科沃 (QRVO) 2020 Q3 法說會逐字稿

Good day, and welcome to the Qorvo Inc.

美好的一天，歡迎來到 Qorvo Inc.

Q3 2020 conference call.

2020 年第三季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

現在，我想將會議交給投資者關係副總裁道格拉斯·德利托 (Douglas DeLieto)。

Please go ahead.

請繼續。

Thanks very much, John.

非常感謝，約翰。

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

大家好，歡迎參加 Qorvo 2020 財年第三季財報電話會議。

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階層目前的預期有重大差異。

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報告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營運和財務業績。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。

We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance.

我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較並分析財務業績，而不會受到某些非現金支出或其他可能掩蓋我們基本業績趨勢的項目的影響。

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

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。

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.

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱我們今天早些時候發布的收益報告，可在我們的網站 qorvo.com 的「投資者」部分查看。

Sitting with me today 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.

今天和我坐在一起的是：總裁兼執行長 Bob Bruggeworth；馬克‧墨菲，財務長； James Klein，Qorvo 基礎設施與國防產品集團總裁； Eric Creviston，Qorvo 行動產品集團總裁；以及 Qorvo 管理團隊的其他成員。

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

然後，我會將電話轉給鮑伯。

Thanks, Doug, and welcome, everyone.

謝謝，道格，歡迎大家。

Qorvo delivered record EPS in the December quarter driven by strength in our end markets of 5G, WiFi and defense.

受 5G、WiFi 和國防終端市場實力的推動，Qorvo 在 12 月季度實現了創紀錄的每股收益。

I'm especially pleased with how our team is engaging with customers to enable breakthrough products and contribute to multiyear technology upgrade cycles.

我對我們的團隊如何與客戶合作以實現突破性產品並為多年的技術升級週期做出貢獻感到特別滿意。

In Mobile Products, the acceleration of 5G is driving demand for Qorvo's high performance and highly integrated solutions.

在行動產品中，5G 的加速推動了對 Qorvo 高效能和高度整合解決方案的需求。

Carriers are bringing advanced 5G services across new frequency spectrum and that's driving greater complexity in handset designs as board space remains constrained.

營運商正在新的頻譜上提供先進的 5G 服務，由於電路板空間仍然有限，這導致手機設計變得更加複雜。

Qorvo is solving that complexity by integrating the industry's broadest portfolio of technologies and advancing the state-of-the-art in functional integration.

Qorvo 正在透過整合業界最廣泛的技術組合併推進最先進的功能整合來解決這一複雜性。

Looking at December, we enjoyed significant design win traction for our BAW-based multiplexers across a range of band combinations, including our hexaplexers and our recently launched micro BAW-based quadplexer.

展望 12 月，我們的基於 BAW 的多路復用器在一系列頻段組合中獲得了顯著的設計吸引力，包括我們的六工器和最近推出的基於 BAW 的微型四工器。

These are multiplexers enable advanced carrier aggregation, and they are critical to next-generation higher data rate applications.

這些多工器可實現進階載波聚合，對於下一代更高資料速率的應用至關重要。

We also secured multiple design wins to supply low-, mid-high and ultrahigh band solutions for next-generation 5G smartphones.

我們還贏得了許多設計勝利，為下一代 5G 智慧型手機提供低、中高和超高頻段解決方案。

These are highly integrated and high-performance 4G, 5G solutions, enabling customers to reduce product footprint, enhance system performance and deliver products to market even faster.

這些是高度整合的高效能 4G、5G 解決方案，使客戶能夠減少產品佔用空間、增強系統效能並更快地將產品推向市場。

Design wins for our ultrahigh band FEMs were broad-based across customers mated it with multiple 5G cellular chipsets.

我們的超高頻段 FEM 設計贏得了廣泛的客戶支持，並將其與多種 5G 蜂窩晶片組相匹配。

Qorvo solutions deliver highly differentiated performance at higher frequencies as we expand our content in the next wave of 5G smartphones.

隨著我們在下一波 5G 智慧型手機中擴展內容，Qorvo 解決方案可在更高的頻率下提供高度差異化的效能。

Consistent with what we said last quarter, we continue to expect approximately 300 million 5G handsets in calendar year '20, adding approximately $2 billion to the mobile RF TAM.

與我們上季度所說的一致，我們繼續預計 20 日曆年將有約 3 億部 5G 手機，為行動 RF TAM 增加約 20 億美元。

Turning to IDP.

轉向國內流離失所者。

Our GaN customer engagements broadened during the December quarter as we ramp GaN high-power amplifiers and small signal components at a third major OEM in support of 5G massive MIMO deployments.

隨著我們在第三家主要 OEM 上增加 GaN 高功率放大器和小型訊號組件以支援 5G 大規模 MIMO 部署，我們在 12 月季度擴大了 GaN 客戶參與度。

To support China Mobile's deployment of 5G small cells, we ramped our newest BAW filters at a top-tier infrastructure OEM.

為了支援中國移動部署 5G 小型基地台，我們在頂級基礎設施 OEM 中升級了最新的 BAW 濾波器。

We also introduced breakthrough GaAs FEMs addressing the more demanding requirements of second-generation 5G millimeter wave base stations.

我們也推出了突破性的 GaAs FEM，滿足第二代 5G 毫米波基地台更嚴格的要求。

In our connectivity business, we enjoyed a rebound in demand driven by WiFi 6 and supported by our recently released GaAs and BAW processes.

在我們的連接業務中，在 WiFi 6 的推動下以及我們最近發布的 GaAs 和 BAW 工藝的支持下，我們的需求出現了反彈。

Customer demand for our newest WiFi 6 FEMs was broad-based in support of CPE, retail and mobile applications.

客戶對我們最新的 WiFi 6 FEM 的需求非常廣泛，以支援 CPE、零售和行動應用。

For the connected home, we began sampling the industry's first radio solution combining aZigBee, Thread and Bluetooth Low Energy SoC with a WiFi 6 FEM to enable next-generation distributed WiFi networks.

對於互聯家庭，我們開始對業界首款無線電解決方案進行採樣，該解決方案將 aZigBee、Thread 和藍牙低功耗 SoC 與 WiFi 6 FEM 結合，以實現下一代分散式 WiFi 網路。

For the connected car, we introduced a complex -- excuse me, we introduced a complete V2X front end solution featuring our recently released 5.9 gigahertz WiFi coexist BAW filters, which are quickly gaining traction among automotive OEMs and Tier 1 suppliers.

對於連網汽車，我們引入了一個複雜的——對不起，我們引入了一個完整的V2X 前端解決方案，其中包括我們最近發布的5.9 GHz WiFi 共存BAW 濾波器，該濾波器正在迅速獲得汽車OEM 和一級供應商的青睞。

Finally, we continue to expand our customer base in the programmable power management end market, shipping power management ICs into data center solid-state drives for 2 of the top 3 storage providers.

最後，我們繼續擴大可程式電源管理終端市場的客戶群，將電源管理 IC 運送到資料中心固態硬碟中，為三大儲存供應商中的兩家提供服務。

After the quarter closed, we signed definitive agreements to acquire Decawave, a pioneer in ultra-wideband solutions for mobile, automotive and IoT applications, and Custom MMIC, a leading supplier of high-performance GaAs and GaN MMICs for defense and aerospace applications.

本季結束後，我們簽署了最終協議，收購 Decawave（行動、汽車和物聯網應用超寬頻解決方案的先驅）和 Custom MMIC（國防和航空航天應用高性能 GaAs 和 GaN MMIC 的領先供應商）。

Adding Decawave establishes our position in the emerging market for ultra-accurate, ultra-secure short range location solutions.

Decawave 的加入奠定了我們在超準確、超安全短距離定位解決方案新興市場的地位。

Custom MMIC expands our portfolio of high-performance GaAs and GaN solutions for the defense and aerospace industries.

客製化 MMIC 擴展了我們面向國防和航空航天工業的高性能 GaAs 和 GaN 解決方案組合。

Looking forward, we see both IDP and Mobile Products growing year-over-year in the March quarter on the strength of our broad technology portfolio and strong underlying trends in our end markets.

展望未來，憑藉我們廣泛的技術組合和終端市場強勁的潛在趨勢，我們預計第三季的 IDP 和行動產品將年增。

And with that, I'll hand the call over to Mark.

接下來，我會將電話轉交給馬克。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the third quarter was $869 million, $19 million above the midpoint of our guidance and driven by stronger-than-expected mobile demand.

在強於預期的行動需求的推動下，Qorvo 第三季的營收為 8.69 億美元，比我們指引的中位數高出 1,900 萬美元。

Mobile revenue of $662 million exceeded our expectations on Asia-based customer demand, including 5G solutions.

行動收入 6.62 億美元超出了我們對亞洲客戶需求（包括 5G 解決方案）的預期。

IDP revenue improved sequentially to $207 million on strong defense volumes and remained down year-over-year due to export restrictions on infrastructure products.

由於國防量強勁，IDP 收入環比增長至 2.07 億美元，但由於基礎設施產品的出口限制，收入仍同比下降。

We expect IDP revenue to increase again sequentially and return to year-over-year growth in the March quarter on sustained strength in defense, the ramp of WiFi 6 and broader 5G infrastructure customer demand.

我們預計，由於國防持續強勁、WiFi 6 的成長和更廣泛的 5G 基礎設施客戶需求，IDP 收入將再次環比成長，並在 3 月季度恢復同比增長。

Non-GAAP gross margin in the December quarter was 49.3%, with better-than-expected manufacturing costs and favorable mix effects.

12 月季度的非 GAAP 毛利率為 49.3%，製造成本優於預期，且混合效應良好。

Non-GAAP operating expenses were $176 million, which were at the low end of our guidance range.

非 GAAP 營運費用為 1.76 億美元，處於我們指引範圍的下限。

Non-GAAP net income in the December quarter was $221 million, and diluted earnings per share was $1.86, $0.19 over the midpoint of our guidance.

12 月季度的非 GAAP 淨利潤為 2.21 億美元，攤薄後每股收益為 1.86 美元，比我們指引的中位數高出 0.19 美元。

Cash flow from operations in the December quarter was $301 million, and CapEx was $41 million, which yielded free cash flow of $260 million.

12 月所在季度的營運現金流為 3.01 億美元，資本支出為 4,100 萬美元，產生的自由現金流為 2.6 億美元。

Our free cash flow through the first 9 months of fiscal '20 was over $600 million, exceeding any prior full fiscal year.

20 財年的前 9 個月，我們的自由現金流超過 6 億美元，超過了之前的任何一個完整財年。

We repurchased $125 million of stock in the quarter and completed an opportunistic $200 million add-on to our 2029 unsecured notes issued earlier in the quarter.

我們在本季回購了 1.25 億美元的股票，並在本季稍早發行的 2029 年無擔保票據的基礎上完成了 2 億美元的機會追加。

During the December quarter, we completed the purchase of the remaining equity in Cavendish Kinetics, an RF MEMS company, further strengthening our technology portfolio for switches, tuners and other products.

在去年第四季度，我們完成了 RF MEMS 公司 Cavendish Kinetics 剩餘股權的收購，進一步加強了我們在開關、調諧器和其他產品方面的技術組合。

As Bob mentioned, following the quarter end, we signed definitive agreements to acquire 2 companies that we have been evaluating for extended periods.

正如鮑勃所提到的，季度末後，我們簽署了最終協議，收購了我們長期評估的兩家公司。

With both companies, there is excellent strategic alignment and cultural fit.

兩家公司都具有出色的策略一致性和文化契合度。

Decawave, a pioneer and leading supplier of ultra-wideband solutions, adds to Qorvo's RF technology leadership and opens up access to a large, new and rapidly growing wireless market.

Decawave 是超寬頻解決方案的先驅和領先供應商，增強了 Qorvo 的 RF 技術領先地位，並開闢了進入快速成長的大型新興無線市場的途徑。

Custom MMIC, a leader in high-performance GaAs and GaN MMIC solutions for defense and aerospace markets, is a bolt-on to IDP's core business.

Custom MMIC 是國防和航空航太市場高性能 GaAs 和 GaN MMIC 解決方案的領導者，也是 IDP 核心業務的補充。

The combined purchase value of these 2 acquisitions is approximately $500 million, which will be funded from existing cash on hand.

這兩項收購的總購買價值約為 5 億美元，將由現有手頭現金提供資金。

Our guidance assumes both transactions close in February, and the financial impact, slightly dilutive to earnings in the near term, is reflected in our March guide.

我們的指導假設兩項交易均在 2 月結束，而財務影響（對近期收益略有稀釋）已反映在我們的 3 月指引中。

Turning to our March quarter outlook.

轉向我們的三月季度展望。

We expect revenue between $800 million and $840 million or $820 million at the midpoint; non-GAAP gross margin of approximately 48.5%; and non-GAAP diluted earnings per share of $1.55 at the midpoint of our guidance.

我們預計營收在 8 億美元到 8.4 億美元之間，中間值為 8.2 億美元；非公認會計準則毛利率約為 48.5%；非 GAAP 攤薄後每股收益為我們指引的中位數 1.55 美元。

Our revenue outlook for the March quarter reflects continued robust mobile 5G demand and a return to year-over-year growth for IDP.

我們對 3 月季度的營收前景反映了持續強勁的行動 5G 需求以及 IDP 恢復同比增長。

For mobile, we expect March quarter sales to decrease sequentially but with less-than-normal seasonality.

對於行動設備，我們預計 3 月季度的銷售額將環比下降，但季節性低於正常水平。

For IDP, we project March quarter sales to increase on sustained strength in defense, the ramp of WiFi 6 and broader 5G infrastructure customer demand.

對於 IDP，我們預計 3 月季度的銷售額將因國防持續強勁、WiFi 6 的成長和更廣泛的 5G 基礎設施客戶需求而成長。

While Qorvo's current near-term outlook is strong and channels are healthy, trade and other factors, including potential demand and supply chain effects related to the coronavirus concerns, contribute to challenges and uncertainty forecasting the outlook.

儘管 Qorvo 目前的近期前景強勁且通路健康，但貿易和其他因素（包括與冠狀病毒問題相關的潛在需求和供應鏈影響）為前景預測帶來了挑戰和不確定性。

On gross margin, our March quarter guide of approximately 48.5% is down sequentially, consistent with comments I made during our last earnings call.

在毛利率方面，我們 3 月季度的指導值環比下降了約 48.5%，這與我在上次財報電話會議上發表的評論一致。

Non-GAAP operating expenses are projected to increase in the March quarter to approximately $185 million on higher personnel costs, including payroll effects and incremental costs associated with acquired businesses.

由於人員成本增加，包括薪資影響和與收購業務相關的增量成本，非公認會計準則營運費用預計在 3 月季度增加至約 1.85 億美元。

Net interest expense will increase with our notes add-on and a lower cash balance following acquisitions.

淨利息支出將隨著我們的票據附加和收購後現金餘額的減少而增加。

We expect our March quarter non-GAAP tax rate to be approximately 7.5%.

我們預計 3 月季度的非 GAAP 稅率約為 7.5%。

On capital expenditures, we project less than $190 million this fiscal year and remain highly disciplined on adding capacity.

在資本支出方面，我們預計本財年的資本支出將少於 1.9 億美元，並且在增加產能方面仍保持嚴格的紀律。

Our free cash flow forecast for the year is now over $700 million.

我們今年的自由現金流預測目前超過 7 億美元。

As the December quarter results and our March outlook show, Qorvo is helping customers grow in 5G, WiFi, defense and other markets by solving their challenges with best-in-class technology, award-winning quality and supply dependability.

正如 12 月季度業績和 3 月展望所示，Qorvo 正在透過一流的技術、屢獲殊榮的品質和供應可靠性解決客戶面臨的挑戰，幫助客戶在 5G、WiFi、國防和其他市場實現成長。

With that, I'll turn the call back over to John for questions.

這樣，我會將電話轉回給約翰詢問問題。

(Operator Instructions) And our first question comes from Karl Ackerman with Cowen and Company.

（操作員說明）我們的第一個問題來自 Cowen and Company 的 Karl Ackerman。

I have 2 questions, if I may.

如果可以的話，我有兩個問題。

The first question is on margins.

第一個問題是關於利潤率的。

So I get the seasonal softness in the March quarter.

所以我在三月季度得到了季節性的疲軟。

But as you finalize the consolidation of your saw fab in Greensboro -- to Greensboro, your 5G ultra high-band PAD FEM content likely proliferates across the top 6 mobile OEMs later on this year and IDP returns to growth in the back half, why can't operating margins approach 30% by the end of this year?

但是，當您完成位於格林斯伯勒的鋸切工廠的整合後，您的5G 超高頻PAD FEM 內容可能會在今年晚些時候在六大移動OEM 廠商中激增，並且IDP 在下半年恢復增長，為什麼可以到今年底營業利潤率不是會接近30%嗎？

Yes.

是的。

Karl, 2 -- this is Mark.

卡爾，2 歲——這是馬克。

2 effects on operating margins in the March quarter.

2 對三月季度營業利益率的影響。

One is -- and I'll start with OpEx.

一是——我將從營運支出開始。

As I mentioned, OpEx is going to increase sequentially due to a number of factors, payroll effects and the incremental costs associated with the acquisitions.

正如我所提到的，由於多種因素、薪資效應以及與收購相關的增量成本，營運支出將持續增加。

Moving up to gross margin.

上升到毛利率。

Consistent with what I said last quarter, we will see a sequential decline in gross margin, which is typical around seasonal product mix effects.

與我上季度所說的一致，我們將看到毛利率連續下降，這是典型的季節性產品組合效應。

So yes, this is very much in line with what I said last quarter, about 100 basis points or so decrease sequentially.

所以，是的，這與我上季度所說的非常一致，環比下降約 100 個基點左右。

Got it.

知道了。

For my follow-up, regarding your March outlook, it seems you're base assumptions call for a slightly less seasonal decline at -- or I guess a seasonal decline in your largest customer but a sizable uptick at China handset providers and maybe some stability at your Korean customer given all the design wins you alluded to last quarter and, of course, earlier today in your prepared comments.

對於我的後續行動，關於您對3 月份的展望，似乎您的基本假設是季節性下降幅度略小，或者我猜您最大的客戶會出現季節性下降，但中國手機提供商會出現大幅增長，並且可能會保持一定程度的穩定性考慮到您在上個季度以及今天早些時候在準備好的評論中提到的所有設計勝利，您向您的韓國客戶展示了這一點。

First, am I thinking about that the right way?

首先，我的思考方式是否正確？

Second, how should we think about the revenue opportunity from China handsets?

其次，我們該如何看待中國手機的收入機會？

I think for the overall industry, would you endorse content for mainstream handsets advancing from $1 to $2 to like $6?

我認為對於整個行業來說，您會認可主流手機的內容從 1 美元到 2 美元再到 6 美元左右嗎？

Karl, I'll take the beginning of that.

卡爾，我先開始吧。

From a perspective of just looking at it year-over-year, both businesses are returning to growth year-over-year, that's great to see.

從同比的角度來看，兩家公司都在逐年恢復成長，這是很高興看到的。

IDP business sequentially is growing very nicely.

IDP 業務連續成長非常好。

So that's also offsetting some of the seasonality.

所以這也抵銷了一些季節性。

It's typically flat to up slightly.

它通常是平坦的到稍微上升的。

So that's doing well.

所以這做得很好。

And in our mobile business, very pleased with how much we're offsetting year-over-year the decline that we've seen at Huawei, and it's broad-based.

在我們的行動業務中，我們對我們在很大程度上抵消了華為的同比下滑感到非常滿意，而且這是基礎廣泛的。

So we're seeing strength across the customer base, but I'll let Eric add a little more color to the specifics of the customer base that you asked about.

因此，我們看到了整個客戶群的實力，但我會讓艾瑞克為您詢問的客戶群的具體細節添加更多色彩。

Sure.

當然。

Yes.

是的。

As you referenced, the 5G rollout in China is very much on track and content gains there associated with more bands and wider bands and multiple carrier operation and so forth, is leading to an expansion of the dollar content as well as units a bit higher than we had originally planned.

正如您所提到的，中國的 5G 部署非常順利，並且與更多頻段、更寬的頻段以及多個運營商運營等相關的內容增益，導緻美元內容和單位的增加略高於我們原本計劃的。

In terms of dollar content opportunity that you referenced, it's not at all unusual in these 5G handsets to see total dollar content in the $10 to $12 range and they tend to buy as much of that as possible from 1 supplier.

就您提到的美元含量機會而言，這些 5G 手機的總美元含量在 10 至 12 美元範圍內並不罕見，而且他們傾向於從 1 個供應商那裡購買盡可能多的產品。

So we have many handsets in China now where we have $8 to $10 worth of RF content.

因此，我們現在在中國有很多手機，其中有價值 8 到 10 美元的 RF 內容。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results.

祝賀取得強勁的成果。

My first one was on IDP.

我的第一個是 IDP。

You guys talked about WiFi 6 and comms and defense contributing to growth in the March quarter.

你們談到了 WiFi 6 以及通訊和國防對三月季度成長的貢獻。

Can you kind of help us quantify sort of the magnitude of all 3 on a relative basis?

您能幫助我們在相對基礎上量化這三個因素的大小嗎？

And if you can speak to sustainability beyond the March quarter for those 3 buckets, that would be helpful.

如果您能談論這三個季度之後的可持續性，那將會很有幫助。

And then I have a quick follow-up.

然後我會進行快速跟進。

Yes, this is James.

是的，這就是詹姆斯。

Now the year-over-year growth will be relatively small, but considering we lost one of our top customers just a few quarters ago, I am really pleased with the efforts of the team to return back to growth so quickly.

現在同比增長相對較小，但考慮到我們在幾個季度前失去了一位頂級客戶，我對團隊為如此迅速地恢復成長所做的努力感到非常高興。

I think it does demonstrate the underlying strengths of the products that we have and the markets that we serve.

我認為它確實展示了我們擁有的產品和我們所服務的市場的潛在優勢。

Defense, low-power wireless and power management will all have double-digit year-over-year growth quarters in March.

國防、低功耗無線和電源管理領域三月的年比成長都將達到兩位數。

WiFi, as we talked about, with the ramp of WiFi 6 is returning, and it'll have a high single-digit type growth rate.

正如我們所討論的，隨著 WiFi 6 的崛起，WiFi 正在回歸，並且它將具有較高的個位數成長率。

And then other markets that we serve, I think, will be a mix of up and downs.

我認為，我們服務的其他市場將會有起有落。

Still at the phase of deployments in base stations where we're starting ramps and starting to recover, but with loss of Huawei, we're obviously still significantly off of our all-time highs in base station.

仍處於基地台部署階段，我們正在開始爬坡並開始恢復，但隨著華為的流失，我們顯然仍遠低於基地台的歷史最高點。

Got it.

知道了。

And then my second one is for Mark.

然後我的第二個是給馬克的。

In terms of free cash flow, it looks like for the full year, you're thinking free cash flow margins of 22-ish percent based on your Q4 revenue guide and your full year free cash flow commentary, which I think is the highest free cash flow margin since the merger.

就自由現金流而言，根據您的第四季度收入指南和全年自由現金流評論，您認為全年的自由現金流利潤率為 22％左右，我認為這是最高的自由現金流合併以來的現金流量利潤率。

I guess importantly, going forward, do you feel like there's more upside from there?

我想重要的是，展望未來，你覺得還有更多的好處嗎？

Or is this as good as it gets?

或者這已經是最好的了嗎？

And to the extent you do think there's more upside, what are some of the levers that you can pull to improve margins?

如果您確實認為還有更多的好處，那麼您可以採取哪些措施來提高利潤率？

And then sort of related to that, as you continue to build cash, how are you thinking about cash usage between organic investments, M&A and shareholder return?

與此相關的是，當你繼續累積現金時，你如何考慮有機投資、併購和股東回報之間的現金使用？

Yes.

是的。

There's a lot in that question, Toshiya.

這個問題有很多內容，Toshiya。

I'll work through it.

我會解決它。

So yes, we're really pleased with the progress we've made on free cash, and it's been the absolute focus for the company.

所以，是的，我們對自由現金的進展感到非常滿意，這一直是公司的絕對重點。

We've gone from $224 million free cash flow in the year [for fiscal 2017] (added by company after the call) up to we're now forecasting over $700 million in just -- in a number of years here.

我們[2017財年]的自由現金流為2.24億美元（由公司在電話會議後添加），現在我們預測在短短幾年內將超過7億美元。

And we reached close to 30% basically -- right almost on top of 30% in the third quarter of free cash flow margins.

我們基本上達到了接近 30%，幾乎高於第三季自由現金流利潤率的 30%。

And I think that's an objective we set some time ago for the full year.

我認為這是我們不久前為全年設定的目標。

So we're not going to -- as you said, we're going to be closer to 22%, but we continue to see the ability to expand free cash flow margins.

所以我們不會——正如你所說，我們會接近 22%，但我們繼續看到擴大自由現金流利潤率的能力。

And it's -- nothing has really changed there.

那裡什麼都沒有真正改變。

I've gone through this in previous calls.

我在之前的通話中已經討論過這個問題。

We're pursuing a model and investing in a way to achieve stronger and more sustainable free cash flow generation over time.

我們正在追求一種模式並進行投資，以隨著時間的推移實現更強大、更永續的自由現金流產生。

And that comes from investing in the right technologies of which you see some of that in the acquisitions we announced today.

這來自於對正確技術的投資，您可以在我們今天宣布的收購中看到其中的一些技術。

It's selecting the right products and having a rigorous portfolio management process, which we've executed on.

它選擇正確的產品並制定嚴格的產品組合管理流程，我們已經執行了該流程。

It's driving productivity in operations and sourcing.

它提高了營運和採購的生產力。

And I can't say enough about the job the ops team is doing in meeting customer quality expectations and on-time delivery and doing it efficiently.

對於營運團隊在滿足客戶品質期望、按時交付和高效完成方面所做的工作，我無法說太多。

And then the ops alignment with the business is as good as it's ever been in the company.

然後，營運與業務的協調性將達到公司以往的最佳水準。

So seeing great things there.

所以在那裡看到了很棒的東西。

And then finally, we're just focused on reducing capital intensity, and all those factors have helped with margin expansion.

最後，我們只專注於降低資本密集度，所有這些因素都有助於利潤率的擴張。

On gross margin specifically, yes, there's room to run, we believe.

特別是在毛利率方面，我們相信，還有上升的空間。

We're still not at the utilization levels that we had hoped this year.

我們今年仍未達到預期的利用率水準。

The infrastructure market softness has impacted us in a couple of areas in the network, particularly Texas GaAs, GaN in Oregon.

基礎設施市場的疲軟對我們網路的幾個領域產生了影響，特別是德克薩斯州的 GaAs 和俄勒岡州的 GaN。

We -- in the fourth quarter or in the December quarter, we had period costs in Florida.

我們 - 在第四季度或 12 月季度，我們在佛羅裡達州有期間成本。

As I think Karl mentioned, those do drop off in March, but we still have some period costs associated with Farmers Branch and some small period costs elsewhere.

正如我認為卡爾提到的那樣，這些費用確實會在三月下降，但我們仍然有一些與 Farmers Branch 相關的期間成本和其他地方的一些小期間成本。

And then yes, over time, we expect IDP to improve as a percent of the overall mix.

然後，是的，隨著時間的推移，我們預計 IDP 在整體組合中所佔的百分比將會提高。

And I've talked about portfolio management and operations productivity and so forth.

我還談到了投資組合管理和營運生產力等等。

So I believe in the ability of our business to grow the top line.

因此，我相信我們的業務有能力增加收入。

We have a number of levers to expand margins.

我們有許多槓桿來擴大利潤。

We're focused on spending capital only when we need to and then driving free cash flow growth which has -- allows us to make prudent investments either for accretion or on technology.

我們只在需要時才專注於支出資本，然後推動自由現金流的成長，這使我們能夠在增值或技術方面進行審慎的投資。

Finally, you asked about capital allocation, basically.

最後，您基本上詢問了資本配置問題。

The last 12 months, we've generated $754 million of free cash flow.

過去 12 個月，我們產生了 7.54 億美元的自由現金流。

We've repurchased $689 million of shares.

我們回購了價值 6.89 億美元的股票。

So over 90% return to shareholders.

所以90%以上的回報給了股東。

And then over this time, we've also completed the purchase of 2 companies over $500 million.

然後這段時間我們也完成了2家公司5億美元以上的收購案。

That's not including the 2 we announced today.

這不包括我們今天宣布的 2 個。

So we'll continue to, again, drive free cash flow growth and then look for investments that make sense for Qorvo.

因此，我們將再次繼續推動自由現金流成長，然後尋找對 Qorvo 有意義的投資。

We've said technology investments for both mobile and IDP and then bolt-ons for IDP is typically how we look at things.

我們已經說過，我們通常看待事物的方式是對行動和 IDP 進行技術投資，然後對 IDP 進行補充。

And then depending on our leverage and other factors, we'll return cash to shareholders.

然後根據我們的槓桿率和其他因素，我們將向股東返還現金。

And our next question comes from Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler。

Congratulations, fantastic execution and congratulations on that cash flow number.

恭喜，出色的執行力，並祝賀現金流量數字。

I had -- I'm going to put you on a spot here, Bob.

我--我要把你安排在這裡，鮑伯。

You had a pretty strong mobile March guide, and you're also basically saying pretty good strength in 5G, pretty good design win traction.

你們有一個相當強大的移動三月指南，而且你們基本上也說 5G 方面相當不錯的實力，相當好的設計贏得了關注。

I take that to be that the strength in March, the better-than-seasonal strength in March is not going to come at the expense of the rest of the year.

我認為三月的強勁，三月好於季節性的強勁不會以犧牲今年剩餘時間為代價。

Historically, June, September, December have all been much better quarters.

從歷史上看，六月、九月和十二月都是好得多的季度。

Could you just maybe, to the best that you can -- I know it's a tough one, but best you can, provide us some color?

你能不能盡你所能——我知道這很艱難，但你能盡力為我們提供一些顏色嗎？

Maybe -- Harsh, this is Mark.

也許——嚴格地說，這是馬克。

Maybe I'll step in.

也許我會介入。

And we're going to provide more information on the FY '21 at the next earnings call.

我們將在下一次財報電話會議上提供有關 21 財年的更多資訊。

As it relates to June, we're not going to provide detailed guidance in that quarter either, but I think maybe this is a time to talk about risks of the June quarter.

由於涉及 6 月份，我們也不會在該季度提供詳細的指導，但我認為也許現在是討論 6 月份季度風險的時候了。

Now we feel good about the March quarter.

現在我們對三月季度感覺良好。

Yes, there's coronavirus concerns and -- first, our thoughts are with those affected in the region, but we've been revisiting our outlook based on those concerns.

是的，存在對冠狀病毒的擔憂——首先，我們的想法與該地區受影響的人在一起，但我們一直在根據這些擔憂重新審視我們的前景。

We're comfortable with our forecast and feel that we've adjusted for what we perceive now as some risk.

我們對我們的預測感到滿意，並認為我們已經針對我們現在認為的一些風險進行了調整。

But we've been keeping a close eye in the situation, including extensive checks on the supply chain.

但我們一直在密切關注局勢，包括對供應鏈進行廣泛檢查。

To date, we've seen no material impact for our supply chain or with demand signals.

迄今為止，我們的供應鏈或需求訊號沒有受到任何實質影響。

However, the situation is evolving.

然而，情況正在演變。

So we've reflected some added risk, as I mentioned, to our March guide, including, as you'll notice, a wider range of outcomes.

因此，正如我所提到的，我們在三月指南中反映了一些額外的風險，正如您會注意到的，包括更廣泛的結果。

So to your question, likewise, we're thinking about potential effects into the June quarter.

因此，對於你的問題，同樣，我們正在考慮對六月季度的潛在影響。

And even though our channels are lean, we are concerned about how this plays out because we just don't know.

儘管我們的管道很精簡，但我們還是擔心事情會如何發展，因為我們不知道。

As it stands now, we would estimate the June quarter to be between $750 million to $800 million of revenue.

就目前情況而言，我們預計 6 月季度的營收將在 7.5 億至 8 億美元之間。

But again, it's early.

但話又說回來，現在還早。

There's a lot of uncertainty around that.

這有很多不確定性。

We'll provide a more detailed update at a later date and a fiscal year '21 view on our next earnings call.

我們將在稍後的日期提供更詳細的更新，並在下一次財報電話會議上提供 21 財年的視圖。

That's fair.

這還算公平。

We -- I appreciate the color that you gave.

我們——我很欣賞你所賦予的色彩。

As a follow-up, the strength in China that you guys are seeing, maybe one for Bob or Eric, what kind of customers is that coming from?

作為後續行動，你們所看到的中國的實力，也許是鮑伯或艾瑞克的實力，來自什麼樣的客戶？

Is that coming from the Tier 2s?

這是來自2級的嗎？

Or is that also, to some extent, coming from Huawei at this point?

或者某種程度上，這也是來自華為？

Right.

正確的。

Yes.

是的。

It's primarily throughout Asia, so Korea and China as well, where relatively high end 5G handsets are still entering the channel for now.

主要是在整個亞洲，韓國和中國也是如此，相對高階的 5G 手機目前仍在進入該管道。

We're beginning to also see our large customers in China, so Vivo, Oppo, Xiaomi, for example, bringing 5G further down into the portfolio with some of the handsets that'll be launching in the March quarter.

我們也開始看到中國的大客戶，例如 Vivo、Oppo、小米，他們將 5G 進一步納入產品組合，其中一些手機將於 3 月季度推出。

Our next question comes from Bill Peterson, JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

Great job on the results and guide.

結果和指南方面做得很好。

Maybe first one for Eric.

也許是埃里克的第一個。

And going back to your Analyst Day from 1.5 years, I guess closer to 2 years ago, you talked about some unique advantage of your BAW relative to other filter technologies, so net BAW and so forth.

回到 1.5 年的分析師日，我想大約是 2 年前，您談到了 BAW 相對於其他濾波器技術的一些獨特優勢，例如淨 BAW 等等。

You've been discussing ultrahigh band wins and n79 in particular, and also now recently you're talking about traction with your new micro BAW.

您一直在討論超高頻段的勝利，特別是 n79，最近您又在談論新的微型 BAW 的牽引力。

I guess, can you give us an update on how your BAW is helping you win relative to competitors I guess both in tranche as well as new entrants for some of these 5G specific bands?

我想，您能否向我們介紹一下您的 BAW 如何幫助您贏得相對於競爭對手的最新信息（我想是在部分 5G 特定頻段以及新進入者中）？

And I guess in terms of other content, you've been talking with us about antennaplexing, we haven't heard as much about that recently, but how has that been playing out?

我想就其他內容而言，您一直在與我們談論天線復用，我們最近沒有聽到太多相關內容，但效果如何？

And I guess how can you meet the demands in that given your portfolio, your BAW portfolio?

我想您如何滿足給定您的產品組合（BAW 產品組合）的需求？

Right.

正確的。

Yes.

是的。

Thanks, Bill.

謝謝，比爾。

The technology road map has continued to progress for us.

我們的技術路線圖不斷取得進展。

Since we've formed the company, we've really made just a ton of progress in improving the performance of our SMR BAW filters and also our ability to integrate them into modules and, also together, to make antennaplexers and high-level multiplexers and so forth.

自從我們成立公司以來，我們在提高 SMR BAW 濾波器的性能以及將它們整合到模組中以及一起製造天線復用器和高級復用器以及等等。

So that's maturing and getting more and more competitive every single month.

所以每個月都在成熟並且競爭越來越激烈。

In addition, of course, at the same time, the market's asking for higher performance.

當然，同時，市場對性能的要求也更高。

More bands are being added, it seems every quarter, wider bandwidths, multichannel operation and so forth.

似乎每個季度都會添加更多頻段、更寬的頻寬、多通道操作等等。

So there's plenty of challenges to be met with the filter technology.

因此過濾技術面臨許多挑戰。

And it's frankly a pretty target-rich environment right now for these opportunities.

坦白說，對於這些機會來說，現在是一個目標豐富的環境。

So I think it's fundamental technology combined, really, with our ability to integrate it with also very, very good power amplifiers, for example, in the ultrahigh band opportunities, power amplifier efficiency and power levels are very important to accomplish and then, of course, our leadership in switching technologies and putting all those into high-level modules together.

因此，我認為這是基礎技術的結合，實際上，我們有能力將其與非常非常好的功率放大器集成，例如，在超高頻段機會中，功率放大器效率和功率水平對於實現非常重要，然後，當然，我們在交換技術並將所有這些技術整合到高級模組中的領先地位。

It's very similar to the fundamental trends we've talked about for several quarters now.

這與我們幾季討論的基本趨勢非常相似。

We're just continuing the march on driving the investments into the core technologies to make it better.

我們只是繼續推動對核心技術的投資，以使其變得更好。

Okay.

好的。

Great.

偉大的。

And I guess the next question, I guess, both you and James can chime in.

我想下一個問題，我想，你和詹姆斯都可以插話。

On the top of the millimeter waves, obviously, some of your competitors are talking of the millimeter wave opportunities.

顯然，在毫米波領域，一些競爭對手正在談論毫米波機會。

It appears like you and your closest competitor are really still focused on sub-6.

看來您和您最接近的競爭對手仍然專注於 6 級以下。

I guess for the mobile side, what unique and different solutions could you bring into the market?

我想在行動端，你可以為市場帶來什麼獨特的、不同的解決方案？

What are the key hurdles to address?

需要解決的關鍵障礙是什麼？

What are key base technologies, power amplifiers, switching filters and so forth?

關鍵基礎技術、功率放大器、開關濾波器等是什麼？

And I guess from James's side,, what -- you spoke to it a little bit earlier in the prepared remarks, but how do you see the growth of millimeter wave and the impact to his business and some of the unique, I guess, things that he can bring to the market as well?

我想從詹姆斯的角度來看，您在準備好的演講中早些時候談到了這一點，但是您如何看待毫米波的增長以及對他的業務的影響以及我認為的一些獨特的事情他也可以將其推向市場嗎？

Yes.

是的。

So thanks.

那謝謝啦。

I'll start.

我開始吧。

This is Eric.

這是埃里克。

So the unique strengths that we bring to millimeter wave in the mobile side is really leveraging the work that James has done in the infrastructure side and defense applications, developing advanced gallium arsenide processes for millimeter wave operations.

因此，我們在行動端為毫米波帶來的獨特優勢實際上是利用詹姆斯在基礎設施端和國防應用方面所做的工作，開發用於毫米波操作的先進砷化鎵製程。

So we've released new commercial versions of those processes and have introduced those to multiple handset manufacturers and platform providers.

因此，我們發布了這些流程的新商業版本，並將其介紹給多家手機製造商和平台供應商。

We're building prototypes to help demonstrate the capability of mobile millimeter wave and showing what could be done in terms of thermal dissipation and power efficiency and battery life and so forth.

我們正在建立原型來幫助展示行動毫米波的功能，並展示在散熱、電源效率和電池壽命等方面可以做些什麼。

But at the end of the day, I think the big question is just whether the business model is going to close on it.

但歸根結底，我認為最大的問題是商業模式是否會結束。

I think there's a lot of challenges in millimeter wave in a mobile application.

我認為毫米波在行動應用上存在著許多挑戰。

By definition, you're moving in a mobile application and the path losses is quite high in millimeter wave.

根據定義，您正在移動應用程式中移動，毫米波的路徑損耗相當高。

So we'll see.

所以我們拭目以待。

We're certainly getting lots of demonstrations out there.

我們肯定會看到很多示威活動。

You're seeing carriers put up a millimeter wave in multiple cities, and we're going to be participating in helping to validate the market.

您會看到營運商在多個城市部署毫米波，我們將參與協助驗證市場。

And Bill, this is James.

比爾，這是詹姆斯。

And as far as infrastructure is involved, I mean, we're certainly engaged, very similar to what we showed in our Analyst Day almost a couple of years ago about how we see more and more of those systems using GaAs-based front ends, getting away from pure silicon solutions because it's just a much more efficient implementation.

就涉及基礎設施而言，我的意思是，我們當然參與其中，這與我們幾乎幾年前在分析師日上展示的內容非常相似，即我們如何看到越來越多的系統使用基於砷化鎵的前端，擺脫純矽解決方案，因為它只是一種更有效率的實作方式。

But we're also seeing fixed wireless come onboard and the last mile, if you call it, and we've released some products just last quarter to start to address those kind of parts of the market, and again, kind of leading the industry in efficiency based on those GaAs processes, in particular, some of the smallest gate links that we've released in production, so really high-frequency focused type activities.

但我們也看到固定無線的出現和最後一英里（如果你稱之為的話），我們在上個季度發布了一些產品，開始解決市場的這些部分，並且再次引領行業基於這些GaAs 工藝的效率，特別是我們在生產中發布的一些最小的柵極鏈接，因此真正是高頻集中型活動。

I also want to add to the BAW question.

我還想補充一下 BAW 問題。

We talked about how BAW is enabling inside mobile, Eric did, but it's also been a big benefit for us in the WiFi market.

我們討論了 BAW 如何在行動領域發揮作用，Eric 談到了這一點，但這也為我們在 WiFi 市場帶來了巨大的好處。

We've released iFEMs in the 2.4 gigahertz, and we've been sampling those at 5 gigahertz as well.

我們已經發布了 2.4 GHz 的 iFEM，我們也對 5 GHz 進行了採樣。

We're also using our new 5 gigahertz processes to release products in the automotive space and into small cells and base stations.

我們還使用新的 5 GHz 製程在汽車領域以及小型蜂巢和基地台中發布產品。

So we are using our filter technology to really allow us to compete in several different markets and for me particularly in the higher frequencies.

因此，我們正在使用我們的濾波器技術來真正讓我們能夠在幾個不同的市場中競爭，對我來說尤其是在更高的頻率方面。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

This is Seth Gilbert on for Tim.

我是賽斯吉爾伯特（Seth Gilbert）替提姆發言。

Just as, I guess, a follow-up to one of the earlier questions.

我想，就像之前問題之一的後續行動一樣。

June is usually up something like mid-single digits quarter-over-quarter, and September is usually around the double digits quarter-over-quarter.

六月的季度環比增幅通常為個位數左右，而九月的季度環比增幅通常為兩位數左右。

So just curious of this much new higher -- this new higher base for March, is this still the right way to think about seasonality as we look out into June and into September?

因此，我只是好奇這個新的更高點——3 月的新的更高基數，當我們展望 6 月和 9 月時，這仍然是思考季節性的正確方法嗎？

Yes.

是的。

Seth, this is Mark.

賽斯，這是馬克。

I reluctantly go to June because of the coronavirus concerns, and I gave a revenue number there.

由於擔心冠狀病毒，我不情願地去了六月，並在那裡提供了收入數字。

The only thing I would add, just to make sure folks are appreciative of it, we tend to go down from our March to June quarter on gross margins.

我唯一要補充的是，為了確保人們對此表示讚賞，我們的毛利率往往會從三月到六月的季度下降。

So we would see the revenue guide I gave and then we would see a gross margin in the 47 -- somewhere between 47 and the high 47s, low 47s to high 47s.

因此，我們會看到我給出的收入指南，然後我們會看到 47 的毛利率——介於 47 和高 47 之間、低 47 到高 47 之間。

So -- and then we have OpEx increasing.

那麼，我們的營運支出就會增加。

But beyond that, I'm not going to talk about September.

但除此之外，我不會談論九月。

I'm not going to give detail on fiscal '21.

我不會提供有關 21 財年的詳細資訊。

I would just say that we believe we're investing in the right areas with -- and selecting the right products, building our capabilities to support growth in the market.

我只想說，我們相信我們正在正確的領域進行投資，並選擇正確的產品，建立我們支持市場成長的能力。

And we expect to grow, and then we're driving for free cash flow generation.

我們期望實現成長，然後我們正在推動自由現金流的產生。

And I'll provide more in -- during the next earnings call.

我將在下一次財報電話會議上提供更多資訊。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自克里斯·卡索和雷蒙德·詹姆斯。

I guess first question is about the content opportunity between the premium tier and the mass tier phones when you transition to 5G.

我想第一個問題是關於過渡到 5G 時高階手機和大眾手機之間的內容機會。

And I guess in the 4G generation, most of the content was in the premium tier phones.

我猜想在 4G 世代，大部分內容都在高階手機。

So that was, if I look at your total content opportunity, that was the largest part of your mix.

所以，如果我看看你的總內容機會，那就是你組合中最大的部分。

Does that shift somewhat as you move to 5G because you're moving those mass tier phones from such a low content to something?

當您轉向 5G 時，這種情況是否會有所改變，因為您正在將這些大眾手機從如此低的內容轉移到其他內容？

How does that change your sort of mix exposure of your total revenue between sort of premium tier phones and mass tier phones, obviously, realizing mass tier phones represent more volume?

這如何改變你的總收入在高階手機和大眾手機之間的混合暴露，顯然，意識到大眾手機代表了更多的銷售？

Right.

正確的。

That's an excellent question, really.

這確實是一個很好的問題。

And I mentioned a little bit ago seeing -- not unusual to see $10 to $12 worth of RF content and sometimes even higher in some of our China-based handsets, which are primarily mass tier.

我之前提到過，在我們的一些中國手機（主要是大眾手機）中看到價值 10 至 12 美元的 RF 內容並不罕見，有時甚至更高。

They're at the higher end today, but that's what's driving down into the mass tier as we speak.

今天它們處於高端，但正如我們所說，這正是推動大眾化的原因。

And so if you look at kind of percentage increase from 4G to 5G, it's much, much higher than -- it's more like a 2x in content now.

因此，如果你看看從 4G 到 5G 的百分比成長，你會發現它比現在的內容成長了很多很多，更像是內容的 2 倍。

And as we've talked about before, it's not only adding the 5G proper, if you will, content, but also bringing all of the 4G up to higher levels of capability as well in each of those 5G handsets.

正如我們之前討論過的，它不僅添加了 5G 內容（如果您願意的話），而且還將所有 4G 功能提升到了每款 5G 手機的更高水平。

So to your point, we see content increases in the premium tier for sure.

因此，就您的觀點而言，我們肯定會看到高級層的內容增加。

But as a percentage of the total, they're more on the order of, call it, 20%, 25% of content increase, where in the mass tier, you're seeing more like a double or even more of content.

但從佔總數的百分比來看，它們的內容增加量約為 20%、25%，在大眾層中，您會看到更多的內容增加了一倍甚至更多。

So it does tend to mute the mix effect slightly, I would say, as we go into 2020.

因此，我想說，當我們進入 2020 年時，它確實會稍微減弱混合效應。

That's helpful.

這很有幫助。

As a follow-up, you've talked a little bit about ultra wideband.

作為後續行動，您談到了一些關於超寬頻的問題。

And obviously, you sound like -- you did an acquisition in there.

顯然，你聽起來像是——你在那裡進行了收購。

I guess how important is ultra-wideband to you in terms of revenues today?

我想就當今的收入而言，超寬頻對您來說有多重要？

And I guess where do you see it going not just within handsets but also opportunities for ultra-wideband and IoT type devices, how significant can that be?

我想您認為它不僅在手機領域，而且在超寬頻和物聯網類型設備中也有機會，這有多重要？

Right.

正確的。

It's another good question.

這是另一個好問題。

We -- as you probably know, we're the leading supplier of ultra-wideband front ends today into the mobile handsets, although it's a relatively small market today, but it's really just emerging.

正如您可能知道的那樣，我們是當今行動手機超寬頻前端的領先供應商，儘管目前市場相對較小，但它確實剛剛興起。

And I think between the fact that it's now beginning to penetrate mobile handsets, we believe it will eventually be absolutely required in every handset.

我認為，鑑於它現在開始滲透到行動手機中，我們相信最終每部手機都絕對需要它。

That, combined with the fact that the connected car consortium has adopted the technology for future keyless entry systems, we think this is really just the very beginning of an inflection point.

再加上連網汽車聯盟已採用未來無鑰匙進入系統技術的事實，我們認為這實際上只是轉折點的開始。

We are absolutely thrilled to be adding Decawave, a fantastic company, great people, great technology.

我們非常高興能夠加入 Decawave，這是一家出色的公司、優秀的員工和出色的技術。

They've been at this 15 years, it's really truly pioneered, as we said, the technology.

他們已經工作了 15 年，正如我們所說，這項技術確實是真正的先驅。

And so we see beyond the automotive and the mobile applications, we think a whole host of both consumer and industrial IoT applications are there as well.

因此，我們認為除了汽車和行動應用之外，還存在大量消費和工業物聯網應用。

So when we look forward by 2024, we're modeling at $2 billion to $4 billion worth of additional TAM.

因此，當我們展望 2024 年時，我們預計將增加價值 20 億至 40 億美元的 TAM。

And we think there'll be just a few people positioned to capture it.

我們認為只有少數人能夠捕捉到它。

So pretty exciting.

非常令人興奮。

And our next question comes from Ed Snyder with Charter Equity Research.

我們的下一個問題來自特許股票研究公司的埃德·斯奈德。

Eric, on China, how much of your strength there, I mean, is from, say -- I want to juxtapose the different factors that are affecting China because it's obviously becoming a very big part of your business.

艾瑞克，關於中國，我的意思是，你在中國的優勢有多少來自於——我想將影響中國的不同因素並列起來，因為它顯然正在成為你業務的一個非常重要的組成部分。

But -- so if you could maybe give us some idea of how much of it is coming from 5G content upside versus 5G being pushed into more phones than we expected versus OEMs moving their old 4G Phase 2 designs to module?

但是，您能否讓我們了解一下，與 5G 被推入比我們預期更多的手機相比，與 OEM 將其舊的 4G 第 2 階段設計轉移到模組相比，5G 內容的優勢有多少？

So 5G content versus units versus the shift to modules in 4G.

因此，5G 內容與單元與 4G 中向模組的轉變。

And if you could, what percentage of your revenue you think you're getting from China at this point?

如果可以的話，您認為目前來自中國的收入佔您的收入比例是多少？

And then, James, it sounds like defense is not only acting as you expected, but also leading the charge.

然後，詹姆斯，聽起來防守不僅按照你的預期行事，而且還帶頭衝鋒。

MACOM just announced on the call last night, they're finally getting the GaN on silicon carbide.

MACOM 昨晚在電話會議上宣布，他們終於獲得了碳化矽上的 GaN。

So I'm trying to get an idea of how sticky are the applications for your GaN-on-SiC in both 5G base stations?

所以我想了解一下你們的 GaN-on-SiC 在兩個 5G 基地台中的應用黏性如何？

And then if you could talk to some degree about how that applies to defense, too.

然後你是否可以在某種程度上談談這如何適用於防守。

And then I have a follow-up.

然後我有一個後續行動。

All right.

好的。

So regarding the first part of your question, the strength we're seeing throughout China right now is largely driven by 5G content.

因此，關於你問題的第一部分，我們目前在中國看到的優勢很大程度上是由 5G 內容推動的。

That's the primary driver.

這是主要驅動力。

And I think I spoke last quarter about seeing the need for more like dual signaling capability, for example, driving additional switching and antenna work, the -- and then I forgot what -- all 3 of the categories.

我想我上個季度談到了對雙訊號功能的需求，例如，驅動額外的開關和天線工作，然後我忘記了所有這三個類別。

But at the bottom would be the modules in 4G-only handsets.

但底部是 4G 手機中的模組。

That's probably the least impactful.

這可能是影響最小的。

Right now, the insight is heavily driven by 5G and mostly content more than units.

目前，這種洞察在很大程度上是由 5G 驅動的，而且主要是內容而不是單位。

Yes.

是的。

This is James.

這是詹姆斯。

I mean, certainly, we believe we've got great technology in -- with our GaN and have been doing very well in the defense market.

我的意思是，當然，我們相信我們擁有出色的 GaN 技術，並且在國防市場上一直表現出色。

And we are seeing GaN grow well north of what the market is growing.

我們看到 GaN 的成長遠遠超出了市場的成長。

And so we also continue to make investments in scale and in reducing our costs, which we think are key enablers to that technology to continue to proliferate.

因此，我們也繼續在規模和降低成本方面進行投資，我們認為這是該技術繼續擴散的關鍵推動力。

As far as stickiness, I mean, obviously, in defense, that market is characterized, as you know, long cycles in programs.

就黏性而言，我的意思是，顯然，在防禦方面，正如您所知，該市場的特點是專案週期長。

And so I would consider that a very sticky market.

所以我認為這是一個非常黏性的市場。

In base station, we are seeing the trends go just about like what we've talked about for the last couple of quarters.

在基地台方面，我們看到的趨勢與我們過去幾季討論的情況一樣。

We are seeing massive MIMO systems to deploy.

我們正在部署大規模 MIMO 系統。

And we're also seeing GaN take significant share from LDMOS.

我們也看到 GaN 佔據了 LDMOS 的重要份額。

And so both of those are great trends for us, and we're capitalizing on those trends.

因此，這兩個對我們來說都是偉大的趨勢，我們正在利用這些趨勢。

And I think it's a good part of how we've been able to turn the business around fairly quickly.

我認為這是我們能夠相當快地扭轉業務的一個很好的部分。

Excellent.

出色的。

And then for my follow-up, Eric, if I could.

然後是我的後續行動，艾瑞克，如果可以的話。

Broadcom announced a supply agreement with Apple.

博通宣布與蘋果達成供貨協議。

I guess it was -- I can't remember, this week or last week.

我想是──我不記得了，是這週還是上週。

And I know it's probably more of a frame agreement but they cited $15 billion, et cetera.

我知道這可能更像是一個框架協議，但他們提到了 150 億美元等等。

Last time they did this, which was some years ago, those ensuing 2 or 3 years that followed that agreement were marked by lack of content for Qorvo in there.

上次他們這樣做是在幾年前，在協議之後的兩三年內，Qorvo 的內容都缺乏。

So how does this change the landscape, or does it at all, in your view irrespective of if they keep the business or not?

那麼，在您看來，無論他們是否保留業務，這將如何改變格局，或根本改變格局？

And what does that do for the mix of your -- not just your BAW, but your revenue?

這對您的組合—不僅僅是您的 BAW，還有您的收入有何影響？

Does it shift more to China in the upcoming 2 years or so?

在未來兩年左右的時間裡，它會更多地轉移到中國嗎？

And do you even have any indication of that?

你有任何跡象表明這一點嗎？

Well, frankly, it doesn't have any particular impact on our investments today.

嗯，坦白說，這對我們今天的投資沒有任何特別的影響。

We're picking our battles, investing in areas where we think the highest probabilities are.

我們正在選擇戰鬥，投資我們認為可能性最高的領域。

It's a target-rich environment right now for integrated modules as well as for discrete components based on BAW technology.

現在對於整合模組以及基於 BAW 技術的分立元件來說，這是一個目標豐富的環境。

As I said, we've got a lot of advancements coming in the BAW technology and well-placed, great relationships across the industry and across all baseband manufacturers and tiers.

正如我所說，我們在 BAW 技術方面取得了很多進步，並且在整個行業以及所有基帶製造商和層級之間建立了良好的良好關係。

So the announcement itself and our understanding of what it includes does not impact our current investment plans.

因此，公告本身以及我們對其內容的理解不會影響我們目前的投資計劃。

Our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Just curious on the deals.

只是對優惠感到好奇。

You said it closes in February.

你說二月就關門了。

Is there anything you can wrap around that in terms of revenue and OpEx contribution?

在收入和營運支出貢獻方面有什麼可以解決的嗎？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

Blayne, we'll provide more.

布萊恩，我們會提供更多。

It's not a material amount of revenue, and it's an increase in OpEx.

這不是一筆實質的收入，而是營運支出的增加。

It's all reflected in our guide.

這一切都反映在我們的指南中。

And it's dilutive in the near term.

而且它在短期內會被稀釋。

Got you.

明白你了。

And then, Mark, I know this is preliminary guidance for June.

然後，馬克，我知道這是六月的初步指導。

I'm just a little confused on the seasonality here.

我只是對這裡的季節性有點困惑。

You're seeing all the strength in China.

你看到了中國的所有力量。

Usually Apple is not stepping down as much in June.

通常蘋果公司在 6 月的辭職幅度不會那麼大。

I'm just trying to understand what you're baking in for a sequential decline in June.

我只是想了解六月連續下降的原因。

Yes.

是的。

Blayne, I'm not going to go into any more detail.

布萊恩，我不打算透露更多細節。

What we've provided is our best view given current demand signals and then adjusted for some risk factor and in what is a very uncertain situation at the moment.

我們提供的是考慮到當前需求訊號的最佳觀點，然後根據一些風險因素以及目前非常不確定的情況進行調整。

So doing our best to provide you at least a directional call that far out.

因此，我們會盡最大努力至少為您提供那麼遠的定向呼叫。

I think the concern as we sit here today is right now, the channel is lean and healthy.

我認為我們今天坐在這裡的擔憂是，這個管道是精簡且健康的。

The demand signals have not been -- yet been affected.

需求訊號尚未受到影響。

But we do have -- the Chinese New Year will wrap up, and people will take stock of what's going on with this health situation in China and elsewhere.

但我們確實有——農曆新年即將結束，人們將評估中國和其他地方的健康狀況。

So I think we're just being mindful of that and providing some sort of directional view for you.

所以我認為我們只是注意到這一點並為您提供某種方向性的觀點。

But in the June quarter, it's still a story of what you've heard on the call today about 5G-related handset growth, content associated with that growth, continued WiFi growth, defense strength and infrastructure recovery.

但在 6 月季度，您今天在電話會議上聽到的仍然是有關 5G 相關手機成長、與成長相關的內容、持續的 WiFi 成長、防禦實力和基礎設施恢復的故事。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Yes.

是的。

Just first question for Mark, just following up on the acquisitions.

這是馬克的第一個問題，跟進收購情況。

I think you said immaterial to revenue, but you said, was it $500 million in terms of total cost for both?

我認為你說對收入無關緊要，但你說，就兩者的總成本而言，是否為 5 億美元？

Yes.

是的。

Could you maybe just help frame just kind of the opportunity over the next couple of years in terms of how maybe sizing like that business in terms of where you see it potentially going?

您能否協助建立未來幾年的機會，根據您認為該業務的潛在發展方向，如何調整該業務的規模？

Yes.

是的。

I mean most of the purchase price is associated with the Decawave acquisition, in fact, over 2/3 of it, so over 3/4 of it.

我的意思是，大部分購買價格與收購 Decawave 有關，事實上，超過 2/3，所以超過 3/4。

So the -- and that is a technology investment.

這就是技術投資。

As Eric said, it's technology for a market that we think is a several billion dollar market in a number of years.

正如埃里克（Eric）所說，這是一種針對我們認為在幾年內將達到數十億美元市場的市場的技術。

And that's going to take time to develop, and it's a largely immaterial revenue and dilutive.

這需要時間來發展，而且這在很大程度上是無形的收入和稀釋作用。

The smaller acquisition, Custom MMIC, is a defense bolt-on and the -- very easy-to-integrate, right in James' wheelhouse on defense products, advanced technology defense products.

規模較小的客製化 MMIC 收購是一項國防補充，而且非常易於集成，正好位於詹姆斯的國防產品、先進技術國防產品的駕駛室中。

We see in the -- for the part of the March quarter that we haven't integrated, it'll provide about $3 million of revenue in that quarter.

我們看到，對於 3 月季度我們尚未整合的部分，它將在該季度提供約 300 萬美元的收入。

And on a full quarter basis, it'll be roughly $5 million or so for the near term.

就整個季度而言，短期內大約會達到 500 萬美元左右。

And it's accretive immediately.

而且它會立即增值。

Our next question comes from Raji Gill with Needham & Company.

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

A question on the RF infrastructure market win.

關於射頻基礎設施市場獲勝的問題。

When do you expect that to rebound?

您預計什麼時候會反彈？

Any color in terms of what you're seeing with the mobile operators in terms of deploying these base stations across the world?

您對行動電信商在全球部署這些基地台的看法有何看法？

Are there some regions that are starting to catch up, others starting to kind of slow down?

是否有些地區開始迎頭趕上，而有些地區則開始放緩？

Any color there in terms of RF infrastructure will be helpful.

射頻基礎設施方面的任何顏色都會有所幫助。

Okay.

好的。

Yes, this is James.

是的，這就是詹姆斯。

So we definitely are seeing deployments going predominantly today below 6 gigahertz, predominantly in China.

因此，我們現在肯定會看到部署主要在 6 GHz 以下，主要是在中國。

What's helping us in talking about recovering our businesses, we are seeing massive MIMO continue to take more share, if you want to talk about that, and share of base stations, and that's a big content, big for us, about 10x of what we would have in fact for a base station.

是什麼幫助我們談論恢復業務，我們看到大規模MIMO 繼續佔據更多份額，如果你想談論這個，還有基地台的份額，這是一個重要的內容，對我們來說很重要，大約是我們的10 倍事實上會有一個基地台。

So that's driving the recovery.

這正在推動經濟復甦。

I think the absence of Huawei is obviously a challenge for us in the industry because it's about 50% of the share.

我認為華為的缺席對我們這個行業來說顯然是一個挑戰，因為它大約有50%的份額。

But as we said in Bob's prepared remarks, we are ramping with our third customer, in that space.

但正如我們在鮑伯準備好的演講中所說，我們正在該領域與第三個客戶合作。

And I think that will fuel us to recover the business.

我認為這將推動我們恢復業務。

Deployments, look about on track, a little bit of share mix changes in the last quarter, but it appears that there were somewhere in that 400,000 or so base stations that were deployed last year.

部署情況按計劃進行，上個季度的份額組合發生了一些變化，但似乎去年部署的 40 萬個左右基地台中有一些。

And it looks like that will grow about 50% this year.

看起來今年將成長 50% 左右。

So somewhere in that 600,000 base stations deployed.

因此，在那 60 萬個基地台中的某個地方部署了。

MIMO content will probably go up to maybe 20% last year to 30% or greater this year.

MIMO 內容可能會從去年的 20% 上升到今年的 30% 或更高。

So positive trends.

如此積極的趨勢。

I think we heard yesterday about some frequency allocations in the U.S., and we hope that, that will also spur development to push forward in the United States.

我想我們昨天聽說了美國的一些頻率分配，我們希望這也能刺激美國的發展。

And on a follow-up, you talked about GaN taking share against LDMOS base station.

在後續行動中，您談到了 GaN 正在搶佔 LDMOS 基地台的市場份額。

What's driving that transition?

是什麼推動了這種轉變？

What's the catalyst for that?

其催化劑是什麼？

Yes.

是的。

Threefold.

三重。

One is the move to higher frequencies and GaN's performance advantage at higher frequencies, also broader bandwidths associated with 5G.

一是向更高頻率的轉變，以及 GaN 在更高頻率下的性能優勢，以及與 5G 相關的更寬頻寬。

And again, GaN has a better ability to deal with those higher or broader frequency levels.

同樣，GaN 具有更好的能力來處理更高或更寬的頻率水平。

And then in some cases, just higher output power.

然後在某些情況下，只是更高的輸出功率。

But in general, the technology is just very well suited to move in these directions that we've talked about before of higher frequency and broader bandwidths.

但總的來說，這項技術非常適合朝著我們之前討論過的更高頻率和更寬頻的方向發展。

Our next question comes from Srini Pajjuri with SMBC Nikko Securities.

我們的下一個問題來自 SMBC Nikko Securities 的 Srini Pajjuri。

A couple of clarifications.

一些澄清。

Mark, maybe you can talk about how many 10% customers you had in the quarter.

馬克，也許你可以談談本季你有多少 10% 的客戶。

And also if you could give us what percent of the mix in mobile was China in the quarter.

另外，您能否告訴我們本季中國在行動業務中所佔的比例是多少。

Yes.

是的。

So we had 2 10% customers in the quarter, and I don't break out by region our sales by quarter.

因此，本季我們有 2 10% 的客戶，我沒有按地區細分我們的季度銷售額。

Got it.

知道了。

And then is it fair to say that Huawei is still kind of minimal on the mobile side or did it grow in the quarter?

那麼，可以公平地說，華為在行動端的表現仍然很小，或者在本季有所成長嗎？

Yes.

是的。

Huawei was one of the 10% customers, actually.

實際上，華為是這 10% 的客戶之一。

And it was stronger than we expected, along with the other Asia-based handset producers.

它與其他亞洲手機生產商一樣強於我們的預期。

I said on the call -- the last call that we expected Huawei to be about 5% in the second half.

我在電話會議上說過——上次電話會議我們預計華為下半年的份額將達到 5% 左右。

They were larger than that in the December quarter.

它們比去年第四季的數據還要大。

So that statement is still correct.

所以這個說法還是正確的。

It's just that the -- obviously the weighting is not uniform across the second half.

只是——顯然下半場的權重並不均勻。

So we expect them to be about a 5% customer second half, obviously, the largest portion of that in the December quarter.

因此，我們預計下半年他們將佔約 5% 的客戶，顯然，這是 12 月季度的最大部分。

I think it's important to note here that we're seeing broad-based strength related to 5G across the Asia handset producers and, importantly, across all chipset producers.

我認為值得注意的是，我們看到亞洲手機生產商，尤其是所有晶片組生產商與 5G 相關的廣泛實力。

And I think the March guide drives home that point.

我認為三月的指南充分說明了這一點。

And our next question comes from Vivek Arya with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

Congratulations on the strong results.

祝賀取得了優異的成績。

First one, I'm curious what does the shape of the 5G handset rollout look this year?

第一個問題，我很好奇今年5G手機的推出會是什麼樣子？

Is it kind of more balanced first half, second half?

上半場和下半場是否更加平衡？

Is it more 60%, 70% back half weighted?

後半配重是否超過 60%、70%？

When I look at the 300 million or so market size, it's much higher than what others are, and that's closer to 200 million?

我看3億左右的市場規模，比別人高很多，而且接近2億？

So I'm just curious how you are seeing the 5G rollout, what you have seen so far and what do you think the shape of the year looks like for the market?

所以我很好奇您如何看待 5G 的推出、到目前為止您所看到的以及您認為今年市場的情況如何？

I would say it's pretty uniform across the year.

我想說全年的情況非常統一。

Obviously, we're getting up to a very strong start.

顯然，我們已經有了一個非常強勁的開端。

Concerns that Mark had about coronavirus and so forth might impact demand and supply, we'll see how it goes.

馬克對冠狀病毒等的擔憂可能會影響需求和供應，我們將看看情況如何發展。

But I wouldn't have any other more specific comment on profile.

但我不會對個人資料有任何其他更具體的評論。

And for my follow-up, there have been some concern about the pace of wireless deployments.

在我的後續行動中，人們對無線部署的速度有些擔憂。

We heard that from Xilinx and Texas Instruments.

我們從 Xilinx 和德州儀器那裡聽到了這一點。

I'm curious if you had noticed any of those slowdowns, and I apologize if you answered this already, but what are you baking in for your base station sales going into the March quarter?

我很好奇您是否注意到任何這些放緩，如果您已經回答了這個問題，我很抱歉，但是您對進入三月份季度的基地台銷售有何期待？

Yes.

是的。

I mean what's really been driving our recovery is again massive MIMO.

我的意思是，真正推動我們復甦的還是大規模 MIMO。

The -- for us, as we get that shift, we get about a 10x content lift.

對我們來說，當我們實現這種轉變時，我們的內容提升了約 10 倍。

So I think if we were only in a macro or only looking at a macro view, I would say, yes, we'd see the deployments going slower and the business being slower.

所以我認為，如果我們只從宏觀角度或只從宏觀角度來看，我會說，是的，我們會看到部署速度變慢，業務速度變慢。

But because of content pickups and on top of us now being able to compete in the power amplifier slot with GaN, I guess that's really what's really fueling maybe a bit difference with us and some of the other folks in the business.

但由於內容的增加，而且我們現在能夠在功率放大器領域與 GaN 競爭，我想這確實是真正助長了我們和業內其他一些人之間的差異。

Now that said, we are still way off our historical highs from where we had been a year ago or so.

話雖如此，與一年前左右的歷史高點相比，我們仍相去甚遠。

So a long way to go before we recover from the restrictions on being able to ship to Huawei, which again I'll restate is about 50% of the market at this point.

因此，距離我們擺脫向華為發貨的限制還有很長的路要走，我再次重申，目前華為約佔市場的 50%。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

At this time, I will turn the conference back to management for any additional or closing remarks.

此時，我將把會議轉回管理層，以發表任何補充或結束語。

Thanks for joining our call tonight.

感謝您今晚加入我們的通話。

We hope to see many of you at our upcoming investor events, and we look forward to speaking with you on our fourth quarter earnings call.

我們希望在即將舉行的投資者活動中見到你們，我們期待在我們的第四季財報電話會議上與你們交談。

Thanks again, and have a good night.

再次感謝，祝您有個美好的夜晚。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。