科沃 (QRVO) 2022 Q3 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. Q3 2022 Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Douglas DeLieto, Vice President and Investor Relations. Please go ahead.

美好的一天，歡迎參加 Qorvo, Inc. 2022 年第三季度電話會議。今天的會議正在錄製中。在這個時候，我想把會議交給副總裁兼投資者關係部的 Douglas DeLieto。請繼續。

Thanks very much, Cody. Hello, everybody, and welcome to Qorvo's Fiscal 2022 Third 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 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，科迪。大家好，歡迎參加 Qorvo 的 2022 財年第三季度收益電話會議。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. Joining us today are Bob Bruggeworth, President and CEO; and Mark Murphy, Chief Financial Officer; Philip Chesley, President of Qorvo's Infrastructure and Defense Products Group; Eric Creviston, President of Qorvo's Mobile Products Group; as well as other members of Qorvo's management team. And with that, I'll turn it over to Bob.

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。今天加入我們的是總裁兼首席執行官 Bob Bruggeworth；和首席財務官馬克·墨菲； Qorvo 基礎設施和國防產品集團總裁 Philip Chesley； Qorvo 移動產品集團總裁 Eric Creviston；以及 Qorvo 管理團隊的其他成員。有了這個，我會把它交給鮑勃。

Thanks, Doug, and welcome, everyone, to our call. Qorvo delivered fiscal third quarter results above the midpoint of the outlook we provided November 3 on our earnings call. Demand during the quarter was broad-based across markets, included multiple new product categories, including 5G transmit diversity, ultra-wideband, WiFi 6E and 7, power management and other power solutions.

謝謝，Doug，歡迎大家來電。 Qorvo 的第三財季業績高於我們在 11 月 3 日財報電話會議上提供的展望中點。本季度市場需求廣泛，包括多個新產品類別，包括 5G 傳輸分集、超寬帶、WiFi 6E 和 7、電源管理和其他電源解決方案。

In Mobile Products, Qorvo game content in flagship and mass market 5G devices. The fundamental challenges and increased complexity lifting 5G content are being driven by network efficiency and carrier requirements for the device architectures. In addition to new 5G bands, requirements are increasing for carrier aggregation, band combinations in both the transmit and receive to maximize bandwidth to and from the device. These are long-term trends impacting 5G devices independent of tier. In addition, new industrial designs like foldable phones are increasing RF challenges demanding more advanced antenna management systems.

在移動產品方面，旗艦和大眾市場 5G 設備中的 Qorvo 遊戲內容。網絡效率和運營商對設備架構的要求正在推動提升 5G 內容的基本挑戰和復雜性增加。除了新的 5G 頻段外，對載波聚合、發射和接收頻段組合的要求也在不斷增加，以最大限度地提高進出設備的帶寬。這些是影響獨立於層級的 5G 設備的長期趨勢。此外，可折疊手機等新工業設計正在增加射頻挑戰，需要更先進的天線管理系統。

Lastly, because Qorvo's smartphone portfolio includes cellular RF, ETP mix, WiFi in emerging categories like ultra-wideband and MEMS space sensors, Qorvo can participate broadly across OEMs, product tiers and chipset providers. Qorvo offers a broad portfolio of key enabling technologies and Qorvo stands to benefit as connectivity continues to proliferate. More critically, Qorvo is leveraging the same competencies that placed us at the forefront of connectivity to grow in new markets.

最後，由於 Qorvo 的智能手機產品組合包括蜂窩 RF、ETP 組合、超寬帶和 MEMS 空間傳感器等新興類別的 WiFi，Qorvo 可以廣泛參與 OEM、產品層和芯片組供應商。 Qorvo 提供了廣泛的關鍵支持技術組合，隨著連接性的不斷增加，Qorvo 將從中受益。更重要的是，Qorvo 正在利用使我們處於連接前沿的相同能力在新市場中增長。

In IDP, revenue increased sequentially and growth was broad-based across markets. The integration of United Silicon Carbide is proceeding well and enhancing our opportunities in higher voltage applications that demand maximum power efficiency. These include EVs, charging stations and renewable energy systems.

在 IDP 中，收入環比增長，並且各個市場的增長基礎廣泛。聯合碳化矽的整合進展順利，增加了我們在需要最大功率效率的更高電壓應用中的機會。其中包括電動汽車、充電站和可再生能源系統。

Now let's look at some of the quarterly highlights, starting with mobile. For a Korean-based smartphone OEM, we ramp shipments in support of flagship and mass market smartphone launches. We expanded customer sampling of highly integrated main path solutions as well as secondary transmit solutions, which increased content as these architectures are adopted more broadly. In ultra-wideband, we achieved an important strategic milestone, supplying our first complete ultra-wideband solution in an Android smartphone. This speaks to the strength of our core technology and highlights the opportunity across the Android ecosystem. For industrial and enterprise applications, we introduced a fully integrated module combining our ultra-wideband chipset with Nordic's BLE solution to address a wide range of industrial and enterprise applications.

現在讓我們看看一些季度亮點，從移動設備開始。對於一家韓國智能手機 OEM，我們增加出貨量以支持旗艦和大眾市場智能手機的推出。我們擴大了高度集成的主路徑解決方案以及輔助傳輸解決方案的客戶樣本，隨著這些架構被更廣泛地採用，增加了內容。在超寬帶領域，我們實現了一個重要的戰略里程碑，在 Android 智能手機中提供了我們的第一個完整的超寬帶解決方案。這說明了我們核心技術的實力，並突出了整個 Android 生態系統的機會。對於工業和企業應用，我們推出了一個完全集成的模塊，將我們的超寬帶芯片組與 Nordic 的 BLE 解決方案相結合，以應對廣泛的工業和企業應用。

In WiFi, design activity continues to be in robust. For mobile applications, we secured new WiFi 7 chip-on-board reference design engagement and began customer sampling of WiFi 7 FEMs, offering superior performance and design flexibility. For home and enterprise applications, we ran WiFi 6E FEMs for mesh networks and released 5 gigahertz iFEMs with BAW filtering for tri-band applications.

在 WiFi 中，設計活動繼續活躍。對於移動應用，我們獲得了新的 WiFi 7 板載芯片參考設計參與，並開始向客戶提供 WiFi 7 FEM 樣品，提供卓越的性能和設計靈活性。對於家庭和企業應用，我們為網狀網絡運行 WiFi 6E FEM，並為三頻應用發布了帶有 BAW 濾波的 5 GHz iFEM。

In cellular infrastructure, Qorvo was selected by a base station OEM to supply 3.4 to 3.8 gigahertz 8-watt GaN power amplifier modules for massive MIMO 5G deployments in Europe. We see infrastructure market strengthening in 2022 worldwide with significant growth in the rest of the world, excluding China. In automotive, Qorvo was selected to provide cellular V2X connectivity for a leading Europe-based automotive OEM. In power, we secured design wins to supply silicon carbide for onboard chargers and DC-to-DC converters in support of leading automotive OEMs in Europe and in Asia.

在蜂窩基礎設施中，Qorvo 被一家基站 OEM 選中，為歐洲的大規模 MIMO 5G 部署提供 3.4 至 3.8 GHz 的 8 瓦 GaN 功率放大器模塊。我們預計 2022 年全球基礎設施市場將走強，世界其他地區（中國除外）將出現顯著增長。在汽車領域，Qorvo 被選中為歐洲領先的汽車 OEM 提供蜂窩 V2X 連接。在電源方面，我們贏得了設計勝利，為車載充電器和 DC-DC 轉換器提供碳化矽，以支持歐洲和亞洲領先的汽車 OEM。

Sales of PMICs for video processors and solid-state drives were strong as were sales of motor control solutions for battery-powered tools. To expand our power franchise, we are combining our power management and silicon carbide technologies to deliver superior levels of power efficiency and high power applications. Our first products are for the defense industry, and we are broadening the portfolio to serve additional markets, including infrastructure and automotive. In Bio, we were awarded a $4.1 million follow-on contract with the NIH RADx initiative supporting a COVID flu combo assay and a COVID antigen pooling application. We also signed a channel partnership agreement for distribution in the U.S. and submitted a clear waiver application to the FDA to expand deployment in point-of-care settings.

用於視頻處理器和固態驅動器的 PMIC 的銷售強勁，用於電池供電工具的電機控制解決方案的銷售也很強勁。為了擴大我們的電源專營權，我們正在結合我們的電源管理和碳化矽技術，以提供卓越的電源效率和高功率應用。我們的第一批產品用於國防工業，我們正在擴大產品組合以服務於其他市場，包括基礎設施和汽車。在 Bio 領域，我們獲得了 NIH RADx 計劃的 410 萬美元後續合同，支持 COVID 流感組合檢測和 COVID 抗原池應用。我們還簽署了在美國分銷的渠道合作協議，並向 FDA 提交了一份明確的豁免申請，以擴大在醫療點環境中的部署。

In both mobile and IDP, Qorvo is capturing diverse opportunities supported by multiyear secular growth drivers in 5G, IoT connectivity, defense and power. We are operating well and expanding the markets we serve while investing to sustain product and technology leadership across our portfolio. With that, I'll hand the call over to Mark.

在移動和 IDP 方面，Qorvo 正在抓住 5G、物聯網連接、國防和電力領域多年長期增長驅動力支持的各種機會。我們運營良好並擴大了我們所服務的市場，同時投資以維持我們產品組合中的產品和技術領先地位。有了這個，我會把電話交給馬克。

Thanks, Bob, and good afternoon, everyone. Qorvo's revenue for the fiscal year 2022 third quarter was $1.114 billion, $9 million above the midpoint of our guidance. Mobile Products revenue of $848 million was stronger than expected on higher flagship volumes. Infrastructure and Defense Products revenue was $266 million, with infrastructure and programmable power management up sequentially and year-over-year.

謝謝，鮑勃，大家下午好。 Qorvo 2022 財年第三季度的收入為 11.14 億美元，比我們指導的中點高出 900 萬美元。由於旗艦銷量增加，移動產品收入 8.48 億美元強於預期。基礎設施和國防產品收入為 2.66 億美元，其中基礎設施和可編程電源管理收入環比和同比增長。

Non-GAAP gross margin in the December quarter was 52.6%, 35 basis points above the midpoint of our guidance on better-than-expected mix and yields. This was the company's fifth consecutive quarter above 52%. Non-GAAP operating expenses in the third quarter were $214 million, down $8 million sequentially on lower incentive compensation and timing of development programs. Year-over-year OpEx was up over -- was up $20 million on new product and technology investments, including recently acquired company OpEx, partially offset by lower incentive comp.

12 月季度的非美國通用會計準則毛利率為 52.6%，比我們關於好於預期的組合和收益率的指導中點高出 35 個基點。這是該公司連續第五個季度超過 52%。第三季度非 GAAP 運營費用為 2.14 億美元，比上一季度減少 800 萬美元，原因是激勵薪酬和開發計劃的時間安排較低。 OpEx 同比增長超過 2000 萬美元，用於新產品和技術投資，包括最近收購的公司 OpEx，部分被較低的激勵補償所抵消。

Non-GAAP operating income in the December quarter was $372 million and 33.4% of sales. Non-GAAP net income in the third quarter was $330 million and diluted earnings per share of $2.98 was $0.23 above the midpoint of our guidance. Cash flow from operations in the third quarter was $117 million, reflecting payments associated with the long-term supply agreement discussed on last quarter's call. As mentioned then, we believe supply agreements allow us to advance our differentiated technology position and simplify our long-term planning.

12 月季度的非 GAAP 營業收入為 3.72 億美元，佔銷售額的 33.4%。第三季度非 GAAP 淨收入為 3.3 億美元，每股攤薄收益為 2.98 美元，比我們的指導中點高 0.23 美元。第三季度的運營現金流為 1.17 億美元，反映了與上季度電話會議討論的長期供應協議相關的付款。如前所述，我們相信供應協議使我們能夠提升我們的差異化技術地位並簡化我們的長期規劃。

Qorvo is building longer-term and more collaborative partnerships to provide our customers supply assurance and to address their product and technology needs. Capital expenditures in the December quarter were $50 million and remain concentrated in core areas such as BAW and GaAs, where we enjoyed a differentiated position and see continued growth. Free cash flow was $67 million, and we repurchased $302 million of shares during the quarter. We continue to repurchase shares based on our long-term outlook, low leverage and other factors.

Qorvo 正在建立更長期、更具協作性的合作夥伴關係，以向我們的客戶提供供應保證並滿足他們的產品和技術需求。 12 月季度的資本支出為 5000 萬美元，仍集中在 BAW 和 GaAs 等核心領域，我們在這些領域享有差異化地位並看到持續增長。自由現金流為 6700 萬美元，我們在本季度回購了 3.02 億美元的股票。我們繼續基於我們的長期前景、低杠桿率和其他因素回購股票。

Turning to the balance sheet. In December, Qorvo issued its first investment-grade note. The proceeds from this $500 million 3-year note were used in part to retire our $195 million term loan. As of the December quarter end, we had $2 billion of debt and $1 billion of cash. Our net debt to EBITDA increased to over 0.5 turn.

轉向資產負債表。 12 月，Qorvo 發行了第一張投資級票據。這張 5 億美元 3 年期票據的收益部分用於償還我們 1.95 億美元的定期貸款。截至 12 月季度末，我們有 20 億美元的債務和 10 億美元的現金。我們對 EBITDA 的淨債務增加到超過 0.5 倍。

Now turning to our current quarter outlook. We expect revenue between $1.135 billion and $1.165 billion, non-GAAP gross margin of approximately 52% and non-GAAP diluted earnings per share of $2.94 at the midpoint of guidance. Our March quarter revenue outlook reflects an improving supply situation, high-volume smartphone launches and stronger IDP volumes. Forecasted revenue of $1.150 billion at the midpoint is up 3% sequentially and 7% year-over-year. We expect mobile to be flat sequentially and up around 5% year-over-year on flagship and mass tier phone launches and content gains and a more stable supply-demand situation. We project IDP to return to year-over-year growth in the March quarter with broad-based demand supporting revenues over $300 million.

現在轉向我們當前的季度展望。我們預計收入在 11.35 億美元至 11.65 億美元之間，非美國通用會計準則毛利率約為 52%，非美國通用會計準則攤薄後每股收益為 2.94 美元。我們 3 月季度的收入前景反映了供應情況的改善、智能手機的大量發布和 IDP 量的增長。中點的預測收入為 11.50 億美元，環比增長 3%，同比增長 7%。我們預計，由於旗艦和大眾級手機的發布和內容增長以及更穩定的供需形勢，移動業務將環比持平，同比增長約 5%。我們預計 IDP 將在 3 月季度恢復同比增長，基礎廣泛的需求支持收入超過 3 億美元。

Our March quarter gross margin guide of approximately 52% results in full year fiscal '22 outlook about 30 basis points higher than last fiscal year. We project non-GAAP operating expenses to increase in the March quarter to approximately $232 million due to increased investment in core technologies and new capabilities as well as early calendar year payroll effects. For the full fiscal year, our OpEx is projected to be just over 19% of sales, down from close to 20% of sales last fiscal year. Below the operating income line, other expenses will increase to approximately $17 million on the additional net debt. We project our non-GAAP tax rate in the current quarter to be approximately 7.5% and the full year rate to be 8.2%.

我們的 3 月季度毛利率指引約為 52%，導致 22 財年全年展望比上一財年高出約 30 個基點。由於對核心技術和新功能的投資增加以及日曆年初的工資影響，我們預計 3 月季度的非 GAAP 運營費用將增加至約 2.32 億美元。在整個財年，我們的運營支出預計將略高於銷售額的 19%，低於上一財年銷售額的近 20%。在營業收入線以下，額外淨債務的其他費用將增加到約 1700 萬美元。我們預計本季度的非公認會計原則稅率約為 7.5%，全年稅率為 8.2%。

Capital expenditures are projected to be around $55 million in the March quarter as we manage spend to intersect demand and support long-term supply agreements with multiple customers. We are still supply constrained in some areas and forecast to remain so beyond our fiscal year-end. We continue to expand BAW and GaAs capacity along with some assembly and test to support growth.

由於我們管理支出以交叉需求並支持與多個客戶的長期供應協議，預計第三季度的資本支出約為 5500 萬美元。我們在某些地區仍然受到供應限制，預計在我們的財政年度結束後仍將如此。我們繼續擴大 BAW 和 GaAs 產能以及一些組裝和測試以支持增長。

In summary, our results exceeded the midpoint of our December quarter guide. Our March quarter guide is consistent with our previous comments, including sequential growth in the March quarter. At the midpoint of our current quarter guide, for fiscal year '22, we expect revenue growth over 15% and operating margin over 33%. We project our full fiscal year EPS to be approximately $12.18, up 25% year-over-year. Looking beyond this fiscal year, Qorvo is well positioned to serve secular growth trends in connectivity and power and to deliver growth in earnings and free cash flow.

總之，我們的業績超過了我們 12 月季度指南的中點。我們的 3 月季度指南與我們之前的評論一致，包括 3 月季度的連續增長。在我們當前季度指南的中點，對於 22 財年，我們預計收入增長超過 15%，營業利潤率超過 33%。我們預計我們整個財年的每股收益約為 12.18 美元，同比增長 25%。展望本財年之後，Qorvo 處於有利地位，可以服務於連接和電力方面的長期增長趨勢，並實現收益和自由現金流的增長。

As mentioned last quarter, looking at the business by end market highlights Qorvo's growth potential over the next several years. We expect solid growth on our advanced cellular products for smartphones as 5G mix grows, RF complexity increases and content expands. On broader connectivity solutions, we expect strong double-digit growth as connected devices increase and use cases proliferate. And finally, we expect infrastructure, defense and power markets to support double-digit growth as 5G build-outs picked up outside of China, defense spend mixes to higher performance electronics and requirements increase for power semis to support electrification trends. Now Cody, would you please open the line for questions.

如上一季度所述，從終端市場看業務凸顯了 Qorvo 在未來幾年的增長潛力。隨著 5G 組合的增長、RF 複雜性的增加和內容的擴展，我們預計我們用於智能手機的先進蜂窩產品將實現穩健增長。在更廣泛的連接解決方案方面，隨著連接設備的增加和用例的激增，我們預計將實現兩位數的強勁增長。最後，我們預計基礎設施、國防和電力市場將支持兩位數的增長，因為中國以外的 5G 建設增加，國防支出混合到更高性能的電子產品以及對電力半導體的需求增加以支持電氣化趨勢。現在科迪，請您打開電話提問。

(Operator Instructions) We'll take our first question from Toshiya Hari with Goldman Sachs.

（操作員說明）我們將向高盛的 Toshiya Hari 提出第一個問題。

I guess my first question is on the supply front. Mark, I think you mentioned that supply constraints eased a little bit, but you also noted that you expect supply constraints to kind of stay around beyond the current quarter. Can you kind of elaborate on what you saw in the quarter and what's embedded in guidance going forward? I think last quarter, you talked about gallium arsenide capacity constraints, which are internal to Qorvo and then also matched set issues on the part of your customers. But if you can kind of describe what you're seeing from a supply perspective, that would be helpful.

我想我的第一個問題是關於供應方面的。馬克，我認為您提到供應限制有所緩解，但您也指出，您預計供應限制將在本季度之後持續存在。您能否詳細說明您在本季度看到的情況以及未來指導中包含的內容？我想上個季度，您談到了砷化鎵產能限制，這是 Qorvo 內部的，然後也匹配了您的客戶方面的設定問題。但是，如果您可以從供應的角度描述您所看到的，那將很有幫助。

Sure. I'll start and others can add. During last quarter's call, Toshiya, we are in the midst of the most disruptive supply chain effects in the past 2 years. And these effects impacted and added further complexity to the demand picture. We provide the best view we could and we've seen it play out largely as expected. To your specific question on supply chain effects, they did moderate in the quarter, and we expect the supply environment to continue to improve through this quarter and the calendar year. So specifically on businesses, we're still seeing some chipset shortages in WiFi, which impacted that business. In the defense supply chain, there's still some disruption COVID-related. And then there's other pockets here and there. But Toshiya, it did improve as we expected. And even though we expect some continued supply disruptions in the March quarter, we expect it to be less than the December quarter.

當然。我會開始，其他人可以添加。在上個季度的電話會議中，Toshiya，我們正處於過去 2 年中最具破壞性的供應鏈影響之中。這些影響影響並進一步增加了需求圖的複雜性。我們提供了我們可以提供的最佳視圖，並且我們已經看到它在很大程度上按預期進行。對於您關於供應鏈影響的具體問題，它們在本季度確實有所緩和，我們預計供應環境將在本季度和日曆年繼續改善。因此，特別是在企業方面，我們仍然看到 WiFi 中的一些芯片組短缺，這影響了該業務。在國防供應鏈中，仍然存在一些與 COVID 相關的中斷。然後這里和那裡還有其他口袋。但是Toshiya，它確實如我們預期的那樣有所改善。儘管我們預計 3 月季度會繼續出現供應中斷，但我們預計它會低於 12 月季度。

Toshiya, this is Bob. The only thing I'll add is we've made significant progress in bringing on our capacity in our gallium arsenide, and we're in pretty good shape there. We've made good progress there. In our IDP business, some of the silicon supply in our connectivity business there, along with some of our power management systems business there, we still see tightness there. So that's been impacting us. But as Mark pointed out, we do expect things to improve through the quarter and throughout the year.

俊哉，這是鮑勃。我要補充的唯一一點是，我們在提高砷化鎵產能方面取得了重大進展，而且我們的狀況非常好。我們在那裡取得了很好的進展。在我們的 IDP 業務中，我們連接業務中的一些矽供應，以及我們那裡的一些電源管理系統業務，我們仍然看到那裡的緊張。所以這一直在影響我們。但正如馬克指出的那樣，我們確實預計整個季度和全年情況都會有所改善。

Yes, that's great. And then as my follow-up, for the March quarter, I think the guidance you provided for both mobile and IDP is pretty consistent with what you had guided to 3 months ago. I'm guessing, though, the mix, particularly within mobile may have changed, may have evolved over the past 3 months. Can you speak to what you're seeing in sort of the respective regions in mobile and in the U.S. and Korea and broader China, how you see those regions playing out? And as a quick follow-up to that, any sort of guidance on fiscal '23? I know it's early, Mark, but any revenue looks or gross margin guidance on fiscal '23 would be super helpful as well.

是的，那太好了。然後作為我的後續行動，對於 3 月季度，我認為您為移動和 IDP 提供的指導與您在 3 個月前的指導非常一致。不過，我猜想，在過去的 3 個月裡，這種組合，尤其是在移動領域，可能已經發生了變化。您能否談談您在移動領域、美國、韓國和更廣泛的中國的各個地區所看到的情況，您如何看待這些地區的發展？作為對此的快速跟進，關於 23 財年的任何指導？我知道現在還為時過早，馬克，但任何關於 23 財年的收入或毛利率指導都會非常有幫助。

Toshiya, this is Eric. I'll start with the mix in mobile. No particular meaningful changes. We expected when we had our earnings call last quarter that we would see strength in Korea due to a lot of new design wins on ramping platforms across mass tier and flagship as well. And those are playing out very consistent with our expectations. We did see a bit of mix shift within our China customer base. It's clearly looking back into the December sell-out data in the channel, there was some mix shift between them. So far, we're early in this quarter, but it's beginning to moderate back to normal. So really not any significant changes versus what we expected.

俊哉，我是埃里克。我將從移動設備中的混合開始。沒有特別有意義的變化。當我們在上個季度召開財報電話會議時，我們預計由於在大眾層和旗艦的坡道平台上取得了許多新的設計勝利，我們會看到韓國的實力。這些結果與我們的預期非常一致。我們確實在中國客戶群中看到了一些混合變化。很明顯，我們回顧了渠道中 12 月的售罄數據，它們之間存在一些混合變化。到目前為止，我們還處於本季度的初期，但它開始逐漸恢復正常。因此，與我們預期的相比，實際上沒有任何重大變化。

And Toshiya, on the outlook beyond this fiscal year, we'll plan to provide more on our fiscal '23 and the rest of calendar '22 on our next earnings call. What we can say is based on what we guided, we know this March '22 quarter is stronger than typical and that's based on the timing of phone launches, content gains and the profile of IDP demand.

Toshiya，關於本財年以後的展望，我們將計劃在我們的下一次財報電話會議上提供更多關於我們的 23 財年和 22 日曆其餘時間的信息。我們可以說的是基於我們的指導，我們知道 22 年 3 月的這個季度比典型的要強，這是基於手機發布的時間、內容收益和 IDP 需求的概況。

We'll take our next question from Karl Ackerman with Cowen.

我們將向卡爾·阿克曼和考恩提出下一個問題。

Two questions, if I may. First, a clarification. May you comment on the overall revenue contribution, your largest customer contributed to in the quarter? And I have a follow-up.

兩個問題，如果可以的話。首先，澄清一下。您能否評論一下您的最大客戶在本季度的整體收入貢獻？我有一個後續行動。

Karl, as you know, we don't report quarterly what we do with our largest customer. You'll find that when we report the K at the end of the year, we'll clearly give you what our largest customer was.

卡爾，如您所知，我們不會按季度報告我們與最大客戶的合作情況。您會發現，當我們在年底報告 K 時，我們會清楚地告訴您我們最大的客戶是什麼。

Yes. I try my luck. I appreciate that.

是的。我試試運氣。我很感激。

Karl, We're consistent, though.

卡爾，不過，我們是一致的。

That is true. On the guide, one of the concerns from investors is that capacity constraints may limit the adoption of 5G handsets this year. While you have less control over the number of 5G phones being sold, I was hoping you could discuss the content opportunities you see collectively from UWB wins, design engagements across Android midrange as well as what sounds like share gains in WiFi for flagship devices. So if you could just discuss that, that would be helpful.

那是真實的。在指南中，投資者的擔憂之一是容量限制可能會限制今年 5G 手機的採用。雖然您對銷售的 5G 手機數量的控制較少，但我希望您可以討論從 UWB 的勝利、Android 中端產品的設計參與以及聽起來像是旗艦設備的 WiFi 份額收益的內容機會。因此，如果您可以討論這一點，那將很有幫助。

Yes. So I guess the first part of it regarding chipset constraints affecting the amount of 5G, I think to the extent that there are chipset constraints in the modem side of the business, I would assume those suppliers are going to prioritize 5G and latest technologies. So we doubt that's going to be a major factor. When we look at, for example, our China customer base, they're still -- well under half their shipments are 5G. So they've got a lot of 4G shipments, especially in the export market, that will be more impacted probably than the 5G, I think.

是的。所以我想它的第一部分是關於影響 5G 數量的芯片組限制，我認為就業務的調製解調器方面存在芯片組限製而言，我認為這些供應商將優先考慮 5G 和最新技術。所以我們懷疑這將是一個主要因素。例如，當我們查看我們的中國客戶群時，他們仍然 - 不到一半的出貨量是 5G。所以他們有很多 4G 出貨量，尤其是在出口市場，我認為這可能會比 5G 受到更大的影響。

So yes, looking forward, we're really pleased with the Pixel 6 launch and a lot of content that we talked about last quarter beginning across integrated modules and antenna control, but also, of course, UWB. It's a great foothold for us, gets our software stack proven, and that makes it a lot easier to go across the rest of the Android ecosystem. And we are already talking about wins in the consumer home devices for UWB. Xiaomi, for example, with their connected home products. And we're beginning to put the whole Android space together for UWB. So that's great. And then in addition to that, the integrated modules generally, power management, we definitely see both APT, average power tracking, and ETIC power management systems, getting a lot of traction from Qorvo. And then lastly, of course, our antenna control solutions continue to be strong, transitioning to NIM based -- NIMs based as we exit the next fiscal year. So a lot of -- yes, a lot of potential areas for strength throughout the year.

所以，是的，展望未來，我們對 Pixel 6 的發布以及我們在上個季度開始討論的許多內容感到非常滿意，這些內容涉及集成模塊和天線控制，當然還有 UWB。這對我們來說是一個很好的立足點，讓我們的軟件堆棧得到驗證，這使得我們更容易跨越 Android 生態系統的其他部分。我們已經在談論 UWB 在消費類家用設備中的勝利。例如，小米的聯網家居產品。我們開始為 UWB 整合整個 Android 空間。那太好了。除此之外，集成模塊、電源管理、我們肯定會看到 APT、平均功率跟踪和 ETIC 電源管理系統，從 Qorvo 獲得了很大的吸引力。最後，當然，我們的天線控制解決方案繼續強大，在我們退出下一個財政年度時過渡到基於 NIM 的 NIM。所以很多 - 是的，全年有很多潛在的力量領域。

We'll hear next from Vivek Arya with Bank of America.

接下來我們將聽到美國銀行的 Vivek Arya 的來信。

On the first one, just to clarify, I thought, Mark, you said that March is stronger than typical. So what does that say about June versus seasonal trends?

關於第一個，為了澄清，我想，馬克，你說三月比典型強。那麼這對 6 月與季節性趨勢有何關係呢？

Yes, Vivek, it's a good question. And as I answered the earlier question, we're going to refrain from talking about next fiscal year in any sort of detail until we finish this fiscal year. I think it's just in this environment, it's too early to call the June quarter. It really depends on volumes and some of the supply situation that we've discussed earlier. And as you point out, given the strength of March, we may see a sequential decline in June. But again, it's too early to call. And in any case, we would expect a return to year-over-year growth in September if that were to happen. So that's all I'll say at this point.

是的，Vivek，這是一個很好的問題。正如我回答之前的問題一樣，在本財年結束之前，我們將避免詳細討論下一財年。我認為只是在這種環境下，現在說六月季度還為時過早。這實際上取決於我們之前討論過的數量和一些供應情況。正如您所指出的，鑑於 3 月份的強勁勢頭，我們可能會看到 6 月份的連續下降。但是，現在打電話還為時過早。無論如何，如果發生這種情況，我們預計 9 月份將恢復同比增長。這就是我現在要說的。

And the follow-up to that, just a clarification on inventory if my model is right, it is up to, I think, over 114 days or so. I imagine the supply chain is tight everywhere, but what's happening with your balance sheet inventory? And how should we think about your -- the direction of that inventory, what that implies for utilization and its impact on gross margins over the next several quarters?

對此的後續行動，如果我的模型是正確的，只是對庫存的澄清，我認為這需要超過 114 天左右。我想各地的供應鏈都很緊張，但你的資產負債表庫存怎麼了？我們應該如何看待你的——庫存的方向，這對利用率意味著什麼，以及它對未來幾個季度毛利率的影響？

Sure, Vivek. And you're right on. It's about 115 days. So as you point out, we ended the quarter at over $700 million of inventory. I think the first thing I would say is this was in line with our forecast. And when viewed historically, it's high, but it's within the range of experience that we've had. Having said that, given our focus on cash flow and capital returns and risk management, it's certainly higher than we want it to be and higher than its run over the past 1.5 years or so.

當然，維維克。你是對的。大約115天。正如您所指出的，我們在本季度末的庫存超過 7 億美元。我想我要說的第一件事是這符合我們的預測。從歷史上看，它很高，但在我們所擁有的經驗範圍內。話雖如此，鑑於我們對現金流、資本回報和風險管理的關注，它肯定高於我們希望的水平，也高於過去 1.5 年左右的運行水平。

We have clear line of sight in bringing it down. It's elevated for a number of reasons, including build the heads for ramps that you're seeing now and sustained volumes and flagship and also content gains in flagship and mass tier and the increases in IDP and there are other demand factors such as supply/demand alignment in China as some share shifts there. But we're working through those. We understand why it's up. We forecasted it. We have a plan that it rolls off over the next few quarters, and we expect more normal turns as we move through the year.

我們有明確的視線來降低它。它的上升有多種原因，包括為您現在看到的坡道建立頭部，持續的銷量和旗艦，以及旗艦和大眾層的內容增長以及 IDP 的增加以及其他需求因素，例如供需隨著一些份額轉移到中國，在中國保持一致。但我們正在解決這些問題。我們明白為什麼會這樣。我們預測到了。我們有一個計劃，它會在接下來的幾個季度中推出，我們預計隨著我們一年的到來，會有更多的正常轉變。

We'll take our next question from Blayne Curtis with Barclays.

我們將向巴克萊銀行的 Blayne Curtis 提出下一個問題。

I'm going to try again on June a little bit. I expect you don't want to give a number out. I guess Qualcomm just guided it down in June. Cirrus was talking about just down. Maybe you could just talk about, you have a lot more higher exposure to Android market. So maybe without giving us an actual amount, can you maybe just talk about that Android market? Obviously, there's some new ramps in terms of new modems from some vendors that you should do well with. You're clearly growing in March. It may not be the same iOS story that others are indicating. I just kind of try to -- if you could walk us through the kind of moving pieces for June, that would be helpful.

我打算在六月再試一次。我希望你不想給出一個數字。我猜高通公司只是在 6 月份將其引導下來。卷雲說的剛剛下來。也許你可以談談，你對 Android 市場的曝光率要高得多。所以也許沒有給我們一個實際的數量，你能不能談談那個 Android 市場？顯然，在一些供應商的新調製解調器方面有一些新的坡道，你應該做得很好。你顯然在三月份成長。它可能與其他人指出的 iOS 故事不同。我只是嘗試——如果你能引導我們完成 6 月份的活動，那會很有幫助。

Eric, do you want to take it? Because I mean we have 2 parts to our business plan. We have our IDP business and our mobile. So I think we'll let Eric talk a little bit about the mobile side.

埃里克，你要接受嗎？因為我的意思是我們的商業計劃有兩個部分。我們有我們的 IDP 業務和我們的手機。所以我想我們會讓 Eric 稍微談談移動端。

Yes. I think to your point, Blayne, the Android ecosystem is pretty exciting right now and growing, especially growing exports. It's not just a China story by any means. And high-end products from Google, for example, and Samsung, obviously, we believe it's going to be a very good story for us this year. And our alignment there will start out -- you're beginning to see the phones come to market. You'll see a portion of the content, I think throughout the year, we'll continue to grow content as more devices move out from them. So that will be a good story for us this year. And we mentioned WiFi earlier as well.

是的。 Blayne，我認為就你的觀點而言，Android 生態系統現在非常令人興奮，而且還在不斷增長，尤其是不斷增長的出口。無論如何，這不僅僅是一個中國故事。例如穀歌和三星的高端產品，顯然，我們相信今年對我們來說將是一個非常好的故事。我們在那裡的對齊將開始 - 你開始看到手機進入市場。你會看到一部分內容，我認為隨著越來越多的設備從內容中移出，我們將繼續增加內容。所以這對我們今年來說是一個好故事。我們之前也提到了 WiFi。

WiFi across the Android ecosystem has really opened up for us since you had a 6, 6E and 7, it's getting harder, the filtering is definitely getting harder, and they're implementing it with chip-on-board front-end solutions instead of fully integrated modules. So that's a very good trend for us. And we're seeing broad traction across Android with very complex WiFi front-end modules now. So all of that goes to what we think is going to be a good year for us in content growth in Android.

自從有了 6、6E 和 7 以來，整個 Android 生態系統的 WiFi 已經真正為我們打開了，它變得越來越難，過濾肯定越來越難，而且他們正在使用板載芯片前端解決方案來實現它，而不是完全集成的模塊。所以這對我們來說是一個非常好的趨勢。現在，我們看到具有非常複雜的 WiFi 前端模塊的 Android 具有廣泛的吸引力。因此，所有這一切都歸功於我們認為對我們在 Android 內容增長方面來說將是豐收的一年。

Okay. I guess my follow-up, I did want to ask about the growth you're forecasting in IDP for March. I think the connectivity part of IDP has been kind of flat to down. So I know supply has been a big issue. Can you talk about the drivers for that double-digit sequential growth for IDP for March?

好的。我想我的後續行動，我確實想問一下你對 3 月份 IDP 的增長預測。我認為 IDP 的連接部分有點平淡。所以我知道供應一直是個大問題。您能否談談 3 月份 IDP 實現兩位數連續增長的驅動因素？

Blayne, this is Philip. Yes, so we are seeing really strong demand in most of our end markets. If you look at the cellular infrastructure side of the business. What you see is really the deployments moving into the U.S. and into Europe. We are strongly positioned in those segments. And so we're seeing some of those tailwinds. When you look at our defense business, defense and aerospace business, again, we continue to see big programs coming in that we're positioned well on. And so we are excited about what that business looks like going forward. And then on power, we continue to see a lot of strength both on the programmable power management side of the business, but also on the United Silicon Carbide side of the business.

布萊恩，這是菲利普。是的，所以我們在大多數終端市場看到了非常強勁的需求。如果您查看業務的蜂窩基礎設施方面。您所看到的實際上是向美國和歐洲的部署。我們在這些領域處於強勢地位。所以我們看到了一些順風。當您再次查看我們的國防業務、國防和航空航天業務時，我們會繼續看到我們處於有利地位的大型項目即將到來。因此，我們對未來的業務前景感到興奮。然後在電源方面，我們繼續看到業務的可編程電源管理方面以及聯合碳化矽業務方面的強大實力。

And we've kind of lumped those 2 together. We feel that we have a real strong advantage both from a technology and product side of the United Silicon Carbide side, but also as we put the silicon side of power and create system-level solutions for our customers, we see a lot of opportunities for SAM expansion in that market as well. So we feel we're positioned well, and we like where we are right now.

我們已經把這兩者混為一談了。我們認為，無論是從聯合碳化矽方面的技術和產品方面，我們都擁有真正強大的優勢，而且隨著我們將矽方面的力量和為我們的客戶創建系統級解決方案，我們看到了很多機會SAM 也在該市場擴張。所以我們覺得我們的定位很好，我們喜歡我們現在所處的位置。

Yes, Blayne, I would just add that as Philip said, the growth is broad-based and virtually every business line in IDP is up sequentially and year-over-year. The exception is WiFi. And that's related to some of the chipset issues we talked about earlier. But we expect that business to pick up in FY '23.

是的，Blayne，我只想補充一點，正如菲利普所說，增長基礎廣泛，幾乎 IDP 的每個業務線都在連續和同比增長。 WiFi 是個例外。這與我們之前談到的一些芯片組問題有關。但我們預計該業務將在 23 財年回升。

We'll take our next question from Gary Mobley with Wells Fargo Securities.

我們將向富國銀行證券公司的 Gary Mobley 提出下一個問題。

I wanted to go back to the next question and double-click on the inventory topic. Are the days of inventory up primarily because of you anticipating some good growth in fiscal year '23? Or is it up in relationship to some of your long-term supply agreements? And maybe you can give us a little more detail on how you plan to roll off that inventory.

我想回到下一個問題並雙擊庫存主題。庫存天數增加主要是因為您預計 23 財年會有一些良好的增長嗎？還是與您的一些長期供應協議有關？也許您可以向我們提供更多有關您計劃如何減少庫存的詳細信息。

Sure, Gary. It's not related to the supply agreements. It's a combination of, one, to support the growth that's in front of us. And we've talked about the flagship and mass tier and the success we've had there and the strong -- the atypical growth profile you see here in March. So they are absolutely demand factors. There's a demand realignment in China. And we've all seen that. We feel great about our position in China. And over time, on the other side of that alignment, we're in a great position, and we've got agreements in place that will support the demand and working down that inventory. So we've got a good plan. We've got the guidance I've given before on our target 52% gross margin, that is still something we adhere to, and we're working to expand off that. And then we'll provide you more guidance in the next earnings call.

當然，加里。它與供應協議無關。這是一個組合，一個，支持我們面前的增長。我們已經談到了旗艦和大眾級別以及我們在那裡取得的成功和強勁的 - 你在 3 月份在這裡看到的非典型增長概況。所以它們絕對是需求因素。中國的需求正在重新調整。我們都看到了這一點。我們對我們在中國的地位感到非常滿意。隨著時間的推移，在這種一致性的另一邊，我們處於有利的位置，我們已經達成了支持需求和減少庫存的協議。所以我們有一個很好的計劃。我們已經獲得了我之前給出的關於 52% 毛利率目標的指導，這仍然是我們堅持的目標，我們正在努力擴大這一目標。然後我們將在下一次財報電話會議中為您提供更多指導。

Okay. As my follow-up, I wanted to ask about some of the emerging revenue opportunities. Perhaps on the silicon carbide side, can you give us a sense of where you may be on annualized revenue run rate as we perhaps exit fiscal year '22? And then on ultra-wideband, is there an opportunity here in the automotive end market? I know that hasn't necessarily been a big end market for you, but should we think about UWB as being primarily smartphone-centric for Qorvo?

好的。作為我的後續行動，我想詢問一些新興的收入機會。也許在碳化矽方面，當我們可能退出 22 財年時，您能否讓我們了解您的年化收入運行率可能在哪裡？然後在超寬帶方面，汽車終端市場有機會嗎？我知道這對您來說不一定是一個大型終端市場，但我們是否應該將 UWB 視為主要以智能手機為中心的 Qorvo？

So yes, this is Philip. So yes, so Gary, I'll take that. So -- in terms of United Silicon Carbide, I don't think we are giving out specific kind of revenue numbers on that business. But I can tell you that the number of opportunities that we see coming in to our sales funnel is impressive. And we feel like we have a real significant opportunity there. When you think about the world as we electrify it, as we go towards more carbon-neutral systems, energy efficiency is one of the key factors that's driving that, right? And with that drives this power need to look at compound semi-type solutions. And really, that's in our wheelhouse at Qorvo, right? That's what we do. And so we feel really good about that business and the opportunities continue to scale. On UWB, I'm going to pass that over maybe to Eric.

所以是的，這是菲利普。所以是的，所以加里，我會接受的。所以 - 就聯合碳化矽而言，我認為我們不會給出該業務的具體收入數字。但我可以告訴你，我們看到進入銷售渠道的機會數量令人印象深刻。我們覺得我們在那裡有一個真正重要的機會。當您想到我們將世界電氣化時，隨著我們走向更多的碳中和系統，能源效率是推動這一目標的關鍵因素之一，對嗎？有了這種驅動力，就需要研究複合半型解決方案。真的，那是在我們在 Qorvo 的駕駛室，對吧？這就是我們所做的。因此，我們對這項業務感覺非常好，機會繼續擴大。在 UWB 上，我可能會把它交給 Eric。

Yes. Sure. When we did the acquisition of Decawave, I know one of the key markets we talked about was automotive, and that certainly hasn't changed. There's no question that next-generation key files will be UWB based and that will grow throughout the years, up to 7 UWB points in each car plus 1 in each key fab. So it's going to be a great market. In terms of units, of course, it's a couple of hundred million a year sort of automotive units. So for us, anchoring in the handset is super exciting. When you look at the 1 billion to 1.5 billion handsets available and anywhere from 3 to 5 accessories for each one before we even start talking about connected home things. So it's going to take some time for a new technology like this to roll out. There's a lot of activity in the standards bodies. Now everybody is onboard. It's clearly happening. So that's a broad area.

是的。當然。當我們收購 Decawave 時，我知道我們談到的關鍵市場之一是汽車，而且這當然沒有改變。毫無疑問，下一代密鑰文件將基於 UWB，並且會隨著時間的推移不斷增長，每輛汽車最多 7 個 UWB 點，每個關鍵晶圓廠 1 個。所以這將是一個巨大的市場。當然，就單位而言，它是每年幾億的汽車單位。所以對我們來說，在手機中錨定是非常令人興奮的。當您查看可用的 10 億到 15 億部手機以及每部手機的 3 到 5 個配件時，我們甚至還沒有開始談論聯網家居用品。因此，推出這樣的新技術需要一些時間。標準機構有很多活動。現在每個人都在船上。這顯然正在發生。所以這是一個廣泛的領域。

We also -- we mentioned one of our strategic highlights was around a module combining our UWB with the Nordic BLE and targeting a completely different segment, which is sort of enterprise and industrial IoT applications. And there's hundreds of use cases for these sorts of devices around the enterprise for asset tracking and also in industrial applications for similarly asset tracking and other things like tags. But -- so it's a broad -- it's really a broad, broad market and applications really based on a very similar radio architecture. So there's a lot of leverage in our core technology development and need to be both in the software and in the hardware.

我們還 - 我們提到我們的戰略亮點之一是圍繞將我們的 UWB 與北歐 BLE 結合併針對完全不同的細分市場的模塊，這是一種企業和工業物聯網應用程序。在企業中用於資產跟踪的這類設備有數百個用例，在工業應用中也有類似的資產跟踪和標籤等其他用途。但是 - 所以它是一個廣泛的 - 它確實是一個非常廣泛的市場和應用程序，它們確實基於非常相似的無線電架構。因此，我們的核心技術開發有很多影響力，需要在軟件和硬件方面都發揮作用。

We'll now move on to our next question from Edward Snyder with Charter Equity Research.

現在，我們將繼續討論愛德華·斯奈德（Edward Snyder）與特許股票研究的下一個問題。

I've got a couple, Mark. It's clearly, there's a large overshoot on shipments to the Chinese OEMs last year. You guys are shipping everything you use your hands on, I guess, in March and June and then we had an overshoot. It was reflected in last quarter's guide in this quarter's inventory. I know you don't have hub inventory with any of the Chinese, so your visibility into what's actually happening there is very limited. But you've already got a quarter now underneath your belt. What do you -- given that 1 quarter with the burn rates going on, what you see now with it -- when do you think you'll get more back to a normal inventory level and your shipments into China will start reflecting really sellout versus what we've seen so far, which is just we'll take everything they can get.

我有一對，馬克。很明顯，去年對中國 OEM 的出貨量出現了大幅超調。我猜，你們在 3 月和 6 月運送了所有用過的東西，然後我們就出現了超調。這反映在本季度庫存的上一季度指南中。我知道你沒有任何中國人的樞紐庫存，所以你對那裡實際發生的事情的了解非常有限。但是你現在已經有四分之一了。你怎麼看——考慮到第一季度的燒錢率，你現在看到的情況——你認為什麼時候你會更多地回到正常的庫存水平，你對中國的出貨量將開始反映真正的售罄與到目前為止我們所看到的，這就是我們將採取他們能得到的一切。

And then, Eric, if I could, given there are big changes in Samsung's [phone] business with Broadcom out now, and then move to modules in the mass tier, can we expect Samsung will break the 10% revenue level for Qorvo this calendar year? And as kind of a sub-question, given all these shifts, who do you think you're taking share from, especially in the mass tier, given that was more of a quasi-discrete design, you're gaining there? Who do you take it from? And then I have one for IDP.

然後，Eric，如果可以的話，考慮到三星的 [電話] 業務現在與 Broadcom 之間發生了巨大變化，然後轉向大眾級別的模塊，我們能否期望三星在本日曆上打破 Qorvo 10% 的收入水平年？作為一個子問題，考慮到所有這些轉變，你認為你從誰那裡獲得了份額，特別是在大眾層，考慮到這更像是一個準離散設計，你正在那裡獲得收益？你從誰那裡拿的？然後我有一個用於 IDP。

So I'll start, and then Eric can even add more color on the China channel. But I think we've got better visibility than you may think, and we're certainly monitoring it very closely. There were actually some positive signs in the December quarter sell-through is decent. We've been looking at the phone and phone inventories and they're actually very healthy. So it's just a matter of some of the components kind of working its way through, and we've got an eye on how that will play out. And we're certainly mining the channel and adjusting our own manufacturing as a result. We've also got these long-term agreements, and that's as intended, helpful in managing the process. I cannot overstate how excited we are about the market long term. So we're optimistic about that growth, the exports that they do and then on our position serving it. So we'll work through this over the next couple of quarters and being, I think, in decent shape by sometime in the summer.

所以我會開始，然後 Eric 甚至可以在中國頻道上添加更多顏色。但我認為我們的能見度比你想像的要好，而且我們肯定會非常密切地監控它。實際上，在 12 月季度的銷售中出現了一些積極的跡象。我們一直在查看手機和手機庫存，它們實際上非常健康。所以這只是一些組件的工作方式，我們已經關注它將如何發揮作用。我們當然正在挖掘渠道並因此調整我們自己的製造。我們還簽訂了這些長期協議，這符合預期，有助於管理流程。我不能誇大我們對長期市場的興奮程度。因此，我們對這種增長、他們所做的出口以及我們為其服務的立場感到樂觀。所以我們將在接下來的幾個季度裡解決這個問題，我認為，到夏天的某個時候，我們的狀態會很好。

And regarding Samsung, it's a broad family of products. As I touched on earlier, there's a lot of BAW content. And I think you'll see us kind of starting out in flagship and expanding towards -- excuse me, starting out in more mass tier and expanding towards flagship as the year progresses with heavy BAW content but also -- the power management aspect is also very, very significant. And antenna tuning, which we've always been quite strong, that will continue to be strong. And then WiFi, as we've been mentioning, the chip-on-board trend. So I'm not going to speak specifically to who we're taking share from, but we're -- it's not any one thing. It's a broad product portfolio alignment, which has been in the works with Samsung for some time. It's good to see it finally come to fruition.

對於三星來說，它是一個廣泛的產品系列。正如我之前提到的，有很多 BAW 內容。而且我認為你會看到我們從旗艦開始並擴展到 - 對不起，隨著時間的推移，隨著大量 BAW 內容的進展，開始在更多的大眾層並擴展到旗艦，而且 - 電源管理方面也是非常非常重要。天線調諧，我們一直很強大，將繼續強大。然後是 WiFi，正如我們一直提到的，板載芯片趨勢。所以我不打算具體談談我們從誰那里分享，但我們是——這不是一回事。這是一個廣泛的產品組合調整，與三星合作已有一段時間了。很高興看到它終於實現了。

You think You'll break 10% with Samsung this year, calendar year?

你認為今年你會與三星一起突破 10%，日曆年？

We had 2 10% customers in the quarter, but that's all I'd say.

本季度我們有 2 個 10% 的客戶，但這就是我想說的。

We'll now move on to our next question from Ambrish Srivastava with BMO.

我們現在將繼續討論 Ambrish Srivastava 與 BMO 的下一個問題。

Mark, I wanted to come back to the cash flow statement and balance sheet again. Your free cash flow as a percent of sales, and you just pointed out delivering double digit for -- my model almost flows I had to go back to 2018 when you actually had a single-digit free cash flow to sales number. So I get the inventory increase and then payables went down quite a bit as well after shooting up the quarter before. Is that kind of related to the obligations that you talked about or securing supply in advance? I just wanted to make sure I understood all the moving parts for free cash flow to sales being 6-odd percent versus the double digit that you've been posting for several quarters.

馬克，我想再次回到現金流量表和資產負債表。你的自由現金流佔銷售額的百分比，你剛剛指出實現了兩位數的流動——我的模型幾乎是流動的，我不得不回到 2018 年，那時你實際上有一個個位數的自由現金流到銷售數字。所以我得到了庫存增加，然後應付賬款在前一個季度飆升之後也下降了很多。這與您談到的義務或提前確保供應有關嗎？我只是想確保我了解銷售自由現金流的所有活動部分是 6% 多，而您已經發布了幾個季度的兩位數。

No, you've got it, Ambrish. It's -- as I talked about last quarter, we signed this long-term agreement, which had a considerable payment to make, which we made in the December quarter. And so as you pointed out, there was an increase in payables which I mentioned last quarter, and then we paid that out in the December quarter, and that was disclosed in the Q filing as well. And then as a number have noted, our inventories were up. So excluding these 2 effects, we have what is our normal very strong free cash flow generation. And we've talked about the nature of both of those. And so I would expect free cash flow this year to still end up near $900 million and then I would expect it next year to grow.

不，你明白了，Ambrish。這是 - 正如我在上個季度談到的那樣，我們簽署了這份長期協議，該協議需要支付大量款項，我們在 12 月季度支付了這筆款項。正如你所指出的，我在上個季度提到的應付賬款增加了，然後我們在 12 月季度支付了，這也在 Q 文件中披露。然後正如一些人指出的那樣，我們的庫存增加了。因此，排除這兩種影響，我們有正常的非常強勁的自由現金流產生。我們已經討論了這兩者的性質。因此，我預計今年的自由現金流最終仍將接近 9 億美元，然後我預計明年會增長。

Got it. And I had a quick follow-up on inventory, Mark. I just want to make sure I understood. When you're talking about there's been realignment, we are aware of that. My head is not in the sand. I want to make sure I understand what you're talking about. You're talking about customer change from what was a lot of shipments, well, a big market share at Huawei and then everybody else was trying to grab that market share. So that's been one shift. The other has also been some sort of -- kind of like a bifurcation in low end versus high end. Is that what you're referring to? Or is there something else? And is there a risk of a write-down coming on the inventory side?

知道了。我對庫存進行了快速跟進，馬克。我只是想確保我理解了。當你談到已經重新調整時，我們知道這一點。我的頭不在沙子裡。我想確保我明白你在說什麼。你說的是客戶從大量的出貨量中改變，好吧，在華為佔有很大的市場份額，然後其他人都在試圖搶占這個市場份額。所以這是一個轉變。另一個也是某種——有點像低端與高端的分叉。你指的是這個嗎？或者還有別的什麼？庫存方面是否存在減記風險？

No, no. No. And if there were a risk, we would have written stuff off in the quarter. Our view, and Eric can expand on this, I'll bring it back to our last call. We had a substantial dislocation in supply and created pockets of components in the supply chain. And so that's one factor. And then concurrently, you have a demand factor where you have both a realignment amongst OEMs in China and some share shift associated with that. It will shake itself out here and it's ongoing. And no matter what scenario plays out, we think we're fine.

不，不。不。如果有風險，我們會在本季度註銷一些東西。我們的觀點，Eric 可以對此進行擴展，我將把它帶回到我們上次的電話會議上。我們的供應嚴重錯位，並在供應鏈中產生了許多組件。這是一個因素。然後同時，你有一個需求因素，你有中國原始設備製造商之間的重新調整以及與之相關的一些份額轉移。它會在這裡搖身一變，而且還在繼續。無論發生什麼情況，我們都認為我們很好。

I would say a third factor has been over the past few months, there probably has been some macro effect to end-consumer demand and pick up and lockdown. So there's probably that factor, though we're not as concerned with that because end phone demand is actually pretty lean. So I think, Ambrish, it's just a case of this will settle out. We've got agreements in place. We've got firm orders. We have line of sight on the inventory working down and believe we'll be in a good spot in several months.

我想說第三個因素是在過去的幾個月裡，可能對最終消費者的需求以及回暖和封鎖產生了一些宏觀影響。所以可能有這個因素，儘管我們並不關心這一點，因為終端電話需求實際上非常少。所以我認為，Ambrish，這只是一個會解決的案例。我們已經達成協議。我們有確定的訂單。我們看到庫存正在下降，並相信我們將在幾個月後處於有利位置。

We'll take our next question from Christopher Rolland with Susquehanna.

我們將回答克里斯托弗·羅蘭和薩斯奎漢納的下一個問題。

I think last call, you guys mentioned that maybe you were opening up Farmers Branch again. Just wanted to confirm that was happening, that that's ramping and where might utilizations go there as we move through the year?

我想上次電話，你們提到也許你們又要開農民分店了。只是想確認這種情況正在發生，正在增加，隨著我們這一年的發展，利用率可能會去哪裡？

It's a good question, Chris. And of course, we're continuously looking as to whether we need investment or not. And there has been some reduction in loadings because obviously we've got some inventories and we're rightsizing the factories. But in the case of Farmers Branch, yes, we are still planning to turn that on and utilize that in fiscal '23.

這是個好問題，克里斯。當然，我們一直在考慮是否需要投資。而且裝載量有所減少，因為顯然我們有一些庫存，並且我們正在調整工廠規模。但就農民部門而言，是的，我們仍計劃在 23 財年啟用並利用它。

Great. And secondly, Qualcomm, I think, has an ultra-BAW product coming, maybe working into parts of your market there. I know you guys really haven't seen too much there so far, but have you seen a little bit more over the past few quarters? And would you expect or are you preparing for more competition in '22?

偉大的。其次，我認為，高通公司將推出一款超 BAW 產品，可能會進入您那裡的部分市場。我知道你們到目前為止真的沒有看到太多，但是在過去的幾個季度中你們看到了更多嗎？你會期待還是準備在 22 年迎接更多的競爭？

Well, we haven't seen a lot, frankly, at this point. And so I can't comment on competitiveness and so forth. I think we're continuing head down, pushing hard to advance our technology and already sampling 7 gigahertz band integrating a lot of it in the modules which will be shipping soon. And then as we've talked about many times, it's not just about what frequency you can get to with the filter. It's about how well you can combine them, working in multiplexing and combining multiple filter technologies together in the same module. There's a lot of complexity going on. So -- but there's -- it's a very valuable and a key part of the communications market. So there's going to be a lot of people investing in it and trying to build the capability.

好吧，坦率地說，目前我們還沒有看到很多。所以我不能評論競爭力等等。我認為我們正在繼續低頭，努力推進我們的技術，並且已經對 7 GHz 頻段進行了採樣，其中大部分將集成到即將發貨的模塊中。然後正如我們多次討論過的，這不僅僅是關於濾波器可以達到的頻率。這是關於您可以如何將它們組合在一起，在同一個模塊中進行多路復用和組合多種過濾器技術。有很多複雜性正在發生。所以 - 但是有 - 它是通信市場的一個非常有價值和關鍵的部分。所以會有很多人投資它並試圖建立這種能力。

We'll take our next question from Raji Gill with Needham & Company.

我們將向Needham & Company 的Raji Gill 提出我們的下一個問題。

The gross margins continue to be resilient in a challenging environment. I think last quarter, you mentioned that you were benefiting from premium products, better pricing power and maintaining utilization of your factory network. Wondering how to think about margins as you migrate to a better demand/supply dynamic throughout the year. And also, we'd love to hear a little bit more about the pricing situation as you kind of move upstream with respect to your products.

在充滿挑戰的環境中，毛利率繼續保持彈性。我認為上個季度，您提到您受益於優質產品、更好的定價能力和保持工廠網絡的利用率。想知道如何在全年遷移到更好的需求/供應動態時考慮利潤率。而且，我們很樂意聽到更多關於定價情況的信息，因為您在產品方面向上游移動。

Yes, Raji. I'll start. We've been talking about this 52% level for several quarters. And GM, gross margin, is going to move around quarter-to-quarter, of course, based on customer, product mix, business mix, yields, factory loadings, price and other factors. We do believe that the current business setup of the products we've got, our footprint, productivity efforts and so forth, support this 52% level. But we are definitely working to improve that over time. I think all I can say is we're going to try and do the same things we've been doing, applying that same discipline of investing in the technology to maintain leadership, actively managing the portfolio where we're in and producing products where we're valued most.

是的，拉吉。我會開始的。幾個季度以來，我們一直在談論這個 52% 的水平。當然，根據客戶、產品組合、業務組合、產量、工廠負荷、價格和其他因素，通用汽車的毛利率將逐季變化。我們確實相信，我們擁有的產品的當前業務設置、我們的足跡、生產力努力等等，支持這個 52% 的水平。但隨著時間的推移，我們肯定會努力改善這一點。我想我能說的就是我們將嘗試做我們一直在做的事情，運用同樣的原則投資於技術以保持領先地位，積極管理我們所在的投資組合併生產產品我們最受重視。

I would add that some of the new areas we've talked about today, power, defense, UWB, they all have favorable gross margin profiles. We're driving productivity. That's especially important in this period where there's pockets of inflation. And then we -- the last question about Farmers Branch, we're always looking for ways to make sure we're supporting the business in the most capital-efficient way. And that should hopefully allow us to sustain and expand from here.

我要補充一點，我們今天討論的一些新領域，電力、國防、UWB，它們都有良好的毛利率。我們正在提高生產力。在這個存在通貨膨脹的時期，這一點尤其重要。然後我們 - 關於農民分公司的最後一個問題，我們一直在尋找方法來確保我們以最具資本效率的方式支持業務。這應該有望讓我們從這里維持和擴展。

Great. And for my follow-up, you had mentioned that you expect 5G infrastructure build-outs to begin to kind of reaccelerate throughout the year outside of China. I wonder if you could elaborate further in terms of what you're seeing specifically, which region. And you were very successful in China with the penetration of your GaN base stations and your dominance in GaN technology. So I want to get a sense when you're thinking about the build-out outside of China, how that is affecting your kind of IDP business and kind of your market share position in GaN?

偉大的。在我的後續行動中，您曾提到您預計 5G 基礎設施建設將在中國以外的全年開始重新加速。我想知道您是否可以進一步詳細說明您具體看到的是哪個地區。你們在中國取得了非常成功的 GaN 基站滲透和在 GaN 技術方面的主導地位。因此，當您考慮在中國以外進行擴建時，我想了解一下，這對您的 IDP 業務類型以及您在 GaN 的市場份額位置有何影響？

This is Philip. I'll take that question. So when we look at the overall market this year -- or this calendar year, what we see is kind of China being similar to what it was in last calendar year. But really, where we see most of the real deployments and growth is in Europe and in America. And we spent a tremendous amount of time and energy creating a family of technologies and products that really are kind of optimized for those markets. We see our GaN technology is a critical piece to that, same with kind of our small signal product families that we have. And so we like how we're positioned. And we, right now, if you were to look at kind of backlog and where things are in that business, we're excited about that. So hopefully, that answers your question, Raji.

這是菲利普。我會回答這個問題。因此，當我們查看今年或本日曆年的整體市場時，我們看到的中國與去年類似。但實際上，我們看到大部分真正的部署和增長是在歐洲和美國。我們花費了大量的時間和精力來創建一系列真正針對這些市場進行了優化的技術和產品。我們看到我們的 GaN 技術是其中的關鍵部分，與我們擁有的小信號產品系列一樣。所以我們喜歡我們的定位。而我們，現在，如果您要查看積壓的情況以及該業務的情況，我們對此感到很興奮。希望這能回答你的問題，拉吉。

We'll take our next question from Atif Malik with Citi.

我們將向花旗的 Atif Malik 提出下一個問題。

Mark, I hate to beat you on the China demand realignment commentary. But when you guided the December quarter last year, you broke out the supply impact as well as the demand impact. And my question is for the March quarter guide, are you seeing similar demand or supply impact or no because March quarter is in line with what you were thinking last year?

馬克，我不想在中國需求調整評論上打敗你。但是，當您指導去年 12 月季度時，您將供應影響和需求影響都分開了。我的問題是關於 3 月季度指南，您是否看到類似的需求或供應影響，因為 3 月季度與您去年的想法一致？

Yes. We -- last earnings call, we broke out with the specificity we could. And it is -- the March quarter is playing out as we expected. I will say that there is -- there are both supply factors still. There are demand factors still. And that balance is probably more equally distributed now than it was then. It was certainly a predominantly a supply issue then, but we still have both, and it's reflected in our guidance.

是的。我們 - 上一次財報電話會議，我們盡可能具體地爆發了。它是 - 三月季度正如我們預期的那樣發揮作用。我會說有 - 仍然有兩個供應因素。需求因素依然存在。而且這種平衡現在可能比過去更加平均分配。當時這肯定是一個主要的供應問題，但我們仍然有這兩個問題，這反映在我們的指導中。

Great. And then another question on supply. If you're expecting supply to improve through the rest of the year. Does that lower your competitors' ability to bundle RF front ends to apps processor as the supply eases?

偉大的。然後是另一個關於供應的問題。如果您預計今年剩餘時間供應會有所改善。隨著供應的減少，這是否會降低您的競爭對手將射頻前端捆綁到應用處理器的能力？

I'm not sure there's a direct correlation to that necessarily. I mean a lot of things that go into the customers' buying behavior. And there are certain times when there are bundling factors, of course, but I don't think this is necessarily a main theme of it. I mean it's a broad market. We're selling across many different basebands. And so yes, it's a bigger picture than that, I think.

我不確定這是否有直接關係。我的意思是涉及客戶購買行為的很多事情。當然，有時會有捆綁因素，但我認為這不一定是它的主題。我的意思是這是一個廣闊的市場。我們正在銷售許多不同的基帶。所以是的，我認為這是一個更大的畫面。

I'll now take a follow-up from Edward Snyder with Charter Equity Research.

現在，我將接受 Edward Snyder 與 Charter Equity Research 的跟進。

I had a question on IDP. I have to say I'm a bit confused by your silicon carbide power business at all. I know you guys acquired United, but maybe you could articulate what the strategy is here. GaN, I get. I understand what you're doing with GaN. You're a huge supplier of defense. That's a U.S.-based business really with U.S.-based suppliers, what used to be your biggest competitor, Cree kind of dropped by the wayside, Wolf now. But on silicon power is the other way around at this point. They're going about to build -- turn on their new New York fab, which will make them the largest silicon carbide device power manufacturer on the face of the earth and their cost base is 50% lower than anybody else.

我有一個關於 IDP 的問題。我不得不說我對你的碳化矽電力業務有點困惑。我知道你們收購了曼聯，但也許你可以在這裡闡明戰略是什麼。氮化鎵，我明白了。我了解您在用 GaN 做什麼。你是一個巨大的國防供應商。那是一家美國企業，真正與美國供應商合作，曾經是你最大的競爭對手，Cree 有點被淘汰了，現在是 Wolf。但在這一點上，矽功率是相反的。他們即將建造——開啟他們在紐約的新工廠，這將使他們成為地球上最大的碳化矽器件電源製造商，並且他們的成本基礎比其他任何人都低 50%。

So you're buying wafers from them more than likely, maybe one of the folks and you're going to pay twice as much as they're paying and they're addressing this market on a scale and a cost-wise that even STMicro and ON are going to have a problem with. So is it that you're selling sick power into niche markets that want to diversify away from them? I don't understand the marketing game of this at all because you're going to be an under-scale player purchasing materials from the guys who are producing the devices on a scale that you can't compete with. So maybe you can articulate what do you think this is going to do for Qorvo? How does it fit in with your model in the long term?

所以你很有可能從他們那裡購買晶圓，也許是其中一個人，你支付的費用是他們支付的兩倍，他們正在以規模和成本方式解決這個市場，甚至 STMicro和 ON 會有問題。那麼，您是否將病態的電力出售給想要擺脫它們的利基市場？我根本不了解這種營銷遊戲，因為您將成為一個小規模的玩家，從那些以您無法競爭的規模生產設備的人那裡購買材料。因此，也許您可以闡明您認為這將為 Qorvo 做些什麼？從長遠來看，它如何適合您的模型？

Well, there's a lot there.

嗯，那裡有很多。

You should just go home.

你應該回家。

You can pick and choose. Just pick what you want to answer in that whole.

你可以挑選。只需選擇您想要回答的問題即可。

In 5 minutes, I don't know if I could get to all of that.

在 5 分鐘內，我不知道我是否能完成所有這些。

And then I have a follow-up.

然後我有一個跟進。

So Ed, look, I think that when we look at the business, okay, and we look at it from a capability perspective, what we like about our silicon carbide technology is one, we have a leadership position in efficiency, in the specific technical areas that drive that efficiency, and I think that's important. And I think that capability is why you see the business having quite a bit of traction. I mean you can see in the release, there's announcements about onboard charging wins in automotive and DC-to-DC. I think the other piece to it is that when you look at the technology that we have, we can generate about twice the revenue per wafer -- silicon carbide wafers end than our competition can. So we -- because of that advantage, we feel like we have the ability to use a more of a foundry model as opposed to an in-house model right now.

所以 Ed，看，我認為當我們看業務時，好吧，我們從能力的角度來看，我們喜歡我們的碳化矽技術的一個原因是，我們在效率方面處於領先地位，在具體的技術提高效率的領域，我認為這很重要。而且我認為這種能力是您看到該業務具有相當大吸引力的原因。我的意思是你可以在新聞稿中看到，有關於車載充電在汽車和 DC-to-DC 中獲勝的公告。我認為另一部分是，當您查看我們擁有的技術時，我們可以產生大約兩倍的每個晶圓的收入 - 碳化矽晶圓比我們的競爭對手結束。所以我們 - 由於這個優勢，我們覺得我們現在有能力使用更多的代工廠模型，而不是內部模型。

And when you look at specifically the silicon carbide substrate supply, what we see is more and more investment in that area, and we see more and more entrants coming into that space, which we think will make that more competitive over time. So I mean those are some of the economic dynamics that we see, okay? I would also say that, again, silicon carbide is in our wheelhouse. We are a compound semiconductor company, right? We have a lot of those relationships. So I hear you. I understand your view, but we think there's a real opportunity there for us. And the market, let's just talk a little bit about the market. It's a very, very large market. And even what you may be calling niche and I would assume maybe you're talking outside of automotive, you look at IT infrastructure, you look at other areas, it's still a very, very large opportunity. And so we feel like we have the opportunity to build a meaningful franchise.

當您特別關注碳化矽襯底供應時，我們看到的是該領域的投資越來越多，我們看到越來越多的進入者進入該領域，我們認為隨著時間的推移，這將使其更具競爭力。所以我的意思是這些是我們看到的一些經濟動態，好嗎？我還要說，碳化矽在我們的駕駛室裡。我們是一家化合物半導體公司，對吧？我們有很多這樣的關係。所以我聽到了。我理解你的觀點，但我們認為這對我們來說是一個真正的機會。還有市場，讓我們稍微談談市場。這是一個非常非常大的市場。甚至你可能稱之為利基市場，我假設你可能在談論汽車之外，你看看 IT 基礎設施，你看看其他領域，這仍然是一個非常非常大的機會。所以我們覺得我們有機會建立一個有意義的特許經營權。

And then when you combine that with our programmable power management, where I can build systems, I can put that into module capability, which is at the core of what we do. We feel like maybe we have a better shot at it than you're giving us credit for right now. But that's short and sweet. And I guess one last thing, I've been an executive in the power business and analog and I've been doing this for 25-plus years. And I think there's something there. I really do. I'm excited about it. And I think it can be a meaningful franchise for us here at Qorvo.

然後，當您將其與我們可以構建系統的可編程電源管理相結合時，我可以將其放入模塊功能中，這是我們工作的核心。我們覺得也許我們比你現在給我們的信用更好。但這又短又甜。我想最後一件事，我一直是電力業務和模擬的高管，我已經這樣做了 25 多年。我認為那裡有些東西。我真的。我很興奮。我認為這對我們 Qorvo 來說是一個有意義的特許經營權。

And that does conclude today's question-and-answer session. I'd like to turn the conference back over to management for any additional or closing remarks.

這確實結束了今天的問答環節。我想將會議轉回管理層，以獲取任何補充或結束語。

We want to thank everyone for joining us today. We look forward to speaking with you again at upcoming investor conferences. Thanks again. Hope you have a great night. Thank you.

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會議上再次與您交談。再次感謝。希望你有一個美好的夜晚。謝謝你。

Thank you. And that does conclude today's conference. Thank you all for your participation.

謝謝你。這確實結束了今天的會議。謝謝大家的參與。