科沃 (QRVO) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Qorvo, Inc. Q1 2023 Conference Call. As a reminder, today's conference is being recorded. At this time, I would like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Qorvo, Inc. 2023 年第一季度電話會議。提醒一下，今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Douglas DeLieto。請繼續，先生。

Thanks very much. Hello, everybody, and welcome to Qorvo's Fiscal 2023 First Quarter Earnings Conference Call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings release published today as well as the risk factors associated with our business and our annual report on Form 10-K filed with the SEC because these risk factors may affect our operations and financial results.

非常感謝。大家好，歡迎參加 Qorvo 的 2023 財年第一季度收益電話會議。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。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. 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. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website at qorvo.com under Investors.

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。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。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。如需 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”欄目中找到。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, Interim CFO; as well as Eric Creviston, Philip Chesley and other members of Qorvo's management team. And with that, I'll turn the call over to Bob.

今天加入我們的是總裁兼首席執行官 Bob Bruggeworth； Grant Brown，臨時首席財務官；以及 Eric Creviston、Philip Chesley 和 Qorvo 管理團隊的其他成員。有了這個，我會把電話轉給鮑勃。

Thanks, Doug, and welcome, everyone, to our call. Qorvo delivered fiscal first quarter revenue and EPS above the midpoint of the outlook provided on our May 4 earnings call. In IDP, June revenue was broad-based across markets, with strength in power, defense and infrastructure. The diverse markets served by IDP are exposed to an expanding list of long-term drivers, including enterprise, smart home, automotive connectivity, electric vehicles, battery power tools, infrastructure and defense radar and comms.

謝謝，Doug，歡迎大家來電。 Qorvo 的第一財季收入和每股收益高於我們 5 月 4 日財報電話會議提供的展望中點。在 IDP 中，6 月份的收入基礎廣泛，涵蓋各個市場，在電力、國防和基礎設施方面表現強勁。 IDP 服務的多元化市場面臨著不斷擴大的長期驅動因素，包括企業、智能家居、汽車連接、電動汽車、電池電動工具、基礎設施以及國防雷達和通信。

In Mobile Products, June revenue was diversified across customers and product categories. Qorvo grew year-over-year, excluding China-based customers, while securing noteworthy design wins and content gains across customers and high-volume platforms. Qorvo is exceptionally well positioned in cellular applications, with a long-term outlook supported by growing content and integration trends.

在移動產品方面，6 月份的收入在客戶和產品類別中呈現多元化。 Qorvo 同比增長（不包括中國客戶），同時在客戶和大容量平台上獲得了顯著的設計勝利和內容收益。 Qorvo 在蜂窩應用領域的定位非常出色，其長期前景受到不斷增長的內容和集成趨勢的支持。

Now let's look at some of the quarterly highlights. In ultra-wideband, we completed MFI certification of interoperability of our ultra-wideband solutions with the Apple U1 chip used in supported iPhones and Apple Watch models. This will enable developers to create innovative new products and accessories that interact seamlessly with their environment, leveraging the full power and precision of UWB technology provided by Qorvo.

現在讓我們看看一些季度亮點。在超寬帶方面，我們完成了超寬帶解決方案與支持的 iPhone 和 Apple Watch 機型中使用的 Apple U1 芯片互操作性的 MFI 認證。這將使開發人員能夠利用 Qorvo 提供的 UWB 技術的全部功能和精度，創建與環境無縫交互的創新新產品和配件。

In MEMS-based sensors, Qorvo commenced shipments of force sensors, which enhance industrial design and improve trackpad uniformity and reliability in a recently launched consumer laptop. The content opportunity in trackpad applications typically includes 4 MEMS sensors. For Matter-enabled applications, we launched a new development kit for gateway and connected devices. Qorvo's Matter solutions streamlined commercial development of smart home applications, including home hubs, mesh lighting, security, speakers and other connectivity and sensing applications.

在基於 MEMS 的傳感器方面，Qorvo 開始出貨力傳感器，這在最近推出的消費類筆記本電腦中增強了工業設計並提高了觸控板的一致性和可靠性。觸控板應用中的內容機會通常包括 4 個 MEMS 傳感器。對於支持 Matter 的應用程序，我們為網關和連接設備推出了新的開發套件。 Qorvo 的 Matter 解決方案簡化了智能家居應用的商業開發，包括家居集線器、網狀照明、安全、揚聲器和其他連接和傳感應用。

In automotive connectivity, we secured WiFi 6 design wins for an infotainment system at General Motors. We also validated WiFi fixed placements on a reference design for a top automotive WiFi chipset supplier. In biosensors, we obtained FDA emergency use authorization of our Omnia diagnostic test platform using BAW technology for COVID antigen detection. This expands upon the previous EUA to include a significantly larger point-of-care testing market outside of labs, such as physician offices, urgent care, retail pharmacies, employee health testing and other locations that operate under CLIA Waiver.

在汽車連接方面，我們為通用汽車的信息娛樂系統贏得了 WiFi 6 設計大獎。我們還為頂級汽車 WiFi 芯片組供應商在參考設計上驗證了 WiFi 固定佈局。在生物傳感器方面，我們的 Omnia 診斷測試平台獲得 FDA 緊急使用授權，該平台使用 BAW 技術進行 COVID 抗原檢測。這在之前的 EUA 的基礎上進行了擴展，包括實驗室之外更大的即時檢測市場，例如醫生辦公室、緊急護理、零售藥店、員工健康檢測和其他在 CLIA 豁免下運營的地點。

In power management, we were awarded our first design wins to supply enterprise-class PMICs for data center applications. This achievement includes multiple customers and build upon our strength in consumer applications. Our power management offerings leverage a unique architecture that delivers measurable innovation and value, and that is helping to extend power management into other markets, including defense. In automotive power applications, Qorvo was recognized with an innovation award from American Axle & Manufacturing for superior efficiency using our silicon carbide devices in power conversion applications. We also secured a silicon carbide win with a leading solar inverter manufacturer serving the U.S. and Europe, expanding beyond our position in residential energy storage.

在電源管理方面，我們獲得了為數據中心應用提供企業級 PMIC 的首個設計獎項。這一成就包括多個客戶，並建立在我們在消費者應用領域的實力之上。我們的電源管理產品利用獨特的架構來提供可衡量的創新和價值，這有助於將電源管理擴展到包括國防在內的其他市場。在汽車電源應用中，Qorvo 因其在電源轉換應用中使用我們的碳化矽器件的卓越效率而獲得了 American Axle & Manufacturing 的創新獎。我們還與一家為美國和歐洲服務的領先太陽能逆變器製造商贏得了碳化矽的勝利，超越了我們在住宅儲能領域的地位。

In defense and aerospace, we are recognized by Raytheon Technologies with their premier award for performance and overall excellence in both collaboration and technology and innovation. We also initiated a strategic alliance with a large U.S. defense prime for package development and assembly, leveraging our advanced microwave module assembly facility in Richardson, Texas. In Mobile Products, we expanded our content in a Korean-based OEM with the first shipment of our low-band pads to this customer. We also commenced the volume ramp of the industry's first complete main path solution for Phase 7 LE, supporting multiple mass market programs at Honor. Qorvo's RF Fusion for Phase 7 LE enables broader operator coverage and reduces implementation area in customer devices.

在國防和航空航天領域，我們因在協作、技術和創新方面的表現和整體卓越表現而獲得雷神技術公司的認可。我們還利用我們位於得克薩斯州理查森的先進微波模塊組裝設施，與美國大型國防巨頭建立了封裝開發和組裝戰略聯盟。在移動產品方面，我們在一家韓國 OEM 中擴展了我們的內容，向該客戶首次發貨了我們的低頻段墊。我們還開始了業界首個完整的 LE 7 期主路徑解決方案的量產，支持榮耀的多個大眾市場計劃。 Qorvo 用於 Phase 7 LE 的 RF Fusion 可實現更廣泛的運營商覆蓋範圍並減少客戶設備中的實施面積。

For U.S.-based Android OEM, we ramp shipments of our mid-high-band pad antennaplexer with integrated LNA, ultra-high-band DRx antenna tuners and ultra-wideband solution in support of an upcoming smartphone launch. Both the ultrahigh-band DRx and the antennaplexer with LNA represent new product categories for Qorvo.

對於美國的 Android OEM，我們增加了我們的中高頻段平板天線復用器的出貨量，其中集成了 LNA、超高頻段 DRx 天線調諧器和超寬帶解決方案，以支持即將推出的智能手機。超高頻 DRx 和帶 LNA 的天線復用器都代表了 Qorvo 的新產品類別。

Lastly, we received our first production order for MEMS-based antenna solutions in support of a high-end gaming smartphone. These are the first volume commercial orders of our MEMS antenna solutions, which increased efficiency and improved throughput.

最後，我們收到了第一份基於 MEMS 的天線解決方案的生產訂單，以支持高端遊戲智能手機。這是我們 MEMS 天線解決方案的第一批商業訂單，提高了效率和吞吐量。

Before turning the call over to Grant, I'm pleased to announce a new organizational structure. Qorvo is now organized into 3 segments: Connectivity and Sensors, High-performance Analog and Advanced Cellular. Eric Creviston is leading the Connectivity and Sensors Group. CSG is a leading global supplier of connectivity systems and components, including ultra-wideband, Bluetooth, Matter, WiFi, cellular IoT and MEMS sensors. CSG combines the connectivity business formally split between IDP and mobile products. CSG's markets include smart home, automotive connectivity, industrial automation, smartphones, wearables, gaming and other high-growth IoT connectivity and health care markets. We expect the markets served by connectivity and sensors to support strong double-digit annual growth over the long term.

在將電話轉給格蘭特之前，我很高興地宣布一個新的組織結構。 Qorvo 現在分為 3 個部分：連接和傳感器、高性能模擬和高級蜂窩。 Eric Creviston 領導連接和傳感器組。 CSG 是全球領先的連接系統和組件供應商，包括超寬帶、藍牙、Matter、WiFi、蜂窩物聯網和 MEMS 傳感器。 CSG 結合了 IDP 和移動產品之間正式拆分的連接業務。 CSG 的市場包括智能家居、汽車連接、工業自動化、智能手機、可穿戴設備、遊戲和其他高增長的物聯網連接和醫療保健市場。我們預計連接和傳感器所服務的市場將長期支持強勁的兩位數年增長。

Philip Chesley is leading High-performance Analog. HPA is a leading global supplier of RF and power management solutions for infrastructure, defense and aerospace, automotive power and other high-growth markets. HPA leverages a diverse portfolio of differentiated technologies and products to support multiyear drivers, including electrification, renewable energy, the increasing semiconductor spend in defense and 5G deployments outside of China. We expect the market served by HPA to support double-digit annual growth over the long term.

Philip Chesley 是高性能模擬的領導者。 HPA 是為基礎設施、國防和航空航天、汽車電源和其他高增長市場提供射頻和電源管理解決方案的全球領先供應商。 HPA 利用多樣化的差異化技術和產品組合來支持多年的驅動因素，包括電氣化、可再生能源、不斷增加的國防半導體支出和中國以外的 5G 部署。我們預計 HPA 服務的市場將長期支持兩位數的年增長。

Frank Stewart, who most recently served as General Manager of the RF Solutions business unit and mobile products, is leading the advanced cellular group. ACG is a leading global supplier of cellular RF solutions for a variety of devices, primarily smartphones, wearables, laptops and tablets. ACG leverages world-class technology, systems-level expertise and product portfolio breadth to deliver high-performing cellular products to the world's leading smartphone and consumer electronics companies. It is a highly diversified supplier of custom and open market cellular solutions with a broad reach across iOS and Android OEMs. We expect the market served by ACG to support high single-digit annual growth over the long term.

最近擔任射頻解決方案業務部門和移動產品總經理的弗蘭克·斯圖爾特 (Frank Stewart) 領導了先進的蜂窩業務部門。 ACG 是為各種設備（主要是智能手機、可穿戴設備、筆記本電腦和平板電腦）提供蜂窩射頻解決方案的全球領先供應商。 ACG 利用世界一流的技術、系統級專業知識和產品組合廣度為世界領先的智能手機和消費電子公司提供高性能蜂窩產品。它是一家高度多元化的定制和開放市場蜂窩解決方案供應商，在 iOS 和 Android OEM 中具有廣泛的影響力。我們預計 ACG 服務的市場將長期支持高個位數的年增長率。

We've also centralized our sales teams under Dave Fullwood, who most recently served as Vice President of Sales of Mobile Products. The 3 new segments align our technologies and applications more closely with our customers and end markets, and our global sales force will capitalize on opportunities across customers and markets to accelerate long-term diversified growth. Within each segment, Qorvo will continue to leverage core strengths in process and packaging technologies, manufacturing scale, systems-level expertise and deep relationships with customers and suppliers to enable a greener and more connected world.

我們還將我們的銷售團隊集中在最近擔任移動產品銷售副總裁的 Dave Fullwood 的領導下。這 3 個新部門將我們的技術和應用與我們的客戶和終端市場更緊密地結合在一起，我們的全球銷售團隊將利用跨客戶和市場的機會加速長期多元化增長。在每個細分市場中，Qorvo 將繼續利用在工藝和封裝技術、製造規模、系統級專業知識以及與客戶和供應商的深厚關係方面的核心優勢，打造一個更環保、更互聯的世界。

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

有了這個，我把電話交給了格蘭特。

Thanks, Bob, and good afternoon, everyone. Following up on Bob's comments about the new order structure, when discussing results for fiscal Q1, we will refer to the operating segments that were effective during that period, Mobile Products and IDP. Our forward-looking comments, however, will refer to the new operating segments, Connectivity and Sensors, High-Performance Analog and Advanced Cellular.

謝謝，鮑勃，大家下午好。繼 Bob 對新訂單結構的評論之後，在討論第一財季的業績時，我們將參考該期間有效的運營部門，即移動產品和 IDP。然而，我們的前瞻性評論將涉及新的運營部門、連接和傳感器、高性能模擬和高級蜂窩。

Beginning with our fiscal second quarter 10-Q, our historical financial statements will be recast into the new operating segments.

從我們的第二財季 10-Q 開始，我們的歷史財務報表將重新納入新的運營部門。

With that said, I'll now turn to our June results. Revenue for the first quarter of fiscal 2023 was $1.35 billion, $10 million above the midpoint of our guidance. Mobile Products revenue of $733 million was down year-over-year and sequentially, reflecting the impact of global macroeconomic events on smartphone volumes, primarily within the Android ecosystem. Infrastructure and Defense Products revenue of $302 million was up double digits year-over-year, driven by strength across power, defense and infrastructure.

話雖如此，我現在將轉向我們 6 月份的結果。 2023財年第一季度的收入為13.5億美元，比我們指導的中點高出1000萬美元。移動產品收入為 7.33 億美元，同比和環比下降，反映了全球宏觀經濟事件對智能手機銷量的影響，主要是在 Android 生態系統內。基礎設施和國防產品收入為 3.02 億美元，同比增長兩位數，這得益於電力、國防和基礎設施領域的實力。

On a non-GAAP basis, gross margin in the June quarter was 50%, in line with our guidance. The quarter benefited from stronger product mix, offset by higher than typical inventory-related charges. On a GAAP basis, gross margin was impacted by a long-term capacity agreement. Amidst widespread supply constraints during the second quarter of last fiscal year, we entered into a capacity reservation agreement with a silicon foundry supplier. Ongoing events, including COVID mitigation efforts in China, the war in Ukraine, global supply chain disruptions and other factors have negatively impacted the global demand environment within a short period of time. Consequently, customer demand no longer supports the minimum purchase commitments for the agreement. We believe this situation is not normal and does not accurately reflect the performance of our ongoing business. A complete reconciliation of GAAP to non-GAAP financial measures can be found in our press release, and additional information will be available in our upcoming 10-Q filing.

在非公認會計原則的基礎上，6 月季度的毛利率為 50%，符合我們的指導。本季度受益於更強勁的產品組合，但被高於典型的庫存相關費用所抵消。根據公認會計原則，毛利率受到長期產能協議的影響。在上一財年第二季度普遍存在供應限制的情況下，我們與一家矽代工供應商簽訂了產能預留協議。持續發生的事件，包括中國的 COVID 緩解工作、烏克蘭戰爭、全球供應鏈中斷和其他因素，在短時間內對全球需求環境產生了負面影響。因此，客戶需求不再支持協議的最低購買承諾。我們認為這種情況是不正常的，並且不能準確反映我們正在進行的業務的表現。可以在我們的新聞稿中找到 GAAP 與非 GAAP 財務指標的完全對賬，更多信息將在我們即將提交的 10-Q 文件中提供。

Non-GAAP operating expenses in the first quarter were $234 million, $11 million lower than our guidance, due to the timing of product development spend as well as employee-related expenses. Year-over-year, operating expenses were up $18 million, primarily related to recently acquired company OpEx and new product investments, partially offset by lower incentive compensation.

由於產品開發支出的時間安排以及與員工相關的費用，第一季度非 GAAP 運營費用為 2.34 億美元，比我們的指導低 1100 萬美元。與去年同期相比，運營費用增加了 1800 萬美元，主要與最近收購的公司運營支出和新產品投資有關，部分被較低的激勵薪酬所抵消。

Non-GAAP operating income in the June quarter was $284 million or 27.5% of sales. Non-GAAP net income in the first quarter was $238 million, and diluted earnings per share of $2.25 was $0.12 above the midpoint of our guidance.

六月季度的非公認會計原則營業收入為 2.84 億美元，佔銷售額的 27.5%。第一季度非 GAAP 淨收入為 2.38 億美元，每股攤薄收益為 2.25 美元，比我們指導的中點高 0.12 美元。

Cash flow from operations in the first quarter was $273 million. Capital expenditures in the quarter were $43 million and remain concentrated in areas where we see continued demand for our differentiated technologies. Free cash flow was $230 million, and we repurchased $350 million worth of shares during the quarter. The rate and pace in which we repurchased shares is based on our long-term outlook, low leverage, alternative uses of cash and other factors.

第一季度的運營現金流為 2.73 億美元。本季度的資本支出為 4300 萬美元，仍集中在我們認為對我們的差異化技術有持續需求的領域。自由現金流為 2.3 億美元，我們在本季度回購了價值 3.5 億美元的股票。我們回購股票的速度和速度取決於我們的長期前景、低杠桿率、現金的替代用途和其他因素。

Turning to the balance sheet. As of the June quarter end, we had approximately $2 billion of debt outstanding and $859 million of cash and equivalents.

轉向資產負債表。截至 6 月季度末，我們有大約 20 億美元的未償債務和 8.59 億美元的現金及等價物。

Now turning to our current quarter outlook. We expect revenue between $1.120 billion and $1.150 billion, non-GAAP gross margin between 49% and 50%, and non-GAAP diluted earnings per share in the range of $2.45 to $2.65. We ended the June quarter with $847 million of inventory, reflecting seasonal new product ramps and the macroeconomic factors previously discussed. Our current view of the second half of the fiscal year reflects lower demand, and we will reduce factory utilization to improve our inventory position. These actions will impact gross margin in the second half, and we currently expect non-GAAP gross margin for the full fiscal year to be approximately 48%. We project non-GAAP operating expenses in the second quarter to be approximately $240 million, below the operating income line, other expense will be approximately $16 million, reflecting the interest paid on our fixed rate debt, offset by interest income earned on our cash balances, along with other items. Our non-GAAP tax rate for the full fiscal year is expected to be approximately 11.25% due to the absolute level and geographic mix of pretax profit as well as the impact of a U.S. tax law change related to R&D capitalization, among other factors.

現在轉向我們當前的季度展望。我們預計收入在 11.2 億美元至 11.50 億美元之間，非公認會計原則毛利率在 49% 至 50% 之間，非公認會計原則攤薄後每股收益在 2.45 美元至 2.65 美元之間。我們以 8.47 億美元的庫存結束了 6 月季度，這反映了季節性新產品的增加和之前討論的宏觀經濟因素。我們目前對本財年下半年的看法反映了需求下降，我們將降低工廠利用率以改善我們的庫存狀況。這些行動將影響下半年的毛利率，我們目前預計整個財年的非美國通用會計準則毛利率約為 48%。我們預計第二季度非公認會計原則的運營費用約為 2.4 億美元，低於運營收入線，其他費用將約為 1600 萬美元，反映了我們為固定利率債務支付的利息，被我們的現金餘額賺取的利息收入所抵消，以及其他項目。由於稅前利潤的絕對水平和地域組合以及與研發資本化相關的美國稅法變更的影響等因素，我們整個財年的非公認會計原則稅率預計約為 11.25%。

Despite the broadly recognized macroeconomic challenges impacting our industry and our near-term view, Qorvo's long-term business outlook remains positive. Connectivity and electrification trends are accelerating, and product performance requirements continue to increase. We are expanding our opportunities across markets, customers and product categories while maintaining our commitment to technology leadership, portfolio management, productivity gains and reduced capital intensity. In addition, we believe our new business group structure better aligns our organization with our end markets and highlights the strength of our broad product portfolio. We are well positioned for long-term diversified growth and remain focused on free cash flow as we navigate the current environment.

儘管廣泛認可的宏觀經濟挑戰影響著我們的行業和我們的近期觀點，但 Qorvo 的長期業務前景仍然樂觀。連接性和電氣化趨勢正在加速，產品性能要求不斷提高。我們正在擴大我們在市場、客戶和產品類別中的機會，同時保持我們對技術領先、投資組合管理、生產力提高和降低資本密集度的承諾。此外，我們相信我們新的業務組結構可以更好地使我們的組織與我們的終端市場保持一致，並突出我們廣泛產品組合的實力。我們為長期多元化增長做好了準備，並在我們駕馭當前環境時繼續專注於自由現金流。

That concludes our formal remarks for the quarter. At this time, please open the line for questions. Thank you.

我們對本季度的正式評論到此結束。此時，請打開線路提問。謝謝你。

(Operator Instructions) And we'll take our first question from Matt Ramsay with Cowen.

（操作員說明）我們將回答 Matt Ramsay 和 Cowen 的第一個問題。

I wanted to ask some questions, Grant, on some of the commentary that you gave there at the end of your script around some potential for lower revenue levels and some compression in gross margin in the second half of the fiscal year. If you guys have any quantification of any of those things and in particular the drivers of that, is that some of the sort of well-documented mid-tier Android weakness that some of your peers have talked about? Or are there other things going on there?

格蘭特，我想問一些問題，關於你在劇本結尾處給出的一些評論，這些評論是關於本財年下半年收入水平降低和毛利率有所壓縮的一些可能性。如果你們對這些事情有任何量化，尤其是其中的驅動因素，那是你們的一些同行談到的那種有據可查的中端 Android 弱點嗎？還是那裡發生了其他事情？

Yes, Matt, I think you got it. It all starts with those macroeconomic events that we mentioned that are impacting everyone, right? For Qorvo, as you pointed out, the important driver there is the 5G phones in the areas that you mentioned. Earlier this year, we set up a $750 million in calendar '22 and then revised that in May to between $650 million and $675 million, where the revenue impact to us was approximately $250 million in the June and September quarters. Since then, as you mentioned, the macroeconomic environment has worsened. Android-based customers that pulled back and the channel inventories have grown. So -- now we see fewer 5G units in calendar '22 as overall demand continues to reflect those macro pressures.

是的，馬特，我想你明白了。這一切都始於我們提到的影響每個人的宏觀經濟事件，對吧？正如您所指出的，對於 Qorvo，重要的驅動因素是您提到的領域的 5G 手機。今年早些時候，我們在 '22 日曆中設置了 7.5 億美元，然後在 5 月將其修改為 6.5 億美元至 6.75 億美元之間，其中 6 月和 9 月季度對我們的收入影響約為 2.5 億美元。從那以後，正如你所提到的，宏觀經濟環境惡化了。基於 Android 的客戶撤出，渠道庫存增加。所以 - 現在我們看到 22 年日曆中的 5G 單元減少，因為整體需求繼續反映這些宏觀壓力。

In total for Qorvo, I touched on it in my prepared remarks, but the weakness that we saw there implies a fiscal second half is down approximately 10% from the first half. But that said, we currently expect the December quarter to be the low point for our Android-based business. I realize that's a lot of detail there to hit your question, but I hope that provides some context around the margin guidance of 48% for the full fiscal year. I really want to be clear, right? We're taking active steps to improve our inventory position and lowering utilization in order to align with the demand.

對於 Qorvo，我在準備好的發言中談到了這一點，但我們在那裡看到的疲軟意味著下半財年比上半財年下降了約 10%。但話雖如此，我們目前預計 12 月季度將是我們基於 Android 的業務的低點。我意識到有很多細節可以解決你的問題，但我希望這能為整個財年的 48% 的利潤率指導提供一些背景信息。我真的很想清楚，對吧？我們正在採取積極措施來改善我們的庫存狀況並降低利用率，以適應需求。

I appreciate all the detail there. I know that's a lot of information to get out. As my follow-up question, I wanted to ask about the charges that you guys took against sort of prepaid or reserve foundry capacity. I think it was $110 million that was taken in the June quarter and excluded from the non-GAAP results. If you could maybe walk us through what commitments weren't met, which product lines or segments those might have been in? And just the decision to exclude those from the non-GAAP results, like what were the puts and takes on a decision like that? I know the macros and unusual things are going on now, but it seems like also more akin to normal sort of business operations with customers on inventory builds and digestion than sort of one-time items. So I'm just kind of curious around the puts and takes there.

我很欣賞那裡的所有細節。我知道有很多信息要出去。作為我的後續問題，我想問一下你們對預付費或儲備代工廠能力的收費。我認為這是 1.1 億美元，在 6 月季度被拿走，並被排除在非公認會計原則的結果之外。如果您能告訴我們哪些承諾沒有得到滿足，哪些產品線或細分市場可能已經完成？只是決定將那些從非公認會計原則結果中排除，比如看跌期權和接受這樣的決定是什麼？我知道現在正在發生宏觀和不尋常的事情，但它似乎也更類似於與客戶進行庫存構建和消化的正常業務運營，而不是一次性項目。所以我只是對看跌期權和接受期權有點好奇。

Yes, sure. In terms of the charge itself, right, maybe I'll start there and then I'll talk about the GAAP-only treatment. But the charge itself, I think we've appropriately accounted for the impact, both present and future. As you mentioned, it represents about $110 million charge and touches all the elements of that long-term supply agreement that share the same root cause, right? The existing material and the incoming material, the deposit -- purchase commitment liability that, more directly to your question, represents the view of the impact over the remaining life of the agreement. We actually continue to place POs with the supplier for material that supports our current order levels, and we're working with them to negotiate the terms of that agreement. Based on that, we determined it wasn't representative of our ongoing business and decided that it wasn't going to fall into our non-GAAP cost of goods sold.

是的，當然。就收費本身而言，對，也許我會從那裡開始，然後我會談談僅 GAAP 的處理。但是收費本身，我認為我們已經適當地考慮了現在和未來的影響。正如你所提到的，它代表了大約 1.1 億美元的費用，涉及到長期供應協議中具有相同根本原因的所有要素，對吧？現有材料和進貨材料，即押金——購買承諾責任，更直接地針對您的問題，代表了對協議剩餘期限的影響的看法。實際上，我們會繼續向供應商提交支持我們當前訂單水平的材料的採購訂單，並且我們正在與他們合作協商該協議的條款。基於此，我們確定它不代表我們正在進行的業務，並決定它不會落入我們的非公認會計原則的銷售商品成本中。

Next, we'll hear from Vivek Arya with Bank of America.

接下來，我們將聽取美國銀行的 Vivek Arya 的來信。

I'm curious to get your sense for the remaining amount of RF component inventory - among your Android customers. So I appreciate that you have given a high-level outlook for the second half of the fiscal year, and you mentioned December could be the bottom. So is it based on the expectation this all clears up in December? Because March tends to be seasonally weaker. So are you saying March is going to be above December? I'm just curious how to think through the trajectory and think through how much inventory is still left in the channel.

我很想知道您的 Android 客戶中剩餘的 RF 組件庫存量。所以我很欣賞你對本財年下半年的高水平展望，你提到 12 月可能是底部。那麼它是基於12月這一切都會清理的預期嗎？因為三月往往季節性較弱。所以你是說三月會超過十二月嗎？我只是好奇如何思考軌跡，思考渠道中還剩下多少庫存。

Yes, sure, Vivek. Let me try to put some comments around it. But I think given the nature of the events that are impacting that channel inventory, being macro and out of our control, it's hard for us to pin it down precisely. But given that backdrop with COVID lockdowns in China, the war in Ukraine, high inflation and all the other global macroeconomic challenges, obviously, we do see the inventories higher than normal, especially within the Android ecosystem. And most of the companies that we're selling to there were planning ordering and producing for much higher growth than the industry is currently experiencing. So it will take some time to bleed down that inventory, which is, again, why we're bringing factory utilization down to respond throughout our fiscal year, but we're not putting an exact time frame on it at this point.

是的，當然，維維克。讓我試著圍繞它發表一些評論。但我認為，鑑於影響渠道庫存的事件的性質、宏觀性和我們無法控制的情況，我們很難準確地確定它。但鑑於中國 COVID 封鎖、烏克蘭戰爭、高通脹和所有其他全球宏觀經濟挑戰的背景，顯然，我們確實看到庫存高於正常水平，尤其是在 Android 生態系統中。我們向那裡銷售的大多數公司都計劃訂購和生產，以實現比行業目前正在經歷的更高的增長。因此，需要一些時間來減少庫存，這也是為什麼我們要在整個財政年度降低工廠利用率以做出響應的原因，但我們目前還沒有給出確切的時間框架。

Vivek, this is Bob. I'll just add a little color there. I mean clearly, our customers are continuing to order from us, and we're continuing to ship to them, and we're making adjustments. But when we said it's the Android ecosystem is what's bottoming in December, it's coming back up in March, but I mean not to the levels it have been. So we still have ways to go there, just to be clear.

維維克，這是鮑勃。我會在那裡添加一點顏色。我的意思很清楚，我們的客戶繼續向我們訂購，我們繼續向他們發貨，我們正在進行調整。但是當我們說 Android 生態系統在 12 月觸底時，它會在 3 月回升，但我的意思是沒有達到它的水平。所以我們仍然有辦法去那裡，只是為了清楚。

Understood. And Bob, just as a follow-up kind of longer term, the industry seems to have a tougher time dealing with the China Android customers. Like every few years, there's inventory issue comes up because, right, they all hope to gain a lot of share from each other, order a lot of components and then there is this inventory buildup. What do you think you can do or are doing to help kind of diversify away from that dynamic?

明白了。而鮑勃，作為一種長期的後續行動，該行業似乎在與中國 Android 客戶打交道時更加艱難。就像每隔幾年就會出現庫存問題，因為，對，他們都希望從彼此那裡獲得很多份額，訂購很多組件，然後庫存就會增加。您認為您可以做些什麼或正在做些什麼來幫助擺脫這種動態？

Yes. I think, first of all, a little bit of a different view on this year is a little bit different from the perspective of their end market. I think we all expected at the beginning of the calendar year that the China market itself for 5G would grow very nicely as well as their export market for 5G, particularly in the Southeast Asia as well as into Eastern Europe and Europe. As you well know, things kind of changed with all the lockdowns within China. They have trouble even making phones, let alone people going out and buying phones. So that kind of shifted pretty significantly. And then when you layer on top of that the war in Ukraine, which starts to impact some of our Chinese-based customers, someone like Samsung, who Europe is one of their larger markets, clearly, what's going on there, the slowdown that we're seeing. So a little bit different dynamics. But I think what is important is it is that I think we've got a good handle on this. I don't think anybody was able to forecast the lasting impacts of COVID and the lockdowns.

是的。我認為，首先，對今年的看法有點不同，從他們終端市場的角度來看是有點不同的。我想我們都預計在年初的時候，中國的 5G 市場本身以及他們的 5G 出口市場都會增長得非常好，尤其是在東南亞以及東歐和歐洲。眾所周知，隨著中國境內的所有封鎖，情況發生了變化。他們連手機都做不好，更不用說人們出去買手機了。所以這種轉變相當顯著。然後當你在烏克蘭戰爭的基礎上，它開始影響我們的一些中國客戶，比如三星，歐洲是他們更大的市場之一，很明顯，那裡發生了什麼，我們的經濟放緩正在看。所以有點不同的動態。但我認為重要的是我認為我們已經很好地處理了這個問題。我認為沒有人能夠預測 COVID 和封鎖的持久影響。

Now with that said, with the 3 business segments we have, it is our goal, if you look at how we laid out the growth rates for each one of these, we will over time significantly improve the diversification of our business outside of handsets in general. And that's one of the things we're setting out to do. What we've done is to accelerate our growth and accelerate the development of technologies and new products for other markets. So that's some of the steps we're taking. But I think this year is a little bit different than what we've seen in the past out of our Chinese customers. Thank you.

話雖如此，我們擁有 3 個業務部門，這是我們的目標，如果你看看我們如何制定每個業務部門的增長率，隨著時間的推移，我們將顯著改善我們在手機之外的業務多元化一般的。這是我們打算做的事情之一。我們所做的是加速我們的增長，並加速為其他市場開發技術和新產品。這就是我們正在採取的一些步驟。但我認為今年與我們過去從中國客戶身上看到的情況有些不同。謝謝你。

And next, we'll hear from Gary Mobley with Wells Fargo.

接下來，我們將聽取富國銀行的 Gary Mobley 的來信。

So much of the discussion so far is focused on the mobile-related business, but maybe if you can give us an update on your view on how IDP is trending from both a demand perspective and supply perspective?

到目前為止，很多討論都集中在與移動相關的業務上，但如果您能從需求和供應角度向我們提供您對 IDP 趨勢的最新看法？

Thanks, Gary. This is Philip. So IT is doing well. We posted both quarter-over-quarter and year-over-year revenue growth. It really is somewhat market dependent. I will say that in our Defense and our Power segment, we continue to see strength. On the base station business, we do see some inventory buildup in that end market. It's actually kind of interesting. You have kind of 2 dynamics that are playing in that market where, in some cases, there's oversupply. In other cases, they can't get enough product in. So making that end market a little bit murkier there. But in Defense and Power, clearly, we're seeing a tailwind in those businesses.

謝謝，加里。這是菲利普。所以 IT 做得很好。我們公佈了季度環比和同比收入增長。它確實有點依賴市場。我會說，在我們的國防和電力部門，我們繼續看到實力。在基站業務方面，我們確實看到該終端市場的庫存有所增加。這實際上有點有趣。你有兩種動力在那個市場上發揮作用，在某些情況下，供應過剩。在其他情況下，他們無法獲得足夠的產品。因此，那裡的終端市場有點模糊。但在國防和電力領域，顯然，我們在這些業務中看到了順風。

Okay. And so I presume the resiliency that you're seeing in your September quarter primarily relates to an iOS build or a product cycle, but maybe the Android weakness is really manifesting and can't be disguised in the December quarter. So my question is, what does that Android business bottom out at as a percentage of revenue in the December quarter? Just trying to think about the base off which it bounces.

好的。因此，我假設您在 9 月季度看到的彈性主要與 iOS 構建或產品週期有關，但 Android 的弱點可能在 12 月季度真正顯現出來並且無法掩飾。所以我的問題是，Android 業務在 12 月季度的收入中所佔的百分比是多少？只是想想想它反彈的基礎。

Sure. Let me start, and then maybe Bob or Eric can fill in some more of the details. I think in terms of the December quarter, we would expect it to be below what we were talking about last quarter on the call. So certainly, it's coming down from what we talked about as a low point there expected in December. And that cuts across our Android-based customers in general. And Eric or Bob, if you'd like to add any more color on the market itself.

當然。讓我開始吧，然後也許 Bob 或 Eric 可以填寫更多細節。我認為就 12 月季度而言，我們預計它會低於我們上個季度在電話會議上所說的。因此，可以肯定的是，它正在從我們所說的 12 月預期的低點下降。這通常會影響我們基於 Android 的客戶。還有 Eric 或 Bob，如果您想在市場上添加更多顏色。

Yes, this is Eric. We've got -- it's -- it's an interesting dynamic because the team has done a great job actually of capturing design wins in Android, and we're launching a couple of major flagship phones, beginning to ramp in the December quarter and into March. And so we've got great content and share gains there. The only question is units, right? And that's going to be about the rate and pace of this inventory turn down, which is pretty hard to predict. So we've got a strong tailwind in terms of content and share gains, but just a massive headwind right now in digesting the channel inventory.

是的，這是埃里克。我們有 - 它是 - 這是一個有趣的動態，因為該團隊實際上在捕捉 Android 設計勝利方面做得很好，我們正在推出幾款主要的旗艦手機，從 12 月季度開始並進入行進。所以我們有很棒的內容並在那里分享收益。唯一的問題是單位，對吧？這將與庫存下降的速度和速度有關，這很難預測。因此，我們在內容和份額收益方面擁有強大的順風，但現在在消化渠道庫存方面只是一個巨大的逆風。

And moving on to Blayne Curtis of Barclays.

然後轉到巴克萊的 Blayne Curtis。

I had 2. Just for the September quarter. I know you're going to guide for the new segments, which we don't have. But just any color -- because obviously, you're talking about this weak second half of the fiscal year, but then you're growing in September. I think in the press release you called out better defense and power, but I was wondering if there's any other moving pieces you can steer us to for September.

我有 2 個。僅適用於 9 月季度。我知道您將指導我們沒有的新細分市場。但只是任何顏色——因為很明顯，你談論的是本財年下半年的疲軟，但隨後你在 9 月份增長。我認為在新聞稿中你提到了更好的防守和力量，但我想知道你是否可以在 9 月份引導我們前進。

Thanks, Blayne. And I kind of touched on a little bit, but we're ramping in 2 handset manufacturers, both here and the North America. That's driving good growth. Also, as you pointed out, our defense business is strong. Our power business is strong. We've got a few other smaller segments that are also doing well. And what's off is the Android ecosystem that we've been talking about, and we think we're going to drop a little bit more in December with that.

謝謝，布萊恩。我稍微談到了一點，但我們正在增加 2 家手機製造商，包括這里和北美。這推動了良好的增長。此外，正如您所指出的，我們的國防業務很強大。我們的電力業務很強大。我們還有一些其他較小的細分市場也表現良好。我們一直在談論的 Android 生態系統出了問題，我們認為我們將在 12 月進一步下降。

And then I just wanted to ask you in terms of the -- obviously, the chip stack needs to be fully fine. But just kind of curious, as you take a longer-term view, you're starting to talk more about defense, I'm just kind of curious if you can have any thoughts as to what that could mean for Qorvo?

然後我只是想問你——顯然，芯片堆棧需要完全沒問題。但是有點好奇，從長遠來看，你開始更多地談論防守，我只是有點好奇你是否能對這對 Qorvo 意味著什麼有任何想法？

Yes, Blayne, this is Philip. We've been partnered with the U.S. government for many years, right? I mean you've seen the releases from ship programs, the STARRY NITE, which is 90-nanometer GaN development. So for us, this partnership is kind of a natural cadence that we have in our business. When we look at the CHIPS Act, I think, for us, it expands the opportunities that we have. I think the good news for us is that we have. I think the good news for us is that we have a lot of relationships already. And we're looking at areas where we can basically expand kind of what we've done in the past with the CHIPS Act.

是的，布萊恩，這是菲利普。我們已經與美國政府合作多年，對吧？我的意思是你已經看到了 STARRY NITE 的發布計劃，它是 90 納米 GaN 開發。所以對我們來說，這種夥伴關係是我們業務中的一種自然節奏。當我們查看 CHIPS 法案時，我認為，對我們來說，它擴大了我們擁有的機會。我認為對我們來說好消息是我們有。我認為對我們來說好消息是我們已經建立了很多關係。我們正在研究可以基本上擴展我們過去通過 CHIPS 法案所做的工作的領域。

I'll add to that, Blayne. We're also a trusted foundry I want to remind the group for filters, GaN and high-performance GaAs products that support everything that Philip said. So I think we're going to be able to participate in that. And it's yet to be defined the actual process and the allocations and things like that. But as we continue to learn, we've been very active in the CHIPS Act.

我會補充一點，布萊恩。我們也是一家值得信賴的代工廠，我想提醒該小組的過濾器、GaN 和高性能 GaAs 產品，這些產品支持 Philip 所說的一切。所以我認為我們將能夠參與其中。實際流程和分配以及類似的事情尚未定義。但隨著我們不斷學習，我們在 CHIPS 法案中一直非常活躍。

Moving on to Toshiya Hari with Goldman Sachs.

與高盛一起前往 Toshiya Hari。

I had a follow-up question on inventory going forward. You talked about taking action here. Can you remind us how you would characterize normal inventory on your balance sheet, whether it be in dollars or days? And where do you expect to be exiting the calendar year or the fiscal year given some of the actions that you talked about?

我有一個關於庫存的後續問題。你談到在這裡採取行動。您能否提醒我們如何在資產負債表上描述正常庫存，無論是美元還是天數？鑑於您談到的一些行動，您預計日曆年或財政年度會在哪裡退出？

Yes, sure. In terms of inventory, we normally think of it as turns. So ideally, we would be operating at approximately high 3s to 4 turns was what we would consider more normal. Obviously, where we're sitting today is off the mark. And that -- or that's, I guess, going to be reflected in the utilization and gross margin going forward. So in terms of where we expect to end the year in dollar terms, right now, I predict it to be down. But again, I'm not going to guide that far out on the balance sheet at this point.

是的，當然。在庫存方面，我們通常認為是周轉。因此，理想情況下，我們將在大約 3 秒到 4 圈的高轉速下運行，這是我們認為更正常的情況。顯然，我們今天坐的位置是不合時宜的。那 - 或者那是，我猜，將反映在未來的利用率和毛利率中。因此，就我們預計以美元計算的年底而言，現在，我預測它會下降。但同樣，我現在不打算在資產負債表上指導那麼遠。

Got it. And then my second one is more of a clarification. You talked about the second half being down 10% half over half. Was that fiscal or calendar? And was it down 10% for the entire company, which is for mobile?

知道了。然後我的第二個是更多的澄清。你談到下半年下降了 10% 一半以上。那是財政還是日曆？整個公司（移動設備）是否下降了 10%？

For fiscal first and second half, and that's for the entire company.

對於上半年和下半年，這適用於整個公司。

Moving on to Edward Snyder of Charter Equity Research.

轉到特許股票研究的愛德華斯奈德。

A couple of questions, if I could. So you've got this inventory sitting out there, and you've had it really since probably this time last year (inaudible) obsolescence of the inventory in general? You're sitting a lot of finish because I know you don't know how much they have. But given that it's not moving to China very quickly, what's to prevent larger write-offs as we move further into Phase 7? Number one. And number two, why are you calling December the bottom? I mean we -- and really a series of unfortunate events that were very unpredictable with the inventory issues and COVID issues and now you've got recession issues. But it's kind of been a moving target. We've been expecting the bottom now for almost a year, and we haven't seen it. And by all indications, if you look at the recession data and all the other metrics and then to other stuff, it doesn't like to seem close to (inaudible). So what gives you confidence that December is going to be your bottom on this? And then I have a follow-up.

有幾個問題，如果可以的話。所以你有這個庫存，你真的有它，可能是去年這個時候（聽不清）一般的庫存過時了嗎？你坐了很多完成，因為我知道你不知道他們有多少。但鑑於它不會很快轉移到中國，當我們進一步進入第 7 階段時，如何防止更大的沖銷？第一。第二，你為什麼說十二月是底部？我的意思是我們——實際上是一系列不幸的事件，這些事件在庫存問題和 COVID 問題方面非常不可預測，現在你遇到了衰退問題。但它有點像一個移動的目標。近一年來，我們一直在期待底部，但我們還沒有看到它。根據所有跡象，如果您查看衰退數據和所有其他指標，然後再查看其他內容，它似乎並不接近（聽不清）。那麼，是什麼讓你相信 12 月將成為你的底線呢？然後我有一個跟進。

Yes. Let me start with the inventory, Ed. So obviously, we have a robust process we go through every quarter, right? And if there was anything in excess or obsolete at quarter end, we would have taken the charge inside the quarter. But I mean, to put that into a bit more context, right, if you set aside the charges related to the long-term silicon supply agreement and look at (inaudible) non-GAAP basis, we recorded double the normal inventory reserves on our mobile business in Q1. So we are actively reviewing our inventory and taking action there from a reserve standpoint.

是的。讓我從庫存開始，埃德。所以很明顯，我們每個季度都有一個健全的流程，對嗎？如果在季度末有任何多餘或過時的東西，我們會在季度內負責。但我的意思是，把它放在更多的背景下，對，如果你把與長期矽供應協議相關的費用放在一邊，看看（聽不清）非 GAAP 基礎，我們記錄的正常庫存儲備是我們的兩倍第一季度的移動業務。因此，我們正在積極審查我們的庫存並從儲備的角度採取行動。

In terms of obsolescence, I don't know, Eric, do you want to comment on architectures?

關於過時，我不知道，Eric，你想評論一下架構嗎？

Yes, yes, sure. So we've got a pretty good view, of course, into the design win pipeline and to certain extent we can control the rate and pace to the new platform, of course. But also very importantly, we've got the exact same components being designed in across the board across Android. So there's -- we don't have like custom one-off parts that might get (inaudible). We've got quite a bit of opportunity to continue designing in that inventory into handsets when the volume comes back.

是的，是的，當然。因此，我們當然對設計獲勝管道有一個很好的看法，當然，我們可以在一定程度上控制新平台的速度和步伐。但也非常重要的是，我們已經在整個 Android 平台上設計了完全相同的組件。所以有——我們沒有像定制的一次性部件那樣可能會得到（聽不清）。當數量恢復時，我們有很多機會繼續將庫存設計到手機中。

And moving on to Ambrish Srivastava with BMO.

並與 BMO 一起前往 Ambrish Srivastava。

I just wanted to make sure I understood the charge with respect to the LTSA. The reason you're not including it in the -- excluding it from the pro forma is if it's something that you don't consider to be normal course of the business, should we then assume that there's a big chunk of TAM that is not addressable to the company anymore?

我只是想確保我了解有關 LTSA 的指控。您沒有將其包括在 - 將其從備考中排除的原因是，如果您認為這不是正常的業務過程，那麼我們是否應該假設有很大一部分 TAM 不是可以向公司尋址了嗎？

No, I wouldn't make that conclusion. If you look at the charge itself, right, there is a purchase commitment liability that stretches far into the future, right, the length of the contract. And so that entire charge would be coming out in the quarter, and that's certainly not reflective of our operating business this quarter. Generally speaking, the situations that led to the charge are also not indicative of our business, right, the time in which we originally signed it, there was a massive silicon shortage. And today, we're seeing a significant drawdown in demand due to some very large, impactful macroeconomic factors. So neither of those things are reflective of our business and management's view, and we have excluded it for that reason.

不，我不會下這個結論。如果您查看費用本身，對，購買承諾責任會延伸到很遠的未來，對，合同期限。因此，全部費用將在本季度出現，這當然不能反映我們本季度的運營業務。一般來說，導致收費的情況也不能說明我們的業務，對，我們最初簽署它的時間，有大量的矽短缺。而今天，由於一些非常大的、有影響力的宏觀經濟因素，我們看到需求大幅下降。因此，這些事情都不能反映我們的業務和管理層的觀點，因此我們將其排除在外。

The other point -- sorry, it's a multiyear agreement, to make sure you understand what Grant was saying. It's not -- just this quarter, that was the charge. It's over multiyears we look at this.

另一點——對不起，這是一個多年的協議，以確保你明白格蘭特在說什麼。這不是 - 只是本季度，這是收費。多年來，我們一直在關注這一點。

Right. And that's why I asked over multiyears. Should we assume that there is a chunk of TAM that has gone away. But I guess I understand it's a combination of supply/demand. I just had a quick follow-up, and I just want to make sure I got this right. When you talked about channel inventory, did channel inventory grow in the quarter? So is it trending -- continuing to trend higher? And then are you revising down your 5G units estimate? Because you had revised it down prior quarter. I just wanted to know where you stand on those 2 fronts.

正確的。這就是為什麼我問了多年。我們是否應該假設有一大塊 TAM 已經消失。但我想我理解這是供需的結合。我剛剛進行了快速跟進，我只是想確保我做對了。當您談到渠道庫存時，該季度渠道庫存是否增長？那麼它是否有趨勢——繼續走高？然後您是否正在下調您的 5G 單位估計值？因為您在上一季度對其進行了修訂。我只是想知道你在這兩條戰線上的立場。

Yes, this is Eric. Yes, channel inventory did grow in the quarter, and we continue to see outlook for 5G units dropping lower than we had thought before. And as Grant said, we're in the $650 million to $675 million range. It's now looking closer to $625 million. Others are seeing maybe $600 million. So it's not a crystal ball, of course, but yes, we continue to see general softness there.

是的，這是埃里克。是的，本季度渠道庫存確實增加了，我們繼續看到 5G 設備的前景低於我們之前的預期。正如格蘭特所說，我們在 6.5 億美元到 6.75 億美元之間。現在看起來接近6.25億美元。其他人看到的可能是 6 億美元。所以它當然不是水晶球，但是是的，我們繼續看到那里普遍的柔軟度。

And next, we'll hear from Raji Gill with Needham & Company.

接下來，我們將聽取Needham & Company 的Raji Gill 的來信。

Just 2 questions as well. One on the gross margins, and you talked a little bit about this before, but it implies margins are going to kind of drop to kind of 46%, a little bit under that for December and March. And if you go back, you haven't got to see that level of margin in, say, in 3, 3.5 years at a much lower revenue level. So I wonder if you could maybe elaborate a little bit further in terms of how much the utilization you're dropping? What's happening kind of with pricing as well? Any thoughts there would be helpful.

也只有2個問題。一個是毛利率，你之前談過一點，但這意味著毛利率將下降到 46%，略低於 12 月和 3 月的水平。而且，如果您回頭看，例如，在 3 年、3.5 年的收入水平低得多的情況下，您不會看到這樣的利潤率水平。所以我想知道您是否可以進一步詳細說明您正在降低多少利用率？定價也發生了什麼？那裡的任何想法都會有所幫助。

Yes, sure. So in terms of the back half, I mean, to average into the 48%, I would say probably 47% is maybe a better estimate to start with. I know that will lead you a little bit ahead of the 48%, right? And so there's some error in that forecast because we typically only provide a quarter guidance. It's looking out longer. But in terms of the utilization, if you look at what we had said last quarter, our gross margin should have been approximately flat to ticking up marginally. And the delta between that and what I'm talking about today is almost entirely utilization-based. So this is a conscious decision on our part to lower utilization in response to demand and adjust our inventory balances.

是的，當然。所以就後半部分而言，我的意思是，平均到 48%，我會說可能 47% 可能是一個更好的估計開始。我知道這會讓你領先於 48%，對吧？因此，該預測存在一些錯誤，因為我們通常只提供季度指導。它向外看的時間更長。但就利用率而言，如果你看看我們上個季度所說的話，我們的毛利率應該大致持平到小幅上升。這與我今天所說的之間的差異幾乎完全基於利用率。因此，這是我們有意識地決定降低利用率以響應需求並調整我們的庫存餘額。

Got it. And for my follow-up, when you're indicating down 11% in the second -- 10%, sorry, from the second fiscal half versus first fiscal half, it implies that the revenue over the next -- those 2 quarters are going to be down closer to 30% on a year-over-year basis. So just wondering if you could kind of give us a sense in terms of the demand landscape. I understand that the China lockdowns have had a major impact. But just wondering kind of any more insight in terms of what's happening there in terms -- with respect to demand -- overall demand. Are there any signs that the Chinese economy is stabilizing? Any kind of stimulus that's happening to increase consumer spending there? And just remind us again, what percentage of your revenue is coming from the China market?

知道了。對於我的後續行動，當你表示第二財季下降 11% 時——抱歉，第二財季與第一財季相比下降了 10%，這意味著下一個財季的收入——這兩個季度正在增長同比下降近 30%。所以只是想知道你是否可以讓我們了解一下需求格局。我知道中國的封鎖已經產生了重大影響。但只是想知道關於那裡發生的事情——關於需求——總體需求方面的更多見解。是否有跡象表明中國經濟正在企穩？是否正在採取任何刺激措施來增加那裡的消費者支出？再次提醒我們，你們的收入中有多少來自中國市場？

Yes, sure. So to put that into perspective, our China-based customers were down approximately 45-plus percent on a year-over-year basis. So that provides some context to the number, right? And that's all in relation to the macroeconomic factors we talked about with the war in Ukraine, the COVID mitigation efforts especially. And I just mentioned, around China, it's the largest producer and consumer of 5G phones. So this had obviously a sizable impact on our top line as we experience the inventory correction we expect in the second half of our fiscal year.

是的，當然。因此，從這個角度來看，我們在中國的客戶同比下降了約 45% 以上。所以這為這個數字提供了一些背景，對吧？這一切都與我們在烏克蘭戰爭中談到的宏觀經濟因素有關，尤其是緩解 COVID 的努力。我剛才提到，在中國，它是最大的 5G 手機生產國和消費國。因此，這顯然對我們的收入產生了相當大的影響，因為我們在本財年下半年經歷了我們預期的庫存調整。

Yes. And this is Eric. The -- looking at it the way you laid it out there sort of exaggerates what's happening in the market because we are bleeding down inventories. So we're under shipping to the market demand for our components significantly during these next few quarters to get that general inventory brought down.

是的。這是埃里克。 - 以您將其放置在那裡的方式看待它有點誇大了市場上正在發生的事情，因為我們正在減少庫存。因此，在接下來的幾個季度中，我們正在向市場需求大量供應我們的組件，以降低總體庫存。

Harsh Kumar with Piper Sandler has our next question.

與 Piper Sandler 的 Harsh Kumar 提出了我們的下一個問題。

Quick question. Bob, what do you think your exposure to China OEMs and handsets is today as a percentage of revenue, let's say, for the June quarter? And where do you think you'll end up when all this is done with respect to, call it, the inventory flushing out in, call it, either the December or March? You pick what you want to give me. But where do you think you'll bottom out in terms of your exposure to Chinese guys?

快速提問。 Bob，您認為今天您在中國 OEM 和手機中的敞口占收入的百分比，比如說，在 6 月季度？當所有這一切都完成後，你認為你會在哪裡結束，稱之為庫存衝入，稱之為 12 月或 3 月？你選擇你想給我的。但是你認為你在與中國男人的接觸方面會觸底嗎？

Yes. Let me take that one. I think it's more or less mid-30s, typically as a percentage of overall sales, and we'll probably bottom out around 20% of our overall sales.

是的。讓我拿那個。我認為它或多或少是 30 多歲，通常佔總銷售額的百分比，我們可能會在總銷售額的 20% 左右觸底。

Okay. Very helpful. And then my other one was a simple one. Have you guys started to throttle down the gross margin utilization in -- or is there a plan to throttle down the utilization in the September quarter? Or is that something you plan exclusively in the December and the March quarter?

好的。非常有幫助。然後我的另一個是一個簡單的。你們是否已經開始降低毛利率的利用率——或者是否有計劃在 9 月季度降低利用率？或者這是您在 12 月和 3 月季度專門計劃的事情？

Yes. If you look at our guidance for the September quarter, that does include the impact of throttling down utilization.

是的。如果您查看我們對 9 月季度的指導，那確實包括降低利用率的影響。

Next, we'll hear from Chris Rolland with Susquehanna.

接下來，我們將聽取 Chris Rolland 和 Susquehanna 的消息。

This one is probably for Grant. So sorry, back to the charge again. If I understand it correctly, this is a $110 million charge, and it represents stuff that you did, I guess, in the past, but also charges that you took in the future. Is there any way to kind of break that up between the 2? And does this go -- were you thinking there cuts all the way to 2025? Or is this just near term? Any other details there in terms of past versus future would be great.

這可能是給格蘭特的。很抱歉，再次回到收費。如果我理解正確的話，這是 1.1 億美元的費用，它代表了你過去做過的事情，但也代表了你未來的費用。有什麼辦法可以打破這兩者之間的關係嗎？這會發生嗎？您是否認為一直削減到 2025 年？或者這只是近期？關於過去與未來的任何其他細節都會很棒。

Yes, sure. And why don't we save that for the 10-Q. There'll be a lot of additional detail that will come out, and it will provide all the background with the agreement as well as the breakout on the $110 million charge.

是的，當然。為什麼我們不把它留給 10-Q。將會有很多額外的細節出現，它將提供協議的所有背景以及 1.1 億美元費用的突破。

Okay. I thought I was looking at something. I don't know if it was the Q, that was talking about $1.4 billion to 2025. So in terms of the charge that you did take, what -- like what percent of those wafers or dollars of that $1.4 billion would that represent?

好的。我以為我在看什麼。我不知道是不是 Q，它說的是到 2025 年的 14 億美元。那麼就你所收取的費用而言，這些晶圓的百分比或 14 億美元中的美元代表什麼？

I'd rather not get into it until you've read the Q. It will lay out in pretty explicit detail exactly the charge. The $1.4 billion would be the aggregate total amount of purchase commitment that we have. The $110 million is the amount of a particular agreement that we feel we couldn't live up to according to the existing terms, which we're negotiating now with the supplier.

在您閱讀 Q 之前，我寧願不參與其中。它將非常明確地詳細說明指控。 14 億美元將是我們擁有的採購承諾總額。 1.1 億美元是我們認為根據現有條款無法履行的特定協議的金額，我們現在正在與供應商進行談判。

Next, we'll hear from Harlan Sur of JPMorgan.

接下來，我們將聽取摩根大通的 Harlan Sur 的來信。

This is just a follow-on from one of the previous questions around utilization. So it declined in June, it looks like utilizations are declining in September, and I assume that it's also heading lower in December. Given sort of the rough fiscal year outlook, would you guys consider December quarter to be the bottom of your manufacturing utilizations?

這只是先前關於利用率的問題之一的後續。所以它在 6 月份有所下降，看起來 9 月份的利用率正在下降，我認為它在 12 月份也會走低。鑑於某種粗略的財政年度前景，你們會認為 12 月季度是你們製造業利用率的最低點嗎？

We're not guiding at all to utilization. It's a complicated function of which products and which factories in our network are loaded with a given mix for our customers in any particular time period -- it's not something that we typically provide any color on.

我們根本沒有指導使用。這是一個複雜的功能，我們網絡中的哪些產品和哪些工廠在任何特定時間段內為我們的客戶加載了給定的組合——這不是我們通常提供任何顏色的東西。

Yes. I just want to point out, with cycle times being what they are, and what we're running in our Q4 would be for Q1 and all those kind of things. So I don't want you to draw any false conclusions on how things are looking. I think we'll leave it at the guidance we gave on the gross margin.

是的。我只想指出，週期時間就是它們，我們在第四季度運行的將是第一季度和所有這些事情。所以我不希望你對事情的發展做出任何錯誤的結論。我認為我們將把它留在我們給出的毛利率指導下。

Okay. And then it looks like you guys have revised -- looking at (inaudible) and comparing into the Q, so -- on the purchase commitment exiting the March quarter over a multiyear period of time, I think you guys had about $2 billion in purchase commitments, $900 million for this fiscal year. Obviously, that's being revised lower. You took the $110 million charge. It looks like you guys revised the value in terms of timing. I'm just wondering -- was there also a renegotiation of the pricing on that committed supply on this...

好的。然後看起來你們已經修改了——查看（聽不清）並與 Q 進行比較，所以——關於在多年時間內退出 3 月季度的購買承諾，我認為你們購買了大約 20 億美元承諾，本財年9億美元。顯然，這正在被修改得更低。你收取了 1.1 億美元的費用。看起來你們在時間方面修改了價值。我只是想知道 - 是否還重新談判了這個承諾供應的定價......

Maybe -- yes, let me try to clarify on that point. That's for a multiyear time frame. So if you look at our (inaudible) sold over multiple years, that number, it might help you put that number into perspective.

也許——是的，讓我試著澄清這一點。這是一個多年的時間框架。因此，如果您查看我們多年來銷售的（聽不清）這個數字，它可能會幫助您正確看待這個數字。

(inaudible) compared last K -- or last Q with what? We didn't issue the K yet.

（聽不清）將最後一個 K 或最後一個 Q 與什麼進行比較？我們還沒有發行K。

Yes. The Q -- we haven't -- for this quarter, we haven't issued the Q yet.

是的。 Q——我們還沒有——對於本季度，我們還沒有發布 Q。

Yes. So (inaudible) compared.

是的。所以（聽不清）比較。

Moving on to Tim Arcuri with UBS.

轉到瑞銀的蒂姆·阿庫裡（Tim Arcuri）。

I wanted to also ask about this charge. So just in the continuum of all the agreements you have, it seems relatively small and specific to one particular agreement, yet you were saying that it's because demand is broadly lower. So I'm wondering, is the conclusion maybe that there's a design win that you thought you get that you didn't get, and that's why this particular agreement is being revised down? I would think that if it's because demand broadly is softer, then you'd be revising multiple agreements down?

我也想問一下這個指控。因此，在您擁有的所有協議的連續體中，它似乎相對較小且特定於一個特定協議，但您說這是因為需求普遍較低。所以我想知道，這個結論是否可能是你認為你得到了你沒有得到的設計勝利，這就是為什麼要修改這個特定的協議？我認為，如果是因為需求普遍疲軟，那麼您會修改多項協議嗎？

No, great question. So let me cover that one really quickly. It's all tied together. So the weakness that we see in the second half us dropping utilization in our factories and this long-term supply agreement are all attached to the same set of root causes, which are the macroeconomic factors that we tied it before. The contract itself is a multiyear agreement, and the charge represents the impact all over that contract period. So it's all represented in that $110 million for the life of the agreement.

不，很好的問題。因此，讓我快速介紹一下。這一切都捆綁在一起。因此，我們在下半年看到的我們工廠利用率下降的弱點以及這份長期供應協議都與同一組根本原因有關，這些根本原因是我們之前與之相關的宏觀經濟因素。合同本身是一份多年期協議，費用代表了整個合同期內的影響。因此，在協議有效期內，這一切都體現在 1.1 億美元中。

I also add that we are currently negotiating this, and just keep that in mind as we cover this. But again, it's the Android ecosystem weakness that we've been talking about.

我還補充說，我們目前正在就此進行談判，並在我們討論這個問題時牢記這一點。但同樣，我們一直在談論的是 Android 生態系統的弱點。

Okay, okay. Got it. And then I guess just a quick question on customers. I mean obviously, you had a 10% customer, but I wondered if you had a second 10% customer in the March quarter. Sorry. Is it...

好吧好吧。知道了。然後我想只是一個關於客戶的快速問題。我的意思很明顯，你有一個 10% 的客戶，但我想知道你在 3 月季度是否有第二個 10% 的客戶。對不起。是嗎...

Yes, the best place I'd point you to would be our K for our largest customers. We don't report them on a quarterly basis.

是的，我要向您指出的最佳地點是我們為最大客戶提供的 K。我們不按季度報告它們。

Next, we'll hear from Srini Pajjuri with SMBC Nikko Securities.

接下來，我們將聽取 SMBC Nikko Securities 的 Srini Pajjuri 的來信。

Grant, pretty solid free cash flow number despite lower GAAP, I guess, net income. If you could just help us reconcile that. And then the bigger question is maybe for Bob. Bob, given the inventory correction and also the macro uncertainty, how should we think about your CapEx going forward? I know these are longer-term decisions, but I'm just curious if there's any change to your CapEx plans?

格蘭特，儘管 GAAP 較低，但我猜是淨收入相當穩定的自由現金流量。如果你能幫我們調和一下。然後更大的問題可能是鮑勃。鮑勃，考慮到庫存修正和宏觀不確定性，我們應該如何看待您未來的資本支出？我知道這些是長期決定，但我只是好奇您的資本支出計劃是否有任何變化？

Yes, sure. Thank you for pointing out the free cash flow. I think it highlights our discipline around cash flow and us managing the business to generate free cash. Obviously, there's some strength in the quarter and then some discipline around CapEx, right, which is something that we've carried over the last number of years actually. Looking forward, I don't expect there to be any change. I'll start. And then if Bob has anything to add on your second question, but going forward, no expectations for change there. We're still looking for CapEx to be in line or lower this year than last year. And generally speaking, as we look out in time, it should be around 5% of sales.

是的，當然。感謝您指出自由現金流。我認為它突出了我們圍繞現金流的紀律以及我們管理業務以產生自由現金。顯然，本季度有一些實力，然後是資本支出方面的一些紀律，對，這實際上是我們在過去幾年裡一直堅持的。展望未來，我預計不會有任何變化。我會開始的。然後，如果 Bob 對您的第二個問題有什麼要補充的，但接下來，不要期望有任何改變。我們仍在尋找今年的資本支出與去年持平或低於去年。一般來說，當我們及時觀察時，它應該是銷售額的 5% 左右。

So I think the follow-on, to answer your question, longer term, we're not making any change in our CapEx. We believe that this too shall pass, will return to growth, predicting when everyone's pointed out will be a challenge, but from our macro view. While I also point out, -- we continue to make great progress, and I'll use some of our (inaudible) as an example where we have made tremendous progress over the last 3 or 4 years to be able to double the capacity by actually reducing our die sizes. And we continue to work on those things. So when you get a downturn like this, we continue to work on those things. We don't stop any of that engineering work to improve our productivity. So over time, yes, we're going to be able to, as Grant pointed out, continue to expand our business while running at a very low CapEx compared to what we historically won (inaudible) years ago.

所以我認為後續，為了回答你的問題，從長遠來看，我們不會對我們的資本支出做出任何改變。我們相信這也將過去，將恢復增長，預測何時每個人都指出將是一個挑戰，但從我們的宏觀角度來看。雖然我還指出，-- 我們繼續取得巨大進步，我將使用我們的一些（聽不清）作為示例，我們在過去 3 或 4 年取得了巨大進步，能夠將產能翻倍實際上減少了我們的模具尺寸。我們將繼續致力於這些事情。因此，當您遇到這樣的低迷時，我們會繼續努力解決這些問題。我們不會停止任何工程工作來提高我們的生產力。因此，隨著時間的推移，是的，正如格蘭特指出的那樣，我們將能夠繼續擴展我們的業務，同時與幾年前我們歷史上贏得的（聽不清）相比，資本支出非常低。

And moving on to (inaudible).

然後繼續（聽不清）。

Bob, I wanted to ask a bit more about IDP and the growth that you see in the next few quarters. You've been delivering double-digit revenue growth after a difficult prior fiscal year. And maybe within IDP, just the defense opportunity that you see in front of you. We've seen some big contracts being awarded to some of your customers like Raytheon and Lockheed Martin for things like Stingers and Javelins. And there seems to be a big reboot in munition build that has to happen in the defense part of the business. So to what extent are you seeing a benefit from this? And any more details you can sort of share with us on your outlook for defense and aerospace in particular, that would be very helpful.

Bob，我想進一步了解 IDP 以及您在接下來幾個季度看到的增長情況。在經歷了艱難的上一財年之後，您一直在實現兩位數的收入增長。也許在 IDP 中，只是你在你面前看到的防禦機會。我們已經看到一些大合同授予您的一些客戶，例如雷神公司和洛克希德馬丁公司，用於 Stingers 和 Javelins 等產品。軍火製造方面似乎有一個重大的重新啟動，這必鬚髮生在業務的國防部分。那麼，您在多大程度上看到了這方面的好處？您可以與我們分享您對國防和航空航天特別是前景的任何更多細節，這將非常有幫助。

Thanks, Brett. I'm going to delegate to Philip because he can't wait to talk about it.

謝謝，布雷特。我將委派給菲利普，因為他迫不及待地想談論它。

Brett, I think -- I appreciate the question. I think -- when you look at our defense business, there are a lot of real strong tailwinds that we see occurring. And that goes from our GaN process technologies as defense space moves in the radar segments from LDMOS to GaN. We're well positioned there. We see it both in our foundry. We see it in our standard product business in defense as well. So this isn't just a story of what's happening in the geopolitical environment today. This is really -- there are some long-term drivers of growth in that business.

布雷特，我想——我很欣賞這個問題。我認為 - 當您查看我們的國防業務時，我們看到了很多真正強大的順風。隨著雷達領域的國防空間從 LDMOS 轉移到 GaN，這源於我們的 GaN 工藝技術。我們在那裡的位置很好。我們在我們的鑄造廠都看到了它。我們在國防領域的標準產品業務中也看到了這一點。因此，這不僅僅是當今地緣政治環境中正在發生的事情的故事。這真的是——該業務有一些長期的增長動力。

We're also doing TAM expansion. We're looking to build this business or a defense business into an RF and analog play. We've moved some of our power management technology into that market as well as our ship program, which does the advanced packaging that we have in Texas. We're seeing a lot of really good opportunities in that space. So I think that defense with the increased semiconductor spend in the RF side, the TAM expansion that we're doing with our ship program as well as what we're doing in some of the other analog segments, it has a lot of positive tailwinds right now.

我們也在做 TAM 擴展。我們正在尋求將這項業務或國防業務打造成射頻和模擬業務。我們已經將我們的一些電源管理技術以及我們的船舶計劃轉移到了該市場，該計劃採用了我們在德克薩斯州擁有的先進封裝。我們在這個領域看到了很多非常好的機會。因此，我認為隨著 RF 方面半導體支出的增加、我們在船舶計劃中所做的 TAM 擴展以及我們在其他一些模擬領域所做的事情，它有很多積極的順風馬上。

And moving on to Vijay Rakesh with Mizuho.

並與瑞穗一起前往 Vijay Rakesh。

Just quickly on the -- I know you mentioned the December quarter bottom. Just wondering, as you look at that, wouldn't it be kind of -- we are already hearing high RF inventory and high handset inventory, but wouldn't it be a challenge for the China handset guys, especially with ahead of an iPhone ramp, to kind of run through their inventory?

很快——我知道你提到了 12 月季度的底部。只是想知道，正如你所看到的那樣，這會不會有點——我們已經聽到高射頻庫存和高手機庫存，但這對中國手機廠商來說不是一個挑戰，尤其是在 iPhone 之前坡道，以瀏覽他們的庫存？

Yes. In aggregate, that's true, right? We're building for a seasonal ramp. We are seeing strength in our Defense and Power businesses as well as our biobusiness that Bob talked about earlier. So from a seasonal perspective, that's correct.

是的。總的來說，這是真的，對吧？我們正在建造一個季節性斜坡。我們在國防和電力業務以及 Bob 之前談到的生物業務中看到了實力。所以從季節性的角度來看，這是正確的。

Got it. And then obviously, there's also some of the domestic China RF suppliers who seem to be gaining share on the 5G handset side. Can you -- is that a challenge? Or is that factoring into some of the outlook that you're seeing?

知道了。然後很明顯，還有一些中國國內的射頻供應商似乎在 5G 手機方面獲得了份額。你能——這是一個挑戰嗎？或者這是否考慮到您所看到的一些前景？

Yes. This is Eric. I'll take that. Yes, it's not a significant challenge. If you look into those suppliers, they are gaining some traction. We can say they aren't -- they're discrete players and discrete functions, which the market for that is the extremely low-tier phones. And we continue to have the playbook we have. We have everything in house, every filter, switch, PA, packaging, power management, antenna-tuning everything you need in one roof. And we put those into a very highly value-added miniaturized modules, which aid -- and especially if you look at 5G handsets, I mean it's really required to use this type of technology. So yes, some progress in some component areas, but nothing is particularly meaningful as of now.

是的。這是埃里克。我會接受的。是的，這不是一個重大挑戰。如果你調查這些供應商，他們就會獲得一些吸引力。我們可以說它們不是——它們是獨立的播放器和獨立的功能，其市場是極低端的手機。我們繼續擁有我們擁有的劇本。我們內部擁有一切，每個過濾器、開關、PA、包裝、電源管理、天線調諧您需要的一切都集中在一個屋頂上。我們將它們放入一個非常高附加值的小型化模塊中，這有助於 - 特別是如果你看一下 5G 手機，我的意思是真的需要使用這種類型的技術。所以是的，在某些組件領域取得了一些進展，但到目前為止還沒有什麼特別有意義的。

Moving on to Atif Malik with Citi.

與花旗一起轉向 Atif Malik。

I have a question for Eric. Eric, on the way up, last year into strong demand, the RF front-end and attach rates through app's process, there was a bit of a headwind for you guys because of supply constraints. And now on the way down, should we expect you guys to kind of benefit from those kind of headwinds in the past attach rates dependent to apps process? Or it doesn't any matter?

我有一個問題要問埃里克。 Eric，去年需求強勁，RF 前端和通過應用程序處理的附加費率上升，由於供應限制，對你們來說有點逆風。現在在下降的路上，我們是否應該期望你們從過去依賴於應用程序進程的附加費率中受益？還是沒關係？

Yes. It's an interesting question. I'm not sure if there's any particular correlation other than, to your point, when we were constrained to create opportunities for others. It's a good point, and we're certainly coming out of that constrained environment. But at the end of the day, it's about who's got the best products, right? And it's product by product and handset by handset, the decisions are being made. We've got a very competitive product portfolio, a strong R&D pipeline, an incredibly talented team working on these things. And we think we've got every reason to believe that the gains in share that we've been enjoying, especially in Android are going to continue.

是的。這是一個有趣的問題。我不確定是否存在任何特定的相關性，就您而言，當我們被迫為他人創造機會時。這是一個很好的觀點，我們肯定會走出那個受限的環境。但歸根結底，關鍵在於誰擁有最好的產品，對吧？它是一個接一個的產品，一個接一個的手機，正在做出決定。我們擁有非常有競爭力的產品組合、強大的研發渠道、致力於這些事情的才華橫溢的團隊。我們認為我們有充分的理由相信，我們一直在享受的份額增長，尤其是在 Android 中的增長將繼續下去。

We want to thank everyone for their questions, and we will conclude the conference at this time. We'll turn the conference back over to management for any additional or closing remarks.

我們要感謝大家提出的問題，我們將在這個時候結束會議。我們會將會議轉回管理層，以獲取任何其他或結束語。

Thank you for joining us today. We appreciate your interest, and we look forward to seeing you at our upcoming investor events. Thank you, and have a good night.

感謝您今天加入我們。感謝您的關注，我們期待在即將舉行的投資者活動中見到您。謝謝你，祝你晚安。

That does conclude today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。