科沃 (QRVO) 2019 Q3 法說會逐字稿

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

大家好，歡迎來到 Qorvo, Inc.

Q3 2019 Conference Call.

2019 年第三季度電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

此時，我想將電話轉給投資者關係副總裁 Douglas DeLieto。

Please go ahead.

請繼續。

Thanks very much, Anne.

非常感謝，安妮。

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

大家好，歡迎參加 Qorvo 的 2019 財年第三季度收益電話會議。

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層目前的預期存在重大差異。

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發布中包含的安全港聲明以及與我們的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運營和財務業績.

In today's release and on today's call, we provide both GAAP and non-GAAP financial results.

在今天的發布和今天的電話會議中，我們提供了 GAAP 和非 GAAP 財務結果。

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.

我們提供此補充信息，以使投資者能夠對經營業績進行額外比較並分析財務業績，而不受某些非現金費用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.

在我們的電話會議期間，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的結果。

For 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.

有關 GAAP 與非 GAAP 財務指標的完全對賬，請參閱我們今天早些時候發布的收益報告，該報告可在我們的網站 qorvo.com 的“投資者”下獲得。

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首席執行官 Bob Bruggeworth；馬克·墨菲，首席財務官； Qorvo 基礎設施和國防產品集團總裁 James Klein； Qorvo 移動產品集團總裁 Eric Creviston；以及 Qorvo 管理團隊的其他成員。

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

有了這個，我會把電話轉給鮑勃。

Thanks, Doug, and welcome, everyone.

謝謝，道格，歡迎大家。

Qorvo delivered a strong December quarter with record EPS of $1.85 and record free cash flow of $261 million.

Qorvo 實現了強勁的 12 月季度，每股收益達到創紀錄的 1.85 美元，自由現金流達到創紀錄的 2.61 億美元。

Total revenue for the quarter was $832 million, above our updated guidance, and gross margin was in line at 49.5%.

本季度總收入為 8.32 億美元，高於我們更新的指引，毛利率為 49.5%。

Our performance last quarter is especially noteworthy given that the smartphone market weakened considerably after we ended the quarter.

鑑於智能手機市場在本季度結束後大幅走弱，我們上個季度的表現尤其值得關注。

Today, the outlook for smartphones is being affected by a range of factors, including trade tensions and other macroeconomic headwinds, longer replacement cycles and what may be a pause in demand ahead of 5G smartphone launches.

如今，智能手機的前景受到一系列因素的影響，包括貿易緊張局勢和其他宏觀經濟逆風、更長的更換週期以及在 5G 智能手機推出之前可能出現的需求暫停。

Despite these factors, we believe our inventory in the channel is healthy, the adoption of BAW-based architectures across all leading OEMs continues and we're excited about our many market drivers.

儘管有這些因素，我們相信我們在渠道中的庫存是健康的，所有領先的 OEM 繼續採用基於 BAW 的架構，我們對我們的許多市場驅動因素感到興奮。

Investments in 5G are accelerating, the rollout of WiFi 6 is coming soon and IoT continues to proliferate.

5G 投資正在加速，WiFi 6 即將推出，物聯網繼續激增。

The robust demand we're enjoying for infrastructure solutions supports the outlook that 5G capabilities are coming sooner than our industry had originally expected.

我們對基礎設施解決方案的強勁需求支持了 5G 功能比我們行業最初預期的更快到來的前景。

In China, carriers have been allocated spectrum for countrywide 5G networks using multiple frequencies.

在中國，運營商已經為使用多個頻率的全國 5G 網絡分配了頻譜。

While in the U.S., carriers are launching 5G services in select markets with plans to go nationwide in 2020, using both sub-6 gigahertz and millimeter wave frequencies.

在美國，運營商正在特定市場推出 5G 服務，併計劃在 2020 年在全國范圍內使用 6 GHz 以下和毫米波頻率。

Early use cases in millimeter wave would include applications like point-to-multipoint broadband.

毫米波的早期用例將包括點對多點寬帶等應用。

In dense areas like cities, airports, sports stadiums where bandwidth is typically constrained, users will be offloaded from LTE networks onto millimeter wave networks for a better experience at a much cheaper cost per bit for carriers.

在城市、機場、體育場館等帶寬通常受限的密集區域，用戶將從 LTE 網絡轉移到毫米波網絡，以便以更低的每比特成本為運營商提供更好的體驗。

More broadly, 5G consumers will benefit from its ultralow latency, which enables new applications like augmented reality and mobile gaming that aren't viable on today's LTE networks.

更廣泛地說，5G 消費者將受益於其超低延遲，這將支持增強現實和移動遊戲等新應用，而這些應用在當今的 LTE 網絡上是不可行的。

Next, 802.11ax, also known as WiFi 6, will deliver speeds up to 4x faster than its predecessor.

接下來，802.11ax（也稱為 WiFi 6）的速度將比其前身快 4 倍。

WiFi 6 will leverage higher performance RF to integrate both 2.4 gigahertz and 5 gigahertz into 1 network, supporting more users simultaneously without interference.

WiFi 6 將利用更高性能的射頻將 2.4 GHz 和 5 GHz 集成到一個網絡中，同時支持更多用戶而不會受到干擾。

Similar to 5G, WiFi 6 will enable new use cases and deliver significantly improved coverage in high-density areas.

與 5G 類似，WiFi 6 將支持新的用例，並顯著提高高密度區域的覆蓋範圍。

Lastly, IoT is helping companies, individuals and things make better decisions more quickly, and RF connectivity will always be central to IoT.

最後，物聯網正在幫助公司、個人和事物更快地做出更好的決策，而射頻連接將始終是物聯網的核心。

We expect IoT applications to evolve to open standards, many with more than [1 radium].

我們預計物聯網應用程序將發展為開放標準，其中許多應用程序超過 [1 鐳]。

Similar to what we have in phones today, we'll have Bluetooth or Bluetooth Low Energy for short range; WiFi, ZigBee or Thread for local area; and cellular connectivity for wide area networks.

與我們今天在手機中使用的類似，我們將擁有藍牙或藍牙低功耗用於短距離； WiFi、ZigBee 或 Thread 用於本地；和用於廣域網的蜂窩連接。

Qorvo is well positioned in each with products ranging from front end to system-level solutions with integrated firmware and multi-protocol support.

Qorvo 在每個領域都處於有利地位，其產品從前端到具有集成固件和多協議支持的系統級解決方案。

Turning to the December quarter.

轉到 12 月季度。

In addition to our strong financial performance which Mark will discuss in more detail, we're hitting our stride operationally.

除了馬克將更詳細討論的強勁財務業績外，我們在運營方面也取得了長足的進步。

We leveraged our culture of lean and clean ramp initiatives to support multiple high volume ramps while continuing to receive industry-leading marks for our customers on quality.

我們利用我們的精益和清潔坡道計劃文化來支持多個大批量坡道，同時繼續為我們的客戶獲得行業領先的質量分數。

In IDP, we posted strong growth in 5G infrastructure supported by massive MIMO deployments.

在 IDP 中，我們發布了由大規模 MIMO 部署支持的 5G 基礎設施的強勁增長。

In mobile, we extended the commercial adoption of our BAW-based solutions to include additional marquee smartphone customers.

在移動領域，我們擴大了基於 BAW 的解決方案的商業應用範圍，以包括更多的智能手機客戶。

Design activity was robust, supporting diverse markets, products and customers.

設計活動強勁，支持多樣化的市場、產品和客戶。

In infrastructure, we enjoyed significant demand for massive MIMO solutions from multiple OEMs.

在基礎設施方面，我們享受到來自多家 OEM 的大規模 MIMO 解決方案的巨大需求。

Qorvo offers base station OEMs a unique combination of GaN technology and decades of experience in phased arrays for defense, which is translating into significant massive MIMO business.

Qorvo 為基站 OEM 提供了 GaN 技術和數十年國防相控陣經驗的獨特組合，這正在轉化為重要的大規模 MIMO 業務。

The economics for this business are compelling as a typical MIMO implementation has 4x more channels, 8 to 12x more RF content than a typical macro base station.

與典型的宏基站相比，典型的 MIMO 實施具有多 4 倍的信道和多 8 到 12 倍的射頻內容，因此該業務的經濟性非常引人注目。

There's approximately $1,200 of RF content in each of these base stations.

每個基站中大約有 1,200 美元的 RF 內容。

In mobile, Qorvo continue to expand the customer reach of our BAW-based products across leading OEMs.

在移動領域，Qorvo 繼續擴大我們基於 BAW 的產品在領先 OEM 中的客戶範圍。

We've been selected by a leading Korea-based smartphone manufacturer to support an upcoming marquee smartphone with a highly integrated mid-/high-band solution that features Qorvo's BAW-based multiplexer technology.

我們已被一家領先的韓國智能手機製造商選中，以支持即將推出的具有高度集成的中/高頻段解決方案的大型智能手機，該解決方案採用 Qorvo 基於 BAW 的多路復用器技術。

We're also supplying the mid-/high-band PAD to Huawei for the Mate 20, and we anticipate increasing our content with this customer in their upcoming marquee smartphone launch.

我們還為華為 Mate 20 提供中/高頻段 PAD，我們預計在該客戶即將推出的大型智能手機中增加我們與該客戶的內容。

Our BAW-based wins are complemented by other high-value Qorvo components, including our industry-leading envelope trackers and antenna control solutions.

我們基於 BAW 的勝利與其他高價值 Qorvo 組件相輔相成，包括我們行業領先的包絡跟踪器和天線控制解決方案。

On the design front, we're supporting robust 5G design activity at many mobile customers primarily for ultrahigh-band sub-6 gigahertz applications.

在設計方面，我們支持許多移動客戶的強大 5G 設計活動，主要用於超高頻段 sub-6 GHz 應用。

We expect 5G smartphones to launch this year with rapid growth expected in calendar 2020.

我們預計 5G 智能手機將在今年推出，預計在 2020 年實現快速增長。

We're also continuing to see interest in our millimeter wave solutions for handsets, and we expect phones to be available as early as 2020.

我們也繼續看到人們對我們用於手機的毫米波解決方案的興趣，我們預計手機最早將於 2020 年上市。

Whether the devices are fixed, nomadic or mobile, our deep experience in millimeter wave in the defense and infrastructure markets positions Qorvo to play a key role in delivering these solutions into commercial markets.

無論設備是固定設備、游牧設備還是移動設備，我們在國防和基礎設施市場毫米波方面的豐富經驗使 Qorvo 能夠在將這些解決方案帶入商業市場方面發揮關鍵作用。

In IoT, we've expanded into new markets, including electronic shelf labeling.

在物聯網中，我們已經擴展到新市場，包括電子貨架標籤。

This next-generation retail IoT solution replaces conventional price tags with LCD or e-ink displays to enable dynamic pricing and inventory control.

這種下一代零售物聯網解決方案用 LCD 或電子墨水顯示屏取代了傳統的價格標籤，以實現動態定價和庫存控制。

A typical grocery store will have tens of thousands of these placements.

一家典型的雜貨店會有數万個這樣的展示位置。

This is just one example of how IoT is transforming industries.

這只是物聯網如何改變行業的一個例子。

Also, during the quarter, NETGEAR selected us to supply both the 2.4 gigahertz and 5 gigahertz WiFi FEMs for their popular Orbi Voice distributed WiFi systems.

此外，在本季度，NETGEAR 選擇我們為其流行的 Orbi Voice 分佈式 WiFi 系統提供 2.4 GHz 和 5 GHz WiFi FEM。

We're expanding our footprint in the connected home while helping to deliver broader coverage and higher data rates to consumers.

我們正在擴大我們在互聯家庭中的足跡，同時幫助為消費者提供更廣泛的覆蓋範圍和更高的數據速率。

Over time, we see WiFi nodes proliferating in smart home, from 10 today to more than 100 and we envision multi-protocol pods in every room incorporating multiple low-power radios.

隨著時間的推移，我們看到智能家居中的 WiFi 節點激增，從今天的 10 個增加到 100 多個，我們設想每個房間都配備多協議吊艙，並包含多個低功率無線電。

In automotive, we're broadly engaged with OEMs and Tier 1 suppliers, and we've expanded our product offering to address multiple protocols, including satellite, WiFi, LTE, 5G and V2X.

在汽車領域，我們與 OEM 和一級供應商進行了廣泛的合作，並且我們擴展了我們的產品供應以應對多種協議，包括衛星、WiFi、LTE、5G 和 V2X。

As increasingly complex coexistence requirements evolve in automotive applications, we see new opportunities for our BAW filters.

隨著汽車應用中日益複雜的共存要求不斷發展，我們看到了 BAW 濾波器的新機遇。

In cellular IoT, we've commenced commercial shipments of LTE CAT-M and narrowband IoT modules in collaboration with Nordic Semiconductor.

在蜂窩物聯網方面，我們與 Nordic Semiconductor 合作，開始了 LTE CAT-M 和窄帶物聯網模塊的商業出貨。

These highly integrated systems are set to advance the growth of cellular IoT in expanding markets like asset management, industrial automation and smart cities.

這些高度集成的系統將推動蜂窩物聯網在資產管理、工業自動化和智能城市等不斷擴大的市場中的發展。

In defense, Qorvo secured a 4-year contract with the U.S. Air Force to develop new modeling and a simulation tool to accelerate advanced GaN designs for mission-critical applications.

在國防領域，Qorvo 與美國空軍簽訂了一份為期 4 年的合同，以開發新的建模和仿真工具，以加速用於關鍵任務應用的先進 GaN 設計。

Qorvo's GaN technology delivers high output power and efficiency including at millimeter wave frequencies, making it the technology of choice for radar, electronic warfare and communication systems for defense applications.

Qorvo 的 GaN 技術可提供包括毫米波頻率在內的高輸出功率和效率，使其成為國防應用中雷達、電子戰和通信系統的首選技術。

We also secured a multiyear production contract supporting a large defense aerospace program, and we're shipping production volumes of high-frequency BAW filters.

我們還獲得了一項支持大型國防航空航天項目的多年生產合同，並且我們正在運送高頻 BAW 濾波器的產量。

Despite the near-term headwinds in mobile, I'm pleased with our operational performance and excited about our position in the markets we serve, including 5G, WiFi, IoT and defense.

儘管移動領域近期面臨不利因素，但我對我們的運營表現感到滿意，並對我們在我們服務的市場中的地位感到興奮，包括 5G、WiFi、物聯網和國防。

We believe our best-in-class technologies and operational excellence position us exceptionally well to deliver long-term growth and profitability.

我們相信，我們一流的技術和卓越的運營使我們能夠非常好地實現長期增長和盈利。

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

有了這個，我把電話交給了馬克。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

Qorvo's revenue for the third quarter was $832 million, $12 million above the midpoint of our November guidance.

Qorvo 第三季度的收入為 8.32 億美元，比我們 11 月指引的中點高出 1200 萬美元。

Mobile Products revenue was $602 million, down 6% year-over-year due to weaker flagship phone volumes and a softer China domestic market.

由於旗艦手機銷量疲軟和中國國內市場疲軟，移動產品收入為 6.02 億美元，同比下降 6%。

Infrastructure and Defense Products revenue was a record $230 million, the 11th consecutive quarter of double-digit year-over-year growth.

基礎設施和國防產品收入達到創紀錄的 2.3 億美元，連續第 11 個季度實現兩位數的同比增長。

IDP is experiencing especially strong growth in infrastructure as carriers pick up the pace of their 5G investments.

隨著運營商加快 5G 投資步伐，IDP 在基礎設施方面的增長尤為強勁。

Non-GAAP gross margin in the December quarter was 49.5%, consistent with our November guidance.

12 月季度的非美國通用會計準則毛利率為 49.5%，與我們 11 月的指引一致。

We've seen strong margin expansion so far this year, fiscal year, driven by mix improvements and factory productivity, although lower mobile volumes will cause us to fall short of our original target for the second half of fiscal '19.

今年到目前為止，在組合改進和工廠生產力的推動下，我們已經看到了強勁的利潤率增長，儘管較低的移動量將導致我們未能達到 19 財年下半年的最初目標。

Operating expenses decreased to a fiscal year low $151 million in the December quarter on tighter spend control and lower employee-related costs including incentive compensation.

由於更嚴格的支出控制和包括激勵薪酬在內的員工相關成本降低，運營費用在 12 月季度降至 1.51 億美元的財政年度低點。

Non-GAAP net income in the December quarter was $234 million, and non-GAAP diluted earnings per share was $1.85 or $0.15 above the midpoint of our guidance.

12 月季度的非 GAAP 淨收入為 2.34 億美元，非 GAAP 攤薄後每股收益為 1.85 美元或高於我們指導的中點 0.15 美元。

Operationally, we're performing as well as we ever have, and these results demonstrate that our focus on portfolio management and operating discipline are yielding stronger earnings and free cash flow.

在運營方面，我們的表現與以往一樣好，這些結果表明，我們對投資組合管理和運營紀律的關注正在產生更強勁的收益和自由現金流。

December quarter free cash flow from operations was $333 million and CapEx was $72 million, yielding record free cash flow of $261 million.

12 月季度的運營自由現金流為 3.33 億美元，資本支出為 7200 萬美元，產生了創紀錄的 2.61 億美元的自由現金流。

We repurchased $152 million of stock in the third quarter and ended the quarter with $650 million of cash.

我們在第三季度回購了 1.52 億美元的股票，並以 6.5 億美元的現金結束了本季度。

During the quarter, we initiated actions to improve our manufacturing cost structure in light of multiple factors affecting our near-term outlook for Mobile Products volumes.

在本季度，鑑於影響我們近期移動產品銷量前景的多種因素，我們採取了改善製造成本結構的行動。

First, due to market and fab-specific factors, we commenced a phased closure of our Apopka, Florida SAW fab and a transfer of production to our Greensboro, North Carolina fab.

首先，由於市場和晶圓廠的特定因素，我們開始分階段關閉位於佛羅里達州 Apopka 的 SAW 晶圓廠，並將生產轉移到位於北卡羅來納州格林斯伯勒的晶圓廠。

We expect these steps to be completed by calendar year-end.

我們預計這些步驟將在日曆年年底前完成。

We will continue to incur ongoing period costs at our Florida operation between $6 million to $8 million per quarter, which will be recognized in our non-GAAP cost of goods as we complete end-of-life product builds and other final production activities.

我們將繼續在佛羅里達州的運營中產生每季度 600 萬至 800 萬美元的持續期間成本，這將在我們完成報廢產品構建和其他最終生產活動時計入我們的非公認會計準則商品成本。

By closing our Florida fab, we expect to gain production efficiencies for both SAW and GaAs devices from increased loadings at our North Carolina fab.

通過關閉我們的佛羅里達工廠，我們希望通過增加北卡羅來納工廠的負載來提高 SAW 和 GaAs 器件的生產效率。

As we stated before, our proven SAW technology is an important capability for Qorvo going forward, especially for some of our most complex solutions utilizing both SAW and BAW filters.

正如我們之前所說，我們經過驗證的 SAW 技術是 Qorvo 未來發展的一項重要能力，尤其是對於我們使用 SAW 和 BAW 濾波器的一些最複雜的解決方案。

Our Florida engineering teams engaged in advanced filter design and product and process technology development will not be directly affected by the fab closure.

我們從事先進過濾器設計以及產品和工藝技術開發的佛羅里達工程團隊不會直接受到工廠關閉的影響。

In fact, we are increasing investments in support of development activities by our engineering teams in Florida.

事實上，我們正在增加投資以支持我們在佛羅里達州的工程團隊的開發活動。

Second, we have decided to idle our Farmers Branch, Texas facility rather than move it from startup to production.

其次，我們決定閑置德克薩斯州農民分公司的工廠，而不是將其從啟動階段轉移到生產階段。

We will consolidate BAW resources and production in the near term at our Richardson, Texas facility while preserving the flexibility to scale production in Farmers Branch to meet expected future growth.

我們將在短期內整合德克薩斯州理查森工廠的 BAW 資源和生產，同時保留 Farmers Branch 擴大生產規模的靈活性，以滿足預期的未來增長。

Ongoing period cost from the idled Farmers Branch fab will be approximately $5 million in the March quarter then drop to approximately $3 million per quarter until the fab starts production.

閒置的 Farmers Branch 工廠的持續期間成本將在 3 月季度約為 500 萬美元，然後降至每季度約 300 萬美元，直到工廠開始生產。

These expenses will be recognized as part of our non-GAAP results.

這些費用將被確認為我們非公認會計原則結果的一部分。

We currently expect the Farmers Branch fab will start production in early calendar '20.

我們目前預計 Farmers Branch 工廠將在 20 年初開始生產。

Given the proximity of the Farmers Branch fab to our Richardson fab and the favorable startup yields we achieved in Farmers Branch, we believe Farmers Branch will play a critical future role by allowing us to scale our BAW production efficiently in response to demand.

鑑於 Farmers Branch 晶圓廠靠近我們的 Richardson 晶圓廠，以及我們在 Farmers Branch 取得的良好啟動產量，我們相信 Farmers Branch 將在未來發揮關鍵作用，讓我們能夠有效地擴大 BAW 生產以響應需求。

As a result of actions initiated in the third quarter, we recorded and excluded from our non-GAAP results $18 million related to Florida fab asset impairment charges and accelerated depreciation from changes in the estimated useful lives of certain assets.

由於第三季度採取的行動，我們記錄並從我們的非公認會計原則結果中排除了 1800 萬美元與佛羅里達工廠資產減值費用和某些資產估計使用壽命變化導致的加速折舊有關。

Over the next 4 quarters, we expect to record approximately $100 million of additional charges related to accelerated depreciation of Florida production assets as well as employee termination and other exit costs related to Florida, Texas and other locations impacted by our restructuring actions.

在接下來的 4 個季度中，我們預計將記錄大約 1 億美元的額外費用，這些費用與佛羅里達州生產資產的加速折舊以及與佛羅里達州、德克薩斯州和其他受我們重組行動影響的地點相關的員工解僱和其他退出成本有關。

These restructuring costs will be excluded from our non-GAAP results, and I refer you to our 10-Q filed today for additional details.

這些重組成本將不包括在我們的非公認會計原則結果中，我建議您參閱我們今天提交的 10-Q 以了解更多詳細信息。

Steps to rightsize our manufacturing footprint, along with targeted reductions in operating expenses and redirecting certain R&D resources are together designed to allow us to pursue growth opportunities for IDP, sharpen our focus in Mobile Products on the highest value, most complex opportunities and achieve earnings and free cash flow growth in fiscal '20.

調整我們的製造足蹟的步驟，以及有針對性地降低運營費用和重新分配某些研發資源，旨在讓我們能夠為 IDP 尋求增長機會，將我們對移動產品的關注重點放在最高價值、最複雜的機會上，並實現盈利和'20 財年的自由現金流增長。

Turning to this quarter's outlook.

轉向本季度的展望。

In the fourth quarter of fiscal 2019, we expect non-GAAP revenue between $660 million and $680 million, gross margin of approximately 47% and diluted EPS of $1.05 at the midpoint of our guidance.

在 2019 財年第四季度，我們預計非美國通用會計準則收入在 6.6 億美元至 6.8 億美元之間，毛利率約為 47%，攤薄後每股收益為 1.05 美元。

We expect Mobile Products revenues in the March quarter will be down approximately 25% sequentially with worse-than-normal seasonal declines being partially offset by content gains with the leading Korea-based smartphone manufacturer.

我們預計 3 月季度的移動產品收入將環比下降約 25%，低於正常水平的季節性下降部分被韓國領先智能手機製造商的內容收益所抵消。

For China, while volumes are muted, we believe our inventory in the channel is healthy.

對於中國來說，雖然銷量低迷，但我們相信我們在渠道中的庫存是健康的。

We project IDP to be roughly flat sequentially on continued strength in 5G infrastructure market demand.

由於 5G 基礎設施市場需求的持續強勁，我們預計 IDP 將大致持平。

Our March quarter gross margin guide reflects lower revenue, the effects of lower utilization including the impact of Farmers Branch and Florida period costs and less favorable product mix, partially offset by improved segment mix.

我們的 3 月季度毛利率指南反映了收入下降、利用率下降的影響，包括 Farmers Branch 和佛羅里達州期間成本的影響以及不太有利的產品組合，部分被改善的細分市場組合所抵消。

Operating expenses are forecast to increase in the March quarter to approximately $160 million due to seasonal payroll effects and increased investment to support IDP growth.

由於季節性工資影響和支持 IDP 增長的投資增加，預計 3 月季度的運營費用將增加至約 1.6 億美元。

We expect our March quarter non-GAAP tax rate to be approximately 8.6%.

我們預計我們 3 月季度的非 GAAP 稅率約為 8.6%。

We expect operating cash flow to remain strong in the fourth quarter helped by working capital management.

我們預計，在營運資金管理的幫助下，第四季度的經營現金流將保持強勁。

CapEx is expected to decrease in the March quarter as we focus expenditures on IDP growth opportunities and priority mobile development programs.

由於我們將支出重點放在 IDP 增長機會和優先移動開發計劃上，預計 3 月季度的資本支出將減少。

CapEx is currently projected to end the fiscal year at approximately $240 million, and we expect free cash flow to exceed $600 million in fiscal '19.

目前預計資本支出將在本財年結束時約為 2.4 億美元，我們預計 19 財年的自由現金流將超過 6 億美元。

Despite substantial headwinds from a weaker-than-expected mobile market and ongoing macroeconomic instability, Qorvo delivered its best-ever -- best quarter ever on earnings and free cash flow, and IDP's outlook remains strong.

儘管弱於預期的移動市場和持續的宏觀經濟不穩定帶來了巨大阻力，但 Qorvo 在收益和自由現金流方面實現了有史以來最好的季度，IDP 的前景依然強勁。

We've taken decisive actions to address these conditions, and we're continuing to invest to support growth in IDP's markets and to advance high-value programs in mobile.

我們已採取果斷行動來解決這些問題，並且我們將繼續投資以支持 IDP 市場的增長並推進移動領域的高價值計劃。

Operationally, we're performing as well as we ever have, and with our technologies, we are uniquely positioned to take advantage of growth drivers in multiple markets, including the acceleration of 5G infrastructure investments, the adoption of BAW-based architectures by all leading OEMs and the proliferation of new applications for the Internet of Things.

在運營方面，我們的表現與以往一樣出色，憑藉我們的技術，我們處於獨特的地位，可以利用多個市場的增長動力，包括加速 5G 基礎設施投資、所有領先企業採用基於 BAW 的架構OEM 和物聯網新應用的激增。

Ultimately, we expect the emergence of 5G will drive smartphone volume and RF content increases.

最終，我們預計 5G 的出現將推動智能手機銷量和射頻內容的增加。

In summary, we achieved record results in the December quarter.

總之，我們在 12 月季度取得了創紀錄的業績。

We believe our position in broader conductivity markets remains compelling for future growth, and we expect another year of record earnings and free cash flow in fiscal '20.

我們相信我們在更廣泛的電導率市場中的地位對於未來的增長仍然具有吸引力，我們預計 20 財年的收益和自由現金流再創紀錄。

With that, I'll turn the call back over to the operator for questions.

有了這個，我會把電話轉回給接線員提問。

(Operator Instructions) We'll take our first question from Chris Caso with Raymond James.

（操作員說明）我們將回答 Chris Caso 和 Raymond James 的第一個問題。

I guess the first question is about some of the manufacturing changes and the impairments that you talked about.

我想第一個問題是關於你談到的一些製造變化和損傷。

I guess first question of that is what's the cash impact of those restructurings as we go through the fiscal year?

我想第一個問題是這些重組對我們整個財年的現金影響是什麼？

And I assume that's included in your free cash flow target.

我認為這包含在您的自由現金流目標中。

And then from there, what sort of margin offsets are you expecting from them?

然後從那裡開始，您期望從他們那裡得到什麼樣的保證金抵消？

Maybe you could walk through kind of the pluses and minuses from a gross margin standpoint of those actions.

也許你可以從這些行動的毛利率的角度來了解一下這些優點和缺點。

Thanks, Chris.

謝謝，克里斯。

I'll let Mark address that.

我會讓馬克解決這個問題。

Yes, so good question, Chris.

是的，很好的問題，克里斯。

The majority of the costs that I laid out on the charges, the GAAP charges, are noncash items, principally, accelerated depreciation associated with the decisions on those assets principally in Florida.

我在費用中列出的大部分成本，即公認會計原則費用，都是非現金項目，主要是與主要在佛羅里達州對這些資產的決策相關的加速折舊。

So the vast majority are noncash.

所以絕大多數都是非現金的。

Now some of the -- there'll be -- some of the charges laid out, which you'll see in the Q, around termination, those will be cash.

現在有些 - 將會有 - 一些費用，您將在 Q 中看到，在終止時，這些將是現金。

But again, the preponderance are noncash and yes, reflected in our free cash flow guide.

但同樣，優勢是非現金的，是的，反映在我們的自由現金流指南中。

On a go-forward basis, I've tried to lay it out pretty clearly between the ongoing period cost in Florida which will continue through December, and you should have experience modeling those because those have been basically headwinds for us over the past year.

在前進的基礎上，我試圖在佛羅里達州持續到 12 月的持續期間成本之間明確列出，你應該有經驗建模，因為這些在過去一年中對我們來說基本上是不利因素。

But those will continue through December, and then we'll have the added cost of Farmers Branch of $5 million this March quarter and then decreasing to $3 million per quarter until that fab is started up.

但這些將持續到 12 月，然後我們將在這個 3 月季度增加 Farmers Branch 的成本 500 萬美元，然後每季度減少到 300 萬美元，直到該工廠啟動。

Right now, we believe it will be early '20.

現在，我們相信這將是 20 年初。

But for the rest of -- for fiscal year '20 modeling, you should assume $3 million per quarter around Farmers Branch.

但對於 20 財年建模的其餘部分，您應該假設 Farmers Branch 周圍每季度 300 萬美元。

And then, of course, the -- of course, for fiscal '20 through December, should assume the $6 million to $8 million for Florida.

然後，當然，從 20 財年到 12 月，佛羅里達州應該承擔 600 萬到 800 萬美元。

Right.

正確的。

Okay.

好的。

And just as a follow-up to that, perhaps you could take us through the thinking that caused you to take these actions.

作為對此的後續行動，也許您可以帶我們了解導致您採取這些行動的想法。

I know you don't take them lightly.

我知道你不會掉以輕心。

How much of it is just the realization that -- how much of it is a reaction to the current market conditions?

有多少只是意識到——有多少是對當前市場狀況的反應？

And how much of it perhaps is kind of looking forward that perhaps the state of the market before 5G actually hit?

有多少可能是在期待 5G 之前的市場狀況實際出現的情況？

Thanks, Chris.

謝謝，克里斯。

Bob.

鮑勃。

Number one, we've been talking for some time now about our SAW capacity, Florida.

第一，我們一直在談論我們在佛羅里達州的 SAW 產能。

We've talked about the charges that Mark had previously went through with you, how much it was costing us a quarter.

我們已經談到了馬克之前與你一起經歷過的指控，它花了我們四分之一的錢。

And given some great work that the team's done in being able to bring up some of that in-house in Greensboro and consolidate some things, I think it really is just a function of a lot of good work being done by the team and being able to consolidate the operation and close the facility.

鑑於團隊在能夠在格林斯伯勒內部提出一些內部工作並鞏固一些東西方面所做的一些出色工作，我認為這確實只是團隊完成了很多出色工作的一個功能，並且能夠鞏固運作並關閉設施。

We'll be end of life-ing a few of those products there that have been lingering on, but it's the right thing to put us in the right manufacturing footprint.

我們將終止其中一些一直存在的產品，但將我們置於正確的製造足跡是正確的事情。

On Farmers Branch, the team's done an excellent job there in bringing up the capacity.

在 Farmers Branch，團隊在提升能力方面做得非常出色。

We're real pleased with the yields.

我們對收益率非常滿意。

I also think given the team and what they're now looking at from a market reality that I went through with the handset volumes and the smartphone and what's going on with our replacement cycles, the overall demand in smartphones, it just makes sense for us given looking at the programs that we've got laid out that we believe we're going to support between now and 2020.

我還認為，考慮到團隊以及他們現在從我所經歷的手機數量和智能手機以及我們的更換週期、智能手機的整體需求發生的市場現實來看，這對我們來說是有意義的考慮到我們已經制定的計劃，我們相信我們將從現在到 2020 年之間提供支持。

As Mark pointed out, it was the right thing to just delay bringing that factory up.

正如馬克指出的那樣，推遲建立工廠是正確的。

It's still well within our plans to bring it up, as Mark outlined.

正如馬克所概述的，這仍然在我們提出的計劃之內。

And we'll go next to Blayne Curtis with Barclays.

我們將與巴克萊一起去 Blayne Curtis 旁邊。

Maybe just from a high level, I mean, obviously, smartphones are weak, but just any color to a pretty sharp drop into March.

也許只是從高水平來看，我的意思是，很明顯，智能手機很弱，但任何顏色到三月份都會急劇下降。

So if you can give us any color?

所以，如果你能給我們任何顏色？

I'm assuming it's mostly China, but if you can walk us through.

我假設它主要是中國，但如果你能帶我們過去的話。

And then in terms of the offset, is there any way to think about is that a shared socket, I mean?

然後就偏移量而言，有什麼方法可以考慮共享套接字，我的意思是？

And just trying to gauge how much of an offset that was for you.

並且只是試圖衡量對您來說有多少偏移量。

Thanks, Blayne.

謝謝，布萊恩。

And at a real high level, we are seeing our largest customer down.

在真正的高水平上，我們看到我們最大的客戶倒下了。

China down again this quarter.

本季度中國再次下跌。

It was down last quarter as we commented.

正如我們評論的那樣，上個季度有所下降。

We're taking a measured look at that.

我們正在對此進行慎重考慮。

So it's playing out kind of as we've expected, but for this quarter, it's going to be down more than we expected.

所以它的表現與我們預期的一樣，但在本季度，它的下降幅度將超過我們的預期。

And that's being offset by we're seeing tremendous growth at Huawei as we've gained back share and have been talking about that for about 3 quarters, along with we're really starting to see the growth come back at Samsung that we've also talked about.

這被我們看到華為的巨大增長所抵消，因為我們已經獲得了份額，並且已經討論了大約 3 個季度，而且我們真的開始看到三星的增長恢復了我們已經也談到了。

So those things are actually offsetting, a pretty steep decline, as you pointed out, in a couple other places.

因此，正如您所指出的，在其他幾個地方，這些事情實際上正在抵消，急劇下降。

And just curious within IDP if you can think about how big 5G is today for you over the last couple quarters.

如果您能想一想在過去幾個季度中，今天 5G 對您來說有多大，我只是對 IDP 感到好奇。

I mean, you've been seeing nice double-digit growth.

我的意思是，你已經看到了不錯的兩位數增長。

Just trying to understand what stage you are in terms of 5G as some of us have seen some pretty big impact early on.

只是想了解您在 5G 方面處於什麼階段，因為我們中的一些人很早就看到了一些相當大的影響。

Just kind of curious how much of a boost it's been for you.

只是有點好奇它對你有多大的推動作用。

James, do you want to take that?

詹姆斯，你想接受嗎？

Yes, great question.

是的，很好的問題。

And before I answer, I'd like to take the opportunity to recognize the IDP team and the functions that support the business.

在我回答之前，我想藉此機會認識 IDP 團隊和支持業務的職能部門。

We had a great quarter: record revenue, record profit.

我們有一個偉大的季度：創紀錄的收入，創紀錄的利潤。

And it wouldn't have happened without the great team and the -- that we've built supporting the business.

如果沒有偉大的團隊和我們建立的支持業務的支持，這一切就不會發生。

So I just want to say thanks to the team.

所以我只想對團隊表示感謝。

We're really excited about 5G and what the opportunities are it's bringing to the business.

我們對 5G 及其為企業帶來的機遇感到非常興奮。

We see product ramps at several of our customers, and the ramps are including these new technologies we've been talking about, massive MIMO antennas and GaN power amplifiers.

我們在一些客戶中看到了產品的增長，這些增長包括我們一直在談論的這些新技術、大規模 MIMO 天線和 GaN 功率放大器。

As Bob stated, the content gains for us are significant and approximately $1,200 RF content in each of the base stations with MIMO.

正如 Bob 所說，對於我們來說，內容收益非常可觀，每個帶有 MIMO 的基站中的射頻內容大約為 1,200 美元。

On GaN, we're also ramping several customers to support these deployments.

在 GaN 上，我們還增加了幾個客戶來支持這些部署。

We have products and volume production that support 2.6, 3.5 and 4.9 gigahertz.

我們有支持 2.6、3.5 和 4.9 GHz 的產品和批量生產。

In total, 5G represents $1 billion opportunity for us.

總的來說，5G 為我們帶來了 10 億美元的機會。

Today, it's a $600 million or $700 million market in 2019 and that will accelerate to about $1 billion opportunity for us in 2020.

今天，這是 2019 年 6 億或 7 億美元的市場，到 2020 年，我們的機會將加速到 10 億美元左右。

And we'll go next to Harsh Kumar with Piper Jaffray.

我們將與 Piper Jaffray 一起前往 Harsh Kumar。

Bob, can I ask you, all puts and takes done between your large customer in China.

鮑勃，我能問你嗎，你在中國的大客戶之間的所有放款和收款。

Is it fair for us to think that there's a chance you could grow in 2Q?

我們認為您有機會在第二季度增長是否公平？

Or is it too early to make that assessment yet?

還是現在做出這樣的評估還為時過早？

2Q meaning calendar 2Q.

2Q 表示日曆 2Q。

Harsh, I appreciate you asking the difficult question so early in the call.

苛刻，我很感激你在電話中這麼早就提出了這個困難的問題。

It is a little difficult for us to call that.

我們很難這麼稱呼它。

I think we are being realistic in what we think is going to happen in the March quarter, and it is a little too soon to call.

我認為我們對我們認為將在 3 月季度發生的事情持現實態度，現在下定論還為時過早。

But I do expect China to start to come back some.

但我確實預計中國會開始恢復一些。

As Mark commented and I did as well, our inventory channels are pretty healthy.

正如馬克和我所評論的那樣，我們的庫存渠道非常健康。

So -- I think as they continue to release some new phones.

所以 - 我認為隨著他們繼續發布一些新手機。

And again, that's ex Huawei, just to be clear.

再說一次，那是前華為，只是為了清楚。

And our largest customer, we'll let them decide what they're going to do.

而我們最大的客戶，我們會讓他們決定他們要做什麼。

That's fair.

這還算公平。

I appreciate any color you guys can give us on that.

我很欣賞你們可以給我們的任何顏色。

And then in the current quarter, in the March quarter, on a percentage basis, if you would have tried and compared and contrast China versus your large customer, if one was a bigger factor relative to your thinking than the other?

然後在當前季度，在 3 月季度，以百分比為基礎，如果您嘗試比較和對比中國與您的大客戶，如果相對於您的想法而言，其中一個因素比另一個因素更重要？

Or did it just kind of -- did they both go down quite a bit?

還是只是有點——他們都下降了很多？

As we look at March, let's just say they're both down significantly because we're having a really nice ramp with 2 other customers.

當我們回顧 3 月份時，我們只能說它們都大幅下降，因為我們與其他 2 位客戶有一個非常好的斜坡。

I think I'll leave it at that.

我想我會把它留在那裡。

We'll go next to Ambrish Srivastava with BMO.

我們將與 BMO 一起前往 Ambrish Srivastava。

I just wanted to -- a little surprised you're talking about fiscal '20 earnings growth and free cash flow.

我只是想 - 有點驚訝你在談論 20 財年的盈利增長和自由現金流。

Is that a typo in the press release?

這是新聞稿中的錯字嗎？

Or what are you referring to in terms of how should we be thinking about free cash flow growth in fiscal '20?

或者您指的是我們應該如何考慮 20 財年的自由現金流增長？

Yes, Ambrish, this is Mark.

是的，Ambrish，這是馬克。

So this year we expect to end free cash flow over $600 million.

因此，今年我們預計將結束超過 6 億美元的自由現金流。

We are very early in our planning cycle.

我們處於規劃週期的早期階段。

So I don't want to provide too much detail, but just to give you kind of a sense of where we are at a high level, and we'll go into a lot more detail in the May earnings call.

因此，我不想提供太多細節，只是為了讓您了解我們的高水平，我們將在 5 月的財報電話會議上詳細介紹。

But right now we see fiscal year '20 as being flattish to up slightly at the consolidated level on the top line.

但現在，我們認為 20 財年在收入的綜合水平上持平至略有上升。

Mobile, flat, flattish year-over-year.

移動，持平，同比持平。

But just really on the mobile side, just too early for us to make a call on greater strength in the handset market.

但真的只是在移動端，我們還為時過早，我們要在手機市場上做大做強。

We do believe 5G is going to drive volume in both handsets and RF content, but there's little impact of that, we think, in fiscal '20 as we see it.

我們確實相信 5G 將推動手機和射頻內容的銷量，但我們認為，在我們看來，在 20 財年這方面影響不大。

That makes -- sorry, go ahead.

這使得 - 對不起，繼續。

Yes, I just -- I was going to say thrilled with what we've seen in IDP and continued growth there as that business nears $1 billion revenue.

是的，我只是——我想說的是，我們對 IDP 所看到的以及隨著該業務接近 10 億美元的收入持續增長而感到興奮。

Cost reduction actions we're taking are going to help next year on gross margins.

我們正在採取的降低成本的行動將有助於明年的毛利率。

Again, too early to call because we're still in our planning cycle.

同樣，打電話還為時過早，因為我們仍處於計劃週期中。

But as we see it, we do see expanding gross margins next year even with the burden of Florida and Farmers Branch, which I laid out earlier.

但正如我們所看到的，我們確實看到明年毛利率會擴大，即使我之前提到的佛羅里達州和 Farmers Branch 的負擔也是如此。

Just trying to give you a sense of profile, and you've seen this from us before.

只是想給你一種形象感，你以前從我們這裡看到過。

From fourth quarter to first quarter, we're going to be down on gross margin.

從第四季度到第一季度，我們的毛利率將下降。

So we should be -- we expect to be below 46% in the first quarter on gross margin, and that's related to loading and mix.

所以我們應該——我們預計第一季度的毛利率將低於 46%，這與裝載和混合有關。

But the rest of the year, we see roughly back to what you saw in the back half of this year.

但是今年剩下的時間，我們大致可以看到你在今年下半年看到的情況。

So we feel great about the business and how we've been able to move gross margin.

因此，我們對業務以及我們如何能夠提高毛利率感到滿意。

And as we make these changes and our portfolio changes take hold, we'll be -- we expect to be targeting over 50% and see over 50% as we go forward.

隨著我們做出這些改變並且我們的投資組合改變開始生效，我們將——我們預計目標是超過 50%，並且隨著我們的前進，我們會看到超過 50%。

OpEx, we expect to be in control, maybe up slightly, and taxes up a bit.

運營支出，我們預計會有所控制，可能會略有上升，稅收也會有所上升。

On free cash flow, we expect -- we've had great progress on free cash flow last 3 years.

在自由現金流方面，我們預計——過去 3 年我們在自由現金流方面取得了很大進展。

We've nearly tripled it.

我們幾乎翻了三倍。

Free cash flow margins have gone from 7% to over 20%.

自由現金流利潤率從 7% 上升到 20% 以上。

But we see a year next year of modest growth in CapEx, if any, and just focused on investing in the right technologies, selecting the right products and markets in which to compete, continuously improving the operations and finally reducing capital intensity.

但我們預計明年資本支出將適度增長（如果有的話），並且只專注於投資正確的技術，選擇合適的產品和市場進行競爭，不斷改善運營並最終降低資本密集度。

And I don't want to be too tough on you.

而且我不想對你太強硬。

You have delivered on that one metric on free cash flow to sales since you've been here.

自從您來到這里以來，您已經實現了銷售自由現金流的這一指標。

Maybe just a quick follow-up on IDP.

也許只是對 IDP 的快速跟進。

A little bit -- we're hearing of so much weakness across segments.

一點點 - 我們聽說各個細分市場存在如此多的弱點。

Why is it that your diversified business is not seeing that?

為什麼您的多元化業務沒有看到這一點？

Give us a sense for the mix between 5G comms, et cetera.

讓我們了解 5G 通信等之間的混合。

And where are you seeing the drag, if any?

如果有的話，你在哪裡看到阻力？

Let me talk about strength first, and we'll talk about a couple of the challenges in the business.

讓我先談談實力，然後我們將談談業務中的幾個挑戰。

Certainly seeing strength in the base station business, and I talked about that really driven by 5G.

當然看到了基站業務的實力，我談到了真正由 5G 驅動的。

We've also seen strength in our broadband, our cable TV business, and that's been driven by the strength in the DOCSIS 3.1 deployments.

我們還看到了我們的寬帶、有線電視業務的實力，這得益於 DOCSIS 3.1 部署的實力。

So both nice growth drivers for the quarter.

因此，這兩個季度都是不錯的增長動力。

On the headwind side was our WiFi business, and we talked about that last quarter.

不利的一面是我們的 WiFi 業務，我們在上個季度談到了這一點。

Several factors there.

有幾個因素。

One is there've been the delay in the AX or WiFi 6 standard release.

一是 AX 或 WiFi 6 標準版本出現延遲。

Still some unrelated materials shortages and some impact of tariffs as some of our customers relocate their manufacturing outside of China, but we believe that business has found its bottom and is starting to recover back.

由於我們的一些客戶將他們的製造轉移到中國以外，仍然存在一些不相關的材料短缺和關稅的一些影響，但我們認為業務已經觸底並開始恢復。

And then in general, our defense business is just lumpy as it's been for years.

然後總的來說，我們的國防業務就像多年來一樣崎嶇不平。

It's on a -- the underlying foundations are very, very good and growing, but we do end up having up and down quarters in defense based really on large production programs.

它的基礎非常非常好，而且還在不斷增長，但我們最終確實會根據大型生產計劃在國防領域上下波動。

And we'll go next to Bill Peterson with JPMorgan.

我們將與摩根大通一起去比爾彼得森旁邊。

I want to first ask a question in mobile.

我想先用手機問一個問題。

Obviously, we understand that the unit drags, but you talked in the past about some opportunities in areas such as diversity receive, antennaplexing and tuning.

顯然，我們知道該單元會拖累，但您過去曾談到分集接收、天線復用和調諧等領域的一些機會。

I guess we should think probably more 4x4 MIMO.

我想我們應該考慮更多的 4x4 MIMO。

So presumably, that should be a headwind.

所以大概，這應該是一個逆風。

But I guess can you help us understand, are these opportunities, can they really fire in that fiscal '20?

但我想你能幫我們理解一下，這些機會在 20 財年真的能火嗎？

Are they going to be really beyond?

他們真的會超越嗎？

I presume you obviously see more opportunities as 5G gets here in the following year, but how should we think about content gains this year?

我想隨著 5G 的到來，明年你顯然會看到更多的機會，但是我們應該如何看待今年的內容收益呢？

Yes, it's an excellent question.

是的，這是一個很好的問題。

So you're right.

所以你是對的。

We're still very enthusiastic about our investments and where we're placed in the markets, antenna tuning, driven by the complexity of trying to get all the radios into the industrial design of today's handsets.

我們仍然非常熱衷於我們的投資以及我們在市場中所處的位置，天線調諧，這是由試圖將所有無線電納入當今手機的工業設計的複雜性所驅動的。

That's fundamentally going to continue to be a very important market, especially as you add 5G.

從根本上說，這將繼續成為一個非常重要的市場，尤其是當您添加 5G 時。

Envelope tracking power management as well is a great area for us, and we see more and more adoption of our sorts of architectures.

包絡跟踪電源管理對我們來說也是一個很好的領域，我們看到越來越多的採用我們的架構。

And in BAW-based modules, especially highly integrated ones, we'll be in production with the top 6 handset manufacturers this year with integrated mid- and high-band modules.

在基於 BAW 的模塊，尤其是高度集成的模塊中，我們將與今年排名前 6 的手機製造商一起生產集成的中高頻段模塊。

So it's great, especially as 4x4 MIMO, LTE Advanced Pro comes in.

所以它很棒，尤其是當 4x4 MIMO 和 LTE Advanced Pro 出現時。

That's a lot of additional content.

這是很多額外的內容。

The headwind is, of course, units.

當然，逆風是單位。

And as units are soft in the handset market or smartphone market overall, the trend, at least what we saw in the last quarter, is that it's really the high-end flagship models that have been slowing more than the overall market even.

由於手機市場或智能手機市場整體銷量疲軟，至少我們在上個季度看到的趨勢是高端旗艦機型的增速甚至超過了整體市場。

And of course, we're pretty levered to that.

當然，我們對此很感興趣。

So I think that's where there's a little caution during calendar '19.

所以我認為這就是在 '19 日曆期間有一點謹慎的地方。

But to your point, in '20, we see a very clear ramp of 5G handsets.

但就您而言，在 20 年，我們看到 5G 手機的增長非常明顯。

In our Analyst Day, we mentioned, it's about $1 billion worth of additional market in calendar '20 due to 5G, and we're not backing down on that at all.

在我們的分析師日，我們提到，由於 5G，在 20 年日曆中增加了價值約 10 億美元的市場，我們根本不會放棄這一點。

So despite the challenges in the TAM in CY '19, we see a clear path to solid growth in calendar '20.

因此，儘管 CY '19 的 TAM 面臨挑戰，但我們看到了在 '20 日曆中實現穩健增長的清晰道路。

Okay.

好的。

And James, as we look out for this year and 5G is apparently strong, you've kind of talked about some of the puts and takes.

詹姆斯，當我們展望今年並且 5G 顯然很強大時，你已經談到了一些看跌期權。

But assuming AX comes back, you have other IoT, local area, short range, wide area and so forth, automobile coming eventually.

但是假設AX回來，你有其他的物聯網，局域，短距離，廣域等等，汽車最終會來。

How should we think about the growth for the fiscal year -- calendar '19 or fiscal year '20?

我們應該如何看待財政年度的增長——日曆'19或財政年度'20？

If you can help us frame the growth opportunities.

如果您能幫助我們確定增長機會。

You've talked in the past about a market growth of 10% to 15%.

您過去曾談到過 10% 到 15% 的市場增長。

Trying to understand what we should expect for Qorvo's performance in that.

試圖了解我們對 Qorvo 在這方面的表現的期望。

Yes, so really no change, Bill, to what we've talked about, we've just hit our 11th in a row quarter of double-digit growth.

是的，比爾，我們剛才談到的內容並沒有改變，我們剛剛連續第 11 個季度實現兩位數增長。

We're certainly trying to do that again for next quarter.

我們肯定會在下個季度再次嘗試這樣做。

We still believe the underlying markets are going to grow in that 10% to 15% range driven by those underlying market things like the adoption of 5G and phased arrays coming into defense, some massive MIMO coming into base station and then just the general proliferation of IoT.

我們仍然相信基礎市場將在 10% 到 15% 的範圍內增長，這是由基礎市場推動的，例如採用 5G 和相控陣進入國防，一些大規模 MIMO 進入基站，然後只是普遍擴散物聯網。

So I think we'll see that 10% to 15% growth in underlying markets, and I'm still confident that we'll do as well as that, if not better than, those underlying markets.

所以我認為我們將看到基礎市場 10% 到 15% 的增長，我仍然相信我們會做得和那些基礎市場一樣好，甚至更好。

We'll go next to Rajvindra Gill with Needham & Company.

我們將與 Needham & Company 一起前往 Rajvindra Gill。

A question on the IDP, particularly on ADAS and self-driving vehicles.

關於 IDP 的問題，尤其是關於 ADAS 和自動駕駛汽車的問題。

I wanted to get a sense of kind of your competitive differentiation there and how you're thinking about the growth rate for that particular segment.

我想了解您在那裡的競爭差異以及您如何考慮該特定細分市場的增長率。

James, you want to take the question on the automotive, how you're doing there?

詹姆斯，你想問一下關於汽車的問題，你在那裡過得怎麼樣？

Absolutely.

絕對地。

So we're heavily engaged with key OEMs and Tier 1s really across multiple different areas: WiFi, DSRC, cellular V2X, LTE/5G, RF front ends, digital radio or satellite radio and also coexistence filtering.

因此，我們在多個不同領域與主要 OEM 和一級供應商密切合作：WiFi、DSRC、蜂窩 V2X、LTE/5G、RF 前端、數字無線電或衛星無線電以及共存過濾。

Today, that represents about a $700 million SAM as we get into 2021.

今天，隨著我們進入 2021 年，這代表了大約 7 億美元的 SAM。

And we're really trying to support multiple customers and trying to move into all of those spaces.

我們真的在努力支持多個客戶並嘗試進入所有這些領域。

I think it's still relatively early in.

我覺得還是比較早的。

We are definitely shipping into the automotive market, but the big uptick for us will be as we enter into 2021 and 2022 car year models.

我們肯定會進入汽車市場，但隨著我們進入 2021 年和 2022 年的車型年，我們將迎來大幅增長。

And just to follow up on the gross margin.

只是為了跟進毛利率。

So I think it was mentioned that gross margin will kind of drop below 46% in June, and then there's an expectation of it kind of ramping back up to where it was second half of last year.

所以我認為有人提到毛利率將在 6 月份降至 46% 以下，然後預計會回升至去年下半年的水平。

I wonder if you could elaborate further on that.

我想知道您是否可以進一步詳細說明。

Is that basically once this process has been done, you're starting to ramp the loadings at that one particular fab?

基本上，一旦這個過程完成，你就開始在那個特定的晶圓廠增加負載了嗎？

Can you maybe discuss a little bit about the expectation of the ramp in margins in the second half?

你能談談下半場利潤率上升的預期嗎？

Yes, we're experiencing what we've been striving to do with the business all along, and we've been very accurate, by the way, on our ability to forecast.

是的，我們正在經歷我們一直在努力做的業務，順便說一句，我們的預測能力非常準確。

We've hit -- excluding the Florida hurricane miss that we had, we've hit every gross margin forecast since December '16.

我們已經達到了——不包括我們所遇到的佛羅里達颶風，我們已經達到了自 16 年 12 月以來的所有毛利率預測。

So we feel great about our ability to understand what's happening in the market and the profile of the margins.

因此，我們對自己了解市場情況和利潤狀況的能力感到非常滿意。

Initially, in the early part of the year, we have clearly the addition of that Farmers Branch period cost, then we just have mix effects and the lower revenues at the beginning of the year.

最初，在年初，我們清楚地增加了農民分部期間的成本，然後我們只有混合效應和年初的較低收入。

And then through the year, we see positive mix effects, both products.

然後通過這一年，我們看到了兩種產品的積極混合效應。

And in James' businesses, his business continues to outpace the overall business.

在詹姆斯的業務中，他的業務繼續超過整體業務。

And then those period cost effect have a lesser effect until at the back end of the year.

然後這些期間成本效應的影響較小，直到年底。

Those period cost effects are minimal.

這些期間成本影響是最小的。

So we've got a -- we believe, a clear read on continued progression of -- and expansion of gross margin year-over-year, and it's about investing in the right products, continuing to operate well and minimizing our capital footprint.

因此，我們有一個 - 我們相信，對毛利率的持續進展和同比增長的清晰解讀，這是關於投資正確的產品，繼續良好運營並最大限度地減少我們的資本足跡。

We'll go next to Vivek Arya with Bank of America.

我們將與美國銀行一起前往 Vivek Arya。

Bob, on the competitive landscape, one of your competitors has mentioned a few times now about reclaiming the content that they lost last year, and the other competitor is talking about entering the BAW filter market.

Bob，在競爭格局中，你的一個競爭對手現在已經多次提到要收回他們去年丟失的內容，而另一個競爭對手正在談論進入 BAW 濾波器市場。

So I'm just curious, how is your visibility around content and the flagship phones?

所以我很好奇，你在內容和旗艦手機方面的知名度如何？

And then just any insights on the competitive landscape?

然後只是對競爭格局的任何見解？

Eric, do you want to take that?

埃里克，你想接受嗎？

Sure.

當然。

Yes, we're still quite enthusiastic about our opportunities overall in the flagship space.

是的，我們仍然對我們在旗艦領域的整體機會充滿熱情。

As I mentioned, integration in the mid- and high band is really driven by high order multiplexers, which are enabled by high-performance BAW filters.

正如我所提到的，中高頻段的集成實際上是由高性能 BAW 濾波器支持的高階多路復用器驅動的。

We're well positioned.

我們的位置很好。

We're 1 of only 2 heavyweights in the space right now, and we're competing on a level-playing field here.

我們是目前該領域僅有的 2 個重量級人物之一，我們正在這裡的公平競爭環境中競爭。

There's a lot to be done though.

不過還有很多事情要做。

There's a lot of these products to be developed.

有很多這樣的產品有待開發。

We're working hard to get our engineering at scale to be able to fully staff up all the opportunities, frankly.

坦率地說，我們正在努力使我們的工程規模化，以便能夠充分利用所有機會。

Regarding new entrants in the market, of course, given how attractive this segment is, the growth potential in margin within that space, there's going to be people that are going to continually try to enter it.

關於市場的新進入者，當然，鑑於該細分市場的吸引力以及該領域內利潤率的增長潛力，將會有人不斷嘗試進入該領域。

We'll just remind you of how many years it takes to get from a working technology to a filter product to a duplexer then a high-order multiplexer and all the other integration needed to enter the highly integrated mid- and high-band space.

我們將提醒您從工作技術到濾波器產品再到雙工器再到高階多路復用器以及進入高度集成的中頻和高頻空間所需的所有其他集成需要多少年。

But there are a lot of other opportunities involved as well: discrete filters and so forth and WiFi, and you really find that all over the phone going forward.

但是還涉及很多其他機會：離散過濾器等和 WiFi，你真的會在未來的電話中發現這些。

So it's a great space.

所以這是一個很棒的空間。

We're trying to get our engineering capability at scale to be able to fully staff all the opportunities.

我們正在努力使我們的工程能力規模化，以便能夠充分利用所有機會。

Got it.

知道了。

And for my follow-up, IDP has been a really strong success story for you.

在我的後續行動中，IDP 對你來說是一個非常成功的故事。

Do you see opportunities to maybe think of M&A, et cetera, to expand that opportunity set as we get into more of the infrastructure build before you start to see the benefits of 5G on the handset side?

在您開始看到 5G 在手機方面的好處之前，隨著我們進入更多的基礎設施建設，您是否看到了可能考慮併購等的機會來擴大這一機會？

Yes, thank you, Vivek, and appreciate your kind words about the work that the IDP team is doing to deliver solid results.

是的，謝謝你，Vivek，並感謝你對 IDP 團隊為取得可靠成果所做的工作的客氣話。

And we've talked, I think, in many of the past calls that from an M&A outlook, we do consider and have bought companies to support under James' business in IDP.

我認為，在過去的許多電話中，我們已經談到從併購的前景來看，我們確實考慮併購買了公司來支持詹姆斯在 IDP 的業務。

We will continue to look and do so.

我們將繼續尋找並這樣做。

In the area of mobile, we continue to look at opportunities to bring in technologies as well as other companies.

在移動領域，我們繼續尋找引進技術和其他公司的機會。

So we have a very active funnel.

所以我們有一個非常活躍的漏斗。

But at the end of the day, we want to make sure we bring in opportunities that we believe we're a better owner and we can create and deliver shareholder value and we will continue to do so.

但歸根結底，我們希望確保我們帶來機會，我們相信我們是一個更好的所有者，我們可以創造和交付股東價值，我們將繼續這樣做。

So we did a very good job with a couple of these so far, and we will continue to look.

所以到目前為止，我們在其中幾個方面做得非常好，我們將繼續關注。

We'll go next to Toshiya Hari with Goldman Sachs.

我們將與高盛一起前往 Toshiya Hari。

Great.

偉大的。

I think Qualcomm obviously is a close partner for you guys.

我認為高通顯然是你們的親密夥伴。

At the same time, they've been pretty vocal about their ability to gain RF content into 2020 and beyond.

與此同時，他們一直在直言不諱地表示他們有能力在 2020 年及以後獲得射頻內容。

How do you guys think about that potential risk from a competitive standpoint?

從競爭的角度來看，你們如何看待這種潛在風險？

I will tell you that Qualcomm is a great company.

我會告訴你，高通是一家偉大的公司。

As you pointed out, we do work with them.

正如你所指出的，我們確實與他們合作。

We do have a lot of products that sit beside theirs, whether it's WiFi or cellular.

我們確實有很多產品可以放在他們旁邊，無論是 WiFi 還是蜂窩網絡。

So I'll let Eric, if he would like, to address a little bit more than that.

因此，如果 Eric 願意，我會讓他多說一些。

I mean...

我是說...

Yes, I think you're right.

是的，我認為你是對的。

We do go to market together in a lot of cases, and we'll continue in the future.

在很多情況下，我們確實一起進入市場，並且我們將在未來繼續。

If you look at about 70% of the smartphone market, it's at the top 3 OEMs and they tend to pick and choose the RF component and the baseband separately and do that integration.

如果您查看大約 70% 的智能手機市場，它位於前 3 大 OEM 廠商，他們傾向於分別挑選射頻組件和基帶並進行集成。

We see that continuing.

我們看到這種情況仍在繼續。

So in other parts of the market, I know that they have aspirations.

所以在市場的其他部分，我知道他們有抱負。

But I can tell you, our -- all of our customers are working with us to integrate our solutions under all the baseband suppliers' designs.

但我可以告訴你，我們所有的客戶都在與我們合作，將我們的解決方案集成到所有基帶供應商的設計中。

Great.

偉大的。

And then just as a follow-up, I had a question on gross margins as well.

然後，作為後續行動，我也有一個關於毛利率的問題。

So Mark, I think for the March quarter you're guiding revenue essentially flat year-over-year.

所以馬克，我認為你在 3 月季度指導的收入與去年同期基本持平。

I think your gross margin is down about 100 basis points year-over-year.

我認為您的毛利率同比下降約 100 個基點。

I think the mix -- the IDP mix is growing year-over-year, which should be positive for gross margins.

我認為這種組合——IDP 組合正在逐年增長，這對毛利率應該是有利的。

So I guess what's sort of the offset there?

所以我猜那裡的偏移量是什麼？

Is it just utilization rates?

僅僅是利用率嗎？

Or is there something going on in the pricing front?

還是在定價方面發生了什麼？

Yes, it's pretty easy, Toshiya.

是的，這很容易，Toshiya。

Year-over-year, it's the Florida and Farmers Branch period cost effect.

與去年同期相比，這是佛羅里達州和農民分公司期間的成本效應。

So in the case of Florida, around $8 million.

所以在佛羅里達州，大約 800 萬美元。

In the case of Farmers Branch, you have $5 million in that March quarter.

對於 Farmers Branch，您在 3 月的那個季度有 500 萬美元。

So $13 million total of headwind year-over-year.

因此，與去年同期相比，逆風總額為 1300 萬美元。

And pricing is pretty stable?

而且定價很穩定？

We're in the electronics space, so pricing goes down on a number of products, and we work to replace those in future generations with more integrated, more advanced, better margin products.

我們在電子領域，因此許多產品的價格下降了，我們努力用更集成、更先進、利潤率更高的產品取代後代。

So stated differently, no change in the normal pricing environment.

所以換一種說法，正常的定價環境沒有變化。

We'll go next to Edward Snyder with Charter Equity Research.

我們將與 Charter Equity Research 一起前往 Edward Snyder。

Eric, leaving your largest customer aside for a minute, you've just announced a big win of super PAD at your Korean customer.

埃里克，先把你最大的客戶放在一邊，你剛剛宣布你的韓國客戶贏得了超級 PAD 的巨大勝利。

You've got more games coming in the super PAD BAW [with your] super PAD at Huawei.

您在華為的 super PAD BAW [with your] super PAD 中會推出更多遊戲。

You supply a lot of BAW into Phase 6, which is being deployed since the fall last year.

您為第 6 階段提供了大量 BAW，該階段自去年秋季開始部署。

There were a couple other products we were talking about for BAW moving into next year, and yet we're taking Farmers Branch out of the mix until calendar '20.

我們正在討論 BAW 進入明年的其他一些產品，但我們將把 Farmers Branch 排除在外，直到 20 年日曆。

So even though your revenue is down, one would expect that the mix of BAW would have improved significantly with all these big wins.

因此，即使您的收入下降，人們仍會期望 BAW 的組合會隨著所有這些重大勝利而顯著改善。

I know unit volumes in China have been weak, et cetera, but I'm still kind of scratching my head about the Farmers Branch move and kind of tepid guidance on second half of the year for BAW.

我知道中國的單位銷量一直很弱，等等，但我仍然對農民分公司的舉動以及 BAW 下半年的不溫不火的指導感到頭疼。

Am I missing something?

我錯過了什麼嗎？

Is the BAW-based DRx off the table now?

基於 BAW 的 DRx 現在是否已被淘汰？

Or what's -- what am I missing?

或者是什麼——我錯過了什麼？

So regarding the BAW-based DRx, we are reevaluating the entry point in the market for that.

因此，對於基於 BAW 的 DRx，我們正在重新評估市場的切入點。

As I mentioned earlier, we're just seeing tremendous need to staff a lot of the programs in the mid and high of the main path.

正如我之前提到的，我們只是看到在主要路徑的中部和高處為大量程序配備人員的巨大需求。

As you can imagine, now that we've entered with all the top 6 OEMs now, there's a demand for many variants and variations and next generations and there are new basebands coming along, which we're being asked to pair to.

您可以想像，現在我們已經與所有前 6 大 OEM 合作，對許多變體和變體以及下一代都有需求，並且出現了新的基帶，我們被要求與之配對。

So there's a lot of work to be done there, and we are sort of doubling down, if you will, to make sure we can fully staff those opportunities.

所以那裡有很多工作要做，如果你願意的話，我們正在加倍努力，以確保我們能夠充分利用這些機會。

To your point though, year-over-year, our BAW-based business is going to grow very nicely.

不過，就您的觀點而言，我們基於 BAW 的業務將逐年增長。

That doesn't change.

那不會改變。

The timing of when exactly we need Farmers Branch is depending upon exact products and the amount of BAW content in any one of them.

我們何時需要 Farmers Branch 的時間取決於確切的產品和其中任何一種產品的 BAW 含量。

Okay.

好的。

And then, James, if I could, you're the largest GaN manufacturer in the military in the world right now.

然後，詹姆斯，如果可以的話，你現在是世界上最大的軍用 GaN 製造商。

You're now moving into the commercial side of the business here.

您現在正在這裡進入業務的商業方面。

You've talked a lot about 5G growth and especially cellular infrastructure.

你已經談了很多關於 5G 的增長，尤其是蜂窩基礎設施。

How much of that is the GaN side of your business?

您的業務中有多少是 GaN 方面的？

Because as an earlier question alluded to, seeing broad-based weakness at everybody from TI to Marvell to just about everybody else, you're not seeing it.

因為正如前面提到的一個問題，看到從 TI 到 Marvell 到幾乎所有其他人的廣泛弱點，你沒有看到它。

But then you're kind of unique in the world in that you've got GaN to drive you, and there's maybe only 1 or 2 other guys even supplying that product.

但是你在世界上是獨一無二的，因為你有 GaN 來驅動你，而且可能只有 1 或 2 個其他人甚至提供該產品。

So I'm just trying to get an idea how much of your strength -- I know military's that way, is coming from GaN in the 5G story.

所以我只是想知道你的力量有多大——我知道軍隊就是這樣，在 5G 故事中來自 GaN。

Well, certainly defense remains very strong position for us in GaN.

好吧，當然，防禦對於我們來說在 GaN 中仍然非常強大。

And you are right, in the base station side of the market, it is starting to significantly ramp as well, and we're ramping products across all those frequencies, as I talked about earlier, and products into multiple OEMs.

你是對的，在市場的基站方面，它也開始顯著提升，正如我之前談到的，我們正在提升所有這些頻率的產品，並將產品提供給多個 OEM。

But also inside of the 5G ramp, we also have a very nice position in things like LNAs and switches and driver amplifiers, so really the whole rest of the RF chain.

但在 5G 斜坡內部，我們在 LNA、開關和驅動放大器等方面也處於非常有利的位置，因此實際上是整個 RF 鏈的其餘部分。

And that's what drives that potential content up to well over $1,000 in massive MIMO antennas.

這就是推動大規模 MIMO 天線的潛在內容高達 1,000 美元以上的原因。

We do expect that the number of massive MIMO channels will actually eclipse macro channels in 2019.

我們確實預計 2019 年大規模 MIMO 通道的數量實際上將超過宏通道。

So it shows you a little bit of the growth right there.

因此，它向您展示了那裡的一些增長。

And I didn't say it earlier, Ed, but I think we do see line of sight to a $1 billion run rate.

我之前沒有說過，Ed，但我認為我們確實看到了 10 億美元的運行速度。

So that's certainly the journey that we're on now.

所以這肯定是我們現在正在進行的旅程。

We'll go next to Timothy Arcuri from UBS.

我們將與瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）一起討論。

I guess, Mark, the first question is China was, I think, 30% of Mobile Products ex Huawei last quarter.

我想，馬克，第一個問題是，我認為中國在上個季度佔華為以外移動產品的 30%。

I'm wondering what that number was for December and maybe what you think it's going to be for March.

我想知道 12 月的數字是多少，也許你認為 3 月的數字會是多少。

Yes, China revenue for the company, ballpark 30%, and then we will be down sequentially in the business in China.

是的，公司在中國的收入大約為 30%，然後我們在中國的業務將依次下降。

Still up year-over-year.

仍然同比增長。

Okay.

好的。

And you're just talking about Mobile Products, right?

你只是在談論移動產品，對吧？

I was talking about the company as a whole.

我說的是整個公司。

Mobile Products, coincidently, also is about 30% of the mobile business.

巧合的是，移動產品也佔移動業務的 30% 左右。

And in the fourth quarter, it will be down both sequentially and year-over-year.

在第四季度，它將環比和同比下降。

Okay.

好的。

Got it.

知道了。

Okay.

好的。

And then did you have a second 10% customer this quarter?

然後你這個季度有第二個 10% 的客戶嗎？

I would think so.

我會這麼認為。

Yes, we did.

是的我們做了。

And then I'll just make a comment that in the March quarter, we actually expect to have 3 10% customers, which we have -- last time we had that was the fourth quarter of '16 or March of '16.

然後我將發表評論，在 3 月季度，我們實際上預計會有 3 個 10% 的客戶，我們已經擁有 - 上次我們擁有的是 16 年第四季度或 16 年 3 月。

We'll go next to Craig Hettenbach with Morgan Stanley.

我們將與摩根士丹利一起去克雷格·海滕巴赫旁邊。

Yes, just a question on the mid-/high-band PAD.

是的，只是關於中/高頻段 PAD 的問題。

And if I think about kind of the traction you had in last year's flagship phone as well as upcoming Samsung phone, can you talk about just your ability to kind of continue and build on that momentum and what type of visibility you have in terms of future phones going forward?

如果我考慮一下你在去年的旗艦手機和即將推出的三星手機中的吸引力，你能談談你繼續並在這種勢頭的基礎上發展的能力，以及你在未來方面的知名度嗎？手機未來？

Sure.

當然。

Yes, we have obviously a lot of design momentum.

是的，我們顯然有很多設計動力。

We feel confident that we have no technology handicap.

我們相信我們沒有技術障礙。

If anything, we've got certain performance parameters that favor our technology.

如果有的話，我們有一些有利於我們技術的性能參數。

The complexity is increasing.

複雜性正在增加。

And as I've mentioned, we're being asked to support multiple basebands across multiple customers.

正如我所提到的，我們被要求支持多個客戶的多個基帶。

So there's a lot of work to do.

所以有很多工作要做。

And in light of the challenging overall environment, of course, we're keeping our overall OpEx in check and managing to, at the same time, bulk up our capability around the highly integrated BAW filter design module.

鑑於整體環境充滿挑戰，當然，我們會控制我們的整體運營支出，同時設法增強我們圍繞高度集成的 BAW 濾波器設計模塊的能力。

So a lot of enthusiasm for it, a lot of customer diversification coming and product diversification coming as well in that category.

因此，人們對它充滿熱情，大量客戶多樣化和產品多樣化也在該類別中出現。

Got it.

知道了。

And then just as a follow-up for Mark.

然後只是作為馬克的後續行動。

With the buyback pace nearly doubling in the quarter or last quarter, can you just talk about kind of remaining authorization and how you're thinking about deployment of cash from here?

隨著本季度或上一季度的回購速度幾乎翻了一番，您能否談談剩餘授權的種類以及您如何考慮從這裡部署現金？

Yes, so Craig, we had a -- outside the ASR, we had record repurchases in the quarter of $152 million.

是的，克雷格，在 ASR 之外，我們在本季度進行了創紀錄的 1.52 億美元回購。

I think the last 3 quarters had been the 3 out of the 4 largest repurchase periods outside the ASR.

我認為過去 3 個季度是 ASR 之外 4 個最大的回購期中的 3 個。

We have just under $700 million left in the authorization, expect to continue to make progress working that down as we see the cash flow -- free cash flow of the business continue to be strong and we see, frankly, the stock price being at a level that we would continue buying back our shares.

我們的授權還剩不到 7 億美元，隨著我們看到現金流，預計將繼續取得進展——業務的自由現金流繼續強勁，坦率地說，我們看到股價處於我們將繼續回購我們的股票的水平。

Of course, yes, we continue to look at M&A, continue to keep tabs in the environment.

當然，是的，我們繼續關注併購，繼續密切關注環境。

And as you know, the rate and pace is a function of many factors.

如您所知，速度和速度是許多因素的函數。

And at this time, I would like to turn the call back over to management for any additional or closing remarks.

在這個時候，我想把電話轉回給管理層，以獲得任何額外的或結束的評論。

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.

我們希望在即將舉行的投資者會議上見到您。

We look forward to speaking with you on our fourth quarter call.

我們期待在第四季度電話會議上與您交談。

Thank you, and have a good night.

謝謝你，祝你晚安。

And again, this does conclude today's conference.

同樣，這確實結束了今天的會議。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。