科沃 (QRVO) 2019 Q4 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.。

Fourth Quarter 2019 Conference Call.

2019 年第四季電話會議。

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. Doug DeLieto, Vice President of Investor Relations.

現在，我想把會議交給投資者關係副總裁Doug DeLieto先生主持。

Sir, please go ahead.

先生，請繼續。

Thanks very much, Chelsey.

非常感謝，切爾西。

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

大家好，歡迎參加 Qorvo 2019 財年第四季財報電話會議。

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

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 in our underlying performance.

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

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

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

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

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱今天早些時候發布的收益報告，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 thanks to everyone for joining us on the call today.

謝謝道格，也謝謝大家今天加入我們的電話會議。

Qorvo delivered a solid March quarter with revenue and EPS above the midpoint of our guidance driven by content gains, operational excellence and a broad market exposure to long-term growth trends, including 5G.

在內容收益、卓越營運以及對包括 5G 在內的長期成長趨勢的廣泛市場影響的推動下，Qorvo 的 3 月份季度業績表現強勁，收入和每股收益高於我們指引的中點。

I'm pleased with our financial performance and how our team and factories are operating.

我對我們的財務表現以及我們的團隊和工廠的運作方式感到滿意。

Yesterday, we closed the acquisition of Active-Semi International, and we welcome the Active-Semi team to Qorvo.

昨天，我們完成了對 Active-Semi International 的收購，歡迎 Active-Semi 團隊加入 Qorvo。

We are eager to leverage our scale, sales channel and customer relationships to accelerate the adoption of their programmable power management solutions.

我們渴望利用我們的規模、銷售管道和客戶關係來加速其可程式電源管理解決方案的採用。

We are also excited to bring their power management technologies to our existing customers.

我們也很高興將他們的電源管理技術帶給我們現有的客戶。

Our efficiency is a critical requirement, and power management solutions intersect multiple growth drivers for Qorvo, including 5G base stations, defense, automotive and IoT.

我們的效率是一項關鍵要求，電源管理解決方案與 Qorvo 的多個成長動力交叉，包括 5G 基地台、國防、汽車和物聯網。

During the quarter, IDP continued to reap the rewards of our broad portfolio of key enabling technologies to drive growth.

本季度，IDP 繼續從我們廣泛的關鍵支援技術組合中獲得回報，以推動成長。

Infrastructure was especially strong led by 5G base station applications.

在5G基地台應用的帶動下，基礎設施尤其強勁。

We increased our support of 5G massive MIMO infrastructure deployments and secured new design wins across all anticipated sub-6 gigahertz 5G frequency bands.

我們加強了對 5G 大規模 MIMO 基礎設施部署的支持，並在所有預期的 6 GHz 以下 5G 頻段上贏得了新的設計勝利。

Qorvo is unique in that we're able to leverage the breadth of our defense and base station capabilities to address the demands of next-generation 5G networks from 6 gigahertz frequencies through millimeter wave.

Qorvo 的獨特之處在於，我們能夠利用廣泛的防禦和基地台功能來滿足從 6 GHz 頻率到毫米波的下一代 5G 網路的需求。

In millimeter wave applications, our experience enabling phased-array radars with leading-edge compound semiconductor technologies is helping us to support the higher frequencies and beam steering requirements of next-generation cellular base stations.

在毫米波應用中，我們在採用尖端化合物半導體技術實現相控陣雷達方面的經驗正在幫助我們支援下一代蜂巢式基地台的更高頻率和波束控制要求。

In connectivity, IDP won the entire RF front-end section for meshed WiFi access points by a leading manufacturer of WiFi home networking systems.

在連接方面，IDP 贏得了領先的 WiFi 家庭網路系統製造商的網狀 WiFi 接入點的整個 RF 前端部分。

We won on the breadth of our technology portfolio and our ability to supply superior BAW filtering and WiFi front ends.

我們憑藉技術組合的廣度以及提供卓越 BAW 濾波和 WiFi 前端的能力而獲勝。

In automotive, we expanded our support of 5G and Cellular Vehicle-to-Everything for multiple automotive OEMs, and we now expect the commercial rollout of our front-end modules to begin in late 2019.

在汽車領域，我們擴大了對多家汽車原始設備製造商 (OEM) 的 5G 和蜂窩車聯網支持，現在預計我們的前端模組將於 2019 年底開始商業化推出。

Finally, in defense applications, we secured a design win to supply GaAs and GaN components to Lockheed Martin for a ground-based radar program for the U.S. Department of Defense.

最後，在國防應用中，我們贏得了設計勝利，為洛克希德馬丁提供 GaAs 和 GaN 組件，用於美國國防部的陸基雷達項目。

This multiyear win based on performance and reliability solidifies our leadership in GaN for defense applications.

這項基於性能和可靠性的多年勝利鞏固了我們在國防應用 GaN 領域的領導地位。

Turning to Mobile Products.

轉向行動產品。

We executed well on a challenging macro environment capitalizing on added content and integration trends at multiple customers.

我們利用多個客戶的新增內容和整合趨勢，在充滿挑戰的宏觀環境中表現出色。

Qorvo's gains are being driven by leadership across product categories, including BAW-based dilutions, envelope trackers and tuners.

Qorvo 的成長得益於跨產品類別的領先地位，包括基於 BAW 的稀釋器、包絡追蹤器和調諧器。

We achieved record revenue for our BAW-based band 1/3 quadplexers and secured first design wins for our BAW-based hexaplexers solutions, enabling our customers to achieve higher orders of carrier aggregation in next-generation 5G handsets.

我們基於BAW 的頻段1/3 四工器實現了創紀錄的收入，並為基於BAW 的六工器解決方案贏得了首次設計勝利，使我們的客戶能夠在下一代5G 手機中實現更高階的載波聚合。

During the quarter, we reached a significant milestone by supplying production volumes of our BAW-based mid-/high-band PADs to the world's top 6 smartphone OEMs.

本季度，我們向全球六大智慧型手機 OEM 供應量產的基於 BAW 的中/高頻段 PAD，達到了一個重要的里程碑。

In addition, we received our first orders from customers for 5G variance for production this calendar year.

此外，我們今年也收到了客戶的第一批 5G 生產差異訂單。

In another standout example of Qorvo's leadership, we introduced the industry's first stand-alone ET PMIC capable of modulating the power supply at 100 megahertz for 5G New Radio operation.

在 Qorvo 領導地位的另一個突出例子中，我們推出了業界首款獨立 ET PMIC，能夠以 100 兆赫茲調製電源以實現 5G 新無線電操作。

This allows customers to continue to select the most advanced best-in-class RF technologies for their devices.

這使得客戶能夠繼續為其設備選擇最先進的一流射頻技術。

Our envelope trackers and antenna tuners are supporting some of the world's most popular wearable devices, enhancing connectivity and increasing battery life for this rapidly growing category.

我們的包絡追蹤器和天線調諧器正在支援一些世界上最受歡迎的可穿戴設備，為這個快速增長的類別增強連接性並延長電池壽命。

Finally, we sampled BAW-based 5G antennaplexers, enabling customers to utilize current antenna architectures for future 5G devices.

最後，我們對基於 BAW 的 5G 天線復用器進行了採樣，使客戶能夠將目前的天線架構用於未來的 5G 設備。

Looking forward, design activity around 5G is accelerating, and that's expected to support a material uptick in the mobile RF TAM with an incremental $1 billion expected in 2020.

展望未來，圍繞 5G 的設計活動正在加速，預計將支援行動 RF TAM 的材料成長，預計 2020 年將增加 10 億美元。

5G is being deployed with 3 distinct use cases: enhanced mobile broadband; ultralow latency; and massive machine type communications.

5G 的部署有 3 個不同的用例：增強的行動寬頻；超低延遲；和大規模機器類型通訊。

It will be rolled out over time with enhanced mobile broadband beginning now.

它將隨著時間的推移逐步推出，並從現在開始增強行動寬頻。

The deployment is expected to span years, putting us in the very early innings.

部署預計將持續數年，使我們處於早期階段。

In summary, our March performance and June guidance speak to our continued operational excellence and the strength of our business model.

總而言之，我們 3 月份的業績和 6 月份的指導說明了我們持續的卓越營運和我們業務模式的優勢。

Despite a challenging macro environment, we are delivering content gains across leading customers and introducing breakthrough new technologies.

儘管宏觀環境充滿挑戰，我們仍在為領先客戶帶來內容效益並推出突破性新技術。

As we begin fiscal '20, we're excited about our position.

當我們開始 20 財年時，我們對我們的地位感到興奮。

We expect our opportunities to expand as new applications carry even more data over wired and wireless networks and as we target new growth markets like programmable power management.

隨著新應用透過有線和無線網路傳輸更多數據，以及我們瞄準可編程電源管理等新增長市場，我們預計我們的機會將會擴大。

With that, I'll turn it over to Mark to provide additional color on Q4 and our outlook for June.

至此，我將把它交給 Mark，以提供有關第四季度和 6 月份展望的更多資訊。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the fourth quarter was $681 million or $11 million over the midpoint of our guidance range.

Qorvo 第四季的營收為 6.81 億美元，比我們指導範圍的中位數高出 1,100 萬美元。

Mobile revenue of $443 million was supported by especially strong China and Korea-based customer demand.

4.43 億美元的行動收入得益於特別強勁的中國和韓國客戶需求。

IDP revenue was $238 million, the 12th consecutive quarter and third year of double-digit year-over-year growth.

IDP 營收為 2.38 億美元，連續第 12 季實現兩位數年成長，也是第三年達到兩位數成長。

IDP demand remained especially strong as the ramp of 5G base stations has begun.

隨著 5G 基地台的建設開始，IDP 需求仍然特別強勁。

For the full year, Qorvo's revenue is near $3.1 billion and up 4% versus fiscal '18.

Qorvo 全年營收接近 31 億美元，比 18 財年成長 4%。

We expect organic growth will continue in fiscal year 2020.

我們預計 2020 財年將持續實現有機成長。

Non-GAAP gross margin in the March quarter was 48.2%, 120 basis points above our guidance on lower costs related to inventory builds in support of our near-term outlook and improving manufacturing efficiency.

3 月季度的非 GAAP 毛利率為 48.2%，比我們為支持我們的近期前景和提高製造效率而降低與庫存建設相關的成本的指引高出 120 個基點。

Non-GAAP operating expenses were in line with guidance at $161 million and up sequentially due to higher personnel costs, including seasonal payroll effects.

由於人員成本增加（包括季節性工資效應），非 GAAP 營運費用與指引一致，為 1.61 億美元，且比上一季增加。

Non-GAAP net income in the March quarter was $151 million, and diluted earnings per share was $1.22, $0.17 over the midpoint of our guidance and up 14% year-over-year.

3 月季度的非 GAAP 淨利潤為 1.51 億美元，攤薄後每股收益為 1.22 美元，比我們指引的中位數高出 0.17 美元，較去年同期成長 14%。

For the full fiscal year, Qorvo's EPS grew 12% to $5.76.

在整個財年，Qorvo 的每股盈餘成長 12% 至 5.76 美元。

March quarter cash flow from operations was $187 million and reflected inventory builds to support near-term customer demand.

3 月季度營運現金流為 1.87 億美元，反映了為支援近期客戶需求而建立的庫存。

CapEx was a year low of $35 million, resulting in free cash flow of $152 million.

資本支出為 3,500 萬美元，創一年來新低，自由現金流為 1.52 億美元。

Full year CapEx was $220 million -- $221 million or 7% of sales.

全年資本支出為 2.2 億美元，即 2.21 億美元，佔銷售額的 7%。

Our portfolio management focus and manufacturing productivity efforts are helping us reduce and better manage our capital requirements.

我們對投資組合管理的關注和製造生產力的努力正在幫助我們減少和更好地管理我們的資本需求。

We repurchased close to $300 million in stock in the March quarter for a total of $638 million in the year.

我們在三月季度回購了近 3 億美元的股票，全年回購總額為 6.38 億美元。

Share repurchases totaled 108% of Qorvo's free cash flow in fiscal '19.

股票回購總計佔 Qorvo 19 財年自由現金流的 108%。

During the quarter, we also repurchased $68 million of our remaining 7% coupon 2025 notes and added $270 million to our 2026 notes at a rate under 5.2%.

本季度，我們也回購了 6,800 萬美元剩餘 7% 息票的 2025 年票據，並以低於 5.2% 的利率向 2026 年票據增加了 2.7 億美元。

We ended the quarter with $711 million of cash and $923 million of debt.

本季末，我們的現金為 7.11 億美元，債務為 9.23 億美元。

Turning to our outlook.

轉向我們的展望。

In the first quarter of fiscal 2020, we expect non-GAAP revenue between $780 million and $800 million or $790 million at the midpoint; gross margin between 45% and 45.5%; and diluted EPS of $1.30 at the midpoint of our guidance.

在 2020 財年第一季度，我們預期非 GAAP 營收在 7.8 億至 8 億美元之間，中間值為 7.9 億美元；毛利率在45%至45.5%之間；攤薄後每股收益為 1.30 美元，處於我們指引的中點。

In the June quarter, we expect IDP to post another quarter of double-digit year-over-year organic growth and to be up sequentially with the addition of Active-Semi.

在六月季度，我們預計 IDP 將再錄得兩位數的同比有機增長，並隨著 Active-Semi 的加入而連續增長。

For mobile in the June quarter, we are forecasting robust sequential and year-over-year growth, including year-over-year growth in the quarter at our 3 largest customers.

對於第二季的行動業務，我們預計將出現強勁的連續成長和年成長，包括我們三大客戶在該季度的同比增長。

For fiscal '20, we currently forecast Qorvo revenue growth of roughly 4%, including $50 million from the recently closed Active-Semi business.

對於 20 財年，我們目前預測 Qorvo 營收將成長約 4%，其中包括來自最近關閉的 Active-Semi 業務的 5,000 萬美元。

We expect the Active-Semi programmable power management business will be accretive to gross margins and contribute a small amount to earnings in fiscal '20.

我們預計 Active-Semi 的可程式電源管理業務將增加毛利率，並對 20 財年的獲利做出少量貢獻。

As I mentioned last quarter, we are forecasting a sequential decline in gross margin in the June quarter due to mix and manufacturing costs.

正如我上個季度提到的，由於組合和製造成本，我們預計六月季度的毛利率將連續下降。

We expect higher gross margins through the balance of the year and currently project a full year fiscal '20 gross margin of approximately 48%.

我們預計今年餘下的毛利率將更高，目前預計 20 財年全年毛利率約為 48%。

Non-GAAP operating expenses are forecasted to increase in the June quarter to $173 million on higher personnel costs -- higher personnel and development program costs as well as the addition of the Active-Semi power management business.

由於人員成本增加（人員和開發項目成本增加以及 Active-Semi 電源管理業務的增加），非公認會計準則營運費用預計在 6 月季度增加至 1.73 億美元。

We expect OpEx to remain around these levels through the year.

我們預計營運支出全年將保持在這些水準附近。

We expect the June quarter and full year fiscal '20 non-GAAP tax rate to remain below 9%.

我們預計 20 世紀 6 月季度和全年非 GAAP 稅率將保持在 9% 以下。

On capital expenditures, we forecast spend of less than $250 million this fiscal year and weighted towards expanding and improving our BAW, GaN and GaAs capabilities.

在資本支出方面，我們預計本財年的支出將低於 2.5 億美元，重點用於擴大和提高我們的 BAW、GaN 和 GaAs 能力。

We're very pleased with how we ended fiscal '19, and we're encouraged by a strong start and improved outlook as we enter fiscal '20.

我們對 19 財年的結束感到非常滿意，並且在進入 20 財年時強勁的開局和改善的前景令我們深受鼓舞。

In the March '19 quarter, we executed well on a challenging environment, which allowed us to deliver results above our initial guidance.

在 2019 年 3 月的季度中，我們在充滿挑戰的環境中表現出色，這使我們能夠交付高於最初指導的表現。

We also continued to improve our technology and operations, further strengthening our competitive position.

我們也繼續改進我們的技術和運營，進一步增強我們的競爭地位。

For full year '19, despite a softer-than-expected second half, we delivered another year of double-digit earnings growth.

2019 年全年，儘管下半年業績低於預期，但我們又實現了兩位數的獲利成長。

For fiscal year 2020, we currently project growth in revenue, earnings and free cash flow.

對於 2020 財年，我們目前預計營收、獲利和自由現金流將實現成長。

This outlook reflects the strength we are seeing in a number of our end markets and the health of our distribution channels.

這一前景反映了我們在許多終端市場中看到的實力以及我們分銷管道的健康狀況。

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

這樣，我會將電話轉回給接線生詢問問題。

(Operator Instructions) And our first question will come from Blayne Curtis with Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的 Blayne Curtis。

Nice results.

不錯的結果。

So I was curious, you've alluded to growth in your 3 top customers.

所以我很好奇，您提到了 3 個頂級客戶的成長。

I'm just kind of curious, you've also had content gain.

我只是有點好奇，你也有內容收穫。

So can you just talk about the strength you're seeing particularly in the Android world, if you could just think about strength in the market units, maybe customer share gains and then the content story as well?

那麼，您能否談談您所看到的優勢，特別是在 Android 領域，如果您可以考慮一下市場單位的優勢，也許是客戶份額的成長，然後還有內容故事？

Can you maybe just give some thoughts as to where all the strength is coming from?

您能否思考一下所有的力量從何而來？

Sure, Blayne.

當然，布萊恩。

This is Eric, and I'll be happy to talk about that.

我是埃里克，我很樂意談論這個問題。

Of course, in the March quarter, we did enjoy a significant content expansion with both Huawei and our largest Korean-based supplier.

當然，在三月的季度，我們確實與華為和我們最大的韓國供應商進行了重大的內容擴展。

We've been, I think, pointing to this for about a year.

我想，我們已經指出這一點大約一年了。

As we gain more content on the highly integrated modules, mid-/high-band in particular is a good driver for us.

隨著我們獲得更多關於高度整合模組的內容，中/高頻段對我們來說尤其是一個很好的驅動力。

And those customers both did pretty well in the quarter, frankly.

坦白說，這些客戶在本季的表現都非常好。

Part of our upside to our expectation was based on their sell-through.

我們的預期上漲的部分原因是他們的銷售量。

I think you're using that publicly in some reports.

我認為您在一些報告中公開使用了這一點。

So the market is not terribly healthy, but we're in the right place with a lot of content gains, which is a tailwind right now.

因此，市場並不是非常健康，但我們處於正確的位置，獲得了很多內容收益，這是目前的順風車。

And then I just want to ask you on the IDP side.

然後我想問一下 IDP 方面的問題。

Obviously, you've had a lot of strength from the infrastructure on 5G side.

顯然，你們在 5G 方面的基礎設施方面擁有很大的優勢。

It looks like in the guidance, you're talking about organic up year-over-year but maybe down a little bit in June.

看起來在指導中，你談論的是同比有機增長，但六月可能會略有下降。

Just kind of curious to your thoughts in the trajectory of that infrastructure business into June and then really for the rest of the year.

只是有點好奇您對 6 月份基礎設施業務以及今年剩餘時間的發展軌蹟的看法。

Yes.

是的。

I think we're guiding rather flattish, I would say, on the organic business as we go quarter-to-quarter.

我認為，當我們逐季度進行有機業務時，我們的指導相當平淡。

As we go through the year, I think we will continue to at least grow at market rate, which we're modeling at that 10% to 15% rate.

在我們度過這一年的過程中，我認為我們將至少繼續以市場速度成長，我們以 10% 到 15% 的速度建模。

The addition of Active is also going to help, but we believe that power management market is actually growing faster than some of our underlying markets.

Active 的加入也會有所幫助，但我們相信電源管理市場實際上比我們的一些基礎市場成長得更快。

Our next question will come from Chris Caso with Raymond James.

我們的下一個問題將由克里斯·卡索和雷蒙德·詹姆斯提出。

I guess just following up on some of your earlier comments.

我想只是跟進您之前的一些評論。

And perhaps you could talk about what may have changed in your view of the market since we've spoke in the last call.

也許您可以談談自我們上次電話會議以來您對市場的看法發生了哪些變化。

Obviously, we've seen some more cautious comments from others in the space.

顯然，我們看到了該領域其他人的一些更謹慎的評論。

Was it really a situation where you just happened to be in the right sockets?

這真的是你碰巧處於正確的插座上的情況嗎？

And again, you made some production decisions with idling capacity last quarter.

同樣，上個季度您在閒置產能的情況下做出了一些生產決策。

Does some of the strength that you're seeing now affect some of those decisions you've made a quarter ago?

現在您看到的一些優勢是否會影響您一個季度前做出的一些決定？

Chris, this is Bob.

克里斯，這是鮑伯。

Thanks for your questions.

感謝您的提問。

As far as what's changed all along, and I think Eric said it quite well.

至於一直以來的變化，我認為Eric說得很好。

He named 2 of the customers.

他點出了其中 2 位顧客的名字。

You can throw in a couple others.

您可以添加其他幾個。

We worked very hard to gain back share that we've lost over the years, and we've brought out extremely compelling product.

我們非常努力地努力奪回多年來失去的市場份額，並且推出了極具吸引力的產品。

And I'm extremely pleased with how the team is now supporting the top 6 handset manufacturers with mid-/high-band PAD.

我對團隊現在如何透過中/高頻段 PAD 支援排名前 6 的手機製造商感到非常滿意。

So we've done a good job there.

所以我們在那裡做得很好。

And as Eric said, we're in the right places at the right time.

正如埃里克所說，我們在正確的時間出現在正確的地點。

We, like others, I think still -- we're taking much more of a cautious outlook in the second half.

我認為，與其他人一樣，我們對下半年的前景仍然持更加謹慎的態度。

And I know you said some of those are seeing it now maybe, but I really think the team has done a good job of putting us in the right positions.

我知道你說有些人現在可能已經看到了，但我真的認為團隊在將我們置於正確的位置方面做得很好。

And as far as the actions that we took with our factories, they were still the appropriate things to take.

就我們對工廠採取的行動而言，它們仍然是適當的事情。

And as we said on the last call, if things continue to move well, we'll look at bringing back one of those factories in early 2020.

正如我們在上次電話會議中所說，如果事情繼續進展順利，我們將考慮在 2020 年初恢復其中一家工廠。

Okay.

好的。

And I guess with some of the strength that you're seeing now, perhaps you could talk about some of the factory utilization you're seeing now.

我想，憑藉您現在看到的一些實力，也許您可以談談您現在看到的一些工廠利用率。

I know you're taking some utilization charges on some of those facilities now.

我知道你們現在對其中一些設施收取一些使用費。

And perhaps you could walk us through that and the impact on gross margins as we go through the year.

也許您可以向我們介紹這一點以及這一年對毛利率的影響。

Chris, this is Mark.

克里斯，這是馬克。

Yes, we're still not where we want to be, and the utilization is still weighing on us in fiscal '20.

是的，我們仍然沒有達到我們想要的目標，而且利用率在 20 財年仍然給我們帶來壓力。

It's part of the reason that we're guiding to 48% for the year.

這也是我們今年指導目標 48% 的部分原因。

But the outlook is improving.

但前景正在改善。

As you mentioned, we had a sharp downturn in the December quarter, and those actions that we took there, I think, are still relevant and underway.

正如您所提到的，我們在 12 月季度經歷了急劇下滑，我認為我們在那裡採取的那些行動仍然相關並且正在進行中。

So the closure of Florida is still proceeding.

所以佛羅裡達州的封鎖仍在進行中。

Farmers Branch, we've slowed down spend there, and we've also dramatically decreased our CapEx spend.

Farmers Branch，我們已經放慢了那裡的支出，我們也大幅減少了資本支出。

And I'll note that in the fourth quarter, that CapEx spend was the lowest percent of spend we've seen in several years, if not in the life of the company.

我要指出的是，在第四季度，資本支出佔支出的百分比是幾年來最低的，即使不是在公司的生命週期中也是如此。

And then I'd say furthermore and maybe more importantly, and you saw this in the margin in the March quarter, you're seeing productivity at the fabs pay off.

然後我想說，也許更重要的是，你在三月季度的利潤中看到了這一點，你看到晶圓廠的生產力得到了回報。

We're getting shorter cycle times, fabs are more flexible.

我們的週期時間越來越短，晶圓廠更加靈活。

We're adjusting to demand better, so we're getting a lot more disciplined around our asset base, being very careful and deliberate about expanding that asset base and more aggressive in using it.

我們正在更好地適應需求，因此我們對我們的資產基礎更加嚴格，在擴大資產基礎方面非常謹慎和深思熟慮，並更加積極地使用它。

So we think that with this discipline and then the growth that we're going to see, the actions we've taken run their course through fiscal '20, we're going to come out in fiscal year '21 with, we believe, continued margin expansion in part because of better utilization.

因此，我們認為，憑藉這一紀律，以及我們將看到的成長，我們所採取的行動貫穿整個 20 財年，我們將在 21 財年取得成果，我們相信，利潤率持續擴大，部分原因是利用率提高。

Our next question comes from Harsh Kumar with Piper Jaffray.

我們的下一個問題來自 Harsh Kumar 和 Piper Jaffray。

First of all, congratulations on a very, very strong guide.

首先，恭喜一位非常非常強大的指導。

I have a couple, but I'll limited it to 2 and then get back in line.

我有幾個，但我會限制為 2 個，然後再排隊。

So Mark, when you look at the gross margin, you talked about this a little bit, do you see a pretty steady ramp to 48%?

那麼，馬克，當您查看毛利率時，您對此進行了一些討論，您是否看到毛利率穩定上升至 48％？

And I want to clarify, is it exiting the year at 48% fiscal 2020 or is it full year fiscal 2020?

我想澄清一下，是 2020 財年以 48% 的速度結束，還是 2020 財年全年？

And how do you see the ramp happening from where you're guiding to in June up to the guide either for the full year or exiting the year?

您如何看待從 6 月的指導到全年或今年結束時的指導發生的變化？

Yes.

是的。

It's good question, Harsh.

這是個好問題，哈什。

I'm glad you've asked to clarify because the 48% is a full year number.

我很高興您要求澄清，因為 48% 是全年數字。

So just to answer your question specifically, we're starting the year at just 45% to 45.5%.

因此，為了具體回答您的問題，我們年初的成長率僅為 45% 至 45.5%。

We said we'd be below 46% in the June quarter, and that's where we believe we'll be.

我們曾說過，六月季度的這一比例將低於 46%，我們也相信我們會達到這一水平。

The full year is 48%.

全年為48%。

The second quarter will be between 45% and that 48% average for the year.

第二季的成長率將在 45% 到全年平均值 48% 之間。

We're not going to call the quarter right now, but it'll be between those numbers.

我們現在不會公佈本季的數據，但會在這些數字之間。

While I'm talking about the year, just to reiterate some of the guidance I gave in my comments, we believe we're going to be up about 4% on revenue year-over-year.

當我談論今年時，只是為了重申我在評論中給出的一些指導，我們相信我們的收入將同比增長約 4%。

And Bob alluded to this, but the first and second halves are actually about balanced revenue, which is a bit unusual.

鮑勃也提到了這一點，但上半場和下半年實際上是關於平衡收入的，這有點不尋常。

And then I gave comments on OpEx, how we're going to be in control through the year.

然後我對營運支出發表了評論，我們將如何控制這一年。

Awesome.

驚人的。

And then my second question, maybe for Eric, Bob or Mark, you.

然後是我的第二個問題，也許是問艾瑞克、鮑伯或馬克，還有你。

So June quarter up huge.

因此，六月季度漲幅巨大。

This is very unusual.

這是非常不尋常的。

Typical seasonality would not indicate that.

典型的季節性並不表示這一點。

I know history is out the door on this business this year.

我知道今年這個行業的歷史已經被排除在外了。

But maybe you can help us -- you made the statement all 3 top customers will be up in June.

但也許你可以幫助我們——你聲明所有 3 位頂級客戶都將在 6 月出現。

Are they just ramping earlier?

他們只是提早加速了嗎？

The guys are all ramping earlier?

小伙子們都早起了嗎？

Or is it something else that's going on that hasn't happened before?

還是發生了其他以前沒有發生過的事情？

Just maybe just real quickly, to be clear, Harsh.

明確地說，也許只是很快，哈什。

That's a top 3 customers year-over-year comment rather than a sequential one.

這是逐年排名前 3 位的客戶評論，而不是連續的評論。

But go ahead, Eric.

但繼續吧，埃里克。

Yes.

是的。

Sure, Harsh.

當然，嚴厲。

This is Eric.

這是埃里克。

I'll give some color on that.

我會對此進行一些說明。

Similar to the trend we saw in March, as we are exiting March, we're beginning to see the acceleration.

與我們在三月看到的趨勢類似，隨著三月的結束，我們開始看到加速的趨勢。

We're currently at least forecasting a full quarter of it this quarter based on customer forecast.

我們目前至少根據客戶預測預測了本季的整個季度。

A lot of high-end handsets ramping and a lot of content transition towards integrated solutions.

許多高階手機不斷湧現，許多內容也轉向整合解決方案。

Phase 6, in particular, of course, is helping drive you throughout the large Chinese players as well as at Huawei.

當然，第六階段尤其可以幫助您了解中國大型企業以及華為。

We talked about the share transition back our way with our largest Korean customer.

我們與最大的韓國客戶討論了股份轉讓事宜。

And it's across a lot of different products: of course, antenna tuners, also seeing envelope tracking in a lot of those applications.

它適用於許多不同的產品：當然，天線調諧器也在許多此類應用中看到了包絡追蹤。

And then of course, in mid- and high-band PADs and low-band PADs as well in a lot of these phones.

當然，還有許多此類手機的中高頻 PAD 和低頻段 PAD。

So it's an exciting time really.

所以這確實是一個令人興奮的時刻。

We're seeing a lot of handsets ramping.

我們看到很多手機都在成長。

Of course, as Bob said, we're not raising guidance for the year.

當然，正如鮑伯所說，我們不會提高今年的指導。

We're going to wait and see how the sell-through goes on all of these handsets, but it sure is good to start the year strong like this.

我們將拭目以待，看看所有這些手機的銷售情況如何，但像這樣強勁地開始新的一年肯定是件好事。

Our next question will come from Edward Snyder with Charter Equity Research.

我們的下一個問題將來自特許股票研究公司的愛德華·斯奈德。

Bob, you mentioned the RF TAM opportunity for 5G in 2020 was about $1 billion, and if I remember from your Analyst Day, you're projecting about $17 billion total.

Bob，您提到 2020 年 5G 的 RF TAM 機會約為 10 億美元，如果我記得您的分析師日，您預計總額約為 170 億美元。

So I just want to recheck my math, if you're talking about a 5% to 7% increase on 5G.

所以我只想重新檢查我的數學，如果你說的是 5G 成長 5% 到 7%。

James, did you experience any shortage in GaNs this quarter that could have -- for raw materials that could have increased your shipments a bit because (inaudible) is reporting they couldn't ship all that they had demand for?

詹姆斯，本季度您是否遇到過 GaN 原材料短缺的情況，這可能會增加您的發貨量，因為（聽不清楚）報告說他們無法發貨所有需求？

And then Eric, you mentioned Phase 6 is ramping.

然後艾瑞克，你提到第六階段正在加速。

That was out last year in a number of phones, but they didn't sell that well.

去年，許多手機都推出了這項功能，但銷量並不好。

Has that changed?

那改變了嗎？

Or are you just seeing more Phase 6 in more phones this coming quarters or anticipating better revenue?

或者您只是在未來幾個季度看到更多手機採用第 6 階段，或者預計收入會更好？

Ed, as far as going back to Analyst Day, we're sticking with $1 billion.

Ed，就分析師日而言，我們堅持 10 億美元。

We still think it's pulling in since our Analyst Day, the ramp of 5G phones.

我們仍然認為，自分析師日以來，5G 手機的普及正在拉動這一趨勢。

I will remind you that I think handset volumes from our last Analyst Day are a little bit lower, so the RF TAM is a little bit lower as well.

我要提醒您的是，我認為上一次分析師日的手機銷量略低，因此 RF TAM 也略低。

And Apple clearly didn't have the kind of year for that base for this year we were expecting.

蘋果今年顯然沒有達到我們預期的那樣的基礎。

But we're sticking with $1 billion because we're seeing it pull in since our Analyst Day.

但我們堅持 10 億美元，因為我們看到它自分析師日以來一直在成長。

And James, if you want to talk about GaN and the ramping that we're doing there.

James，如果你想談談 GaN 以及我們正在做的事情。

Yes.

是的。

First of all, for 5G on the infrastructure side, that also represents probably a $600 million or $700 million opportunity for us during year as well.

首先，對於基礎設施方面的 5G 而言，這也代表著我們今年可能有 6 億或 7 億美元的機會。

As far as GaN shortages, we definitely are struggling a bit to keep up, so we've got strong orders across all of the frequency bands that are ramping now and doing our best to stay caught up, but definitely a little bit behind.

就 GaN 短缺而言，我們確實有點難以跟上，因此我們在所有頻段上都收到了強勁的訂單，這些訂單現在正在增加，並儘最大努力追趕上來，但肯定有點落後。

And regarding Phase 6 traction, it's a bit of a mixed bag there.

至於第六階段的牽引力，情況有點複雜。

It's all up, but there's varying degrees of it.

一切都已解決，但程度不同。

I think with Huawei in particular, we've seen a strong transition there in their top -- Mate and P series phones.

我認為尤其是華為，我們看到他們的頂級手機——Mate 和 P 系列手機發生了巨大的轉變。

With the rest of China, it's pretty much on track with what we had thought.

對於中國其他地區來說，情況與我們的想法基本一致。

It's definitely well behind.

肯定是遠遠落後了。

We're in the early innings there, but we're also adding a lot of other content with ultrahigh-band as an example in other placements of envelope -- excuse me, antenna tuners and with the antennaplexers that we've mentioned as well.

我們還處於早期階段，但我們還添加了許多其他內容，以超高頻段作為包絡其他位置的示例 - 對不起，天線調諧器以及我們也提到的天線復用器。

So there's just a lot of opportunities right now.

所以現在有很多機會。

Great.

偉大的。

And then for my second question, sorry, Eric, your antennaplexers, we've -- Broadcom has talked about antennaplexers a year or so ago.

然後，對於我的第二個問題，對不起，埃里克，你的天線復用器，我們博通大約一年前就討論過天線復用器。

We're starting to see them now.

我們現在開始看到他們了。

I know you refer to 5G, but this is bigger than just 5G, right?

我知道你指的是 5G，但這不僅僅是 5G，對吧？

I mean 4G pro, 4g advanced, all the stuff going on with WiFi, the new GPS band.

我的意思是 4G pro、4g Advanced、所有與 WiFi 相關的東西、新的 GPS 頻段。

In and of itself, we should start seeing antennaplexers proliferate through most of these phone lines, even if we don't see a lot of 5G.

就其本身而言，我們應該開始看到天線復用器在大多數電話線路中激增，即使我們沒有看到很多 5G。

Or do you still see 5G as a big driver for that?

或者您仍然認為 5G 是這方面的一大推動力嗎？

And do you see others besides you and Broadcom shipping these parts?

除了您和博通之外，您是否看到其他人也在運輸這些部件？

Yes.

是的。

You're absolutely right.

你是絕對正確的。

It's really built on a base today.

它確實是建立在今天的基礎上的。

It's back to that fundamental trend of just more frequency bands coming into the phone and no room to put any more antennas.

這又回到了手機的基本趨勢，即更多的頻段進入手機，而沒有空間放置更多的天線。

And you're right, those aren't all cellular bands.

你是對的，這些並不都是蜂窩頻段。

It could be WiFi and new GPS bands and so forth.

可能是 WiFi 和新的 GPS 頻段等等。

So it's that fundamental trend, which actually has been going on for a couple years.

這就是基本趨勢，實際上已經持續了幾年。

But as you add 5G, not only is there even more bands to consider, but also the power linearity and the requirements for loss are even higher.

但隨著5G的加入，不僅需要考慮更多的頻段，而且對功率線性度和損耗的要求也更高。

So there's a lot of value in those as well.

所以這些也有很多價值。

So no, it's a trend that's been going, and we only see it increasing from here.

所以不，這是一種一直在發生的趨勢，而且我們只看到它從這裡開始增加。

Our next question will come from Shawn Harrison with Longbow Research.

我們的下一個問題將來自長弓研究中心的肖恩哈里森。

My congrats on the results as well.

我也對結果表示祝賀。

Two questions.

兩個問題。

First off, just back of the envelope math suggests at least, baked in the full year guidance is kind of a flattish outlook for mobile, which maybe it's a bit cautious or you're assuming unit volume is down or anything that you could provide some commentary there considering what seems to be a pretty big backlog of new products ramping here in the fiscal year.

首先，數學至少表明，全年指導中的移動前景是平淡的，這可能有點謹慎，或者你假設單位銷量下降或者你可以提供一些東西考慮到本財年似乎有相當大的新產品積壓量，因此發表了評論。

Sean, thanks for your question, and we are taking conservative view.

肖恩，謝謝你的問題，我們持保守觀點。

I kind of commented that earlier for the mobile market.

我之前曾針對行動市場發表過這樣的評論。

We still think smartphones are going to decline this year.

我們仍然認為智慧型手機今年將會下降。

As Eric commented, we're in a lot of exciting phones.

正如艾瑞克所說，我們擁有很多令人興奮的手機。

It's early on in there.

那裡還早呢。

We'll see how the market acceptance goes.

我們將看看市場接受度如何。

And for right now, we just want to make sure that we have a conservative view in the second half.

目前，我們只想確保我們對下半年持保守觀點。

Okay.

好的。

And then as a follow-up, just WiFi -- the AX kind of ramp, how do you see that here in fiscal '20 knowing it was delayed for a couple quarters?

然後作為後續行動，只是 WiFi - AX 類型的斜坡，你如何看待 20 財年的情況，因為你知道它被推遲了幾個季度？

Yes.

是的。

I think it's accurate.

我認為這是準確的。

It has been delayed a bit, and -- but things are starting to solidify there.

它已經被推遲了一點，而且——但事情已經開始穩定下來。

I think we've received our first design wins in AX, and we do believe those products will start to ramp as we go through the rest of the year.

我認為我們已經在 AX 中獲得了第一個設計勝利，我們相信這些產品將在今年剩餘的時間裡開始成長。

And we also had a nice design win that we talked about in Bob's prepared remarks and in the press release today.

我們還獲得了一個很好的設計勝利，我們在鮑勃準備好的演講和今天的新聞稿中談到了這一點。

We think that will also drive some nice growth as we go through the year in WiFi.

我們認為，這也將推動 WiFi 領域今年的良好成長。

And mobile for WiFi 6, we'll track a couple of quarters behind IDP, of course, as they'll get the infrastructure out there first maybe, but we're also still looking at revenues in the first half of calendar '20.

對於 WiFi 6 行動裝置，我們當然會追蹤 IDP 幾個季度，因為他們可能會先推出基礎設施，但我們仍在關注 20 世紀上半年的收入。

Our next question comes from Rajvindra Gill with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Congrats as well.

也恭喜你。

Just a question on IoT.

只是一個關於物聯網的問題。

You had mentioned a meshed networking design win.

您曾提到網狀網路設計的勝利。

I was wondering if you could describe kind of your view on IoT and your product portfolio with respect to Bluetooth, low energy, WiFi and mesh and how you're kind of positioned in that market.

我想知道您是否可以描述一下您對物聯網的看法以及您在藍牙、低功耗、WiFi 和網狀網路方面的產品組合以及您在該市場的定位。

Well, first of all, let me talk a little bit about how we've done.

好吧，首先讓我談談我們的表現。

So our IoT revenue was slightly up for the year.

因此，我們的物聯網收入今年略有成長。

That was based on some of our automotive wins and also our position in low-power wireless.

這是基於我們在汽車領域取得的一些勝利以及我們在低功耗無線領域的地位。

WiFi itself remains a little bit weak as the standard [slaves] we just talked about previously, but the fundamentals are still very strong.

WiFi本身作為我們之前談到的標準[奴隸]仍然有點弱，但基本面仍然非常強大。

In the overall IoT market, I think it's still maturing.

就整個物聯網市場而言，我認為它仍然處於成熟階段。

Several different standards are competing for leadership.

幾種不同的標準正在爭奪領導地位。

WiFi, ZigBee, Thread, BLE, NB IoT are really the largest contenders.

WiFi、ZigBee、Thread、BLE、NB IoT 確實是最大的競爭者。

I think we're positioned very strongly across those standards, and in fact, in a lot of cases, we're standard agnostic because we have SoCs that can actually support different solutions simultaneously in their ecosystems.

我認為我們在這些標準上的定位非常牢固，事實上，在許多情況下，我們與標準無關，因為我們的 SoC 實際上可以在其生態系統中同時支援不同的解決方案。

We're also moving into several other verticals with our technology like lighting, electronic shelf labeling and wearables.

我們還利用我們的技術進入其他幾個垂直領域，例如照明、電子貨架標籤和穿戴式裝置。

And so again, we see IoT as a significant growth driver for the company as we move forward.

因此，我們再次將物聯網視為公司前進的重要成長動力。

And for my follow-up question, on the long-term gross margin target of 50%, which you hope to achieve through cost reductions, mix improvements, factory productivity, as we kind of move into fiscal year '21, how do we think about that target now that you've -- would have been completed -- would have completed most of the fab transitions at Farmers Branch and Florida, et cetera?

對於我的後續問題，關於 50% 的長期毛利率目標，當我們進入 21 財年時，您希望透過降低成本、改進產品組合、提高工廠生產力來實現這一目標，我們對此有何看法既然您已經完成了法默斯布蘭奇和佛羅裡達州等地的大部分工廠轉型，那麼關於這個目標嗎？

I'm wondering how you're thinking about the long-term target as well as now that we're seeing IDP, which is about 35% of sales, which I think is a record in terms of percentage of sales.

我想知道您如何看待長期目標以及現在我們看到的 IDP，它約佔銷售額的 35%，我認為就銷售額百分比而言是創紀錄的。

Just any color there would be helpful.

任何顏色都會有幫助。

Yes.

是的。

This is Mark.

這是馬克。

We're not going to guide fiscal year '21.

我們不會指導 21 財年。

But on your question, certainly, our target is still to clear 50%, and we very much believe we can do it.

但對於你的問題，當然，我們的目標仍然是達到50%，我們非常相信我們能夠做到。

As you pointed out that we're focused on the right products and segments.

正如您所指出的，我們專注於正確的產品和細分市場。

And as you point out, there's a record mix of IDP in the business this quarter at 35%.

正如您所指出的，本季 IDP 業務比例達到創紀錄的 35%。

Eric's focus on the most highly integrated products in mobile and BAW-related revenue is yielding a better outlook and better results.

Eric 專注於行動和 BAW 相關收入中整合度最高的產品，這帶來了更好的前景和更好的業績。

And then we're doing a lot of work on the fab side with -- since Paul Fego has joined us from Texas Instruments, and we have -- and there is a lot of stuff in-flight in operations that we're going to benefit from.

然後我們在晶圓廠方面做了很多工作——自從 Paul Fego 從德州儀器 (TI) 加入我們以來，我們已經——並且我們將在運營中進行很多工作從。。得到好處。

We're benefiting from it now.

我們現在正從中受益。

You can see some of that actually in the large beat to the guide on the gross margin, but we think that's going to be additional help to have us clear that target.

實際上，您可以在毛利率大幅高於指南中看到其中的一些內容，但我們認為這將是我們實現該目標的額外幫助。

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。

Good job on the quarterly execution and outlook.

季度執行和展望方面做得很好。

My first question is on, I guess, Huawei specifically.

我想我的第一個問題專門針對華為。

Just wondering if you have any visibility on any potential for double ordering.

只是想知道您是否了解重複訂購的可能性。

We've seen other people in the supply chain speak to that either in 5G infrastructure or in smartphones.

我們已經看到供應鏈中的其他人在 5G 基礎設施或智慧型手機領域談到這一點。

If you can speak how you see the channel specifically with that customer.

如果您能與該客戶具體談談您如何看待該管道。

Sure, Bill.

當然，比爾。

This is Eric.

這是埃里克。

I don't think there's really any risk of double ordering.

我認為雙重訂購確實不存在任何風險。

In terms of maybe front-loading their plan a bit, that of course can happen, especially when they're picking up share in the market.

就提前加載他們的計劃而言，這當然是可能發生的，特別是當他們在市場份額增加時。

There's no question about that, I think.

我想這是毫無疑問的。

And so it's hard to be clear about how much of it is due to one thing or another.

因此很難弄清楚其中有多少是由於一件事或另一件事造成的。

We know that underlying all of this, they are seeing increasing in share not just in their domestic market, but also in exports, I think, going really for them.

我們知道，在這一切的基礎上，他們不僅在國內市場上看到了份額的增加，而且在出口方面也看到了份額的增加，我認為這對他們來說確實是有利的。

And in terms of our own business, we are clearly seeing a shift towards the higher end of our portfolio as well, which is adding dollar content in envelope tracking as well as in integrated PADs both for low and high band.

就我們自己的業務而言，我們顯然也看到了我們的產品組合向高端的轉變，即在包絡追蹤以及低頻段和高頻段的整合 PAD 中增加了美元內容。

And I think on the infrastructure side, our deliveries appear to be generally matching the reported numbers of base station deployments.

我認為在基礎設施方面，我們的交付量似乎與報告的基地台部署數量基本相符。

In fact, we're seeing strong strength across numerous of our base station customers.

事實上，我們在眾多基地台客戶中看到了強大的實力。

We've almost doubled our business in 3 of the top 4 OEMs year-over-year this quarter.

本季度，我們在四大 OEM 廠商中的 3 家的業務幾乎同比增長了一倍。

The strength for us has really been associated with content gains, associated with massive MIMO and with our ability now to win the power amplifier slots because of GaN.

我們的優勢實際上與內容增益、大規模 MIMO 以及我們現在憑藉 GaN 贏得功率放大器席位的能力有關。

Okay.

好的。

The next question is related to 5G, and this is a 2-part question.

下一個問題與 5G 有關，這是一個由兩個部分組成的問題。

It's nice to see you're actually speaking of orders in 5G already for calendar '19.

很高興看到您實際上正在談論 19 日曆年的 5G 訂單。

So hoping you can quantify and just kind of give a feel for what the magnitude of that order.

因此，希望您能夠量化並大致了解該訂單的大小。

And I assume it's along the lines of these BAW filter base and so forth.

我認為它與這些 BAW 濾波器底座等類似。

You mentioned the ET PMIC.

您提到了 ET PMIC。

If you can clarify what are you winning this year.

如果您能澄清今年您贏得了什麼。

Secondarily, in a competitive environment, obviously, Qualcomm has been out there making a lot of noise about attach.

其次，在競爭環境中，高通顯然已經在附加方面發出了許多噪音。

But I have the impression that a lot of the customers really want to work with you.

但我的印像是，很多客戶真的想與您合作。

And if so, what are they really searching for in terms of the performance or criteria, whether it be with the base components, power amplifiers, switchers, filters, so forth?

如果是這樣，他們真正尋求的性能或標準是什麼，是否是基本組件、功率放大器、切換器、濾波器等？

What is your key competitive advantages?

您的主要競爭優勢是什麼？

Bill, this is James.

比爾，這是詹姆斯。

Let me jump in real quick on the infrastructure before Eric goes to the handset.

在艾瑞克開始討論手機之前，讓我先快速介紹一下基礎設施。

So for 5G, we'll see our base station business effectively double, and that is largely driven today by 5G deployments.

因此，對於 5G，我們將看到我們的基地台業務實際上翻倍，這在很大程度上是由 5G 部署推動的。

Most of that is massive MIMO today and including GaN-based devices.

如今，其中大部分是大規模 MIMO，包括基於 GaN 的設備。

And we'll also see our GaN revenue double as well as we go through the year, and we expect most of that is going to come from base station, although we've had some really key wins on the defense side as well.

我們還將看到我們的 GaN 收入在今年翻一番，我們預計其中大部分將來自基地台，儘管我們在國防方面也取得了一些真正關鍵的勝利。

On the handset side, we did identify some early wins with some highly integrated PADs for 5G.

在手機方面，我們確實透過一些針對 5G 的高度整合的 PAD 取得了一些早期勝利。

We also have been getting orders already for more discrete sort of PAs in the ultrahigh-band space as well and some design wins there for the second half year.

我們也已經收到了超高頻段領域更多分立式功率放大器的訂單，並且下半年的一些設計已獲得成功。

Definitely quarter-over-quarter, we've seen an increase in -- enthusiasm of our customers for launching products this calendar year with 5G on the label.

毫無疑問，與上一季相比，我們看到客戶對今年推出 5G 標籤的產品的熱情增加。

We're still assuming it will be relatively minor in terms of volume, and the real big ramp will come next year.

我們仍然假設其數量相對較小，真正的大幅成長將在明年出現。

But antennaplexers, discrete PAs, filters and high-band PADs are all being designed in now with 5G capability for the second half of the year.

但天線復用器、分立 PA、濾波器和高頻段 PAD 目前都在設計中，預計下半年將具備 5G 功能。

On your other question regarding Qualcomm, yes, there is, of course, a competitive nature to it there.

關於你關於高通的另一個問題，是的，當然，它存在著競爭性質。

We're quite comfortable with our attach across all of the RF front-end content.

我們對所有 RF 前端內容的連結感到非常滿意。

We sell a lot of products today attached to Qualcomm.

今天我們銷售很多屬於高通公司的產品。

Everything is completely compatible, and customers are enthusiastic about using the best-performing solutions they can.

一切都完全相容，客戶熱衷於盡可能使用性能最佳的解決方案。

That usually drives them towards the leading RF suppliers.

這通常會促使他們轉向領先的射頻供應商。

The one area where there's clearly an overlap is in envelope tracking, especially if you look to 5G.

明顯存在重疊的一個領域是包絡跟踪，尤其是在 5G 領域。

This is a very critical point actually in the architecture.

這其實是架構中非常關鍵的一點。

We announced, in fact, a stand-alone, kind of normal configuration for an envelope tracking power management chip, which allows you to then reuse normal architectures across all the RFFE.

事實上，我們宣布了一種獨立的、包絡追蹤電源管理晶片的正常配置，它允許您在所有 RFFE 中重複使用正常架構。

This is in contrast to Qorvo's -- or to Qualcomm's approach in which they are distributing the ET throughout the RF front end.

這與 Qorvo 或高通的方法形成鮮明對比，在該方法中，他們將 ET 分佈在整個 RF 前端。

So we think this is a very important market and area for our customers to be looking into closely, maintaining a competitive RF front end, and it's, of course, very important to the performance of the handsets.

因此，我們認為這是一個非常重要的市場和領域，需要我們的客戶密切關注，保持具有競爭力的射頻前端，當然，這對於手機的性能非常重要。

So we're very proud of the accomplishments of the team of getting this 100 megahertz capability proven and proving that you can actually have the RF front-end components a couple centimeters away from the power management and still get that kind of performance.

因此，我們對該團隊所取得的成就感到非常自豪，他們驗證了100 兆赫茲的能力，並證明您實際上可以將射頻前端組件放置在距離電源管理幾厘米的地方，並且仍然可以獲得這種性能。

In fact, there's a very detailed white paper on our website if you like to follow up on that more.

事實上，如果您想了解更多信息，我們的網站上有一份非常詳細的白皮書。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀集團的提摩西·阿庫裡。

Mark, I just wanted to confirm the loading commentary you said is pretty evenly loaded first half and back half.

馬克，我只是想確認一下你所說的加載評論前半部分和後半部分的加載相當均勻。

So that would sort of imply that the second fiscal quarter like it's up mid-single-digits Q-on-Q, which normally it's up like mid-20s.

因此，這在某種程度上意味著第二財季環比增長了個位數左右，而通常情況下會增長 20 多歲左右。

So I just want to make sure I know that you don't want to guide that far out, but just given that loading commentary, I just kind of want to make sure, is that right?

所以我只是想確保我知道你不想指導那麼遠，但鑑於加載評論，我只是想確定，是這樣嗎？

Yes.

是的。

That's directionally correct.

這方向是正確的。

Okay.

好的。

Great.

偉大的。

And then can you talk about how much China, and you've given these numbers in the past, which is why I ask, but how much was China as a percentage of mobile products in March?

然後你能談談中國佔多少嗎？你過去已經給出了這些數字，這就是我問的原因，但是中國在三月的移動產品中所佔的百分比是多少？

And what do you think it will be in June?

您認為六月會怎樣？

Tim, I don't want to get into the habit of providing all the detail.

提姆，我不想養成​​提供所有細節的習慣。

It's been significant percentage in March, and it's -- and China is actually increasing sequentially in June while Samsung is going down at going down just as part of normal seasonality.

3 月的百分比很高，而且中國實際上在 6 月連續成長，而三星的下降只是正常季節性的一部分。

So hopefully, that provides you some color.

希望這能為您提供一些色彩。

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

我們的下一個問題將來自高盛的 Toshiya Hari。

I was hoping you could talk a little bit more about Active-Semi, a rough breakdown by some of the key end markets, how fast the company has grown over the past couple of years, how you think about growth going forward.

我希望您能多談談 Active-Semi，一些關鍵終端市場的粗略細分，該公司在過去幾年的成長速度，以及您對未來成長的看法。

And from a margin perspective, I think you guys talked about the business being accretive to overall Qorvo, but is there any potential for additional synergies as you integrate Active-Semi?

從利潤的角度來看，我認為你們談到了該業務對整個 Qorvo 的成長，但是當你們整合 Active-Semi 時是否有可能產生額外的協同效應？

And then I have a follow-up.

然後我有一個後續行動。

This is James.

這是詹姆斯。

Let me talk a little bit about the business and then Mark maybe will handle some of the financial questions.

讓我談談業務，然後馬克也許會處理一些財務問題。

We're excited about the opportunity that it brings to Qorvo.

我們對它為 Qorvo 帶來的機會感到興奮。

The acquisition addresses critical need for more efficient power usage in electronics.

此次收購滿足了電子產品對更高效用電的迫切需求。

We believe our scale, Qorvo's scale, can expand Active's current business to fully address the $3 billion SAM that represents them today.

我們相信，我們的規模（Qorvo 的規模）可以擴展 Active 目前的業務，以全面解決代表他們今天的 30 億美元 SAM 問題。

We also believe that we can bring Active's technology to bear on our existing markets like base station, defense, automotive and IoT, which will further expand our SAM as we develop products in those areas.

我們也相信，我們可以將 Active 的技術應用於基地台、國防、汽車和物聯網等現有市場，隨著我們在這些領域開發產品，這將進一步擴展我們的 SAM。

Integration is underway as we speak.

正如我們所說，整合正在進行中。

We think it's going to be rather straightforward.

我們認為這將相當簡單。

It's a great cultural fit, and there's really minimal overlap in our portfolio.

這是一種很好的文化契合，而且我們的產品組合中的重疊確實很小。

So I think from a revenue perspective, we expect, again, to be able to outpace the growth of our underlying markets, and they've been able to demonstrate that over the past 3 years if you look at their average CAGR.

因此，我認為從收入的角度來看，我們預計能夠再次超過我們基礎市場的成長，如果你看看他們的平均複合年增長率，他們已經能夠在過去三年中證明這一點。

As far as synergies, again, minimal overlap, so we planned in relatively minimal synergies.

就協同效應而言，重疊最少，因此我們計劃的協同效應相對較小。

Mark guided what the revenue would be in his prepared remarks.

馬克在他準備好的演講中指導了收入的情況。

Yes.

是的。

So Toshiya, we guided 50 for the year.

Toshiya，我們今年指導了 50 名。

We believe it will beat that.

我們相信它會打敗它。

If it delivers what we believe, we -- it's going to be accretive to the company gross margin.

如果它實現了我們的信念，我們——它將增加公司的毛利率。

We paid cash for it, but for dilution purposes, assumed debt.

我們為此支付了現金，但出於稀釋目的，承擔了債務。

And it would be slightly dilutive in June and then slightly accretive de minimis amount for the full year.

六月會略為稀釋，然後全年會略為增加。

And just as a follow-up to that, so is it fair to say the growth profile of Active-Semi is similar to that of the classic IDP business?

作為後續，可以公平地說 Active-Semi 的成長狀況與傳統 IDP 業務相似嗎？

Yes.

是的。

Similar, but a bit better.

類似，但更好一點。

And you asked about product categories, and they're really into 2 different areas.

您詢問了產品類別，它們實際上分為兩個不同的領域。

One is PMICs or power management ICs, and the other is in PACs or power application controllers.

一種是 PMIC 或電源管理 IC，另一種是 PAC 或電源應用控制器。

And both capabilities seem to offer significant advantages to their customers.

這兩種功能似乎都為其客戶提供了顯著的優勢。

The programmability has really helped them with time-to-market and also helped their customers with time-to-market, and that seems to have been a very nice discriminator in the areas that they're performing today.

可程式性確實幫助他們縮短了上市時間，也幫助了他們的客戶縮短了上市時間，這似乎是他們今天所從事的領域的一個非常好的區分因素。

Our next question will come from Karl Ackerman with Cowen and Company.

我們的下一個問題將來自考恩公司的卡爾·阿克曼。

Two quick clarification questions, if I may.

如果可以的話，我想快速澄清兩個問題。

Just going back to 5G infrastructure, you referenced some wins for massive MIMO.

回到 5G 基礎設施，您提到了大規模 MIMO 的一些勝利。

While that is ramping now, how do you see the dollar opportunity expand as macro shifts -- macro cells shift from LTE to 5G?

雖然現在這種情況正在增加，但您如何看待美元機會隨著宏觀轉變（宏蜂窩從 LTE 轉向 5G）而擴大？

I think you just mentioned $600 million to $700 million for fiscal 2020.

我想您剛剛提到了 2020 財年的 6 億至 7 億美元。

Is that back-end loaded this year?

今年後端加載了嗎？

And how do we see that ramping in your fiscal 2021?

我們如何看待 2021 財年的成長？

Yes.

是的。

So $600 million to $700 million opportunity for us as we go through this fiscal year.

因此，在本財年中，我們將獲得 6 億至 7 億美元的機會。

About $1 billion opportunity as we go into next fiscal year.

當我們進入下一財年時，機會約為 10 億美元。

And the ramp is an ongoing endeavor.

坡道是一項持續的努力。

As I talked about, we expect our base station business to be about double this year.

正如我所說，我們預計今年的基地台業務將成長一倍左右。

And based on the TAM and our ability to win in the markets, we would expect it to go up about another 50% as we go into next year, and we're not guiding that, but just our ability to win and what we see going on in the TAM.

根據 TAM 和我們在市場上獲勝的能力，我們預計明年它會再上漲 50% 左右，我們不是在指導這一點，而是我們的獲勝能力和我們所看到的TAM 中正在發生。

Now that's based on the transition from macro to massive MIMO and the significant content increases in RF as you make that transition.

現在，這是基於從宏 MIMO 到大規模 MIMO 的過渡，並且在進行過渡時 RF 內容會顯著增加。

We talked about before an 8 to 12x RF content increase as you go from a macro base station to a massive MIMO base station.

我們之前討論過，當您從宏基地台轉向大規模 MIMO 基地台時，射頻內容會增加 8 到 12 倍。

And adoption rates, somewhere in that 30% to 50% range of the base stations will have MIMO capability.

從採用率來看，30% 到 50% 的基地台將具有 MIMO 功能。

Very helpful.

很有幫助。

If I may go back to just mobile.

如果我可以回到手機的話。

How would you characterize your inventory across China handset OEMs?

您如何評價中國手機 OEM 廠商的庫存？

Because there seems to have been a near-term buildup of inventory in Q1, but I'm curious if your outlook implies a further component buildup or rather a drawdown from China handset OEMs.

因為第一季庫存似乎近期有所增加，但我很好奇您的前景是否意味著中國手機原始設備製造商將進一步增加零件，或減少庫存。

And if this demand is not ephemeral, why are you not restarting BAW filter production at your Farmers Branch fab?

如果這種需求不是短暫的，為什麼您不在 Farmers Branch 工廠重新啟動 BAW 濾波器生產？

I'll take the question on inventory to start with.

我將從庫存問題開始。

I'm glad you asked actually.

我很高興你真的問了。

The channel inventory that we have, our component inventory in the channel is at historic lows actually.

我們擁有的通路庫存，我們在通路中的零件庫存實際上處於歷史低點。

That's one of the things over last year that we've been working really hard on is building systems and so forth that allow us to run at a very, very lean inventory in the channel.

這是我們去年一直在努力工作的事情之一，就是建立系統等，使我們能夠在渠道中以非常非常精簡的庫存運行。

That's one of the reasons when we begin to see a turnaround like this, we see it immediately, and we absolutely are dedicated to maintaining that same discipline throughout this ramp, maintain incredibly low component inventory in that channel.

這就是當我們開始看到這樣的轉變時的原因之一，我們立即看到它，並且我們絕對致力於在整個增長過程中保持相同的紀律，在該渠道中保持令人難以置信的低組件庫存。

Regarding Farmers Branch restarting, as we, I think, mentioned last quarter probably, we did a lot of work on transitioning from 6-inch to 8-inch wafers to get more productivity out of the Richardson fab.

關於 Farmers Branch 的重啟，我認為我們可能在上個季度提到過，我們在從 6 英寸晶圓過渡到 8 英寸晶圓方面做了很多工作，以便從理查森晶圓廠獲得更高的生產力。

We're doing things with die size reductions.

我們正在努力縮小晶片尺寸。

We're doing everything we can to meet increased demand with as little bit of additional capital exposure as needed.

我們正在盡一切努力，以盡可能少的額外資本敞口來滿足不斷增長的需求。

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。

A question on wireless and understanding your expectation is cautious into the back half just because of the market.

由於市場的原因，關於無線和理解您的期望的問題在後半段是謹慎的。

For Qorvo specific, can you talk to just your dollar content kind of like-for-like in the back half of the year, year-over-year and how you're feeling about that visibility?

就 Qorvo 而言，您能否談談下半年您的美元含量以及同比情況，以及您對這種可見度的感受如何？

I'll take it, Eric.

我會接受的，艾瑞克。

So Craig, we're feeling really good about the work that we've done to expand the dollar content in the phones that are launching now.

克雷格，我們對我們為擴大現在推出的手機的美元含量所做的工作感到非常滿意。

We've got pretty good design wins in the second half that we believe we can continue to grow our content.

我們在下半年取得了相當不錯的設計勝利，我們相信我們可以繼續增加我們的內容。

My comments were, we're taking a very cautious view of the second half of the year.

我的評論是，我們對今年下半年持非常謹慎的看法。

In our quarterly call last quarter, we talked about mobile roughly staying flat for the year and IDP growing double digits.

在上個季度的季度電話會議中，我們談到了今年行動業務大致持平，而 IDP 則成長了兩位數。

We're kind of sticking with that.

我們堅持這一點。

We've seen some of these guys start off a little bit strong in the beginning of the year and kind of wane over the back half of the year.

我們看到其中一些人在年初開始時有點強勢，但在下半年有所減弱。

But there's no doubt in our mind that the dollar content in phones is increasing year-over-year.

但毫無疑問，手機中的美元成分正在逐年增加。

The RF TAM per phone is growing.

每部電話的 RF TAM 正在成長。

We also commented on 5G coming in a little bit faster.

我們也評論說 5G 的到來會更快一些。

I commented that, that's $1 billion in 2020, and we're going to start to see some of that later in the year.

我評論說，2020 年將達到 10 億美元，我們將在今年稍後開始看到其中的一些。

Where we're being cautious is not in our content, it's in units.

我們謹慎的地方不在於我們的內容，而在於單位。

Got it.

知道了。

Appreciate your clarifying.

感謝您的澄清。

And just as a follow-up in IDP, could you help maybe just frame the wireless infrastructure, not just 5G where there's tremendous growth happening, but just overall a rough range of what exposure you have to wireless infrastructure in aggregate today?

作為 IDP 的後續行動，您能否幫助建立無線基礎設施，不僅僅是正在發生巨大增長的 5G，而是總體上您目前對無線基礎設施的整體暴露範圍？

I mean we are, I guess, broadly exposed to the market, whether it be macro or MIMO and pretty much any of the frequency ranges that are being deployed today, and whether that be a 4G continuing to add capacity or a 5G base station.

我認為，我們廣泛接觸市場，無論是宏還是 MIMO，以及當今部署的幾乎任何頻率範圍，無論是持續增加容量的 4G 還是 5G 基地台。

A very, very broad portfolio of products, including all the receive side elements in the RF chain, plus now our ability to produce the power amplifiers with GaN technology.

非常非常廣泛的產品組合，包括射頻鏈中的所有接收側元件，加上現在我們有能力生產採用 GaN 技術的功率放大器。

So again, I would say very, very broad-based.

再次強調，我想說的是，基礎非常非常廣泛。

We are seeing the macro side of the business relatively flat and significant growth in the -- in MIMO deployments.

我們看到業務的宏觀方面相對平穩，但 MIMO 部署卻顯著成長。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

I had 2 as well.

我也有2個。

Bob, I just wanted to go back to this full year outlook.

鮑勃，我只想回顧一下全年展望。

And I think you are kind of justifiably conservative on the unit side, but you did mention that you expect content to grow for you.

我認為你在單位方面有點保守，但你確實提到你希望內容會為你增長。

Is that -- at every flagship customer?

每個旗艦客戶都是如此嗎？

Is that at some flagship customers?

是在一些旗艦客戶那裡嗎？

And if there are any content shifts, what do you think is causing that?

如果有任何內容變化，您認為是什麼原因造成的？

Is that technology?

那是技術嗎？

Is it pricing?

是定價嗎？

Is it something else?

難道是別的什麼？

Vivek, I appreciate the question.

維維克，我很欣賞這個問題。

I've tried, and that's why I was very cautious in my comments to not talk about future architectures other than generically the RF TAM.

我已經嘗試過，這就是為什麼我在評論中非常謹慎，除了一般性的 RF TAM 之外不談論未來的架構。

And I think that, that expansion continues.

我認為，這種擴張仍在繼續。

I think you've been around the RF industry long enough to know nobody wins every socket every time, and that goes for us and all our competitors.

我認為您在射頻行業工作了足夠長的時間，知道沒有人每次都能贏得每個插槽，這對我們和我們所有的競爭對手來說都是如此。

Sometimes it's performance, sometimes it's delivery, sometimes it's share balancing.

有時是性能，有時是交付，有時是份額平衡。

Rarely is it price because these guys mainly buy in the high end on performance.

很少有價格，因為這些人主要購買高端產品以提高性能。

So all of that applies to my comments.

所以所有這些都適用於我的評論。

Understand.

理解。

And Bob, as we look forward to the 5G era, I think you mentioned about $1 billion opportunity at some time.

鮑勃，當我們展望 5G 時代時，我想您在某個時候提到了大約 10 億美元的機會。

What is the incremental content from 4G to 5G?

4G到5G的增量內容是什麼？

Because when I go back to some of the very good presentations you guys have made before, it's about 5 to 7 incremental dollars as you go from 4G to 5G.

因為當我回顧你們之前所做的一些非常好的演示時，我發現從 4G 到 5G 大約會增加 5 到 7 美元。

So when you talk about that $1 billion, are you talking about the incremental?

那麼，當您談論這 10 億美元時，您是在談論增量嗎？

Or are you saying that it's $1 billion over the entire RF content in the phone, which could be over $30?

還是你是說手機中的整個 RF 內容要花費 10 億美元，而這可能會超過 30 美元？

So what does that $1 billion refer to?

那這10億美元指的是什麼呢？

Is it incremental or is it the absolute RF content in 5G devices?

5G 設備中的 RF 內容是增量還是絕對？

Yes.

是的。

Vivek, this is Eric.

維維克，這是埃里克。

As we talked about in our Analyst Day last year, we're attributing $1 billion of TAM increase in calendar '20 to 5G.

正如我們在去年的分析師日中談到的，我們將 20 世紀 10 億美元的 TAM 成長歸因於 5G。

And as we commented, that includes the uplift in 4G content to be compatible with 5G.

正如我們所評論的，這包括 4G 內容的提升以與 5G 相容。

So when you drop a 5G band into a phone as an example, the 4G has to be able to accommodate that, of course, so it changes filtering requirements, and insertion loss and a lot of other parameters.

因此，當您將 5G 頻段放入手機中時，4G 當然必須能夠適應這一點，因此它會改變濾波要求、插入損耗和許多其他參數。

So that's not specific 5G-only devices, but in order to build a 5G phone, that's the entire added content for the 4G LTE advanced pro upgrades to be compatible with 5G.

因此，這不是特定的僅支援 5G 的設備，而是為了構建 5G 手機，這是 4G LTE 高級專業版升級以兼容 5G 的全部添加內容。

Our last question will come from Harsh Kumar with Piper Jaffray.

我們的最後一個問題將由 Harsh Kumar 和 Piper Jaffray 提出。

Mark, can I ask you, as you look at your gross margin profile, do you think as it builds towards the 48% for the full year, do you think you might be able to exit very close to 50% or possibly even slightly over that?

馬克，我可以問你一下，當你查看你的毛利率狀況時，你認為隨著全年毛利率朝著48% 的方向發展，你是否認為你可能能夠以非常接近50% 甚至略高於50 % 的水平退出？那？

Or is that kind of out of the pocket at this time?

或者現在是從口袋裡掏錢的？

Yes.

是的。

We're not guiding quarters, Harsh.

我們不是引導宿舍，哈什。

If -- based on what I gave, we're starting at 45% to 45.5%.

如果—根據我給出的數據，我們的起始比例是 45% 到 45.5%。

We have a full year of 48%.

我們全年的成長率為 48%。

I said that the second quarter will be between those 2. You do the math, you're in the high 40s in the back half.

我說過第二季將介於這兩者之間。你算一下，你在後半段處於 40 多歲的位置。

So this is very early in the year.

所以現在還很早。

We're coming off a very challenging 6 months, so I hesitate to give any more than we're just working hard in a number of ways to expand gross margin.

我們即將度過充滿挑戰的 6 個月，所以除了我們正在以多種方式努力擴大毛利率之外，我猶豫是否要付出更多。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

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

此時，我想將電話轉回給管理階層進行總結發言。

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 our upcoming investor presentations, and we look forward to speaking with you on our fiscal '20 first quarter call.

我們希望在即將舉行的投資者演示會上見到您，並期待在 20 財年第一季電話會議上與您交談。

Thank you, and have a good night.

謝謝你，祝你有個美好的夜晚。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

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

今天的電話會議到此結束，您現在可以掛斷電話了。

Please enjoy the rest of your day.

請享受您剩下的一天。