科沃 (QRVO) 2022 Q1 法說會逐字稿

Good day, and welcome to the Qorvo Inc. Q1 2022 Conference Call. Today's conference is being recorded. And now at this time, I'd like to turn the conference over to Mr. Douglas DeLieto, Vice President of Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 Qorvo Inc. 2022 年第一季度電話會議。今天的會議正在錄製中。現在，我想將會議轉交給投資者關係副總裁 Douglas DeLieto 先生。請繼續，先生。

Thanks very much, Cody. Hello, everybody, and welcome to Qorvo's Fiscal 2022 First Quarter Earnings Conference Call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings release published today as well as the risk factors associated with our business 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 財年第一季度收益電話會議。本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理層目前的預期存在重大差異。我們鼓勵您查看今天發布的收益發布中包含的安全港聲明，以及我們向 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 will provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website at qorvo.com under Investors. Joining us today are Bob Bruggeworth, President and CEO; Mark Murphy, Chief Financial Officer; James Klein, President of Qorvo's Infrastructure and Defense Products Group; Eric Creviston, President of Qorvo's Mobile Products Group; as well as other members of Qorvo's management team.

在今天的發布和今天的電話會議中，我們將提供 GAAP 和非 GAAP 財務結果。我們提供此補充信息，以使投資者能夠對經營業績進行額外比較並分析財務業績，而不受某些非現金費用或其他可能掩蓋我們基本業績趨勢的項目的影響。在我們的電話會議期間，我們對損益表項目的評論和比較將主要基於非公認會計原則的結果。如需 GAAP 與非 GAAP 財務指標的完全對賬，請參閱我們今天早些時候發布的收益報告，該報告可在我們的網站 qorvo.com 的“投資者”欄目中找到。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 基礎設施和國防產品集團總裁 James Klein； Qorvo 移動產品集團總裁 Eric Creviston；以及 Qorvo 管理團隊的其他成員。

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

有了這個，我會把它交給鮑勃。

Thank you, Doug, and welcome, everyone, to our call. First, the Qorvo team delivered an exceptional June quarter. Revenue, gross margin and EPS were each above guidance. Customer demand during the quarter was broad-based and included recently released product categories including 5G diversity receive modules, MEMS-based touch sensors and WiFi 6E FEMs to name a few. Our R&D teams are relentlessly advancing technologies that enable more complete, integrated solutions and increase our differentiation. We are partnering with leading customers, serving them where we are most valued and introducing new products and technologies that expand our addressable markets. We are pleased with ongoing design activity. We are locking in wins and we expect the demand environment to remain robust. In the smartphone market, 5G devices are adopting new architectures and adding functionality that enhance performance and create new challenges related to current consumption, board space and handset design resources.

謝謝你，Doug，歡迎大家來電。首先，Qorvo 團隊在 6 月的季度表現出色。收入、毛利率和每股收益均高於預期。本季度的客戶需求基礎廣泛，包括最近發布的產品類別，包括 5G 分集接收模塊、基於 MEMS 的觸摸傳感器和 WiFi 6E FEM 等等。我們的研發團隊不斷推進技術，以實現更完整、集成的解決方案並增加我們的差異化。我們正在與領先的客戶合作，在我們最重視的地方為他們提供服務，並推出新的產品和技術來擴大我們的潛在市場。我們對正在進行的設計活動感到滿意。我們正在鎖定勝利，我們預計需求環境將保持強勁。在智能手機市場中，5G 設備正在採用新架構並增加功能，以提高性能並帶來與電流消耗、電路板空間和手機設計資源相關的新挑戰。

To address these challenges, handset manufacturers are selecting more highly integrated solutions that delivers superior performance. For Qorvo, the content opportunity in a 5G device increases by $5 to $7 when compared to a 4G device. We expect handset units to grow 5% to 10% this year with 5G doubling to around 550 million units. In 2025, 5G units are expected to be approximately 80% of total units. In other connectivity markets, new applications are proliferating, supported by generation over generation advancements in WiFi, Bluetooth, ZigBee, Thread, ultra-wideband and other wireless protocols. In a growing number of applications, multiple wireless standards coexist and operate concurrently. As an example, one of the largest smart home providers recently integrated numerous low-power wireless protocols into its distributed WiFi 6 router, creating infrastructure for seamless whole home operability. We expect this integration trend to continue.

為了應對這些挑戰，手機製造商正在選擇能夠提供卓越性能的集成度更高的解決方案。對於 Qorvo，與 4G 設備相比，5G 設備中的內容機會增加了 5 美元至 7 美元。我們預計今年手機銷量將增長 5% 至 10%，其中 5G 將翻一番，達到約 5.5 億部。到 2025 年，5G 單元預計將佔總單元的 80% 左右。在其他連接市場，新應用正在激增，這得益於 WiFi、藍牙、ZigBee、Thread、超寬帶和其他無線協議的一代又一代進步。在越來越多的應用中，多種無線標準共存並同時運行。例如，最大的智能家居提供商之一最近將眾多低功耗無線協議集成到其分佈式 WiFi 6 路由器中，為整個家庭的無縫可操作性創建了基礎設施。我們預計這種整合趨勢將繼續下去。

Our expertise in areas including product design, software support and system solutions enable us to simplify our customers' product development efforts while significantly enhancing the end-user experience. Outside of connectivity markets, the expanding opportunities are driven by a diverse set of underlying upgrade cycles. Brushless DC motors are replacing larger, less efficient conventional DC motors. Solid-state drives are replacing slower and less reliable hard disk drives, and touch sensor solutions are replacing less functional traditional buttons. We also expect RF-based biotechnology testing will enable central lab performance at the point of care. We expect our first commercial orders for our omni test platform by the end of the year.

我們在產品設計、軟件支持和系統解決方案等領域的專業知識使我們能夠簡化客戶的產品開發工作，同時顯著增強最終用戶體驗。在連接市場之外，不斷擴大的機會是由一系列不同的基礎升級週期驅動的。無刷直流電機正在取代更大、效率更低的傳統直流電機。固態驅動器正在取代速度較慢且可靠性較低的硬盤驅動器，而觸摸傳感器解決方案正在取代功能較少的傳統按鈕。我們還期望基於射頻的生物技術測試能夠在護理點實現中央實驗室的性能。我們預計到今年年底我們的全能測試平台將獲得第一筆商業訂單。

Turning to the June quarterly highlights. In 5G handsets, customer demand for highly integrated modules is expanding. During the quarter, we launched our next-generation complete main path solution, which includes low-band, mid-high band and ultra-high band modules, offering higher output power and enhanced MIMO support for upcoming 5G phones. For the diversity path, we began sampling our first 5G DRx, a sub-6 ultra-high band placement, offering best-in-class receive sensitivity. These main path and diversity path solutions integrate filtering and amplifiers that were formally discrete, helping our customers to save board space, improve device performance and accelerate product development efforts. Also during the quarter, we announced the interoperability of our family of ultra-wideband products with Apple's U1 chip and the nearby interaction protocol.

轉向 6 月季度亮點。在 5G 手機中，客戶對高度集成模塊的需求正在擴大。本季度，我們推出了下一代完整的主路徑解決方案，包括低頻段、中高頻段和超高頻段模塊，為即將推出的 5G 手機提供更高的輸出功率和增強的 MIMO 支持。對於分集路徑，我們開始對我們的第一個 5G DRx 進行採樣，這是一種低於 6 的超高頻段放置，可提供一流的接收靈敏度。這些主路徑和分集路徑解決方案集成了原本分立的濾波器和放大器，幫助我們的客戶節省電路板空間、提高設備性能並加快產品開發工作。同樣在本季度，我們宣布了我們的超寬帶產品系列與 Apple 的 U1 芯片和附近的交互協議的互操作性。

Qorvo's ultra-wideband solutions provide a superior level of accuracy, reliability, latency and security when compared to traditional technologies like WiFi, BLE and NFC. In addition to remote access to our cars and homes, ultra-wideband will enable new applications in the connected home, indoor navigation, contactless payment, factory automation and other use cases. With more in-house software capability from our recent 7Hugs acquisition, we now offer a complete solution, and we're working with customers on products combining our ultra-wideband hardware with our latest software release, shortening their time to market. We see a growing set of applications for our ultra-wideband solutions and customer design activity is accelerating. In WiFi for handsets, we secured new reference design engagements with our WiFi 6E FEMs.

與 WiFi、BLE 和 NFC 等傳統技術相比，Qorvo 的超寬帶解決方案提供更高水平的準確性、可靠性、延遲和安全性。除了遠程訪問我們的汽車和家庭之外，超寬帶還將在互聯家庭、室內導航、非接觸式支付、工廠自動化和其他用例中實現新應用。通過我們最近收購的 7Hugs 獲得的更多內部軟件功能，我們現在提供了一個完整的解決方案，我們正在與客戶合作開發將我們的超寬帶硬件與我們最新的軟件版本相結合的產品，從而縮短他們的上市時間。我們看到我們的超寬帶解決方案的應用越來越多，客戶設計活動也在加速。在手機 WiFi 方面，我們通過 WiFi 6E FEM 獲得了新的參考設計合約。

These chip-on-board FEMs reduce insertion loss and enhance handset design flexibility versus system-in-a-package solutions by enabling placement closer to the antenna. Leading Android manufacturers are moving from system-in-a-package placements to best-in-class RF solutions. And Qorvo is winning on the strength of our product design, performance and customer support. In automotive, we achieved record revenue, up more than 80% year-over-year in support of automotive OEMs in the U.S., Europe and in Asia. Growth was driven primarily by the increased demand and expanding connectivity requirements for WiFi, V2X, LTE and 5G. Content growth was also included our touch sensor solutions, which automotive OEMs are using to enable smart interiors. This is a new growth category for Qorvo, and we have secured design wins in support of multiple automotive customers.

與系統級封裝解決方案相比，這些板上芯片 FEM 可減少插入損耗並增強手機設計靈活性，因為它可以更靠近天線放置。領先的 Android 製造商正在從系統級封裝佈局轉向一流的射頻解決方案。 Qorvo 憑藉我們的產品設計、性能和客戶支持贏得了勝利。在汽車領域，我們實現了創紀錄的收入，同比增長超過 80%，以支持美國、歐洲和亞洲的汽車 OEM。增長的主要動力是對 WiFi、V2X、LTE 和 5G 的需求增加和不斷擴大的連接要求。內容增長還包括我們的觸摸傳感器解決方案，汽車 OEM 正在使用這些解決方案來實現智能內飾。這是 Qorvo 的一個新的增長類別，我們已獲得支持多個汽車客戶的設計勝利。

To enhance the functionality of our touch sensor solutions and foster new use cases, we've integrated infrared capabilities, a milestone achievement for our Sensor team. For the smart home, we partnered with a leading supplier of home mesh networks to introduce the first WiFi 6 router with integrated BLE, Thread and ZigBee multiprotocol operation. This leveraged our ConcurrentConnect technology. We also secured a BAW filter design win with a leading supplier of high-end audio speakers to support the pairing of Bluetooth low energy and WiFi 6. As a member of the Connectivity Standards Alliance and an early participant in the upcoming matter connectivity standard, Qorvo stands to benefit as multi-protocol, seamless interoperability drives IoT adoption and growth.

為了增強我們的觸摸傳感器解決方案的功能並培育新的用例，我們集成了紅外功能，這對我們的傳感器團隊來說是一個里程碑式的成就。對於智能家居，我們與一家領先的家庭網狀網絡供應商合作，推出了第一款集成了 BLE、Thread 和 ZigBee 多協議操作的 WiFi 6 路由器。這利用了我們的 ConcurrentConnect 技術。我們還與一家領先的高端音頻揚聲器供應商贏得了 BAW 濾波器設計的勝利，以支持藍牙低功耗和 WiFi 6 的配對。作為連接標準聯盟的成員和即將推出的物質連接標準的早期參與者，Qorvo隨著多協議、無縫互操作性推動物聯網的採用和增長，這將受益。

In power management, we released a 40-volt motor control solution that supports the ongoing transition to higher voltage battery power tools. Demand for our motor control and power management products has been very strong, driving growth in applications from appliances and battery-power tools to enterprise compute laptops and gaming. We are seeing demand for brushless DC motors expand into lower-cost power tools and smaller appliances, given the advantages in efficiency, size and reliability. We are also leveraging the configurability of our power management solutions to address new applications in defense and other markets. In infrastructure, we increased shipments to multiple OEMs in support of 5G sub-6 gigahertz, massive MIMO and macro deployments in the U.S., Japan, Korea and Canada.

在電源管理方面，我們發布了 40 伏電機控制解決方案，支持向更高電壓電池電動工具的持續過渡。對我們的電機控制和電源管理產品的需求非常強勁，推動了從電器和電池供電工具到企業計算筆記本電腦和遊戲的應用的增長。鑑於無刷直流電機在效率、尺寸和可靠性方面的優勢，我們看到對低成本電動工具和小型電器的需求正在擴大。我們還利用電源管理解決方案的可配置性來應對國防和其他市場的新應用。在基礎設施方面，我們增加了對多家 OEM 的出貨量，以支持美國、日本、韓國和加拿大的 5G sub-6 GHz、大規模 MIMO 和宏部署。

We also achieved initial design wins supporting a massive MIMO deployment in India, and we secured BAW filter design wins for 3.5 gigahertz and 4.9 gigahertz 5G small cells with a major China-based OEM. New product launches, including GaN integrated PA modules for massive MIMO systems and a family of high-efficiency power amplifiers for 5G small cells serving densely populated areas. Across our markets, there are strong secular tailwinds. Connectivity is proliferating and complexity is increasing, which is expanding our growth opportunities. We supply best-in-class products. And our investments in new product areas and differentiated technologies are extending our technology leadership and broadening our reach. As our June results and September guidance demonstrate, end market demand is broad-based and robust, and our outlook is strong.

我們還獲得了支持印度大規模 MIMO 部署的初步設計勝利，並與一家主要的中國 OEM 獲得了 3.5 GHz 和 4.9 GHz 5G 小型蜂窩的 BAW 濾波器設計勝利。新產品發布，包括用於大規模 MIMO 系統的 GaN 集成 PA 模塊和用於 5G 小型基站的高效功率放大器系列，服務於人口稠密地區。在我們的市場中，有強大的長期順風。連通性正在激增，複雜性也在增加，這正在擴大我們的增長機會。我們提供一流的產品。我們對新產品領域和差異化技術的投資正在擴大我們的技術領先地位並擴大我們的影響範圍。正如我們 6 月的業績和 9 月的指引所示，終端市場需求基礎廣泛且強勁，我們的前景強勁。

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. Qorvo's revenue for the fiscal year 2022 first quarter was $1.110 billion, $30 million above the midpoint of our guidance and $323 million, or 41%, higher than last year. Mobile Products revenue of $836 million was up 79% year-over-year on the growth of higher content 5G smartphones. Infrastructure and Defense Products revenue of $274 million was down year-over-year due to especially strong infrastructure demand during the June 2020 quarter, but the segment was up sequentially as WiFi and programmable power management growth continued and infrastructure growth resumed. Non-GAAP gross margin was 52.5% and above our guidance on more favorable mix and pricing, improved manufacturing yields and lower inventory charges.

謝謝，鮑勃，大家下午好。 Qorvo 2022 財年第一季度的收入為 11.10 億美元，比我們的指導中點高出 3000 萬美元，比去年高出 3.23 億美元，即 41%。由於內容更高的 5G 智能手機的增長，移動產品收入為 8.36 億美元，同比增長 79%。由於 2020 年 6 月當季基礎設施需求特別強勁，基礎設施和國防產品收入為 2.74 億美元，同比下降，但隨著 WiFi 和可編程電源管理的持續增長以及基礎設施增長的恢復，該部分環比增長。非美國通用會計準則毛利率為 52.5%，高於我們對更有利的組合和定價、提高製造產量和降低庫存費用的指導。

Non-GAAP operating expenses in the first quarter were $216 million or 19.4% of sales and in line with expectations. Sequential and year-over-year increases in OpEx were driven by technology and product development expenses associated with key organic growth programs and recent acquisitions. Non-GAAP operating income in the June quarter was $367 million and 33.1% of sales. This was the third consecutive quarter of operating margin over 33%. Non-GAAP net income in the first quarter was $323 million, and diluted earnings per share of $2.83 was $0.38 above the midpoint of our guidance. Cash flow from operations in the first quarter was over $341 million and CapEx was $65 million consistent with the level of spend we've discussed previously to support our outlook. Free cash flow was $276 million, and we repurchased $300 million of shares.

第一季度非美國通用會計準則運營費用為 2.16 億美元，佔銷售額的 19.4%，符合預期。與關鍵有機增長計劃和近期收購相關的技術和產品開發費用推動了 OpEx 的連續和同比增長。六月季度的非公認會計原則營業收入為 3.67 億美元，佔銷售額的 33.1%。這是營業利潤率連續第三個季度超過 33%。第一季度非 GAAP 淨收入為 3.23 億美元，每股攤薄收益 2.83 美元，比我們的指導中點高 0.38 美元。第一季度的運營現金流超過 3.41 億美元，資本支出為 6500 萬美元，與我們之前討論的支持我們前景的支出水平一致。自由現金流為 2.76 億美元，我們回購了 3 億美元的股票。

The first quarter share repurchase was the largest dollar amount since an ASR in the March quarter of 2016. Since the company's formation and through the June quarter, we have repurchased $3.7 billion of shares at an average price of approximately $71. On the balance sheet, cash decreased to $1.2 billion following the close of our next input acquisition and the share repurchases. That remained unchanged at approximately $1.7 billion. Our leverage remains low. Our revolver is untapped, and we have no material near-term maturities. Yesterday, Fitch initiated a credit rating on Qorvo at BBB+. This, along with S&P's upgrade of Qorvo to investment grade in April, highlights the quality of Qorvo's business, the strength and durability of our cash flows and the financial discipline we've maintained.

第一季度的股票回購是自 2016 年 3 月季度 ASR 以來最大的美元金額。自公司成立以來到整個 6 月季度，我們以平均約 71 美元的價格回購了 37 億美元的股票。在我們的下一次投入收購和股票回購結束後，資產負債表上的現金減少到 12 億美元。這保持不變，約為 17 億美元。我們的槓桿率仍然很低。我們的左輪手槍尚未開發，我們沒有重大的近期到期。昨天，惠譽啟動了對 Qorvo 的 BBB+ 信用評級。這一點，連同標準普爾在 4 月份將 Qorvo 升級為投資級，突顯了 Qorvo 的業務質量、我們現金流的強度和持久性以及我們一直保持的財務紀律。

Now turning to the current quarter outlook. We expect revenue between $1.235 billion and $1.265 billion; non-GAAP gross margin between 52% and 52.5%; non-GAAP diluted earnings per share of $3.24 at the midpoint of guidance. Our September quarter revenue outlook reflects sustained and broad-based customer demand, driven by multiyear technology upgrade cycles. Qorvo revenue of $1.250 billion at the midpoint is up 13% sequentially, 18% year-over-year and approximately 27% year-over-year adjusting for last year's 14-week quarter. As a reminder, 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. We forecast mobile revenue in the current quarter to be approximately $985 million at the midpoint or up 31% year-over-year and 18% sequentially.

現在轉向當前季度展望。我們預計收入在 12.35 億美元至 12.65 億美元之間；非美國通用會計準則毛利率在 52% 和 52.5% 之間；在指導中點，非 GAAP 攤薄後每股收益為 3.24 美元。在多年技術升級週期的推動下，我們的 9 月季度收入展望反映了持續且基礎廣泛的客戶需求。 Qorvo 中點收入為 12.50 億美元，環比增長 13%，同比增長 18%，根據去年的 14 周季度調整後同比增長約 27%。提醒一下，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，而本財年更典型的一個季度是 13 週。我們預計本季度的移動收入中點約為 9.85 億美元，或同比增長 31%，環比增長 18%。

In IDP, we project revenue to decline slightly to approximately $265 million in the current quarter on defense program timing and continued supply constraints. We expect IDP sequential and year-over-year growth to return in the December quarter. Our September quarter gross margin guide of 52.25% at the midpoint is 55 basis points higher than last year's second quarter and reflects our ongoing portfolio management and sustained strong operating performance. In the second half of the fiscal year, we currently expect gross margins to remain around 52%, resulting in full year gross margin above 52%. Non-GAAP operating expenses are projected to increase in the September quarter to approximately $233 million on added labor and other development expenses associated with recent acquisitions and key growth programs. At the midpoint of our September quarter guidance, operating margin is forecasted to remain over 33% for the fourth consecutive quarter.

在 IDP 中，由於國防計劃的時間安排和持續的供應限制，我們預計本季度的收入將小幅下降至約 2.65 億美元。我們預計 IDP 環比和同比增長將在 12 月季度恢復。我們的 9 月季度毛利率中點為 52.25%，比去年第二季度高 55 個基點，反映了我們正在進行的投資組合管理和持續強勁的經營業績。本財年下半年，我們目前預計毛利率將保持在52%左右，全年毛利率將保持在52%以上。由於與最近的收購和關鍵增長計劃相關的額外勞動力和其他開發費用，非 GAAP 運營費用預計將在 9 月季度增加到約 2.33 億美元。在我們 9 月季度指引的中點，預計營業利潤率將連續第四個季度保持在 33% 以上。

We now project our current quarter and full year non-GAAP tax rate to be approximately 9%. Capital expenditures are projected to increase to around $75 million in the September quarter as we work to intersect demand and support long-term supply agreements with multiple customers. We are off to a strong start in fiscal '22, and we are well positioned to continue delivering premium technology to an expanding set of customers in 5G, WiFi, IoT, defense, power management and other growth markets.

我們現在預計當前季度和全年的非公認會計原則稅率約為 9%。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 9 月季度的資本支出將增加到約 7500 萬美元。我們在 22 財年取得了良好的開端，我們有能力繼續為 5G、WiFi、物聯網、國防、電源管理和其他增長市場中不斷擴大的客戶群提供優質技術。

Now I'll turn the call back over to the operator for questions.

現在我將把電話轉回給接線員提問。

(Operator Instructions) We'll take our first question from Blayne Curtis with Barclays. Blayne, we're unable to hear you. (Operator Instructions)

（操作員說明）我們將回答 Blayne Curtis 和巴克萊銀行的第一個問題。 Blayne，我們聽不到你的聲音。 （操作員說明）

Sorry about that. Nice results and guide. I'll work better on the mute button. But the -- maybe just a high level, you talked about the strong growth you're looking at in mobile, up 16% (inaudible) sequentially. Just kind of curious, I think the Android market is still growing. You're seeing a nice mix of 5G. But I think a lot of people are kind of seeing more flattish kind of trends in the back half of the year, you seem to be doing a bit better. Maybe just walk us through the puts and takes in the mobile guidance for September?

對於那個很抱歉。很好的結果和指導。我會在靜音按鈕上做得更好。但是——也許只是一個高水平，你談到了你在移動領域看到的強勁增長，連續增長 16%（聽不清）。有點好奇，我認為 Android 市場仍在增長。您會看到 5G 的完美組合。但我認為很多人在下半年看到了更平緩的趨勢，你似乎做得更好了一點。也許只是讓我們了解一下 9 月份的移動指南？

Thanks, Blayne. Eric, do you want to take that one?

謝謝，布萊恩。埃里克，你想拿那個嗎？

Sure. Yes, we're continuing to see really strong design activity for our highly integrated full main path solution. We introduced Fusion21 more capability, more band coverage and more MIMO support in particular. We've entered the diversity market, as you saw in our strategic highlights. And really, a lot of the activity in next-generation 5G phones is around antenna management. So that part of our business, which has been strong for some time continues to see a lot of design interest and customers asking us to even step up and take maybe a larger role in terms of determining the antenna control, the interfaces, the tuning and the antenna flexing and so forth in and out of the antenna. So really, as you're looking to build the next generation of 5G handsets, we're just real pleased with the way our portfolio is lining up to the key challenges that our customers are having.

當然。是的，我們將繼續看到我們高度集成的全主路徑解決方案的真正強大的設計活動。我們特別為 Fusion21 引入了更多功能、更多頻段覆蓋和更多 MIMO 支持。正如您在我們的戰略亮點中看到的那樣，我們已經進入了多元化市場。實際上，下一代 5G 手機中的很多活動都是圍繞天線管理進行的。因此，我們業務的這部分業務，一段時間以來一直很強勁，繼續看到很多設計興趣，客戶要求我們甚至加強並在確定天線控制、接口、調諧和天線彎曲等進出天線。真的，當您正在尋求構建下一代 5G 手機時，我們對我們的產品組合能夠應對客戶面臨的關鍵挑戰感到非常滿意。

And then maybe a question for Mark, just on gross margin. You had thought maybe the June quarter would be a bit lower. Can you just walk us through what came in better for you? And then as you look out, I guess, you're kind of talking about more flattish for the rest of the year, any kind of puts and takes to that. I mean I know IDP is down, but I guess you're saying it should come back, so that should help?

然後也許是馬克的一個問題，就毛利率而言。您曾認為六月季度可能會低一些。你能告訴我們什麼對你更好嗎？然後，當您向外看時，我猜您是在談論今年餘下的時間會更加平淡，任何形式的看跌期權。我的意思是我知道 IDP 已關閉，但我猜你是說它應該回來，所以這應該有幫助嗎？

Yes, Blayne, you pointed one of the issues is the -- we're delivering these sort of margins with a weak infrastructure business in IDP. So I think that speaks to the quality of the rest of the business. Yes, the June quarter, another strong beat and things are just going really well. I would say that a combination of the environment we're in which makes -- can be challenging in the forecast, but also just our improvements are outrunning even our own high expectations. So we're doing -- the org is operating very well, and we're in the right places, and that's paying off. As it relates to the June beat, we did have the higher volumes, and that was favorable. It skewed favorable on the mix, those higher volumes relative to the guide. We're still supply constrained, so that allows us some tactical opportunities, either to types of products and price. And then, again, we're just operating exceptionally well.

是的，Blayne，你指出的問題之一是——我們在 IDP 基礎設施業務薄弱的情況下提供了這種利潤。所以我認為這說明了其他業務的質量。是的，六月季度，又是一次強勁的節拍，事情進展得非常順利。我想說的是，我們所處的環境組合——在預測中可能具有挑戰性，但我們的改進甚至超出了我們自己的高期望。所以我們正在做——該組織運作良好，我們在正確的地方，這是有回報的。由於它與 6 月的節拍有關，我們確實有更高的交易量，這是有利的。它對組合有利，相對於指南的那些更高的交易量。我們仍然受到供應限制，因此這為我們提供了一些戰術機會，無論是產品類型還是價格。然後，再一次，我們只是運作得非常好。

The product test yields are better than expected. Manufacturing costs are in control. We've got good utilization. So the fixed cost absorption is predictable or better than expected. And then we had other inventory charges, which were lower than expected. So again, really pleased with the quarter. Now we are guiding down a bit. We're still going to be up 55 basis points year-over-year. Some of that is -- we just believe that some of the price effects will begin to moderate a bit. The inventory charges we expect to be a bit more normal. But I think it's hugely important to keep in mind that we're stabilizing around 52%. And structurally, this is a better business than it was years ago. And that's -- so it's sustainable. It's been driven by a number of efforts on dimensions we've laid out before. We are definitively a leader across a number of technologies, have very broad portfolio, gives us flexibility in the products and the opportunities we pursue.

產品測試良率好於預期。製造成本可控。我們得到了很好的利用。因此，固定成本吸收是可預測的或好於預期的。然後我們還有其他庫存費用，低於預期。再說一次，對這個季度真的很滿意。現在我們正在向下指導一點。我們仍將同比增長 55 個基點。其中一些是 - 我們只是相信一些價格影響將開始有所緩和。我們預計庫存費用會更正常一些。但我認為非常重要的是要記住我們正在穩定在 52% 左右。從結構上講，這是一項比幾年前更好的業務。這就是 - 所以它是可持續的。它是由我們之前製定的維度上的許多努力推動的。我們絕對是多項技術的領導者，擁有非常廣泛的產品組合，為我們提供了產品靈活性和我們追求的機會。

We've actively managed the portfolio. We pick the right products. We've got broad customer exposure and pick the place where they're going to evaluate the most. You've always done a terrific job on productivity and the culture has matured here around cost savings and just getting more done with less and getting it done more efficiently, which benefits customers and all, and those are ongoing. And it's allowing us to manage risk better, which I think has proven in this last 1.5 years. And that we're being very disciplined about our capital spend as we are picking up spend but it's to serve what we believe is a very clear and compelling outlook.

我們積極管理投資組合。我們選擇合適的產品。我們擁有廣泛的客戶曝光率，並選擇了他們評估最多的地方。您在生產力方面一直做得非常出色，而且這裡的文化已經成熟，圍繞成本節約、以更少的資源完成更多的工作、更有效地完成工作，這對客戶和所有人都有好處，而且這些都在持續。它使我們能夠更好地管理風險，我認為在過去的 1.5 年中已經證明了這一點。我們在增加支出時對我們的資本支出非常自律，但這是為了服務於我們認為非常清晰和令人信服的前景。

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

我們將向美國銀行的 Vivek Arya 提出我們的下一個問題。

For the first one, I think last quarter, Bob, you gave us this kind of 15-ish percent sales growth for the full year fiscal '22, was hoping you could update that number? And just give us some perspective on what that range implies for the back half of the year?

對於第一個，我認為上個季度，鮑勃，你給了我們這種 22 財年全年 15% 的銷售額增長，希望你能更新這個數字嗎？只是給我們一些關於該範圍對今年下半年意味著什麼的看法？

Sure, Vivek. Thank you for the question. Actually, I think it was Mark that gave it, but I'll go ahead and give you my answer for the year. Last quarter, when we gave you the year, we were giving you guys an idea that we thought we could grow about 15%. And I think now it's safe to say we're going to grow well north of 15%, but probably less than 20%. So I'd put it in that range now, Vivek, and really pleased with how the mobile business is running, how the team is going on. Mark mentioned that supply constraints, the team is managing the complexity of the business with the constraints that are out there that all of you know about. But clearly, we're not demand constrained. It's on the supply side, Vivek. So obviously, if we can continue to do an extremely good job. We'll keep you updated.

當然，維維克。感謝你的提問。實際上，我認為是馬克給了它，但我會繼續給你我今年的答案。上個季度，當我們給你們一年的時候，我們給你們一個想法，我們認為我們可以增長約 15%。我認為現在可以肯定地說我們將增長 15% 以上，但可能不到 20%。所以我現在把它放在那個範圍內，Vivek，我對移動業務的運行方式和團隊的進展感到非常滿意。馬克提到供應限制，團隊正在管理業務的複雜性，並且存在你們都知道的限制。但很明顯，我們並沒有受到需求的限制。這是在供應方面，Vivek。所以很明顯，如果我們能繼續把工作做得非常好。我們會及時通知您。

And maybe I'll just add to Bob's comments, Vivek, on maybe to give a little sense of the profile. As Bob said, we see revenue now between 15% and 20% versus around 15%. If we look at the year, we look at second to third quarter as being flattish, maybe down if the macro situation erodes. But right now, we're not seeing that. We're still in a supply-constrained environment. We do, as I mentioned, see IDP growth resuming in the third quarter sequentially. But the business will still be less than $300 million in the December quarter. That would imply then that mobile is down a little bit sequentially. And the fourth quarter is just too early at this point to really call definitively. We think that IDP will be over $300 million in the fourth quarter, so continuing to grow through the year and then mobile be down a bit seasonally. We do, just our gross margins to be clear, see those sort of leveling out around 52% in the back half for a total year of a little over 52%.

也許我會在 Bob 的評論中添加一些內容，Vivek，也許是為了稍微了解一下個人資料。正如鮑勃所說，我們現在看到的收入在 15% 到 20% 之間，而不是 15% 左右。如果我們看一年，我們認為第二至第三季度持平，如果宏觀形勢惡化，可能會下降。但現在，我們沒有看到這一點。我們仍處於供應受限的環境中。正如我所提到的，我們確實看到 IDP 增長在第三季度環比恢復。但該業務在 12 月季度仍將低於 3 億美元。這意味著移動設備按順序下降了一點。在這一點上，第四季度還為時過早，無法真正確定。我們認為 IDP 將在第四季度超過 3 億美元，因此全年繼續增長，然後移動端會出現季節性下降。我們確實做到了，只是我們的毛利率要明確，看到這些在後半段穩定在 52% 左右，全年略高於 52%。

Very helpful. And then for my follow-up, I was hoping you would give us your perspective on the China smartphone market. How much of your mobile business is exposed to the Chinese smartphone makers kind of on an aggregate? How much of it is 5G versus 4G? And what have you seen recently? There have been kind of mixed data points about sell-through and some deceleration in units, perhaps more to do with export markets than anything else. But just give us your overall perspective on the China smartphone market level of exposure, 5G versus 4G and any trends that you're seeing there versus your expectations 90 days ago?

很有幫助。然後在我的後續行動中，我希望你能給我們你對中國智能手機市場的看法。總體而言，您的移動業務有多少面向中國智能手機製造商？ 5G與4G有多少？你最近看到了什麼？關於銷售量和單位減速的數據點參差不齊，這可能更多地與出口市場有關。但請告訴我們您對中國智能手機市場曝光水平、5G 與 4G 的總體看法，以及您在那裡看到的與 90 天前的預期相比的任何趨勢？

Sure. Vivek, this is Eric. Yes, so we're very pleased with our business in China and working with the major OEMs there to continue to help them build out their 5G portfolio. And as you pointed out, their market is not just China domestic, but also, to a large extent, international shipments now in exports. So they've got a broad and growing portfolio of really leading-edge technology handsets and doing very well in Europe, for example, and other places. So it's a vibrant design opportunity for us using leading-edge technologies, continuing to stick with the roadmap around highly integrated products that we're supporting and very much adopting our antenna control solutions and so forth. So the environment for design in terms of relationships and so forth is fantastic. The product portfolio turns over fairly often, which gives lots of opportunities for new functions and new integration levels and features and so forth, which is always great for us.

當然。維維克，這是埃里克。是的，所以我們對我們在中國的業務感到非常滿意，並與那裡的主要 OEM 合作，繼續幫助他們建立他們的 5G 產品組合。正如你所指出的，他們的市場不僅是中國國內，而且在很大程度上，現在出口的國際出貨量。因此，他們擁有廣泛且不斷增長的真正領先技術手機產品組合，並且在例如歐洲和其他地方表現出色。因此，這對我們來說是一個充滿活力的設計機會，我們使用領先的技術，繼續堅持圍繞我們支持的高度集成產品的路線圖，並大量採用我們的天線控制解決方案等等。因此，在關係等方面的設計環境非常棒。產品組合經常更新，這為新功能、新集成級別和特性等提供了很多機會，這對我們來說總是很棒。

So in terms of recent slowness in the sell-through, you see some noise in the data. It's still great sell-through. The 5G phones are on track this year. The vast majority of what we're shipping to our Chinese customers today is 5G components and, of course, the sell-in into China domestic as well as vastly 5G already. But even for the export market, they're transitioning rapidly to 5G. So it's a great opportunity for Qorvo going very well.

因此，就近期銷售放緩而言，您會在數據中看到一些噪音。它的銷量仍然很高。 5G 手機今年已步入正軌。我們今天向中國客戶運送的絕大多數是 5G 組件，當然，還有向中國國內銷售的產品以及已經大量銷售的 5G。但即使是出口市場，它們也在迅速過渡到 5G。因此，對於 Qorvo 來說，這是一個很好的機會。

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。

I had a clarification question and a follow-up. My clarification question is, how many 10% customers did you have in the quarter? And my second question is on IDP. Some of your peers in the supply chain have noted WiFi modules for automotive and industrial electronics are seeing lead times extend as part availability is in tight supply. I was wondering, are you able to fully meet demand and are conservative on broader supply chain constraints? Or are you also seeing tightness for substrates in your IoT business? And if you are seeing tightness, what steps have you or could you take to alleviate some of those constraints over the next couple of quarters?

我有一個澄清問題和後續行動。我的澄清問題是，您在本季度有多少 10% 的客戶？我的第二個問題是關於 IDP。供應鏈中的一些同行已經註意到，由於零件供應緊張，用於汽車和工業電子產品的 WiFi 模塊的交貨時間正在延長。我想知道，您能否完全滿足需求並對更廣泛的供應鏈限制持保守態度？或者您是否也看到您的物聯網業務中的基板緊張？如果您看到緊縮，您已經或可以採取哪些步驟來緩解接下來幾個季度的一些限制？

Maybe I'll start and then James can kind of round out the answer. On the number of 10% customers, Karl, we tend not to do that during the course and give you the disclosure in the full year. But I will say, just like last quarter, we had a number of 10% customers and an additional customer that was very close. So I think I can say that we have -- for our space, a relatively broad customer set. On the business and constraints in WiFi, in particular, IDP would be growing and it's WiFi and programmable power management and some other areas, IDP will be growing sequentially, but we've got I'd say the supply constraints are in actually 3 areas. We've got some internal constraints.

也許我會開始，然後詹姆斯可以完善答案。關於 10% 的客戶數量，Karl，我們傾向於在課程期間不這樣做，並在全年向您披露。但我會說，就像上個季度一樣，我們有 10% 的客戶和一個非常接近的額外客戶。所以我想我可以說我們有 - 對於我們的空間，一個相對廣泛的客戶群。關於 WiFi 的業務和限制，特別是 IDP 將會增長，它的 WiFi 和可編程電源管理以及其他一些領域，IDP 將按順序增長，但我想說供應限制實際上是在 3 個領域.我們有一些內部限制。

As you know, we have in-house capacity for certain components, and we're tight there. We've got external and that can be either incoming material and/or outside service providers and there are some constraints there. And then finally, the third one, we do have some, what I would call, maybe kitting issues where a customer may not be able to get all their parts, so it impacts our demand sort of a derivative effect for us. But with that, James...?

如您所知，我們擁有某些組件的內部能力，而且我們在那裡很緊張。我們有外部的，可以是傳入的材料和/或外部服務提供商，那裡有一些限制。最後，第三個，我們確實有一些，我會稱之為，也許是客戶可能無法獲得所有零件的配套問題，因此它會影響我們的需求，對我們來說是一種衍生效應。但是這樣一來，詹姆斯……？

Yes, Karl, and I think all of that Mark talked about is on a little bit different time line. We -- to start at the back that some of the kitting things appear to be getting better. And so I think as we go into our Q3 and Q4, those start to get better. We are bringing on internal capacity that really does start to help us as we go into the end of the calendar year. And sort of the same note on our supply constraints from outside, those start to get significantly better as we go into our fourth quarter with some improvement in the December quarter as well.

是的，卡爾，我認為馬克談到的所有內容都處於不同的時間線上。我們 - 從後面開始，一些配套的東西似乎正在變得更好。所以我認為當我們進入第三季度和第四季度時，情況會開始好轉。我們正在引入內部能力，隨著我們進入日曆年末，這確實開始幫助我們。與外部供應限制類似，隨著我們進入第四季度，這些限制開始明顯好轉，十二月季度也有所改善。

So as Mark talked about, I think that really allows us to move back into starting to grow in Q3 and Q4 for IDP. Now there's a couple of other things that are going to help us get back into growth as we enter the back half of the year. Part of that is we get beyond a really, really high growth that we had last year in the first 2 quarters with base station. And so that will be part of what allows us to get into that growth area. But also, we see significant strength and pretty good visibility as we go in the back half in power management and in our WiFi business. And the base station business continues to sort of distribute or have a recovery.

正如馬克所說，我認為這真的讓我們能夠重新開始在第三季度和第四季度開始為 IDP 增長。現在，隨著我們進入下半年，還有其他一些事情將幫助我們恢復增長。部分原因是我們超越了去年前兩個季度基站的非常非常高的增長。因此，這將成為我們進入該增長領域的一部分。而且，我們在電源管理和 WiFi 業務的後半部分看到了顯著的實力和相當好的知名度。基站業務繼續分佈或有所復甦。

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'll ask a 2-part question because I think the answer may be the same. Curious to know your largest customer, I think, is expecting some lower unit volumes, some supply chain constraints. And I'm wondering if you factored in those extraneous factors into your September quarter guide to presume you have? And then as well, are you sort of walking back the second half or even the second quarter gross margin guide a little bit because of perhaps some additional customer concentration?

我會問一個兩部分的問題，因為我認為答案可能是相同的。我想知道你最大的客戶很想知道單位數量會減少，供應鏈會受到一些限制。我想知道您是否將這些無關因素考慮到您的 9 月季度指南中以假設您有？然後，您是否會因為一些額外的客戶集中度而稍微退回下半年甚至第二季度的毛利率指導？

No, I -- actually, Gary, I would say our gross margin guide is up for the year. So yes, the profile maybe a little bit different. Yes, we exceeded in the second quarter, but I wouldn't read into that. Yes and then on the -- we guide with what we believe is our best read on the demand and any of these isolated supply chain constraints and we give the best view we can. And I can't add any more than that.

不，我 - 實際上，加里，我會說我們的毛利率指南在今年是上升的。所以是的，配置文件可能有點不同。是的，我們在第二季度超過了，但我不會讀到這一點。是的，然後是——我們以我們認為對需求和任何這些孤立的供應鏈限制的最佳解讀為指導，我們會給出最好的觀點。我不能再添加更多了。

Okay. Just my follow-up question, I wanted to ask about these lower inventory charges. These lower inventory charges have been a tailwind for you guys for several quarters now. I understand it's a supply-constrained environment. Are those lower inventory charges a function of just the demand environment exceeding supply? Is it as simple as just less obsolescence and being able to sell perhaps some products that were borderline obsolete?

好的。只是我的後續問題，我想問一下這些較低的庫存費用。幾個季度以來，這些較低的庫存費用一直是你們的順風車。我知道這是一個供應受限的環境。那些較低的庫存費用僅僅是需求環境超過供應的函數嗎？是不是簡單到不再過時，並且能夠銷售一些可能已經過時的產品？

I think it starts with we're operating better and better matching what we're building to customer demand. And yes, the tightness in the market can help clarify that. But I think we've just, over the years, they've gotten better operationally, and that's helping us. We've seen our inventory charges sort of trending down. And I'd say at this point, yes, we just probably need to do a better job of building it into forecast and that it's a more durable level, which we're, of course, happy about.

我認為這始於我們的運營越來越好，我們正在構建的產品與客戶需求相匹配。是的，市場緊張有助於澄清這一點。但我認為，這些年來，我們只是在操作上變得更好，這對我們有所幫助。我們已經看到我們的庫存費用呈下降趨勢。在這一點上我會說，是的，我們可能需要更好地將其構建到預測中，並且它是一個更持久的水平，我們當然對此感到高興。

We'll now take our next question from Edward Snyder with Charter Equity Research.

我們現在將接受來自特許股票研究的 Edward Snyder 的下一個問題。

So your margins are looking excellent. And I know you broke down a bit, Mark, on how that's all shaking out between operational efficiencies and mix. I mean, with IDP down and the margins up, it was certainly, I think, kind of surprising. Is that largely due to the mix coming out of mobile? Because given what's happening in China, which I know is very large for you, we're seeing a lot more antenna tuning. We're seeing a lot more demand for BAW, both products, which are accretive to global margins. So I'm just trying to get an idea, is this driven largely by what's -- the technology evolution and the Chinese phones coupled with better operational performance? Or is there something else going on? And then I have a follow-up.

所以你的利潤看起來很好。我知道你有點崩潰，馬克，關於這一切是如何在運營效率和混合之間搖擺不定的。我的意思是，隨著 IDP 下降和利潤率上升，我認為這當然有點令人驚訝。這主要是由於來自移動設備的混合嗎？因為考慮到中國正在發生的事情，我知道這對你來說非常重要，我們看到了更多的天線調諧。我們看到對 BAW 的需求增加了，這兩種產品都增加了全球利潤。所以我只是想弄清楚，這主要是由什麼驅動的——技術發展和中國手機以及更好的運營性能？還是有其他事情發生？然後我有一個跟進。

I think you've got it directionally correct, Ed. I mean we've got, of course, some highly differentiated discrete parts. But a big move here for us is the move to integrated modules, more sophisticated modules and then just our operational performance and driving cost out, better utilizing our factories, getting FX cost absorption, spend is in control. And then just having a good road map to drive cost down and pick the right places to compete. So it's a collective effort, right? It takes early R&D many years ahead of time and having an advantage in design and good portfolio management. And then at the end of the day, we got to be able to produce things efficiently and everyone is doing a great job across the board, and you're seeing the results.

我認為你的方向是正確的，埃德。我的意思是，我們當然有一些高度差異化的離散部件。但對我們來說，這裡的一個重大舉措是轉向集成模塊、更複雜的模塊，然後只是我們的運營績效和降低成本，更好地利用我們的工廠，吸收外匯成本，控制支出。然後只需制定一個好的路線圖來降低成本並選擇合適的競爭地點。所以這是一個集體的努力，對吧？它需要提前多年進行早期研發，並且在設計和良好的產品組合管理方面具有優勢。然後在一天結束的時候，我們必須能夠高效地生產東西，每個人都在全面做得很好，你會看到結果。

And if I could maybe dig in with Eric a little bit on mobile. When you merge with -- when TriQuint and RF Micro moved way back when we were on the road, you were talking about not really wanting to put a tiger team on the largest customer at the point because you didn't want to get the revenue concentration. At that point, if you took a snapshot of what happened back then, you were spread around 20% for each of the major groups, including IDP, which you seem to be happy, but now it seems like we're kind of returning back to that kind of a model with multiple 10% customers. What I'm wondering is with the push of 5G into lower-cost phones, which is capturing more of the discrete market, is that going to change? Because if you look at China as a total, it must be a very large portion of your total revenue? Or are you counting in 10%? I mean is the blend across China, if you had multiple 15% customers, which are the box guys, doesn't that expose you to the swings in China, maybe a little bit more than would you be comfortable with?

如果我可以在移動設備上與 Eric 一起挖掘一下。當你合併時——當我們在路上的時候，當 TriQuint 和 RF Micro 向後移動時，你說的不是真的想把一個老虎隊放在最大的客戶身上，因為你不想獲得收入濃度。在那一點上，如果您對當時發生的事情進行快照，那麼每個主要群體（包括 IDP）的分佈在 20% 左右，您似乎很高興，但現在似乎我們正在回歸對於那種擁有多個 10% 客戶的模型。我想知道的是，隨著 5G 進入低成本手機，它正在佔領更多的離散市場，這種情況會改變嗎？因為如果你把中國看成一個整體，它一定是你總收入的很大一部分？還是你算在 10% 以內？我的意思是整個中國的混合體，如果你有多個 15% 的客戶，他們是盒子裡的人，這不會讓你暴露在中國的波動中，也許比你能接受的多一點嗎？

So I guess we -- first of all, to differentiate our business in China with our Chinese handset OEMs is not, as we said, by any means, entirely China domestic consumption, of course, right? I think roughly half their volumes are now being exported around the world and selling into high, mid and even ultra high tier phones across many countries today. So I think that the biggest thing that's changed me over the 5- or 6-year period you're referring to is how much like their phones are becoming like the true flagships of the world, implementing the latest features and sometimes ahead of the bigger guys, if you will because they're fast, they've got a portfolio that turns over, they're shipping all over the world. So adopting our new highly integrated things like 5G DRx modules, like the dual connect modules and a lot of what we're doing in the antenna systems, I mean, that's -- they're early movers in that new technology. And I think that's -- again, we're very, very pleased to be working with these guys.

所以我想我們——首先，為了區分我們在中國的業務與我們的中國手機原始設備製造商，正如我們所說，無論如何，當然，完全不是中國國內消費，對吧？我認為他們大約一半的銷量現在出口到世界各地，並銷往當今許多國家的高端、中端甚至超高端手機。所以我認為在你所說的 5 年或 6 年期間改變我的最大的事情是他們的手機變得像世界上真正的旗艦一樣，實現了最新的功能，有時甚至領先於更大的伙計們，如果你願意的話，因為他們速度很快，他們有一個可以翻身的投資組合，他們正在世界各地運送。因此，採用我們新的高度集成的東西，如 5G DRx 模塊、雙連接模塊以及我們在天線系統中所做的很多事情，我的意思是，他們是這項新技術的先行者。而且我認為那是 - 再次，我們非常非常高興與這些人合作。

We'll take our next question from Chris Caso with Raymond James.

我們將向 Chris Caso 和 Raymond James 提出下一個問題。

The first question is on the supply constraints. And if you give us some sense of, for how long you expect these constraints to last? Obviously, the mobile business has a seasonal aspect to it in the first half of the year. I imagine that the answer would be different for IDP. And perhaps as you catch up on some of these constraints, does that affect the seasonality of the business such that if you're catching up on supply, we kept some better than seasonal quarters as you're able to catch up with some of the demand that you perhaps weren't able to fulfill?

第一個問題是關於供應限制。如果你給我們一些感覺，你預計這些限制會持續多久？顯然，移動業務在上半年具有季節性特徵。我想 IDP 的答案會有所不同。也許當您趕上其中一些限制時，這是否會影響業務的季節性，因此如果您趕上供應，我們會保留一些比季節性季度更好的季度，因為您能夠趕上一些您可能無法滿足的要求？

Chris, this is Bob. Thanks for the question. Like I said earlier, the team has worked extremely hard to manage through all this complexity and to forecast what's unknowable at this time would be quite challenging. And I'm pretty pleased with how the team has been running the operations and chasing demand and product mix and James and Eric -- James and Mark both talked about the kits in our customers and matching things up and everything like that. So I think there's been a lot of smart people out there that have forecasted this thing that's going to go on for years, some say quarters. And I think it's not in our place to forecast this.

克里斯，這是鮑勃。謝謝你的問題。就像我之前所說的那樣，團隊非常努力地管理所有這些複雜性，並且預測此時不可知的事情將非常具有挑戰性。我很高興團隊一直在運營運營，追逐需求和產品組合，詹姆斯和埃里克——詹姆斯和馬克都談到了我們客戶的套件和匹配的東西等等。所以我認為有很多聰明的人已經預測到這件事會持續數年，有些人說是季度。我認為我們無法預測這一點。

What I can tell you is today, we are clearly capacity-constrained on demand. James pointed out, we're adding capacity. Our suppliers are adding capacity. And we'll have to see how some of these great products that we support in both IDP and mobile continue to sell. Mark also commented about the global situation and what's going on and how the world recovers. And as it spikes with what's dealing with the virus, we've got to factor all those things in. And for me to sit here and give you a specific date, I think, would not be smart on our part. But what I do feel good about is the progress we are making and the demand just continues to grow. And I think that's what's important.

今天我可以告訴你的是，我們顯然在需求方面受到了產能限制。詹姆斯指出，我們正在增加容量。我們的供應商正在增加產能。我們將不得不看看我們在 IDP 和移動設備中支持的這些優秀產品中的一些如何繼續銷售。馬克還評論了全球局勢以及正在發生的事情以及世界如何復蘇。隨著與病毒打交道的事情激增，我們必須考慮所有這些因素。我認為，讓我坐在這裡給你一個具體的日期，對我們來說並不明智。但我確實感覺良好的是我們正在取得的進展以及需求繼續增長。我認為這很重要。

Got it. As a follow-up, perhaps you could talk a little bit about uses of cash and the cash flow has improved pretty nicely last year in this. You spoke about repurchases in your prepared remarks, now that you're generating this cash, what are your plans for it?

知道了。作為後續行動，也許你可以談談現金的使用，去年現金流量在這方面得到了很好的改善。您在準備好的講話中談到了回購，現在您正在產生這筆現金，您對此有何計劃？

Chris, I'd say that our plans are, we're going to operate as we have been, and we've been a pretty balanced company around deploying capital. We're thrilled with the June quarter the start to the year, $276 million of free cash, and we actually deployed $467 million. So I'd say, very strong deployment out of the gate. If you look at last 12 months, we generated $1.2 billion of free cash. We deployed about 80% of that, of which 3/4 of that was on repurchase. Now keep in mind, beginning of the year last year was -- everyone was hunkered down at COVID. So I think 80% is pretty good, all things considered. And then the last 8 quarters, we've generated $2 billion of free cash. We've actually deployed $2.1 billion, and 60% of that was repurchased, about 40% -- while 40% was acquisitions. Now we just got out of the quarter where we -- the ninth quarter was active semi. So if you included that, we actually had deployment of about 50% acquisition, 50% repurchase.

克里斯，我想說的是，我們的計劃是，我們將照常運營，而且我們在資本部署方面一直是一家相當平衡的公司。我們對年初的 6 月季度感到興奮，2.76 億美元的自由現金，我們實際上部署了 4.67 億美元。所以我想說，非常強大的部署。如果您查看過去 12 個月，我們產生了 12 億美元的自由現金。我們部署了其中的 80%，其中 3/4 用於回購。現在請記住，去年年初是-每個人都蹲在COVID上。所以我認為 80% 相當不錯，考慮到所有因素。然後在過去的 8 個季度中，我們產生了 20 億美元的自由現金。我們實際上已經部署了 21 億美元，其中 60% 被回購，大約 40% - 而 40% 是收購。現在我們剛剛結束了我們的季度——第九季度是半活躍的。因此，如果將其包括在內，我們實際上部署了大約 50% 的收購和 50% 的回購。

So I think we're going to -- the whole management team is focused on long-term free cash flow generation. So we believe we're going to continue to grow free cash flow. We think we will this year. Our priorities, organic investment, continue to have a technology lead. We've got build the capacity we need for the markets that we feel confident about. And then we look at inorganic opportunities where it makes sense. And we've been fairly active. Of the $1.2 billion that we spent on acquisitions in the last 9 quarters, we're really excited about the markets that we have exposure to. We think that we've brought on over $4 billion of TAM with that, that's conservative, and that's excluding Bio. And then several years out, we would see the TAM being north of $10 billion for what we bought. And again, that's excluding Bio, which is an exciting completely new market for Qorvo. So I think we'll continue to look at things that make sense for Qorvo on markets, customers, technology differentiation, financials, of course, and then as we know culture matters.

所以我認為我們將——整個管理團隊專注於長期自由現金流的產生。因此，我們相信我們將繼續增加自由現金流。我們認為今年會。我們的優先事項，有機投資，繼續保持技術領先地位。我們已經為我們有信心的市場建立了所需的能力。然後我們看看有意義的無機機會。我們一直相當活躍。在過去 9 個季度我們用於收購的 12 億美元中，我們對我們所涉足的市場感到非常興奮。我們認為我們已經帶來了超過 40 億美元的 TAM，這是保守的，不包括 Bio。然後幾年後，我們會看到我們購買的 TAM 價值超過 100 億美元。再一次，這不包括 Bio，這對 Qorvo 來說是一個令人興奮的全新市場。因此，我認為我們將繼續關注對 Qorvo 有意義的市場、客戶、技術差異化、財務，當然還有我們所知道的文化問題。

You'll hear the next from Timothy Arcuri with UBS.

您將聽到瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）的下一個。

I had 2 as well. I guess, Mark, the first question is on gross margin. I think you've beaten the last 4 quarters by about 200 basis points. Each of those quarters and then even before that, you were beating by about 100 basis points. So I guess the question is like is this just consistent conservatism? Or is there something that's kind of surprising you intra-quarter that's making it better? I mean, if I apply that same level in September, you'll do 54%, which is like 70% drop-through. That's like super good, given that it's a down IDP quarter. So I'm just trying to handicap your guidance versus the fact that you've been beating by a lot during the past 4 quarters?

我也有2個。我想，馬克，第一個問題是關於毛利率的。我認為你在過去 4 個季度中已經超過了大約 200 個基點。每個季度，甚至在此之前，你都超過了大約 100 個基點。所以我想問題是這只是一貫的保守主義嗎？或者有什麼讓你在季度內感到驚訝的事情讓它變得更好？我的意思是，如果我在 9 月應用同樣的水平，你會做 54%，這就像 70% 的直接通過。這就像超級好，因為這是一個下降的 IDP 季度。所以我只是想妨礙你的指導與你在過去 4 個季度中被擊敗很多的事實？

Yes. Tim, I alluded to this earlier. We admittedly haven't been great at forecasting. Fortunately, it ended up on the right side. And we -- I think that I certainly would not add 200 basis points. You can't do that because we're trying to obviously refine things. I would say that, yes, this has been a very difficult period this past 1 year, 1.5 years to forecast. And the market's tightened up quickly. And of course, there's a lot of operational considerations. So I think you've got to factor some of that in that, that it's been difficult to forecast. You tend to in periods like this be a bit more conservative or more cognizant of the risks, I should say. But the other thing is we're just -- the improvements that we're making, we had great expectations and we're doing even better. And it's just emboiling us to do more of the same.

是的。蒂姆，我之前提到過。誠然，我們並不擅長預測。幸運的是，它最終在右側。我們 - 我認為我當然不會增加 200 個基點。你不能這樣做，因為我們顯然正在努力改進事情。我想說，是的，在過去的 1 年裡，這是一個非常困難的時期，1.5 年的預測。市場迅速收緊。當然，還有很多操作上的考慮。所以我認為你必須將其中的一些因素考慮在內，這很難預測。我應該說，在這樣的時期，你往往會更加保守或更加意識到風險。但另一件事是我們只是——我們正在做的改進，我們有很大的期望，我們做得更好。它只是讓我們做更多同樣的事情。

Our operating leverage, which is kind of one of your points, does slip, as we look out to the December quarter and March quarter. But you've also got to consider that, that's on very difficult comps the prior year. And at the time, when we were putting up those numbers, we said that it really showcases what the business could do, but we guided down. So -- and we did come down some, as you know, as you see here. But again, I'll repeat something I said earlier. I think it's important to keep in mind that we've stabilized around 52% and that the business is structurally better than it was.

當我們展望 12 月季度和 3 月季度時，我們的運營槓桿（這是您的觀點之一）確實會下滑。但是您還必須考慮到這一點，這是前一年非常困難的比賽。當時，當我們提出這些數字時，我們說它確實展示了業務可以做的事情，但我們引導了下來。所以——正如你所知道的，我們確實下降了一些，正如你在這裡看到的那樣。但是，我再次重複我之前說過的話。我認為重要的是要記住，我們已經穩定在 52% 左右，而且業務在結構上比以前要好。

Awesome, Mark, I guess my second question is really on the shape of the business for fiscal Q3 and Q4. It might be splitting hairs maybe a little bit, but the comments seem to imply maybe a little below seasonal in mobile products for fiscal Q3 and fiscal Q4. Is that supply constraint may be some concern around China? And I guess maybe a different way of asking the question is if the constraints didn't exist, how much better would fiscal Q3 and fiscal Q4 be? Like is it having a material effect on the guidance?

太棒了，馬克，我想我的第二個問題實際上是關於第三季度和第四季度的業務狀況。這可能有點令人毛骨悚然，但評論似乎暗示第三財季和第四財季的移動產品可能略低於季節性。供應限制是否會引起中國周圍的一些擔憂？我想也許問這個問題的另一種方式是，如果不存在限制，那麼財政 Q3 和財政 Q4 會好多少？比如它對指導有實質性影響嗎？

Yes, Tim, it's Mark. I think as you go out, we're in the September quarter, trying to give you guys a sense of the profile. It's -- I think we have a decent view on December. As you know, it starts to -- it's a ways out. There aren't many companies, if any, guiding out in March. I'm trying to give you just a sense of things. On the supply constraints, we are clearly supply-constrained at the moment, and it gives us confidence in the near to medium-term demand. And we feel confident in the long-term demand just given our market position. Now there are some green shoots around the sort of pricing has moderated a little bit, a few less expedites. We see some channel, it's lean to the point of unhealthy, and we see a little bit of that recovering. So I think those are signs -- early signs that the industry will work through this. And at this point, I think it's prudent just to -- we've given you the best deal we can.

是的，蒂姆，是馬克。我想當你出去的時候，我們正處於 9 月季度，試圖讓你們了解一下個人資料。這是 - 我認為我們在 12 月有一個不錯的看法。如您所知，它開始 - 這是一條出路。沒有多少公司（如果有的話）在三月份進行指導。我試圖讓你對事物有所了解。在供應限制方面，我們目前顯然受到供應限制，這讓我們對近期到中期的需求充滿信心。鑑於我們的市場地位，我們對長期需求充滿信心。現在有一些新芽圍繞著定價有所緩和，少了一些加速。我們看到了一些渠道，它已經到了不健康的地步，我們看到了一點點恢復。所以我認為這些是跡象——行業將通過這個工作的早期跡象。在這一點上，我認為謹慎的做法是 - 我們已經為您提供了我們所能提供的最好的交易。

We'll take our next question from Ambrish Srivastava from BMO.

我們將向 BMO 的 Ambrish Srivastava 提出下一個問題。

Mark, I just wanted to come back to the longer-term gross margin. And you actually have been very candid about the uneven performance on the front -- on that front as well as on the free cash flow side. So kudos to you on that admitting it and then delivering on it. But I just wanted to come back to the structural changes. Could you just remind us what are the big heavy lifting? I know it's easy for us to just model it out. But it's 500 bps versus where it used to hover around and, obviously, the business is bigger. But can you just help us understand what are the changes you've made that has allowed you to structurally be 500 bps above where you used to be? And then I had a quick follow-up, please.

馬克，我只是想回到長期毛利率。實際上，您對前端的不平衡表現非常坦率 - 在前端以及自由現金流方面。所以對你承認它然後交付它表示敬意。但我只是想回到結構性變化。你能提醒我們什麼是最重要的嗎？我知道我們很容易將其建模出來。但與過去徘徊的地方相比，它是 500 bps，而且顯然，業務更大。但是您能否幫助我們了解您所做的哪些改變使您在結構上比過去高出 500 個基點？然後我有一個快速跟進，拜託。

I think we've talked about this for years and going back to the Investor Days. And it sounds repetitive at this point, but it starts with both the companies that came together were technology leaders in their own right on some different products and created an enterprise that was going to be a leader as 5G hit. And it took a few years to get legs under the org. But that technology advantage and this wide suite of technologies serve customers' problems is foundational to the rest of it. And we continue to maintain that lead. And then that gives us the opportunity to make good calls on where to play, where to compete, where the customers are going to value us most.

我想我們已經討論了很多年了，並且回到了投資者日。在這一點上聽起來很重複，但它始於兩家公司的合作，它們本身就是一些不同產品的技術領導者，並創建了一個將成為 5G 衝擊的領導者的企業。花了幾年的時間才在組織下站穩腳跟。但是，這種技術優勢和這套廣泛的技術服務於客戶的問題是其餘部分的基礎。我們繼續保持領先地位。然後這讓我們有機會就在哪裡比賽、在哪裡競爭、客戶最看重我們的地方做出正確的決定。

So we've been very active in portfolio management. Yes, we've driven productivity, and we've talked about that over the years, the wafer size expansion, the die shrinks, the myriad of other productivity programs, not only in the factories, but in R&D and other areas. And then we've been very mindful about capital spend. Our CapEx as a percent of sales was almost 20% at one point. We've driven that down to mid-single digits, expect it to stay around there. And hence, the -- as 5G hit our factories of have gotten loaded, we're getting great fixed cost absorption costs are in control. And then we've got this great pipeline of products that Eric's talked about and James. So it's all those things, taking all the people in the company. And that's allowed us as, I think, structurally higher gross margin.

因此，我們在投資組合管理方面一直非常活躍。是的，我們推動了生產力，多年來我們一直在討論晶圓尺寸擴大、芯片縮小以及無數其他生產力計劃，不僅在工廠，而且在研發和其他領域。然後我們一直非常注意資本支出。我們的資本支出佔銷售額的百分比一度接近 20%。我們已將其降低到中個位數，預計它會保持在那裡。因此，隨著 5G 進入我們的工廠，我們得到了很好的固定成本吸收成本得到控制。然後我們得到了埃里克和詹姆斯談到的這個偉大的產品管道。所以這就是所有這些事情，帶走了公司裡的所有人。我認為，這使我們的毛利率在結構上更高。

Got it. Got it. And my quick question on the gross margin. I just wanted to make sure I understood this. You mentioned pricing as one of the factors in the reported quarter. But then you said the pricing environment is -- I'm not sure I caught the term, but whether you meant that pricing is not as strong as it was in the reported quarter or pricing is not really that much of a factor in your guidance...

知道了。知道了。還有我關於毛利率的快速問題。我只是想確保我理解這一點。您提到定價是報告季度的因素之一。但是後來您說定價環境是-我不確定我是否理解了這個詞，但是您的意思是定價不如報告季度那樣強勁，還是定價在您的指導中並不是那麼重要...

It's still very constructive environment. And, yes, the market is still tight. I was just saying on a relative basis, it's less tight than it was a couple of quarters ago. And, yes, it's still a very constructive environment. I mean we're still -- Eric and James and talk -- and Bob can talk about long-term agreements with customers, and that's still going on. I was just making a relative comment, Ambrish.

它仍然是非常有建設性的環境。而且，是的，市場仍然吃緊。我只是在相對的基礎上說，它不像幾個季度前那麼緊張。而且，是的，它仍然是一個非常有建設性的環境。我的意思是我們還在——Eric 和 James 還在交談——Bob 可以談論與客戶的長期協議，而且這種情況仍在繼續。我只是在做一個相對的評論，Ambrish。

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

我們將向 Chris Rolland 和 Susquehanna 提出我們的下一個問題。

Congrats on the quarter. You guys had a lift in your own internal inventories in the quarter. And I was just wondering, was that just a service upcoming demand? Or do you guys plan to have a little bit of a buffer there, maybe even use it strategically. Just wondering what that was about?

祝賀本季度。你們在本季度的內部庫存有所增加。我只是想知道，這只是即將到來的服務需求嗎？或者你們打算在那裡有一點緩衝，甚至可以戰略性地使用它。只是想知道那是關於什麼的？

Yes. We're -- we've been performing really well in inventories, and we're near -- working capital overall were near historic lows. And then on inventory itself, we've -- we're still close to 4 turns. We went down a little bit, as you mentioned. But it's in part to support seasonal ramp or primarily to sport seasonal ramp. I mean, we're basically -- as we make it, we ship it.

是的。我們 - 我們在庫存方面的表現非常好，而且我們接近 - 整體營運資金接近歷史低點。然後在庫存本身上，我們 - 我們仍然接近 4 回合。正如你提到的，我們下降了一點。但這部分是為了支持季節性斜坡或主要是為了運動季節性斜坡。我的意思是，我們基本上是——當我們製造它時，我們就運送它。

Yes. Okay. And then from recollection, I think you mothballed one of your facilities. Is there a point here in the cycle here where you would open that up again and start filling that up?

是的。好的。然後從回憶中，我認為你封存了你的一個設施。在這個循環中是否有一個點，你會再次打開它並開始填充它？

I think you're referring to Farmers Branch. And, yes, that is one of the aspects of trying to grow capital efficiently, and we would expect to utilize that facility next fiscal year.

我想你指的是農民分會。而且，是的，這是試圖有效地增加資本的方面之一，我們希望在下個財政年度利用該設施。

We'll take our next question from Vijay Rakesh with Mizuho.

我們將回答 Vijay Rakesh 和瑞穗的下一個問題。

Just looking at -- I know you talked about 2021 about 550 million 5G handsets. Just wondering what your take would be on 2022 if you were to take a stab at what 5G units would look like? And my follow-up, just if you could give some color to what the puts and takes would be to the content growth on 5G handsets looking out?

看看——我知道你談到 2021 年大約有 5.5 億部 5G 手機。只是想知道如果您要嘗試一下 5G 設備的外觀，您對 2022 年的看法是什麼？我的後續行動，如果你能對 5G 手機的內容增長的投入和投入給出一些顏色？

Yes. So this is Eric. Yes, we're not commenting formally on 2022 yet. At this level, once we get through, we'll be at still under half of the handsets of the shipping or smartphones that are shipping will be 5G. We did say that we think 5G will be up to 80% by 2025. So you can kind of maybe connect the dots there and make an estimate.

是的。這就是埃里克。是的，我們還沒有正式評論 2022 年。在這個水平上，一旦我們通過，我們將仍然有不到一半的出貨手機或出貨智能手機將是 5G。我們確實說過，我們認為到 2025 年 5G 將達到 80%。所以你可以把這些點聯繫起來並做出估計。

Got it. And in terms of the content growth opportunity into next year?

知道了。就明年的內容增長機會而言？

Yes. Yes, it continues. And some of the -- what our advanced features this year drop down into the other tiers as you go forward, right? So you're getting a lift not only on the, say, 250 million a year of additional phones, but also the other 5G phones that are shipping are also having higher content. So that helps to support the overall TAM growth.

是的。是的，它繼續。還有一些——我們今年的高級功能隨著您的發展而下降到其他層次，對吧？因此，您不僅在每年增加 2.5 億部手機上得到提升，而且在出貨的其他 5G 手機也有更高的內容。因此，這有助於支持 TAM 的整體增長。

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 tonight. We look forward to speaking with you again at upcoming investor conferences. Thanks again, and have a good night.

我們要感謝大家今晚加入我們。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。

Thank you. That does conclude today's conference. We do thank you all for your participation, and you may now disconnect.

謝謝你。今天的會議到此結束。我們非常感謝大家的參與，您現在可以斷開連接。