科沃 (QRVO) 2022 Q2 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. Q2 2022 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead. .

美好的一天，歡迎參加 Qorvo, Inc. 2022 年第二季度電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Douglas DeLieto。請繼續。 .

Thanks very much, Todd. Hello, everybody, and welcome to Qorvo's Fiscal 2022 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 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 Securities and Exchange Commission because these risk factors may affect our operations and financial results.

非常感謝，托德。大家好，歡迎參加 Qorvo 的 2022 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，以及我們向證券交易委員會提交的 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結果。

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; Mark Murphy, Chief Financial Officer; Eric Creviston, President of Qorvo's Mobile Products Group; Philip Chesley, incoming President of Qorvo's Infrastructure and Defense Products Group; and James Klein, outgoing President of Qorvo's Infrastructure and Defense Products Group; 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；馬克·墨菲，首席財務官； Qorvo 移動產品集團總裁 Eric Creviston； Qorvo 基礎設施和國防產品集團新任總裁 Philip Chesley；以及即將卸任的 Qorvo 基礎設施和國防產品集團總裁 James Klein；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。

Thank you, Doug, and welcome, everyone, to our call. The Qorvo team delivered an exceptional September quarter with revenue and EPS at all-time highs. Strength during the quarter was broad-based across customers and supported by new product launches. In Mobile Products, the multiyear migration of 5G continues to drive RF content and integration trends. What began in top-tier flagship phones is now playing out in the mass market, where the RF content increase is greater on a percent basis than in flagship devices. Qorvo enjoys broad exposure to mass market designs to customers like Honor, Oppo, Pixel, Samsung, Vivo and Xiaomi. As a preferred supplier with leading products and a robust technology road map, Qorvo is well positioned as 5G devices and Android ecosystem contribute increasingly to the growth in the RF TAM.

謝謝你，Doug，歡迎大家來電。 Qorvo 團隊在 9 月的季度表現出色，收入和每股收益均創歷史新高。本季度的實力來自客戶的廣泛基礎，並受到新產品發布的支持。在移動產品方面，5G 的多年遷移繼續推動射頻內容和集成趨勢。從頂級旗艦手機開始的東西現在正在大眾市場上發揮作用，其中射頻含量的增長百分比高於旗艦設備。 Qorvo 廣泛接觸大眾市場設計，客戶包括 Honor、Oppo、Pixel、三星、Vivo 和小米。作為擁有領先產品和強大技術路線圖的首選供應商，Qorvo 處於有利地位，因為 5G 設備和 Android 生態系統對 RF TAM 的增長做出了越來越大的貢獻。

In other connectivity markets, ultra-wideband adoption in smartphones is serving as the infrastructure for a growing ecosystem of ultra-wideband-enabled devices. The opportunity set spans mobile, automotive and IoT markets, creating a strong foundation for growth over the coming years.

在其他連接市場中，智能手機中超寬帶的採用正在成為日益壯大的超寬帶設備生態系統的基礎設施。這些機會涵蓋移動、汽車和物聯網市場，為未來幾年的增長奠定了堅實的基礎。

In WiFi, the adoption of WiFi 6E and the performance limitations of smaller node CMOS-integrated PAs are driving the migration to chip onboard FEMs and iFEMs like ours.

在 WiFi 中，WiFi 6E 的採用和較小節點 CMOS 集成 PA 的性能限制正在推動向像我們這樣的芯片板載 FEM 和 iFEM 的遷移。

In WiFi and other markets, Qorvo's products and technologies are at the forefront of multiyear upgrade cycles, enabling new ecosystems and use cases and transforming the user experience.

在 WiFi 和其他市場，Qorvo 的產品和技術處於多年升級週期的前沿，支持新的生態系統和用例並改變用戶體驗。

Now let's look at some of the quarterly highlights in our end markets, starting with mobile. For Google, we commenced shipments of mid-high and ultrahigh band PADs, antenna tuners and multiple connectivity solutions to support the ramp of their recently announced Pixel 6.

現在讓我們看看我們終端市場的一些季度亮點，從移動設備開始。對於 Google，我們開始出貨中高頻段和超高頻段 PAD、天線調諧器和多種連接解決方案，以支持他們最近發布的 Pixel 6 的升級。

For an upcoming Korea-based 5G mass market smartphone platform, we received the first production orders for our mid-high and ultrahigh band PADs, WiFi FEMs and multiple high-performance discrete solutions.

對於即將推出的韓國 5G 大眾市場智能手機平台，我們收到了中高和超高頻段 PAD、WiFi FEM 和多個高性能分立解決方案的首批生產訂單。

In mobile WiFi, we secured a WiFi 6 FEM design wins with multiple top-tier smartphone OEMs and began sampling WiFi 7 FEMs, enabling higher data rates and improved performance. In ultra-wideband, Qorvo is advancing technologies for a diverse ecosystem of proximity aware connected devices. We secured an ultra-wideband design win to enable real-time device tracking and other location-aware applications in home mesh networks, and we were selected to supply ultra-wideband solutions for enterprise access points as well.

在移動 WiFi 方面，我們贏得了多家頂級智能手機 OEM 的 WiFi 6 FEM 設計，並開始提供 WiFi 7 FEM 樣品，從而實現更高的數據速率和性能。在超寬帶領域，Qorvo 正在為接近感知連接設備的多樣化生態系統推進技術。我們贏得了超寬帶設計的勝利，以在家庭網狀網絡中實現實時設備跟踪和其他位置感知應用，我們也被選中為企業接入點提供超寬帶解決方案。

We also expanded our engagement with a leading provider of consumer IoT products across a broad set of connected home devices, including smart speakers, point control fans and air conditioners. In automotive manufacturing, Qorvo was selected to supply ultra-wideband and ZigBee solutions with ConcurrentConnect technology to an automaker in Korea, streamlining automation and manufacturing.

我們還擴大了與領先的消費物聯網產品供應商的合作，涉及廣泛的聯網家庭設備，包括智能揚聲器、點控風扇和空調。在汽車製造領域，Qorvo 被選中為韓國的一家汽車製造商提供採用 ConcurrentConnect 技術的超寬帶和 ZigBee 解決方案，從而簡化自動化和製造流程。

In other connectivity markets, we began sampling a WiFi 6 iFEM covering 5.2 gigahertz and 5.6 gigahertz, and featuring an integrated BAW filter. Qorvo's 5 gigahertz iFEMs enable higher capacity and improved efficiency and reduced form factor.

在其他連接市場，我們開始對覆蓋 5.2 GHz 和 5.6 GHz 並具有集成 BAW 濾波器的 WiFi 6 iFEM 進行採樣。 Qorvo 的 5 GHz iFEM 可實現更高的容量、更高的效率和更小的外形尺寸。

In broadband, we begin sampling a triple output DOCSIS 3.1 amplifier module supporting network upgrades for major cable operators in the U.S. and in Europe.

在寬帶方面，我們開始為美國和歐洲的主要有線電視運營商提供支持網絡升級的三路輸出 DOCSIS 3.1 放大器模塊的樣品。

In infrastructure, design win activity was strong across OEMs, including small cells and base stations. Wins included all of the RF transmit and receive path content, including BAW filters for 5G small cells at a major base station OEM. We see infrastructure markets picking up in 2022 with Qorvo's SAM growing year-over-year. The SAM for Qorvo outside of China will post significant growth next year and support a strong double-digit CAGR through 2025.

在基礎設施方面，包括小型蜂窩和基站在內的 OEM 的設計獲勝活動非常活躍。 Wins 包括所有 RF 發射和接收路徑內容，包括一家主要基站 OEM 的 5G 小型基站的 BAW 濾波器。隨著 Qorvo 的 SAM 同比增長，我們預計基礎設施市場將在 2022 年回暖。中國以外的 Qorvo SAM 將在明年實現顯著增長，並支持到 2025 年強勁的兩位數複合年增長率。

In aerospace and defense, we expanded our product portfolio with an industry-leading 125 watt S-band power amplifier module and a 1.8 kilowatt L-band radar pallet for commercial and defense radar applications. In RF-based biotechnology testing, we received our first commercial orders and commenced shipments of our Omnia antigen test platform.

在航空航天和國防領域，我們通過行業領先的 125 瓦 S 波段功率放大器模塊和 1.8 千瓦 L 波段雷達托盤擴展了我們的產品組合，用於商業和國防雷達應用。在基於射頻的生物技術測試中，我們收到了第一筆商業訂單並開始發貨我們的 Omnia 抗原測試平台。

During the quarter, the NIH RADx variant task force conducted an external study that demonstrated the performance of our Omnia antigen test platform in effectively detecting COVID variants, including the delta variant.

在本季度，NIH RADx 變體工作組進行了一項外部研究，展示了我們的 Omnia 抗原測試平台在有效檢測 COVID 變體（包括 delta 變體）方面的性能。

Although this is a new market for us, we believe we bring a novel technology that offers unique and real value as the world moves to more testing protocols, including for flu A/B and other seasonal pathogens. Our platform offers a unique combination of accuracy and speed at the point-of-care with improved process flow, including real-time wireless delivery of results.

儘管這對我們來說是一個新市場，但我們相信我們帶來了一種新技術，隨著世界轉向更多的測試協議，包括流感 A/B 和其他季節性病原體，它可以提供獨特和真正的價值。我們的平台在護理點提供了獨特的準確性和速度組合，並改進了流程，包括實時無線交付結果。

We have seen its benefits in our own operations as part of our protocol for our own internal testing. After the quarter closed, Qorvo acquired United Silicon Carbide, an innovator in silicon carbide power devices and a pioneer in silicon carbide JFETs. The combination will further differentiate Qorvo's power portfolio, enabling more highly integrated power device solutions and expand our addressable market to include higher voltage applications that demand maximum power efficiency such as electric vehicles, charging stations and renewable energy systems. We welcome Chris Dries and his team and look forward to helping them accelerate the growth in their business.

作為我們自己內部測試協議的一部分，我們已經看到了它在我們自己的操作中的好處。本季度結束後，Qorvo 收購了碳化矽功率器件的創新者和碳化矽 JFET 的先驅 United Silicon Carbide。該組合將進一步區分 Qorvo 的電源產品組合，實現更高度集成的電源設備解決方案，並擴大我們的目標市場，以包括需要最大功率效率的更高電壓應用，例如電動汽車、充電站和可再生能源系統。我們歡迎 Chris Dries 和他的團隊，並期待幫助他們加快業務增長。

For Qorvo, our ability to deliver more power more efficiently and using less current helped put us at the center of the digital transformation. We are eager to expand these competencies as global markets move to electrification and renewable energy.

對於 Qorvo 而言，我們能夠更高效地提供更多電力並使用更少的電流幫助我們處於數字化轉型的中心。隨著全球市場轉向電氣化和可再生能源，我們渴望擴大這些能力。

Qorvo's technology portfolio is best in class. Our product position is strong. Our end market exposure is expanding, and we are operating very well. Yes, we are seeing constraints, and we are working closely with our customers and our partners. Mark will have more comments about the operating environment, and we look forward to discussions during your question and answers.

Qorvo 的技術組合是同類產品中最好的。我們的產品地位很強。我們的終端市場敞口正在擴大，我們的運營非常好。是的，我們看到了限制，我們正在與我們的客戶和合作夥伴密切合作。馬克會對運行環境有更多的評論，我們期待您在問答中的討論。

Big picture, we see the industry working through this as it always has. For Qorvo, we see a business with unique competencies and expanding set of growth drivers, and we expect a continuation of double-digit growth over several years.

大局，我們看到該行業一直在努力解決這個問題。對於 Qorvo，我們看到了具有獨特能力和不斷擴大的增長驅動力的業務，我們預計未來幾年將繼續保持兩位數的增長。

Before handing the call over to Mark, I'm pleased to welcome Philip Chesley as President of Qorvo's Infrastructure and Defense Products Group. Philip has a proven track record, growing global semiconductor businesses with experience in RF, power, data communications, automotive, industrial, aerospace and defense. We are very pleased Philip has joined Qorvo to lead our IDP team.

在將電話轉交給 Mark 之前，我很高興歡迎 Philip Chesley 成為 Qorvo 基礎設施和國防產品集團的總裁。 Philip 擁有良好的業績記錄，在射頻、電源、數據通信、汽車、工業、航空航天和國防領域擁有豐富的全球半導體業務經驗。我們很高興 Philip 加入 Qorvo 領導我們的 IDP 團隊。

I also want to thank James Klein. Since the formation of Qorvo, James and the team have more than doubled IDP revenue while creating a recognized industry leader. We thank James for his many contributions to Qorvo and wish him the very best. James will remain with us through November to help ensure a smooth transition with the change in the IDP leadership.

我還要感謝詹姆斯·克萊因。自 Qorvo 成立以來，James 和團隊的 IDP 收入增加了一倍以上，同時打造了公認的行業領導者。我們感謝 James 對 Qorvo 的諸多貢獻，並祝他一切順利。詹姆斯將在 11 月份與我們在一起，以幫助確保隨著 IDP 領導層的變化順利過渡。

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

有了這個，我會把電話交給馬克。

Thanks, Bob, and good afternoon, everyone. In the September quarter, Qorvo delivered the strongest quarterly revenue and earnings in the company's history. Qorvo's revenue for the fiscal year 2022 second quarter was $1.255 billion, $5 million above the midpoint of our guidance and $195 million or 18% higher than last year's September quarter. When comparing September quarter numbers, recall that our fiscal year 2021 was a 53-week fiscal year, and the September quarter last year was a 14-week quarter versus this fiscal year's more typical 13-week quarter.

謝謝，鮑勃，大家下午好。在 9 月季度，Qorvo 實現了公司歷史上最強勁的季度收入和收益。 Qorvo 在 2022 財年第二季度的收入為 12.55 億美元，比我們的指導中點高出 500 萬美元，比去年 9 月季度高出 1.95 億美元或 18%。在比較 9 月季度數字時，請回想一下，我們的 2021 財年是一個為期 53 週的財政年度，去年 9 月季度是一個為期 14 週的季度，而本財年更為典型的 13 周季度。

Mobile Products revenue of $996 million was up 32% year-over-year on the continued growth of higher content 5G smartphones. Infrastructure and Defense Products revenue of [$260 million] was slightly below expectations due to reduced supply from outsourced assembly and test operations in Malaysia and elsewhere. As expected, IDP was down year-over-year due primarily to last year's strong infrastructure build-out and the 14-week quarter. We expect IDP to return to year-over-year growth in the December quarter and growth to accelerate in the March quarter.

移動產品收入為 9.96 億美元，同比增長 32%，原因是內容更高的 5G 智能手機持續增長。由於馬來西亞和其他地方的外包組裝和測試業務的供應減少，基礎設施和國防產品收入 [2.6 億美元] 略低於預期。正如預期的那樣，IDP 同比下降主要是由於去年強勁的基礎設施建設和為期 14 週的季度。我們預計 IDP 將在 12 月季度恢復同比增長，並在 3 月季度加速增長。

Non-GAAP gross margin in the September quarter was 52.4%, above the midpoint of our guidance despite supply chain disruptions that worsened through the quarter. Non-GAAP operating expenses in the second quarter were less than expected at $222 million or 17.7% of sales. The sequential and year-over-year increases in OpEx were driven by technology and product development expenses associated with key growth programs and recent acquisitions.

儘管整個季度供應鏈中斷情況惡化，但 9 月季度的非美國通用會計準則毛利率為 52.4%，高於我們指引的中點。第二季度非美國通用會計準則運營費用低於預期，為 2.22 億美元，佔銷售額的 17.7%。 OpEx 的連續和同比增長是由與關鍵增長計劃和最近收購相關的技術和產品開發費用推動的。

Non-GAAP operating income in the September quarter was $435 million and 34.7% of sales. This was the fourth consecutive quarter of operating margin over 33%. Non-GAAP net income in the second quarter was $385 million, and diluted earnings per share of $3.42 was $0.18 above the midpoint of our guidance.

9 月季度的非美國通用會計準則營業收入為 4.35 億美元，佔銷售額的 34.7%。這是營業利潤率連續第四個季度超過 33%。第二季度非 GAAP 淨收入為 3.85 億美元，每股攤薄收益 3.42 美元，比我們指導的中點高 0.18 美元。

Cash flow from operations in the second quarter was $245 million. Our working capital includes an increase in payables associated with a long-term silicon supply agreement. The largest of these PADs is a deposit, which we expect to recoup by the end of the agreement in calendar '25. This agreement is structured -- this agreement is a structured way to advance our differentiated technology position and simplify our long-term planning. Furthermore, it's only one of a number of examples whereby Qorvo is building longer-term and more collaborative partnerships to provide our customers supply assurance and meet their product and technology needs.

第二季度的運營現金流為 2.45 億美元。我們的營運資金包括與長期矽供應協議相關的應付款項的增加。這些 PAD 中最大的一筆是押金，我們預計將在 25 年日曆協議結束時收回。該協議是結構化的——該協議是一種結構化的方式來提升我們的差異化技術地位並簡化我們的長期規劃。此外，這只是 Qorvo 建立更長期和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的眾多示例之一。

Concurrently, our customer relationships are broadening and strengthening, allowing us to invest with more certainty. As we have indicated previously, the challenges the industry is currently experiencing are driving more constructive and longer-term relationships that we see enhancing the overall durability and value of the business.

同時，我們的客戶關係正在擴大和加強，使我們能夠更有把握地進行投資。正如我們之前所指出的，該行業目前正在經歷的挑戰正在推動更具建設性和更長期的關係，我們認為這會提高業務的整體耐久性和價值。

Capital expenditures in the September quarter were $47 million, lower than expected on spend timing and an earlier-than-expected reimbursement for a portion of our government-funded work on advanced packaging. Free cash flow was $198 million, and we repurchased $223 million of shares. Over the last 2 quarters, we've purchased $523 million of shares, which was 110% of our free cash flow. We continue to repurchase shares as our outlook is positive. Our free cash flow and ability to sustain investment in technology and growth is strong, and our leverage remains low.

9 月季度的資本支出為 4,700 萬美元，低於預期的支出時間，並且我們政府資助的部分先進封裝工作的報銷早於預期。自由現金流為 1.98 億美元，我們回購了 2.23 億美元的股票。在過去的兩個季度中，我們購買了 5.23 億美元的股票，占我們自由現金流的 110%。我們繼續回購股票，因為我們的前景是積極的。我們的自由現金流和維持對技術和增長的投資的能力很強，我們的槓桿率仍然很低。

On the balance sheet, cash and debt remained largely unchanged from the prior quarter at $1.2 billion and $1.7 billion, respectively. In the December quarter, our cash is projected to decline, following payments associated with the previously mentioned agreement and with our acquisition of United Silicon Carbide.

在資產負債表上，現金和債務與上一季度基本保持不變，分別為 12 億美元和 17 億美元。在與之前提到的協議相關的付款以及我們對聯合碳化矽的收購之後，預計在 12 月季度，我們的現金將減少。

Now turning to our current quarter outlook. We expect revenue between $1.09 billion and $1.12 billion, non-GAAP gross margin between 52% and 52.5%, non-GAAP diluted earnings per share of $2.75 at the midpoint of our guidance. Our December quarter revenue outlook reflects broad-based challenges in supply, impacting Mobile and IDP and near-term weakness in demand, principally in Asia.

現在轉向我們當前的季度展望。我們預計收入在 10.9 億美元至 11.2 億美元之間，非美國通用會計準則毛利率在 52% 至 52.5% 之間，非美國通用會計準則攤薄後每股收益為 2.75 美元。我們的 12 月季度收入展望反映了供應方面的廣泛挑戰，影響了移動和 IDP 以及近期需求疲軟，主要是在亞洲。

Starting with supply, we have several areas of constraint. Our external supply chain is still recovering from disruptions in September, including shutdowns in Southeast Asia. Beyond that, [select] materials, products and production capacity remain tight. These are industry-wide issues affecting all suppliers, and our customers are challenged in producing matched sets for products.

從供應開始，我們有幾個方面的限制。我們的外部供應鏈仍在從 9 月份的中斷中恢復，包括東南亞的停工。除此之外，[選擇]材料、產品和生產能力仍然緊張。這些是影響所有供應商的全行業問題，我們的客戶在為產品生產匹配套件方面面臨挑戰。

For example, in smartphones, even where channel inventory for certain parts is healthy, customers lack silicon chips to produce phones. This, in turn, creates changes in demand that add to constraints on our own production as we work to adjust mix. Mix changes are part of our business, but in a normal environment, Qorvo can move swiftly to respond and capture demand. These supply-driven gaps are making recent demand softness in select areas, such as our Asia smartphone customers, harder to quantify. We see the industry working through this situation with some supply effects beginning to moderate this quarter and supply/demand alignment improving more broadly through the March quarter.

例如，在智能手機中，即使某些部件的渠道庫存很健康，客戶也缺乏矽芯片來生產手機。反過來，這會造成需求變化，在我們努力調整組合時增加對我們自己生產的限制。混合變化是我們業務的一部分，但在正常環境中，Qorvo 可以迅速採取行動來響應和捕捉需求。這些由供應驅動的缺口使得我們亞洲智能手機客戶等特定領域的近期需求疲軟更難以量化。我們看到該行業正在解決這種情況，本季度一些供應影響開始緩和，並且在 3 月季度更廣泛地改善了供需一致性。

Given these supply and demand effects, we now see 5G smartphone volumes coming in below $550 million in calendar '21.

鑑於這些供需影響，我們現在看到 21 日曆年 5G 智能手機的銷量將低於 5.5 億美元。

Qorvo's December forecasted revenue of $1.105 billion at the midpoint is down 12% sequentially and up slightly year-over-year. We forecast Mobile revenue in the current quarter to be approximately $830 million at the midpoint, down 17% sequentially and flat year-over-year. In the March quarter, we expect Mobile to be up slightly sequentially as the typical seasonal decline is offset by improved supply and demand.

Qorvo 12 月份的中點預測收入為 11.05 億美元，環比下降 12%，同比略有上升。我們預計本季度移動收入中點約為 8.3 億美元，環比下降 17%，同比持平。在 3 月季度，我們預計移動業務將環比小幅增長，因為典型的季節性下降被供需改善所抵消。

In IDP, we project revenue to increase in the December quarter to $275 million and the segment to return to year-over-year growth. We expect IDP to be over $300 million in the March quarter.

在 IDP 中，我們預計 12 月季度的收入將增加至 2.75 億美元，該部門將恢復同比增長。我們預計第三季度的 IDP 將超過 3 億美元。

Our December quarter gross margin guide of 52.25% at the midpoint is up versus the view we provided last quarter despite a more challenging supply/demand environment than expected. We see our technology and product mix and operating and capital efficiency yielding a gross margin above 52% for the fiscal year. We expect the March quarter to be around 52%. We project non-GAAP operating expenses to increase slightly in the December quarter to approximately $224 million, reflecting higher investments in core technologies and expanding capabilities in new businesses, including the addition of the United Silicon Carbide team. We now project our current quarter and full year non-GAAP tax rate to be between 8.5% and 9%.

儘管供需環境比預期更具挑戰性，但我們 12 月季度的中點毛利率指引為 52.25%，高於我們上季度提供的觀點。我們看到我們的技術和產品組合以及運營和資本效率在本財年產生了超過 52% 的毛利率。我們預計 3 月季度將在 52% 左右。我們預計非 GAAP 運營費用將在 12 月季度小幅增加至約 2.24 億美元，這反映了對核心技術的更高投資和新業務能力的擴展，包括增加了聯合碳化矽團隊。我們現在預計當前季度和全年的非公認會計原則稅率在 8.5% 到 9% 之間。

Capital expenditures are projected to exceed $70 million in the December quarter as we work to intersect demand and support long-term supply agreements with multiple customers. Currently, we are supply-constrained and project to remain so through our fiscal year-end. We continue to expand BAW and GaAs capacity as well as biosensor production capacity to support our growth projections for fiscal 2023.

隨著我們努力滿足需求並支持與多個客戶的長期供應協議，預計 12 月季度的資本支出將超過 7000 萬美元。目前，我們的供應受到限制，預計到我們的財政年度結束時仍將如此。我們繼續擴大 BAW 和 GaAs 產能以及生物傳感器產能，以支持我們對 2023 財年的增長預測。

In summary, we expect year-over-year revenue growth in the December quarter, though less than we had expected previously. The current supply challenges and near-term demand weaknesses -- weakness are acute, but more temporary than durable. We expect supply effects to moderate starting this quarter and improved supply/demand alignment early next calendar year.

總之，我們預計 12 月季度的收入將同比增長，但低於我們之前的預期。當前的供應挑戰和近期的需求疲軟——疲軟是嚴重的，但更多的是暫時的，而不是持久的。我們預計供應影響將從本季度開始放緩，並在明年年初改善供需調整。

For full fiscal year '22, we expect revenue growth over 15%, gross margin over 52% -- excuse me, we expect revenue growth over 15% and gross margin over 52% and operating margin of approximately 33%. Looking beyond this fiscal year, we expect double-digit growth to continue as Qorvo's premium technology, product portfolio and operating capability support 5G, WiFi, IoT, defense, power and other growth markets.

對於整個 22 財年，我們預計收入增長超過 15%，毛利率超過 52%——對不起，我們預計收入增長超過 15%，毛利率超過 52%，營業利潤率約為 33%。展望本財年之後，我們預計隨著 Qorvo 的優質技術、產品組合和運營能力支持 5G、WiFi、物聯網、國防、電力和其他增長市場，兩位數的增長將繼續。

Overall, we are investing to grow Mobile and IDP at or above market. Looking at our business by end markets instead of operating segments helps highlight the strength of our portfolio and market position. On advanced cellular RF front ends for smartphones, Qorvo's technology and product breadth is world class. We expect this part of Qorvo's business near $3.3 billion this fiscal year to deliver high single-digit to low double-digit growth as increasing RF complexity and integration trends support years of content expansion.

總體而言，我們正在投資以在市場或以上市場上發展移動和 IDP。通過終端市場而不是運營部門來看待我們的業務有助於突出我們的投資組合和市場地位的實力。在智能手機的先進蜂窩射頻前端，Qorvo 的技術和產品廣度是世界一流的。我們預計本財年 Qorvo 的這部分業務將實現近 33 億美元的高個位數到低兩位數的增長，因為射頻複雜性和集成趨勢的增加支持了多年的內容擴展。

Next, looking at other connectivity beyond cellular solutions for smartphones, qorvo enjoys exposure across multiple wireless protocols and serves industrial automation, connected home, automotive and other high-growth IoT markets. This fiscal year, connectivity solutions spread across our Mobile and IDP segments combined to approximately $700 million and can grow in the strong double digits.

接下來，在智能手機蜂窩解決方案之外的其他連接方面，qorvo 涉足多種無線協議，並服務於工業自動化、互聯家庭、汽車和其他高增長的物聯網市場。本財年，連接解決方案遍布我們的移動和 IDP 細分市場，總價值約為 7 億美元，並且可以實現兩位數的強勁增長。

Finally, defense, infrastructure and power solutions support multiple long-term (inaudible) growth drivers. These include the multiyear build-out of 5G infrastructure, increasing semiconductor spend in defense and worldwide demand for power semis driven by mega trends like electrification. We expect to sustain long-term double-digit growth in this business from a base of over $600 million this fiscal year.

最後，國防、基礎設施和電力解決方案支持多種長期（聽不見的）增長動力。其中包括 5G 基礎設施的多年建設、國防領域半導體支出的增加以及電氣化等大趨勢推動的全球對功率半導體的需求。我們預計本財年將在超過 6 億美元的基礎上保持該業務的長期兩位數增長。

Our December quarter is off of what we expected previously, but still guided up year-over-year as is our view of the March quarter. We expect the business to strengthen through the second half of our fiscal year and contribute to a record full year performance, including earnings growth over 20%. Longer term, the outlook is bright. Qorvo is exceptionally well positioned to deliver earnings and free cash flow growth, serving the large and growing need for more efficient power and greater connectivity.

我們的 12 月季度超出了我們之前的預期，但與我們對 3 月季度的看法一樣，仍同比增長。我們預計該業務將在本財年下半年加強，並為創紀錄的全年業績做出貢獻，包括盈利增長超過 20%。從長遠來看，前景是光明的。 Qorvo 在實現收益和自由現金流增長方面處於非常有利的地位，可以滿足對更高效電力和更大連接性的巨大且不斷增長的需求。

Now Todd, would you please open the line for questions?

現在托德，請你打開電話提問嗎？

(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 have two, if I may. My first one is probably for Mark. The 17% sequential decline you're guiding to in your Mobile business for December, probably hard. But can you sort of break that down into supply factors and demand factors to the extent possible?

如果可以的話，我有兩個。我的第一個可能是給馬克的。您在 12 月份指導的移動業務連續下降 17%，這可能很難。但是，您能否盡可能將其分解為供應因素和需求因素？

And then on the demand side, you talked about weakness in Asia, but if you can elaborate on that, that would be super helpful. And then I got a quick follow-up.

然後在需求方面，您談到了亞洲的疲軟，但如果您能詳細說明這一點，那將非常有幫助。然後我得到了快速跟進。

Sure. So Toshiya, we decreased our December number about $150 million, as you can see, and about $135 million of that was in Mobile, where we went from roughly [9 65 to 8 30] in the December quarter. The balance of the decrease was IDP. IDP is the most straightforward. It's all supply in IDP. So just keep that in mind.

當然。所以 Toshiya，我們將 12 月的數字減少了約 1.5 億美元，如您所見，其中約 1.35 億美元用於移動，我們在 12 月季度從大約 [9 65 到 8 30] 下降。減少的餘額是國內流離失所者。 IDP 是最直接的。都是IDP的供應。所以請記住這一點。

Of the $135 million roughly in Mobile, as we characterize supply constraints, which is our suppliers not having supply for us, our customers not having the chipsets, thus not able to build their product and use our product, and then finally, our own internal constraints, we see up to $100 million that we would characterize as supply related of that $135 million.

在大約 1.35 億美元中，我們描述了供應限制，即我們的供應商沒有為我們提供供應，我們的客戶沒有芯片組，因此無法構建他們的產品並使用我們的產品，最後是我們自己的內部限制，我們看到多達 1 億美元，我們將其描述為與這 1.35 億美元相關的供應。

The balance, so $35 million we would view as net demand. Some demand is up and we're able to intersect that. But some demand is clearly down, and I think that's well publicized, particularly in parts of Asia. So broad brush strokes were 3 quarters or less down on supply in Mobile and one quarter or more related to demand. Now if you add in IDP, which is all supply, then that proportion is stronger. So that's our view, Toshiya.

餘額，因此我們將 3500 萬美元視為淨需求。一些需求上升，我們能夠與之相交。但有些需求明顯下降，我認為這已經廣為人知，尤其是在亞洲部分地區。因此，移動端的供應量下降了 3 個季度或更少，而與需求相關的則有四分之一或更多。現在如果加上 IDP，也就是全部供應，那麼這個比例就更強了。這就是我們的觀點，Toshiya。

Great. And then as my follow-up, you guys talked quite a bit about having constructive longer-term conversations with your customers. You also talked about your long-term silicon supply agreement. As you kind of compare and contrast the visibility you have today versus 3 years ago, 5 years ago, I mean, how would you characterize the key differences? I'm sure you've had long-term agreements in the past, but how much bigger are they as a percentage of your backlog? And how enforceable are they going forward relative to history?

偉大的。然後作為我的後續行動，你們談論了很多關於與客戶進行建設性的長期對話。您還談到了您的長期矽供應協議。當您比較和對比您今天與 3 年前、5 年前的可見度時，我的意思是，您如何描述關鍵差異？我敢肯定您過去曾簽訂過長期協議，但它們在您的積壓工作中所佔的百分比有多大？相對於歷史，它們的可執行性如何？

Toshiya, this is Eric. I'll take that. I think one of the silver linings in this environment is how constructive the conversations have gotten in terms of much longer term. So not just 1 or even 2 years, but in some cases up to 3 years of discussions about how we're going to outline both our technology and supply road map to our customers' product road maps, their markets and what they expect to ship. And first, there's no crystal ball. It's not perfect, but at least we have ranges of alignment and sort of volume bars, share windows and things like this that we can talk both to our customers and to our suppliers.

俊哉，我是埃里克。我會接受的。我認為這種環境中的一線希望之一是對話在更長期的情況下變得多麼有建設性。因此，不僅僅是 1 年甚至 2 年，在某些情況下，我們會討論長達 3 年的時間，討論我們將如何勾勒出我們的技術和供應路線圖，以適應客戶的產品路線圖、他們的市場以及他們期望出貨的產品.首先，沒有水晶球。這並不完美，但至少我們有對齊範圍和音量條、共享窗口和類似的東西，我們可以與我們的客戶和供應商交談。

And I think for suppliers, it's a great benefit to them and us to have more stability. And for our customers, of course, supply assurance is paramount, and for us to have more confidence in our growth of the businesses is, of course, very important as well. So it's a very different environment driven by all the factors we've talked about already on this call.

我認為對於供應商來說，更加穩定對他們和我們都有很大的好處。當然，對於我們的客戶來說，供應保證是最重要的，對我們來說，對我們的業務增長更有信心當然也非常重要。所以這是一個非常不同的環境，由我們在本次電話會議中討論過的所有因素驅動。

We'll take our next question from Vivek Arya of Bank of America. .

我們將向美國銀行的 Vivek Arya 提出下一個問題。 .

For the first one, I'm curious, given the supply constraints in the industry, does that change the competitive landscape in the RF side in some way as we look at next year? So for example, one of your competitors can bundle their apps processors and modems along with the RF side. Do you think that gives them perhaps an advantage from a competitive perspective as we look at next year?

對於第一個問題，我很好奇，考慮到行業的供應限制，這是否會以某種方式改變我們明年展望的 RF 方面的競爭格局？例如，您的一個競爭對手可以將他們的應用處理器和調製解調器與 RF 端捆綁在一起。從我們明年的競爭角度來看，您認為這可能會給他們帶來優勢嗎？

This is Eric. I don't think so. Technology decisions are still critical to enable next-generation phones, and best-in-class RF is still going to win in the front-end section. So I don't think we're competing against people that have advantages of bundling across the boundary, if you will, from the apps and modem side to the RF side really.

這是埃里克。我不這麼認為。技術決策對於啟用下一代手機仍然至關重要，一流的射頻仍將在前端領域獲勝。所以我不認為我們在與那些具有跨界捆綁優勢的人競爭，如果你願意的話，從應用程序和調製解調器端到射頻端。

And I think, again, just as in the last question with Toshiya, I think the long-term visibility we have and kind of planning our technology road maps, we're getting no signs that there's any change, if you will, in terms of the bundling or the architectures that would change that.

而且我認為，就像在與 Toshiya 的最後一個問題一樣，我認為我們擁有的長期知名度和規劃我們的技術路線圖的方式，我們沒有跡象表明有任何變化，如果你願意的話，捆綁或會改變這種情況的架構。

Vivek, this is Bob. Thanks for your question. I think the other point that's interesting is that a lot of the things that our customers are waiting on are from some of those very people you mentioned. So I think we need to keep that in mind. It's not us. The primary reason is we have the parts. We can get the parts for them. They've been saying, as we've mentioned many times through last quarter as well as this quarter, the challenges our customers have with [match sets or kitting], whatever vocabulary you want to use, that's been their bigger problem, is in SoCs, not with RF front ends, at least not from us.

維維克，這是鮑勃。謝謝你的問題。我認為有趣的另一點是，我們的客戶正在等待的很多東西都來自你提到的那些人。所以我認為我們需要牢記這一點。不是我們。主要原因是我們有零件。我們可以為他們獲取零件。正如我們在上個季度和本季度多次提到的那樣，他們一直在說，我們的客戶在 [匹配套裝或套件] 方面遇到的挑戰，無論您想使用什麼詞彙，這是他們更大的問題，在於SoC，不帶射頻前端，至少不是來自我們。

Got it. And then on the acquisition that was announced, I was hoping you could give us some more color in terms of what is the right way to reflect that in the model. And our sense of the silicon carbide and the power semi space is -- of course, it's in front of a very large growth opportunity in autos and industrial and so forth, but it's a very capital-intensive space, right? And a number of the established players have margins well below your corporate average. So what's the right way to think about the strategy? And is it going to be accretive over time for you?

知道了。然後在宣布的收購中，我希望你能給我們更多的色彩，以正確的方式在模型中反映這一點。我們對碳化矽和功率半導體領域的看法是——當然，它面臨著汽車和工業等領域的巨大增長機會，但它是一個資本密集型領域，對吧？許多老牌企業的利潤率遠低於企業平均水平。那麼，思考策略的正確方法是什麼？它會隨著時間的推移而增加嗎？

Yes. Let me take some of the financial elements. Vivek, and I'll turn it over to James. First of all, we're not in the capital-intensive part. We're in a device manufacturing part. So that's the expertise, and we're leveraging our silicon carbide -- again, silicon carbide knowledge and which will be an advantage here. So that's maybe the first thing is realizing that this is -- these are things that we can foundry and source the material.

是的。讓我來看看一些金融元素。維維克，我會把它交給詹姆斯。首先，我們不屬於資本密集型的部分。我們在設備製造部分。這就是專業知識，我們正在利用我們的碳化矽 - 再次，碳化矽知識，這將是一個優勢。所以這可能是第一件事是意識到這是 - 這些是我們可以鑄造和採購材料的東西。

There'll be more disclosure on our Q tomorrow, but it will be over $200 million that we're paying for United Silicon Carbide. And it is dilutive initially, but we expect that to be accretive maybe at the end of next fiscal year, and we expect it to be a significant business for us several years out. James?

明天我們的 Q 會有更多披露，但我們為 United Carbide 支付的費用將超過 2 億美元。它最初是稀釋性的，但我們預計這可能會在下個財政年度末實現增值，我們預計這對我們未來幾年來說將是一項重要的業務。詹姆士？

Yes, this is James. So as you stated, we like the aspect that it gets us into several fast-growing markets like electric vehicles, industrial power and data centers, maybe longer term, even in things like circuit protection. We see it in current year expanding our addressable market by almost $1 billion. And we think that, that certainly continues to grow at a high growth rate as we go over the next several years.

是的，這是詹姆斯。所以正如你所說，我們喜歡它讓我們進入幾個快速增長的市場，比如電動汽車、工業電源和數據中心，也許是長期的，甚至在電路保護等領域。我們看到它在今年將我們的潛在市場擴大了近 10 億美元。我們認為，隨著未來幾年的發展，這肯定會繼續以高增長率增長。

We do believe that we have industry-leading performance in efficiency and in die size. So we think when we compare those differentiated type capabilities with our existing power management capabilities, we really do believe we have the ability to continue to grow and scale the business.

我們確實相信我們在效率和芯片尺寸方面具有行業領先的性能。因此，我們認為，當我們將這些差異化類型功能與我們現有的電源管理功能進行比較時，我們確實相信我們有能力繼續發展和擴展業務。

Our next question comes from Blayne Curtis of Barclays. .

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。 .

I just want to go back on the supply issues. If you look at the shipments from the 2 major modem companies, I guess, they're up and you're seeing a correction. So I'm just kind of curious, there's a couple of ways that could happen. Just kind of curious if now in retrospect, did you ship more RF than maybe modems in the first half of the year and that has to correct? Or just kind of curious to your thoughts on that. I know you probably haven't seen Qualcomm sky, but at that MediaTek, they're not seeing a sharp of a decline in December. Just kind of thoughts between the disconnect there.

我只想回到供應問題上。如果您查看 2 家主要調製解調器公司的出貨量，我猜，它們已經上漲並且您看到了修正。所以我只是有點好奇，有幾種可能發生的方式。只是有點好奇，如果現在回想起來，今年上半年你們的 RF 出貨量是否超過了調製解調器，這必須糾正嗎？或者只是對您對此的想法感到好奇。我知道你可能還沒有看到高通的天空，但是在聯發科，他們並沒有看到 12 月的急劇下降。只是那種想法之間的脫節就在那裡。

Blayne, this is Eric. Yes, it's a good question. And I think to a certain extent, there's some of that, and I think a lot of it comes down to mix as well. I think we did a good job of responding to customer demand. Now we still have several parts where we're on allocation as well and chasing and behind, of course, as we talked about. But for the most part, we did a pretty good job of satisfying customer demand. But what happens is as the mix shifts, I mean, they're essentially taking every baseband chip they can get, regardless of which RF it's on. So yes, it could be that net-net, we shift a bit ahead up to this point.

布萊恩，這是埃里克。是的，這是個好問題。而且我認為在一定程度上，其中有一些，而且我認為其中很多也歸結為混合。我認為我們在響應客戶需求方面做得很好。當然，正如我們所談到的，現在我們仍然有幾個部分在分配、追逐和落後。但在大多數情況下，我們在滿足客戶需求方面做得很好。但是隨著混音的變化，我的意思是，他們基本上正在使用他們可以獲得的每一個基帶芯片，而不管它在哪個射頻上。所以是的，它可能是那個網絡，我們向前移動了一點。

Okay. And then just your perspective on -- go ahead.

好的。然後只是你的觀點 - 繼續。

Well, I was just going to add, Blayne, that, listen, we're disappointed with the December guide, but I think it's also to reinforce our commitment to keep the channel healthy and give you a guide best we see on the supply/demand fronts.

好吧，我只是想補充一點，Blayne，聽著，我們對 12 月的指南感到失望，但我認為這也是為了加強我們保持頻道健康的承諾，並為您提供我們在供應方面看到的最佳指南/需求前沿。

But it's never easy, but admittedly, it's more difficult than usual environment right now. I do think it's important with this adjustment to step back, not lose sight of how good a business we've got. For this fiscal year, we called down, but that was -- and we missed, but there was an aged consensus that, clearly, the supply environment worsened through the quarter, particularly in mid- to late September and then these publicized weakness and demand emerged.

但這從來都不是一件容易的事，但不可否認，現在比平常的環境更困難。我確實認為這次調整後退一步很重要，不要忽視我們的業務有多好。對於本財年，我們取消了，但那是 - 我們錯過了，但有一個古老的共識，很明顯，整個季度的供應環境惡化，特別是在 9 月中下旬，然後這些公開的疲軟和需求出現了。

We see things improving. We think December is as bad as it gets for us, and we see improving in March and broadly. We had given a guidance range of 15% to 20%. And with this 2.5% adjustment for the year, we're down at the lower end of that range. So we're still in the range that we had provided.

我們看到情況正在改善。我們認為 12 月對我們來說是最糟糕的，我們看到 3 月和廣泛的改善。我們給出了 15% 到 20% 的指導範圍。隨著今年 2.5% 的調整，我們處於該範圍的下限。所以我們仍然在我們提供的範圍內。

Yes. Listen, our gross margin outlook is intact around 52%. OpEx is in control, and we're investing in the future of the business. That's both traditional parts of the business and newer parts of the business. And in the end, we're taking EPS roughly a dime above $12 to roughly a dime below $12. And so there is a bit of a correction there, but I would say it's the right thing for us to do.

是的。聽著，我們的毛利率前景保持在 52% 左右。運營支出處於控制之中，我們正在投資於業務的未來。這既是業務的傳統部分，也是業務的新部分。最後，我們將每股收益從高於 12 美元的大約 1 美分到低於 12 美元的大約 1 美分。所以這裡有一點修正，但我會說這是我們應該做的正確的事情。

If we look into next year and beyond, we're just -- feel great about our position. Premium technology and products, serving attractive end markets, growing double digits, and we expect to grow double digits. We're operating well, sustained margins over 52%, expanding operating margins. So a lot of talk about the positive beyond this quarter.

如果我們展望明年及以後，我們只是 - 對我們的位置感覺很好。優質的技術和產品，服務於有吸引力的終端市場，增長兩位數，我們預計增長兩位數。我們經營良好，利潤率持續超過 52%，營業利潤率不斷擴大。因此，很多人都在談論本季度之後的積極因素。

And I guess when you look at your supply constraints on the constraints on your business, you did grow inventory in September with that level of sales. So I guess I'm looking at our sales down teens. So I guess I'm kind of wondering, I guess, did the supply situation get that bad between September, December? Or is there another factor there? I'm just trying to understand those moving pieces.

而且我猜當您查看您的業務限制時的供應限制時，您確實在 9 月份以這種銷售水平增加了庫存。所以我想我正在關注我們十幾歲的銷售額。所以我想我有點想知道，我想，供應情況在 9 月和 12 月之間是否變得如此糟糕？還是那裡有其他因素？我只是想了解那些動人的部分。

No, we're -- it did get worse in mid- to late September, Blayne, for sure. And that's what we've tried to explain. And first, it was the supply environment, which has been tough for 1.5 years, almost 2 years now. The supply environment got worse. And then demand over the past 3 weeks or so has deteriorated.

不，我們 - 肯定在 9 月中下旬變得更糟了，Blayne。這就是我們試圖解釋的。首先是供應環境，1.5 年來一直很艱難，現在快 2 年了。供應環境惡化。然後在過去 3 週左右的時間裡，需求已經惡化。

But our work -- and some of that inventory is just, again, it's mix match of sets and so forth like that. But having said that, our inventories are okay. I mean our turns are at the high end of historical range. And even with the slowdown, the turns will be within the normal historical range. So we -- yes, this is why we're dealing with this now. And again, we think it's a short-term issue that we work through and are in better shape in the March quarter.

但是我們的工作——其中一些庫存只是，再次，它是集合的混合匹配等等。但是話雖如此，我們的庫存還可以。我的意思是我們的回合處於歷史範圍的高端。即使經濟放緩，轉彎也將在正常的歷史範圍內。所以我們——是的，這就是我們現在處理這個問題的原因。再說一次，我們認為這是一個短期問題，我們正在努力解決，並且在 3 月季度處於更好的狀態。

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

我們將向 Cowen and Company 的 Karl Ackerman 提出下一個問題。

For your December quarter outlook, are the bottlenecks you described, at least for Mobile, are they concentrated in the Android ecosystem?

對於您的 12 月季度展望，您所描述的瓶頸是否（至少對於移動設備而言）是否集中在 Android 生態系統中？

And then if I may, just as a follow-up, if you could highlight whether the growth trajectory of Android into December is better or worse than your guide of down 17% for Mobile. That would be very helpful.

然後，如果我可以的話，作為後續行動，您能否強調 Android 到 12 月的增長軌跡是好於還是差於您的移動設備下降 17% 的指導。那將非常有幫助。

Yes, Karl, this is Eric. I don't think we can break them up between ecosystems like that and give any more color given the concentration of the ecosystem. So...

是的，卡爾，這是埃里克。我不認為我們可以像這樣在生態系統之間將它們分開，並鑑於生態系統的集中度而賦予更多顏色。所以...

Okay. If I may then, just going back to this acquisition you've made in silicon carbide. I understand that most of UnitedSiC's products are aimed at high-voltage server and in general industrial power supplies, where you have some pretty good customer overlap today. But could you discuss your plan to go to market for UnitedSiC and whether they have existing relationships with Tier 1 automotive OEMs?

好的。如果可以的話，回到你在碳化矽中進行的這次收購。據我了解，UnitedSiC 的大多數產品都針對高壓服務器和一般工業電源，如今您在這些領域有一些很好的客戶重疊。但是您能否討論一下您為 UnitedSiC 進入市場的計劃，以及他們是否與一級汽車 OEM 存在現有關係？

Yes. So today, you're right, I mean it's predominantly -- it's, I would say, on the lower voltage scale, and it's in power supplies around automotive and data center applications. If you look at how we plan to take the business on a go-forward basis, certainly, we'll use our channels to expand substantially. As you know, we've got a broad base into the automotive and in many other places like the defense market, we'll be able to take this technology over the long term.

是的。所以今天，你是對的，我的意思是它主要是——我想說，它是在較低的電壓範圍內，它用於汽車和數據中心應用的電源。如果您看看我們計劃如何在前進的基礎上開展業務，當然，我們將利用我們的渠道來大幅擴展。如您所知，我們在汽車和國防市場等許多其他領域擁有廣泛的基礎，我們將能夠長期採用這項技術。

We'll also be scaling the technology up in voltage, which will allow us to enter other parts of the automotive space, motor controls and things like that on a go-forward basis.

我們還將擴大技術的電壓，這將使我們能夠進入汽車領域的其他部分、電機控制和類似的東西。

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 pick up with some line of questioning on the acquisition. James, your core competency historically in wide-bandgap semiconductor materials, correct me if I'm wrong, has been in GaN power or -- I'm sorry, GaN RF. And so United Silicon Carbide's core competency, of course, is in silicon carbide, and the company has always outsourced manufacturing to X-FAB. And so my question is, is the plan to eventually bring in the manufacturing internally, leveraging some of the Qorvo's historical wide-bandgap processing capabilities.

我想回答一些關於收購的問題。詹姆斯，你在寬帶隙半導體材料方面的核心競爭力，如果我錯了，請糾正我，一直在 GaN 功率或 - 對不起，GaN RF。因此，聯合碳化矽的核心競爭力當然是碳化矽，該公司一直將製造外包給 X-FAB。所以我的問題是，是否計劃最終在內部引入製造，利用 Qorvo 的一些歷史寬帶隙處理能力。

And then related to trying to penetrate the automotive market, it has been important so far for car OEMs to align with silicon carbide providers that are vertically stacked with BAWs, materials and power devices for supply chain security. And so my question is, as a matter of strategy, is that the intent long term for this business?

然後與嘗試打入汽車市場相關，到目前為止，汽車 OEM 與垂直堆疊 BAW、材料和電源設備以確保供應鏈安全的碳化矽供應商保持一致一直很重要。所以我的問題是，作為一個戰略問題，這是這項業務的長期意圖嗎？

Let me take the second one first. Certainly, we'll use our very large and strong supply chain to make sure we supply that. And of course, we have expertise also in very high power packaging. So we'll combine that with the power control that we have from the [Active-Semiconductor] acquisition that's been a couple of years ago now, and we really intend to take this business much more into a module play, where we'll have that integrated capability. And of course, we'll use our supply chain to make sure we've got a stable supply of raw material and the ability to manufacture the wafers and things like that.

讓我先拿第二個。當然，我們將使用我們非常龐大而強大的供應鏈來確保我們供應。當然，我們在超高功率封裝方面也有專長。因此，我們將把它與我們從幾年前收購的 [Active-Semiconductor] 中獲得的功率控制結合起來，我們真的打算將這項業務更多地融入模塊遊戲中，我們將擁有這種綜合能力。當然，我們將利用我們的供應鏈來確保我們有穩定的原材料供應以及製造晶圓之類的東西的能力。

As far as moving it inside, we'll certainly, as we go over the period of scale in the business, we're going to take a hard look at what makes sense and what doesn't make sense. I think there's parts of that process that maybe we'll adapt well to some of our internal capabilities and some that may be a bit more of a challenge. And I think we'll just look at that as we go through the next several years as we scale to see what makes the most economic sense go-forward basis.

至於將其移入內部，我們肯定會，隨著我們在業務規模化時期的發展，我們將認真研究什麼是有意義的，什麼是沒有意義的。我認為這個過程的某些部分也許我們會很好地適應我們的一些內部能力，而有些可能會更具挑戰性。我認為我們會在接下來的幾年中關注這一點，因為我們會擴大規模，看看什麼是最具經濟意義的前進基礎。

Got it. And correct me if I'm using a wrong term here, but the prepayment of wafer...

知道了。如果我在這裡使用了錯誤的術語，請糾正我，但是晶圓的預付款...

(technical difficulty)

（技術難度）

Sorry, Gary, the question?

抱歉，加里，這個問題？

Looks like we lost Mr. Mobley. I'd like to go to the next question. .

看起來我們失去了莫布里先生。我想進入下一個問題。 .

Sure.

當然。

Next question comes from Edward Snyder with Charter Equity Research.

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

Eric, it's clear that Qualcomm is gaining some share in the low and mid high in the low end China and Samsung's mass market. How can you be sure that some of your demand weaknesses in share loss in a few slots in that area? I know they don't participate as much in antenna tuning, but just trying to figure out how you figure that out given some of their gains.

Eric，很明顯，高通在中國低端市場和三星大眾市場的中低端市場中獲得了一些份額。你怎麼能確定你的一些需求弱點在該領域的幾個插槽中份額損失？我知道他們在天線調諧中的參與度不高，只是想弄清楚你是如何在考慮到他們的一些收益的情況下計算出來的。

And then Mark, I'm really puzzled by the SiC power acquisition, buying wafers from premium foundry through X-Fab will work if -- it would seem if it's like the industrial market or more of a diversified analog, but you face a huge disadvantage in scale against [ST] Infineon and especially Wolfspeed's new foundry in New York. So I'm just curious, where do you see this going? What levers do you think you can pull or lever do you have for this new acquisition to get you into EVs because it isn't going to be cost. And given the size of the fab and the fact that they'll be fabbing on wafers, you came and get the 200-millimeter wafers, you're going to be facing a big issue in terms of scale too. So I'm just trying to get a little bit more clarity on what markets to address you might think.

然後馬克，我真的對 SiC 功率收購感到困惑，通過 X-Fab 從優質代工廠購買晶圓會起作用，如果它看起來像工業市場或更多元化的模擬市場，但你面臨著巨大的與 [ST] 英飛凌，尤其是 Wolfspeed 在紐約的新代工廠相比，在規模上處於劣勢。所以我只是好奇，你認為這是怎麼回事？你認為你可以拉動什麼槓桿，或者你有什麼槓桿可以讓這次新收購讓你進入電動汽車，因為它不會是成本。考慮到晶圓廠的規模以及他們將在晶圓上晶圓廠的事實，你來了 200 毫米晶圓，你也將面臨規模方面的一個大問題。因此，我只是想更清楚地了解您可能會想到哪些市場。

And then I have one final question for James before he leaves.

在詹姆斯離開之前，我還有最後一個問題要問他。

Okay. I'll start with the question about share and how we can be certain about our share gains or losses, and it's fairly straightforward for us. I don't think there's a phone platform of any significance that we don't have content on. So we know exactly how many phones every model are being built, and so we know exactly what our share is. We do all the teardowns and figure out what all the other slots are if we don't really know. And it's easily trackable. And I can assure you that it's not a share issue at all.

好的。我將從關於份額的問題開始，以及我們如何確定我們的份額收益或損失，這對我們來說相當簡單。我認為沒有任何重要的電話平台我們沒有內容。因此，我們確切地知道每種型號正在製造多少部手機，因此我們確切地知道我們的份額是多少。如果我們真的不知道，我們會進行所有拆解並找出所有其他插槽是什麼。而且很容易追踪。我可以向你保證，這根本不是股票問題。

In fact, we're excited, as we exit December quarter and go into March, I think we've got some very nice content pickups with Samsung, in particular, new platforms that we're really happy about that tailwind. But right now, to your question, I think we're quite certain of our share position, especially against Qualcomm or, frankly, any other supplier.

事實上，我們很興奮，當我們退出 12 月季度並進入 3 月時，我認為我們與三星有一些非常好的內容選擇，特別是我們對順風的新平台感到非常高興。但是現在，對於你的問題，我認為我們非常確定我們的份額地位，特別是針對高通或坦率地說，任何其他供應商。

Ed, this is James. I'll take on the acquisition question. So for us, that technology benefit there is low loss and, therefore, smaller die size. We agree, competitive market, but we are sort of the high-end performance side of that side of the market. So it's going to take that customer set that's really, really looking for a high-performance part.

埃德，這是詹姆斯。我會回答收購問題。所以對我們來說，這項技術的好處是損耗低，因此芯片尺寸更小。我們同意，競爭激烈的市場，但我們是市場那一側的高端性能方面。因此，它將採用真正、真正在尋找高性能部件的客戶群。

Now go-forward basis, we'll take both the power management things that we have in the prior acquisition and our packaging capability, and we'll move more into a module space. And again, we'll do that selectively, where we see parts of the market that are really going to be driven by performance. So we're not trying to take on the world.

現在繼續前進，我們將利用我們之前收購的電源管理功能和我們的封裝能力，我們將更多地進入模塊空間。再一次，我們將有選擇地這樣做，我們會看到市場中真正受性能驅動的部分。所以我們並不想挑戰這個世界。

So you're going to be high-performance application specific in the module side of it, but you did mention EVs quite a bit and all EVs you've built into big modules (inaudible)

所以你將在它的模塊方面成為高性能應用程序，但你確實提到了很多電動汽車，而且你已經內置到大模塊中的所有電動汽車（聽不清）

Well, there'll be high-performance applications in that space as well.

好吧，在那個領域也會有高性能的應用程序。

Okay. And then I hate to see you go. I know it time to retire. Everybody's got that time, but I'll miss coming down and bugging you. But before you get off and push off into the prairie, I had a question about your 5G. You guided -- or the guide for IDP was outside of China, you're going to expect to see growth. But given how pervasive China was for the 5G infrastructure business and how it's not coming back and the U.S. looks to be a lot more skittish about -- what's the long term -- long term next year on 5G for IDP? Will you get back to the point where the 5G MIMO stuff is at parity where you were in China? Or do you expect that to be a longer haul?

好的。然後我討厭看到你走。我知道是時候退休了。每個人都有時間，但我會想念下來打擾你。但在你下車並推向草原之前，我有一個關於你的 5G 的問題。你指導 - 或者 IDP 的指導在中國以外，你會期望看到增長。但考慮到中國在 5G 基礎設施業務方面的普及程度以及它如何不會捲土重來，而且美國似乎對 IDP 明年的 5G 長期前景更加緊張不安？你會回到 5G MIMO 的水平與你在中國的水平嗎？或者你認為這是一個更長的時間？

Yes. I think on 5G specific, I suspect it will be a bit of a longer haul. But I will tell you that I'm really pleased with the progress we've made. We've had wins, significant wins outside of China in that MIMO space. We begin getting out our first integrated modules or what we call PAMs, power amplifier modules, and really pleased with those wins and the performance that we have there.

是的。我認為具體到 5G，我懷疑這將是一個更長的時間。但我會告訴你，我對我們取得的進展感到非常滿意。在中國以外的 MIMO 領域，我們已經取得了重大勝利。我們開始推出我們的第一個集成模塊或我們所說的 PAM、功率放大器模塊，並對這些勝利和我們在那裡的性能感到非常滿意。

If you do look at our -- the core -- the IDP business minus the infrastructure side, this year, we'll grow north of 20%. And so it really is the story for us. It is just the lack of deployments going on in China.

如果你看看我們的核心——IDP 業務減去基礎設施方面，今年，我們將增長 20% 以上。所以這確實是我們的故事。只是在中國缺乏部署。

If you look at that base station business outside of China, it's actually growing way up over 30%. So it really is a story for us about slowdown in China is the IDP story. The rest of the business is doing very, very well.

如果你看看中國以外的基站業務，它實際上增長了 30% 以上。所以對我們來說，關於中國經濟放緩的故事確實是 IDP 故事。其餘的業務做得非常非常好。

And on your comment about my retirement, I want to say a few words. First of all, I really wanted to thank the Qorvo team for all the work over this past decade or so. They've done just an absolutely tremendous job, and we've been able to accomplish a tremendous amount.

關於你對我退休的評論，我想說幾句話。首先，我真的要感謝 Qorvo 團隊在過去十年左右的時間裡所做的所有工作。他們已經完成了一項絕對偉大的工作，而我們已經能夠完成大量工作。

I also want to thank Bob for all of his leadership in building Qorvo. I have a lot of pride associated with the company that we've built. And I want to thank Bob for, I guess, guiding us through that, maybe dragging us. But I want to thank you very much.

我還要感謝 Bob 在構建 Qorvo 過程中所發揮的所有領導作用。我對我們建立的公司感到非常自豪。我想感謝鮑勃，我想，他指導我們完成了這件事，也許是拖了我們的後腿。但我要非常感謝你。

And third, I want to thank Philip for accepting the challenge to lead the IDP team. I'm really confident that he's going to do a great job in the future with the organization. So I want to thank him for joining us.

第三，我要感謝 Philip 接受領導 IDP 團隊的挑戰。我真的有信心他將來會在組織中做得很好。所以我要感謝他加入我們。

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

我們將向 Susquehanna 的 Christopher Rolland 提出下一個問題。

I did want to kind of go back to Blayne's earlier question. So Qualcomm did post some very impressive RFFE numbers. They're now at about $1.2 billion a quarter and probably going up from there. And they actually said that their supply constraints were lessening and had been better than initially expected. So I did want to circle back on the differences between you and them and what you're seeing here in December. I think you guys did say it could be a timing, it could be an inventory issue. But I'd really love to flush the rest out here. Is there a difference tied to more MediaTek modem-centric customers or different OEM customers here? Is there anything else that would mark the difference between the two?

我確實想回到 Blayne 之前的問題。所以高通確實發布了一些非常令人印象深刻的 RFFE 數據。他們現在每季度約為 12 億美元，並且可能會從那裡上升。他們實際上說他們的供應限制正在減輕，並且比最初預期的要好。因此，我確實想回顧一下您和他們之間的差異以及您在 12 月在這裡看到的情況。我想你們確實說過這可能是時間問題，也可能是庫存問題。但我真的很想把剩下的衝出去。更多以 MediaTek 調製解調器為中心的客戶或不同的 OEM 客戶是否存在差異？還有什麼可以標記兩者之間的區別嗎？

Chris, this is Bob, and I'll make a few comments, and obviously let Eric add some color. But without seeing what they said or understood, it's a little bit difficult. But I believe in that number you gave, there is the millimeter wave front ends that they do sell to our mutually largest customer. And if they broke that out, that probably would be helpful. And yes, we do see them out there. We don't see them on any MediaTek platforms, that's for sure. But we sit alongside them. They don't have the entire RF at the same customers, as Eric already outlined. So I think we've got a pretty good handle on what's going on. So yes, they have more RF content, I would say, at our largest customer. That's a fact. So that could be part of it easily.

克里斯，我是鮑勃，我會發表一些評論，顯然讓埃里克添加一些顏色。但是沒有看到他們所說或理解的內容，這有點困難。但我相信你給出的那個數字，他們確實向我們最大的客戶出售了毫米波前端。如果他們打破了這一點，那可能會有所幫助。是的，我們確實看到他們在那裡。我們在任何联發科平台上都看不到它們，這是肯定的。但我們坐在他們旁邊。正如 Eric 已經概述的那樣，他們沒有在同一客戶處擁有整個 RF。所以我認為我們已經很好地掌握了正在發生的事情。所以是的，他們有更多的射頻內容，我想說，在我們最大的客戶那裡。這是事實。所以這很容易成為其中的一部分。

But Eric, if you think there's anything that I may have missed.

但是埃里克，如果你認為我可能遺漏了什麼。

No, just maybe the distinction. I'm not saying Qualcomm is not doing well. They've got some drivers, of course. I think my response to add is that I know it's not at our expense. So we're not losing share to them, if that was the question.

不，也許只是區別。我並不是說高通做得不好。當然，他們有一些司機。我想我要補充的回答是，我知道這不會以我們為代價。因此，如果這是問題的話，我們不會失去他們的份額。

Yes. And indeed, the millimeter wave is a big portion for sure. And then I did want to switch to M&A for a second, and congrats on the acquisition. It's this Union Silicon -- United Silicon, sorry, and Decawave. These two appear to be somewhat niche businesses. And I guess my question is, do you guys have a desire for more broad-based businesses or even a catalog business, whether it's analog or microcontroller or mixed signal, something like that? And what is your desire to move in that direction?

是的。事實上，毫米波肯定是很大一部分。然後我確實想轉向併購，並祝賀收購。這就是聯合矽——聯合矽，對不起，還有 Decawave。這兩個似乎有點小眾業務。我想我的問題是，你們是否渴望更廣泛的業務甚至目錄業務，無論是模擬、微控制器還是混合信號，諸如此類？你想要朝那個方向前進的願望是什麼？

So let me start with, Chris. by -- I appreciate the question. And I think we've said before, we'll never telegraph the areas that we want to go after, that's for sure. I think Eric would probably take exception and I'll let him talk about it, but calling ultra-wideband a niche is probably a different view than what we have, that's for sure. We think that is a nice growth area. And I'll let Eric speak to that because I think what we demonstrated with the bullets in our press release and my own comments, I think this is proliferating a lot greater than what most people thought. But Eric?

那麼讓我開始吧，克里斯。通過 - 我很欣賞這個問題。我想我們之前說過，我們永遠不會電報我們想要去的領域，這是肯定的。我認為 Eric 可能會反對，我會讓他談談，但稱超寬帶為利基市場可能與我們的看法不同，這是肯定的。我們認為這是一個不錯的增長領域。我會讓 Eric 說出來，因為我認為我們在新聞稿和我自己的評論中用子彈展示的東西，我認為這比大多數人想像的要大得多。但是埃里克?

Yes. And maybe to kind of take a step towards your question. I think we're always looking for opportunities that allow us to leverage our scale in Mobile and then use that same technology at an unfair advantage everywhere else. We're in smaller markets, right? I mean that's one of the advantages we have with our corporate structure. So we fit that perfectly. The mobile phone itself, of course, is going to drive billions of units. But around that, the [wave] 5, 6, 7 things that talk to those billions of units, right? So the whole connected home ecosystem and so forth, it's -- it will be a major franchise over time and continuing to expand into industrial, some of the things we talked about in the press release, there's industrial, things like auto manufacturing autos themselves. So certainly not a niche business to Bob's point, and we're thrilled with the progress that we're making with ultra-wideband today.

是的。也許是對你的問題邁出一步。我認為我們一直在尋找機會，讓我們能夠利用我們在移動領域的規模，然後在其他地方以不公平的優勢使用相同的技術。我們在較小的市場，對吧？我的意思是，這是我們公司結構的優勢之一。所以我們非常適合。當然，手機本身將驅動數十億台。但在這附近，[wave] 5、6、7 與數十億單位對話，對吧？所以整個互聯家庭生態系統等等，隨著時間的推移，它將成為一個主要的特許經營權，並繼續擴展到工業，我們在新聞稿中談到的一些事情，還有工業，比如汽車製造汽車本身。因此，在 Bob 看來，這肯定不是一個利基業務，我們對我們今天在超寬帶方面取得的進展感到興奮。

Yes. And I would -- this is Mark. I would just add that we're looking at this several years out, and they're most definitely not niche businesses at that point. I mean the TAM that we see associated with the $1.6 billion or so acquisitions that we've done over the last several years. I'm including this recent $200 million plus on United Silicon Carbide. We see that TAM at about $5 billion. We see that TAM doubling to $10 billion or more over the next several years. So we expect these businesses to be material and enjoy that growth, which is significant. And that's not including Biotechnologies.

是的。我會 - 這是馬克。我只想補充一點，我們正在研究這幾年，而且他們當時絕對不是小眾企業。我的意思是我們看到的與我們在過去幾年中完成的 16 億美元左右的收購相關的 TAM。我包括最近的 2 億美元以上的 United Carbide。我們看到 TAM 約為 50 億美元。我們看到未來幾年 TAM 將翻一番，達到 100 億美元或更多。因此，我們預計這些業務將是實質性的並享受這種增長，這很重要。這還不包括生物技術。

Very good points. Congrats on the acquisition.

非常好的點。祝賀收購。

Thanks, Chris.

謝謝，克里斯。

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

我們將回答來自 Needham & Company 的 Rajvindra Gill 的下一個問題。

Raj?

拉吉？

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

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

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Great. This is Denis on for Raji. So I just wanted to ask you guys a question regarding the comment you made about mass market handsets and the content increases. Could you provide some more color, please, about what you're seeing -- how much of a difference you're seeing in percent? I think you mentioned that it was higher versus the high end kind of 5G handsets. Can you guys please talk in a little bit more detail about that?

偉大的。這是丹尼斯對拉吉的看法。所以我只是想問你們一個關於你們對大眾市場手機和內容增加的評論的問題。請您提供更多關於您所看到的顏色的顏色 - 您看到的百分比差異有多大？我想你提到它比高端的 5G 手機更高。你們能不能詳細談談這個問題？

Sure. Looking at the RF content in -- as 5G proliferates down, we've said there's like a $5 to $7 increase from 4G Advanced Pro, for example, up to the 5G. And what we said previously is -- what's interesting is we see that $5 to $7 consistent as the phones go down. So on a high-tier phone, high-tier smartphone, you might be looking at $30 to $35 RF bomb. You're adding $5 to $7 to that. That's a good growth. But as you go down into the mid-tier, you're adding that $5 to $7 on top of maybe $13 or $10 in some cases, right? So I think that was like the interesting kind of content growth story as you go down.

當然。看看 RF 內容——隨著 5G 的普及，我們已經說過從 4G Advanced Pro 到 5G 增加了 5 到 7 美元。我們之前所說的是——有趣的是，隨著手機價格下降，我們看到 5 到 7 美元的價格一致。所以在高端手機、高端智能手機上，你可能會看到 30 到 35 美元的射頻炸彈。您為此增加了 5 到 7 美元。這是一個很好的成長。但是當你進入中端市場時，在某些情況下，你會在可能 13 美元或 10 美元的基礎上增加 5 到 7 美元，對吧？所以我認為這就像你下去的有趣的內容增長故事。

Some of the fundamental RF challenges in 5G that drive a lot of complexity around filtering and multiband, multimode operation, received diversity requirements going up, transmit diversity coming and so forth. All of that are sort of independent of tier because they're not -- a lot of them aren't driven specifically by consumer features and things that you see. It's driven just as much more sort of network infrastructure efficiency in economies driven by the provider -- the carriers. So I think that's the essence of the comments we made in the past that you're asking about.

5G 中的一些基本射頻挑戰推動了濾波和多頻帶、多模式操作、接收分集要求上升、傳輸分集到來等方面的大量複雜性。所有這些都與層無關，因為它們不是——它們中的很多都不是由消費者特性和你看到的東西專門驅動的。它在由供應商（運營商）驅動的經濟體中推動了更多類型的網絡基礎設施效率。所以我認為這就是我們過去發表的評論的精髓所在。

That was perfect. And then for my follow-up, I just wanted to ask you regarding the gross margins. You mentioned that kind of gross margins are holding above this quarter despite challenges. Can you discuss the chief drivers of this resilience in the gross margins, please?

那是完美的。然後對於我的後續行動，我只想問你關於毛利率的問題。您提到儘管面臨挑戰，但本季度的毛利率仍高於本季度。請您討論一下毛利率這種彈性的主要驅動因素嗎？

We've covered that at length in previous calls, and it's the same factors, which is what we had hoped would happen. So we have premium products and those allow us to price better and compete where we most want to compete. We've maintained the utilization of our factory network. We continue to drive productivity programs aggressively. And it's these and other factors that have contributed to the gross margin quantum improvement and then the consistency we're seeing.

我們已經在之前的電話會議中詳細介紹了這一點，這是相同的因素，這是我們希望發生的。因此，我們擁有優質產品，這些產品使我們能夠更好地定價並在我們最想競爭的地方進行競爭。我們保持工廠網絡的利用率。我們繼續積極推動生產力計劃。正是這些因素和其他因素促成了毛利率的提高以及我們所看到的一致性。

We'll take our last question from Ambrish Srivastava of BMO Capital Markets.

最後一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

I had a question on the demand side. What are your assumptions for the Asia market in the March quarter? Are you assuming a snapback? Or what is embedded in your guide for what you think about that market?

我有一個關於需求方面的問題。您對第三季度亞洲市場的假設是什麼？你假設回彈？或者您的指南中包含了您對該市場的看法？

And then you made a comment on holding back to keep the channel healthy. Can you talk a little bit about -- give us some color on what the channel inventory looks like?

然後你發表了關於保持頻道健康的評論。你能談談 - 給我們一些關於渠道庫存的顏色嗎？

And for my follow-up, Mark, given all the tightness, you have kept cap intensity very low for a while. Does that change in fiscal '23?

對於我的後續行動，馬克，考慮到所有的緊張，你在一段時間內一直保持非常低的上限強度。 23 財年會發生這種變化嗎？

Right, Ambrish. So first of all, looking at the Mobile market, you asked about Asia, specifically in March. I mean, clearly, I think as you saw from our guide, this is not a normal year, right? We're booking seasonality in our projection in March going up. So I think that there's no normality here to the seasonality. So we're expecting that it will be roughly in line, growing a bit over December quarter most likely.

對，安布里什。所以首先，看看移動市場，你問了亞洲，特別是在三月份。我的意思是，很明顯，我認為正如您從我們的指南中看到的那樣，這不是正常的一年，對吧？我們在 3 月份的預測中預訂了季節性因素。所以我認為這裡的季節性沒有常態。因此，我們預計它將大致符合預期，最有可能比 12 月季度增長一點。

And the channel inventory?

渠道庫存呢？

Sorry, the channel inventory. Yes, that also varies dramatically by part numbers as we talked about. We have -- somewhat we're back up to healthy levels, for sure, others that were still actually hand-to-mouth out there or even constrained on -- in some cases. So there's a wide range. But we've been saying, I think, over the past quarter or two that we're beginning to see channel inventories begin to get healthier. In some parts, we've definitely gotten there, and that's where we're making sure that we don't over-ship into the channel to Mark's point.

抱歉，渠道庫存。是的，正如我們所討論的，這也因零件編號而有很大差異。在某些情況下，我們已經 - 在某種程度上我們已經恢復到健康水平，當然，其他人仍然實際上是手到嘴甚至受到限制。所以範圍很廣。但我們一直在說，我認為，在過去一兩個季度，我們開始看到渠道庫存開始變得更健康。在某些方面，我們肯定已經做到了，這就是我們要確保我們不會過度運送到通道中以達到 Mark 的目的。

Ambrish on your...

在你的...

(inaudible) Go ahead, Mark. Sorry, go ahead.

（聽不清）來吧，馬克。對不起，繼續。

I was going to answer your CapEx question, but if you had a follow-up.

我打算回答你的資本支出問題，但如果你有跟進的話。

I did have a follow-on. Eric, we've heard the memory guys talk about builds at the -- in the VOX complex. Is that specific to the memory, guys? Or are you seeing that kind of manifest in your business as well? (inaudible)

我確實有後續。 Eric，我們聽說記憶專家們談論在 VOX 綜合體中的構建。伙計們，這是特定於內存的嗎？或者您是否也在您的業務中看到了這種表現？ （聽不清）

Inventory. Did you say at VOX, the local Xiaomi? Is that what you said?

存貨。你是在VOX，當地的小米說的嗎？是你說的嗎？

Yes. Yes, because the memory guys have called that out, without taking the names, but they've talked about -- and the desire to take share.

是的。是的，因為記憶的人已經喊出來了，沒有說出名字，但他們已經談到了——以及分享的願望。

Well, one thing which I don't think we've touched on this call yet, we do see very, very lean inventories in the finished goods channel. So in terms of phone inventory in the channel from Vivo and Xiaomi, we don't -- we see pretty tight discipline there. We don't see overbuilds and phone inventory building up. I'm not sure if you're asking that or whether they're building up a stockpile of memory chips, I don't know. I can't...

好吧，我認為我們尚未在此電話會議上觸及的一件事是，我們確實看到成品渠道中的庫存非常非常少。因此，就 Vivo 和小米渠道中的手機庫存而言，我們沒有 - 我們看到那裡的紀律非常嚴格。我們沒有看到過度構建和手機庫存增加。我不確定您是在問這個問題，還是他們是否正在建立存儲芯片的庫存，我不知道。我不能...

Well, on the component side, if you saw anything on the component side that...

好吧，在組件方面，如果您在組件方面看到任何...

No, I don't think they're intentionally doing that. They're dealing with mix shifts due to supply changes week-to-week, which baseband they can get depend on which ones they can ship. So yes, so I think that's the key factor.

不，我不認為他們是故意這樣做的。他們正在處理由於每週供應變化而導致的混合變化，他們可以獲得哪些基帶取決於他們可以運送哪些基帶。所以是的，所以我認為這是關鍵因素。

And Ambrish, on your CapEx question, it's still our long-term goal to keep our capital intensity as low as we can as we grow and stay around that mid-single digits as a percent of sales. Now that will move a bit up and down as we're going through various investment cycles. But that's the long-term goal.

Ambrish，關於您的資本支出問題，我們的長期目標仍然是隨著我們的增長將資本密集度保持在盡可能低的水平，並保持在佔銷售額的中個位數左右。現在，隨著我們經歷各種投資週期，這將有點上下波動。但這是長期目標。

I do think it's important to call out that our CapEx is staying at sustained levels and through this weaker period in December because we see on the other side of it, and it's -- we're only talking in the March quarter, where we see things rising. We see next year as being a good year. And so we need to invest capacity to realize that growth potential.

我確實認為重要的是要指出我們的資本支出保持在持續水平並在 12 月的這個疲軟時期，因為我們看到它的另一面，而且 - 我們只是在 3 月季度談論，我們看到事情在上升。我們認為明年是一個好年頭。因此，我們需要投資能力以實現這種增長潛力。

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

此時，我想將電話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 conferences. Thanks again, and 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會議上再次與您交談。再次感謝，祝您晚安。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。