科沃 (QRVO) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Qorvo Second Quarter 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Douglas DeLieto, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加 Qorvo 2023 年第二季度電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹您的主持人，投資者關係副總裁 Douglas DeLieto。請繼續。

Thanks very much. Hello, everybody, and welcome to Qorvo's Fiscal 2023 Second 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 statements contained in the earnings release published today as well as risk factors associated with our business in our annual report on Form 10-K filed with the SEC because these risk factors may affect our operations and financial results.

非常感謝。大家好，歡迎參加 Qorvo 的 2023 財年第二季度收益電話會議。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報告中包含的安全港聲明，以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的運營和財務業績。

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.

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。

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, CFO; and Dave Fullwood, Senior Vice President, Sales and Marketing; as well as other members of Qorvo's management team.

今天加入我們的是總裁兼首席執行官 Bob Bruggeworth；格蘭特·布朗，首席財務官； Dave Fullwood，銷售和營銷高級副總裁；以及 Qorvo 管理團隊的其他成員。

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

有了這個，我會把電話轉給鮑勃。

Thanks, Doug, and welcome, everyone, to our call. Qorvo delivered fiscal second quarter revenue and EPS above the midpoint of the outlook provided during our August 3 earnings call. As we indicated on our call, Qorvo's business is now organized into 3 segments: high-performance analog, connectivity and sensors, and advanced cellular. In high-performance analog, revenue during the September quarter was broad-based with strength primarily in defense and higher power applications. In connectivity and sensors, headwinds in consumer markets and related inventory drawdowns impacted revenue as expected, even as favorable design activity was diversified across a growing list of customers and product categories.

謝謝，Doug，歡迎大家來電。 Qorvo 的第二財季收入和每股收益高於我們 8 月 3 日財報電話會議期間提供的展望中點。正如我們在電話會議中指出的那樣，Qorvo 的業務現在分為 3 個部分：高性能模擬、連接和傳感器以及高級蜂窩。在高性能模擬領域，9 月季度的收入基礎廣泛，主要集中在國防和更高功率應用領域。在連接和傳感器方面，消費者市場的逆風和相關的庫存下降影響了預期的收入，即使有利的設計活動在越來越多的客戶和產品類別中多樣化。

As a reminder, Connectivity in sensors combines the connectivity and sensors businesses previously split between mobile and IDP. Lastly, in Advanced Cellular, we enjoyed a large customer ramp during the quarter. While unit volumes were weak in the Android ecosystem, we were encouraged by content and integration trends across our Android customer base in their 5G designs. With our new operating structure and global sales organization, Qorvo will capitalize more quickly on opportunities across markets and customers to support growth. We will leverage our core strengths in system solution design, semiconductor manufacturing, advanced packaging technologies and deep relationships with customers and suppliers to help enable a world that is more efficient, more secure, and more connected.

提醒一下，傳感器中的連接性結合了以前在移動和 IDP 之間劃分的連接性和傳感器業務。最後，在 Advanced Cellular 中，我們在本季度享受到了大量的客戶增長。雖然 Android 生態系統的單位數量疲軟，但我們的 Android 客戶群在其 5G 設計中的內容和集成趨勢令我們感到鼓舞。憑藉我們新的運營結構和全球銷售組織，Qorvo 將更快地利用跨市場和客戶的機會來支持增長。我們將利用我們在系統解決方案設計、半導體製造、先進封裝技術以及與客戶和供應商的深厚關係方面的核心優勢，幫助打造一個更高效、更安全、更互聯的世界。

Now let's turn to some quarterly highlights. In our Performance Analog, Qorvo signed an agreement with SK Siltron for a long-term supply of silicon carbide wafers. Qorvo has achieved 4 consecutive quarters of sequential growth in our silicon carbide business. Our expanded relationship with SK Siltron, will further diversify and strengthen our supply base and help support continued growth in our power device business.

現在讓我們來看一些季度亮點。在我們的 Performance Analog 中，Qorvo 與 SK Siltron 簽署了一項長期供應碳化矽晶圓的協議。 Qorvo 的碳化矽業務已連續 4 個季度實現連續增長。我們與 SK Siltron 擴大關係，將進一步多元化和加強我們的供應基礎，並有助於支持我們功率器件業務的持續增長。

We released a portfolio of advanced fourth-generation silicon carbide surface mount FETs for applications requiring maximum efficiency and low loss. These include DC to DC converters, fast DC chargers, onboard chargers, industrial chargers and IT server power supplies.

我們發布了一系列先進的第四代碳化矽表面貼裝 FET，適用於需要最高效率和低損耗的應用。其中包括直流到直流轉換器、快速直流充電器、車載充電器、工業充電器和 IT 服務器電源。

New GaN product introductions included a 5-watt GaN PA module for massive-MIMO cellular base stations and a GaN power module for upcoming DOCSIS 4.0 systems. For power management markets, we introduced the highly compact power management IC designed to enable reconfigurability and reduce our customers' time to market and space-constrained applications, including home automation and networking systems.

新推出的 GaN 產品包括用於大規模 MIMO 蜂窩基站的 5 瓦 GaN PA 模塊和用於即將推出的 DOCSIS 4.0 系統的 GaN 電源模塊。對於電源管理市場，我們推出了高度緊湊的電源管理 IC，旨在實現可重構性並縮短客戶的上市時間和空間受限的應用，包括家庭自動化和網絡系統。

In Connectivity and Sensing, we achieved Matter 1.0 certification and commenced shipments of Matter development kits featuring concurrent connect technology to simplify the design of IoT gateway and connected devices. We broadened our smart home product portfolio, leveraging our ultra-wideband and Matter system solutions and we expanded our ultra-wideband design engagements, serving enterprise applications, including indoor navigation.

在連接和傳感方面，我們獲得了 Matter 1.0 認證，並開始出貨採用並發連接技術的 Matter 開發套件，以簡化物聯網網關和連接設備的設計。我們擴大了我們的智能家居產品組合，利用我們的超寬帶和物質系統解決方案，我們擴大了我們的超寬帶設計業務，服務於企業應用，包括室內導航。

We expanded connectivity and sensing design wins supporting top-tier automakers across a range of applications, including infotainment, connectivity, secure car access and EV smart interiors. In WiFi, we secured a broad range of WiFi 6 and WiFi 6E design wins in support of 2023 platforms and launched 5 gigahertz and 6 gigahertz filters for European band WiFi 6E and WiFi 7 applications. In biosensors, we launched commercial trials of our COVID-19 diagnostic test platform with multiple retail healthcare outlets and we began production of flu A/B cartridges for clinical trials in support of National Institutes of Health Initiatives. In Advanced Cellular, we increased shipments of Phase 7 LE solutions, while securing additional design wins, including low-band, mid-high band and ultra-high band integrated placements across multiple smartphone OEMs.

我們擴大了連接性和傳感設計，在一系列應用中為頂級汽車製造商提供支持，包括信息娛樂、連接性、安全汽車訪問和 EV 智能內飾。在 WiFi 方面，我們獲得了廣泛的 WiFi 6 和 WiFi 6E 設計勝利以支持 2023 平台，並為歐洲頻段 WiFi 6E 和 WiFi 7 應用推出了 5 GHz 和 6 GHz 濾波器。在生物傳感器方面，我們在多家零售醫療保健網點啟動了 COVID-19 診斷測試平台的商業試驗，並開始生產用於臨床試驗的流感 A/B 墨盒，以支持美國國立衛生研究院的倡議。在 Advanced Cellular 方面，我們增加了 Phase 7 LE 解決方案的出貨量，同時確保了更多的設計勝利，包括跨多個智能手機 OEM 的低頻段、中高頻段和超高頻段集成佈局。

We commenced our first production shipments of our high-performance MEMS-based antenna solutions, and we expanded our MEMS customer engagement to include top-tier smartphone OEMs. Qorvo's MEMS-based antenna solutions reduced [the social] loss and enable significantly improved system performance. At a Korea-based smartphone OEM, we expanded our content opportunity by securing our first low-band pad win in their flagship smartphone. This win complements other content we have secured in support of their upcoming 2023 launch. Qorvo will supply integrated placement supporting the main and secondary transmit mid-high bands as well as antenna tuning and WiFi solutions.

我們開始了我們基於 MEMS 的高性能天線解決方案的第一批生產出貨，我們擴大了我們的 MEMS 客戶參與度，包括頂級智能手機 OEM。 Qorvo 基於 MEMS 的天線解決方案減少了 [社會] 損耗，並顯著提高了系統性能。在一家韓國智能手機 OEM 中，我們通過在他們的旗艦智能手機中贏得首個低頻段 pad 來擴大我們的內容機會。此次勝利補充了我們為支持即將於 2023 年推出的其他內容而獲得的支持。 Qorvo 將提供集成佈局，支持主要和次要傳輸中高頻段以及天線調諧和 WiFi 解決方案。

Lastly, we introduced a highly integrated mid-high-band pack combining main path and diversity receive content. We will be sampling this product to customers in the first half of calendar '23, and we expect design wins to follow in support of future cellular architectures. Across Qorvo's business in high-performance analog, connectivity and sensors and advanced cellular, Qorvo's markets are leveraged to multiyear secular trends like electrification, sustainability and connectivity. We are at the forefront of advances and defense radar and comms, electric vehicles, battery power tools and appliances, wireless and wired infrastructure, smart home, automotive connectivity, precision location and advanced cellular architectures. We are a technology leader, and we provide best-in-class products to a growing base of customers.

最後，我們介紹了一個高度集成的中高頻段包，結合了主路徑和分集接收內容。我們將在 23 年上半年向客戶提供這款產品的樣品，我們預計將在設計中獲勝，以支持未來的蜂窩架構。在 Qorvo 在高性能模擬、連接和傳感器以及先進蜂窩方面的業務中，Qorvo 的市場被用於電氣化、可持續性和連接等多年長期趨勢。我們處於先進和國防雷達和通信、電動汽車、電池電動工具和電器、無線和有線基礎設施、智能家居、汽車連接、精確定位和先進的蜂窩架構的前沿。我們是技術領先者，我們為不斷增長的客戶群提供一流的產品。

In the near term, the Qorvo team is performing exceptionally well as we navigate ongoing weakness in our end markets. We are reducing factory loadings and bringing down our own inventories while helping customers to reduce inventory in the channel.

在短期內，Qorvo 團隊的表現非常出色，因為我們正在應對終端市場的持續疲軟。我們正在減少工廠負荷並降低我們自己的庫存，同時幫助客戶減少渠道中的庫存。

At the same time, we are continuing to drive process and product development and have accelerated our efforts in support of future growth. Recent process development efforts include the introduction of Qorvo's next-generation SAW technology, which extends the range of our SAW filter portfolio to cover higher frequencies. Our newest SAW products will be complementary to our BAW products and will be featured in our most highly integrated placements that will be manufactured in our fab in North Carolina.

與此同時，我們將繼續推動流程和產品開發，並加快努力支持未來的增長。最近的工藝開發工作包括引入 Qorvo 的下一代 SAW 技術，該技術擴展了我們的 SAW 濾波器產品組合的範圍以覆蓋更高的頻率。我們最新的 SAW 產品將與我們的 BAW 產品相輔相成，並將在我們位於北卡羅來納州的工廠中生產的高度集成的貼裝中發揮作用。

Recent product developments also include our recently introduced mid-high band PAD, combining main path and diversity receive content. This highly integrated solution leverages the reduced size and enhanced performance of our BAW filters to integrate nearly 2x the BAW filter content and a smaller footprint than is currently available in mid-high band architectures with just the transmit functionality. As we have said previously, next-generation protocols continue to require higher performance content and customer architectures continue to favor higher levels of integration and functional density.

最近的產品開發還包括我們最近推出的中高頻段 PAD，它結合了主路徑和分集接收內容。這種高度集成的解決方案利用我們 BAW 濾波器的縮小尺寸和增強性能，集成了近 2 倍的 BAW 濾波器內容，並且比目前僅具有發送功能的中高頻段架構中可用的佔用空間更小。正如我們之前所說，下一代協議繼續需要更高性能的內容，客戶架構繼續支持更高水平的集成和功能密度。

We are launching new technologies and new products to fuel design wins and drive content in higher growth end markets. We expect these efforts to support growth as inventories adjust and volumes recover. We also expect to increase our growth rate and drive leverage as our investments play out in our higher-growth businesses. I want to thank the team for continued operational excellence. We are delighting customers with best-in-class products and technologies even as our markets undergo extraordinary events. We are adjusting quickly to supply and demand imbalances and positioning the company to drive sustainable long-term growth. With that, I'm glad to hand it over to Grant.

我們正在推出新技術和新產品，以推動設計勝利並推動更高增長終端市場的內容。隨著庫存調整和銷量恢復，我們預計這些努力將支持增長。隨著我們對高增長業務的投資發揮作用，我們還期望提高我們的增長率並提高槓桿率。我要感謝團隊持續的卓越運營。即使我們的市場正在經歷非凡的事件，我們仍以一流的產品和技術取悅客戶。我們正在迅速適應供需失衡，並將公司定位為推動可持續的長期增長。有了這個，我很高興把它交給格蘭特。

Thanks, Bob, and good afternoon, everyone. As a reminder, our references today will be to our 3 new operating segments: High Performance Analog or HPA, Connectivity and Sensors Group, or CSG, and Advanced Cellular Group or ACG. In our upcoming 10-Q, we will provide historical financial information, which has been retrospectively adjusted to reflect these new operating segments. Additional historical information will be made available in our fiscal Q3 10-Q and fiscal 2023 10-K. I'll now turn to our latest quarterly results.

謝謝，鮑勃，大家下午好。提醒一下，我們今天將參考我們的 3 個新運營部門：高性能模擬或 HPA、連接和傳感器組或 CSG，以及高級蜂窩組或 ACG。在我們即將發布的 10-Q 中，我們將提供歷史財務信息，這些信息已經過追溯調整以反映這些新的運營部門。其他歷史信息將在我們的第三季度 10-Q 和 2023 財年 10-K 中提供。我現在將轉向我們最新的季度業績。

Revenue for the second quarter of fiscal 2023 was $1.158 billion, $8 million above the high end of our guidance. HPA revenue of $228 million was up 8% sequentially and 47% year-over-year, driven by strength in defense and nonconsumer related power products, including silicon carbide. Connectivity and Sensors revenue of $143 million was down 6% sequentially and down 19% year-over-year due to weaker consumer electronics spend, primarily for WiFi-enabled products.

2023 財年第二季度的收入為 11.58 億美元，比我們指引的高端高出 800 萬美元。 HPA 收入為 2.28 億美元，環比增長 8%，同比增長 47%，這得益於國防和非消費相關電源產品（包括碳化矽）的實力。連接和傳感器收入為 1.43 億美元，環比下降 6%，同比下降 19%，原因是消費電子產品支出疲軟，主要用於支持 WiFi 的產品。

Finally, advanced cellular revenue of $787 million was up 17% sequentially, representing a strong seasonal ramp and year-over-year growth at our largest customer, but down 15% year-over-year reflecting lower smartphone unit volumes within the Android ecosystem.

最後，7.87 億美元的先進蜂窩收入環比增長 17%，代表我們最大客戶的強勁季節性增長和同比增長，但同比下降 15%，反映了 Android 生態系統中智能手機銷量的下降。

On a non-GAAP basis, gross margin in the quarter was 49.2%. The quarter benefited from product mix effects offset by higher inventory-related charges and the beginning of planned reductions in factory utilization. Non-GAAP operating expenses in the quarter were $233 million, $7 million lower than our guidance due to OpEx discipline, the timing of product development spend and lower employee-related expenses. Versus last year, operating expenses were up $10 million primarily related to additional headcount and higher design and development costs associated with our power management and ultra-wideband businesses.

按非公認會計原則計算，本季度毛利率為 49.2%。本季度受益於產品組合效應，被更高的庫存相關費用和工廠利用率計劃開始減少所抵消。本季度非美國通用會計準則運營費用為 2.33 億美元，比我們的指導低 700 萬美元，原因是運營支出紀律、產品開發支出的時間安排和較低的員工相關費用。與去年相比，運營費用增加了 1000 萬美元，主要與我們的電源管理和超寬帶業務相關的額外員工人數和更高的設計和開發成本有關。

In total, non-GAAP operating income in the quarter was $338 million or 29.2% of sales. Breaking out operating income by each segment, HPA was the most profitable segment this quarter at 35% followed closely by Advanced Cellular at 34% and Connectivity and Sensors was negative 7%. Non-GAAP net income was $276 million, representing diluted earnings per share of $2.66. This was $0.11 above the midpoint of our guidance range.

本季度非美國通用會計準則營業收入總計為 3.38 億美元，佔銷售額的 29.2%。按每個細分市場劃分營業收入，HPA 是本季度利潤最高的細分市場，為 35%，緊隨其後的是 Advanced Cellular，為 34%，連接和傳感器為負 7%。非美國通用會計準則淨收入為 2.76 億美元，攤薄後每股收益為 2.66 美元。這比我們指導範圍的中點高 0.11 美元。

Free cash flow was $220 million. Capital expenditures were $47 million, and we repurchased $160 million worth of shares during the quarter. Today, we announced that our Board of Directors has authorized a $2 billion share repurchase. This authorization will replace the prior authorization, which had a remaining balance of approximately $350 million as of October 1. 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.

自由現金流為2.2億美元。資本支出為 4700 萬美元，我們在本季度回購了價值 1.6 億美元的股票。今天，我們宣布我們的董事會已授權進行 20 億美元的股票回購。該授權將取代之前的授權，截至 10 月 1 日，該授權的餘額約為 3.5 億美元。我們回購股票的速度和速度基於我們的長期前景、低杠桿、現金的替代用途和其他因素.

Turning to the balance sheet. As of quarter end, we had approximately $2 billion of debt outstanding with no near-term maturities and $914 million of cash and equivalents. We modestly reduced our inventory balance in the quarter to $841 million despite seasonal product ramps in the macroeconomic environment.

轉向資產負債表。截至季度末，我們有大約 20 億美元的未償債務，沒有近期到期，還有 9.14 億美元的現金和等價物。儘管宏觀經濟環境出現季節性產品增長，但我們在本季度將庫存餘額適度減少至 8.41 億美元。

Now turning to our current quarter outlook, we expect quarterly revenue between $700 million and $750 million. Non-GAAP gross margin between 43% and 44%, and non-GAAP diluted earnings per share in the range of $0.50 to $0.75. Our current view of the second half of the fiscal year reflects ongoing weakness across end markets, primarily in consumer-related areas as well as a more acute inventory correction at our Android smartphone customers than was previously predicted. We expect sales to China-based Android smartphone OEMs to represent approximately 10% of total revenue during the December quarter. We expect this will mark the low point in our Android-based customer revenue and in the March quarter, we continue to project Android base revenue will grow sequentially.

現在轉向我們當前的季度展望，我們預計季度收入在 7 億美元至 7.5 億美元之間。非 GAAP 毛利率在 43% 至 44% 之間，非 GAAP 攤薄後每股收益在 0.50 美元至 0.75 美元之間。我們目前對本財年下半年的看法反映了整個終端市場的持續疲軟，主要是在與消費者相關的領域，以及我們的 Android 智能手機客戶的庫存調整比之前預測的更為嚴重。我們預計 12 月季度對中國 Android 智能手機 OEM 的銷售額將佔總收入的 10% 左右。我們預計這將標誌著我們基於 Android 的客戶收入的低點，並且在 3 月季度，我們繼續預計 Android 基礎收入將連續增長。

At the volume levels assumed in our guidance, we expect our inventory position to remain elevated, but improved by the end of the fiscal year as we undership normalized demand and reduced factory utilization. Simultaneously, we are cutting costs in our factories to offset the impact from lower volumes. Unabsorbed fixed costs will impact gross margin in the second half, and we currently expect non-GAAP gross margin for the full fiscal year to be approximately 47%.

在我們指引中假設的數量水平上，我們預計我們的庫存狀況將保持較高水平，但由於我們對正常化需求的需求不足和工廠利用率降低，到本財年末會有所改善。同時，我們正在削減工廠成本，以抵消產量下降的影響。未吸收的固定成本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 47%。

We project non-GAAP operating expenses in the December quarter will be down approximately $5 million to $7 million sequentially, reflecting continued cost discipline across the organization and lower variable compensation, offset by continued investment in growth areas. Below the operating income line, other expense will be approximately $15 million, reflecting the interest paid on our fixed rate debt offset by increasing levels of interest income earned on our cash balances, along with other items.

我們預計 12 月季度的非 GAAP 運營費用將環比減少約 500 萬美元至 700 萬美元，這反映了整個組織持續的成本紀律和較低的可變薪酬，但被增長領域的持續投資所抵消。在營業收入線以下，其他費用將約為 1500 萬美元，這反映了我們為固定利率債務支付的利息被我們現金餘額以及其他項目所賺取的利息收入水平的增加所抵消。

Our non-GAAP tax rate for the balance of the fiscal year is expected to be between 14.5% and 15% due to the absolute level and geographic mix of pretax profit, including FX-related gains within high tax jurisdictions as well as the impact of a U.S. tax law change related to R&D capitalization, among other factors.

由於稅前利潤的絕對水平和地域組合，包括高稅收管轄區的外匯相關收益以及與研發資本化等因素相關的美國稅法變更。

Turning to operations, I'd like to highlight the great work our teams have been doing to improve productivity. As an example, in our Richardson facility, we have significantly increased the effective capacity of our BAW filters within the same factory footprint. This has been achieved across a number of initiatives spanning product development, filter design, process engineering and manufacturing efficiencies. Successive generations of Qorvo's BAW technology have and will continue to meaningfully reduce die sizes and increased die per wafer.

談到運營，我想強調我們的團隊為提高生產力所做的出色工作。例如，在我們的理查森工廠，我們在相同的工廠佔地面積內顯著提高了 BAW 過濾器的有效容量。這已經通過跨越產品開發、過濾器設計、工藝工程和製造效率的多項舉措來實現。 Qorvo 的連續幾代 BAW 技術已經並將繼續顯著減小芯片尺寸並增加每片晶圓的芯片數量。

Manufacturing efficiencies such as the move from 6-inch to 8-inch wafer diameters as well as ongoing processing advancements will further increase effective output. The combined effects of these achievements will allow our Richardson facility to support significant revenue growth. Looking forward, we have the ability to approximately double our BAW output within our existing footprint in Richardson.

製造效率，例如從 6 英寸到 8 英寸晶圓直徑的轉變以及持續的加工進步，將進一步提高有效產量。這些成就的綜合影響將使我們的理查森工廠能夠支持顯著的收入增長。展望未來，我們有能力在理查森現有的足跡內將我們的 BAW 產量增加大約一倍。

Despite the macroeconomic challenges impacting customers, our long-term outlook remains positive. Product performance requirements continue to increase in our end markets and connectivity and electrification trends are accelerating. We have grown our opportunity set across markets, customers and product categories while maintaining our commitment to technology leadership, portfolio management, productivity gains and reduced capital intensity. This has supported strong financial performance during a challenging environment and positioned Qorvo exceptionally well for long-term increasingly diversified growth.

儘管影響客戶的宏觀經濟挑戰，我們的長期前景仍然樂觀。我們的終端市場對產品性能的要求不斷提高，連接性和電氣化趨勢正在加速。我們在市場、客戶和產品類別中增加了我們的機會，同時保持了我們對技術領先、投資組合管理、生產力提高和降低資本密集度的承諾。這在充滿挑戰的環境中支持了強勁的財務業績，並使 Qorvo 為長期日益多元化的增長提供了非常好的條件。

At this time, please open the line for questions. Thank you.

此時，請打開線路提問。謝謝你。

(Operator Instructions) Your first question comes from Toshiya Hari with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Toshiya Hari。

I guess I had a question on your business in China. Can you kind of provide some context as to how significant your revenue in China was in the quarter. I think based on what you guys reported last quarter, China was about 1/4 of your business overall. How did you do in the September quarter? And what's the outlook going into December and in the March quarter?

我想我對您在中國的業務有疑問。您能否提供一些背景信息，說明本季度您在中國的收入有多大？我認為根據你們上個季度的報告，中國占你們整體業務的 1/4 左右。您在 9 月季度的表現如何？ 12 月和 3 月季度的前景如何？

Sure. Thanks for the question. I'll take that one. The China-based revenue in the quarter was down approximately 20% quarter-on-quarter and about 45% year-on-year, just to put it into perspective. Looking forward, as we commented in the prepared remarks, we're looking at that Android-based China revenue down to approximately 10% of the overall revenue for Qorvo. So a substantial decline both quarter-over-quarter and year-over-year.

當然。謝謝你的問題。我會拿那個。本季度中國業務收入環比下降約 20%，同比下降約 45%。展望未來，正如我們在準備好的評論中評論的那樣，我們認為基於 Android 的中國收入將降至 Qorvo 總收入的 10% 左右。因此，環比和同比均大幅下降。

Got it. And then as my follow-up on gross margins, probably for you, Grant. I guess based on your full year commentary on that, will the implied gross margin trajectory into March is probably down a little bit off of that 43.5% guide you provided for December. Beyond March, I know it's early, but how should we think about the path for you to get back to the 50% or 50% plus? I know you're going through a very sharp production, you're cutting utilization rates. But the pace and timing at which you can improve gross margins in calendar '23. If you could provide some context to that would be super helpful.

知道了。然後作為我對毛利率的跟進，可能對你來說，格蘭特。我猜根據你對這一點的全年評論，到 3 月份的隱含毛利率軌跡可能會比你在 12 月份提供的 43.5% 的指導值略有下降。三月之後，我知道現在還早，但我們應該如何考慮讓您回到 50% 或 50% 以上的路徑？我知道你正在經歷一個非常尖銳的生產，你正在降低利用率。但是您可以在 23 年日曆中提高毛利率的速度和時機。如果您可以提供一些上下文，那將非常有幫助。

Sure. Related to gross margin, as you pointed out, it's heavily influenced by both mix and the utilization impact. Currently, the dominant headwind is the underutilization, which is generating over 700 basis points of headwind. So we have a clear path back to 50% gross margins beyond that utilization impact from the demand that we're seeing today. We don't typically report utilization by factory, but I think it would be a meaningful metric just to cover very quickly by location. As an example, for instance, if we look at utilization in Germany, it supports our broadband business, which has actually seen some strength. So the utilization there is doing okay and the migrations to the new DOCSIS standard is helping support that factory in the volumes.

當然。正如您所指出的，與毛利率相關，它受到組合和利用率影響的嚴重影響。目前，主要的逆風是利用不足，它產生了超過 700 個基點的逆風。因此，除了我們今天看到的需求對利用率的影響之外，我們有一條清晰的道路可以恢復 50% 的毛利率。我們通常不會按工廠報告利用率，但我認為這將是一個有意義的指標，只是按位置快速覆蓋。例如，如果我們看一下德國的利用率，它支持我們的寬帶業務，這實際上已經看到了一些實力。因此，那裡的利用率還不錯，並且遷移到新的 DOCSIS 標準有助於批量支持該工廠。

Alternatively, if you look at our North Carolina gas fab, for instance, it's running very low levels of utilization, which impacts our margin in the WiFi business for CSG. Larger sites like Oregon and Texas are also underutilized given the unit volumes we're seeing from customers as they work through the inventories and the soft demand environment and similarly, our assembly and test operations in China remain underloaded as well.

或者，如果你看看我們的北卡羅來納州天然氣工廠，例如，它的利用率非常低，這影響了我們在 CSG 的 WiFi 業務中的利潤率。俄勒岡州和德克薩斯州等較大的工廠也沒有得到充分利用，因為我們從客戶那裡看到了庫存和疲軟的需求環境，同樣，我們在中國的組裝和測試業務也仍然不足。

All of this underutilization creates costs that go unabsorbed into a higher inventory volume and negatively impacts the margin. I would expect that to resolve as volumes return and we'll have a clear path back to 50% as that factory mix and volumes both return. In terms of margin, there's obviously a lot of moving parts there and other factors, but the underutilization is the primary one.

所有這些未充分利用所產生的成本未被吸收到更高的庫存量中，並對利潤率產生負面影響。我希望隨著銷量的恢復，這種情況會得到解決，隨著工廠組合和銷量的回歸，我們將有一條清晰的道路回到 50%。就利潤而言，顯然有很多活動部件和其他因素，但未充分利用是主要因素。

Your next question comes from Gary Mobley with Wells Fargo Securities.

您的下一個問題來自 Wells Fargo Securities 的 Gary Mobley。

I want to pick up on the last line of questioning. And you seem to insinuate that there is a path back to 50% gross margin when these underutilization charges sort of work their way through. But is there a natural resolution or path to the situation or might management have to make some decisions on in terms of defensive realignment with the manufacturing footprint?

我想接聽最後一行提問。你似乎暗示，當這些未充分利用的費用逐漸發揮作用時，有一條回到 50% 毛利率的道路。但是，這種情況是否有自然的解決方案或路徑，或者管理層是否必須就防禦性調整與製造足跡做出一些決定？

Sure. There's a number of opportunities for us to improve margin looking forward. We are reducing costs in the factory today, primarily variable costs. We can alternatively look at the utilization that we can bring down, which we've commented on previously. The underutilization, as we see it today is something that will resolve as we're under shipping and under building to what would be a more normalized demand environment. So as that returns to normalcy, I would expect the underutilization to leave itself.

當然。展望未來，我們有很多機會提高利潤率。我們今天正在降低工廠的成本，主要是可變成本。我們也可以看看我們可以降低的利用率，我們之前已經評論過。正如我們今天所看到的那樣，利用不足將隨著我們正在運輸和建設到一個更加正常化的需求環境而得到解決。因此，隨著這種情況恢復正常，我預計利用率不足會自行消失。

The other items in gross margin and there are others, but they are much less significant. For instance, inflation is one where it might be running approximately 50 to 100 basis points as a headwind today. But again, it pales in comparison to the utilization impact. There is pricing, which factors into it, but there's nothing that we're seeing there outside of what we expect in historical norms. So again, going back to utilization, it ultimately relates to the volumes we see and the volumes we're seeing right now from customers and the demand levels are intimately related to the macroeconomic effects we've talked about.

毛利率中的其他項目還有其他項目，但它們的重要性要小得多。例如，通貨膨脹是今天可能會出現大約 50 到 100 個基點的逆風。但同樣，與利用率影響相比，它相形見絀。有定價，這是其中的因素，但除了我們在歷史規範中的預期之外，我們沒有看到任何東西。因此，再次回到利用率，它最終與我們看到的數量和我們現在從客戶那裡看到的數量有關，需求水平與我們談到的宏觀經濟影響密切相關。

Okay. I appreciate the comment that China Android handset OEMs might represent only $70 million to $75 million of your December quarter outlook. And I presume the Android handset customer base overall would represent somewhere between $200 million to $250 million in the same quarter and assuming that, that is the bottom, I'm curious to know how does the other portion of the business trend looking out into the March quarter?

好的。我很欣賞有關中國 Android 手機 OEM 可能僅佔您 12 月季度展望的 7000 萬至 7500 萬美元的評論。我假設 Android 手機客戶群在同一季度的總體規模將在 2 億到 2.5 億美元之間，假設這是底部，我很想知道其他部分的業務趨勢如何展望三月季？

Sure. You're right. There is weakness beyond simply Android. I mean the -- both the consumer and the enterprise spending on our customers' end products has continued to be a challenge. Our customers have had to reset their production to adjust to the lower levels of demand and certainly the inventory that they're carrying. It varies by end market, certainly. And the inventory challenge in the Android ecosystem is probably the most impactful. But we are seeing it in our WiFi business as well. We're seeing it across both access points, routers, we're seeing it in power management products for power tools. We're seeing it in SSDs, which is another area that's seen some weakness in looking out forward in time, I expect, again, those would be similar stories and that they will recover and the volumes will return.

當然。你是對的。除了簡單的Android之外，還有一些弱點。我的意思是——消費者和企業在我們客戶的最終產品上的支出仍然是一個挑戰。我們的客戶不得不重新調整他們的生產以適應較低的需求水平，當然還有他們所攜帶的庫存。當然，它因終端市場而異。 Android 生態系統中的庫存挑戰可能是最具影響力的。但我們也在 WiFi 業務中看到了這一點。我們在兩個接入點、路由器中都看到了它，我們在電動工具的電源管理產品中看到了它。我們在 SSD 中看到了這一點，這是另一個在及時展望方面存在一些弱點的領域，我再次預計，這些將是類似的故事，它們會恢復並且數量會恢復。

Next question comes from Vivek Arya with Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

For the first one, I was -- you gave a 47% gross margin number for the full year. That kind of suggest March sort of flattish in terms of sales and gross margin. Just wanted to see if you could kind of clarify that. And then on my question is, what does the recovery look like for Qorvo? Because when I go back to before the 5G cycle started, your quarterly sales were in the $750 million, $800 million level. Last few quarters, they jumped up to [$1.1 billion, $1.2 billion], but that was in hindsight above demand. So does the recovery mean you get to somewhere in the middle of where you were pre 5G and where you were in the last few quarters? Or you think you can exceed the recent quarterly run rate?

對於第一個，我是 - 你給出了全年 47% 的毛利率。這表明 3 月份的銷售額和毛利率持平。只是想看看你是否可以澄清一下。然後我的問題是，Qorvo 的複蘇情況如何？因為當我回到 5G 週期開始之前，你的季度銷售額在 7.5 億美元、8 億美元的水平。過去幾個季度，它們躍升至 [11 億美元，12 億美元]，但事後看來，這超出了需求。那麼，復甦是否意味著你到達了 5G 之前和過去幾個季度的中間位置？或者你認為你可以超過最近的季度運行率？

Thanks for the question, Vivek. This is Grant. Let me take the first part, and then I'll let Bob address your second question. I mean, first and foremost, we won't guide into March formally, but we did comment on the Android-based revenue, which we do expect to be up in the March quarter. And then in terms of our largest customer, seasonally, you would expect that to be down. So there's some offsetting effects there. We'll have to see how that plays out. The rest of the business, we expect to be approximately flat to slightly up in certain different areas.

謝謝你的問題，維維克。這是格蘭特。讓我講第一部分，然後讓鮑勃回答你的第二個問題。我的意思是，首先，我們不會正式引導到 3 月份，但我們確實對基於 Android 的收入發表了評論，我們確實預計該收入將在 3 月季度上升。然後就我們最大的客戶而言，季節性地，你會期望它會下降。所以那裡有一些抵消作用。我們將不得不看看結果如何。其餘業務，我們預計在某些不同領域將大致持平或略有上升。

This is Bob. Thank you for your question. Yes, you're correct that there has been some inventory build, but I want to also point out that we're not anywhere near the number of 5G phones that we expected to be at our number now is pushing closer to 600. And if you recall, when we started the year, we thought it was going to be closer to 700 plus. So that's a pretty big drop, and that's what built up the inventory. And so it's still our expectations to get past where we were at that $1.1 billion, $1.2 billion over time. We've got a lot of growth drivers in our portfolio today, each of the business segments, and we've talked about this.

這是鮑勃。謝謝你的問題。是的，你說得對，已經建立了一些庫存，但我還想指出，我們的 5G 手機數量遠未達到我們現在預期的接近 600 部的水平。如果你還記得，當我們年初時，我們認為它會接近 700 多個。所以這是一個相當大的下降，這就是建立庫存的原因。因此，我們仍然期望超過 11 億美元，隨著時間的推移達到 12 億美元。今天，我們的投資組合、每個業務部門都有很多增長動力，我們已經討論過這個問題。

As far as the event cellular, we still believe we can grow in that mid- to upper single digits, we still believe we have room to grow at our largest customer and a lot of BAW content as we look out over the years. Then if I move into what we're seeing in the high-performance analog business, we've got several growth drivers there. We think defense is going to be a good business for multi-years. We follow that up with what we're seeing in the infrastructure and what we're bringing to that market segment with our GaN modules that we spoke about here. We're excited about the 5G rollout in India because that's going to be supported primarily out of our European customers.

就事件蜂窩而言，我們仍然相信我們可以在中位數到上個位數增長，我們仍然相信我們在我們最大的客戶和大量 BAW 內容方面有增長的空間，正如我們多年來所關注的那樣。然後，如果我進入我們在高性能模擬業務中看到的情況，我們就會有幾個增長動力。我們認為國防將是多年的好生意。我們將跟進我們在基礎設施中看到的內容，以及我們通過我們在這裡談到的 GaN 模塊為該細分市場帶來的內容。我們對在印度推出 5G 感到興奮，因為這將主要得到我們歐洲客戶的支持。

And if I look at the power market that Grant talked about today is a little bit off because of what's going on in the data center market, along with the electrical power tools and things like that, but we're taking that product into multiple markets right now and expect that to grow very nicely.

如果我看看格蘭特今天談到的電力市場有點偏離，因為數據中心市場以及電動工具和類似的東西正在發生的事情，但我們正在將該產品帶入多個市場現在並期望它能夠很好地增長。

And then our power device business. We just talked about the agreement we signed with SK Siltron to bring on -- they've been a good supplier to us. We want to formalize that. So we've got multi-suppliers and we've seen tremendous growth out of that, and we continue to add to our sales funnel on that.

然後是我們的功率器件業務。我們剛剛談到了我們與 SK Siltron 簽署的協議——他們對我們來說是一個很好的供應商。我們希望將其正式化。所以我們有多家供應商，我們已經看到了巨大的增長，我們繼續在這方面增加我們的銷售渠道。

And then if I go to the Connectivity and Sensing, we believe that's going to be our highest growth. And we've talked before on calls about the success we're having in ultra-wideband to what we're doing with Matter and our development kits. We know WiFi is going to come back both for the handset as well as the access points. So we haven't backed away from our longer-term plans.

然後，如果我談到連接和傳感，我們相信這將是我們最高的增長。我們之前在電話會議上談到了我們在超寬帶方面取得的成功，以及我們使用 Matter 和我們的開發套件所做的事情。我們知道 WiFi 將會為手機和接入點回歸。所以我們沒有放棄我們的長期計劃。

Very helpful. And maybe for my follow-up. I think on the last call, you had highlighted $110 million charge, if I recall correctly. I was curious what happened to that? Was it paid? Was it negotiated? Any other charges we should be aware of? And is there any obsolescence risk on the inventory that you have?

非常有幫助。也許是為了我的後續行動。如果我沒記錯的話，我想在上次電話會議上，你強調了 1.1 億美元的費用。我很好奇那是怎麼回事？付錢了嗎？是商量好的嗎？還有其他我們應該注意的費用嗎？您擁有的庫存是否存在過時風險？

Sure. Thanks for the question, Vivek. I'll take the silicon question from last quarter and then I'll roll it forward to this quarter. If you remember, there was a $110 million charge last quarter in the K that we filed, there was $2.2 billion of total purchase commitment liabilities that we had of which $1.4 million was related to this particular silicon agreement. It currently stands at approximately $800 million, which remains on that particular agreement. Given the demand that we are including in our guidance, looking forward, we were able to work with the supplier in that case, in order to better match the supply coming in with the ultimate demand in our silicon. So overall, a very good story, very solid partnership in working through that particular agreement.

當然。謝謝你的問題，維維克。我將回答上個季度的芯片問題，然後將其推至本季度。如果您還記得，上個季度我們提交的 K 中有 1.1 億美元的費用，我們有 22 億美元的購買承諾負債總額，其中 140 萬美元與這個特定的矽協議有關。它目前約為 8 億美元，仍保留在該特定協議中。鑑於我們在指導中包含的需求，展望未來，我們能夠在這種情況下與供應商合作，以便更好地使供應與我們矽的最終需求相匹配。總體而言，這是一個非常好的故事，在完成該特定協議方面非常穩固的合作夥伴關係。

Your next question comes from Karl Ackerman with BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Karl Ackerman。

I wanted to maybe first start off with a question for either Bob or Eric. To what extent is Qorvo under-shipping demand in the December quarter, particularly in handsets. And related to that, clearly, volumes are impacting your utilization and margins. But I guess our ASPs on older generation devices coming down by a similar amount as we think about the December quarter guide?

我可能想先從 Bob 或 Eric 的問題開始。 Qorvo 在 12 月季度出貨量不足的程度，尤其是在手機方面。與此相關，顯然，數量正在影響您的利用率和利潤。但我想我們在老一代設備上的 ASP 下降的幅度與我們對 12 月季度指南的看法相似嗎？

Eric is not here. But Dave, representing our sales and marketing, will address your question, if that's all right.

埃里克不在這裡。但是，代表我們的銷售和營銷部門的戴夫會回答您的問題，如果可以的話。

Yes. This is Dave. I'm not sure how much we can say how much we're undershipping demand. It's a combination of weak demand in the market, especially in the Android ecosystem on top of the inventory that's built up in the channel that's being run off. We don't see pricing as a factor there. It's all more about the units and the inventory.

是的。這是戴夫。我不確定我們能說多少我們的需求不足。這是市場需求疲軟的結合，特別是在 Android 生態系統中，除了正在流失的渠道中積累的庫存之外。我們不認為定價是一個因素。更多的是關於單位和庫存。

Got it. Understood. Maybe just to switch gears, if I could. Certainly somebody away from mobile. You did mention that silicon carbide agreement today. I was hoping you could quantify the size and/or capability of revenue you could support with your selling carbide offering now that you signed this long-term supply agreement with SK Siltron, and/or the rest of your suppliers?

知道了。明白了。如果可以的話，也許只是為了換檔。當然有人遠離手機。你今天確實提到了碳化矽協議。既然您與 SK Siltron 和/或您的其他供應商簽署了這份長期供應協議，我希望您能夠量化您可以通過銷售硬質合金產品支持的收入規模和/或能力？

Thank you for that. Again, we've got 3 different suppliers that supply us the raw wafers, and we've got even more that do the epitaxial, so this is a portion of that. We haven't disclosed even the baseline business, how large it is this year. All I can tell you is it's growing significantly, and we're very pleased with that acquisition. It's coming up on its first year anniversary and very pleased with how it's contributing to the overall performance on the top and bottom lines. But we're excited about the business. We've got a great product offering there. I ran through a number of the different applications we're in, and we just continue to add to the sales funnel on that business, and we just want to formalize with one of our suppliers in the longer-term agreement.

謝謝你。同樣，我們有 3 家不同的供應商為我們提供原始晶圓，我們還有更多的供應商進行外延，所以這是其中的一部分。我們甚至沒有透露基線業務，今年有多大。我只能告訴你，它正在顯著增長，我們對這次收購非常滿意。它即將迎來它的一周年紀念日，並且對它如何為頂線和底線的整體表現做出貢獻感到非常高興。但我們對這項業務感到興奮。我們在那裡提供了很棒的產品。我瀏覽了我們所處的許多不同的應用程序，我們只是繼續增加該業務的銷售渠道，我們只想與我們的供應商之一正式簽訂長期協議。

Next question comes from Tim Arcuri with UBS.

下一個問題來自瑞銀的 Tim Arcuri。

I just jumped on late. So I just kind of wanted to get a sense of China and sort of how you see things progressing if you're willing to speak beyond June -- sorry, beyond calendar Q4. How do you see the inventory digestion trending beyond December? Do you think that March, there'll will still be some residual -- or is December the worst of it?

我只是遲到了。所以我只是想了解一下中國，如果你願意在 6 月之後發表講話，你如何看待事情的進展——抱歉，在第四季度之後。您如何看待 12 月之後的庫存消化趨勢？你認為 3 月還會有一些剩餘 - 還是 12 月是最糟糕的？

We did cover the China revenue, the percent of sales and the percentage that it will be down both quarter-on-quarter and year-on-year, which are substantial. In terms of the inventory and the time it will take the process through the inventory, we haven't made a formal statement about that, but we have commented that Android-based revenue in China is expected to be up in the March quarter. We haven't provided formal guidance, but we do expect to see some increase in March.

我們確實涵蓋了中國的收入、銷售額的百分比以及環比和同比下降的百分比，這些都是可觀的。就庫存和清盤過程所需的時間而言，我們尚未對此發表正式聲明，但我們評論說，中國基於 Android 的收入預計將在 3 月季度上升。我們尚未提供正式指導，但我們確實預計 3 月份會有所增加。

Next question comes from Edward Snyder with Charter Equity Research.

下一個問題來自 Charter Equity Research 的 Edward Snyder。

I want to dig into the -- you mentioned the mid-high band that combines with the transmit and the DRx functions into a single module and a smaller footprint than what we had previously for the mid-high band. I'm assuming your performance has allowed you to reduce the size and addition of a few other things. Is this the new Phase 7 LE module that I think a lot of your -- especially your Android customers have been kind of clamoring for to try to reduce the footprint and maybe even the cost to them of the RFFE or is this done for a particular customer. So any guidance or any color you can provide on how widespread the attraction of that part might be would be helpful to start with and then I have a follow-up.

我想深入研究一下——你提到的中高頻段與傳輸和 DRx 功能結合到一個模塊中，並且比我們之前的中高頻段佔用空間更小。我假設你的表現已經讓你減少了一些其他東西的大小和添加。這是新的 Phase 7 LE 模塊嗎？顧客。因此，您可以就該部分的吸引力可能有多廣泛提供任何指導或任何顏色，這將有助於開始，然後我會進行跟進。

Yes, Ed, this is Dave. The Phase 7 LE is a different solution. So we talked about that earlier this year, and we've ramped that with Honor. We've got lot of new customers, POs in hand, we'll start shipping more that in the beginning of next year. The product you referred to that combines the mid-high-band, main and diversity path, that's a new product that will ramp probably in 2024. So that's more targeting high-performance, small form factor applications, really leverages Qorvo's strength, optimized size and performance. And so we're working with some leading customers on that helping -- helping them define that architecture and drive that solution.

是的，埃德，這是戴夫。 Phase 7 LE 是一個不同的解決方案。所以我們在今年早些時候談到了這一點，我們已經通過 Honor 加強了這一點。我們有很多新客戶，採購訂單在手，我們將在明年年初開始發貨。您提到的產品結合了中高頻段、主路和分集路徑，這是一款可能會在 2024 年推出的新產品。因此，它更針對高性能、小尺寸應用，真正利用了 Qorvo 的優勢，優化了尺寸和性能。因此，我們正在與一些領先的客戶合作，幫助他們定義架構並推動解決方案。

Great. And then a follow-up. I mean, your inventory problems appeared last year at this time pretty much. And I know it's impossible to tell it's difficult to even understand how much inventory relative to demand and seems to have happened subsequently to that to make things worse. But we've now gone for 12 months and it's not getting better, it's getting worse. So what point or is there a point where you start writing off some of this inventory? Or is it all standard product. They'll sell just as well in the 2024 phones as it did or targeted for last year's and this year's fall. So I'm just trying to get a grasp of how long you're going to go with it before or is it just selling through?

偉大的。然後是後續行動。我的意思是，您的庫存問題幾乎出現在去年這個時候。而且我知道很難說甚至很難理解相對於需求有多少庫存，並且似乎隨後發生了使情況變得更糟的情況。但是我們現在已經走了 12 個月了，情況並沒有好轉，反而越來越糟。那麼什麼時候或者有什麼時候你開始註銷一些庫存？還是都是標準產品。他們在 2024 年的手機中的銷量將與去年和今年秋季的銷量或目標產品一樣好。所以我只是想知道你會在多久之前使用它，還是它只是賣掉？

Thanks for the question, Ed. In terms of inventory and what we're writing off or reserving against, it is up significantly. So that will be in our gross margin -- in our non-GAAP gross margin. So we are seeing that today. If we believe anything was excess or obsolete, we would have included it in that. So there's no expectation that there was something we missed. I would also point out that we're doing the things that we can do to help manage that by reducing utilization in the factories. We're working with customers and suppliers. We're ordering less raw materials, for example, and being selective where we choose to add value to inventory looking forward. I tend to look at finished goods, and it's about 20% of our total now. It typically runs higher than that. So that tells me that we're doing a good job.

謝謝你的問題，埃德。就庫存以及我們註銷或保留的內容而言，它顯著上升。所以這將在我們的毛利率中 - 在我們的非公認會計原則毛利率中。所以我們今天看到了這一點。如果我們認為有什麼東西是多餘的或過時的，我們會把它包括在其中。因此，我們不會期望我們錯過了什麼。我還要指出，我們正在做我們可以做的事情，通過降低工廠的利用率來幫助管理這一點。我們正在與客戶和供應商合作。例如，我們訂購的原材料更少，並且在我們選擇為未來的庫存增加價值的地方有選擇性。我傾向於看成品，現在它約占我們總數的 20%。它通常運行得比這更高。所以這告訴我我們做得很好。

At least on a historical basis of managing the situation tightly and in terms of what we choose to build knowing that we're going to make sure there's demand to consume it. So we're taking the steps that we need to take today and we're reserving against the excess and obsolete as we see it.

至少在嚴格管理局勢的歷史基礎上，並且就我們選擇構建的內容而言，我們知道我們將確保有消費需求。因此，我們正在採取我們今天需要採取的步驟，並且我們正在對我們所看到的過度和過時進行保留。

And if I could follow up on one more is on your largest customer, it might be a bright spot. Certainly, it looked like it from the report for the first quarter et cetera. Is your content up or down or flat relative, just generally speaking, to where it was last year.

如果我能再跟進一個是你最大的客戶，那可能是一個亮點。當然，從第一季度等的報告來看，情況似乎如此。一般而言，您的內容與去年相比是上升還是下降或持平。

Sorry, that's not anything we've ever disclosed in the past. I know you guys have a lot of fun trying to find a lot of our small parts that are in there. And yes, we enjoyed a nice ramp with them in the last quarter. And quite honestly, we're going to be down probably at all our major customers, obviously, including our China-based customers and December have factored all that into our outlook. But we were up year-over-year in the September quarter with our largest customer.

抱歉，這不是我們過去披露的任何內容。我知道你們在尋找很多我們的小零件時很開心。是的，我們在上個季度與他們一起享受了一個不錯的坡道。老實說，我們可能會在所有主要客戶中下降，顯然，包括我們的中國客戶和 12 月已將所有這些因素納入我們的展望。但在 9 月季度，我們最大的客戶同比增長。

Your next question comes from Matt Ramsay with Cowen.

您的下一個問題來自 Matt Ramsay 和 Cowen。

My first one, I was just kind of -- apologies if this has been asked, we were listening to you guys and Qualcomm at the same time. But one of the comment that their team made was not only a weakening in smartphone demand overall, but also a move that from customers in all geographies and tiers to carry a lower level of inventory. And it sounded like that move had accelerated in the recent weeks and you guys are kind of going through this inventory correction with the China customers. And I wonder if you've seen across the board that kind of trend, even an acceleration and lowering inventory levels at most of the customers.

我的第一個，我只是有點抱歉，如果有人問這個問題，我們同時在聽你們和高通的意見。但他們的團隊發表的評論之一不僅是整體智能手機需求減弱，而且是所有地區和層級的客戶都採取了降低庫存水平的舉措。聽起來最近幾週這一舉措加速了，你們正在與中國客戶一起經歷這種庫存調整。而且我想知道您是否已經全面看到了這種趨勢，甚至是大多數客戶的加速和降低庫存水平。

Sure. This is Dave. So I mean I think that's natural, right? Anytime you get into this type of environment, people are going to start to reduce their inventories because the demand is not growing. So I think that's a natural reaction. And sure, we see some of those similar trends. But I also want to mention that we have a pretty close relationship with all our customers. They forecasted a lot of this business, they placed purchase orders. So we're working with each of them to kind of work through the inventory, whether it's sitting in our factory or sitting in our distribution channel or obviously sitting in our customers' shelves.

當然。這是戴夫。所以我的意思是我認為這是很自然的，對吧？每當您進入這種類型的環境時，人們就會開始減少庫存，因為需求沒有增長。所以我認為這是一種自然反應。當然，我們看到了一些類似的趨勢。但我還想提一下，我們與所有客戶的關係都非常密切。他們預測了很多這項業務，他們下了採購訂單。因此，我們正在與他們每個人合作，以處理庫存，無論是在我們的工廠還是在我們的分銷渠道中，或者顯然是在我們客戶的貨架上。

We work through that with them on a case-by-case basis to make sure that, that inventory gets consumed. So in those cases, they're often willing to take more inventory on their shelf to help solve those problems.

我們會根據具體情況與他們一起解決這個問題，以確保庫存被消耗掉。所以在這些情況下，他們通常願意在貨架上增加更多庫存來幫助解決這些問題。

I would only add to that, Dave, that it's broader than just quote our China-based customers, just to be clear. It's broader than just our handset customers as well. We talked about WiFi, whether it's access points or in the phones. But I just want to make sure for audience, I understand it's broader than what we're just seeing in handsets.

我只想補充一點，戴夫，為了清楚起見，它比僅僅引用我們的中國客戶更廣泛。它的範圍也不僅僅是我們的手機客戶。我們談到了 WiFi，無論是接入點還是手機中。但我只是想確保觀眾，我理解它比我們剛剛在手機中看到的更廣泛。

Thanks for that, Bob, that was pretty consistent with the messaging from San Diego as well. As my follow-up, Grant, I know this new segmentation and you guys talked about the historical being disclosed when the Q comes out. But in the guidance that you've provided for December, if you could talk maybe a little bit more specifically about the new segment directionally, that would be helpful.

謝謝你，鮑勃，這也與聖地亞哥的信息非常一致。作為我的後續，格蘭特，我知道這個新的細分，你們談到了 Q 出來時披露的歷史。但是在您為 12 月提供的指導中，如果您可以更具體地談論新的細分市場，那將會很有幫助。

Yes, sure. So the segments directionally will follow a lot of what Bob's comments were previously, right? We do expect them to be down sequentially into December. You get now a good look at the profitability by each of those different segments in terms of HBA, it just recorded a 35% operating margin. ACG recorded a 34% operating margin, which wasn't far behind and then a slight loss on our CSG business, which is our highest growth biggest investment area.

是的，當然。因此，這些細分將在很大程度上遵循 Bob 之前的評論，對吧？我們確實預計它們將在 12 月連續下降。您現在可以很好地了解每個不同細分市場在 HBA 方面的盈利能力，它剛剛記錄了 35% 的營業利潤率。 ACG 錄得 34% 的營業利潤率，緊隨其後，我們的 CSG 業務略有虧損，這是我們增長最快的最大投資領域。

I should say, base investment area -- sorry, biggest investment area relative to revenue. I should qualify that.

我應該說，基礎投資領域——對不起，相對於收入的最大投資領域。我應該有資格。

Next question comes from Ambrish Srivastava with BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

I had a quick follow-up on the segments. So what's the -- connectivity segment operating margin was negative. What's kind of the normalized target for this, Grant? And then I had a quick follow-up on the results.

我對這些片段進行了快速跟進。那麼，連接部門的營業利潤率是負數。格蘭特，這個標準化的目標是什麼？然後我對結果進行了快速跟進。

Yes, sure. So it's relatively new. But putting all the pieces together, I would expect it to be profitable. We're going to drive that business, both in terms of the top line to increase the scale, so it can absorb the cost structure that it's got as well as looking at the utilization in the factories. So it's building a lot of WiFi parts that come out of our Greensboro fab, which is highly underutilized at the moment. So it's constrained in that regard from an overall unit perspective.

是的，當然。所以它相對較新。但是把所有的部分放在一起，我希望它是有利可圖的。我們將推動該業務，無論是在收入方面以擴大規模，因此它可以吸收其獲得的成本結構以及查看工廠的利用率。因此，它正在構建大量來自我們格林斯伯勒工廠的 WiFi 部件，而這些部件目前未被充分利用。因此，從整體單位的角度來看，它在這方面受到限制。

Got it. And then real quick on the Android business. I know you put out your China revenues in your filings. But what was the peak for the Android handset revenues going back a year or even higher before that.

知道了。然後在Android業務上真正快速。我知道你在你的文件中列出了你在中國的收入。但一年前甚至更高的 Android 手機收入的峰值是多少？

So is your question on China based Android or including our other customers that are Android based?

那麼您的問題是關於基於中國的 Android 還是包括我們其他基於 Android 的客戶？

I think it's a good point you raised. It's just the Android customer base, which is causing the biggest (inaudible) or the biggest downshift in the trajectory of the business.

我認為你提出的觀點很好。只是 Android 客戶群導致了業務發展軌蹟的最大（聽不清）或最大的下滑。

I can't speak to Android specifically off the cuff, but I can tell you that our China-based business as a percent of total revenue was approaching 50% at the peak. A good portion of which was Android.

我不能即興專門談論 Android，但我可以告訴你，我們在中國的業務佔總收入的百分比在峰值時接近 50%。其中很大一部分是Android。

Next question comes from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

And I guess a little repetitive, everybody has bounced around tonight, so I apologize. But obviously, Android needs substantial correction. I was just kind of curious on that other customer. There's been a lot of concerns, but I haven't seen anything concrete in this guide that is down sharply, have you changed the way you're looking at that customer baked in any conservatism. Obviously, there's manufacturing issues that's in the news as well as concerns about their annual cuts.

而且我想有點重複，今晚每個人都反彈了，所以我道歉。但顯然，Android 需要大量修正。我只是對另一個客戶有點好奇。有很多擔憂，但我沒有在本指南中看到任何具體的急劇下降的內容，您是否改變了看待該客戶的方式以任何保守主義為基礎。顯然，新聞中有製造問題以及對其年度削減的擔憂。

Blayne, it's Bob. I made a comment earlier that we were up year-over-year with our largest customer, but I also commented that in the December quarter, we're expecting to be down at all of our large customers, including our customers in China. And we also believe across our customers that their flagship phones are not immune to what we're seeing out there. The end consumer almost no matter what market segment we're facing, and we've got multiple products for more than just handsets, we're seeing it decline. So that was some comments I made earlier.

布萊恩，是鮑勃。我早些時候發表評論說，我們最大的客戶同比增長，但我也評論說，在 12 月季度，我們預計所有大客戶都將下降，包括我們在中國的客戶。而且我們還相信，我們的客戶也相信他們的旗艦手機不會受到我們所看到的東西的影響。最終消費者幾乎無論我們面臨什麼細分市場，而且我們擁有多種產品，而不僅僅是手機，我們看到它正在下降。這就是我之前發表的一些評論。

And then you made the comment that Android is up in March. Obviously, Samsung always has their ramp then and a good quarter for that customer. Would you still expect the VOX to be correcting inventory? Or is the comment that Android is up in March because you're through that inventory and even the VOX could be up?

然後你發表評論說 Android 在 3 月份上線了。顯然，三星在那時總是有自己的優勢，並為該客戶提供了一個很好的季度。您是否仍然期望 VOX 正在糾正庫存？還是說 Android 在 3 月份上漲的評論是因為您已經完成了庫存，甚至 VOX 也可能上漲？

I think, number one, I'm not glad you brought up our Korean customer and what's going on there. I mean, we also commented that we picked up a low-band pad in the marquee phone, and we're pretty happy about that. That's new content we've never gotten. We did get the low-band pad and some of their high-volume phones, but we hadn't been in the marquee phone and we've got a lot of extra content there. So yes, as they launch their next level phone, we're going to do extremely well. And it's our expectations today that what we're seeing from China.

我想，第一，我不高興你提到我們的韓國客戶以及那裡發生的事情。我的意思是，我們還評論說我們在選框電話中選擇了一個低頻段墊，我們對此感到非常高興。這是我們從未獲得過的新內容。我們確實得到了低頻段墊和他們的一些大容量手機，但我們還沒有進入過字幕手機，我們在那裡有很多額外的內容。所以，是的，當他們推出下一級手機時，我們會做得非常好。我們今天的期望是我們從中國看到的。

Now again, we have to remember, are there rolling lockdowns, what's going to happen. But based on everything we see today, we do expect to be up there. But when you integrate all that with our largest customers, typically down, we're seeing some other weakness in other consumer businesses as we adjust the inventories, that's why we're not predicting March yet. But Blayne, I think we are at the point where we feel just like we said last quarter, this was going to be the low point December for our Android-based customers.

現在，我們必須再次記住，是否有滾動封鎖，將會發生什麼。但根據我們今天所看到的一切，我們確實希望在那裡。但是，當您將所有這些與我們最大的客戶（通常是下降的）整合在一起時，我們會在調整庫存時看到其他消費業務的其他弱點，這就是我們尚未預測 3 月的原因。但是 Blayne，我認為我們正處於我們感覺就像我們上個季度所說的那樣，這將是 12 月對於我們基於 Android 的客戶的低點。

Next question comes from Christopher Rolland with Susquehanna.

下一個問題來自 Christopher Rolland 和 Susquehanna。

Bob, you just stole some of my thunder there around the low band pad win that you had there. Perhaps talk about that opportunity in low band. Is this expanding for you, do you think? And then just more generally, maybe you can talk about the content growth opportunity that you guys see per 5G unit as we move into 2023 more generally?

鮑勃，你剛剛在你在那裡獲得的低頻段打擊墊勝利中偷走了我的一些風頭。也許在低頻段談論這個機會。這對你來說是擴展的，你認為嗎？然後更一般地說，也許你可以談談隨著我們更普遍地進入 2023 年，你們看到的每個 5G 單位的內容增長機會？

Sure, I'll take this one. Good question. And it's definitely a content game for us. We've never had the low band on their flagship model before. As Bob mentioned, in some of their master 5G phones last -- this past year, we did get some of the low-band sockets, but this is new for us in the flagship. So this will actually be the highest content we've ever had in that phone model. So we're pretty excited about that ramp starting early next year.

當然，我要這個。好問題。這對我們來說絕對是一款內容遊戲。我們以前從未在他們的旗艦機型上使用過低頻段。正如 Bob 所提到的，去年在他們的一些主 5G 手機中——過去一年，我們確實獲得了一些低頻段插座，但這對我們的旗艦產品來說是新的。所以這實際上將是我們在該手機型號中擁有的最高內容。因此，我們對明年初開始的坡道感到非常興奮。

As far as additional content, it's hard to say. I think it's consistent with what we said in the past. I will say there's one area that I think is another exciting opportunity for us as we move into WiFi 7. There's been a lot of cases in WiFi 6, where the PA that's integrated in the SoC is sometimes good enough performance and they don't need an external fam. But we don't see that happening in WiFi 7. So we've got great WiFi fam socket win on a major Asia-based chipset platform provider on their reference design with our fans. So we're really excited about that. That's definitely going to be a growth opportunity as forward.

至於附加內容，很難說。我認為這與我們過去所說的一致。我會說，隨著我們進入 WiFi 7，我認為有一個領域對我們來說是另一個令人興奮的機會。在 WiFi 6 中有很多案例，其中集成在 SoC 中的 PA 有時性能足夠好，但它們卻沒有需要一個外部家庭。但我們看不到 WiFi 7 中會發生這種情況。因此，我們在一家亞洲主要芯片組平台供應商與我們的粉絲的參考設計中獲得了巨大的 WiFi fam 插座勝利。所以我們對此感到非常興奮。這肯定會成為未來的增長機會。

And then as we all kind of piece together what's inventory digestion versus true lower demand. Maybe this could be a helpful way to address that. I think you gave a global handset unit number for 5G. I think you were at like 625 million or something like that for the year. Where do you see that now on perhaps reduced demand?

然後，當我們將庫存消化與真正的低需求拼湊在一起時。也許這可能是解決這個問題的有用方法。我認為您提供了 5G 的全球手機單元號。我認為您今年的收入約為 6.25 億或類似的數字。在需求可能減少的情況下，您現在在哪裡看到這一點？

Sure. We commented that we think it will be approximately 600 million units now for calendar '22, so down approximately 25 million units coming out of December.

當然。我們評論說，我們認為 22 年日曆現在將達到約 6 億台，因此從 12 月開始減少約 2500 萬台。

Next question comes from Raji Gill with Needham & Company.

下一個問題來自Needham & Company 的Raji Gill。

And again, I joined late as well, so apologize if this question was asked. When we're looking at calendar '23 in terms of the overall market, I'm just curious to see how -- what the Chinese handset customers are thinking about a recovery year looks like in calendar 2023. The designs for phones are 6 to 9 months in the future. So I'm just wondering, is there any feedback that maybe you could provide of what a recovery year could look like in calendar '23 off a 600 million kind of 5G market this year? Any thoughts on that?

再說一次，我也加入晚了，如果被問到這個問題，請道歉。當我們從整體市場的角度來看 23 年日曆時，我只是想看看中國手機客戶對 2023 年恢復年的看法如何。手機的設計是 6 到未來9個月。所以我只是想知道，您是否可以提供任何反饋，說明今年 6 億種 5G 市場在 23 年日曆上的複蘇年會是什麼樣子？對此有什麼想法嗎？

I think what's important, and it's a good question and if I could answer that, I know a lot of you would be super impressed if I was actually accurate. I think what we focused on is the design activity, to your point, that we've been working on. And we're quite encouraged by the number of new phones and obviously, our design wins that are there and the amount of content that they're putting into their phones.

我認為什麼是重要的，這是一個很好的問題，如果我能回答這個問題，我知道如果我真的準確的話，你們中的很多人都會印象深刻。我認為我們關注的是設計活動，就您而言，我們一直在努力。我們對新手機的數量感到非常鼓舞，顯然，我們的設計獲勝，以及他們在手機中放入的內容量。

It's just what you're really asking is the number of units and let's just go through their markets. The China consumer is at an all-time low right now. Everybody had hoped after President Xi was elected to his next term, they'll back away from the Zero COVID policy. We haven't seen that yet. So what's the China market going to look like? They're a major export market. A lot of that is Eastern Europe. The war in Ukraine doesn't look like it's slowing down. So we have to factor that in. And then you put in place, they're strong in Europe as well, you look at inflation and what they're seeing over there.

這正是你真正要問的是單位數量，讓我們看看他們的市場。中國消費者目前處於歷史最低點。每個人都希望在習主席當選下一屆任期後，他們會退出零疫情政策。我們還沒有看到。那麼中國市場會是什麼樣子呢？他們是一個主要的出口市場。其中很多是東歐。烏克蘭的戰爭看起來並沒有放緩。所以我們必須考慮到這一點。然後你到位，他們在歐洲也很強大，你看看通貨膨脹和他們在那裡看到的東西。

So until a lot of those things get under control, they're not leaning forward, okay? What they are doing is continue to design new phones. We work with them on that. We get those wins. Many of those are some of the same products we're shipping today. Many are some of the new products that we've also talked about. So very difficult to project '23. What we feel good about is our design wins, our market share is consistent or higher as we go forward. The number of units, we'll just have to wait and see.

所以在很多事情得到控制之前，他們不會向前傾斜，好嗎？他們正在做的是繼續設計新手機。我們在這方面與他們合作。我們得到了那些勝利。其中許多是我們今天運送的一些相同產品。許多是我們也談到的一些新產品。所以很難預測'23。我們感到高興的是我們的設計獲勝，我們的市場份額隨著我們的前進而保持一致或更高。單位數量，我們只能拭目以待。

Got it. Understood. And my follow-up, last quarter, you were cutting utilization to kind of stoke the inventory burn. I don't believe you quantified it. You might have quantified it on this call. But I'm just curious, how are you thinking about ramping down the utilization rate at your internal fab and kind of what the impact would be on the margin front.

知道了。明白了。我的後續行動，上個季度，你正在削減利用率以助長庫存消耗。我不相信你量化了它。您可能已經在這次電話會議上對其進行了量化。但我只是好奇，您如何考慮降低內部晶圓廠的利用率以及對利潤率的影響。

Sure. Thanks for the question. I touched on it a bit earlier in terms of utilization by location. And there are different businesses which impact different factories in various ways based on product mix that we see running through those factories. So in aggregate, it's difficult, if not misleading, to quote a particular number. And we haven't done that in the past for that reason. But I can say that underutilization is significant. It's having a meaningful impact on our gross margin to the tune of greater than 700 basis points. So adding that back, as I talked about earlier, gets us on path to our 50%-plus gross margin looking forward.

當然。謝謝你的問題。在按位置劃分的利用率方面，我早些時候談到了它。根據我們看到的貫穿這些工廠的產品組合，有不同的業務以各種方式影響不同的工廠。所以總的來說，引用一個特定的數字是很困難的，如果不是誤導的話。出於這個原因，我們過去沒有這樣做過。但我可以說，未充分利用是很重要的。它對我們的毛利率產生了超過 700 個基點的重大影響。因此，正如我之前談到的那樣，再加上這一點，我們就有望實現 50% 以上的毛利率。

Your next question comes from Vijay Rakesh with Mizuho.

您的下一個問題來自瑞穗的 Vijay Rakesh。

Just wondering, I know you talked about by March quarter, we start to see some growth. Hopefully, you got that right. But is that predicated more on ex-China growth? Or how are you seeing that? Because as Bob -- as you mentioned, might be some of the COVID could continue into next year, right?

只是想知道，我知道你在 3 月季度談到過，我們開始看到一些增長。希望你做對了。但這更多地取決於除中國以外的增長嗎？或者你怎麼看？因為正如鮑勃——正如你所提到的，一些新冠病毒可能會持續到明年，對吧？

Yes. Let me clarify that a bit on aggregate. We're not commenting on the March quarter in terms of whether it would show growth. But on a customer basis, seasonally, we would expect our largest customer to be down. We do expect Android based business to be up, and there will be some offset between those 2 that were not forecasting at this point publicly. And the rest of our businesses are expected to be approximately flat with some specific strength on the areas Bob touched on earlier.

是的。讓我在總體上澄清一下。我們不會就 3 月季度是否會顯示增長發表評論。但就客戶而言，季節性地，我們預計我們最大的客戶會下降。我們確實預計基於 Android 的業務將會增長，並且在這兩個尚未公開預測的情況之間會有一些抵消。我們的其他業務預計將大致持平，在鮑勃之前提到的領域有一些特定的優勢。

Got it. And then on the inventory side, I was wondering if you could comment on what the channel inventory levels were or where you see it exiting December versus normal levels? And similarly, where you think customer handset, customer OEM inventories are on the RF components side?

知道了。然後在庫存方面，我想知道您是否可以評論渠道庫存水平是多少，或者您看到 12 月與正常水平相比在哪裡退出？同樣，您認為客戶手機、客戶 OEM 庫存在 RF 組件方面的位置？

Yes. I'm sorry. Was the question referring to China or I didn't understand.

是的。對不起。問題是指中國還是我不明白。

In general, what is channel inventories? What are you seeing in terms of RF component levels and same on your customer. Where do you think inventories are as you exit the December quarter, let's say.

一般來說，什麼是渠道庫存？您在 RF 組件級別方面看到了什麼，您的客戶也是如此。比方說，當您退出 12 月季度時，您認為庫存在哪裡。

Yes. It's hard to put a number on it because it varies by market and even by customer and product area. In some cases, we have customers that are reasonably healthy in terms of the inventory they're carrying. And others, they've got a lot of inventory that they've got to work through and then in some cases, we have distributors in between that is kind of a mixed bag as well.

是的。很難在上面加上一個數字，因為它因市場甚至客戶和產品領域而異。在某些情況下，我們的客戶在他們持有的庫存方面相當健康。還有其他人，他們有很多庫存需要處理，然後在某些情況下，我們中間有分銷商，這也是一種混合包。

What I'd add to that is, unfortunately, every quarter, the -- our customers are chasing demand down for the various global effects that we talked about, 3 major things: inflation, the war and lockdowns in China. So unfortunately, every time they've been wrong and they thought they were reducing it enough when they weren't. They still overbuilt. So we'll just have to wait and see how this things end. What I think is great is they're paying close attention to it. And as Dave pointed out, we've got a great relationship with our customers, and we're working with them to work through this.

我要補充的是，不幸的是，每個季度，我們的客戶都在追逐對我們談到的各種全球影響的需求，這三件主要事情是：通貨膨脹、戰爭和中國的封鎖。所以不幸的是，每次他們都錯了，他們認為他們已經把它減少到了足夠的程度，而實際上他們並沒有。他們仍然過度建設。所以我們只需要等待，看看事情會如何結束。我認為很棒的是他們正在密切關注它。正如 Dave 所指出的，我們與客戶建立了良好的關係，我們正在與他們合作解決這個問題。

Thank you. I would like to turn the floor back to management for closing remarks.

謝謝你。我想把發言權轉回管理層以結束髮言。

We want to thank everyone for joining us today. We look forward to speaking with you again at upcoming investor events. Thanks again, and hope you have a good night.

我們要感謝大家今天加入我們。我們期待在即將舉行的投資者活動中再次與您交談。再次感謝，希望你有一個美好的夜晚。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。