科沃 (QRVO) 2019 Q1 法說會逐字稿

Good day, and welcome to the Qorvo, Inc.

美好的一天，歡迎來到 Qorvo, Inc.。

First Quarter 2019 Conference Call.

2019 年第一季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, it is my pleasure to turn the conference over to Mr. Doug DeLieto, Vice President of Investor Relations.

此時此刻，我很高興將會議交給投資者關係副總裁 Doug DeLieto 先生主持。

Sir, please go ahead.

先生，請繼續。

Thanks very much, Chelsea.

非常感謝，切爾西。

Hello, everybody, and welcome to Qorvo's First Quarter Fiscal 2019 Earnings Conference Call.

大家好，歡迎參加 Qorvo 2019 財年第一季財報電話會議。

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」部分查看。

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 基礎設施和國防產品集團總裁 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.

謝謝，道格，歡迎大家。

Qorvo's solid June quarterly performance was highlighted by broad-based strength across our markets, customers and products.

Qorvo 六月季度業績的穩健得益於我們在市場、客戶和產品方面的廣泛實力。

We enjoyed strong demand during the quarter in both mobile and IDP and the team did an outstanding job supporting large customer ramps while securing new opportunities for growth.

本季我們在行動和 IDP 領域的需求強勁，團隊在支持大量客戶成長的同時確保了新的成長機會，表現出色。

By business, IDP quarterly revenue grew 13% year-over-year to $207 million while mobile revenue for the quarter grew 7% year-over-year to $486 million.

按業務劃分，IDP 季度營收年增 13%，達到 2.07 億美元，而本季行動營收年增 7%，達到 4.86 億美元。

The June quarter represented an excellent start to fiscal 2019, highlighted by strong smartphone unit volumes in China, design win activity and operating discipline.

6 月季度是 2019 財年的良好開端，突顯在中國強勁的智慧型手機銷售、設計獲勝活動和營運紀律。

Qorvo is laser-focused on portfolio management in markets that value our capabilities and offer exceptional opportunities for growth.

Qorvo 專注於重視我們能力並提供絕佳成長機會的市場中的投資組合管理。

Within these markets, we bring key enabling technologies like BAW, SOI and GaN, a robust product development engine, manufacturing scale and decades of industry know-how.

在這些市場中，我們帶來了 BAW、SOI 和 GaN 等關鍵支援技術、強大的產品開發引擎、製造規模和數十年的行業專業知識。

Turning to IDP.

轉向國內流離失所者。

Quarterly performance was driven by record revenue in wireless connectivity and growth in base station solutions.

無線連接創紀錄的收入和基地台解決方案的成長推動了季度業績。

IDP is reaping the rewards of portfolio management in diversified markets, including the connected home, the connected car, WiFi, base stations and defense.

IDP 正在多元化市場中獲得投資組合管理的回報，包括連網家庭、連網汽車、WiFi、基地台和國防。

These are expanding markets underpinned by positive secular trends like the deployment of LTE Advanced/Pro and 5G, the proliferation of gallium nitride and the Internet of Things.

這些不斷擴大的市場受到 LTE Advanced/Pro 和 5G 的部署、氮化鎵和物聯網等積極長期趨勢的支持。

IDP partners with industry leaders and wins with differentiated products and technologies.

IDP 與產業領導者合作，以差異化的產品和技術取勝。

Revenue for IDP's IoT applications increased over 30% year-over-year.

IDP 的物聯網應用營收年增超過 30%。

In WiFi, we are a leading supplier of front-end modules for tri-band distributed WiFi systems.

在 WiFi 領域，我們是三頻分散式 WiFi 系統前端模組的領導供應商。

In these systems, our BAW filters maximize spectral efficiency and our PAs increase power added efficiency.

在這些系統中，我們的 BAW 濾波器最大限度地提高了頻譜效率，而我們的 PA 則提高了功率附加效率。

As the IEEE governing body and the WiFi alliance work to extend spectrum for 802.11ax, our WiFi portfolio is expanding to include solutions in the 5.9 to 7.1 gigahertz range for products ramping in the second half of 2019.

隨著 IEEE 管理機構和 WiFi 聯盟致力於擴展 802.11ax 的頻譜，我們的 WiFi 產品組合正在不斷擴展，包括 5.9 至 7.1 GHz 範圍內的解決方案，產品將於 2019 年下半年大量推出。

In the connected home, we're very pleased to support the next-generation SONOS Beam soundbar with our iFEM integrating a BAW filter for interference-free streaming.

在互聯家庭中，我們非常高興透過整合 BAW 濾波器的 iFEM 支援下一代 SONOS Beam 條形音箱，以實現無幹擾的串流傳輸。

In the connected car, we're engaged with multiple OEMs and Tier 1 suppliers in joint development activities for next-generation automotive connectivity.

在連網汽車方面，我們與多家 OEM 和一級供應商合作，共同開發下一代汽車互聯。

Beyond the connected home and the connected car, our IoT opportunities are expanding to include a diverse set of emerging applications like electronic shelf labeling and commercial and retail lighting.

除了連網家庭和連網汽車之外，我們的物聯網機會正在擴大到包括電子貨架標籤以及商業和零售照明等各種新興應用。

In infrastructure, it's clear, the demand for data is driving up carrier base station investments globally.

在基礎設施方面，很明顯，對數據的需求正在推動全球營運商基地台的投資。

They are deploying LTE Advanced/Pro networks to enable narrowband IoT and to build the foundation for upcoming 5G rollouts.

他們正在部署 LTE Advanced/Pro 網路以實現窄帶物聯網，並為即將推出的 5G 奠定基礎。

We continue to see growth in small cells and massive MIMO and expect our business to expand as these markets develop.

我們繼續看到小型基地台和大規模 MIMO 的成長，並期望我們的業務隨著這些市場的發展而擴大。

During the quarter, we extended our 5G leadership by introducing several new products for massive MIMO and 5G macro base stations.

本季度，我們推出了幾款用於大規模 MIMO 和 5G 宏基地台的新產品，擴大了我們在 5G 領域的領先地位。

Our expanding 5G portfolio supports all anticipated frequency bands for 5G architectures up to 39 gigahertz.

我們不斷擴展的 5G 產品組合支援高達 39 GHz 的 5G 架構的所有預期頻段。

Given the superior performance characteristics of gallium nitride versus legacy silicon technologies, we see GaN proliferating in multiple markets, including base stations.

鑑於氮化鎵相對於傳統矽技術的卓越性能特徵，我們看到氮化鎵在包括基站在內的多個市場中激增。

Our GaN solutions support massive MIMO deployments below 6 gigahertz.

我們的 GaN 解決方案支援 6 GHz 以下的大規模 MIMO 部署。

In China, demand is increasing for Qorvo solutions for the 3.5 and 4.8 gigahertz deployments anticipated in 2019.

在中國，預計 2019 年部署的 3.5 和 4.8 GHz 部署對 Qorvo 解決方案的需求正在增加。

In millimeter wave, Qorvo's 39 gigahertz GaN front-end modules are powering the first commercially available millimeter wave fixed wireless access service, which was recently deployed in Boston, L.A., Washington and additional cities to be added later this year.

在毫米波領域，Qorvo 的 39 GHz GaN 前端模組正在為首個商用毫米波固定無線接入服務提供支持，該服務最近在波士頓、洛杉磯、華盛頓以及今年晚些時候將添加的其他城市進行了部署。

In Defense, the demand environment continues to be driven by greater performance, increased efficiency and more highly integrated system solutions.

在國防領域，需求環境持續受到更高性能、更高效率和更高整合性系統解決方案的推動。

Qorvo is the recognized leader in GaN for defense applications and a trusted foundry for the U.S. Department of Defense.

Qorvo 是國防應用領域公認的 GaN 領導者，也是美國國防部值得信賴的代工廠。

Our GaN solutions deliver distinct customer advantages, including higher power density, smaller arrays, lower power consumption and several orders of magnitude improvement and reliability for its current technologies.

我們的 GaN 解決方案為客戶提供了獨特的優勢，包括更高的功率密度、更小的陣列、更低的功耗以及現有技術幾個數量級的改進和可靠性。

We recently introduced 2 highly integrated X-band front-end modules optimized for next generation active electronically, scanned array radars.

我們最近推出了 2 個高度整合的 X 波段前端模組，針對新一代主動電子掃描陣列雷達進行了最佳化。

Our newest scan modules leverage Qorvo's scale and integration capabilities to combine 4 parts into 1, providing the smallest and highest performance FEMs for mission-critical radar systems for customers around the world.

我們最新的掃描模組利用 Qorvo 的規模和整合能力，將 4 個零件合併為 1 個零件，為全球客戶的關鍵任務雷達系統提供最小和最高效能的 FEM。

Turning to mobile products.

轉向行動產品。

As we laid out at our Investor Day, Qorvo is repositioning our portfolio to target and win the highest growth, most complex opportunities.

正如我們在投資者日所闡述的那樣，Qorvo 正在重新定位我們的投資組合，以瞄準並贏得成長最快、最複雜的機會。

We're leveraging core-enabling technologies like BAW and SOI to transform our business with a focus on our differentiated solutions.

我們正在利用 BAW 和 SOI 等核心支援技術來轉變我們的業務，並專注於我們的差異化解決方案。

Today, we're investing to win in mid- and high-band pads, diversity receive modules and pentaplexers and RF Fusion variance for our low-band pad.

今天，我們正在投資以贏得中高頻段墊、分集接收模組和五工器以及低頻段墊的 RF Fusion 差異。

As architectures evolve, many of these products, including antennaplexers and diversity receive modules, offers opportunities to grow our BAW-based revenue.

隨著架構的發展，其中許多產品（包括天線復用器和分集接收模組）為我們增加基於 BAW 的收入提供了機會。

Qorvo also enjoys front-based growth opportunities in antenna-tuning and envelope tracking.

Qorvo 在天線調諧和包絡追蹤方面也享有基於前端的成長機會。

We're developing our fourth generation ET technology, and we see a long runway ahead given the performance requirements of 5G and the challenges of its higher bandwidth and peak to average power ratio.

我們正在開發第四代 ET 技術，考慮到 5G 的性能要求以及更高頻寬和峰值平均功率比的挑戰，我們認為還有很長的路要走。

In antenna-tuning, demand for Qorvo's industry-leading solution is growing with the advent of LTE Advanced/Pro, MIMO and 5G.

在天線調諧方面，隨著 LTE Advanced/Pro、MIMO 和 5G 的出現，對 Qorvo 業界領先解決方案的需求不斷增長。

Very simply, new functionality is requiring that antenna -- is requiring that the antenna count go up, while the board space available for these antennas continues to be reduced due to industrial design factors.

很簡單，新功能需要天線 - 需要增加天線數量，而由於工業設計因素，可用於這些天線的電路板空間不斷減少。

That requires antennas to be miniaturized, which weakens their bandwidth capabilities and adversely affects antenna performance.

這需要天線小型化，從而削弱其頻寬能力並對天線性能產生不利影響。

Qorvo is the leader in antenna management, and our antenna control solutions address these challenges to vastly improve the user experience.

Qorvo 是天線管理的領導者，我們的天線控制解決方案可應對這些挑戰，大幅改善使用者體驗。

It's worth noting that this dynamic is no longer limited to premium tier devices.

值得注意的是，這種動態不再局限於高階設備。

Customers in China are adopting Qorvo's multiplexing and antenna-tuning solutions as well as our RF Fusion Phase 6 for their increasingly sophisticated flagship smartphones.

中國客戶正在為其日益複雜的旗艦智慧型手機採用 Qorvo 的多路復用和天線調諧解決方案以及我們的 RF Fusion Phase 6。

We posted record revenue for our BAW-based quadplexers in China during the June quarter, and we're very well positioned as the performance tier smartphones increase in functionality and adopt more highly integrated Phase 6 architectures.

六月季度，我們基於 BAW 的四工器在中國創下了創紀錄的收入，隨著性能層智慧型手機功能的增加和採用更高集成度的第 6 階段架構，我們處於非常有利的位置。

Qorvo's RF Fusion for Phase 6 features our BAW and SAW filter technologies to deliver complete front-end coverage in 2 highly integrated placements.

Qorvo 的第 6 階段 RF Fusion 採用我們的 BAW 和 SAW 濾波器技術，可在 2 個高度整合的佈局中提供完整的前端覆蓋。

Just as we outlined at our Analyst Day, we see multiple avenues for growth in mobile as global demand for data continues to acquire more and better RF.

正如我們在分析師日所概述的那樣，隨著全球對數據的需求不斷獲得更多、更好的射頻，我們看到了行動領域成長的多種途徑。

Before handing the call off to Mark, I want to say a few things about our recently announced changes for to operations team, including the addition of Paul Fego.

在將電話交給馬克之前，我想說一些關於我們最近宣布的營運團隊變動的事情，包括保羅費戈的加入。

First, I'd like to thank Steve Grant and Jim Stilson for getting us to where we are today.

首先，我要感謝史蒂夫·格蘭特和吉姆·斯蒂爾森讓我們取得了今天的成就。

Steve and Jim have been instrumental in creating our world-class manufacturing platform.

史蒂夫和吉姆在創建我們世界一流的製造平台方面發揮了重要作用。

Since we started Qorvo in 2015, Jim and Steve have led the charge to implement our global operations strategy.

自 2015 年創立 Qorvo 以來，Jim 和 Steve 一直負責實施我們的全球營運策略。

And together, they have helped position us for the growth and opportunities that we see today.

他們共同幫助我們為今天所看到的成長和機會做好了準備。

We appreciate their continuing contributions as Paul gets up to speed.

我們感謝他們在 Paul 加快步伐時持續做出的貢獻。

Paul joined our team earlier this week, bringing 35 years of global, large-scale, semiconductor manufacturing experience with well-known and respected semiconductor companies.

Paul 於本週稍早加入我們的團隊，帶來了在知名且受人尊敬的半導體公司工作 35 年的全球大規模半導體製造經驗。

Paul's deep experience in front-end and back-end manufacturing with both high volume and high mix operations aligns perfectly with Qorvo's operational and business needs.

Paul 在前端和後端製造以及大批量和高混合營運方面擁有豐富的經驗，這與 Qorvo 的營運和業務需求完美契合。

He will lead the further consolidation of our global operations from wafer fabrication through assembly and test, and we look forward to his many contributions as we continue on our lean journey.

他將領導我們從晶圓製造到組裝和測試的全球業務的進一步整合，我們期待他在我們繼續精益之旅的過程中做出許多貢獻。

Looking across our entire organization, we believe we have the right people, products and technologies to capture an expanding set of long-term growth opportunities.

縱觀整個組織，我們相信我們擁有合適的人員、產品和技術來抓住不斷擴大的長期成長機會。

We are positioned to be a primary beneficiary of global macro trends in LTE Advanced/Pro, 5G, IoT and GaN.

我們的定位是成為 LTE Advanced/Pro、5G、物聯網和 GaN 全球宏觀趨勢的主要受益者。

We're investing in the highest growth segments in the markets we know best, and we're differentiating with technology to win across markets, customers and products.

我們正在投資我們最了解的市場中成長最快的細分市場，並透過技術實現差異化，以贏得市場、客戶和產品。

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

接下來，我會將電話轉交給馬克。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the first quarter was $693 million, significantly above the high end of our guidance range.

Qorvo 第一季的營收為 6.93 億美元，遠高於我們指引範圍的上限。

Mobile revenue of $486 million was higher than expected across multiple customers and particularly strong in China.

4.86 億美元的行動收入高於多個客戶的預期，尤其是在中國。

Mobile returned a year-over-year growth in the quarter, which we expect to sustain through the rest of this fiscal year.

行動業務在本季度實現了同比增長，我們預計這種增長將持續到本財年剩餘時間。

IDP revenue was $207 million, the ninth consecutive quarter of double-digit year-over-year growth.

IDP 營收為 2.07 億美元，連續第九個季度實現兩位數年成長。

Non-GAAP gross margin in the June quarter was 44%, in line with our guidance.

6 月季度的非 GAAP 毛利率為 44%，符合我們的指引。

Our margin outlook for fiscal year '19 remains positive and unchanged from previous guidance as we grow our top line, optimize our product portfolio, improve factory utilization and drive productivity.

隨著我們增加營收、優化產品組合、提高工廠利用率並提高生產力，我們 19 財年的利潤率前景仍然樂觀，與先前的指導相比沒有變化。

Operating expenses were $160 million, up less than expected, due primarily to timing of program development expenses.

營運費用為 1.6 億美元，增幅低於預期，主要是由於專案開發費用的時間表。

Non-GAAP net income in the June quarter was $124 million, and non-GAAP diluted earnings per share was $0.96 or $0.21 above the midpoint of our guidance.

6 月季度的非 GAAP 淨利潤為 1.24 億美元，非 GAAP 攤薄每股收益為 0.96 美元，比我們指導的中點高出 0.21 美元。

June quarter cash flow from operations was $75 million, reflecting inventory builds to support mobile product ramps.

6 月季度營運現金流為 7,500 萬美元，反映了支持行動產品成長的庫存增加。

CapEx of $44 million was primarily related to BAW and GaN capacity additions in Richardson.

4,400 萬美元的資本支出主要與理查森 BAW 和 GaN 產能的增加有關。

We repurchased $100 million of stock in the quarter.

我們在本季回購了價值 1 億美元的股票。

Cash at quarter end was $334 million, down from year-end cash of $926 million due to the repurchase of the remaining $429 million of our 2023 notes and from increased share repurchases.

季度末現金為 3.34 億美元，低於年末現金 9.26 億美元，因為回購了 2023 年票據剩餘的 4.29 億美元以及增加了股票回購。

Following quarter end, we completed a partial tender for $300 million of our 2025 notes and a $500 million 8-year unsecured notes issue at a coupon of 5.5%.

接下來的季度末，我們完成了 3 億美元 2025 年票據的部分招標，以及以 5.5% 的票息發行 5 億美元的 8 年期無擔保票據。

With these actions, we've lowered our interest costs and extended our average debt maturity to 2026.

透過這些行動，我們降低了利息成本，並將平均債務期限延長至 2026 年。

We remain well below our net leverage target and retain significant financial flexibility to grow the business and return capital to shareholders.

我們仍遠低於淨槓桿目標，並保留顯著的財務靈活性，以發展業務並向股東返還資本。

Turning to our outlook.

轉向我們的展望。

In the second quarter of fiscal year 2019, we expect non-GAAP revenue between $850 million and $860 million; gross margin to increase sequentially to approximately 47.5%, consistent with previous comments; and diluted EPS of $1.62 at the midpoint of our guidance.

2019財年第二季度，我們預期非公認會計準則營收介於8.5億美元至8.6億美元之間；毛利率將連續增加至約 47.5%，與先前的評論一致；稀釋後每股收益為 1.62 美元，處於我們指引的中點。

On revenue, we expect IDP to post a stronger September quarter, helped in part by the recent lifting of the U.S. Department of Commerce ban on ZTE.

在營收方面，我們預計 IDP 將在 9 月季度表現更為強勁，部分原因是美國商務部最近取消了對中興通訊的禁令。

For mobile, we see sequential revenue up over 30% on seasonal ramps.

對於行動設備，我們看到環比收入按季節增長超過 30%。

On gross margin, our September quarter guide reflects expected progress on mix improvements and productivity gains, partially offset by underloaded SAW capacity.

在毛利率方面，我們的 9 月季度指南反映了產品組合改善和生產力提高方面的預期進展，但部分被 SAW 產能不足所抵消。

We expect gross margins in the back half of the year to average 50% or more.

我們預計下半年毛利率平均可達50%以上。

Operating expenses are forecasted to increase in the September quarter to approximately $170 million, principally driven by increased design activity.

預計第二季的營運費用將增加至約 1.7 億美元，這主要是由於設計活動的增加。

We expect OpEx to trend down in the second half, totaling less than 20% of sales for the full year.

我們預計下半年營運支出將呈下降趨勢，佔全年銷售額的比例將低於 20%。

We're lowering our second quarter and full year non-GAAP tax rate forecast to approximately 8%.

我們將第二季和全年非 GAAP 稅率預測下調至 8% 左右。

We expect operating cash flow to strengthen in the second half to the fiscal year on higher revenue, stronger margins and lower working capital.

我們預計，由於收入增加、利潤率提高和營運資本減少，本財年下半年營運現金流將增強。

CapEx is expected to increase in the second quarter, primarily due to BAW and GaN investments in Richardson, expansion of BAW capacity in Farmers Branch and the purchase of a lease facility.

預計第二季資本支出將增加，這主要是由於理查森的 BAW 和 GaN 投資、Farmers Branch 的 BAW 產能擴張以及租賃設施的購買。

Our CapEx for the rest of the year remains tied to design opportunities, tool conversions, new tool lead times and other factors.

我們今年剩餘時間的資本支出仍與設計機會、工具轉換、新工具交付時間和其他因素有關。

Currently, these factors point to moderately higher CapEx this fiscal year, primarily driven by acceleration of our buildout of Farmers Branch as we gain confidence in our BAW-based revenue outlook.

目前，這些因素表明本財年的資本支出將適度上升，這主要是由於我們對基於 BAW 的收入前景充滿信心，從而加速了 Farmers Branch 的建設。

We believe this increases for the right reasons, value-creating investment supporting our high-growth and high-margin businesses where we hold differentiated positions.

我們相信這種成長是有道理的，創造價值的投資支持我們的高成長和高利潤業務，我們在這些業務中擁有差異化的地位。

As a result, our free cash flow forecast for the year is now expected to be closer to $700 million.

因此，我們今年的自由現金流預測目前預計將接近 7 億美元。

So in summary, we posted a first quarter well above our guidance.

總而言之，我們發布的第一季業績遠高於我們的指導。

Looking ahead, we expect full year revenue growth around 10%, gross margin increasing to 50% or more for the second half and full year OpEx below 20% of sales.

展望未來，我們預計全年營收成長約 10%，下半年毛利率將增至 50% 或更高，全年營運支出將低於銷售額的 20%。

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 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。

Well, congratulations.

好吧，恭喜你。

A lot of good things happening in the quarter.

本季發生了很多好事。

Mark, I wanted to ask a question about your 10% full year growth forecast.

馬克，我想問一個關於您 10% 全年成長預測的問題。

You've obviously given us all the way through September.

顯然你已經為我們提供了整個九月。

Can you provide us maybe some color on how we should think about December?

您能為我們提供一些關於我們應該如何看待 12 月的資訊嗎？

Is that expected to be up?

預計會漲嗎？

And then any more color you can give us, low, mid-single digits, whatever.

然後你可以給我們更多的顏色，低、中個位數，等等。

And then how should we think about March?

那我們該如何看待三月呢？

And then I've got a follow-up after that.

之後我會跟進。

Sure, Harsh.

當然，嚴厲。

We're not going to give specific guidance on revenue in the back half, but what we can say is based on what we see now, we do see a sequential increase second quarter to third quarter, so our September quarter to December quarter.

我們不會對下半年的收入給出具體指導，但我們可以說的是，根據我們現在所看到的情況，我們確實看到第二季度到第三季度的連續增長，所以我們的9 月季度到12 月季度。

As you would expect, we would see seasonality with a decrease into the March quarter.

正如您所期望的那樣，我們將看到季節性因素在三月季度有所下降。

Normally, that seasonality has been sort of 10% to 15%.

通常情況下，季節性約為 10% 至 15%。

And if we were to, right now, call, we're going to have on the high end of that or the low end of that, we would say that we probably have on the low end of that.

如果我們現在打電話，我們將處於高端或低端，我們會說我們可能處於低端。

This is very helpful, Mark.

這非常有幫助，馬克。

And then for my follow-up.

然後是我的後續行動。

Historically, Qorvo has been sort of the third content guy at the large customer.

從歷史上看，Qorvo 一直是大客戶的第三個內容負責人。

But I believe this year, you're benefiting from a strong ramp in content.

但我相信今年，您將受益於內容的強勁成長。

Would you be able to give us some idea, maybe some color on what kind of content you're looking at in terms of uptake?

您能否給我們一些想法，也許是一些關於您正在查看的內容的吸收率的一些顏色？

And also, does this mean that you're now quite possibly the #2 supplier content-wise to the large guy?

而且，這是否意味著您現在很可能是大公司內容的第二大供應商？

Harsh, this is Bob.

嚴厲，這是鮑伯。

And first of all, thanks for your opening comments.

首先，感謝您的開場評論。

We're not going to be able to answer any future comments about any of our customers for that matter.

我們將無法回答有關我們任何客戶的任何未來評論。

What I can tell you, Harsh, is what I am very proud of the organization and what we've done as far as developing the technologies and products that our industry needs.

哈什，我可以告訴你的是，我對這個組織以及我們在開發行業所需的技術和產品方面所做的工作感到非常自豪。

I think with the way we're positioning the portfolio today, we believe we can grow as fast as the industry or slightly faster than the industry.

我認為，按照我們今天定位投資組合的方式，我們相信我們可以與行業一樣快或略快於行業的成長速度。

And I think I'll just leave it at that for this time.

我想這次就這樣吧。

Our next question will come from Cody Acree with Loop Capital.

我們的下一個問題將來自 Loop Capital 的 Cody Acree。

Maybe to that last question a bit differently, just the strength that you've seen in your mid- and high band pad, and you alluded to this in your prepared remarks.

也許對最後一個問題有點不同，只是你在中高頻段墊中看到的強度，並且你在準備好的發言中提到了這一點。

Can you just talk about any other successes that you had?

您能談談您所取得的其他成功嗎？

And when you might expect those ramps (inaudible) not just pads but mid-, high-band designs?

當您期望這些斜坡（聽不清楚）不僅僅是打擊墊，還有中、高頻段設計？

This is Eric.

這是埃里克。

I'll be happy to take that.

我很樂意接受。

We see backed up by the general trends that we covered, I think, pretty thoroughly on our Investor Day of our customers looking to add a lot of band coverage, and in particular, mid- and high frequency bands extending up to the ultrahigh band now, looking at the additional carrier aggregation requirements and multiple bands at once being covered there, and those are generally in the mid- and high-frequency ranges because of antenna sizes and so forth.

我認為，我們看到了我們在投資者日上相當徹底地報道的總體趨勢的支持，我們的客戶希望增加大量頻段覆蓋範圍，特別是中頻段和高頻段現在擴展到超高頻段，看看額外的載波聚合要求和同時覆蓋的多個頻段，由於天線尺寸等原因，這些通常位於中頻和高頻範圍。

All of that really is driving a need for more BAW filtering.

所有這些確實推動了對更多 BAW 濾波的需求。

And in more and more cases, we see those being integrated into higher level products, whether it's in Phase 6, which is our primary workhorse of the future for our China-based customers for the most part, all the way up to the highest tiers of the flagship phones.

在越來越多的情況下，我們看到它們被整合到更高級別的產品中，無論是在第6 階段，對於大多數中國客戶來說，這都是我們未來的主要主力，一直到最高級別旗艦手機中。

And it is also across multiple product categories.

而且它還跨越多個產品類別。

It applies to the main path obviously and also receive diversity path for the same reasons we think BAW has key advantages.

它顯然適用於主路徑，也適用於接收分集路徑，原因與我們認為 BAW 具有關鍵優勢的原因相同。

And as we looked at sharing fewer and fewer antennas with more and more radios, antennaplexing as well is going to be of more importance.

當我們考慮與越來越多的無線電設備共享越來越少的天線時，天線復用也將變得更加重要。

And there, again, that's really almost entirely BAW-based products.

再說一次，這實際上幾乎完全是基於 BAW 的產品。

And Eric, can you just delineate a bit of health in China you're seeing in unit demand.

艾瑞克（Eric），您能否描述一下您所看到的中國單位需求的健康狀況。

And just any comments you have on some of the second, third tier OEMs and any pricing sensitivity that you're starting to see in that second, third tier market?

您對一些二、三線原始設備製造商有何評論，以及您在二、三線市場開始看到的任何定價敏感度？

Right.

正確的。

So overall, we -- obviously, from our results last quarter, we had another pretty strong quarter with [June] (corrected by company after the call).

因此，總的來說，我們——顯然，從上個季度的業績來看，我們在[六月]又度過了一個相當強勁的季度（在電話會議後由公司糾正）。

We're real proud of the team, what we've created both in terms of product portfolio as well as applications and customer support throughout China.

我們為這個團隊感到非常自豪，我們在整個中國的產品組合以及應用程式和客戶支援方面都創建了這樣的團隊。

We're, if not the largest, we're very close.

我們即使不是最大的，也已經非常接近了。

But in most cases, we're the largest supplier to all the leading handset suppliers throughout the region.

但在大多數情況下，我們是該地區所有領先手機供應商的最大供應商。

And we've seen both I think a refilling of the channel, in some cases, which is kind of in the lower and mid tiers, but also a lot of our customers have brought out some fantastic new flagship products.

我認為在某些情況下，我們看到了通路的補充，這是在中低端，但我們的許多客戶也推出了一些出色的新旗艦產品。

And these are really compelling products.

這些都是非常引人注目的產品。

The industrial design is very, very good.

工業設計非常非常好。

The feature set is good and competitive, and they're having a lot of success so far.

該功能集很好並且具有競爭力，並且到目前為止他們已經取得了巨大的成功。

So it's still a bit early.

所以現在還是有點早。

We need to see those handsets continue to sell on through, but at least in the June quarter, we saw pretty healthy uptick, a wide -- across a wide range of our customers and our product portfolio.

我們需要看到這些手機繼續銷售，但至少在六月季度，我們看到了相當健康的成長，廣泛的——跨越我們廣泛的客戶和我們的產品組合。

Our next question will come from Ambrish with BMO.

我們的下一個問題將來自 BMO 的 Ambrish。

I just wanted to go back to the reported quarter, and you had a very big upside on the top line.

我只想回到報告的季度，你的營收有很大的上升空間。

But I was wondering why there was no fall-through on the gross margin side.

但我想知道為什麼毛利率方面沒有下降。

And then I have a quick follow-up, please.

然後我會快速跟進。

Yes.

是的。

Ambrish, so you're right that in the quarter with the higher revenue, the SAW utilization drag which we anticipated had less of an effect, principally driven by that higher revenue.

Ambrish，所以你是對的，在收入較高的季度，我們預期的 SAW 使用率拖累影響較小，主要是由收入較高推動的。

But we did have, as you can see, a higher mix on mobile, which goes against us.

但正如你所看到的，我們在行動裝置上確實有更高的組合，這對我們不利。

Within mobile, we had a higher mix in China.

在行動領域，我們在中國擁有更高的組合。

And then I would say also, in IDP, and James can talk about this perhaps later, a bit weaker mix in IDP.

然後我還要說，在 IDP 中，詹姆斯也許稍後可以談論這一點，IDP 中的混合有點弱。

So the positives of the higher revenue and the lesser effect of SAW was offset by these mix effects both across the segments and within the segments.

因此，較高的收入和較小的 SAW 影響所帶來的正面影響被跨細分市場和細分市場內部的這些混合效應所抵消。

I would just note, Ambrish, that we're in line with the guide and the September guide is in line with my previous comments.

我只想指出，Ambrish，我們與指南保持一致，九月指南與我之前的評論一致。

Yes.

是的。

Clearly, you are guiding for what you've said before.

顯然，您正在指導您之前所說的內容。

And then just a real quick one on ZTE.

然後是關於中興通訊的快速報道。

When do you expect it to get back to the annual run rate that you had given last quarter?

您預計什麼時候會恢復到上季給出的年度運行率？

I think it was $40 million.

我認為是 4000 萬美元。

Yes.

是的。

Ambrish, this is Mark.

安布里什，這是馬克。

I'll take that one as well.

我也拿那個。

For ZTE, we already see them returning to historical levels and we've got that built into our second quarter forecast and we've got it reflected into the rest of the year at those levels.

對於中興通訊，我們已經看到它們回到了歷史水平，我們已將其納入第二季度的預測中，並將其反映在今年剩餘時間的這些水平上。

Now we've taken a bit more conservative view on parts of China just to make sure that, that -- our forecast remains intact there.

現在，我們對中國部分地區採取了更保守的看法，只是為了確保我們的預測在那裡保持不變。

But the ZTE effects in the normal run rate, that business is back in, and we're certainly pleased that they're a customer again.

但中興通訊影響了正常的運作率，業務又回來了，我們當然很高興他們再次成為客戶。

I just want to add, that was $40 million for the year, just to be clear.

我只是想補充一點，澄清一下，當年的金額為 4000 萬美元。

$40 million for the year, so $10 million a quarter, Ambrish.

安布里什，全年 4000 萬美元，所以每個季度 1000 萬美元。

Our next question comes from Srini with Macquarie Securities.

我們的下一個問題來自麥格理證券的斯里尼。

Mark, just to follow up on the gross margin question.

馬克，只是為了跟進毛利率問題。

I guess as we move to the second half of the fiscal year, your guidance implies, I think, low 50% gross margin.

我想，當我們進入本財年下半年時，我認為您的指導意味著毛利率將達到 50% 的低水平。

I'm just wondering, is it pretty much a function of soft utilization getting better and then BAW mix getting better?

我只是想知道，這很大程度上是軟利用率變得更好然後 BAW 混合變得更好的函數嗎？

Are there any other puts and takes that you can give us any color on them?

您還可以給我們任何其他的看跌期權嗎？

That would be helpful.

那會有幫助的。

Yes.

是的。

The drivers for the margin expansion in the second half remain consistent with what I've talked about before.

下半年利潤率擴張的驅動因素與我之前談到的保持一致。

As the revenues to grow, the impact of the SAW and the utilization becomes less impactful.

隨著收入的成長，SAW 和利用率的影響變得越來越小。

Also, the costs related to that, we continue to work those down so that helps us as well.

此外，與此相關的成本，我們將繼續降低這些成本，這對我們也有幫助。

And then it's fundamentally driven by a change in more favorable mix, BAW-related content and then just continued improvements in the overall fab utilization.

從根本上來說，它是由更有利的組合、BAW 相關內容的變化以及整體晶圓廠利用率的持續改善所驅動的。

Great.

偉大的。

And then to follow up, I have a 5G question maybe for Bob.

接下來，我可能有一個 5G 問題想問鮑伯。

Bob, I think in the press release, you mentioned you have a new design win at 3.5 gig.

鮑勃，我想在新聞稿中，您提到您在 3.5 gig 上贏得了新的設計。

I'm just curious where we are in the 5G cycle.

我只是好奇我們處於 5G 週期的哪個階段。

Is that design win for 5G?

這種設計是否適合 5G？

And then there's also a lot of talk about rolling out 5G in lower frequency band, for example, in a 600 megahertz and also 2.5 gigahertz.

此外，還有很多關於在較低頻段推出 5G 的討論，例如 600 兆赫茲和 2.5 吉赫茲。

So I'm curious.

所以我很好奇。

If 5G gets implemented in lower frequencies around 600 to 2, is there any incremental content?

如果5G以600比2左右的較低頻率實現，有什麼增量內容嗎？

Or is it going to be similar to what we saw with 3G and 4G in terms of the absolute content?

或者就絕對內容而言，它會與我們在 3G 和 4G 中看到的類似嗎？

Thanks, Srini.

謝謝，斯里尼。

I think what's great is both James and Eric can answer your question, so I think we're going to take some time and make sure that there's good clarity between 2 businesses because I did talk a lot about 5G in both of the businesses.

我認為最棒的是詹姆斯和艾瑞克都可以回答你的問題，所以我認為我們將花一些時間確保兩個企業之間有很好的清晰度，因為我確實在這兩個企業中談論了很多關於5G 的問題。

So if you don't mind, I think we ought to start with James and talk about 5G and some of those questions.

因此，如果您不介意的話，我認為我們應該從 James 開始討論 5G 以及其中的一些問題。

And Eric, if you'll pick that up after that.

艾瑞克，如果你之後願意接聽的話。

Yes, let me start by IDP and really talk about where we see the infrastructure going.

是的，讓我從 IDP 開始，真正談談我們對基礎設施的看法。

We have recent design wins and key product demonstrations really around the world, and I think these reflect our leadership position in 5G.

我們最近在全球範圍內取得了設計成果和關鍵產品演示，我認為這些反映了我們在 5G 領域的領導地位。

There's pilot deployments going on in numerous cities and really across the broad spectrum of products, so all the way from very low frequencies that you mentioned earlier up to 39 gigahertz.

許多城市正在進行試點部署，並且涉及廣泛的產品，因此從您之前提到的極低頻率一直到 39 GHz。

The infrastructure rollouts appear to be on track for 2019.

基礎設施的推出似乎將於 2019 年步入正軌。

So that's probably a bit of an acceleration on what we've talked about in the past.

所以這可能是我們過去討論的事情的一個加速。

We also see 5G rollouts driving some under -- some nice underlying trends like the proliferation of GaN to be used in massive MIMO systems.

我們也看到 5G 的推出推動了一些潛在的良好趨勢，例如大規模 MIMO 系統中使用 GaN 的普及。

So we are now shipping in volume power amplifiers into massive MIMO deployments that are intended to support the early rollouts of 5G systems.

因此，我們現在正在將功率放大器批量運送到大規模 MIMO 部署中，旨在支援 5G 系統的早期部署。

So I would say in general, the infrastructure rollouts are somewhat ahead of what we had been -- what we've been discussing in the past.

所以我想說，總的來說，基礎設施的推出在某種程度上領先於我們過去所討論的情況。

And on the mobile side, there's a tremendous amount of activity.

在行動端，有大量的活動。

Of course, we're generally working with customers looking out 2 to 3 years, which is well into the deployment of 5G.

當然，我們通常會與客戶合作，期待 2 到 3 年的時間，此時已經進入 5G 部署階段。

The 3.5 gigahertz ultrahigh band design win that we mentioned is not 5G yet.

我們提到的 3.5GHz 超高頻段設計勝利還不是 5G。

It's notable, though, as we see that range, which will become n77 being one of the first bands to deploy 5G in commercial handsets from the road maps we see.

不過，值得注意的是，正如我們從路線圖中看到的那樣，n77 將成為首批在商用手機中部署 5G 的頻段之一。

And so being an incumbent in that band, we think, is important at getting the content.

因此，我們認為，成為樂團的現任成員對於獲取內容非常重要。

When you look at 600 megahertz and you ask whether there's additional content, for example, if you roll out 5G, I think that's a really important question.

當你看到600兆赫並問是否有額外的內容，例如如果推出5G時，我認為這是一個非常重要的問題。

People tend to talk about 5G as a bolt-on to 4G in the early rollouts.

在早期部署中，人們傾向於將 5G 視為 4G 的補充。

But it's really anything but when it comes to the RF.

但對於射頻而言，這確實是另一回事。

You can't bolt-on something in RF.

你不能在 RF 中附加某些東西。

Anything you add impacts everything else that's there.

您添加的任何內容都會影響那裡的其他所有內容。

So if you take 600 megahertz to 5G, you're going to add more requirements on that band.

因此，如果您採用 600 兆赫茲的 5G 頻段，就會對該頻段提出更多要求。

It's going to have to be a higher performance band, but it's also going to affect isolations or characteristics of other bands near that.

它必須是更高性能的頻段，但它也會影響附近其他頻段的隔離或特性。

So as soon as we see 5G coming into the handset in any band, it will affect the content throughout the handset.

因此，一旦我們看到 5G 在任何頻段進入手機，就會影響整支手機的內容。

Our next question comes from Mike Burton with Benchmark.

我們的下一個問題來自 Benchmark 的 Mike Burton。

I just want to follow up on China for Eric, I guess, first.

我想，首先我想為艾瑞克跟進中國的情況。

You mentioned it was strong in the June quarter.

您提到六月季度表現強勁。

Can help us size the Chinese OEM business for you?

可以幫助我們為您確定中國 OEM 業務規模嗎？

And what are your expectations for that business in both the September quarter, but also, longer term, if you could help us understand the content uptick with Phase 6.

如果您能幫助我們了解第 6 階段的內容成長情況，您對該業務在 9 月季度以及長期的期望是什麼。

Yes.

是的。

So in terms of sizing it, the China business, excluding Huawei, was over 30% of mobile res last quarter, so it's fairly substantial.

因此，就規模而言，上季中國業務（不包括華為）佔行動市場的 30% 以上，因此相當可觀。

And in terms of dollar uplift with the Phase 6, it varies from what the baseline is.

就第六階段的美元上漲而言，它與基線有所不同。

For the most part with Phase 6, we're integrating the entire functionality into 2 placements.

在第 6 階段的大部分時間裡，我們將整個功能整合到 2 個位置。

So in terms of dollar opportunity for us, it raises us from some percentage of the total to the entire total.

因此，就我們的美元機會而言，它使我們從佔總數的一定比例提高到全部。

So we are able to take all the main path content at least with the Phase 6 solution.

所以我們至少能夠透過第 6 階段的解法取得所有主路徑內容。

And in terms of dollar content in total add, it depends on what the customer is starting with.

就總添加量而言，這取決於客戶的起始點。

So it's really hard to identify a number with that.

所以很難用它來辨識一個數字。

Okay.

好的。

Fair enough.

很公平。

And then second one for James.

然後是詹姆斯的第二個。

A lot going on in your business for us.

您的業務對我們來說有很多事情要做。

When you look ahead, how would you rank order your growth opportunities for the businesses?

展望未來，您會如何排列企業的成長機會？

Are you starting -- I mean, is it really kind of 802.11ax or the initial 5G deployments now or something else?

您是否正在開始 - 我的意思是，這真的是 802.11ax 還是現在的初始 5G 部署還是其他什麼？

And how should we think about that, the biggest opportunities for both this fiscal year and for next?

我們該如何看待本財年和下一財年的最大機會？

Yes, I think you go back to those underlying trends that we talked about.

是的，我認為你回到了我們討論過的那些潛在趨勢。

We talked about the deployment of 5G, which is driving significant content for us in our base station business.

我們談到了 5G 的部署，這為我們的基地台業務帶來了重要的內容。

We're seeing that in this year as well.

今年我們也看到了這一點。

And we're seeing that with massive MIMO and small cell deliveries continuing to increase and actually becoming material in our base station business as we go through the year.

我們看到，隨著大規模 MIMO 和小型基地台的交付量不斷增加，並在這一年中成為我們基地台業務的重要組成部分。

So I would say 5G is going to drive growth.

所以我想說 5G 將推動成長。

On top of that, we'll also have significant growth in IoT and that will be both in the low-power side, RSOC portfolio that's going to -- we're everywhere from connected home to retail commercial lighting to now this shelf tag opportunity we talked about.

最重要的是，我們在物聯網方面也將取得顯著成長，這將在低功耗方面實現，RSOC 產品組合將會——從聯網家庭到零售商業照明，再到現在的貨架標籤機會，我們無所不在我們談過的。

And on the higher power side, it's going to support all of our WiFi systems.

在更高功率方面，它將支援我們所有的 WiFi 系統。

So those are growth drivers.

所以這些都是成長動力。

And then on top of that, Defense remains very, very steady growth engine, and that's really driven by that other underlying trend we talked about, which is the proliferation of GaN.

最重要的是，國防仍然是非常非常穩定的成長引擎，這實際上是由我們談到的另一個潛在趨勢所驅動的，即 GaN 的擴散。

We do see GaN growing actually significantly faster than what we had talked about the market doing.

我們確實看到 GaN 的成長速度實際上比我們所說的市場成長速度要快得多。

And we are winning in Defense.

我們在國防方面取得了勝利。

We're winning in our broadband area.

我們在寬頻領域取得了勝利。

And as I stated earlier, we are now starting to win in the base station.

正如我之前所說，我們現在開始在基地台領域取得勝利。

So first production deliveries are going out now for these massive MIMO GaN-based systems, and that is becoming material revenue for us.

因此，這些基於 GaN 的大規模 MIMO 系統的首批生產交付現已開始，這正在成為我們的物質收入。

So again, to recoup, it's across IoT, it's across 5G and it's across GaN.

所以，再次強調一下，它是跨物聯網、跨 5G、跨 GaN 的。

It's really the big drivers in growth of the business.

這確實是業務成長的重要推動力。

Our next question comes from Ruben Roy with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Ruben Roy。

First question for Mark.

第一個問題是問馬克。

I just wanted to run through the OpEx commentary quickly.

我只是想快速瀏覽一下 OpEx 評論。

You mentioned some design activity driving the Q2 guide -- outlook up a little bit.

您提到了推動第二季指南的一些設計活動——前景略有上升。

Is that sort of broad-based design activity or sort of big customer related?

這種廣泛基礎的設計活動或與大客戶相關嗎？

If you can just kind of walk through that.

如果你能經歷一下的話。

And then to get to the less than 20% for the year, that would imply some meaningful downtick in Q3 and Q4.

然後，如果今年的成長率低於 20%，這將意味著第三季和第四季出現一些有意義的下降。

Maybe just walk through what's driving those downticks in OpEx.

或許我們可以簡單了解一下導致營運支出下降的原因。

Yes, Ruben, we've been clear that OpEx for us, much like our business is seasonal.

是的，魯本，我們已經明確表示，我們的營運支出就像我們的業務一樣是季節性的。

OpEx can be seasonal.

營運支出可能是季節性的。

And so there are a number of programs across the business, many different customers and it will fluctuate based on design cycles and size of programs and the amount of prototyping and so forth.

因此，整個企業有許多程序，有許多不同的客戶，並且它會根據設計週期、程序大小以及原型製作量等而波動。

So some of that pushed out of the June quarter and will pick a little bit up of that in the September quarter.

因此，其中一些是從六月季度推出的，並將在九月季度回升。

But it's just, again, more design activity that we foresee in the September quarter.

但這只是我們預計在九月季度出現的更多設計活動。

And we just -- and given our outlook on design activity, it -- overall, it continues to become harder and harder to make the decisions on what to spend money on.

考慮到我們對設計活動的看法，總的來說，做出花錢的決定變得越來越困難。

So we're certainly trying to keep OpEx in check, but it will wax and wane based on seasonality.

因此，我們當然會努力控制營運支出，但它會根據季節性而增減。

Okay.

好的。

And then I have a question for Eric.

然後我有一個問題要問艾瑞克。

Just on the 5G.

就在5G上。

You guys talked a lot about that.

你們對此談了很多。

But I'm just wondering, I've been hearing uptake in 5G commentary from a number of component companies.

但我只是想知道，我已經聽到許多組件公司對 5G 的評論。

Would you say that there's been any sort of -- has some of the design activity been pulled in there would you say?

你會說，有沒有一些設計活動被拉到那裡了？你會說嗎？

Or is it kind of in line with what you guys are thinking when we talked about it at Analyst Day?

或者這與我們在分析師日談論這個問題時你們的想法一致嗎？

Yes.

是的。

We were the first to bring a 5G part to market.

我們是第一個將 5G 零件推向市場的公司。

It's been well over a year now.

現在已經過去一年多了。

So in early 2017, we announced the first one.

所以在 2017 年初，我們宣布了第一個。

We've had dozens and dozens and dozens of engagements, and we've been working on this quite a while.

我們已經進行了數十次合作，並且我們已經為此工作了很長一段時間。

So I guess, from our perspective, especially since Analyst Day, really we don't see anything changing.

所以我想，從我們的角度來看，特別是自分析師日以來，我們確實沒有看到任何變化。

Everything seems to be on pretty much the same pace it has been from the beginning.

一切似乎都按照一開始的節奏進行。

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 question with regard to the CapEx, and if you could talk about what's giving you the incremental confidence to make that CapEx investment.

只是一個關於資本支出的問題，您是否可以談談是什麼讓您對進行資本支出投資更有信心。

Is that your overall weight of the business?

這是您的業務總體權重嗎？

Are there actual confirm design wins that are supporting that CapEx?

是否有實際確認的設計成果支持該資本支出？

I mean, generally, if you could just help us to assess the risk that, that CapEx will affect, be utilized as we go forward over the next year or so.

我的意思是，一般來說，如果您能幫助我們評估資本支出將影響的風險，並在我們未來一年左右的發展中加以利用。

Yes.

是的。

Chris, it's a good question, and maybe it's easier to talk about in the general context of free cash.

克里斯，這是一個很好的問題，也許在自由現金的一般背景下談論它更容易。

And we're very, very thoughtful about CapEx.

我們對資本支出非常非常重視。

It's a very difficult decision for us.

這對我們來說是一個非常困難的決定。

We want to start with that because we've been targeting 800 of free cash.

我們想以此開始，因為我們的目標是 800 美元的免費現金。

We gave a range of $700 million to $800 million.

我們的捐贈金額在 7 億至 8 億美元之間。

We're feeling now that given the CapEx view, it's going to be down around $700 million, could be less, could be more.

我們現在感覺，考慮到資本支出的觀點，它將減少約 7 億美元，可能更少，也可能更多。

Difficult to call at this point.

此時很難打電話。

And just for some color.

只是為了一些顏色。

The CapEx we thought we have this year was, on a dollar basis, about the same as last year, which is $270 million, and we thought this year would trend down as a percent of sales.

我們認為今年的資本支出以美元計算，與去年大致相同，為 2.7 億美元，我們認為今年佔銷售額的百分比將呈下降趨勢。

Now given what we've seen on BAW requirements in fiscal year '20 and beyond and the level of design activity, timing of tools, which you know at this point is tight, and other factors, we just thought it was best to accelerate expansion of Farmers Branch and get out ahead of that.

現在，考慮到我們在 20 財年及以後對 BAW 的要求以及設計活動的水平、工具的時間安排（您目前知道這一點很緊張）以及其他因素，我們認為最好是加速擴張Farmers Branch 並提前離開。

This acceleration of Farmers Branch will require, we think, $50 million or more this fiscal year.

我們認為，Farmers Branch 本財年的加速發展將需要 5,000 萬美元或更多。

And so that, we certainly didn't anticipate in the quarter.

因此，我們當然沒有預料到這個季度的情況。

Now some things we didn't anticipate either, right, like taking out the lease and a couple of other investments here and there, but you can normally -- you have things that you can offset that with reduced expenditures elsewhere, but this is large enough that it's changed our CapEx view and our free cash view.

現在有些事情我們也沒有預料到，對吧，例如取消租賃和到處進行一些其他投資，但通常可以——你可以透過減少其他地方的支出來抵消這些投資，但這是很大的足以改變我們的資本支出觀點和自由現金觀點。

Now what do we get for the spend?

現在我們花這些錢能得到什麼？

Now we had already planned to spend money expanding Farmers Branch, doing a lot of conversions at Richardson.

現在我們已經計劃花錢擴大法默斯分行，在理查森進行大量改造。

And so now, we're projecting to spend around $200 million and that will be about -- that will provide us about this time next year, we'll have 75% more wafer capacity than we have now.

所以現在，我們預計花費約 2 億美元，這將為我們提供大約明年這個時候，我們的晶圓產能將比現在多 75%。

Now when you layer in the die shrink that we're doing and other productivity programs, yes, you end up with over 2x the amount of capacity by this time next year for that incremental investment.

現在，當您將我們正在做的晶片收縮和其他生產力計劃分層時，是的，到明年這個時候，您最終將獲得超過 2 倍增量投資的產能。

So today, we're about 75% 6 inch.

所以今天，我們大約有 75% 是 6 英吋。

Next year this time, we expect to be about 75% 8 inch.

明年這個時候，我們預計8吋的比例約為75%。

And we'll have that a lot of that.

我們將會有很多這樣的東西。

We'll be at Richardson, of course, but then we'll finally have Farmers Branch up and running this time next year.

當然，我們會在理查森，但明年這個時候我們最終將讓 Farmers Branch 啟動並運行。

We're continuously updating this plan as we've done here.

正如我們在這裡所做的那樣，我們正在不斷更新該計劃。

We're trying to spend only when we need to spend and what we need to spend but while considering the opportunities we have in front of us, the pace of tool conversions that we can do, the new tool lead times, technology and process changes we want to introduce and other factors.

我們試著只在需要花錢的時候以及需要花錢的地方花錢，同時考慮我們面前的機會、我們可以進行的工具轉換的速度、新工具的交付時間、技術和流程的變化我們想介紹一下其他因素。

So hopefully, that helps, Chris.

希望這能有所幫助，克里斯。

That is helpful.

這很有幫助。

I guess, as a follow on to that, the natural next question would be what does this mean for gross margins as we go into next year?

我想，接下來，自然的下一個問題是，這對明年的毛利率意味著什麼？

And the benefit you're having in the second half of this year is filling up that BAW capacity that you had installed earlier.

今年下半年您所獲得的好處是填滿了您先前安裝的 BAW 產能。

Can those gross margins be sustained next year in 50% range despite the fact that you're adding this as additional CapEx?

儘管您將其添加為額外的資本支出，但明年的毛利率能否維持在 50% 的範圍內？

Right now, Chris, and that's what sort of prompting us to accelerate the investment is our line of sight right now is that we'll continue to keep tabs of fabs loaded, excluding the soft fabs we have in the near term.

現在，克里斯，這就是促使我們加速投資的原因，我們現在的視線是，我們將繼續密切關注已加載的晶圓廠，不包括我們近期擁有的軟晶圓廠。

We certainly appreciate the pain of not having the fabs loaded.

我們當然理解晶圓廠未裝填的痛苦。

Long term, we still believe that below 10% of sales on CapEx is what we're going to have.

從長遠來看，我們仍然相信資本支出將佔銷售額的 10% 以下。

And then on margin, it's fundamentally going to be driven by are we investing in the right technologies and developing the right portfolio, which we made clear at Investor Day, largest markets, fastest growing markets, hardest products to do.

然後在保證金方面，它從根本上將由我們投資正確的技術並開發正確的投資組合來驅動，我們在投資者日明確表示，最大的市場，成長最快的市場，最難做的產品。

Are we going to maintain utilization of the fab -- at the fabs, which, to your point, are we making selective investments?

我們是否要維持晶圓廠的使用率——在您看來，我們是否正在對晶圓廠進行選擇性投資？

Are we driving down capital intensity, which we believe we are.

我們是否正在降低資本密集度，我們相信我們正在這樣做。

And then finally, are we achieving the operational discipline and continuous improvement that we want to see?

最後，我們是否實現了我們希望看到的營運紀律和持續改進？

And we think we're on a great track there with Bob's leadership introduced -- introduction of Paul and others.

我們認為，隨著鮑伯的領導力的引入——保羅和其他人的引入，我們正走在一條偉大的軌道上。

Our next question comes from to Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I wanted to follow-up on CapEx as well.

我也想跟進資本支出。

Mark, in your prepared remarks, you talked about an improved BAW-based revenue outlook.

馬克，在您準備好的演講中，您談到了基於 BAW 的收入前景的改善。

I was hoping you can elaborate on that.

我希望你能詳細說明這一點。

Is that more tied to adoption in China going forward?

這是否與未來在中國的採用更相關？

Or is it more -- is it higher market share at your largest customer?

或者更多——你最大的客戶的市佔率更高嗎？

Or both?

或兩者？

I think, Toshiya, it's pretty much our view of adoption of BAW and our confidence in competing and it's widely ranging, right?

我認為，Toshiya，這很大程度上是我們對採用 BAW 的看法以及我們對競爭的信心，而且範圍很廣，對吧？

It's Phase 6 activity we're seeing there, it's WiFi, it's, it's 5G, it's other areas and diversity.

我們在那裡看到的是第 6 階段的活動，它是 WiFi，它是，它是 5G，它是其他領域和多樣性。

And so I think Eric's probably the best to expand on it.

所以我認為埃里克可能是最好的擴展者。

Yes.

是的。

I think Mark hit on the key points.

我認為馬克擊中了關鍵點。

It's really broad-based, and I think the increase in confidence in particular quarter-over-quarter is about our ability to address with BAW the adjacent segments of diversity [receiving] in the antennaplexers.

它的基礎非常廣泛，我認為特別是季度環比的信心增加是關於我們使用 BAW 解決天線復用器中分集[接收]的相鄰部分的能力。

That's probably the biggest change quarter-over-quarter.

這可能是季度環比最大的變化。

And just looking at the timing of when we're going to need both high-volume samples as well as volume production capabilities to support those markets.

只需看看我們何時需要大批量樣品以及批量生產能力來支援這些市場。

Got it.

知道了。

And then as a follow-up, we hear a lot about component shortages.

接下來，我們聽到很多有關零件短缺的消息。

And I think some of the passive components, MLCCs in particular, you're seeing significant tightness.

我認為一些被動元件，特別是 MLCC，您會看到明顯的緊張。

Is there an impact on Qorvo from a cost perspective?

從成本角度來看，對 Qorvo 是否有影響？

Or in terms of your ability to shift the customers?

或者說你轉移客戶的能力？

This is Bob.

這是鮑伯。

I'll go ahead and take that one.

我會繼續接受那個。

Number one, we're not seeing a disruption where it's impacting our ability to capture the revenue.

第一，我們沒有看到影響我們獲取收入能力的中斷。

We have long-standing relationships with many of these suppliers.

我們與其中許多供應商建立了長期合作關係。

We're not seeing any price changes.

我們沒有看到任何價格變化。

We continue to march down their technology road maps very much aligned with where they're driving the industry and so far, so good.

我們繼續沿著他們的技術路線圖前進，與他們推動產業發展的方向非常一致，到目前為止，一切都很好。

Pleased with how the teams have been handling this.

對團隊處理此事的方式感到滿意。

You're correct, that tightness has been going on actually for quite some time and we've been taking care of and we appreciate that from our suppliers.

你是對的，這種緊張實際上已經持續了相當長一段時間，我們一直在處理，我們對供應商表示感謝。

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。

Eric, I'm a little surprised to hear about the Farmers Branch stuff.

艾瑞克，聽到農民分行的事我有點驚訝。

In the past, you said that you expected you can fill most of the big secondhand ramp in BAW out of Richardson, most have actually on the 6-inch lines that you had upside protection on that.

過去，您說您希望能夠填補理查森 BAW 的大部分二手坡道，大多數實際上都在 6 英寸線上，您對此有上行保護。

Is that still the case?

現在還是這樣嗎？

Or are you expecting maybe that you're doing a little bit [sooner] than it's possible.

或者你是否期望你會比可能的情況[更快]做一些事情。

And if so, I know the qualification of that fab, you have preliminary one, which is not the completed [qualband] so you're probably talking several months here.

如果是這樣，我知道該晶圓廠的資質，您有初步的資質，這不是已完成的[qualband]，所以您可能在這裡談論了幾個月。

You mentioned high-volume flow type runs followed by a production.

您提到了大容量流動類型運行，然後是生產。

Is this ability in BAW on those type of a products which are very vertical improved or changed significantly over the last several months that gets you rolling on Farmers Branch earlier?

BAW 中的這種產品類型在過去幾個月中得到了非常垂直的改進或顯著變化，是否可以讓您更早地在 Farmers Branch 上滾動？

And then I have a follow-up for James, please.

然後我有一個關於詹姆斯的後續報導。

I believe the beginning of your question was about a question what's driving most of the growth in the BAW utilization, how it's going to be servicing Richardson, and nothing has changed there in terms of the primary path.

我相信你的問題一開始是關於一個問題，是什麼推動了 BAW 利用率的大部分增長，它將如何為理查森服務，而且就主要路徑而言，沒有任何改變。

Marquee handset based integrated modules with mid- and high-band content, that is the bulk of the growth and that's what's driving it.

基於 Marquee 手機的整合模組具有中頻和高頻內容，這是成長的主體，也是推動成長的動力。

What we're talking about here is now pulling in Farmers Branch by a quarter or 2 to where the CapEx falls into this fiscal year as opposed to next fiscal year essentially, and that's timing just of our entry into these adjacent markets, the diversity received in the antennaplexer space.

我們在這裡談論的是現在將Farmers Branch 的資本支出拉入本財年而不是下一個財年的四分之一或兩個季度，而這正是我們進入這些相鄰市場的時機，所收到的多樣性在天線復用器空間。

Yes.

是的。

And just to be clear, Farmers Branch is not going to be operational for customer parts here this fiscal year.

需要明確的是，Farmers Branch 本財年不會在此營運客戶零件。

It will be next fiscal year.

這將是下一個財政年度。

All right.

好的。

So based on those comments, it sounds like Farmers Branch is most of the adjacent markets.

因此，根據這些評論，聽起來法默斯布蘭奇 (Farmers Branch) 是大部分鄰近市場。

Where are all the quadplexers that you're shipping into China going now?

你們這些運往中國的四工器現在都去哪了？

It's kind of splits, isn't it?

這有點分裂，不是嗎？

It's not coming out of Farmers Branch, is it?

它不是從 Farmers Branch 出來的，對嗎？

So 0 out of Farmers Branch.

因此，Farmers Branch 的 0 分。

Everything that we're producing, it's BAW-based today.

今天我們生產的所有產品都是基於 BAW 的。

The BAW filters are being made at Richardson.

BAW 濾波器是在理查森製造的。

Perfect.

完美的。

And then, James, if I could, it sounds like mix worked against you this quarter.

然後，詹姆斯，如果可以的話，聽起來這個季度的混合對你不利。

Was that more WiFi less defense in GaN?

是不是 GaN 的防禦能力更強，WiFi 更少？

And if you could maybe possibly a little bit, what is that suggest when AX finally issues up their handsets next year?

如果你可以的話，當 AX 最終在明年發布他們的手機時，這意味著什麼？

I know it's been delayed a bit but -- so the flagship guys are going to have it in the phones and I expect AX to start seeing a lot more use, which will probably pull through to your size outside of the business, too.

我知道它已經被推遲了一點，但是——所以旗艦產品將在手機中配備它，我預計 AX 會開始看到更多的使用，這也可能會影響到您在業務之外的規模。

Would that affect your mix on a gross margin significantly if that were to occur faster than you thought?

如果這種情況發生的速度比您想像的要快，這是否會顯著影響您的毛利率組合？

Yes.

是的。

So the first comment about mix in the quarter, I think, was largely correct.

因此，我認為，關於本季混合的第一個評論基本上是正確的。

So a little bit more in our consumer side products and a little bit less in our Defense-based world.

因此，在我們的消費端產品中多一點，在我們的國防世界中少一點。

So that mix works against this event.

所以這種混合對這個事件是不利的。

Defense has typically been a little bit lumpy for us, although on a great trajectory going forward.

防守對我們來說通常有點不穩定，儘管前進的軌跡很好。

So I think we'll get back to mix, and we're pretty comfortable with how we'll execute towards the model throughout the whole year.

所以我認為我們會重新開始混合，我們對全年如何執行該模型感到非常滿意。

As far as AX has delayed a bit, and I think once AX does come online, it will be another significant growth driver for us in WiFi.

至於 AX 已經推遲了一點，我認為一旦 AX 上線，它將成為我們在 WiFi 領域的另一個重要成長動力。

WiFi has been doing great, but this will be that next gen -- big growth spurt.

WiFi 一直表現出色，但這將是下一代——大幅成長。

We are away out ahead of it.

我們已經領先了。

We're getting on reference designs.

我們正在進行參考設計。

In most cases, we're either primary or secondary on all of the AX reference designs that are out, and we're also expanding the portfolio to encompass the new frequency bands that we believe are coming.

在大多數情況下，我們對於所有已推出的 AX 參考設計要么是主要的，要么是次要的，而且我們還在擴展產品組合以涵蓋我們認為即將推出的新頻段。

So yes, short answer is, yes, it will drive a next growth spurt.

所以，是的，簡短的回答是，是的，它將推動下一次增長井噴。

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 and maybe piggybacking.

我的第一個問題是問詹姆斯的，也許是搭便車。

It sounds like some of the IoT is coming in better.

聽起來有些物聯網正在變得更好。

You're getting some sooner production for GaN in 5G.

您將更快獲得 5G 領域 GaN 的生產。

ZTE has come back.

中興通訊回來了。

Should we think of this business being on track to kind of return to mid-teens type of grower this fiscal year?

我們是否應該認為該業務預計將在本財年恢復到十幾歲左右的種植規模？

And then what will be driving that?

那麼是什麼推動了這一點呢？

I think we're still on track with what we said at Analyst Day, which is in our underlying markets are growing 10% to 15%.

我認為我們仍然符合我們在分析師日所說的，即我們的基礎市場正在成長 10% 到 15%。

And we believe that we'll do at or better than what those underlying markets will do.

我們相信，我們的表現將達到或優於這些基礎市場的水平。

And it's certainly too early to call the year.

現在斷言今年還為時過早。

Great start, as Bob stated in the first quarter, at 13%.

正如鮑勃在第一季所說的那樣，開局良好，佔 13%。

And I think we'll just continue to track at above-market growth rate as we go forward.

我認為，隨著我們的前進，我們將繼續保持高於市場的成長率。

What's going to drive it is that story we just talked about over and over and over.

推動它發展的是我們剛才一遍又一遍談論的那個故事。

IoT is going to drive it.

物聯網將推動它。

That's going to include WiFi and our low-power systems.

這將包括 WiFi 和我們的低功耗系統。

The base station market is doing very, very well for us, as I talked about earlier, and that's that proliferation of massive MIMO and 5G really start to come on board.

正如我之前提到的，基地台市場對我們來說表現得非常非常好，大規模 MIMO 和 5G 的普及確實開始出現。

And then GaN is just continuing to be pretty aggressively up into the right.

然後 GaN 繼續相當積極地進入右翼。

And so I -- those trends are very much holding true, and I expect they will hold true for the year.

因此，這些趨勢在很大程度上是正確的，我預計它們今年也將如此。

Okay, great.

好的，太好了。

And then my second question.

然後是我的第二個問題。

You're assuming the positive growth trends continue in IDP.

您假設 IDP 繼續保持正面的成長趨勢。

That would kind of suggest -- obviously you said earlier you expect further year-on-year growth in mobile in the September quarter, but can you help parse out some of the unit demand versus content gains?

這有點顯示——顯然你之前說過，你預計九月季度的行動業務將進一步同比增長，但你能幫助解析一些單位需求與內容收益的關係嗎？

And in particular, obviously, China came in better in the June quarter.

特別是，顯然，中國在六月季度的表現更好。

Are you expecting, I guess, directional weakness based off of sell-through trends?

我想，您是否預期會基於銷售趨勢而出現定向疲軟？

Or help us understand why it seems to be modest growth overall in mobile in the September quarter.

或幫助我們理解為什麼九月季度行動業務整體成長緩慢。

If you can help us understand the puts and takes there, that would be great.

如果您能幫助我們了解那裡的看漲期權和看跌期權，那就太好了。

Yes, thanks, Bill.

是的，謝謝，比爾。

This is Eric.

這是埃里克。

So we still are not expecting much overall in terms of units in the market, so it's content growth primarily.

因此，我們對市場的整體銷售仍然沒有太多期望，所以主要是內容的成長。

Our handset customers in China, of course, are dealing with the domestic market, which is clearly going down significantly year-over-year.

當然，我們在中國的手機客戶面對的是國內市場，該市場顯然比去年同期大幅下降。

They're making up for that with some pretty terrific progress in the export market.

他們正在透過出口市場的一些相當驚人的進展來彌補這一點。

The content of those devices varies widely from region to region.

這些設備的內容因地區而異。

So it affects their projections for the dollar content mix.

因此，這會影響他們對美元內容組合的預測。

Going into the second half, we're basically kind of banking the strength we saw in June, not expecting, not counting on that continuing.

進入下半年，我們基本上是在維持 6 月的強勁勢頭，沒有預期，也沒有指望這種情況會持續下去。

It very well might, but we're assuming at least that the channel will be filled and demand will relax back down for now until we see differently.

很有可能，但我們至少假設該管道將被填滿，需求將暫時放鬆，直到我們看到不同的情況。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

First one also back on June quarter and China.

第一個也回到了六月季度和中國。

You beat your results by almost -- the June quarter number by almost $40 million versus the midpoint of what you had set before, and you were saying China contributed a lot of that strength.

與您之前設定的中位數相比，您的結果幾乎超出了 6 月季度的數字近 4000 萬美元，並且您說中國貢獻了很大的力量。

What's your kind of visibility into sell-through trends there?

您對那裡的銷售趨勢有何了解？

Is there any risk of any kind of inventory adjustments as we go through the next 2 to 3 quarters?

在接下來的 2 到 3 個季度中，是否有任何庫存調整的風險？

Yes, Vivek.

是的，維韋克。

That's -- I guess, what I was trying to imply in my last answer essentially, we have very good visibility of our channel inventory now.

這就是——我想，我在上一個答案中本質上試圖暗示的，我們現在對渠道庫存有很好的可見性。

So we're confident our channel inventory is healthy.

因此，我們有信心我們的渠道庫存是健康的。

In terms of handset inventory, that's a lot harder for us to gauge, right?

就手機庫存而言，我們更難衡量，對吧？

we see the product announcements.

我們看到產品公告。

We see forecasts from our customers.

我們看到了客戶的預測。

By the time we see sell-through, sometimes, it can be late, and that's why we're trying to be as conservative as we can here and hold our component inventory, the thing we can control, as tightly as we can.

當我們看到銷售時，有時可能會很晚，這就是為什麼我們在這裡盡可能保守並盡可能嚴格地保留我們可以控制的零件庫存。

Got it.

知道了。

And as my follow-up, I think in the past, you have mentioned BAW getting to 30% of the mix and then 50% longer term.

作為我的後續行動，我想在過去，您曾提到 BAW 達到混合比例的 30%，然後是長期的 50%。

Is that dependent on taking more share from your larger competitor?

這是否取決於從更大的競爭對手那裡奪取更多份額？

Or do you think that is essentially just a broader adoption of BAW across your customer base?

或者您認為這本質上只是在您的客戶群中更廣泛地採用 BAW？

Thanks, Vivek.

謝謝，維韋克。

This is Bob.

這是鮑伯。

It's really what we see in the market.

這確實是我們在市場上看到的。

We see tremendous opportunities for BAW.

我們看到 BAW 的巨大機會。

We've mentioned the antennaplexers, diversity receive modules.

我們已經提到了天線復用器、分集接收模組。

We talked about mid-, high-band pad in multiple configurations that go with our Phase 6 and others by discrete.

我們討論了多種配置中的中高頻段墊，這些配置與我們的 Phase 6 和其他分立產品相符。

So we really see much more of a market opportunity for us.

所以我們確實看到了更多的市場機會。

I think, again, the good news is we now got our technology where it's as good as what we see out in the industry and the market and we've got people who now know how to make it, design it and sell it.

我認為，好消息是我們現在擁有的技術與我們在行業和市場上看到的技術一樣好，而且我們的人員現在知道如何製造、設計和銷售它。

So we're gaining our confidence in our ability to participate in a great growth area.

因此，我們對參與巨大成長領域的能力充滿信心。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

I had a question on base station, in particular, GaN adoption.

我有一個關於基地台的問題，特別是 GaN 的採用。

If you can just elaborate on what you're hearing from customers with design perspective.

如果您能從設計角度詳細說明您從客戶那裡聽到的內容。

And maybe just -- clearly, there are some advantages, but also some pushbacks around kind of costs.

也許只是 - 顯然，有一些優勢，但也有一些圍繞成本的阻力。

So just how you're seeing GaN develop as you go into 5G for base stations.

那麼，當您進入 5G 基地台時，您會看到 GaN 的發展。

It's -- I'm going to talk specifically about us and how we're moving into the market.

我將具體談論我們以及我們如何進入市場。

So what's in front of us today is really a move into massive MIMO using our GaN power [appliers].

因此，今天擺在我們面前的實際上是使用我們的 GaN 電源 [應用器] 邁向大規模 MIMO。

And so we've got production orders in the books, and we're shipping -- we see that as a fantastic growth opportunity for us to support that market.

因此，我們已經收到了生產訂單，並且正在發貨——我們認為這是我們支持該市場的絕佳成長機會。

The very high power macro PAs that are also proliferating in the market are beginning to -- we see those as opportunities that will start building the pipeline next year.

市場上同樣激增的超高功率宏 PA 也開始出現——我們將這些視為明年開始建造產品線的機會。

They will be focused largely above 3 gigahertz.

它們將主要集中在 3 GHz 以上。

So in that 3 to 6 gigahertz range.

所以在 3 到 6 GHz 範圍內。

And those frequencies in 3 to 6 are largely driven around 5G.

3 到 6 的頻率主要是圍繞 5G 驅動的。

So those are, in part, driving GaN-type solutions.

因此，這些在一定程度上推動了 GaN 類解決方案的發展。

But again, GaN is growing.

但同樣，GaN 正在成長。

Industry models are showing in the mid-20s.

產業模型出現在二十世紀二十年代中期。

And for us, we see our GaN work growing significantly faster than that.

對我們來說，我們的 GaN 工作成長速度明顯快於這。

Got it.

知道了。

And then just a follow-up question for Eric.

接下來是埃里克的後續問題。

I know there's been a lot of focus on the China smartphone market, but just as you see things and then maybe this is in context versus a year ago or so, but just how you feel about your market share position within China and things to think about there going into the back half.

我知道人們對中國智慧型手機市場有很多關注，但正如你所看到的那樣，也許這只是與一年前相比，但你對你在中國的市場份額地位的感受以及需要思考的事情大約進入後半部分。

Well, I think we're clearly the largest RF supplier to the handset customers there in China and happy to be in that position and look forward to maintaining it again.

嗯，我認為我們顯然是中國手機客戶最大的射頻供應商，我們很高興處於這個位置，並期待再次保持這一地位。

The products that they're bringing to market are world-class and it's inspiring to see what they're doing to innovate and add value to their customer set.

他們向市場推出的產品是世界一流的，看到他們為創新和為客戶群增加價值所做的努力令人鼓舞。

Again, they've dealt with their contracting domestic market and responded beautifully with a great job of exports.

他們再次應對了不斷萎縮的國內市場，並以出色的出口表現做出了出色的回應。

And so we're happy to be a part of the market, and we're investing to make sure we maintain leadership there.

因此，我們很高興成為市場的一部分，並且我們正在投資以確保我們保持在那裡的領導地位。

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。

Just Mark, back on the question about China and mobile.

馬克，回到有關中國和移動的問題。

It sounds like it was about half of the mobile business in June.

聽起來大約是 6 月行動業務的一半。

Is it right to think that it will be down maybe 20% sequentially on a dollar basis in the third calendar quarter?

認為第三季以美元計算將連續下跌 20% 是否正確？

And I guess, on that, whether it's down 10% or 20% or whatever it yes, it's a bit atypical for it to be down on a dollar basis in this third calendar quarter.

我想，就這一點而言，無論是下跌 10% 還是 20% 或其他什麼，在第三個日曆季度以美元計算的下跌有點不典型。

Is that just because you saw channel refill in June and you're facing a tough comp?

這僅僅是因為您在六月看到頻道重新填充並且您面臨著艱難的競爭嗎？

This is Bob.

這是鮑伯。

I'll go ahead and take that.

我會繼續接受它。

Number one, your 50% is a little bit high, so let' just start with that.

第一，你的 50% 有點高，所以就從這個開始吧。

And yes, we are taking a very cautious outlook, but it is not going to be down quarter-over-quarter.

是的，我們對前景持非常謹慎的態度，但它不會逐季度下降。

Okay, won't be down.

好的，不會沉下去的。

Okay.

好的。

Okay.

好的。

Then lastly, on your big Korean customer, it hasn't been a great story for you.

最後，對於您的韓國大客戶來說，這對您來說並不是一個好故事。

I think maybe misaligned on some architecture so far.

我認為到目前為止，某些架構可能存在偏差。

But you should have some pretty good visibility in terms of what's going to start to ship next year.

但您應該對明年將開始發布的產品有一些相當好的了解。

Should we begin to expect some more sizable content gains there for 2019 and 2020, and if you can help us size that.

我們是否應該開始期待 2019 年和 2020 年會有更大規模的內容成長，以及您是否可以幫助我們確定這一點。

Sure, this is Eric.

當然，這是埃里克。

Yes, I think it's exactly as you said it is how we see.

是的，我認為這正是你所說的，這就是我們所看到的。

We had a misalignment in our product portfolio with the direction that they were heading a couple of years ago.

我們的產品組合與幾年前他們的發展方向有偏差。

We remain on track with the expectations we set previously.

我們仍然按照之前設定的期望前進。

We'll begin to see a turn on our share this fall.

今年秋天我們的份額將開始出現轉變。

And then next spring, a significant step up, we believe, in terms of our share.

我們相信，明年春天，我們的份額將顯著提高。

And then alignment from here for as far as we can see, maintains very, very good.

然後從這裡開始，就我們所見，對齊保持得非常非常好。

I would now like to turn it back over to management for closing remarks.

我現在想將其轉回管理層以供結束語。

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 hope to see many of you at our upcoming investor presentations.

我們希望在即將舉行的投資者發布會上見到你們。

And we look forward to speaking with you again on our second quarter call.

我們期待在第二季的電話會議上再次與您交談。

Thank you, and have a good night.

謝謝你，祝你有個美好的夜晚。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This concludes today's teleconference, and you may now disconnect.

今天的電話會議到此結束，您現在可以掛斷電話了。