科沃 (QRVO) 2021 Q4 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. Q4 2021 Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 Qorvo, Inc. 2021 年第四季度電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead, sir.

此時，我想將會議轉交給投資者關係副總裁 Douglas DeLieto。請繼續，先生。

Thanks very much. Hello, everybody, and welcome to Qorvo's Fiscal 2021 Fourth 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.

非常感謝。大家好，歡迎來到 Qorvo 2021 財年第四季度收益電話會議。此電話會議將包括前瞻性陳述，其中涉及可能導致我們的實際結果與管理層當前預期存在重大差異的風險因素。

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.

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美國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業績.

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance.

在今天的發布和今天的電話會議上，我們提供了 GAAP 和非 GAAP 財務結果。我們提供這些補充信息是為了讓投資者能夠對經營業績進行額外的比較，並在不受某些非現金支出或其他可能掩蓋我們基本業績趨勢的項目的影響的情況下分析財務業績。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For 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.

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非 GAAP 結果。如需 GAAP 與非 GAAP 財務指標的完整對賬，請參閱我們今天早些時候發布的收益報告，可在我們網站 qorvo.com 的“投資者”部分獲取。

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; and Eric Creviston, President of Qorvo's Mobile 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 基礎設施和國防產品事業部總裁 James Klein； Qorvo 移動產品事業部總裁 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。

Thanks, Doug, and welcome, everyone.

謝謝，道格，歡迎大家。

Qorvo concluded our fiscal 2021 with an exceptionally strong March quarter. Quarterly revenue, gross margin and EPS were well above guidance. Outperformance was driven primarily by 5G smartphones and WiFi 6 and 6E. Demand was broad-based across customers, and design activity suggest continued strength in fiscal '22, supported by multiyear trends in wired and wireless connectivity markets.

Qorvo 以異常強勁的三月季度結束了我們的 2021 財年。季度收入、毛利率和每股收益均遠高於預期。出色表現主要由 5G 智能手機以及 WiFi 6 和 6E 推動。在有線和無線連接市場多年趨勢的支持下，客戶的需求廣泛存在，設計活動表明 22 財年持續強勁。

In smartphones, the adoption of 5G is driving demand for higher-value content. Device architectures are increasing in complexity as higher frequencies with wider bandwidths are added, transmit is introduced in the diversity path, MIMO architectures are adopted and new receive paths featuring carrier aggregation. This is placing a premium on Qorvo's highly differentiated semiconductor technologies and enabling us to supply an expanding portfolio of products to industry leaders.

在智能手機中，5G 的採用推動了對更高價值內容的需求。隨著更高頻率和更寬帶寬的添加、在分集路徑中引入傳輸、採用 MIMO 架構以及採用載波聚合的新接收路徑，設備架構的複雜性不斷增加。這使 Qorvo 高度差異化的半導體技術變得更加重要，並使我們能夠為行業領導者提供不斷擴大的產品組合。

For calendar '21, we expect 5G smartphones to double versus last year. Within these phones, we expect the RF content to increase $5 to $7 per phone when compared to 4G, including in the mid-tier.

對於 calendar '21，我們預計 5G 智能手機數量將比去年翻一番。在這些手機中，我們預計與 4G 相比，每部手機的 RF 內容將增加 5 至 7 美元，包括中端手機。

Turning to the March quarterly highlights. Qorvo achieved record shipments of low, mid-high and ultrahigh band main path solutions and WiFi 6E FEMs in support of leading Android OEMs. On the design front, we continue to expand our content opportunity with the leading Android OEMs by securing complete main path solutions and secondary transmit in the diversity path.

轉向三月份的季度亮點。 Qorvo 的低、中高和超高頻段主路徑解決方案和 WiFi 6E FEM 出貨量創歷史新高，以支持領先的 Android OEM。在設計方面，我們通過確保完整的主路徑解決方案和分集路徑中的二次傳輸，繼續擴大我們與領先的 Android OEM 的內容機會。

In ultra-wideband, Qorvo was selected by a leading provider of consumer IoT products to integrate ultra-wideband into a broad set of connected home devices. More customers are looking to add ultra-wideband to their products to take advantage of its superior location accuracy, security and latency compared to other wireless technologies.

在超寬帶方面，Qorvo 被一家領先的消費物聯網產品供應商選中，將超寬帶集成到廣泛的聯網家庭設備中。與其他無線技術相比，越來越多的客戶希望在他們的產品中加入超寬帶，以利用其卓越的定位準確性、安全性和延遲性。

Customer interest in Qorvo's ultra-wideband solutions has been robust, and we continue to see adoption in smartphones as the catalyst for an expanding ecosystem of connected devices that includes associated peripherals, automobiles, consumer and industrial IoT applications.

客戶對 Qorvo 超寬帶解決方案的興趣一直很濃厚，我們繼續將其在智能手機中的採用視為不斷擴大的連接設備生態系統的催化劑，其中包括相關外圍設備、汽車、消費者和工業物聯網應用。

Finally, in mobile, we're very pleased to have been honored by Samsung with the Best Quality Award, recognizing Qorvo's innovation and outstanding performance in support of their Galaxy product family.

最後，在移動領域，我們很高興獲得三星頒發的最佳質量獎，以表彰 Qorvo 在支持其 Galaxy 產品系列方面的創新和卓越性能。

In IDP, WiFi revenue, including WiFi 6, was a record. The rate of adoption of WiFi 6 is outpacing the adoption that we experienced for WiFi 5, and the rollout is forecasted to span multiple years across enterprise, retail and service providers. Qorvo is seeing a strong attach rate given the performance advantages we enable related to range, efficiency, signal integrity and form factor.

在 IDP 中，包括 WiFi 6 在內的 WiFi 收入創下歷史新高。 WiFi 6 的採用率超過了我們經歷的 WiFi 5 的採用率，預計其推出將跨越企業、零售和服務提供商多年。鑑於我們在範圍、效率、信號完整性和外形尺寸方面實現的性能優勢，Qorvo 的連接率很高。

To that end, we recently secured the entire bill of materials in support of a major U.S. MSO gateway. We also released multiple 5G -- 5 gigahertz iFEMs that deliver improved band isolation and enhanced capacity and range in tri-band WiFi 6 home mesh networks.

為此，我們最近獲得了支持美國主要 MSO 網關的全部材料清單。我們還發布了多個 5G - 5 GHz iFEM，它們在三頻 WiFi 6 家庭網狀網絡中提供改進的頻帶隔離和增強的容量和範圍。

In broadband, MSOs are increasing downstream and upstream data capabilities by upgrading to DOCSIS 3.1 infrastructure. During the quarter, we expanded shipments of DOCSIS 3.1 GaN power amplifiers to major U.S. MSOs, offering greater efficiency, longer range and increased bandwidth to maximize upstream and downstream data connectivity.

在寬帶領域，MSO 通過升級到 DOCSIS 3.1 基礎設施來增加下游和上游數據能力。本季度，我們將 DOCSIS 3.1 GaN 功率放大器的出貨量擴大到美國主要的 MSO，提供更高的效率、更長的範圍和更大的帶寬，以最大限度地提高上游和下游數據連接。

In automotive, Qorvo has for years been successful supporting the increased demand for in-vehicle infotainment. During that time, we have expanded our automotive portfolio and engaged with customers to enable the transition to connected car through cellular V2X.

在汽車領域，Qorvo 多年來一直成功地滿足了對車載信息娛樂系統日益增長的需求。在此期間，我們擴展了我們的汽車產品組合，並與客戶合作，通過蜂窩 V2X 實現向聯網汽車的過渡。

In the March quarter, these efforts helped to generate the first production orders for our cellular V2X front-end modules and BAW coexistence filters to support the leading European automotive OEMs. Of note, Qorvo's high-frequency BAW coexistence filters also enable the concurrent operation of cellular V2X and WiFi.

在三月季度，這些努力幫助我們的蜂窩 V2X 前端模塊和 BAW 共存濾波器產生了第一批生產訂單，以支持領先的歐洲汽車原始設備製造商。值得注意的是，Qorvo 的高頻 BAW 共存濾波器還支持蜂窩 V2X 和 WiFi 的同時運行。

In programmable power management, customer demand has been strong in support of 2 trends. First, the transition of solid-state drives is ongoing, primarily in laptops and gaming consoles. During the quarter, Qorvo's programmable PMICs continued to support this transition with expanding shipments to and new engagements with multiple leading solid-state drive providers.

在可編程電源管理中，客戶需求一直強烈支持 2 個趨勢。首先，固態硬盤的轉型正在進行中，主要用於筆記本電腦和遊戲機。在本季度，Qorvo 的可編程 PMIC 繼續支持這一轉變，擴大了對多家領先固態驅動器供應商的出貨量和新的合作。

Second, the transition of brushless DC electric motors is accelerating, enhancing efficiency in a broad set of consumer products, including power tools and appliances. Qorvo increased shipments of motor control solutions during the quarter supporting multiple major consumer brands.

其次，無刷直流電動機的轉型正在加速，提高了包括電動工具和電器在內的廣泛消費產品的效率。 Qorvo 在本季度增加了支持多個主要消費品牌的電機控制解決方案的出貨量。

In defense applications, the shift to higher frequencies, the adoption of phased array radar and the proliferation of GaN are among the trends supporting demand for Qorvo's products. For radar applications, we released a reconfigurable dual-band GaN power amplifier MMIC for the S and X bands, enabling more compact next-generation radar systems. Over 30 million miles away, the successful landing of NASA's JPL Mars Perseverance rover was supported by our components integrated into the rover's descent radar.

在國防應用中，向更高頻率的轉變、相控陣雷達的採用和 GaN 的普及是支持對 Qorvo 產品需求的趨勢。對於雷達應用，我們發布了用於 S 和 X 波段的可重構雙波段 GaN 功率放大器 MMIC，可實現更緊湊的下一代雷達系統。在超過 3000 萬英里之外，NASA 的 JPL 毅力號火星探測器成功著陸，這得益於我們集成到探測器下降雷達中的組件。

In infrastructure, we continue to ramp shipments during the quarter to a base station OEM in support of U.S. C-band massive MIMO deployments, and we captured initial design wins for massive MIMO deployments in Canada, Japan and Korea. Qorvo brings decades of technology leadership in wireless infrastructure and we are leveraging the full breadth of our GaN power and small signal portfolio to support OEMs on upcoming 5G deployments.

在基礎設施方面，我們在本季度繼續增加對基站 OEM 的出貨量，以支持美國 C 波段大規模 MIMO 部署，並且我們在加拿大、日本和韓國贏得了大規模 MIMO 部署的初始設計。 Qorvo 在無線基礎設施領域擁有數十年的技術領先地位，我們正在利用我們全面的 GaN 功率和小信號產品組合來支持 OEM 進行即將到來的 5G 部署。

We have strong customer engagements, we are investing in critical enabling technologies and design activity remains robust. We see tremendous opportunity in 5G infrastructure globally over the next 4 to 5 years as deployments continue to roll out.

我們擁有強大的客戶參與度，我們正在投資於關鍵的支持技術，並且設計活動依然強勁。隨著部署的不斷推出，我們在未來 4 到 5 年內看到了全球 5G 基礎設施的巨大機遇。

After the quarter closed, we received an emergency use authorization from the FDA for Omnia COVID-19 rapid antigen test, which leverages high-frequency BAW sensors for high sensitivity and specificity. Qorvo began efforts to use BAW sensors to develop diagnostic test solutions in 2013 in a manner similar to how we leveraged our BAW filters to achieve superior frequency selectivity in RF applications.

本季度結束後，我們獲得了 FDA 的緊急使用授權，用於 Omnia COVID-19 快速抗原測試，該測試利用高頻 BAW 傳感器實現高靈敏度和特異性。 Qorvo 於 2013 年開始努力使用 BAW 傳感器開發診斷測試解決方案，其方式類似於我們利用 BAW 濾波器在 RF 應用中實現卓越頻率選擇性的方式。

Now with the authorization from the FDA, we are preparing to scale production to help support ongoing public health efforts. To that end, Qorvo was awarded a contract with the National Institutes of Health through the rapid acceleration of diagnostics, or RADx, initiative. With $24 million from the Biological Advanced Research and Development Authority, or BARDA, the award is helping to advance the production and market launch of our Omnia diagnostic test platform.

現在，在獲得 FDA 的授權後，我們正準備擴大生產規模，以幫助支持正在進行的公共衛生工作。為此，Qorvo 通過快速加速診斷 (RADx) 計劃與美國國立衛生研究院簽訂了合同。該獎項由生物高級研究與發展局 (BARDA) 提供 2400 萬美元，用於幫助推進我們的 Omnia 診斷測試平台的生產和市場推出。

Also after the quarter closed, Qorvo acquired NextInput, a pioneer in the emerging field of force sensing solutions for the next generation of human-machine interface. NextInput will be part of the mobile products, providing MEMS-based sensors and innovative products for customers in existing and new markets. They have shipped tens of millions of MEMS-based sensor solutions to leading manufacturers of smartphones, wearables, automobiles and other applications.

同樣在本季度結束後，Qorvo 收購了 NextInput，後者是下一代人機界面力傳感解決方案新興領域的先驅。 NextInput 將成為移動產品的一部分，為現有和新市場的客戶提供基於 MEMS 的傳感器和創新產品。他們已經向智能手機、可穿戴設備、汽車和其他應用的領先製造商出貨了數千萬個基於 MEMS 的傳感器解決方案。

We see multiple opportunities for their solutions to augment or displace capacitive touch and mechanical buttons with smaller, more reliable and air-tight solutions that are applicable to any surface, including glass, polycarbonate, aluminum and carbon fiber. We welcome the NextInput team to the Qorvo family and we are excited to expand our technology portfolio and accelerate the deployment of the technology to our broad customer base and new markets.

我們看到他們的解決方案有多種機會，可以使用更小、更可靠和氣密的解決方案來增強或取代電容式觸摸和機械按鈕，這些解決方案適用於任何表面，包括玻璃、聚碳酸酯、鋁和碳纖維。我們歡迎 NextInput 團隊加入 Qorvo 大家庭，我們很高興能夠擴展我們的技術組合併加速將該技術部署到我們廣泛的客戶群和新市場。

Before handing the call over to Mark, I want to acknowledge the entire Qorvo team for their commitment to supporting our customers and keeping the world connected. Qorvo is enabling multiyear upgrade cycles in existing markets and introducing disruptive technologies, including ultra-wideband, RF-based biotechnology testing and MEMS-based solutions. We expect broad-based end market demand for our products and another year of strong financial results.

在將電話轉給 Mark 之前，我想感謝整個 Qorvo 團隊為支持我們的客戶和保持世界互聯所做的承諾。 Qorvo 正在現有市場中實現多年升級週期，並引入顛覆性技術，包括超寬帶、基於 RF 的生物技術測試和基於 MEMS 的解決方案。我們預計我們的產品將有廣泛的終端市場需求，並有望在又一年取得強勁的財務業績。

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.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the fiscal '21 fourth quarter was $1.073 billion, $33 million above the midpoint of our guidance and up 36% or $285 million versus last year. Mobile Products revenue of $808 million was up 45% year-over-year on the growth of higher-content 5G smartphones. Infrastructure and Defense Products revenue of $265 million was up 14% versus last year, led principally by robust WiFi demand.

Qorvo 在 21 財年第四季度的收入為 10.73 億美元，比我們的指引中點高出 3300 萬美元，比去年增長 36% 或 2.85 億美元。由於更高內容的 5G 智能手機的增長，移動產品收入為 8.08 億美元，同比增長 45%。基礎設施和國防產品收入為 2.65 億美元，比去年增長 14%，這主要是由強勁的 WiFi 需求帶動的。

In the fourth quarter of fiscal '21, we delivered our third consecutive quarter of gross margin over 50%. Non-GAAP gross margin was 52.6% and above our guidance as less favorable mix was more than offset by better-than-expected price, manufacturing costs and inventory charges.

在 21 財年第四季度，我們連續第三個季度實現了超過 50% 的毛利率。非 GAAP 毛利率為 52.6%，高於我們的指引，因為較差的組合被好於預期的價格、製造成本和庫存費用所抵消。

Non-GAAP operating expenses in the fourth quarter were $207 million or 19.3% 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 recent acquisitions and other key growth programs.

第四季度非美國通用會計準則運營費用為 2.07 億美元，佔銷售額的 19.3%，符合預期。運營支出的環比和同比增長是由與近期收購和其他關鍵增長計劃相關的技術和產品開發費用推動的。

Non-GAAP net income in the fourth quarter was $315 million, and diluted earnings per share of $2.74 was $0.32 above the midpoint of our guidance. Cash flow from operations in the fourth quarter was $403 million, and CapEx was $77 million, in line with our expectations. CapEx for the year was $187 million and below 5% of sales. During the quarter, free cash flow was $325 million, and we repurchased $175 million of shares.

第四季度非美國通用會計準則淨收入為 3.15 億美元，攤薄後每股收益為 2.74 美元，比我們的指引中點高出 0.32 美元。第四季度運營現金流為 4.03 億美元，資本支出為 7700 萬美元，符合我們的預期。當年的資本支出為 1.87 億美元，低於銷售額的 5%。本季度，自由現金流為 3.25 億美元，我們回購了 1.75 億美元的股票。

On the balance sheet, cash increased to $1.4 billion, and debt remained unchanged at approximately $1.7 billion. Our leverage remains low, our revolver is untapped and we have no material near-term maturities. In April, S&P upgraded our credit rating to investment grade, reflecting the steps we've taken to profitably grow the business and maintain a strong balance sheet.

在資產負債表上，現金增加到 14 億美元，債務保持不變，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，我們沒有重大的短期到期。 4 月，標準普爾將我們的信用評級上調至投資級別，反映了我們為實現業務盈利增長和保持強勁資產負債表所採取的措施。

Before turning to the outlook, I will comment briefly on the past year. Qorvo's full year fiscal '21 performance realized what was envisioned at the time of the merger: to create an enterprise best able to serve customers' technology and product needs when connectivity trends accelerated and as product performance requirements increased.

在轉向展望之前，我將簡要回顧一下過去的一年。 Qorvo 的 21 財年全年業績實現了合併時的設想：創建一家能夠在連接趨勢加速和產品性能要求提高時最能滿足客戶技術和產品需求的企業。

Qorvo's commitment to R&D, active portfolio management, sustained productivity and capital discipline positioned us to serve our customers' needs, expand supply chain partner opportunities and improve financial results.

Qorvo 致力於研發、積極的產品組合管理、持續的生產力和資本紀律，使我們能夠滿足客戶的需求、擴大供應鏈合作夥伴的機會並改善財務業績。

In fiscal '21, Qorvo delivered revenue over $4 billion, non-GAAP gross margin over 52%, non-GAAP operating margin over 32% and free cash flow over $1.1 billion. Qorvo's free cash flow has increased fivefold over the past 4 years. We are committed to build on this and are investing and executing to do so.

在 21 財年，Qorvo 實現收入超過 40 億美元，非 GAAP 毛利率超過 52%，非 GAAP 營業利潤率超過 32%，自由現金流超過 11 億美元。 Qorvo 的自由現金流在過去 4 年中增長了五倍。我們致力於以此為基礎，並為此進行投資和執行。

Now turning to our current quarter outlook. We expect revenue between $1.065 billion and $1.095 billion. Non-GAAP gross margin of approximately 50%. Non-GAAP diluted earnings per share of $2.45 in the midpoint of our guidance. Our June quarter revenue outlook reflects sustained and broad-based customer demand driven by multiyear technology upgrade cycles.

現在轉向我們當前的季度展望。我們預計收入在 10.65 億美元至 10.95 億美元之間。非 GAAP 毛利率約為 50%。非 GAAP 每股攤薄收益為 2.45 美元，處於我們指引的中點。我們的 6 月季度收入展望反映了多年技術升級週期驅動的持續和廣泛的客戶需求。

In mobile, demand for 5G is adding RF complexity and driving higher content. We forecast mobile revenue in the current quarter to be approximately $810 million at the midpoint or up 73% year-over-year. In IDP, we project revenue of approximately $270 million in the current quarter, sustained by WiFi 6 demand and other markets.

在移動領域，對 5G 的需求增加了 RF 的複雜性並推動了更高的內容。我們預測本季度的移動收入中值約為 8.1 億美元，同比增長 73%。在 IDP 方面，我們預計本季度的收入約為 2.7 億美元，這主要得益於 WiFi 6 需求和其他市場。

Our June quarter gross margin guide is approximately 50%, reflecting seasonal patterns and less favorable mix. That is up 140 basis points versus last year on higher volumes, active portfolio management and pricing and continuous productivity efforts. We expect our June quarter gross margin to be the lowest gross margin quarter of the year.

我們的 6 月季度毛利率指南約為 50%，反映了季節性模式和不太有利的組合。由於銷量增加、積極的投資組合管理和定價以及持續的生產力努力，與去年相比增加了 140 個基點。我們預計我們的 6 月季度毛利率將是今年毛利率最低的季度。

Non-GAAP operating expenses are projected to increase in the June quarter to around $214 million on added labor and other development expenses associated with recent acquisitions and key growth programs.

非 GAAP 運營費用預計將在 6 月季度增加至約 2.14 億美元，原因是增加的勞動力和與近期收購和關鍵增長計劃相關的其他開發費用。

At the midpoint of our June quarter guidance, operating margin is forecast to be over 30% for the fourth consecutive quarter. We project our current quarter and full year non-GAAP tax rate to be between 9% and 10%. Capital expenditures will remain around $70 million in the June quarter as we work to intersect projected demand and support long-term supply agreements with multiple customers.

根據我們 6 月季度指引的中點，營業利潤率預計將連續第四個季度超過 30%。我們預計當前季度和全年的非 GAAP 稅率在 9% 到 10% 之間。 6 月季度的資本支出將保持在 7000 萬美元左右，因為我們努力滿足預期需求並支持與多個客戶的長期供應協議。

For our full year fiscal '22, we forecast approximately 15% revenue growth on an increase in smartphone volumes in the range of 5% to 10%, a doubling of 5G handsets, sustained WiFi demand and growth in other markets, including power management and defense. We project full year gross margin to be approximately 52%.

對於我們的 22 財年全年，我們預測收入增長約 15%，原因是智能手機銷量增長 5% 至 10%，5G 手機數量翻番，WiFi 需求持續增長，以及其他市場的增長，包括電源管理和防禦。我們預計全年毛利率約為 52%。

We expect OpEx to increase sequentially through the year and remain below 20% of sales for the full year. This level of OpEx is in line with what we laid out years ago and supports Qorvo's ongoing product and technology leadership in existing markets, while funding investment in newer areas such as UWB, biosensors, power management and MEMS.

我們預計 OpEx 將在今年連續增長，並保持在全年銷售額的 20% 以下。這一運營支出水平符合我們多年前的佈局，支持 Qorvo 在現有市場中持續保持產品和技術領先地位，同時為 UWB、生物傳感器、電源管理和 MEMS 等較新領域的投資提供資金。

We forecast other expense to drop slightly on lower interest expense but remain above $60 million. We see CapEx around 5% of sales, so up on an absolute basis, as we add capacity to intersect known and high confidence opportunities. We expect free cash flow to grow year-over-year modestly due to slightly higher CapEx and working capital build.

我們預測其他費用因利息費用減少而略有下降，但仍高於 6000 萬美元。我們看到資本支出約為銷售額的 5%，因此在絕對基礎上有所上升，因為我們增加了與已知和高信心機會相交的能力。由於資本支出和營運資本建設略有增加，我們預計自由現金流將同比溫和增長。

Based on our strong free cash flow performance in fiscal year '21 and our fiscal year '22 outlook, along with our substantial balance sheet capacity and other factors, the Board of Directors has authorized a $2 billion share repurchase program.

基於我們在 21 財年強勁的自由現金流表現和 22 財年的展望，以及我們龐大的資產負債表能力和其他因素，董事會已批准一項 20 億美元的股票回購計劃。

Amidst the pandemic, the Qorvo team executed well in serving customers and advancing technologies critical to a more connected world. Entering fiscal '22, we are well positioned to continue delivering premium technology to an expanding set of customers in 5G, WiFi, IoT, defense, power management and other markets.

在大流行期間，Qorvo 團隊在為客戶提供服務和推進對更互聯的世界至關重要的技術方面表現出色。進入 22 財年，我們已準備好繼續為 5G、WiFi、物聯網、國防、電源管理和其他市場中不斷擴大的客戶群提供優質技術。

In closing, I'd like to join Bob in thanking Qorvo employees again for their contributions over this past year.

最後，我想和 Bob 一起再次感謝 Qorvo 員工在過去一年中所做的貢獻。

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

現在我將把電話轉回接線員詢問問題。

(Operator Instructions) And we'll take our first question from Blayne Curtis of Barclays.

（操作員說明）我們將從巴克萊銀行的 Blayne Curtis 那裡回答我們的第一個問題。

I want to ask you on IDP. You mentioned many, many positive drivers. I think the business is kind of flattish here. Just kind of curious if there's any areas that are going the other way for you? And I guess, do you expect that to reverse as you move through fiscal '22?

我想問你關於 IDP 的問題。你提到了很多很多積極的驅動因素。我認為這裡的生意有點平淡。只是有點好奇，是否有任何領域對您來說是相反的？而且我猜，您是否希望在您通過 22 財年時扭轉這種局面？

Yes. Thanks, Blayne. I mean we certainly have had a great positive year as we exited the year. It grew 38%, mainly driven by really strong demand in wireless infrastructure, but also a great year in WiFi with consecutive double-digit growth quarters. And both defense and power management also have a really strong year, so I'm really pleased with the results of our fiscal 2021.

是的。謝謝，布萊恩。我的意思是，當我們結束這一年時，我們肯定度過了非常積極的一年。它增長了 38%，主要受無線基礎設施強勁需求的推動，同時也是 WiFi 連續兩個季度實現兩位數增長的豐收年。國防和電力管理也有非常強勁的一年，所以我對我們 2021 財年的結果感到非常滿意。

We've been pretty public about the slowdown in the wireless infrastructure business in the back half of last year. And we certainly see that continuing as we go through the first half of this year. We think it will start to pick up in the back half of next year as deployments in China start. And then certainly, we expect C-band to start to roll out in the United States as we get into the back half of the year.

去年下半年，我們一直公開表示無線基礎設施業務放緩。在今年上半年，我們當然會看到這種情況仍在繼續。我們認為隨著在中國的部署開始，它將在明年下半年開始回升。然後當然，我們預計 C 波段將在我們進入今年下半年時開始在美國推出。

So overall, I would expect base station to start to pick up a bit. But I think if you look at full year for IDP, base station will actually probably be down a bit, and we'll see significant growth in some of the other markets.

所以總的來說，我預計基站會開始有所回升。但我認為，如果你看一下 IDP 的全年，基站實際上可能會有所下降，我們會看到其他一些市場的顯著增長。

And maybe just a follow-up to that. In the market, the fiscal outlook for the top line, do you think IDP can grow this fiscal year?

也許只是後續行動。在市場上，頂線的財政前景，您認為 IDP 本財年能否增長？

Yes, Blayne, I'll take that one. Yes, based on the guidance I gave, you'll see that we are expecting IDP to grow. And it will be in the lower end of the range that James typically gets, he gets 10% to 15% per year. And we'll be in the lower end of that range given the dynamics James mentioned.

是的，布萊恩，我要那個。是的，根據我提供的指導，您會看到我們預計 IDP 會增長。這將處於詹姆斯通常獲得的範圍的低端，他每年獲得 10% 到 15%。鑑於詹姆斯提到的動態，我們將處於該範圍的低端。

We expect to see a lackluster infrastructure build-out in the first half, and we're expecting that to pick up in the second half. But we're also seeing, in his business, just great opportunities to continue in WiFi. Power management is growing strongly. The defense business is strong and durable. So still a great year for this business ahead of us.

我們預計上半年基礎設施建設將乏善可陳，我們預計下半年會有所好轉。但在他的業務中，我們也看到了繼續 WiFi 業務的絕佳機會。電源管理正在強勁增長。國防事業堅固耐用。因此，我們面前的這項業務仍然是偉大的一年。

And we will take our next question from Bill Peterson of JPMorgan.

我們將從摩根大通的比爾彼得森那裡接受下一個問題。

Nice job on the quarterly execution and guide, and thanks for giving the color on the full year. Just wanted to come back to infrastructure. It sounds like most of this may be more related to the market delay timing, maybe perhaps some China build-outs.

在季度執行和指導方面做得很好，感謝您為全年增添色彩。只想回到基礎設施。聽起來這大部分可能與市場延遲時間有關，也許與中國的一些擴建有關。

But I guess just trying to understand the competitors of your businesses, is it just really down? Is it just a delay in the market? Or is it mix as it relates to more macro versus massive MIMO? Any color you can give on why we're sort of slow to start out of the gate in infrastructure?

但我想只是想了解你的業務的競爭對手，它真的很失敗嗎？只是市場的延遲？或者它是混合的，因為它與更多的宏 MIMO 和大規模 MIMO 相關？為什麼我們在基礎設施方面起步緩慢？

Yes. Thanks, Bill. I mean definitely, the market has slowed down. I think it's been pretty public across many of our customers and our competitors as we've seen these deployments and tenders delay in China. The other thing that's happened a bit is mix. And again, we've talked about that over the last couple of quarters as the mix has shifted a little bit from 64-element arrays to more macro base stations and more 32-element arrays.

是的。謝謝，比爾。我的意思是肯定的，市場已經放緩。我認為我們的許多客戶和競爭對手都非常公開，因為我們已經看到這些部署和招標在中國有所延遲。發生的另一件事是混合。再一次，我們在過去幾個季度討論過這個問題，因為混合已經從 64 元素陣列稍微轉移到更多的宏基站和更多的 32 元素陣列。

Now that said, I am very happy with the portfolio that we have. We continue to invest in the technology in both -- in the GaN side for power and in the small signal side. So I'm happy where we are, and I think we continue to make progress there. And we're in the very early stages, so this is just beginning. We've had 1 year in China. We're just starting really in the U.S. and the rest of the world. So this is going to be a multiyear trend.

話雖如此，我對我們擁有的產品組合感到非常滿意。我們繼續在這兩個方面進行技術投資——在用於功率的 GaN 方面和在小信號方面。所以我很高興我們所處的位置，我認為我們將繼續在那裡取得進展。我們還處於非常早期的階段，所以這才剛剛開始。我們在中國呆了一年。我們在美國和世界其他地方才真正開始。所以這將是一個多年的趨勢。

I think we're positioned very, very well with the portfolio we have. And of course, we're obviously not going to sit still, we're going to continue to drive that business forward and invest in technology and make sure that we're able to do what we did last year with the early rollouts in China.

我認為我們的投資組合非常非常好。當然，我們顯然不會坐以待斃，我們將繼續推動該業務向前發展並投資於技術，並確保我們能夠像去年那樣在中國儘早推出.

And then maybe for Eric, the mobile growth is implied, I guess, to be faster than 50% based off of James is coming in a bit less. So within that growth outlook, where do you see the most growth coming from? Is it with the sort of full main path wins in the Android camp? Is it further -- I mean, including further adoption of the dual transmit, UWB? Where do you see -- what's driving the most growth within your business in this fiscal year, I guess, at a high level?

然後也許對於埃里克來說，移動增長意味著，我猜，基於詹姆斯的增長速度要快於 50% 會少一些。那麼在這種增長前景中，您認為增長最多的地方是什麼？是在 Android 陣營中以那種完整的主要路徑獲勝嗎？是否更進一步——我的意思是，包括進一步採用雙傳輸、UWB？你在哪裡看到 - 我猜是什麼在本財政年度推動你的業務增長最多？

Right. Well, certainly, in the near term and currently where we are today, the full main path solutions are just getting a lot of traction, that brings a lot of dollar content with it, especially as look in the future and see all the new bands coming and so forth.

正確的。好吧，當然，在短期內和目前我們所處的位置，完整的主要路徑解決方案正在獲得很大的吸引力，這帶來了很多美元內容，尤其是展望未來並看到所有新頻段來等等。

But also just all of our complexity around the antenna. It comes with all of that as well, right? As complexity goes, there's a lot more antenna tuning and antennaplexing and so forth. So that's still a strong market for us. And WiFi as well. The 6 and 6E rollout has been really, really good for us. So WiFi has been growing at one of the faster clips of all of our product groups as well.

但也只是我們圍繞天線的所有復雜性。它也附帶了所有這些，對吧？隨著複雜性的增加，還有更多的天線調諧和天線復用等等。所以這對我們來說仍然是一個強大的市場。還有 WiFi。 6 和 6E 的推出對我們來說真的非常好。因此，WiFi 也在我們所有產品組中以最快的速度增長。

UWB, a lot of excitement about that for sure. Lots of design activity across all the verticals. We announced the design in the consumer IoT space, which is pretty big for us. It's going to drive growth second half of the year, and so it's going to be picking up throughout the year. It's not driving the growth now given its scale, but as we exit the year, it will be a bigger contributor.

UWB，肯定會讓人興奮不已。所有垂直領域都有很多設計活動。我們宣布了消費者物聯網領域的設計，這對我們來說非常重要。它將推動下半年的增長，因此全年都將回升。鑑於其規模，它現在並沒有推動增長，但隨著我們今年結束，它將做出更大的貢獻。

And we will take our next question from Karl Ackerman of Cowen.

我們將從 Cowen 的 Karl Ackerman 那裡回答下一個問題。

Yes. Mark, if I could start with you first. I think your prior directional outlook for June contemplated supply constraints. And it would seem that supply constraints were lower than you anticipated between you and China handset OEMs. Is there a way to quantify the amount of revenue that may be pushed into the second half of this calendar year, given the supply constraints you've seen so far today?

是的。馬克，如果我可以先從你開始。我認為您之前對 6 月的方向展望考慮了供應限制。供應限制似乎低於您與中國手機 OEM 之間的預期。鑑於您今天看到的供應限制，有沒有辦法量化可能推到本日曆年下半年的收入金額？

Yes. Karl, I'm not going to add any more to the current guidance. It's our best view considering the constraints we have and what we believe we can deliver and work with customers. Part of the benefit we had in the fourth quarter was just the tremendous job the ops team has done and then the work we've done with customers to expedite product to them.

是的。 Karl，我不會在當前指南中添加任何內容。考慮到我們的限制以及我們相信我們可以交付和與客戶合作，這是我們最好的觀點。我們在第四季度獲得的部分收益是運營團隊所做的巨大工作，然後是我們與客戶一起完成的工作，以加快向他們提供產品。

So we were able to both produce more product and get them more product, and you see that come in a number of forms. We had more favorable absorption. We had some better pricing. Our inventory charges are actually lower than we thought. So a number of positives again in the fourth quarter just showing how well we're serving the market and working with our customers closely.

所以我們既能生產更多的產品，又能讓他們獲得更多的產品，你會看到它有多種形式。我們有更有利的吸收。我們有一些更好的定價。我們的庫存費用實際上比我們想像的要低。因此，第四季度再次出現了一些積極因素，這表明我們為市場服務以及與客戶密切合作的程度。

So it gives us a lot of confidence in the next couple of quarters that demand is very firm, which is why I felt comfortable giving a preliminary full year view. And we'll just continue to do what we've been doing and managing our inventories closely, watching the channel. Both of those are very healthy. And the behavior from customers suggests that it's long-term demand, and they're looking to partner with us more closely.

因此，這讓我們對未來幾個季度的需求非常堅挺充滿信心，這就是為什麼我很樂意給出初步的全年觀點。我們將繼續做我們一直在做的事情，密切管理我們的庫存，關注渠道。這兩個都非常健康。客戶的行為表明這是長期需求，他們希望與我們更緊密地合作。

I appreciate that. Maybe if I could then as my follow-up, you spoke about the full year outlook for fiscal '22, and so I really appreciate that. You also spoke about the growing opportunity within mobile in fiscal '22 with regard to the full main path solutions.

我很感激。也許如果我可以作為我的後續行動，你談到了 22 財年的全年展望，所以我真的很感激。您還談到了 22 財年移動領域在完整主路徑解決方案方面不斷增長的機會。

And so in that context, last call, you indicated that your cost basis on your integrated modules is not where you'd like them to be today. I was hoping you could discuss what progress you've made on improving factory efficiencies or outsourcing initiatives that may drive improved yields from here as we think about that progression towards a sustained mid -- low to mid-50s gross margins.

因此，在這種情況下，最後一次通話，你表示你的集成模塊的成本基礎不是你今天想要的。我希望你能討論你在提高工廠效率或外包計劃方面取得的進展，這些進展可能會從這裡推動提高產量，因為我們正在考慮向持續的中期 - 50 年代中期毛利率邁進。

I guess, Karl, if the question is what are we doing to sustain margin? I mean, first of all, it's a very complicated equation, right, on all the things that go into making the gross margin. I think what I'd like to do is just start with our fiscal '22 guide is for margins to hold up. Let's start with the fact that in fiscal year '21, we increased gross margin over 400 basis points versus fiscal year '20. So I'd say sustaining at these levels is pretty good.

我想，卡爾，如果問題是我們正在做什麼來維持利潤率？我的意思是，首先，這是一個非常複雜的方程式，對，關於所有影響毛利率的因素。我想我想做的就是從我們的 22 財年指南開始，以保持利潤率。讓我們從這樣一個事實開始：在 21 財年，我們的毛利率比 20 財年增加了 400 個基點以上。所以我想說維持在這些水平上是非常好的。

And I think you've got to remember that some things will go against us in '22 that went with us in '21. Notably, the pricing environment is very firm now, and that is likely to loosen a bit. It'll still be healthy, we believe, but will not be as tight as it is at the moment. We believe our inventory charges, we have to assume they'll kind of pick back up to normal levels. And we've got to remember just how hard this stuff is that we do. So I can go on and on.

而且我認為你必須記住，有些事情會在 22 年與我們在 21 年一起發生。值得注意的是，現在的定價環境非常堅挺，很可能會有所放鬆。我們相信它仍然是健康的，但不會像現在這樣緊張。我們相信我們的庫存費用，我們必須假設它們會恢復到正常水平。我們必須記住我們所做的這些事情有多難。所以我可以繼續下去。

Now there's plenty of good that's going on to offset the bad in fiscal '22. I mean we're continuing to drive productivity, the portfolio management continues. Utilization, we've got some room, and we'll continue to invest as we need to but keep that utilization high. All the things we've talked about over the years. And so as a result, we just -- we have a view now that we can sustain margin at these levels.

現在有很多好處可以抵消 22 財年的不利因素。我的意思是我們將繼續提高生產力，投資組合管理仍在繼續。利用率，我們有一些空間，我們將繼續根據需要進行投資，但要保持高利用率。這些年來我們談論的所有事情。因此，我們只是 - 我們現在認為我們可以維持這些水平的利潤率。

Of course, over time, Karl, we've said we aspire to expand our gross margins. And I think it runs through the same things we've been doing. We'll continue to be a technology leader, allows us to do the hardest parts. We'll pick to play with customers with those hardest parts where our value get recognized. Productivity is as good as it's ever been in the company, and we're driving even more there. And then we're just going to be very circumspect about any capital build. So we're optimistic that, over time, there'll be some opportunity.

當然，隨著時間的推移，卡爾，我們已經說過我們渴望擴大我們的毛利率。我認為它貫穿於我們一直在做的事情。我們將繼續成為技術領導者，讓我們去做最難的部分。我們將選擇與客戶一起玩那些我們的價值得到認可的最困難的部分。公司的生產力與以往一樣好，而且我們正在推動更多。然後我們將對任何資本建設非常謹慎。所以我們樂觀地認為，隨著時間的推移，會有一些機會。

And we'll take our next question from Craig Hettenbach of Morgan Stanley.

我們將從摩根士丹利的 Craig Hettenbach 那裡回答下一個問題。

Just a follow-up on ultra-wideband. Just can you talk about the breadth of design activity? And then is there a way to think about it over the next year or 2 of kind of a revenue level that would be kind of reasonable to reach for that technology?

只是超寬帶的後續行動。您能談談設計活動的廣度嗎？那麼有沒有一種方法可以考慮在明年或兩年內達到該技術合理的收入水平？

Sure, Craig. Yes, this is Eric. The design activity is really, really broad. It's very good that we completed the 7Hugs acquisition and brought the entire software stack, which really enables us to work across a very broad array of applications. So engaged with multiple mobile handset providers, of course, to leverage that channel.

當然，克雷格。是的，這是埃里克。設計活動真的非常廣泛。很高興我們完成了對 7Hugs 的收購併帶來了整個軟件堆棧，這確實使我們能夠在非常廣泛的應用程序中工作。因此，與多家手機供應商合作，當然是為了利用該渠道。

But then also the -- all the things that talk to the mobile phone, like the consumer IoT devices, of course, and also automotive and then just a bunch of industrial IoT sort of applications around robotics and AR/VR and navigation indoors and those sorts of applications. So really broad. But the team's done a great job of doing all of these with a unified hardware and a unified software stack for the most part with very few variations.

但還有——所有與手機通話的東西，比如消費物聯網設備，當然還有汽車，然後是圍繞機器人、增強現實/虛擬現實和室內導航等一系列工業物聯網應用各種應用。所以真的很廣泛。但是該團隊在使用統一的硬件和統一的軟件堆棧完成所有這些工作方面做得很好，大部分情況下幾乎沒有變化。

So tremendous productivity coming out of that organization to cover such a broad number of verticals. And in terms of the outlook for it, we said before, we believe we can get it to a couple of hundred million dollar revenue business within a few years. Nothing has changed there by any means, and we're super excited about the opportunities it's bringing in.

該組織產生瞭如此巨大的生產力，以涵蓋如此廣泛的垂直領域。就它的前景而言，我們之前說過，我們相信我們可以在幾年內將它變成幾億美元的收入業務。那裡沒有任何改變，我們對它帶來的機會感到非常興奮。

Great. And then as a follow-up for James, I mean, to be able to grow IDP at the low end of 10% to 15%, even with roughly 1/4 of the business down, I know you talked about this WiFi strength in Programmable Power. But any other context in terms of some of that growth to drive the 10% even with the infrastructure headwind?

偉大的。然後作為 James 的後續行動，我的意思是，能夠在 10% 到 15% 的低端增長 IDP，即使業務下降了大約 1/4，我知道你在可編程電源。但是，即使在基礎設施逆風的情況下，任何其他情況下也能推動 10% 的增長？

Yes. And I'll lead off with those ones that we spoke about. I mean we're seeing very strong demand in WiFi 6, and Mark and Bob both hit that in their prepared remarks. And so we've got a performance advantage there, and I think customers are seeing that and we've been able to scale that business very significantly.

是的。我將從我們談到的那些開始。我的意思是我們看到 WiFi 6 的需求非常強勁，Mark 和 Bob 在他們準備好的發言中都提到了這一點。所以我們在那裡有性能優勢，我認為客戶正在看到這一點，我們已經能夠非常顯著地擴展該業務。

On top of that, we've got 6E just coming right on the heels of WiFi 6. And so we're releasing products into 6E, and we've also have our first production orders in 6E. So that will continue to sort of layer on growth there.

最重要的是，我們的 6E 緊隨 WiFi 6 之後推出。因此我們正在向 6E 發布產品，我們也有 6E 的第一批生產訂單。因此，這將繼續影響那裡的增長。

Power Management, great trends there. It continues to grow, well up into the double digits and has done that quarter after quarter, so been a very nice acquisition for us as a company. And defense as well. We've got, again, nice trends inside the defense business. Now on top of that, the automotive business is really starting to kick in as we go into this year. And cable TV has also started to grow, our broadband business, because of deployment of DOCSIS 3.1.

電源管理，那裡的大趨勢。它繼續增長，達到兩位數，並且一個季度一個季度地完成，因此對我們公司來說是一次非常好的收購。還有防禦。我們再次看到國防行業的良好趨勢。現在最重要的是，隨著我們進入今年，汽車業務真正開始發揮作用。由於部署了 DOCSIS 3.1，有線電視也開始增長，我們的寬帶業務。

So a lot of growth drivers that we have inside the business. As you said, diversification is working for us. It's helping us offset some of the market challenges that we're seeing with the rollout of the infrastructure in China.

因此，我們在業務中擁有很多增長動力。正如您所說，多元化對我們有利。它幫助我們抵消了我們在中國推出基礎設施時看到的一些市場挑戰。

And we will move to our next question from Vivek Arya of Bank of America.

我們將轉到美國銀行的 Vivek Arya 的下一個問題。

For my first question, very impressive performance on the gross margin side for the last 2 quarters, almost -- right, you beat expectations by almost 200 basis points. But now when I look at your June guide, you're essentially guiding to flattish mobile and IDP sales.

對於我的第一個問題，過去兩個季度在毛利率方面非常令人印象深刻的表現，幾乎 - 正確，你超出預期近 200 個基點。但是現在，當我查看您的 6 月指南時，您基本上是在指導平淡的移動和 IDP 銷售。

So Mark, I'm curious what specifically about mix will drive gross margins down by 250 basis points? And what I would really like to understand is why is there so much variability between your initial outlook versus, right, what you have reported? And should we assume your gross margin outlook this time is also conservative like it has been in the last 2 quarters?

所以馬克，我很好奇關於混合的具體是什麼會使毛利率下降 250 個基點？我真正想了解的是，為什麼您的初始展望與您報告的內容之間存在如此大的差異？我們是否應該假設您這次的毛利率前景也像過去兩個季度一樣保守？

Yes. I think we're -- we do our best, Vivek, to forecast a very complicated business. And I think our forecast history, as far as our ability to meet commitments, is clear. I think we've had 17 quarters or so. It depends on what you do with the hurricane in Florida several years ago as to whether that's ruined the streak or not. But we do our best to give a good read. And -- but there's a lot of things in the mix any given quarter.

是的。我認為我們 - 我們盡最大努力，Vivek，預測一個非常複雜的業務。而且我認為，就我們履行承諾的能力而言，我們的預測歷史是明確的。我想我們已經有 17 個季度左右了。這取決於你對幾年前佛羅里達州的颶風做了什麼，這是否破壞了連續上壘。但我們會盡力提供良好的閱讀體驗。而且 - 但是任何給定的季度都有很多東西。

And so what's most important to us is can we forecast it well and meet commitments. And I think we -- you can argue that we're kind of missing it on the high side, but I'd say that we have it in control and can continue to improve the business because we know what's going on.

所以對我們來說最重要的是我們能否很好地預測它並履行承諾。而且我認為我們 - 你可以爭辯說我們有點錯過它，但我會說我們可以控制它並且可以繼續改善業務，因為我們知道發生了什麼。

The second thing is it's indisputable at this point that all the work we've been doing has led to a higher quantum. So we've just -- we've increased gross margin, particularly over the past year, and had stabilized it before. So the R&D investment and portfolio management, productivity and reducing capital intensity is all paying off.

第二件事是，在這一點上，我們一直在做的所有工作都導致了更高的量子，這是無可爭辯的。所以我們剛剛 - 我們增加了毛利率，特別是在過去一年，並且之前已經穩定下來。因此，研發投資和投資組合管理、生產力和降低資本密集度都得到了回報。

To your point, we continue to work on growing the business in the right areas and working on our cost curves and picking and choosing where we're going to compete and bring the most value to customers. And over time, we think that the variability that we have will moderate.

就你的觀點而言，我們將繼續致力於在正確的領域發展業務，研究我們的成本曲線，並挑选和選擇我們要競爭的領域，並為客戶帶來最大價值。隨著時間的推移，我們認為我們擁有的可變性將會減弱。

As it relates to the June quarter, we are down. And we're -- I said actually that we'd be down in the 49s. And the drivers are the same. We assume that price will moderate somewhat sequentially. We do have some product mix effects. And then we have some favorability from, in this case, the March quarter that -- yes, that's not going to repeat. We had some favorable absorption in the factories and then we had some inventory effects that we have to assume we might return to normal levels on inventory charges. So that explains the sequential decline.

由於與 6 月季度有關，我們處於低迷狀態。而且我們 - 我實際上說過我們會在 49 年代倒下。驅動程序是相同的。我們假設價格將有所緩和。我們確實有一些產品組合效應。然後，在這種情況下，我們從三月份的季度中獲得了一些好處——是的，這不會重演。我們在工廠有一些有利的吸收，然後我們有一些庫存效應，我們必須假設我們可能會恢復到正常的庫存費用水平。所以這解釋了連續下降。

I'll finish my comments with that, remember, that's an increase versus the soft guidance I gave you before. So we -- our view has actually improved on the quarter. We're driving more productivity than we thought. We have a little bit better price than we thought because the market is still very firm. And then there are a number of other factors. But listen, we're pleased to guide a 50% number, and we're -- we have confidence in that result.

我將以此結束我的評論，請記住，這比我之前給你的軟指導有所增加。所以我們 - 我們的觀點實際上在本季度有所改善。我們正在推動比我們想像的更多的生產力。我們的價格比我們想像的要好一點，因為市場仍然非常堅挺。然後還有許多其他因素。但是聽著，我們很高興指導 50% 的數字，而且我們——我們對這個結果有信心。

And my follow-up for Bob or Eric is when I look at the implied guidance on the mobile side for the next fiscal year, right, like 17%, 18% or so year-on-year given you want to grow double digit in IDP. That suggests about the same growth or somewhat of a deceleration from last year. And given the doubling of 5G smartphones, I'm curious, why can't you grow faster in mobile?

我對 Bob 或 Eric 的後續行動是，當我查看下一財年移動端的隱含指導時，正確的是，同比增長 17%、18% 左右，因為你希望增長兩位數國內流離失所者。這表明與去年相比增長大致相同或有所放緩。考慮到 5G 智能手機的翻倍，我很好奇，為什麼你不能在移動領域更快地增長？

And the real underlying question in that is what are your views about the competitive landscape? Because if the industry is so supply constrained, I'm surprised to hear you talk about loosening of price, unless you think something about the competitive landscape could change. So just give us some more color about the competitive landscape and why you think pricing would start to loosen up if the industry's so supply-constrained right now.

真正的根本問題是您對競爭格局有何看法？因為如果這個行業的供應如此受限，我很驚訝聽到你談論放鬆價格，除非你認為競爭格局可能會有所改變。因此，請給我們更多關於競爭格局的顏色，以及為什麼您認為如果該行業目前供應如此受限，定價會開始放鬆。

Vivek, this is Eric. I'll take a stab at it. So first of all, in terms of the growth, first of all, 5G doubling year-over-year is an additional 250 million phones on top of the 250 million from last year, right? So in terms of growth rate, it's approximately the same, right? And so that's -- so we're seeing growth that's consistent with last year being able to sustain at this level is good. We have other growth drivers coming on top of that as well. But of course, as we enter the year, we take a relatively conservative look. I think it's still a pretty strong guide for the year.

維維克，這是埃里克。我會嘗試一下。所以首先，就增長而言，首先，5G 同比翻番是在去年的 2.5 億部基礎上增加了 2.5 億部手機，對嗎？那麼就增長率而言，它大致相同，對嗎？這就是 - 所以我們看到與去年保持一致的增長能夠維持在這個水平是好的。除此之外，我們還有其他增長動力。但是，當然，當我們進入這一年時，我們會採取相對保守的看法。我認為它仍然是今年的一個非常強大的指南。

In terms of pricing, I think in terms of loosening, all Mark was indicating is that we've had very firm pricing in the March quarter, extremely tight market. We're going to continue to push the price curve while maintaining, of course, relationships and design strength that we have. Mark indicated long-term agreements with customers are coming into play, which is great for us and for customers. It's just an incredibly constructive environment for building a long-term business that's profitable for us and helps our customers make a lot of money, too, because of the advanced technologies.

在定價方面，我認為在放鬆方面，馬克所表示的是我們在 3 月季度的定價非常堅挺，市場非常緊張。當然，我們將繼續推動價格曲線，同時保持我們擁有的關係和設計實力。 Mark 表示與客戶的長期協議正在發揮作用，這對我們和客戶都非常有利。這只是一個令人難以置信的建設性環境，可以建立長期業務，這對我們有利可圖，也可以幫助我們的客戶賺很多錢，因為先進的技術。

So I think it's a very constructive, positive environment. We're not indicating anything about weakening pricing necessarily.

所以我認為這是一個非常有建設性、積極的環境。我們並沒有暗示任何關於定價疲軟的事情。

The only thing I'd add, Vivek, is if you look at some of the other companies that do play in our space and see what they've got in quarter-over-quarter, I think we're starting out on a much stronger foot than they are. And we'll see how well we deal with the constraints that both Mark and Eric have talked about, and we'll see how much of that we can capture. I also think we're one of the few that gave you some of your outlook as well. So I'll leave it at that. Thank you.

Vivek，我唯一要補充的是，如果你看看其他一些在我們領域開展業務的公司，看看他們每個季度都有什麼，我認為我們開始了很多腳比他們強。我們將看看我們如何處理 Mark 和 Eric 都談到的限制，我們將看看我們能捕捉到多少。我還認為我們是為數不多的給您一些展望的公司之一。所以我會保留它。謝謝。

And we'll take our next question from Gary Mobley of Wells Fargo.

我們將從 Wells Fargo 的 Gary Mobley 那裡回答下一個問題。

I wanted to ask about the WiFi 6 and WiFi 6E product cycles. You mentioned, I believe, a minute ago, double-digit percent sequential increases as you finished up the second half of the fiscal year. And you mentioned as well, WiFi 6E just really starting to ramp up now.

我想問一下WiFi 6和WiFi 6E的產品週期。你提到，我相信，一分鐘前，當你結束本財政年度的下半年時，兩位數的百分比連續增長。你也提到了，WiFi 6E 現在才真正開始提升。

So my question to you, James, is how material now is this WiFi 6 and 6E product cycle, maybe measured in absolute dollar terms? Percentage of IDP revenue? Or how it ranks relative to prior WiFi cycles?

所以我想問你，James，這個 WiFi 6 和 6E 產品週期現在有多重要，也許以絕對美元計算？ IDP 收入的百分比？或者它相對於之前的 WiFi 週期排名如何？

Well, I'm not going to obviously scale the revenue down at the individual areas, but what I will say is that we are early in and we -- Mark talked about that. We've probably only seen about a 15% or so adoption in WiFi 6 and very, very early in 6E. So I think those kind of growth rates that we're talking about are something that we do expect to continue to accelerate as we go through the adoption curve.

好吧，我不會明顯減少個別領域的收入，但我要說的是我們還處於早期階段，我們——馬克談到了這一點。我們可能只看到 WiFi 6 中大約 15% 左右的採用率，而且在 6E 中非常非常早。因此，我認為我們正在談論的那種增長率是我們確實希望在我們通過採用曲線時繼續加速的東西。

It's probably going to take another 3 or 4 years for WiFi 6 to build out, and we're already working on 7. So I think this is a business that we'll continue to drive.

WiFi 6 可能還需要 3 到 4 年的時間才能建成，而我們已經在致力於 7。所以我認為這是我們將繼續推動的業務。

As far as overall size of IDP, as I've talked about many times, I love the diversification of the business. And we're going to ebb and flow a bit. And so that kind of guidance that I constantly give of these businesses, albeit about 1/4 of the size, I think as you average through a long cycle, it stays pretty much in that span.

就 IDP 的整體規模而言，正如我多次談到的那樣，我喜歡業務的多元化。我們會起伏不定。因此，我不斷為這些企業提供的那種指導，儘管規模約為 1/4，但我認為當你在一個長周期中平均時，它幾乎保持在那個跨度內。

Okay. Appreciate that, James. Just a follow-up for Mark. I appreciate the fact you haven't filed your 10-K yet, but can you share with us the specifics on any greater than 10% customers for the year?

好的。對此表示讚賞，詹姆斯。只是馬克的後續行動。感謝您尚未提交 10-K，但您能否與我們分享當年超過 10% 的客戶的具體情況？

Yes. Gary, I would just say that we normally don't give much detail on that, and you'll see the full year numbers in the K. We had one, full year, as we look at it now. We had a number of 10% customers in the fourth quarter and another one that was actually very close in approaching 10%. So very good diversified revenue in the quarter.

是的。加里，我只想說我們通常不會提供太多細節，你會在 K 中看到全年的數字。我們有一個完整的一年，就像我們現在看的那樣。我們在第四季度有一些 10% 的客戶，還有一個實際上非常接近 10%。本季度非常好的多元化收入。

And we'll take our next question from Eric -- I'm sorry, Edward Snyder of Charter Equity Research.

我們將從埃里克那裡接受我們的下一個問題——對不起，Charter Equity Research 的愛德華斯奈德。

So China is moving from MIMO, which is what they build on the urban environment, I think everybody knows now, to suburban and rural to macro. Why should we believe there should be any rebound in demand for anywhere close to what you saw originally for GaN, given that you're going from 64 to macros or much smaller cells?

所以中國正在從 MIMO，這是他們建立在城市環境上的東西，我想現在每個人都知道，到郊區和農村再到宏觀。鑑於您正在從 64 單元轉向宏單元或更小的單元，為什麼我們應該相信任何接近您最初看到的 GaN 的需求都會出現反彈？

And then in the same kind of spirit of things, the Chinese built out an industrial policy, [edict] from the government. The U.S. doesn't do that at all. U.S. carriers actually have to show an ROI for their build-out, which calls into question how many MIMO stations you'll actually deploy given the relatively modest improvements you get in performance versus the incredibly higher cost for this.

然後本著同樣的精神，中國人制定了一項產業政策，來自政府的[法令]。美國根本不這樣做。美國運營商實際上必須展示其擴建的投資回報率，這讓人質疑你實際部署了多少 MIMO 站，因為你在性能方面獲得了相對適度的改進，而為此付出的成本卻高得令人難以置信。

So I'm just trying -- I know it's slowing down now, you guys have forecasted that and that's actually happening now. But if I'm looking out to the end of this year, why are you confident that you'll see a big rebound and it will be in China? Or is it in C-band in the United States? Is it mostly MIMO? Or just building out anything? And I have a follow-up.

所以我只是在嘗試——我知道它現在正在放緩，你們已經預測到了，而且現在正在發生。但如果我展望今年年底，你為什麼相信你會看到一個大的反彈，而且會在中國？還是在美國的C-band？主要是 MIMO 嗎？或者只是構建任何東西？我有一個後續行動。

Yes. Thanks, Ed. So we didn't talk about a large rebound. We said that it would start to accelerate as we get into the back half, and the U.S. deployments will start to pick up. I do believe that the overall market, as we look at it this year, will be down and in sort of those single digits of addressable market. And that sort of has everything into play. That has deployments in U.S. and the configurations that our customers are telling us about, and deployments in China and, of course, the rest of the world.

是的。謝謝，埃德。所以我們沒有談論大幅反彈。我們說過，隨著我們進入後半段，它將開始加速，美國的部署將開始回升。我確實相信，正如我們今年所看到的那樣，整個市場將會下降，並且在某種程度上是那些個位數的可尋址市場。這一切都在發揮作用。它在美國有部署，我們的客戶告訴我們的配置，在中國，當然還有世界其他地區的部署。

Going forward, though, there are a tremendous amount of base stations still to be deployed, and the China deployments during the first year were relatively low. So I do see just tremendous content pickups for us as we go through this 5-year deployment.

不過，展望未來，仍有大量基站有待部署，而第一年在中國的部署相對較低。因此，在我們經歷這 5 年的部署過程中，我確實看到了我們獲得的大量內容。

It's important, Ed, to know that if you go back to 4G, a 64-element array is still about a 10x content pickup for us. A 32-element array is not a little bit more than half of that. So these are big, big content gains for us in the business. And so it's really a content story. And as you play that out in deployments around the world, it continues to be a growth business for us.

Ed，重要的是要知道，如果您回到 4G，64 元素陣列對我們來說仍然是大約 10 倍的內容拾取。一個 32 元素數組不超過一半。因此，這些對我們的業務來說是非常非常大的內容收益。所以這真的是一個內容豐富的故事。當你在世界各地的部署中發揮作用時，它仍然是我們的增長業務。

And of course, GaN is a new technology for us. We couldn't access the power amplifiers as we went through the 4G cycle. And now, we've got great products and great technology that allow us to address that whole segment.

當然，GaN 對我們來說是一項新技術。在經歷 4G 週期時，我們無法訪問功率放大器。而現在，我們擁有出色的產品和出色的技術，使我們能夠應對整個細分市場。

Great. And then Eric, if I could. So you've long said that you ended the transmit diversity path as it made sense for your filter business, specifically with regard to BAW. And it sounds like you've done that. Congratulations. But does that limit you -- I mean this would be like instead of n77 WiFi combination for coexist or are all the subseq bands open to your solutions? Are you cherry-picking on that?

偉大的。然後是埃里克，如果可以的話。所以你早就說過你結束了傳輸分集路徑，因為它對你的濾波器業務很有意義，特別是在 BAW 方面。聽起來你已經做到了。恭喜。但這是否會限制您——我的意思是這會像共存的 n77 WiFi 組合一樣，或者所有的 subseq 頻段都對您的解決方案開放？你在挑櫻桃嗎？

And then if I could, also, on the ultra-wideband. It looks increasingly like Apple's got their own solution doing their phone. NXP is taking a lot of the handset side of the business in the Android world. And is it a fair assumption to say Decawave is really going to be focused mostly on the other side of it, the IoT side of it, all the devices that talk to the handsets? I mean other than Google, should we expect to see you much in the Android handset side with UWB?

然後，如果可以的話，還有超寬帶。看起來越來越像 Apple 在他們的手機上有自己的解決方案。恩智浦在 Android 世界中佔據了大量手機業務。並且說 Decawave 真的主要關注它的另一面，它的物聯網方面，所有與手機通話的設備，這是否是一個公平的假設？我的意思是，除了谷歌，我們是否應該期待在使用 UWB 的 Android 手機方面看到你們？

Sure. Let's -- we'll take those in order. So starting with the transmit and the diversity path, yes, that's a rapidly growing space for us. As you indicated, we had forecasted it would be. And it's not by any means limited to the content we have today.

當然。讓我們 - 我們會按順序處理這些問題。所以從傳輸和分集路徑開始，是的，這對我們來說是一個快速增長的空間。正如您所指出的，我們曾預測會是這樣。而且它絕不限於我們今天擁有的內容。

Today, it's relatively kind of discrete placements. And going forward, we'll see complete, what we call, dual connect modules more and more going from the upper tier down. In the dual connect modules, we have a complete transmit and receive path for the bands that they do transmit on, right? And those bands are throughout the mid- and high-band frequencies, we'll say. So it's a great growing category.

今天，它是相對分散的展示位置。展望未來，我們將看到越來越多的完整的雙連接模塊從上層向下。在雙連接模塊中，我們有一個完整的傳輸和接收路徑，用於它們傳輸的頻段，對嗎？我們會說，這些頻段遍布中頻段和高頻段。所以這是一個很好的增長類別。

Again, we're going to bring BAW filters to it. We're going to bring integration to it, best-in-class GaAs PAs and everything we have in the main path. So that's a great new category for us. And of course, supported by just more bandwidth in the uplink and trying to get more video through the networks and higher data rates and so forth. That's really what's driving that as we've been talking about for years, actually.

同樣，我們將為其添加 BAW 濾波器。我們將對其進行集成，一流的 GaAs PA 以及我們在主要路徑中擁有的一切。所以這對我們來說是一個很棒的新類別。當然，還有更多的上行鏈路帶寬支持，並試圖通過網絡獲取更多視頻和更高的數據速率等等。實際上，正如我們多年來一直在談論的那樣，這才是真正的推動力。

On UWB, I think when you say you're seeing NXP primarily in Android house, that's kind of a legacy comment which I acknowledge. Obviously, Decawave wasn't in a position to really address the mobile market and that's why they took the path they did. As Qorvo, though, of course, we're targeting the mobile market directly.

在 UWB 上，我認為當你說你主要在 Android 內部看到 NXP 時，我承認這是一種遺留評論。顯然，Decawave 無法真正解決移動市場問題，這就是他們走上這條路的原因。當然，作為 Qorvo，我們直接瞄準移動市場。

And to your point, that is Android, as of the current state of play at least. Apple is doing their own. But we expect that we will be engaged and represented in production in the Android ecosystem, not just in all the accessories, but also in the mobile part themselves. There's really no part of the UWB ecosystem that we feel like we can't address and we are addressing.

就你的觀點而言，至少就目前的遊戲狀態而言，這是 Android。蘋果是自己做的。但我們希望我們將參與並參與 Android 生態系統的生產，不僅是所有配件，還有移動部分本身。 UWB 生態系統中確實沒有我們認為無法解決並且正在解決的部分。

And we will take our next question from Toshiya Hari of Goldman Sachs.

我們將從高盛的 Toshiya Hari 那裡回答下一個問題。

Congrats on the strong results. Mark or maybe Eric, I had a multi-part question on long-term supply agreements. You both spoke to this in your prepared remarks. But curious, are you signing long-term agreements both in mobile and IDP? Or is it primarily IDP? I guess that's part one.

祝賀你取得了優異的成績。馬克或埃里克，我有一個關於長期供應協議的多部分問題。你們都在準備好的發言中談到了這一點。但好奇的是，您是否在移動和 IDP 方面簽署了長期協議？還是主要是國內流離失所者？我想那是第一部分。

And then part two, just for context, roughly what percentage of your future revenue will be tied to long-term supply agreements? Are we talking 5%, 10%? Is it 25%? Just a rough ballpark number would be helpful.

然後是第二部分，僅供參考，您未來收入的大致百分比是多少將與長期供應協議掛鉤？我們說的是 5%、10% 嗎？是25%嗎？只是一個粗略的大概數字會有所幫助。

And then I guess, most importantly, how should we think about the level of commitment on the part of your customers in terms of both volume and pricing? And I ask the question because historically, maybe not specific to Qorvo but in the industry broadly, the suppliers would have to be committed to a long-term agreement, but the customer always has the flexibility to push or cancel purchases. So just curious how the contracts are constructed.

然後我想，最重要的是，我們應該如何考慮客戶在數量和定價方面的承諾水平？我問這個問題是因為從歷史上看，也許不是 Qorvo 特有的，但在整個行業中，供應商必須承諾簽訂長期協議，但客戶始終可以靈活地推動或取消採購。所以只是好奇合同是如何構建的。

Maybe I could start and then Eric can take it or Bob. So first of all, I don't think we want to give a number at this point on percent because it's -- there's a lot in flight. A lot has been done and a lot is still in flight, so I think that's a number that we would be changing and just is not practical at this point to give it.

也許我可以先開始，然後埃里克或鮑勃可以接受。所以首先，我認為我們現在不想給出百分比數字，因為它 - 有很多飛行。已經完成了很多工作，還有很多工作仍在進行中，所以我認為這是一個我們會改變的數字，但在這一點上給出它是不切實際的。

And the second thing I would mention is that the nature of the agreements we get and so forth is going to determine the level of investment we make and shape our CapEx decision. So that's another -- they're intertwined to Vivek's earlier question on gross margin and what we want to do here going forward. We're working to strike deals that would be best for our customers and best to maintain stability in our business so we can invest for our customers. And so I would leave it at that. Eric or Bob?

我要提到的第二件事是，我們獲得的協議的性質等等將決定我們所做的投資水平並影響我們的資本支出決策。所以這是另一個 - 它們與 Vivek 之前關於毛利率的問題以及我們未來想在這裡做的事情交織在一起。我們正在努力達成對我們的客戶最有利的交易，並最好地保持我們業務的穩定性，以便我們可以為我們的客戶進行投資。所以我會把它留在那裡。埃里克還是鮑勃？

The only thing I'd add, Toshi, is they are for both business units. And to Mark's point, they're growing. And clearly, there are a lot more confidence in the outlook because of them than we had in any of the years before. We did have some smaller long-term agreements, but it is a growing part of our portfolio. And we think it's a very good thing, and so do our customers. I think that's the really important part, as Mark pointed out.

Toshi，我唯一要補充的是，它們適用於兩個業務部門。在馬克看來，他們正在成長。顯然，由於他們，我們對前景的信心比以往任何一年都大得多。我們確實有一些較小的長期協議，但它是我們投資組合中越來越大的一部分。我們認為這是一件非常好的事情，我們的客戶也是如此。正如 Mark 所指出的，我認為這是真正重要的部分。

That's great. And then a quick follow-up, a simple one on NextInput. You guys talked about the rationale in your prepared remarks, I think that was pretty clear. But can you speak to some of the financial implications, how much you're paying? The revenue accretion? The margin profile vis-a-vis the corporate average?

那太棒了。然後是快速跟進，在 NextInput 上進行簡單的跟進。你們在準備好的發言中談到了理由，我認為這很清楚。但是你能談談一些財務影響嗎，你付了多少錢？收入增長？相對於公司平均水平的利潤率？

Yes. Toshi, just on the dollars, you'll see a subsequent event note in the K, and this was over $150 million, closer to $175 million, actually. So you'll see that in the K as a subsequent event.

是的。 Toshi，就美元而言，你會在 K 中看到隨後的事件記錄，這超過 1.5 億美元，實際上接近 1.75 億美元。所以你會在 K 中看到它是一個後續事件。

It's accretive pretty quickly, like within the first few quarters of our ownership. And the gross margin profile is favorable to the company. And given the scale, of course, the operating margin is weaker just because of the OpEx. But it's certainly a business we're excited about and investing -- going to be investing heavily in.

它的增長速度非常快，就像我們擁有的前幾個季度一樣。毛利率狀況對公司有利。考慮到規模，當然，運營利潤率只是因為運營支出而較弱。但這肯定是一項我們感到興奮和投資的業務——將投入大量資金。

And we will take our next question from Chris Caso of Raymond James.

我們將從 Raymond James 的 Chris Caso 那裡回答下一個問題。

I guess my question is about the seasonality that's implied in the mobile business based on what you've guided. And it would appear that the seasonality is more muted than what we've seen it in years past.

我想我的問題是根據您的指導，移動業務中隱含的季節性。而且看起來季節性比我們過去幾年看到的更加柔和。

First, is that interpretation correct? And if so, why is that the case? Is it perhaps a function of your business, the geographic nature of the business now being different than what it is in the past? Is it that some business was pulled forward into the first half of the year? Could you just give us some more color on that, please?

首先，這種解釋是否正確？如果是這樣，為什麼會這樣？這可能是您業務的一個功能，業務的地理性質現在與過去不同嗎？是不是有些業務提前到了上半年？你能給我們更多的顏色嗎？

Yes, this is Eric. I'll be happy to talk to that. I mean the fact is we are in a supply-constrained environment. So customers would be happy to get more potentially, but we're working through our supply chain and growing its capability throughout the year. And so it's not a typical demand profile that you might see. This is really a function of how much we can get out right now.

是的，這是埃里克。我很樂意與之交談。我的意思是事實是我們處於供應受限的環境中。因此，客戶會很高興獲得更多的潛力，但我們正在努力完善我們的供應鏈，並在全年提高其能力。因此，這不是您可能會看到的典型需求概況。這實際上是我們現在可以退出多少的函數。

Maybe just to talk to the full year guide I gave as well. Yes, a couple of things to add. One is, keep in mind, this is a first look, so -- and the first half of the view is obviously a lot clearer, Chris, than the back half. And we're -- I think that's just the nature of providing a high-level view.

也許只是為了與我提供的全年指南交談。是的，有幾件事要補充。一個是，請記住，這是第一眼，所以 - 視圖的前半部分顯然比後半部分清晰得多，克里斯。我們 - 我認為這只是提供高級視圖的本質。

There are obviously a lot of positive factors going into the year. Demand is firm. It's more of a supply-constrained environment. And the growth drivers in the business are intact, with the near-term exception of infrastructure, as we've discussed.

今年顯然有很多積極因素。需求堅挺。這更像是一個供應受限的環境。正如我們所討論的那樣，業務的增長動力完好無損，除了基礎設施的近期例外。

You've got the economic recoveries underway, but we know how quickly that can turn. And then there's just pockets of supply chain risks, which we're managing very well, but acknowledging that they're there. So I just want that to be clear in this initial look.

經濟正在復蘇，但我們知道復甦的速度有多快。然後就是一些供應鏈風險，我們管理得很好，但承認它們的存在。所以我只想在最初的外觀中清楚這一點。

The second thing on the guide is just talking about maybe giving a bit of shape to it, and specifically September. Yes, September quarter looks firm as well, expect revenue to be up probably around $50 million or so sequentially versus our June guide. The gross margin, we see increasing being between 51%, 52%, so increasing 100, 150 basis points, probably closer to 150 basis points as we see it now.

指南中的第二件事就是談論可能給它一些形狀，特別是九月。是的，9 月季度看起來也很堅挺，預計與我們 6 月的指南相比，收入可能環比增長 5000 萬美元左右。我們看到毛利率在 51%、52% 之間增加，因此增加 100、150 個基點，可能接近我們現在看到的 150 個基點。

And we'll give more -- oh, and one last thing, OpEx, we see going up about $10 million sequentially. And again, that's some salary increases plus the addition of NextInput, and then just increased investments in our other growth opportunities and recent acquisitions. We'll give more color through the quarter or on our next earnings call.

我們會提供更多 - 哦，最後一件事，OpEx，我們看到連續增加約 1000 萬美元。再一次，這是一些加薪加上 NextInput 的增加，然後只是增加了對我們其他增長機會和最近收購的投資。我們將在本季度或下一次財報電話會議上提供更多顏色。

All right. That's very helpful. I'm glad we got that in before the call ended as well. But just to follow up, if it sounds like supply constraints are a factor that potentially could affect the revenue as you go through the year, could you give us some sense of kind of timing and magnitude of getting more supply out there? And I guess the trick is getting the supply out in time for your customers' launch schedules.

好的。這很有幫助。我很高興我們在電話結束前也收到了。但只是跟進一下，如果聽起來供應限制是一個可能影響你全年收入的因素，你能給我們一些關於獲得更多供應的時間和規模的感覺嗎？我想訣竅是及時為客戶的發布計劃提供供應。

Chris, this is Bob. And obviously, quite challenging to even define that. I think we've given you a pretty good view, as Mark has already outlined, somewhat of a profile of the year, along with what we're thinking for the year.

克里斯，這是鮑勃。顯然，即使定義它也非常具有挑戰性。正如 Mark 已經概述的那樣，我認為我們已經為您提供了一個非常好的觀點，在某種程度上概述了這一年，以及我們對這一年的想法。

It is dynamic. And collectively, we all spend a lot of time with our customers working through their other constraints so that they can complete their bill of materials. So there's a lot of churn in our business as we -- they figure out what they can get from certain suppliers, we adjust what we can make. And there's just a tremendous amount going on out there. And to really size that and let you know dollar-wise would be quite not really useful, in my mind, because if we could produce more, they may not want it because they can get it from someone else.

它是動態的。總的來說，我們都花了很多時間與我們的客戶一起解決他們的其他限制，以便他們能夠完成他們的材料清單。所以我們的業務中有很多流失，因為我們 - 他們弄清楚他們可以從某些供應商那裡得到什麼，我們調整我們可以製造的東西。那裡發生了很多事情。在我看來，真正確定它的規模並讓你知道在美元方面並不是很有用，因為如果我們能生產更多，他們可能不想要它，因為他們可以從別人那裡得到它。

So we gave you what we believe is an unconstrained view of -- excuse me, a different way, a constrained view of what we think we can get and support, along with what our customers can get. And we're in almost daily communications with them. So I feel good about the outlook that Mark's provided.

因此，我們為您提供了我們認為不受約束的觀點——對不起，一種不同的方式，我們認為我們可以獲得和支持的內容以及我們的客戶可以獲得的內容的約束視圖。我們幾乎每天都與他們聯繫。所以我對 Mark 提供的前景感到滿意。

And just one, I need to make one correction, Chris. I made a mistake here and I just want to make sure it's clear before the call is up. Our actual sequential will be up between $100 million and $150 million, actually, going June to September. So just not $50 million, as I mentioned. But between $100 million and $150 million. So I'm sorry about that. And hopefully, that clears that up.

只有一個，我需要做一個更正，克里斯。我在這裡犯了一個錯誤，我只是想在通話結束之前確保一切都清楚。實際上，從 6 月到 9 月，我們的實際序列將增加 1 億到 1.5 億美元。因此，正如我提到的那樣，不是 5000 萬美元。但在 1 億到 1.5 億美元之間。所以我很抱歉。希望這能解決這個問題。

And this concludes today's question-and-answer session. I would now like to turn it over to management for any closing remarks.

今天的問答環節到此結束。我現在想將其轉交給管理層以作任何結束語。

Thank you for joining us this evening. Qorvo will be presenting at multiple investor conferences in the coming weeks, and we invite you to listen in.

感謝您今晚加入我們。 Qorvo 將在未來幾週內出席多個投資者會議，我們誠邀您聆聽。

Thanks again, and have a good night.

再次感謝，祝你有個美好的夜晚。

Thank you, ladies and gentlemen, for your participation in today's teleconference. You may now disconnect.

女士們，先生們，感謝你們參加今天的電話會議。您現在可以斷開連接。