科沃 (QRVO) 2020 Q4 法說會逐字稿

Good day, everyone, and thank you for standing by.

大家好，謝謝你們的支持。

Welcome to the Qorvo, Inc.

歡迎來到 Qorvo, Inc.

Fourth Quarter 2020 Conference Call.

2020 年第四季度電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

在這個時候，我想把會議交給投資者關係副總裁 Douglas DeLieto。

Please go ahead.

請繼續。

Thanks very much.

非常感謝。

Hello, everybody, and welcome to Qorvo's Fiscal 2020 Fourth Quarter Earnings Conference Call.

大家好，歡迎參加 Qorvo 的 2020 財年第四季度收益電話會議。

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 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.

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 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 turn the call over to Bob.

有了這個，我會把電話轉給鮑勃。

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

謝謝你，道格，也感謝大家加入我們的電話。

We will begin today with a look at our March quarter and highlight what drove our performance in both Mobile Products and Infrastructure and Defense.

我們今天將從 3 月季度開始，重點介紹推動我們在移動產品、基礎設施和國防領域的表現的因素。

We will discuss COVID-19 and cover some of the steps we have taken to support our employees and customers.

我們將討論 COVID-19 並介紹我們為支持員工和客戶而採取的一些步驟。

Then Mark will provide additional details on our financials and operations.

然後，馬克將提供有關我們財務和運營的更多詳細信息。

Qorvo delivered a very strong March quarter.

Qorvo 的 3 月季度表現非常強勁。

Revenue was $788 million, driven by broad-based demand in 5G handsets and infrastructure, defense, WiFi 6 and IoT.

在 5G 手機和基礎設施、國防、WiFi 6 和物聯網的廣泛需求推動下，收入為 7.88 億美元。

Gross margin was 49.6%, up sequentially and year-over-year.

毛利率為 49.6%，環比和同比增長。

During the quarter, we completed 2 acquisitions: Custom MMIC and Decawave.

本季度，我們完成了 2 項收購：Custom MMIC 和 Decawave。

Custom MMIC expands our leadership in GaAs and GaN RF products for defense and aerospace, while Decawave positions us as a leading provider of ultra-wideband solutions for proximity awareness, secure payments and secure access for smartphones, automotive and IoT.

Custom MMIC 擴大了我們在用於國防和航空航天的 GaAs 和 GaN RF 產品方面的領導地位，而 Decawave 將我們定位為為智能手機、汽車和物聯網提供接近感知、安全支付和安全訪問的超寬帶解決方案的領先供應商。

We are pleased to add Qorvo's scale to both of these well established, high-performing teams to build on their successes and accelerate their growth.

我們很高興將 Qorvo 的規模添加到這兩個成熟的高績效團隊中，以鞏固他們的成功並加速他們的成長。

Looking broadly at the March quarter, our performance reflects an exceptional effort by the entire Qorvo team.

縱觀 3 月季度，我們的業績反映了整個 Qorvo 團隊的非凡努力。

Our employees have demonstrated extraordinary spirit and resilience, and I'm proud of their ability to excel in a challenging and dynamic environment.

我們的員工表現出非凡的精神和韌性，我為他們在充滿挑戰和充滿活力的環境中表現出色的能力感到自豪。

We said on our January 29 earnings call that we expected the impact of COVID-19 to extend beyond the March quarter and affect both supply and demand.

我們在 1 月 29 日的財報電話會議上表示，我們預計 COVID-19 的影響將超出 3 月季度並影響供需。

On March 3, we updated our guidance as macro conditions worsened.

3 月 3 日，隨著宏觀環境惡化，我們更新了我們的指引。

To safeguard our employees and operations, in January, we began to take precautionary measures.

為了保護我們的員工和運營，我們在 1 月份開始採取預防措施。

We then activated a cross-functional COVID-19 response team as part of our global business continuity plan.

然後，我們啟動了一個跨職能的 COVID-19 響應團隊，作為我們全球業務連續性計劃的一部分。

The success of our early efforts in Asia served as a model for our global operations.

我們早期在亞洲的成功為我們的全球業務樹立了榜樣。

We enacted best practices and implied enhanced safety protocols worldwide.

我們在全球範圍內製定了最佳實踐並暗示了增強的安全協議。

That included temperature scanning, social distancing protocols, travel restrictions and a rigorous screening and quarantine process for any suspected or confirmed cases.

這包括溫度掃描、社交距離協議、旅行限制以及對任何疑似或確診病例的嚴格篩查和隔離程序。

While our factories and engineering labs remained open, we successfully transitioned thousands of employees to work from their homes.

雖然我們的工廠和工程實驗室仍然開放，但我們成功地讓數千名員工在家中工作。

We have experienced no material disruptions in our business operations, thanks to these and other ongoing efforts.

由於這些和其他持續的努力，我們的業務運營沒有遇到任何重大中斷。

We are maintaining product development schedules.

我們正在維護產品開發計劃。

Our design and engineering teams continue to develop breakthrough technologies, and our customer engagements are strong.

我們的設計和工程團隊繼續開發突破性技術，我們的客戶參與度很高。

With that as context, I will recap our business performance by market.

以此為背景，我將按市場回顧我們的業務表現。

In mobile, shipments of our 5G solutions grew sequentially and 5G design activity continued to increase.

在移動領域，我們的 5G 解決方案出貨量環比增長，5G 設計活動持續增加。

Qorvo's highly integrated and high-performance 5G and LTE Advanced Pro solutions are helping our customers to enhance performance, reduce product footprint and accelerate products to market.

Qorvo 高度集成和高性能的 5G 和 LTE Advanced Pro 解決方案正在幫助我們的客戶提高性能、減少產品佔用空間並加速產品上市。

We are especially pleased with content gains in 5G.

我們對 5G 的內容收益特別滿意。

Products like our 5G ultra-high band solutions are being adopted across customers and on all leading 5G chipsets.

我們的 5G 超高頻段解決方案等產品正被客戶和所有領先的 5G 芯片組採用。

During the quarter, we helped enable Samsung's Galaxy S20 platform with a broad set of high-performance and highly integrated components.

在本季度，我們幫助三星的 Galaxy S20 平台提供了廣泛的高性能和高度集成的組件。

These include our mid-high band and ultra-high band 5G solutions.

其中包括我們的中高頻段和超高頻段 5G 解決方案。

We also provided a leading manufacturer of 5G smartphones, the complete main path, including our low, mid-high and ultrahigh band integrated solutions as well as our WiFi front-end module, switches, tuners for the recently-launched 5G smartphone.

我們還為領先的5G智能手機製造商提供了完整的主路徑，包括我們的低、中高和超高頻段集成解決方案以及我們最近推出的5G智能手機的WiFi前端模塊、開關、調諧器。

Our view on early adoption of 5G is unchanged, and although our overall view of smartphones is for a decline of over 10% in calendar '20, we still expect 5G smartphones this year to be in line to slightly below what we guided in early March.

我們對早期採用 5G 的看法沒有改變，儘管我們對智能手機的總體看法是在 20 日曆年下降超過 10%，但我們仍預計今年的 5G 智能手機將略低於我們在 3 月初的指導水平.

Contributing to future growth, the demand for data analytics, remote management and system-level optimization within the wide area industrial applications, such as meter reading and asset tracking, is driving the need for global long-range connectivity via cellular IoT.

為促進未來增長，在諸如抄表和資產跟踪等廣域工業應用中對數據分析、遠程管理和系統級優化的需求正在推動通過蜂窩物聯網實現全球遠程連接的需求。

Qorvo enjoys broad exposure to cellular IoT, ranging from our discrete portfolio of RF solutions to our highly integrated modules through our partnership with Nordic Semi for high-volume CAT-M and narrowband IoT applications.

Qorvo 廣泛涉足蜂窩物聯網，從我們的離散射頻解決方案組合到我們與 Nordic Semi 合作開發的高容量 CAT-M 和窄帶物聯網應用的高度集成模塊。

Also, the need for proximity awareness and enhanced wireless security is driving the adoption of ultra-wideband for context aware applications, including secured payments and secure access for smartphones, automotive and IoT.

此外，對鄰近感知和增強無線安全性的需求正在推動超寬帶在上下文感知應用中的採用，包括智能手機、汽車和物聯網的安全支付和安全訪問。

We're enjoying increased demand as the market develops and we combine Decawave's breakthrough technologies with our scale and customer reach.

隨著市場的發展，我們正在享受不斷增長的需求，我們將 Decawave 的突破性技術與我們的規模和客戶範圍相結合。

Our current generation of ultra-wideband products going into production this year features the marriage of Decawave's state of the Art radio technology with our front ends to enable enhance (sic) [advanced] angle of arrival capability.

我們今年投入生產的當前一代超寬帶產品將 Decawave 最先進的無線電技術與我們的前端結合在一起，以增強（原文如此）[高級] 到達角能力。

In cellular infrastructure market, shipments of GaN high-power amplifiers and small signal components increased sequentially in support of sub-6 gigahertz 5G networks.

在蜂窩基礎設施市場，GaN 大功率放大器和小信號組件的出貨量環比增長，以支持 sub-6 GHz 5G 網絡。

Demand for Qorvo's products has been robust, driven by the ramp of massive MIMO antennas.

在大規模 MIMO 天線的推動下，對 Qorvo 產品的需求一直很強勁。

We are engaged with multiple customers with our GaN amplifiers, and we are well positioned to benefit from this multiyear technology upgrade cycle.

我們通過我們的 GaN 放大器與多個客戶進行了合作，我們處於有利位置，可以從這個多年的技術升級週期中受益。

In our connectivity and broadband businesses, we accelerated shipments of WiFi 6 solutions and secured cable amplifier design wins to support increased data to the home.

在我們的連接和寬帶業務中，我們加快了 WiFi 6 解決方案的出貨速度，並獲得了有線放大器設計的勝利，以支持更多的家庭數據。

During the quarter, we expanded the global customer base of our WiFi 6 solutions, including our front-end modules and BAW filters.

在本季度，我們擴大了 WiFi 6 解決方案的全球客戶群，包括我們的前端模塊和 BAW 濾波器。

In defense markets, we sampled our broadband 100- and 130-watt millimeter wave power amplifiers.

在國防市場，我們對我們的寬帶 100 瓦和 130 瓦毫米波功率放大器進行了採樣。

These products expand our portfolio of GaN-based solid-state amplifiers for millimeter wave applications, including satcom, radar and electronic warfare.

這些產品擴展了我們用於毫米波應用的 GaN 固態放大器產品組合，包括衛星通信、雷達和電子戰。

We're seeing strong growth driven by multiyear defense programs and the acquisition of Custom MMIC further expands our capabilities in this market.

我們看到了多年國防計劃推動的強勁增長，而對 Custom MMIC 的收購進一步擴大了我們在這個市場的能力。

In programmable power management, we enjoyed growth in data center, computing and gaming consoles with our differentiated solutions.

在可編程電源管理方面，我們通過差異化的解決方案在數據中心、計算和遊戲控制台方面取得了增長。

Qorvo's programmable ICs reduced solution size and cost, improved system reliability and shortened system development time.

Qorvo 的可編程 IC 減小了解決方案的尺寸和成本，提高了系統可靠性並縮短了系統開發時間。

We serve a broad range of industrial, commercial and consumer markets and current demand is especially strong, driven by data centers.

我們服務於廣泛的工業、商業和消費市場，在數據中心的推動下，當前的需求尤其強勁。

After the quarter closed, we introduced our high sensitivity point-of-care diagnostic test platform and cartridges, utilizing acoustic resonator technology for veterinary applications.

本季度結束後，我們推出了我們的高靈敏度即時診斷測試平台和墨盒，將聲學諧振器技術用於獸醫應用。

Qorvo's diagnostic platform has the potential to improve veterinary diagnostics by delivering central lab performance to the veterinary clinic at point of care.

Qorvo 的診斷平台有可能通過在護理點向獸醫診所提供中央實驗室性能來改進獸醫診斷。

For the June quarter, the environment remains challenging and fluid, while constraints to global supplier limited, the impact to global demand remains unclear given the uncertainty around the magnitude, duration and geographic reach of COVID-19.

對於 6 月季度，環境仍然充滿挑戰且多變，雖然對全球供應商的限制有限，但鑑於 COVID-19 的規模、持續時間和地理範圍的不確定性，對全球需求的影響仍不清楚。

We are confident, however, that the long-term secular drivers in our end markets remain compelling.

然而，我們有信心，我們終端市場的長期長期驅動因素仍然具有吸引力。

We believe our technologies and operations are more important than ever as we support global deployments in 5G handsets and infrastructure, along with defense, WiFi 6 and IoT.

我們相信我們的技術和運營比以往任何時候都更加重要，因為我們支持 5G 手機和基礎設施的全球部署，以及國防、WiFi 6 和物聯網。

We are also adding new capabilities in programmable power management, ultra-wideband based precision location and point-of-care diagnostic testing.

我們還在可編程電源管理、基於超寬帶的精確定位和即時診斷測試方面增加了新功能。

We are operating well, focused on keeping our employees, partners and communities healthy while supporting our customers.

我們運營良好，專注於保持我們的員工、合作夥伴和社區健康，同時支持我們的客戶。

I'm proud of the team and thankful for their efforts in helping the world stay connected.

我為團隊感到自豪，並感謝他們為幫助世界保持聯繫所做的努力。

And with that, I'll hand it over to Mark for more color on Q4 and our outlook for June.

有了這個，我將把它交給馬克，以了解第四季度的更多色彩和我們對 6 月的展望。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

Qorvo's revenue for the fourth quarter was $788 million, $18 million above the midpoint of our updated guidance and driven by stronger-than-expected mobile demand.

Qorvo 第四季度的收入為 7.88 億美元，比我們更新指引的中點高出 1800 萬美元，並且受到強於預期的移動需求的推動。

Mobile revenue of $556 million exceeded our expectations as mobile handset demand was greater and global supply chain disruptions less impactful than we anticipated at the time of our early March update.

5.56 億美元的移動收入超出了我們的預期，因為手機需求更大，而且全球供應鏈中斷的影響不如我們在 3 月初更新時的預期。

We expect mobile to decline sequentially in the June quarter due principally to COVID-19-related demand effects.

我們預計移動設備將在 6 月季度環比下降，主要是由於與 COVID-19 相關的需求影響。

IDP revenue improved sequentially in the March quarter to $232 million on infrastructure and WiFi growth.

由於基礎設施和 WiFi 的增長，IDP 收入在 3 月季度環比增長至 2.32 億美元。

We expect IDP revenue to increase again in the June quarter, returning to strong year-over-year growth on 5G infrastructure demand, the ramp of WiFi 6 and sustained strength in defense.

我們預計 IDP 收入將在 6 月季度再次增長，在 5G 基礎設施需求、WiFi 6 增長和國防持續實力方面恢復強勁的同比增長。

Non-GAAP gross margin in the March quarter was 49.6%, with better-than-expected manufacturing costs and favorable mix effects.

3 月季度非美國通用會計準則毛利率為 49.6%，製造成本好於預期，組合效應良好。

Though we expect a sequential decline in gross margin in the June quarter, our efforts to improve the portfolio, rightsize our manufacturing footprint and drive productivity are yielding favorable results.

儘管我們預計 6 月季度的毛利率將連續下降，但我們改善投資組合、調整製造規模和提高生產力的努力正在產生有利的結果。

As a result, we expect year-over-year gross margin expansion in the June quarter despite a top line adversely impacted by COVID-19 and trade effects.

因此，儘管頂線受到 COVID-19 和貿易影響的不利影響，我們預計 6 月季度的毛利率將同比增長。

Non-GAAP operating expenses in the March quarter were $181 million, in line with expectations and up due in part to recent acquisitions.

3 月季度的非 GAAP 運營費用為 1.81 億美元，符合預期，部分原因是最近的收購。

Non-GAAP net income in the March quarter was $185 million, and diluted earnings per share was $1.57, a record fourth quarter result for Qorvo.

3 月季度非 GAAP 淨收入為 1.85 億美元，攤薄後每股收益為 1.57 美元，這是 Qorvo 第四季度的創紀錄業績。

Cash flow from operations in the March quarter was $214 million, and CapEx was $35 million, yielding free cash flow of $179 million.

3 月季度的運營現金流為 2.14 億美元，資本支出為 3500 萬美元，產生了 1.79 億美元的自由現金流。

We repurchased $125 million of shares during the quarter.

我們在本季度回購了 1.25 億美元的股票。

Our full year free cash flow for fiscal '20 was over $780 million and approximately 24% of sales.

我們 20 財年的全年自由現金流超過 7.8 億美元，約佔銷售額的 24%。

Free cash flow growth will continue to be a focus of this management team, and we will provide an updated free cash flow target in the context of a broader financial outlook once our full year view is clear.

自由現金流增長將繼續是該管理團隊的重點，一旦我們的全年觀點清晰，我們將在更廣泛的財務前景背景下提供更新的自由現金流目標。

Our free cash flow generation underpins a strong credit profile.

我們產生的自由現金流支撐了強大的信用狀況。

We have ample liquidity and low leverage.

我們有充足的流動性和低杠桿。

We ended the quarter with $715 million of cash, an untapped revolver and no near-term maturities.

我們以 7.15 億美元的現金、未開發的左輪手槍和近期到期的現金結束了本季度。

The weighted average maturity of our outstanding debt is June of 2027.

我們未償債務的加權平均到期日為 2027 年 6 月。

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。

On that note, during the March quarter, we completed the purchase of Decawave, a pioneer and leading supplier of ultra-wideband solutions and Custom MMIC, a leader in the high-performance GaAs and GaN products.

值得注意的是，在第三季度，我們完成了對超寬帶解決方案的先驅和領先供應商 Decawave 和高性能 GaAs 和 GaN 產品的領導者 Custom MMIC 的收購。

With Decawave, we see a wide array of solutions emerging with this wireless technology, and we expect the business to contribute materially to Qorvo over time.

借助 Decawave，我們看到了各種採用這種無線技術的解決方案，我們希望隨著時間的推移，該業務將為 Qorvo 做出重大貢獻。

Custom MMIC fits perfectly within our defense products business and is on track to be accretive this year.

定制 MMIC 非常適合我們的國防產品業務，今年有望實現增長。

Both of these acquisitions were quickly integrated, and our new colleagues enjoy the full support and capabilities of Qorvo to help develop products and serve customers.

這兩項收購很快就整合在一起，我們的新同事享受了 Qorvo 的全力支持和能力，以幫助開發產品和服務客戶。

Turning to our June quarter outlook.

轉向我們的 6 月季度展望。

We expect revenue between $710 million and $750 million or $730 million at the midpoint, non-GAAP gross margin of approximately 47.5%, and non-GAAP diluted earnings per share of $1.13 at the midpoint of our guidance.

我們預計中點收入在 7.1 億美元至 7.5 億美元或 7.3 億美元之間，非美國通用會計準則毛利率約為 47.5%，非美國通用會計準則攤薄後每股收益為 1.13 美元。

Our revenue range for the June quarter is wider than normal, reflecting more uncertainty in our markets and the broader economy due to the effects of COVID-19.

由於 COVID-19 的影響，我們 6 月季度的收入範圍比正常情況更廣，反映出我們的市場和更廣泛的經濟存在更多不確定性。

While we believe the near-term demand picture is clear enough to provide June quarter guidance, there is too much uncertainty around out-quarter demand and potentially global supply disruptions to provide a view on Qorvo's full fiscal year.

雖然我們認為近期需求情況足夠清晰，可以提供 6 月季度指導，但季度外需求和潛在的全球供應中斷存在太多不確定性，無法提供對 Qorvo 整個財年的看法。

In the June quarter, we expect continued robust mobile 5G growth, though on lower base handset volumes and a return to year-over-year growth for IDP.

在 6 月季度，我們預計移動 5G 將繼續強勁增長，儘管基本手機數量下降且 IDP 將恢復同比增長。

More specifically, for mobile, we expect June quarter sales to decrease sequentially with parts of Asia partially offsetting weakness in the rest of the world.

更具體地說，對於移動設備，我們預計 6 月季度銷售額將環比下降，亞洲部分地區部分抵消了世界其他地區的疲軟。

Our current outlook had smartphone units decreasing over 10% for the calendar year.

我們目前的展望是智能手機銷量在該日曆年下降了 10% 以上。

However, we still see 5G-enabled handset demand for calendar '20 in line to slightly below what we guided in early March.

然而，我們仍然認為 20 年日曆支持 5G 的手機需求略低於我們在 3 月初的指導水平。

For IDP, we project June quarter sales to increase sequentially on 5G infrastructure customer demand and the ramp of WiFi 6 as investment in the latest wireless infrastructure to support connectivity is more important than ever.

對於 IDP，我們預計 5G 基礎設施客戶需求和 WiFi 6 的增長將導致 6 月季度銷售額環比增長，因為對支持連接的最新無線基礎設施的投資比以往任何時候都更加重要。

On gross margin, our June quarter guide of approximately 47.5% is down sequentially due in part to lower volumes, though as mentioned, up year-over-year.

在毛利率方面，我們 6 月份的季度指引約為 47.5%，環比下降，部分原因是銷量下降，儘管如上所述，同比增長。

We expect the ongoing effects of COVID-19 to weigh on our utilization.

我們預計 COVID-19 的持續影響會影響我們的利用率。

That, along with continued throughput improvements we've made in Richardson, afford us the flexibility to defer further investment in Farmers Branch until additional capacity is needed.

再加上我們在理查森不斷提高吞吐量，我們可以靈活地推遲對 Farmers Branch 的進一步投資，直到需要額外的容量。

We are continuously monitoring the demand and supply effects of COVID-19 and are sizing our inventories and cost structure accordingly.

我們不斷監測 COVID-19 的供需影響，並相應調整我們的庫存和成本結構。

With uncertainty in the demand profile, we intend to maintain lean inventories, both in-house and in the channel.

由於需求狀況的不確定性，我們打算在內部和渠道中保持精益庫存。

Non-GAAP operating expenses are projected to increase in the June quarter to approximately $187 million on higher personnel costs, including incremental costs associated with the full quarter effect of recently acquired businesses.

由於人員成本增加，包括與最近收購業務的整個季度效應相關的增量成本，預計 6 月季度的非 GAAP 運營費用將增加至約 1.87 億美元。

Net interest expense will increase slightly on a lower average cash balance and lower deposit rates in the June quarter versus the March quarter, which benefited from higher deposit rates and had deposit balances over $1 billion prior to closing Decawave and Custom MMIC.

由於 6 月季度的平均現金餘額和存款利率低於 3 月季度，淨利息費用將略有增加，這得益於較高的存款利率，並且在關閉 Decawave 和 Custom MMIC 之前存款餘額超過 10 億美元。

We expect our June quarter non-GAAP tax rate to be between 8% and 8.5%

我們預計我們 6 月季度的非 GAAP 稅率將在 8% 至 8.5% 之間

We project capital expenditures in the near-term to remain consistent with spend over the last several quarters.

我們預計近期的資本支出將與過去幾個季度的支出保持一致。

In fiscal '20, our spend was $164 million or just over 5% of sales.

在 20 財年，我們的支出為 1.64 億美元，僅佔銷售額的 5% 以上。

Our spend in fiscal '21 will remain focused on BAW, GaN and other areas, which advance a differentiated position for Qorvo to best serve customer needs.

我們在 21 財年的支出將繼續集中在 BAW、GaN 和其他領域，這將推動 Qorvo 的差異化地位，以最好地滿足客戶需求。

As the March quarter results and our June outlook could show, Qorvo is operating well through a challenging period while helping customers grow in 5G, WiFi, IoT and defense and other critical markets.

正如 3 月季度業績和我們 6 月展望所顯示的那樣，Qorvo 在充滿挑戰的時期內運營良好，同時幫助客戶在 5G、WiFi、物聯網和國防及其他關鍵市場實現增長。

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) And we'll go first to Harsh Kumar with Piper Sandler.

（操作員說明）我們將首先與 Piper Sandler 一起前往 Harsh Kumar。

And hope everybody in the Qorvo family is safe, and congratulations on excellent guide in these very uncertain times.

並希望 Qorvo 大家庭中的每個人都安全，並祝賀您在這個非常不確定的時期獲得出色的指導。

Mark, I have 1 for you on gross margin.

馬克，我有 1 個毛利率給你。

Your December to March revenues were down, call it, 90-something percent.

你 12 月到 3 月的收入下降了，可以說是 90% 左右。

You're down a little bit in June, but your December to March gross margin stayed relatively flat within 30 basis points, but there's a material decline here in June.

您在 6 月份略有下降，但 12 月至 3 月的毛利率保持在 30 個基點以內，相對持平，但 6 月份出現了實質性下降。

Could you maybe help us understand if inventory build or lack of it is the factor here?

您能否幫助我們了解庫存增加或缺乏是否是這裡的因素？

Or what else is going on maybe?

或者還有什麼可能？

Well, I mean, there's a lot in that question, Harsh.

嗯，我的意思是，這個問題有很多，Harsh。

I think what I'll start with is on the third to fourth quarter, we were about 100 basis points -- little over 100 basis points better than we thought we would be.

我想我將從第三到第四季度開始，我們大約是 100 個基點——比我們想像的要好 100 個基點多一點。

That was split, about half of that was favorable manufacturing costs, and about half of that was mix.

這是分開的，其中大約一半是有利的製造成本，其中大約一半是混合成本。

As far as third to fourth quarter sequential, it was largely driven by more favorable manufacturing variances.

就連續第三至第四季度而言，這主要是由更有利的製造差異推動的。

As we move into the June quarter, we end up with lower volumes and then the manufacturing costs are not as favorable.

隨著我們進入 6 月季度，我們的產量最終會下降，然後製造成本就不那麼優惠了。

And then we have some product mix effects that are drags as well.

然後我們有一些產品組合效果也是拖累。

So I think the overall message, Harsh, is we continue -- nothing's changed in our story here.

所以我認為總體信息，苛刻，是我們繼續 - 我們的故事沒有任何改變。

We're actively working to continuously improve our gross margins despite trade effects and COVID, we've been making progress and you see that in our results.

儘管存在貿易影響和 COVID，我們仍在積極努力不斷提高我們的毛利率，我們一直在取得進展，您可以在我們的結果中看到這一點。

And as far as inventories -- yes, on inventories, Harsh, I'm never going to say we're satisfied with inventories where they are.

至於庫存 - 是的，關於庫存，Harsh，我永遠不會說我們對現有的庫存感到滿意。

But we're in a reasonably good position.

但我們處於相當好的位置。

If you compare our inventory levels to historical levels and then also compared to others that we've seen in the space, inventories were up sequentially as we thought they would have been but as I mentioned, the turns are on the better side of okay, historically speaking.

如果您將我們的庫存水平與歷史水平進行比較，然後與我們在該領域看到的其他庫存水平進行比較，庫存會按我們認為的那樣連續上升，但正如我所提到的，情況好轉，從歷史上講。

And then our channel remains very, very healthy.

然後我們的頻道仍然非常非常健康。

Yes, we're continuing to work inventories to keep them in line despite the uncertainty.

是的，儘管存在不確定性，我們仍在繼續庫存以保持一致。

And we certainly want to do our best to balance keeping inventory levels low, while ensuring that we are not a constrained part of the supply chain.

我們當然希望盡最大努力平衡保持低庫存水平，同時確保我們不受供應鏈的限制。

I appreciate that, Mark.

我很感激，馬克。

And my follow up, you talked about very strong sort of growth or sort of talking just generally very strong trends in 5G handsets.

我的跟進，你談到了非常強勁的增長，或者只是在談論 5G 手機的普遍非常強勁的趨勢。

I was curious if you could talk about the customer breadth that you have, both in what you're seeing in shipments, particularly, I suppose, that's China and then also your design wins that you have racked up for the year?

我很好奇您是否可以談談您擁有的客戶廣度，無論是在您在出貨量中看到的情況，尤其是，我想，那是中國，然後還有您今年積累的設計勝利？

Harsh, this is Eric.

苛刻，這是埃里克。

I'll take that.

我會接受的。

I can tell you that the vast majority of the work we're doing these days, both with our new product development and also engagements with customers is around 5G.

我可以告訴你，我們這些天所做的絕大多數工作，無論是我們的新產品開發還是與客戶的接觸，都是圍繞 5G 展開的。

Of course, there's still some LTE Advanced going on as well.

當然，還有一些 LTE Advanced 正在進行。

But customer portfolios are largely changing over to 5G across the board.

但客戶組合在很大程度上正在全面轉向 5G。

And we're seeing the transition now down into the middle tiers of the handset portfolio.

我們現在看到向手機產品組合的中間層過渡。

Interestingly, there's the same kind of $5 to $7 worth of content increase, whether you're going off of a $20 to $25 base for a very advanced 4G smartphone or whether you're coming off a $5 to $7 baseline from a mid-tier smartphone, you're still seeing roughly the same absolute dollars.

有趣的是，無論您是從 20 到 25 美元購買非常先進的 4G 智能手機，還是從 5 到 7 美元的基礎購買中端智能手機，內容都會增加 5 到 7 美元。智能手機，你仍然看到大致相同的絕對美元。

So as you go down in the portfolio, you see the percentage increase due to the 5G content has really increased significantly.

所以當你在投資組合中下降時，你會看到由於 5G 內容而導致的百分比增長確實顯著增加。

We'll go next to Karl Ackerman with Cowen.

我們將和考恩一起去卡爾·阿克曼旁邊。

Two questions, if I may.

兩個問題，如果可以的話。

Just first on some of the acquisitions you've made.

首先談談你進行的一些收購。

I was curious, what revenue contribution are you assuming for both Decawave and Custom MMIC in June?

我很好奇，你假設 6 月份 Decawave 和 Custom MMIC 的收入貢獻是多少？

And as it relates to Decawave, should we expect new design wins across automotive and mobile to filter into the model later this year?

由於它與 Decawave 相關，我們是否應該期待今年晚些時候在汽車和移動設備領域取得新設計的勝利？

And maybe just touch on the level of design activity for your ultra-wideband solutions and customer engagement with that technology.

也許只是觸及您的超寬帶解決方案的設計活動水平以及客戶對該技術的參與。

Maybe, Karl, I'll just start with the revenue picture.

也許，卡爾，我將從收入情況開始。

And I'm not going to -- we've done 4 acquisitions over the past year.

而且我不會 - 我們在過去一年中進行了 4 次收購。

They're all tracking in line with expectations.

他們都在按照預期進行跟踪。

They've all been successfully integrated.

它們都已成功集成。

Decawave and Cavendish, we've been clear that they're dilutive transactions.

Decawave 和卡文迪許，我們很清楚它們是稀釋性交易。

They have revenue, but they're technologies that we're investing in, so they're dilutive.

它們有收入，但它們是我們正在投資的技術，因此它們具有稀釋性。

The programmable power management business, which were effectively on a year at this point, we're lapping that acquisition.

可編程電源管理業務，在這一點上有效一年，我們正在研究這次收購。

But that business and Custom MMIC are both accretive.

但該業務和定制 MMIC 都是增值的。

And so 2 different types of acquisitions that I've grouped the 4 into.

因此，我將 4 種分為兩種不同類型的收購。

I'm not going to break down each acquisition, each quarter and what it's contributing or not.

我不會分解每項收購、每個季度以及它的貢獻與否。

They're all obviously -- they were reflected in the March update when we provided that, that was considered.

很明顯，它們都反映在 3 月份的更新中，當我們提供這一點時，我們已經考慮了這一點。

They're obviously contemplated in the June guide.

他們顯然在六月指南中有所考慮。

What I can give you is that in fiscal '20, these acquisitions were, in total, around $60 million of revenue.

我可以告訴你的是，在 20 財年，這些收購的總收入約為 6000 萬美元。

That includes programmable power management and the others.

這包括可編程電源管理和其他。

In fiscal '21, we expect those to be over $110 million combined.

在 21 財年，我們預計這些總和將超過 1.1 億美元。

So hopefully, that provides you some perspective.

因此，希望這可以為您提供一些觀點。

Yes.

是的。

This is Eric.

這是埃里克。

I'll talk a bit about the Decawave and ultra-wideband outlook.

我將談談 Decawave 和超寬帶的前景。

As we mentioned last quarter, we strongly believe that the unique capabilities with the impulse radio ultra-wideband for very precise location capability as well as proximity awareness and security would lead to becoming ubiquitous in all mobile handsets.

正如我們上個季度提到的，我們堅信脈衝無線電超寬帶的獨特功能可實現非常精確的定位能力以及接近感知和安全性，這將導致在所有手機中無處不在。

And then from that point, the mobile handset becomes the infrastructure and then ties you into your smart home and your automobile and a host of other applications.

然後從那時起，手機成為基礎設施，然後將您與智能家居、汽車和許多其他應用程序聯繫起來。

And I could tell you, our enthusiasm has only grown since then.

我可以告訴你，從那時起，我們的熱情才越來越高。

So since we've integrated the Decawave team, the interaction with the mobile community has certainly increased, and we're strongly engaged across both platform providers as well as handset OEMs working to get them enabled as soon as possible.

因此，自從我們整合了 Decawave 團隊後，與移動社區的互動肯定增加了，我們與平台提供商和手機 OEM 密切合作，努力盡快啟用它們。

But Decawave came to us with a strong pipeline to begin with across many other applications such as automotive and IoT.

但 Decawave 帶著強大的管道來到我們這裡，從汽車和物聯網等許多其他應用開始。

So we continue to see that portfolio grow.

因此，我們繼續看到投資組合增長。

The engagements are strong and growing across like asset tags, smart home controls, various sort of industrial IoT applications.

參與度很高，並且在資產標籤、智能家居控制、各種工業物聯網應用等領域不斷增長。

And notably, the ability to have precise location and proximity awareness is quite applicable when you look at contact tracing sort of applications for COVID-19.

值得注意的是，當您查看 COVID-19 的接觸者追踪類應用程序時，具有精確位置和鄰近度感知的能力非常適用。

It complements the BOE approaches, which are being rolled out first, of course, by providing a much, much more accurate distance measurements between folks.

它補充了首先推出的京東方方法，當然，它提供了人們之間更準確的距離測量。

So we have multiple customers already adapting the tags or IoT things they were doing to include the contact tracing capability as well.

因此，我們有多個客戶已經在調整他們正在做的標籤或物聯網事情，以包括聯繫人跟踪功能。

So that's also, of course, driven a strong uptick with several customers that were already in the pipeline for Decawave.

當然，這也推動了已經在為 Decawave 準備的幾位客戶的強勁增長。

That's very helpful.

這很有幫助。

For a follow-up, if I may.

如果可以的話，請進行後續跟進。

In your prepared comments, you highlighted you offered the complete main path for a 5G smartphone.

在您準備好的評論中，您強調您為 5G 智能手機提供了完整的主要路徑。

That really stands out and highlights the breadth of your offering that I don't think anyone else can match.

這真的很突出，突出了我認為其他任何人都無法比擬的產品的廣度。

Do you see the market evolving where smartphone providers want to increasingly integrate the main path that will enable you to have an expanded role over the next few years?

您是否看到智能手機供應商希望越來越多地整合主要路徑的市場不斷發展，這將使您在未來幾年內發揮更大的作用？

Sure.

當然。

Thank you.

謝謝你。

Yes, I think we mentioned a quarter or 2 that, frankly, it's a bit ahead of our expectations.

是的，我認為我們提到了一個季度或 2 個季度，坦率地說，這有點超出我們的預期。

We expected more of the portfolio to remain discrete.

我們預計更多的投資組合將保持離散。

But the fact is size is such a premium in today's handsets and the complexity of 5G has made it such that really integration is quite helpful to the customer.

但事實是，尺寸在當今的手機中非常重要，而 5G 的複雜性使得真正的集成對客戶非常有幫助。

It helps with performance as well as size and include other features.

它有助於提高性能和尺寸，並包含其他功能。

So there's no going back.

所以沒有回頭路了。

We don't typically see things reverse and go back to discrete.

我們通常不會看到事情逆轉並回到離散狀態。

So we're running as fast as we can to complement our already complete line of integrated solutions with the latest bands and capabilities and new features and so forth with new performance -- higher performance, smaller filters and so forth adding to the benefit there.

因此，我們正在盡可能快地運行以補充我們已經完整的集成解決方案系列，其中包含最新的頻段和功能以及新特性等等，以及新的性能——更高的性能、更小的濾波器等等，從而增加了那裡的好處。

But we think it's a trend that's absolutely central to providing customers what they need for 5G.

但我們認為，這是為客戶提供 5G 所需的絕對核心的趨勢。

And we'll go next to Ambrish Srivastava with BMO.

我們將與 BMO 一起前往 Ambrish Srivastava。

This is Jamison Phillips calling in for Ambrish.

這是 Jamison Phillips 打電話給 Ambrish。

So first off, I was hoping you guys could talk about your guidance and beyond that.

所以首先，我希望你們能談談你們的指導和超越。

So it's very strong given the environment.

因此，考慮到環境，它非常強大。

I was hoping you could give us some color on how you think about seasonality for the September quarter and beyond.

我希望你能給我們一些關於你如何看待九月季度及以後的季節性的顏色。

Yes.

是的。

Jamison, this is Mark.

賈米森，這是馬克。

Yes, I mean, asking for any additional guidance beyond the June quarter, I think we've just got to acknowledge that we're in unprecedented times.

是的，我的意思是，要求在 6 月季度之後提供任何額外的指導，我認為我們必須承認我們正處於前所未有的時代。

The global economy slowing down, and every company is wrestling with the risks in their outlooks.

全球經濟放緩，每家公司都在與前景中的風險作鬥爭。

So I simply can't be specific beyond what we've provided for the June quarter.

因此，除了我們為 6 月季度提供的內容外，我無法具體說明。

What I can say is that we believe in the growth potential of our markets.

我能說的是，我們相信我們市場的增長潛力。

More broadly, the demand for connectivity, and this requires more and better RF.

更廣泛地說，是對連接性的需求，而這需要更多更好的射頻。

On our business, specifically, we're operating well.

具體來說，在我們的業務上，我們運作良好。

And this current backdrop is highlighting how well we are operating.

當前的背景凸顯了我們的運營情況。

We have a good balance sheet.

我們有良好的資產負債表。

We're serving customers with the best technology and products, and we're sizing business appropriately.

我們正在為客戶提供最好的技術和產品，並且我們正在適當地調整業務規模。

So as a result, we're able to provide what we believe is a solid guide for June.

因此，我們能夠為 6 月提供我們認為可靠的指南。

Beyond June, it's tougher to see.

六月之後，就更難看到了。

Currently, as we look to September quarter, we see top line growth, probably high single-digits percent or maybe a bit more.

目前，當我們展望 9 月季度時，我們看到頂線增長，可能是個位數百分比或更高。

We expect gross margin to be up, but modestly in part because utilization is weighing on us more than we had planned it would.

我們預計毛利率會上升，但部分原因是利用率對我們的影響比我們預期的要大。

And then finally, OpEx.

最後是運營支出。

You could expect to see around the levels through the year as we guided for the June quarter.

正如我們為 6 月季度所指導的那樣，您可能會看到全年的水平。

But beyond that, yes, there's just not enough clarity in the market.

但除此之外，是的，市場還不夠清晰。

I think we're in good company with most companies that are not providing full year guidance.

我認為我們與大多數不提供全年指導的公司相處得很好。

I want to mention that risk factors are very important here.

我想提一下，風險因素在這裡非常重要。

COVID-19, trade and other risk factors need to be considered.

需要考慮 COVID-19、貿易和其他風險因素。

And it -- those risk factors make it a particularly difficult time to forecast.

而且它 - 這些風險因素使它成為一個特別難以預測的時期。

Okay.

好的。

That's very helpful.

這很有幫助。

And then my follow-up is, I was wondering if you could touch base on your 10% customers and how you've seen it grow, I guess, year-over-year, I guess, year-on-year change between them?

然後我的後續行動是，我想知道您是否可以根據您的 10% 客戶以及您如何看到它的增長，我猜，逐年，我猜，他們之間的逐年變化?

We had 2 10% customers, and they can change.

我們有 2 個 10% 的客戶，他們可以改變。

But -- so I can't really give comps year-over-year and all that, I typically don't.

但是——所以我不能真正每年提供補償，所有這些，我通常不會。

But we had 2 10% customers this quarter, and that's all I typically say.

但是本季度我們有 2 個 10% 的客戶，這就是我通常所說的。

We'll go next to Bill Peterson with JPMorgan.

我們將與摩根大通一起去比爾彼得森旁邊。

Nice job on the results and guide in the midst this pandemic.

在這場大流行中，在結果和指導方面做得很好。

My first question, you mentioned trade a few time, but I was hoping you can elaborate more on that.

我的第一個問題，你提到過幾次交易，但我希望你能詳細說明一下。

Did you see this result in any pull-ins from customers, particularly in China?

您是否從客戶那裡看到了這種結果，尤其是在中國？

Did you see more, let's say, demand you would expect from Huawei, for example?

例如，您是否看到了更多您對華為的期望？

Are you expecting this to go beyond Huawei?

你期待這超越華為嗎？

I'm just curious on what impacts you're discussing when you think about your June outlook as well as the second half outlook as well?

當您考慮 6 月份的前景以及下半年的前景時，我只是想知道您在討論什麼影響？

Yes.

是的。

Bill -- and Bob will build on this.

比爾——鮑勃將以此為基礎。

I think that the reason I mentioned trade a few times is certainly, as we're looking at year-over-year comps, the trade effects have been -- have had a substantial impact on us, March quarter year-over-year.

我認為我幾次提到貿易的原因肯定是，當我們查看同比比較時，貿易影響已經 - 對我們產生了重大影響，3 月季度同比。

And it remains a risk factor in our business.

它仍然是我們業務中的一個風險因素。

Though I would say that the primary contributor to the current outlook is related to the effects of COVID-19.

儘管我會說當前前景的主要貢獻者與 COVID-19 的影響有關。

So just to be clear there.

所以只是要清楚那裡。

Not much really to add, Bill.

比爾，沒什麼可補充的。

I'm sure a lot of you saw the recent Department of Commerce order.

我敢肯定，你們中的很多人都看到了商務部最近的命令。

And after extensive review by our legal team, we feel the rules are not applicable to our products.

經過我們法律團隊的廣泛審查，我們認為這些規則不適用於我們的產品。

That doesn't mean something new might come out.

這並不意味著可能會出現新的東西。

And I think that's the other thing.

我認為這是另一回事。

When you think about this, there is a lot of saber rattling between the 2 countries right now, and we're being cautious.

當你考慮到這一點時，現在這兩個國家之間有很多劍拔弩張，我們很謹慎。

But we didn't see any pull-ins or anything like that as a result of any of this.

但是我們沒有看到任何拉動或類似的結果。

We're seeing it that -- we're seeing demand, end demand of customers, like Mark talked about.

我們看到了——我們看到了需求，客戶的最終需求，就像馬克所說的那樣。

Our channel is very healthy between us and our customers, and I personally had very high level meetings via video with our customers in China.

我們和客戶之間的渠道非常健康，我個人通過視頻與我們在中國的客戶進行了非常高級別的會議。

And I feel real comfortable with their inventories of our products and how their sell-through is going.

我對他們對我們產品的庫存以及他們的銷售情況感到非常滿意。

Okay.

好的。

That makes sense.

那講得通。

Next, if we -- you didn't discuss it, but when we think about millimeter wave in phones, and I know you discussed it last quarter, but it feels that you guys keep making progress on that.

接下來，如果我們 - 你沒有討論它，但是當我們考慮手機中的毫米波時，我知道你在上個季度討論過它，但感覺你們在這方面一直在取得進展。

I was hoping you can give us an update on your millimeter wave opportunities, and if you see this as a potential revenue driver later this year or early next year?

我希望您能向我們提供有關您的毫米波機會的最新信息，如果您將其視為今年晚些時候或明年初的潛在收入驅動因素？

Yes.

是的。

I'll cover handsets.

我將介紹手機。

I'm sure James would love to jump in as well and talk about infrastructure.

我敢肯定，詹姆斯也很樂意加入並談論基礎設施。

Really, not a lot of change quarter-over-quarter.

確實，季度環比變化不大。

We continue to advance the technology and work on product demonstration vehicles and so forth.

我們繼續推進技術和產品示範車輛等工作。

This is the year where there's going to be some commercial rollout.

今年將進行一些商業推廣。

It would give the chance to prove the business case and really tackle a lot of the infrastructure concerns with millimeter wave.

它將有機會證明商業案例並真正解決毫米波的許多基礎設施問題。

We like our technology.

我們喜歡我們的技術。

We think we can really help in terms of efficiency around the antenna and signal quality and so forth, it's really going to come down to the business case in the network environment.

我們認為我們可以在天線效率和信號質量等方面真正提供幫助，這真的要歸結為網絡環境中的商業案例。

Speaking of networks, James, why don't you pick up?

說到網絡，詹姆斯，你為什麼不接？

Yes.

是的。

Bill, from my perspective, millimeter wave, still a really small part of the overall rollout of 5G.

比爾，從我的角度來看，毫米波在 5G 的整體推出中仍然只佔很小的一部分。

Certainly, below 6 gigahertz is the majority.

當然，6 GHz 以下是大多數。

And today, that's really in China.

而今天，這真的是在中國。

We've seen an uptick in the rollout of sub-6 gigahertz just in the last period, and we expect to be well on track with what we're doing in China.

就在上個時期，我們已經看到 6 GHz 以下的部署有所增加，我們預計我們在中國所做的事情將步入正軌。

And we'll go next to Toshiya Hari with Goldman Sachs.

我們將與高盛一起前往 Toshiya Hari。

Can you hear me okay?

你能聽到我的聲音嗎？

Yes, sir.

是的先生。

Okay.

好的。

Great.

偉大的。

Bob, you talked about the smartphone market in calendar 2020, potentially being down 10% year-over-year in your remarks.

Bob，你談到了 2020 年的智能手機市場，在你的講話中可能會同比下降 10%。

And I fully appreciate the lack of visibility today in the marketplace.

我完全理解當今市場缺乏知名度。

But assuming the market does come in sort of consistent with that outlook, do you think, given the strength in 5G, the relative resilience of 5G and given some of the socket wins that you guys are aware of, you think you can grow the mobile segment in calendar 2020 in that sort of backdrop?

但假設市場確實與這種前景一致，你認為鑑於 5G 的實力、5G 的相對彈性以及你們所知道的一些套接字勝利，你認為你可以發展移動在這種背景下，2020 年日曆中的部分？

First, let me comment.

首先，讓我評論一下。

Both Mark and I both comment, it was over 10%, just to be clear.

馬克和我都評論說，超過 10%，只是為了清楚。

And we'll really have to see how the year plays out to answer that.

我們真的必須看看這一年的表現如何才能回答這個問題。

I mean the percentage of 5G phones now is obviously going to be a lot greater, there's a lot more dollar content that Eric's talked about $5 to $7, whether it's mid-tier or high tier.

我的意思是，現在 5G 手機的百分比顯然會更高，Eric 所說的 5 到 7 美元的美元內容要多得多，無論是中端還是高端。

So definitely, the opportunity is out there.

所以肯定，機會就在那裡。

We think there's going to be a nice TAM this year in 5G, a lot of growth there.

我們認為今年 5G 領域將會有一個不錯的 TAM，那裡會有很大的增長。

But we'll see how it plays out.

但我們會看到它是如何發揮作用的。

Got it.

知道了。

And then as a quick follow-up, Mark, a great job on the free cash flow generation in the year.

然後作為快速跟進，馬克，在這一年的自由現金流產生方面做得很好。

You obviously kind of stayed away from giving guidance for fiscal '21.

您顯然沒有為 21 財年提供指導。

But based on your CapEx commentary and the intention to be disciplined there, given that you did have multiple acquisitions in the year, I would think CapEx stays kind of around 5% of revenue, M&A, maybe less aggressive, and that would leave room for buybacks.

但根據你對資本支出的評論和在這方面受到紀律處分的意圖，鑑於你在這一年確實進行了多次收購，我認為資本支出保持在收入的 5% 左右，併購，可能不那麼激進，這將為回購。

But how are you thinking about the balance there for the next couple of quarters?

但是你如何看待接下來幾個季度的平衡？

Yes.

是的。

Toshiya, yes, we're pleased with what we've done on free cash flow as it relates to improving it.

Toshiya，是的，我們對我們在自由現金流方面所做的工作感到滿意，因為這與改善它有關。

We're not pleased that we've reached any sort of final result.

我們不高興我們已經達到了任何形式的最終結果。

It's more of a way point for us.

這對我們來說更像是一個方向點。

So we're pleased with that.

所以我們對此很滿意。

As far as CapEx levels and capital allocation priorities, nothing has changed in the story there.

就資本支出水平和資本配置優先事項而言，那裡的故事沒有任何改變。

We've said that we would be moving down towards 5% to 7% of sales.

我們已經說過，我們將朝著銷售額的 5% 到 7% 下降。

Going forward, and there's no change there.

往前走，那裡沒有變化。

We got to 5% a bit faster than we thought.

我們比我們想像的快了 5%。

But I think you can attribute that to, in part, the discipline and consistency of the team in enforcing capital discipline.

但我認為你可以將其部分歸因於團隊在執行資本紀律方面的紀律和一致性。

So I can't give you a percent of sales because then you'll back into the sales if I give a number.

所以我不能給你銷售額的百分比，因為如果我給出一個數字，你就會回到銷售額中。

So I said the next few quarters will run around what we've been running the past several quarters.

所以我說接下來的幾個季度將圍繞我們過去幾個季度的運行情況。

So it could be $40 million, $50 million, at most.

所以最多可能是 4000 萬美元，5000 萬美元。

As far as capital allocation, we're still below our leverage target.

就資本配置而言，我們仍低於我們的槓桿目標。

We're still actively looking at acquisitions, and nothing's changed there around seeking value-creating acquisitions, principally technology assets for the mobile business and bolt-ons and technology for IDP.

我們仍在積極考慮收購，在尋求創造價值的收購方面沒有任何改變，主要是移動業務的技術資產和 IDP 的補充和技術。

And that's what you've seen us do over the past year with over $1 billion worth of acquisitions.

這就是您在過去一年中看到我們通過價值超過 10 億美元的收購所做的事情。

We never have provided rate and pace on the repurchase.

我們從未提供過回購的速度和速度。

We did repurchase $125 million in this last quarter.

我們確實在上個季度回購了 1.25 億美元。

For the full year, we repurchased $515 million in addition to the $1 billion we spent on acquisitions.

全年，除了我們用於收購的 10 億美元外，我們還回購了 5.15 億美元。

We'll report in the June quarter that we repurchased some shares, I can say that.

我們將在六月季度報告我們回購了一些股票，我可以這麼說。

But amounts and future repurchases will be a function of the opportunities that we have for cash, our leverage, our latest view on the outlook and other factors.

但金額和未來回購將取決於我們擁有的現金機會、我們的槓桿、我們對前景的最新看法和其他因素。

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

我們將與 Charter Equity Research 一起前往 Edward Snyder。

Mark, you mentioned unfavorable mix in June is one of the factors that's pressuring gross margins.

馬克，您提到 6 月份的不利組合是影響毛利率的因素之一。

But with mobile down and IDP up, shouldn't we see the opposite effect?

但是隨著移動端下降和 IDP 上升，我們不應該看到相反的效果嗎？

Or is there a mix issue with IDP?

或者 IDP 是否存在混合問題？

And if I could, James, I think guidance last quarter was that IDP would return to growth year-over-year in March.

如果可以的話，詹姆斯，我認為上個季度的指導是 IDP 將在 3 月份恢復同比增長。

It looks like you just missed that mark.

看起來你只是錯過了那個標記。

Was this a shortfall in area?

這是面積不足嗎？

And then also, did you get clearance to sell 5G products to Huawei?

還有，你們是否獲得了向華為銷售 5G 產品的許可？

And I'm sorry, but Eric, real quick.

我很抱歉，但埃里克，真的很快。

It sounds like your revenue mix is moving heavily to Korea and Asia.

聽起來您的收入組合正在大量轉移到韓國和亞洲。

Is that a trend we can expect to extend in the next calendar year?

這是我們可以期待在下一個日曆年延續的趨勢嗎？

And how would you characterize the uptake of Samsung's baseband and more importantly, your content on it relative to the other baseband you support?

您如何描述三星基帶的使用情況，更重要的是，相對於您支持的其他基帶，您在其上的內容如何？

All right.

好的。

Mark, do you remember the first question?

馬克，你還記得第一個問題嗎？

It was a 5-part question.

這是一個由 5 部分組成的問題。

It was mix in June and...

它是在六月混合和...

Yes.

是的。

So Ed, it's a good question, and a nuanced one.

所以 Ed，這是一個很好的問題，也是一個微妙的問題。

I'm not sure if you picked up.

我不確定你是否接了。

I did say it was a product mix, specifically.

我確實說過這是一個產品組合，特別是。

So you are correct that the IDP business is going to be a high percent of sales in the June quarter.

因此，您認為 IDP 業務將在 6 月季度佔銷售額的很大比例是正確的。

But that aside, mix effects overall are the smaller part of this compared to just the manufacturing variances and the lower revenues.

但除此之外，與製造差異和較低的收入相比，整體混合效應是其中較小的一部分。

Thanks, Mark.

謝謝，馬克。

James, there was a question about year-over-year growth in IDP just being off by just a slight little bit and can you sell 5G components to Huawei?

詹姆斯，有一個問題是，IDP 的同比增長只是稍微下降了一點點，你能把 5G 組件賣給華為嗎？

Yes.

是的。

Let me handle the Huawei one first.

讓我先處理華為的。

We are shipping some products that are exempt from restrictions to Huawei, but they're immaterial in the amount of IDP's revenue in the fourth quarter and in our guidance in Q1.

我們正在向華為運送一些不受限制的產品，但它們在 IDP 第四季度的收入數量和我們第一季度的指導中並不重要。

And we currently have not received any licenses to ship products from the IDP portfolio to Huawei.

我們目前還沒有獲得任何將 IDP 產品組合中的產品運送到華為的許可證。

As far as year-over-year growth, Ed, Mark had said last quarter that it was a long putt, and we got awful close.

至於同比增長，埃德馬克上個季度曾表示，這是一個長推，我們非常接近。

I think we're headed for a really nice Q1 and be able to get back into year-over-year growth.

我認為我們正朝著一個非常好的第一季度前進，並且能夠恢復同比增長。

Now we did have a really nice Q4 as well, as Mark and Bob talked about, we ended a great year in defense, where we had year-over-year total growth for defense business.

現在我們確實有一個非常好的第四季度，正如馬克和鮑勃所說的那樣，我們在國防領域結束了一個偉大的一年，我們的國防業務總量同比增長。

We began the ramps in both 5G and WiFi 6 with a broad portfolio of products, including GaN.

我們通過包括 GaN 在內的廣泛產品組合開始了 5G 和 WiFi 6 的升級。

GaN's a great example there.

GaN 就是一個很好的例子。

We brought a lot of products, different frequencies and different power levels to the market, and we almost doubled our GaN last quarter, and I suspect we'll do it again.

我們為市場帶來了許多不同頻率和不同功率水平的產品，上個季度我們的 GaN 幾乎翻了一番，我懷疑我們會再做一次。

So overall, really pleased with the growth that we had in the quarter, and I'm looking forward to Q1.

總的來說，我們對本季度的增長感到非常滿意，我期待著第一季度的到來。

Yes.

是的。

And Ed, I'll talk about your questions on mix, Korea and China as well as alignment with LSI and so forth.

Ed，我會談談你關於混合、韓國和中國以及與 LSI 的一致性等方面的問題。

So yes, certainly, in the near term, the mix towards Korea and China is pretty real.

所以是的，當然，在短期內，韓國和中國的混合是非常真實的。

That's because 2 factors, really.

那是因為兩個因素，真的。

First of all, when you say Korea, a year ago, we're just turning the corner and realigning our portfolio with Samsung.

首先，當你說韓國，一年前，我們剛剛轉過彎，重新調整我們與三星的產品組合。

That's gone tremendously well, and it does continue to get better and better.

這非常好，而且它確實繼續變得越來越好。

So as they're adding more content, adding more premium content, a lot of that is addressable by us.

因此，隨著他們添加更多內容，添加更多優質內容，我們可以解決很多問題。

So we expect that trend to absolutely continue, and it's a good thing.

因此，我們預計這種趨勢絕對會持續下去，這是一件好事。

We want to continue to grow with Samsung and align across mass tier as well as integrated -- or excuse me, as well as their premium tier and bring full integrated content to both of those tiers as well as advanced tuning and power management.

我們希望繼續與三星一起成長，並在質量層和集成層之間保持一致——或者對不起，以及他們的高級層，並為這兩個層以及高級調整和電源管理帶來完整的集成內容。

So great alignment there.

那裡的對齊非常好。

It should become a mix thing that way as we're catching up and then even getting better with our share.

隨著我們的追趕，甚至隨著我們的份額變得更好，它應該成為一個混合的東西。

And then China as well.

然後是中國。

I mean that's just a fact that our customers are doing so well.

我的意思是這只是我們的客戶做得很好的一個事實。

If you look Vivo and Xiaomi, really mixing towards 5G.

如果你看一下 Vivo 和小米，真的會向 5G 混合。

We've got complete portfolio to support them.

我們有完整的產品組合來支持他們。

They're serving not only China domestic, but they're also exporting more and more.

他們不僅服務於中國國內，而且還越來越多地出口。

So we've got a lot we can do to help them across our portfolio.

因此，我們可以做很多事情來幫助他們完成我們的投資組合。

So naturally, yes, we're sort of mixing that way because they're doing really well in the market currently.

所以很自然，是的，我們是這樣混合的，因為他們目前在市場上做得很好。

So that's good.

所以這很好。

Regarding LSI, Samsung's own baseband, we love working with the guys.

關於 LSI，三星自己的基帶，我們喜歡和他們一起工作。

Of course, great partners.

當然，偉大的合作夥伴。

We're aligned well.

我們配合得很好。

But I don't think there's anything particularly different there versus all the baseband manufacturers.

但我認為與所有基帶製造商相比，那裡沒有什麼特別不同的地方。

We're winning content in pretty much every category we sell across all the baseband manufacturers.

我們在所有基帶製造商銷售的幾乎所有類別中都贏得了內容。

So it's good, and we absolutely want to support them all.

所以這很好，我們絕對想支持他們所有人。

We'll go next to Blayne Curtis with Barclays.

我們將與巴克萊一起去 Blayne Curtis 旁邊。

Just kind of curious, 2 things.

只是有點好奇，兩件事。

The shape of the 5G, you kept your number and Qualcomm kept their number.

5G的形狀，你保留了你的號碼，高通保留了他們的號碼。

So obviously, the mix of 5G is higher.

所以很明顯，5G的組合更高。

I'm just kind of curious how if you look at March and what you're expecting in June, how the shape of that deployment looks versus 3 months ago?

我只是有點好奇，如果你看看 3 月份以及你對 6 月份的預期，與 3 個月前相比，該部署的形狀如何？

There's been a lot of talk about potential delays.

有很多關於潛在延誤的討論。

I'm kind of just curious what you've already seen.

我有點好奇你已經看到了什麼。

And then can you just comment on how big China was in the March quarter?

然後你能評論一下中國在第三季度的規模有多大嗎？

That would be helpful as well.

那也會很有幫助。

Blayne, could you clarify, was that -- when you said shape of 5G, was that an infrastructure question or ancillary question?

Blayne，您能否澄清一下，當您說 5G 的形狀時，那是基礎設施問題還是輔助問題？

Handset question.

手機問題。

Sorry.

對不起。

You said you kept your 5G number effectively, you said in line to slightly below.

你說你有效地保留了你的 5G 號碼，你說的是略低於。

So that number was 250 million, if I remember, kind of just curious...

所以這個數字是 2.5 億，如果我記得的話，有點好奇……

That's correct.

這是正確的。

That's what we said in March.

這就是我們在三月份所說的。

Correct.

正確的。

What you've seen in the first half of the year, March and June and the kind of the shape of those deployments, if it's the same or has it changed a bit?

您在今年上半年（3 月和 6 月）所看到的情況以及這些部署的形式是相同的還是發生了一些變化？

Yes.

是的。

So I guess, we don't generally break it down by quarter necessarily.

所以我想，我們通常不一定按季度細分。

I think the key thing is we're seeing each region come into and come out of this virus-related demand and supply scenario differently.

我認為關鍵是我們看到每個地區以不同的方式進入和退出這種與病毒相關的需求和供應情景。

So it's a little challenging to model.

所以建模有點困難。

I think what's very clear is first half of the calendar year is significantly impacted.

我認為非常清楚的是，日曆年的上半年受到了重大影響。

And for every person that doesn't buy a 4G phone in the first half.

對於上半年沒有購買4G手機的每個人。

When he goes to buy one in the second half, it's more likely he's going to buy a 5G phone.

下半年去買的時候，更有可能是買5G手機。

So we think if there's any sort of silver lining, which it really isn't much of a silver lining, but the good news for our industry, at least, is that phones that don't sell in the first half will come back as more 5G content in the second half, more than likely.

所以我們認為，如果有任何一線希望，這真的不是什麼一線希望，但至少對我們行業來說，好消息是上半年不賣的手機將回歸下半年有更多5G內容，可能性更大。

Yes.

是的。

Blayne, on China, we typically don't break that out.

Blayne，在中國，我們通常不會把它說出來。

It's material, as you know, it ended up being less as we ended the quarter and reported it than it was in our guide.

如您所知，它很重要，當我們結束本季度並報告它時，它最終比我們指南中的要少。

I can say that.

我可以這麼說。

And then if you wanted to know about Huawei, specifically, it held up a better than expected, but it was, I'd say, in line with what we said, not a material part of our March quarter variance, and it remains a fraction of what we used to have with that customer in the past.

然後，如果您想了解華為，具體來說，它的表現好於預期，但我想說，這與我們所說的一致，不是我們 3 月季度差異的重要部分，它仍然是我們過去與該客戶所擁有的東西的一小部分。

Expect that customer to remain under 5% in the June quarter.

預計該客戶在 6 月季度將保持在 5% 以下。

We'll go next to Srini Pajjuri with SMBC Nikko Securities.

我們將與 SMBC Nikko Securities 一起前往 Srini Pajjuri。

A couple of questions.

幾個問題。

One on mobile, then one on IDP.

一個在手機上，然後一個在 IDP 上。

First, on 5G, Eric, maybe you can talk about what sort of content expansion you're seeing in early 5G designs?

首先，關於 5G，Eric，也許你可以談談你在早期的 5G 設計中看到了什麼樣的內容擴展？

And as we go to second half, I'm guessing, there's still some flagships that will be launched.

隨著我們進入下半年，我猜，仍有一些旗艦產品將推出。

And also, you're probably going to see much more in the mid-range and even in the low end.

而且，您可能會在中端甚至低端看到更多。

So I'm just wondering how that content expansion might change as we go into second half?

所以我只是想知道隨著我們進入下半年，內容擴展會如何變化？

Yes.

是的。

We're -- we talked in the past about what's driving the 5G content.

我們 - 我們過去曾談到推動 5G 內容的因素。

Of course, there's much tighter requirements on filtering.

當然，對過濾有更嚴格的要求。

There's more bands generally added to the phone.

手機中通常會添加更多頻段。

There's also dual connect scenarios where the phones have to work on 4G and 5G at the same time, which drives a lot of content around the antennas, both tuning and switching and filtering and so forth to pull all that off.

還有雙連接場景，手機必須同時在 4G 和 5G 上工作，這會驅動天線周圍的大量內容，包括調諧、切換和過濾等等，以實現所有這些。

And so, as I mentioned earlier in the call, I think we see about a $5 to $7 increase in content per handset, and that's relatively constant, whether you're adding it to a premium smartphone or a mid-tier smartphone.

因此，正如我之前在電話會議中提到的，我認為我們看到每部手機的內容增加了大約 5 到 7 美元，而且無論您是將其添加到高端智能手機還是中端智能手機，這都是相對穩定的。

I'm sure as we get into mass tier later on, there'll be some more fine-tuned regional designs.

我敢肯定，當我們稍後進入大眾層時，將會有一些更精細的區域設計。

But for now, we're seeing, as it continues to mix down through the portfolio, that dollar content adder is remaining pretty consistent.

但就目前而言，我們看到，隨著它繼續在投資組合中混合，美元內容加法器保持相當一致。

Got it.

知道了。

And then on the IDP, we've been hearing a lot about China being very aggressive in terms of rollouts.

然後在 IDP 上，我們聽到很多關於中國在推廣方面非常激進的消息。

I believe they're talking about almost 0.5 billion base stations -- I'm sorry, 0.5 million base stations this year.

我相信他們說的是近 5 億個基站——對不起，今年有 50 萬個基站。

I'm just curious, obviously, you're guiding for growth in IDP next quarter.

我只是很好奇，顯然，您正在指導下個季度 IDP 的增長。

I'm just trying to understand how that plays out for you guys.

我只是想了解這對你們會有什麼影響。

Do you see that in 1 quarter?

你在第一個季度看到了嗎？

Is it -- do you expect that to continue for the rest of the year?

是嗎 - 您是否希望在今年餘下的時間裡繼續這種情況？

I'm just trying to understand how that roll out into your business.

我只是想了解如何將其推廣到您的業務中。

Yes.

是的。

Definitely agree with the over 0.5 million base stations deployed.

絕對同意部署的超過 50 萬個基站。

We think the number will be closer to 600,000, if not, perhaps, more.

我們認為這個數字將接近 600,000，如果不是，也許更多。

How we play is, we've got, obviously, a broad range of customers in the space.

我們的遊戲方式很明顯，我們在該領域擁有廣泛的客戶。

And as we talked about in prepared remarks, we're ramping both GaN and small signal components into that broad set of customers.

正如我們在準備好的評論中談到的那樣，我們正在將 GaN 和小信號組件推廣到廣泛的客戶群中。

So definitely going to continue to be a growth engine for us.

所以肯定會繼續成為我們的增長引擎。

As far as how it continues, we definitely think deployments continue in China throughout the year with additional tenders offered, and then it will pick up again in the first part of next year as they do additional sets of deployments.

至於它如何繼續，我們肯定認為全年在中國繼續部署並提供額外的招標，然後隨著他們進行額外的部署，它將在明年上半年再次回升。

We're also expecting, as we get into next year, the deployments to start to pick up in the U.S. and rest of the world.

我們還預計，隨著我們進入明年，部署將開始在美國和世界其他地區開始。

We'll go next to Timothy Arcuri with UBS.

我們將與瑞銀一起去蒂莫西·阿庫裡（Timothy Arcuri）旁邊。

Mark, now that we're done with fiscal 2020, can you give us how big your largest customer was in terms of percent of revenue?

馬克，現在我們已經完成了 2020 財年，你能告訴我們你最大的客戶佔收入的百分比有多大嗎？

I won't do on the call, Tim.

我不會接電話的，蒂姆。

I mean we'll be releasing the K, and you'll see that in the SEC financials here when we report that.

我的意思是我們將發布 K，當我們報告這一點時，你會在美國證券交易委員會的財務報告中看到這一點。

Okay.

好的。

And then I guess, I had a question on Huawei.

然後我想，我有一個關於華為的問題。

So I think you just said that they'd be like less than 5% for June.

所以我想你剛才說他們在 6 月份會低於 5%。

So that implies that, that's going to get cut basically more than half Q-on-Q.

所以這意味著，這將基本上削減一半以上的 Q-on-Q。

I guess the question is, if you look at their annual report, they have more than 110 days worth of inventory.

我想問題是，如果你看他們的年報，他們有超過 110 天的庫存。

It was up like 35 days year-over-year.

同比增長了 35 天。

They've obviously seen some of these restrictions coming, so they seem to be ordering ahead of all these restrictions.

他們顯然已經看到了其中一些限制的到來，所以他們似乎在所有這些限制之前就下令了。

So I guess, the question is like what sort of shelf life does the stuff that you've shipped to them have?

所以我想，問題是你運送給他們的東西有什麼樣的保質期？

Because you're one of the only ones that where the revenue with them has sort of re-expanded and breach that 10% range again, but it's coming down in June.

因為你是唯一一個與他們一起收入重新擴大並再次突破 10% 範圍的人之一，但它在 6 月份會下降。

So I'm just wondering, is that the beginning of inventory digestion?

所以我只是想知道，這是庫存消化的開始嗎？

Or you think it's just weak smartphone sell-through?

或者你認為這只是智能手機銷售疲軟？

Tim, I want to make sure I understood your question.

蒂姆，我想確保我理解你的問題。

Number one, Huawei was not even close to the 10% customer in March, not even close.

第一，華為在 3 月份甚至沒有接近 10% 的客戶，甚至沒有接近。

And year-over-year, you guys will be amazed that the growth that this company has put up less Huawei.

年復一年，你們會驚訝於這家公司對華為的貢獻減少了。

They're not a significant customer.

他們不是一個重要的客戶。

In June, they're even less.

六月，他們甚至更少。

So I don't understand your question.

所以我不明白你的問題。

Second, when you say shelf life, I'm not sure I understand.

其次，當您說保質期時，我不確定我是否理解。

We deal with Huawei.

我們與華為打交道。

I talk to them.

我跟他們說話。

They don't have our product stockpiled somewhere.

他們沒有在某個地方儲存我們的產品。

I can tell you that.

我可以告訴你。

So I'm not sure how to answer your question.

所以我不確定如何回答你的問題。

We'll go next to Raji Gill with Needham & Company.

我們將與 Needham & Company 一起前往 Raji Gill。

Congrats on the solid results.

恭喜您取得了可靠的結果。

Just wanted to get a sense from you in terms of adoption of GaN base stations relative to LDMOS in the 5G infrastructure deployment in China, and how your differentiation in that technology is going to lend itself to perhaps more market share gains throughout the year?

只是想從您那裡了解在中國 5G 基礎設施部署中採用 GaN 基站相對於 LDMOS 的情況，以及您在該技術上的差異化將如何使其在全年獲得更多的市場份額？

Yes.

是的。

We're seeing rapid adoption of GaN across numerous customers in that space and certainly, in sub-6 gigahertz space.

我們看到該領域的眾多客戶迅速採用 GaN，當然，在 6 GHz 以下的領域。

We believe we differentiate in a broad set of areas.

我們相信我們在廣泛的領域中脫穎而出。

I think we've got great performing technology that we've had in place for the better part of 20 years.

我認為我們已經擁有了 20 年來大部分時間都在使用的出色的表演技術。

We've got a fantastic reliability.

我們擁有出色的可靠性。

And we've been continuously adding feature sets and scale over the last couple of years in preparation for this ramp.

在過去的幾年裡，我們一直在不斷地增加功能集和規模，為這次升級做準備。

So I definitely do believe that we'll continue to grow at or faster than the rate of the market.

所以我絕對相信我們將繼續以或高於市場的速度增長。

And you touched upon WiFi 6, the adoption there and it's getting certified.

你談到了 WiFi 6，那裡的採用和認證。

What are some of the major applications that you're seeing now for WiFi 6 in your products?

您現在在產品中看到的 WiFi 6 的主要應用有哪些？

Yes.

是的。

WiFi 6 started with flagship smartphones, and I'll let maybe Eric talk about that.

WiFi 6 始於旗艦智能手機，我可能會讓 Eric 談談這個問題。

But it's clearly stimulated the CPE side of the business to integrate WiFi 6 in their designs.

但這顯然刺激了業務的 CPE 方面將 WiFi 6 集成到他們的設計中。

And we see that happening really across the board with high-end retail, but also in the MSO rollouts.

我們看到這種情況確實發生在高端零售領域，而且在 MSO 的推出中也是如此。

It's accelerating, service providers are also adopting the distributed technology and bring WiFi 6 to -- into that part of the market.

它正在加速，服務提供商也在採用分佈式技術並將 WiFi 6 帶入該市場。

So for us, it's very, very broad brand.

所以對我們來說，這是一個非常非常廣泛的品牌。

We bring a great set of front-end modules and filtering capability to the space and think we'll continue to have a significant amount of success in the market.

我們為該領域帶來了一套出色的前端模塊和過濾功能，並認為我們將繼續在市場上取得巨大成功。

Yes.

是的。

And on the mobile side as well, yes, we're seeing good traction.

在移動端也是如此，是的，我們看到了良好的牽引力。

In fact, it was -- it's rapidly mixing.

事實上，它是——它正在迅速混合。

Our WiFi business is rapidly mixing towards WiFi 6, and especially as you move and add the new 7.2 gigahertz capability and so forth, we do have a lot of unique capability to bring to that.

我們的 WiFi 業務正在迅速向 WiFi 6 發展，尤其是當您移動並添加新的 7.2 GHz 功能等時，我們確實有很多獨特的功能可以實現。

We participate specifically on the chip-on-board part of the market, not the SIP part of the market.

我們專門參與市場的板載芯片部分，而不是市場的 SIP 部分。

And so yes, it's growing rapidly now.

所以是的，它現在正在迅速增長。

And I think the higher bandwidth and so forth is a key feature.

我認為更高的帶寬等等是一個關鍵特性。

And that concludes today's question-and-answer session.

今天的問答環節到此結束。

I'll turn the conference back over to today's management for any additional or closing remarks.

我會將會議轉回給今天的管理層，以獲取任何補充或結束語。

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 concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。