科沃 (QRVO) 2021 Q1 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to the Qorvo, Inc.

歡迎來到 Qorvo, Inc.

Q1 2021 Conference Call.

2021 年第一季度電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, I'd like to turn the conference over to Mr. 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 先生。

Please go ahead, sir.

請繼續，先生。

Thanks very much.

非常感謝。

Hello, everybody, and welcome to Qorvo's Fiscal 2021 First Quarter Earnings Conference Call.

大家好，歡迎參加 Qorvo 的 2021 財年第一季度收益電話會議。

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.

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。

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 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.

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。

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.

我們提供此補充信息，以使投資者能夠對經營業績進行額外比較並分析財務業績，而不受某些非現金費用或其他可能掩蓋我們基本業績趨勢的項目的影響。

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

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。

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 from multiple locations are Bob Bruggeworth, President and CEO; Mark Murphy, Chief Financial Officer; James Klein, President of Qorvo's Infrastructure and Defense Products Group; Eric Creviston, President of Qorvo's Mobile Products Group; as well as other members of Qorvo's management team.

今天從多個地點加入我們的有總裁兼首席執行官 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 hand it over to Bob.

有了這個，我會把它交給鮑勃。

Thanks, Doug, and welcome, everyone.

謝謝，道格，歡迎大家。

Qorvo began our fiscal year with an exceptional first quarter.

Qorvo 以出色的第一季度開始了我們的財年。

Quarterly revenue, gross margin and EPS were each well above guidance.

季度收入、毛利率和每股收益均遠高於預期。

IDP returned to robust year-over-year growth and represented a record percentage of total Qorvo revenue.

IDP 恢復了強勁的同比增長，佔 Qorvo 總收入的百分比創歷史新高。

Infrastructure was especially strong.

基礎設施尤其強大。

We increased our support for 5G, specifically sub-6 gigahertz 5G massive MIMO deployments, and we achieved record GaN product revenue.

我們增加了對 5G 的支持，特別是低於 6 GHz 的 5G 大規模 MIMO 部署，我們實現了創紀錄的 GaN 產品收入。

Also contributing were multiyear defense programs and the continued ramp of WiFi 6. In the smartphone market, demand was more resilient than anticipated, and 5G smartphones represented an increasing percentage of total units.

多年防禦計劃和 WiFi 6 的持續增長也做出了貢獻。在智能手機市場，需求比預期更具彈性，5G 智能手機在總銷量中所佔的比例越來越大。

Looking more closely at 5G.

更密切地關注 5G。

We are in the early stages of a multiyear upgrade cycle, supporting growth across both businesses.

我們正處於多年升級週期的早期階段，支持兩個業務的增長。

In Mobile Products, we are benefiting from the need for more and better RF, fueled by higher front-end integration and increased complexity.

在移動產品方面，我們受益於對更多更好射頻的需求，這得益於更高的前端集成度和更高的複雜性。

This includes the move to higher frequencies, the addition of new band combinations and the adoption of dual transmit architectures to support 5G.

這包括轉向更高的頻率、增加新的頻段組合以及採用雙發射架構來支持 5G。

Content expansion and increased complexity supporting 5G architectures favor our design expertise and technologies at scale.

支持 5G 架構的內容擴展和復雜性增加有利於我們大規模的設計專業知識和技術。

We are securing broad-based design wins for our most highly integrated low, mid-/high and ultrahigh band solutions, in some cases, supplying customers the entire main path.

我們正在為我們最高度集成的低、中/高和超高頻段解決方案贏得廣泛的設計勝利，在某些情況下，為客戶提供整個主要路徑。

We are seeing increased demand for our BAW-based multiplexing solutions across a range of baseband -- across a range of band combinations.

我們看到，在一系列基帶——在一系列頻段組合中，對基於 BAW 的多路復用解決方案的需求不斷增加。

While smartphone units are forecast to be down over 10% year-over-year, RF content expansion in 5G devices of approximately $5 to $7 is mitigating the impact of fewer units.

雖然預計智能手機銷量將同比下降 10% 以上，但 5G 設備中約 5 至 7 美元的射頻內容擴展正在減輕銷量減少的影響。

For the year, we continue to expect approximately 250 million 5G smartphones globally.

今年，我們繼續預計全球約有 2.5 億部 5G 智能手機。

In infrastructure, our opportunities in small signal devices like LNAs are growing in line with the increase in massive MIMO antenna elements, while revenue related to GaN PAs is added content.

在基礎設施方面，我們在 LNA 等小信號設備方面的機會隨著大規模 MIMO 天線元件的增加而增長，而與 GaN PA 相關的收入則增加了內容。

Our GaN leadership and infrastructure is built on decades of advanced technology development, commercial experience in other markets and proven ability to scale.

我們的 GaN 領先地位和基礎設施建立在數十年的先進技術開發、在其他市場的商業經驗和經過驗證的擴展能力的基礎上。

Globally, we expect 5G base station deployments to outpace the initial deployments of 4G with over 0.75 million deployments this calendar year, growing to more than 1 million in 2021.

在全球範圍內，我們預計 5G 基站部署將超過 4G 的初始部署，本日曆年部署超過 75 萬，到 2021 年將增長到超過 100 萬。

In the U.S. and Europe, we see deployments picking up next year, adding to this multiyear investment cycle by the carriers.

在美國和歐洲，我們看到明年的部署會增加，這增加了運營商的多年投資週期。

This will drive strength in IDP given our technologies, design capabilities and operational excellence.

鑑於我們的技術、設計能力和卓越運營，這將推動 IDP 的實力。

In the June quarter, infrastructure revenue was a record, and we secured record design wins in support of ongoing 5G base station deployments.

在 6 月季度，基礎設施收入創歷史新高，我們獲得了創紀錄的設計勝利，以支持正在進行的 5G 基站部署。

We also began sampling GaN amplifiers for upcoming C-band spectrum allocations in the United States.

我們還開始為即將在美國進行的 C 波段頻譜分配提供 GaN 放大器樣品。

It's been over a year now since we added our programmable power management business, and the team is doing a great job of driving growth across diversified markets.

自從我們增加可編程電源管理業務以來已經一年多了，該團隊在推動多元化市場的增長方面做得很好。

During the June quarter, we ramped a programmable power management solution, along with a WiFi 6 front-end module, for the leading drone manufacturer, enabling longer flight times, greater range and larger payload.

在 6 月季度，我們為領先的無人機製造商推出了可編程電源管理解決方案以及 WiFi 6 前端模塊，以實現更長的飛行時間、更大的航程和更大的有效載荷。

We also ramped shipments of programmable power management and motor control solutions, improving the efficiency of solid-state drives in places like data centers and enabling brushless motors used in a range of consumer products.

我們還增加了可編程電源管理和電機控制解決方案的出貨量，提高了數據中心等地方的固態驅動器的效率，並支持在一系列消費產品中使用無刷電機。

In the future, we see opportunities for our power management technologies in defense and other markets.

未來，我們看到了我們的電源管理技術在國防和其他市場中的機會。

We delivered a strong quarter in GaN for the defense market, led by radar programs, and we signed several long-term agreements with the defense primes, firming up our expectations for double-digit growth in defense this fiscal year.

在雷達項目的引領下，我們為國防市場提供了強勁的季度氮化鎵，我們與國防巨頭簽署了幾項長期協議，堅定了我們對本財年國防領域兩位數增長的預期。

We were also awarded design wins for an integrated GaN multichip broadband transmit/receive module and a 50-watt GaN power amplifier for defense radar programs.

我們還獲得了用於國防雷達項目的集成 GaN 多芯片寬帶發射/接收模塊和 50 瓦 GaN 功率放大器的設計大獎。

These wins are notable as Qorvo is supplying more integrated solutions into the defense market.

由於 Qorvo 正在為國防市場提供更多集成解決方案，因此這些勝利是值得注意的。

In connectivity, we experienced continued strong demand for WiFi 6 products, including front-end modules and BAW filters, driven by work-from-home trends.

在連接方面，受在家工作趨勢的推動，我們對 WiFi 6 產品（包括前端模塊和 BAW 濾波器）的需求持續強勁。

We commenced shipments of our integrated ultralow power, multi-protocol, ZigBee, BLE and Thread IoT solution, supporting one of the largest providers of smart home infrastructure solutions.

我們開始出貨集成的超低功耗、多協議、ZigBee、BLE 和 Thread 物聯網解決方案，為最大的智能家居基礎設施解決方案提供商之一提供支持。

We requested an emergency use authorization from the FDA for COVID-19 antibody testing using Qorvo Biotechnologies platform.

我們向 FDA 申請了使用 Qorvo Biotechnologies 平台進行 COVID-19抗體測試的緊急使用授權。

This innovative device features unique sensor technology and is designed to address the needs of medical clinicians for rapid and accurate results.

這種創新設備採用獨特的傳感器技術，旨在滿足醫療臨床醫生對快速準確結果的需求。

On the same technology platform, we also received initial production orders for our biosensor platform for high-sensitivity veterinary point-of-care applications.

在同一技術平台上，我們還收到了用於高靈敏度獸醫即時護理應用的生物傳感器平台的初始生產訂單。

Turning to Mobile Products.

轉向移動產品。

We supported multiple production ramps and benefited broadly from integration trends at multiple customers.

我們支持多個生產斜坡，並從多個客戶的集成趨勢中廣泛受益。

Revenue was diversified across categories, including modules integrating PAs, switches, BAW and SAW filters as well as antennaplexers, antenna tuners and specialized RF power management.

收入跨類別多樣化，包括集成 PA、開關、BAW 和 SAW 濾波器的模塊以及天線復用器、天線調諧器和專用射頻電源管理。

We were selected by a leading Korea based smartphone manufacturer to supply a highly integrated high band solution for this year's flagship smartphone.

我們被一家領先的韓國智能手機製造商選中，為今年的旗艦智能手機提供高度集成的高頻段解決方案。

We are also supplying an innovative antennaplexer solution that addresses antenna network complexity and optimizes system efficiency for an upcoming foldable smartphone.

我們還提供創新的天線復用器解決方案，解決天線網絡的複雜性並優化即將推出的可折疊智能手機的系統效率。

Across our customers, we are engaged on the most critical 5G challenges and enabling them to introduce innovative new designs, enhanced performance and bring products to market faster.

在我們的客戶中，我們致力於應對最關鍵的 5G 挑戰，使他們能夠引入創新的新設計、增強性能並更快地將產品推向市場。

At multiple Android smartphone manufacturers, we captured the complete main path, including low band, mid-/high band and ultrahigh band modules for upcoming 5G smartphone launches.

在多家 Android 智能手機製造商中，我們捕捉到了完整的主要路徑，包括即將推出的 5G 智能手機的低頻段、中/高頻段和超高頻段模塊。

We supported customers across all major chipset providers and notably began production shipments in support of leading customers using MediaTek's 5G basebands.

我們為所有主要芯片組供應商的客戶提供支持，尤其是開始生產出貨以支持使用聯發科 5G 基帶的領先客戶。

In Ultra-Wideband, we commenced high-volume shipments of our UWB solutions, enabling superior accuracy and reliability in contact tracing and social distancing applications for numerous customers globally.

在超寬帶領域，我們開始大批量出貨我們的 UWB 解決方案，為全球眾多客戶提供接觸者追踪和社交距離應用的卓越準確性和可靠性。

As an example, we are working with Kinexon, whose safe zone tag is being used by the NBA and the NFL in their training camps.

例如，我們正在與 Kinexon 合作，其安全區標籤被 NBA 和 NFL 在他們的訓練營中使用。

Qorvo's UWB technology delivers a short burst of energy spread over a large bandwidth to precisely measure the distance between Ultra-Wideband-enabled devices.

Qorvo 的 UWB 技術可在大帶寬上提供短暫的能量爆發，以精確測量支持超寬帶的設備之間的距離。

We are interacting very closely with the mobile community, and we are actively engaged across other applications, including automotive and IoT.

我們正在與移動社區密切互動，並積極參與其他應用程序，包括汽車和物聯網。

In power management, we increased shipments of mobile power management solutions driven by the adoption of 4G/5G dual transmit and the associated complexity it introduces.

在電源管理方面，由於採用 4G/5G 雙發射及其引入的相關複雜性，我們增加了移動電源管理解決方案的出貨量。

Across our markets, Qorvo is advancing a range of best-in-class technologies, supporting our customers with a broad set of high performance and highly integrated solutions.

在我們的市場中，Qorvo 正在推進一系列一流的技術，為我們的客戶提供廣泛的高性能和高度集成的解決方案。

Our R&D investments and product and technology road maps are aligned closely with our customers and with long-term market drivers.

我們的研發投資以及產品和技術路線圖與我們的客戶和長期市場驅動因素密切相關。

The same can be said for our recent acquisitions.

我們最近的收購也是如此。

The June quarter marked our first full quarter for Custom MMIC and Decawave in just over a year since acquiring Active-Semi.

六月季度是我們收購 Active-Semi 一年多以來定制 MMIC 和 Decawave 的第一個完整季度。

The integration activities are progressing nicely, and the teams are performing extremely well.

整合活動進展順利，團隊表現非常出色。

Before handing the call over to Mark, I'll briefly address some of the active measures we continue to take in light of COVID-19.

在將電話交給馬克之前，我將簡要介紹一下我們根據 COVID-19 繼續採取的一些積極措施。

Qorvo is operating under enhanced safety protocols to keep our employees and operations safe while supporting our customers.

Qorvo 在增強的安全協議下運營，以確保我們的員工和運營安全，同時支持我們的客戶。

In addition to social distancing practices, temperature scanning and restrictions on travel and site visits, we conduct rigorous screening and quarantine processes for suspected or confirmed cases.

除了保持社交距離、溫度掃描以及限制旅行和現場訪問外，我們還對疑似或確診病例進行嚴格的篩查和隔離程序。

Thanks to these and other efforts, we've experienced no material disruptions in our business or operations.

多虧了這些努力和其他努力，我們的業務或運營沒有遇到任何重大中斷。

Our design teams are releasing best-in-class products.

我們的設計團隊正在發布一流的產品。

Our sales and application engineers are designing our solutions into our customers' next-generation products, and our factories are operating well.

我們的銷售和應用工程師正在將我們的解決方案設計到客戶的下一代產品中，我們的工廠運行良好。

I'm extremely proud of the Qorvo team and thank them for their ongoing efforts.

我為 Qorvo 團隊感到無比自豪，並感謝他們一直以來的努力。

In summary, we're pleased with our financial and operating performance in the June quarter, and we are confident in our outlook for September.

總而言之，我們對 6 月份季度的財務和運營表現感到滿意，我們對 9 月份的前景充滿信心。

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 June or first quarter of fiscal '21 was $787 million, $57 million above the midpoint of our guidance on stronger-than-expected demand in both our Mobile Products and Infrastructure and Defense Products segments.

Qorvo 在 21 財年 6 月或第一季度的收入為 7.87 億美元，比我們關於移動產品、基礎設施和國防產品部門的需求強於預期的指導中點高出 5700 萬美元。

Mobile Products revenue of $468 million exceeded our expectation as handset demand remain more resilient and global supply chain disruptions less impactful than we anticipated at the time of our guide.

4.68 億美元的移動產品收入超出了我們的預期，因為手機需求仍然更具彈性，並且全球供應鏈中斷的影響比我們在指南發佈時的預期要小。

In the September quarter, we expect mobile to increase sequentially driven by new handset launches and increased content due to -- due primarily to the adoption of 5G.

在 9 月季度，我們預計移動設備將在新手機發布和內容增加的推動下環比增長——主要是由於 5G 的採用。

Infrastructure and Defense Products revenue increased to $319 million, over 40% of the company's revenue, as the ongoing build-out of 5G networks drove demand, and we successfully ramped new GaN products.

基礎設施和國防產品收入增加到 3.19 億美元，占公司收入的 40% 以上，因為 5G 網絡的持續建設推動了需求，而且我們成功推出了新的 GaN 產品。

During the quarter, IDP returned to robust year-over-year growth, and we expect IDP to sustain healthy double-digit year-over-year growth through the year with strength in 5G, WiFi and defense.

在本季度，IDP 恢復了強勁的同比增長，我們預計 IDP 在 5G、WiFi 和國防方面的實力將在全年保持健康的兩位數同比增長。

Non-GAAP gross margin in the June quarter was 48.6%, which was 110 basis points over our guidance due to lower-than-expected manufacturing costs and favorable mix effects.

由於低於預期的製造成本和有利的混合效應，6 月季度的非美國通用會計準則毛利率為 48.6%，比我們的指引高出 110 個基點。

Our efforts to improve the portfolio and drive productivity are yielding favorable results, and we expect this progress to continue as we are forecasting approximately 50% gross margin in the September quarter.

我們改善投資組合和提高生產力的努力正在產生有利的結果，我們預計這一進展將繼續下去，因為我們預計 9 月季度的毛利率約為 50%。

Non-GAAP operating expenses in the June quarter were $179 million and lower than expected due in part to spend discipline on discretionary activities.

6 月季度的非公認會計原則運營費用為 1.79 億美元，低於預期，部分原因是在可自由支配的活動上花費了紀律。

Non-GAAP net income in the June quarter was $175 million, and diluted earnings per share of $1.50 was $0.37 above the midpoint of our May guidance.

6 月份季度的非 GAAP 淨收入為 1.75 億美元，每股攤薄收益 1.50 美元，比我們 5 月份指引的中點高 0.37 美元。

Cash flow from operations in the June quarter was $214 million, and CapEx was $30 million, yielding free cash flow of $184 million.

六月季度的運營現金流為 2.14 億美元，資本支出為 3000 萬美元，產生了 1.84 億美元的自由現金流。

We repurchased $75 million of shares during the quarter.

我們在本季度回購了 7500 萬美元的股票。

We continue to invest ahead of customer and market needs while sustaining responsible capital return.

我們繼續在客戶和市場需求之前進行投資，同時保持負責任的資本回報。

During the June quarter, we raised over $300 million through an add-on to our 2029 unsecured notes, augmenting liquidity and further extending the weighted average maturity of our outstanding debt to October of 2027.

在 6 月季度，我們通過增加 2029 年無擔保票據籌集了超過 3 億美元，增加了流動性並將我們未償債務的加權平均期限進一步延長至 2027 年 10 月。

Our leverage remains low, and we have no near-term maturities.

我們的槓桿率仍然很低，而且我們沒有短期到期。

We ended the quarter with $1.1 billion of cash and an untapped $300 million unsecured revolver.

我們在本季度結束時擁有 11 億美元的現金和未動用的 3 億美元無抵押左輪手槍。

With this 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.

憑藉這種財務靈活性，我們可以專注於推進技術、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。

As Bob mentioned, our recent acquisitions have been integrated quickly and are performing well.

正如鮑勃所提到的，我們最近的收購已經迅速整合併且表現良好。

On Ultra-Wideband, we see a wide array of applications emerging with this wireless technology and have significant customer engagement on the design of new products and solutions.

在超寬帶方面，我們看到這種無線技術出現了廣泛的應用，並且在新產品和解決方案的設計中擁有重要的客戶參與度。

We expect this business and our MEMS technology acquisition to contribute meaningfully to Qorvo over time.

隨著時間的推移，我們預計這項業務和我們的 MEMS 技術收購將為 Qorvo 做出有意義的貢獻。

Our other recent acquisitions are already accretive.

我們最近的其他收購已經在增值。

Custom MMIC, a bolt-on to our IDP segment, exceeded plan in its first full quarter and further strengthens our defense and aerospace franchise.

定制 MMIC 是我們 IDP 部門的補充，在第一個完整季度超出了計劃，進一步加強了我們的國防和航空航天業務。

Programmable power management, serving customers' advanced power management needs is delivering in line with our expectations and is on track to grow revenues strong double digits this quarter versus the same period last year.

可編程電源管理服務於客戶的高級電源管理需求，其交付符合我們的預期，並有望在本季度實現與去年同期相比強勁的兩位數收入增長。

Turning to our current quarter outlook.

轉向我們當前的季度展望。

We expect revenue between $925 million and $955 million.

我們預計收入在 9.25 億美元至 9.55 億美元之間。

Non-GAAP gross margin of approximately 50% and non-GAAP diluted earnings per share of $1.90 at the midpoint of our guidance.

在我們指導的中點，非 GAAP 毛利率約為 50%，非 GAAP 攤薄後每股收益為 1.90 美元。

As mentioned in the guidance section of our press release, our fiscal year 2021 is a 53-week fiscal year, and our September quarter is a 14-week quarter versus a typical 13-week quarter.

正如我們新聞稿的指導部分所述，我們的 2021 財年是一個為期 53 週的財政年度，我們的 9 月季度是一個為期 14 週的季度，而典型的季度是 13 週。

Our last 14-week quarter occurred in September of 2015, our fiscal '16, which was the last 53-week fiscal year reported.

我們最後一個為期 14 週的季度發生在 2015 年 9 月，即我們的 16 財年，這是報告的最後一個 53 週的財年。

Our current quarter revenue outlook reflects the additional week, strong sequential growth in mobile and over 50% year-over-year growth in IDP.

我們當前的季度收入展望反映了額外的一周、移動業務的強勁連續增長以及 IDP 同比增長超過 50%。

In mobile, demand for 5G is adding more complex parts and driving higher content, and we forecast revenue in the current quarter to be approximately $640 million.

在移動領域，對 5G 的需求正在增加更複雜的部件並推動更多內容，我們預計本季度的收入約為 6.4 億美元。

In IDP, we project the business to be approximately $300 million in the current quarter, reflecting the timing of base station deployments.

在 IDP，我們預計本季度的業務約為 3 億美元，這反映了基站部署的時間安排。

We do forecast IDP to sustain strong year-over-year growth through the year as infrastructure demand remains robust and defense, WiFi and power management strengthen.

我們確實預測 IDP 全年將保持強勁的同比增長，因為基礎設施需求保持強勁，國防、WiFi 和電源管理加強。

While there is considerable economic uncertainty associated with the ongoing effort -- effects of the pandemic, currently, we expect end market demand to support full fiscal year revenue growth for Qorvo.

儘管當前的努力存在相當大的經濟不確定性——大流行的影響，但目前，我們預計終端市場需求將支持 Qorvo 整個財年的收入增長。

Our September quarter gross margin guide of approximately 50% reflects volume growth and ongoing efforts to improve the quality and efficiency of our business.

我們 9 月季度毛利率指引約為 50%，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。

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.

具體來說，我們在市場需要的技術上進行了早期和充分的投資，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，提高了整個運營的生產力並降低了我們的資本密集度。

Recognizing that a potential impact to our demand and supply chain remains given the uncertainty due to the pandemic, we believe our work to minimize inventories and reduce our cost structure will help us sustain approximately 50% gross margin through the balance of the year.

鑑於大流行帶來的不確定性，我們認識到對我們的需求和供應鏈的潛在影響仍然存在，我們相信我們減少庫存和降低成本結構的工作將幫助我們在今年餘下時間維持約 50% 的毛利率。

Non-GAAP operating expenses are projected to increase in the September quarter to approximately $207 million due to the additional week in the quarter, higher personnel costs including raises, increased product development activities and the resumption of some discretionary spend.

由於本季度增加了一周、包括加薪在內的人員成本增加、產品開發活動增加以及部分可自由支配支出的恢復，非 GAAP 運營費用預計將在 9 月季度增加至約 2.07 億美元。

Excluding the additional week, OpEx to be closer to $196 million for the quarter, and we expect OpEx to remain below that level for the balance of the year.

不包括額外的一周，本季度的 OpEx 將接近 1.96 億美元，我們預計 OpEx 在今年餘下時間將保持在該水平以下。

Other expense will increase to over $20 million driven by the full quarter effect of the net interest charge from debt added in June.

由於 6 月份新增債務產生的淨利息費用對整個季度的影響，其他費用將增加到超過 2000 萬美元。

We expect our current quarter and full year non-GAAP tax rate to be approximately 8%.

我們預計我們當前季度和全年的非公認會計原則稅率約為 8%。

We project capital expenditures to remain below $200 million in fiscal '21 and focused on BAW, GaN and other areas, which advance a differentiated position for Qorvo to best serve customer needs.

我們預計 21 財年的資本支出將保持在 2 億美元以下，並專注於 BAW、GaN 和其他領域，這些領域推動了 Qorvo 的差異化地位，以最好地滿足客戶需求。

As the June quarter results and our September 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.

正如 6 月季度業績和我們 9 月季度展望所顯示的那樣，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 efforts during this time.

最後，我想和 Bob 一起感謝 Qorvo 員工在此期間所做的努力。

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 hear first today from Gary Mobley with Wells Fargo.

（操作員說明）今天我們將首先從富國銀行的 Gary Mobley 那裡聽到。

I wanted to ask about how that extra week in the September quarter may impact your seasonal expectations for the December quarter, if math works out correctly, that might be roughly a $60 million impediment to what would normally be a seasonally up December quarter.

我想問一下，如果數學計算正確，那麼 9 月季度的額外一周可能會如何影響您對 12 月季度的季節性預期，這可能對通常會出現季節性增長的 12 月季度造成大約 6000 萬美元的障礙。

So maybe if you can help us think about that December quarter.

因此，也許您可以幫助我們考慮一下 12 月的那個季度。

Gary, it's Mark.

加里，是馬克。

You're right.

你是對的。

The effect is about -- it's over $65 million.

效果大約是——超過 6500 萬美元。

Adjusted, the quarter -- September quarter would be around $873 million or so.

調整後，該季度——9 月季度將約為 8.73 億美元左右。

And so even without the additional week, it's still a very strong quarter for us.

因此，即使沒有額外的一周，這對我們來說仍然是一個非常強勁的季度。

We're up over 10% sequential for that adjusted number, and we're going to be just under 10% year-over-year.

調整後的數字連續增長超過 10%，同比增長略低於 10%。

Okay.

好的。

As my follow-up, I wanted to ask about sort of the emergence of the mid-tier in 5G, in particular, in China.

作為我的後續，我想問一下 5G 中端的出現，特別是在中國。

And so maybe if you can just walk us through under a scenario where the sub-$600 portion of the smartphone market becomes a leading driver in the second half of the year for 5G mobile handset sales, in particular, in China, how this plays out for Qorvo.

因此，如果你能帶我們了解一下，智能手機市場中低於 600 美元的部分成為下半年 5G 手機銷售的主要推動力，尤其是在中國，這將如何發揮作用對於 Qorvo。

Sure.

當然。

This is Eric.

這是埃里克。

I'll be happy to take that.

我很樂意接受。

We said previously, and it's still true today that we're seeing this $5 to $7 worth of content adder for any 5G phone, and that's holding even as you go into the mid-tier.

我們之前說過，今天我們仍然可以看到任何 5G 手機的價值 5 到 7 美元的內容添加器，即使你進入中端，這種情況仍然存在。

You're coming off a smaller base of content, obviously, but the 5G adder is still roughly the same.

顯然，您的內容基礎較小，但 5G 加法器仍然大致相同。

So as a percentage, it's actually quite a bit more of an increase.

因此，作為一個百分比，它實際上增加了很多。

And while you might expect that there could be less integrated, more discrete implementations to save cost, the fact is that most of the band combinations and requirements are the same.

雖然您可能期望可能會有更少集成、更多離散的實現來節省成本，但事實是大多數頻段組合和要求是相同的。

And so the fully integrated solution just offers an awful lot of value with time to market given all the complexity.

因此，考慮到所有復雜性，完全集成的解決方案在上市時間方面提供了巨大的價值。

And so we're seeing just a lot of design activity across the tiers.

因此，我們在各個層次上看到了大量的設計活動。

We brought out [RF Fusion 20] this year, absolutely industry-leading, best-in-class performance, highly integrated, full band coverage, low band, mid-/high and ultrahigh bands, integrated shielding.

我們今年推出了【RF Fusion 20】，絕對行業領先，性能一流，高集成，全頻段覆蓋，低頻段，中/高，超高頻段，集成屏蔽。

So the parts are already shielded.

所以零件已經被屏蔽了。

You put them down, you don't have any sort of issues with interference.

你把它們放下，你沒有任何干擾問題。

Integrated the LNAs now as well.

現在也集成了 LNA。

So when you look at that capability, just a few placements to have a complete 5G phone RF section, regardless of the tier, it's a very, very compelling offering.

因此，當您查看該功能時，只需幾個位置即可擁有完整的 5G 手機 RF 部分，無論層級如何，它都是非常非常引人注目的產品。

We'll hear next from Bill Peterson with JPMorgan.

接下來我們將聽到摩根大通的比爾·彼得森 (Bill Peterson) 的消息。

Congratulations on the results and the strong guide.

祝賀結果和強有力的指導。

My first question is a follow-up to the question on China.

我的第一個問題是關於中國問題的後續問題。

And it sounds like you have a lot of wins that are now across multiple devices for the full main path.

聽起來您現在在多個設備上為完整的主要路徑贏得了很多勝利。

But I guess in the past, you've had really good content in phones, and sometimes the phones don't sell as well.

但我想在過去，你在手機中擁有非常好的內容，有時手機也賣得不好。

So trying to get a feel for the breadth of your design wins, maybe in which cases you might just have the mid-/high in some cases or other parts.

因此，嘗試了解您的設計的廣度會獲勝，也許在這種情況下，在某些情況下或其他部分您可能只有中/高。

Try to get a feel for the breadth of your design wins here for the phones launching in the back half of the year in China.

試著感受一下今年下半年在中國推出的手機所贏得的設計的廣度。

Yes.

是的。

Sure, Bill.

當然，比爾。

This is Eric again.

這又是埃里克。

It's actually quite broad.

它實際上相當廣泛。

With our [Fusion 20] portfolio, we're talking about this year, we're engaged with every single 5G baseband.

借助我們的 [Fusion 20] 產品組合，我們今年正在談論每一個 5G 基帶。

Our parts are universal.

我們的零件是通用的。

So they can be used with all the 5G basebands on the market today.

因此，它們可以與當今市場上的所有 5G 基帶一起使用。

We're engaged with every Android customer with this portfolio.

我們通過這個產品組合與每一位 Android 客戶互動。

In some cases, we are doing maybe just the ultrahigh band section or the high band or low band, but in many cases, we are looking at the full solution.

在某些情況下，我們可能只是在做超高頻段或高頻段或低頻段，但在許多情況下，我們正在尋找完整的解決方案。

But the very same parts are seeing design traction broadly across all 5G Android customers.

但同樣的部分在所有 5G Android 客戶中都得到了廣泛的設計牽引力。

Okay.

好的。

My second question is for James.

我的第二個問題是針對詹姆斯的。

James, huge upside.

詹姆斯，巨大的優勢。

I was hoping you could help us understand where the upside came in June and where you see the upside here in September.

我希望您能幫助我們了解 6 月份的上漲空間以及您在 9 月份看到的上漲空間。

I presume infrastructure, but if you can rank the -- you said defense was strong and some of the other areas.

我假設基礎設施，但如果你可以對 - 你說防禦很強大以及其他一些領域進行排名。

Help us rank where the upside was coming from and expected to come from here in the September quarter.

幫助我們對 9 月季度上漲的來源和預期來源進行排名。

Yes.

是的。

Thanks, Bill.

謝謝，比爾。

In the first quarter, we continue to have significant ramps in both 5G and in WiFi 6. We supported both of these markets with a really broad set of products, including GaN power amplifiers and driver modules, integrated front-end modules, BAW filters and numerous discrete products.

在第一季度，我們繼續在 5G 和 WiFi 6 方面取得顯著增長。我們為這兩個市場提供了非常廣泛的產品，包括 GaN 功率放大器和驅動器模塊、集成前端模塊、BAW 濾波器和眾多離散產品。

And we supported a broad set of customers in both of those markets.

我們支持這兩個市場的廣泛客戶。

GaN power amplifiers are a great example of one of the ramps.

GaN 功率放大器就是其中一個斜坡的一個很好的例子。

We brought a broad set of products to the market to support 5G, different frequencies, different power levels and supporting different customers.

我們為市場帶來了廣泛的產品組合，以支持 5G、不同頻率、不同功率級別並支持不同的客戶。

And our GaN revenue for the quarter doubled from what it was at the same time last year.

我們本季度的 GaN 收入比去年同期翻了一番。

WiFi 6 products were also doing very well in both the retail and set-top box markets, and we believe a large part of that is due from work from home.

WiFi 6 產品在零售和機頂盒市場的表現也非常出色，我們認為其中很大一部分原因是在家工作。

So we've seen strength particularly in the high-end retail space.

因此，我們已經看到了實力，尤其是在高端零售領域。

Defense stayed a good foundation for the business.

國防為業務奠定了良好的基礎。

And as we move into Q2, we'll see a similar type story.

隨著我們進入第二季度，我們將看到一個類似的故事。

We'll continue the ramp in WiFi 6. Defense will also pick up quite a bit again based on some of those long-term supply agreements that we -- that Bob talked about in his earlier comments.

我們將繼續增加 WiFi 6。根據 Bob 在他之前的評論中談到的一些長期供應協議，國防也將再次增加。

The base station business itself will also be very strong in Q2.

基站業務本身在 Q2 也將非常強勁。

We will start to see that come down a bit in Q3 as we finish calendar year '20 deployments, and then we expect that to ramp back up as we move into our fiscal Q4 to support the calendar year '21 deployments.

隨著我們完成 '20 日曆年的部署，我們將在第三季度開始看到它有所下降，然後我們預計隨著我們進入第四財季以支持 '21 日曆年的部署，這種情況會有所回升。

We move next to Harsh Kumar with Piper Sandler.

我們和 Piper Sandler 一起搬到了 Harsh Kumar 旁邊。

Another one for James.

另一個給詹姆斯。

James, you're very popular today.

詹姆斯，你今天很受歡迎。

How come all of a sudden this massive explosion of growth?

為何突然間出現如此大規模的增長？

Did you just have like a series of design wins that kicked in all simultaneously?

您是否剛剛獲得了一系列同時發生的設計勝利？

Or was it 1 or 2 customers that predominantly drove the upside?

或者是 1 或 2 個客戶主要推動了上漲？

Yes.

是的。

Well, thanks, Harsh, for the popularity.

好吧，謝謝，Harsh，因為它的受歡迎程度。

I appreciate it.

我很感激。

We -- as I've been saying for the better part of the year is I expected us to return to growth in about a year.

我們——正如我在今年大部分時間裡所說的那樣，我預計我們將在大約一年內恢復增長。

And I couldn't be more proud of the broad team here of designers and sales teams and the manufacturing folks that really allowed us to recover the business from what was obviously a significant downturn for us about a year ago.

我為這裡由設計師和銷售團隊以及製造人員組成的廣泛團隊感到無比自豪，他們真正讓我們的業務從大約一年前對我們來說顯然是嚴重的低迷中恢復過來。

So we've been projecting this.

所以我們一直在預測這個。

I think it's fairly broad-based.

我認為它的基礎相當廣泛。

Massive MIMO or 5G rollouts have been a really positive for us.

大規模 MIMO 或 5G 的推出對我們來說是非常積極的。

And I've talked about in the past that we see content gains about 10x on a MIMO base station compared to conventional macro.

我過去曾談到，與傳統宏相比，我們看到 MIMO 基站上的內容增益約為 10 倍。

Now that uplift is because of element count and because also we now can supply the GaN power amplifiers, where in the past, those would have been LDMOS.

現在這種提升是因為元件數量，而且因為我們現在可以提供 GaN 功率放大器，而在過去，這些功率放大器是 LDMOS。

So we've picked up a tremendous amount of content in 5G, and that's really helped drive the growth.

因此，我們在 5G 中獲得了大量內容，這確實有助於推動增長。

But we're setting records in our WiFi space as well with WiFi 6 coming on board over the last couple of quarters.

但我們也在 WiFi 領域創造了記錄，WiFi 6 在過去幾個季度推出。

This was our third consecutive quarter of double-digit quarter-over-quarter growth in that part of the market.

這是我們在該部分市場連續第三個季度實現兩位數的季度環比增長。

Defense was a good foundation.

防守是一個很好的基礎。

And we don't talk about it, relatively small business, but our power management business is doing very, very well, exceeding our expectations and growing in strong double digits on top of everything else.

我們不談論它，相對較小的業務，但我們的電源管理業務做得非常非常好，超出了我們的預期，並且在其他所有方面都以兩位數的強勁增長。

So I think we've just got a great portfolio, some great technologies.

所以我認為我們剛剛擁有了一個很棒的產品組合，一些很棒的技術。

And the markets have aligned fairly well for us.

市場對我們來說已經相當一致了。

Okay.

好的。

And then for my follow-up, a question for Mark or Bob, margins of 50%, truly, truly fantastic to see that.

然後在我的後續行動中，問馬克或鮑勃的問題，50% 的利潤，真的，真的很棒。

And you're actually calling, I think if I heard it correctly, that neighborhood for the rest of the year, correct me if I'm wrong there.

你實際上是在打電話給我，如果我沒聽錯的話，這個社區在今年剩下的時間裡，如果我錯了，請糾正我。

But what -- again, the uptake of roughly 140 basis points, how much of that is mix?

但是，再次，大約 140 個基點的吸收，其中有多少是混合的？

And how much of that is just simply straight up utilization?

其中有多少只是簡單的直接利用率？

Yes.

是的。

So Harsh, your -- yes, I think, first of all, we're really pleased to hit a milestone, which you know has been dogging us for some time.

所以苛刻，你的 - 是的，我認為，首先，我們真的很高興達到一個里程碑，你知道這已經困擾我們一段時間了。

Yes.

是的。

And I think, if you go back a couple of years, we had a lackluster mobile handset volume period, and then we had Huawei, and then we had the pandemic.

而且我認為，如果你回到幾年前，我們經歷了手機銷量低迷的時期，然後是華為，然後是大流行。

And so there were just a series of headwinds that kept us from that milestone.

因此，只有一系列不利因素使我們無法實現這一里程碑。

It took us a bit longer than we thought, but we were confident we were going to get there.

我們花了比我們想像的更長的時間，但我們有信心我們會到達那裡。

We feel that we're doing the right things, and we're going to continue doing these things, investing in the technology, managing our portfolio the right way where we're most valued by customers, driving productivity very hard.

我們覺得我們在做正確的事情，我們將繼續做這些事情，投資技術，以正確的方式管理我們的產品組合，讓我們最受客戶重視，努力提高生產力。

And I've got to certainly complement Paul Fego and his team for just a tremendous job, doing all the things around cycle time improvement and the wafer expansions, and we shut down a facility and -- seamlessly and die shrinks.

我肯定要補充 Paul Fego 和他的團隊，完成一項偉大的工作，圍繞週期時間改進和晶圓擴展做所有事情，我們關閉了一個設施，並且 - 無縫地縮小了芯片。

I can go on and on.

我可以繼續說下去。

But we're seeing those results in the number, so it's real.

但我們在數字中看到了這些結果，所以它是真實的。

And we're making real progress despite the headwinds we've had.

儘管我們遇到了逆風，但我們正在取得真正的進展。

So -- and then finally, we've reduced capital intensity, and you've seen that pretty dramatically for us.

所以——最後，我們降低了資本密集度，你已經看到了我們的戲劇性。

We're not constrained in growth.

我們的增長不受限制。

We've just been very selective about what we're doing and being smart about how we expand and get more out of the assets that we have.

我們只是對我們正在做的事情非常有選擇性，並且對我們如何擴展並從我們擁有的資產中獲得更多收益非常聰明。

On the walk from Q1 to Q2, it's partly the -- we still have some period costs, Harsh.

在從第一季度到第二季度的過程中，部分原因是——我們仍然有一些期間成本，苛刻。

We still have Farmers Branch period cost, and we have some idle equipment.

我們還有農民分會期間的費用，我們還有一些閒置的設備。

So the higher revenue helps us in the sense that those period costs are a smaller percent of higher revenue.

因此，較高的收入對我們有幫助，因為這些期間成本在較高收入中所佔的百分比較小。

So that helps us a bit on the margin.

所以這對我們有點幫助。

Most of the rest of it is lower manufacturing costs.

其餘的大部分是較低的製造成本。

So my point earlier about Paul and his team, excellent spend control.

所以我之前關於保羅和他的團隊的觀點，出色的支出控制。

This higher volume gives us better absorption, and the mix is such that we have good absorption.

更高的體積使我們更好地吸收，並且混合使我們具有良好的吸收性。

And then finally, we had very good test yields as we look from this new forecast.

最後，從這個新的預測來看，我們的測試產量非常好。

As we look out rest of the year, our inventories are in a really good spot.

當我們展望今年餘下的時間時，我們的庫存狀況非常好。

We -- our inventory only ticked up a little bit sequentially fourth to first quarter, and we -- our turns are sort of historical levels, so they don't look bad.

我們 - 我們的庫存從第四季度到第一季度僅按順序增加了一點點，而且我們 - 我們的轉折點是歷史水平，所以它們看起來還不錯。

I'm never going to say we're pleased with our inventories, but they're -- they've been managed, and the channel is very healthy.

我永遠不會說我們對我們的庫存感到滿意，但他們 - 他們已經得到管理，而且渠道非常健康。

So that's important.

所以這很重要。

So that gives us confidence that we're running the operation lean.

因此，這讓我們相信我們正在精益運營。

We have a little bit of flexibility, but there's a healthy tension in our business between trying to keep costs down and trying to keep inventories low, trying to keep the fabs level loaded.

我們有一點靈活性，但我們的業務在努力降低成本和努力保持低庫存之間存在健康的緊張關係，努力保持晶圓廠的負載水平。

I mean there's a healthy dynamic that occurs here that we think we've been playing okay.

我的意思是這裡發生了一種健康的動態，我們認為我們的表現還不錯。

So having said all that, if the market holds up and the mix is what we think it will be, then -- or favorable, we have a high degree of confidence in 50% or approximately 50%.

綜上所述，如果市場保持穩定，並且組合是我們認為的那樣，那麼 - 或有利的，我們對 50% 或大約 50% 有高度的信心。

If the market softens in the back half or somewhat worse than anticipated on mix, then we would be on the south side of 50%.

如果市場在後半部分走軟或比預期差一些，那麼我們將處於 50% 的南側。

But we feel good, we're in that neighborhood, and we intend to stay there and actually expand margins.

但我們感覺很好，我們就在那個社區，我們打算留在那裡並實際擴大利潤。

And from Morgan Stanley, we'll move to Craig Hettenbach.

從摩根士丹利，我們將轉到 Craig Hettenbach。

Yes.

是的。

On the wireless infrastructure front, can you touch maybe on the -- just the competitive landscape, particularly your positioning within GaN?

在無線基礎設施方面，您能否談談競爭格局，特別是您在 GaN 中的定位？

Is that helping, as that market really starts to take off, what you're seeing competitively?

隨著市場真正開始騰飛，這對您所看到的競爭性有幫助嗎？

Well, I think -- this is James.

嗯，我想——這是詹姆斯。

The dynamic is fairly similar to what we talked about in the prior quarters.

這種動態與我們在前幾個季度談到的非常相似。

Our focus right now is just making sure that we've got best-in-class technology, and we continue to innovate and drive technology, improve performance with our GaN, and then really focused on scale and driving up our manufacturing capabilities, getting our yields up.

我們現在的重點只是確保我們擁有一流的技術，我們繼續創新和推動技術，用我們的 GaN 提高性能，然後真正專注於規模和提高我們的製造能力，獲得我們的產量增加。

And I think we proved that in this quarter and again next quarter that we were able to go through a pretty aggressive ramp on these sub-5 gigahertz deployment, sub-6 gigahertz deployments.

而且我認為我們證明了在這個季度和下個季度，我們能夠在這些低於 5 GHz 的部署、低於 6 GHz 的部署上經歷一個相當激進的斜坡。

So that's been our focus.

所以這一直是我們的重點。

We'll continue to focus that way.

我們將繼續以這種方式專注。

I think on the small signal side, we've got a great set of competitors there as well, and we're doing the same thing.

我認為在小信號方面，我們也有很多競爭對手，我們也在做同樣的事情。

We're just continuing to focus on innovation, bringing more highly integrated modules to play, bringing BAW filters as an example into our mix in the infrastructure side.

我們只是繼續專注於創新，帶來更多高度集成的模塊，將 BAW 濾波器作為示例納入我們在基礎設施方面的組合。

So I would say competition's been fairly stable, and we're just focused on being able to bring innovative new products to the market and ramp them quickly.

所以我想說競爭相當穩定，我們只專注於能夠將創新的新產品推向市場並迅速推出。

Got it.

知道了。

And then just a follow-up on the smartphone side as it relates to 5G.

然後只是智能手機方面的後續行動，因為它與 5G 相關。

Can you talk about just what you're seeing from an antenna tuning perspective and how that plays into some of your expectations around content?

你能談談你從天線調諧的角度看到了什麼，以及它是如何影響你對內容的一些期望的嗎？

Sure.

當然。

We've got, as you know, a lot of presence there, all around the antenna structures and with 5G, not only because of the higher bandwidths, but also new bands, some coming in at even higher frequencies, and the implications of running in dual transmit mode, where you're running on multiple bands at the same time.

如您所知，我們在天線結構和 5G 周圍有很多存在，不僅因為更高的帶寬，而且還有新的頻段，一些甚至更高的頻率，以及運行的影響在雙傳輸模式下，您同時在多個頻段上運行。

When you put all that together, the antenna issues that our customers are struggling with just continue to get exponentially worse every year, especially with 5G.

當你把所有這些放在一起時，我們的客戶正在努力解決的天線問題每年都會繼續呈指數級惡化，尤其是在 5G 時代。

So we're seeing just a tremendous amount of interaction.

所以我們看到了大量的互動。

We've got absolutely the best team in the world working on these solutions.

我們絕對擁有世界上最好的團隊來研究這些解決方案。

And it's not just the antenna tuning but also just the routing around all of these advanced antenna structures, so an awful lot of like multiplexing in and out, what we're calling antennaplexers.

不僅是天線調諧，還包括所有這些先進天線結構的佈線，所以很像多路復用輸入和輸出，我們稱之為天線復用器。

Just a lot of activity there.

只是那裡有很多活動。

And of course, as you know, this is part of the industrial design.

當然，如您所知，這是工業設計的一部分。

So it's not sort of part of the modem proper.

所以它不是調製解調器的一部分。

It's done after the fact as they're just getting the phones to market.

這是事後完成的，因為他們只是將手機推向市場。

So it's usually on a very tight time schedule and working with some very unique expertise.

所以它通常是在一個非常緊迫的時間安排上，並與一些非常獨特的專業知識一起工作。

But we've got a great team in the field and a great team in product design, bringing absolutely state-of-the-art solutions to really a very serious problem that our customers have.

但是我們在該領域擁有一支出色的團隊，在產品設計方面擁有一支出色的團隊，為我們的客戶真正遇到的非常嚴重的問題帶來絕對最先進的解決方案。

We'll move next to Edward Snyder with Charter Equity Research.

我們將移到 Edward Snyder 的特許股票研究部。

A couple of questions.

幾個問題。

Eric, congratulations on the antennaplexers.

埃里克，祝賀天線復用器。

Is this your first production launch of that?

這是你的第一個產品發布嗎？

And why shouldn't we expect margins on that part to be exceptional given it's probably just BAW in the package?

鑑於它可能只是包裝中的 BAW，為什麼我們不應該期望該部分的利潤率非常高呢？

And is this driven by the 5G bands being added, especially the dual transmit, which kind of marks up everything in the antenna side of it?

這是由添加的 5G 頻段驅動的，尤其是雙發射，哪種標記了天線側的所有內容？

And then, James, GaN doubling year-over-year, which is surprising.

然後，詹姆斯，GaN 同比翻了一番，這令人驚訝。

Can you help clarify or remind us, too, you do not have a license to ship GaN directly to Huawei, is that correct?

您也可以幫助澄清或提醒我們，您沒有將 GaN 直接運送給華為的許可證，對嗎？

And you do have ZTE as a customer for GaN.

而且你確實有中興通訊作為 GaN 的客戶。

And then if I could, Mark, on the 50% gross margin, you said it's productivity efficiency in production.

如果可以的話，馬克，關於 50% 的毛利率，你說這是生產中的生產力效率。

But it would sound like given the modules you're shipping into module -- into high-end smartphones now that include just about everything and James' increased use of both GaN and BAW there, wouldn't mix start becoming a bigger issue in the move to 50-plus percent gross margin?

但這聽起來像是考慮到您要運送到模塊中的模塊 - 現在包含幾乎所有東西的高端智能手機，並且詹姆斯在那裡增加了 GaN 和 BAW 的使用，不會混合開始成為更大的問題。毛利率達到 50% 以上？

Or is it you're just going to rely on volume for a while?

還是您只是暫時依賴音量？

Ed, thanks for your question.

埃德，謝謝你的問題。

Eric, why don't you take part 1?

埃里克，你為什麼不參加第 1 部分？

James, you can take part 2. And Mark, you'll take part 3.

詹姆斯，你可以參加第 2 部分。馬克，你將參加第 3 部分。

All right.

好的。

Sounds good.

聽起來不錯。

This is Eric, Ed.

這是埃里克，埃德。

And yes, as you pointed out, antennaplexing is relatively new for us.

是的，正如您所指出的，天線復用對我們來說相對較新。

It is a category that's -- it's really, as I've just said in the previous answer, becoming really critical for our customers.

正如我在上一個答案中所說，這是一個類別，它確實對我們的客戶變得非常重要。

And we -- it comes down to really the filter R&D, and we're really hitting our stride now in terms of the team getting out the latest technologies and band coverage.

而我們——歸根結底是濾波器的研發，就團隊推出最新技術和頻段覆蓋而言，我們現在正在大踏步前進。

We've got very cost-effective and very high-performance BAW filters across every single band now, even going up into higher frequencies.

現在，我們在每個頻段都擁有非常具有成本效益和高性能的 BAW 濾波器，甚至可以達到更高的頻率。

And so then we developed the capability of multiplexing those into very high order multiplexers that's driven by our main path modules.

因此，我們開發了將它們多路復用為由我們的主路徑模塊驅動的高階多路復用器的能力。

And then it's a short step from there into the antennaplexing business essentially leveraging all of that work to get the multiplexing capability.

然後它是從那裡進入天線復用業務的一小步，基本上利用所有這些工作來獲得複用能力。

But it really comes down to absolute state of the art in BAW filter process technology.

但它確實歸結為 BAW 濾波器工藝技術的絕對先進水平。

That's what's enabling this.

這就是實現這一點的原因。

And as I said, we've got a lot of experience around the antenna sections of our customers' phones.

正如我所說，我們在客戶手機的天線部分方面擁有豐富的經驗。

So we're very well placed to help them there.

因此，我們可以很好地幫助他們。

Thanks, Eric.

謝謝，埃里克。

James?

詹姆士？

So Ed, so we weren't surprised to see GaN double at all.

所以 Ed，所以我們對看到 GaN 翻倍一點也不感到驚訝。

We've been planning and ramping up for quite some time.

我們已經計劃和加速了很長一段時間。

And again, I got to go back to really congratulating our team on the work that they've done.

再一次，我要再次真正祝賀我們的團隊所做的工作。

But the direct answer to Huawei is, no, we don't have a license, and our deliveries to Huawei are pretty much not material at this point in time, and that's an IDP comment.

但對華為的直接回答是，不，我們沒有許可證，而且目前我們向華為交付的貨物幾乎不重要，這是 IDP 評論。

And we are engaged with virtually all of the rest of the Tier 1s and Tier 2s in the space.

我們與該領域幾乎所有其他 1 級和 2 級公司都有合作。

I won't talk about what we do with any particular ones, but we do see all of those customers moving towards massive MIMO solutions.

我不會談論我們對任何特定產品做了什麼，但我們確實看到所有這些客戶都在轉向大規模 MIMO 解決方案。

All of them are engaged in GaN.

他們都從事GaN。

And so we're as confident as we ever have been that the technology will continue to proliferate, that we will see big content pickups in this space.

因此，我們一如既往地相信，這項技術將繼續擴散，我們將在這個領域看到大量的內容。

And that, that will not just be a China story, but that'll continue as 5G proliferates around the rest of the world.

而且，這不僅是中國的故事，而且隨著 5G 在世界其他地區的普及，這種情況將繼續下去。

So this is, we think, a long-term trend for us over the next 4 or 5 years as the networks get deployed everywhere in the world.

因此，我們認為，隨著網絡在世界各地部署，這對我們來說是未來 4 或 5 年的長期趨勢。

So Ed, on gross margin, I hate to single one out as more important than the others because it's -- I mean it really does take all of this to expand the margins in our view.

因此，埃德，在毛利率方面，我討厭將一個比其他的更重要，因為它——我的意思是，在我們看來，確實需要所有這些來擴大利潤率。

And so we've spent a lot of time on productivity and ops and all the programs over the years, and great efforts there.

因此，多年來，我們在生產力和運營以及所有程序上花費了大量時間，並在這方面付出了巨大的努力。

It's a critical part of getting there.

這是到達那裡的關鍵部分。

We've also, as you know, have gone through a lot around rightsizing our footprint and making sure that incremental CapEx dollars are directed at the right place, and we're getting good return for those.

如您所知，我們在調整我們的足跡並確保增加的資本支出資金用於正確的地方方面已經做了很多事情，我們正在為此獲得良好的回報。

But to your point, specifically on mix, that's why to us, it's really about the investments you make in technology and when you make them and how you make them.

但就您而言，特別是在混合方面，這就是為什麼對我們而言，這實際上是關於您在技術上的投資，以及您何時製作它們以及如何製作它們。

And we feel like we've put ourselves in a good position to compete where we want to compete.

我們覺得我們已經把自己放在了一個很好的位置，可以在我們想競爭的地方競爭。

And that's where customers will value us the most, where we bring the most differentiated products.

這就是客戶最看重我們的地方，我們會帶來最具差異化的產品。

And that's the portfolio management.

這就是投資組合管理。

So we do have -- it's difficult to -- quarter-to-quarter depends on the comparison quarter and as to how big an effect mix plays from quarter-to-quarter.

因此，我們確實 - 很難 - 每季度都取決於比較季度以及季度與季度之間的影響組合有多大。

But over the time here -- over the long term that we've been expanding our margins, and we expect to continue to expand our margins, mix is playing an important role.

但是在這裡的這段時間——從長遠來看，我們一直在擴大我們的利潤率，並且我們希望繼續擴大我們的利潤率，混合發揮著重要作用。

We'll hear next from Chris Caso with Raymond James.

接下來我們將聽到 Chris Caso 和 Raymond James 的講話。

I guess first question would be what we should be thinking about with regard to seasonality for the December quarter, and there's a few differences this year with the extra week that you have in the September quarter.

我想第一個問題是我們應該考慮關於 12 月季度的季節性問題，今年與 9 月季度的額外一周有一些不同。

In addition, some of your peers have talked about seasonality timing differences because of a flagship -- different timing of flagship ramp this year.

此外，您的一些同行談到了由於旗艦產品的季節性時間差異——今年旗艦產品的上市時間不同。

Qualcomm talked about it on their call this evening.

高通今晚在電話會議上談到了這件事。

And is that a factor for you we should be thinking about with regard to the December quarter?

對於您來說，這是我們在 12 月季度應該考慮的一個因素嗎？

Yes.

是的。

Chris, it's Mark.

克里斯，是馬克。

I'll take that and then maybe just provide a bit more color on the year.

我會接受它，然後也許只是在這一年提供更多的顏色。

It's been a tough year for everyone, and there remains a lot of uncertainty.

這對每個人來說都是艱難的一年，仍然存在很多不確定性。

So I'll provide some general comments, realizing that there's still a lot of risk, and we can't be too specific.

所以我將提供一些一般性的評論，意識到仍然存在很多風險，我們不能太具體。

I would certainly point everybody, as always, to the risk factors in our K, which include the pandemic and trade.

我當然會一如既往地向每個人指出我們 K 中的風險因素，包括大流行和貿易。

But on the second quarter, we did put up a very strong guide, and we've been very clear that included that extra week for our 53-week fiscal year because excluding that, it's still a very strong guide.

但是在第二季度，我們確實提出了一個非常強大的指南，我們非常清楚這包括了我們 53 週財政年度的額外一周，因為除此之外，它仍然是一個非常強大的指南。

And as we said -- as Gary asked at the beginning, we're over $870 million for the second quarter.

正如我們所說——正如加里一開始所問的那樣，我們第二季度的收入超過了 8.7 億美元。

As we look at December, we expect December to be down on an absolute basis, of course.

當然，當我們查看 12 月時，我們預計 12 月絕對會下降。

But on an adjusted basis, we would expect December to be roughly flat with the September quarter.

但在調整的基礎上，我們預計 12 月將與 9 月季度大致持平。

And it's a function of a few things.

這是一些事情的功能。

You've got -- IDP is going to be over $275 million through the back half each quarter, but it's timing of infrastructure projects.

你已經知道——IDP 在每個季度的後半段將超過 2.75 億美元，但這是基礎設施項目的時機。

And then in mobile, we'll see this normal seasonal ramp into September, and then you'll have a normal March seasonal downtick as we have a plan now.

然後在移動端，我們會看到這個正常的季節性增長到 9 月，然後你會看到正常的 3 月季節性下降，因為我們現在有一個計劃。

And so where December falls in that is tough to call at this point, but we think it's probably going to be roughly flat for the September quarter adjusted.

因此，目前很難確定 12 月所在的位置，但我們認為調整後的 9 月季度可能會大致持平。

As I mentioned, we expect to grow full year.

正如我所提到的，我們預計全年都會增長。

I think as folks are thinking about that, keep in mind, we've got one this extra week.

我認為當人們正在考慮這一點時，請記住，我們這週還有一個。

I laid out the acquisition impact year-over-year on last quarter's call.

我在上一季度的電話會議上列出了收購影響同比。

So you have that.

所以你有那個。

And then we've had this good start to the first half of fiscal '21.

然後我們在 21 財年上半年有了一個良好的開端。

And -- but I think given all the uncertainty in the outlook and the broader macro, I think it's prudent to call below 5% year-over-year.

而且——但我認為，鑑於前景和更廣泛的宏觀環境的所有不確定性，我認為將同比增速降至 5% 以下是謹慎的做法。

I've talked about -- just kind of filling things out.

我已經談過了——只是填寫一些東西。

We've covered gross margin, called approximately 50% in the September quarter and then approximately 50% through the back half.

我們已經涵蓋了毛利率，在 9 月季度約為 50%，然後在下半年約為 50%。

And again, that's going to be above or below that based on the strength of the broader economy, our end markets and the mix of the business.

同樣，根據更廣泛的經濟實力、我們的終端市場和業務組合，這將高於或低於這一水平。

That's very helpful.

這很有幫助。

If I could return to gross margin a bit and just the avoidance of doubt, you're talking about 50% gross margin through the end of the calendar year, not the fiscal year, I assume.

如果我可以稍微恢復一下毛利率，只是為了避免疑慮，我假設你說的是到日曆年年底的毛利率為 50%，而不是財政年度。

That's a good question, Chris, and I'm glad you asked it.

這是個好問題，克里斯，我很高興你提出這個問題。

I was talking about the fiscal year.

我說的是財政年度。

Fiscal year.

財政年度。

Okay.

好的。

Well, then that leads to another question, which is the elements of strength which allow the gross margin to stay high in the March quarter despite seasonality.

好吧，那麼這就引出了另一個問題，那就是實力因素使得毛利率在 3 月季度保持高位，儘管有季節性因素。

And then does that provide a runway for gross -- for continued gross margin improvement as you go into fiscal '22?

然後，這是否為毛利率提供了一條跑道——當您進入 22 財年時，毛利率的持續改善？

Listen, we're constantly working, Chris, to expand gross margins and covered it at length in a previous question.

聽著，克里斯，我們一直在努力擴大毛利率，並在上一個問題中詳細介紹了它。

It depends on how well the markets hold up, of course, and our ability to absorb costs of our factories and spend there.

當然，這取決於市場的表現如何，以及我們吸收工廠成本並在那裡消費的能力。

We're doing a good job of keeping CapEx down.

我們在降低資本支出方面做得很好。

So our footprint, we're very sensitive to that.

所以我們的足跡，我們對此非常敏感。

And then it matters, are we investing in the right technologies?

然後重要的是，我們是否投資於正確的技術？

We think we are.

我們認為我們是。

We have the right capabilities to develop the most advanced products customers want.

我們有能力開發客戶想要的最先進的產品。

And then do -- are we managing the portfolio in a way that we're winning business in the sockets we want to that are going to bring the most value to customers and hopefully, with that, carry the margin.

然後做 - 我們是否以一種我們在我們想要的插座中贏得業務的方式管理投資組合，這將為客戶帶來最大的價值，並希望由此帶來利潤。

We'll move on to Ambrish Srivastava with BMO.

我們將繼續與 BMO 一起討論 Ambrish Srivastava。

Bob, I had a question on the total 5G units for the year.

Bob，我對今年的 5G 設備總數有疑問。

I thought I heard you say 250 million.

我以為我聽到你說2.5億。

That seems to be on the high side, and I haven't seen what Qualcomm said.

這似乎是偏高的，我還沒有看到高通說什麼。

And so I was wondering, if that is indeed the number you gave us, where are we year-to-date?

所以我想知道，如果這確實是你給我們的數字，那麼今年迄今為止我們在哪裡？

And so how much is remaining?

那麼還剩下多少呢？

And I'm assuming majority of that is -- a bulk of that is China.

我假設其中大部分是 - 其中大部分是中國。

And then for my follow-up for James, IDP is doing really well.

然後對於我對詹姆斯的後續行動，IDP 做得非常好。

Good to see it return back to growth, and you seem pretty confident for the remainder of the year.

很高興看到它恢復增長，你似乎對今年剩餘的時間很有信心。

It would be helpful if you could please give us a rough breakout of what the business looks like today in terms of whether end markets or product categories, however you choose to delineate within the business.

如果您可以粗略地介紹一下今天的業務（無論是終端市場還是產品類別），無論您選擇在業務中如何劃分，這將是有幫助的。

James, I'll go ahead and take the first part.

詹姆斯，我會繼續講第一部分。

In my prepared remarks, I did say that we expect 250 million smartphones globally this year, consistent with what we said when we reported our March results.

在我準備好的講話中，我確實說過我們預計今年全球智能手機將達到 2.5 億部，這與我們在報告 3 月份業績時所說的一致。

We have seen many analysts that also cover the industries bringing their numbers up.

我們已經看到許多分析師也涵蓋了這些行業，他們提高了他們的數據。

We feel pretty good about it.

我們對此感覺很好。

As far as the amount of subscribers to date, it's tracking in line with our model to potentially even slightly ahead.

就迄今為止的訂閱者數量而言，它與我們的模型一致，甚至可能略微領先。

So we still feel very good about our number of 250 million units this calendar year for 5G and obviously significant growth as we look into the next year.

因此，我們仍然對本日曆年 2.5 億部 5G 的數量感到非常滿意，並且在我們展望明年時顯然會出現顯著增長。

James?

詹姆士？

Yes.

是的。

Typically, I don't want to break it out in great detail.

通常，我不想詳細說明它。

But certainly, base station business remains to be about 1/4 or so and growing at a pretty rapid pace as we go through the year.

但可以肯定的是，基站業務仍然保持在 1/4 左右，並且隨著我們這一年的發展而以相當快的速度增長。

Defense is about 1/4.

防禦大約是1/4。

Our IoT business is about 1/4, and then we have various other markets that we serve that represent the rest of the business.

我們的物聯網業務約佔 1/4，然後我們服務的各種其他市場代表了業務的其餘部分。

Definitely, we are growing faster this year in the 5G space around wireless infrastructure.

毫無疑問，我們今年在圍繞無線基礎設施的 5G 領域增長得更快。

So that, that will start to take a larger and larger part of the business as we go through the year.

因此，隨著我們這一年的發展，這將開始佔據越來越多的業務。

And from Needham & Company, we'll move to Raji Gill.

從Needham & Company，我們將搬到Raji Gill。

Just going back to the great traction in GaN.

回到 GaN 的巨大吸引力。

I'm wondering if you could describe kind of the market towards GaN adoption in China as well as outside of China, the shift from -- away from LDMOS to GaN base stations.

我想知道您能否描述一下中國以及中國以外採用 GaN 的市場，從 LDMOS 到 GaN 基站的轉變。

What's been the traction there?

那裡的牽引力是什麼？

Obviously, you're kind of well positioned with the major Chinese base station vendor.

顯然，您在中國主要的基站供應商中處於有利地位。

What's your positioning or your view on GaN adoption outside of China and your ability to kind of leverage your technology in those markets?

您對在中國以外採用 GaN 以及您在這些市場中利用您的技術的能力有何定位或看法？

Yes.

是的。

Great question.

好問題。

Probably the best way to think about GaN adoption today is, one, very, very broad-based really across all of the customer base.

今天考慮採用 GaN 的最佳方式可能是，一個非常非常廣泛的基礎，真正涵蓋所有客戶群。

All the OEMs are evaluating GaN or implementing GaN in some version or another.

所有 OEM 都在評估 GaN 或在某些版本中實施 GaN。

What's driving big adoption today is really the 5G deployments that are using massive MIMO antennas.

今天推動大規模採用的真正原因是使用大規模 MIMO 天線的 5G 部署。

So antenna element counts are significantly up.

因此天線元件數量顯著增加。

And for the first time, I think, last year, we saw massive MIMO antenna elements actually become a larger amount of the transceivers than macro, and the vast majority of those are using GaN today.

第一次，我認為，去年，我們看到大規模 MIMO 天線元件實際上成為比宏更大數量的收發器，而且其中絕大多數現在都在使用 GaN。

So I think that's what's been driving the adoption is 5G and the shift to massive MIMO.

所以我認為推動採用的是 5G 和向大規模 MIMO 的轉變。

It is definitely broad-based in what's going on in China.

在中國正在發生的事情中，它絕對是廣泛的。

I would say most of the base stations that are getting deployed with this 5G rollout in China are using GaN, especially those that are in frequencies up around 2.6 or 3.5, which is a good share of what's getting deployed.

我想說，在中國部署 5G 部署的大多數基站都在使用 GaN，尤其是那些頻率高達 2.6 或 3.5 左右的基站，這在所部署的基站中佔了很大比例。

If you go to the rest of the world, again, pretty much every OEM, Tier 1, Tier 2s are in progress of designing GaN solutions into their portfolio.

如果你再去世界其他地方，幾乎每個 OEM、Tier 1、Tier 2 都在將 GaN 解決方案設計到他們的產品組合中。

So I do think that this trend will continue.

所以我確實認為這種趨勢將繼續下去。

And how many base stations are of what configuration as we go out over the next 4 or 5 years, I don't think it's completely clear.

在接下來的 4 或 5 年裡，有多少個基站是什麼配置，我認為還不是很清楚。

But we definitely do see GaN as a continued growth for the business.

但我們確實將 GaN 視為業務的持續增長。

And we do see that the MIMO antennas, we'll also continue to adopt at an ever-increasing rate.

我們確實看到 MIMO 天線，我們也將繼續以不斷增長的速度採用。

And I think that'll hold for the whole world.

我認為這將適用於整個世界。

And just a follow up on the GaN.

只是對 GaN 的跟進。

So your -- my understanding is your expertise is kind of low power, sub-10 watt.

所以你——我的理解是你的專長是低功率，低於 10 瓦。

I wanted to get a sense in terms of your road map to high power, high wattage and what the competitive landscape exists in those markets.

我想了解您的高功率、高功率路線圖以及這些市場中存在的競爭格局。

Yes.

是的。

Today, we've got products in the base station market that serve both the 8- and 16-watt slot.

今天，我們在基站市場上推出了適用於 8 瓦和 16 瓦插槽的產品。

So I would say that's certainly where we've centered our focus today and really because that's where we've seen the biggest part of the market.

所以我會說這肯定是我們今天關注的重點，真的因為這是我們看到市場最大部分的地方。

We also are working on additional technology developments that will really help us compete more heavily in really 2 aspects in base station, one, much higher levels of integration, which we see coming, and then also to be able to get into the high-power spots in macro.

我們還致力於其他技術開發，這將真正幫助我們在基站的兩個方面進行更激烈的競爭，一個是我們看到的更高水平的集成，然後也能夠進入高功率宏觀上的斑點。

So we are developing those technologies and certainly expect to play in those parts of the market as we continue to expand.

因此，我們正在開發這些技術，並且隨著我們繼續擴張，我們當然希望在這些市場中發揮作用。

Now from a power perspective, you can tell from our defense-related comments over the last few quarters that we definitely have experience in very, very high power.

現在從權力的角度來看，你可以從我們過去幾個季度與國防相關的評論中看出，我們肯定在非常非常高的權力方面有經驗。

We started in the defense business.

我們從國防業務開始。

We've developed very high voltage and very high products -- high-power products for years.

我們多年來一直在開發非常高電壓和非常高的產品——高功率產品。

So we understand how to deal with the thermals, how to deal with the high current load, those sort of things.

所以我們了解如何處理熱量，如何處理高電流負載，諸如此類。

So definitely, we will move in that space.

因此，我們肯定會進入那個空間。

We want to make sure we were focused on MIMO because we saw that as the biggest content gain in the market.

我們希望確保我們專注於 MIMO，因為我們認為這是市場上最大的內容收益。

And at this time, I'd like to turn things back to management for any closing remarks.

在這個時候，我想把事情交還給管理層，以完成任何結束語。

Thank you for joining us on our call tonight.

感謝您今晚加入我們的電話會議。

We will be presenting via webcast at upcoming investor conferences, and we invite everyone to listen in.

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，並邀請所有人收聽。

Thanks again, and have a good night.

再次感謝，祝您晚安。

And that does conclude today's conference.

這確實結束了今天的會議。

Again, thank you all for joining us.

再次感謝大家加入我們。