution towards that.

我們去年發布的許多產品都支持朝著這個方向發展。

So we're doing very well in ac today and we think we're positioned very well for the ax ramp that's going to happen during this calendar year.

因此，我們今天在交流方面做得很好，我們認為我們已經為今年將要發生的斧頭坡道做好了準備。

Eric?

艾瑞克？

Yes, and regarding envelope tracking.

是的，還有關於信封追蹤。

The market there continues to be very exciting.

那裡的市場仍然非常令人興奮。

It's enabling many things, not just lower current consumption, but also higher output power in many markets as we talked about.

正如我們所討論的，它可以實現很多功能，不僅可以降低電流消耗，還可以在許多市場中提高輸出功率。

As you can imagine, content increasing due to performance improvements, also, the dual uplink, when we get to that point, will require additional envelope tracking content.

正如您可以想像的那樣，由於效能改進而增加的內容以及雙上行鏈路，當我們達到這一點時，將需要額外的包絡追蹤內容。

So we are seeing content increases with the OEMs and base band partners we're working with now.

因此，我們看到與我們合作的原始設備製造商和基帶合作夥伴的內容增加。

But in addition to that, we are engaging quite meaningfully with the new base band partner as well, which will add potential revenues this calendar year.

但除此之外，我們也與新的基帶合作夥伴進行了非常有意義的合作，這將增加今年的潛在收入。

Yes, Ed, it's Mark.

是的，埃德，是馬克。

On the low-band PAD, between versions we have now, there is between 5 and 10 points margin difference.

在低頻段 PAD 上，我們現在的版本之間有 5 到 10 點的裕度差異。

But as we've said, even the improved one is still well below the mobile average margin.

但正如我們所說，即使經過改進，仍遠低於移動平均利潤率。

And these low-band PADs are going to become a less important part of the portfolio going forward.

未來這些低頻段 PAD 將成為產品組合中較不重要的部分。

I think we're going to be, as Eric said, we have a very capable SAW design team, outstanding technology, we've proven our ability to compete in the most difficult low-band PAD placements and ramp at the highest volumes with the most difficult customers.

我認為，正如艾瑞克所說，我們擁有一支非常有能力的SAW 設計團隊、出色的技術，我們已經證明了我們有能力在最困難的低頻段PAD 佈局中競爭，並以最高的產量提升產量。最難對付的顧客。

So it's not a case of not being able to do it, it's a case of where do we want to spend our time.

所以這不是做不到的問題，而是我們想把時間花在哪裡的問題。

And it's really about, for us, with this confirmation of this -- our technology on BAW as it relates to the mid-high-band, really focusing resources there.

對我們來說，這確實是關於我們在 BAW 上的技術的確認，因為它與中高頻段相關，真正將資源集中在那裡。

And I think it's important to note that our revenue mix, over time, is pretty dramatic and it's helping us drive our margins as we look out.

我認為值得注意的是，隨著時間的推移，我們的收入組合非常引人注目，並且它有助於我們在展望時提高利潤。

So -- and this year will be less than 25% of mobile's portfolio will be BAW-related revenue.

因此，今年行動產品組合中與 BAW 相關的收入將佔不到 25%。

Next year, fiscal year '19, we view that being over 30%.

明年，也就是 19 財年，我們認為這一比例將超過 30%。

In fiscal year '20, it's over 40%.

在20財年，這一比例超過了40%。

And in fiscal year '21, it's nearly half the mobile business is around BAW-related opportunities.

在 21 財年，近一半的行動業務都是與 BAW 相關的機會。

Some of which will require the SAW filter content as well.

其中一些還需要 SAW 濾波器內容。

So I think that's the story today is aggressive portfolio management in mobile.

所以我認為今天的故事是行動領域的積極投資組合管理。

Okay.

好的。

If I could follow up, I'm a little confused, though, Mark.

如果我能跟進的話，我有點困惑，馬克。

Because the SAW comes out of Florida, and that's not a BAW fab, you're set up for TC-SAW there.

因為 SAW 來自佛羅裡達州，而且那不是 BAW 工廠，所以您在那裡為 TC-SAW 做好了準備。

You started the SAW fab in North Carolina and all your BAW comes out of Richardson and then you've got Farmers Branch as a backup.

你在北卡羅來納州建立了 SAW 工廠，所有的 BAW 都來自理查森，然後你有法默斯布蘭奇作為後備。

So I know we've been talking about it as kind of an either/or, but -- so are you saying you're putting BAW capacity into Florida?

所以我知道我們一直在以非此即彼的方式討論它，但是 - 那麼你是說你正在將 BAW 產能投入佛羅裡達州？

And what does that mean for Farmers Branch then because you haven't really started production there?

那麼這對法默斯布蘭奇意味著什麼，因為你們還沒有真正開始在那裡生產？

And then...

進而...

No, no, Ed, just to be clear, and I've tried to make clear in the comments.

不，不，艾德，只是為了說清楚，我已經盡力在評論中說清楚了。

We will have -- our utilization in our SAW capacity will go down and it will be a headwind in fiscal year '19.

我們的 SAW 產能利用率將會下降，這將成為 19 財年的不利因素。

That is what we're currently planning.

這就是我們目前正在計劃的。

And we are -- we will plan to fill the capacity that we have over time with more selective BAW-based -- or SAW opportunities.

我們將計劃隨著時間的推移，透過更有選擇性的基於 BAW 或 SAW 的機會來填補我們擁有的能力。

But to be clear, our BAW production will be in Richardson as well as Farmers Branch in the future.

但需要明確的是，我們的 BAW 生產未來將在理查森和法默斯布蘭奇進行。

And from Piper Jaffray, we'll hear from Harsh Kumar.

我們將聽取 Piper Jaffray 的發言，以及 Harsh Kumar 的發言。

A quick question.

一個簡單的問題。

Bob, if I go back to the December quarter, could you give us a sense of magnitude of -- or sorry, the March guide, could you give us a sense of magnitude between your largest customer and the ramp and all the public stuff there that's been talked about, and China, what were the factors?

鮑勃，如果我回到 12 月份的季度，您能否讓我們了解一下您最大的客戶、坡道以及那裡的所有公共物品之間的規模？剛才講到了，中國的因素是什麼？

And then second question as my follow up was the SUPER PAD or the mid/high PAD that you're talking about, is this additional TAM because there's some confusion about whether it's brand-new content or it replaces some other things.

然後我跟進的第二個問題是你所說的超級 PAD 或中/高 PAD，這是額外的 TAM，因為對於它是全新內容還是取代其他一些東西存在一些困惑。

Maybe you could just explain or shed some color on it.

也許你可以解釋一下或解釋一下。

And if you can, maybe ASP, if possible.

如果可以的話，或許可以選擇 ASP。

Harsh, I want to make sure I understood your first question.

嚴格地說，我想確保我理解你的第一個問題。

In our March guide, you're saying not December results, yes?

在我們的三月指南中，您是說不是 12 月的結果，是嗎？

Yes, I think it's safe to say that it's our largest customer along with China.

是的，我認為可以肯定地說，它與中國一樣是我們最大的客戶。

There's been a lot of things in the press, as you've already reported, out there.

正如您已經報導的那樣，媒體上有很多事情。

I think what we wanted to make sure is you understood how much it impacted us, since many of our customers haven't reported, I think it's best we not get into a lot of details.

我認為我們想要確保的是您了解它對我們的影響有多大，因為我們的許多客戶還沒有報告，我認為我們最好不要透露太多細節。

But it's primarily our largest customer and China is why we're guiding down in March.

但這主要是我們最大的客戶，而中國是我們三月下調預期的原因。

IDP is flat to up slightly in the single digits.

IDP 持平或小幅上升個位數。

IDP is continuing to do well just like last quarter.

IDP 與上季一樣繼續表現良好。

Eric, do you want to take the TAM question?

Eric，你想回答 TAM 問題嗎？

Yes.

是的。

I'll try, Harsh.

我會努力的，哈什。

Not exactly sure how to answer the question.

不太確定如何回答這個問題。

It's not brand-new TAM for the market, it's a particular function within advanced smartphones that has grown pretty dramatically in terms of capability and content generation over generation and believe it will continue.

它並不是市場上的全新 TAM，而是高級智慧型手機中的一項特殊功能，在功能和內容生成方面已經取得了顯著的進步，並且相信這種趨勢將會持續下去。

We mentioned calling it the integration hub, it's got essentially all the main path mid- and high-band functions within it and we see over time how it can grow and actually take over other mid- and high-band functions, for example, in the diversity path.

我們提到將其稱為整合中心，它基本上包含所有主要路徑中頻和高頻段功能，隨著時間的推移，我們會看到它如何發展並實際上接管其他中頻和高頻段功能，例如，多元化之路。

So it's a great high-value, very high performance sort of heartbeat of the modem.

因此，它是調製解調器的一種高價值、高性能的心跳。

From Bank of America, Vivek Arya.

來自美國銀行的 Vivek Arya。

What is the sustainability, Bob, of maintaining the socket in future years?

鮑勃，未來幾年維護套接字的可持續性是什麼？

Because some of this content was with a different supplier, now it's slipping over to you guys.

因為其中一些內容是由不同的供應商提供的，所以現在它轉移給了你們。

What were the factors behind the win?

獲勝的背後因素是什麼？

And then importantly, what is the visibility in maintaining this content as you go out in time?

然後重要的是，當您及時出去時，維護這些內容的可見性如何？

Vivek, let me first say it's nice that we're able to demonstrate the capabilities.

Vivek，首先讓我說，很高興我們能夠展示這些功能。

Second, as you all know, not all phones are created equally and utilize the same architectures.

其次，眾所周知，並非所有手機都是平等創建的並採用相同的架構。

So I want to take a little bit issue with you on that.

所以我想就此問題向您提出一些問題。

What I can say is, yes, we're working on future generations and more importantly, we're also working on these opportunities at other customers.

我能說的是，是的，我們正在為子孫後代努力，更重要的是，我們也在為其他客戶提供這些機會。

So I do believe we are at the beginning of the growth here.

所以我確實相信我們正處於成長的開始階段。

I think as we said all along, when it was just a single BAW filter or a few BAW filters in a module, we were able to compete.

我認為正如我們一直以來所說的，當模組中只有一個 BAW 濾波器或幾個 BAW 濾波器時，我們就能夠競爭。

When things got to higher-order multiplexing, yes, we were behind, and we talked over the last several quarters about how we had to first improve the resonator improvement -- performance, then work on how we can design multiplexers and then how we can put multiple multiplexers in a module along with PAs and switches, what have you.

當事情發展到高階多路復用時，是的，我們落後了，在過去的幾個季度裡，我們一直在討論如何必須先改進諧振器的性能，然後研究如何設計多路復用器，然後如何設計多路復用器。將多個多路復用器與 PA 和開關一起放入一個模組中，等等。

I think what's important is we now have demonstrated that capability, we're in the game and it's our belief that we are going to be able to continue for multiple generations and more importantly, in multiple customers.

我認為重要的是我們現在已經證明了這種能力，我們參與了遊戲，我們相信我們將能夠持續多代，更重要的是，在多個客戶中。

Got it.

知道了。

Very helpful, Bob.

非常有幫助，鮑伯。

And as my follow-up, if we look back at the low-band PAD example, there were some initial growing pains from manufacturing in a gross margin perspective.

作為我的後續行動，如果我們回顧一下低頻段 PAD 的例子，從毛利率的角度來看，製造過程中存在一些最初的成長煩惱。

Obviously, this is a very different product.

顯然，這是一個非常不同的產品。

But I'm just curious to know, what's your level of confidence in yield and margins?

但我只是想知道，您對收益率和利潤率的信心程度如何？

As I imagine, this is a significantly more complex product than low-band PAD?

正如我想像的那樣，這是一個比低頻段 PAD 複雜得多的產品？

Yes, fair point.

是的，公平點。

I mean, it is a very complex product.

我的意思是，這是一個非常複雜的產品。

However, the process itself has been pretty well wrung out, as you can imagine.

然而，正如你可以想像的那樣，這個過程本身已經非常順利了。

We did have a very high volume ramp of high-intensity BAW content product a couple of years ago that went incredibly smoothly and very, very well.

幾年前，我們確實實現了高強度 BAW 內容產品的大量生產，進展非常順利且非常非常好。

So far, our 8-inch wafers in BAW are yielding at least as good as the 6-inch ones were.

到目前為止，我們 BAW 的 8 吋晶圓產量至少與 6 吋晶圓一樣好。

The entire manufacturing line seems to be running very well.

整條生產線看起來運作良好。

We're already running quite high-volume samples of the product to prove out manufacturing variances like printed quality issues and so forth.

我們已經運行了大量的產品樣品，以證明印刷品質問題等製造差異。

So -- and we're doing everything we can to assure a smooth ramp.

因此，我們正在盡一切努力確保順利進行。

There's no reason to believe it won't go very well.

沒有理由相信事情不會進展順利。

Next, we'll hear from Craig Hettenbach with Morgan Stanley.

接下來，我們將聽取摩根士丹利 Craig Hettenbach 的演講。

Just following up on the comments of Huawei in the fall in terms of regaining some momentum.

只是跟進華為秋季的言論，以恢復一些勢頭。

Any thoughts as you kind of transition into the spring in terms of do you see carry-through there or how you're thinking about Huawei for 2018?

當您進入春季時，您有什麼想法嗎？您是否看到了那裡的延續，或者您如何看待華為的 2018 年？

Yes, as I mentioned earlier that we turned the corner on the fall 2017 flagship.

是的，正如我之前提到的，我們的 2017 年秋季旗艦產品已經迎來轉機。

We have clear visibility into increasing content on the spring flagship launch and we're very excited about the engagement so far for the next fall flagship launch where we believe we have the capability of significant share gains there as well.

我們清楚地看到春季旗艦產品發布中增加的內容，並且我們對迄今為止明年秋季旗艦產品發布的參與度感到非常興奮，我們相信我們也有能力在那裡獲得顯著的份額增長。

Got it.

知道了。

And then just a follow-up on the SUPER PAD, just given the confidence in terms of the ramp in the second half, is there any way for you to gauge in terms of relative spread of that business for you versus what's available or any other context in terms of how you view the opportunity into the back half?

然後是 SUPER PAD 的後續行動，鑑於對下半年成長的信心，您是否有任何方法可以衡量該業務相對於可用業務或任何其他業務的相對分佈情況您如何看待後半場的機會？

It's a great opportunity.

這是一個很好的機會。

It's -- not many people are able to pull off this level of sophistication and this level of performance and be able to manufacture it in high volume and high yields.

沒有多少人能夠實現這種水平的複雜性和這種水平的性能，並且能夠大批量和高產量地製造它。

I think we're seeing a lot of customer pull for this type of product now that we've demonstrated performance ability.

我認為，既然我們已經展現了性能能力，我們就會看到許多客戶對此類產品的青睞。

And going forward, I think, just to add to what Bob said earlier, we see a lot of reasons and ways for us to differentiate the capability as power levels go up.

展望未來，我認為，補充一下鮑伯之前所說的，隨著功率等級的提高，我們看到了許多理由和方法來區分能力。

We have a lot of power-handling capability in our filter technology and so, we're well aligned, I think, with the future architectures.

我們的濾波器技術具有大量的功率處理能力，因此，我認為我們與未來的架構非常一致。

Got it.

知道了。

And then I'm sorry, if I could just slip one more in, in terms of sometimes you'll give the percentage of customers.

然後我很抱歉，如果我可以再插入一個，有時您會給出客戶的百分比。

So for the December quarter, what your largest customer was, and any other 10%?

那麼，對於 12 月這個季度，您最大的客戶是什麼，還有其他 10% 的客戶嗎？

There's one 10% customer, Craig.

有一位 10% 的顧客，克雷格。

And next question will come from Toshiya Hari with Goldman Sachs.

下一個問題將由高盛的 Toshiya Hari 提出。

You guys talked about design wins in IDP being up 40% year-over-year in the quarter.

你們談到本季 IDP 的設計勝利年增 40%。

Can you maybe provide some color there?

你能在那裡提供一些顏色嗎？

If you could point to 1 or 2 or 3 key contributors there from an end market or end product perspective, that would be helpful.

如果您可以從最終市場或最終產品的角度指出 1、2 或 3 個關鍵貢獻者，那將會很有幫助。

And I have a follow-up.

我有一個後續行動。

Okay, thanks.

好的謝謝。

So as you said, really strong design win again this quarter, 40% year-over-year.

正如您所說，真正強大的設計在本季度再次獲勝，同比增長 40%。

And really, the same story as our revenue growth, led by defense and IoT, strong design wins, combined with the funnel, really gives us pretty bullish outlook for the business for future growth.

事實上，與我們的收入成長相同的是，在國防和物聯網的引領下，強大的設計勝利，再加上漏斗，確實讓我們對未來成長的業務前景非常樂觀。

A couple of specific examples are things that we talked about in the press release.

我們在新聞稿中討論了一些具體的例子。

You saw our design win with Samsung on TVs, and so that's a nice future growth prospect for our low-power wireless business.

您看到我們的設計在電視上贏得了三星的青睞，因此這對我們的低功耗無線業務來說是一個美好的未來成長前景。

And then we've also had a string of nice design wins inside the WiFi business, as well.

我們也在 WiFi 業務領域取得了一系列出色的設計勝利。

Great.

偉大的。

And then the second one is for Mark.

第二個是給馬克的。

Clearly, you guys are doing a great job in improving free cash flow here and going forward.

顯然，你們在改善自由現金流方面做得很好，並繼續前進。

How should we think about capital allocation over the next couple of years in terms of how you guys prioritize investments versus capital return and perhaps M&A?

我們應該如何考慮未來幾年的資本配置，以及你們如何優先考慮投資與資本回報以及併購？

Yes, you're right.

你是對的。

As I mentioned, in the December quarter, the guide in March and then the outlook for '18, the -- free cash flow generation has been very strong and we expect it to continue.

正如我所提到的，在 12 月的季度、3 月的指南以及 18 年的展望中，自由現金流的產生一直非常強勁，我們預計這種情況將持續下去。

We've been clear that we intend to maintain a 1.5x debt-to-EBITDA ratio, so we're currently fine there.

我們已經明確表示，我們打算維持 1.5 倍的債務與 EBITDA 比率，因此我們目前情況良好。

We're actually under that.

我們其實就在這個之下。

So no need to pay down debt.

所以不需要還債。

Possibly, take out the '23 notes in this calendar year for some lower cost financing but other than that, we'd like to sustain those levels of leverage.

今年可能會發行 23 期票據以獲得一些成本較低的融資，但除此之外，我們希望維持這些槓桿水準。

So with that and with the greater flexibility on cash with the new tax law, we've got both significant balance sheet flexibility and capacity.

因此，有了新稅法帶來的更大的現金彈性，我們就擁有了顯著的資產負債表彈性和能力。

We've been clear that our first priority is to invest in the business, which we've been doing, and we believe we're going to be a lot less capital-intensive going forward.

我們已經明確表示，我們的首要任務是投資我們一直在做的業務，我們相信未來的資本密集度將會大大降低。

So that frees up even more of this operating cash flow to be -- fall down into free cash flow and then we'll look at M&A activity.

因此，這可以釋放更多的營運現金流，使其成為自由現金流，然後我們將專注於併購活動。

And really excited about what James has done with the IDP business, a lot of growth vectors in that business.

對於詹姆斯在 IDP 業務上所做的事情感到非常興奮，該業務中有很多成長向量。

So certainly keen on bolt-ons that -- are where we're focused, and so always looking at opportunities in James' business to bulk up and diversify Qorvo overall.

因此，我們當然熱衷於補充，這也是我們關注的重點，因此我們始終在 James 的業務中尋找機會，以擴大 Qorvo 的整體規模並使其多元化。

And then to the extent our leverage is okay, and there's no immediate acquisitions, then we will return cash to shareholders.

然後，如果我們的槓桿率還可以，並且沒有立即收購，那麼我們將向股東返還現金。

From Citigroup, Atif Malik.

來自花旗集團的 Atif Malik。

If I look at the American smartphone makers, the number of models or SKUs they're putting out are doubling this year from our checks for models versus to last year's.

如果我看看美國智慧型手機製造商，根據我們對型號的檢查，他們今年推出的型號或 SKU 數量比去年翻了一番。

So when I look at your content being up over last year, this year, how should we think about the unit impact that there are more models and from the volume diversification?

因此，當我看到你們的內容比去年、今年有所增加時，我們應該如何考慮更多型號和數量多樣化帶來的單位影響？

And maybe you can help out just providing kind of top line growth expectations for this year.

也許您可以幫忙提供今年的營收成長預期。

And then I have a follow-up.

然後我有一個後續行動。

I'm really sorry, but any future predictions at our largest customer, architectures, number of phones, et cetera, I'm sorry, we're going to stay away from that.

我真的很抱歉，但對於我們最大的客戶、架構、手機數量等的任何未來預測，我很抱歉，我們將遠離這些。

I'm sorry, we can't help you with that.

抱歉，我們無法幫助您。

Maybe you should ask them tomorrow.

也許你明天應該問他們。

Sure.

當然。

Just to RF top line growth, the market grows 10% to 15%.

僅就 RF 收入成長而言，市場就成長了 10% 至 15%。

Are you expecting your top line to outperform?

您是否期望您的營收能夠跑贏大盤？

Yes.

是的。

So we're still looking at the long-term RF market as a 10% to 15% opportunity in mobile due to all the drivers that we've spoken about many times, really driven by the demand for mobile data.

因此，我們仍然將長期射頻市場視為行動領域 10% 到 15% 的機會，因為我們多次談到的所有驅動因素實際上都是由行動數據需求所驅動的。

So we're thinking this calendar year, obviously, off to a bit of a slow start, might be closer to the low end of that in terms of total market.

因此，我們認為，顯然，今年的開局有點緩慢，就總市場而言，可能更接近該年的低端。

And in terms of our own growth, we're committed to growing at or ahead of our market while expanding gross margin and really focusing on cash flow as we go.

就我們自身的成長而言，我們致力於在市場成長或領先市場的同時擴大毛利率，並真正關注現金流。

Great.

偉大的。

And then a follow-up...

然後是後續...

I just want to jump in for IDP.

我只是想加入 IDP。

So we'll have another 20% growth year as we close out FY '18 with strength in IoT and defense and GaN.

因此，隨著我們在 2018 財年結束時憑藉物聯網、國防和 GaN 領域的實力，我們將迎來另一個 20% 的成長年。

We're going to stay focused on our high-growth markets.

我們將繼續專注於我們的高成長市場。

We modeled those underlying markets to grow at an average of 10% to 15% as well.

我們對這些基礎市場進行了建模，使其平均成長率為 10% 到 15%。

And I expect that we'll grow at or greater than those growth rates.

我預計我們的成長速度將達到或超過這些成長率。

Great.

偉大的。

And then a follow-up.

然後是後續行動。

I mean, Qualcomm has announced a memorandum of understanding with major Chinese smartphone manufacturers, Lenovo, Oppo and Vivo, on the RF front end.

我的意思是，高通已經宣布與中國主要智慧型手機製造商聯想、Oppo 和 Vivo 就射頻前端簽署了一份諒解備忘錄。

Can you just talk about the impact of this on your China opportunity?

您能談談這對您在中國的機會有何影響嗎？

Yes, we don't see any obvious impacts.

是的，我們沒有看到任何明顯的影響。

Certainly, nothing immediate.

當然，沒有什麼是立竿見影的。

And obviously, Qualcomm's already a supplier into that market with various filters and ET and so forth.

顯然，高通已經成為該市場的供應商，提供各種濾波器和 ET 等。

So I think we understand the motivation for the announcement.

所以我認為我們理解這項聲明的動機。

We don't think it necessarily has any implications on us.

我們認為這不一定對我們有任何影響。

And next, we'll hear from Blayne Curtis with Barclays.

接下來，我們將聽取巴克萊銀行 Blayne Curtis 的演講。

Just want to ask you on this mid/high-band PAD.

只是想問一下你這個中/高頻段PAD的情況。

Just if you could just walk us through when this got determined.

如果事情確定後你能引導我們完成就好了。

And then just trying to gauge your visibility, you gave a very specific free cash flow number.

然後，為了衡量您的可見性，您給出了一個非常具體的自由現金流數字。

Just if you can think about any sensitivities to that.

只要你能考慮一下對此的任何敏感性。

Obviously, in other generations, [mixes mattered] and such, kind of just any indications of what your visibility is and what the put factors could be in terms of what that win could be.

顯然，在其他世代，[混合很重要]等等，只是任何關於你的可見性的跡象，以及就獲勝可能是什麼而言，看跌因素可能是什麼。

Yes, I don't think we can really give any more detail around the mid/high-band PAD other than to say we're progressing forward.

是的，除了說我們正在取得進展之外，我認為我們無法真正提供有關中/高頻段 PAD 的更多細節。

It's on track.

一切步入正軌。

The team has done just a fantastic job developing an incredibly competitive product and yes, we can't really get into any more detail.

團隊在開發極具競爭力的產品方面做得非常出色，是的，我們無法真正了解更多細節。

Okay.

好的。

And then just wanted to go back to gross margin and BAW utilization.

然後只想回到毛利率和 BAW 利用率。

It's a nice result to see gross margin up a little with the top line coming down.

毛利率略有上升而營收下降，這是一個不錯的結果。

Are you starting to build filters ahead of this win for the second half?

您是否開始在下半場獲勝之前建立過濾器？

No, Blayne, we're not.

不，布萊恩，我們不是。

We will be soon, but not now.

我們很快就會實現，但不是現在。

And that does conclude today's question-and-answer session.

今天的問答環節到此結束。

I would now like to turn the conference over to management for any additional or closing remarks.

我現在想將會議轉交給管理層，以發表任何補充或結束語。

I want to thank everyone for attending tonight's call.

我要感謝大家參加今晚的電話會議。

We look forward to meeting many of you at upcoming conferences, and we ask that you save the date of May 23 for our 2018 Investor Day.

我們期待在即將舉行的會議上與大家見面，並請您將 5 月 23 日作為我們的 2018 年投資者日。

Thanks again, and good night.

再次感謝，晚安。

Ladies and gentlemen, that does conclude today's presentation.

女士們、先生們，今天的演講到此結束。

We do thank everyone for your participation, and you may now disconnect.

我們非常感謝大家的參與，您現在可以斷開連線。