科沃 (QRVO) 2019 Q2 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.。

Q2 2019 Conference Call.

2019 年第二季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

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

Please go ahead, sir.

請繼續，先生。

Thanks very much, Brad.

非常感謝，布拉德。

Hello, everyone, and welcome to Qorvo's Fiscal 2019 Second Quarter Earnings Conference Call.

大家好，歡迎參加 Qorvo 2019 財年第二季財報電話會議。

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

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

We encourage you to review the safe harbor statement contained in the earnings release published today as well as the risk factors associated with our business and 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與我們業務相關的風險因素以及我們向 SEC 提交的 10-K 表格年度報告，因為這些風險因素可能會影響我們的營運和財務表現。

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 and 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趨勢和我們基本業績的項目的影響。

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; James Klein, President of Qorvo's Infrastructure and Defense Products Group; Eric Creviston, President of Qorvo's Mobile 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； James Klein，Qorvo 基礎設施與國防產品集團總裁； Eric Creviston，Qorvo 行動產品集團總裁；以及 Qorvo 管理團隊的其他成員。

And with that, I'll turn the call over to Bob.

然後，我會將電話轉給鮑伯。

Thanks, Doug, and welcome, everyone.

謝謝，道格，歡迎大家。

I'm proud of the Qorvo team for delivering a strong September quarter, with both revenue and EPS well above guidance.

我為 Qorvo 團隊在 9 月季度的表現強勁而感到自豪，營收和每股盈餘都遠高於預期。

Our products and technologies make Qorvo uniquely positioned to partner with our customers to develop their most compelling products.

我們的產品和技術使 Qorvo 具有獨特的優勢，能夠與我們的客戶合作開發他們最引人注目的產品。

Our September quarter extends a strong start to Qorvo's fiscal 2019.

9 月的季度為 Qorvo 2019 財年的強勁開局奠定了基礎。

We are investing in the right types of growth, and the customer design activity is demonstrating that our technology competes at the highest levels.

我們正在投資正確的成長類型，客戶設計活動表明我們的技術具有最高水準的競爭能力。

Operationally, we're making progress related to cost control and capital efficiency, including increased production of 8-inch BAW, continued capacity expansion to support GaN demand and the uplift of Farmers -- outfit of Farmers Branch.

在營運方面，我們在成本控制和資本效率方面取得了進展，包括增加 8 英寸 BAW 的產量、持續擴大產能以支持 GaN 需求以及提高 Farmers（Farmers Branch 的裝備）。

We're doing a good job of growing our top line, expanding our margins and improving our return on capital.

我們在增加營收、擴大利潤率和提高資本回報率方面做得很好。

During the quarter, we supported a series of large product ramps and enjoyed robust design activity in both Mobile Products and IDP.

在本季度，我們支援了一系列大型產品升級，並在行動產品和 IDP 方面享受了強勁的設計活動。

The relentless demand for an improved user experience is fueling large macro trends, such as the deployment of LTE Advanced/Pro and 5G as well as the proliferation of the Internet of Things.

對改善用戶體驗的不懈需求正在推動宏觀趨勢的發展，例如 LTE Advanced/Pro 和 5G 的部署以及物聯網的普及。

These trends are creating new design challenges for our customers, requiring more RF content and placing a premium on performance, product and technology breadth, systems level expertise and integration.

這些趨勢為我們的客戶帶來了新的設計挑戰，需要更多的射頻內容，並重視效能、產品和技術廣度、系統級專業知識和整合。

Qorvo is a leader as the industry moves to more highly integrated solutions, enabling wider bandwidths, increased data rates and enhanced system performance.

隨著業界轉向更高整合度的解決方案，Qorvo 成為領導者，從而實現更寬的頻寬、更高的資料速率和增強的系統效能。

In IDP, revenue grew to $218 million, led by strength in the base station market.

在基地台市場的強勁帶動下，IDP 營收成長至 2.18 億美元。

IDP continues to connect and protect across a diverse set of defense and communications customers and applications.

IDP 繼續連接和保護各種不同的國防和通訊客戶及應用程式。

Qorvo's 28 gigahertz high-power amplifiers were selected for 32 element-phased array deployments targeting large venues with dense cellular traffic such as concert halls, convention centers and sporting arenas.

Qorvo 的 28 GHz 高功率放大器被選用於 32 元件相控陣部署，目標是蜂窩流量密集的大型場館，例如音樂廳、會議中心和體育場館。

Shipments of 5G solutions were a record in support of multiple leading base station customers.

5G 解決方案出貨量創紀錄，為多家領先基地台客戶提供支援。

GaN-based revenue increased 27% year-over-year, driven by broad market demand, including 5G infrastructure.

在包括 5G 基礎設施在內的廣泛市場需求的推動下，基於 GaN 的營收年增 27%。

Design activity for 5G base stations has been robust across geographies and customers.

5G 基地台的設計活動在各個地區和客戶中都很活躍。

The emphasis is primarily on sub-6 gigahertz, while millimeter wave applications continue to gain traction.

重點主要集中在 6GHz 以下，而毫米波應用繼續受到關注。

We're in the early innings of 5G, and the migration to higher frequency, increasing bandwidth requirements and deployment of massive MIMO favor Qorvo's technologies.

我們正處於 5G 的早期階段，向更高頻率的遷移、不斷增加的頻寬要求以及大規模 MIMO 的部署都對 Qorvo 的技術有利。

As deployments of 5G base stations accelerate, our 5G product revenues were forecast to be strong over the next several years.

隨著5G基地台部署的加速，預計未來幾年我們的5G產品營收將強勁。

In IoT, new markets and applications continue to proliferate.

在物聯網領域，新的市場和應用不斷激增。

Field trials are underway for cellular vehicle-to-everything connectivity, and Qorvo is supporting multiple OEMs with our 5.9 gigahertz FEM, optimized for Qualcomm's cellular V2X chipset solution.

蜂窩車聯網連接的現場試驗正在進行中，Qorvo 正在透過我們的 5.9 GHz FEM 為多家 OEM 提供支持，該 FEM 針對高通的蜂窩 V2X 晶片組解決方案進行了優化。

We were selected by Continental, a leading Tier 1 automotive supplier, to deliver multiple solutions, enabling always-on automotive connectivity to cellular networks around the world.

我們被領先的一級汽車供應商大陸集團選中提供多種解決方案，實現與世界各地蜂窩網路的始終在線汽車連接。

In the connected home, we commenced shipments of a dual-band WiFi iFEM powering Facebook's family of portal video communication devices.

在連網家庭中，我們開始出貨雙頻 WiFi iFEM，為 Facebook 的入口網站視訊通訊設備系列提供支援。

We also partnered with a lighting and IoT solutions company in China, enabling smart interior lighting products which operate on ZigBee 3.0 and Bluetooth Low Energy 5.0 protocols.

我們也與中國的照明和物聯網解決方案公司合作，推出基於 ZigBee 3.0 和藍牙低功耗 5.0 協定運作的智慧室內照明產品。

Among new product launches, we introduced a fully integrated system and package for ultra-low-power wireless communications that certified the ZigBee and Bluetooth product specs and delivers ZigBee Green Power energy efficiency.

在新產品發布中，我們推出了用於超低功耗無線通訊的完全整合系統和套件，該系統和套件認證了 ZigBee 和藍牙產品規格並提供 ZigBee Green Power 能源效率。

Turning to defense.

轉向防守。

The deployment of phased array radars and higher frequencies of operation are increasing demand for RF solutions that leverage GaN, GaAs and other semiconductor processes.

相控陣雷達的部署和更高的工作頻率增加了利用 GaN、GaAs 和其他半導體製程的射頻解決方案的需求。

During the quarter, Qorvo enjoyed strong demand for our solid-state GaN Spatium high-power products for electronic warfare and communications applications.

本季度，Qorvo 的電子戰和通訊應用固態 GaN Spatium 高功率產品需求強勁。

In mobile, revenue increased to $667 million.

行動領域的收入增至 6.67 億美元。

We supported the ramps of flagship smartphones, we increased our content on key customer programs and we helped to enable early 5G smartphone designs.

我們支援旗艦智慧型手機的升級，增加了關鍵客戶專案的內容，並幫助實現了早期 5G 智慧型手機設計。

Qorvo's Mobile Products revenue is expanding across product categories, and our product and technology development efforts are opening up new opportunities for growth.

Qorvo 的行動產品收入在各個產品類別中不斷擴大，我們的產品和技術開發工作正在開闢新的成長機會。

During the September quarter, we enjoyed robust demand for our antenna tuners, ET PMICs, BAW-based quadplexers and RF Fusion Phase 6 solutions.

在九月季度，我們的天線調諧器、ET PMIC、基於 BAW 的四工器和 RF Fusion Phase 6 解決方案的需求強勁。

RF Fusion Phase 6 leverages Qorvo's premium BAW and SAW filter technologies to deliver complete main path coverage in 2 placements, a low-band module and a mid-high band module.

RF Fusion Phase 6 利用 Qorvo 的優質 BAW 和 SAW 濾波器技術，以 2 個位置（一個低頻段模組和一個中高頻段模組）提供完整的主路徑覆蓋。

During the quarter, we commenced shipments of RF Fusion Phase 6 in support of Vivo's newest flagship smartphone, the Vivo Next.

本季度，我們開始出貨 RF Fusion Phase 6，以支援 Vivo 最新的旗艦智慧型手機 Vivo Next。

Integration is an industry trend, and Qorvo was built for this.

整合化是產業趨勢，Qorvo 就是為此而生。

In 5G, smartphone design activity is accelerating across leading manufacturers, primarily in support of sub-6 gigahertz deployments.

在 5G 領域，領先製造商的智慧型手機設計活動正在加速，主要是為了支援 6 GHz 以下部署。

Qorvo was selected by Samsung to supply our 3.5 gigahertz FEM for a series of 5G handset demos across multiple base bands.

三星選擇 Qorvo 為跨多個基頻的一系列 5G 手機演示提供 3.5 GHz FEM。

We also commenced sampling the industry's first dual-band 3.5 and 4.9 gigahertz FEM to a leading China-based smartphone manufacturer.

我們也開始向一家領先的中國智慧型手機製造商提供業界首款雙頻 3.5 和 4.9 GHz FEM 樣品。

Our customers expect commercial shipments of 5G devices as early as the second half of calendar 2019.

我們的客戶預計 5G 設備最快將於 2019 年下半年商業出貨。

Next, let's drill down for a closer look at 5G, given our broad participation across both IDP and mobile products.

接下來，鑑於我們在 IDP 和行動產品方面的廣泛參與，讓我們深入了解 5G。

Each quarter, Qorvo gains new insights into 5G related to geographies, timing, customers and architectures.

每個季度，Qorvo 都會獲得與地理位置、時間表、客戶和架構相關的 5G 新見解。

We're enabling global 5G base station deployments today and helping to develop the 5G mobile devices of tomorrow.

我們現在正在實現全球 5G 基地台部署，並協助開發未來的 5G 行動裝置。

Qorvo introduced the industry's first 5G RF front-end for smartphones, and we participated in nearly every 5G infrastructure field trial, including the Seoul Winter Olympics.

Qorvo 推出了業界首款用於智慧型手機的 5G 射頻前端，我們參與了幾乎所有 5G 基礎設施現場試驗，包括首爾冬奧。

We're a voting member of 3GPP, helping to define 5G standards, and we are collaborating closely with network operators, base station manufacturers, smartphone manufacturers and chipset providers on their 5G programs.

我們是 3GPP 的投票成員，幫助定義 5G 標準，並且我們正在與網路營運商、基地台製造商、智慧型手機製造商和晶片組提供商就其 5G 專案密切合作。

In the base station market, 5G is helping to drive a rapid shift in the power amplifier -- in power amplifiers from silicon LDMOS to GaN.

在基地台市場，5G 正在幫助推動功率放大器的快速轉變——功率放大器從矽 LDMOS 轉向 GaN。

We expect the trend to accelerate with approximately half of the power amplifier market transitioning to GaN in the next few years.

我們預計這一趨勢將會加速，未來幾年大約一半的功率擴大機市場將轉向 GaN。

Compounding this, we expect the content opportunity for Qorvo to increase substantially as fixed antennas are transitioned to massive MIMO phased array deployments.

更重要的是，隨著固定天線過渡到大規模 MIMO 相控陣部署，我們預計 Qorvo 的內容機會將大幅增加。

32 element array requires 32 PAs and 32 small signal chains, and that continues to scale with 64 element and 128 element arrays.

32 元件陣列需要 32 個 PA 和 32 個小訊號鏈，並且可以繼續擴展到 64 元件和 128 元件陣列。

On the device side, 5G is increasing the content not only in smartphones, but across an expanding set of new products, from fixed wireless solutions and nomadic devices to M2M modes and autonomous vehicles.

在設備方面，5G 不僅增加了智慧型手機的內容，還增加了一系列不斷擴展的新產品，從固定無線解決方案和行動裝置到 M2M 模式和自動駕駛汽車。

Each 5G smartphone will retain full 4G capability, and a great deal of that 4G content will be redesigned to coexist with the 5G bands.

每部 5G 智慧型手機都將保留完整的 4G 功能，並且大量 4G 內容將重新設計以與 5G 頻段共存。

The added complexity is a huge opportunity for Qorvo as performance requirements are increasing across nearly all components.

隨著幾乎所有組件的性能要求都在增加，增加的複雜性對 Qorvo 來說是一個巨大的機會。

In both IDP and mobile products, Qorvo's leadership in premium categories like envelope tracking, antenna tuning, premium filters and phase arrays are already playing a critical role in the definition of 5G architectures.

在 IDP 和行動產品中，Qorvo 在包絡追蹤、天線調諧、優質濾波器和相控陣等高階領域的領先地位已經在 5G 架構的定義中發揮關鍵作用。

In summary, the demand for data is growing, RF content is increasing and the commercial traction is expanding for Qorvo's highest performance and most highly integrated RF solutions.

總之，資料需求不斷成長，射頻內容不斷增加，Qorvo 最高效能和最高整合度射頻解決方案的商業吸引力不斷擴大。

The Qorvo team is successfully executing our strategy, and we're confident in our growth and margin drivers.

Qorvo 團隊正在成功執行我們的策略，我們對我們的成長和利潤驅動因素充滿信心。

We're pleased with our September quarter, and our outlook remains strong.

我們對九月份的季度感到滿意，我們的前景依然強勁。

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.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the second quarter was $884 million, $29 million above the midpoint of our guidance, up 28% sequentially and 8% year-over-year.

Qorvo 第二季的營收為 8.84 億美元，比我們指引的中位數高出 2,900 萬美元，季增 28%，較去年同期成長 8%。

Mobile Products revenue was $667 million, a 37% sequential increase and reflected strong seasonal ramps.

行動產品收入為 6.67 億美元，環比增長 37%，反映了強勁的季節性增長。

IDP revenue was $218 million, another quarter of double-digit year-over-year growth, with particularly strong demand in infrastructure.

IDP 營收為 2.18 億美元，年比又實現兩位數成長，基礎設施需求尤其強勁。

Non-GAAP gross margin in the September quarter was 47.7%, 20 basis points over our guide.

9 月季度的非 GAAP 毛利率為 47.7%，比我們的指導值高出 20 個基點。

Our margin outlook remains positive as we transition the mix of our product portfolio, improve factory utilization and drive productivity.

隨著我們轉變產品組合、提高工廠利用率並提高生產力，我們的利潤前景仍然樂觀。

Operating expenses were in control at $168 million, down slightly from our guidance.

營運費用控制在 1.68 億美元，略低於我們的指引。

We expect OpEx to trend down slightly through the back half of the year, with full year OpEx ending at approximately 20% of sales.

我們預計營運支出在今年下半年將略有下降，全年營運支出約為銷售額的 20%。

Non-GAAP net income in the September quarter was a record $225 million, and non-GAAP diluted earnings per share was $1.75 or $0.13 above the midpoint of our guidance.

9 月季度的非 GAAP 淨利潤達到創紀錄的 2.25 億美元，非 GAAP 攤薄後每股收益為 1.75 美元，比我們指引的中點高出 0.13 美元。

The earnings power of the business is increasing as we grow in the right areas and remain disciplined in capital and operating spend.

隨著我們在正確的領域發展並在資本和營運支出方面保持嚴格，企業的獲利能力正在增強。

September quarter cash flow from operations was near $215 million, and CapEx was $70 million, yielding free cash flow of $144 million.

9 月季度營運現金流接近 2.15 億美元，資本支出為 7,000 萬美元，產生的自由現金流為 1.44 億美元。

CapEx is currently projected to end the year a little over $300 million, and remains principally for BAW and GaN capacity additions at our Texas fabs.

目前預計今年年底的資本支出將略高於 3 億美元，其中主要仍用於增加我們德州工廠的 BAW 和 GaN 產能。

We repurchased $87 million of stock in the quarter and ended the September quarter with $558 million of cash and cash equivalents.

我們在本季回購了 8,700 萬美元的股票，並在 9 月季度末回購了 5.58 億美元的現金和現金等價物。

During the quarter, we redeemed our remaining 6.75% notes, due 2023, and repurchased $436 million of our 7% notes, due 2025.

在本季度，我們贖回了剩餘的 2023 年到期的 6.75% 票據，並回購了 4.36 億美元的 2025 年到期的 7% 票據。

Also in the quarter, we issued $630 million of 5.5% notes maturing in 2026.

同樣在本季度，我們發行了 6.3 億美元、利率為 5.5%、將於 2026 年到期的票據。

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 are below our long-range -- our long-term leverage target and retain significant financial flexibility to grow the business and return capital to shareholders.

我們低於我們的長期槓桿目標，並保留顯著的財務靈活性來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 third quarter of fiscal 2019, we expect non-GAAP revenue between $880 million and $900 million, gross margin to increase sequentially to approximately 50%, and diluted EPS of $1.95 at the midpoint of our guidance.

在2019 財年第三季度，我們預期非GAAP 營收在8.8 億美元至9 億美元之間，毛利率將環比增長至50% 左右，攤薄後每股收益為1.95 美元（處於我們指引的中點） 。

We currently project Mobile Products revenues in the December quarter to be up slightly sequentially in support of seasonal phone ramps.

我們目前預計第 12 季的行動產品收入將環比小幅成長，以支援季節性手機銷售的成長。

For China, we see a relatively healthy channel, but given the strength from China-based handset manufacturers year-to-date, we are taking a measured view on demand in the back half of the fiscal year.

對於中國來說，我們看到了一個相對健康的管道，但考慮到今年迄今為止中國手機製造商的實力，我們對本財年後半段的需求持謹慎態度。

We expect IDP to post another solid quarter, with strength in infrastructure offsetting near-term weakness in WiFi.

我們預計 IDP 將再創一個強勁的季度業績，基礎設施的實力將抵消 WiFi 近期的疲軟。

On gross margin, our December quarter guide reflects ongoing progress, improving the portfolio, utilizing our fabs and driving productivity.

在毛利率方面，我們 12 月的季度指南反映了持續的進展、改善產品組合、利用我們的晶圓廠並提高生產力。

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

我們預計本財年後半段的平均毛利率將達到 50% 或更高。

Operating expenses are forecasted to decrease slightly in the December quarter to approximately $165 million.

預計 12 月所在季度的營運費用將小幅下降至約 1.65 億美元。

We're maintaining a full year non-GAAP tax rate forecast of approximately 8%.

我們將全年非 GAAP 稅率預測維持在 8% 左右。

We expect operating cash flow to strengthen in the second half of 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。

In the third quarter, CapEx is expected to peak for the fiscal year, with BAW and GaN capacity investments in Richardson and the continued buildout of BAW capacity in Farmers Branch.

隨著理查森的 BAW 和 GaN 產能投資以及 Farmers Branch 的 BAW 產能的持續建設，預計第三季資本支出將達到本財年的高峰。

So in summary, the September quarter was a record revenue and earnings quarter for Qorvo.

總而言之，Qorvo 9 月季度的營收和利潤創下了歷史新高。

Our portfolio strategy and operational improvements are yielding stronger and more consistent results.

我們的投資組合策略和營運改善正在產生更強大、更一致的結果。

Looking ahead, our outlook remains essentially unchanged, with full year revenue growth around 10%, gross margin increasing to 50% or more for the fiscal second half, and OpEx in control and ending at about 20% of sales for the full fiscal year.

展望未來，我們的前景基本保持不變，全年營收成長約 10%，下半年毛利率增至 50% 或更高，營運支出可控，佔整個財年銷售額的 20% 左右。

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 comes from Harsh Kumar with Piper Jaffray.

（操作員說明）我們的第一個問題來自 Piper Jaffray 的 Harsh Kumar。

Congratulations, stellar execution on the top line, but also congratulations on the margins.

恭喜你，在營收方面表現出色，同時也恭喜你的利潤率。

Mark, I had one for you.

馬克，我為你準備了一份。

Just looking beyond sort of the second half fiscal that you talked about, now that your factories are mostly BAW, and now that you're kind of set with your share at some of the large Tier 1 guys, should we think of 47%, 48% to 50% as sort of the new range for you guys going forward?

超越你談到的下半年財政，現在你的工廠主要是 BAW，現在你已經確定了你在一些大型一級公司的份額，我們是否應該考慮 47％， 48% 到50% 作為你們未來的新範圍？

And I've got a quick follow-up.

我有一個快速的跟進。

And your question, Harsh, was around gross margin?

哈什，你的問題是關於毛利率嗎？

Yes, sir.

是的先生。

Yes.

是的。

I mean, we're not giving quarter guidance.

我的意思是，我們不會提供季度指導。

I would -- certainly beyond the core we're giving, and we've talked about second half guidance for gross margin.

我會——當然超出了我們給出的核心內容，我們已經討論了下半年的毛利率指引。

I guess, the question is what should gross margin do if we execute on our plan.

我想，問題是如果我們執行我們的計劃，毛利率應該是多少。

And we believe that we have the potential to expand gross margin going forward.

我們相信我們未來有潛力擴大毛利率。

And we believe there are a number of reasons.

我們認為有很多原因。

One is we know this year that the SAW underutilization is headwind for us, and we expect that, to some effect, in the near term, which would include early next year.

一是我們今年知道 SAW 未充分利用對我們來說是不利因素，我們預計在短期內（包括明年初）會產生某種效果。

We also have -- and well, but that will wane through this year and then into next year, so become a lesser effect on the business.

我們也有——嗯，但這將在今年和明年減弱，因此對業務的影響較小。

We're also continuing to affect the mix transitions that we want to occur with BAW-related revenue, GaN and other premium technology products, and that will have a positive effect.

我們也將繼續影響我們希望透過 BAW 相關收入、GaN 和其他高端技術產品實現的混合轉型，這將產生積極的影響。

We are being very disciplined around capital.

我們對資本非常嚴格。

And as our capital efficiency improves through larger wafers, die shrinks and other things, we should see those effects help with the margin.

隨著我們的資本效率透過更大的晶圓、晶片尺寸縮小和其他措施提高，我們應該會看到這些影響有助於提高利潤率。

And then, there's of course other productivity, better yields, lower inventory charges and prove cycle times.

當然，還有其他生產力、更好的產量、更低的庫存費用和證明週期時間。

I can go on and on.

我可以繼續說下去。

The team is working on a lot of things.

該團隊正在做很多事情。

I'd say, lastly, we are tightening relationships with our supply chain, developing selective partnerships, joint productivity programs and other things to broaden the scope of our productivity efforts.

最後，我想說，我們正在加強與供應鏈的關係，發展選擇性合作夥伴關係，聯合生產力計劃和其他措施，以擴大我們生產力工作的範圍。

Great.

偉大的。

And then, maybe one real quick on IDP.

然後，也許是關於 IDP 的快速討論。

We've heard from several other companies talk about weakness in a variety of different areas.

我們從其他幾家公司聽到了有關各個不同領域的弱點的言論。

Infrastructure generally from everybody has been positive, suggested by you guys as well.

每個人的基礎設施總體上都是正面的，你們也提出了建議。

But there are other parts of your business in IDP that are broader.

但 IDP 中您的業務還有其他更廣泛的部分。

Maybe, Bob, you could take this one, or somebody else in the IDP team, help us understand the different parts and pieces, the pluses and minus around those subsegments in IDP.

鮑勃，也許你可以接受這個，或者 IDP 團隊中的其他人，幫助我們了解 IDP 中這些子部分的不同部分和優點和缺點。

Harsh, this is James.

嚴厲，這是詹姆斯。

As you said, we did have a very strong base station quarter across all the OEMs.

正如您所說，我們所有 OEM 廠商的基地台季度表現確實非常強勁。

It was driven by strength in both 4G and 5G deployments, and we also saw strong demand for small cell and massive MIMO products, including very early deployments for 5G.

這是由 4G 和 5G 部署的實力推動的，我們也看到了對小型蜂窩和大規模 MIMO 產品的強勁需求，包括非常早期的 5G 部署。

That includes material orders for GaN to support those MIMO deployments.

其中包括用於支援 MIMO 部署的 GaN 材料訂單。

And on top of that, we've also done very well with share gains, particularly in one of our European OEMs.

最重要的是，我們在份額成長方面也做得非常好，特別是在我們的歐洲原始設備製造商中。

So very strong growth in base station.

基地台的成長非常強勁。

We did talk a little bit early about WiFi.

我們確實很早就討論過 WiFi 的問題了。

So we have seen some effects on our WiFi business that we think are relatively near term.

因此，我們已經看到 WiFi 業務受到一些影響，我們認為這些影響是相對近期的影響。

We think that slowdown has been based on the delays in the release of the AX standard.

我們認為放緩是由於 AX 標準發布的延遲造成的。

We also have customers experiencing some shortages in other materials that are affecting their production and some impacts of tariffs as they transition some of their manufacturing locations.

我們還有一些客戶遇到了其他材料的短缺，這影響了他們的生產，並且在他們轉移一些製造地點時也遇到了關稅的一些影響。

Defense, we're off a little bit off our record highs that we experienced back in the back half of last year, but that business is typically a bit lumpy.

國防方面，我們距離去年下半年創下的歷史高點有所回落，但這項業務通常有點不穩定。

What I would say about both Defense and WiFi, those fundamentals are both very, very strong.

關於國防和 WiFi，我想說的是，這些基礎知識都非常非常強大。

We do see that the technologies we have are matched very well with where we see both of those marketplaces going.

我們確實看到我們擁有的技術與我們看到的這兩個市場的發展方向非常匹配。

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。

This is Tom O'Malley on for Blayne Curtis.

我是湯姆·奧馬利，替布萊恩·柯蒂斯發言。

In your prepared remarks, you mentioned a more measured view on demand from China into the December quarter.

在您準備好的演講中，您提到了對中國進入第四季度的需求的更加謹慎的看法。

Can you kind of give us some puts and takes on where you're seeing that weakness from the high end or the low end, and just give us a little more color there?

您能否給我們一些您在高端或低端看到的弱點的看法，並為我們提供更多的色彩？

This is Eric.

這是埃里克。

I can give a little more color on that.

我可以對此提供更多的色彩。

We mentioned in last quarter's call that we had seen a very strong market year-to-date and that a lot of the high-end handsets had just launched and we are waiting to see how the sell-through goes there.

我們在上個季度的電話會議中提到，今年迄今為止我們看到了非常強勁的市場，並且許多高階手機剛剛推出，我們正在等待看看銷售情況如何。

Obviously, we're -- we've got a lot of content in a lot of the high-end handsets there.

顯然，我們在許多高階手機中都有很多內容。

So I think that's the area that we're most conservative on now.

所以我認為這是我們現在最保守的領域。

We're just keeping an eye on it, as Mark said, sort of measured view to see how those sell out.

正如馬克所說，我們只是密切關注，以衡量這些產品的銷售情況。

Great.

偉大的。

And then, one quick other one.

然後，很快又一個。

And I'll hit on the margin part again.

我會再次談到邊緣部分。

You guys obviously are seeing some great improvement here.

你們顯然在這裡看到了一些巨大的進步。

And this quarter, a lot of that is obviously bringing your premium part through at the high end in some premium smartphones.

本季度，很明顯，其中很大一部分是在一些高端智慧型手機中將高端部件帶入高端市場。

Can you talk about what that was like bringing that through and kind of what you're seeing going forward with that product?

您能談談實現這一目標的感覺以及您對該產品的未來展望嗎？

Sorry, Tom.

對不起，湯姆。

I'm not sure we fully understand your question.

我不確定我們是否完全理解你的問題。

I will say this, the ramping of our BAW facility is going extremely well.

我想說的是，我們的 BAW 工廠的產能擴張進展​​非常順利。

I commented on that before.

我之前對此發表過評論。

I'm very proud of what the team has been doing and fantastic ramp and what we've seen, and we're looking forward to continuing to grow our BAW-based business.

我對團隊所做的事情、出色的成長以及我們所看到的一切感到非常自豪，我們期待繼續發展我們基於 BAW 的業務。

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。

Congratulations on the strong results and guide.

恭喜您取得了出色的成果和指導。

I guess, coming back to China, and I think there's a view that the domestic China market is fairly weak, and you commented that your content tends to be in some of these flagships, maybe global phones.

我想，回到中國，我認為有一種觀點認為中國國內市場相當疲軟，而您評論說您的內容往往存在於其中一些旗艦產品中，也許是全球手機中。

But I guess, as we look into next year and assuming unit volumes still kind of remain muted, what can drive content growth?

但我想，當我們展望明年並假設單位銷售仍然保持低迷時，什麼可以推動內容成長？

Are you seeing further opportunities for diversity receive, or antennaplexing?

您是否看到了分集接收或天線復用的更多機會？

Or what are the areas we can drive content further from here and China?

或者我們可以在哪些領域進一步推動內容遠離這裡和中國？

It's a good question.

這是一個好問題。

I think the opportunities we see may be centered around integration more as those customers look to pack more features in, and in particular, prepare for 5G capability before generally taking more of the handset portfolio up the integration curve.

我認為我們看到的機會可能更集中在整合上，因為這些客戶希望在整合曲線上增加更多的手機產品組合之前，特別是為 5G 功能做好準備。

So Phase 6, as an example, where we combine the entire main PAD into 2 placements, we think that's just a great opportunity for Qorvo to see that really penetrate further and further into that handset portfolio.

以第 6 階段為例，我們將整個主 PAD 合併為 2 個佈局，我們認為這對 Qorvo 來說是一個很好的機會，可以看到它真正越來越深入地滲透到手機產品組合中。

Okay, great.

好的，太好了。

And then, secondly, for James, when we think about the GaN business, it says 27% growth, and it sounds like you're gaining share as well.

其次，對於 James 來說，當我們考慮 GaN 業務時，它說增長了 27%，聽起來你的份額也在增加。

As you look at -- now we're just at the very, I guess, start of the 5G ramp, how should we think about the growth of that as we look into next calendar year?

正如你所看到的——我想，現在我們正處於 5G 發展的起步階段，當我們展望下一個日曆年時，我們應該如何考慮 5G 的成長？

Yes, as I've stated many times, I mean, we see that overall GaN market again, defense, broadband, cable and wireless infrastructure.

是的，正如我多次說過的，我的意思是，我們再次看到整個 GaN 市場，包括國防、寬頻、有線和無線基礎設施。

That market's going to grow in the low- to mid-20s.

該市場將在二十世紀二十年代中期成長。

I think we'll do significantly better in that as we go forward.

我認為隨著我們的前進，我們會在這方面做得更好。

You saw that in this last quarter.

你在上個季度看到了這一點。

That was driven a lot by defense, but we are now really beginning the start of production deliveries around these 5G deployments and massive MIMO deployments.

這在很大程度上是由國防推動的，但我們現在真正開始圍繞這些 5G 部署和大規模 MIMO 部署進行生產交付。

I think one thing I want to talk a little bit why we're on massive MIMO is we definitely are seeing the OEMs start those deployments.

我想我想談談為什麼我們要進行大規模 MIMO 的一件事是，我們肯定會看到 OEM 開始進行這些部署。

Over the next couple of years, probably maybe 3 years, we expect that 20% or 30% of the REUs will be massive MIMO antennas.

在接下來的幾年（可能是 3 年）中，我們預計 20% 或 30% 的 REU 將是大規模 MIMO 天線。

What that does for us, it results in about a 4x of the number of channels, about an 8 to 12x increase in content for us.

這對我們來說意味著頻道數量增加了約 4 倍，內容增加了約 8 到 12 倍。

So that's going to drive a significant amount of GaN demand as we go through these deployments in 5G over the next several years.

因此，當我們在未來幾年進行 5G 部署時，這將推動大量 GaN 需求。

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。

James, I'd maybe just follow up on that point around GaN and 5G.

James，我可能會跟進有關 GaN 和 5G 的問題。

Is that related to sort of the higher frequency base stations that you're looking forward to?

這與您預期的高頻基地台有關嗎？

Is that kind of the content growth that we could expect as those shift?

隨著這些轉變，我們可以期待這種內容會成長嗎？

Or are there additional content opportunities as we move over to those high-frequency base stations for 5G over the next few years?

或者，當我們在未來幾年轉向 5G 高頻基地台時，是否還會有更多內容機會？

I would say that the content is certainly, today, as Bob talked about, in 6 gigahertz and below.

我想說，正如鮑伯所說，今天的內容肯定是 6 GHz 及以下。

In the out years, we believe millimeter wave will continue to gain traction, and we're certainly supporting multiple different millimeter wave opportunities around the industry.

在未來的幾年裡，我們相信毫米波將繼續獲得關注，我們當然會支持業界多種不同的毫米波機會。

As far as the breakout of below 6 gigahertz, we're seeing strength, both in Asia deployments and deployments in the U.S. And so you'll see a little bit of different frequency band selections.

至於突破 6 GHz 以下，我們在亞洲部署和美國部署中都看到了優勢，因此您會看到一些不同的頻段選擇。

Predominantly, I would say, we play in a little bit of the higher end of the frequency ranges, but it's relatively broad-based at this point.

我想說，我們主要在頻率範圍的高端進行演奏，但目前它的基礎相對廣泛。

And then a quick follow-up for Eric, just around the China commentary.

然後是埃里克的快速跟進，圍繞中國的評論。

Number one, can you remind us what your exposure to China is?

第一，您能提醒我們一下您對中國的了解嗎？

And then, number two, in terms of the commentary on the channel remaining relatively healthy, so it sounds like the component inventory is healthier.

然後，第二，就通路的評論而言，仍然相對健康，因此聽起來組件庫存更健康。

Do you think it's a combination of component inventory and actual handsets out there?

您認為這是組件庫存和實際手機的結合嗎？

Yes.

是的。

So in terms of mobile exposure to China, it's about 30% of the business goes to China, not including Huawei, the broader customer base in China.

因此，就行動業務在中國的業務而言，約有30%的業務流向中國，這還不包括在中國擁有更廣泛客戶群的華為。

And regarding the channel inventory, we've got visibility, very clear visibility into our component inventory in the channel.

關於渠道庫存，我們可以非常清楚地了解渠道中的組件庫存。

And we know that, that is quite healthy and in line.

我們知道，這是非常健康且符合要求的。

We don't have quite as good a visibility on the final handset, that's a little bit of a delay, but our own component inventory is clear.

我們對最終手機沒有那麼好的了解，這有點延遲，但我們自己的組件庫存很清楚。

Our next question comes from Christopher Caso with Raymond James.

我們的下一個問題來自克里斯托弗·卡索和雷蒙德·詹姆斯。

A question regarding your capacity utilization -- sorry, capacity expansion plan that's underway for next year.

關於您的產能利用率的問題 - 抱歉，明年正在進行的產能擴張計劃。

Can you talk a bit about the visibility on the design wins needed to fill that capacity and your level of confidence?

您能否談談填補這項能力所需的設計勝利的可見度以及您的信心程度？

How much is perhaps design wins that have already been won?

也許已經贏得了多少設計勝利？

How much are sort of high probability design wins?

高機率設計獲勝的機率是多少？

I'd imagine, now that you're guiding to 50% gross margins, the goal is to keep it there.

我想，既然你的毛利率目標是 50%，那麼目標就是維持這個水準。

What's your level of confidence?

您的信心程度如何？

Chris, this is Mark.

克里斯，這是馬克。

We're not going to talk about customer-specific programs and handicap those.

我們不會談論客戶特定的計劃並阻礙這些計劃。

What I can talk about generally is our expansion plans.

我可以概括地談論我們的擴張計劃。

And I think, yes, we've talked at length about our utilization issues on SAW, and we continue to work through those.

我認為，是的，我們已經詳細討論了 SAW 的利用問題，並且我們將繼續解決這些問題。

We do believe SAW is a critical technology for us, and so we will maintain SAW capacity.

我們確實相信 SAW 對我們來說是一項關鍵技術，因此我們將維持 SAW 產能。

And we have good technology, and we'll deploy that in Phase 6 and other areas, particularly in BAW-related applications.

我們擁有良好的技術，我們將在第六階段和其他領域部署該技術，特別是在 BAW 相關應用中。

As far as GaAs capacity, it's well-loaded in Oregon and North Carolina.

就砷化鎵產能而言，俄勒岡州和北卡羅來納州的產能充足。

And then, BAW capacity, you heard James talk about GaN, so we're fully loaded there.

然後，BAW 產能，你聽到 James 談論 GaN，所以我們已經滿載而歸。

And then, we've got our BAW capacity in Texas, which currently is -- the production is all out of Richardson, and Richardson is at capacity.

然後，我們在德克薩斯州擁有 BAW 產能，目前，理查森的生產全部結束，而理查森已達到產能。

Currently, about 70% of our capacity in BAW is on 6-inch, and 30% is on 8-inch.

目前，我們BAW的產能大約70%是6英寸，30%是8英寸。

And we are undertaking over the next year, between wafer conversions and bringing Farmers Branch online, bringing on more 8-inch.

我們將在明年進行晶圓轉換和讓 Farmers Branch 上線，生產更多 8 英寸晶圓。

So this time next year, we will have actually the reverse of what we have now, roughly 30% 6-inch, and 70% 8-inch.

因此，明年這個時候，我們實際上將擁有與現在相反的情況，大約 30% 為 6 英寸，70% 為 8 英寸。

And based on our current plans, which also include not only that wafer conversion, but also die shrink programs, yield improvement, cycle time, all these other things, we believe we have the capacity to meet what we believe is our revenue outlook.

根據我們目前的計劃，其中不僅包括晶圓轉換，還包括晶片縮小計劃、良率改進、週期時間以及所有其他方面，我們相信我們有能力滿足我們認為的收入前景。

Now we're continuously reviewing that plan and update the spend plan when needed as we consider opportunities, the pace of tool conversions, new tool lead times, technology and process changes and other factors.

現在，我們正在不斷審查該計劃，並在需要時更新支出計劃，同時考慮機會、工具轉換的速度、新工具的交付時間、技術和流程變化以及其他因素。

But hopefully, that gives you some color as to our thinking on capacity.

但希望這能讓您對我們對容量的思考有所了解。

Yes, that's helpful.

是的，這很有幫助。

If I could just follow on with that explanation, and then based on what you said, it sounds like then the sort of variability in capacity depending on how design wins go would be the loading on the 6-inch fabs then.

如果我可以繼續這個解釋，然後根據你所說的，聽起來取決於設計獲勝方式的產能變化將是 6 吋晶圓廠的負載。

And you would swing that higher or lower, and therefore, get the efficiency benefits of loading up the 8-inch fabs.

您可以將其調高或調低，從而獲得裝載 8 吋晶圓廠的效率優勢。

Is that the right way to think about it?

這是正確的思考方式嗎？

It's hard to say, Chris.

很難說，克里斯。

It's just a very complex, continuously assessed situation, and it may -- you could slow the conversion, you could slow various technology programs, you could accelerate them.

這是一個非常複雜的、不斷評估的情況，你可以放慢轉換速度，你可以放慢各種技術計劃，你可以加速它們。

It just -- I gave you what our current view is sitting here on October 31, and we'll give you an update periodically as things change.

只是——我於 10 月 31 日向您提供了我們當前的觀點，隨著情況的變化，我們將定期向您提供更新。

Our next question comes from Quinn Bolton with Needham.

我們的下一個問題來自奎因·博爾頓和李約瑟。

Congratulations on the nice results.

恭喜取得的好成績。

Wanted to come back.

想回來。

I think, in past calls, you guys had mentioned sampling, cost of mid-band, high-band PADs to multiple customers.

我想，在過去的通話中，你們曾向多個客戶提到過採樣、中頻段、高頻段 PAD 的成本。

As you look into 2019, what's your just sort of market share assumptions?

展望 2019 年，您對市佔率的假設是什麼？

Or what's your market share opportunity as you ramp both Phase 6 designs as well as the opportunity for other custom mid-band, high-band PADs into next year?

或者，當您在明年推進第 6 階段設計以及其他定制中頻段、高頻段 PAD 的機會​​時，您的市場份額機會有多少？

This is Eric.

這是埃里克。

Yes, I think we're working with virtually all of our customers with these product types, and there's -- in terms of specific share, it'll vary by customer, of course, and product type.

是的，我認為我們正在與幾乎所有客戶合作使用這些產品類型，並且就具體份額而言，當然會因客戶和產品類型而異。

But we're clearly one of only a few people that can do the this.

但我們顯然是少數能夠做到這一點的人之一。

And when you combine it with our high-performance SAW, our leadership in tuning, switching and power management and advanced packaging, we really like our odds.

當您將其與我們的高性能 SAW、我們在調諧、開關和電源管理以及先進封裝方面的領先地位相結合時，我們真的很喜歡我們的勝算。

We've got a lot to bring to the party.

我們有很多東西要帶去參加派對。

We're helping customers design fantastic products and helping them get ready for 5G.

我們正在幫助客戶設計出色的產品並幫助他們為 5G 做好準備。

So there's a lot of excitement around a broad portfolio of products for a lot of customers.

因此，廣泛的產品組合讓許多客戶感到非常興奮。

Great.

偉大的。

And just a quick follow-up for you, Eric.

埃里克，我想對您進行快速跟進。

It looks like your business was -- drove most of the upside in the September quarter.

看起來您的業務推動了九月季度的大部分成長。

Just kind of curious, was that across the board?

只是有點好奇，這是全面的嗎？

Or was that primarily driven by the new platform ramp where you guys have talked about your content gains?

或者這主要是由你們談論內容收益的新平台所推動的？

I guess, I'm specifically trying to ask whether China actually grew with the business in September, or whether it was really more the marquee phones launching for the second half?

我想，我特別想問的是，中國的業務是否真的隨著 9 月份的業務增長而增長，或者是否真的更多的是下半年推出的大螢幕手機？

Yes, I would say the growth was fairly broad-based across nearly all of our customers and skewed towards the marquee platforms, I would say.

是的，我想說，幾乎所有客戶的成長都相當廣泛，並且偏向大型平台。

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'm going to start off with Eric.

我將從埃里克開始。

How do you feel about -- let's start with 2019, anytime of the year is fine.

你覺得怎麼樣－讓我們從2019年開始吧，一年中的任何時候都可以。

BAW-based DRxs, you guys dabbled in that with Samsung a couple of years ago but haven't done anything since then.

基於 BAW 的 DRx，幾年前你們與三星一起涉足了這一領域，但從那時起就沒有做過任何事情。

I think, last quarter, you mentioned that some of the BAW expansion that you're looking at in Farmers Branch is to accommodate what looked to be increasingly probable design wins in that.

我想，上個季度，您提到您在 Farmers Branch 中看到的一些 BAW 擴展是為了適應看起來越來越有可能獲勝的設計。

If you could maybe help give us an update on that?

可否幫我們介紹一下最新情況？

And if you could talk, are we talking about 1 or 2 BAW filters?

如果您可以談談，我們是在談論 1 個還是 2 個 BAW 濾波器嗎？

Or are we talking about more of that because some of those modules can get very large.

或者我們正在談論更多這樣的內容，因為其中一些模組可能會變得非常大。

And then, James, if I could, IDP's infrastructure, you're shipping GaN into MIMO, but what does that ramp look like, specifically within the -- in infrastructure because most of your GaN goes into defense at this point.

然後，James，如果可以的話，IDP 的基礎設施，您正在將 GaN 引入 MIMO，但是這個斜坡是什麼樣的，特別是在基礎設施中，因為此時您的大部分 GaN 都進入了防禦狀態。

What does that ramp look like over the next several quarters?

未來幾季的成長情況如何？

Do you expect to see significant increase?

您預計會大幅成長嗎？

Or are you going to kind of status quo here as they evolve?

或者隨著它們的發展，你會維持現狀嗎？

So taking DRx first.

所以先採取 DRx。

We continue to invest in BAW-based DRx modules.

我們繼續投資基於 BAW 的 DRx 模組。

We see clear opportunities with the increasing mid- and high-band DRx, and as MIMO comes on board and so forth.

隨著中頻和高頻段 DRx 的增加以及 MIMO 的出現等，我們看到了明顯的機會。

Those -- the ones that we're developing have combination technologies, but the majority of which are BAW-based, and we are seeing technical differentiation in some parameters.

我們正在開發的那些技術具有組合技術，但其中大多數是基於 BAW 的，並且我們在某些​​參數上看到了技術差異。

And so we're still targeting second half calendar year next year for first production.

因此，我們仍計劃在明年下半年進行首次生產。

Ed, this is James, so let me talk about massive MIMO.

艾德，我是詹姆斯，讓我談談大規模 MIMO。

So we definitely are seeing strong order demands right now.

因此，我們現在確實看到了強勁的訂單需求。

For us, that's much broader than just GaN because we're supplying the components that affect the rest of the transmit side, plus the vast majority of all the components that go into the receive side as well.

對我們來說，這比僅僅 GaN 更廣泛，因為我們提供影響發射側其餘部分的組件，以及進入接收側的絕大多數組件。

So that demand is going today.

所以這種需求一直持續到今天。

And I talked a little bit about what we see content-wise.

我談了一些我們在內容上的看法。

As far as the GaN portion of it as well, we do have significant production orders on the books now, and we're in the process of building and producing those.

就 GaN 部分而言，我們現在確實有大量生產訂單，並且我們正在建立和生產這些訂單。

And in that section of -- I agree with you that defense is certainly still the strongest part of our GaN portfolio, but the base station is going to grow at a rapid pace and will outstrip the overall growth of GaN.

在這一部分中，我同意您的觀點，國防無疑仍然是我們 GaN 產品組合中最強大的部分，但基地台將快速增長，並將超過 GaN 的整體增長。

Our next question comes from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

James, you're doing double duty today on the call, and I'll come back to you with a question as well.

詹姆斯，你今天在電話會議中承擔雙重職責，我也會向你提出一個問題。

What's the right way to think of the longer-term growth for the business?

思考企業長期成長的正確方法是什麼？

It's been very strong for you guys, 20-plus percent year-over-year growth for several quarters.

這對你們來說非常強勁，幾季的年增超過 20%。

But these last couple of quarters, it's in the mid-teens, which is, again, nothing to scoff at.

但最近幾個季度，它的價格在十幾歲左右，這也沒什麼好嘲笑的。

But if you look out ahead over the next few quarters, it sounds like base stations, GaN, and am I framing it correctly, those are the big drivers?

但如果你展望未來幾個季度，聽起來像是基地台、GaN，我是否正確地描述了它，這些是主要的驅動因素？

And then, how to think about it?

然後，該如何思考呢？

Is it a mid-teens grower?

它是十幾歲的種植者嗎？

Or should we expect an acceleration?

或者我們應該期待加速嗎？

And then I have a quick follow-up for Mark.

然後我對馬克進行了快速跟進。

Yes.

是的。

So we're in line with what we shared at Investor Day.

因此，我們與我們在投資者日分享的內容一致。

Growth is tracking those underlying markets, and they're growing between 10% and 15%.

成長正在追蹤這些基礎市場，並且成長在 10% 到 15% 之間。

And as I've said before, I think we'll do a bit better than that.

正如我之前所說，我認為我們會做得更好一點。

The defense and WiFi have pulled back a bit.

防守和WiFi有所撤退。

But again, I think the underlying trends are very, very positive in both of those markets.

但我再次認為，這兩個市場的基本趨勢都非常非常正面。

And once AX takes hold and some of our customers adjust their manufacturing plans, I think you'll see WiFi start to take off again.

一旦 AX 佔據主導地位並且我們的一些客戶調整了他們的製造計劃，我想您將會看到 WiFi 再次開始起飛。

But I think we'll grow just better than those underlying markets and again in that 10% to 15% range.

但我認為我們的成長會好於那些基礎市場，並且會再次保持在 10% 到 15% 的範圍內。

And just to be clear, James is talking about annual numbers going forward.

需要明確的是，詹姆斯談論的是未來的年度數據。

Yes, annual numbers.

是的，年度數字。

Yes, right.

是的，沒錯。

That's what I was asking.

這就是我想問的。

Great.

偉大的。

Mark, just a quick one for you on the CapEx side, you said 3 -- in the third quarter, CapEx peaks.

馬克，請簡單介紹一下資本支出方面的情況，您說 3——第三季資本支出達到高峰。

And could you just remind us, so then we should then expect it to trend back to the longer term.

您能否提醒我們一下，那麼我們應該預期它會回歸到更長期的趨勢。

And then what is the longer-term intensity?

那麼長期強度是多少呢？

Yes.

是的。

So we expect this year to be between [$3 million and $3.25 million].

因此，我們預計今年的銷售額將在 [300 萬美元至 325 萬美元] 之間。

So given the guidance that we've given, that would put it just under 10% of sales for the year.

因此，根據我們給予的指導，這將使其佔全年銷售額的 10% 以下。

And percent -- the CapEx as a percent of sales was down sharply last year to 9%.

百分比－資本支出佔銷售額的百分比去年大幅下降至 9%。

We thought it continue to go down, but as we said, we brought some of the spend for Farmers Branch in, so we're just a little bit higher than we expected.

我們認為它會繼續下降，但正如我們所說，我們為 Farmers Branch 帶來了一些支出，所以我們只比我們的預期高了一點。

We expect CapEx as a percent of sales to resume a downward trend next year.

我們預計資本支出佔銷售額的百分比明年將恢復下降趨勢。

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。

First question on gross margins.

關於毛利率的第一個問題。

So you had about 50% or so right now.

所以你現在大約有 50% 左右。

How much more headroom is there?

還有多少淨空？

What are the drivers?

驅動因素是什麼？

And I think you mentioned you still have some headwind from SAW, so how much is that?

我想你提到你仍然面臨 SAW 的一些阻力，那麼這個阻力有多大呢？

When can it disappear?

什麼時候才能消失呢？

Just the trajectory of gross margins over the next 4 to 6 quarters?

只是未來 4 到 6 個季度的毛利率軌跡？

Yes.

是的。

So we're not going to give guidance on gross margin, Vivek, beyond the current quarter and the next quarter since we've given half year.

因此，Vivek，我們不會在本季度和下一季之後給出毛利率指引，因為我們已經給出了半年的時間。

What I can say is, again, we're focused on investing in the right technologies and developing the right portfolio.

我可以說的是，我們再次專注於投資正確的技術並開發正確的產品組合。

We've talked about that at length, large markets, fast-growing markets, hard-to-do products.

我們已經詳細討論了大市場、快速成長的市場、難做的產品。

Secondly, we're maintaining utilization of the fabs, selective investments, driving down capital intensity.

其次，我們維持晶圓廠的利用率，選擇性投資，降低資本密集度。

And then, third, we're just operating better and with greater discipline and driving continuous improvement.

第三，我們只是在更好地運作、更嚴格的紀律並推動持續改善。

The lift in margin sequentially, second quarter to third, it's up about 230 basis points.

從第二季到第三季度，利潤率連續上升約 230 個基點。

About half of that -- well, a little over half of that is continued product and customer mix.

其中大約一半——嗯，一半多一點是持續的產品和客戶組合。

And then, the remainder is net lower costs.

然後，剩下的就是淨降低成本。

So factory productivity, lower inventory charges and partially offset by some price and also the adverse effects of -- or actually, sequentially, the effects of the SAW underutilization are actually less in the third quarter than they are in the second on a percent basis, not on a -- and in absolute dollar basis.

因此，工廠生產率、較低的庫存費用以及部分價格以及SAW 利用率不足的不利影響（或實際上按順序）所部分抵消的影響在第三季度實際上比第二季度要小（按百分比計算） ，不是以絕對美元為基礎。

For my follow-up, maybe one for Bob.

對於我的後續行動，也許是給鮑伯的。

Bob, I understand you don't want to be specific about customers, but if you look back, typically, when are decisions made around what content you will have at your various large customers?

鮑勃，我知道您不想具體了解客戶，但如果您回顧一下，通常情況下，您何時會圍繞向各種大客戶提供哪些內容做出決策？

Because that does tend to swing a lot from year-to-year.

因為這確實每年都會波動很大。

So just give us a sense for at what point in the year -- I assume it varies by customer, but at what point in the year would you have good visibility on how next year would shape up?

因此，請讓我們了解一年中的任何時候 - 我認為這會因客戶而異，但在一年中的什麼時候您會對明年的情況有很好的了解？

Vivek, this is Eric.

維維克，這是埃里克。

I think, based on our past experience for flagship OEMs or leading OEM phone designs, we would typically see [down] select decisions 6 to 9 months prior to phone production.

我認為，根據我們過去針對旗艦 OEM 或領先 OEM 手機設計的經驗，我們通常會在手機生產前 6 到 9 個月看到[向下]選擇決策。

Our next question comes from Tim Arcuri with UBS.

我們的下一個問題來自瑞銀集團的提姆·阿庫裡。

I had 2. First of all, Mark, I think you said that you thought that half of Mobile Products in the third calendar quarter would be China.

我有 2. 首先，馬克，我想你說過你認為第三季移動產品的一半將來自中國。

Did that come in as about half?

那是大約一半嗎？

And what are you baking in for the mix in December?

十二月你準備做什麼？

And then, I had a follow-up.

然後，我進行了跟進。

Yes, Tim, I don't believe we give -- we've given details on the mix within business in the quarter.

是的，蒂姆，我不相信我們會提供——我們已經提供了本季度業務組合的詳細資訊。

But what I can tell you is we had two 10% customers, one of which was a large China-based OEM.

但我可以告訴你的是，我們有兩個 10% 的客戶，其中一個是大型中國 OEM。

And then, you know our largest customers.

然後，您知道我們最大的客戶。

Sure.

當然。

Of course.

當然。

Okay.

好的。

And then I guess I had a question whether you thought that Mobile Products outside of your biggest customer, do you think that the other Mobile Products revenue was up, down or flat in September?

然後我想我有一個問題，您是否認為除了您最大的客戶之外的行動產品，您認為 9 月份其他行動產品的收入是上升、下降還是持平？

And what are you assuming for it in December?

您對 12 月的情況有何預期？

Seems like it's probably going to be down.

看來，恐怕要跌了。

No, we...

不，我們...

We're not going to forecast by customer mix.

我們不會根據客戶組合進行預測。

And -- sorry, we're not going to go there, Tim.

而且——抱歉，我們不會去那裡，提姆。

I understand the nature of your question and why you're asking, but we're not going to give you that granularity at this time.

我理解你的問題的性質以及你為什麼這麼問，但我們目前不會向你提供那麼詳細的資訊。

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。

Mark, you talked about CapEx and capital intensity potentially reverting lower next fiscal year and beyond.

馬克，您談到資本支出和資本密集度可能會在下一財年及以後恢復較低水準。

Given that backdrop, how should we think about cash usage going forward?

在這種背景下，我們該如何考慮未來的現金使用？

If you can comment on M&A and shareholder return, that would be great.

如果您能對併購和股東回報發表評論，那就太好了。

And on shareholder return specifically, have you guys debated a dividend internally at all?

特別是在股東回報方面，你們內部是否討論過股利？

Yes, Toshiya, no dividend at this time.

是的，Toshiya，目前沒有股利。

Yes, we have -- we do forecast strong free cash flow generation going forward, and we certainly have the balance sheet capacity and cash flow outlook to grow the business, including inorganically and return cash to shareholders, which now is done through share repurchase.

是的，我們確實預測未來將產生強勁的自由現金流，而且我們當然有資產負債表能力和現金流前景來發展業務，包括無機地向股東返還現金，這現在是透過股票回購來完成的。

We did buy, as I mentioned, $87 million in the quarter.

正如我所提到的，我們確實在本季購買了 8700 萬美元。

Outside the ASR, I believe that's the third highest quarter of repurchase we've done.

在 ASR 之外，我相信這是我們回購量第三高的季度。

We've done about $187 million in the last 6 months.

過去 6 個月我們完成了大約 1.87 億美元。

So higher than the free cash flow generated over that period.

高於該時期產生的自由現金流。

So we've returned more than all of our free cash flow to shareholders.

因此，我們已經向股東返還了超過全部自由現金流。

Got it.

知道了。

And then, as a follow-up, one for Bob.

然後，作為後續行動，鮑勃的一個。

Just given the trade tension between the U.S. and China, have you sensed any change in posture operations among your Chinese customers in the form of pull-ins or projects being delayed or anything of that sort?

考慮到中美之間的貿易緊張局勢，您是否感覺到中國客戶的營運態度發生了任何變化，例如拉動或專案延遲或類似的形式？

Let me start with a little broader comment.

讓我從更廣泛的評論開始。

We've assessed the impact on us from the different sets of tariffs that have been imposed by the U.S. and China, what's been imposed so far.

我們評估了美國和中國迄今為止徵收的不同關稅對我們的影響。

And so far, all that's been immaterial on our business.

到目前為止，所有這些對我們的業務來說都無關緊要。

James mentioned that we've got a couple in the retail space, non-handset that have been looking to move their supply chains.

詹姆斯提到，我們在零售領域有一些非手機領域的公司一直在尋求轉移其供應鏈。

But as far as China-based handset customers, no, we've seen no change in their buying behaviors, patterns, what they're doing for their supply chains, et cetera.

但就中國手機客戶而言，我們沒有看到他們的購買行為、模式、他們為供應鏈所做的事情等方面沒有任何變化。

Our next question comes from Cody Acree with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Cody Acree。

Bob, maybe following on to that last question.

鮑勃，也許繼續回答最後一個問題。

You've been insulated by these program ramps and these mid-high band wins, but to what extent are you factoring in or looking at a risk-based scenario of the broader market slowdown that we've seen echoed by many of the analog companies on a very broad-based to that working in and maybe eating into some of the secular growth drivers?

你已經被這些計劃的提升和這些中高頻段的勝利所隔離，但你在多大程度上考慮或考慮了更廣泛的市場放緩的基於風險的場景，我們已經看到許多模擬公司對此做出了回應是在一個基礎非常廣泛的基礎上，致力於並可能侵蝕一些長期成長動力？

Yes, let me start with it, Cody.

是的，讓我開始吧，科迪。

I think, as James has already pointed out, we think we've started to see some of that in his business.

我認為，正如詹姆斯已經指出的那樣，我們認為我們已經開始在他的業務中看到其中的一些內容。

We've got some strength in some areas.

我們在某些​​領域有一定的實力。

The growth in 5G is offsetting some of the weakness that we're seeing as infrastructure business is strong.

5G 的成長正在抵消我們所看到的基礎設施業務強勁的一些弱點。

And yes, we've seen some in the retail area.

是的，我們在零售領域看到了一些。

As far as our mobile business goes, we model for the whole year.

就我們的行動業務而言，我們為全年進行建模。

We didn't expect the handset industry to grow.

我們沒想到手機產業會成長。

We didn't expect the handset industry -- or consumption of handsets in China to grow either this year.

我們預計手機產業或中國的手機消費今年不會成長。

It's been primarily around content.

它主要圍繞內容。

So a lot of that thinking that now some people are seeing, we took a conservative view from the macro perspective earlier on in the year -- earlier in the year.

因此，現在有些人看到的許多想法，我們在今年早些時候從宏觀角度採取了保守的觀點。

And then, just lastly, in your mobile business, the RF Fusion or RF Flex integrated products, can you maybe give us some color on percentage of your mix and how those integrated product's been growing?

最後，在您的行動業務中，RF Fusion 或 RF Flex 整合產品，您能否向我們介紹您的組合百分比以及這些整合產品的成長？

And maybe what your expectations are for the midterm on that as a percentage of revenue?

也許您對中期業績佔收入的百分比有何期望？

Sure.

當然。

So today, the vast majority of our business into the China ecosystem, if you will, is the RF Flex parts, which are not as integrated.

因此，今天，如果你願意的話，我們在中國生態系統中的絕大多數業務都是 RF Flex 零件，它們的整合度並不高。

I think virtually all of our customers are now either in production or will be in production with a Phase 6 type of a phone to test the benefits of the integration, performance and so forth.

我認為幾乎我們所有的客戶現在都在生產或將要生產第 6 階段類型的手機，以測試整合、性能等方面的優勢。

So today, it's relatively small, less than 10% of our sales into the China ecosystem.

所以今天，它的規模相對較小，不到我們在中國生態系統銷售額的 10%。

We expect it to grow significantly next year, as you can imagine, based on the traction we're seeing now.

根據我們現在看到的牽引力，我們預計明年它會顯著增長，正如你可以想像的那樣。

Our next question comes from Krysten Sciacca with Nomura Instinet.

我們的下一個問題來自 Nomura Instinet 的 Krysten Sciacca。

Congrats on the great results.

祝賀取得的優異成績。

So as many of us know, a few of the marquee phone launches this year were a bit delayed or launched later than usual.

正如我們許多人所知，今年一些大牌手機的發布有點延遲或比平常晚了一些。

Can you maybe just talk in a very general broad sense what you're seeing in terms of seasonality for this year for the December and March quarters versus what you've seen historically?

您能否從廣義上談談今年 12 月和 3 月季度的季節性與歷史上的情況相比？

Yes, Krysten, I appreciate the question and I understand why many investors might want to know that answer, but like I said on prior calls, we're not going to comment on how future customer programs are running and things like that.

是的，克里斯滕，我很欣賞這個問題，我理解為什麼許多投資者可能想知道這個答案，但就像我在之前的電話會議上所說的那樣，我們不會評論未來客戶計劃的運作方式以及類似的事情。

I think we've given you guys enough color on at least the entire industry of our business with the guidance that we've provided for this quarter and Mark's opening comments about what we expect to grow for the year, and I think that's really enough information that's needed at this time.

我認為我們已經為你們提供了足夠的信息，至少是我們整個行業的業務，我們為本季度提供的指導以及馬克對我們預計今年增長的開場評論，我認為這真的足夠了此時需要的信息。

Okay.

好的。

And for my follow-up, in the prepared remarks, you mentioned that for 5G, some of the prior 4G content will need a redesign.

我的後續行動，在準備好的發言中，您提到對於5G，之前的一些4G內容需要重新設計。

I was just wondering if you could maybe delve into that a little bit more and maybe discuss how much content that will -- how much 4G -- how much increase in content for 4G that will lead to for 5G handsets?

我只是想知道您是否可以更深入地研究一下這個問題，也許可以討論一下 4G 內容會增加多少內容，從而為 5G 手機帶來多少內容？

Sure.

當然。

Krysten, this is Eric.

克里斯滕，這是艾瑞克。

I'll be happy to speak to that.

我很樂意談論這一點。

We talked about this a bit at our Analyst Day as well, and we've learned a lot since then.

我們在分析師日也討論了這一點，從那時起我們學到了很多東西。

Of course, we do see some brand-new bands coming into the handset.

當然，我們確實看到一些全新的頻段出現在手機中。

A lot of activity right now around 3.5 gigahertz bands and 4.9 gigahertz bands, which will be dedicated 5G bands.

目前圍繞 3.5 GHz 頻段和 4.9 GHz 頻段有許多活動，這些頻段將成為專用的 5G 頻段。

So that's all new content.

這就是所有新內容。

But when you put those in and you also look at taking the 4G in the phone, fully up to LTE Advanced/Pro, and that's going to be important for any 5G handset because when it isn't in range with a 5G base station, you're still going to want [to have] some sort of competitive throughput.

但當你把這些放進去時，你也會考慮在手機中使用 4G，完全達到 LTE Advanced/Pro，這對於任何 5G 手機都很重要，因為當它不在 5G 基地台的範圍內時，您仍然希望[擁有]某種有競爭力的吞吐量。

And so you'll see virtually all 5G phones have LTE Advanced/Pro as a baseline.

因此，您會看到幾乎所有 5G 手機都以 LTE Advanced/Pro 作為基準。

So there, you've got full 4x4 MIMO, 256 QAM, high-power amplifiers and so forth.

因此，您擁有完整的 4x4 MIMO、256 QAM、高功率放大器等。

So we see 5G handsets having significantly more 4G content, and that's why, in total, in CY '20, we think the effect of 5G on the RF TAM for us is about $1 billion.

因此，我們看到 5G 手機具有更多的 4G 內容，這就是為什麼我們認為 20 世紀 5G 對 RF TAM 的影響總計約為 10 億美元。

Our next question comes from Srini Pajjuri with Macquarie.

我們的下一個問題來自麥格理的 Srini Pajjuri。

Eric, just to follow up on the previous questions.

艾瑞克，我只是想跟進之前的問題。

Some of the U.S. carriers are talking about rolling out 5G on lower frequency bands.

一些美國業者正在討論在較低頻段推出 5G。

I guess, T-Mobile is talking about 600 megahertz, and Sprint, 2.5 gig.

我猜，T-Mobile 談論的是 600 兆赫，而 Sprint 談論的是 2.5 兆赫。

I'm just curious, in that case, do you still expect incremental content, whether it's 5G or 4G, given that these are lower frequency band?

我只是好奇，在這種情況下，考慮到這些頻段較低，您是否仍然期望增量內容，無論是 5G 還是 4G？

Yes, it's a very good question.

是的，這是一個非常好的問題。

Yes, we do, although the effect is not as great, of course, in those bands as when you add completely new bands.

是的，我們確實這樣做了，當然，在這些樂團中效果不如添加全新樂團時那麼好。

But when you run the 5G modulation through that, it does affect what power amplifying, switching, filtering and anything around those bands.

但當你通過它運行 5G 調變時，它確實會影響功率放大、開關、濾波以及這些頻段周圍的任何功能。

And of course, it gets harder.

當然，這會變得更加困難。

It never gets easier when you're pushing more data through a phone in any band.

當您透過任何頻段的手機推送更多數據時，一切都變得更加容易。

So we do see some impact from that -- from those bands as well.

所以我們確實看到了一些影響——也來自那些樂團。

Great.

偉大的。

And then, for my follow-up, Mark, I know you don't want to talk about customer-specific demand, but if I look at your March quarter, implied guidance for fiscal '19, you seem maybe implying about down 10%, which is much better than the last 2 years.

然後，對於我的後續行動，馬克，我知道您不想談論客戶特定的需求，但如果我看一下您 3 月份季度的 19 財年隱含指導，您似乎可能暗示下降 10% ，比過去兩年好得多。

I'm just curious as to what's driving that better-than-seasonal guidance for the March quarter?

我只是好奇是什麼推動了三月份季度的指導優於季節性指導？

Yes, I'll let Eric answer that since it's a mobile-specific driver.

是的，我會讓 Eric 回答這個問題，因為它是特定於行動裝置的驅動程式。

Yes.

是的。

I think we talked about opportunities with Samsung in particular where we have much greater content.

我認為我們討論了與三星的機會，特別是我們擁有更多內容的機會。

We've talked for some time now about new opportunities with Samsung's phones, both this fall, with ultrahigh band, as we've now discussed, and then a big step up in the spring launch with a much higher integrated platform there.

我們已經討論了三星手機的新機會一段時間了，今年秋天，三星手機都具有超高頻段，正如我們現在所討論的，然後在春季推出時又邁出了一大步，推出了更高集成度的平台。

So that's going to be a bit of a tailwind for us in March.

因此，這對我們三月來說將是一個順風車。

Our next question comes from Karl Ackerman with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Karl Ackerman。

If I may, I'd just like to go back to the last question.

如果可以的話，我想回到最後一個問題。

I was curious whether your content uplift in March is exclusively focused on midrange models or tied more to flagships because I think your prior guide was dependent on ramping on a particular model at that key customer in the March quarter.

我很好奇你們三月份的內容提升是否只專注於中端機型，還是更多地與旗艦機型聯繫在一起，因為我認為你們之前的指南取決於三月份季度針對該關鍵客戶的特定機型的增加。

And I had a follow-up, please.

我有一個後續行動，請。

So I forgot exactly the way you phrased it, but if you're asking about the less-than-seasonal decline or the offset to seasonality maybe, it's a mix.

所以我完全忘記了你的措辭方式，但如果你問的是低於季節性的下降或季節性的抵消，那麼這是一個混合體。

One, the -- probably the biggest driver is flagship content, and then -- but also a continued just migration towards more Phase 6 phones with our China customers, too.

首先，最大的驅動因素可能是旗艦內容，然後，我們的中國客戶也將繼續遷移到第六階段手機。

Understood.

明白了。

I guess, despite all the near term consternation on automotive, it would seem your IDP business tied to automotive continue to scale very well with 2 notable design wins in the quarter.

我想，儘管汽車行業近期出現了令人震驚的情況，但您與汽車相關的 IDP 業務似乎繼續保持良好的規模，並在本季度獲得了 2 項值得注意的設計勝利。

It would seem this business should do -- or should continue to grow above the segment average.

看來這項業務應該要做到——或者應該繼續成長到高於細分市場平均。

So I was hoping you could just talk about the content opportunity you see within your automotive business over the next 12 months?

所以我希望您能談談您在未來 12 個月內在汽車業務中看到的內容機會？

And really just kind of how large you see that revenue opportunity for you over the next 12 months as well?

您認為未來 12 個月的收入機會有多大？

This is James.

這是詹姆斯。

So we are seeing significant traction with our focus on AEC-qualified parts, particularly WiFi, satellite radio and the VDX systems that Bob talked about in his remarks.

因此，我們看到我們對 AEC 合格零件的關注具有顯著的吸引力，特別是 WiFi、衛星廣播和鮑伯在演講中談到的 VDX 系統。

We are -- our Cat 4 and Cat 6 products are shipping into car models early next year, so I think that's when we'll start to see the first really material revenue.

我們的 Cat 4 和 Cat 6 產品將於明年初投入車型中，所以我認為那時我們將開始看到第一筆真正的實質收入。

And then Cat 16 products will support 2022 models.

屆時Cat 16產品將支援2022款車型。

So we're still in a pretty long design cycle for the automotive business.

因此，我們的汽車業務仍處於相當長的設計週期。

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。

Yes, a question on 5G infrastructure, just given that's probably one of the stronger parts of the market right now.

是的，這是一個關於 5G 基礎設施的問題，因為這可能是目前市場上最強勁的部分之一。

Can you talk about kind of your visibility into that market and how you kind of shape -- see it shaping up as you go through 2019?

您能談談您對這個市場的了解程度以及您如何塑造它嗎？您認為它在 2019 年會如何發展？

Any specific to what you're talking about?

你所說的具體內容有嗎？

Market in general?

市場整體狀況？

Or -- I guess I want to clarify.

或者——我想我想澄清一下。

Yes, for 5G infrastructure, the inflection that you're seeing now, just kind of how you're seeing that trajectory into 2019, and the type of visibility you're getting for customers into that as of right now?

是的，對於 5G 基礎設施，您現在看到的變化，您如何看待 2019 年的發展軌跡，以及您目前為客戶提供的可見性類型？

Yes.

是的。

I think we're definitely seeing the ramp beginning now.

我認為我們現在肯定會看到斜坡開始。

We probably have been in the strong ordering pattern certainly for the last several months.

在過去的幾個月裡，我們可能一直處於強勁的訂購模式。

We're anticipating that to be strong for the next several years, very similar to what we saw in the 4G rollouts that we had several years back.

我們預計未來幾年這種勢頭將會強勁，這與我們幾年前推出 4G 時看到的情況非常相似。

So sustainable.

如此可持續。

It looks well-behaved from our perspective as far as number of base stations that are going to get rolled out.

從我們的角度來看，就即將推出的基地台數量而言，它看起來表現良好。

Now what's different for us this time than 4G rollouts early on is a content story.

這次對我們來說與早期推出 4G 不同的是內容故事。

So because of the massive MIMO that I talked about earlier, that drives significant content increase for Qorvo, and because of our GaN capabilities, we're now able to supply the power amplifier slot, which we weren't in the 4G rollouts back a few years ago.

因此，由於我之前談到的大規模 MIMO，這推動了 Qorvo 內容的顯著增加，並且由於我們的 GaN 功能，我們現在能夠提供功率放大器插槽，而這是我們在 4G 推出時所沒有的。幾年前。

So again, I think it's normal ramp what we saw back 3 or 4 years ago, and I think we'll be able to play in a much larger role because of MIMO and GaN.

再說一次，我認為這是我們三、四年前看到的正常成長，而且我認為由於 MIMO 和 GaN，我們將能夠發揮更大的作用。

Got it.

知道了。

And then, just a follow-up question for Eric.

然後，這是埃里克的後續問題。

I appreciate the comments on how you're seeing the China handset market.

感謝您對中國手機市場的看法。

For Qorvo specifically, you mentioned another 10% customer.

特別是對於 Qorvo，您提到了另外 10% 的客戶。

Can you just talk about how you're feeling, just from kind of a market share perspective, and what type of momentum you're seeing in China?

您能否從市場份額的角度談談您的感受，以及您在中國看到的勢頭是什麼？

Yes.

是的。

The second 10% customer has been a great customer for us this year.

第二個 10% 的客戶今年對我們來說是個很棒的客戶。

We've been building business through content gains and getting a higher presence on their platforms, both their flagship platforms as well as their mass tier platforms.

我們一直透過內容收益來建立業務，並在他們的平台上獲得更高的影響力，無論是他們的旗艦平台還是大眾平台。

So that's been a great story for us this year.

所以這對我們今年來說是一個很棒的故事。

And of course, we're overall the leading supplier of RF to all the other big suppliers in China as well.

當然，總體而言，我們也是中國所有其他大型供應商的領先射頻供應商。

So overall, it's been just a great, great year for us in China, and a lot of excitement again about the new technologies we're working on together for next year.

總的來說，對於我們在中國來說，這是非常非常好的一年，我們對明年共同開發的新技術再次感到非常興奮。

At this time, I would like to turn the conference back over to management for closing remarks.

此時，我想將會議轉回管理階層進行閉幕致詞。

We want to thank everyone for joining us on tonight's call.

我們要感謝大家參加今晚的電話會議。

We hope to see you at upcoming investor meetings, and we look forward to speaking with you on our third quarter call.

我們希望在即將召開的投資者會議上見到您，並期待在第三季的電話會議上與您交談。

Thank you again and have a good night.

再次感謝您，祝您有個美好的夜晚。

Ladies and gentlemen, this concludes today's presentation.

女士們、先生們，今天的演講到此結束。

You may now disconnect.

您現在可以斷開連線。