科沃 (QRVO) 2021 Q3 法說會逐字稿

Good day, and welcome to the Qorvo, Inc.

美好的一天，歡迎來到 Qorvo, Inc.

Q3 2021 Conference Call.

2021 年第三季度電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations.

此時，我想將會議轉交給投資者關係副總裁 Douglas DeLieto。

Please go ahead.

請繼續。

Thanks, James.

謝謝，詹姆斯。

Thanks very much, everybody.

非常感謝大家。

Welcome to Qorvo's Fiscal 2021 Third Quarter Earnings Conference Call.

歡迎參加 Qorvo 2021 財年第三季度收益電話會議。

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.

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.

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。

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.

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.

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。

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.

如需 GAAP 與非 GAAP 財務指標的完整對照，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 the call over to Bob.

有了這個，我會把電話轉給鮑勃。

Thank you, Doug, and thanks to everyone for joining our call.

謝謝你，道格，感謝大家加入我們的電話會議。

Qorvo exceeded our third fiscal quarter guidance on revenue, gross margin and EPS.

Qorvo 在收入、毛利率和每股收益方面超出了我們第三財季的指導。

Our performance was supported by multiyear technology upgrade cycles and was broad-based across markets and customers.

我們的業績得到了多年技術升級週期的支持，並且在市場和客戶中具有廣泛的基礎。

The Qorvo team is executing very well and we are pleased with our operating performance.

Qorvo 團隊執行得非常好，我們對我們的經營業績感到滿意。

The growth drivers in Qorvo's markets are supported by durable long-term trends.

Qorvo 市場的增長動力得到持久的長期趨勢的支持。

In smartphones, 5G units are set to approximately double year-over-year.

在智能手機中，5G 單元將同比增長約一倍。

5G also presents opportunities beyond smartphones, with advanced network capabilities for more data, lower latency and machine-to-machine communications.

5G 還提供了智能手機以外的機會，它具有先進的網絡功能，可提供更多數據、更低的延遲和機器對機器的通信。

We expect our technologies will be increasingly critical to cloud gaming, connected car, industrial IoT, remote medicine, smart homes and other growth categories.

我們預計我們的技術將對雲遊戲、聯網汽車、工業物聯網、遠程醫療、智能家居和其他增長類別越來越重要。

In Wi-Fi, we are early in the rollout of Wi-Fi 6 and industry analysts expect rapid adoption to continue.

在 Wi-Fi 方面，我們處於 Wi-Fi 6 推出的早期階段，行業分析師預計將繼續快速採用。

Our next-generation front-end modules and BAW-based filtering products are optimized for higher frequency and wider bandwidths of Wi-Fi 6 and 6E, enabling faster upload and download speeds, increasing capacity and improving efficiency.

我們的下一代前端模塊和基於 BAW 的濾波產品針對 Wi-Fi 6 和 6E 的更高頻率和更寬帶寬進行了優化，可實現更快的上傳和下載速度，增加容量並提高效率。

Across our markets, complexity is increasing as functionality is added within shrinking form factors while more demanding next-generation specifications must be met.

在我們的市場中，隨著功能在不斷縮小的外形尺寸中增加，複雜性也在增加，同時必須滿足要求更高的下一代規範。

This is favoring higher performance, more densely integrated system solutions from proven suppliers with large-scale manufacturing expertise.

這有利於來自具有大規模製造專業知識的成熟供應商的更高性能、更密集集成的系統解決方案。

Take, for example, the migration to dual-transmit architectures beginning in the premium tier of smartphones for 5G.

以 5G 高端智能手機開始向雙傳輸架構的遷移為例。

Dual-transmit architectures require integrated transmit and receive filtering in the traditional receive-only diversity path.

雙傳輸架構需要在傳統的僅接收分集路徑中集成傳輸和接收過濾。

This requires better performing, more functionally dense solutions, making high-performance BAW multiplexing a proven differentiator.

這需要性能更好、功能更密集的解決方案，使高性能 BAW 多路復用成為經過驗證的差異化因素。

Industry analysts estimate there were over 250 million 5G phones sold in 2020.

行業分析師估計，2020 年 5G 手機銷量超過 2.5 億部。

For 2021, we forecast approximately 500 million 5G phones.

到 2021 年，我們預測大約有 5 億部 5G 手機。

Within these phones, the front-end content is increasing $5 to $7 versus 4G, including in the mid-tier, where content can approximately double.

在這些手機中，前端內容與 4G 相比增加了 5 到 7 美元，包括在中端，內容大約翻了一番。

The addition of 5G is driving a shift from discrete products to higher-value content, including our highly integrated solutions.

5G 的加入正在推動從離散產品向更高價值內容的轉變，包括我們高度集成的解決方案。

For the 5G reference designs ramping now, Qorvo was the first to integrate filters, switching, power amps, LNAs and CMOS control in fully shielded compact solutions.

對於現在不斷湧現的 5G 參考設計，Qorvo 率先在全屏蔽緊湊型解決方案中集成了濾波器、開關、功率放大器、LNA 和 CMOS 控制。

In doing so, we address customer size, performance and time-to-market challenges.

在此過程中，我們解決了客戶規模、性能和上市時間方面的挑戰。

Demand has been strong for these complete main path solutions, and customers are increasingly sourcing all 3, including the low, mid-high and ultra-high band placements.

對這些完整的主路徑解決方案的需求一直很強勁，客戶越來越多地採購所有 3 種解決方案，包括低、中高和超高頻段佈局。

When combined with our PMICs, tuners, antennaplexers and dual connectivity modules, Qorvo offers customers a compact front-end solution with minimal placements delivering world-class performance.

當與我們的 PMIC、調諧器、天線復用器和雙連接模塊結合使用時，Qorvo 為客戶提供緊湊的前端解決方案，以最少的佈局提供世界一流的性能。

As a result, we enjoy increasingly collaborative relationships with our customers.

因此，我們與客戶的合作關係越來越密切。

During the quarter, we were recognized by 2 leading Android manufacturers with highly selective annual awards.

在本季度，我們獲得了 2 家領先的 Android 製造商的高度選擇性年度獎項的認可。

Qorvo was the sole RF supplier to win Vivo's Excellent Quality Award for 2020.

Qorvo 是唯一一家獲得 Vivo 2020 年度卓越品質獎的射頻供應商。

And we were the sole electronics supplier to win Oppo's esteemed Joint Development Award.

我們是唯一一家獲得 Oppo 聯合開發獎的電子產品供應商。

We're extremely proud of both honors.

我們為這兩項榮譽感到無比自豪。

As I referenced earlier, during the quarter, we increased shipments of our complete main path solutions across the leading 5G basebands.

正如我之前提到的，在本季度，我們增加了領先 5G 基帶的完整主路徑解決方案的出貨量。

We also secured new design wins for our next-generation complete main path solutions in support of upcoming Android 5G launches.

我們還贏得了下一代完整主路徑解決方案的新設計，以支持即將推出的 Android 5G。

For the diversity path, we launched our first generation of dual connectivity module for the mid- and high bands and commenced shipments to the leading Android smartphone manufacturer.

對於多元化路徑，我們推出了第一代中高頻段雙連接模塊，並開始向領先的 Android 智能手機製造商出貨。

We also released a next-generation BAW process, which reduces insertion loss, increases bandwidth in ultra-high band and Wi-Fi 6E applications.

我們還發布了下一代 BAW 工藝，可降低插入損耗，增加超高頻段和 Wi-Fi 6E 應用中的帶寬。

In mobile Wi-Fi, we began production shipments of our Wi-Fi 6E solutions to top Android OEMs, increasing capacity and lowering latency in a range of smartphones and mobile devices.

在移動 Wi-Fi 方面，我們開始向頂級 Android OEM 生產出貨我們的 Wi-Fi 6E 解決方案，從而提高了一系列智能手機和移動設備的容量並降低了延遲。

In Ultra-Wideband, we extended our capabilities to include open, fully supported system solutions, enabling ultra-precision location applications in mobile, IoT and automotive markets.

在超寬帶領域，我們擴展了我們的能力以包括開放的、完全支持的系統解決方案，從而在移動、物聯網和汽車市場中實現超精確定位應用。

During the quarter, we increased our Ultra-Wideband customer engagements in a broadening range of consumer applications, including tracker tags, smart speakers, smart TVs and other smart home appliances.

本季度，我們在更廣泛的消費應用領域增加了超寬帶客戶的參與度，包括跟踪器標籤、智能揚聲器、智能電視和其他智能家電。

Customers and channel partners are evaluating a broad range of applications, and we continue to believe Ultra-Wideband adoption in smartphones will be the catalyst for a growing ecosystem of connected devices.

客戶和渠道合作夥伴正在評估廣泛的應用程序，我們仍然相信智能手機中超寬帶的採用將成為互聯設備生態系統不斷發展的催化劑。

We see Ultra-Wideband proliferating quickly and representing an exciting opportunity for Qorvo.

我們看到超寬帶正在迅速普及，這對 Qorvo 來說是一個令人興奮的機會。

In IDP, we're very proud to have been selected by the National Institutes of Health for its Rapid Acceleration of Diagnostics initiative, or RADx, to add COVID-19 testing capacity.

在 IDP 中，我們非常自豪地被美國國立衛生研究院選中用於其快速加速診斷計劃 (RADx)，以增加 COVID-19 測試能力。

In this program, we will use our Omnia test platform, a complete test solution enabled by Qorvo's high-frequency BAW.

在此計劃中，我們將使用我們的 Omnia 測試平台，這是一個由 Qorvo 的高頻 BAW 支持的完整測試解決方案。

This platform is currently pending Emergency Use Authorization from the Food and Drug Administration.

該平台目前正在等待美國食品藥品監督管理局的緊急使用授權。

Qorvo's antigen testing has demonstrated high levels of sensitivity and specificity in clinical studies.

Qorvo 的抗原測試在臨床研究中展示了高水平的敏感性和特異性。

That means it's capable of producing accurate results with very low levels of false readings.

這意味著它能夠以非常低的錯誤讀數水平產生準確的結果。

We believe this BAW sensor technology may be able to deliver a new approach to diagnostic testing, ultimately providing central lab testing accuracy at the point of care.

我們相信這種 BAW 傳感器技術可能能夠提供一種新的診斷測試方法，最終在護理點提供中央實驗室測試的準確性。

Elsewhere in IDP, we continue to support a broad range of multiyear trends, including 5G, Wi-Fi 6 and 6E, GaN defense, radar and comms, programmable power management, C-V2X, automotive Wi-Fi and Ultra-Wideband.

在 IDP 的其他地方，我們繼續支持廣泛的多年趨勢，包括 5G、Wi-Fi 6 和 6E、GaN 防禦、雷達和通信、可編程電源管理、C-V2X、汽車 Wi-Fi 和超寬帶。

Our team has done an outstanding job developing products and ramping production to support initial 5G base station deployments in Asia.

我們的團隊在開發產品和提高產量以支持亞洲最初的 5G 基站部署方面做得非常出色。

Today, we are in the early stages of multiyear rollouts and we have strong momentum as 5G continues to deploy.

今天，我們正處於多年推出的早期階段，隨著 5G 的繼續部署，我們擁有強勁的勢頭。

We've been selected by multiple OEMs to supply GaN PAs in addition to our small signal components and modules, and we see the focus on power consumption, bandwidth and higher frequencies supporting the continued migration to GaN PAs.

除了我們的小信號組件和模塊之外，我們還被多家 OEM 選中來提供 GaN PA，我們看到了對功耗、帶寬和更高頻率的關注，支持繼續向 GaN PA 遷移。

During the quarter, Qorvo secured design wins with multiple base station OEMs to support 5GC band in the U.S. for which the spectrum auctions are in the process and initial deployments are expected later this year.

在本季度，Qorvo 贏得了多家基站 OEM 的設計訂單，以支持美國的 5GC 頻段，頻譜拍賣正在進行中，預計將在今年晚些時候進行初步部署。

We also received the Best Comprehensive Performance Award from ZTE, recognizing our 5G portfolio and customer support during the initial rollout of 5G base stations.

我們還獲得了中興通訊頒發的最佳綜合性能獎，以表彰我們在 5G 基站首次推出期間的 5G 產品組合和客戶支持。

In defense, we achieved strong growth in domestic radar and communications applications and game defense products for international radar programs.

國防方面，我們在國內雷達和通信應用以及國際雷達項目的遊戲防禦產品方面取得了強勁增長。

In connectivity, we ramped shipments of our 5 GHz Wi-Fi 6 BAW filters and sampled our 6 GHz Wi-Fi 6E front-end modules for routers and gateways, maximizing throughput and range for high-bandwidth applications such as video conferencing and online gaming.

在連接方面，我們增加了 5 GHz Wi-Fi 6 BAW 濾波器的出貨量，並對用於路由器和網關的 6 GHz Wi-Fi 6E 前端模塊進行了抽樣，最大限度地提高了視頻會議和在線遊戲等高帶寬應用的吞吐量和範圍.

Demand for our Wi-Fi 6 solutions has been strong across MSOs and retail segments.

MSO 和零售部門對我們的 Wi-Fi 6 解決方案的需求一直很強勁。

And we see continued strength as Wi-Fi 6 deployments are still in the early phases.

我們看到持續的強勁勢頭，因為 Wi-Fi 6 部署仍處於早期階段。

In the connected car, we were selected to supply 5G LTE, C-V2X and Wi-Fi automotive qualified products to multiple OEMs, including Audi, BMW and Volvo.

在車聯網方面，我們被選中為包括奧迪、寶馬和沃爾沃在內的多家原始設備製造商提供 5G LTE、C-V2X 和 Wi-Fi 汽車合格產品。

In low-power wireless, Qorvo was selected to supply the leading television manufacturer our low-power multi-protocol SoC and custom software, enabling a solar charging remote control.

在低功耗無線領域，Qorvo 被選中為領先的電視製造商提供我們的低功耗多協議 SoC 和定制軟件，從而實現太陽能充電遙控器。

Before handing the call over to Mark, I want to say a word about Qorvo's workforce.

在將電話轉給 Mark 之前，我想談談 Qorvo 的員工隊伍。

The team delivered an outstanding performance in the December quarter.

該團隊在 12 月季度表現出色。

They adapted quickly in a dynamic environment and helped support exceptional results.

他們在動態環境中迅速適應並幫助支持卓越的結果。

I'm extremely proud of their responsiveness and dedication to our customers' success.

我為他們對客戶成功的響應和奉獻感到非常自豪。

As 5G, Wi-Fi 6 and 6E, Ultra-Wideband and other connectivity protocols are rolled out globally, Qorvo is well positioned to delight customers and expand our technology reach.

隨著 5G、Wi-Fi 6 和 6E、超寬帶和其他連接協議在全球範圍內的推出，Qorvo 已準備好取悅客戶並擴大我們的技術範圍。

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 third quarter was $1.095 billion, $35 million above the midpoint of our guidance, up 26% or $226 million versus last year and up approximately 11% sequentially, adjusting for the 14-week September quarter.

Qorvo 在 21 財年第三季度的收入為 10.95 億美元，比我們的指引中點高出 3500 萬美元，比去年增長 26% 或 2.26 億美元，比上一季度增長約 11%，針對為期 14 週的 9 月季度進行調整。

As a reminder, our fiscal year 2021 is a 53-week fiscal year, and the September quarter was a 14-week quarter versus a typical 13-week quarter.

提醒一下，我們的 2021 財年是一個 53 週的財年，9 月季度是一個 14 週的季度，而典型的 13 周季度。

In the December quarter, Mobile Products drove the sequential growth, with revenue of $826 million on seasonal demand effects and the ramp of higher content 5G smartphones.

在 12 月季度，移動產品推動了環比增長，由於季節性需求影響和更高內容的 5G 智能手機的增長，收入為 8.26 億美元。

Infrastructure and Defense Products revenue of $269 million was up 30% versus last year on robust Wi-Fi demand and double-digit growth from defense, Programmable Power Management and IoT markets.

基礎設施和國防產品收入為 2.69 億美元，比去年增長 30%，這得益於強勁的 Wi-Fi 需求以及國防、可編程電源管理和物聯網市場的兩位數增長。

Non-GAAP gross margin in the third quarter was 54.4%, which was above our guidance due to better-than-expected volumes, price and mix and lower-than-expected manufacturing and inventory costs.

第三季度非美國通用會計準則毛利率為 54.4%，高於我們的指引，原因是銷量、價格和產品組合好於預期，且製造和庫存成本低於預期。

The combination of strong end market demand and our ongoing efforts to improve the portfolio, drive productivity and carefully manage inventories yielded record results.

強勁的終端市場需求與我們不斷努力改善產品組合、提高生產力和謹慎管理庫存相結合，取得了創紀錄的成果。

Non-GAAP operating expenses in the third quarter were better than expected at $194 million and 17.7% of sales, largely due to timing on development programs.

第三季度非美國通用會計準則運營費用為 1.94 億美元，佔銷售額的 17.7%，好於預期，這主要是由於開發計劃的時間安排。

As a result, we forecast OpEx to pick up in the March quarter to levels previously guided.

因此，我們預測 OpEx 將在 3 月季度回升至之前指導的水平。

Non-GAAP net income in the third quarter was $357 million, and diluted earnings per share of $3.08 was $0.43 above the midpoint of our guidance.

第三季度非 GAAP 淨收入為 3.57 億美元，攤薄後每股收益 3.08 美元，比我們指引的中點高出 0.43 美元。

Cash flow from operations in the third quarter was $404 million and CapEx was $36 million, yielding free cash flow of $368 million and free cash flow margin of 33.6%.

第三季度運營現金流為 4.04 億美元，資本支出為 3600 萬美元，產生的自由現金流為 3.68 億美元，自由現金流利潤率為 33.6%。

We repurchased $160 million of shares during the quarter.

我們在本季度回購了 1.6 億美元的股票。

As discussed on the last earnings call, we retired our 2026 notes during the quarter.

正如在上次財報電話會議上討論的那樣，我們在本季度淘汰了 2026 年的票據。

We also called the remaining 2025 notes.

我們還調用了剩餘的 2025 年票據。

We ended the quarter with $1.7 billion of debt and $1.2 billion of cash.

我們以 17 億美元的債務和 12 億美元的現金結束了本季度。

Our leverage remains low, our revolver is untapped.

我們的槓桿率仍然很低，我們的左輪手槍尚未動用。

The weighted average maturity of our debt is late 2029 and we have no material near-term maturities.

我們債務的加權平均到期日為 2029 年底，我們沒有重大的短期到期債務。

With our financial flexibility, we can focus on developing technology, supporting customers and making prudent organic and inorganic investments that support long-term earnings and free cash flow growth.

憑藉我們的財務靈活性，我們可以專注於開發技術、支持客戶以及進行審慎的有機和無機投資，以支持長期收益和自由現金流增長。

To that end, we continue to advance our BAW, SAW, GaN, GaAs, packaging and other core technologies and fund UWB, Programmable Power Management, biotechnologies, MEMS and other promising areas.

為此，我們繼續推進我們的 BAW、SAW、GaN、GaAs、封裝和其他核心技術，並資助 UWB、可編程電源管理、生物技術、MEMS 和其他有前途的領域。

Turning to our current quarter outlook.

轉向我們當前的季度展望。

We expect revenue between $1.025 billion and $1.055 billion, non-GAAP gross margin of 50.5% to 51% and non-GAAP diluted earnings per share of $2.42 at the midpoint of guidance.

我們預計收入在 10.25 億美元至 10.55 億美元之間，非 GAAP 毛利率在 50.5% 至 51% 之間，非 GAAP 攤薄後每股收益在指引中點為 2.42 美元。

Our March quarter outlook reflects sustained broad customer demand stemming from multiyear technology upgrade cycles.

我們的 3 月季度展望反映了多年技術升級週期帶來的持續廣泛的客戶需求。

In mobile, demand for 5G is adding RF complexity and driving higher content.

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。

The breadth of our customer base and firm demand signals provide confidence and stability in our outlook.

我們廣泛的客戶群和堅定的需求信號為我們的前景提供了信心和穩定性。

We forecast mobile revenue in the current quarter to be approximately $770 million at the midpoint or up over 35% year-over-year.

我們預測本季度的移動收入中值約為 7.7 億美元，同比增長超過 35%。

In IDP, we project revenue of approximately $270 million in the current quarter, sustaining strong double-digit growth driven by Wi-Fi 6 demand and other markets, even as 5G infrastructure build-outs remain uneven.

在 IDP 方面，我們預計本季度收入約為 2.7 億美元，在 Wi-Fi 6 需求和其他市場的推動下保持強勁的兩位數增長，即使 5G 基礎設施建設仍然不平衡。

Our March quarter gross margin guide is in line with the gross margin outlook discussed on our last earnings call and up over 100 basis points year-over-year at the midpoint.

我們的 3 月季度毛利率指南與我們在上次財報電話會議上討論的毛利率前景一致，並且在中點同比增長超過 100 個基點。

Non-GAAP operating expenses are projected to increase in the March quarter to around $207 million.

非 GAAP 運營費用預計將在 3 月季度增加至約 2.07 億美元。

At the midpoint of our March quarter guidance, operating margin is forecasted to be over 30.5% for the third consecutive quarter.

根據我們 3 月份季度指引的中點，營業利潤率預計將連續第三個季度超過 30.5%。

Our operating margin outlook for the year is 31.5% at the midpoint, clearing the lower end of the margin model we laid out previously.

我們今年的營業利潤率展望中點為 31.5%，清除了我們之前製定的利潤率模型的下限。

Qorvo was built for the integration of advanced technology trends critical to customer success in 5G and other growth markets.

Qorvo 旨在整合對客戶在 5G 和其他增長市場取得成功至關重要的先進技術趨勢。

With broad and robust end market growth, we're now leveraging a more focused footprint.

隨著廣泛而強勁的終端市場增長，我們現在正在利用更集中的足跡。

Our product portfolio is better matched to customer needs and our culture of continuous improvement is thriving.

我們的產品組合更好地滿足了客戶的需求，我們持續改進的文化正在蓬勃發展。

We project our current quarter and full year non-GAAP tax rate to be below 7.9%.

我們預計當前季度和全年的非 GAAP 稅率將低於 7.9%。

With our year-to-date earnings and March quarter EPS guide, our fiscal '21 EPS estimate is over $9.40 per share at the midpoint or up nearly 50% year-over-year.

根據我們年初至今的收益和 3 月季度每股收益指南，我們的 21 財年每股收益預期中點超過 9.40 美元，同比增長近 50%。

Capital expenditures will step up in the March quarter as we work to intersect near-term demand and support long-term supply agreements with multiple customers.

隨著我們努力滿足近期需求並支持與多個客戶的長期供應協議，資本支出將在 3 月季度增加。

We still forecast CapEx to remain below $200 million or less than 5% of sales in fiscal '21.

我們仍然預測 21 財年資本支出將保持在 2 億美元以下或不到銷售額的 5%。

Currently, we project free cash flow of approximately $1 billion this fiscal year.

目前，我們預計本財年的自由現金流約為 10 億美元。

As the December quarter results and our March quarter outlook show, Qorvo continues to operate well through a challenging period while delivering premium technology to a broad spectrum of customers in 5G, Wi-Fi, IoT, defense and other growth markets.

正如 12 月季度業績和我們 3 月季度展望所示，Qorvo 在充滿挑戰的時期繼續保持良好運營，同時為 5G、Wi-Fi、物聯網、國防和其他增長市場的廣泛客戶提供優質技術。

In closing, I'd like to join Bob in thanking Qorvo employees again for their continued efforts during this time.

最後，我想和 Bob 一起再次感謝 Qorvo 員工在此期間的不懈努力。

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 today from Gary Mobley with Wells Fargo Securities.

（操作員說明）今天，我們將從富國銀行證券公司的加里·莫布里 (Gary Mobley) 那裡回答我們的第一個問題。

Congrats on a strong quarter and outlook.

祝賀強勁的季度和前景。

I wanted to first point out your strong relative performance to the rest of the smartphone market in your Mobile business, calling out what appears to be 11% to 12% growth in that business for calendar year 2020 even after adjusting out for the extra week.

我想首先指出您的移動業務相對於其他智能手機市場的強勁相對錶現，即使在調整了額外的一周後，該業務在 2020 日曆年的增長率似乎仍為 11% 至 12%。

And of course, I think it's a backdrop of a declining smartphone market.

當然，我認為這是智能手機市場下滑的背景。

So my question is, to what extent was that driven by 5G content growth?

所以我的問題是，這在多大程度上是由 5G 內容增長驅動的？

To what extent is it driven by overall market share?

它在多大程度上受整體市場份額的驅動？

And how does -- how do those variables impact your outlook relative to the smartphone market in calendar year 2021?

這些變量如何影響您對 2021 日曆年智能手機市場的展望？

Thanks, Gary.

謝謝，加里。

That's a good question.

這是個好問題。

I'll go ahead and let Eric address that.

我會繼續讓埃里克解決這個問題。

Thank you for your compliments.

謝謝你的讚美。

Sure.

當然。

Yes.

是的。

As Mark had said in his opening comments, Qorvo was built for 5G.

正如 Mark 在開場白中所說，Qorvo 是為 5G 打造的。

I think the complexity of the RF front-end and the new handsets is driving a need for integration, which just naturally drives towards our strengths, given that we have all the leading technologies in-house.

我認為 RF 前端和新手機的複雜性正在推動對集成的需求，這自然會推動我們的優勢，因為我們擁有所有內部領先技術。

And I think the team has done a really good job of bringing the right technologies to maturity in time and then integrating very well and building the right relationships with all of our customers to help them achieve their goals with what they're trying to do with their products as well.

而且我認為該團隊做得非常好，及時將正確的技術成熟，然後很好地集成並與我們所有的客戶建立正確的關係，以幫助他們實現他們正在嘗試做的目標他們的產品也是如此。

So it's coming together really well.

所以它真的很好地結合在一起。

We've got the tailwinds of the content growth, and it's not, by any means, over.

我們得到了內容增長的順風，而且無論如何都沒有結束。

As you know, we're in the very early innings, and we've got new generations of virtually all of our technologies coming out throughout this year to get even stronger as we enter next year.

如您所知，我們正處於早期階段，我們在今年全年推出了幾乎所有技術的新一代產品，在我們進入明年時會變得更加強大。

Okay.

好的。

I had a follow-up question for Mark.

我有一個跟進問題要問馬克。

Hopefully, at some point in this calendar year, we'll all be resuming our normal activities in traveling for work and whatnot.

希望在這個日曆年的某個時候，我們都能恢復正常的工作旅行等活動。

And with that in mind, how should we think about your OpEx progression when we start moving more freely?

考慮到這一點，當我們開始更自由地行動時，我們應該如何考慮您的運營支出進展？

And in what ways have you benefited?

您在哪些方面受益？

In what ways might it step up at some point?

它可能會在某個時候以何種方式加強？

Yes, Gary.

是的，加里。

We've obviously incurred some additional costs.

我們顯然已經產生了一些額外費用。

There are some inefficiencies as everyone is experiencing.

每個人都在經歷一些效率低下的問題。

But as you know, everyone is also benefiting from less travel, which can be material.

但正如您所知，每個人都從減少旅行中受益，這可能是物質上的。

So a lot of it sort of washes out.

所以很多東西都被洗掉了。

I think as we look forward and as we've talked about over the years, we're going to continue to work to get the best operating leverage we can.

我認為，正如我們期待的那樣，正如我們多年來所討論的那樣，我們將繼續努力獲得我們所能獲得的最佳運營槓桿。

And we're running at about 20% of sales OpEx for a year.

我們一年的運營支出約為銷售運營支出的 20%。

We would expect next year to be at that -- those levels and maybe slightly below.

我們預計明年會達到那個水平——可能會略低於這些水平。

We're never going to be the lowest OpEx company in the space because as you heard, we're -- the DNA of this company is innovation, so we're going to likely be several points higher than what I would call best-in-class as it relates to just costs.

我們永遠不會成為該領域運營成本最低的公司，因為正如你所聽到的，我們是——這家公司的 DNA 是創新，所以我們可能會比我認為最好的高出幾個百分點——在課堂上，因為它只涉及成本。

So I think that's what you can look forward to as we go forward on an annual basis.

所以我認為這是你可以期待的，因為我們每年都在前進。

Next, we'll hear from Craig Hettenbach with Morgan Stanley.

接下來，我們將聽取摩根士丹利的 Craig Hettenbach 的意見。

I just had a question on the smartphone market overall that Mark, you made a comment about firm demand signals.

我剛剛有一個關於智能手機市場整體的問題，馬克，你對堅定的需求信號發表了評論。

We know broadly, capacity has been pretty tight.

我們普遍知道，產能一直很緊張。

And so just what are some of the things you're looking at in terms of monitoring those demand signals?

那麼，在監控這些需求信號方面，您正在關注的是什麼？

And how much also does the step-up in 5G kind of help in driving that growth?

5G 的升級在多大程度上有助於推動這種增長？

Yes, Craig, maybe I'll start.

是的，克雷格，也許我會開始。

We've got very -- as I mentioned, very firm demand signals.

正如我提到的，我們有非常堅定的需求信號。

Pricing is a bit firmer than normal as a result.

因此，定價比正常情況要堅挺一些。

And we see -- out to the June quarter, I'd say we're pretty confident.

我們看到 - 到 6 月季度，我會說我們非常有信心。

And we'll see how demand shakes out post Chinese New Year.

我們將看到農曆新年過後需求如何動搖。

But demand signals are strong and the channel's very healthy.

但需求信號強勁，渠道非常健康。

And as you can see, our inventory levels are very good.

正如您所看到的，我們的庫存水平非常好。

We spend a lot of time -- fortunately for us, we've got a very broad customer base.

我們花了很多時間——對我們來說幸運的是，我們擁有非常廣泛的客戶群。

So -- and given our position in the market, so we see the space across customers and products and -- have very good visibility.

所以 - 鑑於我們在市場中的地位，所以我們看到了客戶和產品的空間 - 具有非常好的知名度。

So it's -- it explains why very early last year, we called 250 million 5G handsets and that's about where the number ended up.

所以它 - 它解釋了為什麼去年年初，我們調用了 2.5 億部 5G 手機，這就是這個數字的最終結果。

Further, we not only use our rigorous internal assessments but we use external views to balance that and we make the best call we can.

此外，我們不僅使用嚴格的內部評估，而且使用外部觀點來平衡它，我們會做出最好的決定。

We were about 3% off on this particular quarter but we're generally close.

我們在這個特定的季度有大約 3% 的折扣，但我們通常很接近。

And so we feel good about the guide we have in the March quarter, [10 40].

因此，我們對我們在 3 月季度 [10 40] 的指南感到滿意。

And then we would think that we'd be somewhere near 1 billion if markets hold up in the June quarter.

然後我們認為，如果市場在 6 月季度保持堅挺，我們將接近 10 億美元。

Got it.

知道了。

Appreciate that color.

欣賞那種顏色。

And then just as a follow-up, with Decawave on board for a few quarters now, I'd just love to get your thoughts in terms of how that acquisition is playing out.

然後作為後續行動，現在 Decawave 已經加入了幾個季度，我很想听聽你對這次收購的進展情況的看法。

I know it's mostly design stage today.

我知道今天主要是設計階段。

But relative to the reason to kind of buy that and the market opportunity, just what you're seeing.

但相對於購買它的原因和市場機會，正是你所看到的。

And what are some of the milestones to keep in mind for Ultra-Wideband as we go through the year?

在我們度過這一年的過程中，超寬帶要牢記哪些里程碑？

This is Eric.

這是埃里克。

I'll be happy to take that.

我很樂意接受。

We're thrilled so far with the integration of the team and the response from customers as well.

到目前為止，我們對團隊的整合以及客戶的反應感到非常興奮。

It's playing out at least as good or better than we had hoped.

它的表現至少和我們希望的一樣好或更好。

They're the pioneers of the technology and just a fantastic organization for design and development.

他們是技術的先驅，也是設計和開發的絕佳組織。

We're bringing the scale and the customer relationships to really take it to the top tier.

我們正在將規模和客戶關係真正帶到頂級。

So we've got -- and then of course, the acquisition of 7Hugs to give the entire software stack has been a huge addition as well that's helping us.

所以我們已經 - 當然，收購 7Hugs 以提供整個軟件堆棧也是一個巨大的補充，這也對我們有所幫助。

So all that's working really well.

所以這一切都運作良好。

We're continuing to invest and hire more and critical resources that are enablers to cover all the opportunities.

我們將繼續投資和僱用更多關鍵資源，這些資源是涵蓋所有機會的推動者。

But one of the things that has happened since we closed the acquisition nearly a year ago now is just much more interaction with the mobile handset providers.

但自從我們將近一年前完成收購以來發生的事情之一就是與手機供應商的互動更多了。

Of course, that's the channel that we bring.

當然，這是我們帶來的渠道。

Everyone is looking to put this UWB into the next generations of handsets so we're seeing the uptake we're expecting.

每個人都希望將這種 UWB 應用到下一代手機中，因此我們看到了我們所期待的應用。

And then a lot of people are lining up with devices that are going to talk to those handsets as well, right?

然後很多人都在排隊等待與這些手機通話的設備，對吧？

So a lot of consumer electronics, smart home and so forth devices that we're talking to.

我們正在與之交談的許多消費電子產品、智能家居等設備。

And then the base of the revenue today is industrial IoT basically, and that's continuing to grow and perform at least as well as what we had expected.

然後今天的收入基礎基本上是工業物聯網，並且它正在繼續增長並且表現至少與我們預期的一樣。

And then we'll have auto coming in on top of all of that so we're engaged as well with all the leading auto manufacturers.

然後我們將讓汽車成為最重要的，所以我們也與所有領先的汽車製造商合作。

So it's a lot.

所以很多。

We've got a lot going on, but the design activity, the reception is strong and really, I think, adding the software stack to the equation just really takes it to another level in terms of what we're going to be able to do for the industry.

我們進行了很多工作，但設計活動、接受度很高，而且我認為，將軟件堆棧添加到等式中確實將它帶到了另一個層次，我們將能夠做到為行業做。

We'll now hear from Karl Ackerman with Cowen.

我們現在將聽取 Karl Ackerman 和 Cowen 的意見。

I have 2. First, just on gross margins.

我有2個。首先，就毛利率而言。

I understand that volumes are working against you in March but mix does not appear to be a factor.

我知道 3 月份的交易量對你不利，但混合似乎不是一個因素。

And so I guess, are there competitive factors at play or maybe other manufacturing costs that I'm not fully appreciating that is influencing your outlook?

所以我想，是否有競爭因素在起作用，或者我沒有完全意識到的其他製造成本正在影響您的前景？

Yes.

是的。

So Karl, this is Mark.

卡爾，這是馬克。

The outlook is basically on top of what I talked about last quarter.

前景基本上是在我上個季度談到的之上。

So we've become pretty good at being able to forecast where we're going to be.

所以我們已經非常擅長預測我們將要去的地方。

Now I think we got to acknowledge that we missed by quite a margin this December quarter.

現在我認為我們必須承認我們在這個 12 月的季度中以相當大的差距錯過了。

So I think you need to understand that in order to understand the March quarter.

所以我認為你需要了解這一點才能了解三月季度。

So the March quarter really isn't a surprise where it's landing.

因此，三月季度的著陸點真的不足為奇。

It's more of the December quarter was much stronger than we expected.

12 月季度的表現比我們預期的要強得多。

And we're really pleased about the December quarter.

我們對 12 月季度感到非常高興。

I want that to be clear.

我想說清楚。

We've talked about our approach over the years and what we're striving to do about investing in technology, actively working the portfolio, driving productivity, exercising capital discipline.

多年來，我們一直在談論我們的方法，以及我們在技術投資、積極工作投資組合、提高生產力、行使資本紀律方面正在努力做的事情。

And the December quarter shows what's possible with the business.

12 月季度顯示了業務的可能性。

And it's years of hard work.

而且是多年的努力。

It's just excellent execution by the team.

這只是團隊出色的執行力。

And it's those things intersecting with favorable market conditions.

正是那些與有利的市場條件相交的事情。

So just about -- a lot went right in the December quarter and the result is that 54.4%.

所以大約 - 在 12 月這個季度有很多事情是正確的，結果是 54.4%。

So volumes were stronger, and more importantly, stronger than we expected.

因此，銷量比我們預期的要強勁，更重要的是，比我們預期的要強勁。

And the outlook stayed strong, so that helps us sustain loadings and the associated fixed cost absorption.

而且前景依然強勁，因此這有助於我們維持負荷和相關的固定成本吸收。

Spend control remains excellent, which is especially noteworthy, given the tough operating environment that our operations team has to work with.

考慮到我們的運營團隊必須應對的艱難運營環境，支出控制仍然非常出色，這一點尤其值得注意。

I mentioned earlier, the pricing environment is a bit, I guess, more favorable than normal.

我之前提到過，我想定價環境比正常情況更有利。

The market's tight.

市場緊俏。

We're doing the best we can to serve customers and the time that they're expecting us to get them product.

我們正在盡最大努力為客戶提供服務，並在他們期望我們為他們提供產品的時間裡提供服務。

And then mix, we continue to move towards integrated modules and that's helping us greatly.

然後混合，我們繼續轉向集成模塊，這對我們有很大幫助。

And our particular advantage in mid, high-band and BAW-related integrated products is pulling in some other integrated modules into wins.

而我們在中高頻段和BAW相關集成產品方面的獨特優勢是拉動其他一些集成模塊取得勝利。

So we're benefiting greatly there.

所以我們在那裡受益匪淺。

And then we've got, of course, other highly differentiated products that are helping.

當然，我們還有其他有幫助的高度差異化產品。

And then there are another -- a number of other favorable items in the quarter, favorable yields.

然後還有另一個 - 本季度的許多其他有利項目，有利的收益率。

We had lower inventory charges than we expected and a number of other items.

我們的庫存費用和許多其他項目比我們預期的要低。

Again, generally, things went the right way.

同樣，一般來說，事情進展順利。

As we look forward to the March quarter, we do expect gross margin to drop to about where I said.

當我們期待三月季度時，我們確實預計毛利率會下降到我所說的水平。

We guided to 50.5% to 51% today.

今天我們指導了 50.5% 到 51%。

That's up 100 basis points year-over-year, which is what we've been striving to do is show margin expansion but we're down sequentially due to a number of factors.

這比去年同期上升了 100 個基點，這是我們一直在努力做的是顯示利潤率擴張，但由於多種因素，我們連續下降。

We're trying to keep inventories low so that will keep a check on absorption.

我們正在努力保持低庫存，以便檢查吸收情況。

We're ramping some lower-margin products to [Cantley].

我們正在向 [Cantley] 提供一些利潤率較低的產品。

We're just still working down the cost curve on those.

我們只是仍在努力降低這些成本曲線。

They're important longer term.

從長遠來看，它們很重要。

But that -- some of those products are coming into the March quarter, and then that actually continues on into the June quarter.

但是，其中一些產品將進入 3 月季度，然後實際上會持續到 6 月季度。

And there are some other mix dynamics as well, including some -- less defense in the March quarter and some other things.

還有一些其他的混合動力，包括一些——三月季度的防守減少和其他一些事情。

And then we just can't assume that all these other things go our way as they did in the December quarter.

然後我們就不能假設所有這些其他事情都像他們在 12 月季度那樣按照我們的方式進行。

We had -- the pricing environment may probably turn to a more normal state.

我們有 - 定價環境可能會轉向更正常的狀態。

The inventories -- write-offs will probably be more normal and we've assumed that.

庫存——註銷可能會更正常，我們已經假設了這一點。

So we feel good about the -- about what we did, comfortable with the guide we have and I'll leave it at that.

因此，我們對我們所做的事情感到滿意，對我們擁有的指南感到滿意，我將就此結束。

Very helpful, Mark.

很有幫助，馬克。

For my follow-up, with results and an outlook this strong that you've just described, the elephant in the room is about sustainability, with some investors arguing that this is a peak.

對於我的後續行動，你剛才描述的結果和前景如此強勁，房間裡的大像是關於可持續性的，一些投資者認為這是一個高峰。

But I'm not asking you to discuss your peers, but it would be very helpful if you could share your perspective whether your order book is outstripping your ability to supply near term.

但我不是要你討論你的同行，但如果你能分享你的觀點，你的訂單是否超過了你近期的供應能力，那將是非常有幫助的。

And then second, how you are managing the demand pull from multiple customers across multiple markets because as you described, there appear to be quite many of them across both smartphones and IDP with Wi-Fi 6. So if you could discuss those, that would be very helpful.

其次，你如何管理來自多個市場的多個客戶的需求拉動，因為正如你所描述的，智能手機和 IDP 中似乎有相當多的 Wi-Fi 6 需求。所以如果你可以討論這些，那將很有幫助。

Karl, this is Bob.

卡爾，這是鮑勃。

I'll do my best to answer your question because as usual, it's not as simple as what many people from externally believe when you're working in the business.

我會盡力回答你的問題，因為像往常一樣，當你在公司工作時，它並不像許多外部人士所相信的那麼簡單。

Number one, yes, there is tightness in the supply chain.

第一，是的，供應鏈緊張。

I think it's quite well-known in the industry that silicon is constrained, whether that's in the communications industry or automotive.

我認為業界眾所周知，矽是受限的，無論是在通信行業還是汽車行業。

So in many ways, that is a governor on what's going on in this situation.

所以在很多方面，這是在這種情況下發生的事情的州長。

We've been very fortunate that our team has excellent relationships and agreements with our suppliers externally and feel pretty good about how we've done that.

我們非常幸運，我們的團隊與外部供應商有著良好的關係和協議，並且對我們如何做到這一點感到非常滿意。

And I'm quite confident we left some revenue on the -- out there for us still to get.

而且我非常有信心我們留下了一些收入 - 我們仍然可以獲得。

But Mark mentioned in his opening comments that we've been getting long-term agreements with our customers, so that they feel pretty confident in their demand.

但馬克在開場白中提到，我們一直在與客戶達成長期協議，因此他們對自己的需求非常有信心。

And when we do our market model, which Mark also talked about, and we feel we have a pretty good handle on the market based on our comments all the way through last year, that many people believed that it was not going to be turning out the way we projected in just the number of 5G handsets.

當我們做我們的市場模型時，馬克也談到了這一點，我們覺得根據我們去年的評論，我們對市場有很好的把握，很多人認為它不會變成這樣我們僅預測 5G 手機數量的方式。

So when we look at our market models, the orders we already have, the migration, as you've already commented on 5G more than doubling, looking at Wi-Fi, looking at Wi-Fi 6, pod in every room going from 2 streams to 3 streams, that being 2.45 for communicating to the client and then for the backhaul using a third stream, which adds a lot of content, if it's 8 channels feeding it back to the main access point.

因此，當我們查看我們的市場模型、我們已經擁有的訂單、遷移時，正如您已經評論的那樣，5G 增加了一倍以上，查看 Wi-Fi，查看 Wi-Fi 6，每個房間的 pod 從 2流到 3 個流，即 2.45 用於與客戶端通信，然後使用第三個流進行回程，這增加了很多內容，如果它是 8 個通道將其反饋回主接入點。

So when we integrate all this and look at our customer orders, we feel pretty good about the commitments they're making to us.

因此，當我們整合所有這些並查看我們的客戶訂單時，我們對他們對我們做出的承諾感到非常滿意。

And I want to remind everyone, the sudden change at Huawei who was not using best-in-class components.

我想提醒大家，華為突然發生了變化，沒有使用一流的組件。

As you guys remember, we talked a lot about how that they started to -- and rightfully so, because of the U.S. government tried to use local sources while the people that are picking up their share are using best-in-class components, which is what we said Huawei would have done if it was available to them.

正如你們所記得的，我們談了很多關於他們是如何開始的——這是理所當然的，因為美國政府試圖使用本地資源，而那些獲得份額的人正在使用一流的組件，這就是我們說的，如果華為可以做到，他們就會這樣做。

So when we look at everything that's going on, as Mark said, we feel good.

因此，正如馬克所說，當我們看到發生的一切時，我們感覺很好。

We can already comment on June, which he did.

我們已經可以對 June 發表評論，他也這樣做了。

So I think as we lay out the year, we'll see how sell-through is in Chinese New Year and all those conditions in the pandemic and the vaccination, but we feel good about what we're communicating today, very good about it.

因此，我認為在我們規劃這一年時，我們將看到農曆新年的銷售情況以及大流行和疫苗接種中的所有這些情況，但我們對今天所傳達的內容感覺良好，非常好.

Toshiya Hari with Goldman Sachs has our next question.

高盛的 Toshiya Hari 有我們的下一個問題。

Congratulations on the strong results and the strong outlook.

祝賀您取得了出色的成績和強勁的前景。

Maybe first one for Eric.

也許是 Eric 的第一個。

And I guess, Bob, you sort of kind of addressed this in your response to the prior question.

我想，鮑勃，你在回答之前的問題時有點解決了這個問題。

But just curious, how are you guys thinking about seasonality in your Mobile business?

但很好奇，你們如何看待移動業務的季節性？

It's clearly a very odd year with supply constraints and new products being introduced later than usual and other moving parts.

顯然，今年是非常奇怪的一年，供應受限，新產品的推出時間比往常晚，而且還有其他活動部件。

But to the extent you can comment, how are you thinking about -- I mean, March, obviously, you're thinking better than seasonal for your Mobile business, but what about June and potentially September?

但就您可以發表評論的程度而言，您是如何考慮的——我的意思是，顯然，對於您的移動業務來說，3 月比季節性更好，但是 6 月和可能的 9 月呢？

And then I've got a quick follow-up.

然後我有一個快速的跟進。

Right, right.

是的是的。

Yes.

是的。

As you pointed out -- yes, as you pointed out, the March seasonality clearly is muted from normal.

正如您所指出的 - 是的，正如您所指出的那樣，三月的季節性顯然與正常情況相比有所減弱。

And to Bob's point, it's really going to depend upon supply in the near term, not just our own through our supply chain network but the rest of the bill of material that our customers have to get.

就 Bob 的觀點而言，這實際上將取決於近期的供應，不僅是我們自己通過供應鍊網絡提供的供應，還有我們客戶必須獲得的其餘材料清單。

So it's really going to be sort of a demand -- or excuse me, a supply limited climate, at least for the next few quarters.

所以這真的是一種需求——或者對不起，供應有限的氣候，至少在接下來的幾個季度是這樣。

And then once things are fully opened up again, we're extremely bullish about the opportunity, of course, for 5G to take off.

然後，一旦事情再次完全開放，我們當然非常看好 5G 騰飛的機會。

And so that's why we still think, even in the worst case, we'll see 5G double this year.

所以這就是為什麼我們仍然認為，即使在最壞的情況下，我們今年也會看到 5G 數量翻一番。

Got it.

知道了。

And then as my follow-up on gross margins, Mark, great job in December.

然後作為我對毛利率的後續行動，馬克，12 月份的工作做得很好。

To your point, you've got multiple moving parts, and I guess, margins can be very lumpy on a quarter-to-quarter basis.

就你的觀點而言，你有多個移動部件，我想，每個季度的利潤率可能會非常不穩定。

But when you think about calendar '21 in its entirety or maybe fiscal '22, I realize it's kind of early, but how are you thinking about gross margins?

但是當你考慮整個 21 年日曆或 22 年財政年度時，我意識到這有點早，但你如何考慮毛利率？

It's pretty clear that structurally and through cycle, you're doing a lot better.

很明顯，在結構上和整個週期中，你做得更好。

But can we sort of extrapolate the trajectory that you've been on?

但是我們可以推斷出你的軌跡嗎？

Or are you sort of approaching peak-ish kind of levels as it relates to gross margins?

或者你是否接近與毛利率相關的峰值水平？

Yes, Toshi.

是的，東施。

It's this time of year because we're a March fiscal, we sort of get these calendar '21 or calendar year fiscal -- next fiscal year questions, so I appreciate that.

每年的這個時候，因為我們是 3 月份的財政年度，我們得到了這些日曆 '21 或日曆年財政年度 - 下一個財政年度的問題，所以我很感激。

And as you say, it's a bit early so we expect to provide more details on our next earnings call, when we'll wrap up fiscal '21 and start fiscal '22.

正如你所說，現在有點早，所以我們希望在下一次財報電話會議上提供更多細節，屆時我們將結束 21 財年並開始 22 財年。

But maybe before I get into gross margin or margins overall, maybe just talk a little bit about fiscal '22.

但也許在我進入毛利率或整體利潤率之前，也許只是談談 22 財年。

As we sit here today, for the most part, demand's firm, as Bob and Eric have talked about.

正如我們今天坐在這裡，在大多數情況下，需求是堅挺的，正如鮑勃和埃里克所說的那樣。

Our business is broad and you see that reflected in the December results, March quarter guide.

我們的業務範圍很廣，您會在 12 月的業績和 3 月的季度指南中看到這一點。

And then we all know that the markets that we serve, 5G, Wi-Fi, defense, IoT, other markets, we obviously expect those to grow multiyear.

然後我們都知道，我們服務的市場，5G、Wi-Fi、國防、物聯網和其他市場，我們顯然預計這些市場會多年增長。

We believe that Qorvo's technology and products and our ongoing customer engagement positions us really well in those markets.

我們相信，Qorvo 的技術和產品以及我們持續的客戶參與讓我們在這些市場中處於非常有利的地位。

So we've talked about feeling very comfortable about the June quarter, as Eric just mentioned, kind of more of a supply constraint situation than demand constraints we see at this point.

因此，正如 Eric 剛才提到的，我們已經談到了對 6 月季度感到非常滿意，這更多的是供應限制情況，而不是我們目前看到的需求限制。

We're reasonably confident for a near $1 billion quarter.

我們對接近 10 億美元的季度有相當的信心。

And again, we'll see what happens on the other side of Lunar New Year and keep watching the channels but keep an eye on it.

再一次，我們將看到農曆新年的另一邊會發生什麼，並繼續關注頻道，但要密切關注它。

On the rest of the P&L, as you can imagine, while the rest of the year, and certainly, the rest of the P&L, it's just a lot more difficult to give anything.

在剩下的損益表中，正如你可以想像的那樣，在今年剩下的時間裡，當然，在剩下的損益表中，給出任何東西要困難得多。

We're in our planning cycle now.

我們現在正處於計劃週期中。

There's just a number of factors.

只有幾個因素。

What happens to the outlook, the effect on loadings and absorption, mix effects in the business yields, inventory, so forth.

前景會發生什麼，對裝載和吸收的影響，對業務收益率、庫存等的混合影響。

And then just on the OpEx side, investments we want to make in the future.

然後在運營支出方面，我們希望在未來進行投資。

So any number of factors are going to impact the results and we just need to finish the planning.

因此，許多因素都會影響結果，我們只需要完成計劃即可。

We've given a March guide and we've given a June revenue guide or revenue indication, supply constrained.

我們已經給出了 3 月份的指南，我們已經給出了 6 月份的收入指南或收入指示，供應受限。

I think on the June quarter, we actually see margins going down a bit.

我認為在 6 月季度，我們實際上看到利潤率有所下降。

We actually see the June quarter gross margin below 50%.

我們實際上看到 6 月季度的毛利率低於 50%。

We see operating margin below 30%.

我們認為營業利潤率低於 30%。

And again, that's price, mix, cost factors.

再一次，這是價格、組合、成本因素。

But I would say for the year, we still expect, clearly, operating margins to be above 30%.

但我想說的是，對於今年，我們顯然仍然預計營業利潤率將超過 30%。

We cleared that this year.

我們今年清除了它。

We're committed to continue to work to expand operating margins.

我們致力於繼續努力擴大營業利潤率。

And I think we'll say that for this call and provide more detail on the next call.

我想我們會在這次電話會議上這樣說，並在下一次電話會議上提供更多細節。

Next, we'll hear from Edward Snyder with Charter Equity Research.

接下來，我們將聽取 Charter Equity Research 的 Edward Snyder 的意見。

Eric, you're shipping a lot of main path modules, tuners, I guess, some ET and a one-off Receive DRx.

Eric，你運送了很多主路徑模塊、調諧器，我猜，一些 ET 和一次性接收 DRx。

Are you in production on antennaplexers now?

您現在正在生產天線復用器嗎？

And when do you expect to be in productions on Transmit DRx?

你預計什麼時候參與 Transmit DRx 的製作？

And secondarily, was the Transmit DRx part of your $5 to $7 TAM increase for 5G for yourself or for the industry?

其次，傳輸 DRx 是您自己或整個行業為 5G 增加的 5 美元到 7 美元 TAM 的一部分嗎？

Or is it going to be incremental to those numbers?

或者它會增加這些數字嗎？

And if I could, James, it sounds like infrastructure is cooling again a bit.

如果可以的話，James，聽起來基礎設施再次冷卻了一點。

I'm particularly curious about the build-out.

我對擴建特別好奇。

There's been a lot of feedback that China is slowing because they go to the rural areas, and the U.S. has not quite picked up yet.

有很多反饋說中國正在放緩，因為他們去了農村地區，而美國還沒有完全回升。

Is that kind of the trend you're seeing here?

你在這裡看到的是那種趨勢嗎？

And if so, do you anticipate when the U.S. starts building out C-band?

如果是這樣，您預計美國何時開始建設 C 波段？

Are they going to be using a lot of GaN or do you think they'll -- GaN or MIMO actually and see if -- or will we expect to see kind of a little bit of a hole form?

他們會使用大量的 GaN，還是您認為他們會——實際上是 GaN 或 MIMO，看看是否——或者我們是否會期望看到一些孔形式？

Okay.

好的。

This is Eric.

這是埃里克。

I'll go first.

我先走了

And we're actually in production already with both of the categories.

我們實際上已經在生產這兩個類別。

You mentioned antennaplexers with multiple customers, and we expect, of course, that portfolio to continue to grow out.

您提到了擁有多個客戶的天線復用器，我們當然希望該產品組合繼續增長。

And we've got multiple generations of BAW in process right now to continue driving those over the next couple of years.

我們現在正在進行多代 BAW，以在未來幾年繼續推動它們。

And then the -- as you called it, TX DRx, it's what we call the dual connect modules.

然後 - 正如您所說的那樣，TX DRx，這就是我們所說的雙連接模塊。

And we've referenced dual connect modules in some of our discussions.

我們在一些討論中提到了雙連接模塊。

There's a marquee Korean handset that's launched recently.

最近推出了一款大牌韓國手機。

You'll find we're providing the dual connect module capability there.

您會發現我們在那裡提供雙連接模塊功能。

So to your point, that's real exciting because it gets us into that diversity path, which typically has been RX-only.

因此，就您的觀點而言，這真的很令人興奮，因為它讓我們進入了通常僅 RX 的多樣性路徑。

It's typically been SAW filters and heavily competitive.

它通常是 SAW 濾波器並且競爭激烈。

We've -- with this year, looking at multiple TX channels at warrants, you're looking at BAW filter content and the higher frequency range.

我們已經 - 今年，在認股權證中查看多個 TX 通道，您正在查看 BAW 濾波器內容和更高的頻率範圍。

So it's a really interesting new category that's emerging and we're happy to be leading off with it.

所以這是一個非常有趣的新興類別，我們很高興能夠引領它。

Yes, this is James.

是的，這就是詹姆斯。

Our base station business is on a pace to set all-time record for physical revenue for the year.

我們的基站業務有望創下今年實物收入的歷史新高。

So we'll be up about 60% full year over full year with the guide that we provided today.

因此，根據我們今天提供的指南，我們全年增長了約 60%。

It was driven mainly by strength in deployments in Asia and the adoption of massive MIMO antennas where GaN has been selected many, many times over LDMOS.

這主要是由亞洲部署的優勢和大規模 MIMO 天線的採用所推動的，其中 GaN 被選擇了很多次，而不是 LDMOS。

And of course, we've been able to support many of the major frequency bands that have been rolled out in China.

當然，我們已經能夠支持在中國推出的許多主要頻段。

Looking ahead, I think you're pretty close.

展望未來，我認為你已經很接近了。

Deployments will slow during the first half of the calendar year, and then we expect those to start to accelerate in the second half.

日曆年上半年的部署將放緩，然後我們預計這些將在下半年開始加速。

And additionally, with the C-band auctions nearly complete in the U.S., we do expect deployments to start later in the year, and we do expect those to include both massive MIMO antennas and GaN power amplifiers.

此外，隨著美國的 C 波段拍賣接近完成，我們預計部署將在今年晚些時候開始，我們預計這些部署將包括大規模 MIMO 天線和 GaN 功率放大器。

And then obviously, we're in the early stages of 5G deployment, and we expect those deployments to continue both in China and around the world as we go through the next several years.

顯然，我們正處於 5G 部署的早期階段，我們預計未來幾年這些部署將在中國和世界各地繼續進行。

We'll now hear from Harsh Kumar with Piper Sandler.

我們現在將聽到 Harsh Kumar 和 Piper Sandler 的對話。

Congratulations.

恭喜。

Solid results, solid guide, so we appreciate the execution.

可靠的結果，可靠的指導，所以我們感謝執行。

There's been no normal in this year with respect to revenue and seasonality, but I think your guide for March is less seasonal than a typical March.

今年在收入和季節性方面並不正常，但我認為您的 3 月指南不如典型的 3 月季節性。

I was curious if you could point to the factors maybe relative to what you guys are assuming for China in March versus U.S. business.

我很好奇你能否指出這些因素可能與你們在 3 月份對中國與美國企業的假設有關。

That was question number one.

這是第一個問題。

I had another one.

我有另一個。

Yes.

是的。

Thanks, Harsh.

謝謝，苛刻。

I mean typical seasonality, as you know, is the IDP business roughly flat.

我的意思是，如您所知，典型的季節性是 IDP 業務大致持平。

That's roughly what we guided.

我們大致就是這樣指導的。

The mobile business seasonally down.

移動業務季節性下降。

We're not going to break it out in geographies or customers.

我們不會在地理區域或客戶中打破它。

But obviously, our Mobile business is not going to be off as much as normal.

但顯然，我們的移動業務不會像往常一樣停滯不前。

I think we do know the timing of marquee phones has maybe shifted a little bit from prior years, and then layering on top of that, the China business is doing well.

我想我們確實知道大屏幕手機的發佈時間可能與往年相比有所不同，除此之外，中國業務表現良好。

And like we said in our comments already answering questions, we'll see how Chinese New Year goes.

就像我們在已經回答問題的評論中所說的那樣，我們將看看農曆新年的情況。

But that's the way I'd like to answer that.

但這就是我想回答的方式。

That's fair.

這還算公平。

And you guys, in your press release, had a comment on low band, mid-band, ultra-high band and Android and the wins you guys are seeing.

你們在新聞稿中對低頻段、中頻段、超高頻段和 Android 以及你們看到的勝利發表了評論。

I was curious if you could elaborate what kind of phones you're seeing this in, and if you expect this kind of functionality to make it to mid-end 5G phones by some point in 2021 this year.

我很好奇您是否可以詳細說明您在哪種手機中看到了這種功能，以及您是否希望這種功能能夠在今年 2021 年的某個時候出現在中端 5G 手機上。

Yes.

是的。

So Harsh, this is Eric.

太苛刻了，這是埃里克。

In fact, primarily, we are shipping these into 5G phones today.

事實上，我們今天主要是將它們運送到 5G 手機中。

As 4G became more complex over the past couple of years, the move towards integration began to take off.

隨著 4G 在過去幾年變得越來越複雜，整合的趨勢開始興起。

And then when 5G emerged, there really was no looking back for our customers that are bringing out new high-performance handsets.

然後當 5G 出現時，我們的客戶真的沒有回頭，他們推出了新的高性能手機。

So a lot of the main path, including ultra-high band, the low-band and the mid-high band, we're selling fully integrated modules, in many cases, all of them into the same handset to support the 5G ramps right now.

所以很多主要路徑，包括超高頻段、低頻段和中高頻段，我們正在銷售完全集成的模塊，在許多情況下，所有這些模塊都集成到同一部手機中以支持 5G ramps right現在。

Our next question will come from Raji Gill with Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Raji Gill。

Congrats as well on the great momentum.

也祝賀勢頭強勁。

Just a question, again, on the infrastructure.

再次只是關於基礎設施的問題。

You guys really had kind of strong dominance in GaN base stations and have kind of been riding that wave.

你們確實在 GaN 基站領域擁有強大的主導地位，並且一直在引領潮流。

Wanted to get your update on GaN proliferation across the other base station vendors outside of, say, ZTE in China, what the adoption rate is outside of that customer?

想要了解 GaN 在中國以外的其他基站供應商擴散的最新情況，例如中國的中興通訊，該客戶以外的採用率是多少？

And how do you think about the competitive landscape?

您如何看待競爭格局？

It does appear that one of your other competitors on the LDMOS side are starting to ramp their GaN solution.

看起來你們在 LDMOS 方面的其他競爭對手之一正在開始提升他們的 GaN 解決方案。

I'm wondering how we think about those dynamics as we go into the second half of next -- of this year and going to next year as well.

我想知道在我們進入明年下半年和明年的下半年時，我們如何看待這些動態。

Yes.

是的。

Thanks for the question, Raji.

謝謝你的問題，拉吉。

We -- this is James.

我們——這是詹姆斯。

We're definitely engaged across really all of the major OEMs and what most would consider even Tier 2 OEMs with GaN programs and being incorporated into both macro and massive MIMO antennas.

我們肯定參與了所有主要的 OEM 以及大多數人甚至會考慮採用 GaN 計劃並被納入宏和大規模 MIMO 天線的二級 OEM。

And we've got production shipments that have occurred into numerous of those OEMs.

我們已經收到了許多 OEM 的生產出貨。

So I would say adoption is pretty broad across the industry.

所以我想說整個行業的採用都非常廣泛。

And we're obviously very bullish about our technology.

我們顯然非常看好我們的技術。

We've got a tremendous amount of products.

我們有大量的產品。

I think last time I counted, we have over 200 products that are released in our GaN technology covering a broad range of frequencies and markets and everything like that.

我想我上次統計的時候，我們有 200 多種產品採用我們的 GaN 技術發布，涵蓋廣泛的頻率和市場以及類似的一切。

We've been in GaN for well over 20 years and continue to focus on developing the technology and bringing new capabilities in and really focused on scale and cost.

我們在 GaN 領域已有 20 多年的歷史，並繼續專注於開發技術和引入新功能，並真正關注規模和成本。

So I'm certainly very confident about where we stand with the technology and excited about all the markets that are adopting it going forward.

因此，我當然對我們在技術方面的立場非常有信心，並對未來採用它的所有市場感到興奮。

So I think long term, it's going to continue to be a great thing for IDP and for the company.

所以我認為從長遠來看，這對 IDP 和公司來說將繼續是一件好事。

For my follow-up, regarding RF content increases, last year, there was a significant increase from 4G.

對於我的後續行動，關於 RF 內容的增加，去年，4G 有顯著增加。

Wondering how you're thinking about the content increases this year as there are more 5G smartphones in the marketplace.

想知道您如何看待今年隨著市場上有更多 5G 智能手機而增加的內容。

So the upgrade cycle is still strong but it's coming off a little bit of a higher base.

因此，升級週期仍然很強勁，但它的基數有所上升。

So how do we think about the RF content gains and from a dollar perspective year-over-year, say, versus -- 2020 versus 2019?

那麼，我們如何看待 RF 內容的增長，以及從美元的角度來看，與去年同期相比，比方說，2020 年與 2019 年相比？

So at the -- I assume you're referring to the smartphone space, right, the mobile space, yes?

所以在 - 我假設你指的是智能手機空間，對，移動空間，是嗎？

Smartphone, yes.

智能手機，是的。

Yes.

是的。

So in terms of 4G to 5G transition, no real change in the outlook.

因此，就 4G 到 5G 的過渡而言，前景沒有真正的變化。

As Mark said, I think, or Bob at the beginning, we said across tiers anywhere from $5 to $7 worth of additional content when you take a 4G phone and then make it 5G-capable.

正如馬克所說，我想，或者一開始鮑勃說的，當你拿一部 4G 手機然後讓它支持 5G 時，我們說跨層價值從 5 美元到 7 美元不等的額外內容。

We think that's holding out this year as well.

我們認為今年也是如此。

And so the main difference is you'll have another 250 million handsets or so layered on to the TAM versus what we had this year.

因此，主要區別在於，與我們今年的情況相比，您將有另外 2.5 億部手機分層到 TAM 上。

But no change in the actual 5G adder that we're forecasting.

但我們預測的實際 5G 加法器沒有變化。

Our final question will come from Bill Peterson with JPMorgan.

我們的最後一個問題將來自摩根大通的比爾彼得森。

Nice job on the quarterly execution and guide.

在季度執行和指導方面做得很好。

First question for Eric in Mobile.

Eric 在 Mobile 中的第一個問題。

You mentioned that you have the new dual transmit.

你提到你有新的雙傳輸。

I wonder how the design win pipeline is beyond this customer, how should we think about this being proliferated across the mobile ecosystem?

我想知道設計獲勝管道是如何超越這個客戶的，我們應該如何看待它在整個移動生態系統中的擴散？

And additionally, for Mobile, you've talked about antennaplexing, less spoken about Decawave today but there's other drivers too in the business.

此外，對於 Mobile，您已經談到了天線復用，今天很少談到 Decawave，但業務中還有其他驅動因素。

I'm hoping you can help break these in terms of the opportunities you see as we look out through the year.

我希望你能幫助打破這些，在我們展望全年時看到的機會。

Right, right.

是的是的。

So when we look at just the coming year, if you will, it's going to be highly leveraged towards BAW-based products.

因此，當我們只看來年時，如果您願意的話，它將高度利用基於 BAW 的產品。

In particular, our R&D team is bringing us fresh technology on a regular cadence now, we're taking that into highly differentiated discretes as we talked about with antennaplexers.

特別是，我們的研發團隊現在正定期為我們帶來新技術，正如我們談到天線復用器時，我們正在將其應用到高度差異化的分立器件中。

But then also those can help make multiplexers as well that sell not only in discrete but enable these highly integrated modules.

但這些也可以幫助製造多路復用器，不僅可以分立銷售，還可以啟用這些高度集成的模塊。

So we're going to be focusing on places where we can take that BAW technology and leverage it into larger modules to a large extent, and then continuing to really leverage our franchise around the antenna.

因此，我們將專注於可以採用 BAW 技術並在很大程度上將其用於更大模塊的地方，然後繼續真正利用我們在天線方面的專營權。

We are clear leaders at helping our customers manage their antenna networks, whether it's tuning or we've got impedance tuning, we have aperture tuning.

在幫助我們的客戶管理他們的天線網絡方面，我們是明顯的領導者，無論是調諧還是我們有阻抗調諧，我們有孔徑調諧。

We have the antennaplexing that we've talked about.

我們有我們已經討論過的天線復用。

And it's getting to be more and more of a problem for our customers as new GPS bands and new bands are added in C-band and CBRS spectrum and so forth.

隨著新的 GPS 頻段和新頻段被添加到 C 頻段和 CBRS 頻譜等，這對我們的客戶來說越來越成為一個問題。

So there's a lot of work around that antenna, and we've got a lot of very unique capability to bring technology but also modeling and app support there.

所以圍繞天線有很多工作，我們有很多非常獨特的能力來帶來技術，還有建模和應用程序支持。

So these are large opportunities for us in the near term, really leveraged on the complexity of 5G and our basket of technologies, which is broad and unequaled in a lot of ways.

因此，這些在短期內對我們來說是巨大的機會，真正利用了 5G 的複雜性和我們的技術籃子，這些技術在很多方面都是廣泛且無與倫比的。

The UWB, we look at, is more of a driver in the next 2 years to 3 years, really, where it begins to get to the scale because we're starting very, very low now, of course, as an industry, and just beginning to take off.

我們認為，UWB 在未來 2 到 3 年更像是一個驅動力，真的，它開始達到規模，因為我們現在起步非常非常低，當然，作為一個行業，而且剛剛開始起飛。

But no question in our mind, that's going to be a large driver.

但毫無疑問，在我們看來，這將是一個很大的驅動力。

If you look out 2 to 3 years from now, it's going to be a big part of our business.

如果你展望未來 2 到 3 年，它將成為我們業務的重要組成部分。

And then secondly for James, and just apologies, it's somewhat of a multi-part question.

其次，對於 James，我很抱歉，這是一個由多個部分組成的問題。

But first, unpacking the near term, you've called for, I guess, a flat guide.

但首先，打開近期包裝，我猜你需要一個平面指南。

And I think earlier, you mentioned defense down and maybe weakness in infrastructure.

我想早些時候，你提到了防禦下降以及基礎設施方面的薄弱環節。

So what's growing?

那麼什麼在增長？

Is it automotive and Wi-Fi?

是汽車和 Wi-Fi 嗎？

What's directionally growing?

什麼是定向增長？

And then if we think about the full year or fiscal year, should we still think of the market environment as a 10% to 15% grower?

然後，如果我們考慮全年或財政年度，我們是否仍應將市場環境視為 10% 至 15% 的增長者？

And I guess within that, should we still think of GaN as outgrowing that trend based on what you're seeing as infrastructure and defense kind of returns to growth as we move through the year?

我想，在這一年中，我們是否仍應根據您所看到的基礎設施和國防類型的增長回報，認為 GaN 的增長超過了這一趨勢？

Yes.

是的。

Thanks, Bill.

謝謝，比爾。

As far as current quarter we're in, a lot of strengths going to the quarter.

就我們所在的本季度而言，本季度有很多優勢。

Certainly, as Bob talked about, defense will be off a bit.

當然，正如鮑勃所說，防守會有所下降。

But our Wi-Fi business is growing very nicely.

但我們的 Wi-Fi 業務增長非常好。

Our Power Management business is also growing very nicely, and several of the other markets like our broadband business as well.

我們的電源管理業務也發展得非常好，其他幾個市場也喜歡我們的寬帶業務。

So quite a few of the underlying markets driving the business.

因此，相當多的基礎市場推動了業務發展。

And if you kind of look history for the first 3 months of the year compared to those same 3 months of last year, we're up almost 47%, I think.

如果你看看今年前三個月與去年同期相比的歷史，我認為我們上漲了近 47%。

And almost all of those underlying businesses are up double digits.

幾乎所有這些基礎業務都增長了兩位數。

So we've got a lot of strengths.

所以我們有很多優勢。

We ebb and flow a bit as we go for quarters -- through each quarter.

隨著我們進入季度 - 通過每個季度，我們會有點潮起潮落。

But I would say, pretty significant strength in our Wi-Fi business as Wi-Fi 6 continues to roll out.

但我要說的是，隨著 Wi-Fi 6 的不斷推出，我們的 Wi-Fi 業務實力相當強勁。

As far as long term, I'm still very confident of the underlying trends in the business, and we'll have some unevenness as we go quarter-to-quarter.

就長期而言，我仍然對業務的潛在趨勢非常有信心，而且隨著我們逐季進行，我們會有一些不平衡。

But the things like the adoption of GaN and the proliferation of massive MIMO, the rollout of 5G and Wi-Fi 6, all those are great trends that I think will continue to allow the business to grow.

但諸如 GaN 的採用和大規模 MIMO 的普及、5G 和 Wi-Fi 6 的推出，所有這些都是我認為將繼續推動業務增長的偉大趨勢。

That will conclude today's question-and-answer session.

今天的問答環節到此結束。

I will now turn the conference over to management for any additional closing remarks.

我現在將把會議轉交給管理層，聽取任何額外的閉幕詞。

Thank you for joining us this evening.

感謝您今晚加入我們。

Qorvo will be presenting at multiple investor conferences in the coming weeks and we invite everyone to listen in.

Qorvo 將在未來幾週內出席多個投資者會議，我們邀請大家聆聽。

Thanks again, and have a good night.

再次感謝，祝你有個美好的夜晚。

That will conclude today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。