科沃 (QRVO) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Qorvo Inc. Third Quarter 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Douglas DeLieto, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Qorvo Inc. 2023 年第三季度電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，投資者關係副總裁道格拉斯·德列托。謝謝你。你可以開始了。

Thanks very much. Hello, everyone, and welcome to Qorvo's Fiscal 2023 Third Quarter Earnings Conference Call.

非常感謝。大家好，歡迎來到 Qorvo 2023 財年第三季度收益電話會議。

This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations.

此電話會議將包括前瞻性陳述，其中涉及可能導致我們的實際結果與管理層當前預期存在重大差異的風險因素。

We encourage you to review the safe harbor statement contained in the earnings release published today as well as the risk factors associated with our business in our annual report on Form 10-K filed with the SEC because these risk factors may affect our operations and financial results.

我們鼓勵您查看今天發布的收益發布中包含的安全港聲明以及我們向美國證券交易委員會提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的運營和財務業績.

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or any -- or other items that may obscure trends in our underlying performance.

在今天的發布和今天的電話會議上，我們提供了 GAAP 和非 GAAP 財務結果。我們提供這些補充信息是為了讓投資者能夠對經營業績進行額外的比較，並在不受某些非現金支出或任何 - 或其他可能掩蓋我們基本業績趨勢的項目的影響的情況下分析財務業績。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our Investor Relations website at ir.qorvo.com under Financial Releases.

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 GAAP 結果。如需 GAAP 與非 GAAP 財務指標的完整對照，請參閱我們今天早些時候發布的收益報告，該報告可在我們的投資者關係網站 ir.qorvo.com 的財務發布下獲取。

Joining us today are Bob Bruggeworth, President and CEO; and Grant Brown, Chief Financial Officer; Dave Fullwood, Senior Vice President of Sales and Marketing and other members of Qorvo's management team.

今天加入我們的是總裁兼首席執行官 Bob Bruggeworth；首席財務官 Grant Brown；銷售和營銷高級副總裁 Dave Fullwood 和 Qorvo 管理團隊的其他成員。

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

有了這個，我會把電話轉給鮑勃。

Thanks, Doug, and welcome, everyone, to our call.

謝謝，Doug，歡迎大家來接聽我們的電話。

Qorvo delivered fiscal third quarter revenue and EPS above the midpoint of our outlook provided during our November 2 earnings call. In High Performance Analog, quarterly revenue reflected year-over-year growth in defense, broadband and power.

Qorvo 公佈的第三財季收入和每股收益高於我們在 11 月 2 日的財報電話會議上提供的預期中點。在高性能模擬領域，季度收入反映了國防、寬帶和電力領域的同比增長。

Our power business posted a strong quarter with robust design activity for our silicon carbide power devices. Offsetting this were power management markets with consumer exposure in infrastructure, where customers are working down elevated inventory levels.

我們的電力業務季度表現強勁，碳化矽功率器件的設計活動十分活躍。抵消了這一點的是電源管理市場，消費者在基礎設施領域有接觸，客戶正在降低高庫存水平。

In our Connectivity and Sensors Group, the quarter reflected lower end market demand and channel inventory consumption for WiFi products, partially offset by strength in automotive. Design activity was strong across customers and products, including ultra-wideband, matter and sensors. Use cases continue to proliferate their benefit from precision location, indoor navigation, seamless connectivity and enhanced human machine interfaces.

在我們的連接和傳感器事業部，本季度反映了 WiFi 產品的較低端市場需求和渠道庫存消耗，部分被汽車的實力所抵消。跨客戶和產品的設計活動非常活躍，包括超寬帶、物質和傳感器。用例繼續擴大其受益於精確定位、室內導航、無縫連接和增強的人機界面。

Lastly, in Advanced Cellular, Qorvo participated broadly across customers' portfolios. The macro environment weighed on overall smartphone volumes across customers, and revenue reflected channel inventory consumption within the Android ecosystem. Design activity continued to be strong across customers and product categories and supports year-over-year content gains at our largest customers.

最後，在 Advanced Cellular 領域，Qorvo 廣泛參與了客戶的產品組合。宏觀環境對客戶的整體智能手機銷量造成壓力，收入反映了 Android 生態系統內的渠道庫存消耗。跨客戶和產品類別的設計活動繼續強勁，並支持我們最大客戶的內容同比增長。

Now let's turn to some quarterly highlights. In High Performance Analog, Qorvo began sampling a radar power solution that combines a high-voltage power conversion PMIC and silicon carbide power switches to control a GaN RF power amplifier.

現在讓我們來看看一些季度亮點。在高性能模擬中，Qorvo 開始對雷達電源解決方案進行採樣，該解決方案結合了高壓電源轉換 PMIC 和碳化矽電源開關以控制 GaN RF 功率放大器。

The solution reduces the size by up to 30% in DNA radar systems while expanding Qorvo's content opportunity. We also expanded our SHIP state-of-the-art RF packaging contract with the U.S. government to develop multichip modules that combine digital optical devices with Qorvo's mixed-signal RF.

該解決方案將 DNA 雷達系統的尺寸減少了 30%，同時擴展了 Qorvo 的內容機會。我們還擴大了與美國政府的 SHIP 最先進 RF 封裝合同，以開發將數字光學設備與 Qorvo 的混合信號 RF 相結合的多芯片模塊。

In aerospace, we delivered a multichip solution that includes Qorvo's high-frequency block filter as well as a GaN PA for low orbit satellites and other applications.

在航空航天領域，我們提供了一個多芯片解決方案，其中包括 Qorvo 的高頻塊濾波器以及用於低軌道衛星和其他應用的 GaN PA。

The solution supports cellular satellite links, and we have secured new designs. The opportunity for Qorvo is notable, given the trend in defense and aerospace applications of one to many. That means rather than 1 jet, there will also be many drones, rather than 1 geo-satellite, there will also be many LEO satellites.

該解決方案支持蜂窩衛星鏈路，我們已經獲得了新設計。考慮到一對多在國防和航空航天應用中的趨勢，Qorvo 的機遇不容小覷。這意味著除了 1 架噴氣式飛機，還會有很多無人機，而不是 1 顆地球衛星，還會有很多 LEO 衛星。

At the same time, new capabilities are being added to existing platforms that require increased semiconductor content and higher density and more advanced packaging, all areas where Qorvo is strong and is investing to advance the technology.

與此同時，新功能正在被添加到現有平台中，這些平台需要更多的半導體內容、更高的密度和更先進的封裝，這些都是 Qorvo 強大的領域，並且正在投資推進技術。

In cellular infrastructure, we commenced preproduction shipments of our first integrated PA modules, or PAMs, to a Tier 1 European infrastructure OEM for 5G massive MIMO base stations. We also began sampling our next-generation PAM, which delivers market-leading efficiency for 5G massive MIMO installations to the leading European infrastructure OEMs.

在蜂窩基礎設施方面，我們開始向 5G 大規模 MIMO 基站的一級歐洲基礎設施 OEM 預生產我們的第一個集成 PA 模塊或 PAM。我們還開始對我們的下一代 PAM 進行採樣，它為歐洲領先的基礎設施 OEM 提供市場領先的 5G 大規模 MIMO 安裝效率。

For broadband infrastructure applications, we sampled a CATV power doubler amplifier that maintains linearity and extends bandwidth to enable higher-throughput DOCSIS 4.0 capabilities with industry-leading power efficiency. Deployments of DOCSIS 4.0 are scheduled to begin this year, and Qorvo is very well positioned as the industry leader.

對於寬帶基礎設施應用，我們對 CATV 功率倍增器放大器進行了採樣，該放大器保持線性度並擴展帶寬，以實現具有行業領先功率效率的更高吞吐量 DOCSIS 4.0 功能。 DOCSIS 4.0 的部署計劃於今年開始，Qorvo 已成為行業領導者。

In CSG, we expanded our WiFi content at a Korean-based smartphone OEM to include WiFi 6E and WiFi 7 designs, and we ramped WiFi 7 FEMs for access points and routers for our smart home ecosystem customer. We also commenced sampling 5 gigahertz and 6 gigahertz filters. These filters leverage Qorvo's next-generation BAW process and enable worldwide WiFi 7 frequency covered.

在 CSG，我們在一家韓國智能手機 OEM 擴展了我們的 WiFi 內容，以包括 WiFi 6E 和 WiFi 7 設計，並且我們為我們的智能家居生態系統客戶增加了用於接入點和路由器的 WiFi 7 FEM。我們還開始對 5 GHz 和 6 GHz 濾波器進行採樣。這些濾波器利用 Qorvo 的下一代 BAW 工藝，並支持覆蓋全球的 WiFi 7 頻率。

There is increase in customer interest related to multi-link operation, which is a key attribute of WiFi 7 and enables higher throughput and lower latency. Lastly, we began volume shipments of MEMS-based sensors, enabling an enhanced HMI experience and true wireless stereo ear buds. Qorvo sensors were selected to replace legacy capacitive touch sensor technology.

與多鏈路操作相關的客戶興趣增加，這是 WiFi 7 的一個關鍵屬性，可實現更高的吞吐量和更低的延遲。最後，我們開始批量出貨基於 MEMS 的傳感器，從而實現增強的 HMI 體驗和真正的無線立體聲耳塞。選擇 Qorvo 傳感器來取代傳統的電容式觸摸傳感器技術。

Design activity for sensors continues to be strong across markets, including automotive. We are working with leading automotive Tier 1s and have secured automotive smart interior design wins in more than 25 vehicles.

傳感器的設計活動在包括汽車在內的整個市場中繼續保持強勁勢頭。我們正在與領先的汽車一級供應商合作，並已在超過 25 輛汽車中贏得汽車智能內飾設計。

In Advanced Cellular, we secured multiple design wins across Android OEMs and support of 2023 devices. During the quarter, we commenced the production ramp of multiple components for the leading Korea-based smartphone OEMs flagship platform.

在 Advanced Cellular 中，我們贏得了 Android OEM 的多項設計並支持 2023 年的設備。在本季度，我們開始為韓國領先的智能手機 OEM 旗艦平台生產多個組件。

We have increased our content significantly year-over-year. We are broadly serving this customer across our portfolio and continue to support the migration of their mass market phones to integrated 5G solutions.

我們的內容逐年顯著增加。我們通過我們的產品組合廣泛地為該客戶提供服務，並繼續支持他們的大眾市場手機向集成 5G 解決方案的遷移。

At a U.S.-based Android OEM, we were selected to supply multiple solutions, including ultra-wideband, antenna tuning and BAW-based antennaplexing in support of their 2023 smartphone launches. Lastly, Qorvo was recognized by multiple customers. We were presented with Honors 2022 Golden Supplier Award, and we received quality awards from Vivo for discrete switches and amplifiers and highly integrated solutions.

美國一家安卓 OEM 廠商選擇我們提供多種解決方案，包括超寬帶、天線調諧和基於 BAW 的天線復用，以支持他們 2023 年的智能手機發布。最後，Qorvo 獲得了多家客戶的認可。榮獲Honors 2022金牌供應商獎，分立式開關功放及高集成解決方案榮獲vivo質量獎。

Before handing the call off to Grant, I want to make a few high-level comments to frame our outlook, both in the near term and further out. At our largest 2 customers, we are very confident in our ability to grow year-over-year content, and that includes this year. In 2023, we expect growth in BAW-based content as well as other content growth.

在將電話交給格蘭特之前，我想發表一些高層次的評論來構建我們的近期和遠期展望。對於我們最大的 2 個客戶，我們對我們每年增加內容的能力非常有信心，包括今年。到 2023 年，我們預計基於 BAW 的內容以及其他內容都會增長。

Equally important, we enjoy a range of opportunities across all of our customers in the future years. Qorvo is supporting the highest volume flagship phones while supplying integrated 5G solutions as mass market portfolios migrate to 5G. Fewer than half of the Android devices were 5G in 2022, and the migration to 5G is expected to extend over many years.

同樣重要的是，在未來幾年裡，我們所有客戶都將享有一系列機會。隨著大眾市場產品組合向 5G 遷移，Qorvo 正在支持銷量最高的旗艦手機，同時提供集成的 5G 解決方案。到 2022 年，只有不到一半的 Android 設備是 5G，而且向 5G 的遷移預計會持續很多年。

We are unique in Advanced Cellular in the breadth of our customer exposure and in the depth of our product and technology offerings. Our long-term view of ACG continues to be mid- to high single-digit growth, driven by multiyear content gains. In particular, we see expanding market for our BAW technology. Productivity gains in our Richardson, Texas fab have enabled a doubling of our BAW output.

我們在 Advanced Cellular 的客戶接觸廣度以及產品和技術產品的深度方面是獨一無二的。在多年內容增長的推動下，我們對 ACG 的長期看法仍然是中高個位數增長。特別是，我們看到 BAW 技術的市場正在擴大。我們德克薩斯州理查森工廠的生產力提高使我們的 BAW 產量翻了一番。

We intend to put that to good use as we continue to capture designs and grow our BAW content in flagship phones. We expect the long-term growth rate of HPA and Connectivity and Sensors to outpace Advanced Cellular. Our view for HPA is double-digit growth. And in CSG, we expect growth in the strong double digits.

我們打算充分利用這一點，因為我們將繼續捕捉設計並在旗艦手機中增加我們的 BAW 內容。我們預計 HPA 和連接與傳感器的長期增長率將超過 Advanced Cellular。我們對 HPA 的看法是兩位數的增長。而在 CSG，我們預計將實現兩位數的強勁增長。

Key growth areas supported by recent wins with silicon carbide devices in EVs and solar inverters, MEMS sensors and notebook track pads and automotive smart interiors and ultra wideband in automotive and Android devices, these and other investment businesses are securing new designs that extend our opportunity in large growth markets.

近期在電動汽車和太陽能逆變器、MEMS 傳感器和筆記本電腦觸控板以及汽車智能內飾和超寬帶汽車和 Android 設備中贏得的碳化矽設備支持的主要增長領域，這些和其他投資業務正在確保新設計，從而擴大我們在巨大的增長市場。

In the near term, the team is performing exceptionally well while navigating extraordinary events. Factory loadings have been reduced, and we are bringing down channel inventories. We are also actively managing the expense line while sharpening our focus in support of targeted growth.

在短期內，該團隊在應對非同尋常的事件時表現出色。工廠負荷已經減少，我們正在降低渠道庫存。我們還在積極管理費用線，同時更加專注於支持目標增長。

We are working to accelerate revenue related to our Omnia BAW-based biosensors by exploring options for the associated Omnia test hardware, meaning the Omnia desktop test unit and cartridges that contain our BAW biosensors. The technology has been proven commercially, and we are engaged with a diverse set of customers.

我們正在努力通過探索相關 Omnia 測試硬件的選項來加快與基於 Omnia BAW 的生物傳感器相關的收入，這意味著 Omnia 桌面測試單元和包含我們的 BAW 生物傳感器的墨盒。該技術已在商業上得到驗證，我們與各種各樣的客戶進行了接觸。

Qorvo remains at the forefront of connectivity, sustainability and electrification. We enjoy exceptional customer relationships, and we are a key enabler of future architectures. These architectures continue to favor higher levels of performance, integration and functional density to deliver the successive improvements in each market's next-generation products.

Qorvo 始終處於連通性、可持續性和電氣化的前沿。我們享有卓越的客戶關係，我們是未來架構的關鍵推動者。這些架構繼續支持更高水平的性能、集成和功能密度，以實現每個市場下一代產品的連續改進。

Our customers value Qorvo's best-in-class products and technologies, and we are securing broad-based design wins in high-growth markets. As volumes recover, we are positioned to deliver long-term growth and robust free cash flow.

我們的客戶重視 Qorvo 一流的產品和技術，我們正在高增長市場中確保廣泛的設計勝利。隨著交易量的恢復，我們有能力實現長期增長和強勁的自由現金流。

And with that, I'll hand the call off to Grant.

有了這個，我會把電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

As a reminder, our references today will be to our 3 operating segments: High Performance Analog, or HPA; Connectivity and Sensors Group, or CSG; and Advanced Cellular Group, or ACG. In our upcoming 10-Q, we will provide historical financial information that reflects these operating segments. Additional historical information will be made available in our fiscal 2023 10-K, to be filed this May.

提醒一下，我們今天提到的是我們的 3 個運營部門：高性能模擬，或 HPA；連接和傳感器組，或 CSG；和高級蜂窩組，或 ACG。在我們即將發布的 10-Q 中，我們將提供反映這些運營部門的歷史財務信息。更多歷史信息將在我們將於今年 5 月提交的 2023 財年 10-K 中提供。

I'll now turn to our latest quarterly results. Revenue for the third quarter of fiscal 2023 was $743 million, $18 million above the midpoint of our guidance. We enjoyed relatively strong performance in automotive, broadband, defense and silicon carbide power devices. However, elevated channel inventories and weak end market demand pressured revenue and order activity across all 3 operating segments.

我現在將談談我們最新的季度業績。 2023 財年第三季度的收入為 7.43 億美元，比我們指引的中點高出 1800 萬美元。我們在汽車、寬帶、國防和碳化矽功率器件方面表現相對強勁。然而，渠道庫存增加和終端市場需求疲軟給所有 3 個運營部門的收入和訂單活動帶來壓力。

Looking at each operating segment individually. HPA revenue of $155 million in the quarter compares to revenue of $182 million in the same quarter last year. In HPA, growth in areas such as defense and silicon carbide power devices was offset by inventory consumption in the 5G base station market and softness in consumer-facing markets like SSDs and battery-powered tools.

單獨查看每個運營部門。本季度 HPA 收入為 1.55 億美元，而去年同期為 1.82 億美元。在 HPA 中，國防和碳化矽功率設備等領域的增長被 5G 基站市場的庫存消耗以及 SSD 和電池供電工具等面向消費者的市場的疲軟所抵消。

CSG revenue of $97 million in the quarter compares to revenue of $158 million in the same quarter last year.

CSG 本季度收入為 9700 萬美元，而去年同期為 1.58 億美元。

This reflects weakness in end market demand for WiFi products and channel inventory consumption.

這反映出終端市場對WiFi產品的需求和渠道庫存消耗疲軟。

Finally, ACG revenue of $491 million compares to revenue of $775 million in the same quarter last year. This reflects lower smartphone unit volumes and channel inventory digestion within the Android ecosystem. On a non-GAAP basis, gross margin in the quarter was 40.9%. Gross margin fell sequentially due to lower factory utilization and higher inventory-related charges, including a quality issue at the supplier.

最後，ACG 收入為 4.91 億美元，而去年同期為 7.75 億美元。這反映了 Android 生態系統中較低的智能手機出貨量和渠道庫存消化。按非美國通用會計準則計算，本季度毛利率為 40.9%。由於工廠利用率下降和庫存相關費用增加，包括供應商的質量問題，毛利率環比下降。

Non-GAAP operating expenses in the quarter were $206 million, [$90 million] lower than our guidance and down $8 million versus last year due to OpEx discipline, the timing of product development spend and lower employee-related expenses, including incentive-based compensation. In total, non-GAAP operating income in the quarter was $99 million or 13% of sales.

本季度非 GAAP 運營費用為 2.06 億美元，比我們的指導低 [9000 萬美元]，比去年減少 800 萬美元，原因是運營支出紀律、產品開發支出的時間安排和員工相關費用減少，包括基於激勵的薪酬.總的來說，本季度非 GAAP 營業收入為 9900 萬美元，佔銷售額的 13%。

Breaking out operating margin by each segment. ACG was 20%, HPA was 19% and CSG was negative 32%. Non-GAAP net income was $77 million, representing diluted earnings per share of $0.75, which was at the high end of our guidance range. Free cash flow was $203 million. Capital expenditures were $34 million, and we repurchased approximately $200 million worth of shares during the quarter.

按每個部門細分營業利潤率。 ACG 為 20%，HPA 為 19%，CSG 為負 32%。非 GAAP 淨收入為 7700 萬美元，稀釋後每股收益為 0.75 美元，處於我們指導範圍的高端。自由現金流為 2.03 億美元。資本支出為 3400 萬美元，我們在本季度回購了價值約 2 億美元的股票。

The rate and pace of our repurchases is based on our long-term outlook, low leverage, alternative uses of cash and other factors.

我們回購的速度和節奏是基於我們的長期前景、低杠桿、現金的替代用途和其他因素。

Turning to the balance sheet. As of quarter end, we had approximately $2 billion of debt outstanding with no near-term maturities and $919 million of cash and equivalents. Our net inventory balance ending the quarter was up slightly at $857 million.

轉向資產負債表。截至季度末，我們有大約 20 億美元的未到期債務和 9.19 億美元的現金及等價物。本季度末我們的淨庫存餘額略有上升，達到 8.57 億美元。

Now turning to our current quarter outlook. We expect quarterly revenue between $600 million and $640 million, non-GAAP gross margin of approximately 41% and non-GAAP diluted earnings per share in the range of $0.10 to $0.15.

現在轉向我們當前的季度展望。我們預計季度收入在 6 億美元至 6.4 億美元之間，非 GAAP 毛利率約為 41%，非 GAAP 攤薄後每股收益在 0.10 美元至 0.15 美元之間。

Our current view reflects ongoing demand weakness across end markets as well as our expectations for further consumption of channel inventory. We continue to expect sales to Android smartphone customers will increase sequentially in the March quarter.

我們目前的觀點反映了終端市場持續的需求疲軟以及我們對進一步消耗渠道庫存的預期。我們繼續預計 Android 智能手機客戶的銷售額將在 3 月季度環比增長。

For historical reference, the March quarter revenue in fiscal '22 for each of ACG, HPA and CSG was $777 million, $211 million and $179 million, respectively. At the volume levels assumed in our guidance, we expect Qorvo's inventory position will decline in March, but remain elevated.

作為歷史參考，ACG、HPA 和 CSG 在 22 財年的三月季度收入分別為 7.77 億美元、2.11 億美元和 1.79 億美元。按照我們指導中假設的數量水平，我們預計 Qorvo 的庫存狀況將在 3 月份下降，但仍處於高位。

In terms of channel inventory, the picture has begun to improve. For example, total channel inventory for our components in the Android ecosystem was reduced by over 20% in the December quarter. We expect continued improvement this quarter and anticipate the channel to normalize later this calendar year.

在渠道庫存方面，情況開始好轉。例如，我們在 Android 生態系統中組件的總渠道庫存在 12 月季度減少了 20% 以上。我們預計本季度將繼續改善，並預計該渠道將在本日曆年晚些時候正常化。

We are actively working with customers to consume channel inventories. And in doing so, we expect production levels to remain compressed. This will lead to continuing underutilization charges related to inventories, which will weigh on gross margin during fiscal Q4 and carry into next fiscal year.

我們正在積極與客戶合作消耗渠道庫存。在這樣做的過程中，我們預計生產水平將保持壓縮。這將導致與庫存相關的持續未充分利用費用，這將對第四財季的毛利率構成壓力，並延續到下一財年。

We project non-GAAP operating expenses in the March quarter will be up approximately $20 million sequentially due to the timing of product development spend, seasonal payroll effects and other employee-related expenses.

由於產品開發支出的時間安排、季節性工資影響和其他與員工相關的費用，我們預計 3 月季度的非 GAAP 運營費用將增加約 2000 萬美元。

Below the operating income line, nonoperating expense will be approximately [$15 million], reflecting interest paid on our fixed rate debt, offset by interest income earned on our cash balances, FX gains or losses, along with other items.

在營業收入線以下，非營業費用約為 [1500 萬美元]，反映了我們為固定利率債務支付的利息，被我們的現金餘額、外匯收益或損失以及其他項目所賺取的利息收入所抵消。

Our non-GAAP tax rate for fiscal Q4 is expected to be consistent with fiscal Q3. The rate remains elevated due to the absolute level and geographic mix of pretax profit, including FX-related gains within high tax jurisdictions as well as the impact of the U.S. tax law change related to R&D capitalization among other factors.

我們預計第四財季的非 GAAP 稅率將與第三財季保持一致。由於稅前利潤的絕對水平和地域組合，包括高稅收管轄區內與外匯相關的收益以及與研發資本化相關的美國稅法變化的影響等因素，該稅率仍然很高。

With regards to operations, I want to highlight the outstanding progress our teams have made in terms of productivity gains.

關於運營，我想強調我們的團隊在提高生產力方面取得的顯著進步。

We continue to make improvements in product development, filter design, process engineering, factory planning, manufacturing efficiency and many other areas. Today, these gains have significantly increased our effective BAW capacity. And as Bob indicated, the progress continues.

我們繼續在產品開發、過濾器設計、工藝工程、工廠規劃、製造效率和許多其他領域進行改進。今天，這些收益顯著提高了我們有效的 BAW 能力。正如 Bob 指出的那樣，進展仍在繼續。

And looking forward, we can double our BAW capacity in the Richardson facility versus our current maximum theoretical thresholds today. Increasing the throughput of an existing asset not only reduces cost, but can reduce complexity within the factory network as production is consolidated.

展望未來，我們可以將 Richardson 設施中的 BAW 容量比我們目前的最大理論閾值翻一番。增加現有資產的吞吐量不僅可以降低成本，還可以在整合生產時降低工廠網絡的複雜性。

The BAW productivity gains in our Richardson facility allow us to achieve our long-term growth goals across all of our customers, including the most demanding BAW-based placements. As a result, we have decided to sell our Farmers Branch facility. We're in the early stages of marketing the site, and initial interest has been encouraging.

我們理查森工廠的 BAW 生產力提高使我們能夠實現我們所有客戶的長期增長目標，包括最苛刻的基於 BAW 的安置。因此，我們決定出售 Farmers Branch 設施。我們正處於網站營銷的早期階段，最初的興趣令人鼓舞。

For reference, the site has been incurring approximately $12 million of non-GAAP COGS per year. We are also evaluating strategic alternatives for our biotechnology business to accelerate and maximize its potential value.

作為參考，該網站每年產生約 1200 萬美元的非 GAAP COGS。我們還在評估我們生物技術業務的戰略選擇，以加速和最大化其潛在價值。

The Omnia platform, which is based on our BAW sensor technology, has demonstrated significant promise as a diagnostic testing solution. The biotechnology unit currently resides in our CSG segment. While the revenue impact from a transaction would be negligible, it would reduce total expenses by approximately $32 million per year.

基於我們的 BAW 傳感器技術的 Omnia 平台已顯示出作為診斷測試解決方案的巨大潛力。生物技術部門目前屬於我們的 CSG 部門。雖然交易對收入的影響可以忽略不計，但每年總支出將減少約 3200 萬美元。

At this stage, it's too early to comment on the eventual outcome, timing or potential valuation. These actions will sharpen our focus and resources on the many growth drivers across our 3 operating segments. Our long-term outlook is positive, and we're well positioned to weather current macroeconomic challenges.

在現階段，評論最終結果、時機或潛在估值還為時過早。這些行動將加強我們對 3 個運營部門的眾多增長動力的關注和資源。我們的長期前景是積極的，我們有能力應對當前的宏觀經濟挑戰。

Product performance requirements continue to increase in our end markets, sustainability initiatives underscore the increasing global reliance on power efficiency, and connectivity and electrification trends are accelerating worldwide.

我們的終端市場對產品性能的要求不斷提高，可持續發展舉措凸顯了全球對能效的日益依賴，連接和電氣化趨勢在全球範圍內加速發展。

We have diversified our opportunities across markets, customers and product categories while maintaining our commitment to technology leadership, portfolio management, productivity gains and reduced capital intensity. This has supported strong financial performance during a challenging environment and has positioned us for long-term increasingly diversified growth.

我們在市場、客戶和產品類別中實現了多元化的機會，同時保持了我們對技術領先地位、產品組合管理、提高生產力和降低資本密集度的承諾。這在充滿挑戰的環境中支持了強勁的財務業績，並使我們為長期日益多元化的增長奠定了基礎。

At this time, please open the line for questions. Thank you.

這個時候，請開通提問線。謝謝你。

(Operator Instructions) And our first question is from Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

You gave really good color on channel inventory, but I was hoping to ask a follow-up there. So channel inventory as it relates to Android, I think you said, it was down more than 20% in the December quarter. I guess, how do you see that evolving over the next couple of quarters?

你在渠道庫存上給出了很好的顏色，但我希望在那裡問一個後續問題。因此，與 Android 相關的渠道庫存，我想你說過，它在 12 月季度下降了 20% 以上。我想，您如何看待接下來幾個季度的發展？

And I guess, more importantly, on the non-Android side or the iOS side, what's your current assessment of channel inventory and how that plays out over the coming quarters?

而且我想，更重要的是，在非 Android 端或 iOS 端，您目前對渠道庫存的評估是什麼，以及它在未來幾個季度的表現如何？

Yes, this is Dave. I'll answer that one. So first, we're not going to comment on the iOS side of the inventories. And Grant already mentioned the Android. I think when we look at the overall channel inventories and when we refer to channel inventories, we're talking about all of our components that are out, whether they're in our distributors or at the end customers. And so on balance, overall, it's down about 20% across the entire business, not just within the Android ecosystem.

是的，這是戴夫。我會回答那個。所以首先，我們不打算對清單的 iOS 方面發表評論。 Grant 已經提到了 Android。我認為當我們查看整體渠道庫存時，當我們提到渠道庫存時，我們談論的是我們所有的組件，無論它們是在我們的分銷商還是在最終客戶。因此，總的來說，整個業務下降了約 20%，而不僅僅是在 Android 生態系統中。

If you look just within our distribution channel, it's down about 1/3 in the December quarter. But as Grant mentioned, we still have a ways to go in there. So we expect to continue reducing that across this quarter and then into the early part of FY '24.

如果你只看我們的分銷渠道，它在 12 月季度下降了大約 1/3。但正如格蘭特所提到的，我們還有很長的路要走。因此，我們預計將在本季度繼續減少，然後進入 24 財年的早期階段。

Got it. And then as my follow-up on gross margins, you're guiding the March quarter to, I guess, 41%, which is essentially flat sequentially. Can you speak to where your utilization rates are today?

知道了。然後作為我對毛利率的後續行動，我猜你將 3 月份的季度指導為 41%，這基本上是持平的。你能談談你今天的利用率嗎？

And as you continue to work down inventory and the overall industry continues to work down inventory, what cadence should we be thinking about for the rest of the calendar year? Do you think you can exit kind of in the high 40s or even close to 50% calendar '23? Or is that a little too optimistic at this point?

隨著您繼續減少庫存以及整個行業繼續減少庫存，我們應該在日曆年的剩餘時間內考慮什麼節奏？您認為您可以在 40 多歲甚至接近 50% 的 23 年日曆中退出嗎？還是在這一點上有點過於樂觀了？

Sure, Toshi. Thanks for the question. I'll touch on margins here, and I'll try to cover all of it, both in Q3 and then looking beyond that into fiscal '24.

當然，東施。謝謝你的問題。我將在這裡談到利潤率，我將嘗試在第三季度涵蓋所有這些，然後再展望 24 財年。

For fiscal '23, the primary driver of gross margin continued to be under utilization and inventory-related charges. In Q3, it accounted for about 920 basis points of headwind or in that neighborhood, and it's expected to remain there in the March quarter, hence the flat gross margin guidance. Inflation across direct costs were approximately 80 basis points in Q3 and again, expected to remain there in Q4.

對於 23 財年，毛利率的主要驅動因素仍然是利用率和庫存相關費用。在第三季度，它佔大約 920 個基點的逆風或在那個附近，並且預計將在 3 月季度保持在那裡，因此毛利率指引持平。第三季度直接成本的通貨膨脹率約為 80 個基點，預計第四季度仍將保持在該水平。

As we stated earlier, in Q3, there was a supplier quality issue, representing approximately 30 basis points of headwind in our Q3 period. So kind of walking through that Pareto, you can see the dominant factor is clearly under utilization.

正如我們之前所說，在第三季度，存在供應商質量問題，這代表了我們第三季度大約 30 個基點的逆風。如此遍歷帕累托，您可以看到主導因素顯然正在被利用。

To your question about getting back to 50%, it's unlikely in fiscal '24, although it depends on your view of the macro economy and a number of other variables. However, underutilization creates a lingering impact due to timing.

對於你關於回到 50% 的問題，這在 24 財年不太可能，儘管這取決於你對宏觀經濟和許多其他變量的看法。然而，由於時間的原因，未充分利用會產生揮之不去的影響。

And so as volumes fall, those inventory balances will reflect higher per unit costs and simply put, fewer units moving through a fixed cost factory collect more cost per unit. So we saw this heading into the December quarter, and it will carry forward into fiscal '24.

因此，隨著銷量下降，這些庫存餘額將反映更高的單位成本，簡而言之，通過固定成本工廠的單位越少，單位成本越高。因此，我們看到這進入了 12 月季度，並將延續到 24 財年。

The rate at which that high-cost inventory flows through the P&L will obviously depend on variables like our future utilization or product mix, including a ramp of revenue over the course of fiscal '24. But although the precise timing is uncertain, the reduction in channel inventories is very encouraging, and it's a necessary first step.

高成本庫存流經損益表的速度顯然取決於我們未來的利用率或產品組合等變量，包括 24 財年期間收入的增加。但是，雖然準確的時間不確定，但渠道庫存的減少是非常令人鼓舞的，這是必要的第一步。

If I do look out over the course of fiscal '24, I could see potentially that 920 basis points of margin get cut in half, again, subject to your view of the revenue trajectory throughout the year.

如果我仔細觀察整個 24 財年的過程，我可能會再次看到 920 個基點的利潤率減半，這取決於你對全年收入軌蹟的看法。

And our next question is from Karl Ackerman with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的卡爾阿克曼。

I was hoping you could discuss a little bit more commentary regarding your outlook. You certainly gave much commentary across the P&L for March. But within that outlook, could you discuss the order of magnitude decline between your segments?

我希望你能討論更多關於你的觀點的評論。您當然對 3 月份的損益表發表了很多評論。但在這種前景下，您能否討論您的細分市場之間的數量級下降？

I'm just trying to have a better understanding of what's occurring, I guess, in the legacy IDP segment, which appears to be driven by some -- there would be some inventory overhang within WiFi, IoT and maybe telecom infrastructure. And then as you address that question, what are your assumptions for your mobile revenue in China in the March quarter, which I believe was guided to 10% in December?

我只是想更好地了解正在發生的事情，我想，在遺留的 IDP 部分，這似乎是由一些人驅動的——WiFi、物聯網和電信基礎設施中可能會有一些庫存過剩。然後，當您回答這個問題時，您對 3 月季度在中國的移動收入有何假設，我認為 12 月的指導值為 10%？

Sure. So let me start with our view of the segments in the March quarter. If we go back to kind of comparing our current March guide to our thoughts last November, there's a bit of variance in HPA and CSG. Instead of flattish, there will be rather modest declines there in dollar terms for our guide.

當然。因此，讓我從我們對 3 月季度各細分市場的看法開始。如果我們回過頭來將我們當前的 3 月指南與去年 11 月的想法進行比較，HPA 和 CSG 會有所不同。以美元計算，我們的指南將出現相當溫和的下跌，而不是持平。

Biggest driver, of course, is ACG. If you consider the size of our largest customer relative to ACG revenues in December and that customer, excuse me, is seasonally down in March and June, it's a sizable headwind. And that really dictates the path of our top line. In terms of our China-based smartphone OEM revenue, it came in largely in line, just a bit above 10%.

最大的推動力當然是 ACG。如果你考慮我們最大客戶相對於 12 月份 ACG 收入的規模，對不起，該客戶在 3 月和 6 月季節性下降，這是一個相當大的逆風。這確實決定了我們的頂線路徑。就我們在中國的智能手機 OEM 收入而言，它基本符合要求，略高於 10%。

Understood. I guess just maybe just to follow up on that with regard to the China Android OEMs. It sounds like they came a little bit better. Should that remain at a similar level of revenue on a mixed basis in March? It sounds like it's going to be improving.

明白了。我想也許只是跟進與中國 Android OEM 相關的問題。聽起來他們好一點了。這是否應該在 3 月份的混合基礎上保持類似的收入水平？聽起來它會有所改善。

And I guess, to the extent you could talk about the recovery process or how you see the recovery process for the balance of the year, I guess the question I would like to understand is, given some of the new -- the opportunity in [premium] Android flagships you've announced this -- today; it's certainly great to hear.

而且我想，就您可以談論恢復過程或您如何看待今年餘下時間的恢復過程而言，我想我想了解的問題是，鑑於一些新的 - [中的機會] premium] 你今天宣布的 Android 旗艦；聽到這當然很棒。

But I guess, if you could discuss the level of confidence you have in demand returning for mid-tier handsets, the balance of the year would be super helpful because I ask because 2 very large Korean memory OEMs this week indicated the smartphone market could bifurcate between good demand for flagships, yet weaker demand for lower mid-tier models.

但我想，如果你能討論你對中端手機需求回歸的信心水平，今年的餘額將非常有幫助，因為我問因為本週兩家非常大的韓國內存原始設備製造商表示智能手機市場可能會出現分歧對旗艦產品的良好需求與對中低端機型的需求疲軟之間。

And so if you could just kind of comment on, I suppose, the production approach and your design approach for those markets, if they do bifurcate, it would be very helpful.

因此，如果你能對這些市場的生產方法和你的設計方法發表評論，如果它們確實分叉，那將非常有幫助。

Sure. Let's -- if I decompose it, I'll start and I'll let Dave tackle the different tiers of handset models. In terms of revenue, as we look forward into the guide, we would expect our China-based smartphone OEMs in dollar terms to be roughly flat. But overall, our Android revenue to be up.

當然。讓我們——如果我分解它，我會開始，我會讓戴夫處理不同層次的手機型號。在收入方面，正如我們期待的那樣，我們預計我們的中國智能手機 OEM 以美元計算大致持平。但總的來說，我們的 Android 收入要上升。

And then as we look maybe deeper into fiscal '24, without going into too much detail or attempting to guide at this point, given the overwhelming impact of macroeconomic factors, I can shape it a bit for you and provide some of the drivers.

然後，當我們可能更深入地研究 24 財年時，鑑於宏觀經濟因素的壓倒性影響，在這一點上沒有過多的細節或試圖提供指導，我可以為您稍微調整一下並提供一些驅動因素。

In terms of revenue beyond the March quarter, we would expect June to be roughly flattish. It could be a bit higher, a bit lower, depending on your view of the economy or China's reopening. We don't have terribly ambitious expectations for the reopening at this point. We're playing a bit conservative with our view.

就 3 月季度之後的收入而言，我們預計 6 月將大致持平。它可能會高一點，也可能低一點，這取決於你對經濟或中國重新開放的看法。我們目前對重新開放並沒有非常雄心勃勃的期望。我們的觀點有點保守。

From there, I would expect September to see significant sequential growth and then December and the March 2024 quarters to be back to strong annual growth from there. Dave, I don't know if you mind commenting on the tiers.

從那時起，我預計 9 月將出現顯著的連續增長，然後 12 月和 2024 年 3 月的季度將從那裡恢復強勁的年度增長。戴夫，我不知道你是否介意對等級發表評論。

Yes. So as Bob mentioned in his remarks as well, we're seeing really nice content growth in the premium tier. So we're well represented there. And of course, we've always been well represented in the mass tier as well of 5G.

是的。因此，正如鮑勃在他的評論中提到的那樣，我們看到優質內容的增長非常好。所以我們在那裡有很好的代表。當然，我們在大眾層以及 5G 方面一直都有很好的代表。

And so there's still a lot of room to go in terms of conversion to 5G. So the rate and pace of that may not be as quickly as we would have liked, but it's still a lot in front of us. So we expect to see that mass tier still moving to 5G over time.

因此，在向 5G 的轉換方面仍有很大的發展空間。所以它的速度和步伐可能不會像我們希望的那樣快，但它仍然擺在我們面前。因此，我們預計隨著時間的推移，大眾層仍將轉向 5G。

And our next question is from Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Gary Mobley。

I want to start by asking for some clarification on what Grant just mentioned regarding the sequential revenue comps and year-over-year growth looking into the first half of next calendar year. Was that in reference to CSG or the business overall?

首先，我想澄清一下格蘭特剛才提到的有關下個日曆年上半年的連續收入補償和同比增長的內容。這是指 CSG 還是整個業務？

It was a business overall.

這是一個整體的業務。

Okay. Any change in view on the purchase commitments from your foundry and suppliers? Are you -- do you anticipate utilizing all those commitments? Or might we be looking at some additional write-downs there, just given the dynamics?

好的。您對代工廠和供應商的採購承諾有任何改變嗎？您是否 - 您預計會利用所有這些承諾？或者我們是否可以考慮那裡的一些額外減記，只是考慮到動態？

Yes. No change to our view. As you remember, we restructured the agreement last quarter to better align our view of demand with supply and are working with that partner on an ongoing basis.

是的。我們的觀點沒有改變。如您所知，我們在上個季度重組了協議，以更好地使我們對需求與供應的看法保持一致，並且正在與該合作夥伴持續合作。

And our next question is from Edward Snyder with Charter Equity Research.

我們的下一個問題來自 Charter Equity Research 的 Edward Snyder。

Several questions actually. First off, it sounds like the competitive environment, especially in China and maybe in Samsung, is getting much more difficult. We've gotten lots of feedback of [Maxim] being a major competitor in switches, fielding high-band modules, competing in ultra-wideband, which wasn't the case 2 years ago. And I know they've been out there slugging away for some time, and now it seems like maybe the political environment in China is favoring them more.

實際上有幾個問題。首先，聽起來競爭環境，尤其是在中國，也許在三星，正變得越來越困難。我們收到了很多關於 [Maxim] 成為交換機、部署高頻段模塊、超寬帶領域競爭的主要競爭對手的反饋，而這在 2 年前並非如此。我知道他們已經在那裡打了一段時間了，現在看來中國的政治環境可能對他們更有利。

First off, are you seeing that? Are they becoming more aggressive? And number two, are the margin expectations for the Chinese anywhere close to what we come to normally expect from your normal Western competitors? And if not, wouldn't that affect ASP? Or is it affecting ASP? Should we expect the ASP decline? And then I have followup, please.

首先，你看到了嗎？他們變得更具侵略性了嗎？第二，對中國人的利潤率預期是否接近我們通常對您的普通西方競爭對手的預期？如果沒有，那不會影響 ASP 嗎？或者它是否影響 ASP？我們應該期待平均售價下降嗎？然後我有跟進，請。

Ed, thanks for the question. As far as the Chinese competitors, they've always been there. We've always seen them. I think what is overriding everything is the highly integrated modules that require premium filter performance, particularly for those that are being exported as well as for -- within the China consumer market. So we still feel very good about our position there with our integrated modules, whether it's ultra high-band.

埃德，謝謝你的問題。至於中國的競爭對手，他們一直都在。我們總是看到他們。我認為最重要的是需要優質過濾性能的高度集成模塊，特別是對於那些正在出口以及在中國消費市場內的模塊。所以我們仍然對我們在集成模塊方面的地位感到非常滿意，無論是超高頻段。

What we're doing, obviously, with mid-high as well as the work that we've done improved significantly the performance and cost in our soft filters for low band PAMs. So we feel real good about how that's positioned.

顯然，我們在中高頻段所做的工作以及我們所做的工作顯著改善了低頻段 PAM 軟濾波器的性能和成本。所以我們對它的定位感覺非常好。

And from a pricing perspective, we haven't seen significant changes there, Ed. I think there are some areas we're actually raising prices. In some areas, yes, there's a little bit of competition, but we always have that. So we haven't really seen a change in the market.

從定價的角度來看，我們還沒有看到重大變化，埃德。我認為我們實際上在某些領域提高了價格。在某些領域，是的，有一點競爭，但我們一直都有。所以我們還沒有真正看到市場發生變化。

Great. And then on that same note about increasing, it sounds like the MEMs business is -- you've been working on MEMs forever, and now they're showing up. And the ASPs, I don't know you're looking to fuel them as tuners, and we've tracked that business pretty closely from the time. But it sounds like you might be seeing a significant increase in ASPs to the extent that you want the -- industry starts adopting MEMs.

偉大的。然後在關於增加的同一個音符上，聽起來 MEM 業務是——你一直在研究 MEM，現在它們出現了。至於 ASP，我不知道你是不是希望將它們作為調諧器來推動，而且我們從那時起就非常密切地跟踪了這項業務。但聽起來您可能會看到 ASP 顯著增加到您希望的程度 - 行業開始採用 MEM。

And maybe if I could flip that over, it sounds like since Samsung, you've organize the handset division now that you're using open market modules, the actual content in ASP for those modules seems to have dropped significantly, whether it be the mid-high band or the low band. And I'm just talking about the flagship, of course, because the master is a big step-up going to modules.

也許我可以把它翻過來，聽起來自從三星以來，你已經組織了手機部門，現在你正在使用開放市場模塊，這些模塊在 ASP 中的實際內容似乎已經顯著下降，無論是中高頻段或低頻段。當然，我只是在談論旗艦，因為大師是模塊的一大進步。

So I am just trying to get at my arms around what the overall, let's say, year-over-year, or year over 2 years ago, content picture looks like from the Koreans point of view in terms of redesigning that front end? And then what kind of trends in products like MEMs do you have that are bucking that trend?

因此，我只是想了解從韓國人的角度來看，從重新設計前端的角度來看，總體而言，比方說，與去年同期或兩年前相比，內容圖片看起來像什麼？那麼，在 MEM 等產品中，有哪些逆勢而上的趨勢？

Yes. I'll take the MEMs and let Dave speak a little bit more about your comments about the standard products that we've been selling that are highly integrating in all the filters. As far as MEMs goes, we're still very early on in that, Ed. As far as the RF MEMs go, as you know, we've been working on that through the acquisition of Cavendish Kinetics and really just beginning to roll that out. And Yes, they are paying for that.

是的。我將採用 MEM，讓 Dave 多談談您對我們一直在銷售的高度集成在所有過濾器中的標準產品的評論。就 MEM 而言，我們仍處於早期階段，Ed。就 RF MEM 而言，如您所知，我們一直在通過收購 Cavendish Kinetics 致力於此，並且實際上才剛剛開始推出。是的，他們為此付出了代價。

We don't expect that to go broadly and replace all of our antenna tuners. It gets you a dB or so and people that are willing to pay for it. We'll pay for that. That technology is -- cost a little bit more for function. But you get -- you pick up a significant improvement in the performance.

我們不希望它廣泛應用並取代我們所有的天線調諧器。它能讓你得到一個 dB 左右的音量和願意為此付費的人。我們會為此付出代價的。該技術是 - 功能成本更高一點。但是你得到了 - 你獲得了性能的顯著改進。

And then second, we're also -- our pressure sensor MEMs, we're doing extremely well there. I commented in my opening comments about being in over 25 different vehicles. So people are starting to implement in track pads across -- all of the major OEMs are now looking at it, we're engaged with them. We're just seeing that proliferate in the watches and various other devices.

其次，我們也是——我們的壓力傳感器 MEM，我們在那裡做得非常好。我在開場評論中評論說，我乘坐的是超過 25 種不同的車輛。所以人們開始在觸控板上實施——所有主要的原始設備製造商現在都在關注它，我們正在與他們合作。我們只是看到它在手錶和其他各種設備中激增。

So it's very early on also in its life cycle. So we feel we're good about that. And I'll let Dave speak a little bit about your question about some of the Korean manufacturers and what we're seeing there.

所以它的生命週期也很早。所以我們覺得我們做得很好。我會讓戴夫談談你關於一些韓國製造商的問題以及我們在那裡看到的情況。

Yes. And while the architectures are similar, especially that particular customer that you mentioned, they're still very demanding from a performance standpoint. So they have their requirements, and you have to meet their requirements to win that business. So we're very focused on that.

是的。儘管架構相似，尤其是您提到的特定客戶，但從性能的角度來看，它們的要求仍然很高。所以他們有他們的要求，你必須滿足他們的要求才能贏得業務。所以我們非常專注於此。

We work very closely with them on the advanced architectures years in advance to meet their needs. So I wouldn't think of it necessarily as a standard product. It's still very demanding sockets.

我們提前數年就高級架構與他們密切合作，以滿足他們的需求。所以我認為它不一定是標準產品。它仍然是非常苛刻的套接字。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

On the first one, gross margin and then how your balance sheet inventory affects that over time, so you mentioned gross margin, I think, 41% for March and June sales are flattish. I imagine gross margins are probably flattish also. And then I heard that you could recover about half of the 900 basis points of underutilization. So suggests gross margin somewhere in the mid-40s in the back half.

第一個，毛利率，然後是資產負債表庫存如何隨著時間的推移影響毛利率，所以你提到毛利率，我認為 3 月和 6 月銷售額的 41% 是持平的。我想毛利率也可能持平。然後我聽說您可以恢復 900 個未充分利用的基點中的大約一半。因此表明後半段毛利率在 40 多歲左右。

But how do I align that with the inventory that you have on your balance sheet? Where do you see it going over time? And does that impact how the gross margin progression happens in the back half of the year?

但是我如何將其與您資產負債表上的庫存保持一致？隨著時間的推移，你認為它會走向何方？這是否會影響今年下半年的毛利率增長情況？

Thanks. This is Grant. I'll take your question. Yes, you've got it in terms of gross margin. And the answer on inventory is rather simple, right? As that inventory begins to get sold and flow through cost of goods sold, it will drag with it those higher costs per unit associated with underutilization.

謝謝。這是格蘭特。我會回答你的問題。是的，你已經從毛利率方面得到了。庫存的答案很簡單，對吧？隨著庫存開始出售並流經已售商品成本，它將拖累與未充分利用相關的較高單位成本。

So I would expect the inventories to trend down over time, subject to normal seasonal ramps at large customers, where we do have to build inventory in advance of those sales. So over time, it will come down, again, offset by some of those growth-oriented builds that we do at seasonal periods of the year.

因此，我預計庫存會隨著時間的推移而下降，這取決於大客戶的正常季節性增長，我們確實必須在這些銷售之前建立庫存。所以隨著時間的推移，它會再次下降，被我們在一年中的季節性時期所做的一些以增長為導向的構建所抵消。

Grant, the reason I asked the question is because I heard before on the call that you think channel inventory normalizes later in the calendar year; I'm hoping I got that right. So if channel inventory doesn't normalize until later, how will your balance sheet inventory start to get back to more normal levels?

格蘭特，我問這個問題的原因是因為我之前在電話中聽說你認為渠道庫存在日曆年晚些時候正常化；我希望我做對了。因此，如果渠道庫存直到稍後才正常化，您的資產負債表庫存將如何開始恢復到更正常的水平？

Yes, they're not necessarily sequential. They can happen simultaneously, depending on the level of demand, although you're correct, I think the first stage of that would be a reduction in the channel inventories, increase in order activity from our customers pulling through our inventory, along with, as I said, the offset in builds for large customer ramps. But they're happening somewhat simultaneously, not perfectly sequentially.

是的，它們不一定是連續的。它們可以同時發生，具體取決於需求水平，雖然你是對的，但我認為第一階段將是減少渠道庫存，增加客戶拉動我們庫存的訂單活動，以及我說過，針對大型客戶的構建中的抵消。但它們在某種程度上是同時發生的，而不是完全按順序發生的。

Understood. And then for my second question, you mentioned content gains at your top 2 customers. Are these competitive wins? Or is this new [term]? Like is your gain somebody else's loss of content? Or is it just new capabilities that customers are planning to add?

明白了。然後對於我的第二個問題，您提到了前 2 位客戶的內容收益。這些是競爭性勝利嗎？或者這是新的[術語]？就像你的收穫是別人的損失？或者它只是客戶計劃添加的新功能？

And kind of related to that, just given the nature of these customers, do you expect to retain this content in the following years? Like are these multiyear programs or the visibility is only there for the first year?

與此相關的是，考慮到這些客戶的性質，您是否希望在接下來的幾年中保留這些內容？就像這些多年計劃一樣，還是只有第一年才有知名度？

Part of the questions we can't answer, but I will tell you that the -- it is both content and share gains at our largest customers -- our largest 2 customers.

部分問題我們無法回答，但我會告訴你——我們最大的客戶——我們最大的 2 個客戶的內容和份額收益。

Which can continue, Bob. So these are like multiyear decisions or...

這可以繼續，鮑勃。所以這些就像多年的決定或...

Can be and some are, some aren't, so we'll see.

可以，有些是，有些不是，所以我們拭目以待。

And our next question is from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Maybe I just want to start, you've been kind of giving how large your largest customer or 10% customers are. Just trying to get a starting point for some of these moving pieces in December.

也許我只是想開始，你一直在說你最大的客戶或 10% 的客戶有多大。只是想在 12 月為其中一些活動作品找到一個起點。

Sure. So our largest customer is a significant portion of ACG revenues, usually representing about 2/3 of that business, if not more, in certain periods. And then our second largest customer, we haven't commented on, but it generally hovers around that 10% mark. And certainly, with some of the growth we expect there, could be more.

當然。因此，我們最大的客戶佔 ACG 收入的很大一部分，在某些時期通常佔該業務的 2/3，甚至更多。然後是我們的第二大客戶，我們沒有評論，但它通常徘徊在 10% 左右。當然，隨著我們預期的一些增長，可能會更多。

Got you. And then I guess, following up on Vivek's question, just sort of trying to gauge the magnitude of these content wins you're speaking to. You talked about being able to double capacity at Richardson. I'm assuming you have given the pullback in Android some excess capacity already. So I'm just kind of curious the time frame in terms of doubling that capacity, if you have that on your horizon.

明白了然後我想，跟進 Vivek 的問題，只是試圖衡量您正在談論的這些內容獲勝的程度。你談到了能夠將 Richardson 的產能翻倍。我假設您已經為 Android 中的回調提供了一些過剩的容量。所以我只是有點好奇將容量翻倍的時間框架，如果你有的話。

Sure. Let me talk to that. I think just at the highest level, there isn't a BAW placement that we can't fully support at any customer, and our Richardson facility is really the key takeaway there. We've driven some significant gains for the reasons I mentioned earlier in the prepared remarks.

當然。讓我談談。我認為就最高級別而言，沒有我們不能完全支持任何客戶的 BAW 安置，而我們的理查森設施確實是那裡的關鍵外賣。由於我之前在準備好的評論中提到的原因，我們取得了一些重大進展。

But the productivity gains, the overall die shrinks, the move from 6 to 8 inches. And then, of course, the successive generations of BAW filters that we're running through that factory, lend themselves to a significant increase in capacity.

但是生產力提高了，整體模具縮小了，從 6 英寸增加到 8 英寸。然後，當然，我們在該工廠運行的連續幾代 BAW 濾波器有助於顯著提高容量。

So as we look at Farmers Branch, the need for that, I guess, over time has been somewhat of a safety valve in case any of those initiatives didn't come to fruition. But given the success of the team there, we're able to support all the BAW-based processing we need out of our Richardson facility.

因此，當我們審視 Farmers Branch 時，我想，隨著時間的推移，這種需求在某種程度上已經成為一種安全閥，以防萬一這些舉措沒有實現。但考慮到那裡團隊的成功，我們能夠支持理查森工廠所需的所有基於 BAW 的處理。

Our next question is from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

I guess I was going to ask you and I'll swap the order because they kind of build on Blayne's last question. But in the BAW filter space, any changes in the competitive landscape there? I think one of your U.S. competitors has made a decent amount of progress on their BAW roadmap internally in the last couple of years, and it seems like some products might be a little bit closer to impacting sort of the market.

我想我本來要問你的，我會調換順序，因為它們是建立在 Blayne 的最後一個問題之上的。但在 BAW 濾波器領域，競爭格局有什麼變化嗎？我認為你的一個美國競爭對手在過去幾年中在內部 BAW 路線圖上取得了相當大的進展，而且似乎某些產品可能更接近於影響某種市場。

So any -- it sounds like you're rarely confident in what comes in content gains to the last couple of answers that you've given, but any competitive dynamic changes with your primary competitors on BAW?

所以任何 - 聽起來你對你給出的最後幾個答案的內容收益很少有信心，但是與你的主要競爭對手在 BAW 上的任何競爭動態變化？

Yes. No changes to our primary competitors. And to the earlier follow-on regarding the capacity at Richardson, that is something that we can do over time, not necessarily this year, but that's something that we have the ability to do in subsequent years to add on to the effective capacity there at Richardson.

是的。我們的主要競爭對手沒有變化。對於早先關於理查森能力的後續行動，這是我們可以隨著時間的推移做的事情，不一定是今年，但這是我們在隨後幾年有能力做的事情，以增加那裡的有效能力理查森。

But again, I just want to make sure that's clear that we do have to take steps, add equipment, et cetera, in order to make that possible. It will be in the out years, but it's really a comment around Farmers Branch and supporting the ability for us to do that in the future, given our ability to sell the Farmers Branch facility.

但我再次重申，我只是想確保我們確實必須採取措施、增加設備等，才能實現這一點。它將在未來幾年內出現，但這實際上是對 Farmers Branch 的評論，並支持我們在未來這樣做的能力，因為我們有能力出售 Farmers Branch 設施。

Got it. As my follow-up, obviously, given how big it is in the revenue, most of the focus of the call here has been on the mobile and smartphone markets. But I wanted to ask quickly on the wireless infrastructure side, there's some -- I don't know if they're correlated, but similar inventory dynamics that are happening. If you guys have any commentary about the inventory buildup there? Has it come down? What timing of any potential reacceleration? Is it similar to on the mobile side or longer or shorter? Just any context there would be helpful.

知道了。作為我的後續行動，顯然，考慮到它的收入有多大，這裡電話會議的大部分焦點都集中在移動和智能手機市場上。但我想在無線基礎設施方面快速詢問，有一些 - 我不知道它們是否相關，但正在發生類似的庫存動態。如果你們對那裡的庫存積累有任何評論？降下來了嗎？任何潛在的再加速的時機是什麼時候？是和移動端類似還是更長還是更短？任何上下文都會有所幫助。

Yes. And I think that's pretty well known. We've seen inventory buildup there, and that's certainly been impactful to our infrastructure business. And it will take some time, we think, for that to bleed off throughout the year. So it's probably similar, but may even take longer than what we'll see in mobile.

是的。我認為這是眾所周知的。我們已經看到那裡的庫存增加，這肯定對我們的基礎設施業務產生了影響。我們認為，這需要一些時間才能在全年逐漸消失。所以它可能很相似，但甚至可能比我們在移動設備上看到的要花更長的時間。

And our next question is from Raji Gill with Needham & Company.

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

I just wanted to break down the commentary about September and December and March, if I could. So just the commentary about significant sequential growth in September off the flat June. What's driving that commentary? Is seasonally September higher? But can you maybe frame it in terms of relative seasonal patterns? Is this also be aided by more of a significant rebuild by these customers plus share gains?

如果可以的話，我只想分解有關 9 月、12 月和 3 月的評論。因此，只有關於 9 月持平的 6 月顯著連續增長的評論。是什麼推動了評論？ 9 月季節性較高嗎？但你能否根據相對季節性模式來構建它？這些客戶進行的更多重大重建以及股票收益是否也有助於實現這一目標？

Just any commentary around qualitatively, what's specifically driving the September commentary? And then December and March being up year-over-year, obviously, December and March of December of 2022 and March of 2023 are relatively easy compares in terms of the revenue. So just kind of thoughts around December and March would be helpful.

只是關於定性的任何評論，具體是什麼推動了 9 月的評論？然後 12 月和 3 月同比增長，顯然，就收入而言，2022 年 12 月和 2023 年 3 月的 12 月和 3 月比較容易。因此，在 12 月和 3 月左右的一些想法會有所幫助。

Yes, sure. So as we look into September, again, I would just reiterate, we're not providing any official guidance into fiscal '24, but we're attempting to shape it just a bit, given some of the macroeconomic uncertainty.

是的，當然。因此，當我們展望 9 月時，我再次重申，我們不會為 24 財年提供任何官方指導，但鑑於宏觀經濟存在一些不確定性，我們正試圖對其進行一些調整。

And obviously, the macroeconomic situation will inevitably dictate the trajectory of revenue. But just looking at some of the drivers that we see seasonally, there is a significant ramp in the September quarter. So -- and as Bob stated, we feel as though we are well represented on large platforms across all of our largest customers.

顯然，宏觀經濟形勢將不可避免地決定收入的軌跡。但只要看看我們季節性看到的一些驅動因素，9 月季度就會出現顯著的增長。所以——正如鮑勃所說，我們覺得我們在所有最大客戶的大型平台上都有很好的表現。

So continued strength at some of those customers as the channel inventories be in clearing will occur as well as a large seasonal ramp gets to a sequential increase in September that's pretty substantial off of a rather low base as we're talking about a roughly flattish June. So that's the primary driver, call it, around September.

因此，隨著渠道庫存的清算，其中一些客戶的持續強勁勢頭將會出現，並且 9 月份的季節性斜坡將出現連續增長，這與相當低的基數相比相當可觀，因為我們正在談論一個大致持平的 6 月.因此，這是主要的驅動因素，可以稱之為 9 月左右。

And then into December and March, you're right, the comps get relatively easy. But with the channel inventory picture clearing up by the end of the calendar year, as we talked about earlier, it should provide for a restocking, if you will, or us selling into potentially demand even at just recurring to normalized levels.

然後進入 12 月和 3 月，你是對的，比賽變得相對容易。但是，隨著日曆年年底渠道庫存情況的清理，正如我們之前談到的那樣，它應該會提供補貨，如果你願意的話，或者我們出售潛在的需求，即使只是重複到正常水平。

Got it. And for my follow-up, regarding your conversations with the Chinese OEMs and the Korean OEMs, what is the kind of expectation as it stands today in terms of their customer forecast for calendar '23, going into calendar '24? Obviously, calendar '22 was kind of a horrific year in terms of units.

知道了。對於我的後續行動，關於您與中國 OEM 和韓國 OEM 的對話，就他們對 23 年日曆、進入 24 年日曆的客戶預測而言，目前的期望是什麼？顯然，就單位而言，日曆 '22 是一個可怕的年份。

Are the forecasts relatively conservative off that very challenging 2022? Are some OEMs more aggressive in their forecast plans? There's more capacity coming online for a variety of different smartphone components. Does that enable new product ramps? Just any commentary in terms of what the customer feedback is and forecast.

對極具挑戰性的 2022 年的預測是否相對保守？一些原始設備製造商是否在他們的預測計劃中更積極？各種不同的智能手機組件將有更多容量上線。這是否能夠促進新產品的發展？只是關於客戶反饋和預測的任何評論。

Dave, would you like to take that?

戴夫，你願意接受嗎？

Yes, sure. So the customer sentiment and their forecast is very cautious. And I think until -- we've seen some early signs of life in China and the smartphone sell-through. First few weeks of January were promising, but we need to see a couple of months of that. I think our customers do as well before they really start to gain confidence there. So right now, the purchase order patterns, their forecasts remain very cautious through the rest of the calendar year. Does that answer your question?

是的，當然。因此，客戶情緒和他們的預測非常謹慎。我認為直到——我們已經看到了中國生活的一些早期跡象和智能手機的銷售。一月的前幾週很有希望，但我們需要看到幾個月。我認為我們的客戶在真正開始在那裡獲得信心之前也會這樣做。所以現在，採購訂單模式，他們的預測在日曆年的剩餘時間內仍然非常謹慎。這是否回答你的問題？

Oh yes, it does. Thank you. Appreciate it.

哦，是的，確實如此。謝謝你。欣賞它。

Our next question is from Chris Caso with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Chris Caso。

Question is regarding CapEx and cash flow and both on a shorter-term standpoint on how you plan to manage that as we are still burning off inventory here. And then a bit longer term and kind of we're hearing from you is that it sounds like, from a capacity standpoint, you may be set for a little bit, so what can we expect there?

問題是關於資本支出和現金流量，以及關於您計劃如何管理它的短期觀點，因為我們仍在消耗庫存。然後，我們從您那裡聽到的時間和類型是，從容量的角度來看，您可能已經準備好了一點點，那麼我們在那裡可以期待什麼？

Can we expect that as the market normalizes in this inventory start -- had burns off and had some benefits to revenue that we see that flow through for cash flow performance?

我們是否可以期望隨著市場在這個庫存開始時正常化 - 已經燒掉並且對我們看到的現金流量表現的收入有一些好處？

Sure. So we don't guide specifically to the balance sheet or cash flow, but I'll try to give a little bit of color on the drivers. So having now collected on sales in prior quarters, our cash flow will likely start to follow the path of the P&L, obviously.

當然。因此，我們不會專門針對資產負債表或現金流量進行指導，但我會嘗試對驅動因素進行一些說明。因此，現在收集了前幾個季度的銷售額，我們的現金流很可能會開始遵循損益表的路徑。

As we look forward, we still expect to generate free cash flow. And CapEx should be in the 5% to 7% range of sales, representing discipline there and some reduced CapEx intensity as we move forward, having invested in our facilities over the prior years, and looking forward, will be largely capacity driven as we see demand and obviously, improvements in our performance and technology required. But generally speaking, I'd be looking for the cash flow to follow P&L.

展望未來，我們仍然期望產生自由現金流。資本支出應該在銷售額的 5% 到 7% 範圍內，這代表了那裡的紀律，並且隨著我們前進，資本支出強度有所降低，在前幾年投資了我們的設施，並且展望未來，正如我們所看到的那樣，這將主要由產能驅動需求，顯然，我們需要改進性能和技術。但一般來說，我會尋找跟隨損益的現金流。

Got it. Okay. Just a follow-on. And again, a lot of the discussion has been on the cellular portion. For the non-handset part of the business, I guess what I heard is some of the infrastructure products that there's still some inventory to burn off.

知道了。好的。只是一個後續。同樣，很多討論都在蜂窩部分。對於業務的非手機部分，我想我聽到的是一些基礎設施產品仍有一些庫存需要消耗。

But what would you say more generally would be the inventory situation for the non-handset part of the business? Is this a situation where this is a little bit slower to come back as compared to the cellular business? Or what's the view of that -- those businesses as you proceed through the year?

但是，您更一般地說，業務非手機部分的庫存情況如何？與蜂窩業務相比，這種情況的恢復速度是否有點慢？或者你對此有何看法 - 那些你在這一年中進行的業務？

Yes, it definitely varies. So the infrastructure business is probably going to be slower to recover. We've got WiFi, a lot of that's consumer-facing, that is probably very similar to what we see in the smartphone space, but some of that's also more operator- and enterprise-driven. And so we saw that occur a little bit later. So that will probably take a little bit longer to recover.

是的，它肯定會有所不同。因此，基礎設施業務的恢復速度可能會較慢。我們有 WiFi，其中很多是面向消費者的，這可能與我們在智能手機領域看到的非常相似，但其中一些也更多地是由運營商和企業驅動的。所以我們看到它發生了一點點。所以這可能需要更長的時間才能恢復。

And then our power management business as well, it's very consumer-facing, with power tools and solid-state drives and other types of devices like that, that are more consumer-oriented. So they'll go probably very similar to the way the smartphone market goes.

然後是我們的電源管理業務，它非常面向消費者，包括電動工具和固態驅動器以及其他類型的設備，它們更面向消費者。因此，它們的發展可能與智能手機市場的發展方式非常相似。

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

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

I wanted to ask about an earlier question that was asked about December growth and March growth. I know you said year-over-year -- the question was asked in reference to year-over-year. But did you mean to say that or is it possible that those businesses, given the falloff in revenues and units, is it possible that those business could -- your businesses could also work sequentially in this time frame? Or will they follow a seasonal pattern?

我想問一個關於 12 月增長和 3 月增長的較早問題。我知道你說的是年復一年——這個問題是針對年復一年提出的。但你的意思是說，考慮到收入和單位的下降，這些業務是否有可能——你的業務也可以在這個時間框架內按順序工作？或者他們會遵循季節性模式嗎？

Are you referring to our fiscal '24 or our just announced December and this March?

您指的是我們的 24 財年還是我們剛剛宣布的 12 月和今年 3 月？

No, no, fiscal '24.

不，不，財政'24。

Fiscal '24. It's a little early to comment on that. Certainly, from a year-over-year standpoint, the comps are relatively easy. And it's with a high degree of confidence, we believe we'll be able to grow. The degree to which would determine whether it was sequential or not, I think it's a bit premature to comment on. Overall, we still are encouraged by fiscal '24 and believe that it will be above fiscal '23.

財政'24。現在對此發表評論還為時過早。當然，從年復一年的角度來看，比賽相對容易。而且它具有高度的信心，我們相信我們能夠成長。決定它是否連續的程度，我認為現在評論還為時過早。總體而言，我們仍然對 24 財年感到鼓舞，並相信它將高於 23 財年。

That's fair. And then I wanted to ask about your gross margins. Your revenues came down for the guidance for March, but your margins are kind of hanging in there. You mentioned a couple of things, small things, the 80 basis points and 30 basis points issues. But what's the reason why your margins are able to hang in here?

這還算公平。然後我想問一下你們的毛利率。對於 3 月份的指導，您的收入有所下降，但您的利潤率有點懸而未決。你提到了幾件事，小事，80 個基點和 30 個基點問題。但是，您的利潤率能夠保持在這裡的原因是什麼？

I think, generally speaking, if I look back over the productivity gains that we've made over multiple years, we're still seeing those in our margins today, even though the volumes aren't in the factories. 900-plus basis points of headwind from underutilization is significant. I don't want to understate that.

我認為，一般來說，如果我回顧我們多年來取得的生產率提高，我們今天仍然會看到我們的利潤率，即使工廠沒有產量。未充分利用造成的 900 多個基點阻力很大。我不想低估這一點。

But in terms of productivity and the work that our operational teams have done is really speaking to the strength of those gains and our ability to hold margins at 40%.

但就生產力和我們的運營團隊所做的工作而言，這確實說明了這些收益的強度以及我們將利潤率保持在 40% 的能力。

And our next question is from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

You talked about changes to your foundry agreements, can you just speak generally to the cost of foundry wafers? Do you see that continuing to rise? And if so, are you able to pass that through to your customers? And if it reverses, do you anticipate having to pass declines on to your customers?

你談到了代工協議的變化，你能籠統地說一下代工晶圓的成本嗎？你看到它繼續上升嗎？如果是這樣，您能否將其傳遞給您的客戶？如果情況逆轉，您是否預計必須將拒絕轉嫁給您的客戶？

Thanks, Joe. And actually, with some of the capacity freeing up, we're not seeing the increases that I know. We saw some of that earlier last year, last calendar year, earlier in the year, so we're not seeing it. In some cases, to your point, we have been able to pass that on to our customers.

謝謝，喬。實際上，隨著一些容量的釋放，我們並沒有看到我所知道的增長。我們在去年早些時候，去年日曆年，今年早些時候看到了其中的一些，所以我們沒有看到它。在某些情況下，就您而言，我們已經能夠將其傳遞給我們的客戶。

And again, as we've always said, pricing is set by the competition. If we all raise prices, we all get an increase. We all don't, we don't get an increase. So we've been able to pass some of that along. But as Grant pointed out, the inflation is impacting us in our COGS, about 80 bps. So we're not able to pass it all along, but there's other inflation in there, not just foundry parts.

而且，正如我們一直所說的那樣，定價是由競爭決定的。如果我們都提高價格，我們都會得到增加。我們都沒有，我們沒有得到增加。所以我們已經能夠傳遞其中的一些。但正如格蘭特指出的那樣，通貨膨脹正在影響我們的 COGS，大約 80 個基點。所以我們不能一直傳遞它，但那裡還有其他通貨膨脹，而不僅僅是鑄造零件。

And our next question is from Atif Malik with Citi.

我們的下一個問題來自花旗的 Atif Malik。

I have one clarification and one question. When you guys talk about channel inventories to normalize later this calendar year, are you talking about China Android or total Android or total smartphone?

我有一個澄清和一個問題。當你們談論今年晚些時候渠道庫存正常化時，你們是在談論中國 Android 還是整個 Android 或整個智能手機？

Well, we're talking about total smartphone inventories, but even some of the other markets that we mentioned earlier in one of the previous questions. We see elevated inventories, not just in smartphones, we see it in a lot of the other markets as well.

好吧，我們談論的是智能手機總庫存，甚至是我們在前面的一個問題中提到的其他一些市場。我們看到庫存增加，不僅是智能手機，我們在許多其他市場也看到了這一點。

But when are you expecting China Android inventories to normalize?

但您預計中國 Android 庫存何時恢復正常？

It all depends on how well the phone sell-through in the end market. Like I said, January -- early indications in January, it's improving. If that continues through February, March and into calendar Q2, then, of course, our inventory is going to be burned off much more quickly. But we're not forecasting that. We want to see that sustained before we get too excited about that.

這完全取決於手機在終端市場的銷售情況。就像我說的，一月份——一月份的早期跡象表明，情況正在改善。如果這種情況持續到 2 月、3 月並進入第二季度，那麼我們的庫存當然會更快地消耗掉。但我們並沒有預測到這一點。在我們對此過於興奮之前，我們希望看到這種情況持續下去。

Understood. And then is it possible to break out or comment on how big the silicon carbide power device business as a percentage of HPA sales?

明白了。然後是否可以突破或評論碳化矽功率器件業務佔HPA銷售額的百分比？

Yes. We haven't given that information. What I can tell you is we're very pleased with the acquisition. And I think when we -- I know when we file our Q, you'll see why I say that. But it's been a tremendous acquisition. But I'm sorry, we haven't sized it. It's probably bigger than what most people think. It's smaller than what some other people think. But we haven't given any of that revenue out yet, but we're very pleased with it. It's profitable, and it's doing a fine job.

是的。我們沒有提供該信息。我可以告訴你的是，我們對此次收購非常滿意。而且我認為當我們 - 我知道我們何時提交我們的 Q，你會明白我為什麼這麼說。但這是一次巨大的收購。但很抱歉，我們還沒有確定大小。它可能比大多數人想像的要大。它比其他一些人認為的要小。但是我們還沒有給出任何收入，但我們對此非常滿意。它是有利可圖的，而且做得很好。

And our next question is from Ambrish Srivastava with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

I just had one question, Grant. Thanks for providing that down 20% comment. I'm just struggling with how does it help us. And I ask with reference to what are we talking about? Are we talking days, months? What is normal level?

我只有一個問題，格蘭特。感謝您提供降低 20% 的評論。我只是在為它如何幫助我們而苦苦掙扎。我問的是我們在談論什麼？我們是在談論幾天，幾個月嗎？什麼是正常水平？

And I know it's harder in the more diversified areas. But in the handset side, you should be able to kind of quantify and tell us, "All right, at the peak, it was x weeks, x months and here we are. And then we think if there's some kind of normal pattern, this is what normal level looks like."

而且我知道在更多元化的領域更難。但在手機方面，你應該能夠量化並告訴我們，“好吧，在高峰期，它是 x 週，x 個月，現在我們到了。然後我們認為如果有某種正常模式，這就是正常水平的樣子。”

Yes. I think that's a great question, Ambrish. The issue always is when you look at your days of inventory in the channel, you have to understand what's the sell-out. And so far, and I think I said this last quarter as well, when we work with our customers and we go through all the math, they reduce their production, we reduce ours. And unfortunately, their sell-out has been lower. So you have to look at it.

是的。我認為這是一個很好的問題，Ambrish。問題始終是，當您查看渠道中的庫存天數時，您必須了解什麼是售罄。到目前為止，我想我在上個季度也說過，當我們與客戶合作並進行所有數學計算時，他們減少了產量，我們也減少了我們的產量。不幸的是，他們的售罄率較低。所以你必須看看它。

Now again, Dave's mentioned a couple of times on the call, the first 3 weeks so far in January, at least we can speak to the data that we get, and I think all of you get, the actual sell-out is up, and that's a good sign. But we're not going to get into the game of naming numbers like this because it all depends on the future output of what they sell out.

現在，Dave 在電話中多次提到，1 月的前 3 週，至少我們可以談談我們得到的數據，我想你們所有人都知道，實際售罄了，這是一個好兆頭。但我們不會像這樣進入命名數字的遊戲，因為這完全取決於他們售罄的未來產量。

So we've got a little ways to go. That's why I think we're being careful on our comments around June, but we feel very good about September. So we roughly think it's in that time frame.

所以我們還有一些路要走。這就是為什麼我認為我們在 6 月左右對我們的評論持謹慎態度，但我們對 9 月感覺非常好。所以我們粗略地認為它在那個時間範圍內。

So handset inventory cleaned out by September and the rest, as you said, others will take longer. Your best guess, at this point, is by December, that should clean out as well, right?

因此，正如您所說，手機庫存將在 9 月和其他時間清理乾淨，其他人則需要更長的時間。在這一點上，你最好的猜測是到 12 月，它也應該清理乾淨，對吧？

Well, we've got different parts of the business. In the WiFi area, it's going to follow because we're in a lot of the Android phones with our WiFi products, it will follow more of what I said for the handsets. Then.

好吧，我們有不同的業務部分。在 WiFi 領域，它會緊隨其後，因為我們在很多 Android 手機中都有我們的 WiFi 產品，它會遵循我所說的更多手機。然後。

WiFi that's in some of the retail and some of the industrial applications, things like that, that may take a little bit longer. We don't always get a good read there. It's a smaller part of our market, not as much data is published. But I think on the infrastructure side, what Dave talked about, that is going to take a little bit longer.

一些零售和一些工業應用中的 WiFi，諸如此類，可能需要更長的時間。我們並不總能在那裡得到很好的閱讀。它只占我們市場的一小部分，沒有公佈那麼多數據。但我認為在基礎設施方面，正如 Dave 所說，這需要更長的時間。

The area of our power management that goes into the SSDs, and that's a call on the PC market. So you guys follow that. We'll see how that goes. So it's going to be all different ones. But the major part of our business is the handsets, as you know. And I think we're giving you as much color as we can as we project forward.

我們進入 SSD 的電源管理領域，這是對 PC 市場的呼籲。所以你們遵循那個。我們將看看情況如何。所以這將是所有不同的。但正如您所知，我們業務的主要部分是手機。而且我認為我們正在為您提供盡可能多的顏色，因為我們向前投射。

There are no further questions at this time. I would like to turn the floor back over to management for closing comments.

目前沒有其他問題。我想將發言權交還給管理層以徵求結束意見。

We want to thank everyone for joining us on today's call. We look forward to speaking with you at upcoming investor events this quarter. Thanks again. Hope you have a good night. Thank you.

我們要感謝大家參加今天的電話會議。我們期待在本季度即將舉行的投資者活動中與您交談。再次感謝。希望你有一個美好的夜晚。謝謝你。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。