科沃 (QRVO) 2020 Q2 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.。

Second Quarter 2020 Conference Call.

2020 年第二季電話會議。

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 of Investor Relations at Qorvo.

這次，我想將會議交給 Qorvo 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 Second Quarter Earnings Conference Call.

大家好，歡迎參加 Qorvo 2020 財年第二季財報電話會議。

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 and 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與我們業務相關的風險因素以及我們向 SEC 提交的 10-K 表格年度報告，因為這些風險因素可能會影響我們的營運和財務表現。

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 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 hand the call over to Bob.

然後，我會將電話轉交給鮑伯。

Thanks, Doug, and thank you, everyone, for joining us.

謝謝道格，也謝謝大家加入我們。

Qorvo delivered another outstanding quarter as our technology investments, portfolio management and operational discipline continue to yield strong and consistent results.

隨著我們的技術投資、投資組合管理和營運紀律持續產生強勁且一致的成果，Qorvo 又實現了出色的季度業績。

Upside during the quarter was attributable to new product cycles across our largest customers.

本季的成長歸因於我們最大客戶的新產品週期。

In Mobile Products, the trend toward integration is driving our industry and integration is all the more important with the introduction of 5G.

在行動產品中，整合趨勢正在推動我們的產業發展，隨著 5G 的引入，整合變得更加重要。

Qorvo is securing significant content in 5G smartphones with our premium technologies and are highly integrated modules, enabling our customers to enhance system performance, overcome design challenges and bring their smartphones to market faster than ever.

Qorvo 正在利用我們的優質技術和高度整合的模組來確保 5G 智慧型手機中的重要內容，使我們的客戶能夠增強系統性能、克服設計挑戰並以前所未有的速度將智慧型手機推向市場。

In IDP, our markets are supported by secular trends, including the deployment of 5G as well as the proliferation of IoT, the adoption of WiFi 6 and the performance advantages of GaN technology in defense, broadband and massive MIMO base station applications.

在IDP中，我們的市場受到長期趨勢的支持，包括5G的部署以及物聯網的普及、WiFi 6的採用以及GaN技術在國防、寬頻和大規模MIMO基地台應用中的性能優勢。

Looking at our September quarter by business, our performance in Mobile Products was driven by multiple customers and product segments.

從我們九月季度的業務來看，我們在行動產品方面的業績是由多個客戶和產品領域推動的。

Samsung was a standout as we expanded our participation in their mass market phones.

當我們擴大對大眾市場手機的參與時，三星表現出色。

Qorvo's broad portfolio of enabling technologies, coupled with a robust supply chain and solid product execution, is allowing us to solve our customers most challenging problems across all tiers of their portfolio.

Qorvo 廣泛的支援技術組合，加上強大的供應鏈和可靠的產品執行，使我們能夠解決客戶在其所有級別的產品組合中最具挑戰性的問題。

To that end, we're enjoying significant traction with our 4 largest customers in China, designing our low, mid-high and ultrahigh band solutions into their upcoming 5G smartphones.

為此，我們受到了中國四大客戶的極大關注，將我們的低、中高和超高頻段解決方案設計到他們即將推出的 5G 智慧型手機中。

Our wins are broad-based and our solutions are mated with all the major chipset providers, including SLSI, Qualcomm, MediaTek and HiSilicon.

我們的勝利是廣泛的，我們的解決方案與所有主要晶片組供應商合作，包括 SLSI、高通、聯發科和海思。

In mobile WiFi applications, we are ramping our recently launched WiFi 6 FEMs in support of multiple leading China-based smartphone OEMs.

在行動 WiFi 應用程式中，我們正在加大最近推出的 WiFi 6 FEM 的力度，以支援多家中國領先的智慧型手機 OEM 廠商。

Turning to IDP.

轉向國內流離失所者。

In our defense business, we are a lead participant in a U.S. government program to advance the state-of-the-art and RF integration packaging and test.

在我們的國防業務中，我們是美國政府計劃的主要參與者，該計劃旨在推進最先進的射頻整合封裝和測試。

We are also increasing our GaN opportunities with the U.S. primes, and we secured wins for our GaN amplifiers and integrated front-end modules for X-band and Ka band, defense radar and communications programs.

我們還增加了與美國 primes 合作的 GaN 機會，並為 X 波段和 Ka 波段、國防雷達和通訊項目的 GaN 放大器和集成前端模組贏得了勝利。

In infrastructure, the ramp of 5G appears to be rolling out faster than the ramp of 4G.

在基礎設施方面，5G 的發展速度似乎快於 4G 的發展速度。

Activity is primarily in the sub-6 gigahertz frequencies, and Qorvo's GaN technology is increasingly the technology of choice.

活動主要集中在低於 6 GHz 的頻率，Qorvo 的 GaN 技術越來越成為首選技術。

During the quarter, we secured new GaN design wins for sub-6 gigahertz, massive MIMO deployments, expected to span multiple years.

在本季度，我們贏得了 6 GHz 以下大規模 MIMO 部署的新 GaN 設計，預計將持續多年。

Among China-based carriers, it's been widely published that China Unicom and China Telecom will share cell sites to accelerate 5G deployments.

在中國營運商中，廣泛傳出中國聯通和中國電信將共享基地台以加速5G部署。

This development will drive the need for broader band and higher power amplifiers, favoring Qorvo's GaN solutions.

這項發展將推動對更寬頻帶和更高功率放大器的需求，有利於 Qorvo 的 GaN 解決方案。

GaN enables operators to drive more power through smaller form factors and achieve better performance at higher frequencies.

GaN 使營運商能夠透過更小的外形尺寸驅動更大的功率，並在更高的頻率下實現更好的性能。

In IoT, the ratification of WiFi 6 is a catalyst for the industry and design wins for Qorvo's WiFi 6 solutions are building.

在物聯網領域，WiFi 6 的批准是該行業的催化劑，Qorvo 的 WiFi 6 解決方案的設計勝利正在不斷累積。

During the quarter, we launched the world's first WiFi 6 dual-band front-end module and the world's first WiFi 6 iFEM for CPE applications expanding our product portfolio for retail, enterprise and network operators.

本季度，我們推出了全球首款 WiFi 6 雙頻前端模組和全球首款用於 CPE 應用的 WiFi 6 iFEM，擴大了我們針對零售、企業和網路營運商的產品組合。

In automotive, we commenced production shipments of our WiFi FEM supporting multiple automotive OEM platforms.

在汽車領域，我們開始生產出貨支援多個汽車 OEM 平台的 WiFi FEM。

And notably, our V2X co-existence BAW filters for 5.9 gigahertz were recently selected by a top automotive OEM for models shipping next calendar year.

值得注意的是，我們的 5.9 GHz V2X 共存 BAW 濾波器最近被一家頂級汽車 OEM 選擇用於明年發貨的車型。

With the continued expansion of IoT devices and smart home control, Qorvo is uniquely positioned to combine WiFi 6 iFEMs with advanced filtering and multi-protocol SoCs into highly integrated solutions reducing time to market and supporting smaller end devices.

隨著物聯網設備和智慧家庭控制的不斷擴展，Qorvo 具有獨特的優勢，可以將WiFi 6 iFEM 與高階濾波和多協定SoC 結合到高度整合的解決方案中，從而縮短上市時間並支援較小的終端設備。

We expect many of today's gateway devices and voice assistance products to incorporate all of these technologies enabling interim control of the entire smart home.

我們預計當今的許多網關設備和語音輔助產品將整合所有這些技術，從而實現對整個智慧家庭的臨時控制。

In Programmable Power Management, Qorvo is at the forefront of multiple trends, including the trend towards brushless D.C. motors.

在可程式電源管理領域，Qorvo 處於多種趨勢的前沿，包括無刷直流馬達的趨勢。

During the quarter, we expanded our portfolio of integrated motor control solutions for brushless motor applications.

在本季度，我們擴展了針對無刷馬達應用的整合式馬達控制解決方案產品組合。

Our power management solutions enable smaller, lighter devices to charge faster and operate longer between charges.

我們的電源管理解決方案使更小、更輕的裝置充電速度更快，充電間隔時間更長。

On the design front, programmability enables our customers for lower product development costs and reduced time to market.

在設計方面，可程式性使我們的客戶能夠降低產品開發成本並縮短上市時間。

We expect to leverage our scale to drive growth in power tools, light goods, industrial equipment and other product categories.

我們希望利用我們的規模來推動電動工具、輕質商品、工業設備和其他產品類別的成長。

Finally, after the quarter closed, we completed the acquisition of Cavendish Kinetics, expanding our technical leadership in switching and tuning.

最後，在本季結束後，我們完成了對 Cavendish Kinetics 的收購，擴大了我們在開關和調整方面的技術領先地位。

We intend to optimize and scale our RF MEMS technology for smartphones, and ultimately, apply it to other growth segments.

我們打算優化和擴展我們用於智慧型手機的 RF MEMS 技術，並最終將其應用於其他成長領域。

In summary, Qorvo is combining best-in-class products and technologies with operational excellence to drive solid sustainable results.

總而言之，Qorvo 正在將一流的產品和技術與卓越的營運相結合，以推動堅實的永續成果。

We're encouraged by customer design activity, and we expect a strong December quarter as we support our customers next-generation product cycles.

我們受到客戶設計活動的鼓舞，我們預計 12 月季度將表現強勁，因為我們支援客戶的下一代產品週期。

And with that, I'll turn it over to Mark to provide additional color on the September quarter and our outlook for the December quarter.

接下來，我將把它交給馬克，以提供有關 9 月季度的更多資訊以及我們對 12 月季度的展望。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the second quarter was $807 million, $52 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 第二季度的營收為 8.07 億美元，比我們指引的中點高出 5,200 萬美元。

Mobile revenue of $623 million exceeded expectations at our largest customers and demand strengthened through the quarter.

6.23 億美元的行動收入超出了我們最大客戶的預期，整個季度的需求也有所增強。

IDP revenue of $184 million was down sequentially and year-over-year, primarily due to the effects of export restrictions.

IDP 收入為 1.84 億美元，環比和同比下降，主要是由於出口限制的影響。

As mentioned last quarter, we expect IDP revenue to recover through the year on increasing defense volumes, the ramp of WiFi 6 and broader 5G infrastructure customer demand.

正如上季度所提到的，我們預計 IDP 收入將在今年恢復，因為防禦量不斷增加、WiFi 6 的成長和更廣泛的 5G 基礎設施客戶需求。

Qorvo's shipments to Huawei in the September quarter exceeded expectations, and sales to Huawei ended the quarter at approximately 5% of sales.

Qorvo 在 9 月季度對華為的出貨量超出預期，該季度對華為的銷售額約佔銷售額的 5%。

Non-GAAP gross margin in the September quarter is (sic) [was] 46.5% at the end of our guidance range with better-than-expected manufacturing costs, partially offset by higher inventory charges.

在我們的指引範圍結束時，9 月季度的非 GAAP 毛利率為（原文如此）46.5%，製造成本優於預期，但部分被較高的庫存費用所抵銷。

Non-GAAP operating expenses were $167 million in line with our guidance.

根據我們的指引，非 GAAP 營運費用為 1.67 億美元。

Non-GAAP net income in the September quarter was $181 million and diluted earnings per share was $1.52, $0.22 over the midpoint of our guidance.

9 月季度的非 GAAP 淨利為 1.81 億美元，攤薄後每股收益為 1.52 美元，比我們指引的中位數高出 0.22 美元。

September quarter cash flow from operations was $173 million and CapEx was $38 million, yielding free cash flow of $135 million.

9 月季度營運現金流為 1.73 億美元，資本支出為 3,800 萬美元，產生的自由現金流為 1.35 億美元。

Qorvo's first half fiscal '20 free cash flow of $342 million is on record pace.

Qorvo 20 財年上半年的自由現金流達到創紀錄的 3.42 億美元。

And we expect to maintain strong free cash flow through the fiscal year.

我們預計整個財年將保持強勁的自由現金流。

We repurchased $165 million of stock in the quarter, and our net leverage at quarter end stood at 0.4 net debt-to-EBITDA.

我們在本季回購了 1.65 億美元的股票，季末的淨槓桿率為 0.4 的淨負債與 EBITDA 比率。

After quarter end, we issued $350 million of 10-year unsecured notes to opportunistically lower our long-term cost of capital.

季度末後，我們發行了 3.5 億美元的 10 年期無擔保票據，以伺機降低長期資本成本。

Following the quarter, we also completed the purchase of the remaining equity in Cavendish Kinetics, an RF MEMS company for $203 million, further strengthening our technology portfolio for switches, tuners and other product applications.

本季之後，我們也以 2.03 億美元完成了 RF MEMS 公司 Cavendish Kinetics 剩餘股權的收購，進一步加強了我們在開關、調諧器和其他產品應用方面的技術組合。

Turning to our outlook.

轉向我們的展望。

In the third quarter of fiscal 2020, we expect revenue between $840 million and $860 million or $850 million at the midpoint, non-GAAP gross margin of approximately 48% and non-GAAP diluted earnings per share of $1.67 at the midpoint of our guidance.

在2020 財年第三季度，我們預期營收在8.4 億美元至8.6 億美元之間，即中位數8.5 億美元，非GAAP 毛利率約為48%，非GAAP 稀釋後每股收益為1.67 美元（中值）。

Our revenue outlook for the December quarter reflects continued robust mobile demand supported by an increase in 5G handset volumes and a return to sequential growth for IDP.

我們對 12 月季度的營收前景反映了 5G 手機銷售成長和 IDP 恢復環比成長所支撐的持續強勁的行動需求。

For mobile, we expect December quarter sales to increase sequentially and return to growth year-over-year as 5G handset launches with our integrated solutions and a healthy channel support strong demand.

對於行動設備，我們預計 12 月季度銷售額將環比增長，並恢復同比增長，因為採用我們整合解決方案的 5G 手機的推出和健康的管道支持了強勁的需求。

For IDP, we project December quarter sales to increase on a higher defense business volumes, the WiFi 6 ramp and broader 5G infrastructure customer demand.

對於 IDP，我們預計 12 月季度的銷售額將因國防業務量的增加、WiFi 6 的成長和更廣泛的 5G 基礎設施客戶需求而增加。

While Qorvo's current near-term outlook is strong and channels are healthy, trade and other factors contribute to challenges and uncertainty forecasting the outlook.

雖然 Qorvo 目前的近期前景強勁且通路健康，但貿易和其他因素為前景預測帶來了挑戰和不確定性。

On gross margin, our December quarter guide of approximately 48%, is up 150 basis points sequentially on improved mix and lower inventory charges.

在毛利率方面，我們 12 月季度的指導值約為 48%，由於產品組合的改善和庫存費用的降低，環比增長了 150 個基點。

Non-GAAP operating expenses are projected to increase in the back half of the fiscal year to between $175 million and $180 million per quarter due to operating costs of recent acquisitions and increased product investment costs related to growth in 5G.

由於最近收購的營運成本以及與 5G 成長相關的產品投資成本增加，預計本財年後半段非 GAAP 營運支出將增加至每季 1.75 億至 1.8 億美元。

Following our recent debt issue, interest expense will increase sequentially approximately $4 million.

在我們最近發行債務之後，利息支出將連續增加約 400 萬美元。

We expect the December quarter and fiscal '20 non-GAAP tax rate to be 8.2% or lower.

我們預計 12 月季度和 20 財年非 GAAP 稅率將為 8.2% 或更低。

On capital expenditures, we continue to project spend of less than $200 million this fiscal year and remain highly disciplined on adding capacity.

在資本支出方面，我們繼續預期本財年的支出將低於 2 億美元，並在增加產能方面保持嚴格的紀律。

Spend remains weighted towards improving our BAW and GaN capabilities.

支出仍然專注於提高我們的 BAW 和 GaN 能力。

As the September quarter results and our December outlook show, Qorvo is operating, well as 5G, WiFi, defense and other markets strengthen.

正如 9 月季度業績和我們 12 月展望所示，Qorvo 正在運營，5G、WiFi、國防和其他市場也在增強。

As a result of our market outlook, operating performance, free cash flow forecast and other factors, Qorvo's Board has authorized a new $1 billion share repurchase program.

考慮到我們的市場前景、經營業績、自由現金流預測和其他因素，Qorvo 董事會已批准一項新的 10 億美元股票回購計畫。

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

這樣，我會將電話轉回給接線生詢問問題。

(Operator Instructions) The first question will come from Karl Ackerman with Cowen.

（操作員說明）第一個問題將由 Karl Ackerman 和 Cowen 提出。

I guess 2, if I may.

如果可以的話，我猜是 2。

First, on Huawei, I guess, what's implied in your outlook for December?

首先，關於華為，我想，您對 12 月的展望意味著什麼？

I guess do you think it's more appropriate to exclude revenue associated with the entity ban?

我想您認為排除與實體禁令相關的收入是否更合適？

Or I guess how should we think about Huawei?

或者我想我們該如何看待華為？

And I have a follow-up.

我有一個後續行動。

Karl, this is Mark.

卡爾，這是馬克。

So Huawei is somewhat consistent with what we had given guidance on the last call.

因此，華為與我們在上次電話會議中給予的指導意見有些一致。

So on the $52 million variance we had in second quarter to our guidance, roughly 1/5 or $10 million of it was related to Huawei.

因此，第二季我們的指導意見出現 5,200 萬美元的差異，其中約 1/5 或 1,000 萬美元與華為有關。

So Huawei was rather than what we thought would probably be 3% to 4% of sales, ended up being closer to 5% of sales.

因此，華為的銷售額佔比可能不是我們想像的 3% 到 4%，而是接近 5%。

As far as third quarter, we typically don't breakdown guide by customer, but on Huawei, what we said last quarter is, we expect Huawei to be less than 5% per quarter going forward, and we expect at this point for Huawei to run about what it ran in the second quarter, so close to 5%.

就第三季而言，我們通常不會按客戶進行細分指導，但就華為而言，我們上季度所說的是，我們預計華為未來每季的成長率將低於5%，我們預計此時華為將與第二季的情況相當，接近 5%。

We expect the second half to have Huawei at less than 5% of sales or around 5%.

我們預計下半年華為的銷售額佔比將低於5%或5%左右。

For the full year, we still project Huawei to be less than 10% of sales compared to 15% last year.

就全年而言，我們仍預期華為佔銷售額的比例將低於 10%，而去年為 15%。

That's helpful.

這很有幫助。

I appreciate that, Mark.

我很感激，馬克。

Shifting gears to China handsets.

轉向中國手機。

May you provide a bit more clarity on your opportunity to sell mid- and high-band PAD to Chinese handset OEMs?

您能否更清楚地介紹一下您向中國手機 OEM 廠商銷售中高頻 PAD 的機會​​？

I guess are these contracts set in place today?

我想這些合約今天生效了嗎？

We heard from the Korean smartphone manufacturer last night discussing the strength in China handsets, some of those OEMs procuring more memory, not only ahead of China tariffs, but also due to stronger demand.

昨晚我們聽到韓國智慧型手機製造商討論了中國手機的實力，其中一些原始設備製造商採購了更多內存，不僅是在中國關稅之前，而且是由於需求強勁。

You're obviously levered well to the China handset OEMs, but do you think the strength will prove to be femoral due to trade?

顯然，您對中國手機原始設備製造商的槓桿作用很大，但您認為這種力量會因貿易而受到影響嗎？

Or are there other factors we should consider?

或者有其他我們應該考慮的因素嗎？

This is Eric, I'll address that.

我是埃里克，我來解決這個問題。

We have seen a significant increase in design activity on 5G with our Chinese customers.

我們看到中國客戶的 5G 設計活動顯著增加。

And we're not seeing a particular increase in overall units planned for the December quarter or March or going forward, but they are aggressively shifting the portfolio from 4G to 5G.

我們並沒有看到計劃在 12 月季度或 3 月或未來的總體單位數量特別增長，但他們正在積極地將產品組合從 4G 轉向 5G。

The vast majority of R&D resources are being put on 5G phones right now.

目前絕大多數研發資源都投入了5G手機。

And when you go to the 5G phones in China, across the board, they're going to fully integrate 4G solutions to support that.

當你全面了解中國的 5G 手機時，他們將完全整合 4G 解決方案來支援這一點。

So you get an increased RF content due to the higher levels of integration and taking 4G to LTE Advanced Pro, and in addition, you get the additional content from, of course, new 5G bands and even higher than we had expected requirements for multi-carrier operation, and so forth to support nonstand-alone operation.

因此，由於更高的整合度以及將4G 升級為LTE Advanced Pro，您可以獲得更多的RF 內容，此外，您還可以從新的5G 頻段獲得額外的內容，甚至比我們對多頻段的預期要求更高。載體操作等以支援非獨立操作。

So you put all that together and even on flattish units, you can see how the RF content can increase.

因此，將所有這些放在一起，即使在平坦的設備上，您也可以看到 RF 含量如何增加。

In Qorvo, in particular, we're real pleased with our position there and leading supplier to that customer base.

尤其是在 Qorvo，我們對我們在那裡的地位以及該客戶群的領先供應商感到非常滿意。

And clearly, when it comes to the integrated solutions mid-/high-band, in particular, we're getting the vast lion's share of that business.

顯然，特別是在中/高頻段整合解決方案方面，我們獲得了該業務的最大份額。

The next question will come from Harsh Kumar with Piper Jaffray.

下一個問題將由 Harsh Kumar 和 Piper Jaffray 提出。

Congratulations on very strong results.

祝賀取得了非常強勁的成果。

I guess today being Halloween, thanks for making it fun and not terrifying.

我想今天是萬聖節，謝謝你讓它變得有趣而不是可怕。

Guys, so on a serious note, both your results and guide our significantly -- very significantly better than the Street.

夥計們，嚴肅地說，你們的結果和指導我們的結果都比華爾街好得多。

And we just wanted to kind of understand where is the outperformance coming from.

我們只是想了解出色的表現從何而來。

Are you -- do you think you're taking share in the new models of 5G?

您是否認為自己正在分享 5G 新模式的份額？

Is it mostly China 5G that you're taking share in?

你們主要參與的是中國5G嗎？

Or is the tide rising for everybody and you're benefiting with it?

或者每個人的潮流都在上漲，而你也從中受益？

Or is there something going on perhaps in the U.S. market?

或者美國市場可能正在發生什麼事情？

Just some color would be appreciated, and I've got a follow-up.

只要有一些顏色就可以了，我已經有後續了。

Harsh, thanks for your commitments, and appreciate that.

嚴酷，感謝您的承諾，並對此表示讚賞。

As I said in my opening comments, for the September quarter, it was really driven by our 3 largest customers.

正如我在開場白中所說，對於 9 月的季度，這實際上是由我們的 3 大客戶推動的。

So as you know, our 3 largest customers are in 3 different continents, so we'll just leave it at that.

如您所知，我們的 3 個最大客戶分佈在 3 個不同的大陸，所以我們就這樣吧。

And as we look forward in the guidance, and I think Eric's answer to Karl's question about what's going on in China in 5G is where -- I think it's 2 steps.

當我們展望指南時，我認為艾瑞克對卡爾關於中國 5G 發展情況的問題的回答是——我認為有兩個步驟。

One is the dollar content for 5G phones is significantly increased over 4G phones, and then also as we've talked over the last couple of calls, that we felt integration was key and being able to integrate the components that are needed for 5G phones, we do believe we're taking some share there from discrete players.

一是 5G 手機的美元含量比 4G 手機顯著增加，而且正如我們在過去幾次通話中談到的那樣，我們認為整合是關鍵，並且能夠整合 5G 手機所需的組件，我們確實相信我們正在從離散參與者那裡獲得一些份額。

So that's really what's going on.

這就是真正發生的事情。

You're seeing the integration coming together in the 4G portion of a 5G phone plus for 5G and that's what's really driving it, it's the dollars per handset.

你會看到 5G 手機的 4G 部分與 5G 的集成，這才是真正的推動因素，即每部手機的價格。

So -- and then second -- the second area is, we're seeing great growth at Samsung.

因此，第二個領域是，我們看到三星的巨大成長。

In my opening comments, I talked about expanding into that mass tier phones as well.

在我的開場白中，我也談到了擴展到大眾手機領域。

And we're driving a lot of business there and that's going to be up very nicely year-over-year as well.

我們在那裡推動了大量業務，逐年成長也將非常好。

And then for my follow up, you are within spitting distance of your high gross margins that you put up in December '18, 49.5%, I think, was the number.

然後，對於我的後續行動，你們距離 2018 年 12 月公佈的高毛利率已經很近了，我認為這個數字是 49.5%。

How do we think about gross margin line?

我們如何看待毛利率線？

Your commentary suggest gross margins will be up from here.

您的評論表明毛利率將從這裡開始上升。

And also what's interesting is when you went from, call it, $775 million in June to $807 million in September, your margins didn't go up that much, but when you go from September to December, they're jumping up quite a bit.

而且有趣的是，當你從 6 月的 7.75 億美元增加到 9 月的 8.07 億美元時，你的利潤率並沒有上升那麼多，但當你從 9 月到 12 月時，它們會跳升很多。

Is that just integration and the new 5G products kicking in?

這只是整合和新的 5G 產品的開始嗎？

Or is there something else also going on?

還是還有其他事情發生？

Yes.

是的。

So Harsh, this is Mark.

太嚴厲了，這是馬克。

I'll provide a few different answers on this question around, first, the quarter sequential up second to third quarter up 150 basis points.

我將圍繞這個問題提供一些不同的答案，首先，第二季到第三季較上季成長150個基點。

Two things driving that.

有兩件事推動了這一點。

One, we had around $10 million worth of inventory charges, what I'll call, excess inventory charges in the second quarter.

第一，第二季我們有價值約 1000 萬美元的庫存費用，我稱之為超額庫存費用。

Three primary drivers: one, we had some excess parts on older generation handset products; two, we had a very isolated quality issue in the noncore market; and then three, we were unable to repurpose a portion of a customer-specific product.

三個主要驅動因素：第一，我們在老一代手機產品上有一些多餘的零件；第二，我們在非核心市場有非常孤立的品質問題；第三，我們無法重新利用客戶特定產品的一部分。

So as our practice, we took those charges and they're in our non-GAAP results.

因此，按照我們的慣例，我們承擔了這些費用，並將它們納入我們的非公認會計準則績效中。

Second, third quarter we're up 150 basis points.

第二、第三季我們上漲了 150 個基點。

One is -- a major driver there is the inventory charge not repeating, and then secondly, we have a more favorable product mix second to third quarter.

一是－一個主要驅動因素是庫存費用不重複，其次，我們在第二季到第三季擁有更有利的產品組合。

Third to fourth quarter, I'll take this opportunity to address, we'll see what we typically see third to fourth quarter and that is we'll see gross margins decrease third to fourth quarter down 100 basis points or more, again, as we've seen in previous years, and this is really a function of seasonal mix and then just the effects of manufacturing costs and lower revenues.

第三至第四季度，我將藉此機會解決，我們將看到第三至第四季度通常會看到的情況，即我們將看到第三至第四季度的毛利率再次下降100 個基點或更多，因為我們在前幾年已經看到，這實際上是季節性組合的函數，然後是製造成本和收入下降的影響。

The next question will come from Ambrish Srivastava with BMO.

下一個問題將由 BMO 的 Ambrish Srivastava 提出。

Mark, maybe we'll just continue the line of questioning with you.

馬克，也許我們會繼續向你提問。

So based on the comments and what you have done in December, would March be a worse-than-seasonal quarter?

那麼，根據評論和您在 12 月所做的事情，3 月會是一個比季節更糟糕的季度嗎？

Or you expect March to be seasonal?

還是您預計三月是季節性的？

And then I had a follow up, please.

然後我有一個後續行動，請。

So Ambrish, I assume you're talking about the top line or...

所以安布里什，我假設你正在談論頂線或...

Yes.

是的。

Sorry, top line because you addressed the gross margin.

抱歉，最重要的是，因為您談到了毛利率。

Yes.

是的。

So it is a -- the year outlook has certainly improved for us from our view over a quarter ago, and I think you see that reflected, of course, in the September end results and December guide.

因此，從我們一個季度前的觀點來看，今年的前景肯定有所改善，我認為您當然會在 9 月的最終結果和 12 月的指南中看到這一點。

The handset replacement cycle seems to stabilize.

手機更換週期似乎趨於穩定。

There is a clearer picture in China, and we've got increasing 5G demand.

中國的情況更加清晰，5G需求不斷增加。

We've got WiFi 6 adoption starting.

我們已經開始採用 WiFi 6。

Our defense business is doing well.

我們的國防業務表現良好。

We've got growth in various IoT markets.

我們在各個物聯網市場都取得了成長。

There's great pull on our technologies as you heard Eric talk about.

正如您聽到埃里克談論的那樣，我們的技術具有巨大的吸引力。

And lastly, and this is an important point, the channels are healthy.

最後，也是很重要的一點，通路是健康的。

So we feel good about the December guide.

所以我們對 12 月指南感覺良好。

But as confident as we are in December, yes, there are some challenges and uncertainty as we go further out, right?

但儘管我們在 12 月充滿信心，是的，隨著我們走得更遠，還會遇到一些挑戰和不確定性，對吧？

And so we're taking a very disciplined view on expanding the business.

因此，我們在拓展業務方面採取了非常嚴格的態度。

The rate and pace of 5G adoption will modulate.

5G 採用的速度和步伐將會調整。

China trade, we have to admit remains a source of concern, and if there are supply constraints around that situation, could that (sic) [that could] bleed over into our customer demand.

我們必須承認，中國貿易仍然是一個令人擔憂的問題，如果這種情況有供應限制，這是否會影響我們的客戶需求。

So right now, as we see it, we see second half revenue being roughly in line to down slightly versus what we did in the first half.

因此，現在，正如我們所看到的，我們看到下半年的收入與上半年的情況大致相同，略有下降。

And since you've got the December guide using that midpoint, that would be a March seasonal decline of around 15% sequentially.

由於 12 月指引使用了該中點，因此 3 月季節性下降幅度約為 15%。

Okay.

好的。

That's very helpful.

這非常有幫助。

Yes -- sorry, go ahead.

是的——抱歉，請繼續。

And then just while I'm at it, I talked about gross margin down (sic) [goes down] 100 basis points or more, which is typical for our business to have a sequential decline.

然後就在我講到這裡的時候，我談到毛利率下降（原文如此）[下降] 100 個基點或更多，這是我們業務連續下降的典型情況。

I've mentioned higher OpEx in the second half in my comments and the higher interest expense.

我在評論中提到了下半年更高的營運支出和更高的利息支出。

Just at the segment level, won't go into much detail here, but mobile will be up sequentially in the third quarter and return to growth year-over-year, it'll be down the fourth quarter seasonally, sequentially and then up double digits year-over-year.

就細分市場層面而言，這裡不會詳細介紹，但行動業務將在第三季度環比增長，並恢復同比增長，第四季度將按季節、環比下降，然後增長一倍同比數字。

And then on IDP, we'll see very strong growth sequentially in third quarter, again, WiFi, defense, broader infrastructure demand expected to strengthen through the year, and then we're hoping to see year-over-year growth return on IDP, but that's a tougher putt.

然後，在 IDP 方面，我們將在第三季度看到非常強勁的成長，WiFi、國防、更廣泛的基礎設施需求預計將全年增強，然後我們希望看到 IDP 的同比增長回報，但這是一個更難的推桿。

Okay.

好的。

I was going to say thanks for the transparency, that's a lot more.

我想說的是，感謝你的透明度，還有更多。

But really appreciate is as always.

但真正的欣賞還是一如既往。

Quick one, since you have been on Board, Mark, you've been very focused on free cash flow.

馬克，自從你加入董事會以來，你一直非常關注自由現金流。

And I just wanted to tied it that back with buyback as well.

我只是想將其與回購聯繫起來。

So is there a target that you are willing to give for the year for free cash flow?

那麼您願意為今年的自由現金流設定目標嗎？

And then the share buyback, is there a timing on that, please?

然後是股票回購，請問有時間嗎？

Yes.

是的。

There is no timing on the buyback.

回購沒有具體時間安排。

And as far as just -- I'll make some comments historically, over the past 12 months, we've generated over $755 million of free cash flow.

就歷史而言，我會發表一些評論，在過去 12 個月中，我們已經產生了超過 7.55 億美元的自由現金流。

And over that time, we've repurchased $716 million, so well over 90% of our free cash flow we have repurchased shares.

在此期間，我們回購了 7.16 億美元，因此我們回購了股票，超過 90% 的自由現金流。

Over this time, we've also deployed over $500 million with the purchase of 2 companies.

在此期間，我們還斥資超過 5 億美元收購了 2 家公司。

So we're certainly -- we're generating more free cash flow than we had been, and we're doing a good job of smartly investing inorganically and then returning sizable amounts to shareholders.

因此，我們肯定會產生比以往更多的自由現金流，並且我們在明智的無機投資方面做得很好，然後向股東返還大量資金。

On the capital return, at this point given the market outlook, our operating performance, free cash flow forecast, other factors, we were out of capacity -- we didn't have much capacity left, so the Board approved a new $1 billion program, and I'm just not going to comment the rate and pace at this point other than saying that we'll continue to buyback shares.

在資本回報方面，考慮到市場前景、我們的經營業績、自由現金流預測以及其他因素，我們已經產能不足——我們沒有剩下多少產能，因此董事會批准了一項新的 10 億美元計劃，除了說我們將繼續回購股票之外，我現在不會評論利率和步伐。

The next question will come from Toshiya Hari with Goldman Sachs.

下一個問題將由高盛的 Toshiya Hari 提出。

Congrats on the very strong results.

祝賀取得了非常強勁的成果。

Mark, you talked about your mobile business returning to year-over-year growth in the quarter.

馬克，您談到您的行動業務在本季度恢復了同比增長。

And this is obviously in the face of overall smartphone has been down, Huawei obviously becoming a significantly smaller customer on a year-over-year basis.

這顯然是在智慧型手機整體下滑的情況下，華為顯然成為同比明顯較小的客戶。

And you guys, I think, losing a fairly sizable socket at a big customer.

我認為你們在大客戶那裡失去了相當大的插座。

So I guess, the question is, what's driving the year-over-year growth?

所以我想，問題是，是什麼推動了年成長？

Is it all 5G?

都是5G嗎？

Is it -- you guys having better presence with Samsung and some of those mainstream cues?

是不是——你們在三星和一些主流線索方面表現得更好？

Is it something else?

難道是別的什麼？

If you can talk about some of the targets on a year-over-year basis for the quarter, would be great.

如果您能談論本季同比的一些目標，那就太好了。

Then I have a follow-up.

然後我有一個後續行動。

I mean, it's broad customer engagement.

我的意思是，這是廣泛的客戶參與。

China and 5G helps, but I really think it's a technology story for us, and I'll turn it over to Eric.

中國和 5G 有所幫助，但我真的認為這對我們來說是一個技術故事，我會將其交給 Eric。

Yes.

是的。

We've got, as you know, a very broad portfolio, just a growing list of opportunities across all of our customers, including our largest customer as well.

如您所知，我們擁有非常廣泛的產品組合，我們所有客戶（包括我們最大的客戶）的機會清單都在增加。

From the main path integrated transparent modules, and so forth for both low-band and mid-/high-band and evermore increasing ultrahigh band activity, but also around tuning around the antenna elements, a lot more signals trying to come and go from those 2 antenna elements.

從主路徑整合透明模組，等等低頻段和中/高頻段以及不斷增加的超高頻段活動，而且圍繞天線元件進行調諧，更多的訊號試圖從這些模組中傳入和傳出2 個天線元件。

And so I think that's just an opportunity that applies across the board.

所以我認為這只是一個全面適用的機會。

But really as we said, a standout really has to be Samsung, and I think we've traditionally been a very strong supply there.

但正如我們所說，三星確實是其中的佼佼者，而且我認為我們傳統上一直是那裡非常強大的供應商。

We got out of line or got of out of alignment with the product road map and their architectures for a cycle or 2, but we're fully back in alignment across not only the flagship or marquee tier but also the mass tier of handsets there and just real pleased with the alignment we have and enjoying building that business back, again.

我們在一個或兩個週期內與產品路線圖及其架構脫節或不一致，但我們不僅在旗艦或大牌層，而且在那裡的大眾手機層完全恢復一致，我們對我們的合作感到非常滿意，並很高興能再次重建業務。

Great.

偉大的。

And then on gross margins, Mark, you guys have done a great job over the past several quarters executing to margins.

然後在毛利率方面，馬克，你們在過去幾季在執行利潤率方面做得很好。

Can you remind us what some of the initiatives are in place today that hopefully get you to 50% over the medium term?

您能否提醒我們今天採取了哪些舉措，預計在中期內使您的目標實現 50%？

And if you can kind of provide a bridge to 50% whatever time line is, that would be great.

如果無論時間線如何，你都能提供通往 50% 的橋樑，那就太好了。

And then sort of related to that, can you give us an update on what your thoughts are on Farmers Branch from a timing perspective and kind of how that could potentially impact CapEx?

與此相關的是，您能否從時間角度向我們介紹您對 Farmers Branch 的最新想法，以及這可能如何影響資本支出？

Yes.

是的。

So Toshiya, we're obviously still working to achieve 50% or more.

Toshiya，我們顯然仍在努力實現 50% 或更多。

We believe it's an achievable target.

我們相信這是一個可以實現的目標。

And as I think Harsh mentioned, I'll remind you that we're at 49.5% about this time last year.

正如 Harsh 所提到的，我會提醒您，去年這個時候我們的比例為 49.5%。

And as far as -- I won't do a specific walk as there are just too many variables, but starting with our December guide as a baseline of 48%, we would expect volume growth for many of the reasons that Eric mentioned and James can talk about, we expect volume growth.

至於——我不會做具體的步行，因為變量太多，但從我們 12 月指南作為 48% 的基線開始，我們預計銷量會增長，原因有很多，埃里克和詹姆斯提到的可以談談，我們預期銷量成長。

And so we'd expect to see better utilization.

因此，我們期望看到更好的利用率。

I mean this year, the volumes had certainly been lower than we had originally anticipated and then the mix has sort of weighed on our in-house capacity.

我的意思是，今年的銷量肯定低於我們最初的預期，然後這種混合對我們的內部產能造成了一定的壓力。

Next calendar year, we'll also have the consolidation of our fabs largely complete and most notably, Florida, will be closed and those products rolled into Greensboro, so those period cost effects will subside.

明年，我們的工廠整合也將基本完成，最值得注意的是，佛羅裡達州工廠將關閉，這些產品將轉移到格林斯伯勒，因此這些期間的成本影響將會消退。

Also over time, we would expect the mix at IDP to improve and be a larger part of Qorvo certainly compared to the December quarter guide this 48% baseline that I talked about.

此外，隨著時間的推移，我們預計 IDP 的組合將會改善，與我談到的 12 月季度指引（48% 基準）相比，肯定會成為 Qorvo 的更大一部分。

And then we're doing a lot of product portfolio management as well, so that'll improve that mix and that's the purpose of our select and high-tech investments.

然後我們也進行了大量的產品組合管理，這將改善這種組合，這就是我們精選和高科技投資的目的。

Finally, we're operating I'd say as well as we ever have and that's allowing us to drive, I would say, better productivity than we were even before, and to the extent we're doing that above inflation and price erosion that would be incremental benefit to gross margin.

最後，我想說，我們的營運狀況與以往一樣好，這使我們能夠比以前提高生產力，並且在某種程度上，我們所做的一切都高於通貨膨脹和價格侵蝕，將為毛利率帶來增量效益。

As far as Farmers Branch, our current view given the outlook and efficiency gains that we've seen in Richardson, we won't need Farmers Branch at scale until late next calendar year or even the following year.

就 Farmers Branch 而言，鑑於我們在理查森看到的前景和效率提升，我們目前的觀點是，直到明年底甚至下一年，我們才需要大規模的 Farmers Branch。

As we've mentioned previously, and I think James and I mentioned this when we were in New York in September, due to these gains and the flexibility we have at Richardson and that's a great Fab, it's allowed us to revisit our original manufacturing concept in Texas.

正如我們之前提到的，我想詹姆斯和我在9 月在紐約時提到過這一點，由於我們在理查森的這些成果和靈活性，這是一家很棒的工廠，它使我們能夠重新審視我們最初的製造概念在德克薩斯州。

And we've gone from what was going to be a copy exact idea for Farmers Branch to more of a single fab concept for the whole Dallas area.

我們已經從對法默斯布蘭奇的複製概念轉變為對整個達拉斯地區的單一工廠概念。

And yes, that allows us to be more capital and cost-efficient and it positions us well for the long term.

是的，這使我們能夠提高資本效率和成本效益，並且從長遠來看，它使我們處於有利地位。

The next question will come from Bill Peterson with JPMorgan.

下一個問題將由摩根大通的比爾彼得森提出。

Nice job on the results and guidance.

結果和指導方面做得很好。

My first question is in mobile.

我的第一個問題是關於行動裝置的。

And I guess I was hoping that Eric can sort of level set us.

我想我希望埃里克能夠為我們設定一個水平。

You've talked about an RF TAM increasing next year by about $1 billion.

您談到明年 RF TAM 將增加約 10 億美元。

It sounds like some of the 5G opportunities are coming in maybe a little bit sooner than expected as you talk about the December.

當你談論 12 月時，聽起來一些 5G 機會的到來可能比預期要早一些。

But I'm trying to get a feel for how you think the RF TAM should grow next year and the shape of the ramp?

但我想了解一下您認為 RF TAM 明年應該如何增長以及斜坡的形狀？

Our assumption is, it'll be somewhat second half weighted.

我們的假設是，它將在某種程度上被後半部分加權。

But -- and then within that how we should think about your business especially how it relates to the design wins you have, you talked about 4 large China makers, if you can help level set the market context as well as the shape of your business in 5G.

但是——然後我們應該如何考慮你的業務，特別是它與你所獲得的設計勝利的關係，你談到了 4 家大型中國製造商，如果你能幫助設定市場環境和你的業務形態在5G中。

Sure.

當然。

Thanks, Bill.

謝謝，比爾。

Yes, we have been saying since our Analyst Day in 2018 we expected about $1 billion increase in the RF TAM in calendar '20 due to 5G ramping.

是的，自 2018 年分析師日以來我們一直在說，由於 5G 的普及，我們預計 20 世紀 RF TAM 將增加約 10 億美元。

And it's certainly looking like it's going to be conservatively greater than that much closer to $2 billion probably.

保守地看，這個數字肯定會比接近 20 億美元的數字大得多。

And it's equally weighted from, at least, our view currently between more units than we had originally expected and more content per unit.

至少，從我們目前的觀點來看，它的權重是同等的，單位數量比我們最初預期的要多，而且每個單位的內容更多。

So we got both factors affecting it pretty significantly.

所以我們發現這兩個因素對它都有很大的影響。

And the higher units are really driven by this really rapid adoption and switch over of the handsets in China.

更高的單位數量實際上是由中國手機的快速採用和轉換所推動的。

It's clear from what we're seeing there that the 4G handsets that are going to be released are going to be dropping significantly in the very near term.

從我們所看到的情況可以清楚地看出，即將發布的 4G 手機數量在短期內將大幅下降。

Whether there's coverage or not, consumers are going to be buying 5G handsets, knowing that the network will be available at some time during that time they own that phone.

無論是否有覆蓋，消費者都會購買 5G 手機，因為他們知道在他們擁有該手機期間的某個時間該網路將可用。

So they're getting a real jump on it.

所以他們在這方面取得了真正的進步。

Obviously, Samsung as well as is transitioning their portfolio rapidly to include 5G content.

顯然，三星正在迅速轉變其產品組合以納入 5G 內容。

So that increases the number of 5G handsets well above the $200 million or so that we had originally modeled a couple years ago.

因此，5G 手機的數量遠高於我們幾年前最初建模的 2 億美元左右。

But then in addition to that as I said, it looks like across the board, all the 5G handsets so far without any -- going the other way, they're all going to fully integrated 4G systems inside them.

但除此之外，正如我所說，到目前為止，所有 5G 手機似乎都沒有——相反，它們都將在內部完全整合 4G 系統。

And part of that is just to get the size.

其中一部分只是為了獲得尺寸。

I mean these are really cramming an awful lot of functionality into these handsets, so they need the integration for that, but it also helps them get to market faster and improves performance.

我的意思是，這些手機確實塞滿了大量的功能，因此他們需要為此進行集成，但這也有助於他們更快地進入市場並提高性能。

So that integration turned for all the base content and 4G also has content.

這樣整合就變成了所有基礎內容，4G 也有內容。

And then the last adder is the requirements from China Mobile, and so forth for band coverage.

最後一個加法是中國移動對頻段覆蓋的要求等等。

And so having n79 in every phone, for example, the requirements for dual signaling, and so forth, these are now being put in every single 5G handsets.

所以每支手機都有n79，例如雙訊號的要求等等，現在這些都被放在每支5G手機裡。

So that's coming together to increase the total TAM in CY '20 well above what we had modeled previously.

因此，這些因素結合在一起，使 CY '20 的總 TAM 遠高於我們先前建模的水平。

Okay.

好的。

The -- moving to James, James' business has, obviously, seen really rapid growth that's accelerated here in the last few quarters, including the guide.

- 轉向詹姆斯，顯然，詹姆斯的業務在過去幾個季度中加速了真正的快速增長，包括指南。

I mean you talked over the potential return to year-on-year growth, but I guess, with Huawei significantly lower, what -- do you have an of sort of -- you mentioned you're broadening out your wireless infrastructure coverage customers, but how should we think the growth of that business as we look in the next year with March maybe returning to growth and then progressing to the next year, given that we have WiFi 6, defense and then additional customers for the infrastructure?

我的意思是，您談到了同比增長的潛在回報，但我想，隨著華為的大幅下滑，您提到您正在擴大無線基礎設施覆蓋範圍的客戶，但是，考慮到我們有WiFi 6、國防以及基礎設施的其他客戶，我們應該如何看待明年該業務的成長，3 月可能會恢復成長，然後進入下一年？

Bill, this is James.

比爾，這是詹姆斯。

Thanks for the question.

謝謝你的提問。

The restrictions of Huawei have definitely limited our ability to grow in the near term.

華為的限制肯定限制了我們短期內的成長能力。

However, as Mark said, we hope to return to year-over-year growth in Q4.

然而，正如馬克所說，我們希望在第四季度恢復同比增長。

We're going to take a good step in that direction in Q3 with double-digit quarter-over-quarter growth.

我們將在第三季朝著這個方向邁出一大步，實現兩位數的季度環比成長。

Longer-term, we remain really positive about the underlying trends on the markets we serve, and that includes the adoption of massive MIMO and 5G, the adoption of GaN in several different markets, and the WiFi 6 coming on and IoT in both automotive and in the connected home.

從長遠來看，我們對我們所服務的市場的基本趨勢仍然非常樂觀，其中包括大規模MIMO 和5G 的採用、多個不同市場中GaN 的採用，以及汽車和汽車行業中即將出現的WiFi 6 和物聯網。在互聯的家庭中。

And the addition of power management has also improved our long-term outlook.

電源管理的加入也改善了我們的長期前景。

And in fact, that business grew quarter-over-quarter about 40% and is very much on pace to how we looked at it prior to the acquisition.

事實上，該業務季度環比增長了 40% 左右，與我們收購前的看法非常一致。

So with all that combined, my expectation is that we will return back into double-digit growth mode as we get down into out years.

因此，綜合所有這些，我的預期是，隨著我們進入未來幾年，我們將回到兩位數的成長模式。

The next question will come from Chris Caso with Raymond James.

下一個問題將由克里斯·卡索和雷蒙德·詹姆斯提出。

First question, is that there's been some lingering concerns since the trade restrictions were put in place that the Chinese OEMs and Huawei, in particular, would backslide into discrete RF solutions either because they couldn't get access to U.S. components or because they were worried that they wouldn't be able to in the future.

第一個問題是，自從貿易限制實施以來，一直存在一些揮之不去的擔憂，即中國原始設備製造商（尤其是華為）將回歸分立射頻解決方案，要么是因為他們無法獲得美國組件，要么是因為他們擔心他們將來將無法做到這一點。

Your results don't seem to point that direction, but can you address that concern?

你的結果似乎沒有指出這個方向，但你能解決這個問題嗎？

And if you can also address if it's feasible without highly integrated components, do you think that even if they chose to deal with that, that it would be possible to do a 5G phone even for domestic sub-6 in China without these highly integrated components?

如果您還可以解決沒有高整合組件是否可行的問題，您是否認為即使他們選擇處理這個問題，即使是中國國內的 sub-6 也可以在沒有這些高集成組件的情況下製作 5G 手機？

This is Eric.

這是埃里克。

We have seen, of course, customers experimenting with full discrete solutions and even trying to go as far as to building handsets without any U.S. semiconductor content, for example.

當然，我們已經看到客戶嘗試使用完整的分立解決方案，甚至嘗試製造沒有任何美國半導體成分的手機。

Those experiments are out there.

這些實驗就在那裡。

You'll see them in the field.

你會在現場看到他們。

I think that experiment was enough to really fully validate the fact that you can't make a competitive handset without using U.S. content.

我認為這個實驗足以真正充分驗證這樣一個事實：如果不使用美國內容就無法製造出有競爭力的手機。

And further, really you can't build a compelling handset without going to integration because the solution size is so large and power-hungry and poor performing that it really integrated the selling factor for the handset.

此外，如果不進行集成，您實際上無法建立引人注目的手機，因為解決方案尺寸太大、耗電且性能不佳，以至於它真正集成了手機的銷售因素。

So experiments happen, it confirms the thesis and generally people are returning to integration in full force.

因此，實驗發生了，它證實了這一論點，並且通常人們正在全力回歸整合。

As a follow-up to that, perhaps if you could clarify the restrictions on what you can and can't ship to Huawei both in the handset and the base station side, is it only -- is the restriction only on 5G?

作為後續，也許您可以澄清一下在手機和基地台方面可以和不能向華為發貨的限制，是否僅針對 5G 的限制？

Does it apply to 4G also?

4G也適用嗎？

And actually, one of the experiments you referred to that we've seen did use fully integrated 4G with a discrete 5G solution, so perhaps is that suggestive of you can't ship the 5G solution?

實際上，您提到的一項實驗確實使用了完全整合的 4G 和獨立的 5G 解決方案，所以這是否表明您無法交付 5G 解決方案？

Chris, this is Bob.

克里斯，這是鮑伯。

And I think we addressed this in the last call as best we could.

我認為我們在上次電話會議中已盡最大努力解決了這個問題。

And I wish I could get into a lot of details.

我希望我能了解很多細節。

It's quite complicated.

這相當複雜。

We spent a lot of time making sure that we comply with all of the legal requirements that we can't ship to Huawei given the export restrictions.

我們花了很多時間來確保遵守所有法律要求，鑑於出口限制，我們無法向華為發貨。

The restrictions are such that we are able to ship components that go into their phones.

這些限制使得我們能夠運送安裝在他們手機中的組件。

We have shipped components that go into their infrastructure side, but I don't think I can get into a really serious discussion without a lot of help and understanding from a lot of people on what is good and what is bad to ship.

我們已經交付了進入其基礎設施方面的組件，但如果沒有很多人對交付的好壞的大量幫助和理解，我認為我無法進行真正認真的討論。

I think the important thing is we are able to ship to them.

我認為重要的是我們能夠向他們發貨。

We are fully in compliance with the export restrictions that are required to support them.

我們完全遵守支持它們所需的出口限制。

The next question will come from Craig Hettenbach with Morgan Stanley.

下一個問題將由摩根士丹利的 Craig Hettenbach 提出。

In the IDP business, I know you've talked a lot about kind of aerospace, defense and then infrastructure.

在 IDP 業務中，我知道您已經談論了很多關於航空航太、國防和基礎設施的問題。

Can you touch on just kind of the broad-based IoT business kind of the scope of that business today and opportunities that you're seeing?

您能否談談目前廣泛的物聯網業務範圍以及您所看到的機會？

Yes.

是的。

This is James.

這是詹姆斯。

So the market in general is still maturing.

因此，市場整體上仍處於成熟階段。

Several different standards have been competing WiFi, ZigBee, BLE, Thread and NB IoT.

幾種不同的標準一直在競爭 WiFi、ZigBee、BLE、Thread 和 NB IoT。

We're positioned pretty well across all of those different aspects of the market.

我們在市場的所有這些不同方面都處於很好的位置。

Our strategy has effectively been to try to supply in the connected home and in the automotive space.

我們的策略實際上是嘗試在互聯家庭和汽車領域提供服務。

Our automotive business, although is small, is growing at a very nice clip, and in fact, grew well into the double-digit range year-over-year in this current quarter.

我們的汽車業務雖然規模較小，但正在以非常好的速度成長，事實上，本季同比成長達到兩位數。

WiFi has been a bit weak over the last couple of quarters as we have reported, but we are showing signs of recovery.

正如我們所報導的，過去幾季 WiFi 的表現有點疲軟，但我們正在顯示出復甦的跡象。

The WiFi 6 standard released in October and it's fueled our second quarter in a row of very strong design wins, and we think that's a great sign that, that business will return back into a growth mode fairly soon.

WiFi 6 標準於 10 月發布，它推動了我們第二季度一系列非常強勁的設計勝利，我們認為這是一個很好的跡象，表明該業務將很快恢復成長模式。

Got it.

知道了。

And just a follow-up question for Mark.

這是馬克的後續問題。

Appreciate the color on just some of the OpEx with the RF MEMS acquisition.

透過 RF MEMS 採集欣賞部分 OpEx 上的顏色。

Can you share just from a revenue perspective how that settles out?

您能否只從收入角度分享一下這是如何解決的？

Yes.

是的。

So I'll give an update Craig on both -- so both our acquisitions.

因此，我將向克雷格提供有關我們收購的最新情況。

So on the recent RF MEMS business that's not financially accretive in fiscal '20 and that's reflected in our guide.

因此，最近的 RF MEMS 業務在 20 財年並沒有帶來財務增值，這在我們的指南中得到了反映。

So it's an increase in OpEx and there's no income accretion there.

所以這是營運支出的增加，但沒有收入增加。

On the Programmable Power Management business, I think it was last call, I said the $50 million of revenue in our fiscal '20 and slightly accretive.

關於可程式電源管理業務，我認為這是最後一次電話會議，我說過我們 20 財年的收入為 5000 萬美元，並且略有增長。

As James mentioned, that's very much on track.

正如詹姆斯所說，一切都步入正軌。

It's delivered on expectations in the September quarter and our guide reflects the previous guidance I gave around that business.

它在九月季度的交付符合預期，我們的指南反映了我之前圍繞該業務給出的指導。

The next question will come from Edward Snyder with Charter Equity Research.

下一個問題將由特許股票研究公司的愛德華·斯奈德提出。

Eric, you talked a lot about the move to -- rapid move to phase 6 in China now, I know the experimental launch in the high end, and now it sounds like they're going in mass to rollout 5G, which I guess, is to be very expected.

艾瑞克（Eric），你談到了很多關於中國現在快速進入第六階段的事情，我知道高端領域的實驗性推出，現在聽起來他們正在大規模推出 5G，我猜，令人十分期待。

But that poses a problem here because if the handset volumes are growing in mass to this and you have to buy these modules from Skyworks, Avago or yourselves, how does that work with Huawei?

但這就帶來了一個問題，因為如果手機銷售大幅成長，而你必須從 Skyworks、Avago 或你自己購買這些模組，那麼這與華為如何合作呢？

I mean are these components not covered by the band as Huawei being left out of the shift?

我的意思是，由於華為被排除在班次之外，這些組件是否不在頻段範圍內？

Or have they found a substitute for these products?

或者他們找到了這些產品的替代品嗎？

And then James, if I could, you're guiding up next quarter led by defense and you called out GaN and X-band.

然後詹姆斯，如果可以的話，你將在下節以防守為主導，並呼籲 GaN 和 X 波段。

Are you looking at production now with some of these large systems like [Spy 60 or GATR]?

現在您是否正在考慮使用一些大型系統（例如 [Spy 60 或 GATR]）進行生產？

Or is it more development work?

還是更多的開發工作？

And if it's the former, can you give some kind of color on the run?

如果是前者，你能在運行中給出一些顏色嗎？

I know this stuff has been in development for many years now, but some of these are very large systems with big unit volumes in the long term, just trying to get a feel for how defense will play out over the next -- well, long term actually, next 12 months or so?

我知道這些東西已經開發了很多年了，但從長遠來看，其中一些是非常大的系統，具有很大的單位體積，只是想了解防禦在接下來的一段時間內將如何發揮作用——嗯，很長一段時間實際上，未來 12 個月左右？

And then I have a follow up.

然後我有一個後續行動。

So to your first question about Huawei in the highly integrated modules, while staying completely consistent with export regulations, we're able to ship the highly integrated modules across to all frequency bands to Huawei's handset division.

因此，關於您關於華為在高度整合模組方面的第一個問題，在完全符合出口法規的同時，我們能夠將所有頻段的高度整合模組運送到華為的手機部門。

Yes.

是的。

And for defense, so the defense business has been solid growth engine for us.

對於國防而言，國防業務一直是我們堅實的成長引擎。

And I think it's really going to have a nice backup and fuel the recovery we talked about earlier.

我認為它確實會有一個很好的備份並為我們之前討論過的恢復提供動力。

GaN related -- there are numerous production programs for GaN.

GaN 相關－GaN 有許多生產計劃。

We announced 1 this quarter, that was the arrangement with Lockheed Martin on Q-53 and again, you can read what that system is.

我們本季宣布了 1，這是與洛克希德馬丁公司在 Q-53 上的安排，您可以再次閱讀該系統是什麼。

But there are numerous other production programs using our GaN capability.

但還有許多其他生產項目使用我們的 GaN 能力。

Okay.

好的。

And then Eric, I come back, so you talked about ultrahigh band wins, which we kind of see dabbling with that about last year, so I know it's showing up here.

然後艾瑞克，我回來了，所以你談到了超高樂團的勝利，我們去年就看到了這方面的涉足，所以我知道它出現在這裡。

But then also you talked about higher content 5G than you had expected.

但隨後您也談到了比您預期更高的 5G 內容。

Is there something being added to the 5G section or you talking more of the halo effect of 5G on 4G, for example, in the tuners, antenna plexers that sort of thing?

5G 部分是否會添加一些東西，或者您更多地談論 5G 對 4G 的光環效應，例如調諧器、天線復用器之類的東西？

So I'm just getting my arms around given the phones we're seeing in the bands and the tear downs, what additional actually pure 5G content could you be talking about when you say that 5G content is higher than anticipated?

因此，考慮到我們在頻段和拆解中看到的手機，當您說 5G 內容高於預期時，您還能談論哪些額外的真正純 5G 內容？

Yes.

是的。

Great question, Ed.

好問題，艾德。

The halo effect with 4G was largely contemplated.

4G 的光環效應是人們廣泛關注的。

I think that's on track for the most part.

我認為這在很大程度上已經步入正軌。

Additional tuning is definitely higher than we had expected.

額外的調整肯定比我們預期的要高。

But I think the primary new content in 5G proper are brands like, as I mentioned as an example, n79 being required across all China handsets, not just China Mobile, for example.

但我認為 5G 本身的主要新內容是像我提到的例子那樣的品牌，所有中國手機都需要 n79，而不僅僅是中國移動。

The requirements for the dual signaling for nonstand-alone operations that you have to transfer on 4G and 5G at the same time.

非獨立操作的雙訊號要求，必須同時在 4G 和 5G 上傳輸。

Once that was fully incorporated into the architectures, it turned out to take more switching, more complex RF than was expected.

一旦將其完全納入架構中，事實證明需要比預期更多的開關和更複雜的射頻。

And by the way, we don't see any of this going away.

順便說一句，我們認為這一切都不會消失。

Even if China immediately went to stand-alone 5G, all the architectures we're seeing are going to keep that dual signaling mode.

即使中國立即轉向獨立 5G，我們看到的所有架構都將保留雙訊號模式。

They'll use that 4G carrier to transmit even more data on.

他們將使用該 4G 業者傳輸更多資料。

So we don't think that this is just sort of a onetime blip in content.

所以我們不認為這只是內容上的一次性事件。

It's going to continue to ratchet up from here going forward.

今後，它將繼續從這裡開始上升。

The next question will come from Timothy Arcuri with UBS.

下一個問題將由瑞銀集團的提摩西·阿庫裡提出。

Mark, I guess, my first question, can you give us a sense of your largest customer, how big they were maybe in the quarter?

馬克，我想，我的第一個問題是，您能否讓我們了解您最大的客戶，他們在本季度的規模有多大？

And maybe not, if you don't give us numbers, can you talk about like year-over-year how much they grew or didn't grow?

也許不是，如果你不給我們數字，你能談談他們同比增長或沒有增長多少嗎？

No.

不。

Tim, we had one 10% customer in the quarter, and I can't give details about that specific customer's growth.

提姆，本季度我們有一個 10% 的客戶，我無法提供有關該特定客戶成長的詳細資訊。

Okay.

好的。

Awesome.

驚人的。

And then, do you have any sense, maybe James, about if you have any forecast that you're sort of thinking about for the global 5G handset builds for mostly, obviously, sub-6 next year, the numbers all over the math, there's somewhere at $175 million and some people talk about $300 million.

然後，你是否有任何感覺，也許詹姆斯，你是否對明年全球 5G 手機的生產有任何預測，顯然，明年的 6 歲以下的數字，有人說是 1.75 億美元，有些人說是 3 億美元。

Can you help us think about what sort of a global TAM will be so we can think about how big things could actually be for you next year in 5G?

您能否幫助我們思考全球 TAM 將會是什麼樣子，以便我們能夠思考明年 5G 領域對您來說實際上會有多大的影響？

I'll [answer] the guide, and then let James chime in on the infrastructure side.

我將[回答]指南，然後讓詹姆斯在基礎設施方面插話。

I mentioned earlier that we had baselined around a -- about $1 billion adder in the TAM for the calendar year '20 and that was roughly 200 million handsets of $5.

我之前提到過，我們在 20 日曆年的 TAM 中設定了大約 10 億美元的增量，大約是 2 億部 5 美元的手機。

So we were projecting that back in 2018 even or earlier.

所以我們預計 2018 年甚至更早。

And so what we're seeing now is maybe not quite 300 million, but approaching 300 million in terms of units likely, and the content being a little above $5 as well $6, $7 worth of additional content.

所以我們現在看到的可能不是 3 億，但就單位而言可能接近 3 億，而且內容略高於 5 美元以及價值 6、7 美元的附加內容。

So that's -- we're, as we said much closer to $2 billion now based on customer forecast and the architectures we see ramping next year.

所以，正如我們所說，根據客戶預測和我們明年看到的架構，我們現在已經接近 20 億美元了。

On the base station said, we see about $1 billion of TAM being added and it's all associated with 5G add-ons.

在基地台方面，我們看到增加了約 10 億美元的 TAM，而且全部與 5G 附加元件相關。

And most of that is attributed to the adoption of massive MIMO.

其中大部分歸功於大規模 MIMO 的採用。

We expect over the next several years somewhere in the range of 30% of the base station deployed will use massive MIMO technology.

我們預計在未來幾年內，部署的基地台中 30% 的範圍將使用大規模 MIMO 技術。

And as I've talked about before, that's about a 10x content gain for us in each one of those base stations.

正如我之前談到的，對我們來說，每個基地台的內容增益大約是 10 倍。

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

下一個問題將由 Needham & Company 的 Raji Gill 提出。

And I echo my congratulations.

我也表示祝賀。

You mentioned in terms of the portfolio of the Chinese handset customers moving to 5G from 4G.

您提到中國手機客戶從4G轉向5G的產品組合。

But (inaudible) fairly seen, I guess, a jump in the actual units rather the RF contents going up.

但（聽不清楚）我想，相當明顯的是實際單位的跳躍，而不是射頻含量的上升。

To the earlier question about the TAM, I'm just wondering if this -- the replacement cycle that you're expecting to see in 5G will actually also result in higher incremental units for the overall Chinese handset market?

對於之前關於 TAM 的問題，我只是想知道您期望在 5G 中看到的更換週期是否實際上也會為整個中國手機市場帶來更高的增量？

And how do we think about that?

我們對此有何看法？

When do we expect maybe like unit growth to start to kind of increase as a result of the transition to 5G?

我們預計，由於向 5G 的過渡，單位數量的增長何時會開始增加？

So we're not modeling an increase in unit growth going forward.

因此，我們不會對未來單位成長的成長進行建模。

We did see replacement cycles kind of moving out, that was part of a bit of a drag over the last year.

我們確實看到更換週期有所延長，這是去年的一些拖累的一部分。

They've stabilized now for the time being at least.

至少現在他們已經穩定下來了。

We are modeling them necessarily kicking back.

我們對它們進行建模，必然會產生反作用。

If units go up, it means replacement cycles have to get -- have got to be shortening, and we're not modeling that over all.

如果單位數量增加，則表示更換週期必須縮短，而我們並沒有對此進行建模。

So this is just primarily going to be driven by purely RF content gains to support 4G, but also the new bands?

那麼這主要是由支援 4G 的純粹 RF 內容增益所推動的，而且還有新頻段？

Yes.

是的。

That's right, exactly.

沒錯，正是如此。

So total number of handsets more than being 5G versus 4G without more units and then 5G having higher content.

因此，手機總數不僅僅是 5G 與沒有更多設備的 4G 相比，然後是具有更高內容的 5G。

Higher content.

含量較高。

Got it.

知道了。

Okay.

好的。

And then, for my follow-up question, I guess, it is to the earlier question about the risk of Huawei and other Chinese handset OEMs using non-U.

然後，對於我的後續問題，我想，這是關於之前關於華為和其他中國手機原始設備製造商使用非美國手機的風險的問題。

S. filter companies.

S.過濾器公司。

You had mentioned that there's some experiments out there, but the results are that there's a push back to an integrated solution.

您曾提到，已經進行了一些實驗，但結果卻阻礙了整合解決方案的發展。

Knowing the fact that these RF designs are pretty much have already been locked in for the funds next year, if we look at 2021, is there potential risk that these OEMs will move to more of a FEM architecture ID without integrated power amplifier versus the FEM ID architecture?

事實上，這些 RF 設計幾乎已經鎖定了明年的資金，如果我們展望 2021 年，與 FEM 相比，這些 OEM 是否會轉向更多不帶集成功率放大器的 FEM 架構 ID 是否存在潛在風險ID架構？

Number one, I want to make sure we understand that in China, let's understand the export phones as well.

第一，我想確保我們了解在中國，我們也了解出口手機。

So for anything they're exporting, they're going to compete with, obviously, Samsung and others, so they're going to make sure they buy the best RF.

因此，對於他們出口的任何產品，他們顯然都會與三星和其他公司競爭，因此他們將確保購買最好的射頻。

And as you all know, the RF does influence dropped calls, battery life things that we as consumers recognize and judge phones by.

眾所周知，射頻確實會影響斷線、電池壽命等我們作為消費者辨識和判斷手機的依據。

So that's important distinction.

所以這是重要的區別。

Second, even in China, they're building their brands and want to make sure that they can compete with Huawei, and so far, we have not seen anyone that is willing to sacrifice -- if they have the ability to buy from U.S. suppliers, to sacrifice performance and tarnish their brand.

其次，即使在中國，他們也在打造自己的品牌，並希望確保自己能夠與華為競爭，到目前為止，我們還沒有看到任何人願意做出犧牲——如果他們有能力從美國供應商那裡購買產品的話，犧牲性能並玷污他們的品牌。

The other thing I just want to caution you on is that there are many phone designs that are still left to be done in the second half of this year and their direction at least in the architectures we're seeing are still with the integrated products that we've been talking about.

我想提醒您的另一件事是，今年下半年仍有許多手機設計需要完成，至少在我們看到的架構中，它們的方向仍然是整合產品，我們一直在談論。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the call over to management for any further or closing comments.

我想將電話轉給管理層以獲取任何進一步的意見或結束意見。

Thank you.

謝謝。

We want to thank everyone for joining us on tonight's call.

我們要感謝大家參加今晚的電話會議。

We hope to see you at upcoming investor meetings, and we look forward to speaking with you, again, when we report our third quarter results.

我們希望在即將召開的投資者會議上見到您，並期待在我們報告第三季業績時再次與您交談。

Thanks, again, and hope you have a good night.

再次感謝，祝您有個美好的夜晚。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's event.

女士們、先生們，今天的活動到此結束。

You may now disconnect your lines.

現在您可以斷開線路。