科沃 (QRVO) 2018 Q4 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. Fourth Quarter 2018 Conference Call. Today's conference is being recorded.

美好的一天，歡迎來到 Qorvo, Inc.。2018 年第四季電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Doug DeLieto, Vice President of Investor Relations. Sir, please go ahead.

現在，我想把會議交給投資者關係副總裁Doug DeLieto先生主持。先生，請繼續。

Thanks very much, Chelsea. Hello, everybody, and welcome to Qorvo's Fourth Quarter Fiscal 2018 Earnings Conference Call.

非常感謝，切爾西。大家好，歡迎參加 Qorvo 2018 財年第四季財報電話會議。

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

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。我們鼓勵您查看今天發布的收益報告中包含的安全港聲明，以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的營運和財務業績。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance.

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

During our call, our comments and comparisons to income statements -- statement items will be based primarily on non-GAAP results. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today, available on our website, qorvo.com, under Investors. (Operator Instructions)

在我們的電話會議中，我們對損益表的評論和比較—報表項目將主要基於非公認會計準則的結果。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」部分查看。（操作員說明）

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

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, and welcome, everyone. The Qorvo team delivered a strong March quarter, with revenue and EPS above the midpoint of our range and record quarterly free cash flow of $227 million. The company is continuing to make broad strides operationally with strong commercial traction across products and customers. I am especially pleased with the success we are achieving on BAW-based products, which we expect will lift factory utilization in the September quarter and beyond.

謝謝，道格，歡迎大家。Qorvo 團隊在 3 月季度表現強勁，營收和每股收益高於我們範圍的中點，季度自由現金流達到創紀錄的 2.27 億美元。該公司在營運上繼續取得長足進步，在產品和客戶方面具有強大的商業吸引力。我對我們在基於 BAW 的產品上取得的成功感到特別高興，我們預計這將提高 9 月季度及以後的工廠利用率。

For the 2018 fiscal year, IDP expanded margins and achieved outstanding revenue growth, up over 20%, while Mobile Products expanded margins and built a solid foundation for profitable growth. Looking forward, Qorvo is better positioned today to target and win our market's highest-growth and most complex opportunities, which in turn, will drive us towards our target operating model.

2018財年，IDP擴大了利潤率，實現了出色的收入成長，成長超過20%，而行動產品擴大了利潤率，為獲利成長奠定了堅實的基礎。展望未來，Qorvo 現在處於更有利的位置，能夠瞄準並贏得市場成長最快和最複雜的機會，這反過來又將推動我們實現目標營運模式。

During the March quarter, the handset environment improved in China. We are seeing increased demand in the performance tier for RF Flex and RF Fusion-based solutions as well as for antenna-tuning discrete components and BAW-based multiplexers. Take, for example, our wins in Phase 6 architectures that include Qorvo's SAW and BAW technologies. Our Phase 6 RF Fusion solutions include both mid-high-band and low-band modules, which provide complete front-end coverage in 2 placements. In many cases, we are adding to our Phase 6 design wins with additional high-value content, including our industry-leading envelope tracking and antenna control solutions.

三月季度，中國的手機環境有所改善。我們看到基於 RF Flex 和 RF Fusion 的解決方案以及天線調諧分立元件和基於 BAW 的多工器的性能層的需求不斷增加。以我們在第 6 階段架構中所取得的勝利為例，其中包含 Qorvo 的 SAW 和 BAW 技術。我們的第 6 階段射頻融合解決方案包括中高頻段和低頻段模組，可在 2 個位置提供完整的前端覆蓋。在許多情況下，我們在第 6 階段的設計勝利中添加了額外的高價值內容，包括我們領先業界的包絡追蹤和天線控制解決方案。

Despite constraints in frequency spectrum, mobile operators are mandating improved data throughput and more RF functionality in the same footprint in mobile devices. To meet these demands, customers are requiring more highly integrated architectures with complex, more functionally dense RF content. These factors favor our device technologies, design capabilities and manufacturing scale, which enable us to drive content gains. At Qorvo, we are addressing the most complex customer requirements in the RF segments, which are forecasted to grow the fastest, including ultrahigh-band placements, integrated mid and high-band placements, antenna plexers, antenna tuning and diversity receive modules. We are investing in the highest-growth segments and winning across products and customers.

儘管頻譜受到限制，行動營運商仍要求行動裝置在相同的佔地面積內提高資料吞吐量和更多射頻功能。為了滿足這些需求，客戶需要更高整合度的架構以及複雜、功能更密集的射頻內容。這些因素有利於我們的設備技術、設計能力和製造規模，使我們能夠推動內容效益。在 Qorvo，我們正在滿足 RF 領域最複雜的客戶需求，預計這些需求將成長最快，包括超高頻段佈局、整合中高頻段佈局、天線復用器、天線調諧和分集接收模組。我們正在投資成長最快的細分市場，並在產品和客戶方面贏得勝利。

We're forecasting significant growth in BAW-based products across customers, and our BAW factory utilization looks strong as we move into fiscal 2019. Laying on to this, we will roll out die shrinks and wafer conversions to help manage the need for additional capital expenditures to meet increases in BAW demand. We continue to expect BAW-based products will represent around half of Mobile Products revenue by fiscal year 2021.

我們預測客戶中基於 BAW 的產品將顯著成長，隨著進入 2019 財年，我們的 BAW 工廠利用率看起來將會很強勁。在此基礎上，我們將推出晶片縮小和晶圓轉換，以協助管理額外資本支出的需求，以滿足 BAW 需求的成長。我們仍然預計，到 2021 財年，基於 BAW 的產品將佔行動產品收入的一半左右。

In IDP, March quarterly revenue was another record, up 26% year-over-year to $212 million. We successfully repositioned our product portfolio more than 2 years ago, and we continue to be pleased with the results. IDP competes in diversified growth markets. We partner with the best in the business, and we win with differentiated products and technologies.

IDP 3 月季度營收再創新高，年增 26% 至 2.12 億美元。兩年多前，我們成功地重新定位了我們的產品組合，我們仍然對結果感到滿意。IDP 在多元化成長市場中競爭。我們與業界最優秀的企業合作，並以差異化的產品和技術獲勝。

In defense, year-over-year revenue -- year-over-year growth was led by strength in ongoing production programs and the continued adoption of GaN for high-power applications. In IoT, we continue to advance our Pod in Every Room vision with multiple 2.4 gigahertz, 5 gigahertz and BAW filter design wins with leading meshed WiFi networking system providers. We also achieved record revenue in low-power wireless, led by our production ramp of our multi-protocol SoC for Samsung's remote controls.

在國防領域，營收年增主要得益於持續生產計畫的實力以及在高功率應用中持續採用 GaN。在 IoT 領域，我們與領先的網狀 WiFi 網路系統供應商取得了許多 2.4 GHz、5 GHz 和 BAW 濾波器設計勝利，繼續推進 Pod in Every Room 願景。在三星遙控器的多協議 SoC 的產量增加的帶動下，我們在低功耗無線領域也實現了創紀錄的收入。

In infrastructure, the time line for 5G deployment has accelerated, and Qorvo is in close collaboration with customers by participating in dozens of 5G field trials and demos.

在基礎設施方面，5G 部署的時間已經加快，Qorvo 與客戶密切合作，參與了數十個 5G 現場試驗和演示。

During the quarter, we extended our 5G market leadership by adding the industry's first 28-gigahertz GaN on silicon carbide front-end module for base stations. This follows on the footsteps of the industry's first 39-gigahertz front-end module, which we released last year.

本季度，我們透過添加業界首款用於基地台的 28GHz 碳化矽 GaN 前端模組，擴大了我們在 5G 市場的領先地位。這是繼我們去年發布的業界首款 39GHz 前端模組之後的另一個產品。

We also released the industry's first BAW filter to deliver a quadrupling in power-handling capabilities for 5G massive MIMO front-end modules. 5G is coming across networks and mobile devices, and it's accelerating the requirements for gigabit LTE, which will serve as the backbone for 5G. Gigabit LTE requires best-in-class, highly integrated placements, and Qorvo is targeting the most complex and most valuable solutions, especially those that require BAW-based content.

我們也發表了業界首款 BAW 濾波器，為 5G 大規模 MIMO 前端模組提供四倍的功率處理能力。5G 正在跨越網路和行動設備，並加速了對千兆位元 LTE 的需求，而千兆位元 LTE 將成為 5G 的骨幹網路。千兆位元 LTE 需要一流的高度整合佈局，而 Qorvo 的目標是最複雜和最有價值的解決方案，尤其是那些需要基於 BAW 內容的解決方案。

In both mobile and IDP, Qorvo is addressing our customers' most critical challenge as the complexity of their products continues to increase. This favors superior performance as a differentiator and increases the value of enabling technologies like BAW and GaN. As we continue on our lean journey and become more efficient through operational excellence, we expect to grow the business with greater capital efficiency by shrinking die sizes, expanding wafer diameters and leveraging our foundry relationships.

在行動和 IDP 領域，隨著客戶產品的複雜性不斷增加，Qorvo 正在解決他們面臨的最嚴峻的挑戰。這有利於作為差異化因素的卓越性能，並增加 BAW 和 GaN 等支援技術的價值。隨著我們繼續精益之旅並透過卓越營運提高效率，我們期望透過縮小晶片尺寸、擴大晶圓直徑和利用我們的代工關係，以更高的資本效率來發展業務。

In summary, Qorvo's solutions are enabling customers to achieve higher levels of performance and helping to transform the end-user experience. We're targeting our market's fastest-growing and most profitable opportunities, and we're gaining design wins across our customer base. We are poised to benefit from the strong secular trends in gigabit LTE, 5G, IoT and GaN, and we believe we are well positioned for revenue growth, margin expansion and strong free cash flow in fiscal 2019.

總而言之，Qorvo 的解決方案使客戶能夠實現更高水準的效能，並幫助改變最終使用者體驗。我們的目標是市場成長最快、利潤最高的機會，我們正在贏得整個客戶群的設計勝利。我們準備好從千兆位元 LTE、5G、物聯網和 GaN 的強勁長期趨勢中受益，我們相信我們在 2019 財年的收入成長、利潤率擴張和強勁的自由現金流方面處於有利地位。

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

這樣，我就把電話轉給馬克。

Thanks, Bob, and good afternoon, everyone. Qorvo's revenue for the fourth quarter was at the high end of our guidance range at $664 million. Mobile revenue of $452 million was higher than expected on improving China demand. IDP revenue was $212 million, the eighth consecutive quarter of double-digit year-over-year growth. IDP has a diversified and sustainable platform for long-term growth built on solutions for advanced radars and other electronic warfare defense applications, WiFi and connectivity applications and GaAs and GaN products for wireless infrastructure.

謝謝鮑勃，大家下午好。Qorvo 第四季的營收為 6.64 億美元，處於我們指引範圍的高端。由於中國需求改善，行動收入達 4.52 億美元，高於預期。IDP 營收為 2.12 億美元，連續第八個季度實現兩位數年成長。IDP 擁有多元化、可持續的長期成長平台，該平台基於先進雷達和其他電子戰防禦應用、WiFi 和連接應用以及無線基礎設施的 GaAs 和 GaN 產品的解決方案。

Non-GAAP gross margin for the March quarter was 48%, at the lower end of our guidance range on mix effects across Qorvo and within both business units. Our margin outlook for the full year fiscal 2019 remains positive as we optimize our product portfolio, grow our top line, improve factory utilization and drive additional operational improvements.

3 月季度的非 GAAP 毛利率為 48%，處於我們對 Qorvo 和兩個業務部門混合效應的指導範圍的下限。隨著我們優化產品組合、增加營收、提高工廠利用率並推動進一步的營運改進，我們對 2019 財年全年的利潤率前景仍然樂觀。

Operating expenses were $156 million, up approximately $5 million sequentially on higher development program spending and seasonal payroll effects. Year-over-year, OpEx was down $8 million from ongoing productivity efforts, including our September quarter restructuring activities. As with gross margins, our outlook on OpEx is on track with our long-term model. OpEx will vary within the year on seasonal effects and the timing of development programs, but over time, we expect to continue driving OpEx down as a percent of our revenue.

營運費用為 1.56 億美元，由於開發計畫支出增加和季節性工資效應，較上一季增加約 500 萬美元。與去年同期相比，營運支出因持續的生產力工作（包括我們 9 月季度的重組活動）而減少了 800 萬美元。與毛利率一樣，我們對營運支出的展望與我們的長期模型相符。營運支出在一年內會因季節性影響和開發計畫的時間表而有所不同，但隨著時間的推移，我們預計營運支出佔收入的比例將繼續下降。

Operating income for the quarter was $163 million or 24.5% of sales, up 370 basis points versus last year. Non-GAAP net income in the March quarter was $139 million and non-GAAP diluted earnings per share was $1.07, $0.02 over the midpoint of our guidance and up 26% year-over-year.

該季度營業收入為 1.63 億美元，佔銷售額的 24.5%，比去年增長 370 個基點。3 月季度的非 GAAP 淨利潤為 1.39 億美元，非 GAAP 攤薄每股收益為 1.07 美元，比我們指引的中點高 0.02 美元，較去年同期成長 26%。

March quarter cash flow from operations remained strong at $259 million and CapEx decreased again sequentially at $32 million, which helped drive a second consecutive record free cash flow quarter of $227 million.

3 月季度營運現金流保持強勁，為 2.59 億美元，資本支出再次環比下降，為 3,200 萬美元，這有助於推動自由現金流連續第二個季度創下 2.27 億美元的紀錄。

We are committed to executing a model that delivers stronger and more durable free cash flows, and our full year fiscal 2018 free cash flow of $583 million was a strong start to demonstrating that commitment. We repurchased $51 million of stock in the quarter, and cash at quarter end was $926 million.

我們致力於執行一種能夠提供更強勁、更持久的自由現金流的模型，2018 財年全年自由現金流為 5.83 億美元，這是兌現這一承諾的良好開端。我們在本季回購了 5,100 萬美元的股票，季末現金為 9.26 億美元。

Turning to our outlook. In the first quarter of fiscal 2019, we expect non-GAAP revenue between $645 million and $665 million; gross margin to decline sequentially to approximately 44%, reflecting near-term impacts of product mix and costs associated with low SAW fab utilization; and diluted EPS of $0.75 at the midpoint of our guidance.

轉向我們的展望。2019 財年第一季度，我們預期非 GAAP 營收在 6.45 億至 6.65 億美元之間；毛利率環比下降至約 44%，反映了產品組合和與 SAW 晶圓廠利用率低相關的成本的近期影響；稀釋後每股收益為 0.75 美元，處於我們指引的中點。

On revenue, we expect IDP to post another solid quarter -- quarter of solid year-over-year growth in the June quarter, but decline sequentially due in part to recent U.S. Department of Commerce actions on ZTE. For mobile, we see sequential and year-over-year revenues up slightly in the June quarter and an improving demand environment in China.

在營收方面，我們預計 IDP 將再創一個穩健的季度，即 6 月季度同比穩健增長，但環比下降，部分原因是美國商務部最近對中興通訊採取的行動。對於行動設備，我們預計第二季的環比收入和年比收入均略有成長，而且中國的需求環境正在改善。

On gross margin, we view the June quarter as a transition period and forecast gross margins to return to more normal levels in the September quarter. The projected June quarter gross margin decline of 4 points is driven by 2 principal factors: a weaker overall mix of products, and costs associated with low fab utilization.

在毛利率方面，我們將六月季度視為過渡期，並預測毛利率將在九月季度恢復到更正常的水平。預計 6 月季度毛利率將下降 4 個百分點，這是由兩個主要因素驅動的：整體產品組合較弱，以及與晶圓廠利用率低相關的成本。

Roughly half of the sequential decline in June is associated with an increase of legacy lower-tier and less profitable products in our mix. We expect this to reverse through the year on new product launches and as our mix shifts to higher-margin products in both mobile and IDP.

6 月環比下降的大約一半與我們組合中傳統低端和利潤較低產品的增加有關。我們預計，隨著新產品的推出，以及我們的產品組合轉向行動和 IDP 領域利潤率更高的產品，這種情況將在今年得到扭轉。

The other major drag on margins in the June quarter is costs associated with the underutilization of our SAW capacity. While these costs weigh on margins through the year, with low seasonal revenues, they are particularly impactful in the June quarter. We expect this impact to moderate through the year as revenues increase and our product mix shifts.

六月季度利潤率的另一個主要拖累是與我們的 SAW 產能利用不足相關的成本。雖然這些成本影響了全年的利潤率，而且季節性收入較低，但它們在六月季度的影響尤其大。我們預計，隨著收入的增加和我們產品結構的轉變，這一影響將在今年有所緩解。

Going forward, we will continue to work to minimize the burden of our SAW underutilization while retaining world-class capability to serve our customers. It is worth noting that outside our SAW capacity, our utilization outlook is positive and in line with previous comments.

展望未來，我們將繼續努力最大程度地減少埋弧焊未充分利用的負擔，同時保持世界一流的能力為客戶提供服務。值得注意的是，除了我們的 SAW 產能之外，我們的利用率前景是樂觀的，並且與先前的評論一致。

Despite these nearer-term impacts, we currently forecast second half fiscal 2019 gross margin to be at least 50%, with full year gross margin of approximately 49%. Operating expenses are forecast to increase in the June quarter to approximately $165 million on higher personnel costs, including increased design activity. We expect OpEx to remain slightly elevated in the first half of the fiscal year and trend down in the second half, totaling less than 20% of sales for the full year. We remain on track to achieve the operating margin target we laid out at Investor Day last May of 33% by fiscal year 2020. We expect our June quarter and full year fiscal '19 non-GAAP tax rate to be approximately 10%.

儘管有這些近期影響，我們目前預計 2019 財年下半年毛利率將至少為 50%，全年毛利率約為 49%。由於人員成本增加（包括設計活動的增加），預計第二季的營運費用將增加至約 1.65 億美元。我們預期營運支出在本財年上半年將維持小幅上升，下半年呈現下降趨勢，佔全年銷售額的比例將低於 20%。我們仍有望在 2020 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。我們預計 19 財年 6 月季度和全年非 GAAP 稅率約為 10%。

With more profitable growth in mobile and robust growth in IDP, expanding operating margins and sustained low levels of CapEx, we expect to generate free cash flow in the range of $700 million to $800 million in fiscal year '19.

隨著行動業務的獲利成長和 IDP 的強勁成長、營業利潤率的擴大以及資本支出水準的持續較低，我們預計 19 財年將產生 7 億至 8 億美元的自由現金流。

So in summary, in the fourth quarter, we posted another quarter above our guidance and delivered strong operating leverage. For fiscal 2019, we expect to transition from a seasonally low June quarter and strengthen considerably in the second half of the year. For the full year of fiscal 2019, we currently expect our premium Mobile Products and continued strength in defense, IoT and GaN will generate revenue growth of approximately 9% or 10%, support continued margin expansion and drive robust free cash flow.

總而言之，在第四季度，我們的業績又高於預期一個季度，並實現了強勁的營運槓桿。對於 2019 財年，我們預計 6 月季度的季節性低點將發生轉變，並在下半年大幅走強。對於2019 財年全年，我們目前預計我們的優質行動產品以及在國防、物聯網和GaN 領域的持續實力將帶來約9% 或10% 的收入成長，支持利潤率持續擴張並推動強勁的自由現金流。

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) Our first question will come from Harsh Kumar with Piper Jaffray.

（操作員說明）我們的第一個問題將來自 Harsh Kumar 和 Piper Jaffray。

A couple of questions. Bob, seasonality in the handset space has been all over the place for the last few years. I guess, there was a lot of fear and concern going into the June quarter. Can I ask you your viewpoint on the Chinese market and also your largest customers and the puts and takes there?

有幾個問題。鮑勃，過去幾年手機領域的季節性一直存在。我想，進入六月季度有很多恐懼和擔憂。我可以問一下您對中國市場以及您最大的客戶以及那裡的買賣的看法嗎？

Yes. Sure, Harsh. I'll take it very high level. We don't really enjoy getting into customer mix. As I said in my opening comments, the China market did start to come back. But I also have to acknowledge, the team did a really good job on designing in a lot of products. Our customers in China released a lot of new phones. So I think we're seeing -- we went into the quarter with some pretty healthy -- being low inventory, and that's kind of what the uptake was. So we're kind of seeing that continue this quarter. I think our largest customers already spoke for themselves, so I think you guys know how that's going. So China market's looking okay. We're taking a very cautious view on it. We've seen this play out before. We're trying to keep our inventories healthy, meaning light and low.

是的。當然，嚴厲。我會採取非常高的水平。我們不太喜歡融入客戶群。正如我在開場白中所說，中國市場確實開始復甦。但我也必須承認，團隊在許多產品的設計上做得非常好。我們在中國的客戶發布了許多新手機。所以我認為我們看到——我們進入本季度時有一些相當健康的庫存——低庫存，這就是吸收率。因此，我們預計這種情況將在本季繼續下去。我認為我們最大的客戶已經為自己發聲了，所以我想你們知道這是怎麼回事。所以中國市場看起來還不錯。我們對此持非常謹慎的看法。我們以前見過這樣的情況。我們正在努力保持我們的庫存健康，即輕且低。

Fair enough. And one for Mark. Mark, I heard your comments. Is it appropriate to think that the gross margin effects are primarily temporary, just that SAW is coming down faster? BAW has maybe not -- is not going to ramp in the June quarter. Would you give us a sense of timing when BAW will ramp? And then also, you gave some numbers first half and you gave full year margin, I think, of 49%. But you also gave another number 49%, and I missed that. Would you just clarify what that was?

很公平。還有一封是給馬克的。馬克，我聽到你的評論了。認為毛利率影響主要是暫時的，只是 SAW 下降得更快，是否合適？BAW 可能不會——也不會在六月季度實現成長。您能否告訴我們 BAW 何時會加速成長？然後，您還給出了上半年的一些數據，並且給出了全年利潤率，我認為是 49%。但你還給了另一個數字 49%，我錯過了。你能澄清一下那是什麼嗎？

Yes. So Harsh, to your first question, what you are seeing is what you mentioned. We are -- and it's starkest in the June quarter. You're seeing the transition from legacy, less advanced products and more SAW-related content to a portfolio that's more BAW related and other advanced technologies and as well as GaN, continued growth in IDP. So you're seeing that transition play out, and it will improve our margins both because of the more favorable product mix, but also the favorable utilization effects, of course, with our largest fab.

是的。所以，嚴格來說，對於你的第一個問題，你所看到的就是你提到的。我們是——而且在六月季度最為明顯。您將看到從傳統的、不太先進的產品和更多與 SAW 相關的內容過渡到更多與 BAW 相關和其他先進技術以及 GaN 的產品組合，以及 IDP 的持續成長。因此，您會看到這種轉變正在發揮作用，它將提高我們的利潤率，這不僅是因為更有利的產品組合，而且還有有利的利用效應，當然，還有我們最大的晶圓廠。

Also in the June quarter, as I mentioned in my comments, we are experiencing the cost of the underutilization, our SAW capacity. And because it's a relatively low revenue quarter for the year, those period costs impact us the greatest. And that effect, while it persists through the year, in fiscal year '19, it goes from about 200 basis points effect in the beginning of the year down to -- it can be as low as under 1% later in the year.

同樣在六月季度，正如我在評論中提到的，我們正在經歷 SAW 產能利用率不足的成本。由於這是一個全年收入相對較低的季度，這些期間成本對我們的影響最大。這種影響雖然持續一整年，但在 19 財年，它從年初的約 200 個基點下降到今年稍後的低至 1% 以下。

As far as the year margin guidance, we do expect to come up off this 44% gross margin in the June quarter quickly. The September quarter will return to more normal levels, which I would say be 47%, 48%. And then in the back half of the year, as I mentioned in my comments, 50% or more. And that should give you the profile for the year.

就年度利潤率指引而言，我們確實預期 6 月季度的毛利率將迅速回升至 44%。9 月季度將恢復到更正常的水平，我想說是 47%、48%。然後在今年下半年，正如我在評論中提到的，50% 或更多。這應該會給你今年的概況。

Our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Maybe you could just talk about this BAW ramp in terms of your visibility. Obviously, it's harder to manufacture tens of thousands or millions of units. And I know that the issues 2 years ago with the low-band PAD, I'm just kind of curious to your visibility in your ability to manufacture these BAWs. And is there anything left on your side that you still need to accomplish before the ramp in the second half?

也許您可以從您的可見度角度來談論這個 BAW 坡道。顯然，製造數萬或數百萬件的難度更高。我知道兩年前低頻段 PAD 的問題，我只是對你們製造這些 BAW 的能力的可見度感到好奇。在下半場比賽開始之前，你還有什麼需要完成的事情嗎？

Good question, Blayne. I think, first, that factory has done a fantastic job of supporting all of our customers' ramps over the past years with BAW-based products. So feel real good about that.

好問題，布萊恩。我認為，首先，該工廠在過去幾年中透過基於 BAW 的產品為我們所有客戶的坡道提供了出色的支援。所以對此感覺很好。

So second, to your point, a few years ago, we had a very valuable lesson that we did a lot of lessons learned. We started something that we call our Clean launch programs for our large customers and key products. And that actually was extremely successful this past year -- past fiscal year '18, as we ramped many products for many customers at extremely high volume. So with that as kind of the background, we're feeling pretty good about the work that's going on in our BAW factory, and we don't anticipate any problems with ramping BAW products.

其次，就你的觀點而言，幾年前，我們得到了非常寶貴的教訓，我們學到了很多教訓。我們為我們的大客戶和關鍵產品啟動了所謂的「清潔啟動計畫」。事實上，這在過去的一年（即過去的 18 財年）非常成功，因為我們以極高的產量為許多客戶推出了許多產品。因此，有了這樣的背景，我們對 BAW 工廠正在進行的工作感覺非常好，我們預計 BAW 產品的增加不會有任何問題。

Excellent. Maybe if I could just ask about the tick-up in OpEx. I think last time you had a big tick-up, it was due to some projects or some tape-outs or such. Why the tick-up in June? And maybe if you just talk about how long, actually -- you said it comes down in the second half. Is it a couple quarters then it comes back down?

出色的。也許我可以問一下營運支出的成長。我認為上次您的大幅上漲是由於某些項目或流片等原因造成的。為何6月會出現上漲？也許如果你只是談論多長時間，實際上 - 你說它會在下半場下降。是不是幾季之後就會回落？

I'll make a high-level comment, Blayne. If you really look at it, it's typical that a lot of our design activities are in the beginning of our fiscal year and then tail off at the end of the year.

我將發表高級別評論，布萊恩。如果你仔細觀察的話，你會發現我們的許多設計活動通常都是在財政年度年初進行，然後在年底逐漸減少。

But I'll let Eric go through what drives that.

但我會讓艾瑞克來解釋一下是什麼推動了這一點。

No, that's exactly right. The high-volume fall flagship launches, in particular, and maybe getting to the first half, to your question, really validate quality and yield and performance. We run a lot of volumes in still the prototype stage to fine-tune the process and ensure that we're clean for the launch.

不，完全正確。對於您的問題，特別是秋季大批量旗艦產品的發布，也許到了上半年，確實驗證了品質、產量和性能。我們還在原型階段運行了大量的工作，以微調流程並確保我們在發佈時保持乾淨。

And I would just add that, Blayne, as I mentioned in my comments, OpEx can be seasonal, depending on various activities. But we absolutely are committed to this aggressive portfolio management and in part because we very much want to get more efficient with our OpEx and drive that down to below 20% of sales.

我想補充一點，Blayne，正如我在評論中提到的，營運支出可能是季節性的，這取決於各種活動。但我們絕對致力於這種積極的投資組合管理，部分原因是我們非常希望提高營運支出的效率，並將其降至銷售額的 20% 以下。

Blayne, this is James. Some of that OpEx increase is IDP, obviously, with the growth we've experienced. We are definitely hiring in the R&D area in multiple product areas, and we'll continue to do that as we go through the year. So part of that increase is ours.

布萊恩，這是詹姆斯。顯然，隨著我們經歷的成長，營運支出的部分成長來自於 IDP。我們肯定會在多個產品領域的研發領域進行招聘，並且我們將在這一年中繼續這樣做。因此，成長的一部分是我們的。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自克里斯·卡索和雷蒙德·詹姆斯。

Just a follow-up question on SAW. And it sounds like what you're talking about is once the revenue ramps, that's kind of on the area of 100 basis points headwind to margins. Is there anything else that you can do to eliminate that over time? Any way to rationalize that capacity or eliminate that longer-term drag of SAW on margins?

只是關於 SAW 的後續問題。聽起來你所說的是一旦收入增加，利潤率就會出現 100 個基點的逆風。隨著時間的推移，您還可以採取其他措施來消除這種情況嗎？有什麼方法可以使產能合理化或消除 SAW 對利潤率的長期拖累？

Yes. It's a good question, Chris. We've done a number of things already, and we've done our best to size our footprint for what we believe we need to serve customer needs and continue to maintain the great capability that we've got. So we've already taken some actions. You will notice in the GAAP results, we did impair some assets associated with SAW capacity. And you'll see that as a large charge, about $38 million, $39 million in the GAAP results. We will continue to make sure we rightsize our asset footprint and maintain the resources and balance that with maintaining the resources we need to maintain this capability because it's important for our product launches, particularly as we see this Phase 6 where you're seeing combined SAW and BAW. So we think we need this capability long term.

是的。這是個好問題，克里斯。我們已經做了很多事情，並且已盡最大努力擴大我們的足跡，以滿足我們認為需要滿足客戶需求並繼續保持我們現有的強大能力。所以我們已經採取了一些行動。您會注意到，在 GAAP 結果中，我們確實損害了與 SAW 產能相關的一些資產。你會發現這是一筆巨額費用，以 GAAP 計算結果約為 3,800 萬美元、3,900 萬美元。我們將繼續確保調整我們的資產規模並維持資源並平衡維持我們維持這種能力所需的資源，因為這對我們的產品發布很重要，特別是當我們看到第6 階段時，您會看到組合的SAW和BAW。所以我們認為我們長期需要這種能力。

Okay, great. Just as a follow-up to that. In your prepared comments, you talked about greater capital efficiency. Could you expand on that a bit? And I suppose, what you just mentioned on SAW is probably part of that. But over time, what effect does that have on free cash flow generation as a percentage of revenue as you take those actions?

好的，太好了。只是作為後續行動。在您準備好的評論中，您談到了更高的資本效率。能擴展一下嗎？我想，你剛才在 SAW 上提到的可能就是其中的一部分。但隨著時間的推移，當你採取這些行動時，這會對自由現金流產生（佔收入的百分比）產生什麼影響？

Yes. We've had a great story the past 1.5 years on free cash flow. Our CapEx as a percent of sales a couple of years ago peaked at close to 20%. This past fiscal year that we just closed out, we were under 10% of sales. And on a dollar basis, we expect '19 to be at about those levels or less. That's -- and in addition to just improving operating cash flow, this CapEx trend has certainly bolstered free cash flow growth. We were -- in the past 3 quarters, we've generated $600 million -- over $600 million of free cash flow. In the past 2 quarters individually, we've generated more free cash flow than we did in all of fiscal year '17. So we are absolutely committed to continuing this.

是的。過去 1.5 年我們在自由現金流方面經歷了一段精彩的故事。幾年前，我們的資本支出佔銷售額的百分比達到接近 20% 的峰值。在我們剛結束的上一財年，我們的銷售額低於 10%。以美元計算，我們預計 19 年的價格將約為這些水平或更低。也就是說，除了改善營運現金流之外，這種資本支出趨勢無疑也促進了自由現金流的成長。在過去的三個季度中，我們創造了 6 億美元——超過 6 億美元的自由現金流。在過去的兩個季度中，我們產生的自由現金流量比 17 財年全年還要多。因此，我們絕對致力於繼續這樣做。

We do believe the capital intensity of the business is something we can continue to drive down. And we're doing that in a number of ways, from better forecasting and planning our capital needs to -- we've talked extensively about wafer expansion projects, 4 to 6, 6 to 8, to die shrink programs, which a number of those are still underway, of which BAW die shrink is an important program, which you'll hear more about in Investor Day; and just this aggressive portfolio management, which we're undertaking, which we've talked about in SAW capacity earlier. So I see some runway left in getting our CapEx as a percent of sales down over time and, of course, with revenue growth and expanding margins, see the operating cash flow improving.

我們確實相信我們可以繼續降低業務的資本密集度。我們正在透過多種方式做到這一點，從更好地預測和規劃我們的資本需求，到——我們廣泛討論了晶圓擴張項目，從4 片擴大到6 片、從6 片擴大到8 片，再到晶片縮小計劃，其中許多這些項目仍在進行中，其中 BAW 晶片微縮是一個重要項目，您將在投資者日聽到更多相關資訊；以及我們正在進行的積極的投資組合管理，我們之前在 SAW 能力中已經討論過這一點。因此，我認為隨著時間的推移，我們的資本支出佔銷售額的百分比還有一定的下降空間，當然，隨著收入的成長和利潤率的擴大，營運現金流也會有所改善。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I wanted to ask about IDP, very nice growth acceleration in the quarter. Curious what drove that in Q4. And related to IDP, you talked about ZTE in your guide. If you could quantify that, that would be helpful. And I guess, Huawei is probably your biggest customer in IDP as well. So if you can provide some thoughts on the risks associated with that account as well, that would be helpful.

我想詢問 IDP，該季度的成長加速非常好。好奇是什麼推動了第四季的發展。與 IDP 相關，您在指南中談到了中興通訊。如果你能量化這一點，那將會很有幫助。我想，華為可能也是你們在IDP方面最大的客戶。因此，如果您也能提供一些與該帳戶相關的風險的想法，那將會很有幫助。

Toshiya, this is Bob. I'll go ahead and take ZTE. So the company is a little bit over $40 million for the year kind of number, so kind of a $10 million run rate. That will size it. The majority of that is IDP.

俊哉，這是鮑伯。我會選擇中興通訊。因此，該公司今年的營業額略高於 4,000 萬美元，運作率約為 1,000 萬美元。這將確定其大小。其中大部分是國內流離失所者。

As far as Huawei goes, I'll let James talk about it. It's a big customer, but not anywhere near as big as -- but go ahead, James.

至於華為的事，我就讓詹姆斯來說吧。這是一個大客戶，但遠沒有那麼大——但是繼續吧，詹姆斯。

Yes. For Huawei, they are one of our top 5 customers. And of course, we'll see how that goes. I mean, it's certainly too early for us to call anything. We will continue to support the customers we have and look forward to seeing how it all works out.

是的。對於華為來說，他們是我們的前 5 大客戶之一。當然，我們會看看情況如何。我的意思是，我們現在做出任何決定肯定還為時過早。我們將繼續支持我們現有的客戶，並期待看到一切進展如何。

For ZTE, we do see that as a short-term issue. My belief is that either of those issues will be worked out with the U.S. government or the natural demand will shift to the other OEMs. And we're well positioned really across that whole OEM structure. So I see this as working itself out over the next couple of quarters for us and returning back to normal levels.

對於中興通訊來說，我們確實認為這是一個短期問題。我相信，這些問題中的任何一個都將與美國政府解決，否則自然需求將轉移到其他原始設備製造商。我們在整個 OEM 結構中確實處於有利位置。因此，我認為這將在接下來的幾個季度中為我們解決並恢復到正常水平。

Growth for the quarter, particularly strong in WiFi. Combining our best-in-class power amps with our BAW coexistence and band-edge filters and the integration capabilities have really allowed us to get a lot of traction in this marketplace. We're focused in the high-performance slot, both consumer and enterprise. And the recent product releases we have are really laying the foundation for the -- for AX, allowing for high throughput and thermal efficiency that's going to be needed for that kind of traffic level. So great, tremendous activity out of our WiFi group. We also grew our low-power wireless business to record revenue, and that was the second growth driver.

本季的成長，尤其是 WiFi 成長強勁。將我們一流的功率放大器與 BAW 共存和帶緣濾波器以及集成功能相結合，確實使我們在這個市場上獲得了很大的吸引力。我們專注於高性能老虎機，包括消費者和企業。我們最近發布的產品確實為 AX 奠定了基礎，實現了這種流量水平所需的高吞吐量和熱效率。我們的 WiFi 小組的活動非常精彩。我們也發展了低功耗無線業務，收入創歷史新高，這是第二個成長動力。

And then defense has been particularly strong really across all major submarkets, radar, EW, comms and reaching a broad set of customers. As an example, our revenue through the distribution was also very, very strong, demonstrating the broad applicability of our products. We also had strong production programs in defense. I think that added to it as well. And with the recent passing of the defense spending bill with over a 17% increase in spending, we think that gives us a very nice tailwind. So broad based really over 3 key markets.

然後，在所有主要子市場、雷達、電子戰、通訊領域，防禦能力都特別強大，並涵蓋了廣泛的客戶群。舉例來說，我們透過分銷獲得的收入也非常非常強勁，這證明了我們產品的廣泛適用性。我們在國防方面也有強大的生產計畫。我認為這也增加了它。隨著最近國防支出法案的通過，支出增加了 17% 以上，我們認為這給了我們非常好的推動力。基礎如此廣泛，確實超過 3 個主要市場。

Okay, great. And as a follow-up, I had a question on BAW. You guys reiterated your fiscal '21 target, 50% of mobile. Curious, what was the number for fiscal '18? And over the next couple of years, should we expect a relatively linear progression or more of a back half kind of hockey stick inflection in fiscal '20 and '21?

好的，太好了。作為後續行動，我有一個關於 BAW 的問題。你們重申了 21 財年的目標，即 50% 的行動業務。好奇，18 財年的數字是多少？在接下來的幾年裡，我們是否應該預期 20 財年和 21 財年會出現相對線性的進展，還是更多的後半段曲棍球棒變化？

Yes. For BAW-enabled revenue, Toshiya, we were under 25% in fiscal year '18, kind of mid-22%, 23%. In fiscal year '19, we expect about 30%. And as Bob mentioned, about half of the mobile business in fiscal year '21 will be BAW enabled.

是的。對於 BAW 支持的收入，Toshiya，我們在 18 財年低於 25%，大約在 22%、23% 左右。在 19 財年，我們預計約為 30%。正如 Bob 所提到的，21 財年大約一半的行動業務將啟用 BAW。

Our next question will come from Craig Hettenbach with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Craig Hettenbach。

I had a question on the China smartphone market. You talked about kind of that market's been leaned out and is starting to recover but also looks like perhaps some company-specific strengths. So can you talk about maybe your market share position or where you feel that's kind of shaking out and the implications to your growth in that market?

我有一個關於中國智慧型手機市場的問題。您談到該市場已經被淘汰並開始復甦，但看起來也可能是一些公司特有的優勢。那麼，您能否談談您的市場佔有率地位，或者您認為哪些方面發生了變化，以及對您在該市場的成長的影響？

Sure. This is Eric. I'll take that. Regarding the March quarter beginning to see some strength, we did mention in the call last time that we were being very, very careful with inventory, so that when the growth began to come back we would see it immediately. And I think it probably came back a little sooner than we expected. But in addition to that, with very tight inventory controls that we have as well as our largest customers, we saw -- we actually grew sequentially in the March quarter as it turned out with China and see a lot of that strength continuing on into this quarter. But of course, we're being cautious and, as always, trying to make sure that we maintain that low channel inventory, both of our own inventory as well as customer inventory.

當然。這是埃里克。我會接受的。關於三月季度開始看到一些強勁勢頭，我們在上次電話會議中確實提到，我們對庫存非常非常謹慎，以便當增長開始恢復時我們會立即看到它。我認為它的回歸可能比我們預期的要早一些。But in addition to that, with very tight inventory controls that we have as well as our largest customers, we saw -- we actually grew sequentially in the March quarter as it turned out with China and see a lot of that strength continuing on into this四分之一.但當然，我們保持謹慎，並一如既往地努力確保我們保持較低的通路庫存，包括我們自己的庫存和客戶庫存。

In terms of share in the transition, the majority of the market today is still Phase 2 and in Phase 3 components. We see throughout this year continued transition towards the higher levels of integration and performance going up in 3, 5 phases, and we're beginning already to get production orders for our Phase 6 system. And Phase 6 does an awful lot. It's a big step-up, much higher level of integration, higher band coverage, higher output power capability in MIMO and so forth.

就過渡中的份額而言，當今市場的大部分仍處於第二階段和第三階段組件中。我們看到今年全年持續向更高水準的整合和效能過渡，分 3、5 個階段進行，並且我們已經開始獲得第 6 階段系統的生產訂單。第六階段做了很多事。這是一個巨大的進步，具有更高的整合度、更高的頻段覆蓋範圍、更高的 MIMO 輸出功率能力等等。

And for us, of course, it's also an opportunity. Because with all the filters integrated, we can get the lion's share of the value that [are there]. So there's a big transition for us this year not only in our marquee smartphones, but also in the performance tier in China picking up higher content with that integration.

當然，對我們來說，這也是一個機會。因為透過整合所有過濾器，我們可以獲得[存在的]價值的最大份額。因此，今年我們不僅在我們的旗艦智慧型手機方面發生了重大轉變，而且在中國的性能層面也發生了重大轉變，透過這種整合獲得了更高的內容。

Got it. And then if I could have a follow-up for Mark just around inventory. The inventory increased. Just how are you thinking about that as you go into the back half of the calendar year and how you might want to manage inventory?

知道了。然後我是否可以就庫存問題對馬克進行後續跟進。庫存增加。當您進入日曆年下半年時，您如何看待這個問題以及您可能希望如何管理庫存？

Yes. Nothing unusual in inventory, Craig. I mean, we use inventory to maintain loadings in the fabs. And then in the case of SAW, we make sure our cost-reduction plans are effectively executed. So nothing unusual about what you're seeing in inventory. We'll see inventory continue to build a bit in this upcoming quarter and then, as it happens, begin to tail off through the larger seasonal revenue periods.

是的。庫存中沒有什麼異常，克雷格。我的意思是，我們使用庫存來維持晶圓廠的負載。然後就 SAW 而言，我們確保有效執行我們的成本削減計劃。所以你在庫存中看到的東西並沒有什麼異常。我們將看到庫存在即將到來的季度中繼續增加，然後在較大的季節性收入期間開始減少。

Our next question comes from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

My first question is for James. I guess, if you imply the guidance for the June quarter, it's roughly probably $20 million decline and, I guess, maybe possibly $10 million from ZTE. So I'm curious on what the decline is outside of that sequentially, acknowledging that there's still strong year-on-year growth trends. But then looking ahead for the full year, how should we think about growth in that segment? I mean, I guess you can assume some of ZTE's business goes somewhere else. But how should we think about the overall yearly impact?

我的第一個問題是問詹姆斯的。我猜想，如果你暗示 6 月季度的指導，那麼大約可能會減少 2000 萬美元，我猜中興通訊可能會減少 1000 萬美元。因此，我很好奇除此之外還有什麼下降，我承認同比成長趨勢仍然強勁。但展望全年，我們該如何看待該領域的成長？我的意思是，我想你可以假設中興通訊的一些業務轉移到了其他地方。但我們該如何看待年度整體影響？

Bill, this is Bob. I want to make sure we understood the question, because I think James is going to be down $10-plus million quarter-over-quarter. So I know you threw out $20 million, so I want to make sure we're addressing the right part. But that's roughly...

比爾，這是鮑伯。我想確保我們理解這個問題，因為我認為詹姆斯將比上一季減少 10 多萬美元。所以我知道你投入了 2000 萬美元，所以我想確保我們正在解決正確的問題。但這大概是...

The $20 million is to get to -- the guidance for mobile actually increases year-on-year. That was the -- yes.

2000 萬美元的目標是——行動裝置的指導實際上逐年增加。那是——是的。

We're not guiding individual segments, but the ZTE will definitely come out in the kind of levels Bob talked about in quarter-over-quarter. And we had a very, very good Q4 as well. And so you see a little bit of leveling between 26% year-over-year growth in Q4. You'll see that level out a bit in Q1. As far as the full year, I think we've got continued great things going on in our underlying markets. And we talk about those 6 markets. We'll talk about more of those in -- when we get into New York. And we've got great tailwinds in trends like the adoption of GaN, the move to 5G, what we see going on in the IoT space. We model those markets to still grow in that 10% to 15% range, and we expect to do at or better than those underlying markets.

我們不會指導個別細分市場，但中興通訊肯定會達到鮑伯在季度環比中談到的那種水準。我們的第四季也非常非常好。因此，您會看到第四季度 26% 的同比增長略有趨平。您會在第一季看到這一情況有所穩定。就全年而言，我認為我們的基礎市場繼續發生著偉大的事情。我們討論這 6 個市場。當我們進入紐約時，我們將討論更多這些內容。我們在 GaN 的採用、向 5G 的遷移以及我們在物聯網領域所看到的發展等趨勢中獲得了巨大的推動力。我們預測這些市場的成長仍將在 10% 至 15% 的範圍內，我們預計其表現將達到或優於這些基礎市場。

And I just want to make sure -- take care of some housekeeping here. On ZTE, it does affect our revenue. We -- it is included in our guidance in the June quarter. We've also considered it for the full year, so no more ZTE effect beyond what you see in the current guide. It also impacted slightly the margin in this June guide. Also, we do adopt 606 revenue standard starting in this first quarter. For us, not a material effect, so no concerns there. We're already at sell-in versus sellout. So for us, that was not an issue. And then customer-owned inventory, we have some issues in the company, but it's very manageable and, again, not material to our business.

我只是想確保——處理好這裡的一些事務。對於中興通訊來說，這確實影響了我們的收入。我們——它已包含在我們六月季度的指導中。我們也考慮了全年的情況，因此中興通訊的影響不會超出您在目前指南中看到的範圍。這也對六月指南的利潤率產生了輕微影響。此外，我們從第一季開始採用 606 收入標準。對我們來說，沒有實質影響，所以不用擔心。我們已經處於賣出與賣出的狀態。所以對我們來說，這不是問題。然後是客戶擁有的庫存，我們公司存在一些問題，但它非常容易管理，而且對我們的業務來說並不重要。

Okay. Actually, my second question is also for James. The GaN business has obviously -- it looks like it's been going well. And then there are some opportunities in 5G, I guess, as we look through this year. Can you quantify the run rate for GaN exiting last year and how we should think about the revenue growth rate or run rate as we exit fiscal '19?

好的。其實我的第二個問題也是問詹姆斯的。顯然，GaN 業務似乎進展順利。當我們回顧今年時，我認為 5G 領域存在一些機會。您能否量化去年退出的 GaN 的運行率以及我們在退出 19 財年時應如何考慮收入增長率或運行率？

It's more than just the infrastructure side, Bill. I mean, when we look at GaN, it's into multiple products. But I think we can tell you, it's not hundreds of millions. It's not single-digit millions. It's a pretty decent percentage of James' total portfolio. But it is one of the faster-growing segments that James does have where we've invested in some capital to continue to support his growth there.

這不僅僅是基礎設施方面，比爾。我的意思是，當我們關注 GaN 時，它涉及多種產品。但我想我們可以告訴你，這不是數億。這不是個位數的百萬。這在詹姆斯的總投資組合中佔有相當大的比例。但這是詹姆斯確實擁有的成長較快的細分市場之一，我們在那裡投資了一些資本，以繼續支持他在那裡的成長。

But go ahead, James.

但繼續吧，詹姆斯。

Yes. I mean, I -- it's double-digit part of the organization today. It's largely in defense, broadband and in satellite communications. The base station revenue for us will become more material next year as we see macro and massive MIMO base stations, including 5G, move into production ramp. We've got a great process portfolio, a great product portfolio. We're leveraging our packaging innovation and, in some cases, even stealing shamelessly from mobile to really drive our packaging cost down. And we have, therefore, the cost and the scale to differentiate in the market.

是的。我的意思是，我——今天它是該組織的兩位數成員。它主要應用於國防、寬頻和衛星通訊領域。隨著我們看到宏和大規模 MIMO 基地台（包括 5G）進入量產階段，明年我們的基地台收入將變得更加重要。我們擁有出色的工藝組合和產品組合。我們正在利用我們的包裝創新，在某些情況下，甚至無恥地從行動裝置中竊取，以真正降低我們的包裝成本。因此，我們擁有在市場上脫穎而出的成本和規模。

We've also had a couple of really great product releases in GaN this quarter. So one of those established a record level of output power. We think that's very material in some of our defense space. And then we also released first to market with a film in the other really key millimeter wave band for 5G, the 28 gigahertz. So in general, I think we see GaN business continuing to grow. We modeled the market to grow at about 25%, and I think we'll continue to pace that same kind of growth level with GaN.

本季我們也發表了幾個非常出色的 GaN 產品。其中一項創造了輸出功率的記錄。我們認為這對我們的一些國防領域來說非常重要。然後我們也先向市場發布了 5G 另一個真正關鍵的毫米波頻段（28 GHz）的薄膜。所以總的來說，我認為我們看到 GaN 業務持續成長。我們模擬市場成長率約為 25%，我認為我們將繼續以 GaN 保持相同的成長水準。

Our next question comes from Vivek Arya with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

Bob, I'm curious, how sensitive are your second half sales to the success of one particular model -- or the flagship phone versus another? What happens if, for example, depending on pricing, the demand shifts to, say, the OLED models versus the LCD models? Because I think that's sort of what tripped up the industry in this last generation. I'm just curious what kind of assumptions you're making on the kind of mix that you might see.

鮑勃，我很好奇，您的下半年銷售對一款特定型號的成功（或旗艦手機與另一款手機相比）的敏感度如何？例如，如果根據定價，需求轉向 OLED 型號而不是 LCD 型號，會發生什麼情況？因為我認為這就是上一代產業的絆腳石。我只是好奇你對你可能看到的混合做出什麼樣的假設。

Yes. Vivek, I'm making the assumption that what I've said in the past will hold true today. We will not speak about any upcoming phones that have not been announced, have not been in the market. So I'm very sorry, I can't help you with that question. It's a good question. But like past times when it's been asked, I'm not going to be able to help you. When it's in the market, we'll see what happens.

是的。Vivek，我假設我過去所說的話今天仍然適用。我們不會談論任何尚未發布、尚未上市的即將推出的手機。所以我很抱歉，我無法幫你回答這個問題。這是一個好問題。但就像過去被問到的時候一樣，我無法幫助你。當它進入市場時，我們會看看會發生什麼。

Our next question will come from Karl Ackerman with Cowen.

我們的下一個問題將由卡爾·阿克曼和考恩提出。

I have 2 questions. For my first question, I did want to circle back on inventory. I was hoping you could describe how you would characterize your own level of modules in the channel given what appears to be still a mismatch between production builds and sell-through of higher-end smartphones. And I guess, maybe the follow-up to that, would you expect to see the inventory overhang abating at the end of your June quarter or perhaps could that percolate into the September quarter?

我有 2 個問題。對於我的第一個問題，我確實想回到庫存。鑑於高階智慧型手機的生產版本和銷售之間似乎仍然不匹配，我希望您能夠描述如何描述您自己的管道中的模組層級。我想，也許接下來，您會期望看到庫存積壓在六月季度末減少，或者可能會滲透到九月季度？

Sorry, Karl, I'm not sure we fully understand your question. Number one, our channel between us and most of our customers is direct. So we ship it, they build it, et cetera. So I'm not sure what you mean. And for those customers that we support through distributors and reps in China, we think our inventory levels between us and them are very low, as I said in my opening answer to a question around this. So I'm not sure if that addresses your question or not.

抱歉，卡爾，我不確定我們是否完全理解您的問題。第一，我們和大多數客戶之間的管道是直接的。所以我們運送它，他們建造它，等等。所以我不確定你的意思。對於我們透過中國經銷商和代表支持的客戶來說，我們認為我們和他們之間的庫存水準非常低，正如我在對此問題的開場回答中所說的那樣。所以我不確定這是否能解決您的問題。

Fair enough. I guess, maybe as a side question, if I may. I'd love to hear your thoughts on the millimeter wave opportunity now that you've just launched a 5G base station, 28 gigahertz module, and particularly, whether you expect to see revenue in calendar '19.

很公平。我想，如果可以的話，也許可以作為一個附帶問題。既然你們剛推出了 5G 基地台、28 GHz 模組，我很想聽聽你們對毫米波機會的看法，特別是你們是否期望在 19 年看到收入。

So we've experienced revenue already in what we would call the last-mile applications, and we do expect to continue to have that. These are largely demo programs that are getting rolled out in the major city areas around the country. So we have revenue in those markets. I think broader proliferation will start to happen in next calendar year and then really take hold in 2020. Still a lot of speculation about below 6 gigahertz 5G and millimeter wave 5G. And I think we'll place our bets in both and see how that plays out over the next couple of years.

因此，我們已經在所謂的最後一哩應用程式中獲得了收入，並且我們確實希望繼續擁有這種收入。這些主要是在全國主要城市地區推出的演示項目。所以我們在這些市場有收入。我認為更廣泛的擴散將在明年開始發生，然後在 2020 年真正紮根。關於6GHz以下5G和毫米波5G仍有許多猜測。我認為我們會在這兩個方面都下注，看看未來幾年的結果如何。

Our next question comes from Ambrish with Bank of Montréal.

我們的下一個問題來自蒙特利爾銀行的安布里什。

I had a couple of clarifications for you, Mark. Just on the free cash flow and gross margin, they're both kind of interrelated. On the gross margin front, you're keeping your guidance intact versus what you've said in the past. And your free cash flow comes down just a touch, if I got it correct, between $700 million to $800 million versus $800 million that you had given before.

馬克，我有幾點要向你澄清。僅就自由現金流和毛利率而言，它們都是相互關聯的。在毛利率方面，您將保持您過去所說的指導不變。如果我沒記錯的話，你的自由現金流會稍微下降，在 7 億至 8 億美元之間，而你之前給予的則是 8 億美元。

Yes. Ambrish, what I stated before, our target that I stated before was $800 million. And it very much remains $800 million. I mean, I'm going to be going for over $800 million, but I'm giving you a guide for the year. And it's difficult sometimes to predict when we're going to need CapEx spend, or to Craig's earlier comment on working capital management. So there is a risk factor applied to my guide there.

是的。安布里什，我之前說過，我們之前說過的目標是 8 億美元。基本上仍然是 8 億美元。我的意思是，我將花費超過 8 億美元，但我會為您提供今年的指南。有時很難預測我們何時需要資本支出，或克雷格先前對營運資本管理的評論。因此，我的指南中存在一個風險因素。

Okay. And then for my margin question, I just wanted to make sure I understood the margin ramp-up in the back half. So I get the underutilization charge, and that will reverse. But the half of the impact from the 400 bps this quarter is -- in the guided-to quarter is from product mix. How does that get corrected by itself? Or is it mostly in mobile? Or is it IDP? And how does that transition through the year?

好的。然後對於我的利潤率問題，我只是想確保我理解後半部分的利潤率上升。所以我得到了未充分利用的費用，這將會逆轉。但本季 400 個基點的影響的一半是——在指導季度中來自產品組合。這如何自行修正？或主要是在行動裝置上？還是國內流離失所者？這一年的轉變如何？

Yes. Ambrish, so just to clarify, so you're right, half is costs associated with utilization, half is associated with the mix. On the mix, so 200 basis points, about 50 basis points of that is truly mobile versus IDP mix within Qorvo. So just more mobile business. And then about 100 basis points is mix within mobile, so a higher volume of legacy products relative to advanced or newer products. And we do expect, as we've talked about before and we reinforced in this call, we expect that to reverse and new products to drive up margins going forward. And then the other 50 basis points is just some other smaller factors, including a little bit of IDP mix and including the ZTE effect, which we talked about earlier.

是的。Ambrish，只是為了澄清一下，所以你是對的，一半是與利用率相關的成本，一半是與混合相關的成本。在混合方面，有 200 個基點，其中大約 50 個基點是 Qorvo 內真正的移動與 IDP 混合。所以只是更多的行動業務。然後在行動裝置中混合了大約 100 個基點，因此相對於高級或更新產品而言，傳統產品的數量更高。我們確實預計，正如我們之前討論過並在本次電話會議中強調的那樣，我們預計這種情況將會逆轉，新產品將推動未來利潤率的提高。然後其他 50 個基點只是其他一些較小的因素，包括一點 IDP 混合以及我們之前討論過的中興通訊效應。

Our next question comes from Edward Snyder with Charter Equity Research.

我們的下一個問題來自特許股票研究公司的愛德華·斯奈德。

I'll start with Eric. It sounds like you landed quite a bit of content in Phase 6 platform. Can you give us an idea of generally where that goes for like the base case? I know the base case may be a super fab, but then you've talked about upside cases will include envelope tracking, tuning and maybe antenna plexer. So just in general, are we talking like the base case $1 to $2 in total content going to 8 to 10 or just help us quantify maybe what that is?

我將從埃里克開始。聽起來您在第 6 階段平台上獲得了相當多的內容。可以跟我們大概介紹一下基本情況嗎？我知道基本情況可能是一個超級工廠，但是您談到了上行情況將包括包絡追蹤、調諧，也許還包括天線復用器。所以一般來說，我們是在談論基本情況 1 到 2 美元的總內容達到 8 到 10 還是只是幫助我們量化這是什麼？

And then for James, Cree announced the acquisition of Infineon's RF business, which gives them a direct channel right into the wireless infrastructure OEMs that you're addressing in some of your things. And given that they're the supplier to you for silicon carbide, does this change the dynamic at all? Because prior to this, they really weren't a big supplier there, so now they can both supply you and compete with you. I'm just curious how that affects -- or does it affect your view of it? And then I have a follow-up with Mark, please.

然後對於 James，Cree 宣布收購英飛凌的 RF 業務，這為他們提供了直接進入無線基礎設施 OEM 的管道，而您正在解決一些問題。鑑於他們是你們的碳化矽供應商，這是否會改變動態？因為在此之前，他們確實不是那裡的大供應商，所以現在他們既可以供應你，又可以與你競爭。我只是好奇這會如何影響——或者會影響你對它的看法嗎？然後我會向馬克進行後續跟進。

Go ahead, Eric?

繼續吧，埃里克？

Yes. So in terms of the dollar content opportunity for us specific to China, if I understood the question right, as we move through these phased architectures from 2 through 6, we see probably the largest single step between generations going from sort of the 3, 5 to the 6. But there's also a broad range of different applications in different dollar content implications. As I mentioned, we've got MIMO implemented, Power Class 2, higher power across really all the bands. We have more bands integrated. We have 40% smaller size, which obviously commands a premium in the ASP. And then we have some applications, which are actually looking to bring UHB in as well. And so there's a broad range of ASPs, but significantly higher dollar content over the -- over what's shipping in the market today.

是的。因此，就我們針對中國的美元內容機會而言，如果我正確理解了這個問題，當我們從2 到6 階段經歷這些階段性架構時，我們可能會看到從3、5 代之間邁出的最大一步。到 6。但不同的美元含量影響也存在廣泛的不同應用。正如我所提到的，我們已經實現了 MIMO、功率等級 2、所有頻段的更高功率。我們整合了更多樂隊。我們的尺寸縮小了 40%，這顯然在 ASP 中具有溢價。然後我們有一些應用程序，它們實際上也希望引入 UHB。因此，平均售價範圍很廣，但其美元含量明顯高於當今市場上的出貨量。

And then to your question about the supply chain from Cree, we actually have multiple supply chains to support James' business. Cree is, as you pointed out, one of them. I think we have an excellent relationship with them. They made it clear to us they will continue to support us, so it's our expectations we will continue to have multiple supply chains to support James' business.

關於你關於 Cree 供應鏈的問題，我們實際上有多個供應鏈來支援 James 的業務。正如您所指出的，克里是其中之一。我認為我們與他們有著良好的關係。他們向我們明確表示，他們將繼續支持我們，因此我們期望我們將繼續擁有多個供應鏈來支持詹姆斯的業務。

Okay. And then Mark, if I could, a question kind of on CapEx. I know it's not -- it's going down again here, too. But if you look at your mix coming up here between the Phase 6 wins, which has got a lot of BAW associated with it, of course, the SuperPAD your largest customer and you've got the quadplexers now shipping into China with the new phones there. I mean, BAW sounds like it's on a steadily increasing pace and that kind of dovetails with your guidance. When do you expect -- or do you expect that you'll have to ramp Farmers Branch at some point? And can you just remind us where you are on that? Is it qualified? Is it production ready? Are you guys still working on it?

好的。然後馬克，如果可以的話，問一個關於資本支出的問題。我知道情況並非如此——這裡的房價也再次下跌。但是，如果你看看第六階段勝利之間的組合，其中有很多與之相關的 BAW，當然，SuperPAD 是你最大的客戶，而且四工器現在隨新手機一起運往中國那裡。我的意思是，BAW 聽起來似乎正在穩步增長，這與您的指導相吻合。你預計什麼時候——或者你預計你必須在某個時候增加 Farmers Branch 的規模？能提醒我們你在這方面的進展嗎？是否合格？生產準備好了嗎？你們還在努力嗎？

And then if I could, I don't know if Steve is there, Steve Grant is there. But if not, maybe Eric can handle this one. Along the same exact lines, you've shipped BAW to your -- high-performance, high-frequency BAW to your largest customer in the past on 6-inch. How confident are you that you can supply the needs, especially your largest customer, using just 6-inch instead of having to move to 8? And if you have to move to 8, what kind of risk are you looking at in terms of yields? Do you feel comfortable with as something you've been in high volume production before?

如果可以的話，我不知道史蒂夫是否在那兒，史蒂夫·格蘭特在那裡。但如果沒有，也許埃里克可以處理這個問題。沿著相同的路線，您已經將 BAW 交付給您的路線——高效能、高頻 BAW，交付給您過去最大的 6 吋客戶。您對僅使用 6 吋而不必轉向 8 吋就能滿足需求（尤其是您最大的客戶）的信心有多大？如果你必須轉向 8，你會在收益率方面考慮什麼樣的風險？您對以前大量生產過的產品感到滿意嗎？

As far as the ramping on 6- and 8-inch, et cetera -- you're correct, Steve's not here. He'll get into this, I'm sure, at the upcoming investor conference in May later this month. But we're very confident in our yields, what they've been running on 6-inch as well as on 8-inch. So we will have production coming through this year on 8-inch. We'll go through a little more detail on that at the Investor Day. And we're up and running on 8-inch, and we've talked about that in the past.

至於 6 英寸和 8 英寸等的升級 - 你是對的，史蒂夫不在這裡。我確信，他將在本月稍後即將舉行的五月投資者會議上討論這個問題。但我們對我們的產量非常有信心，他們在 6 英寸和 8 英寸上的運行結果都是如此。所以我們今年將生產 8 吋的產品。我們將在投資者日詳細介紹這一點。我們已經在 8 英寸上啟動並運行，我們過去已經討論過這一點。

Mark?

標記？

Yes. And Ed, we're still obviously trying to do everything we can to avoid additional CapEx dollars. But the CapEx dollars we are spending are majority BAW. And that's despite efforts to convert more 6 to 8, and die shrink programs will help. But Farmers Branch is not going to be needed this year. It would be -- we'd be able to get it ready to go. And certainly, the yields and what's being produced there in test is very good. So we're ready. And we'll turn it on when it's needed, maybe as early as next year.

是的。Ed，顯然我們仍在盡一切努力避免額外的資本支出。但我們花費的資本支出大部分是 BAW。儘管我們努力將更多的 6 個晶片轉換為 8 個晶片，但模具縮小計劃將會有所幫助。但今年不需要法默斯布蘭奇。我們將能夠做好準備。當然，測試中的產量和產量都非常好。所以我們準備好了。我們會在需要時啟動它，也許最早在明年。

Our next question will come from Krysten with Nomura Instinet.

我們的下一個問題將來自 Nomura Instinet 的 Krysten。

First one is just a housekeeping question. Were there any 10%-plus customers for the quarter? And approximately what percentage of revenues where they?

第一個只是一個內務問題。本季是否有超過 10% 的客戶？他們的收入約佔多少比例？

Yes. Krysten, one 10% customer.

是的。Krysten，一位 10% 的客戶。

Okay. And then following up on that particular customer, I know in prior conference calls, you've noted that this upcoming refresh will be one of the largest content gains gen-over-gen. Has anything changed in that? Or do you still see that to be true?

好的。然後跟進該特定客戶，我知道在之前的電話會議中，您已經注意到即將到來的更新將是一代又一代最大的內容收益之一。這方面有什麼改變嗎？或者你仍然認為這是真的嗎？

Yes. I think, Krysten, the way I think I'd like to answer that is we're still very confident in our BAW-based designs. I talked a lot in my opening comments it will -- about answering questions that we continue to expect a significant BAW ramp this year. We're supporting multiple customers and really look forward to second half of the year.

是的。我想，Krysten，我想回答這個問題的方式是，我們仍然對基於 BAW 的設計非常有信心。我在開場白中談了很多關於回答我們仍然預計今年 BAW 將大幅增長的問題。我們正在為多個客戶提供支持，並非常期待今年下半年的到來。

Our next question comes from Atif Malik with Citi.

我們的下一個問題來自花旗銀行的 Atif Malik。

First question for Mark. Mark, what changed on the gross margins coming down in the second quarter? The SAW underutilization, is it something on your side? Or is it a change in the customer product mix? And then I have a follow-up.

第一個問題是問馬克。馬克，第二季毛利率下降有何變化？SAW 未充分利用，是您這邊的問題嗎？還是客戶產品組合的變化？然後我有一個後續行動。

So by second quarter, I'm assuming you mean second calendar, the June quarter. So yes, just to remind folks, we've got 2 factors occurring. One is mix-related issues and the other is, Atif, as you point out that these costs associated with SAW capacity underutilization. No problem with the parts other than we don't have enough SAW to sell. It's simply an accounting convention. When we experience abnormal levels of utilization, the fixed cost cannot be allocated [June of] production so they need to pass through as period costs. And that's the effect that you're seeing most pronounced in June, in part because through the year, its highest level is in June and then we have our lowest revenues. So on a percent basis, of course, it has the largest effect.

因此，到第二季度，我假設您指的是第二個日曆，即六月季度。所以，是的，只是提醒大家，我們有兩個因素正在發生。一是與混合相關的問題，另一個是 Atif，正如您所指出的，這些成本與 SAW 容量利用不足有關。除了我們沒有足夠的 SAW 來銷售之外，零件沒有問題。這只是一個會計慣例。當我們遇到異常的利用率水準時，固定成本無法分配[六月]的生產，因此它們需要作為期間成本轉嫁。這就是您在 6 月看到的最明顯的影響，部分原因是全年最高水平是在 6 月，然後我們的收入最低。因此，如果以百分比計算，它的影響當然是最大的。

Got it. And then a follow-up for Eric. Eric, if I look at the tier down of a phone that's already out, Galaxy 9, there is a combination of mid- and high-band PAD in that phone. And architecturally, the Korean handset maker are not too far behind the U.S. handset maker. But with respect to Chinese handset makers, how far behind do you think they are in terms of adopting something similar where the mid- and the high-bands are getting combined?

知道了。然後是埃里克的後續行動。Eric，如果我看一下已經上市的手機 Galaxy 9 的下層，就會發現手機中結合了中頻段和高頻段 PAD。從架構上看，這家韓國手機製造商並不落後美國手機製造商太多。但對於中國手機製造商來說，您認為他們在採用類似的中頻和高頻相結合的技術方面落後了多遠？

Yes, thank you. That's a great question. And I think that's fundamentally what's driving this significant shift in the mobile portfolio throughout this year. We're finding that highly integrated modules that combine coverage for mid and high frequencies and allow you to very elegantly, and at low loss, support carrier aggregation combinations across all of that, they really help customers get to market with the leading-edge handsets. And that's applying widely to many customers in many segments.

是的，謝謝。這是一個很好的問題。我認為這從根本上推動了今年行動產品組合的重大轉變。我們發現高度整合的模組結合了中頻和高頻的覆蓋範圍，讓您能夠非常優雅地以低損耗支援所有這些的載波聚合組合，它們確實可以幫助客戶將領先的手機打入市場。這廣泛適用於許多領域的許多客戶。

And really, when you look at our Phase 6 solution, that's exactly what that is as well. You've got a low-band module and then you've got a mid- and high-integrated module that solves all that complexity. So I think throughout this year, as we exit this year, you're going to see a lot of different instances of handsets from different customers and different tiers adopting similar technology.

事實上，當您查看我們的第 6 階段解決方案時，您會發現這也正是如此。你有一個低頻段模組，然後你有一個中高整合模組，可以解決所有這些複雜性。因此，我認為今年全年，當我們今年退出時，您將看到來自不同客戶和不同級別的許多不同手機實例採用類似的技術。

Our next question will come from Quinn Bolton with Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Quinn Bolton。

I had two questions. One, Mark, if I heard you right, I think you said you're looking for 9% to 10% growth in fiscal '19. Just wondering, from a broad brush, can you give us sort of what are the biggest drivers? Is it sort of that ramp of mid-band, high-band PADs? Is it China coming back? Is it continued growth in IDP? What are the biggest drivers?

我有兩個問題。第一，馬克，如果我沒聽錯的話，我想您說過您希望 19 財年能達到 9% 到 10% 的成長。只是想知道，您能否從廣義上告訴我們最大的驅動因素是什麼？它是那種中頻段、高頻段 PAD 的斜坡嗎？中國回來了嗎？IDP 是否持續成長？最大的驅動因素是什麼？

Yes. I'll just say generally, Quinn, we're experiencing good design win momentum across our customer base and of course -- and then many of the things that Eric talked about. Phase 6 is a good example. And so we've seen our strength in China improve even further. And then, of course, James' business, a small sequential decline in the June quarter but still year-over-year growth. And then that growth picks back up again to double digits in the rest of the year.

是的。我只是簡單地說，奎因，我們正在經歷良好的設計在我們的客戶群中贏得動力，當然還有埃里克談到的許多事情。第六階段就是一個很好的例子。因此，我們看到我們在中國的實力進一步增強。當然，詹姆斯的業務在六月季度略有下降，但仍同比增長。然後，這一增長在今年剩餘時間內再次回升至兩位數。

Got it. And then as my follow-up for Eric, it sounds like BAW-based products are 22% or 23% of your business in fiscal '18, expected to be about 30% in fiscal '19. If I just take consensus estimates, it feels like your BAW-based products go from about $500 million in fiscal '18 to somewhere around $700 million in fiscal '18. I guess, I would think with the custom mid-band, high-band PAD and Phase 6 products ramping, you'd have a heck of a lot more than $200 million of growth. Can you help me reconcile that?

知道了。然後，作為我對 Eric 的跟進，聽起來基於 BAW 的產品在 18 財年佔您業務的 22% 或 23%，預計在 19 財年占到 30% 左右。如果我只是進行共識估計，感覺你們基於 BAW 的產品會從 18 財年的約 5 億美元增加到 18 財年的 7 億美元左右。我想，隨著客製化中頻段、高頻段 PAD 和第 6 階段產品的不斷增加，您將獲得超過 2 億美元的成長。你能幫我協調一下嗎？

Sorry, I'm not sure I understand all the questions. We've given you a lot of data out there, and that's your model. I'm not sure how to even begin to answer that. We always have a lot of moving parts that are out there. I think we also mentioned the last call we weren't participating in some high-volume products that you saw, which is why we've got a fab utilization problem. So I'm not going to get into modeling every bit of Eric's business. I'm sorry. I can't help you with that one.

抱歉，我不確定我是否理解所有問題。我們已經為您提供了大量數據，這就是您的模型。我甚至不知道如何開始回答這個問題。我們總是有很多活動部件。我想我們也提到了上次電話會議，我們沒有參與您所看到的一些大批量產品，這就是我們遇到晶圓廠利用率問題的原因。所以我不會對埃里克的每一點業務進行建模。對不起。我無法幫你解決這個問題。

Our next question comes from David Wong with Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

If I'm correct, your 9% to 10% fiscal '19 growth suggests that in the second half of this calendar year, your Mobile Products should grow year-over-year. And if that's right, could you give us some idea of how that is split between content growth and unit growth?

如果我是對的，你們 19 財年 9% 到 10% 的增長表明，在本日曆年下半年，你們的行動產品應該會同比增長。如果這是正確的，您能給我們一些關於內容成長和單位成長之間如何分配的想法嗎？

Yes. David, just a clarification, I mean, mobile returns to year-over-year growth actually in the June quarter. So that's noteworthy. Maybe we should have mentioned that earlier, so thank you for the question. As far as the content growth, we are experiencing content growth.

是的。大衛，我只是澄清一下，我的意思是，移動實際上在六月季度恢復了同比增長。所以這是值得注意的。也許我們應該早點提到這一點，所以謝謝你的提問。就內容成長而言，我們正在經歷內容成長。

But I'll leave it to Eric to go into any details.

但我將讓埃里克來討論任何細節。

Yes. It's a tough question to answer. Certainly, in terms of handsets, we're not counting on unit growth in the industry. It's content that's growing our TAM. Within our own business, certainly, for the most part, that's also the case. We're selling fewer parts that have higher content at a pretty dramatic ratio. Although there's other parts of the market like ET and antenna tuning, which will be growth drivers as well, which is -- which are driven by a lot of unit growth as well.

是的。這是一個很難回答的問題。當然，就手機而言，我們並不指望該行業的銷量會成長。正是內容讓我們的 TAM 不斷成長。當然，在我們自己的企業中，大多數情況也是如此。我們以相當驚人的比例出售較少但含量較高的零件。儘管市場上還有其他部分，例如 ET 和天線調諧，它們也將成為成長動力，而這也是由大量單位成長所推動的。

Okay, great. And in IDP, if one backed out all the ZTE effects, would you actually expect to continue to see 20-plus percent growth through fiscal '19 in IDP?

好的，太好了。在 IDP 中，如果排除中興通訊的所有影響，您是否真的會期望 IDP 到 19 財年繼續達到 20% 以上的成長？

Well, as I said earlier, we model those underlying markets 10% to 15%. I expect we'll do at or better than that. Still very, very bullish about the business. Mark mentioned, earlier, design wins. We had fantastic design win last year. We were actually up 20-some-odd percent year-over-year. So I think business is strong. But right now, we're modeling it 10% to 15%.

嗯，正如我之前所說，我們對這些基礎市場進行 10% 到 15% 的建模。我希望我們能做到甚至更好。仍然非常非常看好這項業務。馬克之前提到，設計獲勝。去年我們贏得了出色的設計獎。我們實際上同比增長了 20% 左右。所以我認為生意很強。但現在，我們正在對其進行 10% 到 15% 的建模。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

Mark, I'm still trying to figure out the mix of the mobile business for March and June. Can you give us maybe a little bit of clarity on either the percentage of revenue from the largest customer or maybe from China in March? And then what is modeled for June?

馬克，我仍在努力弄清楚 3 月和 6 月的行動業務組合。您能否稍微澄清一下 3 月來自最大客戶或來自中國的收入百分比？那麼六月的模型是什麼呢？

No. I mean, I'm not going to give you percentages on our largest customer other than they're a 10% customer. We had a -- as I mentioned, for the June quarter -- well, we talked about the March quarter and the strengthening in China, which was stronger than expected. We're seeing that continue into the June quarter. And then furthermore, we just have this sort of transition period, whereby we've got more legacy products and later generation or older products in the cycle here that are in the mix in the June quarter. We expect that to turn through the year, of course, with a number of handset launches. And our product portfolio is a higher-margin portfolio through the back half of the year.

不。我的意思是，我不會向您提供我們最大客戶的百分比，除非他們是 10% 的客戶。正如我所提到的，對於六月的季度，我們討論了三月份的季度以及中國的經濟走強，這比預期要強。我們看到這種情況持續到六月季度。此外，我們只是有這樣的過渡期，我們在這個週期中有更多的遺留產品和新一代或舊產品，這些產品在六月季度混合在一起。當然，我們預計這一情況將在今年扭轉，屆時將推出多款手機。我們的產品組合是今年下半年利潤率較高的產品組合。

Got it. Okay. And then I'm just wondering bigger picture, if you look at -- there's just been so much chop in the supply chain for some of the big smartphone customers. And I guess, from a big picture, is there a change in the way that they're managing inventory, maybe extending some of the programs that they have with contract manufacturers and sort of how they hold inventory on their own balance sheets? And does that impact the sort of seasonality in your business as you look to the back half of the year?

知道了。好的。然後我只是想知道更大的前景，如果你看一下——一些大型智慧型手機客戶的供應鏈發生了很大的變化。我想，從大局來看，他們管理庫存的方式是否發生了變化，可能會擴展他們與合約製造商的一些計劃，以及他們如何在自己的資產負債表上持有庫存？當您展望今年下半年時，這是否會影響您業務的季節性？

I think it's best to really ask the contract manufacturers what's going on, on their end. I think I've mentioned before a lot of our large customers are on hubs. We ship in to them. They pull from that and build phones and ship them. So you'll have to ask them what they're doing with their subcontractors. I'm sorry, we're not able to answer that anymore.

我認為最好真正詢問合約製造商到底發生了什麼。我想我之前已經提到過，我們的許多大客戶都在樞紐上。我們運送給他們。他們從中汲取靈感，製造手機並發貨。因此，您必須詢問他們正在與分包商做什麼。抱歉，我們無法再回答這個問題。

That concludes the Q&A portion of today's call. And I would now like to turn the conference back over to management for any closing remarks.

今天電話會議的問答部分到此結束。現在我想將會議轉回管理層以發表閉幕詞。

Thank you very much for joining us tonight. We believe we are better positioned than ever to capture our market's highest-growth and most complex opportunities. We expect this to drive content gains across products and markets. We look forward to meeting with many of you during upcoming marketing trips, and we hope to see you at our Institutional Investor Day in New York on May 23. Thanks again, and good night.

非常感謝您今晚加入我們。我們相信，我們比以往任何時候都更有能力抓住市場成長最快、最複雜的機會。我們預計這將推動產品和市場的內容成長。我們期待在即將到來的行銷之旅中與你們見面，並希望在 5 月 23 日於紐約舉行的機構投資者日見到你們。再次感謝，晚安。

Thank you, ladies and gentlemen. This concludes today's teleconference. You may now disconnect.

謝謝你們，女士們、先生們。今天的電話會議到此結束。您現在可以斷開連線。