科沃 (QRVO) 2021 Q2 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. Q2 2021 Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 Qorvo, Inc. 2021 年第二季度電話會議。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 Second Quarter Earnings Conference Call.

非常感謝。大家好，歡迎參加 Qorvo 的 2021 財年第二季度收益電話會議。

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. 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.

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理層目前的預期存在重大差異。我們鼓勵您查看今天發布的收益發布中包含的安全港聲明，以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的運營和財務業績.

In today's release and on today's call, we 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 about the impact of certain noncash expenses or other items that may obscure trends in our underlying performance.

在今天的發布和今天的電話會議中，我們提供了 GAAP 和非 GAAP 財務結果。我們提供此補充信息，以使投資者能夠對經營業績進行額外比較，並分析某些非現金費用或其他可能掩蓋我們基本業績趨勢的項目的影響的財務業績。

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.

在我們的電話會議期間，我們對損益表項目的評論和比較將主要基於非公認會計原則的結果。有關 GAAP 與非 GAAP 財務指標的完全對賬，請參閱我們今天早些時候發布的收益報告，該報告可在我們的網站 qorvo.com 的“投資者”欄目中找到。

Joining us today are Bob Bruggeworth, President and CEO; Mark Murphy, Chief Financial Officer; 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集團總裁 James Klein； Qorvo 移動產品集團總裁 Eric Creviston；以及 Qorvo 管理團隊的其他成員。

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

有了這個，我會把它交給鮑勃。

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

謝謝你，道格，也感謝大家加入我們的電話。

In our second fiscal quarter, Qorvo outperformed our updated guidance on revenue, gross margin and EPS. Strength was broad-based across customers and supported by multiyear technology upgrade cycles. Both businesses had strong year-over-year growth, supported by new product launches, 5G and WiFi 6.

在我們的第二財季，Qorvo 在收入、毛利率和每股收益方面的表現優於我們更新的指引。實力在客戶中具有廣泛的基礎，並得到多年技術升級週期的支持。在新產品發布、5G 和 WiFi 6 的支持下，這兩項業務均實現了強勁的同比增長。

In Mobile Products, the transition of 5G is fueling a shift from discrete products to higher-value content, including integrated modules in flagship and mass market 5G smartphones. Driving growth, Qorvo is leveraging our deep technology portfolio and pursuing opportunities throughout the front end, at the antenna, in the main path, in the diversity path and across the frequency spectrum.

在移動產品方面，5G 的過渡正在推動從離散產品向更高價值內容的轉變，包括旗艦和大眾市場 5G 智能手機中的集成模塊。推動增長，Qorvo 正在利用我們深厚的技術組合，並在整個前端、天線、主路徑、分集路徑和整個頻譜中尋求機會。

At the antenna, the introduction of new bands and band combinations is creating significant design challenges for OEMs. Qorvo solves these challenges with a range of products, including an expanding portfolio of antennaplexers. In the September quarter, we increased volume shipments of our BAW-based antennaplexers solutions to multiple Tier 1 OEM smartphone manufacturers.

在天線方面，新頻段和頻段組合的引入給 OEM 帶來了巨大的設計挑戰。 Qorvo 通過一系列產品解決了這些挑戰，包括不斷擴大的天線復用器產品組合。在 9 月季度，我們向多家 1 級 OEM 智能手機製造商增加了基於 BAW 的天線復用器解決方案的出貨量。

In the main path, Qorvo's highly integrated 5G solutions include low-band, mid-/high-band and ultra-high-band modules. Customer design activity has been robust, and we expect our main path solutions to grow across customers as demand for integrated solutions expands throughout the high-volume mid-tier. In September, we expanded shipments of our complete main path solutions across multiple Tier 1 Android smartphone OEMs.

在主路徑上，Qorvo 高度集成的 5G 解決方案包括低頻段、中/高頻段和超高頻段模塊。客戶設計活動一直很活躍，隨著對集成解決方案的需求在大批量中端市場的擴大，我們預計我們的主要路徑解決方案將在客戶中增長。 9 月，我們在多個 1 級 Android 智能手機 OEM 中擴大了完整主路徑解決方案的出貨量。

In the diversity path, the adoption of dual transmit architectures is creating new requirements for integrated transmit and receive filtering. This is especially meaningful for Qorvo because our dual connectivity modules leverage many of the technology advantages we enjoy in the main path, including high-performance BAW multiplexing.

在分集路徑中，採用雙發射架構對集成發射和接收濾波提出了新的要求。這對 Qorvo 尤其有意義，因為我們的雙連接模塊利用了我們在主路徑中享有的許多技術優勢，包括高性能 BAW 多路復用。

We said previously, we anticipate approximately 250 million 5G smartphones in calendar '20, with that number approximately doubling in 2021, and that remains our view.

我們之前說過，我們預計 20 年日曆中將有大約 2.5 億部 5G 智能手機，到 2021 年這個數字大約會翻一番，這仍然是我們的觀點。

In ultra-wideband, we see adoption in smartphones as the catalyst for a broad ecosystem of connected devices. Similar to Bluetooth, smartphones will be the hub, connecting to multiple peripherals. The technology will enhance how we interact with our media, lighting, appliances, automobiles, digital wallets and a range of other applications in and out of the home. It will also transform how we locate equipment and production pieces on the factory floor, even how we interact with coworkers.

在超寬帶領域，我們將智能手機的採用視為連接設備廣泛生態系統的催化劑。與藍牙類似，智能手機將成為樞紐，連接多個外圍設備。該技術將增強我們與媒體、照明、電器、汽車、數字錢包以及家庭內外的一系列其他應用程序的交互方式。它還將改變我們在工廠車間定位設備和生產部件的方式，甚至是我們與同事互動的方式。

In the September quarter, we acquired 7Hugs Labs, a pioneer in ultra-wideband software and system solutions to enhance our capabilities in UWB solutions and accelerate adoption across mobile, IoT and automotive ecosystems. The combination of our hardware technology with their software expertise positions Qorvo to accelerate the development of broad ultra-wideband ecosystem expected to reach billions of devices in the coming years.

在 9 月季度，我們收購了超寬帶軟件和系統解決方案的先驅 7Hugs Labs，以增強我們在 UWB 解決方案方面的能力並加速在移動、物聯網和汽車生態系統中的採用。我們的硬件技術與他們的軟件專業知識相結合，使 Qorvo 能夠加速廣泛的超寬帶生態系統的發展，預計未來幾年將覆蓋數十億台設備。

7Hugs brings a highly skilled team with vast experience in UWB applications and a portfolio of intellectual property. We're excited to welcome them at Qorvo to build on their success and accelerate growth in ultra-wideband.

7Hugs 帶來了一支技術精湛的團隊，他們在 UWB 應用和知識產權組合方面擁有豐富的經驗。我們很高興歡迎他們加入 Qorvo，在他們的成功基礎上再接再厲，加速超寬帶領域的發展。

We also signed a partnership with a leading design services company, Sigma Connectivity, to develop advanced UWB solutions and assist customers in the creation of breakthrough applications, leveraging the unique capabilities of UWB.

我們還與領先的設計服務公司 Sigma Connectivity 簽署了合作夥伴關係，以開發先進的 UWB 解決方案並幫助客戶利用 UWB 的獨特功能創建突破性應用程序。

For wide area applications like asset tracking, Qorvo enables long-range, low-data rate connectivity via cellular IoT. We offer a broad portfolio of discrete solutions as well as highly integrated modules for CAT-M and narrowband IoT through our partnership with Nordic Semiconductor.

對於資產跟踪等廣域應用，Qorvo 可通過蜂窩物聯網實現遠距離、低數據速率連接。通過與 Nordic Semiconductor 的合作，我們為 CAT-M 和窄帶物聯網提供廣泛的分立解決方案和高度集成模塊。

In WiFi 6, we enjoyed broad-based content gains across both businesses in support of the leading suppliers of smartphones, tablets, mesh networks, gateways, smart speakers and virtual reality headsets.

在 WiFi 6 中，我們在兩項業務中都獲得了廣泛的內容收益，以支持智能手機、平板電腦、網狀網絡、網關、智能揚聲器和虛擬現實耳機的領先供應商。

Before turning to IDP, Qorvo was recently granted a license to ship certain mobile products to Huawei. Our December guidance currently contemplates no Huawei revenue as we work with the customer to understand the impact on the license.

在轉向 IDP 之前，Qorvo 最近獲得了向華為運送某些移動產品的許可。我們 12 月的指導目前不考慮華為的收入，因為我們與客戶合作以了解對許可證的影響。

Now turning to IDP. Wireless connectivity revenue more than doubled year-over-year. WiFi revenue was broad-based across products and customers and supported by the rollout of WiFi 6. Customer demand for our front-end modules and BAW filters was especially strong in support of CPE and retail applications.

現在轉向 IDP。無線連接收入同比增長一倍以上。 WiFi 收入廣泛覆蓋產品和客戶，並受到 WiFi 6 推出的支持。客戶對我們的前端模塊和 BAW 濾波器的需求特別強勁，以支持 CPE 和零售應用。

Looking more closely at content opportunities, our shipments to the leading connected home platform provider included WiFi 6 FEMs, BAW filters and multi-protocol SoCs. Also for next-generation WiFi gateway, we were awarded the entire RF band in support of the leading North American multiple system operator or MSO, including the 2.5 and 5 gigahertz FEMs and a variety of filter products.

更仔細地觀察內容機會，我們向領先的互聯家庭平台提供商發貨包括 WiFi 6 FEM、BAW 濾波器和多協議 SoC。同樣對於下一代 WiFi 網關，我們獲得了整個射頻頻段的支持，以支持北美領先的多系統運營商或 MSO，包括 2.5 和 5 GHz FEM 以及各種濾波器產品。

The FCC recently approved new spectrum for WiFi 6E, and Qorvo is actively supporting leading OEMs in the design of 6E platforms. WiFi 6E will continue to increase the capacity and lower the latency of next-generation platforms, creating a new class of products and applications.

FCC 最近批准了 WiFi 6E 的新頻譜，Qorvo 正在積極支持領先的 OEM 設計 6E 平台。 WiFi 6E 將繼續增加下一代平台的容量並降低延遲，創造新的產品和應用類別。

In defense and aerospace, Qorvo was the exclusive RF recipient of the multiyear U.S. government SHIP program, recognizing our leadership in advanced semiconductor packaging. This program will continue to advance the state-of-the-art in packaging targeted towards a broad range of applications.

在國防和航空航天領域，Qorvo 是美國政府多年期 SHIP 計劃的獨家 RF 接受者，這是對我們在先進半導體封裝領域的領導地位的認可。該計劃將繼續推進針對廣泛應用的最先進的包裝。

Also of note, we advanced the performance of defense phased radars with 150-watt 2.9 to 3.5 gigahertz power amplifier using our industry-leading GaN process.

另外值得注意的是，我們使用行業領先的 GaN 工藝提高了具有 150 瓦 2.9 至 3.5 GHz 功率放大器的國防相控雷達的性能。

In power management, growth was driven by the transition of solid-state storage in client devices such as laptops and enterprise computing and data centers. Demand has also been strong for our motor control products as brushless motor technology continues to gain share in a broad range of consumer products.

在電源管理方面，增長是由筆記本電腦、企業計算和數據中心等客戶端設備中固態存儲的轉變推動的。隨著無刷電機技術繼續在廣泛的消費產品中獲得份額，對我們的電機控制產品的需求也很強勁。

Our Programmable Power Management business is performing very well across diverse markets as we help customers enhance product performance, reduce weight, improve reliability and bring market -- bring products to market faster.

我們的可編程電源管理業務在不同的市場中表現出色，因為我們幫助客戶提高產品性能、減輕重量、提高可靠性並帶來市場——更快地將產品推向市場。

In automotive, we began sampling a second-generation automotive cellular V2X FEM that integrates the PA, LNA, switch and BAW coexistence filter to solve critical system-level challenges.

在汽車領域，我們開始提供集成 PA、LNA、開關和 BAW 共存濾波器的第二代汽車蜂窩 V2X FEM 樣品，以解決關鍵的系統級挑戰。

In wireless infrastructure, we were awarded multiple design wins in support of 5G massive MIMO deployments, expanding our customer base for GaN amplifiers. Within that, we commenced shipments of GaN amplifiers supporting massive MIMO C-band base station deployments first in the U.S. and then other regions globally. We also launched high-performance BAW filters for Band 41, 5G small cells and repeaters to help enable 5G and WiFi coexistence.

在無線基礎設施方面，我們贏得了多項支持 5G 大規模 MIMO 部署的設計大獎，擴大了我們的 GaN 放大器客戶群。在此期間，我們開始出貨支持大規模 MIMO C 波段基站部署的 GaN 放大器，首先在美國，然後在全球其他地區。我們還推出了適用於 Band 41、5G 小型蜂窩和中繼器的高性能 BAW 濾波器，以幫助實現 5G 和 WiFi 共存。

Next calendar year, we see continued year-over-year growth on global 5G deployments. The deployment of 5G base stations and the upgrade to 5G smartphones are expected to span multiple years. In IDP, our 5G growth drivers include content gains in small-signal devices and GaN PAs in massive MIMO, and the adoption of GaN PAs in macro base station deployments.

下一個日曆年，我們看到全球 5G 部署繼續同比增長。 5G 基站的部署和向 5G 智能手機的升級預計將跨越數年。在 IDP 中，我們的 5G 增長驅動力包括在大規模 MIMO 中小信號設備和 GaN PA 的內容增益，以及在宏基站部署中採用 GaN PA。

Before handing the call over to Mark, I want to thank the Qorvo team for a standout performance in a tough environment. Our design teams are releasing best-in-class products. Our application engineering and sales teams are engaging closely with customers to solve their most complex RF challenges, and our global operations team continues to excel. I'm extremely proud of the team for their outstanding efforts and ongoing commitment to our customers' success.

在將電話轉交給 Mark 之前，我要感謝 Qorvo 團隊在艱難環境中的出色表現。我們的設計團隊正在發布一流的產品。我們的應用工程和銷售團隊正在與客戶密切合作，以解決他們最複雜的射頻挑戰，我們的全球運營團隊繼續表現出色。我為團隊的傑出努力和對客戶成功的持續承諾感到非常自豪。

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 second quarter was $1.060 billion, $45 million above the midpoint of our updated guidance provided on September 8. Following our updated guidance, customer demand continued to strengthen, and we were able to support some of that demand within the quarter.

Qorvo 在 21 財年第二季度的收入為 10.60 億美元，比我們在 9 月 8 日提供的更新指導的中點高出 4500 萬美元。根據我們更新的指導，客戶需求繼續增強，我們能夠在四分之一。

Mobile Products revenue of $754 million exceeded our expectations, driven by seasonal demand effects and the ramp of 5G smartphones. Infrastructure and defense products revenue of $306 million was down sequentially as expected but up strongly year-over-year in support of the ongoing buildout of 5G networks and the deployment of WiFi 6.

受季節性需求影響和 5G 智能手機增長的推動，移動產品收入 7.54 億美元超出了我們的預期。基礎設施和國防產品收入為 3.06 億美元，按預期環比下降，但同比強勁增長，以支持正在進行的 5G 網絡建設和 WiFi 6 的部署。

As a reminder, our fiscal year 2021 is a 53-week fiscal year, and our September quarter was a 14-week quarter versus a typical 13-week quarter. Our last 14-week quarter occurred in the period ended October 3, 2015, during our fiscal '16, which was the last 53-week fiscal year reported.

提醒一下，我們的 2021 財年是一個為期 53 週的財政年度，而我們的 9 月季度是一個為期 14 週的季度，而典型的是一個為期 13 週的季度。我們最後一個為期 14 週的季度發生在截至 2015 年 10 月 3 日的期間，在我們的 16 財年期間，這是報告的最後一個 53 週的財年。

Non-GAAP gross margin in the second quarter was 51.7%, which was above our updated guidance due to better-than-expected mix and favorable manufacturing cost variances. Our efforts to improve the portfolio, drive productivity and carefully manage inventories continue to yield favorable results.

第二季度非美國通用會計準則毛利率為 51.7%，由於好於預期的組合和有利的製造成本差異，高於我們更新的指引。我們在改善產品組合、提高生產力和謹慎管理庫存方面所做的努力繼續產生良好的結果。

Non-GAAP operating expenses in the second quarter were $219 million, higher sequentially on the additional week, incentive compensation and other labor costs. Non-GAAP net income in the second quarter was $282 million, and diluted earnings per share of $2.43 was $0.29 above our updated September guidance.

第二季度非美國通用會計準則的運營費用為 2.19 億美元，在額外一周、激勵薪酬和其他勞動力成本方面環比增加。第二季度非 GAAP 淨收入為 2.82 億美元，每股攤薄收益為 2.43 美元，比我們更新的 9 月指引高出 0.29 美元。

Cash flow from operations in the September quarter was $281 million, and CapEx was $44 million, yielding free cash flow of $237 million. We repurchased $105 million of shares during the quarter.

9 月季度的運營現金流為 2.81 億美元，資本支出為 4400 萬美元，產生了 2.37 億美元的自由現金流。我們在本季度回購了 1.05 億美元的股票。

During the quarter, we took steps to reduce our cost of debt and further improve our financial flexibility. We renewed our unsecured credit facility at more favorable terms and extended it to 2025. We also increased our term loan to $200 million and raised $700 million through a new issue of unsecured notes maturing in 2031. After the quarter closed, these proceeds and cash on hand were used to pay down our notes maturing in 2026. Today, our debt balance is under $1.8 billion, and cash is approximately $1.1 billion. Our leverage remains low. Our revolver is untapped. The weighted average maturity of our debt is 2029, and we have no material near-term maturities.

在本季度，我們採取措施降低債務成本並進一步提高我們的財務靈活性。我們以更優惠的條款更新了我們的無抵押信貸額度，並將其延長至 2025 年。我們還將定期貸款增加到 2 億美元，並通過新發行的 2031 年到期的無抵押票據籌集了 7 億美元。本季度結束後，這些收益和現金手被用來償還我們在 2026 年到期的票據。今天，我們的債務餘額低於 18 億美元，現金約為 11 億美元。我們的槓桿率仍然很低。我們的左輪手槍尚未開發。我們債務的加權平均期限為 2029 年，我們沒有重大的近期到期。

With our financial flexibility, we can focus on advancing 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，我們可以專注於推進技術、支持客戶並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 acquired 7Hugs Labs in the second quarter to support the ongoing development and adoption of our ultra-wideband products and solutions. This acquisition enhances Qorvo's software capabilities and is an important step in realizing the potential of UWB.

為此，我們在第二季度收購了 7Hugs Labs，以支持我們超寬帶產品和解決方案的持續開發和採用。此次收購增強了 Qorvo 的軟件能力，是實現 UWB 潛力的重要一步。

We see a wide array of applications emerging with ultra-wideband technology and have significant customer engagement on the design of new products and solutions. We expect UWB to contribute meaningfully to Qorvo over time.

我們看到超寬帶技術出現了廣泛的應用，並在新產品和解決方案的設計中吸引了大量的客戶參與。隨著時間的推移，我們預計 UWB 將為 Qorvo 做出有意義的貢獻。

Turning to our current quarter outlook. We expect revenue of approximately $1.060 billion plus or minus $15 million, non-GAAP gross margin of approximately 52.5% and non-GAAP diluted earnings per share of $2.65 at the midpoint of guidance.

轉向我們當前的季度展望。我們預計收入約為 10.60 億美元，正負 1500 萬美元，非美國通用會計準則毛利率約為 52.5%，非美國通用會計準則攤薄後每股收益為 2.65 美元。

Our December quarter revenue outlook reflects seasonal demand effects and demand for multiyear technology upgrade cycles. In Mobile, demand for 5G is adding RF complexity and driving higher content, and we forecast Mobile revenue in the current quarter to be approximately $790 million.

我們的 12 月季度收入展望反映了季節性需求影響和對多年技術升級週期的需求。在移動領域，對 5G 的需求正在增加射頻複雜性並推動更多內容，我們預計本季度的移動收入約為 7.9 億美元。

We suspended shipments to Huawei in mid-September in accordance with Department of Commerce regulations. And although we've since received a license for certain mobile products, we've assumed no sales to Huawei in our current outlook.

根據美國商務部的規定，我們於 9 月中旬暫停向華為發貨。儘管我們已經獲得了某些移動產品的許可，但在我們目前的展望中，我們假設沒有向華為銷售。

In IDP, we project revenue of approximately $270 million in the current quarter, reflecting the timing of base station deployments. We forecast IDP to sustain strong double-digit year-over-year growth through the balance of the fiscal year with this infrastructure demand picking up in the March quarter.

在 IDP 中，我們預計本季度的收入約為 2.7 億美元，這反映了基站部署的時間安排。我們預計 IDP 將在本財年剩餘時間內保持強勁的兩位數同比增長，而基礎設施需求將在 3 月季度回升。

We expect continued strength in defense, WiFi and power management due to durable underlying trends. While considerable economic uncertainty remains with the ongoing effects of the pandemic, currently, we expect end market demand to support full fiscal year double-digit revenue growth for Qorvo.

由於持久的潛在趨勢，我們預計國防、WiFi 和電源管理將繼續走強。儘管大流行的持續影響仍然存在相當大的經濟不確定性，但目前，我們預計終端市場需求將支持 Qorvo 在整個財年實現兩位數的收入增長。

Our December quarter gross margin guide of approximately 52.5% reflects volume growth and ongoing efforts to improve the quality and efficiency of our business. Specifically, we've invested early and adequately in the technologies that markets need, focused our product portfolio on where we can best serve customers, gained productivity across our operations and reduced our capital intensity. We believe our work to keep our inventories and cost structure low will help us sustain over 50% gross margin through the balance of the year, fiscal year.

我們 12 月季度毛利率指引約為 52.5%，反映了銷量增長以及為提高業務質量和效率所做的持續努力。具體而言，我們已儘早充分投資於市場所需的技術，將我們的產品組合集中在我們可以為客戶提供最佳服務的領域，提高整個運營的生產力並降低我們的資本密集度。我們相信，我們保持低庫存和成本結構的工作將幫助我們在本財年剩餘時間內維持超過 50% 的毛利率。

Non-GAAP operating expenses are projected to decrease in the December quarter to around $205 million as we return to a normal fiscal quarter length and other personnel costs decrease. We expect other expense to decrease to under $20 million on lower net interest costs. We project our current quarter and full year non-GAAP tax rate to be at or below 8%. We still project capital expenditures to remain below $200 million in fiscal '21 and focus on areas that advance a differentiated position for Qorvo to best serve customer needs such as BAW and GaN. Currently, we expect free cash flow to be approximately $900 million this fiscal year.

隨著我們恢復正常的財政季度長度和其他人員成本的下降，非 GAAP 運營費用預計將在 12 月季度減少至約 2.05 億美元。由於淨利息成本降低，我們預計其他費用將降至 2000 萬美元以下。我們預計當前季度和全年的非公認會計原則稅率將達到或低於 8%。我們仍預計 21 財年的資本支出將保持在 2 億美元以下，並專注於提升 Qorvo 差異化地位以最好地滿足客戶需求的領域，例如 BAW 和 GaN。目前，我們預計本財年的自由現金流約為 9 億美元。

As of September quarter results and our December quarter outlook show, Qorvo continues to operate well through a challenging period while serving customers in 5G infrastructure and smartphones, WiFi, IoT, defense and other growth markets.

截至 9 月季度業績和我們 12 月季度展望顯示，Qorvo 在為 5G 基礎設施和智能手機、WiFi、物聯網、國防和其他增長市場的客戶提供服務的同時，在充滿挑戰的時期繼續保持良好運營。

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

最後，我想和 Bob 一起感謝 Qorvo 員工在此期間的持續努力。

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

現在我將把電話轉回給接線員提問。

(Operator Instructions) We'll take our first question from Karl Ackerman with Cowen and Company.

（操作員說明）我們將向 Cowen and Company 的 Karl Ackerman 提出第一個問題。

Very solid results. I guess for my first question, I know you're having a record year for IDP, and it's great to see the sustained margin improvement. I know you don't provide a quantitative outlook beyond 1 quarter, but I was hoping you could talk about the opportunities you have in IDP next year and perhaps whether you think that segment can grow year-over-year.

非常可靠的結果。我想對於我的第一個問題，我知道您的 IDP 是創紀錄的一年，很高興看到持續的利潤率提高。我知道您沒有提供超過 1 個季度的量化前景，但我希望您能談談您明年在 IDP 中擁有的機會，以及您是否認為該細分市場可以同比增長。

Yes. Karl, this is James. Thanks for the question. I think the underlying trends for the business are where we said they've been for the last several quarters. We've got a great position in 5G with the rollout of massive MIMO, with the adoption of GaN and the adoption of higher frequencies. I think those are all very good trends for us, and we've got great momentum coming out of this first year of deployments, predominantly in China.

是的。卡爾，這是詹姆斯。謝謝你的問題。我認為該業務的潛在趨勢是我們所說的過去幾個季度的情況。隨著大規模 MIMO 的推出、GaN 的採用和更高頻率的採用，我們在 5G 中處於有利地位。我認為這些對我們來說都是非常好的趨勢，我們在第一年的部署中獲得了巨大的動力，主要是在中國。

WiFi 6 continues to roll out. We've had a string of record quarters for that part of the business. And again, I expect that to continue. And as Bob mentioned, we see 6E coming right at the end of that string of results and really allows for another opportunity to update hardware.

WiFi 6 繼續推出。對於這部分業務，我們有一系列創紀錄的季度。再一次，我希望這種情況會繼續下去。正如 Bob 所提到的，我們看到 6E 正好出現在這一系列結果的末尾，並且確實為更新硬件提供了另一個機會。

And then our defense business just continues to provide a very solid base to the business with really some of the same underlying trends that we've seen before with the adoption of GaN and phased-array antennas coming to play in that market.

然後，隨著 GaN 和相控陣天線在該市場的採用，我們的國防業務繼續為該業務提供非常堅實的基礎，其中一些基本趨勢與我們之前看到的相同。

So overall, I think we're positioned very well for the business to continue on this 10% to 15% trend that we've been on for several years.

所以總的來說，我認為我們的業務處於很好的位置，可以繼續保持我們多年來一直保持的 10% 到 15% 的趨勢。

Very helpful. And if I may, for my follow-up, you have a record amount of cash on the balance sheet, and you're going to generate record free cash flow this year. Your recent capital allocation priorities have centered on IP-focused M&A. What are your thoughts on buybacks and/or perhaps a dividend given your robust multiyear outlook?

非常有幫助。如果可以的話，在我的後續行動中，你的資產負債表上有創紀錄的現金，今年你將產生創紀錄的自由現金流。您最近的資本配置重點集中在以知識產權為重點的併購上。鑑於您強勁的多年前景，您對回購和/或股息有何看法？

Karl, this is Mark. No change in our capital allocation message. We have -- our primary source of capital return has been share repurchase, which, as you can see, we did about 44% of our free cash flow this quarter.

卡爾，這是馬克。我們的資本配置信息沒有變化。我們有——我們的主要資本回報來源是股票回購，正如你所看到的，我們本季度完成了大約 44% 的自由現金流。

If you remember, we were -- since we're doing an updated guide, and we were also on the capital markets, we had periods of the quarter we were unable to repurchase outside of the 10b5-1. So -- but we still view share repurchase as our capital return source.

如果你還記得的話，我們是——因為我們正在做一個更新的指南，而且我們也在資本市場上，所以我們在本季度的一些時間裡我們無法在 10b5-1 之外回購。所以——但我們仍然將股票回購視為我們的資本回報來源。

To your broader question on our capital returns overall, we've -- I want to point out that we reached a milestone this quarter, and that the last 12 months, free cash flow margin of the business reached about 25%, which is noteworthy in our view. And we've generated about $860 million of free cash over the last 12 months. We've deployed about $700 million of that to acquisitions, and we've repurchased over $400 million worth of stock. So we've deployed $1.1 billion on $860 million of free cash.

對於您關於我們整體資本回報的更廣泛問題，我們已經 - 我想指出我們在本季度達到了一個里程碑，並且在過去的 12 個月中，該業務的自由現金流量利潤率達到了 25% 左右，這是值得注意的在我們看來。在過去的 12 個月裡，我們已經產生了大約 8.6 億美元的自由現金。我們已經將其中約 7 億美元用於收購，我們已經回購了價值超過 4 億美元的股票。因此，我們在 8.6 億美元的自由現金上部署了 11 億美元。

And then the last 6 quarters, we've deployed even more. We've generated $1.2 billion of cash. We've bought about $1 billion worth of companies, and we've repurchased about $700 million worth of stock. And since inception, we've returned to shareholders 113% of our free cash flow or $3.1 billion at an average price of $63. So we've had a successful capital return plan, and we continue to look at acquisitions. We've done 5 now in the past 6 quarters. We continue to look at where it makes sense, in markets, customers, technology. As you've mentioned, we've been focused on bolt-ons, which we've done 2 bolt-ons for James' business and technology additions, which we've done 3 of those. And we're feeling very good about what we've done, the capital we've deployed and have a lot of confidence going forward.

然後在過去的 6 個季度，我們部署了更多。我們已經產生了 12 億美元的現金。我們購買了價值約 10 億美元的公司，並回購了價值約 7 億美元的股票。自成立以來，我們以 63 美元的平均價格向股東返還了 113% 的自由現金流或 31 億美元。因此，我們制定了成功的資本回報計劃，我們將繼續關注收購。在過去的 6 個季度中，我們現在已經完成了 5 次。我們將繼續關注它在市場、客戶和技術方面的意義所在。正如您所提到的，我們一直專注於附加組件，我們已經為詹姆斯的業務和技術添加做了 2 個附加組件，我們已經完成了其中的 3 個。我們對我們所做的一切、我們所部署的資金以及對未來充滿信心的感覺非常好。

Of the 5 that we've done over the past 1.5 years, we feel very strongly they serve important and growing markets. We've been able to integrate them very quickly, and the teams are thriving within Qorvo. They're performing as or better than expected.

在過去 1.5 年中我們所做的 5 項工作中，我們非常強烈地感覺到它們服務於重要且不斷增長的市場。我們已經能夠非常快速地整合它們，並且團隊在 Qorvo 中蓬勃發展。他們的表現與預期一樣或好於預期。

And then finally, we're -- as you can see from the 7Hugs, we're investing in the assets we've acquired. So feeling good about both deploying capital inorganically and then feel our capital return has been strong to shareholders.

最後，我們 - 正如你從 7Hugs 中看到的那樣，我們正在投資我們獲得的資產。因此，對以無機方式部署資本感到滿意，然後覺得我們的資本回報對股東來說是強勁的。

We'll take our next question from Toshiya Hari with Goldman Sachs.

我們將向高盛的 Toshiya Hari 提出下一個問題。

Congratulations on the very strong results. I had 2 as well. For my first question, I wanted to ask on the ultra-wideband opportunity long term.

祝賀你取得了非常好的結果。我也有2個。對於我的第一個問題，我想問的是長期的超寬帶機會。

Mark, I think it was you, you talked about contribution from this business potentially being meaningful over the long run. Just for context, how big could this business be over the next, call it, 2 to 3 years as a percentage of Qorvo's revenue? And how are you thinking about the relative size of revenue contribution between mobile, IoT and automotive? And then I've got a quick follow-up.

馬克，我想是你，你談到了這項業務的貢獻從長遠來看可能是有意義的。就上下文而言，這項業務在接下來的 2 到 3 年佔 Qorvo 收入的百分比有多大？您如何看待移動、物聯網和汽車之間收入貢獻的相對規模？然後我有一個快速跟進。

Yes. Thanks, Toshiya. This is Eric. Just to talk about ultra-wideband, how big it could be, we haven't really set public numbers for what the internal revenue for ultra-wideband might be. But as you know, there's very few players in the area, and the Decawave team that we've acquired really pioneered the latest version of ultra-wideband, the impulse radio type, which is what gives it the capability of proximity awareness and internal navigation and so forth. So we see those as being the key real opportunities for ultra-wideband going forward.

是的。謝謝，東也。這是埃里克。單說超寬帶，它到底能有多大，我們還沒有真正設置過超寬帶的內部收入可能有多少的公開數字。但如你所知，該領域的玩家很少，我們收購的 Decawave 團隊真正開創了超寬帶的最新版本，脈衝無線電類型，這使它具有接近感知和內部導航的能力等等。因此，我們認為這些是超寬帶未來發展的關鍵真正機遇。

And as Mark said, we think that proliferation in the mobile phone will become sort of the infrastructure of the hub for many, many applications like consumer IoT, smart home. Of course, automotive, you will access your car from your phone. And even in industrial IoT applications as well there'll be opportunities there. So it's just a very target-rich environment. And we have said that we expect within 4 years, kind of in calendar '24, it's somewhere between 2 billion and 4 billion units. Again, very limited number of people supplying that market.

正如馬克所說，我們認為手機的普及將成為許多應用的樞紐基礎設施，如消費物聯網、智能家居。當然，汽車，您將通過手機訪問您的汽車。甚至在工業物聯網應用中也會有機會。所以這只是一個目標非常豐富的環境。我們已經說過，我們預計在 4 年內，在 24 年日曆中，它的數量在 20 億到 40 億之間。同樣，供應該市場的人數非常有限。

We think we have the broadest approach to the solution. We have the ability to not only serve the mobile phone but all the accessories that talk to the mobile phone as well as automotive and all the industrial IoT verticals. So we're really excited about the capability and the growth prospects for the business, for sure.

我們認為我們擁有最廣泛的解決方案。我們不僅有能力為手機服務，還為所有與手機通信的配件以及汽車和所有工業物聯網垂直領域提供服務。因此，我們當然對業務的能力和增長前景感到非常興奮。

Toshi, as far as IoT revenues, they're very meaningful, but we have not broken those out. So -- but it is sizable and growing very nicely. We're very pleased with that. And our automotive business today is reasonable size but also growing very nicely and should grow substantially over the next few years.

Toshi，就物聯網收入而言，它們非常有意義，但我們尚未將其分解。所以 - 但它相當大並且增長得非常好。我們對此非常滿意。我們今天的汽車業務規模合理，而且增長非常好，未來幾年應該會大幅增長。

Got it. And then, Mark, as my follow-up on gross margins, great job here. And then, I guess, into the December quarter, you're guiding margins, I think, up 80 basis points sequentially despite IDP revenue being down, which should be a headwind for mix. What are some of the puts and takes in terms of gross margins in the quarter? And I guess more importantly, going forward, I think you talked about sustaining 50% or higher in the back half. But when you think about gross margins on a multiyear basis, where is the ceiling? Or where's the potential for Qorvo given some of the initiatives in place?

知道了。然後，馬克，作為我對毛利率的跟進，這裡做得很好。然後，我想，進入 12 月季度，我認為，儘管 IDP 收入下降，但您指導利潤率連續上升 80 個基點，這應該是混合的逆風。就本季度的毛利率而言，有哪些看跌期權和收益？而且我想更重要的是，展望未來，我認為你談到了在後半場保持 50% 或更高的水平。但是，當您考慮多年的毛利率時，上限在哪裡？或者考慮到一些舉措，Qorvo 的潛力在哪裡？

So Toshi, as it relates to the December quarter gross margin, as you mentioned, we're forecasting 52.5%, so 80 basis points up. You're correct in that we've got an increased mobile mix, but there are many forms of mix, one of which is product mix. So we've got some favorability there. About half of that 80 basis points is actually mix effects.

所以 Toshi，正如你提到的，由於它與 12 月季度的毛利率有關，我們預測為 52.5%，因此上升了 80 個基點。您說得對，因為我們增加了移動組合，但是組合的形式有很多種，其中一種是產品組合。所以我們在那裡有一些好感度。這 80 個基點中約有一半實際上是混合效應。

The other half is manufacturing costs continue to be a tailwind for us and just outstanding performance by the ops team. We've got higher volumes, of course, which is helping us on absorption, but we've also had very good test yields, which we forecast to improve. And then we've had excellent spend control. And then -- and all these things have been contributing. We expect that to continue to help us in the December quarter.

另一半是製造成本繼續成為我們的順風車，運營團隊的表現也很出色。當然，我們有更高的產量，這有助於我們吸收，但我們也有非常好的測試產量，我們預計會提高。然後我們有了出色的支出控制。然後——所有這些事情都在起作用。我們預計這將在 12 月季度繼續為我們提供幫助。

Since I am talking -- before I talk to a longer-term margin trend, Toshiya, I'll mention that we do expect -- as you see in our business sometimes, we do expect gross margins to decline actually in the March quarter. Some of that will be mix effects. We expect lower volumes in the March quarter. So we'll have some absorption effects and then -- and some other factors. And we expect gross margins to go down about 150 basis points or so from the third quarter to the fourth quarter.

由於我正在談論 - 在我談論長期利潤率趨勢之前，Toshiya，我會提到我們確實預期 - 正如您有時在我們的業務中看到的那樣，我們確實預計毛利率實際上會在 3 月季度下降。其中一些將是混合效果。我們預計 3 月季度的銷量會下降。所以我們會有一些吸收效應，然後 - 以及其他一些因素。我們預計，從第三季度到第四季度，毛利率將下降約 150 個基點左右。

Longer term, we continue to -- we've -- it's taken us a number of years to sort of get things aligned in the company. And I would go back to the merger where there was a recognition that we needed to get the best-in-class technologies and the ability to scale them to serve what was going to be a multiyear technology trend, and we're here. So it started from efforts to invest in the right technologies. We had several years of working on the right portfolio of products. And then we also had several years of getting the operations in order and driving productivity, rightsizing the footprint and then being very diligent or more circumspect about capital spend, which continues to trend down as a percent of sales, we've been able to reduce our capital intensity.

從長遠來看，我們繼續 - 我們已經 - 我們花了很多年的時間來讓公司的事情保持一致。我會回到合併，我們認識到我們需要獲得一流的技術以及擴展它們以服務於未來多年的技術趨勢的能力，我們就在這裡。因此，它從努力投資於正確的技術開始。我們在正確的產品組合上工作了幾年。然後我們還花了幾年時間讓運營井井有條並提高生產力，調整足跡，然後非常勤奮或更謹慎地對待資本支出，隨著銷售額的百分比繼續下降，我們已經能夠減少我們的資本密集度。

So a multi-disciplined effort within the company, and we're going to continue to do those things. We still have room in the fab network -- factory network to expand volume, so we could still get better absorption. Paul and his team are doing a remarkable job on productivity, driving -- still doing 6- to 8-inch conversions in BAW, 4- to 6-inch in GaN. Micro-BAW has been introduced and is growing as a share of our products. And again, excellent job on cycle times, spend control and a raft of other productivity projects. So -- and then finally, we're leveraging our supply chain partners better.

因此，公司內部的多學科努力，我們將繼續做這些事情。我們在晶圓廠網絡中仍有空間——工廠網絡可以擴大產量，因此我們仍然可以獲得更好的吸收。 Paul 和他的團隊在生產力和驅動方面做得非常出色——仍然在 BAW 中進行 6 到 8 英寸的轉換，在 GaN 中進行 4 到 6 英寸的轉換。 Micro-BAW 已經推出，並且隨著我們產品的份額不斷增長。再一次，在周期時間、支出控制和大量其他生產力項目方面表現出色。所以 - 最後，我們正在更好地利用我們的供應鏈合作夥伴。

So when you add all those things, premium technology portfolio, active product portfolio management, driving productivity throughout the org and then reducing the capital intensity of the business, we think we're going to be able to sustain or expand gross margins as we go forward beyond fiscal '21.

因此，當您添加所有這些東西，優質技術組合，積極的產品組合管理，提高整個組織的生產力，然後降低業務的資本密集度時，我們認為我們將能夠維持或擴大毛利率超越'21財年。

We'll take our next question from Bill Peterson with JPMorgan.

我們將向摩根大通的比爾·彼得森提出下一個問題。

Nice job on the quarterly execution and guide. I'd like to try to understand where you saw upside in September. At the time you preannounced, you cited better smartphone demand. You called it pretty broad-based, but that even appears to have come in better than expectations. I guess how broad across the 6 major smartphone customers you have, including Huawei? Where do you see the upside there? I think you also saw a little bit of upside in IDP relative to your expectations.

在季度執行和指導方面做得很好。我想嘗試了解您在 9 月看到的上漲空間。在您預先宣佈時，您提到了更好的智能手機需求。您稱其為基礎廣泛，但這甚至似乎比預期的要好。我猜你在包括華為在內的 6 大智能手機客戶中的範圍有多大？你認為那裡的好處在哪裡？我認為你也看到了 IDP 相對於你的預期有一點上升空間。

And I guess looking at December, compared to your prior view of somewhat flattish and now you're calling for some nice mobile growth, what's driving that upside relative to your prior view? Is that coming from -- I guess is Android still sequentially increasing like it did in September? If you can help us understand the upside, that would be great.

而且我想看看 12 月，與您之前的看法有些平淡相比，現在您要求移動業務實現一些不錯的增長，相對於您之前的看法，是什麼推動了這種上漲？這是來自——我猜Android是否仍然像9月份那樣連續增長？如果你能幫助我們了解好處，那就太好了。

Thanks, Bill. It's Bob, and I appreciate your questions. As far as the upside, after we gave the guidance in early September, it was broad-based, but it was not Huawei. And I've said that, I think, in a couple of other public forums. And it was broad-based across our other 5 customers that you said the big 6. Huawei was not one of them during that period.

謝謝，比爾。我是鮑勃，感謝您的提問。就上行而言，我們在 9 月初給出指導後，它是廣泛的，但不是華為。我認為，我在其他幾個公共論壇上已經說過了。你說的六大客戶是我們其他五家客戶的廣泛基礎。在那段時間裡，華為不是其中之一。

We saw a little bit of upside in IDP. And as James pointed out, our WiFi business is doing extremely well. And that was a little bit of that and a little bit of defense, a little bit here and there. But overall, business is running extremely well. And our operations team did a good job of keeping up with some of that demand. So real pleased with that.

我們看到 IDP 有一點上漲空間。正如詹姆斯指出的那樣，我們的 WiFi 業務做得非常好。這就是其中的一點點和一點點的防守，一點點在這里和那裡。但總的來說，業務運行得非常好。我們的運營團隊在滿足部分需求方面做得很好。對此非常滿意。

Eric, do you want to take the second part of Bill's question there?

埃里克，你想在那兒回答比爾問題的第二部分嗎？

Yes. Looking into December and that strength, it's again not Huawei, as we said. But other than that, it's really pretty broad-based across Android as well as iOS. But also within Android, China is still continuing to look very strong. We're still in the very early innings of the 5G rollout, and there's a lot of subs there. So it's really fairly broad-based in the current view.

是的。正如我們所說，展望 12 月和這種實力，它又不是華為。但除此之外，它在 Android 和 iOS 上都非常廣泛。但在 Android 內部，中國仍然看起來非常強大。我們仍處於 5G 部署的早期階段，那裡有很多潛艇。因此，在目前的觀點中，它的範圍確實相當廣泛。

Yes. And I guess maybe the second question for James, and I think earlier you said that the 5G infrastructure should start to improve after December. But I guess for the composite of the business, assuming you have better visibility across areas like defense and longer-term opportunities, how should we think about the seasonality of that business? Should we assume WiFi still sustains into the first half of next year based off work-from-home trends and other factors? Just trying to get a feel for how you see that business trending here in the next couple of quarters.

是的。我想也許是詹姆斯的第二個問題，我想你之前說過 5G 基礎設施應該在 12 月之後開始改善。但我想對於業務的組合，假設您在國防和長期機會等領域有更好的可見性，我們應該如何考慮該業務的季節性？基於在家工作的趨勢和其他因素，我們是否應該假設 WiFi 仍會持續到明年上半年？只是想了解一下您如何看待未來幾個季度的業務趨勢。

Yes. Thanks for the question, Bill. As Mark said last quarter, and I think we're tracking pretty close to that, you'll see us -- Q3, we've already said 270. I think Q4 will be very similar to the mark -- to the range that Mark talked about last quarter. And then we'll see that growth start back in Q1 of next fiscal year.

是的。謝謝你的問題，比爾。正如馬克上個季度所說，我認為我們的追踪非常接近，你會看到我們——第三季度，我們已經說過 270。我認為第四季度將非常類似於標記——在馬克談到了上個季度。然後我們將看到增長在下一財年的第一季度重新開始。

And as I said before, I think the underlying markets really support our ability to grow at 10% to 15% and perhaps somewhere in the high range of that, we'll see. We had an absolutely great first half. If you look at our first half of this year compared to the same period last year, we grew 55%. And the year-over-year growth rate for the quarter we're guiding now is about 30%. So we've got some very, very nice trends going on in the business. We've got great technology. Really, really strong partnerships with our customers.

正如我之前所說，我認為基礎市場確實支持我們以 10% 到 15% 的速度增長，也許在高範圍內的某個地方，我們將拭目以待。我們有一個絕對偉大的上半場。如果你看一下我們今年上半年與去年同期相比，我們增長了 55%。我們現在指導的季度的同比增長率約為 30%。因此，我們在業務中出現了一些非常非常好的趨勢。我們有很棒的技術。與我們的客戶建立了非常非常強大的合作夥伴關係。

So I think we're going to go through some lumpiness with the deployment of 5G, and then it's going to pick right back up as we go into our fourth quarter and into the first part of our FY '22.

因此，我認為我們將在部署 5G 時經歷一些混亂，然後隨著我們進入第四季度和 22 財年的第一部分，它會立即回升。

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

我們將向美國銀行證券公司的 Vivek Arya 提出下一個問題。

Congratulations on the strong results. First question, I'm curious what your sense is of the sell-through of 5G smartphones across your customer base and what that says about seasonality for the March quarter. A part of me say that, look, we are in the early stages of 5G that -- and March, the 5G strength and content gains can continue. So that would argue for perhaps a more measured seasonality going into March, down 8%, 9%. But then you had set a strong second half that maybe it could be more traditional seasonality, down something in the mid-teens.

祝賀你取得了不錯的成績。第一個問題，我很好奇您對 5G 智能手機在您的客戶群中的銷售情況有何看法，以及這對 3 月季度的季節性有何影響。我的一部分人說，看，我們正處於 5G 的早期階段——到 3 月，5G 的實力和內容收益可以繼續。因此，這可能會證明進入 3 月份的季節性可能會更加明顯，下降 8%、9%。但後來你設定了一個強勁的下半年，也許它可能是更傳統的季節性，在十幾歲中期下降一些。

I'm just curious, what side are you leaning towards? And just conceptually, what is your sense of sell-through in 5G smartphones?

我只是好奇，你偏向哪一邊？僅從概念上講，您對 5G 智能手機的銷量有什麼看法？

Yes. Vivek, it's Mark. We're not going to give detailed guidance on March but maybe make a couple of comments here. I think the most important thing is that we believe the technology upgrade cycle for 5G is multiyear in both handsets and infrastructure. So -- and that applies to broader connectivity trends as well which we think are durable. So -- but there is a lot of uncertainty still on the broader market on the rate and pace of the rollout and maybe in the immediate term. And then, of course, we've got the associated effects of the pandemic, the global economic recovery and other factors.

是的。維維克，是馬克。我們不會在 3 月份給出詳細的指導，但可能會在這裡發表一些評論。我認為最重要的是，我們相信 5G 的技術升級週期在手機和基礎設施方面都是多年的。所以——這也適用於我們認為持久的更廣泛的連接趨勢。所以——但在更廣泛的市場上，關於推出的速度和步伐，甚至可能在短期內，仍有很多不確定性。當然，我們還有大流行、全球經濟復甦和其他因素的相關影響。

I would add that the pickup in 5G and work from home and other demand factors are actually straining parts of the supply chain. And as you said, we do need to watch sell-through. I mean fortunately for us, our inventories are good and our -- and we've also got -- the supply chain inventories are lean. And we're focused on doing everything we can to meet customer needs.

我要補充的是，5G 和在家工作以及其他需求因素的回昇實際上正在給供應鏈的某些部分帶來壓力。正如你所說，我們確實需要觀察銷售情況。我的意思是對我們來說幸運的是，我們的庫存很好，而且我們 - 而且我們也有 - 供應鏈庫存很精簡。我們專注於盡我們所能滿足客戶的需求。

But to your -- directly to your question for March, we think it's reasonable to assume some sort of decline over what's a very, very strong December. We would say 10% or more sequential decline would -- is a view we have currently for our guide. And then we would expect, as I mentioned, Vivek, gross margin to decline sequentially 150 basis points or more on lower volumes, some mix effects and other factors. We would still be up on gross margin year-over-year 100 basis points or more. And then we would expect OpEx to be flat to up as we continue to invest for the long term.

但是對於您 - 直接針對您 3 月的問題，我們認為在非常非常強勁的 12 月假設某種程度的下降是合理的。我們會說 10% 或更多的連續下降 - 這是我們目前對我們的指南的看法。然後，正如我所提到的，我們預計 Vivek 的毛利率將因銷量下降、一些混合效應和其他因素而連續下降 150 個基點或更多。我們的毛利率仍將同比增長 100 個基點或更多。然後，隨著我們繼續進行長期投資，我們預計 OpEx 將持平到上升。

But I would leave it with we -- again, we view this as a multiyear secular trend and are investing appropriately.

但我會把它留給我們——再一次，我們認為這是一個多年的長期趨勢，並且正在適當地進行投資。

Got it. Very helpful, Mark. And then for my follow-up, what do you think about the competition from Qualcomm? They spoke about a 50%, 60% plus kind of growth rate in their RF front-end business. Is that apples-to-apples to what you sell? Are you starting to see them in more places? Do they have some kind of advantage because they're able to bundle some of their RF components with the 5G modem and the strong position they have on the 5G modem? I'm just curious, has the competitive landscape changed for you from a Qualcomm perspective from what you're seeing right now?

知道了。很有幫助，馬克。然後對於我的後續，您如何看待來自高通的競爭？他們談到他們的射頻前端業務有 50%、60% 以上的增長率。那是蘋果對蘋果的銷售嗎？你開始在更多地方看到它們了嗎？他們是否有某種優勢，因為他們能夠將他們的一些射頻組件與 5G 調製解調器捆綁在一起，以及他們在 5G 調製解調器上的強勢地位？我只是好奇，從你現在看到的高通的角度來看，你的競爭格局是否發生了變化？

Yes. Thanks for the question, Vivek. I don't think there's really been any change. We've talked a bit about this before. I think different companies view the RF TAM differently or what they choose to put into their RF business. And in the case of Qualcomm, they got a lot of other features and functionalities that they include that aren't addressed by the RF community generally. So power management pieces, I think they're probably benefiting quite well from the initial rollout of millimeter wave. In that there, we believe, at least, including a great deal of functionality and content that is not RF at all by nature. So it's just a question of what they put into what they call RF, I think, more than anything else.

是的。謝謝你的問題，維維克。我不認為真的有任何變化。我們之前已經談過一點。我認為不同的公司對 RF TAM 的看法不同，或者他們選擇將什麼投入到他們的 RF 業務中。就高通而言，他們獲得了許多其他特性和功能，這些特性和功能通常沒有被 RF 社區解決。所以電源管理部分，我認為它們可能從最初推出的毫米波中受益匪淺。在那裡，我們相信，至少包括大量本質上不是 RF 的功能和內容。所以這只是他們在所謂的 RF 中投入了什麼的問題，我認為，這比其他任何事情都重要。

In terms of their attach rate and true RF components under their baseband, we haven't seen any real change in that dynamic there. We're -- our customers are looking for best-in-class RF components, and the vast majority of the actual RF content is not generally addressable by them competitively, at least in the mass market. So there's a lot of opportunity, and we haven't really seen the dynamic change.

就它們的附加率和基帶下的真實射頻組件而言，我們還沒有看到那裡的動態有任何真正的變化。我們——我們的客戶正在尋找一流的射頻組件，而絕大多數實際射頻內容通常無法通過競爭解決，至少在大眾市場上是這樣。所以有很多機會，我們還沒有真正看到動態變化。

We'll take our next question from Harsh Kumar with Piper Sandler.

我們將帶著 Piper Sandler 向 Harsh Kumar 提出下一個問題。

First of all, solid congratulations on tremendous performance. So I'll pick it up right where the previous question was. So with respect to millimeter wave, my understanding is the traditional sub-6 players in the RF are not there yet, including yourself, so that remains an opportunity. Do you think it's a matter of coverage, it's a matter of time before you're able to play in there? Or is -- there's just not a use for your technology over there? Or is it some other industry dislocation type thing where the baseband change happened and you have a shot to get in? Just some color would be appreciated.

首先，對出色的表現表示熱烈的祝賀。所以我會在上一個問題所在的地方拿起它。所以關於毫米波，我的理解是RF中傳統的sub-6玩家還沒有，包括你自己，所以這仍然是一個機會。你認為這是一個覆蓋範圍的問題，你能在那裡打球只是時間問題嗎？或者是——你的技術在那裡沒有用處？或者是基帶發生變化而您有機會進入的其他行業錯位類型的事情？只是一些顏色將不勝感激。

Yes. Thanks, Harsh. This is Eric again. When we look at millimeter wave, I think it's important to realize, I mean, Qorvo is certainly a technology leader in millimeter wave. The work that James and his group has been doing for decades to provide millimeter wave in incredibly high-performance situations is second to none. And our customers have validated that.

是的。謝謝，苛刻。這又是埃里克。當我們看到毫米波時，我認為重要的是要認識到，我的意思是，Qorvo 無疑是毫米波的技術領導者。 James 和他的團隊幾十年來一直在做的工作是在令人難以置信的高性能情況下提供毫米波，這是首屈一指的。我們的客戶已經驗證了這一點。

If we go up and do component-level evaluations of various functions in the millimeter wave front end, there's no question, there'd be a huge advantage to the system at going with our technology. So the question is really the rate and pace of the rollout and seeing how the economics play out. I think as of now, we're sort of testing the waters in millimeter wave. So customers are employing sort of easy-to-use integrated solutions. They don't have the best performance. But for now, the real question is whether there's any infrastructure to talk to. There's rollouts, of course, across dozens of cities, but they're incredibly limited in terms of coverage area and real-world dynamics of getting the signal in and out in a reasonable way. And the cost of employing the infrastructure and being able to be mobile, but they need device on a millimeter wave network. There's just a lot of questions that haven't been sorted out.

如果我們上去對毫米波前端的各種功能進行組件級評估，毫無疑問，系統與我們的技術相結合將具有巨大的優勢。所以問題實際上是推出的速度和速度，以及經濟如何發揮作用。我認為到目前為止，我們正在以毫米波的形式測試水域。因此，客戶正在採用易於使用的集成解決方案。他們沒有最好的表現。但就目前而言，真正的問題是是否有任何基礎設施可以交流。當然，在數十個城市中都有部署，但它們在覆蓋範圍和以合理方式進出信號的現實世界動態方面非常有限。以及使用基礎設施和能夠移動的成本，但他們需要毫米波網絡上的設備。只是有很多問題沒有解決。

So I think it's great that it's being tested. As an RF company, we would be thrilled if it becomes mainstream, and we would love to participate in it. I think customers have all evaluated our technology. It's really a matter of waiting to see if the need really survives the first 1 or 2 generations.

所以我認為它正在接受測試很棒。作為一家射頻公司，如果它成為主流，我們會很高興，我們很樂意參與其中。我認為客戶都評估了我們的技術。這真的是一個等待看需求是否真的能在前 1 或 2 代中存活下來的問題。

Understood. And then for my follow-up, do you see RF content increasing again next year associated with 5G after this initial wave of 5G content uptick? And if so, like, what would be some of the big broad drivers? Is it just the same as expanded bands, expanded channels and things of that nature? Or do you see something else happening?

明白了。然後在我的後續行動中，您是否認為在 5G 內容的初始浪潮之後，明年與 5G 相關的射頻內容會再次增加？如果是這樣，那麼一些大的廣泛驅動因素是什麼？它與擴展的樂隊，擴展的頻道和那種性質的東西一樣嗎？或者你看到其他事情發生了嗎？

Yes. So we -- see, there's probably 2 ways to think about it. So we said the units for 5G we expect to roughly double again next year, so from 250 to 500. But on that doubling, the content increase is staying at roughly the same at $5 to $7, depending upon the tier and the exact model, right? So in that sense, you're seeing the units are same. But then longer term, I think you're going to see the same dynamic that's driven 4G. So we're still very early in the 5G cycle.

是的。所以我們——看，可能有兩種思考方式。所以我們說，我們預計明年 5G 的單位數將再次翻番，從 250 到 500。但在翻倍的過程中，內容增長大致保持在 5 到 7 美元，具體取決於層級和確切型號，正確的？所以從這個意義上說，你看到的單位是一樣的。但從長遠來看，我認為你會看到推動 4G 的相同動態。因此，我們仍處於 5G 週期的早期階段。

There are new bands still coming. And within the bands, they're trying to find ways to use more of the spectrum. And so there's going to be a priority on higher technology to monetize all that spectrum and get the data out of it that 5G promises.

新樂隊還在繼續。在頻段內，他們正試圖找到使用更多頻譜的方法。因此，將優先考慮更高技術，以將所有頻譜貨幣化並從中獲取 5G 承諾的數據。

We're also just beginning to see these dual connect modules where we've got dual transmit antennas now for 5G, and some of these are really challenging, frequency allocations and the bands that they want to transfer on simultaneously. That's going to add an awful lot of complexity and challenge for RF, which will drive even more value there, I think.

我們也剛剛開始看到這些雙連接模塊，我們現在為 5G 配備了雙發射天線，其中一些確實具有挑戰性，頻率分配和它們想要同時傳輸的頻段。我認為，這將為 RF 增加大量複雜性和挑戰，這將在那裡推動更多價值。

And so we're investing in the areas that we think are going to be our customers' toughest challenges. So as the RF gets harder and more complex and more valuable, we're going to be positioned to provide the best technology to solve the problem.

因此，我們正在投資於我們認為將成為客戶面臨最嚴峻挑戰的領域。因此，隨著射頻變得越來越難、越來越複雜和越來越有價值，我們將能夠提供最好的技術來解決這個問題。

Congratulations.

恭喜。

Thanks, Harsh.

謝謝，苛刻。

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

我們將向富國銀行證券公司的 Gary Mobley 提出下一個問題。

Want to ask about the different moving pieces in the China smartphone market. You mentioned you have perhaps a limited license with Huawei tied specifically to their handset business. I think some others have commented that they as well have received a limited license from the U.S. Commerce Department. And so curious if they have their supply chain sort of shored up to feed into their mobile handset business. Or do you -- I'd like to hear your opinion on whether or not they perhaps could lose share and how Qorvo could benefit as your market share at alternative customers may be higher. Any thoughts there.

想問一下中國智能手機市場的不同動作。您提到您可能擁有與華為手機業務相關的有限許可。我認為其他一些人評論說他們也收到了美國商務部的有限許可。他們很好奇他們的供應鍊是否得到了支撐，以支持他們的手機業務。或者您是否 - 我想听聽您對他們是否可能會失去份額以及 Qorvo 如何受益的意見，因為您在替代客戶中的市場份額可能會更高。有什麼想法。

Yes. Thanks, Gary. Number one, as you pointed out, our license is for certain mobile products, not IDP. So you're correct, let's get that clean. And we're working with the customer. But I think we pointed out on our last quarter call that we're very fortunate that we have the same products that we sell to all these customers, and they go with multiple basebands. So from a supply perspective, we're very fortunate with our inventories that we sell the same components to all these guys. And the mobile team has done a fantastic job of designing products that will work across customers and across basebands.

是的。謝謝，加里。第一，正如您所指出的，我們的許可證適用於某些移動產品，而不是 IDP。所以你是對的，讓我們把它弄乾淨。我們正在與客戶合作。但我認為我們在上個季度的電話會議中指出，我們非常幸運，我們擁有向所有這些客戶銷售的相同產品，並且它們配備多個基帶。因此，從供應的角度來看，我們非常幸運地擁有我們向所有這些人出售相同組件的庫存。移動團隊在設計可跨客戶和跨基帶工作的產品方面做得非常出色。

Okay. As my follow-up, I wanted to ask about Huawei again, but on the GaN power amplifier side, I believe they've been pretty much the driving force of that portion of your business as a lead customer in China. But I'm curious to hear your thoughts on the adoption of some non-Huawei 5G RF players.

好的。作為我的後續，我想再次詢問華為，但在 GaN 功率放大器方面，我相信它們幾乎是你們作為中國主要客戶的那部分業務的驅動力。但我很想听聽您對採用一些非華為 5G 射頻播放器的看法。

Yes. We haven't shipped GaN to Huawei for quite a long time, well over a year, over a year. So we've been seeing tremendous growth in our GaN business, as James loves to talk about, and I'll let him go through that, to multiple customers, as I said in my opening remarks. But I can tell James would love to answer this. So James, go ahead. The show is yours.

是的。我們已經很長時間沒有向華為發貨了，一年多，一年多。因此，正如詹姆斯喜歡談論的那樣，我們的 GaN 業務取得了巨大的增長，正如我在開場白中所說的那樣，我會讓他向多個客戶介紹這一點。但我可以告訴詹姆斯很樂意回答這個問題。所以詹姆斯，繼續。節目是你的。

Yes. I mean adoption has really been broad-based, Gary. So we see pretty much all of the OEMs, and I guess I can say all of the OEMs, have programs related to GaN. Multiple of those OEMs have those products into production and typically in a massive MIMO construct, so relatively high content in all of those.

是的。我的意思是採用確實是廣泛的，加里。所以我們看到幾乎所有的 OEM，我想我可以說所有的 OEM，都有與 GaN 相關的項目。這些原始設備製造商中有多家將這些產品投入生產，並且通常採用大規模 MIMO 結構，因此所有這些產品的含量都相對較高。

We've got wins across, again, multiple of those OEMs that are supporting both deployments in China and in other parts of the world. So I think adoption is going very, very good. We had a great GaN quarter. We tied our record from the quarter before. And we've almost quadrupled our GaN business from period -- the same period last year. So I think those trends are just like we have projected that 5G is really going to drive MIMO and higher frequencies, and that's going to drive the adoption of GaN.

我們再次贏得了支持在中國和世界其他地區部署的多家 OEM。所以我認為採用情況非常非常好。我們有一個很棒的 GaN 季度。我們追平了上一季度的記錄。與去年同期相比，我們的 GaN 業務幾乎翻了兩番。所以我認為這些趨勢就像我們預測的那樣，5G 真的會推動 MIMO 和更高的頻率，這將推動 GaN 的採用。

We're very focused on scaling the technology and continuing to improve the performance and -- so that we can continue this ramp as we go because we very much are in the early innings of 5G deployments around the world.

我們非常專注於擴展技術並繼續提高性能 - 這樣我們就可以繼續這一增長，因為我們非常處於全球 5G 部署的早期階段。

We'll take our next question from Craig Hettenbach with Morgan Stanley.

我們將向摩根士丹利的 Craig Hettenbach 提出下一個問題。

I had a question on the gross margin and really from a mix perspective within mobile, any context you could share in terms of perhaps some of the tailwinds that integration is helping as well as maybe the BAW business increasing as a percent of total as you go out in time?

我有一個關於毛利率的問題，實際上是從移動領域的混合角度來看，您可以分享的任何背景，可能是集成正在幫助的一些順風，以及可能隨著您的發展，BAW 業務佔總數的百分比增加及時出局？

Yes. Craig, we typically don't break out mix in detail, but you're correct. I mean what's helping us is this ongoing trend of integration, and particularly BAW-related modules. As you know, our largest fab is Richardson, so largest cost structure. So volumes and continued growth in BAWs is important, and that's helping.

是的。克雷格，我們通常不會詳細分解混音，但你是對的。我的意思是對我們有幫助的是這種持續的集成趨勢，尤其是與 BAW 相關的模塊。如您所知，我們最大的晶圓廠是理查森，因此是最大的成本結構。因此，BAW 的數量和持續增長很重要，這很有幫助。

And there are other products where we have highly specialized technology that is helpful in the mix as well. But certainly, BAW and -- both BAW and other integrated modules is a part of the favorable mix.

還有其他產品，我們擁有高度專業化的技術，這也有助於混合。但可以肯定的是，BAW 和 - BAW 和其他集成模塊都是有利組合的一部分。

Got it. And then just a follow-up for Eric. In terms of integration within mid-range phones or mass market, can you talk about perhaps kind of where we are in that cycle, if you will, in terms of -- that's been an important growth driver, but just how much more do you see that in terms of the market moves towards integration and how much does 5G also play a role in terms of the need versus discrete parts?

知道了。然後只是埃里克的後續行動。就中端手機或大眾市場的整合而言，你能否談談我們在那個週期中的位置，如果你願意的話，就 - 這是一個重要的增長動力，但你還有多少？看到市場走向集成，5G 在需求與離散部件方面也發揮了多大作用？

Yes. It's a good question. As you know, 4G sort of grew up discrete, and as it became more complicated and more bands, integration became required really to fit everything into the space. And 5G is essentially launched with fully integrated modules. And to date, I don't believe we're aware of any design that's going discrete. It's just very, very, very complex. And once you're used to having a highly integrated fairly miniaturized compact RF solution, it's really hard to undo that and go to discrete solutions because you still have to do all of this on multiband operation and multiplexing and so forth. So it's very hard for a phone customer to match these things on the phone board. So if not 100%, the vast majority of 5G phones are continuing to use fully integrated solutions.

是的。這是個好問題。如你所知，4G 有點離散，隨著它變得更加複雜和更多頻段，真正需要集成才能將所有東西融入空間。 5G 本質上是以完全集成的模塊啟動的。迄今為止，我認為我們還沒有意識到任何離散的設計。它只是非常、非常、非常複雜。一旦您習慣了高度集成的、相當小型化的緊湊型射頻解決方案，就很難撤消這一點並轉向分立解決方案，因為您仍然必須在多頻段操作和多路復用等方面完成所有這些工作。所以電話客戶很難在電話板上匹配這些東西。因此，如果不是 100%，絕大多數 5G 手機將繼續使用完全集成的解決方案。

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

我們將向特許股票研究公司的 Edward Snyder 提出下一個問題。

If I could, Eric, between Bob's comments and the details from our own teardowns, it seems as if most of the strength you're seeing in your businesses are the main path modules in -- and probably tuners, which both have been very good. But Skyworks is doing very well in diversity, even with the new transmit versions, and there's been a huge increase in antennaplexers at Apple, which seem to all have gone to Broadcom. I know you've got the technology to play in all these areas, but we really haven't seen a lot of it just yet. Will we see more participation from Qorvo in these areas as these technologies move into the Chinese phones? Or do you think, because you've only really shifted in the last year or so, to focus more on all these other, I would say, lucrative but lower ASP stuff than the big mid-/high-band? Is it just a matter of time that you think you might make inroads into the non-Chinese OEMs? And then Mark -- go ahead. Please.

如果可以的話，Eric，在 Bob 的評論和我們自己拆解的細節之間，您在業務中看到的大部分優勢似乎是主要路徑模塊——可能還有調諧器，兩者都非常好.但是 Skyworks 在多樣性方面做得很好，即使有了新的發射版本，而且蘋果公司的天線復用器也有了巨大的增長，這些天線似乎都流向了博通。我知道你已經掌握了在所有這些領域發揮作用的技術，但我們真的還沒有看到很多。隨著這些技術進入中國手機，我們會看到 Qorvo 更多地參與這些領域嗎？或者你認為，因為你只是在去年左右才真正改變，更多地關注所有其他的，我會說，利潤豐厚但平均售價低於大中/高頻段的東西？您認為進軍非中國 OEM 只是時間問題嗎？然後馬克 - 繼續。請。

Yes. So I think that since we formed Qorvo, we really had a focus on looking at the full architecture because we've got visibility into it and investing in the key technologies that are going to solve the customers' toughest problems. And you're right, we've got tremendous expertise around the antenna systems, not just tuning, but also multiplexing and antennaplexing and switching and LNAs and all the things you need to make the antenna networks work. And you know that's getting to be more and more and more important regardless of the tier or the customer base, right? But also the advanced power management that we have, which is a very specialized power management to help in these high-modulation standards, we're going to continue to invest in that. We think there's new opportunities there.

是的。所以我認為，自從我們成立 Qorvo 以來，我們確實專注於查看完整的架構，因為我們已經了解它並投資於將解決客戶最棘手問題的關鍵技術。你說得對，我們在天線系統方面擁有豐富的專業知識，不僅僅是調諧，還有多路復用、天線復用和切換以及 LNA 以及使天線網絡正常工作所需的所有東西。而且您知道無論層級或客戶群如何，這都變得越來越重要，對嗎？但還有我們擁有的高級電源管理，這是一種非常專業的電源管理，有助於實現這些高調製標準，我們將繼續在這方面進行投資。我們認為那裡有新的機會。

Our BAW filtering, we believe we're second to none now. And we're not slowing down. We've got many, many more improvements and steps-up in performance and cost, as well reduction for BAWs. So that's going to be the anchor of a whole suite of modules, as you're indicating, even the receive modules that have transmit capability in them. And then all of the main path modules will continue to rely heavily on BAW.

我們的 BAW 過濾器，我們相信我們現在是首屈一指的。我們並沒有放慢腳步。我們在性能和成本方面有很多很多的改進和提升，以及 BAW 的減少。因此，正如您所指出的，這將成為一整套模塊的錨點，甚至是具有傳輸能力的接收模塊。然後所有主要路徑模塊將繼續嚴重依賴 BAW。

So I don't think we're limited at all of where we play. It's a target-rich environment for us. We're kind of prioritizing our investments to where we think we'd get the best ROI. I think it's going really well. And we're going to continue to build out the portfolio and continue to play in more and more areas as we see them being attractive.

所以我不認為我們在比賽的所有地方都受到限制。對我們來說，這是一個目標豐富的環境。我們會優先考慮我們認為可以獲得最佳投資回報率的投資。我認為進展非常順利。我們將繼續擴大投資組合，並繼續在越來越多的領域發揮作用，因為我們認為它們具有吸引力。

Great. And then, Mark, if I could, and I had a short one for James, too. But Mark, last time, Qorvo hit 51.5-ish gross margin was June of '15, revenue was about $670 million. It's about 60% higher last quarter. And unlike at '15, you're now shipping a lot more GaN, BAW and tuners, all of which carry very good gross margins. Is the difference in revenue to gross margin something structural in the fab? Or is it more of a reflection of Qorvo capturing all those filters and passive devices that used to be supplied by the discrete component vendors that are now being rolled into your big modules because obviously it increases your ASP but maybe dilutes margin a bit more. And I know that was the vision when Qorvo was formed, that you guys could start capturing a lot of this other discrete content.

偉大的。然後，馬克，如果可以的話，我也有一個短的給詹姆斯。但馬克，上次 Qorvo 毛利率達到 51.5 左右是在 15 年 6 月，收入約為 6.7 億美元。上個季度大約高出 60%。與 15 年不同的是，您現在出貨了更多的 GaN、BAW 和調諧器，所有這些產品的毛利率都非常好。收入與毛利率的差異是晶圓廠的結構性問題嗎？或者它更多地反映了 Qorvo 捕獲了所有那些過去由分立元件供應商提供的濾波器和無源器件，這些器件現在正被整合到您的大型模塊中，因為顯然它會增加您的 ASP，但可能會進一步稀釋利潤。我知道這是 Qorvo 成立時的願景，你們可以開始捕捉許多其他離散的內容。

Yes. Ed, I'm not sure exactly what your question is. Your figures are correct in that historical data, but we've invested a lot in the business since then. And as you know, there were efforts to rationalize the footprint, make it suited to how we want to take the business forward and, as Eric just said, a lot around active portfolio management. We're at a point now where we've steadily increased gross margins from a low September '16. And we feel good about -- well we feel great about the technology and the business.

是的。 Ed，我不確定你的問題是什麼。您的數據在歷史數據中是正確的，但從那時起我們在業務上投入了大量資金。如您所知，我們努力使足跡合理化，使其適合我們希望如何推動業務發展，正如 Eric 剛才所說，圍繞積極的投資組合管理進行了很多工作。我們現在的毛利率從 16 年 9 月的低點穩步提高。我們感覺很好——我們對技術和業務感覺很好。

As Eric talked through, we're making the right product decisions that are best for our customers and for us. The operations team is performing very well and there's a lot of runway on productivity, and we'll continue to -- that will continue to hopefully be a tailwind on margins or should be.

正如 Eric 所說，我們正在做出最適合我們客戶和我們自己的正確產品決策。運營團隊的表現非常好，並且在生產力方面有很多跑道，我們將繼續 - 希望這將繼續成為或應該成為利潤的順風。

And then we've got -- we're reducing our capital intensity. And all that points to we should be able to sustain these levels, and over time, don't see why we shouldn't be able to expand margins.

然後我們得到了——我們正在降低我們的資本密集度。所有這些都表明我們應該能夠維持這些水平，並且隨著時間的推移，不明白為什麼我們不應該能夠擴大利潤。

Thank you. This concludes today's question-and-answer session. I'll now turn it back to management for closing remarks.

謝謝你。今天的問答環節到此結束。我現在將其轉回管理層以結束髮言。

Thank you for joining us on our call tonight. We'll be presenting via webcast at upcoming investor conferences, and we invite everyone to listen in. Thanks again, and have a great night.

感謝您今晚加入我們的電話會議。我們將在即將舉行的投資者會議上通過網絡直播進行演示，並邀請大家收聽。再次感謝，祝您度過一個愉快的夜晚。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接